National Income

Name: National Income
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 100th Congress 1st Session Economic Indicators MAY 1987 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON 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 SlST CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June 23 1949Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 2 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 TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the first quarter of 1987 current dollar gross national product GNP rose 8 7 percent annual rate or 89 7 billion Real GNP GNP adjusted for price changes rose 4 4 percent and the implicit price deflator rose 4 2 percent BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES GNP IN CURRENT DOLLARS GNP IN 1982 DOLLARS I 1979 I I I I I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of current dollars quarterly data at seasonally adjusted annual rates Personal Period Gross national product sumption expenditures Gross private domestic investment IV IV I I Exports and imports of goods and services Federal Net exports Exports Imports I n m rv I IV n m rv Source Department of Commerce Bureau of Economic Analysis Total Total n m Government purchases of goods and services National defense Nondefense State and local Final sales GROSS NATIONAL PRODUCT IN 1982 DOLLARS Billions of 1982 dollars quarterly data at seasonally adjusted annual rates Gross national product Period Personal consumption expenditures Gross private domestic investment Nonresidential fixed tial fixed Exports and imports of goods and services Change in business inventories Federal Net exports IV IV I I n m IV I Exports n ra rv n m IV 1986 I Imports Total Total Government purchases of goods and services National defense Nondefense State and local Final sales Source Department of Commerce Bureau of Economic Analyst IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Personal consumption expenditures Period Gross national product Gross private domestic investment Durable goods Nondurable goods Services dential fixed IV IV I n m I IV 1985 I n m IV 1986 I IV Residential fixed Exports Imports Total National defense Nondefense State and local Source Department of Commerce Bureau of Economic Analysis Government purchases of goods and services Federal Total n m Exports and imports of goods and services 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 IV 1983 IV 1984 I 11 Ill IV 1985 I II ffl IV 1986 I II III IV 1987 I Implicit price deflator Personal consumption expenditures Chain price index NOTE Annual changes are from previous year and quarterly changes are from previous quarter Fixedweighted price index 1982 weights Constant 1982 dollars Current dollars Implicit price deflator Chain price index Fixedweighted price index 1982 weights 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 Current dollars IV 1983 IV 1984 I II m rv I II III IV 1986 I II Ill IV I dollars Total cost and profit 2 Indirect business taxes Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol lars 2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left Corporate profits with inventory valuation and capital consumption adjustments Capital consumption allowances with capital consumption adjustment 3 4 Compensation of employees Net interest Total Profits tax liability Profits after tax Output per hour of all employees 1982 dollars Compensation per hour of all employees dollars Indirect business tax and nontax liability plus business transfer payments less subsidies With inventory valuation and capital consumption adjustments Sources Department of Commerce Bureau of Economic Analysis Bureau of Labor Statistics Department of Labor 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 IV 1983 IV I I III IV 1985 I II Ill IV I II Ill IV I Corporate profits with inventory valuation and capital consumption adjus ments Rental income of persons with capital consumption adjustment Nonfarm Profits with inventory valuation adjustment and without capital consumption adjustment Total Total r Inventory valuation adjustment Profits before tax r r 269 7 Includes employer contributions for social insurance See also p 5 Capital consumption adjustment Net interest r 7 4 r r 282 2 Source Department of Commerce Bureau of Economic Analysis PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Nondurable goods Durable goods Period Total personal eonsumption expenditures IV 1983 IV 1984 I II III IV 1985 I II Ill IV Total durable goods Motor vehicles and parts Furniture and household equipment Other Total nondurable goods Pood Clothing and shoes Gasoline and oil Other Services Domestics I II Ill IV I Source Department of Commerce Bureau of Economic Analysis Imports Retail sales of new passenger cars millions of units SOURCES OF PERSONAL INCOME Personal income rose 10 7 billion annual rate in April following a rise of 5 9 billion in March The increases were affected by two special factors Subsidy payments to farmers affected both the March and April changes and an initial payment to a newly established retirement savings fund for Federal Government employees affected the April change Excluding these special factors personal income increased 17 7 billion in April and 12 3 billion in March BILLIONS OF DOLLARS RATIO SCALE 3 800 BILLIONS OF DOLLARS RATIO SCALE 3 800 j WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS I I I I I LLUJ I I I I I I I I I I I I I I I I I I I I I a LU l l U COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period