Full text of Economic Indicators : July 1991
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102d Congress, 1st Session
Economic Indicators
JULY 1991
(Includes data available as of July 30, 1991)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1991
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
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)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—1ST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
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11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the second quarter of 1991, according to advance estimates, current-dollar gross national product (GNP) rose
4.6 percent (annual rate) or $62.8 billion. Real GNP (GNP adjusted for price changes) rose 0.4 percent and the
implicit price deflator rose 3.9 percent.
BILLIOh•IS OF DOLLA RS (RATIO SC ALE)
BILL ONS OF DOl LARS (RATIO SCALE)
6,000
6,000
sEASONALIY ADJUST ED ANNUAL RATES
—
—
.—-^
5,600
5,600
—^^ ^
5,200
~
G NP
4,800
5,200
~
/-
— IN CURREf •JT DOLLARS-
4,800
r—
„•••
4,400
4,400
_^
4,000
fX~
jS
4,000
_ „ - - • -\-~"
y|S
3,600
_--"*
3,600
«•'"
GNP
IN 1982 DOLLA «
.s^,s
—1
3,200
3,200
-'
2,800
2,800
1
1
1982
1
1
1 1
1
1
1
1984
1983
1
1
I
1
1
1
1986
1985
1
1
1
1
1
1
1
1988
1987
1 1
1989
1 1 1
1990
1
1
1
1991
OURCE: DEPARTME NT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
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
4,515.6
4,873.7
5,200.8
5,465.1
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657.3
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.5
747.1
771.2
741.0
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,647.6
5,009.8
5,289.3
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
3,518.5
1990: I
5,375.4
5,443.3
5,514.6
5,527.3
1991: I
5,557.7
5,620.5
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
n
m
n
11
1
Gross
national
product
Exports and imports of goods
ind service.
Final
Federal
Net
exports
, Gross
chases 1
and
Exports
Imports
32.1
33.9
26.3
-6.1
-58.9
78.0
-97.4
-114.7
-74.1
-46.1
31.2
351.0
382.8
361.9
352.5
383.5
370.9
396.5
449.6
552.0
626.2
672.8
318.9
348.9
335.6
358.7
442.4
448.9
493.8
564.3
626.1
672.3
704.0
530.3
588.1
641.7
675.0
735.9
820.8
872.2
921.4
962.5
1,025.6
1,098.1
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.3
380.3
400.0
424.0
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.6
297.2
301.1
313.6
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
83.1
98.9
110.4
322.2
345.9
369.0
391.5
425.3
465.6
505.7
540.2
582.3
625.6
674.1
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,487.3
4,847.5
5,172.5
5,470.2
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,630.3
4,947.8
5,246.9
5,496.4
409.6
579.8
661.8
654.1
648.8
741.4
747.5
762.7
14.1
25.8
-67.9
103.2
-108.9
-115.0
70.3
-35.3
335.9
364.7
385.7
369.2
402.4
485.8
583.1
642.8
321.9
390.5
453.6
472.4
511.3
600.7
653.5
678.1
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
1,043.3
293.2
276.1
326.0
376.6
368.8
388.2
401.1
399.9
205.4
221.5
244.1
268.6
280.7
296.0
299.6
299.2
87.7
54.6
81.9
108.0
88.1
92.2
101.6
100.7
378.7
400.0
438.5
480.1
520.1
553.9
598.9
643.4
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
5,264.3
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
5,324.6
3,588.1
3,622.7
3,693.4
3,724.9
747.2
759.0
759.7
698.3
-30.0
— 24.9
41.3
-28.8
661.3
659.7
672.7
697.4
691.3
684.6
714.1
726.2
1,070.1
1,086.4
1,102.8
1,132.9
410.6
421.9
425.8
437.6
307.2
309.6
312.6
325.0
103.4
112.3
113.2
112.6
659.6
664.6
677.0
695.3
5,387.2
5,429.9
5,505.6
5,558.2
5,405.3
5,468.2
5,555.9
5,556.1
3,742.8
3,798.6
660.0
663.1
13.5
9.4
694.5
699.9
681.0
690.5
1,141.5
1,149.4
443.8
446.8
331.2
325.3
112.6
121.4
697.7
702.7
5,591.9
5,648.8
5,544.2
5,611.1
GNP less exports of goods and services plus imports of goods and services.
Government pure] ases of
goo Is and sen ices
Total
National
defense
Nondefense
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]
Period
Exports and imp orts of
goods and ser pices
Gross p rivate
domestic investment
„
a!
product
Personal
consumption
expenditures
Total
Nonresidential
fixed
Residential
fixed
Change
in
business
Government pure bases of
goocIs and services
Federal
Net
exports
Exports
Imports
Total
National
defense
Total
tories
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
State
and
local
Non-
Final
sales
Gross
domestic
purchases 1
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,845.3
4,016.9
4,117.7
4,157.3
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,515.8
2,606.5
2,656.8
2,681.6
509.3
545.5
447.3
504.0
658.4
637.0
639.6
669.0
705.7
716.9
688.7
379.2
395.2
366.7
361.2
425.2
453.5
438.4
449.8
487.2
506.1
515.4
137.0
126.5
105.1
149.3
170.9
174.4
195.7
196.4
194.9
187.0
176.8
-6.9
57.0
49.4
23.9
-24.5
26.3
-6.4
-19.9
62.3
84.0
9.1 -104.3
5.6 -129.7
22.8 -118.5
23.6
75.9
23.8 -54.1
-3.6
-33.8
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
534.7
593.3
631.5
332.0
343.4
335.6
368.1
455.8
471.4
526.9
570.3
610.6
647.4
665.3
620.5
629.7
641.7
649.0
677.7
731.2
761.6
779.1
780.5
798.1
820.8
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.1
334.9
343.7
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.1
260.7
256.3
258.7
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.5
67.5
78.7
85.0
373.6
370.1
369.0
373.9
387.0
405.2
427.5
439.5
452.4
463.2
477.1
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,822.5
3,993.2
4,094.0
4,160.9
3,130.1
5,139.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,963.8
4,092.8
4,171.8
4,191.1
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,920.7
4,059.3
4,133.2
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,534.2
2,638.8
2,669.9
408.8
577.2
655.7
648.0
615.2
706.6
696.2
709.1
352.3
390.4
444.4
460.9
435.7
462.3
486.6
508.4
115.8
159.9
169.6
179.4
200.3
195.8
195.6
181.8
-59.3
11.7
27.0
-46.2
41.7 -94.8
7.7 -125.3
135.4
-20.8
48.4 — 111.3
14.0 -75.7
18.9 -47.9
336.0
355.5
376.6
367.4
406.5
487.0
555.3
611.6
324.3
401.6
471.4
492.6
541.9
598.3
631.0
659.4
660.1
642.2
693.2
752.7
776.0
791.3
799.9
802.2
28S.5
266.0
300.5
340.6
342.4
347.7
342.3
332.7
201.4
211.6
225.3
241.4
255.8
266.0
261.1
255.5
88.2
54.4
75.2
99.2
86.6
81.7
81.2
77.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
469.5
,9.218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
4,114.4
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
4,181.1
HT.
IV
4,150.6
4,155.1
4,170.0
4,153.4
2,677.3
2,678.8
2,696.8
2,673.6
700.7
700.7
697.0
656.3
514.6
508.4
519.3
519.4
188.3
182.8
173.0
163.3
2.2
9.5
4.7
-26.4
35.4
-44.6
-46.5
-8.8
628.1
620.1
630.5
647.2
663.5
664.7
677.0
656.0
807.9
820.2
822.7
832.3
333.0
345.9
346.0
349.9
254.4
256.5
258.2
265.7
78.6
89.4
87.8
84.2
475.0
474.3
476.7
482.4
4,152.8
4,145.6
4,165.3
4,179.8
4,185.9
4,199.7
4,216.5
4,162.2
1991: I
11".
4,124.1
4,128.4
2,663.7
2,687.2
623.7
625.9
496.8
493.9
151.8
153.2
-25.0
-21.2
7.1
-18.6
648.0
653.9
641.0
672.6
829.6
833.9
349.5
353.8
267.5
261.1
82.0
92.7
480.1
480.1
4,149.0
4,149.6
4,117.0
4,147.0
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
1990: I
n
1
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly date are seasonally adjusted]
Personal c onsumption
expenditures
Period
national
product
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Gross ]Drivate
domestic i nvestment
Exports an I imports of
goods an i services
Gove rnment pure lases of got ds and
services
Federal
Total
Durable
goods
Nondurable goods
Services
dential
Residential fixed
Exports
Imports
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
131.5
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
136.4
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109,4
110.9
112.4
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
122.8
131.0
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.7
134.5
141.0
147.7
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
101.7
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
125.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.2
105.5
106.5
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.5
103.8
105.8
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.3
115.9
119.4
123.3
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.5
121.2
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
129.8
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
141.3
101.7
105.4
109.0
112.2
115.1
118.5
123.4
128.0
101.8
105.7
109.3
113.1
115.8
121.5
126.3
131.8
100.7
103.1
104.1
104.7
106.2
108.9
110.3
111.4
101.0
103.1
105.8
108.7
107.8
113.9
118.6
124.5
102.7
108.3
113.5
119.0
124.9
130.9
137.0
143.4
100.7
98.3
97.9
97.9
100.0
99.0
101.8
100.7
99.1
103.1
107.2
109.0
112.4
116.5
120.6
124.3
100.0
102.6
102.4
100.5
99.0
99.7
105.0
105.1
99.3
97.2
96.2
95.9
94.4
100.4
103.6
102.8
101.3
103.8
108.5
110.6
107.7
111.7
117.2
120.2
102.0
104.7
108.3
111.3
109.7
111.3
114.7
117.1
99.5
100.3
108.9
108.8
101.7
112.8
125.1
130.4
102.2
106.3
111.7
116.5
120.0
124.9
130.9
137.1
n
in
129.5
131.0
132.2
133.1
134.0
135.2
137.0
139.3
112.5
112.1
112.3
112.7
128.3
129.4
131.5
134.9
145.1
146.6
148.5
150.4
101.6
101.6
102.6
100.9
125.3
125.3
126.0
125.7
105.3
106.4
106.7
107.8
104.2
103.0
105.5
110.7
123.3
122.0
123.0
125.1
120.8
120.7
121.1
122.3
131.5
125.6
128.9
133.8
138.9
140.1
142.0
144.1
n»
134.8
136.1
140.5
141.4
113.0
113.3
135.2
135.4
152.1
153.5
101.4
100.8
125.5
126.1
107.2
107.0
106.3
102.7
127.0
126.3
123.8
124.6
137.3
130.9
145.3
146.4
IV
IV
IV
IV
IV
IV
IV
IV
1990: I
IV
1991: I
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Or ss national prc duct
Period
Current
dollars
1980
1981
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.7
7.9
6.7
5.1
9.1
7.5
7.4
8.7
7.8
8.3
7.4
7.7
7.5
5.8
5.1
3.9
6.7
5.1
5.3
.9
2.2
4.6
1982
1983
1984
1985
1986
1987
1988
1989
1990
1987: I
n
m
1988:
IV
I
H
m
1989:
IV
I
1990:
IV
I
1991:
n
m
n
m
IV
I
n»
Constant
(1982)
dollars
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.4
4.5
2.5
1.0
5.2
4.2
4.1
6.6
5.1
3.6
2.7
2.7
3.6
1.6
1.7
.3
1.7
.4
1.4
1.6
-2.8
.4
Implicit
price
deflator
Personal consumption e tpenditures
Chain price
index
9.0
9.7
Fixedweighted
price index
(1982
weights)
9.4
6.3
4.1
3.9
3.3
2.5
3.3
3.7
4.3
4.3
4.3
3.1
3.3
3.1
3.3
4.2
4.8
4.4
4.7
4.4
3.1
3.7
6.1
4.1
3.7
3.6
5.2
3.1
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
4.1
3.5
3.1
3.5
1.7
2.7
4.4
4.7
4.7
3.9
3.9
3.2
3.8
4.8
4.7
3.7
2.8
5.2
3.9
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.6
6.5
6.0
7.3
9.6
8.9
3.7
9.2
7.4
8.2
8.1
4.8
6.6
7.0
4.0
8.2
3.9
8.0
3.5
1.9
6.1
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.5
4.2
4.5
4.6
4.4
3.5
3.5
3.7
3.9
4.7
5.5
4.4
4.9
4.6
3.1
3.8
6.6
3.9
4.2
4.7
5.2
3.0
9.0
Constant
(1982)
dollars
Current
dollars
Implicit
price
deflator
-0.2
1.2
1.3
10.7
9.2
5.7
4.6
4.8
4.7
3.9
2.8
3.6
1.9
.9
.7
4.5
4.3
-.4
6.9
2.7
3.5
3.5
.3
1.3
4.6
-.8
1.1
4.1
3.8
3.2
2.4
4.6
3.8
4.6
5.0
6.4
4.8
4.4
4.1
2.3
4.3
4.6
4.6
5.2
5.1
2.2
5.0
6.8
3.6
5.4
6.9
3.5
2.6
2
2.7
3.4
— 1.5
3.6
Chain price
index
Fixedweighted
price index
(1982
weights)
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.6
4.0
4.7
4.9
6.2
4.9
4.3
4.0
2.5
4.7
4.8
4.8
5.0
5.3
2.6
4.9
6.8
3.4
5.2
6.5
3.4
2.8
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.6
4.1
4.8
5.2
6.3
5.1
4.3
4.3
2.6
4.8
5.1
4.9
5.0
5.7
2.7
4.7
7.4
3.1
5.7
7.1
3.3
2.6
Source: Department of Commerce, Bureau of Economic Analysis.
NOTE. —Annual changes are from preceding year and quarterly changes are from preceding quarter.
[Quarterly data at seasonally adjusted annual rates]
Current-dollar co st and profit per unit of output (dollar s ) >
Gross dome stic product
of nonl mancial
corporate business
(billions c f dollars)
Period
Current
dollars
1982
dollars
Total
cost and
profit 2
Capita!
consumption
allowances
with capital
consump-
Indirect
business
taxes 3
Compensation of
employees
Corporate profits with inventory
valuation md capital cc nsumption
adjustments
Net
interest
Total
adjustmcnt
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
'982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
1
IV
IT
IV
IV
IV
IV
IV
IV
I
n
m
if
I
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,567.1
2,524.8
2,720.7
2,854.5
2,952.7
1.779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,878.5
2,907.5
2,960.0
2,979.1
2,964.1
2,956.9
1,803.6
1,836.8
1,782.2
1,871.8
2,049.2
2,132.3
2,214.3
2,310.9
2,443.4
2,503.0
2,508.5
1,731.8
1,951.7
2,084.1
2,165.4
2,240.8
2,364.8
2,482.5
2,502.2
2,503.8
2,519.6
2,514.4
2,488.3
2,446.9
0.854
0.096
0.077
0.583
.946
1.000
1.023
1.048
1.063
1.069
1.093
1.114
.109
.125
.123
.117
.118
.121
.122
.122
.127
.132
.130
.119
.118
.119
.122
.121
.123
.130
.130
.131
.133
.136
.140
.090
.094
.098
.100
.102
.104
.104
.105
.109
.116
.086
.097
.101
.632
.676
.676
.683
.699
.708
.720
.737
.760
.791
.685
.676
.689
.704
.713
.726
.747
.769
.777
1.140
1.178
1.010
1.031
1.058
1.0S6
1.075
1.098
1.127
1.150
1.161
1.175
1.185
1.191
1.208
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
1Q2
.104
.104
.106
-111
.113
.113
.117
.119
.124
3
4
.787
.797
.804
.814
0.031
.037
.043
.037
.039
.038
.040
.040
.040
.048
.051
.042
.037
.042
.037
.041
.040
.041
.051
.051
.051
.051
.052
.052
Profits
tax
liability
0.068
0.037
.079
.063
.088
.109
.106
.097
.106
.109
.096
.088
.057
.102
.107
.105
.094
.108
.110
.089
.090
-.094
.087
.080
.079
.035
.026
.032
.036
.033
.034
.040
.042
.041
.038
.023
.036
.032
.033
.038
.042
.042
.039
.038
.039
.040
.037
.032
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.063
.066
.067
.056
.049
.034
.066
.075
.071
.057
.066
.067
.051
.052
.055
.047
.043
.047
Output
per hour
of all
employees
(1982
dollars)
Compensation per
hour of
all
employees
(dollars)
18.547
18.699
18.774
19.344
19.867
20.198
20.903
21.204
21.658
21.574
21.412
18.807
19.554
19.932
20.389
21.059
21.388
21.679
21.431
21.352
21.437
21.382
21.40S
21.385
10.809
11.815
12.682
13.085
13.571
14.112
14.793
15.265
15.874
16.396
18.944
12.881
13.221
1.3.741
14.350
15.017
15.507
16.088
16.483
16.597
16.863
17.048
17.211
17.376
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Compensation of
employees1
National
income
Proprietoi s' income
with in ventory
valuation md capita!
consulnption
adjust ments
Farm
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1
tion
adjustment
Nonfarra
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660.3
3,984.9
4,223.3
4,418.4
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,686.4
2,905.1
3,079.0
3,244.2
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
13.6
13.2
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,791.5
4,104.1
4,267.1
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,770.3
2,986.7
3,128.6
28.5
19.3
28.1
29.2
37.2
52.3
35.5
45.7
159.8
188.6
209.7
235.0
252.0
293.0
321.5
336.0
15.8
12.4
n
m
rv
4,350.3
4,411.3
4,452.4
4,459.7
3,180.4
3,232.5
3,276.9
3,286.9
57.4
51.0
42.4
48.8
I
4,456.4
3,299.3
3,331.8
48.5
51.9
IV
IV
IV
IV
IV
IV
IV
IV
1990: I
1991:
Rental •
income of
persons
with
capital
n"
Corpora te profits wi h inventory valuation an . capital
consulnption adjust ments
Profits wi th inventory valuation
adjustme it and witho at capital
consu mption adjus tment
Total
Profits
before tax
Inventorv
valuation
adjustment
-22.5
-14.5
-4.5
25.1
42.3
63.0
49.1
54.5
40.9
15.6
266.9
290.2
313.1
322.7
324.0
338.2
394.1
461.7
-11.4
11.3
463.6
466.2
468.3
468.4
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
304.7
-10.4
-10.9
-5.8
-1.7
150.7
223.4
224.6
228.4
226.1
268.6
308.7
275.3
164.1
231.5
226.1
235.0
234.1
289.7
331.1
289.8
-13.4
-8.1
-1.6
-6.6
— 8.0
4.1
146.1
248.5
266.9
291.4
275.2
323.1
349.6
290.9
346.6
350.8
355.6
357.4
5.5
4.3
8.4
9.3
296.8
306.6
300.7
288.9
285.5
298.8
298.7
290.3
296.9
299.3
318.5
304.1
355.8
364.6
5.6
286.2
289.7
281.5
Includes employer contributions for social insurance. (See also p. 5.)
