economic indicators: april 1991 - fraser · percent (annual rate) or $35.0 billion. real gnp (gnp...
TRANSCRIPT
02d Congress, 1st Session
Economic Indicators
APRIL 1991(Includes data available as of April 30, 1991)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1991
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
JOINT ECONOMIC COMMITTEE(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, ChairmanLEE H. HAMILTON, Indiana, Vice Chairman
SENATELLOYD BENTSEN (Texas)EDWARD M. KENNEDY (Massachusetts)JEFF BINGAMAN (New Mexico)ALBERT GORE, JR. (Tennessee)RICHARD H. BRYAN (Nevada)WILLIAM V. ROTH, JR. (Delaware)STEVE SYMMS (Idaho)CONNIE MACK (Florida)ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVESDAVID R. OBEY (Wisconsin)JAMES H. SCHEUER (New York)FORTNEY H. (PETE) STARK (California)STEPHEN J. SOLARZ (New York)KWEISI MFUME (Maryland)RICHARD K. ARMEY (Texas)CHALMERS P. WYLIE (Ohio)OLYMPIA J. SNOWE (Maine)HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, ChairmanJOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That theJoint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and thata sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeantat Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; twocopies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to theJoint Economic Committee; and the required numbers of copies to the Superintendent of Documents fordistribution to depository libraries; and that the Superintendent of Documents be authorized to have copiesprinted for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreignmailing) from:
SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TOTAL OUTPUT, INCOME, AND SPENDINGGROSS NATIONAL PRODUCTIn the first quarter of 1991, according to advance estimates, current-dollar gross national product (GNP) rose 2.6percent (annual rate) or $35.0 billion. Real GNP (GNP adjusted for price changes) fell 2.8 percent and the implicitprice deflator rose 5.5 percent.
BILLION
6,000
5,600
5,200
4,800
4,400
4,000
3,600
3,200
2,800
S OF DOLLAR
^-
\ \ \
1982
jOURCE, DEPARTME
S (RATIO SO
1jS
^f S
•^ S
\ \ \1983
NT OF COMMERCE
ME)
^-*
1 1 1
1984
^^
,,-'
\ \ \
1985
GSIN CURREN
\
—^
—vGNP
IN 1982 DC
1 1 11986
p
F DOLLARS
\ /\
\^
,•
LLARS
1 1 I1987
.^/
_, — -
1 1 1
1988
BILLI
^^
mz:
1 ! !1989
ONS OF DDL
^ 1
1 1 1
1990
COUNCIL OF EC
ARS (RATIO
~
1 1 11991
ONOMIC ADVISER
5CALE)
6,000
5,600
5,200
4,800
4,400
4,000
3,600
3,200
2,800
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
19801981198219831984198519861987198819891990
1982: IV1983: IV1984: IT1985: IT1986: IV1987: IT1988: IV
1989: HIIV
1990: IIIniIT
1991: I"
Grossnationalproduct
2,732.03,052.63,166.03,405.73,772.24,014.94,231.64,515.64,873.75,200.85,465.1
3,212.53,545.83,851.84,107.94,297.34,647.65,009.8
5,238.65,289.3
5,375.45,443.35,514.65,527.3
5,562.3
Personalcon-
sumptionexpendi-
tures
1,732.61,915.12,050.72,234.52,430.52,629.02,797.43,009.43,238.23,450.13,657.3
2,117.02,315.82,493.42,700.42,868.53,079.13,332.6
3,484.33,518.5
3,588.13,622.73,693.43,724.9
3,741.1
Grossprivate
domesticinvest-ment
437.0515.5447.3502.3664.8643.1659.4699.5747.1771.2741.0
409.6579.8661.8654.1648.8741.4747.5
775.8762.7
747.2759.0759.7698.3
673.4
Exports
Netexports
32.133.926.3
-6.1-58.9-78.0-97.4
-114.7-74.1-46.1-31.2
14.1-25.8-67.9
-103.2-108.9-115.0-70.3
-49.3-35.3
— 30.0-24.9-41.3-28.8
7.5
Mid importsind services
Exports
351.0382.8361.9352.5383.5370.9396.5449.6552.0626.2672.8
335.9364.7385.7369.2402.4485.8583.1
623.7642.8
661.3659.7672.7697.4
692.2
of goods
Imports
318.9348.9335.6358.7442.4448.9493.8564.3626.1672.3704.0
321.9390.5453.6472.4511.3600.7653.5
673.0678.1
691.3684.6714.1726.2
684.7
Total
530.3588.1641.7675.0735.9820.8872.2921.4962.5
1,025.61,098.1
671.8676.1764.5856.7888.9942.0
1,000.0
1,027.81,043.3
1,070.11,086.41,102.81,132.9
1,140.2
Governgoo
208.1242.2272.7283.5310.5355.2366.5381.3380.3400.0424.0
293.2276.1326.0376.6368.8388.2401.1
399.2399.9
410.6421.9425.8437.6
442.3
ment purclIs and sen
Federal
Nationaldefense
142.7167.5193.8214.4234.3259.1277.8294.6297.2301.1313.6
205.4221.5244.1268.6280.7296.0299.6
306.3299.2
307.2309.6312.6325.0
330.0
ases ofices
Non-defense
65.474.878.969.176.296.088.786.783.198.9
110.4
87.754.681.9
108.088.192.2
101.6
93.0100.7
103.4112.3113.2112.6
112.3
and
322.2345.9369.0391.5425.3465.6505.7540.2582.3625.6674.1
378.7400.0438.5480.1520.1553.9598.9
628.6643.4
659.6664.6677.0695.3
697.9
Final
2,740.33,028.63,190.53,412.83,704.54,003.64,224.84,487.34,847.55,172.55,470.2
3,272.43,514.83,806.84,100.74,309.44,591.94,993.6
5,209.75,264.3
5,387.25,429.95,505.65,558.2
5,585.1
,-,
chases 1
2,699.83,018.73,139.73,411.83,831.14,092.84,329.04,630.34,947.85,246.95,496.4
3,198.53,571.63,919.74,211.24,406.24,762.65,080.1
5,287.95,324.6
5,405.35,468.25,555.95,556.1
5,554.8
1 GNP less exports of goods and services plus imports of goods and sen Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS NATIONAL PRODUCT IN 1982 DOLLARS[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
19801981198219831984198519861987198819891990
1982: IV1983: IV1984: IT1985: IT1986: IT1987: IT1988: IT
1989: inIV
1990: InmIT
1991: I"
Gross
alproduct
3,187.13,248.83,166.03,279.13,501.43,618.73,717.93,845.34,016.94,117.74,157.3
3,159.33,365.13,535.23,662.43,733.63,920.74,059.3
4,129.74,133.2
4,150.64,155.14,170.04,153.4
4,123.9
Personalcon-
sumptionexpendi-
tures
2,000.42,024.22,050.72,146.02,249.32,354.82,446.42,515.82,606.52,656.82,681.6
2,078.72,191.92,281.12,386.92,477.82,534.22,638.8
2,675.32,669.9
2,677.32,678.82,696.82,673.6
2,664.1
Total
509.3545.5447.3504.0658.4637.0639.6669.0705.7716.9688.7
408.8577.2655.7648.0615.2706.6696.2
722.3709.1
700.7700.7697.0656.3
630.2
Gross pdomestic in
Nonresi-dentialfixed
379.2395.2366.7361.2425.2453.5438.4449.8487.2506.1515.4
352.3390.4444.4460.9435.7462.3486.6
513.3508.4
514.6508.4519.3519.4
499.6
rivatevestment
Resi-dentialfixed
137.0126.5105.1149.3170.9174.4195.7196.4194.9187.0176.8
115.8159.9169.6179.4200.3195.8195.6
184.4181.8
188.3182.8173.0163.3
151.2
Changem
busi-ness
tones
-6.923.9
-24.5-6.462.39.15.6
22.823.623.8
-3.6
-59.327.041.7
7.7-20.8
48.414.0
24.618.9
— 2.29.54.7
-26.4
-20.7
Exportsgoods
Netexports
57.049.426.3
-19.9-84.0
-104.3— 129.7-118.5-75.9-54.1-33.8
11.7-46.2-94.8
-125.3-135.4-111.3-75.7
-64.1-47.9
-35.4-44.6—46.5-8.8
2.2
and impand ser
Ex-ports
388.9392.7361.9348.1371.8367.2397.1451.8534.7593.3631.5
336.0355.5376.6367.4406.5487.0555.3
592.5611.6
628.1620.1630.5647.2
646.5
orts ofvices
Im-ports
332.0343.4335.6368.1455.8471.4526.9570.3610.6647.4665.3
324.3401.6471.4492.6541.9598.3631.0
656.6659.4
663.5664.7677.0656.0
644.3
Total
620.5629.7641.7649.0677.7731.2761.6779.1780.5798.1820.8
660.1642.2693.2752.7776.0791.3799.9
796.2802.2
807.9820.2822.7832.3
827.5
Governgoot
Total
246.9259.6272.7275.1290.8326.0334.1339.6328.1334.9343.7
289.5266.0.300.5340.6342.4347.7342.3
333.0332.7
333.0345.9346.0349.9
346.8
ment pures and sei
Federal
Nation-al
defense
171.2180.3193.8206.9218.5237.2252.1265.1260.7256.3258.7
201.4211.6225.3241.4255.8266.0261.1
260.2255.5
254.4256.5258.2265.7
265.2
bases of•vices
Non-
75.779.378.968.272.388.882.074.567.578.785.0
88.254.475.299.286.681.781.2
72.877.2
78.689.487.884.2
81.6
Stateandlocal
373.6370.1369.0373.9387.0405.2427.5439.5452.4463.2477.1
370.6376.2392.7412.1433.6443.6457.5
463.2469.5
475.0474.3476.7482.4
480.7
Finalsales
3,194.03,225.03,190.53,285.53,439.13,609.63,712.43,822.53,993.24,094.04,160.9
3,218.63,338.13,493.53,654.73,754.43,872.34,045.2
4,105.14,114.4
4,152.84,145.64,165.34,179.8
4,144.6
Grossdomes-
ticpur-
chases *
3,130.13,199.43,139.73,299.13,585.43,723.03,847.63,963.84,092.84,171.84,191.1
3,147.63,411.33,630.03,787.63,869.04,032.04,134.9
4,193.94,181.1
4,185.94,199.74,216.54,162.2
4,121.7
1 GNP less exports of goods and services plus imports of goods and services. Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT[1982 = 100; quarterly data are seasonally adjusted]
Period
19801981198219831984198519861987198819891990
1982: IV1983: IV1984: IT1985: IT1986: IT1987: IT1988: IT
1989: mIT
1990: InmIT
1991: I"
nationalproduct
85.794.0
100.0103.9107.7110.9113.8117.4121.3126.3131.5
101.7105.4109.0112.2115.1118.5123.4
126.8128.0
129.5131.0132.2133.1
134.9
Total
86.694.6
100.0104.1108.1111.6114.3119.6124.2129.9136.4
101.8105.7109.3113.1115.8121.5126.3
130.2131.8
134.0135.2137.0139.3
140.4
Personal cexpen
Durablegoods
89.295.7
100.0102.1103.8104.8105.6108.2109.4110.9112.4
100.7103.1104.1104.7106.2108.9110.3
111.2111.4
112.5112.1112.3112.7
113.1
onsumptionditures
Nondura-ble goods
89.496.9
100.0102.1105.0107.5107.3112.2116.6122.8131.0
101.0103.1105.8108.7107.8113.9118.6
123.2124.5
128.3129.4131.5134.9
135.2
Services
83.992.6
100.0106.2111.6116.8122.4128.7134.5141.0147.7
102.7108.3113.5119.0124.9130.9137.0
141.6143.4
145.1146.6148.5150.4
151.9
Grossdomestic i
Nonresi-dential
ixe
85.193.4
100.098.897.997.799.398.9
100.2101.2101.7
100.798.397.997.9
100.099.0
101.8
100.9100.7
101.6101.6102.6100.9
101.3
arivatenvestment
Residen-tial fixed
89.496.6
100.0102.2106.0108.3111.1115.2119.3123.5125.5
99.1103.1107.2109.0112.4116.5120.6
124.2124.3
125.3125.3126.0125.7
125.6
Exports angoods an
Exports
90.297.5
100.0101.3103.2101.099.899.5
103.2105.5106.5
100.0102.6102.4100.599.099.7
105.0
105.3105.1
105.3106.4106.7107.8
107.1
1 imports of. services
Imports
96.0101.6100.097.497.195.293.799.0
102.5103.8105.8
99.397.296.295.994.4
100.4103.6
102.5102.8
104.2103.0105.5110.7
106.3
Gove
Total
84.393.3
100.0103.1106.8109.0109.7112.3115.9119.4123.3
101.3103.8108.5110.6107.7111.7117.2
119.9120.2
123.3122.0123.0125.1
127.6
nunent puresep
Federal
Nationaldefense
83.492.9
100.0103.6107.2109.2110.2111.1114.0117.5121.2
102.0104.7108.3111.3109.7111.3114.7
117.7117.1
120.8120.7121.1122.3
124.4
lases of gocnces
Non-defense
86.494.3
100.0101.4105.5108.2108.1116.3123.2125.8129.8
99.5100.3108.9108.8101.7112.8125.1
127.8130.4
131.5125.6128.9133.8
137.7
ds and
Stateand local
86.293.4
100.0104.7109.9114.9118.3122.9128.7135.1141.3
102.2106.3111.7116.5120.0124.9130.9
135.7137.1
138.9140.1142.0144.1
145.2
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, ANDRELATED PRICE MEASURES
[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]
Period
198019811982198319841985198619871988198919901987: I
nmIV
1988: Inrarv
1989: Inmrv
1990: InmIV
1991: I"
Currentdollars
8.911.73.77.6
10.86.45.46.77.96.75.19.17.57.48.77.88.37.47.77.55.85.13.96.75.15.3.9
2.6
Or
Constant(1982)dollars
-0.21.9
-2.53.66.83.42.73.44.52.51.05.24.24.16.6
5.13.62.72.7
3.61.61.7.3
1.7.4
1.4-1.6
-2.8
ss national pr
Implicitprice
deflator
9.09.76.43.93.73.02.63.23.34.14.13.53.13.51.72.74.44.74.73.93.93.23.84.84.73.72.8
5.5
duct
Chain priceindex
9.09.46.34.13.93.32.53.33.74.34.34.33.13.33.13.34.24.84.44.74.43.13.7
6.14.13.73.6
5.1
Fixed-weighted
price index(1982
weights)
9.39.36.24.14.03.42.73.54.24.54.64.43.53.53.73.94.75.54,4
4.94,63.13.86.63.94.24.7
5.1
Currentdollars
10.610.57.19.08.88.26.47.67.66.56.07.39.68.93.79.27.48.28.14.86.67.04.08.23.98.03.5
1.8
Personal
Constant(1982)dollars
-0.21.21.34.64.84.73.92.83.61.9.9.7
4.54.3-.46.92.73.53.5
-.31.34.6
O
1.1.2
2.7-3.4
-1.4
consumption e?
Implicitprice
deflator
10.79.25.74.13.83.22.44.63.84.65.06.44.84.44.12.34.34.64.65.25.12.25.06.83.65.46.9
3.2
penditures
Chain priceindex
10.99.25.74.23.93.52.74.64.04.74.96.24.94.34.02.54.74.84.85.05.32.64.96.83.45.26.5
3.1
Fixed-weighted
price index(1982
weights)
10.59.05.64.24.03.52.74.64.14.85.26.35.14.34.32.64.85.14.95.05.72.74.77.43.15.77.1
3.2
NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quarter. Source: Department of Commerce, Bureau of Economic Analysis,
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS[Quarterly data at seasonally adjusted annual rates]
Period
19801981198219831984198519861987198819891990r.1982: IV1983: IV1984: TV1985: TV1986: IV1987: IV1988: IV1989: III
IV1990: I
nmrv
Gross (3produ
nonfincorporate(billions o
Current
1,540.81,738.41,782.21,914.22,146.72,267.12,367.12,524.82,720.72,854.52,952.71,779.42,012.52,201.82,309.42,408.72,597.42,797.32,879.12,878.52,907.52,960.02,979.12,964.1
omesticct ofancialbusiness
f dollars)
1982
1,807.91,837.21,782.21,866.02,036.52,117.42,173.92,290.22,403.72,431.22,427.01,760.21,940.52,069.52,137.72,198.52,339.42,428.62,443.92,421.82,423.12,440.12,435.12,409.8
Total
andprofit 2
0.852.946
1.0001.0261.0541.0711.0891.1021.1321.1741.2171.0111.0371.0641.0801.0961.1101.1521.1781.1891.2001.2131.2231.230
Curren
Capitalconsump-
tionallow-anceswith
capitalconsump-
tionadjust-ment
0.095.109.125.123.118.119.123.123.124.131.137.131.120.118.120.124.122.126.132.135.135.135.137.140
t-dollar cos
Indirectbusinesstaxes 3
0.077.090.094.098.100.103.106.105.107.112.119.096.098.102.104.106.105.108.113.114.117.116.121.123
t and profit
Compen-
employ-ees
0.581.632.676.679.687.704.721.726.750.782.817.685.680.694.713.727.734.763.782.795.803.812.823.830
per unit o
interest
0.031.037.043.037.039.038.041.041.041.050.053.042.037.042.037.042.040.042.051.052.052.053.053.054
' output (do
Corpinventory
consun
Total
0.068.078.063.089.109.106.098.107.111.099.090.057.103.107.106.096.109.112.100.092.093.097.090.083
liars) *
)rate profitsvaluation aiption adjus
Profitstax
liability
0.037.035.026.032.036.033.035.041.043.042.040.023.036.032.033.038.042.043.041.040.039.040.041.038
withnd capitaltments
Profitsaftertax 4
0.031.044.037.057.073.073.064.067.068.057.051.034.066.075.072.058.067.069.059.052.053.057.049.045
Outputper hour
of allemploy-
ees(1982
dollars)
18.59118.70318.77419.28419.74420.05720.52221.01421.30620.955
18.79319.44219.79220.12920.66221.13921.20820.98920.74320.66320.76020.707
Compen-sation
per hourof all
employ-ees
(dollars)
10.80911.81512.68213.08513.57114.11214.79315.26515.87416.396
12.88113.22113.74114.35015.01715.50716.08816.40416.48316.59716.86317.048
1 Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-lars.
2 This is equal to the deflator (or gross domestic product of nonfinancial corporate business withthe decimal point shifted two places to the left.
