Greenbook/Tealbook
Prefatory Note
The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that this document may contain occasional gaps in the text. These gaps are the result of a redaction process that removed information obtained on a confidential basis. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act.
1
In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optimal character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff.
CONFIDENTIAL (FR) CLASS III
- FOMC
January 31,
SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS
Prepared for the Federal Open Market Committee
By the Staff Board of Governors of the Federal Reserve System
1992
TABLE OF CONTENTS
Page THE DOMESTIC NONFINANCIAL ECONOMY New home sales . Corrigenda . . .
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. . . . . ... .
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1 3
Tables
The market for new houses. ... .
.
.
.
2
..
THE FINANCIAL ECONOMY The January 1992 senior loan officer opinion . . .... survey on bank lending practices ..
. . ..
4
8
Tables .. . . . . . . . . . Monetary aggregates Commercial bank credit and short- and intermediate-term business credit. . . . Selected financial market quotations . . .
.
.
.
...
. .
. .
. .
. .
.
. ...
. . ..
9 10
THE INTERNATIONAL ECONOMY Prices of imports and exports.
... .
...
.
. . . .
.
11
Tables Import and export price measures
.
.
.
.
.
12
SUPPLEMENTAL NOTES THE DOMESTIC NONFINANCIAL ECONOMY New Home Sales Sales of new single-family homes declined 6.6 percent in December to 522,000 units (annual rate), following an upward revision to the November estimate from 520,000 to 559,000 units. For the fourth quarter as a whole, new home sales increased 4.7 percent to 533,000 units, the strongest quarterly pace since the spring of 1990. Analysts at the Census Bureau attribute the November revision to a persistent statistical problem affecting the estimation of new home sales that has contributed to a number of upward revisions in recent months.
The Census Bureau samples newly issued building
permits and then obtains information about sales and prices for newly permitted units.
Homes that are sold before a permit is
issued necessitate a revision to the sales estimate for prior months.
Although imputations are made for pre-sales, pre-selling
has become increasingly common.
Because the December preliminary
estimate may also be subject to this bias, new home sales actually may be stronger than is indicated by the latest report. The median price of new homes sold in December declined 2.5 percent from a year earlier to $123,800; the average price of new homes decreased 3.4 percent to $148,200.
These price measures
are not adjusted for variations in the structural characteristics and geographic distribution of homes sold. The number of new homes for sale nationwide edged down in December to 283,000 units.
This inventory level translates into a
6.6 months' supply, as compared with 7.1 months, on average, in the third quarter.
THE MARKET FOR NEW HOUSES 1991 1991
Q3r
Q4p
Oct.r
504
509
533
518
-5.6
-0.2
4.7
4.0
147.7
145.4
145.4
147.8
141.1
140.5
-1.4
-0.1
-3.1
-3.4
-1.5
-2.0
-3.4
120.0
120.0
120.5
123.5
117.4
117.3
123.8
-2.4
2.6
-0.8
2.9
-1.3
-1.3
283
291
283
287
283
7.3
7.1
6.6
6.7
6.6
Northeast
57
64
57
63
36
50
59
Midwest
93
91
96
102
96
96
90
South
212
210
230
221
West
143
144
150
132
Sales Volume Thousands of units, SAAR (Percent change from earlier comparable period, not at an annual rate) Sales Price Average ($1,000, NSA) (Percent change from year earlier) Median ($1,000, NSA) (Percent change from year earlier)
Inventory Units for sale (Thousands of units, end of period) Months' supply (At current sales rate)
Nov.p
Nov.r
7.9
Dec.p
-6.6
148.2
-2.5
Regional Sales Volume Thousands of units, SAAR
1. The relative standard error for the monthly sales estimates is (+) or (-) 6 percent. 2. Months' supply data derived by Census Bureau by seasonal adjustment of the ratio of homes for sale to homes sold. It may, therefore, not agree with the seasonally adjusted components shown on the table. r--revised p--preliminary. January 31, 1992
Mortgage and Consumer Finance Section
Corrigenda Two tables in the nonfinancial portion of Part 1 of the Greenbook had incorrect numbers for the consumer price index in 1992.
The corrected tables are shown below.
