Full text of Economic Indicators : January 1990
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
101st Congress, 2d Session
Economic Indicators
JANUARY 1990
(Includes data available as of February 6, 1990)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1990
(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
OF
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the fourth quarter of 1989, according to advance estimates, current-dollar gross national product (GNP) rose 4.3
percent (annual rate) or $56.0 billion. Real GNP (GNP adjusted for price changes) rose 0.5 percent and the
implicit price deflator rose 3.5 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
5,600
SEASONALLY ADJUSTED ANNUAL RATES
5,200
^\
4,800
-
GNP
IN CU ?RENT DOLLAR s
4,000
^*^
-^
4,400
^
_----~
4,000
\ ^
,_---"'
-
3,600
3,600
x^3,200
\
GNP
—
IN 19 82 DOLLARS
~-~^~-^-~-
3,200
^~
-
2,800
2,400
2,800
I 1
1981
1
1
I I 1
1
1
1983
1982
1
1
1
1
1985
1984
1986
1
1
1
1
1987
1988
1
1
2,400
1989
SOURCE DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 *
1982:
1983:
19841985:
1986:
1987:
IV
IV
IV
IV
IV
IV
1988- I
n
HI
IV
1989: I
II
HI
IV"
1
Exports and imports of goods
and services
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
5,233.2
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
3,470.3
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
777.1
32.1
33.9
26.3
-6.1
-58.9
-78.0
-97.4
-112.6
-73.7
-50.9
351.0
382.8
361.9
352.5
383.5
370.9
396.5
448.6
547.7
624.4
318.9
348.9
335.6
358.7
442.4
448.9
493.8
561.2
621.3
675.2
530.3
588.1
641.7
675.0
735.9
820.8
872.2
926.1
968.9
1,036.7
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.6
381.3
404.1
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.8
298.0
302.8
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.8
83.3
101.3
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,665.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
409.6
579.8
661.8
654.1
648.8
749.7
14.1
-25.8
— 67.9
-103.2
-108.9
-114.6
335.9
364.7
385.7
369.2
402.4
482.6
321.9
390.5
453.6
472.4
511.3
597.2
671.8
676.1
764.5
856.7
888.9
947.5
293.2
276.1
326.0
376.6
368.8
388.1
205.4
221.5
244.1
268.6
280.7
296.8
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
5,337.0
3,381.4
3,444.1
3,508.1
3,547.5
769.6
775.0
779.1
784.8
-54.0
-50.6
-45.1
-53.8
605.6
626.1
628.5
637.3
659.6
676.6
673.6
691.1
1,016.0
1,033.2
1,038.9
1,058.6
399.0
406.0
402.7
408.8
Gross
national
product
Final
sales
Gross
domestic
purchases 1
322.2
345.9
369.0
391.5
425.3
465.6
505.7
544.5
587.6
632.5
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
5,203.8
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
5,284.1
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
591.0
604.9
4,709.8
4,809.2
4,882.3
4,998.7
4,822.5
4,913.4
4,993.1
5,088.1
298.7
301.3
307.8
303.4
100.4
104.7
94.9
105.4
617.0
627.2
636.2
649.8
5,085.4
5,174.3
5,253.6
5,301.8
5,167.1
5,252.3
5,326.1
5,390.9
Federal
Net
exports
GNP less exports of goods and services plus imports of goods and services.
Government purchases of
goods and services
Personal
consumption
expenditures
Exports
Imports
Total
Total
National
defense
Nondefense
Source: Department of Commerce, Bureau of Ec<
State
and
local
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1980
1981
1982...
1983
1984
1985
1986
1987
1988.
1989 p
19821983:
1984:
1985:
1986:
1987:
IV
IV
IV
IT
IV
IV
1988: I
II c
ra
IV
1989: I
II
Ill
IV
1
Personal
consumption
expenditures
Gross
national
product
Nonresidential
fixed
Residential
fixed
Government purchases of
goods and services
Exports and imports of
goods and services
Change
in
business
inventories
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases l
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,853.7
4,024.4
4,142.6
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
2,668.5
379.2
395.2
366.7
361.2
425.2
453.5
438.4
455.5
493.8
511,1
137.0
126.5
105.1
149.3
170.9
174.4
195.7
194.8
194.1
188.9
57.0
-6.9
49.4
23.9
26.3
-24.5
-6.4
-19.9
62.3 -84.0
9.1 - 104.3
5.6 -129.7
23.7 -115.7
-74.9
27.9
24.5 -56.3
388.9
392.7
361.9
348.1
371.8
367.2
397.1
450.9
530.1
587.6
332.0
343.4
335.6
368.1
455.8
471.4
526.9
566.6
605.0
643.9
620.5
629.7
641.7
649.0
677.7
731.2
761.6
781.8
785.1
805.8
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.9
337.2
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.2
261.5
256.2
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.4
67.4
81.0
373.6
370.1
369.0
373.9
387.0
405.2
427.5
442.1
456.2
468.6
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
4,118.1
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.8
3,969.4
4,099.3
4,198.9
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
179.4
200.3
191.9
11.7
-59.3
21.0 -46.2
-94.8
41.7
7.7 -125.3
-20.8 -135.4
56.6 -109.8
336.0
355.5
376.6
367.4
406.5
484.1
324.3
401.6
471.4
492.6
541.9
593.9
660.1
642.2
693.2
752.7
776.0
792.1
289.5
266.0
300.5
340.6
342.4
344.9
201.4
211.6
225.3
241.4
255.8
266.7
88.2
54.4
75.2
99.2
86.6
78.2
370.6
316.2
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
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
4,106,8
4,132.5
4,162.9
4,168.1
2,641.0
2,653.7
2,690.1
2,689.3
501.0
511.4
517.9
514.0
195.6
189.3
184.8
186.0
24.5
19.1
21.9
32.6
-55.0
-51.2
-57.1
-61.8
569.7
587.5
593.1
600.2
624.6
638.7
650.2
662.0
799.7
810.3
805.3
807.9
335.5
343.6
336.1
333.6
254.4
255.8
260.1
254.7
81.1
87.8
76.0
79.0
464.2
466.7
469.2
474.2
4,082.3
4,113.5
4,141.0
4,135.5
4,161.8
4,183.7
4,220.0
4,229.9
Source: Department: of Commerce, Bureau of Economic Analysis.
GNP less exports of goods and services plus imports of goods and sendees.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Gross private
domestic investment
Personal consumption
expenditures
Period
Gross
national
product
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
1980
1981
1982 .. .
1983
1984
1985
1986
1987
1988
1989 "
85.7
94.0
100.0
103.9
107.1
110.9
113.8
117.4
121.3
126.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.8
124.5
130.0
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.1
110.1
111.3
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.3
122.6
83.9
92.6
100.0
106.2
111.6
116.8
122.4
129.0
134.9
141.2
85.1
93.4
100.0
98.8
91.9
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
106.3
96.0
101.6
100.0
97.4
91.1
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
119.8
83.4
92.9
100.0
103.6
101.2
109.2
110.2
111.1
114.0
118.2
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.7
123.6
125.2
86.2
93.4
100.0
104.7
109.S
114.9
118.3
123.2
128.8
135.0
1982:
1983:
1984:
19851986:
1987:
IV
IV
IV
IT
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
II
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
1989: I
II
III
IV
124.5
125.9
126.9
128.0
128.0
129.8
130.4
131.9
111.2
110.8
111.4
111.7
120.0
123.3
122.9
124.2
139.0
140.4
141.8
143.5
100.4
100.2
100.3
100.1
122.1
124.2
125.6
126.2
106.3
106.6
106.0
106.2
105.6
105.9
103.6
104.4
118.9
118.2
119.8
122.5
117.4
117.8
118.3
119.1
123.8
119.2
125.0
133.4
132.9
134.4
135.6
137.0
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Period
-0.2
1.9
— 2.5
3.6
6.8
3.4
2.7
3.7
4.4
2.9
.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
.5
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
4.3
1980
1981
1982
1983
1984
1985 .
1986
1987
1988
1989 p
1982: IV
1983- IV
1984: IV
1985: IV. . .
1986: IV
1987: IV
1988: I
U
in
1989:
Constant
(1982)
dollars
Current
dollars
IV
I
II
III
IV ' . ...
Implicit
price
deflator
Persona! consumption expenditures
Chain price
index
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
3.5
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
3.7
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.4
7.3
10.3
9.7
7.2
6.0
6.2
3.6
8.7
7.4
".5
".6
7.1
".6
7.6
4.6
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
3.8
-0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.4
2.7
5.3
5.5
4.3
1.9
2.2
-.7
6.2
2.5
3.3
3.0
2.0
1.9
5.6
i
Implicit
price
deflator
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.8
3.9
4.4
4.4
4.3
3.0
4.0
3.9
4.4
2.3
4.7
3.9
4.6
4.8
5.7
1.9
4.7
Fixedweighted
price index
(1982
weights)
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.7
4.1
4.5
4.8
4.1
3.1
4.2
3.9
4.3
2.6
5.0
4.3
4.8
4.7
5.8
2.1
4.4
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.7
4.3
4.7
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
Source: Department of Commerce, Bureau of Economic Analysis.
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
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
nonfinaneial
corporate business
(billions of dollars)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 "
1982: IV
1983- IV
1984: IV
1985: IV
1986- IV
1987: IV
1988: I... .
II
III
IV...
1989:
1
I
II
Ill
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,520.7
2 731 3
2,903.5
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,598.4
2,648.1
2,705.9
2,754.9
2,816.4
2,842.7
2,887.2
2,936.2
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,282.6
2,419.5
2,478.2
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,343.3
2,381.8
2,408.9
2,434.1
2,453.2
2,459.1
2,471.3
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
1.172
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 nonfinaneial 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
tax4
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
r
21.522
r
r
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
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1982
1983.
1984
1985
1986
1987
1988
1989 *
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
1988: I
n
m
TV
1989: I
n
in
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,665.4
3,972.6
4,265.0
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,690.0
2,907.6
3,145.4
24.6
12.4
30.5
30.2
34.7
41.6
39.8
46.3
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
8.0
150.0
213.7
266.9
282.3
282.1
298.7
328.6
298.2
159.2
196.7
234.2
222.6
228.3
247.8
281.8
268.7
169.6
207.6
240.0
224.3
221.6
266.7
306.8
287.3
-10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
-18.5
-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
2,548.2
2,851.5
3,096.1
3 312 8
3,473.1
3,799.9
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,778.7
28.5
19.3
28.1
29.2
37.2
48.4
159.8
188.6
209.7
235.0
252.0
280.3
15.8
12.4
5.6
7.8
13.5
14.3
146.1
248.5
266.9
291.4
275.2
308.2
150.7
223.4
224.6
228.4
226.1
255.8
164.1
231.5
226.1
235.0
234.1
276.2
-13.4
-8.1
-1.6
-6.6
-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
3,853.6
3,933.6
4,005.7
4,097.4
2.819.4
2,878.9
2,935.1
2,997.2
44.0
45.4
37.7
32.0
279.9
286.5
289.3
296.3
15.6
14.6
16.3
16.1
318.1
325.3
330.9
340.2
268.1
276.4
284.1
298.7
288.8
305.3
314.4
318.8
-20.7
-28.8
-30.4
— 20.1
49.9
48.9
46.9
41.5
376.6
383.0
396.4
415.7
4,185.2
4,249.6
4,287.3
3,061.7
3,118.2
3,171.9
3,230.1
59.0
51.3
36.1
38.8
300.3
304.2
307.2
312.0
11.8
9.8
5.4
5.1
316.3
307.8
295.2
279.7
275.5
268.7
318.0
296.0
275.0
-38.3
-20.5
-6.3
-8.9
36.6
32.3
26.5
22.4
436.1
458.4
471.5
478.4
IV
1
Rental
income of
persons
with
capital
consumption
adjustment
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
3,470.3
252.7
289.1
335.5
372.2
406.0
421.0
455.2
473.6
108.9
130.4
157.4
179.1
196.2
195.5
211.6
214.0
95.7
107.1
118.8
129.9
139.7
149.1
162.0
173.7
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
263.8
310.0
346.7
373.2
422.0
424.5
115.7
144.4
162.3
173.8
201.1
196.3
1988: I
II
III
IV....
3,148.1
3,204.9
3,263.4
3 324 0
446.4
454.6
452.5
467.4
1989: I
II... .
Ill
IV*
3,381.4
3,444.1
3,508.1
3,547.5
466.4
471.0
486.1
471.0
Period
1982
1983
1984
1985
1986
1987
1988
1989 "
19821983:
1984:
19851986:
1987:
IV
IV
IV
IV
IT
IV
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
nondurable
goods
Food
48.1
51.6
59.3
63.2
70.0
76.5
81.6
85.9
771.0
816.7
867.3
911.2
942.0
998.1
1,052.3
1,122.6
99.1
112.4
122.7
134.7
143.8
151.4
49.0
53.2
61.8
64.7
77.1
76.7
210.3
212.5
208.4
215.3
156.9
162.2
162.7
166.1
211.7
212.9
225.6
205.9
172.1
173.5
173.9
175.2
Services
Retail sales of
new passenger
cars (millions of
units)
Clothing and
shoes
Gasoline
and oil
398.8
421.9
448.5
471.6
500.0
529.2
559.7
595.0
124.4
135.1
146.7
156.4
166.8
177.2
186.8
199.9
89.1
90.2
90.0
90.6
73.5
75.2
76.8
83.5
158.7
169.5
182.1
192.6
201.7
216.6
229.0
244.2
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
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
786.6
837.9
879.6
932.7
952.1
1,015.4
407.0
430.8
456.1
482.5
511.9
536.8
126.5
141.1
149.8
160.6
168.7
180.6
89.8
91.9
89.0
91.0
66.0
76.7
163.4
174.0
184.7
198.5
205.5
221.3
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,643.3
6.0
7.4
7.7
7.0
7.7
6.6
2.5
2.6
2.6
3.1
3.4
3.3
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
82.6
84.6
86.7
89.9
1,098.3
1,121.5
1,131.4
1,139.1
587.3
592.2
598.1
602.2
195.0
198.9
202 2
203.7
77.9
89.5
85.2
81.4
238.1
241.0
245.9
251.8
1,816.7
1,851.7
1,890.6
1,937.5
7.0
7.3
7.9
6.2
2.8
3.0
2.9
2.6
Other
Other
Domestics
Imports
SOURCES OF
Personal income rose $21.2 billion (annual rate) in December following an increase of $42.5 billion in November.
The December increase was boosted by a return to work following strikes in the aircraft and telephone industries
and was reduced by decreases in retroactive social security payments and in farm subsidy payments. The
November increase reflected recovery from the Loma Prieta earthquake, October bonus payments to motor vehicle
industry employees, and retroactive social security payments. Excluding these special factors, personal income
increased $23.6 billion in December and $26.2 billion in November.
