Full text of Economic Indicators : July 1988
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
100th Congress
d Session
Economic Indicators
JULY
1988
(Includes data available as of August 2, 1988)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1988
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—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the second quarter of 1988, according to advance estimates, current-dollar gross national product (GNP) rose
7.2 percent (annual rare) or $82.4 billion. Real GNP (GNP adjusted for price changes) rose 3.1 percent and the
implicit price deflator rose 4.1 percent. (Series revised.)
B LLIONS OF DO LLARS (RATIO J CALE)
BILLIOhJ S C F DOLLARS (RATIC) SCALE )
5,200
5,200
SE SON ALLY ADJUSTED ANN ML R ATES
__,
4,800
1M
„
GNP
CURRENT DC>LLA RS
__„-
\~,-'• ^-
-
3,600
""
^
x——
4,000
[3,600
\
^
Gt •JP
II--1 IS>82 DOLLAR -S
--- .-
v__-
—
.---
-- c~
X
/
3,200
4,400
^
^^_
^-1
"~~
4,400
4,000
4,800
'3,200
_-X
/^
2,800
_x
2,800
2,400
2,400
2,000
1 1
1
\
1
19 81
1980
\
l I
1983
19 82
1
19 85
1984
1
1
1
1986
1
1
\
1
1987
1
2,000
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984 r
1985 .
1986 '.
1987 '.
1982: Ff
1983: Ff
1984: IV
1985: V '
1986: I r
II '.r
ni
IV '.
1987: I '
n'
m T'
Ff .
1,988: I '
1
1
1
Personal
consumption
expenditures
Gross
private
domestic
investment
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
3,212.5
3,545.8
3,851.8
4,107.9
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
2,117.0
2,315.8
2,493.4
2,700.4
4,180.4
4,207.6
4,268.4
4,304.6
4,391.8
4,484.2
4,568.0
4,662.8
4,724.5
4,806.9
Gross
national
product
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,240.3
4,526.7
Exports and imports of goods
and service
Govern ment purcl ases of
goo Is and ser\ices
Federal
Net
exports
Total
State
and
domestic
purchases '
Exports
Imports
32.1
33.9
26.3
-6.1
— 58.9
-78.0
— 104.4
-123.0
351.0
382.8
361.9
352.5
383.5
370.9
378.4
428.0
318.9
348.9
335.6
358.7
442.4
448.9
482.8
551.1
530.3
588.1
641.7
675.0
735.9
820.8
871.2
924.7
208.1
242.2
272.7
283.5
310.5
355.2
366.2
382.0
142.7
167.5
193.8
214.4
234.3
259.1
277.5
295.3
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
322.2
345.9
369.0
391.5
425.3
465.6
505.0
542.8
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.7
4,487.5
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,344.7
4,649.7
409.6
579.8
661.8
654.1
14.1
-25.8
-67.9
-103.2
335.9
364.7
385.7
369.2
321.9
390.5
453.6
472.4
671.8
676.1
764.5
856.7
293.2
276.1
326.0
376.6
87.7
54.6
81.9
108.0
378.7
400.0
438.5
480.1
3,272.4
3,514.8
3,806.8
4,100.7
3,198.5
3,571.6
3,919.7
4,211.2
2,739.0
2,772.1
2,842.8
2,876.0
686.6
667.8
653.0
656.4
376.9
373.9
377.8
385.2
469.9
475.1
486.9
499.4
847.8
868.8
881.8
886.5
356.6
368.7
372.7
366.7
89.9
91.5
84.7
88.7
491.2
500.2
509.1
519.7
4,136.5
4,188.1
4,267.7
4,306.6
4,273.4
4,308.7
4,377.6
4,418.9
2,921.7
2,992.2
3,058.2
3,076.3
685.5
698.5
702.8
764.9
-93.0
-101.2
-109.1
— 1 14.3
— 119.1
-122.2
— 125.2
-125.7
395.3
416.8
440.4
459.7
514.4
539.0
565.6
585.4
903.8
915.7
932.2
947.3
372.7
377.5
386.3
391.4
205.4
221.5
244.1
268.6
266.8
277.2
288.0
278.1
287.3
294.8
299.8
299.2
85.4
82.6
86.4
92.2
531.1
538.2
546.0
555,9
4,510.9
4,606.3
4,693.2
4,788.4
3,1 28.1
3,186.8
763.4
756.5
— 112.1
90.6
487.8
501.1
599.9
591.7
945.2
954.2
377.7
375.2
298.4
295.7
79.3
79.5
567.5
579.0
4,354.1
4,451.5
4,553.5
4,590.7
4,659.2
4,763.9
National
defense
Nondefense
GNP less exports of goods and services plus imports of goods and services.
Note.—Series revised beginning 1985. See Surrey of Current Business, July 1988.
Final
sales
Source: Department of Commerce, Bureau of Economic Analysis.
4,836.6
4,897.5
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
e ross privs te
donu stic inves tment
Govermnent pure lases of
good s and ser ™es
Export s and imp orts of
good s and services
Personal
consumption
expenditures
Nonresidential
fixed
Residential
fixed
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,721.7
3,847.0
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,455.2
2,521.0
379.2
395.2
366.7
361.2
425.2
453.5
433.1
445.1
137.0
126.5
105.1
149.3
170.9
174.4
195.0
195.2
-6.9
57.0
49.4
23.9
-24.5
26.3
-6.4
— 19.9
62.3 -84.0
9.1 -104.3
15.4 -137.5
34.4 -128.9
388.9
392.7
361.9
348.1
371.8
367.2
378.4
427.8
332.0
343.4
335.6
368.1
455.8
471.4
515.9
556.7
620.5
629.7
641.7
649.0
677.7
731.2
760.5
780.2
IV
IV
IV
IV r.
3,159.3
3,365.1
3,535.2
3,662.4
2,078.7
2,191.9
2,281.1
2,386.9
352.3
390.4
444.4
460.9
115.8
159.9
169.6
179.4
-59.3
11.7
27.0 -46.2
41.7
-94.8
7.7 -125.3
336.0
355.5
376.6
367.4
324.3
401.6
471.4
492.6
1986: I r
II 'r
3,719.3
3,711.6
3,721.3
3,734.7
2,415.1 '
2,440.9
2,478.6
2,486.2
446.8
432.8
425.6
427.3
185.5
195.7
199.0
199.7
45.7
23.6
3.0
-10.5
-115.7
- 140.2
-151.8
-142.4
374.5
372.1
379.1
387.8
3,776.7
3,823.0
3,865.3
3,923.0
2,490.2
2,516.6
2,545.2
2,531.7
418.2
434.8
462.8
464.8
198.4
197.6
192.1
192.7
29.8
27.8
13.0
67.1
-132.8
-126.0
-130.7
-126.0
3,956.1
3,986.3
2,559.8
2,574.2
473.4
489.2
189.5
190.8
66.0
45.0
-109.0
— 90.1
Period
1980
1981
1982
1983
1984
1985 '
1986 '.
1987 '.
1982:
1983:
1984:
1985:
m
IV r.
1987: I r r
n .r
mr
rv .
1988:
I
T
II "
Gross
national
product
Change
in
business
inventories
sales
Gross
domestic
purchases 1
373.6
370.1
369.0
373.9
387.0
405.2
427.1
441.2
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,706.3
3,812.6
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,859.3
3,975.9
88.2
54.4
75.2
99.2
370.6
376.2
392.7
412.1
3,218.6
3,338.1
3,493.5
3,654.7
3,147.6
3,411.3
3,630.0
3,787.6
241.1
250.8
260.7
253.1
81.6
82.8
76.0
87.4
419.1
425.2
430.2
434.0
3,673.6
3,688.0
3,718.3
3,745.2
3,834.9
3,851.8
3,873.0
3,877.2
334.0
332.1
342.1
347.7
257.0
264.8
269.5
268.2
77.0
67.3
72.6
79.5
438.9
440.1
440.8
444.9
3,746.9
3,795.2
3,852.2
3,855.9
3,909.5
3,949.0
3,996.0
4,049.0
327.8
325.3
264.6
260.9
63.2
64.4
448.7
451.9
3,890.1
3,941.3
4,065.1
4,076.4
Federal
Net
exports
Exports
Imports
Total
State
and
local
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
333.4
339.0
171.2
180.3
193.8
206.9
218.5
237.2
251.4
264.9
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.1
660.1
642.2
693.2
752.7
289.5
266.0
300.5
340.6
201.4
211.6
225.3
241.4
490.2
512.4
530.9
530.2
741.8
758.8
766.9
774.5
322.7
333.6
336.7
340.5
394.9
416.4
440.9
459.2
527.7
542.3
571.6
585.2
772.9
772.2
782.9
792.6
486.2
495.6
595.1
585.7
776.4
777.2
1
GNP less exports of goods and services plus imports of goods and services.
NOTE.—Series revised beginning 1985. See Survey of Current Business, July 1988.
Total
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 nvestment
Personal c onsumption
expen ditures
Period
national
product
Total
Durable
goods
Exports an i imports of
goods an I services
Gove rnment pure iiases of goc ds and
ser vices
Federal
Nondurable goods
Services
Nonresidential
fixed
Residential fixed
Exports
Imports
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.9
117.7
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.5
89.2
95.7
100.0
102.1
103.8
104.8
105.6
107.9
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.5
85.1
93.4
100.0
98.8
97.9
97.7
100.2
100.4
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
90.2
97.5
100.0
101.3
103.2
101.0
100.0
100.0
96.0
101.6
100.0
97.4
97.1
95.2
93.6
99.0
84.3
93.3
100.0
103.1
106.8
109.0
109.8
112.7
83.4
92.9
100.0
103.6
107.2
109.2
110.4
111.5
86.4
94.3
100.0
101.4
105.5
108.2
108.2
117.0
86.2
93.4
100.0
104.7
109.9
114.9
118.2
123.0
101.7
105.4
109.0
112.2
101.8
105.7
109.3
113.1
100.7
103.1
104.1
104.7
101.0
103.1
105.8
108.7
102.7
108.3
113.5
119.0
100.7
98.3
97.9
97.9
99.1
103.1
107.2
109.0
100.0
102.6
102.4
100.5
99.3
97.2
96.2
95.9
101.3
103.8
108.5
110.6
102.0
104.7
108.3
111.3
99.5
100.3
108.9
108.8
102.2
106.3
111.7
116.5
IV r
112.4
113.4
114.7
115.3
113.4
113.6
114.7
115.7
105.0
105.0
106.1
106.2
107.8
106.4
107.2
107.8
120.1
121.6
123.2
124.6
98.2
99.8
101.2
101.6
109.8
110.6
111.4
112.4
100.6
100.5
99.6
99.3
95.9
92.7
91.7
94.2
110.5
110.5
110.7
107.7
110.6
110.5
110.5
109.9
110.1
110.4
111.5
101.5
117.2
117.6
118.3
119.7
1987: I *
II '
Ill '
IV r
116.3
117.3
118.2
118.9
117.3
118.9
120.2
121.5
106.7
107.5
108.6
108.9
109.8
111.9
112.9
113.7
126.1
127.6
129.1
131.0
101.1
100.8
99.9
99.8
1 13.4
115.2
117.7
118.7
100.1
100.1
99.9
100.1
97.5
99.4
98.9
100.0
111.6
113.7
112.9
112.6
111.8
111.3
111.3
111.6
110.9
122.9
119.0
116.0
121.0
122.3
123.9
124.9
1988: I r.
II "
119.4
120.6
122.2
123.8
109.1
109.5
113.8
116.0
132.2
133.8
99.6
99.2
119.5
119.6
100.3
101.1
100.8
101.0
115.2
115.3
112.8
113.3
125.5
123.5
126.5
128.1
1980
1981
1982
1983
1984
1985 '
1986 r
1987 T
1982:
1983:
1984:
1985:
IV
IV
IV
IV '
1986: I *
Ur r
m
NOTE.—Series revised beginning 1985. See Survey of Current Business, July 1988.
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data !it seasonally adjusted annual rates]
Personal consumption e tpenditures
Gr iss national pr duct
Period
Constant
(1982)
dollars
Current
dollars
m
iv.
1987: I r r
n .r
m
IV.
1988: I r
II*
9.0
9.7
6.4
6.3
4.1
3.9
3.3
2.5
3.4
1.4
4.6
5.0
4.5
6.1
3.4
3.1
3.9
3.7
3.0
2.7
3.3
3.6
4.7
3.0
3.3
.7
3.6
4.7
2.1
3.5
3.5
3.1
2.4
1.7
4.1
NOTE. — Annual changes are from previous year and q 4arterlv change s are from previous quarter.
Series revised beginning 1985. See Survey of Current Busine.su, Julv 1988.
10.6
10.5
7.1
9.0
8.8
8.2
6.8
7.3
10.3
9.7
7.2
6.0
5.8
4.9
10.6
4.8
6.5
10.0
9.1
2.4
6.9
7.7
4.0
3.4
2.8
3.6
4.0
4.0
3.2
3.3
2.2
4.1
3.9
3.1
3.2
1.7
2.0
3.1
2.4
4.0
3.7
3.6
3.4
3.0
4.4
Constant
(1882)
dollars
Current
dollars
9.3
9.3
6.2
4.1
9.0
9.4
-2.5
3.6
6.8
3.4
2.8
3.4
.6
7.3
1.7
3.0
6.4
-.8
1.0
11.7
3.7
7.6
10.8
6.4
5.6
6.8
4.2
12.4
4.7
6.2
7.2
2.6
5.9
3.4
8.4
8.7
7.7
8.6
5.4
7.2
1982
1983
1984
1985 '.
1986 r'.
1987 .
1982: IV
1983: IV
1984: IV
1985: IV
1986: I rr
II .r
Chain price
index
-0.2
1.9
8.9
1980
1981
Implicit
price
deflator
Fixedweighted
price index
(1982
weights)
2.4
3.0
2.8
4.2
4.2
3.7
3.8
3.5
4.7
-0.2
1.2
1.3
4.6
4.8
4.7
4.3
2.7
5.3
5.5
4.3
1.9
4.8
4.3
6.3
1.2
.6
4.3
4.6
-2.1
4.5
2.3
Implicit
price
deflator
Chain price
index
10.7
9.2
5.7
4.1
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.5
4.8
3.8
3.2
2.4
4.5
4.4
4.3
3.0
4.0
1.1
.1
3.9
3.5
5.6
5.6
4.4
4.4
2.3
5.3
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.5
4.8
3.1
4.2
1.4
.8
4.3
3.5
5.5
5.7
4.3
4.4
4.1
3.2
4.3
1.5
.7
4.2
3.5
5.6
5.7
4.2
4.6
2.5
5.4
2.4
5.4
4.1
Source: Department of C ommerce, Bur au of Econotn c Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
!
Curren t-dollar cos and profit per unit o output (do liars) '
Gross t omestic
prodi ct of
nonfm ancial
corporate business
(billions c f dollars)
Period
Current
1980
1981
1982
1983
1984
1985 '.
1986 '.
1987 '.
1982: IV
1983: IV
1984: IV
1985: IV T
1986: I rr
n .r
ni
IV
1987: I '
11'.r
m
IV
1988: I T
1
'.
1982
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,371.6
2,513.5
1,779.4
2,012.5
2,201.8
2,309.2
2,344.9
2,348.8
2,383.6
2,409.3
2,438.8
2,482.7
2,546.9
2,585.6
2,633.2
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,177.2
2,270.4
1,760.2
1,940.5
2,069.5
2,137.7
2,172.3
2,163.2
2,174.2
2,199.0
2,215.0
2,248.0
2,296.1
2,322.5
2,363.5
Total
cost
and
profit 2
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.107
1.011
1.037
1.064
1.080
1.079
1.086
1.096
1.096
1.101
1.104
1.109
1.113
1.114
ances
Indirect
capital
consumption
adjustment
taxes 3
0.095
.109
.125
.123
.118
.119
.121
.122
.131
.120
.118
.120
.120
.122
.122
.122
.122
.122
.121
.121
.121
Output is measured by gross domestic product of nonfinaneiaJ corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfmancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capital consumption adjustments.
Corp jrate profits with
inventory valuation a nd capital
consuniption adjus tments
Capital
consumption
0.077
.090
.094
.098
.100
.103
.105
.106
.096
.098
.102
.104
.105
.102
.106
.105
.105
.106
.106
.105
.105
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.704
.719
.732
.685
.680
.694
.713
.710
.717
.722
.725
.730
.730
.729
.738
.736
0.031
.037
.043
.037
.039
.038
.039
.043
.042
.037
.042
.037
.038
.038
.039
.040
.041
.043
.044
.046
.045
Total
0.068
.078
.063
.089
.109
.106
.106
.105
.057
.103
.107
.106
.107
.106
.107
.104
.103
.104
.109
.103
.106
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.044
.023
.036
.032
.033
.032
.034
.036
.039
.041
.043
.046
.044
.044
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.071
.061
.034
.066
.075
.072
.075
.072
.071
.065
.061
.061
.063
.059
.062
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
emplovees
(dollars)
17.096
17.194
17.318
17.867
18.288
18.674
18.969
19.017
17.382
18.029
18.359
18.787
18.941
18.930
18.974
19.073
18.933
18.964
19.119
19.070
19.229
9.939
10.861
11.699
12.124
12.570
13.103
13.566
13.850
11.914
12.261
12.746
13.324
13.437
13.525
13.608
13.724
13.708
13.798
13.897
14.009
14.126
Note.—Series revised beginning 1985, except as noted. See Survey of Current Business, July
1988.
'Data do not reflect revisions beginning 1985 of GNP and related items published July 27, 1988.
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-
Proprietor s' income
with in rentory
valuation s nd capital
consuroption
adjust ments
Farm
1982
1983
1984
1985 '
1986 r'
1987
1982: IV
1983: IV
1984: IV
1985: IV
1986: I '.
II r r
Ill
Profits wi ;h inventory valuation
adjustmei it and withoiit capital
consu Biption adjus ment
Total
-10.4
-10.9
-5.8
— 1.7
8.3
-18.0
-13.4
-8.1
-1.6
-6.6
21.0
11.8
8.7
-8.1
— 14.4
-20.0
-19.5
-18.2
-9.2
17.0
32.7
59.7
54.2
51.7
-4.5
25.1
42.3
63.0
59.8
55.0
52.0
49.8
50.8
51.5
52.1
52.4
272.3
281.0
304.8
319.0
331.9
353.6
266.9
290.2
313.1
322.7
331.1
334.1
333.3
329.3
338.3
348.1
358.3
369.5
-19.4
-29.8
49.4
47.9
373.9
382.1
24.6
12.4
30.5
30.2
36.4
43.0
28.5
19.3
28.1
29.2
27.6
46.4
33.3
38.4
46.7
43.0
35.2
47.0
150.9
178.4
204.0
225.6
250.3
270.0
159.8
188.6
209.7
235.0
245.5
248.3
251.7
255.8
263.5
265.9
271.5
279.0
13.6
13.2
8.5
9.2
12.4
18.4
15.8
12.4
5.6
7.8
10.6
12.5
13.1
13.4
17.4
17.8
18.1
20.5
150.0
213.7
266.9
282.3
298.9
310.4
146.1
248.5
266.9
291.4
303.2
297.1
301.2
293.9
298.3
305.2
322.0
316.1
159.2
196.7
234.2
247.5
253.6
269.9
263.7
169.6
207.6
240.0
224.3
236.4
276.7
164.1
231.5
226.1
235.0
222.5
230.3
240.5
252.1
261.8
273.7
289.4
281.9
2,816.4
2,872.6
44.7
38.0
279.2
284.6
20.5
17.9
316.2
266.8
286.2
Includes employer contributions for social insurance. (See also p. 5.)
