Full text of Economic Indicators : December 1988
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101st Congress, 1st Session
Economic Indicators
DECEMBER 1988
(Includes data available as of January 4, 1989)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1989
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LEE H. HAMILTON, Indiana, Chairman—Designate
PAUL S. SARBANES, Maryland, Vice Chairman—Designate
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
[PUBLIC LAW 120—81sr 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 Spits 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; die 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 die Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by An Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
u
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the third quarter, according to revised estimates, current-dollar gross national product (GNP) rose 7.3 percent
(annual rate) or $85.2 billion. Real GNP (GNP adjusted for price changes) rose 2.5 percent and the implicit price
deflator rose 4.7 percent.
Bl LLIONS OF DO LLARS (RATIO 5>CALE)
BILLIOf JS OF DOLLAR!> (RATIO SCALE )
5,200
5,200
SEASONAL IY ADJUSTED ANNUA RATES
4,800
4,800
-^
4,400
4,400
^— ^
—
GNP
DOLLA
IN Cl RRENT
4,000
—
f—^~
.
s
*^"^
V^-i
^ *• **" '
4,000
._-•—
-----
3,600
\
—^
3,200
3,400
GNP
N 1982 DOLLA RS
™r-j
3,200
^
^^
2,800
2,800
1^
2,400
2,400
2,000
\
\
\
\
\
1 1 1
\
1981
1980
1
I
1
I
1983
1982
1
1
I
1
1985
1984
1
1
1
1
1986
1
1
1
1
1987
[
[
2,000
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
n
m
IV
1987: I
U
m
IV
1988: I
U r
ra
1
Gross
national
product
Personal
Gross
conprivate
sumption domestic
expendi- investtures
ment
Exports and imports of goods
and service 3
Federal
Net
exports
Exports
Imports
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
321.9
390.5
453.6
472.4
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
32.1
33.9
26.3
-6.1
-58,9
-78.0
-104.4
123.0
3,212.5
3,545.8
3,851.8
4,107.9
2,117.0
2,315.8
2,493.4
2,700.4
409.6
579.8
661.8
654.1
14.1
-25.8
-67.9
-103.2
4,207.6
4,268.4
4,304.6
667.8
653.0
656.4
-101.2
-109.1
-114.3
4,391.8
4,484.2
4,568.0
4,662.8
2,772.1
2,842.8
2,876.0
2,921.7
2,992.2
3,058.2
3,076.3
351.0
382.8
361.9
352.5
383.5
370.9
378.4
428.0
335.9
364.7
385.7
369.2
373.9
377.8
385.2
685.5
698.5
702.8
764.9
-119.1
-122.2
-125.2
125.7
4,724.5
4,823.8
4,909.0
3,128.1
3,194.6
3,261.2
763.4
758.1
772.5
-112.1
-90.4
80.0
GNP less exports of goods and services plus imports of goods and services.
Government pure] tases of
goo Is and senfices
Total
National
defense
Nondefense
Final
domestic
purchases *
and
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
671.8
676.1
764.5
856.7
208.1
242.2
272.7
283.5
310.5
355.2
366.2
382.0
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
475.1
486.9
499.4
868.8
881.8
886.5
368.7
372.7
366.7
277.2
288.0
278.1
91.5
84.7
88.7
378.7
400.0
438.5
480.1
500.2
509.1
519.7
4,188.1
4,267.7
4,306.6
4,308.7
4,377.6
4,418.9
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
487.8
507.1
536.1
599.9
597.5
616.0
945.2
961.6
955.3
377.7
382.2
367.7
298.4
298.8
294.3
73.3
83.4
73.4
567.5
579.4
587.6
4,659.2
4,780.1
4,859.3
4,836.6
4,914.2
4,989.0
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]
G ross priva te
dome stic inves tment
Export 9 and imports of
goods and sen.ices
Govern!nent pure loses of
goods and sernces
Personal
consumption
expenditures
Nonresidential
fixed
Residential
fixed
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,721.7
3,847.0
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,455.2
2,521.0
379.2
395.2
366.7
361.2
425.2
453.5
433.1
445.1
137.0
126.5
105.1
149.3
170.9
174.4
195.0
195.2
-6.9
23.9
-24.5
-6.4
62.3
388.9
392.7
361.9
348.1
371.8
367.2
378.4
427.8
332.0
343.4
335.6
368.1
455.8
471.4
515.9
556.7
620.5
629.7
641.7
649.0
677.7
731.2
760.5
780.2
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
IV
IV
IV
IV
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
11.7
-46.2
-94.8
7.7 -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
1986: H
3,711.6
3,721.3
3,734.7
2,440.9
2,478.6
2,486.2
432.8
425.6
427.3
195.7
199.0
199.7
23.6 -140.2
3.0 -151.8
-10.5 -142.4
372.1
379.1
387.8
512.4
530.9
530.2
758.8
766.9
774.5
333.6
336.7
340.5
1987: I
3,776.7
3,823.0
3,865.3
3,923.0
2,490.2
2,516.6
2,545.2
2,531.7
418.2
434.8
462.8
464.8
198.4
197.6
192.1
192.7
29.8
27.8
13.0
67.1
-132.8
-126.0
-130.7
-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
3,956.1
3,985.2
4,009.4
2,559.8
2,579.0
2,603.8
473.4
490.2
495.0
189.5
189.6
191.6
66.0
35.3
39.5
-109.0
-92.6
-93.9
486.2
496.9
514.0
595.1
589.5
607.9
776.4
783.8
773.5
Period
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
m
iv...:.
n
m
IV
1988: I
n r
m
1
Gross
national
product
Change
m
business
inventories
sales
Gross
domestic
purchases '
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
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
250.8
260.7
253.1
82.8
76.0
87.4
425.2
430.2
434.0
3,688.0
3,718.3
3,745.2
3,851.8
3,873.0
3,877.2
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
327.8
331.6
320.1
264.6
263.6
256.4
63.2
67.9
63.7
448.7
452.2
453.4
3,890.1
3,949.9
3,969.9
4,065.1
4,077.9
4,103.4
Federal
Net
exports
Exports
57.0
49.4
26.3
-19.9
-84.0
9.1 -104.3
15.4 -137.5
34.4 -128.9
<JNP less exports of goods and services plus imports of goods and services.
Imports
Total
Total
National
State
and
local
Nondefense
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982—100; quarterly data are seasonally adjusted]
Gross ]irivate
domestic i]ivestment
Personal cConsumption
expenditures
Period
Gross
national
product
Total
N
Durable
goods
Nondurable goods
Services
dential
fixed
Residential fixed
Exports an< imports of
goods am services
Gove rnment pure uses of gooids and
serrices
Federal
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
lOl'.O
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
IV
IV
IV
IV
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
1986: H
113.4
114.7
115.3
113.6
114.7
115.7
105.0
106.1
106.2
106.4
107.2
107.8
121.6
123.2
124.6
99.8
101.2
101.6
110.6
111.4
112.4
100.5
99.6
99.3
92.7
91.7
94.2
110.5
110.7
107.7
110.5
110.5
109.9
110.4
111.5
101.5
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.C
122.8
123.S
124.8
119.4
121.0
122.4
122.2
123.9
125.2
109.1
109.6
110.4
113.8
116.0
117.3
132.2
134.0
135.6
99.6
99.5
99.7
119.5
119.5
119.6
100.3
102.1
104.3
100.8
101.4
101.3
115.2
115.3
114.9
112.8
113.4
114.8
125.5
122.7
115.2
126.5
128.1
129.6
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
m
IV
1987: I
n
ra
rv
1988: I
nr
m.
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
{Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Ore 83 national prcxluct
Personal consumption e ipenditures
FixedPeriod
8.9
11.7
3.7
7.6
10.8
6.4
5.6
6.8
4.2
12.4
4.7
6.2
2.6
5.9
3.4
8.4
8.7
7.7
8.6
5.4
8.7
7.3
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV.
IV
n
m
IV
1987: I
n
m
IV
1988: I
n r
m
Constant
(1982)
dollars
Current
dollars
:
-0.2
1.9
-2.5
3.6
6.8
3.4
2.8
3.4
.6
7.3
1.7
3.0
-.8
1.0
1.4
4.6
5.0
4.5
6.1
3.4
3.0
2.5
Implicit
price
deflator
Chain price
index
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
4.1
3.9
3.1
3.2
2.0
3.1
2.4
4.0
3.7
3.6
3.4
3.0
4.8
4.7
9.0
9.7
6.4
3.9
3.7
3.0
2.7
3.3
3.6
4.7
3.0
3.3
3.6
4.7
2.1
3.5
3.5
3.1
2.4
1.7
5.5
4.7
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
weighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
4.1
4.0
3.4
2.8
3.6
4.0
4.0
3.2
3.3
2.4
3.0
2.8
4.2
4.2
3.7
3.8
3.5
5.0
5.3
10.6
10.5
7.1
9.0
8.8
8.2
6.8
7.3
10.3
9.7
7.2
6.0
4.9
10.6
4.8
6.5
10.0
9.1
2.4
6.9
8.8
8.6
-0.2
1.2
1.3
4.6
4.8
4.7
4.3
2.7
5.3
5.5
4.3
1.9
4.3
6.3
1.2
.6
4.3
4.6
-2.1
4.5
3.0
3.9
Implicit
price
deflator
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.5
4.4
4.3
3.0
4.0
.7
3.9
3.5
5.6
5.6
4.4
4.4
2.3
5.7
4.3
FixedChain price
index
weighted
price index
(1982
weights)
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.5
4.8
4.1
3.1
4.2
.8
4.3
3.5
5.5
5.7
4.3
4.4
2.5
5.6
4.6
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.5
4.8
4.1
3.2
4.3
.7
4.2
3.5
5.6
5.7
4.2
4.6
2.4
5.7
4.9
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross t omestic
prodi ct of
nonjin ancial
corporate business
(billions c f dollars)
Total
Period
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
H
in
IV
1987: I
n
in
IV
1988: I
n
mr
1
Current
dollars
1982
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
2,348.8
2,383.6
2,409.3
2,438.8
2,482.7
2,546.9
2,585.8
2,633.2
2,684.0
2,732.1
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
2,163.2
2,174.2
2,199.0
2,215.0
2,248.0
2,296.1
2,322.5
2,363.5
2,380.9
2,395.5
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
1.086
1.096
1.096
1.101
1.104
1.109
1.113
1.114
1.127
1.140
Current-dollar cos ; and profit per unit of output (do liars) !
1
Capital
Corp<>rate profits with
consumpinventory valuation a nd capital
consunration adjus tments
tion
allowIndirect Compenances
Net
business
with
employ- interest
taxes 3
capital
Profits
Profits
ees
consumpTotal
tax
after
tion
liability
tax*
adjustment
0.095
.109
.125
.123
.118
.119
.121
.122
.131
.120
.118
.120
.122
.122
.122
.122
.122
.121
.121
.121
.122
.122
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfmancial corporate business with
the decimal point shifted two places to the left.
0.077
.090
.094
.098
.100
.103
.105
.106
.096
.098
.102
.104
.102
.106
.105
.105
.106
.106
.105
.105
.106
.108
3
4
0.581
.632
.676
.679
.687
.704
.719
.732
.685
.680
.694
.713
.717
.722
.725
.730
.730
.729
.738
.736
.747
.758
0.031
.037
.043
.037
.039
.038
.039
.043
.042
.037
.042
.037
.038
.039
.040
.041
.043
.044
.046
.045
.047
.048
0.068
.078
.063
.089
.109
.106
.106
.105
.057
.103
.107
.106
.106
.107
.104
.103
.104
.109
.103
.106
.106
.104
0.037
.035
.026
.032
.036
.033
.035
.044
.023
.036
.032
.033
.034
.036
.039
.041
.043
.046
.044
.044
.046
.046
0.031
.044
.037
.057
.073
.073
.071
.061
.034
.066
.075
.072
.072
.071
.065
.061
.061
.063
.069
.062
.060
.058
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.865
18.287
18.584
18.927
19.216
17.383
18.029
18.359
18.639
18.864
18.921
19.043
18.996
19.142
19.362
19.357
19.560
19.481
19.428
9.939
10.861
11.699
12.122
12.569
13.075
13.605
14.062
11.914
12.261
12.746
13.288
13.532
13.660
13.815
13.869
13.969
14.110
14.291
14.397
14.546
14.739
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employ-
Proprietoi s' income
with in rentory
valuation [ind capital
consuloption
adjust ments
Farm
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
H
m
IV
1987: I
n
m
IV
1988: I
nr
m.
1
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
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
3,421.8
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
2,483.4
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
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
248.3
251.7
255.8
263.5
265.9
271.5
279.0
3,850.8
3,928.8
4,000.7
2,816.4
2,874.0
2,933.2
44.7
43.4
30.9
279.2
285.3
290.7
Includes employer contributions for social insurance. (See also p. 5.)
13.6
13.2
Corporate profits wi .h inventory valuation an 1 capital
consulnption adjustments
Profits wi th inventory valuation
adjustme it and witho it capital
consu.mption adjus ment
Total
Profits
before tax
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
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
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
230.3
240.5
252.1
261.8
273.7
289.4
281.9
20.5
19.1
19.7
316.2
326.5
330.0
266.8
278.5
284.6
286.2
305.9
313.9
8.5
9.2
12.4
18.4
15.8
12.4
5.6
7.8
Capital
consump-
Net
interest
Inventory
valuation
adjustment
-10.4
-10.9
-5.8
-1.7
-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
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
334.1
333.3
329.3
338.3
348.1
358.3
369.5
-19.4
-27.4
-29.3
49.4
48.0
45.4
373.9
380.6
396.2
8.3
-18.0
-13.4
-8.1
-1.6
-6.6
11.8
8.7
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
NOD durable g(wds
Durabl 3 goods
Total
Period
conexpendi-
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
n
m
rv
1987: I
n
m
IV
1988: I
nr
m
Total
durable
goods
Total
Other
durable
Food
Clothing and
shoes
Retail Bales of
new passenger
cars (nu Jions of
Gasoline
and oil
Other
un ts)
Services
Do-
Im-
mestics
ports
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
2,772.1
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
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
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
138.8
142.0
143.3
145.9
147.8
150.2
149.4
48.1
771.0
51.6
816.7
59.3
867.3
63.2
911.2
70.1
943.6
77.8
997.9
49.0
786.6
53.2
837.9
61.8
879.6
64.7
932.7
66.5
937.2
70.5
944.7
77.5
954.1
75.9
977.5
78.3
995.3
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
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
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
71.7
68.9
66.3
72.1
77.4
79.3
79.3
158.7
169.5
182.1
192.6
202.2
216.3
163.4
174.0
184.7
198.5
200.5
203.9
205.8
209.9
215.8
218.5
220.9
1,027.0
1,128.7
1,227.6
1,345.6
1,457.3
1,592.3
1,066.5
1,167.9
1,267.1
1,394.5
1,441.9
1,468.2
1,500.1
1,540.7
1,576.4
1,610.2
1,641.9
5.8
6.8
8.0
8.2
8.2
7.1
6.0
7.4
7.7
7.0
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
3.1
3.4
3.4
2.9
3.1
3.5
3.3
3,128.1
3,194.6
3,261.2
437.8
449.8
452.9
202.2
208.7
210.2
154.7
159.5
159.5
81.0 1,016.2
81.5 1,036.6
83.2 1,060.8
535.9
546.3
558.9
180.5
183.2
188.4
76.3
78.8
80.5
223.5 1,674.1
228.2 1,708.2
233.0 1,747.5
7.6
7.5
7.6
3.2
3.1
3.1
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Furniture
and
household
equipment
SOURCES OF PERSONAL INCOME
Personal income fell $8.2 billion (annual rate) in November, following a rise of $68.8 billion in October. The
November and October changes were affected by two special factors—unusually large subsidy payments to farm
proprietors and bonus payments to employees in the automobile industry, both in October. Excluding the effect of
these factors, personal income increased $23.6 billion in November and $34.8 billion in October.
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
OTHER INCOME
800
"TRANSFER
PAYMENTS
400
«•—»••**
400
lllllllUll
200
1982
1981
1980
IIHlllllll
1984
1983
\Hitlttnt
in a I mn.
1985
1986
liiiiiliiill 200
1987
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987: Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July r.
Aug T
Sept r
Oct r
Nov ".