3 Indirect business tax and nontax liability plus business transfer payments less subsidies.4 With inventory valuation and capital consumption adjustments.Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL INCOME[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
198219831984198519861987198819891990'
1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV
1989: mIV
1990: InmIV
1991: I'
Nationalincome
2,518.42,719.53,028.63,234.03,412.63,660.33,984.94,223.34,418.4
2,548.22,851.53,096.13,312.83,473.13,791.54,104.1
4,232.14,267.1
4,350.34,411.34,452.44,459.7
Compen-sation ofemploy-
ees
1,907.02,020.72,213.92,367.52,511.42,686.42,905.13,079.03,244.2
1,931.12,092.72,272.72,426.72,571.22,770.32,986.7
3,095.23,128.6
3,180.43,232.53,276.93,286.9
3,297.8
Proprietorwith in
valuation iconsuradjust
Farm
24.612.430.530.234.742.843.748.649.9
28.519.328.129.237.252.335.5
38.745.7
57.451.042.448.8
47.0
s' incomerentorynd capitalnptionments
Nonfarm
150.9178.4204.0225.6247.2280.6310.5330.7352.6
159.8188.6209.7235.0252.0293.0321.5
329.5336.0
346.6350.8355.6357.4
356.0
Rentalincome ofpersons
withcapital
tionadjust-ment
13.613.28.59.2
11.613.716.38.26.9
15.812.45.67.8
13.514.616.8
5.84.1
5.54.38.49.3
6.9
Corpora
150.0213.7266.9282.3282.1308.3337.6311.6298.3
146.1248.5266.9291.4275.2323.1349.6
306.7290.9
296.8306.6300.7288.9
te profits witconsul
Profits wiadjustmei
consu
Total
159.2196.7234.2222.6228.3255.9289.8286.1293.3
150.7223.4224.6228.4226.1268.6308.7
285.3275.3
285.5298.8298.7290.3
ti inventorynption adjust
th inventoryit and withoTiption adjus
Profitsbefore tax
169.6207.6240.0224.3221.6275.3316.7307.7304.7
164.1231.5226.1235.0234.1289.7331.1
291.4289.8
296.9299.3318.5304.1
valuation ancments
valuationit capitaltment
Inventoryvaluation
adjust-ment
— 10.4-10.9
5.8-1.7
6.7-19.4
27.0-21.7
11.4
13.4-8.1-1.6-6.6-8.0
— 21.122.5
-6.1-14.5
— 11.4— .5
-19.8-13.8
9.1
capital
Capitalconsump-
d'ment
-9.217.032.759.753.852.447.825.5
4.9
-4.525.142.363.049.154.540.9
21.415.6
11.37.72.0
— 1.4
-2.9
Netinterest
272.3281.0304.8319.0325.5328.6371.8445.1466.7
266.9290.2313.1322.7324.0338.2394.1
456.2461.7
463.6466.2468.3468.4
462.9
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]
Period
198219831984198519861987198819891990
1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV
1989: HIIV
1990: InmIV
1991: I »
eon-
expendi-
2,050.72,234.52,430.52,629.02,797.43,009.43,238.23,450.13,657.3
2,117.02,315.82,493.42,700.42,868.53,079.13,332.6
3,484.33,518.5
3,588.13,622.73,693.43,724.9
3,741.1
Totaldurablegoods
252.7289.1335.5372.2406.0423.4457.5474.6480.3
263.8310.0346.7373.2422.0427.4473.1
487.1471.2
492.1478.4482.3468.5
456.8
Durable
vehi-clesand
parts
108.9130.4157.4179.1196.2197.9212.2215.5213.0
115.7144.4162.3173.8201.1198.9217.8
226.9207.5
221.1212.4214.7203.9
192.3
goods
Furni-
andhouse-hold
equip-ment
95.7107.1118.8129.9139.7148.8161.8171.4176.4
99.1112.4122.7134.7143.8151.1166.8
171.5173.0
178.9176.8176.4173.4
174.4
Other
48.151.659.363.270.076.783.587.890.9
49.053.261.864.777.177.488.5
88.790.7
92.089.391.291.3
90.2
Totalnon-
durablegoo s
771.0816.7867.3911.2942.0
1,001.31,060.01,130.01,193.7
786.6837.9879.6932.7952.1
1,019.91,088.0
1,137.31,148.8
1,174.71,179.01,205.01,216.0
1,209.8
Non
Food
398.8421.9448.5471.6500.0530.7562.6595.3624.7
407.0430.8456.1482.5511.9539.0577.1
597.6602.2
616.4623.3629.8629.4
636.5
durable gc
Cloth-ing andshoes
124.4135.1146.7156.4166.8178.4191.1204.6213.2
126.5141.1149.8160.6168.7182.2198.6
206.9208.7
212.9212.6215.8211.5
212.2
ods
Gaso-line
and oil
89.190.290.090.673.575.377.383.893.8
89.891.989.091.066.077.378.5
84.583.5
87.184.594.0
109.4
93.4
Other
158.7169.5182.1192.6201.7216.9229.1246.3261.9
163.4174.0184.7198.5205.5221.5233.9
248.3254.4
258.2258.6265.4265.6
267.7
1,027.01,128.71,227.61,345.61,449.51,584.71,720.71,845.51,983.3
1,066.51,167.91,267.11,394.51,494.41,631.81,771.5
1,859.81,898.5
1,921.31,965.32,006.22,040.4
2,074.5
Retailnew pacars (mi
urn
Do-mestics
5.86.88.08.28.27.17.57.16.9
6.07.47.77.07.76.67.5
7.86.2
7.06.87.26.6
6.0
ales ofssengerlions ofts)
Im-ports
2.22.42.42.83.23.23.12.82.6
2.52.62.63.13.43.33.0
2.92.6
2.82.72.52.4
2.2,-
Source: Department of Commerce, Bureau of Economic Analysi
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES OF PERSONAL INCOMEersonal income rose $11.7 billion (annual rate) in March, following a rise of $8.8 billion in February. Wages and
salaries rose $4.2 billion in March after falling $0.2 billion in February.
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
4,000 -
3,000
2,000
1,400
800
400
BILLIONS OF DOLLARS*(RATIO SCALE)
5,000
1983 1984 1985
WAGE AND SALARY DISBURSEMENTS
\OTHER INCOME
1986
TRANSFERPAYMENTS
1987 1988 1989
" SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE
1990
4,000
3,000
2,000
1,400
800
400
1991
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
19811982198319841985198619871988198919901990: Mar
AprMayJuneJulyAugSeptOctNovDec
1991: Jan r.Feb r.Mar"
Totalpersonalincome
2,520.92,670.82,838.63,108.73,325.33,526.23,766.44,070.84,384.34,645.54,594.74,604.54,621.44,640.74,662.74,675.04,697.84,695.94,716.24,743.34,725.44,734.24,745.9
salary
1,510.31,586.11,676.61,838.61,975.42,094.82,249.72,431.12,573.22,705.32,669.22,682.42,695.52,711.12,727.12,728.32,747.22,731.62,731.62,753.62,740.02,739.82,744.0
Other labor
150.3163.6173.6182.9187.6199.3209.4225.5241.9258.1254.0255.2256.4257.6258.8260.0261.2262.2263.2264.2265.2266.2267.2
Proprietor.
Farm
30.724.612.430.530.234.742.843.748.649.965.555.051.846.145.742.938.539.154.552.939.647.254.0
' income 3
Nonfarm
156.1150.9178.4204.0225.6247.2280.6310.5330.7352.6349.4349.2351.3351.8353.0356.6357.0357.1357.6357.5354.4355.9357.6
Rentalincome ofpersons 4
13.313.613.28.59.2
11.613.716.38.26.94.33.84.24.96.29.1
10.010.88.88.37.56.76.6
Personaldividendincome
61.363.968.775.578.785.891.8
102.2114.4123.8121.3122.3123.0123.4124.3125.0125.3126.1126.8127.2127.2127.6125.3
Personalinterestincome
335.4369.7393.1444.7478.0493.2501.3547.9643.2680.4671.4674.5677.9681.5683.6685.4686.8687.5688.1688.2686.4683.2680.6
Transferpay-
ments 5
368.1410.6442.6456.6489.8521.5549.9587.7636.9694.8683.4683.5685.3691.4692.1695.9701.2710.0714.0721.2742.1744.6747.8
Less:Personal
contributionsfor socialinsurance
104.5112.3120.1132.7149.3161.9172.9194.1212.8226.2223.8221.4223.9227.1228.1228.2229.5228.4228.4229.9237.0237.0237.3
Nonfarmpersonalincome 6
2,465.62,618.72,799.03,052.13,271.33,469.43,702.24,006.04,314.64,574.34,508.14,528.24,548.34,573.24,595.64,610.74,637.84,635.34,640.24,668.84,664.24,665.44,670.1
1 The total of wage and salary disbursements and other labor income differs from compensation ofemployees (see p. 4| in that it excludes employer contributions for social insurance and the excess ofwage accruals over wage disbursements.
^Consists primarily of employer contributions to private pension and private welfare funds.3 With inventory valuation and capital consumption adjustments.
4 With capital consumption adjustment.5 Consists mainly of social insurance benefits, direct relief, and veterans payments.6 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
,nd agricultural net interest.Source: Department of Commerce, Bureau of Economic Analysis-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
DISPOSITION OF PERSONAL INCOMEAccording to advance estimates, real per capita disposable personal income fell again in the first quarter of 1991
BILLIONS OF DOLLARS * (RATIO SCALE) BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
DOLLARS* (RATIO SCALE)
2,000
DOLLARS * (RATIO SCALE)
18,000
16,000
14,000
8000
— PER CA
i | i
1982
>ITA DISPOSE
<1
i i i
1983
BLE PERSON
1 ! |
1984
AL INCOME -
CURRENT
1 1 '1985
DOLLARS
\ -
\1982 DOLLA
1 i i
1986
p^:s
i i i1987
-~~~~
\ i i1988
t i |
1989
r — — 1
I 1 '
1990
_ .
t t i1991
18,000
16,000
14,000
8 000
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE-. DEPARTMENT OF COMMERCECOUNCIL OF ECONOMIC ADVISERS
Period
19801981198219831984198519861987198819891990
1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: m....
IV1990: I
IIm....IV
1991: I"
P 1rersonaiincome
2,258.52,520.92,670.82,838.63,108.73,325.33,526.23,766.44,070.84,384.34,645.5
2,729.22,941.83,188.33,399.13,597.83,890.94,186.24,402.84,469.24,562.84,622.24,678.54,718.54,735.2
Less:Personaltax andnontax
payments
Bin;340.5393.3409.3410.5440.2486.6512.9571.6591.6658.8699.4
411.1413.9459.7499.6534.4588.6607.3659.5669.6675.1696.5709.5716.6718.3
T? 1
TV hiSP°personalincome
ons of dolla
1,918.02,127.62,261.42,428.12,668.62,838.73,013.33,194.73,479.23,725.53,946.1
2,318.12,527.92,728.62,899.53,063.43,302.33,578.93,743.43,799.63,887.73,925.73,969.14,001.94,016.9
Less:Personaloutlays 1
rs
1,781.11,968.12,107.52,297.42,504.52,713.32,888.53,102.23,333.63,553.73,766.0
S
2,174.92,382.52,571.32,787.72,961.43,172.63,430.43,588.83,625.53,696.43,730.63,802.63,834.43,851.0
Equals:Personal
saving
136.9159.4153.9130.6164.1125.4124.992.5
145.6171.8180.1
easonally
143.1145.4157.3111.7102.0129.7148.5154.5174.1191.3195.1166.5167.5165.9
Dispos-able
personalincome in
1982dollars
(billions)
2,214.32,248.62,261.52,331.92,469.82,542.82,635.32,670.72,800.52,869.02,893.5
adjusted ann
2,276.12,392.72,496.32,562.82,646.22,717.92,833.92,874.32,883.22,900.92,902.82,898.02,872.42,860.5
Percdisposabl
inc
Currentdollars
8,4219,2439,724
10,34011,25711,86112,46913,09414,12314,97315,695
ual rates
9,92910,72511,46712,06812,62913,48314,47015,02615,21015,52715,63915,76515,84915,870
apitapersonal
)me
1982dollars
Dolla
9,7229,7699,7249,930
10,41910,62510,90510,94611,36811,53111,509
9,74910,15110,49110,66710,90911,09711,45811,53811,54111,58611,56411,51111,37611,301
Per capitconsuexpen
Currentdollars
rs
7,6078,3208,8189,516
10,25310,98511,57612,33413,14413,86614,547
9,0689,825
10,47911,24011,82512,57213,47413,98614,08414,33014,43214,67014,75214,780
i persona!nptionjtures
1982dollars
8,7838,7948,8189,1399,4899,840
10,12310,31110,58010,67810,666
8,9049,2999,5879,935
10,21410,34710,66910,73910,68710,69310,67110,71110,58910,525
Percentchange inreal percapita
disposablepersonalincome
Percei
— 1.1.5
-.52.14.92.02.6
.43.91.4
_,2
1.29.11.73.3
.36.41.21.6.1
1.6Q
.O
-1.8-4.6-2.6
Saving aspercent ofdisposablepersonalincome
it^ 7.1
7.56.85.46.14.44.12.94.24.64.6
6.25.85.83.93.33.94.14.14.64.95.04.24.24.1
Population,including
ArmedForcesabroad(thou-
sands) z
227,754230,182232,549234,829237,051239,322241,660243,982246,358248,810251,420
233,466235,707237,946240,257242,579244,925247,329249,127249,818250,392251,026251,767252,495253,115
1 Includes personal consumption expenditures, interest paid by consumers to business, and person-al transfer payments to foreigners (net).
2 Annual data are averages of quarterly data, which are averages for the period.Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FARM INCOMEh the third quarter of 1990, according to current estimates, gross farm income fell $0.3 billion (annual rate) and
let farm income rose $0.7 billion.
BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)
240
160 >> . *--]
X .* / *\ ; 'v /\ /
•• —
1 1 '1982
-^^^^-^S
1\ , i
I /*» I\ ' '»'* 1 \I
* I "
( ( I
1983
» — — \
i i i1984
... .
GRO
*
i _/ \v
i i i1985
^C^"\\55 FARM INCO
j
A/i / \t\i
1986
r — ME
/ *•
NET FARM IN
I I 11987
• -"I
\ /
\/
COME j
1 1 I1988
1 1 '1989
--,.
1 1 11990
200
160
120
80
60
40
20
10
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1980198119821983198419851986198719881989
1988: HIIV
1989: IIIinIV
1990: IIIHI
Total l
149.3166.3163.5153.2170.2162.9156.5169.0173.8189.2
167.6181.5
190.8189.5185.7190.9
195.1194.3194.0
(
Cas
Total
139.7141.6142.6136.8142.8144.1135.2141.7150.2159.2
154.9155.4
153.7157.4163.9161.7
159.5168.1177.4
In
jross farm incom
tl marketing rece
Livestock andproducts
68.069.270.369.672.969.871.576.078.883.7
79.281.2
81.680.883.688.9
87.387.990.5
come of farm ope
3
pts
Crops
71.772.572.367.269.974.363.765.671.475.4
75.774.2
72.176.580.372.8
72.280.286.9
rators from farmi
inventorychanges 2
-6.36.5
— 1.4-10.9
6.0-2.3-2.4-2.8-4.1
4.4
-3.7-2.1
3.84.94.84.3
5.74.63.5
ng
Productionexpenses
133.1139.4140.0137.9143.8131.9125.5127.7132.1142.6
135.4135.9
142.5143.3143.4141.1
140.3146.2145.2
Net farn
Currentdollars
16.126.923.515.326.331.031.041.341.846.7
32.245.5
48.346.242.449.8
54.848.148.8
i income
1982 dollars 3
18.828.623.514.724.527.927.235.134.437.0
26.436.9
38.836.733.438.9
42.336.736.9
1 Cash marketing receipts and inventory changes plus Government payments, other farm cashicome, and nonmoney income furnished by farms,I 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average•ices during the year.
3 Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CORPORATE PROFITSIn the fourth quarter of 1990, according to revised estimates, corporate profits before tax fell $14.4 billion (annu«rate) and profits after tax fell $1.8 billion.
BILLIONS OF DOLLARS
360
320
280
240
200
160
120
80
40
BILLIONS OF DOLLARS
360
~^-
•"— ,
"""•"""••^^^
i1982
f"
/
Ss
. — x
/ J — -~* St
1 11983
r~\
,' — "^ — -
N
i i i1984
SEASONAL
PROFITS
— - oPF
«%
\ ^ ^ — \
i — •--'' S
1 1 11985
LY ADJUSTED ANNUA
BEFORE TAX
N^
iOFITS AFTEF
\
T/
\
1 1 I1986
RATES
,
TAX _,.••
,'"'
\U LIABILITY
,' 'pp-^UNDlST
1 I I1987
^
^
_.-"-•""
'"\ *\
RIBUTED PRC
1 1 11988
pv
V.-
•-sx_ —
X,
°\\
FiTS s"
1 I 11989
^
S
.^-"'X
^7a ....
i i i1990
320
280
240
200
160
120
80
40
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
19801981198219831984198519861987198819891990 '1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: HI
IV1990: I
IIIHIV r
1991: I".
Pr
Total 2
194.0202.3159.2196.7234.2222.6228.3255.9289.8286.1293.3
150.7223.4224.6228.4226.1268.8308.7
285.3275.3285.5298.8298.7290.3
jfits (before 1
Total
159.6173.8131.2166.6203.3191.4195.2218.4246.5235.2236.4121.6190.7193.9193.6193.4226.2261.9236.0218.4232.6249.9241.1222.3
ax) with inve
Do
Financial
21.016.511.818.113.022.832.020.722.415.418.718.715.513.626.028.619.824.19.26.9
16.118.221.718.8
ntory valuati
mestic indust
Total 3
138.6157.3119.4148.5190.3168.6163.2197.8224.1219.8217.7102.9175.2180.3167.6164.8206.4237.8226.9211.5216.5231.7219.3203.4
on adjustmen
ries
Nonfinancial
Manufac-turing
77.188.558.070.188.879.759.586.7
106.596.188.846.888.679.883.864.898.2
112.699.983.790.1
100.891.273.1
t 1
sale andretailtrade
21.632.534.638.951.244.144.137.937.138.741.533.643.151.838.541.037.842.341.441.939.244.439.542.8
Profitsbefore tax
237.1226.5169.6207.6240.0224.3221.6275.3316.7307.7304.7164.1231.5226.1235.0234.1289.7331.1291.4289.8296.9299.3318.5304.1
Taxliability
84.881.163.177.293.996.4
106.3126.9136.2135.1132.159.888.187.099.8
113.1132.1142.1127.8123.5129.9133.1139.1126.5
P
Total
152.3145.4106.5130.4146.1127.8115.3148.4180.5172.6172.5104.3143.4139.2135.2121.0157.6189.1163.6166.3167.1166.1179.4177.6
rofits after ta
Dividends
54.763.666.971.579.083.391.398.2
110.0123.5133.968.573.980.884.093.6
102.2115.3125.0127.7130.3133.0135.1137.2137.5
X
Undistrib-uted
profits
97.681.839.658.967.044.624.050.270.549.138.735.869.558.451.227.455.473.838.638.636.833.244.340.4
Inventoryvaluation
adjustment
-43.1-24.2— 10.4-10.9-5.8-1.7
6.7-19.4-27.0-21.7-11.4-13.4
-8.1-1.6-6.6-8.0
-21.1-22.5-6.1
— 14.5-11.4
-.5-19.8-13.8
9.1
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.2 Includes rest of the world, not shown separately.3 Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
8
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS PRIVATE DOMESTIC INVESTMENTAccording to advance estimates for the first quarter of 1991, nonresidential fixed investment fell $17.7 billion(annual rate) and residential investment fell $15.3 billion. There was a $22.9 billion decrease in inventories,following a decline of $30.8 billion in the fourth quarter of 1990.
BILLIONS OF DOLLARS
900
800
700
600
500
400
300
200
100
-100
BILLIONS OF DOLLARS
900
-
-
-
_
-r ^^ 'vX-1
_"•- —
-
__»*•
-
1982
SOURCE: DEPARTME
/I/
/
, — -''""
S~""~
\ 1 1
1983
NT OF COMMERCE
r—\
s""
"* ^v
1 1 11984
GROSS PRIINV
r l,~
1 ! 11985
SEASONALLY ADJU
VATE DOMESTMENT
~o^NONRES
FIXED INV
RESIDFIXED IN
-HCHAN
Ih
K'%v
I I 11986
TED ANNUAL RATE
ESTIC
f~DENTIAL'ESTMENT
\ ,-'
ENTIALVESTMENT .
\
GE IN BUSI-JVENTORIE
\A
1987
r l
^**
NESS
1 1 11988
' ^
. .
1 1 11989
^\
.-- -.** ""*-^
-" — -^
1 1 I
1990
COUNCIL OF EC
N
.
1 I 1
1991
GNOMIC ADVISERS
800
700
600
500
400
300
200
100
0
-100
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
-
Period
198019811982198319841985198619871988198919901982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: I
IIinIV
1990: IIIinIV
1991: I"
Gross
domesticinvestment
437.0515.5447.3502.3664.8643.1659.4699.9747.1771.2741.0409.6579.8661.8654.1648.8741.4747.5769.7776.7775.8762.7747.2759.0759.7698.3673.4
Total
445.3491.5471.8509.4597.1631.8652.5671.2720.8742.9746.1469.5548.8616.8646.8660.9685.7731.3743.1744.0746.9737.7
758.9745.6750.7729.2696.2
I
Total
322.8369.2366.7356.9416.0442.9435.2444.9488.4511.9524.1354.9383.9435.0451.3435.8457.5495.3
506.5511.4518.1511.8523.1516.5532.8524.0506.3
~"ixed investmen
Nonresidential
Structures
113.9138.5143.3124.0141.1153.2139.0133.7139.9146.2147.0137.6127.4146.6155.9133.7137.2141.2146.5144.2147.0147.1148.8147.2149.8142.1139.2
Producers'durable
equipment
208.9230.7223.4232.8274.9289.7296.2311.2348.4365.7377.1217.3256.5288.4295.5302.2320.4354.0360.0367.2371.0364.7374.3369.3383.0381.9367.1
Residential
122.5122.3105.1152.5181.1188.8217.3226.3232.5231.0222.0114.7164.9181.8195.5225.1228.1236.0236.6232.7228.9225.9235.9229.1217.9205.2189.9
Change irinven
Total
-8.324.0
-24.5-7.167.711.36.9
28.326.228.3
-5.0-59.9
31.045.0
7.2-12.2
55.716.226.632.728.925.011.813.49.0
-30.8-22.9
business.ones
Nonfarm
-2.418.3
-23.1.4
60.514.68.6
32.329.823.3
-7.4
-51.121.341.323.7
-8.059.635.016.726.126.224.1
-17.013.06.8
-32.4-27.9
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES FOR NEW PLANT AND EQUIPMENTAccording to the Commerce Department January-March 1991 survey, business spending for new plant andequipment is expected to rise 2.5 percent in 1991, following a rise of 5.0 percent in 1990.
