Full text of Economic Indicators : August 1990
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101st Congress, 2d Session
Economic Indicators
AUGUST
1990
(Includes data available as of August 30, 1990)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
SEP 1 8 1990
cEDERAL RESERVE
BANK- OF CHICAGO'
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1990
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the second quarter of 1990, according to revised estimates, current-dollar gross national product (GNP) rose 5.8
percent (annual rate) or $76.5 billion. Real GNP (GNP adjusted for price changes) rose 1.2 percent and the
implicit price deflator rose 4.7 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
5,600
—
SEASONAILY ADJUSTED ANNUAL RATES
f
~
5,200
•""^
^^
GNP
4,800
5,200
-
IN CUKRL-NT DOLLARS
4,800
f''
—
4,400
4,400
-
^X,
^
4,000
-
4,000
^
-
GNP
IN 1982 DOLL ARS
3,600
s-~~~
-
3,600
-
s
S*^
^
**
3,200
x -*
3,200
-
-
2,800
2,800
1 1 1
2,400
1982
1
1
\ \ \
1
1
1984
1983
1 1
1985
1
1 1
1986
1
1 1
1987
1
1 1
1988
1
1 1
1989
1
1
2,400
1
1990
s
SOURCE: DEPARTMEN r OF COMMERCE
COUNCIL OF ECONOMIC ADVISER
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
.
1982:
1983:
19841985198619871988-
IV
IV
IV
IV
IV
IV
IV
.
. .
1989- I
II
in
IV
1990- I
II '
1
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,515.6
4,873.7
5,200.8
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.5
747.1
771.2
32.1
33.9
26.3
61
-58.9
78 0
-97.4
-114.7
74 1
-46.1
351.0
382.8
361.9
352.5
383.5
370.9
396.5
449.6
552.0
626.2
318.9
348.9
335.6
358.7
442.4
448.9
493.8
564.3
626.1
672.3
530.3
588.1
641.7
675.0
735.9
820.8
872.2
921.4
962.5
1,025.6
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.3
380.3
400.0
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.6
297.2
301.1
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
83.1
98.9
322.2
345.9
369.0
391.5
425.3
465.6
505.7
540.2
582.3
625.6
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,487.3
4,847.5
5,172.5
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,630.3
4,947.8
5,246.9
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,647.6
5,009.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
409.6
579.8
661.8
654.1
648.8
741.4
747.5
14.1
-25.8
-67.9
103 2
-108.9
-115.0
70 3
335.9
364.7
385.7
369.2
402.4
485.8
583.1
321.9
390.5
453.6
472.4
511.3
600.7
653.5
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
205.4
221.5
244.1
268.6
280.7
296.0
299.6
87.7
54.6
81.9
108.0
88.1
92.2
101.6
378.7
400.0
438.5
480.1
520.1
553.9
598.9
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
5,101.3
5,174.0
5,238.6
5,289.3
3,371.7
3,425.9
3,484.3
3,518.5
769.7
776.7
775.8
762.7
-48.5
51 3
-49.3
-35.3
609.7
628.8
623.7
642.8
658.2
680.0
673.0
678.1
1,008.5
1,022.7
1,027.8
1,043.3
398.3
402.5
399.2
399.9
298.2
300.6
306.3
299.2
100.1
101.9
93.0
100.7
610.2
620.2
628.6
643.4
5,074.7
5,141.3
5,209.7
5,264.3
5,149.8
5,225.3
5,287.9
5,324.6
5,375.4
5,451.9
3,588.1
3,623.9
747.2
760.5
30 0
-19.1
661.3
662.9
691.3
682.0
1,070.1
1,086.6
410.6
421.7
307.2
309.4
103.4
112.3
659.6
664.8
5,387.2
5,437.1
5,405.3
5,471.0
Federal
Net
exports
GNP less exports of goods and services plus imports of goods and services.
Government purchases of
goods and services
Exports and imports of goods
and services
Personal
consumption
expenditures
Gross
national
product
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Source: Department of Commerce, Bureau of Economic Analysis.
Final
sales
Gross
domestic
purchases 1
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports of
goods and services
Gross private
domestic investment
Period
Gross
national
product
Personal
consumption
expenditures
Total
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases 1
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,845.3
4,016.9
4,117.7
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,515.8
2,606.5
2,656.8
509.3
545.5
447.3
504.0
658.4
637.0
639.6
669.0
705.7
716.9
379.2
395.2
366.7
361.2
425.2
453.5
438.4
449.8
487.2
506.1
137.0
126.5
105.1
149.3
170.9
174.4
195.7
196.4
194.9
187.0
69
57.0
49.4
23.9
-24.5
26.3
6 4 -19.9
62.3 -84.0
9.1
104 3
5.6 -129.7
22.8
1185
23.6 -75.9
23.8 -54.1
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
534.7
593.3
332.0
343.4
335.6
368.1
455.8
471.4
526.9
570.3
610.6
647.4
620.5
629.7
641.7
649.0
677.7
731.2
761.6
779.1
780.5
798.1
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.1
334.9
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.1
260.7
256.3
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.5
67.5
78.7
373.6
370.1
369.0
373.9
387.0
405.2
427.5
439.5
452.4
463.2
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,822.5
3,993.2
4,094.0
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,963.8
4,092.8
4,171.8
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,920.7
4,059.3
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,534.2
2,638.8
408.8
577.2
655.7
648.0
615.2
706.6
696.2
352.3
390.4
444.4
460.9
435.7
462.3
486.6
115.8
159.9
169.6
179.4
200.3
195.8
195.6
-59.3
11.7
27.0 -46.2
41.7 -94.8
7.7 -125.3
-20.8 -135.4
48.4 -111.3
14.0 -75.7
336.0
355.5
376.6
367.4
406.5
487.0
555.3
324.3
401.6
471.4
492.6
541.9
598.3
631.0
660.1
642.2
693.2
752.7
776.0
791.3
799.9
289.5
266.0
300.5
340.6
342.4
347.7
342.3
201.4
211.6
225.3
241.4
255.8
266.0
261.1
88.2
54.4
75.2
99.2
86.6
81.7
81.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
1989: I
II
III
IV
4,095.7
4,112.2
4,129.7
4,133.2
2,636.7
2,645.3
2,675.3
2,669.9
717.0
719.1
722.3
709.1
497.1
505.5
513.3
508.4
193.8
188.1
184.4
181.8
26.1
25.5
24.6
18.9
-51.1
-53.3
-64.1
-47.9
576.1
593.2
592.5
611.6
627.3
646.5
656.6
659.4
793.2
801.0
796.2
802.2
334.2
339.9
333.0
332.7
253.7
255.7
260.2
255.5
80.4
84.2
72.8
77.2
459.0
461.1
463.2
469.5
4,069.6
4,086.6
4,105.1
4,114.4
4,146.8
4,165.4
4,193.9
4,181.1
1990: I
4,150.6
4,162.8
2,677.3
2,679.3
700.7
702.5
514.6
507.8
188.3
183.0
-2.2
11.6
-35.4
-39.9
628.1
622.5
663.5
662.5
807.9
820.9
333.0
346.4
254.4
256.9
78.6
89.5
475.0
474.5
4,152.8
4,151.1
4,185.9
4,202.7
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
19861987:
1988:
IV
IV
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
Gross private
domestic investment
Durable
goods
Nondurable goods
Services
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
1980
1981
1982
1983
1984 ....
1985
1986
1987
1988
1989
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109.4
110.9
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
122.8
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.7
134.5
141.0
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.2
105.5
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.5
103.8
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.3
115.9
119.4
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.5
86.4
94.3
100,0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
IV
101.7
105.4
109.0
112.2
115.1
118.5
123.4
101.8
105.7
109.3
113.1
115.8
121.5
126.3
100.7
103.1
104.1
104.7
106.2
108.9
110.3
101.0
103.1
105.8
108.7
107.8
113.9
118.6
102.7
108.3
113.5
119.0
124.9
130.9
137.0
100.7
98.3
97.9
97.9
100.0
99.0
101.8
99.1
103.1
107.2
109.0
112.4
116.5
120.6
100.0
102.6
102.4
100.5
99.0
99.7
105.0
99.3
97.2
96.2
95.9
94.4
100.4
103.6
101.3
103.8
108.5
110.6
107.7
111.7
117.2
102.0
104.7
108.3
111.3
109.7
111.3
114.7
99.5
100.3
108.9
108.8
101.7
112.8
125.1
102.2
106.3
111.7
116.5
120.0
124.9
130.9
1989- I
II
Ill
IV
124.6
125.8
126.8
128.0
127.9
129.5
130.2
131.8
110.4
110.6
111.2
111.4
120.5
123.2
123.2
124.5
138.8
140.1
141.6
143.4
101.9
101.2
100.9
100.7
122.1
123.7
124.2
124.3
105.8
106.0
105.3
105.1
104.9
105.2
102.5
102.8
119.2
118.4
119.9
120.2
117.5
117.6
117.7
117.1
124.4
121.0
127.8
130.4
132.9
134.5
135.7
137.1
1990: I
II '
129.5
131.0
134.0
135.3
112.5
112.1
128.3
129.4
145.1
146.6
101.6
101.7
125.3
125.3
105.3
106.5
104.2
103.0
123.3
121.8
120.8
120.4
131.5
125.5
138.9
140.1
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
Constant
(1982)
dollars
Current
dollars
1980
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.4
4.5
2.5
5.2
4.2
4.1
6.6
5.1
3.6
2.7
2.7
3.6
1.6
1.7
.3
1.7
1.2
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.7
7.9
6.7
9.1
7.5
7.4
8.7
7.8
8.3
7.4
7.7
7.5
5.8
5.1
3.9
6.7
5.8
1981
1982
1983
1984
1985
1986
1987
1988
1989
1987- 7
n
m
rv
1988- I
n
m
IV......
1989- I
n
rn
rv
1990- I
II"
Implicit
price
deflator
Chain price
index
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.3
3.7
4.3
4.3
3.1
3.3
3.1
3.3
4.2
4.8
4.4
4.7
4.4
3.1
3.7
6.1
4.1
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
3.5
3.1
3.5
1.7
2.7
4.4
4.7
4.7
3.9
3.9
3.2
3.8
4.8
M.7
NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quar-
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.6
6.5
7.3
9.6
8.9
3.7
9.2
7.4
8.2
8.1
4.8
6.6
7.0
4.0
8.2
'4.1
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.5
4.2
4.5
4.4
3.5
3.5
3.7
3.9
4.7
5.5
4.4
4.9
4.6
3.1
3.8
6.6
3.9
0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.6
1.9
.7
4.5
4.3
4
6.9
2.7
3.5
3.5
-.3
1.3
4.6
-.8
1.1
r
.3
Implicit
price
deflator
Chain price
index
Fixedweighted
price index
(1982
weights)
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.6
4.0
4.7
6.2
4.9
4.3
4.0
2.5
4.7
4.8
4.8
5.0
5.3
2.6
4.9
6.8
r
3.6
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.6
3.8
4.6
6.4
4.8
4.4
4.1
2.3
4.3
4.6
4.6
5.2
5.1
2.2
5.0
6.8
3.9
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.6
4.1
4.8
6.3
5.1
4.3
4.3
2.6
4.8
5.1
4.9
5.0
5.7
2.7
4.7
7.4
r
3.3
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) *
Gross domestic"
product of
nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
198319841985:
19861987:
19881989:
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1990: I
n*
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,524.8
2,720.7
2,854.5
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,812.8
2,847.5
2,879.1
2,878.5
2,907.5
2,951.0
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,290.2
2,403.7
2,431.2
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,339.4
2,428.6
2,427.8
2,431.3
2,443.9
2,421.8
2,423.1
2,432.6
Total
cost
and
profit 2
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.102
1.132
1.174
1.011
1.037
1.064
1.080
1.096
1.110
1.152
1.159
1.171.
1.178
1.189
1.200
1.213
Indirect
business
taxes 3
0.095
.109
.125
.123
.118
.119
.123
.123
.124
.131
.131
.120
.118
.120
.124
.122
.126
.127
.129
.132
.135
.135
.135
0.077
.090
.094
.098
.100
.103
.106
.105
.107
.112
.096
.098
.102
.104
.106
.105
.108
.110
.111
.113
.114
.117
.117
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol2
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.
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.704
.721
.726
.750
.782
.685
.680
.694
.713
.727
.734
.763
.774
.780
.782
.795
.803
.811
0.031
.037
.043
.037
.039
.038
.041
.041
.041
.050
.042
.037
.042
.037
.042
.040
.042
.046
.049
.051
.052
.052
.053
Total
0.068
.078
.063
.089
.109
.106
.098
.107
.111
.099
.057
.103
.107
.106
.096
.109
.112
.102
.102
.100
.092
.093
.096
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.041
.043
.042
.023
.036
.032
.033
.038
.042
.043
.044
.042
.041
.040
.039
.039
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.064
.067
.068
.057
.034
.066
.075
.072
.058
.067
.069
.058
.060
.059
.052
.053
.057
Output
per hour
of all
employees
(1982
dollars)*
Compensation
per hour
of all
employees
(dollars)*
18.524
18.643
18.704
19.217
19.682
19.996
20.456
' 20.968
' 21.203
'20.929
18.771
19.422
19.784
r
20.117
20.650
r
21.118
r
21.173
r
21.042
' 20.970
r
21.011
' 20.786
' 20.670
10.769
11.777
12.635
13.039
13.528
14.069
14.746
' 15.231
' 15.892
T
16.376
12.866
13.208
13.735
14.341
15.008
r
15.492
' 16.158
' 16.288
' 16.347
' 16.421
' 16.517
* 16.602
With inventory valuation and capital consumption adjustments.
'Data reflect revisions beginning 1987 of GNP and related items published July 27, 1990.
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
Rental
income of
persons
with
capital
Nonfarm
tion
adjustment
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660.3
3,984.9
4,223.3
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,686.4
2,905.1
3,079.0
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
150.0
213.7
266.9
282.3
282.1
308.3
337.6
311.6
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
— 10.4
-10.9
-5.8
-1.7
6.7
— 19.4
-27.0
-21.7
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
272.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
IV
IV
IV
IV
IV
IV
IV
.2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,791.5
4,104.1
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,770.3
2,986.7
28.5
19.3
28.1
29.2
37.2
52.3
35.5
159.8
188.6
209.7
235.0
252.0
293.0
321.5
15.8
12.4
5.6
7.8
13.5
14.6
16.8
146.1
248.5
266.9
291.4
275.2
323.1
349.6
150.7
223.4
224.6
228.4
226.1
268.6
308.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-4.5
25.1
42.3
63.0
49.1
54.5
40.9
266.9
290.2
313.1
322.7
324.0
338.2
394.1
1989: I
II
III
IV
4,177.3
4,216.8
4,232.1
4,267.1
3,029.7
3,062.6
3,095.2
3,128.6
59.6
50.5
38.7
45.7
328.2
329.1
329.5
336.0
13.3
9.7
5.8
4.1
327.3
321.4
306.7
290.9
292.1
291.5
285.3
275.3
335.1
314.6
291.4
289.8
-43.0
-23.1
-6.1
— 14.5
35.2
29.9
21.4
15.6
419.2
443.4
456.2
461.7
1990: I
II *
4,350.3
4,415.9
3,180.4
3,231.1
57.4
50.6
346.6
352.2
5.5
4.9
296.8
306.5
285.5
298.8
296.9
297.6
— 11.4
1.2
11.3
7.7
463.6
470.6
1982
1983
1984
1985
1986
1987
1988
1989
1982:
19831984:
19851986:
19871988:
1
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
252.7
289.1
335.5
372.2
406.0
423.4
457.5
474.6
108.9
130.4
157.4
179.1
196.2
197.9
212.2
215.5
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
IV
IV
IV
IV
IV
IV
IV
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
263.8
310.0
346.7
373.2
422.0
427.4
473.1
115.7
144.4
162.3
173.8
201.1
198.9
217.8
1989: I
II
III
IV
3,371.7
3,425.9
3,484.3
3,518.5
466.4
473.6
487.1
471.2
1990: I
II '
3,588.1
3,623.9
492.1
479.3
Period
1982
1983
1984
1985
1986
1987
1988 '
1989 '.
1982:
1983:
1984:
1985:
19861987:
1988:
Source: Department of Commerce, Bureau of Ecc
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
nondurable
goods
Food
48.1
51.6
59.3
63.2
70.0
76.7
83.5
87.8
771.0
816.7
867.3
911.2
942.0
1,001.3
1,060.0
1,130.0
99.1
112.4
122.7
134.7
143.8
151.1
166.8
49.0
53.2
61.8
64.7
77.1
77.4
88.5
211.3
216.2
226.9
207.5
170.2
170.7
171.5
173.0
221.1
213.1
178.9
177.0
Services
Retail sales of
new passenger
cars (millions of
units)
Clothing and
shoes
Gasoline
and oil
398.8
421.9
448.5
471.6
500.0
530.7
562.6
595.3
124.4
135.1
146.7
156.4
166.8
178.4
191.1
204.6
89.1
90.2
90.0
90.6
73.5
75.3
77.3
83.8
158.7
169.5
182.1
192.6
201.7
216.9
229.1
246.3
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,584.7
1,720.7
1,845.5
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
407.0
430.8
456.1
482.5
511.9
539.0
577.1
126.5
141.1
149.8
160.6
168.7
182.2
198.6
89.8
91.9
89.0
91.0
66.0
77.3
78.5
163.4
174.0
184.7
198.5
205.5
221.5
233.9
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,631.8
1,771.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
2.5
2.6
2.6
3.1
3.4
3.3
3.0
84.9
86.7
88.7
90.7
1,106.7
1,127.1
1,137.3
1,148.8
588.8
592.5
597.6
602.2
199.3
203.4
206.9
208.7
79.0
88.2
84.5
83.5
239.7
243.0
248.3
254.4
1,798.6
1,825.1
1,859.8
1,898.5
7.0
7.3
7.8
6.2
2.8
3.0
2.9
2.6
92.0
89.2
1,174.7
1,178.7
616.4
623.0
212.9
212.9
87.1
84.4
258.2
258.5
1,921.3
1,965.9
7.0
6.8
2.8
2.7
Other
Other
Domestics
Imports
SOURCES OF PERSONAL INCOME
Personal income increased $26.3 billion (annual rate) in July, following an increase of $21.7 billion in June. Wages
and salaries rose $16.2 billion in July compared to a rise of $15.9 billion in June.