Total
personal
income
Wage and
salary
disbursements '
Proprietor ' income 3
Other labor
income * 2
Farm
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
3,884.1
3,939.0
2,318.7
2,353.5
212.4
213.3
31.6
41.4
3,921.8
3,946.7
3,985.9
4,001.0
4,021.4
4,044.9
4,075.3
4,091.8
4,114.7
4,183.5
4,175.3
2,342.3
2,359.0
2,374.7
2,394.0
2,408.4
2,427.5
2,451.9
2,459.1
2,475.0
2,511.6
2,520.4
214.0
214.6
35.9
41.5
56.8
44.8
45.2
40.3
34.1
31.4
27.2
44.3
15.7
215.2
215.8
216.4
217.4
218.5
219.5
220.5
221.5
222.5
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Nonfarm
160.1
156.1
150.9
178.4
204.0
225.6
250.3
270.0
278.6
280.6
278.6
279.0
279.9
283.3
285.2
287.5
289.4
290.2
292.6
296.8
298.4
Rental
income of
persons *
Personal
dividend
income
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
91.9
92.4
92.8
93.6
94.0
94.7
95.0
95.4
96.3
97.5
98.0
98.9
99.4
20.5
21.5
20.8
20.5
20.2
19.3
18.9
19.0
19.3
19.7
20.0
20.6
20.9
Personal
interest
income
Transfer
payments s
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
550.0
555.1
556.1
557.9
554.4
554.1
554.1
558.8
563.7
568.7
574.9
581.8
589.1
595.1
601.1
572.2
574.6
582.2
582.8
582.0
583.6
587.0
589.2
589.7
594.5
597.2
521.1
548.8
Less:
Personal
contributions
for social
insurance
88.6
104.5
112.3
120.1
132.7
149.3
161.1
172.0
175.8
176.8
189.1
190.2
191.2
192.4
193.4
194.6
196.2
196.5
197.4
199.8
200.3
Nonfarm
personal
income a
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,472.5
3,716.0
3,831.9
3,877.1
3,865.5
3,884.7
3,908.7
3,935.4
3,955.1
3,983.3
4,020.2
4,039.3
4,066.3
4,118.0
4,138.3
B
Consists mainly of social insurance benefits, direct relief, and veterans payments.
8
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the third quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
PER CAPITA DISPOSABLE PERSONAL INCOME
8,000
6,000
6,000
1988
* SEASONALLY ADJUSTED ANNUAL RATE
SOURCE: DEPARTMFWT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Disposable
personal
income
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays '
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
inwjme
Current
dollars
-1.1
.5
5
2.1
4.9
2.0
2.9
.8
7.1
7.5
6.8
5.4
6.1
4.4
4.0
3.2
227,754
230,182
232,549
234,829
237,051
239,322
241,650
243,944
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
154.1
98.8
96.8
2,655.9
2,643.9
2,649.4
10,115
10,245
10,250
5.6
-2.8
-.2
5.1
3.3
3.2
241,324
241,936
242,557
2,679.6
2,652.8
2,683.9
2,728.9
2,762.3
2,762.2
2,800.4
11,006
10,928
10,923
11,024
10,889
10,989
11,145
11,260
11,237
11,362
11,487
11,750
11,857
130.8
69.5
72.6
144.0
149.9
127.8
145.7
12,499
12,534
12,635
12,934
12,947
13,204
13,543
10,245
10,330
10,421
10,340
3.8
-4.8
3.7
5.8
4.2
-.8
4.5
4.2
2.2
2.3
4.3
243,077
243,618
244,236
244,845
4.4
3.7
4.2
245,318
245,806
246,469
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
1986: n
3,517.3
3,546.7
3,599.6
501.0
514.2
534.9
3,016.3
3,032.4
3,064.7
1987: I
3,676.1
3,736.1
3,801.0
3,906.8
3,951.4
4,022.4
4,094.0
532.2
582.0
576.2
591.0
3,143.9
3,154.1
3,224.9
3,315.8
575.8
601.0
586.5
3,375.6
3,421.5
3,507.5
2,862.1
2,933.6
2,967.9
3,013.1
3,084.7
3,152.3
3,171.8
3,225.7
3,293.6
3,361.8
IV
1988: I
nr
m ..
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
Perceiit
8,794
8,818
9,139
9,489
9,839
10,160
10,334
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,898.0
3,105.5
n
m....
Population,
including
Armed
Forces
abroad
(thousands) 2
7,607
8,320
8,818
9,515
10,253
10,985
11,618
12,348
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,019.6
3,209.7
m....
iv
dollars
Saving as
percent ol
disposable
personal
income
9,722
9,769
9,724
9,930
10,419
10,625
10,929
11,012
340.5
393.3
409.3
410.5
440.2
486.6
511.4
570.3
IV....
IV....
IV....
IV
1982
• Current
dollars
Percent
change in
real per
capita
disposable
personal
income
8,421
2,214.3
136.8
9,243
159.4
2,248.6
9,724
2,261.5
153.9
10,340
130.6 2,331.9
11,257
2,469.8
164.1
11,861
125.4 2,542.8
12,496
121.7 2,640.9
13,157
104.2 2,686.3
Seasonally adjusted ann ual rates
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,531.1
3,780.0
1982:
1983:
1984:
1985:
1982
dollars
Dolla rs
Billio ns of dollar 3
1980
1981
1982
1983
1984
1985
1986
1987
Per capita personal
consul ration
expen jtures
Per c ipita
disposable personal
13,760
13,919
14,231
12,020
12,282
12,521
12,564
12,751
12,996
13,232
8,783
r
10,435
10,492
10,564
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the third quarter, according to preliminary data, gross farm income fell $26.4 billion (annual rate) and net farm
income fell $30.7 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200
— *-
160
V40
200
= ==
F
J ]
GRO
1 ""V
i ^-i '-^^——s
1
r-~~^
1
'
SS FARM INCC ME
120
120
80
80
60
r*\
A
40
/ *
i ""• -\
i
v
»
t
i
/^
\
/
'
—i
/—
**
\
/
--/
*~\
20
'
'.
10
,160
1
\* ;i
I*
1
'*\ *'
1 "*'
1
\ 1
\l
9
/
r
• -*.*»
•
t
i
i
t
NET FAR M INCOME -
1
i
«
i
\
/
"• *./
/
40
'20
. i
I1*' !
i \i
1
\ ;
i i
ii
^v
x ^""*"
N
--•
\ x"
*
\l
10
« /
«i
»i
it
11
«t
i i i
1980
1
1
1 ! i
1
i i |
1.982
1981
1
1
1983
1
1
1
1985
1984
1
1
1986
1
1987
1
1
1 1
1988
COUNCIL OF ECONOMIC ADVISERS
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from famuflg
Jross farm iiicom e
Period
Total1
Total
1980
1981
1982
1983
1984.
1985
1986
1987
1985: m
rv
1986: I
n
m
IV
1987: I
n
m
IV
1988: I
np
iu
Livestock and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1982 dollars 3
149.3
166.4
163.5
153.0
174.9
166.2
159.8
169.8
139.7
141.7
142.6
136.6
142.4
144.0
135.1
138.1
68.0
69.2
70.3
69.4
73.0
69.8
71.5
76.2
71.7
72.5
72.3
67.1
69.5
74.2
63.6
61.9
-6.3
6.5
-1.4
-10.9
6.3
-2.4
-2.8
-.6
133.1
139.4
140.0
140.4
142.7
134.0
122.3
123.5
16.1
26.9
23.5
12.7
32.2
32.3
37.5
46.3
18.8
28.6
23.5
12.2
29.9
29.1
32.9
39.3
159.1
171.3
144.2
154.7
68.6
71.0
75.6
83.7
-4.2
-4.5
132.2
129.4
26.8
41.9
24.0
37.3
150.4
168.0
158.1
162.6
134.9
129.9
137.8
137.7
68.0
67.8
77.3
73.0
66.9
62.1
60.5
64.7
-3.8
-3.3
-2.3
-1.9
125.4
122.2
121.1
120.7
25.0
45.9
37.0
41.9
22.2
40.4
32.3
36.3
173.6
162.5
168.9
173.7
176.4
184.5
158.1
134.9
134.4
146.5
136.6
145.3
157.1
151.7
73.3
77.0
79.6
75.1
78.2
75.5
85.4
61.6
57.4
66.9
61.5
67.1
81.6
66.3
-.3
.1
-.4
-1.9
-4.0
-5.4
-10.0
120.3
124.1
125.0
124.6
127.2
129.8
134.1
53.4
38,4
43.9
49.0
49.2
54.7
24.0
45.9
32.8
37.2
41.2
41.2
45.3
19.7
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 faraa income
Ca h marketing receipts
3
Income in current dollars divided by the GNF implicit price deflator.
NOTE.—Data include net Commodity Credit Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the third quarter, according to revised estimates, corporate profits before tax rose $8.0 billion (annual rate) and
after-tax profits rose $6.4 billion.
BILLIONS OF DOLLARS
320
BILLIONS OF DOLLARS
320
280
280
240
240
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]
Pr ofits (before I ax) with inve ntory valuation adjustmen t 1
Ftofits after taix
Do mestic Must ries
Period
Nonffflancia]
Total
2
Total
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
Total 3
Manufacturing
sale and
retail
trade
Tax
liability
Total
194.0
202.3
159.2
196.7
234.2
222.6
244.7
258.7
159.6
173.8
131.2
166.6
203.3
191.4
212.8
222.3
21.0
16.5
11.8
18.1
13.0
22.8
31.8
30.1
138.6
157.3
119.4
148.5
190.3
168.6
180.9
192.1
77.1
88.5
58.0
70.1
88.8
79.7
79.4
96.8
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
84.8
81.1
63.1
77.2
93.9
96.4
106.6
133.8
152.3
145.4
106.5
130.4
146.1
127.8
129.8
142.9
150.7
223.4
224.6
228.4
121.6
190.7
193.9
193.6
18.7
15.5
13.6
26.0
102.9
175.2
180.3
167.6
46.8
88.6
79.8
83.8
33.6
43.1
51.8
38.5
164.1
231.5
226.1
235.0
59.8
88.1
87.0
99.8
104.3
143.4
139.2
135.2
m
242.1
249.2
244.1
213.5
217.2
211.9
34.5
32.4
28.9
179.0
184.9
183.0
80.5
73.8
87.7
43.4
49.9
42.5
230.3
240.5
252.1
104.9
107.9
114.3
125.4
132.6
137.9
n
m
247.5
253.6
269.9
263.7
213.0
219.2
234.6
222.2
30.7
31.4
29.5
28.8
182.3
187.8
205.1
193.4
84.8
93.8
107.0
101.7
46.5
37.8
44.1
43.0
261.8
273.7
289.4
281.9
126.3
132.6
140.0
136.2
135.5
141.1
149.5
145.7
n
mr
266.8
278.5
284.6
236.6
243.1
243.8
27.6
30.0
32.7
209.0
213.1
211.1
110.6
114.5
111.4
43.9
37.0
36.6
286.2
305.9
136.9
143.2
144.8
149.4
162.7
169.1
IV
IV
IV
IV
H
IV
1987: I
IV
1988: I
1
z
Financial
Profits
before tax
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
3
313.9
Dividends
54.7
63.6
66.9
71.5
79.0
83.3
88.2
95.5
68.5
73.9
80.8
84.0
88.0
88.9
89.8
91.7
94.0
97.0
99.3
101.3
103.1
105.7
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysts.
Undistributed
profits
Inventory
valuation
adjustment
97.6
81.8
39.6
58.9
67.0
44.6
41.6
47.4
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
8.S
-18.0
35.8
69.5
58.4
51.2
-13.4
8.1
-1.6
6.6
37.4
43.7
48.1
11.8
8.7
-8.1
43.8
47.0
52.4
46.4
-14.4
-20.0
-19.5
-18.2
48.1
59.6
63.4
-19.4
-27.4
-29.3
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter, nonresidential fixed investment rose $5.9 billion (annual rate)
and residential investment rose $2.6 billion. There was a $49.7 billion increase in inventories, following an increase
of $43.7 billion in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
700
700
600
600
GROSS PRIVATE DOMESTIC
INVESTMENT
500
400
NONRESIDENTIAl
FIXED INVESTMENT
300
200
CHANGE IN BUSINESS
INVENTORIES
100
-100
-100
1980
1981
1988
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
]^ixed investment
«_
private
investment
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
IV
IV
IV
IV
1986: IE
m
IV
1987: I
n
m
rv
1988: I
nr
ra
Source: Department of Commerce, Bureau of Economic A&alysis.
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
409.6
579.8
661.8
654.1
667.8
653.0
656.4
685.5
698.5
702.8
764.9
763.4
758.1
772.5
Change 13i business
mver tories
Nonresidential
Total
445.3
491.5
471.8
509.4
597.1
631.8
650.4
673.7
469.5
548.8
616.8
646.8
648.3
652.3
658.4
647.8
665.8
688.3
692.9
698.1
714.4
722.8
Total
Structures
322.8
369.2
366.7
356.9
416.0
442.9
433.9
446.8
354.9
383.9
435.0
451.3
431.9
430.6
434.1
422.8
438.2
462.1
464.1
132.7
134.4
143.0
147.7
471.5
487.8
493.7
140.1
142.3
143.8
Producers'
durable
equipment
Residential
113.9
138.5
143.3
124.0
141.1
153.2
138.5
139.5
137.6
208.9
230.7
223.4
232.8
274.9
289.7
295.4
307.3
122.5
122.3
105.1
152.5
181.1
188.8
216.6
217.3
114.7
127.4
146.6
155.9
256.5
288.4
295.5
295.7
298.5
299.4
164.9
181.8
195.5
216.4
221.8
224.4
290.1
225.0
227.6
226.2
228.8
226.6
226.5
229.1
136.1
132.0
134.6
303.8
319.1
316.3
331.3
345.5
349.9
226.9
Total
-8.3
24.0
24.5
-7.1
67.7
11.3
15.5
39.2
59 9
31.0
45.0
7.2
19.5
.7
2.0
37.7
32.7
14.5
72.0
65.3
43.7
49.7
Nonfann
-2.4
18.3
-23.1
.4
60.5
14.6
17.4
40.7
-51.1
21.3
41.3
23.7
19.8
3.6
3.0
40.9
31.4
17.8
72.8
49.4
33.1
41.9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November survey, business spending for new plant and equipment is expected to rise 6.0 percent in 1989, following an estimated rise of 10.4 percent in 1988.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
400
400
300
300
200
200
NONMANUFACTURING^
""7"
MANUFACTURING
100
100
80
80
60
60
40
40
I
I
1981
I
I
_L_L
I I
1982
I
J_L
1984
1983
1985
I I
1986
I
I I
1987
I
I
I'
1989
1988
_!/ SURVEYED QUARTERLY
2/SEE FOOTNOTE 4 6ELOW
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
IndustrieE surveyed quarterly
M anufacturii «g
Mining
Transportation
Public
utilities
Commercial
and
other
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
77.75
79.29
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
86.79
92.38
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
265.63
284.30
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.57
11.22
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.36
24.81
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.39
47.15
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
185.32
201.12
141.50
141.71
148.20
152.21
70.79
69.05
71.96
72.28
70.70
72.66
76.24
79.92
235.23
238.95
246.34
254.61
10.38
11.02
11.81
12.32
18.77
18.12
19.19
19.34
43.95
43.95
45.29
46.38
162.13
165.86
170.05
176.56
141.50
141.71
148.20
152.21
235.23
238.95
246.34
254.61
412.02
426.94
436.01
445.73
158.60
161.69
168.91
168.97
75.70
76.87
79.48
78.97
82.90
84.82
89.43
90.00
253.43
265.25
267.10
276.76
12.59
13.26
12.47
11.97
20.43
20.72
22.17
22.12
44.61
45.43
46.70
48.80
175.79
185.83
185.76
193.87
158.60
161.69
168.91
168.97
253.43
265.25
267.10
276.76
466.76
473.55
177.81
179.48
84.25
84.00
93.56
95.48
288.95
294.07
11.62
11.81
26.90
25.83
49.35
50.51
201.07
205.92
177.81
179.48
288.95
294.07
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
430.17
455.96
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
164.54
171.67
376.73
380.66
394.54
406.82
1988: I
1989: I 44
n
m
IV
n r
m4
rv
n
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("uonmanufacturiag surveyed annually") for data lor these industries.
a
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Surveyed
quarterly
Total1
Total
1987: I
Nonmanufactu iring
Total
Nondurable
goods
industries
1980
1981
1982
1983
1984
1985
1986
1987
19884
19894
No Dmanufactui ring
farm
business 2
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
Manufacturing
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
164.54
171.67
Total
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
265.63
284.30
Surveyed
annual'
ly"
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures aa reported by business in Qctober-Novesabe* 1988, corrected (OT
biases.
_
, _
, , _,
Source: Department of Commerce, Bureau of the Census.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In November, civilian employment rose 455,000 and unemployment rose 104,000.
