Full text of Economic Indicators : February 1990
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101st Congress, 2d Session
15!
BANK ©p CHICAGO
Economic Indicators
FEBRUARY 1990
(Includes data available as of March 2, 1990)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1990
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—S!ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary. Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a singie copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON. D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
NATIONAL PRODUCT
In the fourth quarter of 1989, according to revised estimates, current-dollar gross national product (GNP) rose 4.4
percent (annual rate) or $56.6 billion. Real GNP (GNP adjusted for price changes) rose 0.9 percent and the
implicit price deflator rose 3.2 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
5,600
SEASONALLY ADJUSTED ANNUAL RATES
—
5,200
•^
4,800
^
^\
5,200
4,800
4,400
4,400
^
GNP
RRENT DOLLAR
4,000
s
^
4,000
\^
.^
3,200
-
GNP
^^
IN 19 82 DOLLARS
^xT ^
'"*--
3,600
\
^.— "*~~
"
—
,.--•""'
...
3,600
_ — — =~
-^
-^"^
3,200
-^-
—
2,800
2,400
2,800
\
1 1
1981
M"
I
1
1
1
1
1
1
1983
1982
1
1
1984
1
1
1985
1
1
1986
1
1
1
I
1987
2,400
1988
SOURCE' DEPARTMENT OF COMMERCE
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1980 .
1981
1982
1983
1984.
1985
1986..
1987
1988..
1989
1982:
19831984:
1985:
1986:
1987-
IV
IV
IV
IV
IV
IV
1988: I
II
m
IV
1989: I
II
III
IV '
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
4,524.3
4,880.6
5,233.3
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3.235.1
3,470.8
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
774.3
32.1
33.9
26.3
-6.1
-58.9
-78.0
-97.4
-112.6
-73.7
-47.7
351.0
382.8
361.9
352.5
383.5
370.9
396.5
448.6
547.7
625.3
318.9
348.9
335.6
358.7
442.4
448.8
493.8
561.2
621.3
673.0
530.3
588.1
641.7
675.0
735.9
820.8
872.2
926.1
968.9
1,036.0
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.6
381.3
402.9
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.8
298.0
302.2
65.4
74.8
78.9
69.1
76.2
86.0
88.7
86.8
83.3
100.7
3,212.5
3,545.8
3,851.8
4.107.9
4,297.3
4,665.8
2.117.0
2',315.3
2,493.4
2,700.4
2,868.5
3,083.3
409.6
579.8
661.8
654.1
648.8
749.7
14.1
— 25.8
-67.9
-103.2
-108.9
-114.6
335.9
364.7
385.7
369.2
402.4
482.6
321.9
390.5
453.6
472.4
511.3
597.2
671.8
676.1
764.5
858.7
888.9
947.5
293.2
276.1
326.0
376.6
368.8
388.1
205.4
221.5
244.1
268.6
280.7
296.8
4,739.8
4,838.5
4,926.9
5,017.3
3,148.1
3,204.9
3,263.4
3,324.0
728.8
748.4
771.1
752.8
-82.8
-74.9
-66.2
-70.8
521.6
532.5
556.8
579.7
604.3
607.5
623.0
650.5
945.7
960.1
958.6
1,011.4
374.1
377.1
367.5
406.4
5,113.1
5,201.7
5,281.0
5 337 6
3,381.4
3,444.!
3,508.1
3,549.3
769.6
775.0
779.1
773.6
-54,0
-50.6
-45.1
-41.2
605.6
626.1
628.5
641.0
659.6
676.6
673.6
682.2
1,016.0
1,033.2
1,038.9
1,056.0
399.0
406.0
402.7
404.0
Final
sales
Gross
domestic
purchases *
322.2
345.9
369.0
391.5
425.3
465. 6
505.7
544.5
587.6
633.1
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,495.0
4,850.0
5,205.4
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,636.8
4,954.3
5,281.1
87.7
54.6
81.9
108.0
88.1
91.3
378.7
400.0
438.5
480.1
520.1
559.4
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,602.5
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,780.4
297.4
298.0
296. 1
300.5
76.7
79.1
71.4
105.9
571.6
583.0
59 1 .0
604.9
4,709.8
4,809.2
4,882.3
4,998.7
4,822.5
4,913.4
4,993.1
5,088.1
298.7
301.3
307.8
301.2
100.4
104.7
94.9
102.8
617.0
627.2
636.2
652.0
5,085.4
5,174.3
5,253.6
5,308.1
5.167.1
5,252.3
5,326.1
5,378.8
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 Commeree, Bureau of Economic Analys.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
Exports and imports of
goods and services
Gross private
domestic hives ment
Period
1080
1981
1982
Gross
domestic
purchases 1
Net
exports
Exports
57.0
49.4
26.3
— 19.9
-84.0
— 104.3
-129.7
— 115.7
-74.9
— 52.9
388.9
392.7
361.9
348.1
371.8
367.2
397.1
450.9
530.1
588.9
332.0
343.4
335.6
368.1
455.8
471.4
526.9
566.6
605.0
641.8
620.5
629.7
641.7 |
649.0
677.7
731.2
761.6
781.8
785.1
805.8
336.0
355.5
376.6
367.4
406.5
484.1
324.3
401.6
471.4
492.6
541.9
593.9
660.1
642.2
693.2
752.7
776.0
Imports
Total
80.3
373.6
370.1
369.0
373.9
387.0
405.2
427.5
442.1
456.2
469.0
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,830.0
3,996.5
4,120.8
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,969.4
4,099.3
4,196.5
241 .4
255.8
266.7
88.2
54.4
75.2
99.2
86.6
78.2
370.6
376.2
392.7
412.1
433.6
447.2
3,218.6
3,338. 1
3,493.5
3,654.7
3,754.4
3,879.0
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,045.5
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.9
336.8
171.2
180.3
193.8
206.9
218.5
237.2
75.7
79.3
78.9
68.2
72.3
88.8
82.0
201.4
Total
State
and
local
379.2
395.2
366.7
361.2
425.2
453.5
438.4
455.5
493.8
509.9
137.0
126.5
105.1
149.3
170.9
174.4
195.7
194.8
194.1
188.6
-6.9
23.9
-24.5
— 6.4
62.3
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,935.6
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,532.3
352.3
390.4
444.4
460.9
435.7
472.7
115.8
159.9
169.6
1 79.4
200.3
191.9
-59.3
27.0
41.7
-20.8
56.6
11.7
-46.2
-94.8
-125.3
-135.4
-109.8
792.1
289.5
266.0
300.5
340.6
342.4
344.9
n
in
IV
3,974.8
4,010.7
4,042.7
4,069.4
2,570.8
2,586.8
2,608.1
2,627.7
483.6
497.8
501.0
492.7
189.1
194.2
195.1
198.1
34.3
21.5
37.5
18.3
— 78.2
-72.6
-74.9
-73.8
517.4
519.7
531.9
551.4
595.6
592.3
606.9
625.2
775.1
783.0
775.9
806.4
323.8
327.9
319.8
343.9
263.0
262.5
258.8
261.6
60.8
65.4
61.0
82.3
451.3
455.1
456.1
462.5
3,940.5
3,989.2
4,005.2
4,051.0
4,052.9
4,083.3
4,117.6
4,143.2
1
II
Ill
IV '.
4,106.8
4,132.5
4,182.9
4,172.4
2,641.0
2,653.7
2,690.1
2,692.6
501.0
511.4
517.9
509.4
195.6
189.3
184.8
184.5
24.5
19.1
21.9
26.2
-55.0
-51.2
-57.1
-48.2
569.7
587.5
593.1
605.4
624.6
638.7
650.2
653.5
799.7
810.3
805.3
807.9
335.5
343.6
336.1
331.9
254.4
255.8
260.1
255.6
81.1
87.8
76.0
76.3
464.2
466.7
469.2
476.0
4,082.3
4,113.5
4,141.0
4,146.2
4,161.8
4,183.7
4,220.0
4,220.6
IV
1984: IV
1985: IV
1986: IV
1987: IV
1988- I
1
Residential
fixed
Final
sales
Federal
[
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2^446.4
2,513.7
2,598.4
2,669.4
1982: IV
1989:
Nonresidential
fixed
Change
in
business
inventories
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,853.7
4,024.4
4,143.7
1983
1984
1985
1986
1987
1988
1989 r
1983:
Personal
consumption
expenditures
Gross
national
product
Government purchases of
goods and services
9.1
5.6
23.7
27.9
22.9
7.7
GNI' less exports of goods and services plus imports of goods and services.
252.1
265.2
261.5
256.5
211.6
225.3
74.4
67.4
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
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
Gross
national
product
.
r
Gross private
domestic investment
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Total
Durable
goods
Nondurable goods
Services
dential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.8
124.5
130.0
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.1
• 110.1
111.3
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.3
122.5
83.9
92.6
100.0
106.2
111.6
116.8
122.4
129.0
134.9
141.2
85.1
93.4
100.0
98.8
97.9
97.7
99.3
97.5
98.7
100.3
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
124.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.3
106.2
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.7
104.9
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.4
115.9
119.6
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.8
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.7
123.6
125.4
86.2
93.4
100.0
104.7
109.9
114.9
118.3
123.2
128.8
135.0
19821983:
1984:
1985:
1986:
1987:
IV
IV
IV
TV
IV
IV
101.7
105.4
109.0
112.2
115.1
118.6
101.8
105.7
109.3
113.1
115.8
121.8
100.7
103.1
104.1
104.7
106.2
109.0
101.0
103.1
105.8
108.7
107.8
113.7
102.7
108.3
113.5
119.0
124.9
131.5
100.7
98.3
97.9
97.9
100.0
97.0
99.1
103.1
107.2
109.0
112.4
118.7
100.0
102.6
102.4
100.5
99.0
99.7
99.3
97.2
96.2
95.9
94.4
100.6
101.3
103.8
108.5
110.6
107.7
112.5
102.0
104.7
108.3
111.3
109.7
111.3
99.5
100.3
108.9
108.8
101.7
116.8
102.2
106.3
111.7
116.5
120.0
125.1
1988:
I
11
III
IV
119.2
120.6
121.9
123.3
122.5
123.9
125.1
126.5
109.3
109.6
110.2
111.2
114.0
115.9
117.1
118.2
132.7
134.2
135.6
137.3
97.7
97.8
98.4
100.6
119.5
119.5
119.6
120.4
100.8
102.5
104.7
105.1
101.5
102.6
102.7
104.0
115.5
115.0
114.9
118.2
113.1
113.5
114.4
114.9
126.2
121.0
117.1
128.7
126.7
128.1
129.6
130.8
124.5
125.9
126.9
127 9
128.0
129.8
130.4
131.8
111.2
110.8
111.4
111.7
120.0
123.3
122.9
124.0
139.0
140.4
141.8
143.4
100.4
100.2
100.3
100.4
122.1
124.2
125.6
126.2
106.3
106.6
106.0
105.9
105.6
105.9
103.6
104.4
118.9
118.2
119.8
121.7
117.4
117.8
118.3
117.8
123.8
119.2
125.0
134.7
132.9
134.4
135.6
137.0
1989: I
II
III
IV '
Source: Department of Commerce, Bui
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
Gross national product
Period
Constant
(1982)
dollars
Current
dollars
Implicit
price
deflator
1'ersonal consumption expenditures
Chain price
Fixedweighted
price index
Constant
(1982)
dollars
Current
dollars
Implicit
price
deflator
Chain price
index
weights)
1982
1983
1984
1985
1986
1987
1988
1989
198''198319841985198619871988-
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.7
4.4
r
3.0
.6
7.3
1.7
3.0
2.3
6.6
4.0
3.7
3.2
2.7
3.7
2.5
3.0
.9
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.9
7.9
7.2
4.2
12.4
4.7
6.2
4.2
9.0
6.5
8.6
7.5
7.5
7.9
7.1
6.2
4.4
1980
1981
..
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1989- I
II
Ill
IV '
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
3.6
4.7
3.0
3.3
1.8
2.4
2.0
4.8
4.4
4.7
4.0
4.6
3.2
3.2
NOTE.—Annual changes are from previous year anil quarterly changes are from previous quarter.
weights)
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.6
4.2
4.5
4.0
4.0
3.2
3.3
3.1
3.8
3.8
4.8
5.2
4.3
4.8
5.0
2.9
3.6
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
3.7
4.2
4.1
3.9
3.1
3.2
2.7
3.3
3.3
4.3
4.4
4.1
4.6
4.9
2.8
3.5
Fixedweighted
price index
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.8
3.9
4.4
10.9
9.2
5.7
5.3
5.5
4.3
1.9
2.2
4.4
4.3
3.0
4.0
3.9
4.4
4.8
4.1
3.1
4.2
3.9
4.3
6.2
2.5
3.3
3.0
2.0
1.9
5.6
.4
2.3
4.7
3.9
4.6
2.6
5.0
4.3
4-8
4.7
5.8
2.1
4.3
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.4
7.3
-0.2
1.2
10.3
9.7
7.2
6.0
6.2
3.6
8.7
7.4
7.5
7.6
7.1
7.6
7.6
4.8
1.3
4.6
4.8
4.7
3.9
2.8
3.4
97
10.5
5.6
4.2
4.0
3.5
2.7
4.7
4.3
4.7
4.8
4.1
3.2
4.3
3.9
4.5
2.6
5.1
4.6
4.9
4.8
6.3
2.2
4.4
3.9
3.5
2 7
4.7
4.1
4.5
4.8
5.7
1.9
4.4
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) l
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982198319841985198619871988-
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1989- I
II
III
1
..
..
..
1982
dollars
1,540.8
1,807.9
1,738.4
1,837.2
1,782.2
1,782.2
1,914.2
1 ,866.0
2,146.7
2,036.5
2,267.1
2,117.4
2,367.1 2,173.9
2,520.7
2,282.6
2,731.3 2,419.5
r
2,903.8 '2,478.9
1,779.4
1,760.2
2,012.5
1,940.5
2,201.8 2,069.5
2,309.4 2,137.7
2,408.7
2,198.5
2,598.4
2,343.3
2,648.1 2,381.8
2,705.9
2,408.9
2,754.9 2,434.1
2,816.4
2,453.2
2,459.1
2,842.7
2,887.2
2,471.3
2,936.2
2,497.2
Total
cost
and
profit 2
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.104
1.129
r
l.!71
1.011
1.037
1.064
1.080
1.096
1.109
1.112
1.123
1.132
1.148
1.156
1.168
1.176
0.095
.109
.125
.123
.118
.119
.123
.123
.123
.128
.131
.120
.118
.120
.124
.122
.122
.122
.122
.124
.125
.126
.129
0.077
.090
.094
.098
.100
.103
.106
.106
.107
.111
.096
.098
.102
.104
.106
.106
.106
.107
.108
.108
.110
.111
.112
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
3
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.704
.721
.730
.744
.782
.685
.680
.694
.713
.727
.734
.732
.740
.746
.756
.768
.778
.783
0.031
.037
.043
.037
.039
.038
.041
.047
.052
.060
.042
.037
.042
.037
.042
.050
.050
.051
.053
.055
.057
.060
.061
Total
0.068
.078
.063
.089
.109
.106
.098
.098
.103
.090
.057
.103
.107
.106
.096
.098
.102
.103
.102
.105
.096
.093
.091
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.041
.044
.039
.023
.036
.032
.033
.038
.041
.041
.044
.044
.045
.045
.041
.038
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.064
.058
.059
.051
.034
.066
.075
.072
.058
.057
.060
.059
.058
.061
.051
.053
.053
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
20.908
21.393
10.769
11.777
12.635
13.039
13.528
14.069
14.746
15.252
15.907
18.770
19.422
19.784
20.116
20.650
21.176
21.382
21.401
21.469
21.446
21.356
21.364
21.522
12.866
13.208
13.735
14.341
15.008
15.535
15.645
15.833
16.024
16.213
16.407
16.625
16.843
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employeea1'
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1982
1983
1984
1985
1986
1987
1988
1989 r
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits wi h inventory valuation
adjustme it and without capital
consu mption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
8,028.6
3,234.0
3,412.6
3,665.4
3,972.6
4,264.9
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,690.0
2,907.6
3,144.3
24.6
12.4
30.5
30.2
34.7
41.6
39.8
46.4
150.9
178.4
204.0
225.6
247.2
270.0
288.0
305.9
13.6
13.2
8.5
9.2
11.6
13.4
15.7
7.8
150.0
213.7
266.9
282.3
282.1
298.7
328.6
299.2
159.2
196.7
234.2
222.6
228.3
247.8
281.8
269.9
169.6
207.6
240.0
224.3
221.6
266.7
306.8
288.5
-10.4
- 10.9
-5.8
-1.7
6.7
- 18.9
-25.0
-18.6
-9.2
17.0
32.7
59.7
53.8
50.9
46.8
29.4
272.3
281.0
304.8
319.0
325.5
351.7
392.9
461.1
IV
IV
IV
IV
IV
IV
2,548.2
2,851.5
3,096.1
3,312.8
3 473 1
3,799.9
1,931.1
2,092.7
2,272.7
2,426.7
2571 2
2,778.7
28.5
19.3
28.1
29.2
37.2
48.4
159.8
188.6
209.7
235.0
252.0
280.3
15.8
12.4
5.6
7.8
13.5
14.3
146.1
248.5
266.9
291.4
275.2
308.2
150.7
223.4
224.6
228.4
226.1
255.8
164.1
231.5
226.1
235.0
234.1
276.2
-13.4
-8.1
-1.6
-6.6
-8.0
-20.4
-4.5
25.1
42.3
63.0
49.1
52.4
266.9
290.2
313.1
322.7
324.0
370.0
1988- I
II
Ill
IV
3,853.6
3,933.6
4,005.7
4,097.4
2.819.4
2,878.9
2,935.1
2,997.2
44.0
45.4
37.7
32.0
279.9
286.5
289.3
296.3
15.6
14.6
16.3
16.1
318.1
325.3
330.9
340.2
268. 1
276.4
284.1
298.7
288.8
305.3
314.4
318.8
-20.7
-28.8
-30.4
-20.1
49.9
485)
46.9
41.5
376.6
3B3.0
396.4
415.7
1989- I
II ... .
Ill
IV ' ....