BILLIONS OF DOLLARS*(RATIO SCALE)
5,0001
BILLIONS OF DOLLARS*(RATIO SCALE)
•
5,000
4,000
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
OTHER INCOME
-.-'
800
800
\
TRANSFER
PAYMENTS
400
400
111111 I l l l l l l l l l l
1983
1982
Illllllllll Illllllllll Illllllllll Illllllllll
1989
1988
1986
1987
Illllllllll
1984
1985
Illllllllll
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
personal
income
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
. .
July
Aue
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
Apr r
May *
July p..
1
2 2584
25209
26708
2 838 6
3 108 7
3 325 3
3 526 2
3 7664
40708
43843
Wage and
salary
disbursements *
1 3720
1 5103
1 586 1
1 676 6
1 838 6
1 9754
2 094 8
2 249 7
2 431 1
2 573 2
Proprietor ' income 3
Other labor
income 1 z
1384
1503
163 6
173 6
182 9
187 6
199 3
2094
2 578 1
2 593 9
2 611 4
2 603 8
225 5
241 9
242 3
243 5
244 8
246 1
247 5
2 6230
2489
2 633 3
2 652 2
2 669 2
251 6
252 8
4,398.2
4 398 7
4 411 6
4441 0
44700
4,496.7
2587 7
4532 2
4561 6
4594 7
4,608.1
46244
4646 1
46724
2682 2
2 693 6
2 709 5
2 725 7
2540
2552
2564
257 6
258 8
Farm
205
30 7
246
12 4
30 5
302
34 7
42 8
43 7
48 6
394
388
37 8
456
45 2
464
51 1
55 6
655
545
51 5
459
45 8
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
^Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
160 1
156 1
1509
178 4
Less:
income of
persons 4
dividend
income
interest
income
payments 5
contributions
for social
insurance
personal
income G
2,215 8
2465 6
2,6187
3307
66
13 3
13 6
13 2
85
92
11 6
13 7
16 3
82
52 9
61 3
63 9
68 7
75 5
78 7
85 8
91 8
102 2
114 4
271 9
335 4
369 7
393 1
444 7
4780
493 2
501 3
547 9
643 2
324 7
368 1
4106
442 6
456 6
4898
521 5
5499
587 7
6369
886
1045
112 3
120 1
132 7
149 3
161 9
172 9
194 1
212 8
3290
3298
87
87
652 7
655 3
657 6
661 2
665 0
6685
6374
642 1
646 1
6508
6584
6586
2140
2134
2145
215 9
215 3
216 3
4,337 8
4 3389
74
96
10 1
115 1
115 9
116 3
1174
1184
1189
77
45
43
40
48
58
64
119 7
1206
121 3
122 3
1230
123 4
124 3
669 5
6705
671 4
676 2
681 2
6864
689 9
6798
6796
683 4
6835
685 3
691 8
694 2
223 9
221 2
223 8
221 4
223 8
226 9
2280
4459 9
44849
4508 1
4,532 3
2040
225 6
247 2
280 6
310 5
329 6
331 9
337 4
338 7
343 3
347 0
3494
351 5
352 5
352 6
355 3
o
4
2 799 0
3 052 1
3 271 3
34694
3 702 2
40060
4 3146
4 352 7
4 3744
4403 6
4,429 2
4551 6
4 578 8
4605 2
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
s
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income fell in the second quarter of 1990.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,500
2,500
2,000
2,000
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
18,000
16,000
l IRRENT r>/ii i A DC
14,000
V
12,000
__
=
12,000
10,000
1982 DOLLA (S
i i
t
1982
i
t
1983
t
t
i
t
t i
1985
1984
l
i
t
1986
i
i
i t
i t
1988
1987
Leas:
Personal
nontax
payments
personal
income
2 258 5
2 5209
26708
28386
3 108 7
3 325 3
3 5262
3 7664
40708
4,384.3
3405
393 3
409 3
410 5
4402
486 6
512 9
571 6
591 6
658.8
1 9180
2 127 6
2 261 4
2 428 1
2 668 6
2 838 7
3 013 3
3 194 7
3 479 2
3,725.5
i
i t
8,000
1990
COUNCIL OF ECONOMIC ADVISERS
Equals:
Less:
Personal
outlays *
saving
Disposable
personal
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
1982
dollars
Per capita personal
consumption
expenditures
Current
dollars
1982
dollars
1 781 1
1 968 1
2 107 5
2 297 4
2 5045
2 713 3
2 888 5
3 102 2
3 333 6
3,553.7
1369
1594
153 9
1306
164 1
1254
1249
92 5
145 6
171.8
2 2143
2 2486
2 261 5
2 331 9
2469 8
2 542 8
2 635 3
2 670 7
2 8005
2,869.0
8421
9 243
9 724
10 340
11 257
11 861
12469
13094
14 123
14,973
Percent
change in
real per
Saving as
percent of
disposable
personal
income
personal
income
Population,
including
Armed
abroad
(thousands) 2
Percent
Dollars
Billions of dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
i l l
1989
" SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
income
14,000
...-
«*=
t
8,000
1
-,r~^^
— — --^
r —-
10,000
16,000
•
r
9 722
9 769
9 724
9930
10419
10625
10905
10946
11 368
11,531
7 607
8 320
8818
9 515
10253
10985
11 576
12 335
13 144
13,866
8783
8 794
8818
9 139
9489
9 839
10 123
10311
10580
10,678
— 1.1
49
20
2.6
4
3.9
1.4
54
6.1
4.4
4.1
29
4.2
4.6
227,754
230 182
232,549
234 829
237,051
239 322
241,660
243 982
246,358
248,810
1.2
9.1
1.7
3.3
.3
6.4
1.2
6.2
5.8
5.8
3.9
3.3
3.9
4.1
233,466
235,707
237,946
240,257
242,579
244,925
247,329
3.4
5.2
4.6
4.1
4.6
247,863
248,431
249,127
249,818
4.9
5.1
250,392
251,023
5
— .5
21
7.1
75
6.8
Seasonally adjusted annual rates
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,890.9
4,186.2
411.1
413.9
459.7
499.6
534.4
588.6
607.3
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,172.6
3,430.4
143.1
145.4
157.3
111.7
102.0
129.7
148.5
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717.9
2,833.9
9,929
10,725
11,467
12,068
12,629
13,483
14,470
9,749
10,151
10,491
10,667
10,909
11,097
11,458
9,068
9,825
10,479
11,240
11,825
12,572
13,474
8,904
9,299
9,587
9,935
10,214
10,347
10,669
4,302.2
4,362.9
Ill .... 4,402.8
IV
4,469.2
1982:
1983:
1984:
1985:
1986:
1987:
1988:
640.5
665.5
659.5
669.6
3,661.7
3,697.3
3,743.4
3,799.6
3,472.0
3,528.5
3,588.8
3,625.5
189.8
168.9
154.5
174.1
2,863.5
2,854.9
2,874.3
2,883.2
14,773
14,883
15,026
15,210
11,553
11,492
11,538
11,541
13,603
13,790
13,986
14,084
10,638
10,648
10,739
10,687
675.1
694.4
3,887.7
3,931.9
3,696.4
3,732.7
191.3
199.1
2,900.9
2,907.0
15,527
15,663
11,586
11,581
14,330
14,437
10,692
10,674
IV
IV
IV
IV
IV
IV
IV
1989: I
II
1990: I r
II ....
4,562.8
4,626.2
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.
-2.1
1.6
.1
1.6
o
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1990, according to preliminary estimates, gross farm income rose $0.9 billion (annual rate)
and net farm income fell $4.0 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
160
BILLIONS OF DOLLARS * (RATIO SCALE)
^40
200
--]
.
160
"
v^X^
120
GROSS FARM INCOME
80
80
60
60
,'^
' \
A
40
/
1
X
X
i *,'
/\
X
X
X
X
20
/
/
X
,/
\
/
•,
/
/\
/.
i \ /\
i
\t
>
/
*
N
40
\ r
/
NET FARM INCOME
70
I
/
/
>
•
1
1
' \'
X
10
<
1\ 1
1
V
10
I /
11
XI
u
1 1 1
1982
1 1 1
1
1
1
1
1984
1983
1
1985
1
!
1 1
I
1
1987
1986
1
1
1
1
1988
SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1
1
1
1989
1
1
2
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total 1
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1988: I r r
r
n
mr.
IV
1989: I r r
nr
m
IV '
1990: I*
1
149.3
166.4
163.5
152.9
175.0
162.9
156.5
169.0
173.8
189.1
169.9
175.2
167.7
182.2
192.8
189.3
184.3
189.8
190.7
139.7
141.7
142.6
136.5
142.5
144.1
135.2
141.7
150.2
159.2
144.4
145.9
154.9
155.5
153.7
157.4
163.9
161.7
159.1
Livestock and
products
71.7
72.5
72.3
67.1
69.5
74.3
63.7
65.6
71.4
75.4
66.3
69.2
75.7
74.2
72.1
76.5
80.3
72.8
71.8
68.0
69.2
70.3
69.4
73.0
69.8
71.5
76.0
78.8
83.7
78.1
76.8
79.2
81.2
81.6
80.8
83.6
88.9
87.3
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
3
Value of
inventory
changes 2
63
6.5
14
-10.9
6.3
-2.3
-2.4
-2.8
— 4.1
4.4
-6.1
53
-3.6
13
5.8
4.8
3.8
3.3
2.8
Production
expenses
Current
dollars
133.1
139.4
140.0
140.4
142.7
131.7
125.1
127.7
131.8
142.6
125.8
129.2
134.8
137.4
141.3
144.0
144.3
140.7
145.5
1982 dollars3
16.2
27.0
23.5
12.5
32.3
31.2
31.4
41.2
42.0
46.5
44.1
46.0
33.0
44.7
51.5
45.3
40.0
49.2
45.2
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
28.7
23.5
12.0
29.9
28.1
27.6
35.1
34.6
36.8
37.0
38.2
27.0
36.3
41.4
36.0
31.5
38.4
34.8
CORPORATE PROFITS
In the second quarter of 1990, according to preliminary estimates, corporate profits before tax rose $0.7 billion)
(annual rate) and after-tax profits fell $0.4 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360
360
SEASONALLY ADJUSTED ANNUAL RATES
r\
/I
320
/
V,
^~-
^-1
280
/
N.
PROFITS BEFORE TAX
240
y
160
200
N
s
-.
240
s
160
P ?OFITS AFTER TAX
,''*—..
s
-..'•-""*"
X,
-//-'
80
Y
TAX LIABILI1
X
N
,""-<
\
\
1982
\
\
1983
120
' x._.. '--"7""
40
i 1 i
r~
.s
f
80
/
^
'
120
280
rOr"^
/^
200
320
1 ] 1
1984
1
1
1
— "-^
1
1985
1
1
1
1986
40
UNDISTRIBL TED PROFITS
1
1
1987
1
I I
1
1988
1
1989
I
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment l
Profits after tax
Domestic industries
Total
2
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
19831984:
19851986:
1987:
1988:
..
TV
TV
TV
TV
TV
TV .
TV
1989- I
II
III. .
TV
1990: I
TL"
1
2
194.0
202.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
150.7
223.4
224.6
228.4
226.1
268.6
308.7
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
121.6
190.7
193.9
193.6
193.4
226.2
261.9
292.1
291.5
285.3
275.3
241.5
285.5
298.8
232.6
244.9
236.0
218.4 '
247.1
Financial
Total 3
Manufacturing
Tax
liability
Wholesale and
retail
trade
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
138.6
157.3
119.4
148.5
190.3
168.6
163.2
197.8
224.1
219.8
77.1
88.5
58.0
70.1
88.8
79.7
59.5
86.7
106.5
96.1
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
237.1
226.5
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
84.8
81.1
63.1
77.2
93.9
96.4
106.3
126.9
136.2
135.1
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.2
110.0
123.5
97.6
81.8
39.6
58.9
67.0
44.6
24.0
50.2
70.5
49.1
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
6.7
-19.4
-27.0
-21.7
18.7
15.5
13.6
26.0
28.6
19.8
24.1
102.9
175.2
180.3
167.6
164.8
206.4
237.8
46.8
88.6
79.8
83.8
64.8
98.2
112.6
33.6
43.1
51.8
38.5
41.0
37.8
42.3
164.1
231.5
226.1
235.0
234.1
289.7
331.1
59.8
88.1
87.0
99.8
113.1
132.1
142.1
104.3
143.4
139.2
135.2
121.0
157.6
189.1
68.5
73.9
80.8
84.0
93.6
102.2
115.3
35.8
69.5
58.4
51.2
27.4
55.4
73.8
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
24.0
21.6
9.2
6.9
217.4
223.4
226.9
211.5
102.0
98.9
99.9
83.7
33.7
37.6
41.4
41.9
335.1
314.6
291.4
289.8
148.3
140.8
127.8
123.5
186.7
173.8
163.6
166.3
119.1
122.1
125.0
127.7
67.6
51.7
38.6
38.6
-43.0
-23.1
-6.1
-14.5
16.1
17.6
216.5
229.5
90.1
39.2
296.9
297.6
129.9
131.0
167.1
166.7
130.3
133.0
36.8
33.7
-11.4
r
!.2j
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Profits
before tax
Nonfinancial
Period
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter of 1990, nonresidential fixed investment fell $6.8 billion
(annual rate) and residential investment fell $6.5 billion. There was a $)4.8 billion increase in inventories, following
a decrease of $11.8 billion in the first quarter.
BILLIONS Of DOUARS
BILLIONS OF DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
—
800
800
^^~
GROSS PRIVATE DOMESTIC
INVESTMENT
/~\
\
/
700
y
600
400
-
700
r~~n
-
^^/
600
-
NON RESIDENTIAL
RVED INVESTMENT
500
«• •""
-—x
_
-.-*"""
/
400
RES DENTIAL
FIXED 1 NVESTMENT
I
—
\
\
\«*
1 I 1
1982
S
\
\
\
1983
200
%
' —-.* -w
111
/*•_
100
300
—
\
-_,,^--— -— -
200
~""\
-
-
-
300
^""
\
S~
- "~~~ — -
-100
"-I
^
x - ^ V'"""'
/
500
•"
-
CHANGE IN BUSINESS
INVENTC)RIES
100
f*.
--... \ .'*«.
1984
1
1
1
1985
1
-
0
1
1
1986
\
1
I
1 1 1
1988
1987
SOURCE: DEPARTMENT OF COMMERCE
1
1 1
1989
I
! I
-100
1990
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
1989
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
747.1
771.2
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.7
139.9
146.2
208.9
230.7
223.4
232.8
274.9
289.7
296.2
311.2
348.4
365.7
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.3
232.5
231.0
83
24.0
-24.5
-7.1
67.7
11.3
6.9
28.3
26.2
28.3
24
18.3
23 1
.4
60.5
14.6
8.6
32.3
29.8
23.3
IV
IV
IV
IV
IV
IV
IV
409.6
579.8
661.8
654.1
648.8
741.4
747.5
469.5
548.8
616.8
646.8
660.9
685.7
731.3
354.9
383.9
435.0
451.3
435.8
457.5
495.3
137.6
127.4
146.6
155.9
133.7
137.2
141.2
217.3
256.5
288.4
295.5
302.2
320.4
354.0
114.7
164.9
181.8
195.5
225.1
228.1
236.0
-59.9
31.0
45.0
7.2
-12.2
55.7
16.2
-51.1
21.3
41.3
23.7
-8.0
59.6
35.0
1989- I
II
Ill
IV
769.7
776.7
775.8
762.7
743.1
744.0
746.9
737.7
506.5
511.4
518.1
511.8
146.5
144.2
147.0
147.1
360.0
367.2
371.0
364.7
236.6
232.7
228.9
225.9
26.6
32.7
28.9
25.0
16.7
26.1
26.2
24.1
1990- I
II r
747.2
760.5
758.9
745.7
523.1
516.3
148.8
148.2
374.3
368.1
235.9
229.4
-11.8
14.8
17 0
14.4
1982:
1983:
1984:
1985:
1986:
1987:
1988:
Source: Department of Commerce, Bureau of Economic Analysis.
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 6.7 percent in 1990, following a rise of 10.4 percent in 1989.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
6UO
600
SEASONALLY ADJUSTED ANNUAL RATES
500
r —'
-
\
^-—1
"-
r^^l
^** "
„_
['
.-- —x
\
9on
.-^
..
