Full text of Economic Indicators : October 1991
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102d Congress, 1st Session
Economic Indicators
OCTOBER 1991
(Includes data available as of October 30, 1991)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1991
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
CONNIE MACK (Florida)
ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVES
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
KWEISI MFUME (Maryland)
RICHARD K. ARMEY (Texas)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
DAVID F. BRADFORD, Member-Designate
PAUL WONNACOTT, Member-Designate
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,
Office of the Secretary, Department of Commerce,
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $28.00 per year ($35.00 for foreign
mailing) from:
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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the third quarter of 1991, according to advanced estimates, current-dollar gross national product (GNP) rose 4.2
percent (annual rate) or $58.4 billion. Real GNP (GNP adjusted for price changes) rose 2.4 percent and the
implicit price deflator rose 1.8 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
6,000
5,600
-
6.000
SEASONALIY ADJUST D ANNUAL RATES
-
5,600
-
-
.
^^
5,200
-
5,200
^X"]^
GNP
-
4,800
•IT DOLLARS- IN CURREh
4,800
VI
-
-
'
4,400
-
4,400
-
r-^
^,
4,000
-
/^
_....
4.000
,—
3,600
x£
-
-
- — -'
,'""
GN 3
IN 1982 D XLARS
3,600
-
3,200
3,200
-
-
2,800
2,800
1 1 1
1 1 1
1982
1983
\
\ \
1984
1
1
1
1985
i Ii
1986
1
1 1
1987
1
1 1
1988
1
1 1
1989
1
1 1
1990
1
I 1
1991
COUNCIL OF ECONOMIC Al
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,515.6
4,873.7
5,200.8
5,465.1
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657.3
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.5
747.1
771.2
741.0
IV
IV
IV
IV
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,647.6
5,009.8
5,289.3
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
3,518.5
409.6
579.8
661.8
654.1
648.8
741.4
747.5
762.7
1990: I
H
HI
IV
5,375.4
5,443.3
5,514.6
5,527.3
3,588.1
3,622.7
3,693.4
3,724.9
1991: I
II
HI "
5,557.7
5,612.4
5,670.8
3,742.8
3,789.0
3,841.8
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Gross
national
product
Net
exports
Grass
„
Federal
final
sales
and
local
chases a
Exports
Imports
351.0
382.8
361.9
352.5
383.5
370.9
396.5
449.6
552.0
626.2
672.8
318.9
348.9
335.6
358.7
442.4
448.9
493.8
564.3
626.1
672.3
704.0
530.3
588.1
641.7
675.0 .
735.9
820.8
872.2
921.4
962.5
1,025.6
1,098.1
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.3
380.3
400.0
424.0
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.6
297.2
301.1
313.6
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
83.1
98.9
110.4
322.2
345.9
369.0
391.5
425.3
465.6
505.7
540.2
582.3
625.6
674.1
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.8
4,487.3
4,847.5
5,172.5
5,470.2
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,329.0
4,630.3
4,947.8
5,246.9
5,496.4
-25.8
-67.9
- 103.2
- 108.9
-115.0
-70.3
-35.3
335.9
364.7
385.7
369.2
402.4
485.8
583.1
642.8
321.9
390.5
453.6
472.4
511.3
600.7
653.5
678.1
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
1,043.3
293.2
276.1
326.0
376.6
368.8
388.2
401.1
399.9
205.4
221.5
244.1
268.6
280.7
296.0
299.6
299.2
87.7
54.6
81.9
108.0
88.1
92.2
101.6
100.7
378.7
400.0
438.5
480.1
520.1
553.9
598.9
643.4
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
5,264.3
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
5,324.6
747.2
759.0
759.7
698.3
-30.0
-24.9
-41.3
-28.8
661.3
659.7
672.7
697.4
691.3
684.6
714.1
726.2
1,070.1
1,086.4
1,102.8
1,132.9
410.6
421.9
425.8
437.6
307.2
309.6
312.6
325.0
103.4
112.3
113.2
112.6
659.6
664.6
677.0
695.3
5,387.2
5,429.9
5,505.6
5,558.2
5,405.3
5,468.2
5,555.9
5,556.1
660.0
654.0
684.8
13.5
18.1
-1.4
694.5
700.8
693.5
681.0
682.6
694.9
1,141.5
1,151.3
1,145.5
443.8
449.7
436.8
331.2
325.7
318.7
' 112.6
124.0
118.1
697.7
701.6
708.7
5,591.9
5,6525
5,688.3
5,544.2
5,394.3
5,672.2
32.1
33.9
26.3
-6.1
-58.9
78.0
-97.4
-114.7
-74.1
-46.1
-31.2
14.1
* GNP less exports of goods and services plus imports of goods and services.
Govern ment purcl ases of
goo Is and sen ices
Exports md imports of goods
md service
Total
National
defense
Nondefense
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic in vestment
Gross
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
1990: I
n
in
IV
1991: I
n
ni "
1
al
product
Personal
consumption
expenditures
Total
Nonresidential
fixed
Residential
fixed
Exports and imp orts of
goods and services
Change
m
business
inventories
Government pure bases of
gooc s and sei•vices
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
sales
Gross
domestic
purchases *
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,717.9
3,845.3
4,016.9
4,117.7
4,157.3
2,000.4 509.3
2,024.2 545.5
2,050.7 447.3
2,146.0 504.0
2,249.3 658.4
2,354.8 ,637.0
2,446.4 639.6
2,515.8 669.0
2,606.5 705.7
2,656.8 716.9
2,681.6 688.7
379.2
395.2
366.7
361.2
425.2
453.5
438.4
449.8
487.2
506.1
515.4
137.0
126.5
105.1
149.3
170.9
174.4
195.7
196.4
194.9
187.0
176.8
-6.9
57.0
23.9
49.4
-24.5
26.3
6.4 -19.9
62.3 -84.0
9.1 -104.3
5.6 -129.7
22.8 -118.5
23.6 -75.9
23.8 -54.1
-3.6 -33.8
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
534.7
593.3
631.5
332.0
343.4
335.6
368.1
455.8
471.4
526.9
570.3
610.6
647.4
665.3
620.5
629.7
641.7
649.0
677.7
731.2
761.6
779.1
780.5
798.1
820.8
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.1
334.9
343.7
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.1
260.7
256.3
258.7
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.5
67.5
78.7
85.0
373.6
370.1
369.0
373,9
387.0
405.2
427.5
439.5
452.4
463.2
477.1
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,712.4
3,822.5
3,993.2
4,094.0
4,160.9
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,847.6
3,963.8
4,092.8
4,171.8
4,191.1
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,920.7
4,059.3
4,133.2
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,534.2
2,638.8
2,669.9
408.8
577.2
655.7
648.0
615.2
706.6
696.2
709.1
352.3
390.4
444.4
460.9
435.7
462.3
486.6
508.4
115.8
159.9
169.6
179.4
200.3
195.8
195.6
181.8
336.0
355.5
376.6
367.4
406.5
487.0
555.3
611.6
324.3
401.6
471.4
492.6
541.9
598.3
631.0
659.4
660.1
642.2
693.2
752.7
776.0
791.3
799.9
802.2
289.5
266.0
300.5
340.6
342.4
347.7
342.3
332.7
201.4
211.6
225.3
241 .4
255.8
266.0
261.1
255.5
88.2
54.4
75.2
99.2
86.6
81.7
81.2
77.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
469.5
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
4,114.4
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
4,181.1
4,150.6
4,155.1
4,170.0
4,153.4
2,677.3
2,678.8
2,696.8
2,673.6
700.7
700.7
697.0
656.3
514.6
508.4
519.3
519.4
188.3
182.8
173.0
163.3
11.7
-59.3
27.0 -46.2
41.7 -94.8
7.7 -125.3
-20.8 -135.4
48.4 -111.3
14.0 -75.7
18.9 -47.9
2 2 -35 A
9.5 -44.6
4.7 -46.5
-26.4
-8.8
628.1
620.1
630.5
647.2
663.5
664.7
677.0
656.0
807.9
820.2
822.7
832.3
333.0
345.9
346.0
349.9
254.4
256.5
258.2
265.7
78.6
89.4
87.8
84.2
475.0
474.3
476.7
482.4
4,152.8
4,145.6
4,165.3
4,179.8
4,185.9
4,199.7
4,216.5
4,162.2
4,124.1
4,118.9
4,143.1
2,663.7
2,680.5
2,705.3
623.7
617.6
651.2
496.8
498.5
506.5
151.8
152.4
159.7
-25.0
-33.3
-15.1
648.0
655.1
655.3
641.0
667.6
688.1
829.6
833.4
819.4
349.5
354.2
340.8
267.5
259.4
254.1
82.0
94.9
86.6
480.1
479.1
478.7
4,149.0
4,152.2
4,158.2
4,117.0
4,131.5
4,175.9
7.1
-12.6
-32.8
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Personal c onsumption
expen ditures
Period
national
product
Total
Durable
goods
Nondurable goods
Gross private
domestic investment
Services
Nonresidential
Exports an d imports of
goods an d services
Federal
Residential fixed
Exports
Imports
Total
6
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
1990: I
n
ra
IV
1991: I
II
Ill ".
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
131.5
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
136.4
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109.4
110.9
112.4
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
122.8
131.0
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.7
134.5
141.0
147.7
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
101.7
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
125.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.2
105.5
106.5
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.5
103.8
105.8
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.3
115.9
119.4
123.3
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.5
121.2
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
129.8
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
141.3
101.7
105.4
109.0
112.2
115.1
118.5
123.4
128.0
101.8
105.7
109.3
113.1
115.8
121.5
126.3
131.8
100.7
103.1
104.1
104.7
106.2
108.9
110.3
111.4
101.0
103.1
105.8
108.7
107.8
113.9
118.6
124.5
102.7
108.3
113.5
119.0
124.9
130.9
137.0
143.4
100.7
98.3
97.9
97.9
100.0
99.0
101.8
100.7
99.1
103.1
107.2
109.0
112.4
116.5
120.6
124.3
100.0
102.6
102.4
100.5
99.0
99.7
105.0
105.1
99.3
97.2
96.2
95.9
94.4
100.4
103.6
102.8
101.3
103.8
108.5
110.6
107.7
111.7
117.2
120.2
102.0
104.7
108.3
111.3
109.7
111.3
114.7
117.1
99.5
100.3
108.9
108.8
101.7
112.8
125.1
130.4
102.2
106.3
111.7
116.5
120.0
124.9
130.9
137.1
129.5
131.0
132.2
133.1
134.0
135.2
137.0
139.3
112.5
112.1
112.3
112.7
128.3
129.4
131.5
134.9
145.1
146.6
148.5
150.4
101.6
101.6
102.6
100.9
125.3
125.3
126.0
125.7
105.3
106.4
106.7
107.8
104.2
103.0
105.5
110.7
123.3
122.0
123.0
125.1
120.8
120.7
121.1
122.3
131.5
125.6
128.9
133.8
138.9
140.1
142.0
144.1
134.8
136.3
136.9
140.5
141.4
142.0
113.0
113.0
113.9
135.2
135.4
135.3
152.1
153.5
154.7
101.4
100.5
98.5
125.5
126.6
127.4
107.2
107.0
105.8
106.3
102.2
101.0
127.0
126.9
128.2
123.8
125.6
125.4
137.3
130.7
136.4
145.3
146.4
148.1
Source: Department of Commerce, Bureau of Economic Analysis
Gove rnment pure bases of got ds and
services
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Ore as national prc«iuct
Period
Current
dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1987: I
Constant
(1982)
dollars
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.7
7.9
6.7
5.1
9.1
7.5
7.4
8.7
7.8
8.3
7.4
7.7
7.5
5.8
5.1
3.9
6.7
5.1
5.3
.9
2.2
4.0
4.2
n
m
IV
I988r I
n
ra
IV
1989: I
n
m
IV
1990: I
n
m
IV
1991: I
n
m*
-0.2
1.9
-2.5
3.6
6.8
3.4
2.7
3.4
4.5
2.5
1.0
5.2
4.2
4.1
6.6
5.1
3.6
2.7
2.7
3.6
1.6
1.7
.3
1.7
.4
1.4
-1.6
-2.8
.5
2.4
Implicit
price
deflator
Personal consumption ei pendttures
Chain price
index
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
4.1
4.1
3.5
3.1
3.5
1.7
2.7
4.4
4.7
4.7
3.9
3.9
3.2
3.8
4.8
4.7
3.7
2.8
5.2
4.5
1.8
9.0
9.4
6.3
4.1
3.9
3.3
2.8
3.3
3.7
4.3
4.3
4.3
3.1
3.3
3.1
3.3
4.2
4.8
4.4
4.7
4.4
3.1
3.7
6.1
4.1
3.7
3.6
5.2
3.3
2.1
Fixedweighted
price index
(1983
weights)
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.5
4.2
4.5
4.6
4.4
3.5
3.5
3.7
3.9
4.7
5.5
4.4
4.9
4.6
3.1
3.8
6.6
3.9
4.2
4.7
5.2
3.1
2.1
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.6
6.5
6.0
7.3
9.6
8.9
3.7
9.2
7.4
8.2
8.1
4.8
6.6
7.0
4.0
8.2
3.9
8.0
3.5
1.9
5.0
5.7
Implicit
price
deflator
-0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.6
1.9
.9
.7
4.5
4.3
.4
6.9
2.7
3.5
3.5
-.3
1.3
4.6
-.8
1.1
.2
2.7
-3.4
1.5
2.5
3.8
Chain price
index
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.6
4.0
4.7
4.9
6.2
4.9
4.3
4.0
2.5
4.7
4.8
4.8
5.0
5.3
2.6
4.9
6.8
3.4
5.2
6.5
3.4
2.8
2.1
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.6
3.8
4.6
5.0
6.4
4.8
4.4
4.1
2.3
4.3
4.6
4.6
5.2
5.1
2.2
5.0
6.8
3.6
5.4
6.9
3.5
2.6
1.7
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.6
4.1
4.8
5.2
6.3
5.1
4.3
4.3
2.6
4.8
5.1
4.9
5.0
5.7
2.7
4.7
7.4
3.1
5.7
7.1
3.3
2.6
1.9
Source: Department of Commerce, Bureau of Economic Analysis.
KOTB.—Annual changes arefrompreceding year and quarterly changes arefrompreceding quarter.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar co st and profit per unit of output (dollari)1
Gross domestic product
of nonfinancial
corporate business
(billions 0 (dollars)
Period
Current
dollar:
1982
dollars
Total
cost and
profit2
Capital
consumption
allowances
with capital
consump-
Corporate profits with inventory
valuation md capital eo nsumption
Indirect
business
taxes3
Compensation of
employees
adjustments
Net
interest
Total
adjustment
1980
1,540.8
1,803.6
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,524.8
2,720.7
2,854.5
2,952.7
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,878.5
2,907.5
2,960.0
2,979.1
2,964.1
2,956.9
2,984.8
1,836.8
1,782.2
1,871.8
2,049.2
2,132.3
2,214.3
2,310.9
2,443.4
2,503.0
2,506.5
1,761.6
1,951.7
2,084.1
2,165.4
2,240.8
2,364.8
2,482.5
2,502.2
2,503.8
2,519.6
2,514.4
2,488.3
2,44ff.9
2,446.4
IV
IV
IV
IV
IV
IV
IV
IV
I
n
ra
IV
1991: I
n
1
0.854
.946
1.000
1.023
1.048
1.063
1.069
1.093
1.114
1.140
1.178
1.010
1.031
1.056
1.066
1.075
1.098
1.127
1.150
1.161
1.175
1.185
1.191
1.208
1.220
0.096
.109
.125
.123
.117
.118
.121
.122
.122
.127
.132
.130
.119
.118
.119
.122
.121
.123
.130
.130
.131
.133
.136
.140
.141
Output ia measured by gross domestic product of nonfinanctal corporate business In 1082 dol-
lars.
a
This ia equal to the deflator for gross domestic product of nonfmancial corporate business with
the decimal point shifted two places to the left.
0.077
0.583
.090
.094
.098
.100
.102
.104
.104
.105
.109
.116
.096
.097
.101
.102
.104
.104
.106
.111
.113
.113
.117
.119
.124
.125
.632
.676
.676
.683
.699
.708
.720
.737
.760
.791
.685
.676
.689
.704
.713
.726
.747
.769
.777
.787
.797
.804
.814
.822
0.031
.037
.043
.037
.039
.038
.040
.040
.040
.048
.051
.042
.037
.042
.037
.041
.040
.041
.051
.051
.051
.051
.052
.052
.051
0.068
.079
.063
.088
.109
.106
.097
.106
.109
.096
.088
.057
.102
.107
.105
.094
.108
.110
.089
.090
.094
.087
.080
.079
.082
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.034
.040
.042
.041
.038
.023
.036
.032
.033
.038
.042
.042
.039
.038
.039
.040
.037
.032
.033
Profits
after4
Output
per hour
of all
employees
(1982
dollars)
Compensation per
hour of
all
employees
(dollars)
18.547
18.699
18.774
19.344
19.867
20.198
20.902
21.202
21.658
21.602
21.509
18.807
19.554
19.932
20.389
21.055
21.367
21.680
21.491
21.409
21.547
21.508
21.518
21.461
21.513
10.809
11.815
12.682
13.085
13.571
14.112
14.792
15.264
15.874
16.417
17.020
12.881
13.221
13.741
14.350
15.014
15.506
16.089
16.529
16.641
16.950
17.148
17.301
17.462
17.656
tax
0.031
.044
.037
.057
.073
.073
.063
.066
.067
.056
.049
.034
.066
.075
.071
.057
.066
.067
.051
.052
.055
.047
.043
.047
.048
3
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
employ-
Proprietor s' income
with in pentory
valuation t nd capital
consuloption
adjust ments
Farm
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
IV
IV
IV
IV
IV
IV
IV
IV
1990: I
II
ni
IV
1991: I
n
ni"
1
Rental
income of
persons
with
capital
tion
adjustment
Nonfarm
Corpora e profits wit h inventory valuation am capital
consurnption adjusl ments
Profits wi th inventory valuation
adjustmei it and witho it capital
consu mption adjus tment
Total
Total
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293,3
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
304.7
-10.4
10.9
-5.8
150.7
223.4
224.6
228.4
226.1
268.6
308.7
275.3
164.1
231.5
226.1
235.0
234.1
289.7
331.1
289.8
13.4
-8.1
4.1
146.1
248.5
266.9
291.4
275.2
323.1
349.6
290.9
-21.1
22.5
-14.5
5.5
4.3
8.4
9.3
296.8
306.6
300.7
288.9
285.5
298.8
298.7
290.3
296.9
299.3
318.5
304.1
— 11.4
— .5
-19.8
-13.8
5.6
5.4
7.6
286.2
284.4
289.7
284.1
281.5
279.2
1,907.0
2,020.7
2,213.9
2,367.5
2,511.4
2,686.4
2,905.1
3,079.0
3,244.2
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
13.6
13.2
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,791.5
4,104.1
4,267.1
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,770.3
2,986.7
3,128.6
28.5
19.3
28.1
29.2
37.2
52.3
35.5
45.7
159.8
188.6
209.7
235.0
252.0
293.0
321.5
336.0
15.8
12.4
4,350.3
4,411.3
4,452.4
4,459.7
3,180.4
3,232.5
3,276.9
3,286.9
57.4
51.0
42.4
48.8
346.6
350.8
355.6
357.4
4,456.4
4,493.2
3,299.3
3,335.7
3,371.7
48.5
51.8
43.2
355.8
365.2
375.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
5.6
7.8
13.5
14.6
16.8
Net
interest
Inventory
valuation
adjustment
Profits
before tax
150.0
213.7
266.9
282.3
282.1
308.3
337.6
311.6
298.3
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660.3
3,984.9
4,223.3
4,418.4
Capital
consump-
1.7
6.7
19.4
-27.0
-21.7
— 11.4
1.6
-6.6
8.0
8.1
4.9
-3.2
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
4.9
272.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
466.7
-4.5
25.1
42.3
63.0
49.1
54.5
40.9
15.6
266.9
290.2
313.1
322.7
324.0
338.2
394.1
461.7
11.3
463.6
466.2
468.3
468.4
7.7
2.0
-1.4
3.5
460.9
450.8
445.5
.2
6.4
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Retail ales of
new pa ssenger
cars (m lions of
Non durable g )ods
Durabl goods
FurniPeriod
conexpendiure
Total
durable
goods
cles
and
parts
household
equipment
Other
Total
nondurable
goo s
Food
Clothing and
shoes
Gasoline
and oil
Serv-
un ts)
Other
Domestics
Imports
2,050.7
2,234.5
2,430.5
2,629.0
2,797.4
3,009.4
3,238.2
3,450.1
3,657.3
252.7
289.1
335.5
372.2
406.0
423.4
457.5
474.6
480.3
108.9
130.4
157.4
179.1
196.2
197.9
212.2
215.5
213.0
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
176.4
48.1
51.6
59.3
63.2
70.0
76.7
83.5
87.8
90.9
771.0
816.7
867.3
911.2
942.0
1,001.3
1,060.0
1,130.0
1,193.7
398.8
421.9
448.5
471.6
500.0
530.7
562.6
595.3
624.7
124.4
135.1
146.7
156.4
166.8
178.4
191.1
204.6
213.2
89.1
90.2
90.0
90.6
73.5
75.3
77.3
83.8
93.8
158.7
169.5
182.1
192.6
201.7
216.9
229.1
246.3
261.9
1,027.0
1,128.7
1,227.6
1,345.6
1,449.5
1,584.7
1,720.7
1,845.5
1,983.3
5.8
6.8
8.0
8.2
8.2
7.1
7.5
7.1
6.9
IV
IV
IV
IV
IV
IV
IV
IV
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
3,518.5
263.8
310.0
346.7
373.2
422.0
427.4
473.1
471.2
115.7
144.4
162.3
173.8
201.1
198.9
217.8
207.5
99.1
112.4
122.7
134.7
143.8
151.1
166.8
173.0
49.0
53.2
61.8
64.7
77.1
77.4
88.5
90.7
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
1,148.8
407.0
430.8
456.1
482.5-'
511.9
539.0
577.1
602.2
126.5
141.1
149.8
160.6
168.7
182.2
198.6
208.7
89.8
91.9
89.0
91.0
66.0
77.3
78.5
83.5
163.4
174.0
184.7
198.5
205.5
221.5
233.9
254.4
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,631.8
1,771.5
1,898.5
6.0
7.7
7.0
7.7
6.6
7.5
6.2
1990: I
II
Ill
IV
3,588.1
3,622.7
3,693.4
3,724.9
492.1
478.4
482.3
468.5
221.1
212.4
214.7
203.9
178.9
176.8
176.4
173.4
92.0
89.3
91.2
91.3
1,174.7
1,179.0
1,205.0
1,216.0
616.4
623.3
629.8
629.4
212.9
212.6
215.8
211.5
87.1
84.5
94.0
109.4
258.2 1,921.3
258.6 1,965.3
265.4 2,006.2
265.6 2,040.4
7.0
6.8
7.2
6.6
2.8
2.7
2.5
2.4
1991: I
II
Ill*
3,742.8
3,789.0
3,841.8
455.3
453.7
467.4
190.9
187.8
196.8
174.2
176.5
178.9
90.2
89.4
91.8
1,212.7
1,221.7
1,229.5
636.7
642.8
644.6
213.3
218.4
221.8
93.9
90.8
90.2
2,074.8
2,113.6
2,144.9
6.0
6.1
6.4
2.4
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
Source: Department of Commerce, Bureau of Economic Analysis.
