Full text of Economic Indicators : November 1988
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100th Congress, 2d Session
Economic Indicators
NOVEMBER 1988
(Includes data available as of November 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
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of C.ommerce.
Economic Indicators, published monthly, is available at $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the third quarter, according to revised estimates, current-dollar gross national product (GNP) rose 7.3 percent
(annual rate) or $85.4 billion. Real GNP (GNP adjusted for price changes) rose 2.6 percent and the implicit price
deflator rose 4.7 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5,200
5,200
4,800
4,800
4,400
4,400
GNP
- IN CURRENT DOLLARS .
4,000
4,000
3,600
3,600
GNP
3,200
3,200
IN 1982 DOLLARS
2,800
2,800
2,400
2,400
I
2,000
1980
1981
1983
1982
1984
I I
1985
2,000
1986
1987
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
H
m
rv
1987: I
n
m
rv
1988: I
n r
m
1
Exports and imports of goods
ind service
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,240.3
4,526.7
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
3,212.5
3,545.8
3,851.8
4,107.9
2,117.0
2,315.8
2,493.4
2,700.4
4,207.6
4,268.4
4,304.6
2,772.1
2,842.8
2,876.0
409.6
579.8
661.8
654.1
667.8
653.0
656.4
4,391.8
4,484.2
4,568.0
4,662.8
2,921.7
2,992.2
3,058.2
3,076.3
685.5
698.5
702.8
764.9
- 125.2
125.7
4,724.5
4,823.8
4,909.2
3,128.1
3,194.6
3,261.5
763.4
758.1
771.4
112.1
90.4
-82.4
Gross
national
product
Net
exports
32.1
33.9
26.3
6.1
-58.9
78.0
- 104.4
123.0
14.1
-25.8
67.9
-103.2
-101.2
109.1
-114.3
-119.1
122.2
GNP less exports of goods and services plus imports of goods and services.
Government purcl ases of
goo Is and sennces
Federal
Exports
Imports
351.0
382.8
361.9
352.5
383.5
370.9
378.4
428.0
335.9
364.7
385.7
369.2
373.9
377.8
385.2
395.3
416.8
440.4
459.7
487.8
507.1
531.5
318.9
348.9
335.6
358.7
442.4
448.9
482.8
551.1
321.9
390.5
453.6
472.4
475.1
486.9
499.4
514.4
539.0
565.6
585.4
599.9
597.5
613.9
Total
530.3
588.1
641.7
675.0
735.9
820.8
871.2
924.7
671.8
676.1
764.5
856.7
868.8
881.8
886.5
903.8
915.7
932.2
947.3
945.2
961.6
958.7
National
defense
208.1
242.2
272.7
283.5
310.5
355.2
366.2
382.0
293.2
276.1
326.0
376.6
368.7
372.7
366.7
372.7
377.5
386.3
391.4
377.7
382.2
370.9
142.7
167.5
193.8
214.4
234.3
259.1
277.5
295.3
205.4
221.5
244.1
268.6
277.2
288.0
278.1
287.3
294.8
299.8
299.2
298.4
298.8
293.1
Nondefense
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
87.7
54.6
81.9
108.0
91.5
84.7
88.7
85.4
82.6
86.4
92.2
79.3
83.4
77.9
State
and
Final
sales
Gross
domestic
purchases 1
322.2
345.9
369.0
391.5
425.3
465.6
505.0
542.8
2,740.3
3,028.6
3,190.5
3,412 8
3,704.5
4,003:6
4,224.7
4,487.5
378.7
400.0
438.5
480.1
500.2
509.1
519.7
531.1
538.2
546.0
555.9
3,272.4
3,514.8
3,806.8
4,100.7
4,354.1
4,451.5
4,553.5
4,590.7
4,308.7
4,377.6
4,418.9
4,510.9
4,606.3
4,693.2
4,788.4
567.5
579.4
587.8
4,659.2
4,780.1
4,860.8
4,836.6
4,914.2
4,991.6
Source: Department of Commerce, Bureau of Economic Analysis.
4,188.1
4,267.7
4,306.6
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,344.7
4,649.7
3,198.5
3,571.6
3,919.7
4,211.2
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Export s and imports of
gooc s and ser /ices
G ross priva te
domf stic inves .ment
Nonresidential
fixed
Residential
fixed
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,721.7
3,847.0
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,455.2
2,521.0
379.2
395.2
366.7
361.2
425.2
453.5
433.1
445.1
137.0
126.5
105.1
149.3
170.9
174.4
195.0
195.2
-6.9
57.0
49.4
23.9
26.3
-24.5
-19.9
-6.4
62.3 -84.0
9.1 -104.3
15.4 -137.5
34.4 — 128.9
388.9
392.7
361.9
348.1
371.8
367.2
378.4
427.8
332.0
343.4
335.6
368.1
455.8
471.4
515.9
556.7
620.5
629.7
641.7
649.0
677.7
731.2
760.5
780.2
IV
IV
IV
IV
3,159.3
3,365.1
3,535.2
3,662.4
2,078.7
2,191.9
2,281.1
2,386.9
352.3
390.4
444.4
460.9
115.8
159.9
169.6
179.4
11.7
-59.3
27.0 -46.2
41.7
-94.8
7.7 -125.3
336.0
355.5
376.6
367.4
324.3
401.6
471.4
492.6
m
II
3,711.6
3,721.3
3,734.7
2,440.9
2,478.6
2,486.2
432.8
425.6
427.3
195.7
199.0
199.7
23.6 - 140.2
3.0 -151.8
-10.5 -142.4
372.1
379.1
387.8
m
3,776.7
3,823.0
3,865.3
3,923.0
2,490.2
2,516.6
2,545.2
2,531.7
418.2
434.8
462.8
464.8
198.4
197.6
192.1
192.7
29.8
27.8
13.0
67.1
-132.8
-126.0
-130.7
-126.0
3,956.1
3,985.2
4,010.9
2,559.8
2,579.0
2,604.5
473.4
490.2
496.0
189.5
189.6
191.1
66.0
35.3
36.7
- 109.0
-92.6
-95.2
Period
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
1987: I
II
IV
1988: I
II r
ni
1
Governrnent pure lases of
good s and ser aces
Personal
consumption
expenditures
Gross
national
product
Change
m
business
inventories
sales
Gross
domestic
purchases 1
373.6
370.1
369.0
373.9
387.0
405.2
427.1
441.2
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,706.3
3,812.6
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,859.3
3,975.9
88.2
54.4
75.2
99.2
370.6
376.2
392.7
412.1
3,218.6
3,338.1
3,493.5
3,654.7
3,147.6
3,411.3
3,630.0
3,787.6
250.8
260.7
253.1
82.8
76.0
87.4
425.2
430.2
434.0
3,688.0
3,718.3
3,745.2
3,851.8
3,873.0
3,877.2
334.0
332.1
342.1
347.7
257.0
264.8
269.5
268.2
77.0
67.3
72.6
79.5
438.9
440.1
440.8
444.9
3,746.9
3,795.2
3,852.2
3,855.9
3,909.5
3,949.0
3,996.0
4,049.0
327.8
331.6
323.7
264.6
263.6
255.5
63.2
67.9
68.2
448.7
452.2
454.1
3,890.1
3,949.9
3,974.1
4,065.1
4,077.9
4,106.1
Federal
Net
exports
Exports
National
defense
Nondefense
246.9
259.6
272.7
275.1
290.8
326.0
333.4
339.0
171.2
180.3
193.8
206.9
218.5
237.2
251.4
264.9
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.1
660.1
642.2
693.2
752.7
289.5
266.0
300.5
340.6
201.4
211.6
225.3
241.4
512.4
530.9
530.2
758.8
766.9
774.5
333.6
336.7
340.5
394.9
416.4
440.9
459.2
527.7
542.3
571.6
585.2
772.9
772.2
782.9
792.6
486.2
496.9
510.7
595.1
589.5
605.9
776.4
783.8
777.8
Imports
Total
Total
State
and
local
Source: Department of Commerce, Bureau of Economic Analysis.
GNP less exports of goods and services plus imports of goods and s
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 — 100; quarterly data are seasonally adjusted]
Personal ( onsumption
expen ditures
Period
national
product
Total
Gross wivate
domestic i nvestment
Durable
goods
Nondurable goods
Services
N n
dential
Exports an 1 imports of
goods an I services
Gove rnment pure bases of go( ds and
services
Federal
Residential fixed
Exports
Imports
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.9
117.7
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.5
89.2
95.7
100.0
102.1
103.8
104.8
105.6
107.9
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.5
85.1
93.4
100.0
98.8
97.9
97.7
100.2
100.4
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
90.2
97.5
100.0
101.3
103.2
101.0
100.0
100.0
96.0
101.6
100.0
97.4
97.1
95.2
93.6
99.0
84.3
93.3
100.0
103.1
106.8
109.0
109.8
112.7
83.4
92.9
100.0
103.6
107.2
109.2
110.4
111.5
86.4
94.3
100.0
101.4
105.5
108.2
108.2
117.0
86.2
93.4
100.0
104.7
109.9
114.9
118.2
123.0
IV
IV
IV
IV
101.7
105.4
109.0
112.2
101.8
105.7
109.3
113.1
100.7
103.1
104.1
104.7
101.0
103.1
105.8
108.7
102.7
108.3
113.5
119.0
100.7
98.3
97.9
97.9
99.1
103.1
107.2
109.0
100.0
102.6
102.4
100.5
99.3
97.2
96.2
95.9
101.3
103.8
108.5
110.6
102.0
104.7
108.3
111.3
99.5
100.8
108.9
108.8
102.2
106.5
111.7
116.5
1986: H
m
113.4
114.7
115.3
113.6
114.7
115.7
105.0
106.1
106.2
106.4
107.2
107.8
121.6
123.2
124.6
99.8
101.2
101.6
110.6
111.4
112.4
100.5
99.6
99.3
92.7
91.7
94.2
110.5
110.7
107.7
110.5
110.5
109.9
110.4
111.5
101.5
117.6
118.3
119.7
m
116.3
117.3
118.2
118.9
117.3
118.9
120.2
121.5
106.7
107.5
108.6
108.9
109.8
111.9
112.9
113.7
126.1
127.6
129.1
131.0
101.1
100.8
99.9
99.8
113.4
115.2
117.7
118.7
100.1
100.1
99.9
100.1
97.5
99.4
98.9
100.0
111.6
113.7
112.9
112.6
111.8
111.3
111.3
111.6
110.9
122.9
119.0
116.0
121.0
122.3
123.9
124.9
119.4
121.0
122.4
122.2
123.9
125.2
109.1
109.6
110.3
113.8
116.0
117.3
132.2
134.0
135.5
99.6
99.5
99.7
119.5
119.5
119.5
100.3
102.1
104.1
100.8
101.4
101.3
115.2
115.3
114.6
112.8
113.4
114.7
125.5
122.7
114.1
126.5
128.1
129.4
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
IV
1987: I
II
IV
1988: I
II
Ill '
Source: Department of Commerce, Bureau of Kconomic 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
Period
Constant
(1982)
dollars
Current
dollars
Implicit
price
deflator
Personal consumption e spenditures
Chain price
index
Fixedweighted
price index
Constant
(1982)
dollars
Current
dollars
(1982
Implicit
price
deflator
Chain price
index
weights)
8.9
11.7
3.7
7.6
10.8
6.4
5.6
6.8
4.2
12.4
4.7
6.2
2.6
5.9
3.4
8.4
8.7
7.7
8.6
5.4
8.7
7.3
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
TV
IV
IV
n
m
rv
1987: I
n
m
IV
1988: I
n r
m
-0.2
1.9
-2.5
3.6
6.8
3.4
2.8
3.4
.6
7.3
1.7
3.0
-.8
1.0
1.4
4.6
5.0
4.5
6.1
3.4
3.0
2.6
9.0
9.4
6.3
4.1
3.9
3.3
2.5
3.4
4.1
3.9
3.1
3.2
2.0
3.1
2.4
4.0
3.7
3.6
3.4
3.0
4.8
4.5
9.0
9.7
6.4
3.9
3.7
3.0
2.7
3.3
3.6
4.7
3.0
3.3
3.6
4.7
2.1
3.5
3.5
3.1
2.4
1.7
5.5
4.7
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Fixedweighted
price index
(1982
weights)
9.3
9.3
6.2
4.1
4.0
3.4
2.8
3.6
4.0
4.0
3.2
3.3
2.4
3.0
2.8
4.2
4.2
3.7
3.8
3.5
5.0
5.1
10.6
10.5
7.1
9.0
8.8
8.2
6.8
7.3
10.3
9.7
7.2
6.0
4.9
10.6
4.8
6.5
10.0
9.1
2.4
6.9
8.8
8.6
-0.2
1.2
1.3
4.6
4.8
4.7
4.3
2.7
5.3
5.5
4.3
1.9
4.3
6.3
1.2
.6
4.3
4.6
-2.1
4.5
3.0
4.0
10.7
9.2
5.7
4.1
3.8
3.2
2.4
4.5
4.4
10.9
9.2
5.7
4.2
3.9
3.5
2.7
4.5
4.8
4.3
4.1
3.0
4.0
.7
3.9
3.5
5.6
5.6
4.4
4.4
2.3
5.7
4.3
3.1
4.2
.8
4.3
3.5
5.5
5.7
4.3
4.4
2.5
5.6
4.6
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.5
4.8
4.1
3.2
4.3
.7
4.2
3.5
5.6
5.7
4.2
4.6
2.4
5.7
4.8
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Curreri t-dollar cost and profit per unit of output (d< liars) '
Gross d omestic
prodilet of
nonfin ancial
corporate business
(billions <)f dollars)
Period
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
II
m
IV
1987: I
n
m
IV
1988: I
n
Ill V
1
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,371.6
2,513.5
1,779.4
2,012.5
2,201,8
2,309.2
2,348.8
2,383.6
2,409.3
2,438.8
2,482.7
2,546.9
2,585.6
2,633.2
2,684.0
2,729.8
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,177.2
2,270.4
1,760.2
1,940.5
2,069.5
2,137.7
2,163.2
2,174.2
2,199.0
2,215.0
2,248.0
2,296.1
2,322.5
2,363.5
2,380.9
2,393.5
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.107
1.011
1.037
1.064
1.080
1.086
1.096
1.096
1.101
1.104
1.109
1.113
1.114
1.127
1.140
0.095
.109
.125
.123
.118
.119
.121
.122
.131
.120
.118
.120
.122
.122
.122
.122
.122
.121
.121
.121
.122
.123
0.077
.090
.094
.098
.100
.103
.105
.106
.096
.098
.102
.104
.102
.106
.105
.105
.106
.106
.105
.105
.106
.108
Output is measured by gross domestic product of nonfmancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
he decimal point shifted two places to the left.
Corp arate profit with
inventory valuation a nd capital
consunnption adjus tments
3
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.704
.719
.732
.685
.680
.694
.713
.717
.722
.725
.730
.730
.729
.738
.736
.747
.759
0.031
.037
.043
.037
.039
.038
.039
.043
.042
.037
.042
.037
.038
.039
.040
.041
.043
.044
.046
.045
.047
.048
Total
0.068
.078
.063
.089
.109
.106
.106
.105
.057
.103
.107
.106
.106
.107
.104
.103
.104
.109
.103
.106
.106
.104
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.044
.023
.036
.032
.033
.034
.036
.039
.041
.043
.046
.044
.044
.046
.046
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.071
.061
.034
.066
.075
.072
.072
.071
.065
.061
.061
.063
.059
.062
.060
.058
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
9.939
17.096
17.194 - 10.861
17.318
11.699
17.865
12.122
18.287
12.569
18.584
13.075
18.927
13.605
19.216
14.062
17.383
11.914
18.029
12.261
18.359
12.746
18.639
13.288
18.864
13.532
18.921
13.660
19.043
13.815
18.996
13.869
19.142
13.969
19.362
14.110
19.357
14.291
19.560
14.397
' 19.48 1 "14.546
Indirect business tax and nontax liability plus business transfer payments less .subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employ-
Proprieto s' income
with in ventory
valuation ind capita!
consulnption
adjust ments
Farm
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
n
m
IV
1987: I
n
m
IV
1988: I
.*.
nr
m.