8.2
6.9
5.6
7.8
13.5
14.6
16.8
5G
me
4.9
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.3
11.6
13.7
16.3
Net
interest
272.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
466.7
150.0
213.7
266.9
282.3
282.1
308.3
337.6
311.6
298.3
S.5
9.2
Capital
consumption
6.7
-19.4
-27.0
-21.7
-11.4
-21.1
-.5
-19.8
-13.8
8.1
4.0
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
7.7
2.0
-1.4
460.9
450.3
-3.5
0
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durabl 3 goods
_,
Period
con-
expendiure
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
rV
IV
IV
TV
IV
IV
1990: 1
n
m
rv
1991:
I
n*
Total
durable
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
Other
durable
Food
398.8
421.9
448.5
Serv-
un ts)
Clothing and
shoes
Gasoline
and oil
124.4
135.1
146.7
156.4
166.8
178.4
191.1
204.6
158.7
169.5
182.1
192.6
201.7
216.9
229.1
246.3
261.9
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,584.7
1,720.7
1,845.5
1,983.3
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
Other
Domestics
Imports
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657.3
252.7
289.1
335.5
372.2
406.0
423.4
457.5
474.6
480.3
108.9
130.4
157.4
179.1
196.2
197.9
212.2
215.5
213.0
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
176.4
48.1
51.6
59.3
63.2
70.0
76.7
83.5
87.8
90.9
771.0
816.7
867.3
911.2
942.0
1,001.3
1,060.0
1,130.0
1,193.7
471.6
500.0
530.7
562.6
595.3
624.7
213.2
89.1
90.2
90.0
90.6
73.5
75.3
77.3
83.8
93.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
3,518.5
263.8
310.0
346.7
373.2
422.0
427.4
473-. 1
471.2
115.7
144.4
162.3
173.8
201.1
198.9
217.8
207.5
99.1
112.4
122.7
134.7
143.8
151.1
166.8
173.0
49.0
53.2
61.8
64.7
77.1
77.4
88.5
90.7
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
1,148.8
407.0
430.8
456.1
482.5
511.9
539.0
577.1
602.2
126.5
141.1
149.8
160.6
168.7
182.2
198.6
208.7
89.8
91.9
89.0
91.0
66.0
77.3
78.5
83.5
163.4
174.0
184.7
198.5
205.5
221.5
233.9
254.4
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,631.8
1,771.5
1,898.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
6.2
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
3,588.1
3,622.7
3,693.4
3,724.9
492.1
478.4
482.3
468.5
221.1
212.4
214.7
203.9
178.9
176.8
176.4
173.4
92.0
89.3
91.2
91.3
1,174.7
1,179.0
1,205.0
1,216.0
616.4
623.3
629.8
629.4
212.9
212.6
215.8
211.5
87.1
84.5
94.0
109.4
258.2
258.6
265.4
265.6
1,921.3
1,965.3
2,006.2
2,040.4
7.0
6.8
7.2
6.6
2.5
3,742.8
3,798.6
455.3
462.2
190.9
196.2
174.2
177.4
90.2
88.6
1,212.7
1,218.0
636.7
639.7
213.3
218.8
93.9
89.9
268.7
269.6
2,074.8
2,118.5
6.0
6.1
Source: Department of Commerce, Bureau of Economic Analysis.
Retail sales of
new pa ssenger
cars (m [lions of
Non durable g )ods
.
2.8
2.7
2.4
22
2.4
SOURCES OF PERSONAL INCOME
Personal income rose $22.6 billion (annual rate) in June following a rise of $24.9 billion in May. Wages and
salaries increased $26.6 billion in June, compared with a rise of $17.2 billion in May.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
5,000
4,000
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
\
OTHER INCOME
800
800
'
\
TRANSFER
PAYMENTS
400
400
inn Inn
1984
1983
1987
1986
1985
1988
1989
1990
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietor ' income 3
Period
1981
1982
1983
1984
1985
1988
1987
1988
1989
1990
1990: June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr r
May '
June f.
Total
personal
income
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645 5
4,640.7
4,662.7
4,675.0
4,697.8
4,695.9
4,716.2
4,743.3
4,723.8
4,733.3
4,750.4
4,755.1
4,780.0
4,802.6
salary
Farm
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.7
2,431.1
2,573.2
2,705.3
2,711.1
2,727.1
2,728.3
2,747.2
2,731.6
2,731.6
2,753.6
2,741.0
2,741.9
2,745.6
2,750.2
2,767.4
2,794.0
150.3
163.6
173.6
182.9
187.6
199.3
209.4
225.5
241.9
258.1
257.6
258.8
260.0
261.2
262.2
263.2
264.2
265.2
266.2
267.2
268.2
269.2
270.2
30.7
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
46.1
45.7
42.9
38.5
39.1
54.5
52.9
39.6
47.2
58.7
53.5
54.2
48.1
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.
Nonfarm
156.1
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
351.8
353.0
356.6
357.0
357.1
357.6
357.5
353.8
356.3
357.4
361.0
364.9
367.8
4
Rental
income of
persons 4
13.3
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
4.9
6.2
9.1
10.0
10.8
8.8
8.3
6.8
5.1
4.9
5.2
5.8
5.7
Personal
dividend
income
61.3
63.9
68.7
75.5
78.7
85.8
91.8
102.2
114.4
123.8
123.4
124.3
125.0
125.3
126.1
126.8
127.2
127.2
127.6
125.3
125.2
125.6
125.7
Personal
interest
income
335.4
369.7
393.1
444.7
478.0
493.2
501.3
547.9
643.2
680.4
681.5
683.6
685.4
686.8
687.5
688.1
688.2
685.7
681.8
678.6
675.4
672.5
670.2
Transfer
payments 6
368.1
410.6
442.6
456.6
489.8
521.5
549.9
587.7
636.9
694.8
691.4
692.1
695.9
701.2
710.0
714.0
721.2
741.6
744.5
750.1
754.2
759.5
761.7
Less:
Personal
contributions
for social
insurance
104.5
112.3
120.1
132.7
149.3
161.9
172.9
194.1
212.8
226.2
227.1
228.1
228.2
229.5
228.4
228.4
229.9
237.2
237.2
237.4
237.8
239.0
240.7
Nonfarm
personal
income 6
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,702.2
4,006.0
4,314.6
4,574.3
4,573.2
4,595.6
4,610.7
4,637.8
4,635.3
4,640.2
4,668.8
4,662.6
4,664.4
4,669.9
4,679.7
4,703.9
4,732.5
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
6
0
DISPOSITION OF PERSONAL INCOME
According to advance estimates, real per capita disposable personal income rose in the second quarter of 1991.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
4,500
4,500
4,000
4,000
DISPOSABLE PERSONAL INCOME
3,500
3,500
\
3,000
3,000
2,500
2,500
2,000
2,000
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
PER CAP TA DISPOSA iLE PERSONA L INCOME
18,000
18,000
16,000
14,000
\
^___ m
Illl
'
r~" —]
.— — -— ~
'
16,000
•
r
f— "
14,000
---
1
—*^
•
r
CURRENT DOLLARS
\\
1982 DOLL/« RS
8,000
1
1
1982
1
i
i
i
1983
i ii
!
1984
1
'
i
1985
i i
i
1986
i i
1987
1
1
'
i
i i
1989
1988
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
1982
1983
1984
1985
1986
1987
1988
1989
1990
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.6
591.6
658.8
699.4
1,918.0
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3.013.3
3,194.7
3,479.2
3,725.5
3,946.1
i t
1990
i
i i
1991
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per c &pita
disposable personal
inc >me
Current
dollars
1982
dollars
Per capitf personal
consul iption
expen itures
Current
dollars
1982
dollars
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,888.5
3,102.2
3,333.6
3,553.7
3,766.0
136.9
159.4
153.9
130.6
164.1
125.4
124,9
92.5
145.6
171.8
180.1
2,214.3
2,248.6
2.261.5
2,331.9
2,469.8
2,542.8
2,635.3
2,670.7
2,800.5
2,869.0
2,893.5
8,421
9,243
9,724
10,340
11,257
11,861
12,469
13,094
14,123
14,973
15,695
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Perce It
Dolla rs
Billi ons of doilars
1980
1981
i
9,722
9,769
9,724
9,930
10.419
10,625
10,905
10,946
11,368
11,531
11,509
7,607
8,320
8,818
9,516
10.253
10,985
11,576
12,334
13,144
13,866
14,547
8,783
8,794
8,818
9,139
9,489
9,840
10,123
10,311
10,580
10,678
10,666
-1.1
.5
-.5
2.1
4.9
2.0
2.6
A
3.9
1.4
-.2
7.1
7.5
6.8
5.4
6.1
4.4
4.1
2.9
4.2
4.6
4.6
227,754
230.182
232,549
284 829
237^051
239,322
241,660
243,982
246,358
248,310
251,420
9,749
10,151
10,491
10,667
10,909
11,097
11,458
11,541
11.586
11,564
11,511
11,376
11,307
11,323
9.068
9,825
10,479
11.240
11,825
12,572
13.474
14,084
14,330
14,432
14,670
14,752
14,787
14,982
8,904
9,299
9,587
9,935
10,214
10,347
10,669
10,687
10,693
10,671
10,711
10,589
10,524
10,599
1.2
9.1
1.7
3.3
.3
6.4
1.2
.1
1.6
-.8
-1.8
-4.6
-2.4
.6
6.2
5.8
5.8
3.9
3.3
3.9
4.1
4.6
4.9
5.0
4.2
4.2
4.2
3.7
233,466
235,707
237,946
240,257
242,579
244,925
247,329
249,818
250,392
251,026
251,767
252,495
253,114
253,538
fieasonally adjusted aim ual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m....
IV
1991: I p
n ...
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,890.9
4,186.2
4,469.2
4,562.8
4,622.2
4,678.5
4,718.5
4,735.8
4,779.2
411.1
413.9
459.7
499.6
534.4
588.6
607.3
669.6
675.1
696.5
709.5
716.6
714.6
721.0
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
3,799.6
3,887.7
3,925.7
3,969.1
4,001.9
4,021.3
4,058.2
2,174.9
2,382.5
2,571.3
2.787.7
2,961.4
3,172.6
3,430.4
3,625.5
3,696.4
3,730.6
3,802.6
3,834.4
3,852.5
3,907.5
143.1
145.4
157.3
111.7
102.0
129.7
148.5
174.1
191.3
195.1
166.5
167.5
168.7
150.7
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717,9
2,833.9
2,883.2
2,900.9
2,902.8
2,898.0
2,872.4
2,861.9
2,870.8
1
Includes persona! consumption expenditures; Interest paid bv consumers to business, and personal transfer payments to foreigners (net).
9,929
10,725
11,467
12,068
12,629
13,483
14,470
15,210
15,527
15,639
15,765
15,849
15,887
16,006
2
Annual data are averages it quarterly data, which are averagesi for the period.
Source: Department of Comm:tree (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1991, according to preliminary estimates, gross farm income fell $13.8 billion (annual rate)
,and net farm income fell $7.3 billion.
BILLIONS OF DOLLARS* (RAf IO SCALE)
240
200
160
^_~ ^~^
>
•
^
""
BILLIONS OF DOLLARS* (RATIO SCALE)
240
_
_ 200
,—•—
—•"•
160
.
^^
120
GRC SS FARM INC OME
80
80
60
x
*\
40
«•
i
*\ // ' \
*\ // I
"*•"
I
i'v'
%>
. /
\i
v
1
;\
/\
/ ',
**^.x
/^
'
^
•*,
/
.*>,
N
40
\
\ — -'
/
\
^'
NET FARM INCOME
•
.
20
1
'1
'\ '
' t '
'. / \ /
\ i
ii
10
u
II
i i i
1 1 1
1982
1983
1
1984
1
1 1
1985
1 !
1986
1
1
1
1
1987
1 1
1988
1 1 i
1989
* SEASONALLY ADJUSTED ANNUAL RATES
I
! 1
1990
i i i
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
(jross farm incom %
Period
Cas h marketing rece pts
Total l
Total
1980
1981
149.3
1982
1983
1984
1985
1986
1987
1988
1989
1990"
1989: I
n
m
IV
1990: I
n
m
IV
1991: I"
1
166.3
163.5
153.2
170.2
162.9
156.5
169.0
173.8
189.2
193.2
190.8
189.5
185.7
190.9
196.2
190.2
185.2
201.2
187.4
139.7
141.6
142.6
136.8
142.8
144.1
135.2
141.7
150.2
159.2
167.1
153.7
157.4
163.9
161.7
161.9
164.9
169.9
171.7
161.2
Livestock and
products
Crops
68.0
69.2
71.7
72.5
72.3
67.2
69.9
74.3
63.7
65.6
71.4
75.4
77.9
72.1
76.5
80.3
72.8
74.8
77.5
80.1
79.2
74.5
70.3
69.6
72.9
69.8
71.5
76.0
78.8
83.7
89.2
81.6
80.8
83.6
88.9
87.0
87.4
89.8
92.5
86.7
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
orices during the year.
Net farai income
3
Value of
inventory
changes z
6.3
6.5
-1.4
- 10.9
6.0
-2.3
-2.4
-2.8
— 4.1
4.4
2.9
3.8
4.9
4.8
4.3
4.4
3.3
2.2
1.7
2.5
Production
expenses
Current
dollars
133.1
139.4
140.0
137.9
143.8
131.9
125.5
127.7
132.1
142.6
145.7
142.5
143.3
143.4
141.1
140.3
144.5
146.2
151.7
145.3
1982 dollars 3
16.1
26.9
23.5
15.3
26.3
31.0
31.0
41.3
41.8
46.7
47.5
48.3
46.2
42.4
49.8
55.9
45.6
39.0
49.5
42.2
Income in current dollars divided hy 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
14.7
24.5
27.9
27.2
35.1
34.4
37.0
36.2
38.8
36.7
33.4
38.9
43.1
34.8
29.5
37.2
31.3
CORPORATE PROFITS
In the first quarter of 1991, corporate profits before tax fell $22.6 billion (annual rate) and profits after tax fell
$11.2 billion.
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
360
5EASONAUY ADJUS
ED ANNUAL RATES
A
320
^1
\
/
/
r~\
s
PROFITS B EFORE TAX /
\
240
v\X
200
/
.
280
\
^"1
f"
.
,^/\
'
^ ~
X
s~
J
PRO FITS AFTER TAX
f
"•-,
—'
,'
'
irr.
_-"•
t
X
,---
160
^~-\
s
N
f
^- _--'",—1
-'
120
**•
X — '»
—7-^—
*•*
*••"-._
TAX LI, ABILITY
_.,
80
•'/''
'
... — . ...^ f
'C
— -•••.
\
^'f
^UNDISTR IBUTED PRC
1 1 I
\ 1 1
1982
1983
1 1 1
1
1984
1
1
I
1985
1
1
1
1986
1
1987
1
1
1 1
1988
1 1 1
1
1989
40
*.
1
1
i \ |
1990
1991
COUNCIL OF EC ONOMIC
ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr afits (before t ax) with inventory valuation adjustmen t 1
Frofits after taIX
Doinestic indust ries
Nonfinancial
Total 2
Total
Financial
Total
1980.
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
n
in
IV
1991: I
H"
1
2
194.0
202.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.3
150.7
223.4
224.6
228.4
226.1
268.6
308.7
275.3
285.5
298.8
298.7
290.3
289.7
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
236.4
121.6
190.7
193.9
193.6
193.4
226.2
261.9
218.4
232.6
249.9
241.1
222.3
221.4
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
18.7
18.7
15.5
13.6
26.0
28.6
19.8
24.1
6.9
16.1
18.2
21.7
18.8
22.5
3
138.6
157.3
119.4
148.5
190.3
168.6
163.2
197.8
224.1
219.8
217.7
102.9
175.2
180.3
167.6
164.8
206.4
237.8
211.5
216.5
231.7
219.3
203.4
198.9
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes real of the world, not shown separately.
Manufacturing
77.1
88.5
58.0
70.1
88.8
79.7
59.5
86.7
106.5
96.1
88.8
46.8
88.6
79.8
83.8
64.8
98.2
112.6
83.7
90.1
100.8
91.2
73.1
67.1
Profits
before tax
Tax
liability
237.1
226.5
169.6
207.6
240.0
224.3
84.8
81.1
63.1
T
Total
Dividends
sale and
retail
trade
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
41.5
33.6
43.1
51.8
38.5
41.0
37.8
42.3
41.9
39.2
44.4
39.5
42.8
46.2
3
221.6
275.3
316.7
307.7
304.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
289.8
296.9
299.3
318.5
304.1
281.5
77.2
93.9
96.4
106.3
126.9
136.2
135.1
132.1
59.8
88.1
87.0
99.8
113.1
132.1
142.1
123.5
129.9
133.1
139.1
126.5
115.1
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
172.5
104.3
143.4
139.2
135.2
121.0
157.6
189.1
166.3
167.1
166.1
179.4
177.6
166.4
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.2
110.0
123.5
133.9
68.5
73.9
80.8
84.0
93.6
102.2
115.3
127.7
130.3
133.0
135.1
137.2
137.5
136.4
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
97.6
81.8
39.6
58.9
67.0
44.6
24.0
50.2
70.5
49.1
38.7
35.8
69.5
58.4
51.2
27.4
55.4
73.8
38.6
36.8
33.2
44.3
40.4
29.0
pnrnr
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
6.7
-19.4
-27.0
-21.7
-11.4
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-14.5
-11.4
-.5
-19.8
-13.8
8.1
4.0,
1
GROSS PRIVATE DOMESTIC INVESTMENT
According to advance estimates for the second quarter of 1991, nonresidential fixed investment fell $5.5 billion
^annual rate) and residential investment rose $2.7 billion. There was a $28.3 billion decrease in inventories,
Tollowing a decline of $34.2 billion in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
SE ASONALLY ADJUST D ANNUAL RATES
-
-
800
800
GROSS F RIVATE DO MESTIC
ih•JVESTMENT
-
/
700
r~~i
|--\x
600
_
/
500
--~~~-\
400
\
700
V
^-
*
_
600
_
FIXEt3 INVESTME KIT
y
-
-]^"~~A
f
NOh>JRESIDENTI AL
500
,-""" ~
^^.
400
_""----- ,----"
-
R ESIDENTIAL
FIXEf ) iNVESTME NT
300
-
300
-
\
200
-
,-*'*"
-*•**
""
..—--—-—-
200
/N%
—
*
"-^^
v
^
0
\
."^
1 1 1
\ \ i
1982
1983
-
Cr1ANGE IN E USINESS
INVENTO RIES
100
-100
^~^\
'
1
1984
KM
1 1
1985
1986
100
,'-
—
0
-'
__L_L_L_
I 1 1
1987
1988
1
1 1
1989
SOURCE; DEPARTMENT OF COMMERCE
1 1 I
1990
1
1 1
1991
-TOO
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change hi business
inven tones
]^ixed investmen t
p
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1S88:
1989:
1990:
' f\
Gross
private
domestic
investment
437.0
IV
IV
IV
IV
IV
IV
IV
IV
I
n
m
IV
1991:
I
D?
Source: Department of Commerce, Bureau of Economic Analysis.