Net
interest
Inventory
valuation
adjustment
1,907.0
2,020.7
2,213.9
2,367.5
2,507.1
2,683.4
1,931.1
2,092.7
2,272.7
2,426.7
2,461.0
2,483.4
2,518.2
2,565.8
2,608.9
2,652.0
2,702.8
2,769.9
"
Capital
consump-
Profits
before tax
3,850.8
rv
1988: lr.
1
tion
adjustment
Nonfarm
Corpora te profits wit ll inventory valuation am capital
consurnption adjust ments
2,518.4
2,719.5
3,028.6
3,234.0
3,437.1
3,678.7
2,548.2
2,851.5
3,096.1
3,312.8
3,378.9
3,421.8
3,450.9
3,496.6
3,573.0
3,631.8
3,708.0
3,802.0
IV
1987: 1Tr
.
II
HT r .
n
Rental
income of
persons
with
capital
222.6
244.7
258.7
150.7
223.4
224.6
228.4
243.4
242.1
249.2
244.1
ment
Source: Department of Commerce, Bureau of Economic Analysis.
Note.—Series revised beginning 1985. See Survey of Current Business, July 1988.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
expendi-
1982
1983
1984
1985 T.
1986 T.
1987 r.
1982: IV
1983: IV
1984: IV
1985: IV '.
1986: I r
II '
III r
IV
r
1987: I
II 'r
III
IV.
1988: I '
II"
FurniTotal
durable
goods
Motor
vehicles
and
parts
and
household
equipment
Total
Other
durable
Food
Clothing and
shoes
Gasoline
and oil
89.1
90.2
90.0
90.6
73.3
77.0
89.8
91.9
89.0
91.0
86.3
71.7
68.9
66.3
72.1
77.4
79.3
79.3
158.7
169.5
182.1
192.6
202.2
216.3
163.4
174.0
184.7
198.5
198.8
200.5
203.9
205.8
209.9
215.8
218.5
220.9
1,027.0
1,128.7
1,227.6
1,345.6
1,457.3
1,592.3
1,066.5
1,167.9
1,267.1
1,394.5
1,419.2
1,441.9
1,468.2
1,500.1
1,540.7
1,576.4
1,610.2
1,641.9
5.8
6.8
8.0
8.2
8.2
7.1
6.0
7.4
6.7
7.1
8.0
6.6
2.2
2.4
2.4
2.8
3.2
3.2
2.5
2.6
2.6
3.1
3.0
3.1
3.4
3.4
2.9
3.1
3.5
3.3
76.3
78.5
223.5
226.9
1,674.1
1,709.6
7.6
7.5
3.2
3.1
398.8
421.9
448.5
471.6
501.0
526.4
407.0
430.8
456.1
147.8
150.2
149.4
771.0
816.7
867.3
911.2
943.6
997.9
786.6
837.9
879.6
932.7
938.4
937.2
944.7
954.1
977.5
995.3
1,006.6
1,012.4
503.2
512.6
521.0
525.3
528.4
530.9
124.4
135.1
146.7
156.4
167.0
178.2
126.5
141.1
149.8
160.6
163.0
167.0
168.7
169.4
174.5
176.8
180.4
181.2
154.7
159.0
81.0
81.2
1,016.2
1,030.3
535.9
542.4
180.5
182.5
252.7
289.1
335.5
372.2
406.5
421.9
263.8
310.0
346.7
373.2
381.4
393.0
429.9
421.8
403.5
420.5
441.4
422.0
108.9
130.4
157.4
179.1
196.4
195.8
115.7
144.4
162.3
173.8
179.4
187.7
217.5
201.0
181.7
194.5
212.9
194.0
95.7
107.1
118.8
129.9
140.0
148.3
99.1
112.4
122.7
134.7
135.9
138.8
142.0
143.3
145.9
3,128.1
3,186.8
437.8
446.9
202.2
206.8
Other
Domestics
^
48.1
51.6
59.3
63.2
70.1
77.8
49.0
53.2
61.8
64.7
66.0
66.5
70.5
77.5
75.9
78.3
78.3
78.6
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
2,117.0
2,315.8
2,493.4
2,700.4
2,739.0
2,772.1
2,842.8
2,876.0
2,921.7
2,992.2
3,058.2
3,076.3
Note.—Series revised beginning 1985. See Survey of Current Business, July 1988.
Retail ales of
new pa ssenger
cars (mi lions of
un ts)
Nondurable g( ods
Durable goods
Total
personal
con-
482.5
490.3
498.0
Source: Department of Commerce, Bureau of Economic Analysis.
7.7
7.0
7.7
8.0
9.5
7.7
Imports
OF
Personal income rose $27.9 billion (annual rate) in June, following a rise of $18.1 billion in May. Wages and
salaries increased $17.8 billion in June, compared with an increase of $13.2 biilion in May. (Series revised.)
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RAT~(O SCALE)
4,200
4,200
3,200
3,200
1,600
WAGE AND SALARY DISBURSEMENTS
1,600
800
800
400
200
1988
' SEASONAUY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985 r
r
1986
1987 *
1987: June '
r
Julv T.
Aug
Sept T
Oct r
Nov '
Dec r
1988: Jan r.
Feb r .
Marr
Aprr
May r
June ".
Total
personal
income
Wi
salary
Proprietors ' income 3
Other labor
Farm
Nonfarm
Rental
income of
persons 4
Personal
dividend
income
Persona!
interest
income
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,531.1
3,780.0
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.0
2,248.4
138.4
150.3
163.6
173.6
182.9
187.6
196.1
207.9
20.5
30.7
24.6
12.4
30.5
30.2
36.4
43.0
160.1
156.1
150.9
178.4
204.0
225.6
250.3
270.0
6.6
13.3
13.6
13.2
8.5
9.2
12.4
18.4
52.9
61.3
63.9
68.7
75.5
78.7
82.8
88.6
271.9
335.4
369.7
393.1
444.7
478.0
499.1
527.0
489.8
521.1
548.8
88.6
104.5
112.3
120.1
132.7
149.3
161.1
172.0
3,747.1
3,778.6
3,803.7
3,820.8
3,897.2
3,884.1
3,939.0
2,231.8
2,247.6
2,269.0
2,278.6
2,302.9
2,318.7
2,353.5
206.9
208.3
209.3
210.3
211.4
212.4
213.3
38.2
41.0
33.6
31.1
67.9
31.6
41.4
265.8
268.9
272.4
273.3
277.8
278.6
280.6
17.4
17.7
18.0
18.5
19.5
20.5
21.5
88.1
89.0
90.0
90.6
' 91.3
91.9
92.4
521.2
526.9
533.0
539.0
545.0
550.0
555.1
548.7
550.9
551.6
552.7
556.4
556.1
557.9
171.0
171.7
173.1
173.4
175.1
175.8
176.8
3,921.8
3,946.7
3,985.9
3,995.8
4,013.9
4,041.8
2,342.3
2,359.0
2,374.7
2,394.0
2,407.2
2,425.0
214.0
214.6
215.2
215.8
216.4
217.4
35.9
41.5
56.8
40.6
37.4
36.1
278.6
279.0
279.9
282.6
284.2
286.9
20.8
20.5
20.2
17.6
17.9
18.2
554.4
554.1
554.1
560.3
566.7
573.2
572.2
574.6
582.2
582.8
582.2
584.0
189.1
190.2
191.2
192.4
193.2
194.4
6
Personal inei
;iiul agricultural i
92.8
93.6
94.0
94.7
95.0
95.4
324.7
368.1
410.6
442.6
456.6
Nonfarm
personal
income 6
2,215.8
2,465.6
2,618.7
2,799.0
,9,052. I
3,271.3
3,472.5
3,716.0
3,688.0
3,716.8
3,749.2
3,768.8
3,808.5
3,831.9
3,877.1
3,865.5
3,884.7
3,908.7
3,934.4
3,955.4
3,984.4
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income fell in the second quarter of 1988. (Series revised.)
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
8,000
8,000
6,000
1988
' SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
P
1
r ersonal
income
Less:
Personal
tax and
nontax
payments
Equals*
Lnsposanle
personal
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
ineome in
1982
dollars
(billions)
136.8
159.4
153.9
130.6
164.1
125.4
121.7
104.2
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.8
2,640.9
2,686.3
Per c ipita
disposab! personal
inc me
340.5
393.3
409.3
410.5
440.2
486.6
511.4
570.3
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,019.6
3,209.7
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
1982
dollars
9,722
9,769
9,724
9,930
10,419
10,625
10,929
11,012
7,607
8,320
8,818
9,515
10,253
10,985
11,618
12,348
8,783
8,794
8,818
9,139
9,489
9,839
10,160
10,334
-1.1
.5
-.5
2.1
4.9
2.0
2.9
.8
7.1
7.5
6.8
5.4
6.1
4.4
4.0
3.2
227,754
230,182
232,549
234,829
237,051
239,322
241,650
243,944
1982
dollars
8,421
9,243
9,724
10,340
11,257
11,861
12,496
13,157
Perce It
Dolla rs
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,898.0
3,105.5
Percent
change in
real per
capita
disposable
personal
income
Current
dollars
Current
dollars
Billions of dollar S
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,531.1
3,780.0
1980
1981
1982
1983
1984
1985 r.
1986 r.
1987 r.
Per eapit i personal
consu nption
expen litnres
£ easonally adjusted anr ual rates
1982:
1983:
1984:
1985:
IV
IV
IV
IV ' ..
1986: I r r
n r....
m r..
IV ...
1987: I r r
nr
....
m ..
IV...
r
1988: I p
n ...
2,729.2
2,941.8
3,188.3
3,399.1
411.1
413.9
459.7
499.6
2,318.1
2,527.9
2,728.6
2,899.5
2,174.9
2,382.5
2,571.3
2,787.7
143.1
145.4
157.3
111.7
2,276.1
2,392.7
2,496.3
2,562.8
9,929
10,725
11,467
12,068
9,749
10,151
10,491
10,667
9,068
9,825
10,479
11,240
8,904
9,299
9,587
9,935
1.2
9.1
1.7
3.3
6.2
5.8
5.8
3.9
233,466
235,707
237,946
240,257
3,460.7
3,517.3
3,546.7
3,599.6
495.6
501.0
514.2
534.9
2,965.1
3,016.3
3,032.4
3,064.7
2,828.2
2,862.1
2,933.6
2,967.9
136.9
154.1
98.8
96.8
2,614.5
2,655.9
2,643.9
2,649.4
12,315
12,499
12,534
12,635
10,858
11,006
10,928
10,923
11,375
11,487
11,750
11,857
10,030
10,115
10,245
10,250
7.4
5.6
-2.8
-.2
4.6
5.1
3.3
3.2
240,784
241,324
241,936
242,557
3,676.1
3,736.1
3,801.0
3,906.8
532.2
582.0
576.2
591.0
3,143.9
3,154.1
3,224.9
3,315.8
3,013.1
3,084.7
3,152.3
3,171.8
130.8
69.5
72.6
144.0
2,679.6
2,652.8
2,683.9
2,728.9
12,934
12,947
13,204
13,543
11,024
10,889
10,989
11,145
12,020
12,282
12,521
12,564
10,244
10,330
10,421
10,340
3.8
-4.8
3.7
5.8
4.2
2.2
2.3
4.3
243,077
243,618
244,236
244,845
3,951.4
4,017.2
575.8
600.6
3,375.6
3,416.5
3,225.7
3,285.9
149.9
130.6
2,762.3
2,759.8
13,760
13,900
11,260
11,228
12,751
12,966
10,435
10,473
4.2
-1.1
4.4
3.8
245,318
245,785
1
Includes personal consumption expenditures, interest paid by consumers to business, and pers
al transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
Note.—Series revised beginning 1985. See Survey of Current Busine.w, July 1988.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Censu
FARM INCOME
In the first quarter of 1988, according to preliminary estimates, gross farm income fell $10.2 billion (annual rate)
and net farm income fell $9.6 billion.
BILLIC NS OF DOLLA )S* (RATIO SOVLE)
BILL ONS OF DOLL ^RS * (RATIO S CALE)
240
240
200
160
^
l—-^
s
1
v
-S
-—-4
•
""^lS^^"
""
——~ =Bo
,
GRC>SS FARM INC DME
120
160
120
80
40
40
20
20
10
10
" SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farmi tig
Net fanr income
(iross farm incom
Period
Cas ti marketing rece pts
Total '
Total
1980
1981
1982
1983
1984
1985
1986
1987 r
1985: I
II
in
IV
1986: I
II
Ill
rv
1987: I rr
II r
m
1988:
IV
I"
149.3
166.3
163.5
153.1
174.7
166.0
159.5
168.4
168.5
164.0
159.5
172.1
149.8
168.8
154.7
164.8
167.3
170.7
164.1
171.7
161.5
139.7
141.6
142.6
136.6
142.3
144.2
135.2
136.4
137.9
138.0
144.8
156.1
134.4
130.6
135.0
140.7
127.5
142.1
142.4
133.6
134.9
Livestock and
products
68.0
69.2
70.3
69.4
72.9
69.8
71.6
75.5
69.9
69.0
68.9
71.4
68.3
66.8
77.8
73.3
72.3
73.8
79.9
75.9
76.1
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.
Crops
71.7
72.5
72.3
67.1
69.4
74.4
63.6
60.9
68.0
68.9
76.0
84.7
66.0
63.8
57.2
67.4
55.2
68.3
62.5
57.7
58.8
3
Production
expenses
Value of
inventory
changes 2
-6.3
6.5
— 1.4
-10.9
6.2
-2.7
3.3
Q
1.1
24
-4.2
-5.1
-4.2
3.5
-3.0
-2.4
.8
-.2
.3
-1.2
-4.1
Current
dollars
133.1
139.4
140.0
140.4
142.7
133.7
122.1
123.0
138.3
135.3
132.2
129.0
125.7
122.9
120.6
119.0
119.5
123.3
124.5
124.7
124.0
16.1
26.9
23.5
12.7
32.0
32.3
37.5
45.4
30.2
28.7
27.3
43.1
24.1
45.9
34.2
45.8
47.8
47.3
39.7
47.0
37.4
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
1982 dollars 3
18.8
28.6
23.5
12.2
29.7
r
29.1
32.9
38.6
27.5
25.9
24.5
38.4
21.4
r
40.5
29.8
'39.7
41.1
40.3
33.6
39.5
31.3
CORPORATE PROFITS
In the first quarter of 1988, according to revised estimates, corporate profits before tax rose $4.3 billion (annual
rate) and after-tax profits rose $3.7 billion. (Series revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
PROFITS BEFORE TAX
240
240
200
200
160
,,'
x
PROFITS AFTER TAX
120
80
40
40
UNDISTRIBUTED PROFITS
I I I
I
I
I
1
1986
1985
1984
1980
I
SOURCE: DEPARTMENT OF COMMERCE
I
1
I
I
I
1987
1
I
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after ta X
Prc fits (before t ax) with inve ntory valuati on adjustment »
Doinestic indust <ies
Total
2
Total
1980
1981
1982
1983
1984
1985 '
1986 r
1987 r
1982: IV
1983: IV
1984: IV
1985: IV r
1986: I rr
194.0
202.3
159.2
196.7
234.2
222.6
244.7
258.7
159.6
173.8
131.2
166.6
203.3
191.4
212.8
222.3
150.7
223.4
224.6
228.4
121.6
190.7
193.9
193.6
nr
mr
243.4
242.1
249.2
244.1
208.5
IV
1987:
Ir
II r
HI r
IV
247.5
253.6
269.9
263.7
1988: I r
n "
1
2
3
266.8
213.5
217.2
211.9
213.0
219.2
234.6
222.2
236.6
Financial
Total 3
Manufacturing
21.0
16.5
11.8
18.1
138.6
157.3
119.4
148.5
77.1
88.5
58.0
70.1
13.0
22.8
31.8
30.1
18.7
15.5
13.6
26.0
31.6
34.5
32.4
28.9
30.7
31.4
29.5
28.8
27.6
190.3
168.6
180.9
192.1
102.9
175.2
180.3
167.6
176.9
179.0
184.9
183.0
182.3
187.8
205.1
193.4
88.8
79.7
79.4
96.8
46.8
88.6
79.8
83.8
75.4
80.5
73.8
87.7
84.8
93.8
107.0
101.7
110.6
209.0
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
includes industries not shown separately.
Profits
before tax
Nonfinancial
Period
Tax
liability
Total
Dividends
sale and
retail
trade
21.6
32.5
34.6
38.9
51.2
44.1
46.1
42.8
33.6
43.1
51.8
38.5
48.5
43.4
49.9
42.5
46.5
37.8
44.1
43.0
43.9
237.1
226.5
169.6
207.6
240.0
224.3
236.4
276.7
164.1
231.5
226.1
235.0
222.5
230.3
240.5
252.1
261.8
273.7
289.4
281.9
286.2
84.8
81.1
63.1
77.2
93.9
96.4
106.6
133.8
59.8
88.1
87.0
99.8
99.2
104.9
107.9
114.3
126.3
132.6
140.0
136.2
136.9
152.3
145.4
54.7
63.6
106.5
130.4
146.1
127.8
129.8
142.9
104.3
143.4
139.2
135.2
123.2
125.4
132.6
137.9
135.5
141.1
149.5
145.7
149.4
66.9
71.5
79.0
83.3
88.2
95.5
68.5
73.9
80.8
84.0
86.2
88.0
88.9
89.8
91.7
94.0
97.0
99.3
101.3
103.1
Note.—Series revised beginning 1985. See Survey of Current Bu&
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
97.6
81.8
39.6
58.9
67.0
44.6
41.6
47.4
35.8
69.5
58.4
51.2
37.0
37.4
43.7
48.1
43.8
47.0
52.4
46.4
48.1
, July 1988.
Inventory
valuation
adjustment
-43.1
-24.2
— 10.4
-10.9
-5.8
J H
8.3
-18.0
-13.4
-8.1
-1.6
-6.6
21.0
11.8
8.7
-8.1
-14.4
-20.0
-19.5
-18.2
-19.4
-29.8
GROSS PRIVATE DOMESTIC INVESTMENT
According to advance estimates for the second quarter of 1988, nonresidential fixed investment rose $13.9 billion
(annual rate) while residential investment rose $1.5 billion. There was a $43.0 billion increase in inventories,
following an increase of $65.3 billion in the first quarter. (Series revised.)