1
Corpora te profits wi h inventory valuation an I capital
consulnption adjus ments
Rental
income of
persons
with
capital
Profits w th inventory valuation
adjustme it and witho nt capital
consu mption adjus tment
tion
adjustment
Nonfarm
Profits
before tax
Inventorv
valuation
adjustment
Capital
consump-
Net
interest
2,518.4
2,719.5
3,028.6
3,234.0
3,437.1
3,678.7
2,548.2
2,851.5
3,096.1
3,312.8
3,421.8
3,450.9
3,496.6
3,573.0
3,631.8
3,708.0
3,802.0
1,907.0
2,020.7
2,213.9
2,367.5
2,507.1
2,683.4
1,931.1
2,092.7
2,272.7
2,426.7
2,483.4
2,518.2
2,565.8
2,608.9
2,652.0
2,702.8
2,769.9
24.6
12.4
30.5
30.2
36.4
43.0
28.5
19.3
28.1
29.2
46.4
33.3
38.4
46.7
43.0
35.2
47.0
150.9
178.4
204.0
225.6
250.3
270.0
159.8
188.6
209.7
235.0
248.3
251.7
255.8
263.5
265.9
271.5
279.0
13.6
13.2
8.5
9.2
12.4
18.4
15.8
12.4
5.6
7.8
12.5
13.1
13.4
17.4
17.8
18.1
20.5
150.0
213.7
266.9
282.3
298.9
310.4
146.1
248.5
266.9
291.4
297.1
301.2
293.9
298.3
305.2
322.0
316.1
159.2
196.7
234.2
222.6
244.7
258.7
150.7
223.4
224.6
228.4
242.1
249.2
244.1
247.5
253.6
269.9
263.7
169.6
207.6
240.0
224.3
236.4
276.7
164.1
231.5
226.1
235.0
230.3
240.5
252.1
261.8
273.7
289.4
281.9
-10.4
-10.9
-5.8
-1.7
8.3
-18.0
-13.4
-8.1
-1.6
-6.6
11.8
8.7
-8.1
-14.4
20.0
— 19.5
-18.2
-9.2
17.0
32.7
59.7
54.2
51.7
-4.5
25.1
42.3
63.0
55.0
52.0
49.8
50.8
51.5
52.1
52.4
272.3
281.0
304.8
319.0
331.9
353.6
266.9
290.2
313.1
322.7
334.1
333.3
329.3
338.3
348.1
358.3
369.5
3,850.8
3,928.8
3,996.2
2,816.4
2,874.0
2,932.5
44.7
43.4
30.4
279.2
285.3
291.7
20.5
19.1
20.1
316.2
326.5
323.7
266.8
278.5
278.6
286.2
305.9
307.7
- 19.4
-27.4
29.0
49.4
48.0
45.1
373.9
380.6
397.7
Source: Department of Commerce, Bureau of Economic Analvsi
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION
EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Non durable g jods
Durabl 3 goods
Total
Period
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
H
HI
IV
1987: I
n
m
IV
1988: I
n r
m
consumption
expendi-
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
2,117.0
2,315.8
2,493.4
2,700.4
2,772.1
2,842.8
2,876.0
2,921.7
2,992.2
3,058.2
3,076.3
252.7
289.1
335.5
372.2
406.5
421.9
263.8
310.0
346.7
373.2
393.0
429.9
421.8
403.5
420.5
441.4
422.0
108.9
130.4
157.4
179.1
196.4
195.8
115.7
144.4
162.3
173.8
187.7
217.5
201.0
181.7
194.5
212.9
194.0
95.7
107.1
118.8
129.9
140.0
148.3
99.1
112.4
122.7
134.7
138.8
142.0
143.3
145.9
147.8
150.2
149.4
3,128.1
3,194.6
3,261.5
437.8
449.8
451.8
202.2
208.7
209.1
154.7
159.5
159.6
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
Other
Clothing and
shoes
line
and oil
398.8
421.9
448.5
471.6
501.0
526.4
407.0
430.8
456.1
482.5
498.0
503.2
512.6
521.0
525.3
528.4
530.9
124.4
135.1
146.7
156.4
167.0
178.2
126.5
141.1
149.8
160.6
167.0
168.7
169.4
174.5
176.8
180.4
181.2
89.1
90.2
90.0
90.6
73.3
77.0
89.8
91.9
89.0
91.0
71.7
68.9
66.3
72.1
77.4
79.3
79.3
535.9
546.3
559.6
180.5
183.2
188.5
76.3
78.8
80.6
durable
goods
Food
48.1
51.6
59.3
63.2
70.1
77.8
49.0
53.2
61.8
64.7
66.5
70.5
77.5
75.9
78.3
78.3
78.6
771.0
816.7
867.3
911.2
943.6
997.9
786.6
837.9
879.6
932.7
937.2
944.7
954.1
977.5
995.3
1,006.6
1,012.4
81.0
81.5
83.1
1,016.2
1,036.6
1,061.9
Other
Services
Retail sales of
new pa ssenger
cars (m llions of
un ts)
Domestics
158.7
169.5
182.1
192.6
202.2
216.3
163.4
174.0
184.7
198.5
200.5
203.9
205.8
209.9
215.8
218.5
220.9
223.5
228.2
233.2
1,027.0
1,128.7
1,227.6
1,345.6
1,457.3
1,592.3
1,066.5
1,167.9
1,267.1
1,394.5
1,441.9
5.8
6.8
8.0
8.2
8.2
7.1
6.0
Imports
2.2
2.4
2.4
2.8
3.2
1,500.1
1,540.7
1,576.4
1,610.2
1,641.9
7.0
8.0
9.5
7.7
6.7
7.1
8.0
6.6
3.2
2.5
2.6
2.6
3.1
3.1
3.4
3.4
2.9
3.1
3.5
3.3
1,674.1
1,708.2
1,747.7
7.6
7.5
7.6
3.2
3.1
3.1
1,468.2
7.4
7.7
SOURCES OF PERSONAL INCOME
Personal income rose $72.1 billion (annual rate) in October, following a rise of $22.4 billion in September. The
October increase was affected by two special factors—a large increase in subsidy payments to farm proprietors
and bonus payments to employees in the automobile industry. Excluding the effect of these factors, personal
income increased $35.1 billion in October and $21.3 billion in September.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,200
4,200
3,200
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
OTHER INCOME
800
400
"TRANSFER
PAYMENTS
400
iiiui
Mill
200
1980
1982
1981
1984
1983
1985
1986
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1987
200
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietor ' income 3
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987: Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July r.
Aug r.
Sept r
Oct"
Total
personal
income
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,531.1
3,780.0
3,897.2
3,884.1
3,939.0
3,921.8
3,946.7
3,985.9
4,001.0
4,021.4
4,044.9
4,073.7
4,090.5
4,112.9
4,185.0
Farm
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.0
2,248.4
2,302.9
2,318.7
2,353.5
2,342.3
2,359.0
2,374.7
2,394.0
2,408.4
2,427.5
2,451.9
2,459.1
2,473.3
2,511.4
138.4
150.3
163.6
173.6
182.9
187.6
196.1
207.9
211.4
212.4
213.3
214.0
214.6
215.2
215.8
216.4
217.4
218.5
219.5
220.5
221.5
20.5
30.7
24.6
12.4
30.5
30.2
36.4
43.0
67.9
31.6
41.4
35.9
41.5
56.8
44.8
45.2
40.3
33.9
30.8
26.5
46.7
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Nonfarm
160.1
156.1
150.9
178.4
204.0
225.6
250.3
270.0
277.8
278.6
280.6
278.6
279.0
279.9
283.3
285.2
287.5
289.4
291.1
294.6
298.8
Rental
income of
persons 4
6.6
13.3
13.6
13.2
8.5
9.2
12.4
18.4
19.5
20.5
21.5
20.8
20.5
20.2
19.3
18.9
19.0
19.5
20.1
20.8
21.3
Personal
dividend
income
52.9
61.3
63.9
68.7
75.5
78.7
82.8
88.6
91.3
91.9
92.4
92.8
93.6
94.0
94.7
95.0
95.4
96.3
97.5
98.0
98.9
Personal
interest
income
271.9
335.4
369.7
393.1
444.7
478.0
499.1
527.0
545.0
550.0
555.1
554.4
554.1
554.1
558.8
563.7
568.7
574.6
581.2
588.2
594.2
Transfer
payments 5
324.7
368.1
410.6
442.6
456.6
489.8
521.1
548.8
556.4
556.1
557.9
572.2
574.6
582.2
582.8
582.0
583.6
585.8
587.8
588.3
591.5
Less:
Personal
contributions
for social
insurance
88.6
104.5
112.3
120.1
132.7
149.3
161.1
172.0
175.1
175.8
176.8
189.1
190.2
191.2
192.4
193.4
194.6
196.2
396.5
197.4
199.4
personal
income 6
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,472.5
3,716.0
3,808.5
3,831.9
3,877.1
3,865.5
3,884.7
3,908.7
3,935.4
3,955.1
3,983.3
4,018.7
4,038.5
4,065.2
4,117.0
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the third quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
8,000
8,000
6,000
6,000
1988
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
Less:
Personal
tax and
nontax
payments
. q s\
isposa e
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
persona!
income in
1982
dollars
(billions)
Per o apita
disposabl personal
iric )me
340.5
393.3
409.3
410.5
440.2
486.6
511.4
570.3
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,019.6
3,209.7
1982
dollars
136.8
159.4
153.9
130.6
164.1
125.4
121.7
104.2
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.8
2,640.9
2,686.3
Saving as
percent of
disposable
persona!
income
Population,
including
Armed
Forces
abroad
(thousands) 2
1982
dollars
8,421
9,243
9,724
10,340
11,257
11,861
12,496
13,157
9,722
9,769
9,724
9,930
10,419
10,625
10,929
11,012
7,607
8,320
8,818
9,515
10,253
10,985
11,618
12,348
8,783
— 1.1
7.1
8,794
8,818
9,139
9,489
9,839
10,160
10,334
.5
-.5
2.1
4.9
2.0
2.9
.8
7.5
6.8
5.4
6.1
4.4
4.0
3.2
227,754
230,182
232,549
234,829
237,051
239,322
241,650
243,944
1.2
9.1
1.7
3.3
6.2
5.8
5.8
3.9
233,466
235,707
237,946
240,257
5.6
5.1
3.3
3.2
241,324
241,936
242,557
3.7
5.8
4.2
2.2
2.3
4.3
243,077
243,618
244,236
244,845
4.2
-.8
4.5
4.4
3.7
4.1
245,318
245,806
246,467
Current
dollars
Dolla rs
1,781,1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,898.0
3,105.5
Percent
change in
real per
capita
disposable
personal
income
Current
dollars
Billio ns of dollar 5
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,531.1
3,780.0
1980
1981
1982
1983
1984
1985
1986
1987
Per capit I personal
consu nption
expen litures
Perce It
S easonally adjusted anr ual rates
IV
IV
IV
IV
2,729.2
2,941.8
3,188.3
3,399.1
411.1
413.9
459.7
499.6
2,318.1
2,527.9
2,728.6
2,899.5
2,174.9
2,382.5
2,571.3
2,787.7
143.1
145.4
157.3
111.7
2,276.1
2,392.7
2,496.3
2,562.8
9,929
10,725
11,467
12,068
9,749
10,151
10,491
10,667
9,068
9,825
10,479
11,240
8,904
9,299
9,587
9,935
1986: H
3,517.3
3,546.7
3,599.6
501.0
514.2
534.9
3,016.3
3,032.4
3,064.7
2,862.1
2,933.6
2,967.9
154.1
98.8
96.8
2,655.9
2,643.9
2,649.4
12,499
12,534
12,635
11,006
10,928
10,923
11,487
11,750
11,857
10,115
10,245
10,250
-2.8
3,676.1
3,736.1
3,801.0
3,906.8
532.2
582.0
576.2
591.0
3,143.9
3,154.1
3,224.9
3,315.8
3,013.1
3,084.7
3,152.3
3,171.8
130.8
69.5
72.6
144.0
2,679.6
2,652.8
2,683.9
2,728.9
12,934
12,947
13,204
13,543
11,024
10,889
10,989
11,145
12,020
12,282
12,521
12,564
10,244
10,330
10,421
10,340
-4.8
3,951.4
4,022.4
4,092.3
575.8
601.0
586.4
3,375.6
3,421.5
3,506.0
3,225.7
3,293.6
3,362.4
149.9
127.8
143.6
2,762.3
2,762.2
2,799.8
13,760
13,919
14,225
11,260
11,237
11,360
12,751
12,996
13,233
10,435
10,492
10,567
1982:
1983:
1984:
1985:
m....
IV
1987: I
II
in....
IV
1988: I
n r
m ..
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
-.2
3.8
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the third quarter, according to preliminary data, gross farm income fell $26.4 billion (annual rate) and net farm
income fell $30.7 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
24C
^OU
240
200
160
^
1
r
^
s
->.
?
/
'
GROSS
120
^^
——r^^
i—~^
"*^~
FARM INCO ME
120
an
80
60
A
' v
40
/\
X
/"•/
f
.-
1
1
20
t
\
1
\
I
I
i
1
'
\
|
'
\ 1
\l
\l
IJ
*
f
1980
1 1
1
I
f
1
1
1
• "" \
\
\
\
\
» /
\/
f
*
20
10
I
1
1983
1982
1981
\^ ^^^*-•
NET FAF M INCOME -
t
'
. I
1
1*
1
1
I\ /
1
1 \»
1 1 \'
1 f'
'
~«- /
g
/X'-'"1
*
1^
V
1
10
t ^
^
1
•-""
f
|
1
1985
1984
1
!
'
1
1986
' SEASONALLY ADJUSTED ANNUAL RATES
1 1 1
1987
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come
(jross
Gas h
Total '
Total
1980
1981
1982
1983
1984
1985
1986
1987
1985: III
IV
1986: I
n
in
TV
1987: I
II
ra
IV
1988: I r
U rp
m
1
149.3
166.4
163.5
153.0
174.9
166.2
159.8
169.8
159.1
171.3
150.4
168.0
158.1
162.6
173.6
162.5
168.9
173.7
176.4
184.5
158.1
farm incom e
marketing rece
68.0
144.2
154.7
68.6
71.0
68.0
67.8
77.3
73.0
73.3
77.0
79.6
75.1
78.2
75.5
85.4
134.9
Crops
71.7
72.5
72.3
67.1
69.5
74.2
63.6
61.9
75.6
83.7
66.9
62.1
60.5
64.7
61.6
57.4
66.9
61.5
67.1
81.6
66.3
69.2
70.3
69.4
73.0
69.8
71.5
76.2
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Net farni income
pts
Livestock and
products
139.7
141.7
142.6
136.6
142.4
144.0
135.1
138.1
129.9
137.8
137.7
134.9
134.4
146.5
136.6
145.3
157.1
151.7
of farm ope rators from farming
3
Value of
inventory
changes 2
-6.3
6.5
-1.4
-10.9
6.3
-2.4
-2.8
-.6
-4.2
-4.5
-3.8
-3.3
-2.3
-1.9
-.3
.1
— .4
-1.9
-4.0
-5.4
-10.0
Production
expenses
Current
dollars
133.1
139.4
140.0
140.4
142.7
134.0
122.3
123.5
132.2
129.4
125 A
122.2
121.1
120.7
120.3
124.1
125.0
124.6
127.2
129.8
134.1
16.1
26.9
23.5
12.7
32.2
32.3
37.5
46.3
26.8
41.9
25.0
45.9
37.0
41.9
53.4
38.4
43.9
49.0
49.2
54.7
24.0
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
1982
dollars 3
18.8
28.6
23.5
12.2
29.9
29.1
32.9
39.3
24.0
37.3
22.2
40.4
32.3
36.3
45.9
32.8
37.2
41.2
41.2
45.3
19.7
CORPORATE PROFITS
In the third quarter, according to preliminary estimates, corporate profits before tax rose $1.8 billion (annual rate)
and after-tax profits rose $0.4 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
280
120
80
40
40
UNDISTRIBUTED PROFITS
I
I I
1987
1988
COUNCSl Of ECONOMIC A
SOURCE-- DEPARTMENT OF COMMERCE
[BiHions of dollars; quarterly data at seasonally adjusted annual rates]
Pr >fits (before t ax) with inventory valuation adjustmen t 1
F•refits after tf IX
Do uestic indust rios
Nonfinancial
Period
Total
2
Total
194.0
202.3
159.2
196.7
234.2
222.6
244.7
258.7
159.6
173.8
131.2
166.6
203.3
191.4
212.8
222.3
150.7
223.4
224.6
228.4
121.6
190.7
193.9
193.6
m
242.1
249.2
244.1
213.5
217.2
211.9
n
in
rv
247.5
253.6
269.9
263.7
213.0
219.2
234.6
222.2
266.8
278.5
278.6
236.6
243.1
243.5
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
n
IV
1987: I
1988: I
np
m
1
2
Financial
21.0
16.5
11.8
18.1
13.0
22.8
31.8
30.1
18.7
15.5
13.6
26,0
34.5
32.4
28.9
30.7
31.4
29.5
28.8
27.6
30.0
32.4
Manufacturing
138.6
157.3
119.4
148.5
190.3
168.6
180.9
192.1
102.9
175.2
180.3
167.6
179.0
184.9
183.0
182.3
187.8
205.1
193.4
209.0
213.1
211.1
See p. 4 for profits with inventory valuation and capital consumptio adjustments.
Includes rest of the world, not shown separately.
77.1
88.5
58.0
70.1
88.8
79.7
79.4
96.8
46.8
88.6
79.8
83.8
80.5
73.8
87.7
84.8
93.8
107.0
101.7
110.6
114.5
Profits
before tax
Tax
liability
237.1
226.5
169.6
207.6
240.0
224.3
236.4
276.7
84.8
81.1
63.1
77.2
93.9
96.4
106.6
133.8
152.3
145.4
106.5
130.4
146.1
127.8
129.8
142.9
164.1
231.5
226.1
235.0
59.8
88.1
87.0
99.8
104.3
143.4
139.2
135.2
230.3
240.5
252.1
104.9
107.9
114.3
125.4
132.6
137.9
261.8
273.7
289.4
281.9
126.3
132.6
140.0
136.2
135.5
141.1
149.5
145.7
286.2
305.9
307.7
136.9
143.2
144.6
149.4
162.7
163.1
Total
Dividends
Undistributed
profits
54.7
63.6
66.9
71.5
79.0
83.3
88.2
95.5
68.5
73.9
80.8
84.0
88.0
88.9
89.8
91.7
94.0
97.0
99.3
101.3
103.1
105.7
97.6
81.8
39.6
58.9
67.0
44.6
41.6
47.4
35.8
69.5
58.4
51.2
37.4
43.7
48.1
43.8
47.0
52.4
46.4
48.1
59.6
57.5
sale and
retail
trade
21.6
32.5
34.6
38.9
51.2
44.1
46.1
42.8
33.6
43.1
51.8
38.5
43.4
49.9
42.5
46.5
37.8
44.1
43.0
43.9
37.0
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysi
Inventory
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
8.3
-18.0
-13.4
-8.1
-1.6
-6.6
11.8
8.7
-8.1
-14.4
-20.0
-19.5
-18.2
-19.4
-27.4
r
-29.0
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter, nonresidential fixed investment rose $6.9 billion (annual rate)
and residential investment rose $1.8 billion. There was a $48.4 billion increase in inventories, following an increase
of $43.7 billion in the second quarter.
BULKDNS OF DOLLA RS
800
BIL LIONS OF DOL LARS
800
SEASONAL Y ADJUSTED ANNUA RATES
—
—
600
GROSS P RIVATE DOMES TIC
INVESTMENT
^_^\
200
100
/~~"p^/
7
Ky
—
_
\ --
_,-""
r^/
\
/
/
r^
- \—
sOURCE:
600
500
—
400
,^—-— — •—
^
._
"
1
1980
—
300
RESIDENTIAL
FIX ED INVESTMEN T
„.—--*————
'"
CHANGE IN BUSINESS
INVE MTORIES
^
t- ^^
-100
—
NONRESIDENTIA 1
Fl>CED INVESTMEh•JT
|XV
,
o
/"
1 1
1981
\
1 1
1982
^
^
i i i
1983
1984
1
1 1
1985
1
1 1
1986
DEPARTMENT OF COMMERCE
1
1
1
1987
100
—
""X
1
1
1
-100
1988
COUNCIl OF CONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
^bted investment
P.
investment
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
IV
IV
IV
IV
409.6
579.8
661.8
654.1
H
HI
IV
667.8
653.0
656.4
1987: I
rr
in
IV
1988: I
nr
m
Source: Department of Commerce, Bureau of Economic Analysis.
