Full text of Economic Indicators : June 1988
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100th Congress, 2d Session
Economic Indicators
JUNE 1988
(Includes data available as of June 30, 1988)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1988
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JOHN MELCHER (Montana)
JEFF BINGAMAN (New Mexico)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
J. ALEX McMILLAN (North Carolina)
JUDITH DAVISON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSS A, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
n
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the first quarter of 1988, according to revised estimates, current-dollar gross national product (GNPJ rose 5.1
percent (annual rate) or $57.7 billion. Real GNP (GNP adjusted for price changes) rose 3.6 percent and the
implicit price deflator rose 1.4 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
4,800
BILLIONS OF DOLLARS (RATIO SCALE)
4,800
RATES
—
4,400i
—
^\
—
4,000
—
r — ^-^
GNP
INCUR RENT DOLLARS
—
4,000
^
.
_ __ _ .
—
-""""
3,600
3,600
—
—
X^i
C--
3,200
—
2,800
GNP
N 1982DOLLA
3,200
«
s^~
—
2,800
^
—
—
—
2,400
2,000
1 1
\
1980
\
\
i i i
1 1
1982
1981
1
1983
1
1
1
1
1985
1984
1 1
1986
1
1987
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Govern ment purch ases of
gooc s and services
Exports md imports of goods
imd services
Final
Federal
Net
exports
Exports
Imports
Total
National
defense
Nondefense
'
chases '
and
1980
1981
1982
1983
1984
1985
1986
1987
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,010.3
4,235.0
4,488.5
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,967.8
437.0
515.5
447.3
502.3
664.8
641.6
671.0
717.5
32.1
33.9
26.3
-6.1
-58.9
-79.2
- 105.5
-119.6
351.0
382.8
361.9
352.5
383.5
369.9
376.2
427.8
318.9
348.9
335.6
358.7
442.4
449.2
481.7
547.4
530.3
588.1
641.7
675.0
735.9
818.6
869.7
922.8
208.1
242.2
272.7
283.5
310.5
353.9
366.2
379.4
142.7
167.5
193.8
214.4
234.3
259.3
277.8
295.2
65.4
74.8
78.9
69.1
76.2
94.6
88.4
84.2
322.2
345.9
369.0
391.5
425.3
464.7
503.5
543.4
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,000.3
4,219.3
4,442.5
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,089.5
4,340.5
4,608.2
1982: IV
1983: IV
1984: IV
3,212.5
3,545.8
3,851.8
2,117.0
2,315.8
2,493.4
409.6
579.8
661.8
14.1
-25.8
-67.9
335.9
364.7
385.7
321.9
390.5
453.6
671.8
676.1
764.5
293.2
276.1
326.0
205.4
221.5
244.1
87.7
54.6
81.9
378.7
400.0
438.5
3,272.4
3,514.8
3,806.8
3,198.5
3,571.6
3,919.7
1985: HI
IV
4,042.0
4,104.4
2,665.4
2,700.1
628.6
650.8
-84.7
-103.5
364.2
368.7
448.9
472.2
832.8
857.0
361.9
378.0
265.1
268.2
96.8
109.8
470.9
479.0
4,044.4
4,101.9
4,126.7
4,207.9
1986: I
II
m
IV
4,174.4
4,211.6
4,265.9
4,288.1
2,737.9
2,765.8
2,837.1
2,858.6
683.4
679.4
660.8
660.2
-93.8
-100.8
-110.5
-116.9
373.5
371.3
376.6
383.3
467.3
472.1
487.1
500.2
846.9
867.2
878.5
886.3
356.7
368.4
371.2
368.6
266.6
278.2
287.6
279.0
90.1
90.2
83.6
89.6
490.2
498.8
507.3
517.7
4,136.1
4,184.0
4,262.4
4,294.6
4,268.2
4,312.4
4,376.4
4,405.1
1987: I
II
Ill
IV
4,377.7
4,445.1
4,524.0
4,607.4
2,893.8
2,943.7
3,011.3
3,022.6
699.9
702.6
707.4
760.2
-112.2
— 118.4
-123.7
-124.3
397.3
416.5
439.2
458.1
509.5
534.8
562.9
582.4
896.2
917.1
929.0
948.8
366.9
379.6
382.1
388.9
287.5
294.5
299.0
299.8
79.4
85.1
83.0
89.2
529.3
537.6
546.9
559.9
4,326.0
4,404.8
4,501.1
4,537.9
4,489.8
4,563.4
4,647.7
4,731.7
1988: I '
4,665.1
3,068.3
762.7
-111.1
485.8
596.9
945.1
375.1
300.4
74.7
570.0
4,607.3
4,776.2
1
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Coi
?rce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
G ross priva te
dome stic inves ment
Period
Gross
national
product
Personal
consumption
expenditures
Nonresidentia!
fixed
Residential
fixed
Export s and imports of
gooc s and ser 'ices
Change
in
business
inventories
1980
1981
1982
1983
1984
1985
1986
1987
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,607.5
3,713.3
3,821.0
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,352.6
2,450.5
2,497.2
379.2
395.2
366.7
361.2
425.2
454.1
443.8
448.3
137.0
126.5
105.1
149.3
170.9
174.6
196.4
196.4
-6.9
23.9
-24.5
-6.4
62.3
1982: IV
1983: IV
1984: IV
3,159.3
3,365.1
3,535.2
2,078.7
2,191.9
2,281.1
352.3
390.4
444.4
115.8
159.9
169.6
1985: III
IV
3,623.0
3,650.9
2,376.1
2,383.2
454.1
465.2
1986: I
II
Ill
IV
3,698.8
3,704.7
3,718.0
3,731.5
2,409.7
2,434.3
2,477.5
2,480.5
1987: I
HI
IV
3,772.2
3,795.3
3,835.9
3,880.8
1988: I '
3,915.4
n
1
Governrnent pure lases of
good s and ser k'ices
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
sales
Gross
domestic
purchases 1
57.0
49.4
26.3
-19.9
-84.0
7.4 — 108.2
13.8 -145.8
42.9 -135.5
388.9
392.7
361.9
348.1
371.8
365.3
377.4
425.8
332.0
343.4
335.6
368.1
455.8
473.6
523.2
561.3
620.5
629.7
641.7
649.0
677.7
726.9
754.5
771.7
246.9
259.6
272.7
275.1
290.8
324.2
332.5
336.0
171.2
180.3
193.8
206.9
218.5
236.7
250.7
264.2
75.7
79.3
78.9
68.2
72.3
87.5
81.8
71.7
373.6
370.1
369.0
373.9
387.0
402.7
422.1
435.8
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,600.1
3,699.5
3,778.1
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,715.7
3,859.1
3,956.6
-59.3
27.0
41.7
11.7
-46.2
-94.8
336.0
355.5
376.6
324.3
401.6
471.4
660.1
642.2
693.2
289.5
266.0
300.5
201.4
211.6
225.3
88.2
54.4
75.2
370.6
376.2
392.7
3,218.6
3,338.1
3,493.5
3,147.6
3,411.3
3,630.0
174.9
179.7
-5.7
-1.6
-114.9
— 129.3
360.5
366.5
475.4
495.8
738.6
753.7
332.5
345.3
243.3
241.1
89.3
104.2
406.1
408.4
3,628.7
3,652.5
3,737.9
3,780.2
453.2
441.0
437.7
443.2
185.9
196.5
201.1
202.2
35.3
28.1
6.1
-14.4
— 123.0
-146.8
-161.6
-151.8
371.5
370.2
379.6
388.3
494.4
517.0
541.2
540.1
737.6
751.6
757.2
771.8
322.1
330.6
332.6
344.6
240.0
250.1
259.8
252.7
82.0
80.4
72.8
91.9
415.5
421.0
424.6
427.1
3,663.4
3,676.7
3,711.9
3,745.8
3,821.7
3,851.5
3,879.6
3,883.3
2,475.9
2,487.5
2,520.7
2,504.6
426.0
437.9
463.8
465.6
198.2
196.8
193.5
197.0
47.6
39.0
24.6
60.5
-135.2
-132.7
-138.4
— 135.8
397.8
414.5
437.1
453.5
533.0
547.2
575.6
589.3
759.6
766.7
771.7
788.9
327.3
332.6
336.3
347.6
257.4
263.5
268.3
267.7
69.9
69.1
67.9
80.0
432.3
434.1
435.4
441.3
3,724.5
3,756.3
3,811.4
3,820.3
3,907.4
3,927.9
3,974.4
4,016.6
2,527.9
488.3
192.5
61.0
— 120.3
477.4
597.8
766.0
322.7
263.9
58.9
443.2
3,854.3
4,035.7
GNP less exports of gwods and sen-ices plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis,
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 — 100; quarterly data are seasonally adjusted]
Gross i rivate
domestic iiivestment
Personal c onsumption
expen ditures
Period
national
product
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Exports an . imports of
goods an 1 services
Gove rnment pure lases of goo ds and
sernces
Federal
Residential fixed
Exports
Imports
National
defense
Nondefense
State
and local
1980
1981
1982
1983
1984
1985
1986
1987
85.7
94.0
100.0
103.9
107.7
111.2
114.1
117.5
86.6
94.6
100.0
104.1
108.1
111.8
114.3
118.8
89.2
95.7
100.0
102.1
103.8
104.5
104.9
106.6
89.4
96.9
100.0
102.1
105.0
107.5
107.1
111.9
83.9
92.6
100.0
106.2
111.6
117.1
122.5
127.6
85.1
93.4
100.0
98.8
97.9
97.5
98.5
98.9
89.4
96.6
100.0
102.2
106.0
108.2
111.1
116.1
90.2
97.5
100.0
101.3
103.2
101.3
99.7
100.5
96.0
101.6
100.0
97.4
97.1
94.8
92.1
97.5
84.3
93.3
100.0
103.1
106.8
109.2
110.2
112.9
83.4
92.9
100.0
103.6
107.2
109.5
110.8
111.7
86.4
94.3
100.0
101.4
105.5
108.1
108.1
117.3
86.2
93.4
100.0
104.7
309.9
115.4
119.3
124.7
1982: IV
1983: IV
1984: IV
101.7
105.4
109.0
101.8
105.7
109.3
100.7
103.1
104.1
101.0
103.1
105.8
102.7
108.3
113.5
100.7
98.3
97.9
99.1
103.1
107.2
100.0
102.6
102.4
99.3
97.2
96.2
101.3
103.8
108.5
102.0
104.7
108.3
99.5
100.3
108.9
102.2
106.3
111.7
1985: III
IV
111.6
112.4
112.2
113.3
104.6
104.3
107.6
108.6
118.0
119.4
97.3
97.1
108.0
109.5
101.0
100.6
94.4
95.2
108.8
109.5
109.0
111.2
108.4
105.4
116.0
117.3
1986: I
II
Ill
112.9
113.7
114.7
114.9
113.6
113.6
114.5
115.2
104.5
104.6
105.4
105.2
107.8
106.2
106.8
107.5
120.7
122.0
123.3
124.3
97.2
98.4
99.0
99.2
110.0
111.0
111.3
112.2
100.6
100.3
99.2
98.7
94.5
91.3
90.0
92.6
110.7
111.4
111.6
107.0
111.1
111.2
110.7
110.4
109.8
112.2
115.0
97.5
118.0
118.5
119.5
121.2
1987: I
Ill
IV
116.1
117.1
117.9
118.7
116.9
118.3
119.5
120.7
105.4
106.1
107.4
107.4
109.8
111.7
112.6
113.6
125.5
126.9
128.3
129.8
99.3
99.2
98.4
98.7
113.7
115.7
117.8
117.4
99.9
100.5
100.5
101.0
95.6
97.7
97.8
98.8
112.1
114.1
113.6
111.9
111.7
111.8
111.4
112.0
113.6
123.1
122.2
111.5
122.4
123.8
125.6
126.9
1888: lr.
119.1
121.4
107.4
113.7
131.1
97.8
118.0
101.7
99.8
116.2
113.8
226.9
12S.6
rv
n
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[.Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Ore ss national pr duct
1
Period
Constant
(1982)
dollars
Current
dollars
Implicit
price
deflator
Personal consumption e cpenditures
Chain price
index
Fixedweighted
price index
Constant
(1982)
dollars
Current
dollars
(1982
Implicit
price
deflator
Chain price
index
1984:
-0.2
8.9
1981
1982
1983
1984
1985
1986
1987
1982: IV
1983: IV
IV
1985:
III
IV
1986: I
II
Ill
IV
1987: I
II
Ill
IV
1988: I r
11.7
1.9
3.7
-2.5
7.6
10.8
6.3
5.6
6.0
4.2
12.4
4.7
7.1
6.3
7.0
3.6
5.3
2.1
8.6
6.3
7.3
7.6
5.1
3.6
6.8
3.0
2.9
2.9
.6
7.3
1.7
4.1
3.1
5.4
.6
1.4
1.5
4.4
2.5
4.3
4.8
3.6
3.9
3.5
9.3
9.3
6.2
4.1
4.0
3.6
2.4
2.7
3.2
3.9
3.1
2.8
3.4
3.4
4.0
4.0
3.2
2.9
3.4
1.7
22
1.9
2.6
2.0
4.2
3.7
3.3
3.1
3.3
2.2
2.6
2.3
9.0
9.7
9.0
9.4
6.4
3.9
3.7
3.2
2.6
3.0
3.6
4.7
3.0
2.9
2.9
1.8
2.9
3.6
.7
6.3
4.2
3.5
2.8
2.7
1.4
NOTB.—-Annual changes are from previous year and quarterly changes are from previous quarter.
4.1
4.1
(1982
weights)
weights)
1980
Fixedweighted
price index
10.6
10.5
7.1
9.0
8.8
8.2
6.5
6.0
10.3
9.7
7.2
10.1
5.3
5.7
4.1
10.7
3.1
5.0
7.1
9.5
1.5
6.2
4.5
4.1
3.4
3.6
3.7
-0.2
1.2
1.3
4.6
4.8
4.6
4.2
1.9
5.3
5.5
4.3
6.9
1.2
4.5
4.1
7.3
.5
__ 7
1.9
5.4
-2.5
3.8
10.7
10.9
10.5
9.2
5.7
4.1
3.8
3.4
2.2
9.2
9.0
5.6
4.2
4.0
3.7
3.9
4.4
4.3
3.0
3.3
4.0
1.1
.0
3.2
2.5
6.0
4.9
4.1
4.1
2.3
5.7
4.2
3.9
3.6
2.5
4.1
4.8
4.1
3.1
3.2
4.2
1.5
.3
3.6
3.0
5.5
5.2
4.0
4.0
2.6
2.6
4.2
4.8
4.1
3.2
3.3
4.2
1.7
.3
3.6
3.0
5.7
5.2
4.0
4.2
2.7
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Curren t-dollar cos t and profit per unit o output (do liars) '
Gross c omestic
produ ct of
nonfin ancial
corporate business
(billions o f dollars)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
IV
IV
IV
III
IV
1986: I
II
Ill
IV
1987: 1
II
Ill
IV
1988: I '
1
Current
1982
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2 282.8
2,376.1
2,493.8
1,807.9
1,779.4
2,012.5
2,201.8
2,312.4
2,321.8
2,353.3
2,358.6
2,387.7
2,404.7
2,434.8
2,465.4
2,521.1
2,554.0
2,600.6
1,837.2
1,782.2
1,866.0
2,036.5
2,127.1
2,182.2
2,239.0
1,760.2
1,940.5
2,069.5
2,148.7
2,153.5
2,176.7
2,171.9
2,180.8
2,199.3
2,207.6
2,219.9
2,254.4
2,274.1
2,315.0
Total
cost
and
profit 2
0.852
.946
1.000
1.026
1.054
1.073
1.089
1.114
1.011
1.037
1.064
1.076
1.078
1.081
1.086
1.095
1.093
1.103
1.111
1.118
1.123
1.123
Capital
consumption
allowances
with
capital
consumption
adjustment
0.095
.109
.125
.123
.118
.119
.121
.123
.131
.120
.118
.118
.120
.119
.121
122
.123
.123
.124
.123
.123
.122
Corpc rate profits with
inventory valuation a nd capital
eonsun ption adjus tments
Indirect
business
taxes 3
0.077
.090
.094
.098
.100
.103
.104
.106
.096
.098
.102
.102
.103
.104
.101
.106
.104
.105
.107
.107
.107
.107
Compensation of
employees
0.581
.632
.676
.679
.687
.702
.715
.728
.685
.680
.694
.699
.709
.709
.714
.717
.720
.724
.728
.727
Net
interest
Total
0.031
.037
.043
.037
.039
.043
.045
.047
.042
.037
.042
.043
.044
.045
.046
.046
.045
.045
.046
.735
.048
.049
.734
.048
0.068
.078
.063
.089
.109
.107
.103
.109
.057
.103
.107
.114
.103
.104
.104
.104
.102
.106
.106
.114
.110
.112
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.036
.048
.023
.036
.032
.034
.033
.033
.034
.037
.040
.045
.047
.051
.049
.047
Profits
after
tax 4
0.031
.044
.037
.057
.073
.074
.068
.061
.034
.066
.075
.080
.070
.071
.069
.068
.062
.061
.059
.063
.060
.064
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.867
18.288
18.674
18.969
19.017
17.382
18,029
18.359
18.849
9.939
10.861
11.699
12.124
12.570
13.103
13.566
13.850
11.914
12.261
12.746
13.173
13.324
13.437
13.525
13.608
13.724
13.708
13.798
13.897
14.009
14.126
18.787
18.941
18.930
18.974
19.073
18.933
18.964
19.119
19.070
19.229
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
2
This is equal lo the deflator for gross domestic product of nonfinancia) corporate husini'ss with
(he decimal point shifted two places to the left.