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
SEASONALLY ADJUSTED ANNUAL KATES
700
-GROSS PRIVATE DOMESTICINVESTMENT
700
600
600
500
500
400
400
NONRESIDENTIAL
FIXED INVESTMENT
300
300
RESIDENTIAL
FIXED INVESTMENT
200
200
100
100
CHANGE IN BUSINESS"
INVENTORIES
•^
XL-?00
-100
1980
1981
1984
1983
1982
1985
1986
SOURCE: DEPARTMENT OF COMMERCE
1987
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
^xed investmen t
Change ir business
mven ones
Nonresidential
investment
1980
1981
1982
1983
1984
1985 r
1986 r
1987 r.
Total
Total
Structures
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
445.3
491.5
471.8
509.4
597.1
631.8
650.4
673.7
322.8
369.2
366.7
356.9
416.0
442.9
433.9
446.8
113.9
138.5
143.3
409.6
579.8
661.8
654.1
469.5
548.8
616.8
646.8
686.6
667.8
653.0
656.4
Producers'
durable
equipment
Residential
Total
Nonfarm
124.0
141.1
153.2
138.5
139.5
208.9
230.7
223.4
232.8
274.9
289.7
295.4
307.3
122.5
122.3
105.1
152.5
181.1
188.8
216.6
226.9
-8.3
24.0
— 245
-7.1
67.7
11.3
15.5
39.2
-2.4
18.3
-23.1
.4
60.5
14.6
17.4
40.7
354.9
383.9
435.0
451.3
137.6
127.4
146.6
155.9
217.3
256.5
288.4
295.5
114.7
164.9
181.8
195.5
-59.9
31.0
45.0
7.2
-51.1
21.3
41.3
23.7
642.6
648.3
652.3
658.4
438.9
431.9
430.6
434.1
151.1
136.1
132.0
134.6
287.8
295.7
298.5
299.4
203.6
216.4
221.8
224.4
44.0
19.5
.7
-2.0
43.3
19.8
3.6
3.0
647.8
665.8
688.3
692.9
422.8
438.2
462.1
464.1
132.7
134.4
14,9.0
147.7
290.1
303.8
319.1
316.3
225.0
227.6
226.2
228.8
37.7
32.7
14.5
72.0
40.9
31.4
IV T,
685.5
698.5
702.8
764.9
72.8
1988: I r
II"
763.4
756.5
698.1
713.5
471.5
485.4
140.1
145.3
331.3
340.1
226.6
228.1
65.3
43.0
49.4
35.5
1982:
1983:
1984:
1985:
IV
IV
IV
IV
1986: I rr
11 r
m
IV.
1987:
Ir
II r r
rrr
Source: Dei
•nt of Commerce, Bui
17.8
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May survey, business spending for new plant and equipment is
expected to rise 10.7 percent in 1988, following a rise of 2.4 percent in 1987.
BILLIONS OF DOLLARS (RATIO SCALE)
500
—
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASOh ALLY ADJUSTED ANN JAL RATES
1
300
= =^^
]
,
-x-"*/
•"
-
—
—-
._
"
—
^
LL INDUSTRIES
300
. —-
• —"T
I
•—•''' Nor•JMANUFACTU (ING^
_ < _ - _ —.~""""~"-*^
•• •"""
--r
"~
*"
MANUFACTURIS G
—
—
—
—
—
—
40
1
1
1980
1
1
1
1
1
1
1
I
1982
1981
1
1
1
1
1
1
1
1
1985
1984
1983
1
I
1
1986
1
1
1
\
It U ±/
1 1
1987
J/. 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
Noiimanufactur ing
M anufaeturi ig
Period
All
tries
Total
Durable
Nondurable
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonbusi-
Non manufactu ring
Manufacturing
Total
Surveyed
quarterly
1979
1980
1981
1982
1983
1984
1985
1986
1987
19884
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.47
388.60
430.23
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.46
163.01
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.14
70.91
77.63
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.55
85.39
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.14
267.22
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.34
12.39
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.25
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.76
47.18
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.19
186.40
1986: HI
IV
375.50
386.09
139.43
144.07
69.42
69.87
70.01
74.20
236.07
242.02
10.14
10.31
18.81
19.50
45.81
46.12
161.31
166.08
139.43
144.07
374.23
377.65
393.13
409.37
140.65
140.79
147.56
152.84
70.47
68.76
71.78
72.64
70.18
72.03
75.78
80.20
233.58
236.87
245.58
256.53
10.31
11.02
11.64
12.39
18.98
17.67
19.17
19.57
43.60
43.48
44.90
47.07
160.70
164.69
169.87
177.50
140.65
140.79
147.56
152.84
233.58
236.87
245.58
256.53
1988: I
H 44
409.73
429.01
438.22
443.95
157.79
162.82
165.73
165.71
75.33
79.00
79.30
76.87
82.45
83.82
86.43
88.84
251.95
266.19
272.49
278.24
12.50
12.87
12.51
11.67
20.59
20.81
22.61
20.99
44.31
46.37
48.94
49.10
174.54
186.15
188.44
196.48
157.79
162.82
165.73
165.71
ly 3
236.07
242.02
1987: I
II
Ill
IV
Surveyed
annual-
251.95
266.19
272.49
278.24
in 4
IV
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
284.94
314.47
349.26
347.47
343.35
398.99
431.94
427.23
439.59
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.46
163.01
189.02
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.13
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.14
267.22
29.98
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
ocial services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in April-May 1988, corrected for biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In June, seasonally adjusted civilian employment rose 823,000 and unemployment fell 328,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
124
1980
* 16 YEARS' OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
p
' l\
Noninstitutional
population
including
resident
Armed
Forces
T li f
Labor torce
1
U 1 £,
Employment
including
resident
Armed
Forces
Armed
Forces
NSA
resident
Armed
Forces
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,718
1,720
1,736
1,743
1,741
1,755
1,750
1,749
1,736
1,736
1,732
1,714
1,685
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
111,303
114,177
121,326
121,610
122,042
121,706
122,128
122,349
122,472
114,018
114,359
114,786
Nonag ricultural
Civilian
labor force
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
184,421
184,605
184,738
184,904
185,052
185,225
185,370
185,571
185,705
185,847
185,964
186,088
186,247
122,924
123,084
122,639
123,055
122,692
123,157
114,615
114,951
115,259
115,494
115,878
116,145
115,839
116,445
115,909
116,703
106,940
108,670
110,204
111,550
113,544
115,461
117,834
119,865
119,608
119,890
120,306
119,963
120,387
120,594
120,722
121,175
121,348
120,903
121,323
120,978
121,472
1
Persons at work. Economic reasons inclm
rial shortages, inability to find fullline work, etc.
2
Labor force as percent of iiom'nstitutional population (both including resident Armed Forces).
3
Civilian labor forte as percent of civilian noninstitutiona! population.
Labor force
partici jation
rate (pc rcent)
15
Total
Agricultural
Total
NSA
1980
1981
1982
1983
1984
1985
1986*
1987
1987: June
July
Aug
Sept
Get
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
Unempl jyment
Civilian e mployment
R '
Kesi-
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
112,300
112,639
113,050
112,872
113,210
113,504
113,744
114,129
114,409
114,103
114,713
114,195
115,018
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,192
3,212
3,143
3,184
3,249
3,172
3,215
3,293
3,228
3,204
3,228
3,035
3,085
Part-time
for
economic
reasons l
Total
95,938
97,030
4,064
4,499
7,637
8,273
96,125
97,450
101,685
103,971
106,434
109,232
109,108
109,427
109,907
109,688
109,961
110,332
110,529
110,836
111,182
110,899
111,485
111,160
111,933
5,852
5,997
5,512
5,334
5,345
5,122
4,979
5,154
5,016
4,986
5,067
5,241
5,004
5,145
5,254
5,106
4,924
4,623
5,076
10,678
10,717
8,539
8,312
8,237
7,425
7,308
7,251
7,256
7,091
7,177
7,090
6,978
7,046
6,938
6,801
6,610
6,783
6,455
weeks
and
over
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
2,029
1,920
1,896
1,904
1,801
1,834
1,791
1,733
1,740
1,722
1,540
1,609
1,512
Total 2
Civilian 3
64.1
64.2
64.3
64.4
64.7
65.1
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.5
65.6
65.7
65.5
65.7
65.7
65.7
65.9
66.0
65.7
65.9
65.6
65.8
65.6
65.9
65.8
65.9
66.1
65.8
66.0
66.1
66.1
66.2
66.3
66.0
66.2
65.9
66.1
* Datfi beginning January 1986 not strictly comparable with earlier data because of cha»ge i
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In June, the seasonally adjusted overall unemployment rate fell to 5.2 percent and the civilian unemployment rate
fell to 5.3 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
20
20
*,
-*
..
N
*
<A
.j
V FV.V '-A"A V *
v*A« .1
u
\
V 'j
VV
Vw
i
\
I
V*-
" N
X "-1
~%—-- ''\'\
AND OTHER
10
:
w DM.EiN 20 YE ARS
AND OVER
A L L C IVILIAN WOP KERS
"~N^_
•
A
V\
X •-,
BLACK
10
,
•^
15
r
A
'
(16-19)
A
15
'^f*-..
TEENAGERS
BLACK
V"\ A.%
/—"
k^
\
s
v ^ -^•s
WHITE
V".*"*1^*^"^
' * ^
^ ~ .
AAEN 20 YEAR S
AND OVER
uiiiliiiii
1984
l|!|l!ll!ll Illllllllll
iiiiilinu
Hiiiiinil iniiliiin
1986
1985
1984
1988
1987
Illllllllll Illllllllll HlllIlllU lllllllUII
1988
1985
1987
1986
"UNEMPIOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemp ovment ra te (percen t of civilian labor force in group)
Period
Unemployment
rate,
all
workers *
By sex and a S
e
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
6.4
By f elected grou >s
By race
Both
sexes
16-19
years
White
Black
and
other
Black
Experienced
wage and
salaryworkers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
Labor
force
time lost
(percent) 2
7.9
1980
1981
1982
1983
1984
1985
1986
1987
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
6.2
5.9
6.3
8.8
8.9
6.6
6.2
6.1
5.4
6.8
8.3
8.1
6.8
6.6
6.2
5.4
17.8
19.6
23.2
22.4
18.9
18.6
18.3
16.9
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
4.2
4.3
6.5
6.5
4.6
4.3
4.4
3.9
9.2
10.4
11.7
12.2
10.3
10.4
9.8
9.2
6.9
7.3
9.6
9.5
7.2
6.8
6.6
5.8
8.8
9.4
10.5
10.4
9.3
9.3
9.1
8.4
8.5
11.0
10.9
8.6
8.1
7.9
7.1
1987: June....
July
Aug
Sept
Get
Nov
Dee
6.0
6.0
5.9
5.8
5.9
5.8
5.7
6.1
6.0
6.0
5.9
6.0
5.9
5.8
5.5
5.4
5.2
5.0
5.1
5.0
4.9
5.3
5.4
5.3
5.4
5.2
5.2
5.2
16.0
15.8
16.2
16.4
17.2
16.6
16.1
5.3
5.2
5.2
5.1
5.2
5.1
4.9
11.5
11.4
11.3
10.9
10.8
11.0
10.9
12.8
12.7
12.4
12.3
12.1
12.2
12.2
5.8
5.8
5.7
5.5
5.5
5.5
5.4
4.0
3.8
3.7
3.7
3.7
3.5
3.4
9.5
9.3
9.0
8.8
8.9
8.5
8.4
5.9
5.7
5.6
5.5
5.6
5.5
5.4
7.3
8.1
8.2
8.4
8.3
8.2
8.0
7.1
6.9
6.9
6.8
6.8
6.8
6.6
1988:
5.7
5.6
5.5
5.4
5.5
5.2
5.8
5.7
5.6
5.4
5.6
5.3
5.1
4.9
4.9
4.6
4.9
4.6
5.1
5.2
4.8
4.8
4.9
4.9
16.0
15.4
16.5
15.9
15.6
13.6
5.0
4.8
4.7
4.6
4.7
4.5
10.9
11.3
11.5
10.7
11.3
10.3
12.2
12.6
12.8
12.2
12.4
11.5
5.5
5.3
5.2
5.0
5.4
5.0
3.6
3.4
3.4
3.0
3.3
3.1
8.9
8.3
7.5
8.7
8.4
7.8
5.4
5.3
5.3
5.1
5.2
4.9
8.3
7.9
7.7
7.4
7.7
7.8
6.6
6.6
6.5
6.2
6.4
6.3
Jan
Peb
Mar
Apr
May
June ....
1
Unemployed as percent of total labor force including resident Armed Forces,
Aggregate hours lost by the unemployed and persons on part time for econon
cent of potentially available labor force hours.
2
12
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In June, based on seasonally adjusted data, the percentage of unemployed persons who had been out of work for
less than 5 weeks rose, the percentages for 5-14 weeks and for 15-26 weeks fell, and the percentage for 27
weeks and over was unchanged. The mean duration of unemployment fell and the median duration rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
REASON
DURAT ON OF UN EMPLOYME NT
FOR UNE/V\PLOYMEN1
60
50
LESS THAN
5 WEEKS
f
.•
I>"V-
/V
^^
\
"•!
OB LOSERS
.-
N
rv^.
^
40
5-14
WEEKS
--.-A/
N
_— -
" -.
REENTRANT!
30
,^
v
27 WEEKS
"AND OVER'
-WWS
^
'
-
'
—>A.
V
.S--J "'
•v-
^~'"""-
20
NE W ENTRANTS
_A~
"5*r^
10
^—-^
15-26
?**£/&
.-.,'—,
J OB LEAVERS
WEEKS
iiiiilinii iiiuliiin
1984
Illllllllli Illllllllli
1985
IIHliUIII lllllllllU
HHllilll!
1987
!P8d
1984
1988
iiiiilinii
1986
1985
llllllUIII
1987
iiiiiliiiH
1988
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Re ason for inemplo} ment:
percent distribute m
Dur ition of i nemplo\ ment
P ercent d stributio i
UnemployLess
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
1987: June
July
Aug
Sept
Oct
Nov
Dec
7,308
7,251
7,256
7,091
7,177
7,090
6,978
42.9
43.9
44.2
45.5
45.3
45.4
46.2
29.4
29.6
29.6
27.6
29.4
28.7
28.2
13.3
13.0
11.5
13.0
11.9
12.7
12.8
14.4
13.4
14.7
14.0
13.4
13.2
12.9
1988: Jan
Feb
Mar
Apr
May
June
7,046
6,938
6,801
6,610
6,783
6,455
43.6
44.3
44.0
47.2
45.3
47.4
31.9
30.8
30.8
29.5
31.1
29.2
11.8
12.1
13.0
10.9
11.5
11.2
12.6
12.9
12.2
12.3
12.1
12.1
(thousands)
Insured
unemployment,
Sta e
progr ims
Numb er of
regular
programs
(unadjusted) '
Job
leavers
Reentrants
New
entrants
11.7
11.2
7.9
6.8
6.9
6.5
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
10.6
12.3
13.0
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
3,350
3,047
4,061
3,396
2,476
2,611
2,650
2,332
488
460
583
438
377
396
378
328
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
14.7
14.2
14.3
14.2
14.1
14.0
14.2
6.6
6.6
6.4
5.8
6.2
6.1
6.0
48.4
48.4
47.0
46.8
47.7
46.8
45.7
13.1
13.6
13.8
13.8
13.5
13.1
13.5
26.9
26.5
27.3
26.9
26.0
28.0
27.8
11.6
11.6
11.9
12.5
12.9
12.1
13.0
2,297
2,273
2,223
2,102
2,035
2,037
2,090
331
329
307
289
293
303
317
2,108
2,210
2,030
1,800
1,759
1,931
2,322
14.4
14.4
13.7
13.4
13.8
12.9
6.4
6.4
6.6
5.6
5.9
6.0
45.2
45.9
45.8
44.1
47.9
47.0
15.3
13.8
15.7
15.0
13.7
14.5
27.0
27.9
25.6
27.0
26.5
26.5
12.5
12.4
12.9
13.8
11.9
11.9
2,242
2,208
2,140
2,087
2,064
2,064
356
327
308
302
313
302
2,870
2,775
2,536
2,208
2,050
Medi-
Job
losers
Insured
unemployment
Initial
claims
Weekly a 'erage, t iousands
1980
1981
1982
1983
1984
1985
1986
1987
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFK), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
6.5
6.9
8.7
10.1
7.9
7.7
9.6
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 346,000 in June.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
no
100
_
90
70'
SERVICE-PRODUCING
INDUSTRIES
60
50
18
40
GOODS-PRODUCING
INDUSTRIES
30
lllllllllll l l l l l l l l l l l
20
1984
1986
1985
1987
1984
1988
1988
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Se rviee-produ ing industr es
Goods- reducing in dustries
Period
Total
nonagricuitural
employment
iV anufacturin g
Total
z
Con-
struction
Total
Lira e
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Total
Federal
5,159
5,238
5,255
5,385
17,890
18,619
19,036
19,694
20,797
22,000
23,053
24,196
16,241
16,031
15,837
15,869
16,024
16,394
16,693
17,015
2,866
2,772
2,739
2,774
2,807
2,875
2,899
2,943
77,394
77,642
77,821
78,004
78,346
78,555
78,800
5,363
5,373
5,394
5,427
5,448
5,466
5,481
5,860
5,874
5,892
5,914
5,935
5,958
5,984
18,481
18,543
18,569
18,605
18,705
18,761
18,784
6,553
6,570
6,581
6,588
6,604
6,608
6,619
24,153
24,273
24,369
24,415
24,524
24,604
24,725
16,984
17,009
17,016
17,055
17,130
17,158
17,207
2,939
2,941
2,943
2,962
2,966
2,974
2,980
79,082
79,458
79,690
79,846
80,038
80,279
5,499
5,513
5,530
5,543
5,558
5,581
6,010
6,035
6,061
6,089
6,116
6,142
18,927
19,045
19,050
19,093
19,124
19,200
6,633
6,636
6,651
6,650
6,650
6,665
24,795
24,975
25,078
25,163
25,232
25,390
17,218
17,254
17,320
17,308
17,358
17,301
2,973
2,972
2,970
2,963
2,960
2,944
4,346
4,188
3,905
3,948
4,383
4,673
4,816
4,998
20,285
20,170
18,781
18,434
19,378
19,260
18,965
19,065
12,187
12,109
11,039
10,732
11,505
11,490
11,230
11,218
8,098
8,061
7,741
7,702
7,873
7,770
7,734
7,847
64,748
65,659
65,753
66,866
69,769
72,660
74,967
77,525
5,146
5,165
5,082
4,954
1987: June...
July....
Aug....
Sept....
Oct
Nov ....