400
ALL INDlJSTRiES
JOU
~~-
"
'200
NONM/\NUFACTURIN G-L/
^
>V
*
^--' -
\
^'-~~
^ -" ""
MANUFACT JRING
""--
Tj
I
I I
1982
1
I I
1
1983
1 1
1984
1
1
1
1
1
1
1 1
1987
1986
1985
I
1
1
1
1988
J/SURVEYED QUARTERLY
J/SEE FOOTNOTE A BELOW
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1
1J
1
l]
1
1990
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Period
All
industries
Total
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
430.76
475.52
507.23
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
184.54
190.89
Ill
IV
413.34
427.54
435.61
442.11
1989: I
II
Ill
IV
1990:
1980
1981...
1982
1983
1984
1985
1986
1987
1988
1989
1990 4
1988: 1
II
I
II 4 ....
Ill 4
IV4...
Total
nonfarm
business 2
Nonmanufacturing
Total
Surveyed
quarterly
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
317.17
347.50
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
290.97
316.34
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.30
83.68
85.71
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
88.01
100.86
105.18
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
290.97
316.34
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.66
12.52
13.40
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.34
24.59
28.21
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.67
50.72
52.51
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
183.76
203.14
222.22
157.97
162.62
168.76
173.32
75.28
77.38
79.15
80.56
82.69
85.24
89.62
92.76
255.37
264.92
266.85
268.79
12.61
13.15
12.53
12.38
20.35
20.95
22.02
22.04
45.05
45.60
46.69
48.73
177.37
185.21
185.61
185.65
157.97
162.62
168 76
173.32
459.47
470.86
484.93
486.80
175.22
181.53
187.66
193.76
81.26
82.97
85.66
84.84
93.96
98.57
102.00
108.92
284.24
289.33
297.28
293.04
12.15
12.70
12.59
12.65
23.13
24.26
28.53
22.43
50.81
52.01
49.57
50.50
198.15
200.36
206.59
207.46
175.22
181.53
18766
193.76
284.24
289.33
297 28
293.04
500.29
506.84
511.59
510.21
192.36
189.53
190.32
191.35
88.04
83.97
84.99
85.86
104.32
105.56
105.33
105.49
307.93
317.31
321.28
318.86
12.86
13.77
14.02
12.95
28.07
27.11
30.48
27.17
49.53
54.54
53.97
52.01
217.46
221.89
222.82
226.73
192.36
189.53
190.32
191.35
Surveyed
annually s
255.37
264.92
26685
268.79
307.93
317.31
321 28
318.86
Durable
goods
1
Kxcludcs fo estry, fisheries, and agricultural services; medical services; professional
social services a d membership organizations; and real estate, which, effective with the April-May
1984 survey, ar
ally") for data fo
2
"Ail iudust
" plus the part of nonrnanufacturmg that
10
Addenda
Nonmanufacturing
Manufacturing
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
483.48
532.04
Manufacturing
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
184.54
190.89
3
Consists of forestry, fisheries, arid agricultural services; medical serv
social services and membership organizations; and
Planned capital expenditures as reported bj business in April-May 1
Source: Department of Commerce, Bureau of the Census.
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
professional services;
corrected for biases.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In July, civilian employment fell 436,000 and unemployment rose 367,000.
MILLIONS OF PERSONS'
MILLIONS OF PERSONS'
126
126
SEASONAU.Y ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
114
114
110
110
CIVILIAN
EMPLOYMENT
106
106
102
102
98
98
\
\
12
8
UNEMPLOYMENT
4
iiiiiliiiii
1982
1983
1984
1986
1985
1988
1987
1989
• 16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF UVBOR
1990
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Eesid t
ent
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
1981
1982
1983
1984
1985
1986*
1987
1988
1989
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
97,030
96,125
97,450
3,321 101,685
3,179 103,971
3,163 106,434
3,208 109,232
3,169 111,800
3,199 114,142
1989:
July
Aug
Sept
Oct
Nov
Dec
188,149
188,286
188,428
188,580
188,721
188,865
1,666
1,688
1,702
1,709
1,704
1,700
125,679
125,758
125,725
125,857
126,192
126,246
119,102
119,238
119,121
119,294
119,540
119,588
124,013
124,070
124,023
124,148
124,488
124,546
117,436
117,550
117,419
117,585
117,836
117,888
3,217
3,275
3,219
3,197
3,160
3,197
1990:
Jan
Feb
Mar
Apr
May
June
July
188,990
189,090
189,198
189,326
189,467
189,607
189,763
1,697
1,678
1,669
1,657
1,639
1,630
1,627
126,094
126,308
126,498
126,543
126,643
126,466
126,394
119,560
119,713
120,003
119,773
119,989
120,019
119,580
124,397
124,630
124,829
124,886
125,004
124,836
124,767
117,863
118,035
118,334
118,116
118,350
118,389
117,953
3,134
3,079
3,200
3,133
3,305
3,348
3,085
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) as 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
4,499
5,852
5,997
5,532
5,334
5,345
5,122
4,965
4,657
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
114,219
114,275
114,200
114,388
114,676
114,691
4,583
4,567
4,605
4,526
4,552
4,554
6,577
6,520
6,604
6,563
6,652
6,658
1,461
1,338
1,359
1,378
1,422
1,362
66.5
66.5
66.4
66.4
66.6
66.5
63.0
63.0
62.9
62.9
63.0
63.0
114,728
114,957
115,133
114,983
115,045
115,041
114,867
4,729
4,703
4,747
4,630
4,666
4,734
4,710
6,535
6,594
6,495
6,770
6,653
6,447
6,814
,430
,369
,333
,386
,374
1,406
1,513
66.4
66.5
66.6
66.5
66.6
66.4
66.3
62.9
63.0
63.1
62.9
63.0
63.0
62.7
Total
3,368
3,401
3,383
Part time
for
economic
reasons l
59.0
'Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Souree: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In July, the overall unemployment rate and the civilian unemployment rate rose to 5.4 percent and 5.5 percent,
respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
TEENAGERS
(16-19)
15
10
10
WOMEN 20 YEARS
AND OVER
\
MEN 20 YEARS
AND OVER
1986
1986
1987
1988
•UNEMPLOYMENT AS PERCENT Op CMUAN LABOR FORCE IN GROUP SPECIFIED
' SOURCE: DEPARTMENT Of LABOR
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1.5
9.5
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
July
Aug
Sept
1990:
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June ....
July
1
2
Unemployment
rate,
all
workers l
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.2
5.2
5.3
5.2
5.3
5.3
5.2
5.2
5.1
5.3
5.3
5.1
5.4
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
5.3
5.3
5.3
5.3
5.3
5.3
4.4
4.5
4.8
4.5
4.6
4.6
4.9
4.7
4.5
4.8
4.8
4.8
15.1
14.8
15.0
14.9
15.3
15.2
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.5
4.5
4.5
4.5
4.5
4.6
5.3
5.3
5.2
5.4
5.3
5.2
5.5
4.7
4.6
4.5
4.8
4.7
4.7
4.9
4.6
4.8
4.7
4.8
4.6
4.5
4.7
14.5
14.8
14.4
14.7
15.5
14.1
16.3
4.5
4.6
4.5
4.8
4.6
4.5
4.6
Both
sexes
16-19
years
White
6.7
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as per-
12
By selected groups
By race
By sex and age
Black
and
other
Black
Experienced
wage and
salary
workers
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
11.0
11.2
11.7
11.7
11.9
5.0
5.0
5.0
5.0
5.1
5.0
9.6
9.7
10.2
10.2
10.3
10.2
10.1
9.2
9.4
9.1
9.3
9.4
10.3
11.8
11.3
10.5
10.6
10.4
10.4
10.4
11.3
7.3
5.1
5.1
5.0
5.2
5.0
5.0
5.1
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
3.0
3.1
3.3
3.0
3.1
3.0
3.4
3.0
3.2
3.3
3.3
3.2
3.3
8.5
8.0
7.7
7.8
8.2
8.1
5.0
4.9
5.0
4.9
5.0
5.0
5.0
4.9
4.9
5.1
4.9
4.8
5.0
7.2
7.1
7.3
7.1
7.4
7.5
7.5
7.5
8.4
7.5
7.4
8.0
8.5
cent of potentially available labor force hoursSource: Department of Labor, Bureau of Labor Statistics.
7.0
7.4
7.2
7.1
7.4
7.6
8.1
Labor
force
time lost
(percent) 2
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.0
6.0
6.0
5.9
5.9
6.0
6.0
5.9
5.9
6.2
6.0
5.9
6.0
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In July, the percentage of the unemployed who had been out of work for less than 5 weeks fell and the
precentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over rose. The mean duration of
unemployment was unchanged and the median rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
60
—
50
\
JOB LOSERS!
40
REENTRANTS
—
30
20
10 —
—
JOB LEAVERS
10
NEW ENTRANTS
nit iliu n
1986
11 ii illjiii
1986
1987
1990
ii ii i l l mi i m U i n 11
1988
1989
M i l l f i l l11
1990
• SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
47.9
48.3
48.3
48.4
48.8
49.5
47.5
47.8
48.6
47.4
45.6
46.9
45.9
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
29.9
31.0
31.0
30.5
29.8
30.1
30.7
31.5
31.1
32.2
33.7
31.5
31.8
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
12.7
11.7
11.7
11.4
11.5
10.9
11.8
11.1
10.7
10.3
11.5
11.7
11.9
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
9.5
9.0
9.0
9.7
9.8
9.5
9.9
9.7
9.6
10.2
9.2
9.9
10.4
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
11.9
11.4
11.5
11.7
11.6
11.5
12.1
11.7
12.0
12.1
11.6
12.0
12.0
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
5.0
5.0
5.0
4.8
4.8
5.1
5.4
5.1
5.0
5.4
5.1
5.2
Job
losers
Job
leavers
Reentrants
New
entrants
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
29.0
27.6
29.4
28.9
27.6
27.7
26.3
27.4
28.4
26.5
27.2
27.7
29.0
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
11.0
10.0
9.9
10.5
10.4
10.3
9.7
10.3
9.8
9.2
10.2
8.3
10.2
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1981
1982 ...
1983
1984..
198S
1986
1987 ..
1988
1989 ..
1989' July
Sept
Get
Nov ...
Dec
1990: Jan
Feb
Mar
May
, '
July
1
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,577
6,520
6,604
6,563
6,652
6,658
6,535
6,594
6,495
6,770
6,653
6,447
6,814
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCPE), and railroad (RR> programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
44.5
46.2
44.9
45.5
46.3
46.3
48.5
47.1
46.3
46.8
47.4
48.7
45.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
15.5
16.1
15.8
15.2
15.7
15.8
15.5
15.3
15.5
17.5
15.2
15.4
15.2
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,193
2,269
2,194
2,169
2,208
2,295
2,305
2,373
2,367
2,334
2,349
2,381
2,400
2,442
2,470
460
583
438
377
396
378
328
310
330
334
323
331
366
348
367
359
357
347
360
351
357
354
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,168
2,007
1,863
1,912
2,146
2,518
3,059
2,992
2,843
2,526
2,268
2,213
Source: Department of Labor (Bureau of Labor Statistics ana* Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 219,000 in July.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
110
28
SERVICES
1
100
26
—
._,.--*"
—
ALL NONAGRICULTURAL
ESTABLISHMENTS
_.-1
V--'"'
—
24
90
—•'••'" ^
—
22
-•
80
SERVICE-PRODUCING
INDUSTRIES
70
20
"'".'_L'
IJ
~
^r-
18
60
GO
—
'
. .. - — •* ~*
uiiifliiiii i i i i i 1 i i i 1 1
VERNMENT
\
.-•*-•
1 111 1 1 1
i 1 11t
1 1 i 1 11
111
50
20
6 r
GOODS-PRODUCING
INDUSTRIES
30
111 111111III 11111111111
1986
1987
n 111111111
111111 r 11 n!
1990
1986
1990
1989
1988
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Period
Total
nonagricultural
employment
Goods-producing industries
Service-producing industries
Manufacturing
Total 2
Construction
Total
Durable
goods
: Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
1981
1982
1983
1984
1985
1986
1987
1988
1989
91,196
89-, 566
90,200
94,496
97,519
99,525
102,200
105,584
108,581
25,497
23,813
23334
24,727
24359
24,558
24J708
25,249
25^634
4,188
3,905
3*948
4,383
4^673
4,816
4J967
5,125
5^300
20,170
18 781
18,434
19-,378
19,260
18,965
19,024
19,403
19,612
12,109
11 '039
10,732
11 '505
11,490
11 230
11,194
11 437
11^536
8,061
7 741
7,702
7;873
7,"7<70
7,734
7,830
7,967
8,076
65,659
65 753
66,866
69 769
72,660
74 967
77,492
80 335
82,947
5 165
5 082
4,954
5 159
5,238
5 255
5,372
5 548
5,705
5 358
5 278
5 268
5 555
5 717
5 753
5 844
6 029
6,234
15 189
15 179
15 613
16 545
n'356
17 930
18 483
19 110
19 575
5,298
5 341
5,468
5 689
5,955
6 283
6,547
6 676
6,814
18,619
19 036
19,694
20 797
22,000
23 053
24,236
25 600
26,892
16,031
15 837
15,869
16 024
16,394
16 693
17,010
17 372
17,727
2,772
2 739
2,774
2 807
2,875
2 899
2,943
2 971
2,988
1989: July....
Aug....
Sept....
Oct.....
Nov....
Dec
108,767
108,887
109,096
109,171
109,452
109,570
25,669
25,694
25,614
25,603
25,609
25,532
5,314
5,321
5,325
5,335
5,355
5,304
19,649
19,644
19,559
19,537
19,517
19,489
11,549
11,551
11,480
11,457
11,439
11,409
8,100
8,093
8,079
8,080
8,078
8,080
83,098
83,193
83,482
83,568
83,843
84,038
5,736
5,618
5,709
5,729
5,753
5,834
6,237
6,256
6,264
6,278
6,300
6,311
19,586
19,621
19,632
19,679
19,744
19,718
6,815
6,836
6,852
6,851
6,871
6,885
26,973
27,058
27,159
27,188
27,345
27,419
17,751
17,804
17,866
17,843
17,830
17,871
3,000
2,999
2,996
2,984
2,982
2,974
1990:
109,931
110,304
110,427
110,401
110,770
110,925
110,706
25,518
25,686
25,606
25,481
25,450
25,405
25,346
5,418
5,485
5,432
5,323
5,309
5,281
5,230
19,355
19,452
19,423
19,403
19,383
19,360
19,353
11,287
11,398
11,385
11,350
11,341
11,323
11,313
8,068
8,054
8,038
8,053
8,042
8,037
8,040
84,413
84,618
84,821
84,920
85,320
85,520
85,360
5,850
5,865
5,875
5,875
5,895
5,905
5,910
6,332
6,332
6,342
6,335
6,349
6,361
6,355
19,822
19,794
19,785
19,812
19,829
19,825
19,845
6,896
6,916
6,922
6,921
6,933
6,936
6,942
27,557
27,709
27,783
27,763
27,840
27,982
27,971
17,956
18,002
18,114
18,214
18,474
18,511
18,337
2,998
3,006
3,088
3,155
3,345
3,339
3,166
Jan
Feb
Mar
Apr
May r..
June r.
July".
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 I2th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of 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
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 hourly
earnings
Average weekly hours
Average gross weekly earnings
Total private
nonagricultural 1
Manufacturing
Period
Total
private
nonagricultural l
Total
Total
private
nonagriculturai 1
Overtime
Manufacturing
Current dollars
Current
dollars
1977
dollars 2
Manufacturing
Retail
trade
Construction
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1977
dollars
35.2
34.8
35.0
S5.2
34.9
34.8
34.8
34.7
34.7
1989' July
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
May r
July p
. ..
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
$7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
9.66
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.18
10.47
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.36
335.20
$170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
166.52
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
429.27
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
493.08
506.72
$158.03
163.85
171.05
174.33
174.64
176.08
178.70
1 83.62
189.01
4.7
5.0
4.3
2.1
1.9
2.5
3.2
4.0
15
-1.2
1.9
.9
-1.4
.4
-1.0
-.9
-.8
41.0
41.0
41.0
40.8
40.7
40.6
3.9
3.8
3.8
3.7
3.7
3.6
9.69
9.69
9.74
9.78
9.78
9.83
10.48
10.52
10.55
10.55
10.57
10.61
337.21
335.27
337.98
339.37
338.39
339.14
166.85
165.98
166.74
166.85
165.80
165.51
429.68
431.32
432.55
430.44
430.20
430.77
511.30
510.73
510.16
514.75
521.87
508.64
190.97
189.22
189.50
191.69
190.37
190.86
4.2
3.7
3.6
3.5
3.1
3.4
-.9
-.9
-.7
-.9
— 1.4
11
34.5
34.6
34.6
34.6
34.6
34.7
34.7
1982
1983
1984
1985
1986
1987
1988
1989
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
34.8
34.6
34.7
34.7
34.6
34.5
1981
40.7
40.7
40.8'
40.6
40.9
41.0
40.9
3.7
3.6
3.6
3.5
3.8
3.8
3.7
9.83
9.88
9.92
9.95
9.98
10.03
10.09
10.55
10.65
10.71
10.73
10.81
10.85
10.89
339.14
341.85
343.23
344.27
345.31
348.04
350.12
163.68
164.11
164.22
164.57
164.90
165.18
165.70
429.39
433.46
436.97
435.64
442.13
444.85
445.40
518.93
521.08
514.55
499.82
513.55
522.83
512.49
192.67
193.92
195.08
196.04
195.94
197.49
199.44
2.7
3.8
3.9
2.3
4.0
4.5
3.8
24
-1.3
13
-2.1
-.2
-.0
7
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
8.5
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1989 = 100)
12 months earlier
3 months earlier
Period
1981:
Dec
1982:
1983:
1984:
1985:
1986:
1987:
19881989:
1987:
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Dec
1988: Mar
June
Sept
Dec
1989: Mar
June
Sept
Dee
1990: Mar
June
Total
compensation
Wages and
salaries
Benefits '
71.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
92.5
93.1
94.5
95.7
96.6
97.6
98.8
100.0
101.2
102.3
103.9
105.2
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
93.5
94.1
Total
compensation
Wages and
salaries
66.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
89.6
90.5
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
1.0
.6
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
1.0
.6
95.0
96.1
97.0
98.0
93.4
94.7
95.7
96.7
1.5
1.3
.9
1.0
1.0
1.2
.9
1.0
98.4
100.0
101.4
102.6
1.2
1.2
1.2
1.1
1.0
1.0
1.2
.8
105.5
106.9
1.6
1.3
1.2
1.3
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
3.2
3.3
4.6
4.5
4.8
4.8
5.2
5.2
4.2
4.1
4.3
4.1
4.2
4.5
2.8
1.3
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.