MAJOR INDICATORS OF ECONOMIC PERFORMANCE (Percent change, fourth quarter to fourth quarter) 1989
1990
1991
1992
1993
- projected Real GDP
1.7
-.1
.2
2.1
3.5
Consumer price index
4.6
6.3
2.9
3.5
2.8
4.3
5.3
4.4
3.4
2.8
ECI hourly compensation
4.8
4.6
4.4
3.7
3.3
Memo: Civilian unemployment rate
5.4
6.0
6.9
7.2
6.7
Exc. food and energy
1.
Average in the fourth quarter.
STAFF SIMULATIONS OF THE EFFECTS OF FISCAL ACTION ON THE ECONOMY (Percentage change, fourth quarter to fourth quarter) 1992
1993
Simulation with fixed short-term interest rates----1.
Growth of real GDP (Baseline)
3.4 (2.1)
4.7 (3.5)
2.
Consumer price index (Baseline)
3.7 (3.5)
3.4 (2.8)
3.
Civilian unemployment rate 1 (Baseline)
6.8 (7.2)
5.7 (6.7)
--------- Simulation with fixed money growth
---------
4.
Growth of real GDP (Baseline)
3.1 (2.1)
2.8 (3.5)
5.
Consumer price index (Baseline)
3.7 (3.5)
3.1 (2.8)
6.
Civilian unemployment ratel (Baseline)
6.9 (7.2)
6.5 (6.7)
1.
Average in the fourth quarter.
THE FINANCIAL ECONOMY The January 1992 Senior Loan Officer Opinion Survey on Bank Lending Practices The January 1992 Senior Loan Officer Opinion Survey on Bank Lending Practices posed questions about changes in bank lending standards and terms and about the demand for business and household loans.
It also sought information about bank lending to commercial
and industrial firms that is secured by real estate. Virtually all surveyed banks--both domestically chartered banks and U.S. branches and agencies of foreign banks--indicated that they had kept their credit standards for approving business loan applications unchanged since the October 1991 survey.
The few banks
that did tighten standards most often cited a less favorable economic outlook as the primary reason for the change.
Though
some banks reported that terms on business loans have become more stringent, their numbers fell noticeably from the October survey. Domestic banks reported that business loan demand from firms of all sizes weakened over the past three months at about the same pace reported in the October survey.
Foreign banks also reported softer
business loan demand, in contrast to the somewhat stronger demand reported in October.
More than half of banks reported stronger
residential mortgage demand--well above the number so reporting in October--while demand for home equity loans was down at some banks and up at others.
Demand for consumer installment loans
continued to weaken.
Banks' willingness to provide consumer credit
over the last three months appears to have increased a bit.
1. In light of the historical tendency of banks not to report that they have eased standards, the virtual absence of reported tightening of standards in the current survey might be interpreted as indicating that standards actually have been eased. This feature of earlier survey data is discussed in "Survey Evidence of Tighter Credit Conditions: What Does It Mean?" by Stacey L. Schreft and Raymond E. Owens in the March/April 1991 issue of the Federal Reserve Bank of Richmond's Economic Review.
-5The number of banks reporting further tightening of standards for approving commercial real estate loans continued to fall in the January survey.
Again in January, almost all banks indicated that
their lending standards for residential mortgages were unchanged. Banks reported that about one-fourth of their loans secured by real estate were extended to commercial and industrial firms, and that about one-third of those loans were for purposes other than acquisition or improvement of the real estate pledged as collateral. In general, banks characterized such loans as having higher yields than most C&I loans, as being made to smaller, riskier firms, and as having declined relatively in volume over the past two years. Lending Standards and Terms Nonmerger-related C&I loans:
credit standards.
Very few
domestic banks reported that they had altered standards for approving business loans for nonmerger-related purposes.
Business
lending standards at branches and agencies of foreign banks were generally unchanged as well.
As in previous surveys, a common
reason given by the few banks that did report tightening over the prior three months were concerns about the economic outlook. Nonmerger-related C&I loans: credit.
price and nonprice terms of
In the January survey, banks on balance reported some
additional tightening of terms on business loans, although the changes were somewhat less common than in the October survey.
A
minority of banks responded that they had decreased the size of credit lines for large firms and increased credit line costs and the spreads of loan rates over base rates for smaller business borrowers. Commercial real estate loans:
credit standards.
As occurred
in the October survey, the number of domestic banks that indicated that they had further tightened credit standards for the various
-6categories of commercial real estate lending fell by half in the most recent survey.
In January, less than 10 percent of banks
reported having tightened lending standards for construction and land development loans.
