Full text of Economic Indicators : May 1990
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Wist Congress, 2d Session
Economic Indicators
MAY 1990
(Includes data available as of May 30, 1990)
JUN 1 8 1990
FEDERAL RESERVE
BANK OF CHICAGO
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1990
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the first quarter of 1990, according to revised estimates, current-dollar gross national product (GNP) rose 7.0
percent (annual rate) or $91.2 billion. Real GNP (GNP adjusted for price changes) rose 1.3 percent and the
implicit price deflator rose 5.7 percent.
BILLIO ^15 OF DOLLARS (RATIO SCALE)
5,600
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
SEASONALLY ADJUSTED ANNUAL RATES
f
^^1
5,200
5,200
^
GNP
4,800
-
^s^^
4,800
IN CURRENT DOLLARS
—
"
4,400
4,400
-
---"
4,000
4,000
^
.--'*'
/-I
-
^
*
•"
3,600
3,600
x£
3,200
GNP
IK 1982 DOLLAR
_,*
;
-
—1
3,200
2,800
2,400
2,800
1
1 1 1
1 1
1982
1
1983
1 1
1984
1
1
1985
1
1
1
1986
1
1
1987
1988
1
SOURCE: DEPARTMEN OF COMMERCE
1 1
1989
1
1
1
2,400
1990
COLINC/l OF ECONOMIC ADVISffi
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
tures
Gross
private
domestic
investment
Government purchases of
goods and services
Exports and imports of goods
and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondelense
State
and
local
Final
sales
Gross
domestic
purchases '
2,732.0
3,052 6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,524.3
4,880.6
5,234.0
1,732.6
1 915 1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
3,471.1
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
773.4
32.1
33.9
26.3
-6.1
-58.9
-78.0
-97.4
-112.6
-73.7
-47.1
351.0
382.8
361.9
352.5
383.5
370.9
396.5
448.6
547.7
625.9
318.9
348.9
335.6
358.7
442.4
448.9
493.8
561.2
621.3
673.0
530.3
588.1
641.7
675.0
735.9
820.8
872.2
926.1
968.9
1,036.6
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.6
381.3
403.2
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.8
298.0
302.2
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.8
83.3
101.1
322.2
345.9
369.0
391.5
425.3
465.6
505.7
544.5
587.6
633.4
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,495.0
4,850.0
5,206.9
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,636.8
4,954.3
5,281.1
IV
IV
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,665.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
409.6
579.8
661.8
654. 1
648.8
749.7
14.1
-25.8
-67.9
- 103.2
-108.9
-114.6
335.9
364.7
385.7
369.2
402.4
482.6
321.9
390.5
453.6
472.4
511.3
597.2
671.8
676.1
764.5
856.7
888.9
947.5
293.2
276.1
326.0
376.6
368.8
388.1
205.4
221.5
244.1
268.6
280.7
296.8
87.7
54.6
81.9
108.0
88.1
91.3
378.7
400.0
438.5
480.1
520.1
559.4
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,602.5
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,780.4
1988: III
IV
4,926.9
5,017.3
3,263.4
3,324.0
771.1
752.8
-66.2
-70.8
556.8
579.7
623.0
650.5
958.6
1,011.4
367.5
406.4
296.1
300.5
71.4
105.9
591.0
604.9
4,882.3
4,998.7
4,993.1
5,088.1
1989: I
11
III
IV
5,113.1
5,201.7
5,281.0
5,340.2
3,381.4
3,444.1
3,508.1
3,550.6
769,6
775.0
779.1
770.1
-54.0
-50.6
-45.1
-38.8
605.6
626. 1
628.5
643.5
659.6
676.6
673.6
682.3
1,016.0
1,033.2
1,038.9
1,058.3
399.0
406.0
402.7
405.1
298.7
301.3
307.8
300.9
100.4
104.7
94.9
104.2
617.0
627.2
636.2
653.2
5,085.4
5,174.3
5,253.6
5,314.2
5,167.1
5,252.3
5,326.1
5,379.0
1990: I r
5,431.4
3,639.0
751.1
-40.8
655.6
696.4
1,082.1
413.4
308.9
104.5
668.7
5,444.3
5,472.2
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982'
1983:
19841,1)85:
1986:
1987:
1
CN1' less exports of goods nnd sc
imports of £oods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Exports and imports of
goods and services
Personal
consumption
expenditures
Total
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,853.7
4,024.4
4,144.1
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,513.7
2,598.4
2,669.6
509.3
545.5
447.3
504.0
658.4
637.0
639.6
674.0
715.8
720.7
379.2
395.2
366.7
361.2
425.2
453.5
438.4
455.5
493.8
510.3
137.0
126.5
105.1
149.3
170.9
174.4
195.7
194.8
194.1
188.5
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,935.6
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,532.3
408.8
577.2
655.7
648.0
615.2
721.1
352.3
390.4
444.4
460.9
435.7
472.7
115.8
159.9
169.6
179.4
200.3
191.9
1988: III ... .
IV
4,042.7
4,069.4
2,608.1
2,627.7
733.6
709.1
501.0
492.7
195.1
198.1
37.5
18.3
1989: I
II
IV
4,106.8
4,132.5
4,162.9
4,174.1
2,641.0
2,653.7
2,690.1
2,693.7
721.1
719.8
724.6
717.3
501.0
511.4
517.9
510.8
195.6
189.3
184.8
184.3
1990: I'
4,188.0
2,709.6
702.1
518.8
189.1
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
19831984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
ra..
1
Gross
national
product
Nonresidential
fixed
Residential
Fixed
Change
in
business
inventories
Government purchases of
goods and services
Federal
Exports
Imports
Total
-6.9
57.0
23.9
49.4
24 5
26.3
-6.4
-19.9
62.3 -84.0
9.1 -104.3
5.6 -129.7
23.7 -115.7
27.9 -74.9
21.9 -52.6
388.9
392.7
361.9
348.1
371.8
367.2
397.1
450.9
530.1
589.2
332.0
343.4
335.6
368.1
455.8
471.4
526.9
566.6
605.0
641.8
620.5
629.7
641.7
649.0
677.7
731.2
761.6
781.8
785.1
806.4
-59.3
11.7
27.0 -46.2
41.7 -94.8
7.7 -125.3
-20.8 -135.4
56.6 - 109.8
336.0
355.5
376.6
367.4
406.5
484.1
324.3
401.6
471.4
492.6
541.9
593.9
-74.9
-73.8
531.9
551.4
24.5
19.1
21.9
22.2
-55.0
-51.2
-57.1
-47.2
-5.9
-40.4
Net
exports
State
and
local
Final
sales
Gross
domestic
purchases l
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.9
337.1
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.2
261.5
256.5
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.4
67.4
80.6
373.6
370.1
369.0
373.9
387.0
405.2
427.5
442.1
456.2
469.3
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,830.0
3,996.5
4,122.2
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,969.4
4,099.3
4,196.7
660.1
642.2
693.2
752.7
776.0
792.1
289.5
266.0
300.5
340.6
342.4
344.9
201.4
211.6
225.3
241.4
255.8
266.7
88.2
54.4
75.2
99.2
86.6
78.2
370.6
376.2
392.7
412.1
433.6
447.2
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,879.0
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,045.5
606.9
625.2
775.9
806.4
319.8
343.9
258.8
261.6
61.0
82.3
456.1
462.5
4,005.2
4,051.0
4,117.6
4,143.2
569.7
587.5
593.1
606.6
624.6
638.7
650.2
653.8
799.7
810.3
805.3
810.4
335.5
343.6
336.1
333.3
254.4
255.8
260.1
255.7
81.1
87.8
76.0
77.7
464.2
466.7
469.2
477.0
4,082.3
4,113.5
4,141.0
4,151.9
4,161.8
4,183.7
4,220.0
4,221.4
617.9
658.2
816.7
335.2
255.1
80.0
481.5
4,193.9
4,228.4
GNP less exports of goods and services plua imports of goods and services.
Total
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
national
product
Total
Durable
goods
Gross private
domestic investment
Nondurable goods
Services
Nonresidential
fixed
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.8
124.5
130.0
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.1
110.1
111.3
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.3
122.6
83.9
92.6
100.0
106.2
111.6
116.8
122.4
129.0
134.9
141.2
85.1
93.4
100.0
98.8
97.9
97.7
99.3
97.5
98.7
100.3
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
124.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.3
106.2
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.7
104.9
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.4
115.9
119.6
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.8
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.7
123.6
125.3
86.2
93.4
100.0
104.7
109.9
114.9
118.3
123.2
128.8
135.0
101.7
105.4
109.0
112.2
115.1
118.6
101.8
105.7
109.3
113.1
115.8
121.8
100.7
103.1
104.1
104.7
106.2
109.0
101.0
103.1
105.8
108.7
107.8
113.7
102.7
108.3
113.5
119.0
124.9
131.5
100.7
98.3
97.9
97.9
100.0
97.0
99.1
103.1
107.2
109.0
112.4
118.7
100.0
102.6
102.4
100.5
99.0
99.7
99.3
97.2
96.2
95.9
94.4
100.6
101.3
103.8
108.5
110.6
107.7
112.5
102.0
104.7
108.3
111.3
109.7
111.3
99.5
100.3
108.9
108.8
101.7
116.8
102.2
106.3
111.7
116.5
120.0
125.1
1988: III
IV
121.9
123.3
125.1
126.5
110.2
111.2
117.1
118.2
135.6
137.3
98.4
100.6
119.6
120.4
104.7
105.1
102.7
104.0
114.9
118.2
114.4
114.9
117.1
128.7
129.6
130.8
1989- I
IV
124.5
125.9
126.9
127.9
128.0
129.8
130.4
131.8
111.2
110.8
111.4
111.7
120.0
123.3
122.9
124.0
139.0
140.4
141.8
143.4
100.4
100.2
100.3
100.1
122.1
124.2
125.6
126.2
106.3
106.6
106.0
106.1
105.6
105.9
103.6
104.4
118.9
118.2
119.8
121.5
117.4
117.8
118.3
117.7
123.8
119.2
125.0
134.2
132.9
134.4
135.6
136.9
1990: I *
129.7
134.3
112.8
127.9
145.5
101.1
126.6
106.1
105.8
123.4
121.1
130.6
138.9
1980
1981
1982 ...
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
1986'
1987:
IV
IV
IV
IV ...
IV
IV
n
m..
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
19821983:
19841985'
19861987:
1988:
..
IV
IV
IV
IV
IV.
IV
III
IV
v
1989' I ..
. ..
mIVII..:::::::::::: :::..."::::::
Constant
(1982)
dollars
Current
dollars
:
1990- I r.
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.7
4.4
3.0
.6
7.3
1.7
3.0
2.3
6.6
3.2
2.7
3.7
2.5
3.0
I.I
1.3
8.9
11.7
3.7
7.6
10.8
6.4
5.4'
6.9
7.9
7.2
4.2
12.4
4.7
6.2
4.2
9.0
7.5
7.5
7.9
7.1
6.2
4.6
7.0
Implicit
price
deflator
Chain price
index
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
3.7
4.2
4.1
3.9
3.1
3.2
2.7
3.3
4.4
4.1
4.6
4.9
2.8
3.5
6.3
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
3.6
4.7
3.0
3.3
1.8
2.4
4.4
4.7
4.0
4.6
3.2
3.2
5.7
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.4
7.3
10.3
9.7
7.2
6.0
6.2
3.6
7.5
7.6
7.1
7.6
7.6
4.9
10.3
9.3
3.3
6.2
4.1
4.0
3.4
2.7
3.6
4.2
4.5
4.0
4.0
3.2
3.3
3.1
3.8
5.2
4.3
4.8
5.0
2.9
3.6
6.7
Implicit
price
deflator
-0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.4
2.7
5.3
5.5
4.3
1.9
2.2
-.7
3.3
3.0
2.0
1.9
5.6
.5
2.4
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.8
3.9
4.4
4.4
4.E
3.0
4.0
3.9
4.4
3.9
4.6
4.8
5.7
1.9
4.4
7.8
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.7
4.1
4.5
4.8
4.1
3.1
4.2
3.9
4.3
4.3
4.8
4.7
5.8
2.1
4.4
7.5
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.7
4.3
4.7
4.8
4.1
3.2
4.3
3.9
4.5
4.6
4.9
4.8
6.3
2.2
4.4
7.9
Source: Department of Commerce, Bureau of Economic Analysis.
NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quar-
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars)
Gross domestic
product of
non/inancial
corporate business
(billions of dollars)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
HI
IV
1989: I
II
III
IV.
1990: I "
1
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,520.7
2,731.3
2,906.9
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,598.4
2,754.9
2,816.4
2,842.7
2,887.2
2,936.2
2,961.4
2,996.3
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,282.6
2,419.5
2,481.5
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,343.3
2,434.1
2,453.2
2,459.1
2,471.3
2,497.2
2,498.5
2,500.0
Total
cost
and
profit 2
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.104
1.129
1.171
1.011
1.037
1.064
1.080
1.096
1.109
1.132
1.148
1.156
1.168
1.176
1.185
1.198
0.095
.109
.125
.123
.118
.119
.123
.123
.123
.128
.131
.120
.118
.120
.124
.122
.122
.124
.125
.126
.129
.131
.130
0.077
.090
.094
.098
.100
.103
.106
.106
.107
.111
.096
.098
.102
.104
.106
.106
.108
.108
.110
.111
.112
.113
.115
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
lars.
l
3
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.704
.721
.730
.744
.781
.685
.680
.694
.713
.727
.734
.746
.756
.768
.778
.783
.795
.807
0.031
.037
.043
.037
.039
.038
.041
.047
.052
.060
.042
.037
.042
.037
.042
,050
.053
.055
.057
.060
.061
.062
.062
Total
0.068
.078
.063
.089
.109
.106
.098
.098
.103
.091
.057
.103
.107
.106
.096
.098
.102
.105
.096
.093
.091
.085
.085
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.041
.044
.040
.023
.036
.032
.033
.038
.041
.044
.045
.045
.041
.038
.037
.038
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.064
.058
.059
.051
.034
.066
.075
.072
.058
.057
.058
.061
.051
.053
.053
.048
.047
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
18.524
18.643
18.704
19.217
19.682
19.996
20.456
20.908
21.393
r
21.411
18.770
19.422
19.784
20.116
20.650
21.176
21.469
21.446
21,356
21.364
21.522
21.488
10.769
11.777
12.635
13.039
13.528
14.069
14.746
15.252
15.907
16.725
12.866
13.208
13.735
14.341
15.008
15.535
16.024
16.213
16.407
16.625
16.843
17.089
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1982
1983
1984
1985
1986
1987
1988
1989
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
3,412.6
3,665.4
3,972.6
4,266.5
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,690.0
2,907.6
3,144.4
24.6
12.4
30.5
30.2
34.7
41.6
39.8
46.2
150.9
178.4
204.0
225.6
247.2
270.0
288.0
305.9
13.6
13.2
8.5
9.2
11.6
13.4
15.7
7.9
150.0
213.7
266.9
282.3
282.1
298.7
328.6
301.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
272.0
169.6
207.6
240.0
224.3
221.6
266.7
306.8
290.7
-10.4
109
-5.8
17
6.7
189
-25.0
187
-9.2
17.0
32.7
59.7
53.8
50.9
46.8
29.3
272.3
281.0
304.8
319.0
325.5
351.7
392.9
460.8
IV
IV
IV
IV
IV
IV
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,799.9
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,778.7
28.5
19.3
28.1
29.2
37.2
48.4
159.8
188.6
209.7
235.0
252.0
280.3
15.8
12.4
5.6
7.8
13.5
14.3
146.1
248.5
266.9
291.4
275.2
308.2
150.7
223.4
224.6
228.4
226.1
255.8
164.1
231.5
226.1
235.0
234.1
276.2
134
-8.1
1.6
-6.6
80
-20.4
45
25.1
42.3
63.0
49.1
52.4
266.9
290.2
313.1
322.7
324.0
370.0
1988- TTT
IV
4,005.7
4,097.4
2,935.1
2,997.2
37.7
32.0
289.3
296.3
16.3
16.1
330.9
340.2
284.1
298.7
314.4
318.8
304
-20.1
46.9
41.5
396.4
415.7
1989- I
4,185.2
4,249.6
4,287.3
4,344.0
3,061.7
3,118.2
3,171.9
3,225.9
59.0
51.3
36.1
38.5
300.3
304.2
307.2
311.8
11.8
9.8
5.4
4.8
316.3
307.8
295.2
285.9
279.7
275.5
268.7
264.0
318.0
296.0
275.0
273.7
-38.3
205
-6.3
9.7
36.6
32.3
26.5
21.9
436.1
458.4
471.5
477.2
4,434.7
' 3,285.3
52.1
322.7
r
287.8
270.4
281.6
!7.4
'478.7
198219831984:
198519861987-
n
in
IV
1990- I
1
r
Includes employer contributions for social insurance. (See also p. 5.)
