Full text of Economic Indicators : September 1990
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101st Congress, 2d Session
Economic Indicators
SEPTEMBER 1990
(Includes data available as of September 27, 1990)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
OCT 1 8 1990
FEDERAL RESERVE
BANK OF CHICAGO-
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1990
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman
PAUL S. SARBANES, Maryland, Vice Chairman
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
FREDERICK S. UPTON (Michigan)
SENATE
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JEFF BINGAMAN (New Mexico)
ALBERT GORE, JR. (Tennessee)
RICHARD H. BRYAN (Nevada)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
PETE WILSON (California)
CONNIE MACK (Florida)
JOSEPH J. MINARIK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, Chairman
JOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—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 drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the second quarter of 1990, according to revised estimates, current-dollar gross national product (GNP) rose 5.1
percent (annual rate) or $67.9 billion. Real GNP (GNP adjusted for price changes) rose 0.4 percent and the
implicit price deflator rose 4.7 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
BILLIONS OF DOLLARS (RATIO SCALE)
5,600
—
SEASONAUY ADJUSTED ANNUAL RATCS
^
~
5,200
5,200
^
GNP
IN CURRENT DOLLARS
4,800
-
^s^
4,800
^
-
4,400
4,400
-
4,000
""
-
—^
^
4,000
.*•*
-
""\
GNP
IN 1982 DOL ARS
3,600
3,600
f+**
^r
-
X
^
3,200
^^i
^*"*
3,200
-
-
2,800
2,400
2,800
\
\
1982
\
\ \ \
\
\
\
1
1984
1983
1
1
\
1985
1
1 1
1986
1 1
1987
1
1
1
1
1988
1
1
1989
SOURCE; DEPARTMENT OF COMMERCE
1
1
1
2,400
1990
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
Exports and imports of goods
and services
Government purchases of
goods and services
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,231.6
4,515.6
4,873.7
5,200.8
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
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.5
747.1
771.2
32.1
33.9
26.3
-6.1
589
-78.0
974
-114.7
74 1
-46.1
351.0
382.8
361.9
352.5
383.5
370.9
396.5
449.6
552.0
626.2
318.9
348.9
335.6
358.7
442.4
448.9
493.8
564.3
626.1
672.3
530.3
588.1
641.7
675.0
735.9
820.8
872.2
921.4
962.5
1,025.6
208.1
242.2
272.7
283.5
310.5
355.2
366.5
381.3
380.3
400.0
142.7
167.5
193.8
214.4
234.3
259.1
277.8
294.6
297.2
301. 1
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
83.1
98.9
Gross
national
product
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
Final
sales
Gross
domestic
purchases 1
322.2
345.9
369.0
391.5
425.3
465.6
505.7
540.2
582.3
625.6
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
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
State
and
local
1982:
1983:
19841985:
19861987:
1988-
IV
IV
IV
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
4,297.3
4,647.6
5,009.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
409.6
579.8
661.8
654.1
648.8
741.4
747.5
14.1
-25.8
67 9
-103.2
-108.9
-115.0
-70.3
335.9
364.7
385.7
369.2
402.4
485.8
583.1
321.9
390.5
453.6
472.4
511.3
600.7
653.5
671.8
676.1
764.5
856.7
888.9
942.0
1,000.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
205.4
221.5
244.1
268.6
280.7
296.0
299.6
87.7
54.6
81.9
108.0
88.1
92.2
101.6
378.7
400.0
438.5
480.1
520.1
553.9
598.9
3,272.4
3,514.8
3,806.8
4,100.7
4,309.4
4,591.9
4,993.6
3,198.5
3,571.6
3,919.7
4,211.2
4,406.2
4,762.6
5,080.1
1989:
n
m
I.
5,101.3
5,174.0
5,238.6
5,289.3
3,371.7
3,425.9
3,484.3
3,518.5
769.7
776.7
775.8
762.7
-48.5
51 3
-49.3
-35.3
609.7
628.8
623.7
642.8
658.2
680.0
673.0
678.1
1,008.5
1,022.7
1,027.8
1,043.3
398.3
402.5
399.2
399.9
298.2
300.6
306.3
299.2
100.1
101.9
93.0
100.7
610.2
620.2
628.6
643.4
5,074.7
5,141.3
5,209.7
5,264.3
5,149.8
5,225.3
5,287.9
5,324.6
5,375.4
5,443.3
3,588.1
3,622.7
747.2
759.0
-30.0
249
661.3
659.7
691.3
684.6
1,070.1
1,086.4
410.6
421.9
307.2
309.6
103.4
112.3
659.6
664.6
5,387.2
5,429.9
5,405.3
5,468.2
IV
1990: I. r
n
1
GNP Jess exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
Pillions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross private
domestic investment
Period
Gross
national
product
Personal
consumption
expenditures
Total
Nonresidential
fixed
Residential
fixed
Exports and imports of
goods and services
Change
in
business
inventories
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases l
1980
1981
1982 . .
1983
1984
1985
1986
1987 .
1988
1989
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
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,446.4
2,515.8
2,606.5
2,656.8
509.3
545.5
447.3
504.0
658.4
637.0
639.6
669.0
705.7
716.9
379.2
395.2
366.7
361.2
425.2
453.5
438.4
449.8
487.2
506.1
137.0
126.5
105.1
149.3
170.9
174.4
195.7
196.4
194.9
187.0
57.0
-6.9
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
388.9
392.7
361.9
348.1
371.8
367.2
397.1
451.8
534.7
593.3
332.0
343.4
335.6
368.1
455.8
471.4
526.9
570.3
610.6
647.4
620.5
629.7
641.7
649.0
677.7
731.2
761.6
779.1
780.5
798.1
246.9
259.6
272.7
275.1
290.8
326.0
334.1
339.6
328.1
334.9
171.2
180.3
193.8
206.9
218.5
237.2
252.1
265.1
260.7
256.3
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.5
67.5
78.7
373.6
370.1
369.0
373.9
387.0
405.2
427.5
439.5
452.4
463.2
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
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
198219831984198519861987'
1988'
1989-
3,159.3
3,365.1
3,535.2
3,662.4
3,733.6
3,920.7
4,059.3
2,078.7
2,191.9
2,281.1
2,386.9
2,477.8
2,534.2
2,638.8
408.8
577.2
655.7
648.0
615.2
706.6
696.2
352.3
390.4
444.4
460.9
435.7
462.3
486.6
115.8
159.9
169.6
179.4
200.3
195.8
195.6
-59.3
11.7
462
27.0
41.7 -94.8
7.7 -125.3
-20.8 -135.4
48.4
111 3
14.0
757
336.0
355.5
376.6
367.4
406.5
487.0
555.3
324.3
401.6
471.4
492.6
541.9
598.3
631.0
660.1
642.2
693.2
752.7
776.0
791.3
799.9
289.5
266.0
300.5
340.6
342.4
347.7
342.3
201.4
211.6
225.3
241.4
255.8
266.0
261.1
88.2
54.4
75.2
99.2
86.6
81.7
81.2
370.6
376.2
392.7
412.1
433.6
443.6
457.5
3,218.6
3,338.1
3,493.5
3,654.7
3,754.4
3,872.3
4,045.2
3,147.6
3,411.3
3,630.0
3,787.6
3,869.0
4,032.0
4,134.9
4,095.7
4,112.2
4,129.7
4,133.2
2,636.7
2,645.3
2,675.3
2,669.9
717.0
719.1
722.3
709.1
497.1
505.5
513.3
508.4
193.8
188.1
184.4
181.8
26.1
25.5
24.6
18.9
-51.1
53 3
-64.1
47 9
576.1
593.2
592.5
611.6
627.3
646.5
656.6
659.4
793.2
801.0
796.2
802.2
334.2
339.9
333.0
332.7
253.7
255.7
260.2
255.5
80.4
84.2
72.8
77.2
459.0
461.1
463.2
469.5
4,069.6
4,086.6
4,105.1
4,114.4
4,146.8
4,165.4
4,193.9
4,181.1
4,150.6
4,155.1
2,677.3
2,678.8
700.7
700.7
514.6
508.4
188.3
182.8
-2.2
9.5
-35.4
446
628.1
620.1
663.5
664.7
807.9
820.2
333.0
345.9
254.4
256.5
78.6
89.4
475.0
474.3
4,152.8
4,145.6
4,185.9
4,199.7
IV
IV
IV
IV
IV
IV
IV
I
n
in
IV
1990- I r
n
1
GNF 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]
Gross private
domestic investment
Personal consumption
expenditures
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982198319841985198619871988-
IV
IV
IV
IV
IV
IV
IV
1989- I
n
m. ...
IV
1990- I r
n
Gross
national
product
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.8
117.4
121.3
126.3
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.6
124.2
129.9
89.2
95.7
100.0
102.1
103.8
104.8
105.6
108.2
109.4
110.9
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.2
116.6
122.8
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.7
134.5
141.0
85.1
93.4
100.0
98.8
97.9
97.7
99.3
98.9
100.2
101.2
89.4
96.6
100.0
102.2
106.0
108.3
111.1
115.2
119.3
123.5
90.2
97.5
100.0
101.3
103.2
101.0
99.8
99.5
103.2
105.5
96.0
101.6
100.0
97.4
97.1
95.2
93.7
99.0
102.5
103.8
84.3
93.3
100.0
103.1
106.8
109.0
109.7
112.3
115.9
119.4
83.4
92.9
100.0
103.6
107.2
109.2
110.2
111.1
114.0
117.5
86.4
94.3
100.0
101.4
105.5
108.2
108.1
116.3
123.2
125.8
86.2
93.4
100.0
104.7
109.9
114.9
118.3
122.9
128.7
135.1
101.7
105.4
109.0
112.2
115.1
118.5
123.4
101.8
105.7
109.3
113.1
115.8
121.5
126.3
100.7
103.1
104.1
104.7
106.2
108.9
110.3
101.0
103.1
105.8
108.7
107.8
113.9
118.6
102.7
108.3
113.5
119.0
124.9
130.9
137.0
100.7
98.3
97.9
97.9
100.0
99.0
101.8
99.1
103.1
107.2
109.0
112.4
116.5
120.6
100.0
102.6
102.4
100.5
99.0
99.7
105.0
99.3
97.2
96.2
95.9
94.4
100.4
103.6
101.3
103.8
108.5
110.6
107.7
111.7
117.2
102.0
104.7
108.3
111.3
109.7
111.3
114.7
99.5
100.3
108.9
108.8
101.7
112.8
125.1
102.2
106.3
111.7
116.5
120.0
124.9
130.9
124.6
125.8
126.8
128.0
127.9
129.5
130.2
131.8
110.4
110.6
111.2
111.4
120.5
123.2
123.2
124.5
138.8
140.1
1*1.6
143.4
101.9
101.2
100.9
100.7
122.1
123.7
124.2
124.3
105.8
106.0
105.3
105.1
104.9
105.2
102.5
102.8
119.2
118.4
119.9
120.2
117.5
117.6
117.7
117.1
124.4
121.0
127.8
130.4
132.9
134.5
135.7
137.1
129.5
131.0
134.0
135.2
112.5
112.1
128.3
129.4
145.1
146.6
101.6
101.6
125.3
125.3
105.3
106.4
104.2
103.0
123.3
122.0
120.8
120.7
131.5
125.6
138.9
140.1
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
Constant
(1982)
dollars
Current
dollars
-0.2
1.8
-2.5
3.6
6.8
3.4
2.7
3.4
4.5
2.5
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
8.9
11.7
3.7
7.6
10.8
6.4
5.4
6.7
7.9
6.7
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
1980
1981
1982
1983
..
1984
1985
1986
1987
1988
1989
1987- I
n
m
iv
1988- I
n
m
rv
1989- I
n
m
rv
1990- I r
n
Implicit
price
deflator
Chain price
index
9.0
9.7
6.4
3.9
3.7
3.0
2.6
3.2
3.3
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
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.3
3.7
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
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.8
8.2
6.4
7.6
7.6
6.5
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
9.3
9.3
6.2
4.1
4.0
3.4
2.7
3.5
4.2
4.5
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
0.2
1.2
1.3
4.6
4.8
4.7
3.9
2.8
3.6
1.9
.7
4.5
4.3
— .4
6.9
2.7
3.5
3.5
-.3
1.3
4.6
-.8
1.1
.2
Implicit
price
deflator
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.6
3.8
4.6
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
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.6
4.0
4.7
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
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
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
Souree: Department of Commerce, Bureau of Economic Analysis.
NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quar-
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) l
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
198219831984:
19851986198719881989:
19901
.
IV
IV
IV
IV
IV
IV
IV
I
n
HI
rv
I.
nr
..
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,367.1
2,524.8
2,720.7
2,854.5
1,779.4
2,012.5
2,201.8
2,309.4
2,408.7
2,597.4
2,797.3
2,812.8
2,847.5
2,879.1
2,878.5
2,907.5
2,960.0
1982
dollars
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,173.9
2,290.2
2,403.7
2,431.2
1,760.2
1,940.5
2,069.5
2,137.7
2,198.5
2,339.4
2,428.6
2,427.8
2,431.3
2,443.9
2,421.8
2,423.1
2,440.1
Total
cost
and
profit 2
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.102
1.132
1.174
1.011
1.037
1.064
1.080
1.096
1.110
1.152
1.159
1.171
1.178
1.189
1.200
1.213
ances
with
capital
consumption
adjustment
Indirect
business
taxes 3
0.095
.109
.125
.123
.118
.119
.123
.123
.124
.131
.131
.120
.118
.120
.124
.122
.126
.127
.129
.132
.135
.135
.135
0.077
.090
.094
.098
.100
.103
.106
.105
.107
.112
.096
.098
.102
.104
.106
.105
.108
.110
.111
.113
.114
.117
.116
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
3
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.704
.721
.726
.750
.782
.685
.680
.694
.713
.727
.734
.763
.774
.780
.782
.795
.803
.812
0.031
.037
.043
.037
.039
.038
.041
.041
.041
.050
.042
.037
.042
.037
.042
.040
.042
.046
.049
.051
.052
.052
.033
Total
0.068
.078
.063
.089
.109
.106
.098
.107
.111
.099
.057
.103
.107
.106
.096
.109
.112
.102
.102
.100
.092
.093
.097
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.041
.043
.042
.023
.036
.032
.033
.038
.042
.043
.044
.042
.041
.040
.039
.040
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.064
.067
.068
.057
.034
.066
.075
.072
.058
.067
.069
.058
.060
.059
.052
.053
.057
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
at all
employees
(dollars)
18.524
18.643
18.704
19.217
19.682
19.996
20.456
20.968
21.203
20.929
18.771
19.422
19.784
20.117
20.650
21.118
21.173
21.042
20.970
21.011
20.786
20.670
10.769
11.777
12.635
13.039
13.528
14.069
14.746
15.231
15.892
16.376
12.866
13.208
13.735
14.341
15.008
15.492
16.158
16.288
16.347
16.421
16.517
16.602
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]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
Nonfarm
Rental
income of
persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,412.6
3,660.3
3,984.9
4,223.3
1,907.0
2,020.7
2,213.9
2.367.5
2,511.4
2,686.4
2,905.1
3,079.0
24.6
12.4
30.5
30.2
34.7
42.8
43.7
48.6
150.9
178.4
204.0
225.6
247.2
280.6
310.5
330.7
13.6
13.2
8.5
9.2
11.6
13.7
16.3
8.2
150.0
213.7
266.9
282.3
282.1
308.3
337.6
311.6
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
104
-10.9
58
-1.7
6.7
-19.4
-27.0
-21.7
-9.2
17.0
32.7
59.7
53.8
52.4
47.8
25.5
272.3
281.0
304.8
319.0
325.5
328.6
371.8
445.1
2,548.2
2,851.5
3,096.1
3,312.8
3,473.1
3,791.5
4,104.1
1,931.1
2,092.7
2,272.7
2,426.7
2,571.2
2,770.3
2,986.7
28.5
19.3
28.1
29.2
37.2
52.3
35.5
159.8
188.6
209.7
235.0
252.0
293.0
321.5
15.8
12.4
5.6
7.8
13.5
14.6
16.8
146.1
248.5
266.9
291.4
275.2
323.1
349.6
150.7
223.4
224.6
228.4
226.1
268.6
308.7
164.1
231,5
226.1
235.0
234.1
289.7
331.1
134
-8.1
16
-6.6
80
-21.1
225
-4.5
25.1
42.3
63.0
49.1
54.5
40.9
266.9
290.2
313.1
322.7
324.0
338.2
394.1
1989- I
n
in
rv
4,177.3
4,216.8
4,232.1
4,267.1
3,029.7
3,062.6
3,095.2
3,128.6
59.6
50.5
38.7
45.7
328.2
329.1
329.5
336.0
13.3
9.7
5.8
4.1
327.3
321.4
306.7
290.9
292.1
291.5
285.3
275.3
335.1
314.6
291.4
289.8
-43.0
23 1
-6.1
145
35.2
29.9
21.4
15.6
419.2
USA
456.2
461.7
1990- I r
4,350.3
4,411.3
3,180.4
3,232.5
57.4
51.0
346.6
350.8
5.5
4.3
296.8
306.6
285.5
298.8
296.9
299.3
-11.4
-.5
11.3
7.7
463.6
466.2
1982
1983
1984
1985.
1986
1987...
1988
1989
1982198319841985198619871988-
.
IV
IV
IV
IV
IV
IV
IV
n
1
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Total
personal
consumption
expenditures
Period
1982
1983
1984
1985
1986
1987 ... .
1988
1989
1982198319841985198619871988-
...
IV
IV
IV
IV
IV
IV
IV.
1989- I...
n
m
rv
1990- I r
n
...
.. .
Motor
Total
durable
goods
Nondurable goods
Other
Total
nondurable
goods
Food
Clothing and
shoes
Gasoline
and oil
Other
Services
Retail sales of
new passenger
cars (millions of
units)
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
252.7
289.1
335.5
312.2
406.0
423.4
457.5
474.6
108.9
130.4
157.4
119.1
196.2
197.9
212.2
215.5
95.7
107.1
118.8
129.9
139.7
148.8
161.8
171.4
48.1
51.6
59.3
63.2
70.0
76.7
83.5
87.8
771.0
816.7
867.3
911.2
942.0
1,001.3
1,060.0
1,130.0
398.8
421.9
448.5
471.6
500.0
530.7
562.6
595.3
124.4
135.1
146.7
156.4
166.8
178.4
191.1
204.6
89.1
90.2
90.0
90.6
73.5
75.3
77.3
83.8
158.7 1,027.0
169.5 1,128.7
182.1 1,227.6
192.6 1,345.6
201.7 1,449.5
216.9 1,584.7
229.1 1,720.7
246.3 1,845.5
5.8
6.8
8.0
3.2
8.2
7.1
7.5
7.1
2.2
2.4
2.4
2.8
3.2
3.2
3.1
2.8
2,117.0
2,315.8
2,493.4
2,700.4
2,868.5
3,079.1
3,332.6
263.8
310.0
346.7
373.2
422.0
427.4
473.1
115.7
144.4
162.3
173.8
201.1
198.9
217.8
99.1
112.4
122.7
134.7
143.8
151.1
166.8
49.0
53.2
61.8
64.7
77.1
77.4
88.5
786.6
837.9
879.6
932.7
952.1
1,019.9
1,088.0
407.0
430.8
456.1
482.5
511.9
539.0
577.1
126.5
141.1
149.8
160.6
168.7
182.2
198.6
89.8
91.9
89.0
91.0
66.0
77.3
78.5
163.4
174.0
184.7
198.5
205.5
221.5
233.9
1,066.5
1,167.9
1,267.1
1,394.5
1,494.4
1,631.8
1,771.5
6.0
7.4
7.7
7.0
7.7
6.6
7.5
2.5
2.6
2.6
3.1
3.4
3.3
3.0
3,371.7
3,425.9
3,484.3
3,518.5
466.4
473.6
487.1
471.2
211.3
216.2
226.9
207.5
170.2
170.7
171.5
173.0
84.9
86.7
88.7
90.7
1,106.7
1,127.1
1,137.3
1,148.8
588.8
592.5
597.6
602.2
199.3
203.4
206.9
208.7
79.0
88.2
84.5
83.5
239.7
243.0
248.3
254.4
1,798.6
1,825.1
1,859.8
1,898.5
7.0
7.3
7.8
6.2
2.8
3.0
2.9
2.6
3,588.1
3,622,7
492.1
478.4
221.1
212.4
178.9
176.8
92.0
89.3
1,174.7
1,179.0
616.4
623.3
212.9
212.6
87.1
84.5
258.2 1,921.3
258.6 1,965.8
7.0
6.8
2.8
2.1
Source: Department of Commerce, Bureau of Economic Analysis.
cles
and
parts
Furniture
and
household
equipment
SOURCES OF PERSONAL INCOME
Personal income increased $13.0 billion (annual rate) in August, following an increase of $24.0 billion in July.
