Full text of Economic Indicators : August 1987
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100th Congress, 1st Session
Economic Indicators
AUGUST 1987
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1987
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JOHN MELCHER (Montana)
JEFF BINGAMAN (New Mexico)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
J. ALEX McMILLAN (North Carolina)
JUDITH DAVISON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—S!ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by An Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the second quarter, current-dollar gross national product (GNP) rose 6.6 percent
(annual rate) or $70.0 billion. Real GNP (GNP adjusted for price changes) rose 2.3 percent and the implicit price
deflator rose 3.8 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,800
4,800
SEASONALLY ADJUSTED ANNUAL RATES
4,400
4,400
4,000
4,000
GNP
IN CURRENT DOLLARS
3,600
3,600
3,200
3,200
GNP
IN 1982 DOLLARS
2,800
|2,800
2,400
2,400
2,000
2,000
I
I I
1979
I
1981
1980
1982
1983
1984
1985
I I
1986
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1979
1980
1981
1982
1983
1984
1985
1986
1982: FV
1983: IV
1984- I
n
Ill
IV
1985- I
n
in
IV
1986- I
II
IU
IV
1987: I r
n
Gross
national
product
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,010.3
4,235.0
3,212.5
3,545.8
3,674.9
3,754.2
3,807.9
3,851.8
3,921.1
3,973.6
4,042.0
4,104.4
4,174.4
4,211.6
4,265.9
4,288.1
4,377.7
4,447.7
Persona]
consumption
expenditures
Gross
private
domestic
investment
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,117.0
2,315.8
2,361.1
2,417.0
2,450.3
2,493.4
2,549.9
2,602.0
2,665.4
2,700.1
2,737.9
2,765.8
2,837.1
2,858.6
2,893.8
2,947.3
454.8
437.0
515.5
447.3
502.3
664.8
641.6
671.0
409.6
579.8
663.0
664.2
670.3
661.8
638.6
648.4
628.6
650.8
683.4
679.4
660.8
660.2
699.9
700.9
Source: Department of Commerce, Bureau of Economic Analysis.
Government purchases of
goods and services
Exports and imports of goods
and services
Federal
Net
exports
18.8
32.1
33.9
26.3
-6.1
58 9
-79.2
- 105.5
14.1
-25.8
-45.7
-62.8
59 3
-67.9
51 5
-77.3
-84.7
-103.5
-93.8
-100.8
-110.5
1169
-112.2
-118.6
Exports
Imports
Total
Total
291.2
351.0
382.8
361.9
352.5
383.5
369.9
376.2
335.9
364.7
374.3
383.2
390.8
385.7
376.3
370.6
364.2
368.7
373.5
371.3
376.6
383.3
397.3
411.0
272.5
318.9
348.9
335.6
358.7
442.4
449.2
481.7
321.9
390.5
420.0
446.1
450.1
453.6
427.7
447.8
448.9
472.2
467.3
472.1
487.1
500.2
509.5
529.7
467.8
530.3
588.1
641.7
675.0
735.9
818.6
869.7
671.8
676.1
696.5
735.8
746.6
764.5
784.1
800.5
832.8
857.0
846.9
867.2
878.5
886.3
896.2
918.2
178.0
208.1
242.2
272.7
283.5
310.5
353.9
366.2
293.2
276.1
284.0
315.0
317.0
326.0
336.3
339.4
361.9
378.0
356.7
368,4
371.2
368.6
366.9
380.3
National
defense
121.9
142.7
167.5
193.8
214.4
234.3
259.3
277.8
205.4
221.5
226.9
233.0
233.1
244.1
250.2
253.7
265.1
268.2
266.6
278.2
287.6
279.0
287.5
295.3
Nondefense
56.1
65.4
74.8
78.9
69.1
76.2
94.6
88.4
87.7
54.6
57.1
81.9
83.9
81.9
86.1
85.7
96.8
109.8
90.1
90.2
83.6
89.6
79.4
85.1
State
and
local
289.9
322.2
345.9
369.0
391.5
425.3
464.7
503.5
378.7
400.0
412.5
420.8
429.6
438.5
447.8
461.1
470.9
479.0
490.2
498.8
507.3
517.7
529.3
537.8
Final
sales
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,000.3
4,219.3
3,272.4
3,514.8
3,580.8
3,687.4
3,742.9
3,806.8
3,899.8
3,955.1
4,044.4
4,101.9
4,136.1
4,184.0
4,262.4
4,294.6
4,326.0
4,407.3
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Gross private
domestic investment
Government purchases of
goods and services
Exports and imports of
goods and services
Personal
consumption
expenditures
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
1979
1980
1981
1982.. .
1983
1984
1985
1986
3,192.4
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,607.5
3,713.3
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,352.6
2,450.5
389.4
379.2
395.2
366.7
361.2
425.2
454.1
443.8
170.8
137.0
126.5
105.1
149.3
170.9
174.6
196.4
15.0
-6.9
23.9
-24.5
-6.4
62.3
7.4
13.8
3.6
57.0
49.4
26.3
19 9
-84.0
108 2
-145.8
356.8
388.9
392.7
361.9
348.1
371.8
365.3
377.4
353.2
332.0
343.4
335.6
368.1
455.8
473.6
523.2
609.1
620.5
629.7
641.7
649.0
677.7
726.9
754.5
236.2
246.9
259.6
272.7
275.1
290.8
324.2
332.5
164.3
171.2
180.3
193.8
206.9
218.5
236.7
250.7
71.9
75.7
79.3
78.9
68.2
72.3
87.5
81.8
373.0
373.6
370.1
369.0
373.9
387.0
402.7
422.1
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,600.1
3,699.5
1982- IV
1983: IV
3,159.3
3,365.1
2,078.7
2,191.9
352.3
390.4
115.8
159.9
-59.3
27.0
11.7
-46.2
336.0
355.5
324.3
401.6
660.1
642.2
289.5
266.0
201.4
211.6
88.2
54.4
370.6
376.2
3,218.6
3,338.1
1984: I
II.
3,451.7
3,498.0
3,520.6
3,535.2
2,212.1
2,246.7
2,257.3
2,281.1
401.3
422.0
433.0
444.4
170.5
173.1
170.3
169.6
83.4
63.2
60.9
41.7
-68.6
-87.3
-85.5
-94.8
362.7
369.1
378.7
376.6
431.3
456.5
464.1
471.4
653.0
680.2
684.5
693.2
271.5
295.6
295.5
300.5
214.1
217.8
217.0
225.3
57.4
77.8
78.6
75.2
381.6
384.7
388.9
392.7
3,368.3
3,434.8
3,459.6
3,493.5
3,568.7
3,587.1
3,623.0
3,650.9
2,314.1
2,337.0
2,376.1
2,383.2
440.0
457.2
454.1
465.2
172.6
171.2
174.9
179.7
19.5
17.3
-5.7
-1.6
-81.0
-107.7
-114.9
-129.3
369.7
364.7
360.5
366.5
450.7
472.4
475.4
495.8
703.4
712.1
738.6
753.7
308.4
310.7
332.5
345.3
229.8
232.8
243.3
241.1
78.6
77.8
89.3
104.2
395.0
401.4
406.1
408.4
3,549.2
3,569.9
3,628.7
3,652.5
3,698.8
3,704.7
3,718.0
3,731.5
2,409.7
2,434.3
2,477.5
2,480.5
453.2
441.0
437.7
443.2
185.9
196.5
201.1
202.2
35.3
28.1
6.1
14 4
-123.0
-146.8
-161.6
-151.8
371.5
370.2
379.6
388.3
494.4
517.0
541.2
540.1
737.6
751.6
757.2
771.8
322.1
330.6
332.6
344.6
240.0
250.1
259.8
252.7
82.0
80.4
72.8
91.9
415.5
421.0
424.6
427.1
3,663.4
3,676.7
3,711.9
3,745.8
3,772.2
3,793.7
2,475.9
2,489.0
426.0
435.6
198.2
197.1
47.6
37.8
-135.2
-133.3
397.8
409.3
533.0
542.6
759.6
767.5
327.3
333.1
257.4
264.0
69.9
69.1
432.3
434.4
3,724.5
3,755.9
in
IV
1985: I
II
in
IV
1986: I
II
in
IV
1987: I
II '.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Gross private
domestic investment
Personal consumption
expenditures
Period
Gross
national
product
Total
Durable
goods
Nondurable goods
Services
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
1979
1980
1981
1982
1983
1984
1985
1986
78.6
85.7
94.0
100.0
103.9
107.7
111.2
114.1
78.2
86.6
94.6
100.0
104.1
108.1
111.8
114.3
82.1
89.2
95.7
100.0
102.1
103.8
104.5
104.9
80.0
89.4
96.9
100.0
102.1
105.0
107.5
107.1
75.6
83.9
92.6
100.0
106.2
111.6
117.1
122.5
77.8
85.1
93.4
100.0
98.8
97.9
97.5
98.5
81.4
89.4
96.6
100.0
102.2
106,0
108.2
111.1
81.6
90.2
97.5
100.0
101.3
103.2
101.3
99.7
77.1
96.0
101.6
100.0
97.4
97.1
94.8
92.1
75.4
84.3
93.3
100.0
103.1
106.8
109.2
110.2
74.2
83.4
92.9
100.0
103.6
107.2
109.5
110.8
78.0
86.4
94.3
100.0
101.4
105.5
108.1
108.1
77.7
86.2
93.4
100.0
104.7
109.9
115.4
119.3
1982: IV
1983- IV
101.7
105.4
101.8
105.7
100.7
103.1
101.0
103.1
102.7
108.3
100.7
98.3
99.1
103.1
100.0
102.6
99.3
97.2
101.3
103.8
102.0
104.7
99.5
100.3
102.2
106.3
1984: I
H
m
IV
106.5
107.3
108.2
109.0
106.7
107.6
108.5
109.3
103.2
103.9
104.1
104.1
104.3
104.7
105.2
105.8
109.5
110.9
112.3
113.5
97.9
97.9
97.8
97.9
103.3
106.4
106.9
107.2
103.2
103.8
103.2
102.4
97.4
97.7
97.0
96.2
104.6
106.6
107.3
108.5
106.0
107.0
107.5
108.3
99.5
105.3
106.7
108.9
108.1
109.4
110.5
111.7
I.
II
Ill
IV
109.9
110.8
111.6
112.4
110.2
111.3
112.2
113.3
104.6
104.5
104.6
104.3
106.3
107.4
107.6
108.6
114.8
116.3
118.0
119.4
98.0
97.5
97.3
97.1
107.6
107.6
108.0
109.5
101.8
101.6
101.0
100.6
94.9
94.8
94.4
95.2
109.0
109.3
108.8
109.5
108.9
109.0
109.0
111.2
109.5
110.1
108.4
105.4
113.4
114.9
116.0
117.3
1986: I
II.
Ill
IV
112.9
113.7
114.7
114.9
113.6
113.6
114.5
115.2
104.5
104.6
105.4
105.2
107.8
106.2
106.8
107.5
120.7
122.0
123.3
124.3
97.2
98.4
99.0
99.2
110.0
111.0
111.3
112.2
100.6
100.3
99.2
98.7
94.5
91.3
90.0
92.6
110.7
111.4
111.6
107.0
111.1
111.2
110.7
110.4
109.8
112.2
115.0
97.5
118.0
118.5
119.5
121.2
1987: I
II '
116.1
117.2
116.9
118.4
105.4
106.1
109.8
111.7
125.5
127.1
99.3
99.2
113.7
115.7
99.9
100.4
95.6
97.6
112.1
114.2
111.7
111.8
113.6
123.1
122.4
123.8
1985:
Source: Department of Commerce, Bureau of Economic Analysis,
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Period
8.9
11.7
3.7
7.6
10.8
6.3
5.6
4.2
12.4
15.4
8.9
5.8
4.7
7.4
5.5
7.1
6.3
7.0
3.6
5.3
2.1
8.6
6.6
1980
1981
1982
1983
1984
1985
1986
1982: IV
1983- IV
1984- I
II
....
m
IV
1985- I
II
m
rv
1986:
Constant
(1982)
dollars
Current
dollars
.
.
.
I
n
m
IV
1987- I
n*
-0.2
1.9
-2.5
3.6
6.8
3.0
2.9
.6
7.3
10.7
5.5
2.6
1.7
3.8
2.1
4.1
3.1
5.4
.6
1.4
1.5
4.4
2.3
Implicit
price
deflator
Personal consumption expenditures
Chain price
index
9.0
9.7
6.4
3.9
3.7
3.2
2.6
3.6
4.7
4.2
3.0
3.4
3.0
3.3
3.3
2.9
2.9
1.8
2.9
3.6
.7
4.2
3.8
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
9.0
9.4
6.3
4.1
3.9
3.5
2.4
4.1
3.9
4.5
3.8
3.4
3.1
4.0
3.8
2.8
3.4
1.7
1.9
2.6
2.0
4.2
3.9
Fixedweighted
price index
(1982
wsights)
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.8
8.2
6.5
10.3
9.7
8.1
9.8
5.6
7.2
9.4
8.4
10.1
5.3
5.7
4.1
10.7
3.1
5.0
7.6
9.3
9.3
6.2
4.1
4.0
3.6
2.7
4.0
4.0
4.5
3.8
3.4
3.2
4.1
3.7
2.9
3.4
2.2
2.2
2.6
2.3
4.5
4.3
-0.2
1.2
1.3
4.6
4.8
4.6
4.2
5.3
5.5
3.7
6.4
1.9
4.3
5.9
4.0
6.9
1.2
4.5
4.1
7.3
.5
-.7
2.1
Implicit
price
deflator
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.4
2.2
4.4
4.3
3.8
3.4
3.4
3.0
3.3
4.1
3.3
4.0
1.1
.0
3.2
2.5
6.0
5.2
10.9
9.2
5.7
4.2
3.9
3.6
2.5
4.8
4.1
4.3
3.2
3.6
3.1
3.5
4.4
3.2
4.2
1.5
.3
3.6
3.0
5.5
5.4
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.7
2.6
4.8
4.1
4.5
3.2
3.8
3.2
3.4
4.5
3.3
4.2
1.7
.3
3.6
3.0
5.7
5.5
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
1980
1981
1982
1983
1984
1985
1986
1982- IV
1983- IV
1984: I
II
m
IV
1985- I
II
III
IV
1986- I
II
III
IV
1987- I
II"
1
.
.
.
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,282.8
2,376.1
1,779.4
2,012.5
2,080.6
2,139.9
2,164.4
2,201.8
2,230.9
2,266.2
2,312.4
2,321.8
2,353.3
2,358.6
2,387.7
2,404.7
2,434.8
2,464.3
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,127,1
2,182.2
1,760.2
1,940.5
1,996.7
2,035.2
2,044.7
2,069.5
2,091.1
2,115.1
2,148.7
2,153.5
2,176.7
2,171.9
2,180.8
2,199.3
2,207.6
2,223.1
Total
cost
and
profit 2
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1.054
1.073
1.089
1.011
1.037
1.042
1.051
1.059
1.064
1.067
1.071
1.076
1.078
1.081
1.086
1.095
1.093
1.103
1.109
0.095
.109
.125
.123
.118
.119
.121
.131
.120
.118
.117
.118
.118
.119
.119
.118
.120
.119
.121
.122
.123
.123
.123
0.077
.090
.094
.098
.100
.103
.104
.096
.098
.098
.100
.101
.102
.102
.104
.102
.103
.104
.101
.106
.104
.105
.107
Output is measured by gross domestic product of nonfinancia! corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
3
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.702
.715
.685
.680
.681
.682
.691
.694
.698
.701
.699
.709
.709
.714
.717
.720
.724
.727
0.031
.037
.043
.037
.039
.043
.045
.042
.037
.037
.038
.041
.042
.043
.043
.043
.044
.045
.046
.046
.045
.045
.047
Total
0.068
.078
.063
.089
.109
.107
.103
.057
.103
.109
.114
.107
.107
.106
.106
.114
.103
.104
.104
.104
.102
.106
.105
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.036
.023
.036
.040
.039
.034
.032
.033
.031
.034
.033
.033
.034
.037
.040
.045
.047
Profits
after
tax 4
0.031
.044
.037
.057
.073
.074
.068
.034
.066
.069
.075
.073
.075
.072
.075
.080
.070
.071
.069
.068
.062
.061
.059
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.867
18.288
18.674
18.969
17.382
18.029
18.221
18.312
18.255
18.359
18.458
18.588
18.849
18.787
18.941
18.930
18.974
19.073
18.933
18.990
9.939
10.861
11.699
12.124
12.570
13.103
13.566
11.914
12.261
12.409
12.494
12.623
12.746
12.883
13.022
13.173
13.324
13.437
13.525
13.608
13.724
13.708
13.799
Indirect business (ax and nontax liability plus business transfer payments less subsidies.
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
National
income
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
2,518.4
2,719.5
3,028.6
3,229.9
3,422.0
2,548.2
2,851.5
2,962.1
3,009.0
3,047.3
3,096.1
3,156.5
3,204.4
3,254.4
3,304.4
3,364.2
3,414.1
3,438.7
3,471.0
3,548.3
3,597.8
1982
1983
1984
1985
1986
1982- IV
1983: IV
1984: I
n
m
IV
1985: I
11
m
IV
1986- I
n
m
rv
1987: 1
II"
1
1,907.0
2,020.7
2,213.9
2,370.8
2,504.9
1,931.1
2,092.7
2,152.9
2,195.2
2,234.9
2,272.7
2,314.9
2,351.5
2,386.3
2,430.5
2,464.8
2,487.6
2,515.1
2,552.0
2,589.9
r
2,623.7
24.6
12.4
30.5
29.7
37.2
28.5
19.3
44.3
26.1
23.3
28.1
31.7
32.2
22.9
31.7
28.0
48.1
36.3
36.6
51.3
r
51.6
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
13.6
13.2
8.5
9.0
16.7
15.8
12.4
12.3
9.3
6.9
5.6
7.3
9.1
9.3
10.1
14.0
17.4
17.2
18.4
20.0
r
!8.9
150.9
178.4
204.0
227.6
252.6
159.8
188.6
197.1
202.0
207.5
209.7
220.4
224.2
229.5
236.3
242.8
250.1
256.2
261.2
269.7
r
276.0
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
150.0
213.7
266.9
277.6
284.4
146.1
248.5
262.7
275.5
262.6
266.9
265.6
274.2
292.8
277.8
288.0
282.3
286.4
281.1
294.0
296.5
Profits
before tax
Inventory
valuation
adjustment
169.6
207.6
240.0
224.8
231.9
164.1
231.5
253.7
251.4
228.5
226.1
217.6
218.0
230.2
233.5
218.9
224.4
236.3
247.9
257.0
267.1
-10.4
-10.9
-5.8
-.7
6.5
-13.4
-8.1
-15.5
-5.0
-1.1
-1.6
-1.5
1.8
6.5
-9.8
17.8
11.3
6.0
-8.9
-11.3
r
-18.8
159.2
196.7
234.2
224.1
238.4
150.7
223.4
238.2
246.5
227.4
224.6
216.1
219.8
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.3
Capital
consumption
adjustment
-9.2
17.0
32.7
53.5
46.0
-4.5
25.1
24.5
29.0
35.2
42.3
49.5
54.4
56.0
54.2
51.3
46.7
44.0
42.1
48.2
r
48.2
Net
interest
272.3
281.0
304.8
315.3
326.1
266.9
290.2
292.8
301.0
312.2
313.1
316.5
313.2
313.7
317.9
326.6
328.7
327.5
321.7
323.6
r
331.1
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
1982
1983
1984
1985
1986
1982: IV
1983- IV
1984: I
II
m
IV
1985:
I.