Change i i business
invei tories
Nonresidential
685.5
698.5
702.8
764.9
763.4
758.1
771.4
Total
Total
445.3
491.5
471.8
509.4
597.1
631.8
650.4
673.7
469.5
548.8
616.8
646.8
648.3
652.3
658.4
647.8
665.8
688.3
692.9
698.1
714.4
723.0
322.8
369.2
366.7
356.9
416.0
442.9
433.9
446.8
354.9
383.9
435.0
451.3
431.9
430.6
434.1
422.8
438.2
462.1
464.1
471.5
487.8
494.7
Structures
113.9
138.5
143.3
124.0
141.1
153.2
138.5
139.5
137.6
127.4
146.6
155.9
136.1
132.0
134.6
132.7
134.4
143.0
147.7
140.1
142.3
143.9
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
295.4
307.3
217.3
256.5
288.4
295.5
295.7
298.5
299.4
290.1
303.8
319.1
316.3
331.3
345.5
350.7
Residential
122.5
122.3
105.1
152.5
181.1
188.8
216.6
226.9
114.7
164.9
181.8
195.5
216.4
221.8
224.4
225.0
227.6
226.2
228.8
226.6
226.5
228.3
Total
-8.3
24.0
-24.5
-7.1
67.7
11.3
15.5
39.2
-59.9
31.0
45.0
7.2
19.5
.7
-2.0
37.7
32.7
14.5
72.0
65.3
43.7
48.4
Nonfarm
-2.4
18.3
-23.1
.4
60.5
14.6
17.4
40.7
-51.1
21.3
41.3
23.7
19.8
3.6
3.0
40.9
31.4
17.8
72.8
49.4
33.1
39.5
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August survey, business spending for new plant and equipment i
expected to rise 10.6 percent in 1988, following a rise of 2.7 percent in 1987.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
bOO
500
SEASOh ALLY ADJUSTED ANN UAL RATES
r-^-~^'
400
1'
_
^
300
.
^^*
^-n
,^-
"
1
400
"1
VLL INDUSTRIE
300
-^
-— •
200
.^ — ""*"
•
"
••""" NOI IMANUFACTU [ING-!/
__
„•
.- — "
• -~~~
-T
MANUFACTURIN G
100
—
—
—
—
—
—
80
60
60
40
i i i
1980
1
1
1
1
1
1
1
1982
1981
1
1
1
i
1
1
1
I
1985
1984
1983
1
1
1
1986
1
i
1
1
1
1987
J/ SURVEYED QUARTERLY
_3/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
-£/
1
2J
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
No imanufactu •ing
M anufacturi !g
Total >
Mining
Transportation
Public
utilities
Commercial
and
other
farm
business 2
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.06
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
85.50
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
267.39
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.62
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.56
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.88
46.47
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
186.74
284.94
314.47
349.26
347.47
343.35
398.99
431.94
427.23
440.66
139.61
143.13
69.55
69.38
70.06
73.75
236.05
239.92
10.20
10.25
18.80
19.29
46.01
45.40
161.04
164.98
139.61
143.13
236.05
239.92
376.73
380.66
394.54
406.82
141.50
141.71
148.20
152.21
70.79
69.05
71.96
72.28
70.70
72.66
76.24
79.92
235.23
238.95
246.34
254.61
10.38
11.02
11.81
12.32
18.77
18.12
19.19
19.34
43.95
43.95
45.29
46.38
162.13
165.86
170.05
176.56
141.50
141.71
148.20
152.21
235.23
238.95
246.34
254.61
412.02
426.94
440.42
444.40
158.60
161.69
166.37
167.58
75.70
76.87
80.59
79.09
82.90
84.82
85.78
88.48
253.43
265.25
274.05
276.83
12.59
13.26
12.74
11.89
20.43
20.72
23.44
21.64
44.61
45.43
48.05
47.80
175.79
185.83
189.82
195.50
158.60
161.69
166.37
167.58
253.43
265.25
274.05
276.83
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988"
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
430.95
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
163.56
1986: 111
IV
375.66
383.05
1987: 1
II
Ill
IV
1988: I
II
Ill 4
Durable
goods
Manufacturing
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
163.56
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Surveyed
quarterly
Nondurable
goods
industries
IV
Non manufactu ring
Total
Source: Department of Commerce, Bureau of Economic Analysis.
Total
189.02
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
267.39
Surveyed
annually a
29.98
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In October, civilian employment rose 193,000 and unemployment fell 105,000.
MILLIONS OF PERSONS*
124
MILLIONS OF PERSONS*
124
SEASONALLY ADJUSTED
120
120
CIVILIAN LABOR FORCE
116
116
112
112
108
108
104
104
CIVILIAN
100
100
-EMPLOYMENT-
96
96
•^
^
^
X»
12
12
8
8
T
UNEMPLOYMENT
4
0
.4
0
I
1980
1981
1982
1983
1984
1986
1985
1987
1988
*I6 YEARS' OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Civilian e mployment
UnempI )yment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
NSA
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
100,907
102,042
101,194
102,510
106,702
108,856
111,303
114,177
106,940
108,670
110,204
111,550
113,544
115,461
117,834
119,865
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
3,364
3,368
3,401
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,122
8,273
10,678
10,717
8.5S9
8,312
8,237
7,425
185,052
185,225
185,370
1,741
1,755
1,750
122,128
122,349
122,472
114,951
115,259
115,494
120,387
120,594
120,722
113,210
113,504
113,744
3,249 109,961
3,172 110,332
3,215 110,529
5,067
5,241
5,004
7,177
7,090
6,978
185,571
185,705
185,847
185,964
186,088
186,247
186,402
186,522
186,666
186,801
1,749
1,736
1,736
1,732
1,714
1,685
1,673
1,692
1,704
1,687
122,924
123,084
122,639
123,055
122,692
123,157
123,357
123,723
123,628
123,699
115,878
116,145
115,839
116,445
115,909
116,703
116,732
116,872
117,032
117,208
121,175
121,348
120,903
121,323
120,978
121,472
121,684
122,031
121,924
122,012
114,129
114,409
114,103
114,713
114,195
115,018
115,059
115,180
115,328
115,521
3,293
3,228
3,204
3,228
3,035
3,085
3,046
3,151
3,169
3,266
5,145
5,254
5,106
4,924
4,623
5,076
5,185
4,959
4,814
4,662
7,046
6,938
6,801
6,610
6,783
6,455
6,625
6,851
6,596
6,491
1980
1981
1982
1983
1984
1985
1986*
1987
1987:
Oct
Nov
Dec
1988:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Labor force
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonag ricultural
Civilian
labor force
Agricultural
Total
3,383
3,321
3,179
3,163
3,208
Total
Part time
for
economic
reasons 1
110,836
111,182
110,899
111,485
111,160
111,933
112,014
112,029
112,158
112,255
* l);it;i beginning .Ian
estimation procedures.
Total
15
weeks
and
over
Ch ilian
Labor
force
participation
rate
cent) 2
7,637
1,871
2,285
3,485
4,210
2.73T
63.8
63.9
64.0
64.0
64.4
64.8
65.3
Employment/
population
ratio
(percent) 2
59.2
59.0
65.6
57.8
57.9
59.5
60.1
60.7
61.5
1,801
1,834
1,791
65.7
65.7
65.7
61.8
61.9
61.9
1,733
1,740
1,722
1,540
1,609
1,512
1,629
1,676
1,596
1,551
65.9
66.0
65.7
65.9
65.6
65.8
65.9
66.0
65.9
65.9
62.1
62.2
62.0
62.3
61.9
62.3
62.3
62.3
62.4
62.4
2,305
2,232
1,983
irlier data because of clian^e
Source: Department of Labor, Bui
an_77A _
11
SELECTED UNEMPLOYMENT RATES
In October, both the overall unemployment rate and the civilian unemployment rate fell slightly, to 5.2 percent and
5.3 percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
20
20
I
v"\ ,\
15
~\ f\
BLACK
. vV '
'^\A/"**
P
10
15
" v" ^,
* \'"\
V
A
„
"S 7V S
10
WOMEN 20 YEARS
AND OVER
ALL CIVILIAN WC3RKERS
/
*~~*»~r~~~
\
^
^SxV_
"'"
BLACK
MMD OTHER
TEENAGERS'
(16-19)
*"*%
/— 7-"->
WHITE
Illlltlllll
1984
MIM////M
1985
MEN 20 YEARS
AND OVER
/(M//M/M
1986
iniiliini
uniting i n i i h i i i i
HfllJllHI
1987
1984
1988
1985
iniilniti iinihiiii
1986
1987
1988
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemp oyment ra te (percen ; of civilia n labor force in group)
Period
1980
1981
1982
1983
1984
Unemployment
rate,
all
workers 1
7.0
By sex and a ?
e
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
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
7.1
7.6
9.7
9.6
7.5
7.2
7.0
By race
Both
sexes
16-19
years
Black
White
and
Black
other
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
17.8
19.6
By s elected grou )S
15.9
15.1
14.5
13.0
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
5.5
5.5
5.4
3.7
3.5
3.4
8.9
5.6
5.5
5.4
8.3
8.2
8.0
6.8
6.8
6.6
5.5
5.3
5.2
5.0
5.4
5.0
5.1
5.3
5.1
5.0
3.6
3.4
3.4
3.0
3.3
3.1
3.0
3.4
3.1
3.1
8.9
8.3
7.5
8.7
8.4
7.8
8.6
7.4
8.1
7.9
5.4
5.3
5.3
8.3
7.9
7.7
7.4
7.7
7.8
8.1
7.4
7.5
7.4
6.6
6.6
6.5
6.2
6.4
6.3
6.4
6.5
6.4
6.1
6.0
5.9
5.8
5.1
5.0
4.9
5.2
5.2
5.2
17.2
16.6
16.1
5.2
5.1
4.9
10.8
11.0
10.9
12.1
12.2
12.2
1988: Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Oct
5.7
5.6
5.5
5.4
5.5
5.2
5.4
5.5
5.3
5.2
5.8
5.7
5.6
5.4
5.6
5.3
5.4
5.6
5.4
5.3
5.1
4.9
4.9
4.6
4.9
4.6
4.5
4.9
4.5
4.6
5.1
5.2
4.8
4.8
4.9
4.9
5.1
4.8
4.8
4.7
16.0
15.4
16.5
15.9
15.6
13.6
15.2
15.8
15.7
14.9
5.0
4.8
4.7
4.6
4.7
4.5
4.7
4.9
4.8
4.6
10.9
11.3
11.5
10.7
11.3
10.3
10.0
10.0
9.4
9.6
12.2
12.6
12.8
12.2
12.4
11.5
11.4
11.3
10.8
11.0
Parttime
workers
6.9
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.9
5.8
5.7
12
Fulltime
workers
9.2
10.4
11.7
12.2
10.3
10.4
9.8
9.2
1987: Oct
Nov
Dec
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.
Women
who
maintain
families
4.2
4.3
6.5
6.5
4.6
4.3
4.4
3.9
1985
1986
1987
1
Married
men,
spouse
present
Labor
force
time lost
(percent) 2
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
14.3
15.6
18.9
19.5
7.5
9.5
9.5
7.4
7.1
6.9
6.1
2
Experienced
wage and
salary
workers
8.5
8.4
Source: Department of Labor, Bureau of Labor Statistics.
5.1
5.2
4.9
5.0
5.3
5.1
4.9
8.1
7.9
7.1
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In October, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 27
weeks and over fell, while the percentages for 5-14 weeks and for 15-26 weeks rose. The mean duration of
unemployment fell and the median rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
DURATION OF UN EMPLOVMENT
LE 3S THAN
5 WEEKS
A
k/
t-**
, 'v—^-^/'v Xv,
f*i
y•
.'*
v
5-14
WEEKS
^A/
'
._•
-v<
"V-^ "-vV
v-
27 WEEKS
AND OVER
^
^-V-A
r
-
N
20
•^*~ "v^*
»"
15-26
WEEKS
iiinli||ii
Illllllllll
1984
1985
Illllllllll Illllllllll
1986
1987
"" —
10
_
Illllllllll
1988
1984
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Re ison for memployment:
percent iistributi m
Dur ition of iuiemployment
Unemployment
(thousands)
Period
Numb er of
ks
F ercent distributioii
Less
than
5
weeks
5-14
weeks
Stat e
progra ms
15-26
weeks
27
weeks
and
over
Medi-
Job
losers
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
Average
(mean)
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly vjerage, t ious&nds
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
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
1987: Oct
Nov
Dec
7,177
7,090
6,978
45.3
45.4
46.2
29.4
28.7
28.2
11.9
12.7
12.8
13.4
13.2
12.9
14.1
14.0
14.2
6.2
6.1
6.0
47.7
46.8
45.7
13.5
13.1
13.5
26.0
28.0
27.8
12.9
12.1
13.0
2,035
2,037
2,090
293
303
817
1,759
1,931
2,522
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
7,046
6,938
6,801
6,610
6,783
6,455
6,625
6,851
6,596
6,491
43.6
44.3
44.0
47.2
45.3
47.4
44.4
46.8
47.9
47.6
31.9
30.8
30.8
29.5
31.1
29.2
31.1
28.7
27.8
28.2
11.8
12.1
13.0
10.9
11.5
11.2
12.6
12.6
12.0
12.1
12.6
12.9
12.2
12.3
12.1
12.1
11.9
12.0
12.3
12.0
14.4
14.4
13.7
13.4
13.8
12.9
13.6
13.7
13.7
13.5
6.4
6.4
6.6
5.6
5.9
6.0
6.3
5.9
5.5
5.6
45.2
45.9
45.8
44.1
47.9
47.0
46.3
46.2
46.9
45.5
15.3
13.8
15.7
15.0
13.7
14.5
13.6
14.7
15.1
15.4
27.0
27.9
25.6
27.0
26.5
26.5
28.5
27.5
26.7
27.6
12.5
12.4
12.9
13.8
11.9
11.9
11.6
11.7
11.3
11.4
2,242
2,208
2,140
2,087
2,064
2,064
2,096
2,098
2,015
1,934
356
327
308
302
313
302
328
306
289
288
2,870
2,775
2,536
2,208
1,949
1,880
2,045
1,906
1,715
1980
1981
1982
1983
1984
1985
1986
1987
1
•.
Includes State (50 States, District of Columbia, Puerto Pdco, and Virgin Isknds), ex-servicemen (UOX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Depaitment of Labor (Bureau o$ labor Siatistics and Ertnp\oyment and Training Administration).
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 323,000 in October.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
110
26
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
EO,
70
SERVICE-PRODUCING
INDUSTRIES
60
50
40
l l l l l l l l i l l l l l l l l l l i l l llllllllill l l l l l l l l i l l
Illlllllll
GOODS-PRODUCING
INDUSTRIES
30
nuihiiii
20
1984
A.
llllllllill
iiiitlnin niiilnnt
Illlllllllh
1987
1986
1985
1984
1988
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIl Of ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Service-produ sing industr es
Goods-p reducing industries
Period
Total
nonagricultural
employment
J<lanufacturin g
Total
2
f1nn
v_<on-
structi
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
90,406
91,156
89,566
90,200
94,496
97,519
99,525
102,310
25,658
25,497
23,813
23,334
24,727
24,859
24,558
24,784
4,346
4,188
3,905
3,948
4,383
4,673
4,816
4,998
20,285
20,170
18,781
18,434
19,378
19,260
18,965
19,065
12,187
12,109
11,039
10,732
11,505
11,490
11,230
11,218
8,098
8,061
7,741
7,702
7,873
7,770
7,734
7,847
64,748
«5,659
65,753
66,866
69,769
72,660
74,967
77,525
5,146
5,165
5,082
4,954
5,159
5,238
5,255
5,385
5,275
5,358
5,278
5,268
5,555
5,717
5,753
5,872
15,035
15,189
15,179
15,613
16,545
17,356
17,930
18,509
5,160
5,298
5,341
5,468
5,689
5,955
6,283
6,549
17,890
18,619
19,036
19,694
20,797
22,000
23,053
24,196
16,241
16,031
15,837
15,869
16,024
16,394
16,693
17,015
2,866
2,772
2,739
2,774
2,807
2,875
2,899
2,943
103,371
1987: Oct
Nov.... 103,678
104,001
Dec
25,025
25,123
25,201
5,060
5,090
5,118
19,225
19,297
19,348
11,315
11,355
11,390
7,910
7,942
7,958
78,346
78,555
78,800
5,448
5,466
5,481
5,935
5,958
5,984
18,705
18,761
18,784
6,604
6,608
6,619
24,524
24,604
24,725
17,130
17,158
17,207
2,966
2,974
2,980
104,262
104,729
105,020
105,281
105,489
106,057
106,271
106,425
106,729
107,052
25,180
25,271
25,330
25,435
25,466
25,592
25,663
25,639
25,642
25,734
5,083
5,150
5,192
5,238
5,237
5,308
5,330
5,340
5,361
5,356
19,369
19,390
19,405
19,460
19,490
19,544
19,593
19,560
19,548
19,647
11,393
11,404
11,411
11,459
11,477
11,515
11,566
11,547
11,534
11,597
7,976
7,986
7,994
8,001
8,013
8,029
8,027
8,013
8,014
8,050
79,082
79,458
79.690
79,846
80,023
80,465
80,608
80,786
81,087
81,318
5,499
5,513
5,530
5,543
5,556
5,582
5,598
5,605
5,621
5,636
6,010
6,035
6,061
6,089
6,115
6,148
6,174
6,192
6,219
6,240
18,927
19,045
19,050
19,093
19,130
19,205
19,261
19,279
19,285
19,334
6,633
6,636
6,651
6,650
6,656
6,679
6,684
6,689
6,690
6,700
24,795
24,975
25,078
25,163
25,216
25,472
25,561
25,662
25,724
25,869
17,218
17,254
17,320
17,308
17,350
17,379
17,330
17,359
17,548
17,539
2,973
2,972
2,970
2,963
2,957
2,951
2,951
2,956
2,991
2,993
1980
1981
1982
1983
1984
1985
1986
1987
1988: Jan
Feb
Mar
Apr
May....
