Full text of Economic Indicators : May 1991
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102d Congress, 1st Session
Economic Indicators
MAY 1991
(Includes data available as of June 3, 1991)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1991
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [B,], Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the first quarter of 1991, according to revised estimates, current-dollar gross national product (GNP) rose 2.5
percent {annual rate) or $34.4 billion. Real GNP (GNP adjusted for price changes) fell 2.6 percent and the implicit
price deflator rose 5.2 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
6,000
6,000
—
EAS DMA LY ADJUSTED ^NN JAL RATES
'
-
-
^—•^^
^
Ghif
4,800
tc JRREN\T D DLL ARS
II"
—
X
4,800
^
—
\
^
^^
f ——^
-
.----
^^
x^
.-'-
.-
/
x
*"
/
-
-
^•*
-
>
\
\
GNP
„---"'
1
'*"
r
^
!!•-1
""
1<P82
DC LL^ RS
-
|
-
1
|
1982
\
\
\
1
1985
1984
1983
19 86
1 I
1988
1
19 87
1
1
19 89
SOURCE^ DEPARTMENT OF COMMERCE
1 I
1990
1
1
1991
COUNCIL OF ECONOMiC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,515.6
4,873.7
5,200.8
5,465.1
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657.3
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.5
747.1
771.2
741.0
IV
IV
IV
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,647.6
5,009.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
1989: TJI
IV
5,238.6
5,289.3
1990: I
II
UI
IV
1991: I r
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1
Gross
national
product
Gross
Federal
Net
exports
chases *
and
Exports
Imports
32.1
33.9
26.3
-6.1
-58.9
-78.0
-97.4
-114.7
-74.1
— 46.1
-31.2
351.0
382.8
361.9
352.5
383.5
370.9
396.5
449.6
552.0
626.2
672.8
318.9
348.9
335.6
358.7
442.4
448.9
493.8
564.3
626.1
672.3
704.0
530.3
588.1
641.7
675.0
735.9
820.8
872.2
921.4
962.5
1,025.6
1,098.1
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.3
380.3
400.0
424.0
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.6
297.2
301.1
313.6
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
83.1
98.9
110.4
322.2
345.9
369.0
391.5
425.3
465.6
505.7
540.2
582.3
625.6
674.1
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,487.3
4,847.5
5,172.5
5,470.2
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,630.3
4,947.8
5,246.9
5,496.4
409.6
579.8
661.8
654.1
648.8
741.4
747.5
14.1
-25.8
-67.9
-103.2
- 108.9
-115.0
-70.3
335.9
364.7
385.7
369.2
402.4
485.8
583.1
321.9
390.5
453.6
472.4
511.3
600.7
653.5
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
205.4
221.5
244.1
268.6
280.7
296.0
299.6
87.7
54.6
81.9
108.0
88.1
92.2
101.6
378.7
400.0
438.5
480.1
520.1
553.9
598.9
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
3,484.3
3,518.5
775.8
762.7
-49.3
-35.3
623.7
642.8
673.0
678.1
1,027.8
1,043.3
399.2
399.9
306.3
299.2
93.0
100.7
628,6
643.4
5,209.7
5,264.3
5,287.9
5,324.6
5,375.4
5,443.3
5,514.6
5,527.3
3,588.1
3,622.7
3,693.4
3,724.9
747.2
759.0
759.7
698.3
-30.0
-24.9
-41.3
-28.8
661.3
659.7
672.7
697.4
691.3
684.6
714.1
726.2
1,070.1
1,086.4
1,102.8
1,132.9
410.6
421.9
425.8
437.6
307.2
309.6
312.6
325.0
103.4
112.3
113.2
112.6
659.6
664.6
677.0
695.3
5,387.2
5,429.9
5,505.6
5,558.2
5,405.3
5,468.2
5,555.9
5,556.1
5,561.7
3,744.5
664.2
12.1
687.5
675.4
1,140.9
443.5
330.8
112.7
697.4
5,592.9
5,549.7
GNP less exports of goods and services plus imports of goods and services.
Govern ment purcb ases of
gootIs and senices
Exports md imports of goods
md services
Total
National
defense
Nondefense
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross p rivate
domestic in vestment
„
Exports and imp orts of
goods and ser dees
Personal
consumption
expenditures
Total
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,845.3
4,016.9
4,117.7
4,157.3
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,515.8
2,606.5
2,656.8
2,681.6
509.3
545.5
447.3
504.0
658.4
637.0
639.6
669.0
705.7
716.9
688.7
379.2
395.2
366.7
361.2
425.2
453.5
438.4
449.8
487.2
506.1
515.4
137.0
126.5
105.1
149.3
170.9
174.4
195.7
196.4
194.9
187.0
176.8
IV
IV
IV
IV
IV
IV
IV
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,920.7
4,059.3
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,534.2
2,638.8
408.8
577.2
655.7
648.0
615.2
706.6
696.2
352.3
390.4
460.9
435.7
462.3
486.6
115.8
159.9
169.6
179.4
200.3
195.8
195.6
1989: HI
IV
4,129.7
4,133.2
2,675.3
2,669.9
722.3
709.1
513.3
508.4
184.4
181.8
24.6
18.9
1990: I
4,150.6
4,155.1
4,170.0
4,153.4
2,677.3
2,678.8
2,696.8
2,673.6
700.7
700.7
697.0
656.3
514.6
508.4
519.3
519.4
188.3
182.8
173.0
163.3
— 2.2
9.5
4,126.5
2,664.9
626.1
497.4
152.4
Period
3,187.1
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
3,248.8
n
m
rv
1991: 1
1
national
product
r
Nonresidential
fixed
Residential
fixed
444.4
Change
in
business
inventories
Govern tnent pure bases of
gooc s and ser•vices
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
22.8 — 118.5
23.6 — 75.9
23.8 -54.1
-3.6 -33.8
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
534.7
593.3
631.5
332.0
343.4
335.6
368.1
455.8
471.4
526.9
570.3
610.6
647.4
665.3
620.5
629.7
641.7
649.0
677.7
731.2
761.6
779.1
780.5
798.1
820.8
-59.3
11.7
27.0 — 46.2
41.7 -94.8
7.7 -125.3
-20.8 -135.4
48.4 -111.3
14.0 -75.7
336.0
355.5
376.6
367.4
406.5
487.0
555.3
324.3
401.6
471.4
492.6
541.9
598.3
631.0
-64.1
-47.9
592.5
611.6
-26.4
-35.4
-44.6
-46.5
-8.8
-23.7
6.4
4.7
Net
exports
State
and
local
Final
sales
Gross
domestic
purchases 1
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,963.8
4,092.8
4,171.8
4,191.1
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.1
334.9
343.7
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.1
260.7
256.3
258.7
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.5
67.5
78.7
85.0
373.6
370.1
369.0
373.9
387.0
405.2
427.5
439.5
452.4
463.2
477.1
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,822.5
3,993.2
4,094.0
4,160.9
660.1
642.2
693.2
752.7
776.0
791.3
799.9
289.5
266.0
300.5
340.6
342.4
347.7
342.3
201.4
211.6
225.3
241.4
255.8
266.0
261.1
88.2
54.4
75.2
99.2
86.6
81.7
81.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
656.6
659.4
796.2
802.2
333.0
332.7
260.2
255.5
72.8
77.2
463.2
469.5
4,105.1
4,114.4
4,193.9
4,181.1
628.1
620.1
630.5
647.2
663.5
664.7
677.0
656.0
807.9
820.2
822.7
832.3
333.0
345.9
346.0
349.9
254.4
256.5
258.2
265.7
78.6
89.4
87.8
84.2
475.0
474.3
4,152.8
476.7
482.4
4,165.3
4,179.8
4,185.9
4,199.7
4,216.5
643.0
636.6
829.1
348.8
266.8
82.1
480.3
4,150.2
GNP less exports of goods and services plus imports of goods and services.
Total
4,145.6
4,162.2
4,120.1
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Personal c onsumption
expen ditures
Gross jrivate
domestic i ivestment
Period
product
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
Total
Durable
goods
Nondurable goods
National
defense
Nondefense
State
and local
131.0
128.7
134.5
141.0
147.7
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.3
115.9
119.4
123.3
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.5
121.2
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
129.8
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
141.3
101.0
103.1
105.8
108.7
107.8
113.9
118.6
102.7
108.3
113.5
119.0
124.9
130.9
137.0
100.7
98.3
97.9
97.9
100.0
99.0
101.8
99.1
103.1
107.2
109.0
112.4
116.5
120.6
100.0
102.6
102.4
100.5
99.0
99.7
105.0
99.3
97.2
96.2
95.9
94.4
100.4
103.6
101.3
103.8
108.5
110.6
107.7
111.7
117.2
102.0
104.7
108.3
111.3
109.7
111.3
114.7
99.5
100.3
108.9
108.8
101.7
112.8
125.1
106.3
111.7
116.5
120.0
124.9
130.9
123.2
124.5
141.6
USA
100.9
100.7
124.2
124.3
105.3
105.1
102.5
102.8
119.9
120.2
117.7
117.1
127.8
130.4
135.7
137.1
145.1
146.6
148.5
150.4
101.6
101.6
102.6
100.9
125.3
125.3
126.0
125.7
105.3
106.4
106.7
107.8
104.2
103.0
105.5
110.7
123.3
122.0
123.0
112.7
128.3
129.4
131.5
134.9
125.1
120.8
120.7
121.1
122.3
131.5
125.6
128.9
133.8
138.9
140.1
142.0
144.1
113.0
135.2
152.1
101.4
125.4
106.9
106.1
127.1
124.0
137.3
145.2
IV
IV
IV
IV
IV
IV
IV
101.7
105.4
109.0
112.2
115.1
118.5
123.4
101.8
105.7
109.3
113.1
115.8
121.5
126.3
100.7
1989: III
126.8
128.0
130.2
131.8
111.2
n
in
134.0
135.2
137.0
139.3
112.5
112.1
112.3
IV
129.5
131.0
132.2
133.1
1991: I '
134.8
140.5
103.1
104.1
104.7
106.2
108.9
110.3
111.4
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.5
103.8
105.8
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
1990: I
Exports
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.2
105.5
106.5
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109.4
110.9
112.4
rv
Federal
Residential fixed
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
125.5
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
136.4
1982:
1983:
1984:
1985:
1986:
1987:
1988:
Nonresidential
Gove Timent pure lases of goo ds and
sernces
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
101.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
131.5
85.7
Services
Exports an imports of
goods ant1 services
122.8
83.9
92.6
100.0
106.2
111.6
116.8
122.4
102.2
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Grc ss national pr duct
Period
Current
dollars
8.9
1980
1981
1982
11.7
3.7
7.6
10.8
6.4
5.4
6.7
7.9
6.7
5.1
9.1
7.5
7.4
8.7
7.8
8.3
7.4
7.7
7.5
5.8
5.1
3.9
6.7
5.1
5.3
.9
2.5
1983
1984
1985
1986
1987
1988
1989
1990
1987: I
n
Ill
IV
1988: I
n
in
1989:
1990:
1991:
IV
I
n
m
IV
I
n
in
IV
1T
Implicit
price
deflator
Constant
(1982)
dollars
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
4.1
3.5
3.1
3,5
1.7
2.7
4.4
4.7
4.7
3.9
3.9
3.2
3.8
4.8
4.7
3.7
2.8
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.4
4.8
2.5
1.0
5.2
4.2
4.1
6.6
5.1
3.6
2.7
2.7
3.6
1.6
1.7
.3
1.7
.4
1.4
-1.6
-2.6
5.2
Personal consumption e (penditures
Chain price
index
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.3
3.7
4.3
4.3
4.3
3.1
3.3
3.1
3.3
4.2
4.8
4.4
4.7
4.4
3.1
3.7
6.1
4.1
3.7
3.6
5.1
NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quarter.
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
4.1
-0.2
1.2
1.3
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.6
6.5
6.0
7.3
9.6
8.9
3.7
9.2
7.4
8.2
8.1
4.8
6.6
7.0
4.0
8.2
3.9
8.0
3.5
2.1
4.0
3.4
2.7
3.5
4.2
4.5
4.6
4.4
3.5
3.5
3.7
3.9
4.7
5.5
4.4
4.9
4.6
3.1
3.8
6.6
3.9
4.2
4.7
5.1
Implicit
price
deflator
4.6
4.8
4.7
3.9
2.8
3.6
1.9
.9
.7
4.5
4.3
-.4
6.9
2.7
3.5
3.5
-.3
1.3
4.6
-.8
1.1
2
2.7
-3.4
— 1.3
Chain price
index
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.6
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.6
3.8
4.6
5.0
6.4
4.8
4.4
4.1
2.3
4.3
4.6
4.6
5.2
5.1
2.2
5.0
6.8
3.6
5.4
6.9
3.5
4.0
4.7
4.9
6.2
4.9
4.3
4.0
2.5
4.7
4.8
4.8
5.0
5.3
2.6
4.9
6.8
3.4
5.2
6.5
3.3
Fixedweighted
pnce index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.6
4.1
4.8
5.2
6.3
5.1
4.3
4.3
2.6
4.8
5.1
4.9
5.0
5.7
2.7
4.7
7.4
3.1
5.7
7.1
3.3
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross dome stic product
of nonf nancial
corporate business
(hillions c f dollars)
Period
Current
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
1991:
IV
I"
1
n
m
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,524.8
2,720.7
2,854.5
2,952.7
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,878.5
2,907.5
2,960.0
2,979.1
2,964.1
2,960.7
1982
dollars * "
1,803.6
1,836.8
1,782.2
1,871.8
2,049.2
2,132.3
2,214.3
2,310.9
2,443.4
2,503.0
2,506.5
1,761.6
1,951.7
2,084.1
2,165.4
2,240.8
2,364.8
2,482.5
2,502.2
2,503.8
2,519.6
2,514.4
2,488.3
2,450.1
1
Total
cost and
profit 2
0.854
.946
1.000
1.023
1.048
1.063
1.069
1.093
1.114
1.140
1.178
1.010
1.031
1.056
1.066
1.075
1.098
1.127
1.150
1.161
1.175
1.185
1.191
1.208
Cum nt-dollar cos and profit p er unit of 0 itput (dollars i ..
1
Corporate profits with inventory
valuation md capita) or nsumption
adjustments
CompenIndirect
Net
sation of
business
interest
3
Profits
Profits
employees
taxes
after
tax
Total
tax 4
liability
adjustment
Capital
consumption
allowances
with capital
consump
0.096
.109
.125
.123
.117
.118
.121
.122
.122
.127
.132
.130
.119
.118
.119
.122
.121
.123
.130
.130
.131
.133
.136
.140
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capital consumption adjustments.
0.077
.090
.094
.098
.100
.102
.104
.104
.105
.109
.116
.096
.097
.101
.102
.104
.104
.106
.111
.113
.113
.117
.119
.124
0.583
0.031
0.068
0.037
.632
.676
.676
.683
.699
.708
.720
.737
.760
.791
.685
.676
.689
.704
.713
.726
.747
.769
.777
.787
.797
.804
.813
.037
.043
.037
.039
.038
.040
.040
.040
.048
.051
.042
.037
.042
.037
.041
.040
.041
.051
.051
.051
.051
.052
.052
.079
.063
.088
.109
.106
.097
.106
.109
.096
.088
.057
.102
.107
.105
.094
.108
.110
.089
.090
.094
.087
.080
.080
.035
.026
.032
.036
.033
.034
.040
.042
.041
.038
.023
.036
.032
.033
.038
.042
.042
.039
.038
.039
.040
.037
.033
0.031
.044
.037
.057
.073
.073
.063
.066
.067
.056
.049
.034
.066
.075
.071
.057
.066
.067
.051
.052
.055
.047
.043
.047
Output
per hour
of all
employees
(1982
Compensation per
hour of
ail
employees
18.591
18.703
18.774
19.284
19.744
20.057
20.522
21.014
21.306
20.955
20.733
18.793
19.442
19.792
20.129
20.662
21.139
21.208
20.743
20.663
20.760
20.707
20.730
10.809
11.815
12.682
13.085
13.571
14.112
14.793
15.265
15.874
16.396
16.944
12.881
13.221
13.741
14.350
15.017
15.507
16.088
16.483
16.597
16.863
17.048
17.211
** Series revised beginning 1977 to reflect the incorporation of improved implicit price deflators
derived from the annual estimates of gross product originating by industry that appeared in the
Survey of Current Business, January and April 1991. The revised series are published in the May
1991 issue of the Survey.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Compensation of
employees1
National
income
Proprietor s' income
with in ventory
valuation md capital
consulnption
adjust ments
Farm
Rental
income of
persons
with
capital
tion
adjustment
Nonfarm
Inventory
valuation
adjustment
Profits
before tax
Capital
consumption
adjus
men
Net
interest
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
304.7
-19.4
-27.0
-21.7
— 11.4
4.9
272.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
466.7
146.1
248.5
266.9
291.4
275.2
323.1
349.6
150.7
223.4
224.6
228.4
226.1
268.6
308.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-4.5
25.1
42.3
63.0
49.1
54.5
40.9
266.9
290.2
313.1
322.7
324.0
338.2
394.1
306.7
290.9
285.3
275.3
291.4
289.8
-6.1
-14.5
21.4
15.6
456.2
461.7
285.5
298.8
298.7
290.3
296.9
299.3
318.5
304.1
-11.4
— .5
-19.8
-13.8
11.3
9.3
296.8
306.6
300.7
288.9
-1.4
463.6
466.2
468.3
468.4
7.2
288.0
291.1
282.7
8.3
-3.0
463.9
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
13.6
13.2
IT
IV
IV
IV
TV
IV
IV
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,791.5
4,104.1
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,770.3
2,986.7
28.5
19.3
28.1
29.2
37.2
52.3
35.5
159.8
188.6
209.7
235.0
252.0
293.0
321.5
15.8
12.4
1989: TH
IV
4,232.1
4,267.1
3,095.2
3,128.6
38.7
45.7
329.5
336.0
1990: I
II
Ill
IV
4,350.3
4,411.3
4,452.4
4,459.7
3,180.4
3,232.5
3,276.9
3,286.9
57.4
51.0
42.4
48.8
346.6
350.8
355.6
357.4
5.5
4.3
1991: I '.
4,461.1
3,297.7
48.5
355.7
1
Total
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.3
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,686.4
2,905.1
3,079.0
3,244.2
1982:
19831984:
1985:
1986:
1987:
1988:
Profits with inventory valuation
adjustme it and witho nt capital
consu mption adjus tment
150.0
213.7
266.9
282.3
282.1
308.3
337.6
311.6
298.3
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660.3
3,984.9
4,223.3
4,418.4
1982
1983
1984
1985
1986
1987
1988
1989
1990
Corpora te profits wit h inventory valuation an . capital
consurnption adjust ments
8.5
9.2
11.6
13.7
16.3
8.2
6.9
5.6
7.8
13.5
14.6
16.8
5.8
4.1
8.4
-10.4
-10.9
-5.8
-1.7
6.7
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
7.7
2.0
Source: Deps rtment of Commerce, Bureau of Economic jVnalysis.
