Full text of Economic Indicators : June 1990
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101st Congress, 2d Session
Economic Indicators
JUNE 1990
(Includes data available as of June 29, 1990)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
JUL 1 8 1990
FEDERAL RESERVE
BANK Of CHICAGO
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1990
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—81sr CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the first quarter of 1990, according to revised estimates, current-dollar gross national product (GNP) rose 7.1
percent (annual rate) or $92.9 billion. Real GNP (GNP adjusted for price changes) rose 1.9 percent and the
implicit price deflator rose 5.4 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
-^
__
SEASONALLY ADJUSTED ANNUAL RATES
5,200
5,200
^
~~
GNP
-
^S^
4,800
4,800
-
^
4,400
4,000
3,600
3,200
L
—
—
4,400
^
^^
-
_---
4,000
,--''"
-
^
3,600
\
GNP
,-•"""
sr
IN 1982 DOLLAR S
^s
-
^
3,200
-
2,800
2,400
2,800
111
1 1 1
1982
1
1983
1 1
1984
1
1 1
1985
1
1 1
1986
1
1 1
1987
\
\ \
1988
SOURCE: DEPARTMENT OF COMMERCE
1
1 1
1989
1
1 1
1990
2.400
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Government purchases of
goods and services
Exports and imports of goods
and services
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
4,524.3
4,880.6
5,234.0
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
3,471.1
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
773.4
32.1
33.9
26.3
-6.1
-58.9
780
-97.4
112 6
-73.7
47 1
351.0
382.8
361.9
352.5
383.5
370.9
396.5
448.6
547.7
625.9
318.9
348.9
335.6
358.7
442.4
448.9
493.8
561.2
621.3
673.0
530.3
588.1
641.7
675.0
735.9
820.8
872.2
926.1
968.9
1,036.6
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.6
381.3
403.2
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.8
298.0
302.2
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.8
83.3
101.1
IV
IV
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,665.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
409.6
579.8
661.8
654.1
648.8
749.7
14.1
25 8
-67.9
-108.9
114 6
335.9
364.7
385.7
369.2
402.4
482.6
321.9
390.5
453.6
472.4
511.3
597.2
671.8
676.1
764.5
856.7
888.9
947.5
293.2
276.1
326.0
376.6
368.8
388.1
205.4
221.5
244.1
268.6
280.7
296.8
1988- TH
IV
4,926.9
5,017.3
3,263.4
3,324.0
771.1
752.8
-66.2
70 8
556.8
579.7
623.0
650.5
958.6
1,011.4
367.5
406.4
1989- I
5,113.1 . 3,381.4
5,201.7
3,444.1
5,282.0
3,508.1
5,340.2
3,550.6
769.6
775.0
779.1
770.1
-54.0
50 6
-45.1
-38.8
605.6
626.1
628.5
643.5
659.6
676.6
673.6
682.3
1,016.0
1,033.2
1,038.9
1,058.3
1990- I '
5,433.1
752.9
— 32.0
664.7
696.6
1,082.9
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
19821983:
198419851986:
1987-
n
m
rv
1
Gross
national
product
3,629.4
Net
exports
GNP less exports of goods and services plus imports of goods and services.
Final
sales
Gross
domestic
purchases l
322.2
345.9
369.0
391.5
425.3
465.6
505.7
544.5
587.6
633.4
2,740.3
3,028.6
3,190.5
3,412,8
3,704.5
4,003.6
4,224.8
4,495.0
4,850.0
5,206.9
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,636.8
4,954.3
5,281.1
87.7
54.6
81.9
108.0
88.1
91.3
378.7
400.0
438.5
480.1
520.1
559.4
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,602.5
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,780.4
296.1
300.5
71.4
105.9
591.0
604.9
4,882.3
4,998.7
4,993.1
5,088.1
399.0
406.0
402.7
405.1
298.7
301.3
307.8
300.9
100.4
104.7
94.9
104.2
617.0
627.2
636.2
653.2
5,085.4
5,174.3
5,253.6
5,314.2
5,167.1
5,252.3
5,326.1
5,379.0
413.7
308.6
105.1
669.2
5,444.8
5,465.1
Federal
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Personal
consumption
expenditures
Total
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,853.7
4,024.4
4,144.1
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,513.7
2,598.4
2,669.6
509.3
545.5
447.3
504.0
658.4
637.0
639.6
674.0
715.8
720.7
379.2
395.2
366.7
361.2
425.2
453.5
438.4
455.5
493.8
510.3
137.0
126.5
105.1
149.3
170.9
174.4
195.7
194.8
194.1
188.5
IV
IV
IV
IV
IV
IV
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,935.6
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,532.3
408.8
577.2
655.7
648.0
615.2
721.1
352.3
390.4
444.4
460.9
435.7
472.7
1988: HI
IV
4,042.7
4,069.4
2,608.1
2,627.7
733.6
709.1
1989: I
II
m
IV
4,106.8
4,132.5
4,162.9
4,174.1
2,641.0
2,653.7
2,690.1
2,693.7
1990- I '
4,193.4
2,704.3
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
19821983:
19841985:
19861987:
1
Gross
national
product
Nonresidential
fixed
Residential
fixed
Exports and imports of
goods and services
Change
in
business
inventories
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
-6.9
57.0
49.4
23.9
-24.5
26.3
64
199
62.3 -84.0
9.1
1043
5.6 -129.7
23.7
1157
27.9 -74.9
21.9
52 6
388.9
392.7
361.9
348.1
371.8
367.2
397.1
450.9
530.1
589.2
332.0
343.4
335.6
368.1
455.8
471.4
526.9
566.6
605.0
641.8
620.5
629.7
641.7
649.0
677.7
731.2
761.6
781.8
785.1
806.4
115.8
159.9
169.6
179.4
200.3
191.9
11.7
59 3
27.0 -46.2
41.7 -94.8
7.7 -125.3
20 8 -135.4
56.6 -109.8
336.0
355.5
376.6
367.4
406.5
484.1
324.3
401.6
471.4
492.6
541.9
593.9
501.0
492.7
195.1
198.1
37.5
18.3
-74.9
-73.8
531.9
551.4
721.1
719.8
724.6
717.3
501.0
511.4
517.9
510.8
195.6
189.3
184.8
184.3
24.5
19.1
21.9
22.2
-55.0
51 2
-57.1
-47.2
705.4
520.4
188.6
-3.6
-33.6
State
and
local
Final
sales
Gross
domestic
purchases l
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.9
337.1
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.2
261.5
256.5
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.4
67.4
80.6
373.6
370.1
369.0
373.9
387.0
405.2
427.5
442.1
456.2
469.3
3,194.0
3,225,0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,830.0
3,996.5
4,122.2
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,969.4
4,099.3
4,196.7
660.1
642.2
693.2
752.7
776.0
792.1
289.5
266.0
300.5
340.6
342.4
344.9
201.4
211.6
225.3
241.4
255.8
266.7
88.2
54.4
75.2
99.2
86.6
78.2
370.6
376.2
392.7
412.1
433.6
447.2
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,879.0
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,045.5
606.9
625.2
775.9
806.4
319.8
343.9
258.8
261.6
61.0
82.3
456.1
462.5
4,005.2
4,051.0
4,117.6
4,143.2
569.7
587.5
593.1
606.6
624.6
638.7
650.2
653.8
799.7
810.3
805.3
810.4
335.5
343.6
336.1
333.3
254.4
255.8
260.1
255.7
81.1
87.8
76.0
77.7
464.2
466.7
469.2
477.0
4,082.3
4,113.5
4,141.0
4,151.9
4,161.8
4,183.7
4,220.0
4,221.4
625.1
658.7
817.3
335.2
254.5
80.7
482.1
4,197.0
4,227.0
GNP less exports of goods and services plus imports of goods and services.
Total
Source: Department of Commerce, Bureau of Economic Analysi
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
national
product
Total
Durable
goods
Gross private
domestic investment
ble goods
Services
Nonresidential
fixed
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.8
124.5
130.0
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.1
110.1
111.3
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.3
122.6
83.9
92.6
100.0
106.2
111.6
116.8
122.4
129.0
134.9
141.2
85.1
93.4
100.0
98.8
97.9
97.7
99.3
97.5
98.7
100.3
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
124.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.3
106.2
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.7
104.9
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.4
115.9
119.6
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.8
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.7
123.6
125.3
86.2
93.4
100.0
104.7
109.9
114.9
118.3
123.2
128.8
135.0
IV
IV
IV
IV
IV
IV
101.7
105.4
109.0
112.2
115.1
118.6
101.8
105.7
109.3
113.1
115.8
121.8
100.7
103.1
104.1
104.7
106.2
109.0
101.0
103.1
105.8
108.7
107.8
113.7
102.7
108.3
113.5
119.0
124.9
131.5
100.7
98.3
97.9
97.9
100.0
97.0
99.1
103.1
107.2
109.0
112.4
118.7
100.0
102.6
102.4
100.5
99.0
99.7
99.3
97.2
96.2
95.9
94.4
100.6
101.3
103.8
108.5
110.6
107.7
112.5
102.0
104.7
108.3
111.3
109.7
111.3
99.5
100.3
108.9
108.8
101.7
116.8
102.2
106.3
111.7
116.5
120.0
125.1
1988: m
121.9
123.3
125.1
126.5
110.2
111.2
117.1
118.2
135.6
137.3
98.4
100.6
119.6
120.4
104.7
105.1
102.7
104.0
114.9
118.2
114.4
114.9
117.1
128.7
129.6
130.8
1989: I
n
m
rv
124.5
125.9
126.9
127.9
128.0
129.8
130.4
131.8
111.2
110.8
111.4
111.7
120.0
123.3
122.9
124.0
139.0
140.4
141.8
143.4
100.4
100.2
100.3
100.1
122.1
124.2
125.6
126.2
106.3
106.6
106.0
106.1
105.6
105.9
103.6
104.4
118.9
118.2
119.8
121.5
117.4
117.8
118.3
117.7
123.8
119.2
125.0
134.2
132.9
134.4
135.6
136.9
1990: I r
129.6
134.2
112.8
127.9
145.3
101.1
126.5
106.3
105.8
123.4
121.2
130.2
138.8
1980
1981
1982 . .
1983
1984
1985
1986
1987
1988
1989
1982:
19831984:
19851986:
1987:
rv
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]
Gross national product
Period
1982
1983
1984
1985
1986
1987
1988 . . .
1989
1982- IV
1983: IV
1984- IV
1985: IV
1986- IV
1987: IV
1988- m
IV
1989- I
n.
IV
1990: I r
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.7
4.4
3.0
.6
7.3
1.7
3.0
2.3
6.6
3.2
2.7
3.7
2.5
3.0
1.1
1.9
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.9
7.9
7.2
4.2
12.4
4.7
6.2
4.2
9.0
7.5
7.5
7.9
7.1
6.2
4.6
7.1
1980
1981
Ill
Constant
(1982)
dollars
Current
dollars
.
Implicit
price
deflator
Personal consumption expenditures
Chain price
index
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
3.7
4.2
4.1
3.9
3.1
3.2
2.7
3.3
4.4
4.1
4.6
4.9
2.8
3.5
6.0
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
3.6
4.7
3.0
3.3
1.8
2.4
4.4
4.7
4.0
4.6
3.2
3.2
5.4
NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quar-
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.6
4.2
4.5
4.0
4.0
3.2
3.3
3.1
3.8
5.2
4.3
4.8
5.0
2.9
3.6
6.4
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.4
7.3
10.3
9.7
7.2
6.0
6.2
3.6
7.5
7.6
7.1
7.6
7.6
4.9
9.2
-0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.4
2.7
5.3
5.5
4.3
1.9
2.2
-.7
3.3
3.0
2.0
1.9
5.6
.5
1.6
Implicit
price
deflator
Chain price
index
Fixedweighted
price index
(1982
weights)
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.7
4.1
4.5
4.8
4.1
3.1
4.2
3.9
4.3
4.3
4.8
4.7
5.8
2.1
4.4
7.2
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.8
3.9
4.4
4.4
4.3
3.0
4.0
3.9
4.4
3.9
4.6
4.8
5.7
1.9
4.4
7.5
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.7
4.3
4.7
4.8
4.1
3.2
4.3
3.9
4.5
4.6
4.9
4.8
6.3
2.2
4.4
7.5
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
1980
1981
1982.
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
19861987:
1988:
IV
IV
IV
IV
IV
IV
UI
IV
1989- I
II
Ill
IV
1990- I
1
>
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,520.7
2,731.3
2,906.9
1,779.4
2,012.5
2.201.8
2,309.4
2,408.7
2,598.4
2,754.9
2,816.4
2,842.7
2,887.2
2,936.2
2,961.4
r
2,996.2
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,282.6
2,419.5
2,481.5
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,343.3
2,434.1
2,453.2
2,459.1
2,471.3
2,497.2
2,498.5
2,500.0
Total
cost
and
profit 2
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.104
1.129
1.171
1.011
1.037
1.064
1.080
1.096
1.109
1.132
1.148
1.156
1.168
1.176
1.185
1.198
0.095
.109
.125
.123
.118
.119
.123
.123
.123
.128
.131
.120
.118
.120
.124
.122
122
.124
.125
.126
.129
.131
.130
0.077
.090
.094
.098
.100
.103
.106
.106
.107
.111
.096
.098
.102
.104
.106
.106
.108
.108
.110
.111
.112
.113
.115
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
3
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.704
.721
.730
.744
.781
.685
.680
.694
.713
.727
.734
.746
.756
.768
.778
.783
.795
.807
0.031
.037
.043
.037
.039
.038
.041
.047
.052
.060
.042
.037
.042
.037
.042
.050
.053
.055
.057
.060
.061
.062
.062
Total
0.068
.078
.063
.089
.109
.106
.098
.098
.103
.091
.057
.103
.107
.106
.096
.098
.102
.105
.096
.093
.091
.085
.085
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.041
.044
.040
.023
.036
.032
.033
.038
.041
.044
.045
.045
.041
.038
.037
.038
Profits
after
tax *
0.031
.044
.037
.057
.073
.073
.064
.058
.059
.051
.034
.066
.075
.072
.058
.057
.058
.061
.051
.053
.053
.048
.047
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
18.524
18.643
18.704
19.217
19.682
19.996
20.456
20.908
21.393
21.411
18.770
19.422
19.784
20.116
20.650
21.176
21.469
21.446
21.356
21.364
21.522
21.488
21.375
10.769
11.777
12.635
13.039
13.528
14.069
14.746
15.252
15.907
16.725
12.866
13.208
13.735
14.341
15.008
15.535
16.024
16.213
16.407
16.625
16.843
17.089
17.247
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]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1982
1983
1984
1985
1986
1987
1988
1989
Nonfarm
Rental
income of
persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,665.4
3,972.6
4,266.5
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,690.0
2,907.6
3,144.4
24.6
12.4
30.5
30.2
34.7
41.6
39.8
46.2
150.9
178.4
204.0
225.6
247.2
270.0
288.0
305.9
13.6
13.2
8.5
9.2
11.6
13.4
15.7
7.9
150.0
213.7
266.9
282.3
282.1
298.7
328.6
301.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
272.0
169.6
207.6
240.0
224.3
221.6
266.7
306.8
290.7
-10.4
109
-5.8
1.7
6.7
-18.9
250
18 7
92
17.0
32.7
59.7
53.8
50.9
46.8
29.3
272.3
281.0
304.8
319.0
325.5
351.7
392.9
460.8
IV
IV
IV
IV
IV
IV
2,548.2
2,851.5
3,096.1
3 312 8
3,473.1
•3,799.9
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,778.7
28.5
19.3
28.1
29.2
37.2
48,4
159.8
188.6
209.7
235.0
252.0
280.3
15.8
12.4
5.6
7.8
13.5
14.3
146.1
248.5
266.9
291.4
275.2
308.2
150.7
223.4
224.6
228.4
226.1
255.8
164.1
231.5
226.1
235.0
234.1
276.2
13 4
-8.1
-1.6
-6.6
-8.0
— 20.4
-4.5
25.1
42.3
63.0
49.1
52.4
266.9
290.2
313.1
322.7
324.0
370.0
1988: HI
IV
4,005.7
4,097.4
2,935.1
2,997.2
37.7
32.0
289.3
296.3
16.3
16.1
330.9
340.2
284.1
298.7
314.4
318.8
304
-20.1
46.9
41.5
396.4
415.7
1989- I
n
m
IV
4,185.2
4,249.6
4,287.3
4,344.0
3,061.7
3,118.2
3,171.9
3,225.9
59.0
51.3
36.1
38.5
300.3
304.2
307.2
311.8
11.8
9.8
5.4
4.8
316.3
307.8
295.2
285.9
219.1
275.5
268.7
264.0
318.0
296.0
275.0
273.7
-38.3
-20.5
-6.3
-9.7
36.6
32.3
26.5
21.9
436.1
458.4
471.5
477.2
1990: I*
4,438.3
3,285.5
51.9
322.7
8.1
289.7
272.2
283.3
-11.1
17.5
480.4
198219831984:
1985:
1986:
1987:
1
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Total
personal
Period
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
nondurable
goods
Food
48.1
51.6
59.3
63.2
70.0
76.5
81.6
85.8
771.0
816.7
867.3
911.2
942.0
998.1
1,052.3
1,123.4
99.1
112.4
122.7
134.7
143.8
151.4
49.0
53.2
61.8
64.7
77.1
76.7
208.4
215.3
162.7
166.1
466.4
471.0
486.1
469.5
211.7
212.9
225.6
205.3
489.9
219.0
Clothing and
shoes
Gasoline
and oil
398.8
421.9
448.5
471.6
500.0
529.2
559.7
594.9
124.4
135.1
146.7
156.4
166.8
177.2
186.8
200.1
89.1
90.2
90.0
90.6
73.5
75.2
76.8
84.0
158.7
169.5
182.1
192.6
201.7
216.6
229.0
244.5
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,591.7
1,727.6
1,874.4
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
786.6
837.9
879.6
932.7
952.1
1,015.4
407.0
430.8
456.1
482.5
511.9
536.8
126.5
141.1
149.8
160.6
168.7
180.6
89.8
91.9
89.0
91.0
66.0
76.7
163.4
174.0
184.7
198.5
205.5
221.3
1,066.5
1,161.9
1,267.1
1,394.5
1,494.4
1,643.3
6.0
1.4
7.7
7.0
7.7
6.6
2.5
2.6
2.6
3.1
3.4
3.3
81.4
86.0
1,066.2
1,078.4
567.8
574.1
188.9
193.9
78.3
77.6
231.2
232.8
1,744.7
1,778.2
7.4
7.5
3.0
3.0
172.1
173.5
173.9
174.8
82.6
84.6
86.7
89.4
1,098.3
1,121.5
1,131.4
1,142.4
587.3
592.2
598.1
601.8
195.0
198.9
202.2
204.3
77.9
89.5
85.2
83.2
238.1
241.0
245.9
253.1
1,816.7
1,851.7
1,890.6
1,938.7
7.0
7.3
7.9
6.2
2.8
3.0
2.9
2.6
181.1
89.8
1,168.2
616.5
208.9
85.3
257.5
1,971.2
7.0
2.8
sumption
expenditures
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
3,471.1
252.7
289.1
335.5
372.2
406.0
421.0
455.2
473.2
108.9
130.4
157.4
179.1
196.2
195.5
211.6
213.9
95.7
107.1
118.8
129.9
139.7
149.1
162.0
173.6
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
263.8
310.0
346.7
373.2
422.0
424.5
115.7
144.4
162.3
173.8
201.1
196.3
3,263.4
3,324.0
452.5
467.4
IY
3,381.4
3,444.1
3,508.1
3,550.6
1990: I T
3,629.4
1982..
