Full text of Economic Indicators : June 1987
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100th Congress, 1st Session
Economic Indicators
JUNE 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—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of 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 first quarter of 1987, current-dollar gross national product (GNP) rose 9.1
percent (annual rate) or $93.4 billion. Real GNP (GNP adjusted for price changes) rose 4.8 percent and the
implicit price deflator rose 4.2 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,800
4,800
SEASONAILY ADJUSTED ANNUAL RATES
4,400
—
~-^'
-
^
,
4,000
4,000
,
GNP
^IN CURRENT DOLLARS^-"-""^
•*"
—
—
—
"-"
3,600
3,600
_. — ~~
—
—
_
^
^"T\
GNP
^~
IN 1982 DOLLARS
3,200
—
/
2,800
2,400
3,200
-^
2,800
—
^
2,400
—
—
2,000
2,000
1
1 1
1979
1
1 1
1980
1
i 1
1981
1
1 1
1982
1
1 1
1983
I
1 1
1984
1
1
1 1
1985
1
1
1986
i
1
1
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
1979
1980
1981 . . . .
1982
1983
1984
1985
1986
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,765.0
3,998.1
4,206.1
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
2,762.5
454.8
437.0
515.5
447.3
502.3
662.1
661.1
683.6
1982- IV
3,212.5
2,117.0
1983: IV.
3,545.8
2,315.8
1984: I
II
III
IV
3,670.9
3,743.8
3,799.7
3,845.6
1985- I
II
Ill
IV
Exports and imports of goods
and services
Federal
Net
exports
Exports
Imports
291.2
351.0
382.8
361.9
352.5
382.7
369.8
373.0
272.5
318.9
348.9
335.6
358.7
441.4
448.6
477.3
409.6
14.1
335.9
321.9
579.8
-25.8
364.7
390.5
2,363.8
2,416.1
2,445.6
2,487.2
659.5
657.5
670.3
661.1
45 6
-63.2
600
-66.1
373.4
382.1
389.2
386.2
419.0
445.3
449.1
452.2
3,909.3
3,965.0
4,030.5
4,087.7
2,530.9
2,576.0
2,627.1
2,667.9
650.6
667.1
657.4
669.5
49 4
-77.1
83 7
-105.3
378.4
370.0
362.3
368.2
1986: I
II
Ill
IV
4,149.2
4,175.6
4,240.7
4,258.7
2,697.9
2,732.0
2,799.8
2,820.4
708.3
687.3
675.8
663.2
-93.7
-104.5
- 108.9
-110.2
1987- I '
4,352.1
2,850.4
722.1
-107.9
Total
Total
18.8
32.1
33.9
26.3
-6.1
58 7
-78.9
104 3
Source: Department of Commerce, Bureau of Economic Analysis.
Government purchases of
goods and services
National
defense
Nondefense
State
and
local
Final
sales
289.9
322.2
345.9
369.0
391.5
422.2
461.3
498.0
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,700.9
3,987.0
4,199.4
87.7
378.7
3,272.4
54.6
400.0
3,514.8
227.1
233.7
234.5
244.9
56.3
81.6
82.7
84.2
409.8
418.1
426.6
434.3
3,575.4
3,683.9
3,735.3
3,808.9
333.7
340.9
360.9
380.9
248.9
255.1
265.5
268.0
84.8
85.8
95.5
112.9
443.5
458.1
468.8
474.7
3,883.9
3,945.9
4,027.4
4,090.8
836.7
860.8
874.0
885.3
355.7
367.6
369.3
372.1
266.4
278.4
286.8
278.8
89.3
89.2
82.6
93.3
480.9
493.3
504.7
513.2
4,105.4
4,161.2
4,245.2
4,285.8
887.6
364.8
286.5
78.3
522.8
4,307.9
467.8
530.3
588.1
641.7
675.0
733.4
815.4
864.2
178.0
208.1
242.2
272.7
283.5
311.3
354.1
366.2
121.9
142.7
167.5
193.8
214.4
235.0
259.4
277.6
56.1
65.4
74.8
78.9
69.1
76.2
94.7
88.6
671.8
293.2
205.4
676.1
276.1
221.5
693.2
733.3
743.8
763.4
283.4
315.2
317.2
329.1
427.9
447.1
446.0
473.6
777.3
799.0
829.7
855.6
374.8
363.0
370.8
383.5
468.5
467.5
479.7
493.7
399.0
506.9
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
Personal
consumption
expenditures
Gross
national
product
Gross private
domestic investment
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
389.4
379.2
395.2
366.7
361.2
422.2
461.4
456.7
170.8
137.0
126.5
105.1
149.3
170.6
177.2
194.0
15.0
-6.9
23.9
24 5
-6.4
59.2
9.0
6.6
1979
1980
1981..
