Full text of Economic Indicators : July 1989
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101st Congress, 1st Session
Economic Indicators
JULY 1989
(Includes data available as of July 31, 1989)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1989
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member-Designate
[PUBLIC LAW 120—SlST 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
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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the second quarter of 1989, according to advance estimates, current-dollar gross national product (GNP) rose
6.6 percent (annual rate) or $81.8 billion. Real GNP (GNP adjusted for price changes) rose 1.7 percent and the
implicit price deflator rose 4.9 percent. (Series revised.)
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
5,600
SEASONALLY ADJUSTED ANNUAL RATES
5,200
5,200
-
•^"
^"1
4,800
4,800
fS~
—
-
GNP
IN CURRENT CXJLLARb
4,400
4,400
^
^
-
—
>\
4,000
4,000
v
-
3,600
,„—•-''
—
3,600
\
GNP
IN 1982 DO .LARS
^
*•**
-
/'''
f^'"*
3,200
—
3,200
~-—^*~<~— — *
—
^~
2,800
2,800
2,400
1
1
1981
1
\
1
1
1
1
1
1983
1982
\
1 1
1984
\
1
1
1
1
1
1986
1985
1
1
\ \ \
1
1988
1987
1
1
1
2,400
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Government purchases of
goods and services
Exports and imports of goods
and services
Persona!
consumption
expenditures
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
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
32.1
33.9
26.3
-6.1
-58.9
-78.0
97 4
-112.6
73 7
351.0
382.8
361.9
352.5
383.5
370.9
396.5
448.6
547.7
318.9
348.9
335.6
358.7
442.4
448.9
493.8
561.2
621.3
530.3
588.1
641.7
675.0
735.9
820.8
872.2
926.1
968.9
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.6
381.3
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.8
298.0
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.8
83.3
IV
IV
IV
IV
IV '
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
409.6
579.8
661.8
654.1
648.8
14.1
25 8
-67.9
103 2
-108.9
335.9
364.7
385.7
369.2
402.4
321.9
390.5
453.6
472.4
511.3
671.8
676.1
764.5
856.7
888.9
293.2
276.1
326.0
376.6
368.8
205.4
221.5
244.1
268.6
280.7
1987- III '
IV '
4,566.6
4,665.8
3,055.9
3,083.3
692.8
749.7
1153
— 114.6
458.0
482.6
573.4
597.2
933.2
947.5
384.5
388.1
1988- I T
II *
IIIr
IV '
4,739.8
4,838.5
4,926.9
5,017.3
3,148.1
3,204.9
3,263.4
3,324.0
728.8
748.4
771.1
752.8
82 8
— 74.9
-66.2
708
521.6
532.5
558.8
579.7
604.3
607.5
623.0
650.5
945.7
960.1
958.6
1,011.4
1989- I '
II '
5,113.1
5,194.9
3,381.4
3,437.9
769.6
777.9
-54.0
524
605.6
625.2
6S9.6
677.5
1,016.0
1,031.4
Gross
national
product
Period
1980
1981
1982
1983
1984
1985
1986 r
1987 '.
1988 '
1982:
19831984:
19851986-
. .
Net
exports
1
GNP less exports of goods and services plus imports of goods and services.
Note.—Series revised beginning 1986. See Surrey of Current Business, July 1989.
Final
sales
Gross
domestic
purchases 1
322.2
345.9
369.0
391.5
425.3
465.6
505.7
544.5
587.6
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,495.0
4,850.0
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,636.8
4,954.3
87.7
54.6
81.9
108.0
88.1
378.7
400.0
438.5
480.1
520.1
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
300.2
296.8
84.3
91.3
548.7
559.4
4,557.1
4,602.5
4,681.9
4,780.4
374.1
377.1
367.5
406.4
297.4
298.0
296.1
300.5
76.7
79.1
71.4
105.9
571.6
583.0
591.0
604.9
4,709.8
4,809.2
4,882.3
4,998.7
4,822.5
4,913.4
4,993.]
5,088.1
399.0
403.9
298.7
302.4
100.4
101.5
617.0
627.5
5,085.4
5,162.4
5,167.1
5,247.2
Federal
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports of
goods and services
Gross private
domestic investment
Government purchases of
goods and services
Personal
consumption
expenditures
Nonresidential
fixed
Residential
fixed
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,853.7
4,024.4
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,513.7
2,598.4
379.2
395.2
366.7
361.2
425.2
453.5
438.4
455.5
493.8
137.0
126.5
105.1
149.3
170.9
174.4
195.7
194.8
194.1
57.0
-6.9
49.4
23.9
26.3
-24.5
64 -19.9
840
62.3
9.1 - 104.3
129 7
5.6
23.7 -115.7
74.9
27.9
388.9
392.7
361.9
348.1
371.8
367.2
397.1
450.9
530.1
332.0
343.4
335.6
368.1
455.8
471.4
526.9
566.6
605.0
620.5
629.7
641.7
649.0
677.7
731.2
761.6
781.8
785.1
IV
IV
IV
IV
IV '.
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
352.3
390.4
444.4
460.9
435.7
115.8
159.9
169.6
179.4
200.3
11.7
-59.3
462
27.0
41.1 -94.8
125 3
7.7
-135.4
-20.8
336.0
355.5
376.6
367.4
406.5
324.3
401.6
411.4
492.6
541.9
1987: in '
IV '
3,872.8
3,935.6
2,536.5
2,532.3
472.8
472.7
192.1
191.9
461.3
484.1
1988: I '
II '
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
6.8 -118.9
56.6 -109.8
34.3 -78.2
72 6
21.5
37.5 -74.9
18.3
73 8
4,106.8
4,123.9
2,641.0
2,648.2
501.0
510.2
195.6
188.6
24.5
22.0
55 0
-52.6
Period
1980
1981
1982
1983
1984
1985
1986 '.
1987 '
1988 '.
1982:
1983:
1984:
1985:
1986:
m*
IV '
1989- I r
n*
1
Gross
national
product
Change
in
business
inventories
Federal
Net
exports
Exports
State
and
local
Final
sales
Gross
domestic
purchases 1
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.9
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.2
261.5
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.4
67.4
373.6
370.1
369.0
373.9
387.0
405.2
427.5
442.1
456.2
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,830.0
3,996.5
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,969.4
4,099.3
660.1
642.2
693.2
752.7
776.0
289.5
266.0
300.5
340.6
342.4
201.4
211.6
225.3
241.4
255.8
88.2
54.4
15.2
99.2
86.6
370,6
376.2
392.1
412.1
433.6
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
580.2
593.9
783.5
792.1
340.7
344.9
270.6
266.7
70.1
78.2
442.8
447.2
3,866.0
3,879.0
3,991.7
4,045.5
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
569.7
585.1
624.6
637.7
799.7
807.6
335.5
341.3
254.4
256.1
81.1
85.1
464.2
466.3
4,082.3
4,101.9
4,161.8
4,176.5
Imports
Total
Total
Note.—Series revised beginning 1986. See Survey of Current Business, July 1989.
Source: Department of Commerce, Bureau of Economic Analysis.
GNP less exports of goods and services plus imports of goods and services.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted}
Personal consumption
expenditures
Period
Gross
national
product
1980
1981
1982
1983
1984
1985
1986 r
1987 '
1988 '
Total
Durable
goods
Nondurable goods
Gross private
domestic investment
Services
Nonresidential
fixed
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.8
124.5
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.1
110.1
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.3
83.9
92.6
100.0
106.2
111.6
116.8
122.4
129.0
134.9
85.1
93.4
100.0
98.8
97.9
97.7
99.3
97.5
98.7
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.3
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.7
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.4
115.9
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.7
123.6
86.2
93.4
100.0
104.7
109.9
114.9
118.3
123.2
128.8
IV
IV
IV
IV
IV '
101.7
105.4
109.0
112.2
115.1
101.8
105.7
109.3
113.1
115.8
100.7
103.1
104.1
104.7
106.2
101.0
103.1
105.8
108.7
107.8
102.7
108.3
113.5
119.0
124.9
100.7
98.3
97.9
97.9
100.0
99.1
103.1
107.2
109.0
112.4
100.0
102.6
102.4
100.5
99.0
99.3
97.2
96.2
95.9
94.4
101.3
103.8
108.5
110.6
107.7
102.0
104.7
108.3
111.3
109.7
99.5
100.3
108.9
108.8
101.7
102.2
106.3
111.7
116.5
120.0
1987: III r.
IV r
117.9
118.6
120.5
121.8
108.8
109.0
112.8
113.7
129.8
131.5
96.7
97.0
117.8
118.7
99.3
99.7
98.8
100.6
112.8
112.5
110.9
111.3
120.3
116.8
123.9
125.1
1988: I '
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 '
124.5
126.0
128.0
129.8
111.2
111.0
120.0
123.3
139.0
140.4
100.4
100.3
122.1
124.1
106.3
106.9
105.6
106.2
118.9
118.4
117.4
118.1
123.8
119.2
132.9
134.5
1982:
1983:
1984:
1985:
1986:
n*
Note. — Series revised beginning 1986. See Survey of Current Business, July 1989.
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]
Personal consumption expenditures
Gross national product
Period
Constant
(1982)
dollars
Current
dollars
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.7
4.4
.6
7.3
1.7
3.0
2.3
5.3
6.6
4.0
3.7
3.2
2.7
3.7
1.7
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.9
7.9
4.2
12.4
4.7
6.2
4.2
8.4
9.0
6.5
8.6
7.5
7.5
7.9
6.6
1980
1981
1982
1983
1984
1985
1986 r
1987 T.
1988 r
..
1982: IV
1983- IV
1984: IV
1985- IV
1986- IV '
1987- III r
IV r.
1988- I *r
n .r
m
IT '.
1989- I '
Ii"
Implicit
price
deflator
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
3.6
4.7
3.0
3.3
1.8
2.8
2.4
2.0
4.8
4.4
4.7
4.0
4.9
Chain price
index
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
3.7
4.1
3.9
3.1
3.2
2.7
3.7
3.3
3.3
4.3
4.4
4.1
4.6
5.0
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Fixedweighted
price index
(1982
weights)
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.6
4.2
4.0
4.0
3.2
3.3
3.1
3.8
3.8
3.8
4.8
5.2
4.3
4.8
5.2
Implicit
price
deflator
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.4
10.3
9.7
7.2
6.0
6.2
9.2
3.6
8.7
7.4
7.5
7.6
7.1
6.9
Chain price
index
Fixedweighted
price index
(1882
weights)
-0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.4
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.8
3.9
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.7
4.1
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.7
4.3
5.3
5.5
4.3
1.9
2.2
4.4
4.3
3.0
4.0
3.9
4.8
4.1
3.1
4.2
3.9
4.8
4.1
3.2
4.3
3.9
4.7
— .7
4.4
4.4
4.4
4.3
4.4
4.5
6.2
2.5
3.3
3.0
2.3
4.7
3.9
4.6
4.8
5.7
2.6
5.0
4.3
4.8
2.6
5.1
4.6
4.9
4.7
5.9
4.8
6.4
2.0
1.1
Series revised beginning 1986. See Survey of Current Business, July 1989.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) l
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
1980
1981
1982
1983
1984
1985
1986 '.
1987 '.
1988 '
1982: IV...
1983- IV
1984: IV
1985: IV..
1986- IV *
1987: III '
IV r
1988: I r...
II '
111'
IV '
1989- I
1
r
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,520.7
2,731.3
1,779.4
2,012.5
2,201.8
c
2 309 4
2,408.7
2,556.2
2,598.4
2,648.1
2,705.9
2,754.9
2,816.4
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,282.6
2,419.5
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,309.2
2,343.3
2,381.8
2,408.9
2,434.1
2,453.2
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.104
1.129
1.011
1.037
1.064
1.080
1.096
1.107
1.109
1.112
1.123
1.132
1.148
0.095
.109
.125
.123
.118
.119
.123
.123
.123
.131
.120
.118
.120
.124
.123
.122
.122
.122
.122
.124
0.077
.090
.094
.098
.100
.103
.106
.106
.107
.096
.098
.102
.104
.106
.107
.106
.106
.107
.108
.108
2,842.7
2,459.1
1.156
.125
.110
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capital consumption adjustments.
Indirect
business
taxes 3
Current
dollars
lars.
2
Corporate profits with
inventory valuation and capital
consumption adjustments
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.704
.721
.730
.744
.685
.680
.694
.713
.727
.726
.734
.732
.740
.746
.756
0.031
.037
.043
.037
.039
.038
.041
.047
.052
.042
.037
.042
.037
.042
.048
.050
.050
.051
.053
.055
0.068
.078
.063
.089
.109
.106
.098
.098
.103
.057
.103
.107
.106
.096
.768
.057
.096
Total
.103
.098
.102
.103
.102
.105
Output
per hour
of all
employees
(1982
dollars) *
Compensation
per hour
of all
employees
(dollars) *
17.096
17.194
17.318
17.865
18.287
18.584
18.927
19.216
19.471
.041
.044
.044
.045
0.031
.044
.037
.057
.073
.073
.064
.058
.059
.034
.066
.075
.072
.058
.060
.057
.060
.059
.058
.061
17.383
18.029
18.359
18.639
19.043
19.362
19.357
19.560
19.481
19.443
19.454
9.939
10.861
11.699
12.122
12.569
13.075
13.605
14.062
14.640
11.814
12.261
12.746
13.288
13.815
14.110
14.291
14.397
14.546
14.743
14.908
.045
.051
19.392
15.097
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.041
.044
.023
.036
.032
.033
.038
.044
.041
Profits
after
tax 4
Note.—Series revised beginning 1986, except as noted. See Survey of Current Business, July
1989.
* Data do not reflect revisions beginning 1986 of GNP and related items published July 21,
1989.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
{Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
Rental
income of
persons
with
capital
consumption
adjustment
Noniarm
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
1982
1983
1984
1985
1986 '
1987 '
1988 '
1982- IV
1983- IV
1984- TV
1985- IV
1986- IV *
1987- III '
IV
2,518.4
2 719 5
3,028.6
3,234.0
3,412.6
3,665.4
3,972.6
2 548 2
2,851.5
3,096.1
3,312.8
3,473.1
3,694.8
3,799.9
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,690.0
2,907.6
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,709.8
2,778.7
24.6
12.4
30.5
30.2
34.7
41.6
39.8
28.5
19.3
28.1
29.2
37.2
33.6
48.4
150.9
178.4
204.0
225.6
247.2
270.0
288.0
159.8
188.6
209.7
235.0
252.0
271.6
280.3
13.6
13.2
8.5
9.2
11.6
13.4
15.7
15.8
12.4
5.6
7.8
13.5
11.5
14.3
150.0
213.7
266.9
282.3
282.1
298.7
328.6
146.1
248.5
266.9
291.4
275.2
313.0
308.2
159.2
196.7
234.2
222.6
228.3
247.8
281.8
150.7
223.4
224.6
228.4
226.1
261.5
255.8
169.6
207.6
240.0
224.3
221.6
266.7
306.8
164.1
231.5
226.1
235.0
234.1
281.0
276.2
-10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
-13.4
-8.1
-1.6
-6.6
-8.0
-19.4
-20.4
-9.2
17.0
32.7
59.7
53.8
50.9
46.8
-4.5
25.1
42.3
63.0
49.1
51.5
52.4
272.3
281.0
304.8
319.0
325.5
351.7
392.9
266.9
290.2
313.1
322.7
324.0
355.3
370.0
1988: I r.
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
3,061.7
3,115.7
59.0
52.6
300.3
302.6
11.8
8.7
316.3
279.7
318.0
-38.3
-21.0
36.6
31.7
436.1
458.0
III'.
IV '
1989- I r..
II"
1
Includes employer contributions for social insurance. (See also p. 5.)
Note. — Series revised beginning 1986. See Survey of Current Business, July 1989.
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
Total
personal
consumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Other
Total
nondurable
goods
Food
Clothing and
shoes
Gasoline
and oil
Services
Other
Retail sales of
new passenger
ears (millions of
units)
Domestics
Imports
1982
1983
1984
1985
1986 '
1987 r
1988 '.
1982- IV
1983: IV
1984- IV
1985: IV
1986- IV r
1987: HI '
IV '.
2,050.7
2,234.5
2 430 5
2,629.0
2,797.4
3,010.8
3,235.1
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,055.9
3,083.3
252.7
289.1
335.5
372.2
406.0
421.0
455.2
263.8
310.0
346.7
373.2
422.0
439.3
424.5
108.9
130.4
157.4
179.1
196.2
195.5
211.6
115.7
144.4
162.3
173.8
201.1
211.3
196.3
95.7
107.1
118.8
129.9
139.7
149.1
162.0
99.1
112.4
122.7
134.7
143.8
151.0
151.4
48.1
51.6
59.3
63.2
70.0
76.5
81.6
49.0
53.2
61.8
64.7
77.1
77.0
76.7
771.0
816.7
867.3
911.2
942.0
998.1
1,052.3
786.6
837.9
879.6
932.7
952.1
1,006.0
1,015.4
398.8
421.9
448.5
471.6
500.0
529.2
559.7
407.0
430.8
456.1
482.5
511.9
531.7
536.8
124.4
135.1
146.7
156.4
166.8
177.2
186.8
126.5
141.1
149.8
160.6
168.7
178.9
180.6
89.1
90.2
90.0
90.6
73.5
75.2
76.8
89.8
91.9
89.0
91.0
66.0
76.8
76.7
158.7
169.5
182.1
192.6
201.7
216.6
229.0
163.4
174.0
184.7
198.5
205.5
218.6
221.3
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,591.7
1,727.6
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,610.6
1,643.3
5.8
6.8
8.0
8.2
8.2
7.1
7.5
6.0
7.4
7.7
7.0
7.7
7.8
6.6
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.5
2.6
2.6
3.1
3.4
3.5
3.3
1988: I '
II r
III r
IV '.