1983
1984..
1985
1986
1987.
1988
1989 .
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
... .
1988: m
... .
rv
1989: I
n
in
....
Source: Department of Commerce, Bureau of Economic Analysis.
Services
Retail sales of
new passenger
cars (millions of
units)
Other
Other
Domestics
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $14.0 billion (annual rate) in May following an increase of $12.0 billion in April. The changes
were affected by decreases in subsidy payments to farm proprietors. Excluding these payments, personal income
increased $17.9 billion in May and $21.9 billion in April.
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000 I
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
4,000
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
'
\
OTHER INCOME
800
1800
TRANSFER
PAYMENTS
400'
imilmii
Illllllllll
Illlllinil
1982
1983
1984
Illllllllll
1985
him miilimi
1986
1987
400
mill
Illlllillll
1988
1989
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
.personal
income
2 2584
2 5209
2 670 8
2 838 6
3 108 7
3 325 3
3 526 2
3 777 6
40645
4427 3
May
4 396 3
4 417 5
July
4443 7
44569
4467 1
Sept
Oct/
Nov
Dec
1990: Jan T....
Peb r
Mar ...
4 500 3
4 541 5
4 564 1
4 603 6
4 637 9
4 674 8
Apr
4686 8
T
r
May"..
4 700 8
Wage and
salary
disbursements *
1 372 0
1 510 3
1 586 1
1 6766
1 838 6
1 9754
2 094 8
2 2494
2 429 0
2 631 1
2 603 5
2 621 7
2 644 7
2 651 0
2 6684
2 693 4
2 694 7
2 712 2
2 724 7
2 747 9
2 763 9
2 780 3
2 790 6
Proprietor ' income 3
Other labor
income 1 2
138 4
150 3
163 6
173 6
182 9
187 6
199 3
212 8
2289
248 3
2460
247 5
249 1
250 7
252 2
253 8
255 3
2569
2595
261 5
263 6
265 1
266 7
Farm
205
30 7
24 6
12 4
30 5
30 2
34 7
41 6
39 8
46 2
54 3
43 2
38 8
365
32 9
39 3
38 9
37 2
44 3
49 0
62 5
52 6
49 7
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
160 1
156 1
150 9
1784
204 0
225 6
247 2
270 0
2880
305 9
303 5
304 6
3063
308 0
3074
306 3
313 7
315 6
319 8
323 0
325 1
325 3
326 1
Less:
income of
persons 4
66
13 3
13 6
13 2
85
92
11 6
13 4
15 7
79
98
97
93
84
—16
80
102
12 2
97
7i
74
77
81
dividend
income
52 9
61 3
63 9
68 7
75 5
78 7
85 8
92 0
102 2
112 4
111 4
111 8
112 8
113 3
113 6
114 8
115 8
116 4
117 2
118 1
118 8
119 8
121 0
interest
income
payments 5
271 9
335 4
369 7
393 1
444 7
324 7
368 1
410 6
442 6
456 6
4780
4898
493 2
523 2
571.1
521 5
548 2
6574
632 3
6552
625.5
6309
6326
6364
6402
661 8
6650
667 9
6704
674 0
677 7
681 3
6834
685 2
6870
6890
691 2
584.7
644 6
653 1
651 4
672 4
671 1
674 1
672 4
675 1
4
contributions
for social
insurance
886
1045
112 3
120 1
132 7
1493
161 9
172 9
194.9
214 2
212.7
213 8
2148
215 2
216.3
217 8
217.9
219 0
2273
225 0
2275
225 5
227 6
personal
income 6
2 215 8
24656
2 618 7
2 799.0
3052 1
3 271 3
34694
3 7147
4,003.7
43596
4 320.5
4 352 6
4 383.1
4 3986
4 412.4
4 439 3
4 480.9
4505 1
4537 7
4567 3
45908
4612 6
46295
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the first quarter of 1990.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
^rr
&
3,800
J i
BILLIONS OF DOLLARS * (RATIO SCALE)
3,800
3,400
DISPOSABLE PERSONAL INCOME
n
£ep*^r~
3,000
2,600
2,200
'///f/u^-^
PERSC>NAL
7ZPZZ&
i^zzz***222
^rrrtZA
•zt^
—
•%ZZ^ - **~
3,400
3,000
2,600
OUTLAY:
SAVING
2,200
1,800
1,800
\
1,400
1
i i i
1
1
1
1
i i i
\
1
1
1
1
\
\
1
1
DOLLA *S * (RATIO SCALE)
16,000
PER CAPITA DISPOSABLE PERSONAL INCOME
1
1
1,400
14,000
X ..
12,000
-1
"
n "^"""^
12,000
•
r
16,000
— -~
r
14,000
->-
^ZZ~-'"
10,000
1
DOLLARS * (RATIO SCALE)
10,000
1982 DDL LARS
8,000
8,000
1
6,000
1
I i i
1
1
1983
1982
1
1
1
1984
1 1
1985
1 1 1
1986
1
1
1
1
1987
1 1
1988
Period
Personal
income
tax and
nontax
payments
Equals'
Disposable
income
Less:
Persona!
outlays *
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per capita
disposable personal
income
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,777.6
4,064.5
4,427.3
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.7
586.6
648.5
1,918.0
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
s',013.3
3,205.9
3,477.8
3,778.8
1
1982
Per capita personal
consumption
expenditures
Current
dollars
dollars
8,421
9,243
9J24
10,340
11,257
11,861
12^469
13,140
14,116
15,186
9,722
9,769
9^724
9,930
10,419
10,625
10^905
10,970
11,337
11,680
8,320
8318
9,515
10,253
10,985
11^576
12,340
13,131
13,950
Billions of dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988.
1989
1
1989
1
1
1
6,000
1990
COUNCIL OF CONOMIC ADVISERS
• SEASONALLY ADJUSTED ANNUAL RATES
Less:
Personal
1
Current
dollars
1982
dollars
Dollars
1,781.1
1,968.1
2^107.5
2,297.4
2,504.5
2,713.3
2388.5
3,104.1
3,333.1
3,574.4
136.9
159.4
153.9
130.6
164.1
125.4
124.9
101.8
144.7
204.4
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.8
2,635.3
2,676.6
2,793.2
2,906.3
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
7,607
8,783
8,794
8318
9,139
9,489
9,839
— 1.1
.5
7.1
7.5
227,754
10,303
10,546
10,729
2.1
4.9
2.0
2.6
.6
3.3
3.0
6.8
5.4
6.1
4.4
4.1
3.2
4.2
5.4
230,182
232^549
234,829
237,051
239,322
241^660
243,985
246,378
248,831
— .5
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,908.7
411.1
413.9
459.7
499.6
534.4
589.2
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,319.4
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,177.6
143.1
145.4
157.3
111.7
102.0
141.8
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,726.2
9,929
10,725
11,467
12,068
12,629
13,552
9,749
10,151
10,491
10,667
10,909
11,130
9,068
9,825
10,479
11,240
11,825
12,588
8,904
9,299
9,587
9,935
10,214
10,338
1.2
9.1
1.7
3.3
.3
6.6
6.2
5.8
5.8
3.9
3.3
4.3
233,466
235,707
237,946
240,257
242,579
244,936
1988: HI....
IV
4,097.6
4,185.2
585.9
597.8
3,511.7
3,587.4
3,362.1
3,424.0
149.6
163.4
2,806.4
2,835.9
14,235
14,504
11,377
11,466
13,229
13,439
10,572
10,624
3.7
3.2
4.3
4.6
246,685
247,343
1989: I
IV
4,317.8
4,400.3
4,455.9
4,535.3
628.3
652.6
649.1
664.1
3,689.5
3,747.7
3,806.8
3,871.3
3,483.8
3,547.0
3,611.7
3,655.3
205.7
200.7
195.1
216.0
2,881.7
2,887.6
2,919.2
2,936.9
14,884
15,084
15,280
15,495
11,625
11,622
11,717
11,755
13,641
13,862
14,081
14,212
10,654
10,681
10,798
10,782
5.7
-.1
3.3
1.3
5.6
5.4
5.1
5.6
247,890
248,456
249,143
249,836
1990: I r
4,638.8
672.3
3,966.5
3,735.0
231.5
2,955.4
15,840
11,802
14,494
10,800
1.6
5.8
250,409
IV
IV
IV
IV
IV
IV
n
m....
1
consumers to business, and personIncludes personal consumption expenditures, interest
1 transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1989, according to current estimates, gross farm income rose $0.2 billion (annual rate) and
net farm income rose $5.1 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
240
200
BILLIC)NS OF DOLLARS* (RATIO SCALE)
240
200
^
160
x
1—"""
^_
'
'
r-
^^s.
,
\
s**^.
_—,r,.
— _-••'''
1•
I
i
•—
160
120
120
80
80
An
60
40
40
20
20
10
10
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989"
1987- in.
IV
1988: I
n
m
IV
1989: I
n
ffl
IV"
1
149.3
166.4
163.5
152.9
175.0
166.3
160.3
171.7
177.6
190.6
167.8
175.9
174.7
182.0
175.0
178.6
195.0
194.7
186.1
186.3
139.7
141.7
142.6
136.5
142.5
144.1
135.5
139.5
151.5
157.9
144.8
138.1
144.4
148.8
160.4
152.2
153.1
160.5
163.5
154.6
Livestock and
products
71.7
72.5
72.3
67.1
69.5
74.3
64.0
63.8
72.6
74.1
66.9
62.2
62.6
73.5
82.1
71.9
68.9
79.0
82.0
66.6
68.0
69.2
70.3
69.4
73.0
69.8
71.5
75.7
78.9
83.8
77.8
75.8
81.8
75.3
78.3
80.3
84.2
81.5
81.5
88.0
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
3
Value of
inventory
changes 2
63
6.5
14
-10.9
6.3
-2.4
27
— .4
43
5.8
-.2
-1.7
-4.0
44
-4.7
41
7.0
5.8
4.8
5.5
Production
expenses
Current
dollars
133.1
139.4
140.0
140.4
142.7
134.0
122.4
128.0
135.0
142.0
131.3
131.7
130.2
133.7
138.2
137.8
141.7
144.1
143.6
138.7
1982 dollars 3
16.2
27.0
23.5
12.5
32.3
32.3
37.9
43.5
42.6
48.6
36.3
44.1
44.5
48.3
36.8
40.8
53.3
50.6
42.5
47.6
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation Joans and operator households.
Sources: Department of Agriculture and Department of Commerce.
18.8
28.7
23.5
12.0
29.9
29.1
33.4
37.1
35.2
38.4
30.9
37.2
37.4
40.0
30.2
33.1
42.8
40.2
33.5
37.2
CORPORATE PROFITS
In the first quarter of 1990, according to revised estimates, corporate profits before tax rose $9.6 billion (annual
rate) and after-tax profits rose $1.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360,
360
SEASONALLY ADJUSTED ANNUAL RATES
3201
320
/^
\
280
!/
y
PROFITS BEFORE TAX
240
r^\
f*
200
.
280
/
240
*\
200
/
160
^
f
120
s
s
— — **'
X
^
— ~^ v PRC3FITS AFTER T/W
y—"~~"
160
""X
^^i.
s
'
'
X
*^.—
.
TAX LIABILIT
120
;
80
80
UNDISTF IBUTED PROFI' rs
-/ S
0
1
1
1
1
1 1
1983
1982
1
1 1
1984
1
1 1
1985
x
V—|
*"""
--\
40
I
1
1 1
1986
1 1
1987
i \ i
40
1
1 1
1
1
n
1
1990
1989
1988
COUNCIL OF CONOMIC ADVISERS
SOURCE: DEPARTMEN OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Total
2
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
19821983:
1984:
1985:
19861987:
1988:
194.0
202.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
272.0
IV
IV.. .
IV
IV
IV
IV
III
IV
1989:
I...
n
m
rv
1990: I r .
1
2
Profits
before tax
Nonfinancial
Period
159.6
173.8
131.2
166.6
203.3
191,4
195.2
208.7
238.2
150.7
223.4
224.6
228.4
226.1
255.8
224.1
121.6
190.7
193.9
193.6
193.4
211.8
284.1
298.7
239.0
252.2
279.7
275.5
268.7
264.0
233.1
231.8
272.2
220.4
223.0
208.6
Financial
21.0
16.5
11.8
18.1
13.0
22.8
32.0
30.5
29.8
22.2
18.7
15.5
13.6
26.0
28.6
29.9
31.6
30.1
29.3
28.6
17.8
13.0
21.5
Total 3
138.6
157.3
119.4
148.5
190.3
168.6
163.2
178.2
208.4
202.0
102.9
175.2
180.3
167.6
164.8
181.9
207.3
222.1
203.9
203.2
205.2
195.6
198.9
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
Tax
liability
Wholesale and
retail
trade
77.1
88.5
58.0
70.1
88.8
79.7
59.5
76.6
98.4
86.9
46.8
88.6
79.8
83.8
64.8
84.5
95.1
105.5
21.6
32.5
34.6
38.9
51.2
44.1
44.1
41.1
40.1
39.1
237.1
226.5
169.6
207.6
240.0
224.3
221.6
266.7
306.8
290.7
33.6
43.1
51.8
38.5
41.0
41.2
39.2
41.8
164.1
231.5
226.1
96.5
90.3
86.6
74.4
80.5
34.1
36.9
41.9
43.6
38.4
3
235.0
234.1
276.2
314.4
318.8
318.0
296.0
275.0
273.7
283.3
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
84.8
81.1
63.1
77.2
93.9
96.4
106.3
124.7
137.9
129.7
59.8
88.1
87.0
99.8
113.1
127.3
141.2
143.2
152.3
145.4
106.5
130.4
146.1
127.8
115.3
142.0
168.9
161.0
104.3
143.4
139.2
135.2
121.0
148.9
173.2
175.6
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.7
110.4
122.1
68.5
73.9
80.8
84.0
93.6
102.8
112.2
115.2
97.6
81.8
39.6
58.9
67.0
44.6
24.0
43.3
58.5
38.9
35.8
69.5
58.4
51.2
27.4
46.1
61.1
60.4
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
-18.7
-13.4
-8.1
-1.6
-6.6
-8.0
-20.4
-30.4
-20.1
144.4
134.9
122.6
116.9
124.8
173.6
161.1
152.4
156.7
158.5
118.5
120.9
123.3
125.6
128.1
55.1
40.2
29,1
31.1
30.4
-38.3
-20.5
-6.3
-9.7
— 11.1
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter of 1990, nonresidential fixed investment rose $14.7 billion
(annual rate} and residential investment rose $5.9 billion. There was an $11.7 billion decrease in inventories,
following an increase of $26.1 billion in the fourth quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
SEASONALLY ADJUSTED Ar.
800
JAL RATES
800
GROSS PRIVATE DOMESTIC
INVESTMENT
/>
\
700r
i
500
-—~~x
f—^\
A
600
/
"
's-
^
^~~
"
^~"1
700
-
— ^]
600
-
N 3NRESIDENTIA L
CIV ED
INVESTMEf- U
500
--""
/
-
---•"
400
400
""•*...
.
-
--'
RE 5IDENTIAL
300
FIXED
-
\
-
_J...
200
200
.^._- ""
-
-
CHANGE IN BUSINESS
INVENT DRIES
100
'
-
*•»
i
t
___
^_
4
0
-**
-100
300
INVESTMENT
1
1 1
1982
t
i i
1983
1
1984
1
1
-\ N
i i i
1986
1985
100
—
1
1
1
1987
1
1 1
1988
437.0
515.5
447.3
502.3
664.8
643 1
659.4
6999
750.3
7734
..
1989- I
769.6
775.0
779.1
770.1
n
m
IV
...
Source: Department of Commerce, Bureau of Economic Analysis.