ic Analysis) and Department of Labor
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
emplov-
Proprietor s' income
with in /entory
valuation £ nd capital
consurnption
adjust ments
Farm
1982
1983
1984
1985
1986
1987
1982:
1988:
1984:
1985:
Rental
income of
persons
with
capital
consump
tion
adjustment
Nonfarm
Corpora e profits wit i inventory valuation am capital
consurnption adjust ments
Profits with inventory valuation
adjustmei it and witho it capital
consu tnption adjus ment
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consump-
Net
interest
men
IV
2,518.4
2,719.5
3,028.6
3,229.9
3,422.0
3,636.0
2,548.2
2,851.5
3,096.1
3,254.4
3,304.4
3,364.2
3,414.1
3,438.7
3,471.0
3,548.3
3,593.3
3,659.0
3,743.5
1,907.0
2,020.7
2,213.9
2,370.8
2,504.9
2,647.6
1,931.1
2,092.7
2,272.7
2,386.3
2,430.5
2,464.8
2,487.6
2,515.1
2,552.0
2,589.9
2,623.4
2,663.5
2,713.5
24.6
12.4
30.5
29.7
37.2
48.4
28.5
19.3
28.1
22.9
31.7
28.0
48.1
36.3
36.6
51.3
47.3
40.6
54.3
150.9
178.4
204.0
227.6
252.6
279.0
159.8
188.6
209.7
229.5
236.3
242.8
250.1
256.2
261.2
269.7
275.8
282.1
288.4
13.6
13.2
8.5
9.0
16.7
19.3
15.8
12.4
5.6
9.3
10.1
14.0
17.4
17.2
18.4
20.0
18.9
17.3
20.9
150.0
213.7
266.9
277.6
284.4
304.7
146.1
248.5
266.9
292.8
277.8
288.0
282.3
286.4
281.1
294.0
296.8
314.9
313.0
159.2
196.7
234.2
224.1
238.4
256.5
150.7
223.4
224.6
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.8
267.3
264.3
169.6
207.6
240.0
224.8
231.9
274.1
164.1
231.5
226.1
230.2
233.5
218.9
224.4
236.3
247.9
257.0
268.7
284.9
285.6
-10.4
-10.9
-5.8
— .7
6.5
-17.5
-13.4
-8.1
-1.6
6.5
-9.8
17.8
11.3
6.0
-8.9
-11.3
-20.0
-17.6
— 21.3
-9.2
17.0
32.7
53.5
46.0
48.2
-4.5
25.1
42.3
56.0
54.2
51.3
46.7
44.0
42.1
48.2
48.0
47.7
48.7
272.3
281.0
304.8
315.3
326.1
337.1
266.9
290.2
313.1
313.7
317.9
326.6
328.7
327.5
321.7
323.6
331.1
340.6
353.3
1988: I '
3,793.9
2,765.0
45.8
292.7
22.2
310.9
265.0
281.5
-16.4
45.8
357.3
IV
IV
IV
III
IV
1986: I
II
in
IV
1987: I
II
in
1
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Non durable gc ods
Durable goods
Period
conexpendiures
Total
durable
goods
Motor
vehicles
and
parts
ture
household
equipment
Total
Other
durable
goo s
Food
Clothing and
shoes
Gasoline
and oil
Serv-
Retail ales of
new pa ssenger
cars (mi lions of
un ts)
Other
Domestics
Imports
252.7
289.1
335.5
368.7
402.4
413.7
263.8
310.0
346.7
383.7
370.5
375.9
386.4
427.6
419.8
396.1
409.0
436.8
413.0
108.9
130.4
157.4
177.6
194.9
193.9
115.7
144.4
162.3
191.9
174.1
177.4
184.2
217.0
201.2
177.6
189.6
215.2
193.3
95.7
107.1
118.8
128.7
139.9
146.7
99.1
112.4
122.7
129.5
133.5
134.7
138.3
142.9
143.8
146.0
146.0
147.9
148.8
48.1
51.6
59.3
62.4
67.6
73.1
49.0
53.2
61.8
62.4
62.9
63.8
64.0
67.8
74.8
72.5
73.5
73.7
72.9
771.0
816.7
867.3
913.1
939.4
982.9
786.6
837.9
879.8
918.4
929.3
936.8
934.3
940.0
946.3
969.9
982.1
986.4
993.1
398.8
421.9
448.5
472.8
497.8
515.8
407.0
430.8
456.1
474.9
481.7
489.4
494.7
499.6
507.5
514.8
515.0
514.0
519.3
124.4
135.1
146.7
157.2
167.5
177.0
126.5
141.1
149.8
158.8
160.9
163.4
167.2
169.8
169.6
174.0
175.8
178.7
179.6
89.1
90.2
90.0
92.6
75.3
80.3
89.8
91.9
89.0
93.5
92.1
87.7
74.4
70.6
68.4
75.8
80.6
82.7
82.1
158.7
169.5
182.1
190.5
198.8
209.7
163.4
174.0
184.7
191.2
194.5
196.3
198.0
200.0
200.8
205.3
210.7
211.0
212.0
1,027.0
1,128.7
1,227.6
1,347.5
1,458.0
1,571.2
1,066.5
1,167.9
1,267.1
1,363.3
1,400.3
1,425.2
1,445.1
1,469.5
1,492.4
1,527.7
1,552.6
1,588.1
1,616.5
5.8
6.8
8.0
8.2
8.2
7.1
6.0
7.4
7.7
2.2
2.4
2.4
2.8
9.3
7.1
7.7
3.0
3.2
2.9
3.1
3.5
3.5
2.8
rv
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,967.8
2,117.0
2,315.8
2,493.4
2,665.4
2,700.1
2,737.9
2,765.8
2,837.1
2,858.6
2,893.8
2,943.7
3,011.3
3,022.6
6.7
3.6
3.3
1988: I '
3,068.3
424.0
197.7
152.1
74.2
998.4
523.7
178.7
81.1
214.9
1,645.9
7.6
3.1
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
IV
IV
IV
HI
IV
1986: I
II
Ill
IV
1987: I
11
Ill
Source: Department of Commerce, Bureau of Economic Analysis
7.9
9.5
7.8
6.7
7.0
8.0
3.2
3.2
2.5
2.6
2.6
3.0
SOURCES OF PERSONAL INCOME
Personal income rose $13.3 billion (annual rate) in May, following
[affected by three special factors: Profit-sharing payments to
retroactive social security benefit payments in March lowered the
farmers lowered the increases in both May and April. Excluding
$16.1 billion in May and $30.0 billion in April.
a rise of $4.1 billion in April. The increases were
employees in the motor vehicle industry and
April increase; decreases in subsidy payments to
these special factors, personal income increased
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,200
4,200
3,200
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
800
OTHER INCOME
-V
400
400
TRANSFER
PAYMENTS
200
Illllllll
III
1980
III!
1984
1983
1982
1981
1985
111
200
Mill
1986
1987
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietor ' income 3
Total
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987: May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan r.
Feb r.
Mar r
Apr r
May"
personal
income
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
3,746.5
3,708.5
3,715.3
3,739.2
3,760.6
3,783.2
3,854.4
3,839.8
3,869.1
3,869.6
3,891.1
3,936.7
3,940.8
3,954.1
disburse-
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,974.9
2,089.1
2,212.7
2,193.7
2,198.9
2,209.7
2,228.8
2,239.8
2,257.6
2,271.9
2,281.1
2,293.3
2,308.9
2,325.3
2,337.1
2,349.3
income l
2
138.4
150.3
163.6
173.6
182.9
192.3
201.1
210.2
209.0
209.6
210.4
211.1
211.9
212.7
213.5
214 .4
214.9
215.4
215.9
216.4
216.9
Farm
Nonfarm
20.5
30.7
24.6
12.4
30.5
29.7
37.2
48.4
41.6
42.3
43.9
37.7
40.2
77.5
37.5
47.9
37.6
40.2
59.6
47.7
45.3
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
[wage accruals over wage disbursements.
2 Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
160.1
156.1
150.9
178.4
204.0
227.6
252.6
279.0
275.8
277.7
279.9
282.8
283.6
286.0
289.1
290.2
290.3
292.6
295.3
298.7
300.5
Rental
income of
persons 4
6.6
13.3
13.6
13.2
8.5
9.0
16.7
19.3
18.9
18.2
17.8
17.3
16.7
19.1
21.3
22.5
22.3
22.2
22.1
22.0
21.8
Personal
dividend
income
52.9
61.3
63.9
68.7
75.5
76.3
81.2
87.5
86.5
87.0
87.9
88.8
89.4
90.0
90.5
91.0
91.4
92.2
92.6
93.2
93.6
Personal
interest
income
271.9
335.4
369.7
393.1
444.7
476.5
497.6
516.2
506.3
508.8
514.0
519.8
526.2
533.0
538.9
544.5
543.0
541.0
541.0
541.6
542.2
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
324.7
368.1
410.6
442.6
456.6
489.7
88.6
104.5
112.3
120.1
132.7
148.9
518.3
543.1
545.4
541.7
545.2
545.2
547.0
551.4
550.8
551.8
565.3
568.0
575.3
575.3
576.6
159.6
169.9
168.6
168.9
169.6
170.8
171.6
172.8
173.7
174.3
188.4
189.4
190.5
191.2
192.1
4
Nonfarm
personal
income 6
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,273.5
3,475.2
3,676.6
3,645.1
3,651.2
3,673.5
3,701.1
3,721.1
3,755.0
3,780.4
3,799.2
3,810.1
3,828.9
3,855.0
3,871.0
3,886.6
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the first quarter of 1988.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
8,000
8,000
6,000
6,000
" SEASONALLY ADJUSTED ANNUAt RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OE COMMERCE
Period
P
.
1
income
Less:
Personal
tax and
nontax
payments
V qua 1s
osa
P
personal
income
Less:
Persona!
outlays '
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per c pita
disposable personal
incc me
Current
dollars
Billio ns of dollar
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
3,746.5
1980
1981
1982
1983
1984
1985
1986
1987
340.5
393.3
409.3
410.5
440.2
485.9
512.2
564.8
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,841.1
3,022.1
3,181.7
1982
dollars
Per capita personal
consur nption
expent itures
Current
dollars
1982
dollars
136.8
159.4
153.9
130.6
164.1
127.1
130.6
119.0
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.2
2,645.1
2,677.2
8,421
9,243
9,724
10,340
11,257
11,872
12,508
13,050
Saving as
percent of
disposable
persona]
income
Population,
including
Armed
Forces
abroad
(thousands) 2
PerceiIt
Dolla -s
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,714.1
2,891.5
3,062.7
Percent
change in
real per
capita
disposable
persona!
income
9,722
9,769
9,724
9,930
10,419
10,622
10,947
10,980
7,607
8,320
8,818
9,515
10,253
10,987
11,588
12,172
8,783
8,794
8,818
9,139
9,489
9,830
10,142
10,242
9,749
10,151
10,491
10,592
10,679
10,842
11,024
10,968
10,956
11,008
10,865
10,958
11,090
11,160
9,068
9,825
10,479
11,124
11,239
11,371
11,461
11,729
11,789
11,910
12,090
12,337
12,352
12,509
8,904
9,299
9,587
9,916
9,920
10,008
10,088
10,242
10,229
10,190
10,216
10,327
10,235
10,306
-1.1
7.1
.5
-.5
2.1
4.9
1.9
3.1
.3
7.5
6.8
5.4
6.1
4.5
4.3
3.7
1.2
9.1
1.7
6.2
5.8
5.8
3.4
4.1
227,754
230,182
232,549
234,829
237,051
239,323
241,620
243,812
S easonally adjusted ann ual rates
1982:
1983:
1984:
1985:
IV
IV
IV
HI....
IV
1986: I
II
Ill ....
IV
1987: I
n
m....
IV
1988:
Ir
2,729.2
2,941.8
3,188.3
3,338.2
3,406.4
3,463.4
3,526.6
3,553.6
3,593.6
3,662.0
3,708.6
3,761.0
3,854.4
3,899.1
411.1
413.9
459.7
491.0
499.7
497.4
504.2
515.3
532.0
536.1
578.0
565.7
579.4
576.5
2,318.1
2,527.9
2,728.6
2,847.2
2,906.6
2,966.0
3,022.4
3,038.2
3,061.6
3,125.9
3,130.6
3,195.3
3,275.0
3,322.6
2,174.9
2,382.5
2,571.3
2,751.5
2,788.1
2,827.6
2,856.4
2,929.4
2,952.6
2,987.5
3,037.4
3,106.5
3,119.3
3,166.7
143.1
145.4
157.3
95.7
118.5
138.4
166.0
108.9
109.0
138.4
93.2
88.8
155.7
155.9
2,276.1
2,392.7
2,496.3
2,538.2
2,565.5
2,610.5
2,660.2
2,653.2
2,656.7
2,674.6
2,645.5
2,674.7
2,713.8
2,737.4
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
9,929
10,725
11,467
11,882
12,099
12,318
12,525
12,560
12,626
12,865
12,858
13,090
13,384
13,546
-4.2
3.3
6.2
6.9
-2.0
— .4
1.9
-5.1
3.5
4.9
2.5
4.7
5.5
3.6
3.6
4.4
3.0
2.8
4.8
4.7
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Cc
233,466
235,707
237,946
239,618
240,246
240,782
241,313
241,896
242,489
242,971
243,480
244,094
244,703
245,294
FARM INCOME
In the fourth quarter of 1987, according to current estimates, gross farm income rose $6.0 billion (annual rate) and
net farm income rose $5.2 billion.
BILLIC>NS OF DOLLAI!S* (RATIO SOUE)
BILL ONS OF DOLL/^RS * (RATIO SCALE)
240
240
200
^—
160
r=—i
r—^—i
1
—^
-—^^^-^x1
r,Rr)SS
120
160
FARM INCC3ME
120
60
40
40
20
20
10
10
' SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come
of farm ope rators from farmi
ag
c rross farm incom
Period
Cas h
Total >
Total
1980
1981
1982
1983
1984
1985
1986
1987
1985:
1986:
1987:
Net farrr income
marketing rece pts
Livestock and
products
Crops
inventory
changes 2
Production
expenses
Current
dollars
1982 dollars 3
149.3
166.3
163.5
153.1
174.7
166.0
159.5
164.3
139.7
141.6
142.6
136.6
142.3
144.2
135.2
135.6
68.0
69.2
70.3
69.4
72.9
69.8
71.6
74.7
71.7
72.5
72.3
67.1
69.4
74.4
63.6
60.9
6.3
6.5
-1.4
-10.9
6.2
-2.7
-3.3
-3.0
133.1
139.4
140.0
140.4
142.7
133.7
122.1
119.9
16.1
26.9
23.5
12.7
32.0
32.3
37.5
44.4
18.8
28.6
23.5
12.2
29.7
29.0
32.9
37.8
I
168.5
164.0
159.5
172.1
137.9
138.0
144.8
156.1
69.9
69.0
68.9
71.4
68.0
68.9
76.0
84.7
1.1
2.4
-4.2
5.1
138.3
135.3
132.2
129.0
30.2
28.7
27.3
43.1
27.5
25.9
24.5
38.4
I
149.8
168.8
154.7
164.8
134.4
130.6
135.0
140.7
68.3
66.8
77.8
73.3
66.0
63.8
57.2
67.4
4.2
-3.5
-3.0
-2.4
125.7
122.9
120.6
119.0
24.1
45.9
34.2
45.8
21.4
40.3
29.8
39.9
I
163.8
166.5
160.4
166.4
127.7
142.3
142.4
130.1
72.5
74.0
79.9
72.4
55.2
68.3
62.5
57.7
3.4
-3.5
3.0
-2.0
119.4
119.5
119.9
120.7
44.4
47.0
40.5
45.7
38.2
40.2
34.4
38.5
n
m
rv
n
m
rv
n
m
IV
1
Cash marketing receipts and inventory c langes plus Govern ment payments, oth er farm cash
income, and nonmoney income furnished bv farms.
2
Physical changes in end-of-vear inventory of crop and livestoc k commodities valu d at average
nrices during the year.
3
Income in current dollars divided bv t he GNP implicit pvi e deflator.
NOTE.— Data inclu de net Commodity C orporation loans an operator householc
Sources: Departme t of Agriculture am Department of Coniznerce.
