Full text of Economic Indicators : August 1988
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100th Congress, 2d SV j*
Economic Indicators
AUGUST 1988
(Includes data available as of August 30, 1988)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1988
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—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55}
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That 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 Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
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u
TOTAL OUTPUT, INCOME, AND SPENDING
bROSS NATIONAL PRODUCT
In the second quarter of 1988, according to revised estimates, current-dollar gross national product (GNP) rose 8.3
percent (annual rate) or $95.2 billion. Real GNP (GNP adjusted for price changes) rose 3.3 percent and the
implicit price deflator rose 5.1 percent.
BILLIOh4S OF DOLLAR.5 (RATIO SCAL E)
B LLIONS OF DO LLARS (RATIO SCALE)
5,200
5,200
5EASONA LY ADJUSTED ANNUA L RATES
_^
4,800
_| 4,800
~^\
41400
4,400
fS^
^^1
1—
GNP
r—
^>
1
INCU *RENT DOLLAR s-^^^
4,0001
—
—
^. w-
4,000
._-""*
\^-"
*
3,600
3,600
—^
3,200 1— «_^-*
GNP
IN 1982 DOLLAR s
Ln^"^"""""* ~~ "*
/
3,200
^~
2,800
2,800
-^
2,400
2,400
\
2,000
1
1980
1
\
\
i i i
\
1981
1
1
1
1
1983
1982
1
1 1 1
1
1984
1985
1
1
\ \ 1
1
1986
1987
OURCE: DEPARTMEN OF COMMERCE
1
1
1
2,000
1988
COUNCIL O ECONOMIC ADVISER
s
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,240.3
4,526.7
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
3,212.5
3,545.8
3,851.8
4,107.9
2,117.0
2,315.8
2,493.4
2,700.4
1986: I
4,180.4
4,207.6
4,268.4
4,304.6
1987: I
Period
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
TV
IV
IV
IV
n
m
rv
n
m
TV
1988: I r
n.
1
Gross
national
product
omes c
Federal
Net
exports
chases *
Exports
Imports
32,1
33.9
26.3
-6.1
-58.9
-78.0
- 104.4
-123.0
351.0
382.8
361.9
352.5
383.5
370.9
378.4
428.0
318.9
348.9
335.6
358.7
442.4
448.9
482.8
551.1
530.3
588.1
641.7
675.0
735.9
820.8
871.2
924.7
208.1
242.2
272.7
283.5
310.5
355.2
366.2
382.0
142.7
167.5
193.8
214.4
234.3
259.1
277.5
295.3
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
322.2
345.9
369.0
391.5
425.3
465.6
505.0
542.8
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.7
4,487.5
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,344.7
4,649.7
409.6
579.8
661.8
654.1
14.1
-25.8
-67.9
-103.2
335.9
364.7
385.7
369.2
321.9
390.5
453.6
472.4
671.8
676.1
764.5
856.7
293.2
276.1
326.0
376.6
205.4
221.5
244.1
268.6
87.7
54.6
81.9
108.0
3,272.4
3,514.8
3,806.8
4,100.7
3,198.5
3,571.6
3,919.7
4,211.2
2,739.0
2,772.1
2,842.8
2,876.0
686.6
667.8
653.0
656.4
-93.0
101.2
-109.1
114.3
376.9
373.9
377.8
385.2
469.9
475.1
486.9
499.4
847.8
868.8
881.8
886.5
356.6
368.7
372.7
366.7
266.8
277.2
288.0
278.1
89.9
91.5
84.7
88.7
378.7
400.0
438.5
480.1
491.2
500.2
509.1
519.7
4,136.5
4,188.1
4,267.7
4,306.6
4,273.4
4,308.7
4,377.6
4,418.9
4,391.8
4,484.2
4,568.0
4,662.8
2,921.7
2,992.2
3,058.2
3,076.3
685.5
698.5
702.8
764.9
-119.1
122.2
-125.2
-125.7
395.3
416.8
440.4
459.7
514.4
539.0
565.6
585.4
903.8
915.7
932.2
947.3
372.7
377.5
386.3
391.4
287.3
294.8
299.8
299.2
85.4
82.6
86.4
92.2
531.1
538.2
546.0
555.9
4,354.1
4,451.5
4,553.5
4,590.7
4,510.9
4,606.3
4,693.2
4,788.4
4,724.5
4,819.7
3,128.1
3,189.1
763.4
758.2
-112.1
-88.6
487.8
508.0
599.9
596.6
945.2
961.0
377.7
381.6
298.4
298.2
79.3
83.4
567.5
579.4
4,659.2
4,776.9
4,836.6
4,908.3
GNP less exports of goods and services plus imports of gooda and services.
Govern!ment purchases of
gooc s and services
Exports s nd imports of goods
8 nd services
Total
National
defense
Nondefense
and
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
0 ross priva te
dome stic inves tment
Period
1980
1981
1982
1983
1984
1985
1986
1987
Gross
national
product
Personal
consumption
expenditures
Nonresidential
fixed
Residential
fixed
Change
m
business
inventories
Total
Total
National
Nondefense
State
and
local
sales
246.9
259.6
272.7
275.1
290.8
326.0
333.4
339.0
171.2
180.3
193.8
206.9
218.5
237.2
251.4
264.9
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.1
373.6
370.1
369.0
373.9
387.0
405.2
427.1
441.2
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,706.3
3,812.6
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,859.3
3,975.9
11.7
-46.2
-94.8
125.3
336.0
355.5
376.6
367.4
324.3
401.6
471.4
492.6
660.1
642.2
693.2
752.7
289.5
266.0
300.5
340.6
201.4
211.6
225.3
241.4
88.2
54.4
75.2
99.2
370.6
376.2
392.7
412.1
3,218.6
3,338.1
3,493.5
3,654.7
3,147.6
3,411.3
3,630.0
3,787.6
185.5
195.7
199.0
199.7
45.7 -115.7
23.6 -140.2
3.0 -151.8
-10.5 -142.4
374.5
372.1
379.1
387.8
490.2
512.4
530.9
530.2
741.8
758.8
766.9
774.5
322.7
333.6
336.7
340.5
241.1
250.8
260.7
253.1
81.6
82.8
76.0
87.4
419.1
425.2
430.2
434.0
3,673.6
3,688.0
3,718.3
3,745.2
3,834.9
3,851.8
3,873.0
3,877.2
418.2
434.8
462.8
464.8
198.4
197.6
192.1
192.7
29.8 -132.8
27.8 -126.0
13.0 -130.7
67.1
126.0
394.9
416.4
440.9
459.2
527.7
542.3
571.6
585.2
772.9
772.2
782.9
792.6
334.0
332.1
342.1
347.7
257.0
264.8
269.5
268.2
77.0
67.3
72.6
79.5
438.9
440.1
440.8
444.9
3,746.9
3,795.2
3,852.2
3,855.9
3,909.5
3,949.0
3,996.0
4,049.0
473.4
491.6
189.5
190.0
66.0 - 109.0
36.0 -90.1
486.2
499.7
595.1
589.7
776.4
783.3
327.8
331.0
264.6
263.2
63.2
67.8
448.7
452.3
3,890.1
3,952.1
4,065.1
4,078.2
-6.9
23.9
-24.5
-6.4
62.3
3,159.3
3,365.1
3,535.2
3,662.4
2,078.7
2,191.9
2,281.1
2,386.9
352.3
390.4
444.4
460.9
115.8
159.9
169.6
179.4
-59.3
27.0
41.7
1986: I
3,719.3
3,711.6
3,721.3
3,734.7
2,415.1
2,440.9
2,478.6
2,486.2
446.8
432.8
425.6
427.3
1987: I
n
m
3,776.7
3,823.0
3,865.3
3,923.0
2,490.2
2,516.6
2,545.2
2,531.7
n
3,956.1
3,988.1
2,559.8
2,577.2
1
Imports
620.5
629.7
641.7
649.0
677.7
731.2
760.5
780.2
137.0
126.5
105.1
149.3
170.9
174.4
195.0
195.2
IV
1988: I r
Exports
332.0
343.4
335.6
368.1
455.8
471.4
515.9
556.7
379.2
395.2
366.7
361.2
425.2
453.5
433.1
445.1
n
m
rv
Net
exports
Gross
domestic
purchases *
388.9
392.7
361.9
S48.1
371.8
367.2
378.4
427.8
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,455.2
2,521.0
IV
IV
IV
IV
Federal
57.0
49.4
26.3
-19.9
-84.0
9.1 -104.3
15.4
137.5
34.4 -128.9
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,721.7
3,847.0
1982:
1983:
1984:
1985:
Goverarnent pure lases of
good s and sennces
Export 3 and imports of
good s and senrices
7.7
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Gross arivate
domestic iiavestment
Personal c onsumption
expenditures
Period
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
IV
IV
IV
IV
1986: I
n
m
IV
1987: I
n
m
rv
1988: I r
n
national
product
Total
Durable
goods
Services
Nonresideutial
Gove rnment pure bases of goo>ds and
sennces
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.9
117.7
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.5
89.2
95.7
100.0
102.1
103.8
104.8
105.6
107.9
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.5
85.1
93.4
100.0
98.8
97.9
97.7
100.2
100.4
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
90.2
97.5
100.0
101.3
103.2
101.0
100.0
100.0
96.0
101.6
100.0
97.4
97.1
95.2
93.6
99.0
84.3
93.3
100.0
103.1
106.8
109.0
109.8
112.7
83.4
92.9
100.0
103.6
107.2
109.2
110.4
111.5
86.4
94.3
100.0
101.4
105.5
108.2
108.2
117.0
86.2
93.4
100.0
104.7
109.9
114.9
118.2
123.0
101.7
105.4
109.0
112.2
101.8
105.7
109.3
113.1
100.7
103.1
104.1
104.7
101.0
103.1
105.8
108.7
102.7
108.3
113.5
119.0
100.7
98.3
97.9
97.9
99.1
103.1
107.2
109.0
100.0
102.6
102.4
100.5
99.3
97.2
96.2
95.9
101.3
103.8
108.5
110.6
102.0
104.7
108.3
111.3
99.5
100.3
108.9
108.8
102.2
106.3
111.7
116.5
112.4
113.4
114.7
115.3
113.4
113.6
114.7
115.7
105.0
105.0
106.1
106.2
107.8
106.4
107.2
107.8
120.1
121.6
123.2
124.6
98.2
99.8
101.2
101.6
109.8
110.6
111.4
112.4
100.6
100.5
99.6
99.3
95.9
92.7
91.7
94.2
110.5
110.5
110.7
107.7
110.6
110.5
110.5
109.9
110.1
110.4
111.5
101.5
117.2
117.6
118.3
119.7
116.3
117.3
118.2
118.9
117.3
118.9
120.2
121.5
106.7
107.5
108.6
108.9
109.8
111.9
112.9
113.7
126.1
127.6
129,1
131.0
101.1
100.8
99,9
99.8
113.4
115.2
117.7
118.7
100.1
100.1
99.9
100.1
97.5
99.4
98.9
100.0
111.6
113.7
112.9
112.6
111.8
111.3
111.3
111.6
110.9
122.9
119.0
116.0
121.0
122.3
123.9
124.9
119.4
120.9
122.2
123.7
109.1
109.5
113.8
116.0
132.2
133.7
99.6
99.3
119.5
119.6
100.3
101.7
100.8
101.2
115.2
115.3
112.8
113.3
125.5
123.0
126.5
128.1
Source: Department of Commerce, Bureau of Economic Analysis.
Nondurable goods
Exports an [ imports of
goods an 1 services
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal onsumption es penditures
Gro ss national pro duct
Period
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
Constant
(1982)
dollars
Current
dollars
-0.2
1.9
-2.5
8.9
11.7
3.7
7.6
10.8
6.4
5.6
6.8
4.2
12.4
4.7
6.2
7.2
2.6
5.9
3.4
8.4
8.7
7.7
8.6
5.4
8.3
IV
IV
IV
IV
I
n
ra
IV
1987: I
n
m
IV
1988: I r
n.
3.6
6.8
3.4
2.8
3.4
.6
7.3
1.7
3.0
6.4
-.8
1.0
1.4
4.6
5.0
4.5
6.1
3.4
3.3
Implicit
price
deflator
Chain price
index
9.0
9.0
9.7
6.4
3.9
3.7
3.0
2.7
3.3
3.6
4.7
3.0
3.3
.7
3.6
4.7
2.1
3.5
3.5
3.1
2.4
1.7
5.1
9.4
6.3
4.1
3.9
3.3
2.5
3.4
4.1
3.9
3.1
3.2
1.7
2.0
3.1
2.4
4.0
3.7
3.6
3.4
3.0
4.4
Fixedweighted
price index
(1982
weights)
9.3
9.3
6.2
4.1
4.0
3.4
2.8
3.6
4.0
4.0
3.2
3.3
2.2
2.4
3.0
2.8
4.2
4.2
3.7
S.8
3.5
4.7
Implicit
price
deflator
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
-0.2
1.2
1.3
9.0
8.8
8.2
6.8
7.3
10.3
9.7
7.2
6.0
5.8
4.9
10.6
4.8
6.5
10.0
9.1
2.4
6.9
8.0
4.6
4.8
4.7
4.3
2.7
5.3
5.5
4.3
1.9
4.8
4.3
6.3
1.2
.6
4.3
4.6
-2.1
4.5
2.7
Chain price
index
Fixedweighted
price index
(1982
weights)
10.9
10.5
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.5
4.4
4.3
3.0
4.0
1.1
.7
3.9
3.5
5.6
5.6
4.4
4.4
2.3
5.0
9.0
5.6
4.2
4.0
3.5
2.7
4.5
4.8
4.1
3.2
4.3
1.5
.7
4.2
3.5
5.6
5.7
4.2
4.6
2.4
5.2
9.2
5.7
4.2
3.9
3.5
2.7
4.5
4.8
4.1
3.1
4.2
1.4
.8
4.3
3.5
5.5
5.7
4.3
4.4
2.5
5.2
NOTE.—Annual changes are from previous year and quarterly changes are from previoi \ quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
1
Curren t-dollar cos and profit per unit o output (do liars)
Gross c omestic
prodi ct of
nonfin ancial
corporate business
(billions o f dollars)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
I
n
in
IV
1987: I
H
m
IV
1988: I
n*
1
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,371.6
2,513.5
1,779.4
2,012.5
2,201.8
2,309.2
2,344.9
2,348.8
2,383.6
2,409.3
2,438.8
2,482.7
2,546.9
2,585.6
2,633.2
2,687.2
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,177.2
2,270.4
1,760.2
1,940.5
2,069.5
2,137.7
2,172.3
2,163.2
2,174.2
2,199.0
2,215.0
2,248.0
2,296.1
2,322.5
2,363.5
2,393.5
Corp<>rate profits with
inventory valuation and capital
consun ption adjus tments
Capital
consumption
Total
cost
and
profit 2
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.107
1.011
1.037
1.064
1.080
1.079
1.086
1.096
1.096
1.101
1.104
1.109
1.113
1.114
1.123
a rices
with
capital
consumption
adjustment
Indirect
business
taxes 3
0.095
.109
.125
.123
.118
.119
.121
.122
.131
.120
.118
.120
.120
.122
.122
.122
.122
.122
.121
.121
.121
.121
0.077
.090
.094
.098
.100
.103
.105
.106
.096
.098
.102
.104
.105
.102
.106
.105
.105
.106
.106
.105
.105
.106
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
4
Compensation of
employees
0.581
.632
.676
.679
.687
.704
.719
.732
.685
.680
.694
.713
.710
.717
.722
.725
.730
.730
.729
.738
.736
.743
Net
interest
Total
0.031
.037
.043
.037
.039
.038
.039
.043
.042
.037
.042
.037
.038
.038
.039
.040
.041
.043
.044
.046
.045
.046
0.068
.078
.063
.089
.109
.106
.106
.105
.057
.103
.107
.106
.107
.106
.107
.104
.103
.104
.109
.103
.106
.107
Profits
tax
0.037
.035
.026
.032
.036
.033
.035
.044
.023
.036
.032
.033
.032
.034
.036
.039
.041
.043
.046
.044
.044
.046
Profits
after
0.031
.044
.037
.057
.073
.073
.071
.061
.034
.066
.075
.072
.075
.072
.071
.065
.061
.061
.063
.059
.062
.061
Output
per hour
of all
employees
(1982
dollars)
*
17.096
17.194
17.318
r
!7.865
' 18.287
' 18.584
' 18.927
r
19.216
••17.383
18.029
18.359
' 18.639
r
18.901
'r 18.864
18.921
' 19.043
* 18.996
' 19. 142
' 19.362
' 19.357
T
19.560
Compensation
per hour
of all
employees
(dollars)
*
9.939
10.861
11.699
r
!2.122
' 12.569
' 13.075
' 13.605
'14.062
11.914
12.261
12.746
r
13.288
r
13.427
'r 13.532
13.660
' 13.815
* 13.869
' 13.969
' 14. 110
' 14.291
' 14.397
With inventory valuation and capital consumption adjustments.
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two placea to the left.
3
Indirect business tax and nontax liability plus business transfer payments leas subsidies.
'Data reflect revisions beginning 1985 of GNP and related items published July 27, 1988.
Sources: Department of Commerce (Bureau of Economic Ana/ysis) 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
employees
Proprietoi a' income
with in ventory
valuation tuid capital
consulnption
adjust ments
Farm
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
I
n
m
IV
1987: I
n
m
IV
1988: I r
n
1
Nonfarm
Rental
income of
persons
with
capital
Corpora te profits wi h inventory valuation an 1 capital
consulnption adjus ments
Profits wi th inventory valuation
adjustme it and witho at capital
consumption adjus ;ment
tion
adjustment
Profits
before tax
Inventory
valuation
adjustment
Capital
consumpuon
Net
interest
ment
2,518.4
2,719.5
3,028.6
3,234.0
3,437.1
3,678.7
2,548.2
2,851.5
3,096.1
3,312.8
3,378.9
3,421.8
3,450.9
3,496.6
3,573.0
3,631.8
3,708.0
3,802.0
1,907.0
2,020.7
2,213.9
2,367.5
2,507.1
2,683.4
1,931.1
2,092.7
2,272.7
2,426.7
2,461.0
2,483.4
2,518.2
2,565.8
2,608.9
2,652.0
2,702.8
2,769.9
24.6
12.4
30.5
30.2
36.4
43.0
28.5
19.3
28.1
29.2
27.6
46.4
33.3
38.4
46.7
43.0
35.2
47.0
150.9
178.4
204.0
225.6
250.3
270.0
159.8
188.6
209.7
235.0
245.5
248.3
251.7
255.8
263.5
265.9
271.5
279.0
13.6
13.2
8.5
9.2
12.4
18.4
15.8
12.4
5.6
7.8
10.6
12.5
13.1
13.4
17.4
17.8
18.1
20.5
150.0
213.7
266.9
282.3
298.9
310.4
146.1
248.5
266.9
291.4
303.2
297.1
301.2
293.9
298.3
305.2
322.0
316.1
159.2
196.7
234.2
222.6
244.7
258.7
150.7
223.4
224.6
228.4
243.4
242.1
249.2
244.1
247.5
253.6
269.9
263.7
169.6
207.6
240.0
224.3
236.4
276,7
164.1
231.5
226.1
235.0
222.5
230.3
240.5
252.1
261.8
273.7
289.4
281.9
-10.4
10.9
-5.8
1.7
8.3
-18.0
13.4
-8.1
1.6
-6.6
21.0
11.8
8.7
-8.1
-14.4
-20.0
19.5
-18.2
-9.2
17.0
32.7
59.7
54.2
51.7
-4.5
25.1
42.3
63.0
59.8
55.0
52.0
49.8
50.8
51.5
52.1
52.4
272.3
281.0
304.8
319.0
331.9
353.6
266.9
290.2
313.1
322.7
331.1
334.1
333.3
329.3
338.3
348.1
358.3
369.5
3,850.8
3,933.9
2,816.4
2,874.0
44.7
42.7
279.2
285.4
20.5
19.0
316.2
332.0
266.8
283.6
286.2
310.7
-19.4
27.1
49.4
48.4
373.9
380.8
Includes employer contributions for social insurance. (See also p, 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
expendi-
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
I
n
m
IV
1987: I
n
m
IT
1988: I r
U.