8.0
r
-11.2
r
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Period
Total
personal
consumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Nondurable 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
2,797.4
3,010.8
3,235.1
3,471.1
252.7
289.1
335.5
372.2
406.0
421.0
455.2
473.2
108.9
130.4
157.4
179.1
196.2
195.5
211.6
213.9
95.7
107.1
118.8
129.9
139.7
149.1
162.0
173.6
48.1
51.6
59.3
63.2
70.0
76.5
81.6
85.8
771.0
816.7
867.3
911.2
942.0
998.1
1,052.3
1,123.4
398.8
421.9
448.5
471.6
500.0
529.2
559.7
594.9
124.4
135.1
146.7
156.4
166.8
177.2
186.8
200.1
89.1
90.2
90.0
90.6
73.5
75.2
76.8
84.0
158.7
169.5
182.1
192.6
201.7
216.6
229.0
244.5
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,591.7
1,727.6
1,874.4
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
263.8
310.0
346.7
373.2
422.0
424.5
115.7
144.4
162.3
173.8
201.1
196.3
99.1
112.4
122.7
134.7
143.8
151.4
49.0
53.2
61.8
64.7
77.1
76.7
786.6
837.9
879.6
932.7
952.1
1,015.4
407.0
430.8
456.1
482.5
511.9
536.8
126.5
141.1
149.8
160.6
168.7
180.6
89.8
91.9
89.0
91.0
66.0
76.7
163.4 1,066.5
174.0 1,167.9
184.7 1,267.1
198.5 1,394.5
205.5 1,494.4
221.3 1,643.3
6.0
7.4
7.7
7.0
7.7
6.6
2.5
2.6
2.6
3.1
3.4
3.3
1988: III
3,263.4
3,324.0
452.5
467.4
208.4
215.3
162.7
166.1
81.4
86.0
1,066.2
1,078.4
567.8
574.1
188.9
193.9
78.3
77.6
231.2
232.8
1,744.7
1,778.2
7.4
7.5
3.0
3.0
1989: I
II
IV
3,381.4
3,444.1
3,508.1
3,550.6
466.4
471.0
486.1
469.5
211.7
212.9
225.6
205.3
172.1
173.5
173.9
174.8
82.6
84.6
86.7
89.4
1,098.3
1,121.5
1,131.4
1,142.4
587.3
592.2
598.1
601.8
195.0
198.9
202.2
204.3
77.9
89.5
85.2
83.2
238.1
241.0
245.9
253.1
1,816.7
1,851.7
1,890.6
1,938.7
7.0
7.3
7.9
6.2
2.8
3.0
2.9
2.6
1990- I '
3,639.0
491.3
220.1
181.2
90.0
1,169.3
616.8
209.0
85.5
258.0
1,978.4
7.0
2.8
1982
1983
1984
1985
1986
1987
1988
1989
1982:
19831984:
19851986:
1987-
IV
IV. .
IV
IV
IV
IV
rv
m
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $14.0 billion (annual rate) in April following an increase of $36.0 billion in March. The
changes were affected by subsidy payments to farm proprietors; the payments lowered the April change after
raising the March change. Excluding these payments, personal income increased $23.9 billion in April and $24.8
billion in March.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000 1
5,000
4,000
4,000
3,000
3,000
TOTAL PERSONAL INCOME
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
OTHER INCOME
800
800
TRANSFER
PAYMENTS
400
400
Illllllllll
1982
1983
1985
1984
1986
1987
1988
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
t980
1981
1982
1983
1984
1985
1986
1987 .
1988
1989 ..
1989: Apr
May
June
July
Auj?
Sept
Oct
Nov
Dec
1990: Jan r
Feb r
Mar r
Apr '
personal
income
.
..
.
.. ..
2 258 4
2 5209
2 6708
2 8386
3 108 7
3 325 3
3 5262
3 777 6
4064 5
4427 3
4 387 1
43963
4417 5
4443 7
4,456 9
4467 I
4,500.3
4 541 5
4564 1
4 602 9
4637 6
4 673 6
4 687 6
Wage and
salary
disbursements 1
1 3720
1 510 3
1 586 1
1 6766
1 838 6
1 975 4
2094 8
2 249 4
2 4290
2 631 1
2 601 3
2 603 5
2 621 7
2 644 7
2,651 0
26684
2,693 4
2 694 7
2 712 2
2 724 7
2 747 9
2 763 3
2 782 4
Proprietors ' income 3
Other labor
income 2 2
1384
150 3
163 6
173 6
1829
187 6
199 3
212 8
228 9
248 3
244 4
246 0
247 5
249 1
250 7
252 2
253 8
255 3
256 9
259 5
261 5
263 6
265 1
Farm
205
30 7
24 6
12 4
305
30 2
34 7
41 6
39 8
46 2
564
54 3
43 2
38 8
36 5
32 9
39 3
38 9
37 2
44 3
49 0
63 1
51 6
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2 Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
160 1
156 1
150 9
178 4
2040
225 6
247 2
2700
288 0
3059
304 6
303 5
304 6
306 3
3080
307 4
3063
313 7
315 6
3194
323 3
325 3
3260
Less:
income of
persons 4
66
13 3
13 6
13 2
85
92
11 6
13 4
15 7
79
98
98
97
93
84
16
— 80
10 2
12 2
98
70
73
76
dividend
income
529
61 3
63 9
68 7
755
78 7
85 8
920
102 2
112 4
111 0
111 4
111 8
112 8
113 3
1136
114 8
115 8
116 4
117 2
118 1
118 8
119 8
interest
income
211 9
3354
369 7
393 1
4447
4780
493 2
523 2
571 1
657 4
6484
655 2
661 8
6650
6679
6704
674.0
677 7
681 3
6830
6844
6857
687 2
payments 5
324 1
368 1
4106
442 6
4566
489 8
521 5
548 2
584 7
632 3
6239
625 5
6309
6326
636.4
6402
644.6
653 1
651 4
6724
671 3
6738
6734
4
contributions
for soeia]
insurance
886
1045
112 3
120 1
132 7
149 3
161 9
172 9
194.9
214 2
212 6
212 7
213.8
214 8
215.2
2163
217.8
217 9
2190
2273
2249
2274
2255
personal
income 6
2 215.8
2 465 6
2,618.7
2 7990
3,052.1
3 271 3
3,469.4
3 7147
4,003.7
43596
4,309.4
4 3205
4,352.6
4383.1
4,398.6
4,412.4
4,439.3
4,480.9
4 505 1
4,536.9
45670
4,588.9
46145
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor i
and agricultural net interest.
6
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the first quarter of 1990.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
1,400
1,400
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
16,000
PER CAPITA DISPOSABLE PERSONAL INCOME
-.
16,000
-—
14,000
14,000
-*•
12,000
10,000
£SJMM-^**"
12,000
r~^
r
~-10,000
^~^\
1982 DOL LARS
8,000
8,000
6,000
1
1
1
1
1982
1
1
1
1983
1
1
1984
\
1
1
1985
1
1
1986
1
1
1
1
1
1987
1
1
1988
Period
Personal
income
Disposable
personal
income
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,777.6
4,064.5
4,427.3
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.7
586.6
648.5
1,918.0
2,127.6
2^261.4
2,428.1
2',668.6
2,838.7
3,013.3
3,205.9
3^477.8
3,778.8
1
1
1
1
6,000
1990
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
1982
dollars
Per capita personal
consumption
expend tures
Current
dollars
1982
dollars
1,781.1
1,968.1
2^107.5
2,297.4
2',504.5
2,713.3
2,888.5
3,104.1
3,333.1
3,574.4
136.9
159.4
153.9
130.6
164.1
125.4
124.9
101.8
144.7
204.4
2,214.3
2,248.6
2^261.5
2,331.9
2',469.8
2,542.8
2,635.3
2,676.6
2,193.2
2,906.3
8,421
9,243
9,724
10,340
11,257
11,861
12,469
13,140
14,116
15,186
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
inetuding
Armed
Forces
abroad
(thousands) 2
Percent
Dollars
Billions of dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1
1989
- SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Less:
Personal
tax and
nontax
payments
1
9,769
9^724
9,930
10',419
10,625
10,905
10,970
11337
11,680
7,607
8,320
8,818
9,515
10,253
10,985
11,576
12,340
13,131
13,950
8,783
8,794
8,818
9,139
9,489
9,839
10,123
10,303
10,546
10,729
— 1.1
.5
j^
2.1
4.9
2.0
2.6
.6
3.3
3.0
7.1
7.5
6.8
5.4
6.1
4.4
4.1
3.2
4.2
5.4
227,754
230,182
232,549
234,829
237,051
239,322
241,660
243,985
246,378
248,831
9,722
Seasonally adjusted annual rates
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,908.7
411.1
413.9
459.7
499.6
534.4
589.2
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,319.4
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,177.6
143.1
145.4
157.3
111.7
102.0
141.8
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,726.2
9,929
10,725
11,467
12,068
12,629
13,552
9,749
10,151
10,491
10,667
10,909
11,130
9,068
9,825
10,479
11,240
11,825
12,588
8,904
9,299
9,587
9,935
10,214
10,338
1.2
9.1
1.7
3.3
.3
6.6
6.2
5.8
5.8
3.9
3.3
4.3
233,466
235,707
237,946
240,257
242,579
244,936
1988: III....
IV
4,097.6
4,185.2
585.9
597.8
3,511.7
3,587.4
3,362.1
3,424.0
149.6
163.4
2,806.4
2,835.9
14,235
14,504
11,377
11,466
13,229
13,439
10,572
10,624
3.7
3.2
4.3
4.6
246,685
247,343
1989: I
II
III....
IV
4,317.8
4,400.3
4,455.9
4,535.3
628.3
652.6
649.1
664.1
3,689.5
3,747.7
3,806.8
3,871.3
3,483.8
3,547.0
3,611.7
3,655.3
205.7
200.7
195.1
216.0
2,881.7
2,887.6
2,919.2
2,936.9
14,884
15,084
15,280
15,495
11,625
11,622
11,717
11,755
13,641
13,862
14,081
14,212
10,654
10,681
10,798
10,782
5.7
— .1
3.3
1.3
5.6
5.4
5.1
5.6
247,890
248,456
249,143
249,836
1990: I *
4,638.0
672.3
3,965.7
3,745.0
220.7
2,953.0
15,837
11,793
14,532
10,821
1.3
5.6
250,408
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
1
Includes personal consumption expendilures, interest paid by
liners to business, and personnl transfer payments to foreigners (net).
2
Annual data arc averages of quarterly data, which arc averages for the period.
Kource: Department of Commerce (Bureau of Economic Analysis and Bureau of Ihc Census).
FARM INCOME
In the fourth quarter of 1989, according to preliminary estimates, gross farm income rose $0.2 billion (annual rate)
and net farm income rose $5.1 billion.
BILLIC>NS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO S CALE)
240
200
**•
160
1r—~-
s
1
_rf-*%V.
.
^^
\
--
120
240
200
'
—1
—'
160
120
80
80
An
60
40
40
20
20
10
10
" SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1980
1981
1982
1983
....
1984
1985 .
1986
1987 ....
1988
1989
1987-
p
....
III....
IV
1988- I
II
Ill
IV
1989- I '
II T
III *
IV "
1
149.3
166.4
163.5
152.9
175.0
166.3
160.3
171.7
177.6
190.6
167.8
175.9
174.7
182.0
175.0
178.6
195.0
194.7
186.1
186.3
Cash marketing r •ceipts and inventory changes plus (io
income, nml nonmone income furnished by farms.
2
['hysical changes n end-of-year inventory of crop and Hv<
prices during the year.
Livestock and
products
139.7
141.7
142.6
136.5
142.5
144.1
135.5
139.5
151.5
157.9
68.0
69.2
70.3
69.4
73.0
69.8
71.5
75.7
78.9
83.8
144.8
138.1
144.4
148.8
160.4
152.2
77.8
75.8
81.8
75.3
78.3
80.3
153.1
160.5
163.5
154.6
84.2
81.5
81.5
88.0
Crops
71.7
72.5
72.3
67.1
69.5
74.3
64.0
63.8
72.6
74.1
66.9
62.2
62.6
73.5
82.1
71.9
68.9
79.0
82.0
66.6
—
nment payments, other farm cash
H-k commodities valued at average
3
Production
expenses
Value of
inventory
changes 2
-6.3
6.5
— 1.4
10 9
6.3
24
-2.7
-.4
-4.3
5.8
2
-1.7
-4.0
-4.4
-4.7
— 4.1
7.0
5.8
4.8
5.5
—
.-.
Current
dollars
1982 dollars 3
133.1
139.4
140.0
140.4
142.7
134.0
122.4
128.0
135.0
142.0
16.2
27.0
23.5
12.5
32.3
32.3
37.9
43.5
42.6
48.6
18.8
28.7
23.5
12.0
29.9
29.1
33.4
37.1
35.2
38.4
131.3
131.7
130.2
133.7
138.2
137.8
36.3
44.1
44.5
48.3
36.8
40.8
141.7
144.1
143.6
138.7
53.3
50.6
42.5
47.6
30.9
37.2
37.4
40.0
30.2
33.1
42.8
40.2
33.5
37.2
-j
Income in current dollars divided by the ONI* implicit price deflator.
NOTK.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce,
CORPORATE PROFITS
In the first quarter of 1990, according to preliminary estimates, corporate profits before tax rose $7.9 billion
(annual rate) and after-tax profits rose $0.3 billion.
BILLIONS OF DOLLARS
36U
BILLIONS Of DOLLARS
J6U
SEASONALLY ADJUSTED ANNUAL RATES
320
320
/^
\
280
,
240
.
1
PROFITS BEFORE TAX /
—oo/
/^
/
200
PROFI" S AFTER TAX
-^
160
^
""-- N
/"''
120
,-- — "'
--x
..^
s—"~~" "\
--~N
S
80
'
•*
-v-~--^"
UNDISTRIBUT !D PROFITS
--V
1
1
I
1
1
1983
1
1
1
1984
1 1 1
1
1985
40
*
-
1982
N
<
V<
1
120
TAX LIABILI Y
80
_//
40
0
240
X
\
200
160
280
1
1
1
1
1
1
1
1
1
1
1
1
1989
1988
1987
1986
1
0
I
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE- DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
1
Profits after tax
Domestic industries
Total
2
Total
1980
1981..
1982
1983...
1984
1985
1986
1987
1988
1989
Profits
before tax
Nonfinancial
Period
Financial
Total 3
Manufacturing
Tax
liability
Wholesale and
retail
trade
21.0
16.5
11.8
18.1
13.0
22.8
32.0
30.5
29.8
22.2
138.6
157.3
119.4
148.5
190.3
168.6
163.2
178.2
208.4
202.0
77.1
88.5
58.0
70.1
88.8
79.7
59.5
76.6
98.4
86.9
21.6
32.5
34.6
38.9
51.2
44.1
44.1
41.1
40.1
39.1
237.1
226.5
169.6
207.6
240.0
224.3
221.6
266.7
306.8
290.7
84.8
81.1
63.1
77.2
93.9
96.4
106.3
124.7
137.9
129.7
152.3
145.4
106.5
130.4
146.1
127.8
115.3
142.0
168.9
161.0
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.7
110.4
122.1
97.6
81.8
39.6
58.9
67.0
44.6
24.0
43.3
58.5
38.9
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
-18.7
104.3
143.4
139.2
135.2
121.0
148.9
173.2
175.6
68.5
73.9
80.8
84.0
93.6
102.8
35.8
69.5
58.4
51.2
27.4
46.1
-13.4
-8.1
-1.6
-6.6
-8.0
-20.4
112.2
115.2
61.1
60.4
-30.4
-20.1
118.5
120.9
123.3
125.6
55.1
40.2
29.1
31.1
-38.3
-20.5
-6.3
-9.7
128.1
28.9
-11.2
150.7
223.4
224.6
228.4
226.1
255.8
121.6
190.7
193.9
193.6
193.4
211.8
18.7
15.5
13.6
26.0
28.6
29.9
102.9
175.2
180.3
167.6
164.8
181.9
46.8
88.6
79.8
83.8
64.8
84.5
33.6
43.1
51.8
38.5
41.0
41.2
164.1
231.5
226.1
235.0
234.1
276.2
59.8
88.1
87.0
99.8
113.1
127.3
1988-
III
IV
284.1
298.7
239.0
252.2
31.6
30.1
207.3
222.1
95.1
105.5
39.2
41.8
314.4
318.8
141.2
143.2
1989:
I
II
Ill
IV
279.7
275.5
268.7
264.0
233.1
231.8
223.0
208.6
29.3
28.6
17.8
13.0
203.9
203.2
205.2
195.6
96.5
90.3
86.6
74.4
34.1
36.9
41.9
43.6
318.0
296.0
275.0
273.7
144.4
134.9
122.6
116.9
1990-
IP .
270.4
220.0
21.3
198.7
281.6
124.6
Sc<- \>. 4 for ii
Includes rrsl
Inventory
valuation
adjustment
159.6
173.8
131.2
166.6
203.3
191.4
195.2
208.7
238.2
224.1
IV
IV
IV
IV
IV
IV
2
Undistributed
profits
194.0
202.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
272.0
19821983:
19841985:
19861987:
1
Total
Dividends
3
173.6
161.1
152.4
156.7
157.0
includes industries not shown separately.
Source: Department of Commerce, Bureau of Kconomic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter of 1990, nonresidential fixed investment rose $13.2 billion
(annual rate) and residential investment rose $6.8 billion. There was a $12.9 billion decrease in inventories,
following an increase of $26.1 billion in the fourth quarter.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
^
GROSS PRIVATE DOMESTIC
INVESTMENT
^
800
"**•
S~~
~^1
700
700
/—"1-•v/1
^~\^^
—
slONRESIDENT AL
:
IXED 1NVESTM NT
—
A
600
600
/
500
f
500
«•"*
/
~—\
—
*-- ""
400
400
— *•
._
'"--
"
—
RESIDENTIAL
300
FIX ED INVESTMEN T
-
300
—
\
200
200
**~~
,^-'
100
/
-
CHANGE IN BUSINESS
INVENT DRIES
Asfc
^%
^
100
s**.
\
.~.
"^-s^
/
—
—
0
1
-100
1
1
1982
1
1 1
1983
I
I 1
1984
1
1
1
1985
1
1 I
1986
1
1 1
1987
1
1 1
1988
SOURCE: DEPARTMENT OF COMMERCE
1
1 1
1989
I
1J
1990
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Gross
private
domestic
investment
Period
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
...
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
773.4
445.3
491.5
471.8
509.4
597.1
631.8
652.5
670.6
719.6
746.3
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.3
487.2
511.7
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.8
140.3
144.9
208.9
230.7
223.4
232.8
274.9
289.7
296.2
310.5
346.8
366.7
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.4
232.4
234.6
-8.3
24.0
-24.5
71
67.7
11.3
6.9
29.3
30.6
27.1
-2.4
18.3
-23.1
.4
60.5
14.6
8.6
30.5
34.2
22.2
IV
IV
IV
IV
IV
IV
409.6
579.8
661.8
654.1
648.8
749.7
469.5
548.8
616.8
646.8
660.9
686.3
354.9
383.9
435.0
451.3
435.8
458.6
137.6
127.4
146.6
155.9
133.7
138.9
217.3
256.5
288.4
295.5
302.2
319.7
114.7
164.9
181.8
195.5
225.1
227.7
599
31.0
45.0
7.2
12 2
63.3
51 1
21.3
41.3
23.7
-8.0
63.3
771.1
752.8
726.5
734.1
493.2
495.8
142.0
142.5
351.3
353.3
233.2
238.4
44.6
18.7
41.5
40.8
n
m
IV
769.6
775.0
779.1
770.1
742.0
747.6
751.7
744.0
503.1
512.5
519.6
511.4
144.7
142.4
146.2
146.4
358.5
370.1
373.4
365.0
238.8
235.1
232.1
232.6
27.7
27.4
27.4
26.1
19.1
23.6
19.8
26.4
1990- I r
751.1
764.0
524.6
149.9
374.7
239.4
12 9
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
198219831984:
1985:
19861987:
.
