Full text of Economic Indicators : March 1989
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101st Congress, 1st Session
H
9
Economic Indicators
MARCH 1989
(Includes data available as of March 30, 1989)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1989
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
THOMAS G. MOORE, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, B.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
(3ROSS NATIONAL PRODUCT
in the fourth quarter of 1988, according to revised estimates, current-doffar gross national product (GNP) rose 7.6
percent (annual rate) or $90.7 billion. Real GNP (GNP adjusted for price changes) rose 2.4 percent and the
implicit price deflator rose 5.3 percent.
BlUIONS OF DOLLARS (RATIO J CALE)
BILLIONJS OF DOLLARS (RATIO SCALE)
5,200
5,200
SEASONALLY ADJUSTED ANNUAL RATES
4,800
4,800
—
—
^S^
4,400
4,400
GNP
IN riJRRENT DOLLA RS
4,000
^^
—
r— ^
4,000
—
---"""'
"
3,600
3,600
—
/£'
""V"
—
GNP
IN 1982 DOLL ARS
3,200
~
3,200
P^~
—
2,800
2,800
--^
—
2,400
2,400
1
2,000
1
1
1
I
1981
1980
\
1
1
\
1983
1982
1
1
1984
1
1
1
1
1
1
1986
1985
1
1987
SOURCE; DEPARTMENT OF COMMERCE
1
1
2,000
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports of goods
and services
Government purchases 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
4,240.3
4,526.7
4,864.3
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
3,226.4
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
766.5
32.1
33.9
26.3
61
-58.9
-78.0
- 104.4
-123.0
-94.6
351.0
382.8
361.9
352.5
383.5
370.9
378.4
428.0
519.7
318.9
348.9
335.6
358.7
442.4
448.9
482.8
551.1
614.4
530.3
588.1
641.7
675.0
735.9
820.8
871.2
924.7
964.9
208.1
242.2
272.7
283.5
310.5
355.2
366.2
382.0
381.0
142.7
167.5
193.8
214.4
234.3
259.1
277.5
295.3
298.4
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
82.6
IV
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,304.6
2,117.0
2,315.8
2,493.4
2,700.4
2,876.0
409.6
579.8
661.8
654.1
656.4
14.1
-25.8
-67.9
-103.2
— 114.3
335.9
364.7
385.7
369.2
385.2
321.9
390.5
453.6
472.4
499.4
671.8
676.1
764.5
856.7
886.5
293.2
276.1
326.0
376.6
366.7
205.4
221.5
244.1
268.6
278.1
1987: I..
4,391.8
4,484.2
4,568.0
4,662.8
2,921.7
2,992.2
3,058.2
3,076.3
685.5
698.5
702.8
764.9
-119.1
-122.2
-125.2
-125.7
395.3
416.8
440.4
459.7
514.4
539.0
565.6
585.4
903.8
915.7
932.2
947.3
372.7
377.5
386.3
391.4
4,724.5
4,823.8
4,909.0
4,999.7
3,128.1
3,194.6
3,261.2
3,326.4
763.4
758.1
772.5
772.0
-112.1
-90.4
-80.0
-96.1
487.8
507.1
536.1
548.0
599.9
597.5
616.0
644.0
945.2
961.6
955.3
997.5
377.7
382.2
367.7
396.3
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988 '.
1982:
1983:
19841985:
1986-
n
HI
IV
1988- I..
n
mr
rv
1
Gross
national
product
Net
exports
GNP less exports of goods and services plus imports of goods and services.
Final
sales
Gross
domestic
purchases *
322.2
345.9
369.0
391.5
425.3
465.6
505.0
542.8
583.9
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.7
4,487.5
4,815.9
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,344.7
4,649.7
4,958.9
87.7
54.6
81.9
108.0
88.7
378.7
400.0
438.5
480.1
519.7
3,272.4
3,514.8
3,806.8
4,100.7
4,306.6
3,198.5
3,571.6
3,919.7
4,211.2
4,418.9
287.3
294.8
299.8
299.2
85.4
82.6
86.4
92.2
531.1
538.2
546.0
555.9
4,354.1
4,451.5
4,553.5
4,590.7
4,510.9
4,606.3
4,693.2
4,788.4
298.4
298.8
294.3
301.9
79.3
83.4
73.4
94.3
567.5
579.4
587.6
601.2
4,659.2
4,780.1
4,859.3
4,965.0
4,836.6
4.914.2
4,989.0
5,095.8
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]
Period
1980
1981
1982
1983...
1984
1985.
1986
1987
1988 '
1982:
19831984:
1985:
1986:
IV....
IV
IV.
IV
IV
1987: I .
n
in
IV
1988- I
U
III ....
IV '.
1
Nonresidentia!
fixed
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,721.7
3,847.0
3,996.1
2.000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,455.2
2,521.0
2,592.2
379.2
395.2
366.7
361.2
425.2
453.5
433.1
445.1
487.5
3 159 3
3,365.1
3,535.2
3,662.4
3,734.7
2,078.7
2,191.9
2,281.1
2,386.9
2,486.2
3,776.7
3,823.0
3,865.3
3,923.0
3,956.1
3,985.2
4,009.4
4,033.4
Gross
national
product
Government purchases of
goods and services
Exports and imports of
goods and services
Gross private
domestic investment
Personal
consumption
expenditures
Federal
Change
in
business
inventories
Net
exports
Exports
137.0
126.5
105.1
149.3
170.9
174.4
195.0
195.2
191.8
-6.9
23.9
-24.5
-6.4
62.3
9.1
15.4
34.4
42.5
57.0
49.4
26.3
-19.9
-84.0
- 104.3
-137.5
-128.9
— 100.2
388.9
392.7
361.9
348.1
371.8
367.2
378.4
427.8
504.8
332.0
343.4
335.6
368.1
455.8
471.4
515.9
556.7
605.0
620.5
629.7
641.7
649.0
677.7
731.2
760.5
780.2
782.3
352.3
390.4
444.4
460.9
427.3
115.8
159.9
169.6
179.4
199.7
11.7
-59.3
-46.2
27.0
41.7 -94.8
7.7 -125.3
-10.5 — 142.4
336.0
355.5
376.6
367.4
387.8
324.3
401.6
471.4
492.6
530.2
2,490.2
2,516.6
2,545.2
2,531.7
418.2
434.8
462.8
464.8
198.4
197.6
192.1
192.7
29.8
27.8
13.0
67.1
-132.8
-126.0
-130.7
-126.0
394.9
416.4
440.9
459.2
2,559.8
2,579.0
2,603.8
2,626.2
473.4
490.2
495.0
491.4
189.5
189.6
191.6
196.6
66.0 -109.0
-92.6
35.3
-93.9
39.5
29.1 -105.4
486.2
496.9
514.0
522.1
Residential
fixed
State
—
and
Final
sales
Gross
domestic
purchases *
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
333.4
339.0
328.7
171.2
180.3
193.8
206.9
218.5
237.2
251.4
264.9
261.8
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.1
66.9
373.6
370.1
369.0
373.9
387.0
405.2
427.1
441.2
453.6
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,706.3
3,812.6
3,953.6
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,859.3
3,975.9
4,096.3
660.1
642.2
693.2
752.7
774.5
289.5
2G6.0
300.5
340.6
340.5
201.4
211.6
225.3
241.4
253.1
88.2
54.4
75.2
99.2
87.4
370.6
376.2
392.7
412.1
434.0
3,218.6
3,338.1
3,493.5
3,654.7
3,745.2
3,147.6
3,411.3
3,630.0
3,787.6
3,877.2
527.7
542.3
571.6
585.2
772.9
772.2
782.9
792.6
334.0
332.1
342.1
347.7
257.0
264.8
269.5
268.2
77.0
67.3
72.6
79.5
438.9
440.1
440.8
444.9
3,746.9
3,795.2
3,852.2
3,855.9
3,909.5
3,949.0
3,996.0
4,049.0
595.1
589.5
607.9
627.4
776.4
783.8
773.5
795.5
327.8
331.6
320.1
335.5
264.6
263.6
256.4
262.5
63.2
67.9
63.7
72.9
448.7
452.2
453.4
460.0
3,890.1
3,949.9
3,969.9
4,004.4
4,065.1
4,077.9
4,103.4
4,138.8
Imports
Total
Total
local
Source: Department of Commerce, Bureau of Economic Analysis.
GNP less exports of goods and services plus imports of goods and services-
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
national
product
1980
1981
1982
1983
1984
1985
1986
1987
1988 '
1982:
1983:
19841985:
1986:
IV
IV
IV
IV
IV
1987: I...
n
m.
IV
1988- I
n
m
rv
Total
Durable
goods
Nondurable goods
Services
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Nonresidentia!
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.9
117.7
121.7
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.5
124.5
89.2
95.7
100.0
102.1
103.8
104.8
105.6
107.9
110.1
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.4
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.5
134.8
85.1
93.4
100.0
98.8
97.9
97.7
100.2
100.4
100.2
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
90.2
97.5
100.0
101.3
103.2
101.0
100.0
100.0
102.9
96.0
101.6
100.0
97.4
97.1
95.2
93.6
99.0
101.5
84.3
93.3
100.0
103.1
106.8
109.0
108.8
112.7
115.9
83.4
92.9
100.0
103.6
107.2
109.2
110.4
111.5
114.0
86.4
94.3
100.0
101.4
105.5
108.2
108.2
117.0
123.4
86.2
93.4
100.0
104.7
109.9
114.9
118.2
123.0
128.7
101.7
105.4
109.0
112.2
115.3
101.8
105.7
109.3
113.1
115.7
100.7
103.1
104.1
104.7
106.2
101.0
103.1
105.8
108.7
107.8
102.7
108.3
113.5
119.0
124.6
100.7
98.3
97.9
97.9
101.6
99.1
103.1
107.2
109.0
112.4
100.0
102.6
102.4
100.5
99.3
99.3
97.2
96.2
95.9
94.2
101.3
103.8
108.5
110.6
107.7
102.0
104.7
108.3
111.3
109.9
99.5
100,3
108.9
108.8
101.5
102.2
106.3
111.7
116.5
119.7
116.3
117.3
118.2
118.9
117.3
118.9
120.2
121.5
106.7
107.5
108.6
108.9
109.8
111.9
112.9
113.7
126.1
127.6
129.1
131.0
101.1
100.8
99.9
99.8
113.4
115.2
117.7
118.7
100.1
100.1
99.9
100.1
97.5
99.4
98.9
100.0
111.6
113.7
112.9
112.6
111.8
111.3
111.3
111.6
110.9
122.9
119.0
116.0
121.0
122.3
123.9
124.9
119.4
121.0
122.4
124.0
122.2
123.9
125.2
126.7
109.1
109.6
110.4
111.4
113.8
116.0
117.3
118.3
132.2
134.0
135.6
137.3
99.6
99.5
99.7
101.9
119.5
119.5
119.6
120.4
100.3
102.1
104.3
105.0
100.8
101.4
101.3
102.6
115.2
115.3
114.9
118.1
112.8
113.4
114.8
115.0
125.5
122.7
115.2
129.3
126.5
128.1
129.6
130.7
Source: Department of Commerce, Bureau of Economic Analysi
Gross private
domestic investment
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual ratea]
Personal consumption expenditures
Gross national product
Period
Constant
(1982)
dollars
Current
dollars
Implicit
price
deflator
Chain price
index
Fixedweighted
price index
Constant
(1982)
dollars
Current
dollars
(1982
Implicit
price
deflator
Chain price
index
weights)
1980
1981
1982
1983
1984
1985
1986
1987
1988 '
19821983:
19841985:
19861987-
-0.2
1.9
-2.5
3.6
6.8
3.4
2.8
3.4
3.9
.6
7.3
1.7
3.0
1.4
4.6
5.0
4.5
6.1
3.4
3.0
2.5
2.4
8.9
11.7
3.7
7.6
10.8
6.4
5.6
6.8
7.5
4.2
12.4
4.7
6.2
3.4
8.4
8.7
7.7
8.6
5.4
8.7
7.3
7.6
..
.
IV
IV
IV
IV
IV
I
n
m
IV
1988- I
n
m
IV '.
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
3.8
4.1
3.9
3.1
3.2
2.4
4.0
3.7
3.6
3.4
3.0
4.8
4.7
4.2
9.0
9.7
6.4
3.9
3.7
3.0
2.7
3.3
3.4
3.6
4.7
3.0
3.3
2.1
3.5
3.5
3.1
2.4
1.7
5.5
4.7
5.3
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
9.3
9.3
6.2
4.1
4.0
3.4
2.8
3.6
4.2
4.0
4.0
3.2
3.3
2.8
4.2
4.2
3.7
3.8
3.5
5.0
5.3
4.2
10.6
10.5
7.1
9.0
8.8
8.2
6.8
7.3
7.2
-0.2
1.2
1.3
4.6
4.8
4.7
4.3
2.7
2.8
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.5
4.2
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.5
4.2
10.3
9.7
7.2
6.0
4.8
6.5
10.0
9.1
2.4
6.9
8.8
8.6
8.2
5.3
5.5
4.3
1.9
1.2
4.4
4.3
3.0
4.0
3.5
5.6
5.6
4.4
4.4
2.3
5.7
4.3
4.9
4.8
4.1
3.1
4.2
3.5
.6
4.3
4.6
-2.1
4.5
3.0
3.9
3.5
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.5
4.3
4.8
4.1
3.2
4.3
3.5
5.6
5.7
4.2
4.6
2.4
5.7
4.9
4.8
5.5
5.7
4.3
4.4
2.5
5.6
4.6
4.7
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 '
1982:
19831984:
198519861987-
.. .
IV
IV
IV
IV
IV
I
n
m
rv
1988- I
n
m
iy P
1
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,371.6
2,513.5
2,711.2
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,177.2
2,270.4
2,390.3
1,760.2
1,940.5
2,069.5
2,137.7
2,199.0
2,215.0
2,248.0
2,296.1
2,322.5
2,363.5
2,380.9
2,395.5
2,421.1
1,779.4
2,012.5
2,201.8
2,309.2
2,409,3
2,438.8
2,482.7
2,546.9
2,585.6
2,633.2
2,684.0
2,732.1
2,795.4
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.107
1.134
0.095
.109
.125
.123
.118
.119
.121
.122
.122
1.011
1.037
1.064
1.080
1.096
1.101
1.104
1.109
1.113
1.114
1.127
1.140
1.155
.131
.120
.118
.120
.122
.122
.122
.121
.121
.121
.122
.122
.123
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Corporate profits with
inventory valuation and capital
consumption adjustments
Indirect
business
taxes 3
0.077
.090
.094
.098
.100
.103
.105
.106
.107
.096
.098
.102
.104
.105
.105
.106
.106
.105
.105
.106
.108
.108
3
4
Compensation of
employees
Ket
interest
0.581
.632
.676
.679
.687
.704
.719
.732
.752
.685
.680
.694
.713
.725
.730
.730
.729
.738
.736
.747
.758
.767
0.031
.037
.043
.037
.039
.038
.039
.043
.048
.042
.037
.042
.037
.040
.041
.043
.044
.046
.045
.047
.048
.050
Total
0.068
.078
.063
.089
.109
.106
.106
.105
.106
.057
.103
.107
.106
.104
.103
.104
.109
.103
.106
.106
.104
.107
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.044
.045
.023
.036
.032
.033
.039
.041
.043
.046
.044
.044
.046
.046
.046
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.071
.061
.060
.034
.066
.075
.072
.065
.061
.061
.063
.059
.062
.060
.058
.061
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.865
18.287
18.584
18.927
19.216
19,449
17.383
18.029
18.359
18.639
19.043
18.996
19.142
19.362
19.357
19.560
19.481
19.443
9.939
10.861
11.699
12.122
12.569
13.075
13.605
14.062
14.650
11.914
12.261
12.746
13.288
13.815
13.869
13.969
14.110
14.291
14.397
14.546
14.743
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
{Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1982
1983....
1984
1985
1986
1987....
1988 '
1982- IV
1983: IV
1984- IV
1985: IV
1986- TV
1987: I
n
m..
IV
1988- I
n
m
IV '
1
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,437.1
3,678.7
3,968.2
2,548.2
2,851.5
3,096.1
3,312.8
3,496.6
3,573.0
3,631.8
3,708.0
3,802.0
1,907.0
2,020.7
2,213.9
2,367.5
2,507.1
2,683.4
2,904.7
1,931.1
2,092.7
2,272.7
2,426.7
2,565.8
2,608.9
2,652.0
2,702.8
2,769.9
24.6
12.4
30.5
30.2
36.4
43.0
36.3
28.5
19.3
28.1
29.2
38.4
46.7
43.0
35.2
47.0
150.9
178.4
204.0
225.6
250.3
270.0
288.2
159.8
188.6
209.7
235.0
255.8
263.5
265.9
271.5
279.0
13.6
13.2
8.5
9.2
12.4
18.4
19.3
15.8
12.4
5.6
7.8
13.4
17.4
17.8
18.1
20.5
150.0
213.7
266.9
282.3
298.9
310.4
328.1
146.1
248.5
266.9
291.4
293.9
298.3
305.2
322.0
316.1
159.2
196.7
234.2
222.6
244.7
258.7
282.5
150.7
223.4
224.6
228.4
244.1
247.5
253.6
269.9
263.7
169.6
207.6
240.0
224.3
236.4
276.7
306.4
164.1
231.5
226.1
235.0
252.1
261.8
273.7
289.4
281.9
-10.4
109
58
— 1.7
8.3
-18.0
-23.8
-13.4
81
-1.6
66
-8.1
144
-20.0
19 5
-18.2
-9.2
17.0
32.7
59.7
54.2
51.7
45.6
-4.5
25.1
42.3
63.0
49.8
50.8
51.5
52.1
52.4
272.3
281.0
304.8
319.0
331.9
353.6
391.5
266.9
290.2
313.1
322.7
329.3
338.3
348.1
358.3
369.5
3,850.8
3,928.8
4,000.7
4,092.4
2,816.4
2,874.0
2,933.2
2,995.3
44.7
43.4
30.9
26.0
279.2
285.3
290.7
297.7
20.5
19.1
19.7
18.1
316.2
326.5
330.0
339.9
266.8
278.5
284.6
300.3
286.2
305.9
313.9
319.5
-19.4
274
-29.3
19 2
49.4
48.0
45.4
39.6
373.9
380.6
396.2
415.4
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
Period
1982...
