Full text of Economic Indicators : November 1991
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102d Congress, 1st Session Economic Indicators NOVEMBER 1991 (Includes data available as of Not-ember 22, 1991) Prepared for the Joint Economic Committee by the Council of Economic Advisers FEDERAL RESERVE SANK OF CHICAGO 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 DAVID F. BRADFORD, Member PAUL WONNACOTT, Member [PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts prepared by the Art Production Section, Design and Graphics Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $2.50 a single copy ($3.13 foreign), or by subscription at $28.00 per year ($35.00 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT In the third quarter of 1991, according to advance estimates, current-dollar gross national product (GNP) rose 4.2 percent (annual rate) or $58.4 billion. Real GNP (GNP adjusted for price changes) rose 2.4 percent and the implicit price deflator rose 1.8 percent. BILL ONS OF DOL LARS (RATIO SCALE) BILLIOSIS OF DOLLAFiS (RATIO SC \LE) 6,000 _ 6,000 SE ASONALLV ADJUST D ANNUAL RATES 5,600 5,600 —-^~ ^^ 5,200 5,200 ./^ c NP ~~ ^-^ s - IN CURREMT DOLLARS- 4,800 4,800 \ XI y 4,400 4,400 —^ ----- .,-' —~ 4,000 4,000 -^ —^ 3,200 GN 3 IN 1982 D 3LLARS ---••' 3,600 fc= 3,600 3,200 T^- 2,800 2,800 1 1 1982 1 1 1 1 1 1983 1 1 1984 I 1 1 1985 1 1 1986 1 1 1 1 1 1987 1 1 1988 \ \ \ 1989 \ \ \ 1990 1 1 1 1991 COUNCIL OF ECONOMIC ADVISERS OURCE: DEPARTMENT OF COMMERCE [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Govern ment pure lases of goo ds and ser ttces Exports Eind imports of goods and service i „ A r°St'c 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 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 IV 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 5,289.3 2,117.0 2,315.8 2,493.4 2,700.4 2,868.5 3,079.1 3,332.6 3,518.5 409.6 579.8 661.8 654.1 648.8 741.4 747.5 762.7 14.1 -25.8 -67.9 -103.2 -108.9 -115.0 -70.3 -35.3 335.9 364.7 385.7 369.2 402.4 485.8 583.1 642.8 321.9 390.5 453.6 472,4 511.3 600.7 653.5 678.1 671.8 676.1 764.5 856.7 888.9 942.0 1,000.0 1,043.3 293.2 276.1 326.0 376.6 368.8 388.2 401.1 399.9 205.4 221.5 244.1 268.6 280.7 296.0 299.6 299.2 87.7 54.6 81.9 108.0 88.1 92.2 101.6 100.7 378.7 400.0 438.5 480.1 520.1 553.9 598.9 643.4 3,272.4 3,514.8 3,806.8 4,100.7 4,309.4 4,591.9 4,993.6 5,264.3 3,198.5 3,571.6 3,919.7 4,211.2 4,406.2 4,762.6 5,080.1 5,324.6 1990: I II Ill IV 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 1 5,405.3 5,468.2 5,555.9 5,556.1 1991: I II Ill P 5,557.7 5,612.4 5,670.8 3,742.8 3,789.0 3,841.8 660.0 654.0 684.8 13.5 18.1 — 1.4 694.5 700.8 693.5 681.0 682.6 694.9 1,141.5 1,151.3 1,145.5 443.8 449.7 436.8 331.2 325.7 318.7 112.6 124.0 118.1 697.7 701.6 708.7 5,591.9 5,652.5 5,688.3 5,544.2 5,594.3 5,672.2 Period 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1 Gross national product Net exports ( J N P less exports of goods and services plus imports of goods and services. Final Federal Exports Imports Total Total National defense Nondefense chases 1 and local Source: Department of Commerce, Bureau of Economic Analysis. GROSS NATIONAL PRODUCT IN 1982 DOLLARS [Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates] Exports and imp orts of goods and ser 7ices Gross p rivate domestic in vestment Period 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 Gross national product Persona! consumption expenditures Total Nonresidential fixed Residential fixed Change in business inventories Govern nent pure bases of gooc s and se vices Federal Net exports Exports Imports Total Total National defense Nondefense State and local Final sales Gross domestic purchases: 3,187.1 3,248.8 3,166.0 3,279.1 3,501.4 3,618.7 3,717.9 3,845.3 4,016.9 4,117.7 4,157.3 2,000.4 2,024.2 2,050.7 2,146.0 2,249.3 2,354.8 2,446.4 2,515.8 2,606.5 2,656.8 2,681.6 509.3 545.5 447.3 504.0 658.4 637.0 639.6 669.0 705.7 716.9 688.7 379.2 395.2 366.7 361.2 425.2 453.5 438.4 449.8 487.2 506.1 515.4 137.0 126.5 105.1 149.3 170.9 174.4 195.7 196.4 194.9 187.0 176.8 -6.9 23.9 -24.5 -6.4 62.3 57.0 49.4 26.3 -19.9 -84.0 9.1 - 104.3 5.6 — 129.7 22.8 -118.5 23.6 - 75.9 23.8 -54.1 -3.6 -33.8 388.9 392.7 361.9 348.1 371.8 367.2 397.1 451.8 534.7 593.3 631.5 332.0 343.4 335.6 368.1 455.8 471.4 526.9 570.3 610.6 647.4 665.3 620.5 629.7 641.7 649.0 677.7 731.2 761.6 779.1 780.5 798.1 820.8 246.9 259.6 272.7 275.1 290.8 326.0 334.1 339.6 328.1 334.9 343.7 171.2 180.3 193.8 206.9 218.5 237.2 252. 1 265.1 260.7 256.3 258.7 75.7 79.3 78.9 68.2 72.3 88.8 82.0 74.5 67.5 78.7 85.0 373.6 370. 1 369.0 373.9 387.0 405.2 427.5 439.5 452.4 463.2 477.1 3,194.0 3,225.0 3,190.5 3,285.5 3,439. 1 3,609.6 3,712.4 3,822.5 3,993.2 4,094.0 4,160.9 3,130.1 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 3,159.3 3,365.1 3,535.2 3,662.4 3,733.6 3,920.7 4,059.3 4,133.2 2,078.7 2,191.9 2,281.1 2,386.9 2,477.8 2,534.2 2,638.8 2,669.9 408.8 577.2 655.7 648.0 615.2 706.6 696.2 709.1 352.3 390.4 444.4 460.9 435.7 462.3 486.6 508.4 115.8 159.9 169.6 179.4 200.3 195.8 195.6 181.8 11.7 -46.2 ^94.8 7.7 -125.3 -20.8 -135.4 48.4 — 111.3 14.0 -75.7 18.9 -47.9 336.0 355.5 376.6 367.4 406.5 487.0 555.3 611.6 324.3 401.6 471.4 492.6 541.9 598.3 631.0 659.4 660.1 642.2 693.2 752.7 776.0 791.3 799.9 802.2 289.5 266.0 300.5 340.6 342.4 347.7 342.3 332.7 201.4 211.6 225.3 241.4 255.8 266.0 261.1 255.5 88.2 54.4 75.2 99.2 86.6 81.7 81.2 77.2 370.6 376.2 392.7 412.1 433.6 443.6 457.5 469.5 3,218.6 3,338.1 3,493.5 3,654.7 3,754.4 3,872.3 4,045.2 4,114.4 3,147.6 3,411.3 3,630.0 3,787.6 3,869.0 4,032.0 4,134.9 4,181.1 1990: I.. II Ill IV 4,150.6 4,155.1 4,170.0 4,153.4 2,677.3 2,678.8 2,696.8 2,673.6 700.7 700.7 697.0 656.3 514.6 508.4 519.3 519.4 188.3 182.8 173.0 163.3 -26.4 -35.4 — 44.6 -46.5 -8.8 628.1 620.1 630.5 647.2 663.5 664.7 677.0 656.0 807.9 820.2 822.7 832.3 333.0 345.9 346.0 349.9 254.4 256.5 258.2 265.7 78.6 89.4 87.8 84.2 475.0 474.3 476.7 482.4 4,152.8 4,145.6 4,165.3 4,179.8 4,185.9 4,199.7 4,216.5 4,162.2 1991: I II III" 4,124.1 4,118.9 4,143.1 2,663.7 2,680.5 2,705.3 623.7 617.6 651.2 496.8 498.5 506.5 151.8 152.4 159.7 -25.0 -33.3 -15.1 7.1 -12.6 -32.8 648.0 655.1 655.3 641.0 667.6 688.1 829.6 833.4 819.4 349.5 354.2 340.8 267.5 259.4 254.1 82.0 94.9 86.6 480.1 479.1 478.7 4,149.0 4,152.2 4,158.2 4,117.0 4,131.5 4,175.9 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1 IV. IV IV IV IV. IV IV IV -59.3 27.0 41.7 -2.2 9.5 4.7 GNP less exports of goods and services plus imports of goods and services. Source: Department of Commerce, Bureau of Economic Analysis.. IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1982=100; quarterly data are seasonally adjusted] Personal c onsumption expen ditures Period 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 national product Total Durable goods Nondurable goods Gross private domestic i nvestment Services Exports Imports National defense Nondefense State and local 90.2 97.5 100.0 101.3 103.2 101.0 99.8 99.5 103.2 105.5 106.5 96.0 101.6 100.0 97.4 97.1 95.2 93.7 99.0 102.5 103.8 105.8 84.3 93.3 100.0 103.1 106.8 109.0 109.7 112.3 115.9 119.4 123.3 83.4 92.9 100.0 103.6 107.2 109.2 110.2 111.1 114.0 117.5 121.2 86.4 94.3 100.0 101.4 105.5 108.2 108.1 116.3 123.2 125.8 129.8 86.2 93.4 100.0 104.7 109.9 114.9 118.3 122.9 128.7 135.1 141.3 108.3 113.5 119.0 124.9 130.9 137.0 143.4 100.7 98.3 97.9 97.9 100.0 99.0 101.8 100.7 99.1 103.1 107.2 109.0 112.4 116.5 120.6 124.3 100.0 102.6 102.4 100.5 •99.0 99.7 105.0 105.1 99.3 97.2 96.2 95.9 94.4 100.4 103.6 102.8 101.3 103.8 108.5 110.6 107.7 111.7 117.2 120.2 102.0 104.7 108.3 111.3 109.7 111.3 114.7 117.1 99.5 100.3 108.9 108.8 101.7 112.8 125.1 130.4 102.2 106.3 111.7 116.5 120.0 124.9 130.9 137.1 128.3 129.4 131.5 134.9 145.1 146.6 148.5 150.4 101.6 101.6 102.6 100.9 125.3 125.3 126.0 125.7 105.3 106.4 106.7 107.8 104.2 103.0 105.5 110.7 123.3 122.0 123.0 125.1 120.8 120.7 121.1 122.3 131.5 125.6 128.9 133.8 138.9 140.1 142.0 144.1 135.2 135.4 135.3 152.1 153.5 154.7 101.4 100.5 98.5 125.5 126.6 127.4 107.2 107.0 105.8 106.3 102.2 101.0 127.0 126.9 128.2 123.8 125.6 125.4 137.3 130.7 136.4 145.3 146.4 148.1 89.2 95.7 100.0 102.1 103.8 104.8 105.6 108.2 109.4 110.9 112.4 89.4 96.9 100.0 102.1 105.0 107.5 107.3 112.2 116.6 122.8 131.0 83.9 92.6 100.0 106.2 111.6 116.8 122.4 128.7 IV IV IV IV IV IV IV IV 101.7 105.4 109.0 112.2 115.1 118.5 123.4 128.0 101.8 105.7 109.3 113.1 115.8 121.5 126.3 131.8 100.7 103.1 104.1 104.7 106.2 108.9 110.3 111.4 101.0 103.1 105.8 108.7 107.8 113.9 118.6 124.5 102.7 1990: I II Ill IV 129.5 131.0 132.2 133.1 134.0 135.2 137.0 139.3 112.5 112.1 112.3 112.7 1991: I II Ill ". 134.8 136.3 136.9 140.5 141.4 142.0 113.0 113.0 113.9 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 Source: Department of Commerce, Bureau of Economic Analysis. Gove rnment pure lases of goo ds and ser 'ices 85.1 93.4 100.0 98.8 97.9 97.7 99.3 98.9 100.2 101.2 101.7 85.7 94.0 100.0 103.9 107.7 110.9 113.8 117.4 121.3 126.3 131.5 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: Nonresidential fixed Exports an . imports of goods am1 services 134.5 141.0 147.7 CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND RELATED PRICE MEASURES [Percent change from preceding period; quarterly data at seasonally adjusted annual rates] Personal consumption e spenditures Or ss national pr jducl Period Current dollars 8.9 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1987: 1988: 1989: 1990: 1991: 11.7 3.7 7.6 10.8 6.4 5.4 6.7 7.9 6.7 5.1 9.1 7.5 7.4 8.7 7.8 8.3 7.4 7.7 7.5 5.8 5.1 3.9 6.7 5.1 5.3 .9 2.2 4.0 4.2 I II Ill IV I II Ill IV I 11 Ill IV I II Ill IV I II Ill' Constant (1982) dollars -0.2 1.9 -2.5 3.6 6.8 3.4 2.7 3.4 4.5 2.5 1.0 5.2 4.2 4.1 6.6 5.1 3.6 2.7 2.7 3.6 1.6 1.7 .3 1.7 .4 1.4 -1.6 -2.8 5 2.4 Implicit price deflator Chain price index Fixedweighted price index (1982 weights) 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 5.2 3.3 2.1 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 5.2 4.5 1.8 NOTE .—Annual changes are from preceding year and quarterly changes are from preceding quarter. Constant (1982) dollars Current dollars 9.3 9.3 6.2 4.1 4.0 10.7 9.2 10.9 9.2 5.7 6.4 4.8 4.7 3.9 7.6 7.6 6.5 6.0 7.3 9.6 8.9 3.7 9.2 7.4 8.2 8.1 4.8 6.6 7.0 4.0 8.2 3.9 8.0 3.5 1.9 5.0 5.7 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 -1.5 2.5 3.8 3.8 3.2 2.4 4.6 3.8 4.6 5.0 6.4 5.7 4.2 3.9 3.5 2.7 4.6 4.0 4.7 4.9 6.2 4.9 4.3 4.0 2.5 4.7 4.8 10.5 7.1 9.0 8.8 8.2 2.7 3.5 4.2 4.5 4.6 4.4 3.5 3.5 3.7 3.9 4.7 5.5 4.4 4.9 4.6 3,1 3.8 6.6 3.9 4.2 4.7 5,2 3.1 2.1 Chain price index -0.2 1.2 1.3 4.6 10.6 3.4 Implicit price deflator 4.1 4.8 4.4 4.1 2.3 4.3 4.6 4.6 4.8 5.0 5.3 2.6 4.9 6.8 3.4 5.2 6.5 3.4 2.8 2.1 5.2 5.1 2.2 5.0 6.8 3.6 5.4 6.9 3.5 2.6 1.7 Fixedweighted price index U982 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 2.6 1.9 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Cur rent-dollar cc st and profit Gross dome stic product of nonf nancial corporate business (billions c f dollars) Period Current dollars 1982 dollars Total cost and profit 2 Capita! consumption allowances with capital eonsump- Indirect business taxes 3 Compensation of emplovees per unit of output (dolla s) ' Corporatt profits with inventory valuation and capital c nsurnption adjustments Net interest Total adjusttnent 1980 1981 1982 1983 1984 1,540.8 1,738.4 1985 1986 1987 1988 1989 1990 1982: IV 1983: IV 1984: IV 1985: 1986: 1987: 1988: 1989: IV IV IV IV IV 1990: I II Ill IV 1991: 1 I II . .. 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 2,956.9 2,984.8 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 2,446.9 2,446.4 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 1.220 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 .141 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 he decimal point shifted two places to the left. 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 .125 3 0.583 .632 .676 .676 .683 .699 .708 .720 .737 .760 .791 .685 .676 .689 .704 .713 .726 .747 .769 .777 .787 .797 .804 .814 .822 0.031 .037 .043 .037 .039 .038 .040 .040 .040 .048 .051 .042 .037 .042 .037 .041 .040 .041 .051 .051 .051 .051 .052 .052 .051 Profits tax liability Profits after tax 4 0.068 .079 0.037 .035 0.031 .063 .088 .109 .106 .097 .106 .109 .096 .088 .057 .102 .107 .105 .094 .108 .110 .089 .090 .094 .026 .032 .036 .033 .034 .040 .042 .041 .038 .023 .036 .032 .033 .038 .042 .042 .039 .038 .039 .040 .037 .032 .033 .037 .057 .073 .073 .063 .066 .067 .056 .049 .034 .066 .075 .071 .057 .066 .067 .051 .052 .055 .047 .043 .047 .048 .087 080 .079 .082 .044 Output per hour of all emplovees (1982 dollars) 18.547 18.699 18.774 19.344 19.867 20.198 20.902 21.202 21.658 21.602 21.509 18.807 19.554 19.932 20.389 21.055 21.367 21.680 21.491 21.409 21.547 21.508 21.518 21.461 ' 2 1.490 Compensation per hour of all emplovees (dollars) 10.809 11.815 12.682 13.085 13.571 14.112 14.792 15.264 15.874 16.417 17.020 12.881 13.221 13.741 14.350 15.014 15.506 16.089 16.529 16.641 16.950 17.148 17.301 17.462 ' 17.658 Indirect business tax and nontax liability plus business transfer payments less subsidies. With inventory valuation and capital consumption adjustments. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics). 4 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period National income Compensation of employees1 Proprieto s' income with in ventorv valuation ind capital consulnptum adjusl ments Corpora te profits w h inventory valuation an capital consulnption adjust ments Profits \v th inventory valuation adjustme nt and witho ut capital consu mption adjus tment Total Farm 1982 1983 1984 1985 198(5 1987 1988 1989 1990 Rental income of persons with capital Nonfarm adjustment Profits hcfore tax Capital consumption Net interest valuation adjustment 2,518.4 2,719.5 3,028.6 3,234.0 3,412.6 3,660.3 3,984.9 4,223.3 4,418.4 1,907.0 2,020.7 2,213.9 2,367.5 2,511.4 2,686.4 2,905.1 3,079.0 3,244.2 24.6 12.4 30.5 30.2 34.7 42.8 43.7 48.6 49.9 150.9 178.4 204.0 225.6 247.2 280.6 310.5 330.7 352.6 13.6 13.2 8.5 9.2 11.6 13.7 16.3 8.2 6.9 150.0 213.7 266.9 282.3 282.1 308.3 337.6 311.6 238.3 159.2 196.7 234.2 222.6 228.3 255.9 289.8 286.1 293.3 169.6 207.6 240.0 224.3 221.6 275.3 316.7 307.7 304.1 -10.4 -10.9 -5.8 — 1.7 6.7 -19.4 -27.0 -21.7 -U.4 -9.2 17.0 32.7 59.7 53.8 52.4 47.8 25.5 4.9 272.3 281.0 304.8 319.0 325.5 328.6 371.8 445.1 466.1 IV IV IV IV IV IV IV IV 2,548.2 2,851.5 3,096.1 3,312.8 3,473.1 3,791.5 4,104.1 4,267.1 1,931.1 2,092.7 2,272.7 2,426.7 2,571.2 2,770.3 2,986.7 3,128.6 28.5 19.3 28.1 29.2 37.2 52.3 35.5 45.7 159.8 188.6 209.7 235.0 252.0 293.0 321.5 336.0 15.8 12.4 5.6 7.8 13.5 14.6 16.8 4.1 146.1 248.5 266.9 291.4 275.2 323.1 349.6 290.9 150.7 223.4 224.6 228.4 226.1 268.6 308.7 275.3 164.1 231.5 226.1 235.0 234.1 289.7 331.1 289.8 -13.4 -8.1 — 1.6 -6.6 -8.0 -21.1 -4.5 25.1 42.3 63.0 49.1 54.5 40.9 15.6 266.9 290.2 313.1 322.7 324.0 338.2 394.1 461.7 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 8.4 9.3 296.8 306.6 300.7 288.9 285.5 298.8 208.7 290.3 296.9 299.3 318.5 304.1 -11.4 -.5 -19.8 — 13.8 11.3 7.7 463.6 466.2 468.3 468.4 1991: I II Ill" 4,456.4 4,493.2 3,299.3 3,335.7 3,371.7 48.5 51.8 43.2 355.8 365.2 375.2 5.6 5.4 7.6 286.2 284.4 289.7 284.1 281.5 279.2 8.1 4.9 -3.2 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1 Includes employer contributions for social insurance. (See also p. 5.) — 22.5 -14.5 2.0 — 1.4 -3.5 9 6.4 460.9 450.8 445.5 Source: Department of Commerce, Bureau of Economic Analysis. PERSONAL CONSUMPTION EXPENDITURES [Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates] Nor durable g aods Durabl 3 goods Period con- Motor vehicles and parts Furniture and household