CORPORATE PROFITS
In the first quarter of 1988, according to revised estimates, corporate profits before tax fell $4.1 billion (annual
rate) and after-tax profits fell 1.4 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
|320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
PROFITS BEFORE TAX
240
240
200
200
160
160
PROFITS AFTER TAX
120
120
TAX LIABILITY
80
80
40
40
UNDISTRIBUTED PROFITS
1 1 1
1
1980
1
1
1981
1 1 1
1982
1 1 1
I
1984
1983
I
I
I
1985
I
I
I
I
1
1986
1
I
1987'
1
1 1
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr >fits (before t ix) with inve ntory valuati m adjustmen t 1
Profits after ta X
Do nestic indust ries
Period
1980
1981
1982
1983
1984
1985
1986
1987
194.0
202.3
159.2
196.7
234.2
224.1
238.4
256.5
1982: IV
1983: IV
1984: IV
150.7
223.4
224.6
1985:
III
IV
236.8
223.7
I
Ill
IV
236.7
235.6
242.4
239.0
1987:
I
II
Ill
IV
245.7
248.8
267.3
264.3
1988:
Ir
265.0
1
2
n
159.6
173.8
131.2
166.6
203.3
193.6
207.2
222.5
121.6
190.7
193.9
208.3
189.7
202.3
207.0
210.2
209.3
213.1
215.8
235.4
225.6
238.3
Financial
21.0
16.5
11.8
18.1
13.0
18.4
26.1
27.0
18.7
15.5
13.6
18.4
20.8
26.2
26.9
25.2
26.1
27.6
27.8
27.0
25.5
26.4
Total 3
138.6
157.3
119.4
148.5
190.3
175.2
181.1
195.5
102.9
175.2
180.3
189.9
168.9
176.2
180.0
185.1
183.2
185.5
188.0
208.4
200.1
211.9
See p. 4 fur profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Tax
liability
21.6
32.5
34.6
38.9
51.2
51.4
52.1
50.5
237.1
226.5
169.6
207.6
240.0
224.8
231.9
274.1
84.8
81.1
63.1
77.2
93.9
96.7
105.0
136.3
152.3
145.4
106.5
130.4
146.1
128.1
126.8
137.8
54.7
63.6
66.9
71.5
79.0
81.3
86.8
93.8
33.6
43.1
51.8
55.7
45.0
55.8
48.2
54.6
49.7
56.2
45.2
52.1
48.7
53.7
164.1
231.5
226.1
59.8
88.1
87.0
104.3
143.4
139.2
68.5
73.9
80.8
230.2
233.5
100.5
99.1
129.7
134.4
81.2
81.7
218.9
224.4
236.3
247.9
98.1
102.1
106.1
113.9
120.9
122.3
130.2
134.0
84.3
86.6
87.7
88.6
257.0
268.7
284.9
285.6
128.0
134.2
143.0
140.0
129.0
134.5
141.9
145.6
90.3
92.4
95.2
97.3
281.5
137.2
144.2
99.3
1
Total
1986:
Profits
before tax
Nonfmancial
Total 2
Manufacturing
77.1
88.5
58.0
70.1
88.8
72.2
69.4
88.6
46.8
88.6
79.8
80.1
72.4
61.9
72.5
68.0
75.4
75.4
85.5
100.7
92.9
100.9
Total
Dividends
sale and
retail
trade
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
97.6
81.8
39.6
58.9
67.0
46.8
40.0
43.9
35.8
69.5
58.4
48.5
52.7
36.6
35.7
42.5
45.4
38.7
42.1
46.7
48.3
44.9
Inventory
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
-5.8
-.7
6.5
-17.5
-13.4
-8.1
-1.6
6.5
Q g
17.8
11.3
6.0
-8.9
-11.3
-20.0
-17.6
-21.3
-16.4
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter of 1988, nonresidenfial fixed investment rose $18.2 biHion
(annual rate) while residential investment fell $4.0 billion. There was a $57.8 billion increase in inventories,
following an increase of $69.4 billion in the fourth quarter of 1987.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
SEASONALLY ADJUSTED ANNUAL HATES
700
- GROSS PRIVATE DOMESTIC INVESTMENT
700
600
600
500
500
400
400
NONRESIDENTIAL
FIXED INVESTMENT
300
300
RESIDENTIAL
FIXED INVESTMENT
200
200
-CHANGE IN BUSINESS
INVENTORIES
r
100
100
XX
-100
1
! 1
1980
!
1981
1983
1982
1
1984
1 1 1
1985
1986
SOURCE: DEPARTMENT OF COMMERCE
1
1 1
1987
J
I I
1988
1-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
''ixed investmen t
~
wross
private
investment
Change i t business
mven tories
Nonresidential
Total
Total
Structures
Producers'
durable
Residential
Total
Nonfarm
equipment
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
IV
IV
IV
m
rv
1986: I
n
m
rv
1987: I
n
m
IV
1988: Ir
Source: Department of Commerce, Bureau of Economic Analysis.
437.0
445.3
515.5
447.3
502.3
664.8
641.6
671.0
717.5
409.6
579.8
661.8
628.6
650.8
683.4
679.4
660.8
660.2
699.9
702.6
707.4
760.2
762.7
491.5
471.8
509.4
597.1
631.6
655.2
671.5
469.5
548.8
616.8
631.0
648.3
645.1
651.9
657.3
666.6
648.2
662.3
684.5
690.8
704.9
322.8
369.2
366.7
356.9
416.0
442.6
436.9
443.4
354.9
383.9
435.0
442.0
451.5
440.7
433.8
433.5
439.7
422.8
434.6
456.6
459.6
477.8
113.9
138.5
143.3
124.0
141.1
152.5
137.4
134.2
137.6
127.4
146.6
152.9
152.1
149.6
135.9
131.1
132.9
128.7
129.7
137.1
141.1
140.0
208.9
230.7
223.4
232.8
274.9
290.1
299.5
309.2
217.3
256.5
288.4
289.1
299.3
291.0
297.9
302.4
306.7
294.1
304.9
319.5
318.5
337.8
122.5
122.3
105.1
152.5
181.1
189.0
218.3
228.1
114.7
164.9
181.8
189.0
196.8
204.4
218.1
223.8
226.9
225.4
227.7
227.9
231.2
227.2
-8.3
24.0
-24.5
-7.1
67.7
10.0
15.7
46.1
59.9
31.0
45.0
-2.4
2.5
38.3
27.5
3.5
6.4
51.6
40.3
22.9
69.4
57.8
-2.4
18.3
-23.1
.4
60.5
13.6
16.8
36.2
-51.1
21.3
41.3
5.2
17.8
38.5
24.5
-.9
5.1
48.7
27.3
11.1
57.5
38.2
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
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
200
200
—-'
NONMANUFACTU ING-!/
-7"
MANUFACTURING
100
100
80
80
60
60
40
40
I
1980
I
I
I
1983
1982
1981
i i i
J
1984
1985
I
J
I
J
1986
1987
-V.SURVEYED QUARTERLY
_i/5EE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
I
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Noiimanufactui ing
M inufacturii ig
Period
1979
1980
1981
1982
1983
1984
1985
1986
1987
19884
All
industries
Total
Durable
Nondurable
Total !
Mining
Nonmanufactu ring
Total
Transportation
Public
utilities
Commercial
and
other
nonfarm
busi-
284.94
314.47
349.26
347.47
343.35
398.99
431.94
427.23
439.59
Manufacturing
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.46
163.01
Total
189.02
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.13
Surveyed
quarterly
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.14
267.22
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
rv
375.50
386.09
139.43
144.07
69.42
69.87
70.01
74.20
236.07
242.02
10.14
10.31
18.81
19.50
45.81
46.12
161.31
166.08
139.43
144.07
236.07
242.02
1987: I
II
Ill
IV
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 '
II"
Ill44
IV
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
12.50
12.87
12.51
11.67
20.59
20.81
22.61
20.99
44.31
46.37
48.94
49.10
174.54
186.15
188.44
196.48
157.79
162.82
165.73
165.71
251.95
266.19
272.49
278.24
1
278.24
Excludes forestry, fisheries, and agricultural ervices; mt dical servic es; professi onal service s;
social services and membership organ zations; and real estate, which, effe ctive with lie April-M ly
1984 survey, are no longer surveyed uarterlv. See last colum i ("nonman ifacturing s rveyed aim u2
"All industries" plus the part of n onmanufactur lig that is s urveyed am ually.
10
Surveyed
annual-
ly 3
29.98
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
3
Consists of torestrv, fisheries, and agricultural se rvices; medic al services; professiona services;
socia services anc membershi p organizati ns; and rea estate.
* °lanned capil fll expenditu res as repo ted by busi ness in April -May 1988 corrected or biases.
Sc urce: Depart merit of Conimerce, Bur 3au of Econ omic Analysi
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In May, seasonally adjusted civilian employment fell 518,000 and unemployment rose 173,000.
MILLKDNS OF PERSO NS*
124
MILL ONS OF PERSC>NS*
124
EASONALLY ADJUSTE D
_^
1 12
^ —-n
^s—-
r^
x ^--*"
^/^
f
~
s*
•-^
._- ;
*'~ — ",-N
• — • —....
116
. —'*
112
~ •- "• *" *
"^•~'
104
100
120
*"
ClVILIAN LABOR FORCE
^-V-^O
—
r^^
<
"
J
s'
X
108
,'V-"
104
CIVILIAN
EMPLOYME NT
100
*
96
12
8
—
—~~~^'
=/
—
^^
^— -—^.^
'
x
•
4
—
0
Illllllllll Illllllllll
1980
1981
iiuiiiiiii
1982
I l l l l l l l l l l |lllll|l|||
1984
1983
•
..
—
\
UNEMPLOYMEN r
—
12
8
Illllllllll
Illllllllll
niiiliMM
—
iiuiiiiiii
1985
1986
1987
1988
4
0
•16VEARSIOF AGE A ND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMEN T OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1980
1981
1982
1983
1984
1985
1986*
1987
1987: May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
Noninstitutional
population
including
resident
Armed
Forces
NSA
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
184,259
184,421
184,605
184,738
184,904
185,052
185,225
185,370
185,571
185,705
185,847
185,964
186,088
Civilian e mployment
Resi-
T .ahor force
1
A 6d
F™
NSA
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
1,726
1,718
1,720
1,736
1,743
1,741
1,755
1,750
1,749
1,736
1,736
1,732
1,714
me u™ ?
resi en
Forces
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
121,633
121,326
121,610
122,042
121,706
122,128
122,349
122,472
122,924
123,084
122,639
123,055
122,692
Employment
including
resident
Armed
Forces
Civilian
labor force
Total
100,907
102,042
101,194
102,510
106,940
108,670
110,204
111,550
106,702
108,856
111,303
114,177
114,060
114,018
114,359
114,786
114,615
114,951
115,259
115,494
115,878
116,145
115,839
116,445
115,909
113,544
115,461
117,834
119,865
119,907
119,608
119,890
120,306
119,963
120,387
120,594
120,722
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
112,334
112,300
112,639
113,050
112,872
113,210
113,504
113,744
121,175
121,348
120,903
121,323
120,978
114,129
114,409
114,103
114,713
114,195
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
Unempl ayment
Nonag•ricultural
Agricultural
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
3,269
3,192
3,212
3,143
3,184
3,249
3,172
3,215
3,293
3,228
3,204
3,228
3,035
Total
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
109,065
109,108
109,427
109,907
109,688
109,961
110,332
110,529
110,836
111,182
110,899
111,485
111,160
Part-time
for
economic
reasons 1
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,122
5,058
4,979
5,154
5,016
4,986
5,067
5,241
5,004
5,145
5,254
5,106
4,924
4,623
Total
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
7,573
7,308
7,251
7,256
7,091
7,177
7,090
6,978
7,046
6,938
6,801
6,610
6,783
15
weeks
and
over
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
2,067
2,029
1,920
1,896
1,904
1,801
1,834
1,791
1,733
1,740
1,722
1,540
1,609
Labor force
partici Jation
rate (p rcent)
2
Civilian 3
64.1
64.2
64.3
64.4
64.7
65.1
65.6
65.9
66.0
65.8
65.9
66.1
65.8
66.0
66.1
66.1
66.2
66.3
66.0
66.2
65.9
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.6
65.7
65.5
65.6
65.7
65.5
65.7
65.7
65.7
65.9
66.0
65.7
65.9
65.6
Total
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
UNEMPLOYMENT RATES
In May, the seasonally adjusted overall and civilian unemployment rates rose slightly, returning to their March
levels of 5.5 percent and 5.6 percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
VN
v v
TEENAGERS
_ (16-19)
15
10
10
WOMEN 20 YEARS
AND OVER
MEN 20 YEARS
AND OVER
0
1984
lllllilllll
IIIIlllllll
1985
1984
1988
1987
1986
1988
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unenrjv oyment ra te (percen t of civilian labor force in group)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987:
May
June ....
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Feb
Mar
Apr
May
Unemployment
rate,
all
workers 1
B y sex and ago
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
B y s elected grou] s
By race
Both
sexes
16-19
years
White
Black
and
other
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
Labor
force
time lost
(percent) 2
7.0
7.5
9.5
9.5
7.4
7.1
6.9
6.1
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
6.4
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
7.9
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.2
6.0
6.0
5.9
5.8
5.9
5.8
5.7
6.3
6.1
6.0
6.0
5.9
6.0
5.9
5.8
5.6
5.5
5.4
5.2
5.0
5.1
5.0
4.9
5.4
5.3
5.4
5.3
5.4
5.2
5.2
5.2
17.6
16.0
15.8
16.2
16.4
17.2
16.6
16.1
5.4
5.3
5.2
5.2
5.1
5.2
5.1
4.9
12.1
11.5
11.4
11.3
10.9
10.8
11.0
10.9
13.7
12.8
12.7
12.4
12.3
12.1
12.2
12.2
5.9
5.8
5.8
5.7
5.5
5.5
5.5
5.4
4.0
4.0
3.8
3.7
3.7
3.7
3.5
3.4
9.5
9.5
9.3
9.0
8.8
8.9
8.5
8.4
5.9
5.9
5.7
5.6
5.5
5.6
5.5
5.4
8.7
7.3
8.1
8.2
8.4
8.3
8.2
8.0
7.2
7.1
6.9
6.9
6.8
6.8
6.8
6.6
5.7
5.6
5.5
5.4
5.5
5.8
5.7
5.6
5.4
5.6
5.1
4.9
4.9
4.6
4.9
5.1
5.2
4.8
4.8
4.9
16.0
15.4
16.5
15.9
15.6
5.0
4.8
4.7
4.6
4.7
10.9
11.3
11.5
10.7
11.3
12.2
12.6
12.8
12.2
12.4
5.5
5.3
5.2
5.0
5.4
3.6
3.4
3.4
3.0
3.3
8.9
8.3
7.5
8.7
8.4
5.4
5.3
5.3
5.1
5.2
8.3
7.9
7.7
7.4
7.7
6.6
6.6
6.5
6.2
6.4
1
7.1
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
2
12
Soui
trtment of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In May, based on seasonally adjusted data, the percentages of unemployed persons who had been out of work for
less than 5 weeks and for 27 weeks and over rose, while the percentages for 5-14 weeks and for 15-26 weeks
fell. Both the mean and the median duration of unemployment rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
60
_
50
yVY~-v[v
JOB LOSERS
REENTRANTS
30
20
20
NEW ENTRANTS
_
10 —
10
\
OB LEAVERS
1984
1984
1988
1986
1985
1987
1988
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Ee ison for inemp!o\ ment:
percent distributi m
Dur ition of i nemplov ment
Period
Unemployment
(thousands)
F ercent di stributioii
Less
than
5
weeks
5-14
weeks
7,637
8,273
10,618
10,717
8,539
8,312
8,237
7,425
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
1987: May
June
July
Aug
Sept
Oct
Nov
Dec
7,573
7,308
7,251
7,256
7,091
7,177
7,090
6,978
1988: Jan
Feb
Mar
Apr
May
7,046
6,938
6,801
6,610
6,783
Stat e
progn ms
Numb er of
15-26
weeks
27
weeks
and
over
Average
(mean)
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
13.8
13.6
18.0
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
43.9
42.9
43.9
44.2
45.5
45.3
45.4
46.2
28.7
29.4
29.6
29.6
27.6
29.4
28.7
28.2
12.9
13.3
13.0
11.5
13.0
11.9
12.7
12.8
14.5
14.4
13.4
14.7
14.0
13.4
13.2
12.9
43.6
44.3
44.0
47.2
45.3
31.9
30.8
30.8
29.5
31.1
11.8
12.1
13.0
10.9
11.5
12.6
12.9
12.2
12.3
12.1
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) '
Weekly a ^erage, t lousands
1980
1981
1982
1983
1984
1985
1986
1987
!
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
10.1
7.9
6.8
6.9
6.5
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
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
14.8
14.7
14.2
14.3
14.2
14.1
14.0
14.2
6.6
6.6
6.6
6.4
5.8
6.2
6.1
6.0
47.9
48.4
48.4
47.0
46.8
47.7
46.8
45.7
12.4
13.1
13.6
IS. 8
13.8
13.5
13.1
13.5
26.5
26.9
26.5
27.3
26.9
26.0
28.0
27.8
13.3
11.6
11.6
11.9
12.5
12.9
12.1
13.0
2,321
2,297
2,273
2,223
2,102
2,035
2,037
2,090
333
331
329
307
289
293
303
317
2,216
2,108
2,210
2,030
1,800
1,759
1,931
2,322
14.4
14.4
13.7
13.4
13.8
6.4
6.4
6.6
5.6
5.9
45.2
45.9
45.8
44.1
47.9
15.3
13.8
15.7
15.0
13.7
27.0
27.9
25.6
27.0
26.5
12.5
12.4
12.9
13.8
11.9
2,242
2,208
2,140
2,087
2,064
356
327
308
302
313
2,870
2,775
2,536
2,208
6.5
6.9
8.7
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 209,000 in May. (Series revised.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
110
100 -
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
80
70
SERVICE-PRODUCING
INDUSTRIES
16 r
60 -
20
50
18
40 —
GOODS-PRODUCING
INDUSTRIES
30
CONSTRUCTION
Illllllllll
1984
1985
1987
1986
Illllllllll
1984
1988
1985
1986
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
Illllllllll
1987
imilnim
1988
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Se rvice-produt ing industr es
Goods-p reducing in dustries
Period
Total
nonagrieultural
employment
M anufacturin g
Total 2
Construction
Total
Durable
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Gover nment
Finance,
insurance,
and real
estate
Services
17,890
18,619
19,036
19,694
20,797
22,000
23,053
24,196
16,241
17,356
17,930
18,509
5,160
5,298
5,341
5,468
5,689
5,955
6,283
6,549
Retail
trade
Total
Federal
1985
1986 '
1987 r
97,519
99,530
102,323
25,658
25,497
23,813
23,334
24,727
24,859
24,558
24,784
1987: May '..
June T .
July r..
Aug r..
Sept r..
Oct r...
Nov r..
