Economic Indicators: April 1991 - FRASER · percent (annual rate) or $35.0 billion. Real GNP (GNP...

02d Congress, 1st Session

Economic Indicators

APRIL 1991(Includes data available as of April 30, 1991)

Prepared for the Joint Economic Committee by the

Council of Economic Advisers

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1991

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOINT ECONOMIC COMMITTEE(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)

PAUL S. SARBANES, Maryland, ChairmanLEE H. HAMILTON, Indiana, Vice Chairman

SENATELLOYD BENTSEN (Texas)EDWARD M. KENNEDY (Massachusetts)JEFF BINGAMAN (New Mexico)ALBERT GORE, JR. (Tennessee)RICHARD H. BRYAN (Nevada)WILLIAM V. ROTH, JR. (Delaware)STEVE SYMMS (Idaho)CONNIE MACK (Florida)ROBERT C. SMITH (New Hampshire)

HOUSE OF REPRESENTATIVESDAVID R. OBEY (Wisconsin)JAMES H. SCHEUER (New York)FORTNEY H. (PETE) STARK (California)STEPHEN J. SOLARZ (New York)KWEISI MFUME (Maryland)RICHARD K. ARMEY (Texas)CHALMERS P. WYLIE (Ohio)OLYMPIA J. SNOWE (Maine)HAMILTON FISH, JR. (New York)

STEVEN QUICK, Executive Director

COUNCIL OF ECONOMIC ADVISERS

MICHAEL J. BOSKIN, ChairmanJOHN B. TAYLOR, Member

RICHARD L. SCHMALENSEE, Member

[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]

JOINT RESOLUTION [S.J. Res. 55]

To print the monthly publication entitled "Economic Indicators"

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That theJoint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and thata sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeantat Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; twocopies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to theJoint Economic Committee; and the required numbers of copies to the Superintendent of Documents fordistribution to depository libraries; and that the Superintendent of Documents be authorized to have copiesprinted for sale to the public.

Approved June 23, 1949.

Charts prepared by the Art Production Section, Design and Graphics Branch,Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $2.25 a single copy($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreignmailing) from:

SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE

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TOTAL OUTPUT, INCOME, AND SPENDINGGROSS NATIONAL PRODUCTIn the first quarter of 1991, according to advance estimates, current-dollar gross national product (GNP) rose 2.6percent (annual rate) or $35.0 billion. Real GNP (GNP adjusted for price changes) fell 2.8 percent and the implicitprice deflator rose 5.5 percent.

BILLION

6,000

5,600

5,200

4,800

4,400

4,000

3,600

3,200

2,800

S OF DOLLAR

^-

\ \ \

1982

jOURCE, DEPARTME

S (RATIO SO

1jS

^f S

•^ S

\ \ \1983

NT OF COMMERCE

ME)

^-*

1 1 1

1984

^^

,,-'

\ \ \

1985

GSIN CURREN

\

—^

—vGNP

IN 1982 DC

1 1 11986

p

F DOLLARS

\ /\

\^

,•

LLARS

1 1 I1987

.^/

_, — -

1 1 1

1988

BILLI

^^

mz:

1 ! !1989

ONS OF DDL

^ 1

1 1 1

1990

COUNCIL OF EC

ARS (RATIO

~

1 1 11991

ONOMIC ADVISER

5CALE)

6,000

5,600

5,200

4,800

4,400

4,000

3,600

3,200

2,800

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

19801981198219831984198519861987198819891990

1982: IV1983: IV1984: IT1985: IT1986: IV1987: IT1988: IV

1989: HIIV

1990: IIIniIT

1991: I"

Grossnationalproduct

2,732.03,052.63,166.03,405.73,772.24,014.94,231.64,515.64,873.75,200.85,465.1

3,212.53,545.83,851.84,107.94,297.34,647.65,009.8

5,238.65,289.3

5,375.45,443.35,514.65,527.3

5,562.3

Personalcon-

sumptionexpendi-

tures

1,732.61,915.12,050.72,234.52,430.52,629.02,797.43,009.43,238.23,450.13,657.3

2,117.02,315.82,493.42,700.42,868.53,079.13,332.6

3,484.33,518.5

3,588.13,622.73,693.43,724.9

3,741.1

Grossprivate

domesticinvest-ment

437.0515.5447.3502.3664.8643.1659.4699.5747.1771.2741.0

409.6579.8661.8654.1648.8741.4747.5

775.8762.7

747.2759.0759.7698.3

673.4

Exports

Netexports

32.133.926.3

-6.1-58.9-78.0-97.4

-114.7-74.1-46.1-31.2

14.1-25.8-67.9

-103.2-108.9-115.0-70.3

-49.3-35.3

— 30.0-24.9-41.3-28.8

7.5

Mid importsind services

Exports

351.0382.8361.9352.5383.5370.9396.5449.6552.0626.2672.8

335.9364.7385.7369.2402.4485.8583.1

623.7642.8

661.3659.7672.7697.4

692.2

of goods

Imports

318.9348.9335.6358.7442.4448.9493.8564.3626.1672.3704.0

321.9390.5453.6472.4511.3600.7653.5

673.0678.1

691.3684.6714.1726.2

684.7

Total

530.3588.1641.7675.0735.9820.8872.2921.4962.5

1,025.61,098.1

671.8676.1764.5856.7888.9942.0

1,000.0

1,027.81,043.3

1,070.11,086.41,102.81,132.9

1,140.2

Governgoo

208.1242.2272.7283.5310.5355.2366.5381.3380.3400.0424.0

293.2276.1326.0376.6368.8388.2401.1

399.2399.9

410.6421.9425.8437.6

442.3

ment purclIs and sen

Federal

Nationaldefense

142.7167.5193.8214.4234.3259.1277.8294.6297.2301.1313.6

205.4221.5244.1268.6280.7296.0299.6

306.3299.2

307.2309.6312.6325.0

330.0

ases ofices

Non-defense

65.474.878.969.176.296.088.786.783.198.9

110.4

87.754.681.9

108.088.192.2

101.6

93.0100.7

103.4112.3113.2112.6

112.3

and

322.2345.9369.0391.5425.3465.6505.7540.2582.3625.6674.1

378.7400.0438.5480.1520.1553.9598.9

628.6643.4

659.6664.6677.0695.3

697.9

Final

2,740.33,028.63,190.53,412.83,704.54,003.64,224.84,487.34,847.55,172.55,470.2

3,272.43,514.83,806.84,100.74,309.44,591.94,993.6

5,209.75,264.3

5,387.25,429.95,505.65,558.2

5,585.1

,-,

chases 1

2,699.83,018.73,139.73,411.83,831.14,092.84,329.04,630.34,947.85,246.95,496.4

3,198.53,571.63,919.74,211.24,406.24,762.65,080.1

5,287.95,324.6

5,405.35,468.25,555.95,556.1

5,554.8

1 GNP less exports of goods and services plus imports of goods and sen Source: Department of Commerce, Bureau of Economic Analysis.


GROSS NATIONAL PRODUCT IN 1982 DOLLARS[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]

Period

19801981198219831984198519861987198819891990

1982: IV1983: IV1984: IT1985: IT1986: IT1987: IT1988: IT

1989: inIV

1990: InmIT

1991: I"

Gross

alproduct

3,187.13,248.83,166.03,279.13,501.43,618.73,717.93,845.34,016.94,117.74,157.3

3,159.33,365.13,535.23,662.43,733.63,920.74,059.3

4,129.74,133.2

4,150.64,155.14,170.04,153.4

4,123.9

Personalcon-

sumptionexpendi-

tures

2,000.42,024.22,050.72,146.02,249.32,354.82,446.42,515.82,606.52,656.82,681.6

2,078.72,191.92,281.12,386.92,477.82,534.22,638.8

2,675.32,669.9

2,677.32,678.82,696.82,673.6

2,664.1

Total

509.3545.5447.3504.0658.4637.0639.6669.0705.7716.9688.7

408.8577.2655.7648.0615.2706.6696.2

722.3709.1

700.7700.7697.0656.3

630.2

Gross pdomestic in

Nonresi-dentialfixed

379.2395.2366.7361.2425.2453.5438.4449.8487.2506.1515.4

352.3390.4444.4460.9435.7462.3486.6

513.3508.4

514.6508.4519.3519.4

499.6

rivatevestment

Resi-dentialfixed

137.0126.5105.1149.3170.9174.4195.7196.4194.9187.0176.8

115.8159.9169.6179.4200.3195.8195.6

184.4181.8

188.3182.8173.0163.3

151.2

Changem

busi-ness

tones

-6.923.9

-24.5-6.462.39.15.6

22.823.623.8

-3.6

-59.327.041.7

7.7-20.8

48.414.0

24.618.9

— 2.29.54.7

-26.4

-20.7

Exportsgoods

Netexports

57.049.426.3

-19.9-84.0

-104.3— 129.7-118.5-75.9-54.1-33.8

11.7-46.2-94.8

-125.3-135.4-111.3-75.7

-64.1-47.9

-35.4-44.6—46.5-8.8

2.2

and impand ser

Ex-ports

388.9392.7361.9348.1371.8367.2397.1451.8534.7593.3631.5

336.0355.5376.6367.4406.5487.0555.3

592.5611.6

628.1620.1630.5647.2

646.5

orts ofvices

Im-ports

332.0343.4335.6368.1455.8471.4526.9570.3610.6647.4665.3

324.3401.6471.4492.6541.9598.3631.0

656.6659.4

663.5664.7677.0656.0

644.3

Total

620.5629.7641.7649.0677.7731.2761.6779.1780.5798.1820.8

660.1642.2693.2752.7776.0791.3799.9

796.2802.2

807.9820.2822.7832.3

827.5

Governgoot

Total

246.9259.6272.7275.1290.8326.0334.1339.6328.1334.9343.7

289.5266.0.300.5340.6342.4347.7342.3

333.0332.7

333.0345.9346.0349.9

346.8

ment pures and sei

Federal

Nation-al

defense

171.2180.3193.8206.9218.5237.2252.1265.1260.7256.3258.7

201.4211.6225.3241.4255.8266.0261.1

260.2255.5

254.4256.5258.2265.7

265.2

bases of•vices

Non-

75.779.378.968.272.388.882.074.567.578.785.0

88.254.475.299.286.681.781.2

72.877.2

78.689.487.884.2

81.6

Stateandlocal

373.6370.1369.0373.9387.0405.2427.5439.5452.4463.2477.1

370.6376.2392.7412.1433.6443.6457.5

463.2469.5

475.0474.3476.7482.4

480.7

Finalsales

3,194.03,225.03,190.53,285.53,439.13,609.63,712.43,822.53,993.24,094.04,160.9

3,218.63,338.13,493.53,654.73,754.43,872.34,045.2

4,105.14,114.4

4,152.84,145.64,165.34,179.8

4,144.6

Grossdomes-

ticpur-

chases *

3,130.13,199.43,139.73,299.13,585.43,723.03,847.63,963.84,092.84,171.84,191.1

3,147.63,411.33,630.03,787.63,869.04,032.04,134.9

4,193.94,181.1

4,185.94,199.74,216.54,162.2

4,121.7

1 GNP less exports of goods and services plus imports of goods and services. Source: Department of Commerce, Bureau of Economic Analysis.

IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT[1982 = 100; quarterly data are seasonally adjusted]

Period

19801981198219831984198519861987198819891990

1982: IV1983: IV1984: IT1985: IT1986: IT1987: IT1988: IT

1989: mIT

1990: InmIT

1991: I"

nationalproduct

85.794.0

100.0103.9107.7110.9113.8117.4121.3126.3131.5

101.7105.4109.0112.2115.1118.5123.4

126.8128.0

129.5131.0132.2133.1

134.9

Total

86.694.6

100.0104.1108.1111.6114.3119.6124.2129.9136.4

101.8105.7109.3113.1115.8121.5126.3

130.2131.8

134.0135.2137.0139.3

140.4

Personal cexpen

Durablegoods

89.295.7

100.0102.1103.8104.8105.6108.2109.4110.9112.4

100.7103.1104.1104.7106.2108.9110.3

111.2111.4

112.5112.1112.3112.7

113.1

onsumptionditures

Nondura-ble goods

89.496.9

100.0102.1105.0107.5107.3112.2116.6122.8131.0

101.0103.1105.8108.7107.8113.9118.6

123.2124.5

128.3129.4131.5134.9

135.2

Services

83.992.6

100.0106.2111.6116.8122.4128.7134.5141.0147.7

102.7108.3113.5119.0124.9130.9137.0

141.6143.4

145.1146.6148.5150.4

151.9

Grossdomestic i

Nonresi-dential

ixe

85.193.4

100.098.897.997.799.398.9

100.2101.2101.7

100.798.397.997.9

100.099.0

101.8

100.9100.7

101.6101.6102.6100.9

101.3

arivatenvestment

Residen-tial fixed

89.496.6

100.0102.2106.0108.3111.1115.2119.3123.5125.5

99.1103.1107.2109.0112.4116.5120.6

124.2124.3

125.3125.3126.0125.7

125.6

Exports angoods an

Exports

90.297.5

100.0101.3103.2101.099.899.5

103.2105.5106.5

100.0102.6102.4100.599.099.7

105.0

105.3105.1

105.3106.4106.7107.8

107.1

1 imports of. services

Imports

96.0101.6100.097.497.195.293.799.0

102.5103.8105.8

99.397.296.295.994.4

100.4103.6

102.5102.8

104.2103.0105.5110.7

106.3

Gove

Total

84.393.3

100.0103.1106.8109.0109.7112.3115.9119.4123.3

101.3103.8108.5110.6107.7111.7117.2

119.9120.2

123.3122.0123.0125.1

127.6

nunent puresep

Federal

Nationaldefense

83.492.9

100.0103.6107.2109.2110.2111.1114.0117.5121.2

102.0104.7108.3111.3109.7111.3114.7

117.7117.1

120.8120.7121.1122.3

124.4

lases of gocnces

Non-defense

86.494.3

100.0101.4105.5108.2108.1116.3123.2125.8129.8

99.5100.3108.9108.8101.7112.8125.1

127.8130.4

131.5125.6128.9133.8

137.7

ds and

Stateand local

86.293.4

100.0104.7109.9114.9118.3122.9128.7135.1141.3

102.2106.3111.7116.5120.0124.9130.9

135.7137.1

138.9140.1142.0144.1

145.2

Source: Department of Commerce, Bureau of Economic Analysis.


CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, ANDRELATED PRICE MEASURES

[Percent change from preceding period; quarterly data at seasonally adjusted annual rates]

Period

198019811982198319841985198619871988198919901987: I

nmIV

1988: Inrarv

1989: Inmrv

1990: InmIV

1991: I"

Currentdollars

8.911.73.77.6

10.86.45.46.77.96.75.19.17.57.48.77.88.37.47.77.55.85.13.96.75.15.3.9

2.6

Or

Constant(1982)dollars

-0.21.9

-2.53.66.83.42.73.44.52.51.05.24.24.16.6

5.13.62.72.7

3.61.61.7.3

1.7.4

1.4-1.6

-2.8

ss national pr

Implicitprice

deflator

9.09.76.43.93.73.02.63.23.34.14.13.53.13.51.72.74.44.74.73.93.93.23.84.84.73.72.8

5.5

duct

Chain priceindex

9.09.46.34.13.93.32.53.33.74.34.34.33.13.33.13.34.24.84.44.74.43.13.7

6.14.13.73.6

5.1

Fixed-weighted

price index(1982

weights)

9.39.36.24.14.03.42.73.54.24.54.64.43.53.53.73.94.75.54,4

4.94,63.13.86.63.94.24.7

5.1

Currentdollars

10.610.57.19.08.88.26.47.67.66.56.07.39.68.93.79.27.48.28.14.86.67.04.08.23.98.03.5

1.8

Personal

Constant(1982)dollars

-0.21.21.34.64.84.73.92.83.61.9.9.7

4.54.3-.46.92.73.53.5

-.31.34.6

O

1.1.2

2.7-3.4

-1.4

consumption e?

Implicitprice

deflator

10.79.25.74.13.83.22.44.63.84.65.06.44.84.44.12.34.34.64.65.25.12.25.06.83.65.46.9

3.2

penditures

Chain priceindex

10.99.25.74.23.93.52.74.64.04.74.96.24.94.34.02.54.74.84.85.05.32.64.96.83.45.26.5

3.1

Fixed-weighted

price index(1982

weights)

10.59.05.64.24.03.52.74.64.14.85.26.35.14.34.32.64.85.14.95.05.72.74.77.43.15.77.1

3.2

NOTE.—Annual changes are from preceding year and quarterly changes are from preceding quarter. Source: Department of Commerce, Bureau of Economic Analysis,

NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS[Quarterly data at seasonally adjusted annual rates]

Period

19801981198219831984198519861987198819891990r.1982: IV1983: IV1984: TV1985: TV1986: IV1987: IV1988: IV1989: III

IV1990: I

nmrv

Gross (3produ

nonfincorporate(billions o

Current

1,540.81,738.41,782.21,914.22,146.72,267.12,367.12,524.82,720.72,854.52,952.71,779.42,012.52,201.82,309.42,408.72,597.42,797.32,879.12,878.52,907.52,960.02,979.12,964.1

omesticct ofancialbusiness

f dollars)

1982

1,807.91,837.21,782.21,866.02,036.52,117.42,173.92,290.22,403.72,431.22,427.01,760.21,940.52,069.52,137.72,198.52,339.42,428.62,443.92,421.82,423.12,440.12,435.12,409.8

Total

andprofit 2

0.852.946

1.0001.0261.0541.0711.0891.1021.1321.1741.2171.0111.0371.0641.0801.0961.1101.1521.1781.1891.2001.2131.2231.230

Curren

Capitalconsump-

tionallow-anceswith

capitalconsump-

tionadjust-ment

0.095.109.125.123.118.119.123.123.124.131.137.131.120.118.120.124.122.126.132.135.135.135.137.140

t-dollar cos

Indirectbusinesstaxes 3

0.077.090.094.098.100.103.106.105.107.112.119.096.098.102.104.106.105.108.113.114.117.116.121.123

t and profit

Compen-

employ-ees

0.581.632.676.679.687.704.721.726.750.782.817.685.680.694.713.727.734.763.782.795.803.812.823.830

per unit o

interest

0.031.037.043.037.039.038.041.041.041.050.053.042.037.042.037.042.040.042.051.052.052.053.053.054

' output (do

Corpinventory

consun

Total

0.068.078.063.089.109.106.098.107.111.099.090.057.103.107.106.096.109.112.100.092.093.097.090.083

liars) *

)rate profitsvaluation aiption adjus

Profitstax

liability

0.037.035.026.032.036.033.035.041.043.042.040.023.036.032.033.038.042.043.041.040.039.040.041.038

withnd capitaltments

Profitsaftertax 4

0.031.044.037.057.073.073.064.067.068.057.051.034.066.075.072.058.067.069.059.052.053.057.049.045

Outputper hour

of allemploy-

ees(1982

dollars)

18.59118.70318.77419.28419.74420.05720.52221.01421.30620.955

18.79319.44219.79220.12920.66221.13921.20820.98920.74320.66320.76020.707

Compen-sation

per hourof all

employ-ees

(dollars)

10.80911.81512.68213.08513.57114.11214.79315.26515.87416.396

12.88113.22113.74114.35015.01715.50716.08816.40416.48316.59716.86317.048

1 Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-lars.

2 This is equal to the deflator (or gross domestic product of nonfinancial corporate business withthe decimal point shifted two places to the left.

3 Indirect business tax and nontax liability plus business transfer payments less subsidies.4 With inventory valuation and capital consumption adjustments.Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor

(Bureau of Labor Statistics).