268.7
269.7
272.9
7.4
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2.6
2.5
2.6
2.6
3.1
3.4
3.3
3.0
2.6
22
2.3
SOURCES OF PERSONAL INCOME
Personal income rose $22.9 billion (annual rate) in September following a rise of $21.2 billion in August. Wages
bnd salaries rose $12.1 billion in September, compared with an increase of $12.9 billion in August.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
5,000
4,000
4,000
3,000
3,000
2,000
2,000
WAGE AND SALARY DISBURSEMENTS
1,400
1,400
OTHER INCOME
800
800
TRANSFER
PAYMENTS
400
Illllllllll III
1983
Illllllllll
1984
Illllllllll
1985
mill
Illllllllll
1988
1987
1986
400
1989
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Illllllllll
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietors ' income 3
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July rr.
Aug
Sept"
Total
personal
income
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
4,697.8
4,695.9
4,716.2
4,743.3
4,723.8
4,733.3
4,750.4
4,755.8
4,787.3
4,811.0
4,802.6
4,823.8
4,846.7
Farm
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.8
2,249.7
2,431.1
2,573.2
2,705.3
2,747.2
2,731.6
2,731.6
2,753.6
2,741.0
2,741.9
2,745.6
2,750.2
2,772.6
2,799.4
2,790.7
2,803.6
2,815.7
150.3
163.6
173.6
182.9
187.6
199.3
209.4
225.5
241.9
258.1
261.2
262.2
263.2
264.2
265.2
266.2
267.2
268.2
269.2
270.2
271.2
272.2
273.2
30.7
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
49.9
38.5
39.1
54.5
52.9
39.6
47.2
58.7
53.5
54.2
47.7
43.5
42.4
43.7
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
156.1
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
352.6
357.0
357.1
357.6
357.5
353.8
356.3
357.4
360.9
365.8
368.9
371.1
374.7
379.7
4
Rental
income of
persons *
Personal
dividend
income
13.3
13.6
13.2
61.3
63.9
68.7
75.5
78.7
85.8
91.8
102.2
114.4
123.8
125.3
126.1
126.8
127.2
127.2
127.6
125.3
125.2
125.6
125.7
126.3
126.7
127.2
8.5
9.2
11.6
13.7
16.3
8.2
6.9
10.0
10.8
8.8
8.3
6.8
5.1
4.9
5.0
5.5
5.6
6.2
7.2
9.5
Personal
interest
income
335.4
369.7
393.1
444.7
478.0
493.2
501.3
547.9
643.2
680.4
686.8
687.5
688.1
688.2
685.7
681.8
678.6
676.2
674.1
672.5
670.8
669.4
668.1
Transfer
pay-
ments 5
368.1
410.6
442.6
456.6
489.8
521.5
549.9
587.7
636.9
694.8
701.2
710.0
714.0
721.2
741.6
744.5
750.1
754.5
759.7
762.1
764.3
770.0
772.8
Less:
Personal
contributions
for social
insurance
104.5
112.3
120.1
132.7
149.3
161.9
172.9
194.1
212.8
226.2
229.5
228.4
228.4
229.9
237.2
237.2
237.4
237.8
239.3
241.1
241.4
242.3
243.0
Nonfarm
persona!
income 6
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,469.4
3,702.2
4,006.0
4,314.6
4,574.3
4,637.8
4,635.3
4,640.2
4,668.8
4,662.6
4,664.4
4,669.9
4,680.4
4,711.1
4,741.3
4,737.0
4,759.4
4,780.9
With capital consumption adjustment.
Consists mainly ot social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
8
DISPOSITION OF PERSONAL INCOME
According to advance estimates, real per capita disposable personal income rose in the third quarter of 1991.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS Of DOLLARS * (RATIO SCALE)
2,500
2,000
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
PER CAPI1A DISPOSAB LE PERSONA L INCOME
18 000
CURD ENT DOLLAR S
16,000
14,000
•••••
_--^
^^
.
v^
-1MI
16,000
'
-1
J
—
12 000
~"~\"
10,000
10,000
1982 DOLLARS
i
8,000
i i
1982
,
,
,
i
^
1983
i i
1984
i
i i
1985
i
i i
i
1986
i i
1987
i
i i
i
i i
1989
1988
* SEASONALLY AD USrED ANNUAL R VTES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
Less:
Personal
tax and
nontax
payments
Disposable
personal
income
2,258.5
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,526.2
3,766.4
4,070.8
4,384.3
4,645.5
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
340.5
393.3
409.3
410.5
440.2
486.6
512.9
571.6
591.6
658.8
699.4
1,918.0
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,013.3
3,194.7
3,479.2
3,725.5
3,946.1
i i
1990
1
1
1
8,000
1991
COUNCIL OF EC DNOMIC ADVISERS
Less:
Personal
outlays l
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per capita
disposabl 3 personal
Inc Dme
Current
dollars
BUlions of dollaTS
1980
i
1982
dollars
Per capitii personal
consu nption
expeni litures
Current
dollars
1982
dollars
Dolla rs
136.9
159.4
153.9
130.6
164.1
125.4
124.9
92.5
145.6
171.8
180.1
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,888.5
3,102.2
3,333.6
3,553.7
3,766.0
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.8
2,635.3
2,670.7
2,800.5
2,869.0
2,893.5
8,421
9,243
9,724
10,340
11,257
11,861
12,469
13,094
14,123
14,973
15,695
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population
including
Armed
Forces
abroad
(thousands) 2
Perce it
9,722
9,769
9,724
9,930
10,419
10,625
10,905
10,946
11,368
11,531
11,509
7,607
8,320
8,818
9,516
10,253
10,985
11,576
12,334
13,144
13,866
14,547
8,794
8,818
9,139
9,489
9,840
10,123
10,311
10,580
10,678
10,666
— 1.1
.5
5
2.1
4.9
2.0
2.6
.4
3.9
1.4
-.2
7.1
7.5
6.8
5.4
6.1
4.4
4.1
2.9
4.2
4.6
4.6
227,754
230,182
232,549
234,829
237,051
239,322
241,660
243,982
246,358
248,810
251,420
9,749
10,151
10,491
10,667
10,909
11,097
11,458
11,541
11,586
11,564
11,511
11,376
11,307
11,343
11,369
9,068
9,825
10,479
11,240
11,825
12,572
13,474
14,084
14,330
14,432
14,670
14,752
14,787
14,934
15,100
8,904
9,299
9,587
9,935
10,214
10,347
10,669
10,687
10,693
10,671
10,711
10,589
10,524
10,565
10,633
1.2
9.1
1.7
3.3
.3
6.4
1.2
.1
1.6
-.8
-1.8
-4.6
-2.4
1.3
.9
6.2
5.8
5.8
3.9
3.3
3.9
4.1
4.6
4.9
5.0
4.2
4.2
4.2
4.2
3.8
233,466
235,707
237,946
240,257
242,579
244,925
247,329
249,818
250,392
251,026
251,767
252,495
253,114
253,708
254,420
8,783
Seasonally adjusted ann ual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1991:
IV
IV
IV
IV
IV
IV
IV
IV
I
n
in....
rv
I
np
ni ..
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,890.9
4,186.2
4,469.2
4,562.8
4,622.2
4,678.5
4,718.5
4,735.8
4,784.7
4,824.4
411.1
413.9
459.7
499.6
534.4
588.6
607.3
669.6
675.1
696.5
709.5
716.6
714.6
716.6
716.7
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
3,799.6
3,887.7
3,925.7
3,969.1
4,001.9
4,021.3
4,068.1
4,107.7
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,172.6
3,430.4 .
3,625.5
3,696.4
3,730.6
3,802.6
3,834.4
3,852.5
3,898.0
3,950.0
143.1
145.4
157.3
111.7
102.0
129.7
148.5
174.1
191.3
195.1
166.5
167.5
168.7
170.2
157.7
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717.9
2,833.9
2,883.2
2,900.9
2,902.8
2,898.0
2,872.4
2,861.9
2,877.9
2,892.5
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
9,929
10,725
11,467
12,068
12,629
13,483
14,470
15,210
15,527
15,639
15,765
15,849
15,887
16,035
16,145
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
Jn the second quarter of 1991, according to preliminary estimates, gross farm income rose $10.7
[•ate) and net farm income rose $9.7 billion.
BILLION S OF DOLLARS* (RATIO S<:ALE>
240
200
^*-—'
160
BILLI DNS OF DOLL ARS* (RATIO SCALE)
240
160
^
—i'-^
7
f
1
r^^r
\
billion (annual
"
120
GRC)SS FARM INC:OME
80
80
60
An
_
I
"'
/\/
«
/
4
a
/",
\
/\
I /
»/
v
I
f
\
1
1
\
1
*- —
y
r
*\
f
/> ^~~\
\^ '
\
^/
*
\/
/
'\
~ —>^ f
,
,'\
x
^/
40
INCOME
NET FARM
20
'
\
1
.
'1
1
1
<
'
1'\\ 1
I x 1
/
V
10
\|
I/
II
1
1982
1
I
1
1983
1 1
1984
1
1 1
1
1
1
1
1 1
1
1987
1986
1985
f
1988
1
1
1
I
1989
f
f
1
f
1 I
2
1991
1990
COUNCIL OF ECONOMIC ADVISERS
SEASONALLY ADJL STED ANNUAL RAT ES
OURCE: DEPARTME NT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm ope rators from farmi ng
(Jross farm incom s
Period
Cas h marketing rece ipts
Total1
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1989: I
II
HI
IV
1990: I
II
Ill
IV
1991:
I
II"
149.3
166.3
163.5
153.2
170.2
162.9
156.5
169.0
173.8
188.4
194.3
189.8
188.5
184.9
190.4
198.8
190.5
187.3
200.7
187.0
197.7
Total
139.7
141.6
142.6
136.8
142.8
144.1
135.2
141.7
150.2
159.2
169.1
153.7
157.4
163.9
161.7
165.1
165.9
172.8
172.5
162.5
173.7
Livestock and
products
Crops
68.0
69.2
70.3
69.6
72.9
69.8
71.5
76.0
78.8
83.7
89.7
81.6
80.8
83.6
88.9
89.5
88.0
90.8
90.4
86.7
83.9
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.
Net tarni income
3
Value of
inventory
changes 2
71.7
72.5
-6.3
72.3
67.2
69.9
74.3
63.7
65.6
71.4
75.4
79.4
72.1
76.5
80.3
72.8
75.6
77.9
82.0
82.1
75.8
89.8
-1.4
-10.9
6.5
6.0
2.3
-2.4
2.8
-4.1
4.1
3.1
3.2
4.3
4.4
4.4
4.7
3.6
2.5
1.7
1.5
1.1
Production
expenses
Current
dollars
133.1
139.4
140.0
137.9
143.8
131.9
125.5
127.7
132.1
140.2
144.3
140.6
141.3
140.9
138.1
142.0
143.4
143.8
148.0
147.4
148.4
1982 dollars 3
16.1
26.9
23.5
15.3
26.3
31.0
31.0
41.3
41.8
48.2
50.0
49.2
47.3
44.0
52.3
56.8
47.1
43.4
52.8
39.6
49.3
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
18.8
28.6
23.5
14.7
24.5
27.9
27.2
35.1
34.4
38.2
38.1
39.5
37.6
34.7
40.9
43.9
35.9
32.9
39.7
29.4
36.2
CORPORATE PROFITS
In the second quarter of 1991, according to current estimates, corporate profits before tax fell $2.3 billion (annual
rate) and profits after tax fell $5.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
360
SEASONALLY ADJU TED ANNUAL RATE
360
s
s
XI[\
V
[V
^\
^
s~\
240
PROFITS B EFORE TAX
\
w
/
740
700
„-
N
--s
.
^.-^
\J/
\
120
/-~*
40
——•••.'
./,/
/'
1
1
1
1982
-r-~
.,--.
-N
i i i
i i i
1983
1984
%^
l-x.-— "^ "\-.
^.-
%X
1
1AO
.--"\
120
1
1 1
1 1
1
1 1
1987
1986
1985
80
\
J^UNDIST ?IBUTED PRC3FITS *•••*• --,'
V
0
*" ~"s
T « LIABILIT '
,— '—
X"-
.._
N
'
PRO :ITS AFTER 1 AX —=•=••*•
,—'
80
1
_^*'"*
/
r
'^-j
160
280
/
r^lAX
/^
200
320
1
1
1988
I
1
1 1
40
^,_
i I I
1 1 1
1990
1991
1989
0
COUNCIL OF EC ONOMIC ADVISERS
OURCE: DEPARTME NT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr ofits (before t ax) with inve ntory valuation adjustmen t 1
F rofits after ta X
Do mestic indust ries
Nonfinancial
Period
Total
2
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
II
HI
IV
1991: I
II
Ill "
1
2
194.0
202.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
293.3
150.7
223.4
224.6
228.4
226.1
268.6
308.7
275.3
285.5
298.8
298.7
290.3
289.7
284.1
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
236.4
121.6
190.7
193.9
193.6
193.4
226.2
261.9
218.4
232.6
249.9
241.1
222.3
221.4
226.3
Financial
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
18.7
18.7
15.5
13.6
26.0
28.6
19.8
24.1
6.9
16.1
18.2
21.7
18.8
22.5
23.2
Total3
138.6
157.3
119.4
148.5
190.3
168.6
163.2
197.8
224.1
219.8
217.7
102.9
115.2
180.3
167.6
164.8
206.4
237.8
211.5
216.5
231.7
219.3
203.4
198.9
203.0
See p. 4 for profits with inventory variation and capita\ consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
Profits
before tax
Tax
liability
237.1
226.5
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
304.7
164.1
231.5
226.1
235.0
234.1
289.7
331.1
289.8
296.9
299.3
318.5
304.1
281.5
279.2
84.8
81.1
Total
Dividends
sale and
retail
trade
77.1
21.6
88.5
58.0
70.1
88.8
79.7
59.5
86.7
106.5
96.1
88.8
46.8
88.6
79.8
83.8
64.8
98.2
112.6
83.7
90.1
100.8
91.2
73.1
67.1
72.0
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
41.5
33.6
43.1
51.8
38.5
41.0
37.8
42.3
41.9
39.2
44.4
39.5
42.8
46.2
47.6
3
63.1
77.2
93.9
96.4
106.3
126.9
136.2
135.1
132.1
59.8
88.1
87.0
99.8
113.1
132.1
142.1
123.5
129.9
133.1
139.1
126.5
115.1
118.6
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
172.5
104.3
143.4
139.2
135.2
121.0
157.6
189.1
166.3
167.1
166.1
179.4
177.6
166.4
160.6
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.2
110.0
123.5
133.9
68.5
13.9
80.8
84.0
93.6
102.2
115.3
127.7
130.3
133.0
135.1
137.2
137.5
136.4
137.9
Inc\udes industries not shown separate\y.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
97.6
81.8
39.6
58.9
67.0
44.6
24.0
50.2
70.5
49.1
38.7
35.8
69.5
58.4
51.2
27.4
55.4
73.8
38.6
36.8
33.2
44.3
40.4
29.0
24.2
Inventory
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
6.7
— 19.4
-27.0
-21.7
-11.4
-13.4
-8.1
-1.6
-6.6
-8.0
-21.1
-22.5
-14.5
— 11.4
-.5
-19.8
-13.8
8.1
4.9
32
GROSS PRIVATE DOMESTIC INVESTMENT
According to advance estimates for the third quarter of 1991, nonresidential fixed investment fell $2.3 billion
(annual rate) and residential investment rose $10.6 billion. There was a $17.5 billion decrease in inventories,
following a decrease of $40.0 billion in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
SEAS DNALLVADJUSrED \KN<JA.i RAFES
800
GROSS PF(IV ATE DOA\ESTIC
IN VESTMENT
700
r~-^
/
-I
J
600
/
400
"~X,/
..