equipment Total nondurable Food Clothing and shoes Gasoline and oil Serv- Retail sales of new pa ssenger cars (m llions of un ts) expendiures Total durable goods 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 1,193.7 398.8 421.9 448.5 471.6 500.0 530.7 562.6 595.3 624.7 124.4 135.1 146.7 156.4 166.8 178.4 191.1 204.6 213.2 89.1 90.2 90.0 90.6 73.5 75.3 17.3 83.8 93.8 158.7 169.5 182.1 192.6 201.7 216.9 229.1 246.3 261.9 1,027.0 1,128.7 1,227.6 1,345.6 1,449.5 1,584.7 1,120.1 1,845.5 1,983.3 5.8 6.8 8.0 8.2 8.2 7.1 1.5 7.1 6.9 IV IV IV IV IV IV IV IV 2,117.0 2,315.8 2.493.4 2,700.4 2,868.5 3,079.1 3,332.6 3,518.5 263.8 310.0 346.7 373.2 422.0 427.4 473.1 471.2 115.7 144.4 162.3 173.8 201.1 198.9 217.8 207.5 99.1 112.4 122.7 134.7 143.8 151.1 166.8 173.0 49.0 53.2 61.8 64.7 77.1 77.4 88.5 90.7 786.6 837.9 879.6 932.7 952.1 1,019.9 1,088.0 1,148.8 407.0 430.8 456.1 482.5 511.9 539.0 577.1 602.2 126.5 141.1 149.8 160.6 168.7 182.2 198.6 208.7 89.8 91.9 89.0 91.0 66.0 77.3 78.5 83.5 163.4 174.0 184.7 198.5 205.5 221.5 233.9 254.4 1,066.5 1,167.9 1,267.1 1,394.5 1,494.4 1,631.8 1,771.5 1,898.5 6.0 7.4 7.7 7.0 7.7 6.6 7.5 6.2 2.5 2.6 2.6 3.1 3.4 3.3 3.0 2.6 1990: 1 II Ill IV 3,588.1 3,622.7 3,693.4 3,724.9 492.1 478.4 482.3 468.5 221.1 212.4 214.7 203.9 178.9 176.8 176.4 173.4 92.0 89.3 91.2 91.3 1,174.7 1,179.0 1,205.0 1,216.0 616.4 623.3 629.8 629.4 212.9 212.6 215.8 211.5 87.1 84.5 94.0 109.4 258.2 1,921.3 258.6 1,965.3 265.4 2,006.2 265.6 2,040.4 7.0 6.8 7.2 6.6 2.8 2.7 2.5 2.4 1991: I 11 Ill" 3,742.8 3,789.0 3,841.8 455.3 453.7 467.4 190.9 187.8 196.8 174.2 176.5 178.9 90.2 89.4 91.8 1,212.7 1,221.7 1,229.5 636.7 642.8 644.6 213.3 218.4 221.8 93.9 90.8 90.2 268.7 2,074.8 269.7 2,113.6 272.9 2,144.9 6.0 6.1 6.4 1982 1983 1984 1985 1986 1987 1988 1989 1990 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: Source: Department of Commerce, Bureau of Kc'onornic Analvi- Other Other Domestics Imports 2.2 2.4 2.4 2.8 3.2 3.2 3.1 2.8 2.6 2 2 2.4 2.3 SOURCES OF PERSONAL INCOME ''ersonal income rose $22.9 billion (annual rate) in September following a rise of $21.2 billion in August. Wages Ind salaries rose $12.1 billion in September, compared with an increase of $12.9 billion in August. BILLIONS OF DOLLARS*(RATIO SCALE) BILLIONS OF DOLLARS*(RATIO SCALE) 5,000 5,000 4,000 4,000 3,000 3,000 2,000 2,000 WAGE AND SALARY DISBURSEMENTS 1,400 1,400 \ OTHER INCOME 800 800 TRANSFER PAYMENTS 400 1984 1987 1986 1985 inn III Mill 1983 400 1989 1988 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Illlllll111 mill 1990 1991 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: Sept Oct Nov Dec 1991: Jan Feb Mar Apr May June July Aug Sept" 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 4,697.8 4,695.9 4,716.2 4,743.3 4,723.8 4,733.3 4,750.4 4,755.8 4,787.3 4,811.0 4,802.6 4,823.8 4,846.7 Proprietor ' income 3 Rental income of o income 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 2,747.2 2,731.6 2,731.6 2,753.6 2,741.0 2,741.9 2,745.6 2,750.2 2,772.6 2,799.4 2,790.7 2,803.6 2,815.7 150.3 163.6 173.6 182.9 187.6 199.3 209.4 225.5 241.9 258.1 261.2 262.2 263.2 264.2 265.2 266.2 267.2 268.2 269.2 270.2 271.2 272.2 273.2 Farm 30.7 24.6 12.4 30.5 30.2 34.7 42.8 43.7 48.6 49.9 38.5 39.1 54.5 52.9 39.6 47.2 58.7 53.5 54.2 47.7 43.5 42.4 43.7 1 The total of wage and salary disbursements and other labor income differs from compensation of mployees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 2 Consists primarily of employer contributions to private pension and private welfare funds. With inventory valuation and capital consumption adjustments. Nonfarm 156.1 150.9 178.4 204.0 225.6 247.2 280.6 310.5 330.7 352.6 357.0 357.1 357.6 357.5 353.8 356.3 357.4 360.9 365.8 368.9 371.1 374.7 379.7 4 persons 4 13.3 13.6 13.2 8.5 9.2 11.6 13.7 16.3 8.2 6.9 10.0 10.8 8.8 8.3 6.8 5.1 4.9 5.0 5.5 5.6 6.2 7.2 9.5 Personal dividend income 61.3 63.9 68.7 75.5 78.7 85.8 91.8 102.2 114.4 123.8 125.3 126.1 126.8 127.2 127.2 127.6 125.3 125.2 125.6 125.7 126.3 126.7 127.2 Personal interest income 335.4 369.7 393.1 444.7 478.0 493.2 501.3 547.9 643.2 680.4 686.8 687.5 688.1 688.2 685.7 681.8 678.6 676.2 674.1 672.5 670.8 669.4 668.1 Transfer payments 5 368.1 410.6 442.6 456.6 489.8 521.5 549.9 587.7 636.9 694.8 701.2 710.0 714.0 721.2 741.6 744.5 750.1 754.5 759.7 762.1 764.3 770.0 772.8 Less: Personal contributions for social insurance 104.5 112.3 120.1 132.7 149.3 161.9 172.9 194.1 212.8 226.2 229.5 228.4 228,4 229.9 237.2 237.2 237.4 237.8 239.3 241.1 241.4 242.3 243.0 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 4,637.8 4,635.3 4,640.2 4,668.8 4,662.6 4,664.4 4,669.9 4,680.4 4,711.1 4,741.3 4,737.0 4,759.4 4,780.9 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 advance estimates, real per capita disposable personal income rose in the third quarter of 1991. BILLIONS OF DOLLARS * (RATIO SCALE) BILLIONS OF DOLLARS * (RATIO SCALE) 4,500 4,500 4,000 4,000 DISPOSABLE PERSONAL INCOME v 3,500 3,000 3,500 3,000 2,500 2,500 2,000 2,000 DOLLARS * (RATIO SCALE) DOLLARS * (RATIO SCALE) PER CAPITA DISPOSABLE PERSONAL INCOME 18,000 18,000 CURRENT DOLLARS 16,000 16,000 14,000 14,000 12,000 12,000 10,000 10,000 1982 DOLLARS 8,000 8,000 1982 1984 1983 1985 1987 1986 1988 1989 * SEASONALLY ADJUSTED ANNUAL KATES SOURCE: DEPABTMENT Of COMMERCE Period Prersona! income Less: Personal tax and nontax payments riquals: ijisposaole personal income 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 II Ill .... IV 1991: I II Ill '.. Less: Personal outlays * Equals: Personal saving Disposable personal income in 1982 dollars (billions) Per c ipita disposable personal inc me Current dollars 1982 dollars Per capit i personal consu nption expen litures Current dollars 1982 dollars 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 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 2,729.2 2,941.8 3,188.3 3,399.1 3,597.8 3,890.9 4,186.2 4,469.2 4,562.8 4,622.2 4,678.5 4,718.5 4,735.8 4,784.7 4,824.4 411.1 413.9 459.7 499.6 534.4 588.6 607.3 669.6 675.1 696.5 709.5 716.6 714.6 716.6 716.7 2,318.1 2,527.9 2,728.6 2,899.5 3,063.4 3,302.3 3,578.9 3,799.6 3,887.7 3,925.7 3,969.1 4,001.9 4,021.3 4,068.1 4,107.7 2,174.9 2,382.5 2,571.3 2,787.7 2,961.4 3,172.6 3,430.4 3,625.5 3,696.4 3,730.6 3,802.6 3,834.4 3,852.5 3,898.0 3,950.0 1,781.1 Percent change in real per capita disposable personal income 8,421 2,248.6 9,243 9,724 2,261.5 10,340 2,331.9 11,257 2,469.8 2,542.8 11,861 2,635.3 12,469 2,670.7 13,094 2,800.5 14,123 14,973 2,869.0 15,695 2,893.5 Seasonally adjusted ann ual rates 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 9,929 10,725 11,467 12,068 12,629 13,483 14,470 15,210 15,527 15,639 15,765 15,849 15,887 16,035 16,145 9,749 10,151 10,491 10,667 10,909 11,097 11,458 11,541 11,586 11,564 11,511 11,376 11,307 11,343 11,369 9,068 9,825 10,479 11,240 11,825 12,572 13,474 14,084 14,330 14,432 14,670 14,752 14,787 14,934 15,100 8,904 9,299 9,587 9,935 10,214 10,347 10,669 10,687 10,693 10,671 10,711 10,589 10,524 10,565 10,633 1.2 9.1 1.7 3.3 .3 6.4 1.2 .1 1.6 136.9 159.4 153.9 130.6 164.1 125.4 124.9 92.5 145.6 171.8 180.1 2,214.3 143.1 145.4 157.3 111.7 102.0 129.7 148.5 174.1 191.3 195.1 166.5 167.5 168.7 170.2 157.7 2,276.1 2,392.7 2,496.3 2,562.8 2,646.2 2,717.9 2,833.9 2,883.2 2,900.9 2,902.8 2,898.0 2,872.4 2,861.9 2,877.9 2,892.5 1 Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net). Saving as percent of disposable personal income Population! including Armed^ Forces abroad (thousands) " PerceiIt Dolla 'S 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 1991 COUNCIL OF ECONOMIC ADVISERS Billions of dollars 1980 1981 1990 .5 -.5 2.1 4.9 2.0 2.6 .4 3.9 1.4 -.2 g -1.8 -4.6 -2.4 1.3 .9 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 4.6 4.9 5.0 4.2 4.2 4.2 4.2 3.8 233,466 235,707 237,946 240,257 242,579 244,925 247,329 249,818 250,392 251,026 251,767 252,495 253,114 253,708 254,420 7.1 7.5 2 Annual data are averages of quarterly data, which are averages for the period. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the second quarter of 1991, according to preliminary estimates, gross farm income rose $10.7 billion (annual rate) and net farm income rose $9.7 billion. BILLIONS OF DOLLARS* (RATIOS*:ALE> BULKDNS OF DOLLARS* (RATIO SCALE) 240 160 ^ —i ^=C= r 'f 1 ^ \ \ \ GRC)SS FARM IN<:OME I H 200 r~ ^ ^ 160 120 80 80 AH 60 40 20 10 COUNCIL OF ECONOMIC ADVISERS • SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF AGRICULTURE [Billions of dollars; quarterly data at seasonally adjusted annual rates] In come of farm operators from farming Net farni income (jross farm incom e Period Cas h marketing rece ipts Total ' Total 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 Livestock and products Crops inventory changes 2 Production expenses Current dollars 1982 dollars 3 149.3 166.3 163.5 153.2 170.2 162.9 156.5 169.0 173.8 188.4 194.3 139.7 141.6 142.6 136.8 142.8 144.1 135.2 141.7 150.2 159.2 169.1 68.0 69.2 70.3 69.6 72.9 69.8 71.5 76.0 78.8 83.7 89.7 71.7 72.5 72.3 67.2 69.9 74.3 63.7 65.6 71.4 75.4 79.4 -6.3 6.5 — 1.4 -10.9 6.0 -2.3 -2.4 -2.8 4.1 4.1 3.1 133.1 139.4 140.0 137.9 143.8 131.9 125.5 127.7 132.1 140.2 144.3 16.1 26.9 23.5 15.3 26.3 31.0 31.0 41.3 41.8 48.2 50.0 18.8 28.6 23.5 14.7 24.5 27.9 27.2 35.1 34.4 38.2 38.1 189.8 188.5 184.9 190.4 153.7 157.4 163.9 161.7 81.6 80.8 83.6 88.9 72.1 76.5 80.3 72.8 3.2 4.3 4.4 4.4 140.6 141.3 140.9 138.1 49.2 47.3 44.0 52.3 39.5 37.6 34.7 40.9 1989: I II Ill IV 1990: I II Ill IV 198.8 190.5 187.3 200.7 165.1 165.9 172.8 172.5 89.5 88.0 90.8 90.4 75.6 77.9 82.0 82.1 4.7 3.6 2.5 1.7 142.0 143.4 143.8 148.0 56.8 47.1 43.4 52.8 43.9 35.9 32.9 39.7 1991: I 11" 187.0 197.7 162.5 173.7 86.7 83.9 75.8 89.8 1.5 1.1 147.4 148.4 39.6 49.3 29.4 36.2 : 1 Cash marketing receipts and inventory changes plus Government payments, other farm cash icome, and nonmoney income furnished by farms. 2 Physical changes in end-of-vear inventory of crop and livestock commodities valued at average rices 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 second quarter of 1991, according to current estimates, corporate profits before tax fell $2.3 billion (annua rate) and profits after tax fell $5.8 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 360 360 s SEASONALLY ADJU. TED ANNUAL RATE r\ s VfS\ /~ 320 280 320 280 ^ PROFITS B EFORE TAX \ . r\ w 240 ^y f 200 / 240 200 __ ^\ / N / 160 * s 120 ^ PROF ITS AFTER 1FAX —-^^ S \ % \v s v ^^\ * -~. .^-'—' "V.^ / _Jt_r „ , N x—' 80 ,-- -— 1 * 1 1 1 1982 1983 120 """ "\ T W LIABILITY1 \ 1 1 1 • — Nx 80 / 40 r --^* 160 * --s. 1 1 1 1 1984 1 1 ^^y i i i 1 1 1 1987 1986 1985 -T-- s ^-UNDIST ?IBUTED PR( 1 1 1988 1 • — -..' "- i i i 1 1 1 1989 1990 40 ^.^ 1 1 1 1991 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Pr afits (before t ax) with inventory valuation adjustmen t 1 Profits after ts X Do nestic indust ries Period Nonfinaneial Total 2 Total 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1991: 1 2 IV IV IV IV IV IV IV IV I II Ill IV I II Ill" 194.0 202.3 159.2 196.7 234.2 222.6 228.3 255.9 289.8 286.1 293.3 150.7 223.4 224.6 228.4 226.1 268.6 308.7 275.3 285.5 298.8 298.7 290.3 289.7 284.1 159.6 173.8 131.2 166.6 203.3 191.4 195.2 218.4 246.5 235.2 236.4 121.6 190.7 193.9 193.6 193.4 226.2 261.9 218.4 232.6 249.9 241.1 222.3 221.4 226.3 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 6.9 16.1 18.2 21.7 18.8 22.5 23.2 Total 3 138.6 157.3 119.4 148.5 190.3 168.6 163.2 197.8 224.1 219.8 217.7 102.9 175.2 180.3 167.6 164.8 206.4 237.8 211.5 216.5 231.7 219.3 203.4 198.9 203.0 Sec p. 4 for profits with inventory valuation and capital consumption adjustments. Includes rt'st of the world, not shown separately. Manufacturing sale and retail trade 77.1 88.5 58.0 70.1 88.8 79.7 59.5 86.7 106.5 96.1 88.8 46.8 88.6 79.8 83.8 64.8 98.2 112.6 83.7 90.1 100.8 91.2 73.1 67.1 72.0 21.6 32.5 34.6 38.9 51.2 44.1 44.1 37.9 37.1 38.7 41.5 33.6 43.1 51.8 38.5 41.0 37.8 42.3 41.9 39.2 44.4 39.5 42.8 46.2 47.6 3 Profits before tax Tax liability 237.1 226.5 169.6 207.6 240.0 224.3 221.6 275.3 316.7 307.7 304.7 164.1 231.5 226.1 235.0 234.1 289.7 331.1 289.8 296.9 299.3 318.5 304.1 281.5 279.2 84.8 81.1 63.1 77.2 93.9 96.4 106.3 126.9 136.2 135.1 132.1 59.8 88.1 87.0 99.8 113.1 132.1 142.1 123.5 129.9 133.1 139.1 126.5 115.1 118.6 Total 152.3 145.4 106.5 130.4 146.1 127.8 115.3 148.4 180.5 172.6 172.5 104.3 143.4 139.2 135.2 121.0 157.6 189.1 166.3 167.1 166.1 179.4 177.6 166.4 160.6 Dividends 54.7 63.6 66.9 71.5 79.0 83.3 91.3 98.2 110.0 123.5 133.9 68.5 73.9 80.8 84.0 93.6 102.2 115.3 127.7 130.3 133.0 135.1 137.2 137.5 136.4 137.9 Includes industries not shown separately. Source: Department of Commerce, Bureau of Economic Analysis. Undistributed profits 97.6 81.8 39.6 58.9 67.0 44.6 24.0 50.2 70.5 49.1 38.7 35.8 69.5 58.4 51.2 27.4 55.4 73.8 38.6 36.8 33.2 44.3 40.4 29.0 24.2 j , valuation adjustment -43.1 -24.2 -10.4 -10.9 -5.8 -1.7 6.7 -19.4 -27.0 -21.7 -11.4 -13.4 -8.1 -1.6 -6.6 -8.0 -21.1 -22.5 -14.5 -11.4 -.5 -19.8 -13.8 8.1 4.9 -3.2 GROSS PRIVATE DOMESTIC INVESTMENT According to advance estimates for the third quarter of 1991, nonresidential fixed investment fell $2.3 billion [annual rate) and residential investment rose $10.6 billion. There was a $17.5 billion decrease in inventories, following a decrease of $40.0 billion in the second quarter. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 900 800 700 600 500 400 FIXED INVti \ 300 IMtNl 300 V - 200 CHANGE IN BUSINESS INVENT ORIES •- 0 ^''X. ^ --' \ /-•" _inn I I I 1982 I I I 1983 100 \ ""*' 1 I I 1 984 I I 1 9ii5 1 1 1 1 1 98<! o ' 1 1 1987 1 1 1 1988 1 1 1 1 1989 1 1 1 1990 1 1 1991 -inn COUNCIL OF EC DNOM1C ADVISERS SOURCE. DEPARTMENT OF COMMERCE [Billions of do lars; quarterly ata at seasonal y adjusted annua rates] i 1 Fixed investment Nonresidentiai domestic investment 437.0 515.5 447.3 502.3 664.8 643.1 659.4 699.9 747.1 771.2 741.0 409.6 579.8 661.8 654.1 648.8 741.4 747.5 762.7 747.2 759.0 759.7 698.3 660.0 654.0 684.8 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1982: 1983: 1984: 5985: 1986: 1987: 1988: 1989: 1990: 1991: IV IV IV IV IV IV IV IV I II Ill IV I II Ill" icrcc, Bureau of Ecc Total Total 445.3 491.5 471.8 509.4 597.1 631.8 652.5 671.2 720.8 742.9 746.1 469.5 548.8 616.8 646.8 660.9 685.7 731.3 737.7 758.9 745.6 750.7 729.2 694.1 694.0 702.3 322.8 369.2 366.7 356.9 416.0 442.9 435.2 444.9 488.4 511.9 524.1 354.9 383.9 435.0 451.3 435.8 457.5 495.3 511.8 523.1 516.5 532.8 524.0 503.6 501.1 498.8 Structures 113.9 138.5 143.3 124.0 141.1 153.2 139.0 133.7 139.9 146.2 147.0 137.6 127.4 146.6 155.9 133.7 137.2 141.2 147.1 148.8 147.2 149.8 142.1 139.5 134.9 125.4 Change in business inventories 1 Producers' durable equipment 208.9 230.7 223.4 232.8 274.9 289.7 296.2 311.2 348.4 365.7 377.1 217.3 256.5 288.4 295.5 302.2 320.4 354.0 364.7 374.3 369.3 383.0 381.9 364.1 366.2 373.4 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. 236.0 | 225.9 235.9 229.1 217.9 205.2 190.5 192.9 203.5 Total -8.3 24.0 ; — 24.5 ! -7.1 j 67.7 11.3 6.9 28.3 26.2 28.3 -5.0 -59.9 31.0 45.0 7.2 -12.2 55.7 16.2 25.0 -11.8 13.4 9.0 -30.8 — 34.2 — 40.0 -17.5 Nonfarm -2.4 18.3 -23.1 .4 60.5 14.6 8.6 32.3 29.8 23.3 -7.4 -51.1 21.3 41.3 23.7 -8.0 59.6 35.0 24.1 -17.0 13.0 6.8 —32.4 —37.1 —35.2 -14.4 EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department July-August 1991 survey, business spending for new plant and equipment is expected to rise 0.5 percent in 1991. The rise in 1990 was 5.0 percent. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 600 SEASONAL Y ADJUSTED ANNUA 600 RATES 500 *^~ ^--]^ 400 ^^ __^^^ 300 -1 400 " \ ' __ r—— _, _.-^-~~ ~~*" AL L INDUSTRIES ' ..^ ,.