Wages and salaries rose $0.7 billion in August compared to a rise of $16.2 billion in July.
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
BILLIONS OF DOLLARS*(RATIO SCALE)
:
1 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
iimhmi
1982
I l l l l l l l l l l I l l l l l l l l l l I l l l l l l l l l l iimliim
iimliim I l l l l l l l l l l
1984
1983
1986
1985
400
1987
1988
1990
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates^
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989- Aug
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
Apr r
May T.
July
r
Auff p.
Total
personal
income
Wage and
salary
disbursements *
2 2584
2,520 9
2 6708
2,838 6
3 108 7
3,325 3
3 526 2
3,766 4
4070 8
4,384 3
1 372 0
1 510.3
1 586 1
1 6766
1 838 6
1 9754
2 094 8
2 249 7
2431 1
2573 2
4,398 7
4411 6
4,441 0
44700
4,496 7
2578 1
2 593 9
2 611 4
2 603 8
26230
4,532 2
4561 6
4,594 7
4 6045
4,621 4
4640 7
4664 7
4,677.7
2 633.3
2 652 2
26692
2 6824
26955
2 711 1
2 727 3
2 728.0
Proprietors ' income 3
Other labor
income 1 2
Farm
138.4
150.3
205
307
160 1
156.1
163.6
173.6
1829
187.6
1993
209.4
2255
241.9
243.5
244 8
246.1
247 5
248.9
251.6
252 8
254.0
255 2
256.4
257 6
258.8
260.0
24 6
1509
178.4
2040
225.6
247 2
280.6
3105
330.7
329.8
3296
331.9
3374
338.7
343.3
3470
349.4
349 2
351.3
351 8
3539
355.4
124
305
302
34 7
42 8
43 7
486
388
37 8
456
45 2
464
51 1
55 6
655
550
51 8
46 1
460
45.5
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
income of
persons 4
dividend
income
66
529
13.3
13 6
13.2
61 3
63 9
85
92
11 6
13 7
16 3
82
755
78 7
85 8
91 8
102 2
1144
8.7
0
74
96
10 1
7.7
45
43
38
1159
1163
1174
1184
1189
119 7
1206
121 3
122 3
1230
1234
1243
125.0
42
49
61
9.4
687
Personal
interest
income
271 9
3354
369 7
393 1
444 7
4780
493 2
501 3
547 9
643 2
6553
657 6
661 2
665 0
6685
6695
6705
671 4
6745
677 9
681 5
684 5
687 0
payments 5
3247
368.1
4106
4426
456 6
4898
521 5
5499
587 7
6369
642.1
646 1
6508
658 4
658 6
679.8
679 6
6834
683 5
6853
691 4
6920
695.5
4
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
88 6
104 5
112 3
120 1
132 7
2 215 8
2 465 6
2 618 7
2 799 0
3 052 1
1493
3 271 3
3 469 4
3 702 2
4 006 0
4 314 6
161 9
172 9
194 1
212 8
213 4
214 5
215 9
215 3
216 3
223 9
221 2
223 8
221 4
223 9
227 1
228 1
228 2
4 3389
4 352 7
4 3744
4403 6
4429 2
4459 9
4 484 9
4508 1
4 528 2
4 548 3
4 573 2
4 597 2
4 6108
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income fell in the second quarter of 1990.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,500
2,000
2,000
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
PER CAPITA DISPOSABLE PERSONAL INCOME
18,000
18,000
16,000
j'
rnppcNT noiiioQ
14,000
16,000
•*
r
—•
1
14,000
---
-|__-""
\
12,000
12,000
.
~~]
_-<!
10,000
•
~"\
\
1
10,000
1982 DOLL/ ,RS
i i i
8,000
t
t
i
i
1983
1982
i
i
1
1984
1 1
1985
i
i
1986
i
1
1
!
!
1
1
1988
1987
' SEASONALLY ADJUSTED ANNUAL RATES
1
1
1
1989
i
i
i
8,000
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
Less:
Personal
tax and
nontax
Equals:
Disposable
Less:
Personal
outlays l
Equals:
Personal
saving
Disposable
personal
income in
Per capita
disposable personal
income
1982
(billions)
1982
dollars
Billions of dollars
2 258 5
2 5209
2 6708
2 838 6
3 108 7
3 325 3
35262
3,766.4
40708
4,384.3
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
3405
3933
409.3
4105
440.2
4866
512.9
5716
591.6
658.8
1 9180
2 127 6
2,261.4
2 428 1
2,668.6
2 838 7
3,013.3
3,194.7
3479 2
3,725.5
Per capita personal
consumption
expenditures
dollars
1982
dollars
dollars
Dollars
1369
1,968 1
1594
2,107.5
153 9
2 2974
130 6
2,504.5
164 1
2 713 3
1254
2,888.5
124 9
3,102.2
92.5
3,333.6
145 6
3,553.7 , 1 7 1 . 8
1 781 1
2 214 3
2 2486
2 2615
2 331 9
24698
2 542 8
2 6353
2,670.7
28005
2,869.0
8 421
9 243
9 724
10 340
11 257
11 861
12 469
13094
14 123
14,973
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
9 722
9 769
9 724
9930
10419
10 625
10905
10946
11 368
11,531
7 607
8 320
8 818
9 515
10 253
10 °85
J l 576
12 335
13 144
13,866
8 783
8 794
8 818
9 139
9 489
9 839
10 123
10 311
10580
10,678
5
21
49
9n
26
4
39
1.4
41
29
42
4.6
248,810
K
7 ^
ao
K A
61
Seasonally adjusted annual rates
1982:
1983:
1984:
1985:
1986:
1987:
1988:
IV
IV
IV
IV
IV
IV
IV
1989: I
n
m....
IV
1990: I
n '....
2,729.2
2,941.8
3,188.3
3,399.1
3,597.8
3,890.9
4,186.2
411.1
413.9
459.7
499.6
534.4
588.6
607.3
2,318.1
2,527.9
2,728.6
2,899.5
3,063.4
3,302.3
3,578.9
2,174.9
2,382.5
2,571.3
2,787.7
2,961.4
3,172.6
3,430.4
143.1
145.4
157.3
111.7
102.0
129.7
148.5
2,276.1
2,392.7
2,496.3
2,562.8
2,646.2
2,717.9
2,833.9
9,929
10,725
11,467
12,068
12,629
13,483
14,470
9,749
10,151
10,491
10,667
10,909
11,097
11,458
9,068
9,825
10,479
11,240
11,825
12,572
13,474
8,904
9,299
9,587
9,935
10,214
10,347
10,669
1.2
9.1
1.7
3.3
.3
6.4
1.2
6.2
5.8
5.8
3.9
3.3
3.9
4.1
233,466
235,707
237,946
240,257
242,579
244,925
247,329
4,302.2
4,362.9
4,402.8
4,469.2
640.5
665.5
659.5
669.6
3,661.7
3,697.3
3,743.4
3,799.6
3,472.0
3,528.5
3,588.8
3,625.5
189.8
168.9
154.5
174.1
2,863.5
2,854.9
2,874.3
2,883.2
14,773
14,883
15,026
15,210
11,553
11,492
11,538
11,541
13,603
13,790
13,986
14,084
10,638
10,648
10,739
10,687
3.4
-2.1
1.6
.1
5.2
4.6
4.1
4.6
247,863
248,431
249,127
249,818
4,562.8
4,622.2
675.1
696.5
3,887.7
3,925.7
3,696.4
3,730.6
191.3
195.1
2,900.9
2,902.8
15,527
15,639
11,586
11,564
14,330
14,432
10,692
10,671
1.6
-.8
4.9
5.0
250,392
251,026
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1990,
according to preliminary estimates, gross farm income rose $0.9
and net farm income felf $4.0
billion (annual rate)
bidion.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
240
200
240
200
160
-~ ~_^
^-^-—'
^~,
^^1
160
*sX^V
120
120
GROSS FARM INCOME
RO
80
60
60
' \
40
/
/
t
I
\
\
20
%X
.
/\
I \
/
\
/
10
/
%
— —
A/\
»
\
\
/
x
,'
^--\
*
%%
'" ^-. s"
•*
40
\v/
—/
\
NET FARM INCOME
i /
?0
l
\
, i
l
l
f\
\
' \ /
» / \/
i i
li
11
u
; ; i
1 1 1
1982
1983
10
1
1 1
1984
J
)
J
J
1985
J
J J
1986
J
1987
)
I
J J
1988
SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
} ) 1
1989
J
J J
1990
2
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from fanning
Net farm income
Gross farm income
Period
Cash marketing receipts
Total1
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
...
....
....
...
1988- I
n
TTT
IV
1989- I
n
TTT
IV
1990- Ip
149.3
166.4
163.5
152.9
175.0
162.9
156.5
169.0
173.8
189.1
139.1
141.7
142.6
136.5
142.5
144.1
135.2
141.7
150.2
159.2
169.9
175.2
167.7
182.2
192.8
189.3
184.3
189.8
190.7
144.4
145.9
154.9
155.5
153.7
157.4
163.9
161.7
159.1
Livestock and
products
68.0
69.2
70.3
69.4
73.0
69.8
71.5
76.0
78.8
83.7
78.1
76.8
79.2
81.2
81.6
80.8
83.6
88.9
87.3
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income,
and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
11.1
72.5
72.3
67.1
69.5
74.3
63.7
65.6
71.4
75.4
66.3
69.2
75.7
74.2
72.1
76.5
80.3
72.8
71.8
3
Value of
inventory
changes 2
-6.3
6.5
-1.4
-10.9
6.3
-23
-2.4
28
-4.1
4.4
-6.1
-5.3
36
-1.3
5.8
4.8
3.8
3.3
2.8
Production
expenses
Current
dollars
133.1
139.4
140.0
140.4
142.7
131.7
125.1
127.7
131.8
142.6
125.8
129.2
134.8
137.4
141.3
144.0
144.3
140.7
145.5
1982 dollars 3
16.3
27.0
23.5
12.5
32.3
31.2
31.4
41.2
42.0
46.5
44.1
46.0
33.0
44.7
51.5
45.3
40.0
49.2
45.2
Income hi current dollars divided hy 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
28.7
23.5
12.0
29.9
28.1
27.6
35.1
34.6
36.8
37.0
38.2
27.0
36.3
41.4
36.0
31.5
38.4
34.8
CORPORATE PROFITS
In the second quarter of 1990, according to revised estimates, corporate profits before tax rose $2.4
(annual rate) and after-tax profits fell $1.0 billion.
BILLIONS OF DOLLARS
360
BILLIONS OF DOLLARS
360
SEASONALLY ADJUSTED ANNUAL RATES
r\
/I
320
S
280
/
v
PROFITS BEFORE TAX
240
280
/
240
200
^,~-~'"
/
^
>FITS AFTER T/i0(
' — ^ N ^ PRC
""N
N
160
X -—. —•
X
_^.-
^\
120
X
X
80
-.
--7""
80
TAX LIABILIT Y
-'/'
/-'-r'
40
0
f-
^"O0^
/^
160
320
V^
^1
120
\
1
1
1 1 1
1
1982
billion
1983
I
! 1
1984
1
1
1
'
1
1
1
1
1986
1985
\
40
UNDISTRIBL TED PROFITS
1 I
1987
1
1
1
1988
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1
1989
1 1
1990
0
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment *
Profits after tax
Domestic industries
Period
Profits
before tax
Nonfinancial
Total2
Total
Financial
Total3
Manufacturing
Tax
liability
Wholesale and
retail
trade
Total
Dividends
Undistributed
profits
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
194.0
202.3
159.2
196.7
234.2
222.6
228.3
255.9
289.8
286.1
159.6
173.8
131.2
166.6
203.3
191.4
195.2
218.4
246.5
235.2
21.0
16.5
11.8
18.1
13.0
22.8
32.0
20.7
22.4
15.4
138.6
157.3
119.4
148.5
190.3
168.6
163.2
197.8
224.1
219.8
77.1
88.5
58.0
70.1
88.8
79.7
59.5
86.7
106.5
96.1
21.6
32.5
34.6
38.9
51.2
44.1
44.1
37.9
37.1
38.7
237.1
226.5
169.6
207.6
240.0
224.3
221.6
275.3
316.7
307.7
84.8
81.1
63.1
77.2
93.9
96.4
106.3
126.9
136.2
135.1
152.3
145.4
106.5
130.4
146.1
127.8
115.3
148.4
180.5
172.6
54.7
63.6
66.9
71.5
79.0
83.3
91.3
98.2
110.0
123.5
97.6
81.8
39.6
58.9
67.0
44.6
24.0
50.2
70.5
49.1
1982- IV
1983- IV
150.7
223.4
f '.6
228.4
226.1
268.6
308.7
121.6
190.7
193.9
193.6
193.4
226.2
261.9
18.7
15.5
13.6
26.0
28.6
19.8
24.1
102.9
175.2
180.3
167.6
164.8
206.4
237.8
46.8
88.6
79.8
83.8
64.8
98.2
112.6
33.6
43.1
51.8
38.5
41.0
37.8
42.3
164.1
231.5
226.1
235.0
234.1
289.7
331.1
59.8
88.1
87.0
99.8
113.1
132.1
142.1
104.3
143.4
139.2
135.2
121.0
157.6
189.1
68.5
73.9
80.8
84.0
93.6
102.2
115.3
35.8
69.5
58.4
51.2
27.4
55.4
73.8
292.1
291.5
285.3
275.3
241.5
244.9
236.0
218.4
24.0
21.6
9.2
6.9
217.4
223.4
226.9
211.5
102.0
98.9
99.9
83.7
33.7
37.6
41.4
41.9
335.1
314.6
291.4
289.8
148.3
140.8
127.8
123.5
186.7
173.8
163.6
166.3
119.1
122.1
125.0
127.7
67.6
51.7
38.6
38.6
285.5
298.8
232.6
249.9
16.1
18.2
216.5
231.7
90.1
100.8
39.2
44.4
296.9
299.3
129.9
133.1
167.1
166.1
130.3
133.0
36.8
33.2
198419851986:
19871988:
IV
IV
IV
IV
IV
1989- I
n
m
IV
1990: I r
n
1
2
See p. 4 for profits with inventory valuation and capita] consumption adjustments.
Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-43.1
-24.2
-10.4
109
-5.8
-1.7
6.7
-19.4
-27.0
-21.7
-13.4
81
-1.6
66
-8.0
21 1
-22.5
-43.0
-23.1
61
-14.5
-11.4
-.5
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter of 1990, nonresidential fixed investment fell $6.6 billion
(annual rate) and residential investment fell $6.8 billion. There was a $13.4 billion increase in inventories, following
a decrease of $11.8 billion in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
SEASONALLY ADJUSTED ANNUAL RATES
—
800
/~ ,^~lr
GROSS PRIVATE DOMESTIC
INVESTMENT
700
800
1
-,
700
'"''""'
/
1
^1
jf
600
_
«• ""
-
^,.--~
400
_""•--
500
— — ••"
/
~—\
600
-
NON RESIDENTIAL
FIVED INVESTMENT -
/
500
-
400
-
^'~
RES DENTIAL
FIXED NVESTMENT
300
-
300
\
— •-.
~
200
200
.
100
.^.-~
CHANGE IN 5USINESS
INVENTC)RIES
~*~
/-.^
**N
/
\
•''
1
-100
1
1
1982
-
100
-
x>.
...... \
* •* — >'
0
/'"""
1
1
1
1983
1
1
1
1
I
1
1985
1984
1
1
1
1986
I
1
1
1 1 1
1988
1987
i ii
SOURCE; DEPARTMENT OF COMMERCE
I l l
-100
1990
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
198219831984:
19851986:
19871988-
Gross
private
domestic
investment
.
IV
IV
IV
IV
IV
IV
IV
1989: I
n
UI
IV
1990- I r
n.
Source: Department of Commerce, Bureau of Economic Analysis.
Change in business
inventories
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
437.0
515.5
447.3
502.3
664.8
643.1
659.4
699.9
747.1
771.2
445.3
491.5
471.8
509.4
597.1
631.8
652.5
671.2
720.8
742.9
322.8
369.2
366.7
356.9
416.0
442.9
435.2
444.9
488.4
511.9
113.9
138.5
143.3
124.0
141.1
153.2
139.0
133.7
139.9
146.2
208.9
230.7
223.4
232.8
274.9
289.7
296.2
311.2
348.4
365.7
122.5
122.3
105.1
152.5
181.1
188.8
217.3
226.3
232.5
231.0
-8.3
24.0
245
-7.1
67.7
11.3
6.9
28.3
26.2
28.3
24
18.3
-23.1
.4
60.5
14.6
8.6
32.3
29.8
23.3
409.6
579.8
661.8
654.1
648.8
741.4
747.5
469.5
548.8
616.8
646.8
660.9
685.7
731.3
354.9
383.9
435.0
451.3
435.8
457.5
495.3
137.6
127.4
146.6
155.9
133.7
137.2
141.2
217.3
256.5
288.4
295.5
302.2
320.4
354.0
114.7
164.9
181.8
195.5
225.1
228.1
236.0
-59.9
31.0
45.0
7.2
-12.2
55.7
16.2
51 1
21.3
41.3
23.7
-8.0
59.6
35.0
769.7
776.7
775.8
762.7
743.1
744.0
746.9
737.7
758.9
745.6
506.5
511.4
518.1
511.8
146.5
144.2
147.0
147.1
360.0
367.2
371.0
364.7
236.6
232.7
228.9
225.9
26.6
32.7
28.9
25.0
16.7
26.1
26.2
24.1
523.1
516.5
148.8
147.2
374.3
369.3
235.9
229.1
-11.8
13.4
-17.0
13.0
747.2
759.0
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August survey, business spending for new plant and equipment is
expected to rise 5.4 percent in 1990, following a rise of 11.4 percent in 1989. (Series revised.)
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
60U
600
SEASONALLY ADJUSTED ANNUAL RATES
"Ir
—.
500
r^
r-
^~
400
-
1
"
500
"
^"^
400
\
ALL INDLJSTRIES
^^
300
_..- — - —"
__^1
300
~—^
^,^—
r ' \i
.^-'
NO ^MANUFACTlJRINGJV
,--
200
200
.-'~~~-->
*--....
f
'"'"
\
^"'
MANUFACTL JRING
100
100
2/
1
!
1
1
1
1
1
1983
1982
1
I
1
1984
! 1
I
1985
1
1
1
!
\
1
1988
1987
1986
\ \
1
1
!
