Full text of Economic Indicators : September 1987
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
100th Congress, 1st Session
Economic Indicators
SEPTEMBER 1987
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1987
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JOHN MELCHER (Montana)
JEFF BINGAMAN (New Mexico)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
J. ALEX McMILLAN (North Carolina)
JUDITH DAVISON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—81sT 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 Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the second quarter of 1987, current-dollar gross national product (GNP) rose 6.3
percent (annual rate) or $67.4 billion. Real GNP (GNP adjusted for price changes) rose 2.5 percent and the
implicit price deflator rose 3.5 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,800
4,800
SEASONALLY ADJUSTED ANNUAL RATES
4,400
4,400
4,000
4,000
GNP
IN CURRENT DOLLARS
3,600
3,600
3,200
3,200
GNP
IN 1982 DOLLARS
2,800
2,800
2,400
2,400
2,000
2,000
I
1979
1981
1980
1983
1982
1984
I
1986
1985
1987
5OURCE' DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Exports and imports of goods
and services
Government purchases of
goods and services
Personal
consumption
expenditures
Gross
private
domestic
investment
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,010.3
4,235.0
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
454.8
437.0
515.5
447.3
502.3
664.8
641.6
671.0
18.8
32.1
33.9
26.3
-6.1
-58.9
-79.2
— 105.5
291.2
351.0
382.8
361.9
352.5
383.5
369.9
376.2
272.5
318.9
348.9
335.6
358.7
442.4
449.2
481.7
467.8
530.3
588.1
641.7
675.0
735.9
818.6
869.7
178.0
208.1
242.2
272.7
283.5
310.5
353.9
366.2
121.9
142.7
167.5
193.8
214.4
234.3
259.3
277.8
56.1
65.4
74.8
78.9
69.1
76.2
94.6
88.4
289.9
322.2
345.9
369.0
391.5
425.3
464.7
503.5
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,000.3
4,219.3
1982: IV
1983: IV
3,212 5
3,545.8
2,117.0
2,315.8
409.6
579.8
14.1
— 25.8
335.9
364.7
321.9
390.5
671.8
676.1
293.2
276.1
205.4
221.5
87.7
54.6
378.7
400.0
3,272.4
3,514.8
1984- I
II
III
IV
3,674.9
3,754.2
3,807.9
3,851.8
2,361.1
2,417.0
2,450.3
2,493.4
663.0
664.2
670.3
661.8
-45.7
-62.8
-59.3
-67.9
374.3
383.2
390.8
385.7
420.0
446.1
450.1
453.6
696.5
735.8
746.6
764.5
284.0
315.0
317.0
326.0
226.9
233.0
233.1
244.1
57.1
81.9
83.9
81.9
412.5
420.8
429.6
438.5
3,580.8
3,687.4
3,742.9
3,806.8
1985: I
II
Ill
IV
3,921.1
3,973.6
4,042.0
4,104.4
2,549.9
2,602.0
2,665.4
2,700.1
638.6
648.4
628.6
650.8
-51.5
-77.3
-84.7
- 103.5
376.3
370.6
364.2
368.7
427.7
447.8
448.9
472.2
784.1
800.5
832.8
857.0
336.3
339.4
361.9
378.0
250.2
253.7
265.1
268.2
86.1
85.7
96.8
109.8
447.8
461.1
470.9
479.0
3,899.8
3,955.1
4,044.4
4,101.9
1986- I
II
Ill
IV
4,174.4
4,211.6
4,265.9
4,288.1
2,737.9
2,765.8
2,837.1
2,858.6
683.4
679.4
660.8
660.2
-93.8
-100.8
-110.5
-116.9
373.5
371.3
376.6
383.3
467.3
472.1
487.1
500.2
846.9
867.2
878.5
886.3
356.7
368.4
371.2
368.6
266.6
278.2
287.6
279.0
90.1
90.2
83.6
89.6
490.2
498.8
507.3
517.7
4,136.1
4,184.0
4,262.4
4,294.6
1987: I
II '
4,377.7
4,445.1
2,893.8
2,943.7
699.9
702.6
— 112.2
-118.4
397.3
416.5
509.5
534.8
896.2
917.1
366.9
379.6
287.5
294.5
79.4
85.1
529.3
537.6
4,326.0
4,404.8
Period
1979
1980
1981
1982
1983
1984
1985
1986
.
. .
. ..
.
Gross
national
product
Source: Department of Commerce, Bureau of Economic Analysis.
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[BiHions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross private
domestic investment
dential
fixed
Exports and imports of
goods and services
Change
in
business
inventories
tial
fixed
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
1979
1980
1981
1982
1983 ..
1984
1985
1986
3,192.4
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,607.5
3,713.3
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,352.6
2,450.5
389.4
379.2
395.2
366.7
361.2
425.2
454.1
443.8
170.8
137.0
126.5
105.1
149.3
170.9
174.6
196.4
15.0
-6.9
23.9
-24.5
-6.4
62.3
7.4
13.8
3.6
57.0
49.4
26.3
-19.9
-84.0
-108.2
-145.8
356.8
388.9
392,7
361.9
348.1
371.8
365.3
377.4
353.2
332.0
343.4
335.6
368.1
455.8
473.6
523.2
609.1
620.5
629.7
641.7
649.0
677.7
726.9
754.5
236.2
246.9
259.6
272.7
275.1
290.8
324.2
332.5
164.3
171.2
180.3
193.8
206.9
218.5
236.7
250.7
71.9
75.7
79.3
78.9
68.2
72.3
87.5
81.8
373.0
373.6
370.1
369.0
373.9
387.0
402.7
422.1
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,600.1
3,699.5
1982- IV
1983- IV
3,159.3
3,365.1
2,078.7
2,191.9
352.3
390.4
115.8
159.9
-59.3
27.0
11.7
-46.2
336.0
355.5
324.3
401.6
660.1
642.2
289.5
266.0
201.4
211.6
88.2
54.4
370.6
376.2
3,218.6
3,338.1
1984- I
II
Ill
IV
3,451.7
3,498.0
3,520.6
3,535.2
2,212.1
2,246.7
2,257.3
2,281.1
401.3
422.0
433.0
444.4
170.5
173.1
170.3
169.6
83.4
63.2
60.9
41.7
-68.6
-87.3
-85.5
-94.8
362,7
369.1
378.7
376.6
431.3
456.5
464.1
471.4
653.0
680.2
684.5
693.2
271.5
295.6
295.5
300.5
214.1
217.8
217.0
225.3
57.4
77.8
78.6
75.2
381.6
384.7
388.9
392.7
3,368.3
3,434.8
3,459.6
3,493.5
1985- I
H..
3,568.7
3,587.1
3,623.0
3,650.9
2,314.1
2,337.0
2,376.1
2,383.2
440.0
457.2
454.1
465.2
172.6
171.2
174.9
179.7
19.5
17.3
-5.7
-1.6
-81.0
-107.7
— 114.9
-129.3
369.7
364.7
360.5
366,5
450.7
472.4
475.4
495.8
703.4
712.1
738.6
753.7
308.4
310.7
332.5
345.3
229.8
232.8
243.3
241.1
78.6
77.8
89.3
104.2
395.0
401.4
406.1
408.4
3,549.2
3,569.9
3,628.7
3,652.5
III
3,698.8
3,704.7
3,718.0
3,731.5
2,409.7
2,434.3
2,477.5
2,480.5
453.2
441.0
437.7
443.2
185.9
196.5
201.1
202.2
35.3
28.1
6.1
-14.4
-123.0
-146.8
-161.6
-151.8
371,5
370.2
379.6
388.3
494.4
517.0
541.2
540.1
737.6
751.6
757.2
771.8
322.1
330.6
332.6
344.6
240.0
250.1
259.8
252.7
82.0
80.4
72.8
91.9
415.5
421.0
424.6
427.1
3,663.4
3,676.7
3,711.9
3,745.8
II ..
3,772.2
3,795.3
2,475.9
2,487.5
426.0
437.9
198.2
196.8
47.6
39.0
-135.2
-132.7
397.8
414.5
533.0
547.2
759.6
766.7
327.3
332.6
257.4
263.5
69.9
69.1
432.3
434.1
3,724.5
3,756.3
Ill
IV
1986: I
II
IV
1987- I r
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
national
product
Gross private
domestic investment
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Total
Durable
goods
Nondurable goods
Services
dential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
1979
1980
1981
1982
1983
1984
1985
1986
78.6
85.7
94.0
100.0
103.9
107.7
111.2
114.1
78.2
86.6
94.6
100.0
104.1
108.1
111.8
1 14.3
82.1
89.2
95.7
100.0
102.1
103.8
104.5
104.9
80.0
89.4
96.9
100.0
102.1
105.0
107.5
107.1
75.6
83.9
92.6
100.0
106.2
111.6
117.1
122.5
77.8
85.1
93.4
100.0
98.8
97.9
97.5
98.5
81.4
89.4
96.6
100.0
102.2
106.0
108.2
111.1
81.6
90.2
97.5
100.0
101.3
103.2
101.3
99.7
77.1
96.0
101.6
100.0
97.4
97.1
94.8
92.1
75.4
84.3
93.3
100.0
103.1
106.8
109.2
110.2
74.2
83.4
92.9
100.0
103.6
107.2
109.5
110.8
78.0
86.4
94.3
100.0
101.4
105.5
108.1
108.1
77.7
86.2
93.4
100.0
104.7
109.9
115.4
119.3
1982- IV
1983- IV
101.7
105.4
101.8
105.7
100.7
103.1
101.0
103.1
102.7
108.3
100.7
98.3
99.1
103.1
100.0
102.6
99.3
97.2
101.3
103.8
102.0
104.7
99.5
100.3
102.2
106.3
1984- I
II
Ill
IV
106.5
107.3
108.2
109.0
106.7
107.6
108.5
109.3
103.2
103.9
104.1
104.1
104.3
104.7
105.2
105.8
109.5
110.9
112.3
113.5
97.9
97.9
97.8
97.9
103.3
106.4
106.9
107.2
103.2
103.8
103.2
102.4
97.4
97.7
97.0
96.2
104.6
106.6
107.3
108.5
106.0
107.0
107.5
108.3
99.5
105.3
106.7
108.9
108.1
109.4
110.5
111.7
1985- I
II..
Ill
IV
109.9
110.8
111.6
112.4
110.2
111.3
112.2
113.3
104.6
104.5
104.6
104.3
106.3
107.4
107.6
108.6
114.8
116.3
118.0
119.4
98.0
97.5
97.3
97.1
107.6
107.6
108.0
109.5
101.8
101.6
101.0
100.6
94.9
94.8
94.4
95.2
109.0
109.3
108.8
109.5
108.9
109.0
109.0
111.2
109.5
110.1
108.4
105.4
113.4
114.9
116.0
117.3
1986- I
II
III
IV
112.9
113.7
114.7
114.9
113.6
113.6
114.5
115.2
104.5
104.6
105.4
105.2
107.8
106.2
106.8
107.5
120.7
122.0
123.3
124.3
97.2
98.4
99.0
99.2
110.0
111.0
111.3
112.2
100.6
100.3
99.2
98.7
94.5
91.3
90.0
92.6
110.7
111.4
111.6
107.0
111.1
111.2
110.7
110.4
109.8
112.2
115.0
97.5
118.0
118.5
119.5
121.2
1987- I
II r
116.1
117.1
116.9
118.3
105.4
106.1
109.8
111.7
125.5
126.9
99.3
99.2
113.7
115.7
99.9
100.5
95.6
97.7
112.1
114.1
111.7
111.8
113.6
123.1
122.4
123.8
Source: Department of Commerce, Bureau of Economic Analysis
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Period
Constant
(1982)
dollars
Current
dollars
8.9
11.7
3.7
7.6
10.8
6.3
5.6
4.2
12.4
15.4
8.9
5.8
4.7
7.4
5.5
7.1
6.3
7.0
3.6
5.3
2.1
8.6
6.3
1980
1981
1982
1983
1984
1985
...
1986
1982- IV
1983- IV
1984- I
II
m
IV
1985- I
II
m....
IV
1986- 1
II
III
IV
1987- I
II '....
-0.2
1.9
-2.5
3.6
6.8
3.0
2.9
.6
7.3
10.7
5.5
2.6
1.7
3.8
2.1
4.1
3.1
5.4
.6
1.4
1.5
4.4
2.5
Implicit
price
deflator
9.0
9.7
6.4
3.9
3.7
3.2
2.6
3.6
4.7
4.2
3.0
3.4
3.0
3.3
3.3
2.9
2.9
1.8
2.9
3.6
.7
4.2
3.5
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Personal consumption expenditures
Chain price
index
Fixedweighted
price index
(1982
weights)
10.6
10.5
7.1
9.0
8.8
8.2
6.5
10.3
9.7
8.1
9.8
5.6
7.2
9.4
8.4
10.1
5.3
5.7
4.1
10.7
3.1
5.0
7.1
9.3
9.3
6.2
4.1
4.0
3.6
2.7
4.0
4.0
4.5
3.8
3.4
3.2
4.1
3.7
2.9
3.4
2.2
2.2
2.6
2.3
4.5
4.1
9.0
9.4
6.3
4.1
3.9
3.5
2.4
4.1
3.9
4.5
3.8
3.4
3.1
4.0
3.8
2.8
3.4
1.7
1.9
2.6
2.0
4.2
3.7
Constant
(1982)
dollars
Current
dollars
-0.2
1.2
1.3
4.6
4.8
4.6
4.2
5.3
5.5
3.7
6.4
1.9
4.3
5.9
4.0
6.9
1.2
4.5
4.1
7.3
.5
— .7
1.9
Implicit
price
deflator
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.4
2.2
4.4
4.3
3.8
3.4
3.4
3.0
3.3
4.1
3.3
4.0
1.1
.0
3.2
2.5
6.0
4.9
10.9
9.2
5.7
4.2
3.9
3.6
2.5
4.8
4.1
4.3
32
3.6
3.1
3.5
4.4
3.2
4.2
1.5
.3
3.6
3.0
5.5
5.2
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.7
2.6
4.8
4.1
4.5
3.2
3.8
3.2
3.4
4.5
3.3
4.2
1.7
.3
3.6
3.0
5.7
5.2
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
1980
1981
1982
1983
1984
1985
1986
1982: IV
1983- IV
1984: I
II
III...
IV
1985: I
II
III...
IV
1986- I ..
II
III...
IV
1987- I ..
II r.
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,282.8
2,376.1
1,779.4
2,012.5
2,080.6
2,139.9
2,164.4
2,201.8
2,230.9
2,266.2
2 312 4
2 321.8
2 353 3
2,358.6
2 387 7
2,404.7
2,434.8
2,465.4
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,127.1
2,182.2
1,760.2
1,940.5
1,996.7
2,035.2
2,044.7
2,069.5
2,091.1
2,115.1
2,148.7
2,15.3.5
2,176.7
2,171.9
2,180.8
2,199.3
2,207.6
2,219.9
Corporate profits with
inventory valuation and capital
consumption adjustments
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
1.073
1.089
1.011
1.037
1.042
1.051
1.059
1.064
1.067
1.071
1.076
1.078
1.081
1.086
1.095
1.093
1.103
1.111
0.095
.109
.125
.123
.118
^119
.121
.131
.120
.118
.117
.118
.118
.119
.119
.118
.120
.119
.121
.122
.123
.123
.124
0.077
.090
.094
.098
.100
.103
.104
.096
.098
.098
.100
.101
.102
.102
.104
.102
.103
.104
.101
.106
.104
.105
.107
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.702
.715
.685
.680
.681
.682
.691
.694
.698
.701
.699
.709
.709
.714
.717
.720
.724
.728
0.031
.037
.043
.037
.039
.043
.045
.042
.037
.037
.038
.041
.042
.043
.043
.043
.044
.045
.046
.046
.045
.045
.046
Total
1982 dol2
This is egual to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places (o the left.
(Bureau of Labor Statistics).
0.068
.078
.063
.089
.109
.107
.103
.057
.103
.109
.114
.107
.107
.106
.106
.114
.103
.104
.104
.104
.102
.106
.106
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.036
.023
.036
.040
.039
.034
.032
.033
.031
.034
.033
.033
.034
.037
.040
.045
.047
Profits
after
tax 4
0.031
.044
.037
.057
.073
.074
.068
.034
.066
.069
.075
.073
.075
.072
.075
.080
.070
.071
.069
.068
.062
.061
.059
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.867
18.288
18.674
18.969
17.382
18.029
18.221
18.312
18.255
18.359
18.458
18.588
18.849
18.787
18.941
18.930
18.974
19.073
18.9.33
18.990
9.939
10.861
11.699
12.124
12.570
13.103
13.566
11.914
12.261
12.409
12.494
12.623
12.746
12.883
13.022
13.173
13.324
13.437
13.525
13.608
13.724
13.708
13.799
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
2,518.4
2,719.5
3,028.6
3 229.9
3,422.0
2,548.2
2 851 5
2,962.1
3,009.0
3,047.3
3,096.1
3,156.5
3,204.4
3,254.4
3,304.4
3,364.2
3,414.1
3 438 7
3,471.0
3,548.3
3,593.3
1982
1983
1984
1985
1986..
1982- IV
1983- IV
1984: I
II
III
IV
1985- I
II
Ill
IV
1986- I
II
III
IV .
1987: I
II T
1
1,907.0
2,020.7
2,213.9
2,370.8
2,504.9
1,931.1
2,092.7
2,152.9
2,195.2
2,234.9
2,272.7
2,314.9
2,351.5
2,386.3
2,430.5
2,464.8
2,487.6
2 515 1
2,552.0
2,589.9
2,623.4
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
13.6
13.2
8.5
9.0
16.7
15.8
12.4
12.3
9.3
6.9
5.6
7.3
9.1
9.3
10.1
14.0
17.4
17.2
18.4
20.0
18.9
150.9
178.4
204.0
227.6
252.6
159.8
188.6
197.1
202.0
207.5
209.7
220.4
224.2
229.5
236.3
242.8
250.1
256.2
261.2
269.7
275.8
24.6
12.4
30.5
29.7
37.2
28.5
19.3
44.3
26.1
23.3
28.1
31.7
32.2
22.9
31.7
28.0
48.1
36.3
36.6
51.3
47.3
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption a.dmstment
Total
Total
150.0
213.7
266.9
277.6
284.4
146.1
248.5
262.7
275.5
262.6
266.9
265.6
274.2
292.8
277.8
288.0
282.3
286.4
281.1
294.0
296.8
Profits
hefore tax
Inventory
valuation
adjustment
169.6
207.6
240.0
224.8
231.9
164.1
231.5
253.7
251.4
228.5
226. 1
217.6
218.0
230.2
233.5
218.9
224.4
236.3
247.9
257.0
268.7
-10.4
-10.9
-5.8
-.7
6.5
-13.4
-8.1
— 15.5
-5.0
— 1.1
-1.6
-1.5
1.8
6.5
-9.8
17.8
11.3
6.0
-8.9
-11.3
-20.0
159.2
196.7
234.2
224.1
238.4
150.7
223.4
238.2
246.5
227.4
224.6
216.1
219.8
236.8
223.7
236.7
235.6
242.4
230.0
245.7
248.8
Capital
consumption
adjustment
-9.2
17.0
32.7
53.5
46.0
-4.5
25.1
24.5
29.0
35.2
42.3
49.5
54.4
56.0
54.2
51.3
46.7
44.0
42.1
48.2
48.0
Net
interest
272.3
281.0
304.8
315.3
326.1
266.9
290.2
292.8
301.0
312.2
313.1
316.5
313.2
313.7
317.9
326.6
328.7
327.5
321.7
323.6
331.1
Source: Department of Commerce, Bureau of Economic Analysis.
