102d Congress, 1st Session
Economic Indicators
NOVEMBER 1991(Includes data available as of Not-ember 22, 1991)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
FEDERAL RESERVESANK OF CHICAGO
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, ChairmanDAVID F. BRADFORD, MemberPAUL WONNACOTT, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That 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 $2.50 a single copy($3.13 foreign), or by subscription at $28.00 per year ($35.00 for foreignmailing) from:
SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE
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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TOTAL OUTPUT, INCOME, AND SPENDINGGROSS NATIONAL PRODUCTIn the third quarter of 1991, according to advance estimates, current-dollar gross national product (GNP) rose 4.2percent (annual rate) or $58.4 billion. Real GNP (GNP adjusted for price changes) rose 2.4 percent and theimplicit price deflator rose 1.8 percent.
BILLIOS
6,000
5,600
5,200
4,800
4,400
4,000
3,600
3,200
2,800
IS OF DOLLAF
_
~~
T^
1 1 1
1982
OURCE: DEPARTME
iS (RATIO SC
—^
-
1 1 1
1983
NT OF COMMERCE
\LE)
—~
fc=
1 1 1
1984
SE
-^
---••'
I 1 1
1985
ASONALLV ADJUST
c- IN CURRE
—^
1 1 1
1986
D ANNUAL RATES
NPMT DOLLARS-
\ XIy
.,-'GN
IN 1982 D
1 1 1
1987
./^
s
-----
3
3LLARS
1 1 1
1988
BILL
^^
\ \ \1989
ONS OF DOL
^-^
\ \ \1990
COUNCIL OF EC
LARS (RATIO
—- ~
1 1 11991
ONOMIC ADVISERS
SCALE)
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: IV1985: IV1986: IV1987: IV1988: IV1989: IV
1990: IIIIllIV
1991: IIIIll P
Grossnationalproduct
2,732.03,052.63,166.03,405.73,772.24,014.94,231.64,515.64,873.75,200.85,465.1
3,212.53,545.83,851.84,107.94,297.34,647.65,009.85,289.3
5,375.45,443.35,514.65,527.3
5,557.75,612.45,670.8
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
2,117.02,315.82,493.42,700.42,868.53,079.13,332.63,518.5
3,588.13,622.73,693.43,724.9
3,742.83,789.03,841.8
Grossprivate
domesticinvest-ment
437.0515.5447.3502.3664.8643.1659.4699.5747.1771.2741.0
409.6579.8661.8654.1648.8741.4747.5762.7
747.2759.0759.7698.3
660.0654.0684.8
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
-103.2-108.9-115.0-70.3-35.3
-30.0-24.9-41.3-28.8
13.518.1
— 1.4
Eind importsand service
Exports
351.0382.8361.9352.5383.5370.9396.5449.6552.0626.2672.8
335.9364.7385.7369.2402.4485.8583.1642.8
661.3659.7672.7697.4
694.5700.8693.5
of goodsi
Imports
318.9348.9335.6358.7442.4448.9493.8564.3626.1672.3704.0
321.9390.5453.6472,4511.3600.7653.5678.1
691.3684.6714.1726.2
681.0682.6694.9
Total
530.3588.1641.7675.0735.9820.8872.2921.4962.5
1,025.61,098.1
671.8676.1764.5856.7888.9942.0
1,000.01,043.3
1,070.11,086.41,102.81,132.9
1,141.51,151.31,145.5
Governgoo
Total
208.1242.2272.7283.5310.5355.2366.5381.3380.3400.0424.0
293.2276.1326.0376.6368.8388.2401.1399.9
410.6421.9425.8437.6
443.8449.7436.8
ment pureds and ser
Federal
Nationaldefense
142.7167.5193.8214.4234.3259.1277.8294.6297.2301.1313.6
205.4221.5244.1268.6280.7296.0299.6299.2
307.2309.6312.6325.0
331.2325.7318.7
lases ofttces
Non-defense
65.474.878.969.176.296.088.786.783.198.9
110.4
87.754.681.9
108.088.192.2
101.6100.7
103.4112.3113.2112.6
112.6124.0118.1
andlocal
322.2345.9369.0391.5425.3465.6505.7540.2582.3625.6674.1
378.7400.0438.5480.1520.1553.9598.9643.4
659.6664.6677.0695.3
697.7701.6708.7
Final
2,740.33,028.63,190.53,412.83,704.54,003.64,224.84,487.34,847.55,172.55,470.2
3,272.43,514.83,806.84,100.74,309.44,591.94,993.65,264.3
5,387.25,429.95,505.65,558.2 1
5,591.95,652.55,688.3
„
A r°St'c
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
3,198.53,571.63,919.74,211.24,406.24,762.65,080.15,324.6
5,405.35,468.25,555.95,556.1
5,544.25,594.35,672.2
1 ( JNP less exports of goods and services plus imports of goods and services. 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: IV.1983: IV1984: IV1985: IV1986: IV.1987: IV1988: IV1989: IV
1990: I..IIIllIV
1991: IIIIII"
Grossnation-
alproduct
3,187.13,248.83,166.03,279.13,501.43,618.73,717.93,845.34,016.94,117.74,157.3
3,159.33,365.13,535.23,662.43,733.63,920.74,059.34,133.2
4,150.64,155.14,170.04,153.4
4,124.14,118.94,143.1
Persona!con-
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
2,078.72,191.92,281.12,386.92,477.82,534.22,638.82,669.9
2,677.32,678.82,696.82,673.6
2,663.72,680.52,705.3
Total
509.3545.5447.3504.0658.4637.0639.6669.0705.7716.9688.7
408.8577.2655.7648.0615.2706.6696.2709.1
700.7700.7697.0656.3
623.7617.6651.2
Gross pdomestic in
Nonresi-dentialfixed
379.2395.2366.7361.2425.2453.5438.4449.8487.2506.1515.4
352.3390.4444.4460.9435.7462.3486.6508.4
514.6508.4519.3519.4
496.8498.5506.5
rivatevestment
Resi-dentialfixed
137.0126.5105.1149.3170.9174.4195.7196.4194.9187.0176.8
115.8159.9169.6179.4200.3195.8195.6181.8
188.3182.8173.0163.3
151.8152.4159.7
Changein
busi-ness
inven-tories
-6.923.9
-24.5-6.462.39.15.6
22.823.623.8
-3.6
-59.327.041.7
7.7-20.8
48.414.018.9
-2.29.54.7
-26.4
-25.0-33.3-15.1
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— 111.3-75.7-47.9
-35.4— 44.6-46.5-8.8
7.1-12.6-32.8
and impand ser
Ex-ports
388.9392.7361.9348.1371.8367.2397.1451.8534.7593.3631.5
336.0355.5376.6367.4406.5487.0555.3611.6
628.1620.1630.5647.2
648.0655.1655.3
orts of7ices
Im-ports
332.0343.4335.6368.1455.8471.4526.9570.3610.6647.4665.3
324.3401.6471.4492.6541.9598.3631.0659.4
663.5664.7677.0656.0
641.0667.6688.1
Total
620.5629.7641.7649.0677.7731.2761.6779.1780.5798.1820.8
660.1642.2693.2752.7776.0791.3799.9802.2
807.9820.2822.7832.3
829.6833.4819.4
Governgooc
Total
246.9259.6272.7275.1290.8326.0334.1339.6328.1334.9343.7
289.5266.0300.5340.6342.4347.7342.3332.7
333.0345.9346.0349.9
349.5354.2340.8
nent pures and se
Federal
Nation-al
defense
171.2180.3193.8206.9218.5237.2252. 1265.1260.7256.3258.7
201.4211.6225.3241.4255.8266.0261.1255.5
254.4256.5258.2265.7
267.5259.4254.1
bases ofvices
Non-defense
75.779.378.968.272.388.882.074.567.578.785.0
88.254.475.299.286.681.781.277.2
78.689.487.884.2
82.094.986.6
Stateand
local
373.6370. 1369.0373.9387.0405.2427.5439.5452.4463.2477.1
370.6376.2392.7412.1433.6443.6457.5469.5
475.0474.3476.7482.4
480.1479.1478.7
Finalsales
3,194.03,225.03,190.53,285.53,439. 13,609.63,712.43,822.53,993.24,094.04,160.9
3,218.63,338.13,493.53,654.73,754.43,872.34,045.24,114.4
4,152.84,145.64,165.34,179.8
4,149.04,152.24,158.2
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
3,147.63,411.33,630.03,787.63,869.04,032.04,134.94,181.1
4,185.94,199.74,216.54,162.2
4,117.04,131.54,175.9
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: IV1985: IV1986: IV1987: IV1988: IV1989: IV
1990: IIIIllIV
1991: IIIIll ".
nationalproduct
85.794.0
100.0103.9107.7110.9113.8117.4121.3126.3131.5
101.7105.4109.0112.2115.1118.5123.4128.0
129.5131.0132.2133.1
134.8136.3136.9
Total
86.694.6
100.0104.1108.1111.6114.3119.6124.2129.9136.4
101.8105.7109.3113.1115.8121.5126.3131.8
134.0135.2137.0139.3
140.5141.4142.0
Personal cexpen
Durablegoods
89.295.7
100.0102.1103.8104.8105.6108.2109.4110.9112.4
100.7103.1104.1104.7106.2108.9110.3111.4
112.5112.1112.3112.7
113.0113.0113.9
onsumptionditures
Nondura-ble goods
89.496.9
100.0102.1105.0107.5107.3112.2116.6122.8131.0
101.0103.1105.8108.7107.8113.9118.6124.5
128.3129.4131.5134.9
135.2135.4135.3
Services
83.992.6
100.0106.2111.6116.8122.4128.7134.5141.0147.7
102.7108.3113.5119.0124.9130.9137.0143.4
145.1146.6148.5150.4
152.1153.5154.7
Grossdomestic i
Nonresi-dentialfixed
85.193.4
100.098.897.997.799.398.9
100.2101.2101.7
100.798.397.997.9
100.099.0
101.8100.7
101.6101.6102.6100.9
101.4100.598.5
privatenvestment
Residen-tial fixed
89.496.6
100.0102.2106.0108.3111.1115.2119.3123.5125.5
99.1103.1107.2109.0112.4116.5120.6124.3
125.3125.3126.0125.7
125.5126.6127.4
Exports angoods am
Exports
90.297.5
100.0101.3103.2101.099.899.5
103.2105.5106.5
100.0102.6102.4100.5•99.099.7
105.0105.1
105.3106.4106.7107.8
107.2107.0105.8
. imports of1 services
Imports
96.0101.6100.097.497.195.293.799.0
102.5103.8105.8
99.397.296.295.994.4
100.4103.6102.8
104.2103.0105.5110.7
106.3102.2101.0
Gove
84.393.3
100.0103.1106.8109.0109.7112.3115.9119.4123.3
101.3103.8108.5110.6107.7111.7117.2120.2
123.3122.0123.0125.1
127.0126.9128.2
rnment pureser
Federal
Nationaldefense
83.492.9
100.0103.6107.2109.2110.2111.1114.0117.5121.2
102.0104.7108.3111.3109.7111.3114.7117.1
120.8120.7121.1122.3
123.8125.6125.4
lases of goo'ices
Non-defense
86.494.3
100.0101.4105.5108.2108.1116.3123.2125.8129.8
99.5100.3108.9108.8101.7112.8125.1130.4
131.5125.6128.9133.8
137.3130.7136.4
ds and
Stateand local
86.293.4
100.0104.7109.9114.9118.3122.9128.7135.1141.3
102.2106.3111.7116.5120.0124.9130.9137.1
138.9140.1142.0144.1
145.3146.4148.1
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
IIIllIV
1988: IIIIllIV
1989: I11IllIV
1990: IIIIllIV
1991: IIIIll'
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
.92.24.04.2
Or
Constant(1982)dollars
-0.21.9
-2.53.66.83.42.73.44.52.51.05.24.24.16.65.13.62.72.73.61.61.7.3
1.7.4
1.4-1.6
-2.85
2.4
ss national pr
Implicitprice
deflator
9.09.76.43.93.73.02.63.23.34.14.13.53.13.51.72.74.44.74.7
3.93.93.23.84.84.73.72.85.24.51.8
jducl
Chain priceindex
9.09.46.34.13.93.32.53.33.74.34.34.33.13.33.13.34.24.84.44.74.43.13.76.14.13.73.65.23.32.1
Fixed-weighted
price index(1982
weights)
9.39.36.24.14.03.42.73.54.24.54.64.43.53.53.73.94.75.54.44.94.63,13.86.63.94.24.75,23.12.1
Currentdollars
10.610.57.19.08.88.26.47.67.66.56.07.39.68.93.79.27.48.28.14.86.67.04.08.23.98.03.51.95.05.7
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-.81.1
.22.7
-3.4-1.5
2.53.8
consumption e
Implicitprice
deflator
10.79.25.74.13.83.22.44.63.84.65.06.44.84.44.1
2.34.34.64.65.25.12.25.06.83.65.46.93.52.61.7
spenditures
Chain priceindex
10.99.25.74.23.93.52.74.64.04.74.96.24.94.34.02.54.74.84.8
5.05.32.64.96.83.45.26.53.42.82.1
Fixed-weighted
price indexU982
weights)
10.59.05.64.24.03.52.74.64.14.85.26.35.14.34.32.64.85.14.95.05.72.74.77.43.15.77.13.32.61.9
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
198019811982198319841985198619871988198919901982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV . . .
1990: IIIIllIV
1991: III
Gross domeof nonf
corporate(billions c
Currentdollars
1,540.81,738.41,782.21,914.22,146.72,267.12,367.12,524.82,720.72,854.52,952.71,779.42,012.52,201.82,309.42,408.72,597.42,797.32,878-.52,907.52,960.02,979.12,964.12,956.92,984.8
stic productnancialbusiness
f dollars)
1982dollars
1,803.61,836.81,782.21,871.82,049.22,132.32,214.32,310.92,443.42,503.02,506.51,761.61,951.72,084.12,165.42,240.82,364.82,482.52,502.22,503.82,519.62,514.42,488.32,446.92,446.4
Totalcost andprofit 2
0.854.946
1.0001.0231.0481 .0631.0691.0931.1141.1401.1781.0101.0311.0561.0661.0751.0981.1271.1501.1611.1751.1851.1911.2081.220
Cur
Capita!consump-
tionallowances
with capitaleonsump-
adjusttnent
0.096.109.125.123.117.118.121.122.122.127.132.130.119.118.119.122.121.123.130.130.131.133.136.140.141
rent-dollar cc
Indirectbusinesstaxes 3
0.077.090.094.098.100.102.104.104.105.109.116.096.097.101.102.104.104.106.111.113.113.117.119.124.125
st and profit
Compen-sation of
emplovees
0.583.632.676.676.683.699.708.720.737.760.791.685.676.689.704.713.726.747.769.777.787.797.804.814.822
per unit of
Netinterest
0.031.037.043.037.039.038.040.040.040.048.051.042.037.042.037.041.040.041.051.051.051.051.052.052.051
output (dolla
Corporattvaluation
Total
0.068.079.063.088.109.106.097.106.109.096.088.057.102.107.105.094.108.110.089.090.094.087080
.079
.082
s) '
profits withand capital cadjustments
Profitstax
liability
0.037.035.026.032.036.033.034.040.042.041.038.023.036.032.033.038.042.042.039.038.039.040.037.032.033
inventorynsurnption
Profitsaftertax 4
0.031.044.037.057.073.073.063.066.067.056.049.034.066.075.071.057.066.067.051.052.055.047.043.047.048
Outputper hour
of allemplovees
(1982dollars)
18.54718.69918.77419.34419.86720.19820.90221.20221.65821.60221.50918.80719.55419.93220.38921.05521.36721.68021.49121.40921.54721.50821.51821.461
' 2 1.490
Compen-sation per
hour ofall
emplovees(dollars)
10.80911.81512.68213.08513.57114.11214.79215.26415.87416.41717.020
12.88113.22113.74114.35015.01415.50616.08916.52916.64116.95017.14817.30117.462
' 17.658
1 Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-lars.
2 This is equal to the deflator for gross domestic product of nonfinancial corporate business withhe 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
1982198319841985198(51987198819891990
1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV
1990: IIIIllIV
1991: IIIIll"
Nationalincome
2,518.42,719.53,028.63,234.03,412.63,660.33,984.94,223.34,418.4
2,548.22,851.53,096.13,312.83,473.13,791.54,104.14,267.1
4,350.34,411.34,452.44,459.7
4,456.44,493.2
Compen-sation ofemploy-
ees1
1,907.02,020.72,213.92,367.52,511.42,686.42,905.13,079.03,244.2
1,931.12,092.72,272.72,426.72,571.22,770.32,986.73,128.6
3,180.43,232.53,276.93,286.9
3,299.33,335.73,371.7
Proprietowith in
valuationconsuladjusl
Farm
24.612.430.530.234.742.843.748.649.9
28.519.328.129.237.252.335.545.7
57.451.042.448.8
48.551.843.2
s' incomeventorvind capitalnptumments
Nonfarm
150.9178.4204.0225.6247.2280.6310.5330.7352.6
159.8188.6209.7235.0252.0293.0321.5336.0
346.6350.8355.6357.4
355.8365.2375.2
Rentalincome ofpersons
withcapital
adjust-ment
13.613.28.59.2
11.613.716.38.26.9
15.812.45.67.8
13.514.616.84.1
5.54.38.49.3
5.65.47.6
Corpora
Total
150.0213.7266.9282.3282.1308.3337.6311.6238.3
146.1248.5266.9291.4275.2323.1349.6290.9
296.8306.6300.7288.9
286.2284.4
te profits wconsul
Profits \vadjustme
consu
159.2196.7234.2222.6228.3255.9289.8286.1293.3
150.7223.4224.6228.4226.1268.6308.7275.3
285.5298.8208.7290.3
289.7284.1
h inventorynption adjust
th inventorynt and withomption adjus
Profitshcfore tax
169.6207.6240.0224.3221.6275.3316.7307.7304.1
164.1231.5226.1235.0234.1289.7331.1289.8
296.9299.3318.5304.1
281.5279.2
valuation anments
valuationut capitaltment
valuationadjust-ment
-10.4-10.9-5.8— 1.7
6.7-19.4-27.0-21.7-U.4
-13.4-8.1— 1.6-6.6-8.0
-21.1— 22.5-14.5
-11.4-.5
-19.8— 13.8
8.14.9
-3.2
capital
Capitalconsump-
tion
-9.217.032.759.753.852.447.825.5
4.9
-4.525.142.363.049.154.540.915.6
11.37.72.0
— 1.4
-3.59
6.4
Netinterest
272.3281.0304.8319.0325.5328.6371.8445.1466.1
266.9290.2313.1322.7324.0338.2394.1461.7
463.6466.2468.3468.4
460.9450.8445.5
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: IV1989: IV
1990: 1IIIllIV
1991: I11I l l "
con-
expendi-ures
2,050.72,234.52,430.52,629.02,797.43,009.43,238.23,450.13,657.3
2,117.02,315.82.493.42,700.42,868.53,079.13,332.63,518.5
3,588.13,622.73,693.43,724.9
3,742.83,789.03,841.8
Totaldurablegoods
252.7289.1335.5372.2406.0423.4457 .5474.6480.3
263.8310.0346.7373.2422.0427.4473.1471.2
492.1478.4482.3468.5
455.3453.7467.4
Durabl
Motorvehi-clesand
parts
108.9130.4157.4179.1196.2197.9212.2215.5213.0
115.7144.4162.3173.8201.1198.9217.8207.5
221.1212.4214.7203.9
190.9187.8196.8
3 goods
Furni-tureand
house-hold
equip-ment
95.7107.1118.8129.9139.7148.8161.8171.4176.4
99.1112.4122.7134.7143.8151.1166.8173.0
178.9176.8176.4173.4
174.2176.5178.9
Other
48.151.659.363.270.076.783.587.890.9
49.053.261.864.777.177.488.590.7
92.089.391.291.3
90.289.491.8
Totalnon-
durable
771.0816.7867.3911.2942.0
1,001.31,060.01,130.01,193.7
786.6837.9879.6932.7952.1
1,019.91,088.01,148.8
1,174.71,179.01,205.01,216.0
1,212.71,221.71,229.5
Nor
Food
398.8421.9448.5471.6500.0530.7562.6595.3624.7
407.0430.8456.1482.5511.9539.0577.1602.2
616.4623.3629.8629.4
636.7642.8644.6
durable g
Cloth-ing andshoes
124.4135.1146.7156.4166.8178.4191.1204.6213.2
126.5141.1149.8160.6168.7182.2198.6208.7
212.9212.6215.8211.5
213.3218.4221.8
aods
Gaso-line
and oil
89.190.290.090.673.575.317.383.893.8
89.891.989.091.066.077.378.583.5
87.184.594.0
109.4
93.990.890.2
Other
158.7169.5182.1192.6201.7216.9229.1246.3261.9
163.4174.0184.7198.5205.5221.5233.9254.4
258.2258.6265.4265.6
268.7269.7272.9
Serv-
1,027.01,128.71,227.61,345.61,449.51,584.71,120.11,845.51,983.3
1,066.51,167.91,267.11,394.51,494.41,631.81,771.51,898.5
1,921.31,965.32,006.22,040.4
2,074.82,113.62,144.9
Retailnew pa
cars (mun
Do-mestics
5.86.88.08.28.27.11.57.16.9
6.07.47.77.07.76.67.56.2
7.06.87.26.6
6.06.16.4
sales ofssengerllions ofts)
Im-ports
2.22.42.42.83.23.23.12.82.6
2.52.62.63.13.43.33.02.6
2.82.72.52.4
2 22.42.3
Source: Department of Commerce, Bureau of Kc'onornic Analvi-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SOURCES OF PERSONAL INCOME''ersonal income rose $22.9 billion (annual rate) in September following a rise of $21.2 billion in August. WagesInd salaries rose $12.1 billion in September, compared with an increase of $12.9 billion in August.