June ...
July....
Aug r..
Sept r..
Oct "...
weather, etc., even if they are not paid for the time off; and which are based on a sample of the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average weekly
hours
Period
Average giross hourly
earn ings
Manufa ,cturing
Total
private
nonagricultural 1
Total
Total
private
nonagricultural 1
Overtime
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.7
$6.66
7.25
1982
1983
1984
1985
1986
1987
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
1987: Oct
Nov
Dec
34.9
34.8
34.6
41.2
41.2
41.0
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r
Oct"
34.7
34.8
34.6
34.9
34.7
34.7
34.9
34.6
34.7
34.8
41.1
41.0
40.9
41.2
41.0
41.1
41.1
41.0
41.2
41.1
1980
1981
Manufacturing
Adjustt d hourly earm'ngs index — total private
2
nonagnc ultural
Ind ex,
1977 = 100
Current
dollars
Percent chang e from a year
earlie r 4 5
1977
dollars 3
7.68
8.02
8.32
8.57
8.76
8.98
$7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.91
127.3
138.9
148.5
3.9
3.9
3.8
9.07
9.10
9.11
3.9
3.7
3.7
3.9
3.9
3.9
3.9
3.9
3.9
4.0
9.14
9.13
9.16
9.23
9.27
9.27
9.32
9.32
9.37
9.44
Current
dollars
1977 dollars
155.4
160.3
165.2
169.4
173.5
93.5
92.6
93.4
94.9
94.6
94.1
95.0
94.0
9.0
9.1
6.9
4.6
3.2
3.1
2.5
2.4
9.99
10.00
10.01
174.9
175.6
175.7
93.5
93.8
93.7
2.7
2.6
2.7
-1.8
10.02
10.03
10.05
10.11
10.15
10.18
10.17
10.20
10.26
10.29
176.6
176.7
177.0
178.0
178.7
178.6
179.3
r
179.5
180.2
181.6
93.8
93.7
93.5
93.6
93.6
93.2
93.2
92.9
92.9
93.2
3.1
2.8
2.9
3.2
3.4
3.3
3.5
3.1
3.2
3.8
-1.0
-1.0
-.9
g
— .0
-.6
-.5
r
-.9
-.9
-.4
-4.0
-1.0
.9
1.6
-.3
-.5
1.0
-1.1
-1.9
-1.7
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 rmngs
Period
Current dollars
1980
1981
1982
1983
1984
1985
1986
1987
Manufacturing
Total private
nonagnc ultural '
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
Construction
Retail trade
Current dollars
1977 dollars
3
1977 dollars
Current dollars
171.26
172.78
170.42
171.07
169.28
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
$367.78
399.26
426.82
442.97
458.51
464.46
466.75
479.68
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
178.41
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
-5.8
-1.5
-1.2
1.9
.9
— 1.4
.4
485.90
485.50
484.12
179.87
180.16
178.27
3.5
3.2
3.0
476.38
478.19
487.62
491.34
485.42
495.22
491.23
489.72
492.53
497.36
179.80
180.42
180.38
182.50
182.12
183.04
185.47
r
183.28
183.23
185.66
3.1
2.8
2.4
4.2
3.1
3.3
4.2
-1.0
-1.3
— 1.4
g
-1.0
-1.3
.4
-.7
-.5
.2
r
-1.2
-.0
-.1
$172.74
170.13
168.09
1987: Oct
Nov
Dec
316.54
316.68
315.21
169.27
169.08
168.02
411.59
412.00
410.41
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct"
317.16
317.72
316.94
322.13
321.67
321.67
325.27
322.47
325.14
328.51
168.43
168.46
167.43
169.36
168.41
167.89
169.06
166.82
167.68
168.55
411.82
411.23
411.05
416.53
416.15
418.40
417.99
418.20
r
422.71
422.92
1
4
2
3
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977 = 100 base).
r
2.8
4.2
4.1
-1.0
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
3
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Outp u t
Business
sector
1
per
Compens ation
3
hou r
Hours of 2all
perse ns
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real com pensation
per h our 4
Business
sector
Nonfarm
business
sector
Unit lab or costs
Business
sector
Nonfarm
business
sector
Implic t price
defla tor 5
Business
sector
Nonfarm
business
sector
19r 7 = 100; ( uarterly < ata seasoitally adjus ted
1979
99.6
99.3
107.9
107.9
108.3
108.7
119.1
118.9
99.4
99.2
119.5
119.7
117.0
116.5
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.5
98.8
99.8
99.2
102.5
104.6
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.8
112.9
108.0
131.3
143.6
154.8
161.5
167.8
96.7
95.8
97.3
98.2
97.9
96.6
95.8
97.2
98.3
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.4
167.9
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986
1987
107.7
110.1
111.0
106.1
108.2
109.0
124.2
128.6
133.3
123.9
128.2
133.0
115.3
116.8
120.1
116.8
118.5
122.1
175.5
183.1
190.4
174.9
182.3
189.4
98.8
101.2
101.5
98.5
100.8
101.0
162.9
166.3
171.5
164.9
168.6
173.8
162.2
165.8
170.5
163.8
167.8
172.5
101.0
103.8
105.9
108.5
99.7
103.3
104.9
106.5
105.0
113.6
120.8
125.9
104.2
114.1
120.7
125.5
103.9
109.4
114.0
116.1
104.5
110.4
115.1
117.9
158.3
163.6
170.3
r
178.8
158.2
163.4
170.2
177.9
98.0
98.1
98.1
99.4
97.9
97.9
98.1
99.0
156.8
157.6
160.7
164.8
158.7
158.2
162.3
167.1
150.2
155.2
159.8
163.7
151.4
156.2
161.0
165.5
110.5
110.4
110.0
109.8
108.6
108.4
108.0
107.8
128.4
128.2
128.5
129.3
128.1
127.8
128.1
128.8
116.2
116.1
116.8
117.8
117.9
117.9
118.6
119.5
180.4
182.0
184.0
186.2
179.8
181.2
183.1
185.4
100.0
101.2
101.7
102.2
99.6
100.7
101.2
101.8
163.3
164.9
167.3
169.6
165.5
167.1
169.5
172.1
163.7
165.0
167.0
167.5
165.7
167.0
169.0
169.5
109.9
110.6
111.7
111.8
107.8
108.6
109.6
109.9
130.5
132.2
134.3
136.2
130.1
131.9
134.1
136.0
118.8
119.5
120.3
121.8
120.7
121.5
122.3
123.8
187.3
189.0
191.1
194.0
186.4
187.9
190.0
192.9
101.5
101.2
101.4
102.0
101.0
100.6
100.8
101.4
170.5
170.8
171.1
173.5
172.9
173.0
173.3
175.6
168.7
170.1
171.2
171.9
170.9
171.9
173.2
174.0
112.8
111.8
112.1
110.8
110.1
110.5
138.0
138.8
139.5
137.9
139.2
140.2
122.3
124.1
124.5
124.4
126.4
126.9
195.8
198.1
194.6
196.6
199.3
102.1
102.1
102.3
101.5
101.3
101.5
173.5
177.1
179.2
175.7
178.6
180.4
172.3
174.7
176.5
174.2
176.2
177.7
1982:
1983:
1984:
1985:
IV
IV
IV
IV
1986: I
n
ffl
IV
1987: I
n
m
IV
1988: I
np
m *..
200.9
r
Pe rcent ehange; quarte rly data at seasonal] y adjusted annual rates
-1.2
1979
-1.6
Q
1980
1981
1982
1983
1984
1.4
-.4
2.7
2.5
-.4
1.0
-.6
3.3
2.1
1985
1986
1987
2.1
2.2
.8
1.4
2.0
.8
3.0
3.1
1.7
.7
2.4
1.4
1.2
.2
7.7
8.4
-.8
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
I
n
m
IV
1987: I
n
m
IV
1988: I
np
m *..
2.0
-1.5
-1.7
11.1
11.2
9.0
8.9
10.5
9.4
7.8
4.3
3.9
-2.7
-1.0
1.6
.9
-.2
-2.7
-.8
1.5
1.1
-.4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
.9
1.9
3.2
3.5
9.7
9.5
^ 2
-.8
.7
10.5
9.2
7.8
4.2
4.1
4.2
8.4
5.0
8.3
1.5
5.7
-.7
.7
-2.7
1.6
6.0
4.2
3.5
3.6
3.9
3.5
3.8
2.1
1.3
2.8
2.5
1.5
3.0
4.5
4.3
4.0
4.2
4.2
3.8
2.4
.3
.6
2.3
.2
2.4
2.1
3.1
2.8
2.2
3.1
2.5
2.3
2.8
3.0
2.4
2.8
-3.5
8.2
1.9
3.4
4.5
5.5
3.8
5.4
5.0
4.3
3.9
5.1
3.2
1.4
.6
1.3
3.8
.2
.7
1.0
1.5
2.3
2.1
4.7
2.6
2.8
2.7
4.9
2.4
4.8
2.7
2.6
3.0
3.1
3.3
2.1
2.3
3.4
.0
-.0
2.4
3.3
3.7
3.7
4.4
4.8
4.3
3.2
4.3
5.1
2.1
5.1
2.0
2.1
2.7
4.6
1.9
2.3
4.1
5.8
5.7
-3.8
4.0
5.9
6.1
.1
3.2
5.0
1.1
.4
3.0
5.1
1.2
-3.2
-1.4
.6
2.6
2.2
.8
.7
5.6
2.1
.2
.7
5.4
3.0
3.2
2.8
1.4
3.3
2.3
3.1
1.8
.1
.2
8.5
4.9
.1
6.8
4.0
1.0
5.8
4.0
.6
4.7
3.4
-1.1
2.1
-3.1
-.5
1.7
-3.3
-1.2
3.5
3.6
9.8
3.1
3.5
8.5
-.8
.8
2.4
10.4
-2.8
-3.4
7.1
1.8
2.9
.6
-.8
-.9
8.3
-.8
.9
2.5
.3
2.7
3.9
.6
.0
3.2
3.7
.9
3.7
5.3
6.6
5.7
4.0
5.7
6.8
5.9
3.4
2.5
2.6
5.1
4.0
2.5
2.9
4.9
2.5
3.6
4.6
6.2
2.1
3.4
4.5
6.4
3.4
5.5
2.4
2.0
5.6
4.0
2.8
1.9
6.0
1.0
2.1
6.6
1.5
3.7
4.8
5.9
3.5
4.2
5.4
— .4
-1.4
3.5
-3.4
1.0
1
-1.5
-2.4
1.3
— .4
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
-2.8
-1.2
.8
2.4
.3
.0
1.1
K
.6
-3.7
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 November 29, 1988.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.4 percent in October, following a 0.2 percent increase in September. The index for
October was 5.1 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
160
INDEX, 1977=100* (RATIO SCALE)
240
FINAL P RODUCTS
220
TOTAL Ih4DUSTRIAL PRODUCTI ON
140
_—^~*
.~>
inn
180
160
Illllllllll Illllllllll Illllllllll IIUlllllll Illllllllll
160
140
MANUF>^CTURING PRODUCTI 3N
140
DURABLE"
^^^\
^—f^.
120
r-^-W
NONDURA —
BLE
inn iimlniil
140
UTILITIES
100
120
1*
_^*'~"'
fir*
BUSINESS
EQUIPMENT
.y"
^~
.— -.-— —
!iiiiiiini
*"—*••
^*-
/*•
nrff*"
^^
^ J
_^^"
^_*
CONSUMER
GOODS
Illllllllll
IHIllllIM Illllllllll Illllllllll
PERCENT*
100
CAPACITY UTILIZATION RATE
(TOTAL INDUSTRY)
90
Illllllllll IIHlllllLI Illllllllll Illllllllll
ANDMIN NG
DEFE NSE AND
S PACE
EQlJIPMENT
200
^^
PRODLJCTION
UTILITIE S
X
£Vx£z}f^
inn
Illllllllll
1984
nnG*~^~
iiiiiliiiii illllllllll
1985
1986
' X v' A -
80
v / - *s^~-
70
iiiiiliiui Illllllllll
1987
llllllllll
1984
1988
Illllllllll
1985
1986 1987
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1988
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Tc tal
indu strial
prod iction
Period
Index,
1977 = 100
Durable
Utilities
Nondurable
Total
industry
Manufacturing
1.9
1.1
3.8
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
79.3
78.2
70.3
73.9
80.5
80.1
79.7
r
81.1
132.5
133.2
133.9
5.8
6.0
5.6
137.3
137.9
138.9
136.8
136.7
137.3
138.1
139.6
141.3
103.6
104.6
104.6
112.1
113.2
111.7
81.9
82.1
82.4
82.0
82.2
82.6
134.4
134.4
134.7
135.4
136.1
136.5
138.0
138.4
138.7
139.2
6.5
5.8
5.7
6.3
6.2
5.7
5.7
5.5
5.9
5.1
139.4
139.5
140.0
140.8
141.8
142.1
143.6
143.9
144.5
145.2
137.9
138.4
138.8
139.7
141.5
141.7
142.9
143.1
144.0
144.8
141.4
141.1
141.7
142.3
142.1
142.6
144.6
145.0
145.3
145.7
103.3
101.5
102.7
104.7
102.6
103.0
104.3
104.0
103.8
102.8
115.2
115.6
113.3
111.0
111.6
113.2
114.4
117.8
113.3
113.7
82.5
82.4
82.4
82.7
82.9
83.0
83.7
83.8
83.8
84.0
82.7
82.6
82.7
82.9
83.3
83.3
84.0
83.9
84.1
84.3
1988: Jan
Feb
Mar
Apr
May
Output as percent of capacity.
Mining
Total
35.11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
1987: Oct
Nov
Dec
1
Percent
change
from year
earlier
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
June
July r
Aug r .
Sept r
Oct p
Capacity utilization
rate, p( rcent 1
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
1980
1981
1982
1983
1984
1985
1986
1987
1977 proportion
Industry pro( uction indexes , 1977 = 100
Manufacturing
-1.9
2.2
-7.1
5.9
11.2
Source: Board of Governors of the Federal Reserve System
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Produc ts
Mate rials
Final produc s
Internnediate proc ucts
C onsumer go ods
Equipment
Period
Total
Total
1977 proportion
44.77
25.52
1980
1981
1982
1983
1984
1985
1986
1987
1987:
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
139.3
139.2
139.8
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
129.0
129.4
129.8
131.2
131.3
131.2
131.9
132.7
133.0
134.2
134.9
134.7
135.5
1988:
Oct
Nov
Dec
141.1
141.6
141.8
142.5
143.5
144.0
145.0
145.7
146.0
146.8
Jan
Feb
Mar
Apr
May
June
July'.
Augr
Sept. r.
Oct"
1
Durable
goods
Nondurable goods
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
124.3
123.9
120.3
121.7
120.6
120.4
123.3
125.6
125.3
125.3
125.4
125.6
127.0
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
19.35
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
130.8
131.5
133.3
134.7
135.3
135.1
135.1
135.4
135.8
137.5
138.4
138.0
138.6
153.0
152.2
153.1
154.3
155.3
155.9
156.5
157.7
158.£
159.4
159.9
160.9
161.7
Total '
Business
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
148.7
148.3
149.8
151.2
152.4
153.3
154.6
156.9
158.1
159.3
160.1
161.4
162.7
Defense
and
space
equipment
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
190.3
188.7
188.9
190.6
191.0
189.9
187.9
185.5
184.6
184.9
184.7
184.7
184.6
Total
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
146.1
147.3
146.5
148.1
149.4
149.9
149.6
150.4
150.0
151.6
152.2
152.5
153.9
Construction
supplies
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
133.3
134.2
133.8
136.8
137.7
137.3
137.6
138.8
137.6
138.4
138.1
138.6
140.4
Busi-
Total
Energy
42.28
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
supplies
6.99
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
157.1
158.4
157.4
157.8
159.4
160.7
159.9
160.3
160.6
162.8
164.2
164.4
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
121.2
122.5
123.7
123.0
122.1
122.5
123.6
123.9
124.5
126.4
126.6
126.8
126.8
101.8
102.8
101.7
101.4
100.6
100.6
101.0
99.5
101.3
102.7
103.5
101.9
101.2
Includes oil and gas well drilling and manufactured homes, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
N(>ndurable manufactu res
Durable m anufactures
Transp 3rtation
equip ment
Primar} metals
Period
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1987:
1988:
Get
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July r.
Aug r
Sept r
Oct."
Non-
Total
Iron and
steel
metal
products
machinery
5.33
90.4
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
82.0
79.7
81.9
77.8
77.4
74.2
74.5
78.6
74.2
80.2
79.1
81.3
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
113.5
113.6
115.8
117.1
117.6
118.8
118.8
119.8
120.4
121.7
121.8
122.6
123.2
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
95.0
65.8
73.0
82.3
80.4
75.1
81.3
90.6
90.2
90.6
86.5
86.4
85.1
85.3
89.2
87.5
91.5
91.1
93.1
91.6
Source: Board of Governors of the Federal Reserve System.