II
III
rv
1986: I
II
III
IV
1987: I
II '
... .
Total
personal
consumption
expenditures
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,117.0
2,315.8
2,361.1
2,417.0
2,450.3
2,493.4
2,549.9
2,602.0
2,665.4
2,700.1
2,737.9
2,765.8
2,837.1
2,858.6
2,893.8
2,947.3
252.7
289.1
335.5
368.7
402.4
263.8
310.0
322.7
335.1
337.7
346.7
358.2
362.4
383.7
370.5
375.9
386.4
427.6
419.8
396.1
407.5
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
108.9
130.4
157.4
177.6
194.9
115.7
144.4
151.1
157.8
158.6
162.3
171.1
173.3
191.9
174.1
177.4
184.2
217.0
201.2
177.6
187.9
Furniture
and
household
equipment
95.7
107.1
118.8
128.7
139.9
99.1
112.4
115.2
117.9
119.5
122.7
125.0
127.0
129.5
133.5
134.7
138.3
142.9
143.8
146.0
146.2
Other
48.1
51.6
59.3
62.4
67.6
49.0
53.2
56.4
59.3
59.7
61.8
62.1
62.1
62.4
62.9
63.8
64.0
67.8
74.8
72.5
73.5
Total
nondurable
goods
771.0
816.7
867.3
913.1
939.4
786.6
837.9
849.9
866.9
872.8
879.6
894.4
910.4
918.4
929.3
936.8
934.3
940.0
946.3
969.9
982.3
Food
398.8
421.9
448.5
472.8
497.8
407.0
430.8
438.3
445.8
453.6
456.1
463.5
471.2
474.9
481.7
489.4
494.7
499.6
507.5
514.8
515.4
Clothing and
shoes
124.4
135.1
146.7
157.2
167.5
126.5
141.1
143.0
147.3
146.8
149.8
153.2
155.8
158.8
160.9
163.4
167.2
169.8
169.6.
174.0
176.0
Gasoline
and oil
89.1
90.2
90.0
92.6
75.3
89.8
91.9
90.8
91.3
88.9
89.0
90.6
94.3
93.5
92.1
87.7
74.4
70.6
68.4
75.8
80.0
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Domestics
158.7
169.5
182.1
190.5
198.8
163.4
174.0
177.8
182.5
183.5
184.7
187.2
189.1
191.2
194.5
196.3
198.0
200.0
200.8
205.3
211.0
1,027.0
1,128.7
1,227.6
1,347.5
1,458.0
1,066.5
1,167.9
1,188.6
1,215.1
1,239.7
1,267.1
1,297.3
1,329.2
1,363.3
1,400.3
1,425.2
1,445.1
1,469.5
1,492.4
1,527.7
1,557.5
5.8
6.8
8.0
8.2
8.2
6.0
7.4
8.1
8.1
7.9
7.7
8.3
8.1
9.3
7.1
7.7
7.9
9.5
7.8
6.7
7.0
Imports
2.2
2.4
2.4
2.8
3.2
2.5
2.6
2.3
2.4
2.4
2.6
2.5
2.7
3.0
3.2
2.9
3.1
3.5
3.5
2.8
3.0
SOURCES OF PERSONAL INCOME
Personal income rose $14.3 billion (annual rate) in July, following a rise of $9.9 billion in June. The increases were
affected by two special factors: a large increase in retroactive social security benefit payments in May affected
the June increase and changes in subsidy payments to farmers affected both months. Excluding these special
factors, personal income increased $9.3 billion in July and $16.1 billion in June.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
BILLIONS OF DOLLARS*(RATIO SCALE)
,3,800
3,200
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
800
OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
1980
1979
1984
1983
1982
1981
1985
1987
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1979
1980
1981
1982 .
1983
1984. .
1985
1986
1986: July
Sept
Oct
Dec
1987: Jan
Feb
Mar
Apr r
May r
June r
July p
Total
personal
income
Wage and
salary
disbursements
Proprietors' income 3
Other labor
income 1 2
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
1,252.1
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,974.9
2,089.1
122.7
138.4
150.3
163.6
173.6
182.9
192.3
201.1
3,540.3
3,552.9
3,567.5
3,577.5
3,590.3
3,613.0
2,088.3
2,100.9
2,104.4
2,119.4
2,131.5
2,134.4
201.6
202.3
203.0
203.7
204.4
205.1
3,631.5
3,671.2
3,683.4
3,703.7
3,713.3
3,723.2
3,737.5
2,150.2
2,166.4
2,173.1
2,181.5
2,193.7
2,199.6
2,205.0
205.9
206.7
207.4
210.0
209.0
209.6
210.4
Farm
31.7
20.5
30.7
24.6
12.4
30.5
29.7
37.2
32.3
35.8
40.8
33.6
31.1
45.2
42.0
56.2
55.6
59.7
46.4
48.9
49.0
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
160.1
160.1
156.1
150.9
178.4
204.0
227.6
252.6
254.1
255.4
259.1
259.3
261.0
263.4
265.6
270.2
273.2
274.1
275.7
278.2
280.9
Rental
income of
persons 4
5.6
6.6
13.3
13.6
13.2
8.5
9.0
16.7
17.5
17.0
17.0
17.7
18.4
19.2
19.5
20.0
20.4
19.7
18.9
18.2
17.5
Personal
dividend
income
48.1
52.9
61.3
63.9
68.7
75.5
76.3
81.2
81.7
82.2
82.5
82.6
82.9
83.2
83.9
84.4
85.0
85.3
86.5
87.0
87.9
Personal
interest
income
221.4
271.9
335.4
369.7
393.1
444.7
476.5
497.6
499.0
498.0
497.2
497.0
496.7
496.6
498.1
499.8
501.6
503.8
506.3
508.8
511.3
Transfer
pay-
ments 5
273.1
324.7
368.1
410.6
442.6
456.6
489.7
518.3
525.3
521.6
524.0
525.6
526.3
528.0
532.2
534.5
534.3
537.3
545.4
541.8
544.9
4
Less:
Personal
contributions
for social
insurance
81.0
88.6
104.5
112.3
120.1
132.7
148.9
159.6
159.5
160.3
160.4
161.3
162.1
162.1
165.9
167.0
167.3
167.7
168.6
168.9
169.3
Nonfarm
personal
income 6
1,983.1
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,273.5
3,475.2
3,486.3
3,495.5
3,505.2
3,522.5
3,538.0
3,546.7
3,568.4
3,594.1
3,607.2
3,623.1
3,645.8
3,653.1
3,667.1
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income fell in the second quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
3,000
2,600
-DISPOSABLE PERSONAL INCOME
\
2,200
1,800
1,400
1,000
1,000
DOLLARS * (RATIO SCALE)
14,000
'— PER CAPITA DISPOSABLE PERSONAL INCOME
12,000
DOLLARS * (RATIO SCALE)
14,000
12,000
10,000
10,000
8,000
8,000
6,000
6,000
I
4,000
1980
1979
1981
I
I
1982
I
I I
1983
1985
1984
1986
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
1
Personal
tax and
nontax
payments
E 1
Disposable
personal
income
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
304.7
340.5
393.3
409.3
410.5
440.2
485.9
512.2
1,729.3
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,841.1
3,022.1
I 4,000
COUNCIL OF ECONOMIC ADVISERS
Less:
Personall
outlays
Equals:
Personal
saving
Disposable
personal
income
in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1979
1980
1981.
1982
1983
1984
1985
1986
I I
1987
Per capita personal
consumption
expenditures
Current
dollars
1982
dollars
9,829
9,722
9,769
9,724
9,930
10,419
10,622
10^947
6,960
7,607
8,320
8,818
9,515
10,253
10,987
11^588
8,904
8,783
8,794
8,818
9,139
9,489
9,830
10^142
1982
dollars
118.0
136.8
159.4
153.9
130.6
164.1
127.1
130.6
2,212.6
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.2
2^645.' 1
7,682
8,421
9,243
9,724
10,340
11,257
11,872
12^508
real per
capita
disposable
personal
income
Saving
as
percent
of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
6.8
7.1
Percent
Dollars
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,714.1
2391.5
Percent
1.0
— 1.1
.5
— .5
2.1
4.9
1.9
3.1
7.5
6.8
5.4
6.1
4.5
4.3
225,106
227,754
230,182
232,549
234,829
237,051
239,323
241,620
Seasonally adjusted annual rates
1982: IV
1983: IV
1984: I
II
2,729.2
411.1
2,318.1
2,174.9
143.1
2,276.1
9,929
9,749
9,068
8,904
1.2
6.2
233,466
2,941.8
413.9
2,527.9
2,382.5
145.4
2,392.7
10,725
10,151
9,825
9,299
9.1
5.8
235,707
3,034.1
3,074.8
3,137.8
3,188.3
422.3
432.1
446.7
459.7
2,611.8
2,642.8
2,691.1
2,728.6
2,430.7
2,490.0
2,525.9
2,571.3
181.1
152.8
165.2
157.3
2,446.9
2,456.6
2,479.2
2,496.3
11,057
11,164
11,339
11,467
10,359
10,378
10,446
10,491
9,996
10,210
10,324
10,479
9,365
9,491
9,511
9,587
8.5
.7
2.6
1.7
6.9
5.8
6.1
5.8
236,203
236,720
237,333
237,946
3,259.2
3,304.4
3,338.2
3,406.4
497.0
455.9
491.0
499.7
2,762.2
2,848.4
2,847.2
2,906.6
2,631.0
2,685.6
2,751.5
2,788.1
131.2
162.8
95.7
118.5
2,506.8
2,558.4
2,538.2
2,565.5
11,584
11,919
11,882
12,099
10,513
10,705
10,592
10,679
10,694
10,888
11,124
11,239
9,705
9,779
9,916
9,920
.8
7.5
-4.2
3.3
4.8
5.7
3.4
4.1
238,452
238,977
239,618
240,246
1986: I
II
Ill ....
IV
3,463.4
3,526.6
3,553.6
3,593.6
497.4
504.2
515.3
532.0
2,966.0
3,022.4
3,038.2
3,061.6
2,827.6
2,856.4
2,929.4
2,952.6
138.4
166.0
108.9
109.0
2,610.5
2,660.2
2,653.2
2,656.7
12,318
12,525
12,560
12,626
10,842
11,024
10,968
10,956
11,371
11,461
11,729
11,789
10,008
10,088
10,242
10,229
6.2
6.9
-2.0
-.4
4.7
5.5
3.6
3.6
240,782
241,313
241,896
242,489
1987:
3,662.0
536.1
578.0
3,125.9
3,135.4
2,987.5
3,041.4
138.4
94.0
2,674.6
2,647.8
12,865
12,878
11,008
10,875
11,910
12,105
10,190
10,223
1.9
-4.7
4.4
3.0
242,971
243,476
Ill ....
IV
1985: I
II
m....
IV
I
II '.... 3,713.4
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal 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 INCOME
In the second quarter, according to preliminary estimates, gross farm income fell $22.0 billion (annual rate) and net
farm income fell $23.9 billion. (Series revised.)
BILLIONS OF DOLLARS * (RATIO S CALE)
240
200
x~lr-^.
160
^
BILLIO NS OF DOLLARS * (RATIO SCALE)
240
200
^
160
X~-^--—-1
|-_
1
~***~
---^
120
"
\
120
\
GRO! S FARM INCO AE
80
80
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]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1979
1980
1981
1982
1983
1984
1985
1986
1984: I r r
n T
rn r
rv
1985- I r r
n r
mr
IV
1986- I r
II '
r
TTT
IV r
1987- I r p
n
150.7
149.3
166.3
163.5
153.1
174.7
166.0
159.4
179.0
165.2
172.3
182.3
170.4
159.5
155.0
179.4
151.9
163.3
148.8
173.7
169.1
147.1
131.5
139.7
141.6
142.6
136.5
142.3
144.2
135.2
140.1
137.5
142.6
149.0
139.9
133.3
140.2
163.4
136.3
126.0
130.2
148.3
131.9
121.5
Livestock and
products
69.2
68.0
69.2
70.3
69.4
72.9
69.8
71.6
75.8
72.0
72.0
71.8
69.9
69.0
68.9
71.4
68.3
66.8
77.8
73.3
72.6
72.1
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
3
Income in current dollars divided by the GNP implicit price deflator (1982= 100).
Crops
62.3
71.7
72.5
72.3
67.1
69.4
74.4
63.6
64.3
65.5
70.6
77.2
70.0
64.3
71.3
92.0
67.9
59.1
52.4
75.0
59.3
49.4
Value of
inventory
changes 2
Production
expenses
Current
dollars
1982 dollars 3
5.0
6.3
6.5
-1.4
-10.9
6.2
2.7
-3.3
123.3
133.1
139.4
140.0
140.4
142.7
133.7
122.1
27.4
16.1
26.9
23.5
12.7
32.0
32.3
37.5
34.9
18.8
28.6
23.5
12.2
29.6
29.0
32.8
2.1
7.3
8.8
6.6
143.2
143.6
142.9
141.1
35.8
21.7
29.4
41.2
33.7
20.1
27.2
38.0
1.1
-2.4
4.2
-5.1
138.2
135.3
132.2
129.1
32.2
24.1
22.6
50.3
29.2
21.8
20.3
44.8
-4.2
-3.5
3.0
125.9
123.1
120.7
118.7
26.0
40.2
28.2
55.0
23.1
35.4
24.6
47.9
116.2
117.9
53.0
29.1
45.6
24.9
-2.4
2.0
-1.7
NOTE.—Data include net Commodity Corporation loans and operator households.
Series revised beginning 1982.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the second quarter, according to preliminary estimates, corporate profits before tax rose $10.1 billion (annual
rate) and after-tax profits rose $5.4 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320(
320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
PROFITS BEFORE TAX
240
'""^lA
—
\/
200
.
X
^\
/
240
r^"l
^-/
f"
—
"%N
f
\s
-\
.-.\
\-">X,,
•*.--•
/'
120
—
""X..3
,-.,.
80
~~N
/
\
?"*
„/'
TAX LIAB LITY.
'''
40
,—'"
s
\
>
—
160
•. *--'"*••
f
80
200
—
V
\— •.•*"'
120
-
^—^.[—-PROFITS AF TER TA ^
-\
160
—
-
—
_.._.
40
—T^
UN 3ISTRIBUTED P (OFITS
i
i i i
i i
1980
1979
1
1
1
1981
1
1
1
1
1
i
1
i i
1984
1983
1982
1
1
1
1985
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1986
1
1
1
0
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment i
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
1980
1981
1982
1983
1984 . .
1985
1986
1982- IV
1983- IV
1984: I
n
m
IV
1985- I
II
Ill
IV
1986: I
n
m
IV
1987- I...
II"
1
2
3
194.0
202.3
159.2
196.7
234.2
224.1
238.4
150.7
223.4
238.2
246.5
227.4
224.6
216.1
219.8
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.3
159.6
173.8
131.2
166.6
203.3
193.6
207.2
121.6
190.7
207.8
216.6
194.8
193.9
187.1
189.2
208.3
189.7
202.3
207.0
210.2
209.3
213.1
214.0
Financial
21.0
16.5
11.8
18.1
13.0
18.4
26.1
18.7
15.5
14.5
13.1
10.8
13.6
15.3
19.1
18.4
20.8
26.2
26.9
25.2
26.1
27.6
27.7
Total 3
138.6
157.3
119.4
148.5
190.3
175.2
181.1
102.9
175.2
193.3
203.5
184.0
180.3
171.8
170.1
189.9
168.9
176.2
180.0
185.1
183.2
185.5
186.3
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Manufacturing
77.1
88.5
58.0
70.1
88.8
72.2
69.4
46.8
88.6
95.0
97.0
83.3
79.8
67.8
68.4
80.1
72.4
61.9
72.5
68.0
75.4
75.4
Profits
before tax
Tax
liability
237.1
226.5
169.6
207.6
240.0
224.8
231.9
84.8
81.1
63.1
77.2
93.9
96.7
105.0
59.8
88.1
101.2
100.3
87.2
87.0
94.0
93.2
100.5
99.1
98.1
102.1
106.1
113.9
128.0
132.7
Wholesale and
retail
trade
21.6
32.5
34.6
38.9
51.2
51.4
52.1
33.6
43.1
48.0
52.7
52.2
51.8
52.0
52.8
55.7
45.0
55.8
48.2
54.6
49.7
56.2
164.1
231.5
253.7
251.4
228.5
226.1
217.6
218.0
230.2
233.5
218.9
224.4
236.3
247.9
257.0
267.1
Total
152.3
145.4
106.5
130.4
146.1
128.1
126.8
104.3
143.4
152.5
151.2
141.4
139.2
123.6
124.8
129.7
134.4
120.9
122.3
130.2
134.0
129.0
134.4
Dividends
Undistributed
profits
54.7
63.6
66.9
71.5
79.0
81.3
86.8
68.5
73.9
76.6
78.9
79.8
80.8
81.2
81.3
81.2
81.7
84.3
86.6
87.7
88.6
90.3
92.3
97.6
81.8
39.6
58.9
67.0
46.8
40.0
35.8
69.5
76.0
72.3
61.5
58.4
42.4
43.5
48.5
52.7
36.6
35.7
42.5
45.4
38.7
42.0
Inventory
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
-5.8
-.7
6.5
-13.4
-8.1
-15.5
-5.0
-1.1
-1.6
-1.5
1.8
6.5
-9.8
17.8
11.3
6.0
-8.9
-11.3
r
-18.8
NOTE.—Corporate profits and related measures for 1986 reflect retroactive provisions of the Tax
Reform Act of 1986.
Source: Department of Commerce, Bureau of Economic Analysis,
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter, nonresidential fixed investment rose $9.5 billion (annual
rate) while residential investment rose $2.7 billion. There was a $40.4 billion increase in inventories following an
increase of $51.6 billion in the first quarter.
BILLIC)NS OF DOLLARS
800
BILLIONS OF DOL .ARS
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
r~ir^\
7
_.,- -•"
[_
GROSS PRIVATE DOMESTIC
600
INVESTMENT
~\
/
500
-^
—-
400
r^/
--'''"
---^.
—^
—
/\
r^
-—-***
—
/
ONRESIDENTIA
Fl)(ED INVESTMEf vlT
300
600
500
400
—
300
ENTIAL
IN>/ESTMENT
RESID
FIXED
—
IV.--
200
200
*""""
—.
^_
.
—
100
100
0
CHAN GE IN BUSINE!>S
JVENTORIES
lh
—
~-^
1
1 1
1979
1
1980
—
*»•-.
"""'•- -J
s~*
'~-''
-100
^--\
1
1
1981
1
1
1
1 1 1
1983
1982
1
1 1
1984
1
1 1
1985
OURCE: DEPARTMENT OF COMMERCE
1 1 1
1986
0
1
1
1
-100
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
454.8
437.0
515.5
447.3
502.3
664.8
641.6
671.0
1979
1980
1981
1982
1983
1984
1985
1986
1982:
1983:
1984:
IV...
IV
I
409.6
579.8
n....
m
663.0
664.2
670.3
661.8
m..
638.6
648.4
628.6
650.8
II....
Ill
683.4
679.4
660.8
660.2
IV..
1985: I
II
IV
1986- I
IV..
1987: I ....
II '
Source: Department of Commerce, Bureau of Economic Analysis.