1983
1984
1985
1986
1987..
1988 '.
1982- IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: I
n..
in
IV
1988: I
n
mr
rv .
Total
personal
consumption
expenditures
Total
durable
goods
Other
Total
nondurable
goods
Food
Clothing and
shoes
Gasoline
and oil
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Domestics
Imports
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
3,227.5
2,117.0
2,315.8
2,493.4
2,700.4
2,876.0
2,921.7
2,992.2
3,058.2
3,076.3
252.7
289.1
335.5
372.2
406.5
421.9
451.1
263.8
310.0
346.1
373.2
421.8
403.5
420.5
441.4
422.0
108.9
130.4
157.4
179.1
196.4
195.8
208.6
115.7
144.4
162.3
173.8
201.0
181.7
194.5
212.9
194.0
95.7
107.1
118.8
129.9
140.0
148.3
159.0
99.1
112.4
122.7
134.7
143.3
145.9
147.8
150.2
149.4
771.0
48.1
816.7
51.6
867.3
59.3
911.2
63.2
943.6
70.1
997.9
77.8
83.6 1,046.9
786.6
49.0
837.9
53.2
819.6
61.8
932.7
64.7
954.1
77.5
977.5
75.9
995.3
78.3
1,006.6
78.3
78.6 1,012.4
398.8
421.9
448.5
471.6
501.0
526.4
551.5
407.0
430.8
456.1
482.5
512.6
521.0
525.3
528.4
530.9
124.4
135.1
146.7
156.4
167.0
178.2
186.4
126.5
141.1
149.8
160.6
169.4
174.5
176.8
180.4
181.2
89.1
90.2
90.0
90.6
73.3
77.0
78.8
89.8
91.9
89.0
91.0
66.3
72.1
77.4
79.3
79.3
158.7 1,027.0
169.5 1,128.7
182.1 1,227.6
192.6 1,345.6
202.2 1,457.3
216.3 1,592.3
230.2 1,729.6
163.4 1,066.5
174.0 1,167.9
184.7 1,267.1
198.5 1,394.5
205.8 1,500.1
209.9 1,540.7
215.8 1,576.4
218.5 1,610.2
220.9 1,641.9
5.8
6.8
8.0
8.2
8.2
7.1
7.5
6.0
7.4
1.1
7.0
7.7
6.7
7.1
8.0
6.6
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.5
2.6
2.6
3.1
3.4
2.9
3.1
3.5
3.3
3,128.1
3,194.6
3,261.2
3,326.4
437.8
449.8
452.9
464.0
202.2
208.7
210.2
213.2
154.7
159.5
159.5
162.3
81.0
81.5
83.2
88.5
1,016.2
1,036.6
1,060.8
1,073.9
535.9
546.3
558.9
564.9
180.5
183.2
188.4
193.6
76.3
78.8
80.5
79.5
223.5
228.2
233.0
235.9
1,674.1
1,708.2
1,747.5
1,788.5
7.6
7.5
7.6
7.5
3.2
3.1
3.1
3.0
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Furniture
and
household
equipment
SOURCES OF PERSONAL INCOME
personal income rose $42.4 billion (annual rate) in February, following an increase of $72.1 billion in January. The
changes were affected by several special factors: A pay raise for Federal Government employees, cost-of-living
adjustments to several Federal transfer payment programs, and changes in contributions for social insurance
programs affected the January change, and subsidy payments to farm proprietors affected both the February and
January changes. Excluding these special factors personal income increased $30.1 billion in February and $66.5
billion in January.
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000 I
3,200
3,200
1,600
1,600
OTHER INCOME
800
800
TRANSFER
PAYMENTS
400
400
Illllllllll
1981
1982
1984
1983
1986
1985
1987
1988
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
personal
income
2 2584
2 520 9
1985....
1986
1987 .
1988 r
1988: Feb
Apr
July
Sept
Oct r
Nov r
Dec r
1989: Jan rp...
Feb
2 670 8
2 838 6
3 108 7
3 325 3
3,531 1
3 7800
4 062 1
3,946 7
3 985 9
4001 0
4021 4
40449
4075 3
4091 8
4,114.7
4 175 5
4 165 2
4 200 8
4 272 9
4315.3
Wage and
salary
disbursements l
1 3720
1 510 3
1 586 1
1 676 6
1 838 6
1 975 4
2 0940
2 2484
2 436 9
2 3590
2 374 7
2 3940
2 4084
2 427 5
2 451 9
2 459 1
2 475 0
2 5069
2,514 1
2 529 5
2 5584
2,572 6
Proprietors ' income 3
Other labor
income 1 2
1384
150 3
163 6
173 6
182 9
187 6
196 1
207 9
218 3
2146
215 2
215 8
216 4
217 4
218 5
219 5
2205
221 5
2225
223 5
224 5
2254
Farm
205
30 7
24 6
12 4
30 5
302
364
43 0
36 3
41 5
56 8
44 8
45 2
40 3
34 1
31 4
27 2
41 5
13 5
23 1
47 0
62 0
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Nonfarm
160 1
156 1
150 9
1784
204 0
225 6
250 3
2700
288 2
279 0
279 9
283 3
285 2
287 5
289 4
290 2
292 6
296 1
297 5
299 5
302 4
303 5
Less:
income of
persons 4
66
13 3
13 6
13 2
85
92
124
18 4
19 3
205
20 2
193
18 9
19 0
19 3
19 7
200
190
180
17 2
17 2
17.2
dividend
income
interest
income
52 9
61 3
63 9
271 9
3354
369 7
68 7
75 5
78 7
82 8
88 6
96 3
93 6
940
94 7
95 0
954
96 3
97 5
980
98 9
994
99 8
393 1
444 7
4780
499.1
527 0
5759
554.1
554 1
558.8
563 7
568 7
5749
581 8
589.1
5964
603.7
611 1
619 7
628.5
101 2
102 1
Payments 5
324 7
368 1
410 6
442 6
456 6
489 8
521.1
548 8
5860
574.6
582 2
5828
582 0
583 6
587 0
589 2
589.7
594 7
596.5
597 9
612 1
614.1
contributions
for social
insurance
886
1045
112 3
120 1
132 7
149 3
161.1
172 0
195.1
190.2
191 2
192.4
1934
1946
196 2
1965
197.4
1995
200.0
2009
2095
210.2
personal
income 6
22158
2,465.6
2 618 7
2 7990
3052 1
3 271 3
3,472.5
3 7160
4,004.8
3,884.7
3 9087
3,935.4
3 955 1
3,983 3
40202
4039 3
4,066.3
4 112 8
4,130.4
4 1564
42045
4,231.9
5
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the fourth quarter of 1988.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BiLLIONS OF DOLLARS * (RATIO SCALE)
4,000
8,000
8,000
6,000
6,000
1988
COUNCIL OF ECONOMIC ADVISERS
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
t&x and
nontax
payments
F
!"
Disposable
personal
income
Less:
Personal
outlays *
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
("billions)
136.8
159.4
153.9
130.6
164.1
125.4
121.7
104.2
144.3
2,214.3
2,248.6
2 261 5
2,331.9
2,469.8
2.542.8
2,640.9
2 686.3
2,788.3
Per capita
disposable personal
income
Current
dollars
1982
dollars
8 421
9,243
9 7S4
10 340
11 257
11 861
12 496
13 157
14 103
Billions of dollars
1980...
1981
1982
1983....
1984
1985
1986
1987
1988 r.....
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
sissi.i
3,780.0
4^062. 1
340.5
393.3
409.3
410.5
440.2
486.6
511.4
570.3
590.3
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,019.6
3,209.7
3,471.8
Per capita personal
consumption
expenditures
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2*898.0
3,105.5
s',327.5
Saving as
percent of
disposable
personal
income
Current
dollars
1982
dollars
9,722
9,769
9,724
9,930
10,419
10,625
10,929
11 012
11,326
7 607
8,320
8 818
9 515
10,253
10 985
11,618
12 348
13 110
8,783
11
7.1
8,794
8 818
9,139
9,489
9 839
10,160
10 334
10,530
5
7.5
Dollars
1,781.1
Percent
change in
real per
capita
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
2.1
4.9
2.0
2.9
.8
2.9
6.8
5.4
6.1
4.4
4.0
3.2
4.2
227,754
230,182
232,549
234,829
237,051
239,322
241,650
243 944
246,179
1.2
9.1
1.7
3.3
-.2
6.2
5.8
5.8
3.9
3.2
233,466
235,707
237,946
240.257
242,557
3.8
3.7
5.8
4.2
2.2
2.3
4.3
243,077
243,618
244,236
244,845
4.2
-.8
4.5
3.0
4.4
3.7
4.2
4.3
245,318
245,806
246,469
247,123
— .5
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
IT
IV
IV
IV
IV
2,729.2
2,941.8
3,188.3
3,399.1
3,599.6
411.1
413.9
459.7
499.6
534.9
2,318.1
2,527.9
2,728.6
2,899.5
3,064.7
2,174.9
2,382.5
2,571.3
2,787.7
2,967.9
143.1
145.4
157.3
111.7
96.8
2,276.1
2,392.7
2,496.3
2,562.8
2,649.4
9,929
10,725
11,467
12,068
12,635
9,749
10,151
10,491
10,667
10,923
9,068
9,825
10,479
11,240
11,857
8,904
9,299
9,587
9,935
10,250
I
3,676.1
3,736.1
3,801.0
3,906.8
532.2
582.0
576.2
591.0
3,143.9
3,154.1
3,224.9
3,315.8
3,013.1
3,084.7
3,152.3
3,171.8
130.8
69.5
72.6
144.0
2,679.6
2,652.8
2,683.9
2.728.9
12,934
12,947
13,204
13,543
11,024
10,889
10,989
11,145
12,020
12,282
12,521
12,564
10,245
10,330
10,421
10,340
3,951.4
4,022.4
4,094.0
4,180.5
575.8
601.0
586.5
598.0
3,375.6
3,421.5
3,507.5
3,582.5
3,225.7
3,293.6
3,361.8
3,428.7
149.9
127.8
145.7
153.8
2,762.3
2,762.2
2,800.4
2,828.4
13,760
13,919
14,231
14,497
11,260
11,237
11,362
11.445
12,751
12,996
13,232
13,461
10.435
10,492
10,564
10.627
n
m....
IV
1988: I
n
m....
r
IV ...
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
-4.8
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
m the fourth quarter of 1988, according to revised data, gross farm income fell $16.4 billion (annual rate) and net
farm income fell $18.4 billion.
BILLIONS OF DOLLARS * (RATIO S CALE)
240
200
__^ ___— ~,_-"
v^
160
BILLIC)NS OF DOLLARS* (RATIO SCALE)
240
200
^
160
i— ^
S~~—
~i
'
~-»
f~
--/
GRC SS FARM INCC^ME
120
120
80
80
60
60
40
40
20
20
10
10
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCSL 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 l
Total
1980
1981
1982
1983
1984
1985 ..
1986
1987 ..
1988 r
1986- I
n
in
IV..
1987: I
n
m..
IV
1988: I r r
n r
uir
IV
1
149.3
166.4
163.5
153.0
174.9
166.2
159.8
169.8
173.1
150.4
168.0
158.1
162.6
173.6
162.5
168.9
173.7
166.5
181.8
180.3
163.9
139.7
141.7
142.6
136.6
142.4
144.0
135.1
138.1
151.7
134.9
129.9
137.8
137.7
134.9
134.4
146.5
136.6
142.6
156.7
170.7
136.8
Livestock and
71.7
72.5
72.3
67.1
69.5
74.2
63.6
61.9
71.5
66.9
62.1
60.5
64.7
61.6
57.4
66.9
61.5
64.3
80.0
85.6
56.1
68.0
69.2
70.3
69.4
73.0
69.8
71.5
76.2
80.2
68.0
67.8
77.3
73.0
73.3
77.0
79.6
75.1
78.3
76.7
85.1
80.7
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and noiunoney 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
products
3
Value of
inventory
changes 2
-6.3
6.5
-1.4
10 9
6.3
-2.4
-2.8
-.6
-8.0
-3.8
-3.3
-2.3
-1.9
3
.1
4
-1.9
-7.2
-8.0
-8.6
-8.2
Production
expenses
Current
dollars
133.1
139.4
140.0
140.4
142.7
134.0
1 99 ^
123.5
132.1
125.4
122.2
121.1
120.7
120.3
124.1
125.0
124.6
126.1
129.1
135.6
137.7
1982 dollars
16.1
26.9
23.5
12.7
32.2
32.3
37.5
46.3
41.0
25.0
45.9
37.0
41.9
53.4
38.4
43.9
49.0
40.4
52.7
44.6
26.2
Income in current dollars divided hy the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
3
18.8
28.6
23.5
12.2
29.9
29.1
32.9
39.3
33.8
22.2
40.4
32.3
36.3
45.9
32.8
37.2
41.2
33.9
43.6
36.5
21.1
CORPORATE PROFITS
In the fourth quarter of 1988, according to preliminary estimates, corporate profits before tax rose $5.6 billion!
(annual rate) and after-tax profits rose $4.8 billion.
BILLIONS OF DOLLARS
320,1
BILLIONS OF DOLLARS
~'
~!320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
PROFITS BEFORE TAX _
240
240
200
200
PROFITS AFTER TAX
160
160
120
120
"A
TAX LIABILITY
\
80
80
40
40
UNDISTRIBUTED PROFITS
n|
I
I
1
I
I
I
1981
1980
1
I
I
I
1982
1
1
I I I
1984
1983
I
1 I
1985
i
i
I
I
i
1
I
I
1987
1986
!
I
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted ajm\\a\ rates}
Profits (before tax) with inventory valuation adjustment
l
Profits after tax
Domestic industries
Nonfinaneial
Period
Total
z
Total
Financial
Total a
1980
1981
1982
1983
1984
1985
1986
1987
1988
194.0
1982:
19831984:
19851986:
...
.
'
IV
IV
IV
IV
IV
1987- I
II....
Ill
IV..
1988:
I
n
m
IV P
1
2
138.6
157.3
119.4
148.5
190.3
168.6
180.9
192.1
215.0
77.1
88.5
58.0
70.1
88.8
79.7
79.4
96.8
114.1
21.6
32.5
34.6
38.9
51.2
44.1
46.1
42.8
39.4
237.1
84.8
81.1
63.1
77.2
93.9
96.4
106.6
133.8
142.6
203.3
222.3
245.4
150.7
121.6
190.7
193.9
193.6
211.9
18.7
15.5
13.6
26.0
28.9
102.9
175.2
180.3
167.6
183.0
46.8
88.6
79.8
83.8
87.7
33.6
43.1
51.8
38.5
42.5
164.1
231.5
226.1
247.5
253.6
269.9
263.7
213.0
219.2
30.7
31.4
29.5
28.8
182.3
187.8
205.1
193.4
84.8
93.8
107.0
101.7
46.5
37.8
44.1
43.0
261.8
266.8
278.5
284.6
300.3
236.6
27.6
30.0
32.7
31.5
209.0
110.6
114.5
111.4
43.9
37.0
36.6
159.2
196.7
223.4
224.6
228.4
244.1
191.4
212.8
234.6
222.2
243.1
243.8
258.2
213.1
311.1
226.6
3
226.5
169.6
207.6
240.0
224.3
236.4
276.7
306.4
235.0
252.1
273.7
289.4
281.9
286.2
305.9
313.9
319.5
Inventory
valuation
adjustment
Dividends
Undistributed
profits
152.3
145.4
106.5
130.4
146.1
127.8
129.8
142.9
163.8
54.7
63.6
66.9
71.5
79.0
83.3
88.2
95.5
104.5
97.6
81.8
39.6
58.9
67.0
44.6
41.6
47.4
59.2
-43.1
— 24.2
-10.4
-10.9
-5.8
-1.1
8.3
-18.0
-23.8
59.8
88.1
87.0
99.8
114.3
104.3
143.4
139.2
135.2
137.9
68.5
73.9
80.8
84.0
89.8
35.8
69.5
58.4
51.2
48.1
-13.4
-8.1
-1.6
-6.6
-8.1
126.3
132.6
140.0
136.2
135.5
141.1
149.5
145.7
91.7
94.0
97.0
99.3
43.8
47.0
52.4
46.4
— 14.4
-20.0
-19.5
-18.2
136.9
143.2
144.8
145.6
149.4
162.7
169.1
173.9
101.3
103.1
105.7
108.0
48.1
59.6
63.4
65.9
-19.4
-27.4
-29.3
Wholesale and
retail
trade
234.2
222.6
244.7
258.7
282.5
159.6
173.8
131.2
166.6
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Tax
liability
21.0
16.5
11.8
18.1
13.0
22.8
31.8
30.1
30.5
202.3
....
Manufacturing
Profits
before tax
Total
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
r
-19.2
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the fourth quarter of 1988, nonresidential fixed investment rose $6.9 billion
(annual rate) and residential investment rose $7.5 billion. There was a $34.7 billion increase in inventories,
following an increase of $49.7 billion in the third quarter.
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
800
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS PRIVATE DOMESTIC >
INVESTMENT
600
600
NONRESIDENTIAI
' FIXED INVESTMENT"
500
500
400
400
300
300
200
200
RESIDENTIAL
FIXED INVESTMENT
100
-CHANGE IN BUSINESSINVENTORIES
100
I
-100
I 1
1980
I
I I
1981
i i i
1982
I
I I
1983
I
I
1 I
1984
1985
I I
1986
I
SOURCE: DEPARTMENT Of COMMERCE
I I
1987
I
( t
1988
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
1980
1981
1982. .