""•
r^Hr
^
^A
^
600
NO PRESIDENT AL
FIXE 3 INVESTMi:NT
/
500
'
^^1
\
- — _--•
500
^
"*
-''""'
400
^-
R ESIDENTIAl
FIXF D INVESTM ENT
•» — «--***
300
300
\
200
200
_,
CHA NGE IN BU SINESS
INVENTORI ES
100
~V
/
0
-100
•*"
\
1 1 1
1982
•
^
100
/'"
r'\ \
,
I I I
1983
I
I
\
1
1984
\ \
I
1 I
1986
1985
Q
N
y
\
\
1987
\
1
1 1
1988
1
1 1
1989
iii
^-
1990
«•-*
1
1
-100
1
1991
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTME vlT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change ir business
mven ones
1!*ixed investmen t
Gross
investment
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
IV
IV
IV
IV
IV
IV
IV
IV
I
II
Ill
IV
1991: I
II
Ill"
Source: Department of Commerce, Bureau of Economic Analysis.
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
747.1
771.2
741.0
409.6
579.8
661.8
654.1
648.8
741.4
747.5
762.7
747.2
759.0
759.7
698.3
660.0
654.0
684.8
Nonresidential
Total
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
746.1
469.5
548.8
616.8
646.8
660.9
685.7
731.3
737.7
758.9
745.6
750.7
729.2
694.1
694.0
702.3
Total
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
524.1
354.9
383.9
435.0
451.3
435.8
457.5
495.3
511.8
523.1
516.5
532.8
524.0
503.6
501.1
498.8
Structures
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.7
139.9
146.2
147.0
137.6
127.4
146.6
155.9
133.7
137.2
141.2
147.1
148.8
147.2
149.8
142.1
139.5
134.9
125.4
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
296.2
311.2
348.4
365.7
377.1
217.3
256.5
288.4
295.5
302.2
320.4
354.0
364.7
374.3
369.3
383.0
381.9
364.1
366.2
373.4
Residential
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.3
232.5
231.0
222.0
114.7
164.9
181.8
195.5
225.1
228.1
236.0
225.9
235.9
229.1
217.9
205.2
190.5
192.9
203.5
Nonfann
Total
8.3
24.0
-24.5
-7.1
67.7
11.3
6.9
28.3
26.2
28.3
-2.4
18.3
-23.1
.4
60.5
14.6
8.6
7.2
32.3
29.8
23.3
-7.4
-51.1
21.3
41.3
23.7
-12.2
55.7
16.2
25.0
-11.8
13.4
59.6
35.0
24.1
17.0
13.0
5.0
-59.9
31.0
45.0
8.0
9.0
6.8
-30.8
34.2
-40.0
17.5
32.4
-37.1
-35.2
-14.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1991 survey, business spending for new plant and equipment
is expected to rise 0.5 percent in 1991, a downward revision from the planned increase of 2.7 percent reported in
the April-May survey. The rise in 1990 was 5.0 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
600
BILLIONS OF DOLLARS (RATIO SCALE)
SEASONAL
600
RATES
Y ADJUSTED ANNUA
500
^~-—•
400
300
~-i
400
^^
^^
'
\
^
_„— -
AL . INDUSTRIES
_^^
-'
,.-"
—vr"'
' "
.— •"'
,^»'~
NONA \ANUFACTURI vIG-L/
200
-""
.---''""
-N
--'
'--,
,- — -
\
^ANUFACTUR NG
100
31 ll
1
1
1
1
1983
1
1 1
1984
1 1
1985
1
1 1
1986
1
1 1
1987
1
1
1
1
1
1
1
1989
1988
I
1
\
\
1
1991
1990
-^SURVEYED QUARTERLY
-2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT O* COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyec quarterly
M anufacturi "g
Period
All
industries
Total
Durable
goods
No nmanufactu ring
Nondurable
goods
Total J
Mining
Public
Transportation utilities
Commercial
and
other
Total
nonfarm
busi-2
ness
NOB manufacti ring
Manufacturing
Total
Surveyed
quarterly
Surveyed
annual-
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
348.93
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
59.35
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 *
286,40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
532.61
535.13
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
186.20
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
82.58
78.22
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
110.04
107.97
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
339.99
348.93
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.88
9.66
13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.47
22.53
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
67.21
67.13
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
241.43
249.60
1989: I
II
Ill
IV
487.58
501.56
514.40
520.40
173.40
180.86
185.70
191.63
80.02
82.35
83.43
83.83
93.38
98.51
102.27
107.80
314.18
320.70
328.70
328.77
8.97
9.18
9.23
9.41
17.63
18.50
20.82
18.39
65.86
68.44
65.34
65.56
221.72
224.57
233.31
235.42
173.40
180.86
185.70
191.63
314.18
320.70
328.70
328.77
1990: I
II
532.50
534.55
534.11
530.13
192.16
195.02
194.05
189.72
86.03
84.15
82.48
79.03
106.14
110.87
111.57
110.69
340.33
339.53
340.06
340.41
9.62
9.77
9.97
10.12
21.84
21.94
21.08
21.18
65.41
64.64
67.68
70.24
243.46
243.18
241.32
238.87
192.16
195.02
194.05
189.72
340.33
339.53
340.06
340.41
535.50
524.57
539.53
540.91
191.13
187.35
184.55
181.76
81.24
79.69
77.54
74.43
109.90
107.66
107.01
107.33
344.37
337.22
354.98
359.15
9.89
10.09
9.70
8.96
23.25
23.05
22.09
21.75
67.04
64.58
68.46
68.45
244.19
239.50
254.73
259.98
191.13
187.35
184.55
181.76
344.37
337.22
354.98
359.15
in
IV
1991: I
II 4
Ill
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.
in
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
591.96
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.61
186.20
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
399.34
lyS
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in July-August 1991, corrected for biases.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In September, civilian employment rose 749,000 and unemployment fell 46,000.
MILLIONS OF PERSONS*
MILLIONS Of PERSONS*
126
126
SEASONAllY ADJUSTED
122
122
CIVILIAN LABOR FORCE
118
118
Y
114
114
110
110
CIVILIAN
EMPLOYMENT
106
106
102
102
98
98
*
^^^
-
iiii_,
,
H
- 12
UNEMPLOYMENT
_
,.
s
8
-
-4
1 1 1 1 ll 1 1 1 1 1
1983
1 ll I I 1 1 1 1 I
1984
1
1985
1
1986
1 III II 1 1 1 II l l I 1 i l l ! I l l III 1 l l 1 1 1 1 1 I I I 1 l l I I I I I
1987
1988
1990
1989
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
II 1 1 i l l 1 II 1
1991
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Noninstitutional
Period
1981
1982
1983
1984
1985
1986*
1987
1988
1989
1990
1990:
Sept
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
171,775
173,939
175,891
178,080
179,912
182,293
184,490
186,322
188,081
189,686
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
1,637
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
126,424
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
119,550
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
124,787
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
117,914
3,368
3,401
3,383
97,030
96,125
97,450
3,321 101,685
3,179 103,971
3,163 106,434
3,208 109,232
3,169 111,800
3,199 114,142
3,186 114,728
190,002
190,095
190,312
190,483
1,601
1,570
1,615
1,617
126,571
126,445
126,338
126,791
119,484
119,303
119,001
119,191
124,970
124,875
124,723
125,174
117,883
117,733
117,386
117,574
3,194
3,175
3,185
3,253
190,592
190,717
190,703
190,836
190,980
191,173
191,443
191,589
191,746
1,615
1,602
1,460
1,456
1,458
1,505
1,604
1,616
1,624
126,253
126,678
126,786
127,128
126,690
127,134
126,818
126,520
127,231
118,537
118,520
118,214
118,854
118,049
118,389
118,316
118,032
118,789
124,638
125,076
125,326
125,672
125,232
125,629
125,214
124,904
125,607
116,922
116,918
116,754
117,398
116,591
116,884
116,712
116,416
117,165
3,163
3,222
3,098
3,156
3,272
3,308
3,239
3,266
3,306
including
resident
Armed
Forces
NSA
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Agricultural
Total
1
Persons at work. Economic reasons include slack work, material shortages, inability to find full*
time work, etc.
2
Civilian labor force (or employment)
as percent of civilian noninstitutional population.
K J
'
Fr v
Unemph>yment
Civilian employment
Employ-
Chrilian
Labor
force
partkapalion
rate
tnaf
(percent)2
Empfcw
meat/
population
ratio
(percent)*
Total
15
weeks
and
over
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
4,860
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
1,504
64.0
64.4
64.8
65.3
65.6
65.9
66.5
66.4
114,689
114,558
114,201
114,321
5,051
5,135
5,163
5,262
7,087
7,142
7,337
7,600
1,605
1,591
1,727
1,739
66.3
66.2
66.1
66.3
62.6
62.4
62.2
62.3
113,759
113,696
113,656
114,243
113,319
113,576
113,474
113,150
113,859
5,178
5,803
5,889
5,956
5,702
5,425
5,605
5,643
6,130
7,715
8,158
8,572
8,274
8,640
8,745
8,501
8,488
8,442
1,829
1,975
2,184
2,229
2,234
2,573
2,348
2,396
2,362
66.0
66.1
66.2
66.4
66.1
66.2
66.0
65.7
66.1
61.9
61.8
61.7
62.0
61.5
61.6
61.5
61.3
61.6
Total
Part time
for
economic
reasons 1
63.9
64.0
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
62.7
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
. .
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In September, the civilian unemployment rate fell slightly, to 6.7 percent, and the overall unemployment rate also
fell slightly, to 6.6 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
15
15
10
10
1987
*UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemp oyment rfl te (percen t of civilia n labor force in group)
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June....
July
Aug
Sept
Unemployment
rate,
all
workers 1
7.5
9.5
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.4
5.6
5.6
5.8
6.0
6.1
6.4
6.8
6.5
6.8
6.9
6.7
6.7
6.6
By sex and a ge
All
civilian
workers
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
5.5
5.7
5.7
5.9
6.1
6.2
6.5
6.8
6.6
6.9
7.0
6.8
6.8
6.7
Men
20 years
and over
Women
20 years
and
over
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
4.9
5.1
5.2
5.4
5.6
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
4.8
4.9
4.9
5.1
5.3
5.3
5.4
5.7
5.5
5.8
5.9
5.4
5.7
5.5
5.6
6.3
6.5
6.2
6.5
6.6
6.5
6.5
6.5
Both
sexes
16-19
years
White
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
15.5
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.7
15.7
16.2
16.4
16.6
4.8
18.2
17.1
18.7
18.1
19.1
19.2
20.6
19.0
18.0
5.5
5.9
6.2
5.8
6.1
6.2
6.2
6.1
6.0
4.9
5.0
5.3
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
By elected grou PS
By race
Black
and
other
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
10.1
10.8
10.6
11.0
11.1
10.7
10.7
11.1
11.2
11.5
11.4
10.5
11.1
11.0
Black
Experienced
wage and
salary
workers
11.9
11.7
12.2
12.2
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
5.3
5.4
5.4
5.7
5.8
12.1
11.8
12.3
12.6
13.0
13.1
11.8
12.3
12.1
6.0
6.4
6.7
6.4
6.6
6.7
6.5
6.5
6.4
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
11.3
Married
men,
spouse
present
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
3.4
3.5
3.5
3.7
3.8
4.0
4.3
4.5
4.4
4.4
4.7
4.3
4.3
4.5
Women
who
maintain
families
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
8.2
8.7
8.5
8.7
8.7
9.0
9.1
9.0
9.9
9.1
9.2
8.3
9.6
8.9
Source: Department of Labor, Bureau of Labor Statistics.
Fulltime
workers
Parttime
•workers
7.3
9.4
10.5
10.4
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
5.2
5.4
5.5
5.7
5.8
6.0
6.4
6.5
6.3
6.5
6.6
6.5
6.5
6.4
9.3
9.3
9.1
8.4
7.6
7.3
7.4
7.2
7.1
7.3
7.6
7.7
7.6
9.1
8.1
9.0
8.6
8.3
8.2
8.3
Labor
force
time lost
(percent) 2
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.3
5.9
6.2
6.4
6.6
6.7
6.9
7.0
7.5
7.7
7.6
7.7
7.6
7.5
7.6
7.7
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In September, the percentages of the unemployed who had been out of work for less than 5 weeks, for 15-26
weeks, and for 27 weeks and over fell; the percentage for 5-14 weeks rose. The mean duration of unemployment
was unchanged at 14.0 weeks and the median rose to 7.5 weeks.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION *
70
70
REASON FOR UNEMPLOYMENT
60
50
-
40
REENTRANTS
30
JOB LEAVERS .
20
20
10
-
10
-
1991
1987
1988
1990
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Re ason for \memploy ment:
percent Jistributic n
Dur ition of i nemployment
Period
Unemployment
(thousands)
P ercent distributioil
Less
than
5
weeks
5-14
weeks
15-26
weeks
Number of
ks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Stat e
progra ms
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly airerage, t lousands
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,874
7,087
7,142
7,337
7,600
7,715
8,158
8,572
8,274
8,640
8,745
8,501
8,488
8,442
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
46.1
43.2
44.1
44.7
43.5
44.1
42.4
40.9
39.8
42.5
38.7
39.9
40.4
39.0
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
32.0
34.3
33.6
31.8
33.4
32.2
33.4
33.8
33.2
31.6
32.3
32.3
31.0
33.3
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.8
12.1
12.5
12.8
12.5
12.7
12.9
14.4
14.8
14.0
15.9
14.4
14.6
14.4
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
10.1
10.4
9.8
10.8
10.6
11.0
11.3
11.0
12.1
11.9
13.1
13.4
14.0
13.4
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
12.1
12.4
12.0
12.4
12.4
12.4
12.8
13.0
13.7
12.9
14.2
13.9
14.0
14.0
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.4
6.1
5.9
5.9
5.9
5.9
6.1
6.6
7.0
6.5
6.9
6.6
7.2
7.5
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
48.3
49.6
49.9
51.2
49.9
53.0
55.5
54.9
54,5
53.6
55.1
54.4
55.4
56.3
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
14.8
13.5
13.7
13.6
13.5
11.7
12.2
12.6
11.9
12.1
12.3
11.7
10.5
10.9
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.4
27.5
26.8
26.3
28.0
26.6
24.5
24.4
24.7
25.3
24.2
24.2
25.1
23.6
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
9.5
9.4
9.6
8.9
8.7
8.7
7.8
8.2
8.9
9.0
8.4
9.7
9.0
9.2
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,081
2,158
2,522
2,620
2,765
2,912
2,970
3,070
3,218
3,415
3,518
3,550
3,453
3,332
3,257
"3,346
460
583
438
377
396
378
328
310
330
388
399
431
454
461
445
489
509
475
438
423
406
421
427
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,715
2,193
2,294
2,722
3,222
r
4,012
r
4,145
4,127
r
3,782
r
3,412
3,182
r
3,291
3,017
2,815
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 24,000 in September.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
110
ALL NONAGRICULTURAL
ESTABLISHMENTS
100
90
SERVICE-PRODUCING
INDUSTRIES
70
60
MANUFACTURING
v
50
20
18
GOODS-PRODUCING
INDUSTRIES
30
\
1^^—^ •
CONSTR JCTION
ll 1 1 1 1 1 1 1 1 1 1 1 1 II 1 ll II 1 1
20
1987
1988
1989
1990
y
1991
1987
1988
1
1989
SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
Period
1
» anufacturin g
Total
1 ll 1 ll ll 1 II.
1991
^
seasonally adjusted]
Goods-] roducing industries
2
1990
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;
Total
nonagricultural
employment
M i l l Inn
C nonstruction
Total
Durable
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Se rvice-produ 3ing industr es
,
Finance,
insurWholeKetan
Services
ance,
sale
trade
and real
trade
estate
Gover nment
Total
Federal
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,329
109,971
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,322
24,958
4,188
3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,187
5,136
20,170
18,781
18,434
19,378
19,260
18,965
19,024
19,350
19,442
19,111
12,082
11,014
10,707
11,479
11,464
11,203
11,167
11,381
11,420
11,115
8,089
7,767
7,726
7,899
7,796
7,761
7,858
7,969
8,022
7,995
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,007
85,014
5,165
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,644
5,826
5,376
5,296
5,286
5,574
5,736
5,774
5,865
6,055
6,221
6,205
15,172
15,161
15,595
16,526
17,336
17,909
18,462
19,077
19,549
19,683
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,649
6,695
6,739
18,619
19,036
19,694
20,797
21,999
23,053
24,235
25,669
27,120
28,240
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,779
18,322
2,772
2,739
2,774
2,807
2,875
2,899
2,943
2,971
2,988
3,085
1990: Sept....
Oct
Nov ....
Dec
110,113
109,982
109,761
109,621
24,842
24,705
24,481
24,375
5,088
5,022
4,962
4,911
19,043
18,973
18,807
18,749
11,049
11,000
10,867
10,828
7,994
7,973
7,940
7,921
85,271
85,277
85,280
85,246
5,854
5,855
5,852
5,867
6,204
6,190
6,180
6,166
19,698
19,663
19,628
19,579
6,750
6,746
6,740
6,733
28,437
28,479
28,525
28,548
18,328
18,344
18,355
18,353
2,994
2,980
2,964
2,948
1991: Jan
Feb
Mar
Apr
May....
June...
July r..
Aug '..
Sept".
109,418
109,160
108,902
108,736
108,887
108,885
108,859
108,936
108,960
24,181
24,039
23,877
23,794
23,847
23,792
23,798
23,820
23,783
4,797
4,792
4,720
4,688
4,715
4,710
4,695
4,691
4,685
18,671
18,532
18,443
18,396
18,426
18,378
18,402
18,436
18,414
10,770
10,652
10,584
10,560
10,575
10,534
10,546
10,552
10,537
7,901
7,880
7,859
7,836
7,851
7,844
7,856
7,884
7,877
85,237
85,121
85,025
84,942
85,040
85,093
85,061
85,116
85,177
5,866
5,834
5,824
5,814
5,819
5,809
5,809
5,818
5,819
6,138
6,119
6,105
6,086
6,085
6,068
6,064
6,049
6,047
19,542
19,464
19,378
19,324
19,339
19,345
19,347
19,343
19,357
6,736
6,732
6,735
6,718
6,712
6,703
6,688
6,685
6,684
28,590
28,583
28,576
28,576
28,645
28,712
28,733
28,812
28,888
18,365
18,389
18,407
18,424
18,440
18,456
18,420
18,409
18,382
2,952
2,951
2,951
2,953
2,952
2,971
2,963
2,973
2,981
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
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 nonaupervisory workers; monthly data seasonally adjusted, except as noted]
Aver age weekly t ours
Average gross hourly earnings
Manufi during
Period
Total
private
nonagri-
Total
dollars
Total I rivate
nonagnciultnral '
1982
dollars 2
Manufacturing
Percent cha nge from a
year earl er, total
pnv ate
nonagnc ultural3
C urrent dollar s
1982
dollars 2
Manufacturing
Constmc-
dollars
Retail
Current
dollars
1982
dollars
$7.25
7.68
$7.69
7.68
$270.63
267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
259.72
$399.26
426.82
442.97
458.51
464.46
466.75
480.44
495.73
513.17
526.40
8.5
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
345.69
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.81
429.68
441.86
$157.99
7.79
7.80
7.77
7.81
7.73
7.69
7.64
7.53
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.48
10.83
$255.20
8.02
8.32
8.57
8.76
8.98
9.28
9.66
10.02
163.83
171.13
174.47
174.81
175.80
178.80
183.62
188.72
194.69
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
3.4
3.7
3.6
3.5
3.5
10.10
10.10
10.13
10.17
7.48
7.43
7.43
7.44
10.91
10.96
10.96
10.99
349.46
345.42
348.47
351.88
258.67
254.17
255.66
257.41
446.22
446.07
444.98
447.29
532.22
515.59
530.46
536.77
196.81
193.69
196.02
196.31
4.5
2.2
3.3
4.0
-1.5
-3.8
-2.8
-2.0
3.4
3.3
3.3
3.3
3.4
3.7
3.7
3.8
3.7
10.18
10.20
10.24
10.28
10.32
10.37
10.36
10.40
10.42
7.42
7.43
7.46
7.47
7.47
7.49
7.47
7.49
7.48
11.02
11.03
11.05
11.12
11.15
11.19
11.22
11.26
11.24
347.14
349.86
350.21
349.52
353.98
358.80
353.28
357.76
359.49
253.02
254.81
255.07
253.83
256.32
259.25
254.89
257.75
258.07
445.21
444.51
445.32
447.02
450.46
456.55
456.65
461.66
459.72
523.13
533.65
526.67
532.50
533.40
532.64
r
532.38
534.28
538.37
194.14
196.48
197.34
197.95
200.33
202.59
' 199.65
201.34
202.34
2.4
2.4
2.3
2.5
2.9
3.1
1.9
2.9
2.5
-2.9
-2.5
-2.2
-2.1
-1.9
-1.4
-2.3
-.6
g
1981
35.2
39.8
2.8
1982
1983
1984
1985
1986
1987
1988
1989
1990
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
34.5
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
40.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
3.6
1990: Sept
Oct
Nov
Dec
34.6
34.2
34.4
34.6
40.9
40.7
40.6
40.7
1991:
34.1
34.3
34.2
34.0
34.3
34.6
34.1
34.4
34.5
40.4
40.3
40.3
40.2
40.4
40.8
40.7
41.0
40.9
Jan
Feb
Mar
Apr
May
June
July
Aug r.