Includes employer contributions for social ir surance. (See aiso p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Eetail sales of
new pa ssenger
cars (m [lions of
Nor durable g rods
Durabl 3 goods
T
,
FurniPeriod
con-
expendi-
1982
1983
1984
1985
1986
1987
1988
1989
1990
Total
durable
goods
vehicles
and
parts
and
household
equipment
Total
Other
durable
Food
Serv-
un ts)
Clothing and
shoes
Gasoline
and oil
124.4
135.1
146.7
156.4
166.8
178.4
191.1
158.7
169.5
182.1
192.6
201.7
216.9
229.1
246.3
261.9
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,584.7
1,720.7
1,845.5
1,983.3
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
Other
Domestics
^
Imports
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657.3
252.7
289.1
335.5
372.2
406.0
423.4
457.5
474.6
480.3
108.9
130.4
157.4
179.1
196.2
197.9
212.2
215.5
213.0
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
176.4
48.1
51.6
59.3
63.2
70.0
76.7
83.5
87.8
90.9
771.0
816.7
867.3
911.2
942.0
1,001.3
1,060.0
1,130.0
1,193.7
398.8
421.9
448.5
471.6
500.0
530.7
562.6
595.3
624.7
204.6
213.2
89.1
90.2
90.0
90.6
73.5
75.3
77.3
83.8
93.8
263.8
310.0
346.7
373.2
422.0
427.4
473.1
115.7
144.4
162.3
173.8
201.1
198.9
217.8
99.1
112.4
122.7
134.7
143.8
151.1
166.8
49.0
53.2
61.8
64.7
77.1
77.4
88.5
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
407.0
430.8
456.1
482.5
511.9
539.0
577.1
126.5
141.1
149.8
160.6
168.7
182.2
198.6
89.8
91.9
89.0
91.0
66.0
77.3
78.5
163.4
174.0
184.7
198.5
205.5
221.5
233.9
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,631.8
1,771.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
2.5
2.6
2.6
3.1
3.4
3.3
1988: IV
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
1989: III
IV
3,484.3
3,518.5
487.1
226.9
207.5
171.5
173.0
88.7
90.7
1,137.3
1,148.8
597.6
602.2
206.9
208.7
84.5
83.5
248.3
254.4
1,859.8
1,898.5
7.8
6.2
2.9
2.6
1990: I
II
Ill
IV
3,588.1
3,622.7
3,693.4
3,724.9
492.1
478.4
178.9
176.8
176.4
173.4
92.0
89.3
91.2
91.3
1,174.7
1,179.0
1,205.0
1,216.0
616.4
623.3
629.8
629.4
212.9
212.6
215.8
211.5
87.1
84.5
94.0
109.4
258.2
258.6
265.4
265.6
1,921.3
1,965.3
2,006.2
2,040.4
7.0
6.8
482.3
468.5
221.1
212.4
214.7
203.9
6.6
2.8
2.7
2.5
2.4
I'
3,744.5
453.4
188.8
174.4
90.3
1,212.3
636.8
213.1
93.8
268.7
2,078.8
6.0
2.2
19821983:
1984:
1985:
1986:
IV
TV
IV
IV
IV
1987:
IV
1991:
Source: Department of Commerce, Hureau of Economic Analysis.
471.2
72
a.o
SOURCES OF PERSONAL INCOME
Personal income rose $3.3 billion (annual rate) in April, following a rise of $17.3 billion in March. The increases
were affected by large subsidy payments to farm proprietors. Excluding these payments, personal income increased
$7.9 billion in April and $9.1 billion in March.
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
BILLIONS OF DOLLARS*(RAT1O SCALE)
5,000
4,000
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
\
OTHER INCOME
800
800
~~
\
TRANSFER
PAYMENTS
400
inn
1983
I l l l l l l l l l l inn
1985
1984
400
inn
1986
1987
inn
1988
1989
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
linn
1991
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan r.
Feb r.
Mar r
Apr"
Total
personal
income
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
4,604.5
4,621.4
4,640.7
4,662.7
4,675.0
4,697.8
4,695.9
4,716.2
4,743.3
4,724.7
4,734.5
4,751.8
4,755.1
Proprietors ' income 3
Wage and
Farm
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.7
2,431.1
2,573.2
2,705.3
2,682.4
2,695.5
2,711.1
2,727.1
2,728.3
2,747.2
2,731.6
2,731.6
2,753.6
2,740.0
2,740.4
2,743.5
2,749.6
150.3
163.6
173.6
182.9
187.6
199.3
209.4
225.5
241.9
258.1
255.2
256.4
257.6
258.8
260.0
261.2
262.2
263.2
264.2
265.2
266.2
267.2
268.2
Nonfarm
30.7
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
55.0
51.8
46.1
45.7
42.9
38.5
39.1
54.5
52.9
39.6
47.2
58.7
53.5
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
156.1
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
349.2
351.3
351.8
353.0
356.6
357.0
357.1
357.6
357.5
354.2
355.7
357.2
358.1
4
Rental
income of
persons 4
Personal
dividend
income
13.3
13.6
13.2
61.3
63.9
8.5
9.2
11.6
13.7
16.3
8.2
6.9
3.8
4.2
4.9
6.2
9.1
10.0
10.8
8.8
8.3
7.6
7.2
6.7
6.8
68.7
75.5
78.7
85.8
91.8
102.2
114.4
123.8
122.3
123.0
123.4
124.3
125.0
125.3
126.1
126.8
127.2
127.2
127.6
125.3
125.2
Personal
interest
Lncome
335.4
369.7
393.1
444.7
478.0
493.2
501.3
547.9
643.2
680.4
674.5
677.9
681.5
683.6
685.4
686.8
687.5
688.1
688.2
686.4
683.2
680.6
678.6
Transfer
pay-
ments 5
368.1
410.6
442.6
456.6
489.8
521.5
549.9
587.7
636.9
694.8
683.5
685.3
691.4
692.1
695.9
701.2
710.0
714.0
721.2
741.6
744.2
750.2
752.9
Less:
Personal
contributions
for social
insurance
104.5
112.3
120.1
132.7
149.3
161.9
172.9
194.1
212.8
226.2
221.4
223.9
227.1
228.1
228.2
229.5
228.4
228.4
229.9
237.2
237.2
237.4
237.8
Nonfarm
personal
income 6
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,702.2
4,006.0
4,314.6
4,574.3
4,528.2
4,548.3
4,573.2
4,595.6
4,610.7
4,637.8
4,635.3
4,640.2
4,668.8
4,663.5
4,665.6
4,671.3
4,679.7
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
According to revised estimates, real per capita disposable personal income fell again in the first quarter of 1991.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
2,000
DOLLARS* (RATIO SCALE)
DOLLARS * (RATIO SCALE)
PER CAF ITA DISPOSE BLE PERSON AL INCOME -
18,000
18,000
16,000
14,000
\
12,000
.—
—-
r
_-— -1
CURRENT DOLLARS
,
1
16,000
'—
14,000
"""
12,000
r^
"
\
,
\
1982 DOLLAF S
^
^
3
10,000
I
8,000
i
i
i
1982
i
i
i
1983
i
i
i
1984
1 1
1985
i
i
i
1986
10,000
'
I 1
1987
i
i
i
_
i
i
i
1989
1988
• SEASONALLY ADJUSTED ANNUAL RATES
i
i
i
1990
1
I
8,000
1
199T
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Jiquals:
Disposable
personal
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per c ipita
disposable personal
inc me
Current
dollars
Billi ons of dolla rs
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.6
591.6
658.8
699.4
1,918.0
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,013.3
3,194.7
3,479.2
3,725.5
3,946.1
136.9
159.4
153.9
130.6
164.1
125.4
124.9
92.5
145.6
171.8
180.1
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.8
2,635.3
2,670.7
2,800.5
2,869.0
2,893.5
8,421
9,243
9,724
10,340
11,257
11,861
12,469
13,094
14,123
14,973
15,695
1
1982
dollars
Dolla
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,888.5
3,102.2
3,333.6
3,553.7
3,766.0
Per capiti personal
consulnption
expen itures
1
Current
dollars
1982
dollars
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Perce It
S
9,722
9,769
9,724
9,930
10,419
10,625
10,905
10,946
11,368
11,531
11,509
7,607
8,320
8,818
9,516
10,253
10,985
11,576
12,334
13,144
13,866
14,547
8,783
8,794
8,818
9,139
9,489
9,840
10,123
10,311
10,580
10,678
10,666
— 1.1
.5
9,749
10,151
10,491
10,667
10,909
11,097
11,458
11,538
11,541
11,586
11,564
11,511
11,376
11,298
9,068
9,825
10,479
11,240
11,825
12,572
13,474
13,986
14,084
14,330
14,432
14,670
14,752
14,793
8,904
9,299
9,587
9,935
10,214
10,347
10,669
10,739
10,687
10,693
10,671
10,711
10,589
10,528
1.2
9.1
1.7
3.3
.3
6.4
1.2
1.6
.1
1.6
-.5
2.1
4.9
2.0
2.6
.4
3.9
1.4
2
7.5
6.8
5.4
6.1
4.4
4.1
2.9
4.2
4.6
4.6
227,754
230,182
232,549
234,829
237,051
239,322
241,660
243,982
246,358
248,810
251,420
6.2
5.8
5.8
3.9
3.3
3.9
4.1
4.1
4.6
4.9
5.0
4.2
4.2
4.1
233,466
235,707
237,946
240,257
242,579
244,925
247,329
249,127
249,818
250,392
251,026
251,767
252,495
253,118
7.1
S easonally adjusted aim ual rates
2,729.2
1982: IV
1983: IV
2,941.8
1984: IV
3,188.3
1985: IV
3,399.1
3,597.8
1986: IV
3,890.9
1987: IV
4,186.2
1988: IV
1989: III.... 4,402.8
4,469.2
IV
1990: I
4,562.8
4,622.2
n
m.... 4,678.5
4,718.5
IV
1991: I '
4,737.0
411.1
413.9
459.7
'499.6
534.4
588.6
607.3
659.5
669.6
675.1
696.5
709.5
716.6
718.8
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
3,743.4
3,799.6
3,887.7
3,925.7
3,969.1
4,001.9
4,018.2
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,172.6
3,430.4
3,588.8
3,625.5
3,696.4
3,730.6
3,802.6
3,834.4
3,854.1
143.1
145.4
157.3
111.7
102.0
129.7
148.5
154.5
174.1
191.3
195.1
166.5
167.5
164.1
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717.9
2,833.9
2,874.3
2,883.2
2,900.9
2,902.8
2,898.0
2,872.4
2,859.6
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
9,929
10,725
11,467
12,068
12,629
13,483
14,470
15,026
15,210
15,527
15,639
15,765
15,849
15,875
2
-.S
-1.8
-4.6
-2.7
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1990, according to preliminary estimates, gross farm income rose $16.0 billion (annual
rate) and net farm income rose $10.5 billion.
BILLI DNS OF DOLLA RS* (RATIOS :ALE)
BILLI DNS OF DOLLA RS* (RATIO SC ALE)
240
160
^
—-^-
—s
>
s
r
t
^~|
"""^
\
120
240
200
-_--
_---"
160
\
120
GRC SS FARM INCC3ME
80
80
An
An
40
20
10
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farmi "g
CJTOSS farm incom
Period
Net fara income
Cas i marketing rece pts
Total '
Total
Livestock and
products
Crops
inventory
changes 2
Production
expenses
Current
dollars
1982
dollars 3
149.3
166.3
163.5
153.2
170.2
162.9
156.5
169.0
173.8
189.2
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
139.7
141.6
142.6
136.8
142.8
144.1
135.2
141.7
150.2
159.2
68.0
69.2
70.3
69.6
72.9
69.8
71.5
76.0
78.8
83.7
71.7
72.5
72.3
67.2
69.9
74.3
63.7
65.6
71.4
75.4
-6.3
6.5
— 1.4
-10.9
6.0
-2.3
— 2.4
-2.8
— 4.1
4.4
133.1
139.4
140.0
137.9
143.8
131.9
125.5
127.7
132.1
142.6
16.1
26.9
23.5
15.3
26.3
31.0
31.0
41.3
41.8
46.7
18.8
28.6
23.5
14.7
24.5
27.9
27.2
35.1
34.4
37.0
-3.7
21
135.4
135.9
32.2
45.5
26.4
36.9
1988:
III
IV
167.6
181.5
154.9
155.4
79.2
81.2
75.7
74.2
1989:
I
II
Ill
IV
190.8
189.5
185.7
190.9
153.7
157.4
163.9
161.7
81.6
80.8
83.6
88.9
72.1
16.5
80.3
72.8
3.8
4.9
4.8
4.3
142.5
143.3
143.4
141.1
48.3
46.2
42.4
49.8
38.8
36.1
33.4
38.9
1990:
Ir
IIr
196.2
190.2
185.2
201.2
161.9
164.9
169.9
171.7
87.0
87.4
89.8
92.5
74.8
77.5
80.1
79.2
4.4
3.3
2.2
1.7
140.3
144.5
146.2
151.7
55.9
45.6
39.0
49.5
43.1
34.8
29.5
37.2
III
r
IV"
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
3
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the first quarter of 1991, according to preliminary estimates, corporate profits before tax fell $21.4 billion
(annual rate) and profits after tax fell $10.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360
SEASONALLY ADJUSTED ANNUAL RATES
320
320
280
280
PROFITS BEFORE TAX
r\
240
240
200
200
- PROFITS AFTER TAX
160
160
'
^""v
120
120
; LIABILITY
80
80
40
40
-UNDISTRIBUTED
I I I
1982
1983
1 1
1987
1 1
1986
1985
1984
1
1988
1
1989
1990
1991
COUNCIL OF ECONOMIC ADViSERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
1
Pr rfits (before t ax) with inve ntory valuati on adjustmen t
F rofits after ta X
Do "nestic indust •ies
Total
2
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
194.0
202.3
IV
IV
TV
IV
IV
IV
IV
III
rv
1990: I
n
ni
IV
1991: I"
1
3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.3
150.7
223.4
224.6
228.4
226.1
268.6
308.7
285.3
275.3
285.5
298.8
298.7
290.3
291.1
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
236.4
121.6
190.7
193.9
193.6
193.4
226.2
261.9
236.0
218.4
232.6
249.9
241.1
222.3
221.7
Financial
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
18.7
18.7
15.5
13.6
26.0
28.6
19.8
24.1
9.2
6.9
16.1
18.2
21.7
18.8
19.8
See p. 4 for profits with inventory valuation and capital consumption E
Includes rest of the world, not shown separately.
Profits
before tax
Nonfinancial
Period
Total 3
138.6
157.3
119.4
148.5
190.3
168.6
163.2
197.8
224.1
219.8
217.7
102.9
175.2
180.3
167.6
164.8
206.4
237.8
226.9
211.5
216.5
231.7
219.3
203.4
201.9
Manufacturing
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
41.5
237.1
226.5
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
304.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
291.4
289.8
296.9
299.3
318.5
304.1
282.7
84.8
81.1
63.1
77.2
Total
Dividends
sale and
retail
trade
77.1
88.5
58.0
70.1
Tax
liability
88.8
79.7
59.5
86.7
106.5
96.1
88.8
46.8
88.6
79.8
83.8
64.8
98.2
112.6
99.9
83.7
90.1
100.8
91.2
73.1
33.6
43.1
51.8
38.5
41.0
37.8
42.3
41.4
41.9
39.2
44.4
39.5
42.8
3
93.9
96.4
106.3
126.9
136.2
135.1
132.1
59.8
88.1
87.0
99.8
113.1
132.1
142.1
127.8
123.5
129.9
133.1
139.1
126.5
115.1
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
172.5
104.3
143.4
139.2
135.2
121.0
157.6
189.1
163.6
166.3
167.1
166.1
179.4
177.6
167.6
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.2
110.0
123.5
133.9
68.5
73.9
80.8
84.0
93.6
102.2
115.3
125.0
127.7
130.3
133.0
135.1
137.2
137.5
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
97.6
81.8
39.6
58.9
67.0
44.6
24.0
50.2
70.5
49.1
38.7
35.8
69.5
58.4
51.2
27.4
55.4
73.8
38.6
38.6
36.8
33.2
44.3
40.4
30.2
Inventory
valuation
adjustment
-43.1
-24.2
— 10.4
-10.9
-5.8
-1.7
6.7
-19.4
-27.0
-21.7
-11.4
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-6.1
-14.5
-11.4
-.5
-19.8
-13.8
r
8.3
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter of 1991, nonresidential fixed investment fell $19.8 billion
(annual rate) and residential investment fell $14.0 billion. There was a $31.2 billion decrease in inventories,
following a decline of $30.8 billion in the fourth quarter of 1990.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
voo
SE ASONALLY ADJUST D ANNUAL RATES
-
-
£00
GROSS F RIVATE DO MESTIC
It-•WESTMENT
700
-
-,
^~"~\
^
600
/
—
NONREJ>IDENTIAL
FIXED IN VESTMENT
500
^
/
'
• — ,,~
-=-
_
~
400
•.--''''
—
RESID ENTIAL
FIXED IN>/ESTMENT
300
-
300
-
\
"•»^^
200
1
200
k-
-
INVENTO RIES
"^7
1 1 1
1 1 1
N
h ****
i ii
1984
1985
1986
f
-'' "\
1 1 1
1982
-
ci-iANGE IN E USINESS
' ~ " r—
-
-100
500
/
400
100
NN
xr N
"""">^--\Xl ^ Oi_x]
>sX^
/
f'
600
~^~~
/I
\
\
\
1983
100
-
,''
Q
~
1
1 1
1987
1
1 1
1988
I
I I
1989
SOURCE; DEPARTMENT Of CO/AMERCE
1
1 1
1990
1
1 1
— 100
1991
COUNCIL OF ECONOMIC ADViSERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change ir business
inven .ones
1
I\xed investmen
P
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
"d
Gross
private
domestic
investment
IV
IV
IV
IV
IV
IV
IV
I
n
Ill
IV
1990: I
n
in
1991:
IV
Ir
Source: Department of Commerce, Bureau of Economic Analysis.