MILLIONS OF PERSONS*
124
MILLIONS OF PERSONS*
124
SEASONAUV ADJUSTED
120
120
CIVILIAN LABOR FORCE,
116
116
112
112
108
108
104
104
CIVILIAN
-EMPLOYMENT-
100
100
96
96
**
^
12
8
UNEMPLOYMENT
4
0
iiiiihim iimliim iiiiilinii
1980
1981
1982
1983
1984
M I I.I I.I MM
1985
iiiiilinii
1986
iiniliiiii
1987
1988
•16 YEARSiOF AGE AND OVER
SOURCE. DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISER*
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Noninstitutional
population
including
resident
Armed
Forces
Civilian e mployment
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nona{ ricultural
Civilian
labor force
Agricultural
Total
Total
NSA
1980
1981
1982
1983
1984
1985
1986*
1987
1987:
Nov
Dec
1988:
Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
4,064
119,865
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
115,259
115,494
120,594
120,722
113,504
113,744
3,172 110,332
3,215 110,529
115,878
116,145
115,839
116,445
115,909
116,703
116,732
116,872
117,032
117,208
117,681
121,175
121,348
120,903
121,323
120,978
121,472
121,684
122,031
121,924
122,012
122,572
114,129
114,409
114,103
114,713
114,195
115,018
115,059
115,180
115,328
115,521
115,976
3,293
3,228
3,204
3,228
3,035
3,085
3,046
3,151
3,169
3,266
3,276
110,836
111,182
110,899
111,485
111,160
111,933
112,014
112,029
112,158
112,255
112,700
1,645
1,668
1,676
1,697
1,706
1,706
1,737
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
100,907
102,042
101,194
102,510
106,702
185,225
185,370
1,755
1,750
122,349
122,472
185,571
185,705
185,847
185,964
186,088
186,247
186,402
186,522
186,666
186,801
186,949
1,749
1,736
1,736
1,732
1,714
1,685
1,673
1,692
1,704
1,687
1,705
122,924
123,084
122,639
123,055
122,692
123,157
123,357
123,723
123,628
123,699
124,277
108,856
111,303
114,177
106,940
108,670
110,204
111,550
113,544
115,461
117,834
99,303
1
Persons at work. Economic reasons include stack work, material shortages, inability to find fulltime
work, etc.
2
Civilian labor force (or employment) as percent of civilian noninstitutional population.
Part time
for
economic
reasons 1
100,397
99,526
100,834
105,005
107,150
109,597
112,440
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
1,604
Unempl Dyment
^ Total
15
weeks
and
over
Ohilian
Labor
force
participation
rate
\percent) 2
Employment/
population
ratio
(percent) 2
8,312
8,237
7,425
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.6
59.2
59.0
57.8
57.9
59.5
60.1
60.7
61.5
5,241
5,004
7,090
6,978
1,834
1,791
65.7
65.7
61.9
61.9
5,145
5,254
5,106
4,924
4,623
5,076
5,185
4,959
4,814
4,662
4,761
7,046
6,938
6,801
6,610
6,783
6,455
6,625
6,851
6,596
6,491
6,595
1,733
1,740
1,722
1,540
1,609
1,512
1,629
1,676
1,596
1,551
1,487
65.9
66.0
65.7
65.9
65.6
65.8
65.9
66.0
65.9
65.9
66.2
62.1
62.2
62.0
62.3
61.9
62.3
62.3
62.3
62.4
62.4
62.6
4,499
5,852
5,997
5,512
5,334
5,345
5,122
7,637
8,273
10,678
10,717
8,539
'Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In November, both the overall unemployment rate and the civilian unemployment rate rose slightly, to 5.3 percent
and 5.4 percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
15
15
10
10
TEENAGERS
— (16-19)
WOM€N 20 YEARS
AND OVER
MEN 20 YEARS
AND OVER
0 liniili
1984
1984
1988
1985
1988
1987
1986
•UNEMPLOYMENT AS PERCENT Of CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
TTnemp oyment ra te (percen t of civilian labor force in group)
Period
Unemployment
rate,
all
workers 1
By sex and a%e
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
Parttime
workers
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
16.6
16.1
5.1
4.9
11.0
12.2
12.2
5.5
5.4
3.5
3.4
8.5
8.4
5.5
5.4
8.2
8.0
6.8
5.1
5.2
4.8
4.8
4.9
4.9
5.1
4.8
4.8
4.7
4.8
16.0
15.4
16.5
15.9
15.6
13.6
15.2
15.8
15.7
14.9
13.9
5.0
4.8
4.7
4.6
4.7
4.5
4.7
4.9
4.8
4.6
4.6
10.9
11.3
11.5
10.7
11.3
10.3
10.0
10.0
9.4
9.6
10.0
12.2
12.6
12.8
12.2
12.4
11.5
11.4
11.3
5.5
5.3
5.2
5.0
5.4
5.0
5.1
5.3
5.1
5.0
5.1
3.6
3.4
3.4
8.9
8.3
7.5
8.7
8.4
7.8
8.6
7.4
8.1
7.9
7.6
5.4
5.3
5.3
5.1
5.2
4.9
5.0
5.3
5.1
4.9
5.1
8.3
7.9
7.7
7.4
7.7
7.8
8.1
7.4
7.5
7.4
7.1
6.6
6.6
6.5
6.2
6.4
6.3
6.4
6.5
6.4
6.1
6.2
5.9
5.8
5.0
4.9
1988: Jan
Feb
Mar
Apr
May
5.7
5.6
5.5
5.4
5.5
5.2
5.4
5.5
5.3
5.2
5.3
5.8
5.7
5.6
5.4
5.6
5.3
5.4
5.6
5.4
5.3
5.4
5.1
4.9
4.9
4.6
4.9
4.6
4.5
4.9
4.5
4.6
4.8
17.8
19.6
23.2
22.4
18.9
18.6
18.3
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
Fulltime
workers
5.2
5.2
5.8
5.7
Women
who
maintain
families
16.9
1987: Nov
Dec
Oct
Nov
other
years
Married
men,
spouse
present
4.2
4.3
6.5
6.5
4.6
4.3
4.4
3.9
1985
1986
1987
Sept
Experienced
wage and
salary
workers
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
9.5
7.4
7.1
6.9
6.1
Aug
and
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
9.7
9.6
7.5
7.2
7.0
6.2
June ....
July
16-19
Black
Black
White
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
6.8
8.3
8.1
6.8
6.6
6.2
5.4
7.1
7.6
Both
sexes
Labor
force
time lost
(percent) 2
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
6.4
5.9
6.3
8.8
8.9
6.6
6.2
6.1
5.4
7.0
7.5
9.5
1980
1981
1982
1983
1984
Bys elected grou])s
By race
10.9
10.8
11.0
11.2
3.0
3.3
3.1
3.0
3.4
3.1
3.1
3.4
9.2
10.4
11.7
12.2
10.3
10.4
Source: Department of Labor, Bureau of Labor Statistics.
7.9
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.6
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In November, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 514 weeks rose, while the percentages for 15-26 weeks and for 27 weeks and over fell. Both the mean and the
median duration of unemployment fell.
PERCENT DISTRIBUTION*
70
PERCENT DISTRIBUTION
70
REASON FOR UNEMPLOYMENT
60
—
50
40
30
T-
-
REENTRANTS
30
-A/20
20
NEW ENTRANTS
—
10 —
10
\
JOB LEAVERS
1984
1984
1988
'iinlniii
1985
1987
1986
1988
-SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Duration of unemplo; ment
Unemploy-
Numb er of
ks
27
weeks
and
over
(mean)
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
10.1
28.7
28.2
12.7
12.8
13.2
12.9
31.9
30.8
30.8
29.5
31.1
29.2
31.1
28.7
27.8
28.2
29.3
11.8
12.1
13.0
10.9
11.5
11.2
12.6
12.6
12.0
12.1
11.8
12.6
12.9
12.2
12.3
12.1
12.1
11.9
12.0
12.3
12.0
10.8
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
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
1987: Nov
Dec
7,090
6,978
45.4
46.2
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
7,046
6,938
6,801
6,610
6,783
6,455
6,625
6,851
6,596
6,491
6,595
43.6
44.3
44.0
47.2
45.3
47.4
44.4
46.8
47.9
47.6
48.0
(thousands)
Be ason for itnemploj •ment:
percent distributi on
I'ercent d stributio a
15-26
weeks
Job
losers
Job
leavers
11.7
11.2
7.9
6.8
6.9
6.5
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
14.0
14.2
6.1
6.0
14.4
14.4
13.7
13.4
13.8
12.9
13.6
13.7
13.7
13.5
12.5
6.4
6.4
6.6
5.6
5.9
6.0
6.3
5.9
5.5
5.6
5.5
Aver-
Medi-
Sta e
progr uns
Insured
unemployment
Insured
unemployment,
regular
programs
(unadjusted)1
Reentrants
New
entrants
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
46.8
45.7
13.1
13.5
28.0
27.8
12.1
13.0
2,037
2,090
303
317
1,931
2,322
45.2
45.9
45.8
44.1
47.9
47.0
46.3
46.2
46.9
45.5
46.3
15.3
13.8
15.7
15.0
13.7
14.5
13.6
14.7
15.1
15.4
14.5
27.0
27.9
25.6
27.0
26.5
26.5
28.5
27.5
26.7
27.6
26.9
12.5
12.4
12.9
13.8
11.9
11.9
11.6
11.7
11.3
11.4
12.3
2,242
2,208
2,140
2,087
2,064
2,064
2,096
2,098
2,015
1,934
1,955
356
327
308
302
313
302
328
306
289
288
294
2,870
2,775
2,536
2,208
1,949
" 1,877
' 2,044
r
1,905
T
1,722
1,667
Initial
claims
Weekly a verage, t lousands
1980
1981
1982
1983
1984
1985
1986
1987
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (ER) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
6.5
6.9
8.7
7.9
7.7
9.6
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 463,000 in November.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
110
100 —
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
80
70
SERVICE-PRODUCING
INDUSTRIES
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
Imp! 11 in
20 Ml
1984
ilnin
mil
1987
1986
1985
1988
1988
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Goods-i reducing industries
Period
Total
nonagricultural
employment
Service-produ ang industr es
it anufacturin g
Total2
onC nn
structton
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
jvetau
trsxie
•p o+oil
Finance,
insurance,
and real
estate
Services
Government
Total
Federal
90,406
91,156
89,566
90,200
94,496
97,519
99,525
102,310
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
18,783
18,434
19,378
19,260
18,965
19,065
12,187
12,109
31,039
10,732
11,505
11,490
11,230
11,218
8,098
8,061
7,743
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
5,159
5,238
5,255
5,385
5,275
5,358
5,278
5,268
5,555
5,717
5,753
5,872
15,035
15,189
35,379
15,613
16,545
17,356
17,930
18,509
5,160
5,298
5,343
5,468
5,689
5,955
6,283
6,549
17,890
18,619
39,036
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
1987: Nov.... 103,678
104,001
Dec
25,123
25,201
5,090
5,118
19,297
19,348
11,355
11,390
7,942
7,958
78,555
78,800
5,466
5,481
5,958
5,984
18,761
18,784
6.608
6,619
24,604
24,725
17,158
17,207
2,974
2,980
104,262
104,729
105,020
105,281
105,489
106,057
106,271
106,425
106,737
106,975
107,438
25,180
25,271
25,330
25,435
25,466
25,592
25,663
25,639
25,648
25,741
25,860
5,083
5,150
5,192
5,238
5,237
5,308
5,330
5,340
5,365
5,364
5,419
19,369
19,390
19,405
19,460
19,490
19,544
19,593
19,560
19,549
19,648
19,719
11,393
11,404
11,411
11,459
11,477
11,515
11,566
11,547
11,537
11,595
11,642
7,976
7,986
7,994
8,001
8,013
8,029
8,027
8,013
8,012
8,053
8,077
79,082
79,458
79,690
79,846
80,023
80,465
80,608
80,786
81,089
81,234
81,578
5,499
5,513
5,530
5,543
5,556
5,582
5,598
5,605
5,618
5,623
5,662
6,010
6,035
6,061
6,089
6,115
6,148
6,174
6,192
6,219
6,242
6,270
18,927
19,045
19,050
19,093
19,130
19,205
19,261
19,279
19,291
19,329
19,348
6,633
6,636
6,651
6,650
6,656
6,679
6,684
6,689
6,692
6,710
6,729
24,795
24,975
25,078
25,163
25,216
25,472
25,561
25,662
25,737
25,814
26,008
17,218
17,254
17,320
17,308
17,350
17,379
17,330
17,359
17,532
17,516
17,561
2,973
2,972
2,970
2,963
2,957
2,951
2,951
2,956
2,989
2,990
2,991
1980
1981
1982
1983
1984
1985
1986
1987
1988: Jan
Feb
Mar
Apr
May....
June ...
July....
Aug....
Sept r..
Oct r...
Nov "..
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-employed persona, 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
14
weather, etc., even if the; are not paid for the time off; and which are baaed 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 NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekl>
hours
Period
Average giross hourly
earnongs
Manufa £turing
Total
private
nonagricultural *
Total
Total
private
nonagricultural *
Overtime
Manufacturing
Adjust* d hourly earnings index—total private
nonagncultural2
Percent chanj e from a year
earlif , 4 5
Ind ex,
1977 = 100
Current
dollars
1977
dollars a
Current
dollars
1977 dollars
1981
1982
1983
1984
1985
1986
1987
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
2.8
2.8
2.3
3.0
3.4
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
93.5
92.6
93.4
r
94.8
94.6
94.1
95.0
94.0
9.0
9.1
6.9
4.6
3.2
3.1
2.5
2.4
-4.0
-1.0
.9
1987: Nov
Dec
34.8
34.6
41.2
41.0
3.9
3.8
9.10
9.11
10.00
10.01
175.6
93.8
93.7
2.6
2.7
-1.9
-1.7
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get *
Nov"
34.7
34.8
34.6
34.9
34.7
34.7
34.9
34.6
34.7
34.9
34.7
41.1
41.0
40.9
41.2
41.0
41.1
41.1
41.0
41.2
41.2
41.2
3.9
3.7
3.7
3.9
3.9
3.9
3.9
3.9
3.9
4.0
4.0
9.14
9.13
9.16
9.23
9.27
9.27
9.32
9.32
9.37
9.43
9.42
10.02
10.03
10.05
10.11
10.15
10.18
10.17
10.20
10.26
10.28
10.29
176.6
176.7
177.0
178.0
178.7
178.6
179.3
179.5
180.3
181.5
181.5
93.8
93.7
3.1
2.8
2.9
3.2
3.4
3.3
3.5
r 3.1
-1.0
-1.0
.9
-.6
-.5
-.6
-.5
.9
r
-.8
-.4
-.9
1980
175.7
93.5
93.6
93.6
93.2
93.2
92.9
r
93.0
93.1
93.0
s.s
3.8
3.3
r
1.5
-.3
-.5
1.0
-1.1
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent d lange from
a year earlier,
total private nonagricultural 5
Average gross weekly earnmgs
Period
Manufacturing
Total private
nonagnc ultural 1
Current dollars
$367.78
168.09
171.26
172.78
170.42
171.07
169.28
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
1.9
.9
-1.4
.4
1.0
316.68
315.21
169.08
168.02
412.00
410.41
485.50
484.12
180.16
178.27
3.2
3.0
1.3
-1.4
317.16
168.43
168.46
167.43
169.36
168.41
167.89
169.06
166.82
167.68
168.86
167.45
411.82
411.23
411.05
416.53
416.15
418.40
417.99
418.20
422.71
423.54
423.95
476.38
478.19
487.62
491.34
485.42
495.22
491.23
489.72
r
492.91
499.43
500.74
179.80
180.42
180.38
182.50
182.12
183.04
185.47
183.28
183.23
186.30
186.47
3.1
2.8
2.4
4.2
3.1
3.3
4.2
2.8
4.2
4.1
3.2
-.9
-1.0
-1.3
.4
Y
-.5
.2
-1.2
-.0
-.1
-1.0
1987: NOT
Dec
1988:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov"
317.72
316.94
322.13
321.67
321.67
325.27
322.47
325.14
329.11
326.87
1
4
2
6
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban wage
and clerical workers (on a 1977= 100 base).
3
1977 dollars
Current dollars
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
$172.74
170.13
1984
1985
1986
1987
Retail trade
Current dollars
1977 dollars 3
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
1980
1981
1982
1983
Construction
5.8
-1.5
1°
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output p< r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
Outj ut
Business
sector
*
Hours of all
2
perserns
Nonfarm
business
sector
Business
sector
Compensation per
hoiI T
Nonfarm
business
Business
sector
3
Nonfarm
business
19' r7 = 100; [uarterly c ata
Unit lali or costs
Real com pensation
per hour 4
Business
sector
Nonfarm
business
Implic t price
defla tor 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
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
1981
1982
1983
1984
99.3
100.7
100.3
103.0
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
106.8
112.9
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.4
167.9
131.3
143.6
154.8
161.5
167.8
96.7
95.8
97.3
98.2
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
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986
1987
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
115.1
117.9
158.3
163.6
170.3
178.8
158.2
163.4
170.2
177.9
98.0
98.1
98.1
99.4
97.9
97.9
98.1
99.0
156.8
157.6
160.7
164.8
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
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
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
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
1988: I
112.8
111.8
112.2
110.8
110.1
110.6
138.0
138.8
139.7
137.9
139.2
140.4
194.6
196.6
199.4
102.1
102.1
102.4
101.5
101.3
101.5
173.5
177.1
179.1
175.7
178.6
180.2
172.3
174.7
176.7
174.2
176.2
177.9
1979
-1.2
1982:
1983:
1984:
1985:
IV
IV
IV
IV
1986: I
n
m
IV
1987: I
n
m
IV
n r
m ....
