Full text of Economic Indicators : October 1989
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101st Congress, 1st Session
Economic Indicators
OCTOBER 1989
(Includes data available as of October 31, 1989)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1989
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the third quarter of 1989, according to advance estimates, current-dollar gross national product (GNP) rose 5.6
percent (annual rate) or $71.5 billion. Real GNP (GNP adjusted for price changes) rose 2.5 percent and the
implicit price deflator rose 2.9 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
3,600
5,600
SEASONALLY ADJUSTED ANNUAL RATES
5,200
5,200
^
4,800
4,800
^\
—
—
GNP
IN CURRENT DO LLARS^
4,400
x
^
4,400
—
>1
4,000
4,000
^
—
„_.---•"'
—
3 600
3,600
-~
\
GNP
*»**'
IN 1982DOL ARS
^
**•""
—
x^
r*^x**
3,200
—
3,200
•*—^*-e^._ -
—
-^2,800
2,400
2,800
1
1
1
1
1981
I
1 1 1
1
1
1983
1982
1
1
1
1984
1
1
1
1
1
1
1986
1985
1
1
1
1
1
1
1988
1987
SOURCE; DEPARTMENT OF COMMERCE
1
1
2,400
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Government purchases of
goods and services
Exports and imports of goods
and services
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,524.3
4,880.6
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
32.1
33.9
26.3
-6.1
-58.9
-78.0
— 97.4
-112.6
-73.7
351.0
382.8
361.9
352.5
383.5
370.9
396.5
448.6
547.7
318.9
348.9
335.6
358.7
442.4
448.9
493.8
561.2
621.3
530.3
588.1
641.7
675.0
735.9
820.8
872.2
926.1
968.9
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.6
381.3
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.8
298.0
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.8
83.3
IV
IV
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,665.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,083.3
409.6
579.8
661.8
654.1
648.8
749.7
14.1
-25.8
-67.9
-103.2
- 108.9
— 114.6
335.9
364.7
385.7
369.2
402.4
482.6
321.9
390.5
453.6
472.4
511.3
597.2
671.8
676.1
764.5
856.7
888.9
947.5
293.2
276.1
326.0
376.6
368.8
388.1
205.4
221.5
244.1
268.6
280.7
296.8
1988: I
II
4,739.8
4,838.5
4,926.9
5,017.3
3,148.1
3,204.9
3,263.4
3,324.0
728.8
748.4
771.1
752.8
-82.8
-74.9
-66.2
-70.8
521.6
532.5
556.8
579.7
604.3
607.5
623.0
650.5
945.7
960.1
958.6
1,011.4
374.1
377.1
367.5
406.4
5,113.1
5,201.7
5,273.2
3,381.4
3,444.1
3,509.5
769.6
775.0
791.0
-54.0
-50.6
-67.7
605.6
626.1
618.6
659.6
676.6
686.3
1,016.0
1,033.2
1,040.5
399.0
406.0
403.1
Period
1980
1981...
1982
1983...
1984
1985...
1986
1987...
1988
1982:
1983:
1984:
1985:
1986:
1987:
Ill
IV
1989: I
II
lllp
1
Gross
national
product
Net
exports
GNP less exports of goods and services plus imports of goods and service!
Final
sales
Gross
domestic
purchases 1
322.2
345.9
369.0
391.5
425.3
465.6
505.7
544.5
587.6
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,495.0
4,850.0
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,636.8
4,954.3
87.7
54.6
81.9
108.0
88.1
91,3
378.7
400.0
438.5
480.1
520.1
559.4
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,602.5
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,780.4
297.4
298.0
296.1
300.5
76.7
79.1
71,4
105.9
571.6
583.0
591.0
604.9
4,709.8
4,809.2
4,882.3
4,998.7
4,822.5
4,913.4
4,993.1
5,088.1
298.7
301.3
306.2
100.4
104.7
96,8
617.0
627.2
637.4
5,085.4
5,174.3
5,238.1
5,167.1
5,252.3
5,340.9
Federal
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
19821983:
19841985:
1986:
1987:
IV
IV
IV
IV
IV
IV
1988: I....
n
m
IV
1989: I
n.
Ill"
1
Exports and imports of
goods and services
Government purchases of
goods and services
Personal
consumption
expenditures
Nonresidential
fixed
Residential
fixed
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,853.7
4,024.4
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,513.7
2,598.4
379.2
395.2
366.7
361.2
425.2
453.5
438.4
455.5
493.8
137.0
126.5
105.1
149.3
170.9
174.4
195.7
194.8
194.1
57.0
-6.9
49.4
23.9
-24.5
26.3
-6.4
-19.9
62.3 -84.0
9.1
104 3
5.6 -129.7
23.7
115 7
-74.9
27.9
388.9
392.7
361.9
348.1
371.8
367.2
397.1
450.9
530.1
332.0
343.4
335.6
368.1
455.8
471.4
526.9
566.6
605.0
620.5
629.7
641.7
649.0
677.7
731.2
761.6
781.8
785.1
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,935.6
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,532.3
352.3
390.4
444.4
460.9
435.7
472.7
115.8
159.9
169.6
179.4
200.3
191.9
-59.3
11.7
27.0 -46.2
41.7
-94.8
7.7 -125.3
-20.8 -135.4
56.6 -109.8
336.0
355.5
376.6
367.4
406.5
484.1
324.3
401.6
471.4
492.6
541.9
593.9
3,974.8
4,010.7
4,042.7
4,069.4
2,570.8
2,586.8
2,608.1
2,627.7
483.6
497.8
501.0
492.7
189.1
194.2
195.1
198.1
34.3
21.5
37.5
18.3
^78.2
-72.6
-74.9
-73.8
517.4
519.7
531.9
551.4
4,106.8
4,132.5
4,158.1
2,641.0
2,653.7
2,691.2
501.0
511.4
518.0
195.6
189.3
187.0
24.5
19.1
30.2
-55.0
-51.2
-74.1
569.7
587.5
587.5
Gross
national
product
Change
in
business
inventories
Federal
Net
exports
Exports
GNP less exports of goods and services plus imports of goods and services.
Imports
Total
State
and
local
Final
sales
Gross
domestic
purchases l
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.9
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.2
261.5
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.4
67.4
373.6
370.1
369.0
373.9
387.0
405.2
427.5
442.1
456.2
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,830.0
3,996.5
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,969.4
4,099.3
660.1
642.2
693.2
752.7
776.0
792.1
289.5
266.0
300.5
340.6
342.4
344.9
201.4
211.6
225.3
241.4
255.8
266.7
88.2
54.4
75.2
99.2
86.6
78.2
370.6
376.2
392.7
412.1
433.6
447.2
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,879.0
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,045.5
595.6
592.3
606.9
625.2
775.1
783.0
775.9
806.4
323.8
327.9
319.8
343.9
263.0
262.5
258.8
261.6
60.8
65.4
61.0
82.3
451.3
455.1
456.1
462.5
3,940.5
3,989.2
4,005.2
4,051.0
4,052.9
4,083.3
4,117.6
4,143.2
624.6
638.7
661.6
799.7
810.3
805.7
335.5
343.6
335.9
254.4
255.8
258.2
81.1
87.8
77.7
464.2
466.7
469.9
4,082.3
4,113.5
4,127.9
4,161.8
4,183.7
4,232.1
Total
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
national
product
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
1983:
1984:
19851986:
1987-
IV
IV
IV
IV
IV
IV
1988: I
n
m
IT
1989- I
n
Ill"
Total
Durable
goods
Services
Nonresidential
fixed
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.8
124.5
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.1
110.1
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
116.3
83.9
92.6
100.0
106.2
111.6
116.8
122.4
129.0
134.9
85.1
93.4
100.0
98.8
97.9
97.7
99.3
97.5
98.7
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
119.7
90,2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.3
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.7
84.3
93.3
100.0
103.1
106,8
109.0
109.7
112.4
115.9
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.7
123.6
86.2
93.4
100.0
104.7
109.9
114.9
118.3
123.2
128.8
101.7
105.4
109.0
112.2
115.1
118.6
101.8
105.7
109.3
113.1
115.8
121.8
100.7
103.1
104.1
104.7
106.2
109.0
101.0
103.1
105.8
108.7
107.8
113.7
102.7
108.3
113.5
119.0
124.9
131.5
100.7
98.3
97.9
97.9
100.0
97.0
99.1
103.1
107.2
109.0
112.4
118.7
100.0
102.6
102.4
100.5
99.0
99.7
99.3
97.2
96.2
95.9
94.4
100.6
101.3
103.8
108.5
110.6
107.7
112.5
102.0
104.7
108.3
111.3
109.7
111.3
99.5
100.3
108.9
108.8
101.7
116.8
102.2
106.3
111.7
116.5
120.0
125.1
119.2
120.6
121.9
123.3
122.5
123.9
125.1
126.5
109.3
109.6
110.2
111.2
114.0
115.9
117.1
118.2
132.7
134.2
135.6
137.3
97.7
97.8
98.4
100.6
119.5
119.5
119.6
120.4
100.8
102.5
104.7
105.1
101.5
102.6
102.7
104.0
115.5
115.0
114.9
118.2
113.1
113.5
114.4
114.9
126.2
121.0
117.1
128.7
126.7
128.1
129.6
130.8
124.5
125.9
126.8
128.0
129.8
130.4
111.2
110.8
111.4
120.0
123.3
122.9
139.0
140.4
141.8
100.4
100.2
100.6
122.1
124.2
125.4
106.3
106.6
105.3
105.6
105.9
103.7
118.9
118.2
120.0
117.4
117.8
118.6
123.8
119.2
124.7
132.9
134.4
135.7
Source: Department of Commerce, Bureau of Economic Analysis.
hie goods
Gross private
domestic investment
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Period
IV
IV
IV
IV
IV
IV
I
H
m
1989:
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.7
4.4
.6
7.3
1.7
3.0
2.3
6.6
4.0
3.7
3.2
2.7
3.7
2.5
2.5
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.9
7.9
4.2
12.4
4.7
6.2
4.2
9.0
6.5
8.6
7.5
7.5
7.9
7.1
5.6
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
19831984:
19851986:
1987:
1988-
Constant
(1982)
dollars
Current
dollars
IV
I
n
m>>
Implicit
price
deflator
Personal consumption expenditures
Chain price
index
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
3.7
3.6
4.7
3.0
3.3
1.8
2.4
4.1
3.9
3.1
3.2
2.7
3.3
2.0
4.8
4.4
4.7
3.3
4.3
4.4
4.1
4.0
4.6
2.9
4.6
4.9
2.8
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
doliars
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.4
10.3
9.7
7.2
6.0
6.2
3.6
8.7
7.4
7.5
7.6
7.1
7.6
7.8
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.6
4.2
4.0
4.0
3.2
3.3
3.1
3.8
3.8
4.8
5.2
4.3
4.8
5.0
2.9
Implicit
price
deflator
-0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.4
5.3
5.5
4.3
1.9
2.2
-.7
6.2
2.5
3.3
3.0
2.0
1.9
5.8
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.8
3.9
4.4
4.3
3.0
4.0
3.9
4.4
2.3
4.7
3.9
4.6
4.8
5.7
1.9
Fixedweighted
price index
(1982
weights)
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.7
4.1
4.8
4.1
3.1
4.2
3.9
4.3
2.6
5.0
4.3
4.8
4.7
5.8
2.2
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.7
4.3
4.8
4.1
3.2
4.3
3.9
4.5
2.6
5.1
4.6
4.9
4.8
6.3
2.3
Source: Department of Commerce, Bureau of Economic Analysis.
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) l
Gross domestic
product of
nonfinaricial
corporate business
(billions of dollars)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
19831984:
1985:
1986:
1987:
1988:
1989:
1
lars.
Total
cost
and
profit 2
0.095
.109
.125
.123
.118
.119
.123
.123
.123
.131
.120
.118
.120
.124
.122
.122
.122
.122
.124
0.077
.090
.094
.098
.100
.103
.106
.106
.107
.125
.126
Current
dollars
1982
dollars
IV
IV
IV
IV
IV
IV
I
II...
Ill
IV
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,520.7
2,731.3
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,598.4
2,648.1
2,705.9
2,754.9
2,816.4
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,282.6
2,419.5
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,343.3
2,381.8
2,408.9
2,434.1
2,453.2
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.104
1.129
1.011
1.037
1.064
1.080
1.096
1.109
1.112
1.123
1.132
1.148
I
II...
2,842.7
2,887.2
2,459.1
2,471.3
1.156
1.168
Output is measured by gross domestic product of nonfinaneiai corporate business in 1982 dol-
2
This is equal to the deflator for gross domestic product of nonfinaneiai corporate business with
the decimal point shifted two places to the left.
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
Compensation of
employees
Net
interest
0.031
.037
.043
.037
.039
.038
.041
.047
.052
.042
.037
.042
.037
.042
.050
.050
.051
.053
.055
0.068
.078
.063
.089
.109
.106
.098
.098
.103
.057
.103
.107
.106
.096
.098
.102
.103
.102
.105
0.037
.035
.026
.032
.036
.033
.035
.041
.044
.096
.098
.102
.104
.106
.106
.106
.107
.108
.108
0.581
.632
.676
.679
.687
.704
.721
.730
.744
.685
.680
.694
.713
.727
.734
.732
.740
.746
.756
.023
.036
.032
.033
.038
.041
.041
.044
.044
.045
0.031
.044
.037
.057
.073
.073
.064
.058
.059
.034
.066
.075
.072
.058
.057
.060
.059
.058
.061
.110
.111
.768
.778
.057
.060
.096
.093
.045
.041
.051
.053
Indirect
business
taxes 3
3
4
Total
Profits
tax
liability
Profits
after
tax 4
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
18.524
18.643
18.704
19.217
19.682
19.996
20.456
20.908
21.446
18.770
19.423
19.783
20.117
20.646
21.192
10.769
11.777
12.635
13.039
13.528
14.069
14.746
15.252
15.947
21.418
21.453
21.528
21.506
12.865
13.209
13.735
14.342
15.005
15.546
15.672
15.871
16.068
16.259
21.411
21.398
16.449
16.665
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1982
1983
1984
1985
1986
1987
1988
19821983:
19841985:
19861987:
IV
IV
IV
IV
IV
IV
1988: I
II
m
IV
1989: I
II
Ill"
1
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,665.4
3,972.6
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,799.9
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,690.0
2,907.6
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,778.7
24.6
12.4
30.5
30.2
34.7
41.6
39.8
28.5
19.3
28.1
29.2
37.2
48.4
150.9
178.4
204.0
225.6
247.2
270.0
288.0
159.8
188.6
209.7
235.0
252.0
280.3
13.6
13.2
8.5
9.2
11.6
13.4
15.7
15.8
12.4
5.6
7.8
13.5
14.3
150.0
213.7
266.9
282.3
282.1
298.7
328.6
146.1
248.5
266.9
291.4
275.2
308.2
159.2
196.7
234.2
222.6
228.3
247.8
281.8
150.7
223.4
224.6
228.4
226.1
255.8
169.6
207.6
240.0
224.3
221.6
266.7
306.8
164.1
231.5
226.1
235.0
234.1
276.2
-10.4
-10.9
-5.8
-1.7
6.7
-18.9
— 25.0
-13.4
-8.1
-1.6
-6.6
-8.0
-20.4
-9.2
17.0
32.7
59.7
53.8
50.9
46.8
-4.5
25.1
42.3
63.0
49.1
52.4
272.3
281.0
304.8
319.0
325.5
351.7
392.9
266.9
290.2
313.1
322.7
324.0
370.0
3,853.6
3,933.6
4,005.7
4,097.4
2.819.4
2,878.9
2,935.1
2,997.2
44.0
45.4
37.7
32.0
279.9
286.5
289.3
296.3
15.6
14.6
16.3
16.1
318.1
325.3
330.9
340.2
268.1
276.4
284.1
298.7
288.8
305.3
314.4
318.8
-20.7
-28.8
-30.4
-20.1
49.9
48.9
46.9
41.5
376.6
383.0
396.4
415.7
4,185.2
4,249.6
3,061.7
3,118.2
3,170.5
59.0
51.3
37.2
300.3
304.2
308.2
11.8
9.8
4.8
316.3
307.8
279.7
275.5
318.0
296.0
-38.3
-20.5
-4.7
36.6
32.3
26.6
436.1
458.4
470.7
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
Total
personal
consumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Other
Total
nondurable
goods
Food
Clothing and
shoes
Gasoline
and oil
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Domestics
Imports
1982
1983
1984... .