BILLIONS OF DOLLARS*(RATIO SCALE)
.
. 5,000
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
4,000
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
I
1,400
1,400
OTHER INCOME
800
800
\
TRANSFER
PAYMENTS
400
400
illl
1981
1982
1985
1984
1983
1986
1987
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMENT OF COMMERCE
1989
1988
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 p
1988: Dec
1989- Jan
Feb
Mar
May
July
Sept
Oct r . .
Nov r
Dec "
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
4,428.7
4,206.3
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
4,505.5
4,548.0
4,569.2
Wage and
salary
disbursements l
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.4
2,429.0
2,632.0
2,516.7
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
2,697.0
2,699.0
2,715.9
Proprietors' income 3
Other labor
income x 2
138.4
150.3
163.6
173.6
182.9
187.6
199.3
212.8
228.9
248.3
238.2
239.7
241.3
242.9
244.4
246.0
247.5
249.1
250.7
252.2
253.8
255.3
256.9
Farm
20.5
30.7
24.6
12.4
30.5
30.2
34.7
41.6
39.8
46.3
29.4
48.0
65.9
63.0
56.4
54.3
43.2
38.8
36.5
32.9
40.0
39.8
36.7
Nonfarm
160.1
156.1
150.9
178.4
204.0
225.6
247.2
270.0
288.0
305.9
297.4
299.6
300.6
300.8
304.6
303.5
304.6
306.3
308.0
307.4
306.3
314.0
315.7
Rental
income of
persons 4
6.6
13.3
13.6
13.2
8.5
9.2
11.6
13.4
15.7
8.0
16.0
13.8
11.8
9.9
9.8
9.8
9.7
9.3
8.4
-1.6
-7.9
10.4
12.6
Personal
dividend
income
52.9
61.3
63.9
68.7
75.5
78.7
85.8
92.0
102.2
112.4
106.9
108.4
109.4
110.3
111.0
111.4
111.8
112.8
113.3
113.6
114.8
115.8
116.4
Personal
interest
income
271.9
335.4
369.7
393.1
444.7
478.0
493.2
523.2
571.1
657.8
606.4
616.5
628.9
641.5
648.4
655.2
661.8
665.0
667.9
670.4
674.9
679.5
684.0
Transfer
PaJ- 5
men'ts
324.7
368.1
410.6
442.6
456.6
489.8
521.5
548.2
584.7
632.1
595.6
610.7
614.2
624.2
623.9
625.5
630.9
632.6
636.4
640.2
644.6
652.2
650.2
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
200.1
209.0
209.8
211.3
212.6
212.7
213.8
214.8
215.2
216.3
218.1
218.1
219.2
Nonfarm
personal
income G
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
4,360.9
4,155.9
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
4,443.8
4,486.5
4,510.7
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the fourth quarter of 1989.
BILLIONS OF DOLLARS * (RATIO !>CALE)
4,000
3,800
^~-rrrrH •gfiUILLLU3,400
JJJ-L~
^ _TTTZ***^
3,000
BILLIOI-JS OF DOLLARS * (RATIO SCALE)
4,000
3,800
3,400
DISPOSABLE PERSONAL INCOME
3,000
A^TTTTEZZZZF^rf^^
2,600
2,200
^HHJM UlLLLLU^—
\
^rrflimjjj-'^- PEI
SONAL OUTK\YS
rrnJ£fl-^\
2,600
2,200
SAVIN G
1,800
1,800
1 I \
1,400
1
1
1 1
1
1
1
I 1
1
1
1
1
1
1
\
1
1
1
1
DOHA « ' (RATIO SCALE)
1
1
1
1
1,400
DOLLARS * (RATIO SCALE)
1 6,000
16,000
__^p-
PER CAPITA DISPOSABLE PERSONAL INCOME
14,000
2URRENT DOL
.—
-"
14,000
•*"
\
12,000
10,000
10,000
\
•!
,,!
12,000
p""
\
__^
1982 DOLL ARS
8,000
8,000
1
6,000
1
1
1
1
1
1982
1981
1
1
1
1983
1
1
1
1
1
1985
1984
1
1
1
1
1
1986
1
1
1
1
1
1988
1987
1
1
1
6,000
1989
COUNCIL OF ECONOMIC ADVISERS
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals'
Disposable
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
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
4,428.7
p
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.7
586.6
648.7
1,918.0
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,013.3
3,205.9
3,477.8
3,780.0
1982
dollars
Per capita personal
consu nption
expenditures
Current
dollars
1982
dollars
Dollars
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2388.5
3,104.1
3^333.1
3,573.7
136.9
159.4
153.9
130.6
164.1
125.4
124.9
101.8
144.7
206.3
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.8
2,635.3
2,676.6
2J793.2
2,906.7
8,421
9,243
9,724
10,340
11,257
11,861
12,469
13,140
14,116
15,191
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
2.1
4.9
2.0
2.6
.6
3.3
3.0
7.1
7.5
6.8
5.4
6.1
4.4
4.1
3.2
4.2
5.5
227,754
230J182
232,549
234,829
237,051
239,322
241,660
243,985
246,378
248,830
Percent
9,722
9,769
9,724
9,930
10,419
10,625
10,905
10,970
11,337
11,681
7,607
8,320
8,818
9,515
10,253
10,985
11,576
12,340
13,131
13,946
8,783
— 1.1
8,794
8,818
9,139
9^489
9,839
10J123
10,303
10^546
10,724
.5
— .5
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,908.7
411.1
413.9
459.7
499.6
534.4
589.2
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,319.4
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,177.6
143.1
145.4
157.3
111.7
102.0
141.8
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,726.2
9,929
10,725
11,467
12,068
12,629
13,552
9,749
10,151
10,491
10,667
10,909
11,130
9,068
9,825
10,479
11,240
11,825
12,588
8,904
9,299
9,587
9,935
10,214
r
10,338
1.2
9.1
1.7
3.3
.3
6.6
6.2
5.8
5.8
3.9
3.3
4.3
233,466
235,707
237,946
240,257
242,579
244,936
1988:
I
II
III....
IV
3,948.5
4,026.6
4,097.6
4,185.2
572.2
590.7
585.9
597.8
3,376.4
3,435.9
3,511.7
3,587.4
3,244.4
3,301.9
3,362.1
3,424.0
131.9
134.0
149.6
163.4
2,757.2
2,773.3
2,806.4
2,835.9
13,754
13,966
14,235
14,504
11,232
11,273
11,377
11,466
12,824
13,028
13,229
13,439
r
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
4,317.8
4,400.3
4,455.9
4,540.9
628.3
652.6
649.1
665.0
3,689.5
3,747.7
3,806.8
3,875.9
3,483.8
3,547.0
3,611.7
3,652.2
205.7
200.7
195.1
223.7
2,881.7
2,887.6
2,919.2
2,938.3
14,884
15,084
15,280
15,514
11,625
11,622
11,717
11,761
13,641 10,654
13,862 10,681
14,081 ' 10,798
14,200 10,765
5.7
-.1
3.3
1.5
5.6
5.4
5.1
5.8
247,890
248,456
249,143
249,831
1989: I
n
m....
rv..
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages (or the period.
Source: Department of Commerce (Bureau of EC
?. Analysis and Bureau of the Census).
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 SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
.
r">,
—
*•
'
*-—
- GROSS FAR/
r~-i
"~—-
^
160
120
80
60
/
*
/
/
t
/
V
*
A '''
/
NK
/r--'"' -V\ \:
•
\
\
I
I\
ft
1
I
t
1
1
»__,'
'
\\
<l
\
~"
\
/
40
^'
20
\
NET FARM NCOME
.
1
iv
1
1\ 1
1 \ 1
1
f-
-> N
/ \
~
**.«- ~\
1
V
"^
\l
10
'
1
1
1 1
1981
1
1
1 1
1982
1 1
1983
1
! 1
1984
1
1 1
1985
1
1 1
1986
I
I
1
1987
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
I
I I
1988
1
I (
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1987- I
II
III.
IV
1988- I
II
III.
IV
1989- I r..r
np
m
149.3
166.4
163.5
152.9
175.0
166.3
160.3
171.7
177.6
170.4
172.4
167.8
175.9
174.7
182.0
175.0
178.6
198.4
196.7
188.3
139.7
141.7
142.6
136.5
142.5
144.1
135.5
139.5
151.5
131.3
143.8
144.8
138.1
144.4
148.8
160.4
152.2
155.4
160.2
164.4
Livestock and
products
68.0
69.2
70.3
69.4
73.0
69.8
71.5
75.7
78.9
72.8
76.4
77.8
75.8
81.8
75.3
78.3
80.3
84.1
81.3
81.8
Crops
71.7
72.5
72.3
67.1
69.5
74.3
64.0
63.8
72.6
58.6
67.4
66.9
62.2
62.6
73.5
82.1
71.9
71.3
78.9
82.6
Value of
inventory
changes 2
63
6.5
— 1.4
-10.9
6.3
-2.4
27
-.4
-4.3
-.1
.3
— .2
-1.7
-4.0
-4.4
-4.7
-4.1
8.6
7.8
6.3
Production
expenses
133.1
139.4
140.0
140.4
142.7
134.0
122.4
128.0
135.0
120.4
128.7
131.3
131.7
130.2
133.7
138.2
137.8
135.5
140.6
145.5
Current
dollars
1982 dollars 3
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
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
62.9
56.0
42.8
50.5
44.5
33.8
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income,
and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
'holds.
PROFITS
In the third quarter of 1989, according to current estimates, corporate profits before tax fell $21.0 billion (annual
rate) and after-tax profits fell $8.7 billion.
BILLIONS OF DOLLARS
360
BILLIONS OF DOLLARS
360
SEASONALLY ADJUSTED ANNUAL RATES
320
320
/^
\
280
240
200
280
\
/
J1
\
^\
\
PROFITS BEFORE TAX
^y^
f*
/
240
\~^
200
^
\
160
*>•«-•
*-'~~
^/
S
160
'°~~^^ PR ^FITS AFTER T/ .X
-a.
s
120
\
s
s~ "
,— -N
-•C"
80
f,
" ,'"'
-N%
40
\
I !
120
-",'-
TAX LIABILITY
\
1
1
1
1982
1981
/"
*s
"V
40
f"" ^--^_
N
v
'
S
80
1
N
1 1 1
1983
\
UNDISTI IBUTED PROFI1 s
I 1 1
1 1 1
1984
t
I
^'
1 1
1986
1985
1
1
1
1987
SOURCE: DEPARTMENT OF COMMERCE
I
1 1
1988
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 1
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
p
1982:
19831984:
19851986:
1987-
Manufacturing
Wholesale and
retail
trade
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
.
159.6
173.8
131.2
166.6
203.3
191.4
195.2
208.7
238.2
222.9
21.0
16.5
11.8
18.1
13.0
22.8
32.0
30.5
29.8
24.3
138.6
157.3
119.4
148.5
190.3
168.6
163.2
178.2
208.4
198.6
77.14
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
36.7
237.1
226.5
169.6
207.6
240.0
224.3
221.6
266.7
306.8
287.3
84.8
81.1
63.1
77.2
93.9
96.4
106.3
124.7
137.9
129.0
152.3
145.4
106.5
130.4
146.1
127.8
115.3
142.0
168.9
158.2
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
36.2
-43.1
— 24.2
-10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
-18.5
IV
IV
IV
IV
IT
IV
150.7
223.4
224.6
228.4
226.1
255.8
121.6
190.7
193.9
193.6
193.4
211.8
18.7
15.5
13.6
26.0
28.6
29.9
102.9
175.2
180.3
167.6
164.8
181.9
46.8
88.6
79.8
83.8
64.8
84.5
33.6
43.1
51.8
38.5
41.0
41.2
164.1
231.5
226.1
235.0
234.1
276.2
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
-8.9
n
m
IV
1989- I
n
HI
rv
1
Total 3
Tax
liability
194.0
202.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
268.7
1988- I
2
Financial
Profits
before tax
See p, 4 for profits w th inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
^^^ Department of Commerce, Bureiu of Economic Aim\,SiB.
GROSS PRIVATE DOMESTIC INVESTMENT
According to advance estimates for the fourth quarter of 1989, nonresidential fixed investment fell $4.8 billion
(annual rate) and residential investment, rose $2.7 billion. There was a $35.2 billion increase in inventories,
following an increase of $27.4 billion in the third quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
700
r
'
-_^
^
N
X
1
FIXFr
INVESTMENT
500
,. -
-*"
-
---
400
s "*
-
~~~
--•""
600
-
~ 1
400
700
-
NOr>JRESIDENTIAI
/
y
^V
-
^~"
\/
>».
1
600
500
/"l^^~^" "•
/
GROSS PRIVATE DOMESTIC
INVFSTMFNT
RES DENTIAL
FIXED 1 -4VESTMENT
300
-
300
\
200
--
200
•
-
"""""""—-»
100
/
0
^.**
\
%^
-100
1
1 I
1981
1
1 1
1982
/ -~
.-''"
i i i
1983
i
^
CHA NGE IN BUSIN ESS
100
INVENTORIES
_
,Y,•-x
i i
1984
i i i
1985
I
*
"—
1 I
1986
\
\ \
1987
SOURCE: DEPARTMENT OF COMMERCE
I
1 1
1988
0
I
1 1
1989
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 p
1982:
19831984:
19851986:
19871988:
IV
IV
IV
IV
IV
IV
I
H
HI
IV
1989: I
II.
m
IV
..
..
Source: Department of Commerce, Bureau of Economic Analysis.
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
777.1
445.3
491.5
471.8
509.4
597.1
631.8
652.5
670.6
719.6
747.7
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.3
487.2
512.5
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.8
140.3
145.1
208.9
230.7
223.4
232.8
274.9
289.7
296.2
310.5
346.8
367.4
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.4
232.4
235.2
-8.3
24.0
-24.5
-7.1
67.7
11.3
6.9
29.3
30.6
29.4
-2.4
18.3
-23.1
.4
60.5
14.6
8.6
30.5
34.2
25.2
409.6
579.8
661.8
654.1
648.8
749.7
469.5
548.8
616.8
646.8
660.9
686.3
354.9
383.9
435.0
451.3
435.8
458.6
137.6
127.4
146.6
155.9
133.7
138.9
217.3
256.5
288.4
295.5
302.2
319.7
114.7
164.9
181.8
195.5
225.1
227.7
-59.9
31.0
45.0
7.2
— 12.2
63.3
-51.1
21.3
41.3
23.7
-8.0
61.3
728.8
748.4
771.1
752.8
698.7
719.1
726.5
734.1
472.7
487.1
493.2
495.8
137.1
139.9
142.0
142.5
335.6
347.2
351.3
353.3
226.1
232.1
233.2
238.4
30.0
29.3
44.6
18.7
24.2
30.4
41.5
40.8
769.6
775.0
779.1
784.8
742.0
747.6
751.7
749.6
503.1
512.5
519.6
514.8
144.7
142.4
146.2
147.1
358.5
370.1
373.4
367.7
238.8
235.1
232.1
234.8
27.7
27.4
27.4
35.2
19.1
23.6
19.8
38.3
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
NONMANUFACTURING-1
200
200
T
MANUFACTURING
100
100
I
1982
I I
1983
I
i i i
J_L
I I
1984
1985
1986
I
I I
1987
I
I I
1988
I
1LZL
I
1990
1989
_i/ SURVEYED QUARTERLY
2J SEE FOOTNOTE 4 BELOW
SOURCE. DEPARTMENT Ot- COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonrnanufacturing
Manufacturing
All
industries
Total
1980
1981
1982
1983
1984 ..