Dec
102,078
102,430
102,672
102,906
103,371
103,678
104,001
24,684
24,788
24,851
24,902
25,025
25,123
25,201
4,983
4,997
5,012
5,012
5,060
5,090
5,118
18,982
19,069
19,111
19,156
19,225
19,297
19,348
11,166
11,190
11,246
11,269
11,315
11,355
11,390
7,816
7,879
7,865
7,887
7,910
7,942
7,958
104,262
104,729
105,020
r
Apr ... 105,281
r
May .. 105,502
June " 105,848
25,180
25,271
25,330
25,435
25,464
25,569
5,083
5,150
5,192
5,238
5,238
5,294
19,369
19,390
19,405
19,460
19,489
19,534
11,393
11,404
11,411
11,459
11,475
11,508
7,976
7,986
7,994
8,001
8,014
8,026
Source: Dcpurlii
Services
5,160
5,298
5,341
5,468
5,689
5,955
6,283
6,549
25,658
25,497
23,813
23,334
24,727
24,859
24,558
24,784
14
Oover nmenl
Finance,
insurance,
and real
estate
15,035
15,189
15,179
15,613
16,545
17,356
17,930
18,509
90,406
91,156
89,566
90,200
94,496
97,519
99,530
102,323
1988: Jan
Feb
Mar
Retail
trade
5,275
5,358
5,278
5,268
5,555
5,717
5,753
5,872
1981
1982
1983
1984
1985
1986
1987
1980
Wholesale
trade
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average g oss hourlv
earn mgs
\verage weekh
hours
J
Period
Overtime
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.7
June
July
Aug
Sept
Oct
Nov
Dec
34.7
34.8
34.8
34.6
34.9
34.8
34.6
41.0
41.0
41.0
40.6
41.2
41.2
41.0
Jan
Feb
Mar
Apr r
May '
June p
34.7
34.8
34.6
34.9
34.7
34.8
41.1
41.0
40.9
41.2
41.0
41.0
Percent chang e from a year
earlie
Ind ex,
Manufacturing
$6.66
7.25
7.68
8.02
8.32
1983
1984
1985
1986
1987
1988:
Total
Total
private
nonagrieultural '
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
1980
1981
1982
1987:
Manufa cturing
Total
private
nonagricultural *
Adjuste d hourlv earmn gs index — total private
nonagnc ulturai z
1977
dollars 3
Current
dollars
Current
dollars
1977 dollars
-4.0
-1.0
.9
1.6
-.3
-.5
1.0
-1.1
9.89
9.88
9.94
10.00
9.99
10.00
10.01
172.9
173.2
174.1
174.6
174.9
175.6
175.7
3.9
3.7
3.7
3.9
3.9
3.9
9.14
9.13
9.16
9.23
9.27
9.27
10.02
10.03
10.05
10.11
10.15
10.18
176.6
176.7
177.0
178.0
178.6
178.5
2.2
2.3
2.7
2.8
2.7
2.6
2.7
-1.4
93.8
93.7
93.5
93.6
93.5
93.2
8.95
8.96
9.01
9.02
9.07
9.10
9.11
9.1
6.9
4.6
3.2
3.1
2.5
2.4
93.7
93.7
93.8
93.7
r
93.5
93.8
93.7
3.7
3.8
3.8
3.7
3.9
3.9
3.8
93.5
92.6
93.4
94.9
94.6
94.1
95.0
94.0
3.1
2.8
2.9
3.2
3.3
3.2
-1.0
-1.0
-.9
-.6
-.5
-.6
127.3
8.57
8.76
8.98
$7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.91
138.9
148.5
155.4
160.3
165.2
169.4
173.5
9.0
r
r
— .5
- .6
— .5
- .8
- .9
-1.7
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent ch ange from
a vear earlier,
total private n ^agricultural 5
Avera ?e gross weekly ea rnings
Period
Total i rivate
nonagnc ulturai '
Current dollars
1980
1981
1982
1983
1984
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
1985
1986
1987
1987: June
July
Aug
Sept
Oct
Nov
Dec
310.57
311.81
313.55
312.09
316.54
316.68
315.21
1988:
317.16
317.72
316.94
322.13
321.67
322.60
Jan
Feb
Mar
Apr '
May r
June"
Manufacturing
Construction
Retail trade
Current dollars
1977 dollars 3
1977 dollars
Current dollars
169.28
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
$367.78
399.26
426.82
442.97
458.51
464.46
466.75
479.68
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
178.41
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
-5.8
-1.5
-1.2
1.9
.9
— 1.4
.4
-1.0
168.33
168.64
168.85
r
167.52
r
169.27
169.08
168.02
405.49
405.08
407.54
406.00
411.59
412.00
410.41
480.30
479.17
480.82
455.93
485.90
485.50
484.12
178.12
179.32
180.22
182.31
179.87
180.16
178.27
2.5
2.6
3.1
2.4
3.5
3.2
3.0
-1.1
-1.3
-1.2
-1.8
-1.0
168.43
168.46
167.43
169.36
168.41
168.37
411.82
411.23
411.05
416.53
416.15
417.38
476.38
478.19
487.62
491.34
487.08
497.13
179.80
180.42
180.38
182.50
181.83
183.96
3.1
2.8
2.4
4.2
3.0
3.6
— .9
-1.0
-1.3
.4
-.8
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
r
r
-1.3
-1.4
9
1
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban wage
and clerical workers (on a 1977 = 100 base).
2
3
Source: Department of Labor, Bureau of Labor Statistics.
15
87-493 0 - 8 8 - 2
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Outp ut l
Business
sector
Compens ition per
hou r 3
Hours of all
perse ns 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit lab or costs
Real com pensation
per h our 4
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Implic t price
dcfla tor 5
Business
sector
Nonfarm
business
sector
19'r7 = 100; quarterly e 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
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.7
112.9
108.0
108.7
131.3
143.6
154.8
161.5
167.8
96.7
95.8
97.3
98.2
98.0
96.6
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.0
95.8
97.2
98.3
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986
1987
107.5
109.5
110.5
105.8
107.5
108,4
123.9
128.0
132.2
123.6
127.5
131.8
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
101.1
100.4
98.7
100.6
99.8
163.6
166.9
170.3
165.6
169.3
172.7
162.4
165.8
170.0
164.1
167.8
171.9
1982: IV
101.0
99.7
105.0
104.2
103.9
104.5
158.3
158.2
98.0
97.9
156.8
158.7
150.2
151.4
1983:
IV
103.7
103.3
113.6
114.1
109.4
110.4
163.6
163.4
98.0
97.9
157.7
158.2
155.2
156.2
1984: IV
105.9
104.8
120.8
120.7
114.0
115.2
170.3
170.2
98.1
98.1
160.8
162.4
159.8
161.0
1985: m
IV
108.2
107.9
106.4
105.9
124.7
125.3
124.3
124.9
115.2
116.1
116.9
117.9
177.0
179.3
176.2
178.3
99.5
99.7
99.0
99.2
163.6
166.1
165.7
168.3
163.0
164.0
164.9
165.7
1986: I
109.5
109.7
109.6
109.6
107.7
107.7
107.5
107.5
127.3
127.5
128.1
129.0
126.9
127.1
127.6
128.5
116.3
116.3
116.9
117.8
117.9
118.0
118.7
119.6
180.7
182.2
183.6
185.2
180.0
181.3
182.6
184.4
100.1
101.3
101.5
101.7
99.8
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
n
m
IV
109.7
110.1
111.3
110.9
107.6
108.0
109.1
108.8
130.2
131.1
133.1
134.4
129.7
130.7
132.7
134.1
118.7
119.1
119.6
121.2
120.6
121.1
121.7
123.2
185.8
187.3
189.1
190.6
184.9
186.3
187.9
189.5
100.7
100.3
100.3
100.2
100.2
99.7
99.7
99.6
169.4
170.2
169.8
171.8
171.8
172.5
172.2
174.1
168.2
169.6
170.7
171.4
170.3
171.4
172.5
173.3
I'
111.8
109.8
136.3
136.1
121.9
123.9
192.2
191.2
100.2
99.7
171.9
174.1
171.5
173.4
-1.2
-1.6
n
m
rv
1987: I
1988:
Pe rcent chan *e; quarte rly data a seasonal! y adjusted annual rates
1979
2.0
1.9
3.2
3.5
9.7
9.5
-1.5
-1.7
11.1
11.2
9.0
8.9
-2.7
-.8
1.5
1.1
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
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
-2.7
-1.0
1.6
1.0
-.2
1985
1986
1987
1.8
1.9
.9
1.2
1.6
.8
4.0
3.3
3.3
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
1.1
2.0
-.7
^
.8
2.0
-.8
1982: IV
3.0
2.4
-.5
4.5
5.0
3.2
3.8
1.5
2.6
2.4
3.0
1983:
3.0
1.4
10.4
5.4
4.3
1.3
.2
2.4
2.9
4.8
3.1
IV
1984: IV
-1.2
-3.4
-3.5
9.8
7.2
8.3
1.5
1.0
3.5
3.1
2.1
2.1
3.8
3.9
.5
.7
2.3
2.9
2.7
3.3
HI
IV
3.7
-1.0
2.6
-1.6
4.4
2.2
4.1
2.0
.7
3.2
1.5
3.6
5.7
5.1
4.9
4.9
3.4
1.1
2.6
.8
1.9
6.2
2.2
6.6
2.5
2.5
3.2
2.0
1986: I
II
Ill
IV
5.8
.6
-.3
-.1
6.6
.1
-.6
.0
6.4
.7
1.8
3.0
6.4
.6
1.7
2.9
.5
.1
2.1
3.1
_,2
.6
2.3
2.9
3.2
3.5
3.0
3.6
3.9
2.9
2.8
4.0
1.6
4.9
.6
.8
2.3
4.3
.5
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
II
m
IV
.5
1.4
4.7
-1.5
.4
1.4
4.2
-1.0
3.5
3.0
6.3
4.0
3.8
3.2
6.3
4.2
3.0
1.6
1.5
5.6
3.4
1.7
2.0
5.2
1.4
3.3
3.8
3.2
1.1
3.0
3.6
3.5
.0
-.5
-4.1
-1.8
-.3
-.1
.9
1.8
-.9
4.7
.8
1.5
-.6
4.5
3.7
3.4
2.5
1.8
3.4
2.6
2.7
1.9
I'
3.2
3.6
5.5
5.9
2.2
2.2
3.6
3.4
.2
.0
.3
-.2
.3
.2
1985:
1988:
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.
16
5
-3.8
-1.5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
"Data do'not reflect revisions beginning 1985 of GNP and related items published July 27, 1988.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.4 percent in June, following a 0.5 percent increase in May. The index for June was 5.8
percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
INDEX, 1977=100* (RATIO SCALE)
160
240
TOTAL INIDUSTRIAL PRODUCTKDN
140
.
'
^
DEFENSE AND
SP ACE
EQUI PMENT
200
1—— -
—'->--_
FINAL P RODUCTS
220
-r/^
180
**
160.
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
160
^ >-»•-''""
BUSINESS
EQUIPMENT
+"
h-3-
140
MANUF/\CTURING PRODUCTI ON
*^"
__/~^^
^^
140
-DURABLE-
--•^-~
r-\_--^"~~—
^<rqF^~\
Illllllllll
140
CONSUMER
GOODS
100 Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
N ONDURABLI
100
..-.-'--"
120 .------
PERCENT*
100
CAPAC ITY UTILIZA TION RATE
~ (TOTAL INDUSTRY
90
Illllllllll Illllllllll Illllllllll Illllllllll
UTILITIES ANDMIN NG PRODL1CTION
UTIIITIF s
IT
*_^~^\,v.
£VxiSi
100
— MINING
Illllllllll Illllllllll
1985
1984
v--'-
~.x PN./
"^—| -
—
"*
^"^""1
-q
s~
l~>—r —
Illllllllll Illllllllll
1986
80
1987
70
Illllllllll Illllllllll
1984
1985
Illllllllll
1988
Illllllllll
1986
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Illllllllll Illllllllll
1987
?988
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry proc uction indexes , 1977 = 100
To tal
indu trial
produ ction
Capacity utilization
rate, pe rcent 1
Manufacturing
Period
1
1977 = 100
1980
1981
1982
1983
1984
1985
1986
1987
1987: June
July
Aug
Sept
Oct
Nov
Dec
Mar
Apr
r
r
Mav r .
June "
1
Durable
Total
Utilities
Nondurable
Total
industry
Manufacturing
Output its percent of caimt'ity.
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
-1.9
2.2
-7.1
5.9
11.2
1.9
1.1
3.8
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
35.11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.0
129.1
130.6
131.2
131.0
132.5
133.2
133.9
1977 proportion
1988: Jan
Feb
Mining
from year
earlier
4.1
4.6
5.1
5.2
5.8
6.0
5.6
134.0
135.6
135.9
135.7
137.3
137.9
138.9
132.0
133.5
133.8
133.7
136.8
136.7
137.3
136.9
138.5
138.8
138.6
138.1
139.6
141.3
99.2
99.2
100.9
101.9
103.6
104.6
104.6
109.4
111.2
112.9
111.2
112.1
113.2
111.7
80.3
81.1
81.4
81.1
81.9
82.1
82.4
80.8
81.5
81.5
81.3
82.0
82.2
82.6
134.4
134.4
134.7
135.4
136.1
136.6
6.5
5.8
5.7
6.3
6.2
5.8
139.4
139.5
140.0
140.7
141.6
141.9
137.9
138.4
138.8
139.7
141.2
141.7
141.4
141.1
141.7
142.1
142.1
142.2
103.3
101.5
102.7
104.8
103.4
104.0
115.2
115.6
113.3
110.8
111.8
114.7
82.5
82.4
82.4
82.6
82.9
83.1
82.7
82.6
82.7
82.9
83.2
83.2
Sourcu: Hoard of Governors of the FediTiil Reserve iSvstt'in.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Produc ts
Mate rials
?inal produc s
Intern ediate pro( ucts
C onsumer go ods
1Equipment
Period
Total
Total
Durable
goods
Nondurable goods
Total >
Business
Defense
and
space
equipment
Total
Construction
supplies
Total
Vjner
r
gy
supplies
1977 proportion
44.77
35.52
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
18.63
108,1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
11.69
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
42.28
1980
1981
1982
1983
1984
1985
1986
1987
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
136.2
137.9
138.4
137.8
139.3
139.2
139.8
127.2
128.9
129.4
127.7
129.0
129.4
129.8
117.4
120.4
121.2
118.6
124.3
123.9
120.3
130.9
132.1
132.5
131.0
130.8
131.5
133.3
148.1
149.7
150.2
151.2
153.0
152.2
153.1
144.2
145.6
145.6
146.3
148.7
148.3
149.8
188.6
188.7
189.1
189.8
190.3
188.7
188.9
143.3
145.0
145.3
144.9
146.1
147.3
146.5
131.5
133.1
132.5
132.3
133.3
134.2
133.8
153.4
155.2
156.3
155.6
157.1
158.4
157.4
117.2
118.5
119.4
119.7
121.2
122.5
123.7
99.4
99.0
100.9
100.2
101.8
102.8
101.7
141.1
141.6
141.8
142.4
143.4
143.8
131.2
131.3
131.2
131.8
132.5
132.7
121.7
120.6
120.4
123.2
125.4
125.5
134.7
135.3
135.1
134.9
135.1
135.3
154.3
155.3
155.9
156.6
157.7
158.5
151.2
152.4
153.3
154.6
156.5
157.3
190.6
191.0
189.9
188.6
187.1
187.9
148.1
149.4
149.9
149.2
149.0
149.3
136.8
137.7
137.3
137.5
137.3
136.7
157.8
159.4
160.7
159.3
158.9
123.0
122.1
122.5
123.6
124.5
125.2
101.4
100.6
100.6
100.9
100.3
102.3
1987: June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Feb
Mar
r
Apr r .
May
r
June"
1
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977=100; monthly data seasonally adjusted]
No ndurable nanufactu es
Durable in mufactures
Transp station
equip ment
Primary metals
Fabri-
Period
Total
Iron and
steel
Non-
metal
products
machinery
Electrical
machinery
Total
Motor
vehicles
Lumber
and
products
and
products
Printing
and
publishing
Chemicals
and
products
Appar-
Foods
parts
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1987: June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Feb
Mar r
Apr r
May T
June p
S<mrc<". ftoard of Oov
18
33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
5.55
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134 .4
137.8
78.8
81.4
85.1
84.5
90.6
90.2
90.6
68.3
70.9
76.0
74.6
82.0
79.7
81.9
111.1
111.1
110.1
111.1
113.5
113.6
115.8
151.8
155.3
154.3
156.6
158.0
157.2
161.0
170.5
172.5
174.3
173.4
175.5
175.6
175.9
126.5
127.6
128.1
125.5
132.0
130.4
128.1
107.4
109.4
109.1
105.6
116.0
114.0
110.2
131.1
132.8
131.1
126.9
129.8
134.0
133.6
107.7
109.7
108.4
107.6
108.0
109.4
107.8
174.1
174.0
174.7
174.9
175.2
175.7
176.9
139.3
140.8
142.3
142.4
141.5
144.4
147.9
137.7
138.5
138.8
139.5
138.0
138.9
140.1
86.5
86.4
85.1
85.3
89.1
89.0
77.8
77.4
74.2
74.5
78.7
117.1
117.6
118.8
118.9
119.7
120.4
162.9
163.6
164.6
166.3
168.7
169.5
177.4
177.8
176.6
178.9
179.2
180.4
128.6
128.4
130.0
130.4
133.2
133.2
109.7
109.3
113.0
114.8
119.6
119.2
136.3
139.0
137.8
137.8
137.7
108.7
108.5
108.7
109.2
177.5
178.7
180.4
181.5
180.9
181.5
147.9
145.4
146.4
148.6
149.3
141.2
141.9
141.1
139.6
140.4
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio i contracts 3
Private
Period
Total new
construction
expenditures
Resi ential
Commercial
Total
New housing
Total '
Other
and
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
B illions of dollars
200.7
1979
1980
252.4
251.7
193.3
1981
1982
1983
1984
1985
1986
1987
260.2
246.6
203.6
192.9
281.3
386.1
271.0
291.7
314.7
398.9
r
r
227.5
328.6
355.7
r
323.8
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.8
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
42.3
46.2
49.4
49.5
48.1
48.5
50.5
49.5
52.5
109
97
100
100
124
136
150
158
162
51.7
58.5
56.5
53.7
53.8
57.7
64.1
71.4
75.0
Annual rates
Annual rates
1987: June '
July'.
Aug
Sept
392.6
398.9
398.3
405.4
400.8
r
r
Oct '
Nov '
Dec r
1988:
319.5
323.3
325.7
327.1
325.9
407.1
410.9
395.3
392.5
403.6
399.2
402.3
402.8
Jan '.
Feb r .
Mar '
Apr '
May"
June"
331.5
331.6
321.6
317.8
324.3
320.0
322.5
324.2
1,059
904
919
690
756
955
1,097
1,016
1,004
193.5
193.7
193.1
194.8
194.5
195.6
195.8
138.6
138.7
138.7
140.0
140.7
142.3
142.8
75.0
77.0
79.8
79.0
77.9
81.0
77.5
51.0
52.6
52.8
53.3
53.5
54.9
58.4
73.0
75.6
72.6
78.2
74.9
75.6
79.2
167
165
174
160
164
157
157
1,011
1,017
1,016
1,032
195.2
192.1
195.6
191.7
189.9
188.1
140.8
74.2
73.4
76.4
78.1
79.9
82.0
52.2
52.3
52.3
50.2
52.7
54.0
73.7
74.7
79.3
79.2
79.7
78.6
145
159
154
144
157
165
833
1,103
887
838
840
906
1
138.0
139.2
138.4
137.5
137.2
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.