1985
1986
1987
1988
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,010.8
3,235.1
2,117.0
2 315 8
2,493.4
2,700.4
2,868.5
3,083.3
252.7
289.1
335.5
372.2
406.0
421.0
455.2
263.8
310.0
346.7
373.2
422.0
424.5
108.9
130.4
157.4
179.1
196.2
195.5
211.6
115.7
144.4
162.3
173.8
201.1
196.3
95.7
107.1
118.8
129.9
139.7
149.1
162.0
99.1
112.4
122.7
134.7
143.8
151.4
48.1
51.6
59.3
63.2
70.0
76.5
81.6
49.0
53.2
61.8
64.7
77.1
76.7
771.0
816.7
867.3
911.2
942.0
998.1
1,052.3
786.6
837.9
879.6
932.7
952.1
1,015.4
398.8
421.9
448.5
471.6
500.0
529.2
559.7
407.0
430.8
456.1
482.5
511.9
536.8
124.4
135.1
146.7
156.4
166.8
177.2
186.8
126.5
141.1
149.8
160.6
168.7
180.6
89.1
90.2
90.0
90.6
73.5
75.2
76.8
89.8
91.9
89.0
91.0
66.0
76.7
158.7
169.5
182.1
192.6
201.7
216.6
229.0
163.4
174.0
184.7
198.5
205.5
221.3
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,591.7
1,727.6
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,643.3
5.8
6.8
8.0
8.2
8.2
7.1
7.5
6.0
7.4
7.7
7.0
7.7
6.6
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.5
2.6
2.6
3.1
3.4
3.3
1988: I
3,148.1
3,204.9
3,263.4
3 3240
446.4
454.6
452.5
467.4
210.3
212.5
208.4
215.3
156.9
162.2
162.7
166.1
79.2
79.9
81.4
86.0
1,022.2
1,042.4
1,066.2
1,078.4
542.5
554.5
567.8
574.1
180.8
183.6
188.9
193.9
74.3
76.9
78.3
77.6
224.5
227.5
231.2
232.8
1,679.5
1,707.9
1,744.7
1,778.2
7.7
7.5
7.4
7.5
3.2
3.2
3.0
3.0
3,381.4
3,444.1
3,509.5
466.4
471.0
490.4
211.7
212.9
230.0
172.1
173.5
173.4
82.6
84.6
87.0
1,098.3
1,121.5
1,128.9
587.3
592.2
598.2
195.0
198.9
201.2
77.9
89.5
84.6
238.1
241.0
245.0
1,816.7
1,851.7
1,890.1
7.0
7.3
7.9
2.8
3.0
2.9
n
m
IV
1989- I
n
III'.. .
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $12.8 billion (annual rate) in September, following an increase of $12.6 billion in August. The
September increase was reduced by about $13 billion (annual rate) due to Hurricane Hugo; most of the reduction
was in rental income. Excluding the inpact of the hurricane, personal income rose about $25 billion in September.
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
BILLIONS OF DOLLARS*(RATIO SCALE)
5,0001
4,000
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
OTHER INCOME
800
800
"T"
TRANSFER
PAYMENTS
400
400
imilmii
1981
1982
1983
1985
1984
1986
1987
1988
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988: Sept
Oct
Nov
Dec
1989: Jan
Feb
Mar
May
July r.
Aug r
Sept"
Total
personal
income
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,777.6
4,064.5
4,118.6
4,180.4
4,168.9
4,206.3
4,273.1
4,319.5
4,360.7
4,387.1
4,396.3
4,417.5
4,443.8
4,456.4
4,469.2
Wage and
salary
disbursements 1
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.4
2,429.0
2,465.6
2,497.1
2,501.6
2,516.7
2,545.4
2,557.3
2,579.4
2,601.3
2,603.5
2,621.7
2,644.7
2,650.4
2,664.8
Proprietors' income 3
Other labor
income 1 2
.
Farm
138.4
150.3
163.6
173.6
182.9
187.6
199.3
212.8
228.9
20.5
30.7
24.6
12.4
30.5
30.2
34.7
41.6
39.8
232.9
234.7
236.5
238.2
33.4
47.1
19.5
29.4
48.0
65.9
63.0
56.4
54.3
43.2
39.0
36.8
35.7
239.7
241.3
242.9
244.4
246.0
247.5
249.1
250.7
252.2
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Noniarm
160.1
156.1
150.9
178.4
204.0
225.6
247.2
270.0
288.0
290.9
295.8
295.7
297.4
299.6
300.6
300.8
304.6
303.5
304.6
306.0
308.1
310.5
Rental
income of
persons 4
6.6
13.3
13.6
13.2
8.5
9.2
11.6
13.4
15.7
16.7
16.4
16.1
16.0
13.8
11.8
9.9
9.8
9.8
9.7
8.7
7.9
-2.3
Personal
dividend
income
52.9
61.3
' 63.9
68.7
75.5
78.7
85.8
92.0
102.2
104.7
105.8
106.5
106.9
108.4
109.4
110.3
111.0
111.4
111.8
112.8
113.3
113.6
Personal
interest
income
271.9
335.4
369.7
393.1
444.7
478.0
493.2
523.2
571.1
583.0
590.8
598.6
606.4
616.5
628.9
641.5
648.4
655.2
661.8
665.7
669.3
672.6
Transfer
payments 5
324.7
368.1
410.6
442.6
456.6
489.8
521.5
548.2
584.7
588.7
592.2
593.5
595.6
610.7
614.2
624.2
623.9
625.5
630.9
632.6
635.5
638.4
Source: Department of Commerce, Bureau of Economic Analysis.
Less:
Personal
contributions
for social
insurance
88.6
104.5
112.3
120.1
132.7
14,9.3
161.9
172.9
194.9
197.2
199.5
199.1
200.1
209.0
209.8
211.3
212.6
212.7
213.8
214.8
215.4
216.3
Nonfarm
personal
income 6
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,714.7
4,003.7
4,064.1
4,112.3
4,128.4
4,155.9
4,204.0
4,232.4
4,276.5
4,309.4
4,320.5
4,352.6
4,383.0
4,397.9
4,411.7
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the third quarter of 1989.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
1,800
,800
,400
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
16,000
16,000
PER CAPITA DISPOSABLE PERSONAL INCOME
14,000
14,000
-CURRENT DOLLARS -
V.
12,000
12,000
10,000
10,000
1982 DOLLARS
8,000
8,000
6,000
6,000
1981
1982
1983
1985
1984
1986
1988
1987
COUNCIL OF ECONOMIC ADVISERS
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Personal
income
Period
Less:
Personal
tax and
nontax
payments
V
1
Disposable
income
Less:
Personal
outlays l
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,777.6
4,064.5
1980
1981...
1982...
1983
1984...
1985
1986...
1987
1988...
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.7
586.6
1,918.0
1,781.1
1,968.1
2407.5
2,297.4
2^504.5
2,713.3
2,888.5
3,104.1
3,333.1
s'ois.s
3,205.9
3477.8
1982
dollars
Per capita personal
consumption
expenditures
Current
dollars
1982
dollars
Dollars
2,127.6
2,428.1
2^668.6
2,838.7
1989
136.9
159.4
153.9
130.6
164.1
125.4
124.9
101.8
144.7
2,214.3
2,248.6
2,261.5
2 331.9
2,469.8
2 542.8
2,635.3
2 676.6
2,793.2
8,421
9,243
9^724
10,340
11,257
11 861
12,469
13,140
14,116
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
— .5
7.1
7.5
6.8
2.1
4.9
2.0
2.6
.6
3.3
5.4
6.1
4.4
4.1
3.2
4.2
227,754
230,182
232^549
234,829
237^051
239,322
241J660
243,985
246J378
9,722
7,607
8,783
— 1.1
9,769
9^724
9,930
10,419
10,625
10^905
10,970
11,337
8,320
8,818
9 515
10,253
10 985
11,576
12 340
13,131
8,794
8318
9,139
9,489
9,839
10,123
10,303
10,546
.5
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
IV
IV
IV
IV
IV
IV
1988: I
n
m....
IV
1989: I
n
m
"-
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,908.7
411.1
413.9
459.7
499.6
534.4
589.2
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,319.4
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,177.6
143.1
145.4
157.3
111.7
102.0
141.8
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,726.2
9,929
10,725
11,467
12,068
12,629
13,552
9,749
10,151
10,491
10,667
10,909
11,130
9,068
9,825
10,479
11,240
11,825
12,588
8,904
9,299
9,587
9,935
10,214
10,339
1.2
9.1
1.7
3.3
.3
6.6
6.2
5.8
5.8
3.9
3.3
4.3
233,466
235,707
237,946
240,257
242,579
244,936
3,948.5
4,026.6
4,097.6
4,185.2
572.2
590.7
585.9
597.8
3,376.4
3,435.9
3,511.7
3,587.4
3,244.4
3,301.9
3,362.1
3,424.0
131.9
134.0
149.6
163.4
2,757.2
2,773.3
2,806.4
2,835.9
13,754
13,966
14,235
14,504
11,232
11,273
11,377
11,466
12,824
13,028
13,229
13,439
10,473
10,515
10,573
10,624
3.7
1.5
3.7
3.2
3.9
3.9
4.3
4.6
245,476
246,008
246,685
247,343
4,317.8
4,400.3
4,456.5
628.3
652.6
646.6
3,689.5
3,483.8
St,547.«
3,809.8 3,613.8
205.7
200.7
196.0
2,881.7
2,887.6
2,921.5
14384,- -41^25, _13,641
15,084 1-1,622 13,862
15,292 11,726 14,087
10,654
10,681
10,802
5.7
-.1
3.6
5.6
5.4
5.1
247,890
248,456
249,135
1
Includes personal consumption expenditures, interest paid by consumers to business, and person
al transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1989,
and net farm income rose $5.5
according to current estimates, gross farm income rose $5.8
BILLIONS OF DOLLARS * (RATIO S CALE)
240
200
_— •—-"I
160
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
160
"»*
*-*~*
billion (annual rate)
billion.
^^—-s
/
120
120
GR(DSS FARM INC JMb
80
80
f*~
60
40
*
i\
s
60
rf»«-
+ -»_
X
^S,
XX
40
20
10
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1980
1981
1982
1983
1984 ....
1985
1986 ....
1987
1988....
1986: in
IV
1987: I
n
m
IV
1988: I
n
in
IV
1989: I
H"
149.3
166.4
163.5
153.0
174.9
166.4
160.4
171.6
177.6
156.2
164.2
170.5
172.4
167.6
175.6
174.7
182.0
175.0
178.6
197.7
203.5
139.7
141.7
142.6
136.6
142.4
144.1
135.5
139.5
151.5
135.7
139.3
131.3
143.8
144.8
138.1
144.4
, 148.8
160.4
152.2
152.7
168.9
Livestock and
products
71.7
72.5
72.3
67.1
69.5
74.3
64.0
63.8
72.6
59.5
65.1
58.6
67.4
66.9
62.2
62.6
73.5
82.1
71.9
69.7
88.4
68.0
69.2
70.3
69.4
73.0
69.8
71.5
75.7
78.9
76.2
74.2
72.8
76.4
77.8
75.8
81.8
75.3
78.3
80.3
83.0
80.5
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory- of crop and livestock commodities valued at average
prices during the year.
Crops
3
Value of
inventory
changes 2
Production
expenses
63
6.5
14
-10.9
6.3
-2.4
27
-.4
-4.3
133.1
139.4
140.0
140.4
142.7
134.0
122.4
124.5
132.0
22
-1.8
121.1
120.7
-.1
.3
2
17
-4.0
121.3
125.1
126.0
125.6
«£
-4.1
6.7
5.9
Current
dollars
127.2
129.7
135.2
135.7
134.3
134.6
1982 dollars 3
16.1
26.9
23.5
12.7
32.2
32.3
38.0
47.0
45.6
35.1
43.5
49.2
47.2
41.5
49.9
47.5
52.3
39.8
42.9
63.4
68.9
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.
18.8
28.6
23.5
12.2
29.9
29.1
33.4
40.0
37.7
30.7
37.8
42.4
40.3
35.3
42.0
39.8
43.3
32.7
34.8
50.9
54.7
CORPORATE PROFITS
In the second quarter of 1989, according to current estimates, corporate profits before tax fell $22.0 billion
(annual rate) and after-tax profits fell $12.5 billion.
BILLIONS OF DOLLARS
360
BILLIONS OF DOLLARS
360
SEASONALLY ADJUSTED ANNUAL RATES
320
/^
280
240
200
*,
/"
J
-^V
x
X
\
f
s
3
S
f
"V -
./,--
\
--C"""
X
/ —'
\
/
240
200
*~ *"*«!»
PR OFITS AFTER T/
"~\
,_>-•
-x%
s
\
40
PROFITS BEFORE TAX
280
^
•
120
80
r ^^y
/~\
\
160
320
\
160
x
fs
«•""
•x
-- ,.s'
120
Jim—-''
80
TAX LIABILITY
\
"*Y
V
-'"\
\
\
,--'•
,«•""
40
1
UNDISTI IBUTED PROFIT S"
i i i
1
!
1
1982
198)
1 1 1
1
1
I
1
1984
1983
1
1 1 1
1
1986
1985
1
1
1
1987
1 1 I
1 1 1
1988
1989
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1982:
19831984:
19851986:
TV
TV
TV
TV
TV .
. ..
1987: TV
1988- I
II
in
IV
1989: I
u
III".
1
2
Financial
194.0
202.3
159.2
196.7
234.2
222.6
228.3
247.8
281.8
203.3
150.7
223.4
224.6
228.4
226.1
255.8
121.6
190.7
193.9
193.6
193.4
211.8
268.1
276.4
284.1
298.7
225.7
235.8
239.0
252.2
21.0
16.5
11.8
18.1
13.0
22.8
32.0
30.5
29.8
18.7
15.5
13.6
26.0
28.6
29.9
27.7
29.7
31.6
30.1
279.7
275.5
233.1
231.8
29.3
28.6
159.6
173.8
131.2
166.6
191.4
195.2
208.7
238.2
Total 3
138.6
157.3
119.4
148.5
190.3
168.6
163.2
178.2
Tax
liability
Wholesale and
retail
trade
Total
21.6
32.5
34.6
38.9
51.2
44.1
44.1
41.1
40.1
237.1
226.5
169.6
207.6
240.0
224.3
221.6
266.7
306.8
84.8
81.1
63.1
77.2
93.9
96.4
106.3
124.7
137.9
152.3
145.4
106.5
130.4
146.1
127.8
115.3
142.0
168.9
33.6
43.1
51.8
38.5
41.0
41.2
42.2
37.3
39.2
41.8
164.1
231.5
226.1
235.0
234.1
276.2
59.8
88.1
87.0
99.8
113.1
127.3
222.1
77.1
88.5
58.0
70.1
88.8
79.7
59.5
76.6
98.4
46.8
88.6
79.8
83.8
64.8
84.5
94.6
98.2
95.1
105.5
288.8
305.3
314.4
318.8
129.0
138.4
141.2
143.2
104.3
143.4
139.2
135.2
121.0
148.9
159.9
166.9
173.2
175.6
203.9
203.2
96.5
90.3
34.1
36.9
318.0
296.0
144.4
134.9
173.6
161.1
208.4
102.9
175.2
180.3
167.6
164.8
181.9
198.0
206.1
207.3
See p. 4 for profits with inventor}' valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
Profits
before tax
3
Dividends
Undistributed
profits
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.7
110.4
68.5
73.9
80.8
84.0
93.6
102.8
105.7
108.6
112.2
115.2
97.6
81.8
39.6
58.9
67.0
44.6
24.0
43.3
58.5
35.8
69.5
58.4
51.2
27.4
46.1
54.2
58.3
61.1
60.4
118.5
120.9
123.3
55.1
40.2
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
43 1
-24.2
-10.4
-10.9
-5.8
-1.7
6.7
-18.9
-25.0
-13.4
-8.1
-1.6
-6.6
-8.0
-20.4
-20.7
-28.8
-30.4
-20.1
-38.3
-20.5
-4.7
GROSS PRIVATE DOMESTIC INVESTMENT
According to advance estimates for the third quarter of 1989, nonresidential fixed investment rose $8.7 billion
(annual rate) and residential investment fell $0.5 billion. There was a $35.1 billion increase in inventories, following
an increase of $27.4 billion in the second quarter.
BILLIC NS OF DOLLARS
900
BILLIONS OF DOLL ARS
900
SEASONALLY ADJUSTED ANNUAL RATES
800
800
r^---
GROSS PRIVATE DOMESTIC
INVESTMENT
700
( —~~^r^
600
~_^\
500
X
/
r>
""" ~
-~'~
700
—
"
^
1
P
600
—
NIC NRESIDENTIAI
D INVESTMEN
500
*~
/
400
/*+.
/ ^^1
—
^ „--••"
400
—
RESIDENTIAL
MX ED INVESTMEr- 1
300
-
300
,
.3— — •
200
200
.'
-
-»
CHIVNGE IN BUSIhJP=<;<;
INVENTORIES'
100
t
0
!
\
1 1
1981
1982
sOURCE: DEPARTMENT OF
COMMERCE
-100
I
1
'
^N — b*.
"--v
1
"••
-\.\
1
1984
1983
100
1 1
1985
1
1
~~
-'X...
0
1 1 1
1
1987
1986
1988
1
1
1
-100
1989
COUNCIL OF CONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
19821983:
19841985:
19861987:
1988-
Gross
private
domestic
investment
Nonresidential
Total
Total
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
750.3
445.3
491.5
471.8
509.4
597.1
631.8
652.5
670.6
719.6
IV
IV
IV
IV
IV
IV
409.6
579.8
661.8
654.1
648.8
749.7
469.5
548.8
616.8
646.8
660.9
686.3
I
II
m
728.8
748.4
771.1
752.8
698.7
719.1
726.5
734.1
n .p
m
769.6
775.0
791.0
742.0
747.6
755.8
.
IV
1989: I
Source: Department of Commerce, Bureau of Economic Analysis.