- \ NOWMNUFACTURINGJ-/ " *s' 200 200 __„_-- ~- ---'' -.'"""" --*^ '--.. \ — --' WANUFACTUR NG 100 100 1 1 1983 1 1 1 ! 1 I 1 1 1985 1984 I I 1 1986 1 1 ! 1 1 1 1 1989 1988 1987 1 -^SURVEYED QUARTERLY -2/SEE FOOTNOTE 4 BELOW SOURCE: DEPARTMENT 0"= COMMERCE 1 1 1 1990 \ \ 31 21 \ 1991 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Addenda Industries surveyed quarterly M anufacturi ig Period All industries Total 1980 1981 1982 1983 1984 1985 1986 1987 1988.. 1989 1990 . 1991 4 286.40 324.73 326.19 321.16 373.83 410.12 399.36 410.52 455.49 507.40 532.61 535.13 112.60 128.68 123.97 117.35 139.61 152.88 137.95 141.06 163.45 183.80 192.61 186.20 1989: I II Ill IV 487.58 501.56 514.40 520.40 1990: I 11 Ill IV 1991: I II Ill4 IV No imanufactu ing Noli manufacti ring Manufacturing Total Surveyed quarterly Survevt'd annually 3 205.48 230.09 239.11 242.38 278.77 302.05 309.16 320.45 344.77 380.13 399.34 173.80 196.06 202.22 203.82 234.22 257.24 261.40 269.46 292.04 323.60 339.99 348.93 31.68 34.04 36.89 38.56 44.55 44.81 47.75 50.99 52.73 56.53 59.35 Nondurable goods Total ' Mining Transportation Public utilities 54.82 58.93 54.58 51.61 64.57 70.87 65.68 68.03 77.04 82.56 82.58 78.22 57.77 69.75 69.39 65.74 75.04 82.01 72.28 73.03 86.41 101.24 110.04 107.97 173.80 196.06 202 22 203.82 234 22 257.24 261.40 269.46 292.04 323.60 339.99 348.93 12.71 15.81 14.11 10.64 11.86 12.00 8.15 8.28 9.29 9.21 9.88 9.66 13.56 12.67 11.75 10.81 13.44 14.57 15.05 15.07 16.63 18.84 21.47 22.53 41.32 47.17 53.58 52.95 57.53 59.58 56.61 56.26 60.37 66.28 67.21 67.13 106.21 120.41 122.79 129.41 151.39 171.09 181.59 189.84 205.76 229.28 241.43 249.60 173.40 180.86 185.70 191.63 80.02 82.35 83.43 83.83 93.38 98.51 102.27 107.80 314.18 320.70 328.70 328.77 8.97 9.18 9.23 9.41 17.63 18.50 20.82 18.39 65.86 68.44 65.34 65.56 221.72 224.57 233.31 235.42 173.40 180.86 185.70 191.63 314.18 320.70 328.70 328.77 532.50 534,55 534.11 530.13 192.16 195.02 194.05 189.72 86.03 84.15 82.48 79.03 106.14 110.87 111.57 110.69 340.33 339.53 340.06 340.41 9.62 9.77 9.97 10.12 21.84 21.94 21.08 21.18 65.41 64.64 67.68 70.24 243.46 243.18 241.32 238.87 192.16 195.02 194.05 189.72 340.33 339.53 340.06 340.41 535.50 524.57 539.53 540.91 191.13 187.35 184.55 181.76 81.24 79.69 77.54 74.43 109.90 107.66 107.01 107.33 344.37 337.22 354.98 359.15 9.89 10.09 9.70 8.96 23.25 23.05 22.09 21.75 67.04 64.58 68.46 68.45 244.19 239.50 254.73 259.98 191.13 187.35 184.55 181.76 344.37 337.22 354.98 359.15 Durable goods 1 Excludes forestry, fisheries, and agricultural services; medical services; professional services; social services and membership organizations; and real estate, which, effective with the April-May 19H4 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries. 2 "All industries" plus the part of nonmanufacturing that is surveyed annually. 10 Total nonfarm business 2 Commercial and other 318.08 358.77 363.08 359.73 418.38 454.93 447.11 461.51 508.22 563.93 591.96 112.60 128.68 123.97 117.35 139.61 152.88 137.95 141.06 163.45 183.80 192.61 186.20 3 Consists of forestry, fisheries, and agricultural services; medicai services; professional services; social services and membership organizations; and real estate. 4 Planned capital expenditures as reported by business in July-August 1991, corrected for biasts.l Source: Department of Commerce, Bureau of the Census. EMPLOYMENT, UNEMPLOYMENT, AND WAGES In October, civilian employment fell 198,000 and unemployment rose 140,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 126 126 SEASONALIY ADJUSTED 122 122 CIVILIAN LABOR FORCE 118 V 118 114 114 110 110 CIVILIAN EMPLOYMENT 106 106 102 102 98 98 12 UNEMPLOYMENT I I I I I I I I I II 1983 1984 1985 1986 1987 1988 I IIIIIIIIII 1990 1989 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR I I I I I I II I M 1991 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA] Period Kesident Armed Forces NSA Labor force 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 1,637 110,315 111,872 113,226 115,241 117,167 119,540 121,602 123,378 125,557 126,424 190,095 190,312 190,483 1,570 1,615 1,617 126,445 190,592 190,717 190,703 190,836 190,980 191,173 191,443 191,589 191,746 191,903 1,615 1,602 1,460 1,456 1,458 1,505 1,604 1,616 1,624 1,614 1981 1982 1983 1984 1985 1986* 1987 1988 1989 1990 1990: Oct Nov Dec 1991: Jan Feb Mar Apr May June July Aug Sept Oct including resident Armed Forces Employment including resident Armed Forces Agricultural Total 3,368 3,401 3,383 3,321 3,179 3,163 3,208 3,169 3,199 3,186 Total Part time for economic reasons 1 Total 15 weeks and over participation rate (percent) 2 63.9 64^0 64.0 64.4 64.8 65.3 65.6 65.9 66.5 66.4 Employment/ population ratio (percent) 2 59.0 108,856 111,303 114,177 116,677 119,030 119,550 117,834 119,865 121,669 123,869 124,787 100,397 99,526 100,834 105,005 107,150 109,597 112,440 114,968 117,342 117,914 119,303 119,001 119,191 124,875 124,723 125,174 117,733 117,386 117,574 3,175 114,558 3,185 114,201 3,253 114,321 5,135 5,163 5,262 7,142 7,337 7,600 1,591 1,727 1,739 66.2 126,338 126,791 66.1 66.3 62.4 62.2 62.3 126,253 126,678 126,786 127,128 126,690 127,134 126,818 126,520 127,231 127,163 118,537 118,520 118,214 118,854 118,049 118,389 118,316 118,032 118,789 118,581 124,638 125,076 125,326 125,672 125,232 125,629 125,214 124,904 125,607 125,549 116,922 116,918 116,754 117,398 116,591 116,884 116,712 116,416 117,165 116,967 3,163 3,222 3,098 3,156 3,272 3,308 3,239 3,266 3,306 3,195 5,178 5,803 5,889 5,956 5,702 5,425 5,605 5,643 6,130 6,116 7,715 8,158 8,572 8,274 8,640 8,745 8,501 8,488 8,442 8,582 1,829 1,975 2,184 2,229 2,234 2,573 2,348 2,396 2,362 2,537 66.0 66.1 66.2 66.4 66.1 66.2 66.0 65.7 66.1 66.0 61.9 61.8 61.7 62.0 61.5 61.6 61.5 61.3 61.6 61.5 102,042 101,194 102,510 106,702 108,670 110,204 111,550 113,544 115,461 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. Labor Nonagricultural Civilian labor force Cn ilian Unempl jyment Civilian e mployment Noninstitutional population including resident Armed Forces NSA 4,499 8,273 103,971 106,434 109,232 111,800 114,142 114,728 5,852 5,997 5,512 5,334 5,345 5,122 4,965 4,657 4,860 10,678 10,717 8,539 8,312 8,237 7,425 6,701 6,528 6,874 97,030 96,125 97,450 101,685 113,759 113,696 113,656 114,243 113,319 113,576 113,474 113,150 113,859 113,772 2,285 3,485 4,210 2,737 2,305 2,232 1,983 1,610 1,375 1,504 57.8 57.9 59.5 60.1 60.7 61.5 62.3 63.0 62.7 "Data beginning January 1986 not strictly comparable ' -ith earlier data because of change in estimation procedures. , „ . . Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In October, the civilian unemployment rate rose slightly, to 6.8 percent. The overall unemployment rate also rose slightly, to 6.7 percent. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 25 20 TEENAGERS (16-19) 15 10 V 10 MEN 20 YEARS AND OVER WOMEN 20 YEARS AND OVER 11 n 1 1 1 1 1 1 1 1991 1987 1988 iI I 1 I I I! I I I 1989 UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE: DEPARTMENT OF LABOR 1990 1991 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Unemp oyment ra te (percent of civilia n labor force in group) Unemployment rate, all workers * civilian workers Men 20 years and over Women 20 years and over 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 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 1990: Oct Nov Dec 5.6 5.8 6.0 5.1 5.9 6.1 5.2 5.4 5.6 1991: 6.1 6.4 6.8 6.5 6.8 6.9 6.7 6.7 6.6 6.7 6.2 6.5 6.8 6.6 6.9 7.0 6.8 6.8 6.7 6.8 5.6 6.3 6.5 6.2 6.5 6.6 6.5 6.5 6.5 6.4 Period Jan Feb Mar Apr May June .... July Aug Sept Oct 1 By sex and age White B\ack and other Black Experienced wage and salary workers 19.6 23.2 22.4 18.9 18.6 18.3 16.9 15.3 15.0 15.5 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 13.1 11.6 10.4 10.0 10.1 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 4.4 3.9 3.3 3.0 3.4 4.9 5.1 5.3 16.2 16.4 16.6 4.9 5.0 5.3 10.6 11.0 11.1 ll.l 12.2 12.2 5.4 5.7 5.8 5.3 5.4 5.7 5.5 5.8 5.9 5.4 5.7 5.5 5.8 18.2 17.1 18.7 18.1 19.1 19.2 20.6 19.0 18.0 18.8 5.5 5.9 6.2 5.8 6.1 6.2 6.2 6.1 6.0 6.0 10.7 10.7 11.1 11.2 11.5 11.4 10.5 11.1 11.0 11.5 12.1 11.8 12.3 12.6 13.0 13.1 11.8 12.3 12.1 12.7 6.0 6.4 6.7 6.4 6.6 6.7 6.5 6.5 6.4 6.5 Both sexes 16-19 years Unemployed as percent of total labor force including resident Armed Forces. Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours. 2 12 B y s elected grou])S By race A 11 All Married men, spouse present Women who maintain families Eu\\time workers Parttime workers 9.4 Labor force time lost tpercent) 2 8.5 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 3.5 3.7 3.8 8.5 8.7 8.7 5.5 5.7 5.8 1.1 7.3 7.6 6.6 6.7 6.9 4.0 4.3 4.5 4.4 4.4 4.7 4.3 4.3 4.5 4.2 9.0 9.1 9.0 9.9 9.1 9.2 8.3 9.6 8.9 9.5 6.0 6.4 6.5 6.3 6.5 6.6 6.5 6.5 6.4 6.6 7.7 7.6 9.1 8.1 9.0 8.6 8.3 8.2 8.3 8.2 ".0 ".5 ".7 ^.6 4.3 6.5 6.5 4.6 10.4 11.7 12.2 10.3 10.4 Source: Department of Labor, Bureau of Labor Statistics. 10.5 10.4 11.0 10.9 9.3 9.3 9.1 8.4 7.6 7.3 7.4 8.6 8.1 7.9 7.1 6.3 5.9 6.2 .t ".6 ".5 ".6 ~.7 ~.7 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS n October, the percentages of the unemployed who had been out of work for less than 5 weeks, for 5-14 weeks, and for 27 weeks and over fell; the percentage for 15-26 weeks rose. The mean duration of unemployment rose to 14.3 weeks and the median fell to 7.4 weeks. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION" 70 70 DURATION OF UNEMPLOYMENT 60 REASON FOR UNEMPLOYMENT 60 LESS THAN 5 WEEKS \ 50 50 40 5-14 WEEKS REENTRANTS \ 30 30 ^N -v 20 JOB LEAVERS 20 15-26 WEEKS V 10 10 - 27 WEEKS AND OVER 1987 1988 1990 1989 1987 1991 1988 1990 1991 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted, except as noted] Beason for unemploy ment: percent distributi an Dur ation of memploy ment Period Unemployment (thousands) F ercent di stributio i Less than 5 weeks 5-14 weeks 15-26 weeks Sta e progrsuns Numb er 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) ' Weekly a verage, t lousands 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1990: Oct Nov Dec 1991: Jan Feb Mar Apr May June July Aug Sept Oct 8,273 10,678 10,717 8,539 8,312 8,237 7,425 6,701 6,528 6,874 7,142 7,337 7,600 7,715 • 8,158 8,572 8,274 8,640 8,745 8,501 8,488 8,442 8,582 41.7 36.4 33.3 39.2 42.1 41.9 43.7 46.0 48.6 46.1 44.1 44.7 43.5 44.1 42.4 40.9 39.8 42.5 38.7 39.9 40.4 39.0 38.0 30.7 31.0 27.4 28.7 30.2 31.0 29.6 30.0 30.3 32.0 33.6 31.8 33.4 32.2 33.4 33.8 33.2 31.6 32.3 32.3 31.0 33.3 32.4 13.6 16.0 15.4 12.9 12.3 12.7 12.7 12.0 11.2 11.8 12.5 12.8 12.5 12.7 12.9 14.4 14.8 14.0 15.9 14.4 14.6 14.4 16.4 14.0 16.6 23.9 19.1 15.4 14.4 14.0 12.1 9.9 10.1 9.8 10.8 10.6 11.0 11.3 11.0 12.1 11.9 13.1 13.4 14.0 13.4 13.1 1 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program. 13.7 15.6 20.0 18.2 15.6 15.0 14.5 13.5 11.9 12.1 12.0 12.4 12.4 12.4 12.8 13.0 13.7 12.9 14.2 13.9 14.0 14.0 14.3 6.9 8.7 10.1 7.9 6.8 6.9 6.5 5.9 4.8 5.4 5.9 5.9 5.9 5.9 6.1 6.6 7.0 6.5 6.9 6.6 7.2 7.5 7.4 51.6 58.7 58.4 51.8 49.8 48.9 48.0 46.1 45.7 48.3 49.9 51.2 49.9 53.0 55.5 54.9 54.5 53.6 55.1 54.4 55.4 56.3 54.7 11.2 7.9 7.7 9.6 10.6 12.3 13.0 14.7 15.7 14.8 13.7 13.6 13.5 11.7 12.2 12.6 11.9 12.1 12.3 11.7 10.5 10.9 11.5 25.4 22.3 22.5 25.6 27.1 26.2 26.6 27.0 28.2 27.4 26.8 26.3 28.0 26.6 24.5 24.4 24.7 25.3 24.2 24.2 25.1 23.6 24.2 11.9 11.1 11.3 13.0 12.5 12.5 12.4 12 2 10.4 9.5 9.6 8.9 8.7 8.7 7.8 8.2 8.9 9.0 8.4 9.7 9.0 9.2 9.6 3,047 4,061 3,396 2,476 2,611 2,650 2,332 2,081 2,158 2,522 2,765 2,912 2,970 3,070 3,218 3,415 3,518 3,550 3,453 3,332 3,257 3,346 "3,365 460 583 438 377 396 378 328 310 330 388 431 454 461 445 489 509 475 438 423 406 421 427 431 3,410 4,594 3,775 2,561 2,693 2,746 2,401 2,248 2,324 2,715 2,294 2,722 3,222 4,012 4,145 4,127 3,782 3,412 3.182 3,291 3,017 2,815 Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultyral employment as measured by the payroll survey was virtually unchanged in October, at 109.0 million. MILLIONS OF PERSONS* (ENLARGED SCALE) 30 MILLIONS OF PERSONS 110 ALL NONAGRICULTURAL ESTABLISHMENTS 100 p 90 SERVICE-PRODUCING INDUSTRIES 70 50 40 GOODS-PRODUCING INDUSTRIES 30 r X • - CONSTRUC noN ll I 1 1 1 1 1 1 1 1 1 20 1987 ^ 1987 1990 1988 him i m i i i i m 1989 1988 IMM| 1 1 1 III II III, 1990 1991 ^ * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR COUNCIl OF ECONOMIC ADVISERS [Thousands of wage and salary workers; 1 seasonally adjusted] Period t i Total nonagricultural employment Se rvice-produ cing industr es Goods- reducing in dustries » anufacturin g Total 2 Construction Total Durable goo s Nondurable goods Total Transportation and public utilities Wholesale trade iveian trade Retail Gover nraent 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 99,525 102,200 105,536 108,329 109,971 25,497 23,813 23,334 24,727 24,859 24,558 24,708 25,173 25,322 24,958 4,188 3,905 3,948 4,383 4,673 4,816 4,967 5,110 5,187 5,136 20,170 18,781 18,434 19,378 19,260 18,965 19,024 19,350 19,442 19,111 12,082 11,014 10,707 11,479 11,464 11,203 11,167 11,381 11,420 11,115 8,089 7,767 7,726 7,899 7,796 7,761 7,858 7,969 8,022 7,995 65,659 65,753 66,866 69,769 72,660 74,967 77,492 80,363 83,007 85,014 5,165 5,082 4,954 5,159 5,238 5,255 5,372 5,527 5,644 5,826 5,376 5,296 5,286 5,574 5,736 5,774 5,865 6,055 6,221 6,205 15,172 15,161 15,595 16,526 17,336 17,909 18,462 19,077 19,549 19,683 5,298 5,341 5,468 5,689 5,955 6,283 6,547 6,649 6,695 6,739 18,619 19,036 19,694 20,797 21,999 23,053 24,235 25,669 27,120 28,240 16,031 15,837 15,869 16,024 16,394 16,693 17,010 17,386 17,779 18,322 2,772 2,739 2,774 2,807 2,875 2,899 2,943 2,971 2,988 3,085 1990: 109,982 Get Nov .... 109,761 Dec 109,621 24,705 24,481 24,375 5,022 4,962 4,911 18,973 18,807 18,749 11,000 10,867 10,828 7,973 7,940 7,921 85,277 85,280 85,246 5,855 5,852 5,867 6,190 6,180 6,166 19,663 19,628 19,579 6,746 6,740 6,733 28,479 28,525 28,548 18,344 18,355 18,353 2,980 2,964 2,948 24,181 24,039 23,877 23,794 23,847 23,792 23,798 23,826 23,792 23,727 4,797 4,792 4,720 4,688 4,715 4,710 4,695 4,691 4,697 4,668 18,671 18,532 18,443 18,396 18,426 18,378 18,402 18,442 18,411 18,379 10,770 10,652 10,584 10,560 10,575 10,534 10,546 10,553 10,531 10,496 7,901 7,880 7,859 7,836 7,851 7,844 7,856 7,889 7,880 7,883 85,237 85,121 85,025 84,942 85,040 85,093 85,061 85,145 85,227 85,291 5,866 5,834 5,824 5,814 5,819 5,809 5,809 5,820 5,825 5,831 6,138 6,119 6,105 6,086 6,085 6,068 6,064 6,050 6,047 6,041 19,542 19,464 19,378 19,324 19,339 19,345 19,347 19,343 19,339 19,292 6,736 6,732 6,735 6,718 6,712 6,703 6,688 6,687 6,691 6,695 28,590 28,583 28,576 28,576 28,645 28,712 28,733 28,831 28,918 29,019 18,365 18,389 18,407 18,424 18,440 18,456 18,420 18,414 18,407 18,413 2,952 2,951 2,951 2,953 2,952 2,971 2,963 2,967 2,979 2,984 1991: Jan Feb Mar Apr May.... June... July.... Aug r.. Sept r.. Oct "... 109,418 109,160 108,902 108,736 108,887 108,885 108,859 108,971 109,019 109,018 1 Includes al! 