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
3.4
3.3
3.8
4.5
4.4
4.8
1.8
1.6
1.4
1.2
103.2
104.5
Wages and
salaries
3.2
1.4
1.1
1.0
99.0
100.0
101.2
102.0
Total
compensation
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
.7
1.0
Benefits J
3.3
3.8
3.7
4.1
Benefits *
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
3.0
3.4
5.9
6.4
6.8
6.9
5.4
5.6
6.0
6.1
7.2
6.9
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
Nonfarm
business
sector
Compensation per
hour 3
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Business
sector
Implicit price
deflator 5
Nonfarm
business
sector
Business
sector
86.2
94.4
100.0
103.3
106.8
109.5
111.8
114.8
118.2
122.8
101.4
104.8
107.9
110.5
112.8
115.7
116.2
117.5
118.9
120.3
121.2
122.5
123.3
124.3
125.8
127.1
9.0
9.6
5.9
3.3
3.3
2.5
2.1
2.7
3.0
3.9
2.4
4.8
2.7
2.6
.9
1.2
1.7
4.8
4.7
4.9
3.1
4.3
2.5
3.5
4.6
4.4
Nonfarm
business
sector
1982 = 100; quarterly data seasonally adjusted
1980
1981
1982
1983
1984
99.2
100.7
100.0
102.4
105.0
99.9
100.9
100.0
103.0
105.1
101.1
103.2
100.0
104.2
113.0
101.7
103.4
100.0
105.0
113.7
101.9
102.5
100.0
101.8
107.6
101.8
102.5
100.0
102.0
108.1
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
1986:
1987:
1988:
107.1
109.5
110.7
113.0
112.8
106.5
108.6
109.8
112.3
111.9
117.7
121.3
126.4
133.0
135.8
118.1
121.6
126.8
134.0
136.7
110.9
111.9
115.4
119.3
122.2
100.6
103.3
105.4
108.1
109.5
112.0
113.1
112.8
113.5
113.1
113.3
113.3
112.8
112.3
111.9
112.4
100.5
103.9
105.5
107.2
108.5
110.9
112.1
111.9
112.7
112.8
112.4
112.2
112.0
111.4
110.8
111.3
99.5
107.6
114.5
119.3
122.2
129.4
131.2
132.6
133.8
134.5
135.6
135.9
136.1
135.5
136.0
136.4
99.3
108.7
115.1
119.6
122.4
129.7
131.6
133.4
134.8
136.0
136.4
136.8
137.1
136.3
136.8
137.3
109.9
110.8
114.1
117.7
120.4
98.9
104.2
108.6
110.4
111.6
115.5
115.9
117.6
117.9
118.8
119.7
120.0
120.6
120.7
121.5
121.4
-0.4
1.1
9
3.0
2.1
1.3
2.0
1.1
2.2
-.3
2.0
1.6
.9
.7
.3
2.2
4.2
-.6
2.8
.5
-1.7
-.5
-.8
-2.2
-1.9
1.6
11
2.1
-3.1
4.2
8.4
4.2
3.1
4.1
5.3
2.1
-.5
10.4
3.5
3.6
4.0
7.2
5.7
4.6
3.5
2.0
3.5
.9
.6
-1.8
1.4
1.5
IV r....
IV r....
IV r....
IV r....
IV r....
IV r....
Ir
n rr.
m r....
IV ....
1989: I r r
r
m7r....
n.
rv ....
r
1990: I f >
n
...
98.9
104.7
109.1
111.6
112.8
116.9
117.4
119.2
119.6
120.5
121.4
121.9
122.4
122.4
123.5
123.4
85.1
93.0
100.0
103.8
108.1
112.8
118.6
123.1
129.1
133.1
102.1
105.4
109.7
115.3
120.9
125.6
126.9
128.6
130.3
131.5
132.2
133.0
133.4
134.3
135.5
137.5
85.1
93.1
100.0
104.0
108.1
112.5
118.2
122.5
128.3
132.1
102.2
105.3
109.7
114.7
120.4
124.9
126.2
127.7
129.4
130.8
131.4
131.9
132.5
133.4
134.4
136.3
99.7
98.8
100.0
100.6
100.4
101.2
104.4
104.6
105.3
103.5
100.6
100.6
100.5
102.1
105.6
105.0
105.3
105.5
105.6
105.5
104.6
103.7
103.3
103.0
101.9
102.5
99.6
98.9
100.0
100.7
100.4
85.8
92.4
100.0
101.4
103.0
100.9
104.1
104.1
104.7
102.8
105.4
108.4
111.2
114.3
118.0
100.7
100.5
100.5
101.6
105.2
104.4
104.7
104.8
104.9
104.9
104.0
102.9
102.6
102.3
101.1
101.6
101.5
102.0
104.0
106.7
110.4
112.1
112.2
114.0
114.8
116.3
116.7
117.4
118.2
119.6
121.1
122.3
85.2
92.3
100.0
101.0
102.8
105.6
108.8
111.6
114.3
118.1
101.7
101.3
104.0
107.1
111.0
112.6
112.6
114.1
114.8
115.9
116.9
117.5
118.3
119.8
121.3
122.5
10.9
7.7
8.3
1.4
1.5
2.3
2.8
2.6
2.8
3.2
1.5
2.3
2.0
4.8
4.4
4.2
.3
6.5
3.1
5.1
1.5
2.5
2.8
4.6
5.3
4.0
11.0
8.3
8.4
1.0
1.8
2.8
3.0
2.5
2.5
3.3
2.6
2.8
2.6
5.0
4.8
4.4
.1
5.6
2.5
3.6
3.8
2.0
2.7
5.1
5.2
3.9
85.7
94.0
100.0
103.5
106.6
109.8
112.3
115.3
118.4
123.0
101.5
104.7
107.9
111.0
113.4
116.2
116.6
117.8
118.8
120.5
121.4
122.7
123.5
124.7
125.8
127.2
Percent change; quarterly data at seasonally adjusted annual rates
1980
1981
198?
1983
1984
1985
1986 r
1987 T
1988 '
1989 T
1982:
1983:
1984:
1985:
1986:
1987:
1988:
...
..
IV
IV
IV '....
IV "....
IV r....
IV r....
I rr
n.
m rr....
IV ....
1989: I T T
n .r
m ....
IV....
1990: I r
p
n '...
-0.3
1.5
7
2.4
2.6
2.0
2.2
1.2
2.0
-.2
2.6
3.3
1.5
1.4
.8
2.7
4.1
-1.2
2.5
-1.2
.5
-.0
-1.5
-2.0
-1.5
1.9
1
12
1.7
-3.3
5.0
8.3
3.9
3.0
4.2
5.7
2.0
-1.2
9.8
3.1
3.5
3.7
6.9
5.9
5.6
4.1
3.6
1.2
1.3
.6
-2.1
1.4
1.5
08
.6
24
1.8
5.7
2.2
.8
2.9
3.2
2.3
-3.0
6.8
2.0
2.2
3.2
4.4
1.5
5.9
1.0
3.3
3.0
.9
2.1
.1
2.9
-.4
-0.7
.6
-2.4
2.0
6.0
2.6
1.0
3.1
3.4
2.4
-3.1
8.1
2.2
2.9
3.4
4.5
1.7
6.2
1.3
3.1
3.0
1.7
1.5
.1
3.4
-.1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
s
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
16
10.5
9.3
7.5
3.8
4.1
4.4
5.1
3.8
4.9
3.0
4.1
5.7
3.6
6.2
5.2
7.0
4.4
5.2
5.6
3.8
2.0
2.4
1.3
2.6
3.8
5.9
10.5
9.5
7.4
4.0
3.9
4.1
5.0
3.6
4.8
3.0
4.6
4.4
3.6
5.7
5.1
6.8
4.3
5.0
5.3
4.2
2.0
1.5
1.8
2.7
3.2
5.6
-2.6
-.9
1.2
.6
-.2
.8
3.2
.1
.7
-1.7
2.8
1.6
.1
2.0
2.3
3.1
1.0
.7
.6
-3.3
-3.4
-1.5
-1.4
-4.0
2.2
-2.6
-.7
1.1
.7
-.4
.5
3.1
0
.6
-1.8
3.3
.3
.1
1.5
2.2
2.9
.8
.6
.4
— .1
-3.3
-4.2
-1.0
-1.3
-4.5
1.8
9.7
9.7
6.3
3.5
3.0
3.0
2.3
2.7
2.7
3.9
3.0
3.1
3.3
2.1
1.0
1.4
1.4
4.1
3.4
5.9
2.8
4.4
2.6
3.9
3.8
4.6
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Beginning with data released August 3, 1989, hours of labor input are defined as hours at the
work site rather than hours paid.
Indexes for productivity and related data have been rebased to 1982=100; in addition, data reflect revisions beginning 1987 of GNP and related items published July 27, 1990.
"Data do not reflect GNP revisions of August 24, 1990.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production was unchanged in July and capacity utilization fell.
INDEX, 1987=1 00' (RATIO SCALE)
115
TOTAL INDUSTRIAL PRODUCTION
110
K~^
[—"--"~~
^— -1
105
^~-
100
INDE X, 1987=1 00' (RATIO SCALE)
130
FINAL PRODUCTS
125
120
115
lilllllllll
lilllllllll
DURABLE
105
^~
95
7ri7itmJm ninin
95
"\l
NOND JRABLE
90
1
~^V
90
100
.*r^
-'-'
100
105
/^~
lilllllllll
MANUFACTURING PRODUCTION^^^
110
85
UTILITIES AND MINING PRODIJCTION
\
\
105
100
UTILITIES
.
y ..
^ A1/"
90
Illlllllll! lilllllllll lilllllllll
1987
1988
DEFENSE
AND SPACE
EQUIPMENT
I / _'•
\
y-x-^pX^
84
82
^J-'
78
n 1 1 1 1 1 1 iii iniiliiui
76
1990
^y
1987
1988
s
lilllllllll lilllllllll
1989
1990
COUNCIL OF ECC>NOMIC ADVISERS
Total
industrial
production
Index,
1987 = 100
Y~~
~~1 —
^-^-/r
iiiiiiiiin iiiuiiiiu lilllllllll
1986
\^
/
SEASONAU.V AOJL. STED
OURCE: BOARD O F GOVERNORS OF THE FEDERAL RESE VE SYSTEM
Period
lilllllllll
86
80
1989
~£<
*%'$
-./••"X-^ f ~?* /
"C^
iiiiiiiiin iiiuiiiiu imiliiiiilimiiiim
88 — CAPACITY UTI LIZA!riON RATE
(TOTAL INDUSTRY)
n
f
,
'
.'""
PERC:ENT*
MINING
95
1986
,.
.
•
: r^^^
/-V^j
*~f~-r
lilllllllll
lilllllllll lilllllllll
..M-.^vb. .
115
110
fJ~*
^ V
95
^^
90 |ll llll|ll 1 III |M Illlll
^_
*
BUSINE ss
/]
EQUIPMENT —z±- CONSUMER
GOODS
k
£.
V _.
-""
[Monthly data seasonally adjusted]
i
—
Industry production indexes, 1987=100
Capacity utilization
rate, percent l
Manufacturing
Percent
change
from year
earlier
Mining
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
1983
1984
1985
1986
1987
1988
1989
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
-1.9
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
75.7
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
83.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
82.1
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
80.2
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
1989: July
Aug
Sept
Oct
Nov
Dec
107.8
108.2
108.2
107.7
108.1
108.6
1.6
1.7
1.9
1.1
1.1
1.1
108.6
109.1
109.1
108.4
108.9
108.8
110.6
111.3
111.5
109.4
110.1
110.4
106.1
106.2
106.0
107.2
107.3
106.7
100.0
100.7
101.6
100.7
101.2
100.1
106.6
106.2
105.9
107.4
108.3
116.1
83.9
84.0
83.9
83.3
83.5
83.7
83.6
83.8
83.6
82.9
83.0
82.8
1990: Jan
Feb
Mar
Apr r
May r.
June T.
July"
107.5
108.5
108.9
108.8
109.4
109.9
109.9
2
.8
1.1
.2
1.0
1.4
1.9
108.1
109.6
109.8
109.5
110.3
110.6
110.6
108.6
110.7
111.9
111.1
112.6
113.0
112.6
107.5
108.3
107.2
107.5
107.4
107.6
108.0
101.7
101.0
101.1
102.9
102.6
102.6
103.7
106.8
104.0
106.2
106.7
107.0
109.1
108.6
82.7
83.2
83.4
83.1
83.4
83.6
83.4
82.0
83.0
82.9
82.5
82.8
82.9
82.6
1980
1981
1982
1
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Consumer goods
Equipment
Period
Total
Total
1980
1981..
1982
1983
1984
1985
1986
1987
1988
1989
Durable
goods
Nondurable
goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
80.0
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
1990: Jan
Feb
Mar
May r
July".
89.1
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
74.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
73.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
57.4
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
77.0
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
80.8
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
74.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
91.3
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
106.2
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
105.2
105.6
106.3
107.3
107.4
108.3
105.6
105.8
107.6
106.8
105.7
106.8
105.1
105.6
106.0
107.4
107.8
108.7
113.2
113.6
113.8
110.1
112.0
112.9
119.9
120.4
120.7
116.0
118.7
119.9
98.7
98.9
98.9
96.6
96.7
96.6
106.7
106.4
106.3
106.9
107.3
107.9
106.5
105.5
105.2
106.3
107.0
107.4
106.8
106.9
107.0
107.3
107.5
108.2
107.3
107.8
107.4
107.1
107.0
106.9
100.1
101.7
101.6
101.3
101.9
102.7
108.5
109.7
110.7
110.4
111.2
111.8
111.2
Sept
Oct
Nov
Dec
73.5
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
108.7
109.1
109.6
108.5
109.4
110.3
1989: July
85.3
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
106.0
107.0
107.5
107.2
107.4
108.1
107.7
99.4
106.2
110.8
107.3
109.2
111.9
108.9
107.8
107.2
106.6
107.1
106.9
107.1
107.4
111.8
113.3
114.9
114.7
116.2
116.5
115.8
118.0
120.1
122.2
121.6
123.6
123.9
123.1
97.5
97.6
97.5
97.3
97.5
97.4
97.4
108.0
108.4
108.2
108.0
108.2
108.2
107.9
107.9
108.2
107.3
106.4
105.5
105.5
104.3
108.0
108.5
108.9
109.1
110.1
110.1
110.4
106.2
107.1
107.1
107.3
107.8
108.4
109.1
101.2
101.7
102.0
101.8
101.5
101.7
102.9
;as well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
1980
1981
1982
1983..
1984
1985
1986
1987
1988...
1989
110.8
117 5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
126.0
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
92.5
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
60.6
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
73.3
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
72.3
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
67.0
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
76.9
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
89.2
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
70.3
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
87.8
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
84.6
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
1989- July
108.8
111.7
109 9
108.6
104.8
102.6
107.5
109.8
109.7
109.2
104.1
100.3
107.6
106.5
106.0
105.9
106.9
106.3
121.6
121.8
123.4
119.0
122.9
123.8
108.6
110.6
110.8
110.2
110.1
110.1
106.6
107.8
108.0
102.1
102.8
104.4
99.6
102.7
103.2
99.7
99.0
98.7
102.8
102.4
102.6
103.2
104.8
106.4
104.4
104.7
104.5
103.9
103.7
102.6
106.6
107.8
109.4
109.3
109.6
109.6
109.7
109.6
107.5
109.4
109.8
107.6
104.0
104.8
105.4
106.8
107.4
108.0
105.0
107.9
105.4
106.4
106.2
109.6
111.2
104.6
110.6
106.1
106.7
105.5
111.4
113.8
105.1
105.6
105.5
105.0
107.0
106.8
107.3
123.7
124.2
125.2
125.7
126.9
126.3
125.8
110.1
111.0
112.3
111.3
112.1
112.6
112.2
94.7
103.5
107.9
105.1
109.0
110.9
108.8
76.8
94.1
103.5
95.8
104.0
108.0
102.9
106.0
104.3
105.0
103.3
101.4
101.1
100.9
102.4
102.1
99.8
98.7
99.2
99.6
100.1
110.7
112.1
111.4
112.0
112.8
112.4
112.3
109.9
110.5
109.5
110.3
109.2
110.0
110.4
106.8
107.4
107.1
107.0
106.8
106.8
106.9
Sept
Oct
Nov .. .
Dec
1990: Jan... .
Feb
Mar
May '
July *
Source: Board of Governors of (he Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
256.5
267.7
255.7
290.9
340.7
368.7
398.2
410.2
422.1
432.1
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
... .
