Full text of Economic Indicators : February 1988
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100th Congress, 2d Session
Economic Indicators
FEBRUARY
1988
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1988
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JOHN MELCHER (Montana)
JEFF BINGAMAN (New Mexico)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
J. ALEX McMILLAN (North Carolina)
JUDITH DAVISON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—S!ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
This issue includes data available as of March 2, 1988.
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the fourth quarter of 1987, according to revised estimates, current-dollar gross national product (GNP) rose 7.3
percent (annual rate) or $80.0 billion. Real GNP (GNP adjusted for price changes) rose 4.5 percent and the
implicit price deflator rose 2.7 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,800
4,800
SEA ONA LLY A DJUSTED A NNU At RA TE5
,-^
^^
„
^^.
c NP
cu }RE sITC)OL LAR S -
IN
4,000
4 ..000
,—-^
>
X'
3,600
X
„-
3,200
^*-^r
"-- ~ —
,—***
x
f^\
X^..^
~\
4 400
^-—^\
^"^
--- —
- - -. - -
"'
—
G^ p
^^
>OLLAR
IN 19 82 :
/
X
^
"
—
^xX^
2 400
—
_
2 000
\
19 79
1
(
i
19 81
19 80
,
,
1982
1983
\
19 84
I 1 I
\
1986
1985
19 87
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Exports ind imports of goods
ind service
Government purch ases of
goo .s and serv ices
Federal
Net
exports
Exports
Imports
Total
National
defense
Nondefense
and
1980
1981
1982
1983
1984
1985
1986
1987 r
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,010.3
4,235.0
4,487.7
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,967.0
437.0
515.5
447.3
502.3
664.8
641.6
671.0
716.7
32.1
33.9
26.3
-6.1
— 58.9
-79.2
-105.5
-120.3
351.0
382.8
361.9
352.5
383.5
369.9
376.2
427.4
318.9
348.9
335.6
358.7
442.4
449.2
481.7
547.7
530.3
588.1
641.7
675.0
735.9
818.6
869.7
924.3
208.1
242.2
272.7
283.5
310.5
353.9
366.2
380.9
142.7
167.5
193.8
214.4
234.3
259.3
277.8
295.2
65.4
74.8
78.9
69.1
76.2
94.6
88.4
85.7
322.2
345.9
369.0
391.5
425.3
464.7
503.5
543.4
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,000.3
4,219.3
4,442.3
1982: IV
1983: IV
1984: IV
3,212.5
3,545.8
3,851.8
2,117.0
2,315.8
2,493.4
409.6
579.8
661.8
14.1
-25.8
-67.9
335.9
364.7
385.7
321.9
390.5
453.6
671.8
676.1
764.5
293.2
276.1
326.0
205.4
221.5
244.1
87.7
54.6
81.9
378.7
400.0
438.5
3,272.4
3,514.8
3,806.8
1985: I
n
m
3,921.1
3,973.6
4,042.0
4,104.4
2,549.9
2,602.0
2,665.4
2,700.1
638.6
648.4
628.6
650.8
-51.5
-77.3
-84.7
- 103.5
376.3
370.6
364.2
368.7
427.7
447.8
448.9
472.2
784.1
800.5
832.8
857.0
336.3
339.4
361.9
378.0
250.2
253.7
265.1
268.2
86.1
85.7
96.8
109.8
447.8
461.1
470.9
479.0
3,899.8
3,955.1
4,044.4
4,101.9
n
m
4,174.4
4,211.6
4,265.9
4,288.1
2,737.9
2,765.8
2,837.1
2,858.6
683.4
679.4
660.8
660.2
-93.8
- 100.8
-110.5
-116.9
373.5
371.3
376.6
383.3
467.3
472.1
487.1
500.2
846.9
867.2
878.5
886.3
356.7
368.4
371.2
368.6
266.6
278.2
287.6
279.0
90.1
90.2
83.6
89.6
490.2
498.8
507.3
517.7
4,136.1
4,184.0
4,262.4
4,294.6
4,377.7
4,445.1
4,524.0
4,604.0
2,893.8
2,943.7
3,011.3
3,019.2
699.9
702.6
707.4
756.8
-112.2
-118.4
-123.7
-126.9
397.3
416.5
439.2
456.8
509.5
534.8
562.9
583.7
896.2
917.1
929.0
954.8
366.9
379.6
382.1
395.1
287.5
294.5
299.0
299.9
79.4
85.1
83.0
95.2
529.3
537.6
546.9
559.7
4,326.0
4,404.8
4,501.1
4,537.3
IT
1986: I
IV
1987: I
n
mr
IV
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]
Period
Gross
national
product
Personal
consumption
expenditures
2,000.4
G ross privat e
dome stic invest nent
Nonresidential
fixed
Residential
fixed
137.0
126.5
105.1
149.3
170.9
174.6
196.4
196.5
Expor s and imports of
gOO( s and sen ices
Change
in
business
inventories
Govern ment pure] ases
gooc s and sen ices
of
Federal
State
and
Final
sales
Net
exports
Exports
13.8
42.0
57.0
49.4
26.3
-19.9
-84.0
-108.2
-145.8
-135.7
388.9
392.7
361.9
348.1
371.8
365.3
377.4
425.6
332.0
343.4
335.6
368.1
455.8
473.6
523.2
561.3
620.5
629.7
641.7
649.0
677.7
726.9
754.5
773.6
246.9
259.6
272.7
275.1
290.8
324.2
332.5
337.9
171.2
180.3
193.8
206.9
218.5
236.7
250.7
264.1
75.7
79.3
78.9
68.2
72.3
87.5
81.8
73.7
373.6
370.1
369.0
373.9
387.0
402.7
422.1
435.7
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,600.1
3,699.5
3,778.3
Imports
Total
Total
National
defense
Nondefense
1980
1981
1982
1983
1984
1985
1986
1987 '.
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,607.5
3,713.3
3,820.3
2,249.3
2,352.6
2,450.5
2,496.3
379.2
395.2
366.7
361.2
425.2
454.1
443.8
447.7
1982: IV
1983: IV
1984: IV
3,159.3
3,365.1
3,535.2
2,078.7
2,191.9
2,281.1
352.3
390.4
444.4
115.8
159.9
169.6
-59.3
27.0
41.7
11.7
-46.2
-94.8
336.0
355.5
376.6
324.3
401.6
471.4
660.1
642.2
693.2
289.5
266.0
300.5
201.4
211.6
225.3
88.2
54.4
75.2
370.6
376.2
392.7
3,218.6
3,338.1
3,493.5
1985: I
n
m
3,568.7
3,587.1
3,623.0
3,650.9
2,314.1
2,337.0
2,376.1
2,383.2
440.0
457.2
454.1
465.2
172.6
171.2
174.9
179.7
19.5
17.3
-5.7
-1.6
-81.0
-107.7
— 114.9
-129.3
369.7
364.7
360.5
366.5
450.7
472.4
475.4
495.8
703.4
712.1
738.6
753.7
308.4
310.7
332.5
345.3
229.8
232.8
243.3
241.1
78.6
77.8
89.3
104.2
395.0
401.4
406.1
3,549.2
3,569.9
3,628.7
3,652.5
1986: I
II
HI
3,698.8
3,704.7
3,718.0
3,731.5
2,409.7
2,434.3
2,477.5
2,480.5
453.2
441.0
437.7
443.2
185.9
196.5
201.1
202.2
35.3
28.1
6.1
-123.0
-146.8
-161.6
-151.8
371.5
370.2
379.6
388.3
494.4
517.0
541.2
540.1
737.6
751.6
757.2
771.8
322.1
330.6
332.6
344.6
240.0
250.1
259.8
252.7
82.0
80.4
72.8
91.9
415.5
421.0
424.6
1987: I
3,772.2
2,475.9
2,487.5
426.0
437.9
463.8
463.2
198.2
196.8
193.5
197.3
-135.2
-132.7
- 138.4
-136.4
397.8
414.5
437.1
452.7
533.0
547.2
575.6
589.1
759.6
766.7
771.7
796.3
327.3
332.6
336.3
355.2
257.4
263.5
268.3
267.3
69.9
69.1
67.9
87.9
432.3
IV
iv
n
mr
IV .
3,795.3
3,835.9
3,877.9
2,024.2
2,050.7
2,146.0
2,520.7
2,500.9
-6.9
23.9
-24.5
-6.4
62.3
7.4
-14.4
47.6
39.0
24.6
56.7
408.4
427.1
434.1
435.4
441.1
3,663.4
3,676.7
3,711.9
3,745.8
3,724.5
3,756.3
3,811.4
3,821.3
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Gross private
domestic i ivestment
Personal c onsumption
expen ditures
Period
national
product
85.7
94.0
100.0
103.9
107.7
111.2
Total
Durable
goods
Nondurable goods
89.2
95.7
100.0
102.1
103.8
104.5
104.9
106.6
89.4
96.9
100.0
102.1
105.0
107.5
107.1
111.9
Exports an [ imports of
goods an 1 services
Gove rnment pure lases of goc ds and
ser <nces
Federal
Nonresidential
ixe
Residential fixed
117.1
122.5
127.6
85.1
93.4
100.0
98.8
97.9
97.5
98.5
98.9
89.4
96.6
100.0
102.2
106.0
108.2
111.1
116.2
90.2
97.5
100.0
101.3
103.2
101.3
99.7
100.4
96.0
101.6
100.0
97.4
97.1
94.8
92.1
97.6
84.3
93.3
100.0
103.1
106.8
109.2
110.2
112.7
83.4
92.9
100.0
103.6
107.2
109.5
110.8
111.8
86.4
94.3
100.0
101.4
105.5
108.1
108.1
116.2
86.2
93.4
100.0
104.7
109.9
115.4
119.3
124.7
Services
Exports
Imports
Total
National
defense
Nondefense
State
and local
1980
1981
1982
1983
1984
1985
1986
1987 '
117.5
86.6
94.6
100.0
104.1
108.1
111.8
114.3
118.9
1982: IV
1983: IV
1984: TV
101.7
105.4
109.0
101.8
105.7
109.3
100.7
103.1
104.1
101.0
103.1
105.8
102.7
108.3
113.5
100.7
98.3
97.9
99.1
103.1
107.2
100.0
102.6
102.4
99.3
97.2
96.2
101.3
103.8
108.5
102.0
104.7
108.3
99.5
100.3
108.9
102.2
106.3
111.7
1985: I
II
HI
109.9
110.8
111.6
112.4
110.2
111.3
112.2
113.3
104.6
104.5
104.6
104.3
106.3
107.4
107.6
108.6
114.8
116.3
118.0
119.4
98.0
97.5
97.3
97.1
107.6
107.6
108.0
109.5
101.8
101.6
101.0
100.6
94.9
94.8
94.4
95.2
109.0
109.3
108.8
109.5
108.9
109.0
109.0
111.2
109.5
110.1
108.4
105.4
113.4
114.9
116.0
117.3
1986: I
112.9
113.7
114.7
114.9
113.6
113.6
114.5
115.2
104.5
104.6
105.4
105.2
107.8
106.2
106.8
107.5
120.7
110.0
111.0
111.3
124.3
97.2
98.4
99.0
99.2
112.2
100.6
100.3
99.2
98.7
94.5
91.3
90.0
92.6
110.7
111.4
111.6
107.0
111.1
111.2
110.7
110.4
109.8
112.2
115.0
97.5
118.0
118.5
119.5
121.2
116.1
117.1
117.9
118.7
116.9
118.3
119.5
120.7
105.4
106.1
107.4
107.5
109.8
111.7
112.6
113.6
125.5
126.9
128.3
129.8
99.3
99.2
98.4
98.8
113.7
115.7
117.8
117.7
99.9
100.5
100.5
100.9
95.6
97.7
97.8
112.1
114.1
113.6
111.2
111.7
111.8
111.4
113.6
123.1
122.4
123.8
125.6
126.9
114.1
rv
n
m
rv
1987: I
n
in
IV
Source: Department of Commerce, Bureau of Economic Analysis.
83.9
92.6
100.0
106.2
111.6
122.0
123.3
99.1
112.2
122.2
108.3
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Ore ss national pr duct
Period
Constant
(1982)
dollars
Current
dollars
IV
n
Ill
IV
1987: I
n
in
IV '.
Chain price
index
Fixedweighted
price index
(1982
weights)
4.1
4.0
3.6
2.7
3.4
1.9
9.2
5.7
4.1
3.8
3.4
2.2
4.0
4.1
3.9
3.1
4.0
4.0
3.2
10.3
9.7
7.2
5.3
5.5
4.3
4.4
4.3
3.0
4.8
4.1
3.1
4.8
3.3
3.3
2.9
2.9
4.0
3.8
2.8
3.4
4.1
3.7
2.9
5.9
4.0
6.9
1.2
3.3
4.1
3.3
4.0
3.5
4.4
3.2
3.4
9.4
8.4
10.1
5.3
3.4
4.5
3.3
4.2
5.4
.6
1.4
1.5
1.8
2.9
3.6
.7
1.7
1.9
2.6
2.0
2.2
2.2
2.6
2.3
5.7
4.1
10.7
3.1
4.5
1.5
.3
7.3
.5
1.1
.0
3.2
2.5
4.4
2.5
4.3
4.5
4.2
3.5
2.8
2.7
4.2
3.7
3.3
3.2
4.5
4.1
3.4
3.7
5.0
7.1
9.5
1.1
-.7
1.9
5.4
-3.1
6.0
4.9
4.1
4.1
3.6
6.8
3.0
2.9
2.9
4.2
12.4
4.7
.6
7.3
1.7
3.6
4.7
3.0
7.4
5.5
7.1
6.3
3.8
2.1
4.1
3.1
7.0
3.6
5.3
2.1
8.6
6.3
7.3
7.3
1982: IV
1983: IV
1984: IV
1986: I
Implicit
price
deflator
-0.2
1.2
1.3
4.6
4.8
4.6
4.2
1984
1985
1986
1987 T.
n
in
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.8
8.2
6.5
6.0
9.0
9.4
6.3
4.1
3.9
3.5
2.4
3.2
— 0.2
1.9
-2.5
1985: I
Chain price
index
9.7
6.4
3.9
3.7
3.2
2.6
3.0
8.9
11.7
3.7
7.6
10.8
6.3
5.6
6.0
1980
1981
1982
1983
Implicit
price
deflator
Personal consumption e* penditures
Fixedweighted
price index
(1982
weights)
9.0
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
9.3
9.3
6.2
4.1
10.7
10.5
9.0
5.6
4.2
4.0
3.7
2.6
10.9
9.2
5.7
4.2
3.9
3.6
2.5
4.1
4.2
4.1
3.2
4.2
1.7
.3
3.6
3.0
3.6
3.0
5.5
5.2
4.0
5.7
5.2
4.0
4.2
4.1
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Curren t-dollar cos t and profit per unit o output (do liars) l
Gross ( omestic
prodi ct of
nonfin ancial
corporate business
(billions c f dollars)
Period
Current
1982
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Corpc rate profits with
inventory valuation a nd capital
consunr ption adjustments
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Total
Profits
tax
liability
Profits
after
tax 4
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
1980
1981
1982
1983
1984
1985
1986
1987 '.
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,282.8
2,376.1
2,496.9
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,127.1
2,182.2
2,241.7
0.852
.946
1.000
1.026
1.054
1.073
1.089
1.114
0.095
.109
.125
.123
.118
.119
.121
.123
0.077
.090
.094
.098
.100
.103
.104
.106
0.581
.632
.676
.679
.687
.702
.715
.727
0.031
.037
.043
.037
.039
.043
.045
.047
0.068
.078
.063
.089
.109
.107
.103
.110
0.037
.035
.026
.032
.036
.033
.036
.049
0.031
.044
.037
.057
.073
.074
.068
.061
17.096
17.194
17.318
17.867
18.288
18.674
18.969
9.939
10.861
11.699
12.124
12.570
13.103
13.566
1982: IV
1983: IV
1984: IV
1,779.4
2,012.5
2,201.8
1,760.2
1,940.5
2,069.5
1.011
1.037
1.064
.131
.120
.118
.096
.098
.102
.685
.680
.694
.042
.037
.042
.057
.103
.107
.023
.036
.032
.034
.066
.075
17.382
18.029
18.359
11.914
12.261
12.746
1985: I
2,230.9
2,266.2
2,312.4
2,321.8
2,091.1
2,115.1
2,148.7
2,153.5
1.067
1.071
1.076
1.078
.119
.119
.118
.120
.102
.104
.102
.103
.698
.701
.699
.709
.043
.043
.043
.044
.106
.106
.114
.103
.033
.031
.034
.033
.072
.075
.080
.070
18.458
18.588
18.849
18.787
12.883
13.022
13.173
13.324
2,353.3
2,358.6
2,387.7
2,404.7
2,176.7
2,171.9
2,180.8
2,199.3
1.081
1.086
1.095
1.093
.119
.121
.122
.123
.104
.101
.106
.104
.709
.714
.717
.720
.045
.046
.046
.045
.104
.104
.104
.102
.033
.034
.037
.040
.071
.069
.068
.062
18.941
18.930
18.974
19.073
13.437
13.525
13.608
13.724
2,434.8
2,465.4
2,521.1
2,207.6
2,219.9
2,254.4
1.103
1.111
1.118
.123
.124
.123
.105
.107
.107
.724
.728
.727
.045
.046
.048
.106
.106
.114
.045
.047
.051
.061
.059
.063
n
Ill
IV
1986: I
n
in
rv
1987:
1
I
n
m
18.933
18.964
!9.119
r
r
13.708
13.798
13. 897
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 nonfinancial corporate business with
the decimal point shifted two places to the left.
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-
Proprieto s' income
with in ventory
valuation md capital
consulnption
adjust ments
Farm
2,518.4
2,719.5
3,028.6
3,229.9
3,422.0
3,637.7
2,548.2
2,851.5
3,096.1
3,156.5
3,204.4
3,254.4
3,304.4
3,364.2
3,414.1
3,438.7
3,471.0
3,548.3
3,593.3
3,659.0
1982
1983
1984
1985
1986
1987 '
1982: IV
1983: IV
1984: IV
1985: I
II
ra
IV
1986: I
n
m
IV
1987: I
n
m
IV
1
1,907.0
2,020.7
2,213.9
2,370.8
2,504.9
2,647.5
1,931.1
2,092.7
2,272.7
2,314.9
2,351.5
2,386.3
2,430.5
2,464.8
2,487.6
2,515.1
2,552.0
2,589.9
2,623.4
2,663.5
2,713.4
Rental
income of
persons
with
capital
Nonfarm
24.6
12.4
30.5
29.7
37.2
48.8
28.5
19.3
28.1
31.7
32.2
22.9
31.7
28.0
48.1
36.3
36.6
51.3
47.3
40.6
56.1
tion
adjustment
13.6
13.2
8.5
9.0
16.7
19.1
15.8
12.4
5.6
7.3
9.1
9.3
10.1
14.0
17.4
17.2
18.4
20.0
18.9
17.3
20.1
150.9
178.4
204.0
227.6
252.6
279.0
159.8
188.6
209.7
220.4
224.2
229.5
236.3
242.8
250.1
256.2
261.2
269.7
275.8
282.1
288.4
Includes employer contributions for social insurance. (See also p. 5.)