The number of banks that tightened
standards for loans for commercial office buildings, for industrial structures, and for other nonfarm nonresidential purposes also declined noticeably since the last survey.
Relatively more foreign
banks adjusted their lending policies for these categories, about one-fourth of them reporting that they had tightened standards. Household loans:
As in October, in January very few domestic
respondents reported having tightened credit standards for approving home purchase loan applications from individuals.
With regard to
banks' willingness to make consumer loans, banks on balance again registered a small increase in the willingness to lend in the three months ending in January. The Demand for Loans Business loans.
A significant minority of domestic banks
reported that the demand for business loans had weakened over the past three months compared with the prior three months.
This
pattern held across both large and small banks and across firms of all sizes, although the tendency was less prevalent in small firms.2
Banks that noted weaker business loan demand most often
cited decreases in their customers' funding needs for inventories and fixed investment, regardless of the size of the borrower.
In
contrast to October, when foreign banks tended to report somewhat stronger business loan demand, in January these banks faced weaker business loan demand, attributed in part to their customers opting for nonbank financing, for example bond or equity issuance.
2. Large banks are those with at least $10 billion of assets.
-7Household loans.
After being generally unchanged over the
period covered by the October survey, the demand for residential mortgages picked up sharply during the past three months. At the same time, demand for home equity lines of credit, on balance, was a bit weaker.
And there were clear indications that
the demand for consumer installment loans had fallen further, with about one-third of banks responding that it had weakened. C&I Lending Classified as Real Estate Loans
The January survey inquired about banks' holdings of C&I loans secured by real estate, which are reported and published on the Call
Report and other statistical releases as real estate loans.
Such
loans comprise about one-fourth of real estate loans at domestic respondents and nearly that fraction at foreign banks.
Of these
loans, about one-third at both domestic and foreign banks are used for purposes other than the acquisition or improvement of the real estate securing the loan.
The interest charges on these loans are
almost all tied to the prime rate.
A sizable majority of these
loans have original maturities of at least three years.
Most banks
indicated that over 40 percent of such loans were made under some
type of formal loan commitment program.
Only a minority of these
C&I loans came to be secured by real estate after the origination of the loan, although more than half of banks obtained some of these loans in this way.
These C&I loans collateralized by real estate
are considered by banks generally to offer higher yields, to be provided to borrowers with credit risk greater than typical of C&I borrowers, and to be made to smaller borrowers.
The volume of such
loans relative to other C&I lending over the past two years appears to have diminished.
(based
MONETARY AGGREGATES on seasonally adjusted data unless otherwise noted)
19911
---------1. 2. 3.
Ml M2 M3
1991 93
1991 Q4
1991 Nov
Percent change at annual 8.0 3.1 1.3
7.5 1.1 -1.1
11.1 3.3 1.3
Percent change at
------------
14.3 5.0 2.6
1991 Dec
Growth 1992 94 9 912 Jan pe Jan pe
rates------------------9.2 2.8 1.8
annual rates--------
Levels - bil. $ Dec 91
Selected components 4, 5. 6.
M-A Currency Demand deposits
7.
Other checkable deposits
8.
M2 minus M12
9. 10. 11. 12. 13. 14. 15. 16.