192.8
203.0
192.6
227.5
270.5
290.9
313.6
319.6
327.1
333.5
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
333.8
333.3
335.0
332.1
332.1
329.8
325.0
338.1
343.1
347.4
344.3
339.2
339.1
197.1
196.8
195.6
193.0
192.1
190.9
189.6
200.1
203.0
206.9
205.1
200.5
196.1
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
85.5
45.7
48.7
49.2
48.1
48.0
49.7
48.5
48.5
49.2
51.5
63.6
64.7
63.1
63.5
70.2
77.8
84.6
90.6
95.0
98.6
97
100
100
124
136
150
159
165
166
r
!71
85.8
85.2
87.3
87.2
88.6
86.8
83.3
85.0
88.2
87.2
85.7
84.6
87.4
G9.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
51.0
51.3
52.1
51.9
51.4
52.2
52.0
52.9
51.9
53.3
53.5
54.0
55.6
97.8
95.7
99.0
101.3
97.1
103.5
107.0
107.9
112.5
109.9
104.5
108.5
108.4
r
!74
r
!72
r
Annual rates
Annual rates
1989- June
July
431.6
429.0
433.9
433.4
429.3
433.4
432.0
446.0
455.6
457.3
448.8
447.6
447.5
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
May '.
June "
July '
1
2
3
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
904
919
660
756
955
1,097
1,016
1,019
973
926
139.6
139.6
138.2
135.8
134.8
135.2
135.3
140.0
144.6
145.3
140.5
136.0
132.1
!73
186
r
!82
r
!68
r
!65
160
r
!55
r
!59
147
157
r
!56
148
916
915
805
1,008
892
812
805
883
798
828
745
802
693
618
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1980
1981.
1982
1983
1984
1985
1986
1987
1988
1989
1 unit
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
2-4 units
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
5 or more units
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
Units
authorized
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
Units
completed
Homes sold
Homes for
sale at end of
period 1
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
545
436
412
623
639
688
750
671
676
650
337
275
253
301
353
346
357
366
367
362
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.1
Seasonally adjusted annual rates
1989- July
Sept
Oct
Nov
Dec
1990- Jan ...
Feb
Mar
May '
July"
1
1,424
1,325
1,263
1,423
1,347
1,273
1,029
987
969
1,023
1,010
931
58
54
56
60
47
53
337
284
238
340
290
289
1,281
1,334
1,310
1,362
1,364
1,416
1,375
1,437
1,366
1,317
1,486
1,302
741
719
638
638
687
633
369
364
364
363
363
362
1,568
1,488
1,307
1,216
1,206
1,179
1,148
1,099
1,154
996
898
897
885
873
53
42
35
53
36
37
32
416
292
276
265
273
257
243
1,739
1,297
1,232
1,108
1,065
1,108
1,082
1,443
1,351
1,378
' 1,295
1,353
1,279
613
606
558
r
533
536
561
548
365
366
363
363
359
353
349
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
2
7.6
7.1
7.5
7.0
NOTE. — Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In June, manufacturing and trade sales rose 0.9 percent and inventories fell $2.9 billion. In July, according to
advance data, retail sales rose 0.1 percent, following a rise of 1.1 percent in June.
BILUONS OF DOLLARS' (RATIO SCALE)
BILUONS OF DOLLARS* (RATIO SCALE)
240
800
220
—
200
^\^
\
1
700
MANUFACTURING AND
TFtADE INVENTORIES
—
600
f
180
-
s~*
^^^~
•
^r-^
1
\
1
RETAIL INVENTORIES
160
- — ' "^ -*"""*"
500
'"'\
*WNUFACTURING
tVND TRADE £ ALES
-.•*"""
•_•
/--
'
Xx
.-•—"'""
140
^ "~ **
A_/'
120
-
400
•"\
/"""
--.--
1
RETAIL SAL
;s
100
imihmi iimliim imilimi iiiiiliiitt miilimu
-
-
RATIO'
1.80
300
200
miihim
1986
Illllllllll Illllllllll Illllllllll Illllllllll
1990
1987
1988
1989
1986
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
Manufacturing and
trade *
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Inventory-sales ratio 4
Retail
Inventories 3
Sales 2
Period
2
Inventories 3
Sales2
Inventories 3
Sales
348,754
369,136
408,578
419,283
425,371
451,933
490,309
521,934
574,516
591,265
646,072
657,753
657,482
704,515
754,267
795,415
96,290
100,324
113,393
114,626
116,151
124,254
135,176
145,683
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,819
520.510
516,167
531,599
527,778
525,160
527,948
526,391
782,637
789,043
791,798
792,119
794,757
798,104
795,415
145,064
144,856
146,800
146,981
147,921
148,782
149,584
185,146
186,113
185,730
185,098
188,103
189,057
188,819
528,549
535,996
538,984
533,603
538,946
543,773
797,202
794,016
793,669
796,050
800,399
797,463
151,968
151,620
152,383
151,458
152,302
154,939
189,375
188,847
189,361
190,903
193,201
191,643
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade 1
Retail
Total
Durable
goods
stores
Nondurable goods
stores
61,101
64,939
69,377
73,075
75,738
80,457
85,220
90,678
134,493
147,712
167,748
181,773
186,587
208,112
219,791
235,514
61,469
69,025
79,250
88,464
90,197
105,738
112,254
117,169
73,024
78,687
88,498
93,309
96,390
102,374
107,537
118,345
1.67
1.56
1.53
1.56
1.55
1.51
1.49
1.50
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
90,561
91,102
91,128
91,727
91,617
92,572
93,121
230,999
232,127
234,579
236,131
234,942
236,234
235,514
117,710
118,248
119,925
121,048
118,450
118,667
117,169
113,289
113,879
114,654
115,083
116,492
117,567
118,345
1.50
1.53
1.49
1.50
1.51
1.51
1.51
1.60
1.60
1.60
1.60
1.62
1.61
1.62
93,660
94,867
94,639
94,266
94,256
' 95,639
95,614
233,701
232,000
232,562
232,847
234,814
235,127
114,194
113,552
113,951
113,730
114,870
115,656
119,507
118,448
118,611
119,117
119,944
119,471
1.51
1.48
1.47
1.49
1.49
1.47
1.56
1.55
1.56
1.57
1.59
1.57
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986....
1987
1988.. .
1989
1989: June r
July
AUE
Sept
Oct
Nov
Dec
r
1990: Jan
Feb
Mar
Apr
May r
June p
July ".
1
2
3
See page 21 for manufacturing.
Monthly average for year and total for month.
End of'period.
20
89,114
97,570
107,316
114,642
120,860
128,509
137,500
144,471
r
144,210
145,389
146,649
147,235
145,244
146,340
145,804
149,877
149,904
149,302
147,886
147,781
r
149,374
149,506
28,013
32,631
37,938
41,567
45,121
48,051
52,281
53,794
r
53,649
54,287
55,521
55,508
53,627
53,768
52,683
56,217
55,037
54,663
53,620
53,525
r
53,735
53,892
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' shipments fell, while inventories and new and unfilled orders rose.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
/BU
240
440
SHIPMENTS
200
1
160
TOTAL
-.x,
80
_———
.
200
1
Tf~>TAL
280
DURA iLE GOODS
..
\
— - -.^-- •" —•,~_^.^"'"
•'"\"
NONDURABLE GOODS
120
INVENTORIES
If
360
-—I-—?
-~V'
D JRABLE GOC)DS
160
120
60
hIONDURABL!E GOODS
Illllllllll
Illllllllll
Illllllllll Illllllllll Illllllllll
BILLIC)NS OF DOLLARS* (RATIO SCALE)
280
NEW ORDERS
240
^—r-^T^
200
\
*~
TOTAL
160
DURABLE GOODS
1 V../ -_x120
.-•x"' r
80
60
•^
- Illl
nnilum
RA no'
2.20
IN
INVENTORY-SHIPMENTS RATIO
2.00
-^ *-.
1.80
---^.~f"*
N NDURABLE I•yinps
r
80
s~
«
.
1.60
1.40
60
Illllllllll Illllllllll Illllllllll Illllllilll Illllllllll
1986
1987
1988
miiliim Iliullllll mnliim Illltllllll
1989
A
^*\x*' ^"~
r\
^
"-"V^x
^
1111
i
1986
1.20
1 1 1 l l t l l 111
1990
I 1 I 1 I 1 M I 1 I 1 1 I 1 1 1 1 t 111
1987
iiiiiliiiii
1 1 1 1 1 1 II 1 1 \
1989
1990
1988
•5EASONA11Y ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' new orders 1
Manufacturers' inventories 2
Durable goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders z
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted
1982 .
1983
1984 .. .
1985
1986.
1987
1988
1989
163,350
171,242
187,869
190,016
188,360
199,170
217,632
231,780
79,352
84,956
96,623
99,019
99,989
105,291
115,684
122,668
83,998
86,286
91,246
90,996
88,371
93,879
101,948
109,112
311,827
312,647
334,767
327,496
316,182
331,132
354,163
371,082
200,825
200,406
218,771
214,066
208,313
216,598
233,666
246,222
111,002
112,241
115,996
113,430
107,869
114,534
120,497
124,860
162,273
174,122
189,791
190,918
188,663
201,966
221,627
235,614
78,338
87,600
98,581
99,843
100,166
107,770
119,634
126,557
21,661
22,098
26,243
27,067
26,551
29,707
35,028
38,821
83,935
86,522
91,209
91,075
88,497
94,197
101,993
109,057
314,270
349,419
372,586
383,181
387,065
421,243
468,860
514,499
1.95
1.80
.74
.74
.70
.62
.58
.58
1989: July
225,922
238,150
233,562
231,995
232,826
231,003
117,114
128,347
124,393
121,840
123,209
121,998
108,808
109,803
109,169
110,155
109,617
109,005
370,803
371,489
370,890
371,712
372,813
371,082
245,813
246,378
245,621
246,427
247,610
246,222
124,990
125,111
125,269
125,285
125,203
124,860
230,447
236,793
234,354
234,067
239,710
240,752
122,031
126,766
125,227
124,262
130,175
131,719
41,445
37,130
35,341
35,975
38,901
44,389
108,416
110,027
109,127
109,805
109,535
109,033
496,359
495,002
495,794
497,866
504,750
514,499
.64
.56
.59
.60
.60
.61
226,704
234,472
237,299
234,259
238,863
239,460
236,482
116,716
123,224
125,089
122,031
126,507
r
127,243
124,765
109,988
111,248
112,210
112,228
112,356
112,177
112,717
374,126
373,169
371,746
372,300
372,384
370,693
373,269
248,273
247,095
245,435
246,609
246,530
244,902
246,574
125,853
126,074
126,311
125,691
125,854
125,791
126,695
227,572
231,759
241,071
236,026
241,102
236,578
240,349
117,909
120,782
128,872
123,609
128,737
r
124,692
128,223
38,347
36,094
40,889
36,573
35,928
r
36,192
39,794
109,663
110,977
112,199
112,417
112,365
111,886
112,126
515,367
512,654
516,426
518,193
520,432
517,550
520,417
.65
.59
.57
.59
.56
.55
1.57
Sept
Oct
Nov
Dec
1990:
Jan. ..
Feb
Mar...
May r
June "
July ".
1
1
Monthly average for ' ear and total for month. Shipments are the same as sales.
End of period.
3
Annual data are averages of monthly ratios.
21
PRICES
PRODUCER PRICES
In July, the producer price index for all finished goods fell 0.1 percent. Prices of finished consumer foods were
unchanged while prices of other finished consumer goods fell 0.3
percent.
percent.
Capital equipment
prices rose
0.3
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
uu
130
FINISHED GOODS PRICES
SEASONALLY ADJUSTED
^ . \ER
.^
FOOD S
-
\^"\
120
/
CAPITAL EQUIPMENT
110
»
«•,-' <T
*
100
^^
-'^^
...-'- ,** '
h"' ^ __
x
/
/•'
' "
"
""
x-' — *~.s-
fy -v
•w-
•
• '
•'
x^"
—
120
*
r^~
N
-,_-
A
t\ /
f'"'
~~
N
•
110
V
/'
-^
TOTAL
\
100
^
< 'J
\.^"'cc NSUMER GOC DS
£X CLUDING FOO >S
1982
1983
iiiiilimi
Illlllllili
1985
Illlllllili Illlllllili Illlllllili
90
1986
1984
„
Illlllllili Illlllllili
1987
1 1 1 i i 1 1 1 1 11
i i 1 1 1 1 i 11 i i
1988
1989
SOURCE: DEPARTMENT OF LABOR
90
1990
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Nondurable
Capital
equipment
Total
finished
consumer
goods
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
104.3
102.7
104.5
105.1
104.4
105.3
109.7
108.5
107.9
107.6
107.7
107.9
107.4
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
118.9
119.3
120.1
120.0
120.4
120.7
120.9
121.4
121.9
121.9
121.9
122.4
122.8
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
112.1
111.6
112.5
113.3
113.3
114.1
117.0
116.8
116.4
115.9
116.2
116.3
116.1
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1980
1981
1982
1983
1984
1985. ...
1986
1987
1988
1989
1989: July
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar r
-
June
T—
1
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
113.6
113.3
114.1
114.7
114.8
115.5
117.7
117.7
117.5
117.1
117.4
117.6
117.5
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
118.1
118.5
118.1
119.7
120.7
121.6
124.4
125.3
124.7
123.6
124.3
123.8
123.8
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
112.1
111.5
112.8
113.1
112.9
113.5
115.6
115.2
115.2
115.0
115.1
115.6
115.4
Intermediate materials for food manufacturing and feeds.
22
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
109.2
108.2
109.7
110.1
109.7
110.4
113.4
112.7
112.4
112.1
112.2
112.7
112.4
Durable
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
117.4
117.8
118.7
118.6
118.7
119.2
118.6
119.0
119.4
119.2
119.3
120.4
120.6
Crude materials
Total
Foods
and
feeds *
Other
Total
Foodstuffs
and
feedstuffs
Other
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
112.1
111.8
112.2
112.4
112.2
112.2
113.6
112.7
112.8
112.9
112.8
112.6
112.6
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.2
112.8
112.7
112.5
113.4
113.1
113.3
112.3
112.8
114.2
115.6
114.1
114.7
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
112.0
111.8
112.2
112.4
112.1
112.1
113.6
112.8
112.8
112.8
112.7
112.5
112.4
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
103.5
101.1
102.3
102.6
103.2
104.7
107.0
107.3
105.9
102.7
102.6
100.1
100.7
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
108.9
109.7
109.0
109.0
111.4
113.9
114.7
115.4
116.4
115.4
112.5
112.9
114.0
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
95.5
91.3
93.6
94.1
93.5
94.4
97.5
97.5
94.8
90.3
91.9
87.9
88.1
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In July, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted and not seasonally
adjusted. The index was 4.8 percent above its year-earlier level.
INDEX, 1982-84=100 (RATIO SCALE)
INDEX, 1982-84=100 (RATIO SCALE)
140
140
SEASONALLY ADJUSTED
130
130
120
120
CONSUMER PRICES—ALL ITEMS
110
110
100
100
90
90
80
80
70
Minium
111111111II
Illlll
1982
1984
1983
1985
iiili 70
1987
1986
1989
1988
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
1990
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items
1
Transportation
Housing
Medical
care
Energy2
All
items
less
food,
shelter,
and
energy
3.2
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
6.2
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
7.4
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
48.4
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
Shelter
Period
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
Rel. imp.3.... 1000
1980
1981
1982
1983
1984
1985
1986.. .
1987
1988
1989
1989:
July
Aug
Sept
Oct
Nov..
Dec
Food
Total '
Total
Mar
Apr
May
June
July
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
16.3
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
82.4
909
96.5
996
103.9
107.6
109 6
113.6
118 3
124.0
42.0
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
27.9
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
7.9
19.8
103.0
108.6
115.4
121.9
128.1
133.6
138.9
102.5
107.3
113.1
119.4
124.8
131.1
137.3
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
Fuel
and
other
utilities
Apparel and
upkeep
Total '
New
cars
Motor
fuel
7.5
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
6.1
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
17.1
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
4.2
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
124.4
124.6
125.0
125.6
125.9
126.1
124.5
124.5
124.8
125.4
125.8
126.3
125.6
125.9
126.3
126.8
127.4
128.0
123.3
123.5
123.7
124.2
124.7
125.2
133.2
133.5
133.7
134.4
135.0
135.6
139.6
139.1
138.7
139.8
140.5
141.0
137.6
138.2
138.7
139.4
140.0
140.6
118.4
118.5
118.6
118.6
119.3
119.5
107.8
107.8
108.0
108.1
108.7
109.4
118.3
116.9
118.6
119.4
119.4
119.0
115.3
114.2
113.9
114.5
114.6
115.0
118.8
118.5
118.1
118.8
119.8
120.8
92.9
88.4
87.1
88.4
86.8
86.3
149.6
150.8
151.9
153.0
154.2
155.1
95.9
93.8
93.2
94.1
93.8
94.1
127.7
127.8
128.3
128.8
129.3
129.7
127.4
128.0
128.7
128.9
129.2
129.9
130.4
127.7
128.3
128.9
129.1
129.3
130.0
130.5
130.5
131.1
131.5
131.2
131.2
132.2
132.7
126.1
126.3
126.9
127.0
127.2
128.0
128.6
136.3
136.6
137.6
137.9
138.2
139.5
140.7
142.3
143.4
143.8
143.9
143.9
144.5
146.6
141.1
141.0
142.4
142.8
143.2
144.8
145.7
120.4
120.8
121.2
121.2
122.2
121.8
122.1
111.6
110.9
111.0
110.5
110.5
110.3
109.4
119.0
122.9
124.9
125.0
124.6
124.5
124.2
117.4
117.7
117.6
117.7
117.5
118.0
118.3
121.6
121.4
121.2
120.9
120.7
120.5
120.1
93.4
93.6
92.2
92.5
91.2
93.2
92.8
156.1
157.3
158.5
159.8
161.0
162.1
163.5
98.9
98.2
97.4
97.0
96.3
96.9
96.2
130.4
131.5
132.2
132.6
132.9
133.2
133.8
1990:
Feb
Renters'
costs
(Dec.