Sept"
Average gross weekly earnings
Total jrivate
nonagnc ultural *
1
Also includes other private industry groups shown on p. 14.
Current dollar earnings divided by the consumer price index for urban wage earners and clerical
workers (on a 1982=100 base).
2
-1.5
-1.2
2.0
.8
-1.3
.3
-1.0
-.9
-1.0
-1.7
3
Based oo seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Index (June 1989 = 100)
Period
Total
compensation
Percent d lange from
; mootiis e&rlie r
Wages and
salaries
Benefits '
Total
compensation
Wages and
1 2 months esrK IT
Benefits '
Total
compensation
Wages and
Benefits '
Not s easonally ad usted
1981:
1982:
1983:
1984:
1985:
1986:
1987t
1988:
1989:
1990:
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
71.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
107.0
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
106.1
66.6
71.4
76.7
81.7
84.6
87.5
90.5
•96.7
102.6
109.4
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
.8
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
.7
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
1.0
94.5
95.7
96.6
97.8
98.8
100.0
101.3
102.4
103.8
105.1
106.2
107.2
108.4
109.7
110.9
95.0
96.1
96.9
98.0
99.1
100.0
101.1
102.2
103.3
104.4
105.4
106.2
107.3
108.4
109.2
1
Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from the
influence of employment shifts among occupations and industries.
93.1
94.5
95.7
97.1
98.1
99.8
101.5
103.1
105.1
106.7
108.4
109.9
111.3
113.2
115.3
1.3
1.3
.9
1.2
1.0
1.2
1.3
1.1
1.4
1.3
1.0
.9
1.1
1.2
1.1
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
4.0
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
6.6
Not seasonally adju sted
Seasonal! ,• adjusted
1988: Mar
June
Sept
Dec
1989: Mar
June
Sept
Dec
1990: Mar
June
Sept
Dec
1991: Mar
June
Sept
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
4.6
0.8
1.2
.8
1.1
1.1
.9
1.1
1.1
1.1
1.1
1.0
.8
1.0
1.0
.7
2.4
1.5
1.3
1.5
1.0
1.7
1.7
1.6
1.9
1.5
1.6
1.4
1.3
1.7
1.9
3.8
4.5
4.4
4.8
4.6
4.5
4.8
4.8
5.2
5.2
4.9
4.6
4.4
4.4
4.5
3.3
3.8
3.7
4.1
4.2
4.1
4.3
4.1
4.2
4.5
4.2
4.0
4.0
3.7
3.7
5.9
6.4
6.8
6.9
5.4
5.6
6.0
6.1
7.2
6.9
6.8
6.6
5.8
6.2
6.4
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pt r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Hours of 2all
pers(ms
Outj ut *
Business
sector
Nonfarm
business
sector
Business
sector
per
Compens ation
3
hou r
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real com 3ensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit lab or costs
Implicit price
defla tor 5
Business
sector
Nonfarm
business
sector
Business
sector
85.8
92.4
100.0
101.4
102.9
105.4
108.4
111.2
113.7
118.0
123.1
101.5
102.0
104.0
106.7
110.4
112.1
111.5
113.3
114.2
115.6
116.6
117.3
118.3
119.6
121.1
122.5
123.7
125.2
126.4
127.7
85.2
92.3
100.0
101.0
102.8
105.6
108.8
111.6
113.7
118.1
123.4
101.7
101.3
104.0
107.1
110.9
112.6
111.9
113.4
114.2
115.2
116.9
117.5
118.3
119.8
121.3
122.7
124.0
125.4
126.7
128.0
86.2
94.4
100.0
103.3
106.8
109.5
111.8
114.8
118.2
122.8
127.5
101.4
104.8
107.9
110.5
112.8
115.7
116.2
117.5
118.9
120.3
121.2
122.5
123.3
124.3
125.8
127.2
128.2
128.8
130.3
131.7
85.7
94.0
100.0
103.5
106.6
109.8
112.3
115.3
118.4
123.0
127.7
101.5
104.7
107.9
111.0
113.4
10.9
11.0
7.7
8.3
1.4
1.5
2.3
2.8
2.6
2.2
3.8
4.4
8.3
8.4
1.0
1.8
2.8
3.0
2.5
1.9
3.9
4.4
9.0
9.6
5.9
3.3
3.3
2.5
2.1
2.7
3.0
3.9
3.8
1.7
4.8
4.7
4.9
3.1
4.3
2.5
3.5
4.6
4.6
3.2
2.0
4.6
4.5
9.7
9.7
6.3
3.5
3.0
Nonfarm
business
sector
19i32 = 100; juarterly A ata seasoitally adjusted
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
I
II
m
IV
1989: I
II
ni
1990:
IV
I
n
m
IV
1991: I
H'
99.2
100.7
100.0
102.3
104.9
107.1
109.5
110.7
113.2
112.8
112.4
100.6
103.2
105.3
108.0
109.4
111.9
113.2
112.9
113.6
113.1
113.0
113.1
112.8
112.2
112.0
112.4
112.7
112.3
112.3
112.4
99.9
100.9
100.0
102.9
105.1
106.5
108.7
109.7
112.5
111.9
111.2
100.4
103.8
105.4
107.1
108.4
110.9
112.2
112.1
112.8
112.9
112.1
112.1
111.9
111.3
111.0
111.3
111.5
111.2
111.2
111.4
101.1
103.2
100.0
104.2
113.0
117.7
121.3
126.4
133.0
135.8
136.1
99.5
107.6
114.5
119.3
122.2
129.4
131.2
132.6
133.8
134.5
135.6
135.9
136.1
135.5
136.0
136.4
136.5
135.4
133.7
133.8
-0.2
-0.3
-1.1
101.7
103.4
100.0
105.0
113.7
118.1
121.6
126.8
134.0
136.7
136.9
99.3
108.7
115.1
119.6
122.4
129.7
131.6
133.4
134.8
136.0
136.4
136.8
137.1
136.3
136.8
137.2
137.4
136.1
134.5
134.6
101.9
102.5
100.0
101.8
107.6
109.9
110.8
114.2
117.5
120.4
121.1
98.9
104.3
108.7
110.5
111.7
115.6
115.8
117.5
117.8
118.8
120.0
120.1
120.7
120.7
121.3
121.3
121.2
120.5
119.1
119.1
101.8
102.5
100.0
102.0
108.1
110.9
111.9
115.5
119.1
122.2
123.1
98.9
104.7
109.2
111.7
112.9
117.0
117.3
119.1
119.5
120.5
121.7
122.1
122.5
122.5
123.3
123.3
123.2
122.4
120.9
120.8
85.1
93.0
100.0
103.8
108.0
112.8
118.6
123.1
128.6
133.0
138.4
102.1
105.3
109.5
115.2
120.8
125.5
126.3
127.9
129.7
130.8
131.8
132.8
133.4
134.2
135.7
137.7
139.4
140.6
142.0
143.5
85.1
93.1
100.0
104.0
108.1
112.5
118.2
122.4
127.8
132.1
137.2
102.1
105.2
109.6
114.6
120.3
124.8
125.5
127.1
128.8
130.0
131.0
131.7
132.4
133.3
134.6
136.6
138.2
139.5
140.9
142.5
99.7
98.8
100.0
100.6
100.4
101.2
104.5
104.5
104.9
103.5
102.2
100.6
100.5
100.4
102.0
105.5
105.0
104.8
104.9
105.1
104.8
104.4
103.6
103.2
102.9
102.2
102.7
102.3
101.4
101.5
102.1
99.6
98.8
100.0
100.7
100.4
100.9
104.1
104.0
104.3
102.8
101.3
100.6
100.4
100.4
101.5
105.1
104.4
104.2
104.3
104.4
104.2
103.7
102.7
102.5
102.2
101.3
101.8
101.4
100.6
100.8
101.4
116;2
116.6
117.8
118.8
120.5
121.4
122.7
123.5
124.7
125.8
127.3
128.4
129.2
130.7
132.0
Pe •cent change; quarte rly data at seasonal] y adjusted annual rates
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1988: I
II
Ill
IV
1989: I
II
in
1990:
IV
I
n
HI
IV
1991: I
II'
1.5
-.7
2.3
2.5
2.0
2.3
1.1
2.2
-.4
-.4
4.7
-1.1
2.5
-1.6
-.5
.4
-1.3
-1.9
-.7
1.4
.9
-1.2
-.0
.3
1
1.0
g
2.9
2.1
1.3
2.0
1.0
2.5
-.5
-.6
4.8
-.5
2.7
.1
-2.8
.1
-.7
-2.2
— 1.1
1.2
.6
-.8
.0
.5
j2
2.1
-3.1
1.7
-2.5
-3.3
4.2
8.4
4.2
3.1
4.1
5.3
2.1
.2
5.7
4.6
3.5
2.0
3.5
.9
.6
5.0
8.3
3.9
3.0
4.2
5.7
2.0
.2
5.9
5.6
4.1
3.6
1.2
1.3
.6
-2.1
-1.8
1.4
1.2
.5
-3.4
-4.7
.2
0.9
.6
1.4
1.2
.4
-3.6
-4.8
.4
1.8
5.7
2.1
.8
3.0
3.0
2.4
.6
.9
5.8
1.0
3.7
4.0
.5
1.9
.1
2.1
-.2
-.4
-2.1
-4.7
— .1
0.8
.7
-2.4
2.0
6.0
2.5
.9
3.2
3.1
2.6
.7
1.1
6.1
1.4
3.5
4.1
1.1
1.3
.1
2.6
-.0
-.1
-2.8
-4.9
-.1
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' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers,
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
2
16
10.6
10.6
9.3
7.5
3.8
4.1
4.4
5.2
3.7
4.5
3.4
4.0
2.5
5.2
5.8
3.3
3.2
2.9
1.8
2.5
4.6
6.1
5.0
3.3
4.0
4.5
9.4
7.4
4.0
3.9
4.1
5.1
3.6
4.4
3.4
3.9
2.4
5.1
5.5
3.7
3.1
2.2
2.3
2.6
4.0
5.9
5.0
3.7
4.2
4.6
-2.5
-1.0
1.3
.6
-.2
.8
3.2
.1
.4
-1.3
-1.3
-.6
.5
.6
-1.0
-1.7
-3.0
-1.3
— 1.4
-2.6
2.1
-1.7
-3.4
.5
2.4
-2.5
-.8
1.2
.7
— .4
.5
3.2
— .1
.3
-1.4
-1.5
Y
.4
.3
-.6
-1.8
-3.8
-.8
-1.3
-3.2
2.0
-1.8
-3.0
.7
2.4
-2.1
6.4
3.3
5.0
3.7
2.5
3.2
4.5
5.3
4.7
4.1
4.6
4.1
4.2
-2.3
5.6
2.7
3.5
6.0
2.0
3.0
5.0
5.2
4.7
4.4
4.6
4.2
4.0
3.0
2.3
2.7
2.7
3.9
3.8
1.4
4.1
3.4
5.9
2.8
4.4
2.6
3.9
3.8
4.8
3.6
2.5
4.5
4.0
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore maydiffer slightly from percent changes based on indexes shown here.
'Data reflect GNP revisions of August 28, 1991, but do not reflect GNP revisions of September
26, 1991.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose slightly in September, after showing no change in August. Capacity utilization fell slightly
again in September.
INDEX, 1987 = 100* (RATIO SCALE)
INDEX, 1987 - 100* (RATIO SCALE]
115
TOTAL Ih4DUSTRIAL 'RODUCTIO N
110
105
,-* -^
FINAL PR ODUCTS
^^—^~~*•""~\"^S
x
~^1
BU 5INESS
EQU IPMENT
120
115
100
95
90
,
,„,
m
,
||m
GOODS
yA
/ ,'-*.'•''
S
«<£
y?
^x-~
-^-HCONSUMER
^.— '
\
\
/'
..v
~.,-\\-
\_
DEFENS
AND SPA :E
EQUIPME v|T
W
1 11 1j 1 1 1111
M 1 1 ll 1 1 I E I
X
•"
1 1 1 1 1 1 M 1 1 1 1 1 1 1 1 1 II 1 1 1 | 1 ! 1 1 1 1 [ 1 1 1
PERCENT*
- CAPACITY UTILIZATI DN RATE
(TOTAL 1 MDUSTRY)
r
1
_/Hr*^
/
s_
^v^~\
\
J
V/"
1 1 1 1 1 1 1 1 1 1 1 i n i l n i l l n i n l n n M nil 1 1 n i mini i
90
1987
1987
1991
1989
1988
1991
1990
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Monthly data seasonally adjusted]
Industry proc uction indexes , 1987 = 100
To tal
indu trial
produ ction
Period
Index,
1987 = 100
1980
1981
1982
84.1
85.7
81.9
84.9
92.8
94.4
Capacity utilization
rate, pc rcent '
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
109.9
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
111.6
87.0
90.8
91.5
94.9
100.0
103.6
106.4
107.8
Total
industry
Manufacturing
111.9
109.0
101.0
100.0
101.8
100.5
102.6
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
108.0
82.1
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
83.0
80.2
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
82.3
110.0
114.3
109.3
104.8
1983
1984
1985
1986
1987
1988
1989
1990
95.3
100.0
105.4
108.1
109.2
-1.9
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
1.0
1990: Sept
Oct
Nov
Dec
110.6
109.9
108.3
107.2
2.2
2.0
.2
-1.3
111.2
110.7
108.9
107.5
113.8
112.5
109.9
107.5
108.0
108.4
107.7
107.4
103.9
102.6
103.3
103.4
110.3
109.2
106.9
108.8
83.6
83.0
81.6
80.6
82.8
82.2
80.7
79.4
1991: Jan
Feb
Mar
Apr
May
June r.
July r
Augr
Sept"
106.6
105.7
105.0
105.5
106.4
107.3
108.0
108.0
108.1
-.8
-2.6
-3.6
3.0
-2.7
-2.5
-2.2
-2.3
2.2
107.0
106.1
105.2
105.9
106.6
107.5
108.3
108.3
108.8
107.2
106.1
105.0
106.0
106.7
107.3
108.1
108.0
108.9
106.8
106.0
105.4
105.9
106.5
107.6
108.5
108.7
108.7
101.7
102.9
101.5
100.9
100.2
102.1
102.7
101.5
100.5
107.6
104.6
106.4
105.9
111.4
111.5
110.9
111.3
108.5
80.0
79.1
78.4
78.6
79.1
79.6
80.0
79.8
79.7
78.9
78.0
77.2
77.5
77.8
78.3
78.7
78.5
78.7
1
Output as percent of capacity.
75.7
83.1
84.S
82.5
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 — 100; monthly data seasonally adjusted]
Produ cts
Matf rials
]Inal prodm ts
Internnediate pro iucts
Ijquipment
Cc nsumer g jods
Period
Total
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
Durable
goods
Defense
Nondurable
goods
Total '
Busi-
Total
struction
supplies
Energy
Business
equipment
82.1
80.8
83.0
91.0
94.2
• 95.7
100.0
105.6
109.1
110.9
85.8
84.5
88.8
92.8
93.7
96.8
100.0
104.0
106.7
107.3
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
106.2
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
107.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
115.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
123.1
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
97.3
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
107.7
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
105.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
109.4
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
107.8
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
102.1
1990:
Sept
Oct
Nov
Dec
112.6
112.3
110.2
109.2
108.7
108.6
106.5
105.7
110.4
106.9
99.4
96.0
108.2
109.1
108.5
108.4
117.8
117.0
115.1
113.6
126.4
125.4
122.9
121.2
97.3
97.3
96.2
95.8
107.4
107.0
106.2
106.0
103.8
103.1
101.8
101.0
109.9
109.7
109.2
109.4
109.4
108.3
106.8
105.3
103.0
102.3
101.6
102.0
1991:
Jan
Feb
Mar
Apr
May
June r
July r
Aug r
Sept"
109.1
108.3
108.1
108.7
109.3
110.1
110.3
110.0
110.6
105.6
104.7
104.7
105.5
106.6
108.0
108.3
108.4
109.1
97.6
95.2
95.9
99.3
101.1
104.2
106.1
104.2
108.2
107.8
107.3
107.1
107.2
108.1
109.0
108.9
109.6
109.4
113.6
112.9
112.5
112.8
112.7
112.8
112.9
112.0
112.4
121.6
120.6
120.3
121.3
121.7
121.9
122.6
121.8
122.9
94.4
94.5
93.9
92.5
91.5
91.0
90.2
89.9
89.2
103.8
102.6
101.3
101.2
102.7
104.0
104.0
104.5
104.1
97.7
96.4
94.0
94.9
95.8
97.4
97.1
97.7
98.2
108.1
106.8
106.4
105.6
107.5
108.5
108.8
109.2
108.3
104.8
103.9
102.6
103.4
104.5
105.4
106.9
107.0
106.8
101.1
101.1
101.3
101.1
102.4
103.4
104.1
103.6
102.3
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
No ndurable manufacti ires
Durable m anufactures
Primaryj metals
Transp ortation
equi] ment
Nonelectrical
machinery
Electrical
machinery
Lumber and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
Total
Iron
and
steel
Fabricated
metal
products
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
108.4
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
109.9
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
105.9
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
126.5
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
111.4
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
105.5
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
96.8
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
101.6
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
98.8
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
111.9
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
110.3
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
107.6
1990: Sept
Oct
Nov
Dec
111.6
108.6
109.1
104.2
113.9
110.3
112.6
107.3
106.8
106.4
104.3
101.9
128.5
128.1
126.3
124.7
112.5
110.8
110.4
108.7
111.1
109.2
100.1
96.6
107.5
103.8
85.8
78.5
100.3
98.2
95.5
93.5
98.4
97.2
95.5
94.9
111.6
112.9
112.4
112.8
110.9
110.7
110.0
109.9
107.6
108.8
109.6
109.1
1991:
99.7
99.5
94.7
94.5
96.9
96.4
101.2
102.5
102.5
99.0
98.0
92.0
91.6
94.0
92.9
99.5
100.2
100.6
101.7
99.1
97.8
98.0
99.1
99.8
100.9
101.3
101.8
125.5
124.5
123.1
123.5
123.6
123.4
124.1
124.0
124.0
107.6
108.2
108.6
109.7
110.6
111.5
111.0
111.7
111.8
97.6
95.5
95.0
97.2
98.2
99.7
101.4
98.9
102.2
83.0
79.4
79.8
86.2
89.8
92.5
96.7
91.6
99.1
94.2
91.5
91.2
92.7
92.5
96.7
94.6
96.1
96.5
92.9
93.1
92.5
93.2
95.2
96.2
97.8
98.8
98.9
112.1
110.9
110.4
110.7
110.6
111.2
111.6
111.9
111.7
110.1
109.1
108.2
109.0
109.2
109.6
110.8
111.2
111.5
108.3
107.6
107.4
107.6
107.8
108.6
108.4
109.1
108.6
Period
Jan
Feb
Mar
Apr
May
June r
July r
Aug'
Sept"
Source: Board of Governors of the Federal Reserve System.