BILLIONS OF DOLLARS (RATIO SCALE)
600
BILLIONS OF DOLLARS (RATIO SCALE)
500
400
300
200
100
—^^^
.*•"*^
J
\ \ 11983
^^ — '
,
,-"""
i i i1984
J*" ~ 1
1 1 1
1985
SEASONAL
NON
M
1 1 1
1986
LY ADJUSTED ANNUA
---1
\\LL INDUSTRIE:
\WANUFACTUR
ANUFACTURIr.
1 1 11987
RATES
^— ]
NG-L/
G
1 1 11988
1
„— -*" *"^*
""
1 1 1
1989
1 1 1
1990
i "
*—••— *
3l li ll
1 1 1
1991
600
400
300
200
100
• SECOND HALF
-^SURVEYED QUARTERLY^/SEE FOOTNOTE 4 BELOW
5OUSCE= DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
19801981198219831984198519861987198819891990 '.1991 *
1989: IIImIV
1990: Inmrvr.
1991: I 4
n 4
2nd half*
Allindus-tries
286.40324.73326.19321.16373.83410.12399.36410.52455.49507.40532.96546.41
487.43502.05514.95519.58
532.45535.49534.86529.02
540.82547.91548.46
M
Total
112.60128.68123.97117.35139.61152.88137.95141.06163.45183.80192.78193.39
172.73180.91185.99191.88
191.36195.16194.48190.14
188.73194.13195.35
inufacturii
Dura-ble
goods
54.8258.9354.5851.6164.5770.8765.6868.0377.0482.5682.9980.88
80.2082.4483.6083.41
86.3584.3482.6778.62
81.3680.8680.66
Industries
ig
Non-durablegoods
57.7769.7569.3965.7475.0482.0172.2873.0386.41
101.24109.79112.51
92.5398.47
102.40108.47
105.02110.82111.81111.52
107.37113.28114.69
surveyed
Total '
173.80196.06202.22203.82234.22257.24261.40269.46292.04323.60340.17353.02
314.70321.14328.96327.70
341.09340.33340.39338.89
352.09353.78353.11
quarterly
Not
Mining
12.7115.8114.1110.6411.8612.008.158.289.299.219.879.85
8.949.249.249.38
9.589.849.98
10.09
10.0210.129.63
imanufactu
Trans-portation
13.5612.6711.7510.8113.4414.5715.0515.0716.6318.8421.5923.06
17.8418.4221.0318.25
22.1321.8621.4120.95
22.2521.6024.20
•ing
Publicutilities
41.3247.1753.5852.9557.5359.5856.6156.2660.3766.2867.0069.07
66.0968.0965.1965.82
65.7264.2767.4870.53
68.7168.5769.50
Com-mercial
andother
106.21120.41122.79129.41151.39171.09181.59189.84205.76229.28241.72251.04
221.82225.39233.50234.25
243.66244.37241.51237.32
251.11253.48249.78
Totalnon-farmbusi-
ness 2
318.08358.77363.08359.73418.38454.93447.11461.51508.22563.93592.31608.40
Manu-facturing
112.60128.68123.97117.35139.61152.88137.95141.06163.45183.80192.78193.39
172.73180.91185.99191.88
191.36195.16194.48190.14
188.73194.13195.35
Addenda
Non
Total
205.48230.09239.11242.38278.77302.05309.16320.45344.77380.13399.52415.01
manufactu
Sur-veyedquar-terly
173.80196.06202.22203.82234.22257.24261.40269.46292.04323.60340.17353.02
314.70321.14328.96327.70
341.09340.33340.39338.89
352.09353.78353.11
ring
Sur-veyed
annual-ly3
31.6834.0436.8938.5644.5544.8147.7550.9952.7356.5359.3561.99
3 Consists of forestry, fisheries, and agricultural services; medical services; professional serviceocial services and membership organizations; and real estate.
)K*social !
ally") for data for these industries.2 "All industries" plus the part of nonmanufacturing that is surveyed annually.
onsists of forestry, s e e s , an agcu tu ra servces;social services and membership organizations; and real estate.
4 Planned capital expenditures as reported by business in January-March 19iases.biases.
rrected fo
Source: Department of Commerce, Bureau of the Census.
10
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EMPLOYMENT, UNEMPLOYMENT, AND WAGESIn March, civilian employment fell 164,000 and unemployment rose 414,000.
MILLIONS OF PERSONS*
122
118
114
110
106
102
98
MILLIONS OF PERSONS*126
SEASONALLY ADJUSTED
CIVILIAN LABOR FORCE
CIVILIANEMPLOYMENT
122
118
110
102
98
1983
' 16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
1991
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
198119821983198419851986*1987198819891990
1990:MarAprMayJuneJulyAugSeptOctNovDec
1991:JanFebMar
1 Persons atime work, etc
2 Civilian la
Noflinstitu-tional
populationincludingresidentArmedForcesNSA
171,775173,939175,891178,080179,912182,293184,490186,322188,081189,686
189,198189,326189,467189,607189,763189,901190,002190,095190,312190,483
190,592190,717190,703
work. Economi
bor force (or emj
Resi-dent
ArmedForcesNSA
1,6451,6681,6761,6971,7061,7061,7371,7091,6881,637
1,6691,6571,6391,6301,6271,6401,6011,5701,6151,617
1,6151,6021,460
reasons inc
loyraent) as
Labor forceincludingresidentArmedForces
110,315111,872113,226115,241117,167119,540121,602123,378125,557126,424
126,467126,438126,578126,427126,336126,345126,571126,445126,338126,791
126,253126,678126,786
Hide slack work,
percent of civilia
Employ-ment
includingresidentArmedForces
102,042101,194102,510106,702108,856111,303114,177116,677119,030119,550
119,904119,747119,916119,867119,509119,330119,484119,303119,001119,191
118,537118,520118,214
material shortag
n noninstitutiona
Civilianlabor force
108,670110,204111,550113,544115,461117,834119,865121,669123,869124,787
124,798124,781124,939124,797124,709124,705124,970124,875124,723125,174
124,638125,076125,326
s, inability to fir
population.
Total
100,39799,526
100,834105,005107,150109,597112,440114,968117,342117,914
118,235118,090118,277118,237117,882117,690117,883117,733117,386117,574
116,922116,918116,754
d full-esti
S
Civilian e
Agricul-tural
3,3683,4013,3833,3213,1793,1633,2083,1693,1993,186
3,1973,1403,2863,2793,1083,1523,1943,1753,1853,253
3,1633,2223,098
Data beginnnation procec
ource: Pepar
mployment
Nonag
Total
97,03096,12597,450
101,685103,971106,434109,232111,800114,142114,728
115,038114,950114,991114,958114,774114,538114,689114,558114,201114,321
113,759113,696113,656
ng Januaryures.
ment of Labo
ricultural
Part timefor
economicreasons 1
4,4995,8525,9975,5125,3345,3455,1224,9654,6574,860
4,7084,6804,6894,7454,7804,8305,0515,1355,1635,262
5,1785,8035,889
986 not strictly
r, Bureau of Lab
Unempl
Total
8,27310,67810,7178,5398,3128,2377,4256,7016,5286,874
6,5636,6916,6626,5606,8277,0157,0877,1427,3377,600
7,7158,1588,572
comparable
or Statistics.
ayment
15weeks
andover
2,2853,4854,2102,7372,3052,2321,9831,6101,3751,504
1,3701,4171,4041,4361,5081,5681,6051,5911,727
-1,739
1,8291,9752,184
with earlier
Civ
Laborforce
partici-pationrate(per-
cent) 2
63.964.064.064.464.865.365.665.966.566.4
66.566.566.566.466.366.266.366.266.166.3
66.066.166.2
data because
ilian
Employ-ment/
populationratio(per-
cent) 2
59.057.857.959.560.160.761.562.363.06:17
63.062.963.062.962.762.562.662.4
• 62.262.3
61.961.861.7
of change in
11
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED UNEMPLOYMENT RATESIn March, both the overall unemployment rate and the civilian unemployment rate rose to 6.8 percent.
PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED)
25
20
15
10
BLACK
1987
BLACK
AND OTHER
1988
W-1
ALL CIVILIAN WORKERS
y
WHITE
1989 1990
25
20
15
10
1991
'"Y.v 4
**«Ve-,.
1 1 1 1 f 1 1 1 1 ! f
1987
T!
V i•' \!
WOMEN
AND
N
1 1 f 1 1 1 1 1 1 1 1
1988
ENAGERS
(16-19)
'/ A
\S w -^
20 YEARS
OVER
\EN 20 YEAR
AND OVER
Mll lh lMI
1989
J-S
~-f'ztf_«*1~«M
1 1 I I 1 1 I 1 1 1 1
1990
•
V
*^
1 1 I ! 1 1 1 1 1 1 1
1991
"UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIEDSOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
1981198219831984198519861987198819891990
1990: MarAprMayJune ....JulyAugSeptOctNovDec
1991: JanFebMar
Unem-ploy-mentrate,all
work-ers 1
7.59.59.57.47.16.96.15.45.25.4
5.25.35.35.25.45.65.65.65.86.0
6.16.46.8
Allcivilianwork-
ers
7.69.79.67.57.27.06.25.55.35.5
5.35.45.35.35.55.65.75.75.96.1
6.26.56.8
B
Men20 yearsand over
6.38.88.96.66.26.15.44.84.54.9
4.64.74.74.74.95.05.15.25.45.6
5.66.36.5
y sex and a
Women20 years
andover
6.88.38.16.86.66.25.44.94.74.8
4.74.84.64.64.74.94.94.95.15.3
5.35.45.7
Unemp
ge
Bothsexes16-19years
19.623.222.418.918.618.316.915.315.015.5
14.614.815.414.715.816.615.716.216.416.6
18.217.118.7
oyment ra
White
6.78.68.46.56.26.05.34.74.54.7
4.64.74.64.54.74.84.84.95.05.3
5.55.96.2
te (percen
By race
Blackand
other
14.217.317.814.413.713.111.610.410.010.1
9.59.39.59.6
10.310.410.810.611.011.1
10.710.711.1
t of civilia
Black
15.618.919.515.915.114.513.011.711.411.3
10.710.610.610.711.411.711.911.712.212.2
12.111.812.3
n labor force
Experi-enced
wage andsalary
workers
7.39.39.27.16.86.65.85.25.05.3
5.15.15.15.15.25.35.45.45.75.8
6.06.46.7
in group)
Bys
Marriedmen,
spousepresent
4.36.56.54.64.34.43.93.33.03.4
3.23.23.33.23.33.53.53.53.73.8
4.04.34.5
elected grou
Womenwho
maintainfamilies
10.411.712.210.310.49.89.28.18.18.2
8.37.87.58.08.38.48.78.58.78.7
9.09.19.0
)S
Full-time
workers
7.39.69.57.26.86.65.85.24.95.2
4.95.14.94.95.15.35.45.55.75.8
6.06.46.5
Part-time
workers
9.410.510.49.39.39.18.47.67.37.4
7.27.27.47.57.87.77.27.17.37.6
7.77.69.1
Laborforce
time lost(per-
cent) 2
8.511.010.98.68.17.97.16.35.96.2
5.96.26.05.96.16.36.46.66.76.9
7.07.57.7
1 Unemployed as percent of total labor force including resident Armed Forces.2 Aggregate hours lost by the unemployed and persons on part time for economic reasons as per-
cent of potentially available labor force hours.
Source: Department of Labor, Bureau of Labor Statistics.
12
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENTINSURANCE PROGRAMSIn March, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeksand over fell and the percentages for 5-14 weeks and for 15-26 weeks rose. Both the mean duration ofunemployment and the median rose.
PERCENT DISTRIBUTION
70
60
50 ~
40
30
20
DURATIO
W>/^
-v .
->Illllllllll
1987
N OF UNE/
LESS Tl-5 WEE
\
A.A/ \
""'
~_
him
1988
v\PLOYMEN
IANKS
5-14
WEEKS
\v/,._.>-
15-26
WEEKS
\.
V** ' "' —
27 WEEKSAND OVERp II limn
1989
T
Vq
A r\ .-
-^^s-
1 1 M 1 1 1 I 1 1 E
1990
.|\
'**
'-
ninliiii i
1991
PERCENT DISTRIBUTION
70
60
50
40
30
20
10
REASO
" 'X-x
-
T=*C^
1987
M FOR UNE
r/ i
NEW
1988
MPLOYME^
JOB LOS
r\/REENTRA
JOB LEAVE
ENTRANTS
1989
JT
ERS /^
A f"* S V
MTS
!S
-A^
^v-- .
1990
'
-
L -
"V-
1 1 1 1 I 1 1 1 1 1 1
1991
•SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
1981198219831984198519861987198819891990
1990: MarAprMayJuneJulyAugSeptGetNovDec
1991: JanFebMar
Unemplov-
(thousands)
8,27310,67810,7178,5398,3128,2377,4256,7016,5286,874
6,5636,6916,6626,5606,8277,0157,0877,1427,3377,600
7,7158,1588,572
F
Lessthan
5weeks
41.736.433.339.242.141.943.746.048.646.1
48.047.246.146.846.147.343.244.144.743.5
44.142.440.9
Dur
ercent di
5-14weeks
30.731.027.428.730.231.029.630.030.332.0
31.331.832.931.531.830.034.333.631.833.4
32.233.433.8
ition of i
stributio
15-26weeks
13.616.015.412.912.312.712.712.011.211.8
11.011.011.611.711.811.912.112.512.812.5
12.712.914.4
memplov
i
27weeks
andover
14.016.623.919.115.414.414.012.19.9
10.1
9.610.09.4
10.010.310.810.49.8
10.810.6
11.011.311.0
ment
Numbwee
Aver-age
(mean)
13.715.620.018.215.615.014.513.511.912.1
11.912.111.612.012.112.312.412.012.412.4
12.412.813.0
er ofks
Medi-
6.98.7
10.17.96.86.96.55.94.85.4
5.05.05.35.25.25.36.15.95.95.9
5.96.16.6
Ee
Joblosers
51.658.758.451.849.848.948.046.145.748.3
46.646.747.448.646.549.049.649.951.249.9
53.055.554.9
ason forpercent
Jobleav-ers
11.27.97.79.6
10.612.313.014.715.714.8
15.517.215.215.215.114.313.513.713.613.5
11.712.212.6
jnemplovdistribute
Reen-trants
25.422.322.525.627.126.226.627.028.227.4
28.126.627.327.928.427.127.526.826.328.0
26.624.524.4
ment:an
Newentrants
11.911.111.313.012.512.512.412.210.49.5
9.99.5
10.18.3
10.09.79.49.68.98.7
8.77.88.2
Staprogr
Insuredunem-
ployment
Weekly a
3,0474,0613,3962,4762,6112,6502,3322,0812,1582,522
2,3572,3982,4252,4522,4792,4952,6202,7652,9122,970
3,0703,2183,415
eims
Initialclaims
verage, t
460583438377396378328310330388
350361353355361377399431454461
445489509
Insuredunem-
ployment,all
regularprograms(unadjust-
ed)1
lousands
3,4104,5943,7752,5612,6932,7462,4012,2482,3242,715
2,8462,5312,2702,2122,4422,2952,1932,2942,7223,222
4,0114,1474,127
1 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-service-men (UCX), Federal (UCFE), and railroad <RR) programs. Also includes Federal and State ex-tended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Adminis-tration).
13
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NONAGRICULTURAL EMPLOYMENTTotal nonagricultural employment as measured by the payroll survey fell 206,000 in March.
MILL
1 10
100
90
80
70
60
50
40
30
20
s
ONS OF PER
— — • — ""
~ —
-
Illinium1987
SEASONALLY ADJU
OURCE: DEPARTME
SONS*
^-^ALLNC
ESI
SERV
GOC
I IMll l l l l l
1988
STED
NT OF LABOR
\
>NAGRICUL1ABLISHMEN
CE-PRODUCNDUSTRIES
)DS-PRODUCINDUSTRIES
\
niuli iMl1989
r""' *~i
URAL'S
NG
ING
. —
I IMll l l l l l
1990
—
—I IMl l l l l l i>
1991 *
Ml
28
26
24
22
20
18
16
20
18
6
4
LLIONS OF P
—
—
_-'"'
_
—
—-—--"
„ -•!
Ip xuJ
ynnl
Ill 1 II 1 1 1 1 1 11987
ERSONS* (Eh
SERVICES
V
^
RET/
,— - '
. .-
I'""1"1"1
MANUFACTL
— v-M.
\— CONSTRl1 1 1 1 1 i 1 1 1 1 1
1988
JLARGED SC
^f-s*~'~
IL TRADE
\\
GOVERNME
\ .
n.iiliiiii
JRING
M \\ 1 t 1 1 1 1 1
JCTION1 1 I \ 1 1 M M 1
1989
ALE)
_^- —
1
NT^*" """ — — —
i.,,iliini
7 1
r •~"*"-^
\\ \ \ \ \ \ \ \ \ \1990
COUNCILOR ECC
""
—
—
_
--
-1 '""¥
1 1 1 1 1 ( 1 1 1 1]>
niirl l l l i lk1991 *
3NOWIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Period
1981198219831984198519861987198819891990
1990: EebMarAprMay....June...July....Aug....Sept....Oct ....Nov ...Dec
1991: Jan r...Feb r...Mar "..