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.3
487.2
354.9
383.9
435.0
451.3
435.8
458.6
472.7
487.1
493.2
495.8
503.1
512.5
521.2
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.8
140.3
208.9
230.7
223.4
232.8
274.9
289.7
296.2
310.5
346.8
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.4
232.4
83
24.0
-24.5
-7.1
67.7
11.3
6.9
29.3
30.6
-2.4
18.3
-23.1
.4
60.5
14.6
8.6
30.5
34.2
137.6
127.4
146.6
155.9
133.7
138.9
217.3
256.5
288.4
295.5
302.2
319.7
114.7
164.9
181.8
195.5
225.1
227.7
599
31.0
45.0
7.2
12 2
63.3
-51.1
21.3
41.3
23.7
-8.0
61.3
137.1
139.9
142.0
142.5
335.6
347.2
351.3
353.3
30.0
29.3
44.6
18.7
24.2
30.4
41.5
40.8
144.7
142.4
145.4
358.5
370.1
375.8
226.1
232.1
233.2
238.4
238.8
235.1
234.6
27.7
27.4
35.1
19.1
23.6
27.6
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August survey, business spending for new plant and equipment is
expected to rise 10.0 percent in 1989, following a rise of 10.5 percent in 1988.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
200
NONMANUFACTURING -"
200
MANUFACTURING
100
100
80
80
60
60
40
40
I
1981
1982
I I
I
1987
1986
1985
1984
1983
I
I
1988
J/ SURVEYED QUARTERLY
2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
Durable
goods
Nondurable
goods
Total 1
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989"
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
430.76
473.65
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
181.90
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.30
82.23
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
88.01
99.67
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
291.75
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.66
12.22
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.34
24.75
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.67
50.76
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
183.76
204.02
1987- HI
IV
393.05
403.96
147.58
151.36
71.67
72.22
75.91
79.14
245.47
252.60
11.80
12.28
19.02
19.30
45.09
45.75
169.56
175.28
147.58
151.36
245.47
252.60
413.34
427.54
435.61
442.11
157.97
162.62
168.76
173.32
75.28
77.38
79.15
80.56
82.69
85.24
89.62
92.76
255.37
264.92
266.85
268.79
12.61
13.15
12.53
12.38
20.35
20.95
22.02
22.04
45.05
45.60
46.69
48.73
177.37
185.21
185.61
185.65
157.97
162.62
168.76
173.32
255.37
264.92
266.85
268.79
459.47
470.86
481.24
483.04
175.22
181.53
185.41
185.44
81.26
82.97
82.51
82.17
93.96
98.57
102.90
103.27
284.24
289.33
295.82
297.60
12.15
12.70
12.34
11.70
23.13
24.26
25.76
25.85
50.81
52.01
50.54
49.69
198.15
200.36
207.18
210.36
175.22
181.53
185.41
18544
284.24
289.33
295.82
297.60
1988: I
II .
Ill
...
IV
1989: I
n4
in 4
IV
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
483.48
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
166.32
181.90
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
317.17
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
264.44
291.75
Surveyed
annual-
ly 3
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
3
Consists of forestry, fisheries, and agricultural services; medical services; professional servic
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in July-August 1989, corrected for biai
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In September, civilian employment fell 141,000 and unemployment rose 163,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
126
126
SEASONALLY ADJUSTED
122
122
118
118
CIVILIAN LABOR FORCE
114
114
110
110
106
106
CIVILIAN
EMPLOYMENT
102
102
98
98
**
*•
v.
—
12
12
8
UNEMPLOYMENT
4
0
I
1981
1982
1983
1984
1985
1986
1987
1988
1989
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL Of ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
1980
1981
1982
1983
1984
1985
1986*
1987
1988
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
100,907
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
106,940
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
1988:
Sept
Oct
Nov
Dec
186,666
186,801
186,949
187,098
1,704
1,687
1,705
1,696
123,688
123,778
124,215
124,259
117,074
117,260
117,652
117,705
121,984
122,091
122,510
122,563
115,370
115,573
115,947
116,009
3,176
3,238
3,238
3,193
1989:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
187,340
187,461
187,581
187,708
187,854
187,995
188,149
188,286
188,428
1,696
1,684
1,684
1,684
1,673
1,666
1,666
1,688
1,702
125,124
124,865
124,948
125,343
125,283
125,768
125,622
125,706
125,742
118,407
118,537
118,820
118,797
118,888
119,207
119,125
119,285
119,158
123,428
123,181
123,264
123,659
123,610
124,102
123,956
124,018
124,040
116,711
116,853
117,136
117,113
117,215
117,541
117,459
117,597
117,456
3,300
3,223
3,206
3,104
3,112
3,096
3,219
3,307
3,257
Period
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
Agricultural
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
Total
15
weeks
and
over
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.9
57.9
59.5
60.1
60.7
61.5
62.3
112,194
112,335
112,709
112,816
4,862
4,727
4,819
5,033
6,614
6,518
6,563
6,554
1,568
1,554
1,502
1,495
66.0
66.0
66.1
66.1
62.4
62.4
62.6
62.6
113,411
113,630
113,930
114,009
114,102
114,445
114,240
114,290
114,199
4,837
4,697
4,709
4,930
4,609
4,801
4,505
4,553
4,612
6,716
6,328
6,128
6,546
6,395
6,561
6,497
6,421
6,584
1,512
1,304
1,310
1,426
1,313
1,258
1,472
1,305
1,370
66.5
66.3
66.3
66.5
66.4
66.6
66.5
66.5
66.4
62.9
62.9
63.0
63.0
63.0
63.1
63.0
63.0
62.9
Total
Part time
for
economic
reasons 1
63.8
59.2
59.0
57.8
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In September, both the overall unemployment rate and the civilian unemployment rate rose slightly, to 5.2 percent
and 5.3 percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
N
fJ \ i V
*•/
!••
|^\V
\/ \y
Y 1
15
TEENAGERS *
\
.
\ / ^**
v
*
(16-1S )
10
10
WOM EN 20 YEARS
A ND OVER
•Vs
"^"^1
iy- •«?<:>
MEN 20 YEARS
AND OVER
1
1989
1 1 1 111 1n1 1
' ' 1 1 11M M 1 11M 11111 1 unit
1985
1988
1987
1986
J1989
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Unemployment
rate,
all
workers 1
All
civilian
workers
7.0
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988:
1989:
1
2
Black
and
other
Black
Experienced
wage and
salary
workers
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
4.2
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
15.5
15.0
14.1
14.8
4.7
4.6
4.6
4.6
9.5
9.8
10.9
11.2
11.2
11.6
5.1
5.0
5.1
5.0
16.4
14.8
13.7
14.4
15.2
15.6
14.7
14.5
15.1
4.6
4.3
4.2
4.6
4.4
4.5
4.6
4.5
4.5
12.0
11.9
10.9
10.8
11.0
11.9
10.9
11.1
11.6
5.2
4.8
4.7
5.1
4.9
5.0
5.1
5.0
5.0
Both
sexes
16-19
years
Men
20 years
and over
Women
20 years
and
over
7.1
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.9
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
6.4
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
5.3
5.3
5.3
5.3
5.4
5.3
5.4
5.3
4.6
4.6
4.8
4.7
4.8
4.7
4.7
4.7
5.4
5.1
4.9
5.2
5.1
5.2
5.2
5.1
5.2
5.4
5.1
5.0
5.3
5.2
5.3
5.2
5.2
5.3
4.6
4.5
4.2
4.6
4.3
4.3
4.3
4.4
4.8
4.7
4.5
4.6
4.7
4.8
4.9
5.0
4.7
4.5
17.8
White
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as per-
12
By selected groups
By race
By sex and age
10.0
10.0
10.6
10.6
9.8
9.6
9.5
10.3
9.6
9.5
10.1
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
9.2
6.9
10.4
11.7
12.2
10.3
10.4
8.8
9.4
9.8
9.2
8.1
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
3.1
3.1
3.3
3.1
8.1
7.9
7.7
8.2
3.1
3.1
2.9
3.2
2.9
2.8
2.9
3.1
3.4
8.0
8.0
7.9
7.6
8.3
7.9
8.7
8.0
7.6
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
Labor
force
time lost
(percent) 2
7.9
9.3
9.1
8.4
7.6
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.1
5.0
5.0
5.1
7.4
7.4
7.1
7.0
6.3
6.1
6.2
6.3
5.0
4.8
4.8
5.0
4.8
4.8
4.9
4.9
5.0
7.9
7.3
6.2
7.2
6.9
7.7
7.2
6.9
7.3
6.2
5.9
5.8
6.0
5.9
6.1
6.0
5.9
5.9
10.5
10.4
9.3
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In September, the percentage of the unemployed who had been out of work for less than 5 weeks was unchanged,
the percentages for 5-14 weeks and for 27 weeks and over fell, and the percentage for 15-26 weeks rose. The
mean duration of unemployment rose and the median was unchanged.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
—
50
JOB LOSERS
40
40
30
—
•=.
20
REENTRANTS
30
20
JOB LEAVER!
10
—
—
10
NEW ENTRANTS
iiniliiin
1989
1985
1986
1987
1988
1989
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
Insured
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
ployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988:
Sept.
Oct
Nov
Dec
1989:
Jan
Feb
Mar
May
July
Sept
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
3,350
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,056
488
460
583
438
377
396
378
328
306
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,125
6,614
6,518
6,563
6,554
47.4
47.4
47.6
46.2
28.8
28.5
29.5
31.1
11.8
12.2
12.0
11.5
12.1
11.9
10.9
11.2
13.5
13.4
12.6
12.8
5.7
5.7
5.6
5.8
46.7
45.9
46.2
46.5
14.9
15.3
14.7
15.1
26.8
27.2
26.9
26.2
11.5
11.6
12.2
12.1
2,025
1,972
1,989
2,032
293
296
301
309
1,734
1,677
1,857
2,205
6,716
6,328
6,128
6,546
6,395
6,561
6,497
6,421
6,584
47.0
50.6
49.4
47.2
47.7
50.4
48.1
48.1
48.1
30.7
29.1
29.4
31.1
31.7
30.4
29.4
31.5
31.0
11.2
10.4
10.5
10.5
11.0
10.0
12.9
11.5
12.0
11.1
10.0
10.7
11.3
9.6
9.1
9.6
8.9
8.8
12.7
12.1
12.4
12.7
11.8
11.1
12.0
11.3
11.4
5.7
5.3
5.4
5.4
5.3
5.5
5.6
5.0
5.0
46.4
45.2
46.0
45.7
42.7
42.0
44.3
46.5
44.6
14.7
15.5
14.4
15.0
17.5
15.5
15.3
16.2
15.9
27.3
27.3
28.1
29.0
29.1
31.2
29.4
27.5
29.8
11.6
12.0
11.6
10.3
10.7
11.3
11.0
9.8
9.6
2,061
2,105
2,143
2,105
2,063
2,134
2,216
2,177
2,187
293
309
323
300
317
335
339
319
323
2,685
2,695
2,567
2,221
1,960
1,941
2,174
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 209,000 in September. About 75,000 of
the increase was due to the return to payrolls of workers involved in strikes in August.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
110
100 -
SERVICES
y
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
80
SERVICE-PRODUCING
INDUSTRIES
70
RETAIL TRADE
I
_ GOVERNMENT
._,
60 -
lllllllllllt
iMiilinii
50
MANUFACTURING
V
40
I 1 1 1 1 1 1 1 1 1 imiliimlmiihiiii
1
lllllliiiii
GOODS-PRODUCING
INDUSTRIES
1988
1986
1985
1985
1989
1 989
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
Total
nonagricultural
employment
Manufacturing
Total
2
Con-
struction
Total
Durable
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Services
!
Total
Federal
1985
1986
1987
1988
90,406
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,584
25,658
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,249
4,346
4,188
3,905
3,948
4,383
4,673
4,816
4,967
5,125
20,285
20,170
18,781
18,434
19,378
19'260
18,965
19^024
19,403
12,187
12,109
Il'o39
10,732
11,505
11,490
11,230
11,194
11,437
8,098
8,061
7^741
7,702
7,873
7,770
7,734
7,830
7,967
64,748
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,335
5,146
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,548
5,275
5,358
5,278
5,268
5,555
5,717
5,753
5,844
6,029
15,035
15,189
15,179
15,613
16,545
17,356
17,930
18,483
19,110
5,160
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,676
17,890
18,619
19,036
19,694
20,797
22,000
23,053
24,236
25,600
16,241
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,372
2,866
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
1988: Sept....
Oct
Nov ....
Dec
106,207
106,475
106,824
107,097
25,313
25,384
25,460
25,513
5,163
5,162
5,191
5,213
19,431
19,505
19,557
19,589
11,464
11,509
11,545
11,565
7,967
7,996
8,012
8,024
80,894
81,091
81,364
81,584
5,581
5,596
5,616
5,634
6,071
6,086
6,104
6,125
19,188
19,229
19,282
19,328
6,695
6,710
6,726
6,744
25,888
25,986
26,111
26,230
17,471
17,484
17,525
17,523
2,985
2,986
2,983
2,981
107,442
107,711
107,888
108,101
108,310
108,607
108,767
Aug <•.. 108,855
Sept". 109,064
25,626
25,629
25,646
25,671
25,672
25,648
25,669
25,696
25,588
5,267
5,270
5,252
5,279
5,283
5,283
5,314
5,316
5,316
19,648
19,648
19,680
19,672
19,667
19,650
19,649
19,650
19,547
1 1 ,605
11,594
11,604
11,600
11,594
11,567
11,549
11,553
11,471
8,043
8,054
8,076
8,072
8,073
8,083
8,100
8,097
8,076
81,816
82,082
82,242
82,430
82,638
82,959
83,098
83,159
83,476
5,654
5,667
5,666
5,682
5,700
5,716
5,736
5,625
5,717
6,146
6,171
6,197
6,206
6,222
6,230
6,237
6,254
6,263
19,407
19,460
19,488
19,489
19,528
19,551
19,586
19,620
19,624
6,746
6,763
6,774
6,776
6,790
6,808
6,815
6,834
6,844
26,318
26,434
26,520
26,651
26,711
26,931
26,973
27,046
27,153
17,545
17,587
17,597
17,626
17,687
17,723
17,751
17,780
17,875
2,978
2,982
2,982
2,982
2,999
2,995
3,000
2,998
2,996
1980
1981
1982
1983
1984
1989: Jan
Feb
Mar
Apr
May....
June ...
July r..
1
Includes all full- and part-time wage and salary workers in nonagricuHural establishments who
received pay for aiiv part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. I I , which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work beeause of industrial disputes, bad
14
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Average gross hourly
earnings
Average weekly hours
Total
private
nonagricultural *
Period
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.7
34.8
34.7
34.7
34.8
34.6
34.7
34.9
34.6
34.6
34.8
34.6
34.6
1980
1981...
1982
1983
1984
1985
1986
1987
1988
1988:
Sept
Oct
Dec
1989- Jan
Feb
Mar
May
July r
Sept *
Total
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.1
41.2
41.2
41.0
41.1
41.1
41.0
41.3
41.0
41.0
41.0
40.9
41.0
1
2
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban ^
workers (on a 1977 = 100 base).
Total
private
nonagncultural *
Overtime
Manufacturing
$6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.29
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.9
4.0
3.9
3.9
3.9
3.9
4.0
3.9
3.8
3.8
3.9
3.7
3.8
9.37
9.43
9.42
9.45
9.49
9.52
9.54
9.61
9.60
9.62
9.69
9.68
9.73
$7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.18
10.25
10.29
10.30
10.31
10.33
10.37
10.40
10.40
10.42
10.45
10.48
10.52
10.54
3
2 earners and clerical
Percent change from a
year earlier, total
private
nonagricultural 3
Current dollars
Total private
nonagncultural '
Manufacturing
Manufacturing
Construction
Retail
trade
167.55
166.44
166.44
167.53
165.01
165.10
166.85
165.72
166.25
424.56
426.21
426.40
429.52
427.22
428.45
429.68
430.27
432.14
$367.78
399.26
426.82
442.97
458.51
464.46
466.75
480.44
493.08
494.05
499.66
503.04
497.07
496.89
498.39
501.23
505.21
494.17
498.17
511.30
509.40
510.16
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
178.70
183.62
167.68
168.55
167.28
167.39
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.40
421.28
423.95
424.36
422.71
Current
dollars
1977
dollars 2
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.36
325.14
328.16
326.87
327.92
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
167.81
330.25
329.39
331.04
335.39
332.16
332.85
337.21
334.93
336.66
Current
dollars
185.08
186.30
185.60
187.11
187.40
186.41
186.98
189.44
187.56
188.43
190.97
188.93
188.85
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.2
4.2
4.1
3,3
3.9
4.2
3.5
4.1
4.5
3.3
3.5
4.2
3.6
3.5
1977
dollars
-5.8
-1.5
1.2
1.9
.9
-1.4
.4
1.0
-.9
-.0
-.1
Q
.5
-.3
-1.2
.8
-.7
2.0
-1.6
-.9
1.0
-.8
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1981 = 100)
12 months earlier
3 months earlier
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
19871988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1986:
Sept
Dec
1987: Mar
June
Sept
Dec
1988: Mar
June
Sept
Dec
1989: Mar
June
Sept
Total
compensation
Wages and
salaries
94.7
104.0
110.7
117.0
122.7
127.5
131.6
136.0
142.6
95.4
103.8
110.3
115.8
120.6
125.6
129.5
133.8
139.3
93.0
104.3
111.7
120.0
127.9
132.4
136.9
141.7
151.3
2.1
2.0
1.3
1.2
1.3
.6
.6
.7
1.0
2.0
1.8
1.2
1.1
1.2
.6
.5
.6
1.0
130.8
131.6
128.8
129.5
136.1
136.9
.7
.6
132.9
133.8
135.1
136.0
130.8
131.7
133.0
133.8
138.1
139.3
140.3
141.7
138.1
139.8
141.2
142.6
135.1
136.6
137.9
139.3
146.1
148.2
149.7
151.3
144.4
146.1
147.9
140.8
142.2
143.9
154.0
156.5
158.7
1.0
.7
1.0
.7
1.5
1.2
1.0
1.0
1.3
1.2
1.2
Benefits '
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.