699.9
700.9
Nonresidential
Total
Total
441.9
445.3
491.5
471.8
509.4
597.1
631.6
655.2
469.5
548.8
568.9
597.5
605.4
616.8
617.3
629.9
631.0
648.3
645.1
651.9
657.3
666.6
648.2
660.4
302.8
322.8
369.2
366.7
356.9
416.0
442.6
436.9
354.9
383.9
392.7
413.2
423.3
435.0
431.5
445.6
442.0
451.5
440.7
433.8
433.5
439.7
422.8
432.3
Structures
99.5
113.9
138.5
143.3
124.0
141.1
152.5
137.4
137.6
127.4
133.0
141.3
143.6
146.6
150.6
154.4
152.9
152.1
149.6
135.9
131.1
132.9
128.7
130.0
Producers'
durable
equipment
203.3
208.9
230.7
223.4
232.8
274.9
290.1
299.5
217.3
256.5
259.7
271.9
279.7
288.4
280.8
291.3
289.1
299.3
291.0
297.9
302.4
306.7
294.1
302.3
Residential
139.1
122.5
122.3
105.1
152.5
181.1
189.0
218.3
114.7
164.9
176.2
184.3
182.1
181.8
185.8
184.3
189.0
196.8
204.4
218.1
223.8
226.9
225.4
228.1
Total
13.0
-8.3
24.0
-24.5
-7.1
67.7
10.0
15.7
599
31.0
94.1
66.7
65.0
45.0
21.4
18.5
24
2.5
38.3
27.5
3.5
64
51.6
40.4
Nonfarm
7.9
-2.4
18.3
-23.1
.4
60.5
13.6
16.8
-51.1
21.3
71.4
63.7
65.8
41.3
17.7
13.7
5.2
17.8
38.5
24.5
9
5.1
48.7
27.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1987 survey, business spending for new plant and equipment
in 1987 is expected to be 3.1 percent above the 1986 level.
BILLIONS OF DOLLARS (RATIO SCALE)
MJU
BILLIONS OF DOLLARS (RATIO SCALE)
iOO
SEASONALLY ADJUSTED ANNUAL RATES
400
400
1
_
—
—_^-* *~^
300
~^~^*^
'
r~r
300
1
^^
ALL INDUSTRIES
^
-^-
-•^~
200
200
~
s*~
L
~f"
NON/ ^ANUFACTUR1 40^
_--
-"
100
'"•
v
'- -,'
~~
100
M ^NUFACTURIN G
—
-"'
80
80
—
—
60
60
—
—
40
40
1
1
1979
1
1
1
\ \ i
I
1
1
t
1982
1981
1980
1
1
1
1983
1
1 1
1984
\
\ \
1985
1
1 1
1986
_!// SURVEYED QUARTERLY
2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
^^^
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
All
industries
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987 4
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.27
390.89
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.73
145.91
1985- I
II
III
IV
373.56
387.86
389.23
397.88
1986- I
II
Ill
IV
1987- I
II4 .
Ill 4
IV4
Period
Nonmanufacturing
Manufacturing
Surveyed
quarterly
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.08
70.86
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.65
75.05
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.54
244.99
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.25
10.45
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.75
19.40
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.44
45.64
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.10
169.50
146.94
154.25
154.47
158.26
70.29
74.34
72.99
75.47
76.64
79.91
81.48
82.79
226.62
233.61
234.76
239.61
15.81
16.56
15.89
15.25
16.70
17.45
18.81
19.15
48.44
48.61
48.44
49.79
145.68
150.99
151.62
155.42
146.94
15425
154.47
15826
226.62
233.61
234.76
239.61
377.94
375.92
374.55
388.69
144.03
141.68
139.21
146.01
68.01
68.33
69.31
70.68
76.02
73.35
69.89
75.33
233.90
234.24
235.34
242.68
12.99
11.23
10.15
10.63
18.22
18.28
19.03
19.48
47.03
46.55
45.90
46.27
155.67
158.18
160.25
166.31
14403
141.68
13921
146.01
233.90
234.24
235.34
242.68
372.24
392.02
397.06
402.26
139.38
146.90
148.45
148.90
69.72
73.06
71.84
68.81
69.65
73.83
76.61
80.09
232,87
245.12
248.60
253.36
10.17
10.85
10.60
10.20
18.77
19.47
20.02
19.33
43.44
45.94
46.80
46.37-
160.49
168.86
171.19
177.46
139.38
14690
148 45
148.90
23287
245.12
24860
253.36
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; medieai services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business 2
284.94
314.47
349.26
347.47
343.35
398.99
431.94
427.03
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.73
145.91
Total
189.02
202.15
222.72
226.79
227.15
260.16
278.46
284.30
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.54
244.99
Surveyed
annually°
29.98
31.68
34.04
36.89
38.56
44.55
44.81
47.75
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in late April-May 1987, corrected for
biases.
Source1. Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In July, seasonally adjusted civilian employment rose 470,000 and unemployment fell 36,000.
MILLIONS OF PERSONS*
120
MILLIONS OF PERSONS*
120
SEASONALLY ADJUSTED
116
116
112
112
108
108
CIVILIAN LABOR FORCE -
104
104
100
100
\
CIVILIAN
EMPLOYMENT
96
96
92
92
***
-v
v,
12
12
8
8
UNEMPLOYMENT
4
4
miili
Illllllllll
Illllllllll
1980
1979
1981
1982
Illllllllll Illllllllll
1983
1984
Illllllll
1985
Illlllll
1986
Illllllllll
1987
0
"16 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1979
1980
1981
1982
1983
1984
1985
1986*
1986: July* ....
Aug
Sept
Oct
Nov
Dec
1987: Jan
Feb
Mar
Apr
May
June
July
Noninstitutional
population
including
resident
Armed
Forces
NSA
166,460
169,349
171J75
173,939
175391
178,080
179312
182,293
182,354
182,525
182,713
182,935
183,114
183,297
183,575
183,738
183,915
184,079
184,259
184,421
184,605
dent
T?
_c orces
NSA
1,597
1,604
1345
1,668
1376
1,697
1J06
1,706
1,672
1,697
1,716
1,749
1,751
1,750
1,748
1,740
1,736
1,735
1,726
1,718
1,720
Ijabor torce
including
re e
Armed
Forces
Employment
including
resident
Armed
Forces
106,559
108,544
110315
111,872
100,421
100,907
102,042
101,194
102,510
115,241
106,702
108,856
111,303
111,559
111,764
111,703
111,941
112,183
112,387
112,759
113,122
113,104
113,570
114,173
113,975
114,447
119,540
119,789
119,821
119,988
120,163
120,426
120,336
120,782
121,089
120,958
121,070
121,719
121,235
121,672
Nonagricultural
Civilian
labor force
104,962
106,940
108370
110,204
111350
113,544
117334
118,117
118,124
118,272
118,414
118,675
118,586
119,034
119,349
119,222
119,335
119,993
119,517
119,952
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Labor foree as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutionai population.
Unemployment
Civilian employment
R oei
6SI-
j i
T otal
98,824
99,303
100397
99,526
100334
105,005
107J150
109,597
109,887
110,067
109,987
110,192
110,432
110,637
111,011
111,382
111,368
111,835
112,447
112,257
112,727
Agricultural
3,347
3,364
3368
3,401
3383
3,321
3*179
3,163
3,124
3,057
3,142
3,162
3,215
3,161
3,145
3,236
3,284
3,290
3,335
3,178
3,219
Total
95,477
95,938
97,030
96,125
97,450
101,685
103,971
106,434
106,763
107,010
106,845
107,030
107,217
107,476
107,866
108,146
108,084
108,545
109,112
109,079
109,508
Part-time
for
economic
reasons *
3,373
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,222
5,269
5,303
5,450
5,319
5,342
5,201
5,459
5,164
5,110
5,029
4,918
5,235
T otal
oiai
6,137
7,637
8,273
10,678
10,717
8,539
8,312
8,237
8,230
8,057
8,285
8,222
8,243
7,949
8,023
7,967
7,854
7,500
7,546
7,260
7,224
15
weeks
and
over
1,241
1,871
2,285
3,485
4,210
2,737
2,305
2,232
2,250
2,272
2,373
2,168
2,217
2,171
2,200
2,131
2,050
2,075
2,101
2,055
1,907
Labor force
participation
rate (percent)
2
Civilian 3
64.0
64.1
64.2
64.3
63.7
63.8
63.9
64.0
64.0
64.4
64.8
653
65.4
65.3
65.3
65.4
65.4
65.3
65.5
65.6
65.4
65.4
65.7
65.4
65.6
Total
64.4
64.7
65.1
65.6
65.7
65.6
65.7
65.7
65.8
65.7
65.8
65.9
65.8
65.8
66.1
65.7
65.9
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In July, the seasonally adjusted overall unemployment rate fell to 5.9 percent and the civilian unemployment rate
fell to 6.0 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
5
V
~.v i\
. >- v
TEENAGERS
(16-19)
\
\
n
~ \
.
•'
•'< '»
_' i / V
\
~\'
'-'
i/V -xx .
- v, -v
'
I
i
X
g
10
0
X
WOMEN 20 YEARS
AND OVER
'*~\
^S>
<-»„.
C 'f—^»~«. ""V»
MEN 20 YEARS
AND OVER
0
Illllllllll
1983
1983
Illllllllll Illllllllll ||llllllll|
1984
1985
1986
Illllllllll
1987
•UNEMPIOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
workers 1
By sex and age
All
civilian
workers
1979 ...
1980
1981
1982
1983
1984
1985
1986 ....
5.8
7.0
7.5
9.5
9.5
7.4
7.1
6.9
5.8
7.1
7.6
9.7
9.6
7.5
1986:
July
Aug
Sept
Oct
Nov
Dee
1987: Jan
Feb
Mar
Apr
May
June....
July
Men
20 years
and over
Women
20 years
and
over
By selected groups
By race
Both
sexes
16-19
years
White
Black
and
other
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
2.8
4.2
8.3
9.2
5.3
6.9
8.8
8.8
4.3
6.5
6.5
4.6
4.3
4.4
10.4
11.7
12.2
10.3
10.4
7.3
9.6
9.5
7.2
6.8
6.6
9.4
10.5
10.4
9.3
9.3
9.1
9.8
8.9
9.7
9.8
6.6
6.4
6.6
6.6
6.6
6.3
9.2
9.3
9.3
9.2
9.1
8.8
7.8
7.7
7.9
7.8
7.7
7.6
9.8
9.5
9.7
9.3
9.6
9.7
9.4
6.4
6.3
6.2
5.9
5.9
5.9
5.7
9.0
8.7
9.2
8.6
8.7
6.9
7.9
7.6
7.6
7.4
7.3
7.2
7.1
6.9
6.9
6.7
6.9
6.8
6.8
6.6
7.0
6.8
7.0
6.9
6.9
6.7
6.2
5.9
6.2
6.2
6.2
6.0
6.2
6.1
6.2
6.1
6.1
5.9
17.9
18.0
18.5
17.7
18.2
17.3
6.0
5.8
6.0
6.0
6.0
5.8
12.7
13.1
13.1
12.7
12.7
12.3
14.2
14.6
14.6
14.3
14.2
13.7
6.6
6.5
6.5
6.6
6.5
6.3
4.4
4.2
4.3
4.6
4.5
4.3
6.6
6.6
6.5
6.2
6.2
6.0
5.9
6.7
6.7
6.6
6.3
6.3
6.1
6.0
6.0
5.9
5.8
5.5
5.5
5.5
5.4
5.9
5.8
5.8
5.5
5.4
5.2
5.4
17.7
18.0
18.1
17.4
17.7
15.9
15.5
5.9
5.7
5.6
5.4
5.3
5.2
5.1
12.6
12.8
12.5
11.7
12.2
11.4
11.3
14.3
14.3
13.9
13.0
13.8
12.7
12.6
6.3
6.2
6.1
5.9
5.9
5.8
5.8
4.2
4.2
4.1
4.1
3.9
4.0
3.8
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
6.3
7.9
8.5
5.5
6.9
7.3
9.3
9.2
7.1
6.8
6.6
7.2
7.0
1
Parttime
workers
12.3
14.3
15.6
18.9
19.5
15.9
15.1
14.5
6.8
8.3
8.1
6.8
6.6
6.2
2
Pulltime
workers
11.3
13.1
14.2
17.3
17.8
14.4
13.7
13.1
8.8
8.9
6.6
6.2
6.1
5.7
6.4
who
maintain
families
5.1
6.3
6.7
8.6
8.4
6.5
6.2
6.0
16.1
17.8
19.6
23.2
22.4
18.9
18.6
18.3
4.2
5.9
6.3
Women
Labor
force
time lost
(percent) 2
9.8
9.5
10.1
Source: Department of Labor, Bureau of Labor Statistics.
11.0
10.9
8.6
8.1
7.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In July, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 5-14
weeks rose and the percentages for 15-26 weeks and for 27 weeks and over fell. The mean duration of
unemployment fell and the median was unchanged.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
60
50
50
\_A...
LESS THAN
5 WEEKS
*
40
V -'-•'
s
'
JOB LOSERS
«
40
5-14
/*"'"
WEEKS
REENTRANTS
-/*'/
~ —v^\
30
20
PCV
30
\''
27 WEEKS
AND OVER
20
NEW ENTRANTS
~""'V\
X
*•"
"*
*
'^-'V—
10
10
15-26
WEEKS
JOB LEAVERS
Illllllllll
1983
1986
1985
1984
1983
1987
1984
1985
1986
1987
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1980
1981
1982
1983
1984
1985
1986
7,637
8,273
10,678
10,717
8,539
8,312
8,237
43.1
41.7
36.4
33.3
39.2
42.1
41.9
32.3
30.7
31.0
27.4
28.7
30.2
31.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
11.9
13.7
15.6
20.0
18.2
15.6
15.0
6.5
6.9
8.7
10.1
7.9
6.8
6.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
11.7
11.2
7.9
7.7
9.6
10.6
12.3
25.2
25.4
22.3
22.5
25.6
27.1
26.2
11.4
11.9
11.1
11.3
13.0
12.5
12.5
3,350
3,047
4,061
3,396
2,476
2,611
2,650
488
460
583
438
377
396
378
3,837
3,410
4,594
3,775
2,561
2,693
2,746
1986: Julv
Aug
Sept
Oct
Nov.
Dec
8,230
8,057
8,285
8,222
8,243
7,949
41.6
42.3
41.1
41.9
41.2
42.4
30.9
29.7
30.4
31.5
31.8
30.2
12.9
13.2
13.4
11.7
12.7
12.9
14.6
14.8
15.2
14.9
14.3
14.5
15.1
15.6
15.5
15.2
14.8
15.0
7.1
7.1
7.1
7.0
7.0
7.1
49.1
47.6
48.9
48.7
48.1
48.9
12.4
12.3
12.6
12.6
12.9
13.0
26.6
27.4
25.9
26.8
25.8
25.4
11.9
12.6
12.6
11.9
13.1
12.8
2,699
2,713
2,707
2,621
2,565
2,515
379
388
370
357
355
357
2,632
2,483
2,335
2,296
2,478
2,841
1987: Jan
Feb
Mar
8,023
7,967
7,854
7,500
7,546
7,260
7,224
41.9
42.2
42.9
42.2
44.3
42.5
43.9
31.1
31.1
31.1
30.0
28.0
29.1
29.7
12.5
12.7
12.0
13.8
13.2
13.8
13.1
14.5
14.1
14.0
14.1
14.5
14.6
13.3
15.0
14.6
14.9
14.9
14.9
14.8
14.0
7.0
6.6
6.6
7.0
6.5
6.7
6.7
49.6
48.2
48.4
49.7
47.8
49.0
48.6
11.1
13.1
12.7
12.3
12.0
13.0
13.9
25.7
25.6
26.8
25.8
26.7
27.0
26.4
13.6
13.1
12.1
12.1
13.5
11.0
11.1
2,507
2,477
2,453
2,356
2,310
2,303
2,296
363
369
342
329
329
332
334
3,276
3,155
2,933
2,526
2,216
May
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 304,000 in July.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
100
,
—
•
_
^ '
\
[ • " " A L L N ONAGRICU .TURAl
90
ES TABLISHMEh•ITS
-^
20
80 —
—
18
70
SEF VICE-PRODI CING
._---"
16
INDUSTRIES
60
MANUFACTURING
20
50
18
llllllllllllllllllllllll
40
6
GOODS-PRODU
INDUSTRIE;
30
CONSTRUCT ION
:ING
4
\
20
mminiii Illllllllll iiiiiliini Illllllllll Illllllllllt
' 1983
1984
1985
1986
2 l|llllllllll
1983
1987
r^
iiiiiliini
1984
Illllllllll Illllllllll lllllllllll|
1985
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1986
1987
'
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Goods-producing industries
PQ 'n J
renoa
1980
1981
1982
1983
1984.
1985
1986 ..
Total
nonagricultural
employment
Service-producing industries
Manufacturing
Total
z
Construction
Total
TJiirahlo
IJ lira Die
goo s
Nondurable
goods
90,406
91,156
89,566
90,200
94,496
97,519
99,610
25,658
25,497
23,813
23,334
24,727
24,859
24,681
4,346
4,188
3J905
3^948
4,383
4^673
4,904
20,285
20,170
18^781
18,434
19,378
19,260
18,994
12,187
12,109
11^039
10^732
11,505
11490
11,244
8,098
8,061
7,741
7J702
7373
1986: July....
Aug....
Sept....
Oct
Nov ....
Dec
99,601
99,772
100,039
100,209
100,415
100,567
24,628
24,639
24,620
24,611
24,630
24,630
4,924
4,946
4,948
4,942
4,946
4,936
18,940
18,945
18,933
18,934
18,954
18,970
1987:
100,919
101,150
101,329
101,598
101,708
101,811
102,115
24,708
24,743
24,749
24,759
24,752
24,775
24,849
5,034
5,038
5,032
5,019
4,999
5,010
5,009
18,956
18,986
18,995
19,011
19,018
19,028
19,098
Jan
Feb
Mar
Apr
May T..
June r.
July".
Wholesale
trade
Retail
trade
Finance,
insurance,
and real
estate
Services
Total
Federal
5,341
5^468
5,689
5J955
6,297
16,241
16,031
15337
15369
16,024
16394
16,711
2,866
2,772
2^739
2,774
2,807
2,875
2,899
17,866
17,913
17,939
17,980
18,009
18,007
6,323
6,351
6,374
6,395
6,418
6,451
23,202
23,284
23,317
23,369
23,452
23,544
16,610
16,647
16,798
16,872
16,900
16,924
2,872
2,882
2,902
2,897
2,900
2,904
18,080
18,140
18,136
18,197
18,205
18,217
18,278
6,480
6,501
6,526
6,558
6,576
6,595
6,614
23,670
23,759
23,842
23,926
24,025
24,051
24,133
16,936
16,935
16,977
17,038
17,031
17,042
17,107
2,912
2,916
2,922
2,933
2,935
2,938
2,937
5,275
5,358
5^278
5^268
5,555
5^717
5,735
15,035
15,189
15479
15313
16,545
17356
17,845
5,160
5,298
7J750
5,146
5,165
5,082
4J954
5,159
5J238
5,244
11,199
11,206
11,181
11,169
11,174
11,175
7,741
7,739
7,752
7,765
7,780
7,795
74,973
75,133
75,419
75,598
75,785
75,937
5,237
5,202
5,255
5,251
5,278
5,286
5,735
5,736
5,736
5,731
5,728
5,725
11,157
11,179
11,176
11,175
11,175
11,179
11,194
7,799
7,807
7,819
7,836
7,843
7,849
7,904
76,211
76,407
76,580
76,839
76,956
77,036
77,266
5,304
5,315
5,333
5,348
5,344
5,351
5,344
5,741
5,757
5,766
5,772
5,775
5,780
5,790
1,110
Government
17,890
18,619
19336
19394
20,797
22300
23,099
64,748
65,659
65^753
66366
69,769
72360
74,930
1
Includes all full- and part-time wage and salary workers in nonagricultura! establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
Total
Transportation
and
public
utilities
putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
2 Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAORICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly
earnings
Average weekly
hours
Period
1979
1980
1981
Total
Total
private
nonagricultural *
Overtime
Sept
Oct
Nov
Dec
35.7
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.7
34.7
34.7
34.7
34.8
34.6
40.2
39.7
39.8
38.9
40.1
40.7
40.5
40.7
40.6
40.8
40.8
40.7
40.8
40.8
3.5
3.5
3.5
3.5
3.5
3.6
7.25
7.68
8.02
8.32
8.57
8.76
8.74
8.77
8.78
8.82
8.86
8.84
Jan
Feb
Mar
Apr
May r
June r
July p
34.7
34.9
34.8
34.7
34.9
34.8
34.7
40.9
41.1
40.9
40.6
41.0
41.0
41.0
3.6
3.6
3.6
3.5
3.8
3.7
3.8
8.86
8.88
8.91
8.91
8.95
8.94
8.96
.