987
911
1,012
Note.—Seasonally adjusted new construction expenditures data revised beginning 1982; unadjusted beginning 1985.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New priv ate homes
New private housing units
Units started, In type of structure
Period
Total
1979
1980
1,745.1
1,292.2
1,084.2
1
Ofi2 2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1981
1982
1983
1984
1985
1986
1987
1 unit
1,194.1
2-4 units
852 2
122.0
109.5
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
91.1
80.0
113.5
121.4
93.4
84.0
65.3
5 or more units
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
Units
authorized
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
Units
completed
Homes .sold
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
709
545
Homes for
sale at end of
period *
3
Vacancv rate
for rental
housing units
(percent) 2
397
5.4
337
275
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
436
623
639
688
750
671
253
301
353
346
357
365
640
672
673
644
653
625
586
359
359
361
361
360
362
365
412
Seasonal y adjusted annu al rates
1987: June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Feb
Mar
Apr r
May '
June ».
1,583
1,594
1,583
1,679
1,538
1,661
1,399
1,086
1,142
1,109
1,211
1,105
1,129
1,035
85
59
58
49
67
51
51
412
393
416
419
366
481
313
1,539
1,510
1,514
1,501
1,453
1,459
1,372
1,612
1,680
1,633
1,591
1,565
1,571
1,624
1,382
1,519
1,529
1,584
1,384
1,454
1,016
1,102
1,172
1,093
996
1,098
53
59
57
58
61
60
313
358
300
433
327
296
1,248
1,429
1,476
1,449
1,436
1,493
1,550
1,452
1,598
1,635
1,458
1
Seasonally adjusted.
2
Quarterlv data entered in last month of q larter. Series beg] nning 1979 not s trictiv comparabl •
with earlier data.
3
New series beginning March 1979.
r
579
648
664
681
677
734
r
7.5
8.1
7.8
368
359
372
8.0
368
372
370
7.7
NOTE.— B eginning 1984, u its authorized ar ; for 17,000 per mil-issuing places and for 1978-83
data are for 6,000 plaees.
Source: Di partment of Com nerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In May, manufacturing and trade sales rose 0.8 percent and inventories rose $4.6 billion. In June, according to
advance data, retail sales rose 0.5 percent, following a rise of 0.3 percent in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
20
800
700
—
^ 1
^ •
00
^_^^[.
X^
i—
\
MANU FACTURING AND
TRAC)E INVENTO «IES
•S^ ^
^
-
1
60
—
RET AIL INVENTC RIES
^
S~
—
-
^~~r^l
\
~~""~
600
—
-
40
500
-
-
,-'•"'"
/v
20
„_<•*-•
400
*•
AWiNUFACTURI NG
AN D TRADE SA LES
—
«"•*"'
•'
ff~'
/•""''%~'
-'"X"
DETAIL SALES
—
—
Illllllllll Illllllllll l|lllllllll 1 , 1 1 , 1 , III! Illllllllll
80
300
RATIO*
-
-
200
MANUFACTURING
AND TRADE
|||||l|llll Illllllllll |llllll|lll Illllllllll Illllllllll
1984
1987
1986
1985
1M
1.00
il ii in
!S>85
1984
1988
1986
1987
'SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
Manufact uring and
tra< .e l
Period
COUNCIL OF ECONOMIC ADVISERS
Ke tail
Who esale
Sales
Inven-
Inventories 3
Sales 2
574,085
590,178
644,302
453,313
655,449
657,121
709,853
96,290
100,324
113,390
114,645
116,026
126,736
128,196
130,445
142,622
147,145
152,887
165,097
448,483
454,014
454,330
460,047
464,984
464,947
462,975
468,303
677,314
•681,076
684,154
685,150
689,513
697,648
703,425
709,853
126,321
126,599
127,705
129,662
131,437
131,743
128,501
128,332
158,540
158,835
158,611
157,072
159,135
162,517
163,353
165,097
465,730
470,656
479,709
479,526
483,358
715,027
717,882
720,099
723,973
728,540
129,720
131,622
132,885
133,015
133,823
168,388
170,632
171,732
173,530
173,994
Sales
2
uiliiiii
JP88
Total
Inventory-s ales ratio *
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
1987
348,746
368,931
408,142
418,517
425,259
r
1987: May
June
July
Aug
Sept
Oct....
Nov
Dec
1988: Jan
Peb
Mar
Apr r
May ".
June p
1
2
3
r
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period. Data heginning December 1980 for wholesale and i
20
28,169
32,582
37,836
41,415
44,885
46,592
89,107
97,364
106,882
113,944
119,791
125,882
r
124,797
126,463
127,230
129,981
127,815
126,808
127,248
128,615
128,769
130,121
132,259
131,717
r
132,054
132,767
l and beginning January
r
45,775
46,904
47,579
49,614
47,948
46,889
47,067
48,000
48,689
49,708
50,480
50,419
r
50,280
50,539
181,524
185,996
211,100
61,469
69,066
79,431
88,998
91,085
107,948
78,515
88,086
92,526
94,911
103,152
1.67
1.56
1.53
1.55
1.55
1.51
1.59
79,022
79,559
79,651
80,367
79,867
79,919
80,181
80,615
196,976
200,424
202,210
202,684
203,708
206,577
208,260
211,100
98,780
100,716
101,590
101,569
102,394
104,846
106,490
107,948
98,196
99,708
100,620
101,115
101,314
101,731
101,770
103,152
1.51
1.50
1.51
1.49
1.48
1.50
1.52
1.52
1.58
1.58
1.59
1.56
1.59
1.63
1.64
1.64
80,080
80,413
81,779
81,298
r
81,774
82,228
209,824
208,698
208,822
209,550
211,272
106,377
104,479
103,631
104,349
105,995
103,447
104,219
105,191
105,201
105,277
1.54
1.53
1.50
1.51
1.51
1.63
1.60
1.58
1.59
1.60
60,937
64,783
69,046
72,529
74,907
79,290
T
134,468
147,581
167,517
72,999
1982 for manufacturing are not comparable with data for prior periods.
4
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.49
1.44
1.49
1.53
1.56
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In June, manufacturers' shipments, inventories, and new and unfilled orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
280
SHIPME •-JTS
240
BILLIONS OF DOLLARS* (RATIO SCALE)
440
_x
200
~
'—*—'
280
TOTAL -
160
120
'•S=--?Z-~,
^i
— TOTAL —
r
—
\
DDR ABLE GOOD S
200
DU *ABLE GOOI)S
80
INVENT ORIES
360
'---
NO NDURABLE C5OODS
~-\"~ -
60,
IIMllllHI
limhim llllllUH!
umliim
IIMlllllll
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240 _ NEW Of !DERS
NO NDURABLE C5OODS
80
iiiiilinn iilllllim
__—
.—-1
200
160
RATIC
2.20
TOTAL-
120
*
INVENT ORY-SHIPM ENTS RATI O
DU iABLE GOO )S —^-^=
_'-
£r^v£ .-./".-V
„ .• — -. — .- "•
N ONDURABLE GOODS
1.40
60
imiliiin Uinliiin
1984
1985
lllllllllU
1986
iimhim IIIIlllllll
-
1 ^
_
1 70 1 1 1 1 1 1 1 1 1(nil In 1 1 1
H
1985
1984
1988
1987
r^r^\
1.80
1 60
80
liiiiliuii iiiiiliiiii • • • • [ I
_
11 111 1 1 n H
H»|llMII
t 1 1 1 I 1 I 1 f II
1987
1986
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
K anufacturers new orders i
Manufa 3turers' inven tories 2
Manufa cturers' shipinents l
Durabl i goods
Period
Total
Durable
goods
1988
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
23,259
24,050
21,469
22,143
26,714
26,970
26,671
29,632
30,224
30,057
31,982
29,540
29,753
30,416
30,085
33,879
34,791
33,764
32,475
33,492
31,582
35,758
76,801
84,199
83,924
86,431
91,189
91,030
89,351
95,595
94,571
96,249
96,852
96,479
97,374
98,304
98,677
98,202
98,375
98,322
100,761
102,060
102,706
103,942
323,393.
319,094
306,302
338,849
365,177
373,495
372,974
403,496
381,263
385,420
391,887
394,640
395,627
398,630
401,030
403,496
408,826
412,554
414,002
418,534
418,852
428,056
Manufacturers'
inventory —
shipments
ratio 4
Millions of do liars, seaso lally adjust 3d
1980
1981
1982
1983
1984
1985
1986
1987
1987: May
June r
July
Aug
Sept
Oct
NOT
Dee
1988: Jan
Feb
Mar
Apr
May r
June "
1
2
3
154,391
168,129
163,350
171,242
187,869
189,928
189,442
200,695
197,365
200,952
199,395
200,404
205,732
206,396
207,226
211,356
207,241
208,913
214,565
214,794
217,481
220,640
77,550
83,872
79,352
84,956
96,623
98,930
100,142
105,300
102,756
104,888
103,032
104,135
108,433
108,251
108,378
113,026
108,946
110,522
113,764
112,627
114,735
116,613
76,841
84,257
83,998
86,286
91,246
90,997
89,300
95,395
94,609
96,064
96,363
96,269
97,299
98,145
98,848
98,330
98,295
98,391
100,801
102,167
102,746
104,027
264,281
282,645
311,421
312,152
334,163
326,780
318,238
333,656
321,798
321,817
323,333
325,394
326,670
328,554
331,812
333,656
336,815
338,552
339,545
340,893
343,274
344,764
2
2
Monthly average for year and total for month. Shipments are the same as sales.
End of period. Data beginning 1982 are not comparable with data for prior periods.
End of period.
174,620
186,347
200,7 11
200,220
218,524
213,750
207,854
216,753
209,127
208,835
209,951
210,921
211,680
213,436
215,931
216,753
219,014
220,318
220,730
221,692
223,502
224,328
89,661
96,298
110,710
111,932
115,639
113,030
110,384
116,903
112,671
112,982
113,382
114,473
114,990
115,118
115,881
116,903
117,801
118,234
118,815
119,201
119,772
120,436
2
156,161
167,752
161,600
173,915
190,065
190,631
189,482
203,196
201,325
205,109
206,065
203,157
206,719
209,399
209,626
213,822
212,571
212,641
216,013
219,326
217,799
229,844
79,360
83,553
77,676
87,485
98,875
99,600
100,131
107,601
106,754
108,860
109,213
106,678
109,345
111,095
110,949
115,620
114,196
114,319
115,252
117,266
115,093
125,902
1.67
1.65
1.95
1.80
1.74
1.74
1.70
1.62
1.63
1.60
1.62
1.62
1.59
1.59
1.60
1.58
1.63
1.62
1.58
1.59
1.58
1.56
4
Annual data are averages of monthly ratios. Data beginning 1982 are not comparable with data
for prior periods.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In June, the producer price index for all finished goods rose 0.4 percent, seasonally adjusted. Prices of finished
consumer foods rose 1.1 percent while prices of other finished consumer goods were unchanged. Capital equipment
prices rose 0.4 percent.
RATIO SCALE)
INDEX, 1982 = 100 (
INDEX, 1982 = 100(RATIOSC ALE)
120
120
SEASONALLY ADJU STED
FINISHED GOODS PRI CES
c<DNSUMER
FOODS
1 10
^,~\ """" f **
r
^
CAPITA L EQUIPMENT tSvS"*'--'
c-*^5tSi
'*\s^\ ^K*"-'
100
/""••» JL<&£y
J J
\
^>^^ \^^^~
../ "*•
*
</*
/"
../100
.*
_,*'
\
tf?
i >
' /£*'
"v/>/''
J ,'
f
**
^^~~~
y.—'
TOTAL
FINISHED
GOODS
r
'
90
'
"
.-''
"""\ /
\i
* — "V
•"" /
, _/
.
CONSUMER GOODS
EXCLUDING FOODS
/
if
80
80
1980
1981
in iiliiin
I l l l l l l l III
1982
II III I l l l II Ill I l l l l l l l
mill inn Illlllll III
1983
M i l l III Ml I l l l l l l l l l l Illllllllll
1986
1985
1984
1987
1988
COUNCIL OF -CONOMIC ADVISERS
5 OURCE: DEPARTMENT OF LABOR
[1982=100; monthly data seasonally adjusted]
Fin shed goods
Intern lediate ma terials
F rushed go >ds excluding consumer foo ds
Period
Total
finished
goods
Consumer
foods
Consumer gc ods
Total
1980
1981
1982
1983
1984
1985
1986
1987
88.0
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
1987: June
July
Aug
Sept
105.4
105.7
106.0
106.4
106.1
106.2
105.9
106.2
106.0
106.5
106.9
107.4
107.8
Oct
Nov
Dec
1988: Jan
Feb r.
Mar
Apr
May
June
86.7
95.6
100.0
101.8
103.2
104.6
87.1
Durable
Nondurable
Capital
equipment
consumer
goods
Total
Foods
and
feeds l
85.8
88.6
95.3
96.3
96.4
96.2
96.1
96.3
94.6
100.0
102.8
105.2
107.5
109.7
111.7
111.4
111.6
111.9
112.5
112.0
112.1
112.3
96.6
100.0
101.3
103.3
103.8
101.4
103.6
103.7
104.1
104.3
104.7
104.5
104.5
104.0
99.1
101.5
101.3
101.9
102.4
102.7
103.2
103.6
103.8
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
100.6
100.2
100.0
101.0
101.0
101.3
101.5
95.5
95.5
95.8
96.8
97.1
96.9
112.8
113.0
113.2
113.4
113.8
114.2
104.4
104.0
104.6
105.1
105.6
106.0
104.2
104.4
104.8
105.6
106.2
107.2
102.5
102.1
102.7
103.8
104.6
111.7
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
110.7
110.3
109.5
110.2
109.9
110.0
108.6
101.9
104.0
103.6
104.2
104.8
105.2
104.9
104.9
104.9
96.1
100.0
101.2
102.2
103.3
98.5
100.7
100.3
101.0
101.7
102.0
101.8
101.7
101.8
111.3
111.5
111.5
112.2
112.2
112.1
111.8
94.4
110.5
109.3
110.1
110.5
111.5
112.7
104.8
104.9
105.2
105.7
106.1
106.2
101.4
101.4
101.8
102.4
102.7
102.7
112.3
112.6
113.0
112.7
112.9
113.4
1
Intermediate materials for food manufacturing and feeds.
Note.—-Beginning with data for January 1988, the reference base was changed from 1967 = 100
o 1982=100.
22
Total
finished
Total
Cr ide mater als
90.3
98.6
100.0
100.6
103.1
102.7
Foodstuffs
and
feedstuffs
Other
Total
89.4
98.2
100.0
100.5
103.0
103.0
104.6
103.9
100.0
101.8
104.7
99.3
101.7
101.4
102.0
102.6
102.8
103.3
103.7
103.9
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
94.6
95.6
96.7
96.0
96.1
94.9
94.7
104.3
104.5
104.9
105.7
106.3
106.9
93.9
94.6
94.1
95.3
96.4
97.7
97.4
99.5
100.1
100.5
102.9
107.2
Source: Department of Labor, Bureau of Labor Statistics.
94.8
93.2
96.2
98.7
97.3
97.5
97.5
98.1
95.6
96.3
Other
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
87.9
90.3
91.8
90.8
90.6
90.2
89.4
87.5
87.4
86.2
87.7
88.0
87.4
CONSUMER PRICES—ALL URBAN CONSUMERS
In June, the consumer price index for all urban consumers rose 0.3 percent, seasonally adjusted (0.4 percent not
seasonally adjusted). The index was 4.0 percent above its year-earlier level.
INDEX, 1982-84=100 (RATIO SCALE)
INDEX, 1982-84=100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
- CONSUMER PRICES—ALL ITEMS -
110
110
100
100
90
90
80
80
70
70
niiihiin iimlimi
60
1980
1981
imilmii [ i i i i l n m
1982
1984
1983
1985
1986
60
1987
1988
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 ims
1
Tr ansportati in
Hou sing
She Her
Period
Rel. imp.3....
1980
1981
1982
1983
1984
1985
1986
1987
1987: June...
July...
Aug ...
Sept...
Oct
Nov....
Dec....
1988: Jan
Feb....
Mar....
Apr....
May ...
June ..
Not
seasonally
adjusted
(NSA)
100.0
82.4
90.9
96.5
99.6
103,9
107.6
109.6
113.6
113.5
113.8
114.4
115.0
115.3
115.4
115.4
115.7
116.0
116.5
117.1
117.5
118.0
Seasonally
adjusted
113.5
113.8
114.3
114.6
115.0
115.3
115.5
115.9
116.1
116.7
117.2
117.6
118.0
Food
Total >
Total
16.1
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
113.9
113.8
113.9
114.5
114.7
114.8
115.3
115.6
115.3
115.7
116.5
117.0
117.7
42.5
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
114.0
114.2
114.8
115.0
115.3
115.5
115.9
116.4
116.8
117.2
117.5
117.8
118.2
27.8
81.0
905
96.9
99.1
104.0
109.8
115.8
121.3
120.8
121.2
121.9
122.2
122.8
123.1
123.8
124.5
125.1
125.7
125.8
126.2
126.7
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
7.9
19.7
103.0
108.6
115.4
121.9
128.1
127.5
128.5
128.9
128.8
128.6
128.8
129.5
130.9
131.5
133.0
132.6
132.8
133.3
102.5
107.3
113.1
119.4
124.8
124.4
124.5
125.4
125.9
126.9
127.2
127.9
128.4
129.0
129.3
129.6
130.0
130.6
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1987.
NOTK.—Beginning with data for January 1988, the reference base was changed from 19(57 = 100
Maintenance
and
repairs
(NSA)
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
111.1
113.2
112.9
112.7
112.8
113.5
113.3
113.7
114.3
113.3
115.3
114.3
114.7
Fuel
and
other
utilities
7.7
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
103.0
103.1
103.6
103.3
103.0
103.4
103.3
103.2
103.7
103.5
104.0
103.9
104.0
Apparel and
upkeep
Total '
17.5
6.3
83.1
90.9
93.2
95.3
97.8
97.0
100.2 . 99.3
103.7
102.1
105.0
106.4
102.3
105.9
110.6
110.8
109.9
110.3
111.3
112.7
113.1
112.2
112.3
112.0
114.2
116.5
116.5
116.1
105.4
105.3
105.9
106.7
106.8
107.2
107.7
107.4
107.3
107.1
107.2
107.5
108.2
108.4
Medical
care
Energy2
3.3
97.4
108.5
102.8
99.4
5.8
74.9
82.9
92.5
100.6
97.9
98.7
77.1
80.2
80.1
81.1
83.8
83.2
83.0
83.0
81.6
80.4
78.9
79.2
80.1
81.5
80.8
106.8
113.5
122.0
130.1
130.0
130.7
131.3
131.9
132.4
133.0
133.5
134.6
135.4
136.0
136.8
137.7
138.3
7.6
86.0
97.7
99.2
99.9
100.9
101.6
New
cars
Motor
fuel
4.4
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
114.4
114.8
115.0
115.2
115.5
115.7
115.7
115.5
115.8
116.2
116.2
116.4
116.6
88.2
88.6
88.5
88.7
90.2
89.8
89.3
89.6
88.9
88.3
87.8
87.8
88.5
88.9
88.7
All
items
less
food,
shelter,
and
energy
48.5
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
116.9
117.3
117.6
117.9
118.5
118.9
118.9
119.5
119.8
120.4
121.1
121.5
121.8
to 1982-84=100.