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 irom this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they are not a£ 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 weekly ] ours Average gross hourly earnings Manufa eturing Period private nonagricultural ' Total Average gross weeklj earnings Total private nonagricultural l Total arivate nonagneultural ' Overtime Current dollars 1982 Percent ch nge from a year ear ier, total C urrent dollar s pn ate Manufacturing Current dollars dollars 2 1982 dollars * Manufacturing Construction nonagne ultural 3 Retail trade 35.2 34.8 39.8 38.9 2.8 $7.25 $7.69 267.26 272.52 274.73 271.16 271.94 269.16 266.79 264.22 259.72 $318.00 330.26 354.08 374.03 386.37 396.01 406.31 418.81 429.68 441.86 $157.99 7.79 7.80 7.77 7.81 7.73 7.69 7.64 7.53 $255.20 267.26 280.70 292.86 299.09 304.85 312.50 322.02 334.24 345.69 $399.26 7.68 8.02 8.32 8.57 8.76 8.98 9.28 9.66 10.02 $7.99 8.49 8.83 9.19 9.54 9.73 9.91 10.19 10.48 10.83 $270.63 40.1 40.7 40.5 40.7 41.0 41.1 41.0 40.8 2.3 3.0 3.4 3.3 3.4 3.7 3.9 3.8 3.6 7.68 35.0 35.2 34.9 34.8 34.8 34.7 34.6 34.5 426.82 442.97 458.51 464.46 466.75 480.44 495.73 513.17 526.40 163.83 171.13 1990: Oct Nov Dec 34.2 34.4 34.6 40.7 40.6 40.7 3.6 3.5 3.5 10.10 10.13 10.17 7.43 7.43 7.44 10.96 10.96 10.99 345.42 348.47 351.88 254.17 255.66 257.41 446.07 444.98 447.29 1991: Jan Feb Mar Apr May June July Aug '. Sept ' Oct" 34.1 34.3 34.2 34.0 34.3 34.6 34.1 34.3 34.5 34.3 40.4 40.3 40.3 40.2 40.4 40.8 40.7 41.0 41.0 40.9 3.4 3.3 3.3 3.3 3.4 3.7 3.7 3.8 3.7 3.7 10.18 10.20 10.24 10.28 10.32 10.37 10.36 10.40 10.42 10.41 7.42 7.43 7.46 7.47 7.47 7.49 7.47 7.49 7.48 7.47 11.02 11.03 11.05 11.12 11.15 11.19 11.22 11.25 11.26 11.28 347.14 349.86 350.21 349.52 353.98 358.80 353.28 356.72 359.49 357.06 253.02 254.81 255.07 253.83 256.32 259.25 254.89 257.00 258.07 256.14 445.21 1981 1982 1983 1984 1985.. 1986 1987 1988 1989 1990 1 Also includes other private industry groups shown on p. 14. Current dollar earnings divided by the consumer price index for urban wage earners and clerical workers (on a 1982 = 100 base). 2 444.51 445.32 447.02 450.46 456.55 456.65 461.25 461.66 461.35 1982 Current dollars dollars 1.5 8.5 4.7 5.0 -1.2 175.80 178.80 183.62 188.72 194.69 4.3 2.1 1.9 2.5 3.0 3.8 3.4 .8 -1.3 .3 1.0 -.9 1.0 -1.7 515.59 530.46 536.77 193.69 196.02 196.31 2.2 3.3 4.0 -3.8 -2.8 -2.0 523.13 533.65 526.67 532.50 533.40 532.64 532.38 533.25 537.35 538.75 194.14 196.48 197.34 197.95 200.33 202.59 199.65 201.34 203.04 200.50 2.4 2.4 2.3 2.5 2.9 3.1 1.9 3.0 2.8 3.4 -2.9 -2.5 -2.2 -2.1 -1.9 -1.4 -2.3 -.5 -.3 .7 174.47 174.81 2.0 3 Based on seasonally unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. EMPLOYMENT COST INDEX—PRIVATE INDUSTRY Index (June 1989 = 100) Percent ch ange from 12 months earli ?r months earlie Period Total compensation Wages and salaries Benefits ' Total compensation Wages and salaries Benefits ' Total compensation Wages and salaries Benefits L Not seasonally 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 2.0 1.3 1.3 1.3 .6 .7 .6 1.0 1.1 .8 66.6 71.4 76.7 81.7 84.6 87.5 90.5 96.7 102.6 109.4 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 r June Sept Dec 1991: Mar June Sept 94.5 95.7 96.6 97.8 98.8 100.0 101.3 102.4 103.8 105.1 106.2 107.2 108.4 109.7 110.9 95.0 96.1 96.9 98.0 99.1 100.0 101.1 102.2 103.3 104.4 105.4 106.2 107.3 108.4 109.2 1 Employer costs for employee benefits. NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the influence of employment shifts among occupations and industries. 93.1 94.5 95.7 97.1 98.1 99.8 101.5 103.1 105.1 106.7 108.4 109.9 111.3 113.2 115.3 1.3 1.3 .9 1.2 1.0 1.2 1.3 1.1 1.4 1.3 1.0 .9 1.1 1.2 1.1 4.8 4.8 4.6 8.8 12.1 6.3 4.9 7.2 7.4 4.2 4.1 6.5 3.5 3.4 3.4 6.9 6.1 6.6 3.2 3.3 4.1 4.1 4.0 Not se asonally adjti sted Seasonall adjusted 1988: Mar June Sept Dec 1989: Mar June Sept Dec 1990: Mar 9.9 6.5 5.7 4.9 3.9 3.2 3.3 0.8 1.2 .8 1.1 1.1 .9 1.1 1.1 1.1 1.1 1.0 .8 1.0 1.0 .7 2.4 1.5 1.3 1.5 1.0 1.7 1.7 1.6 1.9 1.5 1.6 1.4 1.3 1.7 1.9 3.8 4.5 4.4 4.8 4.6 4.5 4.8 4.8 5.2 5.2 4.9 4.6 4.4 4.4 4.5 3.3 3.8 3.7 4.1 4.2 4.1 4.3 4.1 4.2 4.5 4.2 4.0 4.0 3.7 3.7 5.9 6.4 6.8 6.9 5.4 5.6 6.0 6.1 7.2 6.9 6.8 6.6 5.8 6.2 6.4 Data exclude farm and household workers. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output p ;r hour of allpe rsons Period Business sector Nonfarm business sector Business sector per Compensation boi r 3 Hours of all pers HIS 2 Outf ut ' Nonfarm business sector Business sector Nonfarm business sector Business sector Nonfarm business sector Real com pensation per hour 4 Business sector Nonfarm business sector Unit lab or costs Business sector Nonfarm business sector 85.8 92.4 100.0 101.4 85.2 92.3 Implic t price defla tor 5 Business sector Nonfarm business sector 86.2 94.4 100.0 103.3 106.8 109.5 111.8 114.8 118.2 122.8 127.5 101.4 104.8 107.9 110.5 112.8 115.7 116.2 117.5 118.9 120.3 121.2 122.5 123.3 124.3 125.8 127.2 128.2 128.8 130.3 131.8 132.1 85.7 94.0 100.0 103.5 106.6 109.8 112.3 115.3 118.4 123.0 127.7 101.5 104.7 107.9 111.0 113.4 116.2 116.6 117.8 118.8 120.5 121.4 122.7 123.5 124.7 125.8 127.3 128.4 129.2 130.7 132.0 132.4 9.0 9.6 5.9 3.3 3.3 2.5 2.1 2.7 3.0 3.9 3.8 1.7 4.8 4.7 4.9 3.1 4.3 2.5 3.5 4.6 4.6 3.2 2.0 4.6 4.7 1.1 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 4.5 4.2 1.3 19f 32 = 100; |uarterly i ata seasoilally adjusted 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1982: 1983: 1984: 1985: 1986: 1987: 1988: 99.2 100.7 100.0 IV IV IV IV IV IV I II in IV 1989: I II Ill IV 1990: I n m 1991: IV I r n. HI".... 102.3 104.9 107.1 109.5 110.7 113.2 112.8 112.4 100.6 103.2 105.3 108.0 109.4 111.9 113.2 112.9 113.6 113.1 113.0 113.1 112.8 112.2 112.0 112.4 112.7 112.3 112.3 112.2 112.8 99.9 100.9 100.0 102.9 105.1 106.5 108.7 109.7 112.5 111.9 111.2 100.4 103.8 105.4 107.1 108.4 110.9 112.2 112.1 112.8 112.9 112.1 112.1 111.9 111.3 111.0 111.3 111.5 1°11.2 111.2 111.2 111.8 101.1 103.2 100.0 104.2 113.0 117.7 121.3 126.4 133.0 135.8 136.1 99.5 107.6 114.5 119.3 122.2 129.4 131.2 132.6 133.8 134.5 135.6 135.9 136.1 135.5 136.0 136.4 136.5 135.4 133.7 133.6 134.5 101.7 103.4 100.0 105.0 113.7 118.1 121.6 126.8 134.0 136.7 136.9 99.3 108.7 115.1 119.6 122.4 129.7 131.6 133.4 134.8 136.0 136.4 136.8 137.1 136.3 136.8 137.2 137.4 136.1 134.5 134.3 135.3 101.9 102.5 100.0 101.8 107.6 109.9 110.8 114.2 117.5 120.4 121.1 98.9 104.3 108.7 110.5 111.7 115.6 115.8 117.5 117.8 118.8 120.0 120.1 120.7 120.7 121.3 121.3 121.2 120.5 119.1 119.1 119.2 101.8 102.5 100.0 102.0 108.1 110.9 111.9 115.5 119.1 122.2 123.1 98.9 104.7 109.2 111.7 112.9 117.0 117.3 119.1 119.5 120.5 121.7 122.1 122.5 122.5 123.3 123.3 123.2 122.4 120.9 120.8 121.0 85.1 93.0 100.0 103.8 108.0 112.8 118.6 123.1 128.6 133.0 138.4 102.1 105.3 109.5 115.2 120.8 125.5 126.3 127.9 129.7 130.8 131.8 132.8 133.4 134.2 135.7 137.7 139.4 140.6 142.0 143.6 144.8 85.1 93.1 100.0 104.0 108.1 112.5 118.2 122.4 127.8 132.1 137.2 102.1 105.2 109.6 114.6 120.3 124.8 125.5 127.1 128.8 130.0 131.0 131.7 132.4 133.3 134.6 136.6 138.2 139.5 140.9 142.5 143.8 99.7 99.6 98.8 100.0 100.6 100.4 101.2 104.5 104.5 104.9 103.5 102.2 100.6 100.5 100.4 102.0 105.5 105.0 104.8 104.9 105.1 104.8 104.4 103.6 103.2 102.9 102.2 102.7 102.3 101.4 101.5 102.1 102.3 98.8 100.0 100.7 100.4 100.9 104.1 104.0 104.3 102.8 101.3 100.6 100.4 100.4 101.5 105.1 104.4 104.2 104.3 104.4 104.2 103.7 102.7 102.5 102.2 101.3 101.8 101.4 100.6 100.8 101.4 101.5 102.9 105.4 108.4 111.2 113.7 118.0 123.1 101.5 102.0 104.0 106.7 110.4 112.1 111.5 113.3 114.2 115.6 116.6 117.3 118.3 119.6 121.1 122.5 123.7 125.2 126.4 128.0 128.4 100.0 101.0 102.8 105.6 108.8 111.6 113.7 118.1 123.4 101.7 101.3 104.0 107.1 110.9 112.6 111.9 113.4 114.2 115.2 116.9 117.5 118.3 119.8 121.3 122.7 124.0 125.4 126.7 128.2 128.6 10.9 11.0 Pe •cent ehan *e; quarte rly data at seasonal] y adjusted annual rates 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1988: -0.3 -0.2 I n m IV 1989: I II Ill IV 1990: I II Ill IV 1991: I r II . Ill ".... 1.5 -.7 2.3 2.5 2.0 2.3 1.1 2.2 -.4 -.4 4.7 -1.1 2.5 -1.6 — .5 .4 -1.3 -1.9 -.7 1.4 .9 -1.2 -.0 -.5 2.3 1 -1.1 1.0 -.9 2.9 2.1 1.3 2.0 1.0 2.5 -.5 -.6 4.8 -.5 2.7 .1 -2.8 .1 •y -2.2 -1.1 1.2 .6 -.8 .0 -.3 2.4 2.1 3.1 4.2 8.4 4.2 3.1 4.1 5.3 2.1 .2 5.7 4.6 3.5 2.0 3.5 .9 .6 -1.8 1.4 1.2 .5 -3.4 -4.7 -.5 2.9 -1.2 1.7 3.3 5.0 8.3 3.9 3.0 4.2 5.7 2.0 .2 5.9 5.6 4.1 3.6 1.2 1.3 .6 -2.1 1.4 1.2 .4 -3.6 -4.8 -.4 3.0 -0.9 10.6 -0.8 .6 -2.5 1.8 5.7 2.1 .8 3.0 3.0 2.4 .6 .9 5.8 1.0 3.7 4.0 .5 1.9 .1 2.1 -.2 -.4 -2.1 -4.7 -.0 .6 .7 -2.4 2.0 6.0 2.5 .9 3.2 3.1 2.6 .7 1.1 6.1 1.4 3.5 4.1 1.1 1.3 .1 2.6 -.0 J -2.8 -4.9 — .1 .6 Output refers to gross domes ic product or ginating in th e sector in IS 82 dollars. 2 Hours of all persons engaged in the seel or, including hours of pro jrietors and mpaid family workers. Estimates ased primari y on establisl ment data. 3 Wages and salaries of emplo rees plus em 3loyera' contr butions for s cial insuranc e and private benefit plans. Also i ncludes an e. timate of wa fes, salaries, and suppleme ntal payment for the selfemployed. 4 Hourly compens ation divided by the consu Tier price ind€ x for all urban consumers. 16 9.3 7.5 3.8 4.1 4.4 5.2 3.7 4.5 3.4 4.0 2.5 5.2 5.8 3.3 3.2 2.9 1.8 2.5 4.6 6.1 5.0 3.3 4.0 4.6 3.5 5 10.6 9.4 7.4 4.0 3.9 4.1 5.1 3.6 4.4 3.4 3.9 2.4 5.1 5.5 3.7 3.1 2.2 2.3 2.6 4.0 5.9 5.0 3.7 4.2 4.6 3.5 -2.5 -1.0 1.3 .6 -.2 .8 3.2 .1 .4 -1.3 -1.3 -.6 .5 .6 -1.0 1.7 -3.0 -1.3 -1.4 2.6 2.1 -1.7 -3.4 .5 2.4 .5 2.5 -.8 1.2 .7 -.4 .5 3.2 -.1 .3 -1.4 -1.5 n A .3 -.6 -1.8 -3.8 -.8 -1.3 -3.2 2.0 -1.8 -3.0 .7 2.5 .5 7.7 8.3 1.4 1.5 2.3 2.8 2.6 2.2 3.8 4.4 -2.1 6.4 3.3 5.0 3.7 2.5 3.2 4.5 5.3 4.7 4.1 4.6 4.1 5.1 1.2 8.3 8.4 1.0 1.8 2.8 3.0 2.5 1.9 3.9 4.4 -2.3 5.6 2.7 3.5 6.0 2.0 3.0 5.0 5.2 4.7 4.4 4.6 4.2 4.9 1.1 Cun ent dollar gro ss domestic product divide by constant dollar gross < omestic prodi ct. NOTE — Data relat to all person s engaged in the sector, Ferce t changes ar e from prece ing period a nd are based on original ( ata; they the refore mav differ slif htly from per cent changes based on inde xes shown he re. Sourc : Departmen of Labor, Bu reau of Labo Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production was unchanged in October, after rising slightly in September. Capacity utilization fell slightly in October. INDEX, 1987 = 100* (RATIO SCALE) INDEX, 1987 = 100* (RATIO SCALE) 115 130 TOTAL lh> DUSTRIAL 'RODUCTIC N v /— r~/~— ^—»^- /•—I *""" ^ • r^ /^ 1 1 1 1 1 1 1 1 1 1 1 1 1 1 M M i l l M i l l MM! ii n 1 1 M i M M II 1 1 i M II — CAPACI W UTILIZAT ON (TOTAL NDUSTRY) RATE - ^~\^- r^ K^"~~\ -~f~^\ V \X~" /^ ' II M 1 i M M ! M 1M 111 1 M 1987 1988 1 1M M 1 11 11 M 1 1M M 1 M M 1 1M M M 1 1989 1991 1990 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Period 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1990: 1991: 1 84.1 85.7 81.9 84.9 92.8 94.4 95.3 100.0 105.4 108.1 109.2 Oct Nov Dec 109.9 108.3 107.2 Jan Feb Mar Apr May June July r Aug r. Sept r Oct" 106.6 105.7 105.0 105.5 106.4 107.3 108.1 108.0 108.2 108.2 Output as percent of rapacity. Manufacturing Percent 1987 = 100 Capacity utilization rate, pt rcent l Industry pro< uction indexes , 1987 = 100 To tal indu trial prodi ction 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 2.0 .2 -1.3 -.8 -2.6 -3.6 -3.0 -2.7 25 — 2.1 -2.3 -2.2 -1.6 Mining Total Durable Utilities Nondurable Total industry Manufacturing 82.1 80.9 75.0 80.2 87.0 90.8 91.5 94.9 100.0 103.6 106.4 107.8 110.0 114.3 109.3 104.8 111.9 109.0 101.0 100.0 101.8 100.5 102.6 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 78.8 72.8 74.9 80.4 79.5 79.0 81.4 83.9 83.9 82.3 112.5 109.9 107.5 108.4 107.7 107.4 102.6 103.3 103.4 109.2 106.9 108.8 83.0 81.6 80.6 82.2 80.7 79.4 107.2 106.1 105.0 106.0 106.7 107.3 108.1 107.9 108.6 108.3 106.8 106.0 105.4 105.9 106.5 107.6 108.6 109.0 109.3 109.5 101.7 102.9 101.5 100.9 100.2 102.1 102.7 101.5 100.7 100.5 107.6 104.6 106.4 105.9 111.4 111.5 110.9 110.2 108.5 108.6 80.0 79.1 78.4 78.6 79.1 79.6 80.0 79.8 79.8 79.6 78.9 78,0 77.2 77.5 77.8 78.3 78.7 78.6 78.8 78.6 78.8 80.3 76.6 80.9 89.3 91.6 94.3 100.0 105.8 108.9 109.9 75.7 77.4 72.7 76.8 88.4 91.8 93.9 100.0 107.6 110.9 111.6 110.7 108.9 107.5 107.0 106.1 105.2 105.9 106.6 107.5 108.3 108.4 108.9 108.9 83.1 84.5 82 5 : Board of Governors of the Federal Reserve System. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1987 = 100; monthly data seasonally adjusted] Produ cts Mat< rials I^nal produc ts Internlediate pro iucts f jquipment Co nsumer gc ods Period Total Total 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 Durable goods Defense Nondurable goods Total ' ness ConTotal supplies space equipment Business supplies Total Energy 82.1 80.8 83.0 91.0 94.2 95.7 100.0 105.6 109.1 110.9 85.8 84.5 88.8 92.8 93.7 96.8 100.0 104.0 106.7 107.3 74.0 68.7 79.7 91.0 91.6 94.5 100.0 104.9 107.9 106.2 89.6 89.7 91.9 93.4 94.4 97.6 100.0 103.7 106.4 107.6 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 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 1990: Oct Nov Dec 112.3 110.2 109.2 108.6 106.5 105.7 106.9 99.4 96.0 109.1 108.5 108.4 117.0 115.1 113.6 125.4 122.9 121.2 97.3 96.2 95.8 107.0 106.2 106.0 103.1 101.8 101.0 109.7 109.2 109.4 108.3 106.8 105.3 102.3 101.6 102.0 1991: Jan Feb Mar Apr May June July r Aug T Sept ' Oct" 109.1 108.3 108.1 108.7 109.3 110.1 110.2 109.8 110.5 110.6 105.6 104.7 104.7 105.5 106.6 108.0 108.3 108.4 109.2 109.5 97.6 95.2 95.9 99.3 101.1 104.2 105.5 104.0 107.6 107.7 107.8 107.3 107.1 107.2 108.1 109.0 109.0 109.6 109.7 110.0 113.6 112.9 112.5 112.8 112.7 112.8 112.8 111.7 112.1 111.9 121.6 120.6 120.3 121.3 121.7 121.9 122.5 121.3 122.6 122.6 94.4 94.5 93.9 92.5 91.5 91.0 90.0 90.0 89.0 88.6 103.8 102.6 101.3 101.2 102.7 104.0 104.0 104.2 103.9 103.6 97.7 96.4 94.0 94.9 95.8 97.4 96.9 96.5 96.7 96.5 108.1 106.8 106.4 105.6 107.5 108.5 109.0 109.6 108.9 108.6 104.8 103.9 102.6 103.4 104.5 105.4 107.0 107.2 107.2 107.1 101.1 101.1 101.3 101.1 102.4 103.4 104.1 103.2 102.6 102.6 1 . .. . Includes oil and gas well drilling and manufactured homes, not shown separately. [1987^100; monthly data season; [justed] No ndurable manufacti res Durable m anufactures Transp Drtation equi] 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: Oct Nov Dec 108.6 109.1 104.2 110.3 112.6 107.3 106.4 104.3 101.9 128.1 126.3 124.7 110.8 110.4 108.7 109.2 100.1 96.6 103.8 85.8 78.5 98.2 95.5 93.5 97.2 95.5 94.9 112.9 112.4 112.8 110.7 110.0 109.9 108.8 109.6 109.1 1991: Jan Feb Mar Apr May June 99.7 99.5 94.7 94.5 96.9 96.4 101.2 103.0 102.7 102.3 99.0 98.0 92.0 91.6 94.0 92.9 99.5 100.9 100.9 100.6 101.7 99.1 97.8 98.0 99.1 99.8 100.9 101.3 101.5 101.4 125.5 124.5 123.1 123.5 123.6 123.4 123.9 123.3 123.5 123.3 107.6 108.2 108.6 109.7 . 110.6 111.5 111.0 111.8 111.9 110.9 97.6 95.5 95.0 97.2 98.2 99.7 101.3 98.9 102.2 102.5 83.0 79.4 79.8 86.2 89.8 92.5 96.7 91.6 99.4 100.5 94.2 91.5 91.2 92.7 92.5 96.7 94.8 95.0 94.9 93.8 92.9 93.1 92.5 93.2 95.2 96.2 97.8 98.7 98.5 98.9 112.1 110.1 109.1 108.2 109.0 109.2 109.6 111.5 112.1 112.3 113.0 108.3 107.6 107.4 107.6 107.8 108.6 108.3 '108.7 109.2 109.4 Julvrr Aug Sept ' Oet" Source: Board of Governors of the Federal Reserve Svstem. 18 110.9 110.4 110.7 110.6 111.2 111.9 112.3 112.5 112.7 NEW CONSTRUCTION [Monthly data seasonally adjusted] Oonstructio n contracts 3 Private Period Total new construction expenditures Resi iential Total i\ew Housing Total ' Commercial and Other Federal, State, and local Total value index (1982 = 100) Commercial and industrial floor space (millions of square feet) I illions of dollars 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 272.0 260.6 294.9 348.8 377.4 407.7 419.3 432.2 443.7 446.4 207.3 197.5 231.5 278.6 299.5 323.1 328.6 337.4 345.4 337.8 99.2 84.7 125.5 153.8 158.5 187.1 194.7 198.1 196.6 182.9 69.4 57.0 94.6 113.8 114.7 133.2 139.9 138.9 139.2 128.0 58.2 62.6 57.7 74.0 89.8 84.4 84.0 88.0 94.3 96.4 49.8 50.2 48.2 50.8 51.3 51.6 50.0 51.4 54.6 58.5 64.7 63.1 63.5 70.2 77.8 84.6 90.6 100 100 124 136 150 159 165 167 173 157 94.8 98.3 108.7 Annual rates 1990: Sept 437.2 434.6 431.4 Oct Nov Dec 421.3 1991: Jan Feb Mar Apr May 406.5 410.1 401.9 407.1 June July r. Augr Sept " 1 2 3 , 399.0 398.2 400.6 402.1 406.5 330.3 324,1 317.2 311.3 303.9 300.5 293.3 299.0 291.0 290.9 289.6 293.2 295.9 690 756 955 1,097 1,016 1,019 973 961 747 Anniuil rales 175.4 172.1 168.0 165.0 121.6 119.0 115.1 113.0 94.9 92.0 89.3 88.6 60.0 59.9 59.9 57.7 106.8 110.5 114.2 110.0 r 161.8 155.6 152.4 151.8 154.6 158.3 157.8 162.9 167.7 107.9 103.5 100.8 100.6 103.2 106.7 109.7 114.6 119.0 85.1 86.2 83.2 87.0 78.2 73.8 73.2 72.0 69.7 57.0 58.7 57.6 60.2 58.3 58.8 58.6 58.3 58.5 102.6 109.6 108.6 108.0 108.0 107.3 111.0 108.9 110.6 133 138 r Includes residential improvements, not shown separately. Includes hotels and motels. F.W. Dodge series. 