1989
1
1
J/
1
1990
J/ SURVEYED QUARTE !LY
-VSEE FOOTNOTE 4 B LOW
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
All
industries
Total
286.40
324.73
326.19
321.16
373.83
410.12
399.36
410.52
455.49
507.40
534.76
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.44
436.30
452.24
460.33
467.92
1989- I 'r
II r
1990- I ' r
Period
1980 '
1981 '
1982 '
1983 r
1984 r
1985 '
1986 T
1987 '
1988 r
1989 '
1990 4
1988- I 'r
n r
mr
IV
mr
rv
TJ
4
m4
rv
1
Total
nonfarm
business 2
Nonmanufacturing
Nondurable
goods
Total !
Mining
Transportation
Public
utilities
Commercial
and
other
54.82
58.93
54.58
51.61
64.57
70.87
65.68
68.03
77.04
82.56
84.69
57.77
69.75
69.39
65.74
75.04
82.01
72.28
73.03
86.41
101.24
107.75
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
342.31
12.71
15.81
14.11
10.64
11.86
12.00
8.15
8.28
9.29
9.21
9.96
13.56
12.67
11.75
10.81
13.44
14.57
15.05
15.07
16.63
18.84
21.10
41.32
47.17
53.58
52.95
57.53
59.58
56.61
56.26
60.37
66.28
65.91
106.21
120.41
122.79
129.41
151.39
171.09
181.59
189.84
205.76
229.28
245.34
155.13
160.00
165.99
170.02
73.74
76.13
77.49
79.74
81.39
83.87
88.49
90.28
281.16
292.24
294.35
297.89
9.28
9.62
9.26
9.00
16.11
16.45
16.71
17.15
57.51
58.46
61.00
63.42
198.26
207.71
207.37
208.33
155.13
160.00
165.99
170.02
281.16
292 24
294.35
297.89
487.43
502.05
514.95
519.58
172.73
180.91
185.99
191.88
80.20
82.44
83.60
83.41
92.53
98.47
102.40
108.47
314.70
321.14
328.96
327.70
8.94
9.24
9.24
9.38
17.84
18.42
21.03
18.25
66.09
68.09
65.19
1 65.82
221.82
225.39
233.50
234.25
172.73
180.91
185.99
191.88
314.70
321.14
328.96
327.70
532.45
535.49
532.47
538.61
191.36
195.16
192.37
190.88
86.35
84.34
83.63
84.45
105.02
110.82
108.74
106.42
341.09
340,33
340.09
347.74
9.58
9,84
10.23
10.19
22.13
21.86
20.61
19.81
65.72
64.27
66.20
67.46
243.66
244.37
243.05
250.27
191.36
195.16
192.37
190.88
341.09
340.33
340.09
347.74
Durable
goods
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.
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
Addenda
Nonmanufacturing
Manufacturing
318.08
358.77
363.08
359.73
418.38
454.93
447.11
461.51
508.22
563.93
Manufacturing
112.60
128.68
123.97
117.35
139.61
152.88
137.95
141.06
163.45
183.80
192.44
Total
205.48
230.09
239.11
242.38
278.77
302.05
309.16
320.45
344.77
380.13
Surveyed
quarterly
173.80
196.06
202.22
203.82
234.22
257.24
261.40
269.46
292.04
323.60
342.31
Surveyed
annually s
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
52.73
56.53
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in July-August 1990, corrected for biases.
NOTE.—Data reflect a benchmark revision beginning 1978. See Plant and Equipment Expenditures and Plans release dated September 6, 1990 for details.
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In August, civilian employment fell 295,000 and unemployment rose 189,000.
MILLIONS OF PERSONS'
MILLIONS OF PERSONS'
126
126
SEASONALLY ADJUSTED
122
122
CIVILIAN LABOR FORCE
y
118
118
114
114
\
110
110
CIVILIAN
EMPLOYMENT
106
106
102
102
98
98
12
UNEMPLOYMENT
1982
1983
1984
1985
1988
1987
1986
1989
•16YEARSOfAGEANDOVER
SOURCE: DEPARTMENT OF 1ABOR
1990
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Civilian employment
Unemployment
Noninstitutional
population
including
resident
Armed
Forces
NSA
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
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,709
1,688
110,315
111,872
113,226
115,241
117,167
119,540
121,602
123,378
125,557
102,042
101,194
102,510
106,702
108,856
111,303
114,177
116,677
119,030
108,670
110,204
111,550
113,544
115,461
117,834
119,865
121,669
123,869
100,397
99,526
100,834
105,005
107,150
109,597
112,440
114,968
117,342
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,169
3,199
97,030
96,125
97,450
101,685
103,971
106,434
109,232
111,800
114,142
4,499
5,852
5,997
5,512
5,334
5,345
5,122
4,965
4,657
8,273
10,678
10,717
8,539
188,286
188,428
188,580
188,721
188,865
1,688
1,702
1,709
1,704
1,700
125,758
125,725
125,857
126,192
126,246
119,238
119,121
119,294
119,540
119,588
124,070
124,023
124,148
124,488
124,546
117,550
117,419
117,585
117,836
117,888
3,275
3,219
3,197
3,160
3,197
114,275
114,200
114,388
114,676
114,691
188,990
189,090
189,198
189,326
189,467
189,607
189,763
189,901
1,697
1,678
1,669
1,657
1,639
1,630
1,627
1,640
126,094
126,308
126,498
126,543
126,643
126,466
126,394
126,300
119,560
119,713
120,003
119,773
119,989
120,019
119,580
119,298
124,397
124,630
124,829
124,886
125,004
124,836
124,767
124,660
117,863
118,035
118,334
118,116
118,350
118,389
117,953
117,658
3,134
3,079
3,200
3,133
3,305
3,348
3,085
3,137
114,728
114,957
115,133
114,983
115,045
115,041
114,867
114,521
1981
1982
1983
1984
1985
1986'
1987
1988
1989
1989:
Aug
Sept
Oct
Nov
Dee
1990:
Jan
Feb
Mar
Apr
May
June
July
Aug
1
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Civilian labor force (or employment) as percent of civilian noninatitutional population.
Agricultural
Total
Part time
for
economic
reasons l
Total
15
weeks
and
over
Civilian
Labor
force
participation
rate
(percent) 2
Employment/
population
ratio
(percent) 2
6,528
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,610
1,375
64.0
64.0
64.4
64.8
65.3
65.6
65.9
66.5
59.0
57.8
57.9
59.5
60.1
60.7
61.5
62.3
63.0
4,567
4,605
4,526
4,552
4,554
6,520
6,604
6,563
6,652
6,658
1,338
1,359
1,378
1,422
1,362
66.5
66.4
66.4
66.6
66.5
63.0
62.9
62.9
63.0
63.0
4,729
4,703
4,747
4,630
4,666
4,734
4,710
4,780
6,535
6,594
6,495
6,770
6,653
6,447
1,430
1,369
1,333
1,386
1,374
1,406
1,513
1,609
66.4
66.5
66.6
66.5
66.6
66.4
66.3
66.2
62.9
63.0
63.1
62.9
63.0
63.0
62.7
62.5
8,312
8,237
7,425
6,701
6,814
7,003
63.9
* 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 August, the overall unemployment rate rose to 5.5 percent and the civilian unemployment rate rose to 5.6
percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
TEENAGERS
15
15
10
10
WOMEN 20 YEARS
AND OVER
\
MEN 20 YEARS
AND OVER
1986
1990
1986
1987
1989
1988
•UNEMPLOYMENT AS PERCENT Of CWUAN LABOR FORCE IN GROUP SPECIFIED
SOURCE: DEPARTMENT OF LABOR
1990
COUNCIL Of ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
7.5
9.5
1989: Aug
Sept
Oct
Nov
Dec
1990:
1
2
Unemployment
rate,
all
workers 1
Jan
Peb
Mar
Apr
May
June....
July
Aug
9.5
7.4
7.1
6.9
6.1
5.4
5.2
5.2
5.3
5.2
5.3
5.3
5.2
5.2
5.1
5.3
5.3
5.1
5.4
5.5
By race
By sex and age
Both
sexes
16-19
years
civilian
workers
Men
20 years
and over
Women
20 years
and
over
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.5
5.3
6.3
8.8
8.9
6.6
6.2
6.1
5.4
4.8
4.5
6.8
8.3
8.1
6.8
6.6
6.2
5.4
4.9
4.7
19.6
23.2
22.4
18.9
18.6
18.3
16.9
15.3
15.0
5.3
5.3
5.3
5.3
5.3
4.5
4.8
4.5
4.6
4.6
4.7
4.5
4.8
4.8
4.8
14.8
15.0
14.9
15.3
15.2
5.3
5.3
5.2
5.4
5.3
5.2
5.5
5.6
4.7
4.6
4.5
4.8
4.7
4.7
4.9
5.0
4.6
4.8
4.7
4.8
4.6
4.5
4.7
4.9
14.5
14.8
14.4
14.7
15.5
14.1
16.3
16.7
White
6.7
8.6
8.4
6.5
6.2
6.0
5.3
4.7
4.5
4.5
4.5
4.5
4.5
4.6
4.5
4.6
4.5
4.8
4.6
4.5
4.6
4.8
Unemployed aa percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persona on part time for economic reasons as per-
Black
and
other
14.2
17.3
17.8
14.4
13.7
13.1
11.6
10.4
10.0
9.7
10.2
10.2
10.3
10.2
10.1
9.2
9.4
9.1
9.3
9.4
10.3
10.4
By selected groups
Black
Experienced
wage and
salary
workers
15.6
18.9
19.5
15.9
15.1
14.5
13.0
11.7
11.4
7.3
9.3
9.2
7.1
6.8
6.6
5.8
5.2
5.0
11.2
11.7
11.7
11.9
11.8
11.3
10.5
10.6
10.4
10.4
10.4
11.3
11.8
Labor
force
time lost
(percent) 2
Women
who
maintain
families
Fulltune
workers
Parttime
workers
4.3
6.5
6.5
4.6
4.3
4.4
3.9
3.3
3.0
10.4
11.7
12.2
10.3
10.4
9.8
9.2
8.1
8.1
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.2
4.9
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.6
7.3
8.5
11.0
10.9
8.6
8.1
7.9
7.1
5.0
5.0
5.0
5.1
5.0
3.1
3.3
3.0
3.1
3.0
8.0
7.7
7.8
8.2
8.1
4.9
5.0
4.9
5.0
5.0
7.1
7.3
7.1
7.4
7.5
6.0
6.0
5.9
5.9
6.0
5.1
5.1
5.0
5.2
5.0
5.0
5.1
5.3
3.4
3.0
3.2
3.3
3.3
3.2
3.3
3.5
7.5
7.5
8.4
7.5
7.4
8.0
8.5
8.5
5.0
4.9
4.9
5.1
4.9
4.8
5.0
5.2
7.0
7.4
7.2
7.1
7.4
7.6
8.1
7.9
6.0
5.9
5.9
6.2
6.0
5.9
6.0
6.3
Married
men,
spouse
present
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
6.3
5.9
OF UNEMPLOYMENT
UNEMPLOYMENT
INSURANCE PROGRAMS
In August, 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 rose while the percentage for 5-14 weeks fell. The mean duration of unemployment
rose and the median was unchanged.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
60
-H
50
\.,-v
JOB LOSERS
40
H
REENTRANTS
so H-
JOB LEAVERS
20
H 10
10 h-
NEW ENTRANTS
1990
1986
1986
| 1987
| 1988
| 1989
| 1990
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Ke ason for unemployment:
percent distribution
State
programs
Number of
weeks
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
41.7
36.4
33.3
39.2
42.1
41.9
43.7
46.0
48.6
48.3
48.3
48.4
48.8
49.5
47.5
47.8
48.6
47.4
45.6
46.9
45.9
47.6
30.7
31.0
27.4
28.7
30.2
31.0
29.6
30.0
30.3
31.0
31.0
30.5
29.8
30.1
30.7
31.5
31.1
32.2
33.7
31.5
31.8
29.3
13.6
16.0
15.4
12.9
12.3
12.7
12.7
12.0
11.2
11.7
11.7
11.4
11.5
10.9
11.8
11.1
10.7
10.3
11.5
11.7
11.9
12.1
14.0
16.6
23.9
19.1
15.4
14.4
14.0
12.1
9.9
9.0
9.0
9.7
9.8
9.5
9.9
9.7
9.6
10.2
9.2
9.9
10.4
10.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
13.5
11.9
11.4
11.5
11.7
11.6
11.5
12.1
11.7
12.0
12.1
11.6
12.0
12.0
12.3
6.9
8.7
10.1
7.9
6.8
6.9
6.5
5.9
4.8
5.0
5.0
5.0
4.8
4.8
5.1
5.4
5.1
5.0
5.4
5.1
5.2
5.2
Job
losers
Job
leavers
Reentrants
New
entrants
25.4
22.3
22.5
25.6
27.1
26.2
26.6
27.0
28.2
27.6
29.4
28.9
27.6
27.7
26.3
27.4
28.4
26.5
27.2
27.7
29.0
27.2
11.9
11.1
11.3
13.0
12.5
12.5
12.4
12.2
10.4
10.0
9.9
10.5
10.4
10.3
9.7
10.3
9.8
9.2
10.2
8.3
10.2
9.8
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted)1
Weekly average, thousands
1981
1982
1983
....
1985
1987
1988
1989
Oct
Nov
Dec
Feb
Mar
May
July
8,273
10,678
10,717
8,539
8,312
8,237
7,425
6,701
6,528
6,520
6,604
6,563
6,652
6,658
6,533
6,594
6,495
6,770
6,653
6,447
6,814
7,003
1
Includes State (50 States, District of Columbia, Puerto Bico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RE) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
51.6
58.7
58.4
51.8
49.8
48.9
48.0
46.1
45.7
46.2
44.9
45.5
46.3
46.3
48.5
47.1
46.3
46.8
47.4
48.7
45.7
48.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
14.7
15.7
16.1
15.8
15.2
15.7
15.8
15.5
15.3
15.5
17.5
15.2
15.4
15.2
14.3
3,047
4,061
3,396
2,476
2,611
2,650
2,332
2,193
2,269
2,169
2,208
2,295
2,305
2,373
2,367
2,334
2,349
2,381
2,400
2,442
2,470
2,492
460
583
438
377
396
378
328
310
330
323
331
366
348
367
359
357
347
360
351
357
354
371
3,410
4,594
3,775
2,561
2,693
2,746
2,401
2,248
2,324
2,007
1,863
1,912
2,146
2,518
3,059
2,992
2,843
2,526
2,268
2,213
2,441
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration),
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 75,000 in August. (Series revised.)
MILL ONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
110
28
100 =.
26
^.SERVICES
—
-
ALL NONAGRICUiTURAL
ESTABLISHMEhITS
V,
1
24
90
„-»•"
60 -
iinTfTnui
50
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GOOD i-PRODUCIr. G
Ih DUSTRIES
I
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30
1987
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' 1986
1988
Illllllllll*
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iiiiiliiiiiliiiiiliniik
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6
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imilnm Illllllllll Illllllllll
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MAN JFACTURINC
\
20
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RET AIL TRADE
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20
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20
18
40
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SEI VICE-PRODI CING
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70
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80
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1989
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mi, him 1 1 1 1 iii 1 1 ii " ' M ll lilt
' 1986
1990
1987
1988
SEASONALLY ADJU STED
DEPARTME NT OF LABOR
s DURCE:
M'nlnnif
1989
1990
*
COUNCIL OF EC ONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Goods-producing industries
Period
Total
nonagricultural
employment
Total
2
Construction
Total
Durable
goo s
91,156
89,566
90,200
94,496
97,519
99,525
102,200
105,536
108,413
25,497
23,813
23,334
24,727
24,859
24,558
24,708
25,173
25,326
4,188
3,905
3,948
4,383
4,673
4,816
4,967
5,110
5,200
20,170 r 12,085
18,781 r 11,016
18,434 r 10,708
19,378 r l 1,479
19,260 r l 1,463
18,965 r 11,203
19,024 ' 11,166
19,350 11,381
19,426 11,422
1989: Aug r.. 108,628
Sept T.. 108,868
Oct r... 108,980
Nov r.. 109,245
Dec '.. 109,383
25,356
25,304
25,283
25,280
25,218
5,220
5,225
5,239
5,258
5,216
19,430
19,370
19,334
19,306
19,284
1990: Janr... 109,654
Feb r... 109,958
Mar r .. 110,122
Apr r... 110,177
May '.. 110,617
June r. 110,829
July r.. 110,740
Aug ".. 110,665
25,188
25,339
25,259
25,180
25,191
25,162
25,100
25,008
5,294
5,368
5,313
5,256
5,286
5,270
5,231
5,191
19,171
19,244
19,217
19,190
19,167
19,148
19,126
19,081
1981
1982
1983
1984
1985
1986
1987
1988 r
1989 r
Service-producing industries
Nondurable
goods
r
Total
and
i
moiesale
trade
public
utilities
Retail
trade
5,376 r!5,172
5,296 ' 15,161
r
5,286 r 15,595
r
5,574 r 16,526
r
5,736 r 17,336
r
5,774 ' 17,909
r
5,865 r 18,462
6,055 19,077
6,271 19,580
r
Finance,
insurance,
and real
estate
Services
5,298
5,341
5,468
5,689
5,955
6,283
6,547
6,649
6,724
18,619
19,036
19,694
20,797
r
2 1,999
23,053
T
24,235
25,669
27,096
16,031
15,837
15,869
16,024
16,394
16,693
17,010
17,386
17,769
2,772
2,739
2,774
2,'807
2,875
2*899
2,943
2,971
2,988
Government
Total
Federal
8,085
7,765
r
7,726
r
7,899
r
7,796
r
7,762
r
7,858
7,969
8,004
65,659
65,753
66,866
69,769
72,660
74,967
77,492
80,363
83,087
5,165
11,416
11,369
11,337
11,314
11,296
8,014
8,001
7,997
7,992
7,988
83,272
83,564
83,697
83,965
84,165
5,561
5,656
5,671
5,693
5,776
6,294
6,303
6,313
6,335
6,344
19,620
19,634
19,665
19,714
19,710
6,740
6,753
6,756
6,774
6,785
27,226
27,335
27,408
27,548
27,623
17,831
17,883
17,884
17,901
17,927
2,996
2,992
2,986
2,982
2,977
11,192
11,278
11,261
11,229
11,217
11,201
11,175
11,126
7,979
7,966
7,956
7,961
7,950
7,947
7,951
7,955
84,466
84,619
84,863
84,997
85,426
85,667
85,640
85,657
5,790
5,804
5,808
5,809
5,833
5,846
5,840
5,849
6,356
6,357
6,361
6,363
6,369
6,383
6,377
6,383
19,807
19,758
19,764
19,778
19,795
19,822
19,847
19,831
6,794
6,817
6,821
6,823
6,838
6,844
6,843
6,852
27,721
27,842
27,950
27,969
28,094
28,225
28,284
28,356
17,998
18,041
18,159
18,255
18,497
18,547
18,449
18,386
3,000
3,005
3,089
3,151
3,346
3,338
3,161
3,038
r
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, had
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
Transportation
Manufacturing
5,082
4,954
5,159
5,238
5,255
5,372
5,527
5,648
r
establishments.
2
Includes mining, not shown separately.