4,185.2
4,249.6
4,287.3
3,061.7
3,118.2
3,171.9
3,225.6
59.0
51.3
36.1
39.5
300.3
304.2
307.2
311.9
11.8
9.8
5.4
4.4
318.3
307.8
295.2
279.7
275.5
268.7
318.0
296.0
275.0
-38.3
-20.5
-6.3
-9.4
36.6
32.3
26.5
22.0
436.1
458.4
471.5
478.4
19821983'
1984198519861987-
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
1982
1983
1984
1985
1986
1987
1988
1989 '
Total
personal
consumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Other
Total
nondurable
goods
Food
Clothing and
shoes
Gasoline
and oil
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Domestics
Imports
2,050.7
2,234.5
2 430 5
2,629.0
2,797.4
3,010.8
3,235.1
3,470.8
252.7
289.1
335.5
372.2
406.0
421.0
455.2
473.1
108.9
130.4
157.4
179.1
196.2
195.5
211.6
213.8
95.7
107.1
118.8
129.9
139.7
149.1
162.0
173.6
48.1
51.6
59.3
63.2
70.0
76.5
81.6
85.8
771.0
816.7
867.3
911.2
942.0
998.1
1,052.3
1,123.5
398.8
421.9
448.5
471.6
500.0
529.2
559.7
594.9
124.4
135.1
146.7
156.4
166.8
177.2
186.8
200.1
89.1
90.2
90.0
90.6
73.5
75.2
76.8
84.0
158.7
169.5
182.1
192.6
201.7
216.6
229.0
244.5
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,591.7
1,727.6
1,874.1
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
22
2.4
2.4
2.8
3.2
3.2
3.1
2.8
6.0
7.4
198219831 984198519861987-
IV
IV
IV
IV
IV
IV
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
263.8
31C.O
346.7
373.2
422.0
424.5
115.7
144.4
162.3
173.8
201.1
196.3
99.1
112.4
122.7
134.7
143.8
151.4
49.0
53.2
61.8
64.7
77.1
76.7
786.6
837.9
879.C
932.7
952.1
1,015.4
407.0
430.8
456.1
482.5
511.9
536.8
126.5
141.1
149.8
160.6
168.7
180.6
89.8
91.9
89.0
91.0
66.0
76.7
163.4
174.0
184.7
198.5
205.5
221.3
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,643.3
7.0
7.7
6.6
2.5
2.6
2.6
3.1
3.4
3.3
1988'
I
11
III
IV
3,148.1
3,204.9
3 263 4
3,324.0
446.4
454.6
45' 5
467.4
210.3
212.5
208.4
215.3
156.9
162.2
162.7
166.1
79.2
79.9
81.4
86.0
1,022.2
1,042.4
1,066.2
1,078.4
542.5
554.5
567.8
574.1
180.8
183.6
188.9
193.9
74.3
76.9
78.3
77.6
224.5
227.5
231.2
232.8
1,679.5
1,707.9
1,744.7
1,778.2
7.7
7.5
7.4
7.5
3.2
3.2
3.0
3.0
1989-
1
II
Ill
IV r.
3,381.4
3,444.1
3,508.1
3,549.3
466.4
471.0
486.1
469.1
211.7
212.9
225.6
204.8
172.1
173.5
173.9
174.8
82.8
84.6
86.7
89.5
1.098.3
1,121.5
1,131.4
1,142.8
587.3
592.2
598.1
601.8
195.0
198.9
202.2
204.3
77.9
89.5
85.2
83.5
238.1
241.0
245.9
253.1
1,816.7
1,851.7
1,890.6
1,937.4
7.0
7.3
7.9
6.2
2.8
3.0
2.9
2.6
SOURCES OF PERSONAL INCOME
Personal income rose $35.9 billion (annual rate) in January following an increase of $22.7 billion in December. The
January increase was boosted by cost-of-living adjustments to several Federal transfer payment programs and by a
pay raise for Federal Government employees; it was reduced by an increase in personal contributions for social
insurance programs and by a decrease in subsidy payments to farm proprietors. The December increase was
reduced by decreases in subsidy payments to farm proprietors and in retroactive social security benefit payments.
Excluding these special factors, personal income increased $24.8 billion in January and $28.6 billion in December.
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
BILLIONS OF DOLLARS*(RATIO SCALE)
:
5,000 I
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
1982
Illllllllll
1983
1984
I l l l l l l l l l l Mill
1985
1986
400
III
1987
1988
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981 . . .
1982
1983
. . ..
1984
1985
1986
1987
1988
1989 r
1989: Jan...
Feb
Mar..
Apr
May..
June
July..
Aug
Sept..
Get T
Nov r
Dec '
1990- Jan p
Total
personal
income
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,777.6
4,064.5
4,427.9
4,273.1
4,319.5
4,360.7
4,387.1
4,396.3
4,417.5
4,443.7
4,456.9
4,467.1
4,501.8
4,543.9
4,566.6
4,602.5
Wage and
salary
disbursements 1
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.4
2,429.0
2,631.0
2,545.4
2,557.3
2,579.4
2,601.3
2,603.5
2,621.7
2,644.7
2,651.0
2,668.4
2,693.4
2,694.7
2,711.5
2,727.7
Proprietors' income 3
Other labor
income 1 2
138.4
150.3
163.6
173.6
182.9
187.6
199.3
212.8
228.9
248.3
239.7
241.3
242.9
244.4
246.0
247.5
249.1
250.7
252.2
253.8
255.3
256.9
258.5
Farm
20.5
30.7
24.6
12.4
30.5
30.2
34.7
41.6
39.8
46.4
48.0
65.9
63.0
56.4
54.3
43.2
38.8
36.5
32.9
40.0
39.8
38.6
39.2
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
160.1
156.1
150.9
178.4
204.0
225.6
247.2
270.0
288.0
305.9
299.6
300.6
300.8
304.6
303.5
304.6
306.3
308.0
307.4
306.3
313.6
315.7
318.6
Rental
income of
persons 4
6.6
13.3
13.6
13.2
8.5
9.2
11.6
13.4
15.7
7.8
13.8
11.8
9.9
9.8
9.8
9.7
9.3
8.4
-1.6
82
9.8
11.7
13.3
Personal
dividend
income
52.9
61.3
63.9
68.7
75.5
78.7
85.8
92.0
102.2
112.4
108.4
109.4
110.3
111.0
111.4
111.8
112.8
113.3
113.6
114.8
115.8
116.4
117.2
Personal
interest
income
271.9
335.4
369.7
393.1
444.7
478.0
493.2
523.2
571.1
657.8
616.5
628.9
641.5
648.4
655.2
661.8
665.0
667.9
670.4
674.9
679.5
684.0
688.2
Transfer
payments 5
324.7
368.1
410.6
442.6
456.6
489.8
521.5
548.2
584.7
632.3
610.7
614.2
624.2
623.9
625.5
630.9
632.6
636.4
640.2
644.6
653.1
650.9
667.5
4
Less:
Personal
contributions
for social
insurance
88.6
104.5
112.3
120.1
132.7
149.3
161.9
172.9
194.9
214.2
209.0
209.8
211.3
212.6
212.7
213.8
214.8
215.2
216.3
217.8
217.9
218.9
227.7
Nonfarm
personal
income B
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,714.7
4,003.7
4,359.9
4,204.0
4,232.4
4,276.5
4,309.4
4,320.5
4,352.6
4,383.1
4,398.6
4,412.4
4,440.0
4,482.3
4,506.2
4,541.6
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.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the fourth quarter of 1989.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
3,800
BILLIONS Of DOLLARS * (RATIO SCALE)
4,000
3,800
,800
DOLLARS* (RATIO SCALE)
DOLLARS * (RATIO SCALE)
16,000
r—
PER CAPITA DISPOSABLE PERSONAL INCOME
3URRENT DOLL
14,000
12,000
r-
r^
10,000
1 6,000
—'
14,000
—•
12,000
[.
10,000
^^-.
\
j=»— •— =
1982 DOL ARS
_—-
8,000
8,000
1
6,000
! 1
1
1
1
1982
1981
1
1 1
1983
1
1
1
1984
1
1
I
1
1
1
1
1986
1985
1
1
1987
1
1 1
1988
1
1
1
6,000
1989
COUNCIL OF ECONOMIC ADVISERS
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
.
Personal
Less:
Persona]
Erm-ilr
Disposable
Less:
Equals;
outlavs l
nontax
Disposable
personal
Per capita
disposable personal
mco no
Per capita persona!
cons imption
expenditures
dollars
dollars
dollars
7,607
8,783
8,320
8 818
9 515
10 953
10 985
11,576
12 340
8,794
8818
9 139
9 489
9 839
10,123
10 303
1 1 337
1 1 ,682
13,948
10.728
1982
(billions)
Billions of dollars
1980
1981
1982.
1983
1984
1985
198(5
1987
1988
1989 r.
2,258.5
2,520.9
2 670 8
2 838 6
3 108 7
3 325 3
3,526.2
3 777 6
4 064 5
4,427.9
340.5
393.3
409 '3
410 5
440 2
486 6
512.9
571 7
586 6
648.5
1,918.0
2,127.6
9 9(jl 4
9 498 1
9 068 g
•~> 838 7
3,013.3
3 905 9
3 477 8
3,779.4
Percent
ehange in
real per
capita
dollars
2,214.3
2,248.6
2 261 5
9 331 9
2 469 8
9 549 8
2,635.3
2 676 6
9 793 2
2,906.7
8,421
9,243
9 7'-*4
10 340
1 1 957
1 1 861
12,469
13 140
15,189
9,722
9,769
9 794
9 930
10 419
10 625
10,905
iri qf7ri
S
income
income.
Dollars
1,781.1
136.9
1,968.1
159.4
2 107 5 1 153 9
9 997 4 j 1 qn R
9 504 5
164 1
2 713 3
125 4
2,888.5
124.9
3 104 1
101 8
144 7
3 333 1
3,574.2
205.2
Saving as
ercent of
Population,
including
Armed
(thousands) 2
Percent
-1.1
.5
,~
68
54
61
44
4.1
3 '>
227,754
230,182
i) >
3' 549
934 gog
9
37 051
°39 32^
241,660
943 985
3.0
5.4
248,830
91
49
1
9 Q
2.6
7.1
7.5
33
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
2.729.2
2,941.8
3,188.3 I
1 3,399.1
3.597.8
3,908.7
411.1
413.9
459.7
499.6
534.4
589.2
2,318.1
2,527.9
2,728.6
2,899.5
3.063.4
3,319.4
1988: I
II
III....
IV
3,948.5
4,026.6
4,097.6
4,185.2
572.2
590.7
585.9
597.8
1989: T .
TI
III....
IV r...
4,317.8 |
4,400.3
4,455.9
4,537.4
628.3
652.6
649.1
664.0
2,174.9 I 143.1
2,382.5
145.4
2,571.3
157.3
2,787.7
111.7
2,961.4
102.0
3,177.6
141.8
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,726.2
9,929
10,725
1 1,467
12,068
12,629
13,552
9,749
10,151
10,491
10,667
10,909
11,130
8,904
9,068
9,825
9,299
10,479 i 9,587
11,240
9,935
1 1 ,825 10,214
10,338
12,588
1.2
9.1
1.7
3.3
.3
6.6
6.2 233,466
5.8 235,707
5.8 237,946
3.9 240,257
3.3 ! 242,579
4.3 244,936
3.376.4 1 3.244.4
3,435.9 i 3,301.9
3,511.7
3.362.1
3,587,4
3,424.0
2,757.2
131.9
134.0
2,773.3
2,806.4
149.6
163.4 j 2,835.9
13,754
13.966
14,235
14,504
11,232
11,273
11,377
1 1,466
12,824
13.028
13,229
13,439
10,473
10.515
10,572
10,624
3.7
1.5
3.7
3.2
3.9
3.9
4.3
4.6
245,476
246,008
246,685
247,343
3,689.5
3,747.7
3,806.8
3,873.4
205.7
200.7
195.1
219.2 |
2.881.7
2,887.6
2.919.2
2,938.5
14,884
15,084
15,280
15,504
11,625
11,622
11,717
J 1 ,762
13,641
13,862
14,081
14,207
10,654
10,681
10,798
10,778
5.7
5.6
5.4
5.1
5.7
247,890
248,456
249,143
249,829
3,483.8
3,547.0
3.611.7
3,654.2
for (lit 1 prrir
— .1
3.3
1.5
FARM INCOME
In the third quarter of 1989, according to preliminary estimates, gross farm income fell $8.4
billion (annual rate)
and net farm Income fell $13.2 billion.
BILLIONS OF DOLLARS * (RATIO S CALE)
240
200
BILUC>NS OF DOLLARS* (RATIO SCALE)
240
200
n-.i,
160
"-~-
--»*
-*
160
7
120
120
80
80
An
60
40
40
20
20
10
10
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1987- I
n
m .. ..
IV
1988-
I
11
Ill
IV
1989- I
II
Ill "
Livestock and
products
Crops
Value of
inventory
changes -
Production
expenses
Current
dollars
1982 dollars 3
149.3
166.4
163.5
152.9
175.0
166.3
160.3
171.7
177.6
139.7
141.7
142.6
136.5
142.5
144.1
135.5
139.5
151.5
68.0
69.2
70.3
69.4
73.0
69.8
71.5
75.7
78.9
71.7
72.5
72.3
67.1
69.5
74.3
64.0
63.8
72.6
-6.3
6.5
-1.4
— 10.9
6.3
-2.4
— 2.7
— .4
-4.3
133.1
139.4
140.0
140.4
142.7
134.0
122.4
128.0
135.0
16.2
27.0
23.5
12.5
32.3
32.3
37.9
43.5
42.6
18.8
28.7
23.5
12.0
29.9
29. 1
33.4
37.1
35.2
170.4
172.4
167.8
175.9
174.7
182.0
175.0
178.6
131.3
143.8
144,8
138.1
144.4
148.8
160.4
152.2
72.8
76.4
77.8
75.8
81.8
75.3
78.3
80.3
58.6
67.4
66.9
62.2
62.6
73.5
82.1
71.9
-.1
.3
— .2
-1.7
-4.0
-4.4
-4.7
— 4.1
120.4
128.7
131.3
131.7
130.2
133.7
138.2
137.8
50.0
43.7
36.3
44.1
44.5
48.3
36.8
40.8
43.1
37.3
30.9
37.2
37.4
40.0
30.2
33.1
198.4
196.7
188.3
155.4
160.2
164.4
84.1
81.3
81.8
71.3
78.9
82.6
8.6
7.8
6.3
135.5
140.6
145.5
62.9
56.0
42.8
50.5
44.5
33.8
crop and 1
CORPORATE PROFITS
In the third quarter of 1989, corporate profits before tax fell $21.0 billion (annual rate) and after-tax profits fell
$8.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360
SEASONALLY ADJUSTED ANNUAL RATES
320
/^
\
v
/
y
^
\
\
\
PROFITS BEFORE TAX
/
240
r_/
PO
/^
200
^
,'•""" "~v s
-..^ PR DFITS AFTER T; X
**.-
— — *.
\
s
s
160
"X.
/•
,•-"' ^--^..
*N
s
\
280
\
/'
X
,
120
''.'-
'~~\_.. ~<"~
V
'"-*V
'"•. —
- —.
\
/ s '
"
**\
»'"
y
1
1
1
1
1
1982
1981
\.
,--'
\
1
80
TAX LIABILITY
"""^^
1 1 1
UNDISTI IBUTED PROFI1 s^-— — "'
1 1
1 1 1
1 1 1
1
1984
1983
40
\
1985
1986
1
I
1
1
1987
1
1988
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
0
1
'1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
l
Profits after tax
Domestic industries
Period
Nonfinancial
Total z
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988..
1989 r
19821983:
1984:
1985:
1986:
1987:
1988:
IV
IV..
IV
IV
IV
IV
I
II
III
IV
1989- I
II
Ill
IV
1
2
Financial
Total 3
Tax
liability
Wholesale and
retail
trade
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
194.0
202.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
269.9
159.6
173.8
131.2
166.6
203.3
191.4
195.2
208.7
238.2
223.2
21.0
16.5
11.8
18.1
13.0
22.8
32.0
30.5
29.8
24.4
138.6
157.3
119.4
148.5
190.3
168.6
163.2
178.2
208.4
198.9
77.1
88.5
58.0
70.1
88.8
79.7
59.5
76.6
98.4
87.3
21.6
32.5
34.6
38.9
51.2
44.1
44.1
41.1
40.1
37.0
237.1
226.5
169.6
207.6
240.0
224.3
221.6
266.7
306.8
288.5
84.8
81.1
63.1
77.2
93.9
96.4
106.3
124.7
137.9
129.2
152.3
145.4
106.5
130.4
146.1
127.8
115.3
142.0
168.9
159.3
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.7
110.4
122.1
97.6
81.8
39.6
58.9
67.0
44.6
24.0
43.3
58.5
37.2
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
-18.6
150.7
223.4
224.6
228.4
226.1
255.8
121.6
190.7
193.9
193.6
193.4
211.8
18.7
15.5
13.6
26.0
28.6
29.9
102.9
175.2
180.3
167.6
164.8
181.9
46.8
88.6
79.8
83.8
64.8
84.5
33.6
43.1
51.8
38.5
41.0
41.2
164.1
231.5
226.1
235.0
234.1
276.2
59.8
88.1
87.0
99.8
113.1
127.3
104.3
143.4
139.2
135.2
121.0
148.9
68.5
73.9
80.8
84.0
93.6
102.8
35.8
69.5
58.4
51.2
27.4
46.1
-13.4
-8.1
-1.6
-6.6
-8.0
-20.4
268.1
276.4
284.1
298.7
225.7
235.8
239.0
252.2
27.7
29.7
31.6
30.1
198.0
206.1
207.3
222.1
94.6
98.2
95.1
105.5
42.2
37.3
39.2
41.8
288.8
305.3
314.4
318.8
129.0
138.4
141.2
143.2
159.9
166.9
173.2
175.6
105.7
108.6
112.2
115.2
54.2
58.3
61.1
60.4
-20.7
-28.8
-30.4
— 20.1
279.7
275.5
268.7
233.1
231.8
223.0
29.3
28.6
17.8
203.9
203.2
205.2
96.5
90.3
86.6
34.1
36.9
41.9
318.0
296.0
275.0
144.4
134.9
122.6
173.6
161.1
152.4
118.5
120.9
123.3
125.6
55.1
40.2
29,1
-38.3
-20.5
-6.3
-9.4
See p. 4 for profits with inventory valuation and capital consumption E
Includes rest of the world, not shown separately.