919 !47 154 152 136 !40 r 152 !46 M37 146 150 143 693 639 660 555 602 658 538 624 565 438 469 514 416 Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems Compan}', F.W. Dodge Division. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New pri\ ate homes New private housing units Period Units started, b\ type of structure Total 1981 1982 1983 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 1984 1985 1986 1987 1988 1989 1990 705.4 662.6 1,067.6 1 ,084,2 1,072.4 1,179.4 1,146.4 1,081.3 1,003.3 894.8 2-4 units 91.1 80.0 113.5 121.4 93.4 84.0 65.3 58.8 55.2 37.5 5 or more units 287.7 319.6 522.0 544.0 576.1 542.0 408.7 348.0 317.8 260.4 Units authorized 985.5 1,000.5 1,605.2 1,681.8 1,733.3 1,769.4 1,534.8 1,455.6 1,338.4 1,110.8 Units completed Homes 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 1,308.0 436 412 1,314 1,275 1,246 1,155 1,125 1,096 1,190 ,089 ,070 ,105 ' ,069 ,054 " ,144 504 465 480 464 623 639 688 750 671 676 650 534 Vacancv rate Homes for sale at end of period 1 housing units (percent) 2 275 253 301 5.0 5.3 5.7 5.9 6.5 7.3 7.7 t.t 7.4 7.2 353 346 357 366 368 363 318 Seasonal y adjusted annu al rates 1990: 1,106 1,026 1,130 971 847 992 907 Sept Oct Nov Dec 1991: Jan Feb Mar Apr Mav 977 June July Aug ' Sept T Oct" 983 1,034 1,049 1 ,056 1,021 1 ,096 858 839 769 751 648 788 742 801 831 869 879 883 864 898 35 22 54 17 29 37 28 32 36 144 24 46 42 29 141 124 131 128 48 150 1 Seasonally adjusted. Quarterly data enter earlier data. 2 213 165 307 203 170 167 137 i last month of quarter. Series beginning 1989 not coiimparahle with 116 989 925 916 854 802 876 892 913 966 999 1,005 953 982 1,035 414 488 495 506 507 518 503 512 446 338 334 327 318 315 313 308 303 299 7.2 7.2 7.5 295 296 295 7.3 295 7.6 NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for IfiTK-iSH t are for 16,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—Manufacturing and Trade In September, manufacturing and trade sales rose 0.4 percent and inventories rose $5.0 billion. In October, according to advance data, retail sales fell 0.1 percent, following a rise of 0.6 percent in September. BILLIONS OF DOLLARS* (RATIO SCALE) 300 BILLIONS OF DOLLARS* (RATIO SCALE] 1,000' 900 250 800 700 200 MANUFACTURING AND TRADE INVENTORIES RETAIL INVENTORIES 600 500 150 MANUFACTURING AND TRADE SALES 400 RETAIL SALES 100 300 RATIO* INVENTO ?Y-SALES R ATIO RETAIL I./O ^ V—'] 200 *" 'V" Nxs. ^-^ l, lm 1990 1989 1991 - XV<~~K^ , / | 1987 1988 V 1990 1991 Sales 2 Invenle Inventorv-. ales ratio 4 Re tail Who esale Sales Inventories 3 \ COUNCIL OF ECONOMIC ADVISERS Period Sales 2 A Jnm i i m l i m i 1989 'SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE Manufact uring and trac e ' ,./ MANUFACTURING AND TRADE 1 40 1988 \ f—\ \r— ' 1- Total 2 Durable goods stores Inventories Nondurable goods stores 3 Total Durable goods stores Nondurable goods stores 134,493 147,712 167,748 181,773 186,587 208,112 219,791 238,159 242,563 241,895 244,901 244,550 242,563 244,071 241,179 236,900 236,696 236,204 235,098 235,994 236,757 240,335 61,469 69,025 79,250 88,464 90,197 105,738 112,254 120,663 120,629 122,303 124,048 122,947 120,629 121,217 119,239 116,041 116,087 115,490 114,305 114,754 115,279 117,515 73,024 78,687 88,498 93,309 96,390 102,374 107,537 117,496 121,934 119,592 120,853 121,603 121,934 122,854 121,940 120,859 120,609 120,714 120,793 121,240 121,478 122,820 Manufacturing Retail Millions of dollars, seasonally idjusted 1982 1983 1984 1985 1986 1987 1988 1989 1990 1990: Sept/ Oct Nov Dec 1991: Jan Feb Mar Apr May June July Aug r Sept" Oct" 1 2 3 348,755 370,441 411,391 423,806 431,668 459,088 496,330 525,839 542,917 r 549,804 554,938 546,714 534,361 527,074 527,915 523,117 530,872 535,926 536,977 541,023 539,578 541,977 574,518 590,968 650,789 665,060 664,031 711,595 767,700 810,257 826,941 825,964 830,414 832,464 826,941 831,445 828,201 819,615 816,893 811,713 807,105 806,802 806,648 811,665 See page 21 for manufacturing. Monthly average for year and total for month. End of period. 20 96,290 100,324 113,393 114,626 116,151 124,254 135,176 144,005 149,193 149,918 151,001 148,176 148,036 144,723 143,608 142,935 145,019 144,927 145,217 147,635 145,524 146,647 128,196 130,906 143,557 148,484 154,713 165,271 180,313 188,273 195,567 89,114 97,570 107,316 114,642 120,860 128,509 137,613 145,146 150,602 28,013 32,631 37,938 41,567 45,121 48,051 52,281 54,349 54,563 193,077 151,970 194,053 r 151,984 195,544 152,711 195,567 149,750 198,993 147,803 198,563 151,092 151,467 196,733 195,052 150,967 193,632 152,710 192,039 152,642 153,195 192,806 192,503 152,160 192,306 ' 153,025 152,888 54,276 54,296 54,152 52,402 50,897 53,235 53,725 53,490 54,074 54,212 54,117 53,390 r 54,526 54,549 r 4 61,101 64,939 69,377 73,075 75,738 80,457 85,332 90,797 96,039 97,694 r 97,688 98,559 97,348 96,906 97,857 97,742 97,477 98,636 98,430 99,078 98,770 r 98,499 98,339 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 1.50 1.52 1.55 1.58 1.57 1.57 1.54 1.51 1.50 1.49 1.49 1.50 1.49 1.44 1.49 1.52 1.56 1.55 1.55 1.60 1.59 1.59 1.61 1.60 1.62 1.65 1.60 1.56 1.57 1.55 1.54 1.54 1.56 1.57 MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS In September, manufacturers' shipments and inventories rose, while new and unfilled orders fell. BILLIONS OF DOLLARS' (RATIO SCALE) BILLIONS OF DOLLARS' (RATIO SCALE) /»u 240 -SHIPMENTS ,.i^w~-v^--S^•—'"-X 440 r-^-— r200 u— —•— | \ TOTAL 360 280 DJRABLEGOC)DS .^^ tf ' 200 ••— — ^ DURABLE GOODS ^•~"— " — 80 - INVENTORIES 160 NOND JRABLEGOCDOS 120 i m 1 1 1 m i 1 1 i 1 1 i 1 1 1 M mull mi \ NONDURABLE GOODS 1 1 1 1 \ I 1 1 1 M 1 M 1 1 11 1 1 1 1 80 BllilONS OF DOHARS' (RATIO SCALE) AW 240 —NEW ORDERS^y,r 200 r"^"""^ ——^"""""l - v -— 60 r-^-^ \ TOTAL Minmi! DUR/\BLE GOOD 5 160 V.y x-v--'.'' -/••'•-^ . •""• "*•*" * />. l 2.20 ~^*"— INVENTORY-SHIPMENTS RATIO 2.00 --- ' \ NONI3URABLEGCKDDS 80 mi ilimi RATIO' 1.80 1.60 n n i l n i n iimlimi n mini n 1987 1989 1988 1||M | 1.40 m||| iiii 1.20 1987 1991 1990 1988 1989 1990 1991 COUNCIL OF ECONOMIC ADVISERS Manul acturers' shipn ents Period Durable goods 1 Manufacturers new orders 1 Manuf icturers' inven .ories 2 ; Nondurable goods Durable goods Durabl goods Nondurable goods Total Capital goods industries, non-defense Nondurable goods 84,077 Manufacturers' unfilled orders 2 Manufacturers' inventory— shipments ratio 3 tfiUions of d<)llars, season ally adjustet 1982 1983 , 87,066 92,742 93,259 91,419 98,198 105,549 112,156 117,735 311,829 312,350 339,484 334,803 322,731 338,212 367,596 383,825 388,811 200,409 199,814 221,284 218,182 212,010 220,790 241,389 253,261 252,836 111,420 112,536 118,200 116,621 110,721 117,422 126,207 130,564 135,975 162,140 175,451 192,879 195,706 195,204 209,389 227,025 240,758 243,643 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 87,311 92,715 93,351 91,557 98,579 105,581 112,107 117,685 311,893 347,310 373,607 387,241 393,629 430,589 472,223 520,837 527,195 1.95 1.78 1.73 1.73 1.68 1.59 1.58 1.61 1.60 125,783 127,692 122,693 118,578 122,133 124,261 123,134 117,997 390,992 391,460 392,370 388,811 255,278 255,113. 256,387 252,836 135,714 136,347 135,983 135,975 248,987 254,976 239,237 238,196 126,893 130,875 116,193 120,221 34,419 37,223 30,884 38,560 122,094 124,101 123,044 117,975 529,141 532,164 525,574 527,195 1.58 1.55 1.60 1.64 117,648 117,432 114,487 119,721 121,024 122,240 122,994 124,459 r !25,113 116,900 115,783 114,228 115,165 117,265 116,878 117,199 117,435 117,192 388,381 388,459 385,982 385,145 381,877 379,968 378,002 377,388 379,024 252,170 252,256 250,405 249,546 246,964 245,642 244,467 243,616 244,488 136,211 136,203 135,577 135,599 134,913 134,326 133,535 133,772 134,536 234,462 233,132 226,431 231,229 236,540 233,725 248,090 243,160 238,933 117,789 117,547 112,116 116,139 118,434 117,128 130,827 125,482 T 121,470 33,957 33,756 31,940 28,748 28,038 29,282 36,689 30,993 r 30,790 116,673 115,585 114,315 115,090 118,106 116,597 117,263 117,678 117,463 527,109 527,026 524,742 521,085 519,336 513,943 521,840 523,106 519,734 1.66 1.67 1.69 1.64 1.60 1.59 1.57 1.56 1.56 79,212 84,139 1984 1985 1986 1987 1988 1989 1990 163,351 172,547 190,682 194,538 194,657 206,326 223,541 236,689 243,122 85,481 97,940 101,279 103,238 108,128 117,993 124,532 125,388 1990: Sept Oct Noy Dee 247,916 251,953 245,827 236,575 1991: Jan Feb Mar Apr May June July Aug ' Sepf 234,548 233,215 228,715 234,886 238,289 239,118 240,193 241,894 242,305 1 2 Monthly average for year and total for month. Shipments are the same B End of period. 3 78,064 Annual data are averages of seasonally adjusted monthly ratios. Source: Department of Commerce, Bureau of the Census. 21 PRICES PRODUCER PRICES In October, the producer price index for all finished goods rose 0.7 percent. Prices of finished consumer foods rose 0.4 percent and prices of other finished consumer goods rose 0.9 percent. Capital equipment prices rose 0.4 percent. INDEX, 1982 = 100 (RATIO SCALE) INDEX, 1982 = 100 (RATIO SCALE) 100 100 90 90 1983 SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [1982 = 100; monthly data seasonally adjusted] Internlediate ma te rials Fin shed goods Capital equipment Total finished consumer goods 94.6 100.0 102.8 105.2 107.5 109.7 111.7 114.3 118.8 122.9 124.1 124.4 124.8 125.7 125.9 126.2 126.1 126.5 126.7 126.7 126.8 127.0 127.5 96.6 100.0 101.3 103.3 103.8 101.4 103.6 106.2 112.1 118.2 122.1 122.6 121.7 121.6 120.5 119.9 120.2 120.7 120.0 119.6 120.1 120.1 121.0 F nished go ids excluding consumer foo Js Period Total finished goods Consumer foods Consumer gc ods Total Total 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1990: 1991: 1 Oct Nov Dec Jan Peb Mar Apr May June July Aug Sept Oct r 96.1 100.0 101.6 103.7 104.7 103.2 105.4 108.0 113.6 119.2 122.3 122.8 122.3 122.4 121.5 121.2 121.3 121.9 121.4 121.1 121.4 121.5 122.3 97.8 100.0 101.0 105.4 104.6 107.3 109.5 112.6 118.7 124.4 125.1 125.2 124.8 124.6 124.9 125.1 125.5 125.5 124.9 124.0 123.5 122.9 123.4 95.6 100.0 101.8 103.2 104.6 101.9 104.0 106.5 111.8 117.4 121.4 122.0 121.4 121.6 120.4 119.9 120.0 120.7 120.2 120.1 120.7 121.0 121.9 Intermediate materials for food manufacturing and feeds. 22 96.1 100.0 101.2 102.2 103.3 98.5 100.7 103.1 108.9 115.3 120.6 121.3 120.2 120.1 118.4 117.5 117.7 118.5 117.7 117.6 118.4 118.7 119.8 Durable Nondurable 96.4 100.0 102.8 104.5 106.5 108.9 111.5 113.8 117.6 120.4 121.2 121.8 122.3 123.1 123.5 124.2 123.9 123.6 123.2 123.3 123.7 123.5 124.5 95.8 100.0 100.5 101.1 101.7 93.3 94.9 97.3 103.8 111.5 118.6 119.3 117.6 117.2 114.7 113.4 113.7 114.9 114.0 113.7 114.8 115.2 116.2 Total 98.6 100.0 100.6 103.1 102.7 99.1 101.5 107.1 112.0 114.5 117.9 118.1 117.2 116.6 115.7 114.5 114.0 113.9 114.0 113.7 114.1 114.2 114.1 Foods and feeds ' 104.6 100.0 103.6 105.7 97.3 96.2 99.2 109.5 113.8 113.3 113.0 111.7 111.9 110.4 112.3 113.2 113.0 110.1 109.7 108.6 110.9 110.5 111.7 Cniide mater als Other Total 98.2 100.0 100.5 103.0 103.0 99.3 101.7 106.9 111.9 114.5 118.2 118.5 117.5 116.9 115.9 114.5 114.0 114.1 114.3 113.9 114.3 114.4 114.3 103.0 100.0 101.3 103.5 95.8 87.7 93.7 96.0 103.1 108.9 125.4 117.6 111.2 113.2 104.5 101.0 100.6 100.7 99.2 99.2 99.2 98.3 100.1 :e: Department of Labor, Bureau of Labor Statistics. Foodstuffs and feedstuffs 103.9 100.0 101.8 104.7 94.8 93.2 96.2 106.1 111.2 113.1 111.9 110.8 109.5 108.3 108.4 109.5 108.7 105.1 105.9 104.1 102.2 103.7 103.8 Other 101.8 100.0 100.7 102.2 96.9 81.6 87.9 85.5 93.4 101.5 127.9 116.4 107.2 110.8 98.0 92.2 92.0 94.1 91.5 92.3 93.3 91.2 93.8 CONSUMER PRICES—ALL URBAN CONSUMERS In October, the consumer price index for all urban consumers rose 0.1 percent, seasonally adjusted and not seasonally adjusted. The index was 2.9 percent above its year-earlier level. INDEX, 1982-84= 100 (RATIO SCALE] 150 NDEX, 1982-84 = 100 (RATIO SCALE) 150 SEAS DNALLY ADJUSTED 140 140 r^ 130 130 ^ CONSUMER PRICES— ALL IT EMS /^1 j^ 120 120 110 110 r--' 100 100 ^ 90 90 1 1111111111 1 1111111111 1 11111I 1I I I 1 1 1 1 1 1 1 1 1 I1 1983 1984 1985 1986 1 1111 11111 1987 11111111111 1 1111111111 1 1111!111 1 1 1 111 1 11111 1988 1989 1990 1991 COUNCIL OF ECONOMIC ADVISERS [1982-84=100, except as noted; monthly data seasonally adjusted, except as noted] All it ems l T ansportation Hoi sing Shf Her Period Not seasonally ed (NSA) Seasonally ' adjust- Renters', Pood Total ! Total ed (Dec 100) Rel. imp.3.... 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1990: Oct Nov Dec 1991: Jan Feb Mar Apr May June Julv Aug Sept Oct 100.0 90.9 96.5 99.6 103.9 107.6 109.6 113.6 118.3 124.0 130.7 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 Maintenance and repairs (NSA) Fuel and other utilities Apparel and upkeep Total ' New Motor Medical care Energy2 items less food energy 4.1 6.4 8.3 102.5 107.3 113.1 119.4 124.8 131.1 137.3 144.6 86.4 94.9 100.2 104.8 106.5 104.1 103.0 104.4 107.8 111.6 95.3 97.8 100.2 102.1 105.0 105.9 110.6 115.4 118.6 124.1 17.8 93.2 97.0 99.3 103.7 106.4 102.3 105.4 108.7 114.1 120.5 4.0 90.7 96.4 99.9 103.7 106.5 107.9 111.8 114.7 118.0 122.2 93.7 97.4 99.9 102.8 106.1 110.6 114.6 116.9 119.2 121.0 108.5 102.8 99.4 97.9 98.7 77.1 80.2 80.9 88.5 101.2 82.9 92.5 100.6 106.8 113.5 122.0 130.1 138.6 149.3 162.8 97.7 99.2 99.9 100.9 101.6 88.2 88.6 89.3 94.3 102.1 75.6 89.2 95.8 99.6 104.6 109.1 113.5 118.2 123.4 129.0 135.5 19.5 0.2 7.3 6.1 133.5 133.8 133.8 133.4 133.8 134.2 134.1 134.7 134.9 130.4 130.6 130.8 142.0 142.3 142.8 148.8 149.5 150.5 146.8 146.9 147.3 123.4 123.9 123.8 113.8 114.2 113.7 125.1 125.3 125.7 125.8 126.5 126.9 121.2 121.5 122.0 118.0 118.5 117.7 167.5 168.7 170.1 110.9 111.4 110.9 137.7 138.1 138.6 134.6 134.8 135.0 135.2 135.6 136.0 136.2 136.6 137.2 137.4 134.8 135.1 135.0 135.3 135.7 136.0 136.3 136.6 137.1 137.2 135.7 135.4 135.7 136.7 136.7 137.4 136.6 136.2 136.3 136.2 131.9 132.5 132.6 132.8 133.0 133.1 133.5 133.5 134.2 134.6 143.9 144.6 144.8 145.2 145.3 145.8 146.1 146.2 146.9 147.3 153.0 154.2 154.2 154.2 154.1 154.5 155.0 154.7 155.4 156.0 147.9 148.4 148.7 149.2 149.4 149.9 150.2 150.5 151.3 151.6 124.1 125.1 124.2 126.1 126.9 126.2 126.9 127.2 126.8 126.6 115.5 115.1 114.8 114.2 114.8 114.0 114.8 114.7 115.4 116.1 126.9 128.9 127.4 127.2 127.8 127.7 128.9 130.4 129.9 129.4 125.4 124.0 122.8 122.4 123.2 123.5 123.5 124.0 124.3 124.0 123.6 124.2 124.8 125.2 125.3 125.6 125.6 125.8 126.2 125.8 110.0 102.0 97.1 97.1 99.5 99.1 97.1 97.4 98.3 97.6 171.2 172.4 173.5 174.4 175.4 176.5 177.5 178.9 180.1 181.1 108.2 103.9 101.2 100.5 101.9 100.9 100.5 100.3 101.3 101.5 139.7 140.7 140.9 141.2 141.5 142.0 142.5 143.0 143.6 143.8 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fuel also included through 1982. 3 Relative importance, December 1990. 7.9 16.2 93.6 97.4 99.4 103.2 105.6 109.0 113.5 118.2 125.1 132.4 All Homeowners' costs (Dec. 1982 = 100) etc.—and motor fuel. Motor oil, coolant, etc. NOTE.