Totalnonagri-culturalemploy-
ment
91,15689,56690,20094,49697,51999,525
102,200105,536108,413110,321
109,958110,122110,177110,617110,829110,740110,613110,612110,432110,165110,004
109,813109,522109,316
Total 2
25,49723,81323,33424,72724,85924,55824,70825,17325,32625,001
25,33925,25925,18025,19125,16225,10525,01324,93124,77724,51124,416
24,19324,06323,897
Goods-]
Cnnon-struction
4,1883,9053,9484,3834,6734,8164,9675,1105,2005,204
5,3685,3135,2565,2865,2705,2295,1945,1765,0935,0294,983
4,8414,8604,788
reducing in
IV
Total
20,17018,78118,43419,37819,26018,96519.02419,35019,42619,062
19,24419,21719,19019,16719,14819,13119,08419,01918,95118,74418,693
18,61518,46618,374
dustries
anufacturin
-Uuraulegoo s
12,08211,01410,70711,47911,46411,20311,16711,38111,42211,122
11,27811,26111,22911,21711,20111,17911,12911,06811,02610,86510,831
10,77510,64510,581
g
Nondur-able
goof's
8,0897,7677,7267,8997,7967,7617,8587,9698,0047,940
7,9667,9567,9617,9507,9477,9527,9557,9517,9257,8797,862
7,8407,8217,793
Total
65,65965,75366,86669,76972,66074,96777,49280,36383,08785,320
84,61984,86384,99785,42685,66785,63585,60085,68185,65585,65485,588
85,62085,45985,419
Trans-portation
andpublic
utilities
5,1655,0824,9545,1595,2385,2555,3725,5275,6485,839
5,8045,8085,8095,8335,8465,8415,8465,8705,8705,8665,882
5,8835,8495,844
Se
Whole-sale
trade
5,3765,2965,2865,5745,7365,7745,8656,0556,2716,361
6,3576,3616,3636,3696,3836,3746,3766,3706,3556,3436,331
6,2926,2726,253
rvice-produ
Ivetautrade
15,17215,16115,59516,52617,33617,90918,46219,07719,58019,788
19,75819,76419,77819,79519,82219,85119,84619,84419,79219,73919,670
19,68219,57119,521
sing industr
Finance,insur-ance,
and realestate
5,2985,3415,4685,6895,9556,2836,5476,6496,7246,832
6,8176,8216,8236,8386,8446,8426,8526,8516,8436,8336,829
6,8296,8196,821
es
Services
18,61919,03619,69420,79721,99923,05324,23525,66927,09628,209
27,84227,95027,96928,09428.22528,28728,38728,44028,47528,54828,573
28,62228,60128,624
Cover
Total
16,03115,83715,86916,02416,39416,69317,01017,38617,76918,291
18,04118,15918,25518,49718,54718,44018,29318,30618,32018,32518,303
18,31218,34718,356
nnlent
Federal
2,7722,7392,7742,8072,8752,8992,9432,9712,9883,085
3,0053,0893,1513,3463,3383,1643,0452,9992,9832,9612,943
2,9512,9472,949
iium mis MUSIC IIUL uuiujmiauic VVILII esuiuai.es ui iiunagiiciULUiai etujjiu_yiiiKiii ut uue civilian muui
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants: Source: Department of Labor, Bureau of Labor Statisticsemployed when the_y are not at work t se of industrial disputes, bad
14
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLYEARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Period
1981198219831984198519861987198819891990
1990: MarAprMayJune ...JulyAugSeptGetNOTDec
1991: Jan *Feb r
Mar'1
Aver
nonagri-cultura! 1
35.234.835.035.234.934.834.834.734.634.5
34.634.534.534.734.534.534.734.234.434.6
34.134.334.2
age weekly ]
Manufa
Total
39.838.940.140.740.540.741.041.141.040.8
40.840.740.941.040.941.041.040.740.540.7
40.440.340.1
ours
during
Overtime
2.82.33.03.43.33.43.73.93.83.6
3.73.53.83.83.73.83.73.63.53.6
3.43.33.2
Average giean
Totalprivate
nonagri-cutairal >
$7.257.688.028.328.578.768.989.289.66
10.03
9.939.969.98
10.0310.0710.0910.1310.1210.1410.19
10.1910.2010,25
oss hourljngs
Manufac-turing
$7.998.498.839.199.549.739.9!
10.1910.4910.84
10.7310.7510.8110.8610.8910.9010.9310.9710.9711.00
11.0411.0211.06
Totalnonagnc
Currentdollars
$255.20267.26280.70292.86299.09304,85312.50322.02334.24346.04
343.58343.62344.31348.04347.42348.11351.51346.10348.82352.57
347.48349.86350.55
privateultura! J
1982dollars 2
$270.63267.26272.52274.73271.16271.94269.16266.79264.22259.98
261.88261.51261.44262.87261.61258.78260.19254.67255.92257.92
253.27254.81255.32
Average
C
Manufac-turing
$818.00330.26354.08374.03386.37396.01406.31418.81430.09442.27
437.78437.53442.13445.26445.40446.90448.13446.48444.29447.70
446.02444.11443.51
gross weekly
urrent dollar
Construc-tion
$899.28426.82442.97458.51464.46466.75480.44495.73512.41524.49
523.18508,03520.88531.35516.00526.40530.69511.34530.92535.05
516.80533.76517.72
earnings1 1
s1
Retailtrade
$157.99163.83171.13174.47174.81175.80178.80183.62188.72195.28
195.17195.46196.04196.62196.23195.73197.39194.26197.17197.28
195.11196.77198.20
Percent chayear ear
pmnonagnc
Currentdollars
8.S4.75.04.32.11.92.53.03.83.5
3.72.84.04.53.43.84.32.13.14.0
2.82.42.4
nge from aler, totalMeultural a
1983dollars
-1.5-1.2
2.0.8
-1.3.3
-1.0o
-1.0-1.6
-1.5-1.6
— .1-.0
-1,0-1.7-1.6-3.8-3.0-2.0
— 2,5-2.5-2.1
1 Also includes other private industry groups shown on p, 14.2 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,
Soyrce: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Period
. .
Index
Totalcompensa-
tion
{June 1989 =
Wages andsalaries
100}
Benefits l Totalcompensa-
months earlie
Wages and
Percent eh
r
Benefits l
ange from
1
Totalcompensa-
2 months earli
Wages and
3r
Benefits l
1981:1982-1983:1984:1985:1986:1987:1988:1989:1990:
1988-
1989:
1990:
1991:
Dec 1Dec. . , . . . . 1DecDecDecDecDecDecDec...Dec !
Mar....JuneSeptDec
Mar
SeptDec
MarJune ,SeptDec..
Mar
1 .Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the ehsiigcinfluence of employment shifts among occupations and industries.
71.275.880.184.087.390.193.197.6
102.3107.0
94.595.796.697.8
98.8100.0101.3102.4
103.8105.1106.2107.2
108.4
st of labor, fre
73.077.681.484.888.391.194.198,0
102.0106.1
95.096.196.998.0
99.1100.0101.1102.2
103.3104.4105.4106.2
107.3
* from the
66.671.476.781.784.687.590.S96.7
102.6109.4
Seasonal!
93.194.595.797.1
98.199.8
101.5103.1
105.1106.7108.4109.9
111.3
Data excfuc
Source: Def
Not s
2,01.31.31.3
.6
.7
.61.01.1.8
* adjusted
1.31.3.9
1.2
1.01.21.31.1
1.41.31.0.9
1.1
e farm and hoi
artment of La
easonally ad
1.81.21.11.2
.6
.6
.61.0.8.7
0.81.2.8
1.1
1.1.9
1.11.1
1.11.11.0.8
1.0
Behold worfcer
JOr, Bureau of
listed
2.11.41.31.4.5.6
1.01.01.21.0
2.41.51.31.5
1.01.71.71.6
1.91.51.61.4
1.3
.Labor Statistic
9.96.55.74.93.93.23.34.84,84.6
Not se
3.84.54.44.8
4.64.54.84.8
5.25.24.94.6
4.4
8.86.34.94.24.13.23.34.14.14.0
asonally adju
3.33.83.74.1
4.24.14.34.1
4.24.54.24.0
4.0
12.17.27.46.53.53.43,46.96.16.6
sted
5.96.46.86.9
5.45.66.06.1
7.26.96.86.6
5.8
15
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Period
198019811982198319841985198619871988198919901982: IV1983: IV1984: IV1985: IT1986: IV1987: IV1988: I
IIinIV
1989: IIIHIIV
1990: InmIV
198019811982198319841985198619871988198919901988: I
ninIV
1989: IIIinIV
1990: InniIV
Output peall pe
Businesssector
99,2100.7100.0102.3104.9107.1109.5110.7113.2112.6111.9100.6103.2105.3108.0109.4112.0113.2112.9113.6113.1113.0113.0112.6111.9111.7111.9112.1112.1
-0.21.5
-.72.32.52.02.31.12.2-.5-.64.6
-1.12.5
-i.e— .5
.1-1.6-2.3-.9
.6
.9— .3
r hour ofrsons
Nonfarmbusinesssector
99.9100.9100.0102.9105.1
106.5108.7109.8112.5111.7110.8100.4103.8105.4107.1108.4110.9112.2112.0112.8112.9112.1112.0111.7111.0110.7110.7110.9111.0
-0.31.0
-.92.92.11.32.01.02.5
*j
.84.7-.52.8
.2-2.7-.3
-1.0-2.5-1.3
.3
.6
.3
Outi
Businesssector
101.1103.2100.0104.2113.0
117.7121.3126.4133.0135.8136.199.5
107.6114.5119.3122.2129.4131.2132.6133.8134.5135,6135.9136.1135.5136.0136.4136.5135.7
-1.12.1
-3.14.28.44.23.14.15.32.1
.35.74.63.52.03.5.9.6
-1.81.41.2.5
-2.4
ut *
Nonfarmbusiness
sector
101.7103.4100.0105.0113. 7
118.1121.6126.8134.0136.7137.099.3
108.7115.1119.6122.4129.7131.6133.4134,8136.0136.4136.8137.1136.3136.8137.2137.4136.5
Pe
— 1.21.7q o
5.08.33.93.04.25.72.0
.25.95.64.13.61.21.3.6
-2.11.41.2.4
-2.6
Hoursperse
Businesssector
19f
101.9102.5100.0101.8107.6109.9110.8114.1117.5120.5121.698.9
104.3108.7110.5111.7115.6115.8117.5117.8118.8120.0120.2120.9121.0121.7121.9121.8121.1
rcent chan
-0.9.6
-2.51.85.72.1.8
3.03.02.6
.91.05.81.03.64.0.8
2.2.4
2.3.5
— .4-2.2
of allas2
Nonfarmbusiness
sector
J2 = 100; (
101.8102.5100.0102.0108.1110.9111.9115.5119.1122.3123.698.9
104.7109.2111.7112.9117.0117.3119.1119.5120.5121.7122.2122.7122.8123.7123.9123.9123.0
ge; quarte
0.8.7
-2.42.06.02.5.9
3.23.12.71.01.16.11.33.44.01.61.6.5
2.8.9
-.2-2.8
Compenshou
Businesssector
[uarterly <
85.193.0
100.0103.8108.0112.8118.7123.1128.6132.9137.7102.1105.3109.5115.2120.8125.5126.3127.9129.7130.8131.8132.7133.1133.8135.3137.0138.6139.8
rly data a
10.69.37.53.84.14.45.23.74.53.33.62.55.35.63.43.32.61.12.24.55.44.63.6
'
ation perr »
Nonfarmbusiness
sector
ata seasor
85.193.1
100.0104.0108.1
112.5118.2122.4127.8131.9136.5102.1105.2109.6114.6120.3124.8125.5127,1128.8130.0131.0131.6132.1132.9134.2135.8137.4138.7
seasonal]
10.69.47.44.03.94.15.13.64.43.23.52.45.15.33.83.31.71.62.33.95.04.74.0
Real comper h
Businesssector
tally adjus
99.798.8
100.0100.6100.4101.2104.5104.5104.9103.4101.7100.6100.5100.4102.0105.5105.0104.8104.9105.1104.8104.4103.5103.0102.5101.8102.2101.7100.8
y adjusted
-2.5-1.0
1.3.62
.83.2.1.4
— 1.5-1.7
— .6,6.4
-.9-1.6-3.3-2.0-1.8-2.7
1.4-2.1-3.2
pensation3ur *
Nonfarmbusinesssector
ted
99.698.8
100.0100.7100.4100.9104.1104.0104.3102.7100.8100.6100.4100.4101.5105.1104.4104.2104.3104.3104.2103.8102.7102.3101.9101.0101.3100.8100.1
annual ra
-2.5-.81.2
.7-.4
.53.2
— .1.3
-1.5-1.8
— .7.5.1g
-1.6-4.2-1.5-1.6-3.2
1.0-2.0-2.8
Unit lab
Businesssector
85.892.4
100.0101.4102.9105.4108.4111.2113.7117.9123.0101.5102.0104.0106.7110.4112.1111.5113.3114.2115.6116.7117.4118.2119.5121.1122.5123.6124.8
tes
10.97.78.31.41.52.32.82.62.23.84.3
-2.06.53.15.03.82.52.84.65.44.73.73.8
or costs
Nonfarmbusinesssector
85.292.3
100.0101.0102.8105.6108.8111.6113.7118.1123.2101.7101.3104.0107.1111.0112.6111.9113.5114.2115.2116.9117.5118.3119.7121.3122.7123.9125.0
11.08.38.41.01.82.83.02.51.93.94.3
-2.25.72.53.66.12.02.65.05.34.74.13.7
Implicidefla
Businesssector
86.294.4
100.0103.3106.8109.5111.8114.8118.2122.8127.5101.4104.8107.9110.5112.8115.7116.2117.5118.9120.3121.2122.5123.3124.3125.8127.2128.2128.8
9.09.65.93.33.32.52.12.73.03.93.81.74.84.74.93.14.32.53.54.64.63.21.9
t priceOr 5
Nonfarmbusinesssector
85.794.0
100.0103.5106.6109.8112.3115.3118.4123.0127.7101.5104.7107.9111.0113.4116.2116.6117.8118.8120.5121.4122.7123.5124.7125.8127.3128.4129.2
9.79.76.33.53.03.02.32.72.73.93.81.44.13.45.92.84.42.63.93.84.83.62.4
1 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 soesal insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed,
4 Hourly compensation divided by the consumer price index for all urban consumers.
5 Current dollar gross domestic product divided by constant dollar gross domestic product.NOTE.—Data relate to ail 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.
Source: Department of Labor, Bureau of Labor Statistics.
16
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production and capacity utilization fell again in March.
INDEX, 1987=100* (RATIO SCALE) INDEX, 1987=100* (RATIO SCALE)
1 15
110
115
110
105
100
95
90
115
110
90
TOTAL IN
^/^
limlimi
MANUFA-PRODUC
r-£
j r ~'/
jjll||lll|l
'-UTILITIES
LpRODUC
— "y^,
Illllllllll1987
DUSTRIAL
, — "—
Illllllllll
CTURINGriON—
£--'*?'NONDURAf
Illlllfllll
AND MINIriON
^~ V_"
/MINING
Illllllllll1988
PRODUCTIC; — * — ^
Illllllllll
DURABLE
LE
Illllllllll
NO JT1
t /X^-s,^*
Mlllllllll1989
)N
|""~" \
Illllllllll
/ V
>£ A
iiiniiiiii
UTILIT
Illllllllll1990
Illllllllll
V
Illllllllll
ES
,
/
Illllllllll1991
130
125
120
1 15
110
105
100
95
90
85
FINAL P
BUSINEQUIPA,
\
!—<£••fy^J/
Illllllllll
?ODUCTS
ESS /I\ENTy~ '
y ,.N
N— "—
Illllllllll
S VCONSUMER
GOODS
---SV-
, "\•y \c *--
DEFENSEAND SPAC
f~EQU/PMEN
|llll|lll||
^^
f^ 1*
,- '\
_ ^ _ _'•v
ET
Illllllllll
'•-
|,,m
PERCENT*
88
86
°f\
BO
78
-CAPACIT-(TOTAL Ih
~*s^-S
'
Illllllllll1987
Y UTILIZATI4DUSTRY)
/-- — '
~^^
Illllllllll1988
ON RATE-
' vV"^
Illllllllll1989
^ ~\
\
Illllllllll1990
VIllllllllll
1991
'SEASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
19801981198219831984198519861987198819891990
1990: MarAprMayJuneJulyAugSeptOctNovDec T
1991: Jan *Feb r
Mar"
Toindu
prodL
Index,1987 = 100
84.185.781.984.992.894.495.3
100.0105.4108.1109.2
108.9108.8109.4110.1110.4110.5110.6109.9108.3107.2
106.6105.7105.3
taltrialction
changefrom year
earlier
-1.91.9
-4.43.79.31.71.04.95.42.61.0
1.1.2
1.01.62.42.12 22.0
.2-1.3
-.8^2.6-3.3
Total
78.880.376.680.989.391.694.3
100.0105.8108.9109.9
109.8109.5110.3110.8111.1111.1111.2110.7108.9107.5
107.0106.0105.5
Industry pro
Manufacturing
Durable
75.777.472.776.888.491.893.9
100.0107.6110.9111.6
111.9111.1112.6113.4113.4113.5113.8112.5109.9107.5
107.0106.2105.5
uction indexes
Nondurable
83.184.582.587.090.891.594.9
100.0103.6106.4107.8
107.2107.5107.4107.6108.1108.1108.0108.4107.7107.4
106.9105.7105.5
, 1987 = 100
Mining
110.0114.3109.3104.8111.9109.0101.0100.0101.8100.5
T 102.6
101.1102.9102.2102.2104.0102.4103.9102.6103.3103.4
101.9103.8102.9
Utilities
95.994.391.893.697.099.596.3
100.0104.4107.1108.0
106.2106.7107.1109.7109.7111.4110.3109.2106.9108.8
107.8104.2105.7
Capacityrate, pe
Totalindustry
82.180.975.075.881.180.379.281.484.084.283.0
83.483.283.483.883.883.783.683.081.680.6
80.079.178.7
utilizationrcent 1
Manufac-taring
80.278.872.874.980.479.579.081.483.983.982.3
83.082.582.983.183.182.982.882.280.779.4
78.977.977.4
1 Output as percent of capacity. Source: Board of Governors of the Federal Reserve System.
17
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES
[1987=100; monthly data seasonally adjusted]
Period
1981198219831984198519861987198819891990
1990: MarAprMayJuneJulyAugSeptOctNovDec '.
1991: Jan 'Feb r
Mar*1
Total
82.180.883.091.094.295.7
100.0105.6109.1110.9
110.7110.4111.2111.7111.7111.9112.6112.3110.2109.2
109.1108.3108.3
Co
Total
85.884.588.892.893.796.8
100.0104.0106.7107.3
107.5107.2107.4107.8107.5107.8108.7108.6106.5105.7
105.5104.5104.9
1
nsumer gc
Wegoods
74.068.779.791.091.694.5
100.0104.9107.9106.2
110.8107.3109.3112.1108.3107.4110.4106.999.496.0
97.494.894.8
Inal produc
ods
Nondur-able
goods
89.689.791.993.494.497.6
100.0103.7106.4107.6
106.6107.1106.9106.6107.3107.9108.2109.1108.5108.4
107.7107.2107.7
Produ
ts
E
Total '
78.277.076.889.294.894.5
100.0107.6112.3115.5
114.9114.7116.2116.8117.2117.2117.8117.0115.1113.6
113.7113.2112.7
cts
quipment
ness
76.172.971.985.491.193.2
100.0111.8119.1123.1
122.2121.6123.5124.4125.0125.4126.4125.4122.9121.2
121.8121.1120.5
De-fense
spaceequip-ment
58.565.771.878.989.496.0
100.098.097.497.3
97.597.397.697.697.897.797.397.396.295.8
94.494.393.8
Intern
Total
77.075.180.386.288.392.0
100.0104.4106.8107.7
108.2108.0108.3108.3108.4107.9107.4107.0106.2106.0
104.0102.2101.3
lediate pro(
Con-structionsupplies
78.472.280.286.289.193.8
100.0104.4106.1105.2
107.3106.4105.5106.0106.7105.3103.8103.1101.8101.0
97.696.394.8
iucts
Busi-
plies
75.777.080.386.287.790.7
100.0104.4107.3109.4
108.9109.1110.2109.8109.5109.7109.9109.7109.2109.4
108.5106.3105.8
Mate
Total
92.885.188.396.696.695.9
100.0105.6107.4107.8
107.1107.3107.7108.8109.6109.7109.4108.3106.8105.3
104.7103.9103.4
rials
Ener-gy
104.3100.798.9
103.8103.499.4
100.0101.8101.4102.1
102.0101.8101.1102.1103.3103.0103.0102.3101.6102.0
101.2101.0100.6
1 Includes oil and gas weli drilling and manufactured homes, not shown separately.
[1987=100; monthly data seasonally adjusted]
Period
1981198219831984198519861987198819891990
1990: FebMarAprMay...JuneJulyAugSeptOctNovDec '.