101,829
102,078
102,430
102,672
102,906
103,371
103,678
104,001
24,653
24,684
24,788
24,851
24,902
25,025
25,123
25,201
4,967
4,983
4,997
5,012
5,012
5,060
5,090
5,118
18,970
18,982
19,069
19,111
19,156
19,225
19,297
19,348
11,159
11,166
11,190
11,246
11,269
11,315
11,355
11,390
7,811
7,816
7,879
7,865
7,887
7,910
7,942
7,958
77,176
77,394
77,642
77,821
78,004
78,346
78,555
78,800
5,356
5,363
5,373
5,394
5,427
5,448
5,466
5,481
5,841
5,860
5,874
5,892
5,914
5,935
5,958
5,984
18,417
18,481
18,543
18,569
18,605
18,705
18,761
18,784
6,539
6,553
6,570
6,581
6,588
6,604
6,608
6,619
24,053
24,153
24,273
24,369
24,415
24,524
24,604
24,725
16,970
16,984
17,009
17,016
17,055
17,130
17,158
17,207
2,936
2,939
2,941
2,943
2,962
2,966
2,974
2,980
104,262
104,729
105,020
105,269
105,478
25,180
25,271
25,330
25,438
25,446
5,083
5,150
5,192
5,240
5,234
19,369
19,390
19,405
19,459
19,475
11,393
11,404
11,411
11,458
11,470
7,976
7,986
7,994
8,001
8,005
79,082
79,458
79,690
79,831
80,032
5,499
5,513
5,530
5,542
5,561
6,010
6,035
6,061
6,089
6,113
18,927
19,045
19,050
19,083
19,128
6,633
6,636
6,651
6,649
6,639
24,795
24,975
25,078
25,156
25,235
17,218
17,254
17,320
17,312
17,356
2,973
2,972
2,970
2,968
2,954
1980
1981
1982
1983
1984
90,406
91,156
89,566
90,200
94,496
Dec
1988: Jan r...
Feb r...
Mar r ..
Apr r...
May P..
4,346
4,188
3,905
3,948
4,383
4,673
4,816
4,998
18,965
19,065
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
5,082
4,954
5,159
5,238
5,255
5,385
20,285
20,170
18,781
18,434
19,378
19,260
12,187
12,109
11,039
1
Includes all full- and part-time wage and salary workers in nonagriculturat establishments who
received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived
from this table not comparable with estimates of nonagrieultural employment of the eivilian labor
foree, shown on p. I I , which include proprietors, self-employed persons, and domestic servants;
which count persons as employed when they arc not at work because of industrial disputes, bad
weather, etc., even if they are not paid for the time off; and which are based on a sample- of the
14
5,146
5,165
5,275
5,358
5,278
5,268
5,555
5,717
5,753
5,872
15,035
15,189
15,179
15,613
16,545
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
Note.—Data revised beginning April 1986, unadjusted, and beginning January 1983, seasonally
adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gi oss hourly
earn ings
Average weekl\
hours
Period
Manufa cturing
Total
private
nonagricultural 1
1980
1981
1982
1983
35.3
35.2
34.8
35.0
1984
1985
1986
1987
Total
Total
private
nonagricultural 1
Overtime
35.2
34.9
34.8
34.8
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
2.8
2.8
2.3
3.0
3.4
1987: Mayr
June r
July r
Aug r
Sept r
Oct T
Novr
Dec T.
34.8
34.7
34.8
34.8
34.6
34.9
34.8
34.6
1988: Jan r
Feb r
Mar r
Aprr
May"
34.7
34.8
34.6
34.9
34.7
Manufacturing
$7.27
7.99
8.49
$6.66
7.25
7.68
8.02
Adjuste d hourly earnin gs index — total private
nonagnc ultural 2
Ind ex,
1977 =-100
Percent chang e from a vear
earlie
1977
dollars 3
Current
dollars
Current
dollars
127.3
138.9
148.5
155.4
160.3
165.2
* 169.4
173.5
93.5
92.6
93.4
2.4
2.2
2.3
2.7
2.8
3.1
2.8
2.9
3.1
3.4
9.0
9.1
6.9
4.6
3.2
3.1
2.5
r
2.4
94.9
94.6
94.1
95.0
94.0
3.3
3.4
3.7
8.32
8.57
8.76
8.98
8.83
9.19
9.54
9.73
9.91
41.0
41.0
41.0
41.0
40.6
41.2
41.2
41.0
3.8
3.7
3.8
3.8
3.7
3.9
3.9
3.8
8.95
8.95
8.96
9.01
9.02
9.07
9.10
9.11
9.88
9.89
9.88
9.94
10.00
9.99
10.00
10.01
172.9
172.9
173.2
174.1
174.6
174.9
175.6
175.7
94.0
93.8
93.7
93.7
93.7
93.6
93.8
93.7
41.1
41.0
40.9
41.2
41.1
3.9
3.7
3.7
4.0
4.0
9.14
9.13
9.16
9.22
9.28
10.02
10.03
10.05
10.10
10.15
176.6
176.7
177.0
177.8
178.8
93.8
93.7
93.5
93.5
93.6
2.7
2.6
2.7
1977 dollars
-4.0
-1.0
.9
1.6
-.3
-.5
1.0
— 1.1
-1.3
-1.4
-1.5
-1.6
-1.5
-1.8
-1.9
-1.7
-1.0
-1.0
-.9
n
— A
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent cl ange from
a year earlier,
total private n onagricultural 5
Avera ge gross weekly ea rnmgs
Period
Total jrivate
nonagnc ultural 1
Current dollars
Manufacturing
Construction
Current dollars
1977 dollars 3
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
399.26
426.82
442.97
458.51
464.46
r
466.75
r
479.68
1987: Mayr
June r
July r
Augr
Sept r
Oct r
Nov r
Dec r .
311.46
310.57
311.81
313.55
312.09
316.54
316.68
315.21
169.36
168.42
168.64
168.76
167.61
169.36
169.08
168.02
405.08
405.49
405.08
407.54
406.00
411.59
412.00
410.41
1988: Jan r
Feb r
Mar''.
Apr r
May"
317.16
317.72
316.94
321.78
322.02
168.43
168.46
167.43
169.18
168.60
411.82
411.23
411.05
416.12
417.17
1985
1986
1987
1
Also includes other private industry groups shown on p. 14.
j^Adjusted for interindustry employment shifts and for overtime in manufacturing.
Mpurrent dollar index (or earnings) divided by the consumer price index for urban wage earners
•lerical workers (on a 1977-100 base).
^Monthly changes based on indexes to two decimal places.
1977 dollars
Current dollars
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
1980
1981
1982
1983
1984
Retail trade
5
$367.78
$147.38
158.03
163.85
171.05
174.33
6.9
8.5
4.7
5.0
4.3
174.64
176.08
178.41
21
481.33
480.30
479.17
480.82
455.93
485.90
485.50
484.12
178.44
178.12
179.32
180.22
182.31
179.87
180.16
178.27
2.7
2.5
2.6
3.1
2.4
3.5
3.2
3.0
476.38
478.19
487.62
490.20
488.00
179.80
180.42
180.38
182.21
182.46
3.1
2.8
2.4
4.1
3.1
1.9
2.5
-5.8
-1.5
-1.2
1.9
.9
-1.4
.4
1.0
-1.0
-1.1
-1.3
-1.2
-1.8
-1.0
-1.3
-1.4
-.9
-1.0
-1.3
.3
-.7
Based on seasonally unadjusted data.
NOTE.—Data revised beginning April 1986, unadjusted, and beginning January 1983, seasonally
adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pt r hour of
all pc rsons
Period
Business
sector
Outp ut l
Compens ation per
hou r 3
Hours of all
pers( ns 2
Nonfarm
business
sector
Nonfarm
business
sector
Nonfarm
business
sector
Nonfarm
business
sector
Business
sector
107.9
108.3
108.7
119.1
118.9
99.4
Business
sector
Business
sector
Unit lab or costs
Real com sensation
per h our 4
Business
sector
Implic t price
defla tor 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
99.2
119.5
119.7
117.0
116.5
Nonfarm
business
sector
19"r7 = 100; ( |uarterly i ata seasorlally adjus ted
1979
99.6
99.3
107.9
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.6
98.8
99.8
99.2
102.5
104.6
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.7
112.9
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.0
131.3
143.6
154.8
161.5
167.8
96.7
95.8
97.3
98.2
98.0
96.6
95.8
97.2
98.3
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986
1987
107.5
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:
III
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:
1
II
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
III
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
Ir
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
III
IV
1987: I
II
1988:
Pe cent chan ge; quarte rly data at seasonal] y adjusted annual ra tes
1979
-1.2
-1.6
2.0
1.9
3.2
3.5
9.7
9.5
-1.5
— 1.7
11.1
11.2
9.0
8.9
1980
1981
1982
1983
1984
-.3
1.4
— .4
2.7
25
-.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
-2.7
-.8
1.5
1.1
— .4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
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
2.8
2.0
2.0
3.2
2.2
2.0
2.7
2.1
2.5
3.2
2.3
2.4
1982: IV
3.0
2.4
-.5
4.5
5.0
3.2
3.8
1.5
2.6
2.4
3.0
1983:
IV
3.0
1.4
10.4
5.4
4.3
1.3
_2
2.4
2.9
4.8
3.1
1984:
IV
1.5
.5
.7
2.3
2.9
2.7
3.3
1985:
HI
IV
1986:
I
n
m
IV
1987: I
n
m
IV
1988:
I"
-1.2
9.8
34
7.2
-3.5
8.3
1.0
3.5
3.1
2.1
2.1
3.8
3.9
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
5.8
.6
6.6
.1
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
.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
.3
-.2
.3
.2
0
Q
— .1
.0
6.4
.7
1.8
3.0
.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
-3.8
-1.5
.0
-.5
-4.1
-1.8
-.3
3.2
3.6
5.5
5.9
2.2
2.2
3.6
3.4
2
.0
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
__ 1
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
"Data do not reflect revisions of GNP and related items published June 23.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.4 percent in May following a 0.6 percent increase in April. The index for May was 6.1
percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
240
FINAL P RODUCTS
220
INDEX, 1977=100* (RATIO SCALE)
160
TOTAL INDUSTRIAL PRODUCTION
140
200
180
120
— DEFEN;>E AND
SPt iCE
EQUIP MENT —^
,—
-S
tn *
160
100
160
BUSINESS
EQUIPMENT
MANUFACTURING PRODUCTION
f -
-~^
140
^~~
140
120
_
x—
.-_-'--'
-r"
"--"
CONSUMER
GOODS
120
100
^^"
- JL
llllllll|l|
Illllllllll
Illllllllll Illllllllll Illllllllll
PERCENT*
100
CAPACI1FY UTILIZAT ION RATE
(TOTAL 1 NDUSTRY)
90
100
140
UTILITIES AND MINING PRODUCTION
UTILITIES-
120
80
• — - —I
• 1 1 i "x*
1
f
100
70
1984
iiiiiliiii!
1984
1988
1 1 1 11 11 1 111
1985
iimlimi
1986
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
^
Illllllllll Illllllllll
1987
1988
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
To tal
Period
Manufacturing
Percent
1977 = 100
Capacity utilization
rate, pc rcent 1
Industry pro< uction indexes , 1977 = 100
indus trial
produ ction
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
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
1.9
1.1
3.8
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
1983
1984
1985
1986
1987
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
1987: May
June
July
Aug
Sept
Oct
Noy
Dec
128.2
129.1
130.6
131.2
131.0
132.5
133.2
133.9
3.1
4.1
4.6
5.1
5.2
5.8
6.0
5.6
133.2
134.0
135.6
135.9
135.7
137.3
137.9
138.9
131.4
132.0
133.5
133.8
133.7
136.8
136.7
137.3
135.7
136.9
138.5
138.8
138.6
138.1
139.6
141.3
99.2
99.2
99.2
100.9
101.9
103.6
104.6
104.6
109.6
109.4
111.2
112.9
111.2
112.1
113.2
111.7
79.9
80.3
81.1
81.4
81.1
81.9
82.1
82.4
80.4
80.8
81.5
81.5
81.3
82.0
82.2
82.6
1988: Jan
Feb r
Mar *
Apr r
May"
134.4
134.4
134.7
135.5
136.0
6.5
5.8
5.7
6.4
6.1
139.4
139.5
140.0
140.8
141.5
137.9
138.4
138.8
139.9
141.2
141.4
141.1
141.8
142.1
141.8
103.3
101.5
102.1
104.0
103.2
115.2
115.6
113.5
112.6
113.4
82.5
82.4
82.4
82.7
82.9
82.7
82.6
82.7
82.9
83.1
197? proportion
1980
1981
1982
1
Output as percent of capacity.
,
-1.9
2.2
-7.1
5.9
11.2
70.3
73.9
80.5
80.1
79.7
81.0
Source: Board of Governors of the Federal Reserve System
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Produc ts
Mate rials
Final produc s
Internlediate prod ucts
C ansumer go ods
Equipment
Period
Total
Total
Durable
goods
Nondurable goods
Total '
Business
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
44.77
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
25.52
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
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
1987:
May
June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Feb r
Mar T
Apr '.
May"
135.5
136.2
137.9
138.4
137.8
139.3
139.2
139.8
141.1
141.6
141.8
142.4
143.0
127.3
127.2
128.9
129.4
127.7
129.0
129.4
129.8
131.2
131.3
131.2
131.6
132.0
120.1
117.4
120.4
121.2
118.6
124.3
123.9
120.3
121.7
120.6
120.6
123.1
125.4
130.0
130.9
132.1
132.5
131.0
130.8
131.5
133.3
134.7
135.3
135.1
134.8
134.4
146.3
148.1
149.7
150.2
151.2
153.0
152.2
153.1
154.3
155.3
156.0
156.7
157.6
141.7
144.2
145.6
145.6
146.3
148.7
148.3
149.8
151.2
152.4
153.4
154.7
155.9
1
Defense
and
space
equipment
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
189.3
188.6
188.7
189.1
189.8
190.3
188.7
188.9
190.6
191.0
189.8
189.1
188.7
Total
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
141.8
143.3
145.0
145.3
144.9
146.1
147.3
146.5
148.1
149.4
149.7
149.6
149.7
Construction
supplies
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
129.1
131.5
133.1
132.5
132.3
133.3
134.2
133.8
136.8
137.7
136.9
137.0
136.8
Busi-
Total
Energy
supplies
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
152.6
153.4
155.2
156.3
155.6
157.1
158.4
157.4
157.8
159.4
160.6
160.4
42.28
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
116.3
117.2
118.5
119.4
119.7
121.2
122.5
123.7
123.0
122.1
122.5
123.8
124.5
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
98.7
99.4
99.0
100.9
100.2
101.8
102.8
101.7
101.4
100.6
100.3
101.4
101.0
Includes rigs and prefabs, not shown separately.
[1977=100; monthly data seasonally adjusted]
No ndurable inanufactu es
Durable m mufactures
Transp >rtation
equip ment
Primary metals
Period
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1987: May
June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Feb r .
Mar r
Apr T
May"
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
77.0
78.8
81.4
85.1
84.5
90.6
90.2
90.6
86.5
86.4
85.0
85.3
87.9
Source: Board of Governors of the Federal Reserve System,
18
Iron and
steel
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
65.7
68.3
70.9
76.0
74.6
82.0
79.7
81.9
77.8
77.4
74.2
75.1
Fabricated
metal
products
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
108.5
111.1
111.1
110.1
111.1
113.5
113.6
115.8
117.1
117.6
118.8
119.5
120.5
Nonelectrical
machinery
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
149.7
151.8
155.3
154.3
156.6
158.0
157.2
161.0
162.9
163.6
164.8
166.6
168.0
Electrical
machinery
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
171.1
170.5
172.5
174.3
173.4
175.5
175.6
175.9
177.4
177.8
176.6
179.7
179.8
Total
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
129.4
126.5
127.6
128.1
125.5
132.0
130.4
128.1
128.6
128.4
129.9
130.4
133.2
Motor
vehicles
and
parts
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
112.0
107.4
109.4
109.1
105.6
116.0
114.0
110.2
109.7
109.3
113.0
115.0
119.8
Lumber
and
products
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
130.3
131.1
132.8
131.1
126.9
129.8
134.0
133.6
136.3
139.0
137.1
137.4
Apparproducts
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
106.4
107.7
109.7
108.4
107.6
108.0
109.4
107.8
108.7
108.5
108.7
Printing
and
publishing
Chemicals
and
products
Foods
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
171.4
174.1
174.0
174.7
174.9
175.2
175.7
176.9
177.5
178.7
180.3
181.3
181.0
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
138.1
139.3
140.8
142.3
142.4
141.5
144.4
147.9
147.9
145.4
146.3
147.1
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
137.4
137.7
138.5
138.8
139.5
138.0
138.9
140.1
141.2
141.9
141.4
140.0
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio i contracts
Private
Total new
construction
expenditures
Period
Resic ential
Total
New housing
Total '
Commercial
and
industrial 2
Federal,
State, and
local
Other
Total value
index
(1982=100)
Comme!
and indu
floor sp
(million
square I
B illions of dollars
252.4
251.7
260.2
246.6
281.3
328.6
356.0
388.8
398.2
1979
1980
1981
1982
1983
1984
1985
1986
1987
200.7
193.3
203.6
192.9
227.5
271.0
291.7
316.6
322.9
89.3
69.6
69.4
57.0
94.6
113.8
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
196.8
114.7
133.2
139.7
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
73.5
42.3
46.2
49.4
49.5
48.1
48.5
50.5
51.5
52.6
58.5
56.5
53.7
53.8
57.7
64.3
72.2
75.2
51.7
109
97
100
100
124
136
150
158
162
Annual
Annual rates
1987: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
396.2
396.7
397.2
398.5
402.9
402.8
398.9
404.0
403.9
320.5
321.4
324.3
323.8
329.8
324.9
322 2
327.0
326.3
199.5
195.9
200.9
198.0
200.2
197.0
194.5
193.7
194.5
139.7
139.4
138.2
137.9
138.2
140.0
141.1
142.4
143.1
69.8
73.8
72.0
72.6
75.2
74.1
74.3
79.1
75.6
51.1
51.7
51.4
53.2
54.4
53.8
53.4
54.1
56.1
75.7
75.3
72.9
74.6
73.0
77.9
76.7
76.9
77.6
157
157
167
165
174
160
164
1988: Jan
Peb '.