1988: HI
rv
1989:
!
I
Source: Department of Commerce, Bureau of Economic Analysis.
-18.0
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March survey, business spending for new plant and equipment is
expected to rise 7.8 percent in 1990, following a rise of 10.4 percent in 1989.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600
600
SEASONALLY ADJUSTED ANNUAL RATES
*
500
^^
^"~~~~1
400
N^
^^
_^
300
400
_***~^
__
ALL INDLJSTRIES
^
»""*—».
500
*
300
~__—^
"
_ ...•
•*
\
200
200
\
NONMANUF ACTURlNGi'
-.-'""'
,
___
^,—~
^'-
•--..^
MAN I
JFACTURING
100
100
il
1
1
1982
1
\
1
1
\
\
1
1
1984
1983
<JSURVEYED QUARTERLY
J/SEE FOOTNOTE & BELOW
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1985
1
1
1
!
I
1
1
1988
1987
1986
1
* SECOND HALF
\
\
1
il
1
2]
1
1
1990
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Manufacturing
All
industries
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 4
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
430.76
475.52
512.82
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
184.54
193.50
1988: I
II
Ill
IV
413.34
427.54
435.61
442.11
1989: I
II
Ill
IV
1990: I 4
If
2nd half 4
Period
Nonmanufacturing
Nonmanufacturing
Total
Surveyed
quarterly
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
317.17
347.50
379.36
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
290.97
319.32
Nondurable
goods
Total !
Mining
Transportation
Public
utilities
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.30
83.68
85.48
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
88.01
100.86
108.02
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
290.97
319.32
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.66
12.52
13.31
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.34
24.59
28.58
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.67
50.72
53.13
100.14
110.24
109.63
1 14.45
134.75
150.94
160.38
168.65
183.76
203.14
224.30
157.97
162.62
168.76
173.32
75.28
77.38
79.15
80.56
82.69
85.24
89.62
92.76
255.37
264.92
266.85
268.79
12.61
13.15
12.53
12.38
20.35
20.95
22.02
22.04
45.05
45.60
46.69
48.73
177.37
185.21
185.61
185.65
157 97
162.62
168.76
173.32
255 37
264.92
266.85
268.79
459.47
470.86
484.93
486.80
175.22
181.53
187.66
193.76
81.26
82.97
85.66
84.84
93.96
98.57
102.00
108.92
284.24
289.33
297.28
293.04
12.15
12.70
12.59
12.65
23.13
24.26
28.53
22.43
50.81
52.01
49.57
50.50
198.15
200.36
206.59
207.46
175 22
181.53
187.66
193.76
284 24
289.33
297.28
293.04
502.65
509.08
519.77
191.65
189.66
196.34
86.35
83.92
85.82
105.30
105.74
110.52
311.00
319.43
323.43
13.07
13.55
13.31
28.29
27.71
29.15
51.51
53.75
53.64
218.13
224.41
227.33
191 65
189.66
196.34
311 00
319.43
323.43
Durable
goods
1
Kxcludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus (he 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
483.48
532.04
572.85
Manufacturing
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
184.54
193.50
Surveyed
annually 3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
60.04
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social sen-ices and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in January-March 1990, corrected for
biases.
Source: Department of Commerce, Burenu of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In April, civilian employment fell 218,000 and unemployment rose 275,000.
MILLIONS OF PERSONS'
MILLIONS Of PERSONS'
126
126
SEASONALLY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
114
114
\
110
110
CIVILIAN
EMPLOYMENT
106
106
102
102
98
98
X1
x
12
8
4
0
1990
1982
• 16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIl OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Noninstitutionai
population
including
resident
Armed
Forces
NSA
1981
1982
1983
1984
1985
1986'
1987
1988
1989
1989:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1990:
Jan
Feb
Mar
Apr
2
Armed
Forces
NSA
171,175
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
1,645
1,668
187,708
187,854
187,995
188,149
188,286
188,428
188,580
188,721
188,865
188,990
189,090
189,198
189,326
1,676
1,697
1,706
1,706
1,737
1,709
1,688
Labor force
including
resident
Armed
Forces
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
Employment
including
resident
Armed
Forces
102,042
101,194
102,510
106,702
108,856
Nonagricultural
Civilian
labor force
108,670
110,204
111,550
113,544
115,461
117,834
119,865
Agricultural
Total
100,397
99,526
100,834
105,005
121,669
123,869
107,150
109,597
112,440
114,968
117,342
Total
3,368 97,030
3,401 96,125
3,383 97,450
3,321 101,685
3,179 103,971
3,163 106,434
Part time
for
economic
reasons l
4,499
5,852
5,997
5,512
Total
8,273
10,678
10,717
3,208 109,232
3,169 111,800
3,199 114,142
5,334
5,345
5,122
4,965
4,657
8,539
8,312
8,237
7,425
6,701
6,528
15
weeks
and
over
Civilian
Labor
force
participation
rate
(percent) z
Employment/
population
ratio
(per- 2
cent)
1,375
64.4
64.8
65.3
65.6
65.9
66.5
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
63.9
64.0
64.0
125,557
111,303
114,177
116,677
119,030
1,684
1,673
1,666
1,666
1,688
1,702
1,709
1,704
1,700
125,299
125,224
125,777
125,679
125,758
125,725
125,857
126,192
126,246
118,768
118,805
119,208
119,102
119,238
119,121
119,294
119,540
119,588
123,615
123,551
124,111
124,013
124,070
124,023
124,148
124,488
124,546
117,084
117,132
117,542
117,436
117,550
117,419
117,585
117,836
117,888
3,144
3,137
3,138
3,217
3,275
3,219
3,197
3,160
3,197
113,940
113,995
114,404
114,219
114,275
114,200
114,388
114,676
114,691
4,855
4,643
4,738
4,583
4,567
4,605
4,526
4,552
4,554
6,531
6,419
6,569
6,577
6,520
6,604
6,563
6,652
6,658
1,391
1,331
1,295
1,461
1,338
1,359
1,378
1,422
1,362
66.5
66.4
66.6
66.5
66.5
66.4
66.4
66.6
66.5
62.9
62.9
63.1
63.0
63.0
62.9
62.9
63.0
63.0
1,697
1,678
1,669
1,657
126,094
126,308
126,498
126,543
119,560
119,713
120,003
119,773
124,397
124,630
124,829
124,886
117,863
118,035
118,334
118,116
3,134
3,079
3,200
3,133
114,728
114,957
115,133
114,983
4,729
4,703
4,747
4,630
6,535
6,594
6,495
6,770
1,430
1,369
1,333
1,386
66.4
66.5
66.6
66.5
62.9
63.0
63.1
62.9
•ork. Economic reasons include slack work, material shortages, inability to find fulli- work, t
('h'ilinii liibtir force (or employment) as percent of civilian noninstitittionaC popnlatir
Unemployment
Civilian employment
Resident.
'Data beginning .January 1986 not strictly comparable with earlier data because of change in
•-stimetioti procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In April, both the overall unemployment rate and the civilian unemployment rate rose to 5.3 percent and 5.4
percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
<A/VH*
15
15
10
10
TEENAGERS
^—' N
\
L^N "
,,
'/ vl
,-,
WOMEN 20 YEARS
AND OVER
\
/^fVHv^j-.-
r--, ,v .^^
X
r
^,I^>°^^ ""
MEN 20 YEARS
ANDO V'ER
\ \ \ \ \ \ \ ] \ l \
1986
1990
1986
111 t 1 \ I M 1 1 1 1 1 1 1 1
1 1 j 1 1 ti 1 1 1 It 1 11 1 1 1 1 1 1 \ 1 1 1 [ |
1989
1990
1988
1987
•UNEMPLOYMENT AS PERCENT OF CMLJAN 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
1981
1982
1983
1984 .
1985
1986
1987
1988
1989
1989: Apr
May
June ....
July
Aug
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
Apr
1
2
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.2
5.1
5.2
5,2
5.2
5.3
5.2
5.3
5.3
5.2
5.2
5.1
5.3
1
By sex and age
All
civilian
workers
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.3
5.2
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.3
5.2
5.4
Men
20 years
and over
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.6
4.3
4.4
4.4
4.5
4.8
4.5
4.6
4.6
4.7
4.6
4.5
4.8
Women
20 years
and
over
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.7
4.7
4.8
4.9
4.7
4.5
4.8
4.8
4.8
4.6
4.8
4.7
4.8
Both
sexes
16-19
years
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
14.6
15.0
15.4
15.1
14.8
15.0
14.9
15.3
15.2
14.5
14.8
14.4
14.7
White
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.5
4.4
4.5
4.5
4.5
4.5
4.5
4.5
4.6
4.5
4.6
4.5
4.8
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as per
12
By selected groups
By race
Black
and
other
Black
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
9.7
9.6
10.2
9.6
9.7
10.2
10.2
10.3
10.2
10.1
9.2
9.4
9.1
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.0
11.1
11.8
11.0
11.2
11.7
11.7
11.9
11.8
11.3
10.5
10.6
10.4
Experienced
wage and
salary
workers
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.0
4.9
5.0
5.0
5.0
5.0
5.0
5.1
5.0
5.1
5.1
5.0
5.2
Married
men,
spouse
present
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.2
2.9
2.9
3.0
3.1
3.3
3.0
3.1
3.0
3.4
3.0
3.2
3.3
Women
who
maintain
families
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
7.8
8.2
7.9
8.5
8.0
7.7
7.8
8.2
8.1
7.5
7.5
8.4
7.5
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
Fulltime
•workers
Parttime
•workers
7.3
9.6
9.4
10.5
10.4
9.3
9.3
9.1
8.4
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.0
4.9
4.9
5.0
4.9
5.0
4.9
5.0
5.0
5.0
4.9
4.9
5.1
7.6
7.3
7.2
6.9
7.7
7.2
7.1
7.3
7.1
7.4
7.5
7.0
7.4
7.2
7.1
Labor
force
time lost
(percent) 2
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.0
6.0
6.0
6.0
6.0
6.0
5.9
5.9
6.0
6.0
5.9
5.9
6.2
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In April, the percentages of the unemployed who had been out of work for less than 5 weeks and for 15-26
weeks fell and the percentages for 5-14 weeks and for 27 weeks and over rose. The mean duration of
unemployment rose and the median fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70 r
70
REASON FOR UNEMPLOYMENT
60
—
50
V
/V^-Tv
v
T
\
JOB LOSERS
REENTRANTS
—
30
A
20
JOB LEAVERS
10 —
—
10
NEW ENTRANTS
1990
1986
1986
1987
1988
• SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[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
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
47.8
48.0
49.8
47.9
48.3
48.3
48.4
48.8
49.5
47.5
47.8
48.6
47.4
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
30.8
31.2
30.5
29.9
31.0
31.0
30.5
29.8
30.1
30.7
31.5
31.1
32.2
State
programs
Number of
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
10.2
11.1
10.4
12.7
11.7
11.7
11.4
11.5
10.9
11.8
11.1
10.7
10.3
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
11.1
9.7
9.3
9.5
9.0
9.0
9.7
9.8
9.5
9.9
9.7
9.6
10.2
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.6
11.9
11.2
11.9
11.4
11.5
11.7
11.6
11.5
12.1
11.7
12.0
12.1
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
5.3
5.4
5.4
5.0
5.0
5.0
4.8
4.8
5.1
5.4
5.1
5.0
Job
losers
Job
leavers
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
45.2
43.4
43.0
44.5
46.2
44.9
45.5
46.3
46.3
48.5
47.1
46.3
46.8
11.2
7.9
1.1
9.6
10.6
12.3
13.0
14.7
15.7
15.2
17.1
15.6
15.5
16.1
15.8
15.2
15.7
15.8
15.5
15.3
15.5
17.5
Reentrants
New
entrants
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
29.0
28.7
30.4
29.0
27.6
29.4
28.9
27.6
27.7
26.3
27.4
28.4
26.5
11.9
31.3
11.3
13.0
12.5
12.5
12.4
12.2
10.4
10.7
10.8
11.1
11.0
10.0
9.9
10.5
10.4
10.3
9.7
10.3
9.8
9.2
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1981
1982
1983
1984
1985
1986
1987
.
1988
1989
1989- Apr
May
July
Sept
Oct
Nov
Dec
1990: Jan
Feb . .
Mar
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,531
6,419
6,569
6,577
6,520
6,604
6,563
6,652
6,658
6,535
6,594
6,495
6,770
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (t/CX), Federal (UCFE), and railroad (ER) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
3,047
4,063
3,396
2,476
2,611
2,650
2,332
2,193
2,269
2,106
2,068
2,133
2,194
2,169
2,208
2,295
2,305
2,373
2,367
2,334
2,349
2,381
460
583
438
377
396
378
328
310
330
308
316
331
334
323
331
366
348
367
359
357
347
360
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,221
1,957
1,936
2,168
2,007
1,863
1,912
2,146
2,518
3,059
2,992
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 64,000 in April.
Ml LIONS OF PERSONS* (ENLARGED SCALE)
MIL IONS OF PERSONS*
110
28
r-"
100 =1—
'
SERVICES
—
ALL NONAGRICULTURAL
ESTABLISHMEN TS
_^-*
—
26
^_,.^ .--'"
—
24
90
—~--"'"
—
22
80
—
SER\'ICE-PRODUC ING
INDUSTRIES
70
18
60 —
—
16
—
~mnr,m
"
50
AAA
20
^-^
GOVERNAAENT
Illlllllll! Illllllllll Illllllllll
NUFACTURIhJfi
,
V-^n
—
40 -
—
_
30
GOODS-PI tODUCING
INDU 5TRIES
I f 11111111 1
1987
Illllllllllk
1
.
*r—
6
=
,
—
(Illllllllll niiiliini
1 1 1 1 1 1 1 1 1 1 1 Illllllllll 1 1 1 1 1 1 1 1 1 1 if
1989
1990 *
1988
1986
1987
-m
SEASONALLY ADJ JSTED
OURCE: DEPARTM ENT OF LABOR
\
*—**
T
kl
CONSTRUC "^
iiiiilinii
1988
m
n inlii ink
18 dli 1 1 1 1 1 1 1 1 1 1 1 1 i u 1 1 1 1 1 1
4
20 y, ,,,!,,,,,
' 1986
—
RE TAIL TRADE
\
^___
20
u lillii nih
1989
1990 ^
COUNCIL OF EC ONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Goods-producing industries
Period
Total
nonagricultural
employment
Service-producing industries
Manufacturing
Total 2
rinn
construction
Total
Durable
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Finance,
insurance,
and real
estate
Services
Government
Total
Federal
25,497
23313
23,334
24J27
24,859
24^558
24,708
25,249
25^634
4,188
3^905
3,948
4383
4,673
4316
4,967
5,125
5J300
20,170
18J81
18,434
19^378
19,260
18^965
19,024
19,403
19,612
12,109
11^039
10J32
11J505
11,490
11J230
11,194
11,437
11^536
8,061
7',741
7,702
7J873
7,770
7*734
7,830
7,967
8^076
65,659
65^753
66,866
69^769
72,660
74^967
77,492
80,335
82^947
5,165
5^082
4,954
5459
5,238
5J255
5,372
5,548
5,705
5,358
5',278
5^268
5^555
5,717
5^753
5,844
6,029
6J234
15,189
15~,179
15,613
16J545
17,356
17^930
18,483
19,110
19^575
5,298
5', 341
5,468
5^689
5,955
6,283
6,547
6,676
6J814
18,619
19',036
19,694
20,797
22,000
23,053
24,236
25,600
26,892
16,031
1986
1987
1988
1989
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,584
108^581
15,837
15,869
16,024
16,394
16,693
17,010
17,372
17,727
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
1989: Apr
May....
June ...
July....
Aug....
Sept....
Oct
Nov....
Dec
108,101
108,310
108,607
108,767
108,887
109,096
109,171
109,452
109,570
25,671
25,672
25,648
25,669
25,694
25,614
25,603
25,609
25,532
5,279
5,283
5,283
5,314
5,321
5,325
5,335
5,355
5,304
19,672
19,667
19,650
19,649
19,644
19,559
19,537
19,517
19,489
11,600
11,594
11,567
11,549
11,551
11,480
11,457
11,439
11,409
8,072
8,073
8,083
8,100
8,093
8,079
8,080
8,078
8,080
82,430
82,638
82,959
83,098
83,193
83,482
83,568
83,843
84,038
5,682
5,700
5,716
5,736
5,618
5,709
5,729
5,753
5,834
6,206
6,222
6,230
6,237
6,256
6,264
6,278
6,300
6,311
19,489
19,528
19,551
19,586
19,621
19,632
19,679
19,744
19,718
6,776
6,790
6,808
6,815
6,836
6,852
6,851
6,871
6,885
26,651
26,711
26,931
26,973
27,058
27,159
27,188
27,345
27,419
17,626
17,687
17,723
17,751
17,804
17,866
17,843
17,830
17,871
2,982
2,999
2,995
3,000
2,999
2,996
2,984
2,982
2,974
1990: Jan
Peb r...
Mar r ..
Apr"..
109,931
110,304
110,407
110,471
25,518
25,686
26,604
25,489
5,418
5,485
5,433
5,334
19,355
19,452
19,422
19,400
11,287
11,398
11,383
11,353
8,068
8,054
8,039
8,047
84,413
84,618
84,803
84,982
5,850
5,865
5,864
5,866
6,332
6,332
6,343
6,345
19,822
19,794
19,778
19,802
6,896
6,916
6,926
6,926
27,557
27,709
27,782
27,805
17,956
18,002
18,110
18,238
2,998
3,006
3,088
3,167
1981
1982
1983
1984
1985 . .
14
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except aa noted]
Average gross hourly
earnings
Average weekly hours
Average gross weekly earnings
Total private
nonagricultural l
Manufacturing
Period
1981
Total
private
nonagricultural 1
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.7
...