1985
1986
1987
1988
1989 4 ...
1990 4
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
1988- I
11
III....
IV
413.34
427.54
435.61
442.11
1989- I.
Period
Total
nonfarm
business 2
Nonrnanufacturing
Surveyed
quarterly
Nondurable
goods
Total i
Mining
Transportation
Public
utilities
Commercial
and
other
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.30
83.05
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
44.96
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
157.97
162.62
168.76
173.32
75.28
77.38
79.15
80.56
82.69
85.24
89.62
92.76
255.37
264.92
266.85
268.79
12.61
13.15
12.53
12.38
20.35
20.95
22.02
22.04
45.05
45.60
46.69
48.73
177.37
185.21
185.61
185.65
157.97
162.62
168.76
173.32
255.37
264.92
266.85
268.79
IV
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
175.22
181.53
187.66
18821
284.24
289.33
297.28
297.25
1990: I 4
II 4
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
19870
309.70
319.57
n
III 4
Durable
goods
1984 survey, are no 1
ally") for data for these industries.
2
"AH industries" plus the part of nonmanufacturing that is surveyed annually.
10
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
483.48
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
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
292.02
315.33
Surveyed
annually 3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
™ber 1989, corrected for
Source: Department of Commerce, Bureau of the Census.
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
EMPLOYMENT
106
106
102
102
98
98
\
X
s
•s
12
12
8
8
UNEMPLOYMENT
4
4
0
0
1982
1983
1984
1985
1986
1987
1988
1989
1990
* 16 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Noninstitutional
population
including
resident
Armed
Forces
Labor force
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
Agricultural
Total
NSA
1981
1982
1983
1984
1985
1986*
1987
1988
1989
Unemployment
Civilian employment
Resident
Armed
Forces
NSA
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
110,315
111,872
113,226 |
115,241
117,167
119,540
121,602
123,378
125,557
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119.030
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
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
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
188,990
1,697
126,094
119,560
124,397
117,863
3,134
Part time
for
economic
reasons [
Total
15
weeks
and
over
1,375
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
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
1,335
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
6,535
1,430
66.4
62.9
2,285
3,485
4,210
2,737
2,305
2,232
1,983
4,657
113,372
113,561
113,862
113,940
113,995
114,404
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
114,728
4,729
4,965
Employment/
population
ratio
(percent) 2
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.. 9
66.5
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,70!
6,528
4,499
5,852
5,997
5,512
5,334
5,345
5,122
Civilian
Labor
force
participation
rate
(percent) 2
1,610
1989:
Jan r ....
Feb r....
Mar r....
Apr r ....
May r....
June r...
July r...
Aug r....
Sept '...
Oct r
Nov '....
Dec
1990:
Jan
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'V\V
,v
\-J\
15
S/
V
15
V-
\
,,
.,
TEENAGERS
(16-19
10
10
WOM =N 20 YEARS
AND OVER
ALL CIVILIAN WORKERS
\
~~**=z~^-
\
\
""v*^-3*^1
\
MEN 20 YEARS
AND OVER
WHITE
I 1I $ | p I 1
t !1 ;
1 I 1 1 I 1 1 1 1 1 1 1 I ! 1 I 1 1 I | I1 p
1 1 1 I I M 1I 1
1986
1988
1987
1986
1990
1989
1987
1988
1989
f 1 1 1 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]
Unemployment rate (percent of civilian labor force in group)
Unemployment
rate,
all
workers 1
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
r
1989: Jan ....
Feb r....
Mar r....
Apr r....
May r...
June r..
July r...
Aug <-...
r
Sept ...
Oct r....
Nov r...
Dec
1990: Jan
By sex and age
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
6.7
8.6
8.4
6.5
6.2
6.0
5.3
5.4
5.2
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
4.6
14.5
4.5
5.3
5.1
5.0
5.2
5.1
5.2
5.2
5.2
5.3
5.2
5.3
5.3
5.0
5.3
5.2
5.3
5.3
5.3
5.3
5.3
5.3
5.3
4.6
4.5
4.2
4.6
4.3
4.4
4.4
4.5
4.8
4.5
4.6
4.6
5.2
5.3
4.7
12
Both
sexes
16-19
Years
Black
White
and
Black
other
4.7
4.5
Experienced
wage and
salarv
workers
Married
men,
spouse
present
Parttime
workers
(per-
cent) 2
4.4
3.9
3.3
3.0
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
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
5.1
3.4
7.5
5.0
7.0
6.0
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
43
10.5
10.3
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
10.1
11.3
9.6
9.7
Fulltime
workers
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
10.2
Women
who
maintain
families
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
9.8
9.7
9.6
Labor
force
time lost
By selected groups
By race
4.3
6.5
6.5
4.6
10,4
11.7
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
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
50
50
40
40
30
30
JOB LOSERS
27 WEEKS
AND OVER
20
JOB LEAVERS
\
10
NEW ENTRANTS
15-26
WEEKS
oLuull
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
State
programs
Reason for unemployment:
percent distribution
Number of
weeks
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
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
6,625
6,360
6,198
6531
6,419
6,569
6,577
6,520
6. "504
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
111
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
6,535
47.5
30.7
11.8
9.9
12.1
5.1
Job
leavers
Insured
unemplovment
Initial
claims
Insured
unemplovment,
"all
regular
programs
(unadjusted) '
Eeentrants
New
entrants
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
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
15.6
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
48.5
15.5
26.3
9.7
Job
losers
Weekly average, thousands
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
Jan '.
Fcb r .
Mar r
Mavr
June r
July r .
Aug r
Sept '.
Get '
Nov '
Dec
1990' Jan
NOTE.—In January 1900, st-a
Source: Department of Labor (Bureau of Labor Statistics and Kmployrnci
tration).
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 275,000 in January.
MILLIONS OF PERSONS
MILLIONS OF PERSONS* (ENLARGED SCALE)
110
28
—
.x-'"
100
26
ALL NONAGRICULTURAL
ESTABLISHMENTS
SERVICES
24
90
—
."^
.-*
—
---"•"
22
80
—
SERVICE-PRODUCING
INDUSTRIES
70
RE TAIL
20
18
_
~~
TRADE.
—
L^P~"
GOVERNMENT
60
16
SnTflmii
i
Illlllllllll
Illllllllll
\
50
MANUFACTURING
X
__.
20
40
'
1-
i J 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1 1 1 1 niiiliini Illlllllllllllllllllllil
18 ru-i
^
6
GOODS-PRODUCING
INDUSTRIES
30
CONSTRUCTIC 5N
4
20
1 11n
! 1 1 1 1 1I 1
1986
1987
1988
1989
Up 1 1 1 1 1 1 I 1imituiii
1
1986
1990
1987
Minium niMliiui)
1988
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of LABOR
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
1981
1982
1983
1984
Total
nonagricultural
employment
Manufacturing
Total
2
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,584
108,579
25,497
23,813
23,334
24,727
24,859
Construction
Total
Durable
goo s
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
6,332
19,831
6,892
27,522
17,861
2,984
19,672
19,667
19,650
19,649
19,644
19,559
19,537
19,517
19,489
19,377
11,310
8,067
84,297
5,859
19,648
19,648
19,680
1990: Jan".. 109,823
25,526
5,409
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this tahle not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
26,318
26,434
26,520
26,651
26,711
26,931
26,973
27,058
27,159
27,188
27,345
27,416
5,654
5,667
5,666
5,682
5,700
5,716
5,736
5,618
5,709
5,729
5,753
5,832
5,267
5,270
5,252
5,279
5,283
5,283
5,314
5,321
5,325
5,335
5,355
5,305
Federal
6,746
6,763
6,774
6,776
6,790
6,808
6,815
6,836
6,852
6,851
6,871
6,882
81,816
82,082
82,242
82,430
82,638
82,959
83,098
83,193
83,482
83,568
83,843
84,015
25,626
25,629
25,646
25,671
25,672
25,648
25,669
25,694
25,614
25,603
25,609
25,533
Total
19,407
19,460
19,488
19,489
19,528
19,551
19,586
19,621
19,632
19,679
19,744
19,714
8,043
8,054
8,076
8,072
8,073
8,083
8,100
8,093
8,079
8,080
8,078
8,078
107,442
107,711
107,888
108,101
108,310
108,607
108,767
108,887
109,096
Oct r... 109,171
Nov ''.. 109,452
Dec ".. 109,548
Services
6,146
6,171
6,197
6,206
6,222
6,230
6,237
6,256
6,264
6,278
6,300
6,308
11,605
11,594
11,604
11,600
11,594
11,567
11,549
11,551
11,480
11,457
11,439
11,411
1989: Jan
Feb
Mar
Apr
May....
June...
July....
Aug....
Sept....
Government
5,689
5,955
6,283
6,547
6,676
6,814
8^076
24,558
24,708
25,249
25,634
10,732
11,505
11,490
11,230
11,194
11,437
ll'537
8,061
7^741
7,702
7373
7,770
7,734
7330
7,967
Finance,
insurance,
and real
estate
17,356
17,930
18483
19,110
19,574
5,358
5^278
5,268
12,109
11^039
Retail
trade
18,619
19,036
19,694
20,797
22,000
23,053
24,236
25,600
26,892
5,165
5,082
4,954
5*159
5,238
5,255
5^372
5,548
20,170
18J81
18,434
19^378
19,260
18,965
19J024
19,403
19J612
14
Total
Wholesale
trade
65,659
65J53
66,866
69J69
72,660
74,967
77492
80,335
82^945
4,188
3^905
3,948
4,383
4,673
4,816
4^967
5,125
5^300
1985 .. .
1986
1987
1988
1989 p
Nondurable
goods
Transportation
and
public
utilities
5,555
5,717
5,753
5' 844
6,029
6J234
15,189
15,179
15,613
16,545
5,298
5,341
5,468
2,772
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,372
17,727
2^739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Average gross hourly
earnings
Average weekly hours
Total
private
nonagrieultural }
Period
Total
Sept
Oct '
Novr
Dec "
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
34.8
34.5
1990- Jan "
34.6
1981
1982
1983
1984
1985
1986
1987
1988
1989 '
1989- Jan
Feb
Mar
Mav
July
Overtime
Total
private
nonagricultural 1
Manufacturing
Current
dollars
1977
dollars 2
$170.13
168.09
171,26
172,78
170.42
171.07
169.28
167.81
166.52
167.55
166.44
166.44
167.53
165.01
165.10
166.85
165.89
166.90
166.85
165.80
165.60
40.7
40.5
40.7
41.0
41.1
41.0
41.1
41.1
41.0
41.3
41.0
41.0
41.0
41.0
41.0
40.8
40.7
40.7
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.9
3.9
4.0
3.9
3.8
3.8
3.9
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
40.7
3.6
9.84
10.56
340.46
39.8
38.9
40.1
Current dollars
Total private
nonagricultural '
Manufacturing
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1977 = 100 base).
3
Percent change from a
year ear ier, total
private
nonagricultural 3
Manufacturing
Construction
Retail
trade
$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
3.1
3.1
429.79
520.65
194.01
2.8
Current
dollars
1977
dollars
— 1.5
-1.2
1.9
.9
— 1.4
.4
— 1.0
-.9
-.8
-.3
-1.2
-.8
— .7
-2.0
— 1.6
-.9
-.9
— .7
-.9
— 1.4
-.8
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1981 = 100)
12 months earlier
3 months earlier
Period
1981:
19821983:
19841985:
19861987:
19881989:
1986-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Dec
1987- Mar
June
Sept
Dec
1988- Mar
Sept
Dec
1989: Mar
Sept
Dec
Total
compensation
Wages and
salaries
Benefits '
104.0
110.7
117.0
122.7
127.5
131.6
136.0
142.6
149.4
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
149.4
103.8
110.3
115.8
120.6
125.6
129.5
133.8
139.3
145.1
128.8
129.5
130.8
131.7
133.0
133.8
135.1
136.6
137.9
139.3
140.8
142.2
143.9
145.1
104.3
111.7
120.0
127.9
132.4
136.9
141.7
151.3
160.6
136.1
136.9
138.1
139.3
140.3
141.7
146.1
148.2
149.7
151.3
154.0
156.5
158.7
160.6
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
Total
compensation
2.0
1.3
1.2
1.3
.6
.6
.7
1.0
1.0
.7
.6
1.0
.7
1.0
.7
1.5
1.2
1.0
1.0
1.3
1.2
1.2
1.0
Wages and
salaries
Benefits '
1.8
1.2
1.1
1.2
.6
.5
.6
1.0
.8
.7
.5
1.0
.7
1.0
.6
1.0
1.1
1.0
1.0
1.1
1.0
1.2
.8
Total
compensation
2.3
1.5
1.3
1.4
.5
.6
1.0
1.1
1.2
1.0
.6
.9
.9
.7
1.0
3.1
1.4
1.0
1.1
1.8
1.6
1.4
1.2
9.8
6.4
5.7
4.9
3.9
3.2
3.3
4.9
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
Wages and
salaries
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
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 J
Output per hour of
ail persons
Period
Business
sector
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
97.0
96.1
97.3
97.8
97.6
96.7
96.0
97.1
97.8
97.5
132.6
142.7
154.5
156.7
159.1
132.9
144.0
156.1
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
174.0
182.9
189.8
198.7
209.6
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
158.2
163.2
169.9
178.6
187.4
195.1
158.0
162.9
169.6
177.5
186.4
193.8
97.9
97.8
97.8
99.3
102.8
102.5
97.8
97.6
97.6
98.7
102.3
101.8
156.8
157.7
160.7
164.9
170.6
173.5
158.7
158.2
162.3
167.1
173.2
175.8
150.2
155.2
159.8
163.7
167.1
171.3
151.4
156.2
161.0
165.5
169.2
173.4
124.3
126.2
126.6
127.5
196.4
199.1
201.9
204.5
195.0
197.5
200.2
203.0
102.3
102.5
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
128.6
129.2
129.6
129.5
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
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
1985
1986
1987
1988
1989
107.3
109.8
111.1
113.0
114,2
105.6
107.7
108.9
111.1
112.1
124.2
128.0
133.4
140.0
144.8
123.9
127.6
133.1
140.3
145.0
115.7
116.6
120.1
123.9
126.8
117.4
118.4
122.2
126.3
129.4
174.8
183.8
191.0
200.2
211.3
100.9
103.5
105.7
108.3
109.8
112.5
99.5
103.0
104.5
106.2
107.6
110.2
105.0
113.6
120.8
125.9
128.9
136.7
104.2
114.1
120.7
125.5
128.4
136.4
104.1
109.7
114.3
116.2
117.4
121.5
104.7
110.8
115.5
118.1
119.3
123.7
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
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
-0.3
1.5
-.7
2.4
2.6
-0.4
1.1
9
3.0
2.1
2.0
2.3
1.2
1.7
1.1
p
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
1988: I
n
m
IV
1989: I
n..
ni
IV"....
r
r
180.8
182.8
184.0
185.8
Percent change; quarterly data at seasonally adjusted annual rates
1980
1981
1982
1983...