18
Total
Motor
vehicles
and
parts
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 3
Private
Total new
construction
expenditures
Period
Resi lential
Total
New housing
Total '
I illions
1981
1982
272.0
260.6
294.9
348.8
377.4
407.7
419.3
432.2
443.7
1983
1984
1985
1986
1987
1988
1989
1990
446.4
207.3
197.5
231.5
278.6
299.5
323.1
328.6
337.4
345.4
337.8
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
182.9
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982 = 100)
of dollars
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
128.0
58.2
62.6
57.7
74.0
89.8
84.4
84.0
88.0
94.3
96.4
49.8
50.2
48.2
50.8
51.3
51.6
50.0
51.4
54.6
58.5
64.7
63.1
63.5
70.2
77.8
84.6
90.6
94.8
98.3
108.7
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr r
May r
June r
July'.
Aug".
1
2
3
Includes residential improvements, not sho
Includes hotels and motels.
F.W. Dodge series.
449.7
437.2
434.6
431.4
421.3
336.9
330.3
324.1
317.2
311.3
406.S
410.1
401.9
407.1
399.0
398.2
404.9
406.2
303.9
300.5
293.3
299.0
291.0
290.9
293.3
295.9
180.6
175.4
172.1
168.0
165.0
161.8
155.6
152.4
151.8
154.6
158.3
161.6
167.3
i separately.
919
690
756
955
1,097
1,016
1,019
973
961
747
JOO
100
124
136
150
159
165
167
173
157
Annual rates
Annual rales
1990:
Commercial
and industrial
floor space
(millions of
square feet)
96.4
94.9
92.0
89.3
88.6
85.1
86.2
83.2
87.0
78.2
73.8
73.1
70.5
125.8
121.6
119.0
115.1
113.0
107.9
103.5
100.8
100.6
103.2
106.7
110.2
115.8
59.9
60.0
59.9
59.9
57.7
57.0
58.7
57.6
60.2
58.3
58.8
58.6
58.1
151
148
154
152
136
133
138
139
152
145
136
145
150
112.8
106.8
110.5
114.2
110.0
102.6
109.6
108.6
108.0
108.0
107.3
111.6
110.3
653
693
639
660
555
602
658
538
624
565
438
469
514
Sources: Department of Commerce {Bureau of the Census) and McGraw-Hill Information S
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New prvv ate homes
New private housing units
Period
Units started, bj type of structure
Total
1 unit
1981
1,084.2
1982
1983
1984
1985
1986
1987
1988
1989
1990
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1,192.7
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,081.3
1,003.3
894.8
1,131
1,106
1,026
1,130
971
847
992
907
977
983
1,034
1,049
1,056
1,033
835
858
839
769
751
648
788
742
801
831
869
879
886
868
2-4 units
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
37.5
5 or more units
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
260.4
Units
authorized
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
1,110.8
Units
completed
Homes sold
Homes for
sale at end of
period '
Vacancy rate
for rental
housing units
(percent) 2
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
1,308.0
436
412
623
639
688
750
671
676
650
534
275
5.0
253
301
353
346
357
366
368
363
318
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.4
7.2
1,307
1,314
1,275
1,246
1,155
1,125
1,096
1,190
1,089
1,070
r
l 105
1,061
"1,018
525
504
465
480
464
414
488
495
506
r
507
r
518
503
512
446
345
338
334
327
318
315
313
308
303
r
299
r
295
296
295
295
Seasonai y adjusted annu al rates
1990:
1991:
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July r.
Augr
Sept"
.
30
35
22
54
17
29
37
28
32
36
24
46
41
38
1
Seasonally adjusted.
2
Quarterly data entered in last month of
earlier data.
uarter. Series be ginning 1989 no comparable wit]
266
213
165
307
203
170
167
137
144
116
141
124
129
127
1,055
989
925
916
854
802
876
892
913
966
999
1,005
953
982
7.2
7.2
7.5
7.3
7.6
NOTE.— B eginning 1984, units authorized are for 17,000 pernait-issuing places; for 1978-83 data
are for 16,00 3 places.
Source: De partment of Connnerce. Bureau of he Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In August, manufacturing and trade sales fell 0.1 percent and inventories fell $0.5 billion. In September, according
to advance data, retail sales rose 0.7 percent, following a decline of 0.6 percent in August.
BILLIONS OF DOLLARS* (RATIO SCALE)
300
BILLIONS OF DOLLARS* (RATIO SCALE)
uuu
—~_^
JFACTURING AND
MAN
—1
""'
.\ .
-\
_^r*
^^~-
250
200
TRA 3E INVENTO (IES
.
~^r^
\
MA NUFACTURIh IG
RETAIL INVENTORIES "
""~\
^•
^—^
^—
/""""'"*
150
AN D TRADE SALES
\
RETAIL SALES
ill 1
100
III ll ii i nlll i ill
111 M 11
RATIO*
1.80
INVENTO RY-SALES
R ATIO
RETAIL
1.70
1.60
^.
N-^v
V—1
r "'
1
1.50
1 M II 1 1 1 1 M
1988
Mill Mill 1
1989
1 II t i l l III 1
1.30
1990
y
T\ v^.
-V
/X
mn |
IMIlllllll
1987
1991
1988
I l l l l l l l l l l Illllllllll
1989
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufact tiring and
tra< e 1
2
Inventories 3
V
MANUFACl URING
AND TR/WE
1.40
1987
\ <\
/-i
1990
I III M i l l II
1991
COUNCIL OF ECONOMIC ADVISERS
inventory-s ales ratio 4
Re tail
Who esale
Inventories 3
Sales z
Sales
2
InvenTotal
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
61,469
69,025
79,250
88,464
90,197
105,738
112,254
120,663
120,629
122,314
123,559
124,048
122,947
120,629
121,217
119,239
116,041
116,087
115,490
114,305
114,754
114,855
73,024
78,687
88,498
93,309
96,390
102,374
107,537
117,496
121,934
119,742
119,658
120,853
121,603
121,934
122,854
121,940
120,859
120,609
120,714
120,793
121,240
121,197
Manufacturing
Retail
trade 1
Millions of dollars, seasonally idjusted
1982
1983
1984
1985
1986
1987
1988
1989
1990
Aug r
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July T
Aug"
Sept"
348,755
370,441
411,391
423,806
431,668
459,088
496,330
525,839
542,917
1990:
1
2
3
r
554,180
550, 143
555,145
546,714
534,361
527,074
527,915
523,117
530,872
535,926
536,977
541,023
540,750
574,518
590,968
650,789
665,060
664,031
711,595
767,700
810,257
826,941
822,683
827,145
830,414
832,464
826,941
831,445
828,201
819,615
816,893
811,713
807,105
806,802
806,278
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
96,290
100,324
113,393
114,626
116,151
124,254
135,176
144,005
149,193
151,694
150,232
151,001
148,176
148,036
144,723
143,608
142,935
145,019
144,927
145,217
147,635
146,695
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,273
195,567
89,114
97,570
107,316
114,642
120,860
128,509
137,613
145,146
150,602
192,641
192,936
194,053
195,544
195,567
198,993
198,563
196,733
195,052
193,632
192,039
192,806
193,328
150,984
151,995
152,191
152,711
149,750
147,803
151,092
151,467
150,967
152,710
152,642
153,195
r
152,228
153,296
r
28,013
32,631
37,938
41,567
45,121
48,051
52,281
54,349
54,563
53,859
r
54,306
54,420
54,152
52,402
50,897
53,235
53,725
53,490
54,074
54,212
54,117
r
53,193
54,240
4
61,101
64,939
69,377
73,075
75,738
80,457
85,332
90,797
96,039
97,125
r
97,689
97,771
98,559
97,348
96,906
97,857
97,742
97,477
98,636
98,430
99,078
r
99,035
99,056
134,493
147,712
167,748
181,773
186,587
208,112
219,791
238,159
242,563
242,056
243,217
244,901
244,550
242,563
244,071
241,179
236,900
236,696
236,204
235,098
235,994
236,052
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.67
1.55
1.53
1.55
1.55
1.50
1.49
1.51
1.51
1.48
1.50
1.50
1.52
1.55
1.58
1.57
1.57
1.54
1.51
1.50
1.49
1.49
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
1.59
1.60
r
1.60
1.61
1.60
1.62
1.65
1.60
1.56
1.57
1.55
1.54
1.54
1.55
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In August, manufacturers' shipments and unfilled orders rose, while inventories and new orders fell. In September,
according to advance data, durable goods shipments rose and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
280
740 —SHIPMEf ^ITS
P^—
200
BILLIONS OF DOLLARS* (RATIO SCALE)
_^-^
^
440 -INVENTCDRIES
\
360
TOT A L
.
TOTAL
160
280
DUF{ABLE GOC)DS
J,
^
.
,
^---— -""•""'
,-->,
—
'V
DURABLE GC)ODS
200
~^~2
NC NDURABLI GOODS
160
1
"\
120
NON1 3URABLE G OODS
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
BILLIONS OF DOLLARS* (RATIO SCALE)
280
740 ^ NEW ORDERS_™y.
200
60
^
,~
iimlimi
— TOTAL
160
DU RABLE GO DOS
120
s „ \ ,..--..
lm
fff.'~\,*
"~
80
RATIO*
2.20
Illllllllll Illllllllll Illllllllll Illllllllll
INVENT ORY-SHIPW ENTS RATI 0
2.00
1.80
not ^DURABLE GOODS
1.60
*
"^
.,-*^
f\. ^
A
^
1.40
60
miihim
iiiiiliini
1987
1988
Illllllllll Illllllllll Illllllllll
1991
1990
1989
1.20
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1987
1988
1990
1991
1989
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Manuf acturers'
shipm ents 1
ManufBusurers'
Manufacturers new orders l
invent ones 2
Durabl goods
Period
Durable
goods
Nondurable
goods
Durable
goods
Nondurable
goods
Capital
goods
industries,
non-defense
Nondurable
goods
19,213
84,077
87,311
92,715
Manufacturers'
unfilled
orders 2
Manufacturers'
inventoryshipments
Millions of <k>llars, season ally adjustet
1982
79,212
84,139
1983
1984
1985
1986
1987
1988
1989
1990
163,351
172,547
190,682
194,538
194,657
206,326
223,541
236,689
243,122
85,481
97,940
101,279
103,238
108,128
117,993
124,532
125,388
1990: Aug
Sept
Oct
Nov
Dec
251,502
247,916
251,953
245,827
236,575
1991: Jan
Feb
Mar
Apr
May
June
July '
Aug*
Sept"
234,548
233,215
228,715
234,886
238,289
239,118
240,193
241,827
1
2
1.731.73
1.68
1.59
1.58
1.61
1.60
31,607
34,419
37,223
30,884
38,560
121,572
122,094
124,101
123,044
117,975
528,070
529,141
532,164
525,574
527,195
1.54
1.58
1.55
1.60
1.64
33,957
33,756
31,940
28,748
28,038
29,282
36,689
' 30,981
30,860
116,673
115,585
114,315
115,090
118,106
116,597
117,263
117,572
527,109
527,026
524,742
521,085
519,336
513,943
521,840
523,038
1.66
1.67
1.69
1.64
1.60
1.59
1.57
1.56
200,409
199,814
221,284
218,182
212,010
220,790
241,389
253,261
252,836
111,420
112,536
118,200
116,621
110,721
117,422
126,207
130,564
135,975
162,140
175,451
192,879
195,706
195,204
209,389
227,025
240,758
243,643
78,064
88,140
100,164
102,356
103,647
110,809
121,444
128,651
125,958
19,624
23,669
24,545
23,983
26,096
30,727
34,816
34,032
130,441
125,783
127,692
122,693
118,578
121,061
122,133
124,261
123,134
117,997
387,986
390,992
391,460
392,370
388,811
254,721
255,278
255,113
256,387
252,836
133,265
135,714
136,347
135,983
135,975
250,592
248,987
254,976
239,237
238,196
129,020
126,893
130,875
116,193
120,221
117,648
117,432
114,487
119,721
121,024
122,240
122,994
'124,464
125,330
116,900
115,783
114,228
115,165
117,265
116,878
117,199
117,363
388,381
388,459
385,982
385,145
381,877
379,968
378,002
376,898
252,170
252,256
250,405
249,546
246,964
245,642
244,467
243,349
136,211
136,203
135,577
135,599
134,913
134,326
133,535
133,549
234,462
233,132
226,431
231,229
236,540
233,725
248,090
243,025
117,789
117,547
112,116
116,139
118,434
117,128
130,827
r
125,453
121,466
Monthly average for year and total for month. Shipments are the same
End of period.
93,351
91,557
98,579
105,581
112,107
117,685
311,893
347,310
373,607
387,241
393,629
430,589
472,223
520,837
527,195
87,066
92,742
93,259
91,419
98,198
105,549
112,156
117,735
311,829
312,350
339,484
334,803
322,731
338,212
367,596
383,825
388,811
3
Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.95
1.78
PRICES
PRODUCER PRICES
In September, the producer price index for all finished goods rose 0.1 percent. Prices of finished consumer foods
fell 0.5 percent and prices of other finished consumer goods rose 0.3 percent. Capital equipment prices rose 0.2
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
100
100
90
90
1983
1990
1984
1991
COUNCIl OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982=100; monthly data seasonally adjusted]
Intern icdiate ma terials
Fim shed goods
Period
Total
finished
goods
Consumer
foods
r lushed go sds excluding consumer
Total
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Sept
Get
Nov
Dec
1991: Jan
Feb
Mar
Apr
May r
June
July
Aug
Sept
1
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
119.2
120.8
122.3
122.8
122.3
122.4
121.5
121.2
121.3
121.9
121.4
121.1
121.4
121.5
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
124.4
124.4
125.1
125.2
124.8
124.6
124.9
125.1
125.5
125.5
125.0
124.0
123.5
122.9
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
117.4
119.6
121.4
122.0
121.4
121.6
120.4
119.9
120.0
120.7
120.2
120.1
120.7
121.0
Intermediate materials for ood manufac uring and f eds.
22
foo is
Consumer gt ods
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
115.3
118.1
120.6
121.3
120.2
120.1
118.4
117.5
117.7
118.5
117.7
117.6
118.4
118.7
Durable
Nondurable
96.4
100.0
102.8
104.5
106.5
95.8
100.0
100.5
101.1
101.7
108.9
111.5
113.8
117.6
120.4
121.6
121.2
121.8
122.3
123.1
123.5
124.2
123.9
123.6
123.3
123.3
123.7
123.5
93.3
94.9
97.3
103.8
111.5
115.0
118.6
119.3
117.6
117.2
114.7
113.4
113.7
114.9
113.9
113.7
114.8
115.2
Cr.ide maten als
Foodstuffs
Total
Capital
equipment
finished
consumer
goods
94.6
100.0
102.8
105.2
96.6
100.0
101.3
103.3
107.5
109.7
111.7
114.3
118.8
122.9
123.8
124.1
124.4
124.8
125.7
125.9
126.2
126.1
126.5
126.6
126.7
126.8
127.0
103.8
101.4
103.6
106.2
112.1
118.2
120.2
122.1
122.6
121.7
121.6
120.5
119.9
120.2
120.7
120.0
119.6
120.1
120.1
Foods
Total
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
114.5
116.1
117.9
118.1
117.2
116.6
115.7
114.5
114.0
113.9
114.0
113.7
114.1
114.2
and l
Other
Total
104.6
100.0
103.6
98.2
100.0
100.5
103.0
103.0
100.0
101.3
103.5
103.0
99.3
101.7
106.9
111.9
114.5
116.3
118.2
118.5
117.5
116.9
115.9
114.5
114.0
114.1
114.2
113.9
114.3
114.4
95.8
87.7
93.7
96.0
103.1
108.9
115.6
125.4
117.6
111.2
113.2
104.5
101.0
100.6
100.7
99.0
99.2
99.2
98.3
feeds
105.7
97.3
96.2
99.2
109.5
113.8
113.3
113.1
113.0
111.7
111.9
110.4
112.3
113.2
113.0
110.1
109.8
108.6
110.9
110.5
Sou rce: Departrnent of Labor Bureau of ijabor Stati tics.
and
Other
feedstuffs
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
113.1
111.6
111.9
110.8
109.5
108.3
108.4
109.5
108.7
105.1
105.9
104.1
102.2
103.7
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
101.5
112.8
127.9
116.4
107.2
110.8
98.0
92.2
92.0
94.1
91.1
92.3
93.3
91.2
CONSUMER PRICES—ALL URBAN CONSUMERS
In September, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted and not
seasonally adjusted. The index was 3.4 percent above its year-earlier level.
1 ^IDEX, 1982-84 = 100 (RATIO SCALE]
INDEX, 1982-84= 1 )0 (RATIO SCAL :)
150
150
SEA ONAILY ADJUSTED
140
140
^^
130
130
^
^
CONSUMER PRICES— ALL ITE MS
'"'
120
120
110
f*^
100
•^^
^
^
110
^
100
^=
^
90
90
80
1 1 ! 1 1 1 1 1 1 I 1
1 ! 1 1 1 1 1 1 1
II
1
1 | | 1 1
1984
1983
1 | | 1 1
1985
11111111111
1 1 E 1 1 I 1 I 1 1 1
1987
1986
i i i i i 1 1 i i i i I I I I I I I I I I I 1 1 1 II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
80
1990
1989
1988
1991
COUNCIL OF ECONOMIC ADVISERS
OURCE: DEPARTMENT OF LABOR
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All it ems
l
Hoiising
T
ansportation
Sh< Iter
Not
Period
seasonally
adjust-
(NSA)
Season-
Rent-
Food
ally
adjust-
ers'
Total '
Total
ed
costs
All
Home-
Fuel
owners'
Maintenance
7.9
19.5
0.2
7.3
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
111.6
6.1
17.8
4.0
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
124.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
120.5
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
121.0
41.4
27.7
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
128.5
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
140.0
103.0
108.6
115.4
121.9
128.1
133.6
138.9
146.7
102.5
107.3
113.1
119.4
124.8
131.1
137.3
144.6
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
122.2
cal
care
gy 2
items
less
food
and
6.4
8.2
75.6
88.5
101.2
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
162.8
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
102.1
89.2
95.8
99.6
104.6
109.1
113.5
118.2
123.4
129.0
135.5
4.1
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
132.7
133.5
133.8
133.8
132.6
133.4
133.8
134.2
133.6
134.1
134.7
134.9
130.0
130.4
130.6
130.8
141.8
142.0
142.3
142.8
148.2
148.8
149.5
150.5
146.8
146.8
146.9
147.3
124.6
123.4
123.9
123.8
112.6
113.8
114.2
113.7
125.5
125.1
125.3
125.7
123.4
125.8
126.5
126.9
121.1
121.2
121.5
122.0
110.2
118.0
118.5
117.7
166.1
167.5
168.7
170.1
106.4
110.9
111.4
110.9
137.3
137.7
138.1
138.6
134.6
134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
134.8
135.1
135.0
135.3
135.7
136.0
136.3
136.6
137.1
135.7
135.4
135.7
136.7
136.7
137.4
136.6
136.2
136.3
131.9
132.5
132.6
132.8
133.0
133.1
133.5
133.5
134.2
143.9
144.6
144.8
145.2
145.3
145.8
146.1
146.2
146.9
153.0
154.2
154.2
154.2
154.1
154.5
155.0
154.7
155.4
147.9
148.4
148.7
149.2
149.4
149.9
150.2
150.5
151.3
124.1
125.1
124.2
126.1
126.9
126.2
126.9
127.2
126.8
115.5
115.1
114.8
114.2
114.8
114.0
114.8
114.7
115.4
126.9
128.9
127.4
127.2
127.8
127.7
128.9
130.4
129.9
125.4
124.0
122.8
122.4
123.2
123.5
123.5
124.0
124.3
123.6
124.2
124.8
125.2
125.3
125.6
125.6
125.8
126.2
110.0
102.0
97.1
97.1
99.5
99.1
97.1
97.4
98.3
171.2
172.4
173.5
174 .4
175.4
176.5
177.5
178.9
180.1
108.2
103.9
101.2
100.5
101.9
100.9
100.5
100.3
101.3
139.7
140.7
140.9
141.2
141.5
142.0
142.5
143.0
143.6
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 1990.