NATIONAL INCOME[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

198219831984198519861987198819891990'

1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV

1989: mIV

1990: InmIV

1991: I'

Nationalincome

2,518.42,719.53,028.63,234.03,412.63,660.33,984.94,223.34,418.4

2,548.22,851.53,096.13,312.83,473.13,791.54,104.1

4,232.14,267.1

4,350.34,411.34,452.44,459.7

Compen-sation ofemploy-

ees

1,907.02,020.72,213.92,367.52,511.42,686.42,905.13,079.03,244.2

1,931.12,092.72,272.72,426.72,571.22,770.32,986.7

3,095.23,128.6

3,180.43,232.53,276.93,286.9

3,297.8

Proprietorwith in

valuation iconsuradjust

Farm

24.612.430.530.234.742.843.748.649.9

28.519.328.129.237.252.335.5

38.745.7

57.451.042.448.8

47.0

s' incomerentorynd capitalnptionments

Nonfarm

150.9178.4204.0225.6247.2280.6310.5330.7352.6

159.8188.6209.7235.0252.0293.0321.5

329.5336.0

346.6350.8355.6357.4

356.0

Rentalincome ofpersons

withcapital

tionadjust-ment

13.613.28.59.2

11.613.716.38.26.9

15.812.45.67.8

13.514.616.8

5.84.1

5.54.38.49.3

6.9

Corpora

150.0213.7266.9282.3282.1308.3337.6311.6298.3

146.1248.5266.9291.4275.2323.1349.6

306.7290.9

296.8306.6300.7288.9

te profits witconsul

Profits wiadjustmei

consu

Total

159.2196.7234.2222.6228.3255.9289.8286.1293.3

150.7223.4224.6228.4226.1268.6308.7

285.3275.3

285.5298.8298.7290.3

ti inventorynption adjust

th inventoryit and withoTiption adjus

Profitsbefore tax

169.6207.6240.0224.3221.6275.3316.7307.7304.7

164.1231.5226.1235.0234.1289.7331.1

291.4289.8

296.9299.3318.5304.1

valuation ancments

valuationit capitaltment

Inventoryvaluation

adjust-ment

— 10.4-10.9

5.8-1.7

6.7-19.4

27.0-21.7

11.4

13.4-8.1-1.6-6.6-8.0

— 21.122.5

-6.1-14.5

— 11.4— .5

-19.8-13.8

9.1

capital

Capitalconsump-

d'ment

-9.217.032.759.753.852.447.825.5

4.9

-4.525.142.363.049.154.540.9

21.415.6

11.37.72.0

— 1.4

-2.9

Netinterest

272.3281.0304.8319.0325.5328.6371.8445.1466.7

266.9290.2313.1322.7324.0338.2394.1

456.2461.7

463.6466.2468.3468.4

462.9

1 Includes employer contributions for social insurance. (See also p. 5.) Source: Department of Commerce, Bureau of Economic Analysis.

PERSONAL CONSUMPTION EXPENDITURES[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]

Period

198219831984198519861987198819891990

1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV

1989: HIIV

1990: InmIV

1991: I »

eon-

expendi-

2,050.72,234.52,430.52,629.02,797.43,009.43,238.23,450.13,657.3

2,117.02,315.82,493.42,700.42,868.53,079.13,332.6

3,484.33,518.5

3,588.13,622.73,693.43,724.9

3,741.1

Totaldurablegoods

252.7289.1335.5372.2406.0423.4457.5474.6480.3

263.8310.0346.7373.2422.0427.4473.1

487.1471.2

492.1478.4482.3468.5

456.8

Durable

vehi-clesand

parts

108.9130.4157.4179.1196.2197.9212.2215.5213.0

115.7144.4162.3173.8201.1198.9217.8

226.9207.5

221.1212.4214.7203.9

192.3

goods

Furni-

andhouse-hold

equip-ment

95.7107.1118.8129.9139.7148.8161.8171.4176.4

99.1112.4122.7134.7143.8151.1166.8

171.5173.0

178.9176.8176.4173.4

174.4

Other

48.151.659.363.270.076.783.587.890.9

49.053.261.864.777.177.488.5

88.790.7

92.089.391.291.3

90.2

Totalnon-

durablegoo s

771.0816.7867.3911.2942.0

1,001.31,060.01,130.01,193.7

786.6837.9879.6932.7952.1

1,019.91,088.0

1,137.31,148.8

1,174.71,179.01,205.01,216.0

1,209.8

Non

Food

398.8421.9448.5471.6500.0530.7562.6595.3624.7

407.0430.8456.1482.5511.9539.0577.1

597.6602.2

616.4623.3629.8629.4

636.5

durable gc

Cloth-ing andshoes

124.4135.1146.7156.4166.8178.4191.1204.6213.2

126.5141.1149.8160.6168.7182.2198.6

206.9208.7

212.9212.6215.8211.5

212.2

ods

Gaso-line

and oil

89.190.290.090.673.575.377.383.893.8

89.891.989.091.066.077.378.5

84.583.5

87.184.594.0

109.4

93.4

Other

158.7169.5182.1192.6201.7216.9229.1246.3261.9

163.4174.0184.7198.5205.5221.5233.9

248.3254.4

258.2258.6265.4265.6

267.7

1,027.01,128.71,227.61,345.61,449.51,584.71,720.71,845.51,983.3

1,066.51,167.91,267.11,394.51,494.41,631.81,771.5

1,859.81,898.5

1,921.31,965.32,006.22,040.4

2,074.5

Retailnew pacars (mi

urn

Do-mestics

5.86.88.08.28.27.17.57.16.9

6.07.47.77.07.76.67.5

7.86.2

7.06.87.26.6

6.0

ales ofssengerlions ofts)

Im-ports

2.22.42.42.83.23.23.12.82.6

2.52.62.63.13.43.33.0

2.92.6

2.82.72.52.4

2.2,-

Source: Department of Commerce, Bureau of Economic Analysi


SOURCES OF PERSONAL INCOMEersonal income rose $11.7 billion (annual rate) in March, following a rise of $8.8 billion in February. Wages and

salaries rose $4.2 billion in March after falling $0.2 billion in February.

BILLIONS OF DOLLARS*(RATIO SCALE)

5,000

4,000 -

3,000

2,000

1,400

800

400

BILLIONS OF DOLLARS*(RATIO SCALE)

5,000

1983 1984 1985

WAGE AND SALARY DISBURSEMENTS

\OTHER INCOME

1986

TRANSFERPAYMENTS

1987 1988 1989

" SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE

1990

4,000

3,000

2,000

1,400

800

400

1991

COUNCIL Of ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]

Period

19811982198319841985198619871988198919901990: Mar

AprMayJuneJulyAugSeptOctNovDec

1991: Jan r.Feb r.Mar"

Totalpersonalincome

2,520.92,670.82,838.63,108.73,325.33,526.23,766.44,070.84,384.34,645.54,594.74,604.54,621.44,640.74,662.74,675.04,697.84,695.94,716.24,743.34,725.44,734.24,745.9

salary

1,510.31,586.11,676.61,838.61,975.42,094.82,249.72,431.12,573.22,705.32,669.22,682.42,695.52,711.12,727.12,728.32,747.22,731.62,731.62,753.62,740.02,739.82,744.0

Other labor

150.3163.6173.6182.9187.6199.3209.4225.5241.9258.1254.0255.2256.4257.6258.8260.0261.2262.2263.2264.2265.2266.2267.2

Proprietor.

Farm

30.724.612.430.530.234.742.843.748.649.965.555.051.846.145.742.938.539.154.552.939.647.254.0

' income 3

Nonfarm

156.1150.9178.4204.0225.6247.2280.6310.5330.7352.6349.4349.2351.3351.8353.0356.6357.0357.1357.6357.5354.4355.9357.6

Rentalincome ofpersons 4

13.313.613.28.59.2

11.613.716.38.26.94.33.84.24.96.29.1

10.010.88.88.37.56.76.6

Personaldividendincome

61.363.968.775.578.785.891.8

102.2114.4123.8121.3122.3123.0123.4124.3125.0125.3126.1126.8127.2127.2127.6125.3

Personalinterestincome

335.4369.7393.1444.7478.0493.2501.3547.9643.2680.4671.4674.5677.9681.5683.6685.4686.8687.5688.1688.2686.4683.2680.6

Transferpay-

ments 5

368.1410.6442.6456.6489.8521.5549.9587.7636.9694.8683.4683.5685.3691.4692.1695.9701.2710.0714.0721.2742.1744.6747.8

Less:Personal

contributionsfor socialinsurance

104.5112.3120.1132.7149.3161.9172.9194.1212.8226.2223.8221.4223.9227.1228.1228.2229.5228.4228.4229.9237.0237.0237.3

Nonfarmpersonalincome 6

2,465.62,618.72,799.03,052.13,271.33,469.43,702.24,006.04,314.64,574.34,508.14,528.24,548.34,573.24,595.64,610.74,637.84,635.34,640.24,668.84,664.24,665.44,670.1

1 The total of wage and salary disbursements and other labor income differs from compensation ofemployees (see p. 4| in that it excludes employer contributions for social insurance and the excess ofwage accruals over wage disbursements.

^Consists primarily of employer contributions to private pension and private welfare funds.3 With inventory valuation and capital consumption adjustments.

4 With capital consumption adjustment.5 Consists mainly of social insurance benefits, direct relief, and veterans payments.6 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,

,nd agricultural net interest.Source: Department of Commerce, Bureau of Economic Analysis-


DISPOSITION OF PERSONAL INCOMEAccording to advance estimates, real per capita disposable personal income fell again in the first quarter of 1991

BILLIONS OF DOLLARS * (RATIO SCALE) BILLIONS OF DOLLARS * (RATIO SCALE)

2,000

DOLLARS* (RATIO SCALE)

2,000

DOLLARS * (RATIO SCALE)

18,000

16,000

14,000

8000

— PER CA

i | i

1982

>ITA DISPOSE

<1

i i i

1983

BLE PERSON

1 ! |

1984

AL INCOME -

CURRENT

1 1 '1985

DOLLARS

\ -

\1982 DOLLA

1 i i

1986

p^:s

i i i1987

-~~~~

\ i i1988

t i |

1989

r — — 1

I 1 '

1990

_ .

t t i1991

18,000

16,000

14,000

8 000

' SEASONALLY ADJUSTED ANNUAL RATES

SOURCE-. DEPARTMENT OF COMMERCECOUNCIL OF ECONOMIC ADVISERS

Period

19801981198219831984198519861987198819891990

1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: m....

IV1990: I

IIm....IV

1991: I"

P 1rersonaiincome

2,258.52,520.92,670.82,838.63,108.73,325.33,526.23,766.44,070.84,384.34,645.5

2,729.22,941.83,188.33,399.13,597.83,890.94,186.24,402.84,469.24,562.84,622.24,678.54,718.54,735.2

Less:Personaltax andnontax

payments

Bin;340.5393.3409.3410.5440.2486.6512.9571.6591.6658.8699.4

411.1413.9459.7499.6534.4588.6607.3659.5669.6675.1696.5709.5716.6718.3

T? 1

TV hiSP°personalincome

ons of dolla

1,918.02,127.62,261.42,428.12,668.62,838.73,013.33,194.73,479.23,725.53,946.1

2,318.12,527.92,728.62,899.53,063.43,302.33,578.93,743.43,799.63,887.73,925.73,969.14,001.94,016.9

Less:Personaloutlays 1

rs

1,781.11,968.12,107.52,297.42,504.52,713.32,888.53,102.23,333.63,553.73,766.0

S

2,174.92,382.52,571.32,787.72,961.43,172.63,430.43,588.83,625.53,696.43,730.63,802.63,834.43,851.0

Equals:Personal

saving

136.9159.4153.9130.6164.1125.4124.992.5

145.6171.8180.1

easonally

143.1145.4157.3111.7102.0129.7148.5154.5174.1191.3195.1166.5167.5165.9

Dispos-able

personalincome in

1982dollars

(billions)

2,214.32,248.62,261.52,331.92,469.82,542.82,635.32,670.72,800.52,869.02,893.5

adjusted ann

2,276.12,392.72,496.32,562.82,646.22,717.92,833.92,874.32,883.22,900.92,902.82,898.02,872.42,860.5

Percdisposabl

inc

Currentdollars

8,4219,2439,724

10,34011,25711,86112,46913,09414,12314,97315,695

ual rates

9,92910,72511,46712,06812,62913,48314,47015,02615,21015,52715,63915,76515,84915,870

apitapersonal

)me

1982dollars

Dolla

9,7229,7699,7249,930

10,41910,62510,90510,94611,36811,53111,509

9,74910,15110,49110,66710,90911,09711,45811,53811,54111,58611,56411,51111,37611,301

Per capitconsuexpen

Currentdollars

rs

7,6078,3208,8189,516

10,25310,98511,57612,33413,14413,86614,547

9,0689,825

10,47911,24011,82512,57213,47413,98614,08414,33014,43214,67014,75214,780

i persona!nptionjtures

1982dollars

8,7838,7948,8189,1399,4899,840

10,12310,31110,58010,67810,666

8,9049,2999,5879,935

10,21410,34710,66910,73910,68710,69310,67110,71110,58910,525

Percentchange inreal percapita

disposablepersonalincome

Percei

— 1.1.5

-.52.14.92.02.6

.43.91.4

_,2

1.29.11.73.3

.36.41.21.6.1

1.6Q

.O

-1.8-4.6-2.6

Saving aspercent ofdisposablepersonalincome

it^ 7.1

7.56.85.46.14.44.12.94.24.64.6

6.25.85.83.93.33.94.14.14.64.95.04.24.24.1

Population,including

ArmedForcesabroad(thou-

sands) z

227,754230,182232,549234,829237,051239,322241,660243,982246,358248,810251,420

233,466235,707237,946240,257242,579244,925247,329249,127249,818250,392251,026251,767252,495253,115

1 Includes personal consumption expenditures, interest paid by consumers to business, and person-al transfer payments to foreigners (net).

2 Annual data are averages of quarterly data, which are averages for the period.Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).


FARM INCOMEh the third quarter of 1990, according to current estimates, gross farm income fell $0.3 billion (annual rate) and

let farm income rose $0.7 billion.

BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)

240

160 >> . *--]

X .* / *\ ; 'v /\ /

•• —

1 1 '1982

-^^^^-^S

1\ , i

I /*» I\ ' '»'* 1 \I

* I "

( ( I

1983

» — — \

i i i1984

... .

GRO

*

i _/ \v

i i i1985

^C^"\\55 FARM INCO

j

A/i / \t\i

1986

r — ME

/ *•

NET FARM IN

I I 11987

• -"I

\ /

\/

COME j

1 1 I1988

1 1 '1989

--,.

1 1 11990

200

160

120

80

60

40

20

10

* SEASONALLY ADJUSTED ANNUAL RATES

SOURCE: DEPARTMENT OF AGRICULTURE


[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Period

1980198119821983198419851986198719881989

1988: HIIV

1989: IIIinIV

1990: IIIHI

Total l

149.3166.3163.5153.2170.2162.9156.5169.0173.8189.2

167.6181.5

190.8189.5185.7190.9

195.1194.3194.0

(

Cas

Total

139.7141.6142.6136.8142.8144.1135.2141.7150.2159.2

154.9155.4

153.7157.4163.9161.7

159.5168.1177.4

In

jross farm incom

tl marketing rece

Livestock andproducts

68.069.270.369.672.969.871.576.078.883.7

79.281.2

81.680.883.688.9

87.387.990.5

come of farm ope

3

pts

Crops

71.772.572.367.269.974.363.765.671.475.4

75.774.2

72.176.580.372.8

72.280.286.9

rators from farmi

inventorychanges 2

-6.36.5

— 1.4-10.9

6.0-2.3-2.4-2.8-4.1

4.4

-3.7-2.1

3.84.94.84.3

5.74.63.5

ng

Productionexpenses

133.1139.4140.0137.9143.8131.9125.5127.7132.1142.6

135.4135.9

142.5143.3143.4141.1

140.3146.2145.2

Net farn

Currentdollars

16.126.923.515.326.331.031.041.341.846.7

32.245.5

48.346.242.449.8

54.848.148.8

i income

1982 dollars 3

18.828.623.514.724.527.927.235.134.437.0

26.436.9

38.836.733.438.9

42.336.736.9

1 Cash marketing receipts and inventory changes plus Government payments, other farm cashicome, and nonmoney income furnished by farms,I 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average•ices during the year.

3 Income in current dollars divided by the GNP implicit price deflator.

NOTE.—Data include net Commodity Credit Corporation loans and operator households.

Sources: Department of Agriculture and Department of Commerce.


CORPORATE PROFITSIn the fourth quarter of 1990, according to revised estimates, corporate profits before tax fell $14.4 billion (annu«rate) and profits after tax fell $1.8 billion.

BILLIONS OF DOLLARS

360

320

280

240

200

160

120

80

40

BILLIONS OF DOLLARS

360

~^-

•"— ,

"""•"""••^^^

i1982

f"

/

Ss

. — x

/ J — -~* St

1 11983

r~\

,' — "^ — -

N

i i i1984

SEASONAL

PROFITS

— - oPF

«%

\ ^ ^ — \

i — •--'' S

1 1 11985

LY ADJUSTED ANNUA

BEFORE TAX

N^

iOFITS AFTEF

\

T/

\

1 1 I1986

RATES

,

TAX _,.••

,'"'

\U LIABILITY

,' 'pp-^UNDlST

1 I I1987

^

^

_.-"-•""

'"\ *\

RIBUTED PRC

1 1 11988

pv

V.-

•-sx_ —

X,

°\\

FiTS s"

1 I 11989

^

S

.^-"'X

^7a ....

i i i1990

320

280

240

200

160

120

80

40

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS


Period

19801981198219831984198519861987198819891990 '1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: HI

IV1990: I

IIIHIV r

1991: I".

Pr

Total 2

194.0202.3159.2196.7234.2222.6228.3255.9289.8286.1293.3

150.7223.4224.6228.4226.1268.8308.7

285.3275.3285.5298.8298.7290.3

jfits (before 1

Total

159.6173.8131.2166.6203.3191.4195.2218.4246.5235.2236.4121.6190.7193.9193.6193.4226.2261.9236.0218.4232.6249.9241.1222.3

ax) with inve

Do

Financial

21.016.511.818.113.022.832.020.722.415.418.718.715.513.626.028.619.824.19.26.9

16.118.221.718.8

ntory valuati

mestic indust

Total 3

138.6157.3119.4148.5190.3168.6163.2197.8224.1219.8217.7102.9175.2180.3167.6164.8206.4237.8226.9211.5216.5231.7219.3203.4

on adjustmen

ries

Nonfinancial

Manufac-turing

77.188.558.070.188.879.759.586.7

106.596.188.846.888.679.883.864.898.2

112.699.983.790.1

100.891.273.1

t 1

sale andretailtrade

21.632.534.638.951.244.144.137.937.138.741.533.643.151.838.541.037.842.341.441.939.244.439.542.8

Profitsbefore tax

237.1226.5169.6207.6240.0224.3221.6275.3316.7307.7304.7164.1231.5226.1235.0234.1289.7331.1291.4289.8296.9299.3318.5304.1

Taxliability

84.881.163.177.293.996.4

106.3126.9136.2135.1132.159.888.187.099.8

113.1132.1142.1127.8123.5129.9133.1139.1126.5

P

Total

152.3145.4106.5130.4146.1127.8115.3148.4180.5172.6172.5104.3143.4139.2135.2121.0157.6189.1163.6166.3167.1166.1179.4177.6

rofits after ta

Dividends

54.763.666.971.579.083.391.398.2

110.0123.5133.968.573.980.884.093.6

102.2115.3125.0127.7130.3133.0135.1137.2137.5

X

Undistrib-uted

profits

97.681.839.658.967.044.624.050.270.549.138.735.869.558.451.227.455.473.838.638.636.833.244.340.4

Inventoryvaluation

adjustment

-43.1-24.2— 10.4-10.9-5.8-1.7

6.7-19.4-27.0-21.7-11.4-13.4

-8.1-1.6-6.6-8.0

-21.1-22.5-6.1

— 14.5-11.4

-.5-19.8-13.8

9.1

1 See p. 4 for profits with inventory valuation and capital consumption adjustments.2 Includes rest of the world, not shown separately.3 Includes industries not shown separately.


8


GROSS PRIVATE DOMESTIC INVESTMENTAccording to advance estimates for the first quarter of 1991, nonresidential fixed investment fell $17.7 billion(annual rate) and residential investment fell $15.3 billion. There was a $22.9 billion decrease in inventories,following a decline of $30.8 billion in the fourth quarter of 1990.

BILLIONS OF DOLLARS

900

800

700

600

500

400

300

200

100

-100

BILLIONS OF DOLLARS

900

-

-

-

_

-r ^^ 'vX-1

_"•- —

-

__»*•

-

1982

SOURCE: DEPARTME

/I/

/

, — -''""

S~""~

\ 1 1

1983

NT OF COMMERCE

r—\

s""

"* ^v

1 1 11984

GROSS PRIINV

r l,~

1 ! 11985

SEASONALLY ADJU

VATE DOMESTMENT

~o^NONRES

FIXED INV

RESIDFIXED IN

-HCHAN

Ih

K'%v

I I 11986

TED ANNUAL RATE

ESTIC

f~DENTIAL'ESTMENT

\ ,-'

ENTIALVESTMENT .

\

GE IN BUSI-JVENTORIE

\A

1987

r l

^**

NESS

1 1 11988

' ^

. .

1 1 11989

^\

.-- -.** ""*-^

-" — -^

1 1 I

1990

COUNCIL OF EC

N

.

