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
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Economic Indicators: April 1991 - FRASER · percent (annual rate) or $35.0 billion. Real GNP (GNP adjusted for price changes) fell 2.8 percent and the implicit price deflator rose
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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
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JOINT ECONOMIC COMMITTEE(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, ChairmanLEE H. HAMILTON, Indiana, Vice Chairman
SENATELLOYD BENTSEN (Texas)EDWARD M. KENNEDY (Massachusetts)JEFF BINGAMAN (New Mexico)ALBERT GORE, JR. (Tennessee)RICHARD H. BRYAN (Nevada)WILLIAM V. ROTH, JR. (Delaware)STEVE SYMMS (Idaho)CONNIE MACK (Florida)ROBERT C. SMITH (New Hampshire)
HOUSE OF REPRESENTATIVESDAVID R. OBEY (Wisconsin)JAMES H. SCHEUER (New York)FORTNEY H. (PETE) STARK (California)STEPHEN J. SOLARZ (New York)KWEISI MFUME (Maryland)RICHARD K. ARMEY (Texas)CHALMERS P. WYLIE (Ohio)OLYMPIA J. SNOWE (Maine)HAMILTON FISH, JR. (New York)
STEVEN QUICK, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MICHAEL J. BOSKIN, ChairmanJOHN B. TAYLOR, Member
RICHARD L. SCHMALENSEE, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That theJoint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and thata sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeantat Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; twocopies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to theJoint Economic Committee; and the required numbers of copies to the Superintendent of Documents fordistribution to depository libraries; and that the Superintendent of Documents be authorized to have copiesprinted for sale to the public.
Approved June 23, 1949.
Charts prepared by the Art Production Section, Design and Graphics Branch,Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreignmailing) from:
SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
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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
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
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).
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NATIONAL INCOME[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
198219831984198519861987198819891990'
1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV
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-
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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
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).
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FARM INCOMEh the third quarter of 1990, according to current estimates, gross farm income fell $0.3 billion (annual rate) and
let farm income rose $0.7 billion.
BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE)
240
160 >> . *--]
X .* / *\ ; 'v /\ /
•• —
1 1 '1982
-^^^^-^S
1\ , i
I /*» I\ ' '»'* 1 \I
* I "
( ( I
1983
» — — \
i i i1984
... .
GRO
*
i _/ \v
i i i1985
^C^"\\55 FARM INCO
j
A/i / \t\i
1986
r — ME
/ *•
NET FARM IN
I I 11987
• -"I
\ /
\/
COME j
1 1 I1988
1 1 '1989
--,.
1 1 11990
200
160
120
80
60
40
20
10
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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.
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CORPORATE PROFITSIn the fourth quarter of 1990, according to revised estimates, corporate profits before tax fell $14.4 billion (annu«rate) and profits after tax fell $1.8 billion.
BILLIONS OF DOLLARS
360
320
280
240
200
160
120
80
40
BILLIONS OF DOLLARS
360
~^-
•"— ,
"""•"""••^^^
i1982
f"
/
Ss
. — x
/ J — -~* St
1 11983
r~\
,' — "^ — -
N
i i i1984
SEASONAL
PROFITS
— - oPF
«%
\ ^ ^ — \
i — •--'' S
1 1 11985
LY ADJUSTED ANNUA
BEFORE TAX
N^
iOFITS AFTEF
\
T/
\
1 1 I1986
RATES
,
TAX _,.••
,'"'
\U LIABILITY
,' 'pp-^UNDlST
1 I I1987
^
^
_.-"-•""
'"\ *\
RIBUTED PRC
1 1 11988
pv
V.-
•-sx_ —
X,
°\\
FiTS s"
1 I 11989
^
S
.^-"'X
^7a ....
i i i1990
320
280
240
200
160
120
80
40
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
19801981198219831984198519861987198819891990 '1982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: HI
1 See p. 4 for profits with inventory valuation and capital consumption adjustments.2 Includes rest of the world, not shown separately.3 Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
8
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GROSS PRIVATE DOMESTIC INVESTMENTAccording to advance estimates for the first quarter of 1991, nonresidential fixed investment fell $17.7 billion(annual rate) and residential investment fell $15.3 billion. There was a $22.9 billion decrease in inventories,following a decline of $30.8 billion in the fourth quarter of 1990.