Corpora te profits wit h inventory valuation an I capital
consulnption adjus ments
Profits Wl th inventory valuation
adjustme it and witho ut capital
consu mption adjus ;ment
Total
Profits
before tax
150.0
213.7
266.9
277.6
284.4
306.5
146.1
248.5
266.9
265.6
274.2
292.8
277.8
288.0
282.3
286.4
281.1
294.0
296.8
314.9
159.2
196.7
234.2
224.1
238.4
258.4
150.7
223.4
224.6
216.1
219.8
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.8
267.3
Inventory
valuation
adjustment
169.6
207.6
240.0
224.8
231.9
275.7
164.1
231.5
226.1
217.6
218.0
230.2
233.5
218.9
224.4
236.3
247.9
257.0
268.7
284.9
Capital
consumption
-10.4
-10.9
-5.8
-.7
6.5
-17.3
-13.4
-8.1
-1.6
-1.5
1.8
6.5
-9.8
17.8
11.3
6.0
-8.9
-11.3
-20.0
— 17.6
-20.4
-9.2
17.0
32.7
53.5
46.0
48.2
-4.5
25.1
42.3
49.5
54.4
56.0
54.2
51.3
46.7
44.0
42.1
48.2
48.0
47.7
48.7
Net
interest
272.3
281.0
304.8
315.3
326.1
336.7
266.9
290.2
313.1
316.5
313.2
313.7
317.9
326.6
328.7
327.5
321.7
323.6
331.1
340.6
351.6
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1982
1983
1984
1985
1986
1987 T.
1982: IV
1983: IV
1984: IV
1985: I
n
m
IV
1986: I
n
m
rv
1987: I
n
ra
rv.
expendi-
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,967.0
2,117.0
2,315.8
2,493.4
2,549.9
2,602.0
2,665.4
2,700.1
2,737.9
2,765.8
2,837.1
2,858.6
2,893.8
2,943.7
3,011.3
3,019.2
252.7
289.1
335.5
368.7
402.4
413.8
263.8
310.0
346.7
358.2
362.4
383.7
370.5
375.9
386.4
427.6
419.8
396.1
409.0
436.8
413.1
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
108.9
130.4
157.4
177.6
194.9
194.0
115.7
144.4
162.3
171.1
173.3
191.9
174.1
177.4
184.2
217.0
201.2
177.6
189.6
215.2
193.5
Furniture
and
household
equipment
95.7
107.1
118.8
128.7
139.9
146.6
99.1
112.4
122.7
125.0
127.0
129.5
133.5
134.7
138.3
142.9
143.8
146.0
146.0
147.9
146.6
Retail ales of
new pa ssenger
cars (mi lions of
un ts)
Non durable g )ods
Durabl goods
Other
48.1
51.6
59.3
62.4
67.6
73.2
49.0
53.2
61.8
62.1
62.1
62.4
62.9
63.8
64.0
67.8
74.8
72.5
73.5
73.7
73.0
durable
771.0
816.7
867.3
913.1
939.4
981.6
786.6
837.9
879.6
894.4
910.4
918.4
929.3
936.8
934.3
940.0
946.3
969.9
982.1
986.4
988.1
Food
398.8
421.9
448.5
472.8
497.8
514.7
407.0
430.8
456.1
463.5
471.2
474.9
481.7
489.4
494.7
499.6
507.5
514.8
515.0
514.0
514.9
Clothing and
shoes
Gasoline
and oil
124.4
135.1
146.7
157.2
167.5
177.1
126.5
141.1
149.8
153.2
155.8
158.8
160.9
163.4
167.2
169.8
169.6
174.0
175.8
178.7
179.9
89.1
90.2
90.0
92.6
75.3
80.1
89.8
91.9
89.0
90.6
94.3
93.5
92.1
87.7
74.4
70.6
68.4
75.8
80.6
82.7
81.4
Other
Domestics
158.7
169.5
182.1
190.5
198.8
209.7
163.4
174.0
184.7
187.2
189.1
191.2
194.5
196.3
198.0
200.0
200.8
205.3
210.7
211.0
211.9
1,027.0
1,128.7
1,227.6
1,347.5
1,458.0
1,571.6
1,066.5
1,167.9
1,267.1
1,297.3
1,329.2
1,363.3
1,400.3
1,425.2
1,445.1
1,469.5
1,492.4
1,527.7
1,552.6
1,588.1
1,617.9
5.8
6.8
8.0
8.2
8.2
7.1
6.0
7.4
7.7
8.3
8.1
9.3
7.1
7.7
7.9
9.5
7.8
6.7
7.0
8.0
6.7
Imports
2.2
2.4
2.4
2.8
3.2
3.2
2.5
2.6
2.6
2.5
2.7
3.0
3.2
2.9
3.1
3.5
3.5
2.8
3.0
3.6
3.3
SOURCES OF PERSONAL INCOME
Personal income rose $12.2 billion (annual rate) in January, following a rise of $27.1 billion in December. The
changes reflected several special factors: A pay raise for Federal Government employees, cost-of-living and other
adjustments to several Federal transfer payments programs, and changes in social security contributions affected
the January change, while subsidy payments to farmers and retroactive payment to Postal Service employees
affected both the January and December changes. Excluding these special factors, personal income increased
$20.5 billion in January and $13.9 billion in December.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,200
4,200
•
3,200
__-
^-1
'-—"""
T"
A
—
1
TOTAL PERSONAL INC:OME
.
___---""
1,600
•""V"""
\
1,600
WAGE AN 3 SALARY DISB JRSEMENTS
... — -•""
,_
1'
'
800
-
\
0THER INCOME
..«••*
,_. _..
,--
400
\
400
_.--/
200
**"
...
_
.-—
TRANSFER
PAYMENTS
- —''
, 1 , 1 , 1 . ! , , ! ....Illllll
.,...l....i M U l l l l l l l
iiinliiiii III.H..III
1983
1982
1981
1980
1984
1985
iniiliiiii
iiinliiiii H i l l l l l l l i
1987
1986
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
200
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietor ' income 3
Period
Total
personal
income
1980
1981
2,258.4
2,520.9
1982
1983
1984
1985
1986
1987 r
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Ocf
Nov r
Dec r
1988: Jan"
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
3,746.3
3,631.5
3,671.2
3,683.4
3,701.9
3,708.5
3,715.3
3,739.2
3,760.6
3,783.2
3,855.2
3,839.3
3,866.4
3,878.6
income
ments
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,974.9
2,089.1
2,212.7
2,150.2
2,166.4
2,173.1
2,181.5
2,193.7
2,198.9
2,209.7
2,228.8
2,239.8
2,257.6
2,271.9
2,281.0
2,296.1
138.4
150.3
163.6
173.6
182.9
192.3
201.1
210.2
205.9
206.7
207.4
210.0
209.0
209.6
210.4
211.1
211.9
212.7
213.5
214.4
215.2
Farm
20.5
30.7
24.6
12.4
30.5
29.7
37.2
48.8
42.0
56.2
55.6
58.0
41.6
42.3
43.9
37.7
40.2
79.3
39.3
49.7
39.2
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
160.1
156.1
150.9
178.4
204.0
227.6
252.6
279.0
265.6
270.2
273.2
274.1
275.8
277.7
279.9
282.8
283.6
286.0
289.0
290.2
292.7
Bental
income of
4
Personal
dividend
income
6.6
13.3
52.9
61.3
63.9
persons
13.6
13.2
8.5
9.0
16.7
19.1
19.5
20.0
20.4
19.7
18.9
18.2
17.8
17.3
16.7
18.9
20.6
20.7
21.1
68.7
75.5
76.3
81.2
87.5
83.9
84.4
85.0
85.3
86.5
87.0
87.9
88.8
89.4
90.0
90.5
91.0
91.4
Personal
interest
income
271.9
335.4
369.7
393.1
444.7
476.5
497.6
515.8
498.1
499.8
501.6
503.8
506.3
508.8
514.0
519.8
526.2
532.1
537.2
542.3
547.1
Transfer
Payments 5
324.7
368.1
410.6
442.6
456.6
489.7
518.3
543.0
532.2
534.5
534.3
537.3
545.4
541.7
545.2
545.2
547.0
551.4
550.8
551.3
564.2
4
Less:
Personal
contributions
for social
insurance
88.6
104.5
112.3
120.1
132.7
148.9
159.6
169.8
165.9
167.0
167.3
167.7
168.6
168.9
169.6
170.8
171.6
172.8
173.7
174.2
188.4
Nonfarm
personal
income 6
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,273.5
3,475.2
3,675.9
3,568.4
3,594.1
3,607.2
3,622.8
3,645.1
3,651.2
3,673.5
3,701.1
3,721.1
3,753.9
3,778.0
3,794.6
3,817.3
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the fourth quarter of 1987.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
8,000
6,000
6,000
1979
1987
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
Period
1 ersonal
income
Less:
Personal
tax and
nontax
payments
tquals:
Imposab
personal
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per c ipita
disposable personal
met me
Current
dollars
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
3,746.3
340.5
393.3
409.3
410.5
440.2
485.9
512.2
564.8
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,841.1
3,022.1
3,181.5
Current
dollars
1982
dollars
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,714.1
2,891.5
3,061.9
136.8
159.4
153.9
130.6
164.1
127.1
130.6
119.6
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.2
2,645.1
2,676.7
8,421
9,243
9,724
10,340
11,257
11,872
12,508
13,049
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) a
PerceiIt
Dolla 'S
Billio ns of dollar i
1980
1981
1982
1983
1984
1985
1986
1987 r.
1982
dollars
Per capit personal
consulnption
expen itures
9,722
9,769
9,724
9,930
10,419
10,622
10,947
10,979
7,607
8,320
8,818
9,515
10,253
10,987
11,588
12,169
8,783
— 1.1
7.1
8,794
8,818
9,139
9,489
9,830
10,142
10,239
.5
-.5
2.1
4.9
1.9
3.1
.3
7.5
6.8
5.4
6.1
4.5
4.3
3.8
227,754
230,182
232,549
234,829
237,051
239,323
241,620
243,812
Seasonally idjusted ann ual rates
1982:
1983:
1984:
1985:
IV
IV
IV
2,729.2
2,941.8
3,188.3
I
3,259.2
3,304.4
3,338.2
3,406.4
n
in....
IV
1986: I
n
m....
IV
1987: I
n
m....
r
IV ...
3,463.4
3,526.6
3,553.6
3,593.6
3,662.0
3,708.6
3,761.0
3,853.6
411.1
413.9
459.7
497.0
455.9
491.0
499.7
497.4
504.2
515.3
532.0
536.1
578.0
565.7
579.4
2,318.1
2,527.9
2,728.6
2,174.9
2,382.5
2,571.3
2,762.2
2,848.4
2,847.2
2,906.6
2,631.0
2,685.6
2,751.5
2,788.1
2,966.0
3,022.4
3,038.2
3,061.6
2,827.6
2,856.4
2,929.4
2,952.6
3,125.9
3,130.6
3,195.3
3,274.2
2,987.5
3,037.4
3,106.5
3,116.4
143.1
145.4
157.3
131.2
162.8
95.7
118.5
138.4
166.0
108.9
109.0
138.4
93.2
88.8
157.9
2,276.1
2,392.7
2,496.3
9,929
10,725
11,467
9,749
10,151
10,491
9,068
9,825
10,479
8,904
9,299
9,587
1.2
9.1
1.7
6.2
5.8
5.8
233,466
235,707
237,946
2,506.8
2,558.4
2,538.2
2,565.5
11,584
11,919
11,882
12,099
10,513
10,705
10,592
10,679
10,694
10,888
11,124
11,239
9,705
9,779
9,916
9,920
.8
7.5
4.8
5.7
3.4
4.1
238,452
238,977
239,618
240,246
2,610.5
2,660.2
2,653.2
2,656.7
12,318
12,525
12,560
12,626
10,842
11,024
10,968
10,956
11,371
11,461
11,729
11,789
10,008
10,088
10,242
10,229
4.7
5.5
3.6
3.6
240,782
241,313
241,896
242,489
2,674.6
2,645.5
2,674.7
2,712.1
12,865
12,858
13,090
13,381
11,008
10,865
10,958
11,083
11,910
12,090
12,337
12,338
10,190
10,216
10,327
10,220
4.4
3.0
2.8
4.8
242,971
243,480
244,094
244,701
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
-4.2
3.3
6.2
6.9
-2.0
— .4
1.9
-5.1
3.5
4.6
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 of 1987, according to current estimates, gross farm income rose $4.0 billion (annual rate) and
net farm income rose $2.7 billion.
BILL ONS OF DOLL/!^RS * (RATIO S CALE)
BILLIC NS OF DOLLA iS* (RATIO SOM.E)
240
200
240
200
160 .
s
(
^—
\
~~-—~*s
\
120
"—'——-^^f^
—-
• 160
•"-•
V
GROS S FARM INCO ME
80
60
40
40
20
20
10
10
- SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come
(jross
Period
Total
1980
1981
1982
149.3
166.3
163.5
1983
1984
1985
1986
1984: I
II
153.1
174.7
166.0
159.5
176.8
169.8
176.6
175.8
168.5
164.0
159.5
172.1
149.8
168.8
154.7
164.8
167.3
153.7
157.7
IV
1985: I
U
Ill
IV
1986: I
II
Ill
IV
1987: I
II
TH"
Livestock and
products
139.7
141.6
142.6
136.6
142.3
144.2
135.2
68.0
69.2
70.3
69.4
72.9
69.8
71.6
137.8
142.2
147.0
142.3
75.8
72.0
72.0
71.8
137.9
138.0
144.8
69.9
69.0
68.9
71.4
156.1
134.4
130.6
135.0
140.7
130.0
128.1
137.3
68.3
66.8
77.8
73.3
72.6
72.0
78.7
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 farni income
Cas h marketing reee pts
Total l
in
of farm ope rators from farmi ng
farm incom
Crops
71.7
72.5
72.3
67.1
69.4
74.4
63.6
62.0
70.1
74.9
70.4
68.0
68.9
76.0
84.7
66.0
63.8
57.2
67.4
57.4
56.1
58.6
Value of
inventory
changes 2
Production
expenses
-6.3
6.5
— 1.4
-10.9
6.2
-2.7
-3.3
133.1
139.4
140.0
140.4
142.7
133.7
122.1
2.1
7.3
8.8
143.1
143.6
142.9
141.1
6.6
1.1
24
-4.2
-5.1
138.3
135.3
132.2
129.0
-4.2
-3.5
-3.0
2.4
125.7
122.9
120.6
119.0
-2.0
-1.7
.9
117.9
117.0
118.5
Current
dollars
.
16.1
26.9
23.5
12.7
32.0
32.3
37.5
33.6
26.3
33.7
34.5
30.2
28.7
27.3
43.1
24.1
45.9
34.2
45.8
49.4
36.6
39.3
3
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
1982 dollars 3
18.8
28.6
23.5
12.2
29.7
29.0
32.9
31.6
24.4
31.2
31.8
27.5
25.9
24.5
38.4
21.4
40.3
29.8
39.9
42.5
31.2
33.3
CORPORATE PROFITS
In the third quarter of 1987, according to current estimates, corporate profits before tax rose $16.2 billion (annual
rate) and after-tax profits rose $7.4 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
SEASONALLY ADJUSTED ANNUAL RATES
320 P
280
280
PROFITS BEFORE TAX
240
240
200
200
160
160
120
120
S—x.
TAX LIABILITY,
-V
80
80
40
40
UNDISTRIBUTED PROFITS
I
1979
I
I
1980
I
I
I
I
1981
I
I
I
1982
I
I
I
I
I
1984
1983
I
I
I
I
I
I
I
I
I
1987
1986
1985
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Prc fits (before t ix) with inve ntory valuati on adjustmen t 1
Profits after ta X
Dmnestic indust •ies
Total
2
Total
Financial
Total
1980
1981
1982
1983
1984
1985
1986
1987 r
1982:
1983:
1984:
1985:
194.0
202.3
159.2
196.7
234.2
224.1
238.4
258.4
IV
IV
IV
I
n
m
rv
1986:
I
II
Ill
IV
1987: I
n
m
IV P
1
2
150.7
223.4
224.6
216.1
219.8
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.8
267.3
159.6
173.8
131.2
166.6
203.3
193.6
207.2
226.3
121.6
190.7
193.9
187.1
189.2
208.3
189.7
202.3
207.0
210.2
209.3
213.1
215.8
235.4
21.0
16.5
11.8
18.1
13.0
18.4
26.1
27.5
18.7
15.5
13.6
15.3
19.1
18.4
20.8
26.2
26.9
25.2
26.1
27.6
27.8
27.0
3
138.6
157.3
119.4
148.5
190.3
175.2
181.1
198.8
102.9
175.2
180.3
171.8
170.1
189.9
168.9
176.2
180.0
185.1
183.2
185.5
188.0
208.4
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Profits
before tax
Nonfmancial
Period
Manufacturing
sale and
retail
trade
77.1
88.5
58.0
70.1
21.6
32.5
34.6
38.9
51.2
88.8
72.2
69.4
91.4
46.8
88.6
79.8
67.8
68.4
80.1
72.4
61.9
72.5
68.0
75.4
75.4
85.5
100.7
51.4
52.1
52.0
33.6
43.1
51.8
52.0
52.8
55.7
45.0
55.8
48.2
54.6
49.7
56.2
45.2
52.1
3
237.1
226.5
169.6
207.6
240.0
224.8
231.9
275.7
164.1
231.5
226.1
217.6
218.0
230.2
233.5
218.9
224.4
236.3
247.9
257.0
268.7
284.9
Tax
liability
T
Total
84.8
81.1
63.1
77.2
93.9
96.7
105.0
138.2
59.8
88.1
87.0
94.0
93.2
100.5
99.1
98.1
102.1
106.1
113.9
128.0
134.2
143.0
152.3
145.4
106.5
130.4
146.1
128.1
126.8
137.6
104.3
143.4
139.2
123.6
124.8
129.7
134.4
120.9
122.3
130.2
134.0
129.0
134.5
141.9
Dividends
54.7
63.6
66.9
71.5
79.0
81.3
86.8
93.8
68.5
73.9
80.8
81.2
81.3
81.2
81.7
84.3
86.6
87.7
88.6
90.3
92.4
95.2
97.3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Econom : Analysis.
Undistributed
profits
97.6
81.8
39.6
58.9
67.0
46.8
40.0
43.8
35.8
69.5
58.4
42.4
43.5
48.5
52.7
36.6
35.7
42.5
45.4
38.7
42.1
46.7
tor
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
-5.8
-.7
6.5
-17.3
-13.4
-8.1
-1.6
-1.5
1.8
6.5
-9.8
17.8
11.3
6.0
-8.9
-11.3
-20.0
-17.6
r
-20.4
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the fourth quarter of 1987, nonresidential fixed investment rose $1.2 billion
(annual rate) while residential investment rose $4.4 billion. There was a $66.7 billion increase in inventories
following an increase of $22.9 billion in the third quarter.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
SEASON* LLY ADJUSTED ANNU AL KATES
—
_/700
700
.
—
^^/
GROSS F'RIVATE DOME STIC
ItsJVESTMENT
600
.^-—
400
/
/
.---'
—
600
/
y
\
\_
r
.
^1
""*- — ..
---'"'
500
/
^
"^^X
-
\_x
/
Y-^^X
500
-
^...._
400
NONRESIDENT AL
F XED INVESTM ENT
7=+^
---''
—
300
300
—
—
RESIDENTIAL
Fl> ED INVESTME^ IT
200
200
— - — • — •""""
—
—
^,
~x
100
100
s
_
--'" Xss
CHANGE IN BUSINESS i
INVE STORIES /
v
•--.---•
V
\
-""
1
-100
1979
i i
i
1981
1980
I
I I
1982
y
111
1983
,----x
--^
i
I
!
1984
i
1
1
1985
SOURCE: DEPARTMENT OF COMMERCE
!
1
i
1986
r^s_
\ \ \ -100
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
1''ixed investmen t
~
UTOSS
investment
1980
1981
1982
1983
1984
1985
1986
1987 r.
1982: IV
1983: IV
1984: IV
1985: I
.,.
n
m
IV
1986: I
n
m
IV
1987: I
n
mr
iv .
Source: Department of Commerce, Bureau of Economic Analysis.