Manufacturing
Profits
before tax
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the fourth quarter of 1989, nonresidential fixed investment fell $8.4 billion
(annual rate) and residential investment rose $0.7 billion. There was a $29.5 billion increase in inventories,
following an increase of $27.4 billion in the third quarter.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
'
/~" ^^1
GROSS PRIVATE DOMESTIC
700
'_
700
•""~"~
""^1
/——— -—^
\s1
-
600
600
-_^
500
X
r- ONRESIDENTI/U
p|XED INVESTME MT
/
r~N
\
/
400
500
^ «.-..- - ""
J
-
.»-•"
400
""*"""-——.
— -~~
RFS DENTIAL
FIXED 1 NVESTMENT
\
300
-
300
_
200
200
-__
„**•' **'
100
"'
*~'
/
**s
1
-100
1
1981
1
>N
1 """\,
11
1982
t
s%
•"-
*"~~x«i.
CHANGE IN B USINESS
INVENTO «IES
,''
100
_
/%
^%^
/
•'sx_
,'
'
f
/
0
—. >
.•''"
1
1 I
1983
I I I
1984
1
1 1
1985
!
! 1
1986
1
1 1
1987
SOURCE: DEPARTMENT OF COMMERCE
1
1 1
1988
!
1 1
1989
-10(
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
1980
Gross
private
domestic
investment
.
1981
1982
1983
1984
1985
1986
1987
1988
1989 r.
1982- IV
1983: IV
1984: IV
1985: IV
1986- IV
1987: IV.
1988: I
n
m
IV
1989: I
n
mr
IV
Source: Department of Commerce, Bureau of Economic Analysis.
Nonresidential
Total
Total
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
774.3
445.3
491.5
471.8
509.4
597.1
631.8
652.5
670.6
719.6
746.3
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.3
487.2
511.6
409.6
579.8
661.8
654.1
648.8
749.7
469.5
548.8
616.8
646.8
660.9
686.3
354.9
383.9
435.0
451.3
435.8
458.6
728.8
748.4
771.1
752.8
698.7
719.1
726.5
734.1
472.7
487.1
493.2
495.8
769.6
775.0
779.1
773.6
742.0
747.6
751.7
744.0
503.1
512.5
519.6
511.2
Structures
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.8
140.3
145.0
137.6
127.4
146.6
155.9
133.7
138.9
137.1
139.9
142.0
142.5
144.7
142.4
146.2
146.6
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
296.2
310.5
346.8
366.6
217.3
256.5
288.4
295.5
302.2
319.7
335.6
347.2
351.3
353.3
358.5
370.1
373.4
364.6
Residential
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.4
232.4
234.7
114.7
164.9
181.8
195.5
225.1
227.7
226.1
232.1
233.2
238.4
238.8
235.1
232.1
232.8
Total
-8.3
24.0
-24.5
71
67.7
11.3
6.9
29.3
30.6
28.0
59 9
31.0
45.0
7.2
12 2
63.3
30.0
29.3
44.6
18.7
27.7
27.4
27.4
29.5
Nonfarm
24
18.3
23 1
.4
60.5
14.6
8.6
30.5
34.2
23.1
-51.1
21.3
41.3
23.7
-8.0
61.3
24.2
30.4
41.5
40.8
19.1
23.6
19.8
30.0
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November survey, business spending for new plant and equipment is expected to rise 6.4 percent in 1990, following a rise of 10.3 percent in 1989.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
600
SEASONALLY ADJUSTED ANNUAL RATES
500
500
400
400
ALL INDUSTRIES
300
300
NONMANUFACTURINGJ/
200
200
T
MANUFACTURING
100
100
I
1982
I
I
J I
1984
1983
I I
1985
J
I
I
1986
I I
1987
I
I I
1988
i i r
1989
J/ SURVEYED QUARTERLY
2j SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT Oe COMMERCE
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Manufacturing
Period
1980
1981.
1982
1983
1984
1985
1986
1987
1988
1989 *
1990"
1988- I
II
III
IV
1989- I
11
III
IV4 .
1990: I 4
II4
Ail
industries
Total
Durable
goods
Nonmanuiacturing
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Manufacturing
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
183 16
190 16
Total
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
317.17
Surveyed
quarterly
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
29202
315 33
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
430.76
475.18
505.49
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
183.16
190.16
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.30
83.05
83.22
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
88.01
100.11
106.94
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
292.02
315.33
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.66
12.50
12.01
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.34
25.24
26.41
37.74
41.21
45.43
44.98
47.48
48.81
46.38
44.88
46.67
50.06
50.14
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
183.76
204.22
226.78
413.34
427.54
435.61
442.11
157.97
162.62
168.76
173.32
75.28
77.38
79.15
80.56
82.69
85.24
89.62
92.76
255.37
264.92
266.85
268.79
12.61
13.15
12.53
12.38
20.35
20.95
22.02
22.04
45.05
45.60
46.69
48.73
177.37
185.21
185.61
185.65
157.97
162.62
168.76
173 32
255 37
264.92
266 85
26879
459.47
470.86
484.93
485.45
175.22
181.53
187.66
188.21
81.26
82.97
85.66
82.30
93.96
98.57
102.00
105.90
284.24
289.33
297.28
297.25
12.15
12.70
12.59
12.58
23.13
24.26
28.53
25.04
50.81
52.01
49.57
47.86
198.15
200.36.
206.59
211.76
175 '2
181.53
187.66
188.21
284 24
289.33
297 28
297.25
503.46
518.27
193.76
198.70
86.84
88.43
106.92
110.27
309.70
319.57
12.23
12.83
26.61
27.56
51.89
53.11
218.97
226.07
193.76
198 70
309.70
319.57
4
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
483.48
Nonmanufacturing
Planned capital expenditures as reported by busm
Surveyed
annualIy3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In January, civilian employment fell 25,000 and unemployment fell 123,000.
MILLIONS OF PERSONS*
126
MILLIONS OF PERSONS*
126
SEASONALLY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
\
114
114
110
110
_ CIVILIAN
106
106
EMPLOYMENT
102
102
98
98
^
^
S
12
12
\
UNEMPLOYMENT
1982
1983
1984
1985
1986
1987
1989
1988
1990
'16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons IB years of age and over, except us noted; monthly data seasonally adjusted except as noted by NSA]
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
HO',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
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
Oct
Nov
Dec
187,340
187,461
187,581
187,708
187,854
187,995
188,149
188,286
188,428
188,580
188,721
188,865
1,696
1,684
1,684
1,684
1,673
1,666
1,666
1,688
1,702
1,709
1,704
1,700
124,961
124,801
124,929
125,299
125,224
125,777
125,679
125,758
125,725
125,857
126,192
126,246
118,336
118,441
118,731
118,768
118,805
119,208
119,102
119,238
119,121
119,294
119,540
119,588
123,265
123,117
123,245
123,615
123,551
124,111
124,013
124,070
124,023
124,148
124,488
124,546
116,640
116,757
117,047
117,084
117,132
117,542
117,436
117,550
117,419
117,585
117,836
117,888
3,268
3,196
3,185
3,144
3,137
3,138
3,217
3,275
3,219
3,197
3,160
3,197
1 990:
Jan
188,990
1,697
126,094
119,560
124,397
117,863
3,134
Period
1981
1982
1983
1984
1985
1986*
1987
1988
1989
1989:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Employment
including
resident
Armed
Forces
Nonagrieultural
Civilian
labor force
Agricultural
Total
Civilian
Labor
force
participation
rate
(per-z
cent)
Employment/
population
ratio
(percent) 2
Total
15
weeis
and
over
4,499
5,852
5,997
5,512
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
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
113,372
113,561
113,862
113,940
113,995
1 14,404
114,219
114,275
114,200
114,388
114,676
114,691
4,831
4,722
4,720
4,855
4,643
4,738
4,583
4,567
4,605
4,526
4,552
4,554
6,625
6,360
6,198
6,531
6,419
6,569
6,577
6,520
6,604
6,563
6,652
6,658
1,499
1,300
1,3,35
1,391
1,331
1,295
1,461
1 ,338
1,359
1,378
1,422
1,362
66.4
66.3
66.3
66.5
66.4
66.6
66.5
66.5
66.4
66.4
66.6
66.5
62.8
62.8
63.0
62.9
62.9
63.1
63.0
63.0
62.9
62.9
63.0
63.0
114,728
4,729
6,535
1,430
66.4
62.9
Total
Part time
for
economic
reasons 1
* Data beginning January 1986 not strictly comparable with earlier data because of change in
'stimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In
January,
the
overall
unemployment
rate
fell
slightly from
its December
level,
to
5.2
percent;
the
civilian
unemployment rate was unchanged at 5.3 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
20
20
A'^XV
15
15
'YA A -.. A ~
V
~
\/ —
TEENAGERS
(16-19
10
10
BLACK
AND OTHER
WOM 5N 20 YEARS
AND OVER
ALL CIVILIAN WORKERS
\
""Vcs^^
\
\
<.' — -
WHITE
11111111111
1988
1987
1986
ME N 20 YEARS
AND OVER
1989
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i p 1 1 1 1 1 1 1 1,,,,,(,,,,,
1986
1987
1989
1988
1990
1 1 11 11! 11 1 1
1990
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Lnemplovment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
workITS '
1981
1982
1983 .
1984
1985 .
1986
1987
1988
1989
1989:
Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
1990:
Oct
Nov
Dec
Jan
By sex and age
civ an
workers
7.5
9.5
95
7.4
7.1
6.9
6.1
5.4
5.2
7.6
9.7
5.3
5.1
5.0
5.2
5.1
5.2
5.2
5.2
5.3
5.2
5.3
5.3
A
.2
.0
.3
2
.3
.3
.3
.3
.3
.3
5.2
5.3
12
By selected groups
Bv race
All
96
7.5
7.2
7.0
6.2
5.5
.3
"s,
Men
20 years
and over
Women
20 years
and
over
Both
sexes
16-19
vears
Black
White
and
Black
other
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
10.4
11.7
12.2
10.3
1ft i
98
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
Labor
force
time lost
(percent) 2
6.3
8.8
89
6.6
6.2
6.1
5.4
4.8
4.5
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
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
15.6
18.9
19.5
15.9
15.1
14.5
13.0
1 1.7
11.4
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.0
6.5
6.5
4.6
4.3
4.4 !
3.9
3.3
3.0
4.6
4.5
4.2
4.6
4.3
4.4
4.4
4.5
4.8 |
4.5 I
4.6
4.6 j
4.7
4.6
4.6
4.7
4.7
4.8
4.9
4.7
4.5
4.8
4.8
4.8
16.1
14.8
14.0
14.6
15.0
15.4
15.1
14.8
15.0
14.9
15.3
15.2
4.6
4.3
4.3
4.5
4.4
4.5
4.5
4.5
4.5
4.5
4.5
4.6
10.5
10.3
9.8
9.7
9.6
10.2
9.6
9.7
10.2
10.2
10.3
10.2
11.7
11.6
11.0
11.0
11.1
11.8
11.0
11.2
11.7
11.7
11.9
11.8
5.2
4.9
4.8
5.0
4.9
5.0
5.0
5.0
5.0
5.0
5.1
5.0
3.1
3.0
2.9
3.2
2.9
2.9
3.0
3.1
3.3
3.0
3.1
3.0
7.9
8.0
7.9
7.8
8.2
7.9
8.5
8.0
7.7
7.8
8.2
8.1
5.0
4.8
4.8
5.0
4.9
4.9
5.0
4.9
5.0
4.9
5.0
5.0
7.7
7.2
6.4
7.2
6.9
7.7
7.2
7.1
7.3
7.1
7.4
7.5
6.1
6.0
5.9
6.0
6.0
6.0
6.0
6.0
6.0
5.9
5.9
6.0
4.7
4.6
14.5
4.5
10.1
11.3
5.1
3.4
7.5
5.0
7.0
6.0
6.8
fi 9
4.3
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In January, the percentage of the unemployed who had been out of work for less than 5 weeks fell and the
percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over rose. Both the mean duration of
unemployment and the median rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
60
50
50
7W-V-
A
TA
JOB LOSERS
40
REENTRANTS
30
30
.•—V-J
27 WEEKS
AND OVER'
20
^
20
JOB LEAVERS
\
10
10
NEW ENTRANTS
15-26
WEEKS
0 111niIt
1986
1987
1988
1986
1990
1989
1988
1987
1989
1990
-SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Reason for unemployment:
percent distribution
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
Jeavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
'all
regular
programs
(unadjusted) '
Weekly average, thousands
1881
1982
1983
1984 ...
1985
1986
1987
1988
1989 . .
1989: Jan
Feb
Mar
Apr
Mav
June
Sept
Oct
Nov
Dec
...
1990: Jan
8,273
10,678
10,717
8,539
8,312
8,237
7,425
(5,701
6,528
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,056
460
583
438
377
396
378
328
306
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,125
6,625
6,360
6,198
6,531
6,419
6,569
6,577
6,520
6,604
6,563
6,652
6,658
47.3
50. 1
49.1
47.8
48.0
49.8
47.9
48.3
48.3
48.4
48.8
49.5
30.1
29.6
29.6
30.8
31.2
30.5
29.9
31.0
31.0
30.5
29.8
30.1
11.5
10.3
10.7
10.2
11.1
10.4
12.7
11.7
11.7
11.4
11.5
10.9
11.1
10.0
10.6
11.1
9.7
9.3
9.5
9.0
9.0
9.7
9.8
9.5
12.6
12.3
12.4
12.6
11.9
11.2
11.9
11.4
11.5
11.7
11.6
11.5
5.6
5.4
5.5
5.4
5.3
5.4
5.4
5.0
5.0
5.0
4.8
4.8
46.4
45.1
45.7
45.2
43.4
43.0
44.5
46.2
44.9
45.5
46.3
46.3
14.6
15.4
14.5
15.2
17.1
15.fi
15.5
16.1
15.8
15.2
15.7
15.8
27.4
27.7
28.4
29.0
28.7
30.4
29.0
27.6
29.4
28.9
27.6
27.7
11.5
11.9
11.4
10.7
10.8
11.1
11.0
10.0
9.9
10.5
10.4
10.3
2,061
2,105
2,143
2,105
2,063
2,134
2,216
2,177
2,187
2,257
2,287
2,332
293
309
323
300
317
335
339
319
323
360
344
365
2,685
2,695
2,567
2,221
1,957
1,936
2,168
2,007
1,863
1,912
2,144
2,517
6,535
47.5
30.7
11.8
9.9
1,1
5.1
48.5
15.5
26.3
9.7
2,367
359
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Adminis-
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 275,000 in January.
MIL LIONS OF PERSONS* (ENLARGED SCALE)
MILL ONS OF PERSONS*
110
28
r-^
=L_^—
100
r"\
ALLr-JONAGRICU LTURAL
—
.s-'
^-^1
26
./'"''
SERVICES
E 5TABLISHME ^JTS
V-
24
90
—
^
.^*
80
—
—
_„---•
SE (VICE-PROD JCING
INDUSTRIE s
70
—
RE TAIL TRADE
20
^M—-
60 -
..~^f~~
16
iiinliiiiilniiihini
iT\\iln\i]
|f
'"
20
MANUFACTURING
50
40 -
—
GOODS-PF ODUCING
INDU 5TRIES
—
"""""(3OVERNMENT
18
30
—
22
18
X
iiimlmiiliiiMlmii
V""
miiliiiih\!
Illllllllll
'
>
lllllllHM imilllllllllllllmtik
i
6
•f
\
c ONSTRUCTIC)N
4
20
Ill
1 1 1 1 1 1 1 1 1 1 1 | | | 1 1 1 M 1 11 I11 1 1 1 M 1 1iiinliinlj.
I
1987
1988
1990
1989
Illllllll1ll
f ] ] | | | I I I
1986
" 1986
1 1 1 1 1 1 1 1 1 1 1 1 1 1 ! 1 1 | | | H1 1 1 1 1 1 II 1 1 If
1 1 1 ! 1 1 11 [ 1 1
1988
1987
SEASONALLY ADJ U5TED
SOURCE- DEPARTM ENT OF LABOR
1990
1989
COUNCIL OF EC 3NOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
Goods-producing industries
Period
Total
nouagricultural '
employment
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
1982
1983
1984
1985
1986
1987 ..
1988
1989 p
91 156
89 566
90 200
94 496
97,519
99 525
102 200
105 584
108 579
25 497
23*8' 3
23 334
24 727
24,859
24 558
24 708
25*249
25 634
4 188
3*905
3 948
4 383
4,673
4 816
4 967
5 195
5 300
20 170
18 781
18 434
19 378
19,260
18 965
19 024
19*403
19 612
19 109
11 039
10 739
11 505
11,490
1 1 930
11 194
11 437
11 537
8 061
7 741
7 70°
7 873
7,770
7 734
7 830
7 967
8 076
65 659
65*753
66 866
69 769
72,660
74 967
77 499
80*335
82 945
5 165
5 089
4 954
5 159
5,238
5 955
5 372
5 548
5 705
5 278
5 268
5 555
5,717
5 753
5 844
6 029
6 234
15 189
15 179
15 613
16 545
17,356
17 930
18 483
19 110
19 574
5 998
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
94 9%
95 600
26 892
16 031
15 837
15 869
16 024
16,394
16 693
17 010
17 379
17 727
2 739
9 774
2 807
2,875
9 899
2 943
2 971
9 988
1989: Jan
Feb
Mar
Apr
May....
June...
July....
Aug....
Sept....
Oct
Nov ....
Dec "..