BILLIONS OF DOLLARS
900
800
700
600
500
400
300
200
100
-100
BILLIONS OF DOLLARS
900
-
-
-
_
-r ^^ 'vX-1
_"•- —
-
__»*•
-
1982
SOURCE: DEPARTME
/I/
/
, — -''""
S~""~
\ 1 1
1983
NT OF COMMERCE
r—\
s""
"* ^v
1 1 11984
GROSS PRIINV
r l,~
1 ! 11985
SEASONALLY ADJU
VATE DOMESTMENT
~o^NONRES
FIXED INV
RESIDFIXED IN
-HCHAN
Ih
K'%v
I I 11986
TED ANNUAL RATE
ESTIC
f~DENTIAL'ESTMENT
\ ,-'
ENTIALVESTMENT .
\
GE IN BUSI-JVENTORIE
\A
1987
r l
^**
NESS
1 1 11988
' ^
. .
1 1 11989
^\
.-- -.** ""*-^
-" — -^
1 1 I
1990
COUNCIL OF EC
N
.
1 I 1
1991
GNOMIC ADVISERS
800
700
600
500
400
300
200
100
0
-100
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
-
Period
198019811982198319841985198619871988198919901982: IV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: I
Source: Department of Commerce, Bureau of Economic Analysis.
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EXPENDITURES FOR NEW PLANT AND EQUIPMENTAccording to the Commerce Department January-March 1991 survey, business spending for new plant andequipment is expected to rise 2.5 percent in 1991, following a rise of 5.0 percent in 1990.
BILLIONS OF DOLLARS (RATIO SCALE)
600
BILLIONS OF DOLLARS (RATIO SCALE)
500
400
300
200
100
—^^^
.*•"*^
J
\ \ 11983
^^ — '
,
,-"""
i i i1984
J*" ~ 1
1 1 1
1985
SEASONAL
NON
M
1 1 1
1986
LY ADJUSTED ANNUA
---1
\\LL INDUSTRIE:
\WANUFACTUR
ANUFACTURIr.
1 1 11987
RATES
^— ]
NG-L/
G
1 1 11988
1
„— -*" *"^*
""
1 1 1
1989
1 1 1
1990
i "
*—••— *
3l li ll
1 1 1
1991
600
400
300
200
100
• SECOND HALF
-^SURVEYED QUARTERLY^/SEE FOOTNOTE 4 BELOW
5OUSCE= DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
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
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EMPLOYMENT, UNEMPLOYMENT, AND WAGESIn March, civilian employment fell 164,000 and unemployment rose 414,000.
MILLIONS OF PERSONS*
122
118
114
110
106
102
98
MILLIONS OF PERSONS*126
SEASONALLY ADJUSTED
CIVILIAN LABOR FORCE
CIVILIANEMPLOYMENT
122
118
110
102
98
1983
' 16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
1991
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
"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
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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]
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
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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]
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
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AVERAGE WEEKLY HOURS, HOURLY EARNINGS, AND WEEKLYEARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
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.
1 Output refers to gross domestic product originating in the sector in 1982 dollars.2 Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contributions for soesal insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed,
4 Hourly compensation divided by the consumer price index for all urban consumers.
5 Current dollar gross domestic product divided by constant dollar gross domestic product.NOTE.—Data relate to ail persons engaged in the sector.Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
16
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PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production and capacity utilization fell again in March.
1 Seasonally adjusted.2 Quarterly data entered in last month of quarter. Series 1
earlier data.
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 dataling 1989 not comparable with are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
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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
faeturing series (see p. 21} revised beginning 1958. Manufacturing and trade series incorporate tho;revisions. (Retail trade series were revised in March 1991 Economic Indicators.)
Source: Department of Commerce, Bureau of the Census.
1 See page 21 for manufacturing,2 Monthly average for year and total for month.3 End of period.* Annual data are averages of seasonally adjusted monthly ratios.
20
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSIn March, manufacturers' shipments, inventories, and new and unfilled orders fell. (Series revised.)
BILL!