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
747.1
771.2
741.0
409.6
579.8
661.8
654.1
648.8
741.4
747.5
769.7
776.7
775.8
762.7
747.2
759.0
759.7
698.3
664.2
Nonresidential
Total
Total
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
746.1
469.5
548.8
616.8
646.8
660.9
685.7
731.3
743.1
744.0
746.9
737.7
758.9
745.6
750.7
729.2
695.4
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
524.1
354.9
383.9
435.0
451.3
435.8
457.5
495.3
506.5
511.4
518.1
511.8
523.1
516.5
532.8
524.0
504.2
Structures
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.7
139.9
146.2
147.0
137.6
127.4
146.6
155.9
133.7
137.2
141.2
146.5
144.2
147.0
147.1
148.8
147.2
149.8
142.1
139.8
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
296.2
311.2
348.4
365.7
377.1
217.3
256.5
288.4
295.5
302.2
320.4
354.0
360.0
367.2
371.0
364.7
374.3
369.3
383.0
381.9
364.4
Residential
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.3
232.5
231.0
222.0
114.7
164.9
181.8
195.5
225.1
228.1
236.0
236.6
232.7
228.9
225.9
235.9
229.1
217.9
205.2
191.2
Nonfarm
Total
-8.3
24.0
24.5
-7.1
67.7
11.3
-2.4
18.3
23.1
.4
60.5
14.6
6.9
8.6
28.3
26.2
28.3
32.3
-5.0
-59.9
31.0
45.0
7.2
-12.2
55.7
16.2
26.6
32.7
28.9
25.0
-11.8
13.4
9.0
-30.8
31.2
29.8
23.3
7.4
-51.1
21.3
41.3
23.7
-8.0
59.6
35.0
16.7
26.1
26.2
24.1
-17.0
13.0
6.8
-32.4
-34.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March 1991 survey, business spending for new plant and
equipment is expected to rise 2.5 percent in 1991, following a rise of 5.0 percent in 1990.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
600 I
600
SEASONALLY ADJUSTED ANNUAL RATES
500
500
400
400
ALL INDUSTRIES
300
300
NONMANUFACTURING I/
200
200
A
MANUFACTURING
100
100
I 1 1
1983
i
1 1
1984
1
1
1
1
1985
1
I
1
1987
1986
!
!
1988
1 i
1989
* SECOND HALF
-^/SURVEYED QUARTERLY
-^SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1991
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
M inufacturii ig
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 4
All
industries
Total
Durable
goods
Norimanufactu ing
Nondurable
goods
Total >
Mining
Transportation
Public
utilities
mercial
and
other
Total
nonfarm
business 2
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
592.31
608.40
Non manufactu ring
facturing
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.78
193.39
Total
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.52
415.01
Surveyed
quarterly
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
340.17
353.02
286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.96
546.41
1989: I
n
Ill
IV
1990: I
n
in
IV
1991: I 4
II"
2nd half
1
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.78
193.39
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.99
80.88
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
109.79
112.51
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
340.17
353.02
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.87
9.85
13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.59
23.06
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.00
69.07
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.72
251.04
487.43
502.05
514.95
519.58
172.73
180.91
185.99
191.88
80.20
82.44
83.60
83.41
92.53
98.47
102.40
108.47
314.70
321.14
328.96
327.70
8.94
9.24
9.24
9.38
17.84
18.42
21.03
18.25
66.09
68.09
65.19
65.82
221.82
225.39
233.50
234.25
172.73
180.91
185.99
191.88
191.36
195.16
194.48
190.14
86.35
84.34
82.67
78.62
105.02
110.82
111.81
111.52
341.09
340.33
340.39
338.89
9.58
9.84
9.98
10.09
22.13
21.86
21.41
20.95
65.72
64.27
67.48
70.53
243.66
244.37
241.51
237.32
191.36
195.16
194.48
190.14
188.73
194.13
195.35
81.36
80.86
80.66
107.37
113.28
114.69
352.09
353.78
353.11
10.02
10.12
9.63
22.25
21.60
24.20
68.71
68.57
69.50
251.11
253.48
249.78
188.73
194.13
195.35
352.09
353.78
353.11
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
61.99
341.09
340.33
340.39
338.89
540.82
547.91
548.46
Iy3
314.70
321.14
328.96
327.70
532.45
535.49
534.86
529.02
Surveyed
annual-
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in January-March 1991, corrected for
biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In April, civilian employment rose 644,000 and unemployment fell 298,000.
MILLIONS OF PERSONS*
126
MILLIONS OF PERSONS*
126
SEASONALLY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
V
114
114
110
110
CIVILIAN
EMPLOYMENT
106
106
102
102
^ /
98
98
12
UNEMPLOYMENT
/
1984
1983
1985
1987
1986
1988
1989
1991
1990
• 16 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1981
1982
1983
1984
1985
1986'
1987
1988
1989
1990
1990:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
tional
population
including
resident
Armed
Forces
NSA
Resi-
Labor force
Armed
Forces
NSA
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Labor
Nonagricultural
Civilian
labor force
Agricultural
Total
Total
Ohilian
Unempl ayment
Civilian e mployment
Noninstitu-
Part time
for
economic
reasons 1
Total
15
weeks
and
over
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
3,186
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
114,728
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
189,326
189,467
189,607
189,763
189,901
190,002
190,095
190,312
190,483
1,657
1,639
1,630
1,627
1,640
1,601
1,570
1,615
1,617
126,438
126,578
126,427
126,336
126,345
126,571
126,445
126,338
126,791
119,747
119,916
119,867
119,509
119,330
119,484
119,303
119,001
119,191
124,781
124,939
124,797
124,709
124,705
124,970
124,875
124,723
125,174
118,090
118,277
118,237
117,882
117,690
117,883
117,733
117,386
117,574
3,140
3,286
3,279
3,108
3,152
3,194
3,175
3,185
3,253
114,950
114,991
114,958
114,774
114,538
114,689
114,558
114,201
114,321
4,680
4,689
4,745
4,780
4,830
5,051
5,135
5,163
5,262
6,691
6,662
6,560
6,827
7,015
7,087
7,142
7,337
7,600
1,417
1,404
1,436
1,508
1,568
1,605
1,591
1,727
1,739
66.5
66.5
66.4
66.3
66.2
66.3
66.2
66.1
66.3
62.9
63.0
62.9
62.7
62.5
62.6
62.4
62.2
62.3
190,592
190,717
190,703
190,836
1,615
1,602
1,460
1,456
126,253
126,678
126,786
127,128
118,537
118,520
118,214
118,854
124,638
125,076
125,326
125,672
116,922
116,918
116,754
117,398
3,163
3,222
3,098
3,156
113,759
113,696
113,656
114,243
5,178
5,803
5,889
5,956
7,715
8,158
8,572
8,274
1,829
1,975
2,184
2,229
66.0
66.1
66.2
66.4
61.9
61.8
61.7
62.0
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
source: Department of Labor, Bureau 01 Labor statistics.
11
SELECTED UNEMPLOYMENT RATES
In April, the overall unemployment rate fell to 6.5 percent and the civilian unemployment rate fell to 6.6 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
15
A •A
15
10
TEENAGERS
(16-19)
y/
fV>
i
'y V X/ ^ -
«.A
*
10
WOMEN
20 YEARS
AND OVER
l\
,
£
J '
C^
A^EN 20 YEAR S
AND OVER
nniliiiii
1991
1987
1987
1 1 1 1 1 1 1 f 1 1 1 ,m,|,iin
1990
1989
| | 1I 1 11 11 M
1988
"UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
nniliiiii
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemp oyment ra te (percen t of civilia n labor force in group)
Unemployment
rate,
all
workers 1
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
Oct
Nov
Dec
5.3
5.3
5.2
5.4
5.6
5.6
5.6
5.8
6.0
5.4
5.3
5.3
5.5
5.6
5.7
5.7
5.9
6.1
4.7
4.7
4.7
4.9
5.0
5.1
5.2
5.4
5.6
4.8
4.6
4.6
4.7
4.9
4.9
4.9
5.1
5.3
Jan
Feb
Mar
Apr
6.1
6.4
6.8
6.5
6.2
6.5
6.8
6.6
5.6
6.3
6.5
6.2
5.3
5.4
5.7
5.5
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Apr
May
June ....
July
Aug
Sept
1991:
By sex and a g»
Both
sexes
16-19
years
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
14.8
15.4
14.7
15.8
16.6
15.7
16.2
16.4
16.6
18.2
17.1
18.7
18.1
White
Black
and
other
Black
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
14.2
17.3
17.8
14.4
13.7
4.7
4.6
4.5
4.7
4.8
4.8
4.9
9.3
9.5
9.6
5.0
5.3
5.5
5.9
6.2
5.8
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
B y s elected grouj)S
By race
13.1
11.6
10.4
10.0
10.1
10.3
10.4
10.8
10.6
11.0
11.1
10.7
10.7
11.1
11.2
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
Labor
force
time lost
(percent) 2
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
8.5
11.0
10.9
8.6
8.1
7.9
7.1
10.6
10.6
10.7
11.4
11.7
11.9
11.7
12.2
12.2
5.1
5.1
5.1
5.2
5.3
5.4
5.4
5.7
5.8
3.2
3.3
3.2
3.3
3.5
3.5
3.5
3.7
3.8
7.8
7.5
8.0
8.3
8.4
8.7
8.5
8.7
8.7
5.1
4.9
4.9
5.1
5.3
5.4
5.5
5.7
5.8
7.2
7.4
7.5
7.8
7.7
7.2
7.1
7.3
7.6
6.2
6.0
5.9
6.1
6.3
6.4
6.6
6.7
6.9
12.1
11.8
12.3
12.6
6.0
6.4
6.7
6.4
4.0
4.3
4.5
4.4
9.0
9.1
9.0
9.9
6.0
6.4
6.5
6.3
7.7
7.6
9.1
8.1
7.0
7.5
7.7
7.6
Source: Department of Labor, Bureau of Labor Statistics.
6.3
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 5-14 weeks
fell and the percentages for 15-26 weeks and for 27 weeks and over rose. Both the mean duration of
unemployment and the median rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
10 -
1987
' SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Dur ition of imemployment
Period
Unemployment
(thousands)
F ercent di stributio i
Less
than
5
weeks
5-14
weeks
15-26
weeks
Stat e
progra ms
Be ason for memployment:
percent distributkm
Number of
ks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly a /erage, t lousands
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
6,691
6,662
6,560
6,827
7,015
7,087
7,142
7,337
7,600
7,715
8,158
8,572
8,274
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
47.2
46.1
46.8
46.1
47.3
43.2
44.1
44.7
43.5
44.1
42.4
40.9
39.8
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
31.8
32.9
31.5
31.8
30.0
34.3
33.6
31.8
33.4
32.2
33.4
33.8
33.2
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
11.0
11.6
11.7
11.8
11.9
12.1
12.5
12.8
12.5
12.7
12.9
14.4
14.8
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
10.0
9.4
10.0
10.3
10.8
10.4
9.8
10.8
10.6
11.0
11.3
11.0
12.1
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
12.1
11.6
12.0
12.1
12.3
12.4
12.0
12.4
12.4
12.4
12.8
13.0
13.7
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
5.0
5.3
5.2
5.2
5.3
6.1
5.9
5.9
5.9
5.9
6.1
6.6
7.0
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
46.7
47.4
48.6
46.5
49.0
49.6
49.9
51.2
49.9
53.0
55.5
54.9
54.5
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
17.2
15.2
15.2
15.1
14.3
13.5
13.7
13.6
13.5
11.7
12.2
12.6
11.9
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
26.6
27.3
27.9
28.4
27.1
27.5
26.8
26.3
28.0
26.6
24.5
24.4
24.7
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
9.5
10.1
8.3
10.0
9.7
9.4
9.6
8.9
8.7
8.7
7.8
8.2
8.9
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
2,398
2,425
2,452
2,479
2,495
2,620
2,765
2,912
2,970
3,070
3,218
3,415
3,518
460
583
438
377
396
378
328
310
330
388
361
353
355
361
377
399
431
454
461
445
489
509
475
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,715
2,531
2,270
2,212
2,442
2,295
2,193
2,294
2,722
3,222
4,011
4,147
4,127
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 124,000 in April.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
110
ALL NONAGRICULTURAL
ESTABLISHMENTS
100
90
80
\
SERVICE-PRODUCING
INDUSTRIES
70
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
\
--,
\
—
CONSTRL CTION
<f 1 1 1 1 1 M 1 t | 1
20
1988
1987
1989
1990
1991
1987
' ' Ui M ' M
miiliim ! M H 1 1 H H
1988
1989
1990
M 1 1 1 1 1 1 1 IJj
1991
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;
1
seasonally adjusted]
Se rvice-produ ing industr es
Goods-] reducing in dustries
Period
Total
nonagricultural
employment
M anufacturin g
Total
2
Construction
Transportation
Total
Durable
goo s
Nondurable
goods
Total
and
public
utilities
Wholesale
trade
Retail
trade
Gover nment
Finance,
insurance,
and real
estate
Services
Total
Federal
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,413
110,321
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,326
25,001
4,188
3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,200
5,204
20,170
18,781
18,434
19,378
19,260
18,965
19,024
19,350
19,426
19,062
12,082
11,014
10,707
11,479
11,464
11,203
11,167
11,381
11,422
11,122
8,089
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8,004
7,940
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,087
85,320
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,648
5,839
5,376
5,296
5,286
5,574
5,736
5,774
5,865
6,055
6,271
6,361
15,172
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,580
19,788
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,649
6,724
6,832
18,619
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,096
28,209
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,769
18,291
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
1990: Apr
May....
June ...
July....
Aug....
Sept....
Oct ....
Nov ...
Dec
1991: Jan ....
Feb r...
Mar r..
Apr"..
110,177
110,617
110,829
110,740
110,613
110,612
110,432
110,165
110,004
25,180
25,191
25,162
25,105
25,013
24,931
24,777
24,511
24,416
5,256
5,286
5,270
5,229
5,194
5,176
5,093
5,029
4,983
19,190
19,167
19,148
19,131
19,084
19,019
18,951
18,744
18,693
11,229
11,217
11,201
11,179
11,129
11,068
11,026
10,865
10,831
84,997
85,426
85,667
85,635
85,600
85,681
85,655
85,654
85,588
5,809
5,833
5,846
5,841
5,846
5,870
5,870
5,866
5,882
6,363
6,369
6,383
6,374
6,376
6,370
6,355
6,343
6,331
19,778
19,795
19,822
19,851
19,846
19,844
19,792
19,739
19,670
6,823
6,838
6,844
6,842
6,852
6,851
6,843
6,833
6,829
3,151
3,346
3,338
3,164
3,045
2,999
2,983
2,961
2,943
24,193
24,068
23,899
23,833
4,841
4,866
4,792
4,771
18,615
18,462
18,369
18,327
10,775
10,641
10,577
10,549
85,620
85,459
85,387
85,329
5,883
5,843
5,831
5,828
6,292
6,271
6,252
6,237
19,682
19,564
19,505
19,466
6,829
6,824
6,825
6,828
27,969
28,094
28,225
28,287
28,387
28,440
28,475
28,548
28,573
28,622
28,613
28,618
28,639
18,255
18,497
18,547
18,440
18,293
18,306
18,320
18,325
18,303
109,813
109,527
109,286
109,162
7,961
7,950
7,947
7,952
7,955
7,951
7,925
7,879
7,862
7,840
7,821
7,792
7,778
18,312
18,344
18,356
18,331
2,951
2,951
2,951
2,944
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricuitural employment of the civilian labor
force, shown on p. H, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Aver age
Average gi oss hourly
ean .rigs
weekly ] ours
Average gross weekly earnings
Manufa during
Total rivate
nonagnc ultural *
Period
nonagricultural 1
Total
Overtime
1983
1984
1985
1986
1987
1988
1989
1990
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
1990: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
34.5
34.5
34.7
34.5
34.5
34.7
34.2
34.4
34.6
41.0
41.0
40.7
40.5
40.7
3.5
3.8
3.8
3.7
3.8
3.7
3.6
3.5
3.6
1991: Jan
Feb r
Mar r
Apr"
34.1
34.3
34.2
34.1
40.4
40.3
40.1
40.2
3,4
3.3
3.2
3.3
1981
1982
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
40.7
40.9
41.0
40.9
Total
private
nonagricultural l
Manufacturing
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban i
workers (on a 1982-100 base).
Current
dollars
1982
dollars z
Manufacturing
Construction
Retail
trade
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.81
430.09
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
495.73
512.41
524.49
$157.99
Current
dollars
1982
dollars
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.49
10.84
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
346.04
$270.63
267.26
3.3
3.4
3.7
3.9
3,8
3.6
$7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.03
9.96
9.98
10.03
10.07
10.09
10.13
10.12
10.14
10.19
10.75
10.81
10.86
10.89
10.90
10.93
10.97
10.97
11.00
343.62
445.26
445.40
446.90
448.13
446.48
444.29
447.70
508.03
520.98
531.35
516.00
526.40
530.69
511.34
530.92
535.05
195.46
196.04
196.62
196.23
195.73
197.39
194.26
197.17
197.28
2.8
4.0
4.5
3.4
3.8
4.3
348.82
352.57
261.51
261.44
262.87
261.61
259.78
260.19
254.67
255.92
257.92
3.1
4.0
-1.6
-3.8
-3.0
-2.0
10.19
10.21
10.24
10.29
11.04
11.02
11.05
11.12
347.48
350.20
350.21
350.89
253.27
255.06
255.07
254.82
446.02
444.11
443.11
447.02
516.80
533.76
520.50
526.93
195.11
196.77
198.60
198.23
2.8
2.4
2.3
2.4
-2.5
-2.5
-2.2
22
2.8
2.3
3.0
3.4
1
2
Percent cha nge from a
year ear er, total
ate
nonagric ultural 3
C urrent dollar 5
3
3 earners and clerical
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.98
344.31
348.04
347.42
348.11
351.51
346.10
442.27
437.53
442.13
163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
195.26
-1.5
8.5
4.7
— 1.2
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.5
2.0
.8
-1.3
.3
-1.0
-.9
-1.0
-1.6
-1.6
-.1
-.0
-1.0
1 f
2.1
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Percent eh ange from
Index (June 1989 = 100)
12 months earli r
3 months earlie
Period
Total
compensation
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits '
Total
compensation
Wages and
salaries
Benefits
1
Not s easonally ad usted
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
71.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
66.6
71.4
76.7
81.7
2.0
1.3
1.3
84.6
87.5
90.5
96.7
102.6
109.4
.6
_7
.6
1.0
1.1
.8
1.3
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
Not se asonally adji sted
Seasonall v adjusted
1988: Mar
June
Sept
Dec
94.5
95.7
96.6
97.8
95.0
96.1
96.9
98.0
93.1
94.5
95.7
97.1
1.3
1.3
.9
1.2
0.8
1.2
.8
1.1
2.4
1.5
1.3
1.5
3.8
4.5
4.4
4.8
3.3
3.8
3.7
4.1
5.9
6.4
6.8
6.9
1989: Mar
June
Sept
Dec
98.8
100.0
101.3
102.4
99.1
100.0
101.1
102.2
98.1
99.8
101.5
103.1
1.0
1.2
1.3
1.1
1.1
.9
1.1
1.1
1.0
1.7
1.7
1.6
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
5.4
5.6
6.0
6.1
1990: Mar
June
Sept
Dec
103.8
105.1
106.2
107.2
103.3
104.4
105.4
106.2
105.1
106.7
108.4
109.9
1.4
1.1
1.1
1.0
.8
1.9
1.5
1.6
1.4
5.2
5.2
4.9
4.6
4.2
4.5
4.2
4.0
7.2
6.9
6.8
6.6
1991: Mar
108.4
107.3
111.3
1.1
1.0
1.3
4.4
4.0
5.8
1
Employer costs for employee benefits.