1982
1983
1984
1985
1986
1986: July
1987:
Manufacturing
Total
private
nonagricultural '
3.3
2.8
2.8
2.3
3.0
3.4
3.3
3.4
Adjusted hourly earnings index2 — total private
nonagricultural
Percent change 4from
a year
earlier 5
Index,
Manufacturing
Current
dollars
1977 dollars
97.4
93.5
92.6
93.4
94.9
94.6
94.1
95.0
95.1
95.2
95.0
95.1
95.5
95.3
7.9
9.0
9.1
6.9
4.6
3.2
3.1
2.5
9.74
9.75
9.75
9.77
9.78
9.79
116.8
127.3
138.9
148.5
155.4
160.3
165.2
169.3
169.1
169.5
169.8
170.2
171.2
171.1
2.4
2.4
2.0
2.4
2.6
2.0
-3.1
-4.0
10
.9
1.6
-.3
5
1.0
1.2
1.1
.6
1.2
1.7
1.3
9.79
9.81
9.83
9.86
9.88
9.89
9.88
171.2
171.8
172.2
172.6
172.9
172.9
173.2
94.7
94.6
94.4
94.2
94.0
93.8
93.7
2.2
2.1
2.2
2.5
2.4
2.2
2.4
1.1
.3
-.6
-1.2
-1.3
-1.4
-1.4
$6.70
7.27
7.99
8.49
8.83
9.19
9.54
9.73
$6.16
6.66
1977
dollars 3
Current
dollars
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private nonagricultural 5
Average gross weekly earnings
Period
Current dollars
1979
1980
1981
1982
.
1983
1984
1985
1986
1986- July
Aue
Sept
Oct
Nov
Dec
1987:
Jan
Feb
Mar
May r
July"
Manufacturing
Total private
nonagricultural l
$219.91
235.10
255.20
267.26
280.70
292.86
299.09
304.85
$183.41
172.74
170.13
168.09
171.26
172.78
170.42
171.07
$269.34
288.62
318.00
330.26
354.08
374.03
386.37
396.01
$342.99
367.78
399.26
426.82
442.97
458.51
464.46
466.38
$138.62
147.38
158.03
163.85
171.05
174.33
174.64
176.08
8.0
6.9
8.5
4.7
5.0
4.3
2.1
1.9
303.28
304.32
304.67
306.05
308.33
305.86
170.57
170.97
170.59
171.07
171.96
170.40
395.44
397.80
397.80
397.64
399.02
399.43
464.01
468.00
469.25
471.38
473.71
471.85
175.78
176.08
176.06
176.35
177.24
176.00
1.5
1.7
1.2
1.5
2.1
.5
307.44
309.91
310.07
309.18
312.36
311.11
310.91
170.04
170.75
170.09
168.77
169.95
168.71
168.24
400.41
403.19
402.05
400.32
405.08
405.49
405.08
476.63
474.24
478.30
471.61
481.97
478.65
478.41
175.45
176.97
177.27
179.36
179.05
177.83
179.02
1.2
2.4
1.8
1.8
2.6
2.6
2.7
4
5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977 = 100 base).
1977 dollars
Current dollars
2
Retail trade
Current dollars
1977 dollars 3
1
3
Construction
-3.1
5.8
-1.5
1.2
1.9
.9
-1.4
.4
.3
.5
-.2
.3
1.2
2
.1
.5
1.0
-1.9
-1.1
-1.0
-1.2
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output l
Business
sector
Hours of all
persons z
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1979
99.6
99.3
107.9
107.9
108.3
108.7
119.1
118.9
99.4
99.2
119.5
119.7
117.0
116.5
1980
1981
1982
1983..
1984
99.3
100.7
100.3
103.0
105.6
98.8
99.8
99.2
102.5
104.6
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.7
112.9
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.0
131.3
143.6
154.8
161.5
167.8
96.7
95.7
97.3
98.2
98.0
96.6
95.7
97.2
98.2
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986
107.5
109.5
105.8
107.5
123.9
128.0
123.6
127.5
115.2
116.9
116.8
118.6
175.9
182.8
175.2
182.0
99.1
101.0
98.7
100.6
163.6
166.9
165.6
169.3
162.4
165.8
164.1
167.8
99.7
105.0
104.2
103.9
104.5
158.3
158.2
98.0
97.9
156.8
158.7
150.2
151.4
163.6
163.4
98.0
97.9
157.7
158.2
155.2
156.2
1982:
IV
101.0
1983:
IV
103.7
103.3
113.6
114.1
109.4
110.4
1984:
I
105.1
105.6
105.5
105.9
104.1
104.7
104.6
104.8
117.1
119.1
119.7
120.8
117.1
119.3
119.8
120.7
111.4
112.8
113.4
114.0
112.4
113.9
114.5
115.2
165.8
166.9
168.7
170.3
165.6
166.8
168.6
170.2
98.1
97.8
98.0
98.1
98.0
97.7
97.9
98.0
157.8
158.0
159.9
160.8
159.0
159.3
161.2
162.4
156.5
157.6
158.7
159.8
157.0
158.3
159.7
161.0
106.5
107.2
108.2
107.9
105.2
105.7
106.4
105.9
122.2
123.3
124.7
125.3
122.0
123.1
124.3
124.9
114.7
115.0
115.2
116.1
115.9
116.4
116.9
117.9
172.4
174.6
177.0
179.3
172.2
174.1
176.2
178.3
98.5
98.6
99.4
99.7
98.4
98.3
98.9
99.2
161.9
162.8
163.6
166.1
163.6
164.7
165.7
168.3
160.8
162.0
163.0
164.0
162.2
163.6
164.9
165.7
109.5
109.7
109.6
109.6
107.7
107.7
107.5
107.5
127.3
127.5
128.1
129.0
126.9
127.1
127.6
128.5
116.3
116.3
116.9
117.8
117.9
118.0
118.7
119.6
180.7
182.2
183.6
185.2
180.0
181.3
182.6
184.4
100.1
101.3
101.4
101.6
99.7
100.8
100.9
101.2
165.0
166.2
167.5
169.0
167.2
168.4
169.8
171.5
164.3
165.4
166.9
166.7
166.4
167.3
168.8
168.8
109.7
110.0
107.6
107.9
130.2
131.1
129.7
130.7
118.7
119.1
120.6
121.1
185.8
187.3
184.9
186.3
100.7
100.3
100.2
99.7
169.4
170.2
171.8
172.6
168.2
169.8
170.3
171.4
-1.2
-1.6
n
m
IV
1985- I
n...
m
IV
1986- I
n...
m
IV
1987:
I
n r.
Percent change; quarterly data at seasonally adjusted annual rates
1979
1980
1981..
1982
1983
1984
1985
1986
2.0
1.9
-1.4
-1.6
11.1
11.2
9.0
8.9
10.5
9.4
7.8
4.3
3.9
-2.7
10
1.6
1.0
-.2
-2.7
-.9
1.5
1.1
-.3
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
4.4
3.9
1.1
2.0
.8
1.9
2.8
2.0
3.2
2.2
2.7
2.1
3.2
2.3
3.2
3.5
9.7
9.5
10.5
9.2
7.8
4.2
4.1
4.7
3.9
-.3
1.4
— .4
2.7
2.5
-.4
1.0
-.6
3.3
2.1
-1.1
2.1
31
4.2
8.4
12
1.7
-3.3
5.0
8.3
-.8
.7
-2.8
1.5
5.7
7
.7
-2.7
1.6
6.0
1.8
1.9
1.2
1.6
4.0
3.3
3.6
3.2
2.1
1.4
2.5
1.6
r
1982:
IV
3.0
2.4
-.5
5.0
3.2
3.7
1.5
2.6
2.4
3.0
1983:
IV
3.0
1.4
10.4
9.8
7.2
8.3
5.4
4.3
1.5
.4
2.4
2.9
4.8
3.1
5.3
2.1
-.4
1.5
3.4
2.4
-.6
1.0
12.9
7.3
1.9
3.5
11.1
7.6
1.8
3.1
7.3
5.1
2.3
2.1
7.4
5.2
2.4
2.1
5.6
2.7
4.4
3.8
5.5
3.0
4.3
3.9
.3
-1.3
.8
.4
.2
.7
.6
.3
.6
4.8
2.3
2.1
.7
4.9
2.9
3.4
2.9
2.8
2.7
2.1
3.5
3.5
3.3
III
IV
2.2
2.9
3.7
-1.0
1.5
1.7
2.6
-1.6
4.8
3.8
4.4
2.2
4.3
3.4
4.1
2.0
2.5
1.0
.7
3.2
2.8
1.7
1.5
3.6
5.1
5.1
5.7
5.1
4.8
4.5
4.9
4.9
1.7
.6
3.3
1.2
1.4
-.1
2.5
.9
2.8
2.2
1.9
6.2
3.2
2.7
2.2
6.6
2.5
3.0
2.5
2.5
3.0
3.5
3.2
2.0
1986- I
II
Ill
IV
5.8
.6
-.3
-.1
6.6
.1
-.6
.0
6.4
.7
1.8
3.0
6.4
.6
1.7
2.9
.5
.1
2.1
3.1
-.2
.6
2.3
2.9
3.2
3.5
3.0
3.6
3.9
2.9
2.8
4.0
1.6
4.8
.5
.9
2.3
4.2
.4
1.3
-2.5
2.8
3.3
3.7
-2.6
2.8
3.5
4.0
.9
2.6
3.7
-.5
1.6
2.3
3.7
.0
1987: I r
II .
.5
1.3
.4
1.3
3.5
3.0
3.8
3.0
3.0
1.6
3.4
1.7
1.4
3.3
1.1
3.0
.9
1.9
.8
1.7
3.7
4.0
3.4
2.8
1984- I
n
m
IV
1985: I
II
1
-1.2
-3.4
-3.5
Output refers to gross domestic product originating in the sector in 1982 dollars.
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 social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemploved.
iploved.
4
Hourly
ly compensation divided by the consumer price index for all urban consumers.
2
16
4.5
-3.7
-1.5
-1.0
-3.9
-1.8
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all 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.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.8 percent in July, following a rise of 0.4 percent in June. The index for July was 3.9
percent above its year-earlier level.
INDEX, 1977 = 100* (RATIO SCALE)
140
_ TOTAL INDUSTRIAL PRODUCTION
INDEX, 1977=100* (RATIO SCALE)
J»
FINAL PRODUCTS
00
120
80 1
DEFENSE AND
SPACE
FOIJIPMENT
60
100
\
1 1 til 1 1 1 1 1 1
1 1I 1 I 1 1I 1 11
\\\\\\\\\
,
-^
1 BUSINESS
EQUIPMENT
^
20 ,
120
00
^^,
t-^| -\^
40
.MANUFACTURING PRODUCTION.
DURABLE
140
-—"1
—
^
^
••.^/--"* ••-
CONSUMER
GOODS
^1 t 1I 1l
j
.
J
.
1
.
1
1
J~
II
111 11 11 1 1
1 1 1 it 1 n i ti 1 1 II I 1
M 1 1 1t 1 I I 11 1 1 1 M
100
PER CENT*
90 _
- MANUFACTURING CAPACITY UTILIZATION RATE
-
UTILITIES AND MINING PRODUCTION
80
70
100 •*
60
1983
1984
1985
1986
1987
^
(
,M,.I,.M,
1983
1984
1985
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
M.MlM,,,
1986
,M,,I,,M,
1987
- COUNCIL OF EC 3NOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1977 = 100
1977 proportion
1979
1980....
1981
1982 ..
1983
1984
1985....
1986
1986: July
Aue:
Sept
Oct
Nov
Dec
1987:
Jan
Feb
Mar
Apr '
May T
June r.
July "
1
....
Output as percent of capacity.
Capacity utilization
rate, percent l
Industry production indexes, 1977 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Manufacturing
Industrial
materials
100.0
110.7
108.6
111.0
103.1
109.2
121.4
123.8
125.1
124.9
125.1
124.9
125.3
126.0
126.7
3.9
-1.9
2.2
-7.1
5.9
11.2
2.0
1.1
1.2
.5
.5
1.4
.9
.9
84.21
111.5
108.2
110.5
102.2
110.2
123.4
126.4
129.1
129.2
129.5
129.5
129.9
130.3
131.1
49.10
113.9
109.1
111.1
99.9
107.7
124.2
127.3
127.9
127.4
127.5
128.1
128.1
128.6
129.2
35.11
108.2
107.0
109.7
105.5
113.7
122.3
125.1
130.9
131.7
132.2
131.4
132.3
132.7
133.7
9.83
106.4
112.4
117.5
109.3
102.9
111.1
108.8
99.6
97.1
96.4
96.2
95.6
97.4
96.7
5.96
105.9
107.3
107.1
104.8
105.2
110.7
111.9
109.7
109.7
108.3
108.3
109.3
111.2
110.6
84.6
79.3
78.3
70.3
74.0
80.5
80.1
79.8
79.7
79.7
79.6
79.6
79.7
80.0
87.1
81.1
81.1
71.7
75.3
82.0
80.2
78.5
78.3
77.9
78.1
77.8
78.4
78.9
126.5
127.2
127.3
127.4
128.3
128.8
129.8
.3
1.6
3.0
2.2
3.3
3.6
3.9
131.1
132.0
132.3
132.4
133.1
133.6
134.7
129.0
130.4
130.5
130.0
130.6
130.9
132.0
134.1
134.3
134.8
135.8
136.6
137.2
138.4
97.2
96.2
96.5
97.0
97.5
98.4
99.4
109.5
109.6
109.5
109.0
112.6
112.7
113.3
79.9
80.3
80.3
80.2
80.4
80.5
81.0
78.8
78.7
78.7
79.2
79.3
79.8
80.3
Source: Board of Governors of the Federal Reserve System-
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Equipment
Consumer goods
Period
Total
Total
1979 ..
1980
1981
1982
1983
1984
1985
1986
Nondurable goods
Total '
Business
44.77
111.0
112.2
115.2
109.5
114.7
127.3
131.1
132.3
25.52
103.9
102.7
104.1
101.4
109.3
118.0
120.2
124.5
6.89
99.9
88.4
89.7
82.9
98.5
112.2
112.9
116.2
18.63
105.4
108.1
109.3
108.3
113.3
120.1
122.9
127.5
19.25
120.4
124.7
129.9
120.2
121.7
139.6
145.4
142.7
14.34
124.7
125.1
127.6
113.6
115.4
134.2
139.6
138.6
132.0
132.6
132.2
132.7
133.1
133.7
125.2
125.1
124.2
124.7
125.6
127.2
116.3
115.7
117.4
116.3
118.4
121.5
128.4
128.6
126.7
127.8
128.3
129.4
141.0
142.5
142.8
143.3
143.1
142.2
137.9
139.3
139.3
139.1
138.6
137.1
133.6
135.0
135.0
134.5
135.6
135.8
136.9
126.8
127.5
127.5
126.6
127.8
127.9
128.8
120.0
122.4
121.2
118.1
120.1
119.2
119.9
129.2
129.4
129.8
129.8
130.7
131.1
132.0
142.8
144.9
145.0
144.9
146.0
146.3
147.8
138.1
140.8
140.8
140.8
141.9
142.5
143.7
1986' July
Sept
Oct
Nov
Dec
1987: Jan
Feb
Mar
Apr r
May T
June r
July "
1
Durable
goods
Defense
and
space
equipment
3.67
105.6
115.4
119.8
133.0
143.1
156.4
170.6
180.3
179.5
181.0
182.0
184.6
184.9
185.8
185.2
186.5
186.6
186.1
186.5
185.9
186.3
Total
12.94
110.8
106.9
107.3
101.7
111.2
124.7
130.0
136.4
137.3
137.8
137.0
138.7
139.2
139.7
139.1
139.7
140.4
139.9
141.8
141.9
142.7
Construction
supplies
5.95
108.7
100.6
98.6
88.3
100.6
114.0
118.3
124.7
124.0
125.4
125.9
126.3
126.8
127.9
128.3
128.4
128.5
127.3
128.3
127.6
128.3
Business
supplies
Total
Energy
6.99
112.7
112.3
114.7
113.1
120.3
133.8
140.0
146.4
42.28
110.3
105.3
107.7
96.7
102.8
114.2
114.2
113.9
11.69
104.1
105.5
104.7
101.2
98.4
103.9
103.4
99.9
148.6
148.4
146.4
149.3
149.7
149.8
113.6
113.2
113.5
113.3
114.3
115.2
99.9
97.9
98.0
96.9
98.7
98.8
148.3
149.4
150.5
150.5
153.4
154.1
115.2
115.1
115.2
116.2
116.4
117.3
118.2
98.9
97.6
97.0
97.5
99.6
100.6
100.9
Includes rigs and prefabs, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Total
1977 proportion
1979
1980..
1981
1982
1983
1984
1985
1986
1986' July
Sept
Oct
Nov.
Dec
1987- Jan
Feb
Mar
Apr r
May r
July p
5.33
108.5
90.4
95.0
65.8
73.0
82.3
80.5
75.8
73.6
73.4
74.1
74.2
76.8
73.5
73.6
76.3
77.5
76.8
77.5
77.8
80.7
Source: Board of Governors of the Federal Reserve System.
18
Nonelectrical
machinery
Iron and
steel
Fabricated
metal
products
3.49
108.0
86.3
92.5
57.5
66.1
73.4
70.4
63.4
6.46
109.4
101.8
101.6
86.6
89.1
102.6
107.3
107.4
9.54
122.6
123.3
129.8
115.6
118.3
141.8
145.3
141.9
61.7
60.8
61.1
62.2
64.8
60.5
105.7
105.9
107.3
108.3
107.1
108.3
142.6
142.6
140.9
142.2
141.2
139.9
60.2
63.1
65.1
65.0
65.7
66.5
108.0
108.2
108.8
108.6
107.9
109.1
109.2
140.3
142.3
143.7
145.2
146.3
148.0
149.7
Period
Electrical
machinery
7.15
125.7
130.3
134.1
128.4
143.8
170.5
168.4
166.5
166.8
167.2
166.9
167.7
168.3
170.2
169.2
169.3
167.6
166.5
168.6
169.3
169.5
Total
Motor
vehicles
and
parts
9.13
108.3
96.9
95.1
87.6
99.2
112.2
121.4
125.8
5.25
95.9
71.1
71.6
66.8
85.8
104.4
111.5
110.9
125.6
125.1
127.7
125.2
125.6
127.0
111.2
108.2
112.2
107.1
107.9
111.2
128.1
131.8
130.6
127.1
127.7
125.3
126.2
112.2
117.8
115.5
109.3
110.1
106.7
107.8
Lumber
and
products
Apparel
products
2.30
102.0
92.9
90.1
82.8
100.2
109.1
113.4
123.4
120.8
122.5
125.0
125.9
129.5
133.1
130.2
130.0
129.5
128.9
131.0
129.6
2.79
98.3
97.3
96.1
87.3
95.3
102.7
100.9
103.6
102.5
102.5
102.7
104.2
105.1
106.4
107.2
107.4
107.1
106.6
108.1
Printing
and
publishing
cals
and
products
Foods
4.54
112.7
115.1
118.6
120.2
129.8
146.5
153.9
163.4
8.05
111.4
106.4
112.6
103.8
114.0
121.6
127.1
133.0
7.96
106.7
111.4
113.7
114.9
120.4
126.9
130.2
133.6
165.4
164.6
163.0
167.8
168.5
167.7
134.1
134.4
133.9
133.9
132.3
134.6
134.3
135.1
134.3
133.7
134.4
135.3
168.1
166.7
168.2
171.4
174.0
174.8
175.6
137.4
137.7
138.3
138.2
138.0
138.5
135.3
135.7
136.1
136.1
137.1
137.5
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
Commercial
and
industrial 2
New housing
units
Total '
Other
Federal,
State, and
local
Total value
index
(1982 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1979
1980.