515.5
447.3
502.3
664.8
643.1
659.4
699.9
747.1
771.2
741.0
409.6
579.8
661.8
654.1
648.8
741.4
747.5
762.7
747.2
759.0
759.7
698.3
660.0
663.1
Nonresidential
Total
Total
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
746.1
469.5
548.8
616.8
646.8
660.9
685.7
731.3
737.7
758.9
745.6
750.7
729.2
694.1
691.3
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
524.1
354.9
383.9
435.0
451.3
435.8
457.5
495.3
511.8
523.1
516.5
532.8
524.0
503.6
498.1
Structures
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.7
139.9
146.2
147.0
137.6
127.4
146.6
155.9
133.7
137.2
141.2
147.1
148.8
147.2
149.8
142.1
139.5
139.2
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
298.2
311.2
348.4
365.7
377.1
217.3
256.5
288.4
295.5
302.2
320.4
354.0
364.7
374.3
369.3
383.0
381.9
364.1
359.0
Residential
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.3
232.5
231.0
222.0
114.7
164.9
181.8
195.5
225.1
228.1
236.0
225.9
235.9
229.1
217.9
205.2
190.5
193.2
Nonfarm
Total
-8.3
24.0
-24.5
-7.1
67.7
11.3
-2.4
18.3
-23.1
6.9
8.6
32.3
29.8
23.3
-7.4
-51.1
21.3
41.3
93.7
-8.0
59.6
35.0
24.1
-17.0
13.0
6.8
-32.4
-37.1
-24.8
28.3
26.2
28.3
-5.0
-59.9
31.0
45.0
7.2
-12.2
55.7
16.2
25.0
-11.8
13.4
9.0
-30.8
-34.2
-28.3
.4
60.5
14.6
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1991 survey, business spending for new plant and equipment is
expected to rise 2.7 percent in 1991, following a rise of 5.0 percent in 1990.
BILLIONS OF DOLLARS (RATIO SCALE)
600
BILLIONS OF DOLLARS (RATIO SCALE)
600
SEASONALLY ADJUSTED ANNUAL RATES
500
500
400
400
ALL INDUSTRIES
300
300
NONMANUFACTURING J-/
200
200
MANUFACTURING
100
100
I
1983
I I
J L
1984
1985
1
1986
1
I
1988
1987
I
I
1989
-^SURVEYED QUARTERLY
•^SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
I
I
L
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
No imanufactu •ing
Manufacturb
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 4
1991
1989: I
n
ra
IV
1990: I
n
ni
IV
1991: I 4
n
in44
rv
All
industries
Total
286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.96
547.23
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.78
190.17
487.43
502.05
514.95
519.58
Nonmanufacti ring
Total
Surveyed
quarterly
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.52
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
340.17
357.07
Nondurable
goo s
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.99
80.06
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
109.79
110.11
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
340.17
357.07
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.87
9.88
13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.59
24.34
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.00
69.37
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.72
253.48
172.73
180.91
185.99
191.88
80.20
82.44
83.60
83.41
92.53
98.47
102.40
108.47
314.70
321.14
328.96
327.70
8.94
9.24
9.24
9.38
17.84
18.42
21.03
18.25
66.09
68.09
65.19
65.82
221.82
225.39
233.50
234.25
172.73
180.91
185.99
191.88
314.70
321.14
328.96
327.70
532.45
535.49
534.86
529.02
191.36
195.16
194.48
190.14
86.35
84.34
82.67
78.62
105.02
110.82
111.81
111.52
341.09
340.33
340.39
338.89
9.58
9.84
9.98
10.09
22.13
21.86
21.41
20.95
65.72
64.27
67.48
70.53
243.66
244.37
241.51
237.32
191.36
195.16
194.48
190.14
341.09
340.33
340.39
338.89
535.32
544.16
553.52
555.93
190.11
191.11
191.45
188.00
81.53
81.53
79.71
77.47
108.58
109.58
111.74
110.53
345.21
353.05
362.07
367.93
9.85
10.05
9.96
9.64
23.58
25.25
25.39
23.13
67.38
69.75
69.50
70.85
244.39
248.00
257.22
264.31
190.11
191.11
191.45
188.00
345.21
353.05
362.07
367.93
Durable
goo s
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
busi-
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
592.31
Manufacturing
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.78
190.17
Surveyed
annually 3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
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 1991, corrected for biases
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In June, civilian employment rose 293,000 and unemployment rose 105,000.
MILL IONS OF PERS DNS*
126
MILLIONS OF PERSC NS*
^^XNX
126
SEASONALLY ADJUSTEC
_^j(
122
CIVILIAN LAB(DR FORCE
118
-
\
_x
^t
114
106
—
r^"""
f,~
,*—•'
—
122
"^
.«*
'~"
114
110
CIVILIAN
EMPLOYMENT
"
118
^s-~
— --" -^"'"
^
102
-"Ir
"—'
1r—
-^r—
110
,.
-~~*~'
106
^s'
_
102
*• '
98
98
X
-
^
12
12
UNEMPLOYM ENT
L ^ - ~—
-
8
4
i \ \ \\ \ \ \ \ \ \
0
.
/ —--—. — /-.
•**
- 4
|
1 1 1 p 1 ! 1 I M 111M
1983
- 8
/~~
^^~ -
1984
1985
1 1 1 1 1 11 1 1 11
1986
1 1 1 1 1 1 > 1 1 1 1 i i t I I 1 n | \\
1987
1988
It 1 1 1 1 1 f M 1
1989
1 1 1 1 1 !1 1 1 1 1 1 1 1 1 1 1 1 $ 1 1 1 0
1991
1990
16 YEARS OF AGE AN DOVER
s OURCE: DEPARTMENT OF LABOR
COUNCIL OF
ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Civilian e mployment
NoninstituPeriod
1981
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1990:
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
June
tional
population
including
resident
Armed
Forces
NSA
Employment
including
resident
Armed
Forces
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
102,042
101,194
102,510
189,607
189,763
189.901
190,002
190,095
190,312
190,483
1,630
1,627
1,640
1,601
1,570
1,615
1,617
190,592
190,717
190,703
190,836
190,980
191,173
1,615
1,602
1,460
1,456
1,458
1,505
Nonagricultural
Civilian
labor force
Agricultural
Total
Total
Part time
for
Total
15
weeks
and
over
economic
reasons 1
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
59.0
3,321
3,179
3,163
3,208
3,169
3,199
3,186
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
118,237
117,882
117,690
117,883
117,733
117,386
117,574
3,279
3,108
3,152
3,194
3,175
3,185
3,253
114,958
114,774
114,538
114,689
114,558
114,201
114,321
4,745
4,780
4,830
5,051
5,135
5,163
5,262
6,560
6,827
7,015
7,087
7,142
7,337
7,600
1,436
1,508
1,568
1,605
1,591
1,727
1,739
66.4
66.3
68.2
66.3
66.2
66.1
66.3
62.9
62.7
62.5
62.6
62.4
62.2
62.3
116,922
116,918
116,754
117,398
116,591
116,884
3,163
3,222
3,098
3,156
3,272
3,308
113,759
113,696
113,656
114,243
113,319
113,576
5,178
5,803
5,889
5,956
5,702
5,425
7,715
8,158
8,572
8,274
8,640
8,745
1,829
1,975
2,184
2,229
2,234
2,573
66.0
66.1
66.2
66.4
66.1
66.2
61.9
61.8
61.7
62.0
61.5
61.6
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
3,368
3,401
3,383
106,702
108,856
111,303
114,177
116,677
119,030
119,550
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
126,427
126,338
126,345
126,571
126,445
126,338
126,791
119,867
119,509
119,330
119,484
119,303
119,001
119,191
124,797
124,709
124,705
124,970
124,875
124,723
125,174
126,253
126,678
126,786
127,128
126,690
127,134
118,537
118,520
118,214
118,854
118,049
118,389
124,638
125,076
125,326
125,672
125,232
125,629
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
3
Civilian labor force (or employment) as percent of civilian noninstitutional population.
Bnemplc>yment
"Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
r L t. • •
T , T »
Source: Department of( Labor,
Bureau of TLabor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In June, the civilian unemployment rate rose to 7.0 percent and the overall unemployment rate rose to 6.9 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
20
20
TEENAGERS
(16-19)
15
15
10
10
BLACK
AND OTHER
* y
MEN 20 YEARS
AND OVER
ALL CIVILIAN WORKERS
Y
-7
WHITE
1987
1989
1988
1990
1987
1991
1989
1988
1991
•UNEMPLOYMENT AS PERCENT OF CIVILIAN IABOR FORCE IN GROUP SPECIFIED
SOURCE. DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment ra te (percen ; of civilia n labor force in group)
Unemployment
rate,
all
workers 1
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: June....
July.....
Aug
Sept
Oct
Nov
Dec
1991:
civilian
workers
Men
20 years
and over
Women
20 years
and
over
6.3
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
5.2
5.4
5.6
5.6
5.6
5.8
6.0
5.3
5.5
5.6
5.7
5.7
5.9
6.1
4.7
4.9
5.0
5.1
5.2
5.4
5.6
4.6
4.7
4.9
4.9
4.9
5.1
5.3
6.1
6.4
6.8
6.5
6.8
6.9
6.2
6.5
6.8
6.6
6.9
7.0
5.6
6.3
6.5
6.2
6.5
6.6
5.3
5.4
5.7
5.5
5.8
5.9
7.5
9.5
;
Jan
Feb
Mar
Apr
May
June....
By sex and age
1
Both
sexes
16-19
years
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
14.7
15.8
16.6
15.7
16.2
16.4
16.6
18.2
17.1
18.7
18.1
19.1
19.2
White
Black
and
other
6.7
8.6
14.2
17.3
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
4.5
4.7
4.8
4.8
4.9
5.0
5.3
5.5
5.9
6.2
5.8
6.1
6.2
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.
12
By s elected grou as
By race
9.6
10.3
10.4
10.8
10.6
11.0
11.1
10.7
10.7
11.1
11.2
11.5
11.4
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
7.3
9.6
9.5
7.2
9.4
10.5
10.4
9.3
9.3
9.1
8.4
6.6
5.8
5.2
5.0
5.3
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
6.8
6.6
5.8
5.2
4.9
5.2
10.7
11.4
11.7
11.9
11.7
12.2
12.2
5.1
5.2
5.3
5.4
5.4
5.7
5.8
3.2
3.3
3.5
3.5
3.5
3.7
3.8
8.0
8.3
8.4
8.7
8.5
8.7
8.7
12.1
11.8
12.3
12.6
13.0
13.1
6.0
6.4
6.7
6.4
6.6
6.7
4.0
4.3
4.5
4.4
4.4
4.7
9.0
9.1
9.0
9.9
9.1
9.2
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
7.3
9.3
9.2
7.1
6.8
Source: Department of Labor, Bureau of Labor Statistics.
Labor
force
time lost
(percent) 2
8.5
11.0
10.9
7.6
7.3
7.4
8.6
8.1
7.9
7.1
6.3
5.9
6.2
4.9
5.1
5.3
5.4
5.5
5.7
5.8
7.5
7.8
7.7
7.2
7.1
7.3
7.6
5.9
6.1
6.3
6.4
6.6
6.7
6.9
6.0
6.4
6.5
6.3
6.5
6.6
7.7
7.6
9.1
8.1
9.0
8.6
7.0
7.5
7.7
7.6
7.7
7.6
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 fell and the
percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over rose. Both the mean duration of
unemployment and the median rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
60
-
JOB LOSERS
50
V'
40
REENTRANTS
-
30
.JOB LEAVERS
20
10
NEW ENTRANTS
nl
1991
L
1987
1989
1988
1990
1991
• SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Re ason for unemploy ment:
percent distributi an
Dur ation of anemplo} ment
Period
Unemployment
(thousands)
I'ercent d stributio n
Less
than
5
weeks
5-14
weeks
15-26
weeks
Sta e
progr ims
Numb er of
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14,7
15.7
14.8
15.2
15.1
14.3
13.5
13.7
13.6
13.5
11.7
12.2
12.6
11.9
12.1
12.3
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
27.9
28.4
27.1
27.5
26.8
26.3
28.0
26.6
24.5
24.4
24.7
25.3
24.2
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
8.3
10.0
9.7
9.4
9.6
8.9
8.7
8.7
7.8
8.2
8.9
9.0
8.4
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly a verage, t lousands
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
6,560
6,827
7,015
7,087
7,142
7,337
7,600
7,715
8,158
8,572
8,274
8,640
8,745
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
46.8
46.1
47.3
43.2
44.1
44.7
43.5
44.1
42.4
40.9
39.8
42.5
38.7
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
31.5
31.8
30.0
34.3
33.6
31.8
33.4
32.2
33.4
33.8
33.2
31.6
32.3
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
11.7
11.8
11.9
12.1
12.5
12.8
12.5
12.7
12.9
14.4
14.8
14.0
15.9
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
10.0
10.3
10.8
10.4
9.8
10.8
10.6
11.0
11.3
11.0
12.1
11.9
13.1
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.
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
12.0
12.1
12.3
12.4
12.0
12.4
12.4
12.4
12.8
13.0
13.7
12.9
14.2
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
5.2
5.2
5.3
6.1
5.9
5.9
5.9
5.9
6.1
6.6
7.0
6.5
6.9
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
48.6
46.5
49.0
49.6
49.9
51.2
49.9
53.0
55.5
54.9
54.5
53.6
55.1
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
2,452
2,479
2,495
2,620
2,765
2,912
2,970
3,070
3,218
3,415
3,518
3,550
3,453
460
583
438
377
396
378
328
310
330
388
355
361
377
399
431
454
461
445
489
509
475
438
423
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,715
2,212
2,442
2,295
2,193
2,294
2,722
3,222
4,011
4,147
4,127
3,781
3,409
3,181
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 50,000 in June.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
110
28
_
100
"I
__^--n r
—^
_._-
SERVIC :S
fs~*
v
—
\
A L L N ONAGRICUL TURAL
ES TABLISHMEI- TS
26
„
s-
,--•
—
.s
_
..--'
24
90
,,
80 —
---~"~
"\
SERVIC
ItvIDUSTRIES
_
22
RE TAIL TRADE
4G
-A
20
___
70
18
_
60 _.
_^ __*—•
„
•
-'
GOV ERNMENT
-V^~
--
=-w
16
x
-
Lmiiliiml '""l.n,^
MUll'i"!
yitlll
w ANUFACTU JING
50
20
40 -
-
y J U I l l l l III
4
20 l^in,!,,,,. 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 \ 1 1 1 1 1 1 1 1 1 ^ i umlimi,
1987
1988
II nilinii
mill
1989
1990
9 iiitluiii
1987
1991
\
-CONSTRUC TION
tuuhiu, iiiiiluiii
1988
1989
'SEASONALLY ADJ USTED
SOURCE: DEPARTM ENT OF tABOR
Goods-p roducing
i
Total
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,971
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,322
24,958
4,188
3,905
3,948
4,383
4,673
4,816
4,967
1990: June...
July....
Aug....
Sept....
Oct
Nov....
Dec
110,435
110,269
110,160
110,113
109,982
109,761
109,621
25,093
25,027
24,937
24,842
24,705
24,481
24,375
1991: Jan
Feb
Mar
Apr r...
May r.
June p
109,418
109,160
108,902
108,736
108,855
108,805
24,181
24,039
23,877
23,794
23,833
23,762
5,182
5,145
5,111
5,088
5,022
4,962
4,911
4,797
4,792
4,720
4,688
4,710
4,701
C firt
on-
struction
5,110
5,187
5,136
1
^
r.iuhuM
mnlmuj
1991
1990
seasonally adjusted]
Se rvice-produc ing industri es
in iustries
M anufacturin g
nonagricultural
employment
2
•——- —
COUNCIL OF EC ONOMIC ADVISER
[Thousands of wage and salary workers;
Period
1 '"">'! lly
6
GOOD 5-PRODUCIN G
IN DUSTRIES
\
30
18
\—
Transportation
Total
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Sendees
Total
Durable
goods
Nondurable
goods
20,170
18,781
18,434
19,378
19,260
18,965
19,024
19,350
19,442
19,111
12,082
11,014
10,707
11,479
11,464
11,203
11,167
11,381
11,420
11,115
8,089
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8,022
7,995
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,007
85,014
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,644
5,826
5,376
5,296
5,286
5,514
5,736
5,774
5,865
6,055
6,221
6,205
15,172
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,549
19,683
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,649
6,695
6,739
18,619
19,036
19,694
20,191
21,999
23,053
24,235
25,669
27,120
28,240
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,322
2,772
2,739
2,774
2,801
2,875
2,899
2,943
2,971
2,988
3,085
19,193
19,165
19,113
19,043
18,973
18,807
18,749
11,189
11,160
11,111
11,049
11,000
10,867
10,828
8,004
8,005
8,002
7,994
7,973
7,940
7,921
85,342
85,242
85,223
85,271
85,277
85,280
85,246
5,831
5,832
5.839
5,854
5,855
5,852
5,867
6.220
6,2 1 5
6,211
6,204
6,190
6,180
6,166
6,746
6,745
6,750
6,750
6,746
6,740
6,733
28,254
28,310
28,388
28,437
28,479
28,525
28,548
18,577
18,430
18,321
18,328
18,344
18,355
18,353
3,337
3,162
3,038
2,994
2,980
2,964
2,948
18,671
18,532
18,443
18,396
18,418
18,359
10,770
10,652
10,584
10,560
10,568
10,523
7,901
7,880
7,859
7,836
7,850
7,836
85,237
85,121
85,025
84,942
85,022
85,043
5,866
5,834
5,824
5,814
5,814
5,814
6,138
6,119
6,105
6,086
6,087
6,070
19,714
19,710
19,714
19,698
19,663
19,628
19,579
19,542
19,464
19,378
19,324
19,333
19,321
6,736
6,732
6,735
6,718
6,709
6,701
28,590
28,583
28,576
28,576
28,637
28,706
18,365
18,389
18,407
18,424
18,442
18,431
2,952
2,951
2,951
2,953
2,951
2,942
and
public
utilities
Total
Federal
time off; and which are based on a sample of the
i this table are baaed on reports from employing
14
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Aver age weekly ] ours
Period
private
nonagricultural l
1991:
Total private
nonagncultural 1
Overtime
Current
dollars
Total srivate
nonagnc ultural '
1B82
dollars 2
Manufacturing
C urrent dollar 9
Percent chs nge from a
year ear ler, total
prrv ate
nonagricultural s
Manufacturing
Construction
Retail
trade
$270.63
267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.72
$318.00
330.26
$399.26
$157.99
8.5
426.82
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.40
163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.69
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.4
4.4
Current
dollars
1982
dollars 2
Current
dollars
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
J.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
$7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.02
$7.69
7.68
$7.99
8.49
7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.53
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
J255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.69
June
July
Aug
Sept
Oct
Nov
Dec
34.6
34.5
34.5
34.6
34.2
34.4
34.6
40.9
40.9
40.9
40.9
40.7
40.6
40.7
3.8
3.7
3.8
3.7
3.6
3.5
3.5
10.02
10.05
10.07
10.10
10.10
10.13
10.17
7.57
7.57
7.51
7.48
7.43
7.43
7.44
10.84
10.87
10.89
10.91
10.96
10.96
10.99
346.69
346.73
347.42
349.46
345.42
348.47
351.88
261.85
261.09
259.27
258.67
254.17
255.66
257.41
443.36
444.58
445.40
446.22
446.07
444.98
447.29
530.53
522.02
528.31
532.22
515.59
530.46
536.77
195.65
195.94
195.16
196.81
193.69
196.02
196.31
Jan
Feb
Mar
Apr r
May '
June *
34.1
34.3
34.2
34.0
34.3
34.5
40.4
40.3
40.3
40.2
40.4
40.8
3.4
3.3
3.3
3.3
3.4
3.7
10.18
10.20
10.24
10.28
10.32
10.38
7.42
7.43
7.46
7.47
7.47
7.50
11.02
11.03
11.05
11.12
11.15
11.21
347.14
349.86
350.21
349.52
353.98
358.11
253.02
254.81
255.07
253.83
256.32
258.75
445.21
444.51
445.32
447.02
450.46
457.37
523.13
533.65
526.67
532.50
533.40
534.42
194.14
196.48
197.34
197.95
199.91
201.89
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Total
Average a^oss weekly earnings
Average gross hourly earnings
Manufa during
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 1982= 100 base).