437.0
515.5
447.3
502.3
664.8
641.6
671.0
716.7
409.6
579.8
661.8
638.6
648.4
628.6
650.8
683.4
679.4
660.8
660.2
699.9
702.6
707.4
756.8
Change iii business
mven tones
Nonresidential
Total
Total
445.3
491.5
471.8
509.4
597.1
631.6
655.2
671.3
469.5
548.8
616.8
617.3
629.9
631.0
648.3
645.1
651.9
657.3
666.6
648.2
662.3
684.5
690.1
322.8
369.2
366.7
356.9
416.0
442.6
436.9
442.9
354.9
383.9
435.0
431.5
445.6
442.0
451.5
440.7
433.8
433.5
439.7
422.8
434.6
456.6
457.8
Structures
113.9
138.5
143.3
124.0
141.1
152.5
137.4
133.9
137.6
127.4
146.6
150.6
154.4
152.9
152.1
149.6
135.9
131.1
132.9
128.7
129.7
137.1
140.1
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
290.1
299.5
309.0
217.3
256.5
288.4
280.8
291.3
289.1
299.3
291.0
297.9
302.4
306.7
294.1
304.9
319.5
317.6
Residential
122.5
122.3
105.1
152.5
181.1
189.0
218.3
228.4
114.7
164.9
181.8
185.8
184.3
189.0
196.8
204.4
218.1
223.8
226.9
225.4
227.7
227.9
232.3
Total
-8.3
24.0
-24.5
-7.1
67.7
10.0
15.7
45.4
59.9
31.0
45.0
21.4
18.5
2.4
2.5
38.3
27.5
3.5
6.4
51.6
40.3
22.9
66.7
Nonfarm
-2.4
18.3
-23.1
.4
60.5
13.6
16.8
36.6
-51.1
21.3
41.3
17.7
13.7
5.2
17.8
38.5
24.5
.9
5.1
48.7
27.3
11.1
59.3
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1987 survey, business spending for new plant and
equipment is expected to rise 7.3 percent in 1988, following an estimated rise of 2.9 percent in 1987.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
_ALL INDUSTRIES
300
300
200
200
NONMANUFACTURING -^
-'
MANUFACTURING
100
100
80
80
60
60
40
40
I
I
1980
I
I
I
I
I
I
I
I
1982
1981
1984
1983
I
I
I
1985
I I
1986
1987
_>/ SURVEYED QUARTERLY
2/SEE FOOTNOTE 4 BELOW
SOURCE, DEPARTMENT OF COMMERCE
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
M inufacturir g
Period
1979
1980
1981
1982
1983
1984
1985
1986
19874
19884
1986: I
11
m
IV
1987: I
II
Ill
IV
1988: I 4
II4
Nor manufactui ing
All
industries
Total
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.47
390.57
419.00
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
147.86
159.85
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.85
73.98
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.56
76.01
85.87
380.04
376.21
375.50
386.09
145.11
142.19
139.43
144.07
68.71
68.56
69.42
69.87
374.23
377.65
393.13
417.25
140.65
140.79
147.56
162.45
427.97
429.07
164.68
165.94
Non manufactu ring
Surveyed
quarterly
Mining
Transportation
Public
utilities
Commercial
and
other
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
242.71
259.15
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.18
11.85
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.80
19.10
20.63
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.53
45.04
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.38
167.89
181.63
76.39
73.62
70.01
74.20
234.93
234.03
236.07
242.02
13.13
11.29
10.14
10.31
18.50
18.40
18.81
19.50
47.17
46.43
45.81
46.12
156.14
157.91
161.31
166.08
145.11
142.19
139.43
144.07
234.93
234.03
236.07
242.02
70.47
68.76
71.78
76.40
70.18
72.03
75.78
86.05
233.58
236.87
245.58
254.80
10.31
11.02
11.64
11.74
18.98
17.67
19.17
20.60
43.60
43.48
44.90
46.16
160.70
164.69
169.87
176.29
140.65
140.79
147.56
162.45
233.58
236.87
245.58
254.80
78.41
77.70
86.27
88.23
263.29
263.14
11.86
12.04
22.92
20.53
45.36
46.56
183.15
184.01
164.68
165.94
263.29
263.14
Durable
goods
Nondurable
goods
Total l
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and rea! estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business 2
284.94
314.47
349.26
347.47
343.35
398.99
431.94
427.23
Manufacturing
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
147.86
159.85
Total
189.02
202.15
222.72
226.79
227.15
260.16
278.46
284.54
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
242.71
259.15
Surveyed
annually 3
29.98
31.68
34.04
36.89
38.56
44.55
44.81
47.75
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in October-November 1987, corrected for
biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In January, seasonally adjusted civilian employment rose 385,000 and unemployment rose 68,000.
MILLIONS OF PERSONS*
124
MILLIONS OF PERSONS*
124
SEASONALLY ADJUSTED
120
120
116
116
112
112
CIVILIAN LABOR FORCE
108
108
104
104
CIVILIAN
. EMPLOYMENT -
100
100
96
96
^
12
12
UNEMPLOYMENT
umluiu ,ini|nm
1980
1982
1981
1983
1984
1985
1986
1987
1988
* 16 YEARS OF AGE AND OVER
SOURCE, DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Noninstitutional
TJ
•
i
1980
1981
1982
1983
1984
1985
1986*
1987
1987: Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
1
population
including
resident
Armed
Forces
NSA
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
183,575
183,738
183,915
184,079
184,259
184,421
184,605
184,738
184,904
185,052
185,225
185,370
185,571
Resident
Armed
f orces
NSA
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,748
1,740
1,736
1,735
1,726
1,718
1,720
1,736
1,743
1,741
1,755
1,750
1,749
-. ,
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagticultural
Civilian
labor force
Total
Agricultural
Total
Part-time
for
economic
reasons l
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
4,064
4,499
5,852
5,997
5,512
111,303
114,177
106,940
108,670
110,204
111,550
113,544
115,461
117,834
119,865
120,726
120,970
120,982
121,098
121,633
121,326
121,610
122,042
121,706
122,128
122,349
122,472
112,762
113,084
113,191
113,541
114,060
114,018
114,359
114,786
114,615
114,951
115,259
115,494
118,978
119,230
119,246
119,363
119,907
119,608
119,890
120,306
119,963
120,387
120,594
120,722
111,014
111,344
111,455
111,806
112,334
112,300
112,639
113,050
112,872
113,210
113,504
113,744
107,840
108,119
108,218
108,556
109.065
109,108
109,427
109,907
109,688
109,961
110,332
110,529
122,924
115,878
121,175
114,129
3,174
3,225
3,237
3,250
3,269
3,192
3,212
3,143
3,184
3,249
3,172
3,215
3,293
5,211
5,458
5,180
5,104
5,058
4,979
5,154
5,016
4,986
5,067
5,241
5,004
5,145
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
108,856
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
Unempl jyment
Civilian e mployment
f
110,836
5,334
5,345
5,122
Total
Labor force
partici] ation
rate (pe rcetvt)
15
weeks
and
over
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
7,964
7,886
7,791
7,557
7,573
7,308
7,251
7,256
7,091
7,177
7,090
6,978
2,187
2,129
2,055
2,060
2,067
2,029
1,920
1,896
1,904
1,801
1,834
1,791
7,046
1,733
Total
64.1
64.2
64.3
64.4
64.7
65.1
65.6
65.9
65.8
65.8
65.8
65.8
66.0
65.8
65.9
66.1
65.8
66.0
66.1
66.1
66.2
Civilian 3
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.4
65.5
65.5
65.5
65.7
65.5
65.6
65.7
65.5
65.7
65.7
65.7
65.9
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In January, the seasonally adjusted overall unemployment rate was unchanged, at 5.7 percent; the civilian
unemployment rate was also unchanged, at 5.8 percent.
PERC:ENT*
;ENT* (SEASCDNALLY ADJUSTED)
(SEASC3NALLY ADJlJSTED)
PER(
25
25
20
20
A
V A -/i v
V
V
v\ .^
BLACK
jv
A
' "rv"
15
•v
_A
V
' 'V'
BLACK
AND OTHER
10
'"'—N
[
f
""
10
WOMEN 20 YEARS
AND OVER
ALL CIVILIAN WORKERS
/
^X^__
I/
5
*~~>*<ys '^r~r-^jJ/~---^^J_^
^"""^---^^^^
5
WHITE
0 Illllllllll
1984
t
TEENAGERS
(16-19)
.
A
15
-A
*
Illllllllll
1985
iiiiihiiii miihim i i i i i l i n i i
1 986
1 987
\
MEN 20 YEARS
AND OVER
niiilinn
0
1984
1 988
1
'^^^^
Illllllllll Illllllllll I l l l l l l l l l l
1987
1985
1986
mnlimi
1988
"UNEMPLOYMENT AS PERCENT OF Cl\ IUAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF EC ONOMiC ADVISER
SOURCE: DEPARTM ENT OF LABOR
[Monthly data seasonally adjusted]
Unempi oyment ra te (percen of civilia n labor force in group)
Period
Unemployment
rate,
all
workers 1
B y sex and age
All
civilian
workers
Both
sexes
16-19
years
White
Black
and
other
Black
17.8
19.6
23.2
22.4
18.9
18.6
18.3
16.9
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
13.1
14.2
17.3
14.3
15.6
18.9
6.2
6.4
6.8
8.3
8.1
6.8
6.6
6.2
5.4
17.8
14.4
13.7
13.1
11.6
6.6
6.5
6.4
6.2
6.2
6.0
6.0
5.9
5.8
5.9
5.8
5.7
6.7
6.6
6.5
6.3
6.3
6.1
6.0
6.0
5.9
6.0
5.9
5.8
6.0
5.8
5.7
5.6
5.6
5.5
5.4
5.2
5.0
5.1
5.0
4.9
5.9
5.8
5.7
5.5
5.4
5.3
5.4
5.3
5.4
5.2
5.2
5.2
17.7
17.9
17.8
17.3
17.6
16.0
15.8
16.2
16.4
17.2
16.6
16.1
5.8
5.7
5.6
5.5
5.4
5.3
5.2
5.2
5.1
5.2
5.1
4.9
5.7
5.8
5.1
5.1
16.0
5.0
7.0
7.5
9.5
9.5
7.4
7.1
6.9
6.1
7.1
7.6
9.7
9.6
7.5
7.2
7.0
1987: Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Women
20 years
and
over
5.9
6.3
8.8
8.9
6.6
6.2
6.1
5.4
1981
1982
1983
1984
1985
1986
1987
1980
Men
20 years
and over
By s elected grou] s
By race
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
7.9
10.5
10.4
11.0
10.9
9.3
9.3
9.1
8.4
8.6
8.1
7.9
7.1
9.5
9.5
9.3
9.0
8.8
8.9
8.5
8.4
6.3
6.2
6.1
5.9
5.9
5.9
5.7
5.6
5.5
5.6
5.5
5.4
8.9
8.8
9.1
8.6
8.7
7.3
8.1
8.2
8.4
8.3
8.2
8.0
7.6
7.5
7.4
7.3
7.2
7.1
6.9
6.9
6.8
6.8
6.8
6.6
8.9
5.4
8.3
6.6
4.2
4.3
19.5
15.9
15.1
14.5
13.0
12.5
12.6
12.4
11.8
12.1
11.5
11.4
11.3
10.9
10.8
11.0
10.9
14.1
14.0
13.9
13.0
13.7
12.8
12.7
12.4
12.3
12.1
12.2
12.2
6.3
6.2
6.1
5.9
5.9
5.8
5.8
5.7
5.5
5.5
5.5
5.4
4.2
4.1
4.1
4.1
4.0
4.0
3.8
3.7
3.7
3.7
3.5
3.4
9.8
9.6
9.7
9.4
10.9
12.2
5.5
3.6
9.2
10.4
11.7
12.2
10.3
10.4
9.8
9.2
Source: Department of Labor, Bureau of Labor Statistics.
12
Parttime
workers
8.8
9.4
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
6.5
6.5
4.6
4.3
4.4
3.9
Fulltime
workers
Labor
force
time lost
(percent) 2
6.9
7.3
9.6
9.5
7.2
6.8
6.6
5.8
8.5
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In January, based on seasonally adjusted data, the percentages of unemployed persons who had been out of work
for less than 5 weeks, for 15-26 weeks, and for 27 weeks and over fell, while the percentage out of work for 514 weeks rose. Both the mean and the median duration of unemployment rose.
PERCENT DISTRIBUTION'
PERCENT DISTRIBUTION*
70
70
REASOI-J FOR LINE WPLOYMENT
DURATION OF UNEMPLOYMENT
60
60
-\-~. ^
50
,A r^-
50
LESS THAN
5 WEEKS
\
V
N
'"\^'\
JOB LOSERS
40
40
5-14
WEEKS
REENTRANTS
30
30
.,- \j - -
.S-S"'
27 WEEKS
AND OVER
20
S EW ENTRAN 'S
>/~^_
~^ ,\ VT~
10 —.'—"
\
15-26
J OB LEAVERS
WEEKS
iiiiilniii
1984
1986
1985
^---J~
20
^'
10
-X
1984
1988
1987
lllllllllll l l l l l l l l l l l lllllllllll lllllllllll
1985
1986
l"987
1988
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Period
Unemployment
(thousands)
F ercent di stributio i
Medi-
Job
losers
Job
leavers
Reentrants
Newentrants
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
14.5
14.2
14.2
14.3
14.5
14.4
13.4
14.7
14.0
13.4
13.2
12.9
15.0
14.8
14.9
14.8
14.8
14.7
14.2
14.3
14.2
14.1
14.0
14.2
7.0
6.7
6.7
6.9
6.6
6.6
6.6
6.4
5.8
6.2
6.1
6.0
49.7
48.5
48.5
49.1
47.9
48.4
48.4
47.0
46.8
47.7
46.8
45.7
11.4
13.1
12.7
12.7
12.4
13.1
13.6
13.8
13.8
13.5
13.1
13.5
25.8
25.8
26.6
26.1
26.5
26.9
26.5
27.3
26.9
26.0
28.0
27.8
13.1
12.7
12.2
12.2
13.3
11.6
11.6
11.9
12.5
12.9
12.1
13.0
12.6
14.4
6.4
45.2
15.S
21.0
12.5
15-26
weeks
Average
(mean)
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
41.8
42.2
42.9
42.5
43.9
42.9
43.9
44.2
45.5
45.3
45.4
46.2
31.0
30.9
30.8
30.0
28.7
29.4
29.6
20.6
27.6
29.4
28.7
28.2
12.7
12.7
12.1
13.1
12.9
13.3
13.0
11.5
13.0
11.9
12.7
12.8
43.6
31.9
11.8
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
7,964
7,886
7,791
7,557
7,573
7,308
7,251
7,256
7,091
7,177
7,090
6,978
7,046
Insured
unemployment,
Numb er of
27
weeks
and
over
Less
than
5
weeks
Stat e
progra ms
fie as on for jnemplo} ment:
percent distributi )n
Dur ition of i nempfoy •ment
Insured
unemployment
Initial
claims
regular
programs
(unadjusted) 1
Weekly a^rerage, t lousands
1980
1981
1982
1983
1984
1985
1986
1987
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
1
,
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
488
460
58S
438
377
396
378
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,523
2,470
' 2,439
' 2,367
r
2,321
r
2,297
r
2,273
'2,223
r
2,I02
'2,035
' 2,037
""2,090
363
361
342
r
334
r
333
r
331
r
329
r
307
r
289
r
293
r
303
r
317
3,276
3,155
2,933
2,526
2,216
2,108
2,210
2,030
1,800
1,759
1,931
2,322
2,242
356
3,350
3,047
4,061
3,396
2,476
2,611
2,650
r
r
r
r
r
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 107,000 in January.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MIUIONS OF PERSONS*
^,-100
—
•
—
—"]
ALLN DNAGRICUL TURAL
"^"^
90
ES FABLISHMEN TS
80
"
"T"
70
60
SERV ICE-PRODUC ING
INDUSTRIES
—
—
50
40
16 r=
20
—
—
18
GOC3DS-PRODUC ING
INDUSTRIES
30
\
20
minium
i 1984
lilllllllil Illllllllll
1985
imilnm nmlimii\
1987
1986
1988
1984
1988
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Goods-] reducing industries
Period
Se rvice-produ sing industr es
y anufacturin g
Total
2
Construction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Finance,
insurance,
and real
estate
Services
Gover nment
Total
Federal
90,406
91,156
89,566
90,200
94,496
97,519
99,610
102,110
25,658
25,497
23,813
23,334
24,727
24,859
24,681
24,884
4,346
4,188
3,905
3,948
4,383
4,673
4,904
5,031
20,285
20,170
18,781
18,434
19,378
19,260
18,994
19,112
12,187
12,109
11,039
10,732
11,505
11,490
11,244
11,236
8,098
8,061
7,741
7,702
7,873
7,770
7,750
7,875
64,748
65,659
65,753
66,866
69,769
72,660
74,930
77,226
5,146
5,165
5,082
4,954
5,159
5,238
5,244
5,377
5,275
5,358
5,278
5,268
5,555
5,717
5,735
5,797
15,035
15,189
15,179
15,613
16,545
17,356
17,845
18,262
5,160
5,298
5,341
5,468
5,689
5,955
6,297
6,589
17,890
18,619
19,036
19,694
20,797
22,000
23,099
24,138
16,241
16,031
15,837
15,869
16,024
16,394
16,711
17,063
2,866
2,772
2,739
2,774
2,807
2,875
2,899
2,943
100,919
101,150
101,329
101,598
101,708
101,818
102,126
102,275
102,434
102,983
103,285
10,3,596
24,708
24,743
24,749
24,759
24,752
24,761
24,850
24.886
24,917
25,064
25,169
25,258
5,034
5,038
5,032
5,019
4,999
5,008
5,002
5,006
4,989
5,053
5,074
5,122
18,956
18,986
18,995
19,011
19,018
19,015
19,104
19,129
19,169
19,247
19,336
19,377
11,157
11,179
11,176
11,175
11,175
11,176
11,195
11,248
11,268
11,319
11,367
11,401
7,799
7,807
7,819
7,836
7,843
7,839
7,909
7,881
7,901
7,928
7,969
7,976
76,211
76,407
76,580
76,839
76,956
77,057
77,276
77,389
77,517
77,919
78,116
78,338
5,304
5,315
5,333
5,348
5,344
5,350
5,363
5,377
5,416
5,436
5,459
5,468
5,741
5,757
5,766
5,772
5,775
5,781
5,797
5,807
5,815
5,831
5,851
5,873
18,080
18,140
18,136
18,197
18,205
18,226
18,274
18,256
18,314
18,408
18,443
18,433
6,480
6,501
6,526
6,558
6,576
6,586
6,608
6,624
6,629
c
6,650
6,657
6,667
23,670
23,759
23,842
23,926
24,025
24,083
24,214
24,279
24,295
24,406
24,493
24,623
16,936
16,935
16,977
17,038
17,031
17,031
17,020
17,046
17,048
17,188
17,213
17,274
2,912
2,916
2,922
2,933
2,935
2,935
2,936
2,940
2,962
2,965
2,977
2,979
Jan".. 103,703
25,219
5,072
19,402
11,413
7,989
78,484
5,476
5,892
18,587
6,671
24,651
17,207
2,981
1980
1981
1982
1983
1984
1985
1986
1987 r
1987: Jan
Feb
Mar
Apr
May....
June...
July....
Aug....
Sept....
Oct
Nov r..
Dec r..