1982
1983 ...
1984
1985
1986
1987
1988
1989 ...
1989- Apr
May
July
Sept
Oct
Nov
Dee
1990- Jan
Feb
Mar r
Apr"
Total
Total
private
nonagricultural 1
Overtime
Manufacturing
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.18
10.47
Current dollars
Current
dollars
1977
dollars 2
Manufacturing
Construction
Retail
trade
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.36
335.20
$170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
166.52
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
429.27
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
493.08
506.72
$158.03
163.85
171.05
174.33
174.64
176.08
178.70
183.62
189.01
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.2
4.0
4.5
3.3
3.5
4.2
3.7
3.6
3.5
3.1
3.4
-.7
20
-1.6
9
-.9
7
-.9
— 1.4
-1.1
2.7
3.8
3.9
2.7
-2.4
13
-1.3
17
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
$7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
9.66
34.9
34.6
34.6
34.8
34.6
34.7
34.7
34.6
34.5
41.3
41.0
41.0
41.0
41.0
41.0
40.8
40.7
40.6
3.9
3.8
3.8
3.9
3.8
3.8
3.7
3.7
3.6
9.61
9.60
9.62
9.69
9.69
9.74
9.78
9.78
9.83
10.40
10.42
10.45
10.48
10.52
10.55
10.55
10.57
10.61
335.39
332.16
332.85
337.21
335.27
337.98
339.37
338.39
339.14
167.44
165.17
165.10
166.85
165.98
166.74
166.85
165.80
165.51
429.52
427.22
428.45
429.68
431.32
432.55
430.44
430.20
430.77
505.21
494.17
498.17
511.30
510.73
510.16
514.75
521.87
508.64
189.44
187.56
188.43
190.97
189.22
189.50
191.69
190.37
190.86
34.5
34.6
34.6
34.6
40.7
40.7
40.8
40.6
3.7
3.6
3.7
3.5
9.83
9.88
9.92
9.95
10.55
10.65
10.72
10.76
339.14
341.85
343.23
344.27
163.68
164.11
164.22
164.57
429.39
433.46
437.38
436.86
518.93
521.08
514.55
500.79
192.67
193.92
194.79
195.75
2.8
1
Also includes other private industry groups shown on p. 14.
2
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1977=100 base).
Percent change from a
year earlier, total
private
nonagricultural 3
Current
dollars
1977
dollars
15
-1.2
1.9
.9
14
.4
10
-.9
-.8
a
Based on seasonally unadjusted data.
„
^
„
., n . .
T ,
oource: Department of Labor, Bureau of Labor statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1989 = 100)
Period
19811982:
1983:
1984:
1985:
19861987:
19881989:
1987-
Dec
Dec
Dec
Dec
Dec
Dec..
Dec
Dec..
Dec
Mar..
June
Sept
Dec
1988- Mar..
June
Sept
Dec
1989- Mar
June
Sept
Dec..
1990: Mar
Wages and
salaries
71.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
91.0
91.6
92.5
93.1
94.5
95.7
96.6
97.6
98.8
100.0
101.2
102.3
103.9
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
92.0
92.6
93.5
94.1
95.0
96.1
97.0
98.0
99.0
100.0
101.2
102.0
103.2
Benefits 1
66.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
88.2
89.0
89.6
90.5
93.4
94.7
95.7
96.7
98.4
100.0
101.4
102.6
105.5
1
Employer costs for employee benefits.
NOTE,—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
12 months earlier
3 months earlier
Total
compensation
Total
compensation
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
1.0
.7
1.0
.6
1.5
1.3
.9
1.0
1.2
1.2
1.2
1.1
1,6
Wages and
salaries
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
1.0
.7
1.0
.6
1.0
1.2
.9
1.0
1.0
1.0
1.2
.8
1.2
Benefits '
Total
compensation
Wages and
salaries
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
3.2
3.0
3.4
3.3
3.8
4.5
4.4
4.8
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
3.1
3.0
3.2
3.3
3.3
3.8
3.7
4.1
4.6
4.5
4.8
4.8
5.2
4.2
4.1
4.3
4.1
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
.8
.9
.7
1.0
3.2
1.4
1.1
1.0
1.8
1.6
1.4
1.2
2.8
4.2
Benefits '
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
2.8
3.4
3.0
3.4
5.9
6.4
6.8
6.9
5.4
5.6
6.0
6.1
7.2
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Compensation per
hour 3
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Business
sector
Implicit price
deflator 5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1980
1981
1982
1983
1984
99.4
101.0
100.2
102.6
105.2
99.0
100.0
99.1
102.0
104.2
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
1986:
1987:
1988-
107.3
109.8
111.1
113.0
114.2
105.6
107.7
108.9
111.1
112.1
124.2
128.0
133.4
140.0
144.8
123.9
127.6
133.1
140.3
145.0
IV
IV
IV
IV
IV
IV
100.9
103.5
105.7
108.3
109.8
112.5
99.5
103.0
104.5
106.2
107.6
110.2
105.0
113.6
120.8
125.9
128.9
136.7
104.2
114.1
120.7
125.5
128.4
136.4
I
II
Ill
IV
113.2
112.6
113.4
113.5
111.0
110.5
111.5
112.0
138.2
139.3
140.7
141.9
138.0
139.5
141.1
142.8
113.8
114.2
114.7
114.8
111.6
111.9
112.6
112.7
143.6
144.4
145.6
145.7
143.6
144.6
145.9
146.0
114.6
112.5
146.7
147.0
1989: I..."
II
HI
IV '....
1990: I"*....
107.3
107.9
105.3
107.2
113.3
115.7
116.6
120.1
123.9
126.8
104.1
109.7
114.3
116.2
117.4
121.5
122.1
123.8
124.0
125.0
126.2
126.4
127.0
127.0
128.0
107.8
108.5
105.9
108.0
114.4
117.4
118.4
122.2
126.3
129.4
104.7
110.8
115.5
118.1
119.3
123.7
124.3
126.2
126.6
127.5
128.6
129.2
129.6
129.5
130.7
131.8
144.1
154.9
160.8
167.4
174.8
183.8
191.0
200.2
211.2
158.2
163.2
169.9
178.6
187.4
195.1
196.4
199.1
201.9
204.5
206.9
210.4
212.8
215.7
218.1
131.6
144.0
154.7
160.8
167.2
174.0
182.9
189.8
198.7
209.5
158.0
162.9
169.6
177.5
186.4
193.8
195.0
197.5
200.2
203.0
205.5
208.3
211.0
214.1
216.2
97.0
96.1
97.3
97.8
97.6
96.7
96.0
97.1
97.8
97.5
132.6
142.7
154.5
156.7
159.1
98.4
101.7
101.9
102.5
103.2
98.0
101.1
101.2
101.8
102.4
162.8
167.5
171.9
177.1
184.9
97.9
97.8
97.8
99.3
102.8
102.5
97.8
97.6
97.6
98.7
102.3
101.8
156.8
157.7
160.7
164.9
170.6
173.5
102.3
102.6
102.8
103.0
101.5
101.8
101.9
102.3
173.5
176.9
178.0
180.2
102.8
103.0
103.5
103.9
102.1
102.0
102.6
103.1
181.9
184.1
185.6
187.9
103.0
102.1
190.2
132.9
144.0
156.1
157.6
160.4
164.9
169.8
174.2
178.8
186.9
158.7
158.2
162.3
167.1
173.2
175.8
175.7
178.7
179.6
181.3
184.1
186.1
187.4
189.9
192.2
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
162.2
165.6
170.0
174.9
181.7
163.8
167.6
172.0
176.5
183.3
150.2
155.2
159.8
163.7
167.1
171.3
151.4
156.2
161.0
165.5
169.2
173.4
171.9
174.1
175.8
177.9
173.8
175.6
177.0
179.6
179.4
181.4
182.4
183.7
180.8
182.8
184.0
185.6
186.1
187.7
Percent change; quarterly data at seasonally adjusted annual rates
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
1986:
1987:
1988-
IV
IV
IV
IV
IV
IV
I
n
HI
IV
1989:
-0.3
1.5
-.7
2.4
2.6
-0.4
1.1
9
3.0
2.1
-1.1
2.1
-3.1
4.2
8.4
j2
1.7
-3.3
5.0
8.3
2.0
2.3
1.2
1.7
1.1
1.3
2.0
1.1
2.0
.9
4.2
3.1
4.2
4.9
3.4
3.9
3.0
4.4
5.4
3.3
2.6
3.3
1.5
1.5
.8
2.8
2.0
1.6
.9
.8
.4
2.5
-.5
10.4
3.5
3.6
4.0
7.1
-1.2
9.8
3.1
3.5
3.7
7.0
2.5
-2.1
3.1
.2
2.8
-1.6
3.3
1.9
4.4
3.3
4.0
3.4
4.8
4.4
4.6
4.8
1.1
1.6
1.5
.4
5
-1.3
1.1
2.4
.5
4.8
2.3
3.5
.3
2.4
2.8
3.7
.3
-1.0
2.7
2.7
I
n
m
IV '....
1990: I"*....
-0.8
.6
-2.4
1.8
5.7
2.2
.8
3.0
3.2
2.3
-3.0
6.8
2.0
2.1
3.2
4.2
1.9
5.5
.9
3.2
3.7
.6
1.9
.0
3.1
-0.7
.6
-2.4
2.0
6.0
2.6
.9
3.2
3.4
2.4
-3.1
8.1
2.2
2.7
3.3
4.3
2.0
6.1
1.2
2.8
3.7
1.7
1.3
-.2
3.6
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate o{ wages, salaries, and supplemental payments for the aeHemployed.
* Hourly compensation divided by the consumer price index for all urban consumers.
8
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
10.5
9.3
7.5
3.8
4.1
4.4
5.2
3.9
4.8
5.5
4.1
5.7
3.5
6.3
5.1
7.2
2.6
5.7
5.8
5.2
4.8
6.8
4.7
5.6
4.5
10.5
9.5
7.4
4.0
3.9
4.1
5.1
3.7
4.7
r
5.5
4.6
4.4
3.5
5.8
5.1
7.1
2.5
5.4
5.4
5.9
4.9
5.6
5.3
6.0
3.9
1.1
.7
-.4
10.9
1.7
8.3
1.4
1.5
.1
.5
3.2
.1
.5
.6
2.3
2.8
2.6
3.0
4.4
2.8
1.6
.0
2.1
2.2
3.3
3.3
.3
.0
1.6
2.2
3.2
1.5
2.3
2.0
4.8
4.2
4.3
11.0
8.3
8.4
1.0
1.8
2.8
3.0
2.6
2.7
4.5
2.6
2.8
2.6
5.0
4.7
4.5
g
1.2
.7
.8
-.9
.9
.5
1.5
.1
8.0
2.6
5.0
7.1
2.0
3.8
1.5
5.1
4.1
4.8
1.0
4.3
3.2
5.9
-.6
.8
1.9
1.5
-.5
— .4
2.4
1.9
3.7
5.1
3.2
5.2
6.2
4.5
2.8
5.5
3.3
4.6
2.2
2.9
2.8
4.4
2.7
3.4
4.9
4.9
5.4
4.6
-2.6
-.9
1.2
.6
-.2
.8
3.3
.2
.6
T
-3.4
-2.6
-3.9
1
9.0
9.6
5.9
3.3
3.3
9.7
9/1
6.3
3.5
3.0
2.5
2.1
2.6
2.9
3.9
3.0
2.3
2.6
2.7
3.8
2.4
4.8
2.7
2.6
1.0
1.4
3.0
3.1
3.3
2.1
1.0
1.7
q
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Beginning with data released August 3, 1989, hours of labor input are defined as hours at the
work site rather than hours paid.
* Data do not reflect GNP revisions of May 24, 1990.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell in April.
INDEX, 1987=100* (RATIO SCALE]
115
TOTAL INDUSTRIAL PRODUCTION
110
_^
y
105
^_r^
100
115
•
\^~
"
—-^
Illiilmimiiiilimi
Illllllllll Illllllllll Illllllllll
DURABLE
^r^~ 1
_
100
x_
95
105
115
90
J^
j-^if
95
90
1
~'~'\
100
liiiifimi
85
miiiniLLi Illllllllll Illllllllll
UTILITIES AND MINING PRODL CTION
no
UTILITIES
,
\
c * V..^vJ' '
.-> =
100 L\
MINING
^T
x
/vV"
95
90 iiiiiiiini Illllllllll Illllllllll
105
-
1986
1987
i.
86
/
1988
iiiiilinn
s^
..
\
>T- ~s~\.."~^
^-^} •7
^/^\
V-"^
DEFENSE
AND SPACE
Illllllllll mitliimliimliim
CAPACITY UTILIZA1 ION KA 1 b
(TOTAL INDUSTRY)
lllllllll[i
80
78
Illllllllll Illllllllll
76
/->—-I~^>
"V-i
Y^
^/
^-/r
llliiinm iiiiiiiini Illllllllll Illllllllll iniihiiu
1986
1990
'
j~\~"^
82
V^
1989
^*(j^-
84
N
v/
.A
PERCENT*
(Illlllllll
1
,'
y%
/
105
^
I/
GOODS
110
MANUFACTURING PRODUCTION__^_^
110
A—
V
\ AS
yJ CONSUMER
^c'
95
90
INDEX, 1987= 100-(RATIO SCALE)
130
FINAL PRODUCTS
125
BUSINESS
120
EQUIPMENT
115
) 1987
1988
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987 = 100
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
Apr
May
June
July
Aue
Sept
Oct
Nov..
Dee
1990: Jan '
Peb r
Mar r
Apr"
1
Output as percent of capacity-
Capacity utilization
rate, percent 1
Industry production indexes, 1987 = 100
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
-1.9
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
75.7
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
83.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
82.1
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
80.2
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
108.6
108.3
108.4
107.8
108.2
108.2
107.7
108.1
108.6
4.1
3.3
3.2
1.6
1.7
1.9
1.1
1.1
1.1
109.4
109.2
109.3
108.6
109.1
109.1
108.4
108.9
108.8
111.6
111.4
111.8
110.6
111.3
111.5
109.4
110.1
110.4
106.5
106.4
106.2
106.1
106.2
106.0
107.2
107.3
106.7
101.7
101.1
100.4
100.0
100.7
101.6
100.7
101.2
100.1
106.4
106.3
106.3
106.6
106.2
105.9
107.4
108.3
116.1
85.0
84.6
84.6
83.9
84.0
83.9
83.3
83.5
83.7
84.8
84.5
84.4
83.6
83.8
83.6
82.9
83.0
82.8
107.5
108.5
109.1
108.7
-.2
.8
1.3
.1
108.1
109.5
109.9
109.2
108.6
110.7
111.6
110.4
107.5
108.0
107.7
107.6
101.7
100.3
101.0
101.9
106.8
105.9
109.2
109.9
82.7
83.2
83.5
83.0
82.0
82.9
82.9
82.2
Source: Board of Governors of the Federal Reserve System.
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Consumer goods
Equipment
Period
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
Apr
May
..
.
July
Sept
Get
Nov
Dec
1990: Jan '
Feb '.
Mar '.
Apr p
1
Durable
goods
Nondurable
goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
80.0
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
85.3
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
73.5
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
89.1
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
74.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
73.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
57.4
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
77.0
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
80.8
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
74.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
91.3
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
106.2
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
109.5
109.6
109.8
108.7
109.1
109.6
108.5
109.4
110.3
107.0
106.8
106.3
105.2
105.6
106.3
107.3
107.4
108.3
110.0
109.2
108.4
105.6
105.8
107.6
106.8
105.7
106.8
106.2
106.2
105.8
105.1
105.6
106.0
107.4
107.8
108.7
112.6
113.1
114.3
113.2
113.6
113.8
110.1
112.0
112.9
119.6
120.2
121.4
119.9
120.4
120.7
116.0
118.7
119.9
97.1
97.6
98.3
98.7
98.9
98.9
96.6
96.7
96.6
107.2
106.6
106.7
106.7
106.4
106.3
106.9
107.3
107.9
106.3
105.9
106.2
106.5
105.5
105.2
106.3
107.0
107.4
107.8
107.1
107.0
106.8
106.9
107.0
107.3
107.5
108.2
108.0
107.3
107.6
107.3
107.8
107.4
107.1
107.0
106.9
101.9
101.2
101.0
100.1
101.7
101.6
101.3
101.9
102.7
108.5
109.8
110.9
110.0
106.0
107.2
108.2
107.1
99.4
106.2
110.8
106.3
107.8
107.4
107.5
107.4
111.8
113.2
114.6
113.8
118.0
119.9
121.8
120.6
97.5
97.6
97.4
96.8
108.0
108.6
108.8
108.5
107.9
108.3
106.2
105.2
108.0
108.8
110.6
110.8
106.2
107.0
107.0
107.1
101.2
101.4
102.1.
102.9
Includes oil and gas well drilling and manufactured homes, lot shown separately.
[1987=100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
Apr
Mav
June
July
Sept
Oct
Nov
Dec
1990: Jan '
Feb '
Mar '..