Marr
Apr* 1
394.5
396.0
401.2
401.8
319.2
318.1
319.3
322.5
192.0
190.1
191.2
191.9
138.9
137.0
138.2
138.7
74.6
74.3
75.3
52.6
53.8
52.8
52.9
75.3
77.9
81.8
79.3
145
159
154
144
1
Includes the following categories of private construction not shown separately: residential improvements, railroads electric light and power, gas, petroleum pipelines, and farm nonresidential.
2
Includes hotels and motels.
77.7
157
157
3
F.W. Dodge series.
Sourc(,s. „
rtmel]t of Commerce
Company, F.W. Dodge Division.
(Bur,,au of the Census) and
McGraw-Hill Inf
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New prh ate homes
New private lousing units
Units started, h\ type of structure
Period
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1 unit
2-4 units
1,194.1
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 1
3
Vacancv
for rer
housing
(percen
397
337
275
436
412
623
639
688
750
671
253
301
353
346
357
365
Seasonal y adjusted annu al rates
1987: Mav
June
July
Aug
Sept
Oct
Nov
Dec
1,599
1,583
1,594
1,583
1,679
1,538
1,661
1,399
1,125
1,086
1,142
1,109
1,211
1,105
1,129
1,035
65
85
59
58
49
67
51
51
409
412
393
416
419
366
481
313
1,504
1,539
1,510
1,514
1,501
1,453
1,459
1,372
1,687
1,612
1,680
1,633
1,591
1,565
1,571
1,624
1988: Jan
Feb r .
Mar r
Apr *
May"
1,382
1,519
1,529
1,576
1,384
1,016
1,102
1,172
1,088
988
53
59
57
58
63
313
358
300
430
333
1,248
1,429
1,550
1,452
1,601
1,588
1
2
3
Seasonaliv adjusted.
Quarterly data entered in last month of q jarter. Series heg nning 1979 not trictlv comparabl
New series beginning March 1979.
1,476
1,449
1,436
649
640
356
359
359
361
361
360
362
365
672
673
644
653
625
586
r
579
648
653
660
658
r
368
359
374
371
375
NOTE.— B eginning 1984, u lits authorized ar for 17,000 pe mil-issuing places and for 19'
data are for 1 6,000 places.
Source: De partment of Com nerce, Bureau of he Census.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In April, manufacturing and trade sales fell 0.2 percent and inventories rose $3.5 billion. In May, according to
advance data, retail sales rose 0.1 percent, following a decline of 0.4 percent in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
800
220 __
-
r-^~~
700
—
—
—
-
^~\
1^
X"
\
RE' AIL INVENTCDRIES
\
MANL FACTURING AND
TRAI3E INVENTO RIES
^^|
^—
600
-—
~*S\
~
^
—
^
--
500
»^ «
-
_
—
S-* /"""*
*
400
~ ----'
fAt ^NUFACTUR NG
AN D TRADE SA LES
-
1 SETAIL SALES
-
M i l l l l l l l l Illllliilll
Minium
•*"
—
imilmn
8(1
300
y
RAT1C
1.80
-
_ INVENTORY-SALES RATIO
—
200
MANUFACTURING
AND TRADE
IIIMllllli Illllilllll Illllllllll tllllllltll
1984
1985
mull!!!!
1987
1986
1.00 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 n 1 1 1 1 1 1 1 1 i 1 1 1 ! i n 1 1 1 1 1 1 1 1 1
1984
1988
I
1985
I
|
1986
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufact jring and
trac e '
Sales
2
| 1988
COUNCIL OF ECONOMIC ADVISERS
Whol esale
Invenones
Inventories 3
Sales 2
574,085
590,178
644,302
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
670,924
677,164
680,880
684,154
685,150
689,513
697,648
703,425
709,853
124,607
125,511
126,599
127,705
129,662
131,437
131,743
128,501
128,332
155,756
158,560
158,835
158,611
157,072
159,135
162,517
163,353
165,097
715,027
717,882
720,099
723,630
129,720
131,622
132,885
132,405
168,388
170,632
171,732
173,331
Inventory-s ales ratio 4
Re tail
Sales
Period
1987
Total
2
Durable
goods
stores
Inventories
3
Manufacturing
Retail
Total
Durable
goods
stores
Nondurable goods
stores
60,937
64,783
69,046
72,529
74,907
79,290
134,468
147,581
167,517
181,524
185,996
211,100
61,469
69,066
79,431
88,998
91,085
107,948
72,999
78,515
88,086
92,526
94,911
103,152
1.67
1.56
1.53
1.55
1.55
78,667
79,058
79,527
79,651
80,367
79,867
79,919
80,181
80,615
194,498
196,806
200,424
202,210
202,684
203,708
206,577
208,260
211,100
96,245
98,712
100,716
101,590
101,569
102,394
104,846
106,490
107,948
98,253
98,094
99,708
100,620
101,115
101,314
101,731
101,770
103,152
1.51
1.51
1.50
1.51
1.49
1.48
1.50
1.52
1.52
1.56
80,080
80,413
81,779
r
81,380
81,818
209,824
208,698
208,822
209,406
106,377
104,479
103,631
104,132
103,447
104,219
105,191
105,274
1.54
1.53
1.50
1.51
1.63
1.60
1.58
1.59
Nondurable goods
stores
trade
l
Millions of dollars, seasonally iidjusted
1982
1983
1984
1985
1986
1987
1987:
1988:
1
2
3
348,746
368,931
408,142
418,517
425,259
453,313
r
Apr .
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar r.
Apr"
Mavp
r
445,132
447,720
453,701
454,330
460,047
464,984
464,947
462,975
468,303
465,730
470,656
479,709
478,960
r
r
124,609
124,844
126,511
127,230
129,981
127,815
126.808
127,248
128,615
128,769
130,121
132,259
r
!31,761
131,880
SM page 21 for manufacturing.
Monthly average for year and total for month.
Knd of period. Data beginning December 1980 for wholesale and retail and beginning January
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
45,942
45,786
46,984
47,579
49,614
47,948
46,889
47,067
48,000
48,689
49,708
50,480
r
50,381
50,062
r
1.51
1.49
1.44
1.49
1.53
1.56
1.59
1.58
1.58
1.59
1.56
1.59
1.63
1.64
1.64
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In May, manufacturers' shipments, inventories, and unfilled orders rose; new orders fell.
BILLIC)NS OF DOL ARS* (RATIC) SCALE)
BILLIC)NS OF DOL .ARS* (RATIC) SCALE)
280
240
440 _
SHIPME NTS
200
~-—5
360
-""
f
^.•—.-•*-•>"*"
80
r
Nor^DURABLE
60
Illllllllll
-"
--^
NOf ^DURABLE GOODS
60
, ••
Illllllllll Illllllllll H l l l l l l l U Illllllllll Illllllllll
,
-—1
RATIC *
2.20
DUR ABLE GOOD s
INVENT(DRY-SHIPM ENTS RATI 0
—•
1.40
Illllllllll Illllllllll Illllllllll Illllllllll
1986
-
—^
-~^tslONDURABL
-^ : GOODS
1985
r~^i
1.80
--"
1984
—
80
— TOTAL—
liiiihiiu
—-
120 -=r~
GOODS
280
2BO
240 _ NEW OF
Of?DERS
JDERS
:C—^7
—
160
BILLIC)NS OF DOL LARS* (RATIO> SCALE)
120
.
.
1
DL RABLE GOO )S
Niiiiliiiiili 11111 * 11111 ! Illllllllll I'liiiliniil
160
F"
A
"T —
»-^'
...V._,
-—
1
-TOTAL —
200
DIIR ABLE GOOD S
120
'
_—
280
TOTAL
160
INVENT ORIES
1.20
^
nniinui ,,.,,!,,,„ H \ \ ' 1 M ' 1 1 ! i 1 1 i i i M 1 1 |
1984
1988
1987
—
1986
1985
1987
j 1 1 t 111t 1!
1988
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufa cturers' shiprnents 1
J anufacturers new orders i
Manufa hirers' inven tories 2
Durabl ^ goods
Period
Durable
goods
Nondurable goods
Capital
Durable
goods
ble goods
Total
Total
industries,
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
defense
M llions of do Jars, seasoilally adjust 3d
1980
1981
1982
1983
1984
1985
1986
1987
1987: Apr r .
Mav r
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar '.
Apr"
May "
1
2
3
154,391
168,129
163,350
171,242
187,869
189,928
189,442
200,695
195,916
197,365
200,591
199,395
200,404
205,732
206,396
207,226
211,356
207,241
208,913
214,565
214,794
217,808
77,550
83,872
79,352
84,956
96,623
98,930
100,142
105,300
102,834
102,756
104,476
103,032
104,135
108,433
108,251
108,378
113,026
108,946
110,522
113,764
r
l!2,627
114,794
76,841
84,257
83,998
86,286
91,246
90,997
89,300
95,395
92,082
94,609
96,115
96,363
96,269
97,299
98,145
98,848
98,330
98,295
98,391
100,801
102,167
103,014
2
264,281
282,645
311,421
312,152
334,163
326,780
318,238
333,656
320,670
321,798
321,621
323,333
325,394
326,670
328,554
331,812
333,656
336,815
338,552
339,545
340,893
343,126
2
174,620
186,347
200,711
200,220
218,524
213,750
207,854
216,753
208,684
209,127
208,654
209,951
210,921
211,680
213,436
215,931
216,753
219,014
220,318
220,730
221,692
223,291
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.
89,661
96,298
110,710
111,932
115,639
113,030
110,384
116,903
111,986
112,671
112,967
113,382
114,473
114,990
115,118
115,881
116,903
117,801
118,234
118,815
119,201
119,835
2
156,161
167,752
161,600
173,915
190,065
190,631
189,482
203,196
200,688
201,325
205,454
206,065
203,157
206,719
209,399
209,626
213,822
212,571
212,641
216,013
219,326
217,967
79,360
83,553
77,676
87,485
98,875
99,600
100,131
107,601
107,137
106,754
109,181
109,213
106,678
109,345
111,095
110,949
115,620
114,196
114,319
115,252
T
117,266
115,061
23,259
24,050
21,469
22,143
26,714
26,970
76,801
84,199
83,924
86,431
91,189
91,030
26,671
29,632
28,534
30,224
29,987
31,982
29,540
29,753
30,416
30,085
33,879
34,791
33,764
32,475
r
33,492
31,515
89,351
95,595
93,551
94,571
96,273
96,852
96,479
97,374
98,304
98,677
98,202
98,375
98,322
100,761
102,060
102,906
323,393
319,094
306,302
338,849
365,177
373,495
372,974
403,496
377,303
381,263
385,217
391,887
394,640
395,627
398,630
401,030
403,496
408,826
412,554
414,002
418,534
418,693
1.67
1.65
1.95
1.80
1.74
1.74
1.70
1.62
1.64
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
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
n May, the producer price index for all finished goods rose 0.5 percent, seasonally adjusted. Prices of finished
:onsumer foods rose 0.9 percent while prices of other finished consumer goods rose 0.3 percent. Capital equipment
trices rose 0.4 percent.
INDEX, 1982 = 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
120
110
100
80
80
1980
1987
1981
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[1982=100; monthly data seasonally adjusted]
Fini shed goods
Period
Total
finished
goods
1980
1981
1982
1983
1984
1985
1986
1987
Finished goc ds excluding consumer foo(Is
i
Con-
sumer
foods
Total
finished
consumer
goods
Interm ediate ma terials
Onide materi als
Total
Foods
and
feeds !
Other
Total
Foodstuffs
and
feedstuffs
Other
Total
Durable
Nondurable
Capital
equipment
87.1
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
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
96.6
100.0
'101.3
103.3
103.8
101.4
103.6
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
Consumer gc ods
Total
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
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
96.1
100.0
101.2
102.2
103.3
98.5
100.7
88.6
1987:
May
June
July
Aug
Sept
Oct
Nov
Dec
105.3
105.4
105.7
106.0
106.4
106.1
106.2
105.9
110.8
110.7
110.3
109.5
110.2
109.9
110.0
108.6
103.5
103.6
104.2
104.8
105.2
104.9
104.9
104.9
100.1
100.3
101.0
101.7
102.0
101.8
101.7
101.8
111.2
111.3
111.5
111.5
112.2
112.2
112.1
111.8
94.1
94.4
95.3
96.3
96.4
96.2
96.1
96.3
111.5
111.4
111.6
111.9
112.5
112.0
112.1
112.3
103.6
103.7
104.1
104.3
104.7
104.5
104.5
104.0
100.8
101.3
101.9
102.4
102.7
103.2
103.6
103.8
100.2
100.6
100.2
100.0
101.0
101.0
101.3
101.5
100.9
101.4
102.0
102.6
102.8
103.3
103.7
103.9
94.3
94.6
95.6
96.7
96.0
96.1
94.9
94.7
100.4
98.7
97.3
97.5
97.5
98.1
95.6
96.3
86.3
87.9
90.3
91.8
90.8
90.6
90.2
89.4
1988:
Jan r.
Feb
Mar
Apr
May
106.2
105.9
106.5
106.9
107.4
110.5
109.3
110.1
110.5
111.5
104.8
104.7
105.2
105.7
106.1
101.4
101.3
101.8
102.4
102.7
112.3
112.3
113.0
112.7
112.9
95.5
95.4
95.8
96.8
97.1
112.8
112.7
113.2
113.4
113.8
104.4
103.9
104.6
105.1
105.6
104.2
104.2
104.8
105.6
106.2
102.5
101.9
102.7
103.8
104.6
104.3
104.3
104.9
105.7
106.3
93.9
94.5
94.1
95.3
96.4
97.4
99.3
100.1
100.5
102.9
87.5
87.3
86.2
87.7
88.0
1
Intermediate materials for food manufacturing and feeds.
Note.-—Beginning with data for January 1988, the refereni
to 1982=100.
22
Apartment of Labor, Bureau of Labor Statistics.
iase was changed from 1967=100
CONSUMER PRICES—ALL URBAN CONSUMERS
In May the consumer price index for all urban consumers rose 0.3 percent, seasonally adjusted and not seasonally
adjusted. The index was 3.9 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
100
100
90
90
80
80
70
70
60
imilm
1980
Hill
1982
Mill
1981
Illlll
1984
1983
1985
1986
60
1988
1987
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982-84=100, except as noted; monthly data seasonally adjusted, except as noted]
All it ems 1
T ansportat on
Housing
All
She Her
Period
Not
seasonally
adjusted
(NSA)
Rel. imp.3....
1980
1981
1982
1983
1984
1985
1986
1987
1987: May....
June ..
July...
Aug ...
Sept...
Oct
Nov....
Dec....
1988: Jan
Feb....
Mar....
Apr....
May ...
1
Seasonally
adjust-
100.0
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
113.1
113.5
113.8
114.4
115.0
115.3
115.4
115.4
115.7
116.0
116.5
117.1
117.5
Food
Total '
Total
16.1
86.8
113.2
113.5
113.8
114.3
114.6
115.0
115.3
115.5
115.9
116.1
116.7
117.2
117.6
93.6
97.4
99.4
103.2
105.6
109.0
113.5
113.3
113.9
113.8
113.9
114.5
114.7
114.8
115.3
115.6
115.3
115.7
116.5
117.0
42.5
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
113.7
114.0
114.2
114.8
115.0
115.3
115.5
115.9
116.4
116.8
117.2
117.5
117.8
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
120.6
120.8
121.2
121.9
122.2
122.8
123.1
123.8
124.5
125.1
125.7
125.8
126.2
Renters'
costs
(Dec.
1982 =
100)
Homeowners'
costs
(Dec.
1982 =
100)
7.9
19.7
103.0
108.6
115.4
121.9
128.1
127.1
127.5
128.5
128.9
128.8
128.6
128.8
129.5
130.9
131.5
133.0
132.6
132.8
102.5
107.3
113.1
119.4
124.8
124.2
124.4
124.5
125.4
125.9
126.9
127.2
127.9
128.4
129.0
129.3
129.6
130.0
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.
NOTE.—Beginning with data for January 1988, the reference base was changed from 1967= 100
Maintenance
and
repairs
(NSA)
Fuel
and
other
utilities
Apparel and
upkeep
Total »
New
cars
Motor
fuel
Medical
care
Ener-
gy 2
less
food,
shelter,
energy
0.2
7.7
6.3
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
110.2
111.1
113.2
112.9
112.7
112.8
113.5
113.3
113.7
114.3
113.3
115.3
114.3
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
102.6
103.0
103.1
103.6
103.3
103.0
103.4
103.3
103.2
103.7
103.5
104.0
103.9
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
111.4
110.8
109.9
110.3
111.3
112.7
113.1
112.2
112.3
112.0
114.2
116.5
116.5
17.5
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
104.8
105.3
105.9
106.7
106.8
107.2
107.7
107.4
107.3
107.1
107.2
107.5
108.2
4.4
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
114.1
114.4
114.8
115.0
115.2
115.5
115.7
115.7
115.5
115.8
116.2
116.2
116.4
3.3
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
79.2
80.1
81.1
83.8
83.2
83.0
83.0
81.6
80.4
78.9
79.2
80.1
81.5
5.8
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
129.3
130.0
130.7
131.3
131.9
132.4
133.0
133.5
134.6
135.4
136.0
136.8
137.7
7.6
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
87.6
88.5
88.7
90.2
89.8
89.3
89.6
88.9
88.3
87.8
87.8
88.5
88.9
48.5
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
116.7
116.9
117.3
117.6
117.9
118.5
118.9
118.9
119.5
119.8
120.4
121.1
121.5
to 1982-84=100.
Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and
therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Cha nge from pr seeding perio d
Change from 3 month s earlier, ann al rate
Change from 6 month s earlier, ann jal rate
Consuim r goods
Consume r goods
Consurm r goods
Total
finished
goods
Excluding foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capita!
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., N 3A
1980
1981
1982
1983
1984
1985
1986
1987
11.8
7.1
3.6
.6
1.7
1.8
-2.3
2.2
7.5
1.5
2.0
2.3
3.5
.6
14.1
11.4
13.4
8.6
4.2
-.9
.8
9.2
9.2
4.1
1.6
2.8
-.2
-6.6
3.9
2.0
1.8
2.7
2.1
1.3
2.1
4.1
2.1
1.0
-1.4
2.1
Of ange, mon th to mont h
1987: May
June
July
Aug
Sept
Got
Nov
Dec
0.2
.1
.3
.3
.4
-.3
.1
1988: Jan '
Feb r
Mar
Aprr
May
.3
-.3
.6
.4
.5
1.1
.2
.7
.7
.6
-.3
.1
.2
-.1
.1
.3
.5
-.4
.1
.2
-.4
-.1
.5
.6
.3
.4
-.1
.4
.2
.4
-.7
O
0.1
— .1
-0.1
— .1
— .4
.3
2
-1.3
1.7
— 1.1
.7
.4
.9
10.0
4.7
3.5
2.3
2.7
3.8
-4.6
-1.8
1.5
.8
-1.4
1.8
9.6
2.6
-1.9
-5.7
.4
2.2
2.3
2.7
5.8
1.8
1.1
6.5
7.0
3.2
0
-.8
1.4
4.0
1.4
-1.6
-1.6
-2.5
— 1.1
4.1
1.6
3.2
5.6
0
8.3
0
4.0
5.6
3.5
3.9
3.5
.7
2.4
3.3
4.3
2.4
3.7
3.7
.7
— .7
3.7
1.9
1.7
1.0
2.9
2.2
3.2
2.1
4.0
.9
-.2
.2
1.5
2.3
.5
— 1.4
-3.8
.4
-.4
__2
1.1
2.7
5.4
5.4
1.3
1.1
4.5
5.3
4.2
3.2
3.2
3.0
.7
1.6
2.5
1.1
1.1
1.6
.8
-.8
2.2
1.4
1.2
2.5
3.1
-.4
1.2
2.0
2.4
2.3
3.4
3.1
3.2
2.5
2.6
22
2.2
1.7
1.8
1.7
2.0
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthiy data seasonally adjusted, except as noted by NSA]
Housing
Adden lum: All ite ns, percent ( hange
fannua rate)
Tri nsportati an
All
Shelter
Period
All
items:
Ap-
Fuel
and
Food
Total '
parel
and
Rent-
New
Total '
Total '
costs
Motor
Medical
Energy2
utilities
costs
items
less
food,
From
previ-
energy
ter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
C tiange, D ecember to Decf mber, IS SA
1980
1981
1982
12.5
10.2
13.7
15.0
8.9
3.8
3.8
3.9
3.8
1.1
4.3
3.1
2.7
3.8
2.6
3.8
3.5
10.2
9.9
3.6
3.5
4.3
4.3
1.7
3.7
2.4
4.7
5.2
6.0
4.6
1983
1984
1985
1986
1987
4.4
4.8
13.8
14.4
5.1
5.9
6.3
5.0
3.9
4.5
5.1
5.9
4.6
5.3
9.7
1.8
4.2
1.8
-5.6
1.6
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
7.4
18.8
9.4
6.8
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
14.6
10.9
1.8
3.9
3.1
2.6
— 5.9
6.1
9.9
12.5
11.0
6.4
6.1
6.7
7.7
5.8
18.0
11.9
1.3
-.5
.2
1.8
-19.7
8.2
13.5
10.3
9.8
9.4
6.1
5.0
6.2
3.2
4.3
3.6
1.9
3.6
4.3
3.7
3.3
3.8
Chs nge, mo nth to nlonth
1987:
.3
.3
.4
.3
.3
.3
0.5
.5
-.1
.1
.5
.2
.1
0.3
.3
.2
.3
2
.5
Mav
June
July
Aug
Sept
Oct
Nov
Dec
0.4
1988: Jan
Feb
Mar
Apr
May
1
2
.4
.3
0.2
.3
.8
.3
0.4
1
.4
-.2
2
.8
-.3
.4
-.1
.3
0.3
.2
.3
.6
.2
.5
.2
.2
.4
.3
.6
.5
.6
.3
-.3
.3
.7
.4
.4
.6
.5
.5
.1
.3
1.1
.5
1.1
— .3
_2
.4
.5
.2
2
.5
_2
.3
.3
.3
.3
2
.1
.7
2
.2
.3
0.2
.4
.1
.5
O
1
.5
2
.5
-.1
0.4
-.5
-.8
.4
.9
1.3
.4
-.8
0.2
.5
.6
.8
.1
.4
.5
-.3
0.2
.3
.3
.1
-.3
-.1
-.2
.1
.3
.7
o
2.0
2.0
0
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel < , etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
24
2
.2
.3
2
0
.3
.3
0
2
3
0.1
1.1
1.2
3.3
Y
_ 2
0
-1.7
-1.5
-1.9
.4
1.1
1.7
0.5
.5
.5
.5
.5
.4
.5
.4
0.1
1.0
1.7
-.4
-.6
.3
-.8
0.3
.2
.3
.3
.3
.5
.3
0
.8
.6
.4
.6
.7
-.7
-.6
0
.8
.5
.5
.3
.5
.6
.3
.2
5.1
3.6
3.9
3.2
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
5.1
4.3
3.6
3.9
3.9
4.3
3.5
3.2
3.2
2.8
4.2
4.6
5.3
3.9
3.7
3.6
3.9
3.7
3.9
4.3
4.4
4.5
4.5
4.4
3.7
3.2
3.7
3.9
4.0
4.0
3.9
3.9
3.9
3.9
5.1
5.3
4.4
4.5
4.1
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in June rose 3.7 percent from their May level. Prices paid by farmers in April were 1.8
percent above their January level.
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
160
160
140
140
120
120
100
100
80
80
mil
60
RATIO-!'
140
iiiiiln
in
ill
60
RATIO^
140
-
-
120
120
=^--^r
100
80
60
iiiiilimi iiiiilimi
1980
RATIO
100
"^—^r—
i v 11—^
=•
1 1 1 1 1 1 1 1 1 ii I l l l l l l l l l l
80
^=-1
Illllllllll Illllllllll Illllltllll Illllllllll Illllllllll
1982
1981
-
1983
1984
1987
1986
1985
60
1988
J/'RATIO CF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977
= 100]
I'rices paid by farme s
Pri ces received by fanr ers
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987:
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
1
Livestock and
products
All farm
products
134
139
133
135
142
128
123
127
130
129
127
129
127
132
127
131
130
130
130
134
139
125
134
121
128
138
120
107
106
r
!09
108
r
!02
!05
106
120
r
l!2
115
109
110
111
117
129
r
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
144
143
145
141
146
136
138
146
r
!49
r
!48
r
!50
152
147
143
141
147
149
148
148
151
147
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
138
150
159
161
165
163
159
162
139
151
159
159
162
157
150
152
(3)
154
(3)
(3)
155
(3)
(3)
155
(3)
(3)
158
(3)
(3)
(3)
164
(3)
(3)
165
(3)
(3)
165
(3)
(3)
168
(3)
(3)
Production
items
138
148
153
152
155
151
144
147
(3)
148
(3)
(3)
150
(3)
(3)
152
(3)
(3)
155
(3)
(3)
Ratio 2
97
92
84
84
86
79
77
78
80
79
77
79
77
80
77
79
79
79
77
80
83
NOTE.—The official indexes are published on a 1910-14 hase as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In May, Ml was unchanged from its April level; growth in M2 and M3 slowed.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
300
1988
COUNCIL OF ECONOMIC ADVISERS
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
M2
Ml
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
L
MS
Ml plus overnight
EPs and
MMMF balances
(general purpose
and broker/dealer),
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
4.8
3.2
2.2
2.9
3.3
3.3
3.4
3.5
r
o.9
r
8,353.8
8,409.8
8,469.5
8,528.7
4.1
3.5
4.2
4.7
5.4
6.1
6.8
7.5
5.6
6.4
7.0
7.0
6.9
3,880.9
4,262.1
4,645.5
5,181.7
5,932.6
6,749.4
r
7,607.6
r
8,305.1
1987: May
June
July
Aug
Sept
Oct
Novr
Dec r
746.5
742.1
743.6
746.5
747.5
756.2
752.7
750.8
2,849.1
2,851.7
' 2,858.2
2,869.5
2,880.9
r
2,894.7
2,896.6
2,901.1
' 3,564.4
3,580.1
3,587.6
3,605.5
3,620.5
3,642.0
3,656.7
3,661.1
r
r
1988: Jan T
Feb r
Marr
Apr r
May"
758.8
759.5
763.0
770.1
770.1
2,925.0
2,946.1
2,967.6
2,991.8
3,003.5
3,686.8
3,719.5
3,744.5
3,766.7
3,780.1
26
10.2
12.3
9.2
10.2
10.6
7.3
9.2
r
4.9
3.5
2,327.6
2,599.0
2,852.9
3,154.4
3,519.4
3,825.4
r
4,133.8
4,325.4
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
M3
11.7
4.7
3.4
4.2
3.7
3.1
1.7
2.4
1,990.8
2,236.5
2,443.2
2,693.2
2,978.3
3,196.0
' 3,490.4
r
3,661.1
6.8
6.5
8.5
9.6
5.7
M2
7,881.6
r
7,939.3
r
7,980.7
r
8,031.0
r
8,092.8
r
8,162.4
8,244.5
8,305.1
1,633.1
1,795.5
1,954.0
2,185.2
2,363.6
2,562.6
2,807.8
r
2,901.1
4,363.3
4,396.2
4,424.4
4,467.4
Ml
8.9
9.9
8.8
11.8
8.2
8.4
9.6
3.3
412.2
439.1
476.4
522.1
551.9
620.1
725.4
750.8
4,217.7
4,232.3
4,235.1
4,257.8
4,283.5
4,312.5
4,324.0
4,325.4
Percent change from year or 6
months earlier 2
12.4
17.0
3.7
4.7
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
r
5.2
4.2
r
4.7
5.0
5.3
5.2
4.6
Debt
9.6
9.8
9.0
11.5
14.5
13.8
12.7
r
9.2
r
!0.1
r
8.9
r
8.2
r
8.5
r
8.9
r
9.0
9.4
9.4
9.6
9.7
9.5
9.2
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
P er ' d
Currency
Demand
deposits
Other
checkable
deposits
(OODs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
Money market
mutua fund
hala ices
General
purpose
and
broker/
dealer
NSA
NSA
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1987: Dec
1987:
May
June
July
Aug
Sept
Got
Nov
Dec
1988:
Jan
Peb
Mar.
Aprr
May"
Money
market
deposit
accounts
(MMDAs)
Institution
only
NSA
Savings
deposits
0.0
.0
43.2
379.2
416.8
513.6
572.5
525.2
400.2
343.9
356.8
259.3
38.8
53.8
56.3
70.2
78.4
r
78.1
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
253.9
254.3
255.6
257.2
258.6
260.3
259.5
259.3
76.2
74.9
75.6
r
79.8
r
83.5
r
86.0
r
79.7
r
78.1
209.9
210.6
210.6
213.1
216.3
218.2
219.7
221.1
82.1
81.7
83.8
84.0
81.3
82.5
89.5
89.6
558.6
555.1
549.4
545.0
540.5
533.9
527.7
525.2
225.0
231.0
r
234.9
236.1
232.7
94.4
98.7
97.4
91.9
90.0
261.4
231.4
234.1
238.6
244.1
267.2
303.3
31.4
80.9
105.4
132.3
146.4
179.2
235.2
288.0
187.0
187.8
189.0
190.2
191.4
193.1
195.0
196.5
298.9
293.3
292.3
292.1
290.5
295.9
291.3
288.0
198.4
199.3
200.9
202.5
203.6
289.9
287.8
287.9
290.1
287.3
r
263.3
265.0
r
266.9
270.2
271.9
r
28.3
35.9
r
82.8
78.1
74.8
76.7
81.5
r
Large
denomination
time
deposits '
Term
repurchase
agreements
(EPs)
Term
Eurodollars
(net)
NSA
NSA
NSA
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
115.3
122.5
132.6
146.3
156.1
167.7
180.4
196.5
Small
denomination
time
deposits 1
r
524.1
522.6
' 524.7
523.3
519.5
r
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
r
Bankers'
acceptances
r*nm
vommernal
paper
72.3
67.8
68.0
71.1
74.2
79.3
91.6
100.2
133.5
149.4
183.5
211.9
260.9
301.2
284.2
r
259.5
32.1
40.0
44.5
45.1
45.7
42.5
37.8
45.7
98.8
105.3
113.6
133.1
160.3
206.5
229.9
258.9
86.8
87.8
84.4
90.2
94.4
92.9
92.8
90.8
95.9
96.6
97.5
98.1
98.4
98.8
99.3
100.2
261,6
259.6
254.8
258.9
263.7
273.0
T
270.6
r
259.5
42.1
43.1
43.4
43.5
44.3
44.5
45.0
45.7
253.7
252.8
251.8
251.8
256.6
254.2
252 5
258.9
101.4
102.6
103.5
104.6
r
•'43.6
40.9
40.6
41.2
269.0
274.1
280.3
288.2
305.5
285.4
301.4
370.7
414.3
260.0
302.5
326.7
327.1
416.9
436.4
439.2
484.7
34.0
36.0
34.5
51.8
61.9
65.6
84.0
r
105.5
409.5
413.1
415.5
417.8
418.6
417.0
415.0
414.3
845.9
852.1
859.1
865.9
872.1
883.3
901.7
913.1
454.0
458.6
460.2
462.4
465.3
472.3
480.5
484.7
102.5
107.4
107.0
r
107.4
r
109.1
r
106.1
108.7
r
105.5
r
414.4
416.2
419.8
422.8
425.3
924.6 482.8
941.5 489.7
953.5 r491.4
964.8 492.6
971.7 496.5
r
r
r
r
106.0
109.9
r
107.3
108.1
111.2
ings
Donas
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
822.9
850.5
783.6
883.3
879.5
853.2
913.1
728.4
Shortterm
Treasury
seeiirities
q
oav-
85.3
85.1
r
89.4
88.6
89.8
r
262.5
259.2
255.5
266.7
r
here.
Source: Board of Governors of the Federal Reserve Svstcm.
NOTE.—Travelers cheeks of mmbank issuers are a component of money stock but are not shown
AGGREGATE RESERVES AND MONETARY
[Averages of daily figures; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository institutions
from the Federal Keserve, NSA
Adjusted for c langes in resen e requirements
E eserves of depo *itory institution s
Period
Total
Nonborrowed
Nonborrowed plus
extended
credit
Dec r.
Dec r.
Dec r.
Dec r .
Dec r.
Dec r .
Dec r.
Dec r.
31,261
32,841
35,247
37,549
40,959
47,255
57,456
58,722
29,571
32,204
34,613
36,775
37,773
45,937
29,574
32,353
34,799
36,777
40,377
46,436
56,629
57,944
1987: May T
June r
July r
Aug r
Sept r
Oct r
Nov r .
Dec r
59,100
58,653
58,499
58,810
58,815
59,466
59,053
58,722
1988: Jan r
Feb r
Mar r
Apr r
May"
59,458
59,573
59,760
60,374
60,365
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
NOTE.—Series revised beginning 1959.
Required
Monetarv
base
Total
credit
38
93
3
148
186
2
2,604
499
303
483
1,035
776
672
647
940
943
625
777
19S
259
283
279
231
189
126
93
288
273
194
132
409
449
394
483
1,082
396
1,752
2,993
2,578
59
75
119
146
248
372
205
1,478
2,624
2,107
56,932
58,428
36,988
40,106
46,198
56,087
57,693
150,642
158,870
171,192
187,005
200,449
218,255
240,799
257,928
3,186
1,318
827
777
58,064
57,876
57,827
58,163
57,874
58,523
58,428
57,944
58,352
58,149
58,021
58,295
58,283
58,973
58,822
58,428
58,021
57,462
57,738
57,778
58,021
58,338
58,129
57,693
249,014
249,450
250,409
251,919
253,024
255,296
256,938
257,928
58,376
59,177
58,009
57,380
57,787
58,748
59,382
59,487
60,004
59,894
58,163
58,440
58,832
59,515
59,325
260,721
262,019
263,315
265,808
266,924
30,747
32,521
34,747
Seasonal
1,690
636
634
774
116
54
33
96
113
56
Source: Board of Governors of the Federal Reserve Svstem.
27
BANK LOANS AND SECURITIES
Commercial and industrial loans rose 1.5 percent in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
2,400
120
120
1988
1980
' SEASONALLY ADJUSTED
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *]
All commercial ban ks
Loans an I leases
Period
Totai
loans and
securities 2
fltQ 1
U.S.