Total
durable
goods
Other
nondurable
Food
Clothing and
shoes
Gasoline
and oil
Other
Domestics
"
Imports
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
2,117.0
2,315.8
2,493.4
2,700.4
2.739.0
2,772.1
2,842.8
2,876.0
2,921.7
2,992.2
3,058.2
3,076.3
252.7
289.1
335.5
372.2
406.5
421.9
263.8
310.0
346.7
373.2
381.4
393.0
429.9
421.8
403.5
420.5
441.4
422.0
108.9
130.4
157.4
179,1
196.4
195.8
115.7
144.4
162.3
173.8
179.4
187.7
217.5
201.0
181.7
194.5
212.9
194.0
95.7
107.1
118.8
129.9
140.0
148.3
99.1
112.4
122.7
134.7
135.9
138.8
142.0
143.3
145.9
147.8
150.2
149.4
771.0
48.1
816.7
51.6
867.3
59.3
911.2
63.2
943.6
70.1
77.8
997.9
786.6
49.0
53.2
837.9
879.6
61.8
932.7
64.7
938.4
66.0
937.2
66.5
70.5
944.7
954.1
77.5
75.9
977.5
995.3
78.3
78.3 1,006.6
78.6 1,012.4
398.8
421.9
448.5
471.6
501.0
526.4
407.0
430.8
456.1
482.5
490.3
498.0
503.2
512.6
521.0
525.3
528.4
530.9
124.4
135.1
146.7
156.4
167.0
178.2
126.5
141.1
149.8
160.6
163.0
167.0
168.7
169.4
174.5
176.8
180.4
181.2
89.1
90.2
90.0
90.6
73.3
77.0
89.8
91.9
89.0
91.0
86.3
71.7
68.9
66.3
72.1
77.4
79.3
79.3
158.7 1,027.0
169.5 1,128.7
182.1 1,227.6
192.6 1,345.6
202.2 1,457.3
216.3 1,592.3
163.4 1,066.5
174.0 1,167.9
184.7 1,267.1
198.5 1,394.5
198.8 1,419.2
200.5 1,441.9
203.9 1,468.2
205.8 1,500.1
209.9 1,540.7
215.8 1,576.4
218.5 1,610.2
220.9 1,641.9
5.8
6.8
8.0
8.2
8.2
7.1
6.0
7.4
7.7
7.0
7.7
8.0
9.5
7.7
6.7
7.1
8.0
6.6
2.2
2.4
2.4
2.8
3.2
3.2
2.5
2.6
2.6
3.1
3.0
3.1
3.4
3.4
2.9
3.1
3.5
3.3
3,128.1
3,189.1
437.8
448.2
202.2
207.2
154.7
159.4
81.0
81.6
1,016.2
1,035.7
535.9
546.1
180.5
183.4
76.3
78.4
223.5
227.8
1,674.1
1,705.2
7.6
7.5
3.2
3.1
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Furniture
and
household
equipment
Retail sales of
new pa ssenger
cars (mi [lions of
UJI ts)
Non durable g )ods
Durabl 3 goods
SOURCES OF PERSONAL INCOME
Personal income rose $25.2 billion (annual rate) in July, following a rise of $25.4 billion in June. The increases
were reduced by subsidy payments to farm proprietors, which decreased $9.0 billion in July and $3.1 billion in
June. Excluding these payments, personal income increased $34.2 billion in July and $28.5 billion in June.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,200
4,200
3,200
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
~
800
800
OTHER INCOME
400
400
'TRANSFER
PAYMENTS
1980
Illllllllll
Illllllllll
200 I l l l l l l l l l l
1981
1984
1983
1982
1985
200
I l l l l l l l l l l
1986
" SEASONAUY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1987
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
Total
personal
income
Proprietor ' income 3
wage ana
income
Farm
Nonfarm
Kental
income of
persons 4
Personal
dividend
income
Personal
interest
income
Transfer
Payments 5
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,531.1
3,780.0
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.0
2,248.4
138.4
150.3
163.6
173.6
182.9
187.6
196.1
207.9
20.5
30.7
24.6
12.4
30.5
30.2
36.4
43.0
160.1
156.1
150.9
178.4
204.0
225.6
250.3
270.0
6.6
13.3
13.6
13.2
8.5
9.2
12.4
18.4
52.9
61.3
63.9
68.7
75.5
78.7
82.8
88.6
271.9
335.4
369.7
393.1
444.7
478.0
499.1
527.0
324.7
368.1
410.6
442.6
456.6
489.8
521.1
548.8
88.6
104.5
112.3
120.1
332.7
149.3
161.1
172.0
2,215.8
2,465.6
2,618.7
2,799.0
3,052.3
3,271.3
3,472.5
3,716.0
1987:
July
Aug
Sept
Oct
Nov
Dec
3,778.6
3,803.7
3,820.8
3,897.2
3,884.1
3,939.0
2,247.6
2,269.0
2,278.6
2,302.9
2,318.7
2,353.5
208.3
209.3
210.3
211.4
212.4
213.3
41.0
33.6
31.1
67.9
31.6
41.4
268.9
272.4
273.3
277.8
278.6
280.6
17.7
18.0
18.5
19.5
20.5
21.5
89.0
90.0
90.6
91.3
91.9
92.4
526.9
533.0
539.0
545.0
550.0
555.1
550.9
551.6
552.7
556.4
556.1
557.9
171.7
173.1
173.4
175.1
175.8
176.8
3,716.8
3,749.2
3,768.8
3,808.5
3,831.9
3,877.1
1988:
Jan
Feb
Mar
Aprr
May *
June r
July"
3,921.8
3,946.7
3,985.9
3,999.3
4,020.6
4,046.0
4,071.2
2,342.3
2,359.0
2,374.7
2,394.0
2,408.5
2,427.4
2,451.9
214.0
214.6
215.2
215.8
216.4
217.4
218.4
35.9
41.5
56.8
43.6
44.1
40.5
32.4
278.6
279.0
279.9
282.8
285.2
288.2
290.7
20.8
20.5
20.2
19.3
18.9
18.8
19.4
92.8
93.6
94.0
94.7
95.0
95.4
96.3
554.4
554.1
554.1
558.8
563.7
568.7
571.7
572.2
574.6
582.2
582.8
582.2
584.1
586.3
189.1
190.2
191.2
192.4
193.4
194.6
195.9
3,865.5
3,884.7
3,908.7
3,934.8
3,955.4
3,984.1
4,017.6
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.
2 Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor incomi
tnd agricultural
agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income fell in the second quarter of 1988.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
PER CAPITA DISPOSABLE PERSONAL INCOME
8,000
8,000
6,000
1988
• SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Disposable
'incocT1
Less:
Personal
outlays1
Equals:
Personal
saving
Per c apita
disposable personal
incc me
Disposable
personal
income in
1982
C
t
dollars
dollars
(billions)
Billio ns of dollar
1980
1981
1982
1983
1984
1985
1986
1987
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,531.1
3,780.0
340.5
393.3
409.3
410.5
440.2
486.6
511.4
570.3
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,019.6
3,209.7
1982
dollars
Per capib personal
consulnption
expen itures
Current
dollars
1982
dollars
136.8
159.4
153.9
130.6
164.1
125.4
121.7
104.2
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.8
2,640.9
2,686.3
8,421
9,243
9,724
10,340
11,257
11,861
12,496
13,157
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands)2
Perce It
Dolla rs
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,898.0
3,105.5
Percent
change in
real per
capita
disposable
personal
income
9,722
9,769
9,724
9,930
10,419
10,625
10,929
11,012
7,607
8,320
8,818
9,515
10,253
10,985
11,618
12,348
8,794
8,818
9,139
9,489
9,839
10,160
10,334
8,783
1.1
.5
-.5
2.1
4.9
2.0
2.9
•Li
7.1
7.5
6.8
5.4
6.1
4.4
4.0
3.2
230,182
232,549
234,829
237,051
239,322
241,650
243,944
227,754
Seasonally adjusted arm ual rates
1982:
1983:
1984:
1985:
IV
IV
IV
IV
2,729.2
2,941.8
3,188.3
3,399.1
411.1
413.9
459.7
499.6
2,318.1
2,527.9
2,728.6
2,899.5
2,174.9
2,382.5
2,571.3
2,787.7
143.1
145.4
157.3
111.7
2,276.1
2,392.7
2,496.3
2,562.8
9,929
10,725
11,467
12,068
9,749
10,151
10,491
10,667
9,068
9,825
10,479
11,240
8,904
9,299
9,587
9,935
1.2
9.1
1.7
3.3
6.2
5.8
5.8
3.9
233,466
235,707
237,946
240,257
3,460.7
3,517.3
3,546.7
3,599.6
495.6
501.0
514.2
534.9
2,965.1
3,016.3
3,032.4
3,064.7
2,828.2
2,862.1
2,933.6
2,967.9
136.9
154.1
98.8
96.8
2,614.5
2,655.9
2,643.9
2,649.4
12,315
12,499
12,534
12,635
10,858
11,006
10,928
10,923
11,375
11,487
11,750
11,857
10,030
10,115
10,245
10,250
7.4
5.6
-2.8
-.2
4.6
5.1
3.3
3.2
240,784
241,324
241,936
242,557
1987: I
3,676.1
3,736.1
3,801.0
3,906.8
532.2
582.0
576.2
591.0
3,143.9
3,154.1
3,224.9
3,315.8
3,013.1
3,084.7
3,152.3
3,171.8
130.8
69.5
72.6
144.0
2,679.6
2,652.8
2,683.9
2,728.9
12,934
12,947
13,204
13,543
11,024
10,889
10,989
11,145
12,020
12,282
12,521
12,564
10,244
10,330
10,421
10,340
3.8
-4.8
3.7
5.8
4.2
2.2
2.3
4.3
243,077
243,618
244,236
244,845
1988: I r
3,951.4
4,021.9
575.8
601.0
3,375.6
3,421.0
3,225.7
3,288.3
149.9
132.6
2,762.3
2,764.6
13,760
13,918
11,260
11,247
12,751
12,974
10,435
10,485
4.2
-.5
4.4
3.9
245,318
245,800
1986: I
n
m....
IV
n
m....
rv
n ....
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
|n the first quarter of 1988, according to preliminary estimates, gross farm income fell $10.2 billion (annual rate)
and net farm income fell $9.6 billion.
BILLIC NS OF DOLLAI(S* (RATIO SOUE)
BILL ONS OF DOLL/kRS * (RATIO SCALE)
240
240
200
160
^ >
• 1
^-
—- .
n
"-—.^—*•
vx^-^-1
""1
--
^
160
DSS FARM INC ™F
GRC^^—
120
120
80
80
An
40
20
10
• SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm operators from farmi]"g
(}ross farm
Period
Total l
Total
1980
1981
1982
1983
1984
1985
1986
1987
1985:
I
n
m
IV
1986: I
n
m
rv
1987: I
n
m
IV
1988:
I
1
149.3
166.3
163.5
153.1
174.7
166.0
159.5
168.4
168.5
164.0
159.5
172.1
149.8
168.8
154.7
164.8
167.3
170.7
164.1
171.7
161.5
139.7
141.6
142.6
136.6
142.3
144.2
135.2
136.4
137.9
138.0
144.8
156.1
134.4
130.6
135.0
140.7
127.5
142.1
142.4
133.6
134.9
Livestock and
products
Crops
68.0
71.7
72.5
72.3
67.1
69.4
74.4
69.2
70.3
69.4
72.9
69.8
71.6
75.5
69.9
69.0
68.9
71.4
68.3
66.8
77.8
73.3
72.3
73.8
79.9
75.9
76.1
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.
Net fanr income
incom
Cas ti marketing rece pts
63.6
60.9
68.0
68.9
76.0
84.7
66.0
63.8
57.2
67.4
55.2
68.3
62.5
57.7
58.8
3
Value of
inventory
changes z
Production
expenses
6.3
6.5
-1.4
-10.9
6.2
-2.7
-3.3
-.6
133.1
139.4
140.0
140.4
142.7
133.7
122.1
123.0
1.1
2.4
-4.2
5.1
138.3
135.3
132.2
129.0
4.2
-3.5
-3.0
-2.4
125.7
122.9
120.6
119.0
.8
-.2
3
-1.2
-4.1
119.5
123.3
124.5
124.7
124.0
Current
dollars
16.1
26.9
23.5
12.7
32.0
32.3
37.5
45.4
30.2
28.7
27.3
43.1
24.1
45.9
34.2
45.8
47.8
47.3
39.7
47.0
37.4
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
1982 dollars 3
18.8
28.6
23.5
12.2
29.7
29.1
32.9
38.6
27.5
25.9
24.5
38.4
21.4
40.5
29.8
39.7
41.1
40.3
33.6
39.5
31.3
CORPORATE PROFITS
In the second quarter of 1988, according to preliminary estimates, corporate profits before tax rose $24.5 billion
(annual rate) and after-tax profits rose $17.2 billion.
BILLIONS OF DOLLARS
320
BILLIONS OF DOLLARS
320
280
240
200
120
80
40
40
1980
1981
1982
1987
1983
SOURCE: DEPARTMENT OF COMMERCE
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pn)fits (before tiEix) with inve ntory valuati on adjustment l
Profits after taX
DOTnestic indust ries
Total
2
Total
Financial
Total
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
194.0
202.3
159.2
196.7
234.2
222.6
244.7
258.7
IV
IV
IV
IV
1986: I
n
m
IV
1987: I
1
2
159.6
173.8
131.2
166.6
203.3
191.4
212.8
222.3
150.7
223.4
224.6
228.4
121.6
190.7
193.9
193.6
243.4
242.1
249.2
244.1
208.5
n
m
247.5
253.6
269.9
263.7
n *
266.8
283.6
IV
1988: I
213.5
217.2
211.9
213.0
219.2
234.6
222.2
236.6
245.5
21.0
16.5
11.8
18.1
13.0
22.8
31.8
30.1
18.7
15.5
13.6
26.0
31.6
34.5
32.4
28.9
30.7
31.4
29.5
28.8
27.6
29.0
3
138.6
157.3
119.4
148.5
190.3
168.6
180.9
192.1
102.9
175.2
180.3
167.6
176.9
179.0
184.9
183.0
182.3
187.8
205.1
193.4
209.0
216.5
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Profits
before tax
Nonfinancial
Period
Manufacturing
77.1
88.5
58.0
70.1
88.8
79.7
79.4
96.8
46.8
88.6
79.8
83.8
75.4
80.5
73.8
87.7
84.8
93.8
107.0
101.7
110.6
Tax
liability
Total
Dividends
sale and
retail
trade
21.6
32.5
34.6
38.9
51.2
44.1
46.1
42.8
237.1
226.5
169.6
207.6
240.0
224.3
236.4
276.7
33.6
43.1
51.8
38.5
164.1
231.5
226.1
48.5
43.4
49.9
42.5
46.5
37.8
44.1
43.0
43.9
222.5
230.3
240.5
235.0
252.1
261.8
273.7
289.4
281.9
286.2
310.7
84.8
81.1
63.1
77.2
93.9
96.4
106.6
133.8
59.8
88.1
87.0
99.8
99.2
104.9
107.9
114.3
126.3
132.6
140.0
136.2
136.9
144.1
152.3
145.4
106.5
130.4
146.1
127.8
129.8
142.9
104.3
143.4
139.2
135.2
123.2
125.4
132.6
137.9
135.5
141.1
149.5
145.7
149.4
166.6
54.7
63.6
66.9
71.5
79.0
83.3
88.2
95.5
68.5
73.9
80.8
84.0
86.2
88.0
88.9
89.8
91.7
94.0
97.0
99.3
101.3
103.1
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
97.6
81.8
39.6
58.9
67.0
44.6
41.6
47.4
35.8
69.5
58.4
51.2
37.0
37.4
43.7
48.1
43.8
47.0
52.4
46.4
48.1
63.5
Inventory
valuation
adjustment
r
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
8.3
-18.0
13.4
-8.1
-1.6
-6.6
21.0
11.8
8.7
-8.1
-14.4
-20.0
-19.5
-18.2
-19.4
-27.1
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter of 1988, nonresidential fixed investment rose $16.7 billion
(annual rate) while residential investment rose $0.5 billion. There was a $42.9 billion increase in inventories,
following an increase of $65.3 billion in the first quarter.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
700
700
600
500
400
400
NONRESIDENTIAL
FIXED INVESTMENT
300
300
RESIDENTIAL
FIXED INVESTMENT
200
200
100
100
-inn I
I
I I
1980
-100
1988
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
(Billions of dollars; quarterly data at seasonally adjusted annual rates]
]^ixed investmen t
Gross
Period
domestic
investment
1980
1981
1982
1983
1984
1985
1986
1987
1982: IV
1983:
1984:
1985:
1986:
IV
IV
IV
I
JJ
m
rv
1987: I
TJ
m
IV
1988: I
Ur.
Source: Department of Commerce, Bureau of Economic Analysis.