NOTE.—Data have been revised to reflect annual benchmark revisions (seasonally adjusted beginning 1985 and not seasonally adjusted beginning April 1988). Data also reflect conversion of the
industry series to 1987 Standard Industrial Classification (SIC) codes. See Employment and Earnings, September 1990, for details.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLY
EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
fPor production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly
earnings
Average weekly hours
Average gross weekly earnings
Manufacturing
Total
private
nonagricultural *
Period
Total
Current dollars
Total private
nonagricultural 1
Overtime
Total
private
nonagricultural *
Manufacturing
1982
dollars 2
Manufacturing
Construction
$399.26 r$157.99
426.82 ' 163.83
442.97 r!71.13
458.51 ' 174.47
464.46 r!74.81
466.75 r 175.80
480.44 ' 178.80
183.62
495.73
512.41
188.72
1981
1982
1983
1984
1985
1986
1987
1988 T
1989 '
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.6
39.8
38.9
40.1
40.7
40.5
40.7
41.0
41.1
41.0
2.8
2.3
3.0
3.4
3.3
3.4
3.7
3.9
3.8
$7.25
7.68
8.02
8.32
8.57
8.76
8.98
9.28
9.66
$7.99
8.49
8.83
9.19
9.54
9.73
9.91
10.19
10.49
$255.20
267.26
280.70
292.86
299.09
304.85
312.50
322.02
334.24
$270.63
267.26
272.52
274.73
271.16
271.94
269.16
266.79
264.22
$318.00
330.26
354.08
374.03
386.37
396.01
406.31
418.81
430.09
1989- Aug r
Sept '
Oct *
Nov '
Dec '
34.5
34.6
34.6
34.5
34.4
41.0
40.9
40.8
40.7
40.6
3.8
3.8
3.7
3.7
3.7
9.70
9.73
9.78
9.78
9.83
10.53
10.55
10.57
10.58
10.62
334.65
336.66
338.39
337.41
338.15
263.71
264.25
264.57
262.99
262.54
431.73
431.50
431.26
430.61
431.17
516.26
515.28
519.90
524.54
516.00
1990- Jan r
Feb '
Uar '
Apr *
May '
34.4
34.6
34.6
34.5
34.5
34.7
34.5
34.5
40.7
40.8
40.8
40.7
40.9
41.0
40.9
41.0
3.6
3.6
3.7
3.5
3.8
3.8
3.8
3.9
9.82
9.88
9.93
9.96
9.98
10.03
10.07
10.09
10.57
10.67
10.73
10.75
10.81
10.86
10.89
10.92
337.81
341.85
343.58
343.62
344.31
348.04
347.42
348.11
259.45
261.35
261.48
261.31
261.63
262.87
261.61
259.98
430.20
435.34
437.78
437.53
442.13
445.26
445.40
447.72
523.03
527.48
523.18
508.03
520.98
531.35
516.00
526.40
July '
Aufir p
..
.
..
1
2
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).
3
Based on seasonally unadjusted data.
Retail
Current
dollars
trade
Percent change from a
year earlier, total
private
nonagricultural a
Current
dollars
1982
dollars
8.5
4.7
5.0
4.3
2.1
1.9
2.5
3.0
3.8
-1.2
r
2.0
r
.8
r
-1.3
r
.3
-1.0
-.9
-1.0
189.58
189.87
190.74
190.37
191.23
4.1
4.0
3.6
3.5
3.5
-.5
3
-.8
-1.0
10
192.38
193.34
195.17
195.46
196.04
196.62
196.23
195.73
2.7
3.9
3.7
2.8
4.0
4.5
3.4
3.7
— 24
-1.2
-1.5
-1.6
-.1
— 0
-1.0
-1.8
15
Not*.—Data have been revised (see Note, p. 14). Also, weekly hours (seasonally adjusted) have
been revised beginning 1980, and constant-dollar series have been rebased to 1982 = 100. See Employment and Earnings, September 1990, for details.
Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
[Not seasonally adjusted]
Percent change from
Index (June 1989 = 100)
3 months earlier
Period
1981' Dec
1982198319841985'
1986198719881989-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
.
...
..
1987- Sept
Dec
1988- Mar
Sept
Pec
..
1989- Mar
...
Sept
Dec
...
1990- Mar
.
Total
compensation
Wages and
salaries
71.2
75.8
80.1
84.0
87.3
90.1
93.1
97.6
102.3
92.5
93.1
73.0
77.6
81.4
84.8
88.3
91.1
94.1
98.0
102.0
93.5
94.1
94.5
95.7
96.6
97.6
Benefits l
Wages and
salaries
66.6
71.4
76.7
81.7
84.6
87.5
90.5
96.7
102.6
89.6
90.5
2.0
1.3
1.3
1.3
.6
.7
.6
1.0
1.1
2.1
1.4
1.3
1.4
.5
.6
1.0
1.0
1.2
.7
1.0
9.9
6.5
5.7
4.9
3.9
3.2
3.3
4.8
4.8
1.0
.6
1.8
1.2
1.1
1.2
.6
.6
.6
1.0
.8
1.0
.6
95.0
96.1
97.0
98.0
93.4
94.7
95.7
96.7
1.5
1.3
.9
1.0
1.0
1.2
.9
1.0
98.8
100.0
101.2
102.3
99.0
100.0
101.2
102.0
98.4
100.0
101.4
102.6
1.2
1.2
1.2
1.1
103.9
105.2
103.2
104.5
105.5
106.9
1.6
1.3
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.
12 months earlier
Total
compensation
Total
compensation
Benefits '
Wages and
salaries
Benefits 1
12.1
7.2
7.4
6.5
3.5
3.4
3.4
6.9
6.1
3.4
3.3
8.8
6.3
4.9
4.2
4.1
3.2
3.3
4.1
4.1
3.2
3.3
3.2
1.4
1.1
1.0
3.8
4.5
4.4
4.8
3.3
3.8
3.7
4.1
5.9
6.4
6.8
6.9
1.0
1.0
1.2
.8
1.8
1.6
1.4
1.2
4.6
4.5
4.8
4.8
4.2
4.1
4.3
4.1
5.4
5.6
6.0
6.1
1.2
1.3
2.8
1.3
5.2
5.2
4.2
4.5
7.2
6.9
3.0
3.4
Data exclude farm and household workers.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
Hours of 2all
persons
Nonfann
business
sector
Business
sector
Nonfarm
business
sector
Compensation per
hour 3
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
85.8
92.4
100.0
101.4
103.0
105.4
108.4
111.2
114.3
118.0
101.5
102.0
104.0
106.7
110.4
112.1
112.2
114.0
114.8
116.3
116.7
117.4
118.2
119.6
121.1
122.4
85.2
92.3
100.0
101.0
102.8
105.6
108.8
111.6
114.3
118.1
101.7
101.3
104.0
107.1
111.0
112.6
112.6
114.1
114.8
115.9
116.9
117.5
118.3
119.8
121.3
122.6
86.2
94.4
100.0
103.3
106.8
109.5
111.8
114.8
118.2
122.8
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
127.1
85.7
94.0
100.0
103.5
106.6
109.8
112.3
115.3
118.4
123.0
101.5
104.7
107.9
111.0
113.4
116.2
116.6
117.8
118.8
120.5
121.4
122.7
123.5
124.7
125.8
127.3
10.9
7.7
8.3
1.4
1.5
2.3
2.8
2.6
2.8
3.2
1.5
2.3
2.0
4.8
4.4
4.2
.3
6.5
3.1
5.1
1.5
2.5
2.8
4.6
5.3
4.4
11.0
8.3
8.4
1.0
1.8
2.8
3.0
2.5
2.5
3.3
2.6
2.8
2.6
5.0
4.8
4.4
.1
5.6
2.5
3.6
3.8
2.0
2.7
5.1
5.2
4.3
9.0
9.6
5.9
3.3
3.3
2.5
2.1
2.7
3.0
3.9
2.4
4.8
2.7
2.6
.9
1.2
1.7
4.8
4.7
4.9
3.1
4.3
2.5
3.5
4.6
4.5
9.7
9.7
6.3
3.5
3.0
3.0
2.3
2.7
2.7
3.9
3.0
3.1
3.3
2.1
1.0
1.4
1.4
4.1
3.4
5.9
2.8
4.4
2.6
3.9
3.8
4.6
1982 = 100; quarterly data seasonally adjusted
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
1986:
1987:
1988-
IV
IV
IV
IV
IV
IV
I
n
m
rv
1989- I
n
m
rv
1990- I
IT' ....
99.2
100.7
100.0
102.4
105.0
107.1
109.5
110.7
113.0
112.8
100.6
103.3
105.4
108.1
109.5
112.0
113.1
112.8
113.5
113.1
113.3
113.3
112.8
112.3
111.9
112.3
99.9
100.9
100.0
103.0
105.1
106.5
108.6
109.8
112.3
111.9
100.5
103.9
105.5
107.2
108.5
110.9
112.1
111.9
112.7
112.8
112.4
112.2
112.0
111.4
110.8
111.2
101.1
103.2
100.0
104.2
113.0
117.7
121.3
126.4
133.0
135.8
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
101.7
103.4
100.0
105.0
113.7
118.1
121.6
126.8
134.0
136.7
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
137.3
101.9
102.5
100.0
101.8
107.6
109.9
110.8
114.1
117.7
120.4
98.9
104.2
108.6
110.4
111.6
115.5
115.9
117.6
117.9
118.8
119.7
120.0
120.6
120.7
121.5
121.4
101.8
102.5
100.0
102.0
108.1
110.9
111.9
115.4
119.3
122.2
98.9
104.7
109.1
111.6
112.8
116.9
117.4
119.2
119.6
120.5
121.4
121.9
122.4
122.4
123.5
123.5
85.1
93.0
100.0
103.8
108.1
112.8
118.6
123.1
129.1
133.1
102.1
105.4
109.7
115.3
120.9
125.6
126.9
128.6
130.3
131.5
132.2
133.0
133.4
134.3
135.5
137.5
85.1
93.1
100.0
104.0
108.1
112.5
118.2
122.5
128.3
132.1
102.2
105.3
109.7
114.7
120.4
124.9
126.2
127.7
129.4
130.8
131.4
131.9
132.5
133.4
134.4
136.3
99.7
98.8
100.0
100.6
100.4
101.2
104.4
104.6
105.3
103.5
100.6
100.6
100.5
102.1
105.6
105.0
105.3
105.5
105.6
105.5
104.6
103.7
103.3
103.0
101.9
102.5
99.6
98.9
100.0
100.7
100.4
100.9
1.04.1
104.1
104.7
102.8
100.7
100.5
100.5
101.6
105.2
104.4
104.7
104.8
104.9
104.9
104.0
102.9
102.6
102.3
101.1
101.6
Percent change; quarterly data at seasonally adjusted annual rates
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1982:
1983:
1984:
1985:
1986:
1987:
1988-
IV
IV
IV
IV
IV
IV
I . ...
n
m
rv
1989- I
n
m
rv
1990- I r
n ' ...
-0.3
1.5
-.7
2.4
2.6
2.0
2.2
1.2
2.0
-.2
2.6
3.3
1.5
1.4
.8
2.7
4.1
-1.2
2.5
-1.2
.5
-.0
-1.5
-2.0
-1.5
1.7
1
-0.4
1.1
-.9
3.0
2.1
1.3
2.0
1.1
2.2
-.3
2.0
1.6
.9
.7
.3
2.2
4.2
g
2^8
.5
-1.7
5
-.8
-2.2
-1.9
1.5
-1.1
2.1
-3.1
4.2
8.4
4.2
3.1
4.1
5.3
2.1
5
10.4
3.5
3.6
4.0
7.2
5.7
4.6
3.5
2.0
3.5
.9
.6
-1.8
1.4
1.4
-1.2
1.7
-3.3
5.0
8.3
3.9
3.0
4.2
5.7
2.0
-1.2
9.8
3.1
3.5
3.7
6.9
5.9
5.6
4.1
3.6
1.2
1.3
.6
-2.1
1.4
1.5
0.8
.6
-2.4
1.8
5.7
2.2
.8
2.9
3.2
2.3
-3.0
6.8
2.0
2.2
3.2
4.4
1.5
5.9
1.0
3.3
3.0
.9
2.1
.1
2.9
-.3
-0.7
.6
2.4
2.0
6.0
2.6
1.0
3.1
3.4
2.4
-3.1
8.1
2.2
2.9
3.4
4.5
1.7
6.2
1.3
3.1
3.0
1.7
1.5
.1
3.4
0
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
s
Current dollar gross domestic product divided by constant dol\ar gross domestic product.
10.5
9.3
7.5
3.8
4.1
4.4
5.1
3.8
4.9
3.0
4.1
5.7
3.6
6.2
5.2
7.0
4.4
5.2
5.6
3.8
2.0
2.4
1.3
2.6
3.8
6.1
10.5
9.5
7.4
4.0
3.9
4.1
5.0
3.6
4.8
3.0
4.6
4.4
3.6
5.7
5.1
6.8
4.3
5.0
5.3
4.2
2.0
1.5
1.8
2.7
3.2
5.8
-2.6
-.9
1.2
.6
-.2
.8
3.2
.1
.7
-1.7
2.8
1.6
.1
2.0
2.3
3.1
1.0
.7
.6
-.5
-3.3
-3.4
-1.5
-1.4
-4.0
2.4
-2.6
-.7
1.1
.7
-.4
.5
3.1
-.0
.6
-1.8
3.3
.3
.1
1.5
2.2
2.9
.8
.6
.4
-.1
-3.3
-4.2
-1.0
-1.3
-4.5
2.0
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Beginning with data released August 3, 1989, hours of labor input are defined as hours at the
work site rather than hours paid.
'Data do not reflect GNP revisions of September 25, 1990.
Source: Department of Labor, Bureau of Labor Statistics.
CAPACITY UTILIZATION
Industrial production and capacity utilization fell in August.
INDEX, 1987=100" (RATIO SCALE)
115
TOTAL INDUSTRIAL PRODUCTION
^^r —^—^*
>— I
,r-1'—"~
110
105
100
95
-^f'
90
imilmiiliiMihmi
115
INDEX, 1987=100' (RATIO SCALE)
130
FINAL PRODUCTS
125
^
DURABLE
>
H
105
_^_,
^/^
f
}^- --~'^~\\
sr
*^r
iiiiDiiiiiliniilinii
95
90
mill, mi
-UTILITIES AND MINING PRODU CTION
115
no
\
105
UTILITIES
\
100
,-bed
95
V slrfs
90
IIllllllllI IIllllllllI
1986
^
1987
'
\J
^
^^1
MINING
mill
•^
•_< -..
iiiiiliimlimilimi
IIllllllllI
PERCENT*
88 — CAPACITY UTILIZA1[ION RATE
(TOTAL INDUSTRY)
it
I
86
,'
\,-'"
f^S^ -O-A
/-—-I
84
82
80
78
IIllllllllI IIllllllllI
1988
1989
CONSUMER
GOODS
DEFENSE
AND SPACE
EQUIPMENT
iM,ii,ii,i
90
tllllllllll IIIIIJIIIII
\— -..
95
105
100
r^y
.__ , — -y^
^
f
~£- \
100
-~tf
V
f\
y ...
110
MANUFACTURING PRODUCTION^_^_^
110
/
BUSINESS
115
Illllilllll Illlltlllll IIllllllllI
jS~
j
120
Iiiiilniii
76
\^-^—/ -/
\^
y~1—
V~^~^
j
IIllllllllI H|f|liilH iiiiilniii
1986
1990
v
1
1987
1988
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
IIllllllllI lllllllll|l
1989
1990
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1987=100
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989- Aug
Sept
Oct
Dec
1990' Jan
Feb
Mar
Apr
May "
June r
July '
Aug p
1
Output as percent of capacity.
Industry production indexes, 1987 = 100
Capacity utilization
rate, percent J
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
-1.9
1.9
-4.4
3.7
9.3
1.7
1.0
4.9
5.4
2.6
78.8
80.3
76.6
80.9
89.3
91.6
94.3
100.0
105.8
108.9
75.7
77.4
72.7
76.8
88.4
91.8
93.9
100.0
107.6
110.9
83.1
84.5
82.5
87.0
90.8
91.5
94.9
100.0
103.6
106.4
110.0
114.3
109.3
104.8
111.9
109.0
101.0
100.0
101.8
100.5
95.9
94.3
91.8
93.6
97.0
99.5
96.3
100.0
104.4
107.1
82.1
80.9
75.0
75.8
81.1
80.3
79.2
81.4
84.0
84.2
80.2
78.8
72.8
74.9
80.4
79.5
79.0
81.4
83.9
83.9
108.2
108.2
107.7
108.1
108.6
1.7
1.9
1.1
1.1
1.1
109.1
109.1
108.4
108.9
108.8
111.3
111.5
109.4
110.1
110.4
106.2
106.0
107.2
107.3
106.7
100.7
101.6
100.7
101.2
100.1
106.2
105.9
107.4
108.3
116.1
84.0
83.9
83.3
83.5
83.7
83.8
83.6
82.9
83.0
82.8
107.5
108.5
108.9
108.8
109.4
110.0
110.0
109.8
-.2
.8
1.1
.2
1.0
1.5
2.0
1.5
108.1
109.6
109.8
109.5
110.3
110.7
110.8
110.6
108.6
110.7
111.9
111.1
112.6
113.2
112.9
112.6
107.5
108.3
107.2
107.5
107.4
107.6
108.1
108.1
101.7
101.0
101.1
102.9
102.2
102.6
103.2
100.8
106.8
104.0
106.2
106.7
107.1
109.2
108.7
110.1
82.7
83.2
83.4
83.1
83.4
83.6
83.5
83.1
82.0
83.0
82.9
82.5
82.8
82.9
82.7
82.4
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1987 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable
goods
Total »
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
80.0
82.1
80.8
83.0
91.0
94.2
95.7
100.0
105.6
109.1
85.3
85.8
84.5
88,8
92.8
93.7
96.8
100.0
104.0
106.7
73.5
74.0
68.7
79.7
91.0
91.6
94.5
100.0
104.9
107.9
89.1
89.6
89.7
91.9
93.4
94.4
97.6
100.0
103.7
106.4
74.6
78.2
77.0
76.8
89.2
94.8
94.5
100.0
107.6
112.3
73.5
76.1
72.9
71.9
85.4
91.1
93.2
100.0
111.8
119.1
57.4
58.5
65.7
71.8
78.9
89.4
96.0
100.0
98.0
97.4
77.0
77.0
75.1
80.3
86.2
88.3
92.0
100.0
104.4
106.8
80.8
78.4
72.2
80.2
86.2
89.1
93.8
100.0
104.4
106.1
74.2
75.7
77.0
80.3
86.2
87.7
90.7
100.0
104.4
107.3
91.3
92.8
85.1
88.3
96.6
96.6
95.9
100.0
105.6
107.4
106.2
104.3
100.7
98.9
103.8
103.4
99.4
100.0
101.8
101.4
1989* Aug
Sept
Get
Nov
Dec
109.1
109.6
108.5
109.4
110.3
105.6
106.3
107.3
107.4
108.3
105.8
107.6
106.8
105.7
106.8
105.6
106.0
107.4
107.8
108.7
113.6
113.8
110.1
112.0
112.9
120.4
120.7
116.0
118.7
119.9
98.9
98.9
96.6
96.7
96.6
106.4
106.3
106.9
107.3
107.9
105.5
105.2
106.3
107.0
107.4
106.9
107.0
107.3
107.5
108.2
107.8
107.4
107.1
107.0
106.9
101.7
101.6
101.3
101.9
102.7
1990- Jan
Feb
Mar
108.5
109.7
110.7
110.4
111.2
111.7
111.4
111.2
106.0
107.0
107.5
107.2
107.4
108.1
107.5
107.7
99.4
106.2
110.8
107.3
109.3
112.1
109.2
107.7
107.8
107.2
106.6
107.1
106.9
107.0
107.0
107.6
111.8
113.3
114.9
114.7
116.2
116.5
116.4
115.8
118.0
120.1
122.2
121.6
123.5
123.9
123.8
123.6
97.5
97.6
97.5
97.3
97.6
97.5
98.0
97.4
108.0
108.4
108.2
108.0
108.3
108.5
108.4
108.8
107.9
108.2
107.3
106.4
105.5
106.0
105.4
105.3
108.0
108.5
108.9
109.1
110.2
110.3
110.5
111.2
106.2
107.1
107.1
107.3
107.7
108.5
109.0
108.6
101.2
101.7
102.0
101.8
101.1
101.3
102.1
101.1
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
.