-1.6
1980
1981
1982
1983
1984
-.3
1.4
-.4
2.7
2.5
-.4
1.0
-.6
3.3
2.1
1985
1986
1987
2.1
2.2
.8
1.4
2.0
.8
3.0
3.1
1.7
.7
2.4
1.4
1.2
.2
7.7
-.4
8.4
-.8
1982:
1983:
1984:
1985:
IV
IV
IV
IV
1986: I
2.0
-1.1
195.8
124.4
122.3
198.1
126.4
124.1
201.0
126.9
124.5
Pe rcerit ehan je; quarte rly data al
1.9
-1.2
-1.5
-1.7
11.1
11.2
9.0
8.9
-2.7
-1.0
-2.7
10.9
11.0
1.6
.9
-.2
-.8
1.5
1.1
-.4
7.7
8.3
1.4
1.5
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
3.5
-.8
.7
7
10.5
10.5
9.2
7.8
4.2
4.1
9.4
7.8
4.3
3.9
4.5
4.3
4.0
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
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
-2.8
4.2
8.4
1.5
5.7
.7
2.7
1.6
6.0
4.2
3.5
3.6
3.9
3.5
3.8
2.1
1.3
2.8
2.5
1.5
3.0
-3.1
9.5
3.2
1.7
3.3
5.0
8.3
2.1
seasonal] y adjusted annual ra tes
9.7
-3.4
3.5
3.6
9.8
3.1
3.5
7.1
1.8
2.9
8.2
1.9
3.4
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
8.5
-.8
.8
2.4
.6
-.4
2.3
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
-.5
10.4
-1.2
-3.5
HI
-1.4
IV
-.8
-.9
8.3
-.8
.9
2.5
.3
2.7
3.9
.6
.0
3.2
3.7
.9
3.7
5.3
6.6
5.7
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
5.5
2.4
2.6
5.6
4.0
3.4
1.9
6.0
1.1
2.1
6.6
1.5
3.7
4.8
6.1
3.5
4.2
5.6
n
1987: I
n
ra
IV
1988: I
n r
in ....
-1.5
3.5
3.4
-3.4
-2.4
1.5
1.9
1
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 baaed 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.
2
16
4
4.1
5.8
5.7
4.0
5.9
6.1
.1
3.2
5.0
1.1
.4
3.0
5.1
1.2
2.1
.2
.7
5.4
3.0
3.2
2.8
1.4
3.3
2.3
3.1
1.8
.1
6.8
3.7
1.0
5.8
4.5
.6
4.7
3.8
-3.7
.8
2.4
.6
2.6
2.2
.8
.7
5.6
.3
.0
1.3
.1
-.5
.8
.2
8.5
4.5
-2.8
-1.2
-3.2
-1.4
-3.8
Hourly compensation divided by the consumer price index for all urban consumers.
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
6
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.5
percent in November, following a 0.5
percent increase in October. The index for
November was 5.1 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
INDEX, 1977=100* (RATIO SCALE)
160
240
TOTAL INDUSTRIAL PRODUCTION
FINAL PI?ODUCTS
220
140
nFFF IMSE AND
SPACE
F^I IPMENT
?on
180
120
140
MANUFACTURING PRODUCTION
^^^
^
1
•^ —
._--•""
-•.-'"""
PER CENT*
100
CAPAC TY UTILIZA TION RATE
(TOTAL INDUSTRY)
Illllllllll Illllllllll
UTILITIES AND MINING PRODUCTION
T20
i*"
CONSUMER
GOODS
100 ||||||||||| Illllllllll llllllll||l Illllllllll Illllllllll
Illllllllllllllllllllll
140
—
1201
NONDURABLE
100
*•>
"••.
^~^
DURABLE."
120
-^^=-
BUSINESSEQUIPMENT
--/"
160
140
^•m"t' ^*
160 ,
I l l l l l l l l l l HHlllllll
100
., —»***""
UTILITIES
80 .^•——'
^X '-r—
x v'^v
r ''
1 • '- •
•
* "S^i
.,
^=
100
Illllllllll
1984
1988
1984
Illllllllll Illllllllll Illllllllll Illllllllll
1985
1986
•SEASONALLY ADJUSTED
SOURCE! BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1987
1988
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
Industry pro notion indexe , 1977 = 100
indu tnal
produ ction
Period
1977
Index,
= 100
Percent
change
from year
earlier
1977 proportion
100.0
1980
1981
1982
1983
1984
1985
1986
1987
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
-1.9
2.2
-7.1
5.9
1987: Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
Aug r .
Sept r
Ocf
Nov"
1
Output as percent of capacity.
Capacity utilization
rate, p« rcent J
Manufacturing
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
80.9
79.9
72.1
74.6
79.3
84.21
49.10
35.11
9.83
5.96
11.2
1.9
1.1
3.8
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
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
81.0
80.4
79.4
80.7
78.2
70.3
73.9
80.5
80.1
79.7
81.1
133.2
133.9
6.0
5.6
137.9
138.9
136.7
137.3
139.6
141.3
104.6
104.6
113.2
111.7
82.1
82.4
82.2
82.6
134.4
134.4
134.7
135.4
136.1
136.5
138.0
138.5
138.6
139.3
139.9
6.5
5.8
5.7
6.3
6.2
5.7
5.7
5.5
5.8
5.1
5.1
139.4
139.5
140.0
140.8
141.8
142.1
143.6
144.0
144.4
145.3
146.0
137.9
138.4
138.8
139.7
141.5
141.4
141.1
141.7
142.3
142.1
142.6
144.6
145.1
145.3
146.2
146.8
103.3
101.5
102.7
104.7
102.6
103.0
104.3
103.8
103.5
102.6
103.2
115.2
115.6
113.3
111.0
111.6
113.2
114.4
117.8
112.8
113.5
114.0
82.5
82.4
82.4
82.7
82.9
83.0
83.7
83.8
83.7
84.0
84.2
82.7
82.6
82.7
82.9
83.3
83.3
84.0
84.0
84.0
84.3
84.5
141.-7
142.9
143.2
143.8
144.7
145.4
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Materials
Produc ts
Internlediate pro< uets
Final produc s
C imsumer go ods
Squipment
Period
Total
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1987:
1988:
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept '.
Ocf
Nov"
1
Durable
goods
Nondurable goods
6.89
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
44.77
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
35.53
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
139.2
139.8
129.4
129.8
123.9
120.3
141.1
141.6
141.8
142.5
143.5
144.0
145.0
145.8
145.8
146.7
146.9
131.2
131.3
131.2
131.9
132.7
133.0
134.2
135.0
134.8
136.4
136.8
121.7
120.6
120.4
123.3
125.6
125.3
125.3
125.7
126.3
129.1 •
128.9
131.5
133.3
134.7
135.3
135.1
135.1
135.4
135.8
137.5
138.5
138.0
139.2
139.7
Total
1
Business
Defense
and
space
equipment
19.35
14.34
3.67
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
152.2
153.1
154.3
155.3
155.9
156.5
157.7
158.5
159.4
160.1
160.4
160.2
160.4
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
148.3
149.8
151.2
152.4
153.3
154.6
156.9
158.1
159.3
160.2
160.8
160.7
161.3
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
188.7
188.9
190.6
191.0
189.9
187.9
185.5
184.6
184.9
184.9
184.6
184.4
184.3
Total
13.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
147.3
146.5
148.1
149.4
149.9
149.6
150.4
150.0
151.6
152.3
153.1
153.8
154.8
Construction
supplies
Busi-
Total
supplies
5.95
6.99
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
134.2
133.8
136.8
137.7
137.3
137.6
138.8
137.6
138.4
138.1
138.6
139.6
140.7
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
158.4
157.4
157.8
159.4
160.7
159.9
160.3
160.6
162.8
164.4
165.4
165.9
42.28
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
122.5
123.7
123.0
122.1
122.5
123.6
123.9
124.5
126.4
126.5
126.5
127.1
128.0
Energy
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
102.8
101.7
101.4
100.6
100.6
101.0
99.5
101.3
102.7
103.2
101.3
100.8
101.6
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
No ndurable inanufactui es
Durable miinufactures
Transp(>rtation
equipment
Primary metals
Period
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1987:
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sepf
Ocf
Nov"
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
90.6
90.2
90.6
86.5
86.4
85.1
85.3
89.2
87.5
91.5
90.8
93.0
94.3
94.8
Source: Board of Governors of the Federal Reserve System.
18
Iron and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
8.05
Foods
7.96
3.49
6.46
9.54
7.15
9.13
5.25
2.30
2.79
4.54
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
82.0
79.7
81.9
113.5
113.6
115.8
158.0
157.2
161.0
175.5
175.6
175.9
132.0
130.4
128.1
116.0
114.0
110.2
108.0
109.4
107.8
175.2
175.7
176.9
141.5
144.4
147.9
138.0
138.9
140.1
77.8
77.4
74.2
74.5
78.6
74.2
80.2
78.9
81.4
83.7
117.1
117.6
118.8
118.8
119.8
120.4
121.7
122.1
122.6
122.9
124.3
162.9
163.6
164.6
167.2
170.3
171.2
173.1
174.1
175.0
175.3
176.2
177.4
177.8
176.6
178.7
179.1
179.5
181.5
182.2
181.7
183.1
182.8
128.6
128.4
130.0
130.4
133.1
132.8
131.9
131.8
132.6
134.3
135.4
109.7
109.3
113.0
114.8
119.6
119.1
116.6
117.5
118.5
121.4
122.8
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
129.8
134.0
133.6
136.3
139.0
137.8
138.0
139.8
136.4
136.6
133.8
133.5
136.9
108.7
108.5
108.7
109.2
108.6
109.3
109.4
108.9
109.6
177.5
178.7
180.4
181.8
180.7
182.3
184.9
186.7
188.7
189.3
189.2
147.9
145.4
146.4
148.9
149.1
150.5
153.4
154.8
155.5
156.5
141.2
141.9
141.1
140.3
141.0
141.3
143.3
143.3
143.2
144.3
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constnictio a contracts 3
Private
Period
Total new
construction
expenditures
Resi lential
Total
New housing
Total1
Commercial
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
252.4
200.7
1980
1981
1982
1983
1984
1985
1986
1987
251.7
193.3
260.2
246.6
203.6
281.3
227.5
328.6
355.7
386.1
271.0
291.7
314.7
398.9
323.8
192.9
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.8
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
1,059
904
919
690
756
955
1,097
1,016
1,004
Annual rates
407.1
410.9
331.5
331.6
195.6
195.8
142.3
142.8
81.0
77.5
54.9
58.4
75.6
79.2
157
157
911
1,012
321.6
317.8
Oct".
395.3
392.5
403.6
396.2
398.5
395.7
404.2
403.2
406.9
407.8
324.7
326.8
327.2
329.9
195.2
192.1
195.6
192.0
190.4
188.1
194.2
195.4
196.9
199.0
Nov*
411.1
330.1
200.4
140.8
138.0
139.2
138.5
137.7
136.8
136.4
137.1
138.7
140.5
142.7
74.2
73.4
76.4
76.8
78.1
77.5
77.1
76.7
75.1
75.9
75.3
52.2
52.3
52.3
49.7
51.8
52.2
53.3
54.7
55.1
55.0
54.4
73.7
74.7
79.3
77.7
78.3
78.0
79.5
76.4
79.7
77.9
81.0
145
159
154
144
157
165
156
155
151
153
157
833
1,103
887
838
840
906
982
918
903
835
823
1987: Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July r .
Aug r
Sepf
324.3
318.5
320.2
317.7
1
Includes
2
Includes
3
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
residential improvements, not shown separately.
hotels and motels.
F.W. Dodge series.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Period
Units started, bj type of structure
Total
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
1979
1980
1981
1982
1983
1984
1985
1986
1987
1 unit
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
2-4 units
5 or more units
122.0
109.5
91.1
429.0
330.5
287.7
80.0
113.5
121.4
93.4
84.0
65.3
319.6
522.0
544.0
576.1
542.0
408.7
New pri\ ate homes
Units
authorized
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
Units
completed
Homes sold
709
545
Homes for
sale at end of
period !
3
Vacancy rate
for rental
housing units
(percent) *
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
436
412
623
639
688
750
671
337
275
253
301
353
346
357
365
5.0
5.3
5.7
5.9
6.5
7.3
7.7
7.8
397
5.4
5.4
Seasonal y adjusted annual rates
1987: Nov
Dec
1,661
1,399
1,129
1,035
51
51
481
313
1,459
1,372
1,571
1,624
625
586
362
365
1988:
1,382
1,519
1,529
1,584
1,393
1,465
1,477
1,461
1,467
1,542
1,563
1,016
1,102
1,172
1,093
1,004
1,092
1,068
1,078
1,045
1,142
1,151
53
59
57
58
52
62
51
61
61
62
64
313
358
300
433
337
311
358
322
361
338
348
1,248
1,429
1,476
1,449
1,436
1,493
1,420
1,464
1,394
1,516
1,516
1,550
1,452
1,598
1,665
1,450
1,518
1,529
1,538
1,540
1,505
579
648
664
681
681
718
703
714
698
729
671
368
359
372
367
370
367
365
363
362
355
365
Jan
Peb
Mar
Apr
May
June
July
Aug'
Sept '
Ocf
Nov"
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
8.0
7.7
7.8
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 October, manufacturing and trade sales rose 1.3 percent and inventories rose $0.7 billion. In November,
according to advance data, retail sales rose 1.1 percent, following a rise of 1.6 percent in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
DUO
240
—
700
Ann
-
—
~^-
—
r~r"1
\ s
-
MANL FACTURING AND
TRA! )E INVENTO ?IES
—
500
—
~
^
''
~~
RETA IL INVENTOF IES
S
s~~
—
•j •
MA NUFACTURI MG
AN 3 TRADE SA ES
_
—
^i
•—^ /-""
400
_^1
*• — *'
*k
— — ~V
***
~f~-* -•"'""
RETAIL BALE!1
^r^'
—
—
l"
'
—
100
Illllllllll
Illllllllll l||llllllll Illllllllll
300
Illllllllll
RATIC}*
1.80
—
—
_ INVENT ORY-SALES RATIO
C**-~r^sf*A t3'*^^**\ -j.
»»--•>»,'
B.
r'"l
'...'—>'
¥>
MA NUFACTURI MG
-
AND TRADE
1 20
1984
1985
miilnm Illlllllllll
1986
1.00
I I 11 1111 \ J I
iiiiiliint
1984,
1988
1987
1985
n i M tin ' 'mill
1986
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufact uring and
trac e 1
Period
RETAIL ~
X>^-..
"7^
200
|llll|lllll Illllllllll Illllllllll
i^
1987
fiitiliini
1988
COUNCIL OF ECONOMIC ADVISEBS
Inventory- ales ratio 4
Re tail
Who esale
[nventories 3
Sales2
Inven-
Inventories 3
Sales2
348,747
368,930
408,142
418,605
424,177
451,788
574,491
590,673
644,906
656,165
655,065
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
462,938
461,320
464,394
694,776
700,688
707,329
131,196
128,501
128,332
163,067
163,353
165,097
464,772
468,675
476,922
477,768
481,874
488,787
489,235
495,482
495,418
501,827
711,586
714,746
717,249
721,016
725,381
730,916
735,890
743,851
750,261
750,941
129,720
131,622
132,885
133,015
133,264
136,289
138,195
139,008
139,682
142,378
168,388
170,632
171,732
173,530
173,418
175,001
177,307
179,165
180,278
180,785
Total
Durable
goods
stores
Manufacturing
Retail
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
1.67
1.56
1.53
1.55
1.55
1.51
1.49
1.44
1.49
1.53
1.56
1.59
79,973
80,258
80,615
205,993
208,260
211,100
104,333
106,490
107,948
101,660
101,770
103,152
1.50
1.52
1.52
1.62
1.64
1.64
80,080
80,413
81,779
81,298
82,415
82,908
83,588
84,502
84,544
r
85,473
86,084
209,824
208,698
208,822
209,550
211,889
213,952
214,795
218,888
222,198
220,744
106,377
104,479
103,631
104,349
106,551
107,607
108,020
111,078
114,750
113,309
103,447
104,219
105,191
105,201
105,338
106,345
106,775
107,810
107,448
107,435
1.53
1.53
1.50
1.51
1.51
1.50
1.50
1.50
1.51
1.50
1.63
1.60
1.58
1.59
1.60
1.60
1.60
1.62
1.65
1.62
Nondurable goods
stores
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1987
1987:
Oct r
Nov
Dec
r
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r.
Oct"
Nov"
1
2
3
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
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
127,036
127,324
128,615
128,769
130,121
132,259
131,717
132,833
133,617
134,342
134,759
134,341
r
136,532
138,052
r
47,063
47,066
48,000
48,689
49,708
50,480
50,419
50,418
50,709
50,754
50,257
49,797
r
51,059
51,968
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Ceni
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In November, manufacturers' shipments, inventories, and orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240 ~ SHIPMENTS
OAA
"
"—1
^-
"
280
-TOTAL —
160
120
440 — INVEN TORIES —
400
360
GOO )S
. \ ...