2
1982
dollars
-1.5
-1.2
2.0
.8
-1.3
.3
-1.0
-.9
-1.0
-1.7
j
-1.0
-1.9
-1.5
-3.8
-2.8
-2.0
3.4
3.6
4.5
2.2
3.3
4.0
2 H
2.4
2.4
-2.5
-2.2
-2.1
-1.9
-i.E
2.3
2.5
2.9
3.3
3
Based on seasonally unadjus^d daijt.
Source: Department of Labor, Bursa;.
a*>or Statistics.
EMPLOYMENT COST INDEX—PRIVATE
Percent er ange from
Index (June 1989 = 100)
12 months earli
months earlie r
Period
Total
compensation
Wages and
salaries
Benefits
1
Total
compensation
Wages and
Benefits '
Total
compensa-
Wages nnd
°~
Benefits '
N o t s easonally ad us ted
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1987: Dec
1988: Dec
1989: Dec
1990: Dec
71.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
73.0
66.6
2.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
109.4
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
'
4.0
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
Not se asonally adji sted
Seasonall y adjusted
1988:
Mar
June
Sept
Dec
94.5
95.7
96.6
97.8
95.0
96.1
96.9
98.0
93.1
94.5
95.7
97.1
1.3
1.3
.9
1.2
0.8
1.2
.8
1.1
2.4
1.5
1.3
1.5
3.8
4.5
4.4
48
3.3
3.8
3.7
4.1
5.9
6.4
6.8
6.9
1989:
Mar
June
Sept
Dec
98.8
100.0
101.3
102.4
99.1
100.0
101.1
102.2
98.1
99.8
101.5
103.1
1.0
1.2
1.3
1.1
1.1
.9
1.1
1.1
1.0
1.7
1.7
1.6
4.6
4.2
4.1
4.3
4.1
5.4
5.6
6.0
6.1
Mar
June
Sept
Dec
103.8
105.1
106.2
107.2
103.3
104.4
105.4
106.2
105.1
106.7
108.4
109.9
1.4
1.3
1.0
.9
1.1
1.1
1.0
.8
1.9
1.5
1.6
1.4
4,ij
4.2
4.5
4.2
4.0
7.2
6.9
6.8
6.6
Mar
June
108.4
109.7
107.3
108.4
111.3
113.2
1.1
1.2
1.0
1.0
1.3
1.7
4.4
4.4
4.0
3.7
5.8
6.2
1990:
1991:
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
45
4..q
4.8
5.2
Li -2
4.9
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statist.
IS
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output ye r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
Hours of all
pers H I S 2
Out! ut '
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
Compens ation per
hoiIT3
Business
sector
Nonfarm
business
Unit lab or costs
Real compensation
per h our 4
Business
sector
Nonfarm
business
Business
sector
Nonfarm
business
sector
85.8
92.4
100.0
101.4
102.9
105.4
108.4
111.2
113.7
117.9
123.1
101.5
102.0
104.0
106.7
110.4
112.1
111.5
113.3
114.2
115.6
116.7
117.4
118.2
119.5
121.1
122.5
123.6
125.0
126.2
85.2
92.3
100.0
10.9
7.7
8.3
1.4
1.5
2.3
2.8
2.6
2.2
3.8
4.3
-2.0
6.5
3.1
5.0
3.8
2.5
2.8
4.6
5.4
4.7
3.7
4.8
3.7
Implic t price
<lcfla tor 5
Business
sector
Nonfarm
business
101.0
102.8
105.6
108.8
111.6
113.7
118.1
123.3
101.7
101.3
104.0
107.1
111.0
112.6
111.9
113.5
114.2
115.2
116.9
117.5
118.3
119.7
121.3
122.7
123.9
125.3
126.5
86.2
94.4
100.0
103.3
106.8
109.5
111.8
114.8
118.2
122.8
127.5
101.4
104.8
107.9
110.5
112.8
115.7
116.2
117.5
118.9
120.3
121.2
122.5
123.3
124.3
125.8
127.2
128.2
128.8
130.3
85.7
94.0
100.0
103.5
106.6
109.8
112.3
115.3
118.4
123.0
127.7
101.5
104.7
107.9
111.0
113.4
116.2
116.6
117.8
118.8
120.5
121.4
122.7
123.5
124.7
125.8
127.3
128.4
129.2
130.7
11.0
8.3
8.4
1.0
1.8
2.8
3.0
2.5
1.9
3.9
4.4
-2.2
5.7
2.5
3.6
6.1
2.0
2.6
5.0
5.3
4.7
4.1
4.7
3.7
9.0
9.6
5.9
3.3
3.3
2.5
2.1
2.7
3.0
3.9
3.8
1.7
4.8
4.7
4.9
3.1
4.3
2.5
3.5
4.6
4.6
3.2
2.0
4.7
9.7
9.7
6.3
3.5
3.0
3.0
2.3
2.7
2.7
3.9
3.8
1.4
4.1
3.4
5.9
2.8
4.4
2.6
3.9
3.8
4.8
3.6
2.5
4.6
19i32 = 100; juarterly c ,ata seasoilally adjusted
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
I
n
rn
IV
1989: I
n
m
IV
1990: I
n
m
IV
1991: I*
99.2
100.7
100.0
102.3
104.9
107.1
109.5
110.7
113.2
112.6
111.9
100.6
103.2
105.3
108.0
109.4
112.0
113.2
112.9
113.6
113.1
113.0
113.0
112.6
111.9
111.7
111.9
112.1
111.8
111.8
99.9
100.9
100.0
102.9
105.1
106.5
108.7
109.8
112.5
111.7
110.8
100.4
103.8
105.4
107.1
108.4
110.9
112.2
112.0
112.8
112.9
112.1
112.0
111.7
111.0
110.7
110.7
110.9
110.7
110.8
101.1
103.2
100.0
104.2
113.0
in.i
121.3
126.4
133.0
135.8
136.1
99.5
107.6
114.5
119.3
122.2
129.4
131.2
132.6
133.8
134.5
135.6
135.9
136.1
135.5
13C.G
136.4
136.5
135.4
133.8
101.7
103.4
100.0
105.0
113.7
118.1
121.6
126.8
134.0
136.7
136.9
99.3
108.7
115.1
119.6
122.4
129.7
131.6
133.4
134.8
136.0
136.4
136.8
137.1
136.3
136.8
137.2
137.4
136.1
134.5
101.9
102.5
100.0
101.8
107.6
109.9
110.8
114.1
117.5
120.5
121.6
98.9
104.3
108.7
110.5
111.7
115.6
115.8
117.5
117.8
118.8
120.0
120.2
120.9
121.0
121.7
121.9
121.8
121.1
119.7
101.8
102.5
100.0
102.0
108.1
110.9
111.9
115.5
119.1
122.3
123.6
98.9
104.7
109.2
111.7
112.9
117.0
117.3
119.1
119.5
120.5
121.7
122.2
122.7
122.8
123.7
123.9
123.9
123.0
121.5
85.1
93.0
100.0
103.8
108.0
112.8
118.7
123.1
128.6
132.9
137.7
102.1
105.3
109.5
115.2
120.8
125.5
126.3
127.9
129.7
130.8
131.8
132.7
133.1
133.8
135.3
137.0
138.6
139.8
141.1
85.1
93.1
100.0
104.0
108.1
112.5
118.2
122.4
127.8
131.9
136.6
102.1
105.2
109.6
114.6
120.3
124.8
125.5
127.1
128.8
130.0
131.0
131.6
132.1
132.9
134.2
135.8
137.4
138.7
140.1
99.7
98.8
100.0
100.6
100.4
101.2
104.5
104.5
104.9
103.4
101.7
100.6
100.5
100.4
102.0
105.5
105.0
104.8
104.9
105.1
104.8
104.4
103.5
103.0
102.5
101.8
102.2
101.7
100.8
100.9
99.6
98.8
100.0
100.7
100.4
100.9
104.1
104.0
104.3
102.7
100.8
100.6
100.4
100.4
101.5
105.1
104.4
104.2
104.3
104.3
104.2
103.8
102.7
102.3
101.9
101.0
101.3
100.8
100.0
100.2
Pe rcent change; quarte rly data a t seasonal] y adjusted annual rates
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1988: I
n
m
IV
1989: I
n
m
IV
1990: I
n
HI
IV
1991:
I*
-0.2
1.5
-.7
2.3
2.5
2.0
2.3
1.1
2.2
-.5
-.7
4.6
-1.1
2.5
-1.6
-.5
.1
-1.6
-2,3
g
.6
.9
-1.2
.1
-0.3
1.0
g
2.9
2.1
1.3
2.0
1.0
2.5
7
-.9
4.7
-.5
2.8
.2
-2.7
-.3
-1.0
-2.5
-1.3
.3
.6
Y
.3
-1.1
2.1
-3.1
4.2
8.4
4.2
3.1
4.1
5.3
2.1
.2
5.7
4.6
3.5
2.0
3.5
.9
.6
-1.8
1.4
1.2
.5
-3.4
-4.5
-1.2
1.7
-3.3
5.0
8.3
3.9
3.0
4.2
5.7
2.0
.2
5.9
5.6
4.1
3.6
1.2
1.3
.6
-2.1
1.4
1.2
.4
-3.6
-4.6
-0.9
.6
-2.5
1.8
5.7
2.1
.8
3.0
3.0
2.6
.9
1,0
5.8
1.0
3.6
4.0
.8
2.2
.4
2.3
.5
-.4
-2.2
-4.6
-0.8
.7
-2.4
2.0
6.0
2.5
.9
3.2
3.1
2.7
1.0
1.1
6.1
1.3
3.4
4.0
1.6
1.6
.5
2.8
.9
2
-2.8
-4.9
* 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 lor all urban consumers.
8
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
10.6
9.3
7.5
3.8
4.1
4.4
5.2
3.7
4.5
3.3
3.6
2.5
5.3
5.6
3.4
3.3
2.6
1.1
2.2
4.5
5.4
4.6
3.5
3.7
10.6
9.4
7.4
4.0
3.9
4.1
5.1
3.6
4.4
3.2
3.5
2.4
5.1
5.3
3.8
3.3
1.7
1.6
2.3
3.9
5.0
4.7
3.9
4.0
-2.5
-1.0
1.3
.6
2
.8
3.2
.1
.4
-1.5
-1.7
-.6
.6
.4
-.9
-1.6
-3.3
-2.0
-1.8
-2.7
1.4
-2.1
-3.2
.2
-2.5
-.8
1.2
.7
-.4
.5
3.2
— .1
.3
-1.5
-1.8
-.7
.5
.1
-.5
-1.6
-4,2
-1.5
-1.6
-3.2
1.0
-2.0
-2.9
.5
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 GNP revisions for the first quarter published June 26, 1991.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in June.
IND EX, 1987=10 0* (RATIO S(:ALE)
130
FINAL P RODUCTS
125
„
BUSINESS
120
EQI IIPMENT
INDE X, 1987=100* (RATIO SC:ALE)
115
TOTAL IN DUSTRIAL F RODUCTIC N
<• "~"v
110
,
105
""
•
>hs^-"
^s^
115
^s
\
110
90 JlllllUlLLJ Illllllllll
MANUFA CTURING
105
85
90 Illllllllll Illllllllll Illllllllll Illllllllll
115 -UTILITIES ANDMINKsJG
110 .PRODUCT ION
*^—* v **.
100
95
'
1987
1988
1989
IMIII
• —^
\
Illllllllll Illllllllll Illllllllll
Illllllllll
CAPACIT Y UTILIZAT ON RATE86 -(TOTAL IIMDUSTRY)
^^yvVW-
r—v N-"
Y —^A
\
f —-I
1V*
/H'—
^J
80
\s
78 ^—
MINi NG
^
90 Illllllllll Illllllllll Illllllllll
s
PEF CENT*
miiliiiii
U1 ILITIES
V^
V—
*
88
j,
i
f.
,'
*. -- — ^ %
"^r-'
—
—'""*•--] -_/' X \
— DEFENS t
AND SPA CE
— EQUIPME NT
90
>=^ -NONDURA BLE
\r*~s~~
\
95
95 ''
105
_„'•''
y^
100
—T
1
Tx'•"_„••"}-"
100
105
^ f ~— z \
— — _ x"* " — /
IIVx*
-DURABLE-
*s
—-f-
p
miiliiiii liilllllLll iiiiiliiiii
110 -PRODUCT ION-^-=
V'
jf^\
CONSUMER
GOODS
\/f**J
95
115
/
pJ
/
Illllllllll
Illllllllll
76 Illllllllll Illllllllll
1988
1987
1991
1990
iiiiiiiini Illllllllll Illllllllll
1989
SEASONALLY ADJ STED
OURCE, BOARD Of GOVERNORS OF HE FEDERAL RESER VE SYSTEM
1990
1991
COUNCIL OF EC DNOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry pro* uction indexe , 1987 = 100
To tal
indu trial
prodi ction
Period
Index,
1987=100
84.1
85.7
81.9
84.9
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
1991:
1
92.8
94.4
95.3
100.0
105.4
108.1
109.2
Manufacturing
Percent
change
from year
earlier
Mining
Total
-1.9
1.9
— 4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
1.6
2.4
2.1
2.2
2.0
.2
Durable
75.7
77.4
June
July
Aug
Sept
Oct
Nov
Dec
110.1
110.4
110.5
110.6
109.9
108.3
107.2
-1.3
110.8
111.1
111.1
111.2
110.7
108.9
107.5
Jan
Feb
Mar r
Aprr
May r
June p
106.6
105.7
105.0
105.5
106.2
106.9
.8
-2.6
-3.6
-3.0
-2.9
-2.9
107.0
106.1
105.2
105.9
106.4
107.1
Output as percent of capacity-
Capacity utilization
rate, p< rcent!
Utilities
Nondurable
Total
industry
Manufacturing
82,1
80,9
75.0
75,8
81,1
80.3
80.2
78.8
72.8
74.9
80.4
79.5
101.8
100.5
102.6
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
79.2
81.4
84.0
84.2
83.0
79.0
81.4
83.9
83.9
82.3
107.6
108.1
108.1
108.0
108.4
107.7
107.4
102.2
104.0
102.4
103.9
102.6
103.3
103.4
109.7
109.7
111.4
110.3
109.2
106.9
108.8
83.8
83,8
83.7
83.6
83.0
81.6
80,6
83.1
83.1
82.9
82.8
82.2
80.7
79.4
106.8
106.0
105.4
105.8
106.2
106.8
101.7
102.9
101.5
100.8
100.5
102.0
107.6
104.6
106.4
105.7
109.8
109.2
80,0
79,1
78.4
78,6
79.0
79.3
78.9
78.0
77.2
77.5
77.7
78.1
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
83.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
113.4
113.4
113.5
113.8
112.5
109.9
107.5
107.2
106.1
105.0
106.0
106.6
107.4
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
95.9
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Mate rials
Produ cts
fete™vediate pros .ucts
I iiial produc ts
I quipment
Co nsumer go ods
Period
Total
Total
Durable
Nondurable
Defense
Total
Total '
struction
supplies
Business
Energy
equipment
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar r .
Apr '
May r
June*"
1
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
116.8
117.2
117.2
117.8
117.0
115.1
113.6
124.4
125.0
125.4
126.4
125.4
122.9
121.2
97.6
97.8
97.7
97.3
97.3
96.2
95.8
108.3
108.4
107.9
107.4
107.0
106.2
106.0
106.0
106.7
105.3
103.8
103.1
101.8
101.0
109.8
109.5
109.7
109.9
109.7
109.2
109.4
108.8
109.6
109.7
109.4
108.3
106.8
105.3
102.1
103.3
103.0
103.0
102.3
101.6
102.0
113.6
112.9
112.5
112.9
112.7
112.9
121.6
120.6
120.3
121.4
121.7
121.9
94.4
94.5
93.9
92.5
91.6
91.3
103.8
102.6
101.3
101.3
102.0
103.1
97.7
96.4
94.0
94.9
95.3
97.0
108.1
106.8
106.4
105.7
106.7
107.3
104.8
103.9
102.6
103.3
104.2
105.2
101.1
101.1
101.3
101.0
102.2
103.1
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
111.7
111.7
111.9
112.6
112.3
110.2
109.2
107.8
107.5
107.8
108.7
108.6
106.5
105.7
112.1
108.3
107.4
110.4
106.9
99.4
96.0
106.6
107.3
107.9
108.2
109.1
108.5
108.4
109.1
108.3
108.1
108.7
109.2
109.6
105.6
104.7
104.7
105.5
106.4
107.0
97.6
95.2
95.9
99.2
100.8
102.9
107.8
107.3
107.1
107.2
108.0
108.2
78.2
77.0
77.0
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987—100; monthly data seasonally adjusted]
No idurable manufactu ires
Durable m mufactures
Transp artation
equip ment
Primary metals
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar1-.
Apr r
May '
June p
Source: Board of Governors of the Federal Reserve System.
18
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
89.2
81.8
87.5
91.4
91.4
94.6
Foods
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
105.4
108.5
110.3
97.4
100.0
102.8
105.5
107.6
109.5
110.3
114.6
111.6
108.6
109.1
104.2
110.3
110.6
118.3
113.9
110.3
112.6
107.3
106.7
107.7
107.9
106.8
106.4
104.3
101.9
127.5
128.3
128.8
128.5
128.1
126.3
124.7
112.8
112.2
112.5
112.5
110.8
110.4
108.7
111.0
109.3
107.9
111.1
109.2
100.1
96.6
108.0
102.7
101.0
107.5
103.8
85.8
78.5
102.0
103.6
100.5
100.3
98.2
95.5
93.5
99.3
99.2
98.8
98.4
97.2
95.5
94.9
112.0
111.4
110.9
111.6
112.9
112.4
112.8
110.3
110.4
111.1
110.9
110.7
110.0
109.9
106.1
107.1
107.7
107.6
108.8
109.6
109.1
99.7
99.5
94.7
94.5
96.5
99.0
98.0
92.0
91.6
94.0
9B.9
101.7
99.1
97.8
98.1
99.3
100.7
125.5
124.5
123.1
123.5
123.3
123.4
107.6
108.2
108.6
109.6
110.3
110.8
97.6
95.5
95.0
97.3
98.3
99.1
83.0
79.4
79.8
86.2
89.7
92.B
94.2
91.5
91.2
92.5
93.0
95.1
92.9
93.1
92.5
93.2
95.2
95.6
112.1
110.9
110.4
110.7
110.1
\10.S
110.1
109.1
108.2
108.7
108.9
109.8
108.3
107.6
107.4
107.5
107.8
10" .1
98.2
100.0
86.5
87.7
90.1
92.1
94.9
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio i contracts 3
Private
Total new
construction
expenditures
Period
Resi ential
Total
New housing
Total '
Commercial
and
industrial 2
Other
Federal.
