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: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT In the third quarter of 1991, according to 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. For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. Price $2.50 (single copy) ($3.13 foreign). Subscription price: $28.00 per year; $35.00 for foreign mailing. 38 U.S. GOVERNMENT PRINTING OFFICE : 1991 0—48-282