"'"_,
-— - --T... ,---
\
—
•
:^-~- „——
•
-TOTAL—
200
Dl RABLE
—
.
-
DUR ABLE GOOD j
-
X
NC NDURABLE (3OODS
-
120
—r
\
Iliiilniii
NON DURABLE GCDODS
Illllllllll Illllllllll Illllllllll Illllllllll
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240 - NEWO RDERS
200
r""yv"~'
^
—
—
160
Illllllllll Illllllllll Illllllllll Illllllllll
'—1
TOTAL
RATIC *
2.20
miilM.ii
INVENT*DRY-SHIPM ENTS RATI 0
2.00
120
DL RABLE GOO 3S
^..
.
- J/-"i
'--"
^
•^:-
80
^.Ar^'
-.--•"
z^-.r^i
1.80
NO ^DURABLE G OODS
r~^
_
1.40
60
limlum
Illllllllll Illllllllll tllllllllll Illllllllll
1984
1985
1986
1 1 1 1 tin i f i p ml'U U
1984
1985
1.20
1988
1987
-
1 1 it iii 1 1 1^ p f i tin in 1 1 1 nlif i ; |
1987
1986
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manuiacturers' ship nents *
1! anufacturers new orders i
Manufat sturers' inven tories z
Durabl s goods
Period
Total
Durable
goods
1988
COUNCIL OF ECONOMIC ADVISERS
Nondurable goods
Durable
goods
Total
Nondurable goods
Capital
goods
Total
Total
Nondurable goods
Manufacturers'
unfilled
orders 2
nondefense
Manufacturers'
inventory —
shipments
ratio s
Millions of do lars, seaso lally adjust 3d
1982
1983
1984
1985
1986
1987
1987:
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r.
Got '
Nov *
1
2
21,661
22,098
26,243
27,067
26,551
29,707
112,016
111,961
113,192
114,867
115,503
116,172
116,531
117,126
117,963
118,321
119,198
119,571
119,677
119,613
210,202
211,283
211,799
217,029
216,398
228,090
219,877
227,009
222,669
227,095
227,725
113,069
114,155
113,063
116,836
115,369
125,442
116,112
122,806
119,321
r
122,791
122,772
79,352
84,956
96,623
99,019
99,989
105,291
83,998
86,286
91,246
90,996
88,371
93,879
311,827
312,647
334,767
327,496
316,182
331,132
200,825
200,406
218,771
214,066
208,313
216,598
111,002
112,241
115,996
113,430
107,869
114,534
204,706
205,495
207,447
108,303
108,287
111,183
96,403
97,208
96,264
325,716
329,075
331,132
212,863
215,557
216,598
206,283
206,932
211,778
213,036
215,777
218,881
216,698
221,715
221,395
222,917
224,135
109,125
109,829
112,744
112,521
114,751
116,522
113,122
117,866
118,030
r
118,439
119,439
97,158
97,103
99,034
100,515
101,026
102,359
103,576
103,849
103,365
104,478
104,696
333,374
335,416
336,695
337,936
340,074
341,963
343,788
345,798
347,785
349,412
350,852
218,507
219,913
220,523
221,405
222,948
224,000
225,467
226,600
228,214
229,735
231,239
Monthly average for year and total for month.
End of period.
78,338
87,600
98,581
99,843
100,166
107,770
112,853
113,518
114,534
162,273
174,122
189,791
190,918
188,663
201,966
208,602
209,258
209,564
163,350
171,242
187,869
190,016
188,360
199,170
are the same aa s
3
314,270
349,419
372,586
383,181
387,065
421,243
30,218
30,655
33,029
83,935
86,522
91,209
91,075
88,497
94,197
96,586
97,297
96,372
33,867
33,819
31,924
33,746
31,522
35,458
36,213
38,808
34,858
'34,623
35,669
97,133
97,128
98,736
100,193
101,029
102,648
103,765
104,203
103,348
104,304
104,953
425,162
429,513
429,534
433,527
434,148
443,357
446,536
451,830
453,103
457,281
460,871
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Cei
415,363
419,126
421,243
1.95
1.80
1.74
1.74
1.70
1.62
1.59
1.60
1.60
1.62
1.62
1.59
1.59
1.58
1.56
1.59
1.56
1.57
1.57
1.57
PRICES
PRODUCER PRICES
In November the producer price index for all finished goods rose 0.3 percent from its October level. Prices of
finished consumer foods were unchanged while prices of other finished consumer goods rose 0.4 percent. Capital
equipment prices rose 0.3 percent.
INDEX, 1982=100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
120
120
SEASONALLY ADJU TED
FINISHED GOODS PRI CES
CON SUMER
FC)ODS
s-~-
, .*'',
110
110
,„
CAPITA L EQUIPMENT
,;X-/~"-"
%
CT/
I>£^?
- ^\f^L^T^.
/"^t"- J*'.'*' - '
100
,-'-y<*^
_/*"
i"
i
90
! ^
" v'/x''
/x
X'''
/
L^-""/—• -
._'
/
/'""
v'
\^-^^~
\
\_..
\ .-^ ~
\
TOTAL
FINISHED
GOODS
*/~~^~"
^^
.— -
,-~_. -•'"J
..»-'
100
•
CONSUMER GOODS
EXCLUDING FOODS
90
^ /
r
'
'/
80
80
Illllllllll
iiiiiiiiiu
iiiiiiiiiii
Illllllilll Illllllllll Illllllllll
1982
1981
1980
1984
1983
Illllillllt Illllllllll Illllllllll
1987
1986
1985
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMEN1 OF LABOR
[1982 = 100; monthly data seasonally adjusted]
Internlediate ma terials
Fin shed goods
Period
Total
finished
goods
1980
1981
1982
1983
1984
1985
1986
1987
1987: Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July r.
Aug
Sept
Oct
Nov
1
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
106.2
105.9
106.2
106.0
106.6
107.0
107.4
107.6
108.4
108.9
109.3
109.3
109.6
Fiwished go ads excluding consumer foo is
Consumer
foods
Total
22
Foods
and
feeds l
Other
Total
Foodstuffs
and
feedstuffs
Other
Total
Durable
Nondurable
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
112.1
112.3
96.6
100.0
101.3
103.3
103.8
101.4
103.6
104.5
104.0
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
103.6
103.8
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
101.3
101.5
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
103.7
103.9
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
94.9
94.7
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
95.6
96.3
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
90.2
89.4
112.8
113.0
113.2
113.4
113.7
113.9
114.3
114.8
115.7
115.4
115.7
104.4
104.0
104.7
105.2
105.6
105.8
106.7
107.3
107.6
107.5
107.9
104.2
104.4
104.9
105.6
106.3
107.2
108.0
108.3
108.7
108.7
109.2
102.5
102.1
102.7
103.7
104.4
111.5
116.2
116.1
116.0
115.3
113.2
104.3
104.5
105.0
105.7
106.4
107.0
107.5
107.9
108.3
108.4
109.0
93.9
94.6
94.2
95.2
96.5
97.4
96.8
97.7
97.2
97.1
94.1
97.4
99.5
100.3
100.5
103.2
107.3
108.8
111.2
113.0
114.6
107.7
87.5
87.4
86.3
87.8
88.1
86.9
85.1
85.2
83.2
82.1
81.6
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
104.9
104.9
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
101.7
101.8
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
112.1
111.8
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
96.1
96.3
110.5
109.3
110.2
110.6
111.4
112.4
113.1
113.7
115.1
115.0
115.0
104.8
104.9
105.3
105.8
106.1
105.9
106.8
107.3
107.4
107.4
107.7
101.4
101.4
101.9
102.5
102.8
102.5
103.6
104.1
103.8
103.9
104.3
112.3
112.6
112.9
112.7
113.1
113.3
113.8
114.4
115.1
114.5
114.9
95.5
95.5
96.0
96.9
97.1
96.6
97.9
98.4
97.8
98.1
98.6
Intermediate materials for food manufacturing and feeds.
Total
Capital
equipment
Consumer g >ods
97.8
100.0
101.0
105.4
104.6
107.3
109.5
110.0
108.6
92.4
Total
finished
consumer
goods
Cnude materi als
88.6
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In November, the consumer price index for all urban consumers rose 0.1 percent, seasonally adjusted (0.3 percent
not seasonally adjusted). The index was 4.2 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
110
110
- CONSUMER PRICES—ALL ITEMS -
100
100
90
90
80
80
70
70
60
Illllllllll Illllllllll
1980
1981
1982
Illllllllll
iiniliiin
1983
1984
Illllllllll Illllllllll I l l l l l l l l l l I I I I I I I I I I I
1985
1988
1986
1987
SEE NOTE ON TABLE BELOW
SOURCE-. DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982-84 = 100, except as noted; monthly data seasonally adjusted, except as noted]
All items
1
Ti ansportation
Hot sing
All
She Iter
Period
Rel. imp.3
1980
1981
1982
1983
1984
1985
1986
1987
1987: Nov....
Dec....
1988: Jan
Feb....
Mar....
Apr. ...
May ...
June ..
July...
Aug ...
Sept...
Get
Nov....
Not
seasonally
adjusted
(NSA)
100.0
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
115.4
115.4
115.7
116.0
116.5
117.1
117.5
118.0
118.5
119.0
119.8
120.2
120.3
Seasonally
adjusted
115.3
115.5
115.9
116.1
116.7
117.2
117.6
118.0
118.5
119.0
119.4
119.9
120.2
Food
Total
1
Total
16.1
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
114.8
115.3
115.6
115.3
115.7
116.5
117.0
117.7
118.9
119.6
120.5
120.7
120.8
42.5
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
115.5
115.9
116.4
116.8
117.2
117.5
117.8
118.2
118.6
118.9
119.2
119.6
120.0
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
123.1
123.8
124.5
125.1
125.7
125.8
126.2
126.7
127.2
127.9
128.1
128.4
128.8
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dee.
1982 =
100)
7.9
19.7
103.0
108.6
115.4
121.9
128.1
128.8
129.5
130.9
131.5
133.0
132.6
132.8
133.3
133.8
134.4
133.6
133.9
133.8
102.5
107.3
113.1
119.4
124.8
127.2
127.9
128.4
129.0
129.3
129.6
130.0
130.6
131.2
131.8
132.5
132.8
133.5
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1987.
Maintenance
and
repairs
(NSA)
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
113.5
113.3
113.7
114.3
113.3
115.3
114.3
114.7
114.5
115.0
115.3
115.0
115.4
Fuel
and
other
utilities
Apparel and
upkeep
Total
7.7
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
103.4
103.3
103.2
103.7
103.5
104.0
103.9
104.0
104.0
103.8
104.2
105.2
105.5
6.3
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
113.1
112.2
112.3
112.0
114.2
116.5
116.5
116.1
115.4
113.5
115.8
117.9
117.6
17.5
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
107.7
107.4
107.3
107.1
107.2
107.5
108.2
108.4
108.8
109.8
109.9
110.2
110.5
1
New
cars
4.4
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
115.7
115.7
115.5
115.8
116.2
116.2
116.4
116.6
116.6
116.9
117.8
118.0
117.8
Motor
fuel
3.3
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.^'
83.0
81.6
80.4
78.9
79.2
80.1
81.5
80.8
81.3
83.6
82.2
81.4
81.2
Medical
care
Ener-
gy 2
items
less
food,
shelter,
and
energy
5.8
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
133.0
133.5
134.6
135.4
136.0
136.8
137.7
138.3
139.3
139.9
140.7
141.4
142.0
7.6
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.6
88.9
88.3
87.8
87.8
88.5
88.9
88.7
89.0
89.8
89.3
89.4
89.6
48.5
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
118.9
118.9
119.5
119.8
120.4
121.1
121.5
121.8
122.2
122.4
123.0
123.8
124.1
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownerahip costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 198? and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Ch« nge from pr seeding pent,d
Change from 3 montl s earlier, ann lal rate
Change from 6 montl s earlier, ann jal rate
Congum r goods
Consum r goods
Consum r goods
Total
finished
goods
Excluding foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. to Dec., N 3A
1980
1981
11.8
7.1
1982
1983
1984
1985
1986
1987
3.6
.6
1.7
1.8
2.3
2.2
7.5
1.5
2.0
2.3
3.5
.6
2.8
14.1
11.4
13.4
8.6
4.2
.9
.8
2.1
9.2
3.9
2.0
1.8
2.7
2.1
1.3
9.2
4.1
1.6
2.1
1.0
-6.6
2
4.1
— 1.4
2.1
Oh ange, mon ;h to mont h
1987:
0.1
-.3
Nov
Dec
0.1
.3
-.2
.6
.4
.4
.2
.7
.5
.4
0
.3
1988: Jan
Peb
Mar
Apr
May
June
July '
Aug r
Sept
Got '
Nov
-0.1
.1
-1.3
1.7
0.1
.2
0.8
.4
.2
.2
.2
.3
.2
.4
.4
.8
.3
.3
.4
-.8
2.7
3.0
5.4
3.8
5.3
5.7
6.5
3.4
2.6
.4
0
.5
.6
.3
-.3
1.1
.5
— 1.1
.8
.4
.7
.9
.6
.5
1.2
g
— .1
.1
.4
0
0
1.8
5.7
1.9
0.7
7
1.7
1.0
— 1.4
-3.8
3.2
3.0
1.1
1.6
2.6
2.2
2.9
3.3
3.2
2.1
2.5
2.5
3.2
3.9
6.5
3.9
3.2
.9
0
.4
1.7
2.3
3.2
4.2
5.5
5.1
4.3
4.1
.4
-.4
0
1.3
2.6
7.1
4.8
8.2
9.1
8.1
6.6
.8
-.6
-.2
1.4
2.2
1.4
4.4
5.4
3.8
2.8
2.9
2.2
2.2
1.9
1.9
1.8
2.0
2.1
2.5
2.7
2.7
2.9
3.2
-.8
-1.6
2.2
1.2
.4
4.4
5.6
2.4
4.4
5.2
5.2
1.2
.8
-2.5
6.0
.4
7.9
8.2
9.4
8.5
10.0
6.9
4.7
2.0
1.2
2.5
2.9
2.9
2.7
3.2
4.5
3.6
3.5
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Tr nsportati on
Ap-
Shelter
Period
All
items 1
Food
Total'
KentTotal '
costs
costs
Fuel
and
other
utilities
pare!
and
New
Total '
Motor
Medical
Energy2
All
items
less
food,
shelter,
and
energy
Adden dura: All ite ns, percent ( hange
(annul I rate)
From
previter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
C mnge, D ecember to Dect mber, Is SA
1980
1981
12.5
1982
1983
1984
1985
1986
1987
3.8
8.9
3.8
3.9
3.8
1.1
4.4
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
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
13.8
14.4
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
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
3.4
2.5
3.4
5.9
1.8
1.8
3.9
3.1
2.6
-5.9
6.1
18.8
9.4
-6.5
-1.7
2.4
3.1
30.7
18.7
9.9
18.0
11.9
8.2
0.5
.4
0.3
-.8
0.3
0
.8
.6
.4
.6
.7
.7
-.6
0
.8
.5
-.2
.3
.9
-.6
.1
.2
.5
.3
.5
.6
.3
.2
.3
.2
.5
.7
.2
6.4
6.1
6.7
7.7
5.8
1.3
-.5
.2
1.8
19.7
13.5
10.3
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
12.5
11.0
6.2
3.2
4.3
3.6
1.9
3.6
Cha nge, mo nth to nlonth
1987:
1988:
Nov
Dec
0.3
.2
0.1
.4
0.2
.3
0.2
.6
0.2
.5
0.2
.6
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
.3
.2
.5
.4
.3
.3
.4
.4
.3
.4
.3
.3
-.3
.3
.7
.4
.3
.3
.3
.3
.3
.3
.3
.3
.3
.3
.6
.5
.5
.1
.3
.4
.4
.6
.2
.2
.3
1.1
.5
1.1
-.3
.2
.4
.4
.4
-.6
.2
— .1
.4
.5
.2
.2
.3
.5
.5
.5
.5
.2
.5
1
.4
.6
1.0
.6
.8
.2
.1
0.4
0.5
-.3
-.1
.1
.5
-.3
-.2
2.0
.5
2.0
-.1
0
.1
-.3
0
-.6
-.2 -1.6
.4
2.0
1.0
1.8
.3
-.3
— .1
2
-.2
.1
.3
.7
.2
.4
.9
.1
.3
.3
.3
.3
0
.2
.2
0
.3
.8
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
0.2
0
0.4
-.8
— .1
.2
.2
3
0
-1.7
1.5
-1.9
.4
1.1
1.7
-.9
.6
2.8
-1.7
-1.0
-.2
.4
.7
.4
.6
.5
.4
3.9
3.2
4.9
4.8
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.5
3.2
3.7
3.6
4.5
4.4
3.2
2.8
4.2
4.6
5.3
4.5
4.5
4.8
4.8
4.8
4.1
3.7
4.0
3.9
3.9
3.9
3.9
4.0
4.1
4.0
4.2
4.2
4.2
3.2
3.7
3.9
4.0
4.4
4.5
5.1
4.7
4.7
4.5
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in December rose 0.7 percent from their November level. Prices paid by farmers in
October were 1.2 percent above their July level.