Government
securities
Other
securities
0.0
.0
.0
3.3
45.8
23.8
17.9
14.6
13.3
11.1
36.1
31.6
29.2
56.4
58.1
51.2
Security
262.7
179.2
182.5
188.2
212.9
17.9
21.3
25.2
321.3
321.3
322.9
328.5
331.3
331.7
331.1
333.2
195.5
195.9
194.3
193.7
193.7
194.2
196.2
196.0
1,649.3
1,659.6
1,664.1
1,676.8
1,689.8
1,701.7
1,704.8
1,701.4
551.9
554.4
553.6
554.0
559.0
562.8
563.1
565.5
532.6
542.6
549.6
556.8
561.7
569.4
576.2
582.3
319.1
318.9
319.7
321.5
322.8
324.1
325.0
325.9
43.6
44.0
43.9
45.4
46.1
47.1
39.3
33.4
35.8
34.5
32.5
31.5
31.4
31.7
31.9
31.9
30.0
30.0
29.8
29.7
29.6
29.6
29.3
29.2
334.6
334.9
338.9
343.0
346.0
193.9
195.6
197.5
198.2
197.6
1,714.0
1,729.2
1,738.4
1,756.4
1,778.9
568.3
571.1
569.3
578.9
587.4
587.5
593.0
598.2
604.4
612.5
327.9
330.8
334.6
337.6
339.2
36.3
41.3
39.8
38.1
38.8
32.1
32.7
32.1
31.2
31.8
29.4
29.5
29.5
29.5
29.4
2,166.0
2,176.7
2,181.3
2,199.0
2,214.7
2,227.6
2,232.1
2,230.6
1988: Jan r ....
Feb r....
Mar r....
Apr r....
May"...
2,242.4
2,259.8
2,274.8
2,297.7
2,322.5
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
31.6
33.1
36.2
39.2
40.1
Individual
196.1
196.0
1987: May
June
July
Aug
Sept
Oct
Nov
Dec
28
253.6
293.7
314.4
325.9
27.8
33.9
42.0
39.1
33.4
29.3
29.9
31.2
30.5
31.4
32.6
35.0
31.9
Real
estate
284.2
300.0
331.0
376.6
425.9
494.0
582.3
1,722.9
1,908.6
2,089.9
2,230.6
1,239.1
1,307.5
1,401.3
1,553.4
Agricultural
otate
and
political
subdivisions
325.7
355.4
392.6
414.1
472.8
499.4
535.6
565.5
154.7
160.9
165.7
170.6
142.6
181.2
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nnn
onbank
financial
institutions
913.9
967.3
1,033.9
1,123.7
1,320.4
1,456.9
1,584.5
1,701.4
170.6
179.3
201.7
259.1
260.0
270.5
309.3
333.2
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Total 2
Commercial
and
industrial
Foreign
banks
Foreign
official
institutions
Lease
financing
receivables
11.5
10.9
12.7
Other
21.4
23.1
26.6
31.7
31.2
36.0
9.6
9.6
8.2
7.2
5.9
9.4
7.9
6.0
5.9
5.6
13.3
13.7
16.1
19.0
22.4
24.8
38.7
43.3
56.2
56.1
55.5
54.7
54.6
54.1
53.4
51.2
9.3
9.6
9.0
9.1
9.2
9.6
8.8
8.2
6.1
5.9
5.7
5.7
5.7
5.8
5.7
5.6
23.7
23.9
23.9
24.0
24.1
24.3
24.5
24.8
42.1
39.8
40.7
44.3
45.5
43.2
47.6
43.3
52.3
52.3
52.1
51.9
51.6
8.2
7.8
8.1
8.5
8.2
5.6
5.2
5.2
5.2
5.3
24.8
24.7
24.8
25.0
25.3
41.6
40.9
44.6
46.1
49.4
of States and political subdivisions are included in loans rather than in other securities.
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
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
l
Total
1985
1986
1987
r
1986: II
ra
IV
r
1987: I r
nr
m.
IV
1988: I"
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
336.3
355.4
499.9
442.0
597.1
350.9
352.2
342.2
406.0
479.7
473.6
577.1
343.2
340.8
350.9
353.9
450.4
356.6
351.5
347.2
Loans and
short-term
paper
Securities
and
mortgages
Total
1979
1980
1981
1982
1983
1984
Capital
expenditures 3
C edit market fu nds
Total
Other 2
Increase in
financial
assets
Discrepancy
(sources less
uses)
155.1
145.8
143.9
85.1
146.6
182.2
136.9
139.9
136.9
87.8
92.7
94.5
80.4
88.6
121.6
85.2
109.5
77.4
21.0
53.1
22.8
44.0
57.3
-7.5
15.3
33.3
24.2
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
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
149.0
89.8
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
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
93.8
42.6
K n
48.3
51.3
425.7
396.0
29.7
24.7
254.9
62.8
138.9
122.7
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
a )r
' -,°^' ,.,-,-, , ,
, ,, .
* (./oiisists otf tax liabilities, trade debt, and direct foreign investment in the II.h.
51.5
31.9
3
Plant and equipment, residential structures, inventory investment, and minera! rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandir« '
Ins tallment credit outstanding (end of perio 3)
Period
Total
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
Other
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Dec
Dec
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
559
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:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
580,072
581,233
587,878
593,512
598,190
602,978
606,927
608,726
613,021
251,211
251,741
254,212
256,585
259,558
261,902
263,823
264,474
267,180
140,339
141,876
144,777
147,809
149,815
152,553
155,196
156,425
159,307
26,825
26,639
26,810
26,966
26,879
26,845
26,698
26,604
25,957
161,697
160,978
162,079
162,153
161,938
161,677
161,209
161,225
160,578
4,620
1,713
1,162
530
2,471
2,579
1,537
2,900
3,032
2,006
2,738
2,643
1,229
2,882
14
-186
171
156
-87
-34
-147
-94
-646
314
-719
1,101
74
-215
-261
-468
16
-646
619,259
624,293
629,485
633,131
269,883
273,133
276,762
278,308
162,065
163,462
165,644
167,253
25,926
25,857
25,732
25,745
161,384
161,842
161,348
161,826
2,758
1,396
2,182
1,609
-32
-69
-125
13
807
458
-493
478
1988: Jan
Feb
Mar r
Apr"
* For ycar-e.nd data, change from preceding year-end; for monthly data, change from preceding
month.
6,643
5,635
4,677
4,787
3,949
2,373
2,973
2,344
1,802
1,921
651
4,296
2,706
6,236
5,035
5,191
2,704
3,250
3,628
3,646
1,546
Source: Board of Governors of the Federal Reserve Svstem.
29
INTEREST RATES AND BOND YIELDS
Short-term interest rates rose in June; longer-term rates fell.
PERCENT PER ANNUM
ERCENT PER ANNUM
16
OF ECONOMIC ADVI1
[Percent per annum]
U.S. T reasurv security •ields
Period
3-month bills
(new issues) *
Constant m aturities 2
B-vear
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Corporate
Aaa bonds4
(Moody' s)
14.029
10.686
8.63
9.58
7.48
5.98
5.82
14.44
12.92
10.45
11.89
9.64
7.06
7.68
13.91
13.00
11.10
12.44
10.62
7.68
8.39
11.57
9.47
10.15
9.18
7.38
7.73
5.69
5.78
6.00
6.32
6.40
5.81
5.80
7.82
7.74
8.03
8.67
8.75
7.99
8.13
8.40
8.45
8.76
9.42
9.52
8.86
8.99
7.89
7.83
7.90
8.36
8.84
8.09
8.07
1988: Jan
Feb
Mar
Apr
May r
June p
5.90
5.69
5.69
5.92
6.27
6.50
7.87
7.38
7.50
7.83
8.24
8.22
8.67
8.21
8.37
8.72
9.09
8.92
Week ended:
1988: June 4
11
18
25
July 2"
6.53
6.44
6.44
6.51
6.59
8.34
8.20
8.13
8.26
8.23
9.07
8.96
8.84
8.94
8.88
1981
1982
1983
1984
1985
1986
1987
1987:
June
July
Aug
Sept
Get
Nov
Dee
1
30
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged 5by
bainis "
New-home
mortgage
yields
(FHLBB) 6
7.69
6.33
5.66
18.87
14.86
10.79
12.04
9.93
8.33
8.22
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.67
10.18
10.52
10.01
10.11
7.00
6.72
6.81
7.55
7.96
7.17
7.49
5.50-5.50
5.50-5.50
5.50-5.50
5.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.75
8.75-9.00
9.00-8.75
8.75-8.75
9.38
9.37
9.25
9.30
9.15
7.81
7.55
7.80
7.91
8.01
7.86
9.88
9.40
9.39
9.67
9.90
9.86
6.92
6.58
6.64
6.92
7.31
7.53
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
7.96
7.88
7.78
7.84
7.85
10.00
9.93
9.80
9.79
9.82
7.55
7.50
7.46
7.55
7.61
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-
11.23
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities bv the Treasury Depa rhnt-nt.
3
Weekly data are Wednesday figurs-a.
4
Series "excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
3
Prime
commercial
paper,
6 months *
14.17
13.79
12.04
12.71
11.37
9.02
9.38
14.76
11.89
8.89
10.16
8.01
6.39
6.85
13.41
11.02
8.50
8.80
9.32
9.42
9.45
9.41
9.10
9.12
9.15
r
9.13
8.95
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in June.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
160
240
220
200
180
160
140
140
COMPOSITE STOCK PRICE INDEX
(NYSE)
120
/
120
100
100
80
80
60
60
Illllllllll
40
1980
1981
40
1983
1982
1984
1985
1986
1987
1988
PERCENT
PERCENT
20
'M
15
EAR MINGS-PRICE R ATIOC N COWWON STO(-KS
"X.
^^^_—-^
JL
\
10
^—-"
5
1 I
i
1
19iil
1980
I
1 1
1982
1 1
1983
•-—
--•
^^
n
15
(S&P
X.
P~
1
1
1
19 84
1
1985
1
I
1
1986
Co nrnon stock price
1
New York Stock Exc hange indexes (E ec. 31, 1965 = 5
,)2
Transporta-
!
1988
1
Common st ock yields
(perce nt) 5
Period
Industrial
1
\
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD S. POOR'S CORPORATION
Composite
/
~l
/
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143=10) 4
Dividendprice ratio
5.20
5.81
4.40
4.64
4.25
1981
1982
1983
1984
1985
1986
1987
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
72.61
60.41
89.36
85.63
104.11
119.87
140.39
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
268.83
1987: .Tune
July
Aug
Sept
Oct
Nov
Dee
169.58
174.28
184.18
178.39
157.13
137.21
134.88
206.61
214.12
226.49
219.52
189.86
163.42
162.19
150.39
157.48
164.02
158.58
140.95
117.57
115.85
74.25
74.18
78.20
76.13
73.27
69.86
67.39
152.73
152.25
160.94
154.08
137.35
118.30
111.47
2,384.02
2,481.72
2,655.01
2,570.80
2,224.59
1,931.86
1,910.07
301.38
310.09
329.36
318.66
280.16
245.01
240.96
1988:
Jan
Feb
Mar
Apr
May T
June p.
140.55
145.13
149.88
148.46
144.99
152.72
168.47
173.44
181.57
180.88
176.02
184.92
121.20
126.09
135.15
133.43
127.63
136.02
70.01
72.89
71.16
69.40
68.66
72.29
119.40
124.36
125.27
121.67
120.35
129.00
1,947.35
1,980.65
2,044.31
2,036.13
1,988.91
2,104.94
250.48
258.13
265.74
262.61
256.12
270.68
3.49
3.08
2.92
2.83
2.69
2.78
3.25
3.66
3.71
3.66
3.56
3.48
3.57
3.80
3.59
Week ended:
1988: June 4
11
18
25
July 2 "....
149.59
151.67
153.50
154.04
153.40
180.81
183.75
186.04
186.53
185.59
131.03
135.06
135.99
137.52
138.58
71.67
71.69
72.32
72.79
72.73
126.08
127.80
129.70
130.20
129.94
2,054.72
2,085.56
2,110.71
2,127.31
2125.76
265.16
269.04
272.13
272.97
271.46
3.64
3.58
3.54
3.60
3.60
1
Average of daily closing prices.
Includes all the'stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.49
4.75
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).
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 8 months of fiscal 1988, there was a deficit of $127.5 billion compared with a deficit of $119.9 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
RECEIPTS AND OUTLAYS^
1,100
1,100
1,000
1,000
OUTLAYS!/
900
900
800
800
700
700
RECEIPTS^/
600
600
500
500
SURPLUS OR DEFICIT (-)i/_
-100
-100
-200
-200
1980
1981
1982
1983
1984
1985
1986
1987
1989
1988
FISCAL YEARS
I/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Fet eral debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Held by
tbe 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
133
-49.7
-54.9
-38.2
66.4
18.0
76.8
85.4
98.0
69.6
19.4
80.7
89.7
100.0
-3.2
-1.4
-3.9
-4.3
-2.0
631.9
646.4
709.1
780.4
833.8
480.3
498.3
551.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
-73.8
-78.9
-127.9
-207.8
-185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
-73.9
-120.0
— 208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
— 1.1
-5.0
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
1985
1986
1987
1988 (estimates)
1989 (estimates)
734.1
769.1
854.1
909.2
964.7
946.3
990.3
1,004.6
1,055.9
1,094.2
-212.3
-221.2
- 150.4
-146.7
-129.5
547.9
568.9
640.7
669.3
706.2
769.5
806.8
810.8
852.8
880.9
-221.6
-237.9
-170.0
-183.5
-174.7
186.2
200.2
213.4
239.9
258.5
176.8
183.5
193.8
203.1
213.3
16.7
19.6
36.8
45.1
1,827.5
2,130.0
2,355.3
2,581.6
2,825.3
1,509.9
1,746.1
1,897.8
2,025.1
2,152.1
Cumulative total, first 8
months: l
Fiscal year 1987
Fiscal yea. 1988
554.4
581.8
674.2
709.3
-119.9
-127.5
411.4
422.2
546.7
575.9
-135.4
-153.7
143.0
159.5
127.5
133.4
15.5
26.2
2,291.3
2,526.5
1,864.3
2,009.0
1
From Monthly Treasury Statement for May 1988. Data for outlays and debt are not strictly
comparable with estimates in the Budget for fiscal year 1989.
NOTE.—Data from Budget of the United States Government, Fiscal Year 1989, February 1988,
32
79
.2
.3
9.4
except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1988, receipts were $27.4 billion higher than a year earlier and outlays were $35.1
billion higher.
BILLIONS OF DOLLARS
400
BILLIONS OF DOLLARS
RECEIPTS
300
- _— -—
200
400
INDIVIDUAL INCOME TAXE,
/
_.
-
7—
""
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
~
OTHER RECEIPTS
100
1
0
|
j—~
—]
*S CORPORATION INCOME TAXES |
|
100
|
0
-OUTLAYS^/ .
800
200
•
800
.NONDEFENSE
700
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
JOO
100
1980
1981
1982
1983
1984
1985
1987
1986
1988
1989
FISCAL YEARS
_L/ 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]
0 n-budget md off-bm get receipts
Fiscal year
Total
Individual
Corporation
Social
insurance
taxes
and
On-bud{ et and off -budget ou tlays
Nation 1 defense
Other
Total
butions
1976
1977
1978
1979
298.1
41.4
54.9
60.0
65.7
90.8
106.5
121.0
138.9
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
265.2
283.9
303.3
412.4
61.3
63.1
83.9
105.6
117.7
253.5
255.6
48.5
52.2
131.6
157.6
355.6
399.6
463.3
181.0
217.8
1980
1981
1982
1983
1984
517.1
244.1
599.3
285.9
297.7
288.9
298.4
1985
1986
1987
734.1
769.1
854.1
1988 (estimates)
1989 (estimates)
909.2
964.7
Cumulative total, first 8 months: 1
Fiscal year 1987
Fiscal year 1988
581.8
617.8
600.6
666.5
554.4
334.5
349.0
392.6
393.4
209.0
239.4
331.5
354.6
204.1
222.4
Inter-
Defense,
military
affairs
Health
Income
Social
ty
'y
26.5
60.8
61.0
61.5
66.4
73.9
85.1
93.9
104.1
26.7
29.9
35.4
42.6
93.0
114.7
119.6
Medi-
Net
Other
371.8
409.2
458.7
503.5
89.6
97.2
104.5
116.3
87.9
95.1
102.3
113.6
6.4
6.4
7.5
7.5
18.5
20.5
50.6
69.5
69.3
65.6
71.8
590.9
678.2
745.7
808.3
134.0
157.5
185.3
130.9
153.8
180.7
851.8
209.9
227.4
204.4
220.9
12.7
13.1
12.3
11.8
15.9
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
73.0
73.1
74.3
78.7
80.1
946.3
990.3
1,004.6
1,055.9
1,094.2
252.7
273.4
282.0
285.4
294.0
245.1
16.2
14.2
11.6
65.8
70.2
75.1
78.9
84.0
128.2
119.8
123.3
129.6
135.6
188.6
198.8
13.3
33.5
35.9
40.0
44.5
47.8
233.8
129.4
136.0
138.6
147.9
151.8
131.8
142.1
126.7
140.1
133.9
48.2
51.6
674.2
709.3
186.7
194.1
181.3
188.7
7.7
7.1
26.2
29.1
49.9
51.8
85.5
88.7
135.9
143.4
93.5
101.9
88.9
93.2
34.3
36.6
37.7
40.8
1
From Monthly Treasury Statement for May 1988. Data for outlays and debt are not strictly
comparable with estimates in the Budget for fiscal year 1989.
NOTE.—Data from Budget of the United States Government, Fiscal Year 1989, February 1988,
Depart-
265.5
274.0
277.3
285.5
9.9
15.7
17.3
15.8
19.3
22.8
207.4
219.7
82.8
except as noted.
Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1988, according to revised estimates, Federal receipts rose $16.4 billion (annual rate) and
Federal expenditures fell $0.8 billion, yielding a deficit of $143.1 billion.