3,148.1
3,204.9
3,263.4
3,324.0
446.4
454.6
452.5
467.4
210.3
212.5
208.4
215.3
156.9
162.2
162.7
166.1
79.2
79.9
81.4
86.0
1,022.2
1,042.4
1,066.2
1,078.4
542.5
554.5
567.8
574.1
180.8
183.6
188.9
193.9
74.3
76.9
78.3
77.6
224.5
227.5
231.2
232.8
1,679.5
1,707.9
1,744.7
1,778.2
7.7
7.5
7.4
7.5
3.2
3.2
3.0
3.0
1989: I '
llp
3,381.4
3,437.9
466.4
470.3
211.7
213.3
172.1
173.3
82.6
83.7
1,098.3
1,116.6
587.3
588.6
195.0
198.5
77.9
88.7
238.1
240.9
1,816.7
1,851.0
7.0
7.3
2.8
3.0
Note.—Series revised beginning 1986. See Survey of Current Business, July 1989.
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $12.6 billion (annual rate) in June, following an increase of $8.2 billion in May. Wages and
salaries increased $13.8 billion in June, compared with an increase of $1.0 billion in May. (Series revised.)
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
BILLIONS OF DOLLARS*(RATIO SCALE)
5,0001
4,000:
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
OTHER INCOME
800
800
TRANSFER
PAYMENTS
400
400
Illllllllll
1981
1982
1985
1984
1983
1986
1987
1988
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986 r
1987 r
1988 r
1988: June *
July T.
Aug r
Sept T
Oct r
Nov r
Dec r
1989: Jan ',
Feb r.
Mar p
Apr r
May r
June p.
personal
income
22584
2 5209
2 6708
2 8386
3 108 7
3 3253
3 526 2
3 777 6
40645
40494
4079 8
4094 2
4 118 6
4 180 4
4 168 9
4 206 3
4 273 1
4 3195
4 3607
43865
4 394 7
4407 3
Wage and
salary
disbursements *
1 3720
1 5103
1 586 1
1 676 6
1 838 6
1 9754
20948
2 249 4
2 4290
2420 1
2 4434
2447 7
2 465 6
2 497 1
2 501 6
2 516 7
2 5454
2 557 3
2 5794
2 601 3
2 602 3
2 616 1
Proprietors ' income 3
Other labor
income 1 2
1384
150 3
163 6
173 6
182 9
187 6
199 3
212 8
228 9
227 5
229 3
231 1
232 9
234 7
236 5
238 2
239 7
241 3
242 9
244 4
246 0
247 5
Farm
205
30 7
24 6
12 4
30 5
30 2
34 7
41 6
39 8
44 7
41 0
38 6
334
47 1
19 5
29 4
48 0
65 9
63 0
57 5
56 1
44 1
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p, 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
8
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Nonfarm
Rental
income of4
persons
160 1
156 1
150 9
178 4
204 0
225 6
247 2
270 0
288 0
66
13 3
13 6
13 2
85
"9 2
11 6
13 4
15 7
287 9
288 5
2885
290 9
295 8
295 7
297 4
299 6
3006
300 8
303 4
302 0
302 3
14 6
15 6
16 5
16 7
16 4
16 1
16 0
13 8
11 8
99
93
86
81
Personal
dividend
income
52 9
61 3
63 9
68 7
75 5
78 7
85 8
92 0
102 2
101 1
102 4
103 9
104 7
105 8
106 5
106 9
108 4
1094
110 3
111 0
111 4
111 8
Personal
interest
income
271 9
335 4
369 7
393 1
444 7
4780
493 2
523 2
571 1
565 1
570 1
5760
583 0
590 8
598 6
606 4
616 5
628 9
641 5
648 4
655 2
661 8
Transfer
payments 5
324 7
368 1
410 6
442 6
456 6
489 8
521 5
548 2
584 7
582 7
585 7
587 9
588 7
592 2
593 5
595 6
610 7
614 2
624 2
623 9
625 7
629 0
Less:
contributions
for social
insurance
Nonfarm
personal
income 6
886
104 5
112 3
120 1
132 7
149 3
161 9
172 9
194 9
194 3
196 1
195 9
197 2
199 5
199 1
200 1
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
3 983 6
4 017 9
4 034 6
4 064 1
4 112 3
4 128 4
4 155 9
209 0
209 8
211 3
212 6
212 6
213 4
4 204 0
4 232 4
4 276 5
4 307 7
4 317 2
4 341 8
8
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Note.—Series revised beginning 1986. See Survey of Current Business, July 1989.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income fell slightly in the second quarter of 1989. (Series revised.)
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
3,800
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
3,800
PER CAPITA DISPOSABLE PERSONAL INCOME
6,000
6,000
1989
1981
COUNCIL OF ECONOMIC ADVISERS
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
.
Personal
income
Period
Less:
Personal
tax and
nontax
payments
F 1
Disposable
personal
income
Less:
Personal
outlays l
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 r.... .
1987 r
1988 '.
c
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,777.6
4,064.5
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.7
586.6
c
1,918.0
2,127.6
2^261.4
2,428.1
2^668.6
2,838.7
3^013. 3
3,205.9
3477.8
1982
dollars
Per capita personal
consumption
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
c
136.9
159.4
153.9
130.6
164.1
125.4
124.9
101.8
144.7
2,214.3
2,248.6
2'261.5
2,331.9
2469.8
2,542.8
2^635.3
2,676.6
2^793.2
8,421
9,243
9,724
10,340
11 ^257
11 861
12469
13,140
14J116
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
9,722
9,769
9^724
9,930
10,419
10,625
10^905
10,970
11337
7,607
8,783
8,320
8J818
9,515
10J253
10,985
11^576
12,340
isil31
8,794
8^818
9,139
9J489
9,839
10,123
10,303
10^546
i 1
— .5
7.1
7.5
6.8
2.1
4.9
2.0
2.6
.6
3.3
5.4
6.1
4.4
4.1
3.2
4.2
230,182
232^549
234,829
237J051
239,322
241J660
243,985
246^378
.5
227,754
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
IV r ..
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
411.1
413.9
459.7
499.6
534.4
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
143.1
145.4
157.3
111.7
102.0
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
9,929
10,725
11,467
12,068
12,629
9,749
10,151
10,491
10,667
10,909
9,068
9,825
10,479
11,240
11,825
8,904
9,299
9,587
9,935
10,214
1.2
9.1
1.7
3.3
.3
6.2
5.8
5.8
3.9
3.3
233,466
235,707
237,946
240,257
242,579
1987: HI r..
IV r...
3,795.5
3,908.7
572.0
589.2
3,223.5
3,319.4
3,149.9
3,177.6
73.6
141.8
2,675.6
2,726.2
13,196
13,552
10,953
11,130
12,510
12,588
10,384
10,339
5.6
6.6
2.3
4.3
244,274
244,936
1988: I *
II r....
Ill r..
IV r...
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
10,473
10,515
10,573
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
1989: I T
II"...
4,317.8
4,396.2
628.3
651.6
3,689.5
3,744.5
3,483.8
3,540.9
205.7
203.7
2,881.7
2,884.4
14,884
15,071
11,625
11,609
13,641
13,837
10,654
10,659
5.7
-.5
5.6
5.4
247,890
248,453
1
Includes persona! consumption expenditures, interest paid by consumers to business, and person1 transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
NOTE.—Series revised beginning 1986. See Survey of Current Business, July 1989.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
n the first quarter of 1989, according to revised estimates, gross farm income rose $18.8 billion (annual rate) and
let farm income rose $21.5 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
240
200
240
200
160
160
120
120
" GROSS FARM INCOME
80
80
60
60
40
40
20
20
NET FARM INCOME
10
10
I I I
I I I
1981
1982
I I I
1 1 I
I I I
I I I
I 1 I
I I I
1984
1985
1986
1987
1988
1989
1983
• SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from fanning
Net farm income
Gross farm income
Period
Cash marketing receipts
Total1
1980
1981 .
1982
1983 . ..
1984
1985 ...
1986
1987 ...
1988 r
1986- III
IV
1987: I
n
in
1988:
IV ....
I'
II r r .
mr
rv
1989:
I
T
149.3
166.4
163.5
153.0
174.9
166.2
159.8
169.8
177.5
158.1
162.6
173.6
162.5
168.9
173.7
175.3
182.5
174.9
177.1
195.9
Total
139.7
141.7
142.6
136.6
142.4
144.0
135.1
138.1
151.3
137.8
137.7
134.9
134.4
146.5
136.6
144.2
148.6
160.2
152.0
153.2
Livestock and
products
71.7
72.5
72.3
67.1
69.5
74.2
63.6
61.9
72.5
60.5
64.7
61.6
57.4
66.9
61.5
62.5
73.4
82.0
71.8
70.2
68.0
69.2
70.3
69.4
73.0
69.8
71.5
76.2
78.8
77.3
73.0
73.3
77.0
79.6
75.1
81.7
75.2
78.2
80.2
83.0
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.
Crops
3
Value of
inventory
changes 2
-6.3
6.5
-1.4
-10.9
6.3
-2.4
-2.8
6
-4.3
-2.3
-1.9
-.3
.1
1.9^
-3.2
38
-4.7
5.4
4.7
Production
expenses
Current
dollars
133.1
139.4
140.0
140.4
142.7
134.0
122.3
123.5
132.1
121.1
120.7
120.3
124.1
125.0
124.6
126.7
129.3
135.4
137.0
134.3
1982 dollars 3
16.1
26.9
23.5
12.7
32.2
32.3
37.5
46.3
45.4
37.0
41.9
53.4
38.4
43.9
49.0
48.7
53.2
39.5
40.1
61.6
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
18.8
28.6
23.5
12.2
29.9
29.1
32.9
r
39.4
37.4
32.3
r
36.4
r
46.0
32.8
r
37.3
r
41.3
40.8
44.1
32.4
32.6
49.2
CORPORATE PROFITS
In the first quarter of 1989, according to revised estimates, corporate profits before tax fell $0.8 billion (annual
rate) and after-tax profits fell $2.0 billion. (Series revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360
360
320
320
/^
280
280
//
200
^\
V-_
160
PRO
FITS BEFORE T/ X
\
240
/^
y
200
-
^
S-,
N4
80
*"\...
"^
—v
'<~
120
80
-J
\
-
^.ir.^-^'~
TAX LIABILITY
/
\
40
.'--"- —
,..,V"N
X
\
160
PR
DFITS AFTER T/^X
s
\
240
rJvS
' —x
120
./
,„---
,
--
40
1V
UNDIST ?IBUTED PROFI rs '— —
I
1
1 1 1
1
1981
1982
\
1
1983
I
1
1
1
1
1
I I I
1
1986
1985
1984
I
1
1987
!
[
1 I
1988
1
1
1
1989
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
1
Profits after tax
Domestic industries
Total
2
Total
1980
1981
1982
1983
1984
1985
1986 r
1987 r
1988 r
1982:
1983:
1984:
19851986:
1987:
IV
IV..
IV
IV
IV r
HI r
IV r..
1988: Ir r
II r
mr
IV
1989- I r
TJ"
1
2
3
Financial
Total 3
Manufacturing
198.0
206.1
207.3
222.1
21.6
32.5
34.6
38.9
51.2
44.1
44.1
41.1
40.1
33.6
43.1
51.8
38.5
41.0
43.2
41.2
42.2
37.3
39.2
41.8
203.9
96.5
34.1
159.6
173.8
131.2
166.6
203.3
191.4
195.2
208.7
238.2
21.0
16.5
11.8
18.1
13.0
22.8
32.0
30.5
29.8
138.6
157.3
119.4
148.5
190.3
168.6
163.2
178.2
208.4
150.7
223.4
224.6
228.4
226.1
121.6
190.7
193.9
193.6
193.4
18.7
15.5
13.6
26.0
28.6
102.9
175.2
180.3
167.6
164.8
261.5
255.8
222.6
211.8
30.2
29.9
192.4
181.9
268.1
276.4
284.1
298.7
225.7
235.8
239.0
252.2
27.7
29.7
31.6
30.1
279.7
233.1
29.3
Tax
liability
Wholesale and
retail
trade
77.1
88.5
58.0
70.1
88.8
79.7
59.5
76.6
98.4
46.8
88.6
79.8
83.8
64.8
87.3
84.5
94.6
98.2
95.1
105.5
194.0
202.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Profits
before tax
Nonfinancial
Period
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
314.4
318.8
84.8
81.1
63.1
77.2
93.9
96.4
106.3
124.7
137.9
59.8
88.1
87.0
99.8
113.1
132.7
127.3
129.0
138.4
141.2
143.2
152.3
145.4
106.5
130.4
146.1
127.8
115.3
142.0
168.9
104.3
143.4
139.2
135.2
121.0
148.3
148.9
159.9
166.9
173.2
175.6
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.7
110.4
68.5
73.9
80.8
84.0
93.6
100.0
102.8
105.7
108.6
112.2
115.2
97.6
81.8
39.6
58.9
67.0
44.6
24.0
43.3
58.5
35.8
69.5
58.4
51.2
27.4
48.3
46.1
54.2
58.3
61.1
60.4
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
-13.4
-8.1
-1.6
-6.6
-8.0
-19.4
-20.4
-20.7
-28.8
-30.4
-20.1
318.0
144.4
173.6
118.5
120.9
55.1
-38.3
-21.0
237.1
226.5
169.6
207.6
240.0
224.3
221.6
266.7
306.8
164.1
231.5
226.1
235.0
234.1
281.0
276.2
288.8
305.3
Note.—Series revised beginning 1986. See Survey of Current Business, July 1989.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to advance estimates for the second quarter of 1989, nonresidential fixed investment rose $8.4 billion
(annual rate) and residential investment fell $4.8 billion. There was a $32.4 billion increase in inventories, following
an increase of $27.7 billion in the first quarter of 1989. (Series revised.)
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
GROSS PRIVATE DOMESTIC
1MVFSTMFNT
700
y
600
500
/
--—,
^^
NONRESIDENTIA
ED INVESTMEf
/
400
--"""
1r-\^
f
^N
"""•---.
/^
/
r^~i
i
—
500
—
—
600
.--""'
-
'
400
^ S*
RESIDENTIAL
H> ED INVESTMEI-4 1
300
-
300
,.A-
200
.
.*--'
100
700
-^"
-X^-l
^-~~
800
^~1C~
-
~--V
/
—
—
CHA NGE IN BUSIN ESS
INVENTORIES
/-V_
f*
0
——
—•
|-X ,•-v
^•».
t
r
*
200
100
+*""*~. *••.+*
t*
-100
1 1 1
i i i
1981
1982
^
1
1
1
1983
1
1 1
1984
1 1 1
1 1 [
1985
1986
1
1 1
1987
SOURCE-. DEPARTMENT OF COMMERCE
1 1 I
i i i
1988
1989
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
445.3
491.5
471.8
509.4
597.1
631.8
652.5
670.6
719.6
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.3
487.2
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.8
140.3
208.9
230.7
223.4
232.8
274.9
289.7
296.2
310.5
346.8
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.4
232.4
-8.3
24.0
^24.5
-7.1
67.7
11.3
6.9
29.3
30.6
-2.4
18.3
-23.1
.4
60.5
14.6
8.6
30.5
34.2
IV
IV
IV
IV
IV T
409.6
579.8
661.8
654.1
648.8
469.5
548.8
616.8
646.8
660.9
354.9
383.9
435.0
451.3
435.8
137.6
127.4
146.6
155.9
133.7
217.3
256.5
288.4
295.5
302.2
114.7
164.9
181.8
195.5
225.1
-59.9
31.0
45.0
7.2
-12.2
-51.1
21.3
41.3
23.7
-8.0
1987- III r
IV r
692.8
749.7
683.2
686.3
457.0
458.6
137.3
138.9
319.8
319.7
226.2
227.7
9.5
63.3
14.0
61.3
1988- I r
II r
III r
IV *
728.8
748.4
771.1
752.8
698.7
719.1
726.5
734.1
472,7
487.1
493.2
495.8
237.1
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
1989- I r
II p
769.6
777.9
742.0
745.5
503.1
511.5
144.7
142.6
358.5
368.9
238.8
234.0
27.7
32.4
19.1
25.3
1980
1981
1982
1983
1984
1985
1986 r
1987 r
1988 r.
19821983198419851986-
NOTE.—Series revised beginning 1986. See Survey of Current Business, July 1989.
Source: Department of Commeree, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May survey, business spending for new plant and equipment is
expected to rise 9.9 percent in 1989, following a rise of 10.3 percent in 1988.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
1
400
r
ALL INDUSTRIES
300
300
—T
NONMANUFACTURING -^
200
200
7
MANUFACTURING
100
,100
80
80
60
60
40
40
1981
1982
1985
1984
1983
1987
1986
1988
_i/ SURVEYED QUARTERLY
2J SEE FOOTNOTE 4 BELOW
SOURCE DEPARTMENT OF COMMERCE
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
1980
1981
1982
1983
1984
1985..