Data beginning 1983 incorporate a rental equivalence measure for homeoivnership 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]
Oh nge from pr feeding peri )d
Period
Change from 3 mont! s earlier, mm ial rale
Change from 6 mont s earlier, aim ual rate
Coiisumf r goods
Consurm r goods
Canstim 'r goods
Total
finished
goods
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
( hangc
rorn
•e;)r
c! rlier.
otal
fi ished
goods
NSA
Cha nge, Dec. o Dec., N 3A
11.8
1980
1981
1982
1983
1984
1985
1986
1987
7.5
1.5
2.0
7.1
3.6
.6
1.7
1.8
23
2.2
14.1
2.3
3.5
.6
2.8
-.2
13.4
9.2
4.1
11.4
8.6
4.2
-.9
.8
2.1
9.2
3.9
2.0
1.8
2.7
2.1
1.3
-6.6
4.1
1.6
2.1
1.0
— 1.4
2.1
Ci ange, mon th to mont h
1987:
June
Julv
Aug
Sept
Oct
Nov
Dec
1988:
-0.1
— .4
.4
.3
.1
-.3
.7
.3
-.2
-.1
.1
1.7
2
Peb '
Mar '.
Apr
May r
June
.7
.4
.9
1.1
3.5
2.3
2.7
3.8
1.5
.8
.2
.3
.5
-.4
.1
.2
1.6
1.8
2.2
.4
.7
6.5
7.0
3.2
0
-.8
-5.7
1.1
3.2
-4.6
-1.8
-1.4
-.8
2.3
2.7
5.4
5.0
2
.4
.4
0
9.6
2.6
-1.9
.4
.2
.2
— .4
0
.4
.6
.3
-1.1
.5
A
.5
A
-0.1
.7
-1.3
.3
Jan
0.2
-.7
.6
-.3
.1
0.1
.3
.3
1.4
4.0
1.4
.7
-.7
3.9
3.5
3.7
3.7
1.9
1.7
1.0
2.9
3.3
3.2
2.1
2.9
3.6
.9
0
.2
1.5
2.3
3.6
-1.6
-1.2
-2.5
0
4.0
5.6
0
8.3
9.8
5.2
3.6
3.3
5.4
4.5
— 1.4
-3.8
.4
-.4
9
1.1
2.7
7.7
2.3
3.4
1.6
2.5
1.1
1.1
1.6
3.1
3.2
2.5
2.6
2.2
.8
-.6
-.4
1.2
2.0
1.8
2.4
3.7
.5
I.I
.7
5.3
4.2
3.2
3.2
3.0
4.3
2.2
2.0
1.2
2.5
3.1
3.4
2.2
1.9
1.8
1.7
2.0
2.3
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]
Tr insportati on
Housing
Shelter
Period
All
items!
Fuel
and
Food
Total '
Apparel
and
New
Total '
RentTotal '
Motor
Medical
care
Energy2
utilities
costs
costs
All
items
less
food,
shelter,
and
energy
Adden dum: All He us, percent hange
(annui rate)
i
From
previter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
C hange, D ecembeT to Dec jmber, ]S SA
1980
1981
12.5
8.9
3.8
3.8
3.9
3.8
1.1
1982
1983
1984
1985
1986
1987
4.4
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
13.7
15.0
10.2
9.9
3.6
3.5
4.3
4.3
1.7
3.7
13.8
14.4
2.4
4.7
5.1
5.2
6.0
4.6
4.8
5.9
6.3
5.0
3.9
4.5
5.1
5.9
4.6
5.3
9.7
1.8
4.2
1.8
-5.6
1.6
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
14.6
10.9
7.4
9.9
18.8
6.8
9.4
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
1.8
3,9
3.1
2.6
-5.9
6.1
12.5
11.0
0.3
,.1
.3
.2
1.2
0.5
.5
.0
.5
.4
.5
.4
6.4
6.1
6.7
7.7
5.8
9.8
9.4
18.0
11.9
1.3
— -O
.2
1.8
-19.7
8.2
13.5
10.3
6.1
5.0
4.3
3.7
3.3
3.8
6.2
3.2
4.3
3.6
1.9
3.6
Chsmge, me nth to nlonth
1987:
1988:
June
July
Aug
Sept
Oct
Nov
Dec
0.3
Jan
Feb
Mar
Apr
May
June
.3
1
0.5
.3
.4
.3
.3
.3
2
.2
.5
.4
.3
.3
.1
.5
.2
.1
.4
^
.3
-.3
.3
.7
.4
.6
0.3
2
.5
.2
.3
.2
.3
0.2
.4
.6
.5
.5
.1
.3
.4
.3
.3
.S
.S
.3
.3
.6
.2
.5
.2
.6
0.3
.8
.3
-.1
.5
0.2
.1
.7
.4
.8
.2
.6
1.1
.4
.5
1.1
.5
.2
2
.3
.5
-.2
2
-.3
.2
.4
0.4 -0.5
.1
-.8
.5
.4
-.3
.9
-.3
1.3
.4
.4
-.1
-.8
-.1
.5
-.2
.5
-.1
.1
.1
-.3
2.0
2.0
0
-.3
includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
0.5 '
.6
.8
.1
.5
-.3
.2
.3
.2
0
-.1
-.2
2
.1
.3
.3
0
2
.2
.4
.3
.7
.2
3
3.3
n
_ 2
0
-1.7
-1.5
-1.9
.4
1.1
1.7
9
.8
.6
.4
.6
.7
.4
1.0
2
1.7
-.4
-.6
.3
-.8
7
-.6
0
.8
.5
-.2
0.2
.3
.3
.3
.5
.3
0
.5
.3
.5
.6
.3
.2
5.3
3.9
4.3
3.6
3.9
3.9
4.3
3.5
3.2
3.9
3.7
3.6
3.7
3.9
4.3
4.4
4.5
4.5
4.4
3.2
2.8
3.2
4.2
4.9
4.6
5.3
4.5
3.7
3.2
3.7
3.9
4.0
4.4
4.0
3.9
3.9
3.9
3.9
4.0
5.1
3.6
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
4.4
4.5
4.1
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in July rose 3.6 percent from their June level. Prices paid by farmers in July were 2.4
percent above their April level.
INDEX, 1977 =100
INDEX, 1977= 100 (RATIO SCALE)
180
(RATIO SCALE)
180
PRICES PAID
160
160
140
140
120
120
100
100
80
80
ii inn
60
RATION
140
Mill
I l l l l l l l l l l 60
RATIO-^
140
60
60
1980
1988
U RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987: Julv
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
r
F rices paid by farmer s
ers
Pri
Livestock and
products
All farm
products
125
134
121
128
138
120
107
106
108
102
105
106
120
112
115
109
110
111
117
127
136
134
139
133
135
142
128
123
127
129
127
129
127
132
127
131
130
130
130
134
137
142
to index of prices paid, interest, taxes,
y for first month in quarter, and
144
143
145
141
146
136
138
146
148
150
152
147
143
141
147
149
148
148
151
147
147
All commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
rates
138
150
159
161
165
163
159
162
164
(3)
(3)
165
(3)
(3)
165
(3)
(3)
168
(3)
(3)
172
139
151
159
159
162
157
150
152
154
(3)
(3)
155
(3)
(3)
155
(3)
(3)
r
!59
(3)
(3)
162
Production
items
138
148
153
152
155
151
144
147
148
(3)
(3)
150
(3)
(3)
152
(3)
(3)
155
(3)
(3)
160
Ratio
2
97
92
84
84
86
79
77
78
79
77
79
77
80
77
79
79
79
77
80
82
83
NOTE.—The official indexes an; 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.
Li „
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml
rose in June after showing no change in May. Growth in M2 and M3 accelerated a little in June.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
1988
- AVERAGES OF DAILY FIGURES; SEASON,
COUNCIL OF ECONOMIC ADVISERS
SOURCE BOARD OF GOVERNORS OF THE
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
L
M3
M2
Debt
Perce nt change from vear or 6
months earlier 2
M l plus overnight
Period
1980: Dee
1981: Dec
1982: Dec
1983:
Dec
1984:
Dec
1985: Dec
1986:
Dec
1987:
Dee
1987: June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jim
Feb
Mar
Apr
Mav
June''
Sum of currency,
demand deposits,
travelers' checks,
and otber
checkable
deposits (OODs)
412.2
439. 1
476.4
522.1
551.9
620. 1
725.4
750.8
742.1
743.
746.
747.
75B.
752.7
750.8
758.8
759.5
702.9
770.0
770.0
776.2
EPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
HMD As, and
savings and small
time deposits
1,633.1
1,795.5
1,954.0
2,185.2
2,363.6
2,562.6
2,807.8
2,901.1
2,851.7
2,858.2
2,869.5
2,880.9
2,894.7
2,896.6
2,901.1
2,925.0
2,946.0
2 967.5
2,991.7
3,003.1
3,016.7
M2 plus large
time deposits,
term EPs, term
Eurodollars, and
institution-onlv
MMMF balances
1,990.8
2,236.5
2,443.2
2,693.2
2,978.3
3,196.0
3,490.4
3,661.1
3,580.1
3,587. fi
3,605.5
3,620.5
3,642.0
3,656.7
3,661.1
3,686.8
3,719.5
3,744.4
3,766.9
3,780.3
3,800.7
M3 plus
other liquid
assets
10.2
12.3
4.7
3.4
4.2
3.7
3.1
1.7
2.4
3.2
4,360.7
4,392.0
4,418.6
4,460.7
4,488.9
8,352.3
8,407.5
8,468.8
8,527.7
8,584.7
4.1
3.5
4.2
3.7
4.6
6.9
Debt
5.2
4.2
4,312.2
4,323.1
4,323.9
7,939.3
7,980.7
8,031.0
r
8,092. 9
r
8, 163.3
8,245.8
8,305.4
4,133.8
4,323.9
4,232.3
4,235.1
4,257.8
4,283.5
Source: Board of Governors of the Fedei
M3
8.9
9.9
8.8
11.8
8.2
8.4
9.6
3.3
NOTE.—-See p. 27 for components.
26
M2
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.5
3,825.4
r
Ml
3,880.9
4,262.1
4,645.5
5,181.7
5,932.6
6,749.4
r
7,607.7
r
8,305.4
2,327.6
2,599.0
2,852.9
3,154.4
3,519.4
r
Debt of
domestic
uonfinancial
sectors
(monthly
average) 1
>> 9
2.9
3.3
3.3
3.4
3.5
4.7
5.4
6.1
6.8
7.5
8.1
9.2
10.2
10.6
7.3
9.2
4.9
4.7
5.0
5.3
5.2
4.6
5.6
6.4
7.0
7.0
6.9
7.8
9.6
9.8
9.0
11.5
14.5
13.8
12.7
9.2
8.9
8.2
r
8.5
8.9
9.1
9.5
9.4
9.5
9.6
9.5
9.1
8.4
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Other
Currency
H eno 1
'
Demand
deposits
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
1987: Dec
1987:
June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Feb
Mar
Apr
May r
June p.
Money market
mutua fund
hala ices
General
purpose
and
broker/
dealer
NSA
Money
market
deposit
accounts
(MMDAs)
Institution
only
Small
' "!~
mercia
P' P
850.5
783.6
883.3
879.5
853.2
913.1
133.5
67.8
149.4
68.0
183.5
71.1 211.9
74.2
260.9
79.3 301.2
91.6 284.2
100.2 ' 258.0
32.1
40.0
44.5
45.1
45.7
42.5
37.8
45.7
105.3
113.6
133.1
160.3
206.5
229.9
258.9
413.1
415.5
417.8
418.6
417.0
415.0
414.3
852.1
859.1
865.9
872.1
883.3
901.7
913.1
458.6
460.2
462.4
465.3
472.3
480.5
484.7
107.4
107.0
107.4
109.1
106.1
108.7
105.5
87.8
84.4
90.2
94.4
92.9
92.8
90.8
96.6
97.5
98.1
98.4
98.8
99.3
100.2
259.6
254.8
258.9
263.7
r
272.7
r
269.7
r
258.0
43.1
43.4
43.5
44.3
44.5
45.0
45.7
252.8
251.8
251.8
256.6
254.2
252.5
258.9
414.4
416.2
419.8
422.8
425.3
429.2
924.6
941.5
953.5
964.8
972.0
975.4
482.9
489.7
r
491.5
r
493.0
495.9
501.4
106.0
109.9
107.3
108.1
111.1
111.0
85.3
85.1
89.4
88.6
90.7
92.7
101.4
102.6
103.5
104.6
105.4
r
43.6
40.9
269.0
274.1
280.3
288.2
303.9
259.3
293.3
292.3
292.1
290.5
295.9
291.3
288.0
254.3
255.6
257.2
258.6
260.3
259.5
259.3
74.9
75.6
79.8
83.5
86.0
79.7
78.1
210.6
210.6
213.1
216.3
218.2
219.7
221.1
81.7
83.8
84.0
81.3
82.5
89.5
89.6
555.1
549.4
545.0
540.5
533.9
527.7
525.2
289.9
287.8
287.9
290.1
287.3
289.7
263.3
265.0
266.9
r
270.1
271.8
274.3
82.8
78.1
74.8
r
76.6
80.9
79.9
225.0
231.0
234.9
236.1
232.7
229.8
94.4
98.7
97.4
91.9
90.0
86.3
524.1
522.6
524.7
r
523.2
519.5
522.2
198.4
199.3
200.9
202.5
203.6
204.9
.-, 0
Bankers'
acceptances
6.7.5
81.7
91.5
82.9
76.1
84.9
90.8
305.5
285.4
301.4
370.7
414.3
187.8
189.0
190.2
191.4
193.1
195.0
196.5
'
Shortterm
Treasury
securities
50.3
0.0
.0
43.2
379.2
416.8
513.6
572.5
525.2
303.3
288.0
NSA
Savings
34.0
36.0
34.5
51.8
61.9
65.6
84.0
105.5
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
31.4
80.9
105.4
132.3
146.4
179.2
235.2
Term
Eurodollars
(net)
260.0
302.5
326.7
327.1
416.9
436.4
439.2
484.7
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
261.4
231.4
234.1
238.6
244.1
267.2
Large
denomination
time
deposits >
NSA
NSA
28.3
35.9
38.8
53.8
56.3
70.2
78.4
78.1
115.3
122.5
132.6
146.3
156.1
167.7
180.4
196.5
denomination
time
deposits 1
Term
repurchase
agreements
(RPs)
NSA
Savings
deposits
400.2
343.9
356.8
728.4
822.9
r
72.3
259.9
255.0
r
249.7
r
259.7
258.6
r
40.6
41.2
40.6
98.8
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository institutions
from the Federal Reser ve, NSA
Adjusted for c langes in reserv e requirements
R eserves of depo itory institution s
Period
Total
Nonborrovved
Nonborrowed plus
extended
credit
Required
Total
Seasonal
E teid>d
credit
36,988
40,106
46,198
56,087
57,693
158,870
171,192
187,005
200,449
218,255
240,799
257,928
1,690
636
634
774
3,186
1,318
827
777
116
54
33
96
113
56
38
93
3
148
186
2
2,604
499
303
483
58,149
58,021
58,295
58,283
58,973
58,822
58,428
57,462
57,738
57,778
58,021
58,338
58,129
57,693
249,450
250,409
251,919
253,024
255,296
256,938
257,928
776
672
647
940
943
625
777
259
283
279
231
189
126
93
273
194
132
409
449
394
483
58,748
59,382
59,487
60,004
59,894
60,109
58,163
58,440
58,832
59,515
59,325
59,750
260,721
262,019
263,315
265,808
266,924
268,310
1,082
396
1,752
2,993
2,578
3,083
59
75
119
146
246
311
372
205
1,478
2,624
2,107
2,554
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
31,261
32,841
35,247
29,571
32,204
34,613
29,574
32,353
34,799
30,747
32,521
34,747
37,549
40,959
47,255
57,456
58,722
36,775
37,773
45,937
56,629
57,944
36,777
40,377
46,436
56,932
58,428
1987:
June
July
Aug
Sept
Oct
Nov
Dec
58,653
58,499
58,810
58,815
59,466
59,053
58,722
57,876
57,827
58,163
57,874
58,523
58,428
57,944
59,458
59,573
59,760
60,374
60,365
60,638
58,376
59,177
58,009
57,380
57,787
57,555
1988: Jan
Feb
Mar
Apr
May
June "
Monetarv
base
150,642
Source: Board of Governors of the Federal Reserve Svstcm.
27
BANK LOANS AND SECURITIES
Commercial and industrial loans rose 1.2 percent in June.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
2,400
—
ALL COMMERCIAL BANKS
2,000
200
,0
-TOTAL
1,600
1,600
1,200
1.200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
120
120
OTHER SECURITIES
Illlllllll
1980
Illllllllll Illllllllll
1984
1983
1982
1981
III
1985
1986
1987
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted ']
All eomm ercial ban cs
Loans ane leases
Total
loans and
securities 2
U.S.
Government
securities
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1,239.1
1,307.5
1,401.3
1,553.4
1,722.9
1,908.6
2,089.9
2,230.6
170.6
179.3
201.7
259.1
260.0
270.5
309.3
333.2
1987: June
July
Aug
Sept
Oct
Nov
Dec
2,176.7
2,181.3
2,199.0
2,214.7
2,227.6
2,232.1
2,230.6
1988:
2,242.4
2,259.8
2,274.8
2,297.7
2,322.5
2,343.9
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Jan
Feb
Mar
Apr
May
June"..