personal income Wage and salary disbursements Proprietors income 3 Other labor income L 2 Farm Nonfarm Less income of persons 4 dividend income interest income payments g Apr May g July Sept Oct Nov Dec Jan r Feb r Mar Apr f lll The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements 2 Consists primarily of employer contributions to private pension and private welfare funds 3 With inventory valuation and capital consumption adjustments contributions for social insurance personal income With capita consumption adjustment Consists mainly of social insurance benefits direct relief and veterans payments Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest 5 6 Source Department of Commerce Bureau of Economic Analysis DISPOSITION OF PERSONAL INCOME Real per capita disposable personal income rose in the first quarter of 1987 BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Personal income Less Personal tax and nontax payments Equals Disposable personal income Less Personal outlays 1 Equals Personal saving Per capita disposable personal income Disposable personal income in 1982 dollars billions Current dollars Billions of dollars dollars Per capita personal consumption expenditures Current dollars 1982 dollars Dollars real per capita disposable personal income Saving as percent of disposable personal income Population including Armed Forces abroad thousands 2 Percent Seasonally adjusted annual rates 1982 IV IV I I n m rv n m rv I n m IV 1987 lr 1 Includes personal consumption expenditures interest paid by consumers to business and personal transfer payments to foreigners net Annual data are averages of quarterly data which are averages for the period Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the first quarter of 1987 according to revised estimates gross farm income fell 16 6 billion annual rate and net farm income fell 14 6 billion BILLIC NS OF DOLLARS RATIO SCALE p 1 T BILLIONS OF DOLLARS RATIO S CALE XX s GRC SS FARM INCC ME An SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE 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 1 Total r 1984 I n m IV 1985 I n in IV 1986 I r r n TTT r IV r r r 181 6 r r r Livestock and products Cash marketing receipts and inventory changes plus Government payments other farm cash income and nonmoney income furnished by farms 2 Physical changes in end of year inventory of crop and livestock commodities valued at average prices during the year Crops 3 Value of inventory changes l Production expenses Current dollars dollars r r r 40 7 r Income in current dollars divided by the GNP implicit price deflator NOTE Data include net Commodity Corporation loans and operator households Sources Department of Agriculture and Department of Commerce r CORPORATE PROFITS In the first quarter of 1987 according to preliminary estimates corporate profits before tax rose 6 9 billion annual rate and after tax profits fell 7 9 billion BILLKDNS OF DOLLARS 320 BILLIONS OF DOLL ARS 320 SEASONALLY ADJUSTED ANNUAL RATES PROFITS BEFORE TAX U A A sr C PROFITS AFT R TAX 160 V x TAX LiABIl ITY i r f n V X UNDISTRIBU TED PROFITS i i i i i i I COUNCIL OF CONOMIC ADVISERS OURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Profits after tax Profits before tax with inventory valuation adjustment Domestic industries Total 2 Total IV 1983 IV 1984 I II III IV I II Ill IV 1986 I II Ill IV 1987 I Financial Total Sot p 4 for profits with inventory valuation and capital consumption adjustments Includes rest of the world not shown separately Includes industries not shown separately Profits before tax Nonfinancial Period Manufacturing Tax liability Wholesale and retail trade Total Dividends Undistributed profits Inventory valuation adjustment r 7 4 NOTE Corporate profits and related measures for 1986 reflect retroactive provisions of the Tax Reform Act of 1986 Source Department of Commerce Bureau of Economic Analysis GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the first quarter of 1987 nonresidential fixed investment fell 12 9 billion annual rate from its fourth quarter level while residential investment rose 0 7 billion There was a 40 0 billion increase in inventories following a decrease of 27 1 billion in the fourth quarter BILLIONS OF DOLLARS 800 BILLIONS OF DOLLARS 1800 SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT NONRESIDENTIAL FIXED INVESTMENT RESIDENTIAL FIXED INVESTMENT CHANGE IN BUSINESS INVENTORIES I i i i 1984 i SOURCf DEPARTMENT OF COMMERCE 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 IV 1983 IV 1984 I n m IV 198S I n m IV 1986 I II m rv I r Source Department of Commerce Bureau of Economic Analysis Nonresidential Total Total Structures Producers durable equipment Residential Total Nonfarm A EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department January March 1987 survey business spending for new plant and equipment in 1986 was 2 0 percent below the 1985 level while spending in 1987 is expected to be 3 0 percent above the 1986 level BILLIONS OF DOLLARS RATIO SCALE 500 BILLIONS OF DOLLARS RATIO SCALE 500 SEASONALLY ADJUSTED ANNUAL RATES ALL INDUSTRIES NONMANUFACTURING MANUFACTURING i 1979 I i i i I J I I 1984 I 1985 I I U 2J JJ I I I 1986 SECOND HALF J SURVEYED QUARTERLY J SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE 1987 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Addenda Industries surveyed quarterly Manufacturing Period All industries Total Durable goods Nonmanufacturing Nondurable goods Total l Transportation