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 (-)
A
-200
i i
1980
1
1981
1983
1982
1
-200
1
1
1985
1984
1
1
1986
1
1
1
1987
i i i
1988
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fedora Governmeiit receipts
Period
Total
Fiscal year:
1984
1985
1986
1987
Calendar year:
1984
1985
1986
1987
1982: IV
1983: IV
1984: IV
1985: HI
rv
1986: I
II
Ill
IV
1987: I
II
Ill
IV
1988: I r
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Federal G overnment expenditure s
Contributions for
Total
insurance
Purchases
of goods
and
services
711.9
776.4
814.2
905.6
302.5
340.6
358.0
401.9
75.3
74.3
80.3
104.0
54.9
56.0
51.7
54.1
279.2
305.6
324.1
345.6
873.0
961.0
1,027.8
1,055.1
297.2
340.4
726.0
788.6
827.4
915.7
633.1
675.5
742.7
794.9
805.1
807.6
816.9
832.4
852.5
879,3
922.9
923.0
937.6
954.0
310.3
75.2
76.1
83.7
109.4
46,4
70.2
69.7
79.1
77.8
78.7
81.3
84.3
90.5
103.0
107.9
114.5
112.3
108.8
55.7
284.7
55.2
50.9
54.1
47.6
53.6
56.2
53.1
53.7
50.4
49.9
52.1
51.1
53.3
54.2
53.9
54.9
56.5
310.6
329.8
348.4
236.1
259.8
290.7
311.7
316.9
325.8
328.1
330.7
334.5
341.5
345.2
350.3
356.8
382.3
895.6
984.6
1,032.0
1,067.1
835.7
844.7
930.2
990.8
1,020.2
1,003.7
1,047.1
1,036.1
1,041.2
1,049.8
1,062.1
1,058.8
1,097.8
1,097.0
346.6
363.0
403.7
303.0
291.9
326.0
351.0
356.7
352.8
357.6
365.2
376.4
381.5
415.6
404.3
413.5
406.4
: Department of Commerce, Bureau of Econ
34
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
current
surplus of
Government
enter-
368.4
374.9
352.2
374.0
394.8
410.1
97.8
107.4
103.1
109.7
128.0
134.3
139.6
23.3
20.7
22.9
27.5
310.5
353.9
366.2
379.4
293.2
276.1
326.0
361.9
378.0
356.7
368.4
371.2
368.6
366.9
379.6
382.1
388.9
375.1
354.9
380.1
399.9
413.5
347.4
352.5
362.1
383.7
385.8
389.9
398.3
405.9
405.7
406.7
412.0
413.4
421.8
432.5
93.6
99.7
106.9
103.4
84.5
86.0
96.3
100.2
103.7
105.4
109.6
109.5
102.8
102.2
106.0
103.5
102.0
111.2
115.6
130.2
135.7
142.8
87.2
101.0
125.3
129.7
133.0
134.9
135.9
134.2
137.8
139.5
139.8
142.9
148.9
148.8
21.2
20.5
90.7
or deficit
Subsidies
23.3
28.0
23.4
29.1
21.0
15.3
19.7
16.8
34.9
15.3
26.3
34.3
24.8
17.2
35.8
29.6
Wage
accruals
less
disbursements
0.1
— .1
.0
.1
.2
2
.0
.0
.0
.0
.6
.0
.0
.0
.0
.0
.0
.0
.0
.3
q
.0
national
income
and
product
accounts
-161.0
-184.5
-213.6
-149.5
-169.6
-196.0
-204.7
-151.4
-202.6
-169.2
-187.5
-195.8
-215.0
-196.1
-230.2
-203.7
-188.7
-170.5
-139.2
-135.8
-160.2
-143.1
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1!) 32-84=100
Industrial roduction (1977 = 1 '0; seasonal] ' adjusted
Period
United
States
1980
1981
1982
1983
1984
1985
1986
1987 '
1987:
May
June
July
Aug
Sept
Oct
Nov
Dec
1988:
1
Canada
82.4
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
90.9
96.5
99.6
103.9
107.6
109.6
113.6
81.9
91.7
100.3
108.0
114.3
117.2
121.1
86.7
92.2
97.1
100.3
102.7
104.9
104.6
105.0
63.2
75.4
87.7
100.8
111.5
121.0
128.5
134.4
78.5
87.9
95.4
99.8
104.8
111.2
114.9
119.7
114.4
112.6
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
116.6
115.1
113.7
118.5
116.3
116.7
116.8
117.3
121.9
118.3
117.7
112.8
117.2
122.3
120.8
116.1
112.3
112.4
113.1
114.8
113.5
114.4
114.6
114.9
113.1
113.5
113.8
114.4
115.0
115.3
115.4
115.4
118.0
118.3
119.2
119.3
119.3
119.7
120.2
120.3
105.4
105.2
104.7
104.8
105.7
105.7
105.2
105.1
120.9
121.1
121.4
121.7
121.7
122.0
122.2
122.2
105.0
105.2
105.2
105.1
104.9
105.0
105.0
105.2
133.4
133.9
134.3
134.6
135.6
136.8
137.2
137.4
119.7
119.7
119.6
120.0
120.3
120.9
121.5
121.4
117.8
126.4
120.7
114.8
112.4
113.8
115.7
116.0
116.5
117.1
117.5
120.5
121.0
121.6
104.8
104.6
105.0
105.5
122.4
122.7
123.0
123.6
105.4
105.6
105.7
106.0
106.2
138.1
138.5
139.1
139.6
140.0
121.4
121.9
128.2
129.1
130.6
131.2
131.0
132.5
133.2
133.9
130.8
132.1
131.8
134.2
135.0
135.8
136.5
143.7
149.3
151.0
149.3
153.9
157.0
156.6
159.6
137.3
136.7
137.6
Germany
108.0
106.2
103.1
104.1
107.6
112.9
115.1
115.7
120.4
120.9
125.1
138.9
145.1
144.6
150.4
r
France
106
106
104
119.2
!37.2
Japan
Germany
108.6
97.9
104.3
119.0
125.2
126.8
132.6
r
Canada
France
108.1
134.4
134.4
134.7
' 135.5
136.0
Jan
Feb
Mar
Apr
May"
United
States '
Japan
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
r
United
Kingdom
United
Kingdom
105
105
106
106
109
110
109
109
110
110
110
111
153.9
157.4
158.3
157.0
r
111
r
lll
Italy
119.3
111
120.0
120.5
Data relate to all urb;lan consumers.
122.0
122.8
Source: National sources as reported by 1
and International Trade Administration).
Italy
122.3
124.3
124.8
lartment of Commerce (Bureau of Economic Analysis
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Merchant se expor s (f.a.s. value) '
Principal end-use c ommodity catetorv
Period
Total
2
Foods,
feeds,
and
Industrial
supplies
als
1987:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Feb
Mar
Apr
1
Incudes
2
Includes
3
gines
15.7
14.3
16.8
20.6
13.4
13.3
12.6
14.2
17.7
20.7
20.5
24.0
27.3
35.9
34.6
244.0
258.0
325.7
345.3
365.4
406.2
18.2
21.0
21.9
24.4
24.8
2.3
2.8
2.9
2.9
2.6
3.3
3.4
2.6
2.2
3.2
3.0
3.5
31.7
31.8
32.3
32.0
32.5
34.4
34.6
34.5
34.6
36.0
35.3
36.6
2.1
1.9
2.1
2.1
2.0
2.2
2.1
2.0
2.0
2.3
2.1
2.0
3.1
2.6
3.4
3.2
34.3
37.7
36.6
34.4
2.1
2.2
2.2
2.0
and
en-
254.1
72.7
67.2
72.0
73.9
75.8
86.2
18.4
19.3
20.2
20.4
20.3
21.1
22.4
20.9
21.8
22.1
23.1
24.2
1.7
1.7
1.8
1.9
2.0
2.1
2.4
2.2
2.2
2.3
1.8
2.0
5.1
4.9
5.3
5.5
5.4
5.5
5.6
5.6
5.6
5.5
6.1
6.5
6.2
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
2.2
1.9
2.0
2.1
2.1
2.5
2.3
1.3
1.3
1.4
1.4
1.5
1.5
1.6
1.5
1.6
1.5
1.6
1.6
24.5
24.5
26.9
26.2
2.2
2.5
2.6
2.6
6.6
6.6
7.7
7.6
8.7
8.6
8.7
8.7
2.1
2.4
2.7
2.4
1.6
1.8
1.8
1.8
227.2
Principal t nd-use ct mmodity category
Consumer
goods
(nonfood)
except
automotive
61.7
56.7
61.7
58.5
57.3
66.7
* 218.8
4
Automotive
vehicles,
parts,
31.3
30.9
31.5
24.0
22.3
24.3
216.4
205.6
224.0
1982
1983
1984
1985
1986
1987
Capital
goods
except
automotive
22.9
21.7
24.6
1.9
1.9
1.9
Other
Department of Defense Military Assistance Program grant-aid shipments.
undocumented exports to Canada.
Total arrivals of imported goods other than intransit shipments.
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
4
Trade aalance
Gen ra! merch andise im >orts (cus toms valu e) 3
z
Total
Foods
feeds,
and
Industrial
supplies
°
materi
17.1
Automotive
vehicles,
parts,
Consumer
goods
(nonfood)
except
automotive
General
merchandise
imports
(c.i.f.
value)
Exports
(f.a.s)
less
imports
(customs
value)
Exports
(f.a.s)
less
imports
'(c i f )
als
Capital
goods
except
automotive
112.0
107.0
123.7
113.9
101.3
111.0
35.4
40.9
59.8
65.1
71.8
84.5
33.3
40.8
53.5
66.8
78.2
85.2
39.7
44.9
60.0
68.3
79.4
88.7
6.3
7.8
9.4
10.4
12.1
254.9
269.9
346.4
352.5
382.3
424.4
-27.5
-52 A
-101.7
-126.5
-138.3
-152.1
-38.4
-64.2
-122.4
-133.6
-155.1
-170.3
8.4
8.4
8.5
8.1
8.8
9.1
10.2
10.1
9.5
10.3
9.9
9.8
6.2
6.5
6.7
6.6
6.6
7.3
7.0
7.1
7.4
7.4
7.6
8.0
6.9
7.3
6.6
6.8
6.9
7.2
7.0
7.0
7.1
7.4
7.3
7.6
7.1
7.0
7.2
7.4
7.2
7.7
7.4
7.4
7.4
7.3
7.5
8.1
1.0
.8
1.0
.9
1.1
.9
.9
.9
1.1
1.2
1.0
1.1
33.1
32.9
34.0
33.6
34.3
36.2
36.3
36.0
35.7
37.6
36.7
37.9
-13.3
-12.5
-12.1
11.6
-12.3
-13.3
— 12.2
-13.6
-12.8
-13.9
— 12.2
-12.4
-14.7
-13.5
-13.8
13.2
-14.1
-15.1
-13.9
-15.1
-13.9
15.6
-13.6
-13.8
9.5
10.0
9.6
9.3
7.5
8.6
8.4
7.7
6.8
7.6
7.5
7.1
7,5
8.4
7.8
7.3
.9
.9
1.1
1.0
35.8
38.9
38.6
36.1
-9.8
-13.2
-9.8
-8.2
-11.3
— 14.4
-11.7
9.9
and
en-
gines
Other
6.5
NOTE.—Data shown include trade of the U.S. Virgin Islands.
See Bureau of the Census release FT900, June 1988 for information on the seasonally adjusted
series.
Source: Department of Commerce, Bureau of the Census.
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. (Series revised.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
5
10
f .
5
K;J
^/-l
^^ll^-n
0
T
V.i
,A ^
ALANCE ON
CUR RENT ACCOUN
•^
-5
/
-10
-Vv
A
• \
\
\
,
\\
r'
-15
A
-10
\\\
-15
MER CHANDISE TRA BE \ \ \
\ \ -I
BALANCE
x
\
\
-20
\
BALA NCE ON GOODS
A NP SERVICES
V\\
s. \^
-25
f
'••xV^/
**«-
*
^
-25
A
N
^"=\--'/
-30
V
^^\ V
~ *"\ \
, \^
\
-35
\
"**
-^
1
1
1
1
1980
1
1
1
1981
1
1
1982
1
1
1
1 1 1
1984
1983
i i i
1985
-30
' ^
1 \
** «»
"^^^
'"'
-40
-45
-20
/
****
'
]"
\
'A^
-35
^xi-fA
i i i
i i i
1986
-40
MI
-45
1987 1988
•SEASONALLY ADJUS TED
SOURCE: DEPARTMEN OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits ( —)]
Merchandise *
Inv estment
2
incom e 3
N ot
et
Period
Exports
224,269
237,085
211,198
201,820
r
1984 .
219,900
215,935
1985 r.
223,969
1986 '.
r
249,570
1987 .
55,067
1985: I r r
54,197
n r.
m .... 53,434
w.... 53,237
54,113
1986: I rr
56,946
n r.
m r.... 56,268
IV .... 56,642
56,791
1987: I r r
59,864
n r.
ni .... 64,902
IV.... 68,013
74,672
1988: I "
1980
1981
1982
1983
1
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
Receipts
-25,480 72,506
-27,978 86,411
-36,444 83,549
-67,080 77,251
-112,522 85,908
-122,148 88,837
— 144,547 90,110
-160,280 103,756
-25,703 18,549
-29,646 22,092
-30,598 24,309
-36,201 23,886
-35,433 24,352
-33,861 22,248
-36,721 21,845
-38,532 21,667
-39,871 24,791
-39,552 22,429
-39,665 23,289
-41,192 33,248
-35,945 25,114
Payments
Net
-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
-20J709
-25,709
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
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
2
3
36
Net
y
transactions
travel and
transportation
receipts
-997
— 2,237
144
-1,183
-992
-274
-243 -4,227
-8,604
-2,099
-3,431 — 10,049
-4,372 -9,344
-2,368 -10,281
-308
-2,043
-2,704
-649
-2,624
-828
-1,647
-2,678
-1,408 -2,456
-1,283 -2,070
-1,076 -2,407
-2,410
-605
-2,597
-78
-2,516
-179
-851
-2,521
-1,261
-2,648
-899
-2,383
Other
services,
net 3
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
trans-l
fers
Balance
on current
account
1,873
-7,593
9,466
7,793
-7,460
6,884
9,278
14,344
-8,679
-8,956
278
9,320
9,908 -36,766 -9,480 -46,246
9,760 -94,975 -12,102 -107,077
15,010 — 115,103
9,600 - 100,093
11,600 -123,520 -15,308 -138,828
13,445 -153,964
12,035
140,519
2,334 -23,530 -3,290
-26,820
2,391 -25,186 -3,481 -28,677
2,278 -23,518 -4,036 -27,554
2,595 -27,863 -4,205 -32,068
-29,485 -2,972 — 32,457
2,817
2,870 -29,629 -4,085 -33,714
-4,249 -35,537
2,800
-31,288
3,112 -33,118 -4,003 -37,121
2,813 -34,657 — 2,967 -37,624
2,828 -37,727 -3,125 -40,852
-41,967
2,983 -38,987 -2,980
-4,373 -33,523
-29,150
3,412
3,222 -36,600 -3,151 -39,751
Note.—Series revised.
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 n
the first quarter, compared with an increase of $29.8 billion in the fourth quarter. (Series revised.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
80
-
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
60
40
40
20
20
-20
-20
-40
-40
-60
-60
1988
"SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
Foreign assets in the J.S., net
[increas 3/capital inflo\v ( + )] 2
[increase/capit al outflow ( — . ]
Period
Total
U.S.
official
assets
1980
1981
1982
1983
1984 r
1985 '
1986 T
1987 r
1985: I r
II rr
m ...
IV r....
1986: I r r
II r
UIr ...
IV ....
1987: I rr
H r
Ill ...
IV r....
1988: I"
-86,118
-110,951
-121,153
-49,777
-22,304
-32,636
-97,991
-75,987
-1,620
-1,623
-7,593
-21,802
-15,626
-24,515
-26,213
-31,635
11,072
-22,878
-25,292
-38,891
8,891
1
l 2
8,155
-5,175
4,965
-1,196
3,131
-3,858
312
9,149
-233
356
-121
-3,148
-115
16
280
132
1,956
3,419
32
3,741
1,503
Other U.S.
Governassets
U.S.
private
assets
5,162
-72,802
-5,097 -100,679
6,131 -110,058
-5,006 -43,576
5,489 -13,685
— 2,829 -25,950
2,000 -96,303
1,162 -86,297
769
-618
-1,054
-213
454
-7,018
-553
-18,102
-206 - 15,305
-211
-24,320
-1,592 -24,901
10 -31,777
67
9,049
170 -26,127
252 -25,576
1,012 -43,645
780
8,169
Total
58,112
83,032
93,746
84,869
102,631
129,900
221,253
211,490
16,491
25,073
35,044
53,292
39,050
50,128
69,884
62,192
33,100
50,660
71,658
56,072
27,876
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. rest
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Foreign
official
assets
15,497
4,960
3,593
5,845
3,140
-1,196
35,507
44,968
10,992
8,477
2,450
-1,130
2,719
15,838
15,779
1,171
13,977
10,332
611
20,047
24,372
Other
foreign
assets
42,615
78,072
90,154
79,023
99,481
131,096
185,746
166,522
27,484
16,596
32,594
54,422
36,331
34,291
54,104
61,020
19,122
40,327
71,047
36,025
3,504
Statistical ( iscrepancy
Allocations
of special
drawing
rights
(SDEs)
1,152
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
26,756
30,074
33,958
33,747
34,934
24,982
19,942
36,085
11,154
26,760
17,839
15,566
18,461
11,948
5,217
103
578
9,033
8,100
-8,133
6,565
-6,547
13,071
-4,399
16,342
2,984
assets, net *
(unadjusted,
end of
period)
2,533
-2,115
-3,981
3,569
3,006
-2,786
-3,876
3,655
4,141
-2,615
-4,658
3,138
3,925
43,186
48,511
45,798
35,493
36,088
38,295
43,186
44,919
46,595
48,087
48,511
48,824
45,140
45,070
45,798
43,186
NOTE. Series revised.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
,
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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