1988:
Total
nonagricultural
employment
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 persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagricultural employment of the civilian labor
force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they are not at work because of industrial disputes, bad
14
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gi oas hourly
earn ings
Average weekl\
hours
Period
Manufa cturing
Total
private
nonagncultural '
Total
private
nonagricultural 1
Overtime
Total
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
Oct
Nov
Dec r
34.7
34.9
34.8
34.7
34.9
34.8
34.8
34.9
34.6
34.9
34.9
34.7
1988: Jan p
34.7
35.3
35.2
1980
1981
1982
1983
1984
1985
1986
1987"
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Manufacturing
Adjust* d hourly earnin Era index — total private
nonagric ultural 2
Percent chang e from a year
earlic r 4 5
Ind ex,
1977 -100
Current
dollars •
1977
dollars 3
$7.27
3.3
3.4
3.7
7.25
7.68
8.02
8.32
8.57
8.76
8.98
7.99
8.49
8.83
9.19
9.54
9.73
9.91
40.9
41.1
40.9
40.6
41.0
41.0
41.0
41.0
40.6
41.3
41.2
41.0
3.6
3.6
3.6
3.5
3.8
3.7
3.8
3.8
3.6
4.0
3.9
3.9
8.86
8.88
8.91
8.91
8.95
8.94
8.96
9.02
9.02
9.08
r
9.12
9.10
9.79
9.81
9.83
9.86
9.88
9.88
9.87
9.93
10.02
10.00
10.01
10.02
171.2
171.8
172.2
172.6
172.9
172.9
173.2
174.1
174.6
174.9
175.8
175.4
9.0
9.1
6.9
4.6
3.2
3.1
2.5
2.5
-4.0
-1.0
.9
1.6
-.3
94.6
1.1
.3
-.6
93.8
93.5
2.2
2.1
2.2
2.5
2.4
2.2
2.4
2.7
2.9
2.8
2.7
2.6
41.1
3.9
9.14
10.04
176.3
93.6
2.9
155.4
160.3
165.2
169.3
173.5
r
1977 dollars
93.5
92.6
93.4
94.9
94.6
94.1
95.0
94.0
127.3
138.9
148.5
$6.66
Current
dollars
r
94.6
94.4
94.2
94.0
93.8
93.7
93.7
93.8
93.6
__ K
1.0
^ |
-1.2
-1.3
-1.4
— 1.4
-1.5
— 1.4
-1.7
-1.8
-1.8
J
|
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent el ange from
a year earlier,
total private n onagricultural 5
Avera ge gross weekly ea rnings
Period
Current dollars
1980
1981
1982
1983
1984
1985
1986
1987"
Manufacturing
Total private
nonagric ultural l
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
Construction
Retail trade
Current dollars
1977 dollars 3
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
r
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
$367.78
399.26
426.82
442.97
458.51
464.46
466.38
r
477.28
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
r
179.02
6.9
-5.8
8.5
4.7
5.0
4.3
2.1
1.9
2.5
-1.5
Novr
Dec r .
307.44
309.91
310.07
309.18
312.36
311.11
311.81
314.80
312.09
316.89
318.29
315.77
169.95
170.66
r
169.99
* 168.67
r
169.85
' 168.71
r
168.64
r
169.43
r
167.61
r
169.55
169.94
168.32
400.41
403.19
402.05
400.32
405.08
405.08
404.67
407.13
406.81
413.00
412.41
410.82
476.63
474.24
478.30
471.61
481.97
478.27
478.93
480.44
449.79
485.64
487.92
483.23
175.45
176.97
177.27
179.36
179.05
178.12
179.02
181.45
183.22
180.49
180.16
178.27
1.2
2.4
1.8
1.8
2.6
2.6
3.0
3.3
2.4
3.7
3.2
3.2
1988: Jan".
317.16
168.43
412.64
472.51
178.89
3.1
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
r
1
4
2
5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban wage earners
ind clerical workers (on a 1977 — 100 base). Seasonally adjusted data revised beginning 1983.
1977 dollars
Current dollars
1.2
1.9
.9
— 1.4
.4
-1.0
.1
.5
-1.0
^g
-1.1
-1.0
-.9
-.9
-1.8
-.9
-1.3
-1.2
-.9
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
3
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output p< r hour of
allpe rsons
Period
Business
sector
Nonfarm
business
sector
Outf ut '
Business
sector
Compens ation per
hou r 3
Hours of all
pers<>ns 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit lab or costs
Business
sector
Nonfarm
business
sector
Implic t price
defla tor 5
Business
sector
Nonfarm
business
sector
19rF7 = 100; |uarterly ( ata seasoilally adjus ted
1979
99.6
99.3
107.9
107.9
108.3
108.7
119.1
118.9
99.4
99.2
119.5
119.7
117.0
116.5
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.6
98.8
99.8
99.2
102.5
104.6
106.7
108.9
105.5
106.7
108.0
108.7
96.7
95.7
97.3
98.2
98.0
95.7
97.2
98.2
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
127.6
139.8
148.1
153.0
127.8
140.3
149.2
109.9
119.2
131.3
143.6
154.8
161.5
167.8
96.6
108.5
104.9
110.1
119.2
107.5
108.2
105.2
1985
1986
1987 "*
107.5
109.5
110.5
105.8
107.5
108.4
123.9
128.0
132.3
1982: IV
101.0
99.7
1983: IV
103.7
1984: IV
105.9
1985: I
106.5
107.2
108.2
107.9
1986: I
II
n
m
rv
in
IV
1987: I
II r
m ....
IV"*..
106.7
112.9
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.0
123.6
127.5
131.9
115.2
116.9
119.7
116.8
118.6
121.6
175.9
182.8
188.2
175.2
182.0
187.1
99.1
101.0
100.3
98.7
100.6
99.8
163.6
166.9
170.2
105.0
104.2
103.9
104.5
158.3
158.2
98.0
97.9
103.3
113.6
114.1
109.4
110.4
163.6
163.4
98.0
104.8
120.8
120.7
114.0
115.2
170.3
170.2
98.1
105.2
105.7
106.4
105.9
122.2
123.3
124.7
125.3
122.0
123.1
124.3
124.9
114.7
115.0
115.2
116.1
115.9
116.4
116.9
117.9
172.4
174.6
177.0
179.3
172.2
174.1
176.2
178.3
109.5
109.7
109.6
109.6
107.7
107.7
107.5
107.5
127.3
127.5
128.1
129.0
126.9
127.1
127.6
128.5
116.3
116.3
116.9
117.8
117.9
118.0
118.7
119.6
180.7
182.2
183.6
185.2
109.7
110.1
111.3
111.1
107.6
108.0
109.1
109.0
130.2
131.1
133.1
134.7
129.7
130.7
132.7
134.4
118.7
119.1
119.6
121.2
120.6
121.1
121.7
123.2
185.8
187.3
189.1
190.5
-1.2
-1.6
2.0
1.9
3.2
3.5
9.7
9.5
-1.4
-2.7
-1.0
156.0
157.6
160.4
158.2
154.3
159.0
165.6
169.3
172.6
162.4
165.8
170.0
164.1
167.8
171.8
156.8
158.7
150.2
151.4
97.9
157.7
158.2
155.2
156.2
98.0
160.8
162.4
159.8
161.0
98.5
98.6
99.4
99.7
98.4
98.3
98.9
99.2
161.9
162.8
163.6
166.1
163.6
164.7
165.7
168.3
160.8
162.0
163.0
164.0
162.2
163.6
164.9
165.7
180.0
181.3
182.6
184.4
100.1
101.3
101.4
101.6
99.7
100.8
100.9
101.2
165.0
166.2
167.5
169.0
167.2
168.4
169.8
171.5
164.3
165.4
166.9
166.7
166.4
167.3
168.8
168.8
184.9
186.3
187.9
189.5
100.7
100.3
100.3
100.2
100.2
99.7
99.6
99.6
169.4
170.2
169.8
171.4
171.8
172.5
172.2
173.8
168.2
169.6
170.7
171.3
170.3
171.4
172.5
173.1
-1.6
11.1
11.2
9.0
8.9
-2.7
-.9
1.5
1.1
-.3
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
2.8
2.0
2.0
3.2
2.2
2.0
2.7
2.1
2.5
3.2
2.3
2.4
Pe cent change; quarte rly data at seasonal] y adjusted annual ra ;es
1979
1980
1981
1982
1983
1984
-.3
1.4
-.4
2.7
2.5
.4
1.0
-.6
3.3
2.1
-1.1
2.1
3.1
4.2
8.4
-1.2
1.7
3.3
5.0
8.3
-.8
.7
-2.8
1.5
5.7
-.7
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
3.9
1985
1986
1987"*
1.8
1.9
.9
1.2
1.6
.8
4.0
3.3
3.4
3.6
3.2
3.4
2.1
1.4
2.4
2.5
1.6
2.6
4.7
3.9
2.9
4.4
3.9
2.8
— .7
.8
1.9
-.8
1982: IV
3.0
2.4
-.5
— 1.2
4.5
5.0
3.2
3.7
1.5
2.6
2.4
3.0
1983: IV
3.0
1.4
10.4
9.8
7.2
8.3
5.4
4.3
1.5
.4
2.4
2.9
4.8
3.1
1984: IV
-3.4
-3.5
1.6
1.0
-.2
1.1
2.0
1.5
1.0
3.5
3.1
2.1
2.1
3.8
3.9
.4
.6
2.3
2.9
2.7
3.3
1985: I
2.2
2.9
3.7
-1.0
1.5
1.7
2.6
-1.6
4.8
3.8
4.4
2.2
4.3
3.4
4.1
2.0
2.5
1.0
.7
3.2
2.8
1.7
1.5
3.6
5.1
5.1
5.7
5.1
4.8
4.5
4.9
4.9
1.7
.6
3.3
1.2
1.4
— .1
2.5
.9
2.8
2.2
1.9
6.2
3.2
2.7
2.2
6.6
2.5
3.0
2.5
2.5
3.0
3.5
3.2
2.0
1986: I
5.8
.6
-.3
-.1
6.6
.1
-.6
.0
6.4
.7
1.8
3.0
6.4
.6
1.7
2.9
.5
.1
2.1
3.1
2
.6
2.3
2.9
3.2
3.5
3.0
3.6
3.9
2.9
2.8
4.0
1.6
4.8
.5
.9
2.3
4.2
.4
1.3
-2.5
2.8
3.3
3.7
-2.6
2.8
3.5
4.0
.9
2.6
3.7
-.5
1.6
2.3
3.7
.0
1987: I
.5
1.4
4.7
-.7
.4
1.4
4.2
-.2
3.5
3.0
6.3
4.8
3.8
3.2
6.3
5.1
3.0
1.6
1.5
5.6
3.4
1.7
2.0
5.3
1.4
3.3
3.8
3.1
1.1
3.0
3.6
3.4
-3.9
-1.8
-.3
— .1
.9
1.8
-.9
3.9
.8
1.5
-.6
3.7
3.7
3.4
2.5
1.6
3.4
2.6
2.7
1.5
n
in
rv
n
m
rv
n r
m ....
IV "* ..
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
-3.7
-1.6
-.1
-.5
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
* Data do not reflect revisions of GNP and related items published February 25.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.2 percent in January, following a rise of 0.4 percent in December. The index for
January was 6.0 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
160
INDEX, 1977=100* (RATIO SCALE)
240
FINAL P 5ODUCTS
220
DEI ENSE AND
200
SPACE
EC3UIPMENT
180
^
TOTAL If-4DUSTRIAL PRODUCTI ON
140
"
r^^
Illllllllll Illllllllll
niiiliiin
•>
120
100
160
160
.^""
BUS NESS
3
EQUI MENT
/
Illltllllll
h-^—
140
^~~
DU *ABLE
X
_
120
-^^—/~
r^l
100 Illllllllll
iiinlniu
Illllllllll Illllllllll
HUlllllil
~-^~
— ^ — " ~^-'-'-
120 .--••---•
NONDU [ABLE
100
1
5
MANUF/VCTURING PRODUCTKDN
140
_. —I
Illllllllll
CONSUMER
GOODS
Illllllllll Illllllllll Illllllllll
PERCENT*
Illlllllll!
100
CAPACrFYUTILIZAT ION RATE (TOTAL INC USTRY)
140
UTILITIES ANDMIN NG PRODIJCTION
120
»_*
s~^O\> A
—voti^^
100
— MINING-
Illllllllll
1984
Illllllllll
1985
90
UTILITIES
Vs.--.V~
S
f
80
**
-—•—-—1 -~
:,n n r^
_^
~>~
F~^~H
/"
^v_x-
imilimi
1986
70
Illllllllll Illllllllll
1987
1988
Illllllllll Illllllllll
1984
1985
Illllllllll
1986
"SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Illllllllll
1987
Illllllllll
1988
COUNCIL OF ECONOMIC ADVISER?
[Monthly data seasonally adjusted]
Industry pro [uction indexe , 1977 = 100
To tal
indu strial
prodi ction
Capacity utilization
rate, p< rcent l
Manufacturing
Period
1
1977 = 100
Utilities
Nondurable
Total
industry
Manufacturing
49.10
35.11
9.83
5.96
1.9
1.1
3.8
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.6
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
136.7
112.4
117.5
109.3
102.9
111.1
108.9
100.4
T
100.5
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
70.3
73.9
80.5
80.1
79.7
81.0
Novr
Dec r
126.2
127.1
127.4
127.4
128.2
129.1
130.6
131.2
131.0
132.5
133.0
133.6
-.1
1.3
2.9
2.1
3.1
4.1
4.6
5.1
5.2
5.8
5.8
5.4
130.7
131.6
132.4
132.4
133.2
134.0
135.6
135.9
135.7
137.3
137.9
138.5
129.3
130.8
131.5
130.9
131.4
132.0
133.5
133.8
133.7
136.8
136.7
137.1
132.7
132.9
133.7
134.6
135.7
136.9
138.5
138.8
138.6
138.1
139.4
140.6
99.4
98.8
98.3
98.6
99.2
99.2
99.2
100.9
101.9
103.6
104.2
103.2
108.0
108.5
107.9
106.0
109.6
109.4
111.2
112.9
111.2
112.1
112.9
112.6
79.2
79.7
79.7
79.6
79.9
80.3
81.1
81.4
81.1
81.9
82.0
82.2
79.6
80.0
80.3
80.2
80.4
80.8
81.5
81.5
81.3
82.0
82.2
82.4
Jan *
133.8
6.0
138.9
137.2
141.2
102.6
114.0
82.2
82.4
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
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Ocf.
1
Durable
Total
84.21
1977 proportion
1988:
Mining
from year
earlier
Output as percent of capacity.
-1.9
2.2
-7.1
5.9
11.2
79.3
78.2
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Produc ts
Mate rials
Final produc s
Intern lediate proc ucts
C onsumer go ods
Equipment
Period
Total
Total
1977 proportion
44.77
25.52
1980
1981
1982
1983
1984
1985
1986
1987 r
1987: Jan
Feb
Mar
Apr
May
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
133.3
134.8
135.1
134.5
135.5
136.2
137.9
138.4
137.8
139.3
139.1
139.2
139.5
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.7
125.5
126.4
126.7
125.5
127.3
127.2
128.9
129.4
127.7
129.0
129.1
129.3
129.8
June
July
Aug
Sept
Oet r
Nov r
Dec r
1988:
1
Jan"
Durable
goods
Nondurable goods
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
118.8
121.0
119.8
116.7
120.1
117.4
120.4
121.2
118.6
124.3
123.7
120.3
120.8
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.5
128.0
128.4
129.3
128.7
130.0
130.9
132.1
132.5
131.0
130.8
131.1
132.6
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.8
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.4
143.5
146.0
146.2
146.4
146.3
148.1
149.7
150.2
151.2
153.0
152.4
152.4
138.6
141.7
141.9
142.1
141.7
144.2
145.6
145.6
146.3
148.7
148.3
148.7
133.1
152.4
148.6
Total '
Business
Defense
and
space
equipment
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
189.1
187.3
188.9
188.6
189.2
189.3
188.6
188.7
189.1
189.8
190.3
189.8
189.7
190.2
Total
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.5
138.8
139.9
140.9
140.3
141.8
143.3
145.0
145.3
144.9
146.1
147.2
147.7
148.2
Construction
supplies
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.6
130.3
130.0
130.4
128.2
129.1
131.5
133.1
132.5
132.3
133.3
134.0
134.6
134.6
Business
supplies
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.6
146.0
148.4
149.9
150.6
152.6
153.4
155.2
156.3
155.6
157.1
158.5
158.8
Total
Energy
42.28
11.69
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
114.9
114.9
115.2
115.9
116.3
117.2
118.5
119.4
119.7
121.2
122.2
123.3
123.4
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.7
99.3
98.6
97.2
97.8
98.7
99.4
99.0
100.9
100.2
101.8
102.4
101.3
101.6
Includes rigs and prefabs, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nc ndurable manufactu res
Durable m anufactures
Transp ortation
equi] ment
Primary metals
Period
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987 r
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov r
Dec r
1988: Jan "
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.5
72.8
75.1
77.0
76.1
77.0
78.8
81.4
85.1
84.5
90.6
90.0
92.6
91.0
Source: Board of Governors of the Federal Reserve System.
18
Iron and
steel
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.8
59.5
62.3
65.4
65.0
65.7
68.3
70.9
76.0
74.6
82.0
79.7
85.0
Fabricated
metal
products
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
108.4
108.3
110.5
109.9
108.5
111.1
111.1
110.1
111.1
113.5
113.8
115.5
116.0
Nonelectrical
machinery
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.5
143.4
145.5
148.5
150.4
149.7
151.8
155.3
154.3
156.6
158.0
157.3
158.6
159.2
Electrical
machinery
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.2
170.4
171.0
168.5
168.4
171.1
170.5
172.5
174.3
173.4
175.5
175.7
175.3
176.3
Total
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
129.0
132.7
132.2
127.8
129.4
126.5
127.6
128.1
125.5
132.0
130.4
128.4
128.0
Motor
vehicles
and
parts
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
112.0
117.7
116.5
109.8
112.0
107.4
109.4
109.1
105.6
116.0
114.0
110.5
109.0
Lumber
and
products
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.5
128.5
129.6
128.9
127.8
130.3
131.1
132.8
131.1
126.9
129.8
134.0
135.8
Apparel
products
Printing
and
publishing
Chemicals
and
products
Poods
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.0
166.3
164.4
167.6
169.2
171.4
174.1
174.0
174.7
174.9
175.2
175.6
175.9
178.0
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.1
136.4
135.7
135.3
137.3
138.1
139.3
140.8
142.3
142.4
141.5
144.2
146.8
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.7
134.6
136.4
137.3
136.0
137.4
137.7
138.5
138.8
139.5
138.0
138.4
139.4
106.1
106.5
105.4
105.3
106.4
107.7
109.7
108.4
107.6
108.0
109.3
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 3
Private
Period
Total new
construction
expenditures
Resi ential
Total
New housing
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(19*2 = 100)
Commercial
and industrial
floor space
(mmions oi
square feet)
I illions of dollars
1979
252.4
1980
1981
1982
1983
1984
1985
1986
1987
251.7
193.3
260.2
246.6
203.6
281.3
227.5
328.6
356.0
388.8
398.9
271.0
291.7
316.6
r
200.7
192.9
323.6
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
197.3
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.7
55.0
58.7
53.8
68.6
82.7
78.0
73.5
42.3
46.2
49.4
49.5
48.1
48.5
50.5
51.5
52.8
51.7
58.5
56.5
53.7
53.8
57.7
64.3
72.2
75.3
70.4
72.8
71.3
69.8
73.8
72.0
72.6
75.2
74.1
74.2
79.1
75.7
52.0
50.5
50.1
51.1
51.7
51.4
53.2
54.4
53.8
53.7
54.8
56.5
74.5
75.2
76.1
75.7
75.3
72.9
74.6
73.0
77.9
76.8
77.4
78.1
r
!58
r
!59
r
!67
r
!57
r
!57
r
!67
r
!65
r
!74
r
!60
r
157
157
911
1,012
74.5
55.1
74.3
145
833
42.0
46.7
100
100
124
M36
r
!50
!58
r
162
Annual rates
1987:
Jan
Feb
Mar
Apr
May
310.2
401.6
326.5
388.3
396.2
396.7
397.2
398.5
402.9
402.8
403.5
312.2
320.5
321.4
Novr
Dec r
405.1
406.8
324.3
323.8
329.8
324.9
326.7
327.7
328.7
Jan "
395.2
321.0
June
July
Aug
Sept
Oct
1988:
384.7
187.8
203.1
190.8
199.5
195.9
200.9
197.0
198.8
193.9
196.5
137.3
137.0
139.5
139.7
139.4
138.2
137.9
138.2
140.0
141.0
142.4
143.4
191.3
139.1
198.0
200.2
1
Includes the following categories of private construction not shown separately: residential
improvements, railroads, electric light and power, gas, petroleum pipelines, and farm nonresidential.