Mining Public utilities Commercial and other Total nonfarm business 2 Nonmanufacturing Manufacturing Total Surveyed quarterly I Iy I Surveyed annual n in iv n m rv 1987 I 44 n 4 2nd half 1 Excludes forestry fisheries and agricultural services medical services professional services social services and membership organizations and real estate which effective with the April May 1984 survey are no longer surveyed quarterly See last column nonmanufacturing surveyed annually for data for these industries 2 All industries plus the part of nonmanufaeturing that is surveyed annually 10 Consists of forestry fisheries and agricultural services medical services professional services social services and membership organizations and real estate 4 Planned capital expenditures as reported by business in January March 1987 corrected for biases Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE In April seasonally adjusted civilian employment rose 467 000 and unemployment fell MILLIONS OF PERSONS MILLIONS OF PERSONS YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of persons 16 years of age and over except as noted monthly data seasonally adjusted except as noted by NSA Period Apr May June July Aug Sept Oct Nov Dec 1987 Jan Feb Mar Apr Noninstitutional population including resident Armed Forces NSA T i lorce ijaoor t including resident Armed Forces Employment including resident Armed Forces Nonagricultural Civilian labor force Persons at work Economic reasons include slack work material shortages inability to find fulltime work etc 2 Labor force as percent of noninstitutional population both including resident Armed Forces 3 Civilian labor force as percent of civilian noninstitutional population Unemployment Civilian employment Resident Armed Forces NSA Total Agricultural Total Part time for economic reasons l Total weeks and over Labor force participation rate percent Total 2 Civilian Data beginning January 1986 not strictly comparable with earlier data because of change in estimation procedures Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In April the seasonally adjusted overall unemployment rate fell to 6 2 percent and the civilian unemployment rate fell to 6 3 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED 25 TEENAGERS WOMEN 20 YEARS AND OVER MEN 20 YEARS AND OVER llllllllHI UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF IABOR Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group UnemPeriod ployment rate all workers 1 By sex and age All civilian workers Men 20 years and over Women 20 years and over Both sexes 16 19 years Black and other Black White Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr Unemployed as percent of total labor force including resident Armed Forces Aggregate hours lost by the unemployed and persons on part time for economic reasons as per cent of potentially available labor force hours 2 12 By selected groups By race Experienced wage and salary workers Married men spouse present Women who maintain families Pulltime workers Parttime workers Labor force time lost percent 2 Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In April the percentages of unemployed persons who had been out of work for less than 5 weeks and for 5 14 weeks fell and the percentages for 15 26 weeks and for 27 weeks and over rose The mean duration of unemployment was unchanged and the median duration rose PERCENT DISTRIBUTION PERCENT DISTRIBUTION 70 REASON FOR UNEMPLOYMENT DURATION OF UNEMPLOYMENT 60 LESS THAN 5 WEEKS 50 v JOB LOSERS W WEEKS x i REENTRANTS WEEKS AND OVER V 20 NEW ENTRANTS s j JOB LEAVERS WEEKS iiiiiliiiii Illllllllll Illllllllll 1983 Illllllllll iniihiiii Illllllllll 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 Number of weeks Percent distribution Less than 5 weeks 5 14 weeks State programs 15 26 weeks 27 weeks and over Average mean Median Job leavers Insured unemployment Insured unemployment all regular programs unadjusted Reentrants New entrants Job losers Initial claims Weekly average thousands Apr May July Sept Oct Nov Dec 1987 Jan Feb Mar 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 316 000 in April MILLIONS OF PERSONS MILLIONS OF PERSONS ENLARGED SCALE ALL NONAGRICULTURAL T ES TABLISHMEhvlTS r RE TAIL TRADE SEF VICE PRODL CING INDUSTRIE S GOVERNMENT illinium nmliim i Illllllllllllllllllllll li i MA NUFACTURI IQ 20 r T minium iiiiiiiiin Illllllllll T GOC DS PRODUC NG NDUSTRIES 20 N iiiiiiiiin jjTiTihiiii iinilmii II CONSTRUC TION 4 Minium iiiiilimu Illllllllll 2 Mimlmn iiinli i Illllllllll Illllllllll SEASONALLY ADJUSTED Illllllllll 1987 COUNCIL OF ECONOMIC ADVISERS OURCE DEPARTMENT OF LABOR Thousands of wage and salary workers seasonally adjusted Service producing industries Goods producing industries Period Total nonagricultural employment Apr May June July Aug Sept Oct Nov Dec Jan Feb r Mar r Apr Manufacturing Total p struction Total Durable goo s Nondurable goods Total J Transportation and public utilities Wholesale trade Retail trade Finance insurance and real estate J Government Services Total Federal Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial dis 14 putes bad weather etc even if they are not paid for the time off and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gross hourly earnings Average weekly hours Period Manufacturing Total private nonagricultural Total Total private nonagricultural 1 Overtime Aue Sept dollars June July Current dollars 1977 dollars Jan Peb r Mar r Apr Apr May Current dollars Oct Nov Dec Percent change 4from a