1984
08
.6
-2.4
1.8
5.7
07
.6
24
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
2.1
-3.1
4.2
8.4
12
1.7
33
5.0
8.3
1.3
2.0
1.1
2.0
.9
4.2
3.1
4.2
4.9
3.4
3.9
3.0
4.4
5.4
3.3
2.2
.8
3.0
3.2
2.3
2.6
.9
3.2
3.4
2.4
4.4
5.2
3.9
4.8
5.5
4.1
5.1
3.7
4.7
5.5
.8
3.3
2
.6
.7
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
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
2.5
-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
1.1
1.6
1.5
.2
-1.3
1.1
r
2.4
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
1985
1986....
1987
1988..
1989
p
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
1988- I
n
m
IT
1989: I
n
m
IV"....
1
2
r
r
Output refers to gross domestic product originating in the sector in 1982 dollars.
Hours of al! persons engaged in the sector, including hours of proprietors and unpaid family
employed.
4
Hourly compensation divided by the consumer price index for ail urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
.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
3.9
3.0
2.3
2.6
2.7
3.9
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
2.5
5.4
5.4
5.9
10
1.1
1.0
.7
\\
.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
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
1.1
.7
r
r
3.3
4.6
2.2
3.3
r
2.8
4.4
2.7
3.9
NOTE. — Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are hased on original data; they therefore may
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in December.
INDEX, 1977 = 100* (RATIO SCALE)
160
INDEX, 1977=100* (RATIO SCALE)
240
FINAL PRODUCTS
220
TOTAL INDUSTRIAL PRODUCTION
:FENSE —
AN D SPACE
140
200
180
120
160
160
iiinliiin iiiiiliiiii
Illllllllll
,_^-"x"
•- --""Ti BUSINESST
1 "— - N-,
^—\y
EQUIPMENT
-r™-^
r^
---""'
~-^-"
140
MANUFACTURING PRODUCTION
NONDURABLE
140
120
CONSUMER
GOODS
120
PERCENT*
100
CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
100
140
m
imiliimlimiliimlmiilimi
100
UTILITIES AND MINING PRODUCTION
90
-
UTILITIES
120
•"
""_"_
80
-
100
Illllllllll
1985
1986
1988
1987
-
70
MINING
Illllllllll Illllllllll Illllllllll Illllllllll
1985
1988
1987
1986
1989
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
miilum
1989
COUNCIL Or ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1977=100
1977 proportion
Capacity utilization
rate, percent l
Industry production indexes, 1977 = 100
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
,5 ()g
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
— 7.1
5.9
11.2
1.9
1.1
3.8
5.7
3.4
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
146.6
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
111.1
108.9
100.4
100.7
103.4
102.6
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
84.0
1988: Dec
140.4
4.9
146.3
145.7
147.1
104.9
115.4
84.3
84.4
1989:
140.8
140.5
140.7
141.7
141.6
142.0
141.9
142.5
142.3
141.8
142.3
142.8
4.8
4.5
4.4
4.7
4.1
4.0
2.8
2.9
2.7
1.7
1.7
1.7
147.2
146.8
147.0
148.0
148.1
148.7
148.5
149.2
148.8
148.0
148.6
148.8
146.2
145.9
145.8
146.9
147.1
147.4
146.8
147.8
147.2
145.0
145.7
146.2
148.5
148.1
148.6
149.6
149.5
150.5
150.8
151.1
151.1
152.2
152.7
152.6
103.0
100.9
101.5
102.4
102.0
101.5
102.1
102.4
103.5
104.2
104.4
103.2
114.0
116.5
117.5
117.1
115.6
114.3
114.0
113.3
114.5
115.9
115.5
122.7
84.3
83.9
83.8
84.2
84.0
84.0
83.7
83.9
83.6
83.1
83.1
83.3
84.7
84.3
84.1
84.5
84.3
84.4
84.0
84.2
83.7
83.1
83.2
83.1
Jan
Feb.
Mar
Apr ...
Mav
June
Aug
Sept
r
Oct r
Nov r... .
Dec p
1
Output as percent of capacity.
84.21
Source: Board of Governors of the Fedtn
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
1980
1981
1982
1983
1984
1985
1986
1987
1988....
1989 p
44.77
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
144.3
150.2
25.52
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
133.9
139.4
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
125.3
129.5
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
137.1
143.0
1988- Dec
147.7
138.2
131.9
1989: Jan
Feb
Mar
Apr
May .. ..
148.2
148.6
148.9
150.2
150.4
151.2
150.2
151.1
150.8
149.4
150.1
151.6
138.5
138.7
138.4
139.5
139.2
139.9
138.7
139.3
139.0
139.9
139.8
140.6
131.5
131.6
130.1
132.2
131.2
130.8
127.3
128.7
127.9
127.6
126.8
127.7
July
Sept r
Oct '
Nov r
Dec p
1
Total >
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
162.5
Total
Energy
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
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
158.2
164.5
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
157.6
167.8
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
185.8
180.0
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
151.5
157.5
5. ffS
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
138.6
141.4
140.5
160.4
162.6
180.5
155.0
141.4
166.7
128.3
102.6
141.1
141.4
141.4
142.2
142.1
143.3
142.8
143.2
143.1
144.4
144.6
145.4
161.1
161.6
162.8
164.3
165.4
166.1
165.5
166.8
166.5
162.0
163.7
166.1
163.8
165.0
166.3
167.8
169.1
169.6
168.5
169.9
169.6
165.2
167.2
169.9
180.0
156.6
155.1
179.3
178.7
156.1
179.9
156.5
180.7
156.3
157.0
181.1
182.0
157.5
182.7
157.5
182.1 • 157.8
176.0
158.9
176.9
160.1
179.6
160.5
142.3
139.5
139.3
140.2
140.2
141.2
142.2
141.5
140.9
142.5
143.9
142.9
168.8
168.4
170.4
170.4
170.0
170.4
170.6
171.2
172.3
172.8
173.9
128.1
127.4
127.3
128.2
127.9
127.7
128.3
128.8
128.6
128.6
128.6
128.2
100.5
100.5
101.0
101.7
101.1
99.1
99.1
99.5
100.9
101.6
101.7
102.2
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977=100; monthly data seasonally adjust*
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
18
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
Lumber and
products
Printing
and
publishing
Chemicals
and
products
Foods
2. 79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
109.1
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
184.2
2009
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
151.9
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
142.7
Apparel
products
77.6
125.1
177.8
180.9
136.8
125.5
143.0
108.8
188.0
158.1
145.8
93.2
91.1
88.4
90.1
87.2
87.3
89.2
90.3
89.2
88 9
85.1
89 8
82.2
79.1
75.9
77.0
73.2
72.9
75.4
75.9
75.4
76.4
72.1
124.5
124.5
123.8
123.1
124.8
125.2
125.4
125.5
124.4
124.2
125.2
124.6
178.7
180.8
183.0
184.7
186.5
187.5
186.7
187.8
188.2
184.9
188.5
189.4
180.9
181.7
181.6
182.2
181.6
181.9
181.4
183.7
182.7
181.8
181.5
180.9
136.7
136.4
134.8
136.4
135.5
134.2
131.3
133.2
131.9
123.8
125.0
129.7
124.9
123.4
120.4
122.0
119.7
116.4
110.4
114.2
112.7
110.1
1 10.5
110.4
139.9
132.8
133.4
135.1
135.5
137.2
136.9
136.5
135.7
137.6
138.9
110.2
110.2
109.9
111.3
111.5
111.9
111.4
111.1
111.2
110.8
110.1
193.0
194.6
198.5
200.1
199.0
200.5
199.9
200.6
203.1
203.8
205.6
206.6
159.0
158.5
159.2
159.3
158.2
159.9
162.2
161.5
159.3
161.5
162.8
146.6
146.3
145.4
146.6
147.2
147.9
147.3
148.3
148.8
150.1
150.7
1989- Jan
Feb
Mar
Source: Board of Governors of the Federal Reserve Systei
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
170.8
185.7
Total
Motor
vehicles
and
parts
90.0
1988- Dec
Sept r .
Oct *
Nov r ....
Dec "
Electrical
machinery
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
120.9
124.6
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
89.2
88 6
May
Nonelectrical
machinery
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
78.1
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 "
July
Iron
and
steel
Fabricated
metal
products
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
252.8
261.3
248.0
282.4
329.6
356.6
387.0
397.7
409.7
414.7
1980
1981
1982
1983
1984
1985
1986
1987
1988
igsg^
194.3
204.7
194.3
228.7
271.9
292.6
315.3
320.1
328.7
330.7
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
195.9
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
82.0
47.2
50.5
50.9
49.3
49.4
51.4
50.2
48.9
50.8
52.8
97
100
100
124
136
150
159
165
166
166
58.5
56.5
53.7
53.8
57.7
64.1
71.7
77.6
80.9
84.0
Annual rates
Annual rates
1988- Dec
425.0
336.3
202.5
143.3
80.6
53.2
88.8
r
1989- Jan
Feb
Mar
423.0
416.6
416.8
411.9
416.5
412.5
410.3
416.3
416.2
414.6
417.3
414.6
337.7
333.2
338.1
332.5
330.6
329.0
328.8
331.9
329.6
329.8
328.8
323.5
202.9
200.5
202.1
200.7
197.0
194.2
195.2
194.4
192.8
193.1
192.3
191.0
145.6
145.3
143.2
141.8
138.2
136.5
136.6
135.8
134.0
133.9
134.9
134.9
82.5
81.1
84.2
79.3
80.1
81.6
80.9
83.3
83.2
84.0
83.3
80.0
52.2
51.6
51.8
52.5
53.5
53.2
52.7
54.2
53.6
52.7
53.2
52.5
85.3
83.4
78.7
79.4
85.9
83.5
81.5
84.4
86.6
84.8
88.5
91.1
r
May
July '.
Sept '
Oct '.
Nov"
Dec p
1
2
3
!78
942
!72
160
158
r
!75
r
!65
r
!66
168
168
181
173
r
!58
160
943
850
856
836
905
938
933
803
1,026
897
769
824
s (Bureau of the Census) and McGraw-Hill Information Systems
Sources: Departn
Company, F.W. Do
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
904
919
690
756
955
1,097
1,016
1,019
'973
926
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,374.3
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 *>
1 unit
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,001.9
2-4 units
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.3
5 or more units
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.2
Units
authorized
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,340.6
Units
completed
Homes sold
Homes for
sale at end of
period 1
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
545
436
412
623
639
688
750
671
676
650
253
301
353
346
357
365
366
362
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
337
275
Seasonally adjusted annual rates
1988- Dec . .
1,577
1,141
65
371
1,518
1,539
669
366
1989- Jan
Feb
Mar
1,678
1,465
1,409
1,343
1,308
1,406
1,420
1,329
1,264
1,423
1,342
1,235
1,199
1,029
981
1,029
977
972
1,026
990
971
1,023
1,003
904
66
62
50
62
42
55
57
56
57
60
47
53
413
374
378
252
289
379
337
283
236
340
292
278
1,486
1,403
1,230
1,334
1,347
1,308
1,281
1,328
1,319
1,356
1,342
1,376
1,537
1,610
1,459
1,552
1,442
1,355
1,372
1,439
r
l,368
1,318
1,451
700
621
555
607
653
647
738
'723
r
640
637
696
629
369
375
377
377
380
377
369
r
364
r
364
364
363
362
May
July
Sept
Oct r
Nov r
Dec *
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
7.3
'r7.2
r
7"l
r
7.2
6.8
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In November, manufacturing and trade sales rose 0.6 percent and inventories rose $3.4 billion. In December,
according to advance data, retail sales rose 0.2 percent, following a rise of 0.5 percent in November.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
800
•j.w
-^~~-
^—'
700
^_^x-^
200
1
kun
MANUF ACTURING ;
^
TRAD! INVENTORI ES
—
600
-
-""
A
•*
~
400
r*~'\
MANUFA
—
180
^~~^\
RETA IL INVENTO
^^
—
**
/*-
;IES
—
160
*
—
<- ** *
-
^
—
•~S
500
^^^~—
.^^•1
220
j- *"
140
-
—
:TURING
-
* ~* —
A.'* , ^*" w^
120
AND TRA DE SALES
""
_„'*--
-
r^'"*
-
100
IIIIlllllll
300
iiinliiiii
IIIIlllllll
IIIIlllllll mill, mi
RATIO*
-
-
200
iiiulum
IIIIlllllll IIIIlllllll
1985
1986
iiinliiiii imiliim
1987
1988
1989
1985
1989
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing
and
trade l
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Sales 2
Period
Sales 2
Inventories 3
Inventory-sales ratio 4
Retail
Sales
2
Inventories 3
Total
Durable
goods
stores
Inventories 3
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade l
61,093
64,754
68,985
72,434
74,802
79,077
83,384
134,468
147,377
167,159
180,825
185,224
206,981
221,242
61,469
68,984
79,257
88,608
90,477
106,271
114,994
72,999
78,393
87,902
92,217
94,747
100,710
106,248
1.67
1.56
1.53
1.55
1.55
1.51
1.50
1.49
1.44
1.49
1.53
1.56
1.56
1.57
85,569
85,020
217,699
221,242
112,476
114,994
105,223
106,248
1.49
1.49
1.56
1.59
86,225
86,357
86,630
87,512
88,404
88,484
88,902
88,984
89,432
89,446
r
90,158
90,720
222,584
224,185
224,693
226,656
230,423
231,762
232,831
235,350
236,791
235,326
236,690
115,704
116,169
115,993
117,093
118,835
119,542
119,864
121,782
123,030
120,422
120,824
106,880
108,016
108,700
109,563
111,588
112,220
112,967
113,568
113,761
114,904
115,686
1.48
1.50
1.51
1.49
1.50
1.51
1.54
1.50
1.51
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
Nondurable goods
stores
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988.