Total
compensation
Wages and
salaries
Benefits 1
Total
compensation
Wages and
salaries
9.8
9.8
6.4
5.7
4.9
3.9
3.2
3.3
4.9
9.0
8.8
6.3
5.0
4.1
4.1
3.1
3.3
4.1
.7
.5
2.2
2.3
1.5
1.3
1.4
.5
.6
1.0
1.1
1.0
.6
3.2
3.2
3.1
3.1
1.0
.7
1.0
.6
1.0
1.1
1.0
1.0
.9
.9
.7
1.0
3.1
1.4
1.0
1.1
3.1
3.0
3.3
3.3
3.2
3.0
3.3
3.3
3.3
3.7
3.7
4.1
1.1
1.8
1.6
1.4
3.9
4.5
4.5
4.9
4.6
4.5
4.7
1.0
1.2
4.2
4.1
4.4
Benefits
1
11.8
12.2
7.1
7.4
6.6
3.5
3.4
3.5
6.8
3.3
3.4
2.9
3.3
3.1
3.5
5.8
6.4
6.7
6.8
5.4
5.6
6.0
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
ali persons
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
Compensation per
hour s
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Business
sector
Implicit price
deflator 5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1980
1981
1982
1983
1984
99.4
101.0
100.2
102.6
105.2
99.0
100.0
99.1
102.0
104.2
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.3
107.9
105.3
107.2
113.3
107.8
108.5
105.9
108.0
114.4
131.8
144.1
154.9
160.8
167.4
131.6
144.0
154.7
160.8
167.2
97.0
96.1
97.3
97.8
97.6
96.7
96.0
97.1
97.8
97.5
132.6
142.7
154.5
156.7
159.1
132.9
144.0
156.1
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986
1987
1988
107.3
109.8
111.1
113.1
105.6
107.7
108.9
111.2
124.2
128.0
133.4
140.0
123.9
127.6
133.1
140.3
115.7
116.6
120.1
123.8
117.4
118.4
122.2
126.2
174.8
183.8
191.0
200.4
174.0
182.9
189.8
198.9
98.4
101.7
101.9
102.7
98.0
101.1
101.2
101.9
162.8
167.5
171.9
177.2
164.9
169.8
174.2
178.8
162.2
165.6
170.0
174.9
163.8
167.6
172.0
176.5
IV
IV
IV
IV
100.9
103.5
105.7
108.4
99.5
103.0
104.5
106.2
105.0
113.6
120.8
125.9
104.2
114.1
120.7
125.5
104.1
109.7
114.3
116.2
104.7
110.8
115.5
118.1
158.2
163.2
169.9
178.6
158.0
162.9
169.6
177.5
97.9
97.8
97.8
99.3
97.8
97.6
97.6
98.7
156.8
157.7
160.7
164.9
158.7
158.2
162.3
167.1
150.2
155.2
159.8
163.7
151.4
156.2
161.0
165.5
1986: III
IV
109.6
109.8
107.5
107.6
127.7
128.9
127.2
128.4
116.5
117.4
118.3
119.3
185.1
187.4
184.1
186.4
102.2
102.8
101.7
102.2
168.9
170.6
171.2
173.2
166.7
167.1
168.8
169.2
1987: I
II
III
IV
109.9
110.7
111.7
112.5
107.7
108.6
109.5
110.3
130.4
132.2
134.4
136.7
130.0
132.0
134.1
136.4
118.6
119.5
120.3
121.5
120.7
121.6
122.4
123.7
188.2
189.5
191.8
195.2
187.0
188.3
190.5
193.9
101.9
101.4
101.7
102.6
101.3
100.7
101.0
101.9
171.2
171.3
171.6
173.5
173.6
173.4
173.9
175.8
168.2
169.6
170.7
171.3
170.3
171.4
172.6
173.4
1988: I
II
Ill
IV
113.3
2.7
113.6
113.6
111.1
110.7
111.6
112.1
138.2
139.3
140.7
141.9
138.0
139.5
141.1
142.8
122.0
123.6
123.9
124.9
124.3
126.1
126.4
127.3
196.5
199.3
202.2
204.8
195.1
197.8
200.5
203.3
102.3
102.7
102.9
103.1
101.6
101.9
102.1
102.4
173.5
176.9
178.1
180.2
175.7
178.7
179.6
181.3
171.9
174.1
175.8
177.9
173.8
175.6
177.0
179.6
1989: I
II
113.9
114.3
111.8
112.0
143.6
144.2
143.6
144.5
126.0
126.2
128.5
129.0
207.2
210.6
205.7
208.6
103.0
103.1
102.3
102.1
181.9
184.3
184.1
186.3
179.4
181.4
180.8
182.8
1982:
1983:
1984:
1985:
Percent change; quarterly data at seasonally adjusted annual rates
1980
1981
1982
1983
1984
-0.3
15
Y
1985
1986
1987
1988
1982:
1983:
1984:
1985:
IV
IV
IV
IV
1986: III
IV
-2.4
2.0
6.0
10.5
9.3
7.5
3.8
4.1
10.5
9.5
7,4
4.0
3.9
26
-.9
1.2
.6
2
-2.6
-.7
1.1
.7
-.4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
2.2
.8
3.0
3.1
2.6
.9
3.2
3.2
4.4
5.2
3.9
4.9
4.1
5.1
3.7
4.8
.8
3.3
.2
.8
.5
3.2
.1
.7
2.3
2.8
2.6
3.1
2.8
3.0
2.6
2.7
2.5
2.1
2.6
2.9
3.0
2.3
2.6
2.7
-1.2
9.8
3.1
3.5
-3,0
6.8
2.0
2.1
-3.1
8.1
2.2
2.7
4.1
5.7
3.5
6.3
4.6
4.4
3.5
5.8
2.8
1.6
.0
2.1
3.3
.3
.0
1.6
1.5
2.3
2.0
4.8
2.6
2.8
2.6
5.0
2.4
4.8
2.7
2.6
3.0
3.1
3.3
2.1
2.4
2.6
-0.4
1.1
9
3.0
2.1
— 1.1
2.1
31
4.2
8.4
12
1.7
33
5.0
8.3
08
.6
-2.4
1.8
5.7
2.0
2.3
1.2
1.8
1.3
2.0
1.1
2.1
4.2
3.1
4.2
4.9
3.9
3.0
4.4
5.4
2.6
3.3
1.5
1.5
2.0
1.6
.9
.8
-.5
10.4
3.5
3.6
-0.7
.6
.8
.3
.8
4.0
.7
3.7
2.5
3.2
2.5
3.4
4.6
5.0
4.6
5.0
2.2
2.1
2.2
2.1
6.4
4.2
6.5
4.7
4.9
1.0
5.1
1.0
1987: I
II
Ill
IV
.5
2.6
3.9
2.9
.4
3.3
3.6
2.7
4.7
5.6
6.7
7.1
5.2
6.1
6.6
7.0
4.3
2.9
2.7
4.1
4.8
2.8
2.9
4.2
1.9
2.7
4.8
7.4
1.4
2.7
4.8
7.3
-3.3
-2.0
1.1
3.6
-3.8
-2.1
1.1
3.5
1.4
.1
.9
4.3
1.0
-.6
1.2
4.5
2.5
3.4
2.6
1.4
2.8
2.5
3.0
1.7
1988: I
II
Ill
IV
2.7
-2.0
3.1
.2
3.0
-1.5
3.4
1.9
4.4
3.3
4.0
3.4
4.8
4.4
4.6
4.8
1.7
5.4
.9
3.2
1.8
5.9
1.2
2.8
2.8
5.9
5.8
5.2
2.7
5.5
5.5
5.9
-.8
1.3
1.0
.7
-.9
.9
.8
1.4
.1
8.1
2.6
5.0
-.3
7.1
2.0
3.9
1.5
5.1
4.1
4.8
1.0
4.3
3.2
5.9
1.0
1.3
-1.3
.7
4.8
1.9
2.4
2.4
3.8
.6
3.8
1.7
4.8
6.8
4.8
5.6
-.6
.4
-.6
3.7
5.5
6.2
4.9
3.3
4.6
2.8
4.5
-1.6
1989: I
II
1
-1.7
Output refers to gross domestic product originating in the sector in 1982 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contrihutions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Ilourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
2
16
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Beginning with data released August 3, 1989, hours of labor input are defined as hours at the
work site rather than hours paid.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production and capacity utilization fell slightly in September.
INDEX, 1977=100* (RATIO SCALE)
160
INDEX, 1977=100* (RATIO SCALE)
240
FINAL PRODUCTS
220
TOTAL INDUSTRIAL PRODUCTION
140
EQUIPMENT
-OL,
1
200
.--1
180
120
"
^--"
160
Illllllllll
Illllllllll Illllllllll
100
160
DEFENSE AND
SPACE
^—
BUSINESS
EQUIPMENT
140
MANUFACTURING PRODUCTION
140
•**s — -"*"
120
r'V.'"
^
^CONSUMER
GOODS
120
IMIllmilllllllllllll
100
PERCENT*
100
CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
100
140
iiniliiiii
UTILITIES AND MINING PRODUCTION
90
_
- UTILITIES -
120
•—i—
80
1
r
"""~~
-
*" ™ "
-
100
MINING
Illllllllll
1985
1986
1987
70
iiiiiiiiinliiniliiiii
1988
Illllllllll
1985
1989
iiniliiiii Illllllllll Illllllllll Illllllllll
1986
1987
"SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1988
1989
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1977 = 100
]'97?'proportion
1980 .
1981
1982
1983
1984
1985
1986
1987...
1988
1988:
Sept
Oct
Nov
Dec
1989-
Jan
Feb
MaiApr
May
June r
July r
Aug r
Sept "
Capacity utilization
rate, percent l
Industry production indexes, 1977—100
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
84. 21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
142.7
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
141.9
35.11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
143.9
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
103.4
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
114.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
83.3
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.1
83.5
5.7
5.2
5.1
4.9
144.4
145.3
145.8
146.3
143.8
144.6
145.2
145.7
145.3
146.3
146.7
147.1
103.7
103.1
104.7
104.9
113.0
113.9
113.7
115.4
83.7
84.0
84.1
84.3
84.0
84.3
84.4
84.4
4.8
4.5
4.4
4.7
4.1
4.0
2.9
2.8
2.7
147.2
146.8
147.0
148.0
148.1
148.7
148.6
149.1
148.7
146.2
145.9
145.8
146.9
147.1
147.4
147.0
147.6
146.9
148.5
148.1
148.6
149.6
149.5
150.5
150.9
151.1
151.3
103.0
100.9
101.5
102.4
102.0
101.5
101.7
102.7
103.6
114.0
116.5
117.5
117.1
115.6
114.3
114.2
113.6
115.0
84.3
83.9
83.8
84.2
84.0
84.0
83.8
83.8
83.6
84.7
84.3
84.1
84.5
84.3
84.4
84.1
84.1
83.7
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
-1.9
2.2
— 7.1
5.9
11.2
1.9
1.1
3.8
5.7
138.6
139.4
139.9
140.4
140.8
140.5
140.7
141.7
141.6
142.0
142.0
142.4
142.3
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977=100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Equipment
Consumer goods
Period
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988- Sept
Oct
Nov
. . .
Dec
1989:
Jan
Feb
Mar
May
June r
July r
Aug- r
Sept p
1
44.77
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
144.3
25.52
145.8
146.4
146.8
147.7
134.8
136.4
136.8
138.2
148.2
148.6
148.9
150.2
150.4
151.2
150.4
151.0
151.1
138.5
138.7
138.4
139.5
139.2
139.9
138.9
139.3
139.5
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
133.9
Durable
goods
Nondurable goods
Total '
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
125.3
126.3
129.3
129.2
131.9
131.5
131.6
130.1
132.2
131.2
130.8
127.5
128.6
128.2
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
137.1
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
158.2
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
157.6
138.0
139.0
139.7
140.5
160.4
159.7
159.9
160.4
161.1
161.6
162.8
164.3
165.4
166.1
165.7
166.5
166.5
160.8
160.2
161.2
162.6
141.1
141.4
141.4
142.2
142.1
143.3
143.1
143.3
143.7
Business
163.8
165.0
166.3
167.8
169.1
169.6
168.9
169.9
169.8
Defense
and
space
equipment
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
185.8
184.5
184.0
182.2
180.5
180.0
179.3
178.7
179.9
180.7
181.1
181.7
181.0
180.5
Construction
supplies
Business
supplies
Total
Energy
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
151.5
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
138.6
42.28
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
125.2
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
101.5
152.9
154.0
154.2
155.0
156.6
155.1
156.1
156.5
156.3
157.0
157.6
158.0
157.9
138.4
140.0
140.7
141.4
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
162.5
165.2
165.9
165.7
166.7
126.5
127.5
128.3
128.3
168.8
168.4
170.4
170.4
170.0
170.4
170.8
171.4
128.1
127.4
127.3
128.2
127.9
127.7
128.3
128.6
128.2
101.5
101.3
102.3
102.6
100.5
100.5
101.0
101.7
101.1
99.1
98.9
,99.7
100.4
Total
142.3
139.5
139.3
140.2
140.2
141.2
142.0
142.4
141.6
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977 — 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986.
1987
1988 '
1988:
Sept
Oct
Nov
Dec
1989- Jan
Feb
Mar
Apr
T
June
July r
Aug r
Sept "
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81 3
89.2
93.1
94.2
92.7
90.0
93.2
91.1
88.4
90.1
87.2
87.3
89.0
89.2
85.1
Source: Board of Governors of the Federal Reserve System.
18
Iron and
steel
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
78.1
81.4
83.1
80.8
77.6
82.2
79.1
75.9
77.0
73.2
72.9
75.4
75.1
Fabri- '
cated
metal
products
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
120.9
122.5
122.6
124.6
125.1
124.5
124.5
123.8
123.1
124.8
125.2
125.9
126.1
125.5
Nonelectrical
machinery
Electrical
machinery
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
170.8
174.8
173.8
175.4
177.8
178.7
180.8
183.0
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
180.1
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
132.1
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
117.2
181.8
183.0
182.2
180.9
132.7
134.8
135.2
136.8
118.5
121.7
122.9
125.5
180.9
181.7
181.6
382.2
181.6
181.9
181.1
182.5
182.4
136.7
136.4
134.8
3,36.4
135.5
134.2
131.6
133.2
132.4
124.9
123.4
120.4
322.0
119.7
116.4
110.4
114.2
112.8
384.7
186.5
187.5
187.0
187.1
187.1
Total
Motor
vehicles
and
parts
Lumber
and
products
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
137.3
133.5
137.5
139.4
143.0
139.9
132.8
133.4
1,35.3
135.5
137.2
136.9
138.4
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
2.79
97.3
96,1
87.3
95.3
102.7
100.4
103.1
107.4
109.1
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
184.2
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
151.9
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
142.7
109.9
109.5
110.1
108.8
188.0
188.1
188.5
188.0
193.0
194.6
198.5
200.1
199.0
155.3
156.7
157.5
158.1
159.0
158.5
159.2
143.2
144.0
145.7
145.8
110.2
110.2
109.9
311.3
111.5
111.9
111.7
200.5
199.4
200.0
200 8
359.3
158.2
159.9
161.9
162.0
146.6
146.3
145.4
346.6
147.2
147.9
147.5
147.7
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
New housing
units
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
.. ..
253.0
252.8
261.3
248.0
282.4
329.6
356.6
387.0
397.7
409.7
201.3
194.3
204.7
194.3
228.7
271.9
292.6
315.3
320.1
328.7
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
42.8
47.2
50.5
50.9
49.3
49.4
51.4
50.2
48.9
50.8
109
97
100
100
124
136
150
r
!59
M65
r
!66
51.7
58.5
56.5
53.7
53.8
57.7
64.1
71.7
77.6
80.9
Annual rates
Annual rates
1988- Aug
Sept
Oct
Nov
Dec
408.1
411.5
411.1
415.4
425.0
329.2
329.8
331.4
332.8
336.3
197.6
198.3
200.8
202.0
202.5
137.0
138.0
139.8
141.9
143.3
80.6
79.7
79.1
78.8
80.6
51.0
51.9
51.5
51.9
53.2
78.9
81.7
79.7
82.6
88.8
1989' Jan
Feb
Mar
424.8
418.5
419.2
414.8
420.4
416.9
414.5
421.8
339.5
335.0
340.4
335.5
334.5
333.4
332.8
335.8
204.7
202.3
204.5
203.7
200.9
198.6
199.0
198.9
145.6
145.3
143.2
141.8
138.2
136.5
136.7
136.6
82.5
81.1
84.2
79.3
80.1
81.6
80.7
82.2
52.2
51.6
51.8
52.5
53.5
53.2
53.1
54.6
85.3
83.4
78.7
79.4
85.9
83.5
81.7
86.0
May
T 3 ''
July r
Aug p .
Sept
1
2
3
Includes residential improvements, not shown separately.
Includes hotels and motels.
F.W. Dodge series.