State, and
local
Total value
index
(1982 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
E illions of dollars
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
272.0
260.6
294.9
348.8
377.4
407.7
207.3
99.2
197.5
231.5
84.7
125.5
278.6
299.5
419.3
328.6
337.4
345.4
337.8
153.8
158.5
187.1
194.7
198.1
196.6
182.9
432.2
443.7
446.4
323.1
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
49.8
50.2
48.2
50.8
51.3
51.6
50.0
51.4
54.6
58.5
58.2
62.6
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
64.7
63.1
100
63.5
70.2
124
136
77.8
150
159
165
167
173
156
100
84.6
90.6
94.8
98.3
108.7
May
451.1
June
July
450.4
453.1
Aug
449.7
437.2
434.6
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
431.4
421.3
406.5
410.1
401.9
406.6
403.1
May*
June *
1
2
3
344.4
342.0
345.2
336.9
330.3
324.1
317.2
311.3
303.9
300.5
293.3
298.4
293.8
188.8
185.2
183.1
180.6
175.4
172.1
168.0
165.0
161.8
155.6
152.4
151.5
155.0
747
Annual rates
Annual rates
1990:
919
690
756
955
1,097
1,016
1,019
973
961
98.2
98.3
102.6
96.4
94.9
92.0
89.3
88.6
85.1
86.2
83.2
87.0
80.0
133.1
129.7
127.8
125.8
121.6
119.0
115.1
113.0
107.9
103.5
100.8
100.2
103.7
57.5
58.5
59.5
59.9
60.0
59.9
59.9
57.7
57.0
58.7
57.6
59.8
58.8
106.7
108.4
107.9
112.8
106.8
110.5
114.2
110.0
102.6
109.6
108.6
108.2
109.3
r
!67
r
782
694
158
151
r
624
!65
!47
r
153
!51
135
134
M38
r
!38
!48
'139
r
133
653
693
639
660
555
602
658
538
624
565
438
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information System
Company, F.W. Dodge Division.
Includes residential improvements, not show
Includes hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New priv ate homes
New private housing units
Period
Units started, by type of structure
1 unit
Total
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
2-4 units
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
5 or more units
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
Units
authorized
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
Units
completed
Homes-
Homes for
sale at end
of
period :
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
436
275
412
623
253
301
353
346
357
366
368
363
318
1,351
1,294
1,312
1,307
1,314
1,275
1,246
1,155
1,125
1,096
535
549
639
688
750
671
676
650
534
Vacancy rate
for rental
housing units
(percent) 2
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
Seasonal y adjusted annu al rates
1990:
May
June
July
Aug
Sept
Oct
Nov
1991:
Dec
Jan
Feb
Mar
1,208
1,187
1,155
1,131
1,106
1,026
1,130
971
847
T
Apr
May r
June ".
1
2
992
907
977
989
1,040
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series
earlier data.
897
890
876
835
858
839
769
751
648
788
742
801
836
868
38
41
31
30
35
22
54
17
29
37
28
32
32
30
Banning 1989 not comparable with
273
256
248
266
213
165
307
203
170
167
137
144
121
142
1,088
1,123
1,086
1,055
989
925
916
854
802
876
892
913
966
999
r
l,190
1,082
"1,055
541
525
504
465
480
464
r
r
414
488
495
505
489
525
r
r
359
354
350
345
338
334
327
318
315
7.0
7.2
7.2
313
308
7.5
304
301
295
7.3
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
1Q
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In May, manufacturing and trade sales rose 1.1 percent and inventories fell $4.5 billion. In June, according t<
advance data, retail sales fell 0.2 percent, following a rise of 0.8 percent in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,000
300
900
800
700
r-^|
.—•
——-i
r\
.
MANL FACTURIN G AND
TRAI)E INVENT!DRIES
600
*.*
500
— •'
••« """ "" "
250
-RETAIL INVENTORIES
200
.*--'—* __ *
'C
\
150
MAf ^UFACTUR NG
ANC) TRADE S/iiLES
RETAIL SALES
400
Illllllllll
100
RATIO*
300
1.80
INVENTC RY-SALES 1?ATIO
1.70
-RETAIL
—* .
\
\'-^' .
~^
200
-x.
/
1988
1987
1987
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
and
Manufact uring
tracle 1
Sales
2
\
Illllllllll
1 p M 1 | 1 11 1
1990
1991
COUNCIL OF ECONOMIC ADVISERS
Who esale
Inventories 3
Sales a
574,518
590,968
650,789
665,060
664,031
711,595
767,700
810,257
826,941
816,667
812,457
818,951
823,468
827,145
830,414
832,464
826,941
831,445
828,201
819,615
816,893
812,412
96,290
100,324
113,393
114,626
116,151
124,254
135,176
144,005
149,193
Inventory-£ ales ratio 4
He tail
Sales
Period
\
'^•V*
MANUFA CTURING
AND1fRADE
1 1 f 1111 1 11 1 1 1 11111 1 1 1 1
1989
1988
1.30
1991
1990
1989
v^. y
y^ \
1
V.,
'~1
»_•
" ^*^ ^^^
1.40
Illllllllll Illllllllll Illllllllll Illllllllll |lllll|||ll
,-'
A
-
InvenTotal
2
Durable
goods
stores
Inventories
Nondurable goods
stores
3
Total
Durable
goods
stores
Nondurable goods
stores
134,493
147,712
167,748
181,773
186,587
208,112
219,791
238,159
242,563
237,875
237,445
239,657
242,893
243,217
244,901
244,550
242,563
244,071
241,179
236,900
236,696
235,902
61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,663
120,629
118,678
118,830
120,165
123,271
123,559
124,048
122,947
120,629
121,217
119,239
116,041
116,087
115,365
73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,496
121,934
Manufacturing
Retail
Millions of dollars, seasonally idjusted
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: May "
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr r
May"
June "
1
2
3
348,755
370,441
411,391
423,806
431,668
459,088
496,330
525,839
542,917
r
540,387
544,988
542,516
554,935
550,660
555,145
546,714
534,361
527,074
527,915
523,117
530,872
536,548
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
148,430
150,105
149,017
152,298
150,232
151,001
148,176
148,036
144,723
143,608
142,935
145,019
146,160
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,273
195,567
192,557
190,639
192,190
192,589
192,936
194,053
195,544
195,567
198,993
198,563
196,733
195,052
194,575
89,114
97,570
107,316
114,642
120,860
128,509
137,613
145,146
150,602
148,743
150,281
150,745
151,135
152,512
152,191
152,711
149,750
147,803
151,092
151,467
150,967
T
152,180
151,918
r
28,013
32,631
37,938
41,567
45,121
48,051
52,281
54,349
54,563
54,281
r
54,285
54,754
53,851
54,550
54,420
54,152
52,402
50,897
53,235
53,725
53,490
r
53,893
53,889
4
61,101
64,939
69,377
73,075
75,738
80,457
85,332
90,797
96,039
94,462
r
95,996
95,991
97,284
97,962
97,771
98,559
97,348
96,906
97,857
97,742
97,477
r
98,287
98,029
119,197
118,615
119,492
119,622
119,658
120,853
121,603
121,934
122,854
121,940
120,859
120,609
120,537
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.67
1.55
1.53
1.55
1.55
1.50
1.49
1.51
1.51
1.51
1.49
1.51
1.48
1.50
1.50
1.52
1.55
1.58
1.57
1.57
1.54
1.51
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
1.59
1.60
1.58
1.59
1.61
1.59
1.61
1.60
1.62
1.65
1.60
1.56
1.57
1.55
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In May, manufacturers' shipments and new orders rose while inventories and unfilled orders fell. In June, according
to advance data, durable goods shipments rose and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
^~^.
240 -SHIPMENTS
200
^
INVENT(DRIES
440
\
~"
-TOTAL-
360
DUh ABLE GOC)Db
280
=-——^
TOTAL
160
200
120
"
* Z
NONI )URABLE G OODS
DUR ABLE GOC DS
160
__.
80
"" \
NOh^DURABLE GOODS
120
60
Illllllllll
Illllllllll Illllllllll Illllllllll Illllllllll
BILLIONS OF DOLLARS* (RATIO SCALE)
60
280
240 -NEWOR!5ERS
200 ——-^—1
^_^-\
/.
\
-TOTAL-
160
DUR ABLE GOO DS
120
,.,>..,^
.'•"~""~ .;--\~- NONDlJRABLE
80
x
" ^"
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
RATIC)*
2.20
»^-~
INVENTtDRY-SHIPMENTS RATKD
_
_
1.80
GC ODS
x
rv -
JV
80
/ir^\
,-^A
—————s.
1.40
60
mnlmii
1987
Illllllllll Illllllllll Illllllllll Illllllllll
1989
1990
1991
1988
„
1 20 Illllllllll Illllllllll Illllllllll
Illllllllll
Illllllllll
1990
1991
1989
1988
1987
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manuf acturers' shiprr ents l
Manuf tcturers' inven ories 2
Manufacturers new orders *
Durabl e goods
Durable
goods
Nondurable
goods
Durable
goods
Nondurable
goods
Ota!
Total
Manuf ae-
Capital
goods
industries,
non-defense
Nondurable
goods
unfilled
orders 2
Manufacturers'
tory —
shipments
ratio 3
Millions of d >liars, season ally adjuste<
1982
1983
1984
1985
1986
1987
1988
1989
1990
163,351
172,547
190,682
194,538
194,657
206,326
223,541
236,689
243,122
1990: May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May r.
June"
1
3
85,481
97,940
101,279
103,238
108,128
117,993
124,532
125,388
84,139
87,066
92,742
93,259
91,419
98,198
105,549
112,156
117,735
312,350
339,484
334,803
322,731
338,212
367,596
383,825
388,811
200,409
199,814
221,284
218,182
212,010
220,790
241,389
253,261
252,836
111,420
112,536
118,200
116,621
110,721
117,422
126,207
130,564
135,975
162,140
175,451
192,879
195,706
195,204
209,389
227,025
240,758
243,643
78,064
88,140
100,164
102,356
103.647
110,809
121,444
128,651
125,958
19,213
19,624
23,669
24,545
23,983
26,096
30,727
34,816
34,032
84,077
87,311
92,715
93,351
91,557
98,579
105,581
112,107
117,685
373,607
387,241
393,629
430,589
472,223
520,837
527,195
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.61
1.60
243,214
244,602
242,754
251,502
247,916
251,953
245,827
236,575
127,891
129,167
126,531
130,441
125,783
127,692
122,693
118,578
115,323
115,435
116,223
121,061
122,133
124,261
123,134
117,997
386,235
384,373
387,104
387,986
390,992
391,460
392,370
388,811
254,564
252,877
254,521
254,721
255,278
255,113
256,387
252,836
131,671
131,496
132,583
133,265
135,714
136,347
135,983
135,975
245,318
242,396
245,039
250,592
248,987
254,976
239,237
238,196
129,936
127,057
129,387
129,020
126,893
130,875
116,193
120,221
31,890
32,501
35,274
31,607
34,419
37,223
30,884
38,560
115,382
115,339
115,652
121,572
122,094
124,101
123,044
117,975
528.901
526,695
528,980
528,070
529,141
532,164
525,574
527,195
1.59
1.57
1.59
1.54
1.58
1.55
1.60
1.64
234,548
233,215
228,715
234,886
238,208
117,648
117,432
114,487
119,721
121,018
121,975
116,900
115,783
114,228
115,165
117,190
388,381
388,459
385,982
385,145
381,935
252,170
252,256
250,405
249,546
247,015
136,211
136,203
135,577
135,599
134,920
234,462
233,132
226,431
231,229
236,414
117,789
117,547
112,116
116,139
118,416
116,522
33,957
33,756
31,940
28,748
28,013
29,186
116,673
115,585
114,315
115,090
117,998
527,109
527,026
524,742
521,085
519,291
1.66
1.67
1.69
1.64
1.60
79,212
Monthly average for year and total for month. Shipments are the same i
End of period.
311,829
3
311,893
347,310
Annual data are averages of seasonally adjusted monthly ratios.
Source; Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
in June, the producer price index for all finished goods fell 0.3 percent. Prices of both finished consumer foods and
other finished consumer goods fell 0.6 percent. Capital equipment prices rose 0.3 percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
130
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
CONSUMER
FOODS
120
CAPITAL EQUIPMENT
v,--
110
110
\
100
CONSUMER GOODS
EXCLUDING FOODS
90 1 i i t 1 1 1 i i 1 1
1983
1! I 1 I
1 1 I 1 1 1 1 11
1988
1 H |1
1985
1984
1987
1986
90
1989
1990
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[1982 = 100; monthly data seasonally adjusted]
Fini shed goods
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
1991:
1
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb r.
Mar
Apr
May
June
F inished go )ds excluding consumer foo is
Total
finished
goods
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
117.6
118.0
119.3
120.8
122.3
122.8
122.3
122.4
121.5
120.9
121.1
121.8
121.4
Consumer
foods
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
123.7
124.3
125.0
124.4
125.1
125.2
124.8
124.6
124.9
125.0
125.5
125.8
125.0
Consumer g >ods
Total
95.6
100.0
101.8
103.2
104.8
101.9
104.0
106.5
111.8
117.4
115.6
115.9
117.5
119.6
121.4
122.0
121.4
121.6
120.4
119.6
119.6
120.5
120.2
Intermediate materials for food manufacturing and feeds.
22
Total
Durable
Nondurable
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
112.6
112.9
115.0
118.1
120.6
121.3
120.2
120.1
118.4
117.2
117.4
118.4
117.7
96.4
100.0
102.8
95.8
100.0
100.5
101.1
101.7
104.5
106.5
108.9
111.5
113.8
117.6
120.4
120.4
120.9
120.7
121.6
121.2
121.8
122.3
123.1
123.5
124.1
123.9
123.5
123.3
93.3
94.9
97.3
103.8
111.5
107.8
108.1
111.1
115.0
118.6
119.3
117.6
117.2
114.7
113.0
113.3
114.8
113.9
Capital
equipment
Total
finished
consumer
goods
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
122.7
123.0
123.4
123.8
124.1
124.4
124.8
125.7
125.9
125.8
125.5
126.2
126.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
116.3
116.6
118.3
120.2
122.1
122.6
121.7
121.6
120.5
119.7
120.0
120.8
120.0
Internmediate ma terials
Cnide maten als
Total
Foods
and
feeds '
Other
Total
Foodstuffs
and
feedstuffs
Other
98.6
100.0
100.6
]03.1
102.7
99.1
101.5
107.1
112.0
114.5
112.8
112.8
114.3
116.1
117.9
118.1
117.2
116.6
115.7
114.5
114.0
113.9
114.0
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.3
114.4
114.4
114.2
113.1
113.0
111.7
111.9
110.4
112.3
113.3
113.1
110.3
109.8
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
114.5
112.7
112.7
114.3
116.3
118.2
118.5
117.5
116.9
115.9
114.6
114.1
114.2
114.2
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
100.6
101.0
110.2
115.6
125.4
117.6
111.2
113.2
104.5
101.4
100.9
100.9
99.0
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
113.9
114.3
112.9
111.6
111.9
110.8
109.5
108.3
108.4
109.8
108.7
105.2
105.9
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
88.0
88.4
103.6
112.8
127.9
116.4
107.2
110.8
98.0
92.5
92.5
94.2
91.1
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 (it rose 0.3 percent
not seasonally adjusted). The index was 4.7 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
150
150
SEASONALLY ADJUSTED
140
140
130
130
CONSUMER PRICES—ALL ITEMS
120
120
110
110
100
100
90
90
80
80
1985
1983
1986
1987
1988
1989
1990
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
1991
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All it ems *
Tr ansportati on
Hou sing
All
She Iter
Not
Period
ally
(NSA)
Rel. imp.3....
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
June
Season-
Medi-
Appar-
and
el and
other
utilities
upkeep
cal
gy 2
owners'
Maintenance
costs
and
1982 =
100)
(Dee.
1982 =
100)
repairs
7.9
19.5
7.3
6.1
17.8
4.0
4.1
6.4
8.2
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
75.6
89.2
95.8
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
ers'
Total *
Total
ed
100.0
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
Fuel
HomeFood
ally
adjust-
items
less
food
Total '
New
Motor
fuel
care
gy *
(NSA)
16.2
41.4
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
27.7
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
0.2
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
and
ener-
129.9
130.4
131.6
132.7
133.5
133.8
133.8
130.0
130.5
131.6
132.6
133.4
133.8
134.2
132.1
132.8
133.2
133.6
134.1
134.7
134.9
128.0
128.6
129.3
130.0
130.4
130.6
130.8
139.5
140.5
141.3
141.8
142.0
142.3
142.8
144.8
146.5
147.6
148.2
148.8
149.5
150.5
144.7
145.5
146.3
146.8
146.8
146.9
147.3
121.8
122.1
121.2
124.6
123.4
123.9
123.8
110.5
109.9
111.1
112.6
113.8
114.2
113.7
124.1
124.4
124.8
125.5
125.1
125.3
125.7
118.1
118.4
120.7
123.4
125.8
126.5
126.9
120.6
120.5
120.9
121.1
121.2
121.5
122.0
93.3
93.2
101.2
110.2
118.0
118.5
117.7
162.1
163.5
165.0
166.1
167.5
168.7
170.1
91.1
96.8
101.0
106.4
110.9
111.4
110.9
135.3
136.0
136.7
137.3
137.7
138.1
138.6
134.6
134.8
135.0
135.2
135.6
136.0
134.8
135.1
135.0
135.3
135.7
136.0
135.7
135.4
135.7
136.7
136.7
137.4
131.9
132.5
132.6
132.8
133.0
133.1
143.9
144.6
144.8
145.2
145.3
145.8
153.0
154.2
154.2
154.2
154.1
154.5
147.9
148.4
148.7
149.2
149.4
149.9
124.1
125.1
124.2
126.1
126.9
126.2
115.5
115.1
114.8
114.2
114.8
114.0
126.9
128.9
127.4
127.2
127.8
127.7
125.4
124.0
122.8
122.4
123.2
123.5
123.6
124.2
124.8
125.2
125.3
125.6
110.0
102.0
97.1
97.1
99.5
99.1
171.2
172.4
173.5
174.4
175.4
176.5
108.2
103.9
101.2
100.5
101.9
100.9
139.7
140.7
140.9
141.2
141.5
142.0
1
Includes items not shown separately,
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1990.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strie.% comparable vritU figures {OT earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
' This column previously showed data for all items less food, shelter, and e
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Ch mge from pr eceding peri )d
Change from 3 mont! s earlier, ann ual rate
Change from 6 mont s earlier, ann ual rate
Consum 2r goods
Consum ?r goods
Consum ;r 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
Cha nge, Dec. o Dec., N 3A
7.1
3.6
.6
1.7
1.8
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
2.6
-2.3
2.2
4.0
4.9
5.7
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
5.3
8.7
9.2
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
Ch ange, month to mont h
1990: June
July
Aug
Sept
Oct
Nov
Dec
0
.3
1.1
1.3
1.2
.4
-.4
1991: Jan
Feb r
Mar '.