18
Fabri-
158.0
157.2
161.0
162.9
163.6
164.6
167.2
170.3
171.2
173.1
174.1
176.0
177.7
Electrical
machinery
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
175.5
175.6
175.9
177.4
177.8
176.6
178.7
179.1
179.5
181.5
182.5
182.9
183.3
Total
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
132.0
130.4
128.1
128.6
128.4
130.0
130.4
133.1
132.8
131.9
131.7
132.3
134.1
Motor
vehicles
and
parts
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
116.0
114.0
110.2
109.7
109.3
113.0
114.8
119.6
119.1
116.6
117.3
118.6
121.2
Lumber
and
products
Appar-
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
129.8
134.0
133.6
136.3
139.0
137.8
138.0
139.8
136.4
136.6
133.5
133.0
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
108.0
109.4
107.8
108.7
108.5
108.7
109.2
108.6
109.3
109.4
109.0
products
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
175.2
175.7
176.9
177.5
178.7
180.4
181.8
180.7
182.3
184.9
186.1
187.4
187.5
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
141.5
144.4
147.9
147.9
145.4
146.4
148.9
149.1
150.5
153.4
154.7
155.2
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134 .4
137.8
138.0
138.9
140.1
141.2
141.9
141.1
140.3
141.0
141.3
143.3
143.1
143.0
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construetio n contracts 3
Private
Period
Total new
construction
expenditures
Resk ential
Total
New housing
Total '
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
B illions of dollars
252.4
251.7
260.2
246.6
281.3
328.6
355.7
386.1
398.9
1979
1980
1981
1982
1983
1984
1985
1986
1987
200.7
193.3
203.6
192.9
227.5
271.0
291.7
314.7
323.8
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.8
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
42.3
46.2
49.4
49.5
48.1
48.5
50.5
49.5
52.5
51.7
58.5
56.5
53.7
53.8
57.7
64.1
71.4
75.0
109
97
100
100
124
136
150
158
162
Annual rates
1,059
904
919
690
756
955
1,097
1,016
1,004
Annual rates
1987:
Sept
Oct
Nov
Dec
405.4
400.8
407.1
410.9
327.1
325.9
331.5
331.6
194.8
194.5
195.6
195.8
140.0
140.7
142.3
142.8
79.0
77.9
81.0
77.5
53.3
53.5
54.9
58.4
78.2
74.9
75.6
79.2
160
164
157
157
1,032
987
911
1,012
1988:
Jan
Feb
Mar
Apr
May
June
July
Aug*.
Sepf
Oct*
395.3
392.5
403.6
396.2
398.5
395.7
401.8
401.1
403.4
321.6
317.8
324.3
318.5
320.2
317.7
322.5
324.4
325.2
195.2
192.1
195.6
192.0
190.4
188.1
192.8
193.9
195.3
140.8
138.0
139.2
138.5
137.7
136.8
136.4
137.2
138.6
74.2
73.4
76.4
76.8
78.1
77.5
76.3
75.6
74.9
52.2
52.3
52.3
49.7
51.8
52.2
53.4
54.8
55.1
73.7
74.7
79.3
77.7
78.3
78.0
79.3
76.8
78.2
145
159
154
144
157
165
156
155
151
153
833
1,103
887
838
840
906
982
918
903
835
1
Includes the following categories of private construction not shown separately: residential improvements, railroads, electric light and power, gas, petroleum pipelines, and farm nonresidentia!.
2
Includes hotels and motels.
3
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Units started, b\ type of structure
Period
Total
1 unit
2-4 units
122.0
109.5
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
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1987: Oct
Nov
Dec
1,538
1,661
1,399
1,105
1,129
1,035
67
51
51
366
481
313
1988:
1,382
1,519
1,529
1,584
1,393
1,465
1,477
1,461
1,449
1,554
1,016
1,102
1,172
1,093
1,004
1,092
1,068
1,078
1,042
1,146
53
59
57
58
52
62
51
61
66
73
313
358
300
433
337
311
358
322
341
335
1979
1980
1981
1982
1983
1984
1985
1986
1987
New jiri\ ate homes
Units
authorized
Units
completed
Homes sold
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
709
545
436
1,453
1,459
1,372
1,248
1,429
1,476
1,449
1,436
1,493
1,420
1,464
1,394
1,516
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
Homes for
sale at end of
period '
3
Vaamcv rutv
for rental
housing units
(percent) z
623
639
688
750
671
337
275
253
301
353
346
357
365
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
1,565
1,571
1,624
653
625
586
360
362
365
7.8
1,550
1,452
1,598
1,665
1,450
1,518
1,529
1,541
1,523
579
648
664
681
681
718
700
715
659
368
359
372
367
370
367
364
363
364
412
397
Seasonal y adjusted annu al rates
Jan
Feb
Mar
Apr.,
May
June
July
Aug T
Sept '
Oct".
1
2
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly eomparable
with earlier data.
3
New series beginning March 1979.
8.0
7.7
7.8
NOTE.—Beginning 1984, units authorized are for 17,000 permit-i .ling places; for 1978-83 data
re for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In September, manufacturing and trade sales were about unchanged and inventories rose $5.5 billion. In October]
according to advance data, retail sales rose 0.9 percent, following a decline of 0.3 percent in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
800
220
700
^Xlr—^
—
^^_
^—-
600
-
-
500
1
r
\
RETAIL INVENTC>RIES
^ >
s~
—
_
-
s
f —v—^
r-^""
\
MANU FACTURING AND
TRAD E INVENTOR IES
»
4
~
.,-'•""-
-
,---""
•—*
-
— f^~. .-'"'""* RETAIL SALE i
400
M/kNUFACTUR NG
AhID TRADE SA LES
~
—
—
lllllllllll lllllllllll
80
300
lllllllllll llllll[llll
RATIC)*
1.80
-
—
200
lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll
1984
1985
1988
1988
1987
1986
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufact uring and
trac e '
Sales
Period
Inventories 3
Sales
2
Inventory-. ales ratio 4
Re tail
Who esale
Inven-
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
3
Manufacturing
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
1.49
1.44
1.49
1.53
1.55
1.51
1.56
1.59
79,962
79,920
80,181
80,615
203,202
206,577
208,260
211,100
101,928
104,846
106,490
107,948
101,274
101,731
101,770
103,152
1.48
1.50
1.52
1.52
1.58
1.63
1.64
1.64
80,080
80,413
81,779
81,298
82,415
82,908
83,588
84,502
r
84, 802
85,596
209,824
208,698
208,822
209,550
211,889
213,952
214,795
218,888
222,120
106,377
104,479
103,631
104,349
106,551
107,607
108,020
111,078
114,529
103,447
104,219
105,191
105,201
105,338
106,345
106,775
107,810
107,591
1.53
1.53
1.50
1.51
1.51
1.50
1.50
1.50
1.51
1.63
1.60
1.58
1.59
1.60
1.60
1.60
1.62
1.65
Retail
Millions of dollars, seasonally idjusted
1982
1983
1984
1985
1986
1987
1987: Sept r.
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept"
Oet p
1
2
3
r
348,747
368,930
408,142
418,605
424,177
451,788
574,491
590,673
644,906
656,165
655,065
707,329
96,290
100,324
113,390
114,645
116,026
126,736
128,196
130,445
142,622
147,145
152,887
165,097
462,889
463,422
461,244
464,394
686,700
694,810
700,688
707,329
130,872
131,743
128,501
128,332
159,621
162,517
163,353
165,097
464,772
468,675
476,922
477,768
481,874
488,787
489,235
495,482
495,326
711,586
714,746
717,249
721,016
725,381
730,916
735,890
743,851
749,358
129,720
131,622
132,885
133,015
133,264
136,289
138,195
139,008
139,662
168,388
170,632
171,732
173,530
173,418
175,001
177,307
179,165
179,374
See page 21 for manufacturing.
Monthly average for year and total
Kiid of period.
20
89,107
97,364
106,882
113,944
119,791
125,882
r
128,211
126,973
127,248
128,615
128,769
130,121
132,259
131,717
132,833
133,617
134,342
134,759
r
134,380
135,622
28,169
32,582
37,836
41,415
44,885
46,592
r
48,249
47,053
47,067
48,000
48,689
49,708
50,480
50,419
50,418
50,709
50,754
50,257
r
49,578
50,026
r
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
'in September, manufacturers' shipments and new orders fell; inventories and unfilled orders rose. In October,
according to advance data, durable goods shipments and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
ZBU
240 ILSHIPMf 'NTS
-
200
440 — INVENTORIES —
400
360
——
160
280,
TOTALDURABLE GOC3DS
..~'>*"~
I r* -A
-:v-
r^-Cl80
170
)URABLE GOODS
• *•**
-v—
\
AO
lllllllllll
200
.Nor•(DURABLE GOODS
lllllllllll llll|llllll lllllllllll lllllllllll
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240 H.NEWC)RDERS
60
iiiiiliiiii lllllllllll lllllllllll lllllllllll lllllllllll
^^/*» —
—
—
160
-
DURABLE GOCDOS
160"
\
NON[
•"•
r \1
~
120
—.
.
~~rn
TOTAL
^-^—|
RATIC *
2.20
TOTAL
INVENTC )RY-SHIPM ENTS RATIC)
2.00
120
A^
DL RABLE GOO 3S
^,
~-
^
"
r—>
1.80
'f — — —
"~V—
NO ^DURABLE C OODS
80
~^
1.40
60
lllllllllll lllllll|||| lllllllllll lllllllllll
1984
1985
1986
-
lllllllllll
_
^
1.20
1988
1987
_
1984
1985
1987
1986
*SEA5ONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufa cturers' shipinents *
y anufacturers
Manufa 'turers' inven tones 2
new orders i
.Durabl ? goods
Period
Durable
goods
1988
Durable
goods
Nondurable goods
Capital
Nondurable goods
Total
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 2
Manufacturers'
inventory —
shipments
M llions of do lars, seasoilally adjust 3d
1982
1983
1984
1985
1986
1987
1987: Sept
Get
Nov
Dee
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r
Get"
1
2
163,350
171,242
79,352
84,956
187,869
190,016
188,360
199,170
203,806
204,706
205,495
207,447
206,283
206,932
211,778
213,036
215,777
218,881
216,698
221,715
221,284
96,623
99,019
99,989
105,291
108,377
108,303
108,287
111,183
109,125
109,829
112,744
112,521
114,751
116,522
113,122
117,866
118,057
118,658
83,998
86,286
91,246
90,996
88,371
93,879
95,429
96,403
97,208
96,264
97,158
97,103
99,034
100,515
101,026
102,359
103,576
103,849
103,227
311,827
312,647
334,767
327,496
316,182
331,132
323,877
325,716
329,075
331,132
333,374
335,416
336,695
337,936
340,074
341,963
343,788
345,798
347,864
Monthly average for year and total for month. Shipments are the same as sales.
End of'period.
200,825
200,406
218,771
214,066
208,313
216,598
211,334
212,863
215,557
216,598
218,507
219,913
220,523
221,405
222,948
224,000
225,467
226,600
228,273
111,002
112,241
115,996
113,430
107,869
114,534
112,543
112,853
113,518
114,534
114,867
115,503
116,172
116,531
117,126
117,963
118,321
119,198
119,591
3
162,273
174,122
189,791
190,918
188,663
201,966
205,340
208,602
209,258
209,564
210,202
211,283
211,799
217,029
216,398
228,090
219,877
227,009
222,541
78,338
87,600
98,581
99,843
100,166
107,770
109,677
112,016
111,961
113,192
113,069
114,155
113,063
116,836
115,369
125,442
116,112
122,806
119,244
122,083
21,661
22,098
26,243
27,067
26,551
29,707
29,393
30,218
30,655
33,029
33,867
33,819
31,924
33,746
31,522
35,458
36,213
38,808
34,856
33,967
83,935
86,522
91,209
91,075
88,497
94,197
95,663
96,586
97,297
96,372
97,133
97,128
98,736
100,193
101,029
102,648
103,765
104,203
103,297
314,270
349,419
372,586
383,181
387,065
421,243
411,467
415,363
419,126
421,243
425,162
429,513
429,534
433,527
434,148
443,357
446,536
451,830
453,086
1.95
1.80
1.74
1.74
1.70
1.62
1.59
1.59
1.60
1.60
1.62
1.62
1.59
1.59
1.58
1.56
1.59
1.56
1.57
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Cei
21
PRICES
PRODUCER PRICES
In October, the producer price index for all finished goods was unchanged from its September level. Prices ot
finished consumer foods fell 0.1 percent while prices of other finished consumer goods rose 0.1 percent. Capital
equipment prices fell 0.3 percent.
INDEX, 1982= 100 (RATIO SCALE)
INDEX, 1982 = 100 (RATIO SCALE)
120
80
80
1980
1987
1981
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1982=100; monthly data seasonally adjusted]
Fin shed goods
Period
Total
finished
goods
88.0
1980
1981
1982
1983
1984
1985
1986
1987
1987: Oct
Nov
Dec
1988:
1
Jan
Feb
Mar
Apr
May
June r
July
Aug
Sept
Oct
96.1
100.0
101.6
103.7
104.7
103.2
105.4
106.1
106.2
105.9
106.2
106.0
106.6
107.0
107.4
107.6
108.3
108.9
109.3
109.3
F nished go }ds excluding consumer foo ds
Consumer
foods
Consumer g >ods
Total
Durable
Nondurable
Internlediate ma te rials
Or ude materi als
Total
Foods
and
feeds l
Other
Total
Foodstuffs
and
feedstuffs
104.6
103.9
100.0
101.8
104.7
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
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
88.6
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
109.9
110.0
108.6
104.9
104.9
104.9
101.8
101.7
101.8
112.2
112.1
111.8
96.2
112.0
112.1
112.3
104.5
104.5
104.0
103.2
96.1
96.3
103.6
103.8
101.0
101.3
101.5
103.3
103.7
103.9
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.1
94.9
94.7
110.5
109.3
110.2
110.6
111.4
112.4
113.2
113.7
115.1
115.0
104.8
104.9
105.3
105.8
106.1
105.9
106.7
107.3
107.4
107.4
101.4
101.4
101.9
102.5
102.8
102.5
103.4
104.1
103.8
103.9
112.3
112.6
112.9
112.7
113.1
113.3
113.9
114.4
115.1
114.5
95.5
95.5
96.0
96.9
97.1
96.6
97.7
98.4
97.8
98.1
112.8
113.0
113.2
113.4
113.7
113.9
114.3
114.8
115.7
115.4
104.4
104.0
104.7
105.2
105.6
105.8
106.7
107.3
107.6
107.5
104.2
104.4
104.9
105.6
106.3
107.2
107.9
108.3
108.7
108.7
102.5
102.1
102.7
103.7
104.4
111.5
116.4
115.1
116.0
115.3
104.3
104.5
105.0
105.7
106.4
107.0
107.5
107.9
108.3
108.4
93.9
94.6
94.2
95.2
96.5
97.4
96.6
97.7
97.2
97.1
Intermediate materials for food manufacturing and feeds.
22
Total
Capital
equipment
Total
finished
consumer
goods
Source: Department of Labor, Bureau of Labor Statistics.
Other
94:8
93.2
96.2
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
98.1
95.6
96.3
90.6
90.2
89.4
97.4
99.5
100.3
100.5
103.2
107.3
108.8
111.2
113.0
114.6
87.5
87.4
86.3
87.8
88.1
86.9
84.8
85.2
83.2|
82.1
CONSUMER PRICES—ALL URBAN CONSUMERS
In September, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted (0.3 percent
not seasonally adjusted). The index was 4.2 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
110
110
100
100
90
90
80
80
70
70
60
imilmii
III III IIIII
mill inn
1980
1981
1982
imilmii
1984
1983
Illllllllll Illllllllll
1986
1985
60
1987
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT 0|.LABOR
1988
COUNCIL OF ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
All it.ems 1
Tr ansportati on
Hou sing
All
She Iter
Period
Not
seasonally
adjust-
(NSA)
Rel. imp.3....
1980
1981
.....
1982
1983
1984
1985
1986
1987
1987: Oct
Nov....
Dec....
1988: Jan
Feb....
Mar....
Apr. ...
May ...
June ..
July...
Aug ...
Sept...
Oct
100.0
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
115.3
115.4
115.4
115.7
116.0
116.5
117.1
117.5
118.0
118.5
119.0
119.8
120.2
1
2
Seasonally
adjusted
115.0
115.3
115.5
115.9
116.1
116.7
117.2
117.6
118.0
118.5
119.0
119.4
119.9
Food
Total
Total
16.1
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
114.7
114.8
115.3
115.6
115.3
115.7
116.5
117.0
117.7
118.9
119.6
120.5
120.7
42.5
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
115.3
115.5
115.9
116.4
116.8
117.2
117.5
117.8
118.2
118.6
118.9
119.2
119.6
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
122.8
123.1
123.8
124.5
125.1
125.7
125.8
126.2
126.7
127.2
127.9
128.1
128.4
Apparel and
upkeep
(Dec
1982 =
100)
7.9
19.7
0.2
7.7
6.3
102.5
107.3
113.1
119.4
124.8
126.9
127.2
127.9
128.4
129.0
129.3
129.6
130.0
130.6
131.2
131.8
132.5
132.8
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
112.8
113.5
113.3
113.7
114.3
113.3
115.3
114.3
114.7
114.5
115.0
115.3
115.0
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
103.0
103.4
103.3
103.2
103.7
103.5
104.0
103.9
104.0
104.0
103.8
104.2
105.2
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
112.7
113.1
112.2
112.3
112.0
114.2
116.5
116.5
116.1
115.4
113.5
115.8
117.9
103.0
108.6
115.4
121.9
128.1
128.6
128.8
129.5
130.9
131.5
133.0
132.6
132.8
133.3
133.8
134.4
133.6
133.9
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1987.
Fuel
and
other
utilities
Homeowners'
costs
03ec.