1986
1987
1988
1989 4
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
429.67
472.08
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
165.70
179.35
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.12
82.13
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
87.58
97.22
1987: III
IV
394.54
406.82
148.20
152.21
71.96
72.28
1988: I . .
II
III. .
IV
412.02
426.94
436.01
443.71
158.60
161.69
168.91
173.61
1989: I 4
II
Ill 4
IV4
457.64
467.50
478.79
484.38
175.83
177.10
182.70
181.79
10
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
316.70
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
263.97
292.72
Mining
Transportation
Public
utilities
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
263.97
292.72
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.67
12.00
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.35
24.86
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.51
50.77
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
183.44
205.09
76.24
79.92
246.34
254.61
11.81
12.32
19.19
19.34
45.29
46.38
170.05
176.56
148.20
152.21
246.34
254.61
75.70
76.87
79.48
80.42
82.90
84.82
89.43
93.18
253.43
265.25
267.10
270.11
12.59
13.26
12.47
12.35
20.43
20.72
22.17
22.10
44.61
45.43
46.70
49.27
175.79
185.83
185.76
186.38
158.60
161 69
168.91
173.61
253.43
265 25
267.10
270.11
81.71
80.21
84.08
82.54
94.12
96.89
98.61
99.25
281.81
290.40
296.09
302.59
12.12
13.08
12.21
10.60
23.24
23.11
25.85
27.24
50.26
51.42
50.18
51.24
196.20
202.79
207.86
213.51
175.83
177 10
182.70
181.79
281.81
29040
296.09
30259
Durable
goods
Nondurable
goods
Total l
1
Excludes fores
irestry, fisheries, and agricultural services; medical services; professional services;
social services and
md membership organizations;
organisations; and
»MU real
rum estate,
F!KT.HT.RI which,
wnj'.'n, effective
enecuve with-the
wiui ~uie H.J.THApril-May
1984 survey, are no longer surveyed quarterly. See !ast column ("nonmanufacturing surveyed i
ally") for data-for these industries.'
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
Total
nonfarm
business 2
Commercial
and
other
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
482.40
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
165.70
179.35
Surveyed
annually"
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in April-May 1989, corrected for biases.
Source: Department of Commerce-, Bureau of the Census'.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In June, civilian employment rose 326,000 and unemployment rose 166,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
124
124
SEASONALLY ADJUSTED
120
120
CIVILIAN LABOR FORCE
116
116
112
112
108
108
T
104
104
CIVILIAN "
EMPLOYMENT
100
100
96
96
*S
"^
^.
**
12
12
8
8
UNEMPLOYMENT
4
4
0
IIMlllll
1982
1981
1983
1984
1985
1986
1987
1989
1988
• 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]
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
1981
1982
1983
1984
1985
1986'
1987
1988
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
100,907
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
106,940
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
1988:
June
July
Aug
Sept
Oct
Nov
Dec
186,247
186,402
186,522
186,666
186,801
186,949
187,098
1,685
1,673
1,692
1,704
1,687
1,705
1,696
123,209
123,331
123,692
123,688
123,778
124,215
124,259
116,686
116,707
116,895
117,074
117,260
117,652
117,705
121,524
121,658
122,000
121,984
122,091
122,510
122,563
115,001
115,034
115,203
115,370
115,573
115,947
116,009
3,121
3,060
3,142
3,176
3,238
3,238
3,193
1989:
Jan
Feb
Mar
Apr
May
June
187,340
187,461
187,581
187,708
187,854
187,995
1,696
1,684
1,684
1,684
1,673
1,666
125,124
124,865
124,948
125,343
125,283
125,768
118,407
118,537
118,820
118,797
118,888
119,207
123,428
123,181
123,264
123,659
123,610
124,102
116,711
116,853
117,136
117,113
117,215
117,541
3,300
3,223
3,206
3,104
3,112
3,096
Period
1980
NSA
Labor force
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Agricultural
Total
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
Unemployment
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) *
Total
15
weeks
and
over
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
59.2
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
111,880
111,974
112,061
112,194
112,335
112,709
112,816
5,073
5,102
4,972
4,862
4,727
4,819
5,033
6,523
6,624
6,797
6,614
6,518
6,563
6,554
1,543
1,619
1,636
1,568
1,554
1,502
1,495
65.8
65.9
66.0
66.0
66.0
66.1
66.1
62.3
62.3
62.3
62.4
62.4
62.6
62.6
113,411
113,630
113,930
114,009
114,102
114,445
4,837
4,697
4,709
4,930
4,609
4,801
6,716
6,328
6,128
6,546
6,395
6,561
1,512
1,304
1,310
1,426
1,313
1,258
66.5
66.3
66.3
66.5
66.4
66.6
62.9
62.9
63.0
63.0
63.0
63.1
Total
Part time
for
economic
reasons l
63.8
' Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
gource. Department „[ Llbor, Bureau of Ubor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In June, both the overall and the civilian unemployment rates rose slightly, to 5.2 and 5.3 percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
^4H ^vfc
15
TEENAGERS
(16-19)
10
10
WOMEN 20 YEARS
AND OVER
MEN 20 YEARS
AND OVER
0
lll
i
1985
1989
1985
1
1986
1987
i n 1 1 1 H 'f | 1 1 n 1 1 1 1 1 1 1
(1989
1988
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE- DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
workers l
By sex and age
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
By selected groups
By race
Both
sexes
16-19
years
White
Black
and
other
Black
7.1
5.9
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
6.4
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
17.8
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
14.3
15.6
1983
1984
1985
1986
1987
1988
7.0
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
1988: June....
July
Aug
Sept
Oct
Nov
Dec
5.3
5.4
5.5
5.3
5.3
5.3
5.3
5.4
5.4
5.6
5.4
5.3
5.4
5.3
4.6
4.5
4.9
4.6
4.6
4.8
4.7
4.9
5.0
4.8
4.8
4.7
4.7
4.7
14.1
15.1
15.4
15.5
15.0
14.1
14.8
4.6
4.7
4.9
4.7
4.6
4.6
4.6
1989: Jan
Feb
Mar
Apr
May
June ....
5.4
5.1
4.9
5.2
5.1
5.2
5.4
5.1
5.0
5.3
5.2
5.3
4.6
4.5
4.2
4.6
4.3
4.3
4.7
4.5
4.6
4.7
4.8
4.9
16.4
14.8
13.7
14.4
15.2
15.6
4.6
4.3
4.2
4.6
4.4
4.5
1980
1981
1982
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
19
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Labor
force
time lost
(percent) 2
Fulltime
workers
Parttime
workers
10.4
9.8
9.2
8.1
6.9
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
8.8
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
10.9
8.6
8.1
7.9
7.1
6.3
18.9
19.5
15.9
15.1
14.5
13.0
11.7
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
4.2
4.3
6.5
10.3
10.1
10.0
9.5
9.8
10.0
10.0
11.7
11.5
11.4
10.9
11.2
11.2
11.6
5.1
5.1
5.3
5.1
5.0
5.1
5.0
3.2
3.1
3.4
3.1
3.1
3.3
3.1
7.9
8.5
7.5
8.1
7.9
7.7
8.2
5.0
5.0
5.3
5.1
5.0
5.0
5.1
7.7
8.0
7.4
7.4
7.4
7.1
7.0
6.3
6.4
6.4
6.3
6.1
6.2
6.3
10.6
10.6
9.8
9.6
9.5
10.3
12.0
11.9
10.9
10.8
11.0
11.9
5.2
4.8
4.7
5.1
4.9
5.0
3.1
3.1
2.9
3.2
2.9
2.8
8.0
8.0
7.9
7.6
8.3
7.9
5.0
4.8
4.8
5.0
4.8
4.8
7.9
7.3
6.2
7.2
6.9
7.7
6.2
5.9
5.8
6.0
5.9
6.1
6.5
4.6
4.3
4.4
3.9
3.3
9.2
10.4
11.7
12.2
10.3
Source: Department of Labor, Bureau of Labor Statistics.
7.9
8.5
11.0
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In June, the percentage of the unemployed who had been out of work for less than 5 weeks rose and the
percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over fell. The mean duration of
unemployment fell and the median duration rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
—
50
-'•
40
-
30
REENTRANTS
-
V--A-.
20
O$ LEAVERS
10 -
- 10
N£W ENTRANTS
iniiliii
1985
1985
1989
1986
1987
1988
1989
"SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Pereent distribution
Less
than
5
weeks
5-14
weeks
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
6,523
6,624
6,797
6,614
6,518
6,563
6,554
6,716
6,328
6,128
6,546
6,395
6,561
Reason for unemployment:
percent distribution
Insured
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
47.3
44.9
46.8
47.4
47.4
47.6
46.2
29.2
30.7
29.0
28.8
28.5
29.5
31.1
11.4
12.4
12.3
11.8
12 2
12.0
11.5
12.1
11.9
11.9
12.1
11.9
10.9
11.2
13.2
13.5
13.5
13.5
13.4
12.6
12.8
5.9
6.2
5.9
5.7
5.7
5.6
5.8
47.0
50.6
49.4
47.2
47.7
50.4
30.7
29.1
29.4
31.1
31.7
30.4
11.2
10.4
10.5
10.5
11.0
10.0
11.1
10.0
10.7
11.3
9.6
9.1
12.7
12.1
12.4
12.7
11.8
11.1
5.7
5.3
5.4
5.4
5.3
55
Job
leavers
Insured
unemployment
ployment,
all
regular
programs
(unadjusted) 1
Reentrants
New
entrants
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
3,350
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,056
488
460
583
438
377
396
378
328
306
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,125
46.7
46.1
46.2
46.7
45.9
46.2
46.5
14.5
13.8
14.6
14.9
15.3
14.7
15.1
26.6
28.1
27.3
26.8
27.2
26.9
26.2
12.2
1L9
11.9
11.5
11.6
12.2
12.1
2,050
2,082
2,069
2,025
1,972
1,989
2,032
304
327
305
293
296
301
309
1,881
2,052
1,914
1,734
1,677
1,857
2,205
46.4
45.2
46.0
45.7
42.7
42.0
14.7
15.5
14.4
15.0
17.5
15.5
27.3
27.3
28.1
29.0
29.1
31.2
11.6
12.0
11.6
10.3
10.7
11.3
2,061
2,105
2,143
2,105
2,063
2,134
293
309
323
300
317
335
2,685
2,695
2,567
2,221
Job
losers
Initial
claims
Weekly average, thousands
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988:
June
July
Sept
Oct
Dec
1989:
Jan
Fob
Mar
Mav
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistic and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 180,000 in June.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
7101
."''
.XI
26
SERVICES
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
24
90
s"'
-
V-l
~
^.
---""
-
22
—
80
"V
RETAIL TRADE
—
SERVICE-PRODUCING
INDUSTRIES
70
-
20
18
^— -
—• "
r^
•
^\ 1
UOVhKNMfcN
J__-A-J—--"*
Timlmiiliimlmiihiiiihiiii mull mi)
60
MANUFACTURING
20
50
\
—,
18
40
1 1 1 1 1 i 1 1 1 1 1 M 1 1 1 1 it
IIMIlltllll 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
T
1 Ilk
1
GOODS-PRODUCING
INDUSTRIES
30
20 Hhuili
1985
1986
1987
1988
1985
1989
1989
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
-1
Penou
1980
1981
1982
1983
1984
Manufacturing
Total 2
Construction
Total
1985
1986
1987
1988
90,406
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,584
25,658
25*497
23,813
23*334
24,727
24*859
24,558
24J708
25,249
4,346
4*,188
3,905
3348
4,383
4*373
4,816
4367
5,125
20,285
20470
18,781
18434
19,378
19*,260
18,965
19324
19,403
1988: June...
July....
Aug....
Sept....
Oct
Nov....
Dec
105,561
105,768
105,954
106,207
106,475
106,824
107,097
25,265
25,323
25,303
25,313
25,384
25,460
25,513
5,139
5,150
5,153
5,163
5,162
5,191
5,213
1989:
107,442
107,711
107,888
108,101
108,308
108,488
25,626
25,629
25,646
25,671
25,661
25,610
5,267
5,270
5,252
5,279
5,278
5,270
Jan
Peb
Mar
Apr r...
May r..
June p
Service-producing industries
Goods-producing industries
T notal
tn]
nonagricultural
employment
c
D m-oHlo
urauie
goods
Nondurable
goods
12,187
12*,109
11,039
10*,732
11,505
11,490
11,230
8,098
8361
7,741
Transportation
and
public
utilities
"R
of oil
netan
trade
Finance,
insurance,
and real
estate
6,676
19,096
19,139
19,182
19,188
19,229
19,282
19,328
6,672
6,678
6,686
6,695
6,710
6,726
6,744
25,597
25,683
25,784
25,888
25,986
26,111
26,230
17,362
17,350
17,376
17,471
17,484
17,525
17,523
2,956
2,958
2,967
2,985
2,986
2,983
2,981
19,407
19,460
19,488
19,489
19,524
19,525
6,746
6,763
6,774
6,776
6,790
6,801
26,318
26,434
26,520
26,651
26,728
26,887
17,545
17,587
17,597
17,626
17,683
17,715
2,978
2,982
2,982
2,982
2,998
2,998
6,027
6,038
6,051
6,071
6,086
6,104
6,125
5,654
5,667
5,666
5,682
5,700
5,721
6,146
6,171
6,197
6,206
6,222
6,229
19,400
19,448
19,425
19,431
19,505
19,557
19,589
11,431
11,475
11,462
11,464
11,509
11,545
11,565
7,969
7,973
7,963
7,967
7,996
8,012
8,024
80,296
80,445
80,651
80,894
81,091
81,364
81,584
19,648
19,648
19,680
19,672
19,661
19,630
11,605
11,594
11,604
11,600
11,591
11,561
8,043
8,054
8,076
8,072
8,070
8,069
81,816
82,082
82,242
82,430
82,647
82,878
5,111
Federal
15337
15369
16,024
16394
16,693
17310
17,372
5,542
5,557
5,572
5,581
5,596
5,616
5,634
11*,437
5,159
5^238
5,255
5372
5,548
Total
2,866
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
5,753
5344
6,029
7,873
7*,770
7,734
7330
7,967
1
5,275
5,358
5,278
5,268
5,555
Government
Services
17,890
18319
19,036
19J694
20,797
22*000
23,053
24*236
25,600
5,160
5J298
5,341
5J468
5,689
5355
6,283
5,146
5,165
5,082
4
954
^IV^^
1,102
Wholesale
trade
15,035
15J189
15,179
15*613
16,545
17*356
17,930
18*483
19,110
64,748
65*659
65,753
66366
69,769
72360
74,967
77*492
80,335
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 table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
Total
6,54:1
16,241
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 i rivate
nonagric
Manufacturing
Total
private
nonagricultural l
Period
Total
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34,7
34.8
34.6
34.7
34.8
34.7
34.7
34.8
34.6
34.7
34.9
34.6
34.6
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988- June
July
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
Apr '
May T.
June p
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.1
41.1
41.0
41.1
41.2
41.2
41.0
41.1
41.1
41.0
41.3
41.0
40.9
Overtime
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.9
3.9
3.9
3.9
4.0
3.9
3.9
3.9
3.9
4.0
3.9
3.8
3.8
Total
private
nonagricultural 1
Manufacturing
$6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
9.27
9.31
9.32
9.37
9.43
9.42
9.45
9.49
9.52
9.54
9.61
9.61
9.62
1
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1977 = 100 base).
2
$7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.18
10.18
10.18
10.21
10.25
10.29
10.30
10.31
10.33
10.37
10.40
10.40
10.42
10.45
3
Current dollars
Current
dollars
1977
dollars "
Manufacturing
Construction
Retail
trade
$235.10
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
167.89
168.39
166.82
167.68
168.55
167.28
167.39
167.55
166.44
166.44
167.53
165.18
165.10
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
418.40
418.40
418.61
421.28
423.95
424.36
422.71
424.56
426.21
426.40
429.52
427.22
427.41
$367.78
399.26
426.82
442.97
458.51
464.46
466.75
480.44
493.08
494.16
493.29
492.53
494.05
499.66
503.04
497.07
496.89
498.39
501.23
505.21
494.54
497.96
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
178.70
183.62
183.33
185.18
183.57
185.08
186.30
185.60
187.11
187.40
186.41
186.98
189.44
187.56
188.43
255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.36
321.67
323.99
322.47
325.14
328.16
326.87
327.92
330.25
329.39
331.04
335.39
332.51
332.85
Percent change from a
year ear ier, total
private
nonagricultural 3
Current
dollars
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.2
3.3
4.1
2.8
4.2
4.1
3.3
3.9
4.2
3.5
4.1
4.5
3.3
3.2
1977
dollars
-5.8
15
-1.2
1.9
.9
14
.4
10
-.9
-.5
.1
-1.2
0
-.1
9
-.5
o
12
-.8
7
-2.0
19
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1981 = 100)
12 months earlier
3 months earlier
Period
1980:
198119821983198419851986:
19871988'
1986:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Mar
Sent
Dec
1987- Mar
June
Sept
Dec
1988- Mar
June
Sept
Dec
1989' Mar
June
. ..