1983
1984
1985
1986
1987
1988 r
Nonresidential
Total
Total
Structures
Residential
Producers'
durable
equipment
Total
Nonfarm
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
766.5
445.3
491.5
471.8
509.4
597.1
631.8
650.4
673.7
718.1
322.8
369.2
366.7
356.9
416.0
442.9
433.9
446.8
488.4
113.9
138.5
143.3
124.0
141.1
153.2
138.5
139.5
142.8
208.9
230.7
223.4
232.8
274.9
289.7
295.4
307.3
345.6
122.5
122.3
105.1
152.5
181.1
188.8
216.6
226.9
229.7
-8.3
24.0
-24.5
-7.1
67.7
11.3
15.5
39.2
48.4
-2.4
18.3
23 1
.4
60.5
14.6
17.4
40.7
42.2
1982:
1983:
1984:
1985:
1986:
IV ...
IV
IV .
IV
IV ..
409.6
579.8
661.8
654.1
656.4
469.5
548.8
616.8
646.8
658.4
354.9
383.9
435.0
451.3
434.1
137.6
127.4
146.6
155.9
134.6
217.3
256.5
288.4
295.5
299.4
114.7
164.9
181.8
195.5
224.4
59 9
31.0
45.0
7.2
20
-51.1
21.3
41.3
23.7
3.0
1987:
I
II
685.5
698.5
702.8
764.9
647.8
665.8
688.3
692.9
422.8
438.2
462.1
464.1
132.7
134.4
143.0
147.7
290.1
303.8
319.1
316.3
225.0
227.6
226.2
228.8
37.7
32.7
14.5
72.0
40.9
31.4
17.8
72.8
763.4
758.1
772.5
772.0
698.1
714.4
722.8
737.2
471.5
487.8
493.7
500.6
140.1
142.3
143.8
145.0
331.3
345.5
349.9
355.6
226.6
226.5
229.1
236.6
65.3
43.7
49.7
34.7
49.4
33.1
41.9
44.6
in
IV
1988: I ....
II
Ill r
rv .
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November survey, business spending for new plant and equipment is expected to rise 6.0 percent in 1989, following an estimated rise of 10.4 percent in 1988.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
200
200
7"
MANUFACTURING
100
100
80
80
60
60
40
40
I
1981
I
I
1982
I
I
I
1983
1985
1984
I
I
1987
1986
1988
_>/ SURVEYED QUARTERLY
_3/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Manufacturing
Nonmanufacturuig
All
industries
Total
1980
1981 ...
1982
1983 ....
1984
1985
1986
1987
1988 4 .
1989 4
282.80
315.22
310.58
304.78
354.44
387.13
379.47
B89.67
430.17
455.96
112,33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
164.54
171.67
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
77.75
79.29
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
86.79
92.38
1987: I
II..
376.73
380.66
394.54
406.82
141.50
141.71
148.20
152.21
70.79
69.05
71.96
72.28
412.02
426.94
436.01
445.73
158.60
161.69
168.91
168.97
466.76
473.55
177.81
179.48
Period
in
IV....
1988- I
n
Ill 4
IV
1989: I 44
n
Nonmanufacturing
Surveyed
quarterly
Mining
Transportation
Public
utilities
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
265.63
284.30
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.57
11.22
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.36
24.81
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.39
47.15
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
185.32
201.12
70.70
72.66
76.24
79.92
235.23
238.95
246.34
254.61
10.38
11.02
11.81
12.32
18.77
18.12
19.19
19.34
43.95
43.95
45.29
46.38
162.13
165.86
170.05
176.56
141.50
141 71
148.20
152 21
235.23
238 95
246.34
25461
75.70
76.87
79.48
78.97
82.90
84.82
89.43
90.00
253.43
265.25
267.10
276.76
12.59
13.26
12.47
11.97
20.43
20.72
22.17
22.12
44.61
45.43
46.70
48.80
175.79
185.83
185.76
193.87
158.60
161 69
168.91
168.97
253.43
265.25
267.10
276.76
84.25
84.00
93.56
95.48
288.95
294.07
11.62
11.81
26.90
25.83
49.35
50.51
201.07
205.92
17781
179.48
288.95
294.07
Durable
goods
Nondurable
goods
Total
l
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nortmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business 2
Commercial
and
other
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
Manufacturing
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
164.54
171.67
Total
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
170.47
188,68
189.89
188.58
215.61
233.65
236.78
243.78
265.63
284.30
Surveyed
annually«
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in October-November 1988, corrected for
biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In February, civilian employment rose 142,000 and unemployment fell 388,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
124
124
SEASONALLY ADJUSTED
120
120
CIVILIAN LABOR FORCE
116
116
112
112
108
108
^-""V
104
104
CIVILIAN
EMPLOYMENT
100
100
96
96
**
*•
12
12
8
8
T^T
UNEMPLOYMENT
4
0
1981
\\\\\\\\\\l
\ 1 t !1 1 1 1 1 11
1983
1984
1982
4
1 I 1 1 1 1 I 1 1 II
1986
1985
1987
1989
1988
'16 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Noninstitutional
population
including
resident
Armed
Forces
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Agricultural
Total
Part time
Total
NSA
1980
1981
1982
1983
1984
1985
1986*
1987
1988
1988:
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1989:
Jan
Feb
Unemployment
Civilian employment
Employment
including
resident
Armed
Forces
for
Total
economic
reasons *
15
weeks
and
over
Civilian
Labor
force
participation
rate
Employment/
population
ratio
(per-
cent) 2
cent) 2
(per-
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
100,907
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
106,940
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
63.8
63.9
59.2
59.0
64.0
64.0
64.4
64.8
65.3
65.6
65.9
57.8
57.9
59.5
60.1
60.7
61.5
62.3
185,705
185,847
185,964
186,088
186,247
186,402
186,522
186,666
186,801
186,949
187,098
1,736
1,736
1,732
1,714
1,685
1,673
1,692
1,704
1,687
1,705
1,696
122,901
122,672
123,060
122,917
123,209
123,331
123,692
123,688
123,778
124,215
124,259
116,009
115,865
116,392
116,117
116,686
116,707
116,895
117,074
117,260
117,652
117,705
121,165
120,936
121,328
121,203
121,524
121,658
122,000
121,984
122,091
122,510
122,563
114,273
114,129
114,660
114,403
115,001
115,034
115,203
115,370
115,573
115,947
116,009
3,200
3,181
3,187
3,110
3,121
3,060
3,142
3,176
3,238
3,238
3,193
111,073
110,948
111,473
111,293
111,880
111,974
112,061
112,194
112,335
112,709
112,816
5,101
5,087
4,953
4,676
5,073
5,102
4,972
4,862
4,727
4,819
5,033
6,892
6,807
6,668
6,800
6,523
6,624
6,797
6,614
6,518
6,563
6,554
1,732
1,693
1,582
1,614
1,543
1,619
1,636
1,568
1,554
1,502
1,495
65.9
65.7
65.9
65.7
65.8
65.9
66.0
66.0
66.0
66.1
66.1
62.1
62.0
62.2
62.0
62.3
62.3
62.3
62.4
62.4
62.6
62.6
187,340
187,461
1,696
1,684
125,124
124,865
118,407
118,537
123,428
123,181
116,711
116,853
3,300 113,411
3,223 113,630
4,837
4,697
6,716
6,328
1,512
1,304
66.5
66.3
62.9
62.9
1
Persons at work. Economic reasons include slack work, material shortages, inability to find full-ime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
"Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
g(mrce: Department of Labori Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In February, both the overall unemployment rate and the civilian unemployment rate fell 0.3 percentage point, to
5.1 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
15
10
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
workers 1
1880
1981
1982
1983 ....
1984
1985 ...
1986
1987 .
1988
7.0
1.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
All
civilian
workers
15.5
16.4
15.8
15.6
14.1
15.1
15.4
15.5
15.0
14.1
14.8
4.8
4.7
4.6
4.7
4.6
4.7
4.9
4.7
4.6
4.6
4.6
11.2
11.3
10.6
10.9
10.3
10.1
10.0
9.5
9.8
10.0
10.0
12.4
12.5
12.0
12.1
11.7
11.5
11.4
10.9
11.2
11.2
11.6
5.3
5.3
5.1
5.3
5.1
5.1
5.3
5.1
5.0
5.1
5.0
16.4
14.8
4.6
4.3
10.6
10.6
12.0
11.9
5.2
4.8
5.9
6.4
9.7
9.6
7.5
7.2
7.0
6.2
5.5
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
23.2
22.4
18.9
18.6
18.3
16.9
15.3
4.9
4.9
4.7
4.9
4.6
4.5
4.9
4.6
4.6
4.8
4.7
5.1
4.9
4.9
4.9
4.9
5.0
4.8
4.8
4.7
4.7
4.7
4.6
4.5
4.7
7.1
7.6
5.4
5.5
5.3
5.4
5.5
5.3
5.3
5.3
5.3
5.7
5.6
5.5
5.6
5.4
5.4
5.6
5.4
5.3
5.4
5.3
1989: Jan
Feb
5.4
5.1
5.4
5.1
5.5
4.T
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
4.2
4.3
17.3
17.8
14.4
13.7
13.1
11.6
10.4
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
Women
20 years
and
over
1988: Feb
Mar
Apr
May
June ....
July
Aug
Sept
Oct
Nov
Dec
5.6
Black
Experienced
wage and
salary
workers
Men
20 years
and over
4.5
Both
sexes
16-19
years
17.8
19^6
White
6.3
6.1
8.6
8.4
6.5
6.2
6.0
5.3
Black
and
other
13.1
14.2
Married
men,
spouse
present
Women
who
maintain
families
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by ihe unemployed and persons on part time for economic reasons as; percent of potentially available labor force hours.
12
force
time lost
(percent) 2
Pulltime
workers
Parttime
workers
6.9
7.3
8.8
9.4
7.9
8^5
0R
11.0
10.9
8.8
8.1
7.9
7.1
6.3
9.2
10.4
11.7
12
L4.A
2 1
?t fi
10.3
10.4
9.8
9.2
8.1
7.2
6.8
6.6
5.8
5.2
10.5
10.4
9.3
9.3
9.1
8.4
76
3.4
3.4
3.1
3.3
3.2
3.1
3.4
3.1
3.1
3.3
3.1
8.3
7.5
8.5
8.4
7.9
8.5
7.5
8.1
7.9
7.7
8.2
5.3
5.3
5.1
5.2
5.0
5.0
5.3
5.1
5.0
5.0
5.1
7.9
7.8
7.5
7.7
7.7
8.0
7.4
7.4
7.4
7.1
7.0
6.6
6.5
6.2
6.4
6.3
6.4
6.4
6.3
6.1
6.2
6.3
3.1
3.1
8.0
8.0
5.0
4.8
7.9
7.3
6.2
5.9
6.5
6.5
4.6
4.3
4.4
3.9
3.3
1
2
Labor
By selected groups
By race
By sex and age
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In February, the percentage of the unemployed who had been out of work for less than 5 weeks rose, while the
percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over fell. Both the mean and the median
duration of unemployment fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
- 50
JOB LOSERS
40
40
-
30
REENTRANTS
30
\
-
•. --./-. .'
20
20
JOB LEAVERS
\
10 -
10
NEW ENTRANTS
0 11111111 n ii
1985
1986
1987
1988
1989
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
leavers
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted)>
Reentrants
New
entrants
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
3,350
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,056
488
460
583
438
377
396
378
328
306
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,111
Job
losers
Weekly average, thousands
1980
1981
1982
1983
1984
1985
1986
1987
1988
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
Sept
Oct
Nov
Dec
6,892
6,807
6,668
6,800
6,523
6,624
6,797
6,614
6,518
6,563
6,554
44.7
44.9
46.6
45.5
47.3
44.9
46.8
47.4
47.4
47.6
46.2
30.2
30.2
29.6
30.6
29.2
30.7
29.0
28.8
28.5
29.5
31.1
12.2
12.5
11.4
11.7
11.4
12.4
12.3
11.8
12.2
12.0
11.5
12.9
12.4
12.4
12.2
12.1
11.9
11.9
12.1
11.9
10.9
11.2
14.1
13.8
13.5
13.8
13.2
13.5
13.5
13.5
13.4
12.6
12.8
6.3
6.4
5.8
5.9
5.9
6.2
5.9
5.7
5.7
5.6
5.8
46.0
45.7
44.7
47.4
46.7
46.1
46.2
46.7
45.9
46.2
46.5
14.0
15.5
14.8
13.9
14.5
13.8
14.6
14.9
15.3
14.7
15.1
27.7
26.1
27.2
26.7
26.6
28.1
27.3
26.8
27.2
26.9
26.2
12.4
12.7
13.3
12.0
12.2
11.9
11.9
11.5
11.6
12.2
12.1
2,179
2,114
2,087
2,051
2,050
2,082
2,069
2,025
1,972
1,989
2,032
322
308
305
311
304
327
305
293
296
301
309
2,775
2,536
2,208
1,949
1,877
2,044
1,905
1,722
1,667
1,856
2,174
1989- Jan
Feb
6,716
6,328
47.0
50.6
30.7
29.1
11.2
10.4
11.1
10.0
12.7
12.1
5.7
5.3
46.4
45.2
14.7
15.5
27.3
27.3
11.6
12.0
2,061
2,105
293
309
2,674
1988: Feb
Mar
May
T 3
July.
.
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 289,000 in February.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS Of PERSONS*
110
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
22
80
-
20
SERVICE-PRODUCING
INDUSTRIES
70
18
60 -
40
MANUFACTURING
\
20
50
18
-
1 1 1 1 1 1 1 1 1 iti
GOODS-PRODUCING
INDUSTRIES
30
CONSTRUCTION
11111 It i
20
1985
1987
1986
1988
IllllllllHJJ
1989
1985
1987
1986
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1988
1989
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
(roods-producing industries
Period
1980
1981
1982
1983
Total
nonagricultural
employment
Service-producing industries
Manufacturing
Total 2
Construction
Total
Durable
goods
Nondurable
goods
25,658
25,497
23,813
23334
24,727
24^859
24,558
24J84
25,565
4,346
4,188
3,905
3,948
4,383
4,673
4,816
4,998
5,293
20,285
20,170
18,781
18J434
19,378
19,260
18,965
19,065
19,539
12,187
12'l09
11,039
10J32
11,505
11^490
11,230
ll|218
11,516
8,098
1984
1985
1986
1987
1988 r
90,406
91,156
89,566
90,200
94,496
97,519
99,525
102,310
106,039
1988: Feb
Mar
Apr
May ....
June...
July....
Aug....
Sept....
Oct
Nov....
Dec r..
104,729
105,020
105,281
105,489
106,057
106,271
106,425
106,737
106,973
107,419
107,641
25,271
25,330
25,435
25,466
25,592
25,663
25,639
25,648
25,743
25,849
25,889
5,150
5,192
5,238
5,237
5,308
5,330
5,340
5,365
5,366
5,413
5,430
19,390
19,405
19,460
19,490
19,544
19,593
19,560
19,549
19,648
19,714
19,740
1989: Jan r... 108,056
Feb".. 108,345
26,044
26,012
5,535
5,513
19,793
19,785
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
5,159
5^238
5,255
5385
5,584
5,275
5358
5,278
5^268
5,555
5^717
5,753
5^872
6,156
15,035
15489
15,179
15^613
16,545
17356
17,930
18^509
19,206
5,160
5*298
5,341
5468
5,689
5^955
6,283
6^549
6,679
17,890
18^619
19,036
19J694
20,797
22^000
23,053
24' 196
25,464
16,241
16,031
15,837
15369
16,024
16394
16,693
17^015
17,387
2,866
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
79,458
79,690
79,846
80,023
80,465
80,608
80,786
81,089
81,230
81,570
81,752
5,513
5,530
5,543
5,556
5,582
5,598
5,605
5,618
5,631
5,658
5,670
6,035
6,061
6,089
6,115
6,148
6,174
6,192
6,219
6,246
6,275
6,301
19,045
19,050
19,093
19,130
19,205
19,261
19,279
19,291
19,327
19,401
19,429
6,636
6,651
6,650
6,656
6,679
6,684
6,689
6,692
6,708
6,725
6,741
24,975
25,078
25,163
25,216
25,472
25,561
25,662
25,737
25,826
25,947
26,070
17,254
17,320
17,308
17,350
17,379
17,330
17,359
17,532
17,492
17,564
17,541
2,972
2,970
2,963
2,957
2,951
2,951
2,956
2,989
2,989
2,989
2,990
82,012
82,333
5,711
5,723
6,332
6,362
19,557
19,631
6,732
6,743
26,139
26,268
17,541
17,606
2,973
2,975
7,741
7^702
7,873
7J70
7,734
7347
8,023
64,748
65^659
65,753
66366
69,769
72*660
74,967
77^525
80,475
5,146
5^165
5,082
4^954
11,404
11,411
11,459
11,477
11,515
11,566
11,547
11,537
11,595
11,637
11,651
7,986
7,994
8,001
8,013
8,029
8,027
8,013
8,012
8,053
8,077
8,089
11,688
11,674
8,105
8,111
s'oei
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
Total
Transportation
and
public
utilities
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 NONAGR1CULTURAL
INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Average gross hourly
earnings
Average weekly hours
Total private
nonagricultura!1
Manufacturing
Total
private
nonagricidtural 1
Period
Total
Total
private
nonagricultural 1
Overtime
Manufacturing
Current dollars
Current
dollars
1977
dollars 2
Manufacturing
Construction
Retail
trade
Percent change from a
year ear ier, total
private
nonagricultural 3
Current
dollars
1977
dollars
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.8
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
$6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
$7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.17
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
323.29
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
168.29
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
417.99
$367.78
399.26
426.82
442.97
458.51
464.46
466.75
479.68
491.56
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
178.41
' 183.62
6.9
5.8
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.5
-1.5
-1.2
1.9
.9
-1.4
.4
-1.0
6
41.0
40.9
41.2
41.0
41.1
41.1
41.0
41.2
41.2
41.2
40.8
3.7
3.7
3.9
3.9
3.9
3.9
3.9
3.9
4.0
3.9
3.9
9.13
9.16
9.23
9.27
9.27
9.32
9.32
9.37
9,43
9.42
9.45
10.03
10.05
10.11
10.15
10.18
10.17
10.20
10.26
10.28
10.29
10.31
317.72
316.94
322.13
321.67
321.67
325.27
322.47
325.14
329.11
327.82
327.92
168.28
167.25
169.36
168.41
167.89
169.06
166.82
167.68
169.03
167.77
167.39
411.23
411.05
416,53
416.15
418.40
417.99
418.20
422.71
423.54
423.95
420.65
478.19
487.62
491.34
485.42
495.22
491.23
489.72
492.91
499.05
500.89
492.18
180.42
180.38
182.50
182.12
183.04
185.47
183.28
183.23
186.00
186,18
187,46
2.8
2.4
4.2
3.1
3.3
4.2
2.8
4.2
4.1
3.3
3.9
-1.0
13
.4
Sept
Oct
Nov
Dec r
34.8
34.6
34.9
34.7
34.7
34.9
34.6
34.7
34.9
34.8
34.7
1989: Jar, '
Feb p
34.8
34.7
41.0
41.0
3.9
3.9
9.50
9.51
10.32
10.35
330.60
330.00
167.73
166.75
423.12
424.35
489.75
492.56
187.76
187.99
4.2
3.4
.3
-1.3
1980
1981
1982
1983
1984
198S
1986
1987
1988
1988- Feb
Mar
May
July
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban
workers (on a 1977 = 100 base).