1982 =
100)
Renters'
1
Maintenance
and
repairs
(NSA)
Total i
New
Motor
Medical
care
Ener-
gy 2
items
less
food,
shelenergy
17.5
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
107.2
107.7
107.4
107.3
107.1
107.2
107.5
108.2
108.4
108.8
109.8
109.9
110.2
4.4
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
115.5
115.7
115.7
115.5
115.8
116.2
116.2
116.4
116.6
116.6
116.9
117.8
118.0
3.3
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
83.0
83.0
81.6
80.4
78.9
79.2
80.1
81.5
80.8
81.3
83.6
82.2
81.4
5.8
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
132.4
133.0
133.5
134.6
135.4
136.0
136.8
137.7
138.3
139.3
139.9
140.7
141.4
7.6
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.3
89.6
88.9
88.3
87.8
87.8
88.5
88.9
88.7
89.0
89.8
89.3
89.4
48.5
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
118.5
118.9
118.9
119.5
119.8
120.4
121.1
121.5
121.8
122.2
122.4
123.0
123.8
NOTE.—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]
Ch nge from pr eeeding peri )d
Change from 3 montl s earlier, ann ual rate
Change from 6 mont B earlier, ann jal rate
Consum er goods
Consum r goods
Consum er goods
Total
finished
goods
Period
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
total
finished
goods
NSA
Cha nge, Dec. 0 Dec., N 3A
7.5
1.5
2.0
2.3
3.5
.6
2.8
.2
11.8
1980
1981
7.1
3.6
.6
1.7
1.8
1982
1983
1984
1985
1986
1987
-2.3
2.2
14.1
11.4
13.4
8.6
4.2
-.9
.8
2.1
9.2
3.9
2.0
1.8
2.7
2.1
1.3
9.2
4.1
1.6
2.1
1.0
-6.6
4.1
-1.4
2.1
Ct ange, mon th to mont h
-0.3
1987: Get
Nov
Dec
.1
1.7
j
.1
.2
— .4
.4
0
-1.1
.8
.4
.7
.9
.7
.4
1.2
.1
-0.4
.1
-1.3
.3
-.2
.6
.4
.4
.2
.7
.6
.4
0
1988: Jan
Feb
Mar
Apr
May
June r
July '
Aug
Sept '
Oct
-0.2
-0.3
.1
-.3
.5
.6
.3
-.3
.9
.7
.3
.1
— 1.4
1.8
5.7
1.5
.8
-1.9
2.2
.4
-.8
2.7
3.0
5.4
3.8
4.9
5.7
6.5
3.7
.2
.2
.2
.3
.2
.4
.4
.8
-.3
3.2
0
1.4
6.0
.4
7.9
8.2
9.7
8.5
.4
4.4
5.6
2.4
3.6
5.2
5.2
1.9
10.0
6.5
1.0
2.9
3.3
3.2
2.1
2.5
2.5
3.2
3.9
6.5
3.9
-1.6
-1.2
-2.5
1.9
1.7
.7
-.7
-.8
.9
0
.4
1.7
2.3
3.2
4.0
5.5
5.1
4.3
0.5
-1.4
-3.8
3.2
3.2
3.0
1.1
1.1
1.6
2.5
2.6
2.2
.4
-.4
0
.8
-.6
1.3
2.6
7.1
4.9
8.2
9.1
8.1
1.4
2.2
1.4
4.0
5.4
3.8
2.8
2.2
2.0
1.2
2.5
2.9
2.9
2.7
3.2
4.5
3.6
2.2
1.9
1.9
1.8
2.0
2.1
2.4
2.7
2.7
2.9
2
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Tr ansportati on
Housing
Adden dum: All ite ms, percent hange
(annua 1 rate)
All
Shelter
Period
All
items t
Food
Total '
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
New
Total '
Motor
Medical
care
Energy2
items
less
food,
shelter,
and
energy
From
previous
quar^
ter
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
c tiange, D ecember to Dec imber, r> SA
1980
12.5
10.2
13.7
1981
1982
1983
1984
1985
1986
1987
8.9
3.8
3.8
3.9
3.8
1.1
4.4
4.3
3.1
2.7
3.8
2.6
3.8
3.5
10.2
13.8
14.4
15.0
3.6
3.5
4.3
4.3
1.7
3.7
9.9
2.4
5.1
4.7
5.9
5.2
6.0 - 6.3
5.0
4.6
3.9
4.8
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
14.6
10.9
7.4
6.8
1.5
3.4
1.8
3.9
3.1
2.6
6.1
-6.5
-1.7
-2.4
9.9
12.5
11.0
3.4
3.1
5.9 -30.7
1.8
18.7
6.4
6.1
6.7
7.7
5.8
0.3
.2
0
-0.2
0.4
.5
.4
-1.5
-1.9
2.5
-5.9
4.8
18.8
9.4
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
4.3
3.7
3.3
3.8
6.2
3.2
4.3
3.6
1.9
3.6
Che nge, mo nth to nlonth
Oct
Nov
Dec
0.3
.3
.2
0.2
.1
.4
0.3
.2
.3
0.5
.2
.6
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
.3
.2
.5
.3
-.3
.3
.4
.7
.3
.3
.4
.6
1.0
.6
.8
.2
.4
.3
.3
.3
.3
.3
.3
.3
.3
.3
.6
.5
.5
.1
.3
.4
.4
.6
.2
.2
1987:
1
2
.4
.4
.3
.4
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil,
also included through 1982.
24
-0.2
.2
.5
1.1
.5
1.1
-.3
.2
.4
.4
.4
-.6
.2
0.8
.2
.6
.4
.5
.2
.2
.3
.5
.5
.5
.5
.2
1.3
.4
-.8
0.4
.5
-.3
.1
.5^
-.3
-.2
2.0
.5
2.0
-.1
0
.1
-.3
0
-.6
-.2 -1.6
.4
2.0
1.0
1.8
— .1
o
.2
.1
.3
.7
.2
.3
.3
-0.3
.4
-.1
0
.2
2
0
.3
.8
.4
.9
.1
.3
2
3
motor fuel. Motor oil, coolant, etc.,
0
1
-7
.4
1.1
1.7
-.9
.6
2.8
— 1.7
-1.0
.8
.6
.4
.6
.7
.4
.7
.4
.6
.5
.3
-.8
0.5
.3
0
-.7
-.6
0
.8
.5
-.2
.3
.9
-.6
.1
.5
.3
.5
.6
.3
2
.3
2
.5
.7
-0.6
4.3
3.9
3.2
4.9
4.8
Quarterly changes are shown in the last month of the quarter.
Souree: Department of Labor, Bureau of Labor Statistics.
3.5
3.2
3.2
2.8
4.2
4.6
5.3
4.5
4.5
4.8
4.8
4.8
3.9
3.7
3.6
3.7
3.2
3.7
3.9
4.0
4.4
4.5
5.1
4.7
4.7
4.5
4.5
4.4
4.0
3.9
3.9
3.9
3.9
4.0
4.1
4.0
4.2
4.2
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in November fell 0.7 percent from their October level. Prices paid by farmers in
October were 1.2 percent above their July level.
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SCALE)
180
180
160
160
PRICES PAID
140
140
PRICES RECEIVED
120
120
100
100
80
80
iinliim iiinliiiii
60
60
RATION
140
60
1988
I/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Pri ces
Period
Livestock and
products
All farm
products
134
1980
1981
1982
1983
1984
1985
1986
1987
1987:
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Ocf
Nov
1
F rices
received by farm ers
139
133
135
142
128
123
127
132
127
131
130
130
130
134
137
141
144
144
143
142
125
134
121
128
138
120
107
106
120
112
115
109
110
111
117
127
133
135
135
133
133
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
143
141
147
149
148
148
151
147
147
152
153
152
151
All commodities,
services,
interest, taxes,
and wage rates l
paid by farmer s
Production
items, interest,
taxes, and wage
rates
138
150
159
161
165
163
159
162
(3)
(3)
165
(3)
(3)
168
(3)
(3)
172
(3)
(3)
174
(3)
139
151
159
159
162
157
150
152
(3)
(3)
155
(3)
(3)
159
(3)
(3)
162
(3)
(3)
164
(3)
Production
items
138
148
153
152
155
151
144
147
(3)
(3)
152
(3)
(3)
155
(3)
(3)
160
(3)
(3)
162
(3)
Ratio 2
97
92
84
84
86
79
77
78
80
77
79
79
79
77
80
82
82
84
84
82
82
NOTE.-—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml rose slightly in October after remaining unchanged for 2 months; growth in the broader aggregates
accelerated a little.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,000
3,600
4,000
3,600
M3
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
M2
1,600
1,600
1,200
1,200
800
800
600
Ml
400
1980
1981
1983
1982
1985
1984
1988
1986
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]
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
412.2
439.1
476.4
522.1
551.9
620.1
725.4
750.8
1,633.1
1,795.5
1,954.0
2,185.2
2,363.6
2,562.6
2,807.7
2,901.0
1,990.8
2,236.5
2,443.2
2,693.2
2,978.3
3,196.0
3,490.8
r
3,664.4
2,327.6
2,599.0
2,852.9
3,154.4
3,519.4
3,825.4
4,134.3
r
4,329.3
3,865.7
4,241.7
4,625.3
5,158.5
5,907.4
6,716.8
7,572.7
8,279.3
6.8
6.5
8.5
9.6
5.7
12.4
17.0
1987: Oct
Nov
Dec
756.2
752.7
750.8
2,894.5
2,896.5
2,901.0
3,644.6
3,659.6
3,664.4
4,314.9
4,327.3
4,329.3
8,149.7
8,226.2
8,279.3
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct p .
758.8
759.5
762.9
770.1
770.2
776.5
782.3
782.5
782.4
783.5
2,925.1
2,946.2
2,967.5
2,990.9
3,002.2
3,016.5
3,025.8
3,031.6
3,033.9
3,036.9
3,690.5
3,722.9
3,748.3
3,772.0
3,789.4
3,814.0
3,836.2
3,848.3
3,853.2
3,868.4
4,367.1
4,398.7
4,425.5
4,469.4
4,501.7
4,518.1
4,561.0
4,579.7
4,584.4
8,324.0
8,380.2
8,443.0
8,502.2
8,560.6
8,619.0
8,674.6
8,736.6
8,796.2
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at an annual rate.
26
L
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Percf nt change from yea r or 6
months earlier 2
Ml
M2
MS
Debt
3.5
8.9
9.9
8.8
11.8
8.2
8.4
9.6
3.3
10.2
12.3
9.2
10.2
10.6
7.3
9.2
5.0
9.7
9.7
9.0
11.5
14.5
13.7
12.7
9.3
3.1
1.7
2.4
3.4
3.4
3.5
5.4
5.4
4.7
9.4
9.6
9.4
4.1
3.5
4.2
3.7
4.7
4.8
5.7
6.5
7.1
7.1
7.2
8.3
8.1
6.9
5.7
5.2
9.3
9.3
9.2
8.8
8.3
8.4
8.6
8.7
8.5
7.0
6.3
6.1
5.2
3.5
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
5.4
6.1
6.8
7.4
8.1
7.0
5.9
4.5
3.1
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
De-
Jr enod
Cur-
mand
rency
de-
posits
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1987: Dec
1987:
Oct
Nov
Dec
1988:
Jan
Feb
Mar
Apr
May
June
July
Aug r
Sepf
Oct"
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
Money market
mutua Hund
bala nces
General
pur-
net, plus
overnight
Eurodollars
broker/
dealer
NSA
NSA
pose
and
Institution
only
Money
market
deposit
accounts
(MMDAs)
Sav-
ings
deposits
Small
denomination
time
depos-
Large
denomination
time
depos-
Term
repurchase
agreements
its '
its *
(RPs)
NSA
NSA
Term
Eurodollars
NSA
(net)
Shortterm
Treas-
S av
avmgs
ury
bonds
securities
Bankers'
acceptances
Com-
mercial
paper
NSA
238.6
244.1
267.2
303.3
288.0
31.4
80.9
105.4
132.3
146.4
179.2
235.2
259.3
28.3
35.9
38.8
53.8
56.3
70.2
78.4
77.9
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
0.0
.0
43.2
379.2
416.8
513.6
572.5
525.2
400.2
343.9
356.8
305.5
285.4
301.4
370.7
414.3
728.4
822.9
850.5
783.6
883.3
879.5
853.2
913.1
260.0
302.5
326.7
327.1
416.9
436.4
439.2
484.7
34.0
36.0
34.5
51.8
61.9
65.6
84.0
r
108.9
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
72.3
67.8
68.0
71.1
74.2
79.3
91.6
100.2
133.5
149.4
183.5
211.9
260.9
301.2
284.2
r
260.1
32.1
40.0
44.5
45.1
45.7
42.5
37.8
45.7
98.8
105.3
113.6
133.1
160.3
206.5
229.9
258.9
193.1 295.9
195.0 291.3
196.5 288.0
260.3
259.5
259.3
85.9
79.6
77.9
218.2
219.7
221.1
82.5
89.5
89.6
533.9
527.7
525.2
417.0
415.0
414.3
883.3
901.7
913.1
472.3
480.5
484.7
r
93.0
92.8
90.8
98.8
99.3
100.2
r
272.8
270.9
260.1
44.5
45.0
45.7
254.2
252.5
258.9
289.9
287.8
287.9
290.2
287.4
289.9
290.6
290.1
288.4
288.6
263.3
265.0
266.9
270.1
271.9
274.4
r
278.2
278.0
278.2
277.9
82.9
78.2
75.0
76.1
80.8
81.0
r
77.8
80.1
77.3
75.2
225.0
231.0
234.8
235.8
231.8
228.9
229.6
230.8
230.9
231.4
94.4
98.7
97.4
91.9
90.0
86.3
84.8
84.0
83.7
84.6
524.1
522.6
524.7
523.3
519.6
522.3
521.1
517.0
510.7
506.7
101.4 r 262.5
102.6 r 258.3
103.5 r252.8
104.6 ' 263.4
105.4 r 264.8
106.1 r 256.2
106.9 r 265.8
107.4
270.4
107.7
273.6
43.6
40.9
40.6
41.2
40.9
40.6
40.6
41.1
41.9
269.0
274.1
280.3
288.2
301.1
301.2
311.5
312.5
307.9
115.3
122.5
132.6
146.3
156.1
167.7
180.4
196.5
198.4
199.3
200.9
202.5
203.6
204.9
206.3
207.2
208.5
209.5
261.4
231.4
234.1
414.4 924.6
416.2
941.5
419.8 953.5
422.7 964.8
972.0
425.1
429.0 974.9
r
432.0 978.5
434.2 985.7
433.4 997.4
431.3 1,009.9
108.8
!11.7
T
108.9
r
482.6 T 109.6
488.6 rl!3.9
490.3 rl!1.7
492.1 r 114.3
495.4 ' 120.6
501.7 r 123.8
509.2 r 125.0
515.1 123.1
523.6 121.5
530.2 124.2
r
85.4
85.5
r
90.0
r
89.1
r
91.8
r
93.1
r
96.2
102.3
101.4
99.2
r
r
r
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures; millions of dollars; seasonally adjusted, except as noted]
Adjusted for c ranges in reser\ e requirements
Borrowings of depository institutions
from the Federal Rescr ve, NSA
B eserves of depo sitory institutior s
Period
Total
31,261
32,841
35,247
37,549
40,959
47,255
57,456
58,722
59,466
59,053
58,722
59,458
59,573
59,760
60,374
60,365
60,637
61,238
61,090
60,995
60,961
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r
Oct p
Source: Board of Goven
Nonborrowed
29,571
32,204
34,613
36,775
37,773
45,937
56,629
57,944
58,523
58,428
57,944
58,376
59,177
58,009
57,380
57,787
57,555
57,798
57,849
58,156
58,662
Nonborrowed plus
extended
credit
29,574
32,353
34,799
36,777
40,377
46,436
56,932
58,428
58,973
58,822
58,428
58,748
59,382
59,487
60,004
59,894
60,108
60,336
60,502
60,215
60,443
Required
30,747
32,521
34,747
36,988
40,106
46,198
56,087
57,693
58,338
58,129
57,693
58,163
58,440
58,832
59,515
59,325
59,750
60,231
60,137
60,024
59,895
Monetary
base
150,642
158,870
171,192
187,005
200,449
218,255
240,799
257,928
255,296
256,938
257,928
260,721
262,019
263,315
265,809
266,924
268,309
270,626
271,200
272,446
273,745
Total
1,690
636
634
774
3,186
1,318
827
777
943
625
777
1,082
396
1,752
2,993
2,578
3,083
3,440
3,241
2,839
2,299
Seasonal
116
54
33
96
113
56
38
93
189
126
93
59
75
119
146
246
311
376
423
421
332
Extended
credit
3
148
186
2
2,604
499
303
483
449
394
483
372
205
1,478
2,624
2,107
2,554
2,538
2,653
2,059
1,781
of (he Federal Reserve Svstem.
27
BANK LOANS AND SECURITIES
Commercial and industrial loans rose 0.6 percent in October following a decline of 0.4 percent in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
2,400
_
ALL COMMERCIAL BANKS
2,000
2,000
'TOTAL
1,600
1,600
1,200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
120
OTHER SECURITIES .
120
1980
1982
1981
1984
1983
1985
1986
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1988
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted '
All comm srcial ban ts
Loans anc leases
Total
loans and
securities 2
U.S.
Government
securities
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
1,239.1
1,307.5
1,401.3
1,553.4
1,722.9
1,908.6
2,089.9
2,233.0
170.6
179.3
201.7
259.1
260.0
1987: Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r...
Oct ".....