409.6
579.8
661.8
854.1
648.8
749.7
771.1
752.8
TTT
rv
1990- I r
1
1 1
1989
t
1 1
1990
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
...,„
I^ised investmen
Gross
private
domestic
Producers'
Total
investment
durable
Structures
Total
equipment
IV
IV
IV
IV
IV
IV
N
0
VENT OF COMMERCE
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982198319841985198619871988'
-
752.9
445 3
491.5
471 8
509.4
597 1
631 8
6525
6706
719.6
7463
469.5
548.8
6168
646.8
660.9
686.3
7265
734.1
742.0
747.6
751.7
744.0
764.6
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.3
487.2
511.7
354.9
383.9
435.0
451.3
435.8
458.6
493.2
495.8
503.1
512.5
519.6
511.4
526.1
113.9
138.5
143.3
124.0
141.1
153 2
139.0
1338
140.3
144.9
137.6
127.4
146.6
155.9
133.7
138.9
142.0
142.5
144.7
142.4
146.2
146.4
151.3
208.9
230.7
223.4
232.8
274.9
2897
296.2
3105
346.8
366.7
217.3
256.5
288.4
295.5
302.2
319.7
351.3
353.3
358.5
370.1
373.4
365.0
374.8
Change ir business
Residential
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.4
232.4
234.6
114.7
164.9
181.8
195.5
225.1
227.7
233.2
238.4
238.8
235.1
232.1
232.6
238.5
Nonfarm
Total
— 8.3
24.0
— 24.5
-7.1
67.7
11.3
6.9
29.3
30.6
27.1
— 59.9
31.0
45.0
7.2
— 12.2
63.3
44.6
18.7
27.7
27.4
27.4
26.1
11.7
24
18.3
23 1
.4
60.5
146
8.6
305
34.2
22 2
-51 1
21.3
41 3
23.7
-80
61.3
41 5
40.8
19.1
23.6
19.8
264
-16.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May survey, business spending for new plant and equipment is
expected to rise 6.7 percent in 1990, following a rise of 10.4 percent in 1989.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
60U
SEASONALLY ADJUSTED ANNUAL RATES
500
500
^
400
r
^~^T
ALL INDlJSTRIES
.
^-^
-^
300
^\
^-——..
^
"
400
'
^
300
^
,_^
._ .^ —
_._..r-200
\
\
NONM/\NUFACTURIN Gil
.S*'
%
«•»
*.
„-'"'
•--^x
200
\
MANUFACT JRING
100
100
I
1
1982
I
1
1
1
1
1983
1
1 1
1984
1
1
I
1
1
1
1
1987
1986
1985
1
\
1
1
1988
J/SURVEYED QUARTERLY
^/SEE FOOTNOTE 4 8ELOW
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1989
1
31 tJ ll
1 1
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufaeturing
Manufacturing
Period
All
industries
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 4
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
430.76
475 52
507.23
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
184.54
190.89
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.30
83.68
85.71
1988: I
II
Ill
IV ....
413 34
427.54
435.61
442.11
157 97
162.62
188.76
173.32
1989: I
III
IV ..
459.47
470.86
484.93
486.80
1990: I '
II4
III *
IV4 .
500.29
506.84
511 59
510.21
II
10
Total
nonfarm
business 2
Nonmanufaeturing
Manufacturing
Total
Surveyed
quarterly
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
317.17
347.50
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
290.97
316.34
Non- 1
durable Total '
goods
Mining
Transportation
Public
utilities
Commercial
and
other
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
88.01
100.86
105.18
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
290.97
316.34
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.66
12.52
13.40
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.34
24.59
28.21
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.67
50.72
52.51
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
183.76
203.14
222.22
75.28
77.38
79.15
80.56
82.69
85.24
89.62
92.76
255.37
264.92
266.85
268.79
12.61
13.15
12.53
12.38
20 35
20.95
22.02
22.04
45 05
45.60
46.69
48.73
177 37
185.21
185.61
185.65
157 97
162.62
168.76
173.32
255 37
264.92
266.85
268.79
175.22
181.53
187.66
1S3.76
81.26
82.97
85.66
84.84
93.96
98.57
102.00
108.92
284.24
289.33
297.28
293.04
12.15
12.70
12.59
12.65
23.13
24.26
28.53
22.43
50.81
52.01
49.57
50.50
198.15
200.36
206.59
207.46
175 22
181.53
187.66
193.76
284.24
289.33
297.28
293.04
192.36
189.53
190.32
191.35
88.04
83.97
84.99
85.86
104.32
105.56
105.33
105.49
307.93
317.31
321.28
318.86
12.86
13.77
14.02
12.95
28.07
27.11
30.48
27.17
49.53
54.54
53.97
52.01
217.46
221.89
222.82
226.73
192.36
189.53
190.32
191.35
307.93
317.31
321.28
318.86
Durable
goods
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
483.48
532.04
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
184.54
190.89
Surveyed
annually 3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In May, civilian employment rose 234,000 and unemployment fell 117,000.
MILLIONS OF PERSONS'
MILLIONS OF PERSONS'
126
SEASONALLY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
114
114
110
110
CIVILIAN
EMPLOYMENT
106
106
102
102
98
x
/
12
8
UNEMPLOYMENT
4
0
1982
1986
1983
1987
1989
1988
1990
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons It? years of age and over, exeept as noted; monthly data seasonally adjusted except as noted hy NSA]
Period
Resident
Armed
Forces
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
187,854
187,995
188,286
188,428
188,580
188,721
188,865
1,673
1,666
1,666
1,688
1,702
1,709
1,704
1,700
125,224
125,777
125,679
125,758
125,725
125,857
126,192
126,246
118,805
119,208
119,102
119,238
119,121
119,294
119,540
119,588
123,551
124,111
124,013
124,070
124,023
124,148
124,488
124,546
117,132
117,542
117,436
117,550
117,419
117,585
117,836
117,888
188,990
189,090
189,198
189,326
189,467
1,697
1,678
1,669
1,657
1,639
126,094
126,308
126,498
126,543
126,643
119,560
119,713
120,003
119,773
119,989
124,397
124,630
124,829
124,886
125,004
117,863
1981
1982
1983
1984
1985
1986*
1987
1988
1989
1989:
May
June
July
Aug
Sept
Oct
Nov
Dec
1990:
Jan
Feb
Mar
Apr
May
1
188,149
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
NSA
Labor force
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagricultiiral
Civilian
labor force
1
Total
118,035
118,334
118,116
118,350
Agricultural
Total
Part time
for
economic
reasons 1
Total
15
weeks
and
over
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
106,434
109,232
111,800
114,142
5,852 10,678
5,997 10,717
5,512
8,539
5,334
8,312
8,237
5,345
5,122 1 7,425
6,701
4,965
6,528
4,657
2,285
3,485
4,210
2,737
2,305
2,232
1 ,983
1,610
1,375
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
3,137
3,138
3,217
3,275
3,219
3,197
3,160
3,197
113,995
114,404
114,219
114,275
114,200
114,388
114,676
114,691
4,643
4,738
4,583
4,567
4,605
4,526
4,552
4,554
6,419
6,569
6,577
6,520
6,604
6,563
6.652
6,658
1,331
1,295
1,461
1 ,338
1,359
1,378
1,422
1,362
66.4
66.6
66.5
66.5
66.4
66.4
66.6
66.5
62.9
63.1
63.0
63.0
62.9
62.9
63.0
63.0
3,134
3,079
3,200
3,133
3,305
114,728
114,957
115,133
114,983
115,045
4,729
4,703
4,747
6,535
6,594
6,495
6,770
6,653
1,430
1,369
1,333
1,386
1,374
66.4
66.5
66.6
66.5
66.6
62.9
63.0
63.1
62.9
63.0
97,030
96,125
97,450
101,685
103,971
4,499
4,630
4,666
8,273
11
SELECTED UNEMPLOYMENT RATES
In May, the overall unemployment rate was unchanged at 5.3 percent and the civilian unemployment rate fell
slightly, to 5.3 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
/V
15
15
10
10
SA
•v\ -'X.
TEENAGERS
(16-19)
-J\ H/e
\ /"s. I\
t
.
v y V -^
WOMEN 20 YEARS
AN DOVER
y^».. -
™~j^>^
MEN 20 YEARS
ANDOV ER
,,,,,!,,,,,
I! i 1 1 i ! 1 1 1 1
1986
1990
-«w«
1 ! 11 E 1I 11 1 H
I M 1 11 H H
1987
1989
1988
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1 1 11 1 1 1 11 1 1
1990
COUNCIL Of ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989 .
1989:
Women
20 years
and
over
Both
sexes
16-19
years
White
Black
and
other
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4^7
4.5 !
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
100
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
Oct
Nov
Dec
5.1
5.2
5.2
5.2
5.3
5.2
5.3
5.3
5.2
5.3
5.3
5.3
5.3
5.3
5.3
5.3
4.3
4.4
4.4
4.5
4.8
4.5
4.6
4.6
4.7
4.8
4.9
4.7
4.5
4.8
4.8
4.8
15.0
15.4
15.1
14.8
15.0
14.9
15.3
15.2
4.4
4.5
4.5
4.5
4.5
4.5
4.5
4.6
9.6
10.2
9.6
9.7
10.2
10.2
10.3
10.2
11.1
11.8
11.0
11.2
11.7
11.7
11.9
11.8
4.9
5.0
5.0
5.0
5.0
5.0
5.1
5.0
2.9
2.9
3.0
3.1
3.3
3.0
3.1
3.0
8.2
7.9
8.5
8.0
7.7
7.8
8.2
8.1
Jan
Feb
Mar
Apr
May
5.2
5.2
5.1
5.3
5.3
5.3
5.3
5.2
5.4
5.3
4.7
4.6
4.5
4.8
4.7
4.6
4.8
4.7
4.8
4.6
14.5
14.8
14.4
14.7
15.5
4.5
4.6
4.5
4.8
4.6
10.1
9.2
9.4
9.1
9.3
11.3
10.5
10.6
10.4
10.4
5.1
5.1
5.0
5.2
5.0
3.4
3.0
3.2
3.3
3.3
7.5
7.5
8.4
7.5
7.4
May
Sept
1
Men
20 years
and over
By selected groups
By race
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
Aug
2
By sex and age
All
civilian
workers
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
June ....
July
1990:
Unemployment
rate,
all
workers 1
7.6
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate bonrs lost bv tile unemployed and persons on part iime for economic reasons as per-
12
cent of potentially available labor force hours.
Snnrce: Denartment of Labor. Ryreao o! l.anir Statistics.
Parttime
workers
Labor
force
iime lost
(percent) 2
9.4
8.5
10.5
10.4
11.0
10.9
9.3
9.3
9.1
8.4
7.6
7.3
8.6
8.1
7.9
7.1
6.3
5.9
4.9
4.9
5.0
4.9
5.0
4.9
5.0
5.0
6.9
7.7
7.2
7.1
7.3
7.1
7.4
7.5
6.0
6.0
6.0
6.0
6.0
5.9
5.9
6.0
5.0
4.9
4.9
5.1
4.9
7.0
7.4
7.2
7.1
7.4
6.0
5.9
5.9
6.2
6.0
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In May, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeks
and over fell and the percentages for 5-14 weeks and for 15-26 weeks rose. The mean duration of unemployment
fell and the median rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
TW-x/
^"^v**»>t
*^
WV~]V\A'J
\s
JOB LOSERS
REENTRANTS
^X
_/.-.'v"
•VV.A-V ,-'"'V\. .'V
JC B LEAVERS
\
<5>AoO<r" y^C^
10
-
^A^- J\
^V
^s/
NEW ENTR \NTS
Ifllllllltl
1986
1986
1990
it t t 1 1 1 tut
II II 1 t M 1 1 1 1 t I M 1 1 1 1 tt
1987
1988
• SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1989
111 111 11 11 1
1990
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Unemployment
(thousands)
Period
Number of
weeks
Percent distribution
Less
than
5
weeks
5-14
weeks
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
48.0
49.8
47.9
48.3
48.3
48.4
48.8
49.5
47.5
47.8
48.6
47.4
45.6
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
31.2
30.5
29.9
31.0
31.0
30.5
29.8
30.1
30.7
31.5
31.1
32.2
33.7
State
programs
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.1
10.4
12.7
11.7
11.7
11.4
11.5
10.9
11.8
11.1
10.7
10.3
11.5
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
9.7
9.3
9.5
9.0
9.0
9.7
9.8
9.5
9.9
9.7
9.6
10.2
9.2
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
11.9
11.2
11.9
11.4
11.5
11.7
11.6
11.5
12.1
11.7
12.0
12.1
11.6
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.3
5.4
5.4
5.0
5.0
5.0
4.8
4.8
5.1
5.4
5.1
5.0
5.4
Job
losers
Job
leavers
Reentrants
New
entrants
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
43.4
43.0
44.5
46.2
44.9
45.5
46.3
46.3
48.5
47.1
46.3
46.8
47.4
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
17.1
15.6
15.5
16.1
15.8
15.2
15.7
15.8
15.5
15.3
15.5
17.5
15.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
28.7
30.4
29.0
27.6
29.4
28.9
27.6
27.7
26.3
27.4
28.4
26.5
27.2
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
10.8
11.1
11.0
10.0
9.9
10.5
10.4
10.3
9.7
10.3
9.8
9.2
10.2
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted)'
Weekly average, thousands
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989: May
July
Sept
Oct
Nov
Dec
1990' Jan
Feb
Mar
May
1
. .
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,419
6,569
6,577
6,520
6,604
6,563
6,652
6,658
6,535
6,594
6,495
6,770
6,653
Includes Slate (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen fUCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,193
2,269
2,068
2,133
2,194
2,169
2,208
2,295
2,305
2,373
2,367
2,334
2,349
2,381
2,400
460
583
438
377
396
378
328
310
330
316
331
334
323
331
366
348
367
359
357
347
360
351
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
1,957
1,936
2,168
2,007
1,863
1,912
2,146
2,518
3,059
2,992
2,843
2,526
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 rose 164,000 in May.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
no
100
28
SERVICES
_
=^—
26
ALL NONAGRICULTURAL
ESTABLISHMENTS
.s-"
-
\^"
.-•'*"
—
-
24
90
—.^•"'^
_
80 -
—
\
SER\ ICE-PRODUC ING
-
1 ETAIL TRAD!
20
INDUSTRIES
70
_- —-^
18
60 -
16
-
r
18 lilllllimillllltllllll
V
=
\
,
MAf vlUFACTURIN 7
\
iniiliiiii
Illllllllll
6
GOODS-P JODUCING
INDUSTRIES
30
""GOVERNMENT
1 \
frmlfim imiTnm iiiiiliiiiimiiiliiiii ii mill iih
n
20
—
'
I/
50
40
-
22
-J_
—^— |
~
iiiiiliniik
1
_^_
4
20 Ii 1 1 1 1 1 1 1 1 1 I1I l l t f l 1 1 II ii i til n in1 1 1 1 1 1 it n i mulling
' 1986
1987
1988
1990 "
1989
III mill ill II
r
1986
Mil 1 1 1 1 1 1 1 1 1 f i l l 1 1 1 ! 1 1 Illll II 1
1988
1987
•SEASONALLY ADJ USTED
SOURCE; DEPARTMENT OF LABOR
ipuliirii)
1990
1989
*
COUNCIL OF EC ONOM1C ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
Total
nonagricultural
employment
Manufacturing
Total 2
Construction
Pnn
Total
~?hie
goods
Nondurable
goods
D
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
e
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
1986
1987
1988
1989
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,584
108,581
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,249
25,634
4,188
3,905
3,948
4,383
4,673
4,816
4,967
5,125
5,300
20,170
18,781
18,434
19,378
19,260
18,965
19,024
19,403
19,612
12,109
11,039
10,732
11,505
11,490
11,230
11,194
11,437
11,536
8,061
7,741
7,702
7,873
7,770
7,734
7,830
7,967
8,076
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,335
82,947
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,548
5,705
5,358
5,278
5,268
5,555
5,717
5,753
5,844
6,029
6,234
15,189
15,179
15,613
16,545
17,356
17,930
18,483
19,110
19,575
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,676
6,814
18,619
19,036
19,694
20,797
22,000
23,053
24,236
25,600
26,892
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,372
17,727
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
1989: May....
June ...
July....
Aug....
Sept....
Oct
Nov ....
Dec
108,310
108,607
108,767
108,887
109,096
109,171
109,452
109,570
25,672
25,648
25,669
25,694
25,614
25,603
25,609
25,532
5,283
5,283
5,314
5,321
5,325
5,335
5,355
5,304
19,667
19,650
19,649
19,644
19,559
19,537
19,517
19,489
11,594
11,567
11,549
11,551
11,480
11,457
11,439
11,409
8,073
8,083
8,100
8,093
8,079
8,080
8,078
8,080
82,638
82,959
83,098
83,193
83,482
83,568
83,843
84,038
5,700
5,716
5,736
5,618
5,709
5,729
5,753
5,834
6,222
6,230
6,237
6,256
6,264
6,278
6,300
6,311
19,528
19,551
19,586
19,621
19,632
19,679
19,744
19,718
6,790
6,808
6,815
6,836
6,852
6,851
6,871
6,885
26,711
26,931
26,973
27,058
27,159
27,188
27,345
27,419
17,687
17,723
17,751
17,804
17,866
17,843
17,830
17,871
2,999
2,995
3,000
2,999
2,996
2,984
2,982
2,974
1990:
109,931
110,304
110,427
110,404
110,568
25,518
25,686
25,606
25,491
25,439
5,418
5,485
5,432
5,332
5,313
19,355
19,452
19,423
19,404
19,369
11,287
11,398
11,385
11,352
11,339
8,068
8,054
8,038
8,052
8,030
84,413
84,618
84,821
84,913
85,129
5,850
5,865
5,875
5,871
5,879
6,332
6,332
6,342
6,338
6,354
19,822
19,794
19,785
19,807
19,803
6,896
6,916
6,922
6,919
6,924
27,557
27,709
27,783
27,761
27,798
17,956
18,002
18,114
18,217
18,371
2,998
3,006
3,088
3,155
3,289
1981
1982
1983
1984
1985
Jan
Feb
Mar r..
Apr r...
May "..