—Data beginning 1983 incorporate a rental equivalence measure for Iiomeownership c and therefore are not strictly comparable, with figures for earlier periods. Data beginning 1987 and" 1988 calculated on a revised basis. Source: Department of Labor, Bureau of Labor Statistics. CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] Olit njrc from pr eceding peri d Change from 3 montl s earher, ann jal rate Change from 6 montl s earlier, ann lal rate Change Consum r goods Consum r goods year earlier. tolal finished goods Coiisum ?r goods Period Total finished goods Capital equipment Excluding foods Food; Total finished goods Excluding foods Foods Capital equipment Total finished goods , Capita! equipment Excluding foods Foods NSA Cha 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 ige, Dec. o Dec., N 3A 1.5 2.0 2.3 3.5 .6 2.8 -.2 5.7 5.2 2.6 7.1 3.6 .6 1.7 1.8 -2.3 2.2 4.0 4.0 5.7 Ch ange, 1990: Oct Nov Dec 1991: Jan Feb Mar Apr May June T July ' Aug Sept r Oct 8.6 9.2 4.2 3.9 20 1.8 -.9 .8 2.1 -6.6 4.1 3.1 5.3 8.7 0.6 .1 -.3 .1 2 -.7 -.2 .1 .5 -.4 2 .2 _2 3.6 3.8 3.4 2.1 .6 -.9 1 0.2 2 .3 .7 .2 .2 — .1 .3 -1.4 -.8 .3 .2 0 — .5 -.7 -.4 — .5 .4 .7 2.7 2.1 1.3 mon th to mont h 1.2 .4 -.4 .2 .1 9.2 4.1 1.6 2.1 1.0 -1.4 2.1 2.5 5.2 4.H .7 Y .2 -.1 0 .1 .7 .3 .9 _2 .4 15.4 12.3 5.1 2.6 .6 1.3 30.2 23.8 7.3 3.6 8.9 2.8 3.3 3.3 9.0 8.2 2.1 1.8 .3 -4.2 -3.5 -3.5 1.3 .7 — .7 -1.6 .3 4.0 -1.6 -1.0 1.0 2.9 1.9 -.6 -4.7 -1.6 -9.2 — 8.7 -7.8 .3 5.3 4.9 4.6 1.3 1.9 1.6 1.9 1.0 1.0 2.5 7.6 3.7 .7 -1.6 -1.5 -1.5 -2.1 -.2 .5 1.7 .5 .7 -.3 -.3 3.4 7.7 -6.2 -6.3 -1.9 2 1.1 .6 .5 _2 -1.0 -2.2 -3.5 -3.3 15.5 15.6 14.0 3.3 3.6 3.5 n. t 13.2 6.0 -1.0 -4.8 4.4 1.4 4.0 3.4 3.2 3.3 3.5 3.5 2.9 2.0 1.3 2.2 0 -4.6 -4.1 -4.1 0 2.1 3.6 4.1 3.9 3.2 3.4 3.1 1.6 6.4 7.0 7 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] Ap- Shelter All items ' Period Food Total ' Rent- Home- Total ' costs costs Fuel and other utilities c tiange, D ecember 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 :.. 8.9 3.8 4.8 3.9 3.8 1.1 4.4 4.4 4.6 6.1 4.3 3.1 2.7 3.8 2.6 3.8 3.5 5.2 5.6 5.3 10.2 3.6 3.5 4.3 4.3 1.7 3.7 4.0 3.9 4.5 9.9 2.4 4.7 5.2 6.0 4.6 4.8 4.5 4.9 5.2 5.1 5.9 6.3 5.0 3.9 3.9 4.5 6.7 Adden dum: All ite ns, percent hangc (anilua 1 rate) Tr msportati on Housing 4.5 5.1 5.9 4.6 5.3 4.7 5.1 4.7 14.4 9.7 1.8 4.2 1.8 -5.6 1.6 2.9 3.2 4.0 parel and up- MediNew cars Total > Motor fuel cal care Energy2 less food From previ- and ous ter3 From From 3 () months earlier months earlier From year earlier NSA to Dec mber, IS SA 3.5 1.6 2.9 2.0 2.8 .9 4.8 4.7 1.0 5.1 6.8 9.4 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 10.9 1.8 3.9 3.1 2.6 -5.9 6.1 3.0 4.0 10.4 12.5 11.0 6.4 6.1 6.8 7.7 5.8 6.9 8.5 9.6 11.9 9.5 1.3 4.5 4.8 4.7 4.3 3.8 -.5 .2 1.8 -19.7 8.2 .5 5.1 18.1 10.3 6.2 3.2 4.3 3.6 1.9 3.6 4.1 4.8 5.4 4.2 4.7 4.4 5.2 Chs nge, mo nth to n onth 1990: Oct Noy Dec 0.6 .3 .3 0.4 .4 .1 0.3 .2 .2 0.1 .2 .4 0.4 .5 .7 0 .1 .3 1.1 .4 -.4 -0.3 .2 .3 1.9 .6 .3 0.1 1991: Jan Feb Mar Apr May June .4 .6 _2 .2 .8 .5 .1 .2 .2 .1 .3 0 .5 .3 .8 .5 .1 .3 .1 .3 1.7 .8 0 0 -.1 .3 .3 -.2 .5 .4 .4 1.6 3 -.3 — .5 .5 1.0 1.6 -1.2 -1.2 -1.1 -1.0 -.3 .7 .2 0 .4 <j __2 1.3 .2 -.1 Aug _2 .3 .2 _2 .2 Sept Oct .4 .1 July .7 0 .5 -.6 0 .1 -.1 .2 .1 .5 .3 .3 .2 .3 .1 .3 2 .2 .5 9 — .7 .7 -.1 .6 .6 2 .5 -.1 .9 1.2 -.4 -.4 1 Includes items not shown separately. 2 Household fuels—gas (piped), electricity, fu€'l oil, etc. also included through 1982. 24 2 .4 .5 .5 .3 .1 9 0 2 .3 -.3 3 -and motor fuel. Motor oil, coolant, etc., 7.1 .4 — .7 0.8 .7 .8 -6.5 -7.3 -4.8 0 2.5 -.4 -2.0 .3 .9 -.7 .6 .7 .6 .5 .6 .6 .6 .8 .7 .6 4.2 .5 -.4 0.3 .3 .4 .8 .7 .1 -2.4 -4.0 -2.6 7 2 1.4 -1.0 -.4 o 9 1.0 _2 .4 .4 .4 .4 .1 6.9 4.3 3.9 3.6 2.1 3.0 Quarterly changes are shown in the last month of the quarter. Source: Department of Labor, Bureau of Labor Statistics. 9.2 6.9 4.9 6.9 7.2 6.6 2.4 1.5 1.8 3.0 6.7 5.4 3.7 2.9 2.9 <j 7 3.0 <> o 2.7 3.3 2.7 3.1 2.2 2.8 6.3 6.3 6.1 5.7 5.3 4.B 4.9 5.0 4.7 4.4 3.8 3.4 2.9 PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers in October fell 4.7 percent from their September level. Prices paid by farmers in October were unchanged from their July level. (Data are not seasonally adjusted.) INDE X, 1977-100 RATIO SCALE) INDEX, 1977== 100 (RATIOS CALE) 200 180 180 ._,-''"'" 160 160 \ S 140 X. S^ w "X^ W^-v ,s\.A ^x^ ^-\ K \ F RICES PAID ^\ r%x /~^ ^^ \ 140 ^ 120 PRICES RECEJVED inn 100 80 iiliililiii iiliililiii lliilllllli iiliililiii lllilllllll Iiliililiii iiiiilinii Iiliililiii 80 R/ TIO-!/ 140 - RATIQJ/ 140 _ „ RATI 0 _ 80 (^ — —^^ "L ~~^ 1 1 1 11 1 1 1 1 1 1 1 1 f f 1 11 i i i 1 1983 ^--1 Illilllilil lllilllllll 1984 1985 ~- — *• "• . 80 --v. , Iiliililiii 1986 ~ Iiliililiii i i 1 1 1 1 i 1 1 1 1 Ill i 1 1 1 1 1 1 1 Illilllilil 1987 1989 1988 1991 1990 J RATIO OF INDEX O PRICES RECEIVED TO INDEX OF PRICES PAI 3 .OURCE: DEPARTMEN OF AGRICULTURE COUNCIL OF ECONOMIC ADVISER [1977 = 100; not seasonally adjusted] Pri ces Period 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 All farm products F rices received by farm ers Livestock and products Crops All commodities, services, interest, taxes, arid wage tates l paid by farme Production items, interest, taxes, and wage Tales s Production items Ratio 2 139 133 135 142 128 123 127 138 147 150 134 121 128 138 120 107 106 126 134 128 143 145 141 146 136 138 146 150 160 170 150 159 161 164 162 159 162 170 178 184 151 158 159 161 156 150 152 160 167 172 148 153 152 155 151 144 148 157 165 171 92 84 84 87 79 77 78 81 83 82 1990: Oct Nov Dec 146 147 143 120 124 121 170 169 164 187 (3) (3) 174 (3) (3) 174 (3) (3) 78 79 76 1991: Jan Feb Mar Apr May 145 145 149 149 152 155 150 147 148 141 123 122 128 131 138 146 137 135 r !38 125 166 166 169 166 165 163 162 158 r !57 157 188 (3) (3) 190 (3) (3) 189 (3) (3) 189 175 (3) (3) 176 (3) (3) 174 (3) (3) 174 173 (3) (3) 175 <3) (3) 173 (3) (3) 173 77 77 79 78 80 82 79 78 78 75 June July Aug Sept Oct 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. 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 M2 and M3 rose slightly in October. BILLIONS OF DOLLARS* (RATIO SCALE) 4,800 BILLIONS OF DOLLARS* (RATIO SCALE) 4,800 4,400 4,400 4,000 4,000 3,600 3,600 3,200 3,200 -v 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 1,200 1,200 I II M I I I III i iiiIi ii ii AVERAGES Of DAuy FIGURES; SEASONAUX ADJUSTED SOURCE: BOARD or GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted] Period Ml M2 M3 Sum of currency, demand deposits, travelers' checks, and other checkable deposits (OCDs) Ml plus overnight RPs and Eurodollars, MMMF balances (general purpose and broker/dealer), MMDAs, and savings and small time deposits M2 plus large time deposits, term RPs, term Eurodollars, and institution-only MMMF balances L M3 plus other liquid assets Debt Debt of domestic nonfinancial sectors (monthlyaverage) 1 or 6 Perec nt change from year 2 months earlier Ml M2 M3 Debt Dec 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 '3,327.8 2,234.1 2,441.7 2,693.3 2,986.2 3,201.6 3,492.6 3,677.4 3,919.1 4,055.2 '4,111.2 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 '4,966.6 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 10,434.0 6.8 8.7 9.9 5.9 12.3 16.8 3.5 4.9 .9 4.0 10.0 8.9 12.0 8.6 8.2 9.4 3.5 5.5 5.0 '3.2 12.4 9.3 10.3 10.9 7.2 9.1 5.3 6.6 3.5 1.4 9.9 9.2 11.2 14.4 13.6 12.7 9.3 9.1 7.5 6.6 1990: Sept Oct Nov Dec 821.8 821.2 823.3 825.4 '3,321.6 '3,324.5 '3,323.7 '3,327.8 '4,108.8 '4,109.0 '4,108.4 '4,111.2 '4,955.6 '4,955.1 '4,960.4 '4,966.6 10,306.4 10,344.8 10,396.6 10,434.0 4.3 3.3 3.9 3.4 3.2 2.7 2.5 2.3 1.6 1.3 1.3 '1.2 6.8 6.4 6.6 6.2 19.91: Jan Feb Mar Apr May 826.7 836.4 843.0 842.1 851.6 858.4 859.6 '866.1 '870.0 879.4 '.3,331.3 '3,354.6 '3,375.3 '3,383.6 '3,396.4 '3,401.2 '3,390.5 '3,390.6 '3,390.3 3,398.8 '4,124.0 '4,159.7 '4,983.1 '5,010.0 '5,010.2 '4,977.3 '4,956.2 '4,980.1 '4,984.8 '4,978.3 "4,970.1 3.9 4.9 5.2 5.1 6.9 8.0 8.0 7.1 '6.4 8.9 2.2 2.7 '3.2 3.6 4.4 1.7 '4,168.1 '4,170.3 10,462.8 10,513.7 10,546.8 10,559.7 10,603.1 10,648.6 '10,688.6 '10,739.5 "10,796.8 5.5 5.1 4.7 1981: 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: June July Aug Sept Ocf 1 Consists of outstanding credit market debt of the U.S. Government, State and loca! governlents, and private nonfinaiiciai sectors; data from flow of funds accounts. 2 Annual changes are from December to December and monthly changes are from (i months earli- 26 '4,172.8 '4,165.6 '4,148.5 '4,146.5 '4,139.9 4,146.4 er at a simple annual rate. NOTE.—See p. 27 for components. Source: Board of Governors of the Federal Re; 4.4 3.6 '2.1 '.9 .9 2.8 2.9 3.0 '3.1 '2.6 1.2 '-.6 -1.4 — 1.1 4.2 4.0 4.1 4.3 r 4.3 4.7 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 (RPs), net, plus overnight Eurodollars Money inarket mutua fund balanc e s 1 General purpose and broker/ dealer Institution only Savings deposits, including money market deposit accounts (MMDAs) Small denomination time deposits2 Large denomination time deposits 2 NSA 1981: 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1990: Dee Dec Dec Dec Dec Dec Dec Dec Dec Dec Sept Oct Nov Dec 1991: Jan Feb Mar Apr May June July Aug Sept Oct" 122.6 132.5 146.2 156.0 167.8 180.7 196.9 212.0 222.2 246.4 241.5 243.9 245.0 246.4 251.6 255.1 256.7 256.6 256.8 257.6 258.9 260.8 262.4 264.5 231.3 234.0 238.5 243.9 266.6 301.9 286.5 286.3 278.7 276.9 279.1 277.1 277.2 276.9 272.9 276.1 277.1 275.8 278.7 281.0 278.9 r 279.8 279.4 282.6 78.2 103.5 131.6 147.1 179.5 235.3 259.3 280.7 285.2 293.8 293.0 291.8 292.8 293.8 293.9 296.9 301.0 301.9 308.1 311.9 '314.0 r 317.8 ' 320.5 324.4 36.6 39.9 55.6 60.6 73.5 82.3 83.2 83.4 77.4 r 74.3 r 81.6 r 83.7 '77.8 r 74.3 '71.5 '70.5 r 69.5 r 70.1 '68.9 r 68.5 r 65.3 r 67.9 r 67.1 70.6 150.6 38.0 185.2 51.1 42.8 138.8 62.1 167.9 176.7 63.9 208.3 83.8 221.7 88.9 241.1 86.9 313.6 101.9 345.4 125.7 339.3 116.2 341.6 119.6 341.9 120.5 345.4 ' 125.7 353.9 130.1 358.2 139.3 363.6 142.0 364.2 145.6 146.2 365.1 364.3 143.3 359.4 141.8 352.8 144.8 349.2 149.3 348.0 155.4 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. 3 Savings deposits only; MMDA data begin December 1982. 3 343.9 400.0 684.7 704.7 814.9 940.6 936.9 925.8 890.2 916.7 919.6 918.2 917.8 916.7 917.1 926.9 939.7 953.8 969.2 981.0 990.0 996.2 1,002.7 1,013.6 823.2 850.9 784.1 887.7 883.4 855.5 917.7 1,031.8 1,145.9 1,164.2 1,160.1 1,161.4 1,161.8 1,164.2 1,163.9 1,162.7 1,158.3 1,150.2 1,140.5 1,129.1 1,118.6 1,110.3 r l , 102.0 1,088.8 303.0 327.3 327.7 417.7 437.3 439.9 489.2 542.3 563.5 507.1 521.9 515.1 512.5 507.1 511.9 516.0 511.5 507.3 503.9 r 498.7 r 491.2 r 484.6 r 475.9 466.4 Term repurchase agreements (RPs) Term Eurodollars (net) NSA NSA 35.3 33.4 49.9 57.6 62.4 80.5 106.1 121.8 98.8 '89.4 '97.9 r 95.1 r 95.1 '89.4 '87.3 '85.8 r 82.0 r 80.8 r 79.5 r 77.0 r 78.2 r 78.2 r 77.1 75.7 67.5 81.7 91.5 82.9 76.5 83.8 91.0 106.0 81.0 71.4 70.0 70.2 70.0 71.4 71.9 72.6 71.1 68.2 65.4 64.8 '65.8 r 67.3 r 66.0 64.8 Savings bonds Shortterm Treasury securities 67.8 68.0 71.1 74.2 79.5 91.8 100.6 109.3 117.5 126.0 123.8 124.5 125.2 126.0 126.7 127.8 128.9 130.1 131.4 132.5 133.5 134.4 "135.3 149.4 183.6 212.0 260.8 298.2 280.2 253.5 270.6 327.4 335.4 332.2 330.3 333.8 335.4 333.2 331.4 327.8 307.6 ' 299.5 327.0 '337.7 336.5 "332.8 Bankers' acceptances Commercial paper 40.0 105.3 44.5 113.7 133.2 45.0 45.4 160.8 42.0 207.6 37.1 231.4 44.5 261.0 40.1 336.8 40.7 349.2 34.7 359.4 31.8 359.0 32.6 358.8 34.0 359.0 34.7 359.4 36.0 363.2 35.2 355.9 32.4 '353.0 30.7 ' 338.6 28.8 '323.7 27.7 '327.3 27.8 '337.2 27.0 '333.8 "25.0 "337.1 NOTE.—Travelers checks of noiibank issuers are a component of money stock but are not shown here. Source: Board of Governors of the Federal Reserve System. AGGREGATE RESERVES AND MONETARY BASE [Averages of daily figures *; millions of dollars; seasonally adjusted, except as noted by NSA] Borro\yings of dep )sitory instituti >ns from the Federal B eserve (NS./ ) A djusted for ch anges in reser ve requiremen ts Re erves of depo sitory institutions 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 Oct Nov Dec 1991: Jan Feb Mar Apr May June July Aug Sept Oct" 1 25,944 26,495 27,835 29,901 31,662 37,061 45,863 45,812 47,596 47,729 49,104 47,942 48,245 49,104 49,466 49,611 49,566 49,395 50,068 50,429 50,510 51,002 51,281 51,968 Data arc prorated averages of biweekly (maintenance period) averages of daily figures. Nonborrowed 24,304 25,859 27,201 29,127 28,476 35,473 45,037 45,035 45,880 47,464 48,778 47,532 48,014 48,778 48,932 49,359 49,325 49,164 49,765 50,089 49,904 50,238 50,635 51,708 Nonborrowed plus extended credit 24,307 26,008 27,387 29,129 31,080 36,242 45,340 45,518 47,124 47,483 48,801 47,550 48,039 48,801 48,958 49,393 49,378 49,250 49,853 50,097 49,949 50,538 50,937 51,719 Required 25,480 26,176 27,335 29,340 30,807 36,024 44,494 44,766 46,549 46,807 47,440 47,096 47,297 47,440 47,297 47,803 48,387 48,364 49,039 49,421 49,605 49,916 '50,352 50,883 Monetary base Total 145,931 153,001 164,276 179,921 191,374 208,619 230,039 246,281 263,459 274,168 299,785 295,941 297,553 299,785 305,152 309,438 310,982 310,605 311,479 312,469 313,910 '316,313 '318,020 320,672 1,690 636 634 774 3,186 1,318 827 777 1,716 265 326 410 230 326 534 252 241 231 303 340 607 764 645 261 Seasonal 116 54 33 96 113 56 38 93 130 84 76 335 162 76 33 37 55 79 151 222 317 331 287 211 Extended credit 3 148 186 2 2,604 499 303 483 1,244 20 23 18 24 23 27 34 53 86 88 8 46 300 302 12 Source: Board of Governors of the Federal Reserve System. 27 BANK LOANS AND SECURITIES Total commercial bank loans and leases fell 0.1 percent in September; commercial and industrial loans rose 0.5 percent. BILLIOr-JS OF DOLLARS * (RATIO SCAt E) 2,800 ALL COMMERCIAL BANKS 2,400 . — = 2,000 —"fc^i —~~ _^-^ 1 «=: Bl LIONS OF DOL LARS* (RATIO SCALE) _ _ — 2,800 1 2,400 2,000 ---•" ~" — — ~* "" "" ~* "" 1 1 600 _—— — ----""" 1,200 1,200 LOANS AND .EASEb 800 — _^.-400 U.S. GON/ERNMENT SEC:URITIES " \ -1 ._- --" ] C>THER SECURIT ES 160 * X^" .--**-""""""- 120 iiniiiMii 200 1983 \ 200 ,' 160 I l l l l l l l l l l Illllllllll I l l l l l l l l l l I l l l l l l l l l l Illllllllll Illllllllll I l l l l l l l l l l I l l l l l l l l l l 120 1990 1991 1989 1988 1984 1986 1987 1985 • SEASONALLY ADJUS ED SOURCE: BOARD OF GOVERNORS OF THE FE COUNCIL OF DERAL RESERVE SYSTE M ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted l ] 1 A 11 comme eial ban IS Loans an ' leases Period Total securities 2 1981: 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: 1990: Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Sept Oct Nov Dec 1991: Jan Feb Mar Apr May June .... July Aug...... Sept 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 2,708.0 2,713.6 2,716.6 2,723.6 2,721.2 2,735.1 2,751.0 2,751.8 2,750.5 2,763.2 2,763.3 2,761.6 2,768.9 U.S. Government securities 179.3 201.7 259.2 260.2 270.9 310.1 335.9 363.8 399.3 454.2 450.1 453.1 454.0 454.2 454.1 458.0 471.4 479.2 485.1 495.2 505.3 512.6 522,1 Other securities 160.5 164.8 169.1 140.9 179.0 193.9 193.5 192.1 180.8 175.6 178.8 177.8 175.9 175.6 177.7 177.6 177.6 175.7 173.9 173.1 172.0 169.9 170.8 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 2,079.0 2,082.7 2,086.7 2,093.8 2,089.4 2,099.5 2,102.0 2,096.9 2,091.5 2,094.8 2,086.0 2,079.1 2,076.0 Commercial and industrial 355.4 392.5 414.2 473.2 500.3 537.2 567.6 606.6 641.3 648.1 644.7 643.7 646.5 648.1 644.3 643.9 646.0 640.0 633.2 630.4 626.7 620.5 623.8 Individual Security Nonbank financial institutions Agricultural political subdivisions 284.1 299.9 331.0 376.5 426.0 494.2 587.2 671.5 760.6 836.5 822.5 827.7 832.0 836.5 837.3 842.6 846.3 850.9 855.1 859.5 857.0 853.9 853.4 182.5 188.2 212.9 253.8 294.6 315.2 328.2 354.7 375.5 378.9 378.6 379.7 378.7 378.9 375.9 377.7 375.5 374.1 373.5 372.0 369.6 368.9 365.3 21.4 25.3 28.0 34.5 43.1 40.4 34.8 39.9 38.3 40.6 41.3 40.5 39.6 40.6 43.1 43.2 38.9 39.8 39.8 38.3 41.6 42.6 43.9 29.9 31.2 30.4 31.3 32.4 34.9 31.8 29.9 32.7 34.8 35.2 34.8 34.6 34.8 34.8 35.9 36.7 35.9 36.9 37.1 37.0 36.2 36.0 33.1 36.2 39.2 40.1 36.1 31.5 29.4 29.8 30.7 33.0 31.8 32.2 32.5 33.0 33.5 33.5 34.0 33.9 33.6 33.0 32.5 32.3 32.2 0.0 .0 .0 46.1 56.8 58.5 52.6 45.5 40.0 34.3 35.2 35.1 34.8 34.3 33.3 33.2 32.8 32.2 31.8 31.1 30.6 30.1 29.5 1 DjitJi lire prorated averages uf 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 Slates and poiitieal subdivisions are included in loans rather than in other securities. 