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]
Nondurable goods
Durable goods
Total
personal
Period
1982
1983
1984
1985
1986
1982: IV
1983- IV
1984: I
II
Ill
IV
1985: I
.
..
II
III
IV
1986: I
II
III
IV
1987- I
II '
sumption
expenditures
Total
durable
goods
2,050.7
9 034 5
2,430.5
2.629.4
2,799.8
2,117.0
2,315.8
2,361.1
2,417.0
2,450.3
2,493.4
2,549.9
2,602.0
2,665.4
2,700.1
2,737.9
2 765 8
2,837.1
2,858.6
2,893.8
2 943.7
252.7
289.1
335.5
368.7
402.4
263.8
310.0
322.7
335.1
337.7
346.7
858.2
362.4
383.7
370.5
375.9
386.4
427.6
419.8
396.1
409.0
Motor
vehicles
and
parts
108.9
130.4
157.4
177.6
194.9
115.7
144.4
151.1
157.8
158.6
162.3
171.1
173.3
191.9
174.1
177.4
184.2
217.0
201.2
177.6
189.6
Furniture
and
household
equipment
95.7
107.1
118.8
128.7
139.9
99.1
112.4
115.2
117.9
119.5
122.7
125.0
127.0
129.5
133.5
134.7
138.3
142.9
143.8
146.0
146.0
Other
48.1
51.6
59.3
62.4
67.6
49.0
53.2
56.4
59.3
59.7
61.8
62.1
62.1
62.4
62.9
63.8
64.0
67.8
74.8
72.5
73.5
Total
nondurable
goods
771.0
816.7
867.3
913.1
939.4
786.6
837.9
849.9
866.9
872.8
879.6
894.4
910.4
918.4
929.3
936.8
934.3
940.0
946.3
969.9
982.1
Food
398.8
421.9
448.5
472.8
497.8
407.0
430.8
438.3
445.8
453.6
456.1
463.5
471.2
474.9
481.7
489.4
494.7
499.6
507.5
514.8
515.0
Clothing and
shoes
Gasoline
and oil
124.4
135.1
146.7
157.2
167.5
126.5
141.1
143.0
147.3
146.8
149.8
153.2
155.8
158.8
180.9
163.4
167.2
169.8
169.6
174.0
175.8
89.1
90.2
90.0
92.6
75.3
89.8
91.9
90.8
91.3
88.9
89.0
90.6
94.3
93.5
92.1
87.7
74.4
70.6
68.4
75.8
80.6
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Domestics
158.7 1.027.0
169.5 1,128.7
182.1 1.227.6
190.5 1.347.5
198.8 1,458.0
163.4 1,066.5
1 74.0 1,167.9
177.8 1,188.6
182.5 1,215.1
183.5 1,239.7
184.7 1,267.1
187.2 1,297.3
189.1 1,329.2
191.2 1,363.3
194.5 1,400.3
196.3 1,425.2
198.0 1,445.1
200.0 1,469.5
200.8 1,492.4
205.3 1,527.7
210.7 1,552.6
5.8
6.8
8.0
8.2
8.2
6.0
7.4
8.1
8.1
7.9
7.7
8.3
8.1
9.3
7.1
7.7
7.9
9.5
7.8
6.7
7.0
Imports
2.2
2.4
2.4
2.8
3.2
2.5
2.6
2.3
2.4
2.4
2.6
2.5
2.7
3.0
3.2
2.9
3.1
3.5
3.5
2.8
3.0
SOURCES OF PERSONAL INCOME
Personal income rose $17.5 billion (annual rate) in August, following a rise of $17.0 billion in July. The increases
were affected by subsidy payments to farmers, which decreased in August following an increase in July. Excluding
these payments, personal income increased $21.2 billion in August and $12.0 billion in July.
BILLIONS OF DOLLARS*(RAT1O SCALE)
3,800
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,200
3,200
1,600
1,600
800
800
400
400
200
200
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
Total
personal
income
Wage and
salary
disbursements
Proprietors' income
Other labor
income l 2
Farm
3
Nonfarm
Rental
income of
persons 4
Personal
dividend
income
Personal
interest
income
Transfer
payments &
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
1979
1980
1981
1982
1983
1984
1985
1986
2,033-9
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
1,252.1
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,974.9
2,089.1
122.7
138.4
150.3
163.6
173.6
182.9
192.3
201.1
31.7
20.5
30.7
24.6
12.4
30.5
29.7
37.2
160.1
160.1
156.1
150.9
178.4
204.0
227.6
252.6
5.6
6.6
13.3
13.6
13.2
8.5
9.0
16.7
48.1
52.9
61.3
63.9
68.7
75.5
76.3
81.2
221.4
271.9
335.4
369.7
393.1
444.7
476.5
497.6
273.1
324.7
368.1
410.6
442.6
456.6
489.7
518.3
81.0
88.6
104.5
112.3
120.1
132.7
148.9
159.6
1,983.1
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,273.5
3,475.2
1986: Aug
Sept
Get
Nov
Dec
3,552.9
3,567.5
3,577.5
3,590.3
3,613.0
2,100.9
2,104.4
2,119.4
2,131.5
2,134.4
202.3
203.0
203.7
204.4
205.1
35.8
40.8
33.6
31.1
45.2
255.4
259.1
259.3
261.0
263.4
17.0
17.0
17.7
18.4
19.2
82.2
82.5
82.6
82.9
83.2
498.0
497.2
497.0
496.7
496.6
521.6
524.0
525.6
526.3
528.0
160.3
160.4
161.3
162.1
162.1
3,495.5
3,505.2
3,522.5
3,538.0
3,546.7
1987:
3,631.5
3,671.2
3,683.4
3,701.9
3,708.5
3,715.3
3,732.3
3,749.8
2,150.2
2,166.4
2,173.1
2,181.5
2,193.7
2,198.9
2,207.6
2,227.1
205.9
206.7
207.4
210.0
209.0
209.6
210.4
211.1
42.0
56.2
55.6
58.0
41.6
42.3
41.4
34.7
265.6
270.2
273.2
274.1
275.8
277.7
280.5
283.0
19.5
20.0
20.4
19.7
18.9
18.2
17.4
16.7
83.9
84.4
85.0
85.3
86.5
87.0
87.9
88.8
498.1
499.8
501.6
503.8
506.3
508.8
511.3
513.8
532.2
534.5
534.3
537.3
545.4
541.7
545.3
545.4
165.9
167.0
167.3
167.7
168.6
168.9
169.5
170.7
3,568.4
3,594.1
3,607.2
3,622.8
3,645.1
3,651.2
3,669.1
3,693.4
Jan
Feb
Mar
Apr
May
r
r
July r
Aug "
1
The total of wage and salary disbursements and other labor income differs from compensation of
mployees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
age 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.
Source: Department of Commerce, Bureau of Economic Analysis
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income fell in the second quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
1,000
1,000
DOLLARS * (RATIO SCALE)
U,000
—
12,000
DOLLARS * (RATIO SCALE)
14,000
PER CAPITA DISPOSABLE PERSONAL INCOME
12,000
10,000
10,000
8,000
8,000
6,000
6,000
4,000
4,000
1980
1979
1981
1982
1983
1985
1984
1986
1987
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays *
Equals:
Personal
saving
Disposable
personal
income
in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
1982
1983
1984
1985
1986
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
304.7
340.5
393.3
409.3
410.5
440.2
485.9
512.2
1,729.3
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,841.1
3,022.1
Current
dollars
1982
dollars
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,714.1
2,891.5
118.0
136.8
159.4
153.9
130.6
164.1
127.1
130.6
2,212.6
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.2
2,645.1
7,682
8,421
9,243
9,724
10,340
11,257
11,872
12,508
Saving
as
percent
of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
1.0
-1.1
.5
— .5
2.1
4.9
1.9
3.1
6.8
7.1
7.5
6.8
5.4
6.1
4.5
4.3
225,106
227,754
230,182
232,549
234,829
237,051
239,323
241,620
233,466
Percent
change in
real per
capita
disposable
personal
income
Percent
Dollars
Billions of dollars
1979
1980
1981
1982
dollars
Per capita personal
consumption
expenditures
9,829
9,722
9,769
9,724
9,930
10,419
10,622
10,947
6,960
7,607
8,320
8,818
9,515
10,253
10,987
11,588
8,904
8,783
8,794
8,818
9,139
9,489
9,830
10,142
Seasonally adjusted annual rates
1982: IV
2,729.2
1983: IV
2,941.8
1984: I
3,034.1
II
3,074.8
III,... 3,137.8
IV
3,188.3
1985: I
3,259.2
II
3,304.4
Ill ....
IV
1986: I
II
Ill ....
IV
1987: I r
II ....
411.1
2,318.1
2,174.9
143.1
2,276.1
9,929
9,749
9,068
8,904
1.2
6.2
413.9
2,527.9
2,382.5
145.4
2,392.7
10,725
10,151
9,825
9,299
9.1
5.8
235,707
422.3
432.1
446.7
459.7
2,611.8
2,642.8
2,691.1
2,728.6
2,430.7
2,490.0
2,525.9
2,571.3
181.1
152.8
165.2
157.3
2,446.9
2,456.6
2,479.2
2,496.3
11,057
11,164
11,339
11,467
10,359
10,378
10,446
10,491
9,996
10,210
10,324
10,479
9,365
9,491
9,511
9,587
8.5
.7
2.6
1.7
6.9
5.8
6.1
5.8
236,203
236,720
237,333
237,946
3,338.2
3,406.4
497.0
455.9
491.0
499.7
2,762.2
2,848.4
2,847.2
2,906.6
2,631.0
2,685.6
2,751.5
2,788.1
131.2
162.8
95.7
118.5
2,506.8
2,558.4
2,538.2
2,565.5
11,584
11,919
11,882
12,099
10,513
10,705
10,592
10,679
10,694
10,888
11,124
11,239
9,705
9,779
9,916
9,920
.8
7.5
-4.2
3.3
4.8
5.7
3.4
4.1
238,452
238,977
239,618
240,246
3,463.4
3,526.6
3,553.6
3,593.6
497.4
504.2
515.3
532.0
2,966.0
3,022.4
3,038.2
3,061.6
2,827.6
2,856.4
2,929.4
2,952.6
138.4
166.0
108.9
109.0
2,610.5
2,660.2
2,653.2
2,656.7
12,318
12,525
12,560
12,626
10,842
11,024
10,968
10,956
11,371
11,461
11,729
11,789
10,008
10,088
10,242
10,229
6.2
6.9
-2.0
— .4
4.7
5.5
3.6
3.6
240,782
241,313
241,896
242,489
3,662.0
3,708.6
536.1
578.0
3,125.9
3,130.6
2,987.5
3,037.4
138.4
93.2
2,674.6
2,645.5
12,865
12,858
11,008
10,865
11,910
12,090
10,190
10,216
1.9
-5.1
4.4
3.0
242,971
243,480
1
Includes personal consumption expenditures, interest paid bv consumers to business, and personal transfer payments to foreigners (net),
2
Annual dala 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 second quarter of 1987, according to revised estimates, gross farm income fell $13.6 billion (annual rate)
and net farm income fell $12.8 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
240
200
240
200
^
160
1
I^K~
1
—
-—^
120
<
"!1
'
.«-
v
160
120
GRO SS FARM INCC ME
80
80
60
60
»
40
»x
..
\
/
N
1 --- '"X /
i
»
1
20
\
1
'
\
'
10
i
\
\
v
\
^~~
f \
' \
/
-
"'"•---.'
%v
.'
\
1
/
i /
\l
. «\
\
40
\
\'
*
'
V
\
'
,'
1
,
I
*"
f'
20
.
\
*\
'»
'
'' \» II
1
\t
\ I
10
V
\
H :T FARM INCO ME
\ I
u
1
1
1979
1
1 1 1
1980
!
1
1981
1
1
1
1
1982
1
1
1
1
! !
1984
1983
1 1 1
1985
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1 1
1986
1
1
1
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
Total
1979
1980
1981
1982
1983
1984
1985
1986
1984:
I'
II r
III T
IV T
1985- I r r
II
Ill r
IV T
1986- I r
II r .
Ill '
IV '
1987: I r
II r
Livestock and
products
150.7
149.3
166.3
163.5
153.1
174.7
166.0
r
159.5
131.5
139.7
141.6
142.6
r
136.6
142.3
144.2
135.2
69.2
68.0
69.2
70.3
69.4
72.9
69.8
71.6
176.8
169.9
176.6
175.6
137.8
142.2
147.0
142.3
75.8
72.0
72.0
71.8
168.4
164.1
159.6
172.1
137.9
138.0
144.8
156.1
69.9
69.0
68.9
71.4
149.8
168.8
154.8
164.8
134.4
130.6
135.0
140,7
68.3
66.8
77.8
73.3
167.3
153.7
130.0
128.1
72.6
72.0
Crops
62.3
71.7
72.5
72.3
67.1
69.4
74.4
63.6
62.0
70.1
74.9
70.4
68.0
68.9
76.0
84.7
66.0
63.8
57.2
67.4
57.4
56.1
Value of
inventory2
changes
Production
expenses
Current
dollars
1982 dollars 3
5.0
-6.3
6.5
-1.4
-10.9
6.2
-2.7
-3.3
123.3
133.1
139.4
140.0
140.4
142.7
133.7
122.1
27.4
16.1
26.9
23.5
12.7
32.0
32.3
37.5
34.9
18.8
28.6
23.5
12.2
29.6
29.0
r
32.9
2.1
7.3
8.8
6.6
143.1
143.6
142.9
141.1
33.6
26.3
33.7
34.5
31.6
24.4
31.2
31.8
1.1
-2.4
-4.2
-5.1
138.3
135.3
132.2
129.0
30.1
28.7
27.3
43.1
27.3
25.9
24.4
38.4
-4.2
-3.5
-3.0
-2.4
125.7
122.9
120.6
119.0
24.1
45.9
34.2
45.8
21.4
40.3
29.8
39.9
-2.0
— 1.7
117.9
117.0
49.4
36.6
42.5
31.2
and operator hoi
CORPORATE PROFITS
In the second quarter, according to revised estimates, corporate profits before tax rose $11.7 billion (annual rate)
and after-tax profits rose $5.5 billion.
BIUIONS OF DOLLARS
BILLIONS Of DOLLARS
320 |
I 320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
PROFITS BEFORE TAX
240
240
200
200
160
160
-PROFITS AFTER TAX
-
X"
120
120
TAX LIABILITY,
80
80
40
40
UNDISTRIBUTED PROFITS
I
1979
1980
I
I
|
I
|
I
|
|
I
|
1984
1983
1982
1981
1985
SOURCE: DEPARTMENT OF COMMERCE
1986
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
Financial
Total
3
Manufacturing
Profits
before tax
Tax
liability
Wholesale and
retail
trade
Total
Dividends
Undistributed
profits
194.0
202.3
159.2
196.7
234.2
224.1
238.4
159.6
173.8
131.2
166.6
203.3
193.6
207.2
21.0
16.5
11.8
18.1
13.0
18.4
26.1
138.6
157.3
119.4
148.5
190.3
175.2
181.1
77.1
88.5
58.0
70.1
88.8
72.2
69.4
21.6
32.5
34.6
38.9
51.2
51.4
52.1
237.1
226.5
169.6
207.6
240.0
224.8
231.9
84.8
81.1
63.1
77.2
93.9
96.7
105.0
152.3
145.4
106.5
130.4
146.1
128.1
126.8
54.7
63.6
66.9
71.5
79.0
81.3
86.8
97.6
81.8
39.6
58.9
67.0
46.8
40.0
150.7
223.4
121.6
190.7
18.7
15.5
102.9
175.2
46.8
88.6
33.6
43.1
164.1
231.5
59.8
88.1
104.3
143.4
68.5
73.9
35,8
69.5
238.2
246.5
227.4
224.6
207.8
216.6
194.8
193.9
14.5
13.1
10.8
13.6
193.3
95.0
97.0
83.3
79.8
48.0
52.7
52.2
51.8
253.7
251.4
228.5
226.1
101.2
100.3
87.2
87.0
152.5
151.2
141.4
139.2
76.6
78.9
79.8
80.8
76.0
72.3
61.5
58.4
216.1
219.8
236.8
223.7
187.1
189.2
208.3
189.7
15.3
19.1
18.4
20.8
67.8
68.4
80.1
72.4
52.0
52.8
55.7
45.0
217.6
218.0
230.2
233.5
94.0
93.2
100.5
99.1
123.6
124.8
129.7
134.4
81.2
81.3
81.2
81.7
42.4
43.5
48.5
52.7
1986- I
II
III
IV
236.7
235.6
242.4
239.0
202.3
207.0
210.2
209.3
26.2
26.9
25.2
26.1
61.9
72.5
68.0
75.4
55.8
48.2
54.6
49.7
218.9
224.4
236.3
247.9
98.1
102.1
106.1
113.9
120.9
122.3
130.2
134.0
84.3
86.6
87.7
88.6
36.6
35.7
42.5
45.4
1987' I
II r
245.7
248.8
213.1
215.8
27.6
27.8
75.4
85.5
56.2
45.2
257.0
268.7
128.0
134.2
129.0
134.5
90.3
92.4
38.7
42.1
1980
1981
1982
1983
1984
1985
1986
1982- IV
1983- IV
1984' I
II
III
IV
1985: I
II
III
IV
1
203.5
184.0
180.3
171.8
170.1
189.9
168.9
176.2
180.0
185.1
183.2
185.5
188.0
Sec p. 4 for profits with inventory valuation and capital consumption acijus
'- Includes rest of the world, not shown separately.
J
Includes industries not shown separately.
Inventory
valuation
adjustment
NOTE.—Corporate profits and related measures for 1986 reflect retroactive provision:
Reform Act of 1986.
Source: Department of Commerce, Bureau of Economic Analysis.
-43.1
-24.2
— 10.4
-10.9
-5.8
Y
6.5
-13.4
-8.1
-15.5
-5.0
-1.1
-1.6
-1.5
1.8
6.5
-9.8
17.8
11.3
6.0
-8.9
-11.3
-20.0
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter, nonresidential fixed investment rose $11.8 billion (annual
rate) while residential investment rose $2.3 billion. There was a $40.3 billion increase in inventories following an
increase of $51.6 billion in the first quarter.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
SEASONALLY ADJUSTED ANNUAL RATES
700
r'^-x
GROSS PRIVATE DOMESTIC
INVESTMENT
600
/
/—^1
|
/i
700
/
600
^
/
/
500
500
\
r^/\ ^pv/
-^^
400
„---"""
,''
300
RESID ENTIAL
FIXED INI/ESTMENT
—
V.--
200
—
~\
~~^
"""
1
I
1
1979
1
1
1
1980
1
1
1
1981
1
V *s
1 1
\
i i
1983
1982
—
/\..._.
""•-.