Apr"
Swim1: Knnrd «( (low
18
s of the federal Rravrvr Svatem,
Iron
and
steel
Transportation
equipment
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Appare!
products
Printing
and
publishing
Chemicals
and
products
Foods
110.8
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
126.0
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
92.5
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
60.6
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
73.3
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
72.3
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
67.0
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
76.9
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
89.2
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
70.3
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
87.8
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
84.6
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
112.7
107.0
108.7
108.8
111.7
1099
108.6
104.8
102.6
115.4
104.8
107.1
107.5
109.8
109.7
109.2
104.1
100.3
106.9
107.9
108.3
107.6
106.5
106.0
105.9
106.9
106.3
121.6
121.8
123.4
121.6
121.8
123.4
119.0
122.9
123.8
110.1
108.8
109.1
108.6
110.6
110.8
110.2
110.1
110.1
109.4
109.6
109.0
106.6
107.8
108.0
102.1
102.8
104.4
108.6
107.8
105.0
99.6
102.7
103.2
99.7
99.0
98.7
102.7
102.3
103.5
102.8
102.4
102.6
103.2
104.8
106.4
105.1
104.9
105.2
104.4
104.7
104.5
103.9
103.7
102.6
108.6
108.4
108.6
106.6
107.8
109.4
109.3
109.6
109.6
107.5
108.4
109.1
109.7
109.6
107.5
109.4
109.8
107.6
106.2
105.5
104.2
104.0
104.8
105.4
106.8
107.4
108.0
105.0
108.2
105.1
104.2
104.6
1 10.5
106.7
106.2
105.1
105.6
105.3
104.5
123.7
123.5
123.5
123.4
110.1
111.0
112.1
111.9
94.7
103.6
108.2
104.2
76.8
94.4
103.9
94.9
106.0
104.3
105.6
104.0
102.4
102.1
99.9
100.1
110.7
111.4
112.3
112.4
109.9
110.0
109.7
110.1
106.8
107.5
107.9
107.5
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
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
252.8
261.3
248.0
282.4
329.6
356.6
387.0
397.7
409.7
414.3
194.3
204.7
194.3
228.7
271.9
292.6
315.3
320.1
328.7
330.3
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
195.4
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
137.8
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
81.9
47.2
50.5
50.9
49.3
49.4
51.4
50.2
48.9
50.8
53.0
58.5
56.5
53.7
53.8
57.7
64.1
71.7
77.6
80.9
84.0
97
100
100
124
136
150
159
165
166
169
Annual rates
Annual rates
1989- Mar
416.8
411.9
416.5
412.5
410.3
416.3
416.2
411.5
416.5
415.1
May
July
Sept
1990:
Oct..
Nov
Dec
Jan
425.0
438.6
432.5
Feb".
Mar*
Apr "..
1
2
3
338.1
202.1
332.5
330.6
329.0
328.8
200.7
334.2
343.2
197.0
194.2
195.2
194.4
192.8
191.4
190.3
189.5
196.7
199.7
341.7
203.2
331.9
329.6
328.7
327.8
321.4
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
904
919
690
756
955
1,097
1,016
1,019
973
926
84.2
79.3
80.1
81.6
80.9
83.3
83.2
84.1
83.7
78.8
82.8
89.1
83.8
143.2
141.8
138.2
136.5
136.6
135.8
134.0
133.9
134.9
135.6
138.1
142.9
143.2
51.8
52.5
53.5
53.2
52.7
54.2
53.6
53.2
53.7
53.1
54.7
54.4
54.8
158
!81
166
170
170
r
!69
r
!84
r
!79
r
!67
r
!64
r
!57
r
!51
156
146
78.7
79.4
85.9
83.5
81.5
84.4
86.6
82.9
88.7
93.8
90.8
95.3
90.7
r
870
864
909
916
915
805
1,008
892
812
805
883
798
828
745
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
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1 37fi 1
1989
1 unit
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1 003.3
2-4 units
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
5 or more units
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
Units
authorized
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
' 1,338.4
Units
completed
Homes sold
Homes for
sale at end of
period '
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
545
436
412
623
639
688
750
671
676
650
337
275
253
301
353
346
357
366
367
362
1,546
1,444
1,355
1,375
1,437
1,366
1,317
1,486
1,302
610
651
646
741
719
638
636
687
633
376
379
376
369
364
364
363
363
362
1,443
1,358
1,373
613
606
555
546
365
365
363
361
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
Seasonally adjusted annual rates
May
Nov
Mar'
1,341
1,308
1,414
1,424
1,325
1,263
1,423
1,347
1,273
1,028
977
971
1,029
987
969
1,023
1,010
931
62
43
55
58
54
56
60
47
53
251
288
388
337
284
238
340
290
289
' 1,355
' 1,352
' 1,323
1,281
' 1,334
1,568
1,488
1,321
1,245
1,099
1,154
1,010
934
53
42
37
48
416
292
274
263
1,739
1,297
1,232
1,108
1
Seasonally adjusted.
'Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
r
l,310
' 1,362
' 1,364
' 1,416
7.4
7.6
7.1
7.5
are for 16,000 places.
Seasonally adjusted housing permits revised beginning January 1988; unadjusted data revised for
"
' ' '„
„
, , f,
Source: Department 01 Commerce, bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In March, manufacturing and trade sales rose 0.6 percent and inventories fell $0.2 billion. In April, according to
advance data, retail sales fell 0.6 percent, following a decline of 0.2 percent in March.
BILL ONS OF DOLLARS' (RATIO SCALE)
BILUO NS OF DOLLARS' (RATIO SCALE]
240
800
-
200
r—""Cl
\ 1
700
^
_^-^
i
^
^—-^ MANUFACTURING AND
TRADE INVENTORIES
'—
^s^
220
\
RETAIL INVENTORIES
180
-
600
160
-.
f
.-•v— '
140
J
r — "" " '
500
x,-'*-<
-A
1
-
AAANUFACTlJRING
/"'
A./" /""
120
*-** — **
'"'\ 1
RETAIL St 1ES
<\ND TRADE SALES
400
100
imilinii
-
RATIC>•
1.80
300
Iliullllll Illlllllill Illlllllill Illlllllill
INVENTORY-SALES RATIO
1.40
'"- i
^~V\ Vr^i>- ~^~\- ^^
1.20
1 1 1 1 1 1 1 1 1 11
1.00
i \ ( 11111 11 1 1 1 11111 1 1 11
1987
1986
1988
t M 111 1 1 1 11
1989
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
Inventories 3
1
1 1 1 111 1 ' U
1990
COUNCIL OF ECONOMIC ADVISERS
Inventory-sales ratio 4
Retail
Wholesale
Inventories 3
Sales 2
Period
Sales 2
x!
MANUFACTURING
AND TRADE
-
200
RETAIL
V..
1.60
Sales 2
Inventories 3
Total
1
Durable
goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
61,101
64,939
69,377
73,075
75,738
80,457
85,220
90,678
134,493
147,712
167,748
181,773
186,587
208,112
219,791
235,514
61,469
69,025
79,250
88,464
90,197
105,738
112,254
117,169
73,024
78,687
88,498
93,309
96,390
102,374
107,537
118,345
1.67
1.56
1.53
1.56
1.55
1.51
1.49
1.50
88,635
89,757
90,428
90,680
91,111
91,128
91,727
91,617
92,572
93,121
224,559
226,366
229,775
231,059
232,127
234,579
236,131
234,942
236,234
235,514
114,628
115,669
117,142
117,826
118,248
119,925
121,048
118,450
118,667
117,169
109,931
110,697
112,633
113,233
113,879
114,654
115,083
116,492
117,567
118,345
1.50
1.48
1.49
1.50
1.53
1.49
1.50
1.51
1.51
1.51
93,660
94,867
r
94,879
94,846
233,701
232,000
232,751
114,194
113,552
114,110
119,507
118,448
118,641
1.51
1.48
1.47
Nondurable goods
stores
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985 ....
1986
1987
1988
1989
1989: M a r r .
Apr
May...
June
July...
Aug
Sept...
Oct
Nov
Dec
1990- Jan ..
Feb r
Mar"
Apr"
1
2
3
r
348,754
369,136
408,578
419,283
425,371
451,933
490,309
521,934
574,516
591,265
646,072
657,753
657,482
704,515
754,267
795,415
96,290^
100,324
113,393
114,626
116,151
124,254
135,176
145,683
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,819
512,810
523,289
523,688
521,132
516,216
531,599
527,778
525,160
527,948
526,391
767,304
772,761
779,436
782,288
789,043
791,798
792,119
794,757
798,104
795,415
143,548
145,515
146,333
145,512
144,856
146,800
146,981
147,921
148,782
149,584
181,615
182,937
184,606
184,737
186,113
185,730
185,098
188,103
189,057
188,819
528,549
535,996
539,362
797,202
794,016
793,796
151,968
151,620
152,783
189,375 149,877
188,847 149,904
189,312 * 149,547
148,640
See page 21 for manufacturing.
Monthly average for year and lota\ for month.
End of period.
20
r
89,114
97,570
107,316
114,642
120,860
128,509
137,500
144,471
28,013
32,631
37,938
41,567
45,121
48,051
52,281
53,794
141,214
143,732
144,284
144,384
145,438
146,649
147,235
145,244
146,340
145,804
52,579
' 53,975
53,856
53,704
54,327
55,521
55,508
53,627
53,768
52,683
r
56,217
55,037
54,668
53,794
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
1.59
1.57
1.59
1.60
1.60
1.60
1.60
1.62
1.61
1.62
r
1.56
1.55
1.56
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' shipments and orders rose, while inventories fell. In April, according to advance data,
durable goods shipments and new orders fell.
BILUC)NS OF DOLLARS* (RATIO SCALE)
BILUC3NS OF DOLLARS* (RATIO SCALE)
280
240
200
1
360
TOTAL
160
-..-INVENTORIES
440
[s*~
_^-^-^r
—
_
\J
.^--—-»-^""^" •-"""
-
']
TOTAL
280
DURABLE GCXlDS
120
— '"
200
,:z \
•—
.
DURABLE C OODS
_-
160
"\
DURABLE GC
80
60
Illllllllll
iiiiiiiini
Illllllllll
Illllllllll
BULK3NS OF DOLLARS* (RATIO SCALE)
280
240 — NEWO 'DEPS
200
p~-
_/v^
|
160
•+~f •»— fc*-
•*
RA TIO*
2.20
TOTAL
fNVENTORV-SHIPMENrS RATIO
^
*-""*v- '-"'^
-x- —..'-••
-
2.00
-•
1.80
^ — — *"
^ •*
-
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
\
DURA IE GOODS
120
"\
_ ^ 1
1.60 ^^
^DURABLE C
80
\
1
NON 3URABLE GOODS
80
60
,^-~~—i— \
^\
-•
120
A
~vxv—\
1.40
60
iimlimi Illllllllll Illllllllll miiiitm Illllllllll
1987
1986
1988
1989
1990
1 ?n Illllllllll
1986
1 ! I 1 t 1 11 1tl
1987
1 1 1 1 1 1| 1 1 1| 1 1 11 1 1 1 1 1 1 1 Hit il it 11 1
1990
1989
1988
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments *
Manufacturers' inventories 2
Manufacturers' new orders *
Durable goods
Period
Durable
goods
Total
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondeiense
Nondurable goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989
1989: Mar
Apr
May
June
July
Sept
Oct
Nov
Dec
1990- Jan
Feb r
Mar"
Apr p
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
231,780
79,352
84,956
96,623
99,019
99,989
105,291
115,684
122,668
83,998
86,286
91,246
90,996
88,371
93,879
101,948
109,112
311,827
312,647
334,767
327,496
316,182
331,132
354,163
371,082
200,825
200,406
218,771
214,066
208,313
216,598
233,666
246,222
111,002
112,241
115,996
113,430
107,869
114,534
120,497
124,860
162,273
174,122
189,791
190,918
188,663
201,966
221,627
235,614
78,338
87,600
98,581
99,843
100,166
107,770
119,634
126,557
21,661
22,098
26,243
27,067
26,551
29,707
35,028
38,821
83,935
86,522
91,209
91,075
88,497
94,197
101,993
109,057
314,270
349,419
372,586
383,181
387,065
421,243
468,860
514,499
228,048
234,042
233,071
231,236
225,922
238,150
233,562
231,995
232,826
231,003
120,432
123,331
122,962
121,72Q
117,114
128,347
124,393
121,840
123,209
121,998
107,616
110,711
110,109
109,516
108,808
109,803
109,169
110,155
109,617
109,005
361,130
363,458
365,055
366,492
370,803
371,489
370,890
371,712
372,813
371,082
239,330
240,486
241,689
242,295
245,813
246,378
245,621
246,427
247,610
246,222
121,800
122,972
123,366
124,197
124,990
125,111
125,269
125,285
125,203
124,860
125,377
129,372
123,524
125,137
122,031
126,766
125,227
124,262
130,175
131,719
38,137
40,389
37,290
39,146
41,445
37,130
35,341
35,975
38,901
44,389
107,634
110,535
110,229
110,020
108,416
110,027
109,127
109,805
109,535
109,033
481,366
487,231
487,913
491,834
496,359
495,002
495,794
497,866
504,750
514,499
116,716
123,224
124,889
122,068
109,988
111,248
112,143
374,126
373,169
371,733
248,273
247,095
245,405
125,853
126,074
126,328
233,011
239,907
233,753
235,157
230,447
236,793
234,354
234,067
239,710
240,752
227,572
231,759
240,537
38,347
36,094
40,897
36,929
109,663
110,977
111,954
515,367
512,654
516,159
226,704
234,472
237,032
r
Monthly average for year and total for month. Shipments are the same as sales
End of period.
3
r
117,909
120,782
128,583
123,267
r
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.58
1.58
1.55
1.57
1.58
1.64
1.56
1.59
1.60
1.60
1.61
1.65
1.59
1.57
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In April, the producer price index for all finished goods fell 0.3 percent. Prices of finished consumer foods fell 0.6
percent, while prices of other finished consumer goods fell 0.2 percent. Capital equipment prices rose 0.2 percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982= 100 (RATIO SCALE)
100
100
90
90
1982
1983
1989
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
1989- Apr
July
Sept
Oct
Nov
Dec r
1990' Jan
Feb
Mar
1
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
113.1
113.9
114.0
113.6
113.3
114.1
114.7
114.8
115.5
117.6
117.6
117.4
117.1
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
118.0
118.6
117.9
118.1
118.5
118.1
119.7
120.7
121.6
124.0
125.1
124.4
123.6
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
111.4
112.4
112.7
112.1
111.5
112.8
113.1
112.9
113.5
115.5
115.2
115.1
115.0
Intermediate materials for food manufacturing and feeds.
22
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
104.4
105.5
105.6
104.3
102.7
104.5
105.1
104.4
105.3
109.5
108.5
107.8
107.6
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
117.4
118.1
118.8
118.9
119.3
120.1
120.0
120.4
120.7
120.9
121.2
121.7
121.9
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 r
Nondurable
Capital
equipment
Consumer goods
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
109.0
110.0
110.2
109.2
108.2
109.7
110.1
109.7
110.4
113.4
112.7
112.3
112.1
Durable
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
116.4
117.2
117.7
117.4
117.8
118.7
118.6
118.7
119.2
118.9
118.9
119.4
119.2
Total
finished
consumer
goods
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
111.9
112.9
112.8
112.1
111.6
112.5
113.3
113.3
114.1
116.9
116.7
116.3
115.9
Crude materials
Total
Foods
and
feeds J
Other
Total
Foodstuffs
and
feedstuffs
Other
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
112.5
112.6
112.3
112.1
111.8
112.2
112.4
112.2
112.2
113.6
112.8
112.8
112.9
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
115.4
113.8
111.6
113.2
112.8
112.7
112.5
113.4
113.1
113.3
112.3
112.8
114.2
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
112.3
112.5
112.4
112.0
111.8
112.2
112.4
112.1
112.1
113.6
112.8
112.8
112.8
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
104.5
104.5
103.3
103.5
101.1
102.3
102.6
103.2
104.7
107.3
107.5
106.0
102.7
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
112.1
110.8
109.6
108.9
109.7
109.0
109.0
111.4
113.9
114.8
115.9
116.3
115.4
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
95.1
95.9
94.7
95.5
91.3
93.6
94.1
93.5
94.4
97.6
97.5
94.9
90.3
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In April, the consumer price index for all urban consumers rose 0.2 percent, seasonally adjusted and not seasonally
adjusted. The index was 4.7 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
CONSUMER PRICES—ALL ITEMS
110
110
100
100
90
90
80
80
70
70
60
1982
iimhmi
mnlmii
imihim
1984
1983
1985
1986
1987
1988
60
1989
SEE NOTE ON TABLE BELOW
SOURCE; DEPARTMENT OF LABOR
1990
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items 1
Transportation
Housing
Shelter
Period
Rfl. imp.3....
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
Apr ..
May
June..
July
Aug
Sept
Oct
Nov
Dee
1990:
Jan
Feb
Mar
Apr
1
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
100.0
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
Food
Total '
Total
Homeowners'
costs
(Dec.
1982 =
100)
7.9
19.8
16.3
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
42.0
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
27.9
81.0
90.5
96.9
99 1
104.0
109.8
115.8
121.3
127.1
132.8
103 0
108.6
115.4
121.9
128 1
133.6
138.9
102.5
107.3
113.1
119.4
124.8
131.1
137.3
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.9
126.1
123.3
123.8
124.1
124.5
124.5
124.8
125.4
125.8
126.3
124.2
124.9
125.2
125.6
125.9
126.3
126.8
127.4
128.0
121.8
122.2
122.6
123.3
123.5
123.7
124.2
124.7
125.2
131.1
131.7
132.3
133.2
133.5
133.7
134 4
135.0
135.6
137.1
137 4
138.0
139.6
139.1
138.7
139 8
140.5
141 0
135.6
136.3
136.9
137.6
138.2
138.7
139.4
140.0
140.6
127.4
128.0
128.7
128.9
127.7
128.3
128.9
129.1
130.5
131.1
131.5
131.2
126.1
126.3
126.9
127.0
136.3
136.6
137.6
137.9
142.3
143.4
143.8
143.9
141.1
141.0
142.4
142.8
Includes items no! shown separately.
Household fuels—pus (piped), electricity, fuel
o;! included through IHH'J.
Relative importance, December 19MSI.