NOTE. — The employment cost index is a measure of the change in the cost of labor, fre i from the
influence of employment shifts among occupations and industries.
1.3
1.0
.9
Dataexclude farm an d household w orkers.
Source: Dej artment of La 3Or, Bureau of Labor Statistic s.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output p ir hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Hours of all
Out]>ut *
Business
sector
Compensation per
hou r 3
pers HIS 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit lab or costs
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Implic t price
defla tor 5
Business
sector
Nonfarm
business
sector
19f ?2 = 100; quarterly d ata seasoilally adjus ted
1980
1981
1982
1983
1984
99.2
100.7
100.0
102.3
104.9
99.9
100.9
100.0
102.9
105.1
101.1
103.2
100.0
104.2
113.0
1985
1986
1987
1988
1989
1990 '.
1982: IV
1983: IT
1984: IV
1985: IV
1986: IV
1987: IV
1988: I
107.1
109.5
110.7
113.2
112.6
111.9
100.6
103.2
105.3
108.0
109.4
112.0
113.2
112.9
113.6
113.1
113.0
113.0
112.6
111.9
111.7
111.9
112.1
111.8
112.0
106.5
108.7
109.8
112.5
111.7
110.8
117.7
121.3
126.4
133.0
135.8
136.1
100.4
103.8
105.4
107.1
108.4
110.9
99.5
107.6
114.5
119.3
122.2
129.4
112.2
112.0
112.8
112.9
131.2
132.6
133.8
134.5
112.1
112.0
111.7
111.0
135.6
135.9
136.1
135.5
110.7
110.7
110.9
110.7
136.0
136.4
136.5
135.4
111.0
134.0
n
in
IV
1989: I
n
rn
IV
1990: I
n
m
IV r....
1991: I"*....
101.7
103.4
100.0
105.0
113.7
118.1
121.6
126.8
134.0
136.7
136.9
99.3
108.7
115.1
119.6
122.4
129.7
131.6
133.4
134.8
136.0
136.4
136.8
137.1
136.3
136.8
137.2
137.4
136.1
134.8
101.9
102.5
100.0
101.8
107,6
101.8
102.5
100.0
102.0
108.1
85.1
93.0
100.0
103.8
108.0
85.1
93.1
100.0
104.0
108.1
99.7
98.8
100.0
100.6
100.4
99.6
98.8
100.0
100.7
100.4
109.9
110.8
114.1
117.5
120.5
121.6
110.9
111.9
115.5
119.1
122.3
123.6
112.8
118.7
123.1
128.6
132.9
137.7
112.5
118.2
122.4
127.8
131.9
136.6
101.2
104.5
104.5
104.9
103.4
101.7
100.9
104.1
104.0
104.3
102.7
100.8
98.9
104.3
108.7
110.5
111.7
115.6
98.9
104.7
109.2
111.7
112.9
117.0
102.1
105.3
109.5
115.2
120.8
125.5
102.1
105.2
109.6
114,6
120.3
124.8
100.6
100.5
100.4
102.0
105.5
105.0
100.6
100.4
100.4
101.5
105.1
104.4
115.8
117.5
117.8
118.8
117.3
119.1
119.5
120.5
126.3
127.9
129.7
130.8
125.5
127.1
128.8
130.0
104.8
104.9
105.1
104.8
104.2
104.3
104.3
104.2
120.0
120.2
120.9
121.0
121.7
122.2
122.7
122.8
131.8
132.7
133.1
131.0
131.6
132.1
132.9
104.4
103.5
103.0
102.5
103.8
102.7
102.3
101.9
121.7
121.9
121.8
121.1
123.7
123.9
123.9
123.0
134.2
135.8
137.4
138.7
101.8
102.2
101.7
100.8
101.0
101.3
100.8
100.0
119.7
121.5
140.1
100.9
100.2
133.8
135.3
137.0
138.6
139.8
141.1
85.8
92.4
100.0
101.4
102.9
105.4
108.4
111.2
113.7
117.9
123.1
101.5
102.0
104.0
106.7
110.4
112.1
111.5
113.3
114.2
115.6
116.7
117.4
118.2
119.5
121.1
122.5
123.6
125.0
126.0
85.2
92.3
100.0
101.0
102.8
10.9
7.7
8.3
1.4
1.5
2.3
2.8
2.6
2.2
3.8
4.3
-2.0
6.5
3.1
5.0
3.8
2.5
2.8
4.6
5.4
4.7
3.7
4.8
3.0
11.0
8.3
8.4
1.0
1.8
105.6
108.8
111.6
113.7
118.1
123.3
101.7
101.3
104.0
107.1
111.0
112.6
111.9
113.5
114.2
115.2
116.9
117.5
118.3
119.7
121.3
122.7
123.9
125.3
126.2
103.3
106.8
109.5
111.8
114.8
118.2
122.8
127.5
101.4
104.8
107.9
110.5
112.8
115.7
116.2
117.5
118.9
120.3
121.2
122.5
123.3
124.3
125.8
127.2
128.2
128.8
130.4
85.7
94.0
100.0
103.5
106.6
109.8
112.3
115.3
118.4
123.0
127.7
101.5
104.7
107.9
111.0
113.4
116.2
116.6
117.8
118.8
120.5
121.4
122.7
123.5
124.7
125.8
127.3
128.4
129.2
130.8
9.0
9.6
5.9
3.3
3.3
2.5
2.1
2.7
3.0
3.9
3.8
1.7
4.8
4.7
4.9
3.1
4.3
2.5
3.5
4,6
4.6
3.2
2.0
5.1
9.7
9.7
6.3
3.5
3.0
3.0
2.3
2.7
2.7
3.9
3.8
1.4
4.1
3.4
5.9
2.8
4.4
2.6
3.9
3.8
4.8
3.6
2.5
4.9
86.2
94.4
100.0
Pe rcent chan ge; quarte rly data a seasonal! y adjusted annual ra tes
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990 r.
1988: I
n
ra
IV
1989: I
n
m
rv
1990:
I
n
m
IV '....
1991: I"*....
1
-0.2
1.5
-.7
2.3
2.5
2.0
2.3
1.1
2.2
-.5
-.7
4.6
-1.1
2.5
-1.6
-.5
.1
-1.6
-2.3
-.9
.6
.9
-1.2
.7
-0.3
1.0
-.9
2.9
2.1
1.3
2.0
1.0
2.5
-.7
9
4.7
— .5
2.8
2
-2.7
3
-1.0
-2.5
-1.1
2.1
-3.1
4.2
8.4
4.2
3.1
4.1
5.3
2.1
2
5.7
4.6
3.5
2.0
3.5
.0
.6
-1.8
1.4
1.2
.5
-1.3
.3
.6
-.7
-3.4
1.0
-4.0
-1.2
1.7
3.3
5.0
8.3
3.9
3.0
4.2
5.7
2.0
.2
5.9
5.6
4.1
3.6
1.2
1.3
.6
-2.1
1.4
1.2
.4
-3.6
-3.9
-0.9
.6
-2.5
1.8
5.7
0.8
.7
2.4
2.0
6.0
2.1
.8
3.0
3.0
2.6
.9
2.5
.9
3.2
3.1
2.7
1.0
1.0
5.8
1.0
3.6
1.1
6.1
1.3
3.4
4.0
.8
2.2
.4
4.0
1.6
1.6
.5
2.3
.5
-.4
-2.2
2.8
.9
-.2
-2.8
-4.6
-4.9
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
10.6
9.3
7.5
3.8
4,1
4.4
5.2
3.7
4.5
3.3
3.6
2.5
5.3
5.6
3.4
3.3
2.6
1.1
2.2
4.5
5.4
4.6
3.5
3.7
10.6
9.4
7.4
4.0
3.9
-2.5
-1.0
1.3
.6
.2
-2.5
-.8
1.2
.7
-.4
4.1
5.1
3.6
4.4
3.2
3.5
.8
3.2
.1
.4
-1.5
-1.7
.5
3.2
.3
-1.5
-1.8
2.4
5.1
5.3
3.8
-.6
.6
.4
-.9
-.7
.5
.1
-.5
3.3
1.7
1.6
2.3
-1.6
-3.3
-2.0
-1.8
07
-^
-1.6
-4.2
-1.5
-1.6
3.9
5.0
4.7
3.9
oi
-3.2
-3.2
1.0
-2.0
-2.9
4.0
.2
.5
1.4
2.8
3.0
2.5
1.9
3.9
4.4
-2.2
5.7
2.5
3.6
6.1
2.0
2.6
5.0
5.3
4.7
4.1
4.7
3.0
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original < ;a; they therefore may
differ slightly from percent changes based on indexes shown here.
'Data do not reflect (}NP revisions ol May 29, 1991.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose slightly in April and capacity utilization fell again.
INDE X, 1987=100* (RATIO SC
:ALE>
115
TOTAL lr>JDUSTRIAL PRODUCTI DN
110
•^~~
^
105
~—
y^"
100
IND :X, 1987= 1C0* (RATIO S CALE)
130
'
r^
FINAL P RODUCTS
125
\
BU SINESS
EQL IPMENT
120
^
115
\
^/ CONSUMER
GOODS
— /_
"*"" ^N^**
\ ,.""
110
95
iiiiiiinii
Illllllllll Illllllllll
90
Illllllllll
105
Illllllllll
115
MANUF^vCTURING
110 -PRODUC TION— ^
—S
s—f1 •±_^I
•/"•" - — ' /
J*~~^ I-NONDURA BLE—
105
100
|
~-~T"nr "
^— ^DURABLE'
95
,^
*•
^•>7-4c.: •*
100
s*/~~\
<^-—f\
S'\ps^
"\ / J
/*
.—
-"^•-— ..
Z
-X\
X
.x
"
DEFENSE
AND SPAC E
EQUIPMEN T
miilimi Illllllllll
95 ''
85
90 Illllllllll Illllllllll Illllllllll Illllllllll
\
Illllllllll Illllllllll Illllllllll
PER CENT*
115 —UTILITIES AND MINI NG
PRODUCTION
110
»^
105
-
»A
V _ /f. *
ir
i
Illllllllll
88 -CAPACI1Y UTILIZAT ION RATE(TOTAL 1 NDUSTRY)
86
UTIll TIES
84
A_i
T
IW/
82
J
' ^~
100
80
VV
MINING
95 /
90 Illllllllll Illllllllll
1988
1987
X—'
r~-^^
,
~-^N
^Ok/—' ~\
\
/
\
/
78
Illllllllll
Illllllllll
1989
1990
Illllllllll
1991
76 Illllllllll Mlll|lllll Illllllllll
1989
1988
1987
Illllllllll
1990
V
iiiiiiinii
1991
SEASONALLY ADJI STED
OURCE: BOARD OF GOVERNORS OF T
HE FEDERAL RESER VE SYSTEM
COUNCIl OF ECCJNOMiC ADVISERS
[Monthly data seasonally adjusted]
Industry pro iuction indexe , 1987 = 100
To tal
indu itrial
prodi ction
Period
Index,
1987 = 100
1980
1981
1982
1983
1984
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
1985
1986
1987
1988
1989
1990
108.1
109.2
1990: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
108.8
109.4
110.1
110.4
110.5
110.6
109.9
108.3
107.2
r
106.6
105.7
105.0
105.1
1991: Jan
Feb r
Marr
Apr"
1
Output as percent of capacity.
Capacity utilization
rate, p rcent x
Manufacturing
Percent
change
from year
earlier
-1.9
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
.2
1.0
1.6
2.4
2.1
2.2
2.0
.2
-1.3
.8
-2.6
3.6
q^
Mining
Total
Durable
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
90.8
91.5
94.9
100.0
103.6
106.4
107.8
109.5
110.3
110.8
111.1
111.1
111.2
110.7
108.9
107.5
111.1
112.6
113.4
113.4
113.5
113.8
112.5
109.9
107.5
107.0
106.0
105.1
105.4
107.2
106.0
104.9
105.5
75.7
Utilities
Nondurable
Total
industry
Manufacturing
101.8
100.5
102.6
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
80.4
79.5
79.0
81.4
83.9
83.9
82.3
107.5
107.4
107.6
108.1
108.1
108.0
108.4
107.7
107.4
102.9
102.2
102.2
104.0
102.4
103.9
102.6
103.3
103.4
106.7
107.1
109.7
109.7
111.4
110.3
109.2
106.9
108.8
83.2
83.4
83.8
83.8
83.7
83.6
83.0
81.6
80.6
82.5
82.9
83.1
83.1
82.9
82.8
82.2
80.7
79.4
106.8
106.0
105.4
105.2
101.7
102.9
102.1
101.0
107.6
105.2
106.0
106.0
80.0
79.1
78.5
78.3
78.9
78.0
77.2
77.1
83.1
84.5
82.5
87.0
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
82.1
80.9
75.0
80.2
78.8
72.8
74.9
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Mate rials
Produ cts
Interntediate
I^inal produc ts
I quipment
Co nsumer gc ods
Period
Total
Total
Durable
goods
Nondurable
goods
Defense
Total
Total '
Construction
supplies
Business
Total
Energy
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
equipment
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
110.9
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
111.7
111.9
112.6
112.3
110.2
109.2
107.2
107.4
107.8
107.5
107.8
108.7
108.6
106.5
105.7
107.3
109.3
112.1
108.3
107.4
110.4
106.9
99.4
96.0
107.1
106.9
106.6
107.3
107.9
108.2
109.1
108.5
108.4
114.7
116.2
116.8
117.2
117.2
117.8
117.0
115.1
113.6
121.6
123.5
124.4
125.0
125.4
126.4
122.9
121.2
97.3
97.6
97.6
97.8
97.7
97.3
97.3
96.2
95.8
108.0
108.3
108.3
108.4
107.9
107.4
107.0
106.2
106.0
106.4
105.5
106.0
106.7
105.3
103.8
103.1
101.8
101.0
109.1
110.2
109.8
109.5
109.7
109.9
109.7
109.2
109.4
107.3
107.7
108.8
109.6
109.7
109.4
108.3
106.8
105.3
101.8
101.1
102.1
103.3
103.0
103.0
102.3
101.6
102.0
109.1
108.4
108.2
108.4
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
110.4
111.2
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
pro{
bets
105.6
105.0
105.0
105.4
97.6
95.6
96.2
99.1
107.8
107.5
107.4
107.2
113.6
112.8
112.4
112.3
121.6
120.5
120.2
120.5
94.4
94.5
93.8
92.7
103.8
102.5
101.0
100.7
97.7
96.3
93.9
94.3
108.1
106.8
105.9
105.2
104.8
103.8
102.8
102.8
101.1
101.2
101.2
100.7
111.7
1991: Jan '
Peb r
Mar r .
Apr?
125.4
s well drilling and manufactured homes, not shown separately.
[1987—100; monthly data seasonally adjusted]
No idurable manufactu res
Durable m mufactures
Transp jrtation
equip ment
Primary metals
Period
Total
Iron
and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
1990: Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
106.4
106.2
109.5
110.3
114.6
111.6
108.6
109.1
104.2
106.7
105.5
110.3
110.6
118.3
113.9
110.3
112.6
107.3
105.0
107.1
106.7
107.7
107.9
106.8
106.4
104.3
101.9
125.7
126.9
127.5
128.3
128.8
128.5
128.1
126.3
124.7
111.3
112.4
112.8
112.2
112.5
112.5
110.8
110.4
108.7
105.1
109.0
111.0
109.3
107.9
111.1
109.2
100.1
96.6
95.8
104.0
108.0
102.7
101.0
107.5
103.8
85.8
78.5
103.3
101.7
102.0
103.6
100.5
100.3
98.2
95.5
93.5
98.7
99.2
99.3
99.2
98.8
98.4
97.2
95.5
94.9
112.0
112.8
112.0
111.4
110.9
111.6
112.9
112.4
112.8
110.3
109.2
110.3
110.4
111.1
110.9
110.7
110.0
109.9
107.0
106.8
106.1
107.1
107.7
107.6
108.8
109.6
109.1
1991: Jan '
Febr
Mar '.
Apr "
99.7
99.4
94.7
93.9
99.0
97.9
92.5
90.5
101.7
98.6
97.0
98.1
125.5
124.5
123.2
122.6
107.6
108.2
108.4
108.3
97.6
95.6
95.0
97.7
83.0
79.8
80.0
86.2
94.2
91.2
90.8
91.2
92.9
93.1
92.5
92.6
112.1
110.7
109.7
109.3
110.1
109.3
108.6
108.3
108.3
108.0
107.9
107.6
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio i contracts
Private
Federal.
State, and
local
Resit ential
Commercial
Period
expenditures
Total
Total
New housing
1
and
industrial
2
Other
3
Commercial
and industrial
floor space
{millions of
square feet)
Total value
index
(1982=100)
B illions of dollars
1981
1982
267.7
255.7
290.9
340.7
368.7
398.2
1983
1984
1985
1988
1987
1988
1989
1990
410.2
422.1
432.1
434.0
203.0
192.6
227.5
270.5
290.9
313.6
319.6
327.1
333.5
324.4
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
85.5
83.6
48.7
49.2
48.1
48.0
49.7
48.5
48.5
49.2
51 5
54.0
196.1
189.5
187.1
184.4
179.7
174.6
169.3
164.8
140.0
136.6
130.5
129.2
127.0
123.3
121.5
117.3
114.5
87.2
85.6
84.5
85.8
89.4
84.1
82.0
79.5
77.1
77.9
53.3
53.0
53.4
54.3
54.7
55.0
55.8
55.3
55.5
52.8
109.9
106.0
109.8
111.5
105.7
112.8
106.4
110.8
113.9
111.2
161.7
154.7
154.1
153.4
108.3
104.6
101.7
100.7
77.3
77.5
73.3
76.2
53.4
55.2
53.7
55.1
103.6
110.1
108.1
107.9
64.7
150
159
165
167
r
r
!73
!56
457.3
444.7
443.8
May
441.1
437.0
436.3
423.9
420.2
415.7
406.6
July
Sept
Oct
Nov
Dec
1991: Jan
Feb r.