1982 =
100)
1
Includes items not shown separately.
2
Household fuels—gas (piped),; electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1989.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
ind 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]
Change from preceding period
Period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Poods
Capital
equipment
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1980
1981
1982
1983
1984
1985
1986.
1987
1988
1989
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.9
2.3
3.5
.6
2.8
2
5.7
5.2
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
14.1
8.6
4.2
9
7.5
1.5
2.0
.8
2.1
-6.6
4.1
3.1
5.3
Change, month to month
-0.4
-.3
.7
.5
.1
.6
Sept
Oct.
Nov
Dec.
1990:
0.2
.3
3
1.4
.8
.7
09
-.9
1.4
.4
1.9
0
-.2
-.3
.3
.2
-.1
1989- July
2.3
.7
g
-.9
.6
4
0
2.7
-.6
-.3
Jan
Feb
Mai r.
May
July
0.1
.3
.7
.3
.2
.2
.4
.4
0
0
.4
.3
.6
Q
5.2
4.1
4.4
3.8
3.7
2.0
4.4
2.5
3.0
2.8
1.6
2.6
1.9
1.0
-.8
2.9
3.6
6.4
6.1
2.4
4.5
2.0
-.5
.4
3.6
3.4
4.5
4.5
3.9
3.2
5.1
4.3
4.6
5.0
4.6
4.9
16.7
16.1
10.6
25
-3.2
29
.6
10.9
10.5
7.1
20
-1.0
.3
1.4
A
.1
.4
3
.7
5.5
7.6
12.4
0.7
-6.4
18
3.3
5.7
2.6
12.5
11.4
7.4
-4.5
-1.8
1.1
1.1
3.0
3.4
4.0
3.3
1.7
1.7
3.0
7.3
7.9
6.0
4.2
4.6
3.7
-.3
11.0
11.8
11.5
6.6
6.1
3.7
-1.0
7.8
8.5
5.0
3.7
4.6
4.2
-1.8
3.4
3.6
3.0
3.2
2.5
2.8
3.2
5.9
5.1
4.5
3.5
3.1
3.1
3.4
1.8
21
.4
3.9
5.4
5.0
0.3
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 '
Total 1
Homeowners'
costs
Renters'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total 1
Addendum: All items, percent change
(annual rate)
All
Motor
fuel
Medical
care
Ener-
gya
items
less
food,
shelter,
and
energy
From
previous
quarter 3
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
4.6
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
0.3
0
.2
.5
.3
.4
0.3
.2
.3
.4
.5
.5
0.6
.2
.2
.4
.4
.4
0.7
.2
.1
.5
.4
.4
1.1
.5
.5
.2
.2
.5
2.0
.5
.3
2
0
.8
.4
.7
.2
.5
.1
.2
.6
.5
.5
.2
.7
.2
.2
.9
.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
4.5
5.1
5.9
4.6
5.3
4.7
5.1
1.2
0.5
.4
.4
.5
.4
.4
13.8
14.4
9.7
1.8
4.2
1.8
56
1.6
2.9
3.2
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
7.4
18.8
9.4
6.8
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
2.3
6.8
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
18.0
11.9
1.3
5
.2
1.8
-19.7
8.2
.5
5.1
-0.3
-1.0
-.3
.5
.1
.3
-0.4
18
-.3 -4.8
3 -1.5
.6
1.5
.8 -1.8
-.6
.8
0.6
.8
.7
.7
.8
.6
-0.5
-2.2
-.6
1.0
-.3
.3
0.2
.1
.4
.4
.4
.3
2.1
.3
-.1
.1
2
.4
.3
8.2
.2
-1.5
.3
14
2.2
— .4
.6
.8
.8
.8
.8
.7
.9
5.1
-.7
-.8
— .4
-.7
-.6
-.7
.5
.8
.5
.3
.2
.2
.5
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
4.1
14.6
10.9
1.8
3.9
3.1
2.6
59
6.1
3.0
4.0
Change, month to month
1989:
July
Aug
Sept
Oct
Nov
Dec
1990:
Jan
Feb
Mar
Apr
May
June
July
.4
— .4
Q
.8
.5
.4
.9
.8
.3
.1
0
.4
1.5
.4
j
1.0
.3
.3
1.1
.6
0.5
0
.2
.1
.6
.6
-0.5
-1.2
1.5
.7
0
-.3
2.0
-.6
.1
0
3.3
1.6
.1
0
-.2
g
-.3
-.1
2
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.- and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
.7
2
-.2
-.2
2
-.2
3
3
2.9
3.9
8.2
3.8
Quarterly changes are shown in the last month of the quarter
Source: Department of Labor, Bureau of Labor Statistics.
4.0
2.3
2.3
2.9
4.2
4.9
3.8
3.4
3.3
3.6
5.0
4.7
4.3
4.5
4.7
4.6
7.5
8.2
8.5
4.5
3.2
3.5
4.4
5.2
6.2
6.7
6.0
5.6
5.9
4.4
5.2
5.3
5.2
4.7
4.4
4.7
4.8
5.2
4.3
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in July were unchanged from their June level. Prices paid by farmers in July were 0.5
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
8
0
Illllllllll
Illllllllll
RATIO-!/
140
RATIO^
140
-
120
120
RATIO
100
^__^_
6
0
1
r—^-i
,
iniiiiiiii i i i l t l l l l l l
_j
80 ———-N_
,
100
^
\
,
r-~
_
,
Illllllllll
Illllllllll
1982
1984
1983
||ll|| I l l l l l l l l l l
|||{|
1985
-
:
-
Illllllllll
inn him
1 1 1 1 1 1 1 1 1 IT
1988
1989
80
1990
1987
1986
___^-i
i
6
0
J/RATIO Of INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
Production
items
1981
1982 .
1983
1984 .
1985
1986
1987
1988 ...
1989
139
133
135
142
128
123
126
138
147
134
121
128
138
120
107
106
127
134
143
145
141
146
136
138
146
150
160
150
159
161
164
162
159
162
169
177
151
158
159
161
156
150
151
160
167
148
153
152
155
151
144
147
157
165
1989-
147
145
143
145
147
149
137
128
126
127
128
127
157
161
160
162
. 165
169
178
168
166
(3)
178
(3)
166
165
154
152
150
151
154
151
151
136
133
128
131
134
129
131
172
169
171
170
173
173
171
181
170
168
183
171
169
184
171
170
July
SeDt
Oct
Nov
Dec
1990:
Jan
Feb
Mar
Apr
May
July
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, .taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
ROTE.—The official indexes are published on a 1910have been converted to a 1977= 100 base to facilitate comparii
Ratio 2
C
92
84
84
87
79
77
78
82
83
83
81
80
81
83
84
85
84
83
83
84
83
82
as required by law. The indexes
with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 and M3 slowed in July.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,800
4,400
4,000
3,600
M3
3,600
3,200
3,200
2,800
2,800
\
M2
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
800
600
Illllllllll
400
1984
1982
1985
1986
1987
Illllllllll
1988
I l l l l l l l l l l l 400
1989
1990
COUNCIL OF ECONOMIC ADVISERS
- AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
L
Debt
Percent change from year or 6
months earlier 2
Ml
Period
19801981:
19821983198419851986:
19871988:
1989-
Dee
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Decr.
1989: July ..
Sept
Oct '
Nov
Dec .
1990: Jan
Feb .
Mar
May
July ».
1
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution -only
MMMF balances
408.9
436.5
474.5
521.2
552.1
620.1
724.7
750.4
787.5
794.8
1,629.9
1,793.5
1,953.1
2,186.5
2,371.6
2,570.6
2,814.2
2,913.2
3,072.4
3,221.6
1,987.5
2,234.2
2,441.9
2,693.4
2,982.8
3,202.1
3,494.5
3,678.7
3,918.4
4,044.6
2,324.2
2,596.8
2,851.6
3,154.7
3,524.1
3,829.5
4,135.5
4,338.7
4,676.0
4,881.8
3,873.2
4,260.3
4,651.3
5,176.7
5,924.0
6,732.8
7,588.3
8,307.5
9,062.0
9,777.6
6.8
6.7
8.7
9.8
5.9
12.3
16.9
3.5
4.9
.9
8.9
10.0
8.9
12.0
8.5
8.4
9.5
3.5
5.5
4.9
10.2
12.4
9.3
10.3
10.7
7.4
9.1
5.3
6.5
3.2
9.5
10.0
9.2
11.3
14.4
13.7
12.7
9.5
9.1
7.9
779.1
780.4
782.9
788.1
789.4
794.8
3,127.0
3,146.9
3,163.6
3,181.9
3,201.2
3,221.6
4,007.6
4,013.0
4,013.6
4,018.2
4,031.1
4,044.6
4,810.5
4,825.3
4,832.0
4,841.9
4,858.5
4,881.8
9,465.6
9,529.1
9,585.2
9,654.8
9,732.4
9,777.6
-1.7
1.6
Y
1.5
3.4
5.5
3.5
4.5
5.0
6.0
7.5
7.7
4.2
3.9
2.9
2.7
3.3
3.0
7.7
7.6
7.5
7.7
8.0
7.7
794.8
801.4
804.8
807.3
805.4
809.4
809.2
3,231.4
3,256.1
3,271.5
3,277.9
3,271.8
3,279.6
3,284.9
4,049.3
4,065.2
4,069.8
4,073.7
4,065.9
4,070.4
4,074.4
4,885.4
4,896.6
4,916.3
4,928.5
4,903.2
4,931.4
9,824.8
9,886.4
9,947.1
9,997.1
10,043.8
10,105.4
4.0
5.4
5.6
4.9
4.1
3.7
3.6
6.7
6.9
6.8
6.0
4.4
3.6
3.3
2.1
2.6
2.8
2.8
1.7
1.3
1.2
7.6
7.5
7.6
7.1
6.4
6.7
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Ml
er at a simple 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
Currency
Demand
deposits
Other
checkable
deposits
(OODs)
Overnight
repurchase
agreements
(KPs),
net,
plus
overnight
Eurodollars
Money market
mutual fund
balances 1
Institution
only
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits 2
NSA
Term
repurchase
agreements
(EPs)
Term
Eurodollars
(net)
NSA
General
purpose
and
broker/
dealer
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
1980: Dec
1981: Dec....
1982- Dec
1983: Dec
1984- Dec
1985: Dec
1986- Dec
1987: Dec
1988- Dec
1989: Dec
115.3
122.6
132.5
146.2
156.0
167.8
180.6
196.7
211.8
221.9
261.4
231.4
234.1
238.5
243.9
266.8
302.1
287.0
287.0
279.7
28.0
78.2
103.6
131.6
146.9
179.6
235.5
259.7
281.3
285.7
28.8
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.3
r
77.4
61.6
150.6
185.2
138.8
168.2
177.2
208.7
222.0
240.9
312.4
15.2
38.0
51.1
42.8
62.1
63.9
83.8
89.0
87.1
102.3
0.0
.0
43.2
379.2
416.8
513.0
571.0
523.8
500.3
483.7
400.1
343.8
356.7
305.4
285.1
301.2
370.1
414.9
427.8
409.0
728.5
823.2
851.0
784.1
886.8
884.0
856.2
917.8
1,031.0
1,142.3
260.4
303.0
327.2
327.6
417.4
437.0
439.8
488.8
541.1
558.3
33.5
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.7
r
96.9
50.3
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.4
72.3
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
133.5
149.4
183.6
211.9
260.9
298.3
280.8
254.2
272.0
330.6
32.1
40.0
44.5
45.0
45.5
42.1
37.2
44.8
40.6
41.2
98.8
105.3
113.7
133.2
160.8
207.5
231.1
260.4
335.6
347.9
1989: July
217.8
218.6
219.3
220.0
220.4
221.9
279.6
278.5
278.1
280.0
278.8
279.7
274.5
276.0
278.4
280.8
282.8
285.7
r
81.0
78.4
'75.1
r
75.7
r
75.4
r
77.4
277.7
287.8
295.9
302.7
309.0
312.4
99.0
101.4
101.6
101.1
101.1
102.3
463.9
468.2
471.9
475.3
480.8
483.7
403.3
404.0
405.5
406.1
407.9
409.0
1,122.4
1,130.0
1,132.6
1,135.9
1,138.5
1,142.3
574.7 r 124.1
570.5 r l!7.6
565.6 rl!3.9
562.7 ' 109.6
561.0 ' 108.9
558.3 r96.9
91.8
89.8
85.6
80.2
79.5
81.4
114.3
115.0
115.7
116.2
116.8
117.5
297.2
300.3
311.5
317.6
318.8
330.6
41.9
42.6
41.0
40.0
40.5
41.2
349.5
354.3
350.3
350.0
351.3
347.9
224.6
226.6
228.4
230.1
231.6
233.4
235.4
277.3
280.2
279.3
277.8
274.5
274.5
274.8
285.4
287.0
289.5
291.8
291.5
293.8
291.3
r
r
318.6
* 325.3
r
325.9
' 325.8
320.4
321.9
325.1
103.2
103.7
105.4
106.8
107.3
107.3
108.9
485.0
489.4
494.9
r
498.8
500.0
501.2
502.4
410.2
413.6
414.6
415.8
415.0
415.8
416.3
74.4
68.8
67.0
65.9
67.6
65.1
64.5
117.7 334.3
118.2 ' 330.2
119.1 r347.7
119.9 r341.7
120.7 331.7
121.5 352.0
40.7
38.3
37.0
35.7
35.2
33.9
343.3
344.7
342.7
357.5
349.6
353.5
Oct
Nov
Dec
1990- Jan
Feb
Mar
Apr
May '
July"
r
81.9
82.8
82.4
r
79.8
83.9
83.1
84.9
r
r
1
Data prior to 1983 are not seasonally adjusted.
2
Small denomination and large denomination deposits are those i sued in amounts of less than
$100,000 and more than $100,000, respectively.
' 1,143.0 ' 554.5
1,142.6 ' 550.1
' 1,146.4 ' 544.1
r
l , 147.7 r538.2
535.2
1,149.0
532.6
1,147.1
530.7
1,148.5
r
r
93.6
r
95.2
94.8
95.8
98.7
97.0
r
r
96.9
r
r
r
NOTE. —Travelers cheeks of nonbank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures 1; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1989:
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
33,401
35,315
37,388
39,184
42,235
48,373
58,023
58,593
60,593
60,033
31,711
34,679
36,754
38,410
39,049
47,055
57,197
57,815
58,877
59,767
31,714
34,827
36,940
38,412
41,653
47,554
57,499
58,298
60,121
59,787
32,887
34,996
36,888
38,623
41,380
47,336
56,653
57,546
59,545
59,110
152,525
160,936
172,947
188,275
201,673
219,350
241,427
258,055
275,238
284,946
1,690
636
634
774
3,186
1,318
827
777
1,716
265
116
54
33
96
113
56
38
93
130
84
3
148
186
2
2,604
499
303
483
1,244
20
July
58,867
58,906
59,289
59,640
59,646
60,033
58,173
58,231
58,596
59,085
59,297
59,767
58,279
58,272
58,618
59,106
59,318
59,787
57,901
58,021
58,351
58,620
58,701
59,110
279,957
280,756
281,806
282,786
283,222
284,946
694
675
693
555
349
265
497
490
452
330
134
84
106
41
22
21
21
20
59,896
60,215
60,297
60,275
59,783
59,732
59,322
59,456
58,768
58,173
58,647
58,448
r
58,850
58,565
59,482
59,302
60,123
60,051
59,324
59,196
58,845
58,880
59,227
59,436
59,379
58,820
58,958
58,461
287,509
289,714
291,820
293,540
294,401
' 296,276
297,860
440
1,448
2,124
1,628
1,335
881
757
47
51
78
122
244
311
389
26
535
1,950
1,403
875
346
280
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
May
July'
1
Nonborrowed
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Source: Board of Governors of thu Federal Reserve Svstem
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.5 percent in July. Commercial and industrial loans fell 0.2 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,400
2.800
ALL COMMERCIAL BANKS
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
V
200
200
OTHER SECURITIES
/
160
160
120
1982
1983
1984
1985
1988
1987
1986
• SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Illllllllll
1989
nniliiiii
120
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted J ]
All commercial banks
Loans and leases
Period
Total
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
Apr
May
June
July"...
1,307.3
1,400.5
1,552.3
1,722.5
1,910.1
2,094.2
2,239.5
2,422.2
2,582.6
2,512.4
2,527.4
2,538.9
2,563.3
2,579.0
2,582.6
2,585.8
2,603.8
2,623.8
2,635.0
r
2,642.2
r
2,657.9
2,670.9
U.S.