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
Mil l
1985
WAGE AND SALARY DISBURSEMENTS
1986
\OTHER INCOME
TRANSFER
PAYMENTS
I I I1987 1988
inn1989
* SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE
I l l l l l l l 1 1 11990
mill
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: Sept
OctNovDec
1991: JanFebMarAprMayJuneJulyAugSept"
Totalpersonalincome
2,520.92,670.82,838.63,108.73,325.33,526.23,766.44,070.84,384.34,645.54,697.84,695.94,716.24,743.3
4,723.84,733.34,750.44,755.84,787.34,811.04,802.64,823.84,846.7
o
1,510.31,586.11,676.61,838.61,975.42,094.82,249.72,431.12,573.22,705.32,747.22,731.62,731.62,753.62,741.02,741.92,745.62,750.22,772.62,799.42,790.72,803.62,815.7
income
150.3163.6173.6182.9187.6199.3209.4225.5241.9258.1261.2262.2263.2264.2
265.2266.2267.2268.2269.2270.2271.2272.2273.2
Proprietor
Farm
30.724.612.430.530.234.742.843.748.649.938.539.154.552.939.647.258.753.554.247.743.542.443.7
' income 3
Nonfarm
156.1150.9178.4204.0225.6247.2280.6310.5330.7352.6357.0357.1357.6357.5353.8356.3357.4360.9365.8368.9371.1374.7379.7
Rentalincome ofpersons 4
13.313.613.28.59.2
11.613.716.38.26.9
10.010.88.88.36.85.14.95.05.55.66.27.29.5
Personaldividendincome
61.363.968.775.578.785.891.8
102.2114.4123.8125.3126.1126.8127.2127.2127.6125.3125.2125.6125.7126.3126.7127.2
Personalinterestincome
335.4369.7393.1444.7478.0493.2501.3547.9643.2680.4
686.8687.5688.1688.2
685.7681.8678.6676.2674.1672.5670.8669.4668.1
Transferpay-
ments 5
368.1410.6442.6456.6489.8521.5549.9587.7636.9694.8
701.2710.0714.0721.2741.6744.5750.1754.5759.7762.1764.3770.0772.8
Less:Personal
contributionsfor socialinsurance
104.5112.3120.1132.7149.3161.9172.9194.1212.8226.2
229.5228.4228,4229.9
237.2237.2237.4237.8239.3241.1241.4242.3243.0
Nonfarmpersonalincome 6
2,465.62,618.72,799.03,052.13,271.33,469.43,702.24,006.04,314.64,574.34,637.84,635.34,640.24,668.84,662.64,664.44,669.94,680.44,711.14,741.34,737.04,759.44,780.9
1 The total of wage and salary disbursements and other labor income differs from compensation ofmployees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
e accruals over wage disbursements.Consists primarily of employer contributions to private pension and private welfare funds.With inventory valuation and capital consumption adjustments.
wag2
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,
and 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 rose in the third quarter of 1991.
BILLIONS OF DOLLARS * (RATIO SCALE) BILLIONS OF DOLLARS * (RATIO SCALE)
4,500
4,000
3,500
3,000
2,500
2,000
DOLLARS * (RATIO SCALE)
DISPOSABLE PERSONAL INCOME
v
4,500
4,000
3,500
3,000
2,500
2,000
DOLLARS * (RATIO SCALE)
18,000
16,000
14,000
12,000
10,000
8,000
PER CAPITA DISPOSABLE PERSONAL INCOME
CURRENT DOLLARS
1982 1983 1984 1985 1986
1982 DOLLARS
1987
18,000
16,000
14,000
12,000
10,000
8,000
* SEASONALLY ADJUSTED ANNUAL KATESSOURCE: DEPABTMENT Of COMMERCE
1988 1989 1990 1991
COUNCIL OF ECONOMIC ADVISERS
Period
19801981198219831984198519861987198819891990
1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV1990: I
IIIll ....IV
1991: IIIIll '..
Prersona!income
2,258.52,520.92,670.82,838.63,108.73,325.33,526.23,766.44,070.84,384.34,645.5
2,729.22,941.83,188.33,399.13,597.83,890.94,186.24,469.24,562.84,622.24,678.54,718.54,735.84,784.74,824.4
Less:Personaltax andnontax
payments
Billi
340.5393.3409.3410.5440.2486.6512.9571.6591.6658.8699.4
411.1413.9459.7499.6534.4588.6607.3669.6675.1696.5709.5716.6714.6716.6716.7
riquals:ijisposaolepersonalincome
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
2,318.12,527.92,728.62,899.53,063.43,302.33,578.93,799.63,887.73,925.73,969.14,001.94,021.34,068.14,107.7
Less:Personaloutlays *
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
2,174.92,382.52,571.32,787.72,961.43,172.63,430.43,625.53,696.43,730.63,802.63,834.43,852.53,898.03,950.0
Equals:Personalsaving
136.9159.4153.9130.6164.1125.4124.992.5
145.6171.8180.1
easonally
143.1145.4157.3111.7102.0129.7148.5174.1191.3195.1166.5167.5168.7170.2157.7
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
2,276.12,392.72,496.32,562.82,646.22,717.92,833.92,883.22,900.92,902.82,898.02,872.42,861.92,877.92,892.5
Per cdisposable
inc
Currentdollars
8,4219,2439,724
10,34011,25711,86112,46913,09414,12314,97315,695
ual rates
9,92910,72511,46712,06812,62913,48314,47015,21015,52715,63915,76515,84915,88716,03516,145
ipitapersonal
me
1982dollars
Dolla
9,7229,7699,7249,930
10,41910,62510,90510,94611,36811,53111,509
9,74910,15110,49110,66710,90911,09711,45811,54111,58611,56411,51111,37611,30711,34311,369
Per capitconsuexpen
Currentdollars
'S
7,6078,3208,8189,516
10,25310,98511,57612,33413,14413,86614,547
9,0689,825
10,47911,24011,82512,57213,47414,08414,33014,43214,67014,75214,78714,93415,100
i personalnptionlitures
1982dollars
8,7838,7948,8189,1399,4899,840
10,12310,31110,58010,67810,666
8,9049,2999,5879,935
10,21410,34710,66910,68710,69310,67110,71110,58910,52410,56510,633
Percentchange inreal percapita
disposablepersonalincome
Percei
-1.1.5
-.52.14.92.02.6
.43.91.4
-.2
1.29.11.73.3.3
6.41.2.1
1.6g
-1.8-4.6-2.4
1.3.9
Saving aspercent ofdisposablepersonalincome
It
7.17.56.85.46.14.44.12.94.24.64.6
6.25.85.83.93.33.94.14.64.95.04.24.24.24.23.8
Population!includingArmed^Forcesabroad(thou-
sands) "
227,754230,182232,549234,829237,051239,322241,660243,982246,358248,810251,420
233,466235,707237,946240,257242,579244,925247,329249,818250,392251,026251,767252,495253,114253,708254,420
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 INCOMEIn the second quarter of 1991, according to preliminary estimates, gross farm income rose $10.7 billion (annualrate) and net farm income rose $9.7 billion.
BULK
240
160
80
AH
DNS OF DOLL
^ — i
ARS* (RATIO
^=C= '
SCALE)
f 1r ^
GRC
\\
)SS FARM IN<
\ H
:OME
I ^
BILLIONS OF DOLLAR
^
S* (RATIOS*
r~:ALE>
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
19801981198219831984198519861987198819891990
1989: I :IIIllIV
1990: IIIIllIV
1991: I11"
Total '
149.3166.3163.5153.2170.2162.9156.5169.0173.8188.4194.3
189.8188.5184.9190.4
198.8190.5187.3200.7
187.0197.7
(
Cas
Total
139.7141.6142.6136.8142.8144.1135.2141.7150.2159.2169.1
153.7157.4163.9161.7
165.1165.9172.8172.5
162.5173.7
In
jross farm incom
h marketing rece
Livestock andproducts
68.069.270.369.672.969.871.576.078.883.789.7
81.680.883.688.9
89.588.090.890.4
86.783.9
come of farm ope
e
ipts
Crops
71.772.572.367.269.974.363.765.671.475.479.4
72.176.580.372.8
75.677.982.082.1
75.889.8
rators from farmi
inventorychanges 2
-6.36.5
— 1.4-10.9
6.0-2.3-2.4-2.8
4.14.13.1
3.24.34.44.4
4.73.62.51.7
1.51.1
ng
Productionexpenses
133.1139.4140.0137.9143.8131.9125.5127.7132.1140.2144.3
140.6141.3140.9138.1
142.0143.4143.8148.0
147.4148.4
Net farn
Currentdollars
16.126.923.515.326.331.031.041.341.848.250.0
49.247.344.052.3
56.847.143.452.8
39.649.3
i income
1982 dollars 3
18.828.623.514.724.527.927.235.134.438.238.1
39.537.634.740.9
43.935.932.939.7
29.436.2
1 Cash marketing receipts and inventory changes plus Government payments, other farm cashicome, and nonmoney income furnished by farms.
2 Physical changes in end-of-vear inventory of crop and livestock commodities valued at averagerices 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 second quarter of 1991, according to current estimates, corporate profits before tax fell $2.3 billion (annuarate) and profits after tax fell $5.8 billion.
BILLIONS OF DOLLARS
360
320
280
240
200
160
120
80
40
BILLIONS OF DOLLARS
360
-—
1 1 11982
f
//
*
ss
/
x— '
/
1 1 11983
r\w
^ %\
N
\
1 1 1
1984
PROFITS B
^\
PROF
v ^^\
,
1 1 1
1985
SEASONALLY ADJU.
EFORE TAX\ .^y
ITS AFTER 1\v
_Jt_r „ r--^*
T
* ^^y1
i i i1986
TED ANNUAL RATE
^
/
FAX — -^^S
* -~.
"\W LIABILITY
,--^-UNDIST
1 1 11987
s
/~s
__
.^-'— '
1
-T--?IBUTED PR(
1 1 1
1988
r\V
N
--s.
"V.
s
i i i1989
fS\
• — Nx
• — -..' "-
1 1 11990
*
"""
.
1 1 1
1991
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
198019811982198319841985198619871988198919901982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV1990: I
IIIllIV
1991: IIIIll"
Pr
Total 2
194.0202.3159.2196.7234.2222.6228.3255.9289.8286.1293.3150.7223.4224.6228.4226.1268.6308.7275.3285.5298.8298.7290.3289.7284.1
afits (before t
Total
159.6173.8131.2166.6203.3191.4195.2218.4246.5235.2236.4
121.6190.7193.9193.6193.4226.2261.9218.4232.6249.9241.1222.3221.4226.3
ax) with inve
Do
Financial
21.016.511.818.113.022.832.020.722.415.418.718.715.513.626.028.619.824.16.9
16.118.221.718.822.523.2
ntory valuati
nestic indust
Total 3
138.6157.3119.4148.5190.3168.6163.2197.8224.1219.8217.7102.9175.2180.3167.6164.8206.4237.8211.5216.5231.7219.3203.4
198.9203.0
on adjustmen
ries
Nonfinaneial
Manufac-turing
77.188.558.070.188.879.759.586.7
106.596.188.846.888.679.883.864.898.2
112.683.790.1
100.891.273.167.172.0
t 1
sale andretailtrade
21.632.534.638.951.244.144.137.937.138.741.533.643.151.838.541.037.842.341.939.244.439.542.846.247.6
Profitsbefore tax
237.1226.5169.6207.6240.0224.3221.6275.3316.7307.7304.7164.1231.5226.1235.0234.1289.7331.1289.8296.9299.3318.5304.1281.5279.2
Taxliability
84.881.163.177.293.996.4
106.3126.9136.2135.1132.159.888.187.099.8
113.1132.1142.1123.5129.9133.1139.1126.5115.1118.6
P
Total
152.3145.4106.5130.4146.1127.8115.3148.4180.5172.6172.5104.3143.4139.2135.2121.0157.6189.1166.3167.1166.1179.4177.6166.4160.6
rofits after ts
Dividends
54.763.666.971.579.083.391.398.2
110.0123.5133.968.573.980.884.093.6
102.2115.3127.7130.3133.0135.1137.2137.5136.4137.9
X
Undistrib-uted
profits
97.681.839.658.967.044.624.050.270.549.138.735.869.558.451.227.455.473.838.636.833.244.340.429.024.2
j ,valuation
adjustment
-43.1-24.2-10.4-10.9
-5.8-1.7
6.7-19.4-27.0-21.7-11.4-13.4
-8.1-1.6-6.6-8.0
-21.1-22.5-14.5-11.4
-.5-19.8-13.8
8.14.9
-3.2
1 Sec p. 4 for profits with inventory valuation and capital consumption adjustments.2 Includes rt'st of the world, not shown separately.
3 Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
GROSS PRIVATE DOMESTIC INVESTMENTAccording to advance estimates for the third quarter of 1991, nonresidential fixed investment fell $2.3 billion[annual rate) and residential investment rose $10.6 billion. There was a $17.5 billion decrease in inventories,following a decrease of $40.0 billion in the second quarter.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
800
700
600
500
400
300
0 --' \ /-•"_inn I I I I I I 1
1982 1983 1
SOURCE. DEPARTMENT OF COMMERCE
1980
19811982198319841985198619871988198919901982: IV1983: IV1984: IV5985: IV1986: IV1987: IV1988: IV1989: IV1990: I
IIIllIV
1991: IIIIll"
•- ^
I I I I984 1 9i
[Billions of do
domesticinvestment
437.0515.5447.3502.3664.8643.1659.4699.9747.1771.2741.0409.6579.8661.8654.1648.8741.4747.5762.7747.2759.0759.7698.3660.0654.0684.8
FIXED INVti\
CHANGE ININVENT
''X.
1 1 1i5 1 98<!
lars; quarterly
Total
445.3491.5471.8509.4597.1631.8652.5671.2720.8742.9746.1469.5548.8616.8646.8660.9685.7731.3737.7758.9745.6750.7729.2694.1694.0702.3
I M t N l
V
BUSINESSORIES\
""*'
1 1 11987
ata at seasonal
Total
322.8369.2366.7356.9416.0442.9435.2444.9488.4511.9524.1354.9383.9435.0451.3435.8457.5495.3511.8523.1516.5532.8524.0503.6501.1498.8
1 1 11988
y adjusted annua
Fixed investment
Nonresidentiai
Structures
113.9138.5143.3124.0141.1153.2139.0133.7139.9146.2147.0137.6127.4146.6155.9133.7137.2141.2147.1148.8147.2149.8142.1139.5134.9125.4
1 1 11989
rates]
1Producers'
durableequipment
208.9230.7223.4232.8274.9289.7296.2311.2348.4365.7377.1217.3256.5288.4295.5302.2320.4354.0364.7374.3369.3383.0381.9364.1366.2373.4
'
1 1 11990
COUNCIL OF EC
Residential
122.5122.3105.1152.5181.1188.8217.3226.3232.5231.0222.0114.7164.9181.8195.5225.1228.236.0225.9235.9229.1217.9205.2190.5192.9203.5
300
- 200
100
o
1 1 1 -inn1991
DNOM1C ADVISERS
i Change in business1 inventories
Total Nonfarm
-8.3 -2.424.0 ; 18.3
— 24.5 ! -23.1-7.1 j .4
67.7 60.511.3 14.66.9 8.6
28.3 32.326.2 29.828.3 23.3
-5.0 -7.4-59.9 -51.1
31.0 21.345.0 41.3
7.2 23.7-12.2 -8.0
55.7 59.6| 16.2 35.0
25.0 24.1-11.8 -17.0
13.4 13.09.0 6.8
-30.8 —32.4— 34.2 —37.1— 40.0 —35.2-17.5 -14.4
icrcc, Bureau of Ecc
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
EXPENDITURES FOR NEW PLANT AND EQUIPMENTAccording to the Commerce Department July-August 1991 survey, business spending for new plant and equipmentis expected to rise 0.5 percent in 1991. The rise in 1990 was 5.0 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
600BILLIONS OF DOLLARS (RATIO SCALE)
500
400
300
200
100
__^^^
*s'
— --'
1 1 11983
^^ '
"
-.'""""
1 1 !1984
,.-
---'' ~-
1 I 11985
SEASONAL
AL
NOW
'--..