Total
compensation
Wages and
salaries
Benefits '
94.7
104.0
110.7
117.0
122.7
127.5
131.6
136.0
142.6
128.9
129.0
130.8
131.6
132.9
133.8
135.1
136.0
138.1
139.8
141.2
142.6
144.4
146.1
95.4
103.8
110.3
115.8
120.6
125.6
129.5
133.8
139.3
126.8
129.9
128.8
129.5
130.8
131.7
133.0
133.8
135.1
136.6
137.9
139.3
140.8
142.2
93.0
104.3
111.7
120.0
127.9
132.4
136.9
141.7
151.3
134.2
134.8
136.1
136.9
138.1
139.3
140.3
141.7
146.1
148.2
149.7
151.3
154.0
156.5
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the c t of labor, free from the
influence of employment shifts among occupations and industries.
Total
compensation
Wages and
salaries
Total
compensation
Wages and
salaries
2.1
2.0
1.3
1.2
1.3
.6
.6
.7
1.0
1.1
.8
.7
.6
2.0
1.8
1.2
1.1
1.2
.6
.5
.6
1.0
1.0
.9
.7
.5
2.2
2.3
1.5
1.3
1.4
.5
.6
1.0
1.1
1.4
.4
1.0
.6
9.8
9.8
6.4
5.7
4.9
3.9
3.2
3.3
4.9
3.8
3.8
3.2
3.2
9.0
8.8
6.3
5.0
4.1
4.1
3.1
3.3
4.1
3.9
3.7
3.1
3.1
11.8
12.2
7.1
7.4
6.6
3.5
3.4
3.5
6.8
3.2
3.5
3.3
3.4
1.0
.7
1.0
.7
1.0
.7
1.0
.6
.9
.9
.7
1.0
3.1
3.0
3.3
3.3
3.2
3.0
3.3
3.3
1.5
1.2
1.0
1.0
1.0
1.1
1.0
1.0
3.1
1.4
1.0
1.1
3.9
4.5
4.5
4.9
3.3
3.7
3.7
4.1
1.3
1.2
1.1
1.0
1.8
1.6
4.6
4.5
4.2
4.1
2.9
3.3
3.1
3.5
5.8
6.4
6.7
6.8
5.4
5.6
Benefits '
Benefits '
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
Hours of all
persons z
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1983
1984
99.3
100.7
100.3
103.0
105.5
98.8
99.8
99.2
102.5
104.6
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.8
112.9
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.4
167.9
131.3
143.6
154.8
161.5
167.8
96.7
95.8
97.3
98.2
97.9
96.6
95.8
97.2
98.3
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986. .
1987
1988
107.7
110.1
111.0
112.2
106.1
108.2
109.0
110.6
124.2
128.6
133.3
139.4
123.9
128.2
133.0
139.9
115.3
116.8
120.1
124.3
116.8
118.5
122.1
126.6
175.5
183.1
190.4
199.4
174.9
182.3
189.4
198.0
98.8
101.2
101.5
102.1
98.5
100.8
101.0
101.4
162.9
166.3
171.5
177.8
164.9
168.6
173.8
179.1
162.2
165.8
170.5
175.7
16&%"
167.8
172.5
177.3
IV
IV
IV
IV
101.0
103.8
105.9
108.5
99.7
103.3
104.9
106.5
105.0
113.6
120.8
125.9
104.2
114.1
120.7
125.5
103.9
109.4
114.0
116.1
104.5
110.4
115.1
117.9
158.3
163.6
170.3
178.8
158.2
163.4
170.2
177.9
98.0
98.1
98.0
99.4
97.9
97.9
98.0
98.9
156.8
157.6
160.7
164.8
158.7
158.2
162.3
167.1
150.2
155.2
159.8
163.7
151.4
156.2
161.0
165.5
1986: HI
IV
110.0
109.8
108.0
107.8
128.5
129.3
128.1
128.8
116.8
117.8
118.6
119.5
184.0
186.2
183.1
185.4
101.6
102.1
101.2
101.7
167.3
169.6
169.5
172.1
167.0
167.5
169.0
169.5
1987: I
109.9
110.6
111.7
111.8
107.8
108.6
109.6
109.9
130.5
132.2
134.3
136.2
130.1
131.9
134.1
136.0
118.8
119.5
120.3
121.8
120.7
121.5
122.3
123.8
187.3
189.0
191.1
194.0
186.4
187.9
190.0
192.9
101.4
101.1
101.3
101.9
100.9
100.5
100.7
101.4
170.5
170.8
171.1
173.5
172.9
173.0
173.3
175.6
168.7
170.1
171.2
171.9
170.9
171.9
173.2
174.0
112.8
111.8
112.3
112.0
110.8
110.1
110.7
110.9
138.0
138.8
139.8
140.9
137.9
139.2
140.5
142.1
122.3
124.1
124.5
125.8
124.4
126.4
126.9
128.1
195.8
198.1
201.1
203.2
194.6
196.6
199.4
201.9
101.9
102.0
102.4
102.3
101.3
101.3
101.5
101.7
173.5
177.1
179.0
181.4
175.7
178.6
180.2
182.0
172.3
174.7
176.8
179.0
174.2
176.2
178.0
180.6
112.5
110.6
142.7
142.9
126.8
129.2
205.9
204.6
102.3
101.7
183.0
185.0
180.5
182.0
1980
1981
1982.
1982:
1983:
1984:
1985:
n
ni
IV
1988: I
n
m
IV
1989: I
Percent change; quarterly data at seasonally adjusted annual rates
1982
1983
1984
-0.3
1.4
-.4
2.7
2.5
-0.4
1.0
6
3.3
2.1
1i
2.1
-3.1
4.2
8.4
-1.2
1.7
33
5.0
8.3
-0.8
.7
-2.8
1.5
5.7
-0.7
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
3.9
-2.7
-1.0
1.6
.9
-.2
-2.7
-.8
1.5
1.1
-.4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
1985
1986
1987
1988
2.1
2.2
.8
1.1
1.4
2.0
.8
1.5
4.2
3.5
3.6
4.6
3.9
3.5
3.8
5.2
2.1
1.3
2.8
3.5
2.5
1.5
3.0
3.7
4.5
4.3
4.0
4.8
4.2
4.2
3.8
4.6
.9
2.4
.3
.6
.6
2.3
.2
.4
2.4
2.1
3.1
3.7
2.8
2.2
3.1
3.1
2.5
2.3
2.8
3.1
3.0
2.4
2.8
2.8
IV
IV
IV
IV
3.0
3.1
1.7
.7
2.4
1.4
1.2
.2
-.5
10.4
3.5
3.6
-1.2
9.8
3.1
3.5
-3.4
7.1
1.8
2.9
-3.5
8.2
1.9
3.4
4.5
5.5
3.8
5.4
5.0
4.3
3.9
5.1
3.2
1.4
.3
1.2
3.8
.2
.4
.9
1.5
2.3
2.1
4.7
2.6
2.8
2.7
4.9
2.4
4.8
2.7
2.6
3.0
3.1
3.3
2.1
1986: HI
IV
-1.4
-.8
-1.5
-.9
.9
2.5
.8
2.4
2.3
3.4
2.4
3.3
4.4
4.8
4.3
5.1
2.0
2.0
1.9
2.2
5.8
5.7
5.9
6.1
5.0
1.1
5.1
1.2
.3
2.7
3.9
.6
.0
3.2
3.7
.9
3.7
5.3
6.6
5.7
4.0
5.7
6.8
5.9
3.4
2.5
2.6
5.1
4.0
2.5
2.9
4.9
2.5
3.6
4.6
6.2
2.1
3.4
4.5
6.4
-2.8
-1.2
.9
2.4
-3.2
-1.4
.7
2.6
2.2
.8
.7
5.6
2.1
_2
.7
5.4
3.0
3.2
2.8
1.4
3.3
2.3
3.1
1.8
3.5
-3.4
1.7
-1.0
3.4
-2.4
2.0
1.0
5.5
2.4
2.8
3.3
5.6
4.0
3.5
4.8
1.9
6.0
1.1
4.3
2.1
6.6
1.5
3.7
3.7
4.8
6.2
4.3
3.5
4.2
5.7
5.2
.0
.3
1.4
2
^
-.3
.9
.7
.2
8.5
4.4
5.4
.1
6.8
3.7
4.1
1.0
5.8
4.7
5.1
.6
4.7
4.1
6.0
-1.1
5.1
2.2
3.4
3.4
5.4
5.4
.0
.0
3.6
6.6
3.6
3.2
1980
1981....
1982:
1983:
1984:
1985:
1987: I
n
m
IV
1988: I
n
m
IV
1989: I
1.7
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
16
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Data do not reflect revisions beginning 1986 of GNP and related items published July 27, 1989.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell slightly again in June.
INDEX, 1977=100* (RATIO SCALE)
160
TOTAL INDUSTRIAL PRODUCTION
140
120
INDEX, 1977=100* (RATIO SCALE)
240
FINAL PRODUCTS
220
_— -*
r---^
*" •v
.
SPACE
euuiPMENl
200
180
^-^
100
' "
•"'"
•<*.s~ -"*•""
120
CONSUMER
GOODS
NONDURABLE
120
iiii;li|iii miilitm
100
100
Minium
Illlillllll
Illlillllll
Illlillllll Illlillllll
UTILITIES AND MINING PRODUCTION
120
UTILITIES
pe-,^_^
f- f''""4
-s v X A~-
•^^T^~
-—'
80
-V^__-q
1985
1986
?987
\^-^
1988
^~"1
-
—
MINING
iimium nnilnm Illlillllll Minlmii
Illlillllll Illlillllll IMI.IlMM
/*""*
V
100
^
PERCENT*
100
CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
90
140
A-»~*
^~
i
DURABLE
"^~='
^
140
MANUFACTURING PRODUCTION
r
^
BUSINESS
EQUIPMENT
Illlillllll
160
140
~
160
miilmn Illlillllll Illlillllll
DEFEH-E AND
70
Illlillllll
!989
Minium mnlmii imiliMii Illlillllll
!985
1986
1987
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1988
Illlillllll
J989
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1977=100
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
-1.9
2.2
-7.1
5.9
11.2
1.9
1.1
3.8
5.7
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
142.7
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
141.9
35.11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
143.9
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
103.4
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
114.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
83.3
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.1
83.5
Nov
Dec
136.5
138.0
138.5
138.6
139.4
139.9
140.4
5.7
5.7
5.5
5.7
5.2
5.1
4.9
142.1
143.6
144.0
144.4
145.3
145.8
146.3
141.7
142.9
143.2
143.8
144.6
145.2
145.7
142.6
144.6
145.1
145.3
146.3
146.7
147.1
103.0
104.3
103.8
103.7
103.1
104.7
104.9
113.2
114.4
117.8
113.0
113.9
113.7
115.4
83.0
83.7
83.8
83.7
84.0
84.1
84.3
83.3
84.0
84.0
84.0
84.3
84.4
84.4
Jan
Feb
.. ..
Mar r
Apr '
May r
June "
140.8
140.5
140.7
141.6
141.4
141.1
4.8
4.5
4.4
4.6
3.9
3.4
147.2
146.8
147.0
147.8
147.7
147.7
146.2
145.9
145.8
146.9
146.7
146.5
148.5
148.1
148.6
149.2
149.2
149.3
103.0
100.9
101.5
102.6
102.3
101.2
114.0
116.5
117.5
117.4
117.1
115.7
84.3
83.9
83.8
84.1
83.8
83.5
84.7
84.3
84.1
84.4
84.1
83.8
1988- June
July
Sept
Oct
1
Manufacturing
Percent
change
from year
earlier
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989:
Capacity utilization
rate, percent l
Industry production indexes, 1977 — 100
Total
industrial
production
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve System.
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
1980
1981
1982 . .
1983
1984
1985
1986
1987
1988
1988- June
July
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
r
Apr r... . .
May r
June "
44.77
25.52
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
144.3
144.0
145.0
145.8
145.8
146.4
146.8
147.7
148.2
148.6
148.9
150.0
149.9
149.7
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
133.9
133.0
134.2
135.0
134.8
136.4
136.8
138.2
138.5
138.7
138.4
139.2
138.7
138.3
Durable
goods
Nondurable goods
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
125.3
125.3
125.3
125.7
126.3
129.3
129.2
131.9
131.5
131.6
130.1
131.8
130.9
129.8
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
137.1
135.8
137.5
138.5
138.0
139.0
139.7
140.5
141.1
141.4
141.4
141.9
141.6
141.5
Total '
Business
Defense
and
space
equipment
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
157.6
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
185.8
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
151.5
158.1
159.3
160.2
160.8
160.2
161.2
162.6
163.8
165.0
166.3
167.7
168.4
168.0
184.6
184.9
184.9
184.5
184.0
182.2
180.5
150.0
151.6
152.3
152.9
154.0
154.2
155.0
180.0
179.3
178.7
179.9
180.1
180.4
156.6
155.1
156.1
156.6
156.6
156.6
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
158.2
158.5
159.4
160.1
160.4
159.7
159.9
160.4
161.1
161.6
162.8
164.3
164.8
164.7
Total
Construction
supplies
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
138.6
137.6
138.4
138.1
138.4
140.0
140.7
141.4
142.3
139.5
139.3
139.7
139.9
139.9
Business
supplies
Total
Energy
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
162.5
160.6
162.8
164.4
165.2
165.9
165.7
166.7
168.8
168.4
170.4
171.0
170.8
42.28
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
101.5
101.3
102.7
103.2
101.5
101.3
102.3
102.6
100.5
100.5
101.0
102.0
101.5
100.0
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
125.2
124.5
126.4
126.5
126.5
127.5
128.3
128.3
128.1
127.4
127.3
128.1
127.8
127.3
well drilling and manufactured homes, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Iron and
steel
Fabricated
metal
products
Nonelectrical
machinery
Period
Total
1977 proportion....
1980
1981
1982
1983
1984
1985
1986
1987
1988
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
89.2
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
78.1
. 6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
120.9
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
170.8
1988:
87.5
91 5
90.8
93.1
94.2
92.7
90.0
74.2
80.2
78.9
81.4
83.1
80.8
77.6
120.4
121.7
122.1
122.5
122.6
124.6
125.1
171.2
173.1
174.1
174.8
173.8
175.4
177.8
93.2
91.1
88.4
90.1
87.7
882
82.2
79.1
75.9
77.0
73.5
124.5
124.5
123.8
123.1
123.8
123.4
178.7
180.8
183.0
184.7
185.6
186.1
June.
July
Aue
Sept
Oct
Nov
Dec
1989: Jan
Feb
Mar r
Apr r
May r
June p
Source: Board of Go-
s of the Federal Reserve System.
18
Electrical
machinery
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
180.1
179.5
181.5
182.2
181.8
183.0
182.2
180.9 .
180.9
181.7
181.6
182.1
181.0
181.5
Total
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
132.1
132.8
131.9
131.8
132.7
134.8
135.2
136.8
136.7
136.4
134.8
136.4
135.1
133.4
Lumber
and
products
Apparel
products
Printing
and
publishing
cals
and
products
Foods
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
117.2
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
137.3
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
109.1
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
184.2
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
151.9
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
142.7
119.1
116.6
117.5
118.5
121.7
122.9
125.5
136.4
136.6
133.8
133.5
137.5
139.4
143.0
109.3
109.4
108.9
109.9
109.5
110.1
108.8
182.3
184.9
186.7
188.0
188.1
188.5
188.0
141.3
143.3
143.3
143.2
144.0
145.7
145.8
124.9
123.4
120.4
122.0
119.1
116.1
139.9
132.8
133.4
134.8
134.4
110.2
110.2
109.9
110.6
193.0
194.6
198.5
200.0
199.6
200.9
150.5
153.4
154.8
155.3
156.7
157.5
158.1
159.0
158.5
159.2
159.3
158.5
Motor
vehicles
and
parts
146.6
146.3
145.4
146.4
147.4
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
1979 '
1980 r
1981 r
253.0
252.8
201.3
194.3
261.3
204.7
1982
1983 '
1984 r
1985 '
1986 r
1987 r
1988 r
248.0
282.4
329.6
356.6
387.0
397.7
409.7
194.3
228.7
271.9
292.6
315.3
320.1
328.7
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
42.8
47.2
50.5
50.9
49.3
49.4
51.4
50.2
48.9
50.8
109
97"
100
51.7
58.5
56.5
53.7
53.8
57.7
64.1
71.7
77.6
80.9
100
124
136
150
158
164
161
Annual rates
Annual rates
1988: May '
408.0
408.7
July r
Sept
410.7
408.1
411.5
411.1
415.4
r
Oct
Nov . .
Dec
1989:
425.0
Jan
Peb
Mar
424.8
418.5
419.2
415.9
421.3
Apr
May "
June p
321.6
328.0
328.1
329.2
329.8
331.4
332.8
336.3
339.5
335.0
340.4
335.1
335.1
1,059
904
919
690
756
955
1,097
1,016
1,019
942
200.8
202.0
202.5
138.3
137.5
137.0
137.0
138.0
139.8
141.9
143.3
81.0
82.0
81.4
80.6
79.7
79.1
78.8
80.6
49.6
49.9
49.9
51.0
51.9
51.5
51.9
53.2
80.4
80.8
82.5
78.9
81.7
79.7
82.6
88.8
166
169
160
162
157
164
158
163
860
904
954
905
880
841
839
942
204.7
202.3
204.5
203.9
200.7
145.6
145.3
143.2
142.1
138.6
82.5
81.1
84.2
79.4
81.2
52.2
51.6
51.8
51.9
53.1
85.3
83.4
78.7
80.8
86.2
155
148
150
163
159
157
943
850
856
836
905
938
197.0
196.2
196.8
197.6
198.3
1
Includes
2
Includes
3
residential improvements, not shown separately.
hotels and motels.