Change iii business
inventones
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
445.3
491.5
471.8
509.4
597.1
631.8
650.4
673.7
322.8
369.2
366.7
356.9
416.0
442.9
433.9
446.8
113.9
138.5
143.3
124.0
141.1
153.2
138.5
139.5
208.9
230.7
223.4
232.8
274.9
289.7
295.4
307.3
409.6
579.8
661.8
654.1
469.5
548.8
616.8
646.8
354.9
383.9
435.0
451.3
137.6
127.4
146.6
155.9
217.3
256.5
288.4
295.5
686.6
667.8
653.0
656.4
642.6
648.3
652.3
658.4
438.9
431.9
430.6
434.1
151.1
136.1
132.0
134.6
287.8
295.7
298.5
299.4
685.5
698.5
702.8
764.9
647.8
665.8
688.3
692.9
422.8
438.2
462.1
464.1
132.7
134.4
143.0
147.7
200.1
303.8
319.1
316.3
763.4
758.2
698.1
715.3
471.5
488.2
140.1
145.4
331.3
342.8
Residential
122.5
122.3
105.1
152.5
181.1
188.8
216.6
226.9
114.7
164.9
181.8
195.5
203.6
216.4
221.8
224.4
225.0
227.6
226.2
228.8
226.6
227.1
Total
Nonfann
8.3
24.0
-24.5
-7.1
67.7
11.3
15.5
39.2
2.4
18.3
-23.1
.4
60.5
14.6
17.4
40.7
-59.9
31.0
45.0
7.2
-51.1
21.3
41.3
23.7
44.0
19.5
.7
-2.0
43.3
19.8
3.6
3.0
40.9
31.4
17.8
72.8
49.4
32.5
37.7
32.7
14.5
72.0
65.3
42.9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May survey, business spending for new plant and equipment
expected to rise 10.7 percent in 1988, following a rise of 2.4 percent in 1987.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
200
200
NONMANUFACTURING -^
-7"
MANUFACTURING
100
100
80
60
40
40
J
1980
1982
1981
1983
I
I
J
1985
1984
I
1986
J
I
I
1987
J/ SURVEYED QUARTERLY
J/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
M muiacturii"g
Period
All
industries
Total
Durable
goods
Noiimanufactui ing
Nondurable
goods
Total l
Mining
Transportation
Public
utilities
Nonmanufactu ring
Total
Commercial
and
other
nonfarm
business 2
Manufacturing
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.46
163.01
Total
189.02
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.13
Surveyed
quarterly
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.14
267.22
1979
1980
1981
1982
1983
1984
1985
1986
1987
19884
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.47
388.60
430.23
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.46
163.01
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.14
70.91
77.63
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.55
85.39
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.14
267.22
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.34
12.39
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.25
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.76
47.18
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.19
186.40
1986: m
IV
375.50
386.09
139.43
144.07
69.42
69.87
70.01
74.20
236.07
242.02
10.14
10.31
18.81
19.50
45.81
46.12
161.31
166.08
139.43
144.07
236.07
242.02
1987: I
374.23
377.65
393.13
409.37
140.65
140.79
147.56
152.84
70.47
68.76
71.78
72.64
70.18
72.03
75.78
80.20
233.58
236.87
245.58
256.53
10.31
11.02
11.64
12.39
18.98
17.67
19.17
19.57
43.60
43.48
44.90
47.07
160.70
164.69
169.87
177.50
140.65
140.79
147.56
152.84
233.58
236.87
245.58
256.53
409.73
429.01
438.22
443.95
157.79
162.82
165.7S
165.71
75.33
79.00
79.30
76.87
82.45
83.82
86.43
88.84
251.95
266.19
272.49
278.24
12.50
12.87
12.51
11.67
20.59
20.81
22.61
20.99
44.31
46.37
48.94
49.10
174.54
186.15
188.44
196.48
157.79
162.82
165.73
165.71
251.95
266.19
272.49
278.24
n
m
IV
1988: I 4
ii
m«
IV*
1
Excludes forestry, fisheries, and agricultural' ervices; me dical services; professi ona) service s;
social services and membership organ zations; and real estate, which, effective with he April-M iy
1984 survey, are no longer surveyed c uarterly. See last columi ("nonman ifaeturing s irveyed ann aally") for data for these industries.
2
"All industries" plus the part of n amnanufactur ng that is survayed anr uilly.
10
12.81
284.94
314.47
349.26
347.47
343.35
398.99
431.94
427.23
439.59
Surveyed
annuallyS
29.98
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
s
< Consists of fo reatry, fisheries, and agricultura! se rvices; medic al services; professiona services;
socia services an< membership organizati 3ns; and rea estate.
4
1banned capit al espenditiires as repo rted by busiiness in April -May 1988 corrected or biases.
So urce: Depart nent of Conimerce. Bur eau of Econ mic Analysis
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In July, civilian employment rose 41,000 and unemployment rose 170,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
124
124
1980
*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
1980
1981
1982
1983
1984
1985
1986*
1987
1987: July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
Norunstitutional
population
including
resident
Armed
Forces
NSA
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
184,605
184,738
184,904
185,052
185,225
185,370
185,571
185,705
185,847
185,964
186,088
186,247
186,402
T h f
• ^jincluding
Forces
NSA
Armed
Forces
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,720
1,736
1,743
1,741
1,755
1,750
1,749
1,736
1,736
1,732
1,714
1,685
1,673
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
121,610
122,042
121,706
122,128
122,349
122,472
122,924
123,084
122,639
123,055
122,692
123,157
123,357
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
100,907
102,042
101,194
106,940
108,670
110,204
102,510
106,702
108,856
111,303
114,177
114,359
114,786
114,615
114,951
115,259
115,494
115,878
116,145
115,839
116,445
115,909
116,703
116,732
111,550
113,544
115,461
117,834
119,865
119,890
120,306
119,963
120,387
120,594
120,722
121,175
121,348
120,903
121,323
120,978
121,472
121,684
1
Persons at work. Economic reason a include sisick work, materia shortages, inab lity to find fulltime work, etc.
2
Labor
force as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
Unemplc yment
Civilian employment
Resident
Total
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
112,639
113,050
112,872
113,210
113,504
113,744
114,129
114,409
114,103
114,713
114,195
115,018
115,059
Agricultural
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,212
3,143
3,184
3,249
3,172
3,215
3,293
3,228
3,204
3,228
3,035
3,085
3,046
Total
Part-time
for
economic
reasons 1
Total
95,938
97,030
4,064
4,499
7,637
8,273
96,125
97,450
101,685
103,971
106,434
109,232
109,427
109,907
109,688
109,961
110,332
110,529
110,836
111,182
110,899
111,485
111,160
111,933
112,014
5,852
5,997
5,512
5,334
5,345
5,122
5,154
5,016
4,986
5,067
5,241
5,004
5,145
5,254
5,106
4,924
4,623
5,076
5,185
10,678
10,717
8,539
8,312
8,237
7,425
7,251
7,256
7,091
7,177
7,090
6,978
7,046
6,938
6,801
6,610
6,783
6,455
6,625
15
weeks
and
over
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
1,920
1,896
1,904
1,801
1,834
1,791
1,733
1,740
1,722
1,540
1,609
1,512
1,629
Labor force
partici ation
rate (pe rcent)
Total 2
Civilian 3
64.1
64.2
64.3
64.4
64.7
65.1
65.6
65.9
65.9
66.1
65.8
66.0
66.1
66.1
66.2
66.3
66.0
66.2
65.9
66.1
66.2
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.6
65.7
65.5
65.7
65.7
65.7
65.9
66.0
65.7
65.9
65.6
65.8
65.9
•Data beginning Jan aary 1986 no t strictly comparable with ea rlier data b ecause of c iange in
estimation trocedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In July, both the overall unemployment rate and the civilian unemployment rate rose slightly, to 5.4 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
20
20
*V\ A
\ v \-,^. A - .
15
v
v\ ~"
\ ^f%*
BLACK
\
A
15
— -"V^,
V "*'
\A/' *'
/
^^^
\
\S
'\ A
\\
X
»**~*1 f*
BLACK
AND OTHER
10
'
TEENAGERS
— (16-19)
~ X -*T V\
i
10
WOMEN 20 YEARS
AND OVER
A L L ! 3VILIAN WORKERS
f
/
/""""*•——^
•'-7-WHITE
Illllllllll
1984
MEN 20 YEARS
AND OVER
mnliim mnliim miilmn
Illllllllll Illllllllll Illllllllll Illllllllll
1986
1985
1984
1987 1988
1985
Illllllllll
1986
1988
1987
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
TJnemp oyment ra te (percen t of civilian labor force in group)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987: July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb.:....
Mar
Apr
May
June ....
July
Unemployment
rate,
all
workers 1
By sex and aee
Ail
civilian
workers
Men
20 years
and over
Women
20 years
and
over
Both
sexes
16-19
years
White
Married
men,
spouse
present
6.9
16.9
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
7.3
9.3
9.2
7.1
6.8
6.6
5.8
4.2
4.3
6.5
6.5
4.6
4.3
4.4
3.9
5.4
5.3
5.4
5.2
5.2
5.2
15.8
16.2
16.4
17.2
16.6
16.1
5.2
5.2
5.1
5.2
5.1
4.9
11.4
11.3
10.9
10.8
11.0
10.9
12.7
12.4
12.3
12.1
12.2
12.2
5.8
5.7
5.5
5.5
5.5
5.4
5.1
5.2
4.8
4.8
4.9
4.9
5.1
16.0
15.4
16.5
15.9
15.6
13.6
15.2
5.0
4.8
4.7
4.6
4.7
4.5
4.7
10.9
11.3
11.5
10.7
11.3
10.3
10.0
12.2
5.5
5.3
5.2
5.0
5.4
5.0
5.1
5.9
6.3
8.8
8.9
6.6
6.2
6.1
5.4
6.4
6.8
8.3
8.1
6.8
6.6
6.2
5.4
17.8
19.6
23.2
22.4
18.9
18.6
18.3
6.0
5.9
5.8
5.9
5.8
5.7
6.0
6.0
5.9
6.0
5.9
5.8
5.4
5.2
5.0
5.1
5.0
4.9
5.7
5.6
5.5
5.4
5.5
5.2
5.4
5.8
5.7
5.6
5.4
5.6
5.3
5.4
5.1
4.9
4.9
4.6
4.9
4.6
4.5
Unemployed aa percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persona on part time for economic reasons as percent of potentially available labor force hours.
Black
Experienced
wage and
salary
workers
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
7.1
7.6
9.7
9.6
7.5
7.2
7.0
6.2
12
Black
and
other
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
7.0
7.5
9.5
9.5
7.4
7.1
6.9
6.1
1
3
By s elected grou is
By race
12.6
12.8
12.2
12.4
11.5
11.4
Women
who
maintain
families
Fulltime
workers
Parttime
workers
Labor
force
time lost
(percent) *
9.8
9.2
6.9
7.3
9.6
9.5
7.2
6.8
6.6
5.8
8.8
9.4
10.5
10.4
9.3
9.3
9.1
8.4
8.5
11.0
10.9
8.6
8.1
7.9
7.1
3.8
3.7
3.7
3.7
3.5
3.4
9.3
9.0
8.8
8.9
8.5
8.4
5.7
5.6
5.5
5.6
5.5
5.4
8.1
8.2
8.4
8.3
8.2
8.0
6.9
6.9
6.8
6.8
6.8
6.6
3.6
3.4
3.4
3.0
3.3
3.1
3.0
8.9
8.3
7.5
8.7
8.4
7.8
8.6
5.4
5.3
5.3
5.1
5.2
4.9
5.0
8.3
7.9
7.7
7.4
7.7
7.8
8.1
6.6
6.6
6.5
6.2
6.4
6.3
6.4
9.2
10.4
11.7
12.2
10.3
10.4
Source: Department of Labor, Bureau of jLabor Statistics.
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 27 weeks
and over fell, while the percentages for 5-14 weeks and for 15-26 weeks rose. Both the mean and the median
duration of unemployment rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
DURAT ION OF UNIEMPLOYM!ENT
60
50
LESS THAN
5 WEEKS
V
+*
\J*
^
40
5-14
WEEKS
30
_
20
, %^.,
,
27 WEEKS
"AND OVER'
X_^
•'N~'~*v
10
-
^-vV
30
-
20
U^V- ' —"V"^
A
10 _
...
15-26
WEEKS
imihiiu Illllllllll
1984
1985
Illllllllll ||iul|llll
1986
1987
iiiiiiniii
1988
1988
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Re Eison for inemployment:
percent distributi >n
Dur ition of linemplo}ment
Unemployment
(thousands)
Period
P ercent distributio l
Less
than
5
weeks
5-14
weeks
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
1987: July
Aug
Sept
Oct
Nov
Dec
7,251
7,256
7,091
7,177
7,090
6,978
1988:
7,046
6,938
6,801
6,610
6,783
6,455
6,625
Insured
unemployment,
Stat e
progra ms
Numb er of
ks
15-26
weeks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
43.9
44.2
45.5
45.3
45.4
46.2
29.6
29.6
27.6
29.4
28.7
28.2
13.0
11.5
13.0
11.9
12.7
12.8
13.4
14.7
14.0
13.4
13.2
12.9
14.2
14.3
14.2
14.1
14.0
14.2
6.6
6.4
5.8
6.2
6.1
6.0
43.6
44.3
44.0
47.2
45.3
47.4
44.4
31.9
30.8
30.8
29.5
31.1
29.2
31.1
11.8
12.1
13.0
10.9
11.5
11.2
12.6
12.6
12.9
12.2
12.3
12.1
12.1
11.9
14.4
14.4
13.7
13.4
13.8
12.9
13.6
6.4
6.4
6.6
5.6
5.9
6.0
6.3
Job
leavers
Insured
unemployment
Initial
claims
regular
programs
(unadjusted) 1
Reentrants
New
entrants
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
3,350
3,047
4,061
3,396
2,476
2,611
2,650
2,332
488
460
583
438
377
396
378
328
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
48.4
47.0
46.8
47.7
46.8
45.7
13.6
13.8
13.8
13.5
13.1
13.5
26.5
27.3
26.9
26.0
28.0
27.8
11.6
11.9
12.5
12.9
12.1
13.0
2,273
2,223
2,102
2,035
2,037
2,090
329
307
289
293
303
317
2,210
2,030
1,800
1,759
1,931
2,322
45.2
45.9
45.8
44.1
47.9
47.0
46.3
15.3
13.8
15.7
15.0
13.7
14.5
13.6
27.0
27.9
25.6
27.0
26.5
26.5
28.5
12.5
12.4
12.9
13.8
11.9
11.9
11.6
2,242
2,208
2,140
2,087
2,064
2,064
2,096
356
327
308
302
313
302
328
2,870
2,775
2,536
2,208
2,050
1,887
Weekly a perage, t tousands
1980
1981
1982
1983
1984
1985
1986
1987
Jan
Feb
Mar
Apr
May
June
July
,
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 o! Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 283,000 in July.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MIUIONS OF PERSONS*
no I
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
80
^~—-T"\"
SERVICE-PRODUCING
70
INDUSTRIES
4-~~—TT
GOVERNMENT
60
Illllllllll Illllllllll Illllllllll
20
50
18
40
GOODS-PRODUCING
INDUSTRIES
30
A.
20 Hllllllllll Illllllllll
1984
1985
Illllllllll
Minium
1987
1988
1986
1984
1988
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
(roods-]
Period
Total
nonagricultural
employment
Total 2
M anufacturisi g
„
struction
Se rvice-produ cing industr es
reducing industries
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Services
Total
Federal
5,159
5,238
5,255
5,385
5,160
5,298
5,341
5,468
5,689
5,955
6,283
6,549
17,890
18,619
19,036
19,694
20,797
22,000
23,053
24,196
16,241
16,031
15,837
15,869
16,024
16,394
16,693
17,015
2,866
2,772
2,739
2,774
2,807
2,875
2,899
2,943
77,642
77,821
78,004
78,346
78,555
78,800
5,373
5,394
5,427
5,448
5,466
5,481
5,874
5,892
5,914
5,935
5,958
5,984
18,543
18,569
18,605
18,705
18,761
18,784
6,570
6,581
6,588
6,604
6,608
6,619
24,273
24,369
24,415
24,524
24,604
24,725
17,009
17.016
17,055
17,130
17,158
17,207
2,941
2,943
2,962
2,966
2,974
2,980
79,082
79,458
79,690
79,846
80,023
80,431
80,632
5,499
5,513
5,530
5,543
5,556
5,578
5,593
6,010
6,035
6,061
6,089
6,115
6,145
6,169
18,927
19,045
19,050
19,093
19,130
19,213
19,295
6,633
6,636
6,651
6,650
6,656
6,676
6,678
24,795
24,975
25,078
25,163
25,216
25,459
25,522
17,218
17,254
17,320
17,308
17,350
17,360
17,375
2,973
2,972
2,970
2,963
2,957
2,951
2,947
25,658
25,497
23,813
23,334
24,727
24,859
24,558
24,784
4,346
4,188
3,905
3,948
4,383
4,673
4,816
4,998
20,285
20,170
18,781
18,434
19,378
19,260
18,965
19,065
12,187
12,109
11,039
10,732
11,505
11,490
11,230
11,218
8,098
8,061
7,741
7,702
7,873
7,770
7,734
7,847
64,748
65,659
65,753
66,866
69,769
72,660
74,967
77,525
5,146
5,165
5,082
4,954
1987: July....
Aug....
Sept....
Oct
Nov....