1,059
904
919
690
756
955
1,097
1,016
1,019
942
'169
r
!64
r
!70
r
!63
r
!75
r
!71
r
!59
r
!57
173
165
166
167
r
!62
175
905
880
841
839
942
943
850
856
836
905
938
933
803
1,026
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1 unit
2-4 units
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1988- Sept
Oct
Nov
Dec
1,463
1,532
1,567
1,577
1,039
1,136
1,138
1,141
62
63
68
65
1989' Jan
Peb
Mar
1,678
1,465
1,409
1,343
1,308
1,406
1,420
1,332
1,263
1,199
1,029
981
1,029
977
972
1,026
992
971
66
62
50
62
42
55
57
53
51
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
5 or more units
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
Units
authorized
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
Units
completed
Homes sold
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
709
545
436
412
623
639
688
750
671
676
Homes for
sale at end of
period 1
3
Vacancy rate
for rental
housing units
(percent) 2
397
337
275
253
301
353
346
357
365
366
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.8
Seasonally adjusted annual rates
May .
July ' .
Sepf
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
.
362
333
361
371
1,432
1,526
1,508
1,518
1,536
1,516
1,429
1,539
691
718
650
669
361
353
364
366
413
374
378
252
289
379
337
287
241
1,486
1,403
1,230
1,334
1,347
1,308
1,281
1,328
1,319
1,537
1,610
1,459
1,552
1,442
' 1,355
1,369
1,434
700
621
555
607
r
653
r
647
742
719
618
369
375
377
377
r
380
r
377
370
367
367
7.3
7.3
7.3
7.3
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In August, manufacturing and trade sales rose 3.0 percent and inventories rose $2.3 billion. In September,
according to advance data, retail sales rose 0.5 percent, following a rise of 0.7 percent in both August and July.
BILLIC)NS OF DOLLARS* (RATIO SCALE)
BILLIC)NS OF DOLLARS* (RATIO SCALE)
800
240
"^ -
220
r^l
700
200
MANUFACTURING AND
600
180
TRAC E INVENTOI IES
-
-
r-^"-
^f. . ^^ ^
—
^-^
s\
,
^
AIL INVENTC)RIES
-
160
500
„'-"
-
-'V"
•
400
-"*
*~
_„--•
140
-
f
120
A ND TRADE S ALES
-
/v ,--c~
—
MANUFACTURING
,x~
-
••RETAIL SAl ES
,~' *~'
-
100
niiiliiiii
300
Illllllllll
Illllllllll
Illllllllll Illllllllll
RATIC5*
1.80
-
_
-
INVENTORY-SALES RATIO
RETAIL
5c^r- '•^^Y\ ^'***"*^»'
200
^7^
_
_^~^\ -
MANUFACTURING
AND TRADE
1 20
1985
1986
*s EASONA'IY ADJU TED
scJURCE: DEPARTMEhJT OF
1987
1988
1989
1987
1988
Sales
2
Inventory-sales ratio 4
Retail
Wholesale
Sales
Inventories 3
1989
COUNCIL OF ECO NOMIC ADVISERS
Period
Sales
1986
1985
-
niiiliiiii
COMMERCE
Manufacturing and
trade l
2
him p i nil 1 1 M
1.00
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
Inventories 3
Total
2
Durable
goods
stores
Inventories
3
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
61,093
64,754
68,985
72,434
74,802
79,077
83,384
134,468
147,377
167,159
180,825
185,224
206,981
221,242
61,469
68,984
79,257
88,608
90,477
106,271
114,994
72,999
78,393
87,902
92,217
94,747
100,710
106,248
1.67
1.56
1.53
1.55
1.55
1.51
1.50
1.49
1.44
1.49
1.53
1.56
1.56
1.57
Nondurable goods
stores
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984....
1985
1986....
1987
1988. .
1988:
Augr
Sept
Got
Nov
Dec
1989:
Jan
Feb
Mar
r
May
July '
Aug"
Sepf
1
2
3
348,747
368,813
407,869
418,151
423,700
449,536
485,756
574,491
590,358
644,306
655,066
653,853
700,761
753,718
96,290
100,244
113,195
114,315
115,677
123,581
132,361
128,196
130,334
142,380
146,745
152,447
162,648
178,313
491,892
492,442
498,846
501,400
506,186
737,413
744,054
743,544
746,756
753,718
134,377
135,332
138,087
137,239
136,170
176,415
176,972
177,408
177,060
178,313
511,881
507,328
507,555
517,745
518,088
515,695
511,144
526,578
759,803
763,051
765,504
771,340
778,093
780,802
787,584
789,871
140,356
139,547
139,991
142,290
142,474
141,959
141,667
143,792
179,761
179,810
179,681
181,226
182,615
182,548
183,950
183,654
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
28,013
32,574
37,819
41,387
44,861
47,707
52,379
89,107
97,328
106,805
113,821
119,663
126,785
135,763
r
135,800
135,715
137,842
139,529
139,189
140,040
139,4r°
139,516
141,413
142,543
142,500
143,555
r
144,511
145,212
r
T
84,121
84,274
85,117
85,599
85,035
215,200
219,297
216,724
218,093
221,242
110,070
114,303
111,689
112,904
114,994
105,130
104,994
105,035
105,189
106,248
1.50
1.51
1.49
1.49
1.49
1.58
1.62
1.57
1.56
1.59
53,815
53,071
52,886
53,901
54,139
54,016
54,653
r
55,728
56,042
86,225
86,357
86,630
87,512
88,404
88,484
88,902
r
88,783
89,170
222,584
224,185
224,693
226,656
230,423
231,762
232,831
234,428
115,704
116,169
115,993
117,093
118,835
119,542
119,864
120,897
106,880
108,016
108,700
109,563
111,588
112,220
112,967
113,531
1.48
1.50
1.51
1.49
1.50
1.51
1.54
1.50
1.59
1.61
1.61
1.60
1.62
1.63
1.62
1.62
51,679
51,441
52,725
53,930
54,154
4
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In August, manufacturers' shipments, inventories, and new orders rose while unfilled orders fell. In September,
according to advance data, durable goods shipments and new orders fell.
BULK3NS OF DOLLARS* (RATIO SCALE)
BILLIC3NS OF DOLLARS* (RATIO SCALE)
280
240
480
440
400
360
SHIPMENTS
—.—-s
—i
200
-^
T
DURABLE GOO DS
i_.x.-4--^:
ri— -\—~
\
* ^-- f^
.
NONDURABLE GOODS
.
~Y
200
DURABLE GOODS
160
-'
80
' \
TOTAL
280
TOTAL
120
,
— —
^-^
^
160
rORIES
120
— r- —
60
1
iiiiilimi miilimi iniiliiiii
Illllllllll
NONDURABLE GOODS
Illllllllll
BILLIC)NS OF DOLLARS* (RATIO SCALE)
60
280
240"
NEW ORDERS
200 *—_^~"——-^
~>- —
\ ——ir^^
•-
|
Illllllllll Illllllllll Illllllllll
N—
2.20
1
120
-
.-- .
1
f-\r"
-X-
A..^./
^
.
~
-
"" *
I
INVENTORY -SHIPMENTS RATIO
2.00
-
1.80
^_"--t-V-T'
"^1
1.60
NONDURABLE CjUUUS
80
Illllllllll
RATIO
TOTAL
160
DURABLE GOO DS
Illllllllll
—
1.40
60
MlllllHIl
Illllllllll Illllllllll
1985
1986 1987
Illllllllll
1988
Illllllllll
1989
iiinlinii
1.20
Illllllllll
Illllllllll
Miiiliiiii
iiinlinii
1986
1987
1988
1989
1985
SEASONALLY ADJU STED
s OURCE: DEPARTME NT OF COMMERCE
Manufacturers' shipments l
Manufacturers' new orders 1
Manufacturers' inventories 2
Durable goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Manufacturers'
unfilled
orders 2
Capital
goods
industries,
nondefense
Nondurable goods
21,661
22,098
26,243
27,067
26,551
29,707
35,028
83,935
86,522
91,209
91,075
88,497
94,197
101,993
104,203
103,348
104,304
105,118
106,737
451,830
453,103
457,281
460,802
468,860
107,596
107,199
107,634
110,535
110,229
110,020
108,416
110,072
473,450
476,403
481,366
487,231
487,913
491,834
496,359
494,981
Manufacturers'
inventory —
shipments
ratio 3
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1988: Aug
Sept..
Get
Nov
Dec
1989- Jan
Feb
Mar
Apr
May
June
July r
Sept p
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
79,352
84,956
96,623
99,019
99,989
105,291
115,684
83,998
86,286
91,246
90,996
88,371
93,879
101,948
311,827
312,647
334,767
327,496
316,182
331,132
354,163
200,825
200,406
218,771
214,066
208,313
216,598
233,666
111,002
112,241
115,996
113,430
107,869
114,534
120,497
162,273
174,122
189,791
190,918
188,663
201,966
221,627
221,715
221,395
222,917
224,632
230,827
231,485
228,353
228,048
234,042
233,071
231,236
225,922
238,275
117,866
118,030
118,439
119,874
124,175
123,578
120,924
120,432
123,331
122,962
121,720
117,114
r
128,389
124 801
103,849
103,365
104,478
104,758
106,652
107,907
107,429
107,616
110,711
110,109
109,516
108,808
109,886
345,798
347,785
349,412
351,603
354,163
357,458
359,056
361,130
363,458
365,055
366,492
370,803
371,789
226,600
228,214
229,735
231,766
233,666
119,198
119,571
119,677
119,837
120,497
236,810
238,165
239,330
240,486
241,689
242,295
245,813
246,570
120,648
120,891
121,800
122,972
123,366
124,197
124,990
125,219
227,009
222,669
227,095
228,153
238,886
236,075
231,306
233,011
239,907
233,753
235,157
230,447
236,897
Monthly average for year and total for month. Shipments are the same as sales.
End of period.
3
78,338
87,600
98,581
99,843
100,166
107,770
119,634
122,806
119,321
122,791
123,035
132,149
38,808
34,858
34,623
35,825
39,432
128,479
124,107
125,377
129,372
123,524
125,137
122,031
r
126,825
126,678
40,352
37,189
38,137
40,389
37,290
39,146
41,445
r
37,157
35,081
314,270
349,419
372,586
383,181
387,065
421,243
468,860
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.56
1.57
1.57
1.57
1.53
1.54
1.57
1.58
1.55
1.57
1.58
1.64
1.56
Annual data are averages of monthly ratios.
21
PRICES
PRODUCER PRICES
rK.\JV\J\sLiK r'.KlVyriO
In September, the producer price index for all finished goods rose 0.9 percent. Prices of finished consumer foods
fell 0.6 percent and prices of other finished consumer goods rose 1.6 percent. Capital equipment prices rose 1.0
percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
80
1989
1981
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982 — 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1988- Sept
Oct
Nov
Dec
1989:
Jan
Feb
Mar
May '
July
Sept
1
Total
finished
goods
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
109.1
109.2
109.5
109.9
111.1
112.1
112.6
113.1
114.1
114.0
113.5
113.1
114.1
Con-
sumer
foods
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
114.6
114.7
115.1
115.2
116.7
117.8
118.8
118.1
119.1
118.2
118.3
118.7
118.0
Consumer goods
Total
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
107.3
107.4
107.7
108.2
109.3
110.1
110.5
111.4
112.5
112.6
111.9
111.3
112.9
Intermediate materials for food manufacturing and feeds.
22
Capital
equipment
Total
Durable
Nondurable
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
103.7
103.8
104.1
104.7
115.1
115.0
115.0
115.4
97.6
97.8
98.3
98.9
115.7
115.6
115.8
116.2
106.0
107.1
107.5
109.0
110.1
110.1
109.1
108.0
109.7
116.3
116.9
117.0
116.3
117.2
117.4
117.1
117.5
119.1
100.4
101.6
102.2
104.4
105.7
105.6
104.3
102.6
104.4
116.9
117.4
117.5
117.4
118.2
118.7
118.7
119.0
120.2
Total
finished
consumer
goods
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
107.3
107.4
107.8
108.2
109.5
110.6
111.2
112.0
113.1
112.8
112.1
111.5
112.5
Total
Foods
and
feeds !
Other
Crude materials
Total
Foodstuffs
and
Other
stuffs
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
108.6
108.6
109.0
109.5
115.3
115.1
113.2
112.3
108.2
108.3
108.8
109.4
97.1
96.6
94.8
97.8
110.8
111.3
111.9
112.5
112.7
112.4
112.2
111.9
112.3
115.2
114.8
116.7
114.9
113.6
111.8
113.6
113.4
113.6
110.5
111.1
111.7
112.4
112.6
112.4
112.1
111.8
112.2
101.8
101.5
103.7
104.5
104.9
103.0
103.2
101.2
102.3
Source: Department of Labor, Bureau of Labor Statistics.
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
113.1
113.4
108.8
110.8
113.3
111.7
115.2
112.1
112.1
109.4
108.2
110.0
109.1
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
83.1
82.0
82.1
85.6
90.2
90.7
92.1
95.1
95.8
94.5
95.4
91.3
93.5
CONSUMER PRICES—ALL URBAN CONSUMERS
In September, the consumer price index for all urban consumers rose 0.2 percent, seasonally adjusted (0.3 percent
not seasonally adjusted). The index was 4.3 percent above its year-earlier level.
INDEX, 1982-84=100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
- CONSUMER PRICES—ALL ITEMS -
110
110
100
100
90
90
80
80
70
70
60
Illllllllll
1981
60
1983
1982
1984
1985
1986
1987
1989
1988
SEE NOTE ON TABLE 8EIOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All items '
Fuel
and
other
utilities
Apparel and
upkeep
Total 1
New
cars
Motor
fuel
Medical
care
Energy 2
All
items
less
food,
shelter,
and
energy
7.6
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
6.4
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
17.2
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
4.3
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
3.1
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
6.0
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
7.3
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
48.7
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
Shelter
Period
Not
seasonally
adjusted
(NSA)
Rel. imp.3....
1980
1981
1982
1983
1984
1985
1986
1987
1988
90.9
965
99 6
1039
107 6
1096
113.6
1183
1988:
Sept
Oct
Nov
Dec
119.8
120.2
120.3
120.5
121.1
121.6
122.3
123.1
123.8
124.1
124.4
124.6
125.0
Seasonally
adjusted
Food
Total 1
Total
Eenters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
16.2
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
42.3
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
7.9
19.7
103.0
108.6
115.4
121.9
128.1
133.6
102.5
107.3
113.1
119.4
124.8
131.1
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
119.5
120.0
120.3
120.7
120.3
120.6
120.8
121.2
119.3
119.6
120.1
120.6
128.1
128.3
128.9
129.4
133.8
134.1
134.2
134.9
132.5
132.7
133.5
133.9
115.3
115.0
115.4
115.8
104.4
105.1
105.5
106.3
116.0
117.4
117.4
117.7
109.7
110.1
110.4
110.4
117.7
117.8
117.9
118.1
82.0
81.3
81.1
79.7
140.7
141.6
142.2
142.9
89.3
89.2
89.5
89.2
123.0
123.8
124.2
124.6
121.4
121.9
122.5
123.3
124.0
124.2
124.5
124.5
124.7
122.1
122.6
123.6
124.2
125.0
125.3
125.7
125.9
126.2
120.9
121.3
121.7
121.8
122.3
122.6
123.3
123.5
123.6
129.7
130.3
131.1
131.2
131.8
132.3
133.2
133.5
133.7
135.2
136.4
138.2
137.3
137.3
138.1
140.2
139.6
138.5
134.2
134.7
135.1
135.6
136.5
116.1
117.1
117.1
117.3
117.4
118.3
118.4
118.5
118.6
106.9
106.7
106.9
107.4
107.6
107.1
107.6
107.5
107.6
117.7
117.5
119.1
119.4
120.4
119.1
118.1
116.3
118.3
111.2
111.9
112.6
115.0
116.1
115.9
115.2
114.3
113.7
118.9
119.3
119.7
119.8
119.6
119.3
118.8
118.5
118.0
80.5
81.8
83.6
93.0
96.6
95.4
93.3
89.5
87.6
144.0
145.2
145.9
146.6
147.6
148.7
149.8
150.8
152.0
89.9
90.4
91.4
96.1
97.6
96.6
95.9
94.0
93.2
125.4
125.8
126.3
126.6
127.2
127.4
127.6
127.7
128.2
1000
824
1989:
Feb
Mar
Apr
May
June
July
Auer
Sept
136;9
137.5
138.1
138.8
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1988.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership cost
and therefore are r.ot 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.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted hy NKA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from (> months earlier, ami lal rale
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
good?