F.W. Dodge series.
NOTE.—New construction expenditures series revised beginning 1975.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1 unit
2-4 units
5 or more units
Units
authorized
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,119.4
1,146.4
1,081.3
1,463
1,478
1,459
1,463
1,532
1,567
1,577
1,088
1,067
1,076
1,039
1,136
1,138
1,141
62
50
59
62
63
68
65
313
361
324
362
333
361
371
1,485
1,425
1,466
1,432
1,526
1,508
1,518
1,678
1,465
1,409
1,343
1,309
1,400
1,199
1,029
981
1,029
977
975
66
62
50
62
40
53
413
374
378
252
292
372
1,486
1,403
1,230
1,334
1,347
1,308
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
576.1
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
542.0
408.7
348.0
l!534.8
1,455.6
429.0
330.5
287.7
319.6
522.0
544.0
Units
completed
Homes sold
Homes for
sale at end of
period l
3
397
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.4
5.0
5.3
5.7
5.9
6.5
1.3
7.7
7.7
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,156.4
1,668.8
1,529.8
709
545
436
412
623
639
688
150
671
676
1,517
1,528
1,539
1,536
1,516
1,429
1,539
716
701
712
691
718
650
669
367
365
363
361
353
364
366
'i.'s
1,537
1,610
1,459
1,553
1,436
700
621
547
597
613
369
375
377
377
382
7.3
337
275
253
301
353
346
351
365
366
Seasonally adjusted annual rates
1988: June....
July
Sept
Oct
Nov.
Dec
1989:
Jan
Feb
Mar
May
r
June *
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
r
7.7
7.3
7.3
NOTE.—Beginning 1984, units authorized are-for 17,000 permit-issuing places; for 1978-88 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In May, manufacturing and trade sales were about unchanged from their April level and inventories rose $5.5
billion. In June, according to advance data, retail sales fell 0.4 percent, following a decline of 0.1 percent in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
800
240
-"
700
__-r —^
-
220
^—
200
MANl FACTURING AND
600
180
TRAC)E INVENTOR IES
-
-
RETAIL INVENTORIES"
160
500
.— — —
400
140
—
r'\"
A/ ANUFACTUR IWfi
/v
120
A gD TRADE Si UES
-
RETAIL SALES
-
100
lllllllllll
lllllllllll
300
-
RATIO*
1.80
_
-
Minium
INVENTORY-SALES RATIO
1.60
1.40
200
MANUFACTURING
AND TRADE
1.20
lllllllllll lllllllllll
1985
1986
1.00 I i i i i i f | i i n
|llll{ll||l lll!l|lll« lllllllllll
1987
1988
1989
1986
1985
1987
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing
and
trade 1
Inventories 3
1989
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Inventory-sales ratio 4
Be tail
Inventories 3
Sales 2
Period
Sales 2
1988
Sales
2
Inventories 3
Total
Durable
goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade *
61,093
64,754
68,985
72,434
74,802
79,077
83,384
134,468
147,377
167,159
180,825
185,224
206,981
221,242
61,469
68,984
79,257
88,608
90,477
106,271
114,994
72,999
78,393
87,902
92,217
94,747
100,710
106,248
1.67
1.56
1.53
1.55
1.55
1.51
1.50
1.49
1.44
1.49
1.53
1.56
1.56
1.57
82,118
82,764
83,378
84,119
84,324
85,117
85,599
85,035
208,346
210,824
211,534
215,396
219,297
216,724
218,093
221,242
105,757
107,064
107,443
110,146
114,303
111,689
112,904
114,994
102,589
103,760
104,091
105,250
104,994
105,035
105,189
106,248
1.50
1.49
1.50
1.50
1.51
1.49
1.49
1.49
1.55
1.56
1.56
1.58
1.62
1.57
1.56
1.59
86,225
86,357
86,630
87,512
r
87,646
87,830
222,584
224,185
224,693
226,656
228,778
115,704
116,169
115,993
117,093
117,735
106,880
108,016
108,700
109,563
111,043
1.48
1.50
1.51
1.49
1.50
1.59
1.61
1.61
1.60
1.62
Nondurable goods
stores
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
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
478,467
486,359
486,193
492,491
492,478
498,846
501,400
506,186
718,506
724,966
729,903
737,562
744,054
743,544
746,756
753,718
128,687
132,317
133,833
134,726
135,332
138,087
137,239
136,170
170,086
172,179
174,581
176,368
176,972
177,408
177,060
178,313
511,881
507,328
507,555
517,745
517,461
759,803
763,051
765,504
771,340
776,843
140,356
139,547
139,991
142,290
143,047
179,761 140,040
179,810 139,428
179,681 139,516
181,226 141.413
182,654 ' 141, 295
140,777
1987
1988
348,747
368,813
407,869
418,151
423,700
449,536
485,756
1988: Mayr
July
Sept
Oct
Dec
1989:
Jan
Feb.
Mar
Apr r
May"
June p
r
'See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
2
3
20
28,013
32,574
37,819
41,387
44,861
47,707
52,379
89,107
97,328
106,805
113,821
119,663
126,785
135,763
134,003
!35,161
135,662
136,050
135,751
137,842
139,529
139,189
r
r
51,885
52,397
52,284
51,931
51,427
52,725
53,930
54,154
53,815
53,071
52,886
53,901
r
53,649
52,947
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In May, manufacturers' shipments and new orders fell, while inventories and unfilled orders rose. In June, according
to advance data, durable goods shipments fell and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
480
440
400
360
SHIPMENT';
200
•—^•"
^—1
•—
r *
1 TOTAL
160
280
DURABLE GOODS
—
^
-'-
__„
..
•"
.
•
"
-i
TOTAL
i
^
L'— • -- —"*
—-_
-
.
— -— £ —— -*"
200
\
mJRABLE GOC n<=,
160
— •-—' \
80
60
...
1
120
INVENTORIES
120
NONDURABLE G<3ODS
"~\~~~
Iiuiiiiiii Illllllllll Illllllllll Illllllllll iiuiiiiiii
BILLIC3NS OF DOLLARS* (RATIO SCALE)
r^^
11r^^
RATIC *
TOTAL
160
2.20
DUf ABLE GOOD>5
120
A %^./
•-"_
---
v
•
80
imilmii iimlnm Illllllllll Illllllllll III||I|I1II
"S.—l^V
—
~^ <" \
•~'
80
60
NEW ORDERS
240
9OO *—^-
\
NO NDURABLE <3OODS
.-•--
INVENTORY-SHIPMENTS RATIO
2.00
1.80
"~^1
1.60
vIDURABLE C
-
r^
1.40
60
Illllllllll Illllllllll Illllllllll
iiuiiiiiii
Illllllllll
1986
1988
1989
1985
1987
1.20
\ 1 I \ 1 1 1 1 1 11
1985
1986
ii 1 1 tl 1 1 1 1 1 1 1 1 1 1 1 1 1 ii i iiuiiiiiii
1987
1989
1988
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' inventories
Manufacturers' new orders l
2
Durable goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 2
78,338
87,600
98,581
99,843
100,166
107,770
119,634
115,369
125,442
116,112
122,806
119,321
122,791
123,035
132,149
128,479
124,107
125,377
129,372
r
123,677
124,102
21,661
22,098
26,243
27,067
26,551
29,707
35,028
31,522
35,458
36,213
38,808
34,858
34,623
35,825
39,432
40,352
37,189
38,137
40,389
* 37,294
37,491
83,935
86,522
91,209
91,075
88,497
94,197
101,993
101,029
102,648
103,765
104,203
103,348
104,304
105,118
106,737
107,596
107,199
107,634
110,535
110,000
314,270
349,419
372,586
383,181
387,065
421,243
468,860
434,148
443,357
446,536
451,830
453,103
457,281
460,802
468,860
473,450
476,403
481,366
487,231
487,789
Total
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1988: May
July....
1989:
1
2
Sept...
Oct
Nov.
Dec
Jan
Feb
Mar. .
Apr r
May ".
June p
163,350
171,242
187,869
190,016
188,360
199,170
217,632
215,777
218,881
216,698
221,715
221,395
222,917
224,632
230,827
231,485
228,353
228,048
234,042
233,119
79,352
84,956
96,623
99,019
99,989
105,291
115,684
114,751
116,522
113,122
117,866
118,030
118,439
119,874
124,175
123,578
120,924
120,432
123,331
r
122,943
121,587
83,998
86,286
91,246
90,996
88,371
93,879
101,948
101,026
102,359
103,576
103,849
103,365
104,478
104,758
106,652
107,907
107,429
107,616
110,711
110,176
311,827
312,647
334,767
327,496
316,182
331,132
354,163
340,074
341,963
343,788
345,798
347,785
349,412
351,603
354,163
357,458
359,056
361,130
363,458
365,411
Monthly average for year and total for month. Shipments are the same as sales
End of period.
200,825
200,406
218,771
214,066
208,313
216,598
233,666
222,948
224,000
225,467
226,600
228,214
229,735
231,766
233,666
236,810
238,165
239,330
240,486
241,993
111,002
112,241
115,996
113,430
107,869
114,534
120,497
117,126
117,963
118,321
119,198
119,571
119,677
119,837
120,497
120,648
120,891
121,800
122,972
123,418
3
162,273
174,122
189,791
190,918
188,663
201,966
221,627
216,398
228,090
219,877
227,009
222,669
227,095
228,153
238,886
236,075
231,306
233,011
239,907
233,677
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.58
1.56
1.59
1.56
1.57
1.57
1.57
1.53
1.54
1.57
1.58
1.55
1.57
PRICES
PRODUCER PRICES
In June, the producer price index for all finished goods fell 0.1 percent. Prices of finished consumer foods fell 0.8
percent and prices of other finished consumer goods fell 0.1 percent. Capital equipment prices rose 0.7 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982= 100 (RATIO SCALE)
120
120
110
100
80
1981
1988
1982
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
..
1988' June
July
Sept
1989:
Oct
Nov
Dec
Jan
Feb r
Mar
May
June
1
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
107.6
108.2
108.5
109.1
109.2
109.5
109.9
112.1
112.9
113.6
114.6
114.7
115.1
115.2
106.1
106.6
106.9
107.3
107.4
107.7
108.2
111.1
112.1
112.6
113.1
114.1
114.0
116.7
117.8
118.9
118.2
119.2
118.2
109.3
110.1
110.6
111.4
112.4
112.6
Intermediate materials for food manufacturing and feeds.
22
Nondurable
Capital
equipment
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
96.8
97.6
97.6
97.6
97.8
98.3
98.9
100.4
101.6
102.2
104.5
105.8
105.6
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
114.0
114.3
114.7
115.7
115.6
115.8
116.2
116.9
117.4
117.5
117.4
117.9
118.7
Consumer goods
Total
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
102.7
103.3
103.5
103.7
103.8
104.1
104.7
106.0
107.1
107.6
109.0
110.2
110.1
Durable
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
113.4
113.9
114.5
115.1
115.0
115.0
115.4
116.3
116.9
117.2
116.3
117.2
117.4
Total
finished
consumer
goods
Total
Foods
and
feeds '
Other
Crude materials
Total
Foodstuffs
and
Other
stuffs
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
105.8
106.5
106.8
107.3
107.4
107.8
108.2
107.1
107.9
108.2
108.6
108.6
109.0
109.5
110.7
115.9
114.9
115.3
115.1
113.2
112.3
107.0
107.4
107.8
108.2
108.3
108.8
109.4
96.9
96.6
97.2
97.1
96.6
94.8
97.8
106.1
108.3
110.9
113.1
113.4
108.8
110.8
86.9
85.2
84.4
83.1
82.0
82.1
85.6
109.5
110.6
111.3
112.0
113.2
112.8
110.8
111.3
112.0
112.5
112.6
112.4
115.2
114.8
116.7
115.2
113.6
111.8
110.5
111.1
111.8
112.3
112.6
112.4
101.8
101.5
103.6
104.2
105.1
103.0
113.3
111.7
115.1
111.9
112.3
109.4
90.2
90.7
91.8
94.8
96.0
94.5
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In June, the consumer price index for all urban consumers rose 0.2 percent, seasonally adjusted and not seasonally
adjusted. The index was 5.2 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
. CONSUMER PRICES—ALL ITEMS .
110
110
100
100
90
90
80
80
70
70
60
1983
1982
Ulllllllll
1988
Ulllllllll
Illllllllil
1981
1984
1987
1986
1985
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
LLLU 60
1989
COUNCIL OF ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
All items
1
Transportation
Housing
Medical
care
Energy2
All
items
less
food,
shelter,
and
energy
3.1
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
6.0
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
7.3
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
48.7
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
Shelter
Period
Rel. imp. 3....
1980
1981
1982
1983
1984 . . ..
1985
1986
1987
1988
1988:
June
July
Sept
Oct
Nov
Dec
1989:
Feb
Mar
Apr
May
June
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
100.0
82 4
90.9
965
99.6
103 9
107.6
1096
113.6
1183
Food
Total '
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
7.9
19.7
Maintenance
and
repairs
(NSA)
16.2
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
42.3
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
103.0
108.6
115.4
121.9
128.1
133.6
102.5
107.3
113.1
119.4
124.8
131.1
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
Fuel
and
other
utilities
Apparel and
upkeep
Total '
New
cars
Motor
fuel
7.6
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
6.4
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
17.2
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
4.3
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
118.0
118.5
119.0
119.8
120.2
120.3
120.5
118.1
118.6
119.0
119.5
120.0
120.3
120.7
117.8
118.9
119.5
120.3
120.6
120.8
121.2
118.2
118.5
118.9
119.3
119.6
120.1
120.6
126.7
127.0
127.6
128.1
128.3
128.9
129.4
133.0
133.4
133.8
133.8
134.1
134.2
134.9
130.8
131.2
131.9
132.5
132.7
133.5
133.9
114.7
114.5
115.0
115.3
115.0
115.4
115.8
103.9
104.0
104.0
104.4
105.1
105.5
106.3
115.9
115.7
113.9
116.0
117.4
117.4
117.7
108.4
108.7
109.6
109.7
110.1
110.4
110.4
116.6
116.7
117.0
117.7
117.8
117.9
118.1
80.9
81.3
82.8
82.0
81.3
81.1
79.7
138.4
139.4
140.0
140.7
141.6
142.2
142.9
88.7
88.9
89.5
89.3
89.2
89.5
89.2
121.8
122.2
122.4
123.0
123.8
124.2
124.6
121.1
121.6
122.3
123.1
123.8
124.1
121.4
121.9
122.5
123.3
124.0
124.2
122.1
122.6
123.6
124.2
125.0
125.3
120.9
121.3
121.7
121.8
122.3
122.6
129.7
130.3
131.1
131.2
131.8
132.3
135.2
136.4
138.2
137.3
137.3
138.1
134.2
134.7
135.1
135.6
136.5
136.9
116.1
117.1
117.1
117.3
117.4
118.3
106.9
106.7
106.9
107.4
107.6
107.1
117.7
117.5
119.1
119.4
120.4
119.1
111.2
111.9
112.6
115.0
116.1
115.9
118.9
119.3
119.7
119.8
119.6
119.3
80.5
81.8
83.6
93.0
96.6
95.4
144.0
145.2
145.9
146.6
147.6
148.7
89.9
90.4
91.4
96.1
97.6
96.6
125.4
125.8
126.3
126.6
127.2
127.4
1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1988.
2
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor. Bureau of Labor Statistics.
«. —
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
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
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
1980
1981
1982
1983
1984
1985
1986
1987
1988
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
14.1
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
7.5
1.5
2.0
2.3
3.5
.6
2.8
2
5.7
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
.--
Change, month to month
1988: June
July
Sept
Oct
Nov
Dec
1989:
,
Jan
Peb '
Mar r.
2.9
9.2
6.5
5.4
2.1
2.0
2.4
2.4
4.0
2.0
2.3
3.9
3.2
3.6
6.1
4.6
3.9
1.7
3.6
3.4
4.0
4.4
4.0
3.9
4.3
6.2
4.6
6.7
7.4
7.6
7.1
5.6
2.4
3.2
3.2
3.0
2.2
2.3
3.9
3.2
2.7
2.8
4.5
3.9
3.7
3.9
2.1
2.5
2.6
2.7
3.0
3.3
4.0
7.2
9.7
13.5
5.2
4.8
23
8.8
12.0
11.5
11.8
12.1
9.6
4.6
5.6
4.6
1.7
1.7
4.1
5.4
6.7
6.5
7.3
8.6
7.6
6.8
7.5
7.6
6.2
7.3
5.3
5.3
7.1
7.7
10.3
12.1
10.6
4.6
4.8
3.1
3.1
3.7
4.3
4.5
5.3
5.6
5.6
6.2
5.9
0.2
.6
.3
.6
.1
.3
.4
0.8
.7
.6
.9
.1
.3
.1
-0.2
.6
.2
.2
.1
.3
.6
0.3
.3
.3
.9
-.1
.2
.3
3.0
4.2
4.2
5.7
3.7
3.7
3.0
5.5
8.6
8.9
1.1
.9
.4
.4
.9
— .1
1.3
.9
.9
-.6
.8
-.8
1.2
1.0
.5
1.3
1.1
i
.6
.4
.1
— .]