Motor
fuel
Ener-
(NSA)
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
132.4
Sept
cars
repairs
16.3
1
New
costs
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
Aug
Total ;
(Dec.
1982 =
100)
100.0
June
July
el and
upkeep
1982 —
100)
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Sept
and
other
utilities
and
R el. imp. z ...
Oct
Nov
Dec
1991:
Jan
Feb
Mar
Apr
May
Medi-
Appar-
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Ch nge from pr seeding perk d
Change from 3 month s earlier, ann ual rate
Change from 6 monti s earlier, ann jal rate
Consum r goods
Consum sr goods
Consum r goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Capita]
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., N 3A
1981
1982
3.6
.6
1.7
1.8
1983
1984
1985
1986
1987
1988
1989
1990
8.6
4.2
-.9
.8
2.1
1.5
2.0
2.3
3.5
7.1
.6
2.8
-.2
5.7
5.2
2.6
-2.3
2.2
4.0
4.9
5.7
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
3.4
-6.6
4.1
3.1
5.3
8.7
9.2
4.1
1.6
2.1
1.0
— 1.4
2.1
2.5
5.2
4.9
Cr ange, month to mont h
1990:
1.3
1.2
.4
Sept
Oct
Nov
Dec
-0.5
.6
.1
-.3
A
.1
1991: Jan
Feb
Mar
Apr
May '
June r
July
Aug r
Sept
-.2
.2
.2
.3
0
-.7
-.2
.1
.5
-.4
-.2
.2
.1
2.7
2.1
.6
.9
0.3
.2
.2
.3
1
— 1.4
.7
.2
.2
-.1
.3
.1
.1
.1
.2
4
-.8
.2
.7
-.7
-.8
.4
-.5
.7
.3
j
11.3
5.1
2.3
2.6
.6
1.3
.3
1.6
15.4
12.3
-4.2
-3.5
-3.5
21.0
30.2
23.8
7.3
-1.6
9.2
-1.0
-8.7
1.0
7.8
.3
.7
2.9
1.9
-.3
4.7
1.3
.7
7
O
-.3
3.4
-6.2
-1.6
.3
6.6
3.6
3.6
3.3
3.3
6.1
8.9
9.0
8.2
0.3
2.8
2.1
1.8
5.3
4.9
4.6
1.3
1.9
1.3
1.9
1.0
1.3
7.6
3.7
.7
.5
-.2
1.1
6.0
6.4
7.0
5.7
13.2
4.4
4.1
3.9
3.2
3.4
2.9
1.6
1.4
1.3
4.0
3.4
3.2
3.3
3.5
3.5
2.9
2.0
.7
6.0
-1.0
-2.2
-3.5
-.2
.5
3.1
3.3
3.6
3.5
-1.0
-4.8
-4.6
—4.1
-4.1
.6
.5
.3
-1.6
-1.5
-1.5
-2.1
11.2
15.5
15.6
14.0
0
2.1
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Shelter
Period
All
items '
Ap-
Rent-
Home-
Fuel
and
other
costs
costs
ties
Food
Total'
Adden dum: All ite ns, percent ( hange
1 rate)
Tr insportati on
Housing
parel
and
up-
MediNew
cars
Total '
Total '
Motor
fuel
cal
care
Ener«72
From
previous
less
food
and
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
C liange, December to Dec smber, N SA
1981
1982
8.9
3.8
4.3
3.1
1983
1984
1985
1986
1987
1988
1989
1990
4.8
3.9
3.8
1.1
4.4
4.4
4.6
6.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
5.3
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
4.5
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
5.2
14.4
5.1
5.9
6.3
5.0
3.9
3.9
4.5
6.7
4.5
5.1
5.9
4.6
5.3
4.7
5.1
4.7
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
4.0
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
5.1
10.9 r 6.8
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
10.4
9.4
12.5
11.9
1.5 -6.5
3.4
1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
2.1 -2.1
2.3
6.8
1.4
36.5
11.0
1.3
.5
.2
1.8
8.9
7.1
.4
-.7
0.7
.8
.7
.8
6.4
6.1
6.8
7.7
5.8
6.9
8.5
9.6
-19.7
8.2
.5
5.1
18.1
9.5
4.5
4.8
4.7
4.3
3.8
4.2
4.7
4.4
5.2
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
5.4
Chs nge, mo nth to nlonth
Sept
Oct
Nov
Dec
0.8
.6
.3
.3
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
.4
.2
-.1
.2
.3
.2
.2
.2
.4
1990:
1
2
0.3
.4
.4
.1
.6
-.2
.2
.7
0
.5
-.6
-.3
.1
0.5
.3
.2
.2
.8
.5
.1
.2
.2
.1
.3
0
.5
0.4
.1
.2
.4
.8
.5
.1
.3
.1
.3
2
.1
.5
0.4
.4
.5
.7
1.7
.8
0
0
.1
.3
.3
-.2
.5
0.3
0
.1
.3
.4
.3
.2
.3
.1
.3
2
2
.5
1.4
1.1
.4
— .4
1.6
.3
o
5
.5
-.7
.7
-.1
.6
0.6
3
.2
.3
1.0
1.6
-1.2
2
.5
-.1
.9
1.2
-.4
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
0.2
.1
.2
.4
2.2
1.9
.6
.3
1.3
.5
.5
.3
.1
.2
0
.2
.3
-1.2
— 1.1
-1.0
.3
.7
.2
0
.4
.2
3
-6.5
-7.3
-4.8
0
2.5
-.4
-2.0
.3
.9
.6
.7
.6
.5
.6
.6
.6
.8
.7
5.3
4.2
.5
4
0.4
.3
.3
.4
7.0
6.9
-2.4
.8
-4.0
.7
.1
3.6
.2
.2
.4
2.1
.4
.4
.4
3.0
-2.6
— .7
1.4
-1.0
— .4
-.2
1.0
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
8.2
9.2
6.9
4.9
6.2
6.9
7.2
6,6
6.2
6.3
6.3
6.1
4.3
3.9
2.4
1.5
1.8
3.0
3.0
2.7
3.3
6.7
5.4
3.7
2.9
2.9
2.7
2.2
2.2
3.1
5.7
5.3
4.9
4.9
5.0
4.7
4.4
3.8
3.4
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in September rose 0.7 percent from their August level. Prices paid by farmers in July
were 0.5 percent below their April level. (Data are not seasonally adjusted.)
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
200
200
180
180
160
160
T\
PRICES PAID
140
140
120
120
PRICES RECEIVED
100
100
Mill
80
him iiiiiliini
Illllllllll
80
RATION
RATIO-!/
140
80
60
1991
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF TRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
All farm
products
Livestock and
products
All commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
138
120
107
106
126
134
128
145
141
146
136
138
146
150
160
170
150
159
161
164
162
159
162
170
178
184
151
158
159
161
156
150
152
160
167
172
153
152
155
151
144
148
157
165
171
148
146
147
143
123
120
124
121
172
170
169
164
(3)
187
(3)
(3)
(3)
174
(3)
(3)
(3)
174
(3)
(3)
80
78
79
76
145
145
149
149
152
155
150
147
148
123
122
128
131
138
146
137
135
140
166
166
169
166
165
163
162
158
155
188
(3)
(3)
190
(3)
(3)
189
(3)
(3)
175
(3)
(3)
176
(3)
(3)
174
(3)
(3)
173
(3)
(3)
175
(3)
(3)
173
(3)
(3)
77
77
79
78
80
82
79
78
78
139
133
135
142
128
123
127
138
147
150
134
121
128
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
r rices paid by farmer s
received by farm ers
143
92
84
84
87
79
77
78
148
81
83
82
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indt
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, M2 was virtually unchanged from its August level and M3 fell again.
BIUIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,800
4,800
M3
\
4,000
3,400
4,000
-*—-—— •—
"
.— '" *"""""
3 200
_
2,800
—• —
-
3200
'
«•"•*•*
••"**"
-—^•""~
2800
"\
\
M2
.» •»•""" ""* *
.- — "•"""""*""
1 600
800
'
.,
^—~-
800
Ml
^—•*
^——
400
_—
'
iiiiilinii
Illllllllll
1983
^
1986
1985
1984
Illllllllll
1988
1987
1989
AVERAGES OF DAILY FIGURES! SEASONAL V ADJUSTED
Illllllllll
Illllllllll
1990
1991
400
COUNCIL OF CONOM1C ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of doHars, seasonally adjusted]
M2
Ml
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
M3
Ml plus overnight
RFs and
Eurodollars,
MMMT balances
(general purpose
and broker/ dealer),
savings and small
time deposits
L
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
Perct nt change from yea or 6
months earlier 2
Ml
M2
M3
Debt
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
436.4
474.4
521.2
552.2
619.9
724.3
749.7
786.4
793.6
825.4
1,793.3
1,952.9
2,186.3
2,374.7
2,569.7
2,811.6
2,910.1
3,069.9
3,223.1
3,328.2
2,234.1
2,441.7
2,693.3
2,986.2
3,201.6
3,492.6
3,677.4
3,919.1
4,055.2
4,111.8
2,596.7
2,851.4
3,154.6
3,527.5
3,828.9
4,133.2
4,337.0
4,676.0
4,889.9
'4,967.2
4,292.1
4,685.9
5,212.6
5,961.9
6,773.5
7,636.2
8,345.1
9,107.6
9,790.4
10,434.0
6.8
8.7
9.9
5.9
12.3
16.8
3.5
4.9
.9
4.0
10.0
8.9
12.0
8.6
8.2
9.4
3.5
5.5
5.0
3.3
12.4
9.3
10.3
10.9
7.2
9.1
5.3
6.6
3.5
1.4
13.6
12.7
9.3
9.1
7.5
6.6
1990: Aug
Sept
Oct
Nov
Dec
816.5
821.8
821.2
823.3
825.4
3,309.7
3,321.8
3,324.7
3,324.0
3,328.2
4,103.3
4,109.0
4,109.4
4,108.9
4,111.8
'4,934.5
'4,955.8
'4,955.5
'4,960.9
'4,967.2
10,251.1
10,306.4
10,344.8
10,396.6
10,434.0
3.8
4.3
3.3
3.9
3.4
3.4
3.2
2.7
2.5
2.3
1.5
1.6
1.3
1.3
1.3
7.2
6.8
6.4
6.6
6.2
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
826.7
836.4
843.0
842.1
851.6
858.4
'859.6
866.3
870.3
3,331.8
3,355.2
3,375.9
3,384.3
3,397.2
3,402.1
r
3,391.8
'3,392.5
3,392.3
4,124.7
4,160.5
4,169.0
4,171.3
4,173.9
'4,166.8
'4,149.4
'4,146.6
4,139.1
'4,983.7
'5,010.7
'5,010.1
'4,977.3
'4,956.3
'4,980.3
'4,984.4
"4,977.2
10,462.8
10,513.7
10,546.8
10,559.7
10,603.1
10,648.6
' 10,690.2
» 10,743.5
3.9
4.9
5.2
5.1
6.9
8.0
8.0
7.1
6.5
2.2
2.7
3.3
3.6
4.4
4.4
3.6
2.2
1.0
1.7
2.8
2.9
3.0
3.2
2.7
'1.2
'-.7
-1.4
5.5
5.1
4.7
4.2
4.0
4.1
4.3
4.4
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earli-
26
er at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
9.9
9.2
11.2
14.4
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
de-
checkable
depos-
Overnight
repurchase
agreements
(EPs),
net,
plus
overnight
Eurodollars
Money inarket
mutua fund
balam e s 1
General
purpose
and
broker/
dealer
Institution
only
Savings
deposits,
including
money
market
deposit
accounts
(HMD As)
SmalJ
denomination
time
deposits 2
Large
denomination
time
deposits 2
NSA
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
k.
122.6 231.3
132.5 234.0
146.2 238.5
156.0 243.9
167.8 266.6
180.7 301.9
196.9 286.5
212.0 286.3
222.2 278.7
246.4 276.9
238.4 278.0
241.5 279.1
243.9 277.1
245.0 277.2
246.4 276.9
251.6 272.9
255.1 276.1
256.7 277.1
256.6 275.8
256.8 278.7
257.6 281.0
258.9 r278.9
260.8 279.9
262.4 279.4
78.2
103.5
131.6
147.1
179.5
235.3
259.3
280.7
285.2
293.8
292.1
293.0
291.8
292.8
293.8
293.9
296.9
301.0
301.9
308.1
r
311.9
314.1
318.0
320.8
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.4
77.4
74.7
82.9
81.7
83.9
78.2
74.7
72.0
71.0
70.1
70.8
69.7
69.3
r
66.6
r
69.6
68.6
150.6
185.2
138.8
167.9
176.7
208.3
221.7
241.1
313.6
345.4
335.8
339.3
341.6
341.9
345.4
353.9
358.2
363.6
364.2
365.1
364.3
359.4
352.8
349.?
38.0
51.1
42.8
62.1
63.9
83.8
88.9
86.9
101.9
125.7
114.0
116.2
119.6
120.5
125.7
130.1
139.3
142.0
145.6
146.2
143.3
141.8
144.8
149.3
Data prior to 1983 are not seasonally adjusted.
Small denomination and large denomination depos its are those issued in amounts of less than
100,000 and more than $100,000, respectively.
^^^10
" MMDA data begin December 1982.
343.9
823.2
' 400.0
850.9
684.7
784.1
887.7
704.7
814.9
883.4
940.6
855.5
917.7
936.9
925.8
1,031.8
890.2
1,145.9
916.7
1,164.2
918.6
1,158.3
919.6
1,160.1
918.2
1,161.4
917.8
1,161.8
916.7
1,164.2
917.1
1,163.9
1,162.7
926.9
939.7
1,158.3
953.8
1,150.2
969.2
1,140.5
981.0
1,129.1
990.0 '1, 118.6
996.2
1,110.3
1,002.7
1,102.3
303.0
327.3
327.7
417.7
437.3
439.9
489.2
542.3
563.5
507.1
529.2
521.9
515.1
512.5
507.1
511.9
516.0
511.5
507.3
503.9
498.8
491.1
r
484.5
475.8
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.8
98.8
89.6
101.8
98.0
95.2
95.2
89.6
87.5
86.0
82.3
81.1
79.8
77.3
78.5
r
78.6
77.5
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
81.0
71.4
88.3
70.0
70.2
70.0
71.4
71.9
72.6
71.1
68.2
65.4
64.8
'65.0
r
65.3
63.2
Savings
bonds
Short
term
Treasury
.
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
126.0
123.0
123.8
124.5
125.2
126.0
126.7
127.8
128.9
130.1
131.4
132.5
133.5
' 134.4
149.4
183.6
212.0
260.8
298.2
280.2
253.5
270.6
327.4
r
335.4
' 329.0
'332.2
' 330.3
r
333.8
' 335.4
'333.2
r
331.4
r
327.8
'307.6
' 299.6
' 327.0
' 337.6
"336.5
Bankers'
acceptances
Commercial
paper
40.0
105.3
44.5
113.7
45.0
133.2
45.4
160.8
42.0
207.6
37.1
231.4
44.5
261.0
336.8
40.1
40.7
349.2
34.7
359.4
32.3
347.0
359.0
31.8
32.6
358.8
34.0
359.0
34.7
359.4
36.0
363.2
35.2
355.9
32.4
352.0
30.7
337.6
28.8
322.7
r
326.4
27.7
r
27.8 ' 336.2
"27.0 "332.5
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures *; millions of dollars; seasonally adjusted, except as noted by NSA]
Borro\vings of depc sitory
institute ns from the Federal
E eserve (NSA )
Adjusted for ch anges in reser ve requirements
Re erves of depo sitory instituti ons
Period
Total
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept
1
25,944
26,495
27,835
29,901
31,662
37,061
45,863
45,812
47,596
47,729
49,104
48,262
47,942
48,245
49,104
49,466
49,611
49,566
49,395
50,068
50,429
50,510
' 5 1,002
51,281
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
24,304
25,859
27,201
29,127
28,476
35,473
45,037
45,035
45,880
47,464
48,778
47,637
47,532
48,014
48,778
48,932
49,359
49,325
49,164
49,765
50,089
49,904
' 50,238
50,635
Nonborrowed plus
extended
credit
24,307
26,008
27,387
29,129
31,080
36,242
45,340
45,518
47,124
47,483
48,801
47,644
47,550
48,039
48,801
48,958
49,393
49,378
49,250
49,853
50,097
49,949
' 50,538
50,937
Required
25,480
26,176
27,335
29,340
30,807
36,024
44,494
44,766
46,549
46,807
47,440
47,353
47,096
47,297
47,440
47,297
47,803
48,387
48,364
49,039
49,421
49,605
r
49,916
50,351
Monetary
base
Total
145,931
153,001
164,276
179,921
191,374
208,619
230,039
246,281
263,459
274,168
299,785
293,804
295,941
297,553
299,785
305,152
309,438
310,982
310,605
311,479
312,469
313,910
r
316.310
318,016
1,6.90
636
634
774
3,186
1,318
827
777
1,716
265
326
624
410
230
326
534
252
241
231
303
340
607
764
645
Seasonal
ne
54
33
96
113
56
38
93
130
84
76
418
335
162
76
33
37
55
79
151
222
317
331
287
Extended
credit
3
148
186
2
2,604
499
303
483
1,244
20
23
6
18
24
23
27
34
53
86
88
8
46
300
302
Source: Board of Governors of the Federal Reserve System.
97
BANK LOANS AND SECURITIES
Total commercial bank loans and leases fell 0.1 percent in September; commercial and industrial loans rose 0.5
percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
ALL COMM ERCIAL BANKS
2,400
^^— •-——"I—
TOTAL
2 000
•
r
-1
^V__^--
—
1 600
_
-1
_^^
~"
2,000
— — ™'"" —• —'
1,600
"
..--""'"
1,200
BILLIONS OF DOLLARS* (RATIO SCALE)
ig»
2,800
•
_—
1_
2,400
—
1,200
LOANS AND .EASEb
800
—
,s*'
„
U.S. GO\fERNMENT SEC:URITIES
_/
160
120
V-I
_^~
400
•-•"
__
JTHER SECURIT ES
\
._ _ "— " "" ~~~
200
-_.
/
/
miilum miilnm
1983
~;;;
|M
1M
imiliini I l l l l l l l l l l Illllllllll Illllllllll imilimi
1986
1985
1984
160
1987
1988
1989
120
1991
1990
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted *
f ill comme cial baaks
Loans an . leases
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June ....
July .....
Aug
Sept
Total
loans and
securities 2
U.S.