280
240
200
160
120
80
60
BILUC
280
240
onn
DNS OF DO1
— SHIPME
. — , — ' — 1
—f-~~ ""
HlHJiJIU
)NS OF DOL
_ NEW OR
^ — "~~
LARS* (RATI
MTS —,-_— —
UUKA_
NON
iiiiiluiiiLARS* (RATIC
DERS ,,. — . — —
0 SCALE)
\"TOTAL
BLE GOOC
^DURABLE C
Illllllllll
5 SCALE)
[>.,,o — -^-i
\
—...--'' Si
•S
,~»' — *^c*
OODS
tllllillli!
^r- — ' V
=S
IlHlllIKI
BILLI
440
360
280
200
160
120
80
60
ONS OF DOL
— INVENTC
-
,_....•"-•
lillliillll
LARS* {RATI
3RIES
p=— =
DUF
— •— *"
NOND
imilmu
D SCALE)
— \TOTAL
ABLE GOC
_„_
\URABLE GC
Ililililili
IDS
XJDS
Illllllllll
— -
umltmi
160
120
80
60
_NEW OR
.- — "~~ '
<.--""
Illllllllll
1987
DERS .
DU
•
~ J" .
NON
Illllllllll
1988
p-. =|
"TOTAL
!ABLE GO(
S...X,"
\-^ — \
DURABLE (
Illllllllll1989
riX^~""Ai'—DOS
f>, —
3OODS
limlnm1990
ninlimi1991
RATIC2.20
1.80
1.40
1.20
)*
INVENT<
-
__
lll|lll|l!t
1987
3RY-SH1PM
- *.
Illllllllll1988
ENTS RATI
HlllHllli1989
D
iilllilllll1990
-
Illllllllll
1991
* SEASONALLY ADJUSTEDSOURCE; DEPARTMENT OF COMMERCE
COUMCR OF ECONOMiC ADVISERS
Period
198219831984198S19861987198819891990
1990: Jan 'Peb 'Mar r
Apr 'May '.June T.July *"„...Aug r.Sept 'Oct 'Nov r
1 Monthly average for year and total for month. Shipments are the sam« t2 End of period.3 Annual data are averages of seasonally adjusted monthly ratios-
NOTE.—Series revised beginning 1958.
Source: Department of Commerce. Bureau of the Census,
21
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICESPRODUCER PRICESIn March, the producer price index for all finished goods fell 0,3 percent. Prices of finished consumer foods rose0.2 percent while prices of other finished consumer goods fell 0.8 percent. Capital equipment prices rose 0.2percent.
INDEX, 1982= 100 (RATIO SCALE)
130
INDEX, 1982 = 100 (RATIO SCALE)
130
120
110
100 100
90
SOURCE: DEPARTMENT OF LABOR
1990 1991
COUNCiL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Period
1981198219831984198519861987198819891990"1990: Mar
1 Intermediate materials for food tnaiujfaeturing and feeds- ce: Department of Labor, Bureau of Labor Statistics.
22
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONSUMER PRICES—ALL URBAN CONSUMERSIn March the consumer price index for all urban consumers fell 0.1 percent, seasonally adjusted (it rose 0.1 percentnot seasonally adjusted). The index was 4.9 percent above its year-earlier level.