.4
-7
7.1
9.8
10.2
7.4
7.3
5.1
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
Transportation
Shelter
Period
All
items *
Food
Total '
Total '
Homeowners'
costs
Renters'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total '
Motor
fuel
Addendum: All items, percent change
(annual rate)
All
Medical
care
Energy2
items
less
food,
shelter,
and
energy
From
previous
quarter 3
From
3
months
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1980
1981
1982
1983
1984
1985
1986
1987
1988
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
13.7
10.2
36
15.0
9.9
24
3.5
4.3
4.3
1.7
3.7
4.0
4.7
5.2
6.0
4.6
4.8
4.5
5.1
5.9
6.3
5.0
3.9
3.9
4.5
5.1
5.9
4.6
5.3
4.7
0.3
.4
.3
.4
.4
.3
.3
0.6
.9
.5
.7
.2
.2
.3
0.3
.3
.3
.3
.3
.4
.4
0.4
.2
.5
.4
2
.5
.4
0.3
.3
.3
0
.2
.1
.5
0.4
.3
.5
.5
.2
.6
.3
-0.1
.1
0
.4
.7
.4
.8
-0.3
-.2
-1.6
1.8
1.2
0
.3
0.2
.3
.8
.1
.4
.3
0
.6
.4
.5
.7
.6
.2
.7
.4
.8
.5
.6
.2
.2
.3
.3
.1
.4
.2
.2
.5
.6
.1
.5
.4
.2
.9
1.3
.2
.4
.3
.4
.7
.3
.6
-.2
.2
.5
.2
-.5
0
-.2
1.4
.3
.8
-1.1
.7
.6
.6
2.1
1.0
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
7.4
18.8
9.4
6.8
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
18.0
11.9
1.3
-.5
_2
1.8
-19.7
8.2
.5
5.0
4.3
3.7
3.3
3.8
4.7
0.1
.1
.3
.6
.1
.1
.2
-0.6
.5
1.8
-1.0
Q
-.2
-1.7
0.6
.7
.4
.5
.6
.4
.5
-0.2
.2
.7
-.2
-.1
.3
3
0.2
.3
.2
.5
.7
.3
.3
.7
.3
.3
.1
-.2
-.3
1.0
1.6
2.2
11.2
3.9
-1.2
.8
.8
.5
.5
.7
.7
.8
.6
1.1
5'
1.6
— 1.0
.6
.3
.4
2
.5
.2
13 5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
9.8
9.4
6.1
Change, month to month
1988: June
July
Aug
Sept
Oct
Nov
Dec
1989:
Jan
Peb
Mar
Apr
May
June
1
2
Y
0
.6
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
9
3
4.0
4.1
4.0
4.2
4.2
4.2
4.4
4.7
5.4
6.1
6.4
7.1
5.7
4.8
4.9
5.1
5.6
6.2
5.9
4.7
4.8
5.0
5.1
5.4
5.2
4.9
4.9
4.5
4.5
4.4
5.4
6.4
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
4.8
4.8
4.4
4.1
4.4
4.4
4.7
4.9
4.8
4.5
4.5
4.5
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in July were 0.7 percent below their June level. Prices paid by farmers in July were 0.6
percent above their April level. (Data are not seasonally adjusted.)
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SCALE)
180
180
160
160
PRICES PAID
140
140
120
120
PRICES RECEIVED
100
100
80
80
III
60 I l l l l l l l l l l l
120
_
_
100
:r
III
60
RATION
140
80
60
RATIO^
140
120
~~~\_^
mill
1981
100
KAIIO
-
_->_
"~"-1,
—-—^-——11
\^
- 80
-
-
II 1 1 1 1 II 1 1 1
IIIIlllllll
IIIIlllllll
IIIIlllllll
1982
1983
1984
1985
1986
1 1987
IIIIlllllll
IIIIlllllll
1988
1989
60
j/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE; DEPARTMENT OF AGRICULTURE
COUNCIt OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1981
1982
1983
1984
1985
1986
1987
1988
1988-
July
Aue
Sept
Oct
Nov
Dec
1989: Jan
Peb
Mar
Mav
July
All farm
products
Livestock and
products
Crops
139
133
135
142
128
123
126
138
142
144
144
143
144
145
134
121
128
138
120
107
106
126
137
136
135
133
136
136
143
145
141
146
136
138
146
150
147
152
153
152
151
154
149
148
149
147
149
147
146
140
138
136
140
141
138
134
158
158
161
154
156
157
156-
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
150
159
161
164
162
159
161
170
172
(3)
(3)
173
(3)
(3)
175
(3)
(3)
177
(3)
(3)
178
151
158
159
161
156
150
151
160
162
(3)
(3)
163
(3)
(3)
166
(3)
(3)
167
(3)
(3)
167
Production
items
148
153
152
155
151
144
147
157
159
(3)
(3)
162
(3)
(3)
163
(3)
(3)
165
(3)
(3)
165
Ratio 2
92
84
84
87
79
77
79
81
83
84
84
83
83
84
85
85
85
83
84
r
83
82
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
ave been converted to a 1977 — 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml fell again in June; the broader aggregates rose in June after falling in May.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,000
3,600
4,000
,3,600
3,200
3,200
2,800
2,800
2)400
2,400
M2
2,000
2,000
1,600
; 1,600
1,200
1,200
800
1800
600
400
400
Illllllllll I l l l l l l l l l l
Illllllllll
1981
Illllllllll Illllllllll
1986
1983
1987
1988
1989
COUNCIL OF ECONOMIC ADVISERS
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
19801981:
1982:
19831984:
1985:
1986:
19871988-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1988- June
July
Sept
Oct
Nov
Dec
1989- Jan r
Feb'
Mar '
May r.
June "
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMIvrF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term KPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
412.2
439.1
476.4
522.1
551.9
620.5
725.9
752.3
790.3
1,633.3
1,795.9
1,954.5
2,186.0
2,367.2
2,567.4
2,811.2
2,909.9
3,069.4
1,991.1
1,236.9
2,443.8
2,694.3
2,982.3
3,201.7
3,494.9
3,677.6
'3,914.2
2,327.8
2,599.4
2,853.5
3,155.5
3,523.4
3,830.6
'4,137.1
* 4,340.2
'4,674.9
3,882.5
4,258.0
4,642.0
5,176.0
5,923.5
6,733.3
7,596.9
8,310.7
9,052.1
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.6
5.1
8.9
10.0
8.8
11.8
8.3
8.5
9.5
3.5
5.5
10.2
12.3
9.2
10.3
10.7
7.4
9.2
5.2
6.4
9.6
9.7
9.0
11.5
14.4
13.7
12.8
9.4
8.9
776.5
782.5
782.4
783.7
785.4
786.6
790.3
3,013.1
3,023.9
3,029.7
3,035.0
3,042.2
3,059.3
3,069.4
r
r
4,521.1
'4,565.1
' 4,583.6
'4,591.7
'4,612.5
r
4,638.4
'4,674.9
8,659.1
8,718.8
8,784.3
8,850.0
8,912.4
8,988.6
9,052.1
6.5
6.5
6.0
5.3
3.7
4.1
3.6
7.2
6.5
5.4
4.5
3.5
4.0
3.8
'7.7
7.5
'6.4
5.6
5.2
5.4
5.2
8.6
8.9
9.0
9.0
8.9
9.3
9.3
786.3
787.4
786.3
783.2
773.4
770.7
3,065.7
3,069.2
3,078.7
3,081.3
3,072.9
3,090.0
4,678.3
4,690.6
4,724.1
4,740.2
4,739.4
9,107.2
9,172.3
9,229.4
9,283.0
9,339.5
1.0
1.3
.7
-.6
3.3
-4.9
2.8
2.6
2.9
2.6
.9
1.3
4.2
4.0
4.7
4.2
3.0
3.1
9.1
9.0
8.8
8.5
8.0
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
3,816.4
' 3,839.1
'3,851.1
' 3,860.5
r
3,877.2
r
3,897.2
r
3,914.2
3,918.7
3,928.1
3,950.1
3,958.1
3,954.4
3,975.1
Percent change from year or 6
months earlier 2
Ml
r at an annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
NSA
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
Money
market
deposit
accounts
(MMDAs)
NSA
Small
denomination
time
deposits 1
Savings
deposits
Large
denomination
time
deposits '
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
105.8
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
72.3
67.8
68.0
71.1
14.2
79.4
91.7
100.4
109.1
133.5
149.4
183.6
211.9
260.7
300.1
282.3
257.5
r
275.2
32.1
40.0
44.5
45.0
45.4
42.0
37.2
44.7
40.6
98.8
105.3
113.6
133.2
160.1
207.4
231.0
260.3
335.8
1980- Dec
1981: Dec
1982- Dec
1983- Dec
1984- Dec
1985: Dec
1986- Dec
1987- Dec ..
1988- Dec
115.2
122.5
132.6
146.3
156.1
167.8
180.5
196.4
211.8
261.5
231.5
234.2
238.7
244.2
267.3
303.2
288.3
288.6
31.3
80.8
105.3
132.2
146.4
179.5
235.8
260.4
282.3
28.3
35.9
38.8
53.8
56.3
70.2
78.3
78.3
78.3
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
239.4
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
87.6
0.0
.0
43.2
379.2
416.9
513.5
572.5
526.3
502.7
400.2
344.0
356.9
305.6
285.4
301.6
371.0
416.4
431.3
728.6
823.2
851.0
784.0
886.3
882.6
853.9
914.1
1,025.2
260.1
302.5
326.8
327.4
417.2
436.6
439.0
487.4
537.7
34.0
36.0
34.5
51.8
61.9
65.6
84.0
109.1
123.1
1988: June
July....
204.7
206.4
207.0
208.6
209.7
210.5
211.8
289.8
290.4
289.9
288.8
288.9
287.7
288.6
274.7
278.5
278.3
279.0
279.4
281.0
282.3
80.9
77.6
79.9
77.3
76.0
75.6
78.3
228.9
229.6
230.8
231.0
231.3
237.4
239.4
86.3
84.8
84.0
83.7
84.6
87.4
87.6
523.2
522.0
517.7
511.4
507.5
506.7
502.7
427.6
429.7
430.9
430.5
429.2
431.8
431.3
975.7
981.0
988.3
998.7
1,009.7
1,017.8
1,025.2
507.8
514.0
519.4
526.7
532.0
534.4
537.7
124.3 r93.9
125.6 r 97.1
123.8 ' 102.8
122.3 102.7
124.7 100.2
127.5 101.6
123.1 r 105.8
106.0
106.8
107.4
107.9
108.4
108.7
109.1
r
257.6
268.7
272.6
272.8
273.3
268.4
r
275.2
40.7
40.7
41.2
41.7
41.3
40.5
40.6
300.4
309.8
311.3
308.8
S12.S
323.7
335.8
213.4
214.3
215.6
215.9
216.4
217.4
284.0
284.8
284.3
281.5
278.3
275.1
281.3
280.9
279.1
278.5
271.5
271.0
81.6
78.8
77.2
73.9
72.6
74.7
241.7
247.2
256.0
260.2
259.9
266.2
89.3
89.6
87.6
87.7
91.6
95.1
495.2
485.3
480.3
471.3
457.0
456.9
427.8
424.6
420.8
412.9
404.8
402.3
1,035.7
1,048.3
1,061.0
1,083.2
1,106.1
1,120.0
544.4
551.6
558.8
567.7
572.0
573.2
124.1 ' 100.6
127.1 r 100.3
129.4 r 106.0
127.0 r101.8
127.6 101.4
127.9 100.5
109.7 r 274.5
110.6 r267.8
111.5 '272.1
112.3 ' 274.3
112.9 274.0
40.6
39.9
41.2
41.4
40.6
334.9
'344.2
349.2
354.2
357.4
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar ..
May '
Tune p
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
here.
Source; Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures; 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
1980198119821983:
19841985:
198619871988:
Dec
Dec
Dec .
Dec
Dec ....
Dec
Dec
Dec ...
Dec
1988- June
July
Sept
Oct
Nov.
Dec
1989
Jan
Feb
Mar,.
May
June "
Source: Board of Governors of the Federal Reserve System.
Nonborrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
33,401
35,315
37,388
39,184
42,321
48,493
58,140
58,693
60,706
31,711
34,679
36,754
38,410
39,134
47,175
57,313
57,916
58,990
31,714
34,827
36,940
38,412
41,739
47,674
57,616
58,399
60,234
32,887
34,996
36,888
38,623
41,468
47,436
56,771
57,665
59,666
152,525
161,043
173,011
188,303
201,889
219,510
241,448
257,991
275,501
1,690
636
634
774
3,186
1,318
827
777
1,716
116
54
33
96
113
56
38
93
130
3
148
186
2
2,604
499
303
483
1,244
60,576
61,058
60,903
60,824
60,862
60,853
60,706
57,493
57,618
57,663
57,985
58,562
57,991
58,990
60,047
60,157
60,316
60,043
60,343
60,314
60,234
59,688
60,051
59,950
59,852
59,800
59,733
59,666
268,205
270,308
270,979
272,420
273,659
274,380
275,501
3,083
3,440
3,241
2,839
2,299
2,861
1,716
311
376
423
421
332
186
130
2,554
2,538
2,653
2,059
1,781
2,322
1,244
60,370
60,260
59,854
59,463
58,740
58,350
58,708
58,773
58,041
57,174
57,019
56,860
59,754
59,822
59,376
58,880
58,217
57,777
59,226
59,106
58,896
58,686
57,709
57,445
276,784
2771553
278,615
278,674
278,329
279,056
1,662
1,487
1,813
2,289
1,720
1,490
76
97
139
213
345
431
1,046
1,050
1,334
1,707
1,197
917
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.6 percent in June; commercial and industrial loans fell 0.2 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,400
2,800
.ALL COMMERCIAL BANKS
_
2,400
2,000
2,000
1,600
1,600
1,200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
T
160
160
OTHER SECURITIES •
Illllllllll
120
1981
1982
120
1985
1984
1983
1986
1987
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1989
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted 1]
All commercial hanks
Loans and leases
Period
Total
loans and
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1988:
Dec
1,307.7
Dec
1,401.5
Dec
1,553.6
r
Dec
1,723.7
r
Dec
1,911.4
r
Dec
2,094.5
r
Dec
2,239.6
r
Dec .... 2,417.2
July r ... 2,362.7
Aug r.... 2,377.6
Sept
2,381.5
Oct r
2,401.4
r
Nov .... 2,410.2
Dec r.... 2,417.2
1989: Jan r .... 2,422.8
Feb r .... 2,451.9
Mar T.... 2,464.9
Apr r .... 2,470.9
May r.... 2,486.3
June''.. 2,496.8
U.S.
Government
securities
179.3
201.7
259.2
260.2
270.7
r
309.6
335.5
361.4
349.6
350.9
353.1
355.6
358.8
361.4
360.4
361.8
368.8
370.7
373.5
373.8
Other
securities
Total
2
160.9
967.5
165.7 1,034.1
170.6 1,123.9
142.6 r l,321.0
r
181.4 r 1,459.3
* 1 96.5 r 1,588.4
r
195.3 r 1,708. 8
194.0 1,861.9
196.8
196.5
195.2
196.8
195.9
194.0
189.6
190.4
189.7
187.2
186.4
185.7
1,816.3
1,830.1
1,833.2
1,848.9
1,855.6
1,861.9
1,872.9
1,899.7
1,906.5
1,913.1
1,926.5
1,937.3
Commercial
and
industrial
Real
estate
Individual
182.5
355.4 284.1
188.2
392.6 299.8
212.9
330.8
414.1
472.9 376.3 253.8
499.7 r 425.8 ' 294.8
r
536.2 r494.0 r,315.S>
r
562.7 ' 589.0 r 329.54
672.0 355.5
601.9
635.8
345.6
595.0
597.4 643.0 347.7
598.1 650.3 350.2
601.6 659.8 351.6
601.8 665.3 353.0
601.9 672.0 355.5
606.6 678.9 357.9
619.0 685.6 358.9
691.8 360.6
617.8
620.6 699.5 362.9
626.3 705.5 365.4
624.9 712.0 366.0
2
Security
21.5
25.4
28.1
34.3
42.7
40.1
34.4
38.5
38.9
39.6
36.5
38.5
38.2
38.5
37.7
44.7
43.6
40.0
38.0
41.1
Nonbank
financial
institutions
29.9
31.3
30.5
31.4
32.5
35.0
31.9
30.0
31.1
31.1
30.7
30.4
30.2
30.0
30.3
30.6
29.7
29.2
29.0
30.5
Agricultural
33.1
36.2
39.2
40.1
36.1
31.6
29.4
30.7
29.6
29.6
29.6
29.8
30.3
30.7
30.7
30.7
30.7
30.4
30.3
30.3
State
and
political
subdivisions
0.0
.0
3.3
46.0
56.7
58.4
52.5
46.8
48.8
48.2
48.0
48.5
47.7
46.8
44.4
44.5
44.6
44.6
44.6
44.5
Foreign
banks
18.1
14.8
13.4
11.1
9.7
9.6
7.5
7.6
8.1
8.0
7.2
7.6
8.1
7.6
7.8
8.5
8.1
8.3
9.3
9.2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
28
Foreign
official
institutions
Lease
financing
receivables
Other
7.2
5.9
9.4
7.9
6.0
12.7
13.3
13.7
16.0
r
!9.0
22.3
r
24.5
29.2
28.0
28.1
28.5
28.9
29.1
29.2
29.4
29.6
29.6
29.8
30.0
29.9
23.1
26.6
31.8
31.2
r
36.3
39.4
42.1
44.9
50.3
52.2
49.1
47.5
47.1
44.9
44.4
42.8
45.3
43.0
43.2
44.0
5.9
5.3
4.9
5.0
5.1
5.0
4.8
4.9
4.9
4.8
4.8
4.8
4.8
4.8
4.7
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
1
Securities
and
mortgages
Total
Total
1979.