Other
securities
Total
2
Commercial
and
industrial
Real
estate
Individual
179.2
182.5
188.2
212.9
253.6
293.7
196.1
196.0
913.9
967.3
1,033.9
1,123.7
1,320.4
1,456.9
1,584.5
1,701.4
325.7
355.4
392.6
414.1
472.8
499.4
535.6
565.5
262.7
284.2
300.0
331.0
376.6
425.9
494.0
582.3
321.3
322.9
328.5
331.3
331.7
331.1
333.2
195.9
194.3
193.7
193.7
194.2
196.2
196.0
1,659.6
1,664.1
1,676.8
1,689.8
1,701.7
1,704.8
1,701.4
554.4
553.6
554.0
559.0
562.8
563.1
565.5
542.6
549.6
556.8
561.7
569.4
576.2
582.3
334.6
334.9
338.9
343.0
' 345.9
349.8
193.9
195.6
197.5
198.2
197.6
198.5
1,714.0
1,729.2
1,738.4
1,756.4
1,778.9
1,795.5
568.3
571.1
569.3
578.9
587.4
594.4
154.7
160.9
165.7
170.6
142.6
181.2
Security
17.9
21.3
25.2
27.8
Nonbank
financial
institutions
Agricultural
29.3
29.9
31.2
314.4
325.9
33.9
42.0
39.1
33.4
44.0
43.9
45.4
46.1
47.1
39.3
33.4
34.5
32.5
31.5
31.4
31.7
31.9
31.9
587.5 327.9
593.0 330.8
598.2
334.6
604.4
337.6
r
612.6 * 339.1
618.9 340.6
36.3
41.3
39.8
38.1
38.8
38.6
32.1
32.7
32.1
31.2
31.8
31.4
r
29.3
29.5
29.5
29.5
29.4
29.0
23.8
17.9
14.6
28
Lease
financing
receivables
11.5
10.9
12.7
13.3
11.1
9.6
9.6
8.2
56.1
55.6
54.8
r
54.7
54.1
53.4
51.2
9.6
9,0
9.1
9.2
9.6
8.8
8.2
5.9
5.7
5.7
5.7
5.8
5.7
5.6
23.9
23.9
24.0
24.1
24.3
24.5
24.8
52.3
52.3
52.1
51.9
51.6
51.5
8.2
7.8
8.1
8.5
8.2
8.2
5.6
5.2
5.2
5.2
5.3
5.2
24.8
24.7
24.8
25.0
25.3
25.8
Other
21.4
23.1
26.6
31.7
31.2
36.0
38.7
43.3
13.3
13.7
16.1
19.0
22.4
24.8
r
r
1
Data art1 prorated averages of Wednesday figures for domestically ehartcred hanks and averages
of month-end data for foreign-related institutions. Data beginning Jaiuiarv H)84 are not strictly
'
Source: Board of Clover
Foreign
offieiaJ
institutions
7.2
5.9
9.4
7.9
6.0
5.9
5.6
40.1
36.1
31.6
29.2
30.0
29.8
29.7
29.6
29.6
29.3
29.2
Foreign
banks
0.0
.0
.0
3.3
45.8
56.4
58.1
51.2
31.6
33.1
36.2
39.2
30.5
31.4
32.6
35.0
31.9
318.9
319.7
321.5
322.8
324.1
325.0
325.9
State
and
political
subdivisions
s of the Federal Reserve System,
39.8
40.7
44.2
r
45.4
r
43.1
47.6
43.3
r
41.6
40.9
44.6
46.1
r
49.5
51.8
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
C edit market fu nds
l
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987
336.3
355.4
351.5
347.2
155.1
145.8
143.9
85.1
146.6
182.2
136.9
139.9
136.9
87.8
92.7
94.5
80.4
88.6
121.6
85.2
109.5
77.4
352.6
345.9
383.3
327.5
432.3
518.5
492.3
491.3
484.1
197.6
200.1
239.5
242.3
285.7
Loans and
short-term
paper
Securities
and
mortgages
Total
Other
Capital
expenditures 3
Total
2
Increase in
financial
assets
21.0
53.1
22.8
44.0
57.3
-7.5
15.3
33.3
24.2
66.9
39.5
71.7
36.4
31.3
129.0
69.9
76.1
53.2
67.3
53.2
49.3
4.7
58.0
60.7
51.7
30.4
59.5
370.6
352.1
368.6
303.5
399.8
488.0
442.4
439.8
452.3
238.3
243.7
286.5
256.5
274.7
370.9
342.8
339.2
361.5
Discrepancy
(sources less
uses)
132.3
108.4
82.0
47.0
125.1
117.1
99.7
100.6
90.8
-17.9
-6.2
14.8
24.0
32.5
30.5
49.9
51.5
31.9
1986:
II
Ill
IV
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
426.5
399.4
546.8
340.7
322.5
330.7
85.8
76.9
216.1
73.4
42.6
50.3
1987:
I
II
Ill
IV
406.0
479.7
473.6
577.1
343.2
340.8
350.9
353.9
62.8
138.9
122.7
223.2
-2.5
101.2
53.9
157.0
62.4
-7.4
29.0
12.9
-64.9
108.6
24.9
144.1
65.3
37.7
68.7
66.1
394.8
426.7
430.7
556.9
354.6
344.0
346.5
400.8
40.2
82.7
84.2
156.1
11.2
53.1
42.9
20.2
1988: 1"
450.4
356.6
93.8
42.6
-5.7
48.3
51.3
425.7
396.0
29.7
24.7
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally a.djus1:ed]
Net change in ii stallment ere dit outstandu ig 1
Ins tilHment credi outstanding (end of perio d)
Period
Total
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
Other
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
261,976
296,483
297,566
310,682
323,536
367,869
442,538
517,754
571,833
613,021
98,739
112,475
111,936
118,956
124,218
143,799
173,704
209,636
246,109
267,180
45,202
53,357
54,894
60,838
66,243
78,667
100,212
122,013
136,381
159,307
16,921
18,207
18,621
20,302
22,833
23,704
25,795
26,834
26,883
25,957
101,114
112,444
112,115
110,586
110,242
121,698
142,827
159,272
162,460
160,578
40,501
34,507
1,083
13,116
12,854
44,333
74,669
75,216
54,079
41,188
17,791
13,736
-539
7,020
5,262
19,581
29,905
35,932
36,473
21,071
8,513
8,155
1,537
5,944
5,405
12,424
21,545
21,801
14,368
22,926
1,286
414
1,681
2,531
871
2,091
1,039
49
-926
13,638
11,330
-329
-1,529
-344
11,456
21,129
16,445
3,188
-1,882
1987:
May
June
July
Aug
Sept
Oct
Nov
Dec
581,233
587,878
593,512
598,190
602,978
606,927
608,726
613,021
251,741
254,212
256,585
259,558
261,902
263,823
264,474
267,180
141,876
144,777
147,809
149,815
152,553
155,196
156,425
159,307
26,639
26,810
26,966
26,879
26,845
26,698
26,604
25,957
160,978
162,079
162,153
161,938
161,677
161,209
161,225
160,578
1,162
6,643
5,635
4,677
4,787
3,949
1,802
4,296
530
2,471
2,373
2,973
2,344
1,921
651
2,706
1,537
2,900
3,032
2,006
2,738
2,643
1,229
2,882
-186
171
156
-87
-34
-147
-94
— 646
-719
1,101
74
-215
-261
-468
16
-646
619,259
624,293
629,485
633,336
635,757
269,883
273,133
276,762
278,567
279,164
162,065
163,462
165,644
167,356
169,044
25,926
25,857
25,732
25,764
25,704
161,384
161,842
161,348
161,649
161,845
6,236
5,035
5,191
3,851
2,421
2,704
3,250
3,628
1,805
597
2,758
1,396
2,182
1,713
1,688
-32
-69
-125
32
-60
807
458
-493
301
196
1988: Jan
Feb
Mar
Apr r
May"
' For year-end data, dinner from pr
559
Source: Itoiird of Governors of the Federal Reserve Svstei
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in July.
PERCENT PER ANNUM
PERCENT PER ANNUM
[Percent per annum]
U.S. T reasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
3-month bills
(new issues) 1
14.029
10.686
8.63
9.58
7.48
5.98
5.82
Constant n aturities
3-year
14.44
12.92
10.45
11.89
9.64
7.06
7.68
2
10-year
13.91
13.00
11.10
12.44
10.62
7.68
8.39
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) *
14.17
13.79
12.04
12.71
11.37
9.02
9.38
11.23
11.57
9.47
10.15
9.18
7.38
7.73
Prime
paper,
6 months *
Discount rate
(N.Y. F.R.
Bank) 5
14.76
11.89
8.89
10.16
8.01
13.41
11.02
8.50
8.80
7.69
6.39
6.85
6.33
5.66
Prime rate
charged by
banks 5
18.87
14.86
10.79
12.04
9.93
8.33
8.22
New-home
yields
(FHLBB) 6
14.70
15.14
12.57
12.38
11.55
10.17
9.31
1987: Julv
Aug
Sept
Oct
Nov
Dec
5.78
6.00
6.32
6.40
5.81
5.80
8.03
8.67
8.75
7.99
8.13
8.45
8.76
9.42
9.52
8.86
8.99
7.83
7.90
8.36
8.84
8.09
8.07
9.67
10.18
10.52
10.01
10.11
6.72
6.81
7.55
7.96
7.17
7.49
5.50-5.50
5.50-5.50
5.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
8.25-8.25
8.25-8.25
8.25-8.75
8.75-9.00
9.00-8.75
8.75-8.75
9.41
9.38
9.37
9.25
9.30
9.15
1988: Jan
Feb
Mar
Apr
May
June
July
5.90
5.69
5.69
5.92
6.27
6.50
6.73
7.87
7.38
7.50
7.83
8.24
8.22
8.44
8.67
8.21
8.37
8.72
9.09
8.92
9.06
7.81
7.55
7.80
7.91
8.01
7.86
7.87
9.88
9.40
9.39
9.67
9.90
9.86
9.96
6.92
6.58
6.64
6.92
7.31
7.53
7.90
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.50
9.10
9.12
9.15
9.13
8.95
9.07
Week ended:
1988: July 9
16
23
30
Aug 6
6.57
6.72
6.76
6.88
6.89
8.27
8.45
8.51
8.56
8.93
9.08
9.13
9.12
7.84
7.86
7.89
7.87
9.84
9.95
10.03
10.03
7.67
7.88
8.01
8.07
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-
9.00-9.00
9.00-9.50
9.50-9.50
9.50-9.50
9.50-
1
7.74
Biink-discount basis.
Yields on the more a vely traded issues adjusted to constant maturities bv the Treasury Department.
3
Weekly data are Wednesday figures.
4
Scries excludes public utility issues for January 17, 1984 through October 1 1, 1984 due to lack
of appropriate issues.
2
30
9.42
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in July.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
240
220
200
180
160
160
140
140
COMPOSITE STOCK PRICE INDEX
(NYSE)
120
/
120
100
100
80
80
60
60
mil
40
1980
1982
1981
1983
1984
1985
40
1986
1987
1988
PERC ENT
ENT
20
15
"X.
EAR NINGS-PRICE R ATIO ON COW MON S TOCKS
(S&P1
^.
/
•^-__ _-^
10
~\
_
^"
" '
"
"
^r————— -,
5
I
0
I
1
19 il
1980
1
1982
1
1 1
1983
1
1 1
1984
!
1
19 35
i
/
i i
1984
1
1987
Common st ock 5yields
(perce n t )
Co mmon stock price s '
Ne^ v York Stock Kx hange indexes (I ec. 31, 1965-5 )) 2
Composite
1981
1982
1983
1984
1985
1986
1987
1987: July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
Week ended:
1988: July 2 r
9
16
23
30
1
2
3
4
5
Industrial
74.02
68.93
92.63
92.46
108.09
136.00
161.70
85.44
78.18
107.45
108.01
123.79
155.85
195.31
174.28
184.18
178.39
157.13
137.21
134.88
214.12
226.49
219.52
189.86
163.42
162.19
140.55
145.13
149.88
148.46
144.99
152.72
152.12
153.45
153.94
152.66
151.47
150.45
Transportation
168.47
173.44
181.57
180.88
176.02
184.92
184.09
72.61
60.41
89.36
85.63
104.11
119.87
140.39
157.48
164.02
158.58
140.95
117.57
115.85
121.20
126.09
135.15
133.43
127.63
136.02
136.49
185.64
186.39
184.80
183.28
181.99
138.81
139.46
136.99
135.46
134.01
Finance
Utility
Dow-.Tones
indnstrial
average 3
Standard &
Poor's
composite
index (194143 = 10) 4
Dividendprice ratio
38.91
39.75
47.00
46.44
56.75
71.36
74.30
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
c
286.83
5.20
5.81
4.40
4.64
4.25
3.49
3.08
74.18
78.20
76.13
73.27
69.86
67.39
152.25
160.94
154.08
137.35
118.30
111.47
2,481.72
2,655.01
2,570.80
2,224.59
1,931.86
1,910.07
310.09
329.36
318.66
280.16
245.01
240.96
2.83
2.69
2.78
3.25
3.66
3.71
70.01
72.89
71.16
69.40
68.66
r
72.25
71.50
119.40
124.36
125.27
121.67
120.35
' 129.04
129.99
1,947.35
1,980.65
2,044.31
2,036.13
1,988.91
2,104.94
2,104.22
250.48
258.13
265.74
262.61
256.12
270.68
269.05
72.47
72.18
71.66
71.22
70.86
130.37
131.27
130.43
129.55
128.77
2,126.92
2,129.40
2,110.28
2,094.67
2,082.11
271.53
272.41
270.01
267.83
266.08
Earningsprice ratio
3.66
3.56
3.48
3.57
3.80
3.59
3.65
3.60
3.59
3.63
3.63
3.75
Average of daily closing prices.
Includes all the'slocks (more than 1,500) listed on the NYSE,
Includes :«) stocks.
Includes 500 stocks.
.Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
n
COUNCIL OF ECONOMIC ADVISERS
SOURCES: MEW YORK STOCK EXCHANGE AND STANDARD &. POOR'S CORPORATION
Period
1 1
1988
11.96
11.60
8.03
10.02
8.12
6.09
5.49
4.93
7.08
price ratios based on prices at end of quarter.
NOTE.—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.
I
31
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 9 months of fiscal 1988, there was a deficit of $118.0 billion compared with a deficit of $120.4 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS!/
1,100
1,100
1,000
1,000
900
OUTLAYS^
900
V..
800
800
700
RECEIPTS^
700
600
600
500
500
-100
-100
-200
-200
1980
1982
1981
1983
1984
1985
1986
1987
1988
1989
FISCAL YEARS
!/ INCLUDES ON.BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF A
NAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
Gross Feeleral debt
(end of period)
Off-budget
On-budget
Total
Fiscal year or period
Surplus
or deficit
Receipts
Outlays
Surplus
or deficit
Total
Held by
the public
1976
Transition quarter
1977
1978
1979
298.1
81.2
355.6
399.6
463.3
371.8
96.0
409.2
458.7
503.5
-73.7
-14.7
-53.6
-59.2
-40.2
231.7
63.2
278.7
314.2
365.3
302.2
76.6
328.5
369.1
403.5
-70.5
-13.3
— 49.7
-54.9
-38.2
66.4
18.0
76.8
85.4
98.0
69.6
19.4
80.7
89.7
100.0
-3.2
-1.4
-3.9
-4.3
-2.0
631.9
646.4
709.1
780.4
833.8
480.3
498.3
553.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
-73.8
-78.9
-127.9
-207.8
-185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
-73.9
-120.0
-208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
— 1.1
-5.0
-7.9
.2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
1985
1986
1987
1988 (estimates) 1
1989 (estimates) l
734.1
769.1
854.1
913.4
974.0
946.3
990.3
1,004.6
1,065.8
1,096.7
-212.3
221.2
-150.4
-152.3
-122.7
547.9
568.9
640.7
671.2
712.0
769.5
806.8
810.8
863.3
885.9
-221.6
-237.9
-170.0
— 192.1
-173.9
186.2
200.2
213.4
242.2
262.1
176.8
183.5
193.8
202.5
210.9
9.4
16.7
19.6
39.7
51.2
Cumulative total, first 9
months:
Fiscal year 1987
Fiscal year 1988
637.3
681.1
757.7
799.1
-120.4
-118.0
475.6
500.0
613.0
648.6
-137.4
-148.5
161.7
181.1
144.6
150.6
17.1
30.5
1
Rstimates from Mid-Session II.
July 28, 1988.
32
r
r
1,827.5
2, 120.1
2,345.6
2,577.1
2,818.2
2,313.1
2,555.1
except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
1,509.9
1,736.2
' 1,888.1
2,020.8
2,138.6
r
1,873.9
2,020.4
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 9 months of fiscal 1988, receipts were $43.8 billion higher than a year earlier and outlays were $41.4
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS'7
400
400
INDIVIDUAL INCOME TAXES
— •—
..
300
300
_
•
"1
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
'
200
OTHER RECEIPTS
100
1
0
1
200
_=
=
=
-j
1
*- CORPORATION INCOME TAXIES I
I
100
1
0
800
800
700
700
1980
1981
1982
1984
1983
1985
1986
1988
1987
1989
FISCAL YEARS
J/INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off- 3udget ou lays
0n-budget ; nd off-bur get receip
IndiTotal
income
taxes
Corpo-
Other
taxes
298.1
355.6
399.6
463.3
131.6
157.6
181.0
217.8
41.4
54.9
1980
1981
1982
1983
1984
517.1
244.1
599.3
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
1985
1986
1987
734.1
769.1
854.1
913.4
974.0
334.5
349.0
392.6
405.2
423.4
637.3
294.0
681.1
301.8
1988 (estimates) '
1989 (estimates) '
Cumulative total, first 9 months:
Fiscal year 1987
Fiscal year 1988
600.6
666.5
82.8
29.9
35.4
42.6
93.0
114.7
119.6
12.7
13.1
12.3
11.8
15.9
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
16.2
14.2
11.6
12.8
11.1
33.5
35.9
40.0
44.6
48.8
65.8
70.2
75.1
79.5
85.3
128.2
119.8
123.3
129.6
135.0
188.6
198.8
207.4
232.4
129.4
136.0
138.6
151.1
157.1
131.8
142.1
126.7
143.9
133.0
8.8
8.7
29.8
33.2
56.5
59.0
93.4
96.9
155.6
164.5
103.5
112.9
98.8
104.5
134.0
157.5
185.3
130.9
153.8
180.7
851.8
209.9
227.4
204.4
220.9
73.0
73.1
74.3
79.8
81.2
946.3
990.3
1,004.6
1,065.8
1,096.7
252.7
273.4
282.0
285.4
294.0
245.1
55.0
58.4
757.7
211.3
219.4
205.4
209.0
239.4
61.3
63.1
83.9
93.4
109.9
265.2
283.9
303.3
335.0
359.5
59.5
70.6
228.9
250.4
1
Estimates from Mid-Session Review of the 1989 Budget, Office of Management and Budget,
July 28, 1988.
NOTE.—Data from Budget of the United States Government, Fiscal Year 1989, Fehruary 1988,
73.9
85.1
93.9
104.1
26.7
7.5
7.5
60.8
61.0
61.5
66.4
102.3
113.6
590.9
678.2
745.7
808.3
799.1
265.5
274.0
277.3
285.5
213.3
Other
15.8
19.3
22.8
26.5
6.4
6.4
50.6
69.5
69.3
65.6
71.8
Net
inter-
17.3
18.5
20.5
87.9
95.1
409.2
458.7
503.5
Social
secun'
89.6
97.2
104.5
116.3
371.8
36.6
37.7
40.8
90.8
106.5
121.0
138.9
Income
secun-
Health
Defense,
military
34.3
60.0
65.7
International
Total
contributions
1976
1977
1978
1979
617.8
Nationa defense
Soeial
nisur-
15.7
112.7
218.9
except as noted.