INDEX, 1982-84=100 (RATIO SCALE)
150
140
130
120
110
100
90
80
SEASONALLY ADJUSTED
INDEX, 1982-84= 100 (RATIO SCALE)
150
CONSUMER PRICES—ALL ITEMS
1983 1984 1985 1986 1987 1988 1989 1990
I I I I I I
140
130
120
110
100
90
801991
SEE NOTE ON TABLE BELOWSOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
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
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CHANGES IN PRODUCER PRICES FOR FINISHED GOODS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
1981198219831984198519861987198819891990"
1990: MarAprMavJuneJulyAugSeptOctNovDec
1991: JanFebMar
Ch
Totalfinishedgoods
Cha
7.13.6.6
1.71.8
-2.32.24.04.95.6
Cl
-0.1-.1
.30
.31.11.31.2.4
-.6
-.1-.6-.3
nge from pr
Consum
Foods
nge, Dec,
1.52.02.33.5
.62.8
25.75.22.5
ange, mon
-0.5-.6
.4— .2
.5
.6-.5
.6r.l
r-.3
-.3.2.2
seeding peri
r goods
Exclud-ing foods
o Dec., N
8.64.2-.9
.82.1
-6.64.13.15.38.5
th to mont
-0.3.2.59
.31.92.72.1
.6-1.2
O
-1.3— .8
d
Capita!equip-ment
3A
9.23.92.01.82.72.11.33.63.83.4
h
0.4.2.1.4.2.3.3.2.2.3
.3
.22
Change
Totalfinishedgoods
6.4-1.0
.71.02.85.9
11.315.412.34.4
-1.0-4.8-3.9
from 3 month
Consum
Foods
8.8-.6
-2.9-1.6
2.93.62.32.6r.61.3
-2.2r-1.6
.6
s earlier, ann
r goods
Excludingfoods
5.9-3.5
1.82.22.58.0
21.030.223.8
6.2
-3.0-9.8-8.7
al rate
Capitalequipment
4.43.72.72.73.04.03.63.63.33.3
3.63.63.2
Change
Totalfinishedgoods
5.74.24.93.7
.93.36.18.99.07.8
6.93.4
.2
from 6 montl
Consum
Foods
9.75.95.93.51.1
.3
.32.8
'2.11.8
.2— .51.0
s earlier, ami
r goods
Excludingfoods
4.63.75.54.0-.54.9
11.215.515.613.4
12.45.6
-1.5
jal rate
Capita/equipment
3.53.53.03.53.33.33.13.33.63.5
3.63.43.3
Changefromyear
earlier,total
finishedgoods
NSA
9.24.11.62.11.0
-1.42.12.55.24.9
4.53.73.13.13.65.26.06.47.05.6
3.73.22.9
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
1981198219831984198519861987198819891990
1990: MarAprMayJune ....JulyAugSeptOctNovDec
1991: JanFebMar
—
Allitems l
18.93.83.83.93.81.14.44.44.66.1
0.42
.2
.6
.4
.8
.8
.6
.3
.3
.4
.2-.1
Food
4.33.12.73.82.63.83.55.25.65.3
0.21
0.7.5.3.3.4.4.1
.6_ 2
.2
Total '
10.23.63.54.34.31.73.74.03.94.5
0.42.2.5.5.5.5.322
.8
.5
.1
Total '
9.92.44.75.26.04.64.84.54.95.2
0.7.4.1.9.7.6.4.1.2.4
.8
.5
.1
Housing
Shelter
Rent-ers'
costs
c
5.15.96.35.03.93.94.56.7
-0.1.4.3.3
1.2.8.4.4.5.7
1.7.8
0
owners'
hange, D
4.55.15.94.65.34.75.14.7
Cha
0.9.4.1
1.0.6.5.3
0.1.3
.4
.3
.2
Fueland
utili-ties
eeember
14.49.71.84.21.8
-5.61.62.93.24.0
nge, mo
0-.20
.1— .51.11.41.1
.4— .4
1.6-.3
Q
Ap-pareland
keep
to Dec
3.51.62.92.02.8
.94.84.71.05.1
nth to n
0.9-.10
.2,2.3.6
-.3.2.3
1.01.6
-1.2
Tr
Total '
mber, ^
10.91.83.93.12.6
-5.96.13.04.0
10.4
lonth
-0.1.3
0.4.3
1.92.21.9
.6
.3
-1.2-1.1— 1.0
msportati
Newcars
SA
6.81.53.42.53.45.91.82.12.31.4
-0.2000-.1
.3
.2
.1
.2
.4
1.3.5.5
on
Motor
9.4-6.5— 1.7-2.4
3.1-30.7
18.7— 2.1
6.836.5
-1.2.5
-.41.6
— .18.68.97.1
.4-.7
-6.5-7.3-4.8
Medi-cal
12.511.06.46.16.87.75.86.98.59.6
0.7.8.8.7.9.9.7.8.7.8
.6
.7
.6
Ener-gy2
11.91.3
-.5.2
1.8-19.7
8.2.5
5.118.1
-0.70-.3
.6-.34.35.34.2
.5^_
-2.4-4.0-2.6
AJ1itemslessfood,
shelter,and
9.46.15.04.33.73.33.84.74.15.2
0.5.3.3.3.5.4.4.4.4.4
.8
.9
.1
Adden
Fromprevi-
quar
7.5
3.8
7.0
6.9
3.6
dum: AH ite(annua
From3
monthsearlier
7.54.53.24.14.77.68.29.26.94.9
4.33.92.4
us, percentrate)
From6
monthsearlier
6.25.85.35.84.65.46.26.97.26.6
6.75.43.7
hange
I
From
earlier
NSA
10.36.23.24.33.61.93.64.14.85.4
5.24.74.44.74.85.66.26.36.36.1
5.75.34.9
1 Includes items not shown separately.a Household fuels—gas (piped), electricity, fuel oil, etc.-
also included through 1982.-and motor fuel. Motor oil, coolant, etc.,
3 Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
24
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
PRICES RECEIVED AND PAID BY FARMERSPrices received by farmers in April were unchanged from their March level. Prices paid by farmers in April were1.1 percent above their January level. (Data are not seasonally adjusted.)