1991: Jan 'Febr
Mar"
Primarv
Total
117.583.291.0
102.4101.893.8
100.0110.3109.2108.4
107.9105.4106.4106.2109.5110.3114.6111.6108.6109.1104.2
97.898.599.2
metals
Ironandsteel
135.186.296.1
105.9104.590.8
100.0113.8109.3109.9
110.6106.1106.7105.5110.3110.6118.3113.9110.3112.6107.3
96.097.9
100.3
Fabri-catedmetalprod-ucts
91.183.285.593.394.593.8
100.0106.2107.2105.9
105.6105.5105.0107.1106.7107.7107.9106.8106.4104.3101.9
101.698.997.5
Durable m
Non-electri-
calmachin-
ery
65.963.964.380.886.890.4
100.0113.8121.8
r 126.5
124.2125.2125.7126.9127.5128.3128.8128.5128.1126.3124.7
125.5124.7124.0
inufactures
Electri-cal
machin-ery
75.475.980.394.193.194.3
100.0106.5109.5111.4
111.0112.3111.3112.4112.8112.2112.5112.5110.8110.4108.7
107.7108.5108.1
Transpequip
Total
68.764.872.783.191.896.9
100.0105.0107.2105.5
103.5107.9105.1109.0111.0109.3107.9111.1109.2100.196.6
98.196.095.4
3rtationment
Motorvehi-clesand
parts
64.458.874.590.699.098.5
100.0105.5104.996.8
94.1103.595.8
104.0108.0102.7101.0107.5103.885.878.5
83.079.880.1
Lum-ber andprod-ucts
74.767.379.986.088.095.1
100.0104.6103.0101.6
104.3105.0103.3101.7102.0103.6100.5100.398.295.593.5
93.490.890.6
No
Ap-parelprod-ucts
91.090.193.895.792.696.3
100.0102.2104.398.8
102.199.898.799.299.399.298.898.497.295.594.9
92.993.192.3
idurable
Print-ingandpub-
lishing
72.175.279.084.587.690.7
100.0103.6108.5
'111.9
112.1111.4112.0112.8112.0111.4110.9111.6112.9112.4112.8
112.4110.5109.5
rnanufacti
Chemi-calsand
prod-ucts
89.281.887.591.491.494.6
100.0105.4108.5
r 110.3
110.5109.5110.3109.2110.3110.4111.1110.9110.7110.0109.9
109.7109.0108.9
res
Foods
86.587.790.192.194.997.4
100.0102.8105.5107.6
107.4107.1107.0106.8106.1107.1101.1107.6108.8109.6109.1
108.4108.1108.4
Source: Board of Governors of the Federal Reserve System.
18
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CONSTRUCTION[Monthly data seasonally adjusted]
Period
1981198219831984198519861987198819891990r
1990: MarAprMayJuneJulyAugSeptOct r
Nov r
Dec'
1991: Jan r.Feb"Mar"
Total newconstructionexpenditures
267.7255.7290.9340.7368.7398.2410.2422.1432.1434.0
457.3444.7443.8441.1437.0436.3423.9420.2415.7406.6
395.4395.1
Total
203.0192.6227.5270.5290.9313.6319.6327.1333.5324.4
347.4338.8334.0329.6331.3323.5317.5309.4301.9295.5
291.9285.4
Besid
Total '
B
99.284.7
125.5153.8158.5187.1194.7198.1196.6186.9
206.9200.2196.1189.5187.1184.4179.7174.6169.3164.8
161.0155.1
Private
ential
nousmg
illions of dollars
69.4 157.094.6
113.8114.7133.2139.9138.9139.2129.9
Annual rates
145.3140.0136.6130.5129.2127.0123.3121.5117.3114.5
107.8104.2
Commercialand
industrial 2
55.058.753.868.682.778.076.579.885.583.6
87.285.684.585.889.484.182.079.577.177.9
77.376.8
Other
48.749.248.148.049.748.548.549.251.554.0
53.353.053.454.354.755.055.855.355.552.8
53.653.6
Federal,State, and
local
64.763.163.570.277.884.690.695.098.6
109.6
109.9106.0109.8111.5105.7112.8106.4110.8113.9111.2
103.5109.7
Constructio
Total valueindex
(1982=100)
100100124136150159165167172155
r!67r!52
165r!65r!56150147152148134
135133128
n contracts 3
Commercialand industrial
floor space(millions ofsquare feet)
919690756955
1,0971,0161,019
973961747
Annual rates
818768782694624653693639660555
602658538
1 Includes residential improvements, not shown separately.2 Includes hotels and motels.3 F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information SystemsCompany, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES[Thousands of units or homes, except as noted]
Period
1981198219831984198519861987198819891990 '
1990: FebMarAprMayJuneJulyAugSeptOctNovDec
1991: Jan '.Febr.Mar"
Total
1,084.21,062.21,703.01,749.51,741.81,805.41,620.51,488.11,376.11,192.7
1,4591,2981,2171,2081,1871,1551,1311,1061,0261,130
971847993901
Units started, 0}
1 unit
705.4662.6
1,067.61,084.21,072.41,179.41,146.41,081.31,003.3
894.8
1,127988901897890876835858839769751648778732
New private
type of structure
2-4 units
91.180.0
113.5121.493.484.065.358.855.237.5
Seasonal
4135513841313035225417294228
housing units
5 or more units
287.7319.6522.0544.0576.1542.0408.7348.0317.6260.4
y adjusted annu
291275265273256248266213165307203170173141
Unitsauthorized
985.51,000.51,605.21,681.81,733.31,769.41,534.81,455.61,338.41,104.4
al rates
1,2971,2321,1081,0651,1081,0821,050
992920906844
797863892
Unitscompleted
1,265.71,005.51,390.31,652.21,703.31,756.41,668.81,529.81,422.81,308.0
1,3321,3711,3101,3511,2941,3121,3071,3141,2751,246
'1,155
1,1111,073
New pri\
Homes sold
436412623639688750671676650534
606559534535549541525504465
'480r464
409485490
ate homes
Homes forsale at end of
period *
275253301353346357366368363318
366363363359354350345338334327
r318316313308
Vacancy ratefor rental
housing units(percent) 2
5.05.35.75.96.57.37.71.17.47.2
7.5
7.0
7.2
7.2
7.5
1 Seasonally adjusted.2 Quarterly data entered in last month of quarter. Series 1
earlier data.
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 dataling 1989 not comparable with are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BUSINESS SALES AND INVENTORIES—Manufacturing and TradeIn February, manufacturing and trade sales rose 0.4 percent and inventories fell $1.6 billion. In March, accordingto advance data, retail sales fell 0.8 percent, following a rise of 2.0 percent in February. (Series revised forwholesale trade, for manufacturing, and for manufacturing and trade.)
BILLIONS OF DOLLARS* (RATIO SCALE)1,000
900
800
700
600
500
400
300
200
— ' '
Illllllllll1987
- 1
MANTRA
-',---
MAAN
Illllllllll1988
-\\
UFACTURIhDE INVEN1
^—\^UFACTUR3 TRADE S/
Illllllllll1989
1
•1G AND"CRIES
'"-"""•
INGUES
Illllllllll1990
-
Illllllllll1991
BILLIONS OF DOLLARS* (RATIO SCALE)
300
250
200
150
100
RATIO*1.80
1.70
1.60
1.50
1.40
1.30
RETAIL SALES
INVENTC
ir-^-iiiiiiinii
1987
RY-SALES 1
K,.../V-
mill
1988
?ATIO
RE
1
~"*^}s •* \MANUFA
AND
liiin1989
TAIL\ t
C'/CTURINGTRADE
iiiiiiinii1990
\
"
iiiiilniii1991
' 5EA5ONAUY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
1982198319841985198619871988198919901990: Peb
MarAprMayJuneJulyAugSeptOctNovDec
1991: Jan r
Feb"Mar"
Manufacttrac
r348,755r 370, 441r411,391r423,806r431,668r 459,088r 496, 330r 525,839r542,917r 537,551r541,484r535,131r 540,991r 544,850r542,516r 554,935r 550,660r 555, 145r546,714r534,361527,074529,417
uring ande '
Inven-tories 3
r574,518* 590,968r 650,789r 665,060r 664,031r711,595r 767,700r810,257r826,941' 810,024r 809,629r812,075r816,425r 812,457r818,951r 823,468r827,145r 830,414r 832,464r 826,941831,445829,815
Whol
Sales 2
96,290100,324113,393114,626116,151124,254135,176
' 144,005r 149,193r 148,351r 149,567r 147,645T 149,018r 150,105r 149,017r 152, 298r 150,232r 151,001r!48,176r 148,036
144,723145,380
esale
Inven-
Millions
128,196130,906143,557148,484154,713165,271180,313
r 188,273r 195,567r 188,653r 189,091' 190,509r 192,479T 190,639r 192, 190r 192,589* 192,936r 194,053* 195,544r 195,567
198,993199,525
Total
of dollars,
89,11497,570
107,316114,642120,860128,509137,613145,146150,602
r 150,388r 149,942
148,823148,759150,143150,745151,135152,512152,191152,711149,750147,803
r 150,822149,602
Sales 2
Durablegoodsstores
seasonally i
28,01332,63137,93841,56745,12148,05152,28154,34954,563
r 55,563r55,17554,45754,34254,21954,75453,85154,55054,42054,15252,402
50,897r 53,02452,546
Re
Nondura-ble goods
stores
idjusted
61,10164,93969,37773,07575,73880,45785,33290,79796,039' 94,825r94,767
94,36694,41795,92495,99197,28497,96297,77198,55997,34896,906
r97,79897,056
ail
Total
134,493147,712167,748181,773186,587208,112219,791238,159242,563
r 235,098235,591235,914237,711237,445239,657242,893243,217244,901244,550242,563244,071241,831
Inventories 3
Durablegoodsstores
61,46969,02579,25088,46490,197
105,738112,254120,663120,629
T 117,444117,743117,589118,485118,830120,165123,271123,559124,048122,947120,629121,217119,386
Nondura-ble goods
stores
73,02478,68788,49893,30996,390
102,374107,537117,496121,934
r 117,654117,848118,325119,226118,615119,492119,622119,658120,853121,603121,934122,854122,445
Inventorv-s
Manufac-turing
1.67r1.55
1.53r1.55
1.55r1.50
1.49r1.51rl,51r1.51r1.50r1.52r1.51r1.49r1.51rl,48r 1.50rl,50rl,52r1.55
1.581.57
ales ratio 4
Retail
1.491.441.491.521.561.551.551.601.591.561.571.591.601.581.591.611.591.611.601.621.651.60
4Note.—Wholesale sales revised beginning 1988 and wholesale inventories beginning 1989; man!
faeturing series (see p. 21} revised beginning 1958. Manufacturing and trade series incorporate tho;revisions. (Retail trade series were revised in March 1991 Economic Indicators.)
Source: Department of Commerce, Bureau of the Census.
1 See page 21 for manufacturing,2 Monthly average for year and total for month.3 End of period.* Annual data are averages of seasonally adjusted monthly ratios.
20
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSIn March, manufacturers' shipments, inventories, and new and unfilled orders fell. (Series revised.)
BILL!
280
240
200
160
120
80
60
BILUC
280
240
onn
DNS OF DO1
— SHIPME
. — , — ' — 1
—f-~~ ""
HlHJiJIU
)NS OF DOL
_ NEW OR
^ — "~~
LARS* (RATI
MTS —,-_— —
UUKA_
NON
iiiiiluiiiLARS* (RATIC
DERS ,,. — . — —
0 SCALE)
\"TOTAL
BLE GOOC
^DURABLE C
Illllllllll
5 SCALE)
[>.,,o — -^-i
\
—...--'' Si
•S
,~»' — *^c*
OODS
tllllillli!
^r- — ' V
=S
IlHlllIKI
BILLI
440
360
280
200
160
120
80
60
ONS OF DOL
— INVENTC
-
,_....•"-•
lillliillll
LARS* {RATI
3RIES
p=— =
DUF
— •— *"
NOND
imilmu
D SCALE)
— \TOTAL
ABLE GOC
_„_
\URABLE GC
Ililililili
IDS
XJDS
Illllllllll
— -
umltmi
160
120
80
60
_NEW OR
.- — "~~ '
<.--""
Illllllllll
1987
DERS .
DU
•
~ J" .
NON
Illllllllll
1988
p-. =|
"TOTAL
!ABLE GO(
S...X,"
\-^ — \
DURABLE (
Illllllllll1989
riX^~""Ai'—DOS
f>, —
3OODS
limlnm1990
ninlimi1991
RATIC2.20
1.80
1.40
1.20
)*
INVENT<
-
__
lll|lll|l!t
1987
3RY-SH1PM
- *.
Illllllllll1988
ENTS RATI
HlllHllli1989
D
iilllilllll1990
-
Illllllllll
1991
* SEASONALLY ADJUSTEDSOURCE; DEPARTMENT OF COMMERCE
COUMCR OF ECONOMiC ADVISERS
Period
198219831984198S19861987198819891990
1990: Jan 'Peb 'Mar r
Apr 'May '.June T.July *"„...Aug r.Sept 'Oct 'Nov r
Dec r
1991: Jan r
Feb''Mar "
Mann:
163,351172,547190,682194,538194,657206,326223,541286,689243,122
232,180238,812241,975238,663243,214244,602242,754251,502247,918251,953245,827236,575
234,548233,215228,773
aeturers' shipir
Durablegoods
79,21285,48197,940
101,279103,238108,128117,993124,532125,388
118,699125,092126,769123,885127,891129,167126,531130,441125,783127,692122,693118,578
117,648117,432114,039
ents J
Nondurablegoods
84,13987,06692,74293,25991,41998,198
105,540112,156117,735
113,481113,720115,206114,778115,323115,435116,223121,061122,133124,261123,134117,997
116,800115,783114,734
Manufs• '
311,829312,350839,484334,803322,731338,212367,596383,825388,811
386,547386,273384,947385,652386,235384,373387,104387,986390,992391,460392,370388,811
388,381388,459386,276
usurers' invenj 1
Durablegoods
tOlions of ck
200,409199,814221,284218,182212,010220,790241,389253,261252,836
255,068254,499252,994254,328254,564252,877254,521254,721255,278255,113256,387252,836
252,170252,256250,474
ones 2
Nondurablegoods
liars, season
111,420112,536118,200116,621110,721117,422126,207130,564135,975
131,479131,774131,953131,324131,671131,496132,583133,265135,714136,347135,983135,975
138,211136,203135,802
ally adjustec
162,140175,451192,879195,706195,204209,389227,025240,758243,643
234,819236,016246,422240,333245,318242,396245,039250,592248,987254,976239,237238,196
234,462233,132226,604
Manufacturers
Durabl
H
78,06488,140
100,164102,356103,647110,809121,444128,651125,958
121,419122,468131,030125,603129,936127,057129,387129,020126,893130,875116,193120,221
117,789117,547111,750
new orders 1
e goods
Capitalgoods
industries,non-defense
19,21319,62423,66924,54523,98326,09630,72734,81634,032
34,78431,94936,38532,55631,89032,50135,27431,60734,41937,22330,88438,560
33,95733,75632,073
Nondurablegoods
84,07787,31192,71593,35191,55798,579
105,581112,107117,685
113,400113,5481 15,392114,730115,382115,339115,652121,572122,094124,101123,044117,975
116,673115,585114,854
Manufac-turers'unfilledorders 2
311,893347,310373,607387,241393,629430,589472,223520,837527,195
523,476520,680525,127526,797528,901526,695528,980528,070529,141532,164525,574527,195
527,109527,026524,857
Manufac-turers'inven-tory —
shipmentsratio 3
1.951.781.731.731.681.591.581.611.60
1.661.621.591.621.591.571.591.541.581.551.601.64
1.661.671.69
1 Monthly average for year and total for month. Shipments are the sam« t2 End of period.3 Annual data are averages of seasonally adjusted monthly ratios-
NOTE.—Series revised beginning 1958.
Source: Department of Commerce. Bureau of the Census,
21
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICESPRODUCER PRICESIn March, the producer price index for all finished goods fell 0,3 percent. Prices of finished consumer foods rose0.2 percent while prices of other finished consumer goods fell 0.8 percent. Capital equipment prices rose 0.2percent.
INDEX, 1982= 100 (RATIO SCALE)
130
INDEX, 1982 = 100 (RATIO SCALE)
130
120
110
100 100
90
SOURCE: DEPARTMENT OF LABOR
1990 1991
COUNCiL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Period
1981198219831984198519861987198819891990"1990: Mar
AprMayJuneJulyAugSeptOctNov r
Dec1991: Jan
FebMar
i
Totalfinishedgoods
96,1100.0101.6103.7104.7103.2105.4108,0113,6119.2117,3117.2117,6117.6118.0119.3120.8122,3122.8122.1122.0121.3120.9
Con-sumerfoods
97.8100.0101.0105.4104.8107.3109,5112,6118.7124.4124.2123.4123.9123.7124.3125.0124.4125.1125.2124,8124,4124.7125.0
P1
Total
95.6100.0101.8103.2104,6101.9104.0108.5111.8117.4114.9115.1115,5115,6115.9117.5119.6121.4122.0121.2121.2120.2119.6
Fin
nished go
Total
96.1100.0101.2102.2103.398.5
100.7103.1108.9115.2112.0112,2112.8112.6112.9115.0118.1120.6121.3119.9119.7118.2117.2
shed goods
ids excluding
Consumer g<_
Durable
96.4100.0102.8104.5108.5108.9111.5113.8117.6120.4119.4119.5119.8120.4120.9120.7121.6121.2121.8122.2123.0123.5124.1
consumer foo
ods
Nondurable
95.8100.0100.5101.1101.793.394.997.3
103.8111.5107.4107.6108.3107.8108.1111.1115.0118.6119.3117.3116.7114.5113.0
Is
Capitalequip-ment
94.6100.0102.8105.2107.5109.7111.7114.3118.8122.9121.9122.1122.2122.7123.0123.4123.8124.1124,4124.8125.2125.5125.8
Totalfinished
con-sumergoods
96,6100.0101.3103.3103.8101.4103.6106.2112.1118.2116.1115.9116.4116.3116,6118.3120.2122.1122.6121.5121.3120.3119.7
Intern
Total
98.6100.0100.6103.1102.799.1
101.5107.1112.0114.5112.7112.8112.9112.8112.8114.3116.1117.9118.1117,1116.5115.7114.5
lediate ma
Foodsand
feeds l
104.6100.0103.6105.797.396.299.2
109.5113.8113.4113.0114.0115.1114.4114,4114.2113.1113.0111.7111.9110.5112.3113.3
terials
Other
98.2100.0100.5103.0103.099.3
101.7106.9111.9114.5112.6112.8112.8112.7112.7114.3116.3118.2118.5117.4116.9115.9114.6
On
Total
103.0100.0101.3103.595.887,793.796.0
103.1108.9105.4102.8103.1100.6101.0110.2115.6125.4117.6111.2114.1104.8101.4
ide mater
Food-stulfsand
feed-stuffe
103.9100.0101.8104.794.893.296.2
106.1111.2113.2115.0115.0113.1113,9114.3112.9111.6111.9110.8110.1108.5108.5109,8
als
Other
101.8100.0100.7102.296.981.687.985.593.4
101.394.890.892.388.088.4
103.6112.8127.9118,4106.8112.198.392.5
1 Intermediate materials for food tnaiujfaeturing and feeds- ce: Department of Labor, Bureau of Labor Statistics.
22
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER PRICES—ALL URBAN CONSUMERSIn March the consumer price index for all urban consumers fell 0.1 percent, seasonally adjusted (it rose 0.1 percentnot seasonally adjusted). The index was 4.9 percent above its year-earlier level.
INDEX, 1982-84=100 (RATIO SCALE)
150
140
130
120
110
100
90
80
SEASONALLY ADJUSTED
INDEX, 1982-84= 100 (RATIO SCALE)
150
CONSUMER PRICES—ALL ITEMS
1983 1984 1985 1986 1987 1988 1989 1990
I I I I I I
140
130
120
110
100
90
801991
SEE NOTE ON TABLE BELOWSOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
Period
Rel. imp.3....
19811982198319841985198619871988198919901990:
MarAprMayJune
JulyAugSeptOctNovDec
1991:JanFebMar
All it
Not
ally
ed(NSA)
100.090.996.599.6
103.9107.6109.6113.6118.3124.0130.7
128.7128.9129.2129.9130.4131.6132.7133.5133.8133.8
134.6134.8135.0
3ms J
Sea-son-ally
adjust-ed
128.7129.0129.2130.0130.5131.6132.6133.4133.8134.2
134.8135.1135.0
Food
16.293.697.499.4
103.2105.6109.0113.5118.2125.1132.4
131.3131.2131.2132.1132.8133.2133.6134.1134.7134.9
135.7135.4135.7
Total '
41.490.496.999.5
103.6107.7110.9114.2118.5123.0128.5
126.8127.1127.3128.0128.6129.3130.0130.4130.6130.8
131.9132.5132.6
Total
27.790.596.999.1
104.0109.8115.8121.3127.1132.8140.0
137.6138.1138.3139.5140.5141.3141.8142.0142.3142.8
143.9144.6144.8
Hou
She
ers'
(Dec1982 =
100)
7.9
103.0108.6115.4121.9128.1133.6138.9146.7
143.2143.8143.3144.8146.5147.6148.2148.8149.5150.5
153.0154.2154.2
sing
Her
Home-own-ers'
costs(Dec.