1982
1983.
1984
1985
1986
3,192.4
3,187.1
3,248.8
3,166.0
3,279.1
3,489.9
3,585.2
3,674.9
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,246.3
2,324.5
2,418.7
1982: IV
3,159.3
2,078.7
352.3
115.8
1983: IV
3,365.1
2,191.9
390.4
159.9
1984: I
II
III
rv
3,444.7
3,487.1
3,507.4
3,520.4
2,213.8
2,246.3
2,253.3
2,271.7
394.4
419.5
427.1
447.6
1985- I
II
IU
IV
3,547.0
3,567.6
3,603.8
3,622.3
2,292.3
2,311.9
2,342.0
2,351.7
1986: I
II.
in
3,655.9
3,661.4
3,686.4
3,696.1
1987: I '
3,739.4
IV
Exports and imports of
goods and services
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
3.6
57.0
49.4
26.3
-19.9
-83.6
-108.2
-147.8
356.8
388.9
392.7
361.9
348.1
369.7
362.3
371.5
353.2
332.0
343.4
335.6
368.1
453.2
470.5
519.3
609.1
620.5
629.7
641.7
649.0
675.2
721.2
746.8
236.2
246.9
259.6
272.7
275.1
291.7
323.6
332.2
164.3
171.2
180.3
193.8
206.9
219.4
235.7
250.0
71.9
75.7
79.3
78.9
68.2
72.3
87.8
82.2
373.0
373.6
370.1
369.0
373.9
383.5
397.6
414.6
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,430.7
3,576.2
3,668.4
-59.3
11.7
336.0
324.3
660.1
289.5
201.4
88.2
370.6
3,218.6
27.0
-46.2
355.5
401.6
642.2
266.0
211.6
54.4
376.2
3,338.1
169.7
173.2
171.2
168.3
85.1
57.0
60.6
33.9
-68.6
-87.2
-85.7
-92.7
361.3
367.0
375.5
375.0
429.9
454.2
461.2
467.7
650.2
678.2
681.0
691.5
271.2
296.3
295.6
303.8
214.4
219.0
218.4
225.9
56.8
77.3
77.1
77.9
379.0
381.8
385.4
387.7
3,359.6
3,430.0
3,446.8
3,486.4
442.7
463.0
463.1
476.9
172.4
175.1
180.0
181.5
23.2
17.4
.7
-5.2
-78.8
-108.1
-113.8
-132.0
369.4
361.2
355.8
362.9
448.2
469.3
469.6
494.8
695.3
708.3
731.8
749.4
305.8
311.4
329.9
347.2
228.0
233.5
242.2
239.3
77.8
77.9
87.6
107.9
389.5
396.9
401.9
402.2
3,523.9
3,550.2
3,603.1
3,627.5
2,372.7
2,408.4
2,448.0
2,445.8
457.8
456.8
454.4
457.8
186.3
192.7
197.2
199.7
39.9
15.1
-.3
-28.5
-125.9
-153.9
-163.3
- 148.0
369.2
359.8
371.2
385.8
495.1
513.6
534.5
533.8
725.2
742.2
750.4
769.3
320.4
328.9
330.9
348.6
238.7
249.3
259.4
252.5
81.7
79.5
71.5
96.1
404.8
413.3
419.5
420.7
3,616.1
3,646.3
3,686.7
3,724.5
2,438.8
446.3
197.3
40.7
-133.7
396.7
530.3
750.1
325.3
255.8
69.5
424.8
3,698.8
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
Total
Gross private
domestic investment
Government purchases of goods and
services
Federal
Nonresidential
fixed
Residential fixed
75.6
83.9
92.6
100.0
106.2
111.7
117.3
122.4
77.8
85.1
93.4
100.0
98.8
98.7
99.3
100.7
81.4
89.4
96.6
100.0
102.2
106.3
108.2
111.8
81.6
90.2
97.5
100.0
101.3
103.5
102.1
100.4
77.1
96.0
101.6
100.0
97.4
97.4
95.4
91.9
75.4
84.3
93.3
100.0
103.1
106.7
109.4
110.2
74.2