..
May '
July '
Aug p
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987 = 100; monthly data seasonally adjusted]
Durable manufactures
Primary metals
Period
Total
Iron
and
steel
Nondurable manufactures
Transportation
equipment
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber and
products
Appare!
products
Printing
and
publishing
cals
and
products
Foods
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
110.8
117.5
83.2
91.0
102.4
101.8
93.8
100.0
110.3
109.2
126.0
135.1
86.2
96.1
105.9
104.5
90.8
100.0
113.8
109.3
92.5
91.1
83.2
85.5
93.3
94.5
93.8
100.0
106.2
107.2
60.6
65.9
63.9
64.3
80.8
86.8
90.4
100.0
113.8
121.8
73.3
75.4
75.9
80.3
94.1
93.1
94.3
100.0
106.5
109.5
72.3
68.7
64.8
72.7
83.1
91.8
96.9
100.0
105.0
107.2
67.0
64.4
58.8
74.5
90.6
99.0
98.5
100.0
105.5
104.9
76.9
74.7
67.3
79.9
86.0
88.0
95.1
100.0
104.6
103.0
89.2
91.0
90.1
93.8
95.7
92.6
96.3
100.0
102.2
104.3
70.3
72.1
75.2
79.0
84.5
87.6
90.7
100.0
103.6
108.5
87.8
89.2
81.8
87.5
91.4
91.4
94.6
100.0
105.4
108.5
84.6
86.5
87.7
90.1
92.1
94.9
97.4
100.0
102.8
105.5
1989- Aug
Sept
Oct
Nov
Dec
111.7
109.9
108.6
104.8
102.6
109.8
109.7
109.2
104.1
100.3
106.5
106.0
105.9
106.9
106.3
121.8
123.4
119.0
122.9
123.8
110.6
110.8
110.2
110.1
110.1
107.8
108.0
102.1
102.8
104.4
102.7
103.2
99.7
99.0
98.7
102.4
102.6
103.2
104.8
106.4
104.7
104.5
103.9
103.7
102.6
107.8
109.4
109.3
109.6
109.6
109.6
107.5
109.4
109.8
107.6
104.8
105.4
106.8
107.4
108.0
105.0
107.9
105.4
106.4
106.2
109.6
109.4
110.6
104.6
110.6
106.1
106.7
105.5
110.5
109.7
112.6
105.1
105.6
105.5
105.0
107.1
106.8
107.7
107.4
123.7
124.2
125.2
125.7
126.9
126.6
127.3
126.6
110.1
111.0
112.3
111.3
112.4
112.7
111.9
111.8
94.7
103.5
107.9
105.1
109.0
110.9
109.1
108.6
76.8
94.1
103.5
95.8
104.0
108.0
103.0
102.2
106.0
104.3
105.0
103.3
101.7
101.6
101.1
101.3
102.4
102.1
99.8
98.7
99.2
99.3
99.7
99.3
110.7
112.1
111.4
112.0
112.8
112.2
112.4
113.0
109.9
110.5
109.5
110.3
109.2
109.9
109.4
109.5
106.8
107.4
107.1
107.0
106.8
106.6
106.8
107.2
1990- Jan
Feb
Mar
.
May '
July
r
Allff
P
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
New housing
units
Total 1
Commercial
and
industrial *
Other
Federal,
State, and
local
Total value
index
(1982 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
256.5
267.7
255.7
290.9
340.7
368.7
398.2
410.2
422.1
432.1
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
192.8
203.0
192.6
227.5
270.5
290.9
313.6
319.6
327.1
333.5
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.7
198.1
196.6
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
138.9
139.2
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
79.8
85.5
45.7
48.7
49.2
48.1
48.0
49.7
48.5
48.5
49.2
51.5
63.6
64.7
63.1
63.5
70.2
77.8
84.6
90.6
95.0
98.6
97
100
100
124
136
150
159
165
166
171
Annual rates
1989: July
Sept
Oet
Nov
Dec
1990: Jan
Peb
Mar
Apr
May '.
July"
AUK'' . ..
429.0
433.9
433.4
429.3
433.4
432.0
446.0
455.6
457.3
448.8
444.6
440.4
442.2
333.3
335.0
332.1
332.1
329.8
325.0
338.1
343.1
347.4
344.3
336.6
331.6
333.6
196.8
195.6
193.0
192.1
190.9
189.6
200.1
203.0
206.9
205.1
198.1
191.3
190.5
1
Includes
2
Includes
3
residential improvements, not shown separately.
hotels and motels.
F.W. Dodge series.
904
919
690
756
955
1,097
1,016
1,019
973
926
Annual rates
139.6
138.2
135.8
134.8
135.2
135.3
140.0
144.6
145.3
140.5
136.7
130.3
128.7
85.2
87.3
87.2
88.6
86.8
83.3
85.0
88.2
87.2
85.7
84.6
85.7
87.5
51.3
52.1
51.9
51.4
52.2
52.0
52.9
51.9
53.3
53.5
53.9
54.7
55.6
95.7
99.0
101.3
97.1
103.5
107.0
107.9
112.5
109.9
104.5
108.0
108.8
108.6
172
!74
186
r
!83
r
!69
r
!66
r
!61
155
r
!61
r
!46
r
!59
r
!59
r
!50
146
r
915
805
1,008
892
812
805
883
798
828
745
802
693
618
638
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Units started, by type of structure
Period
Total
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,488.1
1,376.1
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1 unit
852.2
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
2-4 units
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
58.8
55.2
5 or more units
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
348.0
317.6
New private homes
Units
authorized
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
1,455.6
1,338.4
Units
completed
Homes sold
Homes for
sale at end of
period 1
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
1,529.8
1,422.8
545
436
412
623
639
688
750
671
676
650
337
275
253
301
353
346
357
366
367
362
1,375
1,437
1,366
1,317
1,486
1,302
1,443
1,351
1,378
1,295
' 1,363
1,291
1,280
741
719
638
636
687
633
613
606
558
533
536
561
548
369
364
364
363
363
362
365
366
363
363
359
353
349
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.7
7.1
Seasonally adjusted annual rates
1989' July
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
May
July T.
Auff p
1,424
1,325
1,263
1,423
1,347
1,273
1,568
1,488
1,307
1,216
1,206
1,189
1,147
1,127
1,029
987
969
1,023
1,010
931
1,099
1,154
996
898
897
889
868
840
58
54
56
60
47
53
53
42
35
53
36
42
30
32
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1989 not comparable with
earlier data.
337
284
238
340
290
289
416
292
276
265
273
258
249
255
1,281
1,334
1,310
1,362
1,364
1,416
1,739
1,297
1,232
1,108
1,065
1,108
1,082
1,050
7.6
7.1
7.5
7.0
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
In July, manufacturing and trade sales fell 0.5 percent and inventories rose $5.3 billion. In August, according to
advance data, retail sales fell 0.6 percent, following a rise of 0.4 percent in July.
BILU ONS OF DOLLARS' (RATIO SCALE)
BILUC)NS OF DOLLARS* (RATIO SCALE)
240
800
•~__—»
220
-
^^-^-^"^
700
-
^i-^r
200
f ETAIL INVEN TORIES
/^
_^,—'H
\
1
Mfl NUFAQUR1NG AND
T !ADE INVENTORIES
^^~1
180
-
600
160
-
,~s —
,„„.
-
._„-
140
500
M/\NUFACTUR NG
M-iD TRADE Sf kLES
^,.-'"-' /-'""
A./ /-"'"""
120
-
400
— -—
RETAIL S/s LES
100
iiiiitinii Illllllllll MMlllllll Illllllllll llillilllH
-
-
RATIO *
1.80
300
_
INVENTORY-SALES RATIO
RETAIL
1.60
\^^Z
-
200
iiiiihiiii lllllillll! Illllllllll miliimi !im!i|m
1 986
1 987
1989
1988
1.20
^
1.00
II II i d 1 1 1 1 ,,..,!,,,,.
1990
11t i l ( f
1987
1986
I 1 It
1989
Sales
2
Inventories a
1990
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Sales
2
Inventories 3
Inventory-sales ratio 4
Retail
Sales
Period
-
uin 1 1 1 in1 1 1 M I II t l 1
1988
SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade 1
-
•^^
^^f^~
MANUFACTURING
AND TRADE
1.40
Total
2
Durable
goods
stores
Inventories
3
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade 1
61,101
64,939
69,377
73,075
75,738
80,457
85,220
90,678
134,493
147,712
167,748
181,773
186,587
208,112
219,791
235,514
61,469
69,025
79,250
88,464
90,197
105,738
112,254
117,169
73,024
78,687
88,498
93,309
96,390
102,374
107,537
118,345
1.67
1.56
1.53
1.56
1.55
1.51
1.49
1.50
1.49
1.44
1.49
1.52
1.56
1.55
1.55
1.60
91,078
91,157
91,727
91,617
92,572
93,121
231,791
234,579
236,131
234,942
236,234
235,514
118,008
119,925
121,048
118,450
118,667
117,169
113,783
114,654
115,083
116,492
117,567
118,345
1.53
1.49
1.50
1.51
1.51
1.51
1.60
1.60
1.60
1.62
1.61
1.62
93,660
94,867
94,639
94,266
94,256
95,591
r
95,858
96,410
233,701
232,000
232,562
232,847
234,814
234,517
236,497
114,194
113,552
113,951
113,730
114,870
115,128
116,459
119,507
118,448
118,611
119,117
119,944
119,389
120,038
1.51
1.48
1.47
1.49
1.49
1.47
1.49
1.56
1.55
1.56
1.57
1.59
1.57
1.58
Nondurable goods
stores
Retail
Millions of dollars, seasonally adjusted
574,516
591,265
646,072
657,753
657,482
704,515
754,267
795,415
96,290
100,324
113,393
114,626
116,151
124,254
135,176
145,683
128,196
130,906
143,557
148,484
154,713
165,271
180,313
188,819
516,154
531,717
527,778
525,160
527,948
526,391
788,618
791,798
792,119
794,757
798,104
795,415
145,062
146,800
146,981
147,921
148,782
149,584
186,024 145,170
185,730 * 146,767
185,098 147,235
188,103 145,244
189,057
146,340
188,819 145,804
528,549
535,996
538,984
533,603
538,946
542,441
539,757
797,202
794,016
793,669
796,050
800,399
796,469
801,783
151,968
151,620
152,383
151,458
152,302
153,549
151,990
189,375
188,847
189,361
190,903
193,201
191,259
192,171
1988
1989
1989- July r
r
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
May
June T
July P
Auir p
1
See page 21 for
2
Monthly average
3
End of period.
manufacturing.
for year and total for month.
28,013
32,631
37,938
41,567
45,121
48,051
52,281
53,794
89,114
97,570
107,316
114,642
120,860
128,509
137,500
144,471
348,754
369,136
408,578
419,283
425,371
451,933
490,309
521,934
1982
1983
1984
1985
1986
1987
149,877
149,904
149,302
147,886
147,781
149,432
r
150,049
149,198
r
54,092
55,610
55,508
53,627
53,768
52,683
56,217
55,037
54,663
53,620
53,525
53,841
r
54,191
52,788
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Cei
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' shipments fell, while inventories and new and unfilled orders rose. In August, according to
advance data, durable goods shipments rose and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
2HU
SHIPMENTS
240
BILLIONS OF DOLLARS' (RATIO SCALE)
—f-~^/^ —
s" "
—-^-\
200
TOTAL
160
DURAi LE GOODS
*~l—'
\
-1._— /- —
120
"— "S^
80
'""V
NONDURA
3LE GOODS
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
BILLIC3NS OF DOLLARS' (RATIO SCALE)
280
MFW DRDFP0!
240
60
^
200
1 60
f
—
TOTAL
DURAB LE GOODS
V- -•'
1 20
A_
^
._^.
1. 80
1 986
-
1. 60
NDURABLE t
80
niiiiiiiM
1. 40 ^
Illllllllll Illllllllll
1987
1988
Minium Illllllllll
1989
1990
1
I 7D 1 1 1 1 1 1 1 1 1 1niiiliiin
1986
1987
|| f ll|lH M
Illllllllll
1988
SEASONALLY ADJU STED
OJRCE: DEPARTME NT Of COMMERCE
1989
1990
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments1
Manufacturers' inventories 2
Manufacturers' new orders l
Durable goods
Period
Total
Illllllllll
-
--*•"•• *"
r—~*
60
Illllllllll Illllllllll Illllllllll Illllllllll
RA no*
2.20
INVENTORY-SHIPMENTS RATIO
2.00
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 2
83,935
86,522
91,209
91,075
88,497
94,197
101,993
109,057
108,416
110,027
109,127
109,805
109,535
109,033
109,663
110,977
112,199
112,417
112,365
111,886
112,052
314,270
349,419
372,586
383,181
387,065
421,243
468,860
514,499
496,359
495,002
495,794
497,866
504,750
514,499
515,367
512,654
516,426
518,193
520,432
517,550
519,932
Manufacturers'
inventory—
shipments
ratio 5
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1988
1989
1989: July
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
May
July r
Auff "
1
2
163,350
171,242
187,869
190,016
188,360
199,170
217,632
231,780
225,922
238,150
233,562
231,995
232,826
231,003
226,704
234,472
237,299
234,259
238,863
239,460
237,718
79,352
84,956
96,623
99,019
99,989
105,291
115,684
122,668
117,114
128,347
124,393
121,340
123,209
121,998
116,716
123,224
125,089
122,031
126,507
c
127,283
125,054
128 654
83,998
86,286
91,246
90,996
88,371
93,879
101,948
109,112
108,808
109,803
109,169
110,155
109,617
109,005
109,988
111,248
112,210
112,228
112,356
112,177
112,664
Monthly average for year and total for month. Shipments are the
End of period.
311,827
312,647
334,767
327,496
316,182
331,132
354,163
371,082
370,803
371,489
370,890
371,712
372,813
371,082
374,126
373,169
371,746
372,300
372,384
370,693
373,115
200,825
200,406
218,771
214,066
208,313
216,598
233,666
246,222
245,813
246,378
245,621
246,427
247,610
246,222
248,273
247,095
245,435
246,609
246,530
244,902
246,323
111,002
112,241
115,996
113,430
107,869
114,534
120,497
124,860
124,990
125,111
125,269
125,285
125,203
124,860
125,853
126,074
126,311
125,691
125,854
125,791
126,792
3
162,273
174,122
189,791
190,918
188,663
201,966
221,627
235,614
230,447
236,793
234,354
234,067
239,710
240,752
227,572
231,759
241,071
236,026
241,102
236,578
240,100
78,338
87,600
98,581
99,843
100,166
107,770
119,634
126,557
122,031
126,766
125,227
124,262
130,175
131,719
117,909
120,782
128,872
123,609
128,737
124,692
128,048
127,004
21,661
22,098
26,243
27,067
26,551
29,707
35,028
38,821
41,445
37,130
35,341
35,975
38,901
44,389
38,347
36,094
40,889
36,573
35,928
36,192
39,851
35,395
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.95
1.80
1.74
1.74
1.70
1.62
1.58
1.58
1.64
1.56
1.59
1.60
1.60
1.61
1.65
1.59
1.57
1.59
1.56
1.55
1.57
PRICES
In August, the producer price index for all finished goods rose 1.3 percent. Prices of finished consumer foods rose
0.8 percent while prices of other finished consumer goods rose 2.0 percent. Capital equipment prices rose 0.3
percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982= 100 (RATIO SCALE)
130
120
110
100
100
90
1982
1983
1989
1990
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982=100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Nondurable
Capital
equipment
Total
finished
consumer
goods
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
97.3
103.8
102.7
104.5
105.1
104.4
105.3
109.7
108.5
107.9
107.9
107.7
107.9
107.4
110.5
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
114.3
118.8
119.3
120.1
120.0
120.4
120.7
120.9
121.4
121.9
122.0
121.9
122.4
122.8
123.2
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
106.2
112.1
111.6
112.5
113.3
113.3
114.1
117.0
116.8
116.4
116.1
116.2
116.3
116.1
118.0
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Consumer goods
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989- Aug
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
Apr r
May
July
1
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
108.0
113.6
113.3
114.1
114.7
114.8
115.5
117.7
117.7
117.5
117.3
117.4
117.6
117.5
119.0
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
112.6
118.7
118.5
118.1
119.7
120.7
121.6
124.4
125.3
124.7
123.6
124.3
123.8
123.8
124.8
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
106.5
111.8
111.5
112.8
113.1
112.9
113.5
115.6
115.2
115.2
115.2
115.1
115.6
115.4
117.1
Intermediate materials for food manufacturing and feeds.
22
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
103.1
108.9
108.2
109.7
110.1
109.7
110.4
113.4
112.7
112.4
112.3
112.2
112.7
112.4
114.6
Durable
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
113.8
117.6
117.8
118.7
118.6
118.7
119.2
118.6
119.0
119.4
119.3
119.3
120.4
120.6
120.8
Total
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
107.1
112.0
111.8
112.2
112.4
112.2
112.2
113.6
112.7
112.8
112.9
112.8
112.6
112.6
114.1
Foods
and
feeds 1
Other
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
109.5
113.8
112.8
112.7
112.5
113.4
113.1
113.3
112.3
112.8
114.0
115.6
114.1
114.7
114.6
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
106.9
111.9
111.8
112.2
112.4
112.1
112.1
113.6
112.8
112.8
112.8
112.7
112.5
112.4
114.1
Crude materials
Total
Foodstuffs
and
Other
stuffs
Source: Department of Labor, Bureau of Labor Statistics.
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
103.1
101.1
102.3
102.6
103.2
104.7
107.0
107.3
105.9
103.1
102.6
100.1
100.7
110.1
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
106.1
111.2
109.7
109.0
109.0
111.4
113.9
114.7
115.4
116.4
115.7
112.5
112.9
114.0
113.0
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
85.5
93.4
91.3
93.6
94.1
93.5
94.4
97.5
97.5
94.8
90.9
91.9
87.9
88.1
103.4
CONSUMER PRICES—ALL URBAN CONSUMERS
In August, the consumer price index for all urban consumers rose 0.8 percent, seasonally adjusted (0.9 percent not
seasonally adjusted). The index was 5.6 percent above its year-earlier level.
INDEX, 1982-84=100 (RATIO SCALE}
INDEX, 1982-84= 100 (RATIO SOME)
140
90
80
80
70
1982
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All items l
Transportation
Housing
Medical
care
Energy 2
All
items
less
food,
shelter,
and
energy
3.2
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
80.9
88.5
6.2
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
138.6
149.3
7.4
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
94.3
48.4
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
121.9
127.3
Shelter
Period
Rel. imp.s....
1980
1981
1982
1983
1984
1985.
1986
1987
1988
1989
1989:
Aue
Sept
Oct
Nov
Dec
1990:
Feb
Mar
May
July
Aue....