28 State Real estate Foreigi! banks 18.1 14.6 13.4 11.6 9.9 10.3 7.9 7.9 8.6 7.2 8.1 9.0 8.1 7.2 6.0 6.1 7.2 6.8 6.4 6.0 6.2 6.2 6.5 2 Excludes loans to commercial hanks in the- United States. Source: Board of Governors of the Federal Reserve System. Foreign official institutions Lease financing receivables 7.2 5.9 9.4 8.4 6.3 6.3 5.8 5.1 3.7 3.2 3.3 3.2 3.2 3.2 3.0 3.1 3.2 3.0 3.0 3.0 3.1 3.1 3.2 12.7 13.3 13.7 1 6.0 19,0 22.3 24.5 29.2 31.8 32.7 32.8 33.3 32.9 32.7 32.4 32.8 33.0 32.7 32.7 32.8 32.0 31.4 31.2 Other 23.1 26.9 3 ! .if 29.9 35.3 38.6 39.8 45.7 45.8 44.6 45.5 43.6 43.7 44.6 45.8 47.5 48.5 47.6 45.6 51.7 49.7 53.9 51.0 SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External Period Total Total Loans and short-term paper Securities Total and mortgages 1991: I ii" :.... 377.4 388.3 385.1 378.2 106.8 171.7 59.3 87.1 33.2 41.2 14.9 7.7 77.9 89.3 107.3 21.4 468.6 498.8 504.7 338.8 362.7 384.4 391.1 346.5 105.9 114.4 113.6 -7.7 22.0 18.5 — 20.2 7.9 43.1 34.9 451.3 425.3 317.0 333.0 134.3 92.3 3.2 5.8 34.0 20.5 379.9 379.7 385.5 374.9 137.5 221.5 73.7 98.1 18.0 118.7 !•% 3.8 490.7 517.2 484.4 346.8 370.6 374.7 366.4 366.1 120.1 142.5 118.0 19.3 454.6 431.2 377.5 375.7 77.1 55.5 1990: I II Ill IV 484.2 560.0 444.4 465.3 42.2 53.3 10.8 -40.8 517.4 601.2 459.2 473.0 1989: I II Ill IV 371.2 -92.5 3.1 -85.2 -5.6 55.1 35.4 16.4 97.3 74.0 303.1 392.6 474.9 425.1 481.2 466.6 494.6 488.4 452.8 256.1 270.5 369.7 341.2 330.4 354.1 378.3 382.2 110.5 115.6 86.2 9.4 119.5 102.7 72.6 94.2 -45.3 27.9 -37.6 1.0 87.5 25.4 48.4 41.8 65.3 104.7 31.3 -84.2 -6.2 41.0 -13.6 -6.2 60.5 1 Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained abroad. 2 Consists of tax liabilities, trade debt, and direct foreign investment in the U.S. Discrepancy (sources less uses) -2.3 24.3 16.5 30.6 43.0 27.1 53.5 24.2 7.0 18.5 -15.4 -45.0 -13.4 351.8 344.3 372.4 391.4 380.0 369.5 241.9 285.2 335.9 Total Increase in financial assets 47.0 122.1 105.2 83.9 150.8 112.5 116.3 106.2 81.6 10.4 55.2 63.7 54.1 55.1 73.1 101.6 48.5 76.5 91.9 49.8 124.7 48.2 300.8 416.9 491.4 455.7 524.1 493.7 548.2 512.7 459.8 Other 2 54.7 35.5 105.5 56.0 64.2 29.7 70.5 80.4 29.8 58.9 131.7 155.5 103.9 179.8 121.3 156.8 132.7 90.3 1983 1984 1985 1986 1987 1988 1989 1990 1982 Capital expenditures 3 C edit market fi nds Internal l 3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government. Source: Board of Governors of the Federal Reserve System. CONSUMER INSTALLMENT CREDIT [Millions of dollars; seasonally adjusted] Net change in in stallment ere dit outstandir-g 1 Ins tallment credit outstanding (end of perio d) Period Automobile 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) 16,239 1990: Sept Oct Nov Dec 735,547 735,433 736,411 735,102 285,627 285,024 284,412 284,585 219,090 220,031 221,690 220,110 21,073 20,680 20,492 20,919 209,758 209.698 209,817 209,487 1991: Jan Feb Mar Apr May June July Aug * Sept" 732,962 732,762 732,442 733,621 732,289 730,591 729,962 729,108 727,563 283,746 282,626 280,689 279,746 276,494 274,496 273,565 271,906 269,655 219,588 221,556 224,817 225,994 227,301 227,737 228,199 229,453 231,860 20,459 20,200 20,123 20,098 19,796 19,907 19,615 19,495 18,970 209,170 208,379 206,813 207,782 208,697 208,451 208,582 208,253 207,078 Total 1981: 1982: 1983: 1984: 1985: 1986: 1987: 1988: 1989: 1990: Dec Dec Dec Dec Dec Dec Dec Dec Dec 2 Dec 1 For year-end data, change from preceding year-end; for monthly data, change from preceding month. 2 Data newly available in January 1989 result in breaks in many series between December 1988 and subsequent months. Other Total Automo- Revolving Mobile Other 1,322 2,546 -1,193 958 11,954 20,141 16,503 3,242 2,978 14,763 (3) -6,091 5,959 5,384 12,634 21,192 21,536 14,035 17,227 21,026 (3) 21,028 2,299 989 246 -1,176 -572 (3) -1,552 1,703 — 114 979 -1,310 -1,191 -603 -612 173 2,066 942 1,658 -1,580 119 -393 -187 427 60 119 -330 -2,139 -201 -S20 1,179 -1,331 -1,698 -629 -854 -1,545 -839 1,120 -1,937 943 -3,252 -1,998 931 -1,659 2,251 522 1,968 3,261 1,177 1,307 435 462 1,255 2,407 -461 -258 78 -24 302 111 -291 -120 -526 -317 791 -1,566 969 915 246 131 329 -1,175 7,017 6,937 17,615 30,004 36,623 37,241 18,423 18,363 322 (3) 2,854 947 3 Because of breaks in series, net change not available. Source: Board of Governors of the Federal Reserve Svstem. 29 INTEREST RATES AND BOND YIELDS Interest rates fell in the first 3 weeks of November. (Chart is plotted through October.) PERCENT PER ANNUM PERCENT PER ANNUM 1L OF ECONOMIC ADVISERS [Percent per annum] U.S. T reasury security yields Period 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1990: Oct Nov Dec 1991: Jan Feb Mar Apr May June July Aug Sept Oct Week ended: 1991: Nov 2 9 16 23 " 3-month bills (new issues) ' Constant nlaturities 2 3-year 14.029 10.686 8.63 9.58 7.48 5.98 5.82 6.69 8.12 7.51 14.44 12.92 10.45 11.89 9.64 7.19 7.07 6.81 10-year High-grade municipal bonds (Standard & Poor's) a 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 8.72 8.39 8.08 7.40 7.10 7.04 6.30 5.95 5.91 5.67 5.51 5.60 5.58 5.39 5.25 5.03 8.07 7.74 7.47 7.38 7.08 7.35 7.23 7.12 7.39 7.38 6.80 6.50 r 6.23 8.09 7.85 8.11 8.04 8.07 8.28 8.27 7.90 7.65 7.53 7.05 6.90 7.07 7.05 6.95 7.09 7.03 6.89 6.80 r 6.59 9.53 9.30 9.05 9.04 8.83 8.93 8.86 8.86 9.01 9.00 8.75 8.61 8.55 4.99 4.74 4.64 4.58 6.12 5.99 5.95 5.84 7.52 7.48 7.37 7.38 6.61 6.61 6.60 6.66 8.58 8.55 8.43 8.46 7.06 7.68 8.26 8.55 8.26 1 Bank-discount basis. 3 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. 30 Corporate Aaa bonds (Moody's) 9.71 9.26 9.32 Prime commercial paper, 6 months ' Discount rate (N.Y. F.R. Bank) 4 Prime rate charged by banks 4 New-home mortgage yields (FHFB) 5 13.42 11.02 8.50 8.80 7.69 18.87 14.86 10.79 12.04 9.93 6.33 5.66 6.20 6.93 6.98 8.33 8.21 9.32 10.87 10.01 14.70 15.14 12.57 12.38 11.55 10.17 9.31 9.19 10.13 10.05 7.81 7.74 7.49 7.00-7.00 7.00-7.00 7.00-6.50 10.00-10.00 10.00-10.00 10.00-10.00 9.98 9.90 9.76 7.02 6.41 6.36 6.07 5.94 6.16 6.14 5.76 5.59 r 5.33 6.50-6.50 6.00-6.00 6.00-6.00 6.00-5.50 5.50-5.50 5.50-5.50 5.50-5.50 5.50-5.50 5.50-5.00 5.00-5.00 10.00-9.50 9.50-9.00 9.00-9.00 9.00-9.00 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.50 8.50-8.00 8.00-8.00 9.65 9.57 9.43 9.60 9.52 9.46 9.43 9.48 9.30 9.04 5.21 4.98 4.94 4.91 5.00-5.00 5.00-4.50 4.50-4.50 4.50 4.50 8.00-8.00 8.00-7.50 7.50-7.50 7.50-7.50 14.76 11.89 8.89 10.16 8.01 6.39 6.85 7.68 8.80 7.95 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, Feet al Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation. COMMON STOCK PRICES AND YIELDS Stock prices rose in the first 2 weeks of November and fell in the third week. (Chart is plotted through October.] INDEX, DEC. 31, 1965 = 50 (RATIO SCALE) INDEX, DEC. 31, 1965=50 (RATIO SCALE) 700 isn ^_/ 160 140 - 1?0 inn ^s~~*y _ - -/ —""1NX—^\ \/ / 220 200 180 ^ 160 x~^~'"•' -4 140 170 J— coMPOsnFE STOCK PRIC : INDEX (NYSE) 100 s —1 ^W 80 80 60 40 60 ,,,,,i 1 1 1 111 1 1i [ 1 1983 ii.iiliii.i 1985 1984 40 1 1 1 1 1 1 1 1 1 11 1986 1989 1988 1987 1991 1990 PER CENT PERC ENT 20 EARNI vIGS-PRICE RA1IO ON COMM ON STOCKS (S&P) in — 5 0 1 1 1983 1 r^ ^ 1 1 1984 1 1 1 1985 1 . 1 1 -_ 1 1986 r 1 11 1 | p—— 1 1987 1 1 1|^ 1—~~* 1 1988 1 1 1 1989 1 1 1 1990 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION Common st ock yields (percent) 5 New Y ork Stock Exc lange indexes I Dec. 31, 1965 = 50) 2 Period Industrial 1 COUNCIL OF ECONOMIC ADVISERS Con mon stock pric es 1 Composite 1 1991 Transportation Utility Finance Dow-Jones industrial average 3 Standard & Poor's index (194143 = 10)" Dividendprice ratio Earningsprice 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 11.96 11.60 8.03 10.02 8.12 6.09 5.48 8.01 7.41 6.47 1990: Oct Nov Dec 168.05 172.21 179.57 208.58 212.81 221.88 131.90 132.96 141.31 87.27 89.69 91.56 108.01 113.76 122.18 2,460.54 2,518.56 2,610.92 307.12 315.29 328.75 4.01 3.91 3.74 6.46 1991: Jan Feb Mar 177.95 197.75 203.57 207.71 206.93 207.32 208.29 213.33 212.55 213.10 220.69 246.74 255.36 260.15 260.13 261.16 262.48 268.22 266.21 265.68 145.89 166.06 166.26 166.90 170.77 177.05 177.15 178.52 177.99 187.31 88.59 92.08 92.29 92.92 90.76 89.01 90.05 92.38 93.72 95.25 121.39 141.03 145.42 152.64 151.32 152.31 151.60 157.70 157.69 158.94 2,587.60 2,863.04 2,920.11 2,925.54 2,928.42 2,968.14 2,978.19 3,006.09 3,010.35 3,019.74 325.49 362.26 372.28 379.68 377.99 378.29 380.23 389.40 387.20 386.88 3.82 3.35 3.26 3.19 3.23 3.23 3.20 3.10 '3.15 3.14 215.81 215.87 217.32 210.15 268.79 268.29 269.82 261.05 193.11 194.86 194.06 183.57 96.48 97.26 98.11 95.74 161.48 162.02 163.95 157.02 3,060.96 3,043.02 3,033.68 2,933.94 391.55 391.11 393.41 379.88 3.09 3.11 3.05 3.20 Apr May June July Aug Sept Oct '. Week ended: 1991: Nov 2 9 16 23" 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 5.59 5.24 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 month of fiscal 1992, there was a deficit of $36.0 billion, compared with a deficit of $31.3 billion a year earlier. BILLIO MS OF DOLLARS - BILLIONS OF D OLLARS RECEIPTS AND OUTLAYS^ f „ x 1,500 1 400 X 1 300 OUTLAYSI/ 1,200 \ -"' 1,200 --"' i i no -"""'" 900 ^'f' "^ 1 000 900 RECEIPTS.!/ ^,—^"^ 800 ^~—~~^^ 700 600 ^"-^""^^ ---•"" 800 ^—— 7| ^^**^ i 7 fin i i i i i i i N SURPLUS OR DEFICIT HI/ 0 600 — 0 inn ., -200 ===__^=±^ ^~~~- ^__^^ A \ 1/1983 \ 1984 1 1985 1 1986 1 1987 1 1988 1 1989 -200 — ~^ ~~" 1 1990 f •— 1991 |\ 300 1992^ FISCAL YEARS V INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS, COUNCIL OF ECONOMIC ADVISERS SOURCES; DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET [Billions of dollars] Total Fiscal year or period Receipts 1976 Transition quarter 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 l 1992 (estimates) 2 First month: ' Fiscal year 1991 Fiscal year 1992 Outlays 298.1 81.2 355.6 399.6 463.3 517.1 599.3 617.8 600.6 666.5 371.8 96.0 409.2 458.7 503.5 590.9 678.2 745.7 808.3 851.8 734.1 769.1 854.1 909.0 990.7 1,031.3 1,054.3 1,145.5 946.3 990.3 1,003.8 1,064.1 1,144.1 1,251.7 1,323.0 1,493.8 77.0 78.1 108.3 114.0 Surplus or deficit (-) Receipts Surplus or deficit (-) Receipts Outlays Surplus or deficit (-) Total Held by the public 477.4 495.5 549.1 607.1 639.8 709.3 784.8 919.2 1,131.0 1,300.0 -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 -3.9 -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 -212.3 -221.2 -149.7 -155.1 -153.4 -220.4 -268.7 -348.3 547.9 568.9 640.7 667.5 727.0 749.7 760.4 832.0 769.5 806.8 810.0 861.4 933.2 1,026.6 1,081.3 1,244.1 -221.6 -237.9 -169.3 -193.9 -206.1 -277.0 -320.9 -412.1 186.2 200.2 213.4 241.5 263.7 281.7 293.9 313.5 176.8 183.5 193.8 202.7 210.9 225.1 241.7 249.7 9.4 16.7 19.6 38.8 52.8 56.6 52.2 63.8 1,817.0 2,120.1 2,345.6 2,600.8 2,867.5 3,206.3 3,598.9 4,047.9 1,499.4 1,736.2 1,888.1 2,050.3 2,190.3 2,410.4 2,687.2 3,026.9 -31.3 -36.0 57.0 57.2 89.4 94.1 -32.3 -36.8 20.0 20.9 18.9 20.0 1.0 .9 3,243.7 3,651.1 2,438.3 2,727.8 -73.7 -14.7 -53.6 -59.2 1 Data from Monthly Treasury Statement. 2 Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 15, 1991. 32 Outlays Gross Fe ieral debt (end of period) Off-budget On-budget -3.2 — 1.4 NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February 1991, except as noted. Sources: Department of the Treasury and Office of Management and Budget. FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first month of fiscal 1992, receipts were $1.1 billion higher than a year earlier, and outlays were $5.7 billion higher. BILLIONS OF DO LLARS BILLIO MS OF DOLLARS 600 RECEIPTS!/ 600 _^mmf INDIVIDUAL INCOME TAXES 500 " 400 300 " 200 OTHER RECEIPTS \ TOO i o 1,200 i " i i 300 SOCIAL INSURANCE TAXES AND CONTRIBUTIONS CORPORATION INCOME TAXES \ ' 200 ~ 100 i i i i i OUTLAYS V 0 1,200 **' 1 000 1 000 •"*" 900 NONDEFENSE V \ -- ,_''"' 800 ,-""" 700 __.*-'"'' 600 600 500 500 400 400 NATIONAL DEFENSE \ _ 300 300 200 \ /I V 1983 1 1984 1 1985 1 1986 I 1 1987 1988 FISCAL YEARS 1 1989 1 1990 1 200 1992 ^ 1991 J INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS, . SOURCES. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET _JS ^OIINril OF FCONOMIC ADVISERS COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] r Or -budget a id off-bud et receipt Fiscal year Total Individual Corporation On-budfe et and of! budget ou tlays Other Depart- Total and contributions 1976 298.1 355.6 399.6 463.3 517.1 599.3 617.8 600.6 666.5 1977 1978 1979 1980 1981 1982 1988 1984 1985 1986 1987 1988 1989 1990 1991 ' 1992 (estimates) 2 First month: l Fiscal vear 1991 Fiscal vear 1992 1 2 1!li)1 734.1 769.1 854.1 909.0 990.7 1,031.3 1,054.3 1,145.5 77.0 78.1 131.6 157.6 181.0 217.8 244.1 285.9 297.7 288.9 298.4 334.5 349.0 392.6 401.2 445.7 466.9 467.8 518.2 40.7 39.3 41.4 54.9 60.0 65.7 64.C 61.1 49.2 37.0 56.9 61.3 63.1 83.9 94.5 103.3 93.5 98.1 98.7 1.6 1.2 90.8 106.5 121.0 138.9 157.8 182.7 201.5 209.0 239.4 265.2 283.9 303.3 334.3 359.4 380.0 396.0 427.2 26.6 28.4 InterHealth Medi- Defense, military 34.3 36.6 37.7 40.8 50.6 69.5 69.3 65.6 71.8 73.0 73.1 74.3 78.9 82.3 90.9 92.3 101.4 8.1 9.1 Data from Monthly Treasury Statement. Estimates from Mid-Session Hevieu- of the Budget, Office of Management and Budget, .Inly 15, - r Nationa defense Social insurance 371.8 409.2 458.7 503.5 590.9 678.2 745.7 808.3 851.8 946.3 990.3 1,003.8 1,064.1 1,144.1 1,251.7 1,323.0 1,493.8 89.6 97.2 104.5 116.3 134.0 157.5 185.3 209.9 227.4 252.7 273.4 282.0 290.4 303.6 299.3 272.5 311.5 87.9 95.1 102.3 113.6 130.9 153.9 180.7 204.4 220.9 245.2 265.5 274.0 281.9 294.9 289.8 261.9 299.3 6.4 6.4 15.7 17.3 7.5 7.5 12.7 13.1 12.3 11.8 15.9 18.5 20.5 15.8 19.3 22.8 26.5 Income security Social securi- 60.8 61.0 61.5 66.4 86.5 99.7 73.9 85.1 93.9 104.1 118.5 139.6 156.0 170.7 178.2 23.2 26.9 27.4 28.6 30.4 32.1 39.1 46.6 16.2 14.2 11.6 10.5 9.6 13.8 16.2 17.9 33.5 35.9 40.0 44.5 48.4 57.7 65.8 70.2 75.1 78.9 85.0 98.1 104.5 1 14.3 128.2 119.8 123.3 129.3 136.0 147.3 171.6 7.4 10.0 12.8 13.7 71.2 86.9 108.3 23.4 22.5 .8 5.5 114.0 23.8 22.8 1.8 7.2 52.6 57.5 107.7 122.6 112.7 186.3 188.6 198.8 207.4 219.3 232.5 248.6 269.0 286.6 Net interest 26.7 29.9 35.4 42.6 52.5 68.7 85.0 89.8 111.1 129.4 136.0 138.6 151.7 169.2 184.2 195.0 205.6 21.0 15.1 22 7 16.8 Other 82.8 93.0 114.7 119.6 131.4 133.5 125.4 122.3 118.6 131.8 142.1 125.9 139.4 159.8 202.7 223.0 284,7 22.4 18.0 NOTE.—Data are from Budget oj the United Hla/e,i Government, Fiscal Year JSSS, February 1991, except as noted. Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 1991, Federal receipts rose $4.0 billion (annual rate) and Federal expenditures rose $61.7 billion. In the third quarter, according to advance data, Federal expenditures rose $14.0 billion; receipts data are incomplete. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1,400 1,400 1,200 1,200 EXPENDITURES \ ------T"" 1,000 1,000 800 800 600 600 400 200 -200 1986 1982 1987 1991 CALENDAR YEARS COUNCll OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Period Total Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance Total Purchases of goods and Transfer payments Gnmtsin-aid to State and local Net interest paid menu Fiscal year: 1986 1987 1988 1989 1990 Calendar year: 1986...' 1987 1988 1989 1990 1982: IV 1983: IV 1984: IV 1985: IV 1986: IV 1987: IV 1988: IV 1989: IV 1990: I II in 1991: IV I [I HI". 