year earlier 5 Index Manufacturing Adjusted hourly earnings index total private nonagricultural 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 nonagricultural Average gross weekly earnings Period Current dollars Construction Retail trade Current dollars 1977 dollars 3 Apr May Aue Sept Oct Nov Dec Jan Feb r Mar r Apr p Also includes other private industry groups shown on p 14 Adjusted for interindustry employment shifts and for overtime in manufacturing Current dollar index or earnings divided by the consumer price index for urban wage earners and clerical workers on a base dollars Current dollars June July 1987 Manufacturing Total private nonagricultural Monthly changes based on indexes to two decimal places Based on seasonally unadjusted data Source Department of Labor Bureau of Labor Statistics PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Output Business sector Compensation per bour 3 Hours of zall persons Nonfarm business sector Business sector Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor costs Business sector Nonfarm business sector 119 7 Implicit price deflator 5 Business sector Nonfarm business sector quarterly data seasonally adjusted IV IV I r IV 1984 I n m IV 1985 I n m IV 1986 I n m Percent change quarterly data at seasonally adjusted annual rates IV IV 1984 I n m IV 1985 I n m IV 1986 I n m IV A I r Output refers to gross domestic product originating in the sector in 1982 dollars 2 Hours of all persons engaged in the sector including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 3 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the selfemployed 4 Hourly compensation divided by the consumer price index for all urban consumers 16 Current dollar gross domestic product divided by constant dollar gross domestic product NOTE Data relate to all persons engaged in the sector Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production fell 0 4 percent in April following a decline of 0 2 percent in March The index for April was 1 3 percent above its year earlier level INDEX RATIO SCALE 20 FINAL PRODUCTS 00 C EFENSE ANC SPACE 80 EQUIPMENT INDEX RATIO SCALE 140 TOTAL INDUSTRIAL PRODUCTION 120 V MANUFACTURING PRODUCTION DURABLE 120 r BUSINESS EQUIPMENT x CONSUMER GOODS iniilmn niiihii i I 1 1 I M I I PER CENT MANUF ACTURING CAPACITY UTILIZATION RATE UTILITIES AND MINING PRODUCTION mill M M SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Monthly data seasonally adjusted Period Index Apr May July Aue Sept Oct Nov Dec 1 Output as percent of capacity Manufacturing Percent change from year earlier Mining Total Durable Utilities Nondurable Manufacturing Industrial materials Jan r Peb r Mar T Apr p Capacity utilization rate percent Industry production indexes Total industrial production Source Board of Governors of the Federal Reserve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Products Materials Intermediate products Final products Consumer goods Equipment Period Total Total 1977 proportion Apr May June July 1 Auff Sept Oct Nov Dec 1987 Jan r Feb r Marr Apr p Durable goods Nondurable goods S Total Business Defense and space equipment Total Construction supplies Business supplies Total Ener gy Includes rigs and prefabs not shown separately monthly data seasonally adjusted Nondurable manufactures Durable manufactures Transportation equipment Primary metals Period Total Iron and steel Fabricated metal products Nonelectrical machin ery Electrical machin ery Total Motor vehicles Lumber and products and Apparel products ing and publishing Chemicals and products Foods parts 1977 proportion Apr May July Sept Oct Nov Dec 1987 Jan Feb r Mar Apr p Source Board of Governors of the Federal Reserve System 18 NEW CONSTRUCTION Monthly data seasonally adjusted Construction contracts 3 Private Period Total new construction expenditures Residential Total Commercial and industrial 2 New housing units Total Other Federal State and local Total value index Commercial and industrial floor space millions of square feet Billions of dollars Annual rates Annual rates 1986 Apr Get Nov Dec 378 5 May June July Sept Jan Feb r Mar r Aprp 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 Syst 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 unit units 5 or more units Units authorized r Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent Seasonally adjusted annual rates 1986 Apr May June July Aug Sept Oct Nov Dec 1987 Jan Feb Mar T Apr Seasonally adjusted 2 Quarterly data entered in last month of quarter Series beginning 1979 not strictly comparable with earlier data 3 New series beginning March 1979 r r l 778 r l 728 r 1 687 r 1 664 T 1 667 r 1 862 r T r r NOTE Beginning 1984 units authorized are for 17 000 permit issuing places and for 1978 83 data are for 16 000 places Seasonally adjusted housing authorizations revised beginning 1985 Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES Manufacturing and Trade In March manufacturing and trade sales rose 0 8 percent and inventories rose 2 8 billion In April according to advance data retail sales rose 0 1 percent following a rise of 0 8 percent in March BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE MANl IFACTURING AND TRA E INVENTO ilES J x M NUFACTURING Ar D TRADE SA LES UMllUMI imilmii 1983 tmilllllt iMiilmn IUfl lll SEASONAir ADJUSTED SOURCE DEPARTMENT OF COMMERCE Manufacturing and trade COUNCIL OF ECONOMIC ADVISERS Wholesale Inventory sales ratio 4 Ketail Inventories 3 Sales 2 Period 2 Inventories 3 Sales 2 Inventories 3 Sales Total