CHAN GE IN BUSINE.;s
Ir4VENTORIES
\
""
0
200
'
^
„•-""'
..-—
100
-100
—
NONRESIDENTI/J^L
Fl)(ED INVESTMEIvlT
300
—
-"~
400
-~v
---""
.--
100
**„_
i i i
1984
\. _/
1
1
1
1985
SOURCE; DEPARTMENT OF COMMERCE
1
1 1
1986
/
0
1
1
1
-100
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
Total
Nonfarm
1985
1986
454.8
437.0
515.5
447.3
502.3
664.8
641.6
671.0
441.9
445.3
491.5
471.8
509.4
597.1
631.6
655.2
302.8
322.8
369.2
366.7
356.9
416.0
442.6
436.9
99.5
113.9
138.5
143.3
124.0
141.1
152.5
137.4
203.3
208.9
230.7
223.4
232.8
274.9
290.1
299.5
139.1
122.5
122.3
105.1
152.5
181.1
189.0
218.3
13.0
-8.3
24.0
-24.5
7 I
61.1
10.0
15.7
7.9
-2.4
18.3
— 23.1
.4
60.5
13.6
16.8
1982- IV
1983: IV
409.6
579.8
469.5
548.8
354.9
383.9
137.6
127.4
217.3
256.5
114.7
164.9
-59.9
31.0
-51.1
21.3
1984: I
II
Ill
IV
663.0
664.2
670.3
661.8
568.9
597.5
605.4
616.8
392.7
413.2
423.3
435.0
133.0
141.3
143.6
146.6
259.7
271.9
279.7
288.4
176.2
184.3
182.1
181.8
94.1
66.7
65.0
45.0
71.4
63.7
65.8
41.3
1985- I
11
III
IV
638.6
648.4
628.6
650.8
617.3
629.9
631.0
648.3
431.5
445.6
442.0
451.5
150.6
154.4
152.9
152.1
280.8
291.3
289.1
299.3
185.8
184.3
189.0
196.8
21.4
18.5
-2.4
2.5
17.7
13.7
5.2
17.8
1986:
I
II
Ill
IV
683.4
679.4
660.8
660.2
645.1
651.9
657.3
666.6
440.7
433.8
433.5
439.7
149.6
135.9
131.1
132.9
291.0
297.9
302.4
306.7
204.4
218.1
223.8
226.9
38.3
27.5
3.5
-6.4
38.5
24.5
-.9
5.1
1987- I
II r
699.9
702.6
648.2
662.3
422.8
434.6
128.7
129.7
294.1
304.9
225.4
227.7
51.6
40.3
48.7
27.3
1979
1980
1981
1982..
1983
1984..
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1987 survey, business spending for new plant and equipment
in 1987 is expected to be 2.5 percent above the 1986 level.
BILL ONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
—
300
r^
— -~
/T—1
1
"1
tiLL
300
7
INDUSTRIES
„_
-~""
200
200
_
NOh MANUFACTUI ING^7
,---'
_ — ~" ~~
'/
100
100
M ^NUFACTURIN G
— '"'
—
-
—
—
—
80
80
60
60
40
40
1
1
1979
[
1
1
1
1
1980
1
1
1
1981
1
1 1
1982
1
1
1
1
1
!
1
I
1985
1984
1983
V SURVEYED QUART RLY
jy SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMEN T OF COMMERCE
1
1 1
1986
1
1
I
1987
COUNCIL OF ECONOMIC ADViSERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanut'acturing
Manufacturing
Period
All
industries
Total
1979
1980
1981
1982
1983
1984
1985
1986 '.
1987 4
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.07
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
146.40
1985: I r
Ilr
Ill '
IV '.
375.33
388.16
390.05
394.98
1986- I r
II ' r
Total
nonfarm
business 2
Nonmanufacturing
Total
Surveyed
quarterly
189.02
202.15
222.72
226.79
227.15
260.16
278.46
284.54
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
242.68
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
otber
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.23
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.56
75.17
1 59.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
242.68
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.22
10.75
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.80
19.52
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.53
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.38
167.89
147.85
154.94
154.79
156.35
70.85
74.53
73.03
74.67
77.00
80.41
81.76
81.67
227.48
233.22
235.26
238.64
15.98
16.70
15.95
14.89
16.92
17.49
18.56
19.12
48.61
48.54
48.44
49.85
145.97
150.49
152.32
154.98
147.85
154 94
154 79
156 35
227.48
233 22
235 26
238 64
IV '
380.04
376.21
375.50
386.09
145.11
142.18
139.43
144.07
68.71
68.56
69.42
69.87
76.39
73.62
70.01
74.20
234.93
234.03
236.07
242.02
13.13
11.29
10.14
10.31
18.50
18.40
18.81
19.50
47.17
46.43
45.81
46.12
156.14
157.91
161.31
166.08
145 1 1
142.19
139 43
144.07
234.93
234.03
236 07
242.02
1987- I '
II '
III 4
IV4
374.23
377.65
398.04
406.37
140.65
140.79
150.47
153.67
70.47
68.76
73.24
72.44
70.18
72.03
77.23
81.22
233.58
236.87
247.57
252.70
10.31
11.02
11.06
10.60
18.98
17.67
20.45
20.96
43.60
43.48
45.59
45.45
160.70
164.69
170.46
175.70
140.65
140 79
150.47
233 58
''36 87
247.57
959 70
m
Durahie
goods
284.94
314.47
349.26
347.47
343.35
398.99
431.94
427.23
Manufacturing
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
146.40
1 53 K7
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
Iit84 survey, are no longer surveyed quarterly. See last column ("nonmanuf act tiring surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufaciuring that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
10
Note.—Seasonally adjusted data revised beginning 1984. See Su
tember 1987.
Source; Department of Commerce, Bureau of Economic Analysis.
Surveyed
annually 3
29.98
31.68
34.04
36.89
38.56
44.55
44.81
47.75
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
in August, seasonally adjusted civilian employment rose 354,000 and unemployment fell 3,000.
MILLIONS OF PERSONS*
124
^MILLIONS OF PERSONS*
124
SEASONALLY ADJUSTED
120
120
116
116
112
112
CIVILIAN LABOR FORCE.
108
108
104
104
100
100
CIVILIAN
EMPLOYMENT
96
96
x
s
12
12
8
8
UNEMPLOYMENT
4
lillillllll
iimliiiii
lillillllll
1980
1979
1981
1982
1983
1984
1985
1986
0
1987
* 16 YEARS OF AGE AND OVER
SOURCE, DEPARTMENT OF LABOR
COUNCIt OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted hy NSA]
Period
1979
1980
1981
1982
1983
1984
1985
1986*
1986: Aug*
Sept
Oct
Nov
Dec
1987: Jan
Peb
Mar
Apr
May
June
July
Aug
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Resident
Armed
Forces
NSA
Labor force
including
resident
Armed
Forces
166,460
169,349
171,775
173,939
175,891
178,080
179,912
182,293
182,525
182,713
182,935
183,114
183,297
183,575
183,738
183,915
184,079
184,259
184,421
184,605
184,738
1 ,597
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,697
1,716
1,749
1,751
1,750
1,748
1,740
1,736
1,735
1,726
1,718
1,720
1,736
106,559
108,544
110,315
111,872
113,226
115,241
117,167
119,540
119,821
119,988
120,163
120,426
120,336
120,782
121,089
120,958
121,070
121,719
121,235
121,672
122,038
Employment
including
resident
Armed
Forces
100,421
100,907
102,042
101,194
102,510
106,702
108,856
111,303
111,764
111,703
111.941
112,183
112,387
112,759
113,122
113,104
113,570
114,173
113,975
114,447
114,817
Nonagricultural
Civilian
labor force
104,962
106,940
108,670
110,204
111,550
113,544
115,461
117,834
118,124
118,272
118,414
118,675
118,586
119,034
1 19,349
119,222
119,335
119,993
119,517
119,952
120,302
Total
98,824
99,303
100,397
99,526
100,834
105,005
107,150
109,597
110,067
109,987
110,192
110,432
110,637
111,011
111,382
111,368
111,835
112,447
112,257
112,727
113,081
Agricultural
3,347
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,057
3,142
3,162
3,215
3,161
3,145
3,236
3,284
3,290
3,335
3,178
3,219
3,092
Total
95,477
95,938
97,030
96,125
97,450
101,685
103,971
106,434
107,010
106,845
107,030
107,217
107,476
107,866
108,146
108,084
108,545
109,112
109,079
109,508
109,989
Part-time
for
economic
reasons l
3,373
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,269
5,303
5,450
5,319
5,342
5,201
5,459
5,164
5,110
5,029
4,918
5,235
4,998
Total
6,137
7,637
8,273
10,678
10,717
8,539
8,312
8,237
8,057
8,285
8,222
8,243
7,949
8,023
7,967
7,854
7,500
7,546
7,260
7,224
7,221
15
weeks
and
over
1,241
1,871
2,285
3,485
4,210
2,737
2,305
2,232
2,272
2,373
2,168
2,217
2,171
2,200
2,131
2,050
2,075
2,101
2,055
1,907
1,884
Labor force
participation
rate (percent)
Total 2
Civilian 3
64.0
64.1
64.2
64.3
64.4
64.7
65.1
65.6
65.6
65.7
65.7
65.8
65.7
65.8
65.9
65.8
65.8
66.1
65.7
65.9
66.1
63.7
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.3
65.3
65.4
65.4
65.3
65.5
65.6
65.4
65.4
65.7
65.4
65.6
65.7
" Data beginning January !98G not strictly comparable with earlier data because of change in
estimation procedures.
Labor foree as pert-en t of noninstitutional population (both including resident Armed Forces)
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In August, the seasonally adjusted overall unemployment rate was 5.9 percent, unchanged from its July level; the
civilian unemployment rate was also unchanged at 6.0.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
5
>
N/VVj
\
TEENAGERS
(16-19)
(
\
0
*
A
v
V
«
BLACK
A
\!\
\»~rf
*3&
I *v
7
v\.V .%*
" '_
s~~L...
5
muliim imilmii
1984
W DMEN 20 YE ARS
AND OVER
\
ALL CIVILIAN V\WORKERS
7
WHITE
1983
'-
V l
N
0
~V~V~N ~ \
i •
BLACK
AND OTHER
-o\x
1
\
V
/
"'
^
*vv^
' \-\ . A
5
n
\/- V'' '' •'
*
V-• i \
<-. V ,
•— ,,j
^
--^^_
T-~r-^^"•^^
MEN 20 YEARS
AND OVER
Illllllllll
iniiliiin liiiilnni
1985
illUllllll Illllllllll
1984
1983
1987
1986
mijliim iniiliiin Illllllllll
1985
1987
1986
'UNEMPLOYMENT AS PERCENT OF CiVIUAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL Of ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Unemployment
rate,
all
workers '
Period
1979
1980
1981
1982
1983
5.8
By sex and age
All
civilian
workers
5.8
7.1
Men
20 years
and over
Women
20 years
and
over
Both
sexes
16-19
years
White
Black
and
other
Black
Experienced
wage and
salary
workers
Parttime
workers
7.3
9.3
9.2
7.1
6.8
6.6
6.9
7.3
9.6
9.5
7.2
6.8
6.6
8.8
8.8
9.4
10.5
10.4
9.3
9.3
9.1
6.3
7.9
8.5
11.0
10.9
8.6
8.1
7.9
6.5
6.2
6.0
8.8
8.9
6.6
6.2
6.1
Fulltime
workers
5.3
5.5
6.9
5.1
6.3
6.7
8.6
8.4
Women
who
maintain
families
8.3
9.2
10.4
11.7
12.2
10.3
10.4
9.8
12.3
14.3
15.6
18.9
19.5
15.9
15.1
14.5
16.1
17.8
19.6
23.2
22.4
18.9
18.6
18.3
Married
men,
spouse
present
Labor
force
time lost
(percent) 2
2.8
4.2
4.3
6.5
6.5
4.6
4.3
4.4
11.3
13.1
14.2
17.3
17.8
14.4
13.7
13.1
5.7
6.4
6.8
8.3
8.1
6.8
6.6
6.2
4.2
5.9
6.3
By selected groups
By race
1984
1985
1986
7.0
7.5
9.5
9.5
7.4
7.1
6.9
1986: Aug
Sept
Get
Nov
Dec
6.7
6.9
6.8
6.8
6.6
6.8
7.0
6.9
6.9
6.7
5.9
6.2
6.2
6.2
6.0
6.1
6.2
6.1
6.1
5.9
18.0
18.5
17.7
18.2
17.3
5.8
6.0
6.0
6.0
5.8
13.1
13.1
12.7
12.7
12.3
14.6
14.6
14.3
14.2
13.7
6.5
6.5
6.6
6.5
6.3
4.2
4.3
4.6
4.5
4.3
10.1
9.8
8.9
9.7
9.8
6.4
6.6
6.6
6.6
6.3
9.3
9.3
9.2
9.1
8.8
7.7
7.9
7.8
7.7
7.6
1987: Jan
Feb
Mar
Apr
May
June ....
July
Aug
6.6
6.6
6.5
6.2
6.2
6.0
5.9
5.9
6.7
6.7
6.6
6.3
6.3
6.1
6.0
6.0
6.0
5.9
5.8
5.5
5.5
5.5
5.4
5.2
5.9
5.8
5.8
5.5
5.4
5.2
5.4
5.3
17.7
18.0
18.1
17.4
17.7
15.9
15.5
16.0
5.9
5.7
5.6
5.4
5.3
5.2
5.1
5.1
12.6
12.8
12.5
11.7
12.2
11.4
11.3
11.3
14.3
14.3
13.9
13.0
13.8
12.7
12.6
12.4
6.3
6.2
6.1
5.9
5.9
5.8
5.8
5.7
4.2
4.2
4.1
4.1
3.9
4.0
3.8
3.7
9.8
9.5
9.7
6.4
6.3
6.2
5.9
5.9
5.9
5.7
5.6
9.0
8.7
9.2
8.6
8.7
6.9
7.9
8.2
7.6
7.6
7.4
7.3
7.2
7.1
6.9
6.8
:..
7.6
9.7
9.6
7.5
7.2
7.0
!
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as pei
cent of potentially available labor force hours.
12
9.3
9.6
9.7
9.4
9.0
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In August, the percentage of unemployed persons who had been out of work for less than 5 weeks, for 5-14
weeks, and for 27 weeks and over rose, while the percentage out of work for 15-26 weeks fell. The mean
duration of unemployment rose and the median duration fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
70
DURATKDN OF ONE MPLOYMEf *JT
REASON FOR UNEMPLOYMENT
60
60
50 —
50
LESS THAN
5 WEEKS
.
\
40
JOB LOSERS
. 'V
A,'*-
40
.'•"•'
5-14
i
WEEKS
REENTRANTS
•~~v\
30
30
V"
27 WEEKS
AND OVER
20
c^c
10
20
NEW ENTRANTS
7
:
v^-V
\
-»'
,~-H—Y*-1
10
15-26
WEEKS
Illllllllll Illllllllll Illllllllll
1985
1984
1983
JOB LEAVERS
I l l l l l l l l l l Minium
1986
1983
1987
1984
1985
1986
1987
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT Of LABOR
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) '
Weekly average, thousands
1980
1981
1982
1983
1984
1985
1986
1986' Aug
Sept
Oct
Dec
1987- Jan
Feb
Mar
Mav
July
. .
7,637
8,273
10,678
10,717
8,539
8,312
8,237
43.1
41.7
36.4
33.3
39.2
42.1
41.9
32.3
30.7
31.0
27.4
28.7
30.2
31.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
11.9
13.7
16.6
20.0
18.2
15.6
15.0
6.5
6.9
8.7
10.1
7.9
6.8
6.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
11.7
11.2
7.9
7.7
9.6
10.6
12.3
25.2
25.4
22.3
22.5
25.6
27.1
26.2
11.4
11.9
11.1
11.3
13.0
12.5
12.5
3,350
3,047
4,061
3,396
2,476
2,611
2,650
488
460
583
438
377
396
378
3,837
3,410
4,594
3,775
2,561
2,693
2,746
8,057
8,285
8,222
8,243
7,949
42.3
41.1
41.9
41.2
42.4
29.7
30.4
31.5
31.8
30.2
13.2
13.4
11.7
12.7
12.9
14.8
15.2
14.9
14.3
14.5
15.6
15.5
15.2
14.8
15.0
7.1
7.1
7.0
7.0
7.1
47.6
48.9
48.7
48.1
48.9
12.3
12.6
12.6
12.9
13.0
27.4
25.9
26.8
25.8
25.4
12.6
12.6
11.9
13.1
12.8
2,713
2,707
2,621
2,565
2,515
388
370
357
355
357
2,483
2,335
2,296
2,478
2,841
8,023
7,967
7,854
7,500
7,546
7,260
7,224
7,221
41.9
42.2
42.9
42.2
44.3
42.5
43.9
44.1
31.1
31.1
31.1
30.0
28.0
29.1
29.7
29.9
12.5
12.7
12.0
13.8
13.2
13.8
13.1
11.2
14.5
14.1
14.0
14.1
14.5
14.6
13.3
14.8
15.0
14.6
14.9
14.9
14.9
14.8
14.0
14.3
7.0
6.6
6.6
7.0
6.5
6.7
6.7
6.4
49.6
48.2
48.4
49.7
47.8
49.0
48.6
46.6
11.1
1,3.1
12.7
12.3
12.0
13.0
13.9
14.0
25.7
25.6
26.8
25.8
26.7
27.0
26.4
27.9
13.6
13.1
12.1
12.1
13.5
11.0
11.1
11.6
2,507
2,477
2,453
2,356
2,310
2,303
2,296
2,252
363
369
342
329
329
332
334
305
3,276
3,155
2,933
2,526
2,216
2,108
2,210
1
includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 156,000 in August.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
100
—
—
^
^^1
\
1
ALL NONAGRICULTURAL
EJ TABLISHMEt'•ITS
90
^
20
80 —
—
18
70
._
SERVICE-PRODUCING
INDUSTRIES
"'
16 '-
•****•• ra-
60
20
50
IB
40
—
r
i
6
—
frii'iTilmii
" 1983
.1
-
CONSTRUC
«™, TION
_
—
GO ODS-PRODU CING
INDUSTRIE 5
30
20
Illlllllllllllllllllllil Illllllllll Illllllllll Illlllllllll
—
4
. ..
Illllllllll Illllllllll Illllllllll
1984
1 985
|
1 986
mnlimu
1987
2
imiihini
"
"
1983
Illilllllll Illllilllll Illlllltlll
1984
1985
1986
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
l
Service-producing industries
Manufacturing
Total 2
*
seasonally adjusted]
Goods-producing industries
Period
1987
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;
Total
nonagricultural
employment
iniiliiim
Construction
Total
Durable
goo s
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
99,610
25,658
25,497
23,813
23,334
24,727
24359
24,681
4,346
4,188
3,905
3,948
4,383
4,673
4,904
20,285
20,170
18,781
18,434
19,378
19^260
18,994
12,187
12,109
11,039
10,732
11,505
11^490
11,244
8,098
8,061
7,741
7,702
7,873
7,770
7,750
64,748
65,659
65,753
66,866
69,769
72,660
74,930
5,146
5,165
5,082
4,954
5,159
5,238
5,244
5,275
5,358
5,278
5,268
5,555
5,717
5,735
15,035
15,189
15,179
15,613
16,545
17,356
17,845
5,160
5,298
5,341
5,468
5,689
5,955
6,297
17,890
18,619
19,036
19,694
20,797
22,000
23,099
16,241
16,031
15,837
15,869
16,024
16,394
16,711
2,866
2,772
2,739
2,774
2,807
2,875
2,899
1986: Aug....
Sept....
Oct
Nov ....
Dec
99,772
100,039
100,209
100,415
100,567
24,639
24,620
24,611
24,630
24,630
4,946
4,948
4,942
4,946
4,936
18,945
18,933
18,934
18,954
18,970
11,206
11,181
11,169
11,174
11,175
7,739
7,752
7,765
7,780
7,795
75,133
75,419
75,598
75,785
75,937
5,202
5,255
5,251
5,278
5,286
5,736
5,736
5,731
5,728
5,725
17,913
17,939
17,980
18,009
18,007
6,351
6,374
6,395
6,418
6,451
23,284
23,317
23,369
23,452
23,544
16,647
16,798
16,872
16,900
16,924
2,882
2,902
2,897
2,900
2,904
1987: Jan
Feb
Mar
Apr
May....
June r .
July r..
Aug "..