55.6 57.8 58.8 368.6 375.4 377.8 399.0 416.1 394.6 411.1 433.2 462.0 504.7 107.4 103.1 108.3 1 15.8 128.3 134.6 139.3 148.8 167.7 182.1 22.8 31.1 33.6 27.7 21.5 50.5 54.0 57.0 58.4 61.7 47.6 53.6 56.2 53.5 50,8 55.1 57.8 58.7 60.6 60.5 61.0 64.6 72.7 71.9 72.8 332.1 350.8 389.8 420.1 446.7 236.1 259.8 290.7 317.7 337.9 358.4 399.6 426.1 439.9 444.0 450.6 452.3 465.5 469.5 475.0 1,034.8 1,071.9 1,114.2 1,187.2 1,275.7 835.7 844.7 930.2 1.017.5 1,042.8 1,101.7 1,153.8 1,205.8 1,248.8 1,271.7 1,271.6 1,310.8 1.261.4 1,323.1 1,337.1 366.5 381.3 380.3 400.0 424.0 293.2 276.1 326.0 376.6 368.8 388.2 401.1 399.9 410.6 421.9 425.8 437.6 443.8 449.7 436.8 399.9 414.0 438.9 471.9 511.4 347.4 352.5 362.1 385.8 405.8 421.4 447.2 487.9 503.4 510.4 513.2 518.5 462.2 509.4 543.3 106.8 10S.fi 111.1 118.2 131.4 84.5 86.0 96.3 103.5 103.0 102.7 112.2 121.5 128.5 131.5 129.8 135.8 143.7 151.0 152.0 135.6 142.3 151.3 172.0 186.3 87.2 101.0 125.3 132.7 1 36.0 147.6 157.9 175.2 178.1 184.3 189.8 193.0 194.3 197.6 199.8 26.0 31.8 32.7 25.0 22.7 23.4 29.1 21.0 19.0 29.2 41.5 35.3 21.3 28.3 23.8 13.1 25.9 17.4 15.0 81.1 99.1 108.1 113.8 113.6 50.9 53.5 827.9 913.8 972.4 1,052.9 1,109.7 633.1 675.5 742.7 805.3 853.8 940.0 997.5 1,055.7 1,080.6 1,105.8 1,125.9 1,126.5 1,134.5 1,138.5 361.4 405.8 415.1 464.0 492.8 303.0 291.9 326.0 355.3 376.2 419.2 424.8 469.6 473.6 492.1 500.0 505.5 501.3 499.5 497.1 83.8 103.2 110.5 110.4 108.5 46.4 70.2 69.7 78.8 88.9 107.4 115.4 101.3 106.5 109.2 114.2 104.1 95.0 97.6 Less: Wage accruals less disbursements Surplus or deficit (-), national income and i product accounts prises 1,028.0 1,060.0 1,101.8 1,172.2 1,252.7 357.0 400.8 411.3 457.6 483.0 34 Subsidies less current surplus of Government 326.1 345.9 382.6 412.6 439.6 815.2 899.4 957.6 1,041.9 1,094.9 Sourer: Drpurtinrilt f ( 'onmu'rcc, 1 ureau of Econ am: Analysis i -———— — — I Federal 1 lOvernment expenditu res Federal (jovermnenl receipts 5.2 0.0 .1 — .1 .0 .0 i i .0 .0 .0 i .0 .0 .0 .0 .6 .0 .0 — .2 .0 i .0 .0 .0 .0 .0 .0 -.4 .0 -212.8 —160.7 -144.1 - 130.3 —157.7 - 206.9 —158.2 —141.7 -134.3 - 166.0 —202.6 —169.2 - 187.5 —212.2 -189.0 -161.7 -156.3 —150.1 -168.3 -166.0 -145.7 —184.3 —126.9 -184.6 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES Industrial Con sumer roduction (1387 = 1 JO: seasonal v adjusted pri cs (1982- 84 = 100: N $A| Period Canada States 1982 1983 1984 1985 198B 1987 1988 198!) 1990" 1990: Sept Of. Italy 93.4 96.8 96.6 100.0 109.3 115.7 121.3 97.3 96.5 97.1 97.2 98.0 100.0 104.7 108.9 110.2 90.3 90.9 93.5 97.7 99.6 100.0 103.9 108.7 114.6 88.8 91.8 92.9 96.2 100.0 105.9 109.2 109.2 110.5 110.6 109.9 108.3 107.2 101.2 99.5 99.4 97.4 96.4 123.7 122.4 125.3 124.6 123.7 111.6 109.8 110.1 108.0 106.0 116.5 117.3 117.0 116.6 116.2 109.7 110.8 107.5 106.8 109.6 106.6 105.7 105.0 105.5 106.4 107.3 ' 108.1 108.0 ' 108.2 108.2 96.4 95.3 94.9 96.5 125.4 125.1 123.0 123.3 126.0 122.8 126.6 110.1 109.1 106.0 110.1 109.6 109.8 110.7 110.7 119.1 118.3 r 118.3 117.8 116.9 121.6 119.5 ' 117.3 116.3 108.6 108.4 108.2 103.3 104.6 110.5 106.3 104.5 Oct Nov Dee Aug Germany 76.5 81.5 91.4 96.5 95.4 100.0 105.5 105.3 100.8 Aug June July France 81.9 84.9 92.8 94.4 95.3 100.0 105.4 108.1 109.2 Sept 1991: Jan Feb Mar Apr Mav Japan r 82.9 85.5 96.8 r 97.3 '97.5 97.3 r !22.8 123.4 ' Data relate to all urban consumers. Germany 108.9 113.4 118.4 123.2 129.3 135.5 98.0 99.9 102.1 104.2 104.9 105.0 105.7 108.1 111.4 91.7 100.3 108.0 114.3 117.2 121.1 124.4 128.9 133.2 97.0 100.3 102.7 104.9 104.7 104.9 106.3 109.2 112.1 100.8 111.5 121.1 128.5 134.4 141.1 150.4 159.6 104.8 111.1 114.9 119.7 125.6 135.4 148.2 131.6 132.7 133.5 133.8 133.8 135.8 136.3 137.4 138.2 138.1 111.4 112.4 113.9 113.5 113.2 133.7 134.4 135.2 135.0 134.9 112.2 112.6 113.4 113.2 113.3 160.3 161.2 162.6 163.6 164.2 150.5 151.9 153.1 152.7 152.6 134.6 134.8 135.0 135.2 135.6 136.0 136.2 136.6 137.2 137.4 141.7 141.7 142.3 142.3 143.0 143.7 143.8 143.9 143.7 143.4 114.1 113.8 114.3 114.8 115.4 114.9 114.8 115.0 115.3 135.5 135.7 135.8 136.3 136.6 136.9 137.4 137.7 138.0 114.0 114.3 114.2 114.7 115.2 115.8 116.8 116.8 117.0 165.4 167.0 167.4 168.2 168.8 169.7 169.9 170.4 171.1 172.6 153.0 153.8 154.4 156.4 156.9 157.6 157.2 157.6 158.1 158.7 86.3 89.5 89.6 94.5 96.8 100.0 103.6 104.0 103.3 96.5 99.6 103.9 107.6 109.6 113.6 118.3 124.0 130.7 94.9 100.4 104.8 !02.5 l()2.3 !02.3 r r r r 100.8 r 100.2 r 99.6 101.2 !01.3 r 98.7 r 98.3 T T 101.5 101.5 '99.7 100.6 United Kingdom France States ' 91.8 Italy Japan Canada Kingdom 87.7 95.4 99.8 Source: National sources as reported bv Department of Commerce (Bureau of Economic Analysis and International Trade Administration, Trade Information and Analysis). U.S. MERCHANDISE EXPORTS AND IMPORTS [Billions of dollars; monthly data seasonally adjusted] Her chandise e xports Principal Period Total z Foods, feeds, and Industrial supplies materi als (f. i.s. value i C eneral m erchandise goods except automotive Automotive cles, parts, and engines Consumer goods (nonfood) except automotive Other 216.4 31.3 15.7 322.4 363.8 393.6 30.9 31.5 24.0 22.3 24.3 32.3 37.2 35.1 61.7 56.7 61.7 58.5 57.3 66.7 85.1 99.3 104.4 72.7 205.6 224.0 67.2 72.0 73.9 75.8 86.2 109.2 138.8 152.7 16.8 20.6 22.9 21.7 24.6 29.3 34.8 37.4 23.1 36.4 43.3 24.0 27.3 35.9 34.6 43.4 17.2 20.7 32.2 34.6 33.6 33.6 2.7 2.6 2.9 2.6 8.8 9.9 9.5 9.2 12.6 13.1 12.4 13.2 2.9 3.4 3.2 2.8 3.5 3.9 3.7 3.8 34.1 33.6 34.0 35.6 35.3 35.0 35.2 34.4 35.4 2.7 3.1 3.0 2.9 3.0 2.9 3.1 2.9 3.0 9.5 9.7 8.9 9.2 9.4 8.7 9.1 9.1 8.6 13.0 12.4 13.5 14.4 13.7 14.4 13.7 13.4 14.4 3.1 2.6 2.9 3.4 3.5 3.5 3.6 3.2 3.6 3.9 3.9 3.8 3.8 3.8 3.7 3.7 3.7 3.8 1990: 5 Sept 1991: Jan Feb Mar Apr Mav June July Aug '. Sept 2 3 4 227.2 254.1 Oct Nov Dec 1 218.8 Includes Department of D fense Milita rv Assist ince Progi am grant Includes undocumented ex TOrts to Carada throi gh 1988. Total arrivals of imported goods other than intr nsit shiprr cuts. Total includes revisions no reflected i i detail. aid shiprr ents. Foods feeds, and Industrial supplies materi 1983 1984 1985 1986 1987 1988 1989 1990 5 Total 2 1982 14.3 13.4 13.3 12.6 14.2 17.7 customs value) 3 Trade balance Principal nd-use c mmoditv category end-use c ommoditj category Cap- imports Capgoods except automotive Automotive Consumer cles, parts, and engines (nonfood) except automotive General merchandise Other 118.3 132.3 143.2 40.9 59.8 65.1 71.8 84.5 101.4 113.3 116.4 33.3 40.8 53.5 66.8 78.2 85.2 87.7 86.1 87.3 60.0 68.3 79.4 88.7 95.9 102.9 105.7 6.3 7.8 9.4 10.4 12.1 12.8 13.6 16.1 (e.i.f. value) 254.9 269.9 346.4 352.5 382.3 424.4 459.5 493.2 Exports (f.a.s) less imports (customs Exports (f.a.s) less imports (c.i.f.) 473.2 495.3 18.2 21.0 21.9 24.4 24.8 24.8 25.1 26.6 517.0 -27.5 -52.4 - 106.7 -117.7 -138.3 -152.1 -118.5 -109.4 -101.7 1.7 1.8 1.9 1.9 41.3 44.5 43.1 39.9 2.2 2.2 2.1 2.2 12.4 13.5 13.4 11.6 9.4 10.3 10.0 9.8 7.2 7.7 7.1 6.6 8.6 9.4 9.0 8.3 1.6 1.4 1.5 1.3 43.1 46.4 45.0 41.6 -9.1 -9.9 -9.5 -6.3 -10.8 -11.7 -11.4 -8.0 1.9 1.9 1.9 1.9 2.0 1.9 2.1 2.0 2.0 41.5 39.1 38.1 40.1 40.1 38.8 41.2 40.9 42.2 2.2 2.1 2.1 2.4 2.3 2.3 2.3 2.1 2.2 12.2 10.8 10.1 11.0 11.3 10.5 10.8 10.9 11.1 9.9 9.9 9.9 10.4 10.1 9.8 10.4 9.9 10.3 7.3 6.7 6.6 6.7 6.5 6.6 7.2 8.0 7.7 8.6 8.5 8.0 8.5 8.4 8.1 9.3 8.7 9.6 1.3 1.2 1.3 1.3 1.5 1.4 1.3 1.3 1.3 43.4 40.9 39.8 42.0 41.8 40.4 43.0 42.7 -7.4 -5.5 -4.1 -4.5 -4.8 -3.8 -5.9 -6.5 -6.8 — 9.2 -7.3 -5.8 -6.4 -6.6 -5.5 -7.8 -8.3 -8.6 20.7 20.5 4 4 244.0 258.0 330.7 336.5 365.4 406.2 441.0 17.1 112.0 107.0 123.7 113.9 101.3 111.0 35.4 39.7 44.9 6.5 44.1 -38.4 -64.2 -122.4 -133.6 -155.1 -170.3 -137.1 -129.4 -123.4 5 Toal expor s are on » revised statistica month ! asis; em -use eatego ies are on a statistical month asis. NOT :. — Data shown inc ude trade of the U S. Virgin Islands. Sour e: Depar tment of C ommerce Bureau if the Gen sus. 35 U.S. INTERNATIONAL TRANSACTIONS The current account balance was a surplus of $3.0 billion in the second quarter of 1991, compared with a surplus of $10.5 billion in the first quarter. The balance continued to reflect the impact of cash contributions from coalition partners in Operation Desert Storm. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* 15 15 10 10 BALANCE ON "CURRENT ACCOUNT" 5 5 0 0 -5 \\ -10 -10 -15 -15 -20 . BALANCE ON GOODS, SERVICES, AND INCOME -20 -25 -25 -30 MERCHANDISE TRADE BALANCE -35 -35 -40 -40 -45 -45 1983 1982 1984 1985 1986 1987 1988 1990 1989 1991 « SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE; DEPARTMENTOF COMMERCE [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (-J-), debits ( —)] Merchandise l Period Exports 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1988: I II Ill IV 1989: I II Ill IV 1990: I II Ill IV 1991: I II" 1 * 2 3 4 237,085 211,198 201,820 219,900 215,935 223,367 250,266 320,337 361,451 389,550 76,497 79,392 80,511 83,937 87,207 91,609 90,142 92,493 95,244 97,088 96,638 100,580 100,900 104,108 Imports -265,063 -247,642 -268,900 -332,422 -338,083 -368,425 -409,766 -447,323 -477,368 -497,665 — 109,988 -110,494 — 111,290 -115,551 -116,625 -120,309 -119,330 -121,104 -122,781 -121,178 -125,398 -128,308 -119,294 -119,732 Net balance -27,978 -36,444 67,080 -112,522 -122,148 - 145,058 159,500 - 126,986 -115,917 -108,115 -33,491 -31,102 -30,779 -31,614 -29,418 -28,700 -29,188 -28,611 -27,537 -24,090 -28,760 -27,728 -18,394 -15,624 Net military transactions 3 4 -844 112 -163 -2,147 -4,096 -4,907 -3,662 -5,743 -6,204 -7,220 -1,135 -1,192 -1,203 -2,212 -1,715 -1,634 -1,161 -1,693 -1,737 -1,558 -1,683 -2,243 -2,329 -1,675 hxcluaes 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 it programs. 36 Inv astment incom Services 2 transpor- 144 2,621 4,140 -1,726 -984 -587 -548 261 443 652 1,265 941 834 479 1,885 2,056 1,951 Balance on goods, Other services, Receipts 12,552 12,981 13,859 14,042 14,008 18,551 18,012 19,925 25,998 29,456 4,618 4,826 5,023 5,459 5,940 6,374 6,772 6,911 6,695 7,322 7,607 7,832 7,345 7,690 84,975 -53,626 31,349 85,346 -57,097 28,250 54,549 27,423 81,972 92,935 -69,542 23,394 66,115 16,166 82,282 -70,013 10,969 80,982 7,629 90,536 82,908 5,353 110,669 -105,317 2,688 128,651 -125,963 130,091 -118,146 11,945 3,040 27,016 -23,976 1,283 27,001 -25,718 907 28,168 -27,261 124 28,486 -28,362 900 30,974 -30,074 32,300 -33,484 -1,184 499 32,217 -31,718 2,472 33,159 -30,687 3,002 31,959 -28,957 7 31,314 -31,307 2,802 32,012 -29,210 6,133 34,805 -28,672 4,883 32,729 -27,846 2,464 28,599 -26,135 receipts -992 -4,227 -9,153 -10,788 -8,939 -8,006 -3,844 Payments on foreign assets 3in U.S. 5 on U.S. assets abroad Net and income Unilateral transfers, net 4 Balance on current account 15,223 3,907 -30,188 -86,385 - 106,859 -129,384 -145,527 — 111,294 -90,814 -69,794 -28,694 -27,169 -26,639 -28,791 -24,032 -24,701 -22,426 -19,656 -18,635 -17,485 -19,555 — 14,122 -6,438 -5,195 -8,331 -9,775 -9,956 -12,621 -15,473 - 16,009 — 14,674 -14,943 -15,491 -22,329 -3,456 -3,032 -3,483 -4,972 -3,547 -3,107 -3,794 -5,044 -4,032 -4,693 -4,326 -9,280 16,939 8,160 6,892 -5,868 -40,143 — 99,006 -122,332 - 145,393 -160,201 -126,236 - 106,305 -92,123 -32,150 -30,201 -30,122 -33,763 -27,579 -27,808 -26,220 -24,700 -22,667 -22,178 -23,881 -23,402 10,501 2,965 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 $11.2 billion in the second quarter of 1991, in contrast to a decrease of $20.6 billion in the first quarter. Liabilities to private foreigners reported by U.S. banks, excluding Treasury securities, decreased $26.7 billion in the second quarter, compared to a decrease of $18.8 billion in the first quarter. BILLIONS OF DOLLARS* BILLIONS OF DOLLARS* CHANGE IN FOREIGN ASSETS ,' IN THE U.S., NET •* 20 CHANGE IN U.S. ASSETS ABROAD, NET -20 -40 -40 -60 -60 1991 •SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted, except as noted] U.S. assets abroad, net [increase/capit al outflow ( — ) ] Period U.S. Total 1981 1982 1983 1984 1985 1986 1987 -110,951 -124,490 -56,100 — 31,070 -27,721 — 92,030 -62,937 -86,057 -128,610 -57,706 1988 1989 1990 -1988: I official reserve assets 3 6 -5,175 — 4,965 -1,196 -3,131 -3,858 312 9,149 -3,912 -25,293 -2,158 1,502 Other U.S. Government assets Foreign assets in the J.S., net3 [increas 3 /capital inflo\v ( + )] 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 1,006 -73,091 2,966 -85,111 1,320 -104,637 2,976 -58,524 -1,597 4,995 -851 -19,759 1,957 -37,402 3,457 -32,947 Statistical ( iscrepancy Allocations drawing rights (SDKs) Total (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy reserve assets, net 6 (unadjusted, end of period) Foreign official assets Other foreign assets 83,032 93,746 84,869 102,621 130,012 221,599 229,828 221,534 216,549 86,303 4,960 3,593 5,845 3,140 -1,083 35,588 45,343 39,657 8,624 32,425 78,072 90,154 79,023 99,481 131,096 186,011 184,485 181,877 207,925 53,879 24,996 66,091 52,529 77,917 24,874 5,961 -1,985 10,806 122 60,130 54,514 67,111 2,254 -15,319 20,418 -16,589 2,799 -2,473 -4,906 4,584 43,186 41,028 47,788 47,802 4,066 -780 6,379 3,096 4,367 49,854 60,502 68,418 74,609 Total 1,093 30,074 33,958 33,747 34,934 43,186 48,511 45,798 47,802 74,609 83,316 19,934 36,612 11,374 27,456 20,041 15,824 -6,690 -9,240 18,366 63,526 4,900 -20,571 -42,825 -27,565 39 — 7,380 -37,576 -4,270 -45,743 -41,021 -4,000 -12,095 -5,996 -3,202 928 292 564 119 -34,504 8,117 -40,311 -37,938 69,557 2,498 74,255 70,238 7,766 -5,038 13,053 -7,158 61,791 7,536 61,202 77,396 -4,402 29,580 -2,292 — 4,517 37,147 -33,462 -26,689 -34,703 -3,177 371 1,739 -1,091 40,993 -33,033 -28,114 -38,370 -33,082 31,257 49,096 39,033 -7,022 5,805 13,341 20,301 -26,059 25,452 35,754 18,732 18,601 24,383 1,475 19,072 105 -6,473 2,007 78,303 77,298 80,024 83,316 -923 II".... -26,671 -353 1,014 -669 -800 -314 4,759 1,422 -560 -1,992 -27,125 -729 2,156 6,631 -3,650 -7,361 5,806 -8,849 21,550 3,995 193 78,002 74,940 II Ill IV 1989: I II Ill IV 1990: 1 II Ill IV 1991: I 1,925 6 Consists of gold, special drawing rights (SDKs), foreign currencies and the U S reserve posiimi in the IMF. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Trcasurv. 37 Contents TOTAL OUTPUT, INCOME, AND SPENDING page Gross National Product Gross National Product in 1982 Dollars Implicit Price Deflators for Gross National Product Changes in GNP, Personal Consumption Expenditures, and Related Price Measures Nonfinancial Corporate Business—Output, Costs, and Profits National Income Personal Consumption Expenditures ; Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment 1 2 2 3 3 4 4 5 6 7 8 9 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries Employment Cost Index—Private Industry Productivity and Related Data, Business Sector 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production—Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories—Manufacturing and Trade Manufacturers' Shipments, Inventories, and Orders 17 18 19 19 20 21 PRICES Producer Prices Consumer Prices—All Urban Consumers Changes in Producer Prices for Finished Goods Changes in Consumer Prices—All Urban Consumers Prices Received and Paid by Farmers 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock, Liquid Assets, and Debt Measures Components of Money Stock and Liquid Assets Aggregate Reserves and Monetary Base Bank Loans and Securities Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business Consumer Installment Credit Interest Rates and Bond Yields Common Stock Prices and Yields 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Receipts, Outlays, and Debt Federal Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries U.S. Merchandise Exports and Imports U.S. Internationa! 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. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $2.50 (single copy) ($3.13 foreign). Subscription price: $^8.00 per year; $35.00 for foreign mailing. 38 U.S. GOVERNMENT PRINTING OFFICE = 1991 0—49-406