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Other
securities
Total 2
Commercial
and
industrial
Real
estate
Individual
Security
Nonbank
financial
institutions
179.2
182.5
188.2
212.9
253.6
293.7
314.4
327.8
17.9
21.3
25.2
27.8
33.9
42.0
39.1
33.4
29.3
29.9
31.2
30.5
31.4
32.6
35.0
31.8
39.2
40.1
36.1
31.6
29.5
31.8
31.8
29.5
29.5
31.4
29.6
29.5
29.3
29.4
29.6
r
29.7
29.6
29.4
29.3
29.3
270.5
309.3
335.0
154.7
160.9
165.7
170.6
142.6
181.2
196.1
194.5
913.9
967.3
1,033.9
1,123.7
1,320.4
1,456.9
1,584.5
1,703.5
325.7
355.4
392.6
414.1
472.8
499.4
535.6
562.4
262.7
284.2
300.0
331.0
376.6
425.9
494.0
588.4
2,235.3
2,233.0
332.6
335.0
195.1
194.5
1,707.5
1,703.5
561.3
562.4
581.2
588.4
326.3
327.8
39.3
33.4
2,244.8
2,264.1
2,281.3
2,304.7
2,328.5
2,348.4
2,360.8
2,374.9
2,373.6
2,387.5
336.4
336.4
340.2
343.8
346.5
350.5
348.0
350.5
352.5
355.1
192.0 1,716.5
193.7 1,734.0
195.7 1,745.4
196.6 1,764.3
196.1 1,786.0
196.5 1,801.5
196.8 1,815.9
196.4 1,827.9
194.2 1,826.8
195.4 1,836.9
565.2
569.3
568.6
578.1
586.3
592.4
598.3
599.4
597.1
600.9
593.7
599.2
604.9
611.3
618.6
625.0
631.4
638.7
644.7
652.0
329.8
333.0
337.0
340.4
342.8
344.4
345.3
347.0
349,1
349.6
36.5
42.1
41.2
39.5
39.8
39.3
38.6
40.1
36.3
38.4
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 bet-ause beginning January 1984 certain obligations
28
r
r
31.8
r
31.2
r
30.4
r
30.9
'30.6
r
31.0
•30.8
29.9
29.8
Agricultural
31.6
33.1
36.2
State
and
political
subdivisions
Foreign
official
institutions
financing
receivables
9.6
7.5
11.5
7.2
5.9
9.4
7.9
6.0
5.9
5.3
10.9
12.7
13.3
13.7
16.1
19.0
22.4
24.6
54.1
52.2
8.2
7.5
5.5
5.3
24.6
24.6
51.7
51.0
50.1
49.5
49.3
r
49.3
50.2
49.6
49.4
48.8
7.6
7.4
7.8
8.3
8.0
7.9
8.2
8.1
7.4
7.6
5.4
5.1
5.1
5.1
5.1
5.0
5.0
5.2
5.2
5.1
25.1
25.3
25.4
25.7
26.0
26.5
27.2
27.3
27.7
28.1
0.0
.0
.0
3.3
45.8
56.4
58.1
52.2
Foreign
banks
23.8
17.9
14.6
13.3
11.1
9.6
Lease
of States and poiitieal subdivisions are included in loans rather than in other securities
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
Other
21.4
23.1
26.6
31.7
31.2
36.0
38.7
40.5
r
r
45.8
40.5
r
40.4
40.4
44.8
r
46.5
r
49.5
r
51.3
r
51.0
r
52.3
50.7
47.3
r
r
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
C edit market fu nds
Internal 1
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987
1987: I
n
m
IV
1988: I
H"
Loans and
short-term
paper
Securities
and
mortgages
Total
326.0
324.8
r
375.8
298.5
420.3
492.6
459.2
r
507.2
486.6
197.6
200.1
239.5
242.3
285.7
336.3
352.3
357.5
352.8
128.4
124.7
136.4
56.2
134.6
156.3
106.9
149.8
133.8
49.8
77.9
95.8
50.9
108.1
72.3
448.1
490.1
476.5
531.8
346.8
347.9
358.3
358.1
101.3
142.2
118.2
173.7
40.5
92.4
60.3
96.1
422.7
495.6
359.9
363.6
62.8
132.0
38.3
67.4
60.1
70.7
90.7
51.1
9.0
34.5
r
29.4
10.3
r
83.2
28.6
28.1
9.7
-42.6
63.8
32.2
86.4
-10.1
-33.7
48.4
101.2
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
r
36.2
61.2
39.5
25.3
100.9
46.0
52.6
34.9
52.6
-5.1
r
5.0
r
55.4
37.4
r
Other 2
68.2
54.0
45.7
r
6.4
56.8
60.5
55.9
41.7
61.5
r
60.7
49.7
57.8
77.6
24.5
64.6
Capital
expenditures 3
Total
Increase in
financial
assets
Discrepancy
(sources less
uses)
238.3
243.7
286.5
256.5
270.7
370.6
342.3
331.5
361.4
129.8
98.4
97.0
47.0
115.1
132.1
93.0
122.8
78.0
387.8
436.4
456.1
477.0
340.7
345.7
351.8
407.3
47.2
90.7
104.3
69.7
60.2
53.7
20.4
54.8
413.6
456.1
384.2
384.8
29.4
71.2
9.1
39.6
368.1
342.1
383.6
r
303.5
385.8
502.7
435.3
454.3
r
439.3
r
r
-42.1
-17.3
-7.7
-4.9
34.5
-10.1
23.9
52.9
47.3
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve Svstem.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandii g 1
Ins tallment credi outstanding (end of perio d)
Period
Total
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1988: Jan
Peb
Mar
Apr
May
June
July
Aug r
Sept"
261,976
296,483
297,566
310,682
323,536
r
367,868
442,538
r
517,755
571,833
r
613,022
' 602,977
' 606,926
r
608,728
r
613,022
r
619,258
r
624,294
629,485
633,336
636,318
r
644,372
647,993
653,317
655,197
Automobile
Revolving
98,739
112,475
111,936
45,202
53,357
118,956
124,218
143,799
173,704
209,636
246,109
267,180
261,902
263,823
264,474
267,180
269,883
273,133
276,762
278,567
279,418
282,254
283,359
285,560
285,610
54,894
60,838
66,243
78,667
100,212
122,013
136,381
159,307
152,553
155,196
156,425
159,307
162,065
163,462
r
165,643
167,356
169,154
r
172,809
r
174,927
177,568
179,086
1
For year-end data, change from preceding year-end; for monthly data, change from precedin
month.
Mobile
home
16,921
18,207
18,621
20,302
22,833
23,704
25,795
26,834
26,883
25,957
26,845
26,698
26,604
25,957
25,926
25,857
25,732
25,764
25,703
25,852
25,882
25,915
25,885
Other
101,114
112,444
112,115
110,586
110,242
121,698
142,827
159,272
162,460
160,578
161,677
161,209
161,225
160,578
161,384
161,842
161,348
161,649
162,043
163,456
r
163,825
164,274
164,616
Total
Automobile
40,501
34,507
17,791
13,736
1,083
13,116
12,854
r
44,332
r
74,670
r
75,217
r
54,078
r
41,189
4,787
3,949
1,802
r
4,294
6,236
r
5,036
5,191
3,851
2,982
* 8,054
3,621
5,324
1,880
539
7,020
5,262
19,581
29,905
35,932
36,473
21,071
2,344
1,921
651
2,706
r
2,703
3,250
r
3,629
1,805
851
2,836
1,106
2,201
49
Revolving
8,513
8,155
1,537
5,944
5,405
12,424
21,545
21,801
14,368
22,926
2,738
2,643
1,229
2,882
2,758
' 1,397
r
2,181
1,713
1,798
3,655
2,118
2,641
1,518
Source: Board of Governors of the Federal Reserve System.
Mobile
home
559
1,286
414
1,681
2,531
871
2,091
1,039
49
-926
-34
147
-94
r
-647
r
31
-69
-125
32
61
149
29
33
-29
Other
13,638
11,330
-329
-1,529
-344
11,456
21,129
16,445
3,188
-1,882
-261
-468
16
r
-647
r
806
458
r
-494
301
394
1,413
368
449
342
INTEREST RATES AND BOND YIELDS
Interest rates rose in November.
PERCENT PER ANNUM
PERCENT PER ANNUM
1
1
i
/I
.
1
i/\
\[\
\
!f\ \
•'.
f
.-•/ • \
/ W
\
i V i
/
1
1
f:
i; 1 f ;i
. / .
:
N
1 CO iPORATE Aaa BC NDS /
\
/ \
(MOODY'S)
/
\
N
\
A
Li;
JL.
-:
.;
!
'•-.
'•.
'-.
\
\
'iL \'' '\
/
/"^
ni
;
' »u
\ /i U
F~^
i 1
\
\
11
\
1
x./
.-'
/••. ^
Ml!!
I I
1 1 1 1 1
M i l
1982
1981
I I I !
/^\
V
/ \
V"
"
1980
\.-" ^
TRE ASURY
E ILLS
I !
II
,-A
\
1
1|
-/
^
\
\
\
\
v /-^
1
1
/
\
• — DISCOUNT — '
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
I 1 1 1 I
1983
I I I ! !
/
/
\
/
X
/\
,».
«... -
~i
""'•n
_./
/
a\
1 l ! I 1
1984
M|
1985
M i l l
/"r
.,.-,
^r^J u
i i i i i 1 i i i i |K
i l l ! !
1988
1987
1986
SOURCE SEE TABLE BEIOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S.!reasury security yields
Period
1981
1982
1983
1984
1985
1986
1987
3-month bills
(new issues) 1
Constant nlaturities
3-year
2
10-year
14.029
10.686
8.63
9.58
7.48
5.98
5.82
14.44
13.91
12.92
10.45
11.89
9.64
7.06
7.68
13.00
11.10
12.44
10.62
7.68
8.39
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
6 months 1
14.76
11.89
8.89
7.73
14.17
13.79
12.04
12.71
11.37
9.02
9.38
11.23
11.57
9.47
10.15
9.18
7.38
10.16
8.01
6.39
6.85
Discount rate
(N.Y. F.R.
Bank) 5
13.41
11.02
8.50
8.80
7.69
Prime rate
charged by
banks 5
New-home
mortgage
yields
(FHLBB) 6
14.70
15.14
12.57
6.33
5.66
18.87
14.86
10.79
12.04
9.93
8.33
8.22
12.38
11.55
10.17
9.31
1987:
Nov
Dec
5.81
5.80
7.99
8.13
8.86
8.99
8.09
8.07
10.01
10.11
7.17
7.49
6.00-6.00
6.00-6.00
9.00-8.75
8.75-8.75
9.30
9.15
1988:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov"
5.90
5.69
5.69
5.92
6.27
6.50
6.73
7.02
7.23
7.34
7.68
7.87
7.38
7.50
7.83
8.24
8.22
8.44
8.77
8.57
8.43
8.72
8.67
8.21
8.37
8.72
9.09
8.92
9.06
9.26
8.98
8.80
8.96
7.81
7.55
7.80
7.91
8.01
7.86
7.87
7.86
7.71
7.54
9.88
9.40
9.39
9.67
9.90
9.86
9.96
10.11
9.82
9.51
9.45
6.92
6.58
6.64
6.92
7.31
7.53
7.90
8.36
8.23
8.24
8.55
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.50
6.50-6.50
6.50-6.50
6.50-6.50
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.50
9.50-10.00
10.00-10.00
10.00-10.00
10.00-10.50
9.10
9.12
9.15
9.13
8.95
9.26
9.17
9.06
r
9.26
9.10
7.37
7.54
7.82
7.97
8.05
8.38
8.61
8.77
8.94
8.72
8.91
8.99
9.10
7.41
7.54
7.59
7.68
9.39
9.39
9.45
9.52
8.25
8.34
8.57
8.71
6.50-6.50
6.50-6.50
6.50 6.50
6.50-6.50
6.50-
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.50
Week ended:
1988: Nov 5
12
19
26
Dec 3"
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series "excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate fin the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in November.
INDEX, DEC. 31, 1965 = 50 (RATIOSCALE)
INDEX , DEC. 31, 1965 = 50 (RATIOS CALE)
240
220
200
180
240
220
200
180
~f\
160
160
/^\
^-^
140
COMPOSITE STOCK PRICE INDEX
_/
(NYSE)
*^~**-*
120
100
*/
r^^
80
/~
60
<\y
40
iiiniiiin
,~.
''
|\_J_ /
120
100
'
80
^
/
^J
iimliini
Illllllllll
1981
1982
1980
60
Illllllllll
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1983
1985
1984
1986
1987
40
1988
PERC:ENT
PERC ENT
20
20
EA RNINGS-PRICE RATIO ON CC MMON STOCK S
(S&P1
15
\_
^—-»_,
1
10
1——v.
^""
^x.
1
0
1
1
1
1
1981
1980
1
1
1 1
1982
~~
^-"
'
^
5
1
1
| 1
1983
15
10
1
r-
^s«.
1
1
1
1984
1 1 1
1 1 1
1985
1986
>n
!
i i
1987
Co mmon stock price s '
Neiv York Stock Ex change indexes (I)ec. 31, 1965 = 5O) 2
Period
Composite
Industrial
Transporta-
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143=10) 4
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
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
286.83
137.21
134.88
163.42
162.19
117.57
115.85
69.86
67.39
118.30
111.47
1,931.86
1,910.07
245.01
240.96
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov"
140.55
145.13
149.88
148.46
144.99
152.72
152.12
149.25
151.47
156.36
152.67
168.47
173.44
181.57
180.88
176.02
184.92
184.09
179.72
182.18
188.58
183.79
121.20
126.09
135.15
133.43
127.63
136.02
136.49
132.53
136.27
141.93
138.60
70.01
72.89
71.16
69.40
68.66
72.25
71.50
70.67
71.83
74.19
73.83
119.40
124.36
125.27
121.67
120.35
129.04
129.99
130.77
133.15
134.66
129.61
1,947.35
1,980.65
2,044.31
2,036.13
1,988.91
2,104.94
2,104.22
2,051.29
2,080.06
2,144.31
2,099.04
250.48
258.13
265.74
262.61
256.12
270.68
269.05
263.73
267.97
277.40
271.02
Week ended:
1988: Nov 5
12
19
26
156.74
153.67
150.15
150.67
189.08
185.11
180.41
181.23
141.09
139.17
136.34
137.09
75.02
74.02
72.97
73.31
133.38
130.72
128.15
127.45
2,154.52
2,110.42
2,059.14
2,077.66
278.52
272.80
266.19
267.42
Nov
Dec
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. Eari
2
3
5
1
1
1
0
1988
COUNCIL OF ECONOMIC ADVISER
SOURCES: NEW YORK STOCK EXCHANGE A ND STANDARD & POC R'S CORPORATION
1981
1982
1983
1984
1985
1986
1987
1987:
140
38.91
Common s! ock vields
(perce nt) "
Dividendprice ratio
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.66
3.71
3.66
3.56
3.48
3.57
3.80
3.58
3.65
3.75
3.69
3.61
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
7.08
7.18
7.93
3.56
3.68
3.82
3.76
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first month of fiscal 1989, there was a deficit of $27.4 billion compared with a deficit of $30.8 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
1,100
,000
900
500
500
... SURPLUS OR DEFICIT (-)!/
—
-100
-100
-
-200
/I
1/1980
1
1
1981
1
1982
I"
I
1983
1984
1985
^
1986
1
1
I
1987
1988
-200
[\
1989^
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]
On-budget
Total
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
Off-budget
Surplus
or deficit
Receipts
Outlays
Gross Fc ieral debt
(end of period)
Surplus
or deficit
Total
Held by
the public
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
76.6
328.5
369.1
403.5
-70.5
-13.3
— 49.7
-54.9
-38.2
66.4
18.0
76.8
85.4
98.0
69.6
19.4
80.7
89.7
100.0
-3.2
— 1.4
-3.9
-4.3
-2.0
631.9
646.4
709.1
780.4
833.8
480.3
498.3
551.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
-73.8
-78.9
-127.9
-207.8
- 185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
-73.9
-120.0
-208.0
-185.6
113.2
114.3
135.2
151.4
147.1
165.8
— 1.1
130.2
143.5
147.3
166.1
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
19882
1989 (estimates) 1
734.1
769.1
854.1
909.0
974.0
946.3
990.3
1,004.6
1,064.1
1,096.7
-212.3
-221.2
- 150.4
-155.1
-122.7
547.9
568.9
640.7
667.5
712.0
769.5
806.8
810.8
861.4
885.9
-221.6
-237.9
-170.0
-193.9
-173.9
186.2
200.2
213.4
241.5
262.1
176.8
183.5
193.8
202.7
210.9
9.4
16.7
19.6
38.8
51.2
First month:
Fiscal year 1988
Fiscal year 1989
62.4
63.6
-30.8
-27.4
46.0
45.8
77.0
73.9
-31.0
-28.1
16.4
17.8
16.2
17.1
.2
.7
1976
Transition quarter
1977
1978
1979
32
298.1
81.2
93.2
91.1
302.2
-5.0
-7.9
.2
.3
1
1
1,827.5
2,120.1
2,345.6
2,600.7
2,818.2
2,388.7
2,637.1
1
1
1,509.9
1,736.2
1,888.1
2,050.0
2,138.6
1,923.4
2,074.6
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal 1989, receipts were $1.2 billion higher than a year earlier and outlays were $2.1 billion
lower.
BILLIONS OF DO LARS
BILLIO NS OF DOLLARS
RECEIPTS!/
400
INDIVIDUAL INCOME TAXES
/
._- —• —
-.—.—
—
400
— —'
. —•
300
7
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
200
OTHER RECEIPTS
100
1
0
|
100
—j
' |
"^ CORPORATION INCOME TAXES ,
|
|
0
OUTLAYS-!/
800
800
700
NONDEFENSE
;r=™
^^
700
•
J--"""
,- — ""'"'
-
•'"'
NATIONAL DEFENSE
300
^^__________
200
100
/]
1
1980
1
1981
I
1982
300
"""""'
1
1983
!
1984
200
1
1985
1986
1
|
1987
1988
1
N 100
1989 '
FISCAL YEARS
/INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
0it-budget nd off-bin get receij) ts
Total
Individual
income
Corporation
income
taxes
Oil-bud). ct and of! budget ot days
•Social
msur-
Nation; 1 defense
Other
Total
Total
and
tuitions
298.1
1976
1977
1978
1979
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
600.6
666.5
244.1
285.9
297.7
288.9
298.4
734.1
769.1
854.1
834.5
349.0
392.6
61.3
63.1
909.0
974.0
423.4
62.4
63.6
32.4
31.3
599.3
617.8
1985
1986
1987
1988 '
1989
41.4
54.9
60.0
517.1
1980
1981
1982
1983
1984
(estimates) 2
First month:
Fiscal year 1988
Fiscal year 1989
90.8
106.5
121.0
138.9
131.6
157.6
181.0
217.8
355.6
399.6
463.3
401.2
65.7
83.9
94.2
109.9
1.9
1.8
34.3
87.9
6.4
6.4
116.3
134.0
157.5
185.3
130.9
153.8
180.7
12.3
851.8
209.9
227.4
204.4
220.9
946.3
990.3
1,004.6
1,064.1
1,096.7
252.7
273.4
282.0
290.3
294.0
245.1
25.9
25.9
89.6
97.2
104.5
209.0
239.4
50.6
69.5
69.3
65.6
71.8
590.9
678.2
745.7
808.3
265.2
283.9
303.3
334.3
359.5
73.0
73.1
74.3
79.2
81.2
22.2
23.8
37.7
40.8
5.9
6.7
national
95.1
102.3
113.6
371.8
409.2
458.7
503.5
36.6
Department of
Defense'.
military
93.2
91.1
Health
Medi-
security
ty
15.7
17.3
18.5
20.5
15.8
19.3
22.8
26.5
60.8
61.0
61.5
66.4
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
33.5
35.9
40.0
44.5
48.8
65.8
70.2
75.1
78.8
85.3
128.2
119.8
123.3
130.2
135.0
188.6
198.8
285.5
16.2
14.2
11.6
10.5
11.1
25.3
25.2
2.2
265.5
274.0
281.9
7.5
7.5
12.7
13.1
1.0
3.6
4.0
6.6
5.6
10.3
8.9
73.9
85.1
93.9
104.1
178.2
interest
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
Other
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
219.0
129.4
136.0
138.6
151.7
142.1
126.7
139.0
232.4
157.1
133.0
17.4
11.4
13.0
13.2
207.4
18.4
131.8
16.9
1
2
See footnote '2, page 32.