1 I 1

1991

GNOMIC ADVISERS

800

700

600

500

400

300

200

100

0

-100


-

Period

198019811982198319841985198619871988198919901982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: I

IIinIV

1990: IIIinIV

1991: I"

Gross

domesticinvestment

437.0515.5447.3502.3664.8643.1659.4699.9747.1771.2741.0409.6579.8661.8654.1648.8741.4747.5769.7776.7775.8762.7747.2759.0759.7698.3673.4

Total

445.3491.5471.8509.4597.1631.8652.5671.2720.8742.9746.1469.5548.8616.8646.8660.9685.7731.3743.1744.0746.9737.7

758.9745.6750.7729.2696.2

I

Total

322.8369.2366.7356.9416.0442.9435.2444.9488.4511.9524.1354.9383.9435.0451.3435.8457.5495.3

506.5511.4518.1511.8523.1516.5532.8524.0506.3

~"ixed investmen

Nonresidential

Structures

113.9138.5143.3124.0141.1153.2139.0133.7139.9146.2147.0137.6127.4146.6155.9133.7137.2141.2146.5144.2147.0147.1148.8147.2149.8142.1139.2

Producers'durable

equipment

208.9230.7223.4232.8274.9289.7296.2311.2348.4365.7377.1217.3256.5288.4295.5302.2320.4354.0360.0367.2371.0364.7374.3369.3383.0381.9367.1

Residential

122.5122.3105.1152.5181.1188.8217.3226.3232.5231.0222.0114.7164.9181.8195.5225.1228.1236.0236.6232.7228.9225.9235.9229.1217.9205.2189.9

Change irinven

Total

-8.324.0

-24.5-7.167.711.36.9

28.326.228.3

-5.0-59.9

31.045.0

7.2-12.2

55.716.226.632.728.925.011.813.49.0

-30.8-22.9

business.ones

Nonfarm

-2.418.3

-23.1.4

60.514.68.6

32.329.823.3

-7.4

-51.121.341.323.7

-8.059.635.016.726.126.224.1

-17.013.06.8

-32.4-27.9



EXPENDITURES FOR NEW PLANT AND EQUIPMENTAccording to the Commerce Department January-March 1991 survey, business spending for new plant andequipment is expected to rise 2.5 percent in 1991, following a rise of 5.0 percent in 1990.

BILLIONS OF DOLLARS (RATIO SCALE)

600

BILLIONS OF DOLLARS (RATIO SCALE)

500

400

300

200

100

—^^^

.*•"*^

J

\ \ 11983

^^ — '

,

,-"""

i i i1984

J*" ~ 1

1 1 1

1985

SEASONAL

NON

M

1 1 1

1986

LY ADJUSTED ANNUA

---1

\\LL INDUSTRIE:

\WANUFACTUR

ANUFACTURIr.

1 1 11987

RATES

^— ]

NG-L/

G

1 1 11988

1

„— -*" *"^*

""

1 1 1

1989

1 1 1

1990

i "

*—••— *

3l li ll

1 1 1

1991

600

400

300

200

100

• SECOND HALF

-^SURVEYED QUARTERLY^/SEE FOOTNOTE 4 BELOW

5OUSCE= DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS


Period

19801981198219831984198519861987198819891990 '.1991 *

1989: IIImIV

1990: Inmrvr.

1991: I 4

n 4

2nd half*

Allindus-tries

286.40324.73326.19321.16373.83410.12399.36410.52455.49507.40532.96546.41

487.43502.05514.95519.58

532.45535.49534.86529.02

540.82547.91548.46

M

Total

112.60128.68123.97117.35139.61152.88137.95141.06163.45183.80192.78193.39

172.73180.91185.99191.88

191.36195.16194.48190.14

188.73194.13195.35

inufacturii

Dura-ble

goods

54.8258.9354.5851.6164.5770.8765.6868.0377.0482.5682.9980.88

80.2082.4483.6083.41

86.3584.3482.6778.62

81.3680.8680.66

Industries

ig

Non-durablegoods

57.7769.7569.3965.7475.0482.0172.2873.0386.41

101.24109.79112.51

92.5398.47

102.40108.47

105.02110.82111.81111.52

107.37113.28114.69

surveyed

Total '

173.80196.06202.22203.82234.22257.24261.40269.46292.04323.60340.17353.02

314.70321.14328.96327.70

341.09340.33340.39338.89

352.09353.78353.11

quarterly

Not

Mining

12.7115.8114.1110.6411.8612.008.158.289.299.219.879.85

8.949.249.249.38

9.589.849.98

10.09

10.0210.129.63

imanufactu

Trans-portation

13.5612.6711.7510.8113.4414.5715.0515.0716.6318.8421.5923.06

17.8418.4221.0318.25

22.1321.8621.4120.95

22.2521.6024.20

•ing

Publicutilities

41.3247.1753.5852.9557.5359.5856.6156.2660.3766.2867.0069.07

66.0968.0965.1965.82

65.7264.2767.4870.53

68.7168.5769.50

Com-mercial

andother

106.21120.41122.79129.41151.39171.09181.59189.84205.76229.28241.72251.04

221.82225.39233.50234.25

243.66244.37241.51237.32

251.11253.48249.78

Totalnon-farmbusi-

ness 2

318.08358.77363.08359.73418.38454.93447.11461.51508.22563.93592.31608.40

Manu-facturing

112.60128.68123.97117.35139.61152.88137.95141.06163.45183.80192.78193.39

172.73180.91185.99191.88

191.36195.16194.48190.14

188.73194.13195.35

Addenda

Non

Total

205.48230.09239.11242.38278.77302.05309.16320.45344.77380.13399.52415.01

manufactu

Sur-veyedquar-terly

173.80196.06202.22203.82234.22257.24261.40269.46292.04323.60340.17353.02

314.70321.14328.96327.70

341.09340.33340.39338.89

352.09353.78353.11

ring

Sur-veyed

annual-ly3

31.6834.0436.8938.5644.5544.8147.7550.9952.7356.5359.3561.99

3 Consists of forestry, fisheries, and agricultural services; medical services; professional serviceocial services and membership organizations; and real estate.

)K*social !

ally") for data for these industries.2 "All industries" plus the part of nonmanufacturing that is surveyed annually.

onsists of forestry, s e e s , an agcu tu ra servces;social services and membership organizations; and real estate.

4 Planned capital expenditures as reported by business in January-March 19iases.biases.

rrected fo

Source: Department of Commerce, Bureau of the Census.

10


EMPLOYMENT, UNEMPLOYMENT, AND WAGESIn March, civilian employment fell 164,000 and unemployment rose 414,000.

MILLIONS OF PERSONS*

122

118

114

110

106

102

98

MILLIONS OF PERSONS*126

SEASONALLY ADJUSTED

CIVILIAN LABOR FORCE

CIVILIANEMPLOYMENT

122

118

110

102

98

1983

' 16 YEARS OF AGE AND OVER

SOURCE: DEPARTMENT OF LABOR

1991


[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]

Period

198119821983198419851986*1987198819891990

1990:MarAprMayJuneJulyAugSeptOctNovDec

1991:JanFebMar

1 Persons atime work, etc

2 Civilian la

Noflinstitu-tional

populationincludingresidentArmedForcesNSA

171,775173,939175,891178,080179,912182,293184,490186,322188,081189,686

189,198189,326189,467189,607189,763189,901190,002190,095190,312190,483

190,592190,717190,703

work. Economi

bor force (or emj

Resi-dent

ArmedForcesNSA

1,6451,6681,6761,6971,7061,7061,7371,7091,6881,637

1,6691,6571,6391,6301,6271,6401,6011,5701,6151,617

1,6151,6021,460

reasons inc

loyraent) as

Labor forceincludingresidentArmedForces

110,315111,872113,226115,241117,167119,540121,602123,378125,557126,424

126,467126,438126,578126,427126,336126,345126,571126,445126,338126,791

126,253126,678126,786

Hide slack work,

percent of civilia

Employ-ment

includingresidentArmedForces

102,042101,194102,510106,702108,856111,303114,177116,677119,030119,550

119,904119,747119,916119,867119,509119,330119,484119,303119,001119,191

118,537118,520118,214

material shortag

n noninstitutiona

Civilianlabor force

108,670110,204111,550113,544115,461117,834119,865121,669123,869124,787

124,798124,781124,939124,797124,709124,705124,970124,875124,723125,174

124,638125,076125,326

s, inability to fir

population.

Total

100,39799,526

100,834105,005107,150109,597112,440114,968117,342117,914

118,235118,090118,277118,237117,882117,690117,883117,733117,386117,574

116,922116,918116,754

d full-esti

S

Civilian e

Agricul-tural

3,3683,4013,3833,3213,1793,1633,2083,1693,1993,186

3,1973,1403,2863,2793,1083,1523,1943,1753,1853,253

3,1633,2223,098

Data beginnnation procec

ource: Pepar

mployment

Nonag

Total

97,03096,12597,450

101,685103,971106,434109,232111,800114,142114,728

115,038114,950114,991114,958114,774114,538114,689114,558114,201114,321

113,759113,696113,656

ng Januaryures.

ment of Labo

ricultural

Part timefor

economicreasons 1

4,4995,8525,9975,5125,3345,3455,1224,9654,6574,860

4,7084,6804,6894,7454,7804,8305,0515,1355,1635,262

5,1785,8035,889

986 not strictly

r, Bureau of Lab

Unempl

Total

8,27310,67810,7178,5398,3128,2377,4256,7016,5286,874

6,5636,6916,6626,5606,8277,0157,0877,1427,3377,600

7,7158,1588,572

comparable

or Statistics.

ayment

15weeks

andover

2,2853,4854,2102,7372,3052,2321,9831,6101,3751,504

1,3701,4171,4041,4361,5081,5681,6051,5911,727

-1,739

1,8291,9752,184

with earlier

Civ

Laborforce

partici-pationrate(per-

cent) 2

63.964.064.064.464.865.365.665.966.566.4

66.566.566.566.466.366.266.366.266.166.3

66.066.166.2

data because

ilian

Employ-ment/

populationratio(per-

cent) 2

59.057.857.959.560.160.761.562.363.06:17

63.062.963.062.962.762.562.662.4

• 62.262.3

61.961.861.7

of change in

11


SELECTED UNEMPLOYMENT RATESIn March, both the overall unemployment rate and the civilian unemployment rate rose to 6.8 percent.

PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED)

25

20

15

10

BLACK

1987

BLACK

AND OTHER

1988

W-1

ALL CIVILIAN WORKERS

y

WHITE

1989 1990

25

20

15

10

1991

'"Y.v 4

**«Ve-,.

1 1 1 1 f 1 1 1 1 ! f

1987

T!

V i•' \!

WOMEN

AND

N

1 1 f 1 1 1 1 1 1 1 1

1988

ENAGERS

(16-19)

'/ A

\S w -^

20 YEARS

OVER

\EN 20 YEAR

AND OVER

Mll lh lMI

1989

J-S

~-f'ztf_«*1~«M

1 1 I I 1 1 I 1 1 1 1

1990

•

V

*^

1 1 I ! 1 1 1 1 1 1 1

1991

"UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIEDSOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]

Period

1981198219831984198519861987198819891990

1990: MarAprMayJune ....JulyAugSeptOctNovDec

1991: JanFebMar

Unem-ploy-mentrate,all

work-ers 1

7.59.59.57.47.16.96.15.45.25.4

5.25.35.35.25.45.65.65.65.86.0

6.16.46.8

Allcivilianwork-

ers

7.69.79.67.57.27.06.25.55.35.5

5.35.45.35.35.55.65.75.75.96.1

6.26.56.8

B

Men20 yearsand over

6.38.88.96.66.26.15.44.84.54.9

4.64.74.74.74.95.05.15.25.45.6

5.66.36.5

y sex and a

Women20 years

andover

6.88.38.16.86.66.25.44.94.74.8

4.74.84.64.64.74.94.94.95.15.3

5.35.45.7

Unemp

ge

Bothsexes16-19years

19.623.222.418.918.618.316.915.315.015.5

14.614.815.414.715.816.615.716.216.416.6

18.217.118.7

oyment ra

White

6.78.68.46.56.26.05.34.74.54.7

4.64.74.64.54.74.84.84.95.05.3

5.55.96.2

te (percen

By race

Blackand

other

14.217.317.814.413.713.111.610.410.010.1

9.59.39.59.6

10.310.410.810.611.011.1

10.710.711.1

t of civilia

Black

15.618.919.515.915.114.513.011.711.411.3

10.710.610.610.711.411.711.911.712.212.2

12.111.812.3

n labor force

Experi-enced

wage andsalary

workers

7.39.39.27.16.86.65.85.25.05.3

5.15.15.15.15.25.35.45.45.75.8

6.06.46.7

in group)

Bys

Marriedmen,

spousepresent

4.36.56.54.64.34.43.93.33.03.4

3.23.23.33.23.33.53.53.53.73.8

4.04.34.5

elected grou

Womenwho

maintainfamilies

10.411.712.210.310.49.89.28.18.18.2

8.37.87.58.08.38.48.78.58.78.7

9.09.19.0

)S

Full-time

workers

7.39.69.57.26.86.65.85.24.95.2

4.95.14.94.95.15.35.45.55.75.8

6.06.46.5

Part-time

workers

9.410.510.49.39.39.18.47.67.37.4

7.27.27.47.57.87.77.27.17.37.6

7.77.69.1

Laborforce

time lost(per-

cent) 2

8.511.010.98.68.17.97.16.35.96.2

5.96.26.05.96.16.36.46.66.76.9

7.07.57.7

1 Unemployed as percent of total labor force including resident Armed Forces.2 Aggregate hours lost by the unemployed and persons on part time for economic reasons as per-

cent of potentially available labor force hours.

Source: Department of Labor, Bureau of Labor Statistics.

12


SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENTINSURANCE PROGRAMSIn March, the percentages of the unemployed who had been out of work for less than 5 weeks and for 27 weeksand over fell and the percentages for 5-14 weeks and for 15-26 weeks rose. Both the mean duration ofunemployment and the median rose.

PERCENT DISTRIBUTION

70

60

50 ~

40

30

20

DURATIO

W>/^

-v .

->Illllllllll

1987

N OF UNE/

LESS Tl-5 WEE

\

A.A/ \

""'

~_

him

1988

v\PLOYMEN

IANKS

5-14

WEEKS

\v/,._.>-

15-26

WEEKS

\.

V** ' "' —

27 WEEKSAND OVERp II limn

1989

T

Vq

A r\ .-

-^^s-

1 1 M 1 1 1 I 1 1 E

1990

.|\

'**

'-

ninliiii i

1991

PERCENT DISTRIBUTION

70

60

50

40

30

20

10

REASO

" 'X-x

-

T=*C^

1987

M FOR UNE

r/ i

NEW

1988

MPLOYME^

JOB LOS

r\/REENTRA

JOB LEAVE

ENTRANTS

1989

JT

ERS /^

A f"* S V

MTS

!S

-A^

^v-- .

1990

'

-

L -

"V-

1 1 1 1 I 1 1 1 1 1 1

1991

•SEASONALLY ADJUSTED

SOURCE; DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]

1981198219831984198519861987198819891990

1990: MarAprMayJuneJulyAugSeptGetNovDec

1991: JanFebMar

Unemplov-

(thousands)

8,27310,67810,7178,5398,3128,2377,4256,7016,5286,874

6,5636,6916,6626,5606,8277,0157,0877,1427,3377,600

7,7158,1588,572

F

Lessthan

5weeks

41.736.433.339.242.141.943.746.048.646.1

48.047.246.146.846.147.343.244.144.743.5

44.142.440.9

Dur

ercent di

5-14weeks

30.731.027.428.730.231.029.630.030.332.0

31.331.832.931.531.830.034.333.631.833.4

32.233.433.8

ition of i

stributio

15-26weeks

13.616.015.412.912.312.712.712.011.211.8

11.011.011.611.711.811.912.112.512.812.5

12.712.914.4

memplov

i

27weeks

andover

14.016.623.919.115.414.414.012.19.9

10.1

9.610.09.4

10.010.310.810.49.8

10.810.6

11.011.311.0

ment

Numbwee

Aver-age

(mean)

13.715.620.018.215.615.014.513.511.912.1

11.912.111.612.012.112.312.412.012.412.4

12.412.813.0

er ofks

Medi-

6.98.7

10.17.96.86.96.55.94.85.4

5.05.05.35.25.25.36.15.95.95.9

5.96.16.6

Ee

Joblosers

51.658.758.451.849.848.948.046.145.748.3

46.646.747.448.646.549.049.649.951.249.9

53.055.554.9

ason forpercent

Jobleav-ers

11.27.97.79.6

10.612.313.014.715.714.8

15.517.215.215.215.114.313.513.713.613.5

11.712.212.6

jnemplovdistribute

Reen-trants

25.422.322.525.627.126.226.627.028.227.4

28.126.627.327.928.427.127.526.826.328.0

26.624.524.4

ment:an

Newentrants

11.911.111.313.012.512.512.412.210.49.5

9.99.5

10.18.3

10.09.79.49.68.98.7

8.77.88.2

Staprogr

Insuredunem-

ployment

Weekly a

3,0474,0613,3962,4762,6112,6502,3322,0812,1582,522

2,3572,3982,4252,4522,4792,4952,6202,7652,9122,970

3,0703,2183,415

eims

Initialclaims

verage, t

460583438377396378328310330388

350361353355361377399431454461

445489509

Insuredunem-

ployment,all

regularprograms(unadjust-

ed)1

lousands

3,4104,5943,7752,5612,6932,7462,4012,2482,3242,715

2,8462,5312,2702,2122,4422,2952,1932,2942,7223,222

4,0114,1474,127

1 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-service-men (UCX), Federal (UCFE), and railroad <RR) programs. Also includes Federal and State ex-tended benefit programs. Does not include Federal supplemental compensation program.

Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Adminis-tration).

13


NONAGRICULTURAL EMPLOYMENTTotal nonagricultural employment as measured by the payroll survey fell 206,000 in March.

MILL

1 10

100

90

80

70

60

50

40

30

20

s

ONS OF PER

— — • — ""

~ —

-

Illinium1987

SEASONALLY ADJU

OURCE: DEPARTME

SONS*

^-^ALLNC

ESI

SERV

GOC

I IMll l l l l l

1988

STED

NT OF LABOR

\

>NAGRICUL1ABLISHMEN

CE-PRODUCNDUSTRIES

)DS-PRODUCINDUSTRIES

\

niuli iMl1989

r""' *~i

URAL'S

NG

ING

. —

I IMll l l l l l

1990

—

—I IMl l l l l l i>

1991 *

Ml

28

26

24

22

20

18

16

20

18

6

4

LLIONS OF P

—

—

_-'"'

_

—

—-—--"

„ -•!

Ip xuJ

ynnl

Ill 1 II 1 1 1 1 1 11987

ERSONS* (Eh

SERVICES

V

^

RET/

,— - '

. .-

I'""1"1"1

MANUFACTL

— v-M.

\— CONSTRl1 1 1 1 1 i 1 1 1 1 1

1988

JLARGED SC

^f-s*~'~

IL TRADE

\\

GOVERNME

\ .

n.iiliiiii

JRING

M \\ 1 t 1 1 1 1 1

JCTION1 1 I \ 1 1 M M 1

1989

ALE)

_^- —

1

NT^*" """ — — —

i.,,iliini

7 1

r •~"*"-^

\\ \ \ \ \ \ \ \ \ \1990

COUNCILOR ECC

""

—

—

_

--

-1 '""¥

1 1 1 1 1 ( 1 1 1 1]>

niirl l l l i lk1991 *

3NOWIC ADVISERS

[Thousands of wage and salary workers; 1 seasonally adjusted]

Period

1981198219831984198519861987198819891990

1990: EebMarAprMay....June...July....Aug....Sept....Oct ....Nov ...Dec

1991: Jan r...Feb r...Mar "..