1 I I
1986
Y ADJUSTED ANNUA
^--]
\L INDUSTRIES
\MNUFACTURI
\WANUFACTUR
1 1 11987
RATES
^ "
.. '
NGJ-/
_ _ „ _ - -
NG
! 1 11988
__ -1*^~
_.-^-~~ ~~*"
--*^
1 1 11989
1 1 11990
r— —
_,
31 21\ \ \
1991
600
400
200
100
-^SURVEYED QUARTERLY-2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT 0"= COMMERCECOUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
198019811982198319841985198619871988..19891990 .1991 4
1989: IIIIllIV
1990: I11IllIV
1991: IIII l l4
IV
Allindus-tries
286.40324.73326.19321.16373.83410.12399.36410.52455.49507.40532.61535.13
487.58501.56514.40520.40
532.50534,55534.11530.13
535.50524.57539.53540.91
M
Total
112.60128.68123.97117.35139.61152.88137.95141.06163.45183.80192.61186.20
173.40180.86185.70191.63
192.16195.02194.05189.72
191.13187.35184.55181.76
anufacturi
Dura-ble
goods
54.8258.9354.5851.6164.5770.8765.6868.0377.0482.5682.5878.22
80.0282.3583.4383.83
86.0384.1582.4879.03
81.2479.6977.5474.43
Industries
ig
Non-durablegoods
57.7769.7569.3965.7475.0482.0172.2873.0386.41
101.24110.04107.97
93.3898.51
102.27107.80
106.14110.87111.57110.69
109.90107.66107.01107.33
surveyed
Total '
173.80196.06202 22203.82234 22257.24261.40269.46292.04323.60339.99348.93
314.18320.70328.70328.77
340.33339.53340.06340.41
344.37337.22354.98359.15
quarterly
No
Mining
12.7115.8114.1110.6411.8612.008.158.289.299.219.889.66
8.979.189.239.41
9.629.779.97
10.12
9.8910.099.708.96
imanufactu
Trans-portation
13.5612.6711.7510.8113.4414.5715.0515.0716.6318.8421.4722.53
17.6318.5020.8218.39
21.8421.9421.0821.18
23.2523.0522.0921.75
ing
Publicutilities
41.3247.1753.5852.9557.5359.5856.6156.2660.3766.2867.2167.13
65.8668.4465.3465.56
65.4164.6467.6870.24
67.0464.5868.4668.45
Com-mercial
andother
106.21120.41122.79129.41151.39171.09181.59189.84205.76229.28241.43249.60
221.72224.57233.31235.42
243.46243.18241.32238.87
244.19239.50254.73259.98
Totalnon-farmbusi-
ness 2
318.08358.77363.08359.73418.38454.93447.11461.51508.22563.93591.96
Manu-facturing
112.60128.68123.97117.35139.61152.88137.95141.06163.45183.80192.61186.20
173.40180.86185.70191.63
192.16195.02194.05189.72
191.13187.35184.55181.76
Addenda
Noli
Total
205.48230.09239.11242.38278.77302.05309.16320.45344.77380.13399.34
manufacti
Sur-veyedquar-terly
173.80196.06202.22203.82234.22257.24261.40269.46292.04323.60339.99348.93
314.18320.70328.70328.77
340.33339.53340.06340.41
344.37337.22354.98359.15
ring
Sur-vevt'd
annual-ly3
31.6834.0436.8938.5644.5544.8147.7550.9952.7356.5359.35
1 Excludes forestry, fisheries, and agricultural services; medical services; professional services;social services and membership organizations; and real estate, which, effective with the April-May19H4 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annu-ally") for data for these industries.
2 "All industries" plus the part of nonmanufacturing that is surveyed annually.
3 Consists of forestry, fisheries, and agricultural services; medicai services; professional services;social services and membership organizations; and real estate.
4 Planned capital expenditures as reported by business in July-August 1991, corrected for biasts.l
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 October, civilian employment fell 198,000 and unemployment rose 140,000.
MILLIONS OF PERSONS*
126
MILLIONS OF PERSONS*
126SEASONALIY ADJUSTED
122
118
114
110
106
102
98
12
122
118
114
110
106
102
98
CIVILIAN LABOR FORCE
V
CIVILIANEMPLOYMENT
UNEMPLOYMENT
I I I I I I I I I II I I I I I I I I I I I I I I I I I II I M
1983 1984 1985 1986 1987 1988 1989 1990 1991
*16 YEARS OF AGE AND OVERSOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
198119821983198419851986*1987198819891990
1990:OctNovDec
1991:JanFebMarAprMayJuneJulyAugSeptOct
Noninstitu-tional
populationincludingresidentArmedForcesNSA
171,775173,939175,891178,080179,912182,293184,490186,322188,081189,686
190,095190,312190,483
190,592190,717190,703190,836190,980191,173191,443191,589191,746191,903
Kesi-dent
ArmedForcesNSA
1,6451,6681,6761,6971,7061,7061,7371,7091,6881,637
1,5701,6151,617
1,6151,6021,4601,4561,4581,5051,6041,6161,6241,614
Labor forceincludingresidentArmedForces
110,315111,872113,226115,241117,167119,540121,602123,378125,557126,424
126,445126,338126,791
126,253126,678126,786127,128126,690127,134126,818126,520127,231127,163
Employ-ment
includingresidentArmedForces
102,042101,194102,510106,702108,856111,303114,177116,677119,030119,550
119,303119,001119,191
118,537118,520118,214118,854118,049118,389118,316118,032118,789118,581
Civilianlabor force
108,670110,204111,550113,544115,461117,834119,865121,669123,869124,787
124,875124,723125,174
124,638125,076125,326125,672125,232125,629125,214124,904125,607125,549
Total
100,39799,526
100,834105,005107,150109,597112,440114,968117,342117,914
117,733117,386117,574
116,922116,918116,754117,398116,591116,884116,712116,416117,165116,967
Civilian e
Agricul-tural
3,3683,4013,3833,3213,1793,1633,2083,1693,1993,186
3,1753,1853,253
3,1633,2223,0983,1563,2723,3083,2393,2663,3063,195
mployment
Nonag
Total
97,03096,12597,450
101,685103,971106,434109,232111,800114,142114,728
114,558114,201114,321
113,759113,696113,656114,243113,319113,576113,474113,150113,859113,772
ricultural
Part timefor
economicreasons 1
4,4995,8525,9975,5125,3345,3455,1224,9654,6574,860
5,1355,1635,262
5,1785,8035,8895,9565,7025,4255,6055,6436,1306,116
Unempl
Total
8,27310,67810,7178,5398,3128,2377,4256,7016,5286,874
7,1427,3377,600
7,7158,1588,5728,2748,6408,7458,5018,4888,4428,582
jyment
15weeksandover
2,2853,4854,2102,7372,3052,2321,9831,6101,3751,504
1,5911,7271,739
1,8291,9752,1842,2292,2342,5732,3482,3962,3622,537
Cn
Labor
partici-pationrate(per-
cent) 2
63.964^064.064.464.865.365.665.966.566.4
66.266.166.3
66.066.166.266.466.166.266.065.766.166.0
ilian
Employ-ment/
populationratio(per-
cent) 2
59.057.857.959.560.160.761.562.363.062.7
62.462.262.3
61.961.861.762.061.561.661.561.361.661.5
1 Persons at work. Economic reasons include slack work, material shortages, inability to find full- "Data beginning January 1986 not strictly comparable 'time work, etc. estimation procedures.
2 Civilian labor force (or employment) as percent of civilian noninstitutional population. , „ . .Source: Department of Labor, Bureau of Labor Statistics.
-ith earlier data because of change in
11
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED UNEMPLOYMENT RATESIn October, the civilian unemployment rate rose slightly, to 6.8 percent. The overall unemployment rate also roseslightly, to 6.7 percent.
PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED)
10
25
20
15
10
TEENAGERS(16-19)
1991 1987
V
1988
MEN 20 YEARSAND OVER
WOMEN 20 YEARSAND OVER
11 n 1 1 1 1 1 1 11989 1990
iI I 1 I I I! I I I
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: OctNovDec
1991: JanFebMarAprMayJune ....JulyAugSeptOct
Unem-ploy-mentrate,all
work-ers *
7.59.59.57.47.16.96.15.45.25.4
5.65.86.0
6.16.46.86.56.86.96.76.76.66.7
A 11All
civilianwork-
ers
7.69.79.67.57.27.06.25.55.35.5
5.15.96.1
6.26.56.86.66.97.06.86.86.76.8
B
Men20 yearsand over
6.38.88.96.66.26.15.44.84.54.9
5.25.45.6
5.66.36.56.26.56.66.56.56.56.4
y sex and a
Women20 years
andover
6.88.38.16.86.66.25.44.94.74.8
4.95.15.3
5.35.45.75.55.85.95.45.75.55.8
Unemp
ge
Bothsexes16-19years
19.623.222.418.918.618.316.915.315.015.5
16.216.416.6
18.217.118.718.119.119.220.619.018.018.8
oyment ra
White
6.78.68.46.56.26.05.34.74.54.7
4.95.05.3
5.55.96.25.86.16.26.26.16.06.0
te (percen
By race
B\ackand
other
14.217.317.814.413.713.111.610.410.010.1
10.611.011.1
10.710.711.111.211.511.410.511.111.011.5
t of civilia
Black
15.618.919.515.915.114.513.011.711.411.3
ll.l12.212.2
12.111.812.312.613.013.111.812.312.112.7
n labor force
Experi-enced
wage andsalary
workers
7.39.39.27.16.86.65.85.25.05.3
5.45.75.8
6.06.46.76.46.66.76.56.56.46.5
in group)
Bys
Marriedmen,
spousepresent
4.36.56.54.64.34.43.93.33.03.4
3.53.73.8
4.04.34.54.44.44.74.34.34.54.2
elected grou]
Womenwho
maintainfamilies
10.411.712.210.310.49.89.28.18.18.2
8.58.78.7
9.09.19.09.99.19.28.39.68.99.5
)S
Eu\\-time
workers
7.39.69.57.26.86.65.85.24.95.2
5.55.75.8
6.06.46.56.36.56.66.56.56.46.6
Part-time
workers
9.410.510.49.39.39.18.47.67.37.4
1.17.37.6
7.77.69.18.19.08.68.38.28.38.2
Laborforce
time losttper-
cent) 2
8.511.010.98.68.17.97.16.35.96.2
6.66.76.9
".0".5".7^.6
. t".6".5".6~.7~.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.
12
Source: Department of Labor, Bureau of Labor Statistics.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENTINSURANCE PROGRAMSn October, the percentages of the unemployed who had been out of work for less than 5 weeks, for 5-14 weeks,and for 27 weeks and over fell; the percentage for 15-26 weeks rose. The mean duration of unemployment roseto 14.3 weeks and the median fell to 7.4 weeks.
PERCENT DISTRIBUTION*
70
60
50
20
10 -
DURATION OF UNEMPLOYMENT
LESS THAN5 WEEKS
\
30 ^N -v
1987 1988
5-14WEEKS
\
15-26WEEKS
V
27 WEEKSAND OVER
1989 1990
PERCENT DISTRIBUTION"
70
60
50
40
30
20
10
REASON FOR UNEMPLOYMENT
1991 1987
REENTRANTS
JOB LEAVERS
1988 1990 1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Period
1981198219831984198519861987198819891990
1990: OctNovDec
1991: JanFebMarAprMayJuneJulyAugSeptOct
Unemploy-ment
(thousands)
8,27310,67810,7178,5398,3128,2377,4256,7016,5286,874
7,1427,3377,600
7,715• 8,158
8,5728,2748,6408,7458,5018,4888,4428,582
F
Lessthan
5weeks
41.736.433.339.242.141.943.746.048.646.1
44.144.743.5
44.142.440.939.842.538.739.940.439.038.0
Dur
ercent di
5-14weeks
30.731.027.428.730.231.029.630.030.332.0
33.631.833.4
32.233.433.833.231.632.332.331.033.332.4
ation of
stributio
15-26weeks
13.616.015.412.912.312.712.712.011.211.8
12.512.812.5
12.712.914.414.814.015.914.414.614.416.4
memploy
i
27weeks
andover
14.016.623.919.115.414.414.012.19.9
10.1
9.810.810.6
11.011.311.012.111.913.113.414.013.413.1
ment
Numb
Aver-age
(mean)
13.715.620.018.215.615.014.513.511.912.1
12.012.412.4
12.412.813.013.712.914.213.914.014.014.3
er ofks
Medi-
6.98.7
10.17.96.86.96.55.94.85.4
5.95.95.9
5.96.16.67.06.56.96.67.27.57.4
Be
Joblosers
51.658.758.451.849.848.948.046.145.748.3
49.951.249.9
53.055.554.954.553.655.154.455.456.354.7
ason forpercent
Jobleav-ers
11.27.97.79.6
10.612.313.014.715.714.8
13.713.613.5
11.712.212.611.912.112.311.710.510.911.5
unemploydistributi
Reen-trants
25.422.322.525.627.126.226.627.028.227.4
26.826.328.0
26.624.524.424.725.324.224.225.123.624.2
ment:an
Newentrants
11.911.111.313.012.512.512.412 210.49.5
9.68.98.7
8.77.88.28.99.08.49.79.09.29.6
Staprogrs
Insuredunem-
ployment
Weekly a
3,0474,0613,3962,4762,6112,6502,3322,0812,1582,522
2,7652,9122,970
3,0703,2183,4153,5183,5503,4533,3323,2573,346
"3,365
euns
Initialclaims
verage, t
460583438377396378328310330388
431454461
445489509475438423406421427431
Insuredunem-
ployment,all
regularprograms(unadjust-
ed) '
lousands
3,4104,5943,7752,5612,6932,7462,4012,2482,3242,715
2,2942,7223,222
4,0124,1454,1273,7823,4123.1823,2913,0172,815
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 nonagricultyral employment as measured by the payroll survey was virtually unchanged in October, at 109.0million.
MILLIONS OF PERSONS
110
100 p
90
70
50
40 -
30
201987
ALL NONAGRICULTURALESTABLISHMENTS
SERVICE-PRODUCINGINDUSTRIES
GOODS-PRODUCINGINDUSTRIES
1988 1990
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
MILLIONS OF PERSONS* (ENLARGED SCALE)30
ll I 1 1 1 1 1 1 1 1 1^ 1987
him1988
X- CONSTRUC
imii i im1989
r •noNIMM |
19901 1 1 III II III,
1991 ^
COUNCIl OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Period
1981198219831984198519861987198819891990
1990: GetNov ....Dec
1991: JanFebMarAprMay....June...July....Aug r..Sept r..Oct "...
T t iotalnonagri-culturalemploy-
ment
91,15689,56690,20094,49697,51999,525
102,200105,536108,329109,971
109,982109,761109,621
109,418109,160108,902108,736108,887108,885108,859108,971109,019109,018
Total 2
25,49723,81323,33424,72724,85924,55824,70825,17325,32224,958
24,70524,48124,375
24,18124,03923,87723,79423,84723,79223,79823,82623,79223,727
Goods-
Con-struction
4,1883,9053,9484,3834,6734,8164,9675,1105,1875,136
5,0224,9624,911
4,7974,7924,7204,6884,7154,7104,6954,6914,6974,668
reducing in
»
Total
20,17018,78118,43419,37819,26018,96519,02419,35019,44219,111
18,97318,80718,749
18,67118,53218,44318,39618,42618,37818,40218,44218,41118,379
dustries
anufacturin
Durablegoo s
12,08211,01410,70711,47911,46411,20311,16711,38111,42011,115
11,00010,86710,828
10,77010,65210,58410,56010,57510,53410,54610,55310,53110,496
g
Nondur-able
goods
8,0897,7677,7267,8997,7967,7617,8587,9698,0227,995
7,9737,9407,921
7,9017,8807,8597,8367,8517,8447,8567,8897,8807,883
Total
65,65965,75366,86669,76972,66074,96777,49280,36383,00785,014
85,27785,28085,246
85,23785,12185,02584,94285,04085,09385,06185,14585,22785,291
Trans-portation
andpublic
utilities
5,1655,0824,9545,1595,2385,2555,3725,5275,6445,826
5,8555,8525,867
5,8665,8345,8245,8145,8195,8095,8095,8205,8255,831
Se
Whole-sale
trade
5,3765,2965,2865,5745,7365,7745,8656,0556,2216,205
6,1906,1806,166
6,1386,1196,1056,0866,0856,0686,0646,0506,0476,041
rvice-produ
Retailiveiantrade
15,17215,16115,59516,52617,33617,90918,46219,07719,54919,683
19,66319,62819,579
19,54219,46419,37819,32419,33919,34519,34719,34319,33919,292
cing industr
Finance,insur-ance,
and realestate
5,2985,3415,4685,6895,9556,2836,5476,6496,6956,739
6,7466,7406,733
6,7366,7326,7356,7186,7126,7036,6886,6876,6916,695
es
Services
18,61919,03619,69420,79721,99923,05324,23525,66927,12028,240
28,47928,52528,548
28,59028,58328,57628,57628,64528,71228,73328,83128,91829,019
Gover
Total
16,03115,83715,86916,02416,39416,69317,01017,38617,77918,322
18,34418,35518,353
18,36518,38918,40718,42418,44018,45618,42018,41418,40718,413
nraent
Federal
2,7722,7392,7742,8072,8752,8992,9432,9712,9883,085
2,9802,9642,948
2,9522,9512,9512,9532,9522,9712,9632,9672,9792,984
1 Includes al! full- and part-time wage and salary workers in nonagricultural establishments whoreceived pay for any part of the pay period which includes the 12th of the month. Excludes propri-etors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derivedirom this table not comparable with estimates of nonagricultural employment of the civilian laborforce, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;which count persons as employed when they are not a£ work because of industrial disputes, bad
14
weather, etc., even if they are not paid for the time off; and which are based on a sample of theworking-age population, whereas the estimates in this table are based on reports from employingestablishments.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
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
19811982198319841985..19861987198819891990
1990: OctNovDec
1991: JanFebMarAprMayJuneJulyAug '.Sept 'Oct"
Aver
privatenonagri-
cultural '
35.234.835.035.234.934.834.834.734.634.5
34.234.434.6
34.134.334.234.034.334.634.134.334.534.3
age weekly ]
Manufa
Total
39.838.940.140.740.540.741.041.141.040.8
40.740.640.7
40.440.340.340.240.440.840.741.041.040.9
ours
eturing
Overtime
2.82.33.03.43.33.43.73.93.83.6
3.63.53.5
3.43.33.33.33.43.73.73.83.73.7
Average
Totalnonagne
Currentdollars
$7.257.688.028.328.578.768.989.289.66
10.02
10.1010.1310.17
10.1810.2010.2410.2810.3210.3710.3610.4010.4210.41
gross hourly
arivateultural '
1982dollars 2
$7.697.687.797.807.777.817.737.697.647.53
7.437.437.44
7.427.437.467.477.477.497.477.497.487.47
earnings
Manufac-turing
$7.998.498.839.199.549.739.91
10.1910.4810.83
10.9610.9610.99
11.0211.0311.0511.1211.1511.1911.2211.2511.2611.28
Totalnonagric
Currentdollars
$255.20267.26280.70292.86299.09304.85312.50322.02334.24345.69
345.42348.47351.88
347.14349.86350.21349.52353.98358.80353.28356.72359.49357.06
privateultural l
1982dollars *
$270.63267.26272.52274.73271.16271.94269.16266.79264.22259.72
254.17255.66257.41
253.02254.81255.07253.83256.32259.25254.89257.00258.07256.14
Average
C
Manufac-turing
$318.00330.26354.08374.03386.37396.01406.31418.81429.68441.86
446.07444.98447.29
445.21444.51445.32447.02450.46456.55456.65461.25461.66461.35
gross weeklj
urrent dollar
Construc-tion
$399.26426.82442.97458.51464.46466.75480.44495.73513.17526.40
515.59530.46536.77
523.13533.65526.67532.50533.40532.64532.38533.25537.35538.75
earnings
s
Retailtrade
$157.99163.83171.13174.47174.81175.80178.80183.62188.72194.69
193.69196.02196.31
194.14196.48197.34197.95200.33202.59199.65201.34203.04200.50
Percent chyear ear
pnnonagne
Currentdollars
8.54.75.04.32.11.92.53.03.83.4
2.23.34.0
2.42.42.32.52.93.11.93.02.83.4
nge from aier, totalateultural 3
1982dollars
1.5-1.2
2.0.8
-1.3.3
1.0-.91.0
-1.7
-3.8-2.8-2.0
-2.9-2.5-2.2-2.1-1.9-1.4-2.3-.5-.3
.7
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.Source: Department of Labor, Bureau of Labor Statistics.