Mar"
Apr"
396.0
397.5
389.3
392.6
347.4
338.8
334.0
329.6
331.3
323 5
317.5
309.4
301.9
295.5
292.4
287.4
281.1
284.7
206.9
200.2
747
Annual rates
Annual rates
1990: Mar
919
690
756
955
1,097
1,016
1,019
973
961
100
100
124
136
63.1
63.5
70.2
77.8
84.6
90.6
95.0
98.6
109.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
129.9
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
186.9
145.3
r
!68
r
!53
166
165
r
!59
r
lol
r
!48
r
!53
r
!50
134
r
134
134
!29
145
818
768
782
694
624
653
693
639
660
555
602
658
538
624
Sources: Department of Oomm -ce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
' Includes residential improven nts, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
2
3
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except us noted]
New prh ate homes
New private housing units
Units started, In type of structure
Period
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
2-4 units
1 unit
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
705 4
662.6
1,067.6
1,084.2
1,298
1,217
1,208
1,187
1,155
1,131
1,106
1,026
1,130
971
988
901
897
890
876
835
858
839
769
751
648
788
736
778
1,072 4
1,179.4
1,146.4
1 081 3
1,003.3
894.8
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
,5 or more units
Units
authorized
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
r
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,789.4
1,534.8
1,455.6
1,338.4
1,1 10.8
Units
completed
Homes sold
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
559
534
535
549
541
525
504
465
480
464
275
253
436
1,371
1,310
1,351
1,294
1,312
1,307
Homes for
sale at end of
period:
412
623
639
688
750
671
676
650
534
301
353
346
357
366
368
363
318
Vacancy rate
for rental
housing units
(percent) 2
5.0
5.3
5.7
5.9
7.3
7.7
7.4
7.2
Seasonal y adjusted annu al rates
1990: Mar
Apr
May
-Tune
July
Aug
Sept
Oct
Noy
Dec
1991:
Jan
r
Feb .
Mar '
Apr?
847
992
901
957
35
51
38
41
31
30
35
22
54
17
29
37
26
41
1
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
2
275
265
273
256
248
266
213
165
307
203
170
167
139
138
' 1,205
' 1,123
' 1,088
* 1,123
' 1,086
' 1,055
r
1,314
1,275
1,246
989
•"925
r
916
r
r
854
802
876
892
913
1,155
r
l,125
1,095
1,178
r
414
489
494
500
r
363
363
359
354
350
345
338
334
327
318
7.5
7.0
7.2
7.2
315
312
307
7.5
302
Seasonally adjusted housing units authorized have been revised beginning 1989;
revised beginning 1990.
Source: Department of Commerce, Bureau of the Census.
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In March, manufacturing and trade sales fell 1.0 percent and inventories fell $6.9 billion. In April, according to
advance data, retail sales fell 0.1 percent, following a rise of 0.4 percent in March.
Biiuor•JS OF
BILLI DNS OF DOL LARS* (RATKD SCALE)
DOU/> RS* (RATIO SCALE)
1,000
300
900
•^~»»
800
700
250
•
[
.^1
"
__—
^\
600
.
.
.
500
^-1
200
MAN UFACTURIf ••IG AND
TRA DE INVEN1fORIES
RET/ UL INVENT OKIES
r*" «
- _ - ^~i
150
-\
MAI^UFACTUR ING
AN[) TRADE S/UES
f****
'
•*/
^'\
R ETAIL SALE S
mf -. s"'
„••--
400
/
300
RATIC5*
100 lllllllllll lllllllllll lllllllllll lllllllllll
lllllllllll
1.80
INVENTCDRY-SALES RATIO
1.70
R ETAIL
y»
200
1.50
V
f""
K.-.A./""
s*S^<^-
^s*
1987
1988
1989
1990
t
^
^
V
MANUFA CTURING
AND! RADE
1.40
lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll
V
•
L>- -f
\s^*
/
lllllllllll lllllllllll lllllllllll lllllllllll HlllllHIl
1.30
1991
1988
1987
1989
1990
1991
• SEASONALLY ADJUSTED
COUNCIL OF EC 3NOMIC ADVISERS
E
Mauufact tiring and
l
trac e
Who esale
Sales
Period
Sales
2
Inventories 3
Sates
2
Inventory-s ales ratio 4
Re ail
InvenTotal
Inventories 3
2
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
134,493
147,712
167,748
181,773
186,587
208,112
219,791
238,159
242,563
236,303
235,914
237,711
237,445
239,657
242,893
243,217
244,901
244,550
242,563
244,071
241,179
237,782
61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,663
120,629
118,354
117,589
118,485
118,830
120,165
123,271
123,559
124,048
122,947
120,629
121,217
119,239
116,338
73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,496
121,934
Manufacturing
Retail
trade l
Millions of dollars, seasonally idjusted
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
1991:
1
2
3
Mar r
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb r
War"
Apr"
348,755
370,441
411,391
423,806
431,668
459,088
496,330
525,839
542,917
540,938
T
535,264
540,991
544,850
542,516
554,935
550,660
555,145
546,714
534,361
527,074
527,915
522,570
574,518
590,968
650,789
665,060
664,031
711,595
767,700
810,257
826,941
810,830
812,075
816,425
812,457
818,951
823,468
827,145
830,414
832,464
826,941
831,445
828,201
821,332
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
96,290
100,324
113,393
114,626
116,151
124,254
135,176
144,005
149,193
149,113
147,645
149,018
150,105
149,017
152,298
150,232
151,001
148,176
148,036
144,723
143,608
142,193
89,114
128,196
97,570
130,906
107,316
143,557
148,484
114,642
120,860
154,713
128,509
165,271
137,613
180,313
145,146
188,273
150,602
195,567
149,850
189,580
190,509 ' 148,956
148,759
192,479
150,143
190,639
150,745
192,190
151,135
192,589
152,512
192,936
152,191
194,053
152,711
195,544
149,750
195,567
147,803
198,993
151,092
198,563
197,568 ' 151,662
151,539
28,013
32,631
37,938
41,567
45,121
48,051
52,281
54,349
54,563
55,099
r
54,430
54,342
54,219
54,754
53,851
54,550
54,420
54,152
52,402
50,897
53,235
r
53, 944
54,264
4
61,101
64,939
69,377
73,075
75,738
80,457
85,332
90,797
96,039
94,751
r
94,526
94,417
95,924
95,991
97,284
97,962
97,771
98,559
97,348
96,906
97,857
r
97,718
97,275
117,949
118,325
119,226
118,615
119,492
119,622
119,658
120,853
121,603
121,934
122,854
121,940
121,444
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census,
1.67
1.55
1.53
1.55
1.55
1.50
1.49
1.51
1.51
1.50
1.52
1.51
1.49
1.51
1.48
1.50
1.50
1.52
1.55
1.58
1.57
1.57
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
1.59
1.58
r
1.58
1.60
1.58
1.59
1.61
1.59
1.61
1.60
1.62
1.65
1.60
1.57
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In April, manufacturers' shipments and new orders rose; inventories and unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
SHIPMEt-•ITS.
_,
_ _ _ —• — '
440 — INVENTCDRIES
v.
r-.
360
200
-TOTAL
160
DUR ABLE GOO ;s
\.
120
—
1—
•"" "
TOTAL
280
~
200
;:r;-~
NOr- DURABLE 3OODS
DUR &.BLE GOO DS
160
---
_ _ _ _ _ _ -"\"
80
NON DURABLE <3OODS
60
Illllllllll
Illllllllll Illllllllll Illllllllll Illllllllll
BILLIONS OF DOLLARS* (RATIO SCALE)
280
__«=»
_y,Eh_M
240 -NEW OR DERS
200
160
1
— •— \
^"^
r~^—' h TOTAL—
\
innlinn niuluiu
.,--/
(S--V.--V
,'"''*"'"
iiniliu.1! mutiun uuituus
RATIC *
2.20
DlJRABLE GC)ODS
,
120
^
INVENTCDRY-SHIPM ENTS RATKD
S\*~~— w
-v-
^^
1.80
—
—
NON DURABLE C2OODS
/
V
80
/\•^S
^-— 1^ v _
—
1.40
60
imiluiu
milllim
imilimi
UUlllUII
Minium
1987
5988
1989
1990
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1 20
1991
1987
1989
1988
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1990
Manuf aeturers' shipm ents *
Manufacturers new orders l
Manufs cturers' invent ories 2
Durabl
Durable
goods
1991
COUNCIL OF ECONOMIC ADVISERS
Nondurable
goods
Durable
goods
Nondurable
goods
Nondurable
goods
Total
Manufacturers'
unfilled
orders z
Manufacturers'
inveRtory —
shipments
ratio 3
tfillions of d )llars, season ally adjuster
1982
1983
1984
1985
1986
1987
1988
1989
1990
200,409
199,814
221,284
218,182
212,010
220,790
241,389
253,261
252,836
111,420
112,536
118,200
116,621
110,721
117,422
126,207
130,564
135,975
162,140
175,451
192,879
195,706
195,204
209,389
227,025
240,758
243,643
88,140
100,164
102,356
103,647
110,809
121,444
128,651
125,958
19,213
19,624
23,669
24,545
23,983
26,096
30,727
34,816
34,032
84,077
87,311
92,715
93,351
91,557
98,579
105,581
112,107
117,685
347,310
373,607
387,241
393,629
430,589
472,223
520,837
527,195
Apr
126,769
123,885
127,891
129,167
126,531
130,441
125,783
127,682
122,693
118,578
115,206
114,778
115,323
115,435
116,223
121,061
122,133
124,261
123,134
117,997
384,947
385,652
386,235
384,373
387,104
387,986
390,992
391,460
392,370
388,811
252,994
254,328
254,564
252,877
254,521
254,721
255,278
255,113
256,387
252,836
131,953
131,324
131,671
131,496
132,583
133,265
135,714
136,347
135,983
135,975
246,422
240,333
245,318
242,396
245,039
250,592
248,987
254,976
239,237
238,196
131,030
125,603
129,936
127,057
129,387
129,020
126,893
130,875
116,193
120,221
36,385
32,556
31,890
32,501
35,274
31,607
34,419
37,223
30,884
38,560
115,392
114,730
115,382
115,339
115,652
121,572
122,094,
124,101
123,044
117,975
525,127
526,797
528,901
526,695
528,980
528,070
529,141
532,164
525,574
527,195
1.59
1.62
1.59
1.57
1.59
1.54
1.58
1.55
1.60
1.64
May
June
July
Aug
Sept
Oct
Nov
Dec
1991-. Jan
Feb
Mar r
Apr"
117,648"
117,432
114,487
119,506
116,900
115,783
114,228
115,160
388,381
388,459
385,982
385,313
252,170
252,256
250,405
249,718
136,211
136,203
135,577
135,595
234,462
233,132
226,431
230,506
117,789
117,547
112,116
115,443
33,957
33,756
31,940
28,706
116,673
115,585
114,315
115,063
527,109
527,026
524,743
520,582
1.66
1.67
1.69
1.64
79,212
84,139
172,547
190,682
194,538
194,657
206,326
223,541
236,689
243,122
1990: Mar
1
87,066
92,742
93,259
91,419
98,198
105,549
112,156
117,735
311,829
312,350
339,484
334,803
322,731
338,212
367,596
383,825
388,811
163,351
85,481
97,94:0
101,279
103,238
108,128
117,993
124,532
125,388
241,975
238,663
243,214
244,602
242,754
251,502
247,916
251,953
245,827
236,575
234,548
233,215
228,715
234,666
Monthly average for year nd total for m snth. Shipment s are the same aa sales.
3
78,064
311,893
1.95
1.78
1.73
1.73
1.68
1.59
1.58
1.61
1.60
Annual t ata are averag es of seasonall ^ adjusted mon hlv ratios.
Source: De mrtment of Cc mmerce, Bure au of the Cens as.
21
PRICES
PRODUCER PRICES
In April, the producer price index for all finished goods rose 0.2 percent. Prices of finished consumer foods rose
0.4 percent, while prices of other finished consumer goods rose 0.2 percent. Capital equipment prices fell 0.2
percent.
INDEX, 1982=100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
130
J130
ASONALLY ADJUSTED
FINISHED GOODS PRICES
CONSUMER
FOODS
120
120
CAPITAL EQUIPMENT
\---r""
110
110
100
100
CONSUMER GOODS
EXCLUDING FOODS
1 1 111
90
1983
11 i 11 I
l l IIl Il H
1985
1984
1986
I I II
I II I I I 1 I I
1987
1988
1989
ii i 1 1 In l
1990
SOURCE: DEPARTMENT OF LABOR
ii l n 1 i i i n
90
1991
COUNCIL OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjustf
Internlediate ma terials
Fin shed goods
Period
Total
finished
goods
Consumer
foods
F nished go sds excluding consumer foo 1S
1
Consumer gc ods
Total
Total
1081
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r
1991:
Jan
Peb
Mar
Apr
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
117.2
117.6
117.6
118.0
119.3
120.8
122.3
122.8
122.3
122.0
121.3
120.9
121.1
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118,7
124.4
123.4
123.9
123.7
124.3
125.0
124.4
125.1
125.2
124.8
124.4
124.7
125.0
125.5
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
115.1
115.5
115.6
115.9
117.5
119.6
121.4
122.0
121.4
121.2
120.2
119.6
119.6
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
r
115.3
112.2
112.8
112.6
112.9
115.0
118.1
120.6
121.3
120.2
119.7
118.2
117.2
117.4
Durable
Nondurable
96.4
100.0
102.8
104.5
106.5
108.9
111.5
95.8
100.0
100.5
101.1
101.7
93.3
94.9
113.8
117.6
120.4
119.5
119.8
120.4
120.9
120.7
121.6
121.2
121.8
122.3
123.0
123.5
124.1
123.9
97.3
103.8
111.5
107.6
108.3
107.8
108.1
111.1
115.0
118.6
119.3
117.6
116.7
114.5
113.0
113.3
Capital
equipment
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
122.9
122.1
122.2
122.7
123.0
123.4
123.8
124.1
124.4
124.8
125.2
125.5
125.8
125.5
Total
finished
consumer
goods
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
118.2
115.9
116.4
116.3
116.6
118.3
120.2
122.1
122.6
121.7
121.3
120.3
119.7
120.0
Total
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
112.8
112.9
112.8
112.8
114.3
116.1
117.9
118.1
117.2
116.5
115.7
114.5
114.0
Onude maten als
Foods
and J
Other
Total
98.2
100.0
100.5
103.0
103.0
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
108.9
102.8
103.1
100.6
101.0
110.2
115.6
125.4
117.6
111.2
114.1
104.8
101.4
100.9
feeds
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
r
l!3.3
114.0
115.1
114.4
114.4
114.2
113.1
113.0
111.7
111.9
110.5
112.3
113.3
113.1
99.3
101.7
106.9
111.9
114.5
112.8
112.8
112.7
112.7
114.3
116.3
118.2
118.5
117.5
116.9
115.9
114.6
114.1
—
1
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
Foodstuffs
and
feedstuffs
Other
103.9 101.8
100.0 100.0
101.8 100.7
104.7 102.2
94.8
96.9
81.6
93.2
87.9
96.2
85.5
106.1
93.4
111.2
r
l!3.1 ' 101.5
90.8
115.0
92.3
113.1
88.0
113.9
88.4
114.3
112.9 103.6
112.8
111.6
111.9 127.9
110.8 116.4
109.5 107.2
108.5 112.1
98.3
108.5
109.8
92.5
92.5
108.7
CONSUMER PRICES—ALL URBAN CONSUMERS
In April, the consumer price index for all urban consumers rose 0.2 percent, seasonally adjusted (0.1 percent not
seasonally adjusted). The index was 4.9 percent above its year-earlier level.
INDEX, 1982-84=100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
150
150
SEASONALLY ADJUSTED
140
140
130
130
CONSUMER PRICES—ALL ITEMS
120
120
110
110
100
100
90
90
80
Illllllllll
III!
1984
1983
1985
1986
1988
1987
80
1989
1990
1991
SEE NOTE ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LAE
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
All it ems *
Tr arisportati on
Hoi, sing
She Her
Period
Not
seasonally
adjusted
(NBA)
Rel. imp.3....
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
Seasonally
adjusted
100.0
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
Food
Total '
Total
New
cars
Motor
fuel
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
6.1
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
17.8
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
4.0
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
4.1
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
101.2
6.4
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
48.0
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
133.5
7.9
19.5
0.2
7.3
41.4
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
27.7
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
Ener-
gy 2
8.2
128.9
129.2
129.9
130.4
131.6
132.7
133.5
133.8
133.8
129.0
129.2
130.0
130.5
131.6
132.6
133.4
133.8
134.2
131.2
131.2
132.1
132.8
133.2
133.6
134.1
134.7
134.9
127.1
127.3
128.0
128.6
129.3
130.0
130.4
130.6
130.8
138.1
138.3
139.5
140.5
141.3
141.8
142.0
142.3
142.8
143.8
143.3
144.8
146.5
147.6
148.2
148.8
149.5
150.5
143.0
143.2
144.7
145.5
146.3
146.8
146.8
146.9
147.3
121.2
122.2
121.8
122.1
121.2
124.6
123.4
123.9
123.8
110.4
110.4
110.5
109.9
111.1
112.6
113.8
114.2
113.7
123.9
123.9
124.1
124.4
124.8
125.5
125.1
125.3
125.7
117.6
117.6
118.1
118.4
120.7
123.4
125.8
126.5
126.9
120.6
120.6
120.6
120.5
120.9
121.1
121.2
121.5
122.0
92.2
91.8
93.3
93.2
101.2
110.2
118.0
118.5
117.7
159.8
161.0
162.1
163.5
165.0
166.1
167.5
168.7
170.1
96.8
96.5
97.1
96.8
101.0
106.4
110.9
111.4
110.9
132.4
132.8
133.2
133.8
134.4
135.0
135.5
136.0
136.5
134.6
134.8
135.0
135.2
134.8
135.7
135.4
135.7
136.7
131.9
132.5
132.6
132.8
143.9
144.6
144.8
145.2
153.0
154.2
154.2
154.2
147.9
148.4
148.7
149.2
124.1
125.1
124.2
126.1
115.5
115.1
114.8
114.2
126.9
128.9
127.4
127.2
125.4
124.0
122.8
122.4
123.6
124.2
124.8
125.2
110.0
102.0
97.1
97.1
171.2
172.4
173.5
174.4
108.2
103.9
101.2
100.5
137.6
138.8
139.0
139.2
135.1
135.0
135.3
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
aiso included through 1982.
3
Relative importance, December 1990.
Total '
Homeowners'
costs
(Dec.
1982 =
100)
16.2
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
Medical
care
Apparel and
upkeep
Fuel
and
other
utilities
Renters'
costs
(Dec
1982 =
100)
Maintenance
and
repaTrs
(NSA)
All
items
less
food,
shelter,
and
energy
NOTE.— Data beginning 1983 incorporate a rental equivalence measui i for homeownership costs
iTid therefore are not strictly comparable with figures for earlier periods.
1988
Data beginning 1987 and 198 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]
Ch nge from pr eeeding peri d
Period
Change from 3 mont] s earlier, ann ia! rate
Change from 6 mont] s earlier, ann lal rate
Consum r goods
Consum r goods
Consum r goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Poods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., N 3A
7.1
3.6
.6
1.7
1.8
-2.3
2.2
4.0
4.9
5.7
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990r
8.6
4.2
-.9
.8
2.1
6.6
4.1
3.1
5.3
8.7
1.5
2.0
2.3
3.5
.6
2.8
9
5.7
5.2
2.6
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
4.9
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
Ctlange, mon th to mont h
1990: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r.