Totalnonagri-culturalemploy-

ment

91,15689,56690,20094,49697,51999,525

102,200105,536108,413110,321

109,958110,122110,177110,617110,829110,740110,613110,612110,432110,165110,004

109,813109,522109,316

Total 2

25,49723,81323,33424,72724,85924,55824,70825,17325,32625,001

25,33925,25925,18025,19125,16225,10525,01324,93124,77724,51124,416

24,19324,06323,897

Goods-]

Cnnon-struction

4,1883,9053,9484,3834,6734,8164,9675,1105,2005,204

5,3685,3135,2565,2865,2705,2295,1945,1765,0935,0294,983

4,8414,8604,788

reducing in

IV

Total

20,17018,78118,43419,37819,26018,96519.02419,35019,42619,062

19,24419,21719,19019,16719,14819,13119,08419,01918,95118,74418,693

18,61518,46618,374

dustries

anufacturin

-Uuraulegoo s

12,08211,01410,70711,47911,46411,20311,16711,38111,42211,122

11,27811,26111,22911,21711,20111,17911,12911,06811,02610,86510,831

10,77510,64510,581

g

Nondur-able

goof's

8,0897,7677,7267,8997,7967,7617,8587,9698,0047,940

7,9667,9567,9617,9507,9477,9527,9557,9517,9257,8797,862

7,8407,8217,793

Total

65,65965,75366,86669,76972,66074,96777,49280,36383,08785,320

84,61984,86384,99785,42685,66785,63585,60085,68185,65585,65485,588

85,62085,45985,419

Trans-portation

andpublic

utilities

5,1655,0824,9545,1595,2385,2555,3725,5275,6485,839

5,8045,8085,8095,8335,8465,8415,8465,8705,8705,8665,882

5,8835,8495,844

Se

Whole-sale

trade

5,3765,2965,2865,5745,7365,7745,8656,0556,2716,361

6,3576,3616,3636,3696,3836,3746,3766,3706,3556,3436,331

6,2926,2726,253

rvice-produ

Ivetautrade

15,17215,16115,59516,52617,33617,90918,46219,07719,58019,788

19,75819,76419,77819,79519,82219,85119,84619,84419,79219,73919,670

19,68219,57119,521

sing industr

Finance,insur-ance,

and realestate

5,2985,3415,4685,6895,9556,2836,5476,6496,7246,832

6,8176,8216,8236,8386,8446,8426,8526,8516,8436,8336,829

6,8296,8196,821

es

Services

18,61919,03619,69420,79721,99923,05324,23525,66927,09628,209

27,84227,95027,96928,09428.22528,28728,38728,44028,47528,54828,573

28,62228,60128,624

Cover

Total

16,03115,83715,86916,02416,39416,69317,01017,38617,76918,291

18,04118,15918,25518,49718,54718,44018,29318,30618,32018,32518,303

18,31218,34718,356

nnlent

Federal

2,7722,7392,7742,8072,8752,8992,9432,9712,9883,085

3,0053,0893,1513,3463,3383,1643,0452,9992,9832,9612,943

2,9512,9472,949

iium mis MUSIC IIUL uuiujmiauic VVILII esuiuai.es ui iiunagiiciULUiai etujjiu_yiiiKiii ut uue civilian muui

force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants: Source: Department of Labor, Bureau of Labor Statisticsemployed when the_y are not at work t se of industrial disputes, bad

14


AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLYEARNINGS

PRIVATE NONAGRICULTURAL INDUSTRIES[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]

Period

1981198219831984198519861987198819891990

1990: MarAprMayJune ...JulyAugSeptGetNOTDec

1991: Jan *Feb r

Mar'1

Aver

nonagri-cultura! 1

35.234.835.035.234.934.834.834.734.634.5

34.634.534.534.734.534.534.734.234.434.6

34.134.334.2

age weekly ]

Manufa

Total

39.838.940.140.740.540.741.041.141.040.8

40.840.740.941.040.941.041.040.740.540.7

40.440.340.1

ours

during

Overtime

2.82.33.03.43.33.43.73.93.83.6

3.73.53.83.83.73.83.73.63.53.6

3.43.33.2

Average giean

Totalprivate

nonagri-cutairal >

$7.257.688.028.328.578.768.989.289.66

10.03

9.939.969.98

10.0310.0710.0910.1310.1210.1410.19

10.1910.2010,25

oss hourljngs

Manufac-turing

$7.998.498.839.199.549.739.9!

10.1910.4910.84

10.7310.7510.8110.8610.8910.9010.9310.9710.9711.00

11.0411.0211.06

Totalnonagnc

Currentdollars

$255.20267.26280.70292.86299.09304,85312.50322.02334.24346.04

343.58343.62344.31348.04347.42348.11351.51346.10348.82352.57

347.48349.86350.55

privateultura! J

1982dollars 2

$270.63267.26272.52274.73271.16271.94269.16266.79264.22259.98

261.88261.51261.44262.87261.61258.78260.19254.67255.92257.92

253.27254.81255.32

Average

C

Manufac-turing

$818.00330.26354.08374.03386.37396.01406.31418.81430.09442.27

437.78437.53442.13445.26445.40446.90448.13446.48444.29447.70

446.02444.11443.51

gross weekly

urrent dollar

Construc-tion

$899.28426.82442.97458.51464.46466.75480.44495.73512.41524.49

523.18508,03520.88531.35516.00526.40530.69511.34530.92535.05

516.80533.76517.72

earnings1 1

s1

Retailtrade

$157.99163.83171.13174.47174.81175.80178.80183.62188.72195.28

195.17195.46196.04196.62196.23195.73197.39194.26197.17197.28

195.11196.77198.20

Percent chayear ear

pmnonagnc

Currentdollars

8.S4.75.04.32.11.92.53.03.83.5

3.72.84.04.53.43.84.32.13.14.0

2.82.42.4

nge from aler, totalMeultural a

1983dollars

-1.5-1.2

2.0.8

-1.3.3

-1.0o

-1.0-1.6

-1.5-1.6

— .1-.0

-1,0-1.7-1.6-3.8-3.0-2.0

— 2,5-2.5-2.1

1 Also includes other private industry groups shown on p, 14.2 Current dollar earnings divided by the consumer price index for urban wage earners and clerical

workers (on a 1982=100 base).

3 Based on seasonally unadjusted data,

Soyrce: Department of Labor, Bureau of Labor Statistics.

EMPLOYMENT COST INDEX—PRIVATE INDUSTRY

Period

. .

Index

Totalcompensa-

tion

{June 1989 =

Wages andsalaries

100}

Benefits l Totalcompensa-

months earlie

Wages and

Percent eh

r

Benefits l

ange from

1

Totalcompensa-

2 months earli

Wages and

3r

Benefits l

1981:1982-1983:1984:1985:1986:1987:1988:1989:1990:

1988-

1989:

1990:

1991:

Dec 1Dec. . , . . . . 1DecDecDecDecDecDecDec...Dec !

Mar....JuneSeptDec

Mar

SeptDec

MarJune ,SeptDec..

Mar

1 .Employer costs for employee benefits.

NOTE.—The employment cost index is a measure of the ehsiigcinfluence of employment shifts among occupations and industries.

71.275.880.184.087.390.193.197.6

102.3107.0

94.595.796.697.8

98.8100.0101.3102.4

103.8105.1106.2107.2

108.4

st of labor, fre

73.077.681.484.888.391.194.198,0

102.0106.1

95.096.196.998.0

99.1100.0101.1102.2

103.3104.4105.4106.2

107.3

* from the

66.671.476.781.784.687.590.S96.7

102.6109.4

Seasonal!

93.194.595.797.1

98.199.8

101.5103.1

105.1106.7108.4109.9

111.3

Data excfuc

Source: Def

Not s

2,01.31.31.3

.6

.7

.61.01.1.8

* adjusted

1.31.3.9

1.2

1.01.21.31.1

1.41.31.0.9

1.1

e farm and hoi

artment of La

easonally ad

1.81.21.11.2

.6

.6

.61.0.8.7

0.81.2.8

1.1

1.1.9

1.11.1

1.11.11.0.8

1.0

Behold worfcer

JOr, Bureau of

listed

2.11.41.31.4.5.6

1.01.01.21.0

2.41.51.31.5

1.01.71.71.6

1.91.51.61.4

1.3

.Labor Statistic

9.96.55.74.93.93.23.34.84,84.6

Not se

3.84.54.44.8

4.64.54.84.8

5.25.24.94.6

4.4

8.86.34.94.24.13.23.34.14.14.0

asonally adju

3.33.83.74.1

4.24.14.34.1

4.24.54.24.0

4.0

12.17.27.46.53.53.43,46.96.16.6

sted

5.96.46.86.9

5.45.66.06.1

7.26.96.86.6

5.8

15


PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR

Period

198019811982198319841985198619871988198919901982: IV1983: IV1984: IV1985: IT1986: IV1987: IV1988: I

IIinIV

1989: IIIHIIV

1990: InmIV

198019811982198319841985198619871988198919901988: I

ninIV

1989: IIIinIV

1990: InniIV

Output peall pe

Businesssector

99,2100.7100.0102.3104.9107.1109.5110.7113.2112.6111.9100.6103.2105.3108.0109.4112.0113.2112.9113.6113.1113.0113.0112.6111.9111.7111.9112.1112.1

-0.21.5

-.72.32.52.02.31.12.2-.5-.64.6

-1.12.5

-i.e— .5

.1-1.6-2.3-.9

.6

.9— .3

r hour ofrsons

Nonfarmbusinesssector

99.9100.9100.0102.9105.1

106.5108.7109.8112.5111.7110.8100.4103.8105.4107.1108.4110.9112.2112.0112.8112.9112.1112.0111.7111.0110.7110.7110.9111.0

-0.31.0

-.92.92.11.32.01.02.5

*j

.84.7-.52.8

.2-2.7-.3

-1.0-2.5-1.3

.3

.6

.3

Outi

Businesssector

101.1103.2100.0104.2113.0

117.7121.3126.4133.0135.8136.199.5

107.6114.5119.3122.2129.4131.2132.6133.8134.5135,6135.9136.1135.5136.0136.4136.5135.7

-1.12.1

-3.14.28.44.23.14.15.32.1

.35.74.63.52.03.5.9.6

-1.81.41.2.5

-2.4

ut *

Nonfarmbusiness

sector

101.7103.4100.0105.0113. 7

118.1121.6126.8134.0136.7137.099.3

108.7115.1119.6122.4129.7131.6133.4134,8136.0136.4136.8137.1136.3136.8137.2137.4136.5

Pe

— 1.21.7q o

5.08.33.93.04.25.72.0

.25.95.64.13.61.21.3.6

-2.11.41.2.4

-2.6

Hoursperse

Businesssector

19f

101.9102.5100.0101.8107.6109.9110.8114.1117.5120.5121.698.9

104.3108.7110.5111.7115.6115.8117.5117.8118.8120.0120.2120.9121.0121.7121.9121.8121.1

rcent chan

-0.9.6

-2.51.85.72.1.8

3.03.02.6

.91.05.81.03.64.0.8

2.2.4

2.3.5

— .4-2.2

of allas2

Nonfarmbusiness

sector

J2 = 100; (

101.8102.5100.0102.0108.1110.9111.9115.5119.1122.3123.698.9

104.7109.2111.7112.9117.0117.3119.1119.5120.5121.7122.2122.7122.8123.7123.9123.9123.0

ge; quarte

0.8.7

-2.42.06.02.5.9

3.23.12.71.01.16.11.33.44.01.61.6.5

2.8.9

-.2-2.8

Compenshou

Businesssector

[uarterly <

85.193.0

100.0103.8108.0112.8118.7123.1128.6132.9137.7102.1105.3109.5115.2120.8125.5126.3127.9129.7130.8131.8132.7133.1133.8135.3137.0138.6139.8

rly data a

10.69.37.53.84.14.45.23.74.53.33.62.55.35.63.43.32.61.12.24.55.44.63.6

'

ation perr »

Nonfarmbusiness

sector

ata seasor

85.193.1

100.0104.0108.1

112.5118.2122.4127.8131.9136.5102.1105.2109.6114.6120.3124.8125.5127,1128.8130.0131.0131.6132.1132.9134.2135.8137.4138.7

seasonal]

10.69.47.44.03.94.15.13.64.43.23.52.45.15.33.83.31.71.62.33.95.04.74.0

Real comper h

Businesssector

tally adjus

99.798.8

100.0100.6100.4101.2104.5104.5104.9103.4101.7100.6100.5100.4102.0105.5105.0104.8104.9105.1104.8104.4103.5103.0102.5101.8102.2101.7100.8

y adjusted

-2.5-1.0

1.3.62

.83.2.1.4

— 1.5-1.7

— .6,6.4

-.9-1.6-3.3-2.0-1.8-2.7

1.4-2.1-3.2

pensation3ur *


ted

99.698.8

100.0100.7100.4100.9104.1104.0104.3102.7100.8100.6100.4100.4101.5105.1104.4104.2104.3104.3104.2103.8102.7102.3101.9101.0101.3100.8100.1

annual ra

-2.5-.81.2

.7-.4

.53.2

— .1.3

-1.5-1.8

— .7.5.1g

-1.6-4.2-1.5-1.6-3.2

1.0-2.0-2.8

Unit lab

Businesssector

85.892.4

100.0101.4102.9105.4108.4111.2113.7117.9123.0101.5102.0104.0106.7110.4112.1111.5113.3114.2115.6116.7117.4118.2119.5121.1122.5123.6124.8

tes

10.97.78.31.41.52.32.82.62.23.84.3

-2.06.53.15.03.82.52.84.65.44.73.73.8

or costs


85.292.3

100.0101.0102.8105.6108.8111.6113.7118.1123.2101.7101.3104.0107.1111.0112.6111.9113.5114.2115.2116.9117.5118.3119.7121.3122.7123.9125.0

11.08.38.41.01.82.83.02.51.93.94.3

-2.25.72.53.66.12.02.65.05.34.74.13.7

Implicidefla

Businesssector

86.294.4

100.0103.3106.8109.5111.8114.8118.2122.8127.5101.4104.8107.9110.5112.8115.7116.2117.5118.9120.3121.2122.5123.3124.3125.8127.2128.2128.8

9.09.65.93.33.32.52.12.73.03.93.81.74.84.74.93.14.32.53.54.64.63.21.9

t priceOr 5


85.794.0

100.0103.5106.6109.8112.3115.3118.4123.0127.7101.5104.7107.9111.0113.4116.2116.6117.8118.8120.5121.4122.7123.5124.7125.8127.3128.4129.2

9.79.76.33.53.03.02.32.72.73.93.81.44.13.45.92.84.42.63.93.84.83.62.4

1 Output refers to gross domestic product originating in the sector in 1982 dollars.2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family

workers. Estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contributions for soesal insurance and private

benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed,

4 Hourly compensation divided by the consumer price index for all urban consumers.

5 Current dollar gross domestic product divided by constant dollar gross domestic product.NOTE.—Data relate to ail persons engaged in the sector.Percent changes are from preceding period and are based on original data; they therefore may

differ slightly from percent changes based on indexes shown here.


16


PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production and capacity utilization fell again in March.

INDEX, 1987=100* (RATIO SCALE) INDEX, 1987=100* (RATIO SCALE)

1 15

110

115

110

105

100

95

90

115

110

90

TOTAL IN

^/^

limlimi

MANUFA-PRODUC

r-£

j r ~'/

jjll||lll|l

'-UTILITIES

LpRODUC

— "y^,

Illllllllll1987

DUSTRIAL

, — "—

Illllllllll

CTURINGriON—

£--'*?'NONDURAf

Illlllfllll

AND MINIriON

^~ V_"

/MINING

Illllllllll1988

PRODUCTIC; — * — ^

Illllllllll

DURABLE

LE

Illllllllll

NO JT1

t /X^-s,^*

Mlllllllll1989

)N

|""~" \

Illllllllll

/ V

>£ A

iiiniiiiii

UTILIT

Illllllllll1990

Illllllllll

V

Illllllllll

ES

,

/

Illllllllll1991

130

125

120

1 15

110

105

100

95

90

85

FINAL P

BUSINEQUIPA,

\

!—<£••fy^J/

Illllllllll

?ODUCTS

ESS /I\ENTy~ '

y ,.N

N— "—

Illllllllll

S VCONSUMER

GOODS

---SV-

, "\•y \c *--

DEFENSEAND SPAC

f~EQU/PMEN

|llll|lll||

^^

f^ 1*

,- '\

_ ^ _ _'•v

ET

Illllllllll

'•-

|,,m

PERCENT*

88

86

°f\

BO

78

-CAPACIT-(TOTAL Ih

~*s^-S

'

Illllllllll1987

Y UTILIZATI4DUSTRY)

/-- — '

~^^

Illllllllll1988

ON RATE-

' vV"^

Illllllllll1989

^ ~\

\

Illllllllll1990

VIllllllllll

1991

'SEASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]

Period

19801981198219831984198519861987198819891990

1990: MarAprMayJuneJulyAugSeptOctNovDec T

1991: Jan *Feb r

Mar"

Toindu

prodL

Index,1987 = 100

84.185.781.984.992.894.495.3

100.0105.4108.1109.2

108.9108.8109.4110.1110.4110.5110.6109.9108.3107.2

106.6105.7105.3

taltrialction

changefrom year

earlier

-1.91.9

-4.43.79.31.71.04.95.42.61.0

1.1.2

1.01.62.42.12 22.0

.2-1.3

-.8^2.6-3.3

Total

78.880.376.680.989.391.694.3

100.0105.8108.9109.9

109.8109.5110.3110.8111.1111.1111.2110.7108.9107.5

107.0106.0105.5

Industry pro

Manufacturing

Durable

75.777.472.776.888.491.893.9

100.0107.6110.9111.6

111.9111.1112.6113.4113.4113.5113.8112.5109.9107.5

107.0106.2105.5

uction indexes

Nondurable

83.184.582.587.090.891.594.9

100.0103.6106.4107.8

107.2107.5107.4107.6108.1108.1108.0108.4107.7107.4

106.9105.7105.5

, 1987 = 100

Mining

110.0114.3109.3104.8111.9109.0101.0100.0101.8100.5

T 102.6

101.1102.9102.2102.2104.0102.4103.9102.6103.3103.4

101.9103.8102.9

Utilities

95.994.391.893.697.099.596.3

100.0104.4107.1108.0

106.2106.7107.1109.7109.7111.4110.3109.2106.9108.8

107.8104.2105.7

Capacityrate, pe

Totalindustry

82.180.975.075.881.180.379.281.484.084.283.0

83.483.283.483.883.883.783.683.081.680.6

80.079.178.7

utilizationrcent 1

Manufac-taring

80.278.872.874.980.479.579.081.483.983.982.3

83.082.582.983.183.182.982.882.280.779.4

78.977.977.4

1 Output as percent of capacity. Source: Board of Governors of the Federal Reserve System.

17


INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES

[1987=100; monthly data seasonally adjusted]

Period

1981198219831984198519861987198819891990

1990: MarAprMayJuneJulyAugSeptOctNovDec '.

1991: Jan 'Feb r

Mar*1

Total

82.180.883.091.094.295.7

100.0105.6109.1110.9

110.7110.4111.2111.7111.7111.9112.6112.3110.2109.2

109.1108.3108.3

Co

Total

85.884.588.892.893.796.8

100.0104.0106.7107.3

107.5107.2107.4107.8107.5107.8108.7108.6106.5105.7

105.5104.5104.9

1

nsumer gc

Wegoods

74.068.779.791.091.694.5

100.0104.9107.9106.2

110.8107.3109.3112.1108.3107.4110.4106.999.496.0

97.494.894.8

Inal produc

ods

Nondur-able

goods

89.689.791.993.494.497.6

100.0103.7106.4107.6

106.6107.1106.9106.6107.3107.9108.2109.1108.5108.4

107.7107.2107.7

Produ

ts

E

Total '

78.277.076.889.294.894.5

100.0107.6112.3115.5

114.9114.7116.2116.8117.2117.2117.8117.0115.1113.6

113.7113.2112.7

cts

quipment

ness

76.172.971.985.491.193.2

100.0111.8119.1123.1

122.2121.6123.5124.4125.0125.4126.4125.4122.9121.2

121.8121.1120.5

De-fense

spaceequip-ment

58.565.771.878.989.496.0

100.098.097.497.3

97.597.397.697.697.897.797.397.396.295.8

94.494.393.8

Intern

Total

77.075.180.386.288.392.0

100.0104.4106.8107.7

108.2108.0108.3108.3108.4107.9107.4107.0106.2106.0

104.0102.2101.3

lediate pro(

Con-structionsupplies

78.472.280.286.289.193.8

100.0104.4106.1105.2

107.3106.4105.5106.0106.7105.3103.8103.1101.8101.0

97.696.394.8

iucts

Busi-

plies

75.777.080.386.287.790.7

100.0104.4107.3109.4

108.9109.1110.2109.8109.5109.7109.9109.7109.2109.4

108.5106.3105.8

Mate

Total

92.885.188.396.696.695.9

100.0105.6107.4107.8

107.1107.3107.7108.8109.6109.7109.4108.3106.8105.3

104.7103.9103.4

rials

Ener-gy

104.3100.798.9

103.8103.499.4

100.0101.8101.4102.1

102.0101.8101.1102.1103.3103.0103.0102.3101.6102.0

101.2101.0100.6

1 Includes oil and gas weli drilling and manufactured homes, not shown separately.

[1987=100; monthly data seasonally adjusted]

Period

1981198219831984198519861987198819891990

1990: FebMarAprMay...JuneJulyAugSeptOctNovDec '.