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed" persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
foice, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Average gross hourly
earnings
Average weekly hours
Period
Total
private
mmagricultural 1
Total
Current dollars
Total private
nonagncultural '
Manufacturing
Overtime
Total
private
nonagricultural I
Manufacturing
Current
dollars
1977
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1977
dollars
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
$7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
9.66
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.18
10.47
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.36
335.20
$170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
166.52
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
429.27
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
493.08
506.72
$158.03
163.85
171.05
174.33
174.64
176.08
178.70
183.62
189.01
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.2
4.0
-1.5
12
1.9
.9
-1.4
.4
10
9
8
1989- May
June
July
Aug
Sept
Oct
Nov
Dec
34.6
34.6
34.8
34.6
34.7
34.7
34.6
34.5
41.0
41.0
41.0
41.0
41.0
40.8
40.7
40.6
3.8
3.8
3.9
3.8
3.8
3.7
3.7
3.6
9.60
9.62
9.69
9.69
9.74
9.78
9.78
9.83
10.42
10.45
10.48
10.52
10.55
10.55
10.57
10.61
332.16
332.85
337.21
335.27
337.98
339.37
338.39
339.14
165.17
165.10
166.85
165.98
166.74
166.85
165.80
165.51
427.22
428.45
429.68
431.32
432.55
430.44
430.20
430.77
494.17
498.17
511.30
510.73
510.16
514.75
521.87
508.64
187.56
188.43
190.97
189.22
189.50
191.69
190.37
190.86
3.3
3.5
4.2
3.7
3.6
3.5
3.1
3.4
20
-1.6
9
-.9
.7
-.9
-1.4
-1.1
1990:
34.5
34.6
34.6
34.6
34.6
40.7
40.7
40.8
40.7
41.1
3.7
3.6
3.6
3.5
4.0
9.83
9.88
9.92
9.95
9.99
10.55
10.65
10.71
10.73
10.83
339.14
341.85
343.23
344.27
345.65
163.68
164.11
164.22
164.57
165.07
429.39
433.46
436.97
436.71
445.11
518.93
521.08
514.55
499.45
513.55
192.67
193.92
195.08
196.04
195.94
2.7
3.8
3.9
2.6
4.1
-2.4
-1.3
-1.3
-1.8
1
1981
1982
1983
1984
1985
1986
1987
1988
1989
...
Jan
Feb
Mar r
Apr '
May'
1
2
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban
workers (on a 1977= 100 base).
3
tee earners and clerical
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1989 = 100)
12 months earlier
3 months earlier
Period
1981:
1982:
1983:
Dec
Dec
Dec
1984:
Dec.....
1985: Dec
1986: Dec
1987: Dec
1988: Dec
1989: Dec
1987: Mar... .
June
Sept.
Dec
1988: Mar
June
Sept ..
Dec
1989: Mar..
June
Sept
Dec
1990: Mar . .
1
Total
compensation
Wages and
salaries
71.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
91.0
91.6
92.5
93.1
94.5
95.7
96.6
97.6
98.8
100.0
101.2
102.3
103.9
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
92.0
92.6
93.5
94.1
95.0
96.1
97.0
98.0
99.0
100.0
101.2
102.0
103.2
Benefits
66.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
88.2
89.0
89.6
90.5
93.4
94.7
95.7
96.7
98.4
100.0
101.4
102.6
105.5
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.
1
Total
compensation
Wages and
salaries
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
.8
.9
.7
1.0
9.9
6.5
5.7
4.9
3.9
32
3.3
4.8
4.8
3.2
3.0
3.4
3.3
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
3.1
3.0
3.2
3.3
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
2.8
3.4
3.0
3.4
1.0
1.2
.9
1.0
3.2
1.4
1.1
1.0
3.8
4.5
4.4
4.8
3.3
3.8
3.7
4.1
5.9
6.4
6.8
6.9
1.0
1.0
1.2
.8
1.8
1.6
1.4
1.2
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
5.4
5.6
6.0
6.1
1.2
2.8
5.2
4.2
7.2
Total
compensation
Wages and
salaries
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
1.0
.7
1.0
.6
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
1.0
.7
1.0
.6
1.5
1.3
.9
1.0
1.2
1.2
1.2
1.1
1.6
Benefits '
Benefits '
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
Compensation per
hour 3
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1980
1981
1982. .
1983
1984
1985. ..
1986
1987...
1988
1989
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: I
II
in
IV
1989: I
II
in
IV
1990: lr'....
99.4
101.0
100.2
102.6
105.2
99.0
100.0
99.1
102.0
104.2
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.3
107.9
105.3
107.2
113.3
107.8
108.5
105.9
108.0
114.4
131.8
144.1
154.9
160.8
167.4
131.6
144.0
154.7
160.8
167.2
97.0
96.1
97.3
97.8
97.6
96.7
96.0
97.1
97.8
97.5
132.6
142.7
154.5
156.7
159.1
132.9
144.0
156.1
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
107.3
109.8
111.1
113.0
114.2
105.6
107.7
108.9
111.1
112.1
124.2
128.0
133.4
140.0
144.8
123.9
127.6
133.1
140.3
145.0
117.4
118.4
122.2
126.3
129.4
174.8
183.8
191.0
200.2
211.2
174.0
182.9
189.8
198.7
209.5
98.4
101.7
101.9
102.5
103.2
98.0
101.1
101.2
101.8
102.4
162.8
167.5
171.9
177.1
184.9
164.9
169.8
174.2
178.8
186.9
162.2
165.6
170.0
174.9
181.7
163.8
167.6
172.0
176.5
183.3
100.9
103.5
105.7
108.3
109.8
112.5
99.5
103.0
104.5
106.2
107.6
110.2
105.0
113.6
120.8
125.9
128.9
136.7
104.2
114.1
120.7
125.5
128.4
136.4
104.7
110.8
115.5
118.1
119.3
123.7
158.2
163.2
169.9
178.6
187.4
195.1
158.0
162.9
169.6
177.5
186.4
193.8
97.9
97.8
97.8
99.3
102.8
102.5
97.8
97.6
97.6
98.7
102.3
101.8
156.8
157.7
160.7
164.9
170.6
173.5
158.7
1582
162.3
167.1
173.2
175.8
150.2
155.2
159.8
163.7
167.1
171.3
151.4
156.2
161.0
165.5
169.2
173.4
113.2
112.6
113.4
113.5
111.0
110.5
111.5
112.0
138.2
139.3
140.7
141.9
138.0
139.5
141.1
142.8
124.3
126.2
126.6
127.5
196.4
199.1
201.9
204.5
195.0
197.5
200.2
203.0
102.3
102.6
102.8
103.0
101.5
101.8
101.9
102.3
173.5
176.9
178.0
180.2
175.7
178.7
179,6
181.3
171.9
174.1
175.8
177.9
173.8
175.6
177.0
179.6
113.8
114.2
114.7
114.8
111.6
111.9
112.6
112.7
143.6
144.4
145.6
145.7
143.6
144.6
145.9
146.0
128.6
129.2
129.6
129.5
206.9
210.4
212.8
215.7
205.5
208.3
211.0
214.1
102.8
103.0
103.5
103.9
102.1
102.0
102.6
103.1
181.9
184.1
185.6
187.9
184.1
186.1
187.4
189.9
179.4
181.4
182.4
183.7
180.8
182.8
184.0
185.6
114.1
112.0
146.1
146.4
115.7
116.6
120.1
123.9
126.8
104.1
109.7
114.3
116.2
117.4
121.5
122.1
123.8
124.0
125.0
126.2
126.4
127.0
127.0
128.0
130.8
218.2
216.3
103.0
102.2
191.1
193.2
186.1
187.7
Percent change; quarterly data at seasonally adjusted annual rates
1980
1981.
1982
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
1986:
198-7:
1988-
-0.3
1.5
-.7
2.4
2.6
-0.4
1.1
9
3.0
2.1
11
2.1
-3.1
4.2
8.4
12
1.7
-3.3
5.0
8.3
2.0
2.3
1.2
1.7
1.1
1.3
2.0
1.1
2.0
.9
4.2
3.1
4.2
4.9
, 3.4
3.9
3.0
4.4
5.4
3.3
2.6
3.3
1.5
1.5
.8
2.8
2.0
1.6
.9
.8
.4
2.5
K
10.4
3.5
3.6
4.0
7.1
-1.2
9.8
3.1
3.5
3.7
7.0
m
2.5
21
3.1
.2
2.8
-1.6
3.3
1.9
4.4
3.3
4.0
3.4
4.8
4.4
4.6
4.8
n
m
1.1
1.6
1.5
.4
-1.3
1.1
2.4
.5
4.8
2.3
3.5
.3
2.4
2.8
3.7
.3
-2.7
1.1
1.0
.
IV
IV
IV
IV
IV
IV
I
II
IV
1989: I
IV
1990:
I r *....
-2.1
-0.8
.6
-2.4
1.8
5.7
2.2
.8
3.0
3.2
2.3
-3.0
6.8
2.0
2.1
3.2
4.2
1.9
5.5
.9
3.2
3.7
.6
1.9
.0
3.4
.6
24
2.0
6.0
10.5
9.3
7.5
3.8
4.1
10.5
9.5
7.4
4.0
3.9
-2.6
-.9
1.2
.6
-.2
-2.6
7
1.1
.7
4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
2.6
.9
3.2
3.4
2.4
4.4
5.2
3.9
4.8
5.5
4.1
5.1
3.7
4.7
5.5
.8
3.3
.2
.6
.7
.5
3.2
.1
.5
.6
2.3
2.8
2.6
3.0
4.4
2.8
3.0
2.6
2.7
4.5
2.5
2.1
2.6
2.9
3.9
3.0
2.3
2.6
2.7
3.8
-3.1
8.1
2.2
2.7
3.3
4.3
4.1
5.7
3.5
6.3
5.1
7.2
4.6
4.4
3.5
5.8
5.1
7.1
2.8
1.6
.0
2.1
2.2
3.3
1.5
2.3
2.0
4.8
4.2
4.3
2.6
2.8
2.6
5.0
4.7
4.5
2.4
4.8
2.7
2.6
1.0
1.4
3.0
3.1
3.3
2.1
1.0
1.7
2.0
6.1
1.2
2.8
2.6
5.7
5.8
5.2
2.5
5.4
5.4
5.9
8
1.2
.7
.8
3.3
.3
.0
1.6
2.2
3.2
g
.9
.5
1.5
.1
8.0
2.6
5.0
-.3
7.1
2.0
3.8
1.5
5.1
4.1
4.8
1.0
4.3
3.2
5.9
3.7
1.7
1.3
-.2
4.8
6.8
4.7
5.6
4.9
5.6
5.3
6.0
-.6
.8
1.9
1.5
-.5
-.4
2.4
1.9
3.7
5.1
3.2
5.2
6.2
4.5
2.8
5.5
3.3
4.6
2.2
2.9
2.8
4.4
2.7
3.4
3.9
4.7
4.1
7.0
7.0
5.4
4.6
-0.7
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
-3.2
-3.7
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Beginning with data released August 3, 1989, hours of labor input are defined as hours at the
work site rather than hours paid.
* Data do not reflect GNP revisions of June 21, 1990.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization rose in May.
INDEX, 1987=100* (RATIO SCALE)
115
TOTAL INDUSTRIAL PRODUCTION
110
s~^\
105
INDEX, 1987=100' (RATIO SCALE)
130
FINAL PRODUCTS
125
r—""""Ir^"
—^1—
100
110
^
iimliiiiimiiiliiiii iimimii imilmn miilimi
90
1 13
MANUFACTURING PRODUCTION^
^r^^—^*~V ~\
no
r
DURABLE
105
/
.^
\" — '
95
90
100
^f£/
95
115
110
imilimi
I l l l l l l l l l l Illllllllll
UTILITIES AND MINI MG PRODUCTION
\
UTILITIES
.
\
r r^^ MINING
95
^ ,\yp '~'
90
Illllllllll IIUllllUI
1986 1987
v
rt
i
86
iiiiilinii
/^S^ ~J~
80
1989
v_ArA>_i I T UN LIZA
(TOTAL NDUSTRY)
millllllllimillllll Illllllllll
IUM K A I C
/~-^\
/•Hr-^
82
78
1988
,-'
^
84
V
Illllllllll Illllllllll
---sV
PERCENT*
,' I /"•
v/
/N
105
100
*W^
GOODS
\^
/-\ —.
—•
^~— -*/
UbHkNbt
AND SPACE
r
'%_',-S\
---'
85 Illlllllll!
iimfimimmlimi
90
.a*&?'
100
.^
H '<•,-
/I
s~~f CONSUMER
Y -^
105
v
r
BUSINESS
bQUIPMfcNI
115
95
^
^ /X
120
Illllllllll
76
1990
r^^ \^
\^"
-/
^-^—^
/
Illllllllll iimlimi
1986
1987
Illllllllll
1988
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
iiiiiliiiii
1989
Illllllllll
1990
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1987 = 100
1980
1981
1982
1983
1984
1985
1986
1987 .
1988
1989
1989: May
June
July
Aug
Sept
Oct
Nov
Dec
1990- Jan
Feb 'r
Marr
Apr
May p
1
Output as percent of capacity.
Capacity utilization
rate, percent 1
Industry production indexes, 1987 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
19
1.9
44
3.7
9.3
1.7
1.0
4.9
5.4
2.6
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
75.7
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
83.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
82.1
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
80.2
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
108.3
108.4
107.8
108.2
108.2
107.7
108.1
108.6
3.3
3.2
1.6
1.7
1.9
1.1
1.1
1.1
109.2
109.3
108.6
109.1
109.1
108.4
108.9
108.8
111.4
111.8
110.6
111.3
111.5
109.4
110.1
110.4
106.4
106.2
106.1
106.2
106.0
107.2
107.3
106.7
101.1
100.4
100.0
100.7
101.6
100.7
101.2
100.1
106.3
106.3
106.6
106.2
105.9
107.4
108.3
116.1
84.6
84.6
83.9
84.0
83.9
83.3
83.5
83.7
84.5
84.4
83.6
83.8
83.6
82.9
83.0
82.8
107.5
108.5
109.0
109.0
109.7
-.2
.8
1.2
.4
1.3
108.1
109.6
109.9
109.7
110.6
108.6
110.7
111.9
111.2
112.6
107.5
108.3
107.3
107.8
107.9
101.7
101.0
100.8
102.5
102.5
106.8
104.0
107.7
108.5
107.3
82.7
83.2
83.4
83.3
83.6
82.0
83.0
82.9
82.6
83.0
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Consumer goods
Equipment
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
May
July
Sept
Get
Nov
Dec
1990- Jan
Feb r.
Mar '
Apr 1 "
May "
1
74.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
91.3
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
106.2
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
105.9
106.2
106.5
105.5
105.2
106.3
107.0
107.4
107.1
107.0
106.8
106.9
107.0
107.3
107.5
108.2
107.3
107.6
107.3
107.8
107.4
107.1
107.0
106.9
101.2
101.0
100.1
101.7
101.6
101.3
101.9
102.7
107.9
108.2
106.9
106.6
106.5
108.0
108.5
109.2
109.2
109.2
106.2
107.1
107.2
107.5
108.0
101.2
101.7
102.2
103.2
102.4
77.0
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
80.8
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
97.6
98.3
98.7
98.9
98.9
96.6
96.7
96.6
106.6
106.7
106.7
106.4
106.3
106.9
107.3
107.9
97.5
97.6
97.5
97.3
97.2
108.0
108.4
108.3
108.1
108.1
Total
80.0
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
85.3
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
73.5
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
89.1
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
74.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
73.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
57.4
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
109.6
109.8
108.7
109.1
109.6
108.5
109.4
110.3
106.8
106.3
105.2
105.6
106.3
107.3
107.4
108.3
109.2
108.4
105.6
105.8
107.6
106.8
105.7
106.8
106.2
105.8
105.1
105.6
106.0
107.4
107.8
108.7
113.1
114.3
113.2
113.6
113.8
110.1
112.0
112.9
120.2
121.4
119.9
120.4
120.7
116.0
118.7
119.9
108.5
109.7
110.8
110.6
111.6
106.0
107.0
107.6
107.4
108.0
99.4
106.2
111.0
107.3
110.2
107.8
107.2
106.7
107.5
107.4
111.8
113.3
114.9
114.8
116.3
118.0
120.1
122.3
121.9
123.9
Business
Energy
Business
supplies
Nondurable
goods
Total >
Total
Construction
supplies
Defense
and
space
equipment
Durable
goods
Total
Total
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
1980
1981
1982
1983
1984
1985... .
1986
1987
1988
1989
1989:
. .
May
July
Sept
Oct
Nov
Dec
1990- Jan
Feb '
Mar '
r".
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
Foods
110.8
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
126.0
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
92.5
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
60.6
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
73.3
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
72.3
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
67.0
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
76.9
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
89.2
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
70.3
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
87.8
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
84.6
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.0
108.7
108.8
111.7
109.9
108.6
104.8
102.6
104.8
107.1
107.5
109.8
109.7
109.2
104.1
100.3
107.9
108.3
107.6
106.5
106.0
105.9
106.9
106.3
121.8
123.4
121.6
121.8
123.4
119.0
122.9
123.8
108.8
109.1
108.6
110.6
110.8
110.2
110.1
110.1
109.6
109.0
106.6
107.8
108.0
102.1
102.8
104.4
107.8
105.0
99.6
102.7
103.2
99.7
99.0
98.7
102.3
103.5
102.8
102.4
102.6
103.2
104.8
106.4
104.9
105.2
104.4
104.7
104.5
103.9
103.7
102.6
108.4
108.6
106.6
107.8
109.4
109.3
109.6
109.6
108.4
109.1
109.7
109.6
107.5
109.4
109.8
107.6
105.5
104.2
104.0
104.8
105.4
106.8
107.4
108.0
105.0
107.9
105.3
106.2
106.2
104.6
110.6
106.1
106.5
105.9
105.1
105.6
105.4
104.7
105.7
123.7
124.2
125.1
126.4
127.2
110.1
111.0
112.3
111.0
111.5
94.7
103.5
107.9
104.9
109.3
76.8
94.1
103.5
95.8
104.4
106.0
104.3
105.0
102.5
102.8
102.4
102.1
99.9
100.5
100.7
110.7
112.1
111.5
110.9
111.6
109.9
110.5
109.5
110.1
110.0
106.8
107.4
107.1
107.8
107.9
NEW CONSTRUCTION
[Monthly data seasonally adjuste
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
$ew housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
252.8
261.3
248.0
282.4
329.6
356.6
387.0
397.7
409.7
414.3
194.3
204.7
194.3
228.7
271.9
292.6
315.3
320.1
328.7
330.3
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
195.4
411.9
416.5
412.5
410.3
416.3
416.2
411.5
416.5
415.1
425.0
438.5
435.6
432.4
332.5
330.6
329.0
328.8
331.9
329.6
328.7
327.8
321.4
200.7
197.0
194.2
195.2
194.4
192.8
191.4
190.3
189.5
196.7
199.3
203.3
202.7
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
137.8
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
81.9
47.2
50.5
50.9
49.3
49.4
51.4
50.2
48.9
50.8
53.0
58.5
56.5
53.7
53.8
57.7
64.1
71.7
77.6
80.9
84.0
97
100
100
124
136
150
159
165
166
r
!70
79.3
80.1
81.6
80.9
83.3
83.2
84.1
83.7
78.8
82.8
89.1
86.0
86.0
52.5
53.5
53.2
52.7
54.2
53.6
53.2
53.7
53.1
54.7
54.5
55.5
56.1
79.4
85.9
83.5
81.5
84.4
86.6
82.9
88.7
93.8
90.8
95.5
90.8
87.6
181
r
!67
170
170
169
'185
r
!80
167
r
!66
Annual rates
Annual rates
1989:
Apr
May. .