-0.1
1991: Jan
Feb
Mar
Apr
r
-0.2
.5
-.2
.3
1.9
2.7
-0.6
.4
.3
0
.3
1.1
1.3
1.2
.4
-.4
9
.5
.6
-.5
.6
.1
2.1
.6
q
-.2
-.6
-.3
2
-.9
r
-.3
.2
.2
—A
-1.3
-.8
.2
.4
-0.2
.1
.4
2
.3
.3
.2
.2
.3
-1.0
.3
2
.2
-.2
-1.0
-4.8
r
-4.5
-2.9
-0.6
-2.9
-1.6
.7
1.0
2.8
5.9
11.3
15.4
12.3
5.1
3.7
2.7
2.7
-3.5
23.8
7.3
3.6
3.6
3.3
3.3
-3.0
-9.8
'-9.6
-7.5
3.6
3.6
3.2
1.0
4.0
21.0
30.2
-1.6
.6
3.6
3.7
3.5
3.7
5.5
3.5
1.1
.3
.3
2.8
6.9
3.4
.2
-2.0
3.0
8.0
2.9
3.6
2.3
2.6
.6
1.3
— 2.2
5.9
5.9
4.2
4.9
3.7
.9
3.3
6.1
8.9
9.0
8.2
1.8
2.2
2.5
4.0
11.2
15.5
15.6
14.0
3.0
3.5
3.3
3.3
3.1
3.3
3.6
3.5
3.1
3.1
3.6
5.2
6.0
6.4
7.0
5.7
12.4
5.6
-1.5
-5.2
3.6
3.4
3.3
2.3
3.7
3.2
2.9
3.2
-.5
4.9
2.1
1.8
.2
-.5
1.0
.6
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
Tr msportati on
Shelter
Period
All
items 1
Food
Total '
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
Total >
Adden dum: All ite ns, percent hange
(annua 1 rate)
All
Motor
Medical
care
items
less
food,
shelter,
and
energy
Energy2
From
previter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
0 mnge, D ecember to Dec mber, ft SA
1981
8.9
1982
1983
1984
1985
1986
1987
1988
1989
1990
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
10.2
3.6
3.5
9.9
4.3
4.3
5.2
6.0
4.6
1.7
2.4
4.7
3.7
4.0
3.9
4.5
4.8
4.5
0.2
2
.5
.5
.5
.5
.3
0.4
.1
.9
.7
.6
.4
.1
.4
.1
.2
.2
.4
.6
-.2
.2
.8
.5
.1
4.9
5.2
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
3.5
1.6
2.9
2.0
2.8
.9
4.8
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
0.4
.3
.3
1.2
.8
.4
.4
.5
.7
0.4
.1
1.0
.6
.5
.3
0
.1
.3
-0.2
0
.1
-.5
1.1
1.4
1.1
.4
-.4
.2
1.7
.4
.3
_2
.3
1.6
1.0
1.6
4.7
1.0
5.1
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
9.4
6.8
1.5 -6.5
3.4 -1.7
2.5 — 2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
6.8
2.3
36.5
1.4
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
11.9
1.3
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
9.4
6.1
K
5.0
4.3
3.7
3.3
3.8
4.7
4.1
5.2
.2
1.8
-19.7
8.2
.5
5.1
18.1
Cha nge, mo nth to nK>nth
1990:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
0.2
.2
.6
.4
.8
.8
.6
.3
.3
.4
.2
-.1
.2
1
-0.1
0
.7
.5
.3
.3
.4
.7
.2
2
.8
.5
.1
.3
.8
0
0
-.3
-.3
— .5
-0.1
0
.2
.2
.3
.6
O
.3
— 12
2
Includes items not shown separately.
Household fuels™gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
2
24
0.3
0
.4
.3
1.9
2.2
1.9
.6
.3
0
0
0
-.1
.3
-1.2
-1.1
-1.0
-.3
1.3
.5
.5
.3
.2
.1
0.5
-.4
1.6
-.1
8.6
8.9
7.1
.2
.4
Y
.4
3
-6.5
Yg
-4.8
0
0.8
.8
.7
.9
.9
.7
.8
.7
.8
.6
.7
.6
.5
0
-.3
.6
O
4.3
5.3
4.2
.5
— .4
-2.4
-4.0
-2.6
-.7
0.3
.3
.3
.5
.4
.4
.4
3.8
.8
.9
.1
.1
8.2
9.2
6.9
4.9
4.3
3.9
2.4
1.5
6.7
5.4
3.7
2.9
5.7
5.3
4.9
4.9
7.6
6.9
3.6
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
4.7
4.4
4.7
4.8
4.7
7.0
.4
.4
5.8
5.3
5.8
4.6
5.4
6.2
6.9
7.2
6.6
4.5
3.2
4.1
5.6
6.2
6.3
6.3
6.1
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in May rose 2.0 percent from their April level. Prices paid by farmers in April were 1.1
percent above their January level. (Data are not seasonally adjusted.)
:ALEJ
INDE X, 1977= 100 ( RATIO SCALE)
INDEX, 1977 == 100 (RATIO S(
200
— -•
_-..'--
180
180
160
160
\
fv
140
r^
A
P RICES
^^^
^^
J
PAID
S
\^_^/
rv^-^
\
_y,y
140
^^^
N_
^-^A
^
120
^^
PRICES RECEI' /ED
^
100
iiiiiiiini
80
100
Illllllllll Illllllllll
I I U l l l l III
Illllllllll
II 1 II II 1 II I l l l l l l l l l l
I l l l l l l l l l l Illllllllll 80
RATI DO/
RA TIOJ/
140
120
-
RATIO
~I^-^~—-\
"
80
inn
1983
/
"~"n
HIM
1984
_/RATIO OF INDEX OF PRICES RECEIVED TO
s OURCE: DEPARTMENT OF AGRICULTURE
P
-
~~
-
1
Mill
1985
Mill
1986
NDEX OF PRICES PAIE
MITT II 1 II II 1 II
1987
Illllllllll
1988
1989
80
I l l l l l l l l l l II 1 II II 1 II 60
1990
1991
,
COUNCIL OF ECONOMIC ADVISER
[1977 = 100; not seasonally adjusted]
Prices
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
AH farm
products
Livestock and
products
Crops
139
133
134
121
135
142
128
123
127
138
147
150
128
138
120
107
106
126
134
128
Oct
Nov
Dec
154
152
152
150
148
146
145
143
134
130
130
125
123
120
124
121
Jan
Feb
Mar
Apr
May
145
145
149
149
152
123
122
128
131
137
1990: May
June
July
Aug
Sept
1991:
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
P rices
received by farm ers
AH commodities,
services,
interest, taxes,
and wage rates x
paid by farmei s
Production
items, interest,
taxes, and wage
rates
150
159
161
164
162
159
162
170
178
184
151
158
159
161
173
173
173
174
173
171
166
164
(3)
(3)
184
(3)
(3)
171
(3)
(3)
174
(3)
(3)
166
166
169
166
166
188
(3)
143
145
141
146
136
138
146
150
160
171
(3)
(3)
187
(3)
(3)
(3)
190
(3)
156
150
152
160
167
172
175
(3)
(3)
176
<3>
Ratio 2
Production
items
148
153
152
155
151
144
148
157
165
171
(3)
(3)
170
(3)
(3)
174
(3)
(3)
173
(3)
(3)
175
3
()
92
84
84
87
79
77
78
82
83
82
84
83
83
82
80
78
78
76
77
77
79
78
80
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In April, growth slowed again in both M2 and M3.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,400
4,000
3,600
4,800
4,400
4,000
3,600
M3
\
._..,
3,200
3,200
2,800
2,800
. M2_
2,400
2,400
2,000
2,000
1,600
1,600
1,200
600
1984
1989
1986
WERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
1990
1991
COUNCIL OF ECONOMIC ADVISERS
IURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M3
M2
Ml plus overnight
RPs and
L
Debt
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
MS plus
other liquid
assets
Debt of
domestic
nonfinaneial
sectors
(monthly
average) 1
Perce nt change from yea or 6
months earlier 2
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
MMM.F balances
(general purpose
and broker/dealer),
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
436.4
474.4
521.2
552.2
619.9
724.3
749.7
786.4
793.6
825.4
1,793.3
1,952.9
2,186.3
2,374.7
2,569.7
2,811.6
2,910.1
3,069.9
3,223.1
r
3, 329.9
2,234.1
2,441.7
2,693.3
2,986.2
3,201.6
3,492.6
3,677.4
3,919.1
4,055.2
r
4, 114.0
2,596.7
2,851.4
3,154.6
3,527.5
3,828.9
4,133.2
4,337.0
4,676.0
4,889.9
r
4,961.1
4,292.1
4,685.9
5,212.6
5,961.9
6,773.5
7,636.2
8,345.1
9,107.6
9,790.4
' 10,448.5
6.8
8.7
9.9
5.9
12.3
16.8
3.5
4.9
.9
4.0
10.0
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.0
3.3
1990: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
807.7
807.5
811.5
810.7
816.5
821.8
821.2
823.3
825.4
3,279.9
3,282.8
3,290.6
3,295.4
3,309.5
3,321.5
3,324.5
r
Z, 324.6
r
S, 329.9
4,082.7
4,082.7
4,085.8
4,089.2
4,103.3
4,109.0
4,109.5
'4,109.9
r
4,114.0
4,920.5
4,903.2
4,922.8
r
4,926.8
4,935.4
r
4,957.5
4,955.8
r
4,957.9
r
4,961.1
10,023.3
10,066.6
10,122.2
10,182.7
10,254.3
10,312.8
r
10,352. 8
10,405.9
' 10,448.5
5.0
4.7
4.5
3.8
3.8
4.3
3.3
3.9
3.4
6.1
5.0
4.2
3.8
3.3
3.2
2.7
r
2.5
2.4
Period
1981:
1982:
1.983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991: Jan '
Feb r
Mar '
Apr"
826.7
836.4
843.0
842.2
savings and small
time deposits
3,332.5
3,356.1
3,376.6
3,383.8
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinaneial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
4,126.2
4,162.5
4,171.2
4,171.7
4,978.7
5,012.1
5,016.0
10,485.1
10,537.0
10,574.2
Ml
3.9
4.9
5.2
5.1
r at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
2.3
2.8
3.3
3.6
M3
Debt
12.4
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
r
1.4
9.9
9.2
11.2
14.4
13.6
2.7
6.9
6.5
6.8
7.1
7.3
7.0
6.6
6.7
12.7
9.3
9.1
7.5
6.7
2.1
1.5
1.4
1.5
1.6
1.3
1.3
1.4
1.8
2.9
3.0
3.0
r
6.4
5.9
5.5
5.1
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(fiPs),
net,
plus
overnight
Eurodollars
Money Tiarket
mutua fund
balan es '
Institution
only
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits 2
NSA
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan T
Feb '
Mar ""
Apr"
122.6
132.5
146.2
156.0
167.8
180.7
196.9
212.0
222.2
246.4
230.3
231.9
233.7
235.7
238.4
241.5
243.9
245.0
246.4
251.6
255.1
256.7
256.6
231.3
234.0
238.5
243.9
266.6
301.9
286.5
286.3
278.7
276.9
278.1
275.8
276.3
275.6
278.0
279.1
277.1
277.2
276.9
272.9
276.2
277.1
275.8
78.2
103.5
131.6
147.1
179.5
235.3
259.3
280.7
285.2
r
293.8
291.7
292.0
293.7
291.7
292.1
293.0
291.8
292.8
r
293.8
293.9
296.9
301.0
302.0
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.4
77.4
r
74.0
79.4
83.2
82.4
84.0
82.7
81.4
83.5
r
77.6
r
74.0
71.2
70.1
69.1
68.9
150.6
185.2
138.8
167.9
176.7
208.3
221.7
241.1
313.6
347.7
327.0
325.3
327.5
329.2
335.8
' 339.3
""341.8
343.0
347.7
356.3
360.5
365.9
366.8
38.0
51.1
42.8
62.1
63.9
83.8
88.9
86.9
101.9
125.7
106.9
107.6
108.1
109.8
114.0
116.2
119.6
120.5
125.7
130.1
139.3
142.0
145.6
0.0
43.2
379.2
418.2
514.5
572.3
524.9
501.4
486.1
505.9
499.3
500.5
502.3
503.4
505.9
507.4
506.7
506.8
505.9
505.2
511.5
519.2
526.6
1
Data prior to 1983 are not seasonally adjusted.
2
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
343.9
356.8
305.5
286.5
300.4
368.3
412.0
424.4
404.1
410.8
411.5
411.3
411.8
412.7
412.7
412.3
411.5
411.1
410.8
412.0
415.4
420.5
427.3
823.2
850.9
784.1
887.7
883.4
855.5
917.7
1,031.8
1,145.9
1,164.2
1,152.2
1,153.5
1,154.6
1,156.8
1,158.3
1,160.1
1,161.4
1,161.8
1,164.2
1,163.0
1,162.1
1,157.5
1,148.9
303.0
327.3
327.7
417.7
437.3
439.9
489.2
542.3
563.5
507.1
543.7
540.5
538.0
535.0
529.2
521.9
515.1
512.5
507.1
511.9
516.0
511.5
506.3
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
General
purpose
and
broker/
dealer
NSA
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.8
98.8
90.2
98.2
99.3
102.2
100.5
102.0
98.3
95.6
95.7
90.2
88.2
86.8
83.2
81.9
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.0
71.4
65.3
67.1
64.4
65.1
68.3
70.0
70.2
70.0
71.4
72.1
73.1
71.7
68.8
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
126.0
119.9
120.7
121.4
122.2
123.0
123.8
124.5
125.2
126.0
126.7
127.8
128.9
149.4
183.6
212.0
260.8
298.2
280.2
253.5
270.6
327.4
r
327.1
329.9
315.4
331.7
334.3
329.8
333.8
330.4
329.8
r
327.1
326.4
330.5
331.0
40.0
44.5
45.0
45.4
42.0
37.1
44.5
40.1
40.7
34.7
36.0
35.4
34.7
33.0
32.3
31.8
32.6
34.0
34.7
36.0
35.2
32.5
105.3
113.7
133.2
160.8
207.6
231.4
261.0
336.8
349.2
359.4
351.9
349.1
349.1
348.2
347.0
359.0
358.8
359.0
359.4
363.4
356.1
352.4
NOTE.—Travelers cheeks of nonbank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federa! Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures l; millions of dollars; seasonally adjusted, except as noted by NSA]
Borro •vings of dep 3sitorv
instituti ms from the Federal
B eserve (NS^L)
A djusted for ch anges in reser ve requirements
He. erves of depo sitory instituti ons
Period
Total
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Apr
Mav
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr*
1
' 25,944
26,495
•"27,835
r
29,901
r
31,662
r
37,061
"" 45,863
"" 45,812
"" 47,596
r
47,729
49,104
48,202
47,962
47,896
47,636
47,973
48,261
47,942
48,244
49,104
49,466
49,611
49,566
49,395
r
Data are prorated averages of biweekly {maintenance period) averages of daily figures.
Nonborrowed
""24,304
' 25,859
r
27,201
r
29,127
'28,476
r
35,473
""45,037
r
45,035
r
45,880
' 47,464
48,779
46,574
46,627
47,014
46,879
47,046
47,637
47,532
48,014
48,779
48,932
49,359
49,325
49,164
Nonborrowed plus
extended
credit
""24,307
' 26,008
""27,387
""29,129
r
3 1,080
'36,242
' 45, 340
r
45,518
""47,124
""47,483
48,802
47,978
47,503
47,360
47,159
47,174
47,643
47,550
48,039
48,802
48,958
49,393
49,378
49,250
Required
""25,480
26,176
27,335
""29,340
'30,807
' 36,024
' 44,494
r
44,766
r
46,549
""46,807
47,440
47,306
46,999
47,122
46,774
47,106
47,353
47,096
47,297
47,440
47,298
47,802
' 48,387
48,365
r
r
Monetary
base
Total
"'145,931
""153,001
' 164,276
'179,921
"" 191,374
' 208,619
""230,039
'246,281
' 263,459
""274,168
299,785
282,627
283,970
285,758
287,418
290,458
293,803
295,941
297,553
299,785
305,152
309,438
310,982
310,591
1,690
636
634
774
3,186
1,318
827
777
1,716
265
326
1,628
1,335
881
757
927
624
410
230
326
534
252
241
231
Seasonal
116
54
33
96
113
56
38
93
130
84
76
122
244
311
389
430
418
335
162
76
33
37
55
79
Extended
credit
3
148
186
2
2,604
499
303
483
1,244
20
23
1,403
875
346
280
127
6
18
24
23
27
34
53
86
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.3 percent in April. Commercial and industrial loans fell 0.9 percent.
BILLION S OF DOLLARS* (RATIO SCALE)
2,800
ALL COMMERCIAL BANKS
2,400
1 600
BIL LIONS OF DOL LARS* (RATIO SCALE)
^_^——
TOTAL
\
\___^-
_
~"~~~1
1
•
_^.
2,400
_ _ -. — — ••"""' "~ _ — -
-**
2,000
_ - ---"" ™"
I
-r——•—
•-
__„
1,600
— — — — ""
_
\
LOANS ANC) LEASES
1,200
__-...--
800
—
-
___..
400
U.S. G DVERNMENT S
._ ..— .
-
ECURITIES
400
~C)THER SECURIT
ES
\
x'
••"
200
t
--
T60
120
160
/
i
Illllllllll mnhnn "nmlmn mulimi
1984
1983
1985
1986
1
Illllllllll Illllllllll
1989
1988
1987
Illlllll 120
1991
1990
' SEASONALLY ADJUSTED
COUNCIl OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted *
Jt 11 commei cial ban! s
Loans anc leases
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
VLa,T
Ayr "....
Total
loans and
securities2
IJ.S.