Not
seasonally
adjusted
(NSA)
Seasonally
adjusted
100.0
82.4
90.9
965
99.6
103.9
107 6
109.6
113 6
118.3
124.0
Pood
Total »
Total
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
Maintenance
and
repairs
(NSA)
16.3
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
118.2
125.1
42.0
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
118.5
123.0
27.9
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
127.1
132.8
7.9
19.8
103.0
108.6
115 .4
121.9
128.1
133.6
138.9
102.5
107.3
113.1
119.4
124.8
131.1
137.3
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
114.7
118.0
Fuel
and
other
utilities
Apparel and
upkeep
Total
7.5
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
104.4
107.8
6.1
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
115.4
118.6
New
cars
Motor
fuel
17.1
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
108.7
114.1
4.2
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
116.9
119.2
1
124.6
125.0
125.6
125.9
126.1
124.5
124.8
125.4
125.8
126.3
125.9
126.3
126.8
127.4
128.0
123.5
123.7
124.2
124.7
125.2
133.5
133.7
134.4
135.0
135.6
139.1
138.7
139.8
140.5
141.0
138.2
138.7
139.4
140.0
140.6
118.5
118.6
118.6
119.3
119.5
107.8
108.0
108.1
108.7
109.4
116.9
118.6
119.4
119.4
119.0
114.2
113.9
114.5
114.6
115.0
118.5
118.1
118.8
119.8
120.8
88.4
87.1
88.4
86.8
86.3
150.8
151.9
153.0
154.2
155.1
93.8
93.2
94.1
93.8
94.1
127.8
128.3
128.8
129.3
129.7
127.4
128.0
128.7
128.9
129.2
129.9
130.4
131.6
127.7
128.3
128.9
129.1
129.3
130.0
130.5
131.5
130.5
131.1
131.5
131.2
131.2
132.2
132.7
133.1
126.1
126.3
126.9
127.0
127.2
128.0
128.6
129.5
136.3
136.6
137.6
137.9
138.2
139.5
140.7
141.7
142.3
143.4
143.8
143.9
143.9
144.5
146.6
148.1
141.1
141.0
142.4
142.8
143.2
144.8
145.7
146.6
120.4
120.8
121.2
121.2
122.2
121.8
122.1
121.2
111.6
110.9
111.0
110.5
110.5
110.3
109.4
110.8
119.0
122.9
124.9
125.0
124.6
124.5
124.2
124.3
117.4
117.7
117.6
117.7
121.6
121.4
121.2
120.9
120.7
120.5
120.1
120.3
93.4
93.6
92.2
92.5
91.2
93.2
92.8
100.3
156.1
157.3
158.5
159.8
161.0
162.1
163.5
165.0
98.9
98.2
97.4
97.0
96.3
96.9
96.2
100.3
130.4
131.5
132.2
132.6
132.9
133.2
133.8
134.3
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1989.
in.5
118.0
118.3
120.4
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownerahip 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.
IN
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
11.8
7.1
3.6
.6
1.7
1.8
2.3
2.2
4.0
4.9
,
7.5
1.5
2.0
2.3
3.5
.6
2.8
14.1
8.6
4.2
-.9
.8
2.1
— 6.6
5.7
5.2
4.1
3.1
5.3
o
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
3.6
3.8
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
2.5
5.2
Change, month to month
1989- Aug
Sept
Oct
Nov
Dec
-0.3
.7
.5
.1
.6
0.3
-.3
1.4
.8
.7
-0.9
1.4
.4
-.4
.6
0.3
.7
— .1
.3
.2
-2.1
.4
3.9
5.4
5.0
0.3
.7
5.5
7.6
12.4
-6.4
18
1990- Jan
Feb
Msr
Anr T
1.9
0
-.2
2
.1
.2
-.1
1.3
2.3
.7
-.5
9
.6
4
0
.8
2.7
-.6
-.3
1
-.1
.4
-.3
2.0
.2
.4
.4
.1
-.1
.4
.3
.3
10.9
10.5
7.1
-1.4
10
.3
.7
5.6
16.7
16.1
10.6
-2.5
32
-2.9
.6
1.6
MHV
r
July '
3.3
5.7
2.6
4.1
4.4
3.8
3.7
2.0
2.5
3.0
2.8
1.6
2.6
1.0
-.8
2.9
3.6
6.4
2.4
4.5
2.0
12.5
11.4
7.4
-3.8
18
1.1
.4
8.8
3.0
3.4
4.0
3.7
1.7
1.7
2.6
4.3
7.3
7.9
6.0
4.6
4.6
3.7
-.3
2.2
11.0
11.8
11.5
6.6
6.1
3.7
10
-.8
.4
3.4
4.5
4.5
3.9
3.2
4.3
4.6
5.0
4.6
4.9
7.8
8.5
5.0
4.0
4.6
4.2
-1.8
3.4
3.4
3.6
3.0
3.4
2.5
2.8
3.2
3.0
5.9
5.1
4.5
3.7
3.1
3.1
3.4
5.1
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]
Transportation
Housing
Shelter
Period
All
items '
Food
Total1
Total
1
Homeowners'
costs
Renters'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
cars
Total'
Motor
fuel
Medical
care
Energy2
All
items
less
food,
shelter,
and
energy
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earner
From
year
earner
NSA
Change, December to December, NSA
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.4
4.6
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
5.2
5.6
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
4.0
3.9
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
4.5
4.9
0
.2
.5
.3
.4
0.2
.3
.4
.5
.5
0.2
.2
.4
.4
.4
0.2
.1
.5
.4
.4
5.1
5.9
6.3
5.0
3.9
3.9
4.5
4.5
5.1
5.9
4.6
5.3
4.7
5.1
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.9
3.2
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
4.7
1.0
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
3.0
4.0
7.4
18.8
6.8
9.4
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8
18.7
2.1 -2.1
2.3
6.8
9.9
12.5
11.0
6.4
6.1
6.8
7.7
5.8
6.9
8.5
18.0
11.9
1.3
-.5
.2
1.8
-19.7
8.2
.5
5.1
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
4.7
4.1
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
4.1
4.8
Change, month to month
1989: Aug
Sept
Oct
Kov
Dec
1990: Jan
Feb
Mar
Apr
May
June
July
Aug
1.1
.5
.5
.2
.2
.5
.4
.8
1
z
2.0
.5
.3
-.2
0
.8
.4
.3
.7
.2
.5
.1
.2
.6
.5
.7
.5
.2
.7
.2
.2
.9
.9
.7
-0.4
3
.8
.5
.4
.9
.8
.3
.1
0
.4
1.5
1.0
0.4
.4
.5
.4
.4
.4
— .1
1.0
.3
.3
1.1
.6
.6
0
.2
.1
.6
.6
2.0
-.6
.1
-.5
0
-.2
-.8
1.3
-1.2
1.5
.7
0
3
-1.0
-.3
.5
.1
.3
0.3
-.3
.6
.8
.8
-4.8
-1.5
1.5
-1.8
-.6
0.8
.7
.7
.8
.6
— 2.2
-.6
1.0
-.3
.3
0.1
.4
.4
.4
.3
0
3.3
1.6
.1
-.3
— .1
-.2
.1
2.1
.3
— .1
.1
-.2
.4
.3
1.8
.7
2
2
.2
-.2
-.2
.3
8.2
.2
-1.5
.3
-1.4
2.2
-.4
8.1
.6
.8
.8
.8
.8
.7
.9
.9
5.1
7
-.8
-.4
-.7
c
.5
.8
.5
.3
.2
.2
.5
.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.
.2
3
.e
~.i
4.3
2.9
3.9
8.2
3.8
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
2.3
2.3
2.9
4.2
4.9
4.3
3.8
3.4
3.3
3.6
4.7
4.3
4.5
4.7
4.6
7.5
8.2
8.5
4.5
3.2
3.5
4.4
7.0
5.2
6.2
6.7
6.0
5.6
5.9
4.4
5.1
5.2
5.3
5.2
4.7
4.4
4.7
4.8
5.6
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in August fell 1.3 percent from their July level. Prices paid by farmers in July were 0.5
percent above their April level. (Data are not seasonally adjusted.)
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SCALE)
180
180
160
160
PRICES PAID
140
140
120
120
PRICES RECEIVED
100
100
80
80
him
lllllllllli
mill
RATION
140
RATIO^
140
120
120
RATIO
100
100
80
80
60
1982
1984
1983
1985
1987
1986
1988
1989
HIM
1990
60
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100; not seasonally adjusted]
Prices paid by fanners
Prices received by farmers
Period
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989' Aug
Sept
.
Oct
Dec
1990' Jan
Feb
Mar
Anr
May
July r
1
2
All farm
products
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio z
139
133
135
142
128
123
126
138
147
134
121
128
138
120
107
106
127
134
143
145
141
146
136
138
146
150
160
150
159
161
164
162
159
162
169
177
151
158
159
161
156
150
151
160
167
148
153
152
155
151
144
147
157
165
92
145
143
145
147
149
128
126
127
128
127
161
160
162
165
169
(3)
(3)
178
(3)
(3)
(3)
(3)
166
(3)
(3)
(3)
(3)
165
(3)
(3)
81
80
81
83
84
154
152
150
151
154
151
152
150
136
133
128
131
134
129
130
126
172
169
171
170
173
173
173
174
181
(3)
(3)
183
(3)
(3)
184
(3)
170
(3)
(3)
171
(3»
(3)
171
(3)
168
(3)
(3)
169
(3)
(3)
170
(3)
85
84
83
83
84
83
83
82
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and3 wage rates. See also footnote 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.
All commodities,
services,
interest, taxes,
and wage rates *
84
84
87
79
77
78
82
83
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in M2 and M3 accelerated in August.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
800
600
600
400
400
1989
1990
COUNCIL OF ECONOMIC ADVISERS
• AVERAGES Of DAItY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
L
Debt
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
BPs and
Eurodollars,
MMMF balances
(general purpose
and broker /dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
408.9
436.5
474.5
521.2
552.1
620.1
724.7
750.4
787.5
794.8
1,629.9
1,793.5
1,953.1
2,186.5
2,371.6
2,570.6
2,814.2
2,913.2
3,072.4
3,221.6
1,987.5
2,234.2
2,441.9
2,693.4
2,982.8
3,202.1
3,494.5
3,678.7
'3,918.3
'4,044.3
2,324.2
2,596.8
2,851.6
3,154.7
3,524.1
3,829.5
4,135.5
4,338.7
'4,675.9
'4,881.5
'3,904.1
'4,292.1
'4,685.9
'5,212.6
'5,961.9
'6,773.5
'7,636.2
'8,345.1
'9,107.6
'9,788.9
6.8
6.7
8.7
9.8
5.9
12.3
16.9
3.5
4.9
.9
8.9
10.0
8.9
12.0
8.5
8.4
9.5
3.5
5.5
4.9
10.2
12.4
9.3
10.3
10.7
7.4
9.1
5.3
6.5
3.2
'9.4
'9.9
9.2
'11.2
14.4
'13.6
12.7
'9.3
9.1
'7.5
1989' Aug
Sept
Oct
780.4
782.9
788.1
789.4
794.8
3,146.9
3,163.6
3,181.9
3,201.2
3,221.6
4,013.0
'4,013.5
'4,018.1
'4,031.0
'4,044.3
4,825.3
4,832.0
4,841.9
'4,858.3
'4,881.5
'9,569.9
'9,627.8
'9,687.4
'9,750.2
'9,788.9
— 1.6
-.7
1.5
3.4
5.5
4.5
5.0
6.0
7.5
7.7
3.9
2.9
2.7
3.3
3.0
'7.8
7.5
'7.4
'7.4
'7.0
794.8
801.4
804.8
807.3
805.4
809.4
809.2
816.2
3,231.4
3,256.1
3,271.5
3,277.9
3,271.8
3,279.0
3,283.7
3,301.8
'4,049.0
4,065.2
'4,070.0
'4,073.9
'4,065.9
4,069.1
4,072.3
4,087.8
'4,885.1
'4,896.8
'4,916.6
'4,928.6
'4,900.4
4,921.3
4,933.1
'9,829.3
'9,887.1
'9,955.1
'10,010.6
' 10,053.6
10,108.7
10,171.5
4.0
5.4
5.6
4.9
4.1
3.7
3.6
3.7
6.7
6.9
6.8
6.0
4.4
3.6
3.2
2.8
2.1
2.6
2.8
2.8
1.7
1.2
1.2
1.1
'6.8
'6.6
'6.8
'6.7
'6.2
6.5
7.0
Period
1980'
19811982'
1983'
19841985'
198619871988'
1989-
TSfov
Dec
Feb
Mar
May
T
3
July
'
r
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
Percent change from year or 6
months earlier 2
Ml
er at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net,
plus
overnight
Eurodollars
Money market
mutual fund
balances 1
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(HMD As)
Savings
deposits
Small
denomination
time
deposits 2
Large
denomination
time
deposits 2
NSA
Term
repurchase
agreements
(EPs)
Term
Eurodollars
(net)
NSA
NSA
1980- Dec
1981* Dec
1982- Dec
1983" Dec
1984- Dec
1985' Dec
1986- Dec
1987- Dec
1988- Dec
1989- Dec
115.3
122.6
132.5
146.2
156.0
167.8
180.6
196.7
211.8
221.9
261.4
231.4
234.1
238.5
243.9
266.8
302.1
287.0
287.0
279.7
28.0
78.2
103.6
131.6
146.9
179.6
235.5
259.7
281.3
285.7
28.8
36.6
39.9
55.6
60.6
73.5
82.3
83.2
83.3
77.4
61.6
150.6
185.2
138.8
168.2
177.2
208.7
222.0
240.9
312.4
15.2
38.0
51.1
42.8
62.1
63.9
83.8
89.0
87.1
102.3
0.0
.0
43.2
379.2
416.8
513.0
571.0
523.8
500.3
483.7
400.1
343.8
356.7
305.4
285.1
301.2
370.1
414.9
427.8
409.0
728.5
823.2
851.0
784.1
886.8
884.0
856.2
917.8
1,031.0
1,142.3
260.4
303.0
327.2
327.6
417.4
437.0
439.8
488.8
541.1
558.3
33.5
35.3
33.4
49.9
57.6
62.4
80.5
106.1
121.7
96.9
1989- Aug
218.6
219.3
220.0
220.4
221.9
278.5
278.1
280.0
278.8
279.7
276.0
278.4
280.8
282.8
285.7
78.4
75.1
75.7
75.4
77.4
287.8
295.9
302.7
309.0
312.4
101.4
101.6
101.1
101.1
102.3
468.2
471.9
475.3
480.8
483.7
404.0
405.5
406.1
407.9
409.0
1,130.0
1,132.6
1,135.9
1,138.5
1,142.3
570.5
565.6
562.7
561.0
558.3
117.6
113.9
109.6
108.9
96.9
224.6
226.6
228.4
230.1
231.6
233.4
235.4
238.3
277.3
280.2
279.3
277.8
274.5
274.5
274.8
278.0
285.4
287.0
289.5
291.8
291.5
293.8
291.3
291.9
81.9
82.8
82.4
79.8
83.9
82.6
84.0
82.7
318.6
325.3
325.9
325.8
320.4
321.9
325.1
333.8
103.2
103.7
105.4
106.8
107.3
107.3
108.9
114.0
485.0
489.4
494.9
498.8
500.0
501.2
502.4
505.5
410.2
413.6
414.6
415.8
415.0
415.8
416.3
416.3
1,143.0
1,142.6
1,146.4
1,147.7
1,149.0
1,147.1
1,148.3
1,149.6
554.5
550.1
544.1
r
538.3
r
535.3
532.7
530.4
524.0
93.6
96.9
95.2
94.8
95.8
98.7
97.1
99.1
Oct
Nov
Dec
1990- Jan
Feb
Mar
May
July '
Aug p
1
Data prior to 1983 are not seasonally adjusted.
2
Small denomination and large denomination deposits are those issued in amounts of les
$100,000 and more than $100,000, respectively.
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
50.3
67.5
81.7
91.5
82.9
76.5
83.8
91.0
106.0
r
81.1
72.3
67.8
68.0
71.1
74.2
79.5
91.8
100.6
109.3
117.5
133.5
149.4
183.6
211.9
260.9
298.3
280.8
254.2
272.0
330.6
32.1
40.0
44.5
45.0
45.5
42.1
37.2
44.8
40.6
41.2
98.8
105.3
113.7
133.2
160.8
207.5
231.1
260.4
335.6
347.9
89.8
85.5
80.1
r
79.3
r
81.1
115.0
115.7
116.2
116.8
117.5
300.3
311.5
317.6
318.8
330.6
42.6
41.0
40.0
40.5
41.2
354.3
350.3
350.0
351.3
347.9
r
117.7 334.3
118.2 ' 330.4
119.1 r347.8
119.9 ' 341.5
120.7 r328.9
121.5 346.6
122.4
356.9
40.7
38.3
37.0
r
35.8
r
35.3
34.6
32.8
343.3
344.7
342.7
357.5
349.6
349.4
348.2
r
r
74.1
68.8
67.2
r
66.0
r
67.5
64.3
64.0
65.5
r
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 l; millions of dollars; seasonally adjusted, except as noted]
Adjusted for changes in reserve requirements
Borrowings of depository
institutions from the Federal
Reserve (NSA)
Reserves of depository institutions
Period
Total
198O
19811982198319841985'
19861987'
19881
1989'
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1989- Aug
Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
May
July
Aug p
1
•
-
Nonborrowed plus
extended
credit
Required
Monetary
base
Total
Seasonal
Extended
credit
33,401
35,315
37,388
39,184
42,235
48,373
58,023
58,593
60,593
60,033
31,711
34,679
36,754
38,410
39,049
47,055
57,197
57,815
58,877
59,767
31,714
34,827
36,940
38,412
41,653
47,554
57,499
58,298
60,121
59,787
32,887
34,996
36,888
38,623
41,380
47,336
56,653
57,546
59,545
59,110
152,525
160,936
172,947
188,275
201,673
219,350
241,427
258,055
275,238
284,946
1,690
636
634
774
3,186
1,318
827
777
1,716
265
116
54
33
96
113
56
38
93
130
84
3
148
186
2
2,604
499
303
483
1,244
20
58,906
59,289
59,640
59,646
60,033
58,231
58,596
59,085
59,297
59,767
58,272
58,618
59,106
59,318
59,787
58,021
58,351
58,620
58,701
59,110
280,756
281,806
282,786
283,222
284,946
675
693
555
349
265
490
452
330
134
84
41
22
21
21
20
59,896
60,215
60,297
60,275
59,783
59,732
59,322
59,750
59,456
58,768
58,173
58,647
58,448
58,850
58,565
58,824
59,482
59,302
60,123
60,051
59,324
59,196
58,845
58,951
58,880
59,227
59,436
59,379
58,820
58,958
' 58,460
58,879
287,509
289,714
291,820
293,540
294,401
296,276
297,860
301,126
440
1,448
2,124
1,628
1,335
881
757
927
47
51
78
122
244
311
. 389
430
26
535
1,950
1,403
875
346
280
127
Data are prorated averages of biweekly (maintenance period) averages of daily figures.
Nonborrowed
Source: Board of Governors of the Federal Reserve System.
BANK LOANS AND SECURITIES
Total commercial bank loans and leases rose 0.5 percent in July. Commercial and industrial loans fell 0.2 percent.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,800
ALL COMMERCIAL BANKS
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
V200
200
OTHER SECURITIES
\
160
iilnm
120
1982
i
160
him iimimii imliim
1983
1985
1984
Illllllllll Illllllllll
1987
1988
1986
' SEASONALIY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
U l l l l l l l H l 120
1990
1989
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *]
All commercial banks
Loans and leases
Period
1981: Dec
1982: Dec
1983:
1984:
1985:
1986:
1987:
1988:
1989:
1989:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
Apr
May
June
July "...
Total
loans and
securities 2
U.S.