1991: Jan 'Febr

Mar"

Primarv

Total

117.583.291.0

102.4101.893.8

100.0110.3109.2108.4

107.9105.4106.4106.2109.5110.3114.6111.6108.6109.1104.2

97.898.599.2

metals

Ironandsteel

135.186.296.1

105.9104.590.8

100.0113.8109.3109.9

110.6106.1106.7105.5110.3110.6118.3113.9110.3112.6107.3

96.097.9

100.3

Fabri-catedmetalprod-ucts

91.183.285.593.394.593.8

100.0106.2107.2105.9

105.6105.5105.0107.1106.7107.7107.9106.8106.4104.3101.9

101.698.997.5

Durable m

Non-electri-

calmachin-

ery

65.963.964.380.886.890.4

100.0113.8121.8

r 126.5

124.2125.2125.7126.9127.5128.3128.8128.5128.1126.3124.7

125.5124.7124.0

inufactures

Electri-cal

machin-ery

75.475.980.394.193.194.3

100.0106.5109.5111.4

111.0112.3111.3112.4112.8112.2112.5112.5110.8110.4108.7

107.7108.5108.1

Transpequip

Total

68.764.872.783.191.896.9

100.0105.0107.2105.5

103.5107.9105.1109.0111.0109.3107.9111.1109.2100.196.6

98.196.095.4

3rtationment

Motorvehi-clesand

parts

64.458.874.590.699.098.5

100.0105.5104.996.8

94.1103.595.8

104.0108.0102.7101.0107.5103.885.878.5

83.079.880.1

Lum-ber andprod-ucts

74.767.379.986.088.095.1

100.0104.6103.0101.6

104.3105.0103.3101.7102.0103.6100.5100.398.295.593.5

93.490.890.6

No

Ap-parelprod-ucts

91.090.193.895.792.696.3

100.0102.2104.398.8

102.199.898.799.299.399.298.898.497.295.594.9

92.993.192.3

idurable

Print-ingandpub-

lishing

72.175.279.084.587.690.7

100.0103.6108.5

'111.9

112.1111.4112.0112.8112.0111.4110.9111.6112.9112.4112.8

112.4110.5109.5

rnanufacti

Chemi-calsand

prod-ucts

89.281.887.591.491.494.6

100.0105.4108.5

r 110.3

110.5109.5110.3109.2110.3110.4111.1110.9110.7110.0109.9

109.7109.0108.9

res

Foods

86.587.790.192.194.997.4

100.0102.8105.5107.6

107.4107.1107.0106.8106.1107.1101.1107.6108.8109.6109.1

108.4108.1108.4

Source: Board of Governors of the Federal Reserve System.

18


NEW CONSTRUCTION[Monthly data seasonally adjusted]

Period

1981198219831984198519861987198819891990r

1990: MarAprMayJuneJulyAugSeptOct r

Nov r

Dec'

1991: Jan r.Feb"Mar"

Total newconstructionexpenditures

267.7255.7290.9340.7368.7398.2410.2422.1432.1434.0

457.3444.7443.8441.1437.0436.3423.9420.2415.7406.6

395.4395.1

Total

203.0192.6227.5270.5290.9313.6319.6327.1333.5324.4

347.4338.8334.0329.6331.3323.5317.5309.4301.9295.5

291.9285.4

Besid

Total '

B

99.284.7

125.5153.8158.5187.1194.7198.1196.6186.9

206.9200.2196.1189.5187.1184.4179.7174.6169.3164.8

161.0155.1

Private

ential

nousmg

illions of dollars

69.4 157.094.6

113.8114.7133.2139.9138.9139.2129.9

Annual rates

145.3140.0136.6130.5129.2127.0123.3121.5117.3114.5

107.8104.2

Commercialand

industrial 2

55.058.753.868.682.778.076.579.885.583.6

87.285.684.585.889.484.182.079.577.177.9

77.376.8

Other

48.749.248.148.049.748.548.549.251.554.0

53.353.053.454.354.755.055.855.355.552.8

53.653.6

Federal,State, and

local

64.763.163.570.277.884.690.695.098.6

109.6

109.9106.0109.8111.5105.7112.8106.4110.8113.9111.2

103.5109.7

Constructio

Total valueindex

(1982=100)

100100124136150159165167172155

r!67r!52

165r!65r!56150147152148134

135133128

n contracts 3

Commercialand industrial

floor space(millions ofsquare feet)

919690756955

1,0971,0161,019

973961747

Annual rates

818768782694624653693639660555

602658538

1 Includes residential improvements, not shown separately.2 Includes hotels and motels.3 F.W. Dodge series.

Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information SystemsCompany, F.W. Dodge Division.

NEW PRIVATE HOUSING AND VACANCY RATES[Thousands of units or homes, except as noted]

Period

1981198219831984198519861987198819891990 '

1990: FebMarAprMayJuneJulyAugSeptOctNovDec

1991: Jan '.Febr.Mar"

Total

1,084.21,062.21,703.01,749.51,741.81,805.41,620.51,488.11,376.11,192.7

1,4591,2981,2171,2081,1871,1551,1311,1061,0261,130

971847993901

Units started, 0}

1 unit

705.4662.6

1,067.61,084.21,072.41,179.41,146.41,081.31,003.3

894.8

1,127988901897890876835858839769751648778732

New private

type of structure

2-4 units

91.180.0

113.5121.493.484.065.358.855.237.5

Seasonal

4135513841313035225417294228

housing units

5 or more units

287.7319.6522.0544.0576.1542.0408.7348.0317.6260.4

y adjusted annu

291275265273256248266213165307203170173141

Unitsauthorized

985.51,000.51,605.21,681.81,733.31,769.41,534.81,455.61,338.41,104.4

al rates

1,2971,2321,1081,0651,1081,0821,050

992920906844

797863892

Unitscompleted

1,265.71,005.51,390.31,652.21,703.31,756.41,668.81,529.81,422.81,308.0

1,3321,3711,3101,3511,2941,3121,3071,3141,2751,246

'1,155

1,1111,073

New pri\

Homes sold

436412623639688750671676650534

606559534535549541525504465

'480r464

409485490

ate homes

Homes forsale at end of

period *

275253301353346357366368363318

366363363359354350345338334327

r318316313308

Vacancy ratefor rental

housing units(percent) 2

5.05.35.75.96.57.37.71.17.47.2

7.5

7.0

7.2

7.2

7.5

1 Seasonally adjusted.2 Quarterly data entered in last month of quarter. Series 1

earlier data.

NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 dataling 1989 not comparable with are for 16,000 places.


19


BUSINESS SALES AND INVENTORIES—Manufacturing and TradeIn February, manufacturing and trade sales rose 0.4 percent and inventories fell $1.6 billion. In March, accordingto advance data, retail sales fell 0.8 percent, following a rise of 2.0 percent in February. (Series revised forwholesale trade, for manufacturing, and for manufacturing and trade.)

BILLIONS OF DOLLARS* (RATIO SCALE)1,000

900

800

700

600

500

400

300

200

— ' '

Illllllllll1987

- 1

MANTRA

-',---

MAAN

Illllllllll1988

-\\

UFACTURIhDE INVEN1

^—\^UFACTUR3 TRADE S/

Illllllllll1989

1

•1G AND"CRIES

'"-"""•

INGUES

Illllllllll1990

-

Illllllllll1991

BILLIONS OF DOLLARS* (RATIO SCALE)

300

250

200

150

100

RATIO*1.80

1.70

1.60

1.50

1.40

1.30

RETAIL SALES

INVENTC

ir-^-iiiiiiinii

1987

RY-SALES 1

K,.../V-

mill

1988

?ATIO

RE

1

~"*^}s •* \MANUFA

AND

liiin1989

TAIL\ t

C'/CTURINGTRADE

iiiiiiinii1990

\

"

iiiiilniii1991

' 5EA5ONAUY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

1982198319841985198619871988198919901990: Peb

MarAprMayJuneJulyAugSeptOctNovDec

1991: Jan r

Feb"Mar"

Manufacttrac

r348,755r 370, 441r411,391r423,806r431,668r 459,088r 496, 330r 525,839r542,917r 537,551r541,484r535,131r 540,991r 544,850r542,516r 554,935r 550,660r 555, 145r546,714r534,361527,074529,417

uring ande '

Inven-tories 3

r574,518* 590,968r 650,789r 665,060r 664,031r711,595r 767,700r810,257r826,941' 810,024r 809,629r812,075r816,425r 812,457r818,951r 823,468r827,145r 830,414r 832,464r 826,941831,445829,815

Whol

Sales 2

96,290100,324113,393114,626116,151124,254135,176

' 144,005r 149,193r 148,351r 149,567r 147,645T 149,018r 150,105r 149,017r 152, 298r 150,232r 151,001r!48,176r 148,036

144,723145,380

esale

Inven-

Millions

128,196130,906143,557148,484154,713165,271180,313

r 188,273r 195,567r 188,653r 189,091' 190,509r 192,479T 190,639r 192, 190r 192,589* 192,936r 194,053* 195,544r 195,567

198,993199,525

Total

of dollars,

89,11497,570

107,316114,642120,860128,509137,613145,146150,602

r 150,388r 149,942

148,823148,759150,143150,745151,135152,512152,191152,711149,750147,803

r 150,822149,602

Sales 2

Durablegoodsstores

seasonally i

28,01332,63137,93841,56745,12148,05152,28154,34954,563

r 55,563r55,17554,45754,34254,21954,75453,85154,55054,42054,15252,402

50,897r 53,02452,546

Re

Nondura-ble goods

stores

idjusted

61,10164,93969,37773,07575,73880,45785,33290,79796,039' 94,825r94,767

94,36694,41795,92495,99197,28497,96297,77198,55997,34896,906

r97,79897,056

ail

Total

134,493147,712167,748181,773186,587208,112219,791238,159242,563

r 235,098235,591235,914237,711237,445239,657242,893243,217244,901244,550242,563244,071241,831

Inventories 3

Durablegoodsstores

61,46969,02579,25088,46490,197

105,738112,254120,663120,629

T 117,444117,743117,589118,485118,830120,165123,271123,559124,048122,947120,629121,217119,386

Nondura-ble goods

stores

73,02478,68788,49893,30996,390

102,374107,537117,496121,934

r 117,654117,848118,325119,226118,615119,492119,622119,658120,853121,603121,934122,854122,445

Inventorv-s

Manufac-turing

1.67r1.55

1.53r1.55

1.55r1.50

1.49r1.51rl,51r1.51r1.50r1.52r1.51r1.49r1.51rl,48r 1.50rl,50rl,52r1.55

1.581.57

ales ratio 4

Retail

1.491.441.491.521.561.551.551.601.591.561.571.591.601.581.591.611.591.611.601.621.651.60

4Note.—Wholesale sales revised beginning 1988 and wholesale inventories beginning 1989; man!

faeturing series (see p. 21} revised beginning 1958. Manufacturing and trade series incorporate tho;revisions. (Retail trade series were revised in March 1991 Economic Indicators.)


1 See page 21 for manufacturing,2 Monthly average for year and total for month.3 End of period.* Annual data are averages of seasonally adjusted monthly ratios.

20


MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSIn March, manufacturers' shipments, inventories, and new and unfilled orders fell. (Series revised.)

BILL!

280

240

200

160

120

80

60

BILUC

280

240

onn

DNS OF DO1

— SHIPME

. — , — ' — 1

—f-~~ ""

HlHJiJIU

)NS OF DOL

_ NEW OR

^ — "~~

LARS* (RATI

MTS —,-_— —

UUKA_

NON

iiiiiluiiiLARS* (RATIC

DERS ,,. — . — —

0 SCALE)

\"TOTAL

BLE GOOC

^DURABLE C

Illllllllll

5 SCALE)

[>.,,o — -^-i

\

—...--'' Si

•S

,~»' — *^c*

OODS

tllllillli!

^r- — ' V

=S

IlHlllIKI

BILLI

440

360

280

200

160

120

80

60

ONS OF DOL

— INVENTC

-

,_....•"-•

lillliillll

LARS* {RATI

3RIES

p=— =

DUF

— •— *"

NOND

imilmu

D SCALE)

— \TOTAL

ABLE GOC

_„_

\URABLE GC

Ililililili

IDS

XJDS

Illllllllll

— -

umltmi

160

120

80

60

_NEW OR

.- — "~~ '

<.--""

Illllllllll

1987

DERS .

DU

•

~ J" .

NON

Illllllllll

1988

p-. =|

"TOTAL

!ABLE GO(

S...X,"

\-^ — \

DURABLE (

Illllllllll1989

riX^~""Ai'—DOS

f>, —

3OODS

limlnm1990

ninlimi1991

RATIC2.20

1.80

1.40

1.20

)*

INVENT<

-

__

lll|lll|l!t

1987

3RY-SH1PM

- *.

Illllllllll1988

ENTS RATI

HlllHllli1989

D

iilllilllll1990

-

Illllllllll

1991

* SEASONALLY ADJUSTEDSOURCE; DEPARTMENT OF COMMERCE

COUMCR OF ECONOMiC ADVISERS

Period

198219831984198S19861987198819891990

1990: Jan 'Peb 'Mar r

Apr 'May '.June T.July *"„...Aug r.Sept 'Oct 'Nov r

Dec r

1991: Jan r

Feb''Mar "

Mann:

163,351172,547190,682194,538194,657206,326223,541286,689243,122

232,180238,812241,975238,663243,214244,602242,754251,502247,918251,953245,827236,575

234,548233,215228,773

aeturers' shipir

Durablegoods

79,21285,48197,940

101,279103,238108,128117,993124,532125,388

118,699125,092126,769123,885127,891129,167126,531130,441125,783127,692122,693118,578

117,648117,432114,039

ents J

Nondurablegoods

84,13987,06692,74293,25991,41998,198

105,540112,156117,735

113,481113,720115,206114,778115,323115,435116,223121,061122,133124,261123,134117,997

116,800115,783114,734

Manufs• '

311,829312,350839,484334,803322,731338,212367,596383,825388,811

386,547386,273384,947385,652386,235384,373387,104387,986390,992391,460392,370388,811

388,381388,459386,276

usurers' invenj 1

Durablegoods

tOlions of ck

200,409199,814221,284218,182212,010220,790241,389253,261252,836

255,068254,499252,994254,328254,564252,877254,521254,721255,278255,113256,387252,836

252,170252,256250,474

ones 2

Nondurablegoods

liars, season

111,420112,536118,200116,621110,721117,422126,207130,564135,975

131,479131,774131,953131,324131,671131,496132,583133,265135,714136,347135,983135,975

138,211136,203135,802

ally adjustec

162,140175,451192,879195,706195,204209,389227,025240,758243,643

234,819236,016246,422240,333245,318242,396245,039250,592248,987254,976239,237238,196

234,462233,132226,604

Manufacturers

Durabl

H

78,06488,140

100,164102,356103,647110,809121,444128,651125,958

121,419122,468131,030125,603129,936127,057129,387129,020126,893130,875116,193120,221

117,789117,547111,750

new orders 1

e goods

Capitalgoods

industries,non-defense

19,21319,62423,66924,54523,98326,09630,72734,81634,032

34,78431,94936,38532,55631,89032,50135,27431,60734,41937,22330,88438,560

33,95733,75632,073

Nondurablegoods

84,07787,31192,71593,35191,55798,579

105,581112,107117,685

113,400113,5481 15,392114,730115,382115,339115,652121,572122,094124,101123,044117,975

116,673115,585114,854

Manufac-turers'unfilledorders 2

311,893347,310373,607387,241393,629430,589472,223520,837527,195

523,476520,680525,127526,797528,901526,695528,980528,070529,141532,164525,574527,195

527,109527,026524,857

Manufac-turers'inven-tory —

shipmentsratio 3

1.951.781.731.731.681.591.581.611.60

1.661.621.591.621.591.571.591.541.581.551.601.64

1.661.671.69

1 Monthly average for year and total for month. Shipments are the sam« t2 End of period.3 Annual data are averages of seasonally adjusted monthly ratios-

NOTE.—Series revised beginning 1958.

Source: Department of Commerce. Bureau of the Census,

21


PRICESPRODUCER PRICESIn March, the producer price index for all finished goods fell 0,3 percent. Prices of finished consumer foods rose0.2 percent while prices of other finished consumer goods fell 0.8 percent. Capital equipment prices rose 0.2percent.

INDEX, 1982= 100 (RATIO SCALE)

130

INDEX, 1982 = 100 (RATIO SCALE)

130

120

110

100 100

90

SOURCE: DEPARTMENT OF LABOR

1990 1991

COUNCiL OF ECONOMIC ADVISERS

[1982 = 100; monthly data seasonally adjusted]

Period

1981198219831984198519861987198819891990"1990: Mar

AprMayJuneJulyAugSeptOctNov r

Dec1991: Jan

FebMar

i

Totalfinishedgoods

96,1100.0101.6103.7104.7103.2105.4108,0113,6119.2117,3117.2117,6117.6118.0119.3120.8122,3122.8122.1122.0121.3120.9

Con-sumerfoods

97.8100.0101.0105.4104.8107.3109,5112,6118.7124.4124.2123.4123.9123.7124.3125.0124.4125.1125.2124,8124,4124.7125.0

P1

Total

95.6100.0101.8103.2104,6101.9104.0108.5111.8117.4114.9115.1115,5115,6115.9117.5119.6121.4122.0121.2121.2120.2119.6

Fin

nished go

Total

96.1100.0101.2102.2103.398.5

100.7103.1108.9115.2112.0112,2112.8112.6112.9115.0118.1120.6121.3119.9119.7118.2117.2

shed goods

ids excluding

Consumer g<_

Durable

96.4100.0102.8104.5108.5108.9111.5113.8117.6120.4119.4119.5119.8120.4120.9120.7121.6121.2121.8122.2123.0123.5124.1

consumer foo

ods

Nondurable

95.8100.0100.5101.1101.793.394.997.3

103.8111.5107.4107.6108.3107.8108.1111.1115.0118.6119.3117.3116.7114.5113.0

Is

Capitalequip-ment

94.6100.0102.8105.2107.5109.7111.7114.3118.8122.9121.9122.1122.2122.7123.0123.4123.8124.1124,4124.8125.2125.5125.8

Totalfinished

con-sumergoods

96,6100.0101.3103.3103.8101.4103.6106.2112.1118.2116.1115.9116.4116.3116,6118.3120.2122.1122.6121.5121.3120.3119.7

Intern

Total

98.6100.0100.6103.1102.799.1

101.5107.1112.0114.5112.7112.8112.9112.8112.8114.3116.1117.9118.1117,1116.5115.7114.5

lediate ma

Foodsand

feeds l

104.6100.0103.6105.797.396.299.2

109.5113.8113.4113.0114.0115.1114.4114,4114.2113.1113.0111.7111.9110.5112.3113.3

terials

Other

98.2100.0100.5103.0103.099.3

101.7106.9111.9114.5112.6112.8112.8112.7112.7114.3116.3118.2118.5117.4116.9115.9114.6

On

Total

103.0100.0101.3103.595.887,793.796.0

103.1108.9105.4102.8103.1100.6101.0110.2115.6125.4117.6111.2114.1104.8101.4

ide mater

Food-stulfsand

feed-stuffe

103.9100.0101.8104.794.893.296.2

106.1111.2113.2115.0115.0113.1113,9114.3112.9111.6111.9110.8110.1108.5108.5109,8

als

Other

101.8100.0100.7102.296.981.687.985.593.4

101.394.890.892.388.088.4

103.6112.8127.9118,4106.8112.198.392.5

1 Intermediate materials for food tnaiujfaeturing and feeds- ce: Department of Labor, Bureau of Labor Statistics.

22


CONSUMER PRICES—ALL URBAN CONSUMERSIn March the consumer price index for all urban consumers fell 0.1 percent, seasonally adjusted (it rose 0.1 percentnot seasonally adjusted). The index was 4.9 percent above its year-earlier level.

INDEX, 1982-84=100 (RATIO SCALE)

150

140

130

120

110

100

90

80

SEASONALLY ADJUSTED

INDEX, 1982-84= 100 (RATIO SCALE)

150

CONSUMER PRICES—ALL ITEMS

1983 1984 1985 1986 1987 1988 1989 1990

I I I I I I

140

130

120

110

100

90

801991

SEE NOTE ON TABLE BELOWSOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]

Period

Rel. imp.3....

19811982198319841985198619871988198919901990:

MarAprMayJune

JulyAugSeptOctNovDec

1991:JanFebMar

All it

Not

ally

ed(NSA)

100.090.996.599.6

103.9107.6109.6113.6118.3124.0130.7

128.7128.9129.2129.9130.4131.6132.7133.5133.8133.8

134.6134.8135.0

3ms J

Sea-son-ally

adjust-ed

128.7129.0129.2130.0130.5131.6132.6133.4133.8134.2

134.8135.1135.0

Food

16.293.697.499.4

103.2105.6109.0113.5118.2125.1132.4

131.3131.2131.2132.1132.8133.2133.6134.1134.7134.9

135.7135.4135.7

Total '

41.490.496.999.5

103.6107.7110.9114.2118.5123.0128.5

126.8127.1127.3128.0128.6129.3130.0130.4130.6130.8

131.9132.5132.6

Total

27.790.596.999.1

104.0109.8115.8121.3127.1132.8140.0

137.6138.1138.3139.5140.5141.3141.8142.0142.3142.8

143.9144.6144.8

Hou

She

ers'

(Dec1982 =

100)

7.9

103.0108.6115.4121.9128.1133.6138.9146.7

143.2143.8143.3144.8146.5147.6148.2148.8149.5150.5

153.0154.2154.2

sing

Her

Home-own-ers'

costs(Dec.