Government
securities
1,307.2
1,400.5
1,552.1
1,722.2
1,909.6
2,093.5
2,238.9
2,421.7
2,589.0
2,723.6
2,648.1
2,655.4
2,670.1
2,683.0
2,704.9
2,708.0
2,713.6
2,716.6
2,723.6
2,721.2
2,735.1
2,750.9
2,751.6
179.3
201.7
259.2
260.2
270.9
310.1
335.9
363.8
399.3
454.2
426.4
430.3
438.4
442.8
445.7
450.1
453.1
454.0
454.2
454.1
458.0
471.4
479.2
1
Other
securities
160.5
164.8
169.1
140.9
179.0
193.9
193.5
192.1
180.8
175.6
180.2
178.2
177.5
177.3
178.8
178.8
177.8
175.9
175.6
177.7
177.6
177.6
175.7
Total
2
967.5
1,034.0
1,123.8
1,321.1
1,459.8
1,589.5
1,709.5
1,865.8
2,008.9
2,093.8
2,041.5
2,046.9
2,054.2
2,062.9
2,080.4
2,079.0
2,082.7
2,086.7
2,093.8
2,089.4
2,099.5
2,102.0
2,096.7
Commercial
and
industrial
355.4
392.5
414.2
473.2
500.3
537.2
567.6
606.6
641.3
648.1
645.9
644.3
645.3
644.4
645.1
644.7
643.7
646.5
648.1
644.3
643.9
646.0
640.0
Keal
estate
Individual
Security
Nonbank
financial
institutions
Agricultural
284.1
299.9
331.0
376.5
426.0
494.2
587.2
671.5
760.6
836.5
790.8
798.9
805.9
814.5
818.0
822.5
827.7
832.0
836.5
837.3
842.6
846.3
850.7
182.5
21.4
25.3
28.0
34.5
43.1
40.4
34.8
39.9
38.3
40.6
36.8
35.5
35.0
38.7
44.6
41.3
40.5
39.6
40.6
r
43.1
43.2
r
38.8
39.7
29.9
31.2
30.4
31.3
32.4
34.9
31.8
29.9
32.7
34.7
34.0
34.1
34.4
34.7
35.0
35.2
34.8
34.6
34.7
34.2
35.3
36.1
35.3
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.7
33.0
30.8
31.0
31.1
31.3
31.5
31.8
32.2
32.5
33.0
r
33.5
r
33.5
r
34.0
33.9
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
188.2
212.9
253.8
294.6
315.2
328.2
354.7
375.5
378.9
377.8
378.4
377.6
376.4
378.2
378.6
379.7
378.7
378.9
375.9
377.7
375.5
374.1
2
State
and
political
subdivisions
0.0
.0
.0
46.1
56.8
58.5
52.6
45.5
40.0
r
34.3
38.2
37.9
37.3
36.4
35.8
35.2
35.1
34.8
r
34.3
r
32.9
r
32.8
r
32.5
32.1
Foreign
banks
18.1
14.6
13.4
11.6
9.9
10.3
7.9
7.9
8.6
7.4
8.6
8.7
7.4
7.0
7.9
8.1
9.0
8.2
7.4
r
6.5
r
6.8
r
7.5
7.0
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
Other
7.2
12.7
13.3
13.7
16.0
19.0
22.3
24.5
29.2
31.8
32.7
32.4
32.6
32.4
32.6
32.7
32.8
33.3
32.9
32.7
32.4
32.8
33.0
32.7
23.1
26.9
31.8
29.9
35.3
38.6
39.8
45.7
45.8
44.6
42.8
42.3
44.5
43.6
48.2
45.5
43.6
43.6
44.6
r
46.3
r
47.8
r
49.1
48.2
5.9
9.4
8.4
6.3
6.3
5.8
5.1
3.7
3.2
3.3
3.3
3.2
3.2
3.2
3.3
3.2
3.2
3.2
3.0
3.1
3.2
3.0
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Total
1982
1983
1984
1985
1986
300.8
416.9
491.4
455.7
524.1
493.7
548.2
512.7
470.5
1989:
m
IV
1990: I
n
m
IV".
351.8
344.3
372.4
391.4
380.0
367.7
103.9
179.8
121.3
156.8
132.7
102.8
379.9
379.7
385.5
374.9
137.5
221.5
73.7
98.1
482.7
502.3
475.2
421 .4
I
II
58.9
131.7
155.5
517.4
601.2
459.2
473.0
1987
1988
1989
1990 "
241.9
285.2
335.9
370.6
374.7
366.4
358.9
112.1
127.6
108.8
62.5
Loans and
short-term
paper
Securities
and
mortgages
Total
303.1
392.6
474.9
425.1
481.2
466.6
494.6
488.4
479.1
256.1
270.5
369.7
341.2
330.4
354.1
378.3
382.2
366.3
47.0
122.1
105.2
83.9
484.2
560.0
444.4
465.3
377.4
388.3
385.1
378.2
106.8
171.7
59.3
87.1
33.2
41.2
14.9
9.4
119.5
102.7
72.6
94.2
92.1
19.5
46.7
-15.9
34.5
79.8
84.9
73.7
496.9
489.7
500.5
429.3
346.9
381.2
384.0
353.1
150.0
108.5
116.5
76.2
-14.2
12.6
-25.2
-7.9
54.7
35.5
105.5
56.0
18.0
118.7
-92.5
1.0
3.8
-85.2
-5.6
110.5
115.6
86.2
77.8
47.8
24.1
11.2
14.3
28.3
-22.6
55.1
35.4
34.6
64.2
29.7
70.5
80.4
35.6
3.1
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.
Discrepancy
(sources less
uses)
10.4
55.2
63.7
54.1
55.1
73.1
101.6
97.3
68.2
-6.2
41.0
-13.6
-6.2
60.5
18.5
-15.4
-45.0
-1.0
48.5
76.5
91.9
49.8
124.7
48.2
Total
Other 2
Increase in
financial
assets
Capital
expenditures 3
C redit market fu nds
Internal 1
4.7
-2.3
24.3
16.5
30.6
43.0
27.1
53.5
24.2
-8.7
150.8
112.5
116.3
106.2
112.8
7.7
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Ins tallment credit outstanding (end of perio d)
Period
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec *
Dec 2 r
Dec T
1990: Marr
Aprr
May r.
June r
July r
Augr
Sept r
Oct r
Novr
Dec r
r
1991: Jan
Feb r
Mar"
1
Automobile
Revolving
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,363
5,959
5,384
12,634
21,192
21,536
14,035
17,227
21,026
Mobile
borne
Revolving
Mobile
home
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,049
718,863
735,102
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,214
290,676
284,585
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,104
199,082
220,110
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,348
22,471
20,919
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,383
206,633
209,487
13,105
14,546
43,161
73,636
75,650
54,765
37,451
53,581
( )
( )
( )
(3)
(3)
16,239
-6,091
21,028
-1,552
2,854
726,676
727,798
729,528
730,355
732,750
733,844
735,547
735,433
736,411
735,102
290,755
290,000
289,416
288,797
288,136
286,818
285,627
285,024
284,412
284,585
205,783
207,673
210,618
212,043
215,119
217,024
219,090
220,031
221,690
220,110
22,672
22,359
22,073
21,761
21,211
21,191
21,073
20,680
20,492
20,919
207,466
207,766
207,421
207,754
208,284
208,811
209,758
209,698
209,817
209,487
1,157
1,122
1,729
-515
228
88
300
114
979
-584
-619
-661
-1,318
-1,191
-603
-612
1,532
1,890
2,945
1,425
3,076
1,905
2,066
-1,310
173
1,658
-1,580
732,962
732,762
731,830
283,746
282,626
280,332
219,588
221,556
224,804
20,459
20,200
20,105
209,170
208,379
206,588
-2,139
-201
-931
-839
-1,120
-2,294
1,968
3,248
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
change in in stallment eredit outstandii>g'
Automohile
Total
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Net
Other
Total
3
828
2,395
1,094
1,703
3
3
755
942
522
1,322
2,546
958
2,299
989
246
-1,176
-572
-313
-287
-312
-550
-20
-119
-393
-187
427
-461
-258
-95
Other
-1,193
-322
11,954
20,141
16,503
3,242
2,978
14,763
-345
333
530
527
947
60
119
330
-317
-791
-1,791
3
Because of breaks in series, net change not available.
Note.—Series revised beginning 1988.
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
In May, short-term interest rates fell a little; longer rates rose slightly.
PtRCENT PER ANNUM
PERCENT PER ANNUM
16
[Percent per annum]
U.S. T reasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
3-month bills
(new issues) 1
1991:
Jan
Feb
Mar
Apr
May
Week ended:
1991: May 4
11
18
25
June 1
1
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
30
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. F.R.
Bank) 4
Prime rate
charged by
banks 4
New-home
mortgage
yields
(FHFB)5
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
6.98
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
14.70
15.14
12.57
12.38
7.78
7.74
7.66
7.44
7.38
7.19
7.07
6.81
8.69
8.40
8.26
8.22
8.27
8.07
7.74
7.47
8.76
8.48
8.47
8.75
8.89
8.72
8.39
8.08
7.34
7.22
7.15
7.31
7.40
7.40
7.10
7.04
9.47
9.26
9.24
9.41
9.56
9.53
9.30
9.05
8.23
8.06
7.90
7.77
7.83
7.81
7.74
7.49
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
7.00-6.50
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
6.30
5.95
5.91
5.67
5.51
7.38
7.08
7.35
7.23
7.12
8.09
7.85
8.11
8.04
8.07
7.05
6.90
7.07
7.04
6.95
9.04
8.83
8.93
8.86
8.86
7.02
6.41
6.36
6.07
5.94
6.50-6.50
6.00-6.00
6.00-6.00
6.00-5.50
5.50-5.50
10.00-9.50
9.50-9.00
9.00-9.00
9.00-9.00
8.50-8.50
10.28
10.13
10.08
10.11
9.90
9.98
9.90
9.76
9.65
9.57
9.43
9.60
5.60
5.50
5.50
5.50
5.46
7.16
7.13
7.13
7.12
7.07
8.02
8.06
8.11
8.08
8.06
6.98
6.93
6.97
6.95
6.93
8.83
8.83
8.89
8.86
8.87
5.94
5.93
5.95
5.94
5.95
6.00-5.50
5.50 5.50
5.50 5.50
5.50-5.50
5.50 5.50
9.00-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
May
June
July
Aug
Sept
Oct
Nov
Dec
Constant nlaturities
2
11.55
10.17
9.31
9.19
10.13
10.05
5
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 Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
, Stock prices overall were little changed in May.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
220
700
180
^_/
160
140
f
"HN^,
' \
"
?no
IRtl
/
\S
160
r \\
140
\
"
170
^s^^~s (:OMPOSITE ST OCK PRICE IND EX
y
100
•S
s^r^~~'
-i -i ^ f
120
RO
220
^~
r*—" —i
inn
(NYSE)
1
/""
,
/
80
AO
60
1 1 1111111 11
40
1984
1983
i
1 1 i 1 1 1 1 1 i 1 1 i i iii1 i ii i 1 1 1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 11
1985
40
1 1 1 M 11 I 1 M
1989
1988
1987
1986
1990
1991
PERC ENT
PERCE NT
EARNIhJGS-PRICE RAT O ON COMMCDN STOCKS
i^*-"*" *•
10
5
1
1
1983
1
1
1 1
1984
1
1 1
1985
10
•
;
^—^
^
^
0
S&P)
•*
I
1 1
1986
'"
1
'
I
1
1
1987
1
"
--
1 i
1988
1
—-_---
1 1
1989
1
-
1
1
5
1
1990
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
0
Common st ock yields
(perce nt) 5
New Y ork Stock Exc mnge indexes Dec. 31, 1965 = 50) z
Period
Dow-Jones
Industrial
1
COUNCIL OF ECONOMIC ADVISERS
Conunon stock pric es 1
Composite
1
1991
Transportation
Utility
Finance
average 3
Standard &
Poor's
index
(194143 = 10)4
Dividendprice ratio
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
1990: May
June
July
Aug
Sept
Oct
Nov
Dec
191.33
196.68
196.61
181.45
173.22
168.05
172.21
179.57
234.85
242.42
245.86
226.73
216.81
208.58
212.81
221.88
173.53
177.37
173.18
147.41
136.95
131.90
132.96
141.31
93.29
93.65
89.85
85.81
83.30
87.27
89.69
91.56
142.94
147.93
143.11
128.14
118.59
108.01
113.76
122.18
2,793.81
2,894.82
2,934.23
2,681.89
2,550.69
2,460.54
2,518.56
2,610.92
350.25
360.39
360.03
330.75
315.41
307.12
315.29
328.75
3.44
3.36
3.37
3.65
3.85
4.01
3.91
3.74
1991: Jan
Feb
Mar
177.95
197.75
203.57
207.71
206.93
220.69
246.74
255.36
260.15
260.13
145.89
166.06
166.26
166.90
170.77
88.59
92.08
92.29
92.92
90.76
121.39
141.03
145.42
152.64
151.32
2,587.60
2,863.04
2,920.11
2,925.54
2,928.42
325.49
362.26
372.28
T
379.68
377.99
259.28
260.48
256.47
258.58
265.54
169.64
172.22
168.78
167.60
175.31
92.22
91.38
90.02
89.99
90.49
151.87
151.73
148.25
150.19
154.94
2,914.50
2,936.27
2,891.46
2,904.52
2,989.10
378.12
378.98
372.31
375.26
385.38
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
r
6.47
3.82
3.35
3.26
3.19
3.23
206.94
207.42
204.05
205.54
210.69
Earningsprice ratio
3.20
3.22
3.31
3.24
3.19
Apr
Mav
Week ended:
1991: May 4
11
18
25
June 1
1
Average of daily closing prices.
Includes all the" stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
5.94
r
7.10
r
6.47
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 1991, there was a deficit of $121.7 billion, compared with a deficit of $109.0 billior.
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYSiV
1,400
1,400
1,300
1,300
1,200
1,200
OUTLAYS!/
1,100
1,100
1,000
1,000
900
900
\
RECEIPTS^
800
800
700
700
600
'600
0
SURPLUS OR DEFICIT H-L/
-
"
A
1/1 983
\
\
1984
1986
-200
^
i
i
1985
i
1987
i
1988
—^
i ^-
i
1989
0
1990
H
(\
1
1991
300
1992N
FISCAL YEARS
I/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIl OF ECONOMIC ADVISERS
SOURCES- DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Fiscal year or period
Receipts
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 (estimates)
1992 (estimates)
Cumulative total, first 7
months: ]
Fiscal year 1990
Fiscal year 1991
Surplus
or deficit
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
Surplus
or deficit
Total
Held by
the public
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
-14.7
-53.6
-59.2
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-70.5
-13.3
-49.7
-54.9
-38.2
-72.7
-73.9
-120.0
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-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
1,031.3
1,091.4
1,165.0
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,409.6
1,445.9
-212.3
-221.2
-149.7
-155.1
-153.4
-220.4
-318.1
-280.9
547.9
568.9
640.7
667.5
727.0
749.7
793.2
849.8
769.5
806.8
810.0
861.4
933.2
1,026.6
1,171.7
1,194.2
-221.6
-237.9
-169.3
-193.9
-206.1
-277.0
-378.5
-344.4
186.2
200.2
213.4
241.5
263.7
281.7
298.3
315.3
176.8
183.5
193.8
202.7
210.9
225.1
237.9
251.7
9.4
16.7
19.6
38.8
52.8
56.6
60.4
63.6
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,617.8
4,021.1
1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,717.6
2,995.4
597.8
622.9
706.8
744.6
-109.0
-121.7
435.2
448.0
579.0
606.2
143.8
-158.2
162.6
175.0
127.8
138.4
34.8
36.6
3,039.6
3,395.5
2,299.4
2,540.2
1
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United State*
32
Outlays
Gross Fe leral debt
(end of period)
Off-budget
On-budget
Total
lent. Fiscal Year 1992, February
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 7 months of fiscal 1991, receipts were $25.1 billion higher than a year earlier and outlays were $37.8
billion higher.
BILLIONS OF DO .LARS
BILLIO MS OF DOLLARS
600
RECEIPTS!/
500
200
1
600
INDIVIDUAL INCOME TAXES
\
^
_^- —••'
__,—-—"""
=^^
OTHER
.
.
\
100
Q
(
1,200
500
•" ""*
400
.
"~"
""
CORPORATION
INCOME TAXES
RECEIPTS
.
. —•-
\
SOCIAL INSURANCE
CONTRIBUTIONS
TAXES AND
200
>
\
1
1
1
100
t
I
I
)
o
]
1,200
OUTLAYS^
1 000
s
900
NONDEFENSE
\
,•*•'''
ftOO
700
— "-"
400
NATIONAL DEFENSE
300
^^-^_-
~
"
400
300
\
200
200
*
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
*
FISCAL YEARS
yiNClUDES ON-BUDGET AND OFF-BUDGET ITEMS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
roiJNril nF ECONOMIC ADVISERS
COUNLI1 OF ILUNUMIC. AUVIbtlo
[Billions of dollars]
On-budg et and off budget ou tlays
Or -budget aiid off-budg'et receipt
Fiscal year
Total
Individual
income
Corporation
income
taxes
Social
insurance
taxes
and
Nations 1 defense
Other
Total
Total
butions
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 (estimates)
1992 (estimates)
Cumulative total, first 7 months: *
Fiscal year 1990
Fiscal year 1991
_ —
_ — _
— _..
1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
734.1
769.1
854.1
909.0
990.7
1,031.3
1,091.4
1,165.0
334.5
349.0
392.6
401.2
445.7
466.9
492.6
529.5
61.3
63.1
83.9
94.5
103.3
93.5
95.9
101.9
265.2
283.9
303.3
334.3
359.4
380.0
402.0
429.4
597.8
622.9
279.3
282.2
52.4
57.9
215.6
230.8
298.1
International
affairs
6.4
6.4
7.5
7.5
34.3
371.8
89.6
36.6
37.7
40,8
50.fi
69.5
69.3
65.6
71.8
409.2
503.5
590.9
678.2
745.7
808.3
851.8
97,2
104.5
116.3
134,0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
73.0
946.3
73.1
990.3
74.3 1,003.8
78.9 1,064.1
82.3 1,144.1
90.9 1,251.7
101.0 1,409.6
104.2 1,445.9
252.7
273.4
282.0
290.4
303,6
299,3
298.9
295.2
245.2
265.5
274.0
281.9
294.9
289.8
287.5
283.0
13.8
17.0
17.8
706.8
744.6
172.3
151.7
166.9
145.6
10.9
50.5
52.1
Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
Department of
Defense,
military
458.7
12.7
13.1
12.3
11.8
15.9
16.2
14.2
11.6
10.5
9.6
9.0
Health
Medicare
Income
security
Social
security
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
Net
inter-
Other
est
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
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
33.5
35.9
40.0
44.5
48.4
57.7
71.2
81.3
65.8
70.2
75.1
78.9
85.0
98.1
104.4
113.7
128.2
119.8
123.3
129.3
136.0
147.3
113.2
184.8
188.6
198.8
207.4
219.3
232.5
248.6
269.0
288.6
136.0
138.6
151.7
169.2
184.2
191.0
206.3
131.8
142.1
125.9
139.4
159.8
202.7
278.9
258.0
31.9
38.6
54.8
58.7
88.7
103.1
141.2
152.7
105.1
112.8
103.9
116.2
15.8
19.3
26.7
29. S
35.4
42 .8
52.5
68.7
85.0
89.8
111.1
129.4
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1991, according to preliminary estimates, Federal receipts rose $12.3 billion (annual rate);
Federal expenditures fell $54.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,400
1,400
SEASONALLY ADJUSTED ANNUAL RATES
1,200
1,200
EXPENDITURES
\--_-,
1,000
1,000
800
800
\
RECEIPTS
600
600
400
400
200
200
SURPLUS OR DEFICIT
(-)
-200
-200
1990
1982
CALENDAR YEARS
SOURCE. DEPARTMENT OF COMMERCE
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal CTovernment expenditu res
Federal (jiovernment receipts
Period
Total
Fiscal year:
1985
1986
1987
1988
1989
1990
Calendar year:
1985..."