Government
securities
1,307.2
1,400.5
1,552.1
1,722.2
1,909.6
2,093.5
2,238.9
2,421.7
2,589.0
2,723.6
179.3
201.7
259.2
260.2
270.9
310.1
335.9
363.8
399.3
454.2
450.1
453.1
454.0
454.2
454.1
458.0
471.4
479.2
485.1
495.2
505.3
512.6
522.1
2,708.0
2,713.6
2,716.6
2,723.6
2,721.2
2,735.1
2,751.0
2,751.8
2,750.5
2,763.2
2,763.3
2,761.6
2,768.9
Other
securities
160.5
164.8
169.1
140.9
179.0
193.9
193.5
192.1
180.8
175.6
178.8
177.8
175.9
175.6
177.7
177.6
177.6
175.7
173.9
173.1
172.0
169.9
170.8
Total
2
967.5
1,034.0
1,123.8
1,321.1
1,459.8
1,589.5
1,709.5
1,865.8
2,008.9
2,093.8
2,079.0
2,082.7
2,086.7
2,093.8
2,089.4
2,099.5
2,102.0
2,096.9
2,091.5
2,094.8
2,086.0
2,079.1
2,076.0
Commercial
and
industrial
355.4
392.5
414.2
473.2
500.3
537.2
567.6
606.6
641.3
648.1
644.7
643.7
646.5
648.1
644.3
643.9
646.0
640.0
633.2
630.4
626.7
620.5
623.8
Heal
estate
Individual
Security
284.1
299.9
182.5
188.2
212.9
253.8
294.6
21.4
25.3
28.0
34.5
43.1
40.4
34.8
39.9
38.3
40.6
331.0
376.5
426.0
494.2
587.2
671.5
760.6
836.5
822.5
827.7
832.0
836.5
837.3
842.6
846.3
850.9
855.1
859.5
857.0
853.9
853.4
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
315.2
328.2
354.7
375.5
378.9
378.6
379.7
378.7
378.9
375.9
377.7
375.5
374.1
373.5
372.0
369.6
368.9
365.3
41.3
40.5
39.6
40.6
43.1
43.2
38.9
39.8
39.8
38.3
41.6
42.6
43.9
Nonbank
financial
institutions
29.9
31.2
30.4
31.3
32.4
34.9
31.8
29.9
32.7
34.8
35.2
34.8
34.6
34.8
34.8
35.9
36.7
35.9
36.9
37.1
37.0
36.2
36.0
Agricultural
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.7
33.0
31.8
32.2
32.5
33.0
33.5
33.5
34.0
33.9
33.6
33.0
32.5
32.3
32.2
State
and
political
subdivisions
0.0
.0
.0
46.1
56.8
58.5
52.6
45.5
40.0
34.3
35.2
35.1
34.8
34.3
33.3
33.2
32.8
32.2
31.8
31.1
30.6
30.1
29.5
Foreign
banks
18.1
14.6
13.4
11.6
9.9
10.3
7.9
7.9
8.6
7.2
8.1
9.0
8.1
7.2
6.0
6.1
7.2
6.8
6.4
6.0
6.2
6.2
6.5
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
7.2
12.7
5.9
9.4
8.4
6.3
6.3
5.8
5.1
3.7
3.2
3.3
3.2
3.2
3.2
3.0
3.1
3.2
3.0
3.0
3.0
3.1
3.1
3.2
13.3
13.7
16.0
19.0
22.3
24.5
29.2
31.8
32.7
32.8
33.3
32.9
32.7
32.4
32.8
33.0
32.7
32.7
32.8
32.0
31.4
31.2
Other
23.1
26.9
31.8
29.9
35.3
38.6
39.8
45.7
45.8
44.6
45.5
43.6
43.7
44.6
45.8
47.5
48.5
47.6
45.6
51.7
49.7
53.9
51.0
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
C redit market fu nds
l
Total
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1989:
I
n
m
IV
1990:
I
n
ni
IV
1991: I
H"
Securities
and
mortgages
Loans and
short-term
paper
Other 2
Total
Capital
expenditures 3
300.8
416.9
491.4
455.7
524.1
493.7
548.2
512.7
459.8
241.9
285.2
335.9
351.8
344.3
372.4
391.4
380.0
369.5
58.9
131.7
155.5
103.9
179.8
121.3
156.8
132.7
90.3
48.5
76.5
91.9
49.8
124.7
48.2
55.1
35.4
16.4
-6.2
41.0
13.6
-6.2
60.5
18.5
-15.4
-45.0
-13.4
54.7
35.5
105.5
56.0
64.2
29.7
70.5
80.4
29.8
10.4
55.2
63.7
54.1
55.1
73.1
101.6
97.3
74.0
303.1
392.6
474.9
425.1
481.2
466.6
494.6
488.4
452.8
256.1
517.4
601.2
459.2
473.0
379.9
379.7
385.5
374.9
137.5
221.5
73.7
98.1
18.0
118.7
110.5
115.6
86.2
9.4
119.5
102.7
72.6
94.2
484.2
560.0
444.4
465.3
377.4
388.3
1.0
3.8
-92.5
3.1
-85.2
5.6
490.7
517.2
484.4
346.8
370.6
374.7
366.4
366.1
120.1
142.5
118.0
-19.3
42.2
53.3
10.8
-40.8
-45.3
27.9
-37.6
1.0
87.5
25.4
48.4
-41.8
77.9
89.3
107.3
21.4
468.6
498.8
504.7
338.8
362.7
384.4
454.6
431.2
377.5
375.7
77.1
55.5
34.0
20.5
65.3
104.7
gi o
-84.2
43.1
34.9
451.3
425.3
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
flbr
°?f .
.
,. .... .
, ,,
, ,.
, . .
. ,
_
* Consists of tax liabilities, trade debt, and direct foreign investment in the Tr
U.S.
Increase in
financial
assets
Discrepancy
(sources less
uses)
47.0
122.1
105.2
83.9
270.5
369.7
341.2
-2.3
24.3
16.5
30.6
43.0
27.1
150.8
112.5
116.3
106.2
81.6
330.4
354.1
378.3
382.2
371.2
385.1
378.2
391.1
346.5
317.0
333.0
53.5
24.2
7.0
106.8
171.7
59.3
87.1
33.2
41.2
14.9
7.7
105.9
114.4
113.6
-7.7
22.0
18.5
-20.2
7.9
134.3
92.3
3.2
5.8
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted!
Net change in in stallment ere dit outstandir g 1
Installment credit outstanding (end of perio d)
Period
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1990:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
Dee
1990: Aug
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July r
Aug"
Automobile
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,383
206,633
209,487
13,105
14,546
43,161
73,636
75,650
54,765
37,451
53,581
(3)
16,239
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,363
(3)
-6,091
5,959
5,384
12,634
21,192
21,536
14,035
17,227
21,026
21,191
21,073
20,680
20,492
20,919
208,811
209,758
209,698
209,817
209,487
1,094
1,703
-114
979
-1,310
20,459
20,200
20,123
20,098
19,796
19,907
19,615
19,522
209,170
208,379
206,813
207,782
208,697
208,451
208,582
208,179
-2,139
-201
320
1,179
1,331
-1,698
-629
-1,291
Revolving
Mobile
home
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,049
718,863
735,102
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,214
290,676
284,585
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,104
199,082
220,110
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,348
22,471
20,919
733,844
735,547
735,433
736,411
735,102
286,818
285,627
285,024
284,412
284,585
217,024
219,090
220,031
221,690
220,110
732,962
732,762
732,442
733,621
732,289
730,591
729,962
728,671
283,746
282,626
280,689
279,746
276,494
274,496
273,565
271,594
219,588
221,556
224,817
225,994
227,301
227,737
228,199
229,375
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
2
Data newly available in January 1989 result in breaks in many series between December 1988
and subsequent months.
Total
Automobile
Total
Other
Revolving
Mobile
home
1,322
2,546
958
2,299
989
246
-1,176
Other
-1,193
322
11,954
20,141
16,503
3,242
2,978
14,763
( )
-572
(3)
21,028
-1,552
2,854
-1,318
-1,191
-603
-612
173
1,905
2,066
942
1,658
1,580
-20
-119
393
-187
427
527
947
-60
119
-330
839
-1,120
1,937
-943
-3,252
-1,998
-931
1,972
-522
1,968
3,261
1,177
1,307
435
462
1,177
-461
-258
-78
-24
-302
111
-291
-93
3
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
<3)
-317
-791
-1,566
969
915
-246
131
-403
INTEREST RATES AND BOND YIELDS
Interest rates fell in October.
PERCENT PER ANNUM
PERCENT PER ANNUM
COUNCIL OF ECONOMIC ADVISERS
SOURCE, SEE TABIE BELOW
[Percent per annum]
U.S. 1 reasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990: Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct *
Week ended:
1991: Oct 5
12
19
26
Nov 2
1
3-month bills
(new issues) 1
14,029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
7.51
Constant nmaturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
30
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.R.
Bank) 4
Prime rate
charged by
banks 4
13.42
11.02
8.50
18.87
14.86
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
8.55
11.23
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
8.26
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
7.25
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
9.32
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
7.95
7.19
7.07
6.81
6.30
5.95
5.91
5.67
5.51
5.60
5.58
5.39
5.25
5.03
8.07
7.74
7.47
7.38
7.08
7.35
7.23
7.12
7.39
7.38
6.80
6.50
6.24
8.72
8.39
8.08
8.09
7.85
8.11
8.04
8.07
8.28
8.27
7.90
7.65
7.53
7.40
7.10
7.04
9.53
9.30
9.05
7.05
6.90
7.07
7.05
6.95
7.09
7.03
6.89
6.80
6.58
9.04
8.83
8.93
8.86
8.86
9.01
9.00
8.75
8.61
8.55
7.81
7.74
7.49
7.02
6.41
6.36
6.07
5.94
6.16
6.14
5.76
5.59
5.34
7.00 7.00 10.00-10.00
7.00-7.00 10.00-10.00
7.00-6.50 10.00-10.00
6.50-6.50
10.00-9.50
6.00-6.00
9.50-9.00
6.00-6.00
9.00-9.00
6.00-5.50
9.00-9.00
5.50-5.50
8.50-8.50
5.50-5.50
8.50-8.50
5.50-5.50
8.50-8.50
5.50-5.50
8.50-8.50
5.50-5.00
8.50-8.00
5.008.00-
5.11
5.04
4.99
5.04
4.99
6.26
6.23
6.21
6.30
7.45
7.48
7.50
7.66
6.68
6.52
6.53
6.60
8.49
8.50
8.54
8.63
5.48
5.31
5.32
5.33
5.00 5.00
5.00-5.00
5.00 5.00
5.00-5.00
5.00-
14.44
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Average effective rate for year; opening and closing rate for month and week.
2
Corporate
Aaa bonds
(Moody's)
8.80
7.69
6.33
5.66
6.20
6.93
6.98
10.79
12.04
9.93
8.33
8.21
9.32
10.87
10.01
New-home
mortgage
yields
(FHFB)5
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
10.05
9.98
9.90
9.76
9.65
9.57
9.43
9.60
9.52
9.46
9.43
9.48
9.30
8.00-8.00
8.00-8.00
8.00 8.00
8.00-8.00
8.00-
5
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Overall, stock prices were little changed in October.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
Z4U
Z4U
220
^
?nn
180
X \
160
-*
- -
140
^\ V
^/~
S~~*^\^-^\
^S
220
200
ISO
s
/
160
/^~~X^"'
140
_.A-COMPOSI1FE STOCK PRIC E INDEX
(NYSE)
-^^r
170
100
170
100
v_^/_
s—
80
80
60
40
Mlllllllll
1 1111111 11 1
1983
1 1 1 1t 1 111 1 I
1984
1 1 1 1 11 1 1 1 1 1
1985
1987
1986
iiiiiiiini 1 1 1 1 1 i 1 1 1 1 1
1988
1989
1990
1 1 1 1 1 1 1 1 1 1 1 40
1991
PER CENT
PERC ENT
M
EARNI MGS-PRICE RAT 10 ON COMMON STOCKS
(S&P)
_^
'
~~"~~~1
——
10
—__
"^
5
1
0
1 1
1983
1
1 1
1984
1
1 1
1985
1
1 1
1986
r1 1 1
1
1987
1
1 1
1988
10
1
1 1
1989
1
-,r--—
_--
1
1 1
1990
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1
Common st ock yields
(perce nt) 5
New Y ork Stock Excllange indexes (Dec. 31, 1965 = 50) 2
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
Industrial
0
COUNCIL OF ECONOMIC ADVISERS
Conimon stock pric es 1
Composite
1 1
1991
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
index
(194143=10)4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
183.46
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
225.78
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
158.62
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
90.60
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
133.26
932.92
884.36
1,190.34
1,118.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,678.94
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
334.59
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.61
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.47
6.46
1990:
Oct
Nov
Dec
168.05
172.21
179.57
208.58
212.81
221.88
131.90
132.96
141.31
87.27
89.69
91.56
108.01
113.76
122.18
2,460.54
2,518.56
2,610.92
307.12
315.29
328.75
4.01
3.91
3.74
1991:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get"
177.95
197.75
203.57
207.71
206.93
207.32
208.29
213.33
212.55
212.94
220.69
246.74
255.36
260.15
260.13
261.16
262.48
268.22
266.21
265.51
145.89
166.06
166.26
166.90
170.77
177.05
177.15
178.52
177.99
187.01
88.59
92.08
92.29
92.92
90.76
89.01
90.05
92.38
93.72
95.17
121.39
141.03
145.42
152.64
151.32
152.31
151.60
157.70
157.69
158.78
2,587.60
2,863.04
2,920.11
2,925.54
2,928.42
2,968.14
2,978.19
3,006.09
3,010.35
3,017.49
325.49
362.26
372.28
379.68
377.99
378.29
380.23
389.40
387.20
386.63
3.82
3.35
3.26
3.19
3.23
3.23
3.20
3.10
3.14
3.16
Week ended:
1991: Oct 5
12
19
26
212.58
209.30
215.09
213.34
264.93
260.59
268.50
266.29
180.45
180.34
190.93
191.72
95.49
94.73
95.29
94.63
158.90
155.68
160.57
158.81
2,998.84
2,962.61
3,050.54
3,032.47
386.21
379.79
390.94
387.01
3.15
3.24
3.11
3.13
1
Average of daily closing prices.
2
Includes all the stocks (more than
3
Includes
30 stocks.
4
Includes 500 stocks.
8
1,500) listed on the NYSE.
Standard & Poor's aeries. Dividend-price ratios based on Wednesday closing prices. Earnings-
Earningsprice ratio
5.59
5.24
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
For fiscal year 1991, there was a deficit of $268.7 billion, compared with a deficit of $220.4 billion a year earlier.
BILLIONS OF DOLLARS
1,500 f
_
RECEIPTS AND OUTLAYS^/
BILLIONS OF DOLLARS
1,500
1,406
1 400
1,300
1,300
OUTIAYS1/
1,200
1,200
1,100
1,100
1,000
1,000
900
900
RECEIPTS.!/
800
800
700
700
600
600
SURPLUS OR DEFICIT (-VJ
0
~
~
0
"—~
100
-100
-?on
,
"
^
-200
^^«-^_^^
~^
A
1^1983
i
.
1984
.
1985
i
1986
i
1987
i
1988
i
1989
i
r-^
1990
1991
i\
300
1992^
FISCAL YEARS
V
INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Receipts
Outlays
Surplus
or deficit
(-)
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
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
1985
1986
1987
1988
1989
1990
1991 1
1992 (estimates) 2
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,145.5
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,323.0
1,493.8
212.3
—221.2
-149.7
-155.1
-153.4
-220.4
-268.7
-348.3
298.1
Receipts
Surplus
or deficit
(-)
Receipts
Outlays
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
547.9
568.9
640.7
667.5
727.0
749.7
760.4
832.0
769.5
806.8
810.0
861.4
933.2
1,026.6
1,081.3
1,244.1
-221.6
-237.9
-169.3
-193.9
-206.1
-277.0'
-320.9
-412.1
186.2
200.2
213.4
241.5
263.7
281.7
293.9
313.5
176.8
183.5
193.8
202.7
210.9
225.1
241.7
249.7
231.7
63.2
278.7
1
Data front Monthly Treasury Statement.
2
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 15,
1991.
32
Outlays
Gross Fe leral debt
(end of period)
Off-budget
On-budget
Total
Fiscal year or period
Surplus
or deficit
(-)
3.2
-1.4
Held by
the public
3.9
-4.3
-2.0
-1.1
5.0
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
9.4
16.7
19.6
38.8
52.8
56.6
52.2
63.8
1,817.0
2,120.1
2,345.6
2,600.8
2,867.5
3,206.3
3,598.9
4,047.9
1,499.4
1,736.2
1,888.1
2,050.3
2,190.3
2,410.4
2,687.2
3,026.9
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
UTLAYS BY FUNCTION
fiscal year 1991, receipts were $23.0 billion higher than a year earlier and outlays were $71.3 billion higher.
BILLIONS OF DO LLARS
BILLIO NS OF DOLLARS
600
RECEIPTS!/
600
500
__^
INDIVIDUAL INCOME TAXES
400
\
.
300
.
..— —"
'—
^
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
"-"•"—•—'
~
OTHER RECEIPTS
200
CORPORATION
INCOME TAXES
\
100
r~
0
1,200
300
200
N
i
i
i
100
i
i
i
i
i
OUTLAYS-!/
o
1,200
--'
^,-'"
1 000
1 000
,,'-'"
Qflo
NONDEFENSE
\
\
--
900
„-'''
800
—'
700
700
„- — -"'
600
600
500
500
400
'
300
200
400
NATIONAL DEFENSE
\
U
-4
1983
—1
1984
1
1
1986
1985
_
1
1
1987
1988
FISCAL YEARS
1
1989
1
1990
J/INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS^
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1
1991
300
[•>
200
1992
COUNCIL OF ECONOMIC ADVISERS
Pillions of dollars]
Or -budget a id off-bud. 'et receipt
Fiscal year
Total
Individual
Corporation
Social
insurance
taxes
On-budg et and off budget on tlays
Nationa 1 defense
Other
Total
and
DepartTotal
butions
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991 *
1992 (estimates) 2
1
2
298.1
355.6
399.6
463.3
131.6
517.1
599.3
617.8
600.6
666.5
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
734.1
769.1
854.1
909.0
990.7
1,031.3
1,054.3
1,145.5
334.5
349.0
392.6
401.2
445.7
466.9
467.8
518.2
34.3
36.6
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
61.3
63.1
83.9
94.5
103.3
93.5
98.1
98.7
265.2
283.9
303.3
334.3
359.4
380.0
396.0
427.2
73.0
73.1
74.3
78.9
82.3
90.9
92.3
101.4
41.4
54.9
37.7
40.8
50.6
69.5
69.3
65.6
71.8
Data from Monthly Treasury Statement.
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 15,
1991.
Defense,
military
International
affairs
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
89.6
97.2
87.9
95.1
6.4
6.4
104.5
116.3
134.0
157.5
185.3
209.9
227.4
102.3
113.6
130.9
153.9
180.7
204.4
220.9
7.5
7.5
946.3
990.3
1,003.8
1,064.1
1,144.1
1,251.7
1,323.0
1,493.8
252.7
273.4
282.0
290.4
303.6
299.3
272.5
311.5
245.2
265.5
274.0
281.9
294.9
289.8
261.9
299.3
12.7
13.1
12.3
11.8
15.9
16.2
14.2
11.6
10.5
9.6
13.8
16.2
17.9
inter-
ty
Social
security
28.6
30.4
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
33.5
35.9
40.0
44.5
48.4
57.7
71.2
86.9
65.8
70.2
75.1
78.9
85.0
98.1
104.5
114.3
128.2
119.8
123.3
129.3
136.0
147.3
171.6
186.3
188.6
198.8
207.4
219.3
232.5
248.6
269.0
286.6
129.4
136.0
138.6
151.7
169.2
184.2
195.0
205.6
131.8
142.1
125.9
139.4
159.8
202.7
223.0
284.7
Health
15.7
17.3
18.5
20.5
23.2
26.9
27.4
Medi-
15.8
Income
securi-
Net
Other
est
NOTE.—Data are from Budget of- the United States Government, Fiscal Year 1992, February
1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1991, Federal receipts rose $4.0 billion (annual rate) and Federal expenditures rose $61^
billion. In the third quarter, according to advance data. Federal expenditures rose $14.0 billion; receipts data «
incomplete.