1982 =100)

19.5

102.5107.3113.1119.4124.8131.1137.3144.6

142.5143.0143.2144.7145.5146.3146.8146.8146.9147.3

147.9148.4148.7

Mainte-nanceand

repairs(NSA)

0.290.796.499.9

103.7106.5107.9111.8114.7118.0122.2

121.2121.2122.2121.8122.1121.2124.6123.4123.9123.8

124.1125.1124.2

Fueland

otherutili-ties

7.386.494.9

100.2104.8106.5104.1103.0104.4107.8111.6

110.6110.4110.4110.5109.9111.1112.6113.8114.2113.7

115.5115.1114.8

Appar-el andupkeep

6.195.397.8

100.2102.1105.0105.9110.6115.4118.6124.1

124.0123.9123.9124.1124.4124.8125.5125.1125.3125.7

126.9128.9127.4

Tr

Total J

17.893.297.099.3

103.7106.4102.3105.4108.7114.1120.5

117.3117.6117.6118.1118.4120.7123.4125.8126.5126.9

125.4124.0122.8

ansportati

New

4.093.797.499.9

102.8106.1110.6114.6116.9119.2121.0

120.6120.6120.6120.6120.5120.9121.1121.2121.5122.0

123.6124.2124.8

on

Motor

4.1108.5102.899.497.998.777.180.280.988.5

101.2

91.792.291.893.393.2

101.2110.2118.0118.5117.7

110.0102.097.1

Medi-cal

care

6A82.992.5

100.6106.8113.5122.0130.1138.6149.3162.8

158.5159.8161.0162.1163.5165.0166.1167.5168.7170.1

171.2172.4173.5

Ener-

gy2

8.397.799.299.9

100.9101.688.288.689.394.3

102.1

96.896.896.597.196.8

101.0106.4110.9111.4110.9

108.2103.9101.2

Allitemsless

shel-

energy

48.088.395.1

100.0105.0109.0112.7117.0121.9127.3133.5

132.0132.4132.8133.2133.8134.4135.0135.5136.0136.5

137.6138.8139.0

1 Includes items not shown separately.2 Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.

also included through 1982.3 Relative importance, December 1990.

NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costsand therefore are not strictly comparable with figures for earlier periods.

Data beginning 1987 and 1988 calculated on a revised basis.Source: Department of Labor, Bureau of Labor Statistics.

23


CHANGES IN PRODUCER PRICES FOR FINISHED GOODS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]

Period

1981198219831984198519861987198819891990"

1990: MarAprMavJuneJulyAugSeptOctNovDec

1991: JanFebMar

Ch

Totalfinishedgoods

Cha

7.13.6.6

1.71.8

-2.32.24.04.95.6

Cl

-0.1-.1

.30

.31.11.31.2.4

-.6

-.1-.6-.3

nge from pr

Consum

Foods

nge, Dec,

1.52.02.33.5

.62.8

25.75.22.5

ange, mon

-0.5-.6

.4— .2

.5

.6-.5

.6r.l

r-.3

-.3.2.2

seeding peri

r goods

Exclud-ing foods

o Dec., N

8.64.2-.9

.82.1

-6.64.13.15.38.5

th to mont

-0.3.2.59

.31.92.72.1

.6-1.2

O

-1.3— .8

d

Capita!equip-ment

3A

9.23.92.01.82.72.11.33.63.83.4

h

0.4.2.1.4.2.3.3.2.2.3

.3

.22

Change

Totalfinishedgoods

6.4-1.0

.71.02.85.9

11.315.412.34.4

-1.0-4.8-3.9

from 3 month

Consum

Foods

8.8-.6

-2.9-1.6

2.93.62.32.6r.61.3

-2.2r-1.6

.6

s earlier, ann

r goods

Excludingfoods

5.9-3.5

1.82.22.58.0

21.030.223.8

6.2

-3.0-9.8-8.7

al rate

Capitalequipment

4.43.72.72.73.04.03.63.63.33.3

3.63.63.2

Change

Totalfinishedgoods

5.74.24.93.7

.93.36.18.99.07.8

6.93.4

.2

from 6 montl

Consum

Foods

9.75.95.93.51.1

.3

.32.8

'2.11.8

.2— .51.0

s earlier, ami

r goods

Excludingfoods

4.63.75.54.0-.54.9

11.215.515.613.4

12.45.6

-1.5

jal rate

Capita/equipment

3.53.53.03.53.33.33.13.33.63.5

3.63.43.3

Changefromyear

earlier,total

finishedgoods

NSA

9.24.11.62.11.0

-1.42.12.55.24.9

4.53.73.13.13.65.26.06.47.05.6

3.73.22.9


CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]

Period

1981198219831984198519861987198819891990

1990: MarAprMayJune ....JulyAugSeptOctNovDec

1991: JanFebMar

—

Allitems l

18.93.83.83.93.81.14.44.44.66.1

0.42

.2

.6

.4

.8

.8

.6

.3

.3

.4

.2-.1

Food

4.33.12.73.82.63.83.55.25.65.3

0.21

0.7.5.3.3.4.4.1

.6_ 2

.2

Total '

10.23.63.54.34.31.73.74.03.94.5

0.42.2.5.5.5.5.322

.8

.5

.1

Total '

9.92.44.75.26.04.64.84.54.95.2

0.7.4.1.9.7.6.4.1.2.4

.8

.5

.1

Housing

Shelter

Rent-ers'

costs

c

5.15.96.35.03.93.94.56.7

-0.1.4.3.3

1.2.8.4.4.5.7

1.7.8

0

owners'

hange, D

4.55.15.94.65.34.75.14.7

Cha

0.9.4.1

1.0.6.5.3

0.1.3

.4

.3

.2

Fueland

utili-ties

eeember

14.49.71.84.21.8

-5.61.62.93.24.0

nge, mo

0-.20

.1— .51.11.41.1

.4— .4

1.6-.3

Q

Ap-pareland

keep

to Dec

3.51.62.92.02.8

.94.84.71.05.1

nth to n

0.9-.10

.2,2.3.6

-.3.2.3

1.01.6

-1.2

Tr

Total '

mber, ^

10.91.83.93.12.6

-5.96.13.04.0

10.4

lonth

-0.1.3

0.4.3

1.92.21.9

.6

.3

-1.2-1.1— 1.0

msportati

Newcars

SA

6.81.53.42.53.45.91.82.12.31.4

-0.2000-.1

.3

.2

.1

.2

.4

1.3.5.5

on

Motor

9.4-6.5— 1.7-2.4

3.1-30.7

18.7— 2.1

6.836.5

-1.2.5

-.41.6

— .18.68.97.1

.4-.7

-6.5-7.3-4.8

Medi-cal

12.511.06.46.16.87.75.86.98.59.6

0.7.8.8.7.9.9.7.8.7.8

.6

.7

.6

Ener-gy2

11.91.3

-.5.2

1.8-19.7

8.2.5

5.118.1

-0.70-.3

.6-.34.35.34.2

.5^_

-2.4-4.0-2.6

AJ1itemslessfood,

shelter,and

9.46.15.04.33.73.33.84.74.15.2

0.5.3.3.3.5.4.4.4.4.4

.8

.9

.1

Adden

Fromprevi-

quar

7.5

3.8

7.0

6.9

3.6

dum: AH ite(annua

From3

monthsearlier

7.54.53.24.14.77.68.29.26.94.9

4.33.92.4

us, percentrate)

From6

monthsearlier

6.25.85.35.84.65.46.26.97.26.6

6.75.43.7

hange

I

From

earlier

NSA

10.36.23.24.33.61.93.64.14.85.4

5.24.74.44.74.85.66.26.36.36.1

5.75.34.9

1 Includes items not shown separately.a Household fuels—gas (piped), electricity, fuel oil, etc.-

also included through 1982.-and motor fuel. Motor oil, coolant, etc.,

3 Quarterly changes are shown in the last month of the quarter.


24


PRICES RECEIVED AND PAID BY FARMERSPrices received by farmers in April were unchanged from their March level. Prices paid by farmers in April were1.1 percent above their January level. (Data are not seasonally adjusted.)

INDEX, 1977= 100 (RATIO SCALE)

200

180

160

140

120

100

80L111

RATIOJ/140

120

100

80

60

INDEX, 1977= 100 (RATIO SCALE)200

imil

T\PRICES PAID

i n n in

PRICES RECEIVED

I l l l l l

--

^— -— — H-Illllllllll

1983

" -^

Illllllllll

1984Illllllllll

1985

~~T~1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11986 1 1987

RATIO

inn inn1988

1 1 1 1 1 1 1 1 1 1 1

1989

-

-

• ^

. ^T -mm inn inn

1990 1 1991

1/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.

SOURCE: DEPARTMENT OF AGRICULTURE

180

160

140

120

100

ilU 80

140

120

100

80

60


[1977=100; not seasonally adjusted]

Period

1981198219831984198519861987198819891990

1990: AprMayJuneJulyAugSeptOctNovDec

1991: JanFebMarApr

1 Includes items not shown separately.2 Percentage ratio of index of prices recei

and wage rates. See also footnote 3.3 Beginning March 1986, prices paid by fa

Pri

All farmproducts

139133135142128123127138147150

151154152152150148146145143

145"145

149149

•ed bv farmers to index

rmers are available on]'

ces received by farm

134121128138120107106126134128

131134130130125123120124121

123122128131

of prices paid, interes

for first month in quar

ers

Livestock andproducts

143145141146136138146150160171

170173173173174173171166164

166166169166

NOTE.-, taxes, have been

ter and Source:

P

All commodities,services,

interest, taxes,and wage rates l

150159161164162159162170178184

183(3)(3)

184(3)(3)

187(3)(3)

r!88(3)

(3)

190

-The official indexes aconverted to a 1977 =

Department of Agricult

rices paid by farmer

Productionitems, interest,

taxes, and wagerates

151158159161156150152160167172

171(3)

(3)

171

(3)(3)

174(3)

(3)

r!75(3)(3)

176

e published on a 191C00 base to facilitate co

ure.

s

Productionitems

148153152155151144148157165171

170(3)(3)

170(3)(3)

174(3)

(3)

173(3)

(3)

175

-14 base as required bmparison with other inc

Ratio 2

92848487797778828382

838483838280787876

r11777978

v law. The indexesexes.

25


MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK, LIQUID ASSETS, AND DEBT MEASURESIn March, growth slowed in both M2 and M3.


4,8004,4004,000

3,600

3,200

2,800

2,400

2,000

1,600

1,200

800

M3

\ _.-,-

M2


4,8004,4004,0003,600

3,200

2,800

2,400

2,000

1,600

1,200

• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1989 1990 1991


[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]

Period

1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec1986: Dec1987: Dec1988: Dec1989: Dec1990: Dec

1990: MarAprMayJuneJulvAugSeptOctNovDec

1991: JanFebMar"

Ml

Sum of currency,demand deposits,travelers' checks,

and othercheckable

deposits (OCDs)

436.4474.4521.2552.2619.9724.3749.7786.4793.6825.4

804.7807.7807.5811.5810.7816.5821.8821.2823.3825.4

826.7836.4842.9

M2

Ml plus overnightEPs and

Eurodollars,MMMF balances(general purpose

and broker/dealer),MMDAs, and

time deposits

1,793.31,952.92,186.32,374.72,569.72,811.62,910.13,069.93,223.1

r3,330.0

3,269.63,279.93,282.83,290.63,295.4

r3,309.5r 3,321.5' 3, 324.5r3, 324.7' 3,330.0r3,333.1r3,357.2

3,378.7

M3

M2 plus largetime deposits,

term EPs, termEurodollars, andinstitution-onlv

MMMF balances

2,234.12,441.72,693.32,986.23,201.63,492.63,677.43,919.14,055.2

r4, 114.1

4,077.24,082.74,082.74,085.84,089.2

r4,103.3'4,109.0r4,109.5r4,110.0r4,114.1r4,126.9r4,164.14,174.5

L

M3 plusother liquid

assets

2,596.72,851.43,154.63,527.53,828.94,133.24,337.04,676.04,889.9

'4,960.0

4,914.64,920.54,903.24,922.84,926.9

r4,935.4'4,957.4r4,955.8r4,958.0r4,960.0

'4,980.35,018.2

Debt

Debt ofdomestic

nonfimncia]sectors

(monthlyaverage) 1

4,292.14,685.95,212.65,961.96,773.57,636.28,345.19,107.69,790.4

10,450.0

9,965.810,023.310,066.610,122.210,182.710,254.310,312.810,353.110,405.910,450.0

' 10,490.210,544.9

Perce

Ml

6.88.79.95.9

12.316.83.54.9

.94.0

5.95.04.74.53.83.84.33.33.93.4

3.94.95.1

nt changemonths

M2

10.08.9

12.08.68.29.43.55.55.03.3

6.86.15.04.23.83.33.2

r2.72.62.4

2.32.93.4

from veaiearlier 2

M3

12.49.3

10.310.97.29.15.36.63.5

r1.5

2.92.72.11.51.41.5

r1.6'1.3r1.3r1.4r1.8r3.0

3.2

or 6

Debt

9.99.2

11.214.413.612.79.39.17.56.7

7.06.96.56.87.17.37.06.66.76.5

6.05.7

1 Consists of outstanding credit market debt of the U.S. Government, State and local govern-ments, and private nonfinancial sectors; data from flow of funds accounts.

2 Annual changes are from December to December and monthly changes are from 6 months earli-

r at a simple annual rate.

NOTE.—See p. 27 for components.

Source: Board of Governors of the Federal Kes< e System,

26


COMPONENTS OF MONEY STOCK AND LIQUID ASSETS[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]

Period

1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec1986: Dec1987: Dec1988: Dec1989: Dec1990: Dec1990: Mar


1991: JanFebMar".

Cur-rency

122.6132.5146.2156.0167.8180.7196.9212.0222.2246.4

228.4230.3231.9233.7235.7238.4241.5243.9245.0246.4

251.6255.1256.7

De-mandde-

posits

231.3234.0238.5243.9266.6301.9286.5286.3278.7276.9

278.9278.1275.8276.3275.6278.0279.1277.1277.2276.9

272.9276.2277.2

Othercheck-able

depos-its

(OCDs)

78.2103.5131.6147.1179.5235.3259.3280.7285.2293.7

289.8291.7292.0293.7291.7292.1293.0291.8292.8293.7

293.9296.8300.9

Over-nightrepur-chaseagree-ments(RPs),

net,plusover-nightEuro-dollars

NSA

36.639.955.660.673.582.383.283.477.4

'74.181.979.483.282.484.0

'82.7r81.4

83.577.7

r74.1

'71.7'71.1

70.8

Money rmutualbalanc

Gener-al

pur-poseand

broker/dealer

150.6185.2138.8167.9176.7208.3221.7241.1313.6347.7

325.9327.0325.3327.5329.2335.8339.2341.7343.0347.7

356.3360.5365.9

narketfundes l

Insti-tutiononly

38.051.142.862.163.983.888.986.9

101.9125.7105.2106.9107.6108.1109.8114.0116.2119.6120.5125.7130.1139.3142.0

Moneymarketdeposit

accounts(MMDAs)

0.043.2

379.2418.2514.5572.3524.9501.4486.1505.9

495.7499.3500.5502.3503.4505.9507.4506.7506.8505.9

505.1511.4518.9

Sav-ingsde-

posits

343.9356.8305.5286.5300.4368.3412.0424.4404.1

r410.8

410.2411.5411.3411.8412.7412.7412.3411.5411.1

'410.8

412.0415.5420.8

Smalldenom-ination

timedepos-i ts2

823.2850.9784.1887.7883.4855.5917.7

1,031.81,145.9

' 1,164.2

1,149.91,152.21,153.51,154.61,156.81,158.3' 1,160.1'1,161.4'1,161.8'1,164.2

'1,163.2'1,162.31,158.0

Largedenom-ination

timedepos-its2

303.0327.3327.7417.7437.3439.9489.2542.3563.5507.1

549.3543.7540.5538.0535.0529.2521.9515.1512.5507.1

'511.7'515.7

511.0

Termrepur-chaseagree-ments(KPs)

NSA

35.333.449.957.662.480.5

106.1121.8

98.890.298.498.299.3

102.2100.5102.0

98.395.695.790.2

'88.5'87.6

84.5

TermEuro-dollars(net)

NSA

67.581.791.582.976.583.891.0

106.081.0

'71.4

66.765.367.164.465.1

'68.3'70.0'70.2'70.0'71.4

'72.0'73.0

72.0

Sav-ings

bonds

67.868.071.174.279.591.8

100.6109.3117.5126.0119.2119.9120.7121.4122.2123.0123.8124.5125.2126.0126.7127.8

Short-term

Treas-ury

secu-rities

149.4183.6212.0260.8298.2280.2253.5270.6327.4

'325.8

336.9329.9315.4331.7334.3329.8333.8330.4

'329.8'325.8

'327.4334.9

Bankers'accept-ances

40.044.545.045.442.037.144.540.140.734.737.236.035.434.733.032,331.832.634.034.7

35.935.2

Com-mercialpaper

105.3113.7isa.2160.8207.6231.4261.0336.8349.2

'359.4

344.1351.9349.1349.1348.2

'347.0'359.0'358.8'359.0'359.4

'363.4356.2

1 Data prior to 1983 are not seasonally adjusted.2 Small denomination and large denomination deposits are those issued in amounts of lei

$100,000 and more than $100,000, respectively.

NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shownthan here.


AGGREGATE RESERVES AND MONETARY BASE[Averages of daily figures *; millions of dollars; seasonally adjusted, except as noted by NSA]

Period

1980: Dec1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec1986: Dec1987: Dec1988: Dec1989: Dec1990: Dec1990: Mar


1991: JanFebMar"

_ __.

A

Res

Total

'49,104

'48,112'48,202'47,962'47,896'47,636'47,973'48,261'47,942'48,244'49,104

'49,466'49,61149,566

djusted for ch

erves of depo

Nonbor-rowed

'48,779

'45,988'46,574'46,627'47,014'46,879'47,046'47,637'47,532'48,014'48,779

'48,932'49,35949,325

anges in reser

sitory instituti

Nonbor-rowed plusextended

credit

'48,802

'47,938'47,978'47,503'47,360'47,159'47,174'47,643'47,550'48,039'48,802

'48,958'49,39349,378

ve requiremen

ons

Required

'47,440

'47,251'47,306'46,999'47,122'46,774'47,106'47,353'47,096'47,297'47,440

'47,298'47,80248,390

ts

Monetarybase

'299,785

'280,613'282,627'283,970'285,758'287,418'290,458'293,803'295,941'297,553'299,785

'305,152'309,438310,982

BorrowinstitutM

B

Total

1,690636634774

3,1861,318

827777

1,716265326

2,1241,6281,335

881757927624410230326534252241

vings of deptms from theeserve (NSA

Seasonal

116543396

113563893

130847678

12224431138943041833516276333755

>sitoryFederal)

Extendedcredit

3148186

22,604

499303483

1,2442023

1,9501,403

875346280127

6182423273453

justments" for changes in reserve requirements and the annual revision of seasonal factors. Dataprior to March 1990 are not yet available.


1 Data are prorated averages of biweekly (maintenance period) averages of daiJy figures.

NOTE.-—Series for reserves and monetary base have been revised to incorporate new "break ad-

27


BANK LOANS AND SECURITIESTotal commercial bank loans and leases rose 0.1 percent in March. Commercial and industrial loans rose 0.3percent.

BILLIONS OF DOLLARS* (RATIO SCALE)2,800

2,400

2,000

1,600

1,200

800

400

200

160

120 Uii 1 1 11983 1984

LOANS AND LEASES

• U.S. GOVERNMENT SECURITIES

\

OTHER SECURITIES

\

1111985

I I I

1986 1987

1 1 11988


2,800

2,400

2,000

1,600

1,200

800

null1989

m i l l1990

400

200

160

1201991

' SEASONALLY ADJUSTED

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted *]

Period

1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec1986: Dec1987: Dec1988: Dec1989: Dec1990: Dec

1990: MarAprMayJuneJulyAugSeptOctNovDec

1991: JanFebMar "....