Overnight RPs and Eurodollars, NSA General purpose and broker/dealer money market mutual fund shares Commercial banks Savings deposits (including MMDAs) Small time deposits Thrift institutions Savings deposits (including tMMAs) Small time deposits
17. M3 minus M2
3
Large time deposits 4 At commercial banks, net At thrift institutions Institution-only money market mutual fund shares Term RPs, NSA Term Eurodollars. NSA
5.6
4.4
8.7
11.2
7.1
12
564.9
8.4 3.4
6.9 2.6
7.4 10.0
5.4 16.1
5.4 7.9
9 15
267.2 289.5
12.5
12.9
15.1
19.6
20
333.2
1.5
-1.0
0.7
1.7
-2
2544.7
-8.1
-15.1
38.1
62.3
36.2
35
4.6 7.6 13.3 -6.9 9.2 -16.5
-3.4 7.9 12.5 3.4 -10.5 9.9 -24.2
-3.1 4.3 13.2 -4.8 -8.2 9.7
-1.0 0.0 14.3 -15.0 -4.4 13.7 -18.4
0.3 -0.2 14.0 -15.4 -4.4 14.2 -19.0
-3 4 28 -22 -2 24 -22
362.2 1258.9 660.4 598.5 844.0 377.2 466.8
-6.1
-11.0
-7.6
-8.1
-2.6
-10
735.4
-12.7 -6.6 -31.7
-16.7 -10.4 -40.5
-24.1 -20.6 -37.4
-20.8 -18.2 -31.6
-15.2 -11.8 -29.6
-28 -29 -26
436.6 353.6 83.0
33.4 -21.6 -8.1
11.4 -11.5 -2.5
37.0 -23.6 -0.6
38.5 -28.6 -11.4
38.0 -47.2 -26.8
20 -2 -27
179.1 70.9 61.4
2.1
-21.2
12.4 O.S
75.1
---- Average monthly change in billions of dollars---MEMORANDA:$ 24. Managed liabilities at commercial banks (25+26) 25. Large time deposits, gross Nondeposit funds 26. Net due to related foreign 27. institutions & 28. Other 29. U.S. government deposits at commercial 7 banks
706.9 423.8 283.1
-1.2 -0.7 -0.5
-2.4 -3.0 0.6
3.7 -5.7 9.4
-0.6 -3.4 2.8
8.7 -2.3 11.0
0.6 -1.0
0.5 0.1
6.9 2.4
2.5 0.3
6.8 4.2
0 -5
41.3 241.8
0.2
-0-1
0.9
5.0
-7.7
1
26.5
Amounts shown are from fourth quarter to fourth quarter. Nontransactions HZ is seasonally adjusted as a whole. The non-MZ component of M3 is seasonally adjusted as a whole. Net of large denomination time deposits held by money market mutual funds and thrift institutions. Dollar amounts shown under memoranda are calculated on an end-month-of-quarter basis. Consists of borrowing from other than commercial banks in the form of federal funds purchased, securities for borrowed money (including borrowing from the sold under agreements to repurchase, and other liabilities Federal Reserve and unaffiliated foreign banks, loan RPs and other minor items). Data are partially estimated. 7. Consists of Treasury demand deposits and note balances at commercial banks. pe - preliminary estimate
1. 2. 3. 4. 5. 6.
COMMERCIAL BANK CREDIT AND SHORT- AND INTERMEDIATE-TERM BUSINESS CREDIT 1 (Percentage change at annual rate, based on seasonally adjusted data)
Category
Dec. 1990 to Dec. 1991
1991 Q3
1991 Q4
1991 Oct.
1991 Nov.
1991 Dec.
Levels bil.$ 1991 Dec.
---------------Commercial bank credit--------------1. Total loans and securities at banks 2.
Securities
3.2
0.8
16.6
14.7
6.8
6.4
4.8
2,810.6
23.5
30.3
19.1
19.8
733.6
37.0
24.7
24.0
560.3
6.0
3.
U.S. government
23.2
21.7
29.3
4.
Other
-0.8
-5.3
5.9
-0.8
-3.6
0.2
-4.3
-4.3
-3.4
0.0
1.9
-2.8
1.8
1.1
5.
Loans
9.8 -1.1
0.7
7.0
173.3
2.0
-0.3
2,077.0
-6.0
616.8
3.1
1.3
857.0
6.
Business
7.
Real estate
8.
Consumer
-4.2
-7.2
-3.9
-8.5
-3.3
0.0
361.8
9.
Security
16.3
59.5
29.1
-5.5
71.2
20.7
47.2
-10.1
5.4
0.6
11.1
10.
Other
1.4
-4.1
4.3
194.1
---- Short- and intermediate-term business credit---11.
Business loans net of bankers acceptances
-4.2
-4.5
-3.8
Loans at foreign branches 2
-1.2
-3.4
41.2
13.
Sum of lines 11 and 12
-4.1
-4.4
-2.3
14.
Commercial paper issued by nonfinancial firms
-10.7
-26.3
-5.3
15.
Sum of lines 13 and 14
-5.3
-8.5
-2.8
16.
Bankers acceptances, U.S. trade-related 3
-16.4
-20.5
-2.9
4.3
-4.3
-8.7
n.a.
11.6
n.a.
11.4
8.2
n.a.
n.a.
-3.4
n.a.
1.1
2.4
n.a.
12.
17. 18.