107,442
107,711
107,888
108,101
108,310
108,607
108,767
108,887
109,096
109,171
109,452
109,548
25,626
25,629
25,646
25,671
25,672
25,648
25,669
25,694
25,614
25,603
25,609
25,533
5,267
5,270
5,252
5,279
5,283
5,283
5,314
5,321
5,325
5.335
5,355
5,305
19,648
19,648
19,680
19,672
19,667
19,650
19,649
19,644
19,559
19,537
19,517
19,489
1 1 ,605
11,594
11,604
11,600 |
11,594
11,567
11,549
11,551
11,480
11,457
11,439
11,411
8,043
8,054
8,076
8,072
8,073
8,083
8,100
8,093
8,079
8,080
8,078
8,078
81,816
82,082
82,242
82,430
82,638
82,959
83,098
83,193
83,482
83,568
83,843
84,015
5,654
5,667
5,666
5,682
5,700
5,716
5,736
5,618
5,709
5,729
5,753
5,832
6,146
6,171
6,197
6,206
6,222
6,230
6,237
6,256
6,264
6,278
6.300
6,308
19,407
19,460
19,488
19,489
19,528
19,551
19,586
19,621
19,632
19,679
19,744
19,714
6,746
6,763
6,774
6,776
6,790
6,808
6,815
6,836
6,852
6,851
6,871
6,882
26,318
26,434
26,520
26,651
26,711
26,931
26,973
27,058
27,159
27,188
27,345
27,416
17,545
17,587
17,597
17,626
17,687
17,723
17,751
17,804
17,866
17,843
17,830
17,863
2,978
2,982
2,982
2,982
2,999
2,995
3,000
2,999
2,996
2,984
2,982
2,972
Jan p .. 109,823
25,526
5,409
19,377
11,310
8,067
84,297
5,859
6,332
19,831
6,892
27,522
17,861
2,984
1981
1990:
hides ;ill full- and part-time wage and salary workers in nonagricult
pay for any part of the pay period which flic-hides the 12th of th
'If-employed persons, domestic servants, and personnel of the Am
is table not comparable with estimates of nonagricultural employ
hown on p. 11, which include proprietors, self-employed person
omit persons as employed when they are not at work because
14
5 358
Source: Department of Labor, Bureau of Labor Statisti
9 772
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupermory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Average gross hourly
earnings
Average weekly hours
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989 p
1989- Jan
Feb
Mar
July
Sept
Oct
Nov
Dec "
1990' Jan
p
Totil
private
nonagricultural 1
Total
private
nonagrieultural I
Overtime
Total
Manufacturing
Current
dollars
1977
dollars 2
Manufacturing
Construction "
Retail
trade
Percent change from a
year ear er, total
private
nonagricultural 3
Current
dollars
1977
dollars
3.8
3.8
3.7
3.7
3.6
$7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
9.66
9.49
9.52
9.54
9.61
9.60
9.62
9.69
9.69
9.74
9.78
9.78
9.83
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.18
10.47
10.33
10.37
10.40
10.40
10.42
10.45
10.48
10.52
10.55
10.55
10.57
10.60
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.36
335.20
330.25
329.39
331.04
335.39
332.16
332.85
337.21
335.27
337.98
339.37
338.39
339.14
$170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
166.52
167.55
166.44
166.44
* 167.44
'165.17
165.10
166.85
r
165.98
'166.74
166.85
165.80
r
165.51
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
429.27
424.56
426.21
426.40
429.52
427.22
428.45
429.68
431.32
432.55
430.44
430.20
431.42
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
493.08
506.72
496.89
498.39
501.23
505.21
494.17
498.17
511.30
510.73
510.16
514.75
521.87
509.39
$158.03
163.85
171.05
174.33
174.64
176.08
178.70
183.62
189.01
187.40
186.41
186.98
189.44
187.56
188.43
190.97
189.22
189.50
191.69
190.37
190.86
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.2
4.0
4.2
3.5
4.1
4.5
3.3
3.5
4.2
3.7
3.6
3.5
S.I
3.1
-.7
-2.0
-1.6
-.9
-.9
— .7
-.9
-J.4
'— 1.4
3.6
9.84
10.56
340.46
164.31
429.79
520.65
194.01
2.8
23
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.7
34.8
34.6
34.7
34.9
34.6
34.6
34.8
34.6
34.7
34.7
34.6
34.5
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
41.1
41.1
41.0
41.3
41.0
41.0
41.0
41.0
41.0
40.8
40.7
40.7
3.9
3.9
4.0
3.9
3.8
3.8
34.6
40.7
3
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban i
workers (on a 1977 = 100 base).
Current dollars
Total private
nonagricultural *
Manufacturing
iers and clerical
-1.5
-1.2
1.9
.9
-1.4
.4
-3.0
-.9
Q
-.3
-1.2
Q
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent eh ange from
Index (June 1981 = 100)
12 months earli ir
3 months earlie r
compensation
1981:
19821983:
19841985:
19861987:
19881989:
1986:
Dee
Dec
Dec
Dec
Dec
Dec ..
Dec
Dec .
Dec
Sept
Dec
1987: Mar
Sept
Dec .
1988- Mar
Sept
Dec ..
1989- Mar
Sept
Dec
1
104.0
110 7
117 0
122 7
1275
131 6
1360
142 6
1494
130.8
131 6
132.9
133 8
135.1
136 0
138 1
139 8
141.2
142 6
144.4
146 1
147.9
1494
Wages and
salaries
103 8
110 3
115 8
120 6
125 6
129 5
133 8
139 3
145 1
1288
129 5
130 8
131 7
133 0
133 8
135 1
136 6
1379
139 3
1408
142 2
143.9
145 1
Benefits *
104 3
111 7
1200
127 9
1324
1369
141 7
151 3
160 6
136 1
1369
138 1
139 3
1403
141 7
146 1
148 2
149 7
151 3
1540
1565
158 7
160 6
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free froir the
influence of employment shifts among occupations and industries.
Total
compensation
2.0
' 1 3
1.2
13
.6
6
.7
10
1.0
.7
6
1.0
7
1.0
7
1.5
12
1.0
10
1.3
12
1.2
10
Wages and
salaries
Benefits '
1.8
2.3
12
15
1.1
1.3
12
14
.6
5
.6
.5
6
1.0
10
11
8
.7
5
1.0
7
1.0
6
10
1.2
1.0
.6
.9
.9
.7
1.0
3.1
1l
10
10
11
10
12
1.4
8
12
Total
compensation
Wages and
salaries
9.8
6.4
5.7
4.9
3.9
3.2
3.3
49
4.8
3.2
3.2
3.1
3.0
3.3
3.3
3.9
4.5
4.5
4.9
4.6
4.5
4.7
4.8
8.8
6.3
5.0
4.1
4.1
3.1
3.3
4.1
4.2
3.1
3.1
3.2
3.0
3.3
3.3
3.3
3.7
3.7
4.1
4.2
4.1
4.4
4.2
14
1.0
11
1.8
16
Benefits '
12.2
7.1
7.4
6.6
3,5
3.4
3.5
6.8
6.1
3.3
3.4
2.9
3.3
3.1
3.5
5.8
6.4
6.7
6.8
5.4
5.6
6.0
6.1
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
Output '
Compensation per
hour 3
Hours of 2all
persons
Real compensation
per hour 4
i. •
™ ess
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
1980
1981
1982
1983.
1984
99.4
101.0
100.2
102.6
105.2
99.0
100.0
99.1
102.0
104.2
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.3
107.9
105.3
107.2
113.3
107.8
108.5
105.9
108.0
114.4
131.8
144.1
154.9
160.8
167.4
131.6
144.0
154.7
160.8
167.2
97.0
96.1
97.3
97.8
97.6
1985
1986
1987
107.3
109.8
111.1
113.0
114.2
105.6
107.7
108.9
111.1
112.1
124.2
128.0
133.4
140.0
144.8
123.9
127.6
133.1
140.3
145.0
115.7
116.6
120.1
123.9
126.8
117.4
118.4
122.2
126.3
129.4
174.8
183.8
191.0
200.2
211.3
174.0
182.9
189.8
198.7
209.6
IV
IV
IV
IV
IV
IV
100.9
103.5
105.7
108.3
109.8
112.5
99.5
103.0
104.5
106.2
107.6
110.2
105.0
113.6
120.8
125.9
128.9
136.7
104.2
114.1
120.7
125.5
128.4
136.4
104.1
109.7
114.3
116.2
117.4
121.5
104.7
110.8
115.5
118.1
119.3
123.7
158.2
163.2
169.9
178.6
187.4
195.1
1988: I
II
Ill
IV
113.2
112.6
113.4
113.5
111.0
110.5
111.5
112.0
138.2
139.3
140.7
141.9
138.0
139.5
141.1
142.8
122.1
123.8
124.0
125.0
124.3
126.2
126.6
127.5
1989: I
II
Ill
IV P* ..
113.8
114.2
114.7
114.7
111.6
111.9
112.6
112.7
143.6
144.4
145.6
145.6
143.6
144.6
145.9
145.9
126.2
126.4
127.0
126.9
128.6
129.2
129.6
129.5
Bu
Nonfarm
business
sector
Unit la )or costs
Implic t price
defla o r 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
96.7
96.0
97.1
97.8
97.5
132.6
142.7
154.5
156.7
159.1
132.9
144.0
156.1
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
98.4
101.7
101.9
102.5
103.3
98.0
101.1
101.2
101.8
102.4
162.8
167.5
171.9
177.1
185.0
164.9
169.8
174.2
178.8
187.0
162.2
165.6
170.0
174.9
181.8
163.8
167.6
172.0
176.5
183.4
158.0
162.9
169.6
177.5
186.4
193.8
97.9
97.8
97.8
99.3
102.8
102.5
97.8
97.6
97.6
98.7
102.3
101.8
156.8
157.7
160.7
164.9
170.6
173.5
158.7
158.2
162.3
167.1
173.2
175.8
150.2
155.2
159.8
163.7
167.1
171.3
151.4
156.2
161.0
165.5
169.2
173.4
196.4
199.1
201.9
204.5
195.0
197.5
200.2
203.0
102.3
102.5
102.8
103.0
101.5
101.7
101.9
102.3
173.5
176.9
178.0
180.2
175.7
178.7
179.6
181.3
171.9
174.1
175.8
177.9
173.8
175.6
177.0
179.6
206.9
210.4
212.8
216.2
205.5
208.3
211.0
214.6
102.8
102.9
103.5
104.1
102.1
101.9
102.7
103.4
181.9
184.1
185.6
188.4
184.1
186.1
187.4
190.5
179.4
181.4
182.4
183.9
180.8
182.8
184.0
185.8
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1988
1989 p'
1982:
1983:
1984:
1985:
1986:
1987:
Percent change; quarterly data at seasonally adjusted annual rates
1980
1981
1982
1983
-0.3
1.5
~0.4
1.1
9
3.0
2.1
-1.1
2.1
-3.1
4.2
8.4
-1.2
1.7
-3.3
5.0
8.3
-0.8
.6
-2.4
1.8
5.7
— 0.7
.6
-2.4
2.0
6.0
10.5
9.3
7.5
3.8
4.1
10.5
9.5
7.4
4.0
3.9
-2.6
— .9
1.2
.6
— .2
-2.6
— .7
1.1
.7
— .4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.S
3.5
3.0
4.2
3.1
4.2
4.9
3.4
3.9
3.0
4.4
5.4
3.3
2.2
.8
3.0
3.2
2.3
2.6
.9
3.2
3.4
2.4
4.4
5.2
3.9
4.8
5.5
4.1
5.1
3.7
4.7
5.5
.8
3.3
.2
.6
.7
.5
3.2
.1
.5
.6
2.3
2.8
2.6
3.0
4.4
2.8
3.0
2.6
2.7
4.6
2.5
2.1
2.6
2.9
S.9
3.0
2.3
2.6
2.7
3.9
1984....
2.4
2.6
1985
1986
1987
1988
1989 p*
2.0
2.3
1.2
1.7
1.1
1.3
2.0
1.1
2.0
IV
IV
IV
IV
IV
IV
2.6
3.3
1.5
1.5
.8
2.8
2.0
1.6
.9
.8
.4
2.5
— .5
10.4
3.5
3.6
4.0
7.1
-1.2
9.8
3.1
3.5
3.7
7.0
-3.0
6.8
2.0
2.1
3.2
4.2
-3.1
8.1
2.2
2.7
3.3
4.3
4.1
5.7
3.5
6.3
5.1
7.2
4.6
4.4
3.5
5.8
5.1
7.1
2.8
1.6
.0
2.1
2.2
3.4
3.3
.3
.0
1.6
2.2
3.4
1.5
2.3
2.0
4.8
4.2
4.3
2.6
2.8
2.6
5.0
4.7
4.5
2.4
4.8
2.7
2.6
1.0
1.4
3.0
3.1
3.3
2.1
1.0
1.7
1988: I
II
Ill
IV
2.5
— 2.1
3.1
.2
2.8
-1.6
3.3
1.9
4.4
3.3
4.0
3.4
4.8
4.4
4.6
4.8
1.9
5.5
.9
3.2
2.0
6.1
1.2
2.8
2.6
5.7
5.8
5.2
2.5
5.4
5.4
5.9
-1.0
1.1
1.0
.7
— 1.1
.8
.7
1.4
.1
8.0
2.6
5.0
-.3
7.1
2.0
3.8
1.5
5.1
4.1
4.8
1.0
4.3
3.2
5.9
1.1
1.6
1.5
^2
-1.3
1.1
2.4
.2
4.8
2.3
3.5
.0
2.4
2.8
3.7
_.2
3.7
.6
1.9
3.7
1.7
1.3
— .4
4.8
6.8
4.7
6.5
4.9
5.6
5.3
6.9
-.6
_4
2.3
2.4
— .5
— .7
2.8
2.8
3.7
5.1
3.2
6.3
6.2
4.5
2.8
6.7
3.3
4.6
2.2
3.3
2.8
4.4
2.7
3.9
1982:
1983:
1984:
1985:
1986:
1987:
1989: I
II
Ill
IV "' ..
Q
9
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self
16
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Beginning with data released August 3, 1989, hours of labor input are defined as hours at the
work site rather than hours paid.
' Data do not reflect GNP revisions of February 28, 1990.
Source-. Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in January.
INDEX, 1977=100* (RATIO SCALE)
INDE X, 1977 = 100* (RATIO SCALE)
160
TOTAL INDUSTRIAL PRODUCTION
240
220
' — — •«
140
_--^
r~ v— ~--^ V.
180
120
imilimi
100
160
iiiiiiiiin
miiliini
BUSINESS
EQUIPMENT
-.^
^^
160
IIIIlllIIII
IllllllllII
^^CJ
•^iZ^—/~'
— ^ •'•"--'
DURABLE
100
imilum
Illlltlltll IIIIlllIIII
IllllllllII IllllllllII
100
itmlmn
IllllllllII Illllllllllllllltllllll IllllllllII
PERCENT*
100
CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
90
UTILITIES AND MINING PRODUCTION
120
CONSUM =0
GOODS
120
120
100
^ —^
140
MANUFACTURING PRODUCTIC
NONDURABLE
-L*f*^
140
HFFFM^F
AND SPACE
FOIMPMFNT
200
—1r^-^
•>
FINAL PRODUCTS
»
uFILITIES
vn..V'-"
mntiim IllllllllII
1986
1987
-NvX
A-' '
-
•
^ «.-**"
80 =>*-
•.
-~"1
70
MINING
IllllllllII IllllllllII ll|ll||||ll
1989
1990
1988
IllllllllII IllllllllII IllllllllII IllllllllII IllllllllII
1989
1987
1990
1986
1988
"SEASONAf.IV ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1977 = 100
Industry production indexes, 1977 = 100
Capacity utilization
rate, percent l
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
141.8
-1.9
2.2
7 -[
5^9
11.2
1.9
1.1
3.8
5.7
3.4
84.31
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
142.7
148.2
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
141.9
' 146.5
35. 11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
143.9
150.5
9.83
112.4
117.5
109.3
102.9
11). 1
108.9
100.4
100.7
103.4
102.6
.5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
114.3
115.9
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
83.3
83.7
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.1
83.5
r
83.9
1989:
140.8
140.5
140.7
141.7
141.6
142.0
141.9
142.5
142.3
141.8
142.2
142.5
4.8
4.5
4.4
4.7
4.1
4.0
2.8
2.9
2.7
1.8
1.6
1.5
147.2
146.8
147.0
148.0
148.1
148.7
148.5
149.2
148.8
148.0
148.5
148.6
146.2
145.9
145.8
146.9
147.1
147.4
146.8
147.8
147.2
144.9
145.5
145.9
148.5
148.1
148.6
149.6
149.5
150.5
150.8
151.1
151.1
152.4
152.7
152.4
103.0
100.9
101.5
102.4
102.0
101.5
102.1
102.4
103.5
104.4
104.5
102.4
114.0
116.5
117.5
117.1
115.6
1 14.3
114.0
113.3
114.5
115.6
115.5
122.8
84.3
83.9
83.8
84.2
84.0
84.0
83.7
83.9
83.6
83.1
83.1
83.1
84.7
84.3
84.1
84.5
84.3
84.4
84.0
84.2
83.7
83.1
83.1
82.9
140.9
.1
147.2
143.3
152.7
104.6
109.6
81.9
81.9
Jan
Feb
Mar
Apr
May
July
Aug
Sept
Oct r
Nov r
Dec r
1990: J a n "
iors c.l tlic Frd.-ral
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977=100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 '
....
...
1989- Jan
Feb
Mar
Mav
July
Sept
Oct ' .
Nov '
Dec '.
1990-. Jan p .
1
Durable
goods
Nondurable
goods
Total >
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
44.77
112.2
115.2
109 5
114.7
127 3
131.0
132.5
136.8
144 3
150.2
23.52
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
133.9
139.5
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
125.3
129.6
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
137.1
143.2
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
158.2
164.3
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
157.6
167.6
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
185.8
179.8
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
151.5
157.4
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
138.6
141.5
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
162.5
171.0
42.28
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
125.2
128.1
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
101.5
100.6
148.2
148.6
148.9
150.2
150.4
151.2
150.2
151.1
150.8
149.4
150.2
151 5
138.5
138.7
138.4
139.5
139.2
139.9
138.7
139.3
139.0
140.2
140.5
141.4
131.5
131.6
130.1
132.2
131.2
130.8
127.3
128.7
127.9
127.9
127.4
128.5
141.1
141.4
141.4
142.2
142.1
143.3
142.8
143.2
143.1
144.7
145.3
146.1
161.1
161.6
162.8
164.3
165.4
166.1
165.5
166.8
166.5
161.7
163.2
164.9
163.8
165.0
166.3
167.8
169.1
169.6
168.5
169.9
169.6
164.8
166.6
168.8
180.0
179.3
178.7
179.9
180.7
181.1
182.0
182.7
182.1
176.0
176.6
177.7
156.6
155.1
156.1
156.5
156.3
157.0
157.5
157.5
157.8
158.6
159.5
160.3
142.3
139.5
139.3
140.2
140.2
141.2
142.2
141.5
140.9
142.6
143.9
143.7
168.8
168.4
170.4
170.4
170.0
170.4
170.6
171.2
172.3
172.3
172.8
174.4
128.1
127.4
127.3
128.2
127.9
127.7
128.3
128.8
128.6
128.7
128.4
127.6
100.5
100.5
101.0
101.7
101.1
99.1
99.1
99.5
100.9
101.7
101.9
101.7
148.8
138.2
119.7
145.1
162.9
165.9
m.i
159.9
144.0
126.6
100.0
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Frimarv metals
Period
Total
1980
1981
1982
1983.