100,919
101,150
101,329
101,598
101,708
101,818
102,114
102,270
24,708
24,743
24,749
24,759
24,752
24,761
24,857
24,857
5,034
5.038
5.032
5,019
4,999
5,008
5,008
5,007
18,956
18,986
18,995
19,011
19,018
19,015
19,106
19,101
11,157
11,179
11,176
11,175
11,175
11,176
11,195
11,219
7,799
7,807
7,819
7,836
7,843
7,839
7,911
7,882
76,211
76,407
76,580
76,839
76,956
77,057
77,257
77,413
5,304
5,315
5,333
5.348
5,344
5,350
5,360
5,376
5,741
5,757
5,766
5,772
5,775
5,781
5,796
5,798
18,080
18,140
18,136
18,197
18,205
18,226
18,271
18,248
6,480
6,501
6,526
6,558
6,576
6,586
6,607
6,630
23,670
23,759
23,842
23,926
24,025
24,083
24,198
24,287
16,936
16,935
16,977
17,038
17,031
17,031
17,025
17,074
2,912
2,916
2,922
2,933
2,935
2,935
2,930
2,944
1980
1981
1982
1983
1984
1985
1986
period which includes the 12th of the month
14
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly
earnings
Average weekly
hours
Period
Manufacturing
Total
private
nonagricultural l
Total
private
nonagricultural *
Overtime
Total
Current
dollars
1977 dollars
97.4
93.5
92.6
93.4
94.9
94.6
94.1
95.0
7.9
9.0
9.1
6.9
4.6
3.2
3.1
2.5
-3.1
-4.0
-1.0
.9
1.6
-.3
— .5
1.0
3.5
3.5
3.5
3.5
3.6
169.5
169.8
170.2
171.2
171.1
95.2
95.0
95.1
95.5
95.3
2.4
2.0
2.4
2.6
2.0
1.1
.6
1.2
1.7
1.3
3.6
3.6
3.6
3.5
3.8
3.7
3.8
3.8
8.86
8.88
8.91
8.91
8.95
8.94
8.96
9.03
9.79
9.81
9.83
9.86
9.88
r
9.88
9.88
9.93
171.2
171.8
172.2
172.6
172.9
172.9
173.2
173.9
94.7
94.6
94.4
94.2
94.0
93.8
93.7
93.6
22
2.1
2.2
2.5
2.4
2.2
2.4
2.6
1.1
.3
-.6
— 1.2
-1.3
-1.4
-1.4
-1.7
3.3
2.8
2.8
2.3
3.0
3.4
3.3
3.4
1986: Aug
Sept
Oct
Nov
Dec
34.7
34.7
34.7
34.8
34.6
40.8
40.8
40.7
40.8
40.8
34.7
34.9
34.8
34.7
34.9
34.8
r
34.8
35.0
40.9
41.1
40.9
40.6
41.0
41.0
41.0
41.0
July
Augp
1377
dollars 3
Current
dollars
116.8
127.3
138.9
148.5
155.4
160.3
165.2
169.3
40.2
39.7
39.8
38.9
40.1
40.7
40.5
40.7
May
Percent change from a year
earlier 4 5
$6.70
7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.75
9.75
9.77
9.78
9.79
35.7
35.3
35.2
34.8
35.0
35.2
34.9
34.8
Jan
Feb
Mar
Ind ex,
1977
$6.16
6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.77
8.78
8.82
8.86
8.84
1979
1980
1981 .
1982
1983
1984
1985
1986
1987-
Manufacturing
Adjusted hourly earnings index — total private
nonagricultural z
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private nona,gricultural 5
Average gross weeklv earnings
Period
Total private
nonagricultural
Current dollars
Construction
Manufacturing
1
Retail trade
Current dollars
1977 dollars 3
1977 dollars
Current dollars
$219.91
235.10
255.20
267.26
280.70
292.86
299.09
304.85
$183.41
172.74
170.13
168.09
171.26
172.78
170.42
171.07
$269.34
288.62
318.00
330.26
354.08
374.03
386.37
396.01
$342.99
367.78
399.26
426.82
442.97
458.51
464.46
466.38
$138.62
147.38
158.03
163.85
171.05
174.33
174.64
176.08
8.0
6.9
8.5
4.7
5.0
4.3
2.1
1.9
-3.1
-5.8
-1.5
1986- Aug
Sept
Oct
Nov
Dec
304.32
304.67
306.05
308.33
305.86
170.97
170.59
171.07
171.96
170.40
397.80
397.80
397.64
399.02
399.43
468.00
469.25
471.38
473.71
471.85
176.08
176.06
176.35
177.24
176.00
1.7
1.2
1.5
2.1
.5
.5
— .2
.3
1.2
2
1987-
307.44
309.91
310.07
309.18
312.36
311.11
311.81
316.05
170.04
170.75
170.09
168.77
169.95
168.71
168.73
170.19
400.41
403.19
402.05
400.32
405.08
405.08
405.08
407.13
476.63
474.24
478.30
471.61
481.97
478.27
478.93
480.82
175.45
176.97
177.27
179.36
179.05
178.12
179.02
181.45
1.2
2.4
1.8
1.8
2.6
2.6
2.7
3.5
.1
.5
-1.0
-1.9
-1.1
-1.0
-1.2
— .8
1979
1980
1981
1982
1983
1984
1985
1986
Jan
Feh
Mar
Apr
May
June r
July r
Augp
14.
rtime
4
5
-^9
L9
.9
— 1.4
.4
Monthly changes based on indexes to two decimal pl;n
Based on seasonally unadjusted data.
of Labor Slatistit
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Hours of 2all
persons
Output '
Business
sector
Nonfarm
business
sector
Business
sector
Compensation
per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1979
1980
1981
1982
1983
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
131.5
143.7
154.9
161.5
168.0
131.3
143.6
154.8
161.5
167.8
96.7
95.7
97.3
98.2
98.0
96.6
95.7
97.2
98.2
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149,2
154.3
159.0
1984
99.3
100.7
100.3
103.0
105.6
98.8
99.8
99.2
102.5
104.6
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.7
112.9
108.0
108.7
105.7
107.5
114.0
1985
1986
107.5
109.5
105.8
107.5
123.9
128.0
123.6
127.5
115.2
116.9
116.8
118.6
175.9
182.8
175.2
182.0
99.1
101.0
98.7
100.6
163.6
166.9
165.6
169.3
162.4
165.8
164.1
167.8
1982: IV
101.0
99.7
105.0
104.2
103.9
104.5
158.3
158.2
98.0
97.9
156.8
158.7
150.2
151.4
1983: IV
103.7
103.3
113.6
114.1
109.4
110.4
163.6
163.4
98.0
97.9
157.7
158.2
155.2
156.2
1984- I
II.
105.1
105.6
105.5
105.9
104.1
104.7
104.6
104.8
117.1
119.1
119.7
120.8
117.1
119.3
119.8
120.7
111.4
112.8
113.4
114.0
112.4
113.9
114.5
115.2
165.8
166.9
168.7
170.3
165.6
166.8
168.6
170.2
98.1
97.8
98.0
98.1
98.0
97.7
97.9
98.0
157.8
158.0
159.9
160.8
159.0
159.3
161.2
162.4
156.5
157.6
158.7
159.8
157.0
158.3
159.7
161.0
1985: I
II...
Ill
IV
106.5
107.2
108.2
107.9
105.2
105.7
106.4
105.9
122.2
123.3
124.7
125.3
122.0
123.1
124.3
124.9
114.7
115.0
115.2
116.1
115.9
116.4
116.9
117.9
172.4
174.6
177.0
179.3
172.2
174.1
176.2
178.3
98.5
98.6
99.4
99.7
98.4
98.3
98.9
99.2
161.9
162.8
163.6
166.1
163.6
164.7
165.7
168.3
160.8
162.0
163.0
164.0
162.2
163.6
164.9
165.7
1986- I
II
Ill
IV
109.5
109.7
109.6
109.6
107.7
107.7
107.5
107.5
127.3
127.5
128.1
129.0
126.9
127.1
127.6
128.5
116.3
116.3
116.9
117.8
117.9
118.0
118.7
119.6
180.7
182.2
183.6
185.2
180.0
181.3
182.6
184.4
100.1
101.3
101.4
101.6
99.7
100.8
100.9
101.2
165.0
166.2
167.5
169.0
167.2
168.4
169.8
171.5
164.3
165.4
166.9
166.7
166.4
167.3
168.8
168.8
1987- I
II
109.7
110.0 ,
107.6
107.9
130.2
131.1
129.7
130.7
118.7
119.1
120.6
121.1
185.8
187.3
184.9
186.3
100.7
100.3
100.2
99.7
169.4
170.2
171.8
172.6
168.2
169.8
170.3
171.4
...
Ill
IV
Percent change; quarterly data at seasonally adjusted annual rates
1979
1980
1981
1982
1983
1984
1985
1986
-1.2
....
..
1982: IV
2.0
1.9
3.2
3.5
9.7
9.5
-1.4
-1.6
11.1
11.2
9.0
8.9
3
1.4
-.4
2.7
2.5
-.4
1.0
g
3.3
2.1
-1.1
2.1
31
4.2
8.4
12
1.7
33
5.0
8.3
g
.7
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
3.9
-2.7
10
1.6
1.0
2
-2.7
-2.8
1.5
5.7
-.7
.7
-2.7
1.6
6.0
9
1.5
1.1
-.3
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
1.8
1.9
1.2
1.6
4.0
3.3
3.6
3.2
2.1
1.4
2.5
1.6
4.7
3.9
4.4
3.9
1.1
2.0
.8
1.9
2.8
2.0
3.2
2.2
2.7
2.1
3.2
2.3
3.0
2.4
4.5
5.0
3.2
3.7
1.5
2.6
2.4
3.0
-1.6
-1.2
-3.4
-3.5
1983: IV
3.0
1.4
10.4
9.8
7.2
8.3
5.4
4.3
1.5
.4
2.4
2.9
4.8
3.1
1984- I....
II
5.3
2.1
-.4
1.5
3.4
2.4
-.6
1.0
12.9
7.3
1.9
3.5
11.1
7.6
1.8
3.1
7.3
5.1
2.3
2.1
7.4
5.2
2.4
2.1
5.6
2.7
4.4
3.8
5.5
3.0
4.3
3.9
.3
-1.3
.8
.4
.2
.7
.6
.3
.6
4.8
2.3
2.1
.7
4.9
2.9
3.4
2.9
2.8
2.7
2.1
3.5
3.5
3.3
Ill
IV
2.2
2.9
3.7
-1.0
1.5
1.7
2.6
-1.6
4.8
3.8
4.4
2.2
4.3
3.4
4.1
2.0
2.5
1.0
.7
3.2
2.8
1.7
1.5
3.6
5.1
5.1
5.7
5.1
4.8
4.5
4.9
4.9
1.7
.6
3.3
1.2
1.4
-.1
2.5
.9
2.8
2.2
1.9
6.2
3.2
2.7
2.2
6.6
2.5
3.0
2.5
2.5
3.0
3.5
3.2
2.0
1986- I.
II
Ill
IV
5.8
.6
-.3
— .1
6.6
.1
-.6
.0
6.4
.7
1.8
3.0
6.4
.6
1.7
2.9
.5
.1
2.1
3.1
-.2
.6
2.3
2.9
3.2
3.5
3.0
3.6
3.9
2.9
2.8
4.0
1.6
4.8
.5
.9
2.3
4.2
.4
1.3
-2.5
2.8
3.3
3.7
-2.6
2.8
3.5
4.0
.9
2.6
3.7
-.5
1.6
2.3
3.7
.0
1987: I
II
.5
1.3
.4
1.3
3.5
3.0
3.8
3.0
3.0
1.6
3.4
1.7
1.4
3.3
1.1
3.0
.9
1.9
.8
1.7
3.7
4.0
3.4
2.8
Ill
IV
1985: I
II.
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price, index for nil urban consumers.
16
-3.7
-1.5
-1.0
-3.9
-1.8
5
Current dollar gross domestic product divided by constant dollar gross domestie product.
NOTE.—Data relate to all persons engaged in the sector.
' Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY
UTILIZATION
Industrial production rose 0.3 percent in August, following a rise of 0.8 percent in July. The index for August was
4.5 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
140
_ TOTAL NDUSTRIAL PRODUC1rioN
•v.
120
-"
INDE X, 1977 = 100* (RATIO SCALE)
220
FINAL PRODUCTS
200
•^"
180
—
SPACE
160 _ EQUIPME NT
100
^
mill,MM 1 1 1 1 1 1 1 ii 1 IIMI|
1
iiiiilinii
^—"
140
_ MANUFACTURING PRODUCTION
140
_
DURABLE
^^
120
**
f"
'
120
'Z^~
—
_,__.
^^
^
^
_r^'"'
1
•JONDURABL E
^^^
"V
_..
-r^f?
T
BUSINESS
EQUIPMENT
^
Illllllllll
cc)NSUMER
c3OODS
100
—
,
muinm iiiiilinii iiiiilinii
100
Illlll
PERCENT*
mill, ,11. iiiiilinii iiiiilinii iiiiiliiiii
Illllllllll
90 — MANUFACTURING CAPACITY UTILIZATION RATE—
140
_ UTILITIES AND MINING PRODUCTION
120
80
UIILIIIbb
'f>^<^£,
100
_
V'-vH
A
^
MINING
1 11 1 1 1 1 1 1 II iiiiilinii iiiiiliiiii
1984
1983
1985
70
^-^Illllllllll
1986
1 11 1 11 1 1 1 1 1
1987
60
Illllllllll
1983
hiii|
1984
Illllllllll
1985
-SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1986
1987
COUNCIL OF EC 3NOMIC ADVISER?
[Monthly data seasonally adjusted]
Period
Index,
1977=100
1979
1980
1981
1982
1983
1984
1985
1986
1986: Aug
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar
Apr
May '
June r.
July r
Auep
1
Output as percent of capacity.
,
Capacity utilization
rate, percent 1
Industry production indexes, 1977 — 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Manufacturing
Industrial
materials
100.0
110.7
108.6
111.0
103.1
109.2
121.4
123.8
125.1
125.1
124.9
125.3
126.0
126.7
3.9
19
2.2
71
5.9
11.2
2.0
1.1
.5
.5
1.4
.9
.9
84.21
111.5
108.2
110.5
102.2
110.2
123.4
126.4
129.1
129.5
129.5
129.9
130.3
131.1
49.10
113.9
109.1
111.1
99.9
107.7
124.2
127.3
127.9
127.5
128.1
128.1
128.6
129.2
35.11
108.2
107.0
109.7
105.5
113.7
122.3
125.1
130.9
132.2
131.4
132.3
132.7
133.7
9.83
106.4
112.4
117.5
109.3
102.9
111.1
108.8
99.6
96.4
96.2
95.6
97.4
96.7
5.96
105.9
107.3
107.1
104.8
105.2
110.7
111.9
109.7
108.3
108.3
109.3
111.2
110.6
84.6
79.3
78.3
70.3
74.0
80.5
80.1
79.8
79.7
79.6
79.6
79.7
80.0
87.1
81.1
81.1
71.7
75.3
82.0
80.2
78.5
77.9
78.1
77.8
78.4
78.9
126.5
127.2
127.3
127.4
128.4
129.2
130.3
130.7
.3
1.6
3.0
2.2
3.4
4.0
4.3
4.5
131.1
132.0
132.3
132.4
133.3
133.8
135.0
135.4
129.0
130.4
130.5
130.0
130.8
131.1
132.1
132.7
134.1
134.3
134.8
135.8
136.8
137.7
139.0
139.2
97.2
96.2
96.5
97.0
98.0
98.7
98.6
98.6
109.5
109.6
109.5
109.0
111.3
113.3
113.9
114.3
79.9
80.3
80.3
80.2
80.5
80.7
81.2
81.3
78.8
78.7
78.7
79.2
79.2
79.8
80.6
80.7
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Equipment
Consumer goods
Period
Total
Total
Durable
goods
Nondurable goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
1977 proportion
1979
1980
1981
1982
1983
1984
1985.
1986
44.77
111.0
112.2
115.2
109.5
114.7
127.3
131.1
132.3
25.52
103.9
102.7
104.1
101.4
109.3
118.0
120.2
124.5
6.89
99.9
88.4
89.7
82.9
98.5
112.2
112.9
116.2
18.63
105.4
108.1
109.3
108.3
113.3
120.1
122.9
127.5
19.25
120.4
124.7
129.9
120.2
121.7
139.6
145.4
142.7
14.34
124.7
125.1
127.6
113.6
115.4
134.2
139.6
138.6
3.67
105.6
115.4
119.8
133.0
143.1
156.4
170.6
180.3
12.94
110.8
106.9
107.3
101.7
111.2
124.7
130.0
136.4
5.95
108.7
100.6
98.6
88.3
100.6
114.0
118.3
124.7
6.99
112.7
112.3
114.7
113.1
120.3
133.8
140.0
146.4
42.28
110.3
105.3
107.7
96.7
102.8
114.2
114.2
113.9
11.69
104.1
105.5
104.7
101.2
98.4
103.9
103.4
99.9
1986:
132.6
132.2
132.7
133.1
133.7
125.1
124.2
124.7
125.6
127.2
115.7
117.4
116.3
118.4
121.5
128.6
126.7
127.8
128.3
129.4
142.5
142.8
143.3
143.1
142.2
139.3
139.3
139.1
138.6
137.1
181.0
182.0
184.6
184.9
185.8
137.8
137.0
138.7
139.2
139.7
125.4
125.9
126.3
126.8
127.9
148.4
146.4
149.3
149.7
149.8
113.2
113.5
113.3
114.3
115.2
97.9
98.0
96.9
98.7
98.8
133.6
135.0
135.0
134.5
135.8
136.6
137.3
138.0
126.8
127.5
127.5
126.6
128.2
128.6
129.3
129.5
120.0
122.4
121.2
118.1
120.2
119.6
120.1
120.5
129.2
129.4
129.8
129.8
131.1
132.0
132.8
132.9
142.8
144.9
145.0
144.9
145.8
147.1
147.9
149.3
138.1
140.8
140.8
140.8
141.7
143.6
143.8
145.2
185.2
186.5
186.6
186.1
186.5
185.8
186.3
186.8
139.1
139.7
140.4
139.9
142.1
142.8
144.2
144.1
128.3
128.4
128.5
127.3
128.3
129.4
130.8
130.9
148.3
149.4
150.5
150.5
153.8
154.2
155.6
115.2
115.1
115.2
116.2
116.3
117.2
118.6
118.9
98.9
97.6
97.0
97.5
99.3
100.4
100.7
100.7
Aug
Oct
Nov
Dec
1987- Jan
JFeb
Mar
Mav r
June r
July T ..
Auff p
1
Includes rigs and prefabs, not shown separately.
[1977=100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Iron and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
5.33
108.5
90.4
95.0
65.8
73.0
82 3
805
75.8
3.49
108.0
86.3
92.5
57.5
66.1
73.4
70.4
63.4
6.46
109.4
101.8
101.6
86.6
89.1
102.6
107.3
107.4
9.54
122.6
123.3
129.8
115.6
118.3
141.8
145.3
141.9
7.15
125.7
130.3
134.1
128.4
143.8
170.5
168.4
166.5
108.3
96.9
95.1
87.6
99.2
112.2
121.4
125.8
Period
Total
1977 proportion.
1979
1980 .
1981
1982
1983
1984
1985. .