Capital
cquip-
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Cl angc
from
ear
c rlier,
otal
fi isliwl
fe,ods
NSA
Change, Dec. to Dec., NSA
7.5
1.5
2.0
2.3
3.5
.6
2.8
-.2
5.7
11.8
7.1
3.6
.6
1.7
1.8
-2.3
22
4.0
1980
1981
1982
1983
1984
1985
1986
1987
1988
14.1
8.6
4.2
-.9
.8
2.1
-6.6
4.1
3.1
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
11.4
9.2
39
2.0
1.8
2.7
2.1
1.3
3.6
Change, month to month
1988: Sept
Get
Nov
Dec
1989- Jan
Feb
Mar
Apr
May r
June r
July
Sept
0.6
.1
.3
.4
0.9
.1
.3
.1
0.2
.1
.3
.6
0.9
-.1
.2
.3
5.7
3.7
3.7
3.0
9.2
6.5
5.4
2.1
4.0
2.0
2.3
3.9
6.1
4.6
3.9
1.1
.9
.4
.4
.9
-.1
4
-.4
.9
1.3
.9
.8
-.6
.8
-.8
.1
.3
-.6
1.2
1.0
.4
1.4
1.0
0
-.9
-1.0
1.6
.6
.4
.1
-.1
.7
.4
0
.3
1.0
7.1
9.8
10.2
7.4
7.3
5.1
1.4
-3.5
.4
7.2
9.7
13.1
4.9
4.5
-2.0
.7
-1.3
— .7
8.8
12.0
11.1
11.8
11.7
10.0
.4
-7.4
-1.4
4.6
5.6
4.6
1.7
2.8
4.1
4.5
2.7
5.2
4.4
4.0
3.9
4.3
7.4
7.6
7.1
5.6
3.0
2.2
2.3
3.9
4.5
3.9
3.7
3.9
2.7
3.0
3.3
4.0
5.4
6.7
6.5
7.3
8.6
7.6
4.4
1.8
2.7
6.8
7.5
7.5
6.0
7.1
5.3
2.8
1.5
13
5.3
7.1
7.5
10.3
11.9
10.6
5.9
1.7
4.1
4.6
4.8
3.1
3.1
4.2
4.3
3.1
2.7
4.6
4.5
5.3
5.5
5.6
6.2
5.9
5.0
4.2
4.5
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 hy NSA]
Housing
Period
All
items '
Total '
Renters'
costs
item?
Ap-
Food
Total '
Adde idum: All items, percent change
tannua ratef
Transportation
Shelter
Homeowners'
costs
and
other
util ties
and
Total '
Ncw
Motor
eal
care
Energy2
keep
food,
shelter,
and
energy
From
previous
IT3
From
3
months
earlier
From
G
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
12 5
89
38
38
39
38
1i
44
1980
1981
1982
1983
1984
1985
1986
1987
1988
10 2
43
31
4.4
38
26
38
35
5.2
0.4
0.7
13 7
102
36
35
43
43
37
4.0
15 0
99
24
47
52
60
46
48
4.5
13 8
14 4
97
68
35
14 6
10 9
68
16
29
20
2 8
18
39
31
9 (i
9
15
3 4
25
34
59
4$
4.7
61
51
59
63
50
39
3.9
45
18
51
59
42
18
4g
56
16
0
0.5
2
.6
.3
0.4
2
.4
.6
_.
53
4.7
25
3.0
18 8
94
65
99
1° 5
11 0
2 4
31
64
61
68
59
18
2.1
30 7
18 7
-2.1
58
6.9
-1.0
9
-.2
7 4
18 0
11 9
13
98
94
61
2
18
197
89
.5
50
43
37
33
38
4.7
13.5
103
fi.2
3.2
4.3
36
19
36
4.1
Change, month to month
1988:
Sept
0.3
4
2
.3
.3
2
.3
3
.4
.4
1989: Jan
Fcb
Mar
.6
.7
2
.4
.4
.5
Apr
May
_7
.8
.5
.6
.2
.3
.3
.1
.4
,2
.3
2
2
.6
.2
.1
Oct
Nov
Dec
June
July
Aug
Sept
.6
2
2
0
•2
24
0.4
2
.5
.4
.2
.5
.6
.1
.0
.4
.7
.2
.1
9
.1
.0
')
.9
1.3
— .7
0
.3
.4
.t
.6
.3
1.5
.4
.4
.n
-.4
-.8
.4
.8
—.
.5
-.1
.1
1.8
12
0
.3
0.1
4
.3
0
0.6
1
.1
0
_ ')
1.4
.3
.7
.7
.6
.6
2.1
.3
.3
.1
1.0
9
2
-.6
-.8
-.5
-.3
.8
-1.1
-.8
-1.5
1.7
2
-.4
-.3
-.4
-1.7
1.0
1.6
2.2
11.2
3.9
-1.2
— 2.2
-4.1
— 2.1
0.5
6
.4
.;>
.8
.8
.5
.5
_7
.7
.7
7
.8
-0.2
0.5
.3^
-.3
.3
.3
.8
.6
1.1
5.1
1.6
-1.0
-.7
.6
.3
.4
-2.0
.1
.4
-.9
4.5 1
4.4
5.4
9
.O
2
2
6.4
2.6
4.8
48
4.4
4.1
4.7
5.4
6.1
6.4
7.1
5.7
4.0
1.6
1.6
4.9
4.8
4.5
4.5
4.2
4.2
4.2
4.4
4.8
4.7
4.8
4.9
5.1
5.6
6.2
5.9
5.2
4.3
3.6
5.0
5.1
5.4
5.2
5.0
4.7
4.3
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in October were 0.7 percent above their September level. Prices paid by farmers in
October were unchanged from their July level.
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
I 180
60
60
1981
1989
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS.
[1977 = 100; not seasonally adjusted]
Prices paid by farmers
Prices received by farmers
Period
1981
1982
1983
1984
1985
1986
1987
1988
1988:
Oct
Nov
Dec
1989- Jan
Feb
Mar
Apr .
May•>
T
June
July
Aue ....
Sept
Oct
1
All farm
products
Livestock and
products
Crops
139
133
135
142
128
123
126
138
143
144
145
149
148
149
147
149
147
146
144
143
144
134
121
128
138
120
107
106
126
133
136
136
143
145
141
146
136
138
146
150
152
151
154
140
138
136
140
141
138
134
126
r
!26
127
158
158
161
154
156
157
157
161
r
!60
160
Includes items not shown separately.
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 1086, 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.
2
All commodities,
services,
interest, taxes,
and wage rates *
Production
items, interest,
taxes, and wage
rates
150
159
161
164
162
159
161
170
173
(3)
(3)
175
(3)
(3)
177
(3)
(3)
178
(3)
(3)
178
151
158
159
161
156
150
151
160
163
(3)
(3)
166
(3)
(3)
167
(3)
(3)
167
(3)
(3)
167
Production
items
148
153
152
155
151
144
147
157
162
(3)
(3)
163
(3)
(3)
165
(3)
(3)
165
(3)
(3)
164
Ratio 2
92
84
84
87
79
77
79
81
83
83
84
85
85
85
83
84
83
82
81
80
81
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In September, the rate of growth accelerated in Ml, rose a little in M2, and slowed in M3.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,800
,4,400
4,000
4,800
4,400
4,000
3,600
3,600
M3
3,200
3,200
2,800
2,800
2,400
2,400
M2
2,000
2,000
1,600
1,60?
1,200
1,200
600
1985
1981
1986
1988
1987
1989
COUNCIL OF ECONOMIC ADVISERS
- AVERAGES OF DAILY FIGURES^ SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Debt
L
Percent change from year or 6
months earlier 2
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term KPs, term
Eurodollars, and
institution-only
MMMF balances
' M3 plus
other liquid
assets
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
412.2
439.1
476.4
522.1
551.9
620.5
725.9
752.3
790.3
1,633.3
1,795.9
1,954.5
2,186.0
2,367.2
2,567.4
2,811.2
2,909.9
3,069.5
1,991.1
1,236.9
2,443.8
2,694.3
2,982.3
3,201.7
3,494.9
3,677.6
3,915.4
2,327.8
2,599.4
2,853.5
3,155.5
3,523.4
3,830.6
4,137.1
r
4,336.7
r
4,672.2
3,881.9
4,269.0
4,660.0
5,185.4
5,932.7
6,741.5
7,597.0
8,316.1
9,081.1
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.6
5.1
8.9
10.0
8.8
11.8
8.3
8.5
9.5
3.5
5.5
10.2
12.3
9.2
10.3
10.7
7.4
9.2
5.2
6.5
9.5
10.0
9.2
11.3
14.4
13.6
12.7
9.5
9.2
1988- Sept
Oct
783.7
785.4
786.6
790.3
3,035.0
3,042.3
3,059.4
3,069.5
3,861.0
3,877.9
3,898.1
3,915.4
r
8,882.2
8,942.9
9,017.7
9,081.1
5.3
3.7
4.1
3.6
4.5
3.5
4.0
3.8
5.6
5.2
5.5
5.2
9.6
9.4
9.4
9.2
786.3
787.4
786.3
783.1
773.3
770.3
r
777.3
777.7
781.5
3,065.8
3,069.4
3,078.4
' 3,080.8
' 3,072.2
3,088.0
r
3,117.6
r
3,136.4
3,156.1
3,920.2
3,929.5
3,950.8
r
3,958.8
r
3,954.8
3,973.5
4,003.2
r
4,010.5
4,013.4
9,137.8
9,206.1
9,267.8
9,323.7
9,380.8
9,431.6
r
9,479.2
9,552.6
1.0
1.3
.7
-.6
-3.4
-5.0
-2.3
-2.4
-1.2
2.8
2.6
2.9
2.5
.8
1.2
3.4
4.4
5.1
4.3
4.1
4.7
4.2
2.9
3.0
4.3
r
4.2
3.2
8.9
9.0
8.9
8.7
8.2
7.9
7.6
7.7
Period
1980:
1981:
1982:
1983:
1984:
19851986:
19871988:
Dec
1989- Jan
Feb
Mar
July
Sept"
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfmanciai sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at an annual rate.
26
r
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
4,588.2
4,609.2
r
4,635.5
r
4,672.2
r
4,676.3
r
r
4,689.4
4,724.4
4,750.1
4,746.1
4,759.1
4,794.3
4,814.7
NOTE.— Sec p. '11 for components.
Source: Board of Governors of the Fedei
Ml
M2
M3
Debt
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
(EPs),
net,
plus
overnight
Eurodollars
NSA
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
Money
market
deposit
accounts
(MMDAs)
NSA
Small
denomination
time
deposits '
Savings
deposits
Large
denomination
tune
deposits 1
NSA
Term
repurchase
agreements
(EPs)
Term
Eurodollars
(net)
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
1980: Dec
1981- Dec
1982: Dec
1983- Dec
1984: Dec
1985- Dec
1986: Dec
1987- Dec
1988: Dec
115.2
122.5
132.6
146.3
156.1
167.8
180.5
196.4
211.8
261.5
231.5
234.2
238.7
244.2
267.3
303.2
288.3
288.6
31.3
80.8
105.3
132.2
146.4
179.5
235.8
260.4
282.3
28.3
35.9
38.8
53.8
56.3
70.2
78.3
78.3
78.5
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
239.4
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
87.6
0.0
.0
43.2
379.2
416.9
513.5
572.5
526.3
502.7
400.2
344.0
356.9
305.6
285.4
301.6
371.0
416.4
431.3
728.6
823.2
851.0
784.0
886.3
882.6
853.9
914.1
1,025.2
260.1
302.5
326.8
327.4
417.2
436.6
439.0
487.4
537.8
34.0
36.0
34.5
51.8
61.9
65.6
84.0
109.1
124.1
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
105.8
72.3
67.8
68.0
71.1
74.2
79.4
91.7
100.4
109.1
133.5
149.4
183.6
211.9
260.7
300.1
282.3
257.5
r
271.3
32.1
40.0
44.5
45.0
45.4
42.0
37.2
44.7
40.6
98.8
105.3
113.6
133.2
160.7
207.4
231.0
260.3
335.8
1988: Sept
Oct
Nov
Dec
208.6
209.7
210.5
211.8
288.8
288.9
287.7
288.6
279.0
279.4
281.0
282.3
77.3
76.1
75.7
78.5
231.0
231.3
237.4
239.4
83.7
84.6
87.4
87.6
511.4
507.5
506.7
502.7
430.5
429.2
431.8
431.3
998.7
1,009.7
1,017.8
1,025.2
526.7
532.0
534.4
537.8
122.8
125.4
128.4
124.1
102.8
100.2
101.6
105.8
107.9 "268.8
108.4 "269.3
108.7 * 264.5
109.1 "271.3
41.7
41.3
40.5
40.6
308.8
312.3
323.7
335.8
1989- Jan
Feb
Mar
213.4
214.3
215.6
215.9
216.4
217.4
218.0
218.4
219.3
284.0
284.8
284.3
281.4
278.2
275.0
278.9
277.6
277.5
281.3
280.9
279.1
278.5
r
271.4
270.7
r
273.3
274.6
277.6
81.8
79.0
77.4
74.5
73.5
76.0
r
77.5
74.9
72.2
241.7
247.2
255.5
' 259.3
r
259.0
265.1
274.6
285.5
294.8
89.3
89.6
87.6
87.7
91.6
95.1
98.2
100.6
99.1
495.2
485.3
480.3
471.3
457.0
456.9
459.8
465.4
469.1
427.8
424.6
420.8
412.8
404.7
402.0
401.5
402.3
404.2
1,035.7
1,048.3
1,061.0
1,083.1
1,105.8
r
l, 118.6
1,126.4
1,131.8
1,132.1
544.4
551.6
558.8
567.7
572.1
573.0
573.0
569.1
563.2
125.3
128.5
131.0
128.8
129.3
129.3
125.1
119.7
116.5
100.7
100.0
105.5
101.3
100.5
99.3
r
99.7
97.6
92.8
109.7
110.6
111.5
112.3
112.9
113.8
114.6
115.2
40.6
39.9
41.2
41.4
41.1
r
41.1
r
42.0
42.8
334.9
344.2
349.2
' 359.5
r
352.3
r
351.4
r
351.3
355.3
.
May
T '
July
Sept " . .
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
' 270.9
* 265.2
'271.7
'278.1
' 285.0
r
279.3
r
283.2
290.8
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]
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Adjusted for changes in reserve requirements
Reserves of depository institutions
Period
Total
Nonborrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
1980:
1981:
1982:
1983:
19841985:
19861987:
1988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
33,401
35,315
37,388
39,184
42,321
48,493
58,140
58,693
60,706
31,711
34,679
36,754
38,410
39,134
47,175
57,313
57,916
58,990
31,714
34,827
36,940
38,412
41,739
47,674
57,616
58,399
60,234
32,887
34,996
36,888
38,623
41,468
47,436
56,771
57,665
59,666
152,525
161,043
173,011
188,303
201,889
219,510
241,448
257,991
275,501
1,690
636
634
774
3,186
1,318
827
777
1,716
116
54
33
96
113
56
38
93
130
3
148
186
2
2,604
499
303
483
1,244
1988:
Sept
Oct.
Nov
Dec
60,824
60,862
60,853
60,706
57,985
58,562
57,991
58,990
60,043
60,343
60,314
60,234
59,852
59,800
59,733
59,666
272,420
273,659
274,380
275,501
2,839
2,299
2,861
1,716
421
332
186
130
2,059
1,781
2,322
1,244
60,370
60,260
59,854
59,463
58,740
58,350
58,698
58,753
59,173
58,708
58,773
58,041
57,174
57,019
56,860
58,004
58,078
58,480
59,754
59,822
59,376
58,880
58,217
57,776
58,110
58,120
58,502
59,226
59,106
58,896
58,686
57,709
57,445
57,733
57,869
58,285
276,784
277,553
278,615
278,675
278,329
279,056
279,983
280,288
281,978
1,662
1,487
1,813
2,289
1,720
1,490
694
675
693
76
97
139
213
345
431
497
490
452
1,046
1,050
1,334
1,707
1,197
917
106
41
22
1989: Jan
Peb
Mar
May
July
Aug r
Sept".. . .
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.4 percent in September; commercial and industrial loans fell 0.1
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,800
.ALL COMMERCIAL BANKS _
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
.X*
200
200
_,,*
160
160
OTHER SECURITIES -
120
120
1981
1984
1983
1982
1985
1987
1986
* SEASONALLY ADJUSTED
SOURCE- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1989
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted l]
All commercial hanks
Loans and teases
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1988:
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dee
1989: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept ''...
Total
loans and
securities 2
1,307.7
1,401.5
1,553.6
1,723.7
1.911.4
2,094.5
2,239.6 i
2,417.2 |
2,381.5
2,401.4
2,410.2
2,417.2
2,422.8
2,451.9
2^464.9
2,470.9
2,486.3
2,496.8
2,518.1
2,534.4
2,544.1 !
28
U.S.
Government
securities
Other
securities
179.3
160.9
201.7 ! 165.7
259.2
170.6
260.2
142.6
181.4
270.7
196.5
309.6
335.5
195.3
361.4
194.0
195.2
353.1
196.8
355.6
358.8
195.9
361.4
194.0
360.4
189.6
190.4
361.8
368.8
189.7
187.2
370.7
186.4
373.5
373.8
185.8
184.6
374.4
182.8
376.6
378.8
182.9
Total
2
967.5
1,034.1
1,123.9
1,321.0
1,459.3
1,588.4
1,708.8
1,861.9
1,833.2
1,848.9
1,855.6
1,861.9
1,872.9
1,899.7
1 ,906.5
1,913.1
1 ,926.5
1,937.3
1,959.1
1,974.9
1,982.4
Commercial
and
industrial
355.4
392.6
414.1
472.9
499.7
536.2
562.7
601.9
598.1
601.6
601.8
601.9
606.6
619.0
617.8
620.6
626.3
624.9
632.1
637.3
636.9
Nonhank
Real
estate
Lidividual
Security
284.1
299.8
330.8
376.3
425.8
494.0
589.0
672.0
650.3
659.8
665.3
672.0
678.9
685.6
691.8
699.5
705.5
712.0
719.9
729.0
734.4
182.5
188.2
212.9
253.8
294.8
315.9
329.5
355.5
350.2
351.6
353.0
355.5
357.9
358.9
360.6
362.9
365.4
366.0
367.0
369.3
372.1
29.9
21.5
25.4
31.3
28.1
30.5
31.4
34.3
42.7
32.5 1
40.1
35.0
34.4
31.9
38.5
30.0
30.7 !