1 Consists of outstanding credit market debt of the U.S. Government, State and local govern-ments, and private nonfinancial sectors; data from flow of funds accounts.
2 Annual changes are from December to December and monthly changes are from 6 months earli-
r at a simple annual rate.
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Kes< e System,
26
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
partment.3 Weekly data are Wednesday figures.4 Average effective rate foe year; openi
30
adjusted to constant maturities by the Treasury De-
year; opening and closing rate for month and week.
well as contract rate and assumed, on the average, repayment at end of 10 years
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Feder-al Housing Finance Board, Moody's Investors Service, and Standard & Poor's Corporation,
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
COMMON STOCK PRICES AND YIELDSStock prices rose in April.
1 Average of daily closing prices.2 Includes all the stocks (more than 1,500) listed on the NYSE.3 Includes 30 stocks.4 Includes 500 stocks.5 Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NVSE).Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Cor-
poration.
31
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL FINANCEFEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 6 months of fiscal 1991, there was a deficit of $151.6 billion, compared with a deficit of $150,8 billiona year earlier.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
1,400
1,300
1,200
1,100
1,000
900
800
700
600
RECEIPTS AND OUTLAYS^
OUTLAYS-!'
\RECEIPTS!/
\lN
1,400
1,300
1,200
1,100
1,000
900
800
700
'600
0
-200
300
SURPLUS OR DEFICIT (-VJ
- „ __ _ ,^
A l 1 1 11/1983 1984 1985 1986 1987
o100
T"— ~~>, ^^ -200
l i l t "*— i f\1988 1989 1990 1991 1992N
!/ "INCLUDES ON-8yDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
NOTE.—Data are from Budget of the United States Govermn nt, Fiscal Year 1992, February1991, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
32
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first 6 months of fiscal 1991, receipts were $24.4 billion higher than a year earlier and outlays were $25.3billion higher.
RECEIPTS!/
. — — "-*""
T
INDIVIDUAL INCOME TAXES
\
-. — — — '
CORPORATIONOTHER RECtlPTS INCOME TAXES"
\ \
—~ 1 1 1 1
_ _ _ . — "- "•""
-~--~""""~""~~"~' _ _ — — -
\SOCIAL INSURANCE
- TAXES AND CONTRIBUTIONS
1 1 1 1
BILLIONS OF DOLLARS600
500
400
300
200
100
• ft
1,200
1,100
1,000
900
800
700
600
500
400
BILLIONS OF DOLLARS
600
OUTLAYS^/
NONDEFENSE\ ,
NATIONAL DEFENSE
1983 1984 1985 1986 1987 1988
FISCAL YEARS
500
400
300
200
100
0
1,200
1,100
1,000
900
800
700
600
500
400
300
200
J/'lNCtUDES ON-BUDGET AND OFF-BUDGET ITEMSSOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
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
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FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASISIn the fourth quarter of 1990, according to revised estimates, Federal receipts rose $0.6 billion (annual rate);Federal expenditures rose $39.2 billion. In the first quarter of 1991, according to advance data, Federalexpenditures fell $65.0 billion; receipts data are incomplete.
BILLIONS OF DOLLARS BILLIONS OF DOLLARS
1,400
1 200
800
200
SOURCE: C
s"\
—
-
—
\^
! 1 !