EMPLOYMENT COST INDEX—PRIVATE INDUSTRY
Period
1981: Dec1982: Dec1983: Dec1984: Dec . .1985: Dec1986: Dec1987: Dec1988: Dec . . .1989: Dec1990: Dec
1988: MarJuneSeptDec
1989: MarJuneSeptDec
1990: MarJuneSeptDec
1991: MarJuneSept
Index
Totalcompensa-
tion
71.275.880.184.087.390.193.197.6
102.3107.0
94.595.796.697.898.8
100.0101.3102.4103.8105.1106.2107.2108.4109.7110.9
(June 1989 =
Wages andsalaries
73.077.681.484.888.391.194.198.0
102.0106.1
95.096.196.998.099.1
100.0101.1102.2103.3104.4105.4106.2107.3108.4109.2
100)
Benefits '
66.671.476.781.784.687.590.596.7
102.6109.4
Seasonall
93.194.595.797.198.199.8
101.5103.1105.1106.7108.4109.9111.3113.2115.3
Totalcompensa-
tion
Not s
2.01.31.31.3.6.7.6
1.01.1.8
r adjusted
1.31.3.9
1.2
1.01.21.31.1
1.41.31.0.9
1.11.21.1
months earlie
Wages andsalaries
easonally ad
1.81.21.11.2.6.6.6
1.0.8.7
0.81.2.8
1.11.1.9
1.11.11.11.11.0.8
1.01.0.7
Percent ch
Benefits '
usted
2.11.41.31.4.5.6
1.01.01.21.0
2.41.51.31.51.01.71.71.61.91.51.61.41.31.71.9
ange from
1
Totalcompensa-
tion
9.96.55.74.93.93.23.34.8
4.8
4.6
Not se
3.84.54.44.8
4.64.54.84.85.25.24.94.64.44.44.5
2 months earli
Wages andsalaries
8.86.34.94.24.13.23.34.14.14.0
asonally adjti
3.33.83.74.14.24.14.34.14.24.54.24.0
4.03.73.7
?r
Benefits L
12.17.27.46.53.53.43.46.96.16.6
sted
5.96.46.86.95.45.66.06.17.26.96.86.65.86.26.4
1 Employer costs for employee benefits.
NOTE.—The employment cost index is a measure of the change in the cost of labor, free from theinfluence of employment shifts among occupations and industries.
Data exclude farm and household workers.Source: Department of Labor, Bureau of Labor Statistics.
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: IV1986: IV1987: IV1988: I
IIinIV
1989: IIIIllIV
1990: InmIV
1991: In r.HI"....
198019811982198319841985198619871988198919901988: I
nmIV
1989: IIIIllIV
1990: IIIIllIV
1991: III r.Ill "....
1 Output refers to2 Hours of all pe
workers. Estimates3 Wages and sala
benefit plans. Also iemployed.
4 Hourly compens
Output pallpe
Businesssector
99.2100.7100.0102.3104.9107.1109.5110.7113.2112.8112.4100.6103.2105.3108.0109.4111.9113.2112.9113.6113.1113.0113.1112.8112.2112.0112.4112.7112.3112.3112.2112.8
-0.21.5
-.72.32.52.02.31.12.2
-.4-.44.7
-1.12.5
-1.6— .5
.4-1.3-1.9-.71.4.9
-1.2-.0-.52.3
gross domesrsons engageased primari
ries of emploncludes an e.
ation divided
;r hour ofrsons
Nonfarmbusinesssector
99.9100.9100.0102.9105.1106.5108.7109.7112.5111.9111.2100.4103.8105.4107.1108.4110.9112.2112.1112.8112.9112.1112.1111.9111.3111.0111.3111.51°11.2111.2111.2111.8
-0.31.0
-.92.92.11.32.01.02.5
-.5-.64.8-.52.7.1
-2.8.1•y
-2.2-1.1
1.2.6
-.8.0
-.32.4
ic product ord in the seely on establislrees plus emtimate of wa
by the consu
Outf
Businesssector
101.1103.2100.0104.2113.0117.7121.3126.4133.0135.8136.199.5
107.6114.5119.3122.2129.4131.2132.6133.8134.5135.6135.9136.1135.5136.0136.4136.5135.4133.7133.6134.5
-1.12.13.14.28.44.23.14.15.32.1
.25.74.63.52.03.5
.9
.6-1.8
1.41.2.5
-3.4-4.7-.52.9
ginating in thor, includingment data.
3loyera' contrfes, salaries,
Tier price ind€
ut '
Nonfarmbusinesssector
101.7103.4100.0105.0113.7118.1121.6126.8134.0136.7136.999.3
108.7115.1119.6122.4129.7131.6133.4134.8136.0136.4136.8137.1136.3136.8137.2137.4136.1134.5134.3135.3
Pe
-1.21.73.35.08.33.93.04.25.72.0.2
5.95.64.13.61.21.3.6
-2.11.41.2.4
-3.6-4.8-.43.0
e sector in IShours of pro
butions for sand suppleme
x for all urba
Hourspers
Businesssector
19f
101.9102.5100.0101.8107.6109.9110.8114.2117.5120.4121.198.9
104.3108.7110.5111.7115.6115.8117.5117.8118.8120.0120.1120.7120.7121.3121.3121.2120.5119.1119.1119.2
•cent ehan
-0.9.6
-2.51.85.72.1.8
3.03.02.4.6.9
5.81.03.74.0
.51.9.1
2.1-.2-.4
-2.1-4.7-.0
.6
82 dollars.jrietors and
cial insurancntal payment
n consumers.
of allHIS 2
Nonfarmbusinesssector
32 = 100;
101.8102.5100.0102.0108.1110.9111.9115.5119.1122.2123.198.9
104.7109.2111.7112.9117.0117.3119.1119.5120.5121.7122.1122.5122.5123.3123.3123.2122.4120.9120.8121.0
*e; quarte
-0.8.7
-2.42.06.02.5
.93.23.12.6
.71.16.11.43.54.11.11.3.1
2.6-.0
J
-2.8-4.9
— .1.6
mpaid family
e and privatefor the self-
Compensboi
Businesssector
|uarterly i
85.193.0
100.0103.8108.0112.8118.6123.1128.6133.0138.4102.1105.3109.5115.2120.8125.5126.3127.9129.7130.8131.8132.8133.4134.2135.7137.7139.4140.6142.0143.6144.8
rly data at
10.69.37.53.84.14.45.23.74.53.44.02.55.25.83.33.22.91.82.54.66.15.03.34.04.63.5
5Cun
NOTEFerce
differ slif
Sourc
ation perr 3
Nonfarmbusinesssector
ata seasoi
85.193.1
100.0104.0108.1112.5118.2122.4127.8132.1137.2102.1105.2109.6114.6120.3124.8125.5127.1128.8130.0131.0131.7132.4133.3134.6136.6138.2139.5140.9142.5143.8
seasonal]
10.69.47.44.03.94.15.13.64.43.43.92.45.15.53.73.12.22.32.64.05.95.03.74.24.63.5
ent dollar gro
— Data relatt changes arhtly from per
: Departmen
Real comper h
Businesssector
lally adjus
99.798.8
100.0100.6100.4101.2104.5104.5104.9103.5102.2100.6100.5100.4102.0105.5105.0104.8104.9105.1104.8104.4103.6103.2102.9102.2102.7102.3101.4101.5102.1102.3
y adjusted
-2.5-1.0
1.3.6
-.2.8
3.2.1.4
-1.3-1.3-.6
.5
.6-1.0
1.7-3.0-1.3-1.4
2.62.1
-1.7-3.4
.52.4.5
ss domestic p
to all persone from prececent changes
of Labor, Bu
pensationour 4
Nonfarmbusinesssector
ted
99.698.8
100.0100.7100.4100.9104.1104.0104.3102.8101.3100.6100.4100.4101.5105.1104.4104.2104.3104.4104.2103.7102.7102.5102.2101.3101.8101.4100.6100.8101.4101.5
annual ra
2.5-.81.2.7
-.4.5
3.2-.1
.3-1.4-1.5
n
A.3
-.6-1.8-3.8-.8
-1.3-3.2
2.0-1.8-3.0
.72.5.5
roduct divide
s engaged ining period abased on inde
reau of Labo
Unit lab
Businesssector
85.892.4
100.0101.4102.9105.4108.4111.2113.7118.0123.1101.5102.0104.0106.7110.4112.1111.5113.3114.2115.6116.6117.3118.3119.6121.1122.5123.7125.2126.4128.0128.4
tes
10.97.78.31.41.52.32.82.62.23.84.4
-2.16.43.35.03.72.53.24.55.34.74.14.64.15.11.2
by constant
the sector,nd are basedxes shown he
Statistics.
or costs
Nonfarmbusinesssector
85.292.3
100.0101.0102.8105.6108.8111.6113.7118.1123.4101.7101.3104.0107.1110.9112.6111.9113.4114.2115.2116.9117.5118.3119.8121.3122.7124.0125.4126.7128.2128.6
11.08.38.41.01.82.83.02.51.93.94.4
-2.35.62.73.56.02.03.05.05.24.74.44.64.24.91.1
dollar gross <
on original (re.
Implicdefla
Businesssector
86.294.4
100.0103.3106.8109.5111.8114.8118.2122.8127.5101.4104.8107.9110.5112.8115.7116.2117.5118.9120.3121.2122.5123.3124.3125.8127.2128.2128.8130.3131.8132.1
9.09.65.93.33.32.52.12.73.03.93.81.74.84.74.93.14.32.53.54.64.63.22.04.64.71.1
omestic prodi
ata; they the
t pricetor 5
Nonfarmbusinesssector
85.794.0
100.0103.5106.6109.8112.3115.3118.4123.0127.7101.5104.7107.9111.0113.4116.2116.6117.8118.8120.5121.4122.7123.5124.7125.8127.3128.4129.2130.7132.0132.4
9.79.76.33.53.03.02.32.72.73.93.81.44.13.45.92.84.42.63.93.84.83.62.54.54.21.3
ct.
refore mav
16
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production was unchanged in October, after rising slightly in September. Capacity utilization fell slightlyin October.
INDEX, 1987 = 100* (RATIO SCALE)
115TOTAL lh>
r^/^
1 1 1 1 1 1 1 1 1 1 1
DUSTRIAL
/•—I•
1 1 1 M M i l l
'RODUCTIC
r~/~— — » -
M i l l M M !
N
*""" ^
i i n 1 1 M i M
v/—
M II 1 1 i M II
INDEX, 1987 = 100* (RATIO SCALE)
130
— CAPACI(TOTAL
-~f~^\/^
'
II M 1 i M M !
1987
W UTILIZATNDUSTRY)
r^
M 1 M 1 1 1 1 M
1988
ON RATE -
^~\^-
1 1 M M 1 1 1 1 1
1989
K "~~\V
M 1 1 M M 1 M
1990
\X~"M 1 1 M M M 1
1991
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
19801981198219831984198519861987198819891990
1990: OctNovDec
1991: JanFebMarAprMayJuneJuly r
Aug r.Sept r
Oct"
Toindu
prodi
1987 = 100
84.185.781.984.992.894.495.3
100.0105.4108.1109.2
109.9108.3107.2
106.6105.7105.0105.5106.4107.3108.1108.0108.2108.2
taltrialction
Percent
from yearearlier
1.91.9
-4.43.79.31.71.04.95.42.61.0
2.0.2
-1.3
-.8-2.6-3.6-3.0-2.7
2 5— 2.1-2.3-2.2-1.6
Total
78.880.376.680.989.391.694.3
100.0105.8108.9109.9
110.7108.9107.5
107.0106.1105.2105.9106.6107.5108.3108.4108.9108.9
Industry pro<
Manufacturing
Durable
75.777.472.776.888.491.893.9
100.0107.6110.9111.6
112.5109.9107.5
107.2106.1105.0106.0106.7107.3108.1107.9108.6108.3
uction indexes
Nondurable
83.184.582 587.090.891.594.9
100.0103.6106.4107.8
108.4107.7107.4
106.8106.0105.4105.9106.5107.6108.6109.0109.3109.5
, 1987 = 100
Mining
110.0114.3109.3104.8111.9109.0101.0100.0101.8100.5102.6
102.6103.3103.4
101.7102.9101.5100.9100.2102.1102.7101.5100.7100.5
Utilities
95.994.391.893.697.099.596.3
100.0104.4107.1108.0
109.2106.9108.8
107.6104.6106.4105.9111.4111.5110.9110.2108.5108.6
Capacityrate, pt
Totalindustry
82.180.975.075.881.180.379.281.484.084.283.0
83.081.680.6
80.079.178.478.679.179.680.079.879.879.6
utilizationrcent l
Manufac-turing
80.278.872.874.980.479.579.081.483.983.982.3
82.280.779.4
78.978,077.277.577.878.378.778.678.878.6
1 Output as percent of rapacity. : 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
19811982 . . . .19831984198519861987198819891990
1990: OctNovDec
1991: JanFebMarAprMayJuneJuly r
Aug T
Sept 'Oct"
Total
82.180.883.091.094.295.7
100.0105.6109.1110.9
112.3110.2109.2
109.1108.3108.1108.7109.3110.1110.2109.8110.5110.6
Co
Total
85.884.588.892.893.796.8
100.0104.0106.7107.3
108.6106.5105.7
105.6104.7104.7105.5106.6108.0108.3108.4109.2109.5
I
nsumer gc
Dura-ble
goods
74.068.779.791.091.694.5
100.0104.9107.9106.2
106.999.496.0
97.695.295.999.3
101.1104.2105.5104.0107.6107.7
^nal produc
ods
Nondur-able
goods
89.689.791.993.494.497.6
100.0103.7106.4107.6
109.1108.5108.4
107.8107.3107.1107.2108.1109.0109.0109.6109.7110.0
Produ
ts
f
Total '
78.277.076.889.294.894.5
100.0107.6112.3115.5
117.0115.1113.6
113.6112.9112.5112.8112.7112.8112.8111.7112.1111.9
cts
jquipment
ness
76.172.971.985.491.193.2
100.0111.8119.1123.1
125.4122.9121.2
121.6120.6120.3121.3121.7121.9122.5121.3122.6122.6
De-fense
spaceequip-ment
58.565.771.878.989.496.0
100.098.097.497.3
97.396.295.8
94.494.593.992.591.591.090.090.089.088.6
Intern
Total
77.075.180.386.288.392.0
100.0104.4106.8107.7
107.0106.2106.0
103.8102.6101.3101.2102.7104.0104.0104.2103.9103.6
lediate pro
Con-
supplies
78.472.280.286.289.193.8
100.0104.4106.1105.2
103.1101.8101.0
97.796.494.094.995.897.496.996.596.796.5
iucts
Busi-nesssup-plies
75.777.080.386.287.790.7
100.0104.4107.3109.4
109.7109.2109.4
108.1106.8106.4105.6107.5108.5109.0109.6108.9108.6
Mat<
Total
92.885.188.396.696.695.9
100.0105.6107.4107.8
108.3106.8105.3
104.8103.9102.6103.4104.5105.4107.0107.2107.2107.1
r ials
Ener-gy
104.3100.798.9
103.8103.499.4
100.0101.8101.4102.1
102.3101.6102.0
101.1101.1101.3101.1102.4103.4104.1103.2102.6102.6
1 Includes oil and gas well drilling and manufactured homes, not shown separately.
[1987^100; monthly data season; [justed]
Period
1981198219831984198519861987198819891990
1990: OctNovDec
1991: JanFebMarAprMayJuneJulv r
Aug r
Sept 'Oet"
Primary
Total
117.583.291.0
102.4101.893.8
100.0110.3109.2108.4
108.6109.1104.2
99.799.594.794.596.996.4
101.2103.0102.7102.3
metals
Ironandsteel
135.186.296.1
105.9104.590.8
100.0113.8109.3109.9
110.3112.6107.3
99.098.092.091.694.092.999.5
100.9100.9100.6
Fabri-catedmetalprod-ucts
91.183.285.593.394.593.8
100.0106.2107.2105.9
106.4104.3101.9
101.799.197.898.099.199.8
100.9101.3101.5101.4
Durable m
Non-electri-
calmachin-
ery
65.963.964.380.886.890.4
100.0113.8121.8126.5
128.1126.3124.7
125.5124.5123.1123.5123.6123.4123.9123.3123.5123.3
anufactures
Electri-cal
machin-ery
75.475.980.394.193.194.3
100.0106.5109.5111.4
110.8110.4108.7
107.6108.2108.6109.7
. 110.6111.5111.0111.8111.9110.9
Transpequi]
Total
68.764.872.783.191.896.9
100.0105.0107.2105.5
109.2100.196.6
97.695.595.097.298.299.7
101.398.9
102.2102.5
Drtationment
Motorvehi-clesand
parts
64.458.874.590.699.098.5
100.0105.5104.996.8
103.885.878.5
83.079.479.886.289.892.596.791.699.4
100.5
Lum-ber andprod-ucts
74.767.379.986.088.095.1
100.0104.6103.0101.6
98.295.593.5
94.291.591.292.792.596.794.895.094.993.8
No
Ap-parelprod-ucts
91.090.193.895.792.696.3
100.0102.2104.398.8
97.295.594.9
92.993.192.593.295.296.297.898.798.598.9
ndurable
Print-ingandpub-
lishing
72.175.279.084.587.690.7
100.0103.6108.5111.9
112.9112.4112.8
112.1110.9110.4110.7110.6111.2111.9112.3112.5112.7
manufacti
Chemi-calsand
prod-ucts
89.281.887.591.491.494.6
100.0105.4108.5110.3
110.7110.0109.9
110.1109.1108.2109.0109.2109.6111.5112.1112.3113.0
res
Foods
86.587.790.192.194.997.4
100.0102.8105.5107.6
108.8109.6109.1
108.3107.6107.4107.6107.8108.6108.3
'108.7109.2109.4
Source: Board of Governors of the Federal Reserve Svstem.