1984
1985
1986
1987
1988
1989
..
r
1989: Jan
Feb
Mar .
Mav
July
Oct r...
Nov '
Dec '.
1990- Jan "
Source: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparcl
products
Printing
and
publishing
Chemicals
and
products
Foods
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
89 2
88.5
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
78.1
75.5
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
120.9
124.6
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
170.8
185.4
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
180.1
181.8
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
132.1
132.5
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
117.2
116.5
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
137.3
136.8
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
109.1
110.7
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
184.2
201.1
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
151.9
160.2
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
142.7
148.2
93.2
91.1
88 4
90.1
87.2
87 3
89.2
90.3
89.2
89.0
85.1
83.0
82.2
79.1
75.9
77.0
73.2
12.9
75.4
75.9
75.4
76.4
72.0
70.2
124.5
124.5
123.8
123.1
124.8
125.2
125.4
125.5
124.4
124.1
125.4
124.7
178.7
180.8
183.0
184.7
186.5
181.5
186.7
187.8
188.2
184.1
187.5
188.2
180.9
181.7
181.6
182.2
181.6
181.9
181.4
183.7
182.7
182.2
181.3
180.9
136.7
136.4
134.8
136.4
135.5
134.2
131.3
133.2
131.9
123.9
125.1
128.6
124.9
123.4
120.4
122.0
119.7
116.4
110.4
114.2
112.7
110.1
110.4
110.7
139.9
132.8
133.4
135.1
135.5
137.2
136.9
136.5
135.7
137.4
138.9
139.0
110.2
110.2
109.9
111.3
111.5
111.9
111.4
111.1
111.2
110.0
109.3
108.2
193.0
194.6
198.5
200.1
199.0
200.5
199.9
200.6
203.1
204.8
206.8
207.7
159.0
158.5
159.2
159.3
158.2
159.9
162.2
161.5
159.3
161.3
162.1
161.6
146.6
146.3
145.4
146.6
147.2
141.9
147.3
148.3
148.8
150.3
151.6
151.7
123.4
186.6
181.9
115.1
87.0
84.8
209.0
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total >
Commercial
and
industrial 2
Other
Federal,
State, and
loea!
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 '
252.8
261.3
248.0
282.4
329.6
356.6
387.0
397.7
409.7
414.7
194.3
204.7
194.3
228.7
271.9
292.6
315.3
320.1
328.7
330.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
195.7
423.0
416.6
416.8
411.9
416.5
412.5
410.3
416.3
416.2
414.6
416.9
416.6
337.7
333.2
338.1
332.5
330.6
329.0
328.8
331.9
329.6
329.8
328.0
321.7
333. 1
202.9
200.5
202.1
200.7
197.0
194.2
195.2
194.4
192.8
193.1
191.1
190.2
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
137.8
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
81.9
47.2
50.5
50.9
49.3
49.4
51.4
50.2
48.9
50.8
52.9
58.5
56.5
53.7
53.8
57.7
64.1
71.7
77.6
80.9
84.3
97
100
100
124
136
150
159
165
166
166
82.5
81.1
84.2
79.3
80.1
81.6
80.9
83.3
83.2
84.0
83.5
78.9
83.4
52.2
51.6
51.8
52.5
53.5
53.2
52.7
54.2
53.6
52.7
53.3
52.5
53.9
85.3
83.4
78.7
79.4
85.9
83.5
81.5
84.4
86.6
84.8
88.9
94.9
90.9
172
160
158
175
165
166
168
168
181
173
158
160
154
Annual rates
Annual rates
1989- Jan
Feb
Mar
July
Sept
Oct
Dec r
1990- Jan p
424.0
195.8
1
Includes residential improvi ients, not shown separately.
2
Includes hotels and motels.
3
F.W. Dodge series.
904
919
690
756
955
1,097
1,016
1,019
973
926
145.6
145.3
143.2
141.8
138.2
136.5
136.6
135.8
134.0
133.9
135.1
135.0
138.3
r
r
914
872
870
864
r
909
r
916
r
915
r
805
' 1,008
r
892
r
812
'805
r
r
883
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
1980
1981
1982.
1983
1984
1985
1986
1987
1988
1989
Units started, by type of structure
Total
1 unit
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
r
1,374.4
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
' 1,001. 7
2-4 units
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
r
55.5
5 or more units
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
r
317.3
Units
authorized
1,190.6
985.5
1,000.5
1,605.2
1,631.8
1,733.3
1,769.4
1,534.8
1,455.6
1,340.6
Units
completed
Homes sold
Homes for
sale at end of
period l
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
1,421.6
545
436
412
623
639
688
750
671
676
650
337
275
253
301
353
346
357
r
366
r
367
r
361
1,537
1,610
1,459
1,552
1,442
1,355
1,372
1,439
1,368
' 1,317
' 1,479
1,290
'704
r
623
r
o56
r
610
r
651
r
646
r
741
r
719
r
638
r
636
r
692
r
634
369
375
377
'376
r
,379
r
376
369
364
364
r
363
363
r
361
589
365
for rental
housing units
(percent) 2
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
Seasonally adjusted annu al rates
1989: Jan
Feb
Mar
May
July
Sept
Oct
Nov
Dec
1990- Jan "
1
r
1,188
' 1,026
'979
r
1,028
977
r
971
r
1,029
r
987
r
969
1,023
* 1,010
r
911
66
60
r
51
62
r
43
55
r
58
r
54
r
56
60
47
'55
405
368
375
r
251
r
288
'388
337
r
284
r
238
340
'290
288
1,486
1,403
1,230
1,334
1,347
1,308
1,281
1,328
1,319
1,356
1,342
1,376
1,625
1,137
54
434
1,745
r
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
2
r
' 1,659
' 1,454
r
1,405
T
1,341
1,308
' 1,414
r
1,424
' 1,325
r
l,263
1,423
r
1,347
r
1,254
r
r
7.2
7.1
7.2
6.8
are for 16,000 places.
Seasonally adjusted housing starts and new homes sold and for sale revised beginning 1987.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In December, manufacturing and trade sales fell 0.1 percent and inventories fell $2.6 billion. In January, according
to advance data, retail sales rose 1.6 percent, following a decline of 0.2 percent in December.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
800
240
,-^-
-
-r-<1
700
•
-
TRADE INVENTORIES
-_^--
.
,._-
^\r~~^\
~
-
1
RETAIL INVE NTORIES
sX^
-
180
600
--'"
^~s
~
200
^MANUFACTURING AND
500
—
220
—
-
160
-
--- \
MANUFAC TURING
AND TRAD E SALES
-
400
1
--- —
140
A /'
120
-.-"-'•
-
RETAIL SA .ES
-
-
-
100
iiiiilniii
300
Illllllllll Illllllllll Illllllllll Illllllllll
)*
RATIC
1.80
_ INVENTORY-SALES RATIO
-
- ^ ^ N ^2/1
1
200
-
RETAIL
-
^v-A^-
-
"~
MANUFACTURING
-
AND TRADE
1.20
miiimti
|llllllll||
iiiiilniii ninlinii
1987
1986
1989
1988
IIMllllIII
1990
iiin!iiiii
J.OO
,
iiiiilniii
1989
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade 1
Wholesale
1990
Inventories 3
Sales 2
574,491
590,358
644,306
655,066
653,853
700,761
r
753,299
794,405
96,290
100,244
113,195
114,315
115,677
123,581
132,361
142,266
Inventories 3
Inventorv-sales ratio 4
Retail
Sales
Sales
Illllllllll
COUNCIL OF ECONOMIC ADVISERS
Period
2
lllllllllM
1988
1987
1986
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
3
Total
Durable
goods
stores
Nondurable goods
stores
61,093
64,754
68,985
72,434
74,802
79,077
83,384
88,533
134,468
147,377
167,159
180,825
185,224
206,981
r
220,510
237,030
61,469
68,984
79,257
88,608
90,477
106,271
114,248
119,387
72,999
78,393
87,902
92,217
94,747
100,710
r
106, 262
117,643
Manufacturing
and
trade *
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989 "..
348,747
368,813
407,869
418,151
423,700
449,536
485,756
516,646
..
1988: Dec r
1989: Jan..
Feb
Mar..
May .
June
Julv.
Sept.
Oct
Novr
Dec "
2
3
28,013
32,574
37,819
41,387
44.861
47,707
52,379
54,056
r
1.67
1.56
1.53
1.55
1.55
1.51
1.50
1.51
1.49
1.44
1.49
1.53
1.56
1.56
1.57
1.62
507,081
753,299
136,898
178,626
139,356
54,448
84,908
220,510
114,248
106,262
1.49
1.58
759,803
763,051
765,504
771,340
778,093
780,802
787,584
790,368
790,572
793,157
797,046
794,405
140,356
139,547
139,991
142,290
142,474
141,959
141,667
143,280
143,905
144,554
145,076
146,711
179,761 " 139,970
179,810
139,428
179,681
139,516
181,226
141,413
182,615
142,543
182,548
142,500
183,950
143,555
183,529
144,860
182,891
145,293
143,426
186,119
186,987
144,387
186,698 r 144,058
* 53 ,607
53,071
52,886
53,901
54,139
54,016
54,653
55,876
55,861
53,980
54,067
r
52,924
* 86,363
86,357
86,630
87,512
88,404
88,484
88,902
88,984
89,432
89,446
90,320
r
91,134
222,584
224,185
224,693
226,656
230,423
231,762
232,831
235,350
236,791
235,326
237,246
237,030
115,704
116,169
115,993
117,093
118,835
119,542
119,864
121,782
123,030
120,422
120,830
119,387
106,880
108,016
108,700
109,563
111,538
112,220
112,967
113,568
113,761
114,904
116,416
117,643
1.48
1.50
1.51
1.49
1.50
1.51
1.54
1.50
1.51
1.53
1.53
1.52
1.59
1.61
1.61
1.60
1.62
1.63
1.62
1,62
1.63
1.64
1.64
1.65
146,392
54,999
91,393
See page 21 for manufacturing.
Monthly average (or year and total for month.
End of period.
20
89,107
97,328
106,805
113,821
119,663
126,785
135,763
142,588
511,811
507,328
507,555
517,745
518,088
515,695
511,144
526,290
522,760
519,975
522,289
521,956
r
1990: Jan"
1
128,196
130,334
142,380
146,745
152,447
162,648
r
178,626
186,698
4
Annual data are averages of monthly ratios.
Source; Department of Commerce, Bureau of the Census
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In December, manufacturers' shipments and inventories fell while new and unfilled orders rose. In January,
according to advance data, durable goods shipments and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
480
440 - INVENTORIES 400
360
240 -SHIPMEN TS
200
TOTAL
160
r^~T~~~
1
—-i
V
'
•»>.
120
^—--«.*
280
V ..— /•-—
200
s..^.s-'
_--~J
80
DURABLE GOODS
160
1ABLE GOOC
120
60
iimlimi imihmi mimmi
iinilmii
BILLIONS OF DOLLARS1* (RATIO SCALE)
NONDURABLE GOODS
80
60
ZBO
NEW ORDERS
240
200
«^-~~—ir-~/S"~'
~
•~"
r TOTAL
v
"
•
r
RATIO *
2.20
160
120
W-S*
—_
„
80
-— *'
^* ^
^'
' -• —• "" •
\
N"NDI JRABLE GOC r>s
1.80
1.40
1986
llliiliini 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1
1987
1989
1988
1990
1.20
A
r~"
1.60
60
1 1 1 1 ! 11 1 1 ! t
INVENTORY-SHIPMENTS RATIO
2.00
-iv..-.V—1
^
1 1 t t 111 1 t 1 1
1 1 1 I 1t I 1 f f 1
1986
1 1 1111 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 111 11 1 1 1 1
1987
1989
1988
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1990
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments *
Manufacturers' inventories 2
Manufacturers' new orders l
Durable goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
hirers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989 r
1989- Jan
Feb
Mar
Apr
July
Oct
Nov
Dec
T
1990- Jan
p
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
231,793
79,352
84,956
96,623
99,019
99,989
105,291
115,684
122,679
231,485
228,353
228,048
234,042
233,071
231,236
225,922
238,150
233,562
231,995
232,826
231,187
123,578
120,924
120,432
123,331
122,962
121,720
117,114
128,347
124,393
121,840
123,209
122,210
83,998
86,286
91,246
90,996
88,371
93,879
101,948
109,113
107,907
107,429
107,616
110,711
110,109
109,516
108,808
109,803
109,169
110,155
109,617
108,977
311,827
312,647
334,767
327,496
316,182
331,132
354,163
370,677
200,825
200,406
218,771
214,066
208,313
216,598
233,666
245,867
111,002
112,241
115,996
113,430
107,869
114,534
120,497
124,810
162,273
174,122
189,791
190,918
188,663
201,966
221,627
235,635
78,338
87,600
98,581
99,843
100,166
107,770
119,634
126,568
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
109,067
314,270
349,419
372,586
383,181
387,065
421,243
468,860
514,601
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.58
357,458
359,056
361,130
363,458
365,055
366,492
370,803
371,489
370,890
371,712
372,813
370,677
236,810
238,165
239,330
240,486
241,689
242,295
245,813
246,378
245,621
246,427
247,610
245,867
120,648
120,891
121,800
122,972
123,366
124,197
124,990
125,111
125,269
125,285
125,203
124,810
236,075
231,306
233,011
239,907
233,753
235,157
230,447
236,793
234,354
234,067
239,710
241,038
128,479
124,107
125,377
129,372
123,524
125,137
122,031
126,766
125,227
124,262
130,175
131,954
40,352
37,189
38,137
40,389
37,290
39,146
41,445
37,130
35,341
35,975
38,901
44,426
107,596
107,199
107,634
110,535
110,229
110,020
108,416
110,027
109,127
109,805
109,535
109,084
473,450
476,403
481,366
487,231
487,913
491,834
496,359
495,002
495,794
497,866
504,750
514,601
1.54
1.57
1.58
1.55
1.57
1.58
1.64
1.56
1.59
1.60
1.60
1.60
118,159
38,321
117,677
Monthly average (or year and total for mouth. Shipments are the same as sales.
End o{ period.
3
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In January, the producer price index for all finished goods rose 1.8 percent. Prices of finished consumer foods rose
2.1 percent, and prices of other finished consumer goods rose 2.6
percent.
Capital equipment
prices rose
0.2
percent. (Seasonally adjusted data revised beginning 1985.)
INDEX, 1982 =100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
130
130
FINISHED GOODS PRICES
SEASONALLY ADJUSTED
~~
i
11 ZU
9(V
120
^
"'' '
'
«.--'
CONSUMER
FOODS ,—$
_
,-\7
CAPITAL EQUIPMENT
.
3
.
,'- \"'~~-
.'
,'
»
/^^/»rrf
„
/
100
Js^
*~jr^f
***^^
-*-
%
%
/
J
"^*
VxX-
\
*•
'
„
f
V
J
^s^^f
-^\
TOTAL
/-
\
•
*
110
^
'
_-^--*^^"™*^
t
^
»
/
S^
/^
-S£7*Jl'~
^^
.•^ ^-^
•t—<**/*"
+~"""' i
•4 -—'""
^..,' — 7^' *
/
-''
1/
t\ i"
r-S
^
_X*
100
\t
"
V
v
\ ••*
'*\
CONSUMER 3OODS
EXCLUDING :OODS
—
—
90 Illlllillll
1982
Illlllillll
iiiniiiiii
Illlllillll
Illlllillll
1984
1985
1986
1983
Illlllillll M l l l l l l l H
1987
Illlllllltl
Illlllillll
1989
1990
1988
SOURCE: DEPARTMENT OF LABOR
90
COUNCIL OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
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
100.3
101.4
102.0
104.4
105.5
105.6
104.3
102.7
104.5
105.1
104.3
105.4
109.5
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.7
116.8
117.3
117.5
117.4
118.1
118.8
118.9
119.3
120.1
119.8
120.3
120.6
120.9
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
109.6
110.5
111.0
111.9
112.9
112.8
112.1
111.6
112.5
113.3
113.3
114.1
116.9
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: Jan r....
Feb '
Mar ''..,
Apr '
May r...
June T
July T..
Aug r
Sept '..
Oct r
Nov r..
Dec r
1990- Jan
1
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.5
111.2
111.9
112.4
113.1
113.9
114.0
113.6
113.3
114.1
114.7
114.8
115.5
117.6
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
117.0
117.9
118.6
118.0
118.6
117.9
118.1
118.5
118.1
119.7
120.8
121.5
124.0
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
109.2
110.0
110.4
111.4
112.4
112.7
112.1
111.5
112.8
113.0
112.8
113.5
115.5
Intermediate materials for food manufacturing and feeds.
NOTE.—Seasonally adjusted data revised beginning 1985.
22
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
106.0
106.9
107.3
109.0
110.0
110.2
109.2
108.2
109.7
110.1
109.6
110.5
113.4
Durable
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
116.1
116.7
116.8
116.4
117.2
117.7
117.4
117.8
118.7
118.7
118.7
119.3
118.9
Intermediate materials
Crude materials
Foods
Foodstuffs
Total
and 1
Other
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
115.5
115.4
116.7
115.4
113.8
111.6
113.2
112.8
112.7
112.6
113.5
113.0
113.3
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
110.5
111.0
111.6
112.3
112.5
112.4
112.0
111.8
112.2
112.4
112.3
112.3
113.6
Total
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
110.8
111.2
111.9
112.5
112.6
112.3
112.1
111.8
112.2
112.4
112.4
112.3
113.6
and
Other
feedstuffs
feeds
iource: Department of Labor, Bureau of Labor Statistics.
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.0
101.9
101.8
103.5
104.5
104.5
103.3
103.5
101.1
102.3
102.3
103.0
104.6
107.1
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.1
113.7
112.6
114.8
112.1
110.8
109.6
108.9
109.7
109.0
108.4
110.9
113.7
114.8
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
90.1
90.7
92.0
95.1
95.9
94.7
95.5
91.3
93.6
94.0
93.5
94.3
97.6
CONSUMER PRICES—ALL URBAN CONSUMERS
In January, the consumer price index for all urban consumers rose 1.1 percent, seasonally adjusted (1.0 percent not
seasonally adjusted). The index was 5.2 percent above its year-earlier level. (Seasonally adjusted data revised
beginning 1985.)