348,747
368,813
407,869
418,151
423,700
449,536
485,756
574,491
590,358
644,306
655,066
653,853
700,761
753,718
96,290
100,244
113,195
114,315
115,677
123,581
132,361
128,196
130,334
142,380
146,745
152,447
162,648
178,313
1988: Nov r
Dec
501,333
' 506, 142
746,363
753,718
137,140
136,170
177,061 139,561
178,313 ' 139,145
r
1989- Jan
Feb
Mar
Apr
May
June
July
511,881
507,328
507,555
517,745
518,088
515,695
511,144
526,290
522,760
519,975
523,317
759,803
763,051
765,504
771,340
778,093
780,802
787,584
790,368
790,572
793,157
796,598
140,356
139,547
139,991
142,290
142,474
141,959
141,667
143,280
143,905
144,554
146,307
179,761 140,040
179,810 139,428
179,681 139,516
181,226 141,413
182,615 142,543
182,548 142,500
143,555
183,950
183,529 144,860
182,891 145,293
186,119 143,426
187,095 ' 144, 184
144,440
53,815
53,071
52,886
53,901
54,139
54,016
54,653
55,876
55,861
53,980
r
54,026
53,720
Sept
Get r
Nov"
Dec"
2
3
_ } 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
89,107
97,328
106,805
113,821
119,663
126,785
135,763
28,013
32,574
37,819
41,387
44,861
47,707
52,379
53,992
54,125
4
r
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.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
480
440 - INVENTORIES 400
360
240 -SHIPMENTS 200
DURABLE GOODS
120
\
280
TOTAL
160
"TOTAL"
200
-\—
.DURABLE GOODS,
160
80
120
NONDURABLE GOODS
60
iimiimi
Illllllllll Illllllllll
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
200
-*
^"
-*•
60
miilum
_-'—-'
-— -^\
NONDURABLE GOODS
80
RATIO"
2.20
TOTAL
INVENTORY-SHIPMENTS RATIO
160
120
^
_
.
-*
~
80
DURABL : GOODS
/ ^._.--'
A.^'
- J .v--"
_
*..-,_- '~\
2.00
1.80
'
S
^VX1
1.60
NOS DURABLE G
1985
1986
A
Illllllllll
1989
Illllllllll
1987
1988
1.20
Illllllllll
1 1 1 1 1 1 1 1 1 1 1iiinliiiii
1985
1986
,,,,,!,.,,,
1987
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1988
'
ill 1 HI
1989
Manufacturers' new orders l
Manufacturers' inventories 2
Durable goods
Durable
goods
Nondurable goods
163,350
171,242
187,869
190,016
188,360
199,170
217,632
231,798
79,352
84,956
96,623
99,019
99,989
105,291
115,684
122,629
311,827
312,647
334,767
327,496
316,182
331,132
354,163
371,468
230,827
231,485
228,353
228,048
234,042
233,071
231,236
225,922
238,150
233,562
231,995
232,826
231,759
124,175
83,998
86,286
91,246
90,996
88,371
93,879
101,948
109,169
106,652
123,578
120,924
120,432
123,331
122,962
121,720
117,114
128,347
124,393
121,840
r
123,209
122,098
107,907
107,429
107,616
110,711
110,109
109,516
108,808
109,803
109,169
110,155
109,617
109,661
357,458
359,056
361,130
363,458
365,055
366,492
370,803
371,489
370,890
371,712
372,813
371,468
Total
1 n
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Period
V'
—
1.40
Illllllllll Illllllllll
—
/^^
60
miilmii
Illllllllll
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted
1982
1983. .
1984
1985
1986
1987
1988
1989 p
1988- Dec
1989: Jan
Feb
Mar
May
July
Sept
Oct r
Nov"
Dec"
1
2
354,163
Monthly average for year and total for month. Shipments are the same as
End of period.
200,825
200,406
218,771
214,066
208,313
216,598
233,666
246,470
233,666
236,810
238,165
239,330
240,486
241,689
242,295
245,813
246,378
245,621
246,427
247,610
246,470
111,002
112,241
115,996
113,430
107,869
114,534
120,497
124,998
162,273
174,122
189,791
190,918
188,663
201,966
221,627
235,828
78,338
87,600
98,581
99,843
100,166
107,770
119,634
126,700
21,661
22,098
26,243
27,067
26,551
29,707
35,028
38,946
83,935
86,522
91,209
91,075
88,497
94,197
101,993
109,128
314,270
349,419
372,586
383,181
387,065
421,243
468,860
517,194
120,497
120,648
120,891
121,800
122,972
123,366
124,197
124,990
125,111
125,269
125,285
125,203
124,998
238,886
132,149
128,479
124,107
125,377
129,372
123,524
125,137
122,031
126,766
125,227
124,262
r
130,175
134,351
39,432
40,352
37,189
38,137
40,389
37,290
39,146
41,445
37,130
35,341
35,975
' 38,901
45,894
106,737
107,596
107,199
107,634
110,535
110,229
110,020
108,416
110,027
109,127
109,805
109.535
109,852
468,860
236,075
231,306
233,011
239,907
233,753
235,157
230,447
236,793
234,354
234,067
239,710
244,203
3
473,450
476,403
481,366
487,231
487,913
491,834
496,359
495,002
495,794
497,866
504,750
517,194
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.58
1.53
1.54
1.57
1.58
1.55
1.57
1.58
1.64
1.56
1.59
1.60
1.60
1.60
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In December, the producer price index for all finished goods rose 0.7 percent. Prices of finished consumer foods
rose 0.5 percent, and prices of other finished consumer goods rose 0.9 percent. Capital equipment prices rose 0.2
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982=100 (RATIO SCALE)
130
130
100
100
90
90
1981
1988
1982
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF LABOR
[1982=100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
finished
consumer
goods
Total
Foods
and
feeds l
Tola!
Durable
Nondurable
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.7
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
Total
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
1988- Dec
109.9
115.2
108.2
104.7
115.4
98.9
116.2
108.2
109.5
112.3
1989:
111.1
112.1
112.6
113.1
114.1
114.2
113.6
113.2
114.1
114.6
114.5
115.3
116.7
117.8
118.8
118.1
119,1
118.4
118.3
118.6
118.0
119.6
120.5
121.1
109.3
110.1
110.5
111.4
112.5
112.7
112.1
111.4
112.9
112.9
112.6
113.4
106.0
107.1
107.5
109.0
110.1
110.2
109.2
108.1
109.7
110.0
109.3
110.3
116.3
116.9
117.0
116.3
117.2
117.7
117.3
117.7
119.1
118.7
118.5
119.1
100.4
101.6
102.2
104.4
105.7
105.6
104.4
102.7
104.4
105.0
104.0
105.2
116.9
117.4
117.5
117.4
118.2
118.8
118.8
119.2
120.2
119.8
120.2
120.5
109.5
110.6
111.2
112.0
113.1
112.9
112.2
111.5
112.5
113.2
113.0
113.9
110.8
111.3
111.9
112.5
112.7
112.4
112.2
111.8
112.3
112.3
112.2
112.1
115.2
114.8
116.7
114.9
113.6
112.0
113.8
113.4
113.6
112.7
113.2
112.4
1982
1983
1984
1985
1986
1987
1988
1989
p
Jan
Feb ..
Mar
Apr. . ..
July
Augr
Sept
Oct
Nov ....
Dec
1
Intermediate materials for food manufacturing and feeds.
22
Total
Foodstuffs
and
Other
staffs
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.5
1980
1981
Other
Capital
equipment
Crude materials
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.0
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.1
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
109.4
97.8
110.8
85.6
110.5
111.1
111.7
112.4
112.6
112.5
112.1
111.7
112.2
112.3
112.2
112.1
101.8
101.5
103.7
104.5
104.9
103.2
103.4
101.4
102.3
102.3
102.7
104.5
113.3
111.7
115.2
112.1
112.1
109.7
108.7
110.5
109.1
108.4
110.2
113.5
90.2
90.7
92.1
95.1
95.8
94.7
95.5
91.2
93.5
94.0
93.4
94.3
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In December, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted (0.2 percent
not seasonally adjusted). The index was 4.6 percent above its year-earlier level.
INDEX, 1982-84 =100
(RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
110
- CONSUMER PRICES—ALL ITEMS -
110
100
100
90
90
80
80
70
70
60
Illllllllll
1981
1983
1982
60
1984
1985
1987
1986
1988
SEE NOTE ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
All items *
Transportation
Housing
All
Shelter
Period
Eel. imp.3....
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1988:
Dec
1989:
Jan
Feb
Mar
Apr
May
June
Aug
Oct
Nov
Dec
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
100.0
82.4
90.9
96.5
99.6
103.9
107.6
1096
113.6
118.3
124.0
Food
Total 1
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
7.9
19.7
16.2
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
42.3
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
27.8
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
113.1
119.4
124.8
131.1
137.3
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
Fuel
and
other
utilities
Apparel and
upkeep
7.6
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
6.4
90.9
95.3
97.8
100.2
102.1
105.0
105,9
110.6
115.4
118.6
Medical
care
Bner2
gy
3.1
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
6.0
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
7.3
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
48.7
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
New
cars
Motor
fuel
17.2
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
4.3
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
Total
1
120.5
120.7
121.2
120.6
129.4
134.9
133.9
115.8
106.3
117.7
110.4
118.1
79.7
142.9
89.2
124.6
121.1
121.6
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.9
126.1
121.4
121.9
122.5
123.3
124.0
124.2
124.5
124.5
124.7
125.3
125.8
126.3
122.1
122.6
123.6
124.2
125.0
125.3
125.7
125.9
126.2
126.7
127.4
128.0
120.9
121.3
121.7
121.8
122.3
122.6
123.3
123.5
123.6
124.1
124.7
125.3
129.7
130.3
131.1
131.2
131.8
132.3
133.2
133.5
133.7
134.4
135.0
135.7
135.2
136.4
138.2
137.3
137.3
138.1
140.2
139.6
138.5
139.3
140.1
141.0
134.2
134.7
135.1
135.6
136.5
136.9
137.5
138.1
138.8
139.4
140.1
140.7
116.1
117.1
117.1
117.3
117.4
118.3
118.4
118.5
118.6
118.6
119.3
119.5
106.9
106.7
106.9
107.4
107.6
107.1
107.6
107.5
107.6
107.7
108.7
109.7
117.7
117.5
119.1
119.4
120.4
119.1
118.1
116.3
118.3
119.5
119.6
118.8
111.2
111.9
112.6
115.0
116.1
115.9
115.2
114.3
113.7
114.5
114.7
114.8
118.9
119.3
119.7
119.8
119.6
119.3
118.8
118.5
118.0
118.7
119.6
120.8
80.5
81.8
83.6
93.0
96.6
95.4
93.3
89.5
87.6
88.6
86.7
85.1
144.0
145.2
145.9
146.6
147.6
148.7
149.8
150.8
152.0
153.0
154.2
155.0
89.9
90.4
91.4
96.1
97.6
96.6
95.9
94.0
93.2
93.8
93.7
93.7
125.4
125.8
126.3
126.6
127.2
127.4
127.6
127.7
128.2
128.8
129.3
129.7
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor
also included through 1982.
3
Relative importance, December 1988.
Maintenance
and
repairs
(NSA)
items
less
food,
shelter,
and
energy
tolant, etc.
NOTE.—-Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted hy NSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
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
1980
1981
1982
1983.
1984
1985.
1986
1987
1988
1989"
7.5
1.5
2.0
2.3
3.5
.6
2.8
_ 2
5.7
5.0
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.8
14.1
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.7
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.1
Change, month to month
Dec
0.4
0.1
0.6
0.3
3.0
2.1
3.9
1.7
4.3
5.6
3.9
3.9
4.0
1989- Jan
Feb
Mar
1.1
.9
.4
.4
.9
.1
— .5
4
.8
.4
-.1
.7
1.3
.9
.8
-.6
.8
-.6
-.1
.3
-.5
1.4
.8
.5
1.2
1.0
.4
1.4
1.0
.1
-.9
-1.0
1.5
.3
g
.9
.6
.4
.1
-.1
.7
.5
0
.3
.8
-.3
.3
_2
7.1
9.8
10.2
7.4
7.3
5.8
1.8
-3.1
-.3
3.6
4.7
4.3
7.2
9.7
13.1
4.9
4.5
-1.3
.7
-1.7
-1.3
4.5
6.6
10.9
8.8
12.0
11.1
11.8
11.7
10.4
.7
-7.1
-1.8
3.0
4.5
2.2
4.6
5.6
4.6
1.7
2.8
4.5
4.9
3.4
4.8
3.4
3.4
1.0
5.4
6.7
6.5
7.3
8.6
8.0
4.6
2.0
2.7
2.7
.7
1.9
6.8
7.5
7.5
6.0
7.1
5.6
2.8
1.4
-1.3
2.6
2.4
4.6
5.3
7.1
7.5
10.3
11.9
10.8
6.1
1.9
4.1
1.8
-1.4
2
4.6
4.8
3.1
3.1
4.2
4.5
3.3
3.1
4.6
4.1
3.4
2.9
4.5
5.3
5.5
5.6
6.2
6.1
5.1
4.3
4.5
4.9
4.6
4.8
1988:
May
, 3
July
Aug r
Sept '
Oct
NOY '
Dec
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 hy NSA]
Housing
Addendum: All iterns, percent change
(annua rate)
Transportation
All
Shelter
Period
All
items 1
Food
Total '
RentTotal '
Homeowners'
costs
ers'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
MediTotal i
New
cars
Motor
fuel
cal
care
Energy2
items
less
food,
shelter,
and
energy
From
previ-
ous
quar-
ter 3
From
e
3
months
earlier
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
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
1988: Dec
0.3
0.3
0.4
0.4
0.5
0.3
0.8
1989: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
.6
.4
.5
.7
.6
.2
2
0
.2
.5
.4
.4
.7
.4
.8
.5
.6
.2
.3
.2
.2
.4
.6
.5
2
.3
.3
.1
.4
.2
.6
2
.1
.4
.5
.5
.2
.5
.6
.1
.5
.4
.7
9
.1
.5
.4
.5
.2
.9
1.3
.2
.4
.3
.4
.7
.3
.4
.4
.5
.4
.5
.4
.6
-.2
o
.5
.2
-.5
.5
— .1
.1
.1
.9
.9
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
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
6.8
9.4
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8
18.7
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
2
1.8
-19.7
8.2
.5
5.1
9.8
9.4
6.1
5.0
4.3
3.7
33
3.8
4.7
4.1
0.5
-0.3
0.3
18.0
11.9
1.3
— .5
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
Change, month to month
0
.6
1.5
— .4
-.8
.6
.6
.6
0.3
2
1.4
.3
.8
-1.1
-.8
— 1.5
1.7
1.0
.1
Y
1
Includes items riot shown separately.