1982
EPARTMENT OF CO
_ _ -
, "
r— ' '1 1 1
1983
MMERCE
_-"'"''
^^
_
1 1 1
1984
EXPEN
RECEIPT
n^IT
1985
SEASONALLY ADJU
DITURES
V-
_— -^-
5
SURPLUS (
~f% | — |
1986
CALENDX
STED ANNUAL RATE
--"
y —
DR DEFICIT
J/ -—1 1 1
1987
iR YEARS
S
^ "
-)
— X-
I 1 11988
,— — — — »-
/ '
-~,
1 1 11989
,-s
.-•'"
^"~
"X.1 1 11990
COUh
_%
-
—
-
-
-
1 1 11991
CIL OF ECONOMIC
1,400
800
600
200
200
ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Fiscal year:198519861987198819891990
Calendar year:198519861987198819891990
1982: TV1983: IV1984: IV1985: IV1986: IV1987: IV1988: IV1989: III
1 Data relate to ail urban consumers. Source: National sources as reported by Department of Commerce (Bureau of Economic Analysisand International Trade Administration, Trade Information and Analysis).
U.S. MERCHANDISE EXPORTS AND IMPORTS[Billions of dollars; monthly data seasonally adjusted]
Period
198219831984198519861987198819891990
1990: Feb .MarAprMayJuneJulyAugSeptOctNovDec
1991: Jan r
Feb
Total 2
216.4205.6224.0
5 218.8* 227.2
254.1322.4363.8393.9
31.633.332.132.834.232.132.532.035.034.238.3
34.333.5
Met
Foods,feeds,and
bever-
*
31.330.931.524.022.324.332.337.235.1
3.13.23.02.93.42.83.12.72.63.02.5
2 73.2
chandise e
Principal
Indus-trialsup-pliesand
als
61.756.761.758.557.366.785.199.3
104.2
8.08.68.48.48.48.18.78.6
10.09.69.0
9.59.8
xports (f.
end-use c
Cap-ital
goodsexceptauto-
motive
72.767.272.073.975.886.2
109.2138.8152.6
12.812.812.412.713.512.812.512.613.212.313.0
13.012.2
l.s. value
ommoditv
Auto-motivevehi-cles,
parts,anden-
gines
15.716.820.622.921.724.629.334.836.0
2.83.33.03.53.43.03.12.73.43.12.4
3.22.5
1
category
Con-sumergoods(non-food)exceptauto-
motive
14.313.413.312.614.217.723.136.443.4
3.43.43.53.63.93.73.53.53.93.83.7
4.03.9
Other "
20.720.524.027.335.934.643.417.222.6
1.61.81.71.81.61.81.71.81.82.42.6
2.01.9
I
Total
244.0258.0
4 330.74 336.5
365.4406.2441.0473.2494.9
38.741.639.440.539.641.242.341.346.043.139.6
41.538.8
eneral in
Foodsfeeds,
bever-
17.118.221.021.924.424.824.825.126.6
2.32.52.32.32.12.12.12.12.22.12.2
2.22.1
erchandise
Principal (
Indus-trialsup-pliesand
als
112.0107.0123.7113.9101.3111.0118.3132.3143.0
11.111.510.511.310.511.012.312.814.313.311.6
12.310.4
imports
nd-nse ec
Cap-ital
goodsexceptauto-
motive
35.440.959.865.171.884.5
101.4113.3117.3
9.19.89.89.59.6
10.19.89.3
10.610.29.8
9.910.0
customs
mmodity
Auto-motivevehi-cles,parts,
anden-
gines
33.340.853.566.878.285.287.786.185.9
6.77.96.97.57.37.57.77.08.07.06.3
7 26.6
•aluc) 3
category
sumergoods(non-food)
exceptauto-
motive
39.744.960.068.379.488.795.9
102.9105.7
8.38.78.78.78.59.19.18.69.69.18.3
8.68.5
Other
6.56.37.89.4
10.412.112.813.616.3
1.21.31.31.31.41.31.31.61.41.51.3
1.31.2
Generalmer-
chandiseimports
(c.i.f.value)
254.9269.9346.4352.5382.3424.4459.5493.2516.6
40.443.541.142.441.343.144.243.147.944.941.3
43.340.6
Trade b
Exports(f.a.s) less
imports(customs
vaiue)
-27.5-52.4
-106.7-117.7- 138.3-152.1— 118.5-109.4-101.0
-7.1— 8.4-7.3-7.8-5.3-9.1-9.7-9.3
-11.0-8.9-6.3
-7.2-5.3
alance
Exports(f.a.s)less
importstc.i.l.)