Apr
May '
June
.1
-.7
.5
.6
-.5
.6
.1
-.3
.3
1.9
2.7
2.1
.6
-.9
0.4
.2
.3
.3
.2
.2
.3
-.2
.2
.1
.4
.2
-.6
-.1
.7
.3
.2
__1
2
-4.2
-4.5
-4.2
.6
.3
1.0
1.7
-0.2
— .5
.2
.6
-.3
-0.2
-1.4
-1.0
_2
.9
-.6
-1.6
1.0
2.8
2.2
2.5
8.0
2.9
5.9
3.6
11.3
15.4
12.3
2.3
2.6
21.0
30.2
23.8
.6
1.3
5.1
7.3
-1.6
-9.2
-9.6
-1.6
1.0
.6
2.9
2.9
0
8.7
0
1.7
2.7
3.0
4.0
3.6
3.6
3.3
3.3
3.7
.9
3.3
6.1
8.9
9.0
8.2
3.5
1.1
.3
.3
5.3
4.9
3.2
-.6
1.0
2.6
7.6
3.7
.2
.5
-.2
1.0
.6
1.0
.3
3.5
3.3
3.3
3.1
3.3
3.6
3.5
3.1
3.6
5.2
6.0
6.4
7.0
5.7
4.4
4.1
3.3
2.3
2.9
2.9
4.0
3.4
2.9
3.2
3.4
3.5
4.9
11.2
15.5
15.6
14.0
2.8
2.1
1.8
-2.0
-1.6
-1.5
4.0
— .5
13.2
6.0
-1.5
-5.2
-4.7
-4.1
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 by NSA]
Tr ansportat on
Housing
Adden dum: All ite ms, percent hange
(annus rate)
All
Shelter
Period
All
items l
Ap-
Food
Total'
Total '
Eenters'
Home-
Fuel
and
other
utilities
parel
and
up-
MediNew
Total '
Motor
cal-
care
Energy2
items
less
food
and
energy *
From
previ-
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
C hange, D ecember to Dec smher, ^ SA
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
8.9
3.8
4.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
14.4
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
6.8
1.5
3.4
2.5
3.4
5.9
1.8
2.1
2.3
1.4
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
9.4
6.5
-1.7
-2.4
3.1
30.7
18.7
2.1
6.8
36.5
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
11.9
1.3
.5
.2
1.8
19.7
8.2
.5
5.1
10.3
9.5
4.5
4.8
4.7
4.3
3.8
4.2
4.7
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
4.4
18.1
5.2
0.6
-.3
4.3
5.3
4.2
.5
0.5
.5
.5
.4
.3
.3
.4
Cha nge, month to nlonth
1990: June
July
Aug
Sept
Oct
Nov
Dec
0.6
.4
.8
.8
1991: Jan
Feb
Mar
Apr
May
June
.4
.2
-.1
.2
.3
.2
.6
.3
.3
1
0.7
.5
.3
.3
.4
.4
.1
0.5
.5
.5
.5
.3
.2
.2
0.9
.7
.6
.4
.1
.2
.6
.8
.5
.1
.2
.2
.1
.8
2
.2
.7
0
.5
.4
.5
.1
.3
.1
.3
0.3
1.2
.8
.4
.4
.5
.7
1.7
.8
0
0
-.1
.3
1.0
.6
.5
.3
0
.1
.3
0.1
.5
1.1
1.4
1.1
.4
-.4
0.2
.2
.3
.6
-.3
.2
.3
0.4
.3
1.9
2.2
1.9
.6
.3
0
— .1
.3
.2
.1
.4
.3
1.6
-.3
1.0
1.6
-1.2
— 1.1
-1.0
1.3
.5
.5
.3
.1
.2
2
q
.3
.1
.3
-.5
.5
-.7
-1.2
.2
.5
-.1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel Motor oil, coolant, etc.,
also included through 1982.
.2
.4
.3
.7
2
1.6
— .1
8.6
8.9
7.1
.4
-.7
-6.5
-7.3
-4.8
0
2.5
— .4
0.7
.9
.9
.7
.8
.7
.8
.6
.7
.6
.5
.6
.6
— .4
-2.4
-4.0
-2.6
-.7
1.4
-1.0
.8
.7
.1
3.8
7.0
6.9
3.6
.2
.2
.4
3
2.1
7.6
8.2
9.2
6.9
4.9
5.8
4.6
5.4
6.2
6.9
7.2
6.6
4.7
4.8
5.6
6.2
6.3
6.3
6.1
4.3
3.9
2.4
1.5
1.8
3.0
6.7
5.4
3.7
2.9
2.9
2.7
5.7
5.3
4.9
4.9
5.0
4.7
4.1
4.7
Quarterly changes are shown in the last month of the quarter.
* This column previously showed data for all items less food, shelter, and energy.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in June rose 2.0 percent from their May level. Prices paid by farmers in April were 1.1
percent above their January level. (Data are not seasonally adjusted.)
INDEX, 1977 == 100 (RATIO S<:ALE)
INDEX, 1977= 100 ( RATIO SCALE)
200
180
180
""*""
—_.••••••* ^
160
'"'"""]
r— •*****•
|»__
"\
N/
140
j
•-
^-^y
r^
1
X_
X-
RICES PAID
S*\s*^
X
^s ~ ~~"-\-\
160
_/y
140
-^
120
^^
^•^-V.
PRICES RECEfl 'ED
100
ninlnm nmlmn nmlnm mnlniii nmlnm nmlnm
nmlnm Minium
80
RATI 3J/
80
RA TIOJ/
140
120
RATIO
-
-
100
80 ~"
60
'
1'
""""1=°
—*
1r=
•-—i
^1
nmlnm nm nm iiiiilinii 1 1 1 n 1 n i it iimlimi nmlnm nml
1983
1984
1985
1986
1988
1987
•»• •**•
r— —-^1—"""*
80
n m 1 1 1 1 n nmlnm
1989
1990
60
1991
J RATIO OF INDEX OF PRICES RECEIVED TO NDEX OF PRICES PAt 3.
OURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISER
[1977 = 100; not seasonally adjusted]
I rices
Pri ces received by farm ers
Period
Livestock and
products
All farm
products
1981
1982
1983
1984
139
133
135
142
1985
1986
1987
1988
1989
1990
1990:
1991:
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Peb
Mar
Apr
May
June
,
All commodities,
services,
interest, taxes,
and wage rates *
Production
items, interest,
taxes, and wage
rates
150
151
158
159
161
156
150
152
160
167
172
153
152
155
151
144
148
157
165
171
92
84
84
87
79
77
78
81
83
82
(a)
170
<3>
(3)
174
(3)
(3)
83
82
82
80
78
79
76
173
(3)
(3)
175
(3)
(3)
77
77
79
78
80
82
128
123
127
138
147
150
134
121
128
138
120
107
106
126
134
128
143
145
141
146
136
138
146
150
160
170
152
151
151
148
146
147
143
130
129
125
123
120
124
121
173
172
176
172
170
169
164
()
187
<3)
(3)
(3)
171
(3)
(3)
174
(3)
(3)
145
145
149
149
152
155
123
122
128
131
138
147
166
166
169
166
165
163
188
(3)
(3)
190
(3)
(3)
175
(3)
(3)
176
(3)
(3)
1
Includes items not shown separately.
y,
2
Percentage ratio of index of prices re<
received by farmers to index of prices paid, interest, taxes,
fand 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.
paid by farmei s
159
161
164
162
159
162
170
178
184
(3)
184
(3)
3
Production
items
148
Ratio 2
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In June, growth slowed in M2, and M3 declined.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
4,800
4,400
4,000
3,600
M3
\
3,600
3,200
3,200
-V
M2
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
800
600
MI ilium
1983
I l l l l l l l l i l mull
imilmii ninliim
1991
1988
1984
• AVERAGES OF DAHY FIGURES; SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS Of THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
HMD As, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
436.4
474.4
521.2
552.2
619.9
724.3
749.7
786.4
793.6
825.4
1,793.3
1,952.9
2,186.3
2,374.7
2,569.7
2,811.6
2,910.1
3,069.9
3,223.1
3,327.6
2,234.1
2,441.7
2,693.3
2,986.2
3,201.6
3,492.6
3,677.4
3,919.1
4,055.2
4,111.7
2,596.7
2,851.4
3,154.6
3,527.5
3,828.9
4,133.2
4,337.0
4,676.0
4,889.9
r
4,965.5
4,292.1
4,685.9
5,212.6
5,961.9
6,773.5
7,636.2
8,345.1
9,107.6
9,790.4
10,436.1
6.8
8.7
9.9
5.9
12.3
16.8
3.5
4.9
.9
4.0
10.0
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.0
3.2
12.4
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.4
9.9
9.2
11.2
14.4
13.6
12.7
9.3
9.1
7.5
6.6
1990: May
June
July
Aug
Sept
Oct
Nov
Dec
807,5
811.5
810.7
816.5
821.8
821.2
823.3
825.4
3,282.8
3,290.6
3,295.4
3,309.5
3,321.5
3,324.3
3,323.5
3,327.6
4,082.7
4,085.8
4,089.2
4,103.3
4,109.0
4,109.3
4,108.8
4,111.7
4,903.2
4,922.8
4,926.4
r
4,934.2
r
4,955.5
r
4,955.0
r
4,959.9
' 4,965.5
10,070.4
10,128.4
10,188.7
10,257.3
10,312.4
10,349.5
10,399.5
10,436.1
4.7
4.5
5.0
4.2
2.1
1.5
1.4
1.5
1.6
1.3
1.3
1^
6.5
6.9
7.2
7.3
6.9
6.4
6.5
6.1
1991: Jan
Feb
Mar
Apr
Mav
June
826.7
836.4
843.0
842.2
r
85!.7
858.5
3,331.0
3,354.3
'3,374.9
r
3,382.8
r
3,394.9
3,398.6
1.7
2.8
2.9
3.0
r
3.1
2.6
5.5
5.2
4.9
4.4
4.4
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1
Consists of outstanding credit market debt c-f the U.S. Government, Slate and local governments, and private nonfinancial sectors; data from fiow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 mouths earli-
26
4,124.6
4,160.3
r
4,168.8
r
4,170.3
'4,171.6
4,164.3
r
L
r
r
4,982.7
' 5,010.6
' 5,008.4
r
4,968.6
'4,943.1
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
10.467.8
10,525.9
10,563.9
' 10,578.0
"10,627.3
Perce nt change from yea r or 6
months earlier 2
Ml
3.8
3.8
4.3
3.3
3.9
3.4
3.9
4.9
5.2
5,1
6.9
8.0
r at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Eeserve System.
M2
3.8
33
3.2
2.7
9 >"-
2.2
2.2
2.7
3.2
3.5
r
4.3
4.3
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
(BPs),
net,
plus
overnight
Eurodollars
Money market
mutua fund
balam•es *
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits 2
NSA
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Peb
Mar
Apr
May
June
122.6
132.5
146.2
156.0
167.8
180.7
196.9
212.0
222.2
246.4
231.9
233.7
235.7
238.4
241.5
243.9
245.0
246.4
251.6
255.1
256.7
256.6
256.8
257.6
231.3
234.0
238.5
243.9
266.6
301.9
286.5
286.3
278.7
276.9
275.8
276.3
275.6
278.0
279.1
277.1
277.2
276.9
272.9
r
276.1
277.1
' 275.7
' 278.6
280.9
78.2
103.5
131.6
147.1
179.5
235.3
259.3
280.7
285.2
293.8
292.0
293.7
291.7
292.1
293.0
291.8
292.8
293.8
293.9
296.9
301.0
302.0
308.3
312.2
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.4
77.4
74.0
83.2
82.4
84.0
82.7
81.4
83.5
77.6
74.0
71.2
70.1
69.1
69.1
r
67.2
65.4
150.6
185.2
138.8
167.9
176.7
208.3
221.7
241.1
313.6
345.4
825.3
327.5
329.2
335.8
339.3
341.6
341.9
345.4
353.9
358.2
363.6
364.2
365.1
364.3
1
Data prior to 1983 are not seasonally adjusted.
2
Small denomination and large denomination deposits are those issuei
$100,000 and more than $100,000, respectively.
38.0
51.1
42.8
62.1
63.9
83.8
88.9
86.9
101.9
125.7
107.6
108.1
109.8
114.0
116.2
119.6
120.5
125.7
130.1
139.3
142.0
145.6
146.2
143.3
0.0
43.2
379.2
418.2
514.5
572.3
524.9
501.4
486.1
505.9
500.5
502.3
503.4
505.9
507.4
506.7
506.8
505.9
505.2
511.5
519.2
526.6
536.1
542.1
amounts of less than
823.2
303.0
343.9
356.8
850.9
327.3
305.5
784.1
327.7
887.7
286.5
417.7
883.4
300.4
437.3
439.9
368.3
855.5
917.7
489.2
412.0
424.4
1,031.8
542.3
1,145.9
563.5
404.1
507.1
1,164.2
410.8
1,153.5
411.3
540.5
1,154.6
411.8
538.0
1,156.8
535.0
412.7
1,158.3
529.2
412.7
521.9
412.3
1,160.1
1,161.4
515.1
411.5
1,161.8
512.5
411.1
507.1
1,164.2
410.8
412.0
1,163.9
511.9
1,162.7
415.4
516.0
420.5 ' 1,158.2 511.5
r
427.2 ' 1,150.2 '506.8
433.2 ' 1,140.6 r502.8
439.0
1,128.3
497.7
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.8
98.8
90.2
99.3
102.2
100.5
102.0
98.3
95.6
95.7
90.2
88.2
86.8
83.2
82.1
'81.0
78.4
67.5
67.8
81.7
68.0
91.5
71.1
82.9
74.2
76.5
79.5
83.8
91.8
91.0 100.6
106.0 109.3
81.0 117.5
71.4 126.0
67.1 120.7
64.4 121.4
65.1 122.2
68.3 123.0
70.0 123.8
70.2
124.5
70.0 125.2
71.4 126.0
71.9
126.7
72.6
127.8
'71.1 128.9
'68.2 130.1
'65.5 " 131.4
65.5
Shortterm
Treasury
securities
Savings
bonds
149.4
183.6
212.0
260.8
298.2
280.2
253.5
270.6
327.4
r
333.7
315.4
331.7
r
333.9
' 328.6
'331.9
' 329.9
'332.8
'3,33.7
'332.3
'331.3
'326.2
'299.9
P
288.7
Bankers'
acceptances
Commercial
paper
40.0
44.5
45.0
45.4
42.0
37.1
44.5
40.1
40.7
34.7
35.4
34.7
33.0
32.3
31.8
32.6
34.0
54.7
36.0
35.2
32.4
30.7
p
28.8
105.3
113.7
133.2
160.8
207.6
231.4
261.0
336.8
349.2
359.4
349.1
349.1
348.2
347.0
359.0
358.8
359.0
359.4
'363.2
'355.9
'352.0
337.6
"322.6
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not show
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures l; millions of dollars; seasonally adjusted, except as noted by NSA]
Borrowvings of dep jsitory
institutic ns from the Federal
B eserve (NSA )
A djusted for ch anges in reserve requiremen ts
Be erves of depo sitory instituti ons
Period
Total
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Peb
Mar
Apr
May
June p .
1
25,944
26,495
27,835
29,901
31,662
37,061
45,863
45,812
47,596
47,729
49,104
47,896
47,636
47,973
48,261
47,942
48,244
49,104
49,466
49,611
49,566
49,395
'50,068
50,430
Data are prorated averages of biweekly {maintenance period) averages of daily figures.
Nonborrowed
24,304
25,859
27,201
29,127
28,476
35,473
45,037
45,035
45,880
47,464
48,779
47,014
46,879
47,046
47,637
47,532
48,014
48,779
48,932
49,359
49,325
49,164
'49,765
50,091
Nonborrowed plus
extended
credit
24,307
26,008
27,387
29,129
31,080
36,242
45,340
45,518
47.124
47,483
48,802
47,360
47,159
47,174
47,643
47,550
48,039
48,802
48,958
49,393
49,378
49,250
'49,853
50,098
Required
25,480
26,176
27,335
29,340
.30,807
36,024
44,494
44,766
46,549
46,807
47,440
47,122
46,774
47,106
47,353
47,096
47,297
47,440
47,298
47,802
48,387
48,365
49,039
49,421
Monetary
base
Total
145,931
153,001
164,276
179,921
191,374
208,619
230,039
246,281
263,459
274,168
299,785
285,758
287,418
290,458
293,803
295,941
297,553
299,785
305,152
309,438
310,982
310,605
311,479
312,472
1,690
636
634
774
3,186
1,318
827
777
1,716
265
326
881
757
927
624
410
230
326
534
252
241
231
303
340
Seasonal
116
54
33
96
113
56
38
93
130
84
76
311
389
430
• 418
335
162
76
33
37
55
79
151
222
Extended
credit
3
148
186
2
2,804
499
303
483
1,244
20
23
346
280
127
6
18
24
23
27
34
53
86
88
8
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose very slightly in June. Commercial and industrial loans fell 0.6 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
LOANS AND LEASES
800
800
400
400
' U.S. GOVERNMENT SECURITIES
\
OTHER SECURITIES
200
200
160
160
ILL
120 Uii
1983
ilLLjiLLLU
1984
1986
1985
ILLI
1987
1989
1988
iiiliiiUj 120
1990
1991
" SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *]
A 11 commer cial ban is
Loans anc leases
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Aug
Sept
Oct
NOT
Dec
1991: Jan
Feb
Mar
Apr
May
June
Total
loans and
securities 2
1,307.2
1,400.5
1,552.1
1,722.2
1,909.6
2,093.5
2,238.9
2,421.7
2,589.0
2,723.8
2,670.1
2,883.0
2,704.9
2,708.0
2,713.8
2,716.6
2,723.6
2,721.2
2,735.1
2,750.9
2,751.6
2,750.0
2,758.1
U.S.