Data S h 0 wn here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1988, according to revised estimates, Federal receipts rose $6.6 billion (annual rate) and
Federal expenditures rose $1.2 billion, yielding a deficit of $155.1 billion. In the second quarter, according tc
advance estimates, outlays fell $1.2 billion,- receipts data are incomplete. (Series revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
" EXPENDITURES "
800
800
RECEIPTS
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
J
I
J
1980
J
1981
I
I
I
1982
I I
1983
I
I
I
I
1985
1984
I I
1986
1
I 1
1987
I
I
1
1988
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal G overnment expenditure s
Federa Governme nt receipts
Period
Total
Fiscal year:
1985 r
1986 '
1987 r
Calendar year:
1985 r
1986 r
1987 '
1982: IV
1983: IV
1984: IV
1985: IV
1986: I r
TT r
m*
IV r
1987: I 'r
II
Ill r
IV
1988: I r
II"
Personal
tax and
nontax
receipts
776.8
815.0
901.7
340.4
357.0
401.6
788.7
828.3
916.5
633.1
675.5
742.7
805.3
806.7
816.3
833.6
856.8
871.3
920.0
930.1
944.4
951.0
346.4
361.5
405.6
303.0
291.9
326.0
355.3
350.0
354.0
363.5
378.3
373.8
413.1
413.3
422.3
404.6
424.7
Corporate
profits
tax
accruals
74.6
80.7
101.7
76.3
83.9
105.8
46.4
70.2
69.7
78.8
78.7
82.6
84.7
89.7
100.1
105.0
110.5
107.7
107.2
Note.—-Series revised beginning 198,5. Set.: Survey of Current
34
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
or deficit
Subsidies
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
current
surplus of
Government
enter-
Wage
accruals
less
disbursements
55.9
51.2
53.2
305.8
326.0
345.2
962.3
1,027.8
1,058.9
341.5
368.4
375.4
374.0
394.6
411.1
97.8
107.4
103.1
128.3
134.4
139.7
20.7
22.9
29.6
-0.1
55.1
50.8
54.0
47.6
53.6
56.2
53.5
50.6
49.6
52.0
51.0
53.0
54.3
53.9
55.0
55.9
56.1
310.9
332.2
351.0
236.1
259.8
290.7
317.7
327.5
330.1
333.4
337.8
344.5
347.7
352.4
359.4
383.4
390.1
985.6
1,033.9
1,074.2
835.7
844.7
930.2
1,017.5
1,005.3
1,050.7
1,039.7
1,040.1
1,059.6
1,064.0
1,068.4
1,104.9
1,106.1
1,104.9
355.2
366.2
382.0
293.2
276.1
326.0
376.6
356.6
368.7
372.7
366.7
372.7
377.5
386.3
391.4
-377.7
375.2
380.1
399.8
414.2
347.4
352.5
362.1
385.8
390.0
398.5
405.4
405.4
406.6
413.4
414.2
422.5
434.4
437.1
99.7
106.8
102.7
130.1
135.4
143.0
87.2
20.3
25.7
32.4
-.2
.0
.0
.0
.0
.6
.0
.0
.0
.0
.0
.0
.0
.2
-.2
.0
.0
84.5
86.0
96.3
103.5
105.6
110.0
109.2
102.3
101.9
105.5
101.9
101.4
111.1
106.8
101.0
125.3
132.7
135.0
135.9
134.3
136.5
139.0
139.8
143.8
149.5
149.9
153.0
23.4
29.1
21.0
19.0
18.0
37.5
18.1
29.1
39.4
27.8
22.6
39.7
33.0
32.8
Source: Department of Commerce, Bureau of Rconomic Analysi
.0
.1
national
income
and
product
accounts
-185.5
-212.8
-157.2
-196.9
-205.6
-157.8
-202.6
-169.2
-187.5
-212.2
-198.6
-234.4
-206.1
-183.3
-188.3
-144.0
-138.3
-160.4
-155.1
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial jroduction (1977=1 )0; seasonal!v adjusted
Period
United
States
Canada
Consumer prices (11) 12-84=100
United
Kingdom
United
States '
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
Japan
France
Germany
106
106
104
105
105
106
106
108
108.0
106.2
103.1
104.1
107.6
112.9
115.1
115.7
108.5
105.8
109.2
110.4
113.5
118.0
99.8
96.4
98.2
101.7
103.1
107.9
109.5
112.9
Italy
Canada
United
Kingdom
Japan
France
Germany
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
102.7
104.9
104.6
105.0
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
Italy
1980
1981
1982
1983
1984
1985
1986
1987 *
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
108.1
108.6
97.9
104.3
119.0
125.2
126.8
132.6
119.2
120.4
120.9
125.1
138.9
145.1
144.6
150.4
1987: June
July
Aug
Sept
Oct
Nov
Dec
129.1
130.6
131.2
131.0
132.5
133.2
133.9
132.1
131.8
134.2
135.0
135.8
136.5
137.2
149.3
151.0
149.3
153.9
157.0
156.6
159.6
110
109
109
110
110
110
111
115.1
113.7
118.5
116.3
116.7
116.8
117.3
118.3
117.7
112.8
117.2
122.3
120.8
116.1
112.4
113.1
114.8
113.5
114.4
114.6
114.9
113.5
113.8
114.4
115.0
115.3
115.4
115.4
118.3
119.2
119.3
119.3
119.7
120.2
120.3
105.2
104.7
104.8
105.7
105.7
105.2
105.1
121.1
121.4
121.7
121.7
122.0
122.2
122.2
105.2
105.2
105.1
104.9
105.0
105.0
105.2
133.9
134.3
134.6
135.6
136.8
137.2
137.4
119.7
119.6
120.0
120.3
120.9
121.5
121.4
134.4
134.4
134.7
r
135.4
' 136.1
r
!366
' 137.6
' 137.4
138.4
138.8
153.9
157.4
158.3
157.0
154.0
111
111
111
110
117.8
119.3
120.0
120.5
126.4
' 120.8
114.8
112.4
113.8
115.7
116.0
116.5
117.1
117.5
118.0
120.5
121.0
121.6
122.0
122.8
122.9
104.8
104.6
105.0
105.5
105.6
122.4
122.7
105.4
105.6
105.7
106.0
106.2
1063
138.1
138.5
139.1
139.6
140.0
1404
121.4
121.9
122.3
124.3
124.8
1988:
1
Jan
Feb
Mar
Apr
May
June "
114.4
112.6
121.4
124.1
123.0
123.6
123.9
63.2
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
Data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Oen firal merch andise im )orts (cus toms vain e ) 3
Mercham se expor s (f.a.s. ( alue) '
Period
Total
2
Foods,
feeds,
and
bever-
Industrial
supplies
and
als
216.4
205.6
224.0
1982
1983
1984
1985
1986
1987
4
4
218.8
227.2
254.1
1987: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Noy
Dec
19.3
20.2
20.4
20.3
21.1
22.4
20.9
21.8
22.1
23.1
24.2
1988:
24.5
Jan
Feb
Mar
Apr r
May
1
2
24.5
26.9
26.0
26.6
31.3
30.9
31.5
24.0
22.3
24.3
61.7
56.7
61.7
58.5
57.3
66.7
1.7
1.8
1.9
Capital
goods
except
motive
Automotive
vehicles,
parts,
Consumer
goods
(nonfood)
en-
automotive
gines
72.7
15.7
Other z
Total
Foods
feeds,
and
bever-
industrial
supplies
and
a!s
20.7 244.0
20.5 258.0
24.0 325.7
67.2
16.8
72.0
20.6
73.9
75.8
86.2
22.9
21.7
24.6
13.3
12.6
14.2
17.7
2.0
2.1
2.4
2.2
2.2
2.3
1.8
2.0
4.9
5.3
5.5
5.4
5.5
5.6
5.6
5.6
5.5
6.1
6.5
6.6
6.8
6.9
6.8
6.5
7.6
7.0
8.0
7.5
8.1
8.2
1.9
1.9
1.9
1.9
2.2
1.9
2.0
2.1
2.1
2.5
2.3
1.3
1.4
1.4
1.5
1.5
1.6
1.5
1.6
1.5
1.6
1.6
2.8
2.9
2.9
2.6
3.3
3.4
2.6
2.2
3.2
3.0
3.5
31.8
32.3
32.0
32.5
34.4
34.6
34.5
34.6
36.0
35.3
36.6
2.2
2.5
2.6
2.6
2.9
6.6
6.6
7.7
7.3
6.9
8.7
8.6
8.7
8.8
9.1
2.1
2.4
2.7
2.3
2.4
1.6
1.8
1.8
1.8
1.9
3.1
2.6
3.4
3.2
3.5
34.3
37.7
36.6
34.8
36.0
Incudes Department of Defense Military Assistance Program grant-aid shipn
Includes undocumented exports to Canada.
Total arrivals of imported goods other than intransit shipments.
4
Total exports are on a revised statistical month basis; end-use categories
month basis.
3
14.3
13.4
Trade lalance
Principal ^lid-use c mrnoditv category
Principal end-use ( ommodih cateton
27.3 345.3
35.9 365.4
34.6 406.2
17.1
18.2
21.0
21.9
24.4
24.8
1.9
2.1
2.1
112.0
107.0
123.7
113.9
101.3
111.0
8.4
8.5
8.1
8.8
9.1
Capital
goods
except
motive
en-
gines
Oongoods
(nonfood)
Other
General
merchandise
imports
(c.i.f.
value)
33.3
40.8
53.5
66.8
78.2
85.2
39.7
44.9
60.0
68.3
79.4
88.7
6.5
6.3
7.8
9.4
10.4
12.1
269.9
346.4
352.5
382.3
424.4
6.5
6.7
6.6
6.6
7.3
7.0
7.1
7.4
7.3
6.6
6.8
6.9
7.0
7.2
7.4
7.3
7.5
8.1
.8
1.0
.9
1.1
.9
.9
.9
1.1
1.2
1.0
1.1
7.5
8.4
7.8
7.3
7.7
.9
.9
1.1
1.0
1.0
9.5
10.3
9.9
9.8
8.0
2.1
2.2
2.2
2.0
2.0
9.5
10.0
9.6
9.5
10.5
7.5
8.6
8.4
7.9
8.3
7.4
7.6
7.2
7.0
7.0
7.1
7.4
7.3
7.6
6.8
7.6
7.5
7.2
6.6
Exports
(f.a.s)
less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c.i.f.)
automotive
35.4
40.9
59.8
65.1
71.8
84.5
2.0
2.2
2.1
2.0
2.0
2.3
2.1
2.0
10.2
10.1
Automotive
vehicles,
parts,
7.2
7.7
7.4
7.4
7.4
-27.5
-52.4
-38.4
-64.2
-101.7
-126.5
-138.3
-152.1
-122.4
-133.6
-155.1
-170.3
32.9
34.0
33.6
34.3
36.2
36.3
36.0
35.7
37.6
36.7
37.9
-12.5
-12.1
-11.6
-12.3
— 13.3
-12.2
-13.6
-13.5
-13.8
-13.2
— 14.1
-15.1
-13.9
-15.1
-13.9
-15.6
-13.6
-13.8
35.8
38.9
38.6
36.3
37.6
— 9.8
-13.2
254.9
-12.8
- 13.9
-12.2
-12.4
-9.8
-8.8
-9.4
-11.3
-14.4
-11.7
-10.3
-10.9
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Sec Bureau of the Census release FT900, June I98H for information on the seasonally adjusted
eries.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1988, the current account deficit rose to $39.8 billion from $33.5 billion in the fourth quarter
of 1987. The merchandise trade deficit fell to $35.9 billion in the first quarter from $41.2 billion in the fourth
quarter.
BILL ONS OF DOLL>\RS*
BILL ONS OF DOLL ARS*
10
10
''/\~
f \
r
**"" 1
X"^
r\
| ALANCE ON
0 -***/\-£\
A
-S CUR RENT ACCOUS T
\N,' \
/s^.
A\
"-s^
V -'
v
s'\
/
\
\
«
>
-15
r'
'
0
^
\\
-15
M£R CHAND/SE TKA BE \ \ \
BALANCE
\\1
\
\
-20
BALA NCE ON GOO DS
A ND SERVICES
X
t
\
-20
^v'5/v\\
/
•»>J*_*'*
\
x
V
*
( \
-^X
N
\
" V ^Jr,
1 1 1 i i i
*x
-45
I I l
1
1
1
1
1981
1980
1
1
1982
1 1 1
1 1 1
1 1 1
1983
1984
1985
1986
<
1987
1
1
1
-45
1988
•SEASONALLY ADJUS TED
SOURCE: DEPARTMEN T OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits ( —)]
Merchandise *
Im estment incom e 3
2
Net
mintarv
Period
Kxports
1980
1981
1982
1983
1984
1985
1986
1987
1985: I
II
Ill
IV
1986: I
II
Ill
1987:
TV
1
II
Ill
IV
1988: I "
1
2
;!
224,269
237,085
211,198
201,820
219,900
215,935
223,969
249,570
55,067
54,197
53,434
53,237
54,113
56,946
56,268
56,642
56,791
59,864
64,902
68,013
74,672
Imports
-249,749
-265,063
-247,642
-268,900
-332,422
-338,083
-368,516
-409,850
-80,770
-83,843
— 84,032
-89,438
— 89,546
-90,807
-92,989
-95,174
-96,662
-99,416
-104,567
- 109,205
-110,617
Net balance
-25,480 72,506
-27,978 86,411
— 36,444 83,549
-67,080 77,251
— 112,522 85,908
-122,148 88,837
— 144,547 90,110
-160,280 103,756
-25,703 18,549
-29,646 22,092
— 30,598 24,309
-36,201 23,886
-35,433 24,352
-33,861 22,248
— 36,721 21,845
-38,532 21,667
— 39,871 24,791
-39,552 22,429
-39,665 23,289
— 41,192 33,248
-35,945 25,114
Excludes military.
Adjusted from Census l:ita for differences in timing and .
Fees and royalties froi F.K. direct investments abroad <
36
Receipts
Payments
-42,120
-52,329
-54,883
-52,376
-67,419
-62,901
-66,968
-83,381
- 16,359
-16,670
-16,055
-13,818
— 17,357
-17,533
-15,729
-16,350
-19,715
-20,737
-22,222
-20,709
-25,709
Net
transac'
30,386
34,082
28,666
24,875
18,489
25,936
23,142
20,375
2,190
5,422
8,254
10,068
6,995
4,715
6,116
5,317
5,076
1,692
1,067
12,539
-595
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers l
Balance
on current
account
9,466
7,793
14,344
9,278
278
9,320
9,908 -36,766
9,760 -94,975
9,600 -100,093
11,600 -123,520
12,035 -140,519
2,334 -23,530
-25,186
2,391
2,278 -23,518
2,595 -27,863
-29,485
2,817
2,870 -29,629
2,800 -31,288
3,112 -33,118
-34,657
2,813
2,828 -37,727
2,983 -38,987
-29,150
3,412
3,222 -36,600
-7,593
-7,460
-8,956
-9,480
-12,102
-15,010
-15,308
-13,445
-3,290
-3,481
-4,036
-4,205
-2,972
-4,085
-4,249
-4,003
-2,967
-3,125
-2,980
-4,373
-3,151
1,873
6,884
-8,67.9
— 46,246
-107,077
— 115,103
-138,828
-153,964
-26,820
-28,677
-27,554
-32,068
-32,457
-33,714
-35,537
— 37,121
-37,624
-40,852
-41,967
-33,523
-39,751
Net
travel and
transportation
reeeipts
-997
-2,237
-1,183
144
-992
-274
-4,227
-243
-2,099
-8,604
-3,431 - 10,049
-9,344
-4,372
-2,368 -10,281
-2,043
-308
-649
-2,704
-2,624
-828
-2,678
— 1,647
-1,408 -2,456
-1,283 -2,070
-1,076 -2,407
-605
-2,410
-78 -2,597
-179
-2,516
-851
— 2,521
-1,261 -2,648
-899
-2,383
Other
services,
net3
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $17.4 billion in the first quarter of
1988, compared with an increase of $23.5 billion in the fourth quarter of 1987. Liabilities to foreigners and
international financial institutions reported by U.S. banks, excluding Treasury securities, decreased $16.0 billion in
the first quarter, compared with an increase of $29.8 billion in the fourth quarter.
BILLIONS OF DOLLARS*
80
BILLIONS OF DOLLARS*
80
;\
-
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
60
40
40
20
20
-20
-20
-40
-40
-60
-60
1980
1988
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the T.S., net
\
[LLicrease /capital inflow ( + )] 2
U.S. assets abroad, net
[ ncrease/capiu 1 outflow ( — )
Period
Total
U.S.
official
reserve
assets 1 2
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
58,112
83,032
93,746
84,869
102,631
129,900
221,253
211,490
15,497
4,960
3,593
5,845
3,140
-1,196
35,507
44,968
42,615
78,072
90,154
79,023
99,481
131,096
185,746
166,522
Statistical d screpancy
Allocations
of special
drawing
rights
(SDKs)
1,152
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U S official
assets, net l
(unadjusted,
end of
period)
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
24,982
19,942
36,085
11,154
26,760
17,839
15,566
18,461
-86,118
-110,951
-121,153
-49,777
-22,304
-32,636
-97,991
-75,987
— 8,155
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-5,162 -72,802
-5,097 -100,679
-6,131 -110,058
-5,006 -43,576
-5,489 -13,685
-2,829 -25,950
-96,303
-2,000
1,162 -86,297
1985: I
II
Ill
IV
— 1,620
-1,623
-7,593
-21,802
-233
-356
-121
-3,148
-769
-1,054
-454
-553
-618
— 213
-7,018
-18,102
16,491
25,073
35,044
53,292
-10,992
8,477
2,450
-1,130
27,484
16,596
32,594
54,422
11,948
5,217
103
578
2,533
-2,115
-3,981
3,569
35,493
36,088
38,295
43,186
1986: I
II
Ill
IV
- 15,626
-24,515
-26,213
-31,635
-115
16
280
132
-206
-211
-1,592
10
- 15,305
-24,320
-24,901
-31,777
39,050
50,128
69,884
62,192
2,719
15,838
15,779
1,171
36,331
34,291
54,104
61,020
9,033
8,100
-8,133
6,565
3,006
-2,786
-3,876
3,655
44,919
46,595
48,087
48,511
1987: I
II
Ill
IV
11,072
-22,878
-25,292
-38,891
1,956
3,419
32
3,741
67
-170
252
1,012
9,049
— 26,127
-25,576
-43,645
33,100
50,660
71,658
56,072
13,977
10,332
611
20,047
19,122
40,327
71,047
36,025
-6,547
13,071
-4,399
16,342
4,141
-2,615
-4,658
3,138
48,824
45,140
45,070
45,798
1988: I"
8,891
1,503
-780
8,169
27,876
24,372
3,504
2,984
3,925
43,186
1980
1981
1982
1983
1984
1985
1986
1987
1
Consists of gold, special drawing rights (SDKs),
position in (he IMF.
2
Quarterly data arc not seasonally adjusted.
Trtible currencies, and the U.S. reservi
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $2.25 (single copy) ($2.81 foreign).
Subscription price: $24.00 per year; $30.00 for foreign mailing.
38
U.S. GOVERNMENT PRINTING OFFICE
:
1988 0—87-493
@FedFRASER