Estimates from Mid-Seasion .
July 28, 1988.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, according to preliminary estimates, Federal receipts fell $7.9 billion (annual rate) and Federal
expenditures fell $16.4 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
' EXPENDITURES
.V"-'
800
800
RECEIPTS
600
600
400
400
200
200
•SURPLUS OR DEFICIT (-)
200
-200
I
1980
I
I
1
I ...JL
1983
1982
1981
1
I
1
I
1984
CALENDAR YEARS
I
I
I
198-
19B5
SOURCE: DEPARTMENT OF COMMERCE
I
1987
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal G overnment expenditure s
Federa Governme it receipts
Period
Fiscal year:
1985
1986
1987
Calendar year:
1985
1986
1987
1982: IV
1983: IV
1984: IV
1985: IV
1986: II
D3
IV
1987: I
n
ni
1988:
IT
I
n r
in
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
776.8
815.0
901.7
340.4
357.0
401.6
74.6
80.7
101.7
55.9
51.2
53.2
305.8
326.0
345.2
788.7
828.3
916.5
633.1
675.5
742.7
805.3
816.3
833.6
856.8
871.3
920.0
930.1
944.4
951.0
983.0
975.1
346.4
361.5
405.6
303.0
291.9
326.0
355.3
354.0
363.5
378.3
373.8
413.1
413.3
422.3
404.6
425.0
408.2
76.3
83.9
105.8
46.4
70.2
69.7
78.8
82.6
84.7
89.7
100.1
105.0
110.5
107.7
107.2
111.7
112.9
55.1
50.8
54.0
47.6
53.6
56.2
53.5
49.6
52.0
51.0
53.0
54.3
53.9
55.0
55.9
55.9
57.1
310.9
332.2
351.0
236.1
259.8
290.7
317.7
330.1
333.4
337.8
344.5
347.7
352.4
359.4
383.4
390.3
396.9
Total
Source: Department of Commerce, Bureau of Economic Analysis.
34
Surplus
or deficit
Purchases
of goods
and
services
Transfer
payments
in-aid to
State
and
local
govern-
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
962.3
1,027.8
1,058.9
341.5
368.4
375.4
374.0
394.6
411.1
97.8
107.4
103.1
128.3
134.4
139.7
20.7
22.9
29.6
-0.1
.0
.1
-185.5
-212.8
-157.2
985.6
1,033.9
1,074.2
835.7
844.7
930.2
1,017.5
1,050.7
1,039.7
1,040.1
1,059.6
1,064.0
1,068.4
1,104.9
1,106.1
1,116.3
1,099.9
355.2
366.2
382.0
293.2
276.1
326.0
376.6
368.7
372.7
366.7
372.7
377.5
386.3
391.4
377.7
382.2
370.9
380.1
399.8
414.2
347.4
352.5
362.1
385.8
398.5
405.4
405.4
406.6
413.4
414.2
422.5
434.4
437.6
439.8
99.7
106.8
102.7
84.5
86.0
96.3
103.5
110.0
109.2
102.3
101.9
105.5
101.9
101.4
111.1
110.4
111.5
130.1
135.4
143.0
87.2
101.0
125.3
132.7
135.9
134.3
136.5
139.0
139.8
143.8
140.5
149.9
152.1
153.7
20.3
25.7
32.4
23.4
29.1
21.0
19.0
37.5
18.1
29.1
39.4
27.8
22.6
39.7
33.0
34.0
23.9
-.2
.0
.0
.0
.0
.6
.0
.0
.0
.0
.0
.0
.2
2
- 196.9
-205.6
157.8
-202.6
-169.2
-187.5
-212.2
-234.4
-206.1
183.3
-188.3
-144.0
-138.3
-160.4
-155.1
-133.3
-124.8
Total
Less:
Wage
accruals
less
disbursements
.0
.0
.0
(-),
national
income
and
product
accounts
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial iroduction (1977 = 1 10; seasonal!v adjusted
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987:
Oct
Nov
Dec
1988:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct".
1
United
States
Canada
Japan
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
108.1
108.6
119.2
97.9
104.3
116.9
123.3
125.1
131.6
120.4
120.9
125.1
138.9
145.1
144.6
150.4
132.5
133.2
133.9
135.5
136.4
136.9
134.4
137.9
137.5
134.4
134.7
138.1
138.2
135.4
136.1
139.9
136.5
' 139.9
' 138.0 r 139.0
' 138.4 140.4
' 138.7
139.2
France
Germany
Italy
Consumer prices (19 52-84=100
United
Kingdom
United
States '
Canada
Japan
France
Germany
Italy
United
Kingdom
105
106
106
108
108.0
106.2
103.1
104.1
107.6
112.9
115.1
115.7
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
109.4
112.9
90.9
96.5
99.6
103.9
107.6
109.6
113.6
76.1
85.6
94.9
100.4
104.8
108.9
113.4
118.4
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
72.2
81.9
91.7
100.3
108.0
114.3
117.2
121.1
86.7
92.2
97.1
100.3
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
157.0
156.6
159.6
110
110
111
116.7
116.8
117.3
122.3
120.8
116.1
114.9
115.1
115.2
115.3
115.4
115.4
119.7
120.2
120.3
105.7
105.2
105.1
122.0
122.2
122.2
105.0
105.0
105.2
136.8
137.2
137.4
120.9
121.5
121.4
153.9
157.4
158.3
157.0
153.3
158.4
156.4
160.8
161.5
111
111
111
110
111
113
114
114
117.2
118.2
118.8
118.0
118.3
121.6
117.5
' 125.3
121.8
126.4
121.1
121.4
123.7
120.5
122.3
125.9
118.5
121.3
116.3
113.8
115.6
116.3
117.4
116.4
116.4
' 116.9
116.4
115.7
116.0
116.5
117.1
117.5
118.0
118.5
119.0
119.8
120.2
120.5
121.0
121.6
122.0
122.8
122.9
123.7
124.1
124.1
124.7
104.8
104.6
105.0
105.5
105.6
105.4
105.2
105.5
106.4
122.4
122.7
123.0
123.6
123.9
124.3
124.7
125.1
125.3
105.4
105.6
105.7
106.0
106.2
106.3
106.2
106.3
106.3
106.4
138.1
138.5
139.1
139.6
140.0
140.4
140.8
141.4
142.1
121.4
121.9
122.3
124.3
124.8
125.3
125.4
126.8
127.4
128.7
106
106
104
105
114.4
82.4
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
Data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Her chandise e xports (f. a.s. value
jeneral nlerchandis e imports (customs value) 3
'
Period
Total 2
Foods,
feeds,
and
bever-
Industrial
supplies
and
als
1982
1983
1984
1985
1986
1987
Capital
goods
except
automotive
Automotive
vehicles,
parts,
and
en-
gines
216.4
205.6
224.0
4
218.8
4
227.2
254.1
31.3
30.9
31.5
24.0
22.3
24.3
61.7
56.7
61.7
58.5
57.3
66.7
72.7
67.2
72.0
73.9
75.8
86.2
15.7
16.8
20.6
22.9
21.7
24.6
Consumer
goods
(nonfood)
except
automotive
14.3
13.4
13.3
Trade lalance
Principal nd-use c >mmoditv category
Principal end-use c ommoditv category
Other 2
20.7
12.6
14.2
17.7
20.5
24.0
27.3
35.9
34.6
Total
Foods
feeds,
and
bever-
244.0
258.0
325.7
345.3
365.4
406.2
17.1
18.2
21.0
21.9
24.4
24.8
Industrial
supplies
and
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
Automotive
vehicles,
parts,
and
en-
gines
33.3
40.8
53.5
66.8
78.2
85.2
Consumer
goods
(nonfood)
except
automotive
39.7
44.9
60.0
68.3
79.4
88.7
Other
6.5
6.3
7.8
9.4
10.4
12.1
General
merchandise
imports
(c.i.f.
value)
Exports
(f.a.s)
less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(e.i.f.)
254.9
269.9
346.4
352.5
382.3
424.4
-52.4
-101.7
-126.5
-138.3
-152.1
— 122.4
-133.6
-155.1
-170.3
-27.5
-38.4
-64.2
1987:
Aug
Sept
Oct
Nov
Dec
20.9
21.8
22.1
23.1
24.2
2.2
2.2
2.3
1.8
2.0
5.6
5.6
5.5
6.1
6.5
7.0
8.0
7.5
8.1
8.2
2.0
2.1
2.1
2.5
2.3
1.5
1.6
1.5
1.6
1.6
2.6
2.2
3.2
3.0
3.5
34.5
34.6
36.0
35.3
36.6
2.0
2.0
2.3
2.1
2.0
10.1
9.5
10.3
9.9
9.8
7.1
7.4
7.4
7.6
8.0
7.0
7.1
7.4
7.3
7.6
7.4
7.4
7.3
7.5
8.1
.9
1.1
1.2
1.0
1.1
36.0
35.7
37.6
36.7
37.9
-13.6
-12.8
-13.9
-12.2
-12.4
-15.1
-13.9
-15.6
-13.6
-13.8
1988:
Jan
Feb
Mar
Apr
May
June
July
Augr
Sept
24.5
24.5
26.9
26.0
27.5
26.3
26.5
27.5
28.2
2.2
2.5
2.6
2.6
2.9
2.7
2.9
3.1
3.1
6.6
6.6
7.7
7.3
7.1
7.0
7.1
6.9
7.5
8.7
8.6
8.7
8.8
9.3
8.5
9.1
9.4
9.5
2.1
2.4
2.7
2.3
2.4
2.2
2.0
2.8
2.6
1.6
1.8
1.8
1.8
1.9
1.9
2.0
2.0
2.2
3.1
2.6
3.4
3.2
3.8
4.0
3.4
3.4
3.3
34.3
37.7
36.6
34.8
35.7
37.9
34.5
38.1
37.2
2.1
2.2
2.2
2.0
2.0
1.9
1.9
2.2
2.0
9.5
10.0
9.6
9.5
10.5
10.2
9.7
10.2
9.5
7.5
8.6
8.4
7.9
8.1
9.0
7.8
8.9
8.7
6.8
7.6
7.5
7.2
6.5
7.4
6.6
7.3
7.9
7.5
8.4
7.8
7.3
7.6
8.3
7.5
8.5
8.1
.9
.9
1.1
1.0
1.0
1.1
1.1
1.1
1.1
35.8
38.9
38.6
36.3
37.2
39.5
36.0
39.8
38.7
-9.8
-13.2
-9.8
-8.8
-8.3
-11.7
-8.0
— 10.6
-9.0
-11.3
— 14.4
-11.7
-10.3
-9.8
-13,2
-9.5
-12.3
-10.5
1
Includes Department of Defense Military Assistance Program grant-aid shipments,
Includes 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.
2
3
4
NOTE.—Data shown include trade of the U.S. Virgin Islands.
See Bureau of the Census release FT900, June 1988 for information on the seasonally adjusted
series.
Source: Department of Commerce, Bureau of the Census.
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter, the merchandise trade deficit fell to $28.5 billion from $30.2 billion (revised) in the second
quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS
10
10
0
/
—5
-10
,n
ft
5
f \
0
ALANCE ON5"
CURF SENT ACCOUNT
/'\,
\\
f \
\ ^v' A\
,A v
>-J
"^
MERC HANDISE TRAC
E
BALANCE
\
-10
\^
\\\
-15
\
\
-20
\ -I \
\
BALANCE C)N GOODS
ANDSE RV1CES
-20
"\
\
,-, .-/
X
-25
^\-!\/ rsXSv
\
N
-30
*,
-35
X
1 ^
/
N%
v
-»* Vv
'l ^
»*
^>
N
-40
!
-45
1I
1
1980
1 I
I
I
1982
1981
I
1
1
1
1 ! I
1983
1 1 1
1985
1984
1
1
30
/ /
35
y
^ H
1
1
\s
^'
I 1
40
1 1 1
1987
1986
-45
1988
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits ( —)]
Merchandise
Period
1980
1981
1982
1983
1984
1985
1986
1987
1985:
I
n
m
IV
1986: I
n
m
IV
1987: I
n
in
IV
1988: I p
np
rn ....
1
2
3
Inv estment incom e s
l 2
Exports
Imports
224,269
237,085
211,198
201,820
219,900
215,935
223,969
249,570
55,067
54,197
53,434
53,237
54,113
56,946
56,268
56,642
56,791
59,864
64,902
68,013
75,300
r
79,606
82,306
-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
-110,484
r
- 109,757
-110,839
Net balance
Receipts
72,506
-25,480
-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
24,309
-30,598
-36,201 23,886
-35,433 24,352
-33,861 22,248
-36,721 21,845
21,667
-38,532
-39,871
24,791
-39,552 22,429
-39,665 23,289
—41,192 33,248
-35,184 26,554
r
-30,151 23,429
-28,533
Payments
-42,120 30,386
-52,329 34,082
-54,883 28,666
-52,376 24,875
18,489
-67,419
25,936
-62,901
-66,968
23,142
-83,381 20,375
-16,359
2,190
5,422
-16,670
8,254
- 16,055
-13,818 10,068
6,995
-17,357
-17,533
4,715
-15,729
6,116
- 16,350
5,317
-19,715
5,076
-20,737
1,692
1,067
-22,222
-20,709 12,539
1,159
-25,395
-25,176 -1,747
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 i vestments in the
Net
Net
military
transactions
Net
travel and
transportation
receipts
-2,237
-997
144
-1,183
-274
-992
-243 -4,227
-8,604
-2,099
-3,431 - 10,049
-9,344
-4,372
-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
-2,407
-1,076
-2,410
-605
-78 -2,597
-2,516
-179
-2,521
-851
-1,261 -2,648
-1,033 -2,121
-1,389
-865
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers '
Balance
on current
account
9,466
7,793
14,344
9,278
9,320
278
9,908 -36,766
-94,975
9,760
9,600 - 100,093
11,600 -123,520
12,035 -140,519
2,334
-23,530
2,391
-25,186
-23,518
2,278
-27,863
2,595
-29,485
2,817
2,870 -29,629
-31,288
2,800
-33,118
3,112
2,813 -34,657
-37,727
2,828
2,983 -38,987
3,412
-29,150
-33,817
3,362
3,509
-30,429
-7,593
-7,460
-8,956
-9,480
-12,102
-15,010
-15,308
- 13,445
-3,290
-3,481
-4,036
-4,205
-2,972
-4,085
-4,249
-4,003
-2,967
-3,125
-2,980
-4,373
-3,121
-2,907
1,873
6,884
-8,679
-46,246
-107,077
-115,103
-138,828
-153,964
-26,820
-28,677
-27,554
-32,068
-32,457
-33,714
-35,537
-37,121
-37,624
-40,852
-43,967
-33,523
-36,938
-33,336
Other
services,
net 3
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $14.0 billion in the second quarter,
compared with a decrease of $17.1 billion in the first quarter. Liabilities to private foreigners and international
financial institutions reported by U.S. banks, excluding Treasury securities, increased $28.8 billion in the second
quarter, compared with a decrease of $17.2 billion in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
80
80
60
-20
-20
-40
-40
-60
-60
1988
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF CONiMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the J.S., net
[increas /capital inflo\v ( + )] 2
U.S. assets abroad, net
increase/capit al outflow (— ] ]
Period
Total
U.S.
official
Other U.S.
Oovern-
assets 1 2
assets
U.S.
private
assets
Foreign
official
assets
Other
foreign
assets
58,112
83,032
93,746
84,869
c
102,621
129,900
221,253
211,490
15,497
4,960
3,593
5,845
3,140
-1,196
35,507
44,968
42,615
78,072
90,154
79,023
99,481
131,096
185,746
166,522
Total
Allocations
of special
drawing
rights
(SDKs)
Statistical discrepancy
1
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
assets, net1
(unadjusted,
end of
period)
-86,118
-110,951
-121,153
-49,777
-22,304
-32,636
-97,991
-75,987
-8,155
-5,175
-4,965
-1,196
-3,131
-3,858
312
9,149
-5,162
-72,802
-5,097
100,679
-6,131 -110,058
5,006
43,576
-5,489
- 13,685
-2,829
-25,950
2,000
96,303
1,162
-86,297
-1,620
-1,623
-7,593
-21,802
-233
-356
121
-3,148
-769
-1,054
-454
-553
-618
-213
-7,018
-18,102
16,491
25,073
35,044
53,292
-10,992
8,477
2,450
-1,130
27,484
16,596
32,594
54,422
11,948
5,217
103
578
2,533
-2,115
-3,981
3,569
35,493
36,088
38,295
43,186
1986: I
-15,626
-24,515
-26,213
-31,635
-115
16
280
132
-206
-211
-1,592
10
- 15,305
-24,320
24,901
-31,777
39,050
50,128
69,884
62,192
2,719
15,838
15,779
1,171
36,331
34,291
54,104
61,020
9,033
8,100
-8,133
6,565
3,006
-2,786
-3,876
3,655
44,919
46,595
48,087
48,511
1987: I
n
m
11,072
-22,878
-25,292
-38,891
1,956
3,419
32
3,741
67
-170
252
1,012
9,049
-26,127
25,576
-43,645
33,100
50,660
71,658
56,072
13,977
10,332
611
20,047
19,122
40,321
71,047
36,025
-6,547
13,071
-4,399
16,342
4,141
-2,615
-4,658
3,138
48,824
45,140
45,070
45,798
n"....
6,591
-13,286
1,503
39
-814
-828
5,903
- 12,497
26,066
62,339
24,670
5,832
1,395
56,507
4,282
-15,717
3,747
-3,456
43,186
41,028
1980
1981
1982
1983
1984
1985
1986
1987
1985: I
n
m
rv
n
m
rv
IV
1988: I
1
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. reserve
position in the IMP.
2
Quarterly data are not seasonally adjusted.
1,152
1,093
24,982
19,942
36,085
11,154
26,760
17,839
15,566
18,461
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
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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