-38.4-64.2
-122.4-133.6-155.1-170.3-137.1-129.4-122.7
-8.8-10.2-9.1-9.6-7.1
-11.0-11.6-11.1-12.9-10.7-8.0
-9.0-7.1
1 Includes Department of Defense Military Assistance Program grant-aid shipments.2 Includes undocumented exports to Canada through 1988.3 Total arrivals of imported goods other than intransit shipments.4 Total includes revisions not reflected in detail.
5 Total exports are on a revised statistical month basis; end-use categories are on imonth basis.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
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U.S. INTERNATIONAL TRANSACTIONSIn the fourth quarter of 1990, the merchandise trade deficit fell to $28.9 billion from $29.8 billion in the thirdquarter; the current account deficit rose to $27.8 billion from $26.5 billion in the third quarter.
BILLIONS OF DOLLARS*10
—5
-10
-15
-20
-25
-30
-35
-40
-45
BILLIONS OF DOLLARS*
10
1982
BALANCE ON GOODS,SERVICES, AND INCOME --- \
1990
5
0
-5
-10
-15
-20
-25
-30
-35
-40
-45
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)]
1 Excludes military.2 Adjusted from Census data for differences in timing and coverage.3 Quarterly data are not seasonally adjusted.4 Includes transfers of goods and services under U.S. military grant programs.
5 Fees and royalties from U.S. direct investments abroad or from foreign direct investments in theUnited States are excluded from investment income and included in other services, net.
See p. 37 for continuation of table.
36
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U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, claims on foreigners reported by U.S. banks increased $24.4 billion in the fourth quarter of1990, compared to an increase of $13.5 billion in the third quarter. Liabilities to private foreigners reported byU.S. banks, excluding Treasury securities, increased $19.6 billion in the fourth quarter, compared to an increase of$27.6 billion in the third quarter.
BILLIONS OF DOLLARS* BILLIONS OF DOLLARS*
20
CHANGE INFOREIGN ASSETSIN THE U.S., NET
CHANGE INU.S. ASSETS
ABROAD, NE1
-60
-20
-40
-601990
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
[ rights (SDKs), foreign currencies, and the U.S. reserve posi- Sources: Department of Commerce (Bureau of Economic Analysis) and Department of theTreasury.
37
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ContentsTOTAL OUTPUT, INCOME, AND SPENDING Page
Gross National Product 1Gross National Product in 1982 Dollars 2Implicit Price Deflators for Gross National Product 2Changes in GNP, Personal Consumption Expenditures, and Related Price Measures 3Nonfinancial Corporate Business—Output, Costs, and Profits 3National Income 4Personal Consumption Expenditures 4Sources of Personal Income 5Disposition of Personal Income 6Farm Income 7Corporate Profits 8Gross Private Domestic Investment 9Expenditures for New Plant and Equipment 10
EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricultural Employment 14Average Weekly Hours, Hourly Earnings, and Weekly Earnings—Private Nonagricultural Industries 15Employment Cost Index—Private Industry 15Productivity and Related Data, Business Sector 16
PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial Production—Major Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and Inventories—Manufacturing and Trade 20Manufacturers' Shipments, Inventories, and Orders 21
PRICESProducer Prices 22Consumer Prices—All Urban Consumers 23Changes in Producer Prices for Finished Goods 24Changes in Consumer Prices—All Urban Consumers 24Prices Received and Paid by Farmers 25
MONEY, CREDIT, AND SECURITY MARKETSMoney Stock, Liquid Assets, and Debt Measures 26Components of Money Stock and Liquid Assets 27Aggregate Reserves and Monetary Base 27Bank Loans and Securities 28Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business .• 29Consumer Installment Credit 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31
FEDERAL FINANCEFederal Receipts, Outlays, and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector, National Income Accounts Basis 34
INTERNATIONAL STATISTICSIndustrial Production and Consumer Prices—Major Industrial Countries 35U.S. Merchandise Exports and Imports 35U.S. 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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