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100"(RATIO SCALE)
180
180
160
160
140
140
120
120
100
100
80
80
60
Illllllllll
Illllllllll
60
Illllllllll
RATIO-!/
140
60
1980
J/RATIO OF INDEX Of PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIl OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF AGRICULTURE
[1977 = 100]
I rices paid by farmer s
Pri ces received by farm ers
Period
All farm
products
1981
1982
1983
1984
1985
1986
1987
1988
1987: Dec
1988: Jan
Feb
Mar
Apr
May
Aug
Sept
1
Includes
2
134
121
128
138
120
107
106
125
112
115
109
110
111
117
127
133
135
135
133
139
133
June
July
Oct
NOT
Dec
Livestock and
products
Crops
r
135
142
128
123
127
138
127
131
130
130
130
134
137
141
144
144
143
!44
145
r
!36
136
items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
143
145
141
146
136
138
146
150
141
147
149
148
148
151
147
147
152
153
152
151
154
All commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
rates
150
159
161
165
163
159
162
170
(3)
165
(3)
(3)
168
(3)
(3)
172
(3)
(3)
174
(3)
(3)
151
159
159
162
157
150
152
160
(3)
155
(3)
(3)
159
(3)
(3)
162
(3)
(3)
164
(3)
(3)
Production
items
148
153
152
155
151
144
147
157
(3)
152
(3)
(3)
155
(3)
(3)
160
(3)
(3)
162
(3)
(3)
Ratio 2
92
84
84
86
79
77
78
81
77
79
79
79
77
80
82
82
84
84
82
r
83
83
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.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in Ml slowed in November, while growth in the broader aggregates accelerated.
BILLIONS OF DOLLARS*(RATIO SCALE)
4,000
3,600s
BILLIONS OF OOLLARS*(RATIO SCALE)
4,000
3,600
3,200
3.200
2,800
"2,800
2/400,
2,400
2,000
2,000
M2
1,600
1,600
1,200'
1,200
800
800
600
600
Ml
400
Illllllllll
1980
1981
Illllllllll Illllllllll
Illllllllll
1982
1983
1984
1985
1986
1987
• 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
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
HPs and
Eurodollars,
MMMTf balances
(general 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
MS 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
2,807.7
2,901.0
1,990.8
2,236.5
2,443.2
2,693.2
2,978.3
r
3,196.4
3,490.8
3,664.1
2,327.6
2,599.0
2,852.9
3,154.4
3,519.4
r
3,825.9
4,134.3
4,328.9
' 3,868.2
r
4,244.3
r
4,627.9
r
5,161.1
T
5,9 10.1
'6,719.9
'7,576.8
8,282.2
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
5.0
9.7
9.7
9.0
11.5
14.5
13.7
'12.8
9.3
1987: Novr
Dec '
752.7
750.8
2,896.5
2,901.0
3,659.3
3,664.1
4,327.0
4,328.9
8,229.2
8,282.2
1.7
2.4
3.4
3.5
5.4
4.7
9.6
9.4
1988: Jan "
Feb r
Mar '
Apr'
May r .
June r.
July'.
Aug r .
Sept'
Oct '
Nov".
758.8
759.5
762.9
770.1
770.2
776.5
782.3
782.5
782.3
783.5
783.6
2,925.1
2,946.2
2,967.5
2,990.9
3,002.2
3,016.5
3,025.8
3,031.6
3,034.1
3,037.5
3,053.9
3,690.5
3,722.9
3,748.3
3,772.0
3,789.4
3,814.0
3,836.1
3,848.3
3,853.6
3,868.6
3,888.8
4,367.0
4,398.7
4,425.5
4,469.5
4,501.9
4,518.5
4,561.6
4,582.3
4,589.0
4,608.6
8,327.5
8,386.9
8,452.1
8,513.2
8,572.0
8,631.1
8,691.0
8,758.3
8,822.6
8,880.2
4.1
3.5
4.2
3.7
4.7
7.0
6.3
6.1
5.2
3.5
3.5
4.8
5.4
6.1
6.8
7.4
8.1
7.0
5.9
4.5
3.1
3.5
5.7
6.5
7.1
7.1
7.2
8.3
8.0
6.9
5.7
5.2
5.3
9.4
9.4
9.3
9.0
8.5
8.6
8.9
9.1
9.0
8.8
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
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 6 months earlier at an annual rate.
26
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Perce nt change from yeai or 6
months earlier 2
Ml
NOTE.—See 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
OverMoney market
night
mutuaIfund
balances
repurchase
GenerOther
agreeDecheckments
al
mand
able
(KPs),
purdedepos- net, plus
Instipose
posits
its
overtution
and
(OCDs)
hroker/
only
night
Eurodealer
dollars
NSA
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1987: Dec
1987:
NOT
Dec
1988:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sepf
Ocf
Nov"
115.3
122.5
132.6
146.3
156.1
167.7
180.4
196.5
NSA
NSA
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
77.9
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
15.2
38.0
195.0 291.3
196.5 288.0
259.5
259.3
79.6
77.9
289.9
287.8
287.9
290.2
287.4
289.9
290.6
290.1
288.4
288.6
286.8
263.3
265.0
266.9
270.1
271.9
274.4
278.2
278.0
278.2
277.9
279.0
82.9
78.2
75.0
76.1
80.8
81.0
77.8
80.1
77.6
76.0
74.1
198.4
199.3
200.9
202.5
203.6
204.9
206.3
207.2
208.5
209.5
210.3
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small Large
denom- denomination ination
time
time
deposdepos1
its
its 1
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
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
108.9
527.7
525.2
415.0
414.3
901.7
913.1
480.5
484.7
111.7
108.9
524.1
522.6
524.7
523.3
519.6
522.3
521.1
517.0
510.7
506.7
505.8
414.4 924.6 482.6
416.2 941.5 488.6
419.8 953.5 490.3
422.7 964.8 492.1
425.1 972.0 495.4
429.0 974.9 501.7
432.0 978.5 r 509.1
434.2 985.7 r515.0
433.4 997.4 523.7
431.3 1,009.9 530.4
433.7 1,019.0 531.6
109.6
113.9
111.7
114.3
120.6
123.8
125.0
123.1
121.5
123.9
126.4
0.0
51.1
43.2
62.7
64.5
84.4
89.6
.0
43.2
379.2
416.8
513.6
572.5
525.2
219.7
221.1
89.5
89.6
225.0
231.0
234.8
235.8
231.8
228.9
229.6
230.8
230.8
231.2
238.0
94.4
98.7
97.4
91.9
90.0
86.3
84.8
84.0
83.7
84.6
87.4
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
400.2
343.9
Savings
bonds
Shortterm
Treasury
securities
Bank- Comers'
accept- mercial
paper
ances
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
260.1
32.1
40.0
44.5
45.1
45.7
42.5
37.8
45.7
98.8
105.3
113.6
133.1
160.3
206.5
229.9
258.9
r
92.5
r
90.5
99.3
100.2
270.9
260.1
45.0
45.7
252.5
258.9
85.4
85.5
90.0
89.1
91.8
93.1
96.2
102.3
101.4
99.1
102.2
101.4 262.5
102.6 258.3
103.5 252.8
104.6 T 263.5
105.4 r 265.1
106.1 r 256.6
106.9 ' 266.5
107.4 r273.1
107.7 278.0
108.3 281.3
43.6
40.9
40.6
41.2
40.9
40.6
40.6
41.1
41.9
41.3
269.0
274.1
280.3
288.2
301.1
301.2
311.5
312.5
307.9
309.2
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.5
r
72.3
67.8
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
bere.
Source: Board of Governors of tbe Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository institutions
from the Federal Eesei•ve, NSA
Adjusted for c langes in resen e requirements
I eserves of depo sitory institutioxis
Period
Total
1980: Dec
1981: Dec
1982:
1983:
1984:
1985:
1986:
1987:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Ocf
Nov"
Source: Board of Governors of the Federal Reserve System.
31,261
32,841
35,247
37,549
40,959
47,255
57,456
58,722
59,053
58,722
59,458
59,573
59,760
60,374
60,365
60,637
61,238
61,090
60,995
60,956
61,055
Nonborrowed
29,571
32,204
34,613
36,775
37,773
45,937
56,629
57,944
58,428
57,944
58,376
59,177
58,009
57,380
57,787
57,555
57,798
57,849
58,156
58,657
58,194
Nonborrowed plus
extended
credit
29,574
32,353
34,799
36,777
40,377
46,436
56,932
58,428
58,822
58,428
58,748
59,382
59,487
60,004
59,894
60,108
60,336
60,502
60,215
60,438
60,516
Required
30,747
32,521
34,747
36,988
40,106
46,198
56,087
57,693
58,129
57,693
58,163
58,440
58,832
59,515
59,325
59,750
60,231
60,137
60,024
59,894
59,936
Monetary
base
150,642
158,870
171,192
187,005
200,449
218,255
240,799
257,928
256,938
257,928
260,721
262,019
263,315
265,809
266,924
268,309
270,626
271,200
272,446
273,731
274,473
Total
1,690
636
634
774
3,186
1,318
827
777
625
777
1,082
396
1,752
2,993
2,578
3,083
3,440
3,241
2,839
2,299
2,861
Seasonal
116
54
33
96
113
56
38
93
126
93
59
75
119
146
246
311
376
423
421
332
186
credit
3
148
186
2
2,604
499
303
483
394
483
372
205
1,478
2,624
2,107
2,554
2,538
2,653
2,059
1,781
2,322
BANK LOANS AND SECURITIES
Commercial and industrial loans fell 0.3
percent in November following a rise of 0.6 percent in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
2,000
2,000
1,600
1,600
1,200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
120
Illllllllll
1980
iiiliilliii
1982
1981
1983
120
OTHER SECURITIES •
1 i 1 1 1 i i i!i i i i 1 1 1 1 1 1 1 1 1 1 1 ii 1 i i I 1 1 1 ! !
1984
1985
1986
imiinm
1987
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted x]
All comm ercial ban
Loans anc leases
Period
Total
securities 2
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov "....
U.S.
Government
securities
Other
securities
Total
2
Commercial
and
industrial
Keal
estate
Individual
Security
Nonbank
financial
institutions
Agricultural
State
ajid
political
subdivisions
0.0
.0
.0
3.3
45.8
56.4
58.1
52.2
52.3
52.3
r
52.1
r
51.9
r
51.6
r
51.5
50.2
49.6
49.4
48.8
48.0
1,239.1
1,307.5
1,401.3
1,553.4
1,722.9
1,908.6
2,089.9
2,233.0
170.6
179.3
201.7
259.1
260.0
270.5
309.3
335.0
154.7
160.9
165.7
170.6
142.6
181.2
196.1
194.5
913.9
967.3
1,033.9
1,123.7.
1,320.4
1,456.9
1,584.5
1,703.5
325.7
355.4
392.6
414.1
472.8
499.4
535.6
562.4
262.7
284.2
300.0
331.0
376.6
425.9
494.0
588.4
179.2
182.5
188.2
212.9
253.6
293.7
314.4
327.8
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
31.8
31.6
33.1
36.2
39.2
40.1
36.1
31.6
29.5
2,244.8
2,264.1
2,281.3
2,304.7
2,328.5
2,348.4
2,360.8
2,374.9
2,373.6
2,387.5
2,398.1
336.4
336.4
340.2
343.8
346.5
350.5
348.0
350.5
352.5
355.1
356.8
192.0
193.7
195.7
196.6
196.1
196.5
196.8
196.4
194.2
195.4
194.8
1,716.5
1,734.0
1,745.4
1,764.3
1,786.0
1,801.5
1,815.9
1,827.9
1,826.8
1,836.9
1,846.5
565.2
569.3
568.6
578.1
586.3
592.4
598.3
599.4
597.1
600.9
599.2
593.7
599.2
604.9
611.3
618.6
625.0
631.4
638.7
644.7
652.0
659.2
329.8
333.0
337.0
340.4
342.8
344.4
345.3
347.0
349.1
349.6
350.8
36.5
42.1
41.2
39.5
39.8
r
39.4
38.6
40.1
31.4
31.8
31.2
30.4
30.9
30.6
31.0
30.8
29.9
29.8
29.8
29.6
29.5
29.3
29.4
29.6
29.7
29.6
29.4
29.3
29.3
29.8
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
36.3
38.4
37.5
r
r
Foreign
official
institutions
Lease
financing
receivables
Other
23.8
17.9
14.6
13.3
11.1
9.6
9.6
7.5
11.5
7.2
5.9
9.4
7.9
6.0
5.9
5.3
10.9
12.7
13.3
13.7
16.1
19.0
22.4
24.6
21.4
23.1
26.6
31.7
31.2
36.0
38.7
40.5
7.6
7.4
7.8
8.3
8.0
7.9
8.2
8.1
7.4
7.6
8.2
5.4
5.1
5.1
5.1
5.1
5.0
5.0
5.2
5.2
5.1
5.4
25.1
25.3
25.4
25.7
26.0
26.5
27.2
27.3
27.7
28.1
28.1
Foreign
banks
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.
r
39.8
39.1
42.7
r
44.1
r
47.2
r
49.0
51.0
52.3
50.7
47.3
50.5
r
r
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
C redit market fumds
Period
Total
Internal '
Total
Total
1979
1980
1981
1982
1983
1984
1985
1986 r
1987 *
242.3
285.7
336.3
352.3
357.5
352.8
9.0
34.5
29.4
10.3
52.6
-5.1
5.0
35.4
29.4
51.1
36.2
61.2
39.5
25.3
100.9
46.0
57.6
30.3
68.2
54.0
45.7
6.4
56.8
60.5
55.9
41.7
61.5
368.1
342.1
383.6
303.5
385.8
502.7
435.3
454.3
436.6
238.3
243.7
286.5
256.5
270.7
370.6
342.3
331.5
361.0
129.8
98.4
97.0
47.0
115.1
132.1
93.0
122.8
75.6
-42.1
-17.3
7.7
-4.9
34.5
-10.1
23.9
37.9
37.5
421.7
474.1
476.5
524.0
346.8
347.9
358.3
358.1
74.9
126.2
118.2
165.9
14.2
76.4
60.3
88.1
75.2
12.6
28.1
1.7
-61.0
63.8
32.2
86.4
60.7
49.7
57.8
77.8
388.0
436.0
446.4
476.0
341.1
345.6
350.9
406.3
47.0
90.5
95.4
69.7
33.7
38.1
30.1
48.1
453.7
486.8
471.2
359.9
363.6
359.7
93.8
123.2
111.5
89.9
73.9
59.1
9.8
-3.6
1.6
80.1
77.5
57.5
3.9
49.3
52.4
401.5
440.0
461.4
385.4
385.1
394.6
16.1
54.9
66.8
52.2
46.7
9.9
n
TTf
Total
Other 2
Discrepancy
(sources less
uses)
60.1
70.7
90.7
49.8
77.9
95.8
50.9
193.1
59.8
n r
mr .
IV
1988: I rr
Loans and
short-term
paper
Increase in
financial
assets
128.4
124.7
136.4
56.2
134.6
156.3
106.9
134.8
121.3
326.0
324.8
375.8
298.5
420.3
492.6
459.2
492.2
474.1
1987: I rr
Securities
and
mortgages
Capital
expenditures 3
197.6
200.1
239.5
1
Undistributed profits (after inventory valuation add capital consumption adjustments), capita!
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.
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]
Installment credit outstanding (end of perio i)
Period
Automobile
Revolving
Mobile
home
45,202
53,357
54,894
60,838
66,243
78,667
100,212
122,013
136,381
16,921
18,207
18,621
20,302
22,833
23,704
25,795
26,834
26,883
25,957
606,926
608,728
613,022
98,739
112,475
111,936
118,956
124,218
143,799
173,704
209,636
246,109
267,180
263,823
264,474
267,180
619,258
624,294
629,485
633,336
636,318
644,372
647,993
653,317
653,319
656,880
269,883
273,133
276,762
278,567
279,418
282,254
283,359
285,560
284,782
286,101
Total
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1987:
1988:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r
Oct p
261,976
296,483
297,566
310,682
323,536
367,868
442,538
517,755
571,833
613,022
159,307
155,196
156,425
159,307
162,065
163,462
165,643
167,356
169,154
172,809
174,927
177,568
178,675
180,841
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
26,698
26,604
25,957
25,926
25,857
25,732
25,764
25,703
25,852
25,882
25,915
25,746
25,645
Net change in instalhnent eredit outstandii•K 1
Other
Total
Automobile
101,114
112,444
112,115
110,586
110,242
121,698
142,827
159,272
162,460
160,578
161,209
161,225
160,578
40,501
34,507
1,083
13,116
12,854
44,332
74,670
75,217
54,078
41,189
17,791
13,736
-539
7,020
5,262
19,581
29,905
35,932
36,473
21,071
3,949
1,802
4,294
161,384
161,842
161,348
161,649
162,043
163,456
163,825
164,274
164,116
164,294
6,236
5,036
5,191
3,851
2,982
8,054
3,621
5,324
2
3,561
1,921
651
2,706
2,703
3,250
3,629
1,805
851
2,836
1,106
2,201
-779
1,319
Revolving
8,513
8,155
1,537
5,944
5,405
12,424
21,545
21,801
14,368
22,926
2,643
1,229
2,882
2,758
1,397
2,181
1,713
1,798
3,655
2,118
2,641
1,107
2,166
Mobile
home
559
1,286
414
1,681
2,531
871
2,091
1,039
49
-926
147
-94
-647
-31
-69
-125
32
-61
149
29
33
-169
-101
Other
13,638
11,330
-329
-1,529
-344
11,456
21,129
16,445
3,188
-1,882
-468
16
-647
806
458
-494
301
394
1,413
368
449
-158
178
Source: Board of Governors of the Federal Reserve System,
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in December.