36.5
30.4
38.5
30.2
38.2
38.5
30.0
37.7
30.3
44.7
30.6
43.6
29.7
40.0
29.2
r
38.1 i 29.0
r
r
41.3
30.5
r
40.5
31.7
r
39.9 1 32.0
40.6
32.1
financial
institutions
Agri-
State
and
politi-
eultural
eal
suhdivisions
33.1
36.2
39.2
40.1
36.1
31.6
29.4
30.7
29.6
29.8
30.3
30.7
30.7
30.7
30.7
30.4
30.3
30.3
30.4
30.3
30.2
0.0
.0
3.3
46.0
56.7
58.4
52.5
46.8
48.0
48.5
47.7
46.8
44.4
44.5
44.6
44.6
r
44.7
r
44.5
44.2
43.9
43.5
Foreign
hanks
18.1
14.8
13.4
11.1
9.7
9.6
7.5
7.6
7.2
7.6
8.1
7.6
7.8
8.5
8.2
8.3
9.4
9.3
8.9
9.3
8.5
Foreign
official
institutions
Lease
financing
7.2
12.7
5.9
9.4
7.9
6.0
5.9
5.3
4.9
5.0
4.9
4.9
4.9
4.8
4.8
4.8
4.9
4.9
4.7
4.5
4.3
4.3
13.3
13.7
16.0
19.0
22 3
24.5
29.2
28.5
28.9
29.1 j
99 2
29.4
29.6
29.6
29.8
30.0
29.9
30.3
30.3
31.0
Other
receivallies
23.1
26.6
31.8
31.2
36.3
39.4
42.1
44.8
49.1
47.5
47.0
44.8
44.4
42.7
45.2
42.9
r
43.0
r
43.8
r
49.5
r
49.3
48.5
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Total
Total
1979
1980
1981.
1982
323.7
323.2
377.4
303.0
1983
1984
1985
1986
1987
1988
419.2
495.0
457.3
510.7
486.2
508.4
1988- I
n
in
IV
1989- I p
n
197.6
200.1
239.5
242.3
285.7
336.3
352.3
344.9
352.6
372.6
507.7
508.3
528.6
488.8
369.1
485.0
361.9
512.5
369.0
367.2
372.4
381.6
Capital
expenditures 3
Credit market funds
Internal l
Securities
and
mortgages
Loans and
short-term
paper
Total
Other 2
126.1
123.1
137.9
60.7
133.5
158.7
105.0
165.8
133.6
135.8
60.3
70.7
91.8
50.3
78.3
95.1
50.9
123.0
69.0
77.0
9.0
30.5
25.4
-1.7
44.6
-9.1
30
59.0
38.1
7.7
51.3
40.2
66.4
52.0
33.7
104.2
53.9
64.0
30.9
69.3
65.8
52.5
46.0
10.4
55.2
63.7
54.1
42.8
64.6
58.9
138.6
141.1
156.2
107.2
95.5
109.4
82.0
21.0
38.2
28.1
38.7
743
57.3
81.3
43.3
95.3
43.0
31.8
74.2
86.2
123.1
143.5
31.8
115.5
52 2
20.5
84.0
95.0
91.4
28.0
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Increase in
financial
assets
Discrepancy
(sources less
uses)
238.6
243.2
285.9
255.7
269.9
367.9
339.9
328.8
348.3
380.4
129.8
98.4
97.0
47.0
122.1
105.1
83.0
119.3
105.6
92.9
-44.6
-18.3
-5.6
.3
27.2
22.0
34.4
62.6
32.4
35.0
470.9
474.0
500.9
447.7
359.2
380.7
390.1
391.8
111.7
93.3
110.8
55.9
36.7
34.3
27.8
41.1
445.6
473.2
376.0
388.8
69.6
84.4
39.5
39.3
368.4
341.6
382.9
302.7
392.0
473.0
422.9
448.1
453.9
473.3
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstandingl
Installment credit outstanding (end of period)
Period
Total
1980- Dec
1981:
19821983:
19841985:
19861987:
19881988-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept
Oct
Dec
Mobile
home
Other
Automobile
Revolving
297,566
310,682
323,536
367,868
442,538
517,755
572,047
607,721
659,507
644,666
646,556
649,132
654,413
659,507
111,936
118,956
124,218
143,799
173,704
209,636
247,313
265,976
281,174
279,585
279,243
278,902
279,926
281,174
54,894
60,838
66,243
78,667
100,212
122,013
137,013
153,884
174,792
167,125
168,273
170,131
173,030
174,792
18,621
20,302
22,833
23,704
25,795
26,834
27,355
26,387
25,744
26,277
26,185
26,033
26,005
25,744
112,115
110,586
110,242
121,698
142,827
159,272
160,367
161,475
177,798
171,679
172,855
174,066
175,452
177,798
682,020
687,397
691,162
693,911
698,132
700,849
700,344
703,820
286,382
288,767
288,850
289,654
290,741
290,192
288,526
288,925
176,716
178,570
182,831
184,500
186,502
189,622
191,028
194,602
26,036
25,992
24,168
23,993
23,952
23,685
23,630
22,974
192,886
194,068
195,314
195,763
196,936
197,349
197,161
197,319
Total
1,083
13,116
12,854
44,332
74,670
75,217
54,292
35,674
51,786
5,459
1,890
2,576
5,281
5,094
Automobile
Revolving
Mobile
home
Other
-539
7,020
5,262
19,581
29,905
35,932
37,677
18,663
15,198
1,926
342
-341
1,024
1,248
1,537
5,944
5,405
12,424
21,545
21,801
15,000
16,871
20,908
1,782
1,148
1,858
2,899
1,762
414
1,681
2,531
871
2,091
1,039
521
-968
643
64
-92
152
28
-261
329
-1,529
344
11,456
21,129
16,445
1,095
1,108
16,323
1,686
1,176
1,211
1,386
2,346
(2)
2,385
82
804
1,087
-549
1 667
400
(2)
1,854
4,261
1,670
2,002
3,120
1,406
3,574
(2)
-44
1 824
-174
-41
-267
56
-656
(2)
1,182
1,246
449
1,173
413
-189
158
NEW SERIES:
1989: Jan
Feb
Mar
May
July r
Augp
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Because of break in series, net change not available.
(2)
5,377
3,765
2,749
4,221
2,717
505
3,476
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in October.
PERCENT PER ANNUM
PERCENT PER ANNUM
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982
1983
1984
1985
1986.
1987
1988
1988: Oct
Nov
Dec
1989: Jan
Feb
Mar
May
July
Sept
Oet p
Week ended:
1989: Oct 7
14
21
28
Nov 4
3-month bills
(new issues) l
Constant maturities z
3-year
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Prime
commercial
paper, 1
6 months
Discount rate
(N.Y. F.R.
5
Bank)
Prime rate
charged 5by
banks
New-home
mortgage
yields
(FHLBB)6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
13.41
11.02
8.50
8.80
7.69
6.33
5.66
6.20
18.87
14.86
10.79
12.04
9.93
8.33
8.22
9.32
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
7.34
7.68
8.09
8.29
8.48
8.83
8.70
8.40
8.22
7.92
7.91
7.72
7.59
8.43
8.72
9.11
9.20
9.32
9.61
9.40
8.98
8.37
7.83
8.13
8.26
8.02
8.80
8.96
9.11
9.09
9.17
9.36
9.18
8.86
8.28
8.02
8.11
8.19
8.01
7.54
7.58
7.66
7.41
7.47
7.61
7.49
7.25
6.97
6.97
7.08
7.27
7.22
9.51
9.45
9.57
6.50-6.50
6.50-6.50
6.50-6.50
10.00-10.00
10.00-10.50
10.50-10.50
9.62
9.64
9.80
9.79
9.57
9.10
8.93
8.96
r
9.01
8.92
8.24
8.55
8.97
9.02
9.35
9.97
9.78
9.29
8.80
8.35
8.32
8.50
8.24
6.50-6.50
6.50-7.00
7.00-7.00
7.00-7.00
7 00 7 00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
10.50-10.50
10.50-11.50
11.50-11.50
11 50 11 50
11.50-11.50
11 50 11 00
11.00-10.50
10.50-10.50
10.50-10.50
10.50-10.50
9.10
9.43
9.39
9.52
9.82
9.99
10.17
10.18
10.42
10.48
r
10.22
10.23
7.83
7.63
7.37
7.52
7.78
8.32
8.00
7.94
7.86
8.18
8.00
7.99
7.89
7.27
7.23
7.18
7.20
9.02
8.95
8.88
8.85
8.58
8.27
8.10
8.07
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
30
Corporate
Aaa bonds
(Moody's) *
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in October.
INDEX, DEC. 31, 1965 = 50 (RATIO,SCALE)
INDE)(, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
COMPOS ITF STOCK PRICE
(NYSE)
180
160
N
140
120
r-^-f
100
60
(
-S~
160
\ s-^s-~~^
^\
140
120
100
1^-W—
S
80
r ~
INPFX j~
240
220
200
180
80
^^"1
60
^J
40
111I 1 11111 1
1 1 1 1I 1 1 1 t 11
1 1111j 11 11 1
1 1 M 1 1 1 1 1 11
1983
1984
1982|
1981
1 1 1 1 1 1 i i 1 1 1 1 1 1 1 r 1 it M i
M M 1 1 M I 11
1986
1985
[ I 1M 11M 1 1
1987
M 1 111111 11
1988
40
1989
PERC:ENT
PERC ENT
20
20
15
"^~n
i*i
TO
5
0
15
NGS-PRICE RATIO ON COMM
(S&P)
\
-~
^
1
1
1
1982
1981
^
1
1
10
\
1
1
1983
1
1
1984
.
5
^
1
1
1
1
1985
1
1
1986
1
1
1
1987
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1
1
1
1988
New York Stock Exchange indexes (Ilee. 31, 1965 — 5O)
Industrial
1
0
1989
Common stock yields
(percent) 5
2
Period
Composite
1
COUNCIL OF ECONOMIC ADVISERS
Common stock prices 1
Transportation
1
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143=10) 4
Dividendprice ratio
Earningsprice ratio
1981
1982 .. .
1983
1984
1985
1986
1987
1988 ..
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
1988: Sept
Oct
151.47
156.36
152.67
155.35
182.18
188.58
183.79
187.75
136.27
141.93
138.60
144.07
71.83
74.19
73.83
74.81
133.15
134.66
129.61
128.83
2,080.06
2,144.31
2,099.04
2,148.58
267.97
277.40
271.02
276.51
3.69
3.61
3.70
3.68
8.36
160.40
165.08
164.60
169.38
175.30
180.76
185.15
192.93
193.02
192.49
194.62
200.00
199.20
204.81
211.51
216.75
221.74
231.32
230.86
229.40
153.09
162.66
160.14
164.32
168.88
173.47
179.32
197.52
r
202.02
190.36
75.87
77.84
77.66
79.69
84.07
87.95
90.40
92.90
93.44
94.67
132.26
137.19
137.91
143.26
146.60
154.08
157.78
164.86
165.51
166.55
2,234.68
2,304.30
2,283.11
2,348.91
2,439.55
2,494.90
2,554.03
2,691.11
2,693.41
2,692.01
285.41
294.01
292.71
302.25
313.93
323.73
331.93
346.61
347.33
347.40
3.64
3.59
3.68
3.59
3.52
3.44
3.38
3.28
3.29
3.29
192.421- ':si::
197.34
195.74
190.45
188.66
229.41
235.16
233.43
227.09
224.71
r
94.15
95.93
95.15
94.14
93.85
166.10
171.99
169.87
164.17
162.65
2,676.78
2,759.69
2,735.84
2,662.42
2,637.17
346.28
355.65
352.99
344.01
340.80
3.30
3.21
3.21
3.36
3.36
Dec
1989- Jan
Feb
Mar
July
Sept
Oct p
Week ended:
1989: Sept 30
Oct
1
14
21
28
1
2
3
4
5
:.
198.30
204.93
203.33
181.89
177.35
Average of daily closing prices.
Includes all the stocks (more than 1,500) iisted on the NYSE,
Includes 30 stocks.
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
8.56
8.46
7.93
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 fiscal 1989, there was a deficit of $152.1 billion, compared with a deficit of $155.1 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
RECEIPTS AND OUTLAYS!^
1,100
1,100
1,000
1,000
OUTLAYS^
900
900
800
800
RECEIPTS^
700
700
600
600
SURPLUS OR DEFICIT l-V-t
-100
-100
^^^
\
-200
A
^1981
i
I
1982
1
1983
I
1984
^
!
1985
-200
^^
I
1986
1
1987
I
1988
1
1989
N
N
1990^"
RSCALYEARS
!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES' DEPARTMENT Oi" THE TREASURY AND OFFICE OF MANAGEMENT AMD BUDGET
[Billions of dollars]
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
{end of period)
Off-budget
On-budget
Total
Fiscal year or period
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
1976
Transition quarter
1977 . . .
1978
1979
1980
1981
1982
1983
1984
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
-14.7
— 53.6
-59.2
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-70.5
-13.3
-49.7
-54.9
-38.2
-72.7
-73.9
-120.0
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
-3.2
— 1.4
-3.9
-4.3
-2.0
-1.1
-5.0
-7.9
2
J
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
1985
1986
1987
1988
1989 1
1990 (estimates) 2
734.1
769.1
854.1
909.0
990.8
1,080.1
946.3
990.3
1,003.8
1,064.0
1,142.9
1,179.4
-212.3
-221.2
-149.7
-155.1
-152.1
-99.2
547.9
568.9
640.7
667.5
727.1
793.3
769.5
806.8
810.0
861.4
931.6
957.1
-221.6
-237.9
-169.3
-193.9
-204.5
-163.8
186.2
200.2
213.4
241.5
263.7
286.8
176.8
183.5
193.8
202.7
211.2
222.3
9.4
16.7
19.6
38.8
52.4
64.5
1,817.0
2,120.1
2,345.6
2,600.8
2,865.7
3,084.8
1,499.4
1,736.2
1,888.1
2,050.2
2,188.8
2,279.2
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1990, January
1989, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
32
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1989, receipts were $81.8 billion higher than a year earlier and outlays were $78.9 billion higher.
BILLIONS OF DOLLARS
500
BILLIONS OF DOLLARS
500
RECEIPTS^/
400
. INDIVIDUAL INCOME TAXES.
400
300
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
CORPORATION.
INCOME TAXES
200
OTHER RECEIPTS
100
100
0
0
900
900
OUTLAYS-!/
800
-NONDEFENSE
800
700
700
600
600
500
500
400
400
. NATIONAL DEFENSE_
300
300
200
200
1981
1982
1985
1984
1983
1986
1987
1989
1988
1990
FISCAL YEARS
J/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
National defense
Social
Individual
income
taxes
Corporation
income
taxes
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
734.1
769.1
854.1
. 909.0
990.8
1,080.1
334.5
349.0
392.6
401.2
445.7
484.6
61.3
63.1
83.9
94.5
103.3
117.0
265.2
283.9
303.3
334.3
359.4
387.5
73.0
73.1
74.3
78.9
82.4
91.0
946.3
990.3
1,003.8
1,064.0
1,142.9
1,179.4
252.7
273.4
282.0
290.4
303.6
296.3
Fiscal year
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
19891
1990 (estimates) 2
1
.
ance
taxes
and
contributions
Other
Total
Data from Monthly Treasury Statement for September 1989, issued October 1989.
See footnote 2, page 32.
NOTE.—Data are from Budget of the. United States Government, Fiscal Year 1990, January
2
Total
International
affairs
Health
Medicare
Income
security
Social
security
Net
interest
Other
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
245.2
265.5
274.0
281.9
294.9
286.9
16.2
14.2
11.6
10.5
9.6
16.4
33.5
35.9
40.0
44.5
48.4
56.4
65.8
70.2
75.1
78.9
85.0
97.1
128.2
119.8
123.3
129.3
136.8
145.4
188.6
198.8
207.4
219.3
232.5
249.1
129.4
136.0
138.6
151.7
169.3
176.3
131.8
142.1
125.9
139.4
157.7
142.4
Department of
Defense,
military
1989, 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 1989, Federal receipts rose $17.0 billion (annual rate) and Federal expenditures rose
$14.9 billion. In the third quarter, according to advance estimates, expenditures fell $7.6 billion; receipts data are
incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
EXPENDITURES
1,000
1,000
800
800
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
\
-200
1981
1982
-200
I I
j I
1983
I
1
I
1986
1985
1984
I
1987
I
1
1988
J I
1989
CALENDAR YtARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Total
Fiscal year:
1985
1986
1987 .
1988
Calendar year:
1985
1986
1987
1988
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: III
IV
1988: I
II
Ill
IV
1989: I.