1986
Total
9.13
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
5.55
95.9
71.1
71.6
66.8
85.8
104.4
111.5
110.9
2.30
102.0
92.9
90.1
82.8
100.2
109.1
113.4
123.4
2.79
98.3
97.3
96.1
87.3
95.3
102.7
100.9
103.6
4.54
112.7
115.1
118.6
120.2
129.8
146.5
153.9
163.4
8.05
111.4
106.4
112.6
103.8
114.0
121.6
127.1
133.0
7.96
106.7
111.4
113.7
114.9
120.4
126.9
130.2
133.6
Motor
vehicles
and
parts
1986:
Aug
Sept
Oct
Nov
Dec
73.4
74.1
74.2
76.8
73.5
60.8
61.1
62.2
64.8
60.5
105.9
107.3
108.3
107.1
108.3
142.6
140.9
142.2
141.2
139.9
167.2
166.9
167.7
168.3
170.2
125.1
127.7
125.2
125.6
127.0
108.2
112.2
107.1
107.9
111.2
122.5
125.0
125.9
129.5
133.1
102.5
102.7
104.2
105.1
106.4
164.6
163.0
167.8
168.5
167.7
134.4
133.9
133.9
132.3
134.6
135.1
134.3
133.7
134.4
135.3
1987:
Jan
Feb
Mar ....
Apr
Mav r
June r
July r
Aug»
73.6
76 3
77.5
76.8
77.6
78.1
81 7
82.7
60.2
63.1
65.1
65.0
65.7
66.8
108.0
108.2
108.8
108.6
107.9
108.9
109.7
1 10.5
140.3
142.3
143.7
145.2
147.1
148.8
150.0
151.4
169.2
169.3
167.6
166.5
168.8
169.4
169.4
170.5
128.1
131.8
130.6
127.1
127.4
125.1
125.8
125.3
112.2
117.8
115.5
109.3
110.1
106.6
108.0
106.8
130.2
130.0
129.5
128.9
130.6
132.0
134.1
107.2
107.4
107.1
106.6
108.1
109.0
168.1
166.7
168.2
171.4
174.4
175.5
175.7
175.6
137.4
137.7
138.3
138.2
138.0
138.9
140.3
135.3
135.7
136.1
136.1
137.1
137.8
138.8
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
Commercial
and
industrial 2
New housing
units
Total 1
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square Feet)
Billions of dollars
252.4
251.7
260.2
246.6
281.3
328.6
356.0
388.8
1979
1980...
1981
1982
1983
1984
1985
1986
200.7
193.3
203.6
192.9
227.5
271.0
291.7
316.6
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
42.3
46.2
49.4
49.5
48.1
48.5
50.5
51.5
109
97
100
100
124
135
148
155
51.7
58.5
56.5
53.7
53.8
57.7
64.3
72.2
Annual rates
Annual rates
1986: Aug
Sept
Oct
Nov
Dec
1987- Jan
Feb
May
June
July p"
Aug
1,059
904
919
690
756
955
1,097
996
395.3
400.1
394.9
390.6
380.2
322.6
324.9
322.9
320.4
306.8
194.0
198.8
192.6
194.5
181.7
136.5
137.6
139.0
138.5
137.6
77.6
75.8
78.4
75.1
75.5
51.0
50.3
51.9
50.8
49.7
72.7
75.2
71.9
70.2
73.3
155
155
151
156
155
949
970
861
1,025
940
384.7
401.6
388.3
397.1
397.7
392.4
391.8
310.2
326.5
312.2
320.8
322.7
S20.0
318.6
187.8
203.1
190.8
199.5
195.9
198.3
198.2
137.3
137.0
139.5
139.7
139.4
138.3
139.7
70.4
72.8
71.3
69.9
73.9
68.6
66.2
52.0
50.5
50.1
51.4
52.9
53.2
54.2
74.5
75.2
76.1
76.3
75.0
72.3
73.2
155
151
165
162
149
161
163
175
996
850
912
935
901
1,023
1,011
1,033
1
Includes the following categories of private construction not shown separately: residential improvements, railroads, electric light and power, gas, petroleum pipelines, and farm nonresidential.
2
Includes hotels and motels.
3
F. W. Dodge series.
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 homes
New private housing units
Period
Units started, by type of structure
Total
1979.
1980
1981
1982
1983
1984
1985
1986
. .
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 unit
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
2-4 units
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
5 or more units
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
Units
authorized
Units
completed
Homes sold
Homes for
sale at end1 of
period
3
398
336
272
251
300
353
346
357
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
709
545
436
412
623
639
688
750
1,728
1,687
1,664
1,667
1,862
1,757
1,740
1,745
1,774
1,894
623
744
675
691
768
352
355
357
353
357
1,652
1,676
1,719
1,598
1,493
1,517
1,487
1,502
1,956
1,726
1,689
1,830
r
l,621
1,591
1 ,652
712
740
720
733
r
649
644
670
688
358
358
358
359
r
355
359
358
360
1,551.8
1,190.6
985.5
1 ,000.5
1 ,605.2
1,681.8
1,733.3
1,769.4
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
Seasonally adjusted annual rates
1986: Aug
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar
Apr
May
June r
July r
Aug "
1
2
1,800
1,689
1,657
1,637
1,813
1,816
1,838
1,730
1,643
1,606
1,586
1,606
1,582
1,180
1,123
1,114
1,129
1,233
1,253
1 ,303
1,211
1,208
1,130
1,088
1,150
1,098
88
62
85
71
108
79
76
85
67
67
85
62
62
532
504
458
437
472
484
459
434
368
409
413
394
422
Seasonally n.ljusted.
Quarterly data entered in last month of quarter. Series begin ing 1979 not strictly comparable
NOTE. —Beginning 1984, units authorized arc for 17,000 perm
data arc for 1(5,000 places.
7.5
7.7
7.4
7.5
nd for 1978-8.'}
ning -March 1979.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In July, manufacturing and trade sales were unchanged and inventories rose $1.7 billion. In August, according to
advance data, retail sales rose 1.3 percent, following a rise of 0.5 percent in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
200
800
-
-
700
„
—
-~-* *
•
^
160
MAN JFACTURINC* AND
TRA DE INVENTC RIES
140
^-^~~^\r
600
180
^f^~^~J^
—
—
,,—-r"'
/" RE "AIL INVENT ORIES
-
500
- ^
—
—
*_• r~''
400
"
y
~''
-
-.— "- iETAIL SALE:
100
k
-
—
MA NUFACTURIj •4G
AND TRADE SA LES
_*
—
—
_.. —
^A/
120
-
^
—
80
1 1 i 1 1 1 1 1 1 1 11 1 \
300
,,,,,),.,,,
1 11 1 1 11 1
RATIO*
1.80
-
—
1.60
_ INVENTORY-SALES RATIO
-V
::::::::
^--Z^IX^'"'
1.40
200
1
MAN UFACTURIN' 3
A MD TRADE
1.20
|Hiili|!i|
||||llllll| |llllll|||l ll||lllllll
imiflim
1985
1987
1984
1983
1986
1.00
rir~vN
'
1 1 111 11 1 11 1
11111)^111
1984
Sales
Inventories 3
| | | 11f 11 1 M
1985
1986
1987
COUNCIL OF ECC NOMIC ADVISERS
Inventory-sales ratio 4
Retail
Wholesale
Sales z
Period
2
-
1 1 1 11 1| P 1 1
1983
-
RETA L
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
^1
Sales
2
Inventories 3
Total
Durable
goods
stores
Inventories 3
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade *
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985.
1986
1986- July r
r
Sept
Oct
Nov
Dec
1987:
Jan
Feb
Mar
Apr
June r
July "
Aug"
1
348,746
369,266
408,721
419,459
425,752
574,126
589,280
641,328
650,695
652,705
96,290
100,424
113,404
114,563
115,109
128,196
129,803
140,865
144,244
147,375
421,167
423,349
437,895
430,012
429,944
443,766
656,371
655,415
652,978
656,619
656,189
652,705
114,358
114,426
118,138
117,488
117,734
118,446
147,711
148,050
148,599
147,754
148,204
147,375
425,080
443,169
445,032
444,357
446,282
451,734
451,818
659,036
660,470
663,010
665,877
671,609
674,753
676,422
116,545
123,281
123,009
123,439
124,486
124,836
125,363
149,347
149,408
149,565
150,050
152,673
153,093
152,391
r
120,478
121,839
128,952
122,121
121,678
127,613
118,579
124,280
124,593
124,960
124,867
126,307
r
126,990
128,607
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period. Data are on a current-cost basis beginning December 1980 for wholesale and
retail and beginning January 1982 for manufacturing; not comparable with data for prior periods.
2
3
20
60,937
64,438
68,499
71,803
73,863
134,509
147,325
166,300
179,671
187,158
61,911
70,092
80,737
90,791
94,935
72,598
77,233
85,563
88,880
92,223
1.67
1.56
1.52
1.54
1.54
73,891
73,831
73,942
74,321
74,270
75,034
187,772
187,483
186,034
190,645
189,264
187,158
97,876
97,387
94,337
97,810
97,041
94,935
89,896
90,096
91,697
92,835
92,223
92,223
1.56
1.55
1.49
1.53
1.53
1.47
74,813
76,915
76,651
76,825
77,084
77,326
r
77,632
78,125
189,000
190,527
193,355
195,042
197,088
200,039
200,821
96,606
97,831
99,293
99,767
101,876
103,541
103,750
92,394
92,696
94,062
95,275
95,212
96,498
97,071
1.55
1.49
1.49
1.50
1.50
1.49
1.50
28,169
33,161
38,948
43,165
47,338
89,107
97,599
107,448
114,968
121,201
r
46,587
48,008
55,010
47,800
47,408
52,579
43,766
47,365
47,942
48,135
47,783
48,981
r
49,358
50,482
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
1.49
1.44
1.48
1.50
1.54
r
1.56
1.54
1.44
1.56
1.56
1.47
1.59
1.53
1.55
1.56
1.58
1.58
1.58
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' shipments fell and inventories and orders rose. In August, according to advance data,
durable goods shipments rose and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
280
KJTC
240 — SHIPME
200
BILLIONS OF DOLLARS* (RATIO SCALE)
f
~-T_- r-~,
^-^
160
440 — INVEN
400
360
320
1—~~~
280
TOTAL
120
240 -
..-.U-
^'"**"»"»*
~-\"
80 -^-^
NOND JRABLE GOC)DS
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
-
DU RABLE GOO 3S
160
\"l
NON DURABLE G >ODS
Minium umlmii
—
^
80
60
-
^S-^
160
—
120
Minium iiinlmii imilmn nnilnm ninlnni
-x->
.—
!
A
60
200
1
_._._ — V-"-
200
RABLE GOO US
UU
\
lOIAL
~r
y
limlll|!l
nnilnm nuilnm
RATIO"
2.20
'
INVENTORY-SHIPMENTS RATIO
2.00
120
JRABLE GOC
,^'
80
..^.^.r
k--M
"~\~ r——
.—.,^
. —'~ s
/* ^-
rH—,
1.80
1.60
NON DURABLE GC ODS
—
1.40
60
nmlmn nmlnm nmlnm nmlnm mnlnm
1984
1983
1985
^
1.20
1
|l 1 I 1 { I I f |
I|
Mill 1
1987
1986
1983
11
1 II
1984
1 1 1 1 tif 1 1 1 1
'M 1 H 1 1 '
1985
1 1 ! I if It 1 II
1986
1987
-SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' new orders 1
Manufacturers' inventories 2
Durable goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
Capital
goods
industries,
nondefense
Nondurable goods
23,259
24,050
21,469
22,143
26,714
26,970
26,671
76,801
84,199
83,924
86,431
91,189
91,030
89,351
323,393
319,094
306,302
338,849
365,177
373,495
373,849
1.67
1.65
1.95
1.80
1.74
1.74
1.70
Millions of dollars, seasonally adjusted
1980
1981
1982
1983...
1984
1985
1986
1986- Aug
Sept ..
Oct
Nov .
Dec
1987:
Jan
Feb ..
Mar
May
July r
Aue p
154,391
168,129
163,350
171,242
187,869
189,928
189,442
77,550
83,872
79,352
84,956
96,623
98,930
100,142
76,841
84,257
83,998
86,286
91,246
90,997
89,300
264,281
282,645
2
311,421
312,152
334,163
326,780
318,172
174,620
186,347
2
200,7 11
200,220
218,524
213,750
207,935
89,661
96,298
2
110,710
111,932
115,639
113,030
110,237
' 187,084
190,805
190,403
190,532
197,707
""98,172
100,881
101,528
100,218
106,739
88,912
89,924
88,875
90,314
90,968
319,882
318,345
318,220
318,721
318,172
209,885
209,438
209,170
209,373
207,935
109,997
108,907
109,050
109,348
110,237
189,956
195,608
197,430
195,958
196,929
200,591
199,465
99,318
103,601
104,750
102,747
102,477
104,476
103,043
103 770
90,638
92,007
92,680
93,211
94,452
96,115
96,422
320,689 209,090
320,535 208,644
320,090 207,987
208,683
320,785
321,848 . 209,096
321,621 208,654
323,210 209,872
111,599
111,891
112,103
112,102
112,752
112,967
113,338
1
Monthly average for year and tola! for month. Shipments are the same as sales.
2
Rnd of period. Data beginning 1982 are on a current-cost basis, and arc not comparable with
data for prior periods.
3
End of period.
r
156,161
167,752
161,600
173,915
190,065
190,631
189,482
79,360
83,553
77,676
87,485
98,875
99,600
100,131
185, 138
193,758
189,407
190,999
197,042
r
96,381
103,468
100,392
100,658
105,966
' 25,331
27,143
27,647
27,301
29,312
88,757
90,290
89,015
90,341
91,076
372,090
375,043
374,047
374,514
373,849
1.71
1.67
1.67
1.67
1.61
186,633
194,333
199,399
200,624
201,397
205,454
206,096
95,544
101,932
106,213
106,977
106,992
109,181
109,171
105,791
26,777
26,856
27,396
28,310
30,031
29,987
31,979
29,293
91,089
92,401
93,186
93,647
94,405
96,273
96,925
370,526
369,251
371,220
375,886
380,354
385,217
391,848
1.69
1.64
1.62
1.64
1.63
1.60
1.62
4
Annual data are averages of monthly ratios. Data beginning 1982 are not comparable with data
for prior periods {see footnote 2 regarding inventories).
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In August, the producer price index for all finished goods was unchanged, seasonally adjusted. Prices of finished
consumer foods fell 1.3 percent while other finished consumer goods rose 0.6 percent. Capital equipment prices
rose 0.2 percent.
INDEX, 1967 =100 (RATIO SCALE)
340
INDEX, 1967=100 (RATIO SCALE)
340
SEASONALLY ADJUSTED
FINISHED GOODS
320
320
300
300
280
280
260
260
•y
CAPITAL EQUIPMENT
240
240
220
220
200
200
180
i I11 1I I I II
1979
1 11 1 i1 1 1I
1 1111 1 11 1 11
1 1 1 1 1 I I 11
1981
1980
1983
1982
1984
1986
1985
1 11
1 1 1 1 11
180
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Total
Total
1979
1980
1981
1982
1983
1984
1985
1986
1986:
Aug
Oct
Nov
Dec
1987: Jan
Feh
Mar
Apr r.
Mav
June
July
Aug
22
Nondurable
Capital
equipment
Consumer goods
Durable
Total
finished
consumer
goods
Crude materials
Total
Foods
and
feeds 1
Other
Total
Foodstuffs
and
feedstuffs
Other
217.7
247.0
269.8
280.7
285.2
291.1
293.7
289.7
226.2
239.5
253.6
259.3
261.8
273.3
271.2
278.1
213.3
247.8
273.3
285.8
290.8
294.8
299.0
291.1
211.5
250.8
276.5
287.8
291.4
294.1
297.3
283.5
183.2
206.2
218.6
226.7
233.1
236.8
241.5
246.8
231.3
283.9
319.6
333.6
335.3
337.3
339.3
311.2
216.5
239.8
264.3
279.4
287.2
294.0
300.5
306.4
217.9
248.9
271.3
281.0
284.6
290.3
291.8
284.9
242.2
280.3
306.0
310.4
312.3
320.0
318.7
307.6
226.1
252.6
250.3
239.4
247.9
253.1
232.8
230.3
244.4
282.3
310.1
315.7
317.1
325.0
325.0
313.3
274.3
304.6
329.0
319.5
323.6
330.8
306.1
280.3
247.9
259.2
257.4
247.8
252.2
259.5
235.0
231.0
330.0
401.0
482.3
473.9
477.4
484.5
459.2
386.8
288.3
289.1
290.1
290.2
290.4
283.5
283.3
285.9
285.3
284.0
287.2
288.4
288.8
289.3
289.9
277.9
279.1
279.2
279.4
280.2
246.3
247.6
251.0
252.2
252.0
301.9
303.0
300.7
300.1
301.5
306.6
307.6
308.7
309.8
310.2
283.1
283.8
284.8
284.7
284.8
304.5
305.7
304.8
304.7
304.7
232.2
232.6
231.5
231.6
231.2
309.9
311.1
310.2
310.2
310.2
277.2
276.8
280.9
279.0
276.6
238.6
236.1
241.1
237.5
234.5
359.8
364.3
366.3
368.3
367.2
291.7
291.9
293.5
295.1
296.2
296.9
297.4
297.4
279.0
278.8
279.1
283.1
287.1
288.6
287.0
283.3
293.4
293.8
295.9
296.6
296.6
297.1
298.3
299.7
285.0
285.9
288.7
289.4
289.2
289.9
291.5
293.3
252.7
250.0
250.6
252.5
252.0
251.9
252.6
251.8
308.9
311.7
316.0
316.0
315.9
317.1
319.2
322.5
310.8
310.1
310.5
311.3
311.6
311.6
312.0
312.6
286.2
286.7
288.7
290.6
291.8
292.8
293.3
293.1
307.5
309.1
310.1
311.2
312.8
314.6
317.0
318.2
228.3
230.3
228.3
232.2
240.1
241.7
240.4
237.8
313.3
315.0
316.1
317.1
318.2
320.1
322.7
324.2
282.6
285.8
288.7
295.5
304.8
306.0
307.8
309.1
227.2
227.3
228.2
238.3
248.9
245.5
240.6
240.9
390.8
398. 1
403.8
407.8
417.2
423.8
433.8
436.4
CONSUMER PRICES—ALL URBAN CONSUMERS
In August, the consumer price index for all urban consumers rose 0.5 percent, seasonally adjusted (0.6 percent not
seasonally adjusted). The index was 4.3 percent above its year-earlier level.
INDEX, 1967= 100 (RATIO SCALE)
INDEX, 1967 =100 (RATIO SCALE)
360
"360
340
340
320
320
300
300
280
280
260
260
240
240
220
220
200
200
180 minium
imiliim
1980
1979
1981
1982
180
1984
1983
1985
1987
1986
SEE NOTE ON TABLE BELOW
SOURCE, DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967—100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
All
items l
Food
Total '
T nici\
ota!
Renters'
costs (Dec.
1982=100)
NSA
100.0
217.4
246.8
272.4
289.1
298.4
311.1
322.2
328.4
16.2
234.5
254.6
274.6
285.7
291.7
302.9
309.8
319.7
42.9
227.6
263.3
293.5
314.7
323.1
336.5
349.9
360.2
37.8
239.7
281.7
314.7
337.0
344.8
361.7
382.0
402.9
103.0
108.6
115.4
121'9
1986: Aug
Sept
Oct
Nov
Dec
328.6
330.2
330.5
330.8
331.1
322.7
323.9
325.2
326.5
327.2
361.0
361.8
361.9
362.0
362.7
404.6
406.7
408.3
409.3
410.3
1987:
333.1
334.4
335.9
337.7
338.7
340.1
340.8
342.7
328.6
329.6
329.2
330.2
332.0
334.4
333.8
333.9
364.4
365.8
367.2
368.2
368.9
370.1
37C.9
373.1
412.2
414.3
416.5
418.0
419.2
420.1
421.4
424.1
Maintenance
and
repairs
Fuel
and
other
utilities
upkeep
Total !