2
Household fuels — gas (piped), electricity, fuel oil, e
also included through 1982.
24
0
0.2
.6
.6
2.1
1.0
-.2
-.6
-.8
-.5
.7
.2
.1
.7
.3
.3
.1
_2
-.3
-.4
-.3
-.4
.6
.8
1.0
0
-1.7
1.0
1.6
2.2
11.2
3.9
-1.2
— 2.2
-4.1
21
1.1
-2.1
-1.8
.8
.8
.5
.5
.7
.7
.7
.7
.8
.7
.8
.5
.8
.6
1.1
5.1
1.6
-1.0
-.7
-2.0
-.9
.6
-.1
0
.6
.3
.4
.2
.5
.2
2
.1
.4
.5
.4
.3
4.4
5.4
6.4
2.8
3.9
Quarterly changes are shown in the last month of the quarter.
and motor fuel. Motor oil, coolant, etc.,
Sourcfi: Department of Labor, Bureau of Labor Statistics.
4.1
4.5
4.4
4.7
5.4
6.1
6.4
7.1
5.7
4.0
1.6
1.6
2.6
4.2
5.2
4.8
4.9
5.1
5.6
6.2
5.9
5.2
4.3
3.6
3.3
2.9
3.4
4.7
4.8
5.0
5.1
5.4
5.2
5.0
4.7
4.3
4.5
4.7
4.6
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in January were 2.7 percent above their December level. Prices paid by farmers in
January were 1.1 percent above their October level. (Data are not seasonally adjusted.)
:ALE)
INDE X, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO S<
...
180
180
-
n
160
-
S^rV
^
^x^ ^-x
120
160
-
PRICES PAID
> —v
140
—
/^ —^
UO
—
^
V
120
\
PRIC ES RECEIVED
-
—<
100
100
-
80
80
60 M i l l M i l l
iimliim
mnlimi
iimlimi
Illllllilll
Illllllilll HIM
Illllllilll
HIM
60
R/i •HO-!/
140
RATI O-W
140
-
120
120
100
80
i
;^_-—_>^_
r
'
60
100
KAIIU
—^
80
"~
-
iimmm
IMIIIIIIII
miilimi
lllll||llll
mimim
1982
1983
1984
1985
1986
Illllllilll Illllllllll
1987
1988
I M I I I I I I I I 1JI||
1989
HIM
1990
60
T/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977=100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1981
1982
July
Aug
1990- Jan
1
...
Livestock and
products
Crops
139
133
135
142
128
123
r
!27
138
147
1983
1984
1985
1986
1987
1988
1989
1989- Jan
Feb
Mar
Apr
May
Oct
Nov
Dec
All farm
products
149
148
149
r
!48
149
147
r
!47
r
!45
r
!44
145
147
149
153
Production
items, interest,
taxes, and wage
rates
168
(3)
(3)
167
(3)
3
<
)
r
!68
3
()
(3)
r
!66
(3)
(3)
169
168
85
151
158
159
161
156
150
151
160
167
!28
126
128
r
!28
127
175
(3)
(3)
177
(3)
(3)
178
(3)
(3)
178
(3)
(3)
135
170
180
ui
138
r
!37
r
!41
141
r
!37
r
!37
r
Katio 2
92
84
84
87
79
77
r
78
r
82
83
150
159
161
164
162
159
r
!62
r
!69
177
r
Production
items
148
153
152
155
151
144
147
157
165
r
!64
(3)
(3)
r
!66
(3)
3
(
)
r
!66
3
()
(3)
r
!65
(3)
(3)
143
145
141
146
136
138
146
150
160
158
158
161
154
156
157
157
161
160
162
r
!65
170
134
121
128
138
120
107
106
r
!27
134
Includes items not shown separately.
separately.
*•2 Percentage ratio
ratit ofr "index
' of' prices received by farmers to index of prices paid, interest, taxes,
and wage rates. Sec also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
All commodities,
services,
interest, taxes,
and wage rates *
85
85
85
r
84
84
83
r
83
81
r
81
81
83
84
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 — 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In December, growth accelerated in Ml and slowed in M2 and M3.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,800
4,800
600
400
1987
• AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
1988
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
L
Debt
Percent change from year or 6
months earlier 2
Ml
M2
M3
Snm 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 EPs, term
Eurodollars, and
institution-only
MMMF balances
Dec
Dec
Dec ..
Dec
Dec..
Dec
Dec
Dec
Dec
Dec *
412.2
439.1
476.4
522.1
551.9
620.5
725.9
752.3
790.3
797.5
1,633.3
1,795.9
1,954.5
2,186.0
2,367.2
2,567.4
2,811.2
2,909.9
3,069.6
3,216.4
1,991.1
1,236.9
2,443.8
2,694.3
2,982.3
3,201.7
3,494.9
•"3,677.8
T
3, 915.6
4,039.2
2,327.8
2,599.4
2,853.5
3,155.5
3,523.4
3,830.6
4,137.1
r
4,336.8
r
4,672.3
3,881.9
4,269.0
4,660.0
5,185.4
5,932.7
6,741.5
7,597.0
8,316.1
9,082.2
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.6
5.1
.9
8.9
10.0
8.8
11.8
8.3
8.5
9.5
3.5
5.5
4.8
10.2
12.3
9.2
10.3
10.7
7.4
9.2
5.2
6.5
3.2
9.5
10.0
9.2
11.3
14.4
13.6
12.7
9.5
9.2
1989: Jan
Feb...
Mar
786.3
787.5
786.3
783.2
773.4
770.3
777.2
777.4
781.1
787.7
789.5
797.5
3,085.9
3,069.4
3,078.5
3,080.9
3,072.6
3,088.2
3,116.8
r
3,135.8
r
3, 153.5
3,173.4
3,195.7
3,216.4
3,920.2
'3,929.5
3,951.0
'3,957.7
•"3,951.1
'3,966.9
3,993.4
' 3,999.6
r
4,001.0
r
4,010.4
4,026.9
4,039.2
•"4,676.2
r
4,689.4
r
4, 724.6
r
4, 750.5
•"4,747.0
r
4,760.0
r
4, 792.0
r
4,807.5
•"4,813.8
4,826.0
4,838.3
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
' 9,684.1
9,755.6
1.0
1.3
.7
— .6
-3.4
— 5.1
-2.3
-2.6
-1.3
1.1
4.2
7.1
2.8
2.6
29
3.5
.9
1.2
3.3
4.3
4.9
8.0
8.0
8.3
4.2
4.0
4.7
4.1
2.7
2.6
3.7
3.6
2.5
r
2.7
3.8
3.6
8.8
8.8
8.7
8.6
8.2
8.0
7.8
7.6
7.5
7.6
7.8
Period
19801981:
19821983:
198419851986:
198719881989:
May..
July..
Sept
Oct...
Nov r
Dec "
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Ml
r at a simple annual rate.
NOTE. — See p. 21 for components.
Source: Board of Governors of the F deral Reserve System.
26
M2
M3
r
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Demand
deposits
Currency
Other
cheekable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
NSA
Monev market
mutual fund
balances
General
purpose
and
broker/
dealer
Institution
only
NSA
NSA
Money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits '
Savings
deposits
Large
denomination
time
deposits '
NSA
1980: Dee
1981- Dec
1982- Dec
1983: Dec
1984- Dec
1985: Dec
1986: Dec
1987- Dec
1988: Dec
1989: Dec*
115.2
122.5
132.6
146.3
156.1
167.8
180.5
196.4
211.8
222.1
261.5
231.5
234.2
238.7
244.2
267.3
303.2
288.3
288.6
281.2
31.3
80.8
105.3
132.2
146.4
179.5
235.8
260.4
282.3
286.7
28.3
35.9
38.8
53.8
56.3
70.2
78.3
78.3
78.5
72,8
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
239.4
309.1
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
87.6
102.8
0.0
.0
43.2
379.2
416.9
513.5
572.5
526.3
502.7
486.3
400.2
344.0
356.9
305.6
285.4
301.6
371.0
416.4
431.3
411.8
728.6
823.2
851.0
784.0
886.3
882.6
853.9
914.1
1,025.2
1,135.3
260.1
302.5
326.8
327.4
417.2
436.6
439.0
487.4
537.8
554.4
1989: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get '
Nov r.
Dec"
213.4
214.3
215.6
216.0
216.5
217.3
218.0
218.4
219.4
219.8
220.3
222.1
284.0
284.8
284.3
281.4
278.2
275.0
278.8
277.5
277.3
280.4
278.8
281.2
281.3
280.9
279.1
278.5
271.4
270.7
273.2
274.4
277.3
280.3
282.9
286.7
81.8
79.0
77.4
74.5
73.5
76.0
77.6
74.9
72.3
72.9
71.8
72.8
241.7
247.2
255.5
259.3
259.3
265.3
273.9
284.7
292.4
298.4
306.5
309.1
89.3
89.8
87.6
87.7
91.6
95.1
98.2
100.6
99.1
98.7
102.0
102.8
495.2
485.3
480.3
471.3
457.0
456.9
459.8
465.4
469.1
473.0
481.6
486.3
427.8
424.6
420.8
412.8
404.7
402.0
401.5
402.3
T
404.3
405.8
409.3
411.8
1,035.7
1,048.3
1,061.0
1,083.1
1,105.7
1,118.5
1,126.3
1,132.1
r
l , 132.3
1,132.5
1,132.9
1,135.3
544.4
551.6
558.8
r
567.6
572.1
••573.1
573.1
' 569.2
r
563.9
560.7
559.3
554.4
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
34.0
50.3
36.0
67.5
34.5
81.7
51.8
91.5
61.9
82.9
65.6
76.1
84.0
84.9
109.1
90.8
124.1 ' 106.0
100.0
83.9
125.2
128.4
130.9
128.8
129.2
129.3
124.5
118.0
113.7
110.0
110.6
100.0
r
r
100.6
100.0
105.6
100.2
96.6
92.6
91.3
89.0
84.9
80.7
81.3
83.9
Savings
bonds
Shortterm
Treasurv
securities
Bankers'
acceptances
Commercial
paper
72.3
67.8
68.0
71.1
74.2
79.4
91.7
100.4
109.1
133.5
149.4
183.6
211.9
260.7
300.1
282.3
257.5
271.3
32.1
40.0
44.5
45.0
45.4
42.0
37.2
44.7
40.6
98.8
105.3
113.6
133.2
160.7
207.4
231.0
260.3
335.8
109.7 270.9
110.6 265.2
111.5 271.7
112.3 r 279.5
112.9 r289.5
113.8 ' 286.8
114.6 ' 290.7
115.2 ' 294.6
115.7 r 307.5
116.1 314.4
116.5 306.8
40.6
39.9
41.2
41.4
41.1
41.1
42.0
r
42.8
r
41.4
40.2
40.6
334.9
344.2
349.2
359.5
352.3
351.4
351.3
355.3
348.3
344.8
347.5
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily (igur.es 1; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
1980:
19811982:
1983:
19841985:
19861987:
1988:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec'
1989- Jan.
Feb
Mar
Mav
July
Sept
Get
Nov
Dec "
1
Nonborrowed plus
extended
credit
Required
Monetary
hase
Total
Seasonal
Extended
credit
33,401
35 315
37 388
39,184
42,321
48,493
58,140
58 693
60,706
59,991
31,711
34,679
36,754
38,410
39,134
47,175
57,313
57,916
58,990
59,726
31.714
34,827
36,940
38,412
41,739
47,674
57,616
58,399
60,234
59,746
32,887
34,996
36,888
38,623
41,468
47,436
56,771
57,665
59,666
59,068
152,525
161,043
173,011
188,303
201,889
219,510
241,448
257,991
275,503
285,222
1,690
636
634
774
3,186
1,318
827
777
1,716
265
116
54
33
96
113
56
38
93
130
84
3
148
186
2
2,604
499
303
483
1,244
20
60,370
80,260
59,854
59,463
58,740
58,350
58,898
58,753
59 223
59,621
r
59,566
59,991
58,708
58,773
58,041
57,174
57,020
56,860
58,004
58,079
58 530
59,066
59,217
59,726
59,754
59,823
59,376
58,881
58,217
57,776
58,110
58,120
58,552
59,087
59,238
59,746
59,226
59,106
58,896
58,687
57,709
57,445
57,733
57,869
58,285
58,602
58,621
59,068
276,815
277,598
278,676
278,753
278,427
279,060
280,014
280,288
282,045
282,703
r
283,001
285,222
1,662
1,487
1,813
2,289
1,720
1,490
894
675
693
555
349
265
76
97
139
213
345
481
497
490
452
330
134
84
1,048
1,050
1,334
1,707
1,197
917
106
41
22
21
21
20
Data are prorated averages of biweekly {maintenance period) averages of daily figures.
Nonborrowed
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.3 percent in December. Commercial and industrial loans fell 1.2
percent.
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
160
OTHER SECURITIES
1981
mi
111
lilllllll
120
1984
1983
1982
1985
1987
1986
1
SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
120
1989
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted M
AH commercial banks
Loans and leases
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec"....
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec "....
Total
loans and
securities 2
U.S.
Government
securities
1,307.7
1,401.5
1,553.6
1,723.7
1,911.4
2,094.5
2,239.6
2,417.2
2,577.4
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
179.3
201.7
259.2
260.2
270.7
309.6
335.5
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
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
Total
2
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
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
Commercial
and
industrial
355.4
392.6
414.1
472.9
499.7
536.2
562.7
601.9
634.2
606.6
619.0
617.8
620.6
626.3
624.9
632.1
637,3
636.9
641.1
641.6
634.2
Real
estate
Individual
Security
financial
institutions
Agricultural
political
subdivisions
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
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
21.5
25.4
28.1
34.3
42.7
40.1
34.4
38.5
37.8
r
37.6
44.7
r
43.5
r
39.9
38.1
r
41.2
r
40.0
r
39.3
r
39.9
r
41.4
40.6
37.8
29.9
31.3
30.5
31.4
32.5
35.0
31.9
30.0
32.2
r
30.1
r
30.5
29.6
r
29.1
r
28.6
r
30.2
r
31.2
r
31.1
r
31.3
r
32.4
33.1
32.2
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
0.0
.0
3.3
46.0
56.7
58.4
52.5
r
46.7
41.0
r
44.2
r
44.3
r
44.3
r
44.4
r
44.4
r
44.2
r
43.9
r
43.6
43.5
42.9
42.3
41.0
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in Joans rather than in other securities.