^
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
,400
1,200
1,000
800
600
400
200
-200
-200
1982
1986
1991
1987
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of doljars; quarterly data at seasonally adjusted annual rates]
Federal (government expenditu res
Federal (Government receipts
Period
Total
Fiscal year:
1986
1987
1988
1989
1990
Calendar year:
1986
1987
1988
1989
1990
1982: IV
1983: IV
1984: IV
1985: IV
1986: IV
1987: IV
1988: IV
1989: IV
1990: I
II
Ill
IV
1991:
I
II
Ill"
Personal
tax and
nontax
receipts
815.2
899.4
957.6
1,041.9
1,094.9
357.0
400.8
411.3
457.6
483.0
827.9
913.8
972.4
1,052.9
1,109.7
633.1
675.5
742.7
805.3
853.8
940.0
997.5
1,055.7
1,080.6
1,105.8
1,125.9
1,126.5
1,134.5
1,138.5
361.4
405.8
415.1
464.0
492.8
303.0
291.9
326.0
355.3
376.2
419.2
424.8
469.6
473.6
492.1
500.0
505.5
501.3
499.5
497.1
Corporate
profits
accruals
81.1
99.1
108.1
113.8
113.6
83.8
103.2
110.5
110.4
108.5
46.4
70.2
69.7
78.8
88.9
107.4
115.4
101.3
106.5
109.2
114.2
104.1
95.0
97.6
Source: Department of Commerce, Bureau of Economic Analysis.
34
Indirect
business
tax and
nontax
accruals
Contributions for
Total
insurance
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
or deficit
Subsidies
Net
interest
paid
current
surplus of
Government
enter-
Wage
accruals
less
disbursements
national
income
and
product
accounts
27.7
21.5
0.0
.1
— .1
.0
.0
-212.8
-160.7
-144.1
-130.3
-157.7
26.0
31.8
32.7
25.0
22.7
23.4
29.1
21.0
19.0
29.2
41.5
35.3
21.3
28.3
23.8
13.1
25.9
17.4
15.0
5.2
.0
.0
.0
.0
.0
.0
.0
.6
.0
.0
2
.0
.0
.0
.0
.0
.0
.0
-.4
.0
-206.9
-158.2
-141.7
-134.3
-166.0
-202.6
-169.2
-187.5
-212.2
-189.0
-161.7
-156.3
-150.1
-168.3
- 166.0
-145.7
-184.3
-126.9
-184.6
50.9
53.5
55.6
57.8
58.8
326.1
345.9
382.6
412.6
439.6
1,028.0
1,060.0
1,101.8
1,172.2
1,252.7
368.6
375.4
377.8
399.0
416.1
394.6
411.1
433.2
462.0
504.7
107.4
103.1
108.3
115.8
128.3
134.6
139.3
148.8
167.7
182.1
22.8
31.1
33.6
50.5
54.0
57.0
58.4
61.7
47.6
53.6
56.2
53.5
50.8
55.1
57.8
58.7
60.6
60.5
61.0
64.6
72.7
71.9
72.8
332.1
350.8
389.8
420.1
446.7
236.1
259.8
290.7
317.7
337.9
358.4
399.6
426.1
439.9
444.0
450.6
452.3
465.5
469.5
475.0
1,034.8
1,071.9
1,114.2
1,187.2
1,275.7
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,153.8
1,205.8
1,248.8
1,271.7
1,271.6
1,310.8
1,261.4
1,323.1
1,337.1
366.5
381.3
380.3
400.0
424.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
399.9
410.6
421.9
425.8
437.6
443.8
449.7
436.8
399.9
414.0
438.9
471.9
511.4
347.4
352.5
362.1
385.8
405.8
421 .4
447.2
487.9
503.4
510.4
513.2
518.5
462.2
509.4
543.3
106.8
102.6
111.1
118.2
131.4
84.5
86.0
96.3
103.5
103.0
102.7
112.2
121.5
128.5
131.5
129.8
135.8
143.7
151.0
152.0
135.6
142.3
151.3
172.0
186.3
87.2
101.0
125.3
132.7
136.0
147.6
157.9
175.2
178.1
184.3
189.8
193.0
194.3
197.6
199.8
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987 = 1 30; seasonal y adjusted
Period
United
States
123.2
123.7
122.4
125.3
124.6
123.7
111.6
111.6
109.8
110.1
108.0
106.0
115.2
116.5
117.3
117.0
116.6
116.2
109.7
109.7
110.8
107.5
106.8
109.6
103.6
102.3
102.1
102.2
100.5
99.9
130.4
131.6
132.7
133.5
133.8
133.8
135.8
135.8
136.3
137.4
138.2
138.1
125.4
125.1
123.0
123.3
126.0
122.8
' 126.6
123.3
110.1
109.1
106.0
119.1
118.3
118.4
108.6
108.4
108.2
103.3
104.6
r
110.5
106.3
104.5
r
134.6
134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
141.7
141.7
142.3
142.3
143.0
143.7
143.8
143.9
143.7
82.9
85.5
93.4
96.8
96.6
100.0
109.3
115.7
121.3
97.3
96.5
97.1
90.3
90.9
110.4
110.5
110.6
109.9
108.3
107.2
102.5
101.2
99.5
99.4
97.4
96.4
106.6
105.7
105.0
105.5
106.4
107.3
108.0
r
108.0
108.1
96.4
95.3
94.9
Sept
Oct
Nov
Dec
1
104.8
108.9
113.4
118.4
123.2
129.3
135.5
99.9
102.1
104.2
104.9
105.0
105.7
108.1
111.4
76.5
81.5
91.4
96.5
95.4
100.0
105.5
105.3
100.8
Aug
Sepf
97.2
98.0
100.0
104.7
108.9
110.2
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
130.7
94.9
100.4
93.5
97.7
99.6
100.0
103.9
108.7
114.6
89.5
89.6
94.5
96.8
100.0
103.6
104.0
103.3
84.9
92.8
94.4
95.3
100.0
105.4
108.1
109.2
1990: July
Aug
86.3
88.8
91.8
92.9
96.2
100.0
105.9
109.2
109.2
Germany
1984
1985
1986
1987
1988
1989
1990"
June
July
91.8
France
81.9
1991: Jan
Feb
Mar
Apr
May
United
States '
Japan
1982
1983
r
r
r
96.5
97.2
97.5
98.0
Con sumer pric es (1982-84=100; N 3A)
United
Kingdom
Canada
r
l!0.1
' 109.6
'109.8
110.7
110.7
r
Italy
l!7.8
116.9
121.6
119.5
118.4
Data relate to all urban consumers.
99.6
' 101.2
' 101.2
r
98.8
98.4
r
' 101.6
101.3
99.8
Canada
Japan
United
Kingdom
France
Germany
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
133.2
97.0
100.3
102.7
104.9
104.7
104.9
106.3
109.2
112.1
87.7
100.8
111.5
121.1
128.5
134.4
150.4
159.6
114.9
119.7
125.6
135.4
148.2
110.9
111.4
112.4
113.9
113.5
113.2
132.9
133.7
134.4
135.2
135.0
134.9
111.9
112.2
112.6
113.4
113.2
113.3
159.3
160.3
161.2
162.6
163.6
164.2
149.0
150.5
151.9
153.1
152.7
152.6
114.1
113.8
114.3
114.8
115.4
114.9
114.8
115.0
135.5
135.7
135.8
136.3
136.6
136.9
' 137.4
137.7
114.0
114.3
114.2
114.7
115.2
115.8
116.8
116.8
117.0
165.4
167.0
167.4
168.2
168.8
169.7
169.9
170.4
171.1
153.0
153.8
154.4
156.4
156.9
157.6
157.2
157.6
158.1
98.0
Italy
141.1
95.4
99.8
104.8
111.1
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
C eneral m erchandise imports customs yalue) 3
Mer chandise e xports (f. a.s. value i
Principal end-use c ommodity category
Period
Total 2
Foods,
feeds,
and
Industrial
supplies
als
1982
1983
1984
1985
1986
1987
1988
1989
1990
1990:
5
5
Sept
Oct
Nov
Dec
1991: Jan
Feb
Mar
Apr
May
June
July '
Aug
1
2
3
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
14.3
322.4
363.8
393.6
72.7
67.2
72.0
73.9
75.8
86.2
109.2
138.8
152.7
15.7
16.8
20.6
22.9
21.7
24.6
29.3
34.8
37.4
13.4
13.3
12.6
14.2
17.7
23.1
36.4
43.3
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
20.7
32.5
32.2
34.6
33.6
33.6
2.9
2.7
2.6
2.9
2.6
8.7
8.8
9.9
9.5
9.2
12.6
12.6
13.1
12.4
13.2
3.1
2.9
3.4
3.2
2.8
3.5
3.5
3.9
3.7
3.8
34.1
33.6
34.0
35.6
35.3
35.0
35.2
34.2
2.7
3.1
3.0
2.9
3.0
2.9
3.1
2.9
9.5
9.7
8.9
9.2
9.4
8.7
9.1
9.0
13.0
12.4
13.5
14.4
13.7
14.4
13.7
13.3
3.1
2.6
2.9
3.4
3.5
3.5
3.6
3.2
3.9
3.9
3.8
3.8
3.8
3.7
3.7
3.7
218.8
227.2
61.7
56.7
Includes Department of Defense Military Assistance Program grant-aid shipments.
Includes undocumented exports to Canada through 1988.
Total arrivals of imported goods other than intransit shipments.
shipm
4
Total includes revisions not reflected in detail.
Foods
feeds,
and
°
61.7
58.5
57.3
66.7
85.1
99.3
104.4
31.3
Total
Other 2
30.9
31.5
24.0
22.3
24.3
32.3
37.2
35.1
216.4
205.6
224.0
254.1
Aug
Capital
goods
except
automotive
Trade balance
Principal 3nd-use c jmmodity category
Industrial
supplies
als
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
General
merchandise
imports
<c.i.f.
value)
Exports
(f.a.s) less
imports
(customs
Exports
(f.a.s)
less
imports
(c.i.f.)
27.5
-38.4
112.0
35.4
473.2
495.3
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
26.6
107.0
123.7
113.9
101.3
111.0
118.3
132.3
143.2
40.9
59.8
65.1
71.8
84.5
101.4
113.3
116.4
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
87.3
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
105.7
7.8
9.4
10.4
12.1
12.8
13.6
16.1
1.6
1.7
1.8
1.9
1.9
41.9
41.3
44.5
43.1
39.9
2.1
2.2
2.2
2.1
2.2
12.2
12.4
13.5
13.4
11.6
9.7
9.4
10.3
10.0
9.8
7.7
7.2
7.7
7.1
6.6
8.9
8.6
9.4
9.0
8.3
1.3
1.6
1.4
1.5
1.3
43.7
43.1
46.4
45.0
41.6
-9.4
9.1
-9.9
-9.5
6.3
-11.2
-10.8
-11.7
-11.4
-8.0
1.9
1.9
1.9
1.9
2.0
1.9
2.1
2.0
41.5
39.1
38.1
40.1
40.1
38.8
41.2
40.9
2.2
2.1
2.1
2.4
2.3
2.3
2.3
2.1
12.2
10.8
10.1
11.0
11.3
10.5
10.8
10.9
9.9
9.9
9.9
10.4
10.1
9.8
10.4
9.9
7.3
6.7
6.6
6.7
6.5
6.6
7.2
7.9
8.6
8.5
8.0
8.5
8.4
8.1
9.3
8.7
1.3
1.2
1.3
1.3
1.5
1.4
1.3
1.3
43.4
40.9
39.8
42.0
41.8
40.4
43.0
42.7
7.4
-5.5
-9.2
-7.3
-5.8
-6.4
-6.6
-5.5
-7.8
-8.5
4
4
244.0
258.0
330.7
336.5
365.4
406.2
441.0
6.5
6.3
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
517.0
-52.4 -64.2
106.7 -122.4
-133.6
-155.1
-170.3
-152.1
118.5 -137.1
-109.4 -129.4
-101.7 -123.4
-117.7
138.3
-4.1
4.5
-4.8
3.8
-5.9
-6.8
5
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
-—...
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The current account balance was a surplus of $3.0 billion in the second quarter of 1991, compared with a surplus
of $10.5 billion in the first quarter. The balance continued to reflect the impact of cash contributions from coalition
partners in Operation Desert Storm.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
15
15
-40
45
-45
1990
1982
1991
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits ( + ), debits <—)]
Merchandise *
2
Period
Exports
1981
1982
1983
1984
237,085
211,198
1985
1986
1987
1988
1989
1990
1988: I
H
HI
IV
1989: I
n
m
IV
1990: I
II
m
IV
1991: I
II"
201,820
219,900
215,935
223,367
250,266
320,337
361,451
389,550
76,497
79,392
80,511
83,937
87,207
91,609
90,142
92,493
95,244
97,088
96,638
100,580
100,900
104,108
Imports
-265,063
-247,642
-268,900
-332,422
-338,083
-368,425
-409,766
-447,323
-477,368
-497,665
- 109,988
-110,494
-111,290
-115,551
-116,625
-120,309
-119,330
-121,104
-122,781
-121,178
- 125,398
-128,308
-119,294
-119,732
Net balance
-27,978
-36,444
-67,080
-112,522
-122,148
- 145,058
-159,500
-126,986
-115,917
-108,115
-33,491
-31,102
-30,779
-31,614
-29,418
-28,700
-29,188
-28,611
-27,537
-24,090
-28,760
-27,728
- 18,394
- 15,624
Net
military
transactions 3 *
transpor-
-844
144
Other
services,
Receipts
on U.S.
assets
abroad
112
-992
-163 -4,227
2,147 -9,153
-4,096 -10,788
-4,907 -8,939
-3,662 -8,006
5,743 -3,844
-6,204
2,621
7,220
4,140
-1,135 -1,726
-984
-1,192
-1,203
-587
-2,212
-548
-1,715
261
-1.634
443
— 1,161
652
-1,693
1,265
-1,737
941
834
-1,558
-1,683
479
-2,243
1,885
-2,329
2,056
- 1,675
1,951
1
Excludes military.
* Adjusted from Census data for differences in timing and coverage.
3
Quarterly data are not seasonally adjusted.
4
Includes transfers of goods and services under U.S. military grant programs.
36
Inv estment ineom E
Services
12,552
12,981
13,859
14,042
14,008
18,551
18,012
19,925
25,998
29,456
4,618
4,826
5,023
5,459
5,940
6,374
6,772
6,911
6,695
7,322
7,607
7,832
7,345
7,690
84,975
85,346
81,972
92,935
82,282
80,982
90,536
110,669
128,651
130,091
27,016
27,001
28,168
28,486
30,974
32,300
32,217
33,159
31,959
31,314
32,012
34,805
32,729
28,599
Payments
on foreign
assets in
U.S. 3
5
Balance on
goods,
Net
and income
U '1 t 1
transfers,
net 4
B1
on current
account
6,892
15,223
-8,331
-53,626 31,349
-5,868
-9,775
3,907
-57,097 28,250
-54,549 27,423 -30,188 -9,956 -40,143
86,385 -12,621 -99,006
-69,542 23,394
-66,115 16,166 - 106,859 -15,473 - 122,332
129,384 - 16,009 - 145,393
-70,013 10,969
-82,908
7,629 -145,527 -14,674 - 160,201
111,294 - 14,943 -126,236
-105,317
5,353
- 125,963
2,688 -90,814 -15,491 - 106,305
-118,146 11,945 -69,794 -22,329 —92,123
-23,976
3,040 -28,694 -3,456 -32,150
1,283 — 27,169 -3,032 -30,201
-25,718
907 -26,639 -3,483 -30,122
-27,261
-28,362
124 -28,791 -4,972 -33,763
900 -24,032 -3,547 -27,579
-30,074
-33,484 -1,184 — 24,701 -3,107 -27,808
499 -22,426 -3,794 -26,220
-31,718
2,472 - 19,656 -5,044 -24,700
-30,687
3,002 -18,635 -4,032 -22,667
-28,957
7 -17,485 -4,693 -22,178
-31,307
-29,210
2,802 -19,555 -4,326 -23,881
-28,672
6,133 -14,122 -9,280 -23,402
16,939
10,501
— 6,438
-27,846
4,883
2,965
-5,195
8,160
2,464
-26,135
5
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $11.2 billion in the second quarter
of 1991, in contrast to a decrease of $20.6 billion in the first quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, decreased $26.7 billion in the second quarter, compared to a decrease
of $18.8 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
CHANGE IN
FOREIGN ASSETS / \
- IN THE U.S., NET •*
60
40
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
-60
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
1 merease/capit il outflow (— )
Period
official
Other U.S.
Govern-
assets 3 6
assets
-110,951
-124,490
-56,100
-31,070
-27,721
-92,030
-62,937
-86,057
-128,610
-57,706
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
-25,293
-2,158
4,900
-20,571
-42,825
-27,565
1,502
39
-7,380
1,925
-4,000
-12,095
-5,996
-3,202
-3,177
371
1,739
-1,091
-353
1,014
-5,097 - 100,679
-6,131 -113,394
-5,006
-49,898
-5,489 -22,451
-2,821 -21,043
-2,022 -90,321
1,006 -73,091
2,966 -85,111
1,320 - 104,637
2,976 -58,524
-1,597
4,995
-851
- 19,759
1,957
-37,402
3,457 -32,947
928 -34,504
-292
8,117
564 -40,311
119 -37,938
669
40,993
-800
-33,033
314 -28,114
4,759 -38,370
1,422
-1,992
-560
-27,125
U.S.
Total
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1988: I
II
Ill
IV
1989: I
II
Ill
IV
1990: I
II
Ill
IV
1991: I
Foreign assets in the 1 J.S., net
[increase /capital inflovi (+)]3
-31,576
-4,270
-45,743
-41,021
37,147
-33,462
-26,689
-34,703
-923
II".... -26,671
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U S official
assets, net 6
(unadjusted,
Other
foreign
assets
83,032
93,746
84,869
102,621
130,012
221,599
229,828
221,534
216,549
86,303
4,960
3,593
5,845
3,140
-1,083
35,588
45,343
39,657
8,624
32,425
78,072
90,154
79,023
99,481
131,096
186,011
184,485
181,877
207,925
53,879
24,996
66,091
52,529
77,917
24,874
5,961
-1,985
10,806
122
60,130
54,514
67,111
2,254
-15,319
20,418
-16,589
2,799
-2,473
-4,906
4,584
43,186
41,028
47,788
47,802
69,557
2,498
74,255
70,238
7,766
-5,038
13,053
7,158
61,791
7,536
61,202
77,396
— 4,402
29,580
-2,292
-4,517
49,854
60,502
68,418
74,609
-33,082
31,257
49,096
39,033
-7,022
5,805
13,341
20,301
-26,059
25,452
35,754
18,732
18,601
24,383
1,475
19,072
-729
2,156
6,631
-3,650
-7,361
5,806
-8,849
21,550
4,066
-780
-6,379
3,096
4,367
105
-6,473
2,007
3,995
193
Total
6
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMP.
Statistical discrepancy
Foreign
official
assets
U.S.
private
assets
Allocations
of special
drawing
rights
1,093
end of
period)
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
83,316
19,934
36,612
11,374
27,456
20,041
15,824
-6,690
-9,240
18,366
63,526
76,303
77,298
80,024
83,316
78,002
74,940
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers..
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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