2
Includes hotels and motels.
3
F.W. Dodge series.
1,059
904
919
690
756
955
1,097
1,016
1,004
109
97
Annual rates
!64
r
969
885
926
r
938
r
r
r
921
' 1,011
r
r
l,017
l,016
' 1,032
r
987
NOTE.—F.W. Dodge construction contracts series revised.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information System
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New prh ate homes
New private housing units
Units started, irv type of structure
Period
Total
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,149.5
1,741.8
1,805.4
1,620.8
1979
1980
1981
1982
1983
1984
1985
1986
1987r
1 unit
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.6
2-4 units
5 or more units
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.9
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
1,539.0
Units
compieted
Homes sold
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,664.1
709
545
1,956
1,726
1,689
1,830
1,621
1,601
1,698
1,666
1,581
1,549
1,562
1,635
'719
Homes for
sale at end of
period 1
3
398
336
272
251
300
353
346
357
364
r
357
436
412
623
639
688
750
672
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
Seasona .y adjusted annu al rates
1987:
Dec '
1,245
1,285
1,206
1,201
1,125
1,086
1,142
1,109
1,211
1,105
1,129
1,041
79
74
85
r
66
r
65
85
59
r
58
r
49
67
51
49
Jan »
1,377
1,011
51
June
July
Aug
Sept
Oct
r
Novr
1988:
r
1,804
r
1,809
r
1,723
' 1,635
' 1,599
' 1,583
r
1,594
r
1,583
' 1,679
1,538
1,661
1,404
Jan
Feb
Mar
Apr
May
1
2
r
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
r
416
r
419
366
481
314
1,652
1,676
1,719
1,598
1,493
1,517
1,487
1,502
1,502
1,463
1,469
1,361
315
1,250
480
450
r
432
r
368
409
r
412
r
r
393
r
r
r
738
720
728
649
r
358
358
359
356
644
653
631
588
359
359
361
361
360
361
364
535
369
640
672
r
673
r
7.4
7.5
8.1
7.8
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83
data are for 16,000 places.
Seasonally adjusted housing starts and sales revised beginning 1985.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In December, manufacturing and trade sales rose 1.2 percent, while inventories rose $5.9 billion. In January,
according to advance data, retail sales rose 0.5 percent, following a rise of 1.2 percent in December.
BILLI DNS OF DOL LARS* (RATIC3 SCALE)
BILLIC)NS OF DOLL ARS* (RATIC) SCALE)
800
220
X
200
—
,<"
700
.—— "
^~~~
600
_
180
\
1
MANU FACTURING AND
TRAC E INVENTOR IES
r
-
160
^|
,—^v
==
r^
^—- ^
TAIL INVENT ORIES
—
x^
—
_
140
500
f \ ""
** ^ •- -v/ "
A
M ^UFACTUR NG
k\•JD TRADE St ^LES
-•-"*
120
/""
400 —*±.———
—
-—
-—-•'"
•"
*• — * *"*
~
A_/". , _ _ - * - -
""A
(ETAIL SALES
—
iiiiiliini
lllllllllll
80
300
lllllllllll lllllllllll
imiliim
RATIC)*
1 80
1.60
200
_
_ INVENTCDRY-SALES RATIO
—
-^***^»y /•» (p^n
1.40
MANUF ACTURING
ANC) TRADE
-
RETAI
1.20
lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll
1984
1985
1987
1986
1 1 1 \ 1 1 1 p 1 1 ,,,,,),,,,, 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1.00
1984
1988
1985
1986
1987
SEASONALLY ADJU STED
OURCE; DEPARTME NT OF COMMERCE
s
Man uf act uring and
trac e 1
M M 1 1n i u
1988
COUNCIL OF ECO ^OMiC ADVISERS
Sales
Inven-
Inventories 3
Sales 2
348,746
369,266
408,721
419,459
425,752
574,126
589,280
641,328
650,695
652,624
96,290
100,424
113,404
114,563
115,109
129,803
140,865
144,244
147,352
443,623
652,624
118,462
147,352
Inventory- ales ratio 4
He tail
Who esale
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
Durable
goods
stores
3
Nondurable goods
stores
Manufacturing
Retail
Millions of dollars, seasonally idjusted
1982
1983
1984
1985
1986 '
1986: Dec
1987:
T
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
Dec p
1988: Jan p
1
r
424,236 * 658,570
660,470
443,169
663,010
445,032
444,357
665,877
671,609
446,282
451,734 674,753
452,652
677,743
678,442
457,499
462,434
682,323
462,411 689,926
696,416
460,616
466,234
702,303
116,545
123,281
123,009
123,439
124,486
124,836
126,196
128,164
129,912
130,384
127,400
127,419
28,169
33,161
38,948
43,165
47,338
60,937
64,438
68,499
71,803
73,863
134,509
147,325
166,300
179,671
187,034
52,523
75,164
187,034
118,049
124,280
124,593
124,960
124,867
126,307
127,061
128,931
126,790
125,631
125,990
r
127,459
43,481
47,365
47,942
48,135
47,783
48,981
49,735
51,143
49,706
48,660
48,786
r
49,692
" 74,568
76,915
76,651
76,825
77,084
77,326
77,326
77,788
77,084
76,971
77,204
' 77,767
189,000
190,527
193,355
195,042
197,088
200,039
201,762
201,826
202,408
204,740
207,317
210,464
128,078
50,319
77,759
89,107
97,599
107,448
114,968
121,201
128,196
149,347
149,408
149,565
150,050
152,673
153,093
152,648
151,222
153,245
156,632
157,287
158,183
127,687
T
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period. Data are on a current-cost basis beginning December 1980 for wholesale and
retail and beginning January 1982 for manufacturing; not comparable with data for prior periods.
2
3
20
r
4
61,911
70,092
80,737
90,791
94,930
72,598
77,233
85,563
88,880
92,104
1.67
1.56
1.52
1.54
1.54
94,930
92,104
1.47
96,606
97,831
99,293
99,767
101,876
103,541
104,385
104,044
104,445
106,473
108,252
110,003
92,394
92,696
94,062
95,275
95,212
96,498
97,377
97,782
97,963
98,267
99,065
100,461
1.55
1.49
1.49
1.50
1.50
1.49
1.50
1.48
1.48
1.49
1.51
1.51
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.49
1.44
1.48
1.50
1.54
1.46
r
1.60
1.53
1.55
1.56
1.58
1.58
1.59
1.57
1.60
1.63
1.65
1.65
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In January, manufacturers' shipments and new orders fell; inventories and unfilled orders rose.
BILLIC)NS OF DOL ARS* (RATIO SCALE)
BILLIC3NS OF DOL LARS* (RATIC3 SCALE)
280
240
440
200
SHIPME NTS
1—r"1
'
•
160
1
DURABLE GOODS-
_^
200
—-Li-..-.* '•~~~-'J^.
80
~*~
280
— TOTAL-
120
— INVENT ORIES
360
—^—
\
TOTAL
.--•—
120
\
60
!•• ONDURABLE GOODS
miiliiin n u i l n m
1 1 1 ' 1 1f 1 1 1 1 1 1 1 1 1 11 1 1 1 1 f 1 1 j f [ 1 1 1 11
80
BILLIC)NS OF DOL ARS* (RATIO SCALE)
2BU
240
. —-"
DURABLE C OODS
160
I
\
NONDURABLE C oops
.
Y-
60
— NEWO *DERS
?nn -_——_-- _—~160
r
h-_^~-TOTAL —
—-—--"""^
RATIO »
2.20
'
INVENTO RY-SHIPME NTS RATIC
2.00
120
DU! iABLE
GOOD)S
—-
1.80
—
-•c
'
80
1.60
-
^"--^^_
L—1
NONDURA 3LE GOODS
1.40
60
1 1 II till 1 1 1
1984
1 1 1 1 j 1 11 1 1 1
1 1 1M 111 M 1
1985
1 11M 1 1111 1
1987
1986
1.20
Minium
1988
iniiiti in
1984
l|MllllllI
1985
1986
1987
1988
•SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
ftManufacturers new orders i
Manufa cturers' inver tories 2
Manufa cturers' shipinents l
Durabl 2 goods
Period
Total
Durable
goods
Nondurable goods
Nondurable goods
Durable
goods
Total
Total
Total
Capital
goods
industries,
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
defense
Millions
1980
1981
1982
1983
1984
1985
1986
1987"
1986: Decr
1987: Jan r
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov '
Dee"
1988: Jan"
1
154,391
168,129
163,350
171,242
187,869
189,928
189,442
200,695
197,474
189,642
195,608
197,430
195,958
196,929
200,591
199,395
200,404
205,732
206,396
207,226
211,356
207,691
77,550
83,872
79,352
84,956
96,623
98,930
100,142
105,300
106,394
99,255
103,601
104,750
102,747
102,477
104,476
103,032
104,135
108,433
108,251
108,378
r
113,026
109,100
76,841
84,257
83,998
86,286
91,246
90,997
89,300
95,395
91,080
90,387
92,007
92,680
93,211
94,452
96,115
96,363
96,269
97,299
98,145
98,848
98,330
98,591
264,281
282,645
311,421
312,152
334,163
326,780
r
318,238
333,656
318,238
320,223
320,535
320,090
320,785
321,848
321,621
323,333
325,394
326,670
328,554
331,812
333,656
336,340
2
of do Jars,
174,620
186,347
200,711
200,220
218,524
213,750
r
207,854
216,753
207,854
2
208,935
208,644
207,987
208,683
209,096
208,654
209,951
210,921
211,680
213,436
215,931
216,753
218,773
Monthly average for year and total for month. Shipments are the same as sales.
End of period. Data beginning 1982 are on a current-cost basis, and are not comparable with
data for prior periods.
3
End of period.
2
seasoilally adjust 3d
89,661
96,298
110,710
111,932
115,639
113,030
r
110,384
116,903
110,384
111,288
111,891
112,103
112,102
112,752
112,967
113,382
114,473
114,990
115,118
115,881
116,903
117,567
2
156,161
167,752
161,600
173,915
190,065
190,631
189,482
203,196
196,894
187,629
r
194,485
199,399
200,624
201,397
205,454
206,065
203,157
206,719
209,399
209,626
213,822
212,571
79,360
83,553
77,676
87,485
98,875
99,600
100,131
107,601
105,681
96,913
101,932
106,213
106,977
106,992
109,181
109,213
106,678
109,345
111,095
110,949
r
115,620
113,861
23,259
24,050
21,469
22,143
26,714
26,970
26,671
29,632
29,142
26,771
26,856
27,396
28,310
30,031
29,987
31,982
29,540
29,753
30,416
30,085
' 33,879
34,746
76,801
84,199
83,924
86,431
91,189
91,030
89,351
95,595
91,213
90,716
r
92,553
93,186
93,647
94,405
96,273
96,852
96,479
97,374
98,304
98,677
98,202
98,710
323,393
319,094
306,302
338,849
365,177
373,495
* 372,974
403,496
372,974
370,961
369,251
371,220
375,886
380,354
385,217
391,887
394,640
395,627
398,630
401,030
403,496
408,376
1.67
1.65
1.95
1.80
1.74
1.74
1.70
1.62
1.61
1.69
1.64
1.62
1.64
1.63
1.60
1.62
1.62
1.59
1.59
1.60
1.58
1.62
4
Annual data are averages of monthly ratios. Data beginning 3982 are not comparable with data
for prior periods (see footnote 2 regarding inventories).
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In January, the producer price index for all finished goods rose 0.4 percent, seasonally adjusted. Prices of finished
consumer foods rose 1.7 percent while prices of other finished consumer goods fell 0.4 percent. Capital equipment
prices rose 0.2 percent. (Series revised.)
INDE X, 1982=100 RATIO SCALE)
120
s EASONALLY
INDEX, 1982 == 100 (RATIO SC-ALE)
120
ADJUSTE D
FINISHED) GOODS PRI CES
CON,5UMER
FO ODS
CAPITA L
110
\
/^>c/--S.-»'
_-- -*~Tj s^
— "^
100
'j}*^~~
••' \ s
rVvC" . ,
__/
"
110
^/-~^~~\
\\r-^s'
•
\
~*
crONSUMER
GC ODS
E XCLUDING FO ODS
^/
/
;
i
N
i
/^~"V
y
r^r—L™-*"^^^^7^ 4t-
. -1I—'*" /*'
^>~~~^/f* \-J'
= __^
* ^^*
*--
EQUIPMENT
X
/—'
/ —~
TOTAL
- FINISHED
• - GOODS - 100
^^'
f/
j
/.<
d
/
f/
t
fjf's'
"
i-
jT
/
'
''
Illllilllll
Illllllllll
Illllllllll
1980
1981
1982
imilmi! imiiimi Illllilllll urn inn mil urn imilmii
1985
1984
1983
1986
1987
>OURCE: DEPARTMEN OF LABOR
1988
COUNCIL OF ECONOMIC ADVISERS
[1982=100; monthly data seasonally adjusted]
Fim shed goods
Period
Total
finished
goods
Consumer
foods
Total
1980
1981
1982
1983
1984
1985
1986
1987 "
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
96.1
100.0
101.6
103.7
104.7
103.2
105.4
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
103.9
104.1
104.5
105.1
105.3
105.4
105.7
106.0
106.4
106.2
106.1
105.7
108.0
108.2
108.2
109.6
110.8
110.7
110.3
109.5
110.2
109.8
110.1
108.6
102.5
102.7
103.3
103.6
103.5
103.6
104.2
104.8
105.2
105.0
104.8
104.8
96.1
100.0
101.2
102.2
103.3
98.5
100.7
98.8
99.1
99.9
100.2
100.1
100.3
101.0
101.7
102.0
101.9
101.7
101.6
106.1
110.5
104.6
101.2
88.0
87.1
Durable
85.8
88.6
94.0
94.3
94.1
94.4
95.3
96.3
96.4
96.2
96.0
96.0
94.6
100.0
102.8
105.2
107.5
109.7
111.7
111.2
111.0
111.1
111.4
111.5
111.4
111.6
111.9
112.5
112.2
112.1
112.3
96.6
100.0
101.3
103.3
103.8
101.4
103.6
101.8
102.1
102.6
103.3
103.6
103.7
104.1
104.3
104.7
104.5
104.4
103.9
95.3
112.5
104.3
Nondurable
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
111.4
110.4
110.8
111.3
111.2
111.3
111.5
111.5
112.2
112.4
112.0
111.8
112.2
1
Intermediate materials for food manufacturing and feeds.
Note.—Beginning with data for January 1988, the reference base was changed from 1967 — 100
to 1982—100, and new seasonal factors were calculated.
22
Capital
equipment
finished
consumer
goods
Consumer gc ods
Total
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.8
92.3
93.1
In term ediate ma aerials
Cnide maten als
Foods
and
feeds '
Foodstuffs
and
feedstuffs
Total
F nished goc ds excluding consumer foocIs
Total
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
105.5
99.0
99.6
99.8
100.2
100.8
101.3
101.9
102.4
102.7
103.2
103.6
103.9
104.6
100.0
103.6
105.7
97.3
96.2
99.2
95.5
96.3
95.7
97.3
100.2
100.6
100.2
100.0
101.0
100.9
101.0
101.3
104.2
102.6
Other
Total
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
99.2
99.8
100.1
100.4
100.9
101.4
102.0
102.6
102.8
103.3
103.8
104.0
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.6
89.1
89.9
90.6
92.3
94.3
94.6
95.6
96.7
96.0
96.1
94.8
94.6
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
92.7
93.3
96.8
100.4
98.7
97.3
97.5
97.5
98.0
95.4
96.2
102.2
96.9
81.6
87.9
83.3
84.1
84.8
85.4
86.3
87.9
90.3
91.8
90.8
90.6
90.1
89.3
104.3
93.6
97.1
87.3
Source: Department of Labor, Bureau of Labor Statistics.
92.0
Other
84.6
101.8
100.0
100.7
CONSUMER PRICES—ALL URBAN CONSUMERS
In January,
the consumer price index for all urban consumers rose 0.3
percent, seasonally adjusted and not
seasonally adjusted. The index was 4.0 percent above its year-earlier level. (Series revised.)
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
1980
1982
1981
1984
1983
1985
1 1 1 1 ll I
1986
60
1988
1987
SEE NOTE ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
All it .ms 1
T ansportat on
Housing
All
She Her
Period
Not
seasonally
ed
(NSA)
Eel. imp.3....
1980
1981
1982
1983
1984
1985
1986
1987
1987: Jan
Feb....
Mar....
Apr....
May ...
June ..
July...
Aug ...
Sept...
Oct
Nov....
Dec....
1988: Jan
1
100.0
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
111.2
111.6
112.1
112.7
113.1
113.5
113.8
114.4
115.0
115.3
115.4
115.4
115.7
Seasonally
adust-
Food
Total
Total
ed
111.4
111.8
112.3
112.8
113.2
113.5
113.8
114.3
114.6
115.0
115.3
115.5
115.9
16.1
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
111.9
112.1
112.3
112.7
113.3
113.9
113.8
113.9
114.5
114.7
114.8
115.3
115.6
42.5
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
112.2
112.7
113.0
113.4
113.7
114.0
114.2
114.8
115.0
115.3
115.5
115.9
116.4
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
7.9
19.7
Renters'
1
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
118.5
119.1
119.7
120.2
120.6
120.8
121.2
121.9
122.2
122.8
123.1
123.8
124.5
103.0
108.6
115.4
121.9
128.1
125.4
125.9
126.5
126.8
127.1
127.5
128.5
128.9
128.8
128.6
128.8
129.5
130.9
102.5
107.3
113.1
119.4
124.8
121.9
122.5
123.1
123.7
124.2
124.4
124.5
125.4
125.9
126.9
127.2
127.9
128.4
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1987.
NOTE.—Beginning with data for January 1988, the reference base was changed from 1967— 100
2
Maintenance
and
repairs
(NSA)
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
110.3
110.2
110.7
110.3
110.2
111.1
113.2
112.9
112.7
112.8
113.5
113.3
113.7
Fuel
and
other
utilities
7.7
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
101.9
102.3
102.3
102.4
102.6
103.0
103.1
103.6
103.3
103.0
103.4
103.3
103.2
Apparel and
upkeep
6.3
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
107.3
107.9
109.6
111.0
111.4
110.8
109.9
110.3
111.3
112.7
113.1
112.2
112.3
Total !
New
Motor
fuel
17.5
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
102.8
103.4
104.0
104.6
104.8
105.3
105.9
106.7
106.8
107.2
107.7
107.4
107.3
4.4
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
114.2
113.0
113.3
113.9
114.1
114.4
114.8
115.0
115.2
115.5
115.7
115.7
115.5
3.3
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
73.4
76.7
78.3
79.1
79.2
80.1
81.1
83.8
83.2
83.0
83.0
81.6
80.4
Medical
care
Energy 2
5.8
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
126.8
127.3
127.8
128.6
129.3
130.0
130.7
131.3
131.9
132.4
133.0
133.5
134.6
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
84.7
86.4
87.1
87.5
87.6
88.5
88.7
90.2
89.8
89.3
89.6
88.9
88.3
7.6
less
food,
shelter
and
energy
48.5
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
115.1
115.3
115.8
116.4
116.7
116.9
117.3
117.6
117.9
118.5
118.9
118.9
119.5
to 1982-84=100, and new seasonal factors were calculated.
Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and
therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Ck nge from pr eceding perk d
Change from 3 month s earlier, aim lal rate
Change from 6 month s earlier, aim lal rate
Consum ;r goods
Consum r goods
Consum r goods
Total
finished
goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Excluding
foods
Poods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Poods
Change
from
year
earlier,
total
finished
goods
NSA
Oha nge, Dec. to Dec., N 3A
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.1
1980
1981
1982
1983
1984
1985
1986
1987
7.5
1.5
2.0
2.3
3.5
.6
2.8
-.3
14.1
8.6
4.2
.9
.8
11.4
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
9.2
3.9
2.0
1.8
2.7
2.1
1.3
2.1
-6.6
3.9
Or ange, month to mont h
1987:
1988:
Jan r
Feb '
Mar '.
Apr r.
May'
June T
July '
Aug '
Sept '
Oct '
Nov r
Deo '.
,
Jan
0.5
.2
.4
.6
.2
.1
.3
.3
.4
-.2
-.1
-.4
— 1.4
.4
1.7
-0.8
.2
0
1.3
1.1
— .1
-.4
-.7
.6
4
.3
1.1
.3
.8
.3
— .1
.2
.7
.7
.3
-.1
-.2
1.9
2.3
4.3
4.7
4.7
3.5
2.3
2.7
3.8
1.9
0.4
2
.1
.3
.1
— .1
1
0.7
— 2.2
4.8
5.7
-1.3
6.5
7.0
3.6
0
-1.6
2.9
3.3
3.5
3.S
3.5
3.7
3.7
2.1
1.5
.6
3.3
4.3
2.4
3.7
.4
-1.3
-3.8
5.6
5.8
5.4
5.4
4.5
5.3
4.2
3.4
3.2
2.6
2.4
2.0
1.6
1.3
1.1
.7
1.6
2.5
1.4
1.1
1.6
-2.7
1.1
.8
.4
.4
1.6
6.7
9.3
5.8
4.1
1.6
.3
.0
-.3
— .1
2
.4
-2.6
.2
— .4
2.6
A
3.2
2.7
5.9
-4.7
-2.5
6.1
10.0
9.6
2.6
-4.6
-1.8
1.8
2.2
-5.7
.2
2.6
.7
1.1
.7
1.8
1.1
.7
1.4
4.0
2.2
.7
-.7
-6.4
NOTE.—See note page 22.
3.2
-.4
2.4
2.8
1.4
.1
1.7
2.7
2.4
2.3
3.4
3.1
3.2
2.6
2.5
2,1
2.1
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
All
items J
Period
Pood
Total '
Adden dum: All ite ins, percent shange
(annu£ rate)
Tr ansportat on
Shelter
Rent-
Home-
costs
costs
Total >
Fuel
and
other
utilities
Apparel
and
up-
Total '
New
Motor
Medical
care
gy2
All
items
less
food,
shelter,
Prom
previ-
energy
From
3
Prom
6
earlier
earlier
From
year
NSA
c liange, D ecember
1980
1981
1982
1983
1984
1985
1986
1987
12.5
8.9
3.8
3.8
3.9
3.8
1.1
4.4
10.2
13.7
15.0
4.3
3.1
2.7
3.8
2.6
3.8
3.5
10.2
3.6
3.5
4.3
4.3
1.7
3.7
9.9
2.4
4.7
5.2
6.0
4.6
0.7
.4
.4
.4
0.4
.4
.3
.4
.3
- .3
0.4
.5
.3
.3
.2
0.5
.2
.2
.4
.5
.5
-.1
.1
.5
.2
.1
.4
.5
.2
.3
2
.3
.2
.6
.3
.8
.3
-.1
-.2
.2
.5
.3
.3
.4
.6
1.1
4.8
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
5.1
5.9
6.3
5.0
3.9
4.5
5.1
5.9
4.6
5.3
0.7
.4
.5
0.3
.5
.5
.5
.4
_2
.1
0.3
.4
0
.1
.7
.4
.5
-.3
-.3
to Dec 3mber, IS SA
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
7.4
18.8
9.4
6.8
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
9.9
12.5
11.0
6.4
6.1
6.7
7.7
5.8
18.0
11.9
1.3
5
.2
1.8
-19.7
8.2
2.9
2.0
.1
1.0
.2
1.7
-.4
-.6
.3
-.8
0.5
2
.4
.5
.3
.2
.3
.3
.3
.5
.3
0
-.7
.5
13.5
10.3
6.2
3.2
4.3
3.6
1.9
S.6
9.8
9.4
6.1
5.0
4.3
3.7
3.3
S.8
Chiinge, mt nth to nlonth
1987: Jan r
Feb '
Mar '
Apr '
May '.....
June r....
July '....
Aug '.....
.4
.3
.3
.4
.3
Sept r....
Oct '.
Nov '.....
1988:
Dec
T
Jan
r
1
2
2
.5
.4
.3
.2
.3
.6
2
.5
.2
2
2
.4
.1
0.3
.6
1.6
1.3
.4
-.5
-.8
2
.8
.2
.6
.4
-.1
.9
1.3
.4
-.8
.5
.6
.8
.1
.4
.5
-.3
.4
.1
.1
— .1
.4
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also3 included through 1982.
Quarterly changes are shown in the last month of the quarter.
24
1.6
.6
.6
.6
0.5
-1.1
.3
.5
.2
.3
.3
.2
.2
.3
.2
0
6.7
4.5
2.1
1.0
.1
1.1
1.2
3.3
-.7
-1.7
0.5
.4
.4
.6
.5
.5
.5
.5
.5
.4
.5
.4
— .2
— 1.5
.8
-.2
0
.8
.5
NOTE.—See note page 23.
Source: Department ol Labor, Bureau of Lafeor Statistics.
5.2
6.3
5.1
5.1
4.3
3.6
3.9
3.9
4.3
3.5
3.2
5.0
5.1
5.3
4.4
4.5
4.1
3.9
3.7
3.6
1.5
2.1
3.0
3.8
3.9
3.7
3.9
4.3
4.4
4.5
4.5
4.4
3.2
3.7
4.0
4.8
5.2
5.1
3.6
3.9
3.7
4.1
4.4
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in February were 0.8 percent below their January level. Prices paid by farmers in
January were unchanged from their October level.
INDEX, 1977 = 100 (RATIO SC ALE)
INDE)(, 1977= 100 (FtATIO SCALE)
180
180
PRICES PAID
\
160
„--"""""
--——N
140
120
""*
160
—
-rx
--^v
*C/
f
.— - —
/'
140
~~N r
PRI CES RECEIVED
~s
/^
"*••''
—
X
120
—
—
100
100
—
—
80
80
—
mnliim mil inn
60
RATI 0^
140
100
-
IL^
RATIO
.
11
60
imiiiiiii
1980
-—
N^_
_.
.— •—
1
1 I i 1 1 1 II 1 1 1 1 1 1 I 1 1 1 I I 1 1
5981
1982
./RATIO OF INDEX OF PRICES RECEIVED TO HDEX OF PRICES PA
1J 11! 1 1 1 III 60
RA
140
120
—
100
1 i 1 1 1 i 1 i 11
tmimm
!983
1984
80
--
-
iiniliiin mm inn
mm in n
1
?988
1986
1985
!987
D.
COUNCIL OF ECONOMIC ADVISER
5OURCE: DEPARTMEN OF AGRICULTURE
>
[1977-100]
Pri 3es
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Peb
1
AH farm
products
Livestock and
products
Crops
134
139
133
135
142
128
123
127
122
121
125
128
130
129
127
129
127
132
127
r
!31
130
F rices paid by farme s
received by farm ers
125
134
121
128
138
120
107
106
99
100
101
108
110
108
103
104
106
120
113
r
l!5
no
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
' 3 Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
144
143
145
141
146
136
138
146
144
142
147
148
150
149
151
152
147
143
141
r
!47
150
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
138
150
159
161
165
163
159
162
(3)
(3)
162
(3)
(3)
164
(3)
(3)
165
(3)
(3)
165
(3)
139
151
159
159
162
157
150
152
(3)
(3)
152
(3)
(3)
154
(3)
(3)
155
(3)
(3)
155
(3)
Production
items
138
148
153
152
155
151
144
147
(3)
(3)
147
(3)
(3)
148
(3)
(3)
r
!50
(3)
(3)
152
(3)
Ratio
2
97
92
84
84
86
79
77
78
77
77
77
79
80
79
77
79
77
80
77
79
79
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture,
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml rose in January after declining in December; growth in M2 and M3 accelerated. (Series revised.)
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,600
.
M3
3,200
2800
1
I-'-"""
3,20
2 80
Ji
^\
,400
2,000
2.4C
r^
600
2,00
—j
M2
^=-j
r^
1 60
1 20
-
800
—
700 —
^— -"""
- -^
700
^
^>~'
500
^
300
_—^-~
__— —-
iimlmii
iiiiiliini
iinilnni
1980
1981
1982
^--—
-T-"
500
Ml
M M l l l I I l l IIHlllllll
1983
1984
uiiiliiin
1985
IIIIlllllII
mnliim
1986
1987
" AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
IIHlllllll 300
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]
M2
Ml
M3
L
Debt
Perct nt change from yea or 6
months earlier 2
Ml plus overnight
Period
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OODs)
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term BPs, term
Eurodollars, and
institution-only
MMMT balances
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Ml
3.5
3.3
4.9
9.6
9.8
9.0
11.5
14.5
13.8
12.7
9.1
18.9
15.5
14.1
14.8
11.7
4.7
3.4
4.2
3.7
3.1
1.7
2.4
9.5
7.8
6.7
6.0
4.8
3.1
2.1
2.8
3.3
3.4
3.4
3.5
8.3
7.2
6.1
6.0
5.9
5.3
4.2
4.7
5.1
5.4
5.3
4.6
13.8
12.2
10.8
10.7
10.1
9.1
8.3
8.7
9.1
9.2
9.4
9.2
4.8
5.7
1,633.1
1,795.5
1,953.8
2,184.6
2,369.1
2,569.5
2,807.8
2,901.3
1,990.9
2,236.4
2,443.1
2,692.8
2,985.4
3,205.2
3,490.4
3,663.0
2,327.6
2,598.9
2,853.0
3,154.6
3,529.3
3,838.6
4,134.1
4,332.8
3,880.9
4,262.1
4,645.5
5,181.7
5,932.6
6,749.4
7,606.1
8,299.0
6.5
6.4
8.6
9.5
5.8
12.5
1987: Jan "
Peb r
Mar r
Apr r
May r .
June r
July'.
Aug r
Sept '
Ocf
Nov '
Dec r
731.4
731.3
734.2
744.7
746.5
742.1
743.6
746.5
747.5
756.2
752.7
750.8
2,827.8
2,829.3
2,834.3
2,847.3
2,848.9
2,851.3
2,857.6
2,869.0
2,880.3
2,894.6
2,897.0
2,901.3
3,515.1
3,523.8
3,532.5
3,549.7
3,564.6
3,581.9
3,588.8
3,605.9
3,621.0
3,643.5
3,658.5
3,663.0
4,162.9
4,175.2
4,173.9
4,189.5
4,217.9
4,234.2
4,236.2
4,257.2
4,282.0
4,312.0
4,326.0
4,332.8
7,673.6
7,710.9
7,754.3
7,815.6
7,882.8
7,943.2
7,985.9
8,037.5
8,098.0
8,166.2
8,243.4
8,299.0
1988: Jan "
758.9
2,925.0
3,689.1
4.2
NOTE.—Money stock series have been revised to incorporate annual benchmark and seasonal ad-
26
Debt
10.2
12.3
9.2
10.2
10.9
7.4
416.6
443.2
481.3
526.9
557.5
627.0
725.4
750.8
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 a seasonally adjusted annual rate.
M3
8.9
9.9
8.8
11.8
8.4
8.5
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
Dec r
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
M2
justments as well as certain technical redefinitions affecting Ml. Data prior to February 1986 are
not yet available.
See p. 27 for components.
Source: Board of Governors of the Federal Reserve Svstem.
COMPONENTS OF MONEY STOCK AND LIQUID
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Other
Period
Demand
deposits
Currency
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec r ..
1987: Dec
1987:
Jan r
Feb r
Mar r
Aprr
May r
June T
July r
Aug '
Sept r
Oct r
Nov r
Dec r
1988:
Jan"
Money market
mutua fund
bala ices
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
Savings
depos-
its
Small
denomination
time
deposits1
Large
denomination
time
deposits '
NSA
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
237.9
242.3
248.3
170.6 272.2
180.4 303.3
196.5 288.0
145.5
178.3
235.2
259.3
28.3
35.9
38.8
53.8
56.3
70.2
78.4
77.0
299.7
295.9
295.0
299.3
298.9
293.3
292.3
292.1
290.5
295.9
291.3
288.0
243.0
245.1
248.0
253.1
253.9
254.3
255.6
257.2
258.6
260.3
259.4
259.3
84.7
80.1
76.9
76.9
76.0
74.5
75.1
79.2
82.8
85.4
79.0
77.0
209.5
211.5
212.5
212.1
209.9
210.6
210.6
213.1
216.3
218.8
220.9
222.2
84.4
85.1
85.4
83.5
82.1
81.7
83.8
84.0
81.3
82.5
89.5
89.6
575.4
572.0
571.8
566.8
558.6
555.1
549.4
545.0
540.5
533.9
527.7
525.2
380.6
389.7
396.3
404.1
409.5
413.1
415.5
417.8
418.6
417.0
415.0
414.3
850.6
848.1
847.0
845.1
845.9
852.1
859.1
865.9
872.1
883.3
901.7
913.1
440.4
443.1
445.6
448.9
454.0
458.6
460.2
462.4
465.3
472.3
480.5
484.7
83.6
87.2
87.2
94.5
102.8
107.8
107.5
108.0
109.7
106.9
109.7
106.7
85.4
88.0
88.4
83.8
87.0
89.7
85.7
90.5
94.8
93.7
93.1
91.3
198.4 289.9
263.3
81.3
226.2
94.4
524.0
414.4
924.9
482.8
107.1
86.1
116.7
124.1
134.3
148.3
158.5
182.2
183.6
184.4
185.6
187.0
187.8
189.0
190.2
191.4
193.1
195.0
196.5
265.2
234.6
30.5
80.2
104.7
131.4
oavings
s
Shortterm
Treasury
securities
Bankers'
acceptances
p
ijommereial
paper
61.6
150.6
185.2
138.2
167.5
176.5
208.0
222.2
15.2
38.0
51.1
43.2
62.7
65.1
84.4
89.6
0.0
.0
43.2
379.0
417.4
513.2
572.5
525.2
400.8
344.3
357.3
306.2
288.8
303.6
370.7
414.3
823.3
851.0
783.8
885.3
884.2
853.2
913.1
259.8
302.1
326.2
326.2
417.0
436.1
439.2
484.7
34.0
36.0
34.5
51.8
61.9
65.7
84.0
106.7
50.3
67.5
81.7
91.5
82.9
76.6
83.8
91.3
67.8
68.0
71.1
74.2
79.4
91.6
100.2
133.4
149.4
183.7
212.6
263.5
304.6
284.4
266.7
32.1
40.0
44.5
45.1
45.7
42.4
45.7
98.9
105.3
113.6
133.0
160.3
206.6
229.9
257.3
92.5
93.3
94.2
95.1
95.9
96.6
97.5
98.1
98.4
98.8
99.3
100.2
280.9
280.1
267.8
257.6
261.6
259.7
254.7
257.9
261.8
271.0
272.1
266.7
38.0
38.9
39.6
40.9
42.1
43.1
43.4
43.5
44.3
44.5
45.0
45.7
236.3
239.0
239.9
246.3
253.7
252.8
251.8
251.8
256.6
254.2
251.1
257.3
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—Money stock series have been revised to incorporate annual benchmark and seasonal adjustments as well as certain technical redefinitions affecting Ml. Data prior to February 1986 are
728.7
72.3
37.8
not yet available.
Travelers cheeks of nonhank issuers are a component of money stock but are not shown here.
Source: Board of Governors of the Federal Reserve System,
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandiiig 1
Ins tallment credit outstanding end of period)
Period
Total
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Decr
Dec"
Jan
Feb
Mar
Apr r
May r.
June
July
Aug
Sept
Oct
Nov r
Dec"
261,976
296,483
295,763
310,965
325,136
373,048
446,183
522,805
577,784
612,571
578,578
579,591
579,913
583,595
583,276
587,821
591,175
596,182
602,607
r
605,488
608,122
612,571
Automobile
Revolving
98,739
112,475
111,936
45,202
53,357
54,894
60,750
119,610
125,440
145,874
172,352
208,057
245,055
261,654
T
245,472
246,064
246,290
247,663
247,578
250,130
r
250,980
254,013
257,470
258,710
259,134
261,654
66,007
78,369
99,620
122,021
134,938
145,940
134,916
135,663
135,166
136,706
136,869
137,401
138,741
139,837
141,704
143,142
143,620
145,940
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Mobile
home
16,921
18,207
18,264
19,308
21,728
22,919
24,710
25,488
25,710
25,612
25,852
25,789
25,614
25,626
25,542
25,685
25,860
25,695
25,699
25,677
25,731
25,612
Other
101,114
112,444
110,669
111,297
111,961
125,886
149,501
167,239
172,081
179,365
172,338
r
172,076
172,844
173,600
173,287
174,605
r
175,594
176,637
177,733
177,959
179,637
179,365
Total
40,501
34,507
720
15,202
14,171
47,912
73,135
76,622
54,979
34,787
789
1,013
322
3,682
-319
4,545
3,354
5,006
6,425
2,881
2,634
4,450
Automobile
17,791
13,736
-539
7,674
5,830
20,434
26,478
35,705
36,998
16,599
r
417
592
226
1,373
-85
2,553
850
3,033
3,457
1,240
424
2,520
Revolving
8,513
8,155
1,537
5,856
5,257
12,362
21,251
22,401
12,917
11,002
23
746
-496
1,540
163
532
1,340
1,096
1,867
1,438
477
2,321
Mobile
home
Other
559
1,286
57
1,044
2,420
1,191
1,791
778
222
-98
141
63
-175
12
-84
143
175
-165
4
— 22
54
-118
13,638
11,330
-1,775
628
664
13,925
23,615
17,738
4,842
7,284
255
r
-262
768
756
-313
1,318
989
1,043
1,097
225
1,679
-273
Source: Board of Governors of the Federal Reserve System.
27
LOANS AND SECURITIES, AND
Commercia! and industrial loans rose 0.5 percent in January. (Series revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
TOTAL
-
—
•
2,000
-—
—
—
1,600
— —"
—
_.-—-——"""-
1,200
-i
_
— ALL COMM ERCIAL BANKS
2,000
_.
'
__
—
—
-
\'
LOANS AND LEASES
_ — — ~~"
__----'
—
- — — — '"'
800
—
-•
400
U.S. GC WERNMENT SE CURITIES
.A---
— -•^
^-200
. — --^
__
-
^.
' °* ~, — •••
—
s
"" \
\
160
f
s-
OTHE R SECURITIES
—
120
miiimii imiiiim
1980
nmimii
1982
1981
nmimii
liiniiiiii
1984
1985
1983
j ,, ,, 1
llilliiliil
Minimi!