Government
securities
179.3
201.7
259.2
260.2
270.6
309.3
334.4
361.4
394.5
374.0
375.5
378.1
389.9
394.8
394.5
402.4
412.2
418.9
422.7
r
426.0
* 434.7
437.4
Other
securities
160.5
164.8
169.2
141.1
179.3
194.2
193.8
192.2
180.3
186.3
183.8
183.1
180.9
179.3
180.3
180.2
180.1
180.2
180.8
179.2
178.5
178.2
Total
2
967.5
1,034.0
1,123.9
1,321.3
1,460.3
1,590.6
1,711.2
1,868.6
2,007.9
1,952.1
1,968.2
1,977.7
1,992.5
2,004.9
2,007.9
2,003.2
2,011.6
2,024.7
2,031.6
2,037.0
2,044.7
2,055.4
Commercial
and
industrial
355.4
392.5
414.2
473.3
500.5
537.5
567.9
607.0
642.9
631.8
636.1
637.7
641.9
645.9
642.9
639.0
637.9
642.8
648.2
647.9
651.2
649.9
Real
estate
Individual
Security
284.1
299.9
330.9
376.4
426.0
494.4
587.4
671.9
756.4
720.1
727.7
735.8
742.6
749.2
756.4
759.6
768.3
774.4
779.4
787.5
793.7
801.2
182.5
188.2
212.9
253.8
294.7
315.3
328.4
355.0
375.9
365.8
367.5
370.3
372.6
374.6
375.9
377.9
378.9
379.2
377.8
379.2
377.9
376.3
21.4
1
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
25.3
28.0
34.3
43.0
40.6
35.1
40.4
39.6
40.1
39.0
39.7
41.2
41.5
39.6
40.1
41.3
38.3
37.0
35.7
36.1
40.0
NonKnnli
DanK
financial
institutions
29.9
31.2
30.4
31.3
32.4
35.0
31.9
30.1
32.7
31.3
31.5
31.8
33.2
33.7
32.7
32.3
33.0
34.2
34.3
33.8
33.6
33.8
State
Agricultural
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.3
30.0
29.9
29.6
29.6
29.9
30.3
30.9
31.0
31.2
31.4
31.2
32.0
34.0
political
subdivisions
0.0
.0
3.3
46.1
56.8
58.5
52.6
45.6
40.1
42.5
42.2
41.7
41.3
40.8
40.1
38.6
38.9
38.4
38.2
37.9
37.4
36.6
Foreign
banks
18.1
14.6
13.4
11.2
9.8
9.9
7.9
8.1
8.6
7.9
8.1
7.5
8.5
8.0
8.6
7.9
7.8
8.4
9.0
8.8
7.5
7.1
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
7.2
5.9
9.4
7.9
6.0
5.9
5.3
5.0
3.6
4.3
4.1
4.2
3.9
3.6
3.6
r
3.3
3.1
3.0
3.2
3.2
3.1
3.1
Lease
financing
receivables
12.7
13.3
13.7
16.0
19.0
22.4
24.6
29.2
31.4
30.7
31.0
31.3
31.7
31.6
31.4
31.6
31.6
31.8
31.6
31.8
31.5
31.9
Other
23.1
26.9
31.8
31.0
35.9
39.6
40.7
46.4
46.4
47.7
51.0
48.0
46.0
46.0
46.4
42.1
40.2
42.9
41.6
40.0
40.7
41.4
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Capital
expenditures 3
Credit market funds
Period
Total
Internal '
Securities
and
mortgages
Total
Total
Loans and
short-term
paper
Total
Other 2
Increase in
financial
assets
Discrepancy
(sources less
uses)
1984
1985
1986
1987
1988
1989
323.7
323.3
377.4
303.0
419.2
495.0
457.3
510.7
486.3
498.4
516.2
197.6
200.1
239.5
242.3
285.7
336.3
352.3
344.9
352.6
372.5
369.7
126.1
123.1
137.9
60.7
133.5
158.7
105.0
165.8
133.6
125.9
146.5
60.3
70.7
91.8
50.3
78.3
95.1
50.9
123.0
69.0
67.0
65.3
9.0
30.5
25.4
-1.7
44.6
-9.1
30
58.9
38.1
-2.3
130
51.3
40.2
66.4
52.0
33.7
104.2
53.9
64.0
30.9
69.3
78.3
65.8
52.5
46.0
10.4
55.2
63.6
54.1
42.9
64.6
58.9
81.2
368.3
341.6
382.9
302.7
392.0
473.0
422.9
448.2
453.9
473.4
479.1
238.6
243.2
285.9
255.7
269.9
367.9
339.9
328.8
348.3
380.4
384.7
129.8
98.4
97.0
47.0
122.1
105.1
83.0
119.3
105.6
92.9
94.4
-18.3
-5.6
.3
27.2
22.0
34.4
62.6
32.4
25.0
37.2
1988- HI
IV
523.5
482.3
372.3
381.6
151.2
100.7
77.0
14.4
33.7
-80.9
43.3
95.3
74.2
86.2
500.8
447.7
390.1
391.8
110.8
55.9
22.7
34.6
1989: I
II .
IV
361.9
364.8
376.1
376.2
127.6
in
489.5
573.8
481.3
520.4
105.2
144.2
8.2
144.9
29.9
78.0
-68.4
31.4
43.5
28.2
76.6
113.5
73.4
49.8
119.3
64.0
75.2
66.2
457.8
535.6
438.5
484.2
376.0
388.8
388.6
385.3
81.8
146.8
49.9
98.9
31.7
38.1
42.7
36.2
1990- I p
504.7
364.1
140.6
78.8
12.4
66.4
61.8
478.1
351.8
126.3
26.6
1979
1980
1981
1982
1983
209.0
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
z
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
—44.6
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 outstandingl
Installment credit outstanding (end of period)
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
111,991
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,556
290,770
55,111
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,057
197,110
18,736
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,201
22,343
112,317
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,887
206,401
697,262
700,000
703,518
705,703
710,133
713,903
716,624
1989: Dec 2
2
Sept
Oct
Nov
Dec..
1990: Jan
Feb
Mar
Apr
May r.
June
p
290,583
289,882
289,961
288,839
290,210
290,972
290,770
184,239
186,284
189,185
190,378
191,734
194,679
197,110
23,309
23,240
22,734
22,661
22,621
22,197
22,343
199,130
200,594
201,638
203,825
205,568
206,055
206,401
717,829
717,869
720,445
720,835
724,485
724,948
290,904
289,629
290,932
288,936
288,931
287,348
199,146
199,927
202,263
203,965
207,153
208,458
22,604
22,633
22,708
22,702
22,815
22,731
205,175
205,680
204,543
205,232
205,585
206,412
. .
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
Other
Revolving
298,154
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,701
716,624
Dec
Dec..
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1989- June
July
Mobile
home
Automobile
Total
Total
1,671
13,105
14,546
43,161
73,636
75,650
54,765
37,451
54,233
(3)
1,635
2,739
3,518
2,185
4,430
3,769
2,722
1,205
40
2,576
390
3,650
463
Automobile
Revolving
Mobile
home
Other
484
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,705
(3)
1,754
5,959
5,384
12,634
21,192
21,536
14,035
17,227
20,979
(3)
529
1,322
2,546
958
2,299
989
246
-1,176
719
(3)
127
-1,193
322
11,954
20,141
16,503
3,242
2,978
15,267
(3)
-371
701
79
1 122
1,371
761
202
1,392
2,045
2,900
1,194
1,356
2,944
2,431
196
-69
506
-73
40
-424
146
810
1,463
1,044
2,187
1,743
487
346
134
-1,275
1,303
1 996
-5
1 584
2,036
781
2,336
1,702
3,188
1,304
261
29
74
-6
113
-85
-1,226
505
1,137
689
353
827
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
INTEREST RATES AND BOND YIELDS
Interest rates were mixed in August.
PERCENT PER ANNUM
PERCENT PER ANNUM
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) l
1981
1982
1983
1984
1985
1986
1987
1988
1989
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
Constant maturities z
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) *
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged by
banks 5
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
New-home
mortgage
yields
(FHFB)6
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
1989- Aug
Sept....
Oct
Nov...
Dec
7.91
7.72
7.63
7.65
7.64
8.13
8.26
8.02
7.80
7.77
8.11
8.19
8.01
7.87
7.84
7.08
7.27
7.22
7.13
7.01
8.96
9.01
8.92
8.89
8.86
8.32
8.50
8.24
8.00
7.93
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.22
10.24
10.11
10.09
10.07
1990- Jan
Feb
Mar
Apr
May...
7.64
7.76
7.87
7.78
7.78
7.74
7.66
7.44
8.13
8.39
8.63
8.78
8.69
8.40
8.26
8.22
8.21
8.47
8.59
8.79
8.76
8.48
8.47
8.75
7.13
7.21
7.29
7.36
7.34
7.22
7.15
7.31
8.99
9.22
9.37
9.46
9.47
9.26
9.24
9.39
7.96
8.04
8.23
8.29
8.23
8.06
7.90
7.77
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7 00 7 00
7.00-7.00
7.00-
10.50-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10 00 10 00
10.00-10.10
10.00-
9.91
9.88
10.03
10.17
10.28
10.13
10.08
7.50
7.23
7.41
7.55
7.49
8.01
8.15
8.15
8.38
8.35
8.37
8.72
8.71
8.92
8.89
7.05
7.24
7.26
7.56
7.43
9.19
9.34
9.37
9.50
9.55
7.67
7.64
7.71
7.90
7.91
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-
July...
Aue "
Week ended:
1990: Aug 4
11
18
25
Sept 1 *
1
2
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury De-
8
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate {in the primary market) on conventional mortgages, reflecting fees and charges as
/ell as contract rate and assumed, on the average, repayment at end of 10 years.
1 ilSSE11*1^ ^ j™y n-i984 throueh °"°ber "•i984 aueto" '^^^^^^^^^^^^Feder30
COMMON STOCK PRICES AND YIELDS
Stock prices fell in August.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
240
220
200
180
160
S~~~~\t^-S~\
COMPOSITE STOCK PRICE INDEX j^/
(NYSE)
^
f
120
40
^-S
\
^**/~*~^~'
140
120
,_^^/
100
60
\
v^ -
140
80
241
22C
20C
18C
16C
100
s —I
V_^y
^J
80
60
1
i
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 iiiiiiiini 1 1 1 1 1 1 1 1 1 1111 1 1 1 1 1 1 1 1iiiiiiiini iiiiiltini 1 1 1 1 1 1 1 1 i 1t1 i i t l i t i i i
1984
1988
1985
1987
1989
1982
1983
1986
1990
PERC ENT
20
PERCENT
20
15
15
V.
10
EARNINGS-PRICE RATIO ON COMMON STOCKS
r^
5
0
I
1 1
1982
.
10
"
^
1
1 t
1983
1
i
1984
1
1
I
i
1985
TTT,,,
| 1987
1986
,
—-—
/I
^
r-i^
1
5
I 1
1988
1
1 1
1989
Common stock prices 1
New York Stock Exchange indexes (I)ec. 31, 1965 = 5O)
Composite
Industrial
Transportation
1
1
I
0
1990
COUNCIL OF ECONOMIC ADVtSER
SOURCES; NEW YORK STOCK EXCHANGE A NO STANDARD & POC»'S CORPORATION
Period
40
Utility
Common stock yields
(percent) 5
2
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
1981
1982
1983
1984
1985
1986
1987
1988
1989
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
1989: Aug
Seot
Oct
Nov
Dec
192.94
193.02
192.49
188.50
192.67
231.32
230.86
229.40
224.38
230.12
197.52
202.02
190.36
174.26
177.25
92.91
93.44
94.67
94.95
99.73
164.86
165.51
166.55
160.89
155.63
2,691.11
2,693.41
2,692.01
2,642.49
2,728.47
346.61
347.33
347.40
340.22
348.57
3.28
3.29
3.29
3.39
3.33
187.96
182.55
186.26
185.61
191.35
196.68
r
196.61
181.65
225.79
220.60
226.14"
226.86
234.85
242.42
245.86
226.96
173.67
166.69
175.08
173.54
173.53
177.37
173.18
147.69
95.69
92.15
93.00
91.92
93.29
93.65
89.85
85.94
150.11
142.68
143.14
138.57
142.94
147.93
143.11
128.31
2,679.24
2,614.18
2,700.13
2,708.26
2,793.81
2,894.82
T
2,934.23
2,684.96
339.97
330.45
338.47
338.18
350.25
360.39
360.03
331.12
3.41
3.54
3.49
3.51
3.44
3.36
3.37
3.65
192.87
184.51
184.24
174.30
176.36
241.16
230.24
230.08
217.56
221.11
164.14
151.77
148.91
139.07
140.85
90.12
87.29
87.28
83.31
82.62
137.01
131.23
130.45
122.53
123.80
2,879.21
2,727.47
2,713.81
2,567.38
2,613.06
352.71
336.61
335.70
317.10
321.42
Earningsprice ratio
3.43
3.61
3.59
3.85
3.76
1990: Jan.
Feb
Mar
Apr
May
June
July
Aug"
Week ended:
1990: Aug 4
11. ..
18
25
Sept 1 "
1
2
3
4
6
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.79
6.47
6.37
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 1990, there was a deficit of $189.1 billion, compared with a deficit of $123.7
billion a year earlier.
BILLIONS OF DOLLARS
1,300 —
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS!/
1,300
1,200
1,200
OUTLAYS!/
1,100
1,100
1,000
1,000
900
900
RECEIPTS!/
800
800
700
700
600
600
_ SURPLUS OR DEFICIT Hi/ .
-100
-100
-200
-200
1986
1987
FISCAL YEARS
I/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976..
1977..
1978
1979
1980
1981
1982
1983
1984.
. ...
. ...
1985
1986
1987
1988
1989
1990 (estimates) 1
1991 (estimates) 1
Outlays
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
-53.6
-59.2
402
-73.8
789
-127.9
2078
-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
705
-13.3
—49 7
-54.9
-38.2
72 7
-73.9
1200
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-1.4
3.9
-4.3
2.0
-1.1
-5.0
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
946.3
990.3
1,003.8
1,064.0
1,142.6
1,264.3
1,311.7
212 3
-221.2
149.7
-155.1
- 152.0
220 1
-176.3
547.9
568.9
640.7
667.5
727.0
762.8
823.2
769.5
806.8
810.0
861.4
931.7
1,038.8
1,076.3
-221.6
237 9
-169.3
— 193 9
-204.7
-276.0
253 1
186.2
200.2
213.4
241.5
263.7
281.5
312.1
176.8
183.5
193.8
202.7
210.9
225.5
235.4
9.4
16.7
19.6
38.8
52.8
56.0
76.8
1,817.0
2,120.1
2,345.6
2,600.8
2,866.2
3,206.1
3,521.5
1,499.4
1,736.2
1,888.1
2,050.2
2,189.3
2,399.0
2,573.0
939.0
1,039.2
123.7
-189.1
594.2
615.0
767.9
857.0
-173.7
-242.0
221.1
235.1
171.1
182.2
50.0
53.0
2,810.2
3,141.6
2,147.4
2,365.8
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
734.1
769.1
854.1
909.0
990.7
1,044.2
1,135.4
815.3
850.1
-73.7
14 7
Cumulative total, first 10
Fiscal year 1989
Fiscal year 1990
1
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 16,
1990.
2
Data from Monthly Treasury Statement.
32
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1991, January
1990, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 1990, receipts were $34.8 billion higher than a year earlier and outlays were
$100.2 billion higher.
BILLIO MS OF DOLLARS
BILLIONS OF DOLLARS
500
500
400
400
_. —-—"
300
_._
200
_ _ — — " "" ~"
~
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
CORPORATION
INCOME TAXES
\
OTHER RECEIPTS
200
100
100
"
0
i
i
f~~
i
i
i
i
i
1,000
i
1,000
*- *^""
900
900
MOMDEFEMSE
800
\
700
--""*"
800
,-"--•""
700
.-——-""*""
600
600
500
500
400
400
NATIONAL DthtNSb
300
300
__————
.
_
•
-
200
A
^1982
T
1
1983
1
1984
1
1985
1
1986
1
1987
1
1988
1
1989
1
1990
N
200
1991 N
FISCAL YEARS
/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
Fr-nKjnMir AtWKFK
i-uu^a ur C^UIVWMII- MUVIOCIO
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
734.1
769.1
854.1
909.0
990.7
1,044.2
1,135.4
334.5
349.0
392.6
401.2
445.7
476.1
508.4
61.3
63.1
83.9
94.5
103.6
98.2
115.1
265.2
283.9
303.3
334.3
359.4
380.2
418.1
73.0
73.1
74.3
78.9
82.0
89.7
93.8
946.3
990.3
1,003.8
1,064.0
1,142.6
1,264.3
1,311.7
815.3
850.1
363.7
383.6
81.9
74.6
301.7
317.0
68.0
75.0
939.0
1,039.2
Total
1985
1986 ..
1987
1988 ..
1989
1990 (estimates) '
1991 (estimates) "
Cumulative total, first 10 months: 2
Fiscal year 1989
Fiscal year 1990 . ..
1
2
National defense
Individual
income
taxes
Fiscal year
1976
1977
1978..
1979
1980 ..
1981
1982 ..
1983
1984 ..
Social
insurance
taxes
and
contributions
90.8
Other
Net
interest
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
58.2
66.2
65.8
70.2
75.1
78.9
85.0
96.9
99.6
128.2
119.8
123.3
129.3
136.0
148.5
160.5
188.6
198.8
207.4
219.3
232.5
248.7
266.9
129.4
136.0
138.6
151.7
169.1
181.4
193.7
131.8
142.1
125.9
139.4
158.4
215.3
203.3
40.8
47.7
68.9
81.1
113.5
124.6
193.6
206.7
139.6
150.5
126.0
168.6
Health
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
252.7
273.4
282.0
290.4
303.6
299.8
303.3
245.2
265.5
274.0
281.9
294.9
290.2
292.2
16.2
14.2
11.6
10.5
9.6
15.5
18.2
248.9
249.2
241.8
241.4
7.8
10.8
Total
See footnote 1, page 32.