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988- I
n
m
IV
1989- I"
Capital
expenditures 3
Credit market funds
Loans and
short-term
paper
Total
Other 2
Increase in
financial
assets
Discrepancy
(sources less
uses)
326.0
324.8
375.8
298.5
420.3
492.6
459.2
519.8
482.9
467.5
197.6
200.1
239.5
242.3
285.7
336.3
352.3
357.5
352.8
366.8
128.4
124.7
136.4
56.2
134.6
156.3
106.9
162.3
130.1
100.7
60.1
70.7
90.7
49.8
77.9
95.8
50.9
121.3
68.5
63.8
9.0
34.5
29.4
10.3
52.6
-5.1
5.0
59.0
38.2
-18.2
51.1
36.2
61.2
39.5
25.3
100.9
46.0
62.3
30.3
82.0
68.2
54.0
45.7
6.4
56.8
60.5
55.9
41.0
61.6
37.0
368.1
342.1
383.6
303.5
385.8
502.7
435.3
456.7
437.3
448.3
238.3
243.7
286.5
256.5
270.7
370.6
342.3
333.9
361.7
395.7
129.8
98.4
97.0
47.0
115.1
132.1
93.0
122.8
75.6
52.6
-42.1
-17.3
-1.1
-4.9
34.5
10 1
23.9
63.0
45.5
19.1
464.4
465.8
475.8
463.5
359.9
363.6
365.3
378.3
104.5
102.2
110.5
85.2
100.5
54.0
67.5
32.8
20.5
-20.0
12.4
86 1
80.0
74.0
55.1
118.9
4.0
48.2
43.1
52.4
433.9
447.3
459.6
452.2
387.8
386.7
398.6
409.3
46.1
60.6
61.0
42.9
30.5
18.5
16.1
11.3
431.4
355.8
75.6
-5.4
75.6
80.9
425.3
406.6
18.7
6.0
81.0
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capita!
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
z
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors ol the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding
Installment credit outstanding (end of period)
Period
Total
1980:
1981:
19821983:
1984:
1985:
1986:
1987:
1988:
1988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May
June
July
Auer
Sept
Oct
Dec
NEW SERIES:
1989: Jan
Feb
Mar r
Apr r
May*1
Revolving
111,936
118,956
124,218
143,799
173,704
209,636
247,313
265,976
281,174
276,458
278,058
277,659
279,585
279,243
278,902
279,926
281,174
54,894
60,838
66,243
78,667
100,212
122,013
137,013
153,884
174,792
162,105
164,408
165,343
167,125
168,273
170,131
173,030
174,792
18,621
20,302
22,833
23,704
25,795
26,834
27,355
26,387
25,744
26,249
26,174
26,213
26,277
26,185
26,033
26,005
25,744
286,382
288,767
288,850
289,531
290,547
176,716
178,570
182,831
184,486
186,428
26,036
25,992
24,168
23,993
23,978
297,566
310,682
323,536
367,868
442,538
517,755
572,047
607,721
659,507
632,431
637,836
639,207
644,666
646,556
649,132
654,413
659,507
Nov
r
682 ,020
687,397
691,162
693,654
697,256
r
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Because of break in series, net change not available.
Mobile
home
Automobile
Other
112,115
110,586
110,242
121,698
142,827
159,272
160,367
161,475
177,798
167,619
169,196
169,993
171,679
172,855
174,066
175,452
177,798
r
192,886
194,068
195,314
195,643
196,302
Total
1,083
13,116
12,854
44,332
74,670
75,217
54,292
35,674
51,786
3,846
5,405
1,371
5,459
1,890
2,576
5,281
5,094
r
(2)
5,377
3,765
2,492
3,602
Automobile
Revolving
Mobile
home
539
7,020
5,262
19,581
29,905
35,932
37,677
18,663
15,198
1,169
1,600
-399
1,926
342
-341
1,024
1,248
1,537
5,944
5,405
12,424
21,545
21,801
15,000
16,871
20,908
1,474
2,303
935
1,782
1,148
1,858
2,899
1,762
-31
75
39
64
-92
152
-28
-261
(2)
2,385
82
682
1,016
(2)
1,854
4,261
1,655
1,942
(2)
— 44
-1,824
-174
15
r
Source: Board of Governors of the Federal B*serve System.
414
1,681
2,531
871
2,091
1,039
521
-968
Q43
1
Other
329
-1,529
344
11,456
21,129
16,445
1,095
1,108
16,323
1,234
1,577
797
1,686
1,176
1,211
1,386
2,346
r
(2)
l,182
1,246
329
659
INTEREST RATES AND BOND YIELDS
Interest rotes fell in July.
PERCENT PER ANNUM
PERCENT PER ANNUM
"f\
t \
1
,
,
(
*'/ v
N
''\
•• ; i /
\ «' V
r'
'•
i
1
\i
/A\
\
\
'I.
i \'
\
I
il
f-S
'\ 1
y/
V^
/''\
\
C ORPORATE Aaa BONDS
(MOODY'S
1-'— \
il
\\
\ ••
'••
\
\
.A
\
/ \
i
/
^
/\
\
1
\
\
/•
/
r
'' ^
TREASURY
\
\
v
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
i— -
/
\/
~!
'^
'"• 1 •
/ r^
.-•'
/'•:
'• --I
\|
.....---•••''I
//v
\
1
J
''-
'•••••••"'
II 1 1
1 1 1 1 1
1 1 1 i 1 1 1 1 1 1 !
!
1982
1981
1 1 M
1 ! I 1 1
1984
1983
M
i i i i i 1 i i i li
I!
! 1 i 1 1 I t 1 i
1 1 M
^iiljj_uj
1988
1987
1986
1985
1 1 1 1 1 1 U
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE IABIE BEIOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) *
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard3&
Poor's)
Corporate
Aaa bonds
(Moody's) *
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.K.
Bank)5
Prime rate
charged 5by
banks
New-home
mortgage
yields
(FHLBB) 6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
13.41
11.02
8.50
8.80
7.69
6.33
5.66
6.20
18.87
14.86
10.79
12.04
9.93
8.33
8.22
9.32
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
1988: July
Auff
Sept.
Oct
Nov
Dec
6.73
7.02
7.23
7.34
7.68
8.09
8.44
8.77
8.57
8.43
8.72
9.11
7.87
7.86
7.71
7.54
7.58
7.66
9.96
10.11
9.82
9.51
9.45
9.57
7.90
8.36
8.23
8.24
8.55
8.97
6.00-6.00
6.00-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
1989:
8.29
8.48
8.83
8.70
8.40
8.22
7.92
9.20
9.32
9.61
9.40
8.98
8.37
7.83
9.06
9.26
8.98
8.80
8.96
9.11
9.09
9.17
9.36
9.18
8.86
8.28
8.02
7.41
7.47
7.61
7.49
7.25
6.97
6.97
9.62
9.64
9.80
9.79
9.57
9.10
8.94
9.02
9.35
9.97
9.78
9.29
8.80
8.35
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
9.00- 9.50
9.50-10.00
10.00-10.00
10.00-10.00
10.00-10.50
10.50-10.50
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 1050
9.17
9.06
9.26
9.10
9.43
9.39
9.52
9.82
9.99
10.17
10.18
10.42
8.07
7.96
7.76
7.87
8.09
8.20
7.94
7.80
7.89
7.77
8.14
8.08
8.01
8.07
7.97
6.95
6.99
6.90
7.03
6.95
9.02
8.97
8.94
8.93
8.91
8.73
8.56
8.31
8.36
8.27
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
11.00-11.00
11.00-11.00
11.00-11.00
11.00-11.00
1 1 00 1 1 00
1981
1982
1983
1984
1985
1986
1987
1988
Jan
Feb
Mar
Apr..
May
June r
July "
Week ended:
1989: July 1 r
8
15
22
29
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in July.
INDEX, DEC. 31, 1965 = 50 (RATIOS CALE)
INDEX DEC. 31, 1965 = 50 (RATIO SCALE)
24Q
240
220
200
*
180
160
(
~/\
COMPOSITE STOCK PRICE INDEX
__,
(NYSE)
f —
\
/
140
V/^-^
V,
^y
^
160
;
140
,-X/
120
100
120
100
^^~
80
v/~~v
\S~
60
40
1 1 n 1 1 1 \\ \]
i^y
80
60
1 1 1 1 11 11 1 1 1
1 1111\ \ \ \ \ \
1981
I 1I 1
1
11 1 1 1 \ 1 1 1 1 1
t I 1 1 I1
i ( 1 1 1 1 1 1 1 1 1 I 1 1 I 1 I 1 1 I 11 1 1 1 1 1 1 1 1 1 1
1985
1984
1983
1982
1986
1987
1 t t 1 I 1 1I 1 1 1
1988
PERC ENT
PERC ENT
20
20
15
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
^v
10
~"^1
(s&p)
-^1
.V
—
1
0
1
1
I i 1
1981
1982
OURCES: NEW YORK
STOCK EXCHANGE A
1
10
______
r———-—•,
5
1 I
1983
1
1
1
1 1 1
I I i
1985
1984
1986
5
1
1
1
1987
1
1
1
1
New York Stock Exchange indexes (I)ec. 31, 1965 — 5O)
Composite
1981 ..
1982
1983 .
1984
1985...
1986
1987 ..
1988
July
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
May
July p
Week ended:
1989: July 1 r.
8
15
22
29
1
Industrial
Utility
3
0
ECONOMIC ADVISERS
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
152.12
149.25
151.47
156.36
152.67
155.35
184.09
179.72
182.18
188.58
183.79
187.75
136.49
132.53
136.27
141.93
138.60
144.07
71.50
70.67
71.83
74.19
73.83
74.81
129.99
130.77
133.15
134.66
129.61
128.83
2,104.22
2,051.29
2,080.06
2,144.31
2,099.04
2,148.58
269.05
263.73
267.97
277.40
271.02
276.51
160.40
165.08
164.60
169.38
175.30
180.76
185.15
194.62
200.00
199.20
204.81
211.51
216.75
221.74
153.09
162.66
160.14
164.32
168.88
173.47
179.32
75.87
77.84
77.66
79.69
84.07
87.95
90.40
132.26
137.19
137.91
143.26
146.60
154.08
157.78
2,234.68
2,304.30
2,283.11
2,348.91
2,439.55
2,494.90
2,554.03
285.41
294.01
292.71
302.25
313.93
323.73
331.92
3.65
3.75
3.69
3.61
3.70
3.68
3.64
3.59
3.68
3.59
3.52
3.44
3.38
180.78
179.79
183.97
186.13
188.17
216.63
215.07
219.84
223.23
225.74
174.04
174.06
176.39
180.16
183.91
88.35
88.15
90.55
90.55
91.26
153.57
153.44
157.40
158.14
159.99
2,488.16
2,464.91
2,528.61
2,513.10
2,610.36
323.70
321.58
329.48
333.79
337.95
3.43
3.49
3.39
3.33
3.31
Average of daily closing prices.
Includes all the stocks (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. Earnings2
1
Common stock yields
(percent) 5
2
Period
Transportation
1
1989
1988
COUNCIL OF
v|D STANDARD & POC R'S CORPORATION
1
Common stock prices l
1988:
40
1989
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
r
8.01
8.36
r
8.56
8.46
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 9 months of fiscal 1989, there was a deficit of $105.5 billion, compared with a deficit of $119.3 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
RECEIPTS AND OUTLAYS^
1,100
1,100
1,000
1,000
900
900
800
800
RECEIPTS!/
700
700
600
600
-100
- -200
-200
1981
1983
1982
1984
1985
1986
1987
1989
1988
1990
FISCAL YEARS
I/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT Or THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipts
Outlays
Receipts
Outlays
Surplus
or deficit
Total
Held by
the public
-127.9
-207.8
-185.3
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-1.4
-3.9
-4.3
-2.0
-1.1
5.0
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
946.3
990.3
1,003.8
1,064.0
1,144.1
1,179.4
-212.3
-221.2
-149.7
-155.1
-148.3
-99.2
547.9
568.9
640.7
667.5
731.1
793.3
769.5
806.8
810.0
861.4
933.2
957.1
-221.6
-237.9
-169.3
-193.9
-202.1
-163.8
186.2
200.2
213.4
241.5
264.7
286.8
176.8
183.5
193.8
202.7
211.0
222.3
9.4
16.7
19.6
38.8
53.8
64.5
1,817.0
2,120.1
2,345.6
2,600.8
2,853.5
3,084.8
1,499.4
1,736.2
1,888.1
2,050.2
2,177.8
2,279.2
800.3
855.4
119 3
-105.5
499.9
549.2
649.8
699.8
149 9
-150.6
181.1
200.6
150.6
155.6
30.5
45.0
2,542.8
2,809.1
2,010.0
2,150.8
1985
1986
1987
:
1988
1989 (estimates) l
1990 (estimates) J
734.1
769.1
854.1
909.0
995.9
1,080.1
681.0
749.9
73 7
-14.7
53 6
-59.2
402
-73.8
7ft
Q
I O.«7
1
Estimates from Mid-Session Review of the Budffet, Office of Management and Budget. July 18,
1989. Data for 1990 include asset sales.
2
Data from Monthly Treasury Statement for June 1989, issued July 1989.
Surplus
or deficit
-70.5
-13.3
-49.7
-54.9
-38.2
-72.7
-73.9
1200
-208.0
-185.6
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
32
Outlays
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
Cumulative total, first 9
months: 2
Fiscal year 1988
Fiscal year 1989
Receipts
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1976
Surplus
or deficit
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
NOTE. — Data are from Eudget of the United States Government, Fiscal Year 1990, January
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 9 months of fiscal 1989, receipts were $68.9 billion higher than a year earlier and outlays were $55.1
billion higher.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
RECEIPTS!/
400
IKirWinilAI INCOME TAXES
"
400
\
300
300
\
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
CORPORATION
INCOME TAXES
\
OTHER RECEIPTS
100
'•
200
100
~
1
0
|
1
1
1
1
1
|
0
900
900
OUTLAYS^
- NONDEFENSE
800
800
L.
700
700
600
600
500
500
400
400
. NATIONAL DEFENSE
300
300
200
200
1981
1982
1983
1984
1985
1986
1987
1989
1988
1990
FISCAL YEARS
1J INCIUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
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
769.1
854.1
909.0
995.9
1,080.1
334.5
349.0
392.6
401.2
445.3
484.6
61.3
63.1
83.9
94.5
105.8
117.0
265.2
283.9
303.3
334.3
361.5
387.5
73.0
73.1
74.3
78.9
83.3
91.0
946.3
990.3
1,003.8
1,064.0
1,144.1
1,179.4
681.0
749.9
301.7
334.3
70.6
79.2
250.4
273.7
. J
58.4
62.6
800.3
855.4
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982....
1983
1984
1985
1986
1987
1988
1989 (estimates)'
1990 (estimates) '
Cumulative total, first 9
months: 2
Fiscal year 1988
Fiscal year 1989
1
2
See footnote 1, page 32.
Data from Monthly Treasury Statement for June 1989,4ssued July 1989,
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
4«.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
49.6
56.4
65.8
70.2
75.1
78.9
86.2
97.1
128.2
119.8
123.3
129.3
136.6
USA
188.6
198.8
207.4
219.3
232.4
249.1
129.4
136.0
138.6
151.7
169.1
176.3
131.8
142.1
125.9
139.4
158.3
142.4
33.2
36.1
59.0
62.1
97.5
108.2
164.5
114.2
113.0
125.6
105.0
118.4
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
301.2
296.3
245.2
265.5
274.0
281.9
292.7
286.9
16.2
14.2
11.6
10.5
10.7
16.4
219.4
227.7
213.3
221.3
8.7
1.5
Total
Total
Department of
Defense,
military
Medicare
Other
82.8
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1990, January
1989, except as noted.
Sources: Department of the Treasury and Office of Management and.Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1989, according to revised estimates, Federal receipts rose $41.6 billion (annual rate) and
Federal expenditures rose $21.6 billion. In the second quarter, according to advance estimates, outlays rose $14.1
billion; receipts data are incomplete. (Series revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL SATES
. EXPENDITURES.
1,000
1,000
800
800
RECEIPTS
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
I I
1981
I
I
I I
1982
I I
I
1 I
1985
1984
1983
1987
1986
I I
1988
1
I I
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
74.6
81.1
97.7
305.8
326.1
345.0
386.4
310.9
332.1
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
962,3
1,028.0
1 ',060.4
1,104.0
341.5
368.6
375.5
378.6
374.0
394.6
411.2
432.7
97.8
107.4
103.1
108.6
128.3
985.6
1,034.8
1,072.8
355.2
366.5
380.1
399.9
414.3
438.2
99.7
106.8
102.6
111.4
84.5
86.0
96.3
103.5
103.0
101.7
102.2
130.1
135.6
141.7
151.4
87.2
101.0
125.3
132.7
136.0
142.5
147.3
110.1
112.2
111.0
112.2
118.7
118.9
144.9
149.9
153.9
157.0
167.0
172.1
Total
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 r
1987 r.