3
Based on seasonally unadjusted data.
n
5
.2
-1.2
0
— .1
9
.5
NOTE.—The previously published adjusted hourly earnings index has been disc
i earners and clerical
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1981 = 100)
12 months earlier
3 months earlier
Period
Total
compensation
Wages and
salaries
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
94.7
104.0
110.7
117.0
122.7
127.5
131.6
136.0
142.6
95.4
103.8
110.3
115.8
120.6
125.6
129.5
133.8
139.3
1986: Mar
Sept
Dec
128.9
129.0
130.8
131.6
1987- Mar
June
Sept
Dec
1988: Mar
1980:
1981:
19821983:
19841985:
19861987:
1988:
Sept
Dec
1
Benefits
Total
compensation
Wages and
salaries
Total
compensation
Wages and
salaries
93.0
104.3
111.7
120.0
127.9
132.4
136.9
141.7
151.3
2.1
2.0
1.3
1.2
1.3
.6
.6
.7
1.0
2.0
1.8
1.2
1.1
1.2
.6
.5
.6
1.0
2.2
2.3
1.5
1.3
1.4
.5
.6
1.0
1.1
9.8
9.8
6.4
5.7
4.9
3.9
3.2
3.3
4.9
9.0
8.8
6.3
5.0
4.1
4.1
3.1
3.3
4.1
11.8
12.2
7.1
7.4
6.6
3.5
3.4
3.5
6.8
126.8
129.9
128.8
129.5
134.2
134.8
136.1
136.9
1.1
.8
.7
.6
1.0
.9
.7
.5
1.4
.4
1.0
.6
3.8
3.8
3.2
3.2
3.9
3.7
3.1
3.1
3.2
3.5
3,3
3.4
132.9
133.8
135.1
136.0
130.8
131.7
133.0
133.8
138.1
139.3
140.3
141.7
1.0
.7
1.0
.7
1.0
.7
1.0
.6
.9
.9
.7
1.0
3.1
3.0
3.3
3.3
3.2
3.0
3.3
3.3
2.9
3.3
3.1
3.5
138.1
139.8
141.2
142.6
135.1
136.6
137.9
139.3
146.1
148.2
149.7
151.3
1.5
1.2
1.0
1.0
1.0
1.1
1.0
1.0
3.1
1.4
1.0
1.1
3.9
4.5
4.5
4.9
3.3
3.7
3.7
4.1
5.8
6.4
6.7
6.8
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
l
Benefits 1
Benefits 1
influence of employment shifts among occupations and industries.
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
all pe
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
Noriarm
business
sector
Real compensation
per hour 4
Business
sector
N oafarm
business
sector
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nwvfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.5
98.8
99.8
99.2
102.5
104.6
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.8
112.9
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.4
167.9
131.3
143.6
154.8
161.5
167.8
96.7
95.8
97.3
98.2
97.9
96.6
95.8
97.2
98.3
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986
1987.
1988 "
107.7
110.1
111.0
112.1
106.1
108.2
109.0
110.5
124.2
128.6
133.3
139.3
123.9
128.2
133.0
139.8
115.3
116.8
120.1
124.2
116.8
118.5
122.1
126.5
175.5
183.1
190.4
199.5
174.9
182.3
189.4
198.2
98.8
101.2
101.5
102.2
98.5
100.8
101.0
101.5
162.9
166.3
171.5
177.9
164.9
188.6
173.8
179.3
162.2
165.8
170.5
175.7
163.8
167.8
172.5
177.3
1982:
1983:
1984:
1985:
IV
IV
IV
IV
101.0
103.8
105.9
108.5
99.7
103.3
104.9
106.5
105.0
113.6
120.8
125.9
104.2
114.1
120.7
125.5
103.9
109.4
114.0
116.1
104.5
110.4
115.1
117.9
158.3
163.6
170.3
178.8
158.2
163.4
170.2
177.9
r
r
97.9
91.9
98.0
r
98.9
156.8
157.6
160.7
164.8
158.7
158.2
162.3
167.1
150.2
155.2
159.8
163.7
151.4
156.2
161.0
165.5
I
110.5
110.4
110.0
109.8
108.6
108.4
108.0
107.8
128.4
128.2
128.5
129.3
128.1
127.8
128.1
128.8
116.2
116.1
116.8
117.8
117.9
117.9
118.6
119.5
180.4
182.0
184.0
186.2
179.8
]81.2
183.1
185.4
'99.8
r
99.5
100.7
101.2
r
101.7
163.3
164.9
167.3
169.6
165.5
167.1
169.5
172.1
163.7
165.0
167.0
167.5
165.7
167.0
169.0
169.5
r
101.4
r
!01.1
r
!01.3
r
r
170.5
170.8
171.1
173.5
172.9
173.0
173.3
175.6
168.7
170.1
171.2
171.9
170.9
171.9
173.2
174.0
r
r
r
173.5
177.1
179.0
182.0
175.7
178.6
180.2
182.6
172.3
174.7
176.8
179.0
174.2
176.2
178.0
180.6
1986:
n
in
IV
1987:
I
n.. .
in
IV
1988:
I
n
m
IV"...
109.9
110.6
111.7
111.8
107.8
108.6
109.6
109.9
130.5
132.2
134.3
136.2
130.1
131.9
134.1
136.0
118.8
119.5
120.3
121.8
120.7
121.5
122.3
123.8
187.3
189.0
191.1
194.0
186.4
187.9
190.0
192.9
112.8
111.8
112.3
111.8
110.8
110.1
110.7
110.7
138.0
138.8
139.8
140.6
137.9
139.2
140.5
141.7
122.3
124.1
124.5
125.8
124.4
126.4
126.9
128.1
195.8
198.1
201.1
203.4
194.6
196.6
199.4
202.2
98.0
98.1
98.0
99.4
r
!01.1
r
!01.6
r
102.1
101.9
101.9
102.0
102.4
102.4
100.9
100.5
r
100.7
101.4
r
!01.3
101.3
!0!.5
101.8
r
Percent change; quarterly data at seasonally adjusted annual rates
1980
1981
1982
1983
1984
-0.3
1.4
-.4
2.7
2.5
-0.4
L6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
3.9
97
-1.0
1.6
.9
_.2
-2.7
-.8
1.5
1.1
— .4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
.O
2.8
2.2
3.1
3.2
2.5
2.3
2.8
3.1
3.0
2.4
2.8
2.8
3.0
3.1
3.3
21
'•4
-1.2
1.7
33
5.0
8.3
08
.7
-2.8
1.5
5.7
07
.7
-^
3.3
2.1
-1.1
2.1
31
4.2
8.4
o *7
1985
1986
1987.
1988 "
2.1
2.2
.8
1.0
1.4
2.0
.8
1.4
4.2
3.5
3.6
4.5
3.9
3.5
3.8
5.1
2.1
1.3
2.8
3.4
2.5
1.5
3.0
3.6
4.5
4.3
4.0
4.8
4.2
4.2
3.8
4.7
.9
2.4
.3
.7
2.3
_2
.5
2.4
2.1
3.1
3.7
1982:
1983:
1984:
1985:
IV
IV
IV
TV
3.0
3.1
1.7
.7
2.4
1.4
1.2
.2
K
10.4
3.5
3.6
-1.2
9.8
3.1
3.5
-3.4
7.1
1.8
2.9
-3.5
8.2
1.9
3.4
4.5
5.5
3.8
5.4
5.0
4.3
3.9
5.1
3.2
1.4
r
.3
r
1.2
3.8
.2
''.4
r
.9
1.5
2.3
2.1
4.7
2.6
2.8
2.7
4.9
2.4
4.8
2.7
2.6
1986:
I
7.7
-.4
-1.4
-.8
8.4
-.8
-1.5
-.9
8.3
g
.9
2.5
8.5
— .8
.8
2.4
.6
-.4
2.3
3.4
.0
-.0
2.4
a.3
3.7
3.7
4.4
4.8
4.3
3.2
4.3
5.1
r
1.8
r
2.5
5.0
1.9
r
2.2
-3.7
4.1
5.8
5.7
-3,8
4.0
5.9
6.1
.1
3.2
5.0
1.1
.3
2.7
3.9
.6
.0
3.2
3.7
.9
3.7
5.3
6.6
5.7
4.0
5.7
6.8
5.9
3.4
2.5
2.6
5.1
4.0
2.5
2.9
4.9
2.5
3.6
4.6
6.2
2.1
3.4
4,5
6.4
28
-3.2
-1.4
'.1
2.6
2.2
.8
.7
5.6
2.1
.2
.7
5.4
3.0
3.2
2.8
1.4
3.3
2.3
3.1
1.8
3.5
-3.4
1.7
-2.0
3.4
-2.4
2.0
.1
5.5
2.4
2.8
2.2
5.6
4,0
3.5
3.7
1.9
6.0
1.1
4.3
2.1
6.6
1.5
3.6
3.7
4.8
6.2
4.7
3.5
4,2
5.7
5.6
r
.2
8.5
4.4
6.8
.1
6.8
3.7
5.6
1.0
5.8
4.7
5.1
.6
4.7
4.1
6.0
n
HI
rv
1987- I
II
m
rv
1988:
I
n
m
iv >•*
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persona 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 m&ur&nct and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments ior the selfemployed.
* Hourly compensation divided by the consumer price index for all urban consumers.
5.5
2.0
r
2.0
r
.9
2.4
r
.O
.3
1.4
.3
T
r
r
r
^
- .3
.9
1.1
3.0
5.1
1 2
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shewn here.
'Data do'not reflect revisions of GN? and related items published March 23, 1989.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production was unchanged in February, following a 0.4 percent increase in January. The index for
February was 5.0 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
160
INDEX, 1977=100* (RATIO SCALE)
240
FINAL PRODUCTS
220
TOTAL INDUSTRIAL PRODUCTION
p[
FENSE AND
SPACE
QUIPMENT
140
120
_
200
r^~
— * •>
-•
180
.^--"'"
100
iiiiilmn iimlimi imiliim iiiiiliiin
160
^
-""
140
MANUFACTURING PRODUCTION
140
BUSINESS
EQUIPMENT
160
,j:
DURABLE
«••«.*• ^
120
NONDURABLE
~'C-"
CONSUMER
GOODS
120
100 Illllllllll lllllllllll Illllllllll Illllllllll Illllllllll
100
||||||||||| Illllllllll
140
PER CENT*
100
CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
90
iiiiiliiin
UTILITIES AND MINING PRODUCTION
120
/\
UT ILITIES
f. *
-^
^+
A-n
V,.~.-~ rV' "
100
mnliim
innlinn
iiiiiinin
1985
1986
1987
i ' X^-_*
80 •••
—^
•r
"~~^1
\
MINING
HllllJIIJI
1988
70
IllJJIlllll
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1985
1987
1988
1989
1986
1989
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry production indexes, 1977 = 100
Total
industrial
production
Period
Index,
1977 = 100
1.977 proportion
1980....
1981
1982....
1983
1984....
1985
1986....
1987
1988 r..
1988: Feb
Mar
May
June
July
Sept
Oct
Nov r
Dec r
1989: Jan r
Feb p
1
Output as percent of capacity.
Capacity utilization
rate, percent 1
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129,8
137.2
-1.9
2.2
-7.1
5.9
11.2
1.9
1.1
3.8
5.7
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
142.7
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
141.9
35.11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
143.9
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
103.5
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
114.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
83.3
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.1
83.6
134.4
134.7
135.4
136.1
1365
138.0
138.5
138.6
139.4
139.9
140.5
5.8
5.7
6.3
6.2
5.7
5.7
5.5
5.7
5.2
5.1
5.0
139.5
140.0
140.8
141.8
142.1
143.6
144.0
144.4
145.3
145.8
146.4
138.4
138.8
139.7
141.5
141.7
142.9
143.2
143.8
144.6
145.2
145.7
141.1
141.7
142.3
142.1
142.6
144.6
145.1
145.3
146.3
146.7
147.3
101.5
102.7
104.7
102.6
103.0
104.3
103.8
103.7
103.1
104.7
105.4
115.6
113.3
111.0
111.6
113.2
114.4
117.8
113.0
113.9
113.7
115.4
82.4
82.4
82.7
82.9
83.0
83.7
83.8
83.7
84.0
84.1
84.3
82.6
82.7
82.9
83.3
83.3
84.0
84.0
84.0
84.3
84.4
84.5
141.1
141.1
5.0
5.0
147.4
147.4
146.7
146.9
148.6
148.2
103.4
101.5
114.8
116.9
84.5
84.3
84.8
84.6
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977=100; monthly data seasonally adjusted]
Products
Materials
Intermediate products
Final products
Consumer goods
Equipment
Period
Total
Total
1980
1981
1982
1983
1984
1985....
1986
1987
1988 r
1988- Feb
Mar
Apr
May
June
July
Aue
Sept
Oct
Nov r
Dec r
1989: Jan r
Feb"
1
44.77
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
144.3
25. 52
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
133.9
141.6
141.8
142.5
143.5
144.0
145.0
145.8
145.8
146.4
146.8
147.7
131.3
131.2
131.9
132.7
133.0
134.2
135.0
134.8
136.4
136.8
138.2
148.5
149.0
138.8
139.9
Durable
goods
Nondurable goods
Total *
Business
Defense
and
space
equipment
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
125.3
120.6
120.4
123.3
125.6
125.3
125.3
125.7
126.3
129.3
129.2
132.0
131.5
131.5
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
137.1
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
158.2
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
157.6
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
185.9
135.3
135.1
135.1
135.4
135.8
137.5
138.5
138.0
139.0
139.7
140.6
155.3
155.9
156.5
157.7
158.5
159.4
160.1
160.4
159.7
159.9
160.3
152.4
153.3
154.6
156.9
158.1
159.3
160.2
160.8
160.2
161.2
162.4
191.0
189.9
187.9
185.5
184.6
184.9
184.9
184.5
184.0
182.2
181.0
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
151.5
149.4
149.9
149.6
150.4
150.0
151.6
152.3
152.9
154.0
154.2
155.0
141.5
141.8
161.5
162.3
164.1
165.4
180.9
180.6
156.5
156.4
Total
Construction
supplies
Business
supplies
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
138.6
137.7
137.3
137.6
138.8
137.6
138.4
138.1
138.4
140.0
140.7
141.2
143.7
142.7
Total
Energy
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
162.5
42.28
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
125.2
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
101.5
159.4
160.7
159.9
160.3
160.6
162.8
164.4
165.2
165.9
165.7
166.7
122.1
122.5
123.6
123.9
124.5
126.4
126.5
126.5
127.5
128.3
128.5
167.4
128.5
128.0
100.6
100.6
101.0
99.5
101.3
102.7
103.2
101.5
101.3
102.3
103.0
100.9
99.9
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977=100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
1977 proportion..
1980...
1981
1982...
1983
1984....
1985
1986...
1987
1988 r...
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
89.2
1988:
86.4
85.1
85.3
89.2
87.5
91.5
90.8
93.1
94.2
92.7
90.1
Feb
Mar
Apr.
.....
June
July
Aue:
Sept
Oct
Novr
Dec r
1989- Jan r
Feb"
... .
93.8
92 9
Source: Board of Governors of the Federal Reserve System.