2
Renters'
costs
(Dec
1982 =
100)
Maintenance
and
repairs
(NSA)
Fuel
and
other
utilities
Apparel and
upkeep
Total >
New
cars
Motor
fuel
4.2
88.4
93.7
97.4
Medical
care
Ener-
gy 2
All
items
less
food,
shelter,
and
energy
100.6
106.8
113.5
122.0
130.1
138.6
149.3
7.4
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
80.6
88.3
95.1
100.0
105^0
109.0
112.7
117.0
121.9
127.3
48.4
103.0
104.4
107.8
95.3
97.8
100 2
102.1
105.0
105.9
110.6
115.4
118.6
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
99.9
102.8
106.1
110.6
114.6
116.9
119.2
3.2
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
119.3
1195
107.3
107.5
107.3
107.8
107.8
108.0
108 1
108.7
109.4
119.3
119 5
118.9
118.3
116.9
118.6
1194
119.4
119 0
115.1
115.8
115.7
115.3
114.2
113.9
1 14.5
114.6
1 15.0
119.5
119.5
119.3
118.8
118.5
118.1
118.8
119.8
120.8
93.4
95.3
94.6
92.9
88.4
87.1
88.4
86.8
86.3
146.7
147.6
148.7
149.6
150.8
151.9
153.0
154.2
155.1
96.2
97.0
96.4
95.9
93.8
93.2
94.1
93.8
94.1
126.6
127.1
127.4
127.7
127.8
128.3
128.8
129.3
129.7
120.4
120.8
121.2
121.2
111.6
110.9
111.0
110.5
1 19.0
122.9
124.9
125.0
117.4
117.7
117.6
117.7
121.6
121.4
121.2
120.9
93.4
93.6
92,2
92.5
156.1
157.3
158.5
159.8
98.9
98.2
97.4
97.0
130.4
131.5
132.2
132.6
0.2
82.4
90.7
96.4
99 9
103.7
106.5
107.9
1118
114.7
1180
117.3
1174
118.3
118.4
118.5
118.6
1186
7.5
75.4
86.4
94.9
100 2
104.8
106.5
104.1
6.1
90.9
17.1
83.1
93.2
6.2
74.9
82.9
92.5
NOTK.—Data beginning 1983 incorporate n rental equivalence measur
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1!>R7 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
I'eriod
Change from preceding period
Change from 3 months earlier, annual rale
Change from (i months earlier, annual rate
Change
Consumer goods
Consumer goods
Consumer goods
rear
earlier,
total
finished
goods
Total
finished
goods
Capita]
equipment
Excluding foods
Foods
Totnl
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
NSA
Change, Dec. to Dec., NSA
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.9
19HO
1981
198''
1!>83
1984
1 985
1986
1987
1988
1989 r
7.5
1.5
2.0
2.3
3.5
.6
2.8
2
5.7
52
—
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
14.1
8.6
4.2
*)
.8
2.1
-6.6
4.1
3.1
5.3
Change, month to month
1989-
Apr
Mav
July
Sept
Oct
Nov
Dec '.
1990- Jan '
Feb
Mar '
0.6
.7
.1
— .4
-.3
.7
.5
.1
.6
-0.5
.5
g
2
.3
-.3
1.4
.8
1.6
.9
.2
-.9
-.9
1.4
.4
-.4
.6
-0.1
.6
.6
.1
.3
.7
-.1
.3
.2
5.8
1.8
-2.1
.4
3.9
5.4
5.0
3.5
2.4
-2.3
.3
-.3
.7
5.5
7.6
12.4
11.8
12.1
11.3
.7
-6.4
-1.8
3.3
5.7
2.6
2.1
2.8
4.5
5.2
4.1
4.4
3.8
3.7
2.0
7.1
7.8
7.4
4.4
2.5
3.0
2.8
1.6
2.6
5.7
5.8
4.2
1.9
1.0
-.8
2.9
3.6
6.4
10.1
11.0
10.6
6.1
2.4
4.5
2.0
-.5
.4
3.1
4.0
4.5
3.6
3.4
4.5
4.5
3.9
3.2
5.6
6.2
6.1
5.1
4.3
4.6
5.0
4.6
4.9
1.8
0
2
3
2.0
.9
-.6
-.6
2.7
-.6
-.4
-.2
.2
2
.4
2
10.5
10.1
6.7
-1.7
15.2
15.4
9.5
-1.3
12.5
11.4
7.1
-4.5
3.0
2.7
3.4
3.3
7.2
7.7
5.9
4.2
10.2
11.4
11.0
6.6
7.8
8.5
4.8
3.7
3.4
3.2
2.7
3.2
5.8
5.1
4.4
3.5
7.0
7.3
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
Addendum: All items, percent change
(annual rate)
Transportation
All
Shelter
All
I'eriod
items
Fuel
1
Food
and
Total '
!
Total
Rent-
Homeowners'
costs
ers'
costs
other
utilities
Appare!
and
upkeep
New
cars
Total 1
Motor
fuel
Medical
care
Ener-
gy2
items
less
food,
shelter,
and
energy
From
previ-
From
3
6
quar-
months
earlier
months
earlier
ter 3
From
From
year
earlier
NSA
Change, December to December, NSA
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
18.8
7.4
9.4
6.8
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.1
3.4
5.9 -30.7
18.7
1.8
2.1 -2.1
2.3
6.8
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
1.8
-19.7
8.2
.5
5.1
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
4.1
.6
.8
.8
11.1
2.0
— .7
-1.8
-4.8
-1.5
1.5
-1.8
— .6
0.5
.6
.7
.6
.8
.7
.7
.8
.6
5.0
.8
-.6
-.5
— 2.2
-.6
1.0
-.3
.3
0.3
.4
.2
.2
.1
.4
.4
.4
.3
.7
-.2
_ 2
-.2
8.2
.2
-1.5
.3
.6
.8
.8
.8
5.1
— .7
-.8
-.4
.5
.8
.5
.3
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.1
5.9
6.3
5.0
3.9
3.9
4.5
4.5
5.1
5.9
4.6
5.3
4.7
5.1
1989: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
0.7
.4
2
.3
0
2
.5
.3
.4
0.6
.6
.2
.3
.2
.3
.4
.5
.5
0.2
.3
.3
.6
.2
2
.4
.4
.4
0.1
.5
.5
.7
2
.1
.5
.4
.4
-0.4
2
.4
1.2
-.4
-.3
.8
.5
.4
0.3
.5
.4
.5
.4
.4
.5
.4
.4
0.4
.2
-.2
.5
0
.2
.1
.6
.6
0.4
.2
-.5
-.5
-1.2
1.5
.7
0
-.3
2.2
.6
-.1
-.3
-1.0
-.3
.5
.1
.3
0
0
-.2
-.4
-.3
1990: Jan
Feb
Mar
Apr
1.1
.5
.5
2.0
.5
.3
2
.7
2
.5
.1
.5
.2
.7
.2
.9
.8
.3
.1
.4
-.1
1.0
.3
2.0
-.6
.1
-.5
0
3.3
1.6
.1
2.1
.3
-.1
.1
. .
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
18.0
11.9
1.3
-.5
2
13.5
10.3
6.2
3.2
43
3.6
1.9
3.6
4.1
4.8
Change, month to month
1
Includes items not show i separate v.
Household fuels — gas (piped), elce rieitv, fuel oil, etc. — and motor fuel. Motor oil, coolant, etc.,
also included through 11182.
2
24
O
3
6.0
2.9
3.9
8.2
Quarterly changes are shown in the last month of the quarter,
. .
Source: Department of Labor, nureau o Lahor Statistics.
6.4
6.4
5.3
4.0
2.3
2.3
2.9
4.2
4.9
5.6
5.9
5.7
5.2
4.3
3.8
3.4
3.3
3.6
5.1
5.4
5.2
5.0
4.7
4.3
4.5
4.7
4.6
7.5
8.2
8.5
45
5.2
6.2
6.7
6.0
5.2
5.3
5.2
4.7
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in April were 0.7 percent above their March level. Prices paid by farmers in April were
1.1 percent above their January level. (Data are not seasonally adjusted.)
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE)
1982
1990
JL/'RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977=100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989:
Apr
May
June
July
Aug
Sspt
Oct
Nov
Dec
1990- Jan
Feb
Mar
Apr
1
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
139
133
135
142
128
123
127
138
148
134
121
128
138
120
107
106
126
135
143
145
141
146
136
138
146
150
160
150
159
161
164
162
159
162
169
177
151
158
159
161
156
150
151
160
167
148
153
152
155
151
144
147
157
165
92
84
84
87
79
77
78
82
84
148
149
148
147
145
144
145
147
149
142
142
138
137
128
126
128
128
127
154
156
157
157
161
160
162
165
170
177
(3)
(3)
178
(3)
(3)
178
(3)
(3)
167
<3>
(3)
168
(3)
(3)
166
(3)
(3)
166
(3)
(3)
166
(3)
(3)
165
(3)
(3)
84
84
84
83
81
81
81
83
84
154
152
150
151
136
133
128
132
172
169
171
169
181
(3)
(3)
183
170
(3)
(3)
171
168
(3)
(3)
169
85
84
83
83
Includes items not shown separately.
Percentage ratio of index of prices ree
by fanners to index of prices paid, interest, taxes,
and wage rules. Sec also footnote 3.
n
Beginning March 198<>, prices paid by farmers are available only for first month in quarter, and
fur each mojith the received/paid ratio is based on latest data available.
2
All commodities,
services,
interest, taxes,
and wage rates 1
NOTE.—The official indexes are published on a 1910-14 base us required by law. The
have been converted to a 1977= 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 slowed in April, while growth in M3 accelerated.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,800
4,400
4,000
3,600
i 4,800
4,400
4,000
3,600
M3
3,200
3,200
2,80'
2,800
"\
M2
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
600
Illllllllll
1983
lIUlllllll
1986
1988
• AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
1989
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
EPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
408.9
436.5
474.5
521.2
552.1
620.1
724.7
750.4
787.5
794.8
1,629.9
1,793.5
1,953.1
2,186.5
2,371.6
2,570.6
2,814.2
2,913.2
3,072.4
3,221.0
1,987.5
2,234.2
2,441.9
2,693.4
2,982.8
3,202.1
3,494.5
3,678.7
3,918.4
4,041.7
2,324.2
2,596.8
2,851.6
3,154.7
3,524.1
3,829.5
4,135.5
4,338.7
4,676.0
4,868.4
'3,873.2
'4,260.3
'4,651.3
'5,176.7
'5,924.0
'6,732.8
'7,588.3
'8,307.5
'9,062.0
9,762.9
6.8
6.7
8.7
9.8
5.9
12.3
16.9
3.5
4.9
.9
8.9
10.0
8.9
12.0
8.5
8.4
9.5
3.5
5.5
4.8
10.2
12.4
9.3
10.3
10.7
7.4
9.1
5.3
6.5
3.1
9.5
10.0
9.2
11.3
14.4
'13.7
12.7
9.5
9.1
7.7
Sept
Oct
Nov
Dec '
782.1
776.2
773.7
779.1
780.4
782.9
788.1
789.4
794.8
3,089.4
3,085.3
3,101.6
3,127.0
3,146.7
3,163.3
3,181.4
3,200.6
3,221.0
3,965.1
3,965.6
3,984.9
4,007.2
4,012.0
4,012.0
4,016.2
4,028.7
4,041.7
4,757.0
4,756.6
4,778.8
4,803.8
4,817.3
4,822.7
4,831.2
4,846.5
4,868.4
'9,300.1
'9,360.0
'9,413.6
'9,463.5
'9,528.6
'9,585.7
'9,652.6
'9,723.8
9,762.9
-.8
-2.5
-3.5
-1.7
-1.6
-.7
1.5
3.4
5.5
2.7
1.4
1.9
3.5
4.5
4.9
6.0
7.5
7.7
4.2
3.2
3.4
4.1
3.8
2.8
2.6
3.2
2.9
8.3
8.0
7.8
7.6
7.5
7.4
7.6
7.8
7.4
1990- Jan '
Feb '
Mar'
Apr '
794.8
801.4
804.8
807.4
3,229.3
3,252.4
3,266.2
3,272.5
4,046.1
4,061.8
4,064.2
4,069.4
4,870.7
4,879.5
4,895.0
9,808.5
9,871.0
9,932.5
4.0
5.4
5.6
4.9
6.5
6.7
6.5
5.7
1.9
2.5
2.6
2.6
7.3
7.2
7.2
Period
19801981198219831984:
19851986198719881989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
1989- Apr
May
July
1
Consists of outstanding credit naark^t debt of the U.S. Government, State and local governments, and private nonfiniint'iai sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from ti months earli-
26
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Percent change from year or 6
months earlier z
Ml
er at a simple annual rate.
NOTE.—See p. 21 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Currency
Period
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
Money market
mutual fund
balances l
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits 2
NSA
1980- Dec
1981: Dec
1982- Dec
1983- Dec
1984: Dec
1985- Dec
1986: Dec
1987- Dec
1988: Dec
1989- Dec
1989: Apr
Mav
, '
Julv
Sept
Oct
Nov
Dec
1990- Jan '
Feb '
Mar '
Apr *
. ..
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
115.3
122.6
132.5
146.2
156.0
167.8
180.6
196.7
211.8
221.9
261.4
231.4
234.1
238.5
243.9
266.8
302.1
287.0
287.0
279.7
28.0
78.2
103.6
131.6
146.9
179.6
235.5
259.7
281.3
285.7
28.8
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.3
76.8
61.6
150.6
185.2
138.8
168.2
177.2
208.7
222.0
240.9
r
312.4
15.2
38.0
51.1
42.8
62.1
63.9
83.8
89.0
87.1
102.3
0.0
.0
43.2
379.2
416.8
513.0
571.0
523.8
500.3
483.7
400.1
343.8
356.7
305.4
285.1
301.2
370.1
414.9
427.8
409.0
728.5
823.2
851.0
784.1
886.8
884.0
856.2
917.8
1,031.0
r
l,142.3
260.4
303.0
327.2
327.6
417.4
437.0
439.8
488.8
541.1
558.3
33.5
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.7
r
94.9
50.3
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.1
72.3
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
133.5
149.4
183.6
211.9
260.9
298.3
280.8
254.2
272.0
T
320.0
32.1
40.0
44.5
45.0
45.5
42.1
37.2
44.8
40.6
41.2
98.8
105.3
113.7
133.2
160.8
207.5
231.1
260.4
335.6
347.9
215.7
216.6
217.2
217.8
218.6
219.3
220.0
220.4
221.9
281.3
279.6
276.3
279.6
278.5
278.1
280.0
278.8
279.7
277.9
272.8
273.0
274.5
276.0
278.4
280.8
282.8
285.7
78.5
77.8
79.6
80.9
78.3
74.8
75.3
74.9
76.8
257.8
261.2
268.3
277.7
287.8
295.9
302.7
309.0
r
312.4
88.3
92.1
96.3
99.0
101.4
101.6
101.1
101.1
102.3
473.2
463.1
460.9
463.9
468.2
471.9
475.3
480.8
483.7
412.0
405.4
403.4
403.3
404.0
405.5
406.1
407.9
409.0
1,084.1
1,103.0
1,114.0
1,122.4
1,130.0
1,132.6
1,135.9
1,138.5
' 1,142.3
568.3
573.1
574.9
574.7
570.5
565.6
562.7
561.0
558.3
126.3
127.5
128.4
123.8
116.9
112.9
108.3
107.2
'94.9
100.3
97.2
93.4
91.8
89.6
85.3
80.0
79.2
81.1
112.2 280.0
112.8 288.1
113.6 289.6
114.3 290.9
115.0 293.3
115.7 303.7
116.2 ' 308.8
116.8 309.3
117.5 ' 320.0
41.5
41.2
41.2
41.9
42.6
41.0
40.0
40.5
41.2
358.2
348.8
349.4
349.5
354.3
350.3
350.0
351.3
347.9
224.6 277.3
226.6 280.2
228.4 279.3
230.1 277.8
285.4
287.0
289.5
291.8
80.7
81.3
80.7
78.9
318.1
324.5
325.0
324.8
103.2
103.7
105.4
106.8
484.9
489.4
494.9
498.9
410.2
413.6
414.6
415.8
1,142.5
1,141.2
1,143.8
1,144.0
554.1
549.4
543.5
537.7
91.5
94.9
93.1
92.8
75.9
71.8
69.3
69.2
322.8
316.6
332.0
40.7
38.3
37.0
343.3
344.7
342.7
1
Data prior to 1983 are not seasonally adjusted.
2
Small denomination and large denomination deposits 'are those i
$100,000 and more than $100,000, respectively.
in amounts of less than
117.7
118.2
119.1
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures l; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
Nonborrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
33,401
35,315
37,388
39,184
42,235
48,373
58,023
58,593
60,593
60,033
31,711
34,679
36,754
38,410
39,049
47,055
57,197
57,815
58,877
59,767
31,714
34,827
36,940
38,412
41,653
47,554
57,499
58,298
60,121
59,787
32,887
34,996
36,888
38,623
41,380
47,336
56,653
57,546
59,545
59,110
152,525
160,936
172,947
188,275
201,673
219,350
241,427
258,055
275,238
284,946
1,690
636
634
774
3,186
1,318
827
777
1,716
265
116
54
33
96
113
56
38
93
130
84
3
148
186
2
2,604
499
303
483
1,244
20
1989: Apr
Mav
June
Julv
Aug
Sept
Oct
Nov
Dec
59,374
58,831
58,597
58,867
58,906
59,289
59,640
59,646
60,033
57,084
57,111
57,107
58,173
58,231
58,596
59,085
59,297
59,767
58,791
58,308
58,024
58,279
58,272
58,618
59,106
59,318
59,787
58,575
57,796
57,692
57,901
58,021
58,351
58,620
58,701
59,110
278,198
278,526
279,020
279,957
280,756
281,806
282,786
283,222
284,946
2,289
1,720
1,490
694
675
693
555
349
265
213
345
431
497
490
452
330
134
84
1,707
1,197
917
106
41
22
21
21
20
1990:
59,896
60,215
60,297
60,285
59,456
58,768
58,173
58,657
59,482
59,302
60,123
60,060
58,880
59,227
59,436
59,381
287,509
289,714
291,820
293,551
440
1,448
2,124
1,628
47
51
78
122
26
535
1,950
1,403
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Jan
Feb
Mar '
Apr'
1
Data arc prorated averages of biweekly (maintenance period) averages of daily figures.
Source: Board of Governors of the Federal Reserve Svstem.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.3 percent in April. Commercial and industrial loans rose 0.8
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
ALL COMMERCIAL BANKS
2,400
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,400
2,000
2,000
1,600
1,600
'
\
LOANS AND LEASES
1.200
1,200
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
"OTHER SECURITIES
III
120
1982
1983
1984
1985
1986
1987
1988
III
• SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
120
1990
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted J ]
All commercial banks
Loans and leases
Period
Total
securities 2
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1989:
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1990: Jan
Feb
Mar
Apr"....
1,307.3
1,400.5
1,552.3
1,722.5
1,910.1
2,094.2
2,239.5
2,422.2
2,582.6
2,469.2
2,482.9
2,496.0
2,512.4
2,527.4
2,538.9
2,563.3
2,579.0
2,582.6
2,585.8
2,603.8
2,623.8
2,635.0
U.S.