1982 =100)
19.5
102.5107.3113.1119.4124.8131.1137.3144.6
142.5143.0143.2144.7145.5146.3146.8146.8146.9147.3
147.9148.4148.7
Mainte-nanceand
repairs(NSA)
0.290.796.499.9
103.7106.5107.9111.8114.7118.0122.2
121.2121.2122.2121.8122.1121.2124.6123.4123.9123.8
124.1125.1124.2
Fueland
otherutili-ties
7.386.494.9
100.2104.8106.5104.1103.0104.4107.8111.6
110.6110.4110.4110.5109.9111.1112.6113.8114.2113.7
115.5115.1114.8
Appar-el andupkeep
6.195.397.8
100.2102.1105.0105.9110.6115.4118.6124.1
124.0123.9123.9124.1124.4124.8125.5125.1125.3125.7
126.9128.9127.4
Tr
Total J
17.893.297.099.3
103.7106.4102.3105.4108.7114.1120.5
117.3117.6117.6118.1118.4120.7123.4125.8126.5126.9
125.4124.0122.8
ansportati
New
4.093.797.499.9
102.8106.1110.6114.6116.9119.2121.0
120.6120.6120.6120.6120.5120.9121.1121.2121.5122.0
123.6124.2124.8
on
Motor
4.1108.5102.899.497.998.777.180.280.988.5
101.2
91.792.291.893.393.2
101.2110.2118.0118.5117.7
110.0102.097.1
Medi-cal
care
6A82.992.5
100.6106.8113.5122.0130.1138.6149.3162.8
158.5159.8161.0162.1163.5165.0166.1167.5168.7170.1
171.2172.4173.5
Ener-
gy2
8.397.799.299.9
100.9101.688.288.689.394.3
102.1
96.896.896.597.196.8
101.0106.4110.9111.4110.9
108.2103.9101.2
Allitemsless
shel-
energy
48.088.395.1
100.0105.0109.0112.7117.0121.9127.3133.5
132.0132.4132.8133.2133.8134.4135.0135.5136.0136.5
137.6138.8139.0
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 1990.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costsand therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.Source: Department of Labor, Bureau of Labor Statistics.
23
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
1981198219831984198519861987198819891990"
1990: MarAprMavJuneJulyAugSeptOctNovDec
1991: JanFebMar
Ch
Totalfinishedgoods
Cha
7.13.6.6
1.71.8
-2.32.24.04.95.6
Cl
-0.1-.1
.30
.31.11.31.2.4
-.6
-.1-.6-.3
nge from pr
Consum
Foods
nge, Dec,
1.52.02.33.5
.62.8
25.75.22.5
ange, mon
-0.5-.6
.4— .2
.5
.6-.5
.6r.l
r-.3
-.3.2.2
seeding peri
r goods
Exclud-ing foods
o Dec., N
8.64.2-.9
.82.1
-6.64.13.15.38.5
th to mont
-0.3.2.59
.31.92.72.1
.6-1.2
O
-1.3— .8
d
Capita!equip-ment
3A
9.23.92.01.82.72.11.33.63.83.4
h
0.4.2.1.4.2.3.3.2.2.3
.3
.22
Change
Totalfinishedgoods
6.4-1.0
.71.02.85.9
11.315.412.34.4
-1.0-4.8-3.9
from 3 month
Consum
Foods
8.8-.6
-2.9-1.6
2.93.62.32.6r.61.3
-2.2r-1.6
.6
s earlier, ann
r goods
Excludingfoods
5.9-3.5
1.82.22.58.0
21.030.223.8
6.2
-3.0-9.8-8.7
al rate
Capitalequipment
4.43.72.72.73.04.03.63.63.33.3
3.63.63.2
Change
Totalfinishedgoods
5.74.24.93.7
.93.36.18.99.07.8
6.93.4
.2
from 6 montl
Consum
Foods
9.75.95.93.51.1
.3
.32.8
'2.11.8
.2— .51.0
s earlier, ami
r goods
Excludingfoods
4.63.75.54.0-.54.9
11.215.515.613.4
12.45.6
-1.5
jal rate
Capita/equipment
3.53.53.03.53.33.33.13.33.63.5
3.63.43.3
Changefromyear
earlier,total
finishedgoods
NSA
9.24.11.62.11.0
-1.42.12.55.24.9
4.53.73.13.13.65.26.06.47.05.6
3.73.22.9
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]
Period
1981198219831984198519861987198819891990
1990: MarAprMayJune ....JulyAugSeptOctNovDec
1991: JanFebMar
—
Allitems l
18.93.83.83.93.81.14.44.44.66.1
0.42
.2
.6
.4
.8
.8
.6
.3
.3
.4
.2-.1
Food
4.33.12.73.82.63.83.55.25.65.3
0.21
0.7.5.3.3.4.4.1
.6_ 2
.2
Total '
10.23.63.54.34.31.73.74.03.94.5
0.42.2.5.5.5.5.322
.8
.5
.1
Total '
9.92.44.75.26.04.64.84.54.95.2
0.7.4.1.9.7.6.4.1.2.4
.8
.5
.1
Housing
Shelter
Rent-ers'
costs
c
5.15.96.35.03.93.94.56.7
-0.1.4.3.3
1.2.8.4.4.5.7
1.7.8
0
owners'
hange, D
4.55.15.94.65.34.75.14.7
Cha
0.9.4.1
1.0.6.5.3
0.1.3
.4
.3
.2
Fueland
utili-ties
eeember
14.49.71.84.21.8
-5.61.62.93.24.0
nge, mo
0-.20
.1— .51.11.41.1
.4— .4
1.6-.3
Q
Ap-pareland
keep
to Dec
3.51.62.92.02.8
.94.84.71.05.1
nth to n
0.9-.10
.2,2.3.6
-.3.2.3
1.01.6
-1.2
Tr
Total '
mber, ^
10.91.83.93.12.6
-5.96.13.04.0
10.4
lonth
-0.1.3
0.4.3
1.92.21.9
.6
.3
-1.2-1.1— 1.0
msportati
Newcars
SA
6.81.53.42.53.45.91.82.12.31.4
-0.2000-.1
.3
.2
.1
.2
.4
1.3.5.5
on
Motor
9.4-6.5— 1.7-2.4
3.1-30.7
18.7— 2.1
6.836.5
-1.2.5
-.41.6
— .18.68.97.1
.4-.7
-6.5-7.3-4.8
Medi-cal
12.511.06.46.16.87.75.86.98.59.6
0.7.8.8.7.9.9.7.8.7.8
.6
.7
.6
Ener-gy2
11.91.3
-.5.2
1.8-19.7
8.2.5
5.118.1
-0.70-.3
.6-.34.35.34.2
.5^_
-2.4-4.0-2.6
AJ1itemslessfood,
shelter,and
9.46.15.04.33.73.33.84.74.15.2
0.5.3.3.3.5.4.4.4.4.4
.8
.9
.1
Adden
Fromprevi-
quar
7.5
3.8
7.0
6.9
3.6
dum: AH ite(annua
From3
monthsearlier
7.54.53.24.14.77.68.29.26.94.9
4.33.92.4
us, percentrate)
From6
monthsearlier
6.25.85.35.84.65.46.26.97.26.6
6.75.43.7
hange
I
From
earlier
NSA
10.36.23.24.33.61.93.64.14.85.4
5.24.74.44.74.85.66.26.36.36.1
5.75.34.9
1 Includes items not shown separately.a Household fuels—gas (piped), electricity, fuel oil, etc.-
also included through 1982.-and motor fuel. Motor oil, coolant, etc.,
3 Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
24
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES RECEIVED AND PAID BY FARMERSPrices received by farmers in April were unchanged from their March level. Prices paid by farmers in April were1.1 percent above their January level. (Data are not seasonally adjusted.)
INDEX, 1977= 100 (RATIO SCALE)
200
180
160
140
120
100
80L111
RATIOJ/140
120
100
80
60
INDEX, 1977= 100 (RATIO SCALE)200
imil
T\PRICES PAID
i n n in
PRICES RECEIVED
I l l l l l
--
^— -— — H-Illllllllll
1983
" -^
Illllllllll
1984Illllllllll
1985
~~T~1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11986 1 1987
RATIO
inn inn1988
1 1 1 1 1 1 1 1 1 1 1
1989
-
-
• ^
. ^T -mm inn inn
1990 1 1991
1/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
180
160
140
120
100
ilU 80
140
120
100
80
60
COUNCIL OF ECONOMIC ADVISERS
[1977=100; not seasonally adjusted]
Period
1981198219831984198519861987198819891990
1990: AprMayJuneJulyAugSeptOctNovDec
1991: JanFebMarApr
1 Includes items not shown separately.2 Percentage ratio of index of prices recei
and wage rates. See also footnote 3.3 Beginning March 1986, prices paid by fa
Pri
All farmproducts
139133135142128123127138147150
151154152152150148146145143
145"145
149149
•ed bv farmers to index
rmers are available on]'
ces received by farm
134121128138120107106126134128
131134130130125123120124121
123122128131
of prices paid, interes
for first month in quar
ers
Livestock andproducts
143145141146136138146150160171
170173173173174173171166164
166166169166
NOTE.-, taxes, have been
ter and Source:
P
All commodities,services,
interest, taxes,and wage rates l
150159161164162159162170178184
183(3)(3)
184(3)(3)
187(3)(3)
r!88(3)
(3)
190
-The official indexes aconverted to a 1977 =
Department of Agricult
rices paid by farmer
Productionitems, interest,
taxes, and wagerates
151158159161156150152160167172
171(3)
(3)
171
(3)(3)
174(3)
(3)
r!75(3)(3)
176
e published on a 191C00 base to facilitate co
ure.
s
Productionitems
148153152155151144148157165171
170(3)(3)
170(3)(3)
174(3)
(3)
173(3)
(3)
175
-14 base as required bmparison with other inc
Ratio 2
92848487797778828382
838483838280787876
r11777978
v law. The indexesexes.
25
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK, LIQUID ASSETS, AND DEBT MEASURESIn March, growth slowed in both M2 and M3.
BILLIONS OF DOLLARS* (RATIO SCALE)
4,8004,4004,000
3,600
3,200
2,800
2,400
2,000
1,600
1,200
800
M3
\ _.-,-
M2
BILLIONS OF DOLLARS* (RATIO SCALE)
4,8004,4004,0003,600
3,200
2,800
2,400
2,000
1,600
1,200
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1989 1990 1991
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec1986: Dec1987: Dec1988: Dec1989: Dec1990: Dec
1990: MarAprMayJuneJulvAugSeptOctNovDec
1991: JanFebMar"
Ml
Sum of currency,demand deposits,travelers' checks,
and othercheckable
deposits (OCDs)
436.4474.4521.2552.2619.9724.3749.7786.4793.6825.4
804.7807.7807.5811.5810.7816.5821.8821.2823.3825.4
826.7836.4842.9
M2
Ml plus overnightEPs and
Eurodollars,MMMF balances(general purpose
and broker/dealer),MMDAs, and
time deposits
1,793.31,952.92,186.32,374.72,569.72,811.62,910.13,069.93,223.1
r3,330.0
3,269.63,279.93,282.83,290.63,295.4
r3,309.5r 3,321.5' 3, 324.5r3, 324.7' 3,330.0r3,333.1r3,357.2
3,378.7
M3
M2 plus largetime deposits,
term EPs, termEurodollars, andinstitution-onlv
MMMF balances
2,234.12,441.72,693.32,986.23,201.63,492.63,677.43,919.14,055.2
r4, 114.1
4,077.24,082.74,082.74,085.84,089.2
r4,103.3'4,109.0r4,109.5r4,110.0r4,114.1r4,126.9r4,164.14,174.5
L
M3 plusother liquid
assets
2,596.72,851.43,154.63,527.53,828.94,133.24,337.04,676.04,889.9
'4,960.0
4,914.64,920.54,903.24,922.84,926.9
r4,935.4'4,957.4r4,955.8r4,958.0r4,960.0
'4,980.35,018.2
Debt
Debt ofdomestic
nonfimncia]sectors
(monthlyaverage) 1
4,292.14,685.95,212.65,961.96,773.57,636.28,345.19,107.69,790.4
10,450.0
9,965.810,023.310,066.610,122.210,182.710,254.310,312.810,353.110,405.910,450.0
' 10,490.210,544.9
Perce
Ml
6.88.79.95.9
12.316.83.54.9
.94.0
5.95.04.74.53.83.84.33.33.93.4
3.94.95.1
nt changemonths
M2
10.08.9
12.08.68.29.43.55.55.03.3
6.86.15.04.23.83.33.2
r2.72.62.4
2.32.93.4
from veaiearlier 2
M3
12.49.3
10.310.97.29.15.36.63.5
r1.5
2.92.72.11.51.41.5
r1.6'1.3r1.3r1.4r1.8r3.0
3.2
or 6
Debt
9.99.2
11.214.413.612.79.39.17.56.7
7.06.96.56.87.17.37.06.66.76.5
6.05.7
1 Consists of outstanding credit market debt of the U.S. Government, State and local govern-ments, 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-
r at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Kes< e System,
26
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec1986: Dec1987: Dec1988: Dec1989: Dec1990: Dec1990: Mar
AprMayJuneJulyAugSeptOctNovDec
1991: JanFebMar".
Cur-rency
122.6132.5146.2156.0167.8180.7196.9212.0222.2246.4
228.4230.3231.9233.7235.7238.4241.5243.9245.0246.4
251.6255.1256.7
De-mandde-
posits
231.3234.0238.5243.9266.6301.9286.5286.3278.7276.9
278.9278.1275.8276.3275.6278.0279.1277.1277.2276.9
272.9276.2277.2
Othercheck-able
depos-its
(OCDs)
78.2103.5131.6147.1179.5235.3259.3280.7285.2293.7
289.8291.7292.0293.7291.7292.1293.0291.8292.8293.7
293.9296.8300.9
Over-nightrepur-chaseagree-ments(RPs),
net,plusover-nightEuro-dollars
NSA
36.639.955.660.673.582.383.283.477.4
'74.181.979.483.282.484.0
'82.7r81.4
83.577.7
r74.1
'71.7'71.1
70.8
Money rmutualbalanc
Gener-al
pur-poseand
broker/dealer
150.6185.2138.8167.9176.7208.3221.7241.1313.6347.7
325.9327.0325.3327.5329.2335.8339.2341.7343.0347.7
356.3360.5365.9
narketfundes l
Insti-tutiononly
38.051.142.862.163.983.888.986.9
101.9125.7105.2106.9107.6108.1109.8114.0116.2119.6120.5125.7130.1139.3142.0
Moneymarketdeposit
accounts(MMDAs)
0.043.2
379.2418.2514.5572.3524.9501.4486.1505.9
495.7499.3500.5502.3503.4505.9507.4506.7506.8505.9
505.1511.4518.9
Sav-ingsde-
posits
343.9356.8305.5286.5300.4368.3412.0424.4404.1
r410.8
410.2411.5411.3411.8412.7412.7412.3411.5411.1
'410.8
412.0415.5420.8
Smalldenom-ination
timedepos-i ts2
823.2850.9784.1887.7883.4855.5917.7
1,031.81,145.9
' 1,164.2
1,149.91,152.21,153.51,154.61,156.81,158.3' 1,160.1'1,161.4'1,161.8'1,164.2
'1,163.2'1,162.31,158.0
Largedenom-ination
timedepos-its2
303.0327.3327.7417.7437.3439.9489.2542.3563.5507.1
549.3543.7540.5538.0535.0529.2521.9515.1512.5507.1
'511.7'515.7
511.0
Termrepur-chaseagree-ments(KPs)
NSA
35.333.449.957.662.480.5
106.1121.8
98.890.298.498.299.3
102.2100.5102.0
98.395.695.790.2
'88.5'87.6
84.5
TermEuro-dollars(net)
NSA
67.581.791.582.976.583.891.0
106.081.0
'71.4
66.765.367.164.465.1
'68.3'70.0'70.2'70.0'71.4
'72.0'73.0
72.0
Sav-ings
bonds
67.868.071.174.279.591.8
100.6109.3117.5126.0119.2119.9120.7121.4122.2123.0123.8124.5125.2126.0126.7127.8
Short-term
Treas-ury
secu-rities
149.4183.6212.0260.8298.2280.2253.5270.6327.4
'325.8
336.9329.9315.4331.7334.3329.8333.8330.4
'329.8'325.8
'327.4334.9
Bankers'accept-ances
40.044.545.045.442.037.144.540.140.734.737.236.035.434.733.032,331.832.634.034.7
35.935.2
Com-mercialpaper
105.3113.7isa.2160.8207.6231.4261.0336.8349.2
'359.4
344.1351.9349.1349.1348.2
'347.0'359.0'358.8'359.0'359.4
'363.4356.2
1 Data prior to 1983 are not seasonally adjusted.2 Small denomination and large denomination deposits are those issued in amounts of lei
$100,000 and more than $100,000, respectively.
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shownthan here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE[Averages of daily figures *; millions of dollars; seasonally adjusted, except as noted by NSA]
Period
1980: Dec1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec1986: Dec1987: Dec1988: Dec1989: Dec1990: Dec1990: Mar
AprMayJuneJulyAugSeptOctNovDec
1991: JanFebMar"
_ __.
A
Res
Total
'49,104
'48,112'48,202'47,962'47,896'47,636'47,973'48,261'47,942'48,244'49,104
'49,466'49,61149,566
djusted for ch
erves of depo
Nonbor-rowed
'48,779
'45,988'46,574'46,627'47,014'46,879'47,046'47,637'47,532'48,014'48,779
'48,932'49,35949,325
anges in reser
sitory instituti
Nonbor-rowed plusextended
credit
'48,802
'47,938'47,978'47,503'47,360'47,159'47,174'47,643'47,550'48,039'48,802
'48,958'49,39349,378
ve requiremen
ons
Required
'47,440
'47,251'47,306'46,999'47,122'46,774'47,106'47,353'47,096'47,297'47,440
'47,298'47,80248,390
ts
Monetarybase
'299,785
'280,613'282,627'283,970'285,758'287,418'290,458'293,803'295,941'297,553'299,785
'305,152'309,438310,982
BorrowinstitutM
B
Total
1,690636634774
3,1861,318
827777
1,716265326
2,1241,6281,335
881757927624410230326534252241
vings of deptms from theeserve (NSA
Seasonal
116543396
113563893
130847678
12224431138943041833516276333755
>sitoryFederal)
Extendedcredit
3148186
22,604
499303483
1,2442023
1,9501,403
875346280127
6182423273453
justments" for changes in reserve requirements and the annual revision of seasonal factors. Dataprior to March 1990 are not yet available.
Source: Board of Governors of the Federal Reserve System.
1 Data are prorated averages of biweekly (maintenance period) averages of daiJy figures.
NOTE.-—Series for reserves and monetary base have been revised to incorporate new "break ad-
27
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK LOANS AND SECURITIESTotal commercial bank loans and leases rose 0.1 percent in March. Commercial and industrial loans rose 0.3percent.
BILLIONS OF DOLLARS* (RATIO SCALE)2,800
2,400
2,000
1,600
1,200
800
400
200
160
120 Uii 1 1 11983 1984
LOANS AND LEASES
• U.S. GOVERNMENT SECURITIES
\
OTHER SECURITIES
\
1111985
I I I
1986 1987
1 1 11988
BILLIONS OF DOLLARS* (RATIO SCALE)
2,800
2,400
2,000
1,600
1,200
800
null1989
m i l l1990
400
200
160
1201991
' SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *]
Period
1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec1986: Dec1987: Dec1988: Dec1989: Dec1990: Dec
1990: MarAprMayJuneJulyAugSeptOctNovDec
1991: JanFebMar "....