1986
1987
1988
1989
1990
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: III
IV
1990: I
II
Ill
IV
1991: V
Personal
tax and
nontax
receipts
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Surplus
or deficit
( — ),
Less:
Wage
accruals
less
disbursements
national
income
and
product
accounts
776.8
815.2
899.4
957.6
1,041.9
1,094.9
340.4
357.0
400.8
411.3
457.6
483.0
74.6
81.1
99.1
108.1
113.8
113.6
55.9
50.9
53.5
55.6
57.8
58.8
305.8
326.1
345.9
382.6
412.6
439.6
962.3
1,028.0
1,060.0
1,101.8
1,172.2
1,252.7
341.5
368.6
375.4
377.8
399.0
416.1
374.0
394.6
411.1
433.2
462.0
504.7
97.8
107.4
103.1
108.3
115.8
128.3
128.3
134.6
139.3
148.8
167.7
182.1
20.7
22.8
31.1
33.6
27.7
21.5
-0.1
.0
.0
.0
-185.5
-212.8
-160.7
-144.1
-130.3
-157.7
788.7
827.9
913.8
972.4
1,052.9
1,109.7
633.1
675.5
742.7
805.3
853.8
940.0
997.5
1,048.1
1,055.7
1 ,080.6
1,105.8
1,125.9
1,126.5
1,138.8
346.4
361.4
405.8
415.1
464.0
492.8
303.0
291.9
326.0
355.3
376.2
419.2
424.8
462.2
469.6
473.6
492.1
500.0
505.5
505.6
76.3
83.8
103.2
110.5
110.4
108.5
46.4
70.2
69.7
78.8
88.9
107.4
115.4
104.7
101.3
106.5
109.2
114.2
104.1
95.1
55.1
50.5
54.0
57.0
58.4
61.7
47.6
53.6
56.2
53.5
50.8
55.1
57.8
59.3
58.7
60.6
60.5
61.0
64.6
72.7
310.9
332.1
350.8
389.8
420.1
446.7
236.1
259.8
290.7
317.7
337.9
358.4
399.6
421.9
426.1
439.9
444.0
450.6
452.3
465.5
985.6
1,034.8
1,071.9
1,114.2
1,187.2
1,275.7
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,153.8
1,179.8
1,205.8
1,248.8
1,271.7
1,271.6
1,310.8
1,256.8
355.2
366.5
381.3
380.3
400.0
424.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
399.2
399.9
410.6
421.9
425.8
437.6
443.5
380.1
399.9
414.0
438.9
471.9
511.4
347.4
352.5
362.1
385.8
405.8
421.4
447.2
474.4
487.9
503.4
510.4
513.2
518.5
458.4
99.7
106.8
102.6
111.1
118.2
131.4
84.5
86.0
96.3
103.5
103.0
102.7
112.2
117.6
121.5
128.5
131.5
129.8
135.8
143.7
130.1
135.6
142.3
151.3
172.0
186.3
87.2
101.0
125.3
132.7
136.0
147.6
157.9
172.1
175.2
178.1
184.3
189.8
193.0
193.8
20.3
26.0
31.8
32.7
25.0
22.7
23.4
29.1
21.0
19.0
29.2
41.5
35.3
16.5
21.3
28.3
23.8
13.1
25.9
17.4
_,2
.0
.0
.0
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.0
.0
.0
.0
.0
-196.9
— 206.9
-158.2
-141.7
-134.3
-166.0
-202.6
-169.2
-187.5
-212.2
-189.0
-161.7
-156.3
-131.7
-150.1
-168.3
-166.0
-145.7
-184.3
-118.0
Source: Department of Commerce, Bureau of En
34
Corporate
profits
tax
accruals
Grantsin-aid to
State
and
local
governments
.1
1
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (19 12-84=100
Industrial iroduction (1987=1 X); seasonal!v adjuster
Period
United
States
Japan
France
Germany
81.9
76.5
84.9
92.8
1982
1983
1984
1985
1986
1987
1988
1989
Canada
81.5
91.4
96.5
95.7
100.0
105.0
105.1
101.6
82.9
85.5
97.3
96.5
97.1
97.2
98.0
100.0
104.7
93.5
97.7
99.6
94.4
95.3
100.0
105.4
108.1
1990''
1990:
109.2
108.5
108.9
108.8
109.4
110.1
110.4
110.5
110.6
109.9
108.3
107.2
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr*"
102.7
102.6
102.3
102.8
102.7
103.1
102.0
100.4
100.2
r
r
r
106.6
T
108.9
110.2
116.5
118.8
117.9
121.0
121.1
123.2
123.7
122.4
125.3
124.8
123.7
98.6
97.4
125.4
107.1
108.0
109.8
109.3
109.4
111.6
111.6
109.8
110.1
108.0
' 106.0
r
109.4
Italy
90.3
90.9
United
States 1
Canada
Japan
France
Germany
86.3
89.5
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
94.9
100.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
97.0
100.3
102.7
104.9
104.7
104.9
111.4
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
109.5
109.9
110.8
111.6
111.0
110.9
111.4
112.4
113.9
1 1 3.5
113.2
131.1
131.6
132.1
132.3
132.6
132.9
133.7
134.4
135.2
135.0
134.9
111.3
111.4
111.6
111.8
111.9
111.9
112.2
114.1
135.5
135.7
135.8
91.8
88.8
91.8
92.9
96.2
100.0
105.9
109.2
100.0
103.9
108.7
114.6
r
89.6
94.5
96.8
100.0
103.6
104.0
103.3
!09.2
111.3 r 111.6
112.8 rr111.6
110.2 no.o
113.4 r !07.7
113.7 r !07.9
115.2
109.7
116.5
109.7
117.3 '110.8
117.0 ' 107.5
116.6 ' 106.8
116.2 r 109.6
108.4
108.3
108.1
r
130.7
!03.3
' 104.9
' 105.7
' 104.6
107.0
' 103.1
r
!01.9
r
101.8
M01.9
' 100.2
99.9
128.0
128.7
128.9
129.2
129.9
130.4
131.6
132.7
133.5
133.8
133.8
104.8
108.9
113.4
118.4
123.2
129.3
135.5
133.4
133.9
133.9
134.6
135.1
135.8
135.8
136.3
137.4
138.2
138.1
r
!25.1
108.7
123.2
105.0
119.1
' 118.3
117.6
'99.4
134.6
MOl.O
134.8
135.0
141.7
141.7
142.3
135 2
97.3
96.5
105.7
93.4
96.8
96.6
100.0
109.3
115.7
121.3
United
Kingdom
105 1
113.8
87.7
United
Kingdom
100.8
95.4
99.8
111.5
121.1
128.5
134.4
141.1
150.4
159.6
104.8
111.1
114.9
119.7
125.6
135.4
148.2
141.2
142.6
147.0
148.3
112.6
113.4
113.2
113.3
56.5
57.1
57.7
58.0
58.7
59.3
160.3
161.2
162.6
163.6
164.2
114.0
114.3
114.2
165.4
167.0
167.4
153.0
153.8
154.4
1564
106.3
109.2
112.1
142 3
101.2
Italy
168 2
148.9
149.0
150.5
151.9
153.1
152.7
152.6
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Mer chandisc < xports (f. a.s. value
1
C tmera! n erchandist imports customs value) 3
Principal end-use < ommodiu catcgon
Period
Total 2
Foods,
feeds,
and
Industrial
supplies
als
1982
1983
1984
216.4
205.6
224.0
= 218.8
5
227.2
254.1
322.4
363.8
393.6
1985
1986
1987
1988
1989
1990
T
Mar '
33.1
Aprr
1990:
32.1
32.6
33.8
32.2
32.5
32.2
34.6
33.6
r
Mav .
June r.
July r
Aug '.
Sept
T
Oct '
Nov *
Dee '
1991: Jan r
Feb '
Mar
1
33.6
34.1
33.6
34.0
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
3.2
3.0
3.0
3.3
2.8
2.9
2.7
2.6
2.9
2.6
2.7
3.1
3.0
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
104.4
Capgoods
except
automotive
72.7
Automotive
eles,
parts,
engines
15.7
16.8
20.6
Consumer
goods
(nonfood)
except
automotive
67.2
72.0
73.9
75.8
86.2
109.2
22.9
21.7
24.6
29.3
14.3
13.4
13.3
12.6
14.2
17.7
23.1
138.8
152.7
34.8
37.4
36.4
43.3
12.7
12.5
12.7
3.4
ISA
9.5
9.2
12.7
12.6
12.6
13.1
12.4
13.2
3.3
3.1
3.1
2.9
3.4
3.2
2.8
9.5
9.7
8.9
13.0
12.4
13.5
3.1
2.6
2.9
8.6
8.4
8.3
8.4
8.1
8.7
8.8
9.9
3.1
3.4
3.5
3.5
3.6
39
3.7
Other
feeds,
and
Industrial
supplies
materi
als
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
1.8
1.6
1.7
1.6
1.8
4
4
goods
except
automotive
Con-
cles,
parts,
(nonfood)
except
automotive
Other
39.7
44.9
6.5
6.3
60.0
7.8
9.4
10.4
12.1
and
en-
gines
35.4
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
101.4
132.3
143.2
113.3
116.4
41.7
2.4
11.7
2.3
10.6
11.5
10.9
11.1
12.2
12.4
13.5
13.4
11.6
9.6
9.7
8.0
39.7
40.8
9.6
9.6
10.0
9.7
9.4
10.3
10.0
9.8
7.3
7.4
7.6
6.6
8.6
9.4
9.0
8.3
9.9
9.9
9.9
7.3
6.7
6.7
8.6
8.5
8.1
441.0
473.2
495.3
1.9
39.9
1.9
1.9
1.9
41.5
39.1
38.0
2.3
22
22
2.1
22
2.2
2.1
2.2
2.2
2.1
2.1
12.2
10.8
10.0
40.9
59.8
65.1
71.8
84.5
Genera!
merchandise
Automotive
112.0
107.0
123.7
113.9
101.3
111.0
118.3
1.9
3.9
3.9
Cap-
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
244.0
258.0
330.7
336.5
365.4
406.2
40.2
41.4
41.9
41.3
44.5
43.1
1.6
1.7
1.8
3.8
Total
2
3.5
3.5
3.9
3.7
3.8
Includes Department of Defense Military Assistance Program grant-aid shipments.
2
Includes undocumented exports to Canada through 1988.
3
Total arrivals of imported goods other than intransit shipments.
4
Total includes revisions not reflected in detail.
5
Total exports arc on a revised statistical month basis; end-use categories are or
month basis.
Trade 1 dance
Principal md-use ct mmoditv catcgorv
7.2
7.7
7.2
7.7
7.1
68.3
79.4
88.7
95.9
102.9
105.7
8.8
8.7
8.8
8.6
9.1
8.9
12.8
13.6
16.1
1.3
1.2
1.3
1.4
1.3
1.3
1.6
(c.i.f.
value)
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
517.0
43.6
41.5
42.6
41.9
1.3
43.3
43.7
43.1
46.4
45.0
41.6
1.3
1.2
1.3
43.4
40.9
39.7
1.4
1.5
Exports
(f.a.s) less
imports
(customs
Exports
(f.a.s)
less
imports
(c.i.f.)
-27.5
-52.4
-106.7
-117.7
-138.3
-152.1
-118.5
-109.4
-101.7
-38.4
-64.2
— 122.4
-133.6
-155.1
-170.3
-137.1
-129.4
-123.4
— 8.6
-7.6
-8.1
-6.3
-9.2
- 10.5
-9.4
-10.0
-8.1
-11.1
-9.4
-9.1
-11.2
-9.9
-9.5
-6.3
-11.7
- 1 1 .4
-7.4
-5.5
-4.0
-9.2
-7.3
-—5.7
-10.8
-8.0
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Seasonally adjusted data have been revised beginning 1989; unadjusted data revised beginning
Source: Department of Commerce, Bureau of the Censi
35
U.S. INTERNATIONAL
TRANSACTIONS
In the first quarter of 1991, the merchandise trade deficit fell to $18.4 billion from $27.7 billion in the fourth
quarter of 1990. (Data revised for 1989-90.)
BILLIONS OF DOLLARS*
10
BILLIONS OF DOLLARS*
10
5
0
-5
\\
-10
-10
-15
-15
BALANCE ON GOODS,
. SERVICES, AND INCOME
-20
-20
-25
-25
-30
-30
-35
-35
-40
-40
-45
-45
1991
1982
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (-f), debits { —)]
Merchandise 1
2
Period
Exports
237,085
211,198
201,820
219,900
1985
215,935
1986
223,367
1987
250,266
1988
320,337
r
1989
361,451
r
1990"
389,550
1988: I
76,497
II
79,392
m
80,511
IV
83,937
r
1989: I
87,207
n
* 9 1,609
r
in
90,142
r
IV
92,493
r
1990: I
95,244
r
n
97,088
r
in r 96,638
IV".... 100,580
1991: I"
100,861
1981
1982
1983
1984
1
2
3
4
Imports
-265,063
247,642
-268,900
332,422
-338,083
368,425
-409,766
447,323
r
-477,368
r
497,665
- 109,988
— 110,494
-111,290
-115,551
-116,625
-120,309
-119,330
-121,104
122,781
-121,178
-125,398
-128,308
-119,228
Net balance
Net
military
transactions 3 4
Net
travel and
transpor-
-844
144
112
992
-163
-4,227
2,147
9,153
-122,148 -4,096 -10,788
4,907
8,939
145,058
-159,500 -3,530 -8,298
5,452
4,060
126,986
r
- 115,917 -6,320
659
r
1,689
108,115
6,413
-33,491 -1,075 -1,776
-31,102 -1,139 -1,062
-30,779 -1,144
-624
-599
-31,614 -2,094
-57
-29,418 -1,763
-28,700
-29,188
-28,611
-27,537
-24,090
-28,760
-27,728
-18,367
-1,667
-1,114
-1,776
-1,287
-1,382
-1,705
-2,042
Other
services,
net 5
receipts
-27,978
36,444
-67,080
112,522
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
Includes transfers of goods and services under U.S. military grant programs.
36
Inv stment incomt
Services
39
-192
870
986
390
-235
549
12,552
12,981
13,859
14,042
14,008
18,551
18,262
21,032
26,123
27,648
4,736
5,079
5,391
5,829
5,899
6,164
7,031
7,030
6,226
6,896
7,087
7,439
Receipts
on U.S.
assets
Payments
on foreign
assets in
U.S. 3
5
Balance on
goods,
Net
-53,626 31,349
84,975
85,346 -57,097 28,250
81,972 -54,549 27,423
92,935 -69,542 23,394
82,282 -66,115 16,166
70,013 10,969
80,982
5,326
90,536 -85,210
1,610
110,048 - 108,438
-913
127,536 -128,448
121,296
7,533
128,829
2,400
26,980 -24,580
409
26,739 -26,330
-141
27,942 -28,083
28,386 -29,445 -1,059
465
30,872 -30,407
31,932 -33,889 -1,957
17
32,102 -32,085
561
32,629 -32,068
2,004
31,550 -29,546
-990
30,691 -31,681
2,256
31,889 -29,633
4,265
34,700 -30,435
and income
15,223
3,907
— 30,188
Unilateral
transfers,
net 4
Balance
on current
account
6,892
-5,868
-9,956 — 40,143
-12,621 -99,006
-15,473 — 122,332
- 16,009 -145,393
-14,575 -162,314
-8,331
-9,775
-86,385
-106,859
-129,384
-147,739
-113,857 - 15,005 -128,862
-95,314 -14,720 -110,034
-78,224 -21,073 -99,297
-29,206 -3,476 -32,682
-27,815 -3,060 -30,875
-27,297 -3,461 -30,758
-29,537 -5,008 -34,545
-23,549 -3,555 -27,104
-25,643 -3,006 -28,649
-24,061 -3,530 -27,591
-22,061 -4,631 -26,692
-18,880 — 3,440 -22,320
-18,311 -4,422 — 22,733
-22,382 -4,099 -26,481
-18,650 — 9,112 -27,762
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $24.4 billion in the fourth quarter of
1990, compared to an increase of $13.5 billion in the third quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, increased $19.6 billion in the fourth quarter, compared to an increase of
$27.6 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
CHANGE IN
FOREIGN ASSETS
60
" IN THE U.S., NET
40
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
1990
1989
•SEASONALLY ADJUSTED
SOURCE'. DEPARTMENT OF COM
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
Foreign assets in the 1 J.S., net
[increas i /capital inflovM + )] 3
t increase /capit ll outflow ( — ) ]
Period
U.S.
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990"
1988: I
n
m
IV
1989:
1990:
I
n
m
rv
official
reserve
assets 3 6
— 110,951
-124,490
-56,100
-31,070
-27,721
-92,030
-62,946
-84,176
-127,061
-61,251
-5,175
4,965
-1,196
3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
4,569
-19,856
— 42,383
-26,508
1,502
39
-7,380
1,925
-4,000
-12,095
-5,996
-3,202
-3,177
371
1,739
-1,091
-32,859
-1,381
-44,076
-48,745
I
II
32,905
-31,694
m
-31,894
IV"... -30,568
Other U.S.
Government
assets
U.S.
private
assets
-5,097 -100,679
-6,131 — 113,394
-5,006
-49,898
-5,489 -22,451
-2,821 -21,043
2,022 -90,321
997 -73,091
2,969 -83,232
1,185 -102,953
2,971
-62,063
-1,594
4,661
847 -19,048
1,957
-36,960
3,452 -31,885
962 -29,821
-303
11,017
574 -38,654
-47 -45,496
-659
36,741
808 -31,257
-360 -33,273
4,797 -34,273
Allocations
of special
drawing
rights
(SDKs)
Statistical c iscrepancy
Total {sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
TJ g Offlciai
reserve
assets, net 6
(unadjusted,
end of
period)
Foreign
official
assets
Other
foreign
assets
83,032
93,746
84,869
102,621
130,012
221,599
218,470
221,442
214,652
87,545
4,960
3,593
5,845
3,140
-1,083
35,588
45,210
39,515
8,823
30,778
78,072
90,154
79,023
99,481
131,096
186,011
173,260
181,927
205,829
56,767
26,079
65,270
49,797
80,295
1,239
59,300
51,812
69,575
2,034
-14,539
23,344
-19,242
2,970
-2,995
-4,630
4,656
43,186
41,028
47,788
47,802
68,402
2,794
74,136
69,320
24,840
5,970
-2,015
10,720
7,797
-4,961
13,003
-7,016
60,605
7,755
61,133
76,336
-8,439
27,236
— 2,469
6,117
3,093
-1,697
-4,953
3,560
49,854
60,502
68,418
74,609
-32,988
25,496
56,131
38,907
-8,203
5,541
13,588
19,851
-24,786
19,954
42,543
19,055
22,404
28,932
2,244
19,424
3,023
-767
-4,980
2,726
76,303
77,298
80,024
83,340
Total
6
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve posim in the IMF.
1,093
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,340
19,934
36,612
11,374
27,456
20,041
15,824
6,790
-8,404
22,443
73,002
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
NOTE.—Merchandise data (p. 36) revised for 1989 and 1990; other data to be revised in next
month's issue.
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
2|
25
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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