Totalloans and

securi-ties 2

1,307.21,400.51,552.11,722.21,909.62,093.52,238.92,421.72,589.02,723.6

2,633.22,648.12,655.42,670.12,683.02,704.92,708.02,713.62,716.62,723.6

2,721.22,735.12,750.9

U.S.Govern-

mentsecuri-

ties

179.3201.7259.2260.2270.9310.1335.9363.8399.3454.2

420.3426.4430.3438.4442.8445.7450.1453.1454.0454.2

454.1458.0471.4

Othersecuri-

ties

160.5164.8169.1140.9179.0193.9193.5192.1180.8175.6

180,4180.2178.2177.5177.3178.8178.8177.8175.9175.6

177.7177.6177.6

Total 2

967.51,034.01,123.81,321.11,459.81,589.51,709.51,865.82,008.92,093.8

2,032.52,041.52,046.92,054.22,062.92,080.42,079.02,082.72,086.72,093.8

2,089.42,099.52,102.0

Com-mercial

andindustri-

al

355.4392.5414.2473.2500.3537.2567.6606.6641.3648.1

643.5645.9644.3645.3644.4645.1644.7643.7646.5648.1

644.3643.9646.0

A

Realestate

284.1299.9331.0376.5426.0494.2587.2671.5760.6836.5

782.7790.8798.9805.9814.5818.0822.5827.7832.0836.5

837.3842.6846.3

11 commei

Indi-vidual

182.5188.2212.9253.8294.6315.2328.2354.7375.5378.9

379.4377.8378.4377.6376.4378.2378.6379.7378.7378.9

375.9377.7375.5

cial ban

Secu-rity

21.425.328.034.543.140.434.839.938.340.6

37.036.835.535.038.744.641.340.539.640.6

43.243.238.9

ts

Loans am

Non-bankfinan-

cialinstitu-tions

29.931.230.431.332.434.931.829.932.7

r34.7

33.734.034.134.434.735.0

rS5.2r34.8r34.6r34.7

34.235.336.1

leases

Agri-cultural

33.136.239.240.136.131.529.429.830.733.0

30.830.831.031.131.331.531.832.232.533.0

33.633.734.1

Stateand

politi-cal

subdi-visions

0.0.0.0

46.156.858.552.645.540.034.2

38.638.237.937.336.435.835.235.134.834.2

33.533.433.0

For-eign

banks

18.114.613.411.69.9

10.37.97.98.67.4

8.38.68.77.47.07.98.19.08.27.4

6.66.97.6

For-eign

officialinstitu-

tions

7.25.99.48.46.36.35.85.13.73.2

3.23.33.33.23.23.23.33.23.23.2

3.03.13.2

Leasefinanc-

ingreceiv-ables

12.713.313.716.019.022.324.529.231.832.7

32.432.432.632.432.632.732.833.332.932.7

32.432.833.0

Other

23.126.931.829.935.338.639.845.745.8

r44.6

43.042.842.344.543.648.2

r45.5r43.6r43.6r44.6

45.446.948.3

2 Excludes loans to commercial banks in the United States.



SOURCES AND USES OF FUNDS, NONFARM NONFINANCIALCORPORATE BUSINESS


Period

198219831984198519861987198819891990 "

1989: InmIT

1990: InniIV"

1 Undistributed profits (afterconsumption allowances, and fcabroad.

2 Consists of tax liabilities, tr

Total

300.8416.9491.4455.7524.1493.7548.2512.7470.5

517.4601.2459.2473.0

482.7502.3475.2421.4

inventory vailreign branch j

ade debt, and d

Internal '

241.9285.2335.9351.8344.3372.4391.4380.0367.7

379.9379.7385.5374.9

370.6374.7366.4358.9

ation and caprofits, dividend

rect foreign in

Total

58.9131.7155.5103.9179.8121.3156.8132.7102.8

137.5221.5

73.798.1

112.1127.6108.862.5

tai consumptios, and subsidif

/estment in the

Sources

C

Total

48.576.591.949.8

124.748.255.135.434.6

18.0118.7

1.03.8

77.847.824.111.2

n adjustments]ries' earnings

U.S.

External

edit market fu

Securitiesand

mortgages

-6.241.0

-13.6-6.260.518.5

-15 A-45.0-1.0

-92.53.1

85.2-5.6

-14.328.3

-22.64.7

capital a

retained Go

nds

Loans andshort-term

paper

54.735.5

105.556.064.229.770.580.435.6

110.5115.686.29.4

92.119.546.7

-15.9

Plant and equipremment.

ource: Board of

Other 2

10.455.263.754.155.173.1

101.697.368.2

119.5102.772.694.2

34.579.884.973.7

ment, residtmti

Governors of t

Total

303.1392.6474.9425.1481.2466.6494.6488.4479.1

484.2560.0444.4465.3

496.9489.7500.5429.3

al structures, ii

le Federal Res

Uses

Capitalexpendi-tures 3

256.1270.5369.7341.2330.4354.1378.3382.2366.3

377.4388.3385.1378.2

346.9381.2384.0353.1

iventorv investm

erve System.

Increase infinancialassets

47.0122.1105.283.9

150.8112.5116.3106.2112.8

106.8171.759.387. 1

150.0108.5116.576.2

ent, and mineral

Discrepancy(sources less

uses)

-2.324.316.530.643.027.153.524.2

-8.7

33.241.214.91.1

-14.212.6

-25.2-7.9

rights from U.S.

CONSUMER INSTALLMENT CREDIT[Millions of dollars; seasonally adjusted]

Period

1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec1986: Dec1987: Deo1988: Dec1989: Dec2

1990: Dec

1990: FebMarAprMavJuneJulyAugSeptOctNovDec

1991: Jan r

Feb"

Ins

Total

311,259325,805368,966442,602518,252573,017610,468664,701716,624739,014

717,869720,445720,835724,485724,601729,329732,385735,222736,595739,357739,014

736,756734,461

tallment credit

Automobile

119,008125,945143,560173,564210,187247,428265,851284,556290,770285,336

289,629290,932288,936288,931287,168286,791285,283285,261284,402284,483285,336

283,593280,501

outstanding

Revolving

61,07066,45479,088

100,280121,816135,851153,078174,057197,110218,235

199,927202,263203,965207,153208,362212,138214,492216,804218,381219,757218,235

219,463220,838

!end of perio

Mobilehome

20,05822,06423,56225,86126,85027,09625,92025,20122,34321,816

22,63322,70822,70222,81522,73322,79522,97622,67222,49122,51821,816

22,68422,446

1)

Other

111,124110,802122,756142,897159,400162,642165,620180,887206,401213,628

205,680204,543205,232205,585206,338207,605209,635210,484211,320212,599213,628

211,015210,676

Net

Total

13,10514,54643,16173,63675,65054,76537,45154,233

( 3 )22,390

402,576

3903,650

1164,7283,0562,8371,3722,762-342

-2,259-2,295

change in in

Automo-bile

7,0176,937

17,61530,00436,62337,24118,42318,705

(3)-5,434

-1,2751,303

-1,996_5

— 1,764-3771,508-21

-85981

853

-1,743-3,093

stallment ere

Revolving

5,9595,384

12,63421,19221,53614,03517,22720,979

( 3 )21,125

7812,3361,7023,1881,2083,7762,3542,3121,5771,375

-1,522

1,2281,375

dit outstandir

Mobilehome

1,3222,546

9582,299

989246

-1,116-719

( 3 )-527

2974

-6113

-8363

180-303— 182

27-702

868-238

g '

Other

-1,193-322

11,95420,14116,5033,2422,978

15,267( 3 )

7,227

505-1,137

689353753

1,2672,030

849836

1,2791,029

— 2,613-339

1 For year-end data, change from preceding year-end; for monthly data, change from precedingmonth.

2 Data newly available in January 1989 result in breaks in many series between December 1988and subsequent months.

3 Because of breaks in series, net change not available.Source: Board of Governors of the Federal Reserve Systei

29


INTEREST RATES AND BOND YIELDSInterest rates fell in April.

PERCENT PER ANNUM

16

PERCENT PER ANNUM

SQUKCE: SEE !AB1ECOUNCIL OF ECONOMIC ADVISERS

[Percent per annum]

Period

1981198219831984198519861987198819891990

1990: AprMayJuneJulyAugSeptOctNovDec

1991: JanFebMarApr"

Week ended:1991: Mar 30

Apr 6132027

May 4

1 Bank-discount basis.

D.S, 1

3-month bills(new issues) *

14.02910.6868.639.587.485,985.826.698.127.51

7.787.787.747.667.447.387.197.076.81

6.305.955.915.67

5.865.805.605.575.695.60

Veasury security

Constant n

3-year

14.4412.9210.4511.899.647.067.688.268.558.26

8.788.698.408.268.228.278.077.747.47

7.387.087.357.23

7.367.257.247.217.25

yields

laturities 2

10-year

13.9113.0011.1012.4410.627.688.398.858.498.55

8.798.768.488.478.758.898.728.398.08

8.097.858.118.04

8.108.038.048.008.09

High-grademunicipal

bonds(Standard &

Poor's) 3

11.2311.57

9.4710.159.187.387,737.767.247.25

7.367.347.227.157.317.407.407.107.04

7.056,907.077.04

7.137.097.016.957.11

5

CorporateAaa bonds(Moody's)

14,1713.7912.0412.7111.37

9.029.389.719.269.32

9.469.479.269.249.419.569.539.309.05

9.048.838.938.86

8.928.868.878.818.89

Effective rate (in th

Primecommercial

paper,6 months l

14.7611.89

8,8910.168.016.396.857.688.807.95

8.298.238.067.907.777.837,817.747.49

7.026.416.366.07

6.276,175.996.046.12

e primary market) o

Discount rate(N.Y. F.E.

Bank)4

13.4211.028.508.807.696.335.666.206.986.98

7.00-7.007.00-7.007.00-7.007.00-7.007.00 7.007.00-7.007.00-7.007.00-7.007.00 6.50

6.50 6.506.00-6.006.00 6.006.00-5.50

6.00-6.006.00 6.006.00-6.006.00-6.006.00-6.006.00 5.50

n conventional mort

Prime ratecharged by

banks4

18.8714.8610.7912.049.938.338.219.32

10.8710.01

10.00-10.0010.00-10.0010.00-10.0010.00-10.0010.00-10.0010.00-10.0010.00-10.0010.00-10.0010.00 10.00

10.00 9.509.50-9.009.00-9.009.00-9.00

9.00-9.009.00 9.009.00-9.009.00-9.009.00-9.009.00-

^ages, reflecting fee

New-homemortgage

yields(FHFB)5

14.7015.1412.5712.3811.5510.179.319.19

10.1310.05

10.1710.2810.1310.0810.11

9.909.989.909.76

9.659.579.43

s and charges asthe more actively traded issue

partment.3 Weekly data are Wednesday figures.4 Average effective rate foe year; openi

30

adjusted to constant maturities by the Treasury De-

year; opening and closing rate for month and week.

well as contract rate and assumed, on the average, repayment at end of 10 years

Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Feder-al Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation,


COMMON STOCK PRICES AND YIELDSStock prices rose in April.

INDEX, DEC. 31, 1965 = 50 (RATIO SCALE) INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)

220200180

160

140

1VO

ion

80

60

40

PERC

15

5

0

X~^

1983

ENT

— _ -

1 1 1

1983

^W '

1984

,*•»•"" ~"

1 1 I1984

s—S^f

\1985

EARN

^ >

1 1 11985

_ . ^

/ COMPOSIT

1986

NGS-PRICE RA

, — >

\ \ \

1986

~s\\ \\ v-

E STOCK PRICE

(NYSE)

1987

TIO ON COMA;

(S&P)

1 1 11987

/- ~'~'

INDEX

, . , , ,11988

\ON STOCKS -

1 1 11988

•S — ^_/

1989

^

1 1 1

1989

\ -^~\^/

1990

-— •

1 1 1

1990

^/

1991

PERCE

1 1 1

1991

220200180

160

140

120

100

80

60

40

NT

15

5

0

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS

Period

1981198219831984198519861987198819891990

1990: AprMayJuneJulvAugSeptOctNovDec

1991: JanFebMarApr"

Week ended:1991: Mar 30

Apr 6132027

New Y

Composite

74.0268.9392.6392.46

108.09136.00161.70149.91180.02183.46

185.61191.35196.68196.61181.45173.22168.05172.21179.57

177.95197.75203.57207.71

204.64206.32206.21211.20208.20

ork Stock Exd

Industrial

85.4478.18

107.45108.01123.79155.85195.31180.95216.23225.78

226.86234.85242.42245.86226.73216.81208.58212.81221.88

220.69246.74255.36260.15

256.13258.11257.97264.84261.06

Com

ange indexes (

Transporta-tion

72.6160.4189.3685.63

104.11119.87140.39134.12175.28158.62

173.55173.53177.37173.18147.4]136.95131.90132.96141.31

145.89166.06166.26166.90

162.82164.01164.45168.33170.44

mon stock pric

)ec. 31, 1965-

Utility

38.9139.7547.0046.4456.7571.3674.3071.7787.4390.60

91.9293 2993.6589.8585.8183.3087.2789.6991.56

88.5992.0892.2992.92

93.4393.4393.0093.5692.17

es i

= 50) 2

Finance

73.5271.9995.3489.28

114.21147.20146.48127.26151.88133.26

138.57142.94147.93143.11128.14118.59108.01113.76122.18

121.39141.03145.42152.64

147.67150.83151.40155.88153.29

Dow-Jonesindustrialaverage 3

932.92884.36

1,190.341,178.481,328.231,792.762,275.992,060.822,508.912,678.94

2,708.262,793.812,894.822,934.232,681.892,550.692,460.542,518.562,610.92

2,587.602,863.042,920.112,925.54

2,903.032,914.852,898.462,977.872,928.22

Standard &Poor's

index(1941-

43=10)4

128.05119.71160.41160.46186.84236.34286.83265.79322.84334.59

338.18350.25360.39360.03330.75315.41307.12315.29328.75

325.49362.26372.28379.47

374.18376.97376.68386.38380.75

Common st(perce

Dividend-price ratio

5.205.814.404.644.253.493.083.643.453.61

3.513.443.363.373.653.854.013.913.74

3.823.353.263.19

3.253.223.273.113.17

jck yieldsn t ) s

Earnings-price ratio

11.9611.608.03

10.028.J26.095.488.017.416.49

5.94

7.11

6.54

1 Average of daily closing prices.2 Includes all the stocks (more than 1,500) listed on the NYSE.3 Includes 30 stocks.4 Includes 500 stocks.5 Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-

price ratios based on prices at end of quarter.

NOTE.—All data relate to stocks listed on the New York Stock Exchange (NVSE).Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Cor-

poration.

31


FEDERAL FINANCEFEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 6 months of fiscal 1991, there was a deficit of $151.6 billion, compared with a deficit of $150,8 billiona year earlier.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

1,400

1,300

1,200

1,100

1,000

900

800

700

600

RECEIPTS AND OUTLAYS^

OUTLAYS-!'

\RECEIPTS!/

\lN

1,400

1,300

1,200

1,100

1,000

900

800

700

'600

0

-200

300

SURPLUS OR DEFICIT (-VJ

- „ __ _ ,^

A l 1 1 11/1983 1984 1985 1986 1987

o100

T"— ~~>, ^^ -200

l i l t "*— i f\1988 1989 1990 1991 1992N

!/ "INCLUDES ON-8yDGET AND OFF-BUDGET ITEMS.

SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

FISCAL YEARS


[Billions of dollars]

Fiscal year or period

1976Transition quarter19771978197919801981198219831984

1985198619871988198919901991 (estimates)1992 (estimates)

Cumulative total, first 6months: l

Fiscal year 1990Fiscal vear 1991

Receipts

298.181.2

355.6399.6463.3517.1599.3617.8600.6666.5

734.1769.1854.1909.0990.7

1,031.31,091.41,165.0

458.2482.6

Total

Outlays

371.896.0

409.2458.7503.5590.9678.2745.7808.3851.8

946.3990.3

1,003.81,064.11,144.11,251.71,409.61,445.9

609.0634.3

Surplusot deficit

-73.7-14.7

53.6-59.2-40.2-73.8-78.9

-127.9-207.8-185.3

-212.3-221.2— 149.7— 155.1-153.4-220.4-318.1-280.9

-150.8151.6

Receipts

231.763.2

278.7314.2365.3403.9469.1474.3453.2500.4

547.9568.9640.7667.5727.0749.7793.2849.8

328.4339.3

Oil-budget

Qdq.

302.276.6

328.5369.1403.5476.6543.0594.3661.2686.0

769.5806.8810.0861.4933.2

1,026.61,171.71,194.2

499.3515.8

SurplusOT deficit

70.5-13.3-49.7-54.9-38.2-72.7-73.9

-120.0-208.0

185.6

-221.6-237.9-169.3-193.9-206.1-277.0-378.5-344.4

-170.9-176.4

Keeeipte

66.418.076.885.498.0

113.2130,2143.5147.3166.1

186.2200.2213.4241.5263.7281.7298.3315.3

129.8143.3

Off-budget

Outlays

69.619.480.789.7

100.0114.3135.2151.4147.1165.8

176.8183.5193.8202.7210.9225.1237.9251.7

109.7118.5

Surplusor deficit

-3.2-1.4-3.9-4.3-2.0-1.1

5.0-7.9

.2

.3

9.416.719.638.852.856.660,463.6

20.124.8

Gross Fe(end of

Total

629.0643.6706.4776.6828.9908.5994.3

1,136.8'1,371.21,564.1

1,817.02,120.12,345.62,600.82,867.53,206.33,617.84,021.1

3,031.43,415.7

leral debtperiod)

Held bythe public

477.4495.5549.1607.1639.8709.3784.8919.2

1,131.01,300.0

1,499.41,736.21,888.12,050.32,190.32,410.42,717.62,995.4

2,308.52,548.7

1 Data from M&nthly Treasury Statemeni.

NOTE.—Data are from Budget of the United States Govermn nt, Fiscal Year 1992, February1991, except as noted.

Sources: Department of the Treasury and Office of Management and Budget.

32


FEDERAL RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first 6 months of fiscal 1991, receipts were $24.4 billion higher than a year earlier and outlays were $25.3billion higher.

RECEIPTS!/

. — — "-*""

T

INDIVIDUAL INCOME TAXES

\

-. — — — '

CORPORATIONOTHER RECtlPTS INCOME TAXES"

\ \

—~ 1 1 1 1

_ _ _ . — "- "•""

-~--~""""~""~~"~' _ _ — — -

\SOCIAL INSURANCE

- TAXES AND CONTRIBUTIONS

1 1 1 1

BILLIONS OF DOLLARS600

500

400

300

200

100

• ft

1,200

1,100

1,000

900

800

700

600

500

400

BILLIONS OF DOLLARS

600

OUTLAYS^/

NONDEFENSE\ ,

NATIONAL DEFENSE

1983 1984 1985 1986 1987 1988

FISCAL YEARS

500

400

300

200

100

0

1,200

1,100

1,000

900

800

700

600

500

400

300

200

J/'lNCtUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

1989 1990 1991 1992

COUNCIt OF ECONOMIC ADVISERS

[Billions of dollars]

Fiscal year

197619771978197919801981198219831984

1985198619871988198919901991 (estimates)1992 (estimates)

Cumulative total, first 6 months: 1

Fiscal year 1990Fiscal year 1991

Or

Total

298.1355.6399.6463.3517.1599.3617.8600.6666.5

734.1769.1854.1909.0990.7

1,031.31,091.41,165.0

458.2482.6

-budget a

Indi-vidualincometaxes

131.6157.6181.0217.8244.1285.9297.7288.9298.4

334.5349.0392.6401.2445.7466.9492.6529.5

204.9204.4

nd off-bud

Corpo-rationincome

41.454.960.065.764.661.149.237.056.9

61.363.183.994.5

103.393.595.9

101.9

39.044.6

i-et receipt

Socialinsur-ance

and

butions

90.8106.5121.0138.9157.8182.7201.5209.0239.4

265.2283.9303.3334.3359.4380.0402.0429.4

171.8188.3

Other

34.336.637.740.850.669.569.365.671.8

73.073.174.378.982.390.9

101.0104.2

42.545.3

Total

371.8409.2458.7503.5590.9678.2745.7808.3851.8

946.3990.3

1,003.81,064.11,144.11,251.71,409.61,445.9

609.0634.3

Nationa

Total

89.697.2

104.5116.3134.0157.5185.3209.9227.4

252.7273.4282.0290.4303.6299.3298.9295.2

150.1130.1

1 defense

Depart-ment ofDefense,military

87.995.1

102.3113.6130.9153.9180.7204.4220.9

245.2265.5274.0281.9294.9289.8287.5283.0

145.5124.8

On-budg

Inter-

affairs

6.46.47.57.5

12.713.112.311.815.9

16.214.211.610.59.6

13.817.017.8

7.99.3

et and off

Health

15.717.318.520.523.226.927.428.630.4

33.535.940.044.548.457.771.281.3

26.932.7

budget ou

Medi-

15.819.322.826.532.139.146.652.657.5

65.870.275.178.985.098.1

104.4113.7

47.049.2

tlays

Income

tv

60.861.061.566.486.599.7

107.7122.6112.7

128.2119.8123.3129.3136.0147.3173.2184.8

76.087.1

Social

'y

73.985.193.9

104.1118.5139.6156.0170.7178.2

188.6198.8207.4219.3232.5248.6269.0288.6

120.3130.2

Net

est

26.729.935.442.652.568.785.089.8

111.1

129.4136.0138.6151.7169.2184.2197.0206.3

90.497.0

Other

82.893.0

114.7119.6131.4133.5125.4122.3118.6

131.8142.1125.9139.4159.8202.7278.9258.0

90.498.8

1 Data from Monthly Treasury Statement.

NOTE.—Data are from Budget of the United States Government, Fiscal Year 1992, February

1991, except as noted.Sources: Department of the Treasury and Office of Management and Budget.