Dec
102,430
102,672
102,906
103,371
103,678
104,001
24,788
24,851
24,902
25,025
25,123
25,201
4,997
5,012
5,012
5,060
5,090
5,118
19,069
19,111
19,156
19,225
19,297
19,348
11,190
11,246
11,269
11,315
11,355
11,390
7,879
7,865
7,887
7,910
7,942
7,958
104,262
1988: Jan
104,729
Feb
105,020
Mar
105,281
Apr
May r.. 105,489
June ''. 106,021
July". 106,304
25,180
25,271
25,330
25,435
25,466
25,590
25,672
5,083
5,150
5,192
5,238
5,237
5,305
5,319
19,369
19,390
19,405
19,460
19,490
19,545
19,613
11,393
11,404
11,411
11,459
11,477
11,514
11,573
7,976
7,986
7,994
8,001
8,013
8,031
8,040
Government
Finance,
insurance,
and real
estate
15,035
15,189
15,179
15,613
16,545
17,356
17,930
18,509
90,406
91,156
89,566
90,200
94,496
97,519
r
99,525
r
102,310
14
Retail
trade
5,275
5,358
5,278
5,268
5,555
5,717
5,753
5,872
1980
1981
1982
1983
1984
1985
1986
1987
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-e'mployed 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 disputes, bad
Wholesale
trade
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 NONAGRICUIiTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average g oss hourly
earn ings
Average weekly
hours
Period
Manufa during
Total
private
nonagricultural '
Total
35.3
35.2
34.8
35.0
35.2
34.9
34.8
Total
private
nonagncultural 1
Overtime
Manufacturing
Adjust* d hourly earnin gs index — total private
nonagric ultural 2
Ind ex,
1977 -100
Current
dollars
Percent chang e from a year
earlk r 4 5
1977
dollars 3
Current
dollars
3.3
3.4
3.7
$6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.98
$7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.91
127.3
138.9
148.5
155.4
160.3
165.2
169.4
173.5
94.6
94.1
95.0
94.0
1977 dollars
1985
1986
1987
34.8
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
1987: July
Aug
Sept
Oct
Nov
Dec
34.8
34.8
34.6
34.9
34.8
34.6
41.0
41.0
40.6
41.2
41.2
41.0
3.8
3.8
3.7
3.9
3.9
3.8
8.96
9.01
9.02
9.07
9.10
9.11
9.88
9.94
10.00
9.99
10.00
10.01
173.2
174.1
174.6
174.9
175.6
175.7
93.7
93.8
93.7
93.5
93.8
93.7
2.3
-1.5
2.7
2.8
2.7
2.6
2.7
-1.6
-1.5
-1.8
-1.9
1988: Jan
Feb
Mar
Apr
May
June r
July"
34.7
34.8
34.6
34.9
34.7
34.7
34.9
41.1
41.0
40.9
41.2
41.0
41.1
41.1
3.9
3.7
3.7
3.9
3.9
3.9
3.9
9.14
9.13
9.16
9.23
9.27
9.28
9.32
10.02
10.03
10.05
10.11
10.15
10.18
10.19
176.6
176.7
177.0
178.0
r
178.7
178.6
179.5
93.8
93.7
93.5
93.6
r
93.6
93.2
93.3
3.1
2.8
2.9
3.2
-1.0
-1.0
1980
1981
1982
1983
1984
2.8
2.8
2.3
3.0
3.4
93.5
92.6
93.4
94.9
r
9.0
9.1
6.9
4.6
3.2
3.1
2.5
2.4
-4.0
-1.0
.9
1.6
-.3
-.5
1.0
-1.1
3.4
3.3
3.6
^ H
-.9
-.6
-.5
-.5
— .4
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent ci ange from
a year earlier,
total private n onagricultural 5
Avera ge gross weeklv ea rnmgs
Period
Manufacturing
Total private
nonagric ultural 1
Current dollars
Construction
Retail trade
Current dollars
1977 dollars 3
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
$367.78
399.26
426.82
442.97
458.51
464.46
466.75
479.68
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
178.41
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
1987: July
Aug
Sept
Oct
Nov
Dec
311.81
313.55
312.09
31-3.54
316.68
315.21
168.64
168.85
167.52
169.27
169.08
168.02
405.08
407.54
406.00
411.59
412.00
410.41
479.17
480.82
455.93
485.90
485.50
484.12
179.32
180.22
182.31
179.87
180.16
178.27
2.6
3.1
2.4
3.5
3.2
3.0
1988: Jan
Feb
Mar
Apr
May r
June r
July".
317.16
317.72
316.94
322.13
321.67
322.02
325.27
168.43
168.46
167.43
169.36
168.41
168.07
169.06
411.82
411.23
411.05
416.53
416.15
418.40
418.81
476.38
478.19
487.62
491.34
485.42
495.99
492.36
179.80
180.42
180.38
182.50
182.12
183.04
185.47
3.1
2.8
2.4
4.2
3.1
3.6
4.2
1980
1981
1982
1983
1984
1985
1986
1987
1
4
2
5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index for'earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977= 100 base).
1977 dollars
Current dollars
5,8
l,y
-1.2
1.9
.9
-1.4
.4
-1.0
-1.3
-1.2
-1.8
-1.0
-1.3
-1.4
-.9
-1.0
-1.3
.4
-.7
9
.2
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
3
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output p« r hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Outp u t 1
Business
sector
Compensation per
houI T 3
Hours of all
perst ns 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor costs
Keal compensation
per hour *
Business
sector
Nonfarm
business
sector
Business
sector
Implic t price
defla tor 5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
19'F7 = 100;< [uarterly c ata seasoilally 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
99.3
100.7
100.3
103.0
r
105.5
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
r
106.8
112.9
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
T
161.4
r
167.9
131.3
143.6
154.8
161.5
167.8
96.7
95.8
97.3
98.2
r
97.9
96.6
95.8
97.2
98.3
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.S
139.8
148.1
153.0
158.2
127.3
140.3
149.2
154.3
159.0
107.7
110.1
111.0
106.1
108.2
109.0
124.2
128.6
133.3
123.9
128.2
133.0
115.3
116.8
120.1
116.8
118.5
122.1
175.5
183.1
190.4
174.9
182.3
189.4
98.8
101.2
101.5
98.5
100.8
101.0
162.9
166.3
171.5
164.9
168.6
173.8
162.2
165.8
170.5
163.8
167.8
172.5
101.0
103.8
105.9
108.5
99.7
103.3
' 104.9
106.5
105.0
113.6
120.8
125.9
104.2
114.1
120.7
125.5
103.9
109.4
114.0
116.1
104.5
110.4
l!5.1
117.9
158.3
163.6
170.3
178.9
158.2
163.4
170.2
177.9
158.7
158.2
162.3
167.1
150.2
155.2
159.8
163.7
151.4
156.2
161.0
165.5
110.5
110.4
110.0
109.8
108.6
108.4
108.0
107.8
128.4
128.2
128.5
129.3
128.1
127.8
128.1
128.8
116.2
116.1
116.8
117.8
117.9
117.9
118.6
119.5
180.4
182.0
184.0
186.2
109.9
110.6
111.7
111.8
107.8
108.6
109.6
109.9
130.5
132.2
134.3
136.2
130.1
131.9
134.1
136.0
118.8
119.5
120.3
121.8
120.7
121.5
122.3
123.8
1988: I r
112.8
112.2
110.8
110.3
138.0
139.2
137.9
139.5
122.3
124.1
124.4
126.4
1979
-1.2
-1.6
2.0
1.9
3.2
3.5
9.7
9.5
-1.5
-1.1
2.1
3.1
4.2
8.4
-1.2
1.7
-3.3
5.0
8.3
-.8
.7
-.4
2.7
2.5
-.4
1.0
-.6
3.3
2.1
-2.8
1.5
5.7
-.7
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
3.9
2.1
2.2
.8
1.4
2.0
.8
4.2
3.5
3.6
3.9
3.5
3.8
2.1
1.3
2.8
2.5
1.5
3.0
4.5
4.3
4.0
3.0
3.1
1.7
.7
2.4
1.4
1.2
.2
-.5
10.4
3.5
3.6
^ 2
9.8
3.1
3.5
-3.5
8.2
1.9
3.4
7.7
— .4
-1.4
-.8
8.4
-.8
-1.5
-.9
8.3
-.8
.9
2.5
8.5
-.8
.8
2.4
.3
2.7
3.9
.6
.0
3.2
3.7
.9
3.7
5.3
6.6
5.7
3.5
-2.2
3.4
-1.7
5.5
3.5
1981
1982
1983
1984
1985 r.
1986 r.
1987 r.
1982:
1983:
1984:
1985:
IV
IV
IV
IV r....
1986: I r r
n .r
m ....
TV....
1987: I r r
n .r
m ....
TV....
n "• ...
r
98.0
98.1
98.1
99.4
97.9
97.9
98.1
99.0
179.8
181.2
183.1
185.4
100.0
101.2
101.7
102.2
99.6
100.7
101.2
101.8
163.3
164.9
167.3
169.6
165.5
167.1
169.5
172.1
163.7
165.0
167.0
167.5
165.7
167.0
169.0
169.5
187.3
189.0
191.1
194.0
186.4
187.9
190.0
192.9
101.5
101.2
101.4
102.0
101.0
100.6
100.8
101.4
170.5
170.8
171.1
173.5
172.9
173.0
173.3
175.6
168.7
170.1
171.2
171.9
170.9
171.9
173.2
174.0
195.8
198.0
194.6
196.6
102.1
102.0
101.5
101.3
173.5
176.5
175.7
178.2
172.3
173.9
174.2
175.8
-1.7
11.1
11.2
9.0
8.9
-2.7
-1.0
1.6
r
.9
-.2
-2.7
-.8
1.5
1.1
-.4
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
4.2
4.2
3.8
.9
2.4
.3
.6
2.3
.2
2.4
2.1
3.1
2.8
2.2
3.1
2.5
2.3
2.8
3.0
2.4
2.8
4.5
5.5
3.8
5.4
5.0
4.3
3.9
5.1
3.2
1.4
.6
1.3
3.8
.2
.7
1.0
1.5
2.3
2.1
4.7
2.6
2.8
2.7
4.9
2.4
4.8
2.7
2.6
3.0
3.1
3.3
2.1
3.4
.0
-.0
2.4
3.3
3.7
3.7
4.4
4.8
4.3
3.2
4.3
5.1
2.1
5.1
2.0
2.1
2.7
4.6
1.9
2.3
-3.7
4.1
5.8
5.7
-3.8
4.0
5.9
6.1
.1
3.2
5.0
1.1
.4
3.0
5.1
1.2
4.0
5.7
6.8
5.9
3.4
2.5
2.6
5.1
4.0
2.5
2.9
4.9
2.5
3.6
4.6
6.2
2.1
3.4
4.5
6.4
-2.8
-1.2
.8
2.4
-3.2
-1.4
.6
2.6
2.2
.8
.7
5.6
2.1
.2
.7
5.4
3.0
3.2
2.8
1.4
3.3
2.3
3.1
1.8
5.6
4.7
1.9
5.9
2.1
6.5
3.7
4.7
3.5
4.1
.3
-.1
.1
-.6
.2
7.0
.1
5.9
1.0
3.9
.6
3.8
r
r
r
156.8
157.6
160.8
164.8
r
Pel•cent chan ;e; quarte rly data a seasonal! y adjusted annual rates
g
1980
1981
1982
1983
1984
1.4
1985 r.
1986 r.
1987 r.
1982:
1983:
1984:
1985:
IV
IV r....
IV '....
IV r....
1986: I rr
n .r
m ....
IV '....
1987:
I
r
n r,r
m ....
TV....
1988: I r
n "' ...
1
-3.4
7.1
1.8
2.9
.6
£
2.3
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 selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
2
16
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.
*Data do not reflect revisions of GNP and related items published August 25, 1988.
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 0.4 percent increase in June. The index for July was 5.4
percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
240
FINAL PFiODUCTS
INDEX, 1977=100* (RATIO SCALE)
160
TOTAL IN DUSTRIAL PRODUCT!!DN
220
140
—~
•
^^
100 Illllllllll Illllllllll
160
Illllllllll
180
-X~
Illllllllll Illllllllll
iniiiiini
——
*•*'•' ~~~
CONSUMER
GOODS
100 Illllllllll Illllllllll Illllllllll Illllllllll
<>JONDURABL
140
__^-^
*•>. — •"
120 • —•'--•"
\^~"^^~"
'—
^-/"
140
DURABLE
^r*
r'v._
_ . — .——.-
BUSINESS
EQUIPMENT
-**
160
Illllllllll Illllllllll
MANUF ^CTURING PRODUCTI ON
120
•DEFENSE AND
SP ACE
EQUI =MENT —^rFCT— ^—
200
'
-v^~
UTILITIE:i ANDMINING
llliihiin
Illllllllll
PROD LICTION
90
-UTILITIES-
120
r"\^/"
i^O\>C-\-<i-~\
100
~~**r
80
1984
^
Illllllllli Illllllllll Illllllllll Illllllllll
1985
1986
—^
•—•—|i^aeB»iiBa » <— >*-===,.--'
1
•^—•
MINING
iiinliilll
jinilnill
PERCENT*
100
CAPAC TY UTILIZA TION RATE
" (TOTAL INDUSTRY
1987
70
IMIlllUIl Illlllllll! Illllllllll Illllllilll Illllllllll
1985
1987
1988
1984
1986
1988
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
Manufacturing
Period
Index,
1977=100
Capacity utilization
rate, p€ rcent J
Industry proc uction indexes , 1977 = 100
indu trial
produ ction
change
from year
earlier
Mining
Durable
Total ,
Utilities
Nondurable
Total
industry
Manufacturing
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
35.11
9.83
5.96
-1.9
2.2
-7.1
5.9
11.2
1.9
1.1
3.8
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
79.3
78.2
1987: July
Aug
Sept
Oct
Nov
Dee
130.6
131.2
131.0
132.5
133.2
133.9
4.6
5.1
5.2
5.8
6.0
5.6
135.6
135.9
135.7
137.3
137.9
138.9
133.5
133.8
133.7
136.8
136.7
137.3
138.5
138.8
138.6
138.1
139.6
141.3
99.2
100.9
101.9
103.6
104.6
104.6
111.2
112.9
111.2
112.1
113.2
111.7
81.1
81.4
81.1
81.9
82.1
82.4
81.5
81.5
81.3
82.0
82.2
82.6
134.4
134.4
134.7
135.4
136.1
136.6
137.7
6.5
5.8
5.7
6.3
6.2
5.8
5.4
139.4
139.5
140.0
140.8
141.7
142.0
143.1
137.9
138.4
138.8
139.7
141.5
141.7
142.8
141.4
141.1
141.7
142.3
141.9
142.5
143.6
103.3
101.5
102.7
104.7
103.0
103.5
104.1
115.2
115.6
113.3
111.0
112.3
115.2
115.8
82.5
82.4
82.4
82.7
82.9
83.1
83.5
82.7
82.6
82.7
82.9
83.2
83.2
83.7
1988: Jan
Feb
Mar
Apr r
May r .
June r.
July*
1
Output as percent of capacity.
,
70.3
73.9
80.5
80.1
79.7
81.0
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Produe
Mate rials
Final produe s
Intern lediate pro< ucts
C onsumer go ods
Equipment
Period
Total
Total
1977 proportion
44.77
25.52
1980
1981
1982
1983
1984
1985
1986
1987
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
137.9
138.4
137.8
139.3
139.2
139.8
141.1
141.6
141.8
142.5
143.3
143.9
144.8
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
128.9
129.4
127.7
129.0
129.4
129.8
131.2
131.3
131.2
131.9
132.5
133.0
133.4
1987: July
Aug
Sept
1988:
Oct
Nov
Dec
Jan
Feb
Mar
Apr r.
May r
June r
July"
1
Durable
goods
Nondurable goods
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
120.4
121.2
118.6
124.3
123.9
120.3
121.7
120.6
120.4
123.3
125.7
125.2
124.8
18.63
108.1
109:3
108.3
113.3
120.1
122.5
127.1
130.6
132.1
132.5
131.0
130.8
131.5
133.3
134.7
135.3
135.1
135.1
135.1
135.8
136.6
Total »
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
149.7
150.2
151.2
153.0
152.2
153.1
154.3
155.3
155.9
156.5
157.6
158.5
159.8
Business
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
145.6
145.6
146.3
148.7
148.3
149.8
151.2
152.4
153.3
154.6
156.8
158.2
159.7
Defense
and
space
equipment
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
188.7
189.1
189.8
190.3
188.7
188.9
190.6
191.0
189.9
187.9
185.6
184.3
185.0
Total
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
145.0
145.3
144.9
146.1
147.3
146.5
148.1
149.4
149.9
149.6
150.1
150.6
150.8
Construction
supplies
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
133.1
132.5
132.3
133.3
134.2
133.8
136.8
137.7
137.3
137.6
138.3
138.2
137.8
Busi-
Total
supplies
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
155.2
156.3
155.6
157.1
158.4
157.4
157.8
159.4
160.7
159.9
160.2
161.1
42.28
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
118.5
119.4
119.7
121.2
122.5
123.7
123.0
122.1
122.5
123.6
124.2
124.7
126.2
Energy
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
99.0
100.9
100.2
101.8
102.8
101.7
101.4
100.6
100.6
101.0
100.0
101.6
102.8
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977 — 100; monthly data seasonally adjusted]
Nc ndurable nanufactu res
Durable m inufactures
Transp artation
equip ment
Primary metals
Period
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1987: July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Feb
Mar
Apr r
May r
June T
July"
33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
81.4
85.1
84.5
90.6
90.2
90.6
86.5
86.4
85.1
85.3
89.2
87.6
91.4
Source: Board of Governors of the Federal Reserve System.
18
Iron and
steel
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
70.9
76.0
74.6
82.0
79.7
81.9
77.8
77.4
74.2
74.5
78.6
75.0
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
111.1
110.1
111.1
113.5
113.6
115.8
117.1
117.6
118.8
118.8
120.0
120.6
121.1
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
155.3
154.3
156.6
158.0
157.2
161.0
162.9
163.6
164.6
167.2
170.0
171.3
173.5
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
172.5
174.3
173.4
175.5
175.6
175.9
177.4
177.8
176.6
178.7
179.0
179.4
181.0
Lumber
Total
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
127.6
128.1
125.5
132.0
130.4
128.1
128.6
128.4
130.0
130.4
133.1
132.4
132.3
Motor
vehicles
and
parts
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
109.4
109.1
105.6
116.0
114.0
110.2
109.7
109.3
113.0
114.8
119.6
119.0
116.9
and
products
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
132.8
131.1
126.9
129.8
134.0
133.6
136.3
139.0
137.8
138.0
139.9
138.6
Apparel
products
Printing
and
publishing
Chemicals
and
products
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
109.7
108.4
107.6
108.0
109.4
107.8
108.7
108.5
108.7
109.2
108.6
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
174.0
174.7
174.9
175.2
175.7
176.9
177.5
178.7
180.4
181.8
180.1
182.2
183.2
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
140.8
142.3
142.4
141.5
IMA
147.9
147.9
145.4
146.4
148.9
148.4
149.1
Foods
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
138.5
138.8
139.5
138.0
138.9
140.1
141.2
141.9
141.1
140.3
141.4
142.0
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
3
Coastrtictio a contracts
Private
Period
Total new
construction
expenditures
Resi lentiai
Commercial
Total
ew nousln
Total 1
g
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
1979
1980
1981
1982
1983
1984
1985
1986
1987
252.4 .
251.7
260.2
246.6
200.7
116.4
193.3
281.3
227.5
328.6
355.7
386.1
271.0
291.7
314.7
398.9
323.8
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.8
203.6
192.9
89.3
69.6
69.4
57.0
94.6
113,8
114.7
133.2
139.9
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
42.3
46.2
49.4
49.5
48.1
48.5
50.5
49.5
52.5
109
97
100
100
124
136
150
158
162
51.7
58.5
56.5
53.7
53.8
57.7
64.1
71.4
75.0
Annual rates
1987: July
Aug
Sept
Oct
NOT
Dec
1988: Jan
Peb
Mar
Apr
May
June *.