Government
securities
179.3
201.7
259.2
260.2
270.9
310.1
335.9
363.8
399.3
454.2
438.4
442.8
445.7
450.1
453.1
454.0
454.2
454.1
458.0
471.4
479.2
484.9
492.9
Other
securities
Total 2
160.5
164.8
169.1
140.9
179.0
193.9
193.5,
192.1
180.8
175.6
177.5
177.3
178.8
178.8
177.8
175.9
175.6
177.7
177.6
177.6
175.7
r
173.9
173.1
967.5
1,034.0
1.123.8
1,321.1
1,459.8
1,589.5
1,709.5
1,885.8
2,008.9
2,093.8
2,054.2
2,062.9
2,080.4
2,079.0
2,082.7
2,086.7
2,093.8
2,089.4
2,099.5
2,102.0
2,096.7
2,091.1
2,092.1
Commercial
and
industrial
355.4
392.5
414.2
473.2
500.3
537.2
567.6
608.8
641.3
648.1
645.3
644.4
645.1
644.7
643.7
648.5
648.1
644.3
643.9
648.0
640.0
633.2
629.7
Real
estate
Individual
Security
WonllatlV
uanK
financial
institutions
284.1
299.9
331.0
376.5
426.0
494.2
587.2
671.5
760.6
836.5
805.9
814.5
818.0
822.5
827.7
832.0
836.5
837.3
842.6
846.3
850.7
854.7
857.7
182.5
188.2
212.9
253.8
294.6
315.2
328.2
354.7
375.5
378.9
377.6
376.4
378.2
378.6
379.7
378.7
378.9
375.9
377.7
375.5
374.1
r
373.4
371.7
21.4
25.3
28.0
34.5
43.1
40.4
34.8
39.9
38.3
40.6
35.0
38.7
44.8
41.3
40.5
39.6
40.6
43.1
43.2
38.8
39.8
39.8
38.3
29.9
31.2
30.4
31.3
32.4
34.9
31.8
29.9
32.7
34.7
34.4
34.7
35.0
35.2
34.8
34.6
34.7
34.2
35.3
36.1
35.2
38.1
36.2
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
Agricultural
33.1
38.2
39:2
40.1
36.1
31.5
29.4
29.8
30.7
33.0
31.1
31.3
31.5
31.8
32.2
32.5
33.0
33.5
33.5
34.0
33.9
33.6
33.0
State
and
political
subdivisions
0.0
.0
.0
46.1
56.8
58.5
52.6
45.5
40.0
34.3
,37.3
36.4
35.8
35.2
35.1
34.8
34.3
33.2
33.1
r
32.8
32.2
31.8
31.0
Foreign
banks
Foreign
official
institutions
Lease
financing
receivables
18.1
14.6
13.4
11.6
9.9
10.3
7.9
7.9
8.6
r
7.2
7.4
7.0
7.9
8.1
9.0
r
8.1
r
7.2
r
6.0
r
&.l
r
7.2
6.9
6.4
6.0
7.2
5.9
9.4
8.4
6.3
6.3
5.8
5.1
3.7
3.2
3.2
3.2
3.2
3.3
3.2
3.2
3.2
3.0
3.1
3.2
3.0
3.0
3.0
12.7
13.3
13.7
16.0
19.0
22.3
24.5
29.2
31.8
32.7
32.4
32.6
32.7
32.8
33.3
32.9
32.7
32.4
32.8
33.0
32.7
32.7
32.8
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Other
23.1
28.9
31.8
29.9
35.3
38.6
39.8
45.7
45.8
r
44.7
44.5
43.6
48.2
45.5
43.6
r
43.7
r
44.7
r
46.4
r
48.2
r
49.1
48.2
46.4
52.7
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
1
Period
Total
Internal
c edit market fu nds
l
Total
Securities
and
mortgages
Total
-13.6
-6.2
60.5
18.5
-15.4
-45.0
2.3
303.1
392.6
474.9
425.1
481.2
466.6
494.6
488.4
453.8
369.7
341.2
330.4
354.1
378.3
382.2
368.7
18.0
118.7
1.0
3.8
-92.5
3.1
-85.2
5.6
110.5
115.6
86.2
9.4
119.5
102.7
72.6
94.2
484.2
560.0
444.4
465.3
144.9
148.9
122.6
-21.7
67.2
59.5
15.4
-49.4
-26.6
41.3
-23.2
17.5
93.8
18.2
38.6
66.9
77.8
89.4
107.3
27.7
106.7
65.2
55.0
10.2
41.4
58.9
131.7
155.5
103.9
179.8
121.3
156.8
132.7
98.7
48.5
76.5
91.9
49.8
124.7
48.2
55.1
35.4
23.2
517.4
601.2
459.2
473.0
379.9
379.7
385.5
374.9
137.5
221.5
73.7
98.1
n
m
IV
515.5
523.6
489.0
344.4
370.6
374.7
366.4
366.1
1991: I"
486.4
379.7
,
1989: I
n
m
IV
1990: I
Total
10.4
55.2
63.7
54.1
55.1
73.1
101.6
97.3
75.6
241.9
285.2
335.9
351.8
344.3
372.4
391.4
380.0
369.5
1983
1984
1985
1986
1987
1988
1989
1990
Other 2
35.5
105.5
56.0
64.2
29.7
70.5
80.4
20.9
300,8
416.9
491.4
455.7
524.1
493.7
548.2
512.7
468.2
1982
Loans and
short-term
paper
Capital
expenditures 3
-6.2
41.0
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
54.7
Increase in
financial
assets
Discrepancy
(sources less
uses)
47.0
122.1
105.2
83.9
150.8
112.5
-2.3
24.3
116.3
106.2
85.1
53.5
24.2
14.4
377.4
388.3
385.1
378.2
106.8
171.7
59.3
87.1
33.2
41.2
14.9
7.7
467.6
509.1
515.7
322.8
361.7
384.7
382.1
346.5
105.9
124.4
133.6
-23.7
47.9
14.6
-26.6
21.5
453.4
317.9
. 135.5
256.1
270.5
16.5
30.6
43.0
27.1
33.0
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Ins tallment credi1 outstanding (end of perio d)
Period
Net change in in stallment ere ait outstandi]a g 1
Automobile
Revolving
Mobile
honie
368,966
442,602
518,252
573.017
610,468
684,049
718,863
735,102
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,214
290,676
284,585
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,104
199,082
220,110
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,348
22,471
20,919
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,383
206,633
209,487
13,105
14,546
43,161
73,636
75,650
54,765
37,451
53,581
(3)
16,239
1990: May
June
July
Aug
Sept
Oct
Nov
Dec
729,528
730,355
732,750
733,844
735,547
735,433
736,411
735,102
289,416
288,797
288,136
286,818
285,627
285,024
284,412
284,585
210,618
212,043
215,119
217,024
219,090
220,031
221,690
220,110
22,073
21,761
21,211
21,191
21,073
20,680
20,492
20,919
207,421
207,754
208,284
208,811
209,758
209,698
209,817
209,487
1991: Jan
Feb
Mar
Apr r
May"
732,962
732,762
732,442
733,621
732,995
283,746
282,626
280,689
279,746
276,449
219,588
221,556
224,817
225,994
227,440
20,459
20,200
20,123
20,098
19,842
209,170
208,379
206,813
207,782
209,263
Total
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
Dec
311,259
325,805
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month,
2
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
Other
Mobile
home
Automobile
Revolving
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,363
(3)
6,091
5,959
5,384
12,634
21,192
21,536
14,035
17,227
21,026
(3)
21,028
989
246
-1,176
-572
(3)
-1,552
-322
11,954
20,141
16.503
3,242
2,978
34,763
(3)
2,854
1,729
828
2,395
1,094
1,703
-114
979
-1,310
-584
619
-661
-1,318
— 1,191
-603
-612
173
2,945
1,425
3,076
1,905
2,066
942
1,658
-1,580
287
-312
-550
-20
119
-393
-187
427
-345
333
530
527
947
60
119
-330
-2,139
-201
-320
1,179
-626
-839
-1,120
1,937
-943
-3,297
-522
1,968
3,261
1,177
1,446
-461
-258
-78
24
-256
317
-791
1,566
969
1,481
Total
1,322
2,546
958
2,299
Other
-1,193
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates were about unchanged in July.
PERCENT PER ANNUM
PERCENT PER ANNUM
SOURCE. SEE TAE
[Percent per annum]
U.S. T reasury security yields
Period
3-month bills
(new issues) '
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July"
Week ended:
1991: July 6
13
20
27
Aug 3
1
Constant nlaturities 2
S-yeaj
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
7.48
5.98
5.82
6.69
8.12
7.51
11.89
9.64
7.06
7.68
8.26
8.55
8.26
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
7.66
7.44
7.38
7.19
7.07
6.81
6.30
5.95
5.91
5.67
5.51
5.60
5.58
8.26
8.22
8.27
8.07
7.74
7.47
7.38
7.08
7.35
7.23
7.12
7.39
7.38
8.47
8.75
8.89
8.72
8.39
8.08
8.09
7.85
8.11
8.04
8.07
8.28
8.28
7.15
7.31
7.40
7.40
7.10
7.04
5.59
5.58
5.56
5.60
5.58
7.42
7.44
7.38
7.35
8.28
8.32
8.28
8.25
14.029
10.686
8.63
9.58
14.44
12.92
10.45
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
30
Corporate
Aaa bonds
(Moody's)
14.17
13.79
12.04
12.71
Prime
commercial
paper,
6 months1
14.76
11.89
Discount rate
(N.Y. F.K.
Bank) 4
Prime rate
charged by
banks 4
13.42
11.02
8.50
8.80
7.69
18.87
14.86
10.79
12.04
9.93
6.33
5.66
6.20
6.93
6.98
8.33
8.21
9.32
10.87
10.01
11.37
9.02
9.38
9.71
9.26
9.32
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
7.05
6.90
7.07
7.05
6.95
7.09
7.04
9.24
9.41
9.56
9.53
9.30
9.05
9.04
8.83
8.93
8.86
8.86
9.01
9.01
7.90
7.77
7.83
7.81
7.74
7.49
7.02
6.41
6.36
6.07
5.94
6.16
6.14
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-6.50
6.50-6.50
6.00-6.00
6.00-6.00
6.00-5.50
5.50-5.50
5.50-5.50
5.50-
10.00-10.00
10.00-10.00
10.00-10.00
10.00 10.00
10.00-10.00
10.00-10.00
10.00-9.50
9.50-9.00
9.00-9.00
9.00-9.00
8.50-8.50
8.50-8.50
8.50-
7.10
7.04
7.03
7.00
9.04
9.04
8.99
8.97
6.17
6.18
6.15
6.09
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50
8.50-8.50
8.50-8.50
8.50 8.50
8.50-8.50
8.50-
New-home
mortgage
yields
(FHFB)5
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
10.08
10.11
9.90
9.98
9.90
9.76
9.65
9.57
9.43
9.60
9.52
9.46
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges us
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 Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in July.
5 = 50 (RATIO SCALE)
INDE X, DEC. 31, 196
240
./
-
%
140
120
-
^~^-fc OMPOSITE STC)CK PRICE 1ND EX
f
/—~i
*/
160
/~^~
\
/^\
120
80
-4'
r./
^^^
/~S\
140
220
200
180
1*
""" ^^\
-f\
160
100
= 50(RATIOS(:ALE)
INDEX, DEC. 31, 1965
240
220
200
180
100
(N ^SE)
-J
80
60
60
40
hllll
iiin
' i ' 1 1 li 1 1 1 1
1984
1983
1 1 i M 1 1 1 1 1 1 1 1 1 M 1 1 1 1 ii ,,, ,,!,,,„ ,,,„,
199i
1990
1988
5989
,,,,,,,,,,, ,„
!987
1986
1985
PERC:ENT
40
PERC ENT
20
20
15
15
EARN INGS-PRICE RA TIO ON COMAAON STOCKS
10
«-" *
(S&P)
"" ~~"
—"1
^-,
5
0
i
i i
1983
1
1
1
1
1984
1
1
10
<L—-^
i i i
1
1
1
1
1
1
1
1968
1987
1986
1985
_
^^—
—-—•—^
1
|
1
'
1
New Y ork Stock Exc lange indexes Dec. 31, 1965 = 50)
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
0
Common st ock yields
(perce nt) 5
Period
Utility
1 1
199!
CONOMIC ADVISERS
l
2
Transportation
5
1
COUNCIL Of
Con mon stock pric es
Industrial
1
1990
1989
OURCES: NEW YORK STOCK EXCHANGE A •JD STANDARD & POO R'S CORPORATION
Composite
1
1p
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
index
(194143 = 10)4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.85
216.23
225.78
72.U1
60.4 1
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
73.52
71.99
95.34
89.28
114.21
147.20
J 46.48
127.26
151.88
133.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,908.91
2,678.94
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
1990: July
Aug
Sept
Oct
Nov
Dec
196.61
181.45
173.22
168.05
172.21
179.57
245.86
226.73
216.81
208.58
212.81
221.88
173.18
147.41
136.95
131.90
132.96
141.31
89.85
85.81
83.30
87.27
89.60
91.56
143.11
I 28. 14
118.59
108.01
113.76
122.18
2,934.23
2,681.89
2,550.69
2,460.54
2,518,56
2,610.92
360.03
330.75
315.41
307.12
315.29
328.75
3.37
3.65
3.85
4.01
3.91
3.74
1991: Jan
Feb
Mar
Apr
May
June
July"
177.95
197.75
203.57
207.71
20C.9S
207.32
208.10
220.69
246.74
255.36
260.15
260.13
261.16
262.24
145.89
166.06
166.26
166.90
170.77
177.05
177.02
88.59
92.08
92.29
92.92
90.76
89.01
89.98
121.39
141.03
145.42
152.64
151.32
152.31
151.45
2,587.60
2,863.04
2,920.11
2,925.54
2,928.42
2,968.14
2,975.97
325.49
362.26
372.28
379.68
377.99
378.29
379.87
3.82
3.35
3.26
3.19
3.23
3.23
3.22
Week ended:
1991: July 6
13
20
27
205.65
206.66
209.86
208.68
259.10
260.47
264.64
262.82
173.32
176.35
177.95
178.71
89.81
89.55
89.81
90.11
148.39
149.76
153.93
152.49
2.949.58
2,958.90
2,997.18
2,983.01
375.70
377.40
382.94
380.57
3.26
3.24
3.18
3.21
1
.. ..
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
3
Earningsprice ratio
11.96
11.60
8,03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
7.10
r
6.46
5.59
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation,
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 9 months of fiscal 1991, there was a deficit of $177.5 billion, compared with a deficit of $162.6 billion
a year earlier.
BILLIONS OF DOLLARS
1,500
RECEIPTS AND OUTLAYS!-'
1,400
BILLIONS OF DOLLARS
1,500
1,400
1,300
1,300
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS^
800
800
700
700
600
7|
SURPLUS OR DEFICIT (-VJ
0
|\
600
_
0
-100
-100
-200
;
=
^^
„.
-300
/]
1/1983
1
1
1984
1
1985
1
1986
1
1987
1
1988
T"—-~^
1
1989
1990
1991
j\
-200
-300
1992 N
FISCAL YEARS
I/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
On-budget
Surplus
or deficit
Receipts
Outlays
(-)
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
-14.7
-53.6
-59.2
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
1985
1986
1987
1988
1989
1990
1991 (estimates) 1
1992 (estimates) J
734.1
769.1
854.1
909.0
990.7
1,031.3
1,068.7
1,145.5
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,350.9
1,493.8
777.6
789.9
940.2
967.4
Cumulative total, first 9
months: 2
Fiscal year 1990
Fiscal year 1991
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-212.3
-221.2
- 149.7
-155.1
-153.4
-220.4
-282.2
-348.3
547.9
568.9
640.7
667.5
727.0
749.7
775.7
832.0
-162.6
-177.5
564.4
566.3
231.7
63.2
278.7
1
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 15,
2
Data from Monthly Treasury Statement,
32
Gross Fe ieral debt
(end of period)
Off-budget
Surplus
or deficit
(-)
Receipts
Outlays
Total
Held by
the public
-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
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
176.8
183.5
193.8
202.7
210.9
225.1
236.9
249.7
9.4
16.7
19.6
38.8
52.8
56.6
56.1
63.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,577.5
4,047.9
1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,681.7
3,026.9
163.7
174.4
49.5
49.3
3,121.1
3,487.1
2,346.0
2,591.9
-38.2
-72.7
73.9
-120.0
-208.0
185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
769.5
806.8
810.0
861.4
933.2
1,026.6
1,114.0
1,244.1
-221.6
237.9
-169.3
-193.9
-206.1
-277.0
-338.3
-412.1
186.2
200.2
213.4
241.5
263.7
281.7
293.0
313.5
776.5
793.0
-212.1
-226.7
213.2
223.6
-70.5
-13.3
-49.7
54.9
Surplus
or deficit
(-)
-3.2
-1.4
477.4
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1993, February
1991, 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 1991, receipts were $12.3 billion higher than a year earlier and outlays were $27.2
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
RECEIPTS!/
500
600
500
INDIVIDUAL INCCDME TAXES
.
400
"
400
\
\-
'
300
300
200
OTHER RECEIPTS-
CORPORATION
INCOME TAXES
100
\
J.
1,200
I
1
0
1
1
SOCIAL WSURANCE
CONTRIBUTIONS
TAXES AND
200
100
I
1
1
1
1
0
1,200
OUTLAYS-!/
1,100
1,100
1,000
1,000
900
900
NONDEFENSE
800
800
700
700
600
600
500
500
400
400
-NATIONAL DEFENSE-
A-
300
300
200
200
1983
1984
1985
1986
1987
1988
FISCAL YEARS
1989
1990
1992
1991
J/'lNCtUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Or -budget a nd off-budg et receipt
Fiscal year
Total
Individual
Corporation
income
Social
insurance
On-budg et and off budget ou tlays
Nations 1 defense
Other
Total
and
DepartTotal
butions
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 (estimates) '
1992 (estimates) J
Cumulative total, first 9 months: z
Fiscal year 1990
Fiscal year 1991
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
34.3
' 65.7
64.6
244.1
285.9
61.1
297.7
49.2
288.9
37.0
298.4
56.9
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
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
102.3
113.6
130.9
153.9
180.7
204.4
220.9
181.0
217.8
41.4
54.9
60.0
87.9
95.1
Medi-
15.8
Income
securi-
Social
securi-
inter-
ty
ty
est
73.9
85.1
26.7
29.9
93.9
104.1
118.5
139.6
156.0
170.7
178.2
35.4
42.6
52.5
68.7
85.0
89.8
111.1
129.4
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
Net
6.4
6.4
7.5
15.7
17.3
18.5
7.5
20.5
23.2
26.9
27.4
28.6
30.4
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
33.5
35.9
40.0
44.5
48.4
57.7
73.4
86.9
65.8
70.2
75.1
78.9
85.0
98.1
104.9
114.3
128.2
119.8
123.3
129.3
136.0
147.3
174.0
186.3
188.6
198.8
207.4
219.3
232.5
248.6
268.5
286.6
136.0
138.6
151.7
169.2
184.2
195.3
205.6
42.2
72.0
76.7
112.8
129.3
186.0
201.2
135.6
145.6
12.7
13.1
12.3
11.8
15.9
734.1
769.1
854.1
909.0
990.7
1,031.3
1,068.7
1,145.5
334.5
349.0
392.6
401.2
445.7
466.9
481.9
518.2
61.3
63.1
83.9
94.5
103.3
93.5
98.5
98.7
265.2
283.9
303.3
334.3
359.4
380.0
395.1
427.2
73.0
73.1
74.3
78.9
82.3
90.9
93.2
101.4
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,350.9
1,493.8
252.7
273.4
282.0
290.4
303.6
299.3
273.6
311.5
245.2
265.5
274.0
281.9
294.9
289.8
262.2
299.3
16.2
777.6
789.9
350.5
346.7
72.5
76.4
287.4
300.1
67.2
66.7
940.2
967.4
226.5
198.7
219.4
190.8
10.7
13.4
1
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 15,
1991.
"
2
Data from Monthly Treasury Statement.