Government
securities
179.3
201.7
259.2
280.2
270.6
309.3
334.4
361.4
'394.4
370.5
372.5
373.7
374.0
375.5
378.1
389.9
394.8
r
394.4
402.4
4S2.2
418.9
422.7
Other
securities
160.5
164.8
169.2
141.1
179.3
194.2
193.8
192.2
180.3
188.3
187.8
187.3
186.3
183.8
183.1
180.9
179.3
180.3
180.2
180.1
180.2
180.8
Total
2
967.5
1,034.0
1,123.9
r
l,321.3
1,460.3
1,590.6
1,711.2
1,868.6
2,007.9
1,910.5
1,922.6
1,935.0
1,952.1
1,968.2
1,977.7
1,992.5
2,004.9
2,007.9
2,003.2
2,011.6
2,024.7
2,031.6
Commercial
and
industrial
355.4
392.5
414.2
473.3
500.5
537.5
567.9
607.0
642.9
621.7
626.6
627.1
631.8
636.1
637.7
641.9
645.9
642.9
639.0
637.9
642.8
648.2
N nn
on-
Ctntd
oiaie
Real
estate
Individual
Security
financial
institutions
Agricultural
political
subdivisions
284.1
299.9
330.9
376.4
426.0
494.4
587.4
671.9
756.4
698.9
705.6
713.0
720.1
727.7
735.8
742.6
749.2
756.4
759.6
768.1
774.4
779.4
182.5
188.2
212.9
253.8
294.7
21.4
25.3
28.0
34.3
43.0
40.6
35.1
40.4
39.6
39.9
38.4
40.6
40.1
39.0
39.7
41.2
41.5
39.6
39.2
39.7
37.7
36.9
29.9
31.2
30.4
31.3
32.4
35.0
31.9
30.1
32.7
29.6
29.3
30.5
31.3
31.5
31.8
32.7
33.3
32.7
32.3
33.0
34.1
34.2
33.1
36.2
39.2
40.1
0.0
.0
315.3
328.4
355.0
375.9
361.6
363.5
363.8
365.8
367.5
370.3
372.6
374.6
375.9
377.9
378.9
379.2
377.8
36.1
31.5
29.4
29.8
30.3
29.7
29.9
30.0
30.0
29.9
29.6
29.6
29.9
30.3
30.9
31.0
31.2
31.3
3.3
46.1
56.8
58.5
52.6
45.6
40,1
43.3
43.1
42.8
42.5
42.2
41.7
41.3
40.8
40.1
38.6
38.9
38.4
38.2
For-
For-
eign
banks
18.1
14.6
13.4
11.2
9.8
9.9
7.9
8.1
8.6
7.3
8.0
7.9
7.9
8.1
7.5
8.5
8.0
8.6
7.9
7.8
8.4
9.0
z
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Lease
eign
official
institutions
financ-
7.2
5.9
9.4
7.9
12.7
13.3
6.0
5.9
5.3
5.0
3.7
4.8
4.7
4.4
4.4
4.1
4.2
3.9
3.6
3.7
3.3
3.1
3.0
3.2
ing
Other
receivables
13.7
16.0
19.0
22.4
24.6
29.2
'31.4
30.0
30.2
30.2
30.7
31.0
31.3
31.7
31.6
31.4
31.6
31.6
31.8
31.6
23.1
26.9
31.8
31.0
35.9
39.6
40.7
46.4
46.5
43.5
43.2
44.8
47.6
51.0
48.0
46.4
46.4
46.5
42.9
41.5
43.6
41.8
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Internal
Total
Credit market funds
L
Total
1979
1980
1981
1982
Securities
and
mortgages
Total
Loans and
short-term
paper
Capital
expenditures 3
Total
Other 2
Increase in
financial
assets
Discrepancy
(sources less
uses)
1983
1984
1985
1986
1987
1988
1989 p
323.7
323.3
377.4
303.0
419.2
495.0
457.3
510.7
486.3
498.4
488.0
197.6
200.1
239.5
242.3
285.7
336.3
352.3
344.9
352.6
372.5
367.1
126.1
123.1
137.9
60.7
133.5
158.7
105.0
165.8
133.6
125.9
120.9
60.3
70.7
91.8
50.3
78.3
95.1
50.9
123.0
69.0
67.0
65.3
9.0
30.5
25.4
17
44.6
91
-3.0
58.9
38.1
23
11 6
51.3
40.2
66.4
52.0
33.7
104.2
53.9
64.0
30.9
69.3
76.9
65.8
52.5
46.0
10.4
55.2
63.6
54.1
42.9
64.6
58.9
55.7
368.3
341.6
382.9
302.7
392.0
473.0
422.9
448.2
453.9
473.4
463.0
238.6
243.2
285.9
255.7
269.9
367.9
339.9
328.8
348.3
380.4
385.6
129.8
98.4
97.0
47.0
122.1
105.1
83.0
119.3
105.6
92.9
77.4
44 6
-18.3
56
.3
27.2
22.0
34.4
62.6
32.4
25.0
25.0
1988- TTT
IV
523.5
482.3
372.3
381.6
151.2
100.7
77.0
14.4
33.7
-80.9
43.3
95.3
74.2
86.2
500.8
447.7
390.1
391.8
110.8
55.9
22.7
34.6
1989: I
466.1
533.5
460.4
492.1
361.9
364.8
376.1
365.7
104.2
168.7
84.3
126.4
12.8
132.7
39.9
75.7
-63.3
19.5
-38.9
36.4
76.1
113.2
78.8
39.3
91.4
36.0
44.5
50.8
442.8
510.6
429.2
469.3
376.0
388.8
388.7
388.8
66.8
121.8
40.5
80.5
23.3
22.9
31.1
22.8
n
m
IV
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.
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
Automobile
Revolving
Mobile
home
298,154
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,701
716,624
111,991
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,556
290,770
55,111
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,057
197,110
18,736
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,201
22,343
112,317
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,887
206,401
1,671
13,105
14,546
43,161
73,636
75,650
54,765
37,451
54,233
(3)
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,705
(3)
1,754
5,959
5,384
12,634
21,192
21,536
14,035
17,227
20,979
(3)
Sept r
Oct r
Nov r
Dec r
688,105
691,432
695,627
697,262
700,000
703,518
705,703
710,133
713,903
716,624
289,891
290,013
290,954
290,583
289,882
289,961
288,839
290,210
290,972
290,770
179,239
181,098
182,847
184,239
186,284
189,185
190,378
191,734
194,679
197,110
23,403
23,407
23,505
23,309
23,240
22,734
22,661
22,621
22,197
22,343
195,572
196,914
198,320
199,130
200,594
201,638
203,825
205,568
206,055
206,401
5,595
3,327
4,195
1,635
2,739
3,518
2,185
4,430
3,769
2,722
1,965
122
941
-371
701
79
1 122
1,371
761
202
3,631
1,859
1,749
1,392
2,045
2,900
1,194
1,356
2,944
2,431
1 550
3
98
196
-69
506
73
-40
424
146
1990' Jan r
Feb r
Mar p
718,824
718,886
721,506
291,191
289,921
291,738
199,270
200,056
202,078
22,751
22,784
22,801
205,611
206,126
204,889
2,199
62
2,620
421
-1,270
1,818
2,160
786
2,022
408
32
17
1980'
198119821983'
1984'
1985'
1986'
19871988'
Dec r
Dec r
Dec r
Dec r
Dec r
Dec r
Decr
Dec r
Dec '
1989- Dec
Ta
1989- Mar r 2
Apr r
May r
July
r
1
For year-end data, change from
month.
2
Data newly available in January
and subsequent months.
Total
year-end; for monthly data, change from preceding
result in breaks in many series between December 1988
Other
Total
Automobile
484
Revolving
Mobile
home
529
1,322
2,546
958
2,299
989
246
1 176
-719
(3)
Other
-127
-1,193
-322
11,954
20,141
16,503
3,242
2,978
15,267
(3)
1,550
1,342
1,406
810
1,463
1,044
2,187
1,743
487
346
789
514
-1,237
3
Because of breaks in series, net change not available.
NOTE.—Series revised beginning January 1980.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates were little changed in May.
PERCENT PER ANNUM
PERCENT PER ANNUM
J-Uf
4
INCH OF ECONOMIC A
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982
1983
1984
1985
1986....
1987
1988
1989
1989' May
June
July
Aus
Oct
Nov
Dec
1990' Jan
Feb
Mar
May p
Week ended:
1990: May 5
12
19
26
June 2
3-month bills
(new issues) l
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged 5by
banks
New-home
mortgage
yields
(FHFB) 6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
8.40
8.22
7.92
7.91
7.72
7.63
7.65
7.64
8.98
8.37
7.83
8.13
8.26
8.02
7.80
7.77
8.86
8.28
8.02
8.11
8.19
8.01
7.87
7.84
7.25
6.97
6.97
7.08
7.27
7.22
7.13
7.01
9.57
9.10
8.93
8.96
9.01
8.92
8.89
8.86
9.29
8.80
8.35
8.32
8.50
8.24
8.00
7.93
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
11.50-11.50
11.50-11.00
11.00-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.18
10.42
10.48
10.22
10.24
10.11
10.09
10.07
7.64
7.76
7.87
7.78
7.78
8.13
8.39
8.63
8.78
8.70
8.21
8.47
8.59
8.79
8.77
7.13
7.21
7.29
7.36
8.99
9.22
9.37
9.46
9.47
7.96
8.04
8.23
8.29
8.23
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-
10.50-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-
9.91
9.88
10.03
10.17
7.91
7.79
7.67
7.74
7.80
9.01
8.73
8.60
8.58
9.02
8.81
8.68
8.66
7.55
7.41
7.26
7.23
9.62
9.54
9.39
9.39
8.45
8.25
8.16
8.15
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-
1
Bunk-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
\\Yckly data arc Wednesday figures,
4
Series excludes public utility issues for .January 17, 19H4 through October J 1 , 1984 due to Jack
of appropriate issues.
30
Corporate
Aaa bonds4
(Moody's)
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 Housing Finance Board, Moody's Investors Sen-ice, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in May.
INDEX, DEC. 31, 1965 = 50 (RATIOSCALE)
INDEX , DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
v—-*|
^^r-S
COMPOSITE STOCK PRICE INDEX
(NYSE)
160
120
60
40
^j
1
^^
\ /~^s-~'*~'
\.
140
f~^^~
100
s
/ \
/
/ y-~
140
80
240
220
200
180
160
120
100
^W
80
60
1 1 1 11 1 1 1 1 11
,..,,!..,,,
1 1 1 11111 ! t 1
1 1 1 t 1 1 t 1 1 11
...till. 1,1
1985
1986
1984
1983
1982
1 1 1 1 1 1 { 1 1 1 1 1 I 1 11 1 11 1 1 1
1988
1987
1 1 1 1 1 1 1 1 1 11
1989
40
t 1 1 I| 1 1I tM
1990
PERC ENT
PERC:ENT
20
20
15
\
X.
V^~
'
1
1
1
1983
1982
SOURCES: NEW YORK
STOCK EXCHANGE M D
i |
1984
1
^"
^~^~~^
^
1
10
"~~^
_^—
5
0
15
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P1
1
1
1
!
1
1
1986
1985
I
f
1987
5
i
i
i
1988
STANDARD 8, POOR'S CORPORATION
!
1
1
1989
New York Stock Exchange indexes (Elee. 31, 1965 — 5'O)
Composite
Industrial
Transportation
i
i
0
1990
COUNCIL OF CONOMIC ADVISERS
Common stock prices 1
Period
i
Utility
Common stock yields
(percent) 5
2
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143=10) 4
Dividendprice ratio
1981
1982
1983
1984
1985
1986
1987
1988
1989
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
1989: May...
June ...
July...
Sept...
Oct
Nov...
Dec
175.30
180.76
185.15
192.94
193.02
192.49
188.50
192.67
211.51
216.75
221.74
231.32
230.86
229.40
224.38
230.12
168.89
173.47
179.32
197.52
202.02
190.36
174.26
177.25
84.07
87.90
90.40
92.91
93.44
94.67
94.95
99.73
146.59
154.08
157.78
164.86
165.51
166.55
160.89
155.63
2,439.55
2,494.90
2,554.03
2,691.11
2,693.41
2,692.01
2,642.49
2,728.47
313.93
323.73
331.93
346.61
347.33
347.40
340.22
348.57
3.52
3.44
3.38
3.28
3.29
3.29
3.39
3.33
1990: Jan....
Feb.
Mar ...
Apr...
May".
187.96
182.55
186.26
185.61
191.08
225.79
220.60
226.14
226.86
234.49
173.67
166.69
175.08
173.54
173.42
95.69
92.15
93.00
91.92
93.24
150.11
142.68
143.14
138.57
142.70
2,679.24
2,614.18
2,700.13
2,708.26
2,789.87
339.97
330.45
338.47
338.18
349.73
3.41
3.54
3.49
3.51
Week ended:
1990: Apr 28
May 5
12
19
26
181.83
183.28
188.29
193.43
195.18
222.72
224.81
230.77
236.97
239.94
168.73
169.24
172.57
175.50
174.64
89.34
89.65
92.46
94.98
94.48
135.58
136.44
140.26
144.66
146.08
2,661.85
2,684.37
2,745.63
2,823.06
2,845.93
331.09
334.30
344.24
354.43
357.74
3.59
3.58
3.51
3.40
3.37
1
2
3
4
5
Average of daily closing prices.
Includes all the stocks (more tr
l,.r>0<» listed on the NYSE.
Includes 30 stocks.
Includes 5(K> stocks.
Standard & Poor's series. Dividend-phi
< based on Wednesday closing prices. Earnings-
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.42
7.93
6.79
6.48
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 7 months of fiscal 1990, there was a deficit of $108.3 billion, compared with a deficit of $87.9 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200 i— RECEIPTS AND OUTLAYS^
1,200
1,100
1,100
OUTLAYS!*"
1,000
1,000
900
900
RECEIPTS.!/
800
800
700
700
600
600
0 —
SURPLUS OR DEFICIT ( \f
0
^
100
^
^_
^•v^
200
A
1/1982
___
i
i
1983
i
1984
•
~
100
'
^^
~i
1985
i
1986
-200
i
1987
1
1988
1
1989
1
1990
l\
199lN
FISCAL YEARS
V
INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget
Total
Fiscal year or period
Receipts
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 (estimates)
1991 (estimates)
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Off-budget
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
(-)
Total
Held by
the public
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
-14.7
-53.6
-59.2
-40.2
73.8
-78.9
-127.9
-207.8
-185.3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-70.5
-13.3
-49.7
-54.9
-38.2
-72.7
-73.9
-120.0
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
-1.4
-3.9
-4.3
-2.0
-1.1
-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
990.7
1,073.5
1,170.2
946.3
990.3
1,003.8
1,064.0
1,142.6
1,197.2
1,233.3
-212.3
221.2
-149.7
-155.1
- 152.0
-123.8
-63.1
547.9
568.9
640.7
667.5
727.0
788.0
855.7
769.5
806.8
810.0
861.4
931.7
971.5
997.4
-221.6
-237.9
-169.3
-193.9
-204.7
-183.4
141.7
186.2
200.2
213.4
241.5
263.7
285.4
314.5
176.8
183.5
193.8
202.7
210.9
225.8
236.0
9.4
16.7
19.6
38.8
52.8
59.7
78.6
1,817.0
2,120.1
2,345.6
2,600.8
2,866.2
3,113.3
3,319.2
1,499.4
1,736.2
1,888.1
2,050.2
2,189.3
2,298.7
2,357.3
569.9
597.9
657.7
706.3
-87.9
-108.3
415.1
435.3
538.6
578.4
-123.5
143.1
154.8
162.6
119.1
127.8
35.7
34.8
2,764.2
3,039.3
2,139.3
2,299.4
Cumulative total, first 7
Fiscal year 1989
Fiscal year 1990
1
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1991, January
32
1990, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 7 months of fiscal 1990, receipts were $28.0 billion higher than a year earlier and outlays were $48.6
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
—RECEIPTS!/-
500
400
. INDIVIDUAL INCOME TAXES -
400
300
300
SOCIAL INSURANCE
"TAXES AND CONTRIBUTIONS '
200
CORPORATION
'INCOME TAXES"
200
OTHER RECEIPTS
100
100
0
0
900
— OUTLAYS^/ -
900
800
800
NONDEFENSE
700
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
1982
1983
1984
1986
1985
1987
1988
1989
1991
1990
FISCAL YEARS
_!/ '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
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
1985
1986
1987
1988
1989
734.1
769.1
854.1
909.0
990.7
1,073.5
1,170.2
1990 (estimates)
1991 (estimates)
Cumulative total, first 7 months:
Fiscal year 1989
Fiscal year 1990
Social
insurance
taxes
and
contributions
Individual
income
taxes
Corporation
income
taxes
131.6
157.6
181.0
217.8
244.1
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
61.3
63.1
83.9
94.5
103.6
112.0
129.7
265.2
283.9
303.3
334.3
359.4
385.4
57.1
52.4
285.9
297.7
288.9
298.4
334.5
349.0
392.6
401.2
445.7
489.4
528.5
National defense
Other
Total
89.6
97.2
104.5
116.3
134.0
157.5
185.3
Department of
Defense,
military
International
affairs
Health
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
Income
security
Social
security
Net
interest
Other
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133,5
125,4
122.3
118.6
188.6
198.8
232.5
248.5
264.8
129.4
136.0
138.6
151.7
169.1
175.6
173.0
131.8
142.1
125.9
139.4
158.4
161.3
158.1
132.5
141.2
97.6
104.2
93.2
104.2
Medicare
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
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
421.4
73.0
73.1
74.3
78.9
82.0
86.6
90.6
946.3
990.3
1,003.8
1,064.0
1,142.6
1,197.2
1,233.3
252.7
273.4
282.0
290.4
303.6
296.3
303.3
245.2
265.5
274.0
281.9
294.9
286.8
292.1
16.2
14.2
11.6
10.5
9.6
14.6
18.2
33.5
35.9
40.0
44.5
48.4
57.8
63.7
65.8
70.2
75.1
78.9
85.0
96.6
98.6
128.2
119.8
123.3
129.3
136.0
146.6
153.7
207.1
215.6
46.6
50.2
657.7
706.3
173.6
172.3
168.6
166.9
5.3
8.9
27.8
32.3
46.4
54.4
81.3
88.8
209.0
239.4
207.4
219.3
1
569.9
597.9
259.1
279.7
1
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United States Government, Fiscal fear 1991, January
1990, except as noted.