July"
398.9
398.3
405.4
400.8
323.3
325.7
407.1
410.9
331.5
331.6
395.3
392.5
403.6
399.2
402.3
402.8
321.6
317.8
327.1
325.9
324.3
320.0
322.5
324.2
1,059
904
919
690
756
955
1,097
1,016
1,004
Annual rates
193.7
193.1
194.8
194.5
195.6
195.8
138,7
138,7
140.0
140.7
142.3
142.8
77.0
79.8
79.0
77.9
81.0
77.5
52.6
52.8
53.3
53.5
54.9
58.4
75.6
72.6
78.2
74.9
75.6
79.2
165
174
160
164
157
157
1,017
1,016
1,032
987
911
1,012
195.2
192.1
195.6
191.7
189.9
188.1
140.8
138.0
139.2
138.4
137.5
137.2
74.2
73.4
76.4
78.1
79.9
82.0
52.2
52.3
52.3
50.2
52.7
54.0
73.7
74.7
79.3
79.2
79.7
78.6
145
159
154
144
157
165
156
833
1,103
887
838
840
906
982
1
Includes the following categories of private construction not shown separately: residential im
provements, railroads, electric light and power, gas, petroleum pipelines, and farm tionresidential.
2
Includes hotels and motels.
3
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New priv ate homes
New private housing units
Units started, b; type of structure
Period
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987
1 unit
2-4 units
5 or more units
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,594
1,583
1,679
1,538
1,661
1,399
1,142
1,109
1,211
1,105
1,129
1,035
59
58
49
67
51
51
393
416
419
366
481
313
1,382
1,519
1,529
1,584
1,393
1,454
1,489
1,016
1,102
1,172
1,093
1,004
1,089
1,080
53
59
57
58
52
60
47
313
358
300
433
337
305
362
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
Units
authorized
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
1,668.8
709
545
436
412
623
639
688
750
671
1,510
1,514
1,501
1,453
1,459
1,372
1,680
1,633
1,591
1,565
1,571
1,624
1,248
1,429
1,476
1,449
1,436
1,493
1,420
1,550
1,452
1,598
' 1,665
1,455
1,485
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
Homes for
sale at end of
period J
3
Vacancy rate
for rental
housing units
(percent) 2
397
5.4
337
275
253
301
353
346
357
365
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
672
673
644
653
625
586
359
361
361
360
362
365
8.1
579
648
664
681
675
720
686
368
359
372
Seasonal y adjusted annu al rates
1987: July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Feb
Mar
Apr
May r
June r
July"
1
Seasonally adjusted.
2
Quarterly data entered in laat month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning-- March 1979.
r
7.8
8.0
.367
370
365
365
7.7
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; for 1978-83 data
are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In June, manufacturing and trade sales rose 1.4 percent and inventories rose $5.3 billion. (Manufacturing series
revised beginning 1982.) In July, according to advance data, retail sales rose 0.5 percent, following a rise of 0.4
percent in June.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS Of DOLLARS* (RATIO SCALE)
800
220
700
\
-S^^
MANI JFACTURING AND
TRA )E INVENTO (IES
-
'
160 -
—
^
140
—
A
*
-
/ —'*'
-
/'"""'""
_
f ETAIl SALES
-„-..-" •-""
MA NUFACTURK•JG
AN 3 TRADE SA .ES
'""""
A./
120
400
—
-
RETAIL INVENTCiRIES
^
—
500
-
_
—
^=3C±]f
'
\
10 A
—
f^"
^*
-^-1
—
^^-1
600
—
200
~
—
IIIIllllllI IIIIllllllI lll|||lll|l IIIIllllllI l||llllllll
80
300
-
RATIC *
1.80
-
INVENT DRY-SALES RATIO
RETAIL
9
1.60
^3
200
=^r ''"^V^
*°
?.-'"*V
rP
MA NUFACTURIf •4G
AND TRADE
|imini||
1984
IIIIllllllI
{imlnm IIIIllllllI IIIIllllllI
1985
HUlll"" iiiiiliini
1(10
1988
1987
1986
1985
1984
1986
1987
*SEASONALLY ADJUSTEL,
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Sales
Period
Sales
2
Inventory-s ales ratio 4
Ee tail
Whol esale
Manufact aring and
tra< e '
Inventories 3
1988
InvenTotal
2
Durable
goods
stores
Inventories
3
Total
Durable
goods
stores
Nondurable goods
stores
60,937
64,783
69,046
72,529
74,907
79,290
134,468
147,581
167,517
181,524
185,996
211,100
61,469
69,066
79,431
88,998
91,085
107,948
72,999
78,515
88,086
92,526
94,911
103,152
79,485
79,634
80,367
79,867
79,919
80,181
80,615
200,015
202,210
202,684
203,708
206,577
208,260
211,100
100,398
101,590
101,569
102,394
104,846
106,490
107,948
99,617
100,620
101,115
101,314
101,731
101,770
103,152
80,080
80,413
81,779
81,298
82,415
' 82,660
82,957
209,824
208,698
208,822
209,550
212,341
214,421
106,377
104,479
103,631
104,349
106,551
107,479
103,447
104,219
105,131
105,201
105,790
106,942
Nondurable goods
stores
turing
Retail
Millions of dollars, seasonally idjusted
r
1982
1983
1984
1985
1986
1987
1987: June
July
' 348,747 574,491
r
368,930 r 590,673
' 408, 142 r 644,906
r
418,605 r656,165
r
424,177 r 655,065
r
451,788 r 707,329
96,290
100,324
113,390
114,645
116,026
126,736
128,196
130,445
142,622
147,145
152,887
165,097
451,532 677,777
453,706 r681,333
458,931 r 682,369
r
463,058 r 686,720
r
463,257 ' 694,810
r
461,244 r 700,688
r
464,394 r 707,329
126,469
127,705
129,662
131,437
131,743
128,501
128,332
158,868
158,611
157,072
159,135
162,517
163,353
165,097
464,772 r711,586
468,675 r714,746
'476,922 " 717,249
r
477,768 r 721,016
725,833
481,874
731,131
488,833
129,720
131,622
132,885
133,015
133,264
136,565
168,388
170,632
171,732
173,530
173,418
174,747
T
r
r
Aug
Sept
Oct
Nov
Dec
1988:
June "
July"
1
2
3
4
r
Jan
Peb
Mar
Apr
May r
r
„.,
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
Annual data are averages of monthly ratios.
20
28,169
32,582
37,836
41,415
44,885
46,592
89,107
97,364
106,882
113,944
119,791
125,882
r
126,461
127,037
129,981
127,815
126,808
127,248
128,615
128,769
130,121
132,259
131,717
132,833
r
133,387
134,019
r
46,976
47,403
49,614
47,948
46,889
47,067
48,000
48,689
49,708
50,480
50,419
50,418
r
50,727
51,062
r
1.67
1.56
1.53
1.55
1.55
1.51
1.49
1.44
1.49
1.53
1.56
1.59
1.50
1.50
1.49
1.48
1.50
1.52
1.52
1.58
1.59
1.56
1.59
1.63
1.64
1.64
r
r
1.53
1.53
1.50
1.51
1.51
1.50
1.63
1.60
1.58
1.59
1.60
1.61
NOTE.—Manufacturers' series, revised beginning 1982 (see page 21), therefore total manufacturing and trade revised beginning 1982.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' shipments and new orders fell, while inventories, and unfilled orders rose.
BILLIONS Of DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240 -SHIPMEf 4TS
440
-*1
'
200
•""""^
280
TOTAL
160
120
— TOTAL —
K-
_-- -
200
- D JRABLE GO<3DS
„„,
„_----
•
\
DURABLE CJOODS
\..~160
-yfZ~"~I. ==]
120
NO ^DURABLE G OODS
lllllilllll
INVENT ORIES
360
lllllilllll lllllilllll lllllilllll Illllllllll
BILLIONS OF DOLLARS* (RATIO SCALE)
V"
NO NDURABLE C5OODS
80
60,
280
DERS
240 - NEW OR
~-~r~
160
' —1
/~
RATIO *
2.20
— TOTAL—
120
INVENTCDRY-SHIPM ENTS RATKD
DUI (ABLE GOOI S
>V%,r-../- ^.^''—v'
lllllilllll lllllilllll lllllilllll lllllilllll lllllilllll
^
. ,.^
- — v" •-'-
— -*"
r^ir~^
1.80
r^
•JONDURABI E GOODS
-
_
1.40
lllllilllll
lllllilllll lllllilllll lllllilllll lllllilllll
1984
1985
1986
1.20
^
flllllltlll
1984
1988
1987
—
1987
1986
1985
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVtSERS
Manufa cturers' ship nents 1
Manufa sturers' inver tones
2
J [anufacturers
new orders i
Durabl 3 goods
Period
Total
Durable
goods
1988
Durable
goods
Nondurable goods
Capital
Nondurable goods
Total
industries,
Nondurable goods
Manufacturers'
unfilled
orders 2
83,935
86,522
91,209
91,075
88,497
94,197
94,658
95,555
95,370
95,663
96,586
97,297
96,372
97,133
97,128
98,736
100,193
101,029
102,648
103,630
314,270
349,419
372,586
383,181
387,065
421,243
400,337
406,863
409,933
411,467
415,363
419,126
421,243
425,162
429,513
429,534
433,527
434,148
443,357
446,659
Manufacturers'
inventory —
shipments
ratio 3
defense
Millions of do liars, seaso aally adjust ed
1982
1983
1984
1985
1986
1987
1987: June r
July T
Aug '
Sept r.
Oct r
Nov T
Dec T.
1988: Jan r
Feb r
Mar r.
Apr r.
May r
June r
July"
1
2
3
163,350
171,242
187,869
190,016
188,360
199,170
198,602
198,964
199,288
203,806
204,706
205,495
207,447
206,283
206,932
211,778
213,036
215,777
218,881
216,853
79,352
84,956
96,623
99,019
99,989
105,291
104,531
103,893
104,407
108,377
108,303
108,287
111,183
109,125
109,829
112,744
112,521
114,751
116,522
113,173
83,998
86,286
91,246
90,996
88,371
93,879
94,071
95,071
94,881
95,429
96,403
97,208
96,264
97,158
97,103
99,034
100,515
101,026
102,359
103,680
311,827
312,647
334,767
327,496
316,182
331,132
319,076
320,512
322,613
323,877
325,716
329,075
331,132
333,374
335,416
336,695
337,936
340,074
341,963
343,522
Monthly average for year and total for month. Shipments are the same as sales.
End of period.
Annual data are averages of monthly ratios.
200,825
200,406
218,771
214,066
208,313
216,598
208,686
209,674
210,717
211,334
212,863
215,557
216,598
218,507
219,913
220,523
221,405
222,948
224,000
225,482
111,002
112,241
115,996
113,430
107,869
114,534
110,390
110,838
111,896
112,543
112,853
113,518
114,534
114,867
115,503
116,172
116,531
117,126
117,963
118,040
162,273
174,122
189,791
190,918
188,663
201,966
203,429
205,490
202,358
205,340
208,602
209,258
209,564
210,202
211,283
211,799
217,029
216,398
228,090
220,155
78,338
87,600
98,581
99,843
100,166
107,770
108,771
109,935
106,988
109,677
112,016
111,961
113,192
113,069
114,155
113,063
116,836
115,369
125,442
116,525
21,661
22,098
26,243
27,067
26,551
29,707
29,753
32,280
29,850
29,393
30,218
30,655
33,029
33,867
33,819
31,924
33,746
31,522
35,458
35,766
1.95
1.80
1.74
1.74
1.70
1.62
1.61
1.61
1.62
1.59
1.59
1.60
1.60
1.62
1.62
1.59
1.59
1.58
1.56
1.58
NOTE.—Series revised beginning 1982.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In July, the producer price index for all finished goods rose 0.5 percent. Prices of finished consumer foods rose 0.4
percent while prices of other finished consumer goods were up 0.7 percent. Capital equipment prices rose 0.1
percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982= 100 (RATIO SCALE)
120
120
SEASONALLY ADJUS ED
FINISHED
GOODS PRI CES
c ONSUMER
FOODS
^>£S^ ^J'
&££^L
-•'~ "f—
- ^\
,'fctr.
C^^^ST
S*-^-'
F?y^/
/~~"~** *A
f
'£*sr
i
i
i
90
/
;
/7
J
/ f
, ^f
['V *
CAPITA L EQUIPMENT
100
*•"** f
,-1"""* /• ^
-./
-"
^^^
'\~^~^^
,
^.'"
>
TOTAL
FINISHED
GOODS
,100
f'
\ *"^*
\
CONSUMER GOODS
EXCLUDING FOODS
''
(/
If' '
/S
1
>'
80
Qf\
IMIilllll!
III II III HI
1980
1981
iiiiihiin
Illllllllll
1982
1983
lilllllllll mnlmii imilnm
||||lll|||!
1 986
1985
1984
1987
s OURCE: DEPARTMENT OF LABOR
!lll|!lllll
1988
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Intern lediate
Pin shed goods
Period
Total
finished
goods
Consumer
foods
Consumer g jods
Total
Total
1980
1981
1982
1983
88.0
1984
1985
1986
1987
1987: July
Aug
Sept
Oct
Nov
Dec
96.1
100.0
101.6
103.7
104.7
103.2
105.4
105.7
106.0
106.4
106.1
106.2
105.9
1988: Jan
Feb
Mar r
Apr
May
June
July
106.2
106.0
106.6
106.9
107.4
107.8
108.3
Nondurable
91.0
96.4
100.0
102.8
104.5
106.5
108.9
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
110.3
109.5
110.2
109.9
110.0
108.6
104.2
104.8
105.2
104.9
104.9
104.9
101.0
101.7
102.0
101.8
101.7
101.8
111.5
111.5
111.5
112.2
112.2
112.1
111.8
110.5
109.3
110.2
110.5
111.5
112.7
113.2
104.8
104.9
105.3
105.7
106.1
106.2
106.7
101.4
101.4
101.9
102.4
102.7
102.7
103.4
112.3
112.6
112.9
112.7
112.9
113.4
113.9
1
Intermediate materials for food manufacturing and feeds.
NOTE.—Beginning with data for January 1988, the reference has
to 1982 — 100.
22
Durable
Capital
equipment
finished
consumer
goods
88.6
96.6
100.0
101.3
103.3
103.8
101.4
95.3
96.3
96.4
96.2
96.1
96.3
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
111.6
111.9
112.5
112.0
112.1
112.3
95.5
95.5
96.0
96.8
97.1
96.9
97.7
112.8
113.0
113.2
113.4
113.8
114.2
114.3
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
ma terials
Total
Poods
and
feeds ;
Foodstuffs
Other
Total
and
feedstuffs
Other
89.4
98.2
100.0
100.5
95.3
103.0
100.0
104.6
84.6
101.8
100.0
100.7
102.2
96.9
81.6
103.6
104.1
104.3
104.7
104.5
104.5
104.0
98.6
100.0
100.6
103.1
102.7
99.1
101.5
101.9
102.4
102.7
103.2
103.6
103.8
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
100.2
100.0
101.0
101.0
101.3
101.5
103.0
103.0
99.3
101.7
102.0
102.6
102.8
103.3
103.7
103.9
101.3
103.5
95.8
87.7
93.7
95.6
96.7
96.0
96.1
94.9
94.7
104.4
104.0
104.7
105.1
105.6
106.0
106.7
104.2
104.4
104.9
105.6
106.2
107.2
107.9
102.5
102.1
102.7
103.8
104.6
111.7
116.4
104.3
104.5
105.0
105.7
106.3
106.9
107.5
93.9
94.6
94.2
95.3
96.4
97.7
96.6
90.3
Source: Department of Labor, Bureau of Labor Statistics.
,s changed from 1967 — 100
Cr ude mater als
Total
P nished go ods excluding consumer foo ds
103.9
100.0
101.8
104.7
94.8
93.2
96.2
97.3
97.5
97.5
98.1
95.6
96.3
87.9
90.3
91.8
90.8
90.6
90.2
89.4
97.4
99.5
100.3
100.5
102.9
107.2
108.8
87.5
87.4
86.3
87.7
88.0
87.4
84.8
CONSUMER PRICES—ALL URBAN CONSUMERS
In July, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted and not seasonally
adjusted. The index was 4.1 percent above its year-earlier level.
INDEX, 1982-84= 100.(RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
- CONSUMER PRICES—ALL ITEMS -
110
110
100
100
90
90
30
80
70
70
iimlimi
60
1980
1981
IIMlllllll
1982
imilimi
60
1985
1984
1983
1986
1987
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LA8OR
1988
COUNCIL OF ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
Ti ansportati on
Hou sing
All it 3ms *
Medical
care
gy 2
All
items
less
food
shelter,
and
energy
5.8
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
130.7
131.3
131.9
132.4
133.0
133.5
134.6
135.4
136.0
136.8
137.7
138.3
139.3
7.6
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
88.7
90.2
89.8
89.3
89.6
88.9
88.3
87.8
87.8
88.5
88.9
88.7
89.0
48.5
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
117.3
117.6
117.9
118.5
118.9
118.9
119.5
119.8
120.4
121.1
121.5
121.8
122.2
She Iter
Not
Period
ally
adjusted
(NBA)
Rel. imp.3.... 100.0
82.4
1980
1981
90.9
96.5
1982
99.6
1983
103.9
1984
1985
107.6
109.6
1986
113.6
1987
1987: July.... 113.8
Aug ... 114.4
Sept... 115.0
115.3
Oct
Nov.... 115.4
Dec.... 115.4
1988: Jan
115.7
Feb.... 116.0
Mar.... 116.5
Apr. ... 117.1
May... 117.5
June .. 118.0
July... 118.5
1
E
Seasonally
adjust-
Food
Total '
Total
ed
113.8
114.3
114.6
115.0
115.3
115.5
115.9
116.1
116.7
117.2
117.6
118.0
118.5
16.1
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
113.8
113.9
114.5
114.7
114.8
115.3
115.6
115.3
115.7
116.5
117.0
117.7
118.9
42.5
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
114.2
114.8
115.0
115.3
115.5
115.9
116.4
116.8
117.2
117.5
117.8
118.2
118.6
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3"
121.2
121.9
122.2
122.8
123.1
123.8
124.5
125.1
125.7
125.8
126.2
126.7
127.2
ers'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
7.9
19.7
103.0
108.6
115.4
121.9
128.1
128.5
128.9
128.8
128.6
128.8
129.5
130.9
131.5
133.0
132.6
132.8
133.3
133.8
102.5
107.3
113.1
119.4
124.8
124.5
125.4
125.9
126.9
127.2
127.9
128.4
129.0
129.3
129.6
130.0
130.6
131.2
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
s
Relative importance, December 1987.