1981
1982
1983..
1984
1985
1986
252.4
251.7
260.2
246.6
281.3
328.6
356.0
388.8
200.7
193.3
203.6
192.9
227.5
271.0
291.7
316.6
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
42.3
46.2
49.4
49.5
48.1
48.5
50.5
51.5
51.7
58.5
56.5
53.7
53.8
57.7
64.3
72.2
109
97
100
100
124
135
148
155
157
155
155
151
156
155
877
949
970
861
1,025
940
!55
!51
!65
r
!62
149
161
163
996
850
912
935
901
1,023
1,011
Annual rates
Annual rates
1986:
July
Aue ..
Sept
Oct
Nov
Dec
391.0
395.3
400.1
394.9
390.6
380.2
318.4
322.6
324.9
322.9
320.4
306.8
191.9
194.0
198.8
192.6
194.5
181.7
136.5
136.5
137.6
139.0
138.5
137.6
75.5
77.6
75.8
78.4
75.1
75.5
51.1
51.0
50.3
51.9
50.8
49.7
72.6
72.7
75.2
71.9
70.2
73.3
1987:
Jan
Feb
Mar
384.7
401.6
388.3
397.1
397.7
392.4
391.8
310.2
326.5
312.2
320.8
322.7
320.0
318.6
187.8
203.1
190.8
199.5
195.9
198.3
198.2
137.3
137.0
139.5
139.7
139.4
138.3
139.7
70.4
72.8
71.3
69.9
73.9
68.6
66.2
52.0
50.5
50.1
51.4
52.9
53.2
54.2
74.5
75.2
76.1
76.3
75.0
72.3
73.2
May r
June r
July "
1
Includes the following categories of private construction not shown separately: residential improvements, railroads, electric light and power, gas, petroleum pipelines, and farm nonresidential.
2
Includes hotels and motels.
1,059
904
919
690
756
955
1,097
996
r
r
r
3
F. W. Dodge aeries.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systeir
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1979...
1980
1981..
1982
1983...
1984
1985
1986
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1 unit
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
2-4 units
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
5 or more units
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
Units
authorized
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
Units
completed
Homes sold
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
709
545
436
412
623
639
688
750
Homes for
sale at end of
period 1
3
398
336
272
251
300
353
346
357
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
Seasonally adjusted annual rates
1986:
July
Aug
Sept
Oct
Nov.
Dec
1987- Jan
Feb.
Mar
Apr
May r
June r
July »
1
1,786
1,800
1,689
1,657
1,637
1,813
1,147
1,180
1,123
1,114
1,129
1,233
80
88
62
85
71
108
559
532
504
458
437
472
1,778
1,728
1,687
1,664
1,667
1,862
1,750
1,757
1,740
1,745
1,774
1,894
691
623
744
675
691
768
350
352
355
357
353
357
1,816
1,838
1,730
1,643
1,606
1,597
1,611
1,253
1,303
1,211
1,208
1,130
1,096
1,159
79
76
85
67
67
87
63
484
459
434
368
409
414
389
1,652
1,676
1,719
1,598
1,493
1,517
1,487
1,956
1,726
1,689
r
1,830
1,615
1,572
712
740
720
733
643
650
653
358
358
358
359
356
359
359
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
7.5
7.7
7.4
7.5
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83
data are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In June, manufacturing and trade sales rose 1.5 percent and inventories rose $2.8 billion. In July, according to
advance data, retail sales rose 0.8 percent, following a rise of 1.4 percent in June.
BILLI ONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4110
800
—
—
700
160
^~\ V
600
^—
180
-
RE AIL INVENT DRIES
X"
MANl FACTORING AND
TRAI )E INVENTO ?IES
140
-
—
500
*-'• /"""
—
400
'~^\
^/
~''
\
_x
.''
100
M
•--n
120
\l
~^~f~~''" RETAIL SALES
—
-^'
MA NUFACTURI iG
AN D TRADE SA LES
—
—
80
1 1 M * 1 1 1 M 41 1 1 1 1 1 1 1 1 1 11 1 1
300
1I 11 1 11 1
1 1 1 1 1 1 1 1 1 1 1 Illllllllll
v
—
RATIC
1.80
—
200
_ INVENTORY-SALES RATIO
1.60
-v
1.40
^Z&XT*^^
""
1.20
nnilnm Minium mnlimi nnilnm nnilimi
1984
1983
1985
1.00
M inliini iiinlii rn
1984
1983
1987
1986
\
\
|
RETAIL
MANUFACTURING
AND TRADE
r~^n
SEASONALLY ADJ USTED
.OURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade1
Period
Sales
Inventories 3
2
-
-
I ! 1 1 | | | | \ 1 1I1 n
1985
^
\ 1 11 1 1 1 1
1986
| | \\ \ \ 1 I 1 1 1
1987
COUNCIL Of ECOiNOMIC ADVISERS
Wholesale
Inventory-sales ratio 4
Retail
Inventories 3
Sales2
2
Sales
Inventories 8
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade1
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985 ....
1986
1986:
June r
July
Aue
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar
Anr
May r
June "
July ".
1
348,746
369,266
408,721
419,459
425,752
422,031
421,076
423,559
437,895
430,012
429,944
443,766
r
425,080
443,169
445,032
444,357
446,282
453,181
r
574,126
589,280
641,328
650,695
652,705
96,290
100,424
113,404
114,563
115,109
128,196
129,803
140,865
144,244
147,375
653,566
656,673
655,415
652,978
656,619
656,189
652,705
113,469
114,444
114,426
118,138
117,488
117,734
118,446
146,585
147,850
148,050
148,599
147,754
148,204
147,375
659,036
660,470
663,010
665,877
671,609
674,377
116,545
123,281
123,009
123,439
124,486
125,970
149,347 118,579
149,408 124,280
149,565 124,593
150,050
124,960
152,673 124,867
152,855 ' 126,620
r
119,605
120,301
122,156
128,952
122,121
121,678
127,613
127,574
See page 21 for manufacturing.
2
Monthly average for year and total for month.
3
End of period. Data are on a current-cost basis beginning December 1980 for wholesale and
retail and beginning January 1982 for manufacturing; not comparable with data for prior periods.
20
28,169
33,161
38,948
43,165
47,338
60,937
64,438
68,499
71,803
73,863
134,509
147,325
166,300
179,671
187,158
61,911
70,092
80,737
90,791
94,935
72,598
77,233
85,563
88,880
92,223
1.67
1.56
1.52
1.54
1.54
1.49
1.44
1.48
1.50
1.54
45,965
46,447
48,245
55,010
47,800
47,408
52,579
73,640
'73,854
73,911
73,942
74,321
74,270
75,034
185,720
187,935
187,483
186,034
190,645
189,264
187,158
95,678
98,008
97,387
94,337
97,810
97,041
94,935
90,042
89,927
90,096
91,697
92,835
92,223
92,223
1.55
1.56
1.55
1.49
1.53
1.53
1.47
1.55
1.56
1.53
1.44
1.56
1.56
1.47
43,766
47,365
47,942
48,135
47,783
r
49,085
49,756
74,813
76,915
76,651
76,825
77,084
'77,535
77,818
189,000
190,527
193,355
195,042
197,088
199,901
96,606
97,831
99,293
99,767
101,876
103,494
92,394
92,696
94,062
95,275
95,212
96,407
1.55
1.49
1.49
1.50
1.50
1.49
1.59
1.53
1.55
1.56
1.58
1.58
89,107
97,599
107,448
114,968
121,201
T
4
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Censi
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' shipments and new orders fell; inventories and unfilled orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
440
400
360
320
280
, ^HIPAAFhlT'i
200
_^-^-x -
160
1
TOTAL
240
120
200
DU RABLE GOO
""~"~
80
~^
160
NO •^DURABLE C OODS
120
60
iiiiilillll
Illllllllll Illllllllll |lllll||||| lllllll|l||
BU
BILLIC5NS OF DOLLARS* (RATIO SCALE)
60
280
240
Illllllllll Illllllllll Illllllllll Illllllllll
200
^s-^
~~
TOTAI
160
RATIC *
2.20
imilnm
INVENTORY-SHIPMENTS RATIO
2.00
120
.,
.-ax'*"" "
80
GOO OS
DU RABLE
'*
.<*.-."...'-
"
~"—\
1
\
1
rHr^r—^
1.80
*-
|— — —
1.60
.
NOh4DURABLE G 3ODS
1.40
60
Illllllllll
1983
^
Illllllllll Illllllllll |llllllll|l Illllllllll
1987
1986
1984
1985
1.20 Illllllllll n ' M h ' 1 1 1
1983
.1984
ii 111 1 ii ii i1 1 111 1 1it tiiinihiiii
1986
1985
SEASONALLY ADJUSTED
5 OURCE: DEPARTMENT OF COMMERCE
Manufacturers' new orders l
Manufacturers' inventories 2
Durable goods
Total
Durable
goods
1987
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments *
Period
-
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventoryshipments
ratio4
Millions of dollars, seasonally adjusted
1980
1981
1982
1983
1984
1985
1986
1986- July
AujT ....
Sept
Oct..
Nov
Dec. .
1987- Jan
Peb
Mar....
Apr
May r
June
July*
154,391
168,129
163,350
171,242
187,869
189,928
189,442
77,550
83,872
79,352
84,956
96,623
98,930
100,142
76,841
84,257
83,998
86,286
91,246
90,997
89,300
186,331
186,977
190,805
190,403
190,532
197,707
99,712
98,065
100,881
101,528
100,218
106,739
86,619
88,912
89,924
88,875
90,314
90,968
189,956
195,608
197,430
195,958
196,929
200,591
199,251
99,318
103,601
104,750
102,747
102,477
104,476
103,235
90,638
92,007
92,680
93,211
94,452
96,115
96,016
264,281
282,645
311,421
312,152
334,163
326,780
318,172
2
320,888
319,882
318,345
318,220
318,721
318,172
320,689
320,535
320,090
320,785
321,848
321,621
322,995
89,661
96,298
110,710
111,932
115,639
113,030
110,237
156,161
167,752
161,600
173,915
190,065
190,631
189,482
79,360
83,553
77,676
87,485
98,875
99,600
100,131
23,259
24,050
21,469
22,143
26,714
26,970
26,671
76,801
84,199
83,924
86,431
91,189
91,030
89,351
323,393
319,094
306,302
338,849
365,177
373,495
373,849
1.67
1.65
1.95
1.80
1.74
1.74
1.70
210,462
209,885
209,438
209,170
209,373
207,935
110,426
109,997
108,907
109,050
109,348
110,237
186,334
184,886
193,758
189,407
190,999
197,042
99,679
96,129
103,468
100,392
100,658
105,966
86,655
88,757
90,290
89,015
90,341
91,076
373,845
372,090
375,043
374,047
374,514
373,849
1.72
1.71
1.67
1.67
1.67
1.61
209,090
208,644
207,987
208,683
209,096
208,654
209,767
111,599
111,891
112,103
112,102
112,752
112,967
113,228
186,633
194,333
199,399
200,624
201,397
205,454
204,943
95,544
101,932
106,213
106,977
106,992
109,181
108,505
26,404
25,541
27,143
27,647
27,301
29,312
26,777
26,856
27,396
28,310
30,031
29,987
31,524
91,089
92,401
93,186
93,647
94,405
96,273
96,438
370,526
369,251
371,220
375,886
380,354
385,217
390,909
1.69
1.64
1.62
1.64
1.63
1.60
1.62
174,620
186,347
200,711
200,220
218,524
213,750
207,935
2
1
Monthly average for year and total for month. Shipments are the same as sales.
2
End of period. Data beginning 1982 are on a current-cost basis, and are not comparable with
data for prior periods.
3
End of period.
2
4
Annual data are averages of monthly ratios. Data beginning 1982 are not comparable with data
for prior periods (see footnote 2 regarding inventories).
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In July, the producer price index for all finished goods rose 0.2 percent, seasonally adjusted. Finished consumer
foods fell 0.6 percent while other finished consumer goods rose 0.6 percent. Capital equipment prices rose 0.1
percent.
INDEX, 1967=100 (RATIO SC:ALE)
INDE>C, 1967= 100,(RATIO SCALE)
340
340
SEASONALLY ADJUSTED
FINISHED GOODS
320
320
TC)TAL FINISHED
GOODS
CONSUMER GOODS
EXCLUDING FOODS
300
c**
r^l
.-A —^3
iC.£—i-^;/-'
_,5*=3-c=Kg
~,/^b^Sj
V
-V''"
^-1
280
^^^
fc*
f\/ ty
s-~./^'
*''\
^d^-A--
260
—~
/
r~—'
_^^—'
.•''/'"•
k
\
1.^*
300
280
f
*
"
260
CONSUMER HOOUb
CAPITAL EQUIP WENT
240
240
220
200
180
r^$
^f
/y
7
&tf
ft
1 1 1 1 1 1 ! 1 1 11
1979
220
200
1 1 1 1 1 1 1 1 1 11
1980
1 1 1 11 1 11 1 11
1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 i 11 1 1 i1 1 1 1 1 i11 1 1 i1 1 1 r i i11
1981
1983
1982
1984
180
1987
1986
1985
COUNCIL OF ECONOMIC ADVISERS
>OURCE: DEPARTMEN1 OF LABOR
[1967—100; monthly data seasonally adjusted]
Finished goods
Period
Total
finished
goods
1982
1983
1984
1985
1986
1986- July
Aue ..
Sept
Oct
Nov
Dec
1987: Jan
Peb
Mar r
May
June
July
1
217.7
247.0
269.8
280.7
285.2
291.1
293.7
289.7
287.2
288.3
289.1
290.1
290.2
290.4
291.7
291.9
293.5
295.3
296.2
296.9
297.4
Total
226.2
239.5
253.6
259.3
261.8
273.3
271.2
278.1
213.3
279.6
283.5
283.3
285.9
285.3
284.0
287.1
287.2
288.4
288.8
289.3
289.9
293.4
293.8
295.9
296.8
296.6
297.1
298.3
279.0
278.8
279.1
283.2
287.1
288.6
287.0
247.8
273.3
285.8
290.8
294.8
299.0
291.1
Intermediate materials for food manufacturing and feeds.
22
Foods
and
feeds 1
Other
Total
Foodstuffs
and
feedstuffs
Other
217.9
248.9
271.3
281.0
284.6
290.3
291.8
284.9
242.2
280.3
306.0
310.4
312.3
320.0
318.7
307.6
226.1
252.6
250.3
239.4
247.9
253.1
232.8
230.3
244.4
282.3
310.1
315.7
317.1
325.0
325.0
313.3
274.3
304.6
329.0
319.5
323.6
330.8
306.1
280.3
247.9
259.2
257.4
247.8
252.2
259.5
235.0
231.0
330.0
401.0
482.3
473.9
477.4
484.5
459.2
386.8
306.3
306.6
307.6
308.7
309.8
310.2
281.7
283.1
283.8
284.8
284.7
284.8
304.7
304.5
305.7
304.8
304.7
304.7
229.6
232.2
232.6
231.5
231.6
231.2
310.3
309.9
311.1
310.2
310.2
310.2
276.7
277.2
276.8
280.9
279.0
276.6
232.2
238.6
236.1
241.1
237.5
234.5
372.6
359.8
364.3
366.3
368.3
367.2
310.8
310.1
310.5
311.2
311.6
311.6
312.0
286.2
286.7
288.7
290.8
291.8
292.8
293.3
307.5
309.1
310.1
311.2
312.8
314.6
317.0
228.3
230.3
228.3
232.6
240.1
241.7
240.4
313.3
315.0
316.1
317.0
318.2
320.1
322.7
282.6
285.8
288.7
295.7
304.8
306.0
307.8
227.2
227.3
228.2
237.5
248.9
245.5
240.6
390.8
398.1
403.8
407.9
417.2
423.8
433.8
Nondurable
Capital
equipment
Total
finished
consumer
goods
183.2
206.2
218.6
226.7
233.1
236.8
241.5
246.8
231.3
283.9
319.6
333.6
335.3
337.3
339.3
311.2
216.5
239.8
264.3
279.4
287.2
294.0
300.5
306.4
246.4
246.3
247.6
251.0
252.2
252.0
301.7
301.9
303.0
300.7
300.1
301.5
252.7
250.0
250.6
252.1
252.0
251.9
252.6
308.9
311.7
316.0
316.5
315.9
317.1
319.2
Consumer goods
211.5
250.8
276.5
287.8
291.4
294.1
297.3
283.5
277.9
277.9
279.1
279.2
279.4
280.2
285.0
285.9
288.7
289.7
289.2
289.9
291.5
Durable
Crude materials
Total
Finished goods excluding consumer foods
sumer
foods
Total
1979
1980
1981
Intermediate materials
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In July, the consumer price index for all urban consumers rose 0.2 percent, seasonally adjusted and not seasonally
adjusted. The index was 3.9 percent above its year-earlier level.
INDE K, 1967=100 (RATIO SCALE)
INDEX, 1967 =100 (RATIOS CALE)
360
360
UNADJUSTED
340
340
r^_—--—
320
•^
320
•-^ ^—1
1
r-"-~
300
r\
300
r/-~-
280
ALL ITEMS
^—-
280
/
260
260
/\
240
240
/
A
220
220
/
200
180
200
miilinii
Illllll 1 1 1 1
1979
1980
Illllllllll
1981
1 Illlllllll
Illllllllll
1982
1983
180
1984
1985
1987
1986
EE NOTE ON TABLE B ELOW
OURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
All items
less
food,
energy,
and
shelter
lac.0
Period
All
items *
Food
Total »
T ntdl
otai
Renters'
costs (Dec.
1982 = 100)
NSA
Fuel
and
other
utilities
Apparupkeep
Total 1
6.3
New
cars
Motor
fuel
Medical
care
Energy 2
NSA
Rel. imp.3
1979
1980
1981
1982
1983
1984..