Totalloans and
securi-ties 2
1,307.21,400.51,552.11,722.21,909.62,093.52,238.92,421.72,589.02,723.6
2,633.22,648.12,655.42,670.12,683.02,704.92,708.02,713.62,716.62,723.6
2,721.22,735.12,750.9
U.S.Govern-
mentsecuri-
ties
179.3201.7259.2260.2270.9310.1335.9363.8399.3454.2
420.3426.4430.3438.4442.8445.7450.1453.1454.0454.2
454.1458.0471.4
Othersecuri-
ties
160.5164.8169.1140.9179.0193.9193.5192.1180.8175.6
180,4180.2178.2177.5177.3178.8178.8177.8175.9175.6
177.7177.6177.6
Total 2
967.51,034.01,123.81,321.11,459.81,589.51,709.51,865.82,008.92,093.8
2,032.52,041.52,046.92,054.22,062.92,080.42,079.02,082.72,086.72,093.8
2,089.42,099.52,102.0
Com-mercial
andindustri-
al
355.4392.5414.2473.2500.3537.2567.6606.6641.3648.1
643.5645.9644.3645.3644.4645.1644.7643.7646.5648.1
644.3643.9646.0
A
Realestate
284.1299.9331.0376.5426.0494.2587.2671.5760.6836.5
782.7790.8798.9805.9814.5818.0822.5827.7832.0836.5
837.3842.6846.3
11 commei
Indi-vidual
182.5188.2212.9253.8294.6315.2328.2354.7375.5378.9
379.4377.8378.4377.6376.4378.2378.6379.7378.7378.9
375.9377.7375.5
cial ban
Secu-rity
21.425.328.034.543.140.434.839.938.340.6
37.036.835.535.038.744.641.340.539.640.6
43.243.238.9
ts
Loans am
Non-bankfinan-
cialinstitu-tions
29.931.230.431.332.434.931.829.932.7
r34.7
33.734.034.134.434.735.0
rS5.2r34.8r34.6r34.7
34.235.336.1
leases
Agri-cultural
33.136.239.240.136.131.529.429.830.733.0
30.830.831.031.131.331.531.832.232.533.0
33.633.734.1
Stateand
politi-cal
subdi-visions
0.0.0.0
46.156.858.552.645.540.034.2
38.638.237.937.336.435.835.235.134.834.2
33.533.433.0
For-eign
banks
18.114.613.411.69.9
10.37.97.98.67.4
8.38.68.77.47.07.98.19.08.27.4
6.66.97.6
For-eign
officialinstitu-
tions
7.25.99.48.46.36.35.85.13.73.2
3.23.33.33.23.23.23.33.23.23.2
3.03.13.2
Leasefinanc-
ingreceiv-ables
12.713.313.716.019.022.324.529.231.832.7
32.432.432.632.432.632.732.833.332.932.7
32.432.833.0
Other
23.126.931.829.935.338.639.845.745.8
r44.6
43.042.842.344.543.648.2
r45.5r43.6r43.6r44.6
45.446.948.3
2 Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIALCORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
198219831984198519861987198819891990 "
1989: InmIT
1990: InniIV"
1 Undistributed profits (afterconsumption allowances, and fcabroad.
2 Consists of tax liabilities, tr
Total
300.8416.9491.4455.7524.1493.7548.2512.7470.5
517.4601.2459.2473.0
482.7502.3475.2421.4
inventory vailreign branch j
ade debt, and d
Internal '
241.9285.2335.9351.8344.3372.4391.4380.0367.7
379.9379.7385.5374.9
370.6374.7366.4358.9
ation and caprofits, dividend
rect foreign in
Total
58.9131.7155.5103.9179.8121.3156.8132.7102.8
137.5221.5
73.798.1
112.1127.6108.862.5
tai consumptios, and subsidif
/estment in the
Sources
C
Total
48.576.591.949.8
124.748.255.135.434.6
18.0118.7
1.03.8
77.847.824.111.2
n adjustments]ries' earnings
U.S.
External
edit market fu
Securitiesand
mortgages
-6.241.0
-13.6-6.260.518.5
-15 A-45.0-1.0
-92.53.1
85.2-5.6
-14.328.3
-22.64.7
capital a
retained Go
nds
Loans andshort-term
paper
54.735.5
105.556.064.229.770.580.435.6
110.5115.686.29.4
92.119.546.7
-15.9
Plant and equipremment.
ource: Board of
Other 2
10.455.263.754.155.173.1
101.697.368.2
119.5102.772.694.2
34.579.884.973.7
ment, residtmti
Governors of t
Total
303.1392.6474.9425.1481.2466.6494.6488.4479.1
484.2560.0444.4465.3
496.9489.7500.5429.3
al structures, ii
le Federal Res
Uses
Capitalexpendi-tures 3
256.1270.5369.7341.2330.4354.1378.3382.2366.3
377.4388.3385.1378.2
346.9381.2384.0353.1
iventorv investm
erve System.
Increase infinancialassets
47.0122.1105.283.9
150.8112.5116.3106.2112.8
106.8171.759.387. 1
150.0108.5116.576.2
ent, and mineral
Discrepancy(sources less
uses)
-2.324.316.530.643.027.153.524.2
-8.7
33.241.214.91.1
-14.212.6
-25.2-7.9
rights from U.S.
CONSUMER INSTALLMENT CREDIT[Millions of dollars; seasonally adjusted]
Period
1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec1986: Dec1987: Deo1988: Dec1989: Dec2
1990: Dec
1990: FebMarAprMavJuneJulyAugSeptOctNovDec
1991: Jan r
Feb"
Ins
Total
311,259325,805368,966442,602518,252573,017610,468664,701716,624739,014
717,869720,445720,835724,485724,601729,329732,385735,222736,595739,357739,014
736,756734,461
tallment credit
Automobile
119,008125,945143,560173,564210,187247,428265,851284,556290,770285,336
289,629290,932288,936288,931287,168286,791285,283285,261284,402284,483285,336
283,593280,501
outstanding
Revolving
61,07066,45479,088
100,280121,816135,851153,078174,057197,110218,235
199,927202,263203,965207,153208,362212,138214,492216,804218,381219,757218,235
219,463220,838
!end of perio
Mobilehome
20,05822,06423,56225,86126,85027,09625,92025,20122,34321,816
22,63322,70822,70222,81522,73322,79522,97622,67222,49122,51821,816
22,68422,446
1)
Other
111,124110,802122,756142,897159,400162,642165,620180,887206,401213,628
205,680204,543205,232205,585206,338207,605209,635210,484211,320212,599213,628
211,015210,676
Net
Total
13,10514,54643,16173,63675,65054,76537,45154,233
( 3 )22,390
402,576
3903,650
1164,7283,0562,8371,3722,762-342
-2,259-2,295
change in in
Automo-bile
7,0176,937
17,61530,00436,62337,24118,42318,705
(3)-5,434
-1,2751,303
-1,996_5
— 1,764-3771,508-21
-85981
853
-1,743-3,093
stallment ere
Revolving
5,9595,384
12,63421,19221,53614,03517,22720,979
( 3 )21,125
7812,3361,7023,1881,2083,7762,3542,3121,5771,375
-1,522
1,2281,375
dit outstandir
Mobilehome
1,3222,546
9582,299
989246
-1,116-719
( 3 )-527
2974
-6113
-8363
180-303— 182
27-702
868-238
g '
Other
-1,193-322
11,95420,14116,5033,2422,978
15,267( 3 )
7,227
505-1,137
689353753
1,2672,030
849836
1,2791,029
— 2,613-339
1 For year-end data, change from preceding year-end; for monthly data, change from precedingmonth.
2 Data newly available in January 1989 result in breaks in many series between December 1988and subsequent months.
3 Because of breaks in series, net change not available.Source: Board of Governors of the Federal Reserve Systei
29
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES AND BOND YIELDSInterest rates fell in April.
PERCENT PER ANNUM
16
PERCENT PER ANNUM
SQUKCE: SEE !AB1ECOUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
Period
1981198219831984198519861987198819891990
1990: AprMayJuneJulyAugSeptOctNovDec
1991: JanFebMarApr"
Week ended:1991: Mar 30
Apr 6132027
May 4
1 Bank-discount basis.
D.S, 1
3-month bills(new issues) *
14.02910.6868.639.587.485,985.826.698.127.51
7.787.787.747.667.447.387.197.076.81
6.305.955.915.67
5.865.805.605.575.695.60
Veasury security
Constant n
3-year
14.4412.9210.4511.899.647.067.688.268.558.26
8.788.698.408.268.228.278.077.747.47
7.387.087.357.23
7.367.257.247.217.25
yields
laturities 2
10-year
13.9113.0011.1012.4410.627.688.398.858.498.55
8.798.768.488.478.758.898.728.398.08
8.097.858.118.04
8.108.038.048.008.09
High-grademunicipal
bonds(Standard &
Poor's) 3
11.2311.57
9.4710.159.187.387,737.767.247.25
7.367.347.227.157.317.407.407.107.04
7.056,907.077.04
7.137.097.016.957.11
5
CorporateAaa bonds(Moody's)
14,1713.7912.0412.7111.37
9.029.389.719.269.32
9.469.479.269.249.419.569.539.309.05
9.048.838.938.86
8.928.868.878.818.89
Effective rate (in th
Primecommercial
paper,6 months l
14.7611.89
8,8910.168.016.396.857.688.807.95
8.298.238.067.907.777.837,817.747.49
7.026.416.366.07
6.276,175.996.046.12
e primary market) o
Discount rate(N.Y. F.E.
Bank)4
13.4211.028.508.807.696.335.666.206.986.98
7.00-7.007.00-7.007.00-7.007.00-7.007.00 7.007.00-7.007.00-7.007.00-7.007.00 6.50
6.50 6.506.00-6.006.00 6.006.00-5.50
6.00-6.006.00 6.006.00-6.006.00-6.006.00-6.006.00 5.50
n conventional mort
Prime ratecharged by
banks4
18.8714.8610.7912.049.938.338.219.32
10.8710.01
10.00-10.0010.00-10.0010.00-10.0010.00-10.0010.00-10.0010.00-10.0010.00-10.0010.00-10.0010.00 10.00
10.00 9.509.50-9.009.00-9.009.00-9.00
9.00-9.009.00 9.009.00-9.009.00-9.009.00-9.009.00-
^ages, reflecting fee
New-homemortgage
yields(FHFB)5
14.7015.1412.5712.3811.5510.179.319.19
10.1310.05
10.1710.2810.1310.0810.11
9.909.989.909.76
9.659.579.43
s and charges asthe more actively traded issue
partment.3 Weekly data are Wednesday figures.4 Average effective rate foe year; openi
30
adjusted to constant maturities by the Treasury De-
year; opening and closing rate for month and week.
well as contract rate and assumed, on the average, repayment at end of 10 years
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Feder-al Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation,
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMON STOCK PRICES AND YIELDSStock prices rose in April.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE) INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
220200180
160
140
1VO
ion
80
60
40
PERC
15
5
0
X~^
1983
ENT
— _ -
1 1 1
1983
^W '
1984
,*•»•"" ~"
1 1 I1984
s—S^f
\1985
EARN
^ >
1 1 11985
_ . ^
/ COMPOSIT
1986
NGS-PRICE RA
, — >
\ \ \
1986
~s\\ \\ v-
E STOCK PRICE
(NYSE)
1987
TIO ON COMA;
(S&P)
1 1 11987
/- ~'~'
INDEX
, . , , ,11988
\ON STOCKS -
1 1 11988
•S — ^_/
1989
^
1 1 1
1989
\ -^~\^/
1990
-— •
1 1 1
1990
^/
1991
PERCE
1 1 1
1991
220200180
160
140
120
100
80
60
40
NT
15
5
0
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS
Period
1981198219831984198519861987198819891990
1990: AprMayJuneJulvAugSeptOctNovDec
1991: JanFebMarApr"
Week ended:1991: Mar 30
Apr 6132027
New Y
Composite
74.0268.9392.6392.46
108.09136.00161.70149.91180.02183.46
185.61191.35196.68196.61181.45173.22168.05172.21179.57
177.95197.75203.57207.71
204.64206.32206.21211.20208.20
ork Stock Exd
Industrial
85.4478.18
107.45108.01123.79155.85195.31180.95216.23225.78
226.86234.85242.42245.86226.73216.81208.58212.81221.88
220.69246.74255.36260.15
256.13258.11257.97264.84261.06
Com
ange indexes (
Transporta-tion
72.6160.4189.3685.63
104.11119.87140.39134.12175.28158.62
173.55173.53177.37173.18147.4]136.95131.90132.96141.31
145.89166.06166.26166.90
162.82164.01164.45168.33170.44
mon stock pric
)ec. 31, 1965-
Utility
38.9139.7547.0046.4456.7571.3674.3071.7787.4390.60
91.9293 2993.6589.8585.8183.3087.2789.6991.56
88.5992.0892.2992.92
93.4393.4393.0093.5692.17
es i
= 50) 2
Finance
73.5271.9995.3489.28
114.21147.20146.48127.26151.88133.26
138.57142.94147.93143.11128.14118.59108.01113.76122.18
121.39141.03145.42152.64
147.67150.83151.40155.88153.29
Dow-Jonesindustrialaverage 3
932.92884.36
1,190.341,178.481,328.231,792.762,275.992,060.822,508.912,678.94
2,708.262,793.812,894.822,934.232,681.892,550.692,460.542,518.562,610.92
2,587.602,863.042,920.112,925.54
2,903.032,914.852,898.462,977.872,928.22
Standard &Poor's
index(1941-
43=10)4
128.05119.71160.41160.46186.84236.34286.83265.79322.84334.59
338.18350.25360.39360.03330.75315.41307.12315.29328.75
325.49362.26372.28379.47
374.18376.97376.68386.38380.75
Common st(perce
Dividend-price ratio
5.205.814.404.644.253.493.083.643.453.61
3.513.443.363.373.653.854.013.913.74
3.823.353.263.19
3.253.223.273.113.17
jck yieldsn t ) s
Earnings-price ratio
11.9611.608.03
10.028.J26.095.488.017.416.49
5.94
7.11
6.54
1 Average of daily closing prices.2 Includes all the stocks (more than 1,500) listed on the NYSE.3 Includes 30 stocks.4 Includes 500 stocks.5 Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NVSE).Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Cor-
poration.
31
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCEFEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 6 months of fiscal 1991, there was a deficit of $151.6 billion, compared with a deficit of $150,8 billiona year earlier.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
1,400
1,300
1,200
1,100
1,000
900
800
700
600
RECEIPTS AND OUTLAYS^
OUTLAYS-!'
\RECEIPTS!/
\lN
1,400
1,300
1,200
1,100
1,000
900
800
700
'600
0
-200
300
SURPLUS OR DEFICIT (-VJ
- „ __ _ ,^
A l 1 1 11/1983 1984 1985 1986 1987
o100
T"— ~~>, ^^ -200
l i l t "*— i f\1988 1989 1990 1991 1992N
!/ "INCLUDES ON-8yDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
1976Transition quarter19771978197919801981198219831984
1985198619871988198919901991 (estimates)1992 (estimates)
Cumulative total, first 6months: l
Fiscal year 1990Fiscal vear 1991
Receipts
298.181.2
355.6399.6463.3517.1599.3617.8600.6666.5
734.1769.1854.1909.0990.7
1,031.31,091.41,165.0
458.2482.6
Total
Outlays
371.896.0
409.2458.7503.5590.9678.2745.7808.3851.8
946.3990.3
1,003.81,064.11,144.11,251.71,409.61,445.9
609.0634.3
Surplusot deficit
-73.7-14.7
53.6-59.2-40.2-73.8-78.9
-127.9-207.8-185.3
-212.3-221.2— 149.7— 155.1-153.4-220.4-318.1-280.9
-150.8151.6
Receipts
231.763.2
278.7314.2365.3403.9469.1474.3453.2500.4
547.9568.9640.7667.5727.0749.7793.2849.8
328.4339.3
Oil-budget
Qdq.
302.276.6
328.5369.1403.5476.6543.0594.3661.2686.0
769.5806.8810.0861.4933.2
1,026.61,171.71,194.2
499.3515.8
SurplusOT deficit
70.5-13.3-49.7-54.9-38.2-72.7-73.9
-120.0-208.0
185.6
-221.6-237.9-169.3-193.9-206.1-277.0-378.5-344.4
-170.9-176.4
Keeeipte
66.418.076.885.498.0
113.2130,2143.5147.3166.1
186.2200.2213.4241.5263.7281.7298.3315.3
129.8143.3
Off-budget
Outlays
69.619.480.789.7
100.0114.3135.2151.4147.1165.8
176.8183.5193.8202.7210.9225.1237.9251.7
109.7118.5
Surplusor deficit
-3.2-1.4-3.9-4.3-2.0-1.1
5.0-7.9
.2
.3
9.416.719.638.852.856.660,463.6
20.124.8
Gross Fe(end of
Total
629.0643.6706.4776.6828.9908.5994.3
1,136.8'1,371.21,564.1
1,817.02,120.12,345.62,600.82,867.53,206.33,617.84,021.1
3,031.43,415.7
leral debtperiod)
Held bythe public
477.4495.5549.1607.1639.8709.3784.8919.2
1,131.01,300.0
1,499.41,736.21,888.12,050.32,190.32,410.42,717.62,995.4
2,308.52,548.7
1 Data from M&nthly Treasury Statemeni.
NOTE.—Data are from Budget of the United States Govermn nt, Fiscal Year 1992, February1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
32
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first 6 months of fiscal 1991, receipts were $24.4 billion higher than a year earlier and outlays were $25.3billion higher.
RECEIPTS!/
. — — "-*""
T
INDIVIDUAL INCOME TAXES
\
-. — — — '
CORPORATIONOTHER RECtlPTS INCOME TAXES"
\ \
—~ 1 1 1 1
_ _ _ . — "- "•""
-~--~""""~""~~"~' _ _ — — -
\SOCIAL INSURANCE
- TAXES AND CONTRIBUTIONS
1 1 1 1
BILLIONS OF DOLLARS600
500
400
300
200
100
• ft
1,200
1,100
1,000
900
800
700
600
500
400
BILLIONS OF DOLLARS
600
OUTLAYS^/
NONDEFENSE\ ,
NATIONAL DEFENSE
1983 1984 1985 1986 1987 1988
FISCAL YEARS
500
400
300
200
100
0
1,200
1,100
1,000
900
800
700
600
500
400
300
200
J/'lNCtUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
1989 1990 1991 1992
COUNCIt OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year
197619771978197919801981198219831984
1985198619871988198919901991 (estimates)1992 (estimates)
Cumulative total, first 6 months: 1
Fiscal year 1990Fiscal year 1991
Or
Total
298.1355.6399.6463.3517.1599.3617.8600.6666.5
734.1769.1854.1909.0990.7
1,031.31,091.41,165.0
458.2482.6
-budget a
Indi-vidualincometaxes
131.6157.6181.0217.8244.1285.9297.7288.9298.4
334.5349.0392.6401.2445.7466.9492.6529.5
204.9204.4
nd off-bud
Corpo-rationincome
41.454.960.065.764.661.149.237.056.9
61.363.183.994.5
103.393.595.9
101.9
39.044.6
i-et receipt
Socialinsur-ance
and
butions
90.8106.5121.0138.9157.8182.7201.5209.0239.4
265.2283.9303.3334.3359.4380.0402.0429.4
171.8188.3
Other
34.336.637.740.850.669.569.365.671.8
73.073.174.378.982.390.9
101.0104.2
42.545.3
Total
371.8409.2458.7503.5590.9678.2745.7808.3851.8
946.3990.3
1,003.81,064.11,144.11,251.71,409.61,445.9
609.0634.3
Nationa
Total
89.697.2
104.5116.3134.0157.5185.3209.9227.4
252.7273.4282.0290.4303.6299.3298.9295.2
150.1130.1
1 defense
Depart-ment ofDefense,military
87.995.1
102.3113.6130.9153.9180.7204.4220.9
245.2265.5274.0281.9294.9289.8287.5283.0
145.5124.8
On-budg
Inter-
affairs
6.46.47.57.5
12.713.112.311.815.9
16.214.211.610.59.6
13.817.017.8
7.99.3
et and off
Health
15.717.318.520.523.226.927.428.630.4
33.535.940.044.548.457.771.281.3
26.932.7
budget ou
Medi-
15.819.322.826.532.139.146.652.657.5
65.870.275.178.985.098.1
104.4113.7
47.049.2
tlays
Income
tv
60.861.061.566.486.599.7
107.7122.6112.7
128.2119.8123.3129.3136.0147.3173.2184.8
76.087.1
Social
'y
73.985.193.9
104.1118.5139.6156.0170.7178.2
188.6198.8207.4219.3232.5248.6269.0288.6
120.3130.2
Net
est
26.729.935.442.652.568.785.089.8
111.1
129.4136.0138.6151.7169.2184.2197.0206.3
90.497.0
Other
82.893.0
114.7119.6131.4133.5125.4122.3118.6
131.8142.1125.9139.4159.8202.7278.9258.0
90.498.8
1 Data from Monthly Treasury Statement.
NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February
1991, except as noted.Sources: Department of the Treasury and Office of Management and Budget.