INDE)(, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO S CALE)
130
130
SEASONALLY ADJUSTED
^^^
120
CONSUMER PRICES— ALL ITEMS
^^
\
\_^^-
110
120
110
^~-^~
^^
100
100
_^"^
^~
90
90
80
80
70
70
60
nmlitui mnlum
\\\\\\\\\\\
1983
1982
mnliim nmlinii niiiliini nnilimi iliiilnni iiinl|iiii
1985
1984
1987
1986
1988
1989
SEE NOTE ON TABLE 8 BLOW
SOURCE: DEPARTMEN OF LABOR
COUNCIL OF CONOMIC ADVfSERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
1
Housing
Transportation
All items >
60
1990
T
[
All
Shelter
Period
Hel. imp.3
1980...
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
Jan *
Feb r
Mar r
Apr *
May rr
June r .
Julv
Aug '.r
SeptT
Oct .
Nov r.
Dec r
1990:
Jan
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
Food
Total
1
Total
Renters'
costs
(Dec.
1982 =
100;
100.0
82.4
90.9
96.5
99.6
103 9
107.6
109 6
113.6
118.3
124.0
Homeowners'
costs
(Dec.
1982 =
100)
16.3
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
42.0
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
27.9
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
103.0
108.6
115.4
121.9
128.1
133.6
138.9
102.5
107.3
1131
119.4
124.8
131.1
137.3
134.4
134.7
135.2
7.9
19.8
Maintenance
and
repairs
(NSA)
0.2
82.4
90.7
Fuel
and
other
utilities
7.5
75.4
86.4
94.9
100.2
Apparel and
upkeep
6.1
90.9
95.3
MediTotal >
17.1
83.1
93.2
97.0
99.3
103.7
106 4
102.3
105.4
108.7
114.1
New
cars
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
48.4
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
81.3
83.0
84.1
93.4
95.3
94.6
92.9
88.4
87.1
88.4
86.8
86.3
144.0
145.0
145.9
146.7
147.6
148.7
149.6
150.8
151.9
153.0
154.2
155.1
90.2
90.9
91.6
96.2
97.0
96.4
95.9
93.8
93.2
94.1
93.8
94.1
125.3
125.8
126.2
126.6
127.1
127.4
127.7
127.8
128.3
128.8
129.3
129.7
93.4
156.1
98.9
130.4
106.8
106.7
106.9
107.3
107.5
107.3
107.8
107.8
108.0
108.1
108.7
109.4
117.6
117.7
118.8
119.3
119.5
118.9
118.3
116.9
118.6
119.4
119.4
119.0
111.3
112.1
112.6
115.1
1 15.8
115.7
115.3
114.2
113.9
1 14.5
114.6
115.0
118.8
119.1
119.5
119.5
1 19.5
119.3
118.8
118.5
118.1
118.8
119.8
120.8
111.6
119.0
117.4
121.6
121.0
121.2
121.6
121.8
122.2
122.6
123.3
123.5
123.7
124.2
124.7
125.2
129.8
130.3
131.0
131.1
131.7
132.3
133.2
133.5
133.7
134.4
135.0
135.6
135.3
136.2
137.6
137.1
137.4
138.0
139.6
139.1
138.7
139.8
140.5
141.0
135.6
136.3
136.9
137.6
138.2
138.7
139.4
140.0
140.6
116.1
117.1
117.1
117.3
117.4
118.3
118.4
118.5
118.6
118.6
119.3
119.5
127.4
127.7
130.5
126.1
136.3
142.3
141.1
120.4
gy
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
104.8
106.5
104.1
103.0
104.4
107.8
122.2
122.7
123.5
124.2
124.9
125.2
125.6
125.9
126.3
126.8
127.4
128.0
Ener2
6.2
74.9
82.9
92.5
100.B
106.8
113.5
122.0
130.1
138.6
149.3
97.8
100.2
102.1
105 0
105.9
110.6
115.4
118.6
121.4
121.9
122.5
123.3
123.8
124.1
124.5
124.5
124.8
125.4
125.8
126.3
cal
care
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
4.2
88.4
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
121.1
121.6
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.9
126.1
Motor
fuel
items
less
food,
shelter,
and
energy
3.2
7.4
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Poods
Capital
equipment
Excluding- foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.8
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989*
14.1
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
7.5
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.0
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.1
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.7
Change, month to month
1989' Jan
1.1
.6
.4
.6
.7
.1
-.4
-.3
.7
.5
.1
.6
1.8
Feb
Mar
May
1990:
July T
Aug *
Sept r
Oct ''.
Nov *
Dec r.
Jan
1.1
.8
.4
1.6
.9
.2
-.9
-.9
1.4
.4
— .5
.8
2.6
1.3
.8
.6
— .5
.5
-.6
.2
.3
-.3
1.4
.9
.6
2.1
7.1
8.3
9.0
7.0
7.3
5.8
1.8
-2.1
0.5
.4
.2
-.1
.6
.6
.1
.S
.1
2
.4
.2
.2
8.3
9.9
9.9
11.8
12.1
11.3
.7
-6.4
-1.8
3.3
5.3
2.9
12.5
7.9
9.3
11.2
3.5
2.4
-2.3
.3
-.3
.7
5.5
8.0
12.0
15.2
3.9
5.4
5.0
10.5
NOTE.—Seasonally adjusted data revised beginning 1985.
5.6
6.2
6.1
7.1
7.8
7.4
4.4
2.5
3.0
2.8
1.6
2.6
7.2
4.2
5.3
4.6
2.1
2.8
4.5
5.2
4.1
4.4
3.1
3.4
1.7
3.7
5.3
6.7
7.3
10.1
11.0
10.6
6.1
2.4
4.5
2.0
7
.5
7.8
7.6
7.9
6.9
5.7
5.8
4.2
1.9
1.0
-.8
2.9
3.7
6.2
10.2
4.2
4.6
3.5
3.1
4.0
4.5
3.6
3.4
4.5
4.1
3.8
3.1
3.4
4.5
5.3
5.5
5.6
6.2
6.1
5.1
4.3
4.6
4.9
4.6
4.8
5.8
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 l
Food
Total '
Total >
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total *
New
cars
Motor
fuel
cal
care
BnergJ8
All
items
less
food,
shelter,
and
energy
Addendum: All items, percent change
(annua rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1980
1981
1982 ..
1983
1984
1985
1986
1987
1988
1989
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
4.5
5.1
5.9
4.6
5.3
4.7
5.1
0.6
.4
.5
.7
.4
2
.3
0
2
.5
.3
.4
1.1
0.8
.4
.7
.6
.6
2
.3
.2
.3
.4
.5
.5
2.0
0.4
.2
.3
.2
.3
.3
.6
2
2
.4
.4
.4
.7
0.4
.4
.5
.1
.5
.5
.7
.2
.1
.5
.4
.4
c
0.2
.7
1.0
-.4
.2
.4
1.2
4
-.3
.8
.5
.4
.9
0.4
.2
.4
.3
.5
.4
.5
.4
.4
.5
.4
.4
4
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
7.4
18.8
9.4
6.8
1.5 -6.5
3.4 — 1.7
2.5 -2.4
3.1
3.4
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
0.7
2.1
1.3
11.1
2.0
— .7
-1.8
-4.8
-1.5
1.5
-1.8
-.6
8.2
0.8
.7
.6
.5
.6
.7
.6
.8
0.8
.8
.8
5.0
.8
-.6
-.5
13.5
10.3
6.2
3.2
43
3.6
1.9
3.6
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
4.1
4.1
4.8
Chs nge, month to month
Jan '
Feb '
Mar '
Apr '
May r.....
June r....
July r....
Aug '.....
Sept '....
Oct '
Nov r
Dec '
1990: Jan
1989:
0.6
-.1
2
.4
.2
2
.5
0
.2
.1
.6
.6
2.0
-0.2
.1
.9
.4
.2
-.5
-.5
19
1.5
.7
0
-.3
0
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
Quarterly changes are shown in the ]ast month of the quarter.
24
0.6
.7
.4
2.2
.6
-.1
-.3
-1.0
g
.5
.1
.3
2.1
0.5
.3
.3
0
0
___2
— .4
3
-.3
.6
.8
.8
.7
.7
.8
.6
.6
-.6
1.0
-.3
.3
5.1
0.6
.4
.3
.3
.4
.2
.2
.1
.4
.4
.4
.3
.5
NOTE.—Seasonally adjusted data revised beginning 1985.
Source: Department of Labor, Bureau of Labor Statistics.
5.4
6.0
2.9
3.9
4.7
5.4
6.1
6.4
6.4
5.3
4.0
2.3
2.3
2.9
4.2
4.9
7.5
4.8
4.9
4.9
5.6
5.9
5.7
5.2
4.3
3.8
3.4
3.3
3.6
5.2
4.7
4.8
5.0
5.1
5.4
5.2
5.0
4.7
4.3
4.5
4.7
4.6
5.2
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in February were 0.6 percent below their January level. Prices paid by farmers in
January were 1.1 percent above their October level. (Data are not seasonally adjusted.)
INDEX, 1977=100 (RATIO SCALE)
180
INDEX, 1977 =100 (RATIO SCALE)
180
---
__ '""~
160
160
140
>
^X
*"~
\
PR CES PAID
-
/^
-
^
-
•^
K^-x
120
100
140
^
^_
^
/
"
^
120
k
\
PRIC :S RECEIVED
100
-
-
80
80
60 m i n i m i
RATI D.!/
140
-
IllllllHU I l l l l l l l l l l I l l l l l l l l l l
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
60
RATIO^
-
I4U
120
-"
-
RATIO
_
ni
r,
^
Illllllllll Illllllllll
1982
1983
^n
'
iiiiiiiiin Illllllllll
1984
1985
100
!_
_X—,~
-, ,— i
1
-
Illllllllll Illllllllll Illllllllll Illllllllll
1986
1989
1988
1987
II
1990
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977=100; not seasonally adjusted]
Prices received by farmers
Period
1981
1982
1983
1984
1985
1989: Feb
Mar..
Apr
May
!49
!50
148
149
r
!48
147
145
144
145
147
149
June .
July
Aug ..
Sept
Oct ...
Nov
Dec...
Jan...
Feb
r
r
r
r
!54
153
All commodities,
services,
interest, taxes,
and wage rates1
Production
items, interest,
taxes, and wage
rates
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
158
161
154
156
157
157
161
160
162
165
170
(3)
(3)
177
(3)
(3)
178
(3)
(3)
178
(3)
(3)
(3)
(3)
167
(3)
(3)
168
(3)
(3)
166
(3)
(3)
(3)
(3)
166
(3)
(3)
166
(3)
(3)
165
(3)
(3)
!72
171
180
(3)
169
(3)
168
(3)
Livestock and
products
Crops
134
121
128
138
120
107
106
r
!26
r
!35
r
!39
r
!38
r
!42
142
r
!38
137
128
126
128
128
127
139
133
135
142
128
123
127
138
r
!48
1986
1987
1988
1989
1990:
All farm
products
Prices paid by farmers
!36
135
r
Production
items
Ratio 2
92
84
84
87
79
77
78
82
r
84
85
86
84
84
r
84
83
81
81
81
83
84
r
r
86
85
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977—100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In January, Ml fell slightly and growth slowed in the broader aggregates. (Series revised.)
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,800
4,400
4,000
3,600
4,800
4,400
4,000
3,600
M3
3,200
3,200
2,800
2,800
'\
2,400
M2
2,400
2,000
2,000
1,600
1,600
1,200
1,*00
600
400
1983
1984
1985
1986
1988
* AVERAGES Of DAILY FIGURES; SEASONALLY ADJUSTED
1989
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
EPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
412.2
439.1
476.4
522.1
551.9
620.5
725.9
752.3
1,633.3
1,795.9
1,954.5
2,186.0
2,367.2
2,567.4
2,811.2
2,909.9
1988- Dec
1989- Dec
787.5
794.8
Period
1980:
19811982:
1983:
1984:
1985:
1986:
1987:
....
1989: Jan
Peb
Mar
....
July
Sept
Oct
Nov
Dec ....
1990- Jan
p
1
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfmancial
sectors
(monthly
average) l
Percent change from year or 6
months earlier 2
M2
Ml
M3
Debt
1,991.1
2,236.9
2,443.8
2,694.3
2,982.3
3,201.7
3,494.9
3,677.8
2,327.8
2,599.4
2,853.5
3,155.5
3,523.4
3,830.6
4,137.1
4,336.8
3,881.9
4,269.0
4,660.0
5,185.4
5,932.7
6,741.5
7,597.0
8,316.1
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.6
8.9
10.0
8.8
11.8
8.3
8.5
9.5
3.5
10.2
12.3
9.2
10.3
10.7
7.4
9.2
5.2
9.5
10.0
9.2
11.3
14.4
13.6
12.7
9.5
3,072.4
3,221.7
3,918.4
4,043.3
4,676.1
4,866.0
9,082.2
9,801.3
.9
4.9
3.2
9.2
7.9
785.8
786.7
785.5
782.1
776.2
773.7
779.1
780.4
782.9
788.1
789.4
794.8
3,073.6
3,078.1
3,086.9
3,089.4
3,085.3
3,101.6
3,127.0
3,146.7
3,163.3
3,181.5
3,200.8
3,221.7
3,926.1
3,936.8
3,956.6
3,965.1
3,965.6
3,984.9
4,007.2
4,012.0
4,012.0
4,016.6
4,029.8
4,043.3
4,682.8
4,699.9
4,732.1
4,757.1
4,756.7
4,778.9
4,804.1
4,818.1
4,823.4
4,830.4
4,845.8
4,866.0
9,138.9
9,207.0
9,269.2
9,327.6
9,389.3
9,444.1
9,494.4
9,558.9
9,615.3
9,684.3
9,756.0
9,801.3
.6
.6
.2
-.8
-2.5
-3.5
-1.7
-1.6
-.7
1.5
3.4
5.5
2.7
2.7
3.0
2.7
1.4
1.9
3.5
4.5
4.9
6.0
7.5
7.7
4.1
4.1
4.6
4.2
3.2
3.4
4.1
3.8
2.8
2.6
3.2
2.9
8.8
8.8
8.7
8.6
8.2
8.0
7.8
7.6
7.5
7.6
7.8
7.6
794.7
3,232.0
4,051.7
4.0
6.7
2.2
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 arc from 6 months earlier at a simple annual rate.
NOTE.—See p. 27 for components.
26
L
C
Money stock series have been revised to incorporate the annual benchmark and seasonal factor
view, as well as fl minor adjustment to the composition of M2. Data prior to February 1988 are
revi
not yet a ilable. For further details see Federal Reserve Statistical Release II. 6, Money Stock
Revisions, February 15, 1990.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits '
Savings
deposits
Large
denomination
time
deposits 1
NSA
1980: Dec
1981: Dec
1982: Dec
1983- Dec
1984- Dec
1985- Dec
1986: Dec
1987- Dec
115.2 261.5
122.5 231.5
132.6 234.2
146.3 238.7
156.1 244.2
167.8 267.3
180.5 303.2
196.4 288.3
31.3
80.8
105.3
132.2
146.4
179.5
235.8
260.4
28 3
35.9
38.8
53.8
56 3
70.2
78.3
78.3
1988- Dec '
1989: Dec '
211.8
221.9
287.0
279.7
281.3
285.7
83.3
76.9
240.9
313.1
87.1
102.3
Jan r
Feb r
Mar r
Apr r
May '
June
July '
Aug '
Sept '
Get r.
Nov '.
Dec '
213.2
214.1
215.3
215.7
216.6
217.2
217.8
218.6
219.3
220.0
220.4
221.9
284.5
284.9
283.9
281.3
279.6
276.3
279.6
278.5
278.1
280.0
278.8
279.7
280.6
280.2
279.1
277.9
272.8
273.0
274.5
276.0
278.4
280.8
282.8
285.7
86.5
83.3
82.0
78.5
77.8
79.6
80.9
78.3
74.8
75.3
74.9
76.9
243.9
247.2
253.4
257.8
261.2
268.3
277.7
287.8
295.9
302.7
309.1
313.1
Jan"
224.6
277.3
285.3
81.0
320.8
1989:
1990:
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Com-
mercial
paper
34.0
36.0
34.5
51.8
61.9
65.6
84.0
109.1
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
72.3
67.8
68.0
71.1
74.2
79.4
91.7
100.4
133.5
149.4
183.6
211.9
260.7
300.1
282.3
257.5
32.1
40.0
44.5
45.0
45.4
42.0
37.2
44.7
1,031.0
1,142.1
541.1
558.1
121.7
94.8
106.0
82.3
109.3
117.5
272.2
316.2
40.6
41.2
335.6
347.9
424.2
421.0
417.9
412.0
405.4
403.4
403.3
404.0
405.5
406.1
407.9
409.0
1,042.7
1,054.2
1,066.4
1,084.1
1,103.0
1,114.0
1,122.4
1,130.0
1,132.6
1,135.9
1,138.5
1,142.1
546.7
553.3
560.1
568.3
573.1
574.9
574.7
570.5
565.6
562.7
560.9
558.1
123.0
126.7
128.9
126.3
127.5
128.4
123.8
116.9
112.9
108.3
107.2
94.8
100.6
100.1
105.7
100.3
97.2
93.4
91.8
89.6
85.3
80.4
80.3
82.3
109.8
110.7
111.5
112.2
112.8
113.6
114.3
115.0
115.7
116.2
116.8
117.5
270.7
268.2
274.3
280.2
288.3
289.7
291.3
294.2
304.4
307.6
307.4
316.2
40.6
40.6
41.4
41.5
41.2
41.2
41.9
42.6
41.0
40.0
40.5
41.2
335.7
343.6
348.3
358.2
348.8
349.4
349.5
354.3
350.3
350.0
410.3
1,142.4
554.3
91.3
77.7
728.6
823.2
851.0
784.0
886.3
882.6
853.9
914.1
500.3
483.8
427.8
409.0
87.1
86.9
86.3
88.3
92.1
96.3
99.0
101.4
101.6
101.1
101.1
102.3
492.6
485.6
479.9
473.2
463.1
460.9
463.9
468.2
471.9
475.3
480.8
483.8
103.3
484.9
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
Term
Eurodollars
(net)
260.1
302.5
326.8
327.4
417.2
436.6
439.0
487.4
400.2
344.0
356.9
305.6
285.4
301.6
371.0
416.4
1
Term
repurchase
agreements
(RPs)
98.8
105.3
113.6
133.2
160.7
207.4
231.0
260.3
351.3
347.9
here.