NOTE.—Beginning with data for January 1988, the reference base was changed from 1967 = 100
Maintenance
and
repairs
(NSA)
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
113.2
112.9
112.7
112.8
113.5
113.3
113.7
114.3
113.3
115.3
114.3
114.7
114.5
Fuel
and
other
utilities
Apparel and
upkeep
7.7
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
103.1
103.6
103.3
103.0
103.4
103.3
103.2
103.7
103.-5
104.0
103.9
104.0
104.0
6.3
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
109.9
110.3
111.3
112.7
113.1
112.2
112.3
112.0
114.2
116.5
116.5
116.1
115.4
Total J
New
cars
Motor
fuel
17.5
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
105.9
106.7
106.8
107.2
107.7
107.4
107.3
107.1
107.2
107.5
108.2
108.4
4.4
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
114.8
115.0
115.2
115.5
115.7
115.7'
115.5
115.8
116.2
116.2
116.4
116.6
116.6
3.3
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
81.1
83.8
83.2
83.0
83.0
81.6
80.4
78.9
79.2
80.1
81.5
80.8
81.3
108.8
to 1982-84=100.
Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and
therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and-1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
i
Ch, nge from pr seeding perk J
Change from 3 month s earlier, ann jal rate
Change from 6 montl s earlier, ann lal rate
i
Consume r goons
Consum r goods
Consum r goods
Total
Period
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
j
Change
from
year
earlier,
finished
goods
NSA
Cha nge, Dec. o Dec., N 3A
1980
1981
1982
1983
1984
1985
1986
1987
7.5
1.5
2.0
2.3
3.5
.6
2.8
11.8
7.1
3.6
.6
1.7
1.8
2.3
2.2
14.1
11.4
-6.6
4.1
— .2
13.4
9.2
4.1
9.2
3.9
2.0
1.8
2.7
2.1
1.3
8.6
4.2
-.9
.8
2.1
1.6
2.1
1.0
-1.4
2.1
a ange, mon th to raont h
1987:
July
Aug
Sept
Oct
Nov
Dec
1QQQ.
0.3
.3
.4
-.3
.1
,
-0.4
— .7
.6
-.3
.1
«
Ja™
-1.3
.3
Feb
Mar r.
Apr '
May
June '
July
2
1.7
-1.1
.6
.3
.5
.4
.5
.8
.3
.9
1.1
.4
0.7
.7
.3
-.2
-.1
.1
0.2
.3
.5
-.4
0
.5
.5
.3
0
.7
.4
.2
.2
.2
.4
.4
.1
2.3
2.7
3.8
1.5
.8
4
.1
2
2.6
3.2
6.5
7.0
-4.6
1.8
3.2
0
-.8
-1,4
1.8
-5.7
-1.9
2.2
.4
-.8
2.7
2.7
5.4
4.6
5.3
-1.6
-1.2
-2.5
6.0
0
8.3
9.4
.4
4.0
5.2
3.2
4.0
10.1
.7
-.7
3.5
3.7
3.7
1.9
1.7
1.0
2.9
3.3
3.2
2.1
2.9
3.6
3.2
.9
0
.4
1.5
2.3
3.6
4.0
0.7
1.4
4.0
1.4
4.3
2.4
3.7
.5
-1.4
-3.8
.4
— .4
0
1.1
2.7
7.7
4.9
4.5
0.7
5.3
4.2
3.2
3.2
3.0
1.6
2.5
1.1
1.1
1.6
3.4
3.1
3.2
2.5
2.6
2.2
.8
-.6
-.2
1.2
2.0
1.8
4.0
2.2
2.0
1.2
2.5
3.1
3.4
2.7
2.2
1.9
1.9
1.7
2.0
2.3
2.4
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 a? noted "oy NSA]
Tr insportat on
Housing
Shelter
Period
All
items i
Food
Total '
Total '
Homeowners'
costs
Renters'
costs
Fuel
and
other
utilities
change, D ecember
125~1
1980
1981
8.9
3.8
3.8
3.9
3.8
1.1
4.4
1982
1983
1984
1985
1986
1987
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
13.8
14.4
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
5.1
5.9
6.3
5.0
3.9
4.5
5.1
5.9
4.6
5.3
9.7
1.8
4.2
1.8
-5.6
1.6
Apparel
and
upkeep
Newcars
Total '
Motor
fuel
Medical
care
Ener-
gy2
All
items
less
food,
shelter,
and
energy
Adden dum: All ite TiS, percent hange
(annua 1 rate)
From
previous
ter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
to Dec jmber, T> SA
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
14.6
10.9
7.4
6.8
1.5
1.8
3.9
3.1
2.6
18.8
9.4
-6.5
-1.7
-2.4
9.9
12.5
11.0
3.4
3.1
5.9 -30.7
1.8
18.7
6.4
6.1
6.7
7.7
5.8
0.6
.8
.1
.4
.5
-.3
0.3
.2
.2
.3
.2
0
0.5
.5
.5
.4
.5
.4
— .1
-.2
.3
.3
3.4
2.5
-5.9
6.1
18.0
11.9
1.3
-.5
.2
1.8
-19.7
8.2
13.5
10.3
9.8
9.4
6.1
6.2
3.2
4.3
3.6
1.9
3.6
5.0
4.3
3.7
3.3
3.8
Chs nge, mo nth to nlonth
1987:
1988:
0.2
.5
.2
.3
.2
.3
0.3
.6
.2
.5
.2
.6
0.8
.3
-.1
-.2
.2
.5
0.1
.7
.4
.8
.2
.6
0.1
.5
-.3
-.3
.4
-•1
1.1
.5
1.1
.4
.5
.2
-.1
.3
.4
.3
.3
.6
.5
.5
-.2
.1
-.3
2.0
.7
.4
.3
.3
.1
.3
-.3
.2
.2
.3
.5
-.1
2.0
0
.3
.7
0
.2
.6
1.0
.3
.3
.4
.4
.4
.4
.5
.5
.1
0
-.3
.6
.2
.4
.2
0
July
Aug
Sept
Oct
Nov
Dec
0.3
.4
.3
.3
.3
.2
Jan
Feb
Mar
Apr
May
June
July
.3
.2
.3
-.3
.5
.4
.3
.3
.4
1
2
-0.1
.1
.5
.2
.1
.4
.5
-0.8
.4
.9
1.3
.4
-.8
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
.2
.1
3
1.2
3.3
-.7
.2
0
-.6
.3
-.8
0.3
.3
.3
.5
.3
0
.4
.8
.6
.4
-.7
-.6
0
.5
.3
.5
1.1
1.7
.6
.7
.8
.5
.6
.3
-.9
.6
.4
.7
-.2
.3
.2
.3
-1.7
1.5
-1.9
0.2
i.7
-.4
3.9
3.6
3.9
3.9
4.3
3.5
3.2
4.4
4.5
4.1
3.9
3.7
3.6
3.7
4.0
3.2
3.9
3.2
3.2
2.8
4.2
3.7
3.9
4.6
5.3
3.9
4.0
3.9
3.9
4.5
4.5
4.4
4.5
4.0
4.1
3.6
4.9
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.9
4.3
4.4
4.5
4.5
4.4
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in August rose 2.1 percent from their July level. Prices paid by farmers in July were 2.4
percent above their April level.
INDEX, 1977=100 (RATIO SCALE)
INDEX,1977 = 100 (RATIO SCALE)
180
180
160
160
140
140
120
120
100
100
80
80
60 imilmii
Illllllllll
Illllllllll
Illlllll 111
Illllllllll
60
RATIO-!/
RATIO-!/
140
140
60
60
1980
1988
.I/RATIO OF IND€X OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCU. OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Pri ees
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987: Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July '
Aug
r rices paid by farmer s
received by farm ers
Livestock and
products
All farm
products
134
139
133
135
142
128
123
127
127
129
127
132
127
131
130
130
130
134
137
141
144
125
134
121
128
138
120
107
106
102
105
106
120
112
115
109
110
111
117
127
133
136
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
144
143
145
141
146
136
138
146
150
152
147
143
141
147
149
148
148
151
147
147
152
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
138
150
159
161
165
163
159
162
(3)
(3)
165
(3)
(3)
165
(3)
(3)
168
(3)
(3)
172
(3)
139
151
159
159
162
157
150
152
(3)
(3)
155
(3)
(3)
155
(3)
(3)
159
(3)
(3)
162
(3)
Ratio 2
Production
items
138
148
153
152
155
151
144
147
(3)
(3)
150
(3)
(3)
152
(3)
(3)
155
(3)
(3)
160
(a)
97
92
84
84
86
79
77
78
77
79
77
80
77
79
79
79
77
80
82
82
84
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 indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in Ml and the broader aggregates changed a little in July.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,000
3,600
4,000
3,600
3,200
3,200
2,800
2,800
2,400
2,400
'V
M2
2,000
2,000
1,600
1,600
1,200
1,200
800
800
600
600
Ml
400
Minium i i i i i l i i n i
1980
Illllllllll Illllllllll
1983
1982
1987
1984
- AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
L
Debt
Perce nt change from yea or 6
months earlier 2
Ml
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(genera! purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term KPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
412.2
439.1
476.4
522.1
551.9
620.1
725.4
750.8
1,633.1
1,795.5
1,954.0
2,185.2
2,363.6
2,562.6
2,807.8
2,901.1
1,990.8
2,236.5
2,443.2
2,693.2
2,978.3
3,196.0
3,490.4
3,661.1
2,327.6
2,599.0
2,852.9
3,154.4
3,519.4
3,825.4
4,133.8
4,323.9
3,880.9
4,262.1
4,645.5
5,181.7
5,932.6
6,749.4
7,607.7
r
8,305.5
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.5
8.9
9.9
8.8
11.8
8.2
8.4
9.6
3.3
10.2
12.3
9.2
10.2
10.6
7.3
9.2
4.9
9.6
9.8
9.0
11.5
14.5
13.8
12.7
9.2
1987: July
Aug
Sept
Oct
Nov
Dec
743.6
746.5
747.5
756.2
752.7
750.8
2,858.2
2,869.5
2,880.9
2,894.7
2,896.6
2,901.1
3,587.7
3,605.5
3,620.5
3,642.0
3,656.7
3,661.1
4,235.2
4,257.8
4,283.5
4,312.2
r
4,323.2
4,323.9
7,980.7
8,031.0
8,092.9
8,163.3
8,245.8
r
8,305.5
3.4
4.2
3.7
3.1
1.7
2.4
2.2
2.9
3.3
3.3
3.4
3.5
4.2
4.7
5.0
5.3
5.2
4.6
8.2
8.5
8.9
9.1
9.5
9.4
1988:
758.8
759.5
762.9
770.1
770.2
776.5
782.4
2,925.0
2,946.0
2,967.2
2,991.3
3,002.3
3,016.2
3,025.0
3,686.8
3,719.5
3,744.3
3,766.1
3,778.8
3,798.7
3,815.7
4,360.7
4,392.1
4,418.4
4,459.8
4,485.9
4,497.0
r
4.1
3.5
4.2
3.7
4.7
7.0
6.3
4.7
5.4
6.1
6.8
7.4
8.1
7.0
5.6
6.4
7.0
6.9
6.8
7.7
7.1
9.5
9.6
9.5
9.2
8.5
8.3
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Jan
Feb r
Mar r
Apr r
May '
June T
July"
1
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 G months earlier at a seasonally adjusted annual rate.
26
r
r
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
8,352.7
8,407.9
8,468.8
8,529.7
8,588.5
8,643.2
Ml
NOTE.—Sec p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Currency
Demand
deposits
Other
checkable
depos-
its
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dee
1986: Dec
1987: Dec
1987:
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Feb
Mar
Apr T
May r
June r
July"
Money market
mutua 1 fund
bala nces
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
132.6
146.3
156.1
167.7
180.4
196.5
261.4
231.4
234.1
238.6
244.1
267.2
303.3
288.0
31.4
80.9
105.4
132.3
146.4
179.2
235.2
259.3
28.3
35.9
38.8
53.8
56.3
70.2
78.4
78.1
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
189.0
190.2
191.4
193.1
195.0
196.5
292.3
292.1
290.5
295.9
291.3
288.0
255.6
257.2
258.6
260.3
259.5
259.3
75.6
79.8
83.5
86.0
79.7
78.1
210.6
213.1
216.3
218.2
219.7
221.1
198.4
199,3
200.9
202.5
203.6
204.9
206.3
289.9
287.8
287.9
290.2
287.4
289.9
290.6
263.3
265.0
266.9
270.1
271.9
274.4
278.3
82.8
78.0
74.8
76.6
80.9
80.6
77.6
225.0
231.0
r
234.8
235.8
231.7
228.9
229.5
115.3
122.5
r
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 1
Large
denomination
time
deposits 1
NSA
0.0
.0
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
43.2
379.2
416.8
513.6
572.5
525.2
400.2
343.9
356.8
305.5
285.4
301.4
370.7
414.3
728.4
822.9
850.5
783.6
883.3
879.5
853.2
913.1
260.0
302.5
326.7
327.1
416.9
436.4
439.2
484.7
34.0
36.0
34.5
51.8
61.9
65.6
84.0
105.5
83.8
84.0
81.3
82.5
89.5
89.6
549.4
545.0
540.5
533.9
527.7
525.2
415.5
417.8
418.6
417.0
415.0
414.3
859.1
865.9
872.1
883.3
901.7
913.1
460.2
462.4
465.3
472.3
480.5
484.7
107.0
107.4
109.1
106.1
108.7
105.5
94.4
98.7
97.4
91.9
90.0
86.3
84.8
524.1
522.6
524.7
523.3
519.6
522.3
521.1
414.4
416.2
419.8
422.7
425.1
429.0
431.8
924.6
941.5
953.5
964.8
972.0
974.9
978.1
482.9
489.7
r
491.4
492.9
496.0
501.9
509.5
106.0
109.9
107.3
108.1
111.1
111.2
110.6
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
98.8
105.3
113.6
133.1
160.3
206.5
229.9
258.9
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
72.3
67.8
68.0
71.1
74.2
79.3
91.6
100.2
133.5
149.4
183.5
211.9
260.9
301.2
284.2
258.0
32.1
40.0
44.5
45.1
45.7
42.5
37.8
45.7
84.5
90.2
94.5
r
93.0
92.8
90.8
97.5
98.1
98.4
98.8
99.3
100.2
254.8
258.9
263.7
272.7
269.7
258.0
43.4
43.5
44.3
44.5
45.0
45.7
251.8
251.8
256.6
254.2
252.5
258.9
85.3
85.2
89.5
88.1
90.1
90.6
91.1
101.4
102.6
103.5
104.6
105.4
106.1
259.9
255.0
249.7
259.7
259.6
250.4
43.6
40.9
40.6
41.2
40.9
40.6
269.0
274.1
280.3
288.2
301.1
301.2
r
r
r
r
here.
. , _
, , ^ , , _,
,,
£,
oource: Board ol Governors oi the redera! Reserve system.
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures; millions of dollars; seasonally adjusted, except as noted]
Borrowing? of depository institutions
from the Federal Reserve, NSA
Adjusted for c langes in reserv e requirements
I .eserves of depo sitory institutior s
Period
Total
Nonborrowed
Nonborrowed plus
extended
credit
Required
Monetary
base
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
31,261
32,841
35,247
37,549
40,959
47,255
57,456
58,722
29,571
32,204
34,613
36,775
37,773
45,937
56,629
57,944
29,574
32,353
34,799
36,777
40,377
46,436
56,932
58,428
30,747
32,521
34,747
36,988
40,106
46,198
56,087
57,693
150,642
158,870
171,192
187,005
200,449
218,255
240,799
257,928
1987: July
Aug
Sept
Oct
Nov
Dec
58,499
58,810
58,815
59,466
59.053
58,722
57,827
58,163
57,874
58,523
58,428
57,944
58,021
58,295
58,283
58,973
58,822
58,428
57,738
57,778
58,021
58,338
58,129
57,693
250,409
251,919
253,024
255,296
256,938
257,928
59,458
59,573
59,760
60,374
60,365
r
60.637
61,239
58,376
59,177
58,009
57,380
57,787
57,555
57.799
58,748
59,382
59,487
60,004
59,894
r
60, 108
60,337
58,163
58,440
58,832
59,515
59,325
59,750
60,231
260,721
-262,019
263,315
r
265,809
266,924
r
268,309
270,627
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1988: Jan
Feb
Mar
Apr
May
June
July"
Total
1,690
636
634
774
3,186
1,318
827
777
672
647
940
943
625
111
1,082
396
1,752
2,993
2,578
3,083
3,440
Seasonal
116
54
33
96
113
56
38
93
credit
3
148
186
2
2,604
499
303
483
283
279
231
189
126
93
194
132
409
449
394
483
59
75
119
146
246
311
376
372
205
1,478
2,624
2,107
2,554
2,538
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Commercial and industrial loans rose 1.1 percent in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
— ALL COMMERCIAL BANKS
2,000
2,000
"TOTAL
1,600
1,600
1,200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
120
120
OTHER SECURITIES
1980
Illllllllll I l l l l l l l l l l
1982
1981
1984
1983
Illllllllll
Illilllllll
Illllllllll
1986
1987
1988
1985
* SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted 1]
AH comm ercial ban] s
Loans anc leases
Period
Total
loans and
securities 2
U.S.
Government
securities
Other
securities
Total
2
Commercial
and
industrial
finan- Agricultural
cial
institutions
State
and
political
subdivisions
Nonhflr)t
DailK
Real
estate
Individual
262.7
Security
Foreign
banks
Foreign
official
institutions
23.8
11.5
17.9
14.6
13.3
11.1
9.6
9.6
8.2
7.2
5.9
9.4
7.9
6.0
5.9
5.6
10.9
12.7
13.3
13.7
16.1
19.0
22.4
24.8
38.7
43.3
40.7
44.2
45.4
43.1
47.6
43.3
Lease
financ-
ing
receivables
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1, '239.1
1,307.5
1,401.3
1,553.4
1,722.9
1,908.6
2,089.9
2,230.6
170.6
179.3
201.7
259.1
260.0
270.5
309.3
333.2
154.7
160.9
165.7
170.6
142.6
181.2
196.1
196.0
913.9
967.3
1,033.9
1.123.7
1,320.4
1,456.9
1,584.5
1,701.4
325.7
355.4
392.6
414.1
472.8
499.4
535.6
565.5
284.2
300.0
331.0
376.6
425.9
494.0
582.3
179.2
182.5
188.2
212.9
253.6
293.7
314.4
325.9
17.9
21.3
25.2
27.8
33.9
42.0
39.1
33.4
29.3
29.9
31.2
30.5
31.4
32.6
35.0
31.9
31.6
33.1
36.2
39.2
40.1
36.1
31.6
29.2
0.0
.0
.0
3.3
45.8
56.4
58.1
51.2
1987: July
Aug
Sept
Oct
2,181.3
2,199.0
2,214.7
2,227.6
2,232.1
2,230.6
322.9
328.5
331.3
331.7
331.1
333.2
194.3
193.7
193.7
194.2
196.2
196.0
1,664.1
1,676.8
1,689.8
1,701.7
1,704.8
1,701.4
553.6
554.0
559.0
562.8
563.1
565.5
549.6
556.8
561.7
569.4
576.2
582.3
319.7
321.5
322.8
324.1
325.0
325.9
43.9
45.4
46.1
47.1
39.3
33.4
32.5
31.5
31.4
31.7
31.9
31.9
29.8
29.7
29.6
29.6
29.3
29.2
55.6
54.8
54.7
54.1
53.4
51.2
9.0
9.1
9.2
9.6
8.8
8.2
5.7
5.7
5.7
5.8
5.7
5.6
23.9
24.0
24.1
24.3
24.5
24.8
2,242.4
2,259.8
2,274.8
2,297.7
2,322.5
2,343.9
2,353.5
334.6
334.9
338.9
343.0
345.9
349.8
344.8
193.9
195.6
197.5
198.2
197.6
198.5
199.1
1,714.0
1,729.2
1,738.4
1,756.4
1,778.9
1,795.5
1,809.5
568.3
571.1
569.3
578.9
587.4
594.4
600.7
587.5
593.0
598.2
604.4
612.6
618.9
624.9
327.9
330.8
334.6
337.6
339.1
340.6
341.6
36.3
41.3
39.8
38.1
38.8
38.6
38.0
32.1
32.7
32.1
31.2
31.8
31.4
31.9
29.3
29.5
29.5
29.5
29.4
29.0
28.3
52.3
52.3
52.1
51.9
51.6
51.5
51.1
8.2
7.8
8.1
8.5
8.2
8.2
8.5
5.6
5.2
5.2
5.2
5.3
5.2
5.2
24.8
24.7
24.8
25.0
25.3
25.8
26.5
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
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
28
of States and political subdivisions are included in loans rather than in other securities.