33


FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASISIn the fourth quarter of 1990, according to revised estimates, Federal receipts rose $0.6 billion (annual rate);Federal expenditures rose $39.2 billion. In the first quarter of 1991, according to advance data, Federalexpenditures fell $65.0 billion; receipts data are incomplete.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

1,400

1 200

800

200

SOURCE: C

s"\

—

-

—

\^

! 1 !

1982

EPARTMENT OF CO

_ _ -

, "

r— ' '1 1 1

1983

MMERCE

_-"'"''

^^

_

1 1 1

1984

EXPEN

RECEIPT

n^IT

1985

SEASONALLY ADJU

DITURES

V-

_— -^-

5

SURPLUS (

~f% | — |

1986

CALENDX

STED ANNUAL RATE

--"

y —

DR DEFICIT

J/ -—1 1 1

1987

iR YEARS

S

^ "

-)

— X-

I 1 11988

,— — — — »-

/ '

-~,

1 1 11989

,-s

.-•'"

^"~

"X.1 1 11990

COUh

_%

-

—

-

-

-

1 1 11991

CIL OF ECONOMIC

1,400

800

600

200

200

ADVISERS


Period

Fiscal year:198519861987198819891990

Calendar year:198519861987198819891990

1982: TV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: III

IV1990: I

IIIIIIV r

1991: I"

Total

776.8815.2899.4957.6

1,041.91,094.9

788.7827.9913.8972.4

1,052.9* 1,109.7

633.1675.5742.7805.3853.8940.0997.5

1,048.11,055.71,080.61,105.81,125.91,126.5

Federal

Personaltax andnontaxreceipts

340.4357.0400.8411.3457.6483.0

346.4361.4405.8415.1464.0492.8303.0291.9326.0355.3376.2419.2424.8462.2469.6473.6492.1500.0505.5505.1

jovernment

Corpo-rate

profitstax

accruals

74.681.199.1

108.1113.8113.6

76.383.8

103.2110.5110.4

r 108.546.470.269.778.888.9

107.4115.4104.7101.3106.5109.2114.2104.1

receipts

Indirectbusinesstax andnontax

accruals

55.950.953.555.657.858.8

55.150.554.057.058.461.747.653.656.253.550.855.157.859.358.760.660.561.064.673.2

Contribu-tions for

socialinsurance

305.8326.1345.9382.6412.6439.6

310.9332.1350.8389.8420.1446.7236.1259.8290.7317.7337.9358.4399.6421.9426.1439.9444.0450.6452.3465.3

Total

962.31,028.01,060.01,101.81,172.21,252.7

985.61,034.81,071.91,114.21,187.21,275.7

835.7844.7930.2

1,017.51,042.81,101.71,153.81,179.81,205.81,248.81,271.71,271.61,310.81,245.8

Pur-chases

of goodsand

services

341.5368.6375.4377.8399.0416.1

355.2366.5381.3380.3400.0424.0293.2276.1326.0376.6368.8388.2401.1399.2399.9410.6421.9425.8437.6442.3

Federal (

Trans-fer

pay-ments

374.0394.6411.1433.2462.0504.7

380.1399.9414.0438.9471.9511.4347.4352.5362.1385.8405.8421.4447.2474.4487.9503.4510.4513.2518.5457.3

jovernment

Grants-in-aid to

Stateand

localgovern-ments

97.8107.4103.1108.3115.8128.3

99.7106.8102.6111.1118.2131.484.586.096.3

103.5103.0102.7112.2117.6121.5128.5131.5129.8135.8136.8

expenditu

Netinter-est

paid

128.3134.6139.3148.8167.7182.1

130.1135.6142.3151.3172.0186.387.2

101.0125.3132.7136.0147.6157.9172.1175.2178.1184.3189.8193.0193.7

res

Subsidies

currentsurplus ofGovern-

mententer-prises

20.722.831.133.627.721.5

20.326.031.832.725.022.723.429.121.019.029.241.535.316.521.328.323.813.125.915.7

Wageaccruals

lessdisburse-

ments

-0.1.0.1

— .1.0.0

-.2.0.0.0.0.0.0.0.6.0.0

-.2.0.0.0.0.0.0.0.0

Surplusor deficit

nationalincome

andproductaccounts

-185.5-212.8-160.7— 144.1-130.3-157.7

-196.9-206.9-158.2-141.7-134.3

r- 166.0-202.6-169.2-187.5-212.2-189.0-161.7-156.3-131.7-150.1-168.3-166.0-145.7-184.3


34


INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR

INDUSTRIAL COUNTRIES

Period

198219831984198519861987198819891990*

1989: Dec

1990: JanFebMarAprMayJuneJulyAugSeptOctNovDec

1991: JanFeb"Mar?

UnitedStates

81.984.992.894.495.3

100.0105.4108.1109.2

108.8

107.5108.5108.9108.8109.4110.1110.4110.5110.6109.9108.3107.2

106.6105.7105.3

Industrial

Canada

76.581.591.496.595.7

100.0105.0105.1101.6

104.7

102.6102.7102.6102.3102.8102.7103.1102.0100.4

' 100.2r98.5r97.5

97.6

reduction

Japan

82.985.593.496.896.6

100.0109.3115.7121.3

116.9

117.2116.5118.8117.9121.0121.1123.2123.7122.4125.3124.6

r!23.7

125.4125.7

(1987=1

France

97.396.597.197.298.0

100.0104.7108.9110.2

107.8

108.5107.1108.0109.8109.3109.4111.6111.6109.8110.1108.0

r 106.2

109.3

X); seasonal]

Germany

90.390.993.597.799.6

100.0103.9108.7114.6

111.4

111,9111.3112,8110.2113,4113.7115.2116.5117.3117.0116.6

rl!6.2rl!9.1

118.0

y adjusted

Italy

91.888.891.892.996.2

100.0105.9109.2109.1

114.6

107.3111.4110.4109.5107.2108.4109.7109.7110.7107.4106.6109.2

UnitedKingdom

86.389.589.694.596.8

100.0103.6104.0103.3

104.4

' 103.6' 103.4' 105.0' 105.6

104.7T 107.0' 103.0

102.1' 101.9

102.1' 100.6

r99.9

r99.2100.9

UnitedStates *

96.599.6

103.9107.6109.6113.6118.3124.0130.7

126.1

127.4128.0128.7128.9129.2129.9130.4131.6132.7133.5133.8133.8

134.6134.8135.0

(

Canada

94.9100.4104.8108.9113.4118.4123.2129.3135.5

131.5

132.7133.4133.9133.9134.6135.1135.8135.8136.3137.4138.2138.1

141.7141.7142.3

Consumer

Japan

98.099.9

102.1104.2104.9105.0105.7108.1111.4

109.0

109.2109.5109.9110.8111.6111.0110.9111.4112.4113.9113.5113.2

114.1113.8

prices (19

France

91.7100.3108.0114.3117.2121.1124.4128.9133.2

130.5

130.8131.1131.6132.1132.3132.6132.9133.7134.4135.2135.0134.9

' 135.5135.7135.8

2-84=100)

Germany

97.0100.3102.7104.9104.7104.9106.3109.2112.1

110.2

110.9111.3111.4111.6111.8111.9111.9112.2112.6113.4113.2113.3

r 114.0114.3

Italy

87.7100.8111.5121.1128.5134.4141.1150.4159.6

154.4

155.3156.5157.1157.7158.0158.7159.3160.3161.2162.6163.6164.2

165.4167.0

UnitedKingdom

95.499.8

104.8111.1114.9119.7125.6135.4148.2

139.6

140.4141.2142.6147.0148.3148.9149.0150.5151.9153.1152.7152.6

153.0153.8154.4

1 Data relate to ail urban consumers. Source: National sources as reported by Department of Commerce (Bureau of Economic Analysisand International Trade Administration, Trade Information and Analysis).

U.S. MERCHANDISE EXPORTS AND IMPORTS[Billions of dollars; monthly data seasonally adjusted]

Period

198219831984198519861987198819891990

1990: Feb .MarAprMayJuneJulyAugSeptOctNovDec

1991: Jan r

Feb

Total 2

216.4205.6224.0

5 218.8* 227.2

254.1322.4363.8393.9

31.633.332.132.834.232.132.532.035.034.238.3

34.333.5

Met

Foods,feeds,and

bever-

*

31.330.931.524.022.324.332.337.235.1

3.13.23.02.93.42.83.12.72.63.02.5

2 73.2

chandise e

Principal

Indus-trialsup-pliesand

als

61.756.761.758.557.366.785.199.3

104.2

8.08.68.48.48.48.18.78.6

10.09.69.0

9.59.8

xports (f.

end-use c

Cap-ital

goodsexceptauto-

motive

72.767.272.073.975.886.2

109.2138.8152.6

12.812.812.412.713.512.812.512.613.212.313.0

13.012.2

l.s. value

ommoditv

Auto-motivevehi-cles,

parts,anden-

gines

15.716.820.622.921.724.629.334.836.0

2.83.33.03.53.43.03.12.73.43.12.4

3.22.5

1

category

Con-sumergoods(non-food)exceptauto-

motive

14.313.413.312.614.217.723.136.443.4

3.43.43.53.63.93.73.53.53.93.83.7

4.03.9

Other "

20.720.524.027.335.934.643.417.222.6

1.61.81.71.81.61.81.71.81.82.42.6

2.01.9

I

Total

244.0258.0

4 330.74 336.5

365.4406.2441.0473.2494.9

38.741.639.440.539.641.242.341.346.043.139.6

41.538.8

eneral in

Foodsfeeds,

bever-

17.118.221.021.924.424.824.825.126.6

2.32.52.32.32.12.12.12.12.22.12.2

2.22.1

erchandise

Principal (

Indus-trialsup-pliesand

als

112.0107.0123.7113.9101.3111.0118.3132.3143.0

11.111.510.511.310.511.012.312.814.313.311.6

12.310.4

imports

nd-nse ec

Cap-ital

goodsexceptauto-

motive

35.440.959.865.171.884.5

101.4113.3117.3

9.19.89.89.59.6

10.19.89.3

10.610.29.8

9.910.0

customs

mmodity

Auto-motivevehi-cles,parts,

anden-

gines

33.340.853.566.878.285.287.786.185.9

6.77.96.97.57.37.57.77.08.07.06.3

7 26.6

•aluc) 3

category

sumergoods(non-food)

exceptauto-

motive

39.744.960.068.379.488.795.9

102.9105.7

8.38.78.78.78.59.19.18.69.69.18.3

8.68.5

Other

6.56.37.89.4

10.412.112.813.616.3

1.21.31.31.31.41.31.31.61.41.51.3

1.31.2

Generalmer-

chandiseimports

(c.i.f.value)

254.9269.9346.4352.5382.3424.4459.5493.2516.6

40.443.541.142.441.343.144.243.147.944.941.3

43.340.6

Trade b

Exports(f.a.s) less

imports(customs

vaiue)

-27.5-52.4

-106.7-117.7- 138.3-152.1— 118.5-109.4-101.0

-7.1— 8.4-7.3-7.8-5.3-9.1-9.7-9.3

-11.0-8.9-6.3

-7.2-5.3

alance

Exports(f.a.s)less

importstc.i.l.)

-38.4-64.2

-122.4-133.6-155.1-170.3-137.1-129.4-122.7

-8.8-10.2-9.1-9.6-7.1

-11.0-11.6-11.1-12.9-10.7-8.0

-9.0-7.1

1 Includes Department of Defense Military Assistance Program grant-aid shipments.2 Includes undocumented exports to Canada through 1988.3 Total arrivals of imported goods other than intransit shipments.4 Total includes revisions not reflected in detail.

5 Total exports are on a revised statistical month basis; end-use categories are on imonth basis.

NOTE.—Data shown include trade of the U.S. Virgin Islands.


35


U.S. INTERNATIONAL TRANSACTIONSIn the fourth quarter of 1990, the merchandise trade deficit fell to $28.9 billion from $29.8 billion in the thirdquarter; the current account deficit rose to $27.8 billion from $26.5 billion in the third quarter.

BILLIONS OF DOLLARS*10

—5

-10

-15

-20

-25

-30

-35

-40

-45

BILLIONS OF DOLLARS*

10

1982

BALANCE ON GOODS,SERVICES, AND INCOME --- \

1990

5

0

-5

-10

-15

-20

-25

-30

-35

-40

-45

•SEASONALLY ADJUSTED


[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]

Period

1981198219831984198519861987198819891990 "1988: I

IIinIV

1989: IIIinTV

1990: IIIIllIV....

Exports

237,085211,198201,820219,900215,935223,367250,266320,337360,465389,286

76,49779,39280,51183,93788,26791,11189,34991,73896,09396,58596,152

100,456

Merchandise 1

Imports

-265,063-247,642-268,900-332,422-338,083-368,425-409,766-447,323-475,329-497,966-109,988-110,494-111,290-115,551-116,360-119,333-119,152-120,484-122,902-119,810-125,937-129,317

2

Net balance

-27,97836,444

-67,080-112,522-122,148-145,058-159,500-126,986-114,864- 108,680-33,491-31,102-30,779— 31,614-28,093-28,222-29,803-28,746-26,809-23,225-29,785-28,861

Netmilitarytransac-tions 3 4

-844112

-163-2,147-4,096-4,907-3,530

5,452-6,320-6,413-1,075-1,139-1,144-2,094-1,763-1,667-1,114-1,776-1,287-1,382-1,705-2,042

Services

transpor-

receipts

144-992

-4,227-9,15310,788

-8,9398,298

-4,060659

1,689-1,776-1,062

-624-599-57

39-192

870986390

-235549

Otherservices,

12,55212,98113,85914,04214,00818,55118,26221,03226,12327,6484,7365,0795,3915,8295,8996,1647,0317,0306,2266,8967,0877,439

Invt

Receiptson U.S.assetsabroad

84,97585,34681,97292,93582,28280,98290,536

110,048127,536128,82926,98026,73927,94228,38630,87231,93232,10232,62931,55030,69131,88934,700

stment inconu

Paymentson foreignassets inU.S.3

-53,626-57,097-54,549-69,542-66,115-70,013-85,210

-108,438— 128,448-121,296-24,580-26,330-28,083-29,445-30,407-33,889-32,085-32,068-29,546-31,681-29,633-30,435

5

Net

31,34928,25027,42323,39416,16610,9695,3261,610-9137,5332,400

409— 141

-1,059465

-1,95717

5612,004-9902,2564,265

Balance ongoods,

services,and income

15,2233,907

-30,188-86,385

-106,859129,384

-147,739113,857

-95,314-78,224-29,206-27,815-27,297-29,537-23,549-25,643-24,061-22,061-18,880-18,311-22,382-18,650

transfers,net"

-8,331-9,775-9,956

-12,62115,473

-16,009-14,575-15,005-14,720-21,073-3,476-3,060-3,461-5,008-3,555-3,006-3,530-4,631-3,440-4,422-4,099-9,112

on currentaccount

6,892-5,868

-40,143-99,006

-122,332- 145,393-162,314-128,862-110,034-99,297-32,682-30,875-30,758-34,545-27,104-28,649-27,591-26,692-22,320-22,733-26,481-27,762

1 Excludes military.2 Adjusted from Census data for differences in timing and coverage.3 Quarterly data are not seasonally adjusted.4 Includes transfers of goods and services under U.S. military grant programs.

5 Fees and royalties from U.S. direct investments abroad or from foreign direct investments in theUnited States are excluded from investment income and included in other services, net.

See p. 37 for continuation of table.

36


U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, claims on foreigners reported by U.S. banks increased $24.4 billion in the fourth quarter of1990, compared to an increase of $13.5 billion in the third quarter. Liabilities to private foreigners reported byU.S. banks, excluding Treasury securities, increased $19.6 billion in the fourth quarter, compared to an increase of$27.6 billion in the third quarter.

BILLIONS OF DOLLARS* BILLIONS OF DOLLARS*

20

CHANGE INFOREIGN ASSETSIN THE U.S., NET

CHANGE INU.S. ASSETS

ABROAD, NE1

-60

-20

-40

-601990

'SEASONALLY ADJUSTED


[Millions of dollars; quarterly data seasonally adjusted, except as noted]

Period

1981198219831984198519861987198819891990"

1988: IIImIV

1989: IIIIllIV

1990: InIllIV"...

Total

-110,951— 124,490-56,100-31,070-27,721-92,030-62,946— 84,176

-127,061— 61,251

4,569-19,856-42,383-26,508

-32,85,9-1,381

-44,076-48,745

32,905-31,694-31,894-30,568

U.S. assetsincrease /capit

U.S.officialreserve

assets 3 6

-5,175-4,965-1,196-3,131-3,858

3129,149

-3,912-25,293-2,158

1,50239

-7,3801,925

-4,000-12,095-5,996-3,202

-3,177371

1,739-1,091

abroad, netil outflow ( — )

Other U.S.Govern-

mentassets

-5,0976,131

-5,006-5,489-2,821

2,022997

2,9691,1852,971

-1,594847

1,9573,452

962-303

574-47

-659-808-3604,797

]

U.S.privateassets

-100,679-113,394-49,898— 22,451-21,043-90,321-73,091-83,232

-102,953-62,063

4,66119,048

-36,96031,885

-29,82111,017

-38,654-45,496

36,741-31,257-33,273-34,273

Foreign[increas

Total

83,03293,74684,869

102,621130,012221,599218,470221,442214,652

87,545

26,07965,27049,79780,295

68,4022,794

74,13669,320

-32,98825,49656,13138,907

assets in the ^/capital inflov

Foreignofficialassets

4,9603,5935,8453,140

-1,08335,58845,21039,5158,823

30,778

24,8405,970

-2,01510,720

7,797-4,96113,003

-7,016

-8,2035,541

13,58819,851

J.S., neti ( + )] 3

Otherforeignassets

78,07290,15479,02399,481

131,096186,011173,260181,927205,82956,767

1,23959,30051,81269,575

60,6057,755

61,13376,336

-24,78619,95442,54319,055

Allocationsof specialdrawingrights

(SDKs)

1,093

Statistical c

Total (sumof the items

with signreversed)

19,93436,61211,37427,45620,04115,8246,790

— 8,40422,44373,002

2,034-14,539

23,344-19,242

-8,43927,236

-2,4696,117

22,40428,932

2,24419,424

iscrepancy

Of which:Seasonal

adjustmentdiscrepancy

2,9702,995

-4,6304,656

3,093-1,697-4,953

3,560

3,023-767

-4,9802,726

U S officialreserve

assets, net 6

(unadjusted,end ofperiod)

30,07433,95833,74734,93443,18648,51145,79847,80274,60983,340

43,18641,02847,78847,802

49,85460,50268,41874,609

76,30377,29880,02483,340

6 Consists of gold, special drawtion in the IMF.

[ rights (SDKs), foreign currencies, and the U.S. reserve posi- Sources: Department of Commerce (Bureau of Economic Analysis) and Department of theTreasury.

37


ContentsTOTAL OUTPUT, INCOME, AND SPENDING Page

Gross National Product 1Gross National Product in 1982 Dollars 2Implicit Price Deflators for Gross National Product 2Changes in GNP, Personal Consumption Expenditures, and Related Price Measures 3Nonfinancial Corporate Business—Output, Costs, and Profits 3National Income 4Personal Consumption Expenditures 4Sources of Personal Income 5Disposition of Personal Income 6Farm Income 7Corporate Profits 8Gross Private Domestic Investment 9Expenditures for New Plant and Equipment 10

EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricultural Employment 14Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries 15Employment Cost Index—Private Industry 15Productivity and Related Data, Business Sector 16

PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial Production—Major Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and Inventories—Manufacturing and Trade 20Manufacturers' Shipments, Inventories, and Orders 21

PRICESProducer Prices 22Consumer Prices—All Urban Consumers 23Changes in Producer Prices for Finished Goods 24Changes in Consumer Prices—All Urban Consumers 24Prices Received and Paid by Farmers 25

MONEY, CREDIT, AND SECURITY MARKETSMoney Stock, Liquid Assets, and Debt Measures 26Components of Money Stock and Liquid Assets 27Aggregate Reserves and Monetary Base 27Bank Loans and Securities 28Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .• 29Consumer Installment Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31

FEDERAL FINANCEFederal Receipts, Outlays, and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector, National Income Accounts Basis 34

INTERNATIONAL STATISTICSIndustrial Production and Consumer Prices—Major Industrial Countries 35U.S. Merchandise Exports and Imports 35U.S. International Transactions 36

General NotesDetail in these tables may not add to totals because of rounding.Unless other-wise noted, all dollar figures are in current dollars.Symbols used:

p Preliminary.*" Revised.c Corrected.... Not available (also, not applicable).NSA not seasonally adjusted.

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