18
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NEW CONSTRUCTION[Monthly data seasonally adjusted]
Period
1981198219831984198519861987198819891990
1990: SeptOctNovDec
1991: JanFebMarAprMayJune ,July r.Aug r
Sept "
Total newconstructionexpenditures
272.0260.6294.9348.8377.4407.7419.3432.2443.7446.4
437.2434.6431.4421.3
406.5410.1401.9407.1399.0398.2400.6402.1406.5
Total
207.3197.5231.5278.6299.5323.1328.6337.4345.4337.8
330.3324,1317.2311.3
303.9300.5293.3299.0291.0290.9289.6293.2295.9
Resi
Total '
I
99.284.7
125.5153.8158.5187.1194.7198.1196.6182.9
175.4172.1168.0165.0
161.8155.6152.4151.8154.6158.3157.8162.9167.7
Private
iential
i\ew Housing
illions of dollars
69.457.094.6
113.8114.7133.2139.9138.9139.2128.0
Annual rates
121.6119.0115.1113.0
107.9103.5100.8100.6103.2106.7109.7114.6119.0
Commercialand
58.262.657.774.089.884.484.088.094.396.4
94.992.089.388.6
85.186.283.287.078.273.873.272.069.7
Other
49.850.248.250.851.351.650.051.454.658.5
60.059.959.957.7
57.058.757.660.258.358.858.658.358.5
Federal,State, and
local
64.763.163.570.277.884.690.694.898.3
108.7
106.8110.5114.2110.0
102.6109.6108.6108.0108.0107.3111.0108.9110.6
Oonstructio
Total valueindex
(1982 = 100)
100100124136150159165167173157
r!47154152136
133138
r!40152
r!46M37
146150143
n contracts 3
Commercialand industrial
floor space(millions ofsquare feet)
919690756955
1,0971,0161,019
973961747
Anniuil rales
693639660555
602658538624565438469514416
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 SystemsCompan}', F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES[Thousands of units or homes, except as noted]
Period
1981198219831984198519861987198819891990
1990: SeptOctNovDec
1991: JanFebMarAprMavJuneJulyAug 'Sept T
Oct"
Total
1,084.21,062.21,703.01,749.51,741.81,805.41,620.51,488.11,376.11,192.7
1,1061,0261,130
971847992907977983
1,0341,0491 ,0561,0211 ,096
Units started, b\
1 unit
705.4662.6
1,067.61 ,084,21,072.41,179.41,146.41,081.31,003.3
894.8
858839769751648788742801831869879883864898
New private
type of structure
2-4 units
91.180.0
113.5121.493.484.065.358.855.237.5
Seasonal
3522541729372832362446422948
housing units
5 or more units
287.7319.6522.0544.0576.1542.0408.7348.0317.8260.4
y adjusted annu
213165307203170167137144116141124131128150
Unitsauthorized
985.51,000.51,605.21,681.81,733.31,769.41,534.81,455.61,338.41,110.8
al rates
989925916854802876892913966999
1,005953982
1,035
Unitscompleted
1,265.71,005.51,390.31,652.21,703.31,756.41,668.81,529.81,422.81,308.0
1,3141,2751,2461,1551,1251,0961,190,089,070,105
' ,069,054
" ,144
New pri\
Homes sold
436412623639688750671676650534
504465480464414488495506507518503512446
ate homes
Homes forsale at end of
period 1
275253301353346357366368363318
338334327318315313308303299295296295295
Vacancv rate
housing units(percent) 2
5.05.35.75.96.57.37.7t . t7.47.2
7.2
7.2
7.5
7.3
7.6
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for IfiTK-iSH tare for 16,000 places.
1 Seasonally adjusted.2 Quarterly data enter
earlier data.i last month of quarter. Series beginning 1989 not coiimparahle with
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 September, manufacturing and trade sales rose 0.4 percent and inventories rose $5.0 billion. In October,according to advance data, retail sales fell 0.1 percent, following a rise of 0.6 percent in September.
BILLIONS OF DOLLARS* (RATIO SCALE]
1,000'
900
800
700
600
500
400
300
200
MANUFACTURING ANDTRADE INVENTORIES
MANUFACTURINGAND TRADE SALES
1988
'SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE
1989 1990 1991
BILLIONS OF DOLLARS* (RATIO SCALE)300
250
200
150
100
RETAIL INVENTORIES
RETAIL SALES
RATIO*
I./O
1 40
INVENTO
V—']l,lm
1987
?Y-SALES R
^-^*" 'V" Nxs.
|1988
ATIORETAIL
\^ f—\ ,./
1- \r— '
- XV<~~K^ , /MANUFACTURING
AND TRADE
Jnm1989 1990
A
\
Vi imlimi
1991
COUNCIL OF ECONOMIC ADVISERS
Period
198219831984198519861987198819891990
1990: Sept/OctNovDec
1991: JanFebMarAprMayJuneJulyAug r
Sept"Oct"
Manufacttrac
Sales 2
348,755370,441411,391423,806431,668459,088496,330525,839542,917
549,804r 554,938546,714534,361527,074527,915523,117530,872535,926536,977541,023539,578541,977
uring ande '
Inven-tories 3
574,518590,968650,789665,060664,031711,595767,700810,257826,941
825,964830,414832,464826,941831,445828,201819,615816,893811,713807,105806,802806,648811,665
Who
Sales 2
96,290100,324113,393114,626116,151124,254135,176144,005149,193
149,918151,001148,176148,036
144,723143,608142,935145,019144,927145,217147,635145,524146,647
esale
Inven-le
Millions
128,196130,906143,557148,484154,713165,271180,313188,273195,567
193,077194,053195,544195,567198,993198,563196,733195,052193,632192,039192,806192,503192,306
Total
of dollars,
89,11497,570
107,316114,642120,860128,509137,613145,146150,602
151,970r 151,984
152,711149,750147,803151,092151,467150,967152,710152,642153,195152,160
' 153,025152,888
Sales 2
Durablegoodsstores
seasonally
28,01332,63137,93841,56745,12148,05152,28154,34954,563
54,276r 54,29654,15252,40250,89753,23553,72553,49054,07454,21254,11753,390
r 54,52654,549
Re
Nondura-ble goods
stores
idjusted
61,10164,93969,37773,07575,73880,45785,33290,79796,039
97,694r 97,68898,55997,34896,90697,85797,74297,47798,63698,43099,07898,770
r 98,49998,339
tail
Total
134,493147,712167,748181,773186,587208,112219,791238,159242,563
241,895244,901244,550242,563244,071241,179236,900236,696236,204235,098235,994236,757240,335
Inventories 3
Durablegoodsstores
61,46969,02579,25088,46490,197
105,738112,254120,663120,629
122,303124,048122,947120,629121,217119,239116,041116,087115,490114,305114,754115,279117,515
Nondura-ble goods
stores
73,02478,68788,49893,30996,390
102,374107,537117,496121,934
119,592120,853121,603121,934122,854121,940120,859120,609120,714120,793121,240121,478122,820
Inventorv-.
Manufac-turing
1.671.551.531.551.551.501.491.511.51
1.501.501.521.551.581.571.571.541.511.501.491.491.50
ales ratio 4
Retail
1.491.441.491.521.561.551.551.601.59
1.591.611.601.621.651.601.561.571.551.541.541.561.57
1 See page 21 for manufacturing.2 Monthly average for year and total for month.3 End of period.
4 Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
20
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSIn September, manufacturers' shipments and inventories rose, while new and unfilled orders fell.
BILLIONS OF DOLLARS' (RATIO SCALE)/»u
240
200
80
BllilO
-SHIPMEN
u— —•— |
D
^•~" —
i m 1 1 1 m i
NS OF DOHA
TS ,.r-
JRABLEGOCtf
' ••— —
"
— NOND
1 1 i 1 1 i 1 1 1 M
RS' (RATIO SC
i w~-v --S
\TOTAL
)DS
JRABLEGOC
mull mi
ALE)
^•— '"- X
.^^
DOS
1 1 1 1 \ I 1 1 1 M
r-^-—
1 M 1 1 1 1 1 1 1 1
AW
240
200
160
80
—NEW OR— — """""l
DUR/
. •""• "*•*" *
nni lnin1987
DERS^y,
r" """\BLE GOOD
V.y--- '
NONI
iimlimi1988
r - - —
\TOTAL
5
x-v--'.''
\3URABLEGC
n mini n1989
v
-/••'•-^
KDDS
1||M|
1990
r-^-^
/>.l~^*"—
m|||1991
BILLIONS OF DOLLARS' (RATIO SCALE)
440
360
280
200
160
120
80
60
- INVENTORIES
M i n m i !
DURABLE GOODS
\NONDURABLE GOODS
mi ilimi
RATIO'
2.20
2.00
1.80
1.60
1.40
1.20
INVENTORY-SHIPMENTS RATIO
1987
iiii1988 1989 1990 1991
COUNCIL OF ECONOMIC ADVISERS
Period
1982 ,19831984198519861987198819891990
1990: SeptOctNoyDee
1991: JanFebMarAprMayJuneJulyAug 'Sepf
Manul
163,351172,547190,682194,538194,657206,326223,541236,689243,122
247,916251,953245,827236,575
234,548233,215228,715234,886238,289239,118240,193241,894242,305
acturers' shipn
Durablegoods
79,21285,48197,940
101,279103,238108,128117,993124,532125,388
125,783127,692122,693118,578
117,648117,432114,487119,721121,024122,240122,994124,459
r!25,113
ents 1
Nondurablegoods
84,13987,06692,74293,25991,41998,198
105,549112,156117,735
122,133124,261123,134117,997
116,900115,783114,228115,165117,265116,878117,199117,435117,192
Manuf
311,829312,350339,484334,803322,731338,212367,596383,825388,811
390,992391,460392,370388,811
388,381388,459385,982385,145381,877379,968378,002377,388379,024
icturers' inven
Durablegoods
tfiUions of d<
200,409199,814221,284218,182212,010220,790241,389253,261252,836
255,278255,113.256,387252,836
252,170252,256250,405249,546246,964245,642244,467243,616244,488
.ories 2
;
Nondurablegoods
)llars, season
111,420112,536118,200116,621110,721117,422126,207130,564135,975
135,714136,347135,983135,975
136,211136,203135,577135,599134,913134,326133,535133,772134,536
ally adjustet
162,140175,451192,879195,706195,204209,389227,025240,758243,643
248,987254,976239,237238,196
234,462233,132226,431231,229236,540233,725248,090243,160238,933
Manufacturers
Durabl
Total
78,06488,140
100,164102,356103,647110,809121,444128,651125,958
126,893130,875116,193120,221
117,789117,547112,116116,139118,434117,128130,827125,482
T 121,470
new orders 1
goods
Capitalgoods
industries,non-defense
19,21319,62423,66924,54523,98326,09630,72734,81634,032
34,41937,22330,88438,560
33,95733,75631,94028,74828,03829,28236,68930,993
r30,790
Nondurablegoods
84,07787,31192,71593,35191,55798,579
105,581112,107117,685
122,094124,101123,044117,975
116,673115,585114,315115,090118,106116,597117,263117,678117,463
Manufac-turers'unfilledorders 2
311,893347,310373,607387,241393,629430,589472,223520,837527,195
529,141532,164525,574527,195
527,109527,026524,742521,085519,336513,943521,840523,106519,734
Manufac-turers'inven-tory—
shipmentsratio 3
1.951.781.731.731.681.591.581.611.60
1.581.551.601.64
1.661.671.691.641.601.591.571.561.56
1 Monthly average for year and total for month. Shipments are the same B2 End of period.
3 Annual data are averages of seasonally adjusted monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICESPRODUCER PRICESIn October, the producer price index for all finished goods rose 0.7 percent. Prices of finished consumer foods rose0.4 percent and prices of other finished consumer goods rose 0.9 percent. Capital equipment prices rose 0.4percent.
INDEX, 1982 = 100 (RATIO SCALE) INDEX, 1982 = 100 (RATIO SCALE)
100 100
901983
90
SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Period
19811982198319841985198619871988198919901990: Oct
NovDec
1991: JanPebMarAprMayJune r
JulyAugSeptOct
Totalfinishedgoods
96.1100.0101.6103.7104.7103.2105.4108.0113.6119.2122.3122.8122.3122.4121.5121.2121.3121.9121.4121.1121.4121.5122.3
Con-sumerfoods
97.8100.0101.0105.4104.6107.3109.5112.6118.7124.4125.1125.2124.8124.6124.9125.1125.5125.5124.9124.0123.5122.9123.4
F
Total
95.6100.0101.8103.2104.6101.9104.0106.5111.8117.4121.4122.0121.4121.6120.4119.9120.0120.7120.2120.1120.7121.0121.9
Fin
nished go
Total
96.1100.0101.2102.2103.3
98.5100.7103.1108.9115.3120.6121.3120.2120.1118.4117.5117.7118.5117.7117.6118.4118.7119.8
shed goods
ids excluding
Consumer gc
Durable
96.4100.0102.8104.5106.5108.9111.5113.8117.6120.4121.2121.8122.3123.1123.5124.2123.9123.6123.2123.3123.7123.5124.5
consumer foo
ods
Nondurable
95.8100.0100.5101.1101.7
93.394.997.3
103.8111.5118.6119.3117.6117.2114.7113.4113.7114.9114.0113.7114.8115.2116.2
Js
Capitalequip-ment
94.6100.0102.8105.2107.5109.7111.7114.3118.8122.9124.1124.4124.8125.7125.9126.2126.1126.5126.7126.7126.8127.0127.5
Totalfinished
con-sumergoods
96.6100.0101.3103.3103.8101.4103.6106.2112.1118.2122.1122.6121.7121.6120.5119.9120.2120.7120.0119.6120.1120.1121.0
Intern
Total
98.6100.0100.6103.1102.799.1
101.5107.1112.0114.5117.9118.1117.2116.6115.7114.5114.0113.9114.0113.7114.1114.2114.1
lediate ma
Foodsand
feeds '
104.6100.0103.6105.7
97.396.299.2
109.5113.8113.3113.0111.7111.9110.4112.3113.2113.0110.1109.7108.6110.9110.5111.7
te rials
Other
98.2100.0100.5103.0103.0
99.3101.7106.9111.9114.5118.2118.5117.5116.9115.9114.5114.0114.1114.3113.9114.3114.4114.3
Cn
Total
103.0100.0101.3103.5
95.887.793.796.0
103.1108.9125.4117.6111.2113.2104.5101.0100.6100.7
99.299.299.298.3
100.1
iide mater
Food-stuffsand
feed-stuffs
103.9100.0101.8104.7
94.893.296.2
106.1111.2113.1111.9110.8109.5108.3108.4109.5108.7105.1105.9104.1102.2103.7103.8
als
Other
101.8100.0100.7102.296.981.687.985.593.4
101.5127.9116.4107.2110.898.092.292.094.191.592.393.391.293.8
1 Intermediate materials for food manufacturing and feeds. :e: 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 October, the consumer price index for all urban consumers rose 0.1 percent, seasonally adjusted and notseasonally adjusted. The index was 2.9 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE]150
140
130
120
110
100
90
NDEX, 1982-84 = 100 (RATIO SCALE)
150
1 1 1 1 1 1 1 1 1 1 1
1983
^
1 1 1 1 1 1 1 1 1 1 11984
r-- '
1 1 1 1 1 1 I 1 I I I
1985
SEAS
CONSUMER
1 1 1 1 1 1 1 1 1 I 1
1986
DNALLY ADJUSTED
PRICES— ALL IT
1 1 1 1 1 1 1 1 1 1
1987
EMS
j^
1 1 1 1 1 1 1 1 1 1 1
1988
/ 1
1 1 1 1 1 1 1 1 1 1 1
1989
^
1 1 1 1 1 ! 1 1 1 1 11990
r^
1 1 1 1 1 1 1 1 1 11991
140
130
120
110
100
90
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
Period
Rel. imp.3....19811982198319841985198619871988198919901990:
OctNovDec
1991:JanFebMarAprMayJuneJulvAugSeptOct
All it
Notseason-
ally
ed(NSA)
100.090.996.599.6
103.9107.6109.6113.6118.3124.0130.7
133.5133.8133.8
134.6134.8135.0135.2135.6136.0136.2136.6137.2137.4
ems l
Sea-son-ally '
adjust-ed
133.4133.8134.2
134.8135.1135.0135.3135.7136.0136.3136.6137.1137.2
Pood
16.293.697.499.4
103.2105.6109.0113.5118.2125.1132.4
134.1134.7134.9
135.7135.4135.7136.7136.7137.4136.6136.2136.3136.2
Total !
41.490.496.999.5
103.6107.7110.9114.2118.5123.0128.5
130.4130.6130.8
131.9132.5132.6132.8133.0133.1133.5133.5134.2134.6
Total
27.790.596.999.1
104.0109.8115.8121.3127.1132.8140.0
142.0142.3142.8
143.9144.6144.8145.2145.3145.8146.1146.2146.9147.3
Hoi
Shf
Rent-ers',
(Dec
100)
7.9
103.0108.6115.4121.9128.1133.6138.9146.7
148.8149.5150.5
153.0154.2154.2154.2154.1154.5155.0154.7155.4156.0
sing
Her
Home-own-ers'
costs(Dec.
1982 =100)
19.5
102.5107.3113.1119.4124.8131.1137.3144.6
146.8146.9147.3
147.9148.4148.7149.2149.4149.9150.2150.5151.3151.6
Mainte-nanceand
repairs(NSA)
0.290.796.499.9
103.7106.5107.9111.8114.7118.0122.2
123.4123.9123.8
124.1125.1124.2126.1126.9126.2126.9127.2126.8126.6
Fueland
otherutili-ties
7.386.494.9
100.2104.8106.5104.1103.0104.4107.8111.6
113.8114.2113.7
115.5115.1114.8114.2114.8114.0114.8114.7115.4116.1
Appar-el andupkeep
6.195.397.8
100.2102.1105.0105.9110.6115.4118.6124.1
125.1125.3125.7
126.9128.9127.4127.2127.8127.7128.9130.4129.9129.4
T
Total '
17.893.297.099.3
103.7106.4102.3105.4108.7114.1120.5
125.8126.5126.9
125.4124.0122.8122.4123.2123.5123.5124.0124.3124.0
ansportati
New
4.093.797.499.9
102.8106.1110.6114.6116.9119.2121.0
121.2121.5122.0
123.6124.2124.8125.2125.3125.6125.6125.8126.2125.8
on
Motor
4.1108.5102.899.497.998.777.180.280.988.5
101.2
118.0118.5117.7
110.0102.097.197.199.599.197.197.498.397.6
Medi-cal
care
6.482.992.5
100.6106.8113.5122.0130.1138.6149.3162.8
167.5168.7170.1
171.2172.4173.5174.4175.4176.5177.5178.9180.1181.1
Ener-gy 2
8.397.799.299.9
100.9101.688.288.689.394.3
102.1
110.9111.4110.9
108.2103.9101.2100.5101.9100.9100.5100.3101.3101.5
Allitemslessfood
energy
75.689.295.899.6
104.6109.1113.5118.2123.4129.0135.5
137.7138.1138.6
139.7140.7140.9141.2141.5142.0142.5143.0143.6143.8
1 Includes items not shown separately.2 Household fuels—gas (piped), electricity, fuel
also included through 1982.3 Relative importance, December 1990.
etc.—and motor fuel. Motor oil, coolant, etc.NOTE.—Data beginning 1983 incorporate a rental equivalence measure for Iiomeownership c
and therefore are not strictly comparable, with figures for earlier periods.Data beginning 1987 and" 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
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: OctNovDec
1991: JanFebMarAprMayJune T
July 'AugSept r
Oct
Olit
Totalfinishedgoods
Cha
7.13.6
.61.71.8
-2.32.24.04.05.7
Ch
1.2.4
-.4
.1-.7-.2
.1
.5-.4
2.2.1.7
njrc from pr
Coiisum
Food;
ige, Dec.