Government
securities
1,307.3
1,400.5
1,552.3
1,722.5
1,910.1
2,094.2
2,239.5
2,422.2
2,582.6
2,512.4
2,527.4
2,538.9
2,563.3
2,579.0
2,582.6
2,585.8
2,603.8
2,623.8
2,635.0
2,642.2
2,657.9
2,670.9
179.3
201.7
259.2
260.2
270.6
309.3
334.4
361.4
394.5
374.0
375.5
378.1
389.9
394.8
394.5
402.4
412.2
418.9
422.7
426.0
434.7
437.4
Other
securities
160.5
164.8
169.2
141.1
179.3
194.2
193.8
192.2
180.3
186.3
183.8
183.1
180.9
179.3
180.3
180.2
180.1
180.2
180.8
179.2
178.5
178.2
Total
2
967.5
1,034.0
1,123.9
1,321.3
1,460.3
1,590.6
1,711.2
1,868.6
2,007.9
1,952.1
1,968.2
1,977.7
1,992.5
2,004.9
2,007.9
2,003.2
2,011.6
2,024.7
2,031.6
2,037.0
2,044.7
2,055.4
Commercial
and
industrial
355.4
392.5
414.2
473.3
500.5
537.5
567.9
607.0
642.9
631.8
636.1
637.7
641.9
645.9
642.9
639.0
637.9
642.8
648.2
647.9
651.2
649.9
Real
estate
Individual
Security
Nonbank
financial
institutions
Agricultural
and
political
subdivisions
284.1
299.9
330.9
376.4
426.0
494.4
587.4
671.9
756.4
720.1
727.7
735.8
742.6
749.2
756.4
759.6
768.1
774.4
779.4
787.5
793.7
801.2
182.5
188.2
212.9
253.8
294.7
315.3
328.4
355.0
375.9
365.8
367.5
370.3
372.6
374.6
375.9
377.9
378.9
379.2
377.8
379.2
377.9
376.3
21.4
25.3
28.0
34.3
43.0
40.6
35.1
40.4
39.6
40.1
39.0
39.7
41.2
41.5
39.6
40.1
41.1
38.3
37.0
35.7
36.1
40.0
29.9
31.2
30.4
31.3
32.4
35.0
31.9
30.1
32.7
31.3
31.5
31.8
33.2
33.7
32.7
32.3
33.0
34.2
34.3
33.8
33.6
33.8
33.1
36.2
39.2
40.1
36.1
31.5
29.4
29.8
30.3
30.0
29.9
29.6
29.6
29.9
30.3
30.9
31.0
31.2
31.4
31.2
32.0
34.0
0.0
.0
3.3
46.1
56.8
58.5
52.6
45.6
40.1
42.5
42.2
41.7
41.3
40.8
40.1
38.6
38.9
38.4
38.2
37.9
37.4
36.6
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
2
at\A
Foreign
banks
18.1
14.6
13.4
11.2
9.8
9.9
7.9
8.1
8.6
7.9
8.1
7.5
8.5
8.0
8.6
7.9
7.8
8.4
9.0
8.8
7.5
7.1
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Foreign
official
institutions
Lease
financing
receivables
Other
7.2
5.9
9.4
7.9
6.0
5.9
5.3
5.0
3.6
4.3
4.1
4.2
3.9
3.6
3.6
3.3
3.1
3.0
3.2
3.2
3.1
3.1
12.7
13.3
13.7
16.0
19.0
22.4
24.6
29.2
31.4
30.7
31.0
31.3
31.7
31.6
31.4
31.6
31.6
31.8
31.6
31.8
31.5
31.9
23.1
26.9
31.8
31.0
35.9
39.6
40.7
46.4
46.4
47.7
51.0
48.0
46.0
46.0
46.4
42.1
40.2
42.9
41.6
40.0
40.7
41.4
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
C edit market funds
Period
Total
Securities
and
mortgages
Total
Total
113.6
108.4
79 3
97 8
478.6
568.5
4464
452 8
377.4
388.3
385 1
378 2
101.2
1802
61 3
746
330
38 5
19 5
23 4
95.7
32.9
28.5
61.1
467.8
464.0
343.4
372 7
1244
91 3
24 1
33 0
-3.1
25.5
1989: lrr
H r
511.6
606.9
4659
4763
379.9
379.7
3855
3749
131.7
227.2
80.4
101 4
1990- I rp
491.9
4969
370.6
3774
121.3
119.5
n
110.5
115.6
86.2
94
92.6
58.4
-6.2
41.0
-13.6
6.2
60.5
18.5
TTT
IV *
55.1
73.1
101 6
99.9
23
24 3
165
30 6
43 0
27 1
-92.5
3.1
—85.2
58
48.5
76.5
91.9
49.8
124.7
48.2
55.1
35.3
1986
1987
1988
1989
47 0
122 1
1052
83 9
150.8
112 5
116 3
1043
18.0
118.7
1.0
36
58.9
131.7
155.5
103.9
179.8
121.3
156.8
135.2
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Discrepancy
(sources less
uses)
256.1
2705
369.7
341 2
330.4
354.1
3783
382.2
— ISA
-45.1
241.9
2852
335.9
351.8
344.3
372.4
3914
380.0
Other 2
Increase in
financial
assets
303.1
392.6
474.9
425.1
481.2
466.6
494.6
486.5
54.7
35.5
105.5
56.0
64.2
29.7
70.5
80.4
300.8
4169
491.4
455.7
524.1
493.7
548 2
515.2
1982
1983
1984
1985
Loans and
short-term
paper
Capital
expenditures 3
10.4
552
63.7
54.1
53 5
28 6
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Total
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
Other
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec 2
298,154
311,259
325,805
368,966
442,602
518,252
573,017
610,468
664,701
716,624
111,991
119,008
125,945
143,560
173,564
210,187
247,428
265,851
284,556
290,770
55,111
61,070
66,454
79,088
100,280
121,816
135,851
153,078
174,057
197,110
18,736
20,058
22,064
23,562
25,861
26,850
27,096
25,920
25,201
22,343
112,317
111,124
110,802
122,756
142,897
159,400
162,642
165,620
180,887
206,401
1,671
13,105
14,546
43,161
73,636
75,650
54,765
37,451
54,233
(3)
-484
7,017
6,937
17,615
30,004
36,623
37,241
18,423
18,705
(3)
1,754
5,959
5,384
12,634
21,192
21,536
14,035
17,227
20,979
(3)
529
1,322
2,546
958
2,299
989
246
-1,176
-719
(3)
-127
1 193
-322
11,954
20,141
16,503
3,242
2,978
15,267
(3)
1989' July 2
700,000
703,518
705,703
710,133
713,903
716,624
289,882
289,961
288,839
290,210
290,972
290,770
186,284
189,185
190,378
191,734
194,679
197,110
23,240
22,734
22,661
22,621
22,197
22,343
200,594
201,638
203,825
205,568
206,055
206,401
2,739
3,518
2,185
4,430
3,769
2,722
-701
79
-1,122
1,371
761
202
2,045
2,900
1,194
1,356
2,944
2,431
69
-506
73
-40
424
146
1,463
1,044
2,187
1,743
487
346
717,829
717,869
720,445
720,835
724,485
724,601
729,066
290,904
289,629
290,932
288,936
288,931
287,168
286,634
199,146
199,927
202,263
203,965
207,153
208,362
212,128
22,604
22,633
22,708
22,702
22,815
22,733
22,766
205,175
205,680
204,543
205,232
205,585
206,338
207,539
1,205
40
2,576
390
3,650
116
4,465
134
-1,275
1,303
-1,996
-5
1,764
-534
2,036
781
2,336
1,702
3,188
1,208
3,766
261
29
74
-6
113
-83
33
-1,226
505
-1,137
689
353
753
1,201
1980'
19811982'
19831984'
1985'
1986198719881989-
Sept
Oct
Nov
Dec
1990' Jan
Peb
Mar
May
July*
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.
3
Because of breaks in series, net change not available.
Source: Board of Governors of the Federal Reserve System.
OQ
INTEREST RATES AND BOND YIELDS
Short-term interest rates were little changed in September, while longer-term rates rose.
PERCENT PER ANNUM
PERCENT PER ANNUM
A
\
^
A
\
\\
!\>
/ y*
1
V
,
v
i
VnP
n•.I
/
! \
^
/ *
/ * • • > .
v
/
\
-'\
\
/
\
-
\
CORPORATE Aaa BONOS
\
1
il
!
/
/ V
\
-
V
\
f
U
,.,..../
/
DISCOUNT
(MOODY'S)
\
^*
/\
V^ —N
•
\
RATE
/
/
/
'A \j
/
V../"v ***.
RESERVE
BANK OF
NEW YORK
1 1 M 1 1 1 M 1 1
1 1 M 1 1 ! I t 1 1
1984
1983
1985
\
'
/
/ r~
/'\
1982
J
--->.
••-..
\X'
"\]
,..,--,--/
I 1 1 I ! 1 1 1 !L
\
\
TREASURY
BILLS
FEDERAL
l!
„
\\ //-- \\^
T'"
\
\
../
•'
'
—,
J
'''-'
11111111111
I i i l l 1 l 11 1 I
1986
1988
1987
11 1 I 1
1 I I
i
1 1
1990
1989
SOURCE; SEE TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982..
1983
1984
1985
1986
1987
1988
1989
1989' Sept
Oct
Nov
Dec
1990- Jan
Feb
Mar
May
July
Sept p
Week ended:
1990: Sept 1 r
8
15
22
29 "
1
2
3-month bills
(new issues) *
Constant maturities2
3-year
10-year
High-grade
municipal
honds
(Standard3 &
Poor's)
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. P.K.
Bank) 5
Prime rate
charged5by
banks
New-home
mortgage
yields
(FHFB)6
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
8.12
14.44
12.92
10.45
11.89
9.64
7.06
7.68
8.26
8.55
13.91
13.00
11.10
12.44
10.62
7.68
8.39
8.85
8.49
11.23
11.57
9.47
10.15
9.18
7.38
7.73
7.76
7.24
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
9.26
14.76
11.89
8.89
10.16
8.01
6.39
6.85
7.68
8.80
13.42
11.02
8.50
8.80
7.69
6.33
5.66
6.20
6.93
18.87
14.86
10.79
12.04
9.93
8.33
8.21
9.32
10.87
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.19
10.13
7.72
7.63
7.65
7.64
8.26
8.02
7.80
7.77
8.19
8.01
7.87
7.84
7.27
7.22
7.13
7.01
9.01
8.92
8.89
8.86
8.50
8.24
8.00
7.93
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.24
10.11
10.09
10.07
7.64
7.76
7.87
7.78
7.78
7.74
7.66
7.44
7.38
8.13
8.39
8.63
8.78
8.69
8.40
8.26
8.22
8.27
8.21
8.47
8.59
8.79
8.76
8.48
8.47
8.75
8.90
7.13
7.21
7.29
7.36
7.34
7.22
7.15
7.31
7.40
8.99
9.22
9.37
9.46
9.47
9.26
9.24
r
9.41
9.56
7.96
8.04
8.23
8.29
8.23
8.06
7.90
7.77
7.82
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-
10.50-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-
9.91
9.88
10.03
10.17
10.28
10.13
10.08
10.11
7.49
7.39
7.41
7.39
7.32
8.33
8.24
8.24
8.25
8.36
8.88
8.85
8.84
8.92
8.99
7.43
7.39
7.32
7.37
7.53
0.56
9.57
9.54
9.51
9.64
7.89
7.72
7.75
7.81
8.02
7.00-7.00
7.00-7.00
7.00-7.00
7.00-7.00
7.00-
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-
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
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
30
Corporate
Aaa bonds4
(Moody's)
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Iteserve System, Federal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in September.
140
INDEX, DEC. 31, 1965 = 50 (RATIO JCALE)
240
220
200
•S~**\N^-X"\
180
COMPOSITE STOCK PRICE INDEX s^S\
^S
160
(NYSE)
\
- , -4(
V s^"
'
140
120
120
INDE> , DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
160
N
v~—
100
80
60
40
•~J
^n^-^r~
100
80
60
1 1 1 11 111 I 1 1
1982
1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 11
1 1 1 1 t 1 ! 1 I 1 ! | t \ 1 1 1 1 1 1 1 I1 1 1 I 1 1 1 1 ! 1 1
1984
1983
1987
1986
1985
1 1 1 11 i 1 1 1 1 1
1988
1 I t I 1 1 1 1 1 I!
lilllililll
1989
PERCENT
PERC ENT
20
20
15
15
v
^
10
EARNINGS-PRICE RATIO ON COMMON STOCKS
\~
10
"
^r-jL— _
^
5
0
I
1
!
1982
SOURCES: NEW YORK
I
!
1
1983
STOCK EXCHANGE A
1
I 1
1984
ND STANDARD & POC
1
!
I
1985
i i i
1986
.___-—'
r ^
\ \ \
!
1987
'
I
1
i
r
I
I
1989
1988
5
I
1
I 1
1990
Common stock yields
(percent) 5
New York Stock Exchange indexes (Dec. 31, 1965
Period
Composite
1981
1982
1983
1984
1985
1986
1987
1988
1989
1989- Sept
Oct
Nov
Dec
1990: Jan
Feb
Mar
May
July
Aug r .
Sept*
Week ended:
1990: Sept 1 '
8
15
22
29 »
1
Average of daily closing prices.
2
Includes all the stocks (more than
3
Includes 30 stocks.
4
Includes 500 stocks.
5
Industrial
0
COUNCIL OF ECONOMIC ADVISER
>R'S CORPORATION
Common stock prices 1
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index
(194143 = 10)4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
180.02
193.02
192.49
188.50
192.67
187.96
182.55
186.26
185.61
191.35
196.68
196.61
181.45
173.52
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
216.23
230.86
229.40
224.38
230.12
225.79
220.60
226.14
226.86
234.85
242.42
245.86
226.73
217.23
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
175.28
202.02
190.36
174.26
177.25
173.67
166.69
175.08
173.54
173.53
177.37
173.18
147.41
137.31
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
87.43
93.44
94.67
94.95
99.73
95.69
92.15
93.00
91.92
93.29
93.65
89.85
85.81
83.24
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
151.88
165.51
166.55
160.89
155.63
150.11
142.68
143.14
138.57
142.94
147.93
143.11
128.14
119.03
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
2,508.91
2,693.41
2,692.01
2,642.49
2,728.47
2,679.24
2,614.18
2,700.13
2,708.26
2,793.81
2,894.82
2,934.23
2,681.89
2,556.15
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
322.84
347.33
347.40
340.22
348.57
339.97
330.45
338.47
338.18
350.25
360.39
360.03
330.75
315.93
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
3.45
3.29
3.29
3.39
3.33
3.41
3.54
3.49
3.51
3.44
3.36
3.37
3.65
3.85
176.48
177.16
175.90
173.13
167.40
221.23
222.11
220.45
216.66
209.03
140.95
140.55
139.35
137.58
131.18
82.71
83.03
82.95
83.57
83.41
123.91
124.36
122.76
117.88
110.46
2,613.32
2,614.36
2,600.15
2,545.35
2,456.44
321.65
322.84
320.14
315.15
304.72
3.76
3.76
3.79
3.81
4.03
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
8.01
7.41
6.79
6.47
6.37
price ratios based on prices at end of quarter.
1,500) b'sted on the NYSE.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
40
1990
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.
OUTLAYS,
In the first 11 months of fiscal 1990, there was a deficit of $241.7 billion, compared with a deficit of $145.8
billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,300
RECEIPTS AND OUTLAYS^
1,300
1,200
1,200
OUTLAYS!/
1,100
1,100
1,000
1,000
900
900
\
RECEIPTS^/
800
800
700
700
600
600
0
_ SURPLUS OR DEFICIT HI/ .
0
-100
-100
-200
-200
FISCAL YEARS
!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
1976
Transition quarter..
1977....
1978
1979
1980
1981
1982 .
1983
1984
1985
1986..
1987
1988
1989
1990 (estimates) 1
1991 (estimates) *
Outlays
Eeceipts
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
Surplus
or deficit
<-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
-73.7
-14.7
-53.6
59 2
-40.2
-73.8
-78.9
-127.9
207 8
-185.3
231.7
63.2
278.7
314.2
365.3
403.9
469.1
474.3
453.2
500.4
302.2
76.6
328.5
369.1
403.5
476.6
543.0
594.3
661.2
686.0
-70.5
-13.3
49 7
-54.9
-38.2
-72.7
-73.9
120 0
-208.0
-185.6
66.4
18.0
76.8
85.4
98.0
113.2
130.2
143.5
147.3
166.1
69.6
19.4
80.7
89.7
100.0
114.3
135.2
151.4
147.1
165.8
32
-1.4
-3.9
43
-2.0
11
-5.0
-7.9
.2
.3
629.0
643.6
706.4
776.6
828.9
908.5
994.3
1,136.8
1,371.2
1,564.1
477.4
495.5
549.1
607.1
639.8
709.3
784.8
919.2
1,131.0
1,300.0
734.1
769.1
854.1
909.0
990.7
1,044.2
1,135.4
946.3
990.3
1,003.8
1,064.0
1,142.6
1,264.3
1,311.7
-212.3
-221.2
149 7
-155.1
-152.0
220 1
-176.3
547.9
568.9
640.7
667.5
727.0
762.8
823.2
769.5
806.8
810.0
861.4
931.7
1,038.8
1,076.3
-221.6
237 9
-169.3
-193.9
204 7
-276.0
-253.1
186.2
200.2
213.4
241.5
263.7
281.5
312.1
176.8
183.5
193.8
202.7
210.9
225.5
235.4
9.4
16.7
19.6
38.8
52.8
56.0
76.8
1,817.0
2,120.1
2,345.6
2,600.8
2,866.2
3,206.1
3,521.5
1,499.4
1,736.2
1,888.1
2,050.2
2,189.3
2,399.0
2,573.0
891.5
928.6
1,037.3
1,170.3
-145.8
-241.7
651.3
671.3
847.1
946.7
195 8
-275.4
240.1
257.3
190.2
223.7
50.0
33.7
2,844.7
3,183.4
2,181.8
2,412.0
Cumulative total, first 11
months: 2 .
Fiscal year 1989
Fiscal year 1990 . .
1
Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 16,
1990.
2
Data from Monthly Treasury Statement,
32
NOTE.—Data are from Budget of the United States Government, Fiscal Tear 1991, January
1990, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 11 months of fiscal 1990, receipts were $37.1 billion higher than a year earlier and outlays were
$133.0 billion higher.
BILLIO MS OF DOLLARS
BILLIONS OF DOLLARS
. RECEIPTS1^
500
500
•
400
400
._.—-"""*'
300
_ — — — — •"""""
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
CORPORATION
INCOME TAXES
\
OTHER RECEIPTS
200
100
100
i
0
T
i
i
i
i
i
i
i
1,000
^
1,000
^ **""
900
^ -••**
NOMDEFENSE
\
-~~~~
800
---"""
700
__..--""
600
500
500
400
400
NATIONAL LJtl-tNSt
300
'
300
'
200
4
V
T
1982
1
1983
1
1984
I
1985
1
1986
I
1987
I
1988
1989
I
|
K
200
1991 ^
1990
FISCAL YEARS
/'INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Corporation
income
taxes
Social
insurance
taxes
and
contributions
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
298.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
734.1
769.1
854.1
909.0
990.7
1,044.2
1,135.4
334.5
349.0
392.6
401.2
445.7
476.1
508.4
61.3
63.1
83.9
94.5
103.6
98.2
115.1
265.2
283.9
303.3
334.3
359.4
380.2
418.1
73.0
73.1
74.3
78.9
82.0
89.7
93.8
891.5
928.6
400.7
420.0
83.9
76.2
330.2
349.0
76.8
83.4
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987..