18
Iron and
steel
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
78.1
77.4
74.2
74.5
78.6
74.2
80.2
78.9
81.4
83.1
80.8
77.7
83.1
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
120.9
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
170.8
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
180.1
117.6
118.8
118.8
119.8
120.4
121.7
122.1
122.5
122.6
124.6
124.9
163.6
164.6
167.2
170.3
171.2
173.1
174.1
174.8
173.8
175.4
177.9
177.8
176.6
178.7
179.1
179.5
181.5
182.2
181.8
183.0
182.2
181.4
124.9
125.0
179.7
181.8
181.3
181.8
Total
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
132.1
128.4
130.0
130.4
133.1
132.8
131.9
131.8
132.7
134.8
135.2
136.4
136.1
135.4
Motor
vehicles
and
parts
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
117.2
109.3
113.0
114.8
119.6
119.1
116.6
117.5
118.5
121.7
122.9
125.5
124.1
122.6
Lumber
and
products
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
137.3
139.0
137.8
138.0
139.8
136.4
136.6
133.8
133.5
137.5
139.4
142.6
142.7
Apparel
products
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
109.1
108.5
108.7
109.2
108.6
109.3
109.4
108.9
109.9
109.5
110.1
108.5
Chemicals
and
products
Foods
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
184.2
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
152.0
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
142.6
178.7
180.4
181.8
180.7
182.3
184.9
186.7
188.0
188.1
188.5
188.4
145.4
146.4
148.9
149.1
150.5
153.4
154.8
155.3
156.7
157.5
159.0
141.9
141.1
140.3
141.0
141.3
143.3
143.3
143.2
144.0
145.7
145.6
191.4
191 9
159.1
146.4
ing
and
publishing
4.54
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1979
252.4
1980
1981
1982
1983
1984
1985
1986
1987
1988"
251.7
193.3
260.2
246.6
203.6
281.3
227.5
328.6
355.7
386.1
271.0
291.7
314.7
398.9
403.4
323.8
325.2
200.7
192.9
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.8
195.4
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
139.2
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
76.4
42.3
46.2
49.4
49.5
48.1
48.5
50.5
49.5
52.5
53.4
109
97
100
100
124
136
150
158
164
161
51.7
58.5
56.5
53.7
53.8
57.7
64.1
71.4
75.0
78.2
Annual rates
Annual rates
1988- Jan
Peb . ..
Mar
395.3
392.5
403.6
396.2
398.5
395.7
404.2
403.2
406.9
408.2
May
July
324.3
318.5
320.2
317.7
Dec p
422.3
324.7
326.8
327.2
330.3
333.3
336.4
Jan *
Feb »
424.0
342.3
Sept
Oct
Nov
1989:
321.6
317.8
413.6
1,059
904
919
690
756
955
1,097
1,016
1,019
942
202.3
140.8
138.0
139.2
138,5
137.7
136.8
136.4
137.1
138.7
140.4
142.7
143.7
74.2
73.4
76.4
76.8
78.1
77.5
77.1
76.7
75.1
76.1
76.3
77.9
52.2
52.3
52.3
49.7
51.8
52.2
53.3
54.7
55.1
54.6
55.2
56.2
73.7
74.7
79.3
77.7
78.3
78.0
79.5
76.4
79.7
77.9
80.3
85.9
154
163
156
158
166
169
160
162
157
164
158
163
858
1,094
910
852
860
904
954
905
880
841
839
942
204.6
144.5
81.6
56.1
81.7
155
148
943
850
195.2
192.1
195.6
192.0
190.4
188.1
194.2
195.4
196.9
199.6
201.8
1
Includes
2
Includes
3
residential improvements, not shown separately.
hotels and motels.
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1979
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1980
1981
1982
1983
1984
1985
1986
1987
1988 r
1 unit
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
2-$ units
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
5 or more units
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
Units
authorized
Units
completed
Homes sold
Homes for
sale at end of
period 1
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,528.7
709
545
436
412
623
639
688
750
671
676
= 397
337
275
253
301
353
346
357
365
366
1,429
1,476
1,449
1,436
1,493
1,420
1,464
1,394
1,516
1,516
1,566
' 1,449
r
1,602
r
1,661
r
1,461
656
665
677
679
716
701
712
691
718
650
674
359
372
367
370
367
365
363
361
353
364
366
1,507
1,415
1,491
691
626
369
374
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,463.0
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
Seasonally adjusted annu al rates
1988:
Feb
Mar ....
May
July
Sept
Oct
Nov r
Dec '
1989: J a n r .
Peb''
1
2
1,511
1,528
1,576
1,392
1,463
1,478
1,459
1,463
1,532
1,567
1,577
1,690
1,498
1,095
1,169
1,087
1,001
1,088
1,067
1,076
1,039
1,136
1,138
1,141
1,202
1,045
58
57
58
53
62
50
59
62
63
68
65
67
63
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with
earlier data.
3
New series beginning March 1979.
358
302
431
338
313
361
324
362
333
361
371
421
390
r
l,517
' 1,528
r
1,539
' 1,536
1,516
1,429
1,526
8.0
7.7
7.8
7.3
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Seasonally adjusted housing completions revised beginning 1986.
_
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In January, manufacturing and trade sales rose 0.9 percent and inventories rose $5.5 billion. In February,
according to advance data, retail sales fell 0.4 percent, following an increase of 0.7 percent in January.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
800
240
—
—
^^-'
700
—
^
220
^r-^
r \
MANL FACTURING AND
600
—
s^
s
Rt TAIL INVENT DRIES
s\
—
180
TRAC)E INVENTOF IES
160
—
r^
—
500
S"*
fs
-
f
-*••"—
400
*•"""
140
A /-"T"
MANUFACTURING
A ND TRADE S lUES
/v
120
s *• *
*a""*
-
s ^ „•
.*"
"""**
l~"
\
—
RET AIL SALES
100
m,il|,M, Minium miilimi
300
Illllllllll
Illllllllll
y
RATIC
-
-
1.80
INVENTORY-SALES RATIO
1.60
fr^^**
r~v^=^£
RETAIL
\.
~vX
~
^_ .
200
MANUFACTURING
AND TRADE
-
-
1.20
umliim
Minium
1985
Illllllllll Illllllllll lllll||ll||
1986
1987
1988
1989
Illllllllll
1.00
1 1 11 1111 11 1
1985
1986
1 1 1 11111 11 1
EASONAUY ADJU jTED
OF COMMERCE
sc5URCE: DEPARTME W
Manufacturing and
trade 1
COUNCIL OF ECONOMIC ADVISERS
Sales
Sales
Inventories 3
Sales
2
Inventories 3
Inventory-sales ratio 4
Retail
Wholesale
Period
2
1 1 111 11 1 11 1
^^^^^^^
1988 1989
1987
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
3
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
348,747
368,894
408,064
418,482
424,049
452,691
489,859
574,491
590,469
644,548
655,466
654,293
703,701
756,824
96,290
100,324
113,390
114,645
116,026
126,736
136,464
128,196
130,445
142,622
147,145
152,887
165,588
181,419
89,107
97,328
106,805
113,821
119,663
126,785
135,763
28,169
32,574
37,819
41,387
44,861
47,707
52,379
60,937
64,754
68,985
72,434
74,802
79,077
83,384
134,468
147,377
167,159
180,825
185,224
206,981
221,242
61,469
68,984
79,257
88,608
90,477
106,271
114,994
72,999
78,393
87,902
92,217
94,747
100,710
106,248
1.67
1.56
1.53
1.55
1.55
1.50
1.49
1.49
1.44
1.49
1.53
1.56
1.56
1.57
1988- Jan '
Feb r
Mar r
Apr r
May r
June r
July r
Aug r
Sept r
Oct r
Nov *
Dec '
466,250
470,475
478,355
479,300
483,171
490,180
490,555
496,773
496,828
503,188
505,247
510,221
707,566
711,488
714,243
718,030
722,067
727,788
732,629
740,359
747,360
747,185
750,023
756,824
129,603
131,622
132,885
133,015
133,264
136,289
138,195
139,008
139,682
142,429
141,086
140,205
168,230
170,632
171,732
173,530
173,418
175,001
177,307
179,165
180,278
181,049
180,327
181,419
130,364
131,921
133,692
133,249
134,130
135,010
135,662
136,050
135,751
137,842
139,529
139,189
50,345
51,474
52,139
52,018
52,002
52,320
52,284
51,931
51,427
52,725
53,930
54,154
80,019
80,447
81,553
81,231
82,128
82,690
83,378
84,119
84,324
85,117
85,599
85,035
205,962
205,440
205,816
206,564
208,575
210,824
211,534
215,396
219,297
216,724
218,093
221,242
104,986
103,757
103,254
103,895
105,860
107,064
107,443
110,146
114,303
111,689
112,904
114,994
100,976
101,683
102,562
102,669
102,715
103,760
104,091
105,250
104,994
105,035
105,189
106,248
1.52
1.51
1.49
1.50
1.49
1.48
1.49
1.49
1.50
1.48
1.48
1.48
1.58
1.56
1.54
1.55
1.56
1.56
1.56
1.58
1.62
1.57
1.56
1.59
1989- Jan r
Feb p
515,016
762,350
143,433
181,794
140,098
139,536
53,968
53,220
86,130
86,316
223,098
116,459
106,639
1.48
1.59
1
See page 21 for
2
Monthly average
3
End of period.
4
manufacturing.
for year and total for month.
Annual data are averages of monthly ratios.
20
NOTE.—Retail series revised (therefore total manufacturing and trade also revised) beginning
1983.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In February, manufacturers' shipments and new orders fell; inventories and unfilled orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240 IL.SHIPM = NTS
*«
^
200 __—-—1
160
120
—
"
,-~L'-j
""-"-I
-
— INVENT
1
-
-
—° —i
'
280
IT_
,
JIL ^
^
160
1
—
-
-
120
m
-~"T.
\
60
iimlinii Miuinm iiminm
—
f
IOIAL
\" T
3URABLE GOODS
200
NDURABLE C
80
480
440
400
360
—
^
--H
•
„„
"""~~*
-
TOTAL
nil (ABLE GOO v;
—
IMilillMI iULliiLllH
BILLIONS OF DOLLARS* (RATIO SCALE)
——
NC)NDURABLE 300DS
80
60
Uiiilmn
RATIC
2.20
Ilillliilli muimil
miiliiin
mtilmu
*
INVENTORY-SHIPMENTS
RATIO
2.00
1.80
=U
-v*_S^~
1.60
80
1.40
60
1.20
M ' n i i M,S f i 1 M B i 1 !
1987
1988
f 1 i 1 11I I 1 1 S
1985
1985
1986
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Hi
t 1 f IB i U 1 1 !
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' new orders 1
Manufacturers' inventories 2
Durable goods
Period
Total
Durable
goods
1989
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventoryshipments
ratio 3
Millions of dollars, seasonally adjusted
1982
1983.
1984
1985
1986
1987
1988
1988: Feb
Mar....
Apr
May
July .
Aug
Sept
Oct
Nov
Dec
1989: Jan r
Feb"
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
206,932
211,778
213,036
215,777
218,881
216,698
221,715
221,395
222,917
224,632
230,827
231,485
227,613
79,352
84,956
96,623
99,019
99,989
105,291
115,684
83,998
86,286
91,246
90,996
88,371
93,879
101,948
311,827
312.647
334,767
327,496
316,182
331,132
354,163
200,825
200,406
218,771
214,066
208,313
216,598
233,666
111,002
112,241
115,996
113,430
107,869
114,534
120,497
162,273
174,122
189,791
190,918
188.663
201,966
221,627
109,829
112,744
112,521
114,751
116,522
113,122
117,866
118,030
118,439
119,874
124,175
123,578
120,799
97,103
99,034
100,515
101,026
102,359
103,576
103,849
103,365
104,478
104,758
106,652
335,416
336,695
337,936
340,074
341,963
343,788
345.798
347,785
349,412
351.603
354,163
357,458
359,087
219,913
220,523
221,405
222,948
224,000
225,467
226,600
228,214
229,735
231,766
233,666
236,810
238,287
115,503
116,172
116.531
117,126
117,963
118,321
119,198
119,571
119,677
119,837
120,497
211,283
211,799
217,029
216,398
228,090
219,877
227,009
222,869
227,095
228,153
238,886
236,075
230,680
107,907
106,814
Monthly average for year and total for month. Shipments are the same as sales.
End of period.
120,648
120,820
3
78,338
87,600
98,581
99,843
100,166
107,770
119,634
114,155
113,063
116,836
115,369
125,442
116,112
122,806
119,321
122,791
123,035
132,149
21,661
22,098
26,243
27,067
26,551
29,707
35,028
83,935
86,522
91,209
91,075
88,497
94,197
101,993
314,270
349,419
372,586
383,181
387,065
421,243
468,860
33,819
31,924
33,746
31,522
35,458
36,213
38,808
34,858
34,623
35.825
39,432
97,128
98,736
100,193
101,029
102,648
103,765
104,203
103,348
104,304
105,118
106,737
429,513
429,534
433,527
434,148
443.357
446,536
451,830
453,103
457,281
460,802
468,860
128,479
124,203
40,352
37,061
107,596
106,477
473,450
476,517
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.62
1.59
1.59
1.58
1.56
1.59
1.56
1.57
1.57
1.57
1.53
1.54
1.58
PRICES
PRODUCER PRICES
In February, the producer price index for all finished goods rose 1.0 percent from its January level. Prices of
finished consumer foods rose 1.2 percent while prices of other finished consumer goods rose 1.0 percent. Capital
equipment prices rose 0.4 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982= 100 (RATIO SCALE)
120
120
SEASONALLY ADJUSTED
FINISHED GOODS PRICES
CONSUMER
,'-J
FOODS
,—-'''/'
110
110
100
100
90
90
80
1988
1981
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982 = 100; monthly data seasonally adjusted]
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Total
1980.. .
1981
1982 . .
.
1983
1984.
1985
1986
1987
1988 p
1988: Feb
Mar
Apr .
May
July
Sept
Oct T
Nov
Dec
1989: Jan
Feb . .
1
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
106.4
106.8
107.1
107.4
107.6
108.2
108.5
109.1
109.2
109.4
109.9
111.0
112.1
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
110.0
110.6
110.6
111.2
112.1
112.9
113.6
114.6
114.7
115.1
115.2
116.5
117.9
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
105.3
105.5
105.9
106.1
106.1
106.6
106.9
107.3
107.4
107.5
108.2
109.2
110.1
Intermediate materials for food manufacturing and feeds.
22
Nondurable
Capital
equipment
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.7
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
112.7
112.9
112.7
113.2
113.4
113.9
114.5
115.1
115.0
114.7
115.3
96.1
96.4
97.1
97.2
96.8
97.6
97.6
97.6
97.8
98.3
99.0
113.1
113.2
113.4
113.7
114.0
114.3
114.7
115.7
115.6
115.7
116.1
116.3
116.6
100.3
101.7
116.8
117.3
Consumer goods
Total
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
101.9
102.2
102.7
102.9
102.7
103.3
103.5
103.7
103.8
104.0
104.7
106.0
107.1
Durable
Total
finished
consumer
goods
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
104.6
105.0
105.3
105.6
105.8
106.5
106.8
107.3
107.4
107.7
108.2
109.4
110.7
Intermediate materials
Crude materials
Foods
and
feeds l
Other
Total
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
104.6
105.0
105.7
106.3
107.1
107.9
108.2
108.6
108.6
109.1
109.6
110.6
111.2
Other
Total
Foodstuffs
and
feedstuffs
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
107.0
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
95.9
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.0
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
102.6
103.3
104.5
104.2
110.7
115.9
114.9
115.3
115.1
113.1
112.1
104.7
105.1
105.8
106.4
107.0
107.4
107.8
108.2
108.3
108.9
109.4
95.0
94.6
95.6
96.0
96.9
96.6
97.2
97.1
96.6
94.4
97.6
100.2
101.1
101.4
102.0
106.1
108.3
110.9
113.1
113.4
108.5
110.8
87.4
86.3
87.8
88.0
86.9
85.2
84.4
83.1
82.0
81.5
85.2
114.8
114.6
110.4
111.1
101.4
101.3
113.2
111.7
89.6
90.3
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In February, the consumer price index for all urban consumers rose 0.4 percent, both seasonally adjusted and not
seasonally adjusted. The index was 4.8 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
130
INDEX, 1982-84= 100 (RATIO SCALE)
130
SEASONALLY ADJUSTED
120
120
110
- CONSUMER PRICES—ALL ITEMS -
110
100
100
90
90
80
80
70
70
60
60
1981
1982
1983
1987
1986
1985
1984
1988
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
1989
COUNCIL Of ECONOMIC ADVISERS
[1982-84 — 100, except as noted; monthly data seasonally adjusted, except as noted]
All items 1
Transportation
Housing
Medical
care
Energy 2
All
items
less
food,
shelter,
and
energy
3.1
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
6.0
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
7.3
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
48.7
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
Shelter
Period
1980.
1981
1982....
1983
1984
1985
1986
1987
1988
1988:
Feb
Mar
Apr
May
June
July
Aue
Sept
Oct
Nov
Dee
1989:
Jan ....
Feb
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
1000
82.4
90.9
965
99.6
1039
107.6
109.6
113.6
118.3
Food
Total 1
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
16.2
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
42.3
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
7.9
19.7
103.0
108.6
115.4
121.9
128.1
133.6
102.5
107.3
113.1
119.4
124.8
131.1
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
Fuel
and
other
utilities
Apparel and
upkeep
Total 1
New
cars
Motor
fuel
7.6
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
6.4
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
17.2
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
4.3
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
116.0
116.5
117.1
117.5
118.0
118.5
119.0
119.8
120.2
120.3
120.5
116.3
116.7
117.2
117.7
118.1
118.6
119.0
119.5
120.0
120.3
120.7
115.5
116.0
116.6
117.1
117.8
118.9
119.5
120.3
120.6
120.8
121.2
116.8
117.2
117.6
117.9
118.2
118.5
118.9
119.3
119.6
120.1
120.6
125.0
125.5
125.8
126.2
126.7
127.0
127.6
128.1
128.3
128.9
129.4
131.4
132.6
132.3
132.6
133.0
133.4
133.8
133.8
134.1
134.2
134.9
129.0
129.3
129.8
130.3
130.8
131.2
131.9
132.5
132.7
133.5
133.9
114.3
113.3
115.3
114.3
114.7
114.5
115.0
115.3
115.0
115.4
115.8
103.6
103.6
104.0
104.0
103.9
104.0
104.0
104.4
105.1
105.5
106.3
112.3
114.1
115.5
116.3
115.9
115.7
113.9
116.0
117.4
117.4
117.7
107.1
107.2
107.5
108.2
108.4
108.7
109.6
109.7
110.1
110.4
110.4
115.9
116.1
116.2
116.5
116.6
116.7
117.0
117.7
117.8
117.9
118.1
79.8
79.5
80.1
81.4
80.9
81.3
82.8
82.0
81.3
81.1
79.7
135.4
136.1
136.8
137.6
138.4
139.4
140.0
140.7
141.6
142.2
142.9
88.1
87.9
88.4
88.9
88.7
88.9
89.5
89.3
89.2
89.5
89.2
119.8
120.4
121.0
121.5
121.8
122.2
122.4
123.0
123.8
124.2
124.6
121.1
121.6
121.4
121.9
122.1
122.6
120.9
121.3
129.7
130.3
135.2
136.4
134.2
134.7
116.1
117.1
106.9
106.7
117.7
117.5
111.2
111.9
118.9
119.3
80.5
81.8
144.0
145.2
89.9
90.4
125.4
125.8
1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1988.