1987
1986
• SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Al 1 commercial banks >
Loans a nd leases
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1987:
Feb
Mar
4pr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan"
1
Total loans
and
securities 2
T
Total 2
Commercial
and industrial
loans
Depo sitory institutic ns 3
913.9
967.3
* 1,033.9
r
l, 123.7
' 1,320.4
r
1,456.9
r
1,584.5
1,701.4
325.7
355.4
r
392.6
414.1
r
472.8
r
499.4
r
535.6
565.5
170.6
179.3
r
201.7
r
r
r
1,239.1
r
r
33.69
35.33
36.72
44.74
55.34
56.66
192.0
r
!93.1
r
194.4
' 195.5
' 195.9
' 194.3
r
193.7
r
193.7
r
194.2
r
196.2
196.0
56.87
56.85
57.95
58.35
57.71
57.60
57.88
57.83
58.50
57.99
57.44
56.32
56.33
56.96
57.32
56.93
56.93
57.23
56.89
57.55
57.36
56.66
194.0
58.32
57.24
T
r
r
r
548.0
r
546.2
r
549.1
r
551.9
r
554.4
r
553.6
r
554.0
r
559.0
r
562.8
r
563.1
565.5
314.7
r
315.4
r
318.1
r
321.3
r
321.3
r
322.9
r
328.5
r
331.3
r
331.7
r
331.1
333.2
2,242.0
1,713.9
568.5
334.1
154.7
160.9
165.7
170.6
142.6
r
!81.2
r
196.1
196.0
259.1
260.0
T
270.5
' 309.3
333.2
1,613.5
r
1,622.3
r
1,639.6
r
1,649.3
r
1,659.6
r
1,664.1
r
1,676.8
r
1,689.8
r
l,701.7
r
1,704.8
1,701.4
3
borrowed
30.81
32.08
34.32
36.11
36.91
46.06
56.17
57.44
r
r
Data arc prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
2
Excludes loans to commercial banks in the United States.
28
r
r
r
2,120.1
r
2,130.7
r
2,152.0
r
2,166.0
r
2,176.7
r
2,181.3
r
2,199.0
r
2,214.7
r
2,227.6
r
'2,232.1
2,230.6
Borr swings
(millions of dollars,
unad usted)
securities
Total
1,307.5
r
1,401.3
r
1,553.4
' 1,722.9
' 1,908.6
r
2,089.9
2,230.6
r
Reserves adjust ed
for changes i n
res erve reqmrem ents
U.S.
Government
securities
Required
29.12
31.44
Data are averages of daily figures.
NOTE.—Scries for all commercial banks revised.
Source: Board of Governors of the Federal Reserve Syste
30.29
31.76
33.82
35.55
39.06
45.00
54.80
Total
Seasonal
56.41
634
774
3,186
1,318
827
777
116
54
33
96
113
56
38
93
55.66
55.94
57.13
57.27
56.52
56.84
56.84
57.03
57.37
57.06
56.41
556
527
993
1,035
776
672
647
940
943
625
777
71
91
120
196
259
283
279
231
189
126
93
57.02
1,082
59
1,690
636
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
0 edit market fu nds
Internal 1
Total
Total
1983
1984
1985
1986
1986: H
m
TV
1987: I
n
m''
Other 2
Securities
and
mortgages
Loans and
short-term
paper
33.3
21.0
53.1
61.2
67.3
53.2
49.3
4.7
58.0
60.7
51.7
30.4
309.7
370.6
352.1
368.6
303.5
399.8
488.0
442.4
438.3
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
345.9
383.3
327.5
432.3
518.5
492.3
491.3
285.7
336.3
355.4
351.5
146.3
155.1
145.8
143.9
85.1
146.6
182.2
136.9
139.9
499.9
442.0
597.1
350.9
352.2
342.2
149.0
89.8
254.9
117.6
64.1
201.9
52.2
31.8
12.2
65.3
32.4
214.1
31.4
25.7
53.0
426.3
398.4
540.4
340.5
321.5
330.2
85.8
76.9
210.1
73.6
43.6
56.8
439.3
491.1
487.4
343.2
340.8
351.7
96.1
150.3
135.7
30.8
113.8
77.6
92.3
22.3
58.0
-61.5
91.4
19.5
65.3
36.5
58.1
379.3
423.8
433.9
354.6
346.0
347.8
24.7
77.8
86.1
60.0
67.3
53.5
328.5
352.6
1978
1979
1980
1981
1982
Total
182.3
197.6
200.1
239.5
242.3
85.0
87.8
92.7
94.5
80.4
88.6
121.6
85.2
109.5
22.8
44.0
57.3
-7.5
15.3
33.3
51.8
66.9
39.5
71.7
36.4
31.3
129.0
69.9
76.1
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
217.0
238.3
243.7
286.5
256.5
274.7
370.9
342.8
339.2
92.7
132.3
108.4
82.0
47.0
125.1
117.1
99.7
99.1
18.9
-17.9
-6.2
14.8
24.0
32.5
30.5
49.9
53.0
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
rnors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current habilitif s
Curren assets
End of period
QFR-FRB series: 2
1978
1979
1980
1981
1982
1983
1984
1985
Total
Cash
Government
securities
Notes and
accounts
receivable
Inventories
Other
current
assets
Total
Notes and
accounts
payable
Other
current
liabilities
515.8
550.9
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.447
595.7
463.9
516.3
1.487
1,093.1
1,126.3
1,155.0
1,163.6
601.9
623.4
642.2
647.8
491.2
502.9
512.9
515.8
526.5
523.7
530.8
539.5
1.482
1.465
1.460
1.464
203.5
211.2
218.2
224.9
1,174.1
1,182.9
1,211.9
1,233.6
636.9
651.7
670.4
682.7
537.1
531.2
541.5
550.9
548.6
551.7
551.1
551.0
1.467
1.466
1.455
1.447
226.3
1,222.3
668.4
553.9
573.4
1.469
383.0
460.8
514.4
547.1
550.7
595.7
647.8
682.7
286.5
346.5
376.2
424.1
435.3
463.9
633.1
671.5
584.0
579.0
603.4
656.9
666.0
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,233.6
31.0
583.0
603.4
186.7
1,059.6
167.6
164.9
161.3
173.6
35.4
37.2
33.0
36.2
606.4
622.6
639.1
633.1
622.2
632.5
659.3
656.9
187.9
192.9
193.2
203.2
TV
1,722.7
1,734.6
1,763.0
1,784.6
167.5
167.1
176.3
189.2
35.7
35.4
32.6
33.0
650.3
654.1
661.0
671.5
665.7
666.7
675.0
666.0
1986: I"
1,795.7
195.3
31.0
663.4
679.6
105.5
118.0
127.0
135.6
147.8
171.8
173.6
189.2
18.7
17.7
23.0
31.0
36.2
33.0
1983: IV
1,575.9
171.8
1984: I
1,619.5
1,650.0
1,685.9
1,703.0
n
in
IV
1985: I
n
m
17.2
16.7
388.0
459.0
507.5
532.5
517.4
583.0
431.8
505.1
543.0
ratio *
374.3
407.5
437.8
448.3
451.1
516.3
539.5
551.0
101.1
116.0
132.1
149.7
169.8
186.7
203.2
224.9
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,784.6
Net
working
capital
• (Ban
29
INTEREST RATES AND BOND YIELDS
Interest rates fel! in February.
PERCENT PER ANNUM
PERCENT PER ANNU
[Percent per annum]
U.S. 1 reasury security yields
Period
3-month bills
(new issues) *
Constant nlaturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
6 months *
8.63
9.58
7.48
5.98
5.82
14.44
12.92
10.45
11.89
9.64
7.06
7.68
13.91
13.00
11.10
12.44
10.62
7.68
8.39
11.23
11.57
9.47
10.15
9.18
14.17
13.79
12.04
12.71
11.37
7.38
7.73
9.02
9.38
10.16
8.01
6.39
6.85
Oct
Nov
Dec
5.59
5.56
5.76
5.75
5.69
5.78
6.00
6.32
6.40
5.81
5.80
6.56
6.58
7.32
8.02
7.82
7.74
8.03
8.67
8.75
7.99
8.13
7.25
7.25
8.02
8.61
8.40
8.45
8.76
9.42
9.52
8.86
8.99
6.66
6.71
7.62
8.10
7.89
7.83
7.90
8.36
8.84
8.09
8.07
8.38
8.36
8.85
9.33
9.32
9.42
9.67
10.18
10.52
10.01
10.11
1988: Jan
Feb
5.90
5.69
7.87
7.38
8.67
8.21
7.81
7.55
5.85
5.74
5.63
5.73
5.64
5.62
7.63
7.42
7.34
7.42
7.35
8.39
8.20
8.18
8.29
8.20
7.58
7.53
7.45
7.61
7.60
1981
1982
1983
1984
1985
14.029
10.686
1986
1987
1987: Feb
Mar
Apr
May
June
July
Aug
Sept
14.76
11.89
8.89
Discount rate
(N.Y. P.E.
Bank) 5
13.41
11.02
8.50
8.80
Prime rate
charged by
banks 5
New-home
mortgage
yields
(PHLBB) 6
7.69
6.33
5.66
18.87
14.86
10.79
12.04
9.93
8.33
8.22
11.55
10.17
9.31
5.99
6.10
6.50
7.04
7.00
6.72
6.81
7.55
7.96
7.17
7.49
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
7.50-7.50
7.50-7.50
7.75-7.75
8.00-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.75
8.75-9.00
9.00^8.75
8.75-8.75
9.23
9.14
9.21
9.37
9.45
9.41
9.38
9.37
9.25
9.30
9.15
9.88
9.40
6.92
6.58
6.00-6.00
8.75-8.75
8.75-8.50
9.13
9.64
9.46
9.42
9.41
9.33
6.78
6.61
6.49
6.64
6.60
6.00-6.00
6.00-6.00
6.00^-6.00
6.00-6.00
6.00 6.00
14.70
15.14
12.57
12.38
Week ended:
1988: Jan 30
Feb 6
13
20
27
Mar 5
1
Bank-discount 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.
2
30
6.00 6.00
6.00
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-
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 February.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
240
220
200
180
160
160
TT
140
140
COMPOSITE STOCK PRICE INDEX
(NYSE)
120
120
100
100
80
80
60
60
40
40
1980
1981
1982
1984
1983
1985
1987
1986
1988
PERCENT
PERCENT
20
20
15
EAR MINGS-PRICE R ATIO ON COW MON STOCKS
(S&P)
\^
10
^
I 1 1
15
r-\x
1
1980
1
1981
^-
1
1
I !
1982
10
[
""
1
1
1
1983
^^
^
1
1
1
1
1
1
1985
1984
. ^_
1
1
I
1986
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1
1
1
1987
Co mmon stock price s '
2
Period
Composite
Industrial
Finance
Utility
85.44
78.18
107.45
108.01
123.79
155.85
195.31
89.36
85.63
104.11
119.87
140.39
160.23
166.43
163.88
163.00
169.58
174.28
184.18
178.39
157.13
137.21
134.88
189.17
198.95
199.03
198.78
206.61
214.12
226.49
219.52
189.86
163.42
162.19
135.49
138.55
137.91
141.30
150.39
157.48
164.02
158.58
140.95
117.57
115.85
1988: Jan
Feb
140.55
145.13
168.47
173.44
121.20
126.09
71.36
74.30
78.19
77.15
72.74
71.64
74.25
74.18
78.20
76.13
73.27
69.86
67.39
70.01
72.89
Week ended:
1988: Jan 30
Feb 6
13
20
27
141.67
142.43
143.01
145.95
148.25
168.56
168.90
170.28
175.09
178.23
121.94
121.91
122.60
127.58
131.08
72.41
73.21
72.97
72.46
72.81
1985
1986
1987
1987:
1
a
3
4
5
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
72.61
60.41
38.91
39.75
47.00
46.44
56.75
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
1
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (19414
Common st ock 5yields
(perce nt)
Dividendprice ratio
Earningsprice ratio
43 = 10)
74.02
68.93
92.63
92.46
108.09
136.00
161.70
1981
1982
1983
1984
1
1988
COUNCIL OF ECONOMIC ADVISERS
Nev ' York Stock Bx( hange indexes {I ec. 31, 1965-5O)
Transportation
1
73.52
71.99
95.34
89.28
114.21
147.20
146.48
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
128.05
119.71
160.41
160.46
186.84
236.34
268.83
158.41
162.41
150.52
145.97
152.73
152.25
160.94
154.08
137.35
118.30
111.47
2,202.34
2,292.61
2,302.64
2,291.11
2,384.02
2,481.72
2,655.01
2,570.80
2,224.59
1,931.86
1,910.07
280.93
292.47
289.32
289.12
301.38
310.09
329.36
318.66
280.16
245.01
240.96
119.40
124.36
1,947.35
1,980.65
250.48
258.13
5.81
4.40
4.64
4.25
3.49
3.08
3.02
2.93
2.99
3.02
2.92
2.83
2.69
2.78
3.25
3.66
3.71
3.66
3.56
122.21
124.96
123.16
123.46
125.19
1,933.29
1,931.23
1,943.40
2,001.99
2,032.03
252.30
253.20
254.21
259.64
263.83
3.66
3.63
3.57
3.55
3.48
5.20
11.96
11.60
8.03
10.02
8.12
6.09
5.18
4.75
r
4.92
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.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 4 months of fiscal 1988, there was a deficit of $65.8 billion compared with a deficit of $66.3 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
,
RECEIPTS AND OUTLAYSiV
1,100
1,000
1,000
OUTLAYS!/
900
900
800
800
700
700
RECEIPTS.!/
600
600
500
500
SURPLUS OR DEFICIT (-)i/_
-100
-100
-200
-200
1980
1982
1981
1983
1986
1985
1984
1987
1989
1988
FISCAL YEARS
V INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
On-budget
Total
Surplus
or deficit
(-)
Fiscal year or period
Receipts
Outlays
Transition quarter
1977
1978
1979
298.1
81.2
355.6
399.6
463.3
371.8
96.0
409.2
458.7
503.5
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
1985
1986
1987 r
1988 1
1989 1
734.1
769.1
854.1
909.2
964.7
946.3
990.3
1,004.6
1,055.9
1,094.2
Cumulative total, first 4
months: 2
Fiscal year 1987
Fiscal year 1988
271.8
286.7
338.1
352.5
1976
1
2
r
Receipts
Outlays
(-)
or deficit
(-)
Held by
the public
-53.6
59.2
-40.2
302.2
76.6
328.5
369.1
403.5
70.5
-13.3
49.7
-54.9
-38.2
66.4
18.0
76.8
85.4
98.0
69.6
19.4
80.7
89.7
100.0
-3.2
-1.4
-3.9
4.3
-2.0
631.9
646.4
709.1
780.4
833.8
480.3
498.3
551.8
610.9
644.6
-73.8
78.9
-127.9
207.8
185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
-73.9
-120.0
-208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
-1.1
5.0
7.9
.2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
212.3
-221.2
150.4
-146.7
-129.5
547.9
568.9
640.7
669.3
706.2
-221.6
-237.9
-170.0
-183.5
-174.7
186.2
200.2
213.4
239.9
258.5
176.8
183.5
193.8
203.1
213.3
9.4
16.7
19.6
36.8
45.1
1,827.5
2,130.0
2,355.3
2,581.6
2,825.3
1,509.9
1,746.1
1,897.8
2,025.1
2,152.1
-66.3
205.7
214.9
-70.3
-73.5
66.1
71.7
62.1
64.1
4.0
7.7
2,225.8
2,456.3
1,819.1
1,966.7
-65.8
Estimates from Budget of the United Stales Government, Fiscal Year 1989, February 1988.
Prom Monthly Treasury Statement for January 1988. Data for outlays and debt are not strictly
32
Outlays
Surplus
231.7
63.2
278.7
314.2
365.3
-73.7
-14.7
r
Receipts
Gross Fe leral debt
(end of period)
Off-budget
Surplus
or deficit
r
769.5
806.8
810.8
852.8
880.9
276.0
288.4
r
p
comparable with estimates in the Budget for fiscal year 1989.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 4 months of fiscal 1988, receipts were $14.9 billion higher than a year earlier and outlays were $14.4
biiiion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
RECEIPTS-/
J
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
OTHER RECEIPTS
100
~
"""
|
|
]
400
~
•
200
800
^=
"
"
L--
300
0
______
INDIVIDUAL INCOME TAXES
•
~~]
"V CORPORATION If^ICOME TAXES |
|
100
|
0
-OUTLAYS V .
800
NONDEFENSE
700
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1980
1981
1982
1984
1983
1985
1986
1987
1988
1989
FISCAL YEARS
_!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-biidjjet ; iid off-bu( got receip ts
Fiscal year
Total
Individual
Corporation
On-bud E;et and of -budget o itlays
Nations I defense
Social
insurance
Other
Total
Total
and
298.1
355.6
399.6
463.3
131.6
157.6
181.0
217.8
1980
1981
1982
1983
1984
517.1
244.1
599.3
285.9
297.7
288.9
298.4
1985
1986
1987 '
1988 '
1989 '
734.1
769.1
854.1
Cumulative total, first 4 months: 2
Fiscal year 1987
Fiscal year 1988
1
2
617.8
600.6
666.5
909.2
964.7
271.8
286.7
41.4
54.9
60.0
65.7
90.8
106.5
121.0
138.9
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
265.2
283.9
303.3
412.4
61.3
63.1
83.9
105.6
117.7
135.3
138.0
21.4
24.9
334.5
349.0
392.6
393.4
209.0
239.4
331.5
354.6
90.9
97.5
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
946.3
73.0
73.1 r 990.3
74.3 1,004.6
78.7 1,055.9
80.1 1,094.2
24.2
26.3
Estimates from Budget of the United States Government, Fiscal Year 1989, February 1988.
From Monthly Treasury Statement for January 1988. Data for outlays and debt are not strictly
comparable with estimates in the Budget for fiscal year 1989.
InterHealth
affairs
Medicare
Income
Social
Net
ty
t.v
est
Other
military
hutions
1976
1977
1978
1979
Department of
338.1
352.5
r
93.0
114.7
119.6
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
16.2
14.2
11.6
9.9
13.3
33.5
35.9
40.0
44.5
47.8
65.8
70.2
75.1
78.9
84.0
128.2
119.8
123.3
129.6
135.6
188.8
198.8
207.4
233.8
129.4
136.0
138.6
147.9
151.8
4.7
2.7
12.6
14.1
24.8
24.9
42.4
41.5
67.1
70.1
45.9
50.4
18.5
20.5
204.4
220.fl
12.7
13.1
12.3
11.8
15.9
'245.1
265.5
274.0
277.3
285.5
134.0
157.5
185.3
r
90.6
96.3
26.7
29.9
35.4
42.6
7.5
7.5
95.1
102.3
116.3
252.7
273.4
282.0
285.4
294.0
73.9
85.1
93.9
104.1
15.7
17.3
87.9
r
r
209.9
227.4
26.5
60.8
61.0
61.5
66.4
6.4
6.4
89.6
97.2
104.5
r
113.6
130.9
153.8
180.7
T
87.8
93.5
15.8
19.3
22.8
219.7
82.8
r
131.8
142.1
126.7
140.1
133.9
50.0
52.4
NOTE,—Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Budget.