1.52.02.33.5
.62.8
-.25.75.22.6
ange, mon
0.6.1
-.32.2_2
.30
— .5-.7-.4— .5
.4
eceding peri
?r goods
Exclud-ing foods
o Dec., N
8.64.2-.9
.82.1
-6.64.13.15.38.7
th to mont
2.1.6
-.91
-1.4-.8
.2
.7Y
-.1.7.3.9
d
Capitalequip-ment
3A
9.23.92 01.82.72.11.33.63.83.4
h
0.22
.3
.7
.2
.2— .1
.3
.20.1_ 2
.4
Change
Totalfinishedgoods
15.412.35.1
.3-4.2-3.5-3.5
1.3.7
— .7-1.6
.34.0
from 3 montl
Consum
Foods
2.6.6
1.3
-1.6-1.0
1.02.91.9
-.6-4.7-6.2-6.3-1.9
s earher, ann
r goods
Excludingfoods
30.223.87.3
-1.6-9.2— 8.7-7.8
.3
.7-.3-.33.47.7
jal rate
Capitalequipment
3.63.33.3
5.34.94.61.31.91.61.91.01.02.5
Change
Totalfinishedgoods
8.99.08.2
7.63.7
.7-1.6-1.5-1.5-2.1-.2
.51.7
from 6 montl
Consum
Foods
2.82.11.8
.52
1.1.6.5_ 2
-1.0-2.2-3.5-3.3
s earlier, ann
r goods,
Excludingfoods
15.515.614.0
13.26.0
-1.0-4.8-4.6-4.1-4.1
02.13.6
lal rate
Capita!equipment
3.33.63.5
4.44.13.93.23.43.11.61.41.32.2
Change
yearearlier.
tolalfinishedgoods
NSA
9.24.11.62.11.0
-1.42.12.55.24.H
6.47.0n. t
4.03.43.23.33.53.52.92.0
7
0
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
19811982198319841985 :..19861987198819891990
1990: OctNoyDec
1991: JanFebMarAprMayJuneJulyAugSeptOct
Allitems '
8.93.84.83.93.81.14.44.44.66.1
0.6.3.3
.4
.2-.1
_ 2.3.2_ 2.2.4.1
Food
4.33.12.73.82.63.83.55.25.65.3
0.4.4.1
.6_ 2
.2
.70
.5-.6
0
.1-.1
Total '
10.23.63.54.34.31.73.74.03.94.5
0.3.2.2
.8
.5
.1
.2
.2
.1
.30.5.3
Total '
9.92.44.75.26.04.64.84.54.95.2
0.1.2.4
.8
.5
.1
.3
.1
.3
.2
.1
.5
.3
Housing
Shelter
Rent-
costs
c
5.15.96.35.03.93.94.56.7
0.4.5.7
1.7.8
00-.1
.3
.3-.2
.5
.4
Home-
costs
tiange, D
4.55.15.94.65.34.75.14.7
Chs
0.1.3
.4
.3
.2
.3
.1
.32
.2
.59
Fueland
otherutili-ties
ecember
14.49.71.84.21.8
-5.61.62.93.24.0
nge, mo
1.1.4
-.4
1.63
-.3— .5
.5— .7
.7-.1
.6
.6
Ap-parelandup-
to Dec
3.51.62.92.02.8
.94.84.71.05.1
nth to n
-0.3.2.3
1.01.6
-1.22
.5-.1
.91.2
-.4-.4
Tr
Total >
mber, IS
10.91.83.93.12.6
-5.96.13.04.0
10.4
onth
1.9.6.3
-1.2-1.1-1.0-.3
.7
.20
.4<j
_ _ 2
msportati
Newcars
SA
6.81.53.42.53.45.91.82.12.31.4
0.12
.4
1.3.5.5.3.19
02
.3-.3
on
Motorfuel
9.4-6.5-1.7-2.4
3.1-30.7
18.7-2.1
6.836.5
7.1.4
— .7
-6.5-7.3-4.8
02.5
-.4-2.0
.3
.9-.7
Medi-cal
care
12.511.06.46.16.87.75.86.98.59.6
0.8.7.8
.6
.7
.6
.5
.6
.6
.6
.8
.7
.6
Ener-gy2
11.91.3
-.5.2
1.8-19.7
8.2.5
5.118.1
4.2.5
-.4
-2.4-4.0-2.6
7
1.4-1.0-.4
o
1.0_2
lessfoodand
9.54.54.84.74.33.84.24.74.45.2
0.3.3.4
.8
.7
.129
.4
.4
.4
.4
.1
Adden
Fromprevi-
ous
t e r 3
6.9
3.6
2.1
3.0
dum: All ite(anilua
From3
monthsearlier
9.26.94.9
4.33.92.41.51.83.03.02.73.32.7
ns, percent1 rate)
From()
monthsearlier
6.97.26.6
6.75.43.72.92.9<j 7<> o
2.23.12.8
hangc
Fromyear
earlier
NSA
10.36.23.24.33.61.93.64.14.85.4
6.36.36.1
5.75.34.B4.95.04.74.43.83.42.9
1 Includes items not shown separately.2 Household fuels—gas (piped), electricity, fu€'l 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 October fell 4.7 percent from their September level. Prices paid by farmers inOctober were unchanged from their July level. (Data are not seasonally adjusted.)
INDE
200
180
160
140
inn
80RATI140
80
X, 1977-100
S^
iiliililiii
QJ/
-_
—
"L ~~^1 1 1 1 1 1 1 1 1 1 1
1983
J RATIO OF INDEX O
.OURCE: DEPARTMEN
RATIO SCALE)
S ^\X.
iiliililiii
(^ — ^
1 1 f f 1 1 1 i i i 11984
PRICES RECEIVED TO
OF AGRICULTURE
"X^
lliilllllli
--1Illilllilil
1985
INDEX OF PRICES PAI
F
W^-v
iiliililiii
.
lllilllllll1986
3
\
RICES PAID
^\PRICES RECEJ
lllilllllll
Iiliililiii
1987
._,-''"'"
/~^
^
VED
Iiliililiii
RATI
Iiliililiii
1988
w\
0
~- — *•
i i 1 1 1 1 i 1 1 1 1
1989
INDEX, 1977=
r%x^x^-\
Iiliililiii
"• --v.
Ill i 1 1 1 1 1 1 1
1990
COUNCIL OF
= 100 (RATIOS
,s\.K A
iiiiiliniiR/
-
„
_
, ~Illilllilil
1991
ECONOMIC ADVISER
CALE)
180
160
140
120
100
80TIO-!/140
80
[1977 = 100; not seasonally adjusted]
Period
1981198219831984198519861987198819891990
1990: OctNovDec
1991: JanFebMarAprMayJuneJulyAugSeptOct
Pri
All farmproducts
139133135142128123127138147150
146147143
145145149149152155150147148141
ces received by farm
Crops
134121128138120107106126134128
120124121
123122128131138146137135
r!38125
ers
Livestock andproducts
143145141146136138146150160170
170169164
166166169166165163162158
r!57157
F
All commodities,services,
interest, taxes,arid wage tates l
150159161164162159162170178184
187(3)(3)
188(3)(3)
190(3)(3)
189(3)(3)
189
rices paid by farme
Productionitems, interest,
taxes, and wageTales
151158159161156150152160167172
174(3)(3)
175(3)(3)
176(3)(3)
174(3)(3)
174
s
Productionitems
148153152155151144148157165171
174(3)(3)
173(3)(3)
175<3)(3)
173(3)(3)
173
Ratio2
92848487797778818382
787976
77777978808279787875
1 Includes items not shown separately.2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.3 Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
NOTE.—-The official indexes are published on a 1910-14 base as required by law. The indexeshave been converted to a 1977= 100 base to facilitate comparison with other indexes.
Source; Department of Agriculture.
25Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK, LIQUID ASSETS, AND DEBT MEASURESM2 and M3 rose slightly in October.
BILLIONS OF DOLLARS* (RATIO SCALE)4,8004,400
4,000
3,600
3,200
2,800
2,400
2,000
1,600
1,200
-v
I I I M I I I I I I
BILLIONS OF DOLLARS* (RATIO SCALE)4,800
4,400
4,000
3,600
3,200
i i i i I i i i i i
2,800
2,400
2,000
1,600
1,200
AVERAGES Of DAuy FIGURES; SEASONAUX ADJUSTEDSOURCE: BOARD or GOVERNORS OF THE FEDERAL RESERVE SYSTEM 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: SeptOctNovDec
19.91: JanFebMarAprMayJuneJulyAugSeptOcf
Ml
Sum of currency,demand deposits,travelers' checks,
and othercheckable
deposits (OCDs)
436.4474.4521.2552.2619.9724.3749.7786.4793.6825.4
821.8821.2823.3825.4
826.7836.4843.0842.1851.6858.4859.6
'866.1'870.0879.4
M2
Ml plus overnightRPs and
Eurodollars,MMMF balances(general purpose
and broker/dealer),MMDAs, and
savings and smalltime deposits
1,793.31,952.92,186.32,374.72,569.72,811.62,910.13,069.93,223.1
'3,327.8
'3,321.6'3,324.5'3,323.7'3,327.8
'.3,331.3'3,354.6'3,375.3'3,383.6'3,396.4'3,401.2'3,390.5'3,390.6'3,390.33,398.8
M3
M2 plus largetime deposits,
term RPs, termEurodollars, andinstitution-only
MMMF balances
2,234.12,441.72,693.32,986.23,201.63,492.63,677.43,919.14,055.2
'4,111.2
'4,108.8'4,109.0'4,108.4'4,111.2
'4,124.0'4,159.7'4,168.1'4,170.3'4,172.8'4,165.6'4,148.5'4,146.5'4,139.94,146.4
L
M3 plusother liquid
assets
2,596.72,851.43,154.63,527.53,828.94,133.24,337.04,676.04,889.9
'4,966.6
'4,955.6'4,955.1'4,960.4'4,966.6
'4,983.1'5,010.0'5,010.2'4,977.3'4,956.2'4,980.1'4,984.8'4,978.3"4,970.1
Debt
Debt ofdomestic
nonfinancialsectors
(monthly-average) 1
4,292.14,685.95,212.65,961.96,773.57,636.28,345.19,107.69,790.4
10,434.0
10,306.410,344.810,396.610,434.0
10,462.810,513.710,546.810,559.710,603.110,648.6
'10,688.6'10,739.5"10,796.8
Perec
Ml
6.88.79.95.9
12.316.83.54.9
.94.0
4.33.33.93.4
3.94.95.25.16.98.08.07.1
'6.48.9
nt changemonths
M2
10.08.9
12.08.68.29.43.55.55.0
'3.2
3.22.72.52.3
2.22.7
'3.23.64.44.43.6
'2.1'.9
.9
from yearearlier 2
M3
12.49.3
10.310.97.29.15.36.63.51.4
1.61.31.3
'1.2
1.72.82.93.0
'3.1'2.6
1.2'-.6-1.4— 1.1
or 6
Debt
9.99.2
11.214.413.612.79.39.17.56.6
6.86.46.66.2
5.55.14.74.24.04.14.3
r4.34.7
1 Consists of outstanding credit market debt of the U.S. Government, State and loca! govern-lents, and private nonfinaiiciai sectors; data from flow of funds accounts.
2 Annual changes are from December to December and monthly changes are from (i months earli-
er at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Re;
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: Dee1982: Dec1983: Dec1984: Dec1985: Dec1986: Dec1987: Dec1988: Dec1989: Dec1990: Dec1990: Sept
OctNovDec
1991: JanFebMarAprMayJuneJulyAugSeptOct"
Cur-rency
122.6132.5146.2156.0167.8180.7196.9212.0222.2246.4241.5243.9245.0246.4251.6255.1256.7256.6256.8257.6258.9260.8262.4264.5
De-mand
de-posits
231.3234.0238.5243.9266.6301.9286.5286.3278.7276.9279.1277.1277.2276.9272.9276.1277.1275.8278.7281.0278.9
r279.8279.4282.6
Othercheck-
abledepos-
its(OCDs)
78.2103.5131.6147.1179.5235.3259.3280.7285.2293.8293.0291.8292.8293.8293.9296.9301.0301.9308.1311.9
'314.0r317.8' 320.5324.4
Over-nightrepur-chaseagree-ments(RPs),
net,plus
over-nightEuro-dollars
NSA
36.639.955.660.673.582.383.283.477.4
r74.3r81.6r83.7'77.8r74.3'71.5'70.5r69.5r70.1'68.9r68.5r65.3r67.9r67.170.6
Money imutuabalanc
Gener-al
pur-poseand
broker/dealer
150.6185.2138.8167.9176.7208.3221.7241.1313.6345.4339.3341.6341.9345.4 '353.9358.2363.6364.2365.1364.3359.4352.8349.2348.0
narketfundes1
Insti-tutiononly
38.051.142.862.163.983.888.986.9
101.9125.7116.2119.6120.5125.7130.1139.3142.0145.6146.2143.3141.8144.8149.3155.4
Savingsdeposits,including
moneymarketdeposit
accounts(MMDAs)
3 343.9400.0684.7704.7814.9940.6936.9925.8890.2916.7919.6918.2917.8916.7917.1926.9939.7953.8969.2981.0990.0996.2
1,002.71,013.6
Smalldenom-ination
timedepos-i t s 2
823.2850.9784.1887.7883.4855.5917.7
1,031.81,145.91,164.21,160.11,161.41,161.81,164.21,163.91,162.71,158.31,150.21,140.51,129.11,118.61,110.3
r l , 102.01,088.8
Largedenom-ination
timedepos-i ts2
303.0327.3327.7417.7437.3439.9489.2542.3563.5507.1521.9515.1512.5507.1511.9516.0511.5507.3503.9
r498.7r491.2r 484.6r475.9466.4
Termrepur-chaseagree-ments(RPs)
NSA
35.333.449.957.662.480.5
106.1121.898.8
'89.4'97.9r95.1r95.1'89.4'87.3'85.8r82.0r80.8r79.5r77.0r78.2r78.2r77.175.7
TermEuro-dollars
(net)
NSA
67.581.791.582.976.583.891.0
106.081.071.470.070.270.071.471.972.671.168.265.464.8
'65.8r67.3r66.064.8
Sav-ings
bonds
67.868.071.174.279.591.8
100.6109.3117.5126.0123.8124.5125.2126.0126.7127.8128.9130.1131.4132.5133.5134.4
"135.3
Short-term
Treas-ury
securi-ties
149.4183.6212.0260.8298.2280.2253.5270.6327.4335.4332.2330.3333.8335.4333.2331.4327.8307.6
' 299.5327.0
'337.7336.5
"332.8
Bankers'accept-ances
40.044.545.045.442.037.144.540.140.734.731.832.634.034.736.035.232.430.728.827.727.827.0
"25.0
Com-mercialpaper
105.3113.7133.2160.8207.6231.4261.0336.8349.2359.4359.0358.8359.0359.4363.2355.9
'353.0' 338.6'323.7'327.3'337.2'333.8"337.1
1 Data prior to 1983 are not seasonally adjusted.2 Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.3 Savings deposits only; MMDA data begin December 1982.
NOTE.—Travelers checks of noiibank issuers are a component of money stock but are not shownhere.
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: Oct
NovDec
1991: JanFebMarAprMayJuneJulyAugSeptOct"
A
Re
Total
25,94426,49527,83529,90131,66237,06145,86345,81247,59647,72949,10447,94248,24549,10449,46649,61149,56649,39550,06850,42950,51051,00251,28151,968
djusted for ch
erves of depo
Nonbor-rowed
24,30425,85927,20129,12728,47635,47345,03745,03545,88047,46448,77847,53248,01448,77848,93249,35949,32549,16449,76550,08949,90450,23850,63551,708
anges in reser
sitory instituti
Nonbor-rowed plusextended
credit
24,30726,00827,38729,12931,08036,24245,34045,51847,12447,48348,80147,55048,03948,80148,95849,39349,37849,25049,85350,09749,94950,53850,93751,719
ve requiremen
ons
Required
25,48026,17627,33529,34030,80736,02444,49444,76646,54946,80747,44047,09647,29747,44047,29747,80348,38748,36449,03949,42149,60549,916
'50,35250,883
ts
Monetarybase
145,931153,001164,276179,921191,374208,619230,039246,281263,459274,168299,785295,941297,553299,785305,152309,438310,982310,605311,479312,469313,910
'316,313'318,020320,672
Borro\instituti
B
Total
1,690636634774
3,1861,318
827777
1,716265326410230326534252241231303340607764645261
yings of dep>ns from theeserve (NS./
Seasonal
116543396
113563893
1308476
3351627633375579
151222317331287211
)sitoryFederal)
Extendedcredit
3148186
22,604
499303483
1,24420231824232734538688
846
300302
12
1 Data arc prorated averages of biweekly (maintenance period) averages of daily figures. Source: Board of Governors of the Federal Reserve System.
27
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
BANK LOANS AND SECURITIESTotal commercial bank loans and leases fell 0.1 percent in September; commercial and industrial loans rose 0.5percent.
BILLIOr-2,800
2,400
2,000
1,200
200
160
120
JS OF DOLLARS
ALL COMM
_^-^
—
X^"*.--**-""""""-
i ini i iMii1983
• SEASONALLY ADJUS
SOURCE: BOARD OF G
* (RATIO SCAt
ERCIAL BANKS
—~~ 1
----"""
Illllllllll1984
ED
OVERNORS OF THE FE
E)
— "fc^i
_ — —
U.S. GON
C
,'
Illllllllll1985
DERAL RESERVE SYSTE
= «=:
LOANS AND
/ERNMENT SEC
\ -1._- --" ]
>THER SECURIT
\
Illllllllll1986
M
— — ~* "" "" ~* ""
.EASEb
:URITIES
ES
Illllllllll1987
— 1
•" ~"
"
Illllllllll1988
Bl
. 1
----
Illllllllll1989
LIONS OF DOL_
Il l l l l l l l l l1990
COUNCIL OF
LARS* (RATIO_ —
—
_^.--
Il l l l l l l l l l1991
ECONOMIC ADVISERS
SCALE)
2,800
2,400
2,000
1 600
1,200
800
400
200
160
120
[Billions of dollars, seasonally adjusted l ]
Period
1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec1986: Dec1987: Dec1988: Dec1989: Dec1990: Dec
1990: SeptOctNovDec
1991: JanFebMarAprMayJune ....JulyAug......Sept
1
Total
securi-ties2
1,307.21,400.51,552.11,722.21,909.62,093.52,238.92,421.72,589.02,723.6
2,708.02,713.62,716.62,723.6
2,721.22,735.12,751.02,751.82,750.52,763.22,763.32,761.62,768.9
U.S.Govern-
mentsecuri-
ties
179.3201.7259.2260.2270.9310.1335.9363.8399.3454.2
450.1453.1454.0454.2
454.1458.0471.4479.2485.1495.2505.3512.6522,1
Othersecuri-
ties
160.5164.8169.1140.9179.0193.9193.5192.1180.8175.6
178.8177.8175.9175.6
177.7177.6177.6175.7173.9173.1172.0169.9170.8
Total 2
967.51,034.01,123.81,321.11,459.81,589.51,709.51,865.82,008.92,093.8
2,079.02,082.72,086.72,093.8
2,089.42,099.52,102.02,096.92,091.52,094.82,086.02,079.12,076.0
Com-mercial
andindustri-
al
355.4392.5414.2473.2500.3537.2567.6606.6641.3648.1
644.7643.7646.5648.1
644.3643.9646.0640.0633.2630.4626.7620.5623.8
A
Realestate
284.1299.9331.0376.5426.0494.2587.2671.5760.6836.5
822.5827.7832.0836.5
837.3842.6846.3850.9855.1859.5857.0853.9853.4
11 comme
Indi-vidual
182.5188.2212.9253.8294.6315.2328.2354.7375.5378.9
378.6379.7378.7378.9
375.9377.7375.5374.1373.5372.0369.6368.9365.3
eial ban
Secu-rity
21.425.328.034.543.140.434.839.938.340.6
41.340.539.640.6
43.143.238.939.839.838.341.642.643.9
IS
Loans an
Non-bank
finan-cial
institu-tions
29.931.230.431.332.434.931.829.932.734.8
35.234.834.634.8
34.835.936.735.936.937.137.036.236.0
' leases
Agri-cultural
33.136.239.240.136.131.529.429.830.733.0
31.832.232.533.0
33.533.534.033.933.633.032.532.332.2
State
politi-cal
subdi-visions
0.0.0.0
46.156.858.552.645.540.034.3
35.235.134.834.3
33.333.232.832.231.831.130.630.129.5
For-eigi!
banks
18.114.613.411.69.9
10.37.97.98.67.2
8.19.08.17.2
6.06.17.26.86.46.06.26.26.5
For-eign
officialinstitu-
tions
7.25.99.48.46.36.35.85.13.73.2
3.33.23.23.2
3.03.13.23.03.03.03.13.13.2
Leasefinanc-
ingreceiv-ables
12.713.313.71 6.019,022.324.529.231.832.7
32.833.332.932.7
32.432.833.032.732.732.832.031.431.2
Other
23.126.93 ! .if29.935.338.639.845.745.844.6
45.543.643.744.6
45.847.548.547.645.651.749.753.951.0
1 DjitJi lire prorated averages uf Wednesday figures for domestically chartered banks and averagesof month-end data for foreign-related institutions. Data beginning January 1984 are not strictlycomparable with data for earlier periods, largely because beginning January 1984 certain obligationsof Slates and poiitieal subdivisions are included in loans rather than in other securities.