2
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
«o
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
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Capital
equipment
Excluding
foods
Foods
Total
finished
Capital
equipment
Excluding
foods
Foods
goods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
1980
1981
1982
1983
1984
1985
1986
1987
1988s
2.3
3.5
.6
2.8
-.2
5.7
13.4
9.2
4.1
1.6
2.1
1.0
— 1.4
2.1
2.5
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.5
14.1
8.6
4.2
g
7.5
1.5
2.0
'.8
2.1
-6.6
4.1
3.1
Change, month to month
1988:
Feb
Mar
May
" 3
July
Sept
Oct r
Nov '
Dec
1989- Jan r
Feb
0
.4
.3
.3
.2
.6
.3
.6
.1
.2
.5
-0.4
.5
0
.5
.8
.7
.6
.9
.1
.3
.1
0.2
.3
.5
.2
2
.6
.2
.2
.1
.2
.7
0.3
.1
.2
.3
.3
.3
.3
.9
1
.1
.3
1.5
4.2
2.7
3.8
3.0
4.2
4.2
5.7
3.7
3.4
3.0
0
6.8
.7
4.4
5.5
8.6
8.9
9.2
6.5
5.4
2.1
2.0
2.8
4.0
4.0
2.0
2.4
2.4
4.0
2.0
1.9
3.9
3.6
3.6
2.1
2.1
2.9
3.2
3.6
6.1
4.6
3.5
1.4
1.3
1.1
2.1
2.7
3.6
3.4
4.0
4.4
4.0
3.8
4.3
1.3
1.3
1.5
2.2
6.2
4.6
6.7
7.4
7.6
7.1
5.6
1.2
.8
2.2
3.0
2.4
3.2
3.2
3.0
2.2
2.1
3.9
2.2
1.4
2.5
2.9
3.2
2.7
2.8
4.5
3.9
3.5
3.7
1.9
1.9
1.8
2.0
2.1
2.5
2.6
2.7
3.0
3.2
4.0
1.0
1.0
1.1
1.2
1.2
1.0
.6
.4
6.8
10.2
6.4
10.1
8.8
12.5
4.2
5.6
5.2
6.7
6.5
7.7
5.3
7.1
4.4
4.6
4.4
5.3
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items l
Food
Total '
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
APparel
and
upkeep
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
1980
1981
1982
1983
1984
1985
1986
1987
1988
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
5.1
5.9
6.3
5.0
3.9
3.9
4.5
5.1
5.9
4.6
5.3
4.7
0.2
.3
.4
.4
.3
.4
.3
.4
.4
.3
.3
-0.2
.4
.5
.4
.6
.9
.5
.7
.2
.2
.3
0.3
.3
.3
.3
.3
.3
.3
.3
.3
.4
.4
0.4
.4
.2
.3
.4
.2
.5
.4
.2
.5
.4
0.5
.9
-.2
.2
.3
.3
.3
0
.2
.1
.5
0.4
.2
.4
.4
.4
.3
.5
.5
.2
.6
.3
0.3
0
.4
0
-.1
.1
0
.4
.7
.4
.8
-0.4
1.6
1.2
.7
-.3
-.2
16
1.8
1.2
0
.3
-0.1
.1
.3
.7
.2
.3
.8
.1
.4
.3
0
.6
.4
.7
.4
.2
.3
.2
.5
.2
.9
.2
.4
.6
-.2
0
-.2
.7
.6
13.8
14.4
9.7
1.8
4.2
1.8
56
1.6
2.9
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
7.4
18.8
9.4
6.8
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8
18.7
2.1 -2.1
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
18.0
11.9
1.3
-.5
.2
1.8
-19.7
8.2
.5
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
0.3
.2
.1
.3
.1
.1
.3
.6
.1
.1
.2
-1.0
-.4
.8
1.6
-.6
.5
1.8
-1.0
9
— .2
-1.7
0.6
.5
.5
.6
.6
.7
.4
.5
.6
.4
.5
-0.3
2
.6
.6
-.2
.2
.7
— .2
-.1
.3
-.3
0.3
.5
.5
.4
.2
.3
.2
.5
.7
.3
.3
.7
.3
1.0
1.6
.8
.8
.8
.6
.6
.3
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
Cha nge, month to month
1988:
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1989: Jan
Feb
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
3
3.9
4.5
4.5
4.4
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.2
3.9
3.8
4.9
4.9
4.9
4.5
4.8
4.8
4.4
4.1
3.3
3.7
3.9
4.0
4.4
4.4
4.7
4.9
4.8
4.5
4.5
3.9
3.9
3.9
3.9
4.0
4.1
4.0
4.2
4.2
4.2
4.4
4.7
5.4
4.8
4.9
4.7
4.8
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in March rose 0.7 percent from their February level. Prices paid by farmers in January
were 1.2 percent above their October level.
INDE>(, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
~"
h160
y——
•— •
ccf_ v ^~^\-^ S^
-
140
120
100
PRICES PAID
J — ^.
^^
—
^X^ ^C^\ ^r^
140
_ / /^
-
120
p RICES RECEIVE 3
-
100
-
80
80
60
RATIC
140
!mii
imiliim
1111!
Kill
~>y
-
120
100
UJJ ! 1 1 1 i ! Lnmlmn 60
RA TIOJ/
120
KAIIU
"•• . ———~~^——r
-
60
mnliim
140
-~~"~^v-—-,i
80
iinihiiii
-i
100
-i
I_
—_- ^ \
,
-
iiinlniii
MM! Mill
milMlll!
1981
1982
1983
/RATIO OF INDEX OF PRICES RECEIVED TO NDEX OF PRICES PAIC
i |j I I
Hill Mill
1 1 j 11f !f j j j
1985
19S6
I| ( } f
1984
i 1 1 1 1 1 !|!I ! i ) l l l i | | l l ! Hill M l ! !
1987
1988
80
60
1989
.
COUNCIL OF CONOMIC ADVISERS
5 OURCE; DEPARTMENT OF AGRICULTURE
(1977 = 100; not seasonally adjusted]
Prices paid by fanners
Prices received by farmers
Period
1981
1982
1983
..
1984
1985
1986
1987
1988
1988- Mar
Mav .
July
Augr
Sept
Get
"Nov
Dec
1989- Jan
Feb
Mar.
1
2
All farm
products
Livestock and
products
Crops
139
133
135
142
128
123
127
138
130
130
134
138
142
144
144
143
144
145
134
121
128
138
120
107
106
125
111
112
117
129
136
136
135
133
136
136
149
148
149
140
138
137
Includes items noJ, shown separately.
Percentage raiio oi index o( prices received by farmers to index of prices paid, interest, taxes,
and3 wage rates. See aiso footnote 3.
Beginning March 1986, prices paid by fanners are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
All commodities,
services,
interest, taxes,
and wage rales l
143
145
141
146
136
138
146
150
148
148
151
147
147
152
153
152
151
154
150
159
161
164
162
159
161
170
158
!53
160
175
(3)
«3)
r
Production
items, interest,
taxes, and wage
rates
<3)
168
(3)
(3)
172
(3)
(3)
173
(3)
(3>
151
159
159
161
156
150
151
160
(3)
158
(3)
(3)
162
<3)
(3)
133
(a)
(3)
165
(3)
(3)
Production
items
148
153
152
155
151
147
U7
157
(3)
155
(3)
(3)
159
(3)
(3)
162
(3)
(3)
163
(3)
(3)
Ratio 2
92
84
84
87
79
77
79
81
79
77
80
82
83
84
84
83
83
84
85
85
85
NOTE.—The official indexes are published on a 1910-14 base as required by law. The index<
have been converted to a 1977 = 100 base Eo facilitate comparison with other indexes.
Source- Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml and M2 rose slightly in February after declining in January, while growth in M3 accelerated.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,000
3,600
4,000
3,600
3,200
3,200
2,800
2,800
2,400
2,400
M2
2,000
2,000
1,600
1,600
1,200
1,200
800
600
400
Illllllllll
1987
1981
1988
1989
COUNCIL OF ECONOMIC ADVISERS
- AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1980:
19811982:
19831984:
19851986:
19871988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec r
Dec r
. ...
.
1988: Feb
Mar
May
T
3
July
Sept
Oct
Nov
Dec
1989- Jan r
Feb p
M2
M3
L
Debt
Sura of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs 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
MMMT? balances
MS plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
412.2
439.1
476.4
522.1
551.9
620.5
725.9
752.3
790.2
1,633.3
1,795.9
1,954.5
2,186.0
2,367.2
2,567.4
2,811.2
2,909.9
3,069.4
1,991.1
1,236.9
2,443.8
2,694.3
2,982.3
3,201.7
3,494.9
3,677.6
3,919.1
2,327.8
2,599.4
2,853.5
3,155.5
3,523.4
3,830.6
4,137.1
4,340.5
4,690.5
3,868.2
4,244.3
4,627.9
5,161.1
5,910.1
6,719.9
7,576.8
8,283.9
9,001.0
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.6
5.0
8.9
10.0
8.8
11.8
8.3
8.5
9.5
3.5
5.5
10.2
12.3
9.2
10.3
10.7
7.4
9.2
5.2
6.6
9.7
9.7
9.0
11.5
14.5
13.7
12.8
,9.3
8.7
760.1
763.8
771.2
771.1
776.5
782.5
782.4
783.7
785.4
786.6
790.2
2,950.8
2,969.3
2,990.3
2,999.8
3,013.1
3,023.9
3,029.7
3,035.0
3,042.2
' 3,059.2
r
3,069.4
3,731.3
3,755.9
3,779.6
3,794.6
3,815.6
3,838.2
r
3,852.6
r
3,864.0
r
3,881.0
r
3,901.6
r
3,919.1
4,406.3
4,436.3
3.9
4.3
3.7
4.4
6.5
6.5
6.0
5.3
3.7
4.1
3.6
5.7
5.9
6.1
6,7
7,2
6.5
5.4
4.5
3,5
4.0
r
3.8
6.8
7.0
6.9
6.9
r
7.6
7.5
r
6.6
r
5.8
r
5.4
r
5.7
r
5.5
r
4,587.1
4,597.6
' 4,620.0
r
4,650.7
r
4,690.5
'8,384.2
r
8,449.3
' 8,509.7
r
8,567.1
' 8,624.7
' 8,682.6
' 8,746.8
r
8,810.9
' 8,870.3
* 8,943.4
r
9,001.0
786.2
787.3
3,066.1
3,070.4
3,924.5
3,934.5
4,692.8
9,052.7
.9
1.3
2.8
2.7
4.5
4.3
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
Percent change from year or 6
months earlier 2
Ml
r
r
r
4,475.3
r
r
4,503.8
4,521.0
r
4,565.3
r
r
Ml
er at an annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
9.3
9.2
8.9
r
8.4
r
8.4
r
8.7
r
8.8
r
8.7
8.7
r
9.0
r
8.9
r
r
8.7
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
DeCur- mand
rency
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(KPs),
net,
plus
overnight
Eurodollars
NSA
1980- Dee
1981: Dec
1982- Dec
1983: Dec
1984- Dec
1985: Dec
1986- Dec
1987: Dec
1988- Dec
1988:
Feb
Mar
May
July
Sept
Oct
Nov
Dec
1989- Jan r
Peb '....
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
Money
market
deposit
accounts
(MMDAs)
NSA
Savings
deposits
Small
Large
denom- denomination ination
time
time
depos- depos1
its
its !
NSA
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
Savings
bonds
Shortterra
Treasury
securities
Bankers'
acceptances
Commercial
paper
115.2
122.5
132.6
146.3
156.1
167.8
180.5
196.4
211.8
261.5
231.5
234.2
238.7
244.2
267.3
303.2
288.3
288.6
31.3
80.8
105.3
132.2
146.4
179.5
235.8
260.4
282.3
28.3
35.9
38.8
53.8
56.3
70.2
78.3
r
78.3
r
78.1
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
239.6
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
87.6
0.0
.0
43.2
379.2
416.9
513.5
572.5
526.3
502.7
400.2
728.6
344.0
823.2
356.9
851.0
305.6
784.0
285.4
886.3
301.6
882.6
371.0
853.9
416.4
914.1
431.3 1,025.3
260.1
302.5
326.8
327.4
417.2
436.6
439.0
487.4
537.7
34.0
50.3
36.0
67.5
81.7
34.5
51.8
91.5
61.9
82.9
65.6
76.1
84.0
84.9
109.1
90.8
125.3 ' 108.5
72.3
67.8
68.0
71.1
74.2
79.4
91.7
100.4
109.1
133.5
149.4
183.6
211.9
260.7
300.1
282.3
r
257,5
r
285.9
32.1
40.0
44.5
45.0
45.4
42.0
37.2
44.7
40.6
98.8
105.3
113.6
133.2
160.7
207.4
231.0
260.3
r
335.8
199.4
200.7
202.4
203.4
204.7
206.4
207.0
208.6
209.7
210.5
211.8
288.1
288.4
290.3
288.1
289.8
290.4
289.9
288.8
288.9
287.7
288.6
265.4
267.5
271.2
272.2
274.7
278.5
278.3
279.0
279.4
r
281.0
282.3
77.9
74.5
75.6
80.4
80.8
77.6
79.9
77.3
r
76.0
r
75.5
r
78.2
231.0
234.8
235.8
231.8
228.9
229.6
230.8
231.0
231.3
237.4
239.6
98.7
97.4
91.9
90.0
86.3
84.8
84.0
83.7
84.6
87.4
87.6
523.6
525.5
524.2
520.5
523.2
522.0
517.7
511.4
507.5
506.7
502.7
418.8
942.4
421,5
952.8
423.3
963.4
425.2
971.0
427.6
975.7
429.7
981.0
988.3
430.9
430.5
998.7
429.2 1,009.7
431.8 1,017.8
431.3 1,025.3
492.3
496.3
499.2
502.4
507.8
514.0
519.4
526.7
532.0
534.4
537.7
114.2
112.0
114.7
121.0
124.3
125.6
123.8
122.4
125.2
128.9
125.3
85.5
90.0
89.1
91.8
93.1
96.2
' 104.3
' 106.2
' 103.5
' 104.8
' 108.5
102.5
103.4
104.4
105.3
106.0
106.8
107.4
107.9
108.4
108.7
109.1
r
257.3
' 255.6
' 262.3
T
265.1
r
258.3
* 269.8
r
274.6
r
275.2
277.0
' 276.3
r
285.9
41.0
41.1
41.4
41.1
40.7
40.7
41.2
41.7
41.3
40.5
40.6
274.2
280.3
287.6
297.8
300.4
309.8
311.3
308.8
312.3
323.7
r
335.8
213.4
214.3
284.0
284.8
281.2
280.8
r
242.0
247.9
89.3
89.6
495.1
485.1
427.8 1,035.9
424.7 1,048.5
544.3
551.4
126.8
129.8
103.3
102.3
109.7
283.6
40.2
334.9
81.7
79.3
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures; millions of dollars; seasonally adjusted, except as noted]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
19801981:
19821983:
19841985:
19861987:
1988:
Dec .. .
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1988: Feb
Mar ....
May
T 3 ...
July .
Sent
Oct
Nov
Dec
1989: Jan r.
Feb*
Nonborrowed plus
extended
credit
Required
Monetary
base
59,264
Seasonal
Extended
credit
60,508
59,939
275,811
262,068
263,301
265,606
266,816
268,267
270,503
271,144
272,467
273,772
274,658
275,811
396
1,752
2,993
2,578
3,083
3,440
3,241
2,839
2,299
2,861
1,716
75
119
146
246
311
376
423
421
332
186
130
205
1,478
2,624
2,107
2,554
2,538
2,653
2,059
1,781
2,322
1,244
276,739
277,757
1,662
1,487
76
97
1,046
1,050
....
60,979
Total
1,690
636
634
774
3,186
1,318
827
777
1,716
.. .
59,573
59,760
60,374
60,365
60,637
61,238
61,090
60,995
60,956
61,055
60,979
59,177
58,009
57,380
57,787
57,555
57,798
57,849
58,156
58,657
58,194
59,264
59,382
59,487
60,004
59,894
60,108
60,336
60,502
60,215
60,438
60,516
60,508
58,440
58,832
59,515
59,325
59,750
60,231
60,137
60,024
59,894
59,936
59,939
60,545
60,48V
58,883
59,000
59,929
60,050
59,401
59,332
NOTE.—Aggregate reserves and monetary base revised beginning 1959. Data prior to 1988 not
Nonborrowed
yet available.
Source: Board of Governors of the Federal Reserve System.
116
54
33
96
113
56
38
93
130
3
148
186
2
2,604
499
303
483
1,244
BANK LOANS AND SECURITIES
Commercial and industrial loans rose 2.0 percent in February following a rise of 0.8 percent in January. (Series
revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
ALL COMMERCIAL BANKS
2,400
2,800
2,400
2,000
2,000
1,600
1,600
1,200
1.200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
T
160
160
OTHER SECURITIES •
lllllllllll lllllllllll
120
1981
1982
1983
120
1987
1986
1985
1984
' SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1989
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted 1]
All commercial banks
Loans and leases
nfnl
Totai
Period
loans and
securities 2
1981: Dec r ....