See Note pg. 26
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures *•; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
1980:
19811982:
19831984:
1985:
19861987:
1988-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1989: Dec '
1989:
Jan '
Feb '.
Mar '
May '
July '
Sept r.
Oct '
Nov '
Dee '
1990:
Jan <>
.
Nonhorrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
1,690
636
634
774
3,186
1,318
827
777
1,716
116
54
33
96
113
56
38
93
130
285,105
265
84
20
276,767
277,561
278,472
278,398
278,712
279,210
280,137
280,923
281,970
282,944
283,381
285,105
1,662
1,487
1,813
2,289
1,720
1,490
694
675
693
555
349
265
76
97
139
213
345
431
497
490
452
330
134
84
1,046
1,050
1,334
1,707
1,197
917
106
41
22
21
21
20
287,692
440
47
26
33,401
35,315
37 388
39,184
42,321
48,493
58,140
58,693
60,706
31,711
34,679
36,754
38,410
39,134
47,175
57,313
57,916
58,990
31,714
34,827
36,940
38,412
41,739
47,674
57,616
58,399
60,234
32,887
34,996
36,888
38,623
41,468
47,436
56,771
57,665
59,666
152,525
161,043
173,011
188,303
201,889
219,510
241,448
257,991
275,503
60,033
59,767
59,787
59,110
60,358
60,363
59,980
59,351
58,826
58,597
58,867
58,906
59,289
59,640
59,646
60,033
58,696
58,896
58,168
57,062
57,106
57,107
58,173
58,231
58,596
59,085
59,297
59,767
59,742
59,946
59,502
58,769
58,304
58,024
58,279
58,272
58,618
59,106
59,318
59,787
59,214
59,229
59,023
58,575
57,796
57,692
57,901
58,021
58,351
58,620
58,701
59,110
59,897
59,457
59,482
58,880
Special Notice, March 1, 1990.
Source: Board of Governors of the Federal Reserve Svstem.
3
148
186
2
2,604
499
303
483
1,244
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.2 percent in January. Commercial and industrial loans were about
unchanged from their December level.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
ALL COMMERCIAL BANKS
2,400
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,400
2,000
2,000
1,600
1,600
LOANS AND LEASES
1,200
1,200
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
OTHER SECURITIES-
160
III
120
1982
1984
1983
1985
III
1986
1988
1987
• SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
120
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *]
All commercial banks
Loans and leases
Period
Total
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1989:
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
1990: Jan"....
1,307.7
1,401.5
1,553.6
1,723.7
1,911.4
2,094.5
2,239.6
2,417.2
2,577.4
U.S.
Government
securities
179.3
201.7
259.2
260.2
270.7
309.6
335.5
2,422.8
2,451.9
2,464.9
2,470.9
2,486.3
2,496.8
2,518.1
2,534.4
2,544.1
2,575.5
2,583.9
2,577.4
361.4
396.9
360.4
361.8
368.8
370.7
373.5
373.8
374.4
376.6
378.8
391.7
397.5
396.9
2,585.8
404.6
Other
securities
160.9
165.7
170.6
142.6
181.4
196.5
195.3
194.0
181.3
189.6
190.4
189.7
187.2
186.4
185.8
184.6
182.8
182.9
182.7
180.3
181.3
178.0
Total
2
Commercial
and
industrial
967.5
1,034.1
1,123.9
1,321.0
1,459.3
1,588.4
1,708.8
1,861.9
1,999.2
355.4
392.6
414.1
472.9
499.7
536.2
562.7
601.9
634.2
1,872.9
1,899.7
1,906.5
1,913.1
1,926.5
1,937.3
1,959.1
1,974.9
1,982.4
2,001.1
2,006.1
1,999.2
606.6
619.0
617.8
620.6
626.3
624.9
632.1
637.3
636.9
641.1
641.6
634.2
2,003.3
634.5
Heal
estate
Individual
Security
Nonbank
financial
institutions
284.1
299.8
330.8
376.3
425.8
494.0
589.0
672.0
754.8
678.9
685.6
691.8
699.5
705.5
712.0
719.9
729.0
734.4
741.1
747.7
754.8
759.2
182.5
188.2
212.9
253.8
294.8
315.9
329.5
355.5
378.1
357.9
358.9
360.6
362.9
365.4
366.0
367.0
369.3
372.1
374.4
376.9
378.1
380.7
21.5
25.4
28.1
34.3
48.7
40.1
34.4
38.5
r
37.7
37.6
44.7
43.5
39.9
r
37.6
r
40.8
r
40.1
39.3
39.9
41.4
r
40.5
r
37.7
36.5
29.9
31.3
30.5
31.4
32.5
35.0
31.9
30.0
32.2
30.1
30.5
29.6
29.1
28.6
30.2
31.2
31.1
31.3
32.4
33.1
32.2
32.2
2
Agricultural
33.1
36.2
39.2
40.1
36.1
31.6
29.4
30.7
30.5
30.7
30.7
30.7
30.4
30.3
30.3
30.4
30.3
30.2
30.1
30.3
30.5
30.7
State
End
political
subdivisions
0.0
.0
3.3
46.0
56.7
58.4
52.5
46.7
41.0
44.2
44.3
44.3
44.4
44.4
44.2
43.9
43.6
43.5
42.9
42.3
41.0
39.4
Foreign
official
institutions
Lease
financing
receivables
18.1
14.8
13.4
11.1
7.2
5.9
9.4
7.9
9.7
9.6
7.5
7.6
9.1
7.8
8.5
8.2
8.4
9.4
9.3
8.9
9.3
8.5
9.7
9.0
9.1
8.8
6.0
5.9
5.3
4.9
3.8
4.8
4.8
4.8
4.9
4.9
4.7
4.5
4.3
4.3
4.0
3.8
3.8
3.4
12.7
13.3
13.7
16.0
19.0
Forbanks
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve Svstem.
of States and political subdivisions are included in loans rather than in other securitiei
28
22.3
24.5
29.2
31.1
29.4
29.6
29.6
29.8
30.0
29.9
30.3
30.3
31.0
31.6
31.6
31.1
31.8
Other
23.1
26.6
31.8
31.2
36.3
39.4
42.1
44.9
r
46.7
44.8
43.1
45.6
43.2
r
44.2
r
44.9
50.8
r
51.0
50.2
52.3
49.2
r
46.7
46.2
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Capital
expenditures 3
Credit market funds
]
Total
Securities
a,nd
mortgages
Total
Loans and
short-term
paper
Total
Other 2
Increase in
financial
assets
Discrepancy
(sources less
uses)
1980
1981
1982
1983
1984
1985..
1986
1987
1988
323.7
323.3
377.4
303.0
419.2
495.0
457.3
510.7
486.3
508.3
197.6
200.1
239.5
242.3
285.7
336.3
352.3
344.9
352.6
372.5
126.1
123.1
137.9
60.7
133.5
158.7
105.0
165.8
133.6
135.8
60.3
70.7
91.8
50.3
78.3
95.1
50.9
123.0
69.0
77.0
9.0
30.5
25.4
-1.7
44.6
-9.1
-3.0
58.9
38.1
7.7
51.3
40.2
66.4
52.0
33.7
104.2
53.9
64.0
30.9
69.3
65.8
52.5
46.0
10.4
55.2
63.6
54.1
42.9
64.6
58.8
368.3
341.6
382.9
302.7
392.0
473.0
422.9
448.2
453.9
473.4
238.6
243.2
285.9
255.7
269.9
367.9
339.9
328.8
348.3
380.4
129.8
98.4
97.0
47.0
122.1
105.1
83.0
119.3
105.6
92.9
-44.6
-18.3
-5.6
.3
27.2
22.0
34.4
62.6
32.4
34.9
1988: I
II
III
IV
507.6
508.3
528.5
488.8
369.0
367.2
372.3
381.6
138.6
141.1
156.2
107.2
95.5
109.4
82.0
21.0
38.2
28.1
38.7
-74.3
57.3
81.3
43.3
95.3
43.1
31.7
74.3
86.2
470.9
474.1
500.8
447.7
359.2
380.7
390.1
391.8
111.7
93.3
110.8
55.9
36.7
34.3
27.7
41.1
1989: I
II
III ".
483.8
536.6
440.3
361.9
364.8
373.1
121.9
171.8
67.3
30.6
158.0
25.4
-52.2
30.5
-22.8
82.8
127.5
48.2
91.3
13.8
41.9
445.5
505.1
415.1
376.0
388.8
386.6
69.6
116.4
28.5
38.3
31.4
25.2
1979
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capita
allowances, and foreign branch profit
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S
3
Plant and [jiiipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Govi lors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Total
1980:
1981:
1982:
19831984:
19851986:
19871988:
1989-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2P
1989- Jan 2
Feb
Mar
Apr
June
July
Aue
Oct
Nov r
Dec p
Other
Revolving
297,566
310,682
323,536
367,868
442,538
517,755
572,047
607,721
659,507
717,074
111,936
118,956
124,218
143,799
173,704
209,636
247,313
265,976
281,174
289,459
54,894
60,838
66,243
78,667
100,212
122,013
137,013
153,884
174,792
203,301
18,621
20,302
22,833
23,704
25,795
26,834
27,355
26,387
25,744
22,602
112,115
110,586
110,242
121,698
142,827
159,272
160,367
161,475
177,798
201,711
682,020
687,397
691,162
693,911
698,132
700,849
700,344
703,001
704,371
707,562
712,160
717,074
286,382
288,767
288,850
289,654
290,741
290,192
288,526
288,533
287,754
288,747
289,200
289,459
176,716
178,570
182,831
184,500
186,502
189,622
191,028
194,398
195,302
196,379
199,240
203,301
26,036
25,992
24,168
23,993
23,952
23,685
23,630
22,938
22,991
22,947
22,567
22,602
192,886
194,068
195,314
195,763
196,936
197,349
197,161
197,132
198,324
199,490
201,154
201,711
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
Mobile
home
Automobile
Mobile
home
Automobile
Revolving
1,083
13,116
12,854
44,332
74,670
75,217
54,292
35,674
51,786
-539
7,020
5,262
19,581
29,905
35,932
37,677
18,663
15,198
1,537
5,944
5,405
12,424
21,545
21,801
15,000
16,871
20,908
414
1,681
2,531
871
2,091
1,039
521
-968
-643
-329
-1,529
-344
11,456
21,129
16,445
1,095
1,108
16,323
5,377
3,765
2,749
4,221
2,717
-505
2,657
1,371
3,191
4,598
4,913
2,385
82
804
1,087
-549
-1,667
7
-779
993
453
259
1,854
4,261
1,670
2,002
3,120
1,406
3,370
904
1,076
2,861
4,062
-44
-1,824
-174
—41
-267
-56
-692
53
— 44
-380
35
1,182
1,246
449
1,173
413
-189
-29
1,192
1,166
1,664
557
Total
and January 1989. Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
Other
INTEREST RATES AND BOND YIELDS
Interest rates rose in February.
PERCENT PER ANNUM
PERCENT PER ANNUM
II OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) l
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
6 months '
Discount rate
(N.Y. F.K.
5
Bank)
Prime rate
charged r by
banks '
New-home
mortgage
yields
(FHFB) 6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
1989: Feb
Mar .
Apr
May
June
July
Aue
Sent
Oct
Nov
Dec
8.48
8.83
8.70
8.40
8.22
7.92
7.91
7.72
7.63
7.65
7.64
9.32
9.61
9.40
8.98
8.37
7.83
8.13
8.26
8.02
7.80
7.77
9.17
9.36
9.18
8.86
8.28
8.02
8.11
8.19
8.01
7.87
7.84
7.47
7.61
7.49
7.25
6.97
6.97
7.08
7.27
7.22
7.13
7.01
9.64
9.80
9.79
9.57
9.10
8.93
8.96
9.01
8.92
8.89
8.86
9.35
9.97
9.78
9.29
8.80
8.35
8.32
8.50
8.24
8.00
7.93
6.50-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
10.50-11.50
11.50-11.50
11.50-11.50
11.50-11.50
11.50-11.00
11.00-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
9.82
9.99
10.17
10.18
10.42
10.48
10.22
10.24
10.11
10.09
10.07
1990: Jan
Feb
Week ended:
1990: Feb 3
10
17
24
Mar 3 "
7.64
7.76
8.13
8.39
8.21
8.47
7.13
7.21
8.99
9.22
7.96
8.04
7.00-7.00
7.00-7.00
10.50-10.00
10.00-10.00
9.91
7.77
7.83
7.65
7.80
7.72
8.38
8.38
8.30
8.49
8.44
8.47
8.48
8.39
8.58
8.50
7.25
7.22
7.13
7.24
7.24
9.15
9.22
9.21
9.27
9.26
8.04
8.04
8.00
8.05
8.07
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-
1981
1982 ..
1983
1984
1985
1986
1987
1988
1989
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
30
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of iO years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in February.
INDEX, DEC. 31, 1965 = 50 (RATIOSCALE)
INDEX DEC. 31, 1965=50 (RATIO SCALE)
240
220
200
V—*•"!
180
240
220
200
180
s.
s-/
APOSITE STOCK PRICE INDEX ^^/ \
(NYSE)
_j|
(
\ S^^^
160
140
\T
120
160
140
~
120
/
/^^~
100
100
^-^~
/
80
60
1
80
^J"
60
,,, ,,!,,,,,
40
1983
1982
1
11 i 1 1 1 11 M i
1984
1986
1985
1987
1989
1988
40
1990
PERC ENT
PERC ENT
20
20
15
NGS-PRICE RATIO ON COMA(S&P1
!5
10
10
.
-—
5
^
0
1
|
1983
1982
|
i
|
1984
\
.
^
i
4
1985
^1
r
i t
1986
^-~
1
1
f
1987
5
i
i
i
1988
1
OURCES: NEW YORK STOCK EXCHANGE At •ID STANDARD & POOR'S CORPORATION
f
1
1
1989
1981
1982
1983
1984
1985... .
1986
1987
1988
1989
1989:
Feb
Mar
Apr
Mav
Julv
Sept
Get
Nov
De'1990: Jan
Feb
Industrial
Transportation
|
0
1990
Common stock yields
(percent) 5
New York Stock Exchange indexes (T ec. 31, 1965 = 5 O ) 2
Composite
i
COUNCIL OF ECONOMIC ADVISERS
Common stock prices *
Period
i
Utility
Finance
Dow- Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10) 4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
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
165.08
(64.60
169.38
175.30
180.76
185.15
192.94
193.02
192.49
188.50
192.67
200.00
19,9.20
204.81
211.51
216.75
221.74
231.32
230.86
229.40
224.38
230.12
162.66
160.14
164.32
168.89
173.47
179.32
197.52
202.02
190.36
174.26
177.25
77.84
77.66
79.69
84.07
87.90
90.40
92.91
93.44
94.67
94.95
99.73
137.19
137.91
143.26
146.59
154.08
157.78
164.86
165.51
166.55
160.89
155.63
2,304.30
2,28,9.11
2,348.91
2,439.55
2,494.90
2,554.03
2,691.11
2,693.41
2,692.01
2,642.49
2,728.47
294.01
292.71
302.25
313.93
323.73
331.93
346.61
347.33
347.40
340.22
348.57
187.96
182.55
225.79
220.60
173.67
166.69
95.69
92.15
150.11
142.68
2,679.24
2,614.18
339.97
330.45
3.59
,9.68
3.59
3.52
3.44
3.38
3.28
3.29
3.29
3.39
3.33
3.41
3.54
180.79
183.69
183.41
180.52
183.00
217.92
221.97
221.87
218.29
220.92
164.21
167.28
166.85
164.83
170.56
92.19
93.14
92.62
90.42
91.99
141.54
142.80
142.56
142.08
144.27
2,575.22
2,632.30
2,630.54
2,579.84
2,628.56
327.39
332.37
332.14
328.38
331.82
3.54
3.50
3.53
3.58
3.54
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
8.46
7.93
6.80
Week ended:
1990:
Feb
3
10
17
24
Mar 3"
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 4 months of fiscal 1990, there was a deficit of $59.8 billion, compared with a deficit of $64.8 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200 — RECEIPTS AND OUTLAYS^
1,100
1,100
OUTLAYS!'
V.--'
1,000
1,000
900
900
800
800
700
700
600
600
— SURPLUS OR DEFICIT H-^ -100
-100
-200
1
1982
1983
1984
1985
^
1986
1987
1988
1989
1990
199l
vT
-200
FISCAL YEARS
!/ INCLUDES ON-BUOGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
-4.3
20
-1.1
50
— 7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
176.8
183.5
193.8
202.7
210.9
225.8
236.0
9.4
16.7
19.6
38.8
52.8
59.7
78.6
1,817.0
2,120.1
2,345.6
2,600.8
2,866.2
3,113.3
3,319.2
1,499.4
1,736.2
1,888.1
2,050.2
2,189.3
2,298.7
2,357.3
66.3
69.9
12.1
13.0
2,706.2
2,973.8
2,110.6
2,260.4
1976....
Transition quarter
1977....
1978
1979....
1980
1981....
1982
1983 ..
1984
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
73 7
-14.7
53 6
-59.2
40 2
-73.8
78 9
-127.9
-207.8
-185.3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-70.5
13 3
-49.7
-54.9
-38.2
-72.7
-73.9
-120.0
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
32
-1.4
39
1985
1986 .
1987
1988
1989
1990 (estimates)
1991 (estimates)..
734.1
769.1
854.1
909.0
990.7
1,073.5
1,170.2
946.3
990.3
1,003.8
1,064.0
1,142.6
1,197.2
1,233.3
-212.3
-221.2
-149.7
-155.1
-152.0
-123.8
-63.1
547.9
568.9
640.7
667.5
727.0
788.0
855.7
769.5
806.8
810.0
861.4
931.7
971.5
997.4
221 6
-237.9
-169.3
-193.9
204 7
-183.4
141 7
186.2
200.2
213.4
241.5
263.7
285.4
314.5
310.9
328.3
375.7
388.1
-64.8
-59.8
232.5
245.4
309.4
318.2
769
-72.8
78.4
82.9
Cumulative total, first 4
months' J
Fiscal year 1989
Fiscal year 1990
. ..
1
Data from Monthly Treasury Slatemeni.