Durable goods stores Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade 1 Retail Millions of dollars seasonally adjusted Mar r Apr May June July Aue Sept Get Nov Dec 1987 Jan Feb r Mar Apr p r r ige 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 r r r r Annual data are averages of monthly ratios Source Department of Commerce Bureau of the Census r MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In April manufacturers shipments fell and inventories and orders rose BILLIONS OF DOLLARS RATIO SCALE 28U 240 BILLIONS OF DOLLARS RATIO SCALE SHIPMENTS X INVbNIORIES TOTAL i r DL RABLE GOO DS rj H DU RABLE GOO DS 160 NO MDURABLE G OODS Illllllllll miilmii IMMllMM Illllllllll 80 BILLIONS OF DOLLARS RATIO SCALE 28U NEW ORDERS Illllllllll 200 r TOT A L pi if ABLE GOO st LiUUliUlL iWLLLLUL muiiiLU uuiluui RATIO NOI JDURABLE G OODS INVENTORY SHIPMENTS RATIO X r j r 1 60 NON DURABLE G DODS Illllllllll Illllllllll Illllllllll Illllllllll IMUlllMl M j uitUmi llLUUUll SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers shipments1 Manufacturers inventories 2 Manufacturers new orders Durable goods Period Total Durable goods Nondurable goods Durable goods Total Nondurable goods Total Total Capital goods industries nondefense Nondurable goods Manufacturers unfilled orders 3 Manufacturers inventory shipments ratio 4 Millions of dollars seasonally adjusted Apr r May June 189 022 July Aiie Sept 190 805 Oct 190 403 Nov 190 532 Dec Jan 189 956 Feb 195 608 r Mar Apr Monthly average for year and total for month Shipments are the same as sales End of period Data beginning 1982 are on a current cost basis and are not comparable with tata for prior periods 3 End of period 2 2 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 April the producer price index for all finished goods rose 0 7 percent seasonally adjusted The index for finished consumer foods rose 1 5 percent while the index for other finished consumer goods rose 0 6 percent The index for capital equipment rose 0 3 percent INDEX RATIO SCALE 340 INDEX RATIO SCALE 340 SEASONALLY ADJUSTED FINISHED GOODS 320 CONSUMER GOODS EXCLUDING FOODS TC TAL FINISHED GOODS W l ysC I V fs f f S S s SJ fi T f 260 CONSUMER FOODS CAPITAL EQLJIPMENT 240 fe f s i11 1 iM 11 i i i i i 1 iii ii i COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR monthly data seasonally adjusted Intermediate materials Finished goods Period Total finished goods Consumer foods Total r 1986 Apr Mav June July Sept Oct Nov Dec r 1987 Jan Feb Mar Apr Intermediate materials or food manufacturing and feeds 22 Nondurable Capital equipment Consumer goods Total Durable Crude materials Other Total Foodstuffs and feedstuffs Other Total Finished goods excluding consumer foods consumer goods Total Foods and feeds finished Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES ALL URBAN CONSUMERS In April the consumer price index for all urban consumers rose 0 4 percent seasonally adjusted 0 5 percent not seasonally adjusted The index was 3 8 percent above its year earlier level INDEX RATIO SCALE INDEX RATIO SCALE ALL ITEMS i i I I I I IJ SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF LABOR 1987 COUNCIL OF ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted by NSA Transportation Housing Shelter Period All items Food Total Total Renters costs Dec Homeowners costs Dec Rel imp Apr May June July Aug Sept Oct Nov Dec upkeep Total New cars Motor fuel Medical care Energy 2 All items less food energy and shelter Includes items not shown separately Fuel oil coal and bottled gas gas piped and electricity and motor fuel Motor oil coolant etc also included through 1982 3 Relative importance December 1986 NOTE Data beginning 1983 incorporate a rental equivalence measure for homeownership costs Appar NSA NSA Jan Feb Mar Apr Fuel Maintenance and other and repairs utilities and therefore are not strictly comparable with figures for earlier periods Data beginning 1987 calculated on a revised basis Source Department of Labor Bureau of Labor Statistics 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Change from preceding period Period Change from 3 months earlier annual rate Change from 6 months earlier annual rate Consumer goods Consumer goods Consumer goods Total finished Total finished goods Capital equipment Excluding foods Foods goods Excluding foods Foods Capital equipment Total finished goods Capital equipment Excluding foods Foods Change from year earlier total finished goods NSA Change Dec to Dec NSA r Change month to month 1986 Apr May July Sept Oct Nov Dec Jan Feb Mar Apr 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 Food Total Total Renters costs owners costs Fuel and other utilities Apparel and upkeep Total New cars Motor fuel Medical Energy2 All items less food energy and shelter Addendum All items percent change annual rate From previous quarter 3 From 3 months earlier From 6 months earlier From year earlier NSA Change December to December NSA Cha nge month to month 1986 Apr May June July Aug Sept Oct Nov Dec 1987 Jan Feb Mar Apr 0 2 0 Q 1 Includes items nol shown separately Fuel oil coal and bottled gas gas piped and electricity and motor fuel Motor oil coolant etc also included through 1982 3 Quarterly changes arc shown in the last month of the quarter 2 NOTE Data beginning January 1983 incorporate a rental equivalence measure for homeowner 24 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 May were 3 2 percent above their April level Prices paid by farmers in April were 1 9 percent above