PER CENT PER ANNU M
16
i
i.-
I
1
14
'••f
:
:/^
16
MA> , »
r/
\\.'
i i —,
$
' , i;
N
^
\
RPORATE
i co
: •
11
MPT
u Ur
'/ '\n
//"I
iV
:
10
/!
14
Aaa BC NDS /N
(MOODY'S]
/' V
'
/ 'y\
12
ANN UM
P RCENT f >£(!
?.
• "-/-I
\
\
\
V.
\il
\
12
\
\
-~ \
TRE 1.SURY
G ILLS
i|_
r-i—
; L
\
/\
\
V"
11
\-l
8
rA
/
nil
I
-/
/
v
V
1
— DISCOUNT—^
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
•:
6
\
10
^^^
\
V.^
f'
/--v
A
- / \\ •*'-"*^
/
s
/
\
\
/ \
v-i*"
•
N
J
* 8
•,
-%
1
/
"n
'•':
7
X
1
\|
^L
4
Jj
II 1 1 1
M
\ \ \
1980
1
1M 11
1 1 M
1 ! 1 1 1 1 1
M
1 1 1 1 1 1 1 1
1982
1981
Mill
11 1 1 1
111111
IMM
19 85
1984
1983
6
:"--"'
19 86
SOURCE^ SEE TABLE BEL JW
j
Mill
4
19 88
1987
COUNCIL Of ECONOM C
ADVISERS
[Percent per annum]
U.S. 1 reaaury security yields
Period
3-month bills
(new issues) '
Constant nlaturities 2
3-year
11.23
11.57
9.47
10.15
9.18
7.38
7.73
8.85
7.76
14.17
13.79
12.04
12.71
11.37
9.02
9.38
9.71
8.99
8.07
7.87
7.38
7.50
7.83
8.24
8.22
8.44
8.77
8.57
8.43
8.72
9.11
8.67
8.21
8.37
8.72
9.09
8.92
9.06
9.26
8.98
8.80
8.96
9.11
7.81
7.55
7.80
7.91
8.01
7.86
7.87
7.86
7.71
7.54
7.58
7.66
8.98
9.01
9.17
9.12
9.20
9.11
9.03
9.16
9.08
9.17
7.69
7.71
7.72
7.63
7.56
14.44
12.92
10.45
5.80
8.13
June
July
Aug
Sept
Oct
Nov
Dec
5.90
5.69
5.69
5.92
6.27
6.50
6.73
7.02
7.23
7.34
7.68
8.09
Week ended:
1988: Dec 3
10
17. ".....
24
31
1989: Jan 7
8.05
8.04
7.98
8.14
8.22
8.24
1986
1987
1988
1987: Dec
1988: Jan
Feb
Mar
1
Bank-discount
2
11.89
9.64
7.06
7.68
8.26
basis.
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.
30
Corporate
Aaa bonds
(Moody's) *
13.91
13.00
11.10
12.44
10.62
7.68
8.39
14.029
10.686
8.63
9.58
7.48
5.98
5.82
6.69
1981
1982
1983
1984
1985
10-year
High-grade
municipal
bonds
(Standard3&
Poor's)
Prime
paper,
6 months l
Discount rate
(N.Y. F.E.
Bank)5
14.76
11.89
8.89
10.16
8.01
6.39
13.41
11.02
8.50
8.80
7.69
6.33
6.85
7.68
10.11
9.88
9.40
9.39
Prime rate
charged 5by
banks
New-home
yields
(FHLBB)6
5.66
6.20
18.87
14.86
10.79
12.04
9.93
8.33
8.22
9.32
14.70
15.14
12.57
12.38
11.55
10.17
9.31
7.49
6.00-6.00
8.75-8.75
9.15
9.67
9.90
9.86
9.96
10.11
9.82
9.51
9.45
9.57
6.92
6.58
6.64
6.92
7.31
7.53
7.90
8.36
8.23
8.24
8.55
8.97
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
6.00-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
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
9.50-10.00
10.00-10.00
10.00-10.00
10.00-10.50
10.50-10.50
9.10
9.12
9.15
9.13
8.95
9.26
9.17
9.06
9.26
9.10
9.43
9.55
9.52
9.57
9.59
9.60
8.96
8.93
9.02
8.99
8.97
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-
10.00-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-
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 rose in December.
INDEX, DEC. 31,1965=50 (RATIO SCALED
INDEX, DEC. 31,1965 = 50 (RATIO SCALE)
240
240
60
60
40
40
PERC:ENT
20
ENT
20
EA RNINGS-PRICE RATIO ON CC MMON STOCK S
15
r^"^~1^-\ V.
10
—
^
1 1 1
1980
i t i
1981
1
1
1
15
(S&P)
•—
1
1982
1 1
1983
""
1
1
1 1
1984
r-r ^n
__——
^1
1 1
1985
1 1 1 1 1 1 1
1986
|
1987
Co lunon stock price s 1
Nevp York Stock Ex< hajoge indexes (E ec. 31, 1965=5 3)
Composite
Industrial
tion
Utility
11.96
11.60
8.03
10.02
8.12
6.09
5.48
67.39
111.47
1,910.07
7.08
119.40
124.36
125.27
121.67
120.35
129.04
129.99
130.77
133.15
134.66
129.61
128.83
1,947.35
1,980.65
2,044.31
2,036.13
1,988.91
2,104.94
2,104.22
2,051.29
2,080.06
2,144.31
2,099.04
2,148.58
240.96
250.48
258.13
265.74
262.61
256.12
270.68
269.05
263.73
267.97
277.40
271.02
276.51
3.71
70.01
72.89
71.16
69.40
r
68.65
72.25
71.50
70.67
71.83
74.19
73.83
74.81
3.66
3.56
3.48
3.57
3.80
3.58
3.65
3.75
3.69
3.61
3.70
3.68
74.13
74.91
74.82
75.09
74.66
128.42
130.40
128.98
127.76
127.96
2,098.33
2,142.39
2,140.21
2,166.54
2,170.09
271.51
276.85
275.74
277.70
277.76
3.70
3.63
3.70
3.68
3.70
1987: Dec
134.88
162.19
115.85
1988: Jan
140.55
145.13
149.88
148.46
144.99
152.72
152.12
149.25
151.47
156.36
152.67
155.35
168.47
173.44
181.57
180.88
176.02
184.92
184.09
179.72
182.18
188.58
183.79
187.75
121.20
126.09
135.15
133.43
127.63
136.02
136.49
132.53
136.27
141.93
138.60
144.06
152.79
155.47
154.93
155.88
156.14
184.03
187.60
187.02
188.69
189.28
140.30
142.58
143.37
145.66
146.35
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
Earningsprice ratio
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.64
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.77
3
Dividendprice ratio
128.05
119.71
160.41
160.46
186.84
236.34
286.83
265.79
72.61
60.41
89.36
85.63
104.11
119.87
140.39
134.12
2
Standard &
Poor's
composite
index (194143 = 10)4
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,060.82
85.44
78.18
107.45
108.01
123.79
155.85
195.31
180.95
1
Dow-Jones
industrial
average 3
73.52
71.99
95.34
89.28
114.21
147.20
146.48
127.26
74.02
68.93
92.63
92.46
108.09
136.00
161.70
149.91
Week ended:
1988: Dec 3
10
17
24
31
Q
Common st ock yields
(perce nt)«
2
Finance
1981
1982
1983
1984
1985
1986
1987
1988
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1 I
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Period
1
7.18
r
7.92
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
FEDERAL FINANCE
t EDERAL
RECEIPTS, OUTLAYS, AND DEBT
2
months
of fiscal 1989, there was a deficit of $56.5 billion compared with a deficit of $57.8 billion a
In the first
yeor earlie r.
BILLIONS OF DC5LLARS
BILLIOrJS OF DOLLARS
RECEIPTS AND OUTLAYS^
1,100
__ _ .
*f
900
OUTLAYS^/
s'
,. f "
1 000
900
^^^
^f-f^^
_,-•**
"*"'
^-- """'''^
__V,-700
1,100
RECEIPTS.!/
700
^f_^^"'^
_
600
600
L/1 ^
1
1
1
1
1
I
1
I
1
K
SURPLUS OR DEFICIT (-MJ
0
0
--^
100
100
^
^^\
'
J
-200
A
\
^^SO
\
1981
\
1982
\
1983
\
1984
T
1985
"
1
1986
1
1987
1
1988
-200
IS
1989^
FISCAL YEARS
S INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
t
\
Receipts
Outlays
Gross Fe leral debt
(end of period)
Off-budget
On-budget
Total
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
302.2
76.6
328.5
369.1
403.5
-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
-53.6
-59.2
-40.2
231.7
63.2
278.7
314.2
365.3
-3.9
-4.3
-2.0
646.4
709.1
780.4
833.8
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
1985
1986
1987
1988 2
1989 (estimates) *
734.1
769.1
854.1
909.0
974.0
946.3
990.3
1,004.6
1,064.1
1,096.7
-212.3
-221.2
-150.4
155.1
-122.7
547.9
568.9
640.7
667.5
712.0
769.5
806.8
810.8
861.4
885.9
-221.6
-237.9
-170.0
-193.9
-173.9
186.2
200.2
213.4
241.5
262.1
176.8
183.5
193.8
202.7
210.9
9.4
16.7
19.6
38.8
51.2
Cumulative total, first 2
months:
Fiscal year 1988
Fiscal year 1989
119.3
128.1
177.2
184.5
-57.8
-56.5
86.6
'92.9
144.2
149.4
-57.6
-56.5
32.7
35.2
33.0
35.1
-.2
.0
298.1
81.2
355.6
399.6
463.3
371.8
96.0
409.2
458.7
503.5
-73.7
-14.7
1980
1981
1982
1983
1984
517.1
599.3
1976
Transition quarter
1977
1978
1979
Estimates from Mid-Session Review of the 1989 Budget, Office of Management and Budget,
July• 28,
28, 1988.
*D»t*l
Data from Monthly Treasury Statement tar September 1988, issued October 28, 1988.
32
-70.5
Held by
the public
480.3
498.3
631.9
1
1
1,827.5
2,120.1
2,345.6
2,600.7
2,818.2
2,404.8
2,658.4
551.8
610.9
644.6
715.1
794.4
929.4
1,141.8
1,312.6
1
1
1,509.9
1,736.2
1,888.1
2,050.0
2,138.6
1,939.3
2,092.1
NOTE.—Data through 1987 are frem Budget of the United States Government, Fiscal Tear
1989, February 1988, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 2 months of fiscal 1989, receipts were $8.8 billion higher than a year earlier and outlays were $7.3
billion higher.
BILLIONS OF DO).LARS
BILLIONS OF DOLLARS
— RECEIPTS!/
400
INDIVIDUAL INCOME TAXES
/_._—•
"
200
.
•—
.— ..
-•--
400
— — -- —
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
OTHER RECEIPTS
100
1
0
|
'
100
f
'—f
•Ss> CORPORATION INCOME TAXES ,
,
(
0
OUTIAYSV
800
800
700
NONDEFENSE
/
r
700
r»~—-=
— """^
-J-— --
.
- -'""
NATIONAL DEFENSE
300
^^^______
200
\
100
1
1980
'
1
1981
1
1982
1
1983
300
"""
1
1984
~~
200
1
1985
1
L_
1986
1987
1
jj 100
1989 *
1988
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]
0n-budget ajid off-hue get receip s
Fiscal year
Total
Individual
Corporation
On-budget and off budget ou tlays
Nationa defense
Social
insurance
Other
Depart-
Total
Total
and
tuitions
1976
265.2
283.9
303.3
334.3
359.5
73.0
73.1
74.3
79.2
81,2
946.3
990.3
1,004.6
1,064.1
1,096.7
252.7
273.4
282.0
290.3
294.0
245.1
423.4
61.3
63.1
83.9
94.2
109.9
57.5
61.1
3.5
3.2
45.9
48.9
12.4
14.8
177.2
184.5
47.3
50.6
734.1
769.1
854.1
334.5
349.0
392.6
909.0
974.0
401.2
119.3
128.1
1989 (estimates)
2
Cumulative total, first 2
months:
Fiscal year 1988
Fiscal year 1989
157.8
182.7
201.5
1
Seefootnote2, page 32.
2
Estimates from Sfid-Sessvm Reoieto of ike 1989 Budget, Office ol Management and Budget,
July 28, 1988.
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
65.8
70.2
75.1
78.8
85.3
128.2
119.8
123.3
130.2
135.0
188.6
198.8
232.4
129.4
136.0
138.6
151.7
157.1
131.8
142.1
126.7
139.0
133.0
12.6
12.5
20.0
19.9
34.6
36.8
24.7
26.6
29.7
30.0
7.4
8.0
204.4
220.9
1985
1986
1987
1988 '
617.8
64.6
61.1
49.2
37.0
56.9
265.5
274.0
281.9
26.7
86.5
99.7
107.7
122.6
112.7
1.1
.1
209.9
227.4
600.6
666.5
285.9
297.7
288.9
298.4
73.9
85.1
Other
93.9
104.1
45.9
49.1
851.8
244.1
599.3
Net
interest
82.8
93.0
114.7
119.6
285.5
130.9
153.8
180.7
517.1
Social
security
29.9
35.4
42.6
33.5
35.9
40.0
44.5
48.8
590.9
678.2
745.7
808.3
134.0
151.5
185.3
209.0
239.4
50.6
69.5
69.3
65.6
71.8
1980
1981
1982
1983
1984
138.9
ty
16.2
14.2
11.6
10.5
11.1
95.1
102.3
113.6
65.7
Income
securi-
32.1
39.1
46.6
52.6
57.5
87.9
97.2
104.5
116.3
90.8
106.5
121.0
Medi-
23.2
26.9
27.4
28.6
30.4
89.6
409.2
458.7
503.5
41.4
54.9
60.0
Health
22.8
26.5
371.8
36.6
37.7
40.8
157.6
181.0
217.8
131.6
Interaffairs
60.8
61.0
61.5
66.4
34.3
298.1
355.6
399.6
463.3
1977
1978
1979
Defense,
military
6.4
6.4
15.7
17.3
15.8
19.3
7.5
7.5
18.5
20.5
12.7
13.1
12.3
11.8
15.9
207.4
219.0
NOTE.—Data through 1987 are from Budget of the United States Government, Fiscal 7eo
1989, February 1988,
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, according to revised estimates, Federal receipts fell $7.5 billion (annual rate) and Federal
expenditures fell $17.3 billion.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
" EXPENDITURES
800
800
RECEIPTS
600
600
400
400
200
200
•SURPLUS OR DEFICIT (-)
200
-200
1980
1982
1981
1983
1985
1984
198,,
1987
1988
CALENDAR YEARS
SOURCE- DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federa; Governme at receipts
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Federal G overnment expenditure s
Contributions for
social
insurance
Total
Purchases
of goods
and
Transfer
payments
Grantsin-aid to
State
and
local
Net
interest
paid
current
surplus of
Government
enter-
Wage
accruals
less
disbursements
ments
Fiscal year:
1985
1986
1987
Calendar year:
1985
1986
1987
1982: IV
1983: IV
1984: IV
1985: IV
1986: n
m
rv
1987: I
n
m....