28
2 Excludes loans to commercial hanks 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: IIIIllIV
1990: IIIIllIV
1991: Iii" :....
Total
300.8416.9491.4455.7524.1493.7548.2512.7459.8
517.4601.2459.2473.0
490.7517.2484.4346.8
454.6431.2
Internal l
241.9285.2335.9351.8344.3372.4391.4380.0369.5
379.9379.7385.5374.9
370.6374.7366.4366.1
377.5375.7
Total
58.9131.7155.5103.9179.8121.3156.8132.790.3
137.5221.5
73.798.1
120.1142.5118.019.3
77.155.5
Sources
C
Total
48.576.591.949.8
124.748.255.135.416.4
18.0118.7
!•%3.8
42.253.310.8
-40.8
34.020.5
External
edit market fi
Securitiesand
mortgages
-6.241.0
-13.6-6.260.518.5
-15.4-45.0-13.4
-92.53.1
-85.2-5.6
-45.327.9
-37.61.0
65.3104.7
nds
Loans andshort-term
paper
54.735.5
105.556.064.229.770.580.429.8
110.5115.686.29.4
87.525.448.441.8
31.3-84.2
Other 2
10.455.263.754.155.173.1
101.697.374.0
119.5102.772.694.2
77.989.3
107.321.4
43.134.9
Total
303.1392.6474.9425.1481.2466.6494.6488.4452.8
484.2560.0444.4465.3
468.6498.8504.7338.8
451.3425.3
Uses
Capitalexpendi-tures 3
256.1270.5369.7341.2330.4354.1378.3382.2371.2
377.4388.3385.1378.2
362.7384.4391.1346.5
317.0333.0
Increase infinancialassets
47.0122.1105.283.9
150.8112.5116.3106.281.6
106.8171.759.387.1
105.9114.4113.6-7.7
134.392.3
Discrepancy(sources less
uses)
-2.324.316.530.643.027.153.524.2
7.0
33.241.214.97.7
22.018.5
— 20.27.9
3.25.8
1 Undistributed profits (after inventory valuation and capital consumption adjustments), capitalconsumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retainedabroad.
2 Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT[Millions of dollars; seasonally adjusted]
Period
1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec1986: Dec1987: Dec1988: Dec1989: Dec2
1990: Dec
1990: SeptOctNovDec
1991: JanFebMarAprMayJuneJulyAug *Sept"
Ins
Total
311,259325,805368,966442,602518,252573,017610,468664,049718,863735,102
735,547735,433736,411735,102
732,962732,762732,442733,621732,289730,591729,962729,108727,563
tallment credit
Automobile
119,008125,945143,560173,564210,187247,428265,851284,214290,676284,585
285,627285,024284,412284,585
283,746282,626280,689279,746276,494274,496273,565271,906269,655
outstanding
Revolving
61,07066,45479,088
100,280121,816135,851153,078174,104199,082220,110
219,090220,031221,690220,110
219,588221,556224,817225,994227,301227,737228,199229,453231,860
(end of perio
Mobilehome
20,05822,06423,56225,86126,85027,09625,92025,34822,47120,919
21,07320,68020,49220,919
20,45920,20020,12320,09819,79619,90719,61519,49518,970
d)
Other
111,124110,802122,756142,897159,400162,642165,620180,383206,633209,487
209,758209.698209,817209,487
209,170208,379206,813207,782208,697208,451208,582208,253207,078
Net
Total
13,10514,54643,16173,63675,65054,76537,45153,581
( 3 )16,239
1,703— 114
979-1,310
-2,139-201-S201,179
-1,331-1,698
-629-854
-1,545
change in in
Automo-
7,0176,937
17,61530,00436,62337,24118,42318,363
( 3 )-6,091
-1,191-603-612
173
-8391,120
-1,937943
-3,252-1,998
931-1,659
2,251
stallment ere
Revolving
5,9595,384
12,63421,19221,53614,03517,22721,026
(3)21,028
2,066942
1,658-1,580
5221,9683,2611,1771,307
435462
1,2552,407
dit outstandir
Mobile
1,3222,546
9582,299
989246
-1,176-572
( 3 )-1,552
119-393-187
427
-461-258
78-24302111
-291-120-526
-g1
Other
-1,193322
11,95420,14116,5033,2422,978
14,763( 3 )
2,854
94760
119-330
-317791
-1,566969915246131329
-1,175
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 Svstem.
29
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTEREST RATES AND BOND YIELDSInterest rates fell in the first 3 weeks of November. (Chart is plotted through October.)
PERCENT PER ANNUM PERCENT PER ANNUM
1L OF ECONOMIC ADVISERS
[Percent per annum]
Period
1981198219831984198519861987198819891990
1990: OctNovDec
1991: JanFebMarAprMayJuneJulyAugSeptOct
Week ended:1991: Nov 2
91623 "
U.S. T
3-month bills(new issues) '
14.02910.6868.639.587.485.985.826.698.127.51
7.197.076.81
6.305.955.915.675.515.605.585.395.255.03
4.994.744.644.58
reasury security
Constant n
3-year
14.4412.9210.4511.899.647.067.688.268.558.26
8.077.747.47
7.387.087.357.237.127.397.386.806.50
r6.23
6.125.995.955.84
yields
laturities 2
10-year
13.9113.0011.1012.4410.627.688.398.858.498.55
8.728.398.08
8.097.858.118.048.078.288.277.907.657.53
7.527.487.377.38
High-grademunicipal
bonds(Standard &
Poor's) a
11.2311.57
9.4710.159.187.387.737.767.247.25
7.407.107.04
7.056.907.077.056.957.097.036.896.80
r6.59
6.616.616.606.66
CorporateAaa bonds(Moody's)
14.1713.7912.0412.7111.379.029.389.719.269.32
9.539.309.05
9.048.838.938.868.869.019.008.758.618.55
8.588.558.438.46
Primecommercial
paper,6 months '
14.7611.898.89
10.168.016.396.857.688.807.95
7.817.747.49
7.026.416.366.075.946.166.145.765.59
r5.33
5.214.984.944.91
Discount rate(N.Y. F.R.
Bank)4
13.4211.028.508.807.696.335.666.206.936.98
7.00-7.007.00-7.007.00-6.50
6.50-6.506.00-6.006.00-6.006.00-5.505.50-5.505.50-5.505.50-5.505.50-5.505.50-5.005.00-5.00
5.00-5.005.00-4.504.50-4.504.50 4.50
Prime ratecharged by
banks4
18.8714.8610.7912.049.938.338.219.32
10.8710.01
10.00-10.0010.00-10.0010.00-10.00
10.00-9.509.50-9.009.00-9.009.00-9.008.50-8.508.50-8.508.50-8.508.50-8.508.50-8.008.00-8.00
8.00-8.008.00-7.507.50-7.507.50-7.50
New-homemortgage
yields(FHFB) 5
14.7015.1412.5712.3811.5510.179.319.19
10.1310.05
9.989.909.76
9.659.579.439.609.529.469.439.489.309.04
1 Bank-discount basis.3 Yields on the more actively traded issues adjusted to constant maturities by the Treasury- De-
partment.3 Weekly data are Wednesday figures.4 Average effective rate for year; opening and closing rate for month and week.
5 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges aswell 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, Feetal Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation.
30
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMON STOCK PRICES AND YIELDSStock prices rose in the first 2 weeks of November and fell in the third week. (Chart is plotted through October.]
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE) INDEX, DEC. 31, 1965=50 (RATIO SCALE)
700isn160
140
1?0
inn
80
60
40
PER
s — 1
1 1 1 1 1 1 1 1 i [ 1
1983
CENT
^W
1984
_
^s~~*y
,,,,,i1985
- - -4
J— coMPOsn
ii.iiliii.i1986
FE STOCK PRIC
(NYSE)
1987
x~^~ '"•'
: INDEX
1 1 1 1 1 1 1 1 1 1 1
1988
-/ — ""1^_/
1989
NX— \\/
1990
^/
1991
PERC
220200180
160
140
170
100
80
60
40
ENT20
PER
in
5
0
CENT
—
1 1 1
1983
1 1 1
1984
EARNI
^ ^
1 1 1
1985
vIGS-PRICE RA1
r- . -_
1 1 1
1986
IO ON COMM(S&P)
r 11 1 11987
ON STOCKS
p——
1 1 1
1988
|
1 1 11989
1 — ~~* 1
1 1 11990
PERC
|
1 1 1
1991
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS
Period
1981198219831984198519861987198819891990
1990: OctNovDec
1991: JanFebMarAprMayJuneJulyAugSeptOct '.
Week ended:1991: Nov 2
91623"
New Y
Composite
74.0268.9392.6392.46
108.09136.00161.70149.91180.02183.46
168.05172.21179.57
177.95197.75203.57207.71206.93207.32208.29213.33212.55213.10
215.81215.87217.32210.15
ork Stock Exc
Industrial
85.4478.18
107.45108.01123.79155.85195.31180.95216.23225.78
208.58212.81221.88
220.69246.74255.36260.15260.13261.16262.48268.22266.21265.68
268.79268.29269.82261.05
Con
lange indexes I
Transporta-tion
72.6160.4189.3685.63
104.11119.87140.39134.12175.28158.62
131.90132.96141.31
145.89166.06166.26166.90170.77177.05177.15178.52177.99187.31
193.11194.86194.06183.57
mon stock pric
Dec. 31, 1965
Utility
38.9139.7547.0046.4456.7571.3674.3071.7787.4390.60
87.2789.6991.56
88.5992.0892.2992.9290.7689.0190.0592.3893.7295.25
96.4897.2698.1195.74
es 1
= 50)2
Finance
73.5271.9995.3489.28
114.21147.20146.48127.26151.88133.26
108.01113.76122.18
121.39141.03145.42152.64151.32152.31151.60157.70157.69158.94
161.48162.02163.95157.02
Dow-Jonesindustrialaverage 3
932.92884.36
1,190.341,178.481,328.231,792.762,275.992,060.822,508.912,678.94
2,460.542,518.562,610.92
2,587.602,863.042,920.112,925.542,928.422,968.142,978.193,006.093,010.353,019.74
3,060.963,043.023,033.682,933.94
Standard &Poor's
index(1941-
43 = 10)"
128.05119.71160.41160.46186.84236.34286.83265.79322.84334.59
307.12315.29328.75
325.49362.26372.28379.68377.99378.29380.23389.40387.20386.88
391.55391.11393.41379.88
Common st(perce
Dividend-price ratio
5.205.814.404.644.253.493.083.643.453.61
4.013.913.74
3.823.353.263.193.233.233.203.10
'3.153.14
3.093.113.053.20
ock yieldsnt) 5
Earnings-price ratio
11.9611.608.03
10.028.126.095.488.017.416.47
6.46
5.59
5.24
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 (NYSE).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 month of fiscal 1992, there was a deficit of $36.0 billion, compared with a deficit of $31.3 billion ayear earlier.
BILLIO
1,200
900
800
700
600
0
-200
MS OF DOLLARS BILLIONS OF D
- RECEIPTS AND OUTLAYS^ f „x
X
OUTLAYSI/ -"'
\ --"'
-"""'" ^— — "
^'f' ^"-^""^^ RECEIPTS.!/
---•"" , — "
^~—~~^^
7| ^^**^ i i i i i i i i N
SURPLUS OR DEFICIT HI/ —
., ===__^=±^ ^~~~- ^__^^
~~" — ~^
A \ \ 1 1 1 1 1 1 f •— |\
1/1983 1984 1985 1986 1987 1988 1989 1990 1991 1992^
FISCAL YEARS
OLLARS1,500
1 400
1 300
1,200
i i no
1 000
900
800
7 fin
600
0
inn
-200
300
V INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS,
SOURCES; DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
1976Transition quarter19771978197919801981198219831984
1985198619871988198919901991 l
1992 (estimates) 2
First month: 'Fiscal year 1991Fiscal year 1992
Receipts
298.181.2
355.6399.6463.3517.1599.3617.8600.6666.5
734.1769.1854.1909.0990.7
1,031.31,054.31,145.5
77.078.1
Total
Outlays
371.896.0
409.2458.7503.5590.9678.2745.7808.3851.8
946.3990.3
1,003.81,064.11,144.11,251.71,323.01,493.8
108.3114.0
Surplusor deficit
(-)
-73.7-14.7-53.6-59.2-40.2-73.8-78.9
-127.9-207.8-185.3
-212.3-221.2-149.7-155.1-153.4-220.4-268.7-348.3
-31.3-36.0
Receipts
231.763.2
278.7314.2365.3403.9469.1474.3453.2500.4
547.9568.9640.7667.5727.0749.7760.4832.0
57.057.2
On-budget
Outlays
302.276.6
328.5369.1403.5476.6543.0594.3661.2686.0
769.5806.8810.0861.4933.2
1,026.61,081.31,244.1
89.494.1
Surplusor deficit
(-)
-70.5-13.3-49.7-54.9-38.2-72.7-73.9
-120.0-208.0-185.6
-221.6-237.9-169.3-193.9-206.1-277.0-320.9-412.1
-32.3-36.8
Receipts
66.418.076.885.498.0
113.2130.2143.5147.3166.1
186.2200.2213.4241.5263.7281.7293.9313.5
20.020.9
Off-budget
Outlays
69.619.480.789.7
100.0114.3135.2151.4147.1165.8
176.8183.5193.8202.7210.9225.1241.7249.7
18.920.0
Surplusor deficit
(-)
-3.2— 1.4-3.9-4.3-2.0— 1.1-5.0-7.9
.2
.3
9.416.719.638.852.856.652.263.8
1.0.9
Gross Fe(end of
Total
629.0643.6706.4776.6828.9908.5994.3
1,136.81,371.21,564.1
1,817.02,120.12,345.62,600.82,867.53,206.33,598.94,047.9
3,243.73,651.1
ieral debtperiod)
Held bythe public
477.4495.5549.1607.1639.8709.3784.8919.2
1,131.01,300.0
1,499.41,736.21,888.12,050.32,190.32,410.42,687.23,026.9
2,438.32,727.8
1 Data from Monthly Treasury Statement.2 Estimates from Mid-Session Review of the Budget, Office of Management and Budget, July 15,
1991.
NOTE.—Data are from Budget of the United States Government, 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 month of fiscal 1992, receipts were $1.1 billion higher than a year earlier, and outlays were $5.7billion higher.
BILLIO600
300
200
TOO
o
1,200
1 000
600
500
400
300
200
MS OF DOLLARS BILLIONS OF DO
RECEIPTS!/_^mmf
INDIVIDUAL INCOME TAXES "
" SOCIAL INSURANCECORPORATION TAXES AND CONTRIBUTIONS
OTHER RECEIPTS " INCOME TAXES ~ '\ \
i i i i i i i i i
OUTLAYS V **'
•"*"
NONDEFENSE ,_''"'V --\ ,-"""
__.*-'"''
NATIONAL DEFENSE\ _
/I \ 1 1 1 I 1 1 1 1 _JSV 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 ^
FISCAL YEARS
J INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS, . ^OIINril OF FCONOMIC ADVISERSSOURCES. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS
LLARS
600
500
400
300
200
100
0
1,200
1 000
900
800
700
600
500
400
300
200
[Billions of dollars]
Fiscal year
19761977
1978
1979
19801981198219881984
1985
19861987
1988
19891990
1991 '
1992 (estimates) 2
First month: l
Fiscal vear 1991Fiscal vear 1992
Or
Total
298.1355.6399.6463.3517.1599.3617.8600.6666.5
734.1769.1854.1909.0990.7
1,031.31,054.31,145.5
77.078.1
-budget a
Indi-vidual
131.6
157.6181.0217.8244.1
285.9
297.7288.9298.4
334.5349.0392.6401.2445.7466.9467.8518.2
40.7
39.3
id off-bud
Corpo-ration
41.4
54.9
60.0
65.764.C61.149.237.056.9
61.363.183.994.5
103.393.598.198.7
1.61.2
ret receipt
Socialinsur-ance
andcontri-butions
90.8106.5121.0138.9157.8182.7201.5209.0239.4
265.2283.9303.3334.3359.4380.0396.0427.2
26.628.4
Other
34.336.637.740.850.669.569.365.671.8
73.073.174.378.982.390.992.3
101.4
8.1
9.1
Total
371.8
409.2458.7503.5590.9678.2745.7808.3851.8
946.3990.3
1,003.81,064.11,144.11,251.71,323.01,493.8
108.3114.0
Nationa
89.6
97.2
104.5116.3134.0157.5185.3209.9227.4
252.7273.4
282.0290.4303.6299.3272.5311.5
23.423.8
defense
Depart-
Defense,military
87.995.1
102.3113.6130.9153.9180.7204.4220.9
245.2265.5274.0281.9294.9
289.8261.9
299.3
22.5
22.8
On-budfe
Inter-
6.4
6.4
7.57.5
12.713.112.311.815.9
16.214.211.610.59.6
13.816.217.9
.8
1.8
et and of!
rHealth
15.7
17.3
18.520.523.2
26.9
27.4
28.6
30.4
33.5
35.9
40.0
44.5
48.4
57.7
71.286.9
5.57.2
budget ou
Medi-
15.8
19.322.8
26.532.1
39.1
46.6
52.657.5
65.870.275.178.985.098.1
104.51 14.3
7.4
10.0
tlays
Incomesecuri-
ty
60.861.061.566.486.599.7
107.7
122.6
112.7
128.2
119.8
123.3
129.3
136.0
147.3
171.6
186.3
12.813.7
Socialsecuri-
73.985.193.9
104.1118.5139.6156.0170.7178.2
188.6198.8207.4219.3
232.5248.6269.0286.6
21.022 7
Netinter-
est
26.7
29.9
35.442.652.568.785.089.8
111.1
129.4
136.0138.6151.7169.2184.2195.0205.6
15.116.8
Other
82.893.0
114.7119.6131.4133.5125.4122.3118.6
131.8142.1125.9
139.4159.8202.7223.0284,7
22.4
18.0
1 Data from Monthly Treasury Statement. NOTE.—Data are from Budget oj the United Hla/e,i Government, Fiscal Year JSSS, February2 Estimates from Mid-Session Hevieu- of the Budget, Office of Management and Budget, .Inly 15, 1991, except as noted.