28
State
Non-
2
Foreign
banks
18.1
14.8
13.4
11.1
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
r
9.7
9.0
9.1
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
7.2
5.9
9.4
7.9
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
12.7
13.3
13.7
16.0
19.0
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
Other
23.1
26.6
31.8
31.2
36.3
39.4
42.1
r
44.9
46.5
r
44.8
r
43.1
r
45.6
r
43.2
r
43.7
r
44.5
r
50.8
r
51.1
r
50.2
r
52.3
49.2
46.5
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Biliions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
I
Total
1983
1984
1985
1986
1987
1988
...
..
1988- I
II
Ill
IV
1989:
I
II
III
p
Loans and
short-term
paper
Securities
and
mortgages
Total
1979
1980
1981
1982
Discrepancy
Capital
Credit market funds
Total
Other 2
financial
assets
tures 3
uses)
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
-J8.3
-5,6
.3
27.2
22.0
34.4
62.6
32.4
34.9
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
113.7
93.3
110.8
55.9
36.7
34.3
27.7
41.1
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
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding l
Installment credit outstanding (end of period)
Period
19801981:
19821983:
19841985:
19861987:
19881988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
1989: J a n 2
Feb
Mar
May
July
Aug.
Sept
Oct r
Nov p
Other
Total
Automobile
Revolving
Mobile
home
Other
Revolving
297,566
310,682
323,536
367,868
442,538
517,755
572,047
607,721
659,507
654,413
659,507
111,936
118,956
124,218
143,799
173,704
209,636
247,313
265,976
281,174
279,926
281,174
54,894
60,838
66,243
78,667
100,212
122,013
137,013
153,884
174,792
173,030
174,792
18,621
20,302
22,833
23,704
25,795
26,834
27,355
26,387
25,744
26,005
25,744
112,115
110,586
110,242
121,698
142,827
159,272
160,367
161,475
177,798
175,452
177,798
1,083
13,116
12,854
44,332
74,670
75,217
54,292
35,674
51,786
5,281
5,094
-539
7,020
5,262
19,581
29,905
35,932
37,677
18,663
15,198
1,024
1,248
1,537
5,944
5,405
12,424
21,545
21,801
15,000
16,871
20,908
2,899
1,762
414
1,681
2,531
871
2,091
1,039
521
-968
-643
-28
— 261
-329
-1,529
-344
11,456
21,129
16,445
1,095
1,108
16,323
1,386
2,346
682,020
687,397
691,162
693,911
698,132
700,849
700,344
703,001
704,371
707,562
711,799
286,382
288,767
288,850
289,654
290,741
290,192
288,526
288,533
287,754
288,747
289,266
176,716
178,570
182,831
184,500
186,502
189,622
191,028
194,398
195,302
196,379
199,191
26,036
25,992
24,168
23,993
23,952
23,685
23,630
22,938
22,991
22,947
22,523
192,886
194,068
195,314
195,763
196,936
197,349
197,161
197,132
198,324
199,490
200,818
(3)
5,377
3,765
2,749
4,221
2,717
-505
2,657
1,371
3,191
4,236
(3)
2,385
82
804
1,087
-549
-1,667
7
-779
993
519
(3)
1,854
4,261
1,670
2,002
3,120
1,406
3,370
904
1,076
2,813
(3)
-44
-1,824
-174
— 41
-267
-56
-692
53
— 44
— 424
(3)
1,182
1,246
449
1,173
413
-189
-29
1,192
1,166
1,329
1
For year-end data, change from preceding year-end; for monthly data, change from preeeding
month.
2
Data newly available in January 1989 result in breaks in manv series between December 1988
and Januarv 1989.
Mobile
home
Automobile
Total
3
Because of breaks in series, net change not available.
Source: Bo d of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in January.
PERCENT PER ANNUM
PERCENT PER ANNUM
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
. .
3-month bills
(new issues) l
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
6 months l
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
Discount rate
(N.Y. F.K.
Bank) 5
r
Prime rate
charged bv
banks 5 '
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
r
8.21
9.32
10.87
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
9.52
9.82
9.99
10.37
10.18
10.42
10.48
10.22
10.24
10.11
10.09
10.07
1989:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r
8.29
8.48
8.83
8.70
8.40
8.22
7.92
7.91
7.72
7.63
7.65
7.64
9.20
9.32
9.61
9.40
8.98
8.37
7.83
8.13
8.26
8.02
7.80
7.77
9.09
9.17
9.36
9.18
8.86
8.28
8.02
8.11
8.19
8.01
7.87
7.84
7.41
7.47
7.61
7.49
7.25
6.97
6.97
7.08
7.27
7.22
7.13
7.01
9.62
9.64
9.80
9.79
9.57
9.10
8.93
8.96
9.01
8.92
8.89
8.86
9.02
9.35
9.97
9.78
9.29
8.80
8.35
8.32
8.50
8.24
8.00
7.93
6.50-6.50
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
10.50-10.50
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
1990-
Jan
7.64
8.13
8.21
7.13
8.99
7.96
7.00-7.00
10.50-10.00
7.57
7.68
7.66
7.77
7.83
7.95
8.19
8.28
8.38
8.04
8.24
8.36
8.47
6.99
7.13
7.26
7.25
8.92
8.98
9.05
9.15
7.89
7.98
8.02
8.04
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-
10.50-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-
Week ended:
1990: Jan 13
20
27
Feb 3
10
1
Bank-discount, basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data arc Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
30
New-home
mortgage
yields
(FHFB) G
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
i'ell as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Feder1 Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in January.
INDEX, DEC. 31, 1965 = 50 (RATIOS CALE
INDEX DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
160
24C
22C
20C
18C
_/~~~^\
LOMPOSITE STOCK PRICE IND -*-^S^\
'
140
.S
16C
\ s^s^^
140
120
120
r^-S
100
/
80
60
1
100
^S~
80
^rj
60
40
1 1 I I 1 1 I 1 I 11
I 1 1 M 11 I 1 1 1
1982
,,,,,1
1983
,,,,,!,,,,,
1 1 1 1 1 11 1 i 1 1
1985
1986
1984
I 1i I1t!I1 1 1
1'
1987
' U 1 M\ \ '
1988
I 1 1 t 11 1 11 ! 1
1989
40
1990
PERCENT
PERCENT
20
20
15
NGS-PRICE RATIO ON COMW
15
(S&P)
10
'V-
^
I
I
\
-^
i
I
1983
1982
i
1984
|
t
^
t
t
1985
t
10
,
~~
1
1
1986
•
"^
^1
i
i
i
1987
1
\ '
1988
i
i
i
1989
Common stock prices r
1981
1982
1983
1984
1985
1986
1987
1988
1989
Industrial
Transportation
i
Common stock yields
(percent) 5
New York Stock Exchange indexes (I ec. 31, 1965 = 5 O ) 2
Composite
t
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD 8. POOR'S CORPORATION
Period
i
Finance
Utility
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
160.40
165.08
164.60
169.38
175.30
180.76
185.15
r
192.94
193.02
192.49
188.50
192.67
194.62
200.00
199.20
204.81
211.51
216.75
221.74
231.32
230.86
229.40
224.38
230.12
153.09
162.66
160.14
164.32
' 168.89
173.47
179.32
197.52
202.02
190.36
174.26
177.25
75.87
77.84
77.66
79.69
84.07
r
87.90
90.40
r
92.91
93.44
94.67
94.95
99.73
132.26
137.19
137.91
143.26
r
146.59
154.08
157.78
164.86
165.51
166.55
160.89
155.63
2,234.68
2,304.30
2,283.11
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
285.41
294.01
292.71
302.25
313.93
323.73
331.93
346.61
347.33
347.40
340.22
348.57
3.64
3.59
3.68
3.59
3.52
3.44
3.38
3.28
3.29
3.29
3.39
3.33
1990- Jan
187.96
225.79
173.67
95.69
150.11
2,679.24
339.97
3.41
Week ended:
1990: Jan
6
13
20
27
Feb
3
196.68
192.38
187.31
182.05
180.79
235.47
230.99
225.19
218.85
217.92
181.00
177.20
173.56
170.40
164.21
101.19
97.67
94.81
92.62
92.19
158.02
154.74
150.07
144.66
141.54
2,797.30
2,752.18
2,673.08
2,588.11
2,575.22
356.58
347.84
338.50
328.83
327.39
3.22
3.33
3.43
3.52
3.54
1989- Jan
Feb
Mar
Apr
May
June
July
Sent
Oct
Nov .
Dec r
1
Average of daily closing prices.
Includes all the\tocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Eai lings2
3
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
8.46
7.93
6.80
price ratios hased on prices at end of quarter.
NOTE.—Al! data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
RECEIPTS, OUTLAYS, AND DEBT
In the first 3 months of fiscal 1990, there was a deficit of $69.7 billion, compared with a deficit of $67.6 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200 — RECEIPTS AND OUTLAYS^
1,200
1,100
1,100
OUTLAYS!/
\
,-'-'
1,000
1,000
900
900
800
800
700
700
600
600
qi ippi i K op nEFIHTf }"
-100
•^
_____^-— ""
^\
-200
A
_——~^_
\
1/1982
\
1983
^^
\
1984
-100
^
\
1985
\
1986
-200
\
1987
\
1988
i
\
1989
1990
N
1991 N
FISCAL YEARS
V
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]
Receipts
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 r
1990 (estimates)
1991 (estimates)
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
Fiscal year or period
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
-14.7
-53.6
59 2
-40.2
-73.8
78 9
-127.9
207 8
-185.3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-70.5
-13.3
-49.7
-54.9
-38.2
72 7
-73.9
-120.0
208 0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
— 1.4
-3.9
-4.3
-2.0
— 1.1
50
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,073.5
1,170.2
946.3
990.3
1,003.8
1,064.0
1,142.6
1,197.2
1,233.3
-212.3
— 221.2
-149.7
155 1
-152.0
— 123.8
63 1
547.9
568.9
640.7
667.5
727.0
788.0
855.7
769.5
806.8
810.0
861.4
931.7
971.5
997.4
— 221.6
-237.9
-169.3
193 9
-204.7
-183.4
141 7
186.2
200.2
213.4
241.5
263.7
285.4
314.5
176.8
183.5
193.8
202.7
210.9
225.8
236.0
9.4
16.7
19.6
38.8
52.8
59.7
78.6
1,817.0
2,120.1
2,345.6
2,600.8
2,866.2
3,113.3
3,319.2
1,499.4
1,736.2
1,888.1
2,050.2
2,189.3
2,298.7
2,357.3
221.6
228.8
289.2
298.5
67 6
-69.7
167.3
171.2
240.4
247.1
-73.1
-76.0
54.3
57.6
48.8
51.3
5.5
6.3
2,692.7
2,956.7
2,103.2
2,248.7
Cumulative total, first 3
Fiscal year 1989
Fiscal year 1990
1
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1991, January
32
1990, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 3 months of fiscal 1990, receipts were $7.2 billion higher than a year earlier and outlays were $9.3
billion higher.
BILLIO MS OF DOLLARS
BILLIONS OF DOLLARS
1
RECEIPTS /
500
—•"— "
INDIVIDUAL INCOME TAXES
\
. ._—-—"""""
400
—• —' —'
500
'
400
300
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
OTHER RECEIPTS
CORPORATION
INCOME TAXES
\
200
100
100
I
0
OUTLAYS
900
I
|
1
1
1
I
1
1
]/
—
NONDEFENSE
800
0
"
900
--•''"
\
800
__.-"-"""
700
700
„--'""
600
600
500
500
400
400
NATIONAL DEFENSE
300
200
300
I/I ,
V
1
1982
1
1983
'
T
1984
1
1985
1
'1986
1
1987
1
1988
1
1989
I
1990
N
N
1991
200
FISCAL YEARS
/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
COUNCIL Of tcUNUMie ALJVISCIO
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
734.1
789.1
854.1
909.0
990.7
1,073.5
1,170.2
334.5
349.0
392.6
401.2
445.7
489.4
528.5
61.3
63.1
83.9
94.5
103.6
112.0
129.7
265.2
283.9
303.3
334.3
359.4
385.4
421.4
73.0
73.1
74.3
78.9
82.0
86.6
90.6
946.3
990.3
1,003.8
1,064.0
1,142.6
1,197.2
1,233.3
221.6
228.8
100.8
107.3
25.5
22.0
73.6
76.9
21.7
22.5
289.2
298.5
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 '
1990 (estimates)
1991 (estimates)
Cumulative total, first 3 months: 1
Fiscal year 1989
Fiscal year 1990
.. .
1
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United State*
1990, except as noted.
National defense
Social
insurance
taxes
and
contributions
Other
Income
security
Social
security
Net
interest
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
57.8
63.7
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
12.1
13.1
19.5
22.8
32.3
34.4
55.1
58.8
39.6
44.2
50.2
47.5
International
affairs
Health
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
252.7
273.4
282.0
290.4
303.6
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
79.6
73.7
77.3
71.5
.9
3.9
Total
Total
Department of
Defense,
military
Medicare
Other
82.8
Sources: Department of the Treasury and Office of Management and Budget.
timent, Fisc-a-l Year 1991, January
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1989, according to advance estimates, Federal expenditures rose $28.8 billion (annual
rate); receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
EXPENDITURES
1,000
1,000
800
800
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
I
1981
I
I
1982
1984
1983
1986
1985
I i
1987
I
I 1
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
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Transfer
payments
Grantsin-aid to
State
and
local
governments
Pur-
Total
chases
of goods
and
services
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
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 p
788.7
827.9
911.4
972.4
1,046.8
346.4
361.4
405.8
413.0
460.6
76.3
83.8
101.0
111.4
104.9
55.1
50.5
53.8
56.7
58.6
310.9
332.1
350.8
391.3
422.6
985.6
1,034.8
1,072.8
1,118.3
1,196.7
355.2
366.5
381.6
•381.3
404.1
380.1
399.9
414.3
438.2
472.6
99.7
106.8
102.6
111.4
119.6
130.1
135.6
141.7
151.4
171.1
20.3
26.0
32.6
36.0
29.2
-.2
.0
.0
.0
.0
-196.9
-206.9
— 161.4
-145.8
— 149.9
IV
IV
IV
IV
IV
IV
633.1
675.5
742.7
805.3
853.8
937.4
303.0
291.9
326.0
355.3
376.2
420.0
46.4
70.2
69.7
78.8
88.9
103.1
47.6
53.6
56.2
53.5
50.8
54.5
236.1
259.8
290.7
317.7
337.9
359.7
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
293.2
276.1
326.0
376.6
368.8
388.1
347.4
352.5
362.1
385.8
405.8
421.9
84.5
86.0
96.3
103.5
103.0
102.2
87.2
101.0
125.3
132.7
136.0
147.3
23.4
29.1
21.0
19.0
29.2
41.9
.0
.0
.6
.0
.0
-.2
-202.6
-169.2
-187.5
-212.2
-189.0
— 164.4
1988- I
II
Ill
IV
944.7
973.2
977.3
994.6
402.7
417.5
411.4
420.3
104.2
111.6
114.0
115.8
55.9
55.9
57.4
57.8
382.0
388.2
394.5
400.6
1,096.5
1,114.7
1,099.8
1,162.1
374.1
377.1
367.5
406.4
433.0
434.4
438.0
447.6
110.1
112.2
111.0
112.2
144.9
149.9
153.9
157.0
34.4
41.2
29.4
38.9
.0
.0
.0
.0
-151.8
-141.5
-122.5
-167.6
1,036.2
1,053.2
1,043.2
446.8
465.1
459.1
471.6
117.0
109.7
99.9
58.0
58.2
59.4
58.6
414.3
420.2
424.8
431.1
1,183.7
1,198.6
1,187.9
1,216.7
399.0
406.0
402.7
408.8
460.4
466.9
475.6
487.7
118.7
118.4
118.3
123.0
167.0
172.0
171.2
174.4
38.5
35.3
20.1
22.8
.0
.0
.0
.0
-147.5
- 145.4
— 144.7
19821983:
19841985:
19861987:
1989- I
II
Ill
IV
Source: Department of Commerce, Bureau of Economic Analysis.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100)
Industrial production (1977™ 100; seasonally adjusted)
Period
United
States
Canada
.Japan
France
104.8 119.0
106.9 120.3
96.5 120.7
109 7 124 5
115.2 136.1
121.6 141.0
121.5 140.8
128.3 145.7
136.3 ' 159.2
107.2
106.1
1983..