33
SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1987, according to revised estimates, Federal expenditures rose $44.3 billion (annual rate);
receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
' 1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
EXPENDITURES
800
800
600
600
" RECEIPTS"
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
I
I
1979
I
I
1983
1982
1981
1980
I
I
I
1985
1984
I I
1986
1987
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal C overnment expenditure s
Federa Governme nt receipts
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
Transfer
payments
Grantsin-aid to
State
and
local
Net
interest
paid
ments
Fiscal year:
1984
1985
1986
1987
Calendar year:
1984
1985
1986
1987 T
1982:
1983:
1984:
1985:
IV
IV
IV
I
n
in
IV
1986:
I
n
in
IV
1987:
I
n
m
Subsidies
less
current
surplus of
Government
enterprises
or deficit
Wage
accruals
less
disbursements
711.9
776.4
814.2
905.6
302.5
340.6
358.0
401.9
75.3
74.3
80.3
104.0
54.9
56.0
51.7
54.1
279.2
305.6
324.1
345.6
873.0
961.0
1,027.8
1,055.1
297.2
340.4
368.4
374.9
352.2
374.0
394.8
410.1
90.7
97.8
107.4
103.1
109.7
128.0
134.3
139.6
23.3
20.7
22.9
27.5
726.0
788.6
827.4
917.0
633.1
310.3
346.6
363.0
403.7
303.0
291.9
326.0
361.2
317.5
351.0
356.7
352.8
357.6
365.2
376.4
75.2
55.7
895.6
984.6
1,032.0
1,068.4
310.5
353.9
366.2
380.9
354.9
380.1
399.9
413.2
115.6
55.2
50.9
54.1
284.7
310.6
329.8
348.4
93.6
76.1
83.7
110.8
46.4
70.2
69.7
74.2
73.5
79.1
77.8
78.7
81.3
84.3
90.5
47.6
53.6
56.2
55.0
59.2
53.1
53.7
50.4
49.9
52.1
51.1
236.1
259.8
290.7
304.9
308.8
311.7
316.9
325.8
328.1
330.7
334.5
835.7
347.4
352.5
958.2
969.4
990.8
1,020.2
1,003.7
1,047.1
1,036.1
1,041.2
293.2
276.1
326.0
336.3
339.4
361.9
378.0
356.7
368.4
371.2
368.6
389.9
398.3
405.9
405.7
99.7
106.9
103.3
84.5
86.0
96.3
95.9
98.9
100.2
103.7
105.4
109.6
109.5
102.8
130.2
135.7
142.7
87.2
101.0
125.3
127.7
130.4
129.7
133.0
134.9
135.9
134.2
137.8
21.2
20.5
23.3
28.4
23.4
29.1
21.0
24.5
22.6
15.3
19.7
16.8
34.9
15.3
26.3
.2
2
.0
.0
.0
.0
.6
.1
-1.0
.0
.0
.0
.0
.0
.0
53.3
54.2
53.9
54.9
341.5
345.2
350.3
356.7
1,049.8
1,062.1
1,058.8
1,103.1
366.9
379.6
382.1
395.1
406.7
412.0
413.4
420.6
102.2
106.0
103.5
101.3
139.5
139.8
142.9
148.4
34.3
24.8
17.2
37.2
.0
.0
.3
-.3
675.5
742.7
795.3
759.0
794.9
805.1
807.6
816.9
832.4
852.5
879.3
922.9
923.0
IV
381.5
415.6
404.3
413.5
103.0
107.9
114.5
Source: Department of Commerce, Bureau of Economic Analysis,
34
844.7
930.2
362.1
373.9
377.0
383.7
385.8
0.1
— .1
.0
.1
national
income
and
product
accounts
-161.0
-184.5
-213.6
-149.5
-169.6
- 196.0
-204.7
— 151.4
-202.6
-169.2
-187.5
-162.9
-210.3
-195.8
-215.0
-196.1
-230.2
-203.7
-188.7
-170.5
-139.2
-135.8
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
1980
r
1981
1982
1983
1984
1985
1986
1987
'
'
Canada
Japan
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
108.1
119.2
108.6
97.9
104.3
119.0
125.2
126.8
120.4
120.9
125.1
138.9
145.1
144.6
Jan
Feb
Mar
Apr
May
June r
July '.
Aug r
Sepf
Oct r
Novr
Dec '
126.2
127.1
127.4
127.4
128.2
129.1
130.6
131.2
131.0
132.5
133.0
133.6
127.9
129.3
130.0
130.2
130.8
132.4
132.3
134.4
136.0
136.3
137.3
145.9
Jan?
133.8
r
'
'
r
»
1987:
1988:
1
United
States
(jonsumer prices (19f 2-84=100)
reduction 1977 = 1 '0; seasonal] ' adjusted
Industrial
Period
144.9
147.4
145.4
143.7
149.3
151.0
149.3
153.9
157.0
156.9
France
Germany
106
106
104
105
105
106
106
108.0
104
107
108
107
109
110
109
109
110
110
110
112.3
115.0
114.5
115.8
116.6
115.1
113.7
118.5
116.3
116.7
116.8
117.5
106.2
103.1
104.1
107.6
112.9
115.1
Italy
United
Kingdom
United
States 1
114.4
112.6
99.8
96.4
98.2
101.7
103.1
107.9
109.6
113.0
82.4
109.8
111.7
111.9
111.6
112.4
111.6
113.1
114.6
113.7
115.0
115.0
115.7
108.5
105.8
109.4
110.9
114.4
113.5
117.0
119.5
117.3
121.5
118.0
117.4
112.5
116.7
121.9
119.8
Canada
Japan
France
Germany
Italy
United
Kingdom
90.9
96.5
99.6
103.9
107.6
109.6
113.6
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
72.2
81.9
91.7
100.3
108.0
114.3
117.2
121.1
86.7
92.2
97.1
100.3
104.6
105.0
63.2
75.4
87.7
100.8
111.5
121.0
128.5
134.4
78.5
87.9
95.4
99.8
104.8
111.2
114.9
119.7
111.2
111.6
112.1
112.7
113.1
113.5
113.8
114.4
115.0
115.3
115.4
llfl.4
115.8
116.3
116.8
117.3
118.0
118.3
119.2
119.3
119.3
119.7
120.2
120.3
103.9
103.9
104.3
105.2
105.4
105.2
104.7
104.8
105.7
105.7
105.2
105.1
119.6
119.8
120.0
120.6
120.9
121.1
121.4
121.7
121.7
122.0
122.2
122.2
104.6
104.7
104.7
104.9
105.0
105.2
105.2
105.1
104.9
105.0
105.0
105.2
131.6
132.1
132.6
132.9
133.4
133.9
134.3
134.6
135.6
136.8
137.2
137.4
117.5
118.0
118.2
119.6
119.7
119.7
119.6
120.0
120.3
120.9
121.5
121.4
115.7
1205
105.5
138.1
121.4
102.7
104.9
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
Data relate to ail urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data not seasonally adjusted]
Merch andise ini ports
Mercht ndise exp orts '
Tola domestic and
foreign
Period
1981
1982
1983
1984
1985
1986
1987
Revised
statistical
month,
adjusted2
Statistical
month
Total
3
F a.s. valu e
1
1
228.9
238.7
233.7
21 2.3
216.4
207.1
195.9
20 0.5
205.6
224.0 218.7
217.9 212.0
206.9
218.8 212.8
213.1
206.4
226.8 216.6 217.3
243.9
252.9 246.4
1986:
Dec
1987:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Revised
statistical
month
mon W
Tol a l 3
Crude
materials
and
fuels
Manufactured
goods
Revised
statistical
month
33.2
27.0
27.0
27.3
22.2
20.2
22.8
33.0
33.5
29.6
31.5
28.3
26.5
29.1
154.3
26 1.0
24 4.0
25 i.O
139.7
132.4
143.1
145.4
148.7
171.5
405.9
366.1
1.9
2.4
12.6
29.9
16.2
18.7
21.1
20.1
20.4
20.5
20.1
20.0
21.0
21.0
23.3
23.9
11.0
13.2
15.0
14.2
27.5
32.3
33.2
19.8
20.0
20.3
20.3
19.5
20.2
21.0
23.0
23.9
1.6
1.6
1.9
1.8
1.8
1.8
2.1
18.7
14.5
14.5
33.3
35.3
35.8
34.3
33.6
37.7
35.5
35.4
16.4
18.4
21.1
2.1
2.0
2.0
2.1
2.1
2.2
2.2
2.4
2.3
2.2
2.3
2.3
2.5
2.4
2.5
2.8
3.1
13.9
13.7
14.8
14.4
16.2
16.1
32.0
1
Department of Defense Military Assistance Program grant-aid shipments are excluded through
1984 and for revised statistical month data for 1985-86; they are included for statistical month data
for 1985-86 and for 1987.
2
Adjusted to include undocumented exports to Canada.
3
Total includes commodities and transactions not classified according to kind. For exports data
beginning 1987, these include undocumented exports to Canada.
4
Total arrivals of imported goods other than intransit shipments.
Statistical
month
Food,
beverages,
and
tobacco
Crude
materials
and
fuels
Total (c.i.f.
val ue)
Manufactured
goods
Revised
statistical
month
Statistical
month
Exports (f.a.s.) less
import (customs
v aiue)
Revised
statistical
month,
adjusted2
Revised
statistical
month
Exports ( .a.s.) less
imports (c i.f. value)
Revised
statistical
month,
adjusted2
Revised
statistical
month
Gusto tns value
17.8
18.5
16.8
19.4
21.8
20.5
20.8
21.1
21.0
20.2
21.0
21.8
23.8
24.8
Food,
beverages,
and
tobacco
Merchandise tr <lde balance
Ge neral imp orts 4 (sta :istical ir onth exc ept as nol ed)
Domi stic expor ts (statis ical
325.7
345.3
370.0
27.8
18.4
17.8
18.8
21.6
22.4
24.7
24.7
92.9
142.5
144.0
163.4
72.8 221.5
65.0 246.8
48.3 282.1
56.3 312.6
74.4
68.0
27 3.4
254.9
26 9.9
346.4 341.2
352.5 361.6
383.0 387.1
424.1
3.4
21.4
31.3
1.8
3.4
2.1
2.3
2.1
2.0
2.2
2.1
1.9
1.9
4.4
4.2
3.9
4.4
4.9
21.3
24.8
25.7
25.1
25.8
27.2
27.2
25.8
25.6
28.8
28.7
33.7
34.7
33.5
34.8
36.8
37.5
35.9
35.1
39.4
37.0
37.0
1.9
2.2
2.1
2.0
5.6
5.6
4.9
5.3
5.0
4.7
27.4
27.8
-22.3
-27.5
-52.4
-101.7
-126.5
- 139.3
-153.0
29.1
5
5
-27.3
-31.8
-57.6
-107.0
-132.5
- 149.4
- 159.5
--34.6
-38.4
-64.2
-122.4 -127.6
-133.6 -139.7
- 156.2 - 166.3
-171.2 -177.6
-12.7
-11.3
-10.7
-12.9
-11.4
-11.5
-12.5
-14.1
-14.8
-14.1
-12.6
-16.0
-11.7
-10.6
-11.0
-13.6
-12.1
-11.8
-12.9
— 14.7
-15.8
-14.3
-12.6
-16.8
-12.1
-11.6
-39.7
-42.6
-69.3
-11.9
-14.4
-12.9
-13.0
-14.0
-15.7
- 16.5
-15.7
-14.1
-17.6
-13.2
-12.2
-12.3
-15.1
-13.6
- 13.3
-14.4
- 16.3
-17.4
- 15.9
— 14.1
-18.4
-13.7
-13.1
5
Revised statistical month exports less statistical month customs value imports.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Statistical month and revised statistical month refer only to data for 1984-86. Data for 1987 are
roughly equivalent to revised statistical month data.
For mrther { n f ormat j oni see Bureau of the Census release FT900, April and August 1987.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL
TRANSACTIONS
In the fourth quarter of 1987, the merchandise trade deficit fell to $40.2 billion; the deficit for the year 1987 was
$159.2 billion. (Data revised.)
BILL) ONS OF DOLL/ *RS*
BILL
ONS OF DOLL,URS*
10
10
-x
5
N \/ f^
N*^
-5
5
/^^1
s
"-1
Av.-'Vt~- —----__ //
^•\
,
"^
BA LANCE ON
CURRE NT ACCOUNT
x
"~' s \
/
\\
J
\
^••^
\^-S
A\
-5
\\
\
.''
/
\
\\
\
'
\
\
\\
^ '
f
N
\
ME! CHANDISE TR/ J\
BALANCE
-15
\
_
\
BALANCE ON GOODS
ANDSERV ICES
=sX
V
-20
l\
\
\\
\
-25
-20
/
\\
.
\\
A
^,
^, •' *
^fl
**
-35
—
A\/\
A
\
.. N.
\*^ \
-^ \
\ '~
\
\
X.
v
30
\
\_
•---.
*' \
-35
->-'
40
i i i
!
1979
SEASONALLY ADJUS
1
1
1
1980
1
1
1981
1
!
1
1 1 1
1983
1982
:'\
-X.X
\s
I
! I
1984
-25
\
s;
-45
-15
!
1
1 1
.1985
1 1
1986
1 1 1
40
-45
1987
reo
>OURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits { + ), debits ( —)]
Merchandise 1
Inv estment incom e 3
2
Net
travel and
transportation
receipts
Period
Exports
184,473
224,269
237,085
1982
211,198
201,820
1983
219,900
1984
215,935
1985
224,361
1986
250,814
1987"
53,614
1984: I
n
54,590
55,691
m
IV
56,005
55,064
1985: I
54,040
II
53,367
m
53,464
TV
53,878
1986: I
II
56,928
56,534
HI
57,021
n
r
56,769
1987: I
r
59,875
n
r
65,110
in
TV ".... 69,060
1979
1980
1981
1
2
3
Imports
Net balance
Receipts
Payments
-212,009
-249,749
-27,536
-25,480
-27,978
— 36,444
-67,080
-112,522
-122,148
-144,339
-159,201
-25,801
-29,094
-28,453
-29,174
-24,882
-29,946
-31,206
-36,114
-34,978
-33,651
-37,115
-38,595
r
- 38,920
r
- 39,742
r
- 40,365
-40,174
64,132
72,506
86,411
83,549
77,251
85,910
88,299
88,209
-32,960
-42,120
-52,329
22,831
21,052
21,515
20,512
18,530
21,931
24,174
23,665
24,076
22,013
21,333
20,787
24,950
22,452
22,580
-265,063
-247,642
-268,900
-332,422
-338,083
-368,700
-410,015
-79,415
-83,684
— 84,144
-85,179
-79,946
-83,986
-84,573
-89,578
-88,856
-90,579
-93,649
-95,616
r
- 95,689
r
-99,617
r
- 105,475
-109,234
-54,883
-52,376
-67,419
-62,901
67,365
31,172
30,386
34,082
28,666
24,875
18,491
25,398
20,844
-1,778 -2,935
-997
-2,237
144
-1,183
-992
-274
-243 -4,227
-1,942 -8,604
-3,339 -10,866
-3,662 -9,903
- 15,435
-17,196
-17,978
- 16,809
-16,359
-16,670
-16,055
-13,818
-17,651
-17,426
-15,994
-16,295
-19,450
-20,875
-22,847
7,396
3,856
3,537
3,703
2,171
5,261
8,119
9,847
6,425
4,587
5,339
4,492
5,500
1,577
-267
-273
-615
-255
-798
-242
-782
-794
-1,519
-1,298
-1,054
-815
-495
-37
29
-443
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
-1,874
-2,039
-2,310
-2,381
-2,261
-2,849
-2,892
-2,862
-2,786
-2,278
-2,442
-2,397
-3,219
-2,779
-2,922
Other
services,
net 3
Balance on
goods and
services
6,214
7,793
9,278
9,320
5,138
9,466
14,344
278
9,908 -36,766
9,741 -94,835
9,861 -101,093
11,368 -125,694
2,629
2,513
2,436
2,164
2,296
2,458
2,403
2,704
2,618
2,808
2,784
3,156
2,832
2,633
3,017
-17,923
-25,379
-25,045
-26,486
-22,918
-25,858
-24,370
-27,944
-30,019
-29,588
-32,249
-33,839
-33,681
-38,098
-40,447
Remittances,
pensions,
and other
unilateral
transfers 1
Balance
on current
account
-991
-6,128
1,873
-7,593
6,884
-7,460
-8,679
-8,956
-9,480 — 46,246
-12,178 -107,013
-15,301 -116,393
-15,658 -141,352
-2,362
-2,461
-3,112
-4,243
-3,296
-3,517
—4,169
-4,321
-3,021
-4,167
-4,334
-4,138
-3,103
-3,092
-2,931
United States are excluded from investment income and included in other services, net.
Note: Merchandise trade data revised; other data to be revised later.
Source: Department of Commerce, Bureau of Economic Analysis.
-20,285
-27,840
-28,157
-30,729
-26,214
-29,375
-28,539
-32,265
-33,040
-33,755
-36,583
-37,977
-36,784
-41,190
-43,378
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $21.2 billion in the third quarter of
1987 compared with an increase of $15.7 billion in the second quarter. Liabilities to private foreigners and
international financial institutions reported by U.S. banks, excluding Treasury securities, increased $48.9 billion in
the third quarter compared to an increase of $14.8 billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
60
60
40
40
20
20
-20
-20
-40
-40
-60
-60
1979
1987
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
Foreign assets in the 1 I.S., net
[increase /capita! inflov' ( + )]2
t ncrease/capitsd outflow ( — )
Period
Total
1979
1980
1981
1982
1983
1984
1985
1986
1984: I
n
in
rv
1985:
I
n
m
IV
1986: I
n
m
IV
1987: I
n
ni"
-64,331
-86,118
-110,951
-121,153
-49,777
— 22,291
-31,399
-95,982
-3,602
- 19,395
17,421
-16,712
-1,745
-1,551
-6,936
-21,167
-13,770
-25,529
-24,478
-32,204
15,533
-14,895
— 29,203
U.S.
official
reserve
assets l 2
-1,133
-8,155
-5,175
4,965
-1,196
3,131
-3,858
312
-657
566
-799
-1,110
-233
-356
-121
-3,148
-115
16
280
132
1,956
3,419
32
Other U.S.
Government
assets
U.S.
private
assets
59,453
3,746
-5,162 -72,802
-5,097 - 100,679
-6,131 -110,058
-5,006 -43,576
-5,476 -13,685
-2,831 -24,711
-1,920 -94,374
-916
2,029
-1,340 -17,490
19,608
1,388
-14,886
-717
-730
-782
-128
-1,067
-6,380
435
-547
-17,473
-240
13,415
-25,303
-242
-1,454 -23,304
15 -32,351
13,352
225
-18,137
-177
29,467
232
Total
38,752
58,112
83,032
93,746
84,869
102,467
129,872
213,386
22,120
41,862
2,392
36,094
16,423
25,202
35,020
53,227
36,322
49,042
69,591
58,431
26,754
49,564
68,009
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.
Foreign
official
assets
-13,665
15,497
4,960
3,593
5,845
2,987
-1,140
34,698
-2,953
-149
-963
7,052
11,060
8,606
2,426
-1,111
2,576
15,568
15,551
1,003
13,953
10,070
359
Other
foreign
assets
52,416
42,615
78,072
90,154
79,023
99,481
131,012
178,689
25,073
42,011
3,355
29,042
27,484
16,596
32,594
54,338
33,746
33,475
54,040
57,428
12,802
39,494
67,650
Statistical d iscrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
1,139
1,152
1,093
25,431
24,982
19,942
36,085
11,154
26,837
17,920
23,947
1,767
5,373
8,344
11,347
11,535
5,724
455
205
10,488
10,241
-8,530
11,750
-5,504
6,521
4,572
Of which:
Seasonal
adjustment
discrepancy
1,417
1,381
-3,851
3,809
1,725
1,712
-3,781
3,766
2,294
-2,044
-4,153
3,904
2,652
-2,009
-5,177
U S official
assets, net l
(unadjusted,
end of
period)
18,956
26,756
30,074
33,958
33,747
34,934
43,186
48,517
34,975
34,547
34,306
34,934
35,493
36,088
38,295
43,186
44,919
46,595
48,087
48,517
48,824
45,140
45,070
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
pag^
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
,
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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