Finance company loans to business 4 Total (sum of lines 15, 16, and 17)
0.6
-5.1
-6.9
610.2
40.5
58.8
25.7
-3.4
-4.5
-22.9
18.0
-10.6
134.3
-3.1
0.3
-5.6
770.2
20.6 1.1
635.8
27.5 311.35
1,113.0
1. Average of Wednesdays. 2. Loans at foreign branches are loans made to U.S. firms by foreign branches of domestically chartered banks. 3. Consists of acceptances that finance U.S. imports, U.S. exports, and domestic shipment and storage of goods. Based on average of data for current and preceding ends of month. 4. Based on average of data for current and preceding ends of month. 5. November 1991 data. p--Preliminary. n.a.--Not available.
5
-10-
1
SELECTED FINANCIAL MARKET QUOTATIONS (percent) - - - - - - -.--
- -- - - -- - -- - -
FOMC Dec 17
March highs
Change from:
1992
1991
1989
Dec-Jan Lows
- - -- --
- -- - - -- -
Mar 89 Dec-Jan Lows highs
Jan 30
-- - -- -- -
FOMC Dec 17
-------------------------
Short-term rates 2
9.85
4.49
3.94
4.01
-5.84
0.07
-0.48
9.10 9.05
4.11 4.16 4.17
3.72 3.76 3.81
3.83 3.92 4.03
-5.27 -5.19 -5.02
0.11 0.16 0.22
-0.28 -0.24 -0.14
_0.05 -0.15
4.87 4.56
4.01 3.94
4.07 4.08
-5.98 -6.07
0.06 0.14
-0.80 -0.48
_0.07
_0.32 _0.08
4.79 4.44 4.39
3.95 3.89 3.89
4.06 4.08 4.12
-6.01 -6.24 -5.96
0.11 0.19 0.23
-0.73 -0.36 -0.27
Eurodollar deposits 1-month 3-month
-0.19 -0.50
4.75 4.44
3.94 3.88
4.00 4.06
-6.19 -6.44
0.06 0.18
-0.75 -0.38
Bank prime rate
-1.50
7.50
6.50
6.50
-5.00
0.00
-1.00
Federal funds
Treasury bills 3 3-month 6-month 1-year
9.11
Commercial paper 1-month 3-month Large negotiable CDs' 1-month 3-month 6-month
Intermediate- and long--ar-m rates U.S. Treasury (constan 3-year 10-year 30-year
maturity) 9.88 9.53 9.31
5.39 7.18 7.75
5.05 6.71 7.39
5.71 7.31 7.79
-4.17 -2.22 -1.52
0.66 0.60 0.40
0.32 0.13 0.04
Municipal revenue 5 (Bond Buyer)
7.95
6.90
6.53
6.76
-1.19
0.23
-0.14
8.74
8.46
8.63
-1.84
0.17
-0.11
8.53 6.23
8.23 5.79
8.56 5.90
-2.66 -3.41
0.33 0.11
0.03 -0.33
Corporate--A utility recently offered Home mortgage rates 6 FHLMC 30-yr. FRM FHLMC 1-yr. ARM
-3.47
22 9.31
-.
1989
1991
1992
Percent change from: --------------------------
?.scDord hS,. s
DiLte
---------------------------.-.--------
Lows Jan 3
FOMC Dec 17 Jan 30
.............................-
1989 lows
FOMC Dec 17
51.30 47.64 34.62 64.14 48.77
11.80 7.65 11.12 15.13 7.18
Record highs ..........................
Stock prices Dow-Jones Industrial :2-2.14 :1'1.85 NYSE Composite AMEX Composite -_.32 NASDAQ (OTC) : 30.82 Wilshire ,1111.28 - - - - -
- - - -
- - - - -
- - - - - .- .-.-.- - --.-..
.-..
1/28/92 1/15/92 1/17/92 1/15/92 1/15/92 . .-. -.-. .-.-.-
2144.64 2902.28 3244.86 154.00 211.21 227.37 305.24 369.81 410.92 378.56 539.70 621.37 2718.59 3773.53 4044.37 . . . -.-..
. . -..
-0.83 -1.93 -1.06 -1.50 -1.87
. . . -. . . . . . . .- . .- . . . . . . ..-. -
One-day quotes except as noted. Average for two-week res=erve maintenance period closest to date shown. :I-servation for December 17 FOMC is average for wea< of Dec 18. Last observation is average to date for =aaintenance period ending February 5. 1992.
. .- . .- . .- . .- . . . .- . . ..--- - . .-
3/ Secondary market. 4/ Bid rates for Eurodollar deposits at 11 a.m. London time. 5/ Based on one-day Thursday quotes and futures market index changes. 6/ Quotes for week ending Friday previous to date shown.