1988 T
776.8
815.2
897.3
958.6
340.4
357.0
408.0
108.3
55.9
50.9
53.4
55.8
788.7
827.9
911.4
972.4
346.4
76.3
83.8
101.0
111.4
46.4
70.2
69.7
78'8
88.9
107.4
103.1
55.1
50.5
53.8
56.7
47.6
53.6
56.2
53.5
50.8
53.8
54.5
104.2
111.6
114.0
115.8
117.0
55.9
55.9
57.4
57.8
58.0
58.5
401.2
134.6
138.8
149.0
20.7
22.8
— 0.1
.0
.1
— .1
— 185.5
— 212.8
-163.1
20.3
26.0
32.6
36.0
23.4
29.1
21.0
19.0
29.2
22.7
41.9
— .2
.0
.0
.0
— 196.9
.2
-.2
-143.9
-164.4
34.4
41.2
29.4
38.9
38.5
35.0
.0
.0
— 151.8
— 141.5
— 122.5
31.9
35.1
— 145.4
Calendar year:
1985
1986
1987
1988
19821983:
19841985:
1986:
1987:
r
r
r
.
IV
IV
IV
IV
IV r
III
T
IV
1988: I r ...
Ill ''".'.".'..
IV "
1989:
Ir
II "
361.4
405.8
413.0
633.1
675.5
742.7
805.3
853.8
303.0
921.5
937.4
408.1
291.9
326.0
355.3
376.2
420.0
944.7
973.2
977.3
994.6
402.7
1,036.2
446.8
464.2
417.5
411.4
420.3
NOTE.—Series revised beginning- 1!>8«. See Survey of Current
34
350.8
391.3
236.1
381.6
381.3
276.1
347.4
352.5
326.0
376.6
368.8
385.8
405.8
293.2
337.9
835.7
844.7
930.2
1,017.5
1,042.8
352.2
359.7
1,065.5
1,101.7
382.0
388.2
394.5
400.6
1,096.5
1J14.7
1,099.8
1,162.1
367.5
406.4
433.0
434.4
438.0
447.6
414.3
419.8
1,183.7
1,197.8
399.0
403.9
460.4
467.9
259.8
290.7
317.7
384.5
388.1
374.1
377.1
362.1
414.3
421.9
Sofircc: Department of Oommerec, Bureau of Economic Analysis.
.0
.0
.6
.0
.0
.0
.0
.0
.0
— 206.9
— 161.4
-145.8
— 202.6
-169.2
— 187.5
-212.2
— 189.0
-167.6
-147.5
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100)
Industrial production (1977 = 100; seasonally adjusted)
Period
380
981
882
983
984
985
986
987
988
988- May
}
July
.
Sept
Oct
Nov
Dec
1989:
Jan
Feb
Mar
May
June *
1
United
States
Canada
Japan
France
Germany
Italy
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
104.8
106.9
96.5
102.7
115.2
121.4
123.2
129.6
137.2
119.0
120.3
120.7
124.5
136.1
141.0
140.8
145.7
159.1
107.2
106.1
105.0
105.0
106.1
106.1
107.2
109.4
114.3
108.0
105.9
102.7
103.3
106.2
111.0
113.0
113.7
118.1
114.8
113.0
109.5
105.9
109.5
110.7
113.7
118.3
124.3
136.1
136.5
138.0
138.5
138.6
139.4
139.9
140.4
137.3
137.9
137.4
138.7
138.8
137.8
137.1
137.9
153.3
158.4
156.4
160.8
161.6
160.2
165.0
166.1
112.9
114.9
116.0
116.0
117.2
113.2
118.0
117.3
116.1
118.5
116.1
121.3
120.0
119.4
119.1
121.2
120.8
122.7
126.2
118.9
122.9
126.7
128.5
129.2
r
118.2
140.8
137.5 167.3
117.3
140.5
' 138.2 164.5
116.2
' 140.7 ' 137.5 172.5
' 141.6
139.2 ' 168.3
141.4
167.8
141 1
121.2
120.5
121.3
r
124.3
119.8
Data relate to all urban consumers.
United
States '
United
Kingdom
Canada
Japan
90.9
95.4
98.0
'99.9
102.1
104.2
France
99.8
96.7
98.5
102.2
102.4
107.9
110.2
114.1
r
l!8.1
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
76.1
85.6
94.8
100.4
104.7
108.9
113.4
118.4
' 123.2
72.2
81.9
91.7
100.3
108.0
114.3
'104.9 117.2
' 105.0 121.1
105.7 ' 124.3
117.9
117.5
118.0
118.5
119.0
119.8
120.2
120.3
120.5
122.8
' 123.0
123.7
124.1
'105.7 123.9
' 105.5 '124.2
'105.3 124.7
'124.2
'124.8
106.4
106.9
106.5
' 106.2
121.1
121.6
122.3
123.1
123.8
124.1
125.7 '106.0 126.5
' 126.6 '105.7 '126.8
'127.2 '106.2 127.2
127.6 '108.1 128.0
128.9
108.7
128.5
129.6
'118.7
' 119.0
' 119.0
'119.6
r
r
119.0
l!9.6
r
118.8
'117.6
r
l!7.3
r
l!7.5
118.1
116.4
125.1
125.1
'105.6 '125.0
125.3
125.6
125.8
126.0
Germany
Italy
86.7
63.2
92.2
75.4
97.1
87.7
100.3 100.8
102.7
111.5
104.9
121.0
104.6
128.5
105.0
134.4
106.2 '141.1
106.2
106.3
140.0
' 140.5
108.1
108.4
108.6
109.2
109.5
78.5
87.9
95.4
99.8
104.8
111.2
114.9
119.7
125.6
124.8
'125.2
' 143.3
125.4
126.8
127.4
128.7
'144.5
'129.2
'106.3 ' 140.9
106.3 '141.5
106.3 '142.2
106.4
106.7
106.9
United
Kingdom
' 145.0
129.6
'146.1
'147.3
'148.0
'130.4
149.0
134.3
135.1
135.6
r
'149.6
150.3
131.4
'131.9
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) 1
General merchandise imports (customs value) 3
Principal end-use commodity category
1988:
May '
June '
July '..
Aug '
Sept '
Oct '
Nov '.
Dec '
1989: Jan '
Feb'
Mar '
Apr '....
May
4
14.3
13.4
13.3
12.6
14.2
17.7
23.1
20.5
24.0
27.3
35.9
34.6
48.4
9.2
8.8
9.2
9.3
9.4
9.4
9.4
10.1
2.5
2.2
2.1
2.8
2.5
2.5
2.3
2.7
1.9
1.9
2.0
2.0
2.1
2.0
2.0
2.3
9.4
9.3
9.9
10.1
9.8
2.4
2.4
2.5
2.4
2.3
2.4
2.5
2.7
2.8
2.6
322.4
31.3
30.9
31.5
24.0
22.3
24.3
32.3
61.7
56.7
61.7
58.5
57.3
66.7
85.1
72.7
67.2
72.0
73.9
75.8
86.2
109.2
27.4
26.7
26.6
27.5
27.6
27.9
27.5
28.9
2.9
2.7
2.8
2.9
2.9
2.7
2.6
2.8
7.2
7.1
7.1
7.1
7.2
6.8
7.0
7.4
29.0
28.8
30.1
30.8
30.5
2.9
2.9
3.2
3.1
3.2
7.1
7.5
7.6
8.0
7.9
2
116.4
4
15.7
16.8
20.6
22.9
21.7
24.6
29.3
Capital
goods
except
automotive
Total
1984
1985
1986
1987
1988 '...
Consumer
goods
(nonfood)
except
automotive
Foods,
feeds,
and
beverages
Period
1982
1983
Automotive
vehicles,
parts,
and
engines
Industrial
supplies
and
materials
205.6
224.0
218.8
227.2
254.1
1
Includes Department of Defense Military Assistance
2
Includes undocumented exports to Canada.
3
Total arrivals of imported goods other than intransit
4
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
General
merchandise
imports
(c.i.f.
value)
112.0
107.0
123.7
113.9
101.3
111.0
118.5
35.4
40.9
59.8
65.1
71.8
84.5
101.4
33.3
40.8
53.5
66.8
78.2
85.2
81.7
39.7
44.9
60.0
68.3
79.4
88.7
95.9
6.5
6.3
7.8
9.4
10.4
12.1
12.8
254.9
269.9
346.4
352.5
382.3
424.4
459.5
2.0
1.9
1.9
2.2
2.0
2.1
2.1
2.2
10.4
10.2
9.7
10.2
9.3
9.9
9.8
10.2
8.3
8.8
7.9
8.9
8.7
8.2
9.1
9.1
6.8
7.3
6.6
7.2
7.6
7.7
7.5
8.0
7.7
8.0
7.9
8.1
8.0
8.1
8.3
9.0
1.0
1.1
1.1
1.1
1.1
1.1
1.2
1.2
37.7
38.8
36.5
39.2
38.2
38.6
39.6
41.3
-8.7
-10.6
-8.5
-10.1
-9.2
-9.2
-10.5
-10.8
-10.2
-12.1
-9.9
11 7
106
-10.7
-12.1
-12.5
2.2
2.0
2.1
2.0
2.2
10.7
10.0
11.0
11.3
11.8
9.0
9.3
9.3
9.1
10.0
7.4
7.6
7.7
7.3
7.2
7.7
8.3
8.3
8.3
8.4
.9
1.0
1.1
1.1
1.1
39.5
39.7
41.2
40.7
42.4
-8.9
-9.4
95
-8.3
-10.2
-10.5
-10.9
11 2
-9.9
11 9
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
244.0
258.0
325.7
345.3
365.4
406.2
441.0
17.1
18.2
21.0
21.9
24.4
24.8
24.8
3.8
4.0
3.5
3.4
3.6
4.4
4.0
3.6
36.1
37.3
35.1
37.6
36.8
37.1
38.1
39.7
4.7
4.2
4.2
4.4
4.6
37.9
38.2
39.5
39.0
40.7
Other z
20.7
Program grant-aid shipments.
shipments.
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
Trade balance
Principal end-use commodity category
Total
Exports
(f.a.s)
imports
(customs
value)
27 5
-52.4
101 7
Exports
(f.a.s)
less
imports
(c.i.f.)
384
— 64.2
1224
-126.5 -133.6
-138.3
155 1
152 1 -170.3
-118.5 -1ST.1
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Seasonally adjusted data revised beginning 1987; unadjusted data, beginning 1988.
Source: Department of Commerce, Bureau of the Census.
U.S. INTERNATIONAL TRANSACTIONS
in the first quarter of 1989, the current account deficit rose to $30.7 billion, from $28.7 billion in the fourth
quarter of 1988.
BILLIONS OF DOLLARS*
BILLIONS OF DOLL)\RS*
10
10
5
5
^jH^-lJ/\V
0
-5
0
Vi
v R\
•A\
"*•»
•— X
\\\x
-5
-10
\\ vN
X
\
-25
\
V.
,—,
x
^v 'Vvi
\v ^^\
\
>\
-35
v /s
/
-25
\
-30
^^^* ^^
*^^"***fc
-35
' BALANCE (DN
CURRENT ACC OUNT
MERCHANDISE TRADE
BALANC E
-40
-45
f\
VV
v
p\ >T
x
'^ ^J /
i ii
v-"X%
-30
-20
BALANCE ON G OODS
AND SERVIC ES
1
I
1 1 1
I
1
1982
1981
1
1
1983
1 1 1
1984
1
1
1
1
1
1
1
1986
1985
-40
1987
1
1
1
1
1
-45
1989
1988
* SEASONALLY ADJUS TED
SOURCE: OEPARTMEN OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise *
Investment inconi e3
2
Kemit-
Period
Exports
1980
1981
1982
C
1983
1984
1985
1986
1987
1988
1986- I
II
m
IV
1987- I
n
in
IV
1988: I
n
in
1989:
1
2
3
IV
I"
224 269
237 085
211 198
201 820
219 900
215 935
223 367
250 266
319 251
53 899
56,796
56,182
56,490
57 255
60,015
64,297
68,699
76,447
78,471
80,604
83,729
88,496
Imports
249 749
265 063
247 642
268 900
332 422
— 338083
368 425
409 766
446466
89 549
-90,812
-92,983
-95,081
95 916
-99,834
- 104,903
-109,113
- 109,893
-109,882
-110,943
-115,748
-116,130
Net balance
Heceipts
25 480 72 506
27 978 86412
36 444 83 548
67 080 77 251
112 522 85 908
122 148 88 832
145 058 88 615
159 500 104 703
127 215 107 775
35 650 23 970
-34,016 22,078
-36,801 21,744
-38,591 20,822
38 661 25 117
-39,819 22,744
-40,606 23,578
-40,414 33,265
-33,446 26,750
-31,411 23,148
-30,339 24,720
-32,019 33,159
-27,634 26,862
Payments
42 119 30 387
52 329 34083
54 884 28 664
52 376 24 875
67 419 18 489
— 62 901 25931
66 968 21 647
82 420 22 283
2 227
105 548
6 613
17 357
-17,533
4,545
6,015
-15,729
4,472
-16,350
5 362
19 755
2,190
-20,554
1,674
-21,904
-20,207 13,058
2,795
-23,955
-25,613 -2,465
-27,310 -2,590
4,489
-28,670
-30,370 -3,508
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
Net
military
transactions
2 577
1 523
474
— 343
2 099
— 3 557
4 576
2 857
4 606
1 411
-1,298
-1,089
-777
176
-210
-1,031
— 1,440
-964
-1,033
-1,006
-1,604
-1,482
pensions,
and other
unilateral
transfers 1
Balance
on current
account
travel and
transportation
receipts
Other
services,
net 3
Balance on
goods and
services
997
144
992
4 227
7 885
—9 832
8 031
7 324
2 633
2 452
-1,465
-1,874
-2,241
1 965
-2,088
-1,279
-1,993
-1,854
-719
-155
94
-464
7 794
11 085
11 436
12 264
12 299
12 351
18 547
17 909
20 335
4 620
4,581
4,539
4,807
4 250
4,372
4,555
4,734
4,787
5,042
5,126
5,381
5,823
1 533
7 593
9 126
8 163
7 647
15 810
6997
9 188
2 191
—44,286
— 34510 — 9776
104 186
12 468
91 718
— 97 256 — 15 426 — 112,682
133 249
15 778
117 470
143 700
14 212
129 488
14 ggg
126 548
111 892
31 348
3 068
28 280
-31,852
-27,653 -4,199
-33,586
-29,210 -4,376
-36,466
-4,136
-32,330
34327
3 137
31 190
-38,820
-35,555 -3,265
-3,225 -39,912
-36,687
-30,641
-26,055 -4,586
-3,364
-32,046
-28,682
-33,485
-30,586
-2,899
-32,340
-3,376
-28,964
-5,018 -28,677
-23,659
-27,265 -3,420 -30,685
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $22.6 billion in the first quarter of
1989, compared with an increase of $30.9 billion in the fourth quarter of 1988. Liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, increased $10.4 billion in the first quarter, compared with an
increase of $32.2 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
20
20
-20
-20
-40
-40
1989
1981
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capit
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1986: I
n
rn
IV
1987:
I
U.S.
private
assets
-8,155
-5,175
-4,965
1 196
-3,131
3 858
312
9,149
-3,566
-5,162 -72,802
-5,097 - 100,679
-6,131
110058
-5,006 -43,576
-5,489 -13,685
-2,821 -25,950
-2,024 -97,954
997
86,363
2,999 -81,543
-15,401
-24,763
-26,078
-33,422
-115
16
280
132
1,956
3,419
32
3,742
1,503
39
-7,380
2,272
-4,000
-232
238
-1,565
11
40
195
308
843
-1,490
-885
1,961
3,413
1,012
8,759
-22,632
-25,976
-36,370
n
m
4,540
-16,119
-37,886
-32,648
IV
1989: I"
Other U.S.
Government
assets
-86,118
-110,951
-121,153
-49,777
-22,304
-32,628
-99,665
-76,218
-82,110
n
m
IV
1988: I
U.S.
official
reserve2
assets *
Foreign assets in the U.S., net2
[increase /capital inflow ( + )]
]
-31,816
Total
Other
foreign
assets
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 1
(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
35J594
45,193
38,882
42,615
78,072
90,154
79,023
99,481
131,096
186,011
172,847
180,418
15054
-24,541
24 793
-33,565
39,048
50,291
69,927
62,339
36,328
34,453
54,142
61,088
7,701
6,324
-10,263
7,549
3,515
-3,306
-4,669
4,463
6,763
-25,856
26 316
-40,955
33,381
51,134
73,575
59,949
2,720
15,838
15,785
1,251
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
44,919
46,595
48,087
48,511
48,824
45,140
45,070
45,798
4,528
15,273
-32,467
38,332
27,027
65,334
46,179
80,759
24,631
5,895
-2,234
10,589
2,396
59,438
48,413
70,170
479
-15,729
24,047
-19,434
3,843
-3,714
-4,556
4,431
43,186
41,028
47,786
47,802
-28,828
49,077
6,914
42,163
13,424
4,264
49,854
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position 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.
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.
T
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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