1!li)1- 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 second quarter of 1991, Federal receipts rose $4.0 billion (annual rate) and Federal expenditures rose $61.7billion. In the third quarter, according to advance data, Federal expenditures rose $14.0 billion; receipts data areincomplete.
BILLIONS OF DOLLARS
1,400
1,200
1,000
800
600
EXPENDITURES
\ ------T""
BILLIONS OF DOLLARS
1,400
1,200
1,000
800
600
400
200
-200
1982
SOURCE: DEPARTMENT OF COMMERCE
1986 1987CALENDAR YEARS
1991
COUNCll OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Fiscal year:19861987198819891990
Calendar year:1986...'1987198819891990
1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: IV1990: I
IIinIV
1991: I[IHI".
Sourer: Drpur t inr i l t
34
Total
815.2899.4957.6
1,041.91,094.9
827.9913.8972.4
1,052.91,109.7
633.1675.5742.7805.3853.8940.0997.5
1,055.71,080.61,105.81,125.91,126.51,134.51,138.5
f ( 'onmu'rcc, 1
Federal (
Personaltax andnontaxreceipts
357.0400.8411.3457.6483.0
361.4405.8415.1464.0492.8303.0291.9326.0355.3376.2419.2424.8469.6473.6492.1500.0505.5501.3499.5497.1
ureau of Econ
jovermnenl
Corpo-rate
profitstax
accruals
81.199.1
108.1113.8113.6
83.8103.2110.5110.4108.546.470.269.778.888.9
107.4115.4101.3106.5109.2114.2104.195.097.6
am: Analysis
receipts
Indirectbusinesstax andnontax
accruals
50.953.555.657.858.8
50.554.057.058.461.747.653.656.253.550,855.157.858.760.660.561.064.672.771.972.8
Contribu-tions for
socialinsurance
326.1345.9382.6412.6439.6
332.1350.8389.8420.1446.7236.1259.8290.7317.7337.9358.4399.6426.1439.9444.0450.6452.3465.5469.5475.0
Total
1,028.01,060.01,101.81,172.21,252.7
1,034.81,071.91,114.21,187.21,275.7
835.7844.7930.2
1.017.51,042.81,101.71,153.81,205.81,248.81,271.71,271.61,310.81.261.41,323.11,337.1
Pur-chases
of goodsand
368.6375.4377.8399.0416.1
366.5381.3380.3400.0424.0293.2276.1326.0376.6368.8388.2401.1399.9410.6421.9425.8437.6443.8449.7436.8
Federal 1
Trans-fer
pay-ments
394.6411.1433.2462.0504.7
399.9414.0438.9471.9511.4347.4352.5362.1385.8405.8421.4447.2487.9503.4510.4513.2518.5462.2509.4543.3
lOvernment
Gnmts-in-aid to
Stateandlocal
menu
107.4103.1108.31 15.8128.3
106.810S.fi111.1118.2131.484.586.096.3
103.5103.0102.7112.2121.5128.5131.5129.8135.8143.7151.0152.0
expenditu
Netinter-
estpaid
134.6139.3148.8167.7182.1
135.6142.3151.3172.0186.3
87.2101.0125.3132.71 36.0147.6157.9175.2178.1184.3189.8193.0194.3197.6199.8
res
Subsidiesless
currentsurplus ofGovern-
ment
prises
22.831.133.627.721.5
26.031.832.725.022.723.429.121.019.029.241.535.321.328.323.813.125.917.415.05.2
i-———— — — I Surplus
or deficitLess: (-),Wage national
accruals incomeless and
disburse- i productments accounts
0.0 -212.8.1 —160.7
— .1 -144.1.0 - 130.3.0 i —157.7
i.0 - 206.9.0 —158.2.0 i —141.7.0 -134.3.0 - 166.0.0 —202.6.0 —169.2.6 - 187.5.0 —212.2.0 -189.0
— .2 -161.7.0 i -156.3.0 —150.1.0 -168.3.0 -166.0.0 -145.7.0 —184.3.0 —126.9
-.4 -184.6.0
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Period
1982198319841985198B19871988198!)1990"
1990: AugSeptOctNovDee
1991: JanFebMarAprMavJuneJulyAugSeptOf.
States
81.984.992.894.495.3
100.0105.4108.1109.2
110.5110.6109.9108.3107.2
106.6105.7105.0105.5106.4107.3
' 108.1108.0
' 108.2108.2
Industrial
Canada
76.581.591.496.595.4
100.0105.5105.3100.8
101.299.599.497.496.4
96.495.394.996.5
r96.8r97.3'97.5
97.3
roduction
Japan
82.985.593.496.896.6
100.0109.3115.7121.3
123.7122.4125.3124.6123.7
125.4125.1123.0123.3126.0122.8126.6
r!22.8123.4
(1387 = 1
France
97.396.597.197.298.0
100.0104.7108.9110.2
111.6109.8110.1108.0106.0
110.1109.1106.0110.1109.6109.8110.7110.7
JO: seasonal
Germany
90.390.993.597.799.6
100.0103.9108.7114.6
116.5117.3117.0116.6116.2
119.1118.3
r 118.3117.8116.9121.6119.5
' 117.3116.3
v adjusted
Italy
91.888.891.892.996.2
100.0105.9109.2109.2
109.7110.8107.5106.8109.6
108.6108.4108.2103.3104.6110.5106.3104.5
Kingdom
86.389.589.694.596.8
100.0103.6104.0103.3
r!02.5rl()2.3r!02.3r 100.8r 100.2
99.6101.2
r!01.3r98.7r98.3
T 101.5T 101.5'99.7100.6
States '
96.599.6
103.9107.6109.6113.6118.3124.0130.7
131.6132.7133.5133.8133.8
134.6134.8135.0135.2135.6136.0136.2136.6137.2137.4
Con
Canada
94.9100.4104.8108.9113.4118.4123.2129.3135.5
135.8136.3137.4138.2138.1
141.7141.7142.3142.3143.0143.7143.8143.9143.7143.4
sumer pri
Japan
98.099.9
102.1104.2104.9105.0105.7108.1111.4
111.4112.4113.9113.5113.2
114.1113.8114.3114.8115.4114.9114.8115.0115.3
cs (1982-
France
91.7100.3108.0114.3117.2121.1124.4128.9133.2
133.7134.4135.2135.0134.9
135.5135.7135.8136.3136.6136.9137.4137.7138.0
84 = 100: N
Germany
97.0100.3102.7104.9104.7104.9106.3109.2112.1
112.2112.6113.4113.2113.3
114.0114.3114.2114.7115.2115.8116.8116.8117.0
$A|
Italy
87.7100.8111.5121.1128.5134.4141.1150.4159.6
160.3161.2162.6163.6164.2
165.4167.0167.4168.2168.8169.7169.9170.4171.1172.6
UnitedKingdom
95.499.8
104.8111.1114.9119.7125.6135.4148.2
150.5151.9153.1152.7152.6
153.0153.8154.4156.4156.9157.6157.2157.6158.1158.7
' Data relate to all urban consumers. Source: National sources as reported bv 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: SeptOctNovDec
1991: JanFebMarAprMavJuneJulyAug '.Sept
1 Includes Department of D2 Includes undocumented ex3 Total arrivals of imported4 Total includes revisions no
Total z
216.4
205.6224.0
5 218.85 227.2
254.1322.4363.8393.6
32.234.633.633.6
34.133.634.035.635.335.035.234.435.4
fense MilitaTOrts to Cargoods other
reflected i
Her
Foods,feeds,and
31.330.931.524.022.324.332.337.235.1
2.72.62.92.6
2.73.13.02.93.02.93.12.93.0
rv Assistada throithan intri detail.
chandise e
Principal
Indus-trialsup-plies
materials
61.756.761.758.557.366.785.199.3
104.4
8.89.99.59.2
9.59.78.99.29.48.79.19.18.6
ince Progigh 1988.nsit shiprr
xports (f.
end-use c
Cap-
goodsexceptauto-
motive
72.767.272.073.975.886.2
109.2138.8152.7
12.613.112.413.2
13.012.413.514.413.714.413.713.414.4
am grant
cuts.
i.s. value
ommoditj
Auto-motive
cles,parts,anden-
gines
15.716.820.622.921.724.629.334.837.4
2.93.43.22.8
3.12.62.93.43.53.53.63.23.6
aid shiprr
i
category
Con-sumergoods(non-food)
exceptauto-
motive
14.313.413.312.614.217.723.136.443.3
3.53.93.73.8
3.93.93.83.83.83.73.73.73.8
ents.
Other 2
20.720.524.027.335.934.643.417.220.7
1.71.81.91.9
1.91.91.91.92.01.92.12.02.0
C
Total
244.0258.0
4 330.74 336.5
365.4406.2441.0473.2495.3
41.344.543.139.9
41.539.138.140.140.138.841.240.942.2
5 Tomonth
NOT
Sour
eneral m
Foodsfeeds,and
17.118.221.021.924.424.824.825.126.6
2.22.22.12.2
2.22.12.12.42.32.32.32.12.2
al exporasis.
:. — Data
e: Depar
erchandise
Principal
Indus-trialsup-plies
materi
112.0107.0123.7113.9101.3111.0118.3132.3143.2
12.413.513.411.6
12.210.810.111.011.310.510.810.911.1
s are on
shown inc
tment of C
imports
nd-use c
Cap-
goodsexceptauto-
motive
35.440.959.865.171.884.5
101.4113.3116.4
9.410.310.09.8
9.99.99.9
10.410.19.8
10.49.9
10.3
» revised
ude trade
ommerce
customs
mmoditv
Auto-motive
cles,parts,anden-
gines
33.340.853.566.878.285.287.786.187.3
7.27.77.16.6
7.36.76.66.76.56.67.28.07.7
statistica
of the U
Bureau
value) 3
category
Con-sumer
(non-food)
exceptauto-
motive
39.744.960.068.379.488.795.9
102.9105.7
8.69.49.08.3
8.68.58.08.58.48.19.38.79.6
month !
S. Virgin
if the Gen
Other
6.56.37.89.4
10.412.112.813.616.1
1.61.41.51.3
1.31.21.31.31.51.41.31.31.3
asis; em
Islands.
sus.
Generalmer-
chandise
(e.i.f.value)
254.9269.9346.4352.5382.3424.4459.5493.2517.0
43.146.445.041.6
43.440.939.842.041.840.443.042.744.1
-use eatego
Trade b
Exports(f.a.s) less
imports(customs
-27.5-52.4- 106.7-117.7-138.3-152.1-118.5-109.4-101.7
-9.1-9.9-9.5-6.3
-7.4-5.5-4.1-4.5-4.8-3.8-5.9-6.5-6.8
ies are on a
alance
Exports(f.a.s)less
imports(c.i.f.)
-38.4-64.2
-122.4-133.6-155.1-170.3-137.1-129.4-123.4
-10.8-11.7-11.4-8.0
— 9.2-7.3-5.8-6.4-6.6-5.5-7.8-8.3-8.6
statistical
35
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. INTERNATIONAL TRANSACTIONSThe current account balance was a surplus of $3.0 billion in the second quarter of 1991, compared with a surplusof $10.5 billion in the first quarter. The balance continued to reflect the impact of cash contributions from coalitionpartners in Operation Desert Storm.
BILLIONS OF DOLLARS*
15
10
5
0
-10
-15
-20
-25
-35
-40
-45
BILLIONS OF DOLLARS*
15
BALANCE ON"CURRENT ACCOUNT"
1982
\\
1983 1984
. BALANCE ON GOODS,SERVICES, AND INCOME
1985 1986 1987 1988
MERCHANDISE TRADEBALANCE
1989 1990 1991
« SEASONALLY ADJUSTED
SOURCE; DEPARTMENTOF COMMERCE
10
5
0
-5
-10
-15
-20
-25
-30
-35
-40
-45
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (-J-), debits ( —)]
Period
19811982198319841985198619871988198919901988: I
IIIllIV
1989: IIIIllIV
1990: IIIIllIV
1991: III"
Exports
237,085211,198201,820219,900215,935223,367250,266320,337361,451389,55076,49779,39280,51183,93787,20791,60990,14292,49395,24497,08896,638
100,580100,900104,108
Merchandise l
Imports
-265,063-247,642-268,900-332,422-338,083-368,425-409,766-447,323-477,368-497,665— 109,988-110,494— 111,290-115,551-116,625-120,309-119,330-121,104-122,781-121,178-125,398-128,308-119,294-119,732
2
Net balance
-27,978-36,444
67,080-112,522-122,148- 145,058
159,500- 126,986-115,917-108,115-33,491-31,102-30,779-31,614-29,418-28,700-29,188-28,611-27,537-24,090-28,760-27,728-18,394-15,624
Netmilitarytransac-tions 3 4
-844112
-163-2,147-4,096-4,907-3,662-5,743-6,204-7,220-1,135-1,192-1,203-2,212-1,715-1,634-1,161-1,693-1,737-1,558-1,683-2,243-2,329-1,675
Services
transpor-
receipts
144-992
-4,227-9,153
-10,788-8,939-8,006-3,844
2,6214,140
-1,726-984-587-548
261443652
1,265941834479
1,8852,0561,951
Otherservices,
12,55212,98113,85914,04214,00818,55118,01219,92525,99829,4564,6184,8265,0235,4595,9406,3746,7726,9116,6957,3227,6077,8327,3457,690
Inv
Receiptson U.S.assetsabroad
84,97585,34681,97292,93582,28280,98290,536
110,669128,651130,09127,01627,00128,16828,48630,97432,30032,21733,15931,95931,31432,01234,80532,72928,599
astment incom
Paymentson foreignassets inU.S.3
-53,626-57,097
54,549-69,542
66,115-70,013
82,908-105,317-125,963-118,146-23,976-25,718-27,261-28,362-30,074-33,484-31,718-30,687-28,957-31,307-29,210-28,672-27,846-26,135
5
Net
31,34928,25027,42323,39416,16610,9697,6295,3532,688
11,9453,0401,283
907124900
-1,184499
2,4723,002
72,8026,1334,8832,464
Balance ongoods,
and income
15,2233,907
-30,188-86,385- 106,859-129,384-145,527— 111,294-90,814-69,794-28,694-27,169-26,639-28,791-24,032-24,701-22,426-19,656-18,635-17,485-19,555— 14,122-6,438-5,195
Unilateraltransfers,
net4
-8,331-9,775-9,956
-12,621-15,473- 16,009— 14,674-14,943-15,491-22,329-3,456-3,032-3,483-4,972-3,547-3,107-3,794-5,044-4,032-4,693-4,326-9,28016,9398,160
Balanceon current
account
6,892-5,868
-40,143— 99,006
-122,332- 145,393-160,201-126,236- 106,305-92,123-32,150-30,201-30,122-33,763-27,579-27,808-26,220-24,700-22,667-22,178-23,881-23,402
10,5012,965
1 Excludes military.* hxcluaes 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 grantit 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
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, claims on foreigners reported by U.S. banks increased $11.2 billion in the second quarterof 1991, in contrast to a decrease of $20.6 billion in the first quarter. Liabilities to private foreigners reported byU.S. banks, excluding Treasury securities, decreased $26.7 billion in the second quarter, compared to a decreaseof $18.8 billion in the first quarter.
BILLIONS OF DOLLARS* BILLIONS OF DOLLARS*
-40
-60
20
CHANGE INFOREIGN ASSETS ,'IN THE U.S., NET •*
CHANGE INU.S. ASSETS
ABROAD, NET
-20
-40
-601991
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Period
1981198219831984198519861987198819891990
-1988: IIIIllIV
1989: IIIIllIV
1990: 1IIIllIV
1991: III"....
[
Total
-110,951-124,490-56,100— 31,070-27,721— 92,030-62,937-86,057
-128,610-57,706
4,900-20,571-42,825-27,565
-37,576-4,270
-45,743-41,021
37,147-33,462-26,689-34,703
-923-26,671
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
-3531,014
abroad, netal outflow ( — )
Other U.S.Govern-
mentassets
-5,097-6,131-5,006-5,489-2,821-2,022
1,0062,9661,3202,976
-1,597-8511,9573,457
928292564119
-669-800-3144,759
1,422-560
]
U.S.privateassets
-100,679— 113,394-49,898-22,451-21,043— 90,321-73,091-85,111
-104,637-58,524
4,995-19,759-37,402-32,947
-34,5048,117
-40,311-37,938
40,993-33,033-28,114-38,370
-1,992-27,125
Foreign[increas
Total
83,03293,74684,869
102,621130,012221,599229,828221,534216,54986,303
24,99666,09152,52977,917
69,5572,498
74,25570,238
-33,08231,25749,09639,033
-7292,156
assets in the3 /capital inflo\
Foreignofficialassets
4,9603,5935,8453,140
-1,08335,58845,34339,6578,624
32,425
24,8745,961
-1,98510,806
7,766-5,03813,053
-7,158
-7,0225,805
13,34120,301
6,631-3,650
J.S., netv ( + )]3
Otherforeignassets
78,07290,15479,02399,481
131,096186,011184,485181,877207,925
53,879
12260,13054,51467,111
61,7917,536
61,20277,396
-26,05925,45235,75418,732
-7,3615,806
Allocations
drawingrights
(SDKs)
1,093
Statistical (
Total (sumof the items
with signreversed)
19,93436,61211,37427,45620,04115,824
-6,690-9,24018,36663,526
2,254-15,319
20,418-16,589
-4,40229,580
-2,292— 4,517
18,60124,383
1,47519,072
-8,84921,550
iscrepancy
Of which:Seasonal
adjustmentdiscrepancy
2,799-2,473-4,906
4,584
4,066-7806,3793,096
4,367105
-6,4732,007
3,995193
reserveassets, net 6(unadjusted,
end ofperiod)
30,07433,95833,74734,93443,18648,51145,79847,80274,60983,316
43,18641,02847,78847,802
49,85460,50268,41874,609
78,30377,29880,02483,316
78,00274,940
6 Consists of gold, special drawing rights (SDKs), foreign currencies and the U S reserve posi-imi in the IMF.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of theTrcasurv.
37
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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. Internationa! Transactions 36
General NotesDetail in these tables may not add to totals because of rounding.Unless otherwise noted, all dollar figures are in current dollars.Symbols used:
p Preliminary.r Revised.c Corrected.... Not available (also, not applicable).NSA not seasonally adjusted.
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38 U.S. GOVERNMENT PRINTING OFFICE = 1991 0—49-406
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