1985
1986
100.0
217.4
246.8
272.4
289.1
298.4
311.1
322.2
328.4
16.2
234.5
254.6
274.6
285.7
291.7
302.9
309.8
319.7
42. 9
227.6
263.3
293.5
314.7
323.1
336.5
349.9
360.2
27.8
239.7
281.7
314.7
337.0
344.8
361.7
382.0
402.9
103.0
108.6
115.4
121.9
1986: July
Aug
Sept
Oct
Nov
Dec
328.0
328.6
330.2
330.5
330.8
331.1
320.2
322.7
323.9
325.2
326.5
327.2
360.1
361.0
361.8
361.9
362.0
362.7
403.0
404.6
406.7
408.3
409.3
410.3
1987:
333.1
334.4
335.9
337.7
338.7
340.1
340.8
328.6
329.6
329.2
330.2
332.0
334.4
333.8
364.4
365.8
367.2
368.2
368.9
370.1
370.9
412.2
414.3
416.5
418.0
419.2
420.1
421.4
Jan
Feb
Mar
Apr
May
June
July
Homeowners'
costs (Dec.
1982 = 100)
Maintenance
and
repairs
102.5
107.3
113.1
119.4
0.2
256.4
285.7
314.4
334.1
346.3
359.2
368.9
373.8
7.9
239.3
278.6
319.2
350.8
370.3
387.3
393.6
384.7
166.6
178.4
186.9
191.8
196.5
200.2
206.0
207.8
17.2
212.0
249.7
280.0
291.5
298.4
311.7
319.9
307.5
4.6
166.0
179.3
190.2
197.6
202.6
208.5
215.2
224.4
2.9
265.6
369.1
410.9
389.4
376.4
370.7
373.8
292.1
5.4
239.7
265.9
294.5
328.7
357.3
379.5
403.1
433.5
7.4
275.9
361.1
410.0
416.1
419.3
423.6
426.5
370.3
48.6
191.5
208.3
228.1
245.6
258.4
271.2
281.6
291.2
122.3
122.6
123.1
123.6
124.1
124.5
119.4
119.9
120.6
121.1
121.3
121.5
369.2
376.4
376.2
379.0
377.1
380.0
383.4
382.9
380.6
376.7
374.9
374.3
207.1
208.0
208.9
209.0
209.6
209.5
304.2
301.3
302.2
302.5
303.6
303.6
225.2
225.9
226.4
228.0
229.7
230.9
276.5
263.2
269.0
263.4
261.7
260.9
435.3
437.8
440.6
443.0
445.3
448.2
360.0
352.2
353.7
347.1
345.3
344.6
291.7
292.4
292.8
293.9
294.8
295.5
125.4
126.0
126.7
127.0
127.2
127.7
128.8
122.0
122.6
123.2
123.7
124.2
124.3
124.4
382.1
381.9
383.4
382.4
381.9
385.0
392.4
375.9
377.1
377.6
378.1
378.1
381.0
380.8
210.4
211.8
215.4
218.6
219.1
217.3
215.9
308.3
309.8
311.8
313.4
314,4
316.0
317.8
231.8
229.3
229.4
230.4
231.1
232.0
233.2
278.0
289.5
296.2
298.4
299.7
303.6
307.2
450.2
451.7
453.7
456.5
459.1
462.1
464.6
354.9
361.5
365.2
366.2
366.8
372.2
372.5
297.0
297.4
298.8
300.5
301.4
301.9
303.0
8.0
19.6
1
Includes items not shown separately.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, cooiant,
etc. also included through 1982.
3
Relative importance, December 1986.
2
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dee., NSA
12.8
11.8
7.1
3.7
.6
1.7
1.8
2.3
1979 . ..
1980
1981
1982
1983
1984
1985
1986
17.5
14.2
8.5
4.2
-.8
.8
2.0
-6.6
7.4
7.5
1.4
2.1
2.3
3.5
.5
2.9
11.1
13.5
9.2
4.0
1.6
2.1
.9
-1.4
8.8
11.4
9.2
3.9
1.9
1.8
2.7
2.1
Change, month to month
-0.8
.4
.3
.3
.0
.1
1986' July
Sept
Oet
Nov
Dec
1987:
Jan
Feb
1.3
1.4
-.1
.9
-.2
-.5
.4
.1
.5
.6
.3
.2
.2
r
Mar .
Apr '
May
July
-1.8
j
.1
1.5
1.4
.5
-.6
22
0
.4
.0
.1
.3
0.1
.1
.3
.4
.4
.1
03
-.7
4
4.1
2.7
1.8
12.1
12.1
11.2
9.3
2.6
1.0
69
1.6
-7.8
70
1.9
2.2
1.6
1.4
2.0
3.2
4.2
3.4
-5.8
-2.2
.1
1.9
1.0
.7
4.4
10.2
9.7
10.7
7.2
6.0
1.7
.3
1.0
.3
2
.2
.6
.2
2
.1
.2
.1
0
.1
2.2
2.4
4.3
5.0
6.0
4.7
2.9
-9.3
8.8
-6.7
6.2
12.5
14.3
5.5
8.6
9.6
12.7
6.8
4.7
1.7
2.5
2.7
.4
.4
.5
1.9
1.4
1.0
3.2
2.5
3.1
3.6
4.2
4.5
3.9
-.4
-3.3
-2.9
-1.9
1.3
3.3
5.8
-13.6
-9.6
-5.3
-2.6
-2.9
-2.8
2.2
2.4
2.8
2.7
-2.4
-1.8
-.9
-1.4
-1.9
-2.3
3.0
2.3
1.9
1.6
1.2
.9
.8
— 1.4
.1
1.6
2.7
2.6
2.6
3.5
1.9
1.9
5.2
5.8
7.0
7.7
7.1
7.0
4.6
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]
Housing
Transportation
Shelter
Period
All
items '
Food
Total '
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food,
energy,
and
shelter
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1979
1980
1981
1982
1983
1984
1985
1986
13.3
12.4
8.9
3.9
3.8
4.0
3.8
1.1
10.2
10.2
4.3
3.1
2.6
3.8
2.7
3.8
15.2
13.7
10.2
3.6
3.5
4.2
4.3
1.8
0.0
.2
.3
.2
.2
.2
0.9
.8
.4
.4
.4
.2
0
.7
.4
.4
.4
.3
.4
.2
.4
.3
-.1
.3
.5
.7
2
17.4
15.1
16.0
13.6
14.5
9.7
1.8
4.2
1.9
-5.7
5.5
6.8
3.6
18.2
14.7
11.0
1.7
3.9
3.1
2.6
-5.9
37.4
18.1
11.9
52.2
7.4
7.5
18.9
9.4
6.8
1.6 -6.5
3.4 -1.7
2.4 -2.4
3.0
3.5
5.8 -30.6
10.1
10.0
12.5
11.0
6.4
6.1
6.7
7.7
1.3
-.5
.2
1.8
-19.7
7.2
9.9
9.4
6.1
5.0
4.4
3.7
3.4
9.9
2.4
4.7
5.2
6.0
4.6
5.1
5.9
6.3
5.0
4.5
5.1
5.9
4.6
.2
.2
.0
.0
.2
0.3
.4
.5
A
.2
2
0.5
.2
.4
.4
.4
.3
0.3
.4
.6
.4
2
.2
12
-.1
-.6
-1.0
5
-.2
0.4
.4
.4
.0
.3
-.0
-1.3
-1.0
.3
.1
.4
0
0.4
.3
.2
.7
.7
.5
-7.0
-4.8
2.2
21
-.6
-.3
0.6
.6
.6
.5
.5
.7
-4.1
-2.2
.4
19
-.5
-.2
0.4
.2
.1
.4
.3
.2
.5
.4
.4
.3
.2
.3
.2
.5
.5
.5
.4
.3
.2
.3
.7
.5
.6
.2
.2
.4
.9
A
.5
.5
.4
.4
.1
.1
.4
.3
.1
.1
0
.8
— .1
.4
.7
1.7
1.5
.2
-.8
-.6
1.5
.5
.6
.5
.3
.5
.6
.4
— 1.1
.0
.4
.3
.4
.5
6.6
4.1
2.3
.7
.4
1.3
1.2
.4
.3
.4
.6
.6
.7
.5
3.0
1.9
1.0
.3
.2
1.5
.1
.5
.1
.5
.6
.3
.2
.4
1.6
2.9
2.0
2.9
.9
11.3
13.5
10.4
6.1
3.2
4.3
3.6
1.9
Change, month to month
1986: July
Aug
Sept
Oct
Nov
Dee
1987:
Jan
Feb
Mar
Apr
May
June
July
1
Includes items not shown separately.
2
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
3
Quarterly changes are shown in the last month of the quarter,
NOTE.—Data beginning January 1983 incorporate a rental equivalence measure for homeowner-
24
2.5
2.6
5.3
4.9
2.9
2.5
2.0
2.6
3.0
2.5
-0.5
.4
1.8
2.7
2.7
2.2
1.6
1.6
1.8
1.5
1.3
1.1
4.4
5.2
6.2
5.3
4.9
4.6
3.7
3.5
4.1
4.3
4.8
5.0
5.4
4.5
1.4
2.1
3.0
3.8
3.8
3.7
3.9
ship costs and therefore are not strictly comparable with data for e rlier periods.
Data beginning 1987 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in August were 2.3 percent below their July level. Prices paid by farmers in July were
1.2 percent above their April level.
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
PRICES PAID
\
160
.,
160
140
140
120
120
PRICES RECEIVED -
100
100
80
80
111
/.n 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
60
RA
RATKDJ/
140
no-!/
140
-
120
120
^_
100
100
-
^~~~
r
•—
1 1 1 II 1 1 1 1 1 1 iiiiniiiii
\_^
80
60
1 1 1 1 1 1 1 1 1 II
minimi
1979
1980
1 1 1 II 1 II 1 1 1
1981
1982
1983
II 1 1 1 1 II 1 II
1 1 1 1 1 111 11 1
1985
1984
80
1
"~"~
1986
60
1987
J/RATIO Of INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE, DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100]
Prices paid by farmers
Prices received by farmers
Period
1979
1980
1981
1982
1983
1984 ... .
1985
1986 ..
1986: Aug..
Sept
Oct
Dec.
1987: Jan
Feb
Mar. .
May
June
July
Aue
1
All farm
products
Livestock and
products
Crops
132
134
139
133
135
142
128
123
125
122
121
124
120
121
122
123
125
129
131
128
125
116
125
134
121
128
139
120
106
102
97
97
102
99
99
99
102
102
109
111
106
98
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
147
144
143
145
141
146
136
138
148
146
145
145
141
142
144
142
147
148
150
r
!49
150
All commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
rates
123
138
150
159
161
165
163
159
(3)
(3)
158
(3)
(3)
159
(3)
(3)
162
(3)
-(3)
164
(3)
125
139
151
159
159
162
157
151
(3)
(3)
149
(3)
(3)
149
(3)
(3)
152
(3)
(3)
154
(3)
Production
items
125
138
148
153
152
155
151
145
(3)
(3)
142
(3)
(3)
143
(3)
(3)
147
(3)
(3)
149
(3)
Ratio *
107
97
92
84
84
86
79
77
79
77
77
78
76
76
77
77
77
80
81
78
76
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexesSource: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In July, Ml
rose slightly after declining in June. Growth in M2 accelerated, while growth in M3 slowed.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,600
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,600
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
M2
1,600
1,600
1,200
1,200
800
800
700
700
600
600
500
500
400
400
300
300
1979
1986
1983
1982
1981
1987
COUNCIL OF ECONOMIC ADVISERS
- AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1980:
1981:
1982:
1983:
19841985:
1986:
Dec
Dec .
Dec
Dec
Dec
Dec
Dec
1986: July
Sept
Oct
Nov
Dec
1987:
Jan
Feb
Mar...
Apr r
May '.
July"
1
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
BPs and
Eurodollars,
MMMP balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
416.6
443.2
481.3
526.9
557.5
627.0
730.5
1,633.1
1,795.5
1,953.8
2,184.6
2,369.1
2,569.6
2,800.1
1,990.9
2,236.4
2,443.1
2,692.8
2,985.7
3,205.6
3,489.1
2,327.6
2,598.9
2,853.0
3,154.6
3,529.3
3,838.6
4,141.1
676.6
687.0
693.1
701.4
712.4
730.5
2,693.8
2,718.4
2,736.3
2,760.7
2,775.4
2,800.1
3,368.3
3,396.8
3,422.0
3,442.2
3,460.1
3,489.1
3,998.8
4,027.7
4,057.0
4,082.7
4,108.5
4,141.1
737.7
737.4
739.5
750.3
753.1
746.6
747.6
2,822.2
2,821.5
2,824.7
2,837.9
2,838.7
2,840.3
2,846.0
3,514.7
3,518.4
3,523.1
3,538.8
3,552.8
3,567.4
3,572.5
4,174.1
4,182.6
4,172.4
4,185.8
4,217.8
4,226.0
Consists of outstanding credit market debt of the U.S. Government, State and local governments, 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 earlier at a seasonally adjusted annual rate.
26
L
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Percent change from year or 6
months earlier 2
Ml
M2
M3
Debt
3,895.1
4,275.5
4,658.0
5,206.3
5,946.0
6,774.9
7,630.4
6.5
6.4
8.6
9.5
5.8
12.5
16.5
8.9
9.9
8.8
11.8
8.4
8.5
9.0
10.2
12.3
9.2
10.2
10.9
7.4
8.8
9.7
9.8
8.9
11.8
14.2
13.9
12.6
7,234.4
7,318.6
7,400.7
T
7,456.8
r
7,530.1
7,630.4
15.7
18.1
17.1
17.1
16.7
19.8
9.5
10.8
10.9
10.7
9.9
10.2
9.0
9.7
9.9
9.3
9.0
9.3
10.7
11.9
12.9
12.7
12.6
13.3
r
18.9
15.2
13.8
14.4
11.8
4.5
2.7
9.8
7.7
6.6
5.7
4.6
2.9
1.7
8.9
7.3
6.0
5.7
5.4
4.5
3.3
13.1
11.5
' 10.5
10.7
10.5
9.4
r
r
7,695.0
7,727.4
'7,780.7
7,845.1
7,914.6
7,979.5
r
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Demand
deposits
Currency
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1986:
July
Aue...
o
Sept
Oct
Nov
Dec
1987:
Jan
Feb
Mar.
Apr *
May r
June r
July"
242.3
158.5 248.3
170.6 272.2
183.5 308.3
30.5
80.2
104.7
131.4
145.5
178.3
232.3
177.6
179.0
179.7
181.2
182.4
183.5
288.2
291.2
292.2
293.4
297.8
308.3
204.5
210.4
214.7
220.3
225.8
232.3
186.0
187.2
187.7
188.9
190.2
191.1
192.1
305.1
300.8
299.3
303.9
303.9
297.4
296.2
240.1
242.9
245.7
250.7
252.2
251.2
252.5
116.7
124.1
134.3
148.3
265.2
234.6
237.9
r
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 1
Large
denomination
time
deposits 1
NSA
28.3
35.9
38.8
53.8
56.3
70.3
77.3
61.6
150.6
185.2
138.2
167.5
176.5
207.6
38.0
51.1
43.2
62.7
65.1
84.1
0.0
.0
43.2
379.0
417.4
513.2
571.4
400.8
344.3
357.3
306.2
288.8
303.6
366.3
823.3
851.0
783.8
885.3
884.2
853.5
71.8
74.7
72.7
77.5
76.7
77.3
199.7
200.5
202.2
206.9
207.1
207.6
77.5
80.8
84.4
84.5
84.4
84.1
546.6
553.6
558.8
564.4
568.7
571.4
327.4
334.6
341.4
350.5
358.5
366.3
83.5
78.7
75.3
75.1
74.2
72.8
72.9
209.0
210.7
211.6
211.0
209.1
210.2
210.4
84.0
84.7
84.9
83.1
81.8
81.3
83.4
574.3
570.8
570.6
565.5
557.1
553.5
548.0
376.7
387.2
396.3
406.1
411.7
415.2
416.7
15.2
r
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
Term
Term
repurchase
agreements
(KPs)
Eurodollars
(net)
NSA
NSA
Savings
bonds
417.0
436.1
447.1
34.0
36.0
34.5
51.8
62.2
66.0
82.0
50.3
67.5
81.7
91.5
82.9
76.6
83.0
72.3
67.8
68.0
71.1
74.2
79.4
880.9
876.7
872.2
864.7
857.1
853.5
448.3
449.4
448.4
445.5
445.8
447.1
74.4
75.2
77.9
78.0
82.4
82.0
851.6
848.3
845.9
843.6
843.1
850.1
858.3
449.7
448.2
450.1
454.6
459.7
465.0
464.8
81.2
84.9
84.9
91.0
96.4
98.4
96.5
728.7
259.8
302.1
326.2
326.2
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
32.1
40.0
44.5
45.1
45.7
42.4
91.7
133.4
149.4
183.7
212.6
263.5
304.6
292.4
37.5
206.6
230.2
78.3
78.0
81.4
78.0
79.3
83.0
84.3
85.3
86.4
87.7
89.8
91.7
292.6
288.7
287.9
286.7
292.2
292.4
39.0
37.3
36.9
37.7
38.0
37.5
214.5
219.7
223.9
228.4
228.4
230.2
84.8
87.6
88.2
84.1
87.6
90.4
86.9
92.7
93.5
94.3
95.1
95.9
96.5
289.3
291.7
276.1
265.8
272.4
266.5
37.8
39.3
39.8
41.2
42.4
43.5
239.7
239.8
239.1
244.9
254.3
252.1
98.9
105.3
113.6
133.0
160.3
NOTE.—Travelers checks are a component of money stock but are not shown here.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstandingl
Installment credit outstanding (end of period)
Period
Total
19781979:
19801981:
19821983:
19841985:
19861986-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar
May r
June*
261,976
296,483
295,763
310,965
325,136
373,048
446,183
522,805
577,789
551,771
558,054
563,661
571,275
576,862
577,645
577,789
578,578
579,591
579,913
583,594
583,277
586,737
Automobile
Revolving
98,739
112,475
111,936
119,610
125,440
145,874
172,352
208,057
245,056
224,412
227,821
231,202
239,015
243,395
242,998
245,056
245,471
246,064
246,290
247,662
247,578
249,539
45,202
53,357
54,894
60,750
66,007
78,369
99,620
122,021
134,940
130,737
132,183
133,175
133,118
133,812
134,388
134,940
134,916
135,663
135,166
136,706
136,869
137,258
j 1 For year-end data, change fro i preceding year-end; for monthly data, change from preceding
'month.
Mobile
home
16,921
18,207
18,264
19,308
21,728
22,919
24,710
25,488
25,710
25,806
25,891
25,940
25,731
25,783
25,732
25,710
25,852
25,789
25,614
25,625
25,542
25,695
Other
101,114
112,444
110,669
111,297
111,961
125,886
149,501
167,239
172,083
170,815
172,160
173,345
173,412
173,873
174,527
172,083
172,338
172,075
172,844
173,599
173,288
174,245
Total
40,501
34,507
-720
15,202
14,171
47,912
73,135
76,622
54,984
5,012
6,283
5,607
7,614
5,587
782
144
789
1,013
322
3,681
-318
3,460
Automobile
17,791
13,736
-539
7,674
5,830
20,434
26,478
35,705
36,999
3,401
3,408
3,381
7,813
4,380
-396
2,057
416
592
226
1,373
85
1,961
Revolving
8,513
8,155
1,537
5,856
5,257
12,362
21,251
22,401
12,919
1,119
1,446
992
-58
694
576
552
23
746
496
1,540
163
389
Mobile
home
559
1,286
57
1,044
2,420
1,191
1,791
778
222
133
84
49
-209
52
-51
21
141
-63
175
12
-84
153
Other
13,638
11,330
1 775
628
664
13,925
23,615
17,738
4,844
359
1,345
1,185
67
461
654
2444
255
-263
768
756
-312
957
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans fell 0.4 percent in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
1,800
1,600
1,400
TOTAL
r_
1,200
1,000
,
MERCIAL BAN cs
-^-
=^
*~~
800
'
1
—
,--
^-^^
—1
_
rjs""^
"\"'
—i
-^^""1
A^uu
2,000
1,800
1,600
1,400
——
•."•*"
_--
1,200
—
LO <kNS AND LEAS ES
— 600
600 1—
400
400
.-
U.S. C7OVERNMENT iECURITIES
V
s
200
_./.-"'
.'