their January level INDEX RATIO SCALE INDEX RATIO SCALE PRICES PAID Illllllll Illllllllll 60 I I I I I I I I I I I l l I I I I I I I I I RATION 140 I Mill Illlllll I Illlllllll linn J l 60 il RATIO Minium r 1 Illllllllll IIMIIIIIII Illllllllll I l l l l l l l l l l i i i i i l i i i i i i i m i m i i I 1 M 1 III I I 1 III 1 1 II l I RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE Prices paid by farmers Prices received by farmers Period May July Sept Get Nov Dec 1987 Jan Feb Mar Apr May All farm products Livestock and products Crops Includes items not shown separately 2 Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates See also footnote 3 3 Beginning March 1986 prices paid by farmers are available only for first month in quarter and for each month the received paid ratio is based on latest data available r All commodities services interest taxes and wage rates l Production items interest taxes and wage rates Production items Ratio NOTE The official indexes are published on a 1910 14 base as required by law The indexes have been converted to a 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 monetary aggregates accelerated in April BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE COUNCIL OF ECONOMIC ADViSERS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures except as noted billions of dollars seasonally adjusted L Ml M2 M3 Sum of currency demand deposits travelers checks and other checkable deposits OCDs Ml plus overnight EPs and Eurodollars MMMF balances general purpose and broker dealer MMDAs and savings and small time deposits M2 plus large time deposits term RPs term Eurodollars and institution only MMMF balances July Aug Sept Oct Nov r Dec Jan Feb Mar r Apr p Period Dec Dec Dec Dec Dee Dec Dec Apr May 1 Consists of outstanding credit market debt of the U S Government State and local governments and private nonfinancial sectors data from flow of funds accounts 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate 26 M3 plus other liquid assets Debt Debt of domestic nonfinancial sectors monthly average l Percent change from year or 6 months earlier 2 Ml M2 M3 Debt r NOTE See p 27 for components Source Board of Governors of the Federal Reserve System COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted by NSA Demand deposits Currency Period Other checkable deposits OCDs Overnight repurchase agreements RFs net plus overnight Eurodollars NSA Money market mutual fund balances General pur pose and broker dealer NSA Money market deposit accounts Institution only HMD As NSA Savings deposits Small denomination time depos Large denomination time deposits 1 NSA its Term repurchase agreements Term Eurodollars net Savings bonds KPs NSA Shortterm Treasury securities Bankers acceptances Commercial paper NSA 1980 Dec 1981 Dec 1982 Dec 1983 Dec 1984 Dec 1985 Dec 1986 Dec r r Apr r May June July U Ausr 6 Sept Oct Nov Dec r r r 74 4 r 75 2 r 77 9 r 78 0 r 82 4 r Jan Feb r Mar T Apr r Small denomination and iarge denomination deposits are those issued in amounts of less than and more than respectively r r r r NOTE Travelers checks are a component of money stock but are not shown here Source Board of Governors of the Federal Reserve System CONSUMER INSTALLMENT CREDIT Millions of dollars seasonally adjusted Net change in installment credit outstanding 1 Installment credit outstanding end of period Period Total Mobile home Other Automobile Revolving Mobile home Other Automobile Revolving Total Dec Dec Dec Dec Dec Dec Dec Dec Dec 1986 Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb r Mar For year end data chang from preceding year end for monthly data change from preceding month Source Board of Governors of the Federal Reserve System 27 BANK LOANS AND SECURITIES AND RESERVES Commercial and industrial loans fell slightly in March See note below BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS TOTAL LOANS AND LEASES U S GOVERNMENT SECURITIES OTHER SECURITIES SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1987 COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted Depository institutions 3 All commercial banks 1 Total loans and securities 2 Total Dec Dec Dec Dec Dec Dec Dec Dec r 1986 Apr May r June r July rT Aug Sept r Oct rr Nov Dec Jan r Feb r Mar Apr p Commercial and industrial loans U S Government securities Other securities Total Nonborrowed Required Total Seasonal 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 obligation s of States and political subdivisions are included in loans rather than in other securities 2 Excludes loans to commercial banks in the United States 28 Borrowings millions of dollars unadjusted Reserves adjusted for changes in reserve requirements Loans and leases Period 3 Data are averages of daily figures NOTE Series revised Revised data not yet available prior to April 1986 Therefore data for earlier periods shown in graph and table are on an tmrevised basis Source Board of Governors of the Federal Reserve Svstem SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Uses Sources External Period Total Internal Capital Credit market funds 1 Total Total Loans and short term paper Securities and mortgages Total Other 2 turea 3 Increase in financial assets Discrepancy sources less uses I n m IV 1986 I n in rv Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits dividends and subsidiaries earnings retained 3 Plant and equipment residential structures inventory investment and mineral rights from U S Government abr j r 2 Consists of tax liabilities