NOTE.—Data are from Budget of the United Statet Government, Fiscal Year 1991, January
32
1990, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 4 months of fiscal 1990, receipts were $17.4 billion higher than a year earlier and outlays were $12.4
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
—RECEIPTSi/-
500
500
- INDIVIDUAL INCOME TAXESV
400
400
300
300
SOCIAL INSURANCE
"TAXES AND CONTRIBUTIONS '
200
CORPORATION
INCOME TAXES"
200
100
100
0
900
—OUTLAYS-!/ -
900
800
800
NONDEFENSE
700
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
1982
1983
1984
1985
1986
1987
1988
1989
1991
1990
FISCAL YEARS
_!/'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Corporation
income
taxes
Social
insurance
taxes
and
contributions
298.1 131.6
355.6 157.6
399.6 181.0
463.3 217.8
511. 1 244.1
599.3 285.9
617.8 297.7
600.6 288.9
666.5 298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
Total
1976
1977
1978
1979
1980 ..
1981
1982
1983
1984 ,
1985
1986
1987 ....
1988
1989
1990 (estimates)
1991 (estimates)
Cumulative total, first 4 months: *
Fiscal year 1989
Fiscal year 1990
Other
Total
Total
International
affairs
Health
Medicare
Income
security
Social
security
Net
interest
Other
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
12.1
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
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
8S.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
Department of
Defense,
military
734.1
769.1
854.1
909.0
990.7
1,073.5
1,170.2
334.5
349.0
392.6
401.2
445.7
139.4
528.5
61.3
63.1
83.9
94.5
103.6
112.0
129.7
265.2
283.9
303.3
334.3
359.4
385.4
421.4
73.0
73.1
74.3
78.9
82.0
86.6
90.6
946.3
990.3
1,003.8
1,064.0
1,142.6
1,197.2
1,233.3
252.7
273.4
282.0
290.4
303.6
296.3
303.3
245.2
265.5
274.0
281.9
294.9
286.8
292.1
16.2
14.2
11.6
10.5
9.6
14.6
18.2
33.5
35.9
40.0
44.5
48.4
57.8
63.7
65.8
70.2
75.1
78.9
85.0
96.6
98.6
128.2
119.8
123.3
129.3
136.0
146.6
153.7
188.6
198.8
207.4
219.3
232.5
248.5
264.8
129.4
136.0
138.6
151.7
169.1
175.6
173.0
131.8
142.1
125.9
139.4
158.4
161.3
158.1
310.9
328.3
149.4
163.4
28.7
25.1
105.3
109.8
27.5
30.1
375.7
388.1
99.5
95.7
96.6
92.6
1.9
5.2
16.0
17.7
26.0
30.7
43.0
46.4
74.3
79.2
54.4
58.5
60.8
54.7
1
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United States
1990, except as noted.
National defense
Individual
income
taxes
Fiscal year
Sources: Department of the Treasury and Office of Management and Budget.
wnt, Fiscal Year 1991, January
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1989, according to revised estimates, Federal expenditures rose $22.9 billion (annual rate);
receipts data are incomplete.
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 {-)
\[
-200
-200
1981
1982
1984
1983
1985
1986
1987
1988
1989
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Personal
Period
Total
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Pur-
Total
chases
of goods
and
Transfer
payments
services
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Surplus
or deficit
Less:
Wage
accruals
less
disbursements
(-),
national
income
and
product
accounts
Fiscal year:
1985
1986
1987
1988
1989
776.8
815.2
897.3
958.6
1,046.4
340.4
357.0
401.2
408.0
457.3
74.6
81.1
97.7
108.3
115.4
55.9
50.9
53.4
55.8
57.6
305.8
326.1
345.0
386.4
416.1
962.3
1,028.0
1,060.4
1,104.0
1,175.6
341.5
368.6
375.5
378.6
400.5
374.0
394.6
411.2
432.7
461.6
97.8
107.4
103.1
108.6
115.8
128.3
134.6
138.8
149.0
168.6
20.7
22.8
31.9
35.1
29.1
-0.1
.0
.1
1
.0
-185.5
212 8
-163.1
145 4
-129.2
Calendar year:
1985
1986
1987...
1988
1989 r.
788.7
827.9
911.4
972.4
1,046.7
346.4
361.4
405.8
413.0
460.4
310.9
332.1
350.8
391.3
422.5
236.1
259.8
290.7
317.7
337.9
359.7
382.0
388.2
394.5
400.6
414.3
420.2
424.8
430.6
355.2
366.5
381.6
381.3
402.9
1,183.7
1,198.6
1,187.9
1,210.8
399.0
406.0
402.7
404.0
130.1
135.6
141.7
151.4
171.1
87.2
101.0
125.3
132.7
136.0
147.3
144.9
149.9
153.9
157.0
167.0
172.0
171.2
174.3
20.3
26.0
32.6
36.0
29.2
23.4
29.1
21.0
19.0
29.2
41.9
34.4
41.2
29.4
38.9
38.5
35.3
20.1
22.8
.0
.0
.6
.0
.0
2
1,096.5
1,114.7
1,099.8
1,162.1
293.2
276.1
326.0
376.6
368.8
388.1
374.1
377.1
367.5
406.4
99.7
106.8
102.6
111.4
119.4
84.5
86.0
96.3
103.5
103.0
102.2
110.1
112.2
111.0
112.2
118.7
118.4
118.3
122.1
196 9
-206.9
161 4
145 8
-148.5
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
380.1
399.9
414.3
438.2
472.6
347.4
352.5
362.1
385.8
405.8
421.9
433.0
434.4
438.0
447.6
460.4
466.9
475.6
487.6
2
.0
.0
.0
.0
303.0
291.9
326.0
355.3
376.2
420.0
55.1
50.5
53.8
56.7
58.7
47.6
53.6
56.2
53.5
50.8
54.5
55.9
55.9
57.4
57.8
58.0
58.2
59.4
59.1
985.6
1,034.8
1,072.8
1,118.3
1,195.2
633.1
675.5
742.7
805.3
853.8
937.4
944.7
973.2
977.3
994.6
1,036.2
1,053.2
1,043.2
76.3
83.8
101.0
111.4
105.1
46.4
70.2
69.7
78.8
88.9
103.1
104.2
111.6
114.0
115.8
117.0
109.7
99.9
-202.6
-169.2
-187.5
212 2
-189.0
164 4
-151.8
-141.5
-122.5
167 6
-147.5
-145.4
— 144.7
1982:
1983:
1984:
19851986:
19871988:
1989:
IV
IV
IV
IV
IV
IV
I.
n
in
IV
I.
II
m
IV r
402.7
417.5
411.4
420.3
446.8
465.1
459.1
470.8
Source: Department of Commerce, Bureau of Economic Analysis
34
.0
.0
.0
.0
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
118.1
117.8
118.8
119.2
116.9
117.8
118.8
120.5
119.7
120.8
120.2
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Cieneral merchandise imports (customs value) ft
Merchandise exports (f.a.s. viiUie) '
Principal end-use commodity catogorv
Period
Total z
1982
1983
1984
5
1985
1986
1987
1988
1989
5
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Copta!
goods
except
automotive
216.4
205.6
224.0
218.8
227.2
254.1
322.4
364.3
31.3
30.9
31.5
24.0
22.3
24.3
32.3
35.0
61.7
56.7
61.7
58.5
57.3
66.7
85.1
92.8
72.7
67.2
72.0
73.9
75.8
86.2
109.2
123.7
1988:
Dec
28 9
2.8
7.4
10.1
1989:
Jan
Feh
Mar
29.0
28 8
30.1
30.8
30.5
31.3
30.5
30.6
30.7
31.0
30.4
31.1
2.9
29
3.2
3.1
3.2
3.2
2.9
2.8
2.6
2.7
2.8
2.8
7.1
7.5
7.6
8.0
7.9
8.3
8.2
7.8
7.6
7.8
7.7
7.5
9.4
9.3
9.9
10.1
9.8
10.6
10.9
10.6
11.7
10.8
9.8
10.8
May
July
Aug
Sept ...
Oct
Nov r
Dec
Automotive
vehicles,
parts,
and
en-
15.7
16.8
20.6
22.9
21.7
24.6
29.3
29.3
2.4
2.4
2.5
2.4
2.3
2.3
2.2
2.7
2.3
2.6
2.5
2.7
Consumer
goods
(nonfood)
except
automotive
Trade balance
Principal end-use commodity category
Total
Other
2
14.3
13.4
13.3
12.6
14.2
17.7
23.1
32.8
20.7
20.5
24.0
27.3
35.9
34.6
43.4
50.7
23
3.6
2.4
2.5
2.7
2.8
2.6
2.9
2.6
2.7
2.8
2.7
29
3.2
4.7
4.2
4.2
4.4
4.6
4.0
3.6
4.0
3.7
4.4
4.8
4.1
4
4
Foods
feeds,
and
beverages
Industrial
plk's
and
materials
Automotive
vehicles,
parts,
and
gincs
Consumer
goods
(iionInod)
except
automotive
35.4
40.9
59.8
65.1
71.8
84.5
101.4
114.1
33.3
40.8
53.5
66.8
78.2
85.2
87.7
85.6
6.5
39.7
6.3
44.9
TO.O 1.8
68.3
9.4
79.4
10.4
12.1
88.7
12.8
95.9
13.5
102.5
Capital
goods
except
automotive
472.9
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
132.0
39.7
2 2
10.2
9.1
8.0
9-0
37.9
38.2
39.5
39.0
40.5
39.3
38.7
40.7
39.2
41.3
40.7
38.3
2.2
2.0
2.1
2.0
2.2
2.0
2.0
10.7
10.0
11.0
11.3
11.7
11.4
11.4
11.4
10.3
11.8
11.0
10.4
9.0
9.3
9.3
9.1
9.9
9.5
9.1
10.2
9.6
9.7
10.3
9.2
7.4
7.6
7.7
7.3
7.2
6.7
6.6
7.1
7.2
7.1
7.0
6.7
7.7
8.3
8.3
8.3
8.5
8.5
8.6
8.~
9.0
9.0
9.0
8.7
244.0
258.0
330.7
336.5
365.4
406.2
441.0
1.9
2.3
22
2.0
Other
General
merchandise
imports
(e.i.f.
value)
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
-38.4
-27.5
-64.2
-52.4
-V22.4
- TO6.7
254.9
269.9
346.4
352.5
382.3
424.4
459.5
492.9
-138.3
-152.1
-118.5
-108.6
-155.1
-170.3
-137.1
-128.5
1.2
41.3
-10.8
-12.5
.9
1.0
1.1
1.1
1.1
l.l
1.0
1.2
1.2
1.4
1.2
1.2
39.5
39.7
41.2
40.7
42.2
40.9
40.4
42.4
40.8
43.1
42.4
39.9
-8.9
-9.4
-10.5
-10.9
-11.2
-9.9
-11.7
-9.6
— 9.9
-11.9
-10.1
-12.0
-12.1
-8.8
- 133.6
-8.3
-10.1
-8.0
— 8.2
-10.1
-8.5
-10.2
- 10.3
— 7.2
U.S. INTERNATIONAL TRANSACTIONS
!n the fourth quarter of 1989, the merchandise trade deficit rose slightly, to $28.8 billion from $28.6 billion in the
third quarter. (Data revised.)
SILL ONS OF DOLLARS
BILLIONS OF DOLLARS*
10
10
5
5
:;:::
0
"
\:I/
-5
s
-10
Vv
\
-
0
A*
x A^
^\
\
\>
\%
\ \\
\
V
v
N \
\
-20
-15
X
-25
\
B 4.LANCE ON GOO DS
AND SERVICES
-20
X
•^
\
\
/^ «^ V
-- -.
\ ^"
\\
\ ^
'^...
&^ERCHANDISE TRADE.
BALANCE
\
;T
*°
w
/
/"^
-40
-45
,
I I I
1981
1982
1983
1
,-, !i
it
; ^ ><f-
'v^-'\
\^
L_L-_L_L_
1984
\
1986
1985
/
-25
-30
p ALANC
-35
CUR RENT A CCOUNT
40
I
1
1
1987
LJ
1
1 I !
-45
1989
1988
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits ( —)]
Merchandise ' 2
Investment income 3
military
transac'
Net
travel and
transportation
receipts
— 2,577
— 1,523
— 474
— 343
— 2,099
-3,557
— 4,576
— 2.857
—4,606
— 997
144
— 992
— 4,227
— 7,885
— 9,832
— 8,031
— 7,324
— 2,633
-1,089
— 777
-176
-210
-1,031
-1,440
— 964
-1,033
-1,006
— 1 ,604
-1,498
-1,518
-968
-1,874
— 2,241
- 1 ,965
-2,088
-1,279
-1,993
-1,854
-719
-155
94
— 297
91
193
Net
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
. .
1989 p....
Exports
Imports
224,269
237,085
211498
201,820
219,900
215,935
223,367
250,266
319,251
361,872
56,182
56,490
57,255
60,015
64,297
68,699
76,447
— 249,749
— 265,063
— 247*642
— 268,900
— 332,422
— 338,083
— 368,425
— 409,766
— 446,466
— 475*120
— 92,983
-95,081
-95,916
-99,834
-104,903
-109,113
- 109,893
— 109,882
-110,943
-115,748
r
-116,138
r
- 118,813
'"-119,249
-120,920
1986: III
IV
1987: I
II
Ill
IV
1988: l
II
I 78,471
III
80,604
IV
83,729
1989: I
''87,783
r
II
91,284
Ill ".... '90,691
IV ?.... 92,114
36
Net balance
Receipts
Payl
'
Net
— 25,480 72,506
— 42,119 30,387
— 52,329 34,083
— 27,978 86,412
_ 36*444 83*548
— 54*884 28*664
— 67,080 77,251
— 52,376 24,875
— 112,522 85,908 — 67,419 18,489
— 122,148 88*,832
— 62*901 25,931
— 145,058 88,615
— 66,968 21,647
— 159*500 104*703
— 82*420 22,283
— 127,215 107.775 — 105,548
2,227
— 113*248
-36.801 21.744
6,015
-15,729
4,472
-38,591 20,822
— 16,350
5,362
-38.681 25,117
-19,755
2,190
-39,819 22,744
-20,554
-40,606 23,578
-21,904
1,674
— 40,414 33 265
-20,207
13,058
-33.446 26.750
2,795
-23,955
— 31,411 23.148
-25,613 -2,465
-30,339
24,720 i -27,310 -2,590
— 32,019 33,159
4,489
-28,670
-28,355 26,830
-29,246 -2,416
-27,529 26,644
-32,765 -6,121
r
-28,558 33,808
2,611
-31,197
-28,806
Other
services,
net 3
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers *
7,794
9,126
— 7,593
— 7,647
11,085
15,810
2,191
— 9,188
11,436
-3,776
12,264
— 34,510
12,299
— 91,718 — 12,468
12,351 — 97,256 — 15,426
18,547 — 117,470 — 15,778
17,909 — 129,488 — 14,212
20,335 — 111,892 — 14,656
4,539
4,807
4,250
4.372
4,555
4,734
4,787
5,042
5,126
5,381
5,725
5,886
6,884
-29,210
-32,330
-31,190
-35,555
-36,687
— 26,055
-28,682
-30,586
-28,964
-23,659
-26,864
-29,216
-19,031
-4,376
-4,136
— 3,137
-3,265
-3,225
-4,586
-3,364
-2,899
-3,376
— 5,018
-3,526
-2,868
-3,656
.Balance
on current
account
1,533
8,163
— 6,997
-44,286
-104,186
-112,682
— 133,249
— 143,700
— 126,548
-33,586
-36,466
-34,327
-38,820
-39,912
-30,641
-32,046
-33,485
-32,340
-28,877
-30.390
-32,084
— 22,687
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $20.7 billion in the third quarter of
1989, in contrast to a decrease of $27.2 billion in the second quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, increased $25.7 billion in the third quarter, in contrast to a decrease of
$21.4 billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
20
-20
-20
-40
-40
1989
•SEASONALLY ADJUSTED
SOLIRCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as notedl
U.S. assets abroad, net
[increase/eapit
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
U.S.
official
reserve
assets 4 5
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow (-f-)] 4
]
U.S.
pnvate
assets
Foreign
official
assets
Other
foreign
assets
58,112
83,032
93,746
84,869
102,621
130,012
221,605
218,039
219,299
15,497
4,960
3,593
5,845
3,140
-1,083
35,594
45,193
38,882
42,615
78,072
90,154
79,023
99,481
131,096
186,011
172,847
180,418
Total
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
witli sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 5
(unadjusted,
imii oi
period)
-86,118
-110,951
-121,153
-49,777
-22,304
-32,628
-99,665
-76,218
-82,110
-8,155
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,566
III
IV
-26,078
-33,422
280
132
— 1,565
11
— 24,793
-33.565
69,927
62,339
15.785
1,251
54,142
61,088
-10,263
7,549
-4,669
4,463
48,087
48,51 1
1987: I
IT
Ill
IV
8,759
-22,632
-25,976
-36,370
1,956
3,419
32
3,742
40
-195
308
843
6,763
-25,856
-26,316
-40,955
33,381
51,134
73,575
59,949
14,040
10,329
753
20,070
19,341
40.805
72,822
39,879
-7.813
10,318
-7,687
7,062
3,895
-2,559
— 4,501
3,166
48,824
45.140
45,070
45,798
1988:
I
11
Ill
IV
4,540
— 16,119
-37,886
-32,648
1,503
39
-7,380
2,272
-1,490
-885
1,961
3,413
4,528
-15,273
-32,467
-38,332
27,027
65,334
46.179
80,759
24,63!
5,895
— 2,234
10,589
2,396
59,438
48,413
70,170
479
-15,729
24,047
— 19^434
3,843
-3,714
-4,556
4,431
43,186
41,028
47,788
47,802
1989:
1
II
III"....
-31,318
377
— 47,156
-4,000
-12,095
-5,996
1,049
-309
644
93 367
12,781
-41,804
60,007
-1,789
72,482
7,^78
-5.201
11,246
52,529
3.412
61 233
1,702
33,496
-2,638
4,127
-2,31!
-5,115
49,854
60.502
68,418
1986:
-5,162
-72,802
-5,097 -100,679
— 6,131 -110,058
-5,006
-43.576
-5.489
-13,685
— 2,821 -25,950
-2,024
— 97,954
997 -86,363
-81,543
2,999
Department of
1,152
1,093
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
25,322
18,663
34,404
9 194
'3 869
15,298
11,308
1,878
— 10,641
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
.-...
Disposition of Personal Income
'....
Farm Income
Corporate Profits
;
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
-° Preliminary.
r
Revised.
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
c
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1990
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