1984
1985
1986
1987
1988
1989'
108.6
111.0
103.1
109 2
121.4
123.7
125.1
129.8
137.2
141 8
1988: Nov
Dec
139.9
140.4
136.2 ' 164.5
137.1 ' 165.0
118.0
117.3
1989: Jan
Feb
140.8
140 5
140.7
141.7
141.6
142.0
141.9
142.5
r
!42.3
r
!41.8
r
!42.3
142 8
1980
1981 .
1982
Mar
Apr
Mav...
July
Sept
Get
Nov
Dec p
1
105.0
105.0
106.1
106.1
107.2
109.4
114.3
136.7 ' 166.7 118.2
137.4 r!63.8 117.4
137.1 172.5 116.6
138.0 166.3 120.3
138.3 167.3 118.6
137.8 170.7 ' 120.0
' 137.0 r 166.4 r !21.4
r
!37.5 171.4 r !21.4
r
!37.7 ' 168.7 rl!8.9
136.1 168.7 120.1
169 7
United
Kingdom
Italy
Germany
United
States J
108.0
105.9
102.7
103.3
106.2
111.0
r
l!3.2
113.7
' 117.8
114.8
113.0
109.5
105.9
109.5
110.7
114.7
119.3
126.4
99.8
96.7
98.5
102.2
102.4
107.9
r
r
l!9.5
r
129.1
132.2
r
127.9
130.3
126.9
127.0
125.3
128.9
130.7
129.1
128.7
!21.1
!21.5
' 120.8
r
!21.4
' 124.0
118.6
123.6
125.0
125.1
125.0
' 124.4
124 8
Canada
Japan
France
Italy
Germany
r
United
Kingdom
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
72.2
81.8
91.7
100.3
108.0
1 14.3
117.2
121.1
124.3
86.8
92.2
97.0
100.3
102.7
104.9
104.7
T
104.9
' 106.3
109.2
63.2
75.4
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
78.5
87.9
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
' 119.4
' 118.6
129.3
120.5
125.1
125.1
106.5
106.2
125.8
126.0
106.7
' 107.0
144.5
145.0
129.2
129.6
r
121.1
121.6
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.9
126.1
125.7
126.6
127.2
127.6
128.9
129.6
130.4
130.5
130.7
131.2
131.6
131 5
106.0
105.7
106.2
108.1
108.7
108.6
108.4
108.3
109.2
110.0
108.9
126.5
126.8
127.2
128.0
128.5
128.7
129.0
129.2
129.5
130.1
130.3
r
146.1
147.3
148.0
149.0
149.6
150.3
150.7
150.9
151.6
153.1
153.7
154.4
130.4
131.4
131.9
134.3
135.1
135.6
135.7
136.1
137.0
138.1
139.2
139.6
r
r
l!0.1
l!4.0
l!8.1
l!8.1
l!7.7
r
l!8.6
'119.0
r
l!6.8
r
l!7.5
r
l!8.7
r
' 120.4
119.2
120.2
r
l()7.9
' 108.3
r
108.5
r
109.1
r
!09.3
' 109.4
' 109.3
r
109.2
'109.3
109.7
109.7
110.2
Data, relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) 1
General merchandise imports customs value) 3
Period
Total
2
Foods,
feeds,
and
Industrial
supplies
ag(,K
als
e
1982
1983
1984
1985
1986...
1987
1988
5
5
216.4
205.6
294 0
218.8
227 2
954 1
3224
1988: Nov
Dec
27 5
1989: Jan
Feb
Mar
29 0
28.8
30.1
308
305
31.3
305
306
30.7
31 0
30.2
May
June
Julv
Sept
Oct '
Nov
28 9
Automotive
vehicles,
parts,
and
motive I engmes
Capital
goods
except
61.7
56.7
61 7
72.7
67.2
79 o
73.9
24 3
39 3
58.5
57 3
66 7
85 1
2 6
28
29
2.9
3.2
31
32
3.2
29
31.3
30.9
31 5
24.0
22 3
28
2.6
9
7
2.7
Consumer
goods
(nonfood)
except
automotive
13 3
75 8
86 9
109 2
20 6
22.9
9
17
94 g
29 3
17 7
23 1
24 0
27.3
35 9
34 6
43 4
70
74
94
10 1
25
27
20
40
23
36
7 1
7.5
7.6
94
9.3
9.9
10 1
98
10.6
10 9
10 6
11.7
10 8
9.8
24
2.4
2.5
94
47
2.5
4.2
4.2
44
46
4.0
7 9
8.3
82
78
7.6
78
7.6
24
2 3
2.3
2 2
2 7
2.3
9 6
2.5
27
98
2 6
29
2 6
27
2.8
27
2.9
Includes Department of Defense Military Assistanee Program grant-aid shipments.
Foods
feeds,
and
Industrial
supplies
Capital
goods
except
motive
20.7
20.5
80
Total
2
14.3
13.4
Total arrivals of imported goods other than intransit shipment
Other
15.7
16.8
12.6
Trade balance
Principal end-use commodity category
Principal end-use commodity category
36
40
3.7
4.7
4
4
engines
automotive
food)
Other
merchandise
imports
(c.i.l.
value)
Exports
(f.a.s) less
imports
(customs
vaiue)
Exports
(f.a.s)
less
imports
(c.i.f.)
-27.5
-52.4
— 106.7
r
-117.7
-138.3
— 152 1
— 118.5
-38.4
-64.2
— 1224
33.3
39.7
6.5
254.9
40.8
53 5
66.8
78 9
85 2
87 7
44.9
600
68.3
6.3
78
9.4
79 4
10 4
118 3
40.9
59 8
65.1
71 8
84 5
101 4
88 7
95 9
12 1
12 8
269.9
3464
352.5
382 3
424 4
459 5
98
10 2
91
91
75
80
83
12
12
396
41 3
-10.5
— 10.8
-12.1
-12.5
10 7
10.0
11.0
113
11 7
90
9.3
9.3
91
99
9.5
91
74
7.6
7.7
9
1.0
1.1
11
11
1.1
10
12
1.2
395
39.7
41.2
-8.9
-9.4
-9.5
-8.3
-10 1
-8.0
-8.2
— 10.1
-8.5
- 10.5
-10.9
-11.2
-9.9
-11 7
-9.6
-9.9
-11.9
-10.1
-12.0
-12.3
17.1
18.2
112.0
107.0
21 0
123 7
336.5
21.9
406 2
441 0
94 g
24 8
113.9
101 3
38 1
39 7
21
22
37 9
38.2
39.5
39 0
2 2
2.0
21
20
2 2
2.0
20
21
1.9
93
2.2
Consumer
goods
35.4
244.0
258.0
330 7
39.3
38 7
40 7
39.2
41 3
40.7
Automotive
vehicles,
parts,
11.4
11 4
11 4
102
10.3
118
11.0
9.6
97
10.2
7 3
72
6.7
66
71
7.2
71
7.0
90
8.3
8.3
83
85
8.5
86
87
9.0
90
9.0
14
1.2
40 7
42 2
40.9
404
42.4
40.8
43 1
42.5
r
-102
- 10.5
-133.6
-155.1
- 170.3
-137.1
month hasis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL
TRANSACTIONS
In the third quarter of 1989, the current account deficit fell to $22.7 billion, from $32.1 billion in the second
quarter.
BILL ONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
5
5
^
""
**"
**
L/\
0
N
fS\
s
V
X /
0
'\
A\
\
X.. .-' \
\
A
\\
\\ V
\\
-15
-15
\\
-20
\
-25
B GLANCE
.V.
,
x
ON G OODS
AND SERVIC ES
f
-A
o\
\
^v
-30
/
S
N
\
/H
^^\ "
\
"
f*
//
-25
H
^J
-30
35
-^sJ /
A,\ERCHANDISE •RADE
-40
11
A
A
-20
CURRENT A CCOUNT
-40
BALANCE
1
-45
1
1
1
1981
1
1 1 1
i
1983
1982
1
1
1984
1
1
1
1
1
1985
1
1
1986
1 1 1
1
1987
1
1
1
1988
1
1
-45
1989
* SEASONALLY ADJUS TED
SOURCE: DEPARTMEN T OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( —)]
Merchandise
Investment income 3
12
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1986: HI
TV
1987- I
n
ni
TV
1988- I
n
ni
TV
1989- I .
np
ni ....
1
2
3
Exports
Imports
224,269
237,085
211,198
201,820
219,900
215,935
223,367
250,266
319,251
56,182
56,490
57,255
60,015
64,297
68,699
76,447
78,471
80,604
83,729
87,919
91,423
91,569
-249,749
-265,063
— 247,642
-268,900
-332,422
-338,083
-368,425
-409,766
—446,466
-92,983
-95,081
-95,916
-99,834
- 104,903
— 109,113
- 109,893
- 109,882
-110,943
-115,748
-116,297
-118,977
-119,320
Net balance
Receipts
Payments
25480 72,506 -42,119
-27,978 86,412 -52,329
36444 83,548 -54,884
-67,080 77,251 -52,376
112 522 85,908 -67,419
-122,148 88,832 -62,901
145 058 88,615 -66,968
-159,500 104,703 -82,420
127 215 107,775 - 105,548
-36,801 21,744
-15,729
-38,591 20,822 -16,350
-38,661 25,117 -19,755
-39,819 22,744 -20,554
-40,606 23,578 -21,904
-40,414 33,265
-20,207
23 955
-33,446 26,750
-31,411 23,148 -25,613
-30,339 24,720 -27,310
-32,019 33,159 -28,670
-28,378 26,830 — 29,246
-27,554 26,644 -32,765
-27,751 33,808 -31,197
Excludes military.
Adjusted from Census data for differences in timing and coverage,
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
30,387
34,083
28,664
24,875
18,489
25,931
21,647
22,283
2,227
6,015
4,472
5,362
2,190
1,674
13,058
2,795
-2,465
-2,590
4,489
-2,416
-6,121
2,611
Net
military
transactions
Net
travel and
transportation
receipts
-2,577
-1,523
-474
-343
-2,099
3 557
-4,576
-2,857
-4,606
-1,089
-777
-176
-210
-1,031
-1,440
-964
-1,033
-1,006
-1,604
-1,498
-1,518
-968
-997
144
-992
-4,227
-7,885
-9,832
-8,031
-7,324
-2,633
-1,874
-2,241
-1,965
-2,088
-1,279
-1,993
-1,854
-719
-155
94
-297
91
193
Remittances,
pensions,
and other
unilateral
transfers '
Balance
on current
account
7,794
9,126 -7,593
15,810 -7,647
11,085
11,436
2,191 -9,188
12,264 -34,510 -9,776
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 -29,210 -4,376
4,807
-32,330 -4,136
-3,137
4,250
-31,190
4,372 -35,555
-3,265
4,555 -36,687 -3,225
4,734
-26,055 -4,586
4,787
-28,682 -3,364
5,042
-30,586
-2,899
-28,964 -3,376
5,126
5,381
-23,659 -5,018
5,725 -26,864 -3,526
5,886 — 29,216 -2,868
6,884 -19,031
-3,656
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
-28,677
-30,390
-32,084
— 22,687
Other
services,
net 3
Balance on
goods and
services
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $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
-40
-40
1989
1981
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
Period
Total
1980.
1981
-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
HI
IV
-26,078
-33,422
280
132
n
m
I
8,759
-22,632
-25,976
-36,370
1,956
3,419
32
3,742
n
m
4,540
-16,119
-37,886
-32,648
1,503
39
-7,380
2,272
-31,318
377
-47,156
-4,000
-12,095
-5,996
1982.. .
1983
1984
1985
1986
1987
1988
1986:
1987:
1988:
1989:
U.S.
official
reserve
assets x 2
IV
I
IV
I
11
m"....
Other U.S.
Government
assets
Foreign assets in the U.S., net2
[increase /capital inflow ( + )]
]
U.S.
private
assets
-5,162
72 802
-5,097 -100,679
110 058
-6,131
5 006 -43,576
-5,489
13 685
2 821 -25,950
-2,024
97 954
997
86 363
2,999 -81,543
1 565 -24,793
11 -33,565
40
6,763
-195
25856
308 -26,316
843 -40,955
1 490
4,528
-885 -15,273
32 467
1,961
-38,332
3,413
1,049
-309
644
28 367
12,781
41 804
Total
Other
foreign
assets
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net *
(unadjusted,
end of
period)
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
25,322
18,663
34,404
9,194
23,869
15,298
11,308
1,878
-10,641
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
69,927
62,339
15,785
1,251
54,142
61,088
-10,263
7,549
-4,669
4,463
48,087
48,511
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
27,027
65,334
46,179
80,759
24,631
5,895
-2,234
10,589
2,396
59,438
48,413
70,170
479
-15,729
24,047
-19,434
3,843
-3,714
-4,556
4,431
43,186
41,028
47,788
47,802
60,007
1 789
72,482
7,478
5 201
11,246
52,529
3,412
61,236
1,702
33,496
-2,639
4,127
-2,311
-5,115
49,854
60,502
68,418
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. resen
osition in the IMF.
2
Quarterly data are not seasonally adjusted.
Foreign
official
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,152
1,093
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, B.C. 20402. Price $2.25 (single copy) ($2.81 foreign).
Subscription price: $24.00 per year; $30.00 for foreign mailing.
38
U.S. GOVERNMENT PRINTING OFFICE
:
1990
0—26-471
@FedFRASER