200
""••*"""*
•—
,_
160
120
1,000
800
—
/
••
\
01HER SECURITIES
160
T
**-— —
—
120
—
miilmn ii in him
80
1979
1980
1981
III II Illlll
1982
imihmi mulnm mnhtm
1983
1985
1984
Illlllillli
1986
' SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
imihim
80
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depository institutions 3
All commercial banks l
Period
1979:
1980:
19811982:
19831984:
19851986:
Total 2
Commercial
and industrial
loans
U.S.
Government
securities
Borrowings
(millions of dollars,
unadjusted)
Reserves adjusted
for changes in
reserve requirements
Loans and leases
Total loans
and
securities 2
Other
securities
Total
Nonborrowed
Required
Total
Seasonal
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
1,136.1
1,239.0
1,307.2
1,401.0
1,553.0
1,722.6
1,908.0
2,089.8
849.8
913.9
967.2
1,033.8
1,123.5
1,319.9
1,456.0
1,583.0
291.4
325.7
355.2
392.4
414.1
473.1
499.9
541.4
144.3
170.6
179.3
201.8
259.4
260.6
271.4
309.9
141.9
154.5
160.7
165.4
170.2
142.1
180.6
196.9
28.97
30.81
32.08
34.32
36.11
36.91
46.06
56.17
27.50
29.12
31.44
33.69
35.33
36.72
44.74
55.34
28.53
30.29
31.76
33.82
35.55
39.06
45.00
54.80
1,473
1,690
636
634
774
3,186
1,318
827
81
116
54
33
96
113
56
38
1986: July
1,998.2
2,022.6
2,044.6
2,052.4
2,063.5
2,089.8
1,523.7
1,535.1
1,545.4
1,553.0
1,561.5
1,583.0
512.6
515.2
517.3
520.0
525.7
541.4
284.7
291.5
294.9
299.6
304.1
309.9
189.7
196.0
204.2
199.8
197.9
196.9
50.69
31.50
52.30
53.23
54.49
56.17
49.95
50.63
51.29
52.38
53.74
55.34
49.78
50.76
51.58
52.48
53.51
54.80
741
872
1,008
841
752
827
116
144
137
99
70
38
2,118.3
2,119.7
2,126.2
2,147.3
2,160.6
2,166.3
2,169.0
1,611.8
1,610.7
1,616.4
1,634.3
1,642.9
1,651.2
1,652.4
554.1
553.8
551.7
553.9
555.9
558.1
555.6
316.3
315.2
314.3
315.8
320.1
316.7
319.7
190.2
193.9
195.5
197.2
197.6
198.5
196.9
56.88
56.87
56.85
57.95
58.35
57.71
57.60
56.30
56.32
56.33
56.96
57.32
56.93
56.93
55.82
55.66
55.94
57.13
57.27
56.52
56.84
580
556
527
993
1,035
776
672
34
71
91
120
196
259
283
Sept
Get
Dec
1987: Jan
Feb
Mar
May
July"
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included'in loans rather than in other securities.
28
2
3
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Credit market funds
l
Total
Total
Securities
and
mortgages
Loans and
short-term
paper
Total
Other 2
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
328.5
352.6
347.6
382.5
327.6
431.3
503.4
483.1
486.8
182.3
197.6
200.1
239.5
242.3
285.7
326.3
352.5
359.0
146.3
155.1
147.5
143.0
85.3
145.6
177.1
130.6
127.8
85.0
87.8
94.3
93.7
80.6
87.6
116.4
82.1
97.2
33.3
21.0
53.1
22.8
44.0
57.3
-10.0
15.3
26.6
51.8
66.9
41.2
70.9
36.6
30.3
126.5
66.8
70.6
61.2
67.3
53.2
49.3
4.7
58.0
60.7
48.5
30.5
309.4
362.8
343.2
349.2
292.0
399.1
469.1
438.5
437.2
216.9
238.3
244.1
286.3
256.3
274.8
371.2
353.1
352.3
92.4
124.5
99.1
62.8
35.7
124.3
97.9
85.4
84.9
19.2
-10.1
4.4
33.3
35.6
32.2
34.3
44.6
49.6
1985: I
432.2
421.9
505.0
573.2
339.4
350.3
365.2
355.1
92.8
71.6
139.8
218.1
71.7
58.2
53.0
145.6
10 1
29.4
17.0
24.8
81.8
28.8
36.0
120.8
21.1
13.4
86.8
72.5
407.8
406.6
417.3
522.3
340.1
349.8
349.0
373.5
67.8
56.8
68.3
148.8
24.3
15.3
87.7
50.9
1986: I
TTT
IV
467.5
464.4
423.5
591.1
361.7
355.6
359.6
359.0
105.8
108.8
63.9
232.1
99.5
77.6
47.6
164.1
61.2
56.0
22.1
330
38.3
21.6
25.5
197.1
6.2
31.3
16.3
68.0
403.0
451.2
359.0
535.2
380.2
354.4
335.9
338.6
22.8
96.8
23.1
196.6
64.5
13.2
64.5
56.0
1987: I "
468.5
367.5
101.0
48.8
41.0
7.8
52.2
434.3
367.6
66.7
34.1
1978 .
1979
1980
1981....
1982
1983
1984
1985
1986...
n
m
rv
n
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
b
" ™"(i- .
,
,.,.,.
, ,.
, ,.
, . .
. , „„
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilities
Current assets
End of period
Total
QFE-FRB series: 2
1978
1979
1980
1981
1982
1983
1984
1985
Notes and
accounts
receivahle
Inventories
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,784.6
105.5
118.0
127.0
135.6
147.8
171.8
173.6
189.2
17.2
16.7
18.7
17.7
23.0
31.0
36.2
33.0
388.0
459.0
507.5
532.5
517.4
583.0
633.1
671.5
431.8
505.1
543.0
584.0
579.0
603.4
656.9
666.0
1983: IV
1,575.9
171.8
31.0
583.0
603.4
1984:
1,619.5
1,650.0
1,685.9
1,703.0
167.6
164.9
161.3
173.6
35.4
37.2
33.0
36.2
606.4
622.6
639.1
633.1
622.2
632.5
659.3
656.9
n..
in
IV
1,722.7
1,734.6
1,763.0
1,784.6
167.5
167.1
176.3
189.2
35.7
35.4
32.6
33.0
650.3
654.1
661.0
671.5
665.7
666.7
675.0
666.0
1986: I "
1,795.7
195.3
31.0
663.4
679.6
I.
n
m
IV
1985: I
i
Cash
U.S.
Government
securities
l
Total current assets divided by total current liabilities.
2
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations. Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
Other
current
assets
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio 1
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,233.6
383.0
460.8
514.4
547.1
550.7
595.7
647.8
682.7
286.5
346.5
376.2
424.1
435.3
463.9
515.8
550.9
374.3
407.5
437.8
448.3
451.1
516.3
539.5
551.0
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.447
186.7
1,059.6
595.7
463.9
516.3
1.487
187.9
192.9
193.2
203.2
1,093.1
1,126.3
1,155.0
1,163.6
601.9
623.4
642.2
647.8
491.2
502.9
512.9
515.8
526.5
523.7
530.8
539.5
1.482
1.465
1.460
1.464
203.5
211.2
218.2
224.9
1,174.1
1,182.9
1,211.9
1,233.6
636.9
651.7
670.4
682.7
537.1
531.2
541.5
550.9
548.6
551.7
551.1
551.0
1.467
1.466
1.455
1.447
226.3
1,222.3
668.4
553.9
573.4
1.469
101.1
116.0
132.1
149.7
169.8
186.7
203.2
224.9
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), and Federal Trade Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in August.
PERCENT PER ANNUM
PERCENT PER ANNUM
|
! : 'i \
W'1* ', «
\ / •.u
••-••
i
14
t
f
|
1: 1"
10
L^/Afr
1
r*
'
a
i
L
1L
ia
1
/••
hi
. .</ i! 1
[//
V
/ \
x
< \
4
:
\
14
\
X CORPORATE Aaa BONDS x^
\
(MOODY'S)
/ \
'A
\
>s/
\
r
/ '
s
IV
1
\
\
8
"\x
A
^^-^ \
\
1
1
1-'— \
\
TREASURY
BILLS
\\
\
V?*
/
j
^'
i
il
1 .
\:
v
A
.
'--•'
•'
.••--•'
/\
y \\
i / / i\
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
?
10
\
\
\
V'
"
y\
«
\
8
M
u-
•
V-,
\J
4
M i l l
1
1
1980
1979
\ i i II
1 i M 1
1 1 1 1 1 1 1 1 II 1 1 1 1 1 1
Mill!
Mil
1982
1981
1985
1984
1983
/-/
J'
..........,•••'
11 1 1 1
1 1 1 1 1 1 1 1 II
SOU,CE:SEE,.,IE,EIOW
4
|J.
1987
1986
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) 1
1981
1982
1983
1984
1985
1986
1986: Aug
Sept
Oct
Nov
Dec
1987: Jan
Feb
Mar
May
July
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
6 months
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged by
banks 5
New-home
mortgage
yields
(FHLBB) 6
12.44
10.62
7.68
11.23
11.57
9.47
10.15
9.18
7.38
14.17
13.79
12.04
12.71
11.37
9.02
14.76
11.89
8.89
10.16
8.01
6.39
13.41
11.02
8.50
8.80
7.69
6.33
18.87
14.86
10.79
12.04
9.93
8.33
14.70
15.14
12.57
12.38
11.55
10.17
6.49
6.62
6.56
6.46
6.43
7.17
7.45
7.43
7.25
7.11
7.31
7.14
7.12
6.86
6.93
8.72
8.89
8.86
8.68
8.49
5.83
5.61
5.61
5.69
5.88
6.00-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
8.00-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
10.26
10.17
10.02
9.91
9.69
5.45
5.59
5.56
5.76
5.75
5.69
5.78
6.00
6.41
6.56
6.58
7.32
8.02
7.82
7.74
8.03
7.08
7.25
7.25
8.02
8.61
8.40
8.45
8.76
6.63
6.66
6.71
7.62
8.10
7.89
7.83
7.90
8.36
8.38
8.36
8.85
9.33
9.32
9.42
9.67
5.76
5.99
6.10
6.50
7.04
7.00
6.72
6.81
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5,50
5.50-5.50
5.50-5.50
5.50-5.50
7.50-7.50
7.50-7.50
7.50-7.50
7.75-7.75
8.00-8.25
8.25-8.25
8.25-8.25
8.25-8.25
9.51
9.23
9.14
9.21
9.37
5.96
5.93
5.97
6.12
6.19
8.02
7.93
7.98
8.13
8.75
8.68
8.71
8.85
7.95
7.88
7.90
7.88
9.65
9.63
9.68
9.70
6.82
6.76
6.77
6.83
5.50-5.50
5.50-5.50
5 50 5 50
5.50-5.50
5 50
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-
14.029
10.686
8.63
9.58
7.48
5.98
14.44
12.92
10.45
11.89
9.64
7.06
13.91
13.00
11.10
5.57
5.19
5.18
5.35
5.49
r
9.45
9.44
Week ended:
1987:
Aug 8
15
22
29
Sept
1
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October I I , 1984 due to lack
of appropriate issues.
30
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
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, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
j
COMMON STOCK PRICES AND YIELDS
Stock prices rose in August.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
240
220
200
180
160
160
z_
140
COMPOSITE STOCK PRICE INDEX
(NYSE)
120
140
120
100
100
80
80
60
60
40
40
Illlllll
1979
1980
1981
1983
1982
1984
1985
1986
1987
PERCENT
PERCENT
20
20
15
EAR vllNGS-PRICE RATIO ON COMMON STOCKS
(S&P)
r^ —r~^\_
'
10
1
1
i
1
1
1979
1980
1
i i i
1981
111
1982
15
J^
10
—'
^
1
1
I
1
1983
1
1
1984
^7—T
i l l
1985
i i i
1986
i i i
|
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Common stock prices 1
Period
New York Stock Exchange indexes (I ec. 31, 1965 = 5 O)
Composite
1981
1982
1983
1984
1985
1986
1986' Aug
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar
May
July
Week ended:
1987' Aug 1
8
15
22
29
1
Industrial
Transportation
3
Common stock5yields
(percent)
2
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
85.44
78.18
107.45
108.01
123.79
155.85
72.61
60.41
89.36
85.63
104.11
119.87
38.91
39.75
47.00
46.44
56.75
71.36
73.52
71.99
95.34
89.28
114.21
147.20
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
128.05
119.71
160.41
160.46
186.84
236.34
5.20
5.81
4.40
4.64
4.25
3.49
140.91
137.06
136.74
140.84
142.12
160.10
156.52
156.56
162.10
163.85
111.24
114.06
120.04
122.27
121.26
77.84
74.56
73.38
75.77
76.07
152.90
145.56
143.89
142.97
144.29
1,843.45
1,813.47
1,817.04
1,883.65
1,924.07
245.00
238.27
237.36
245.09
248.61
3.36
3.43
3.49
3.40
3.38
151.17
160.23
166.43
163.88
163.00
169.58
174.28
184.18
175.60
189.17
198.95
199.03
198.78
206.61
214.12
226.49
126.61
135.49
138.55
137.91
141.30
150.39
157.48
164.02
78.54
78.19
77.15
72.74
71.64
74.25
74.18
78.20
153.32
158.41
162.41
150.52
145.97
152.73
152.25
160.94
2,065.13
2,202.34
2,292.61
2,302.64
2,291.11
2,384.02
2,481.72
2,655.01
264.51
280.93
292.47
289.32
289.12
301.38
310.09
329.36
3.17
3.02
2.93
2.99
3.02
2.92
2.83
2.69
176.73
179.05
185.78
185.96
185.89
217.70
220.85
228.36
228.11
228.51
161.21
161.11
166.38
164.71
164.27
74.28
75.40
78.85
79.63
78.96
153.45
153.99
162.68
163.98
163.06
2,538.55
2,571.34
2,672.51
2,687.47
2,687.15
315.07
319.47
332.47
332.79
332.62
2.78
2.78
2.66
2.68
2.64
Average of daily closing prices.
Includes all the" stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednest iv closing prices. Earnings2
1987
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
6.42
5.98
5.20
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 10 months of fiscal 1987,
billion a year earlier.
there was a deficit of $141.7 billion compared with a deficit of $189.1
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
_
1,100
RECEIPTS AND OUTLAYS!'
1,000
1,000
900
OUTLAYS^
900
800
800
700
700
600
600
500
500
400
400
SURPLUS OR DEFICIT (-)U
-
__
—
~*-—-^.^
-100
-100
-
^-—-^
^^\
-200
-200
/
I
K979
I
I
I
1980
1981
1982
1983
N
I
1984
1985
1986
1987
1988^
FISCAL YEARS
V INCLUDES ON BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
1979
399 6
463 3
332 3
371 8
96 0
409 2
458 7
503 5
1980
1981
1982
1983
1984
517 1
599 3
617 8
6006
666 5
590 9
678 2
745 7
808 3
851 8
1985
1986
1987 (estimates) *
1988 (estimates) l
734 1
769 1
858 5
909.0
Cumulative total, first 10
months:
Fiscal year 1986
Fiscal year 1987
634 6
701 5
1975
1976
1977
1978
1
Estimates from Mid-Session Rei
August 17, 1987.
32
279 1
298 1
81 2
3556
189 1
141 7
396.9
480.3
498.3
551.8
610.9
644.6
1143
135 2
151 4
147.1
1658
11
— 5.0
79
2
914.3
1,003.9
1 147.0
1,381.9
1 576.7
715.1
794.4
929.4
1,141.8
1,312.6
186 2
200.2
213 5
241.2
1768
183.5
194 1
202.6
94
16.7
194
38.6
1,827.5
2,130.1
2,377.1
2,586.9
1,509.9
1,746.1
1,913.6
2,015.8
167 1
1780
151 0
160 3
160
17 7
2,078.7
2 310.8
1,703.1
1,870.8
476 6
5430
594 3
661 2
686 0
72 7
739
1200
2080
— 185 6
113 2
1302
143 5
147 3
166 1
547 9
5689
645 0
667 8
7695
806.3
822 8
829.7
— 221 6
— 237.5
177 8
— 161.9
467 5
523 5
672 6
682 9
205 1
159 4
) of the 1988 Budget, Office of Management and Budget,
Held by
the public
544.1
631.9
646.4
709.1
780.4
833.8
403 9
469 1
474 3
453 2
5004
946 3
212 3
989 8
220 7
1 169 9
1584
1 032 3 — 123 3
Total
20
— 3.2
—14
— 3.9
43
—2 0
89 7
1000
73 8
— 78 9
127 9
207 8
185 3
Surplus
or deficit
(-)
369 1
403 5
59 2
40 2
823 6
843 2
Outlays
62 5
664
180
768
854
980
271 9
302 2
76 6
3285
14 7
53 6
Receipts
55 3
705
13 3
49 7
54 9
38 2
216 6
231 7
63 2
278 7
314 2
365 3
53 2
73 7
Surplus
or deficit
(-)
(-)
Gross Fe .eral debt
Off-budget
On-budget
Total
604
69.6
194
80.7
3
r
r
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
m the first 10 months of fiscal 1987, receipts were $66.9 billion higher than a year earlier and outlays were $19.6
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
_
INDIVIDUAL INCOME TAXES
RECEIPTS!/
300
300
—
•-— '
"
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
200
—
CORPORATION PNrOMF TAXES
100
1 "BOTHER RECEIPTS
0
700
r^— T—
|
.OUTLAYS-!/ .
100
-
i
i
i
i
0
700
" NONDEFENSE
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1979
1980
1981
1984
1983
1982
1985
1986
1987
1988
FISCAL YEARS
J/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year
Total
1976
1977
1978
1979
298.1
355.6
399.6
463.3
Individual
income
taxes
Corporation
income
taxes
131.6
157.6
181.0
217.8
41.4
54.9
60.0
65.7
90.8
106.5
121.0
138.9
34.3
36.6
37.7
40.8
64.6
61.1
49.2
37 0
56.9
157.8
182.7
201.5
50.6
69.5
69.3
656
71.8
61.3
63.1
89.6
105.4
265.2
283.9
50.6
61.9
1980
1981
1982
1983
1984
517.1
244.1
599.3
285.9
297.7
2889
298.4
1985
1986
734.1
769.1
1987 (estimates) 1
1988 (estimates) * .
858.5
909.0
Cumulative total, first 10 months:
Fiscal year 1986
Fiscal year 1987
634.6
286.1
701.5
325.9
617.8
6006
666.5
National defense
Social
insurance
taxes
and
contributions
334.5
349.0
392.8
396.1
Other
Total
Department of
Defense,
military
Health
Medicare
Income
security
Social
security
Net
interest
7.5
7.5
15.7
17.3
18.5
20.5
15.8
19.3
22.8
26.5
60.8
61.0
61.5
66.4
73.9
85.1
93.9
104.1
26.7
29.9
35.4
42.6
82.8
93.0
114.7
119.6
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
188.6
198.8
220.1
129.4
136.0
139.6
144.7
131.8
141.7
135.9
116.3
165.5
173.0
114.2
115.2
117.5
108.5
International
affairs
89.6
97.2
104.5
116.3
95.3
102.3
113.7
134.0
157.5
185.3
131.0
153.8
180.7
2099
227.4
204.4
220.8
12.7
13.1
12.3
11.8
15.9
301.9
331.8
73.0 946.3
73.1 989.8
74.2 1,016.9
75.7 1,032.3
252.7
273.4
282.2
297.5
245.4
265.6
274.2
289.3
16.2
14.2
13.6
14.8
33.5
35.9
40.3
40.9
65.8
70.2
73.7
73.2
128.2
119.8
124.0
124.8
236.7
252.2
61.2
61.6
226.9
235.5
220.5
228.8
10.8
9.9
29.7
33.2
57.8
63.2
101.1
104.8
2090
239.4
1
Estimates from Mid-Session Review of the 1988 Budget, Office of Management and Budget,
August 17, 1987.