trade debt and direct foreign investment in the U S 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 QFR FRB series U S Total Cash Government securities Net Notes and accounts receivable Inventories Other current assets Total Notes and accounts payable Other current liabilities working capital Current ratio m IV I IV 1984 I n in IV 1985 I II 1 Total current assets divided by total current liabilities 2 Based on data from Quarterly Financial Report for Manufacturing Mining and Trade Corpoitions 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 May RCENT PER ANNUM PERCENT PER ANNUM iOUNCIL OF ECONOMIC ADVISERS Percent per annum U S Treasury security yields Period month bills new issues May July Sept Oct Nov Dec 1987 Jan Feb Mar Apr May 3 year 10 year High grade municipal honds Standard Poor s 3 Corporate Aaa bonds Moody s 4 Prime commercial paper 6 months 1 Discount rate N Y F K Bank Prime rate charged by banks New home mortgage yields FHLBB r Constant maturities 2 Week ended 1987 May June 6 1 Bank discount basis 2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department 3 Weekly data are Wednesday figures 4 T TQQA 1 i n 11 IQQA j Series excludes public utility issues or January through October due to1 1 fc lack of appropriate issues 30 Average effective rate for year opening and closing rate for month and week 6 Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Sources Department of the Treasury Board of Governors of the Federal Reserve System FederSources Department of the Treasury Board of Governors of the Federal Reserve System Hom j j Boardi Moody s v Stors gervic0 nd Standard poor s Corpor tiotl COMMON STOCK PRICES AND YIELDS Stock prices fell in May INDEX DEC RATIO SCALE INDEX DEC RATIO SCALE COMPOSITE STOCK PRICE INDEX NYSE PERCENT PERCENT 20 20 EARh INGS PRICE RATIO ON COMMON STOCKS r S P I I I I 1 I 1986 Common stock prices 1 New York Stock Exchange indexes I ec Composite May June July Sept Oct Nov Dec 1987 Jan Feb Mar Week ended 1987 May Industrial Transportation 3 4 Common stock5 yields percent 2 Finance Utility Dow Jones industrial average 3 Standard Poor s composite index Dividendprice ratio Earningsprice ratio Average of daily closing prices Includes all the stocks more than 1 500 listed on the NYSE Includes 30 stocks Includes 500 stocks 5 Standard Poor s series Dividend price ratios based on Wednesday closing pric Earnings COUNCIL OF ECONOMIC ADVISERS SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION Period price ratios based on prices at end of quarter NOTE AH 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 7 months of fiscal 1987 there was a deficit of 83 3 billion compared with a deficit of 126 4 billion a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS SURPLUS OR DEFICIT U FISCAL YEARS INCLUDES ON BUOGET AND OFF BUDGET ITEMS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT Of THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Fiscal year or period Receipts Outlays Off budget On budget Total Surplus or deficit Receipts Outlays Surplus or deficit Receipts Outlays Gross Federal debt end of period Surplus or deficit Total Held by the public Cumulative total first 7 months Fiscal year 1986 Fiscal year Estimates from Budget of the United States Government Fiscal Year 1988 January Sources Department of the Treasury and Office of Management and Budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 7 months of fiscal 1987 receipts were 58 4 billion higher than a year earlier and outlays were 15 2 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS 400 RECEIPTS INDIVIDUAL INCOME TAXES J SOCIAL INSURANCE 200 TAXES AND CONTRIBUTIONS CORPORATION INCOME TAXES BOTHER RECEIPTS j OUTLAYS NONDEFENSE NATIONAL DEFENSE 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 outlays On budget and off budget receipts Fiscal year Total Individual income taxes Corporation income taxes Social insurance taxes and contributions National defense Other Total Total Department of Defense military International affairs Health Medicare Income security Social security Net interest Other Cumulative total first 7 months Fiscal year 1986 Fiscal year Estimates from Budget of the United States Government Fiscal Year 1988 January Sources Department of the Treasury and Office of Management and Budget NOTE Data shown here exclude the transition quarter 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 1987 according to current estimates Federal receipts rose 19 3 billion annual rate and expenditures rose 4 8 billion yielding a deficit of 174 4 billion BILLIONS OF DOLLARS 1 200 BILLIONS OF DOLLARS CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government receipts Period Total Fiscal year Calendar year IV 1983 IV 1984 IV 1985 I II Ill IV 1986 I Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Federal Government expenditures Contributions for social insurance Total Purchases of goods and services Transfer payments Grantsin aid to State and local governments Net interest paid Subsidies less current surplus of Government enterprises Less Wage accruals less disbursements Surplus or deficit national income and product accounts IV I n m 1 r r 53 4 r 339 3 r Estimates from Budget of the United States Government Fiscal Year 1988 January r 402 5 r 102 4 r Sources Department of Commerce Bureau of Economic Analysis and Office of Management and INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industrial production seasonally adjusted Period United States Canada Japan M Apr May Sept Oct Nov