Data from Monthly Treasury Statement.
Social
security
Other
ty
International
affairs
Total
Department of
Defense,
military
Medicare
Income
seeuri-
1990, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
NOTE.—Data are from Budget of the, United Stales Government, Fiscal Year 1991, January
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1990, according to preliminary estimates. Federal receipts rose $21.2 billion (annual rate)
and Federal expenditures rose $14.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1,200
1,200
EXPENDITURES
1,000
1,000
800
800
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
V
-200
-200
1982
1983
1984
1986
1985
1988
1987
1990
1989
CALENDAR YEARS
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Total
Fiscal year:
1985
1986
1987 .
1988
1989
Calendar year:
1985 . . .
1986
1987
1988
1989
1982- IV
1983: IV....
1984- IV
1985: IV....
1986- IV ..
1987- IV
1988: IV...
1989- I
n....
m
IV
1990- I r
ii
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Federal Government expenditures
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
Payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
776.8
815.2
899.4
957.6
1,041.9
340.4
357.0
400.8
411.3
457.6
74.6
81.1
99.1
108.1
113.8
55.9
50.9
53.5
55.6
57.8
305.8
326.1
345.9
382.6
412.6
962.3
1,028.0
1,060.0
1,101.8
1,172.2
341.5
368.6
375.4
377.8
399.0
374.0
394.6
411.1
433.2
462.0
97.8
107.4
103.1
108.3
115.8
128.3
134.6
139.3
148.8
167.7
20.7
22.8
31.1
33.6
27.7
788.7
827.9
913.8
972.4
1,052.9
633.1
675.5
742.7
805.3
853.8
940.0
997.5
1,045.4
1,062.2
1,048.1
1,055.7
1,080.6
1,101.8
346.4
361.4
405.8
415.1
464.0
303.0
291.9
326.0
355.3
376.2
419.2
424.8
453.1
470.9
462.2
469.6
473.6
490.0
76.3
83.8
103.2
110.5
110.4
46.4
70.2
69.7
78.8
88.9
107.4
115.4
120.7
115.0
104.7
101.3
106.5
107.5
55.1
50.5
54.0
57.0
58.4
47.6
53.6
56.2
53.5
50.8
55.1
57.8
57.6
58.0
59.3
58.7
60.6
60.5
310.9
332.1
350.8
389.8
420.1
236.1
259.8
290.7
317.7
337.9
358.4
399.6
413.9
418.4
421.9
426.1
439.9
443.8
985.6
1,034.8
1,071.9
1,114.2
1,187.2
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,153.8
1,178.0
1,184.9
1,179.8
1,205.8
1,248.8
1,263.5
355.2
366.5
381.3
380.3
400.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
398.3
402.5
399.2
399.9
410.6
421.7
380.1
399.9
414.0
438.9
471.9
347.4
352.5
362.1
385.8
405.8
421.4
447.2
460.6
464.7
474.4
487.9
503.4
504.5
99.7
106.8
102.6
111.1
118.2
84.5
86.0
96.3
103.5
103.0
102.7
112.2
116.7
117.0
117.6
121.5
128.5
131.5
130.1
135.6
142.3
151.3
172.0
87.2
101.0
125.3
132.7
136.0
147.6
157.9
167.4
173.4
172.1
175.2
178.1
182.3
20.3
26.0
31.8
32.7
25.0
23.4
29.1
21.0
19.0
29.2
41.5
35.3
35.0
27.3
16.5
21.3
28.3
23.6
Source: Department of Commerce, Bureau of Economic Analysis.
34
Less:
Wage
accruals
less
disbursements
-0.1
Surplus
or deficit
(-),
national
income
and
product
accounts
-185.5
212 8
.0
.1
-160.7
.0
-130.3
-.2
.0
.0
.0
.0
.0
.0
.6
.0
.0
2
.0
.0
.0
.0
.0
.0
.0
-196.9
206 9
-158.2
134 3
-202.6
169 2
-187.5
212 2
-189.0
161 7
-156.3
132 6
-122.7
131 7
-168.3
161 8
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100)
Industrial production (1987 = 100; seasonally adjusted)
Period
United
States
France
1989- May
July
. 3
Sept
Oct
Nov
Dec
Jan
Feb
Mar
83.3
75.2
80.0
89.7
94.7
94.7
100.0
106.2
107.4
81.7 r98.9
82.6 r98.3
82.9 r 97.3
r
85.5
96.5
93.4 r97.1
96.8 r97.2
96.6
98.0
100.0
100.0
109.3 ' 104.7
115.7 r 108.9
108.3
108.4
107.8
108.2
108.2
107.7
108.1
108.6
1982 ..
1983
1984
1985
1986 .
1987
1988
1989 "
107.9
107.5
107.1
107.5
107.8
106.4
107.0
107.5
114.8
117.1
114.2
117.6
115.8
115.8
116.8
116.9
81.6
107.5
108.5
108.9
' 108.8
T
109.4
May
T 3
r
!099
July11
1
Japan
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
1980
1981
1990:
Canada
' 107.5
r
108.3
' 109.4
r
109.4
108.1
' 108.4
' 108.9
' 107.6
117.2 ' 109.0
105.8
' 105.5 116.5 r 106.7
105.8 r M8.8 ' 107.3
105.4 ii7.9 108.8
105.6 r 121.0 109.1
120.8
Germany
United
Kingdom
United
States '
United
Kingdom
Italy
Canada
Japan
France
Germany
72.2
81.8
63.2
75.4
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
78.5
87.9
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
Italy
96.2
94.8
91.8
88.8
91.8
92.9
96.2
100.0
105.9
109.0
87.5
84.8
86.4
89.6
89.8
94.6
96.8
100.0
103.8
104.3
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
86.8
92.2
97.0
100.3
102.7
104.9
104.7
104.9
106.3
109.2
' 105.2
' 108.3
102.5
' 102.6
103.8
' 105.0
r
104.8
' 104.7
r
104.3
104.9
123.8
124.1
124.4
124.6
125.0
125.6
125.9
126.1
128.9
129.6
130.4
130.5
130.7
131.2
131.6
131.5
108.7
108.6
108.4
108.3
109.2
110.0
108.9
109.0
128.5
128.7
129.0
129.2
129.5
130.1
130.3
130.5
109.3
109.4
109.3
109.2
109.4
109.7
109.9
110.2
149.6
150.3
150.7
150.9
151.6
153.1
153.7
154.4
135.1
135.6
135.7
136.1
137.0
138.1
139.2
139.6
' 104.2
103.7
105.8
' 106.1
105.7
127.4
128.0
128.7
128.9
129.2
129.9
130.4
132.7
133.4
133.9
133.9
134.6
135.1
135.8
109.2
109.5
109.9
110.8
111.6
111.0
130.8
131.1
131.6
132.1
132.3
132.6
110.9
111.3
111.4
111.6
111.8
111.9
111.9
155.3
156.5
157.1
157.7
158.0
158.7
159.3
140.4
141.2
142.6
147.0
148.3
148.9
149.0
95.0
93.2
90.3
90.9
93.5
97.7
99.6
100.0
' 103.9
108.7
104.6
108.8
110.0
110.2
110.0
110.0
110.1
111.4
r
l!0.7
!07.3
!11.4
r
r
' 110.4
' 109.5
' 106.7
112.6 ' 107.3
111.1 r!11.4
112.6 r 110.4
109.9 T 109.5
r
l!3.6
106.7
114.3
1099
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
Data relate to all urban consume!
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
General merchandise imports (customs value) 3
Merchandise exports (E.a.s. value) l
Other z
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
11.8
11.8
11.7
12.3
12.3
11.1
12.3
2.9
2.5
2.7
2.6
3.1
3.0
3.1
3.3
2.9
3.0
2.9
3.0
3.4
3.4
1.5
1.3
1.4
1.4
1.6
1.7
1.6
12.0
12.8
12.8
12.4
12.7
13.5
2.5
2.8
3.3
3.0
3.5
3.4
3.4
3.4
3.4
3.5
3.6
3.9
1.8
1.6
1.8
1.7
'1.8
1.6
Capital
goods
except
automotive
322.4
363.8
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
31.6
29.9
30.2
30.1
31.4
30.6
31.3
3.4
3.0
3.0
2.8
3.0
3.2
3.0
8.7
8.4
8.5
8.1
8.4
8.3
7.9
31.4
31.6
33.3
32.1
32.8
34.3
3.1
3.1
3.2
3.0
2.9
3.4
8.6
8.0
8.6
8.4
8.4
8.5
2
1982
216.4
1983
205.6
224.0
1984....
1985
1986
1987
1988
5
5
1989..
June
July
Sept
Oct
Nov.
Dec
1990:
Consumer
goods
(nonfood)
except
automotive
Industrial
supplies
and
materials
Total
1989:
Automotive
vehicles,
parts,
and
engines
Foods,
feeds,
and
beverages
Period
Jan
Feb
Mar
May
1
2
218.8
227. 2
254.1
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada through 1988.
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
3
Trade balance
Principal end-use commodity category
Principal end-use commodity category
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
General
merchandise
imports
(c.i.f.
value)
materi-
Capital
goods
except
automotive
473.2
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.6
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
39.5
39.0
40.5
38.9
41.6
40.5
38.1
2.1
2.1
2.1
1.9
2.1
2.1
2.0
11.3
11.2
11.6
10.5
11.9
11.1
10.4
9.7
9.3
9.6
9.4
9.9
10.0
9.4
6.9
6.8
7.2
7.0
7.2
7.0
6.5
8.5
8.6
8.8
8.8
9.1
9.0
8.4
1.1
1.0
1.2
1.2
1.4
1.3
1.2
41.1
40.7
42.3
40.5
43.4
42.3
39.7
-8.0
-9.1
-10.3
-8.8
-10.2
-9.9
-6.8
-9.6
-10.8
-12.1
-10.4
-12.0
-11.7
-8.4
41.6
38.7
41.6
39.4
40.5
39.4
2.3
2.3
2.5
2.3
2.3
2.1
12.9
11.1
11.5
10.5
11.3
10.5
9.8
9.1
9.8
9.8
9.5
9.6
6.4
6.7
7.9
6.9
7.5
7.3
8.9
8.3
8.7
8.7
8.7
8.4
1.3
1.2
1.3
1.3
1.3
1.4
43.4
40.4
43.5
41.1
-10.2
— 7.1
-8.4
-7.3
r
-7.8
-5.1
-12.1
-8.8
-10.2
-9.1
-9.6
-6.8
Total
4
4
244.0
258.0
330.7
336.5
365.4
406.2
441.0
5
Foods
feeds,
and
beverages
Industrial
sup-
plies
and
als
r
42.4
41.1
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
-27.5
— 52.4
-38.4
-64.2
-106.7
-117.7
-138.3
-152.1
-118.5
-122.4
-133.6
-155.1
-170.3
-137.1
- 109.4 -129.4
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1990, the merchandise trade deficit fell to $22.6 billion from $26.3 billion in the first
quarter.
BILL ONS OF DOLLARS*
BILLIONS OF DOLL ARS*
10
5
0
-5
-10
10
A
5
'A
0
\^
y
A "
^
\\
-10
•\\\
-15
\N
k
BALANCE ON GOODS,
^ SERVICES, AND INCOME
-20
""*
//
f\
</
'--
X
^
1
**—«»«?
\\
-35
-45
r^.jtf^S
UN.
N^»
ME RCHANDISE TF
-40
-25
''
ADE
^*^
-30
J
*--
^v
'/V\
BALANCE ON
CURRENT ACCOUNT
/
-35
-40
BALANCE
i ii
i l l
1982
1
1
1
1984
1983
1
1
1
1
1985
1
1
1 1 1
1987
1986
1
1 1
1988
1
1 1
1989
1
1
1
-45
1990
• SEASONALLY ADJUSTED
SOURCE: DEPARTMEN OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise l
z
Period
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1988- I
n
m
rv
1989- I
n
m
rv
1990:
1
2
3
I"
np
Imports
237,085 -265,063
211,198
247 642
201,820 -268,900
219,900
332 422
215,935 -338,083
223,367 -368,425
250,266 -409,766
320,337
447 323
360,465
-475,329
76,497 -109,988
79,392 — 110,494
80,511 -111,290
83,937 -115,551
88,267 -116,360
91,111 -119,333
89,349
-119,152
91,738 -120,484
r
96,262 * - 122,545
96,741 -119,316
Net balance
27 978
-36,444
67 080
-112,522
122 148
-145,058
159 500
-126,986
-114,864
-33,491
-31,102
-30,779
-31,614
28 093
-28,222
-29,803
-28,746
T
- 26,283
-22,575
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
36
Investment income 4
Services
Net
travel and
transportation
receipts
Other
services,
net*
Receipts
on U.S.
assets
abroad
144
-844
-992
112
-163
4 227
2 147 -9,153
-4,096 -10,788
-4,907
8 939
-3,530 -8,298
A OfiO
-5,452
6 320
659
1 776
-1,075
-1,139 -1,062
-624
— 1,144
-2,094
-599
-57
-1,763
39
-1,667
-1,114
-192
-1,776
870
-1,370
1,213
12,552
12,981
13,859
14,042
14,008
18,551
18,262
21,032
26,123
4,736
5,079
5,391
5,829
5,899
6,164
7,031
7,030
6,468
84,975 -53,626 31,349
85,346
57 097 28,250
81,972 -54,549 27,423
92,935 -69,542 23,394
82,282 -66,115 16,166
80,982 -70,013 10,969
5,326
-85,210
90,536
1,610
110,048 -108,438
912
128 448
127,536
2,400
26,980 -24,580
409
26,739 -26,330
-141
27,942 -28,083
28,386 -29,445 -1,059
465
30,872 -30,407
31,932 -33,889 -1,957
17
32,102 -32,085
561
32,629 -32,068
608
31,057 -30,449
Net
military
transactions 3
Payments
on foreign
assets 3
in
U.S.
Net
Balance on
goods,
services,
and income
15,223
3,907
-30,188
86 385
- 106,859
-129,384
-147,739
-113,857
95 314
-29,206
-27,815
-27,297
-29,537
-23,549
-25,643
-24,061
-22,061
-19,452
Remittances,
pensions,
and other
unilateral
transfers,
net l
Balance
on current
account
6,892
8 331
-9,775
-5,868
40 143
9 956
-12,621 -99,006
122 332
15 473
- 16,009 - 145,393
-14,575 -162,314
128 862
-15,005
- 14,720 -110,034
32 682
-3,476
-3,060 -30,875
-3,461 -30,758
-5,008 -34,545
27 104
3 555
-3,006 -28,649
-3,530 -27,591
-4,631 -26,692
-3,489 -22,941
4
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $45.7 billion in the first quarter of
1990, compared to an increase of $32.7 billion in the fourth quarter of 1989. Liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $28.1 billion in the first quarter, compared to an
increase of $36.7 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS"
80
80
CHANGE IN
. FOREIGN ASSETS
60
/\
/ \
IN THE U.S., NET
•
/
'
i \
/ \
i
>
'
/
'\
\
\
i
I
'
60
! v I
\
'
40
40
20
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
-60
1982
1990
•SEASONALLY ADJUSTED
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capital outflow (— )]
Period
U.S.
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989....
1988: I
II
Ill
IV
1989: I
II
Ill
IV
1990: I"
official
reserve5
assets 3
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase/capital inflow ( + )]3
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
4,960
3,593
5,845
3,140
-1,083
35,588
45,210
39,515
8,823
78,072
90,154
79,023
99,481
131,096
186,011
173,260
181,927
205,829
Statistical discrepancy
Allocations
of special
drawing
rights
(SDEs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
19,934
36,612
11,374
27,456
20,041
15,824
6,790
-8,404
22,443
-110,951
- 124,490
-56,100
-31,070
-27,721
-92,030
-62,946
-84,176
-127,061
5 175
-4,965
1 196
-3,131
3858
312
9,149
-3,912
-25,293
-5,097
-5,006
5489
-2,821
-2,022
997
2,969
1,185
-49,898
-22,451
-21,043
-90,321
73 091
-83,232
102 953
83,032
93,746
84,869
102,621
130,012
221,599
218,470
221,442
214,652
4,569
-19,856
-42,383
-26,508
1,502
39
-7,380
1,925
-4,000
-12,095
-5,996
-3,202
3 177
-1,594
-847
1,957
3,452
4,661
19 048
-36,960
-31,885
26,079
65,270
49,797
80,295
24,840
5,970
2 015
10,720
1,239
59,300
51,812
69,575
2,034
-14,539
23,344
-19,242
2,970
2 995
4630
4,656
43,186
41,028
47,788
47,802
962
303
574
47
-486
-29,821
c
11,017
38 654
-45,496
68,402
2,794
74,136
69,320
7,797
-4,961
13,003
-7,016
60,605
7,755
61,133
76,336
-8,439
27,236
-2,469
6,117
3,093
-1,697
4953
3,560
49,854
60,502
68,418
74,609
33,172
-27,489
-8,825
- 18,665
20,922
3,116
76,303
5
-32,859
-1,381
-44,076
-48,745
29,509
- 100,679
6 131 -113,394
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. i
tion in the IMF.
1,093
Sources: Department of Commerce (Bureau of Economic Analyst
Treasury.
and Department of the
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
* Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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38
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