Total
Sources: Department of the Treasury and Office of Management and Budget,
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1990, according to preliminary estimates, Federal receipts rose $28.5 billion (annual rate)
and Federal expenditures rose $44.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
1,000
1,000
800
800
600
600
400
400
200
200
-200
-200
1982
1990
1986
1983
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1985
1986
1987
1988
1989
Calendar year:
1985
1986
1987
1988
1989
1982- IV
1983- IV.
1984- IV
1985- IV
1986- IV
1987: IV
1988- IH
IV. ...
1989- I
n
m ....
IV
1990- I '
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
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
815.2
897.3
958.6
1,046.4
340.4
357.0
401.2
408.0
457.3
74.6
81.1
97.7
108.3
115.4
55.9
50.9
53.4
55.8
57.6
305.8
326.1
345.0
386.4
416.1
962.3
1,028.0
1,060.4
1,104.0
1,175.6
341.5
368.6
375.5
378.6
400.5
374.0
394.6
411.2
432.7
461.6
97.8
107.4
103.1
108.6
115.8
128.3
134.6
138.8
149.0
168.6
20.7
22.8
31.9
35.1
29.1
-0.1
.0
.1
— .1
.0
-185.5
-212.8
-163.1
-145.4
-129.2
788.7
827.9
911.4
972.4
1,047.2
633.1
675.5
742.7
805.3
853.8
937.4
977.3
994.6
1,036.2
1,053.2
1,043.2
1,056.1
1,084.6
346.4
361.4
405.8
413.0
460.4
303.0
291.9
326.0
355.3
376.2
420.0
411.4
420.3
446.8
465.1
459.1
470.8
476.7
76.3
83.8
101.0
111.4
105.5
46.4
70.2
69.7
78.8
88.9
103.1
114.0
115.8
117.0
109.7
99.9
95.4
101.7
55.1
50.5
53.8
56.7
58.7
47.6
53.6
56.2
53.5
50.8
54.5
57.4
57.8
58.0
58.2
59.4
59.3
60.1
310.9
332.1
350.8
391.3
422.5
236.1
259.8
290.7
317.7
337.9
359.7
394.5
400.6
414.3
420.2
424.8
430.6
446.1
985.6
1,034.8
1,072.8
1,118.3
1,195.7
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,099.8
1,162.1
1,183.7
1,198.6
1,187.9
1,212.6
1,256.9
355.2
366.5
381.6
381.3
403.2
293.2
276.1
326.0
376.6
368.8
388.1
367.5
406.4
399.0
406.0
402.7
405.1
413.4
380.1
399.9
414.3
438.2
472.7
347.4
352.5
362.1
385.8
405.8
421.9
438.0
447.6
460.4
466.9
475.6
488.1
502.9
99.7
106.8
102.6
111.4
119.4
84.5
86.0
96.3
103.5
103.0
102.2
111.0
112.2
118.7
118.4
118.3
122.1
129.3
130.1
135.6
141.7
151.4
171.2
87.2
101.0
125.3
132.7
136.0
147.3
153.9
157.0
167.0
172.0
171.2
174.8
180.0
20.3
26.0
32.6
36.0
29.1
23.4
29.1
21.0
19.0
29.2
41.9
29.4
38.9
38.5
35.3
20.1
22.6
31.2
-.2
.0
.0
.0
.0
.0
.0
.6
.0
.0
2
-196.9
-206.9
-161.4
-145.8
- 148.5
-202.6
-169.2
-187.5
-212.2
-189.0
-164.4
-122.5
-167.6
— 147.5
-145.4
-144.7
-156.5
-172.2
Source: Department of Commerce, Bureau of Economic Analysis.
34
.0
.0
.0
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1982-84= 100)
Industrial production (1987=100; seasonally adjusted)
Period
United
States
1983
1984
1985
1986
1987
1988
1989"
1989: Apr
May
July
Sent
Oct
Nov
Dec
1990: Jan
Feb
Mar
Apr*
1
United
States >
Germany
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
72.2
81.8
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
86.8
92.2
97.0
100.3
102.7
104.9
104.7
104.9
106.3
109.2
63.2
75.4
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
78.5
87.9
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
123.1
123.8
124.1
124.4
124.6
125.0
125.6
125.9
126.1
127.6
128.9
129.6
130.4
130.5
130.7
131.2
131.6
131.5
108.1
108.7
108.6
108.4
108.3
109.2
110.0
108.9
109.0
128.0
128.5
128.7
129.0
129.2
129.5
130.1
130.3
130.5
109.1
109.3
109.4
109.3
109.2
109.4
109.7
109.9
110.2
149.0
149.6
150.3
150.7
150.9
151.6
153.1
153.7
154.4
134.3
135.1
135.6
135.7
136.1
137.0
138.1
139.2
139.6
127.4
128.0
128.7
128.9
132.7
133.4
133.9
133.9
109.2
109.5
109.9
130.8
131.1
131.6
110.9
111.3
111.4
155.3
156.4
157.0
140.4
141.2
142.6
147.0
France
Germany
81.6
81.7
82.6
82.9
85.5
93.4
96.8
96.6
100.0
109.3
115.7
98.0
97.0
96.0
96.0
97.0
97.0
98.0
100.0
104.5
109.0
95.0
93.2
90.3
90.9
93.5
97.7
99.6
100.0
103.6
108.7
96.2
94.8
91.8
88.8
91.8
92.9
96.2
100.0
105.9
109.0
87.5
84.7
86.3
89.5
89.7
94.5
96.5
100.0
103.6
104.5
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
109.3
' 104.5
108.8
110.0
' 110.3
110.1
110.0
110.0
111.4
107.7
105.8
108.6
109.7
108.2
108.1
109.7
110.5
115.5
104.7
102.6
103.3
104.2
105.8
105.2
105.8
105.5
104.8
104.3
103.5
83.3
75.2
80.0
89.7
94.7
94.7
100.0
106.2
107.4
108.6
108.3
108.4
107.8
108.2
108.2
107.7
108.1
108.6
107.8
107.9
107.5
107.1
107.5
107.8
106.4
' 107.0
" 107.5
' 108.5
' 109.1
108 7
' 105.8
105.5
r
!07.7
114.1
110.0
114.8
108.5
117.1
109.7
114.2
110.4
117.6
110.4
115.8
108.1
115.8 ' 109.3
116.8 ' 110.5
116.9 '108.6
r
r
r
117.2
116.2
l!0.1
108.1
l!2.5 ' 107.6
' 111.0 111.5
110.2 110.8
Data relate to all urban consumers.
United
Kingdom
France
.Japan
Italy
Italy
Japan
Canada
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
1980
1981
1982
United
Kingdom
Canada
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]
General merchandise imports (customs value) 3
Merchandise exports (f.a.s. value) '
Period
5
5
1989
1989:
Mar
May
July
Sept
Oct
Nov
Dec
1990:
Jan "
Feb r .
Mar
8.5
8.1
8.7
8.5
8.7
8.9
8.8
9.1
9.0
8.3
1.1
1.1
1.1
1.1
1.0
1.2
.2
.4
.2
.2
41.7
40.2
42.6
41.3
40.9
42.2
40.1
43.7
42.5
40.2
-8.9
-7.6
-10.4
-8.5
-9.6
— 10.2
-8.2
-10.4
-10.1
-7.7
— 10.6
-9.2
-12.0
-10.1
-11.2
-12.0
-9.8
-12.3
-11.9
-9.3
6.1
6.5
7.9
9.0
8.1
8.7
.3
.2
.3
43.1
39.6
43.6
-9.3
-6.1
-8.4
-11.2
-7.8
-10.3
4.2
4.4
4.6
4.0
3.6
4.0
3.7
4.4
4.8
4.1
40.0
38.6
41.0
39.7
39.2
40.4
38.5
41.9
40.7
38.5
2.1
2.0
2.2
2.1
2.0
2.2
1.9
2.1
2.1
2.0
10.9
11.0
11.8
11.3
11.2
11.5
10.4
11.8
11.1
10.4
9.6
9.1
9.7
9.8
9.5
9.8
9.6
10.1
10.1
9.7
1.8
1.6
1.8
41.3
37.9
41.7
2.3
2.2
2.5
12.9
11.0
11.5
9.6
8.9
9.8
72.7
67.2
72.0
73.9
75.8
86.2
109.2
123.7
15.7
16.8
20.6
22.9
21.7
24.6
29.3
29.3
14.3
13.4
13.3
12.6
14.2
17.7
23.1
32.8
20.7
20.5
24.0
27.3
35.9
34.6
43.4
50.7
31.1
31.0
30.6
31.2
29.7
30.2
30.4
31.5
30.6
30.8
3.3
3.0
3.0
3.2
2.8
2.8
2.7
2.8
2.9
2.8
7.8
7.9
8.0
8.2
7.9
7.8
7.7
7.9
7.7
7.5
10.5
10.5
10.0
10.5
10.7
10.5
11.2
11.0
9.7
10.9
2.5
2.5
2.4
2.5
2.1
2.4
2.3
2.6
2.5
2.6
2.7
2.7
2.6
2.8
2.6
2.8
2.8
2.8
2.9
3.0
31.9
31.8
33.3
3.1
3.1
3.3
8.8
8.0
8.5
12.3
12.8
12.8
2.5
2.8
3.4
3.4
3.4
3.5
1
2
Includes Department of Defense Military Assistance Program grant aid shipments.
Includes undocumented exports to Canada through 1989.
Total arrivals of imported goods other than mtransit shipments.
Total includes revisions not reflected in detail.
6
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
3
4
Beginning 1990, undocumented exports to Canada and reexports are distributed to the appro-
7.8
7.3
7.5
6.9
6.7
6.9
6.6
7.5
7.2
6.9
473.0
322.4
364.0
61.7
56.7
61.7
58.5
57.3
66.7
85.1
92.6
254.1
1988... .
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
-137.1
-128.9
33.3
40.8
53.5
66.8
78.2
85.2
87.7
85.6
31.3
30.9
31.5
24.0
22.3
24.3
32.3
35.0
218.8
-27.5
-52.4
-106.7
-117.7
-138.3
-152.1
-118.5
-109.0
35.4
40.9
59.8
65.1
71.8
84.5
101.4
114.1
Other 2 "
227.2
254.9
269.9
346.4
352.5
382.3
424.4
459.5
492.9
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.2
Consumer
goods
(nonfood)
except
automotive
205.6
224.0
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.5
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.0
Automotive
vehicles,
parts,
and
engines
216.4
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.5
materi-
Consumer
goods
(nonfood)
except
automotive
Capital
goods
except
automotive
1982
Exports
(f.a.s) less
imports
(customs
value)
Automotive
vehicles,
parts,
and
engines
Industrial
supplies
and
materials
1983
1984
1985
1986.
1987
Other
General
merchandise
imports
(c.i.f.
value)
Capital
goods
except
automotive
Foods
feeds,
and
beverages
Total z
Trade balance
Principal end-use commodity category
Principal end-use commodity category
Total
4
4
244.0
258.0
330.7
336.5
365.4
406.2
441.0
Foods
feeds,
and
beverages
Industrial
sup-
plies
and
als
Exports
(f.a.s)
less
imports
(c.i.f.)
priate end-use category. For earlier periods they are included in the "other" export category.
Therefore, the categories beginning 1990 are not directly comparable with those for earlier periods.
The 1989 figures for undocumented exports ($16 billion) and for reexports ($14.3 billion) will be
distributed to the appropriate end-use categories later this year.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1990, the merchandise trade deficit fell to $26.4 billion from $28.7 billion in the fourth
quarter of 1989. (Series revised.)
BILLI ONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
5
0
10
•A
0
Vi\y
A
|A\
s \\
^
-10
5
•-.x
r\\\\\
\\\
V- 1
-10
V
^NJ
A
111
I I I
1982
1983
-20
\
,'V
V
\
-45
/
^~X"'
/I
N
M ERCHANDISE 1RADE
'
BALANCE
1 1 1
1984
/
',/
-35
-40
-15
f
BALANCE ON GO DOS
AND SERVICES
\
-30
-5
1
1
1
1
1
v
' /
! 1 1
i
1986
1985
y
-^y,
•A
1987
-25
jxf,'
u'
N J^
'
-30
CURRENT ACCOUNT
1
i
1
i
1988
1
1
1
1989
1
1
-45
1990
SEASONALLY ADJUST ED
s OURCE; DEPARTMENT OF COMMERCE
COUNCIL OF E CONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Merchandise 1 2
Investment income 3
Period
Exports
1980
1981
.
1982
1983
.
1984
1985
..
1986
1987
1988
1989 p
1988: I
n
m
TV
1989- I
n
m
224,269
.. 237,085
211,198
.. 201,820
219,900
.. 215,935
223,367
250,266
' 320,337
' 360,465
r
76,497
r
79,392
r
80,511
' 83,937
r
88,267
r
89,'349
IV.... r91,738
96,044
1990: I"
1
Imports
Net balance
Receipts
Payments 4
-249,749
25480 72,506
-42,119
-265,063
-27,978 86,412
52 329
-247,642
36 444 83,548 -54,884
-268,900
-67,080 77,251
52376
— 332,422
-112,522 85,908 -67,419
-338,083
-122,148 88,832
62 901
-368,425 - 145,058 88,615 -66,968
-409,766
- 159,500 104,703
-82,420
-447,323 ' - 126,986 107,775 - 105,548
r
-475,329 ~ 114,864 124,723 -123,694
- 109,988
-33,491 26,750 -23,955
-110,494
-31,102
23,148
-25,613
-111,290
-30,779 24,720 -27,310
-115,551
-31,614
33,159
-28,670
-116,360
-28,093 26,762
29 246
-119,333
-28,222 26,661 -32,765
-119,152
-29,803 33,679
-30,819
— 120,484
-28,746 37,622
-30,865
-122,415
-26,371
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
United States are excluded from investment income and included in other services, net.
2
3
36
Net
Net '
military
transactions 4
Net
travel and
transportation
receipts
30,387
34,083
28,664
24,875
18,489
25,931
21,647
22,283
2,227
1,029
2,795
-2,465
-2,590
4,489
-2,484
-6,104
2,860
6,757
-2,577
-1,523
-474
-343
-2,099
-3,557
4 576
-2357
4 606
-5,662
-964
-1,033
- 1,006
-1,604
-1,498
-1,518
-1,175
— 1,471
-997
144
-992
-4,227
-7,885
-9,832
8 031
-7,324
-2,633
792
-1,854
-719
-155
94
-286
102
517
459
4
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers »
Balance
on current
account
7,794
9,126
15,810
11,085
11,436
2,191
12,264
-34,510
-91,718
12,299
-97,256
12,351
18,547 — 117,470
17,909 -129,488
20,335 -111,892
25,487
-91,602
4,787
-28,682
5,042
-30,586
-28,964
5,126
5,381 -23,659
-26,904
5,719
5,879
-29,170
-19,424
6,932
6,966
-16,095
-7,593
-7,647
-9,188
-9,776
-12,468
-15,426
-15,778
-14,212
- 14,656
-14,276
-3,364
-2,899
-3,376
-5,018
-3,487
-2,829
-3,485
-4,476
1,533
8,163
-6,997
-44,286
-104,186
-112,682
133 249
- 143,700
-126,548
-105,878
— 32,046
-33,485
— 32,340
-28,677
-30,391
-31,999
-22,909
-20,571
Other
services,
net 3
Quarterly data are not seasonally adjusted.
NOTE.—Merchandise trade data revised beginning 1978. Revised merchandise trade data prior to
1987 (and other data shown here and on p. 37 for 1978-89) will be available in mid-June 1990.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $31.7 billion in the fourth quarter of
1989, compared with $20.7 billion in the third quarter. Liabilities to private foreigners reported by U.S. banks,
excluding Treasury securities, increased $41.0 billion in the fourth quarter, compared with $25.2 billion in the third
quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-40
-60
-60
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADViSERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989 p
-86,118
— 110,951
-121,153
49 777
-22,304
-32,628
-99,665
76 218
-82,110
-125,707
-8,155
-5,175
-4,965
-1,196
3 131
-3,858
312
9,149
3566
-25,293
4,540
-16,119
37 886
-32,648
1,503
39
-7,380
2,272
-30,890
806
-44,722
50 903
-4,000
- 12,095
-5,996
-3,202
1988: I
n
m
IV
1989:
U.S.
official
reserve
assets 4 5
I
n
m
IV...
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow (+)] 4
]
U.S.
private
assets
Total
15,497
4,960
3,593
5,845
3,140
1 083
35,594
45,193
38,882
7,369
Other
foreign
assets
42,615
78,072
90,154
79,023
99,481
131,096
186,011
172,847
180,418
189,303
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net5
(unadjusted,
end of
period)
-72,802
-5,162
100679
-5,097
-6,131 -110,058
-5,006
43 576
-13,685
-5,489
-25,950
-2,821
-2,024 -97,954
86363
997
-81,543
2,999
1,037 -101,451
58,112
83,032
93,746
84,869
102,621
130,012
221,605
218,039
219,299
196,671
-1,490
885
1,961
3,413
4,528
-15,273
32467
-38,332
27,027
65,334
46,179
80,759
24,631
5,895
-2,234
10,589
2,396
59,438
48,413
70,170
479
-15,729
24,047
-19,434
3,843
3 714
-4,556
4,431
43,186
41,028
47,788
47,802
1,049
-309
502
-206
-27,939
13,210
-39,228
-47,495
60,007
-1,789
70,716
67,738
7,478
-5,201
12,097
7 005
52,529
3,412
58,619
74,742
1,275
32,982
-3,085
3,737
3,700
-2,825
5 370
4,490
49,854
60,502
68,418
74,609
8
Consists of gold, special drawing rights (SDRa), foreign currencies, and the U.S. reserve position in the IMF.
Foreign
official
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDEs)
1,152
1,093
25,322
18,663
34,404
9,194
23,869
15,298
11,308
1,878
-10,641
34,914
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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