July
Oct
Nov.
Dec
1990- Jan
Feb r.
Mar T
Apr"
May"
334.2
342.9
344.8
344.3
1
Includes
2
Includes
3
904
919
690
756
955
1,097
1,016
1,019
973
926
141.8
138.2
136.5
136.6
135.8
134.0
133.9
134.9
135.6
138.1
142.0
142.5
141.0
M58
154
157
'147
155
864
909
916
915
805
1,008
892
812
805
883
798
828
745
802
Sources; Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
residential improvements, not show separately.
hotels and motels.
F.W. Dodge series,
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1980
1981
1982
1983
1984
1985
1986.
1987
1988
1989
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1 unit
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
2-4 units
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
5 or more units
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
Units
authorized
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
Units
completed
Homes sold
Homes for
sale at end1 of
period
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
545
436
412
623
639
688
750
671
676
650
337
275
253
301
353
346
357
366
367
362
1,444
1,355
1,375
1,437
1,366
1,317
1,486
1,302
651
646
741
719
638
636
687
633
379
376
369
364
364
363
363
362
1,443
1,351
1,375
1,294
613
606
559
530
532
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.1
Seasonally adjusted annual rates
1989' May
July
Sept
Oct
Nov
Dec
1990' Jan
Feb
Mar '
May"
1
2
1,308
1,414
1,424
1,325
1,263
1,423
1,347
1,273
977
971
1,029
987
969
1,023
1,010
931
43
55
58
54
56
60
47
53
288
388
337
284
238
340
290
289
1,352
1,323
1,281
1,334
1,310
1,362
1,384
1,416
1,568
1,488
1,307
1,224
1,207
1,099
1,154
1,996
905
896
53
42
35
54
36
416
292
276
265
275
1,739
1,297
1,232
1,108
1,065
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
r
365
366
363
362
358
7.4
7.6
7.1
r
7.5
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In April, manufacturing and trade sales fell 1.2 percent and inventories rose $0.8 billion. In May, according to
advance data, retail sales fell 0.7 percent, following a decline of 0.9 percent in April.
BILLIONS OF DOLLARS' (RATIO SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
240
800
— .— .
^~
220
-
^^T
700
—
^^
-
180 '
-
600
<^~\
RET AIL INVENTORIES
>^
MANUFAQURING AND
TRADE INVENTORIES
"
-x-1
200
1
160
~.^--'~~~~
500
*xx — '""'
/-•""
.,-—'*-'
~
^•s
--,
140
x
rK'
120
-
M/kNUFACTUR NG
M-ID TRADE S/OES
400
/v" /"
rf- "~~*~ '-'\
RETAIL SA LES
-»_ s
100
innlimi
-
-
IIIIlllllll IIIIlllllll IIIIlllllll Illlllllllll
RATIO'
1.80
300
INVENTORY-SALES RATIO
1.60
1.40
MANUFACTURING
AND TRADE
1.20
200
limlimi
IIIIlllllll Illl||||lll IIIIlllllll iimlimi
1986
1987
1989
1988
1 1 1 1 1 1 1 1 in
1.00 liiniti
1986
1990
1987
1988
1989
•SEASONAliY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
Manufacturing and
trade '
COUNCIL OF ECONOMIC ADVISERS
Wholesale
2
Inventories 3
Sales
2
Inventory-sales ratio 4
Retail
Sales
Period
Sales
1990
Inventories a
Total
2
Durable
goods
stores
Inventories
3
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
61,101
64,939
69,377
73,075
75,738
80,457
85,220
90,678
134,493
147,712
167,748
181,773
186,587
208,112
219,791
235,514
61,469
69,025
79,250
88,464
90,197
105,738
112,254
117,169
73,024
78,687
88,498
93,309
96,390
102,374
107,537
118,345
1.67
1.56
1.53
1.56
1.55
1.51
1.49
1.50
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
89,758
90,666
90,680
91,111
91,128
91,727
91,617
92,572
93,121
226,618
229,775
231,059
232,127
234,579
236,131
234,942
236,234
235,514
115,937
117,142
117,826
118,248
119,925
121,048
118,450
118,667
117,169
110,681
112,633
113,233
113,879
114,654
115,083
116,492
117,567
118,345
1.48
1.49
1.50
1.53
1.49
1.50
1.51
1.51
1.51
1.58
1.59
1.60
1.60
1.60
1.60
1.62
1.61
1.62
93,660
94,867
94,639
r
94, 175
93,674
233,701
232,000
232,562
233,256
114,194
113,552
113,951
114,400
119,507
118,448
118,611
118,856
1.51
1.48
1.47
1.49
1.56
1.55
1.56
1.58
Nondurable goods
stores
Retail
Millions of dollars, seasonally adjusted
1982
1983....
1984
1985....
1986
1987....
1988
1989....
1989: Apr r
May
June
July
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar r
Apr"
May p
1
2
3
r
348,754
369,136
408,578
419,283
425,371
451,933
490,309
521 934
574,516
591,265
646,072
657,753
657,482
704,515
754,267
795,415
96,290
100,324
113,393
114,626
116,151
124,254
135,176
145,683
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,819
523,494
524,119
521,132
516,216
531,599
527,778
525,160
527,948
526,391
772,908
779,436
782,288
789,043
791,798
792,119
794,757
798,104
795,415
145,708
146,333
145,512
144,856
146,800
146,981
147,921
148,782
149,584
182,832
184,606
184,737
186,113
185,730
185,098
188,103
189,057
188,819
528,549
535,996
538,984
532,709
797,202
794,016
793,669
794,435
151,968
151,620
152,383
150,758
189,375
188,847
189,361
188,928
See page '1\ for mini acturing.
Monthly average for ;ar and total for month.
End of"period.
20
89,114
97,570
107,316
114,642
120,860
128,509
137,500
144,471
r
143,744
144, 715
144,384
145,438
146,649
147,235
145,244
146,340
145,804
149,877
149,904
149,302
r
147,931
146,843
28,013
32,631
37,938
41,567
45,121
48,051
52,281
53,794
r
53,986
54,049
53,704
54,327
55,521
55,508
53,627
53,768
52,683
56,217
55,037
54,663
r
53,756
53,169
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census,
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In April, manufacturers' shipments and new orders fell, while inventories and unfilled orders rose. In May, according
to advance data, durable goods shipments and new orders rose.
BILLIONS OF DOLLARS' |RAT!O SCALE)
BILLIONS OF DOLLARS' (RATIO SCALE)
280
240
SHIPMENTS
440
—*•—>*s—•
360
—-ir"~\
200
TOTAL
160
280
DURABLE G OODS
Y
120
.^^--x""""
- — •"
to
_x
K
160
NOr- DURABLE &.DODS -
80
200
120
60
Minium
lii|l!l!!l! !tmlmtl
nuilinii
60
BILLIC3NS OF DOLLARS' (RATIO SCALE)
280
240 -NEW ORDEPS
«
^~^-
~~~^^r-^-^
\—
~-
200
MliltlMIl
•^
TOTAL
160
DURA iLE GOODS
120
,
~+mr~+J ~-
80
*
L
•—
HHiilHU UIHJIUU UlUil!!!!
RA no*
2.20
iimiiuii
IlllliilUI
INVENTORY-SHiPMENTS RATIO
._^.__.^
/••'
---"
•—
\ \
NON 3URABLE GC ODS
2.00
1.80
1.60
^
A
-~^_
**
1.40
60
IllllliUll
1986
imiinm iiiiiliun
illllllUU lillilllili
1989
1988
1990
1987
1.20
inn Jinn ^iitliini iiiitliuu
1986
1987
Illllll!!!!
1989
1988
iittihiin
1990
SEASONAliY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
Manufacturers' shipments
1
Manufacturers' inventories 2
Manufacturers' new orders l
Durable goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Capital
goods
industries.
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 2
78,338
87,600
98,581
99,843
100,166
107,770
119,634
126,557
129,372
123,524
125,137
122,031
126,766
125,227
124,262
130,175
131,719
117,909
120,782
128,872
r
123,398
128,192
21,661
22,098
26,243
27,067
26,551
29,707
35,028
38,821
40,389
37,290
39,146
41,445
37,130
35,341
35,975
38,901
44,389
38,347
36,094
40,889
r
36,580
36,079
83,935
86,522
91,209
91,075
88,497
94,197
101,993
109,057
110,535
110,229
110,020
108,416
110,027
109,127
109,805
109,535
109,033
109,663
110,977
112,199
112,348
314,270
349,419
372,586
383,181
387,065
421,243
468,860
514,499
487,231
487,913
491,834
496,359
495,002
495,794
497,866
504,750
514,499
515,367
512,654
516,426
518,152
Total
Manufacturers'
inventory —
shipments
ratio 3
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.58
1.55
1.57
1.58
1.64
1.56
1.59
1.60
1.60
1.61
1.65
1.59
1.57
1.59
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989
1989: Apr
May .
June
July
Aug
Sept
1990:
On
Nov
Dec .
Jan
Feb..
Mar r.
Apr"
May "
163,350
171,242
187,869
190,016
188,360
199,170
217,632
231,7801
234,042
. . 233,071
231,236
225,922
238,150
233,562
231,995
232,826
231,003
226,704
234,472
237,299
234,020
83,998
86,286
91,246
90,996
88,371
93,879
101,948
109,112
110,711
110,109
109,516
108,808
109,803
109,169
110,155
109,617
109,005
109,988
111,248
112,210
112,137
79,352
84,956
96,623
99,019
99,989
105,291
115,684
122,668
123,331
122,962
121,720
117,114
128,347
124,393
121,840
123,209
121,998
116,716
123,224
125,089
'121,883
126 194
311,827
312,647
334,767
327,496
316,182
331,132
354,163
371,082
363,458
365,055
366,492
370,803
871,489
370,890
371,712
372,813
371,082
374,126
373,169
371,746
372,251
200,825
200,406
218,771
214,066
208,313
216,598
233,666
246,222
240,486
241,689
242,295
245,813
246,378
245,621
246,427
247,610
246,222
248,273
247,095
245,435
246,563
111,002
112,241
115,996
113,430
107,869
114,534
) 20,497
124,860
122,972
123,366
124,197
124,990
125,111
125,269
125,285
125,203
124,860
125,853
126,074
126,311
125,688
162,273
174,122
189,791
190,918
188,663
201,966
221,627
235,614
239,907
233,753
235,157
230,447
236,793
234,354
234,067
239,710
240,752
227,572
231,759
241,071
235,746
1
1
2
Monthly average for year and total for month. Shipments are the same as sales.
End of period.
3
Annual data are averages ol monthly ratios.
Source: Department of Commerce, Bureau of the Censu!
21
PRICES
PRODUCER PRICES
In May, the producer price index for all finished goods rose 0.3 percent. Prices of finished consumer foods rose 0.6
percent, while prices of other finished consumer goods rose 0.1 percent. Capital equipment prices were unchanged.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982=100 (RATIO SCALE)
I3U
FINISHED GOODS PRICES
SEASONALLY ADJUSTED
CONSUMER
FOODS ' V
\j
120
120
""^
—
CAPITAL EQUIPAAENT
„/-"'•'''
/"^S
,->- ,.'""" /
110
^*
^V
100
--.--"***
/
TOTAL
\
^A^*f
*M
—
no
/
/••'"'
"
rf-X*
V
/ \f
*
-
/-——^^~
^f^T"'"
i
V^-'
.-"' r- *
• /•>
100
A /•"' CONSUMER G DODS
EXCLUDING FCDODS
90 JLLUlliltiL i l l i M ! i ! i i
1982
1983
umiiim umimii
1984
1985
niuliiin
lUulliM.
1986
1987
-
Illllililll l I U i l t H I I
1989
1988
COUNCIL OF
SOURCE: DEPARTMEN ' OF LABOR
Minium
90
1990
ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
1983
1984
1985
1986
1987
1988
1989
1989: May
July
Aug
Sept
Oct
Nov
Dec
1990- Jan r
Feb
Mar
Apr
May
1
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
113.9
114.0
113.6
113.3
114.1
114.7
114.8
115.5
117.7
117.6
117.4
117.1
117.4
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
118.6
117.9
118.1
118.5
113.1
119.7
120.7
121.6
124.4
125.1
124.4
123.6
124.3
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
112.4
112.7
112.1
111.5
112.8
113.1
112.9
113.5
115.6
115.2
115.1
115.0
115.1
Intermediate materials for food manufacturing and feeds.
22
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
105.5
105.6
104.3
102.7
104.5
105.1
104.4
105.3
109.7
108.5
107.8
107.6
107.7
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
118.1
118.8
118.9
119.3
120.1
120.0
120.4
120.7
120.9
121.2
121.7
121.9
121.9
Total
Total
1980
1981
1982
Nondurable
Capital
equipment
Consumer goods
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
110.0
110.2
109.2
108.2
109.7
110.1
109.7
110.4
113.4
112.7
112.3
112.1
112.2
Durable
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
117.2
117.7
117.4
117.8
118.7
118.6
118.7
119.2
118.6
118.9
119.4
119.2
119.3
Total
finished
consumer
goods
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
112.9
112.8
112.1
111.6
112.5
113.3
113.3
114.1
117.0
116.7
116.3
115.9
116.2
Crude materials
Foodstuffs
Foods
Total
and
Other
Total
feeds '
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
112.6
112.3
112.1
111.8
112.2
112.4
112.2
112.2
113.6
112.8
112.8
112.9
112.8
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
113.8
111.6
113.2
112.8
112.7
112.5
113.4
113.1
113.3
112.3
112.8
114.2
115.6
and
Other
feedstuffs
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
112.5
112.4
112.0
111.8
112.2
112.4
112.1
112.1
113.6
112.8
112.8
112.8
112.7
Source: Department of Labor, Bureau of Labor Statistics.
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
104.5
103.3
103.5
101.1
102.3
102.6
103.2
104.7
107.0
107.5
106.0
102.7
102.6
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
110.8
109.6
108.9
109.7
109.0
109.0
111.4
113.9
114.7
115.9
116.3
115.4
112.5
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
95.9
94.7
95.5
91.3
93.6
94.1
93.5
94.4
97.5
97.5
94.9
90.3
91.9
CONSUMER PRICES—ALL URBAN CONSUMERS
In May, the consumer price index for all urban consumers rose 0.2 percent, seasonally adjusted and not seasonally
adjusted. The index was 4.4 percent above its year-earlier level.
INDEX, 198Z-84= 100 (RATIO SCALE)
130
INDEX, 1982-84 = 100 (RATIO SCALE)
130
SEASONALLY ADJUSTED
120
120
110
110
100
100
90
90
80
80
70
70
Illlll Illlll
1983
1984
60
1982
Illlll
1986
1985
Illllllllll Illllllllll Illll
1987
1988
1989
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
60
1990
COUNCIL OF ECONOMIC AOVISEKS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items
l
Transportation
Housing
Medical
care
Energy 2
All
items
less
food,
shelter,
and
energy
3.2
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
6.2
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
7.4
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
48.4
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
Shelter
Period
Not
seasonally
adjusted
(NSA)
1000
82.4
90.9
96.5
99.6
103.9
107.6
109 6
113.6
118 3
124.0
1980
1981
1982... .