1988
1989
1990 (estimates) l
1991 (estimates) 1
Cumulative total, first 11 months: 2
Fiscal year 1989
Fiscal year 1990
1
2
National defense
Individual
income
taxes
Fiscal year
Other
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1991, January
Social
security
Net
interest
Other
15.8
19.3
22.8
26.5
32.1
39.1
46.6
52.6
57.5
60.8
61.0
61.5
66.4
86.5
99.7
107.7
122.6
112.7
73.9
85.1
93.9
104.1
118.5
139.6
156.0
170.7
178.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
33.5
35.9
40.0
44.5
48.4
58.2
66.2
65.8
70.2
75.1
78.9
85.0
96.9
99.6
128.2
119.8
123.3
129.3
136.0
148.5
160.5
188.6
198.8
207.4
219.3
232.5
248.7
266.9
129.4
136.0
138.6
151.7
169.1
181.4
193.7
131.8
142.1
125.9
139.4
158.4
215.3
203.3
45.3
53.3
77.1
89.8
124.6
138.1
213.0
247.9
155.6
168.1
138.0
183.5
International
affairs
Health
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
87.9
95.1
102.3
113.6
130.9
153.9
180.7
204.4
220.9
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
15.7
17.3
18.5
20.5
23.2
26.9
27.4
28.6
30.4
946.3
990.3
1 ,003.8
1,064.0
1,142.6
1,264.3
1,311.7
252.7
273.4
282.0
290.4
303.6
299.8
303.3
245.2
265.5
274.0
281.9
294.9
290.2
292.2
16.2
14.2
11.6
10.5
9.6
15.5
18.2
1,037.3
1,170.3
274.9
277.8
267.1
269.2
8.7
11.8
Total
See footnote 1, page 32.
Data from Monthly Treasury Statement.
Income
security
Department of
Defense,
military
Total
Medicare
1990, except aa noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1990, according to revised estimates, Federal receipts rose $25.2 billion (annual rate) and
Federal expenditures rose $22.9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
1,000
1,000
800 -
600
400
200
-200
-200
1982
1986
1983
1990
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1985
1986 ..
1987
1988
1989
Calendar year:
1985 .
1986
1987 ..
1988
1989
1982: IV....
1983: IV
1984: IV
1985: IV
1986- IV
1987: IV
1988: IV
1989- I
n
m
rv
1990:
I r
n
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
Payments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
776.8
815.2
899.4
957.6
1,041.9
340.4
357.0
400.8
411.3
457.6
74.6
81.1
99.1
108.1
113.8
55.9
50.9
53.5
55.6
57.8
305.8
962.3
326.1 1,028.0
345.9 1,060.0
382.6 1,101.8
412.6 1,172.2
341.5
368.6
375.4
377.8
399.0
374.0
394.6
411.1
433.2
462.0
97.8
107.4
103.1
108.3
115.8
128.3
134.6
139.3
148.8
167.7
20.7
22.8
31.1
33.6
27.7
-0.1
.0
.1
-.1
.0
788.7
827.9
913.8
972.4
1,052.9
633.1
675.5
742.7
805.3
853.8
940.0
997.5
1,045.4
1,062.2
1,048.1
1,055.7
1,080.6
1,105.8
346.4
361.4
405.8
415.1
464.0
303.0
291.9
326.0
355.3
376.2
419.2
424.8
453.1
470.9
462.2
469.6
473.6
492.1
76.3
83.8
103.2
110.5
110.4
46.4
70.2
69.7
78.8
88.9
107.4
115.4
120.7
115.0
104.7
101.3
106.5
109.2
55.1
50.5
54.0
57.0
58.4
47.6
53.6
56.2
53.5
50.8
55.1
57.8
57.6
58.0
59.3
58.7
60.6
60.5
310.9
332.1
350.8
389.8
420.1
236.1
259.8
290.7
317.7
337.9
358.4
399.6
413.9
418.4
421.9
426.1
439.9
444.0
355.2
366.5
381.3
380.3
400.0
293.2
276.1
326.0
376.6
368.8
388.2
401.1
398.3
402.5
399.2
399.9
410.6
421.9
380.1
399.9
414.0
438.9
471.9
347.4
352.5
362.1
385.8
405.8
421.4
447.2
460.6
464.7
474.4
487.9
503.4
510.4
99.7
106.8
102.6
111.1
118.2
84.5
86.0
96.3
103.5
103.0
102.7
112.2
116.7
117.0
117.6
121.5
128.5
131.5
130.1
135.6
142.3
151.3
172.0
87.2
101.0
125.3
132.7
136.0
147.6
157.9
167.4
173.4
172.1
175.2
178.1
184.3
20.3
26.0
31.8
32.7
25.0
23.4
29.1
21.0
19.0
29.2
41.5
35.3
35.0
27.3
16.5
21.3
28.3
23.8
-.2
.0
.0
.0
.0
.0
.0
.6
.0
.0
-.2
.0
.0
.0
.0
.0
.0
.0
Source: Department of Commerce, Bureau of Economic Analysis.
34
Indirect
business
tax and
nontax
accruals
Grantsin-aid to
State
and
local
governments
985.6
1,034.8
1,071.9
1,114.2
1,187.2
835.7
844.7
930.2
1,017.5
1,042.8
1,101.7
1,153.8
1,178.0
1,184.9
1,179.8
1,205.8
1,248.8
1,271.7
Surplus
or deficit
(-),
national
income
and
product
accounts
-185.5
-160.7
-130.3
-196.9
9Ofi Q,
-158.2
-141.7
10 A 0
-202.6
i cq o
-187.5
919 9
-161.7
i re q
-132.6
-122.7
-150.1
1CD Q
- 166.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1987 = 100; seasonally adjusted)
Period
United
States
84.1
85.7
81.9
84.9
92.8
94.4
95.3
100.0
105.4
108.1
1980
1981
1982.
1983
1984
1985
1986
1987
1988
1989 *
108.3
108.4
107.8
108.2
108.2
107.7
108.1
108.6
1989- May
July
Sept
Oct
NOT
Dec
1990- Jan
Feb
Mar
Apr
May
.
. ..
July"
AUK*
1
Canada
r
83.1
r
84.8
r
76.5
81.5
91.4
r
96.5
r
95.7
' 100.0
r
105.0
* 105.1
r
r
T
105.9
105.5
105.2
' 105.3
r
105.2
' 104.0
r
104.4
r
104.7
r
r
Japan
France
81.7
82.6
82.9
85.5
934
96.8
96.6
100.0
109.3
115.7
98.9
98.3
97.3
96.5
97.1
97.2
98.0
100.0
104.7
108.9
114.8
117.1
114.2
117.6
115.8
115.8
116.8
116.9
107.5
108.3
109.4
109.4
108.1
108.4
108.9
107.6
107.5 r 102.4 117.2 109.0
108.5
' 102.3 116.5 ' 106.8
108.9 ' 102.6 118.8 ' 107.5
108.8
' 102.0 117.9 r 109.0
109.4 r 102.9 121.0 ' 109.2
' 110.0 103.2 r!21.1 109.7
r
110.0
122.9
109.8
Consumer prices (1982-84=100)
United
Kingdom
United
States'
Canada
Japan
France
Germany
96.2
95.0
93.2
94.8
90.3
91.8
90.9
88.8
91.8
93.5
92.9
97.7
96.2
99.6
100.0
100.0
103.9 105.9
108.7 ' 109.2
87.5
84.8
86.4
r
89.7
89.8
94.6
96.8
100.0
103.8
104.3
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
118.3
124.0
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
123.2
129.3
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
105.7
108.1
72.2
81.8
91.7
100.3
108.0
114.3
117.2
121.1
124.4
128.9
86.8
92.2
97.0
100.3
102.7
r
104.8
104.7
104.9
106.3
109.2
63.2
75.4
87.7
100.8
111.5
121.1
128.5
134.4
141.1
150.4
78.5
87.9
95.4
99.8
104.8
111.1
114.9
119.7
125.6
135.4
104.6 105.2
108.3
108.8
110.7
110.0
110.2 ' 108.7
110.0 r 110.5
110.0 ' 110.8
110.1 r lll,4
111.4 " 114.6
102.5
102.6
103.8
105.0
104.8
104.7
104.3
104.9
123.8
124.1
124.4
124.6
125.0
125.6
125.9
126.1
128.9
129.6
130.4
130.5
130.7
131.2
131.6
131.5
108.7
108.6
108.4
108.3
109.2
110.0
108.9
109.0
128.5
128.7
129.0
129.2
129.5
130.1
130.3
130.5
109.3
109.4
109.3
109.2
109.4
109.7
109.9
110.2
149.6
150.3
150.7
150.9
151.6
153.1
153.7
154.4
135.1
135.6
135.7
136.1
137.0
138.1
139.2
139.6
' 104.0
' 103.5
r
105.5
' 106.8
' 105.9
107.9
104.0
127.4
128.0
128.7
128.9
129.2
129.9
130.4
131.6
132.7
133.4
133.9
133.9
134.6
135.1
135.8
135.8
109.2
109.5
109.9
110.8
111.6
111.0
110.9
130.8
131.1
131.6
132.1
132.3
132.6
132.9
110.9
111.3
111.4
111.6
111.8
111.9
111.9
112.2
155.3
156.5
157.1
157.7
158.0
158.7
159.3
140.4
141.2
142.6
147.0
148.3
148.9
149.0
150.5
Italy
Germany
107.3
111.4
110.4
109.5
106.7
112.6
111.1
112.6
109.9
113.6
r
!13.7
115.5
Italy
United
Kingdom
Source: National sources aa reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
Data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[BUlions of dollars; monthly data seasonally adjusted]
Merchandise exports (f.a.s. value) l
General merchandise imports (customs value) a
Principal end-use commodity category
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(ronfood)
except
automotive
Other 2
Poods
feeds,
and
beverages
Industrial
supplies
and
materials
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
244.0
258.0
330.7
4
336.5
365.4
406.2
441.0
473.2
17.1
18.2
21.0
21.9
24.4
24.8
24.8
25.1
112.0
107.0
123.7
113.9
101.3
111.0
118.3
132.3
35.4
40.9
59.8
65.1
71.8
84.5
101.4
113.3
33.3
40.8
53.5
66.8
78.2
85.2
87.7
86.1
39.7
44.9
60.0
68.3
79.4
88.7
95.9
102.9
6.5
6.3
7.8
9.4
10.4
12.1
12.8
13.6
Foods,
feeds,
and
beverages
Industrial
supplies
and
materials
205.6
224.0
5
218.8
5
227.2
254.1
322.4
363.8
31.3
30.9
31.5
24.0
22.3
24.3
32.3
37.2
61.7
56.7
61.7
58.5
57.3
66.7
85.1
99.3
72.0
73.9
75.8
86.2
109.2
138.8
15.7
16.8
"0.6
22.9
21.7
24.6
29.3
34.8
14.3
13.4
13.3
12.6
14.2
17.7
23.1
36.4
20.7
20.5
24.0
27.3
35.9
34.6
43.4
17.2
Sept
Oct
NOT
Dec
29.9
30.2
30.1
31.4
30.6
31.3
3.0
3.0
2.8
3.0
3.2
3.0
8.4
8.5
8.1
8.4
8.3
7.9
11.8
11.7
12.3
12.3
11.1
12.3
2.5
2.7
2.6
3.1
3.0
3.1
2.9
3.0
2.9
3.0
3.4
3.4
1.3
1.4
1.4
1.6
1.7
1.6
39.0
40.5
38.9
41.6
40.5
38.1
2.1
2.1
1.9
2.1
2.1
2.0
11.2
11.6
10.5
11.9
11.1
10.4
9.3
9.6
9.4
9.9
10.0
9.4
6.8
7.2
7.0
7.2
7.0
6.5
8.6
8.8
8.8
9.1
9.0
8.4
1990- Jan
Feb
Mar
31.4
31.6
33.3
May
32.8
34.2
32.0
3.1
3.1
3.2
3.0
2.9
3.4
2.8
8.6
8.0
8.6
8.4
8.4
8.4
8.1
12.0
12.8
12.8
12.4
12.7
13.5
12.8
2.5
2.8
3.3
3.0
3.5
3.4
3.0
3.4
3.4
3.4
3.5
3.6
3.9
3.7
1.8
1.6
1.8
1.7
1.8
1.6
1.7
41.6
38.7
41.6
39.4
40.5
39.6
41.4
2.3
2.3
2.5
2.3
2.3
2.1
2.1
12.9
11.1
11.5
10.5
11.3
10.5
11.0
9.8
9.1
9.8
9.8
9.5
9.6
10.1
6.4
6.7
7.9
6.9
7.5
7.3
7.5
8.9
8.3
8.7
8.7
8.7
8.5
9.2
Period
1982
1983
1984
1985
1986
1987
1988
1989
Total 2
216.4
1989- July
1
ft
goods
except
automotive
72.7
67.2
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.
4
Total includes revisions not reflected in detail.
B
Total exports are on a revised statistical month basis; end-use categories are on a statistical
2
3
Trade balance
Principal end-use commodity category
Total
4
General
merchandise
imports
(c.i.f.
value)
Exports
(f.a.s) less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
254.9
269.9
346.4
352.5
382.3
424.4
459.5
493.2
-27.5
-52.4
- 106.7
-117.7
-138.3
-152.1
-118.5
- 109.4
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
-137.1
-129.4
1.0
1.2
1.2
1.4
1.3
1.2
40.7
42.3
40.5
43.4
42.3
39.7
-9.1
-10.3
-8.8
— 10.2
-9.9
-6.8
-10.8
-12.1
-10.4
— 12.0
-11.7
-8.4
1.3
1.2
1.3
1.3
1.3
1.4
1.4
43.4
40.4
43.5
41.1
42.4
41.3
43.2
— 10.2
-7.1
-8.4
-7.3
-7.8
-5.3
93
-12.1
-8.8
-10.2
-9.1
96
month basis.
NOTE.—Data, shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
-7.1
-11.2
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1PPO, the merchandise trade deficit fell to $22.6 billion from $26.3 billion in the first
quarter. The current account deficit rose slightly, to $21.8 billion from $21.7 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS
10
10
-30
-35
-40
45
1990
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)1
Merchandise * 2
Period
Exports
1981
1982
1983
1984
1985
1986
1987
1988
1989
1988- I
n
m
IV
1989: I
n
m
IV
1990: I r
II *
1
2
3
237 085
211,198
201 820
219900
215 935
223,367
250 266
320 337
360 465
76497
79,392
80,511
83,937
88,267
91,111
89,349
91,738
96,262
96,741
Imports
265 063
—247,642
— 268 900
332 422
338 083
— 368,425
409 766
—447 323
475 329
— 109 988
-110,494
-111,290
-115,551
-116,360
-119,333
-119,152
- 120,484
- 122,545
-119,316
Net balance
27 978
36444
— 67 080
112 522
— 122 148
— 145 058
159 500
126 986
114 864
— 33 491
-31,102
-30,779
-31,614
-28,093
-28,222
-29,803
-28,746
-26,283
-22,575
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Quarterly data are not seasonally adjusted.
36
Investment income 4
Services
Net
military
transactions 3
844
112
163
2 147
—4096
—4907
3 530
5452
6 320
1 075
-1,139
-1,144
-2,094
-1,763
-1,667
— 1,114
-1,776
-1,287
-1,342
Net
transportation
receipts
144
—992
4 227
9 153
— 10 788
— 8939
8 298
—4060
659
— 1 776
-1,062
-624
-599
-57
39
-192
870
1,075
816
Other
services,
net 4
12 552
12 981
13 859
14 042
14008
18,551
18 262
21 032
26 123
4 736
5,079
5,391
5,829
5,899
6,164
7,031
7,030
6,217
6,607
Receipts
on U.S.
assets
abroad
84975
85346
Payments
on foreign
assets in
U.S. 3
— 53 626
— 57,097
81 972 —54 549
92 935 — 69 542
82 282 — 66,115
80,982 -70,013
85 210
90 536
110 048 — 108,438
127 536 — 128 448
26980 — 24,580
26,739 -26,330
27,942 -28,083
28,386 -29,445
30,872 -30,407
31,932 -33,889
32,102 -32,085
32,629 -32,068
31,541 -29,546
30,927 -31,564
RemitBalance on
goods,
Net
31 349
28,250
27,423
23 394
16,166
10,969
5326
1,610
r
— 913
2,400
409
-141
-1,059
465
-1,957
17
561
1,995
-637
and income
pensions,
and other
unilateral
transfers,
net '
Balance
on current
account
15,223
3,907
-8,331
-9,775
6,892
-5,868
-30,188
— 86,385
- 106,859
- 129,384
— 147,739
-113,857
— 95,314
-29,206
-27,815
-27,297
-29,537
-23,549
-25,643
-24,061
-22,061
- 18,283
-17,131
-9,956
— 12,621
-15,473
- 16,009
-14,575
- 15,005
- 14,720
-3,476
-3,060
-3,461
-5,008
-3,555
-3,006
-3,530
-4,631
-3,385
-4,713
-40,143
-99,006
-122,332
- 145,393
-162,314
-128,862
-110,034
-32,682
-30,875
-30,758
-34,545
-27,104
-28,649
-27,591
-26,692
-21,668
-21,844
4
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
See p. 37 for continuation of table.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $12.1 billion in the second quarter
of 1990, compared to a decrease of $52.4 billion in the first quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, increased $2.9 billion in the second quarter, compared to a decrease of
$32.3 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-40
-60
-60
1990
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
Period
Total
U.S.
official
reserve
assets 3 5
26,079
65,270
49,797
80,295
24,840
5,970
-2,015
10,720
1,239
59,300
51,812
69,575
2,034
- 14,539
23,344
-19,242
2,970
-2,995
4 630
4,656
43,186
41,028
47,788
47,802
-4,000
12 095
-5,996
-3,202
962
-303
574
-47
-29,821
11,017
38654
-45,496
68,402
2,794
74,136
69,320
7,797
-4,961
13,003
-7,016
60,605
7,755
61,133
76,336
-8,439
27,236
-2,469
6,117
3,093
1 697
-4,953
3,560
49,854
60,502
68,418
74,609
3 177
371
-659
624
36,713
26 190
32 988
21,957
-8,203
6,284
-24,786
15,673
21,780
26,330
2,804
-1,036
76,303
77,298
1990: I r
32,877
5
Consists of gold, special drawing rights (SDKs), foreign currencies, and the U.S. reserve position in the IMF.
19,934
36,612
11,374
27,456
20,041
15,824
6,790
8404
22,443
4,661
- 19,048
-36,960
31 885
-32,859
1 381
-44,076
-48,745
1,093
U.S. official
reserve
assets, net 5
(unadjusted,
end of
period)
1 594
-847
1,957
3,452
n
m
rv
UP .... -26,443
Other
foreign
assets
Of which:
Seasonal
adjustment
discrepancy
78,072
90,154
79,023
99,481
131,096
186,011
173,260
181,927
205,829
1,502
39
7 380
1,925
IV
1989: I
Foreign
official
assets
Total (sum
of the items
with sign
reversed)
4,960
3,593
5,845
3,140
1 083
35,588
45,210
39,515
8,823
4,569
-19,856
42 383
-26,508
n
m
Total
Statistical discrepancy
83,032
93,746
84,869
102,621
130,012
221,599
218,470
221,442
214,652
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-3,912
25 293
1988: I
U.S.
private
assets
Allocations
of special
drawing
rights
(SDEs)
100,679
-5,097
-6,131 -113,394
49898
5006
-22,451
-5,489
21 043
2 821
-2,022 -90,321
73,091
997
2,969 -83,232
1,185 - 102,953
-110,951
124 490
-56,100
-31,070
-27,721
-92,030
-62,946
-84,176
127 061
1981
1982
1983
1984
1985
1986
1987
1988
1989
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase/capital inflow (+)] 3
]
30,074
33,958
33,747
34,934
43,186
48,511
45,798
47,802
74,609
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries
Employment Cost Index—Private Industry
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
,
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
,
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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