1982: Dec T ....
1983:
1984:
1985:
1986:
1987:
1988:
1988:
T
Dec ....
Dec r ....
Dec r....
Dec r....
Dec ' ....
Dec r....
Mar T ....
Apr T ....
May r....
June r...
July r....
Aug r....
Sept r ...
Oct r
Nov r....
Dec r....
1989: Jan r ....
Feb "....
1,307.7
1,401.5
1,553.6
1,723.6
1,910.1
2,092.8
2,237.4
2,408.0
2,284.3
2,303.5
2,325.5
2,343.5
2,358.5
2,371.4
2,373.5
2,392.6
2,400.6
2,408.0
2,412.8
2,441.8
U.S.
Government
securities
179.3
201.7
259.2
260.2
270.7
309.5
335.5
362.4
341.3
343.9
346.4
348.8
349.3
350.9
353.2
356.0
358.5
362.4
361.8
363.4
Other
securities
160.9
165.7
170.6
142.6
181.3
196.4
195.2
192.9
196.2
196.5
196.4
196.7
196.9
196.7
195.4
196.6
195.3
192.9
188.0
188.5
Total
2
967.5
1,034.1
1,123.9
1,320.9
1,458.1
1,586.8
1,706.8
1,852.7
1,746.8
1,763.1
1,782.7
1,797.9
1,812.3
1,823.9
1,825.0
1,839.9
1,846.8
1,852.7
1,863.0
1,889.9
Commercial
and
industri-
355.4
392.6
414.1
472.9
499.7
536.1
562.6
599.7
570.4
577.4
584.5
589.3
594.9
595.3
594.3
597.8
598.9
599.7
604.5
616.6
Real
estate
Individual
Security
284.1
299.8
182.5
188.2
212.9
21.5
330.8
376.3
425.5
493.5
588.2
664.8
606.2
613.1
620.5
626.9
633.3
640.3
646.9
654.7
659.3
664.8
671.2
678.3
253.8
294.0
314.9
328.4
355.1
336.9
339.9
341.9
343.4
344.6
346.5
348.9
350.8
352.3
355.1
357.0
357.9
2
25.4
28.1
34.3
42.7
40.1
34.4
37.9
40.2
39.5
39.7
39.5
38.9
39.7
36.7
38.4
37.9
37.9
37.0
44.0
Nonbank
financial
institutions
29.9
31.3
30.5
31.4
32.5
35.0
31.9
29.9
31.0
30.5
30.6
30.6
31.0
31.0
30.5
30.2
30.0
29.9
30.4
30.8
Agricultural
33.1
36.2
39.2
40.1
36.1
31.6
29.4
30.7
29.4
29.4
29.5
29.6
29.6
29.6
29.6
29.8
30.3
30.7
30.7
30.7
State
and
political
subdivisions
0.0
.0
3.3
46.0
56.7
58.4
52.5
47.1
50.3
49.7
49.4
49.2
48.8
48.2
48.0
48.7
47.9
47.1
44.7
44.9
Foreign
banks
18.1
14.8
13.4
11.1
9.7
9.6
7.5
7.5
7.9
8.3
8.0
8.1
8.2
8.2
7.5
7.8
8.2
7.5
7.6
8.2
Excludes loans to commercial banks in the United States.
NOTE.—Series revised.
Source: Board of Governors of the Federal Reserve System.
28
Foreign
official
institutions
Lease
financing
receivables
7.2
5.9
9.4
7.9
6.0
5.9
5.3
12.7
13.3
13.7
16.0
5.6
5.1
5.1
5.1
5.0
5.0
5.2
5.2
5.1
5.4
5.6
5.6
5.5
18.9
22.3
24.4
28.1
25.6
25.9
26.2
26.8
27.5
27.6
27.8
27.9
28.0
28.1
28.3
28.4
Other
23.1
26.6
31.8
31.2
36.2
39.4
42.1
46.4
44.0
44.4
47.2
49.6
50.4
52.4
49.4
48.7
48.7
46.4
45.9
44.5
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Credit market funds
Internal 1
Total
Securities
and
mortgages
Total
1979
1980
1981.. .
326.0
324.8
375.8
298.5
420.3
492.6
459.2
483.2
468.0
239.5
242.3
285.7
336.3
352.3
357.5
352.8
364.5
484.7
358.3
531.7
358.1
Ir
461.8
TV p
469.4
474.7
465.7
359.9
363.6
365.3
1982
1983
1984... .
1985
1986 '
1987 r...
1988"
1987:
1988:
197.6
200.1
519.8
in r
IV r
n rr
m
369.1
Loans and
short- term
paper
Capital
expenditures 3
Total
Other z
Discrepancy
(sources less
uses)
395.8
129.8
98.4
97.0
47.0
115.1
132.1
93.0
122.8
75.6
40.9
-42.1
-17.3
-7.7
-4.9
34.5
-10.1
23.9
63.0
45.9
31.3
350.9
406.3
95.4
69.7
38.4
55.8
387.8
386.7
398.6
409.9
16.1
76.6
46.2
24.6
57.9
6.0
29.9
31.2
128.4
124.7
136.4
56.2
134.6
156.3
106.9
162.3
130.4
103.5
60.1
70.7
90.7
49.8
77.9
95.8
50.9
121.3
68.9
62.4
9.0
34.5
29.4
10.3
52.6
5 j
5.0
59.0
38.6
19 9
51.1
36.2
61.2
39,5
25.3
100.9
46.0
62.3
30.3
82.3
68.2
54.0
45.7
6.4
56.8
60.5
55.9
41.0
61.6
41.1
368.1
342.1
383.6
303.5
385.8
502.7
435.3
456.7
437.3
436.7
238.3
243.7
286.5
256.5
270.7
370.6
342.3
333.9
126.4
173.6
68.6
95.8
36.4
9.4
32.2
86.4
57.8
77.8
446.4
476.0
101.9
105.8
109.4
96.6
97.9
57.6
66.0
27.7
17.8
-18.3
8.3
87 7
80.1
75.9
57.7
115.4
4.0
48.2
43.4
68.9
403.9
463.3
444.8
434.5
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Increase in
financial
assets
361.7
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 outstanding 1
Installment credit outstanding (end of period)
Period
Total
19791980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec ..
Dec *
Jan
Feb
Apr ...
May
June
July
Aue:
Sept
Oct
Nov....
r
1989:
Dec
Jan "
1
Automobile
Revolving
296,483
297,566
310,682
323,536
367,868
442,538
517,755
571,833
613,022
661,191
112,475
111,936
118,956
124,218
143,799
173,704
209,636
246,109
267,180
289,823
53,357
54,894
60,838
66,243
78,667
100,212
122,013
136,381
159,307
185,755
18,207
18,621
20,302
22,833
23,704
25,795
26,834
26,883
25,957
25,552
112,444
112,115
110,586
110,242
121,698
142,827
159,272
162,460
160,578
165,061
619,258
624,294
629,485
633,336
636,318
644,372
647,993
653,317
653,319
657,226
661,889
661,191
269,883
273,133
276,762
278,567
279,418
282,254
283,359
285,560
284,782
286,107
287,474
289,823
162,065
163,462
165,643
167,356
169,154
172,809
174,927
177,568
178,675
181,277
184,468
185,755
25,926
25,857
25,732
25,764
25,703
25,852
25,882
25,915
25,746
25,776
25,831
25,552
161,384
161,842
161,348
161,649
162,043
163,456
163,825
164,274
164,116
164,065
164,117
165,061
3,906
4,663
4,302
2,350
670,551
292,041
186,578
25,634
166,298
4,360
2,218
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Mobile
home
Automobile
Other
Total
Revolving
34,507
13,736
1,083
-539
8,155
1,537
13,116
12,854
44,332
74,670
75,217
54,078
41,189
53,169
7.020
5,262
19,581
29,905
35,932
36,473
21,071
22,643
5,944
5.405
12,424
21,545
21,801
14,368
22,926
26,448
6,236
5,036
2,703
3,250
3,629
2,758
5,191
3,851
2,982
8,054
3,621
5,324
2
1,805
851
1,397
2,181
1,713
1,798
2,836
3,655
1,106
2,201
779
1,325
1,366
2,118
2,641
1,107
2,602
3,190
1,288
823
Mobile
home
1,286
414
1,681
2,531
871
2,091
1,039
49
926
405
-31
-69
-125
32
-61
149
29
33
169
30
54
-278
82
Other
11,330
-329
-1,529
-344
11,456
21,129
16,445
3,188
1 882
4,483
806
458
— 494
301
394
1,413
368
449
-158
50
52
944
1,237
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in March.
PERCENT PER ANNUM
PERCENT PER ANNUM
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) *
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standards &
Poor's)
Corporate
Aaa bonds4
(Moody's)
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged5by
banks
New-home
mortgage
yields
(FHLBB) 6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
13.41
11.02
8.50
8.80
7.69
6.33
5.66
6.20
18.87
14.86
10.79
12.04
9.93
8.33
8.22
9.32
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
5.69
5.92
6.27
6.50
6.73
7.02
7.23
7.34
7.68
8.09
7.50
7.83
8.24
8.22
8.44
8.77
8.57
8.43
8.72
9.11
7.80
7.91
8.01
7.86
7.87
7.86
7.71
7.54
7.58
7.66
9.39
9.67
9.90
9.86
9.96
10.11
9.82
9.51
9.45
9.57
6.64
6.92
7.31
7.53
7.90
8.36
8.23
8.24
8.55
8.97
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
8.29
8.48
8.83
9.20
9.32
9.61
7.41
7.47
7.61
9.62
9.64
9.80
9.02
9.35
9.96
6.50-6.50
6.50-7.00
7.00-7.00
8 50 8 50
8.50-8.50
8.50-9.00
9.00-9.00
9 00 9 50
9.50-10.00
10.00-10.00
10.00-10.00
10.00-10.50
10.50-10.50
10.50-10.50
10.50-11.50
11.50-11.50
9.15
9.13
8.95
9.26
9.17
9.06
9.26
9.10
9.43
9.39
1989- Jan
Feb
Mar p
8.37
8.72
9.09
8.92
9.06
9.26
8.98
8.80
8.96
9.11
9.09
9.17
9.36
Week ended:
1989: Mar 4
11
18
25
Apr 1"
8.73
8.65
8.69
9.00
9.10
9.43
9.43
9.61
9.82
9.76
9.33
9.27
9.35
9.49
9.39
7.61
7.58
7.55
7.68
7.64
9.75
9.73
9.79
9.85
9.87
9.81
9.91
10.18
10.08
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
11.50-11.50
11.50-11.50
11.50-11.50
11.50-11.50
11.50-11.50
1981
1982
1983
1984
1985
1986
1987
1988
1988- Mar
Apr
May
June
July
Aujr
Sept
Oct
Nov
Dec
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
r
""9.52
9.81
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Sen-ice, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in March.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
160
COMPOSITE STOCK PRICE INDEX
- (NYSE)
7=~
140
120
100
100
80
80
60
60
40
40
J-U.
1981
1982
1984
1983
1986
1985
1987
1988
1989
PERC:ENT
ENT
20
20
15
15
r
-^-~~]
10
I
1
1
\
EARNINGS-PRICE RATIO ON COMMON STOCKS
\
""—
1
1981
1
1982
1
r—~"
i*i
1983
(S&P1
r—<.
10
—-^
1
1
1
1984
I
!
i
1
1985
i i
/-T^~~
1
1986
i 1
1987
1
! 1
1988
Common stock prices T
New York Stock Exchange indexes (I ec. 31, 1965 = 5 O )
1981
1982
1983 ..
1984
1985 .
1986
1987
1988
1988: Mar ..
July
Sept
Oct
Nov
Dec
1 989- Jan
Feb
Mar Week ended:
1989- Mar 4
11
18
25
Apr 1 "
1
Transportation
3
Finance
Utility
0
1
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143= 10}4
Dividendprice ratio
Earnmgsprice ratio
74.02
68.93
92.63
92.46
108.09
13G.OO
161.70
149.91
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.7&
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
11.96
11.60
8.03
10.02
8.12
6.09
5.48
149.88
148.46
144.99
152.72
152.12
149.25
151.47
156.36
152.67
155.35
181.57
180.88
176.02
184.92
184.09
179.72
182.18
188.58
183.79
187.75
135.15
133.43
127.63
136.02
136.49
132.53
136.27
141.93
138.60
144.07
71.16
69.40
68.65
72.25
71.50
70.67
71.83
74.19
73.83
74.81
125.27
121.67
120.35
129.04
129.99
130.77
133.15
134.66
129.61
128.83
2,044.31
2,036.13
1,988.91
2,104.94
2,104.22
2,051.29
2,080.06
2,144.31
2,099.04
2,148.58
265.74
262.61
256.12
270.68
269.05
2S3.73
267.97
277.40
271.02
276.51
3.48
3 57
3.80
3.58
3.65
3.75
3.69
3.61
3.70
3.68
7.18
160.40
165.08
164,55
194.62
200.00
199.17
153.09
162.66
160.13
75.87
77.84
77.63
132.26
137.19
137.77
2,234.68
2,304,30
2,282.61
285.41
294.01
292.61
3.64
3.59
3.68
162.66
165.31
166.27
163.25
163.96
196.91
200.35
201.48
197.41
198.18
160.60
162.31
161.94
157.63
157.28
76.85
77.83
78.17
77.30
77.53
135.41
137.47
138.87
137.78
138.35
288.98
29B.9J
295.85
290.18
291.76
3.72
3.64
3.63
3.70
3.70
Average of daily closing prices.
Includes ail the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Eamings2
i
1989
Common stock yields
(percent) 5
2
Period
Industrial
1
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Composite
5
f
2,258.36
2,290.93
2,313.18
2,258.75
2,274.07
r
7.92
8.36
price ratios based on prices at end of quarter.
MOTE.—All data relate to stocks listed on the Nf-w York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard &• Poor's Corporation.
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 5 months of fiscal 1989, there was a deficit of $92.7 billion compared with a deficit of $90.3 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
RECEIPTS AND OUTLAYS-!-/
1,100
1,100
1,000
1,000
OUTLAYS:/
900
900
800
800
700
700
RECEIPTS:/
600
600
-100
-100
- -200
-200
1981
1983
1982
1984
1985
1986
1987
1989
1988
1990
FISCAL YEARS
I/ INCLUDES ON-BUOGET AND OFF-BUDGET ITEMSSOURCES. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 (estimates)
1990 (estimates)
Cumulative total, first 5
months: 1
Fiscal vear 1988
Fiscal year 1989 . .
Outlays
Surplus
or deficit
(-)
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
go
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
KQ 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
-1.4
-3.9
4.3
-2.0
— 1.1
-5.0
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
975.5
1,059.3
946.3
990.3
1,003.8
1,064.0
1,137.0
1,151.8
212 3
-221.2
-149.7
-155.1
161 5
-92.5
547.9
568.9
640.7
667.5
708.7
770.4
769.5
806.8
810.0
861.4
926.2
931.7
-221.6
-237.9
-169.3
-193.9
- 217 5
-161.3
186.2
200.2
213.4
241.5
266.9
288.9
176.8
183.5
193.8
202.7
210.9
220.1
9.4
16.7
19.6
38.8
56.0
68.8
1,817.0
2,120.1
2,345.6
2,600.8
2,868.8
3,107.2
1,499.4
1,736.2
1,888.1
2,050.2
2,193.8
2,285.0
347.0
373.2
437.3
465.9
-90.3
-92.7
255.5
271.3
355.5
381.0
-100.0
-109.7
91.5
101.9
81.8
84.9
9.7
17.1
2,467.1
2,730.8
1,975.6
2,127.5
1
Data frorri Monthly Treasury Stateinent for February 1989, issued March 1989.
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1990, January
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
Fiscal year or period
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 5 months of fiscal 1989, receipts were $26.2 billion higher than a year earlier and outlays were $28.6
billion higher.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
RECEIPTS!/
400
INDIVIDUAI INCOMF TAXES
400
\
300
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
CORPORATION
INCOME TAXES
^
OTHER RECEIPTS
100
200
100
••-
I
0
800
|
1
1
|
I
I
1
1
0
-OUTLAYS^ .
800
NONDEFENSE
700
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1981
1983
1982
1985
1984
1986
1987
1988
1989
1990
FSSCAL YEARS
2J INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
734.1
769.1
854.1
909.0
975.5
1,059.3
334.5
349.0
392.6
401.2
425.2
466.7
61.3
63.1
83.9
94.5
107.0
117.4
265.2
283.9
303.3
334.3
363.9
391.5
73.0
73.1
74.3
78.9
79.5
83.7
946.3
990.3
1,003.8
1,064.0
1,137.0
1,151.8
347.0
373.2
163.6
172.8
25.9
29.5
126.0
137.4
31.5
33.5
437.3
465.9
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988 ..
1989 (estimates)
1990 (estimates)
Cumulative total, first 5
months: l
Fiscal year 1988
Fiscal year 1989
1
National defense
Social
insurance
taxes
and
contributions
Other
Data from Monthly Treasury Statement for February 1989, issued March 1989.