New
cars
Motor
fuel
7.9
Medical
care
Energ.T 2
AH items
less
food,
energy,
and
shelter
NSA
Rel. imp.3
1979
1980
1981
1982
1983
1984
1985
1986
Jan
Feb
Mar
Apr
May
June
July
Aug
Homeowners'
costs (Dec.
1982=100)
Appar-
102.5
107.3
113.1
119.4
0.2
256.4
285.7
314.4
334.1
346.3
359.2
368.9
373.8
239.3
278.6
319.2
350.8
370.3
387.3
393.6
384.7
6.3
166.6
178.4
186.9
191.8
196.5
200.2
206.0
207.8
17.2
212.0
249.7
280.0
291.5
298.4
311.7
319.9
307.5
4.6
166.0
179.3
190.2
197.6
202.6
208.5
215.2
224.4
29
265.6
369.1
410.9
389.4
376.4
370.7
373.8
292.1
5.4
239.7
265.9
294.5
328.7
357.3
379.5
403.1
433.5
7.4
275.9
361.1
410.0
416.1
419.3
423.6
426.5
370.3
48.6
191.5
208.3
228.1
245.6
258.4
271.2
281.6
291.2
122.6
123.1
123.6
124.1
124.5
119.9
120.6
121.1
121.3
121.5
376.4
376.2
379.0
377.1
380.0
382.9
380.6
376.7
374.9
374.3
208.0
208.9
209.0
209.6
209.5
301.3
302.2
302.5
303.6
303.6
225.9
226.4
228.0
229.7
230.9
263.2
269.0
263.4
261.7
260.9
437.8
440.6
443.0
445.3
448.2
352.2
353.7
347.1
345.3
344.6
292.4
292.8
293.9
294.8
295.5
125.4
126.0
126.7
127.0
127.2
127.7
128.8
129.2
122.0
122.6
123.2
123.7
124.2
124.3
124.4
125.4
382.1
381.9
383.4
382.4
381.9
385.0
392.4
391.3
375.9
377.1
377.6
378.1
378.1
381.0
380.8
383.2
210.4
211.8
215.4
218.6
219.1
217.3
215.9
216.0
308.3
309.8
311.8
313.4
314.4
316.0
317.8
320.0
231.8
229.3
229.4
230.4
231.1
232.0
233.2
233.3
278.0
289.5
296.2
298.4
299.7
303.6
307.2
316.4
450.2
451.7
453.7
456.5
459.1
462.1
464.6
466.3
354.9
361.5
365.2
366.2
366.8
372.2
372.5
378.7
297.0
297.4
298.8
300.5
301.4
301.9
303.0
303.8
8.0
19.6
and therefore are not strictly comparable with figures for earlier period;
e: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate-
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Capital
equipment
Excluding
foods
Foods
Total
finished
Capital
equipment
Excluding
foods
Foods
goods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1979
1980
1981
1982
1983
1984
1985
1986
12.8
11.8
7.1
3.7
.6
1.7
1.8
-2.3
,
7.4
7.5
1.4
2.1
2.3
3.5
.5
2.9
17.5
14.2
8.5
4.2
-.8
.8
2.0
-6.6
11.1
13.5
9.2
4.0
1.6
2.1
.9
14
8.8
11.4
9.2
3.9
1.9
1.8
2.7
2.1
Change, month to month
1986- Aug
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar
May '
July '
0.4
.3
.3
.0
.1
1.4
1
.9
2
-.5
.4
.1
.5
.5
.4
.2
.2
0
-1.8
-.1
.1
1.4
1.4
.5
6
-1.3
.4
.0
.1
.3
0.1
.3
.4
.4
.1
-0.7
— .4
4.1
2.7
1.8
12.1
11.2
9.3
2.6
1.0
-7.8
-7.0
1.9
2.2
1.6
1.4
2.0
3.2
4.2
3.4
1.7
.3
1.0
.2
j
.2
.6
.6
.2
2
.1
.3
.1
0
.1
.2
2.2
2.4
4.3
4.7
6.0
4.7
3.2
1.6
-9.3
-8.8
-6.7
6.0
12.5
14.3
5.6
-5.2
8.6
9.6
12.7
6.3
4.7
1.7
2.9
5.8
2.7
.4
.4
.6
1.9
1.4
.9
1.3
0
.7
10.2
9.7
10.7
7.2
6.0
3.2
2.5
3,1
3.5
4.2
4.5
3.9
3.8
_.4
-3.3
-2.9
-1.9
1.3
3.3
5.8
3.3
-2.2
.1
1.9
1.0
-9.6
1.9
-5.3
-2.6
-2.9
-2.8
2.2
2.4
2.8
2.7
3.0
2.3
1.9
1.7
1.2
.9
.8
1.6
5.2
5.8
7.0
7.4
7.1
7.0
4.6
5.2
-1.8
-.9
-1.4
-1.9
-2.3
-1.4
.1
1.6
2.7
2.6
2.6
3.5
3.2
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]
Housing
Transportation
Shelter
Period
All
items l
Pood
Total '
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
MediTotal '
New
cars
Motor
fuel
cal
care
EnergJ2
All
items
less
food,
energy,
and
shelter
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
a
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1979
1980
1981
1982
1983
1984
1985
1986
13.3
12.4
8.9
3.9
3.8
4.0
3.8
1.1
10.2
10.2
4.3
3.1
2.6
3.8
2.7
3.8
15.2
13.7
10.2
3.6
3.5
4.2
4.3
1.8
0.2
.3
.2
,2
.2
0.8
.4
.4
.4
.2
.7
.4
.4
.4
.3
.4
.2
.5
.4
.3
— .1
.3
.5
17.4
15.1
9.9
2.4
4.7
5.2
6.0
4.6
5.1
5.9
6.3
5.0
4.5
5.1
5.9
4.6
0.2
2
.0
.0
_2
0.4
.5
.4
.2
.2
0.2
.4
.4
.4
.3
0.4
.6
.5
.4
.4
.3
2
.3
.2
.6
.5
.5
.5
.4
.3
2
.3
.6
.7
.5
.6
.2
2
.4
.9
.3
.4
.5
.5
.4
.4
.1
.1
.8
16.0
13.6
14.5
9.7
1.8
4.2
1.9
-5.7
5.5
6.8
3.6
1.6
2.9
2.0
2.9
.9
18.2
14.7
11.0
1.7
3.9
3.1
2.6
-5.9
7.4
7.5
6.8
1.6
3.4
2.4
3.5
5.8
52.2
18.9
9.4
-6.5
-1.7
-2.4
3.0
-30.6
10.1
10.0
12.5
11.0
6.4
6.1
6.7
7.7
37.4
18.1
11.9
1.3
-.5
.2
1.8
-19.7
7.2
9.9
9.4
6.1
5.0
4.4
3.7
3.4
-4.8
22
-2.1
-.6
3
0.6
.6
.5
.5
.7
-2.2
.4
-1.9
-.5
-.2
0.2
.1
.4
.3
.2
6.6
4.1
2.3
.7
.4
1.3
1.2
3.0
.4
.3
.4
.6
.6
.7
.5
.4
3.0
1.9
1.0
.3
.2
1.5
.1
1.7
.5
.1
.5
.6
3
.2
.4
.3
11.3
135
10.4
6.1
3.2
4.3
3.6
1.9
Chs nge, month to month
1986:
Aug
Sept
Oct
Nov
Dec
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
2
.0
.4
2
2
-0.1
-.6
-1.0
-.5
-.2
0.4
.4
.0
.3
-.0
— 1.0
.3
.1
.4
0
0.3
.4
.3
.1
.1
.4
.7
1.7
1.5
.2
-.8
-.6
.0
1.5
.5
.6
.5
.3
.5
.6
.7
.4
0
.8
-.1
.6
1
2
Includes items not shown separately,
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
lc., also included through 1982.
3
Quarterly changes are shown in the last month of the quarter.
NOTE.—Data beginning January 1983 incorporate a rental equivalence measure for homeowner-
24
.2
.7
.7
.5
-1.1
.0
.4
.3
.4
.5
.0
2.5
2.6
5.3
4.9
2.5
2.0
2.6
3.0
2.5
0.4
1.8
2.7
2.7
2.2
1.6
1.8
1.5
1.3
1.1
4.4
5.2
6.2
5.3
4.9
4.6
3.7
4.3
3.5
4.1
4.3
4.8
5.0
5.4
4.5
4.6
1.4
2.1
3.0
3.8
3.8
3.7
3.9
4.3
ship costs and therefore are not strictly comparable with data for earlier periods.
Data beginning 1987 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in September were 1.6 percent above their August level. Prices paid by farmers in July
were 1.2 percent above their April level.
INDEX, 1977= 100 (RATIO SCALE)
180
INDEX, 1977= 100 (RATIO SCALE)
180
PRICES PAID
160
160
140
140
120
PRICES RECEIVED -
120
100
100
80
80
60
RATI D-y
140
120
Mi
Mi
m
II I I l l l l I I l l l l I II I III II I 60
RA
140
120
100
100
V_^
^-^
1
80
•—
^*«^-
60
I l l l l l l l l l l I l l l l l l l l l l llllll|l||| I l l l l l l l l l l I l l l l l l l l l l I l l l l l l l l l l I l l l l l l l l l l
1979
1980
1981
1982
1984
1985
1983
^-—^_
' <—'
ii i i i i i i 111 in nun ii
1986
1
80
60
1987
If RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Prices paid by farmers
Prices received by farmers
Period
1979
1980
1981
1982
1983
1984
1985
1986
1986:
Sept
Oct
Nov
Dec
1987:
Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept
All farm
products
Livestock and
products
Crops
132
134
139
133
135
142
128
123
122
121
124
120
121
122
123
125
129
131
128
127
129
116
125
134
121
128
139
120
106
97
97
102
99
99
99
102
102
109
111
106
103
106
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. Sec also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in ijuarter, and
for each month the received/paid ratio is based on latest data available.
147
144
143
145
141
146
136
138
146
145
145
141
142
144
142
147
148
150
149
151
151
All commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
rates
123
138
150
159
161
165
163
159
(3)
158
(3)
(3)
159
(3)
(3)
162
(3)
(3)
164
(3)
(3)
125
139
151
159
159
162
157
151
(3)
149
(3)
(3)
149
(3)
(3)
152
(3)
(3)
154
(3)
(3)
Production
items
125
138
148
153
152
155
151
145
(3)
142
(3)
(3)
143
(3)
(3)
147
(3)
(3)
149
(3)
(3)
Ratio 2
107
97
92
84
84
86
79
77
77
77
78
76
76
77
77
77
80
81
78
77
79
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture,
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in Ml and the broader aggregates accelerated in August.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
- 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]
Period
1980: Dec
1981: Dec
1982- Dec
1983: Dec
1984- Dec
1985: Dec
1986- Dec *
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs 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-onlv
MMMF balances
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
Percent change from year or 6
months earlier 2
Ml
1,990.9
2.236.4
2,443.1
2,692.8
' 2,985.4
' 3, 205.2
3,492.3
2,327.6
2,598.9
2,853.0
3,154.6
3,529.3
3,838.6
4,144.2
3,895.1
4,275.5
4,658.0
5,206.3
5,946.0
6,774.9
7,630.4
6.5
6.4
8.6
9.5
5.8
12.5
16.5
8.9
9.9
8.8
11.8
8.4
8.5
9.0
10.2
12.3
9.2
10.2
10.9
7.4
9.0
9.7
9.8
8.9
11.8
14.2
13.9
12.6
10.8
10.9
10.8
10.0
10.3
9.8
10.0
9.4
9.2
9.5
11.9
12.9
12.7
12.6
13.3
9.2
7.5
6.2
5.9
5.7
4.9
3.7
48
13.1
1 1 .5
10.5
10.7
10.5
9.4
9.0
687.0
693.1
701.4
712.4
730.5
2,718.7
2,736.8
2,761.4
2,776.3
2,801.2
3,396.8
3,422.7
3,443.7
3,462.4
3,492.3
4,027.7
4,057.8
4,084.2
4,110.8
4,144.2
7,318.6
7,400.7
7,456.8
7,530.1
7,630.4
18.1
17.1
17.1
16.7
19.8
1987:
,Tan r
Feb '
Mar r
Apr '
Mav '
737.7
737.4
739.5
730.3
753.1
746.6
747.6
750.9
2,823.4
2,822.9
2,826.3
2,839.6
2,840.4
2,841.9
2,848.0
2,862.2
3,518.4
3,522.1
3,527.0
3,543.6
3,559.9
3,576.7
3,583.2
3,605,7
4,177.8
4,186.4
4,176.4
4,188.2
4,220.9
4,232.4
4,223.3
7,695.0
7,727.4
7,780.7
7,845.3
7,914.2
7,980.5
8,034.3
18.9
15.2
13.8
14.4
11.8
4.5
2.7
37
NOTK.—Set; p. 27 for components.
to December and monthly changes art; from 6 months
Debt
1,633.1
1,795.5
1,953.8
2,184.6
2,369.1
' 2,569.5
2,801.2
Aug '
Sept r
Oct *
Nov '
Dec r
26
M3
416.6
443.2
481.3
526.9
557.5
627.0
730.5
1986-
July '.
Aug ''
M2
Source: Bonn! of Governors of the Federal Reserve System.
9.8
7.8
6.6
5.7
4.7
2.9
1.8
'8
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages ot daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
De-
Period
Cur-
mand
rency
de-
posits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1986:
il
Auaf
"S
Sept
Oct
Nov
Dec
1987:
Jan
Feb
Mar
Apr
May
June.
July
Aug P
116.7
124.1
134.3
148.3
158.5
170.6
183.5
265.2
234.6
237.9
242.3
248.3
272.2
308.3
179.0
179.7
181.2
182.4
183.5
291,2
292.2
293.4
297.8
308.3
186.0
187.2
187.7
188.9
190.2
191.1
192.1
193.2
305.1
240.1
300.8
299.3
303.9
303.9
297.4
296.2
296.4
242.9
245.7
250.7
252.2
30.5
80.2
104.7
131.4
145.5
178.3
232.3
210.4
214.7
220.3
225.8
232.3
251.2
252.5
254.5
Money market
mutual fund
balances
General
pur-
pose
and
broker/
dealer
NSA
Institution
only
NSA
61.6
150.6
185.2
138.2
167.5
176.5
207.6
15.2
38.0
51.1
43.2
62.7
65.1
84.1
75.0
73.2
r
78.2
r
77.5
r
78.4
200.5
202.2
206.9
207.1
207.6
r
209.0
210.7
211.6
211.0
209.1
210.2
210.4
213.4
28.3
35.9
38.8
53.8
56.3
r
70.2
r
78.4
r
r
84.7
80.1
r
76.9
r
76.9
r
76.0
r
74.4
r
74.6
77.4
r
Money
market
deposit
accounts
(MMDAs)
Sav-
ings
deposits
Small
denomination
time
depos-
Large
denomination
time
depos-
Term
repurchase
agreements
its '
its '
(RPs)
NSA
NSA
43.2
379.0
417.4
513.2
571.4
400.8
344.3
357.3
306.2
288.8
303.6
366.3
728.7
823.3
851.0
783.8
885.3
884.2
853.5
259.8
302.1
326.2
326.2
417.0
436.1
447.1
•80.8
84.4
84.5
84.4
84.1
553.6
558.8
564.4
568.7
571.4
334.6
341.4
350.5
358.5
366.3
876.7
872.2
864.7
857.1
853.5
449.4
448.4
445.5
445.8
447.1
r
84.0
84.7
84.9
83.1
81.8
81.3
83.4
83.4
574.3
570.8
570.6
565.5
557.1
553.5
548.0
543.5
376.7
387.2
396.3
406.1
411.7
415.2
416.7
420.0
851.6
848.3
845.9
843.6
r
843.0
r
850.0
r
858.5
865.6
449.7
448.2
450.1
454.6
459.7
465.0
r
464.9
466.8
r
0.0
.0
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
34.0
36.0
34.5
51.8
r
61.9
r
65.7
r
84.0
74.9
78.1
r
78.8
r
83.3
r
84.0
r
83.6
87.2
r
87.2
r
94.3
r
102.3
r
107.0
r
106.5
106.7
r
Term
Eurodollars
(net)
Sav-
ings
bonds
Shortterm
Treas-
Bank-
ury
acceptances
Com-
ers'
securities
mercial
paper
NSA
68.0
71.1
74.2
79.4
91.7
133.4
149.4
183.7
212.6
263.5
304.6
292.4
32.1
40.0
44.5
45.1
98.9
105.3
113.6
133.0
45.7
42.4
37.5
160.3
206.6
230.2
78.0
81.4
78.0
79.3
83.0
85.3
86.4
87.7
89.8
91.7
288.7
287.9
286.7
292.2
292.4
37.3
36.9
37.7
38.0
37.5
219.7
223.9
228.4
228.4
230.2
84.8
87.6
88.2
r
83.9
r
87.0
r
89.4
r
85.8
93.1
92.7
93.5
94.3
95.1
95.9
96.5
97.3
289.3
291.7
276.1
r
263.4
r
268.5
r
263.7
250.6
37.8
39.3
39.8
41.2
42,4
43.5
44.0
239.7
239.8
239.1
244.9
254.3
252.1
248.2
50.3
67.5
81.7
91.5
82.9
76.6
83.0
72.3
67.8
!
NOTE.—Travelers checks are a component r.f money stock but are not shown he
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding
Installment credit outstanding (end of period)
Period
Total
1978:
19791980198119821983:
19841985:
19861986-
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
261,976
296,483
295,763
310,965
325,136
373,048
446,183
522,805
577,789
98,739
112,475
111,936
119,610
125,440
145,874
172,352
208,057
245,056
45,202
53,357
54,894
60,750
66,007
78,369
99,620
122,021
134,940
16,921
18,207
18,264
19,308
21,728
22,919
24,710
25,488
25,710
101,114
112,444
110,669
111,297
111,961
125,886
149,501
167,239
172,083
40,501
34,507
-720
15,202
14,171
47,912
73,135
76,622
54,984
17,791
13,736
-539
7,674
5,830
20,434
26,478
35,705
36,999
June..
July
551,771
558,054
563,661
571,275
576,862
577,645
577,789
224,412
227,821
231,202
239,015
243,395
242,998
245,056
130,737
132,183
133,175
133,118
133,812
134,388
134,940
25,806
25,891
25,940
25,731
25,783
25,732
25,710
170,815
172,160
173,345
173,412
173,873
174,527
172,083
578,578
579,591
579,913
583,594
583,277
587,821
591,276
245,471
246,064
246,290
247,662
247,578
250,130
251,081
134,916
135,663
135,166
136,706
136,869
137,401
138,704
25,852
25,789
25,614
25,625
25,542
25,685
25,858
172,338
172,075
172,844
173,599
173,288
174,605
175,633
5,012
6,283
5,607
7,614
5,587
782
144
789
1,013
322
3,681
-318
4,545
3,455
3,401
3,408
3.381
7,813
4,380
-396
2,057
416
592
226
1,373
-85
2,553
951
Sept
Oct
Nov
Dec
1987- Jan
Feb
Apr
May
Julyp
1
For year-end data, change from preceding vear-cnd; for monthly data, change from preceding
lonth.