Dec 1987 Jan Feb Mar Apr 1 Consumer prices United Kingdom France Italy Germany Data relate to all urban consumers United States Canada Japan France Germany Italy United Kingdom r l r lll r rlll r r l no lll 113 Source National sources as reported by Department of Commerce Bureau of Economic Analysis and International Trade Administration 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 Statistical month Total 2 General imports 3 statistical month except as noted Food beverages and tobacco Crude materials and fuels Manufactured goods Total 2 F a s value Merchandise trade balance Merchandise imports Domestic exports statistical month Food beverages and tobacco 1986 Mar May June t Julyt Sept Oct Nov Dec 1987 Jan Peb Mar Crude materials and fuels Manufactured goods Revised statistical month Statistical month Department of Defense Military Assistance Program grant aid shipments are excluded through 1984 and for revised statistical month data for they are included for statistical month data for 1985 86 and for 1987 2 Total includes commodities and transactions not classified according to kind 3 Total arrivals of imported goods other than intransit shipments 4 Revised statistical month exports less statistical month customs value imports t Foreign exports not shown separately include 2 1 billion of nonmonetarv gold bullion for Revised statistical month Statistical month Revised statistical month Statistical month Customs value Exports f a s less imports c i f value Total c i f value Exports f a s less imports customs value 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 Data for 1987 are roughly equivalent to revised statistical month data For further information see Bureau of the Census release FT900 April 1987 Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the first quarter of 1987 the merchandise trade deficit fell slightly to 38 3 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS MERCHANDISE TRADE BALANCE BALANCE ON GOODS AND SERVICES SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted Credits debits Investment income 3 Merchandise l 2 Period Exports r p r I IV I 55 064 r n 54 040 r m 53 367 r rv 53 464 r 1986 I 53 878 n r m 56 534 IV r I n m 1 Imports Net balance Keceipts Payments Net T r r r Excludes military grants Adjusted from Census data for differences in timing and coverage Fees and royalties from U S direct investments abroad or from foreign direct investments in the United States are excluded from investment income and included in other services net Net military transactions Of Q Net travel and transportation receipts A Other services net3 Balance on goods and services 1 Remittances pensions and other unilateral transfers 1 Balance on current account AC K A NOTE Merchandise data revised for 1985 and 1986 annually and quarterly other data to be revised later Source Department of Commerce Bureau of Economic Analysis U S INTERNATIONAL TRANSACTIONS Continued In the capital accounts claims on foreigners reported by U S banks increased 29 9 billion in the fourth quarter of 1986 compared with a rise of 19 3 billion in the third quarter Liabilities to private foreigners reported by U S banks excluding Treasury securities increased 35 3 billion in the fourth quarter compared to an increase of 30 1 billion in the third quarter BILLIONS OF DOLLARS 80 BILLIONS OF DOLLARS 80 i CHANGF IN 60 V FOREIGN ASSETS IN THE U S NET t l l V V l i A i s l i v IA V S s A Q 20 A V Vr V 40 CHANGE IN U S ASSETS ABROAD NET V S A V i i i i i I f i NVv J V A N X i i i i i I SEASONALLY ADJUS1 ED SOURCE DEPARTMEI n OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad net increase capital outflow Period Total U S official reserve assets 2 Other U S Government assets Foreign assets in the U S net increase capital inflow 2 U S private assets Total Foreign official assets Other foreign assets Statistical discrepancy Allocations of special drawing rights SDKs Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy U S official reserve assets net 1 unadjusted end of period IV p 1984 I n m IV 1985 I n m IV 1986 I n m 1 Consists of gold special drawing rights SDRs 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 of the Treasury 37 Contents TOTAL OUTPUT INCOME AND SPENDING Page Gross National Product Gross National Product in 1982 Dollars Implicit Price Deflators for Gross National Product Changes in GNP Personal Consumption Expenditures and Related Price Measures Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment 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 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 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 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 FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S International Transactions 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 T Revised c Corrected Not available also not applicable NSA not seasonally adjusted For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 2 50 single copy 3 13 foreign Subscription price 27 00 per year 33 75 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

National Income

DATE: May 1987

PART OF:

Economic Indicators : May 1987

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "National Income," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "May 1987," Economic Indicators (May 1987) : 6-6. https://fraser.stlouisfed.org/title/1/item/555/toc/406413 , accessed on December 16, 2019.

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Economic Data