Social
security
Net
interest
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
65.8
70.2
75.1
78.9
86.7
94.9
128.2
119.8
123.3
129.3
136.9
136.8
188.6
198.8
207.4
219.3
232.3
246.7
129.4
136.0
138.6
151.7
165.7
170.1
131.8
142.1
125.9
139.4
156.5
130.8
31.4
32.3
53.2
55.2
88.3
93.4
64.4
69.6
59.2
71.0
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
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
252.7
273.4
282.0
290.4
298.3
303.0
245.2
265.5
274.0
281.9
289.8
293.8
16.2
14.2
11.6
10.5
10.7
17.3
33.5
35.9
40.0
44.5
49.8
52.2
119.9
122.7
116.6
119.1
3.2
2.1
17.8
19.5
Total
NOTE.—Data are from Budget of (he United States Government, Fiscal Year 1990, January
Income
security
International
affairs
Total
Department of
Defense,
military
Medicare
Other
82.8
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1988, according to current estimates, Federal receipts rose $15.7 billion (annual rate) and
Federal expenditures rose $50.0 billion, yielding a deficit of $157.8 billion.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
- EXPENDITURES •
800
800
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
I
1980
I
I
1
I
I
I
I
1
I
1983
1982
1981
I
1
I
1985
1984
I
I
1986
I
1987
1
1
1988
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Total
Fiscal year:
1985
1986
1987
1988
Calendar year:
1985
1986
1987
1988 r
1982: IV
1983- IV
1984: IV
1985: IV
1986- IV
1987: I
n
m
IV
1988- I .
n
ni r . ...
IV
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Federal Government expenditures
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
776.8
815.0
901.7
964.8
340.4
357.0
401.6
413.1
74.6
80.7
101.7
109.9
55.9
51.2
53.2
57.0
305.8
326.0
345.2
384.8
962.3
1,027.8
1,058.9
1,106.3
341.5
368.4
375.4
378.3
374.0
394.6
411.1
434.2
97.8
107.4
103.1
108.5
128.3
134.4
139.7
150.4
20.7
22.9
29.6
34.8
-0.1
.0
.1
— .1
-185.5
-212.8
-157.2
-141.5
788.7
828.3
916.5
975.2
633.1
675.5
742.7
805.3
856.8
871.3
920.0
930.1
944.4
951.0
983.0
975.5
991.2
346.4
361.5
405.6
413.4
303.0
291.9
326.0
355.3
378.3
373.8
413.1
413.3
422.3
404.6
425.0
408.3
415.8
76.3
83.9
105.8
111.3
46.4
70.2
69.7
78.8
89.7
100.1
105.0
110.5
107.7
107.2
111.7
113.1
113.5
55.1
50.8
54.0
56.7
47.6
53.6
56.2
53.5
51.0
53.0
54.3
53.9
55.0
55.9
55.9
57.1
57.9
985.6
310.9
332.2 1,033.9
351.0 1,074.2
393.7 1,117.6
236.1
835.7
259.8
844.7
290.7
930.2
317.7 1,017.5
337.8 1,040.1
344.5 1,059.6
347.7 1,064.0
352.4 1,068.4
359.4 1,104.9
383.4 1,106.1
390.3 1,116.3
397.0 1,099.0
404.0 1,149.0
355.2
366.2
382.0
381.0
293.2
276.1
326.0
376.6
366.7
372.7
377.5
386.3
391.4
377.7
382.2
367.7
396.3
380.1
399.8
414.2
440.1
347.4
352.5
362.1
385.8
405.4
406.6
413.4
414.2
422.5
434.4
437.6
440.7
447.5
99.7
106.8
102.7
111.5
84.5
86.0
96.3
103.5
102.3
101.9
105.5
101.9
101.4
111.1
110.4
111.5
113.0
130.1
135.4
143.0
153.9
87.2
101.0
125.3
132.7
136.5
139.0
139.8
143.8
149.5
149.9
152.1
154.9
158.9
20.3
25.7
32.4
31.1
23.4
29.1
21.0
19.0
29.1
39.4
27.8
22.6
39.7
33.0
34.0
24.1
33.3
-.2
.0
.0
.0
.0
.0
.6
.0
.0
.0
.0
.2
-.2
.0
.0
.0
.0
-196.9
-205.6
-157.8
-142.4
-202.6
- 169.2
-187.5
-212.2
-183.3
-188.3
- 144.0
-138.3
-160 'A
-155.1
-133.3
-123.5
-157.8
Source: Department of Commerce, Bureau of Economic Analysis.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84=100)
Industrial production (1977=100; seasonally adjusted)
Period
United
States
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
1980...
1981
1982...
1983
1984
1985
1986
1987.. .
1988
1988: Jan
Feb
Mar
134.4
134.4
134.7
135.4
136.1
136.5
138.0
138.5
138.6
139.4
139.9
r
140.5
May
July
Sept
Oct
Nov
Dec
1989: Jan
Feb'
1
Canada
Japan
France
Germany
76.1
85.6
94.8
100.4
104.7
108.9
113.4
118.4
123.1
90.9
95.4
98.0
99.8
102.1
104.2
104.8
104.9
105.7
72 2
81.9
91.7
100.3
108.0
114.3
117.2
121.1
124.8
86.7
92.2
97.1
100.3
102.7
104.9
104.6
105.0
106.2
63.2
75.4
87.7
100.8
111.5
121.0
128.5
134.4
141.0
78.5
87.9
95.4
99.8
104.8
111.2
114.9
119.7
125.6
115.7
116.0
116.5
117 A
117.5
118.0
118.5
119.0
119.8
120.2
120.3
120.5
120.5
121.0
121.6
122.0
122.8
122.9
123.7
124.1
124.1
124.7
125.1
125.1
104.8
104.6
105.0
105.5
105.6
105.4
105.2
105.5
106.4
106.9
106.5
106.1
122.4
122.7
123.0
123.6
123.9
124.3
124.7
125.1
125.3
125.6
125.8
126.0
105.4
105.6
105.7
106.0
106.2
1063
106.2
106.3
106.3
106.4
106.7
106.9
138.1
138.5
139.1
139.8
140.0
140.4
140.8
141.4
142.1
143.2
144.4
144.8
121.4
121.9
122.3
124.3
124.8
125.3
125.4
126.8
127.4
128.7
129.3
129.6
121.1
121.6
125.7
126.5
105.9
126.5
108.1
146.0
147 2
129.3
108.0
106.2
103.1
104.1
107.6
112.9
114.9
115.6
119 6
114.4
112.6
108.5
105.8
109.2
110.4
113.5
118.0
99.8
96.4
98.2
101.7
103.1
107.9
109.4
112.9
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
116.7
117.7
118.3
117 .5
117.8
121.1
116.9
124.6
122.3
120.8
r
!21.4
122.0
126.4
121.1
121.4
123.1
120.5
122.3
125.9
118.5
122.5
126.3
128.0
116.3
113.8
115.6
U6.S
117.0
117.4
117.8
118.2
118.8
118.2
118.1
106
106
104
137.9
137.4
137.9
138.2
T
139.4
140.0
139.5
140.8
141.0
' 140.3
r
139.8
140.6
153.9
157.4
158.3
157.0
153.3
158.4
156.4
160.8
161.6
160.2
165.0
' 165.6
111
111
111
105
105
106
106
108
no
112
114
115
115
116
112
116
115
Italy
1676
Data relate to all urban consumers.
United
Kingdom
Japan
German}'
119.0
120.3
120.7
124.5
136.1
141.0
140.8
145.7
141.1
141 1
United
States 1
France
108.1
108.6
97.9
104.3
116.9
123.3
125.1
131.6
139.4
r
r
United
Kingdom
Canada
Italy
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) l
General merchandise imports (customs value) 3
Principal end-use commodity category
Period
Total
1982
1983
1984
1985
1986
1987
1988
4
4
1988- Jan
Feb
Mar
May
July
Sept
Oct
Nov
Dec r
1989- Jan
1
2
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other 2
3
Total
Foods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
Genera!
merchandise
imports
(c.i.f.
value)
Exports
(f.a.s)
less
imports
(customs
value)
Exports
(f.a.8)
less
imports
(c.i.f.)
216.4
205.6
224.0
218.8
227.2
254.1
321.8
31.3
30.9
31.5
24.0
22.3
24.3
32.2
56.7
61.7
58.5
57.3
66.7
84.9
72.7
67.2
72.0
73.9
75.8
86.2
109.1
16.8
20.6
22.9
21.7
24.6
29.4
14.3
13.4
13.3
12.6
14.2
17.7
23.1
20.7
20.5
24.0
27.3
35.9
34.6
43.1
244.0
258.0
325.7
345.3
365.4
406.2
441.6
17.1
18.2
21.0
21.9
24.4
24.8
24.9
112.0
107.0
123.7
113.9
101.3
111.0
118.5
35.4
40.9
59.8
65.1
71.8
84.5
101.3
33.3
40.8
53.5
66.8
78.2
85.2
87.9
39.7
44.&
60.0
68.3
79.4
88.7
96.1
7.8
9.4
10.4
12.1
12.8
254.9
269.9
346.4
352.5
382.3
424.4
460.2
-27.5
-52.4
-101.7
— 126.5
-138.3
-152.1
-119.8
-38.4
-64.2
-122.4
-133.6
-155.1
- 17Q.3
1384
24.5
24.5
26.9
26.0
27.5
26.3
26.5
27.5
28.0
27.8
27.5
29.1
2.2
2.5
26
2.6
2.9
2.7
2.9
3.1
3.0
2.8
2.5
2.6
6.6
6.6
7.7
7.3
7.1
7.0
7.1
6.9
7.3
6.6
6.9
7.3
8.7
8.6
8.7
8.8
9.3
8.5
9.1
9.4
9.4
9.4
9.4
10.2
2.1
2.4
2.7
2.3
2.4
2.2
2.0
2.8
2.6
2.5
2.6
2.8
1.6
1.8
1.8
1.8
1.9
1.9
2.0
2.0
2.1
1.9
2.0
2.2
3.1
2.6
3.4
3.2
3.8
4.0
3.4
3.4
3.6
4.5
4.1
3.9
34.3
37.7
36.6
34.8
35.7
37.9
34.5
38.1
37.2
36.6
38.2
40.1
2.1
2.2
2.2
2.0
2.0
1.9
1.9
2.2
2.0
2.1
2.1
2.1
9.5
10.0
9.6
9.5
10.5
10.2
9.7
10.2
9.4
9.8
9.8
10.1
7.5
8.6
8.4
7.9
8.1
9.0
7.8
8.9
8.7
8.1
9.1
9.2
6.8
7.6
7.5
7.2
6.5
7.4
6.6
7.3
7.9
7.7
7.5
8.2
7.5
8.4
7.8
7.3
7.6
8.3
7.5
8.5
8.1
7.7
8.4
9.1
.9
.9
1.1
1.0
1.0
1.1
1.1
1.1
1.1
1.1
1.2
1.2
35.8
38.9
38.6
36.3
37.2
39.5
36.0
39.8
38.7
38.1
39.8
41.7
-9.8
-13.2
-9.8
-8.8
-8.3
-11.7
-8.0
-10.6
-0.2
-8.8
-10.7
-11.0
-11.3
— 14.4
-11.7
-10.3
-9.8
-13.2
-9.5
-12.3
-10.7
-10.3
-12.2
-12.7
27.8
2.8
6.7
9.0
2.2
2.3
4.7
37.3
2.2
10.9
8.6
6.9
7.7
1.0
38.8
-9.5
-11.0
61.7
15.7
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada.
Total arrivals of imported goods other than mtransit shipments.
Total exports ate on a revised statistical month basis; end-use categories are on a statistical
month basis.
2
4
Trade balance
Principal end-use commodity category
6.5
6.3
L
NOTE.—Data shown include trade of the U.S. Virgin Islands.
See Bureau of the Census release FT90G, June 1988 for information on the seasonally i IjuSted
series.
Source: Department of Commerce, Bureau of the Census.
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1988, the current account deficit decreased to $31.9 billion and the merchandise trade
deficit rose to $32.0 billion.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
' SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
(Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise 1 2
Investment income 3
Period
Exports
1980
1981
1982
1983
1984
1985
1986
1987..
1988 "
1986: I
224,269
237,085
211,198
201,820
219,900
215,935
223,969
249,570
319,905
54,113
n
56,946
m
56,268
IT
56,642
1987- I
56,791
n
59,864
m
64,902
IT
68,013
1988: I r r
75,140
n .r
79,443
in .... 81,674
IV".... 83,648
1
2
3
Imports
-249,749
-265,063
-247,642
-268,900
-332,422
-338,083
-368,516
-409,850
-446,430
-89,546
-90,807
-92,989
-95,174
-96,662
-99,416
- 104,567
— 109,205
-110,327
- 109,595
— 110,844
-115,664
Net balance
Receipts
Payments
49 1 9ft 30,386
25 480 72,506
-27,978 86,411 -52,329 34,082
-36,444 83,549
54 883 28,666
67 080 77,251 -52,376 24,875
-112,522 85,908
67 419 18,489
-122,148 88,837
-62,901 25,936
- 144,547 90,110
66 968 23,142
1 60 280 103,756 -83,381 20,375
2,601
- 126,'525 108,190 - 105,589
-35,433 24,352
6,995
-17,357
4,715
-33,861 22,248 -17,533
-36,721 21,845
6,116
-15,729
-38,532 21,667
5,317
-16,350
-39,871 24,791
19 715
5,076
-39,552 22,429
-20,737
1,692
-39,665 23,289 -22,222
1,067
-41,192 33,248
-20,709 12,539
1,128
-35,187 26,523
-25,395
-30,152 23,380 -25,366 -1,986
-29,170 25,751 -26,985 -1,234
4,694
-32,016 32,537
-27,843
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
Net
military
transactions
Net
travel and
transportation
receipts
007
-2,237
144
-1,183
gfjg
274
-4,227
-243
2 099 -8,604
-3,431 - 10,049
-9,344
-4,372
-2,368 -10,281
-6,980
-4,229
-1,408 -2,456
-1,283 -2,070
-2,407
-1,076
-2,410
-605
-78 -2,597
-2,516
-179
-2,521
-851
-1,261 -2,648
-1,033 -2,119
-1,674
-914
-857
-1,562
-1,623
-1,425
Other
services,
net 3
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
trans-1
fers
Balance
on current
account
1,873
9,466 -7,593
7,793
7 460
6,884
14,344
9,278
-8,679
9,320
278 -8,956
46 246
9,908 -36,766 -9,480
12 102
107 077
9,760
-94,975
9,600 - 100,093 -15,010 -115,103
138 828
15 308
11,600 -123,520
12,035
140 519 -13,445 -153,964
13 584
13,385 -121,748
135 332
2,817
-29,485 -2,972 -32,457
2,870 -29,629 -4,085 -33,714
-4,249 -35,537
2,800
-31,288
-37,121
3,112
-33,118 -4,003
2 967
2,813
37 624
-34,657
2,828 -37,727 -3,125 -40,852
2,983
-41,967
-38,987 -2,980
-4,373
3,412
-33,523
-29,150
-36,998
3,360 -33,851 -3,147
-2,777 -33,814
3,689 -31,037
3,431
-29,392 -3,215 -32,607
-31,912
2,902
-27,468 -4,444
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $33.5 billion in the fourth quarter,
compared with an increase of $27.8 billion in the third quarter. Liabilities to private foreigners reported by U.S.
banks, excluding Treasury securities, increased $35.8 billion in the fourth quarter, compared with an increase of
$29.2 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
80
-
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
\ I
\ i
u
60
40
40
20
20
-20
-20
-40
-40
-60
-60
1988
1980
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COWCYl OT- ECONOMIC ADVISTtRS
[Millions of dollars; quarterly data seasonally adjusted, except as nortedj
U.S. assets abroad, net
increase/capita
Period
Total
-86,118
-110,951
.
-121,153
49 777
1984 ...
-22,304
1985
-32,636
1986 .
-97,991
1987
-75,987
p
1988
-91,954
1986: I
— 15,626
n
-24,515
ni
-26,213
IV
-31,635
1987: I
11,072
n
-22,878
m
-25,292
IV
-38,891
1988: I 'r
6,505
n r -19,057
m ... -39,223
IV"... -40,181
1980
1981
1982
1983
U.S.
official
reserve
assets 1 2
8 155
5 175
-4,965
1 196
-3,131
3 858
312
9,149
-3,566
-115
16
280
132
1,956
3,419
32
3,741
1,503
39
-7,380
2,272
Other U.S.
Government
assets
-5,162
-5,097
-6,131
-5,006
-5,489
-2,829
-2,000
1,162
3,641
206
-211
-1,592
10
67
170
252
1,012
-814
801
1,990
3,266
Foreign assets in the U.S., net
[increase/capital inflow ( + )] 2
U.S.
private
assets
-72,802
100 679
110 058
-43,576
13 685
-25',950
96 303
-86,297
92 029
- 15,305
-24,320
-24,901
-31,777
9,049
-26,127
25 576
-43,645
5,817
-18,295
33 833
-45,718
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and thi
position in the IMF.
2
Quarterly data are not seasonally adjusted-
Total
58,112
83,032
93,746
84,869
102,621
129,900
221,253
211,490
210,738
39,050
50,128
69,884
62,192
33,100
50,660
71,658
56,072
26,066
65,495
48,097
71,080
Foreign
official
assets
Other
foreign
assets
15,497
4,960
3,593
5,845
3,140
-1,196
35,507
44,968
39,012
2,719
15,838
15,779
1,171
13,977
10,332
611
20,047
24,670
5,946
2 534
10,930
42,615
78,072
90,154
79,023
99,481
131,096
185,746
166,522
171,726
36,331
34,291
54,104
61,020
19,122
40,327
71,047
36,025
1,395
59,549
50,631
60,150
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,152
1,093
Total (sum
of the items
with sign
reversed)
24,982
19,942
36,085
11,154
26,760
17,839
15,566
18,461
16,548
9,033
8,100
-8,133
6,565
-6,547
13,071
-4,399
16,342
4,428
-12,624
23,733
1,013
Of which:
Seasonal
adjustment
discrepancy
3,006
-2,786
-3,876
3,655
4,141
— 2,615
-4,658
3,138
3,893
-3,425
-5,119
4,653
U.S. official
reserve
assets, net *
(unadjusted,
end of
period)
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
44,919
46,595
48,087
48,511
48,824
45,140
45,070
45,798
43,186
41,028
47,788
47,802
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:
" Preliminary.
T
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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