89.6
Health
Defense,
military
90.8
106.5
121.0
188.9
157.8
182.7
201.5
209.0
239.4
131.6
157.6
Inter-
14.2
11.6
10.5
9.6
13.8
18.0
17.9
51.5
112.7
Other
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
131.8
142.1
125.9
139.4
159.8
202.7
243.2
284.7
154.4
151.0
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1991, according to advance estimates, Federal expenditures rose $59.9 billion (annual
rate); receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,400
1,200
1,000
800
600
400
200
200
-200
-200
1982
1986
1987
CALENDAR YEARS
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal jovernment expenditi res
Federal jovernmen receipts
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
Indirect
business
tax and
nontax
Contributions for
social
insurance
Total
Purchases
of goods
and
Transfer
payments
Grantsin-aid to
State
and
local
or deficit
Subsidies
Net
interest
paid
current
surplus of
Government
Wage
accruals
less
disburse-
128.3
134.6
139.3
-0.1
2
.0
.0
.0
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.0
.0
.0
.0
-A
national
income
and
product
ments
Fiscal year:
1985
1986
1987
1988
1989
1990
Calendar year:
1985
1986
1987
1988
1989
1990
1982: IV
1983: IV
1984: IV
1985: IV
1986: TV
1987: IV
1988- TV
1989: IV
1990: I
n
in
IV
1991: I
776.8
815.2
899.4
957.6
1,041.9
1,094.9
340.4
357.0
400.8
411.3
457.6
483.0
788.7
827.9
913.8
972.4
1,052.9
1,109.7
633.1
675.5
742.7
805.3
853.8
940.0
997.5
1,055.7
1,080.6
1,105.8
1,125.9
1,128.5
1,134.5
346.4
361.4
405.8
415.1
484.0
492.8
303.0
291.9
326.0
355.3
376.2
419.2
424.8
469.6
473.6
492.1
500.0
505.5
501.3
504.1
11"
74.6
81.1
99.1
108.1
113.8
113.6
78.3
83.8
103.2
110.5
110.4
108.5
43.4
70.2
69.7
78.8
88.9
107.4
115.4
101.3
106.5
109.2
114.2
104.1
95.0
Source: Department of Commerce, Bureau of Economic Analysis.
34
55.9
50.9
53.5
55.8
57.8
58.8
305.8
326.1
345.9
382.6
412.6
439.6
962.3
1.028.0
1,060.0
1,101.8
1,172.2
1,252.7
341.5
368.6
375.4
377.8
399.0
416.1
374.0
394.6
411.1
433.2
462.0
504.7
103.1
108.3
115.8
128.3
148.8
167.7
182.1
20.7
22.8
31.1
33.6
27.7
21.5
55.1
50.5
54.0
57.0
58.4
61.7
47.6
53.6
56.2
53.5
50.8
55.1
57.8
58.7
60.6
60.5
61.0
64.6
72.7
71.9
310.9
332.1
350.8
389.8
420.1
446.7
236.1
259.8
290.7
317.7
337.9
358.4
399.6
428.1
439.9
444.0
450.6
452.3
465.5
468.9
985.6
1,034.8
1,071.9
1,114.2
1,187.2
1,275.7
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,153.8
1,205.8
1,248.8
1,271.7
1,271.8
1,310.8
1,261.4
1,321.3
355.2
366.5
381.3
380.3
400.0
424.0
293.2
276.1
326.0
376.8
368.8
388.2
401.1
399.9
410.6
421.9
425.8
437.6
443.8
446.8
380.1
399.9
414.0
438.9
471.9
511.4
347.4
352.5
362.1
385.8
405.8
421.4
447.2
487.9
503.4
510.4
513.2
518.5
462.2
511.0
99.7
106.8
102.6
111.1
118.2
131.4
84.5
86.0
96.3
103.5
103.0
102.7
112.2
121.5
128.5
131.5
129.8
135.8
143.7
151.6
130.1
135.6
142.3
151.3
172.0
186.3
87.2
101.0
125.3
132.7
136.0
147.6
157.9
175.2
178.1
184.3
189.8
193.0
194.3
196.5
20.3
26.0
31.8
32.7
25.0
22.7
23.4
29.1
21.0
19.0
29.2
41.5
35.3
21.3
28.3
23.8
13.1
25.9
17.4
15.1
97.8
107.4
.0
.1
— .1
.0
.0
-185.5
— 212.8
-160.7
— 144.1
- 130.3
-157.7
- 196.9
-206.9
-158.2
— 141.7
-134.3
— 1 66.0
-202.S
— 169.2
-187.5
-212.2
-189.0
-161.7
- 156.3
-150.1
-168.3
-166.0
-145.7
-184.3
-126.9
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Con sumer pri< es (1982- 84=100; N SA)
Industrial reduction (1987 = 1 X); seasonal y adjusted
Period
Canada
Japan
France
Germany
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
76.5
81.5
91.4
96.5
95.7
100.0
105.0
105.1
101.6
82.9
85.5
93.4
96.8
96.6
100.0
109.3
115.7
121.3
97.3
96.5
97.1
97.2
98.0
100.0
104.7
108.9
110.2
90.3
90.9
93.5
97.7
99.6
100.0
103.9
108.7
114.6
88.8
91.8
92.9
96.2
100.0
105.9
109.2
109.2
86.3
89.5
89.6
94.5
96.8
100.0
103.6
104.0
103.3
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
94.9
100.4
104.8
108.8
109.4
110.1
110.4
110.5
110.6
109.9
108.3
107.2
102.3
102.8
102.7
103.1
102.0
100.4
100.2
98.6
97.2
117.9
121.0
121.1
123.2
123.7
122.4
125.3
124.6
123.7
109.8
109.3
109.4
111.6
111.6
109.8
110.1
108.0
106.0
110.2
113.4
113.7
115.2
116.5
117.3
117.0
116.6
116.2
110.0
107.7
107.9
109.7
109.7
110.8
107.5
106.8
109.6
105.6
104.6
106.9
103.1
102.2
101.9
101.9
100.3
100.0
' 108.6
r
108.4
l!8.4 T 108.2
r
l!7.7 103.2
118.0
99.3
101.0
101.1
98.4
1983
1984
1985
1986
1987
1988
1989
1990"
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
106.6
105.7
105.0
' 105.5
' 106.2
106.9
June"
1
United
States 1
United
States
1982
1990:
United
Kingdom
r
r
r
125.4 ' 110.0
125.1 ' 109.1
96.1 123.0 r 106.1
97.2 ' 123.3 109.5
125.6
97.5
96.4
r
Italy
91.8
119.1
118.3
Japan
France
108.9
113.4
118.4
123.2
129.3
135.5
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
111.4
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
128.9
129.2
129.9
130.4
131.6
132.7
133.5
133.8
133.8
133.9
134.6
135.1
135.8
135.8
136.3
137.4
138.2
138.1
110.8
111.6
111.0
110.9
111.4
112.4
113.9
113.5
113.2
134.6
134.8
135.0
135.2
135.6
136.0
141.7
141.7
142.3
142.3
143.0
143.7
114.1
113.8
114.3
114.8
Canada
Germany
Italy
United
Kingdom
102.7
104.9
104.7
104.9
106.3
109.2
112.1
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
99.8
104.8
111.1
114.9
119.7
125.6
135.4
148.2
132.1
132.3
132.6
132.9
133.7
134.4
135.2
135.0
134.9
111.6
111.8
111.9
111.9
112.2
112.6
113.4
113.2
113.3
157.7
158.0
158.7
159.3
160.3
161.2
162.6
163.6
164.2
147.0
148.3
148.9
149.0
150.5
151.9
153.1
152.7
152.6
135.5
135.7
135.8
136.3
114.0
114.3
114.2
114.7
115.2
165.4
167.0
167.4
168.2
168.8
153.0
153.8
154.4
156.4
156.9
157.6
91.7
97.0
100.3
95.4
Source: National sources as reported by Department of Commerce (Bureau of Economic Analyst
and International Trade Administration, Trade Information and Analysis).
Data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Mei chandise e xports (f. l.s. value
1
f eneral m erchandise imports customs value) »
Period
Total 2
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
5
5
216.4
31.3
205.6
224.0
322.4
363.8
393.6
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
32.6
33.8
32.2
32.5
32.2
34.6
33.6
33.6
3.0
3.3
2.8
2.9
2.7
2.6
2.9
2.6
34.1
33.6
34.0
35.6
35.3
2.7
3.1
3.0
2.9
3.0
218.8
227.2
254.1
May
June
July
Aug
Sept
Get
Nov
Dec
1991: Jan
Feb
Mar
Apr r
May
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
motive
Automotive
vehicles,
parts,
Consumer
goods
(nonfood)
en-
automotive
gines
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
8.3
8.4
8.1
8.7
8.8
9.9
9.5
9.2
12.7
13.4
12.7
12.6
12.6
13.1
12.4
13.2
3.4
3.3
3.1
3.1
2.9
3.4
3.2
2.8
3.6
3.9
3.7
3.5
3.5
3.9
3.7
3.8
9.5
9.7
8.9
9.2
9.4
13.0
12.4
13.5
14.4
13.7
3.1
2.6
2.9
3.4
3.5
3.9
3.9
3.8
3.8
3.8
1
Includes Department of Defense Military Assistance Program grant-aid
2
Includes undocumented exports to Canada through 1988.
3
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
shipments.
Total
Other 2
72.7
56.7
67.2
61.7
72.0
73.9
58.5
75.8
57.3
86.2
66.7
85.1 109.2
99.3 138.8
104.4 152.7
61.7
Trade balance
Principal nd-use c mmodity category
Principal end-use commodity category
4
4
244.0
258.0
330.7
336.5
365.4
406.2
Foods
feeds,
and
beverages
17.1
18.2
21.0
21.9
24.4
Industrial
supplies
and
materials
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
Capital
goods
except
motive
Automotive
vehicles,
parts,
Consumer
goods
(nonfood)
en-
automotive
gines
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
7.8
9.4
10.4
12.1
12.8
13.6
16.1
1.3
1.4
1.3
1.3
1.6
1.4
1.5
1.3
1.3
1.2
1.3
1.3
1.4
473.2
495.3
24.8
24.8
25.1
26.6
1.7
1.6
1.8
1.6
1.7
1.8
1.9
1.9
40.8
40.2
41.4
41.9
41.3
44.5
43.1
39.9
2.3
2.2
2.2
2.1
2.2
2.2
2.1
2.2
11.5
10.9
11.1
12.2
12.4
13.5
13.4
11.6
9.6
9.6
10.0
9.7
9.4
10.3
10.0
9.8
7.3
7.4
7.6
7.7
7.2
7.1
6.6
8.8
8.6
9.1
8.9
8.6
9,4
9.0
8.3
1.9
1.9
1.9
1.9
2.0
41.5
39.1
38.1
40.1
39.9
2.2
2.1
2.1
2.4
2.3
12.2
10.8
10.1
11.0
11.3
9.9
9.9
9.9
10.4
10.0
7.3
6.7
6.6
6.7
6.4
8.6
8.5
8.0
8.5
8.4
441.0
7.7
Other
6.5
6.3
General
merchandise
imports
(c.i.f.
value)
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
-38.4
-64.2
—
122.4
-106.7
-117.7 - 133.6
-27.5
-52.4
517.0
-138.3
-152.1
-118.5
-109.4
-101.7
-155.1
-170.3
-137.1
-129.4
-123.4
42.6
41.9
43.3
43.7
43.1
46.4
45.0
41.6
-8.1
-6.3
-9.2
-9.4
9.1
-9.9
-9.5
6.3
-10.0
-8.1
— 11.1
-11.2
-10.8
-11.7
-11.4
-8.0
43.4
40.9
39.8
42.0
41.7
-7.4
-9.2
-7.3
-5.8
-6.4
-6.3
-5.5
-4.1
-4.5
-4.6
8
Total exports are on a revised statistical month basis; end-use categories
month basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1991, there was a current account surplus of $10.2 billion, the first surplus since early 1982.
The surplus was largely due to cash contributions from coalition partners in Operation Desert Storm.
BILL IONS OF DO LARS*
15
BILLIC NS OF DOLL/VRS*
15
10
I
.-*
'\
Ky-1\
X.
/
/
MCE ON
_
CURRENT ACCOUNT
\\
»
5
RAiA
\\
/\
f
/
10
\ \
"\
\
\
\
M;\\\
_.
\\_ ***•*'
\ Kv
-20
\
M
N
BALANCE ON GOODS
SERVICES, AND INCOME
.V
\\
\^%
\
\
/
./
t
/
r
i
•\
*'
~ r,.
s'
\,_
^__~
J ' ^y^
-20
1
^
/
V
\
iWERCHANDIS E TRADE
' /^""~\* 'J
^—- -V
^v ^
-35
/—/
\
i
i
^\
/
V
BALAN
:E
**
-35
V
«51
-45
t
3
1 .
i i i
i
r
i
1984
1983
1982
i i i
1985
I
I
I
1986
I
1
1987
!
i
r i
1988
i i i
l
1989
I
r
1990
i
i i
1991
-45
SEASONAUY ADJ STED
>OURCE; DEPARTME NT OF COMMERCE
COUNCIl OF E :ONOMIC ADVISER
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise l
2
Exports
Imports
Net balance
Net
military
transactions 3 *
237,085
211,198
201,820
219,900
215,935
223,367
250,266
320,337
361,451
389,550
76,497
79,392
80,511
83,937
87,207
91,609
90,142
92,493
95,244
97,088
96,638
100,580
100,861
-265,063
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-447,323
-477,368
-497,665
- 109,988
— 110,494
-111,290
-115,551
-116,625
-120,309
-119,330
-121,104
-122,781
-121,178
-125,398
-128,308
-119,228
-27,978
-36,444
67,080
-112,522
-122,148
- 145,058
-159,500
-126,986
115,917
-108,115
-33,491
-31,102
-30,779
-31,614
-29,418
-28,700
-29,188
-28,611
-27,537
-24,090
-28,760
-27,728
-18,367
-844
144
112
992
-163
-4,227
-2,147
9,153
-4,096 - 10,788
-4,907
8,939
-3,662 -8,006
-3,743 -3,844
-6,204
2,621
-7,220
4,140
-1,135 -1,726
-1,192
-984
-1,203
-587
— 2,212
-548
-1,715
261
-1,634
443
-1,161
652
-1,693
1,265
-1,737
941
-1,558
834
-1,683
479
— 2,243
1,885
-2,182
1,347
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1988: I
n
m
1989:
IV
I
1990:
IV
I
1991:
IV
IP
1
2
3
4
n
m
n
in
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
36
Inv 3Stment incomt
Services
transportation
5
Balance on
goods,
services,
and income
Balaree
on current
account
Other
services,
Receipts
on U.S.
assets
abroad
12,552
12,981
13,859
14,042
14,008
18,551
18,012
19,925
25,998
29,456
4,618
4,826
5,023
5,459
5,940
6,374
6,772
6,911
6,695
7,322
7,607
7,832
7,826
6,892
15,223 -8,331
84,975 -53,626 31,349
-5,868
3,907 -9,775
85,346 -57,097 28,250
81,972 -54,549 27,423 -30,188 -9,956 -40,143
92,935 -69,542 23,394 -86,385 -12,621 -99,006
15,473 -122,332
82,282 -66,115 16,166 - 106,859
129,384 - 16,009 -145,393
80,982 -70,013 10,969
90,536 -82,908
1,629 -145,527 -14,674 -160,201
110,669 -105,317
5,353 -111,294 - 14,943 -126,236
128,651 -125,963
2,688 -90,814 -15,491 - 106,305
130,091 -118,146 11,945 -69,794 -22,329 -92,123
27,016 -23,976
3,040 -28,694 -3,456 -32,150
27,001 -25,718
1,283 — 27,169 -3,032 -30,201
28,168 -27,261
907 -26,639 -3,483 -30,122
-33,763
28,486 -28,362
124 — 28,791 -4,972
30,974 -30,074
900 -24,032 -3,547 -27,579
32,300 -33,484 -1,184 — 24,701 -3,107 -27,808
-26,220
32,217 -31,718
499 -22,426 -3,794
33,159 -30,687
2,472 - 19,656 -5,044 -24,700
31,959 -28,957
3,002 -18,635 -4,032 -22,667
31,314 -31,307
7 -17,485 -4,693 -22,178
32,012 -29,210
2,802 — 19,555 -4,326 -23,881
-14,122 -9,280 -23,402
34,805 -28,672
6,133
16,939
10,215
-6,724
32,987 -28,335
4,652
Payments
on foreign
assets 3in
U.S.
Net
transfers,
net 4
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $23.9 billion in the first quarter of
1991, compared to an increase of $24.5 billion in the fourth quarter of 1990. Liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $19.4 billion in the first quarter, compared to an
increase of $17.3 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
CHANGE IN
FOREIGN ASSETS / \
- IN THE U.S., NET -J
60
80
n
i \
,
'
\
v
*
/
V
60
40
40
20
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
-60
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCiL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
increase/capit il outflow (— ) 1
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
U.S.
official
reserve
assets 3 6
24,874
5,961
-1,985
10,806
122
60,130
54,514
67,111
2,254
-15,319
20,418
- 16,589
2,799
-2,473
-4,906
4,584
43,186
41,028
47,788
47,802
-4,000
-12,095
-5,996
-3,202
928
-292
564
119
-34,504
8,117
-40,311
-37,938
69,557
2,498
74,255
70,238
7,766
-5,038
13,053
-7,158
61,791
7,536
61,202
77,396
-4,402
29,580
— 2,292
-4,517
4,066
-780
-6,379
3,096
49,854
60,502
68,418
74,609
-3,177
371
1,739
-1,091
-669
-800
-314
4,759
40,993
-33,033
-28,114
-38,370
33,082
31,257
49,096
39,033
-7,022
5,805
13,341
20,301
-26,059
25,452
35,754
18,732
18,601
24,383
1,475
19,072
4,367
105
-6,473
2,007
76,303
77,298
80,024
83,316
-353
1,581
5,953
-1,924
6,534
-8,458
— 15,472
4,135
78,002
n
m
IV
37,147
-33,462
-26,689
-34,703
1991: I"
7,181
Consists of gold, special drawing rights (SDRs), foreign currencies, and the U.S. reserve position in the IMF.
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47.802
74,609
83,316
19,934
36,612
11.374
27,456
20,041
15,824
-6,690
-9,240
18,366
63,526
24,996
66,091
52,529
77,917
-37,576
-4,270
-45,743
-41,021
8
assets, net 6
(unadjusted,
end of
period)
4,995
-19,759
-37,402
-32,947
n
ra
I
Of which:
Seasonal
adjustment
discrepancy
-1,597
-851
1,957
3,457
1,502
39
-7,380
1,925
IV
1,093
Total (sum
of the items
with sign
reversed)
78,072
90,154
79,023
99,481
131,096
186,011
184,485
181,877
207,925
53,879
4,900
-20,571
-42,825
-27,565
1990:
Other
foreign
assets
4,960
3,593
5,845
3,140
-1,083
35,588
45,343
39,657
8,624
32,425
n
m
IV
1989: 1
Total
Foreign
official
assets
83,032
93,746
84,869
102,621
130,012
221,599
229,828
221,534
216,549
86,303
5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
2,158
I
U.S.
private
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
-5,097 - 100,679
-6,131 -113,394
-5,006
-49,898
-5,489
-22,451
-2,821 -21,043
-2,022 -90,321
1,006 -73,091
2,966 -85,111
1,320 -104,637
2,976 -58,524
-110,951
- 124,490
— 56,100
-31.070
-27,721
-92,030
-62,937
-86,057
-128,610
-57,706
1988:
Other U.S.
Government
assets
Foreign assets in the 1 J.S., net
[increast /capital inflov» ( + )]"
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Norjfarm 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 cables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
* Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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