Revolving
8,513
8,155
1,537
5 856
0,257
12.362
21,251
22,401
12,919
1,119
1,446
992
-58
694
576
552
-23
746
-496
1,540
163
532
1,303
Mobile
home
559
1,286
57
1,044
2,420
1,191
1,791
778
222
133
84
49
-209
52
-51
-21
141
-63
-175
12
-84
143
173
1
Other
13,638
11,330
-1,775
628
664
13,925
23,615
17,738
4,844
359
1,345
1,185
67
461
654
— 2,444
255
-263
768
756
-312
1,318
1,028
of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans were about unchanged in August.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
--—-
A^uu
2,000
1,800
1,600
TOTAL
_^——-—~~
_^—i
~1
'
___
r~~^
1,400
1,200
^
—1r
—
"
-
. —— —
^ ^ .-
~"\"
1,000
==—
— 1,000
LO ANS AND LEA SES
800
600
2,000
1,800
1,600
— 1,400
1,200
AERCIAL BANK
800
— 600
—
400
400
U.S. GOVERNMEN SECURITIES
\
.x'""
200
V-
~s
_
f^
160
200
'"
•
._--
—
/
/
„— --
160
_,'
ss—••-=»—"""*
\
1
C THER SECURITI :S
-"
120
80
^,_--* » — . — -**
Minim ii iiiiilniii iimlimi
1979
1980
1981
120
Illllllllll Illllllllll Illllllllll
1984
1983
1982
inn him
1985
Illllllllll Illllllllll
1986
1987
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
80
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All commercial banks
Depository institutions 3
l
Total loans
and
securities 2
Total 2
Commercial
and industrial
loans
U.S.
Government
securities
Borrowings
(millions of dollars,
unadjusted)
Reserves adjusted
for changes in
reserve requirements
Loans and leases
Period
Other
securities
Total
Nonborrowed
Required
Total
Seasonal
1,722.6
1,908.0
2,089.8
849.8
913.9
967.2
1,033.8
1,123.5
1,319.9
1,456.0
1,583.0
291.4
325.7
355.2
392.4
414.1
473.1
499.9
541.4
144.3
170.6
179.3
201.8
259.4
260.6
271.4
309.9
141.9
154.5
160.7
165.4
170.2
142.1
180.6
196.9
28.97
30.81
32.08
34.32
36.11
36.91
46.06
56.17
27.50
29.12
31.44
33.69
35.33
36.72
44.74
55.34
28.53
30.29
31.76
33.82
35.55
39.06
45.00
54.80
1,473
1,690
636
634
774
3,186
1,318
827
81
116
54
33
96
113
56
38
1986- Aug
Sept
Oct
Nov
Dec
2,022.6
2,044.6
2,052.4
2,063.5
2,089.8
1,535.1
1,545.4
1,553.0
1,561.5
1,583.0
515.2
517.3
520.0
525.7
541.4
291.5
294.9
299.6
304.1
309.9
196.0
204.2
199.8
197.9
196.9
51.50
52.30
53.23
54.49
56.17
50.63
51.29
52.38
53.74
55.34
50.76
51.58
52.48
53.51
54.80
872
1,008
841
752
827
144
137
99
70
38
1987- Jan
Feb
Mar
2,118.3
2,119.7
2,126.2
2,147.3
2,160.6
2,167.1
2,169.5
2,189.1
1,611.8
1,610.7
1,616.4
1,634.3
1,642.9
1,651.7
1,652.8
1,665.5
554.1
553.8
551.7
553.9
555.9
558.0
555.5
555.7
316.3
315.2
314.3
315.8
320.1
316.9
319.8
328.7
190.2
193.9
195.5
197.2
197.6
198.5
196.9
195.0
56.88
56.87
56.85
57.95
58.35
57.71
57.60
57.88
56.30
56.32
56.33
56.96
57.32
56.93
56.93
57.23
55.82
55.66
55.94
57.13
57.27
56.52
56.84
56.84
580
556
527
993
1,035
776
672
647
34
71
91
120
196
259
283
279
19791980:
198119821983:
19841985:
1986-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June r
July r
Aug p
1,136.1
1,239.0
1,307.2
1,401.0
1 553 0
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
2
3
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Credit market funds
Internal l
Total
Total
1978
1979
1980 .
1981
1982
1983
1984
1985
1986
1986- I r r
n
T
III .
IV r
1987- I
T
U"
Securities
and
mortgages
Loans and
short-term
paper
Total
Other 2
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
328.6
352.7
345.9
383.4
327.4
432.3
518.5
492.3
487.1
182.3
197.6
200.1
239.5
242.3
285.7
336.3
355.4
351.5
146.3
155.1
145.8
143.9
85.1
146.6
182.2
136.9
135.6
85.0
87.8
92.7
94.5
80.4
88.6
121.6
85.2
111.2
33.2
20.9
53.2
22.8
44.0
57.3
-7.4
15.3
35.1
51.8
66.9
39.5
71.7
36.4
31.3
129.0
69.9
76.1
61.3
67.2
53.2
49.3
4.7
58.1
60.7
51.7
24.4
309.7
370.6
352.1
368.5
303.5
399.8
488.0
442.5
425.8
217.0
238.3
243.7
286.5
256.5
274.7
370.9
342.8
339.2
92.7
132.3
108.4
82.0
47.0
125.1
117.1
99.7
86.6
18.9
-17.9
-6.2
14.8
24.0
32.5
30.5
49.9
61.3
426.2
499.3
442.8
580.2
360.6
350.9
352.2
342.2
65.6
148.4
90.6
238.0
54.1
117.0
64.9
209.0
61.3
51.7
32.5
-5.1
-7.2
65.3
32.4
214.1
11.5
31.4
25.7
29.0
387.2
426.2
374.3
515.6
364.6
340.5
321.5
330.2
22.6
85.7
52.8
185.4
38.9
73.2
68.4
64.5
390.0
405.0
343.2
340.8
46.8
64.2
85
50.9
44.8
183
53 3
69.2
55.3
13.4
377.0
395.1
353.5
345.9
23.5
49.2
13.1
9.9
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
a.
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
NOTE.—Series revised.
Source: Board of Governors of the Federal Reserve System
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilities
Current assets
End of period
Total
QFR-FRB series: 2
1978
1979
1980
1981
1982
1983
1984
1985
Cash
U.S.
Government
securities
Notes and
accounts
receivable
Inventories
Other
current
assets
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio l
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,784.6
105.5
118.0
127.0
135.6
147.8
171.8
173.6
189.2
17.2
16.7
18.7
17.7
23.0
31.0
36.2
33.0
388.0
459.0
507.5
532.5
517.4
583.0
633.1
671.5
431.8
505.1
543.0
584.0
579.0
603.4
656.9
666.0
101.1
116.0
132.1
149.7
169.8
186.7
203.2
224.9
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,233.6
383.0
460.8
514.4
547.1
550.7
595.7
647.8
682.7
286.5
346.5
376.2
424.1
435.3
463.9
515.8
550.9
374.3
407.5
437.8
448.3
451.1
516.3
539.5
551.0
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.447
1983: IV
1,575.9
171.8
31.0
583.0
603.4
186.7
1,059.6
595.7
463.9
516.3
1.487
1984- I
II
Ill
IV
1,619.5
1,650.0
1,685.9
1,703.0
167.6
164.9
161.3
173.6
35.4
37.2
33.0
36.2
606.4
622.6
639.1
633.1
622.2
632.5
659.3
656.9
187.9
192.9
193.2
203.2
1,093.1
1,126.3
1,155.0
1,163.6
601.9
623.4
642.2
647.8
491.2
502.9
512.9
515.8
526.5
523.7
530.8
539.5
1.482
1.465
1.460
1.464
1985: I
II
III
IV
1,722.7
1,734.6
1,763.0
1,784.6
167.5
167.1
176.3
189.2
35.7
35.4
32.6
33.0
650.3
654.1
661.0
671.5
665.7
668.7
675.0
666.0
203.5
211.2
218.2
224.9
1,174.1
1,182.9
1,211.9
1,233.6
636.9
651.7
670.4
682.7
537.1
531.2
541.5
550.9
548.6
551.7
551.1
551.0
1.467
1.466
1.455
1.447
1986: I"
1,795.7
195.3
31.0
663.4
679.6
226.3
1,222.3
668.4
553.9
573.4
1.469
1
Total current assets divided by total current liabilities.
2
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corjtorations. Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), and Federal Trade Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in September.
PERCENT PER ANNUM
PERCENT PER ANNUM
.
j
':
i
A;-,
^ i -£Ui
\
•
\
•
:'. /
i'\ 1
UV
:
;
JA ' 1
r
J
•f ^
/
Zl
in
: i/
\U
!|
y
L
n
i
/
V '
t
i:
/5
-: : •'-.
v
1 CORPORATE Aaa BONDS /^
\
(MOODY'SI
/
\
x
\
X
'
-
r
\
M/
ri '
J /'J
; M
\\!
\
1
N
1
\.'"
TREASURY
BILLS
\
1
L
1
\ 1
-.rf»-\>).-y
\ A
'
f
\
i1
A/l f
|V
J
/
/
/"'•-.
.'
\
/ '-•
\/' \
\
1 / 1
/
\
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
!
I l l
I I I !
MM
1980
1979
Mill
MM
Ml
Mill
1982
1981
Ml
\
\
/
1
/-'
S
X
I..-'*---"-'-.
1984
/
-•4-1
Q\
1 M M 1 1 1 M I
1 M II 1
1983
>.
.•
• •••/r1
MM
1 M
1 1 1 M
1 | IN
1987
1986
1985
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) 1
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper, 1
6 months
Discount rate
(N.Y. F.R.
5
Bank)
Prime rate
charged 5by
banks
New-home
mortgage
vields
(FHLBB) s
14.029
10.686
8.63
9.58
7.48
5.98
14.44
12.92
10.45
11.89
9.64
7.06
13.91
13.00
11.10
12.44
10.62
7.68
11.23
11.57
9.47
10.15
9.18
7.38
14.17
13.79
12.04
12.71
11.37
9.02
14.76
11.89
8.89
10.16
8.01
6.39
13.41
11.02
8.50
8.80
7.69
6.33
18.87
14.86
10.79
12.04
9.93
8.33
14.70
15.14
12.57
12.38
11.55
10.17
1986: Sept
Oct
Nov
Dec
5.19
5.18
5.35
5.49
6.62
6.56
6.46
6.43
7.45
7.43
7.25
7.11
7.14
7.12
6.86
6.93
8.89
8.86
8.68
8.49
5.61
5.61
5.69
5.88
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
7.50-7.50
7.50-7.50
7.50-7.50
7 50 7 50
10.17
10.02
9.91
9.69
1987- Jan
Feb
Mar
5.45
5.59
5.56
5.76
5.75
5.69
5.78
6.00
6.32
6.41
6.56
6.58
7.32
8.02
7.82
7.74
8.03
8.67
7.08
7.25
7.25
8.02
8.61
8.40
8.45
8.76
9.42
6.63
6.66
6.71
7.62
8.10
7.89
7.83
7.90
8.36
8.38
8.36
8.85
9.33
9.32
9.42
9.67
10.17
5.76
5.99
6.10
6.50
7.04
7.00
6.72
6.81
7.55
5 50 5 50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-
7 50 7 50
7.50-7.50
7.50-7.50
7.75-7.75
8.00-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-
9.51
9.23
9.14
9.21
9.37
9.45
r
9.41
9.38
6.19
6.45
6.32
8.41
8.70
8.64
8.71
9.18
9.43
9.43
9.45
8.05
8.43
8.34
8.34
9.87
10.15
10.28
10.25
7.12
7.61
7.63
7.62
5.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-
8.25-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-
1981
1982
1983
1984
1985
.. .
.
1986
May
July
Sept"
Week ended:
1987: Sept 5
12
19
26
Oct 3
1
6 59
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 I T , 1984 through October 11, 1984 due to lack
of appropriate issues.
5
Average effective rate for year; opening and closing rate for month
2
30
well as contract rate and assumed, on the average, repayment at end of 10 year
ul Home Loan Bank Board, Moody'.s Investors Service, mid Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in September.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
240
220
200
180
160
160
140
140
COMPOSITE STOCK PRICE INDEX
(NYSE)
120
120
100
100
80
80
60
60
Illllllll
40
1979
1980
40
1983
1982
1981
1984
1985
1986
1987
PERCENT
PERCENT
20
20
15
EAR MINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
"
r~^~
10
\
\
\
1
1
1979
1
i i i
1981
1980
r\ >».
111
1982
10
-"
^
1
1
1
1
1983
1
1
1984
1
^
1
1
1
Common stock prices 1
Common stock5yields
(percent)
2
New York Stock Exchange indexes (D ec. 31, 1965 = 5 »
Composite
1981
1982
1983
1984
1985
...
1986
1986: Sept
Oct
Nov
Dec.
1987- Jan
Feb
Mar
July
Sept
p
Week ended:
1987: Aug 29
12
19
26
1
Industrial
Transportation
Finance
Utility
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
85.44
78.18
107.45
108.01
123.79
155.85
72.61
60.41
89.36
85.63
104.11
119.87
38.91
39.75
47.00
46.44
56.75
71.36
73.52
71.99
95.34
89.28
114.21
147.20
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
128.05
119.71
160.41
160.46
186.84
236.34
137.06
136.74
140.84
142.12
156.52
156.56
162.10
163.85
114.06
120.04
122.27
121.26
74.56
73.38
75.77
76.07
145.56
143.89
142.97
144.29
1,813.47
1,817.04
1,883.65
1,924.07
238.27
237.36
245.09
248.61
151.17
160.23
166.43
163.88
163.00
169.58
174.28
184.18
178.39
175.60
189.17
198.95
199.03
198.78
206.61
214.12
226.49
219.52
126.61
135.49
138.55
137.91
141.30
150.39
157.48
164.02
158.58
78.54
78.19
77.15
72.74
71.64
74.25
74.18
78.20
76.13
153.32
158.41
162.41
150.52
145.97
152.73
152.25
160.94
154.08
2,065.13
2,202.34
2,292.61
2,302.64
2,291.11
2,384.02
2,481.72
2,655.01
2,570.80
264.51
280.93
292.47
289.32
289.12
301.38
310.09
329.36
318.66
185.89
180.54
177.22
177.57
178.05
228.51
222.08
218.09
218.66
219.02
164.27
159.55
156.30
158.11
158.56
78.96
76.63
75.43
75.41
76.47
163.06
157.76
153.78
153.50
152.81
2,687.15
2,607.37
2,569.80
2,552.47
2,556.63
332.62
322.36
316.65
317.09
318.22
Average of daily closing prices.
Include!! at! the* stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
1
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Period
1
1987
1985
Dividendprice ratio
5.20
5.81
4.40
4.64
4.25
3.49
3.43
3.49
3.40
3.38
3.17
3.02
2.93
2.99
3.02
2.92
2.83
2.69
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
6.42
5.98
r
5.18
2.64
2.75
2.82
2.81
2.77
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 11 months of fiscal 1987, there was a deficit of $163.3 billion compared with a deficit of $217.2
billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
_
RECEIPTS AND OUTLAYS!/
1,100
1,000
1,000
900
OUTLAYS1/
900
800
800
700
700
600
600
500
500
400
400
SURPLUS OR DEFICIT (-)V
0
0
_
~^^
—
'
-100
^^
-100
^\
-200
A
\
^979
I
1980
1981
^—^ -
1
I
1982
1983
1984
1985
1
1986
-200
N
1988s1!
1987
FISCAL YEARS
V
INCLUDES ON-BUDGET AND OFF-BUDGET ITEMSCOUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
. . ..
Outlays
332 3
371.8
960
409.2
458 7
503.5
517 1
599.3
5909
678.2
745 7
808.3
851 8
— 73 8
— 78.9
— 127 9
— 212 3
-217.2
617 8
600.6
6665
734 1
769.1
1987 (estimates)
1988 (estimates) *
8585
909.0
946 3
989.8
1 169 9
1,032.3
Cumulative total, first 11
months:
Fiscal year 1986
Fiscal year 1987
691.1
761 7
908.3
925.0
1
53 2
279 1
298 1
81 2
355 6
399 6
463.3
— 73 7
14 7
— 53 6
59 o
-40.2
— 207.8
-185 3
— 220.7
— 1584
— 123.3
— 163 3
Receipts
216 6
231 7
63 2
278.7
314 2
365.3
271 9
302 2
76 6
3285
403 9
469.1
474 3
453.2
500.4
476 6
547 9
568.9
6450
667.8
508.9
567.0
1
Estimates from Mid-Session Review of the 1988 Budyet, Office of Management and Budget,
August 17, 1987.
32
Outlays
369 1
403.5
543.0
5943
661.2
Surplus
or deficit
(-)
— 55 3
— 70.5
— 13 3
— 49.7
— 549
-38.2
— 72 7
— 73.9
— 120.0
6860
— 208.0
-185.6
769 5
— 221.6
806.3
— 237.5
822 8
— 177.8
— 161.9
829.7
740.9
747.8
Gross Fe -eral debt
Off-budget
Oil-budget
Surplus
or deficit
(-)
-232.0
— 180.8
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
60.4
69.6
19.4
80.7
89 7
100.0
2.0
32
— 1.4
-3.9
— 4.3
-2.0
544.1
631.9
646.4
709.1
780.4
833.8
396.9
480.3
498.3
551.8
610.9
644.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
— 1.1
-5.0
-7.9
.2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
186.2
200.2
213.5
241.2
176.8
183.5
194.1
202.6
9.4
16.7
19.4
38.6
1,827.5
2,130.1
2,377.1
2,586.9
1,509.9
1,746.1
1,913.6
2,015.8
182.2
194.7
167.4
177.2
14.8
17.6
2,098.6
2,348.3
1,723.4
1,904.2
62.5
66.4
180
76.8
854
98.0
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 11 months of fiscal 1987, receipts were $70.6 billion higher than a year earlier and outlays were $16.7
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
,
INDIVIDUAL INCOME TAXES
RECEIPTS!/
300
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS '
200
200
100
. CORPORATION INCOME TAXES—
j.
100
"BOTHER RECEIPTS
0
0
.OUTLAYS-!/ .
700
700
" NONDEFENSE
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1979
1980
1981
1983
1982
1984
1985
1986
1988
1987
FISCAL YEARS
_!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlavs
Oil-budget and off-budget receipts
Nationa defense
Soc a!
ins r-
Individual
income
taxes
Oorporation
income
taxes
1978
1979
298.1
355.6
399.6
463 3
131.6
157.6
181.0
217.8
41.4
54.9
60.0
65.7
90.8
106.5
121.0
138.9
34.3
36.6
37.7
40.8
409.2
458.7
503.5
1980
1981
1982
1983
1984
517.1
599 3
617.8
600.6
666.5
244.1
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
209.0
239.4
50.6
69.5
69.3
65.6
71.8
1985
1986
1987 (estimates) '
1988 (estimates) '
734.1
769.1
858.5
909.0
334.5
349.0
392.8
396.1
61.3
63.1
89.6
105.4
Cumulative total, first 1 1 months:
Fiscal year 1988
Fiscal vear 1987
691.1
761.7
311.8
352.8
51.7
63.4
Fiscal year
Total
1976
1977
1
Estimates from .¥:</-S>.s
August 17, 19K7.
Income
securi-
securi-
inter-
ty
ty
est
Department of
Defense,
military
International
affairs
Health
89.6
97.2
104.5
116.3
88.1
95.3
102.3
113.7
6.4
6.4
7.5
7.5
15.7
17.3
18.5
20.5
15.8
19.3
22.8
26.5
60.8
61.0
61.5
66.4
73.9
85.1
93.9
104.1
26.7
29.9
35.4
42.6
82.8
93.0
114.7
119.6
590.9
678.2
745.7
808.3
851.8
134.0
157.5
185.3
209.9
227.4
131.0
153.8
180.7
204.4
220.8
12.7
13.1
12.3
11.8
15.9
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
265.2
283.9
301.9
331.8
73.0 946.3
73.1 989.8
74.2 1,016.9
75.7 1,032.3
252.7
273.4
282.2
297.5
245.4
265.6
274.2
289.3
16.2
14.2
13.6
14.8
33.5
35.9
40.3
40.9
65.8
70.2
73.7
73.2
128.2
119.8
124.0
124.8
188.6
198.8
207.6
220.1
129.4
136.0
139.6
144.7
131.8
141.7
135.9
116.3
260.4
277.9
67.2
67.6
249.4
259.9
242.3
252.5
11.8
10.1
32.9
36.6
64.0
68.9
111.9
113.6
182.1
190.1
126.8
128.2
129.3
117.5
tax'S
Other
Total
aid
con rihut ons
371.8
908.3
925.0
Total
Medicare
Net
Other
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter, according to revised estimates, Federal receipts rose $43.6 billion (annual rate) and
expenditures rose $12.3 billion, yielding a deficit of $139.2 billion.