1988:
IV
I
n r
in
or deficit
Subsidies
national
income
and
product
accounts
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
341.5
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
-0.1
.0
.1
-185.5
212.8
-157.2
788.7
828.3
916.5
633.1
675.5
742.7
805.3
816.3
833.6
856.8
871.3
920.0
930.1
944.4
951.0
983.0
975.5
346.4
361.5
405.6
303.0
291.9
326.0
355.3
354.0
363.5
378.3
373.8
413.1
413.3
422.3
404.6
425.0
408.3
76.3
83.9
105.8
46.4
70.2
69.7
78.8
82.6
84.7
89.7
100.1
105.0
110.5
107.7
107.2
111.7
113.1
55.1
50.8
54.0
47.6
53.6
56.2
53.5
49.6
52.0
51.0
53.0
54.3
53.9
55.0
55.9
55.9
57.1
310.9
332.2
351.0
236.1
259.8
290.7
317.7
330.1
333.4
337.8
344.5
347.7
352.4
359.4
383.4
390.3
397.0
985.6
1,033.9
1,074.2
835.7
844.7
930.2
1,017.5
1,050.7
1,039.7
1,040.1
1,059.6
1,064.0
1,068.4
1,104.9
1,106.1
1,116.3
1,099.0
355.2
366.2
382.0
293.2
276.1
326.0
376.6
368.7
372.7
366.7
372.7
377.5
386.3
391.4
377.7
382.2
367.7
380.1
399.8
414.2
347.4
352.5
362.1
385.8
398.5
405.4
405.4
406.6
413.4
414.2
422.5
434.4
437.6
440.7
99.7
106.8
102.7
84.5
86.0
96.3
103.5
110.0
109.2
102.3
101.9
105.5
101.9
101.4
111.1
110.4
111.5
130.1
135.4
143.0
87.2
101.0
125.3
132.7
135.9
134.3
136.5
139.0
139.8
143.8
149.5
149.9
152.1
154.9
20.3
25.7
32.4
23.4
29.1
21.0
19.0
37.5
18.1
29.1
39.4
27.8
22.6
39.7
33.0
34.0
24.1
-.2
.0
.0
.0
.0
.6
.0
.0
.0
.0
.0
.0
.2
-196.9
205.6
-157.8
-202.6
-169.2
187.5
-212.2
-234.4
-206.1
-183.3
188.3
-144.0
138.3
-160.4
155.1
-133.3
123.5
Source: Department of Commerce, Bureau of Economic Analysis.
O
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial iroduction (1977 = 1 X); seasonal y adjusted
Period
United
Stales
1980
Canada
Sept
Oct
1
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
l!6.7
l!6.8
120.8
116.1
115.1
115.2
115.4
115.4
120.2
120.3
105.2
105.1
' 116.7
126.4
121.1
121.4
123.7
120.5
122.3
125.9
118.5
121.3
116.3
113.8
115.6
' 116.4
115.7
116.0
H6.5
117.1
117.5
118.0
118.5
119.0
119.8
120.2
120.3
120.5
121.0
121.6
122.0
122.8
122.9
123.7
124.1
124.1
124.7
125.1
104.8
104.6
105.0
105.5
105.6
105.4
105.2
105.5
106.4
116.9
123.3
125.1
131.6
108.0
106.2
103.1
104.1
107.6
112.9
r
114.9
r
115.6
136.4
136.9
156.6
159.6
110
111
r
137.9 153.9
134.4
137.5 157.4
134.4
138.1
158.3
134.7
138.2 157.0
135.4
139.9 153.3
136.1
136.5 T 140.0 158.4
138.0 ' 139.5 156.4
' 138.5 r!41.1 160.8
140.8 r!61.6
' 138.6
160.6
' 139.3
139.9
111
111
111
110
r
l!2
r
114
r
l!5
r
l!5
116
133.2
133.9
Nov».
99.8
96.4
98.2
101.7
103.1
107.9
109.4
112.9
106
106
104
105
105
106
106
108
1987: Nov
Dec
Aug
114.4
112.6
108.5
105.8
109.2
110.4
113.5
118.0
' 119.0
' 120.3
' 120.7
' 124.5
' 136.1
r
141.0
r
140.8
' 145.7
103.1
109.2
121.4
123.7
125.1
129.8
June
July
United
States '
Germany
108.6
111.0
108.1
108.6
97.9
104.3
Consumer prices (19 32-84=100
United
Kingdom
France
1981
1982
1983
1984
1985
1986
1987
1988: Jan
Feb
Mar
Apr
May
Japan
r
r
l!7.7
l!8.3
r
117.5
r
l!7.8
r
!21.1
'116.9
r
' 124.6
' 122.3
121.2
Data relate to all urban consumers.
Italy
r
l!7.1
' 117.5
r
l!7.7
' 118.3
r
l!8.7
118.3
Canada
Japan
United
Kingdom
France
Germany
76.1
90.9
72.2
95.4
85.6
81.9
'94.8
98.0
91.7
r
100.4
99.8 100.3
' 104.7 102.1 108.0
108.9 104.2 114.3
113.4 ' 104.8 117.2
118.4 * 104.9 121.1
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
87.9
95.4
99.8
104.8
111.2
114.9
119.7
122.2
122.2
105.0
105.2
137.2
137.4
121.5
121.4
122.4
122.7
123.0
123.6
123.9
124.3
124.7
125.1
125.3
125.6
105.4
105.6
105.7
106.0
106.2
106.3
106.2
106.3
106.3
106.4
106.7
138.1
138.5
139.1
139.6
140.0
140.4
140.8
141.4
142.1
143.2
144.4
121.4
121.9
122.3
124.3
124.8
125.3
125.4
126.8
127.4
128.7
129.3
Italy
78.5
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Mei chandise e xports (f. a.s. value
1
General caerchandise imports (customs value) s
Period
Total
2
Foods,
feeds,
and
ages
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept '
Oct
Consumer
goods
(nonfood)
except
automotive
Other 2
15.7
16.8
20.6
22.9
21.7
24.6
14.3
13.4
13.3
12.6
14.2
17.7
20.7
20.5
24.0
27.3
35.9
34.6
244.0
258.0
325.7
345.3
365.4
406.2
17.1
18.2
21.0
21.9
24.4
24.8
107.0
123.7
113.9
101.3
111.0
ages
Industrial
supplies
and
materials
Genera!
merchandise
imports
Automotive
vehicles,
parts,
and
engines
Consumer
goods
(nonfood)
except
automotive
Other
value)
33.3
40.8
53.5
66.8
78.2
85.2
39.7
44.9
60.0
68.3
79.4
88.7
6.5
6.3
7.8
9.4
10.4
12.1
254.9
269.9
346.4
352.5
382.3
424.4
-27.5
-52.4
-38.4
-64.2
59.8
65.1
71.8
84.5
-101.7
-126.5
-138.3
-152.1
-122.4
Capital
goods
except
automotive
Exports
(f.a.s)
less
imports
(customs
value)
Exports
(f.a.s)
less
imports
254.1
58.5
57.3
66.7
21.8
22.1
23.1
24.2
2.2
2.3
1.8
2.0
5.6
5.5
6.1
6.5
8.0
7.5
8.1
8.2
2.1
2.1
2.5
2.3
1.6
1.5
1.6
1.6
2.2
3.2
3.0
3.5
34.6
36.0
35.3
36.6
2.0
2.3
2.1
2.0
9.5
10.3
9.9
9.8
7.4
7.4
7.6
8.0
7.1
7.4
7.3
7.6
7.4
7.3
7.5
8.1
1.1
1.2
1.0
1.1
35.7
37.6
36.7
37.9
-12.8
-13.9
-12.2
12.4
-13.9
-15.6
-13.6
-13.8
24.5
24.5
26.9
26.0
27.5
26.3
26.5
27.5
28.0
27.7
2.2
2.5
2.6
2.6
2.9
2.7
2.9
3.1
3.0
2.8
6.6
6.6
7.7
7.3
7.1
7.0
7.1
6.9
7.3
6.6
8.7
8.6
8.7
8.8
9.3
8.5
9.1
9.4
9.4
9.4
2.1
2.4
2.7
2.3
2.4
2.2
2.0
2.8
2.6
2.5
1.6
1.8
1.8
1.8
1.9
1.9
2.0
2.0
2.1
1.9
3.1
2.6
3.4
3.2
3.8
4.0
3.4
3.4
3.6
4.5
34.3
37.7
36.6
34.8
35.7
37.9
34.5
38.1
37.2
36.6
2.1
2.2
2.2
2.0
2.0
1.9
1.9
2.2
2.0
2.1
9.5
10.0
9.6
9.5
10.5
10.2
9.7
10.2
9.4
9.8
7.5
8.6
8.4
7.9
8.1
9.0
7.8
8.9
8.7
8.1
6.8
7.6
7.5
7.2
6.5
7.4
6.6
7.3
7.9
7.7
7.5
8.4
7.8
7.3
7.6
8.3
7.5
8.5
8.1
7.8
.9
.9
1.1
1.0
1.0
1.1
1.1
1.1
1.1
1.1
35.8
38.9
38.6
36.3
37.2
39.5
36.0
39.8
38.7
38.0
-9.8
-13.2
-9.8
-8.8
-8.3
-11.7
-8.0
-10.6
-9.2
-8.9
-11.3
-14.4
-11.7
-10.3
-9.8
-13.2
-9.5
-12.3
10.7
-10.3
4
218.8
4
227.2
72.7
1
Includes Department of Defense Military Assistance Program grant-aid shipments.
* Includes undocumented exports to Canada.
3
Total arrivals of imported goods other than intransit shipments.
* Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
Total
Foods
feeds,
and
67.2
72.0
73.9
75.8
86.2
205.6
224.0
Sept
Automotive
vehicles,
parts,
and
engines
61.7
56.7
61.7
216.4
1983
1984
1985
1986
1987
Oct
Nov
Dec
materials
Capital
goods
except
automotive
31.3
30.9
31.5
24.0
22.3
24.3
1982
1987:
Industrial
supplies
Trade Balance
Principal .nd-use cc mmodity category
Principal end-use c ommodity category
112.0
35.4
40.9
- 133.6
-155.1
-170.3
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
series.
Source: Department of Commerce, Bureau of the Census.
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter, the merchandise trade deficit fell to $28.5 billion from $30.2 billion in the second quarter. The
current account deficit fell to $30.9 billion in the third quarter from $33.7 billion (revised) in the second quarter.
BILLK>JS OF DOLLA RS*
BILLI DNS OF DOLUiRS*
10
10
/X;
0
.-•/
f \
v
B
GLANCE ON *
CURRENT ACCOUN
^
y'\
-10
1
** «i
// \s X ^>—S.
//v
5
-r
,
r
\l
0
\\ ,
\
./\ v \
i— VA
vJ
MERC HANDISE TRAD
BALANCE
A\
-10
•—- X
\\
-.IS
\
\
BALANCE OhJ GOODS
AND SER VICES
\\|
-20
\, \\
\\
^ \\
_25
-20
,-,,/
.
A
\
v^\ s ^•» V.
S
N/
-^-~-^
'
^-^V-'y
>/
•
< "»
I
N
N
*•*
^
1
-45
1
1
1
1
1
1981
1980
1 1 1
1982
1
1
1983
1
1
1
1
1
1 1
1985
1984
^x> •^N%-
//
•/ /
v.
1 1 1
1
1
1
r
& /
i/
i/
35
40
\ \ \
1987
1986
30
1988
SEASONALLY ADJUS ID
sOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF E CONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise l 2
Investment income 3
Net
Period
Exports
1980
1981
1982
1983
1984
1985
1986
1987
1985: HI
TV
1986: I
n
m
TV
1987: I
n
m
TV
1988: I r
n.
m '....
1
2
3
224,269
237,085
211,198
201,820
219,900
215,935
223,969
249,570
53,434
53,237
54,113
56,946
56,268
56,642
56,791
59,864
64,902
68,013
75,300
79,606
82,306
Imports
-249,749
-265,063
-247,642
-268,900
-332,422
-338,083
-368,516
-409,850
-84,032
-89,438
-89,546
-90,807
-92,989
-95,174
-96,662
-99,416
-104,567
-109,205
-110,484
- 109,757
-110,839
Net balance
Receipts
Payments
-25,480 72,506 • -42,120 30,386
-27,978 86,411 -52,329 34,082
-36,444 83,549
-54,883 28,666
-67,080 77,251 -52,376 24,875
-112,522 85,908 -67,419 18,489
-122,148 88,837
-62,901 25,936
-144,547 90,110 -66,968 23,142
- 160,280 103,756 -83,381 20,375
-30,598 24,309 - 16,055
8,254
-36,201 23,886 -13,818 10,068
-35,433 24,352 -17,357
6,995
-33,861 22,248 -17,533
4,715
-36,721 21,845 -15,729
6,116
-38,532 21,667
-16,350
5,317
-39,871 24,791 -19,715
5,076
-39,552 22,429 -20,737
1,692
-39,665 23,289 -22,222
1,067
-41,192 33,248 -20,709 12,539
35,184 26,554 -25,395
1,159
-30,151 23,426 -25,366 -1,940
-28,533 26,830 -27,167
-337
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Pees and royalties from U.S. direct investments abroad or from foreign
forei] direct investments in the
36
Net
nons
Net
travel and
transportation
receipts
-997
-2,237
144
-1,183
-992
-274
-4,227
-243
8,604
-2,099
-3,431 - 10,049
9,344
-4,372
-2,368 -10,281
-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
- 1,033 -2,121
-914
-1,676
-934
-1,463
Other
services,
net 3
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
trans-1
fers
7,793
9,466 -7,593
14,344 -7,460
9,278
278 -8,956
9,320
9,908
36,766 -9,480
9,760 -94,975 -12,102
9,600 -100,093 -15,010
11,600 -123,520 - 15,308
12,035 - 140,519 -13,445
2,278 -23,518 -4,036
-27,863 -4,205
2,595
-29,485 -2,972
2,817
2,870 -29,629 -4,085
2,800 -31,288 -4,249
3,112
-33,118 -4,003
2,813 -34,657 -2,967
2,828 -37,727 -3,125
-2,980
2,983 -38,987
-29,150 -4,373
3,412
-3,121
3,362 -33,817
-2,751
3,693 -30,988
3,491 -27,776 -3,118
Balance
on current
account
1,873
6,884
-8,679
-46,246
-107,077
-115,103
-138,828
-153,964
-27,554
-32,068
-32,457
-33,714
-35,537
-37,121
-37,624
-40,852
-41,967
-33,523
-36,938
-33,739
-30,894
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 increased $27.0 billion in the third quarter,
compared with an increase of $13.3 billion in the second quarter. Liabilities to private foreigners and international
financial institutions reported by U.S. banks, excluding Treasury securities, increased $30.4 billion in the third
quarter, compared with an increase of $31.1 billion in the second quarter.
BJLLIONSOFDPLLARS*
BILLIONS OF DOLLARS*
80
80
-
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
60
40
40
20
20
-20
-20
-40
-40
-60
-60
1988
1980
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the J.S., net
[increas e/capital infloii (+)] "
U.S. assets abroad, net
increase /capital outflow (— ]
Period
Total
1980
1981
1982.
1983
1984
1985
1986
1987
1985: HI
IV
1986: I
n
in
IV
1987: I
n
m
IV
1988: I r
n .....
m p
-86,118
-110,951
-121,153
-49,777
-22,304
32,636
-97,991
-75,987
-7,593
-21,802
-15,626
-24,515
-26,213
-31,635
11,072
-22,878
-25,292
-38,891
6,591
-18,972
-39,630
U.S.
official
reserve
assets ' 2
-8,155
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-121
-3,148
-115
16
280
132
1,956
3,419
32
3,741
1,503
39
-7,380
Other U.S.
Government
assets
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
-7,018
-454
-553 -18,102
-15,305
-206
-211 -24,320
-1,592 -24,901
10 -31,777
9,049
67
26,127
-170
252 -25,576
1,012 -43,645
-814
5,903
-801 -18,210
34,181
1,931
Total
Foreign
official
assets
Other
foreign
assets
58,112
83,032
93,746
84,869
102,621
129,900
221,253
211,490
35,044
53,292
39,050
50,128
69,884
62,192
33,100
50,660
71,658
56,072
26,066
65,495
48,027
15,497
4,960
3,593
5,845
3,140
-1,196
35,507
44,968
2,450
1,130
2,719
15,838
15,779
1,171
13,977
10,332
611
20,047
24,670
5,946
-2,902
42,615
78,072
90,154
79,023
99,481
131,096
185,746
166,522
32,594
54,422
36,331
34,291
54,104
61,020
19,122
40,327
71,047
36,025
1,395
59,549
50,928
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Statistical d iscrepancy
Allocations
of special
drawing
rights
(SDKs)
1,152
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
assets, net 1
(unadjusted,
end of
period)
26,756
30,074
33,958
24,982
19,942
36,085
11,154
26,760
17,839
15,566
18,461
103
578
9,033
8,100
-8,133
6,565
-6,547
13,071
-4,399
16,342
4,282
-12,784
22,498
U.S. official
3,981
3,569
3,006
-2,786
-3,876
3,655
4,141
-2,615
4,658
3,138
3,747
-3,585
-5,205
33,747
34,934
43,186
48,511
45,798
38,295
43,186
44,919'
46,595
48,087
48,511
48,824
45,140
45,070
45,798
43,186
41,028
47,788
Sources: Department of Commerce (Bureau ol Economic Analysis) and Department of the
Treasury.
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
26
Components of Money Stock and Liquid Assets
27
Aggregate Reserves and Monetary Base
27
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
:
28
29
29
Interest Rates and Bond Yields
30
Common Stock Prices and Yields
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
32
33
Federal Sector, National Income Accounts Basis
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.
' Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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