Total
371.8
409.2
458.7
503.5
590.9
678.2
745.7
8083
851.8
823.6
843.2
88.1
6.4
6.4
207.6
Other
NOTE.—Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Bad
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter, according to preliminary estimates, Federal receipts rose $42.5 billion (annual rate) and
expenditures rose $13.9 billion, yielding a deficit of $141.9 billion.
BILLION S OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
—
1,000
1,000
EXPENDITURES
—
\
/
„---•""
-
1
800
800
'"
—
--<"]
\
^^
RECEIPTS
S"
600
—
"-^
600
—
~^ ^^
400
400
—
—
200
200
—
0
'
.
-
---
—\>
-———_
i i i
~\
-200
1
I
1
I
1979
1
1
1
1980
0
j . TH
SURF LUS OR DEFIC!
1 1
1
1981
1 1
1982
1
1 1
1983
^
~
-200
1
1984
1 1
1985
i
I i
1986
1
1
1
1987
c ALENDAR YEARS
;OURCE: DEPARTMENT
OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1984
1985
1986
Calendar year:
1983
1984
1985
1986
1982: IV..
1983: IV..
1984: IV ..
1985- I
n..
m
IV.
1986: I....
n
m.
rv
1987- I r
n
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
711.9
776.4
814.2
302.5
340.6
358.0
75.3
74.3
80.3
54.9
56.0
51.7
279.2
305.6
324.1
873.0
961.0
1,027.8
297.2
340.4
368.4
352.2
374.0
394.8
90.7
97.8
107.4
109.7
128.0
134.3
23.3
20.7
22.9
0.1
— .1
.0
-161.0
-184.5
-213.6
659.9
726.0
788.6
827.4
633.1
675.5
742.7
795.3
759.0
794.9
805.1
807.6
816.9
832.4
852.5
294.5
310.3
346.6
363.0
303.0
291.9
326.0
361.2
317.5
351.0
356.7
352.8
357.6
365.2
376.4
61.3
75.2
76.1
83.7
46.4
70.2
69.7
74.2
73.5
79.1
77.8
78.7
81.3
84.3
90.5
51.6
55.7
55.2
50.9
47.6
53.6
56.2
55.0
59.2
53.1
53.7
50.4
49.9
52.1
51.1
252.5
284.7
310.6
329.8
236.1
259.8
290.7
304.9
308.8
311.7
316.9
325.8
328.1
330.7
334.5
835.9
895.6
984.6
1,032.0
835.7
844.7
930.2
958.2
969.4
990.8
1,020.2
1,003.7
1,047.1
1,036.1
1,041.2
283.5
310.5
353.9
366.2
293.2
276.1
326.0
336.3
339.4
361.9
378.0
356.7
368.4
371.2
368.6
348.6
354.9
380.1
399.9
347.4
352.5
362.1
373.9
377.0
383.7
385.8
389.9
398.3
405.9
405.7
86.2
93.6
99.7
106.9
84.5
86.0
96.3
22.9
21.2
20.5
23.3
23.4
29.1
21.0
24.5
22.6
15.3
19.7
16.8
34.9
15.3
26.3
-.4
.2
-.2
.0
95.9
98.9
100.2
103.7
105.4
109.6
109.5
102.8
94.3
115.6
130.2
135.7
87.2
101.0
125.3
127.7
130.4
129.7
133.0
134.9
135.9
134.2
137.8
.0
.0
.0
.0
-176.0
-169.6
-196.0
-204.7
-202.6
-169.2
-187.5
-162.9
-210.3
-195.8
-215.0
-196.1
-230.2
-203.7
-188.7
879.3
921.8
381.5
415.7
103.0
106.7
53.3
54.2
341.5
345.2
1,049.8
1,063.7
366.9
380.3
406.7
412.3
102.2
106.0
139.5
140.4
34.3
24.7
.0
.0
-170.5
-141.9^
Source: Department of Commerce, Bureau of Economic Analys
34
Indirect
business
tax and
nontax
accruals
Grantsin-aid to
State
and
local
governments
.0
.0
.6
.1
-1.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1977 — 100; seasonally adjusted)
Period
United
States
1980
1981
1982
1983
1984
1985
isse?
1986:
July
Sept
Get
Nov
Dec
1987: Jan
Feb
Mar
May
July *
1
Canada
Japan
108.1
Consumer prices (1967 = 100)
United
Kingdom
Germany
Italy
114.7
112.1
109.6
103.9
107.1
108.4
111.4
100
105
106
107
107
105
102
103
106
112
114
France
United
States '
Canada
108.6
111.0
103.1
109.2
121.4
123.8
125.1
108.6
98.9
104.1
112.7
118.2
118.7
118.9
120.1
120.6
124.7
138.4
144.8
144.4
124.9
125.1
124.9
125.3
126.0
126.7
118.7
116.7
116.8
117.9
117.6
119.8
144.2
141.9
145.8
143.8
141.9
146.0
109
109
109
109
107
107
117
116
114
116
114
112
111.1
110.0
109.8
111.0
112.2
111.1
110
111
111
111
111
110
328.0
328.6
330.2
330.5
330.8
331.1
366.9
368.9
369.5
126.5
127.2
127.3
' 127.4
' 128.3
' 128.8
1298
119.8
145.5
144.6
147.1
r
145.1
143.4
104
108
109
108
109
111
113
112
116
116
111.5
114.8
117.3
111
113
112
113
113
333.1
370.3
334.4
335.9
337.7
338.7
371.9
r
!21.1
'121.7
r
120.9
121.4
106
103
101
102
r
96
98
101
103
108
110
l!5.2
119.4
Data relate to all url
Japan
France
Germany
Italy
United
Kingdom
243.5
273.9
303.5
282.3
296.2
294.2
332.7
304.1
373.1
175.8
186.9
196.8
398.0
472.4
549.4
423.6
473.9
289.1
298.4
321.0
309.7
538.3
335.0
348.3
362.8
316.6
203.3
208.2
631.8
311.1
407.9
439.5
565.1
465.1
212.7
212.2
698.8
764.7
805.2
211.9
211.4
211.7
211.0
210.8
211.2
813.1
814.7
817.1
618.0
619.9
212.1
212.2
212.2
212.8
212.9
213.3
213 3
832.8
246.8
272.4
322.2
328.4
323.0
324.9
363.9
365.1
365.1
340.1
373.5
375.3
377.3
378.5
340.8
381.3
477.6
324.4
323.8
325.4
325.7
477.5
478.0
479.9
480.9
324.1
481.4
481.9
323.5
322.2
322.2
323.5
326.4
327.0
326.3
486.2
487.2
487.7
490.3
491.2
492.1
822.0
825.3
827.8
514.7
599.4
619.9
623.0
623.9
629.2
631.3
839.4
633.7
636.2
637.5
841.9
645.1
845.3
848.7
645.7
645.7
645.2
836.1
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data not seasonally adjusted]
Domestic exports (statistical
month)
Genera! imports 4 (statistical month except as noted)
Total
Period
Revised
statistical
month,
adjust-
ed2
Revised
statistical
month
Statistical
month
Tota!
3
Food,
beverages,
Crude
mate-
and
tobacco
and
fuels
Manufactured
goods
Hevised
statistical
month
3
Statistical
26: .0
366.1
12.3
11.6
12.0
12.3
13.4
12.8
12.6
30.9
31.8
29.5
30.8
32.8
32.4
29.9
31.8
34.1
29.5
28.7
30.0
36.2
27.8
1.9
2.1
1.9
2.0
1.9
2.3
1.9
4.2
4.0
3.4
3.9
3.5
3.9
3.4
24.0
26.6
23.1
21.8
23.5
28.3
21.4
32.3.
33.4
30.9
32.3
34.3
33.9
31.3
11.0
13.2
15.0
14.2
14.5
14.5
27.5
32.3
33.2
32.0
33.3
35.3
1.8
2.1
23
2.1
2.0
2.2
3.4
4.4
42
3.9
4.4
4.9
21.3
24.8
25 7
25.1
25.8
27.2
28.7
33.7
34 7
33.5
34.8
36.8
16.4
15.9
16.8
16.9
18.6
17.9
17.8
1.4
1.6
1.8
1.7
1.9
1.9
1.9
1.8
1.8
2.0
2.0
2.3
2.3
2.4
16.2
18.7
21.1
19.8
20.0
20.3
1.6
1.6
1.9
1.8
1.8
1.8
2.1
2.2
2.4
2.3
2.2
2.3
213.1
217.3
2187
212.8
226.8 216.6
218.8
tiea!
month
325.7
345.3
370.0
145.4
148.7
5179
207.1
195.9
2120
Revised
142.5
144.0
163.4
221. 5
206.9
206.4
200.5
ufactured
goods
92.9
74.4
68.0
72.8
65.0
48.3
154.3
139.7
132.4
143 1
228.9
212.3
205.6
2240
and
fuels
Man-
18.4
17.8
18.8
21.6
22.4
24.7
33.0
33.5
29.6
31 5
28.3
26.5
233.7
216.4
and
tobac-
Crude
materials
Total (c.i.f.
value)
Exports (f.a.s.) less
imports (customs
value)
Revised
statisti-
Statistical
month
cal
month,
adjust-
Exports (f.a.s.) less
imports (c.i.f. value)
Revised
statisti-
Revised
statistical
month
cal
Revised
statisti-
month,
adjust-
month
cal
ed2
ed2
— 22.3
-27.5
— 52.4
-34.6
-39.7
-38.4
— 42.6
-64.2 -69.3
-107.0 — 122.4 -127.6
Customs va ue
33.2
27.0
27.0
27 3
22.2
20.2
238.7
1983
1984
1985
1986
Food,
beverages,
co
F.a.s. value
1981
1982
Merchandise trade balance
Merchandise imports
Merchandise exports *
Tota domestic and
foreign
24'1.0
25f i.O
246.8
282.1
27 3.4
25 4.9
26 9.9
346.4 341.2
352.5 361.6
383.0 387.1
-101.7
-126.5
-139.3
-27.3
-31.8
— 57.6
5
5
-132.5 -133.6
-149.4 -156.2
-139.7
-166.3
1986:
19.1
17 3
16.9
17.5
19.6
18.4
18.5
July t
Aug
Sept
Oct
Noy
Dec
19.1
17.7
17.6
17.5
19.3
18.6
18.4
33.2
35.7
30.9
30.1
31.4
37.8
29.1
-11.9
-14.5
— 12.6
-13.3
-13.2
-14.0
-11.3
-13.3
-16.1
-14.0
-14.7
-14.7
-15.4
-12.7
1987:
Feb
Mar
Apr
May
168
19.4
21 8
20.5
208
21.1
164
18.7
21 1
20.1
204
20.5
1
Department of Defense Military Assistance Program grant-aid shipments are excluded through
1984 and for revised statistical month data for 1985-86; they are included for statistical month data
for 1985-86 and for 1987.
2
Adjusted to include undocumented exports to Canada.
3
Tota! includes commodities and transactions not classified according to kind. For exports data
beginning 1987, these include undocumented exports to Canada.
4
Total arrivals of imported goods other than intransit shipments.
5
Revised statistical month exports less statistical month customs value imports.
-10.7
-12.9
-11.4
-11.5
-12.5
-14.1
-11.0
-13.6
-12.1
-11.8
-12.9
— 14.7
-11.9
14 4
-12.9
-13.0
— 14.0
-15.7
-12.3
-15.1
-13.6
-13.3
-14.4
-16.3
t Foreign exports (not shown
>arately) include $2.1 billion of nonmonetary gold bullion for
June and $1.3 billion for Julv.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Statistical month and revised statistical month refer only to data for 1984-86. Data for 1987 i
roughly equivalent to revised statistical month data.
For further information, see Bureau of the Census release FT900, April and August 1987.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1987, the merchandise trade deficit rose to $39.5 billion, from $38.8 billion in the first
quarter.
BILLI ONS OF DOLLARS*
BILLIONS OF DOLL \RS*
10
10
5
0
-5
5
xxx_/^ ""y^pi
Nx'^v. ,
J
\
0
Vi
BALANCE ON
CURRE NT ACCOUNT
j\
ft
\
\
-'''\ ^^
/'
\
\
-\v
\ \ \
MER CHANDISE TRX
BALANCE
\
15
\
BALANCE ON GOODS
AND SERV
.\
\
-20
\
9*5
Nbv K^A
-30
V
*•*
-35
-40
-25
>\
1
1
1
1979
1
i i i
1
1981
1980
1
1
1 1 1
1 1 1
1983
1984
1982
1^
11
1985
.
fx.
30
1 1V
-35
"-M 1
1986
-40
1987
* SEASONALLY ADJUSTED
SOURCE, DEPARTMEN f OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits { —)]
Merchandise
1z
Investment income 3
RemitNet
travel and
transportation
receipts
Period
Other
services,
net 3
Balance on
goods and
services
pensions,
and other
unilateral
trans-1
fers
Balance
on current
account
Exports
Imports
Net balance
Receipts
Payments
184 473
224 269
237 085
211 198
201 820
219,900
215 935
224 361
— 212009
249 749
— 265063
247 642
— 268 900
— 332,422
— 338083
368 700
27 536
25 480
27 978
— 36 444
67 080
— 112 522
122 148
— 144 339
64 132
72 506
86411
83 549
77 251
85 910
88 299
88 209
32960
42 120
52 329
54 883
52 376
— 67 419
62 901
67 365
31 172
30 386
34082
28 666
24 875
18 491
25 398
20 844
— 1 778
2 237
— 1 183
274
243
— 1 942
— 3 339
3 662
2 935
997
144
992
4 227
— 8604
10866
9 903
m
IV
53 614
54,590
55,691
56,005
79415
-83,684
-84,144
-85,179
25 801
-29,094
-28,453
-29,174
22 831
21,052
21,515
20,512
15435
-17,196
-17,978
- 16,809
7 396
3,856
3,537
3,703
273
-615
-255
-798
1 874
-2,039
-2,310
-2,381
2 629
2,513
2,436
2,164
17 923
-25,379
-25,045
-26,486
2 362
-2,461
-3,112
-4,243
20285
-27,840
-28,157
-30,729
1985: 1
II
Ill
IV
55,064
54,040
53,367
53,464
-79,946
-83,986
-84,573
-89,578
-24,882
-29,946
-31,206
-36,114
18,530
21,931
24,174
23,665
-16,359
-16,670
-16,055
-13,818
2,171
5,261
8,119
9,847
-242
-782
-794
-1,519
-2,261
-2,849
-2,892
-2,862
2,296
2,458
2,403
2,704
-22,918
-25,858
-24,370
-27,944
-3,296
-3,517
-4,169
-4,321
-28,214
-29,375
-28,539
-32,265
1986:
53,878
56,928
56,534
57,021
-88,856
-90,579
-93,649
-95,616
-34,978
-33,651
-37,115
-38,595
24,076
22,013
21,333
20,787
-17,651
-17,426
-15,994
-16,295
6,425
4,587
5,339
4,492
-1,298
-1,054
-815
-495
-2,786
-2,278
-2,442
-2,397
2,618
2,808
2,784
3,156
-30,019
-29,588
-32,249
-33,839
-3,021
-4,167
-4,334
-4,138
-33,040
-33,755
-36,583
-37,977
22,946
-19,110
3,836
198
-2,807
3,071
-34,032
-3,090
-37,122
1979
1980
1981
1982
1983
1984
1985
1986
1984- I
II
I
n
m
IV
1987:
1
2
3
I"
jj p
r
56,992
59,975
r
- 95,749
-99,500
r
- 38,757
-39,525
Excludes military.
Adjusted from Census data for differences in timing and coverage,
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
— 991
5 138 — 6 128
6 214
1 873
9466 — 7 593
7 793
14 344 — 7460
6,884
9 278
— 8679
278 — 8956
9 320
9 908 — 36 766 —9480 —46,246
9741 — 94,835 — 12,178 -107,013
9 861 — 101 093 — 15301 — 116,393
11 368 — 125 694 — 15 658 — 141 352
United States are excluded from investment income and included in other service;
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $27.8 billion in the first quarter of
1987 compared with a rise of $31.8 billion in the fourth quarter. Liabilities to foreigners and international financial
mstitutions reported by U.S. banks,
excluding
Treasury securities, decreased
$13.8 billion in the first
quarter
compared to an increase of $34.6 billion in the fourth quarter.
BILLIONS OF DOLLARS*
80
BILLIONS OF DOLLARS*
80
60
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
40
40
20
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
-60
1979
•SEASONALIY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capit
Period
Total
1979
1980
1981
1982
1983
1984
1985
1986
1984: I
II
in
IV
1985: I
II
U.S.
official
reserve
assets 1 2
-64,331
-86,118
110951
-121,153
-49,777
-22,291
-31,399
-95,982
-1,133
-3,602
-19,395
17,421
-16,712
-657
-566
-799
8 155
-5,175
4 965
-U96
3 131
-3,858
312
-1,110
-233
356
-121
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow (+)] 2
U.S.
private
assets
-3,746
-59,453
5 162
72 802
-5,097 - 100,679
6 131
110058
-5^006
-43,576
-13,685
5476
24 711
-2,831
1 920 -94,374
Total
Foreign
official
assets
38,752
58,112
83,032
93,746
84,869
102,467
129,872
213,386
-13,665
15,497
4,960
3,593
5,845
2,987
1 140
34,698
2029
-1,340
-1,388
717
-916
17 490
19,608
14886
22,120
41,862
2,392
36,094
-2,953
730
-128
6 380
-17,473
16,423
25,202
35,020
53,227
11 060
149
-963
7,052
35,493
36,088
38,295
43,186
1,003
2,294
-2,044
4 153
3,904
44,919
46,595
48,087
48,517
14,123
13,435
-9,128
2,749
48,824
Ill
IV
-13,415
25 303
-23,304
32 351
36,322
49,042
69,591
58,431
2,576
15,568
15,551
J987: I *
18,692
1,956
219
16,517
27,558
34,975
34,547
34,306
34,934
10,488
10,241
-8,530
11,750
-240
242
-1,454
15
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
1,417
-1,381
-3,851
3,809
33,746
33,475
54,040
57,428
-115
16
280
132
1
1,767
5,373
8,344
11,347
455
205
13 770
-25,529
-24,478
-32,204
n
18,956
26,756
30,074
33,958
33,747
34,934
43,186
48,517
25,431
24,982
19,942
36,085
11,154
26,837
17,920
23,947
1,725
-1,712
-3,781
3,766
-3,148
1986: I
25,073
42,011
3,355
29,042
1,139
1,152
1,093
U.S. official
reserve
assets, net *
(unadjusted,
end of
period)
11,535
5,724
782
-1,067
435
-547
IV
52,416
42,615
78,072
90,154
79,023
99,481
131,012
178,689
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
27,484
16,596
32,594
54,338
-1,745
1 551
-6,936
-21,167
m
Other
foreign
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
8,606
2,426
-1,111
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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