BILLION(S OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
•*""
EXPENDITURES
\
/
..,
'
--'"
-
800
•"
—
-T—
'
\
S~~
600
-
^^^
800
600
RECEIPTS
—^Z~-
':^~^
—
400
400
—
200
200
~
—
0
0
~--^-_—
SURF LUS OR DEFICI T(-)
\_
—
.
~
~^
-200
1
1
1
1
1979
1
1
1
1980
1
1
1
1
I
1982
1981
-200
1
1
I
1
1983
1
1
!
1
1
1985
1984
1
1
I
1986
1
'
1
1987
cAlENDAR YEARS
OURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Persona!
tax and
nontax
receipts
Period
Total
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
pay-
ments
Grantsin-aid to
State
and
local
governments
Fiscal year:
1984
1985
1986
711.9
776.4
814.2
302.5
340.6
358.0
75.3
74.3
80.3
54.9
56.0
51.7
279.2
305.6
324.1
873.0
961.0
1,027.8
297.2
340.4
368.4
352.2
374.0
394.8
Calendar year:
1983
1984
1985
1986
659.9
726.0
788.6
827.4
294.5
310.3
346.6
363.0
61.3
75.2
76.1
83.7
51.6
55.7
55.2
50.9
252.5
284.7
310.6
329.8
835.9
895.6
984.6
1,032.0
283.5
310.5
353.9
366.2
348.6
354.9
399.9
86.2
93.6
99.7
106.9
1982- IV
633.1
303.0
46.4
47.6
236.1
835.7
293.2
347.4
84.5
1983: IV
675.5
291.9
70.2
53.6
259.8
844.7
276.1
352.5
86.0
1984- IV .
742.7
326.0
69.7
56.2
290.7
930.2
326.0
362.1
96.3
1985: I
II
Ill
IV
795.3
759.0
794.9
805.1
361.2
317.5
351.0
356.7
74.2
73.5
79.1
77.8
55.0
59.2
53.1
53.7
304.9
308.8
311.7
316.9
958.2
969.4
990.8
1,020.2
336.3
339.4
361.9
378.0
373.9
377.0
383.7
385.8
95.9
98.9
100.2
103.7
1986- I
11
Ill
IV
807.6
816.9
832.4
852.5
352.8
357.6
365.2
376.4
78.7
81.3
84.3
90.5
50.4
49.9
52.1
51.1
325.8
328.1
330.7
334.5
1,003.7
1,047.1
1,036.1
1,041.2
356.7
368.4
371.2
368.6
389.9
398.3
405.9
405.7
1987:
879.3
922.9
381.5
415.6
103.0
107.9
53.3
54.2
341.5
345.2
1,049.8
1,062.1
366.9
379.6
406.7
412.0
I
II
r
•c, Bureai
34
380.1
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
109.7
128.0
134.3
23.3
20.7
22.9
0.1
-.1
.0
-161.0
-184.5
-213.6
22.9
21.2
20.5
23.3
4
.2
2
.0
-176.0
-169.6
-196.0
-204.7
23.4
.0
-202.6
29.1
.0
-169.2
21.0
.6
-187.5
24.5
22.6
15.3
19.7
.1
-1.0
.0
.0
-162.9
-210.3
-195.8
-215.0
105.4
109.6
109.5
102.8
94.3
115.6
130.2
135.7
87.2
101.0
125.3
127.7
130.4
129.7
133.0
134.9
135.9
134.2
137.8
16.8
34.9
15.3
26.3
.0
.0
.0
.0
-196.1
— 230.2
-203.7
-188.7
102.2
106.0
139.5
139.8
34.3
24.8
.0
.0
-170.5
-139.2
90.7
97.8
107.4
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1967=100)
Industrial production (1977 — 100; seasonally adjusted)
Period
United
States
1982
1983
1984
1985
1986"
Aug
Oct
Nov
Dec
1987:
....
Jan
Feb
Mar
Mav
r
July
Auep
1
107
105
102
103
106
112
114
114.7
112.1
109.6
103.9
107.1
108.4
111.4
100
111
111
111
111
110
328.6
330.2
330.5
330.8
331.1
366.9
368.9
369.5
111
l!2
l!3
r
l!2
113
112
333.1
370.3
334.4
335.9
337.7
338.7
371.9
125.6
126.3
126.2
' 126.2
' 128.5
141.9
145.8
143.8
141.9
146.0
116
114
116
114
112
110.0
109.8
111.0
112.2
111.1
' 128.0
' 129.4
' 130.2
' 130.0
r
130.5
' 132.3
145.5
144.6
147.1
145.1
143.4
149.0
149 8
104
108
109
108
109
111
111
113
112
116
116
114
112
111.5
114.8
117.3
115.2
119.4
!303
Canada
Italy
109
109
109
107
107
r
T
T
United
States '
Germany
106
103
101
102
105
106
107
97.9
' 104.3
' 119.0
' 125.2
' 126.8
126.5
127.2
127.3
127.4
* 128.4
' 129.2
France
118.9
120.1
120.6
124.7
138.4
144.8
144.4
r
125.1
124.9
125.3
126.0
126.7
Sept
Japan
108.1
108.6
108.6
111.0
103.1
109.2
121.4
123.8
125.1
1980 .
1981
1986:
Canada
United
Kingdom
96
98
101
103
108
110
r
r
130 7
Japan
France
Germany
Italy
United
Kingdom
243.5
273.9
303.5
282.3
296.2
294.2
332.7
304.1
373.1
175.8
186.9
196.8
398.0
472.4
549.4
423.6
473.9
289.1
298.4
321.0
309.7
538.3
335.0
348.3
362.8
316.6
203.3
208.2
631.8
311.1
407.9
439.5
698.8
764.7
805.2
565.1
465.1
212.7
212 2
365.1
365.1
323.8
325.4
325.7
478.0
479.9
480.9
814.7
817.1
619.9
324.1
481.4
481.9
211.4
211.7
211.0
210.8
211.2
212.1
212.2
212.2
212.8
212.9
213.3
213.3
213 1
832.8
246.8
272.4
322.2
328.4
340.1
373.5
375.3
377.3
378.5
340.8
342.7
381.3
381.5
323.0
324.9
477.6
323.5
322.2
322.2
323.5
326.4
327.0
326.3
324.7
486.2
487.2
487.7
490.3
491.2
492.1
493.3
822.0
825.3
827.8
514.7
599.4
619.9
623.0
623.9
629.2
631.3
839.4
633.7
636.2
637.5
841.9
645.1
845.3
848.7
645.7
645.7
645.2
836.1
851.2
647.1
Source: National sources as reported by . ipartment 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 not seasonally adjusted]
Merchandise exports 1
Total domestic and
foreign
Period
Revised
statistical
month,
adjusted»
Revised
statistical
month
Statistical
month
Total
3
Food,
beverages,
and
tobacco
Crude
materials
and
fuels
Manufactured
goods
General imports 4 (statistical month except as noted)
Total 3
Revised
statistical
month
F.a.s. value
1981
1982
1983
1984
1985
1986
233.7
216.4
21 2.3
205.6
20 0.5
224.0 218.7 217.9
218.8 212.8 213.1
226.8 216.6 217.3
238.7
206.9
206.4
15.9
16.8
16.9
18.6
17.9
17.8
1.6
1.8
1.7
.9
.9
.9
1.8
2.0
2.0
2.3
2.3
2.4
11.6
12.0
12.3
13.4
12.8
12.6
31.8
29.5
30.8
32.8
32.4
29.9
16.2
18 7
21.1
19.8
20.0
20.3
20.3
.6
6
.9
.8
1.8
1.8
2.1
2.1
22
2.4
2.3
2.2
2.3
2.3
11.0
13 2
15.0
14.2
14.5
14.5
13.9
27.5
32 3
33.2
32.0
33.3
35.3
35.8
207.1
195.9
212.0
Statistical
month
Food,
beverages,
iind
tobacco
Total c.i.f.
va ue)
Crude
materials
and
fuels
Manufactured
goods
18.4
17.8
18.8
21.6
22.4
24.7
92.9
74.4
68.0
72.8
65.0
48.3
142.5
144.0
163.4
221.5
246.8
282.1
2.1
1.9
2.0
1.9
2.3
1.9
4.0
3.4
3.9
3.5
3.9
3.4
26.6
23.1
21.8
23.5
28.3
21.4
33.4
30.9
32.3
34.3
33.9
31.3
1.8
2.1
2.3
21
2.0
2.2
2.1
3.4
4.4
4.2
39
4.4
4.9
5.6
21.3
24.8
25.7
25 1
25.8
27.2
27.2
28.7
33.7
34.7
33 5
34.8
36.8
37.5
Revised
statistical
month
Statistical
month
Exports (f.a.s.) less
imports (customs
value)
Revised
statistical
month,
adjusted2
Revised
statistical
month
Exports (f.a.s.) less
imports (c.i.f. value)
Revised
statistical
month,
adjusted2
Revised
statistical
month
Customs value
33.2
27.0
27.0
27.3
22.2
20.2
228.9
Merchandise trade balance
Merchandise imports
Domestic exports (statistical
month)
33.0 154.3
33.5 139.7
29.6 132.4
31.5 143.1
28.3 145.4
26.5 148.7
366.1
325.7
345.3
370.0
34.1
29.5
28.7
30.0
36.2
27.8
26 1.0
24 1.0
25 3.0
27 i.4
25 1.9
26 ).9
346.4 341.2
352.5 361.6
383.0 387.1
-22.3
-27.5
-52.4
-101.7
-126.5
-139.3
-39.7
-34.6
-42.6
-38.4
-69.3
-64.2
-107.0 — 122.4 -127.6
-27.3
-31.8
-57.6
5
5
-132.5 -133.6
-149.4 -156.2
-139.7
-166.3
1986:
17.3
16.9
17.5
19.6
18.4
18.5
Julyt
Sept
Oct
Nov
Dec
17.7
17.6
17.5
19.3
18.6
18.4
-16.1
-14.0
-14.7
— 14.7
-15.4
-12.7
-14.5
-12.6
-13.3
-13.2
-14.0
-11.3
35.7
30.9
30.1
31.4
37.8
29.1
1987:
Feb
Mar
Apr
May
July
16.8
19.4
21.8
20.5
20.8
21.1
21 0
16.4
18.7
21.1
20.1
20.4
20.5
20 1
1
Department of Defense Military Assistance Program grant-aid shipments are excluded through
1984 and for revised statistical month data for 1985-86; they are included for statistical month data
for 1985-86 and for 1987.
2
Adjusted to include undocumented exports to Canada.
3
Total includes commodities and transactions not classified according to kind. For exports data
beginning 1987, these include undocumented exports to Canada.
4
Total arrivals of imported goods other than intransit shipments.
5
Revised statistical month exports less statistical month customs value imports.
— 10.7
-12.9
-11.4
-11.5
-12.5
-14.1
-14.8
-11.0
-13.6
-12.1
-11.8
-12.9
-14.7
- 15.8
-11.9
-14.4
-12.9
-13.0
-14.0
-15.7
-16.5
j2 3
— 15.1
-13.6
-13.3
-14.4
-16.3
-17.4
t Foreign exports (not shown separately) include $2.1 billion of nonmonetary gold bullion for
June and $1.3 billion for July.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Statistical month and revised statistical month refer only to data for 1984-86. Data for 1987 are
roughly equivalent to revised statistical month data.
For further information, see Bureau of the Census release FT900, April and August 3987.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1987, the current account deficit rose to $41.1 billion, from $36.8 billion in the first
quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
5
10
—
XX v-^ .„.--/
-5
N
/
N
•*/
BALANCE ON
CURRENT ACCOUNT
s
*"*"
\
c\
Vi
*••*' \
** —
/
5
Q
A\
~
"\\
*
*
,\
/"
-15
-5
\\
MEF CHANDISE TR/^DE\
BALANCE
10
X
-
-\
\
v\
\
BALANCE ON GOODS
Afjp SERVICES
-15
20
\
_
\ \\
-25
A
\ \
^J
*v
v\
—
*\s/\
-25
30
-35
-35
^\ \
***
" — x.
-40
-40
\
-45
1
i
1
1
1979
1
I 1
1980
1
1
1981
1
1 1
1982
1
1
1
1983
1 1 1
I I I
I I I
I I I
1984
1985
1986
1987
-45
• SEASONALLY ADJUSTED
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (-(-), debits (—)]
Merchandise l
2
Investment income 3
Net
Period
Exports
Imports
Net balance
Receipts
Payments
Net
military
transac-
Net
travel and
transportation
Other
services,
net 3
Balance on
goods and
services
receipts
1979
1980
1981
1982
1983
1984
1985
1986
1984: I
II
Ill
IV
1985: 1
II
Ill
IV
1986- I
II
Ill
IV
1987: I r
II"
Remittances,
pensions,
and other
unilateral
trans-1
fers
Balance
on current
account
184,473
224,269
237,085
211,198
201,820
219,900
215,935
224,361
— 212,009
-249^749
— 265,063
— 247,642
— 268,900
— 332,422
— 338,083
— 368,700
— 27,536
-25',480
— 27,978
— 36,444
— 67^080
— 112,522
— 122^148
— 144,339
64,132
72^506
86,411
83,549
77^251
85,910
88J299
88,209
— 32,960
-42^120
— 52,329
— 54,883
— 52376
— 67,419
— 62^901
— 67,365
31,172
30^386
34,082
28,666
24J875
18,491
25'398
20,844
53,614
54,590
55,691
56,005
-79,415
-83,684
— 84,144
-85,179
-25,801
-29,094
-28,453
-29,174
22,831
21,052
21,515
20,512
-15,435
-17,196
-17,978
-16,809
7,396
3,856
3,537
3,703
-273
-615
-255
-798
-1,874
-2,039
-2,310
-2,381
2,629
2,513
2,436
2,164
-17,923
-25,379
-25,045
-26,486
— 2,362
-2,461
-3,112
-4,243
-20,285
-27,840
-28,157
-30,729
55,064
54,040
53,367
53,464
-79,946
-83,986
-84,573
-89,578
-24,882
-29,946
-31,206
— 36,114
18,530
21,931
24,174
23,665
— 16,359
-16,670
-16,055
-13,818
2,171
5,261
8,119
9,847
— 242
-782
— 794
-1,519
-2,261
— 2,849
-2,892
-2,862
2,296
2,458
2,403
2,704
-22,918
-25,858
-24,370
-27,944
-3,296
— 3,517
-4,169
-4,321
-26,214
-29,375
-28,539
-32,265
53,878
56,928
56,534
57,021
— 88,856
-90,579
-93,649
-95,616
— 34,978
-33,651
-37,115
-38,595
24,076
22^013
21,333
20,787
— 17,651
- 17^426
-15,994
-16,295
6,425
4J587
5,339
4,492
— 1,298
-l|o54
-815
-495
— 2,786
-2^278
-2,442
-2,397
2,618
2308
2,784
3,156
— 30,019
-29^588
— 32,249
-33,839
— 3,021
-4^167
-4,334
-4,138
— 33,040
-33,155
-36,583
-37,977
56,992
59,975
-95,749
-99,500
-38,757
-39,525
24,950
22,351
- 19,450
-20,743
5,500
1,608
-37
111
— 3,219
-3,088
2,832
2,701
-33,681
-38,193
-3,103
-2,904
-36,784
-41,097
— 1,778 — 2,935
-997
-2^237
144
— 1,183
— 992
— 274
— 243 — 4,227
— 1,942 — 8,604
— 3,339 — 10^866
— 3,662 — 9,903
— 991
— 6,128
5,138
6,214
1,873
9',466 -7^593
7^793
6,884
— 7,460
14,344
9,278
— 8,679
— 8,956
278
9,320
9^908 — 36,766 — 9^480 — 46J246
— 94,835 — 12,178 — 107,013
9,741
9^861 — 101^093 — 15^301 — 116|393
11,368 — 125,694 — 15,658 — 141,352
i
36
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $20.2 billion in the second quarter
Compared with a decrease of $25.7 billion in the first quarter. Liabilities to foreigners and international financial
institutions reported by U.S. banks, excluding Treasury securities, increased $15.2 billion in the second quarter
compared to a decrease of $13.6 billion in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
80
80
-20
-20
-40
-40
-60
-60
1979
1987
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /eapit
Period
Total
1979
1980
1981
1982
1983.
1984
1985.
1986
U.S.
official
reserve
assets l 2
Other U.S.
Government
assets
Foreign assets in the U.S., net2
[increase/capital inflow { + )]
]
U.S.
private
assets
-64,331
-86,118
— 110,951
-121,153
-49,777
-22,291
-31,399
-95,982
-1,133
-8,155
5 175
-4,965
1 196
-3,131
-3,858
312
-3,746 — 59,453
-5,162
-72,802
-5,097 -100,679
-6,131 -110,058
-5,006 -43,576
-5,476 - 13,685
-2,831 — 24,711
1 920 -94,374
Total
Foreign
official
assets
Other
foreign
assets
38,752
58,112
83,032
93,746
84,869
102,467
129,872
213,386
-13,665
15,497
4,960
3,593
5,845
2,987
-1,140
34,698
52,416
42,615
78,072
90,154
79,023
99,481
131,012
178,689
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,139
1,152
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net *
(unadjusted,
end of
period)
18,956
26,756
30,074
33,958
33,747
34,934
43,186
48,517
25,431
24,982
19,942
36,085
11,154
26,837
17,920
23,947
1984:
I
II
Ill
IV
-3,602
-19,395
17,421
-16,712
-657
-566
-799
-1,110
— 2,029
-1,340
-1,388
-717
-916
-17,490
19,608
-14,886
22,120
41,862
2,392
36,094
-2,953
-149
-963
7,052
25,073
42,011
3,355
29,042
1,767
5,373
8,344
11,347
1,417
-1,381
-3,851
3,809
34,975
34,547
34,306
34,934
1985:
I
II
Ill
IV
-1,745
-1,551
-6,936
-21,167
-233
-356
-121
-3,148
-782
-1,067
-435
-547
-730
-128
-6,380
- 17,473
16,423
25,202
35,020
53,227
-11,060
8,606
2,426
-1,111
27,484
16,596
32,594
54,338
11,535
5,724
455
205
1,725
-1,712
-3,781
3,766
35,493
36,088
38,295
43,186
1986:
I
II
Ill
IV
-13,770
-25,529
-24,478
— 32,204
-115
16
280
132
— 240
-242
-1,454
15
-13,415
-25,303
-23,304
-32,351
36,322
49,042
69,591
58,431
2,576
15,568
15,551
1,003
33,746
33,475
54,040
57,428
10,488
10,241
-8,530
11,750
2,294
-2,044
-4,153
3,904
44,919
46,595
48,087
48,517
1987:
Ir
II"....
15,533
-21,510
1,956
3,419
225
-182
13,352
24 747
26,754
45,050
13,953
9,389
12,802
35,661
-5,504
17,557
2,652
-1,987
48,824
45,140
- Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department
Treasury.
of the
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
Nonfmancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
" Preliminary.
r
r
Revised.
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $2.SO (single copy) ($3.13 foreign).
Subscription price: $27.00 per year; $33.75 for foreign mailing.
38
U.S
GOVERNMENT PRINTING OFFICE : 1987
0—77-609
@FedFRASER