1983
1984
1985
1986
1987
1988
1989
1989:
May
Total »
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
16.3
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
42.0
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
27.9
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
7.9
19.8
103.0
108.6
115.4
121.9
128.1
133.6
138.9
102.5
107.3
113.1
119.4
124.8
131.1
137.3
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
Fuel
and
other
utilities
Apparel and
upkeep
Total >
New
cars
Motor
fuel
7.5
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
6.1
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
17.1
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
4.2
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
123.8
124.1
124.5
124.5
124.8
125.4
125.8
126.3
124.9
125.2
125.6
125.9
126.3
126.8
127.4
128.0
122.2
122.6
123.3
123.5
123.7
124.2
124.7
125.2
131.7
132.3
133.2
133.5
133.7
134.4
135.0
135.6
137.4
138.0
139.6
139.1
138.7
139.8
140.5
141.0
136.3
136.9
137.6
138.2
138.7
139.4
140.0
140.6
117.4
118.3
118.4
118.5
118.6
118.6
119.3
119.5
107.5
107.3
107.8
107.8
108.0
108.1
108.7
109.4
119.5
118.9
118.3
116.9
118.6
119.4
119.4
119.0
115.8
115.7
115.3
114.2
113.9
114.5
114.6
115.0
119.5
119.3
118.8
118.5
118.1
118.8
119.8
120.8
95.3
94.6
92.9
88.4
87.1
88.4
86.8
86.3
147.6
148.7
149.6
150.8
151.9
153.0
154.2
155.1
97.0
96.4
95.9
93.8
93.2
94.1
93.8
94.1
127.1
127.4
127.7
127.8
128.3
128.8
129.3
129.7
127.4
128.0
128.7
128.9
129.2
127.7
128.3
128.9
129.1
129.3
130.5
131.1
131.5
131.2
131.2
126.1
126.3
126.9
127.0
127.2
136.3
136.6
137.6
137.9
138.2
142.3
143.4
143.8
143.9
143.9
141.1
141.0
142.4
142.8
143.2
120.4
120.8
121.2
121.2
122.2
111.6
110.9
111.0
110.5
110.5
119.0
122.9
124.9
125.0
124.6
117.4
117.7
117.6
117.7
117.5
121.6
121.4
121.2
120.9
120.7
93.4
93.6
92.2
92.5
91.2
156.1
157.3
158.5
159.8
161.0
98.9
98.2
97.4
97.0
96.3
130.4
131.5
132.2
132.6
132.9
Sept
Oct
Nov
Dec
1990:
May
Food
123.8
124.1
124.4
124.6
125.0
125.6
125.9
126.1
June
July
Feb
Mar
Seasonally
adjusted
1
Includes items not shown separately.
a
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1989.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownerahip costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Inibor, 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
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.9
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
7.5
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
5.2
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
14.1
8.6
4.2
-.9
.8
2.1
66
4.1
3.1
5.3
Change, month to month
1989: May
July
Sept
Oct
Nov
Dec
1990: Jan '
Feb '
Mar
May
0.7
.1
-.4
-.3
.7
.5
.1
.6
0.5
6
.2
.3
q
1.4
.8
.7
0.9
.2
— .9
-.9
1.4
.4
4
1.9
-.1
-.2
-.3
.3
2.3
.6
6
-.6
.6
2.7
-.6
4
2
.6
.1
0.6
.6
.1
.3
.7
1
.3
2
7.3
5.8
1.8
21
.4
3.9
5.4
5.0
2.4
23
.3
3
.7
5.5
7.6
12.4
.2
.2
.4
.2
0
10.9
10.1
6.7
-2.0
— .7
16.7
15.4
9.5
-2.5
-2.5
7.8
7.4
4.4
2.5
3.0
2.8
1.6
2.6
5.8
4.2
1.9
1.0
-.8
2.9
3.6
6.4
11.0
10.6
6.1
2.4
4.5
2.0
-.5
.4
4.0
4.5
-1.8
3.3
5.7
2.6
2.8
4.5
5.2
4.1
4.4
3.8
3.7
2.0
3.6
3.4
4.5
4.5
3.9
3.2
6.2
6.1
5.1
4.3
4.6
5.0
4.6
4.9
12.5
11.4
7.1
-4.5
-1.8
3.0
2.7
3.4
3.3
2.3
7.3
7.7
5.9
4.2
4.6
11.0
11.4
11.0
6.6
6.1
7.8
8.5
4.8
3.7
4.6
3.4
3.2
2.7
3.2
2.5
5.9
5.1
4.4
3.5
3.1
12.1
11.3
.7
64
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]
Transportation
Housing
Shelter
Period
All
items
1
Food
Total '
Rent-
Homeowners'
costs
Total '
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total '
Motor
fuel
Medical
care
Energy2
All
items
less
food,
shelter,
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
12.5
89
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
10.2
43
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
13.7
10 2
1989: May
June
July
Aug
Sept
Oct
Nov
Dec
0.4
.2
.3
0
.2
.5
.3
.4
1990: Jan
Feb
Mar
Apr
May
1.1
.5
.5
.2
.2
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
15.0
99
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
4.5
5.1
5.9
4.6
5.3
4.7
5.1
0.6
.2
.3
.2
.3
.4
.5
.5
0.3
.3
.6
2
.2
.4
.4
.4
0.5
.5
.7
.2
.1
.5
.4
.4
0.2
.4
1.2
-.4
-.3
.8
.5
.4
0.5
.4
.5
.4
.4
.5
.4
.4
0.2
-.2
.5
0
.2
.1
.6
.6
0.2
-.5
-.5
-1.2
1.5
.7
0
-.3
0.6
-.1
-.3
-1.0
2.0
.5
.3
2
0
.7
.2
.5
.1
.2
.5
.2
.7
.2
.2
.9
.8
.3
.1
0
.4
j
1.0
.3
.3
2.0
-.6
.1
-.5
0
0
3.3
1.6
.1
-.3
2.1
.3
-.1
.1
-.2
7.4
18.8
6.8
9.4
1.5 -6.5
3.4 — 1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8
18.7
2.1 -2.1
2.3
6.8
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
18.0
11.9
1.3
-.5
.2
1.8
-19.7
8.2
.5
5.1
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
4.1
2.0
7
18
-4.8
— 1.5
1.5
18
-.6
0.6
.7
.6
.8
.7
.7
.8
.6
0.8
-.6
0.4
.2
.2
.1
.4
.4
.4
.3
8.2
.2
-1.5
.3
-1 4
.6
.8
.8
.8
.8
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
Change, month to month
1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
a included through 1982.
0
__2
A
-.3
-.3
.6
.8
.8
O
.5
.1
.3
.7
-.2
-.2
2
2
3
-2.2
-.6
1.0
-.3
.3
5.1
-.7
-.8
-.4
7
.5
.8
.5
.3
.2
2.9
3.9
8.2
Quarterly changes are shown in the last month of the quarter.
3
24
6.0
Source: Department of Labor, Bureau of Labor Statistics.
6.4
5.3
4.0
2.3
2.3
2.9
4.2
4.9
5.9
5.7
5.2
4.3
3.8
3.4
3.3
3.6
5.4
5.2
5.0
4.7
4.3
4.5
4.7
4.6
7.5
8.2
8.5
4.5
3.2
5.2
6.2
6.7
6.0
5.6
5.2
5.3
5.2
4.7
4.4
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in June were 1.3 percent below 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 SCALE)
INDEX, 1977=100 (RATIO SCALE)
180
180
160
160
PRICES PAID
140
140
120
120
PRICES RECEIVED
100
100
80
80
illlllil
ill 1 1 i
RATIO-!/
RATION
140
140
120
120
RATIO
100
100
80
80
60
1982
! 1111 i I! I iT
1984
1983
nnntfm'
ill
1985
1987
1986
1988
1989
60
1990
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977=100; not seasonally adjusted]
Prices received by farmers
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
June
July
Au£T
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
May
June
All farm
products
Prices paid by farmers
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
r
139
133
135
142
128
123
r
!26
138
r
!47
134
121
128
138
120
107
106
r
!27
r
!34
143
145
141
146
136
138
146
150
160
150
159
161
164
162
159
162
169
177
151
158
159
161
156
150
151
160
167
148
153
152
155
151
144
147
157
165
93
84
84
87
79
77
78
82
r
83
148
147
145
r
!43
145
147
149
138
137
128
126
r
!27
128
127
157
157
161
160
162
165
r
!69
(3)
178
(3)
(3)
178
(3)
(3)
(3)
168
(3)
(3)
166
(3)
(3)
(3)
166
(s)
(3)
165
(3)
(3)
84
83
81
r
80
81
83
84
154
152
150
151
154
152
136
133
128
r
!31
134
130
172
169
171
r
!70
173
172
181
(3)
(3)
183
(3)
(3)
170
(3)
(3)
171
(3)
(3)
168
(3)
(3)
169
(3)
(3)
85
84
83
83
84
83
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See aiso footnote 3.
3
Beginning March 1986, prices paid by farmers are available on!v for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
All commodities,
services,
interest, taxes,
and wage rates 1
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
The monetary aggregates declined in May.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*'(RATIO SCALE)
4,800
4,400
4,000
3,600
4,800
4,400
4,000
3,600
M3
—v
3,200
3,200
2,800
2,800
2,400
2,400
M2
2,000
2,000
1,400
1,600
1,200
1,200
800
800
Ml
600
600
400
400
1990
1987
1985
1983
COUNCIL OF ECONOMIC ADVISERS
' AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE; BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
408.9
436.5
474.5
521.2
552.1
620.1
724.7
750.4
787.5
794.8
1,629.9
1,793.5
1,953.1
2,186.5
2,371.6
2,570.6
2,814.2
2,913.2
3,072.4
3,221.0
1,987.5
2,234.2
2,441.9
2,693.4
2,982.8
3,202.1
3,494.5
3,678.7
3,918.4
4,041.7
2,324.2
2,596.8
2,851.6
3,154.7
3,524.1
3,829.5
4,135.5
4,338.7
4,676.0
'4,867.8
3,873.2
4,260.3
4,651.3
5,176.7
5,924.0
6,732.8
7,588.3
8,307.5
9,062.0
'9,777.6
6.8
6.7
8.7
9.8
5.9
12.3
16.9
3.5
4.9
.9
8.9
10.0
8.9
12.0
8.5
8.4
9.5
3.5
5.5
4.8
10.2
12.4
9.3
10.3
10.7
7.4
9.1
5.3
6.5
3.1
9.5
10.0
9.2
11.3
14.4
13.7
12.7
9.5
9.1
'7.9
1989- May
776.2
773.7
779.1
780.4
782.9
788.1
789.4
794.8
3,085.3
3,101.6
3,127.0
3,146.7
3,163.3
3,181.4
3,200.6
3,221.0
3,965.6
3,984.9
4,007.2
4,012.0
4,012.0
4,016.2
4,028.7
4,041.7
4,756.6
4,778.8
4,803.8
'4,816.9
'4,822.1
'4,830.6
'4,845.9
'4,867.8
'9,358.2
'9,414.9
'9,465.6
'9,529.1
'9,585.2
r
9,654.8
'9,732.4
'9,777.6
25
35
-1.7
16
— .7
1.5
3.4
5.5
1.4
1.9
3.5
4.5
4.9
6.0
7.5
7.7
3.2
3.4
4.1
3.8
2.8
2.6
3.2
2.9
'7.9
7.8
'7.7
'7.6
'7.5
'7.7
'8.0
'7.7
794.8
801.4
804.8
807.4
805.5
3,229.3
3,252.4
3,266.2
3,271.5
3,263.6
4,044.8
4,058.9
4,061.6
4,064.9
4,056.1
4,869.6
4,879.5
4,897.7
4,897.2
9,827.6
9,892.8
9,954.3
10,004.3
4.0
5.4
5.6
4.9
4.1
6.5
6.7
6.5
5.7
3.9
1.9
2.3
2.5
2.4
1.4
7.6
7.6
7.7
7.2
Period
198019811982:
19831984:
19851986:
198719881989:
July
Sept
Oct
Nov
Dec
1990- Jan "
Feb '
Mar r
Apr'
May p
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial aectora; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Percent change from year or 6
months earlier 2
Ml
er at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Currency
Period
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
Money market
mutual fund
balances l
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
July
Sept
Oct
Nov
Dec
1990:
Term
Eurodollars
(net)
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
115.3
122.6
132.5
146.2
156.0
167.8
180.6
196.7
211.8
221.9
261.4
231.4
234.1
238.5
243.9
266.8
302.1
287.0
287.0
279.7
28.0
78.2
103.6
131.6
146.9
179.6
235.5
259.7
281.3
285.7
28.8
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.3
76.8
61.6
150.6
185.2
138.8
168.2
177.2
208.7
222.0
240.9
312.4
15.2
38.0
51.1
42.8
62.1
63.9
83.8
89.0
87.1
102.3
0.0
.0
43.2
379.2
416.8
513.0
571.0
523.8
500.3
483.7
400.1
343.8
356.7
305.4
285.1
301.2
370.1
414.9
427.8
409.0
728.5
823.2
851.0
784.1
886.8
884.0
856.2
917.8
1,031.0
1,142.3
260.4
303.0
327.2
327.6
417.4
437.0
439.8
488.8
541.1
558.3
33.5
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.7
94.9
50.3
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.1
72.3
133.5
149.4
67.8
68.0
183.6
71.1 211.9
74.2
260.9
79.5
298.3
91.8
280.8
100.6 254.2
109.3 272.0
117.5 ' 319.5
32.1
40.0
44.5
45.0
45.5
42.1
37.2
44.8
40.6
41.2
98.8
105.3
113.7
133.2
160.8
207.5
231.1
260.4
335.6
347.9
216.6
217.2
217.8
218.6
219.3
220.0
220.4
. .. . 221.9
279.6
276.3
279.6
278.5
278.1
280.0
278.8
279.7
272.8
273.0
274.5
276.0
278.4
280.8
282.8
285.7
77.8
79.6
80.9
78.3
74.8
75.3
74.9
76.8
261.2
268.3
277.7
287.8
295.9
302.7
309.0
312.4
92.1
96.3
99.0
101.4
101.6
101.1
101.1
102.3
463.1
460.9
463.9
468.2
471.9
475.3
480.8
483.7
405.4
403.4
403.3
404.0
405.5
406.1
407.9
409.0
1,103.0
1,114.0
1,122.4
1,130.0
1,132.6
1,135.9
1,138.5
1,142.3
573.1
574.9
574.7
570.5
565.6
562.7
561.0
558.3
127.5
128.4
123.8
116.9
112.9
108.3
107.2
94.9
97.2
93.4
91.8
89.6
85.3
80.0
79.2
81.1
112.8
288.1
113.6 289.6
114.3 290.9
115.0 ' 293.0
115.7 ' 303.0
116.2 * 308.2
116.8 r 308.6
117.5 r319.5
. 41.2
41.2
41.9
42.6
41.0
40.0
40.5
41.2
348.8
349.4
349.5
354.3
350.3
350.0
351.3
347.9
224.6
226.6
228.4
230.1
231.6
277.3
280.2
279.3
277.8
274.6
285.4
287.0
289.5
291.8
291.5
80.7
81.3
80.7
77.8
79.8
318.1
324.5
325.0
324.8
319.4
103.2
103.7
105.4
106.8
107.3
* 485.0
489.4
494.9
498.9
500.2
410.2
413.6
414.6
415.8
415.1
1,142.5
1,141.2
1,143.8
1,144.1
1,145.5
' 554.2
' 549.5
543.6
537.6
534.6
91.5
94.9
93.1
92.7
93.1
74.5
68.8
66.6
66.1
69.0
117.7
118.2
119.1
119.9
40.7
38.3
37.0
35.9
343.3
344.7
342.7
347.2
1980: Dec
1981- Dec
1982: Dec
1983- Dec
1984: Dec
1985- Dec
1986: Dec
1987- Dec
1988: Dec
1989- Dec
1989: May
Term
repurchase
agreements
(RPs)
Jan
Feb
Mar '
May"
1
i_/aia
Data poor
prior 10
to laoo
1983 are
are iiui
not seasonally
seasonally adjusted.
adjusted.
2
Small denomination and llarge
a r e denomination de
deposits are those issued in
$100,000 and more than $100,000, respectively.
i than
r
r
r
r
323.0
319.4
337.3
329.3
NOTE.—Travelers checks of nonbank issuers are a component of money stock but arc not shown
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]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
1980198119821983198419851986198719881989-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1989' May
July
Sept
Oct
Nov
Dec
1990' Jan
Feb
Mar
Apr r
Mav p
1
...
...
.
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
33,401
35,315
37,388
39,184
42,235
48,373
58,023
58,593
60,593
60,033
31,711
34,679
36,754
38,410
39,049
47,055
57,197
57,815
58,877
59,767
31,714
34,827
36,940
38,412
41,653
47,554
57,499
58,298
60,121
59,787
32,887
34,996
36,888
38,623
41,380
47,336
56,653
57,546
59,545
59,110
152,525
160,936
172,947
188,275
201,673
219,350
241,427
258,055
275,238
284,946
1,690
636
634
774
3,186
1,318
827
777
1,716
265
116
54
33
96
113
56
38
93
130
84
3
148
186
2
2,604
499
303
483
1,244
20
58,831
58,597
58,867
58,906
59,289
59,640
59,646
60,033
57,111
57,107
58,173
58,231
58,596
59,085
59,297
59,767
58,308
58,024
58,279
58,272
58,618
59,106
59,318
59,787
57,796
57,692
57,901
58,021
58,351
58,620
58,701
59,110
278,526
279,020
279,957
280,756
281,806
282,786
283,222
284,946
1,720
1,490
694
675
693
555
349
265
345
431
497
490
452
330
134
84
1,197
917
106
41
22
21
21
20
59,896
60,215
60,297
60,275
59,782
59,456
58,768
58,173
58,647
58,448
59,482
59,302
60,123
60,051
59,323
58,880
59,227
59,436
59,379
58,821
287,509
289,714
291,820
293,540
294,399
440
1,448
2,124
1,628
1,335
47
51
78
122
244
26
535
1,950
1,403
875
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
Source: Board of Governors of the Federal Reserve Syst
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.3 percent in May. Commercial and industrial loans were virtually
unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLION S OF DOLLARS* (RATIO SCALE)
2,800
ALL COMMERCIAL BANKS
2,400
2,000
_
2,800
_
^-—-
TOTAL
\
1,600
~*f —
——— -
2,400
—
1
2,000
""
|
—
—• — - ~"
1,600
- "~~\~~
____
—
LOANS ANC) LEASES
--"'"
1,200
"
- —— 1
'
1,200
---'
*»-- —
—
800
800
—
^•*"
400
U.S. GC WERNMENT
400
SE CURITIES
V-
.
_/'
x-"""""
200
200
""
~"
'
/
/
160
120
1982
IIMlliilil
iiinhiiii
1984
1985
1983
160
GFH ER SECURITIES
,,-''
miilmii iniiliiin
—
\
l l l i l l U I I ! .....I..III l l l l l l l U l !
1986
1988
1987
miilmii
' SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
120
1990
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *
All commercial banks
Loans and leases
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May
June
July
Aug
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
Apr
May"...
Total
loans and
securities 2
1,307.3
1,400.5
1,552.3
1,722.5
1,910.1
2,094.2
2,239.5
2,422.2
2,582.6
2,482.9
2,496.0
2,512.4
2,527.4
2,538.9
2,563.3
2,579.0
2,582.6
2,585.8
2,603.8
2,623.8
2,635.0
2,644.1
•able
28
U.S.