-11-
THE INTERNATIONAL ECONOMY Prices of Imports and Exports Prices of U.S. imports, reported by the Bureau of Labor Statistics, increased at a 5 percent annual rate in the fourth quarter of 1991 on a quarterly average basis.
The largest increase
was in petroleum prices; prices of non-oil imports rose at a 4 percent pace.
The increase in prices of non-oil imports followed
two quarters of declines that were associated in part with an appreciating dollar.
There were price increases in the 5 to 7
percent (annual rate) range for consumer goods, automotive products, and capital goods, which generally reversed declines recorded in the previous two quarters.
On the other hand, prices of non-oil
industrial supplies fell in the fourth quarter--the fourth consecutive quarter of decline.
Over the four quarters of 1991, the
price of imported oil dropped 35 percent from a late 1990 level that was inflated by the Iraqi invasion of Kuwait; on balance, prices of non-oil imports were about the same in the fourth quarter of 1991 as a year earlier. Prices of U.S. exports rose at a 2-1/2 percent annual rate in the fourth quarter.
The price of agricultural exports jumped at an
11 percent rate while prices of exported capital, consumer, and automotive products rose more moderately.
In contrast, prices of
exported industrial supplies declined for the fourth consecutive quarter.
On average, export prices were about the same in the
fourth quarter of 1991 as a year earlier; an increase in agricultural prices about offset declines in other categories.
January 30,
1992
IMPORT AND EXPORT PRICE MEASURES (percent change from previous period, annual rate) Year
Quarters
Months
1991-Q4
1991
1991
1990-Q4
Q2
Q4
Q3
Nov
(Quarterly Average, AR) ---------------------Imports, Total
Dec
(Monthly Rates)
BLS Prices-----------------------
-4.6
-7.2
-3.5
5.0
0.4
2.7 -17.7 -4.1 0.3 3.6 0.6
3.1 -19.0 -4.5 -5.2 1.2 -4.3
-3.5 -6.7 -7.3 -4.4 -1.0 -0.6
3.6 2.0 -4.4 6.5 7.6 5.3
0.2 0.1 -0.7 0.5 0.5 0.7
1.3 -2.6 0.7 0.5 -0.1 0.7
Oil Non-oil
-35.5 0.4
-41.1 -2.7
-5.9 -3.2
16.0 3.9
1.9 0.2
-8.7 0.5
Exports, Total
-0.2
-1.2
-2.5
2.5
0.1
-0.6
6.7 -8.2 3.2 2.6 3.1
8.1 -11.9 3.5 2.0 6.3
-5.8 -8.0 1.6 2.1 -2.3
17.7 -2.9 2.2 2.9 2.5
1.0 -0.4 0.3 0.6 -0.1
-3.7 -0.4 -0.2 -0.3 0.6
3.6 -1.0
6.6 -2.6
-8.5 -1.8
10.9 1.2
-0.3 0.2
-2.7 -0.3
Foods, Feeds, Bev. Industrial Supplies Ind Supp Ex Oil* Capital Goods Automotive Products Consumer Goods
-0.4
Memo:
Foods, Feeds, Bev. Industrial Supplies Capital Goods Automotive Products Consumer Goods Memo: Agricultural Nonagricultural
--------------- Prices in the NIPA Accounts---------------Fixed-Height Imports, Total Oil Non-oil
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
--- Exports, Total Ag Nonag
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a, n.a.
----
Deflators -6.3
-10.8
-2.9
4.5
-37.0 -1.3
-47.3 -5.0
-1.5 -3.2
27.0 1.9
Exports, Total Ag
-1.1 4.9
-2.6 -0-1
-3.9 -6.3
0.4 11.6
Nonag
-1.7
-2.8
-3.9
-0.6
Imports, Total
Oil Non-oil
X/ Months not for publication.
--
---
Cite this document
Federal Reserve (1992, February 4). Greenbook/Tealbook. Greenbooks, Federal Reserve. https://whenthefedspeaks.com/doc/greenbook_19920205_part1
@misc{wtfs_greenbook_19920205_part1,
author = {Federal Reserve},
title = {Greenbook/Tealbook},
year = {1992},
month = {Feb},
howpublished = {Greenbooks, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/greenbook_19920205_part1},
note = {Retrieved via When the Fed Speaks corpus}
}