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Other
21.4
23.1
26.6
31.7
31.2
36.0
r
41.6
40.9
44.7
46.1
49.5
51.8
52.9
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Ci edit market fu mis
Internal '
Total
Total
Securities
and
mortgages
Loans and
short-term
paper
66.9
58.0
60.7
51.7
30.4
59.5
132.3
108.4
82.0
47.0
125.1
117.1
99.7
100.6
90.8
-17.9
-6.2
14.8
24.0
32.5
30.5
49.9
51.5
31.9
65.3
32.4
214.1
31.4
25.7
53.0
426.5
399.4
546.8
340.7
322.5
330.7
85.8
76.9
216.1
73.4
42.6
50.3
-64.9
108.6
24.9
144.1
65.3
37.7
68.7
66.1
394.8
426.7
430.7
556.9
354.6
344.0
346.5
400.8
40.2
82.7
84.2
156.1
11.2
53.1
42.9
20.2
48.3
51.3
425.7
396.0
29.7
24.7
155.1
145.8
143.9
85.1
146.6
182.2
136.9
139.9
136.9
87.8
92.7
94.5
80.4
88.6
121.6
85.2
109.5
77.4
21.0
53.1
22.8
44.0
57.3
-7.5
15.3
33.3
24.2
39.5
71.7
36.4
31.3
129.0
69.9
76.1
53.2
499.9
442.0
597.1
350.9
352.2
342.2
149.0
89.8
254.9
117.6
64.1
201.9
52.2
31.8
-12.2
n
m
IV
406.0
479.7
473.6
577.1
343.2
340.8
350.9
353.9
62.8
138.9
122.7
223.2
-2.5
101.2
53,9
157.0
62.4
-7.4
29.0
12.9
1988: I"
450.4
356.6
93.8
42.6
-5.7
1986: n
m
IV
1987: I
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Discrepancy
(sources less
uses)
238.3
243.7
286.5
256.5
274.7
370.9
342.8
339.2
361.5
197.6
200.1
239.5
242.3
285.7
336.3
355.4
351.5
347.2
1983
1984
1985
1986
1987
Total
Increase in
financial
assets
370.6
352.1
368.6
303.5
399.8
488.0
442.4
439.8
452.3
352.6
345.9
383.3
327.5
432.3
518.5
492.3
491.3
484.1
1979
1980
1981
1982
Other 2
Capital
expenditures 3
67.3
53.2
49.3
4.7
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment eredit outstandiiig 1
Installment credit outstanding (end of perio i)
Period
Total
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1987:
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
June
July
Aug
Sept
Get
Nov
Dec
1988: Jan
Feb
Mar
Apr
May '.
June p
261,976
296,483
297,566
310,682
323,536
367,869
442,538
517,754
571,833
613,021
587,878
593,512
598,190
602,978
606,927
608,726
613,021
619,259
624,293
629,485
633,336
636,318
641,752
Automobile
Revolving
Mobile
home
98,739
112,475
111,936
118,956
124,218
143,799
173,704
209,636
246,109
267,180
254,212
256,585
259,558
261,902
263,823
264,474
267,180
269,883
273,133
276,762
278,567
279,418
281,834
45,202
53,357
54,894
60,838
66,243
78,667
100,212
122,013
136,381
159,307
144,777
147,809
149,815
152,553
155,196
156,425
159,307
162,065
163,462
165,644
167,356
169,154
172,001
16,921
18,207
18,621
20,302
22,833
23,704
25,795
26,834
26,883
25,957
26,810
26,966
26,879
26,845
26,698
26,604
25,957
25,926
25,857
25,732
25,764
25,703
25,498
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Other
101,114
112,444
112,115
110,586
110,242
121,698
142,827
159,272
162,460
160,578
162,079
162,153
161,938
161,677
161,209
161,225
160,578
161,384
161,842
161,348
161,649
162,043
162,419
Total
40,501
34,507
1,083
13,116
12,854
44,333
74,669
75,216
54,079
41,188
6,643
5,635
4,677
4,787
3,949
1,802
4,296
6,236
5,035
5,191
3,851
2,982
5,434
Automobile
17,791
13,736
-539
7,020
5,262
19,581
29,905
35,932
36,473
21,071
2,471
2,373
2,973
2,344
1,921
651
2,706
2,704
3,250
3,628
1,805
851
2,416
Revolving
8,513
8,155
1,537
5,944
5,405
12,424
21,545
21,801
14,368
22,926
2,900
3,032
2,006
2,738
2,643
1,229
2,882
2,758
1,396
2,182
1,713
1,798
2,847
Mobile
home
559
1,286
414
1,681
2,531
871
2,091
1,039
49
-926
171
156
-87
-34
-147
-94
-646
32
-69
125
32
-61
-205
Other
13,638
11,330
-329
-1,529
-344
11,456
21,129
16,445
3,188
-1,882
1,101
74
215
-261
468
16
646
807
458
-493
301
394
376
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in August.
PERCENT PER ANNUM
PERCENT PER ANNUM
16
16
COUNCIL OF ECONOi
URCE: SEE TABLE BELC
[Percent per annum]
U.S. 1 reasury security yields
Period
3-month bills
(new issues) 1
Constant nnaturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Discount rate
(N.Y. F.R.
Bank) 6
Prime rate
charged by
banks s
New-home
mortgage
yields
CPHLBB)6
9.38
8.01
6.39
6.85
18.87
14.86
10.79
12.04
9.93
8.33
8.22
11.55
10.17
9.31
7.90
8.36
8.84
8.09
8.07
9.67
10.18
10.52
10.01
10.11
6.81
7.55
7.96
7.17
7.49
5.50-5.50
5.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
8.25-8.25
8.25 8.75
8.75-9.00
9.00-8.75
8.75-8.75
9.38
9.37
9.25
9.30
9.15
8.67
8.21
8.37
8.72
9.09
8.92
9.06
9.26
7.81
7.55
7.80
7.91
8.01
7.86
7.87
9.88
9.40
9.39
9.67
9.90
9.86
9.96
10.11
6.92
6.58
6.64
6.92
7.31
7.53
7.90
8.36
6.00 6.00
6.00 6.00
6.00-6.00
6.00 6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-
8.75-8.75
8.75-8.50
8.50 8.50
8.50-8.50
8.50 9.00
9.00-9.00
9.00-9.50
9.50-
9.10
9.12
9.15
9.13
8.95
r
9.26
9.17
9.04
9.27
9.36
9.36
7.76
7.85
7.92
7.91
10.00
10.10
10.15
10.16
8.08
8.33
8.49
8.48
6.00-6.00
9.50-9.50
6.00-6.50 9.50-10.00
6.50-6.50 10.00-10.00
6.50-6.50 10.00-10.00
10.006.50-
14.029
10.686
8.63
9.58
7.48
14.44
12.92
10.45
11.89
9.64
13.91
13.00
11.10
12.44
10.62
11.23
11.57
9.47
10.15
9.18
1986
1987
5.98
5.82
7.06
7.68
7.68
8.39
7.38
7.73
1987: Aug
Sept
Oct
Nov
Dec
6.00
6.32
6.40
5.81
5.80
8.03
8.67
8.75
7.99
8.13
8.76
9.42
9.52
8.86
8.99
1988: Jan
Feb
Mar
Apr
May
June
July
Aug"
5.90
5.69
5.69
5.92
6.27
6.50
6.73
7.02
7.87
7.38
7.50
7.83
8.24
8.22
8.44
8.76
Week ended:
1988: Aug 6
13
20
27
Sept 3
6.89
6.94
7.05
7.18
7.26
8.52
8.76
8.85
8.89
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 11, 1984 due to lack
of appropriate issues.
Prime
commercial
paper,
6 months1
13.41
11.02
8.50
8.80
7.69
6.33
5.66
1981
1982
1983
1984
1985
30
Corporate
Aaa bonds
(Moody' s) *
14.17
13.79
12.04
12.71
11.37
9.02
14.76
11.89
8.89
10.16
14.70
15.14
12.57
12.38
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.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in August.
INDEX, DEC. 31, 1965 = 50 (RATIOS CAIE)
240
220
200
_«^—
180
160
_j
140
(-—\- ^^
INDEX, DEC. 31, 196! = 50 (RATIOSCALE)
240
220
200
180
160
140
COMPO SITE STOCK PR CE INDEX
120
100
/^
60
\.'
40
Illllllllll
1980
[V
^y
\-S*\
80
/
^^J
Illllllllll
Illllllllll
1982
1981
60
iiiiiiiini
iiiiiiiini
1983
1984
Illllllllll Illllllllll Illllllllll Illllllllll 40
1985
1986
1987
1988
PERC ENT
20
PERC ENT
20
EAR MINGS-PRICE R ATIO ON COWiMON STOCKS
(S&P1
15
\_
^^—^,
r1
^
^
^
^\
5
0
100
s~*—i^H(
f/
80
10
120
/—
(NYSE)
1 I
1980
1
1
1 1
1981
i i
15
—±.
^r^~~——l
i i i
i
1
1 1
1984
1983
1982
10
^
^-^_
"•
""-
1
1 1
1985
^
1
1
5
1
1986
1
1987
Co mmon stock price s 1
Nevi York Stock Ex change indexes (I)ec. 31, 1965 = 5O)
Composite
1981
1982
NOT
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
Aug"
Week ended:
1988: Aug 6
13
20
27
1
tion
3
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Common st ock yields
(perce nt) 5
Dividendprice ratio
85.44
78.18
107.45
108.01
123.79
155.85
195.31
226.49
219.52
189.86
163.42
162.19
168.47
173.44
181.57
180.88
176.02
184.92
184.09
179.78
60.41
89.36
85.63
104.11
119.87
140.39
164.02
158.58
140.95
117.57
115.85
121.20
126.09
135.15
133.43
127.63
136.02
136.49
132.59
38.91
39.75
47.00
46.44
56.75
71.36
74.30
78.20
76.13
73.27
69.86
67.39
70.01
72.89
71.16
69.40
68.66
72.25
71.50
70.67
73.52
71.99
95.34
89.28
114.21
147.20
146.48
160.94
154.08
137.35
118.30
111.47
119.40
124.36
125.27
121.67
120.35
129.04
129.99
130.80
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,655.01
2,570.80
2,224.59
1,931.86
1,910.07
1,947.35
1,980.65
2,044.31
2,036.13
1,988.91
2,104.94
2,104.22
2,052.18
128.05
119.71
160.41
5.20
5.81
4.40
160.46
186.84
236.34
286.83
329.36
318.66
280.16
245.01
240.96
250.48
258.13
265.74
262.61
256.12
270.68
269.05
263.83
4.64
4.25
3.49
3.08
2.69
2.78
3.25
3.66
3.71
3.66
3.56
3.48
3.57
3.80
3.59
3.65
153.55
149.71
147.41
146.80
185.55
180.42
177.26
176.30
137.20
133.35
130.75
129.59
72.12
70.73
69.89
69.99
132.72
130.79
130.10
129.72
2,128.31
2,059.50
2,018.95
2,006.90
272.07
264.73
260.26
258.81
3.60
3.77
3.79
3.79
72.61
Average of daily closing prices.
Includes all the'stocks (more than l,.r>00) listed on the NYSE.
Includes 80 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
2
68.93
92.63
92.46
108.09
136.00
161.70
184.18
178.39
157.13
137.21
134.88
140.55
145.13
149.88
148.46
144.99
152.72
152.12
149.30
74.02
1983
1984
1985
1986
1987
1987: Aug
Sept
Oct
Industrial
0
COUNCIL OF ECONOMIC ADVISERS
OURCES: NEW YORK STOCK EXCHANGE A ^D STANDARD & POO«'S CORPORATION
Period
1 1
1988
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.49
4.93
7.08
price ratios based on prices at end of quarter.
NOTE.—AH 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 1988, there was a deficit of $142.0 billion compared with a deficit of $142.9
billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
RECEIPTS AND OUTLAYS!/
1,100
1,000
1,000
900
OUTLAYS^
900
v..
800
800
700
RECEIPTS.!/
700
600
600
500
500
SURPLUS OR DEFICIT I-V-J
—
-100
-100
-200
-200
A
\
'/1980
\
1981
1
\
1982
1983
1984
1
1985
" 1
1986
1
1987
1
1988
N
1989^
FISCAL YEARS
!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Fe leral debt
(end of period)
08-budget
On-budget
Total
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Held by
the public
1976
Transition quarter
1977
1978
1979
298.1
81.2
355.6
399.6
463.3
371.8
96.0
409.2
458.7
503.5
14.7
-53.6
59.2
-40.2
231.7
63.2
278.7
314.2
365.3
302.2
76.6
328.5
369.1
403.5
-70.5
-13.3
-49.7
-54.9
-38.2
66.4
18.0
76.8
85.4
98.0
69.6
19.4
80.7
89.7
100.0
-3.2
-1.4
-3.9
-4.3
-2.0
631.9
646.4
709.1
780.4
833.8
480.3
498.3
551.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
-73.8
-78.9
127.9
-207.8
185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
-73.9
-120.0
-208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
-1.1
-5.0
-7.9
.2
.3
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
1985
1986
1987
1988 (estimates) *
1989 (estimates) 1
734.1
769.1
854.1
913.4
974.0
946.3
990.3
1,004.6
1,065.8
1,096.7
-212.3
-221.2
150.4
-152.3
122.7
547.9
568.9
640.7
671.2
712.0
769.5
806.8
810.8
863.3
885.9
-221.6
-237.9
-170.0
-192.1
-173.9
186.2
200.2
213.4
242.2
262.1
176.8
183.5
193.8
202.5
210.9
9.4
16.7
19.6
39.7
51.2
1,827.5
2,120.1
2,345.6
2,577.1
2,818.2
1,509.9
1,736.2
1,888.1
2,020.8
2,138.6
Cumulative total, first 10
months:
Fiscal year 1987
Fiscal year 1988
701.5
741.7
844.4
883.7
-142.9
-142.0
523.5
540.9
684.1
716.3
-160.6
-175.5
178.0
200.8
160.3
167.4
17.7
33.4
2,311.1
2,560.8
1,871.1
2,025.9
-73.7
1
Estimates from Mid-Session Review of the 1989 Budget, Office of Management and Budget,
July 28, 1988.
32
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 1988, receipts were $40.2 billion higher than a year earlier and outlays were $39.3
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
„ — -' —• --"
"« RECEIPTS17
INDIVIDUAL INCOME TAXES
.
400
"
300
300
"
.-— •—
J
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
100
,.r
___.
0
1
200
OTHER RECEIPTS
1
.
1
100
—j
1
*•• CORPORATION INCOME TAXES |
|
|
~
OUTLAYS^/ .
800
0
800
700
-NONDEFENSE
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1980
1982
1981
1984
1983
1986
1985
1989
1988
1987
FISCAL YEARS
_!/ 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 ou Bays
0n-budget a nd off-bu< Efet receip s
Fiscal year
Total
Individual
income
Corporation
Nationa1 defense
Social
insurance
Other
Depart-
Total
34.3
371.8
36.6
37.7
40.8
409.2
458.7
503.5
209.0
239.4
50.6
69.5
69.3
65.6
71.8
590.9
678.2
745.7
808.3
61.3
63.1
83.9
93.4
109.9
265.2
283.9
303.3
335.0
359.5
61.9
72.1
252.2
277.3
1976
298.1
355.6
399.6
463.3
131.6
157.6
181.0
217.8
41.4
1977
1978
1979
1980
1981
1982
1983
1984
517.1
244.1
599.3
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
974.0
334.5
349.0
392.6
405.2
423.4
701.5
741.7
325.9
327.5
1985
1986
1987
1988 (estimates) 1
1989 (estimates) l
Cumulative total, first 10 months:
Fiscal year 1987
Fiscal year 1988
600.6
666.5
734.1
769.1
854.1
913.4
54.9
60.0
65.7
90.8
106.5
121.0
138.9
157.8
182.7
201.5
89.6
97.2
87.9
104.5
116.3
95.1
102.3
113.6
134.0
157.5
185.3
130.9
153.8
180.7
851.8
209.9
227.4
204.4
220.9
73.0
73.1
74.3
79.8
81.2
946.3
990.3
1,004.6
1,065.8
1,096.7
252.7
273.4
282.0
285.4
294.0
245.1
61.6
64.9
844.4
883.7
235.5
243.9
228.8
1
Estimates from Mid-Session Review of the 1989 Budget, Office of Management and Budget,
July 28, 1988.
Health
Medi-
Net
Income
securi-
Social
securi-
inter-
'y
ty
est
73.9
Other
military
butions
617.8
Inter-
Total
265.5
274.0
277.3
285.5
237.1
15.7
15.8
7.5
17.3
18.5
20.5
19.3
22.8
26.5
60.8
61.0
61.5
66.4
85.1
93.9
104.1
26.7
29.9
35.4
42.6
82.8
93.0
114.7
119.6
12.7
13.1
12.3
11.8
15.9
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
16.2
14.2
11.6
12.8
11.1
33.5
35.9
40.0
44.6
48.8
65.8
70.2
75.1
79.5
85.3
128.2
119.8
123.3
129.6
135.0
188.6
198.8
207.4
232.4
129.4
136.0
138.6
151.1
157.1
131.8
142.1
126.7
143.9
133.0
9.9
10.3
33.2
36.7
63.2
64.5
105.2
108.4
173.0
182.5
115.2
125.7
109.3
111.9
6.4
6.4
7.5
218.9
NOTE.—Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1988, according to current estimates, Federal receipts rose $32.6 billion (annual rate) and
Federal expenditures rose $8.4 billion, yielding a deficit of $130.9 billion.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALIY ADJUSTED ANNUAL RATES
1,000
1,000
EXPENDITURES '
800
800
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
I
I I
1980
I
1 1
-1- 1
1981
I
I
1983
1982
1
I I
1984
CALENDAR YEARS
198S
1 I
1986
I I.