33
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASISIn the fourth quarter of 1990, according to revised estimates, Federal receipts rose $0.6 billion (annual rate);Federal expenditures rose $39.2 billion. In the first quarter of 1991, according to advance data, Federalexpenditures fell $65.0 billion; receipts data are incomplete.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
1,400
1 200
800
200
SOURCE: C
s"\
—
-
—
\^
! 1 !
1982
EPARTMENT OF CO
_ _ -
, "
r— ' '1 1 1
1983
MMERCE
_-"'"''
^^
_
1 1 1
1984
EXPEN
RECEIPT
n^IT
1985
SEASONALLY ADJU
DITURES
V-
_— -^-
5
SURPLUS (
~f% | — |
1986
CALENDX
STED ANNUAL RATE
--"
y —
DR DEFICIT
J/ -—1 1 1
1987
iR YEARS
S
^ "
-)
— X-
I 1 11988
,— — — — »-
/ '
-~,
1 1 11989
,-s
.-•'"
^"~
"X.1 1 11990
COUh
_%
-
—
-
-
-
1 1 11991
CIL OF ECONOMIC
1,400
800
600
200
200
ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Fiscal year:198519861987198819891990
Calendar year:198519861987198819891990
1982: TV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: III
IV1990: I
IIIIIIV r
1991: I"
Total
776.8815.2899.4957.6
1,041.91,094.9
788.7827.9913.8972.4
1,052.9* 1,109.7
633.1675.5742.7805.3853.8940.0997.5
1,048.11,055.71,080.61,105.81,125.91,126.5
Federal
Personaltax andnontaxreceipts
340.4357.0400.8411.3457.6483.0
346.4361.4405.8415.1464.0492.8303.0291.9326.0355.3376.2419.2424.8462.2469.6473.6492.1500.0505.5505.1
jovernment
Corpo-rate
profitstax
accruals
74.681.199.1
108.1113.8113.6
76.383.8
103.2110.5110.4
r 108.546.470.269.778.888.9
107.4115.4104.7101.3106.5109.2114.2104.1
receipts
Indirectbusinesstax andnontax
accruals
55.950.953.555.657.858.8
55.150.554.057.058.461.747.653.656.253.550.855.157.859.358.760.660.561.064.673.2
Contribu-tions for
socialinsurance
305.8326.1345.9382.6412.6439.6
310.9332.1350.8389.8420.1446.7236.1259.8290.7317.7337.9358.4399.6421.9426.1439.9444.0450.6452.3465.3
Total
962.31,028.01,060.01,101.81,172.21,252.7
985.61,034.81,071.91,114.21,187.21,275.7
835.7844.7930.2
1,017.51,042.81,101.71,153.81,179.81,205.81,248.81,271.71,271.61,310.81,245.8
Pur-chases
of goodsand
services
341.5368.6375.4377.8399.0416.1
355.2366.5381.3380.3400.0424.0293.2276.1326.0376.6368.8388.2401.1399.2399.9410.6421.9425.8437.6442.3
Federal (
Trans-fer
pay-ments
374.0394.6411.1433.2462.0504.7
380.1399.9414.0438.9471.9511.4347.4352.5362.1385.8405.8421.4447.2474.4487.9503.4510.4513.2518.5457.3
jovernment
Grants-in-aid to
Stateand
localgovern-ments
97.8107.4103.1108.3115.8128.3
99.7106.8102.6111.1118.2131.484.586.096.3
103.5103.0102.7112.2117.6121.5128.5131.5129.8135.8136.8
expenditu
Netinter-est
paid
128.3134.6139.3148.8167.7182.1
130.1135.6142.3151.3172.0186.387.2
101.0125.3132.7136.0147.6157.9172.1175.2178.1184.3189.8193.0193.7
res
Subsidies
currentsurplus ofGovern-
mententer-prises
20.722.831.133.627.721.5
20.326.031.832.725.022.723.429.121.019.029.241.535.316.521.328.323.813.125.915.7
Wageaccruals
lessdisburse-
ments
-0.1.0.1
— .1.0.0
-.2.0.0.0.0.0.0.0.6.0.0
-.2.0.0.0.0.0.0.0.0
Surplusor deficit
nationalincome
andproductaccounts
-185.5-212.8-160.7— 144.1-130.3-157.7
-196.9-206.9-158.2-141.7-134.3
r- 166.0-202.6-169.2-187.5-212.2-189.0-161.7-156.3-131.7-150.1-168.3-166.0-145.7-184.3
Source: Department of Commerce, Bureau of Economic Analysis.
34
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Period
198219831984198519861987198819891990*
1989: Dec
1990: JanFebMarAprMayJuneJulyAugSeptOctNovDec
1991: JanFeb"Mar?
UnitedStates
81.984.992.894.495.3
100.0105.4108.1109.2
108.8
107.5108.5108.9108.8109.4110.1110.4110.5110.6109.9108.3107.2
106.6105.7105.3
Industrial
Canada
76.581.591.496.595.7
100.0105.0105.1101.6
104.7
102.6102.7102.6102.3102.8102.7103.1102.0100.4
' 100.2r98.5r97.5
97.6
reduction
Japan
82.985.593.496.896.6
100.0109.3115.7121.3
116.9
117.2116.5118.8117.9121.0121.1123.2123.7122.4125.3124.6
r!23.7
125.4125.7
(1987=1
France
97.396.597.197.298.0
100.0104.7108.9110.2
107.8
108.5107.1108.0109.8109.3109.4111.6111.6109.8110.1108.0
r 106.2
109.3
X); seasonal]
Germany
90.390.993.597.799.6
100.0103.9108.7114.6
111.4
111,9111.3112,8110.2113,4113.7115.2116.5117.3117.0116.6
rl!6.2rl!9.1
118.0
y adjusted
Italy
91.888.891.892.996.2
100.0105.9109.2109.1
114.6
107.3111.4110.4109.5107.2108.4109.7109.7110.7107.4106.6109.2
UnitedKingdom
86.389.589.694.596.8
100.0103.6104.0103.3
104.4
' 103.6' 103.4' 105.0' 105.6
104.7T 107.0' 103.0
102.1' 101.9
102.1' 100.6
r99.9
r99.2100.9
UnitedStates *
96.599.6
103.9107.6109.6113.6118.3124.0130.7
126.1
127.4128.0128.7128.9129.2129.9130.4131.6132.7133.5133.8133.8
134.6134.8135.0
(
Canada
94.9100.4104.8108.9113.4118.4123.2129.3135.5
131.5
132.7133.4133.9133.9134.6135.1135.8135.8136.3137.4138.2138.1
141.7141.7142.3
Consumer
Japan
98.099.9
102.1104.2104.9105.0105.7108.1111.4
109.0
109.2109.5109.9110.8111.6111.0110.9111.4112.4113.9113.5113.2
114.1113.8
prices (19
France
91.7100.3108.0114.3117.2121.1124.4128.9133.2
130.5
130.8131.1131.6132.1132.3132.6132.9133.7134.4135.2135.0134.9
' 135.5135.7135.8
2-84=100)
Germany
97.0100.3102.7104.9104.7104.9106.3109.2112.1
110.2
110.9111.3111.4111.6111.8111.9111.9112.2112.6113.4113.2113.3
r 114.0114.3
Italy
87.7100.8111.5121.1128.5134.4141.1150.4159.6
154.4
155.3156.5157.1157.7158.0158.7159.3160.3161.2162.6163.6164.2
165.4167.0
UnitedKingdom
95.499.8
104.8111.1114.9119.7125.6135.4148.2
139.6
140.4141.2142.6147.0148.3148.9149.0150.5151.9153.1152.7152.6
153.0153.8154.4
1 Data relate to ail urban consumers. Source: National sources as reported by Department of Commerce (Bureau of Economic Analysisand International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS[Billions of dollars; monthly data seasonally adjusted]
Period
198219831984198519861987198819891990
1990: Feb .MarAprMayJuneJulyAugSeptOctNovDec
1991: Jan r
Feb
Total 2
216.4205.6224.0
5 218.8* 227.2
254.1322.4363.8393.9
31.633.332.132.834.232.132.532.035.034.238.3
34.333.5
Met
Foods,feeds,and
bever-
*
31.330.931.524.022.324.332.337.235.1
3.13.23.02.93.42.83.12.72.63.02.5
2 73.2
chandise e
Principal
Indus-trialsup-pliesand
als
61.756.761.758.557.366.785.199.3
104.2
8.08.68.48.48.48.18.78.6
10.09.69.0
9.59.8
xports (f.
end-use c
Cap-ital
goodsexceptauto-
motive
72.767.272.073.975.886.2
109.2138.8152.6
12.812.812.412.713.512.812.512.613.212.313.0
13.012.2
l.s. value
ommoditv
Auto-motivevehi-cles,
parts,anden-
gines
15.716.820.622.921.724.629.334.836.0
2.83.33.03.53.43.03.12.73.43.12.4
3.22.5
1
category
Con-sumergoods(non-food)exceptauto-
motive
14.313.413.312.614.217.723.136.443.4
3.43.43.53.63.93.73.53.53.93.83.7
4.03.9
Other "
20.720.524.027.335.934.643.417.222.6
1.61.81.71.81.61.81.71.81.82.42.6
2.01.9
I
Total
244.0258.0
4 330.74 336.5
365.4406.2441.0473.2494.9
38.741.639.440.539.641.242.341.346.043.139.6
41.538.8
eneral in
Foodsfeeds,
bever-
17.118.221.021.924.424.824.825.126.6
2.32.52.32.32.12.12.12.12.22.12.2
2.22.1
erchandise
Principal (
Indus-trialsup-pliesand
als
112.0107.0123.7113.9101.3111.0118.3132.3143.0
11.111.510.511.310.511.012.312.814.313.311.6
12.310.4
imports
nd-nse ec
Cap-ital
goodsexceptauto-
motive
35.440.959.865.171.884.5
101.4113.3117.3
9.19.89.89.59.6
10.19.89.3
10.610.29.8
9.910.0
customs
mmodity
Auto-motivevehi-cles,parts,
anden-
gines
33.340.853.566.878.285.287.786.185.9
6.77.96.97.57.37.57.77.08.07.06.3
7 26.6
•aluc) 3
category
sumergoods(non-food)
exceptauto-
motive
39.744.960.068.379.488.795.9
102.9105.7
8.38.78.78.78.59.19.18.69.69.18.3
8.68.5
Other
6.56.37.89.4
10.412.112.813.616.3
1.21.31.31.31.41.31.31.61.41.51.3
1.31.2
Generalmer-
chandiseimports
(c.i.f.value)
254.9269.9346.4352.5382.3424.4459.5493.2516.6
40.443.541.142.441.343.144.243.147.944.941.3
43.340.6
Trade b
Exports(f.a.s) less
imports(customs
vaiue)
-27.5-52.4
-106.7-117.7- 138.3-152.1— 118.5-109.4-101.0
-7.1— 8.4-7.3-7.8-5.3-9.1-9.7-9.3
-11.0-8.9-6.3
-7.2-5.3
alance
Exports(f.a.s)less
importstc.i.l.)
-38.4-64.2
-122.4-133.6-155.1-170.3-137.1-129.4-122.7
-8.8-10.2-9.1-9.6-7.1
-11.0-11.6-11.1-12.9-10.7-8.0
-9.0-7.1
1 Includes Department of Defense Military Assistance Program grant-aid shipments.2 Includes undocumented exports to Canada through 1988.3 Total arrivals of imported goods other than intransit shipments.4 Total includes revisions not reflected in detail.
5 Total exports are on a revised statistical month basis; end-use categories are on imonth basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
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U.S. INTERNATIONAL TRANSACTIONSIn the fourth quarter of 1990, the merchandise trade deficit fell to $28.9 billion from $29.8 billion in the thirdquarter; the current account deficit rose to $27.8 billion from $26.5 billion in the third quarter.
BILLIONS OF DOLLARS*10
—5
-10
-15
-20
-25
-30
-35
-40
-45
BILLIONS OF DOLLARS*
10
1982
BALANCE ON GOODS,SERVICES, AND INCOME --- \
1990
5
0
-5
-10
-15
-20
-25
-30
-35
-40
-45
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
Period
1981198219831984198519861987198819891990 "1988: I
IIinIV
1989: IIIinTV
1990: IIIIllIV....
Exports
237,085211,198201,820219,900215,935223,367250,266320,337360,465389,286
76,49779,39280,51183,93788,26791,11189,34991,73896,09396,58596,152
100,456
Merchandise 1
Imports
-265,063-247,642-268,900-332,422-338,083-368,425-409,766-447,323-475,329-497,966-109,988-110,494-111,290-115,551-116,360-119,333-119,152-120,484-122,902-119,810-125,937-129,317
2
Net balance
-27,97836,444
-67,080-112,522-122,148-145,058-159,500-126,986-114,864- 108,680-33,491-31,102-30,779— 31,614-28,093-28,222-29,803-28,746-26,809-23,225-29,785-28,861
Netmilitarytransac-tions 3 4
-844112
-163-2,147-4,096-4,907-3,530
5,452-6,320-6,413-1,075-1,139-1,144-2,094-1,763-1,667-1,114-1,776-1,287-1,382-1,705-2,042
Services
transpor-
receipts
144-992
-4,227-9,15310,788
-8,9398,298
-4,060659
1,689-1,776-1,062
-624-599-57
39-192
870986390
-235549
Otherservices,
12,55212,98113,85914,04214,00818,55118,26221,03226,12327,6484,7365,0795,3915,8295,8996,1647,0317,0306,2266,8967,0877,439
Invt
Receiptson U.S.assetsabroad
84,97585,34681,97292,93582,28280,98290,536
110,048127,536128,82926,98026,73927,94228,38630,87231,93232,10232,62931,55030,69131,88934,700
stment inconu
Paymentson foreignassets inU.S.3
-53,626-57,097-54,549-69,542-66,115-70,013-85,210
-108,438— 128,448-121,296-24,580-26,330-28,083-29,445-30,407-33,889-32,085-32,068-29,546-31,681-29,633-30,435
5
Net
31,34928,25027,42323,39416,16610,9695,3261,610-9137,5332,400
409— 141
-1,059465
-1,95717
5612,004-9902,2564,265
Balance ongoods,
services,and income
15,2233,907
-30,188-86,385
-106,859129,384
-147,739113,857
-95,314-78,224-29,206-27,815-27,297-29,537-23,549-25,643-24,061-22,061-18,880-18,311-22,382-18,650
transfers,net"
-8,331-9,775-9,956
-12,62115,473
-16,009-14,575-15,005-14,720-21,073-3,476-3,060-3,461-5,008-3,555-3,006-3,530-4,631-3,440-4,422-4,099-9,112
on currentaccount
6,892-5,868
-40,143-99,006
-122,332- 145,393-162,314-128,862-110,034-99,297-32,682-30,875-30,758-34,545-27,104-28,649-27,591-26,692-22,320-22,733-26,481-27,762
1 Excludes military.2 Adjusted from Census data for differences in timing and coverage.3 Quarterly data are not seasonally adjusted.4 Includes transfers of goods and services under U.S. military grant programs.
5 Fees and royalties from U.S. direct investments abroad or from foreign direct investments in theUnited States are excluded from investment income and included in other services, net.
See p. 37 for continuation of table.
36
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U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, claims on foreigners reported by U.S. banks increased $24.4 billion in the fourth quarter of1990, compared to an increase of $13.5 billion in the third quarter. Liabilities to private foreigners reported byU.S. banks, excluding Treasury securities, increased $19.6 billion in the fourth quarter, compared to an increase of$27.6 billion in the third quarter.
BILLIONS OF DOLLARS* BILLIONS OF DOLLARS*
20
CHANGE INFOREIGN ASSETSIN THE U.S., NET
CHANGE INU.S. ASSETS
ABROAD, NE1
-60
-20
-40
-601990
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Period
1981198219831984198519861987198819891990"
1988: IIImIV
1989: IIIIllIV
1990: InIllIV"...
Total
-110,951— 124,490-56,100-31,070-27,721-92,030-62,946— 84,176
-127,061— 61,251
4,569-19,856-42,383-26,508
-32,85,9-1,381
-44,076-48,745
32,905-31,694-31,894-30,568
U.S. assetsincrease /capit
U.S.officialreserve
assets 3 6
-5,175-4,965-1,196-3,131-3,858
3129,149
-3,912-25,293-2,158
1,50239
-7,3801,925
-4,000-12,095-5,996-3,202
-3,177371
1,739-1,091
abroad, netil outflow ( — )
Other U.S.Govern-
mentassets
-5,0976,131
-5,006-5,489-2,821
2,022997
2,9691,1852,971
-1,594847
1,9573,452
962-303
574-47
-659-808-3604,797
]
U.S.privateassets
-100,679-113,394-49,898— 22,451-21,043-90,321-73,091-83,232
-102,953-62,063
4,66119,048
-36,96031,885
-29,82111,017
-38,654-45,496
36,741-31,257-33,273-34,273
Foreign[increas
Total
83,03293,74684,869
102,621130,012221,599218,470221,442214,652
87,545
26,07965,27049,79780,295
68,4022,794
74,13669,320
-32,98825,49656,13138,907
assets in the ^/capital inflov
Foreignofficialassets
4,9603,5935,8453,140
-1,08335,58845,21039,5158,823
30,778
24,8405,970
-2,01510,720
7,797-4,96113,003
-7,016
-8,2035,541
13,58819,851
J.S., neti ( + )] 3
Otherforeignassets
78,07290,15479,02399,481
131,096186,011173,260181,927205,82956,767
1,23959,30051,81269,575
60,6057,755
61,13376,336
-24,78619,95442,54319,055
Allocationsof specialdrawingrights
(SDKs)
1,093
Statistical c
Total (sumof the items
with signreversed)
19,93436,61211,37427,45620,04115,8246,790
— 8,40422,44373,002
2,034-14,539
23,344-19,242
-8,43927,236
-2,4696,117
22,40428,932
2,24419,424
iscrepancy
Of which:Seasonal
adjustmentdiscrepancy
2,9702,995
-4,6304,656
3,093-1,697-4,953
3,560
3,023-767
-4,9802,726
U S officialreserve
assets, net 6
(unadjusted,end ofperiod)
30,07433,95833,74734,93443,18648,51145,79847,80274,60983,340
43,18641,02847,78847,802
49,85460,50268,41874,609
76,30377,29880,02483,340
6 Consists of gold, special drawtion in the IMF.
[ rights (SDKs), foreign currencies, and the U.S. reserve posi- Sources: Department of Commerce (Bureau of Economic Analysis) and Department of theTreasury.
37
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ContentsTOTAL OUTPUT, INCOME, AND SPENDING Page
Gross National Product 1Gross National Product in 1982 Dollars 2Implicit Price Deflators for Gross National Product 2Changes in GNP, Personal Consumption Expenditures, and Related Price Measures 3Nonfinancial Corporate Business—Output, Costs, and Profits 3National Income 4Personal Consumption Expenditures 4Sources of Personal Income 5Disposition of Personal Income 6Farm Income 7Corporate Profits 8Gross Private Domestic Investment 9Expenditures for New Plant and Equipment 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricultural Employment 14Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries 15Employment Cost Index—Private Industry 15Productivity and Related Data, Business Sector 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial Production—Major Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and Inventories—Manufacturing and Trade 20Manufacturers' Shipments, Inventories, and Orders 21
PRICESProducer Prices 22Consumer Prices—All Urban Consumers 23Changes in Producer Prices for Finished Goods 24Changes in Consumer Prices—All Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY, CREDIT, AND SECURITY MARKETSMoney Stock, Liquid Assets, and Debt Measures 26Components of Money Stock and Liquid Assets 27Aggregate Reserves and Monetary Base 27Bank Loans and Securities 28Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .• 29Consumer Installment Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCEFederal Receipts, Outlays, and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector, National Income Accounts Basis 34
INTERNATIONAL STATISTICSIndustrial Production and Consumer Prices—Major Industrial Countries 35U.S. Merchandise Exports and Imports 35U.S. International Transactions 36
General NotesDetail in these tables may not add to totals because of rounding.Unless other-wise 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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