II
Ill"
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Net
interest
paid
Less:
Wage
accruals
less
disbursements
374.0
394.6
411.2
432.7
97.8
107.4
103.1
108.6
128.3
134.6
138.8
149.0
20.7
22.8
31.9
35.1
-0.1
.0
.1
— .1
-185.5
-212.8
-16,3.1
-145.4
55.1
50.5
53.8
56.7
47.6
53.6
56.2
53.5
50.8
53.8
54.5
310.9
332.1
350.8
391.3
985.6
1,034.8
1,072.8
1,118.3
99 7
106.8
102.6
111.4
84.5
86.0
96.3
103.5
103.0
101.7
102.2
130.1
135.6
141.7
151.4
87.2
101.0
125.3
132.7
136.0
142.5
147.3
2
.0
.0
.0
835.7
844.7
930.2
1,017.5
1,042.8
1,065.5
1,101.7
380.1
399.9
414.3
438.2
347.4
352.5
362.1
385.8
405.8
414.3
421.9
20.3
26.0
32.6
36.0
236.1
259.8
290.7
317.7
337.9
352.2
359.7
355.2
366.5
381.6
381.3
293.2
276.1
326.0
376.6
368.8
384.5
388.1
23.4
29.1
21.0
19.0
29.2
.0
.0
.6
.0
.0
.2
2
-196.9
-206.9
-161.4
-145.8
-202.6
-169.2
-187.5
-212.2
-189.0
-143.9
-164.4
55.9
55.9
57.4
57.8
58.0
58.2
59.4
382.0
388.2
394.5
400.6
414.3
420.2
424.9
1,096.5
1,114.7
1,099.8
1,162.1
1,183.7
1,198.6
1,191.0
374.1
377.1
367.5
406.4
399.0
406.0
403.1
433.0
434.4
438.0
447.6
460.4
466.9
473.0
110.1
112.2
111.0
112.2
118.7
118.4
119.7
144.9
149.9
153.9
157.0
167.0
172.0
173.3
55.9
50.9
53.4
788.7
827.9
911.4
972.4
633.1
675.5
742.7
805.3
853.8
921.5
937.4
346.4
361.4
405.8
413.0
76.3
83.8
101.0
111.4
46.4
70.2
69.7
78.8
88.9
107.4
103.1
944.7
973.2
977.3
994.6
1,036.2
1,053.2
402.7
417.5
411.4
420.3
446.8
465.1
456 6
104.2
111.6
114.0
115.8
117.0
109.7
Transfer
payments
Surplus
or deficit
(-),
national
income
and
product
accounts
341.5
368.6
375.5
378.6
74.6
81.1
97.7
108.3
Source: Department of Commerce, Bureau of Economic Analvsis.
Total
Purchases
of goods
and
services
Subsidies
less
current
surplus of
Government
enterprises
962.3
1,028.0
1,060.4
1,104.0
340.4
357.0
401.2
408.0
34
Contributions for
social
insurance
Grantsin-aid to
State
and
local
governments
305.8
326.1
345.0
386.4
776.8
815.2
897.3
958.6
303.0
291.9
326.0
355.3
376.2
408.1
420.0
Federal Government expenditures
55.8
22.7
41.9
34.4
41.2
29.4
38.9
38.5
35.3
22.0
.0
.0
.0
.0
.0
.0
.0
— 151.8
— 141.5
-122.5
-167.6
-147.5
- 145.4
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1977 — 100; seasonally adjusted)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988 .
1988: Aug . .
Sept
Oct
Nov
Dec .
1989:
Jan.. . .
Feb
Mar
Apr
July. ..
Aug".
Sept ".
1
Consumer prices (1982-84=100)
United
States
Canada
Japan
France
Germany
Italy
United
Kingdom
United
States 1
Canada
Japan
France
Germany
Italy
United
Kingdom
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
137.2
104.8
106.9
96.5
102.7
115.2
121.6
121.5
128.3
136.3
119.0
120.3
120.7
124.5
136.1
141.0
140.8
145.7
159.1
107.2
106.1
105.0
105.0
106.1
106.1
107.2
109.4
114.3
108.0
105.9
102.7
103.3
106.2
111.0
113.0
113.7
118.1
114.8
113.0
109.5
105.9
109.5
110.7
114.7
119.3
126.4
99.8
96.7
98.5
102.2
102.4
107.9
110.2
114.1
118.2
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
123.2
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
72.2
81.8
91.7
100.3
108.0
114.3
117.2
121.1
124.3
86.7
92.2
97.1
100.3
102.7
104.9
104.7
105.0
106.2
63.2
75.4
87.7
100.8
111.5
121.1
128.5
134.4
141.1
78.5
87.9
95.4
99.8
104.8
111.1
114.9
119.7
125.6
138.5
138.6
139.4
139.9
140.4
138.4
' 138.0
' 136.9
' 136.2
160.8
161.6
160.2
165.0
166.1
116.0
117.2
113.2
118.0
117.3
121.3
120.0
119.4
119.1
121.2
126.0
124.1
127.6
129.1
132.2
119.0
119.6
119.0
119.8
120.2
129.3
120.5
124.1
124.2
124.8
125.1
125.1
105.6
106.4
106.9
106.5
106.2
125.0
125.3
125.6
125.8
126.0
106.3
106.3
106.4
106.7
106.9
141.5
142.2
143.3
144.5
145.0
126.8
127.4
128.7
129.2
129.6
140.8
140.5
140.7
141.7
141.6
r
142.0
142.0
142 4
142 3
136.7
137.4
137.0
167.3
164.5
172.5
166.3
167.3
170.7
118.2
117.4
116.6
120.7
118.1
119.9
121.2
120.5
121.3
124.3
118.6
123.6
T
125.1
124.4
127.9
130.3
126.9
127.0
125.3
128.4
121.1
121.6
122.3
123.1
123.8
124.1
124.4
124.6
125.0
125.7
126.6
127.2
127.6
128.9
129.6
130.4
130.5
130.7
106.0
105.7
106.2
108.1
108.7
108.6
108.4
108.3
126.5
126.8
127.2
128.0
128.5
128.7
129.0
129.2
108.1
108.4
108.6
109.2
109.5
109.6
109.5
109.4
146.1
147.3
148.0
149.0
149.6
150.3
150.7
150.9
151.6
130.4
131.4
131.9
134.3
135.1
135.6
135.7
136.1
137.0
r
r
!37.1
r
!38.0
' 138.6
' 138.3
138.0 r!67.6
171 1
Data relate to all urban consumer;
r
l!8.7
r
l!9.3
r
l!8.3
' 118.4
r
l!7.9
l!8.1
r
117.8
116.3
' 116.4
118.1
119.8
r
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Genera! merchandise imports (customs value) 3
Merchandise exports (f.a.s. value) 1
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
116.4
205.6
224.0
218.8
227.2
254.1
322.4
31.3
30.9
31.5
24.0
22.3
24.3
32.3
61.7
56.7
61.7
58.5
57.3
66.7
85.1
72.7
67.2
72.0
73.9
75.8
86.2
109.2
15.7
16.8
20.6
22.9
21.7
24.6
29.3
14.3
13.4
13.3
12.6
14.2
17.7
23.1
20.7
20.5
24.0
27.3
35.9
34.6
43.4
244.0
258.0
325.7
345.3
365.4
406.2
441.0
17.1
18.2
21.0
21.9
24.4
24.8
24.8
27.5
27.6
27.9
27.5
28.9
2.9
2.9
2.7
2.6
2.8
7.1
7.2
6.8
7.0
7.4
9.3
9.4
9.4
9.4
10.1
2.8
2.5
2.5
2.5
2.7
2.0
2.1
2.0
2.0
2.3
3.4
3.6
4.4
4.0
3.6
37.6
36.8
37.1
38.1
39.7
2.2
2.0
2.1
2.1
2.2
29.0
28.8
30.1
30.8
30.5
31.3
30.5
30.4
2.9
2.9
3.2
3.1
3.2
3.2
2.9
2.8
7.1
7.5
7.6
8.0
7.9
8.3
8.2
7.7
9.4
9.3
9.9
10.1
9.8
10.6
10.9
10.6
2.4
2.4
2.5
2.4
2.3
2.3
2.2
2.7
2.4
2.5
2.7
2.8
2.6
2.9
2.6
2.7
4.7
4.2
4.2
4.4
4.6
4.0
3.6
4.0
37.9
38.2
39.5
39.0
40.5
39.3
38.7
41.2
2.2
2.0
2.1
2.0
2.2
2.0
2.0
2.2
Period
Total
1982
1983
1984
1985
1986
1987
1988
1988:
4
4
Aug
Sept
Oct
Nov
Dec
1989:
Jan
Feb
Mar
T
*
July r. .
2
1
Includes Department of Defense Military Assistance Program grant-aid
2
Includes undocumented exports to Canada.
3
Total arrivals of imported goods other than intransit shipments.
4
Trade balance
Principal end-use commodity category
Principal end-use commodity category
Other
shipments.
2
Total
Foods
feeds,
and
beverages
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
General
merchandise
imports
(c.i.f.
value)
35.4
40.9
59.8
65.1
71.8
84.5
101.4
33.3
40.8
53.5
66.8
78.2
85.2
87.7
39.7
44.9
60.0
68.3
79.4
88.7
95.9
6.5
6.3
7.8
9.4
10.4
12.1
12.8
254.9
269.9
346.4
352.5
382.3
424.4
459.5
10.2
9.3
9.9
9.8
10.2
8.9
8.7
8.2
9.1
9.1
7.2
7.6
7.7
7.5
8.0
8.1
8.0
8.1
8.3
9.0
1.1
1.1
1.1
1.2
1.2
10.7
10.0
11.0
11.3
11.7
11.4
11.4
11.5
9.0
9.3
9.3
9.1
9.9
9.5
9.1
10.3
7.4
7.6
7.7
7.3
7.2
6.7
6.6
7.2
7.7
8.3
8.3
8.3
8.5
8.5
8.6
8.7
.9
1.0
1.1
1.1
1.1
1.1
1.0
1.2
Industrial
supplies
and
materials
112.0
107.0
123.7
113.9
101.3
111.0
118.3
Exports
(f.a.s)
less
imports
(customs
value)
-27.5
52 4
Exports
(f.a.s)
less
imports
(c.i.f.)
152 1
— 118.5
-38.4
-64.2
— 122.4
-133.6
— 155.1
-170.3
-137.1
39.2
38.2
38.6
39.6
41.3
-10.1
-9.2
-9.2
-10.5
-10.8
-11.7
— 10.6
-10.7
-12.1
-12.5
39.5
39.7
41.2
40.7
42.2
40.9
40.4
43.0
-8.9
-9.4
-9.5
-8.3
-10.1
-8.0
-8.2
-10.8
-10.5
-10.9
-11.2
-9.9
-11.7
-9.6
-9.9
— 12.6
-101.7
1265
-138.3
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1989, the current account deficit rose to $31.0 billion, from $30.4 billion in the first
quarter. The merchandise trade deficit fell to $27.7 billion, from $28.4 billion in the first quarter.
BILLIONS OF DOLL/^RS*
BILLI ONS OF DOLLARS*
10
10
5
5
"'/%*
0
0
VH\
\\
•*.
v
*
V
~x..s \
I
"— - s
-20
Ij
\\
\\x
\\
x A\
\
-10
15
BA LANCE ON GOODS
AND SERVIC FS
20
**^
-25
\
*•""""».V
XX^
-30
1
V
\
MERCHANDISE TRADF
BAIANC E
i i i
1 1 1
i ii
1 1 1
1981
1982
1983
1984
30
1
1
1
1985
'A :T >&\
35
-^J ;
40
•
\.
-45
j
"\ \_
\
-40
\
1
1
1
1986
i i i
BALANC
CURRENT A :COUNT
1
1987
1
1
1988
1 1 1
-45
1989
" SEASONALLY ADJUSTED
SOURCE: OEPARTMEN OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise
12
Investment income 3
Period
1980
1981..
1982
1983
1984
1985
1986
1987
1988
1986: I
II
in
IV
1987: I
n
m
IV
1988: I
II
Ill
IV
1989: I
II"
1
2
3
Exports
Imports
224,269
237,085
211,198
201,820
219,900
215,935
223,367
250,266
319,251
53,899
56,796
56,182
56,490
57,255
60,015
64,297
68,699
76,447
78,471
80,604
83,729
87,919
90,866
-249,749
-265,063
-247,642
-268,900
-332,422
338 083
-368,425
409 766
-446,466
-89,549
-90,812
-92,983
-95,081
-95,916
-99,834
- 104,903
-109,113
-109,893
-109,882
-110,943
-115,748
-116,297
-118,584
Net balance
Receipts
Payments
-25,480
72,506
— 42,119
-27,978 86,412
-52,329
KA OQA
36 444 83,548
77,251
-67,080
-52,376
112 522 85,908
— 122,148
88,832
-62,901
- 145,058 88,615
66 968
159 500 104,703
-82,420
-127,215 107,775 - 105,548
-35,650
23,970
-17,357
22,078
-34,016
-17,533
-36,801 21,744
-15,729
-38,591 20,822
-16,350
-38,661 25,117
-19,755
-39,819
22,744
-20,554
23,578
-40,606
-21,904
33,265
-40,414
-20,207
-33,446
26,750
-23,955
-31,411 23,148
-25,613
-30,339
24,720
-27,310
-32,019
33,159
-28,670
-28,378
26,830
-29,246
-27,718 26,932
-31,947
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
30,387
34,083
28,664
24,875
18,489
25,931
21,647
22,283
2,227
6,613
4,545
6,015
4,472
5,362
2,190
1,674
13,058
2,795
-2,465
-2,590
4,489
-2,416
-5,015
Net
military
transactions
Net
travel and
transportation
receipts
-2,099
-997
144
-992
4 227
-7,885
Q KK7
0 QOO
-4,576
-8,031
-2,577
-1,523
-474
Q^Q
9 R^7
-4,606
-1,411
-1,298
-1,089
-777
-176
-210
-1,031
-1,440
-964
-1,033
-1,006
-1,604
-1,498
-1,630
-2,633
-2,452
-1,465
-1,874
-2,241
-1,965
-2,088
-1,279
-1,993
-1,854
-719
-155
94
-297
512
Other
services,
net 3
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers 1
-7,593
9,126
7,794
15,810
11,085
-9,188
2,191
11,436
04 K-l A
12,264
-9,776
-91,718
12,299
-97,256 -15,426
12,351
i K 770
18,547 — 117,470
17,909 -129,488 -14,212
14 fi^fi
20,335
-28,280
-3,068
4,620
-27,653
-4,199
4,581
-29,210
-4,376
4,539
-32,330
4,807
-4,136
-3,137
-31,190
4,250
-3,265
-35,555
4,372
-3,225
-36,687
4,555
-4,586
-26,055
4,734
-3,364
4,787
-30,586
5,042
-2,899
-28,964
-3,376
5,126
-23,659
-5,018
5,381
-26,864
-3,526
5,725
-27,894
-3,094
5,957
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
Balance
on current
account
1,533
8,163
-6,997
— 104,186
-112,682
-133,249
-143,700
126 548
-31,348
-31,852
-33,586
-36,466
-34,327
-38,820
-39,912
-30,641
-32,046
-33,485
-32,340
-28,677
-30,390
-30,988
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $28.5 billion in the second quarter
of 1989, compared with an increase of $22.1 billion in the first quarter. Liabilities to private foreigners reported
by U.S. banks, excluding Treasury securities, decreased $22.8 billion in the second quarter, compared with an
increase of $13.3 billion in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
80
20
-20
-20
-40
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capit
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1986: I
II
Ill
IV
1987: I
-86,118
— 110,951
-121,153
49 777
-22J304
-32,628
-99,665
-76,218
-82,110
-15,401
-24,763
-26,078
— 33,422
8,759
-22,632
-25,976
IV
-36,370
1988: I
4,540
n
-16,119
m
-37,886
IV
-32,648
1989: I
-31,318
II"....
7,476
n
m
U.S.
official
reserve
assets 1 2
-8,155
-5,175
- 4965
1 196
-3,131
3 858
312
9,149
-3,566
-115
16
280
132
1,956
3,419
32
3,742
1,503
39
-7,380
2,272
-4,000
-12,095
Other U.S.
Government
assets
-5,162
5 097
-6,131
-5,006
5 489
2 821
2 024
997
2,999
-232
238
-1,565
11
40
-195
308
843
1 490
-885
1,961
3,413
1,049
-372
Foreign assets in the U.S., net
[increase/capital inflow ( + )] 2
]
U.S.
private
assets
-72,802
100 679
110058
-43,576
13 685
-25,950
97 954
-86,363
81 543
- 15,054
24 541
-24J93
33 565
6,763
-25,856
26 316
-40,955
4,528
-15,273
-32,467
-38,332
28 367
19,943
Total
58,112
83,032
93,746
84,869
102,621
130,012
221,605
218,039
219,299
39,048
50,291
69,927
62,339
33,381
51,134
73,575
59,949
27,027
65,334
46,179
80,759
60,007
-3,117
1
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Foreign
official
assets
Other
foreign
assets
15,497
4,960
3,593
5,845
3,140
-1,083
35,594
45,193
38,882
2,720
15,838
15,785
1,251
14,040
10,329
753
20,070
24,631
5,895
-2,234
10,589
7,478
-4,948
42,615
78,072
90,154
79,023
99,481
131,096
186,011
172,847
180,418
36,328
34,453
54,142
61,088
19,341
40,805
72,822
39,879
2,396
59,438
48,413
70,170
52,529
1,831
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,152
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 1
(unadjusted,
end of
period)
3,515
-3,306
4669
4,463
3,895
-2,559
-4,501
3,166
3,843
-3,714
-4,556
4,431
4,127
-2,340
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
44,919
46,595
48,087
48,511
48,824
45,140
45,070
45,798
43,186
41,028
47,788
47,802
49,854
60,502
25,322
18,663
34,404
9,194
23,869
15,298
11,308
1,878
-10,641
7,701
6,324
-10,263
7,549
-7,813
10,318
-7,687
7,062
,--',.
479
""-15,729
24,047
-19,434
1,702
26,629
Sources: Department of Commerce (Bureau of Economic Analysis) and Departm
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfmancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
c
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