Government
securities
179.3
201.7
259.2
260.2
270.6
309.3
334.4
361.4
r
394.5
372.5
373.7
374.0
375.5
378.1
389.9
394.8
r
394.5
402.4
412.2
418.9
422.7
427.9
Other
securities
160.5
164.8
169.2
141.1
179.3
194.2
193.8
192.2
180.3
187.8
187.3
186.3
183.8
183.1
180.9
179.3
180.3
180.2
180.1
180.2
180.8
179.2
Total
2
967.5
1,034.0
1,123.9
1,321.3
1,460.3
1,590.6
1,711.2
1,868.6
2,007.9
1,922.6
1,935.0
1,952.1
1,968.2
1,977.7
1,992.5
2,004.9
2,007.9
2,003.2
2,011.6
2,024.7
2,031.6
2,037.0
Commercial
and
industrial
355.4
392.5
414.2
473.3
500.5
537.5
567.9
607.0
642.9
626.6
627.1
631.8
636.1
637.7
641.9
645.9
642.9
639.0
637.9
642.8
648.2
647.9
Non-
State
Real
estate
Individual
Security
financial
institutions
Agricultural
political
subdivisions
284.1
299.9
330.9
376.4
426.0
494.4
587.4
671.9
756.4
705.6
713.0
720.1
727.7
735.8
742.6
749.2
756.4
759.6
768.1
774.4
779.4
787.5
182.5
188.2
212.9
253.8
294.7
315.3
328.4
355.0
375.9
363.5
363.8
365.8
367.5
370.3
372.6
374.6
375.9
377.9
378.9
379.2
377.8
379.2
21.4
25.3
28.0
34.3
43.0
40.6
35.1
40.4
39.6
38.4
40.6
40.1
39.0
39.7
41.2
41.5
39.6
r
40.1
r
41.1
r
38.3
r
37.0
35.7
29.9
31.2
30.4
31.3
32.4
35.0
31.9
30.1
32.7
29.3
30.5
31.3
31.5
31.8
r
33.2
r
33.7
32.7
32.3
33.0
34.1
34.2
33.6
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.3
29.9
30.0
30.0
29.9
29.6
29.6
29.9
30.3
30.9
31.0
r
31.3
r
31.4
31.2
0.0
.0
3.3
46.1
56.8
58.5
52.6
45.6
40.1
43.1
42.8
42.5
42.2
41.7
41.3
40.8
40.1
38.6
38.9
38.4
38.2
37.9
Foreign
banks
18.1
14.6
13.4
11.2
9.8
9.9
7.9
8.1
8.6
8.0
7.9
7.9
8.1
7.5
8.5
8.0
8.6
7.9
7.8
8.4
9.0
8.8
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
7.2
12.7
13.3
r
r
r
r
5.9
9.4
7.9
6.0
5.9
5.3
5.0
3.6
4.7
4.4
4.3
4.1
4.2
3.9
3.6
3.6
3.2
3.1
3.0
3.2
3.2
13.7
16.0
19.0
22.4
24.6
29.2
31.4
30.2
30.2
30.7
31.0
31.3
31.7
31.6
31.4
31.6
31.6
31.8
31.6
31.8
Other
23.1
26.9
31.8
31.0
35.9
39.6
40.7
46.4
r
46.4
43.2
44.8
r
47.7
51.0
48.0
r
46.0
r
46.0
r
46.4
r
42.1
r
40.2
r
42.9
41.7
40.2
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal
Credit market funds
l
Total
Loans and
short-term
paper
Securities
and
mortgages
Total
Capital
expenditures 3
Total
Other 2
Increase in
financial
assets
Discrepancy
(sources less
uses)
516.2
197.6
200.1
239.5
242.3
285.7
336.3
352.3
344.9
352.6
372.5
369.7
126.1
123.1
137.9
60.7
133.5
158.7
105.0
165.8
133.6
125.9
146.5
60.3
70.7
91.8
50.3
78.3
95.1
50.9
123.0
69.0
67.0
65.3
9.0
30.5
25.4
-1.7
44.6
-9.1
30
58.9
38.1
-2.3
130
51.3
40.2
66.4
52.0
33.7
104.2
53.9
64.0
30.9
69.3
78.3
65.8
52.5
46.0
10.4
55.2
63.6
54.1
42.9
64.6
58.9
81.2
368.3
341.6
382.9
302.7
392.0
473.0
422.9
448.2
453.9
473.4
479.1
238.6
243.2
285.9
255.7
269.9
367.9
339.9
328.8
348.3
380.4
384.7
129.8
98.4
97.0
47.0
122.1
105.1
83.0
119.3
105.6
92.9
94.4
—44.6
-18.3
-5.6
.3
27.2
22.0
34.4
62.6
32.4
25.0
37.2
1988- III
IV
523.5
482.3
372.3
381.6
151.2
100.7
77.0
14.4
33.7
-80.9
43.3
95.3
74.2
86.2
500.8
447.7
390.1
391.8
110.8
55.9
22.7
34.6
1989: I rr
489.5
573.8
127.6
8.2
144.9
29.9
78.0
-68.4
31.4
43.5
28.2
76.6
113.5
73.4
49.8
119.3
64.0
75.2
66.2
457.8
535.6
438.5
484.2
376.0
388.8
388.6
385.3
81.8
146.8
49.9
98.9
31.7
38.1
42.7
36.2
78.8
12.4
66.4
61.8
478.1
351.8
126.3
26.6
1979
1980
1981
1982
323.7
323.3
377.4
303.0
1983
1984
1985
1986
1987
1988
1989
419.2
495.0
457.3
510.7
486.3
498.4
T
IV
520.4
361.9
364.8
376.1
376.2
1990- lp
504.7
364.1
n T
m r.
481.3
209.0
105.2
144.2
140.6
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abr 0(ul
02
TT „
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding1
Installment credit outstanding end of period)
Period
1980- Dec
19811982:
19831984:
19851986:
19871988:
1989-
Dee
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Decz
1989- Apr 2
May
July
Sept
Oct
Nov
Dec
T
1990- Jan
Feb *
Mar r
Apr p
1
Other
Total
Revolving
298,154
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,701
716,624
111,991
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,556
290,770
55,111
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,057
197,110
18,736
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,201
22,343
112,317
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,887
206,401
1,671
13,105
14,546
43,161
73,636
75,650
54,765
37,451
54,233
(3)
691,432
695,627
697,262
700,000
703,518
705,703
710,133
713,903
716,624
290,013
290,954
290,583
289,882
289,961
288,839
290,210
290,972
290,770
181,098
182,847
184,239
186,284
189,185
190,378
191,734
194,679
197,110
23,407
23,505
23,309
23,240
22,734
22,661
22,621
22,197
22,343
196,914
198,320
199,130
200,594
201,638
203,825
205,568
206,055
206,401
3,327
4,195
1,635
2,739
3,518
2,185
4,430
3,769
2,722
717,829
717,869
720,278
720,862
290,904
289,629
291,445
288,942
199,146
199,927
201,625
203,984
22,604
22,633
22,710
22,702
205,175
205,680
204,499
205,234
1,205
40
2,409
584
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.
Mobile
home
Automobile
Total
Automobile
Kevolving
— 484
1,754
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,705
5,959
5,384
12,634
21,192
21,536
14,035
17,227
20,979
(3)
(3)
122
941
371
-701
79
1,859
1,749
1,392
-1,122
1,194
1,356
1,371
761
-202
2,045
2,900
2,944
2,431
134
1,275
1,816
2,036
-2,503
2,359
781
1,698
Mobile
home
529
1,322
Other
989
246
1,176
-719
(3)
-127
-1,193
-322
11,954
20,141
16,503
3,242
2,978
15,267
(3)
3
98
196
-69
506
-73
40
-424
146
1,342
1,406
810
1,463
1,044
2,187
1,743
487
346
261
29
76
-8
-1,226
505
— 1,181
735
2,546
958
2,299
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve Svstem.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in June.
PERCENT PER ANNUM
PERCENT PER ANNUM
COUNCIL OF ECO1
SOURCE' SEE TABIE BEIOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) '
Constant maturities 2
3-year
10-year
High-grade
municipal
bonds
{Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
H months 1
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged 5by
banks
New-home
mortgage
yields
(FHPB) e
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
1989: June
July
Aug
Sept
Oct
Nov
Dec
8.22
7.92
7.91
7.72
7.63
7.65
7.64
8.37
7.83
8.13
8.26
8.02
7.80
7.77
8.28
8.02
8.11
8.19
8.01
7.87
7.84
6.97
6.97
7.08
7.27
7.22
?!l3
7.01
9.10
8.93
8.96
9.01
8.92
8.89
8.86
8.80
8.35
8.32
8.50
8.24
8.00
7.93
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
11.50-11.00
11.00-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.42
10.48
10.22
10.24
10.11
10.09
10.07
1990: Jan
7.64
7.76
7.87
7.78
7.78
7.74
8.13
8.39
8.63
8.78
8.69
8.40
8.21
8.47
8.59
8.79
8.76
8.48
7.13
7.21
7.29
7.36
7.34
7.22
8.99
9.22
9.37
9.46
9.47
9.26
7.96
8.04
8.23
8.29
8.23
8.06
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
10.50-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
9.91
9.88
10.03
10.17
10.28
7.80
7.69
7.73
7.74
8.50
8.38
8.36
8.44
8.42
8.58
8.46
8.44
8.52
8.51
7.23
7.21
7.18
7.27
7.23
9.38
9.27
9.21
9.26
9.28
8.13
8.06
8.03
8.06
8.07
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
1981
1982
1983
1984
1985
1986....
1987
1988
1989
Feb
Mar
May rp
June
Week ended:
1990: June 2
9
16
23
30"
1
7.78
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury De.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for .January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
par
30
COMMON STOCK PRICES AND YIELDS
Stock prices rose in June.
INDEX, DEC. 31, 1965 = 50 (RATIOSCALE)
INDEX DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
160
240
220
200
180
160
V—""It^^S'
COMPOSITE STOCK PRICE INDEX
(NYSE)
y—/
\
(
140
\/~
^/
\
^-^^~^
140
~
120
120
r-S^S
100
80
/
1
60
^T
40
1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 11 1 11
1982
100
^J
80
t 1 1 I 1 111 1t 1
1 11 1 1 1 1 11 11
1 ! t M 1 t 1 11]
1 1M 11t I t t1
1987
1988
1989
1 II11 |1 | || |
I 1 1 1 I 1 I t 11 1
1984
1983
1986
1985
40
1 M 1 1 1 ||| | |
1990
PERC ENT
PERC ENT
20
20
15
15
\
^X
10
EARNINGS-PRICE RATIO ON COMMON STOCKS
'cs °\
__
""•
^
—-
5
0
1
1 1
1982
1
1 1
1983
I
1 1
1984
OURCES- NEW YORK STOCK EXCHANGE At •iD STANDARD
& POO
I
1
1
/n
—^— __
i i i
i i i
1987
1986
1985
10
— \_
5
1
1 1
1988
1989
Dow- Jones
Finance
Utility
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
1981
1982
1983
1984
1985
1986
1987
1988
1989
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
1989: June
July
Aug
Sept
Oct
Nov
Dec
180.76
185.15
192.94
193.02
192.49
188.50
192.67
216.75
221.74
231.32
230.86
229.40
224.38
230.12
173.47
179.32
197.52
202.02
190.36
174.26
177.25
87.90
90.40
92.91
93.44
94.67
94.95
99.73
154.08
157.78
164.86
165.51
166.55
160.89
155.63
2,494.90
2,554.03
2,691.11
2,693.41
2,692.01
2,642.49
2,728.47
1990: Jan
Feb
Mar
187.96
182.55
186.26
185.61
191.35
196.68
225.79
220.60
226.14
226.86
234.85
242.42
173.67
166.69
175.08
173.54
173.53
177.37
95.69
92.15
93.00
91.92
93.29
93.65
150.11
142.68
143.14
138.57
142.94
147.93
197.07
198.71
198.38
195.42
193.92
242.63
243.71
244.18
241.40
240.15
176.00
181.17
180.47
175.92
171.86
94.56
95.36
94.70
92.80
91.50
148.01
152.26
149.81
145.55
143.76
May '
June"
Week ended:
1990- June 2
9
16
23
30"
1
2
3
4
5
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
1
1
1
0
1990
Common stock yields
(percent) 5
Period
Transportation
1
l
O) 2
New York Stock Exchange indexes (I
Industrial
1
COUNCIL OF ECONOMIC ADVISER
R'S CORPORATION
Common stock prices
Composite
1
Dividendprice ratio
Earningsprice ratio
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.42
323.73
331.93
346.61
347.33
347.40
340.22
348.57
3.44
3.38
3.28
3.29
3.29
3.39
3.33
7.93
2,679.24
2,614.18
2,700.13
2,708.26
2,793.81
2,894.82
339.97
330.45
338.47
338.18
350.25
360.39
3.41
3.54
3.49
3.51
3.44
3.36
2,881.67
2,906.31
2,923.96
2,885.99
2,861.78
361.48
364.17
363.72
358.07
355.03
3.35
3.31
3.32
3.37
3.42
,
6.79
6.48
rice 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 Cor-
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
Sn the first 8 months of fiscal 1990, there was a deficit of $151.7 billion, compared with a deficit of $113.2 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
,— RECEIPTS AND OUTLAYS^
1,100
1,100
OUTLAYS^/
1,000
1,000
900
900
"X
RECEIPTS-!'
800
800
700
700
600
600
100
-100
\
A
\^
^^
\
1/1982
^-———*"^
\
1983
\
1984
~T~
1985
"^ \
1986
i
1987
\
1988
\
\
1989
1990
^
1991 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]
Receipts
1976
1977
1978
1979
1980....
1981
1982
1983
1984....
1985 ...
1986....
1987
1988
1989
1990 (estimates)
1991 (estimates)
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
Fiscal year or period
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
14 7
-53.6
59 2
-40.2
73 8
-78.9
127 9
-207.8
185 3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
70 5
-13.3
49 7
-54.9
38 2
-72.7
73 9
-120.0
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
32
— 1.4
-3.9
-4.3
-2.0
11
-5.0
79
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,073.5
1,170.2
946.3
990.3
1,003.8
1,064.0
1,142.6
1,197.2
1,233.3
212 3
-221.2
149 7
-155.1
152 0
-123.8
63 1
547.9
568.9
640.7
667.5
727.0
788.0
855.7
769.5
806.8
810.0
861.4
931.7
971.5
997.4
-221.6
-237.9
-169.3
-193.9
-204.7
-183.4
-141.7
186.2
200.2
213.4
241.5
263.7
285.4
314.5
176.8
183.5
193.8
202.7
210.9
225.8
236.0
9.4
16.7
19.6
38.8
52.8
59.7
78.6
1,817.0
2,120.1
2,345.6
2,600.8
2,866.2
3,113.3
3,319.2
1,499.4
1,736.2
1,888.1
2,050.2
2,189.3
2,298.7
2,357.3
640.9
667.1
754.1
818.8
113 2
-151.7
464.5
480.8
616.1
671.1
-151.6
-190.2
176.4
186.3
138.0
147.8
38.4
38.6
2,785.1
3,073.0
2,149.6
2,322.3
Cumulative total, first 8
months: 1
Fiscal year 1989
Fiscal year 1990
1
Data from Monthly Treasury Statement,
NOTE.—Data are from Budget of the United Stales Government, Fiscal Year 1991, January
32
1990, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1990, receipts were $26.2 billion higher than a year earlier and outlays were $64.7
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
—RECEIPTS!/-
500
500
- INDIVIDUAL INCOME TAXES -
400
400
300
300
SOCIAL INSURANCE
"TAXES AND CONTRIBUTIONS
200
CORPORATION
INCOME TAXES"
OTHER RECEIPTS
100
200
100
0
0
900
—OUTLAYS-!/ -
900
800
800
NONDEFENSE
700
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
FISCAL YEARS
J/'INCLUDES ON-8UDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
Oil-budget and off-budget receipts
Fiscal year
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 (estimates)
1991 (estimates)
Cumulative total, first 8 months: 1
Fiscal year 1989
Fiscal year 1990
Nationa defense
Individual
income
taxes
Corporation
income
taxes
Social
insurance
taxes
and
contributions
298.1
355.6
399.6
463.3
517.1
599 3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
734.1
769.1
854.1
9C9.0
990.7
1,073.5
1,170.2
334.5
349.0
392.6
401.2
445.7
489.4
528.5
61.3
63.1
83.9
94.5
103.6
112.0
129.7
265.2
283.9
303.3
334.3
359.4
385.4
421.4
73.0
73.1
74.3
78.9
82.0
86.6
90.6
946.3
990.3
1,003.8
1,064.0
1,142.6
1,197.2
1,233.3
640.9
667.1
284.5
300.6
59.0
53.9
242.5
253.1
55.0
59.5
754.1
818.8
Total
Other
Social
security
Net
interest
Other
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
57.8
63.7
65.8
70.2
75.1
78.9
85.0
96.6
98.6
128.2
119.8
123.3
129.3
136.0
146.6
153.7
188.6
198.8
207.4
219.3
232.5
248.5
264.8
129.4
136.0
138.6
151.7
169.1
175.6
173.0
131.8
142.1
125.9
139.4
158.4
161.3
158.1
32.3
37.4
54.2
63.1
93.4
101.8
151.8
162.0
112.2
120.9
105.0
125.0
Health
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
252.7
273.4
282.0
290.4
303.6
296.3
303.3
245.2
265.5
274.0
281.9
294.9
286.8
292.1
16.2
14.2
11.6
10.5
9.6
14.6
18.2
198.6
198.6
193.0
192.4-
6.6
10.1
Total
1
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1991, Januari
1990, except as noted.
Income
security
International
affairs
Total
Department of
Defense,
military
Medicare
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1990, according to revised estimates. Federal receipts rose $28.6 billion (annual rate) and
Federal expenditures rose $43.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1,200
1,200
EXPENDITURES
1,000
1,000
800
800
RECEIPTS
600
600
400
400
200
200
-200
-200
1982
1983
1985
1984
SOURCE: DEPARTMENT OF COMMERCE
1988
1986
1989
1990
COUNCIL OF ECONOMIC ADVISERS
CALENDAR YEARS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Personal
Period
Total
Fiscal year:
1985
1986
1987
1988
1989
Calendar year:
1985
1986
1987
1988
1989
1982: IV.
1983- IT
1984: IV.