1987
1988
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal G overnment expenditure s
Federal GovernmeiU receipts
Period
Total
Fiscal year:
1985
1986
1987
Calendar year:
1985
1986
1987
1982: IV
1983: IV
1984: IV
1985: IV
1986: I
n
in
1987:
1988:
IV
I
n
m
rv
I
nr
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
341.5
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
776.8
815.0
901.7
340.4
357.0
401.6
74.6
80.7
101.7
55.9
51.2
53.2
305.8
326.0
345.2
962.3
1,027.8
1,058.9
368.4
375.4
374.0
394.6
411.1
97.8
107.4
103.1
128.3
134.4
139.7
20.7
22.9
29.6
788.7
828.3
916.5
633.1
675.5
742.7
805.3
806.7
816.3
833.6
856.8
871.3
920.0
930.1
944.4
951.0
983.6
346.4
361.5
405.6
303.0
291.9
326.0
355.3
350.0
354.0
363.5
378.3
373.8
413.1
413.3
422.3
404.6
425.0
76.3
83.9
105.8
46.4
70.2
69.7
78.8
78.7
82.6
84.7
89.7
100.1
105.0
110.5
107.7
107.2
112.4
55.1
50.8
54.0
47.6
53.6
56.2
53.5
50.6
49.6
52.0
51.0
53.0
54.3
53.9
55.0
55.9
55.9
310.9
985.6
332.2 1,033.9
351.0 1,074.2
236.1
835.7
259.8
844.7
290.7
930.2
317.7
1,017.5
327.5 1,005.3
330.1 1,050.7
333.4 1,039.7
337.8 1,040.1
344.5 1,059.6
347.7 1,064.0
352.4 1,068.4
359.4 1,104.9
383.4 1,106.1
390.? 1,114.5
355.2
366.2
382.0
293.2
276.1
326.0
376.6
356.6
368.7
372.7
366.7
372.7
377.5
386.3
391.4
377.7
381.6
380.1
399.8
414.2
347.4
352.5
362.1
385.8
390.0
398.5
405.4
405.4
406.6
413.4
414.2
422.5
434.4
437.3
99.7
106.8
102.7
84.5
86.0
130.1
135.4
143.0
87.2
101.0
125.3
20.3
25.7
32.4
23.4
29.1
21.0
19.0
18.0
Source: Department of Commerce, Bureau of Economic Analysis.
34
96.3
103.5
105.6
110.0
109.2
102.3
101.9
105.5
101.9
101.4
111.1
110.4
132.7
135.0
135.9
134.3
136.5
139.0
139.8
143.8
149.5
149.9
152.0
37.5
18.1
29.1
39.4
27.8
22.6
39.7
33.0
32.2
or deficit
Wage
accruals
^less
disburse-
national
income
and
product
.0
.1
-185.5
-212.8
-157.2
-.2
.0
.0
.0
.0
.6
.0
.0
.0
.0
.0
.0
.0
.2
-.2
.0
.0
-196.9
-205.6
-157.8
-202.6
-169.2
-187.5
-212.2
-198.6
-234.4
-206.1
-183.3
-188.3
-144.0
-138.3
-160.4
-155.1
-130.9
-0.1
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial iroduction (1977 = 1 30; seasonal!y adjusted
Period
United
States
Canada
Japan
France
Germany
119.2
120.4
120.9
125.1
108.0
106.2
103.1
104.1
107.6
112.9
115.1
115.7
114.4
112.6
108.5
138.9
145.1
144.6
150.4
106
106
104
105
105
106
106
108
Italy
Consumer prices (19 S2-84=100
United
Kingdom
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
108.1
108.6
1987: July...
Aug
Sept
Oct
Nov
Dec
130.6
131.2
131.0
132.5
133.2
133.9
131.8
134.2
135.0
135.8
136.5
137.2
151.0
149.3
153.9
157.0
156.6
159.6
109
109
110
110
110
111
113.7
118.5
116.3
116.7
116.8
117.3
117.7
112.8
117.2
122.3
120.8
116.1
l!4.7
'113.3
' 114.5
'r 114.8
115.0
1988:
134.4
134.4
134.7
135.4
136.1
136.6
137.7
137.6
137.4
138.3
r
138.3
139.4
153.9
157.4
158.3
157.0
r
153.3
157.4
111
111
111
110
111
' 117.2
'r 118.2
l!8.8
' 118.0
118.3
120.5
126.4
120.8
121.4
124.1
114.8
112.4
' 114.4
116.1
1
Jan
Feb
Mar
Apr
May
June
July*
97.9
104.3
119.0
125.2
126.8
132.6
r
105.8
109.2
110.4
113.5
118.0
Canada
82.4
76.1
90.9
96.5
99.6
103.9
107.6
109.6
113.6
99.8
96.4
98.2
101.7
103.1
107.9
r
109.4
r
112.8
1981
1982
1983
1984
1985
1986
1987 »
1980
United
States '
r
l!2.9
r
United
Kingdom
Japan
France
85.6
94.9
100.4
104.8
108.9
113.4
118.4
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
72.2
81.9
91.7
100.3
108.0
114.3
117.2
121.1
86.7
92.2
97.1
100.3
102.7
104.9
104.6
105.0
63.2
75.4
87.7
100.8
111.5
121.0
128.5
134.4
78.5
81.9
95.4
99.8
104.8
111.2
114.9
119.7
113.8
114.4
115.0
115.3
115.4
115.4
119.2
119.3
119.3
119.7
120.2
120.3
104.7
104.8
105.7
105.7
105.2
105.1
121.4
121.7
121.7
122.0
122.2
122.2
105.2
105.1
104.9
105.0
105.0
105.2
134.3
134.6
135.6
136.8
137.2
137.4
119.6
120.0
120.3
120.9
121.5
121.4
115.7
116.0
116.5
117.1
117.5
118.0
118.5
120.5
121.0
121.6
122.0
122.8
122.9
123.7
104.8
104.6
105.0
105.5
105.6
105.4
122.4
122.7
123.0
123.6
123.9
124.3
105.4
105.6
105.7
106.0
106.2
106.8
106.2
138.1
138.5
139.1
139.6
140.0
140.4
140.8
121.4
121.9
122.3
124.3
124.8
125.S
Germany
Italy
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
Data relate to al! urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Met chandise e xports (f. i.s. value
1
Jeneral rnerchandis e imports (customs value) 3
Period
Total
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May '
June....
Foods,
feeds,
and
bever-
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
15.7
16.8
20.6
22.9
21.7
24.6
14.3
13.4
13.3
12.6
14.2
17.7
31.3
30.9
31.5
24.0
22.3
24.3
61.7
56.7
61.7
58.5
57.3
66.7
72.7
67.2
72.0
73.9
75.8
86.2
20.2
20.4
20.3
21.1
22.4
20.9
21.8
22.1
23.1
24.2
1.8
1.9
2.0
2.1
2.4
2.2
2.2
2.3
1.8
2.0
5.3
5.5
5.4
5.5
5.6
5.6
5.6
5.5
6.1
6.5
6.8
6.9
6.8
6.5
7.6
7.0
8.0
7.5
8.1
8.2
1.9
1.9
1.9
2.2
1.9
2.0
2.1
2.1
2.5
2.3
24.5
24.5
26.9
26.0
27.5
26.8
2.2
2.5
2.6
2.6
2.9
2.7
6.6
6.6
7.7
7.3
7.1
7.4
8.7
8.6
8.7
8.8
9.3
8.7
2.1
2.4
2.7
2.3
2.4
2.2
216.4
205.6
224.0
4
218.8
* 227.2
254.1
1982
1983
1984
1985
1986
1987
1987:
2
Industrial
supplies
and
1
Includes Department of Defense Military Assistance
2
Includes undocumented exports to Canada.
3
Total arrivals of imported goods other than intranslt
4
Other
2
Total
Foods
feeds,
and
bever-
Industrial
supplies
and
als
24.0
27.3
35.9
34.6
244.0
258.0
325.7
345.3
365.4
406.2
21.9
24.4
24.8
1.4
1.4
1.5
1.5
1.6
1.5
1.6
1.5
1.6
1.6
2.9
2.9
2.6
3.3
3.4
2.6
2.2
3.2
3.0
3.5
32.3
32.0
32.5
34.4
34.6
34.5
34.6
36.0
35.3
36.6
2.1
2.1
2.0
2.2
2.1
2.0
2.0
2.3
2.1
2.0
1.6
1.8
1.8
1.8
1.9
2.0
3.1
2.6
3.4
3.2
3.8
34.3
37.7
36.6
34.8
35.7
37.8
2.1
2.2
2.2
2.0
2.0
1.9
20.7
20.5
•!.8
Program grant-aid shipments.
shipments.
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
Trade Balance
Principal t nd-use cc mmodity category
Principal end-use c ommodit) catetory
17.1
18.2
21.0
112.0
107.0
123.7
113.9
101.3
111.0
8.5
8.1
8.8
9.1
10.2
10.1
9.5
10.3
9.9
9.8
9.5
10.0
9.6
9.5
10.5
10.2
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
exceot
automotive
35.4
40.9
59.8
65.1
71.8
84.5
33.3
40.8
53.5
66.8
78.2
85.2
39.7
44.9
60.0
68.3
79.4
88.7
6.7
6.6
6.6
7.3
7.0
7.1
7.4
7.4
7.6
8.0
6.6
6.8
6.9
7.2
7.0
7.0
7.1
7.4
7.3
7.6
7.5
8.6
8.4
7.9
8.1
9.0
6.8
7.6
7.5
7.2
6.5
7.3
Genera\
merchandise
imports
(c.i.f.
value)
Exports
(f.a.s)
less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
10.4
12.1
254.9
269.9
346.4
352.5
382.3
424.4
-27.5
-52.4
-101.7
126.5
-138.3
152.1
-38.4
-64.2
-122.4
- 133.6
-155.1
-170.3
7.2
7.4
7.2
7.7
7.4
7.4
7.4
7.3
7.5
8.1
1.0
.9
1.1
.9
.9
.9
1.1
1.2
1.0
1.1
34.0
33.6
34.3
36.2
36.3
36.0
35.7
37.6
36.7
37.9
-12.1
-11.6
-12.3
-13.3
-12.2
-13.6
-12.8
13 9
-12.2
12.4
-13.8
-13.2
-14.1
-15.1
-13.9
-15.1
-13.9
-15.6
-13.6
-13.8
7.5
8.4
7.8
7.3
7.6
8.3
.9
.9
1.1
1.0
1.0
1.1
35.8
38.9
38.6
36.3
37.2
39.4
-9.8
-13.2
-9.8
-8.8
-8.3
-11.0
-11.3
-14.4
-11.7
-10.3
-9.8
-12.5
Other
6.5
6.3
7.8
9.4
NOTE.—Data shown include trade of the U.S. Virgin Islands.
See Bureau of the Census release FT900, June 1988 for information on the seasonally adjusted
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1988, the merchandise trade deficit fell to $29.9 billion from $35.2 billion in the first
quarter.
BILL ONS OF DOLU^RS*
BILL ONS OF DOLL ^RS*
10
10
0
"A
V
f>^
CUR
RENT ACCOlrt•JT
S
/X
/
'X^_
*
*
0
\\
%v
Vv
'
.A\
\
P\XN
\\
MER CHANDISE TR/ ^DE\ \\
\ \ 1
BALANCE
\
\ \
-15
-20
*»
-15
BAL/vNCE ON GOC DS
iND SERVICES
\\
, \\
L
\
\
s ^\
\
\
\
^
y
-20
A
X
CSV/
^
V
"\\_
"^
J*V«.
\,
i i i
-45
1
1980
1
1
1
1
1
1982
1981
1
1
1983
1
1 1 1
1
1
1
1985
1984
i\
1 \
1
H
^^^>^^
\
1
"CS.
N
.;x_
'A \ /
//^
N
<;
*
^•Zy "^
1 1 1
1 1 1
•'
i
i i i
1987
1986
-45
1988
SEASONALLY ADJUS TED
OURCE: DEPARTMEN OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)
Merchandise J
Investment income 3
2
Net
Period
1980
1981
1982
1983
1984
1985
1986
1987
1985:
I
n
m
IV
1986: I
n
m
IV
1987: I
n
in
rv
1988: IP
UP
Exports
Imports
224,269
237,085
211,198
201,820
219,900
215,935
223,969
249,570
55,067
54,197
53,434
53,237
54,113
56,946
56,268
56,642
56,791
59,864
64,902
68,013
r
75,300
79,665
-249,749
-265,063
-247,642
-268,900
-332,422
-338,083
-368,516
-409,850
-80,770
-83,843
-84,032
-89,438
-89,546
-90,807
-92,989
-95,174
-96,662
-99,416
- 104,567
- 109,205
r
- 110,484
- 109,602
1
Excludes
2
Adjusted from
3
Net balance
Receipts
25,480 72,506
-27,978 86,411
-36,444 83,549
-67,080 77,251
-112,522 85,908
-122,148 88,837
-144,547 90,110
160,280 103,756
-25,703 18,549
-29,646 22,092
-30,598 24,309
-36,201 23,886
-35,433 24,352
-33,861 22,248
-36,721 21,845
-38,532 21,667
-39,871 24,791
-39,552 22,429
-39,665 23,289
-41,192 33,248
' - 35,184 25,114
-29,937
Payments
-42,120
-52,329
-54,883
-52,376
-67,419
-62,901
-66,968
-83,381
-16,359
-16,670
- 16,055
-13,818
-17,357
-17,533
-15,729
-16,350
-19,715
-20,737
-22,222
-20,709
-25,709
Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
Net
30,386
34,082
28,666
24,875
18,489
25,936
23,142
20,375
2,190
5,422
8,254
10,068
6,995
4,715
6,116
5,317
5,076
1,692
1,067
12,539
-595
Net
travel and
transportation
receipts
-997
-2,237
144
1,183
-992
-274
-4,227
-243
-2,099 -8,604
-3,431 - 10,049
-4,372 -9,344
-2,368 -10,281
-308
2,043
-649 -2,704
-2,624
-828
-1,647 -2,678
- 1,408 -2,456
-1,283 -2,070
-1,076 -2,407
-2,410
-605
-78 -2,597
-2,516
-179
-2,521
-851
-1,261 -2,648
-899
-2,383
Other
services,
net 3
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
trans-1
fers
Balance
on current
account
1,873
9,466 -7,593
7,793
6,884
14,344 -7,460
9,278
-8,679
278 -8,956
9,320
-36,766 -9,480 -46,246
9,908
9,760 -94,975 -12,102 - 107,077
9,600 -100,093 -15,010 -115,103
11,600 -123,520 -15,308 -138,828
12,035 -140,519 -13,445 -153,964
2,334 -23,530 -3,290 -26,820
2,391 -25,186 -3,481 -28,677
-4,036 -27,554
2,278 -23,518
-32,068
2,595 -27,863 -4,205
-29,485 -2,972 -32,457
2,817
-29,629 -4,085 -33,714
2,870
-4,249 -35,537
2,800 -31,288
-33,118 -4,003 -37,121
3,112
-2,967 -37,624
-34,657
2,813
2,828 -37,727 -3,125 -40,852
2,983 -38,987 -2,980 -41,967
3,412
-29,150 -4,373 -33,523
3,222 -36,600 -3,151 -39,751
United States are excluded from investment income and included in other services, net.
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 $17.4 billion in the first quarter of
1988, compared with an increase of $23.5 billion in the fourth quarter of 1987. Liabilities to foreigners and
international financial institutions reported by U.S. banks, excluding Treasury securities, decreased $16.0 billion in
the first quarter, compared with an increase of $29.8 billion in the fourth quarter.
BILLIONS OF DOLLARS
80
BILLIONS OF DOLLARS*
80
-20
-40
-40
-60
-60
1980
1988
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[mcrease/capit il outflow ( — )
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1985: I
n
m
IV
1986: I
n
m
IV
1987: I
n
m
rv
1988: I"
86,118
-110,951
121,153
-49,777
22,304
-32,636
-97,991
-75,987
-1,620
-1,623
-7,593
-21,802
15,626
-24,515
-26,213
-31,635
11,072
22,878
-25,292
38,891
8,891
U.S.
official
reserve
assets * 2
8,155
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-233
-356
-121
-3,148
115
16
280
132
1,956
3,419
32
3,741
1,503
Other U.S.
Government
assets
Foreign assets in the II.S., net
[increase /capital inflovti (+)] 2
U.S.
private
assets
-5,162 -72,802
5,097 -100,679
-6,131 -110,058
-5,006 -43,576
-5,489 -13,685
-2,829 -25,950
-2,000 -96,303
1,162 -86,297
-769
-618
-1,054
-213
-454
-7,018
-553
-18,102
-206
-15,305
-211
-24,320
-1,592 -24,901
10 -31,777
67
9,049
-170
-26,127
252 -25,576
1,012 -43,645
-780
8,169
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Total
Foreign
official
assets
Other
foreign
assets
58,112
83,032
93,746
84,869
102,631
129,900
221,253
211,490
16,491
25,073
35,044
53,292
39,050
50,128
69,884
62,192
33,100
50,660
71,658
56,072
27,876
15,497
4,960
3,593
5,845
3,140
1,196
35,507
44,968
- 10,992
8,477
2,450
-1,130
2,719
15,838
15,779
1,171
13,977
10,332
611
20,047
24,372
42,615
78,072
90,154
79,023
99,481
131,096
185,746
166,522
27,484
16,596
32,594
54,422
36,331
34,291
54,104
61,020
19,122
40,327
71,047
36,025
3,504
i U.S. reserve
Statistical d screpancy
Allocations
of special
drawing
rights
(SDEs)
1,152
1,093
Total (sum
of the items
with sign
reversed)
24,982
19,942
36,085
11,154
26,760
17,839
15,566
18,461
11,948
5,217
103
578
9,033
8,100
-8,133
6,565
-6,547
13,071
-4,399
16,342
2,984
Of which:
Seasonal
adjustment
discrepancy
2,533
-2,115
-3,981
3,569
3,006
-2,786
-3,876
3,655
4,141
-2,615
-4,658
3,138
3,925
U S official
assets, net *
(unadjusted,
end of
period)
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
35,493
36,088
38,295
43,186
44,919
46,595
48,087
48,511
48,824
45,140
45,070
45,798
43,186
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
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
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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