1985: IV
1986: IV.
1987: IV
1988- IH
IV
1989- I
n..
TTT
1990:
IV.
Ir
tax and
nontax
receipts
Corporate
profits
Indirect
business
tax
nontax
accruals
accruals
tax and
Federal Government expenditures
Contributions for
social
insurance
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Pur-
Total
chases
of goods
and
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
776.8
815.2
897.3
958.6
1,046.4
340.4
357.0
401.2
408.0
457.3
74.6
81.1
97.7
108.3
115.4
55.9
50.9
53.4
55.8
57.6
305.8
326.1
345.0
386.4
416.1
962.3
1,028.0
1,060.4
1,104.0
1,175.6
341.5
368.6
375.5
378.6
400.5
374.0
394.6
411.2
432.7
461.6
97.8
107.4
103.1
108.6
115.8
128.3
134.6
138.8
149.0
168.6
20.7
22.8
31.9
35.1
29.1
0i
.0
.1
— .1
.0
185 5
-212.8
163 1
-145.4
129 2
788.7
827.9
911.4
972.4
1,047.2
633.1
675.5
742.7
805.3
853.8
937.4
977.3
994.6
1,036.2
1,053.2
1,043.2
1,056.1
1,084.7
346.4
361.4
405.8
413.0
460.4
303.0
291.9
326.0
355.3
376.2
420.0
411.4
420.3
446.8
465.1
459.1
470.8
476.7
76.3
83.8
101.0
111.4
105.5
46.4
70.2
69.7
78.8
88.9
103.1
114.0
115.8
117.0
109.7
99.9
95.4
101.8
55.1
50.5
53.8
56.7
58.7
47.6
53.6
56.2
53.5
50.8
54.5
57.4
57.8
58.0
58.2
59.4
59.3
60.1
310.9
332.1
350.8
391.3
422.5
236.1
259.8
290.7
317.7
337.9
359.7
394.5
400.6
414.3
420.2
424.8
430.6
446.1
985.6
1,034.8
1,072.8
1,118.3
1,195.7
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,099.8
1,162.1
1,183.7
1,198.6
1,187.9
1,212.6
1,255.6
355.2
366.5
381.6
381.3
403.2
293.2
276.1
326.0
376.6
368.8
388.1
367.5
406.4
399.0
406.0
402.7
405.1
413.7
380.1
399.9
414.3
438.2
472.7
347.4
352.5
362.1
385.8
405.8
421.9
438.0
447.6
460.4
466.9
475.6
488.1
502.7
99.7
106.8
102.6
111.4
119.4
84.5
86.0
96.3
103.5
103.0
102.2
111.0
112.2
118.7
118.4
118.3
122.1
129.3
130.1
135.6
141.7
151.4
171.2
87.2
101.0
125.3
132.7
136.0
147.3
153.9
157.0
167.0
172.0
171.2
174.8
179.2
20.3
26.0
32.6
36.0
29.1
23.4
29.1
21.0
19.0
29.2
41.9
29.4
38.9
38.5
35.3
20.1
22.6
30.7
-.2
.0
.0
.0
.0
.0
.0
.6
.0
.0
2
1969
-206.9
161 4
-145.8
148 5
-202.6
169 2
-187.5
-212.2
-189.0
-164.4
-122.5
-167.6
147 5
- 145.4
144 7
-156.5
-170.9
Source: Department of Commerce, Bureau of Economic Analysis.
34
.0
.0
.0
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987 = 100; seasonally adjusted)
Period
United
States
Canada
Japan
France
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
81.6
83.3
75.2
80.0
89.7
94.7
94.7
100.0
106.2
107.4
81.7
82.6
82.9
85.5
93.4
96.8
96.6
100.0
109.3
115.7
98.0
97.0
107.7
108.6
108.3
108.4
107.8
108.2
108.2
107.7
108.1
108.6
106.9
107.8
107.9
107.5
107.1
107.5
107.8
106.4
107.0
r
!07.5
118.4
114.1
114.8
117.1
114.2
117.6
115.8
115.8
116.8
116.9
107.5
108.5
r
109.0
109.0
109.7
' 105.9
' 105.8
105.8
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 p.
1989:
Mar
May
July
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
Apr
May'
1
T
117.2
116.5
118.8
118.0
r
r
Germany
Consumer prices (1982-84=100)
United
Kingdom
Italy
United
States 1
Canada
Japan
France
Germany
Italy
United
Kingdom
96.0
96.0
97.0
97.0
98.0
100.0
104.5
109.0
95.0
93.2
90.3
90.9
93.5
97.7
99.6
100.0
' 103.8
108.7
96.2
94.8
91.8
88.8
91.8
92.9
96.2
100.0
105.9
109.0
87.5
84.8
'86.4
'89.6
'"89.8
'94.6
'96.8
100.0
* 103.8
r
104.4
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
72.2
81.8
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
86.8
92.2
97.0
100.3
102.7
104.9
104.7
104.9
106.3
109.2
63.2
75.4
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
78.5
87.9
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
106.6
110.0
108.5
109.7
110.4
110.4
108.1
109.3
110.5
108.6
106.7
' 109.2
r
104.6
108.8
110.0
' 110.2
'110.0
110.0
'110.1
111.4
106.9
107.7
105.8
108.6
109.7
108.2
108.1
109.7
110.5
115.5
104.1
' 105.6
'102.7
'102.8
'104.1
'105.3
'105.1
'105.1
'104.6
104.8
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.9
126.1
127.2
127.6
128.9
129.6
130.4
130.5
130.7
131.2
131.6
131.5
106.2
108.1
108.7
108.6
108.4
108.3
109.2
110.0
108.9
109.0
127.2
128.0
128.5
128.7
129.0
129.2
129.5
130.1
130.3
130.5
108.5
109.1
109.3
109.4
109.3
109.2
109.4
109.7
109.9
110.2
148.0
149.0
149.6
150.3
150.7
150.9
151.6
153.1
153.7
154.4
131.9
134.3
135.1
135.6
135.7
136.1
137.0
138.1
139.2
139.6
110.2
108.3
109.0
r
lll.l
r
'104.6
'103.9
105.8
127.4
128.0
128.7
128.9
129.2
132.7
133.4
133.9
133.9
134.6
109.2
109.5
109.9
110.8
130.8
131.1
131.6
132.1
110.9
111.3
111.4
111.6
155.3
156.4
157.0
157.6
158.0
140.4
141.2
142.6
147.0
148.3
r
r
112.6 '108.6
r
l!0.1
l!2.6 110.8
111.5
110.1
Data relate to all urban consumers.
Source: National sources as reported by Department of Commerce {Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) ]
General merchandise imports (customs value) 3
Principal end-use commodity category
Period
1982
1983
1984
216.4
205.6
224.0
5
218.8
5
227.2
254.1
322.4
364.0
1985
1986
1987
1988
1989
1989:
Mar
May
July
Sept
Oct
Nov
Dec
1990:
Total 2
Jan"
Feb
Mar'.
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
31.3
30.9
31.5
24.0
22.3
24.3
32.3
35.0
61.7
56.7
61.7
58.5
57.3
66.7
85.1
92.6
72.7
67.2
72.0
73.9
75.8
86.2
109.2
123.7
15.7
16.8
20.6
22.9
21.7
24.6
29.3
29.3
14.3
13.4
13.3
12.6
14.2
17.7
23.1
32.8
Total
Other2"
20.7
20.5
24.0
27.3
35.9
34.6
43.4
50.7
244.0
258.0
330.7
4
336.5
365.4
406.2
441.0
473.0
4
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.0
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.2
35.4
40.9
59.8
65.1
71.8
84.5
101.4
114.1
33.3
40.8
53.5
66.8
78.2
85.2
87.7
85.6
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.5
General
merchandise
imports
(c.i.f.
value)
Exports
(f.a.s) less
imports
(customs
value)
Exports
(l.a.s)
less
imports
(c.i.f.)
7.8
9.4
10.4
12.1
12.8
13.5
254.9
269.9
346.4
352.5
382.3
424.4
459.5
492.9
-27.5
-52.4
-106.7
-117.7
-138.3
-152.1
-118.5
-109.0
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
— 137.1
-128.9
Other
6.5
6.3
31.1
31.0
30.6
31.2
29.7
30.2
30.4
31.5
30.6
30.8
3.3
3.0
3.0
3.2
2.8
2.8
2.7
2.8
2.9
2.8
7.8
7.9
8.0
8.2
7.9
7.8
7.7
7.9
7.7
7.5
10.5
10.5
10.0
10.5
10.7
10.5
11.2
11.0
9.7
10.9
2.5
2.5
2.4
2.5
2.1
2.4
2.3
2.6
2.5
2.6
2.7
2.7
2.6
2.8
2.6
2.8
2.8
2.8
2.9
3.0
4.2
4.4
4.6
4.0
3.6
4.0
3.7
4.4
4.8
4.1
40.0
38.6
41.0
39.7
39.2
40.4
38.5
41.9
40.7
38.5
2.1
2.0
2.2
2.1
2.0
2.2
1.9
2.1
2.1
2.0
10.9
11.0
11.8
11.3
11.2
11.5
10.4
11.8
11.1
10.4
9.6
9.1
9.7
9.8
9.5
9.8
9.6
10.1
10.1
9.7
7.8
7.3
7.5
6.9
6.7
6.9
6.6
7.5
7.2
6.9
8.5
8.1
8.7
8.5
8.7
8.9
8.8
9.1
9.0
8.3
1.1
1.1
1.1
1.1
1.0
1.2
1.2
1.4
1.2
1.2
41.7
40.2
42.6
41.3
40.9
42.2
40.1
43.7
42.5
40.2
-8.9
-7.6
-10.4
-8.5
-9.6
-10.2
-8.2
-10.4
-10.1
-7.7
-10.6
-9.2
-12.0
-10.1
-11.2
-12.0
-9.8
-12.3
-11.9
-9.3
31.9
31.8
33.5
32.3
3.1
3.1
3.3
3.0
8.8
8.0
8.6
8.6
12.3
12.8
12.9
12.4
2.5
2.8
3.4
3.1
3.4
3.4
3.5
3.5
1.8
1.6
1.8
1.7
41.3
37.9
41.9
39.2
2.3
2.2
2.5
2.3
12.9
11.0
11.6
10.5
9.6
8.9
9.9
9.7
6.1
6.5
7.9
6.9
9.0
8.1
8.7
8.6
1.3
1.2
1.3
1.2
43.1
39.6
43.7
41.0
-9.3
-6.1
-8.4
-6.9
-11.2
-7.8
-10.2
-8.7
1
Includes Department of Defense Military Assistance Program grant-aid
2
Includes undocumented exports to Canada through 1989.
3
Total arrivals of imported goods other than intransit shipments.
4
shipments.
Total includes revisions not reflected in detail.
** Beginning 1990, undocumented exports to Canada and reexports are distributed to the appro-
Trade balance
Principal end-use commodity category
priate end-use category. For earlier periods they are included in the "other" export category.
Therefore, the categories beginning 1990 are not directly comparable with those for earlier periods.
The 1989 figures for undocumented exports ($16 billion) and for reexports ($14.3 billion) will be
distributed to the appropriate end-use categories later this year.
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 1990, the current account deficit fell to $22.9 billion from $26.7 billion in the fourth quarter
of 1989. (Series revised.)
BILL ONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
5
5
0
•'A
0
f
\
''
^
Vl
V
-5
I
\
\
-10
-10
^
\
-15
-15
\
\
-20
X
\
Nv x
BALA NCE ON GOODS,
SEPVHCES, AND INCC)ME
\
s
-25
1fv
-30
Vl
I
\
-A
v
\
/
""" "* /
X.
MER CHAND ISETRA DE
BALA MCE
i i i
1
1983
1984
1
.'
*
..---.
^"•\ v.
\
1 1
1982
,
-25
\
-35
-45
S
1
\
BALANCE ON
CURRENT ACCOUNT
-35
-40
1
i
1986
1985
k /,
1 1 1
1987
1
1 1
1988
1
i 1
1989
1
1 1
1990
-4,5
SEASONALLY ADJUS IEO
OURCE: DEPARTMEN OF COMMERCE
COUNCIL OF CONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (-f), debits ( — )]
Merchandise *
2
Exports
Imports
Net balance
Net
military
transactions 3
Net
travel and
transportation
receipts
Other
services,
net4
Receipts
on U.S.
assets
abroad
237,085
211,198
201,820
219,900
215,935
223,367
250,266
320,337
360,465
-265,063
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-447,323
-475,329
-27,978
-36,444
-67,080
— 112,522
-122,148
— 145,058
-159,500
— 126,986
-114,864
-1,523
-474
-343
-2,099
-3,557
-4,576
-2,857
-4,606
-5,662
144
-992
-4,227
-7,885
-9,832
-8,031
-7,324
-2,633
792
11,085
11,436
12,264
12,299
12,351
18,547
17,909
20,335
25,487
86,412 -52,329
83,548 -54,884
77,251 -52,376
85,908 -67,419
88,832 -62,901
88,615 -66,968
104,703 -82,420
107, 775 -105,548
124,723 -123,694
320,337
360,465
76,497
79,392
80,511
83,937
88,267
91,111
89,349
91,738
96,044
-447,323
-475,329
-109,988
— 110,494
-111,290
-115,551
-116,360
-119,333
— 119,152
-120,484
— 122,415
— 126,986
-114,864
-33,491
— 31,102
-30,779
-31,614
-28,093
— 28,222
-29,803
-28,746
-26,371
-6,320
659
26,123
-1,763
-1,667
— 1,114
-1,776
-1,370
-57
39
-192
870
1,213
5,899
6,164
7,031
7,030
6,468
Period
Old Series:
1981
1982.. .
1983
1984
1985
1986
1987
1988
1989
Revised
Series: 5
1988
1989
1988: I
II
Ill
IV
1989: I
II
Ill
IV
1990: I"
Investment income 4
Services
1
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments i
United States are excluded from investment income and included in other services, net.
5
Series revised beginning li)78, but all data are not yet available. The complete historical s
2
3
4
36
Payments
on foreign
assets in
U.S. 3
Net
Balance on
goods,
services,
and income
Remittances,
pensions,
and other
unilateral
transfers,
net *
Balance
on current
account
8,163
34,083
15,810 -7,647
28,664
-6,997
2,191 -9,188
24,875
-34,510 -9,776 -44,286
18,489 -91,718 -12,468 -104,186
25,931 -97,256 -15,426 -112,682
21,647 -117,470 -15,778 -133,249
22,283 -129,488 -14,212 -143,700
2,227 -111,892 -14,656 -126,548
1,029 -91,602 -14,276 -105,878
1,610
110,048 -108,438
-912
127,536 — 128,448
2,400
26,980 -24,580
26,739 — 26,330
409
-141
27,942 -28,083
28,386 — 29,445 -1,059
30,872 -30,407
465
31,932 — 33,889 -1,957
32,102 -32,085
17
32,629 — 32,068
561
31,057 -30,449
608
-15,005 -128,862
-95.314 — 14,720 — 110,034
3 476
-3,060
-3,461
5008
-23,549 -3,555 -27,104
-25,643 -3,006 -28,649
-24,061 -3,530 -27,591
-22,061 -4,631 -26,692
- 19,452 -3,489 — 22,941
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $45.7 billion in the first quarter of
1990, compared to an increase of $32.7 billion in the fourth quarter of 1989. Liabilities to private foreigners
reported by U.S. banks, excluding Treasury securities, decreased $28.1 billion in the first quarter, compared to an
increase of $36.7 billion in the fourth quarter. (Series revised.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
CHANGE IN
-FOREIGN ASSETS
60
60
IN THE U.S., NET
40
40
CHANGE IN
U.S. ASSETS
ABROAD, NET
20
20
-20
-20
-40
-40
-60
-60
1990
1982
•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
[in crease /capit
Period
Total
U.S.
official
reserve
assets 3 G
Old Series:
1981
1982
1983
1984
1985
1986
1987
1988
1989
-110,951
-121,153
-49,777
-22,304
-32,628
-99,665
- 76,218
-82,110
-125,707
-5,175
4965
-1,196
3131
-3,858
312
9,149
3 566
-25,293
Revised
Series: 5
1988
1989
-84,176
-127,061
3 912
-25,293
4,569
-19,856
-42,383
-26,508
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase/capital inflow (+)] 3
]
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
181,927
205,829
-8,404
22,443
47,802
74,609
24,840
5,970
2 015
10,720
1,239
59,300
51,812
69,575
2034
- 14,539
23,344
-19,242
43,186
41,028
47,788
47,802
68,402
2,794
74,136
69,320
7,797
-4,961
13,003
-7,016
60,605
7,755
61,133
76,336
-8,439
27,236
— 2,469
6,117
3,093
-1,697
-4,953
3,560
49,854
60,502
68,418
74,609
27 489
8 825
- 18,665
20,922
3,116
76,303
4,960
3,593
5,845
3,140
1 083
35,594
45,193
38,882
7,369
78,072
90,154
79,023
99,481
131,096
186,011
172,847
180,418
189,303
2,969
1,185
-83,232
102 953
221,442
214,652
39,515
8,823
1,502
39
-7,380
1,925
— 1,594
-847
1,957
3,452
4,661
-19,048
36960
-31,885
26,079
65,270
49,797
80,295
IV
-32,859
-1,381
-44,076
-48,745
-4,000
— 12,095
-5,996
— 3,202
962
-303
574
-47
29 821
-11,017
38 654
45496
1990: I"
29,509
-3,177
486
33,172
IV
1989: I
n
in
6
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMP.
Of which:
Seasonal
adjustment
discrepancy
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,032
93,746
84,869
102,621
130,012
221,605
218,039
219,299
196,671
n
in
Total (sum
of the items
with sign
reversed)
U.S. official
reserve
assets, net 6
(unadjusted,
end of
period)
18,663
34,404
9,194
23,869
15298
11,308
1,878
-10,641
34,914
100 679
5 097
-6,131 -110,058
5 006
43 576
-13,685
-5,489
25 950
2821
-2,024
-97,954
86 363
997
-81,543
2,999
1,037
101 451
1988: I
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,093
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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