83.4
92.9
100.0
103.6
107.1
110.0
111.0
Nondurable goods
Services
82.1
89.2
95.7
100.0
102.1
103.8
104.5
105.3
80.0
89.4
96.9
100.0
102.1
105.0
107.5
107.0
Durable
goods
Exports and imports of
goods and services
Exports
Imports
Total
State
and local
77.7
86.2
93.4
100.0
104.7
110.1
116.0
120.1
102.0
99.5
102.2
104.7
100.3
106.3
104.5
106.4
107.3
108.3
105.9
106.7
107.3
108.4
99.2
105.5
107.3
108.2
108.1
109.5
110.7
112.0
95.5
95.3
95.0
95.7
109.1
109.5
109.4
109.7
109.2
109.3
109.6
112.0
109.0
110.2
108.9
104.6
113.9
115.4
116.6
118.0
101.5
100.9
99.9
99.4
94.6
91.0
89.7
92.5
111.0
111.8
111.6
106.7
111.6
111.7
110.5
110.4
109.2
112.1
115.4
97.0
118.8
119.4
120.3
122.0
100.6
95.6
112.1
112.0
112.6
123.1
78.6
85.7
94.0
100.0
103.9
107.9
111.5
114.5
78.2
86.6
94.6
100.0
104.1
108.1
111.9
114.2
1982: IV
101.7
101.8
100.7
101.0
102.7
100.7
99.1
100.0
99.3
101.3
1983- IV
105.4
105.7
103.1
103.1
108.3
98.3
103.1
102.6
97.2
103.8
1984: I
II
Ill
rv
106.6
107.4
108.3
109.2
106.8
107.6
108.5
109.5
103.3
103.9
104.1
104.1
104.4
104.5
105.1
106.0
109.6
110.9
112.4
113.6
98.4
98.5
98.8
99.0
103.6
106.4
107.5
107.8
103.4
104.1
103.6
103.0
97.5
98.0
97.4
96.7
1985- I
II
Ill
IV
110.2
111.1
111.8
112.8
110.4
111.4
112.2
113.4
104.6
104.5
104.5
104.3
106.5
107.2
107.5
108.9
115.0
116.6
118.0
119.5
99.4
99.2
99.3
99.4
107.6
107.8
108.1
109.4
102.4
102.4
101.8
101.5
1986- I
II
Ill
IV
113.5
114.0
115.0
115.2
113.7
113.4
114.4
115.3
104.5
104.7
105.9
106.0
108.0
105.8
106.6
107.4
120.6
121.8
123.0
124.1
100.3
100.2
101.0
101.4
110.2
111.7
112.2
113.2
1987: I '
116.4
116.9
106.4
109.7
125.2
101.2
114.7
Nondefense
78.0
86.4
94.3
100.0
101.4
105.5
107.9
107.7
1979
1980
1981 .
1982
1983
1984
1985
1986
Source: Department of Commerce, Bureau of Economic Analysis.
National
defense
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
.
n
m
IV
1985- I
II
Ill
IV
1986- I
n
m
IV
1987- I
— 0.2
1.9
-2.5
3.6
6.4
2.7
2.5
.6
7.3
9.8
5.0
2.3
1.5
3.1
2.3
4.1
2.1
3.8
.6
2.8
1.1
4.8
8.9
11.7
3.7
7.6
10.5
6.2
5.2
4.2
12.4
14.9
8.2
6.1
4.9
6.8
5.8
6.8
5.8
6.2
2.6
6.4
1.7
9.1
1980
1981
1982
1983
1984 .. . .
1985
1986 .
1982- IV
1983- IV
1984- I
Constant
(1982)
dollars
Current
dollars
T
Implicit
price
deflator
Persona! consumption expenditures
Chain price
index
9.0
9.7
6.4
3.9
3.8
3.3
2.7
3.6
4.7
4.6
3.0
3.4
3.4
3.7
3.3
2.5
3.6
2.5
1.8
3.6
.7
4.2
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
9.0
9.4
6.3
4.1
4.0
3.6
2.5
4.1
3.9
4.8
3.6
3.6
3.5
3.9
3.5
2.5
3.9
1.9
1.5
2.5
2.5
3.7
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.7
7.1
6.2
10.3
9.7
8.6
9.1
5.0
7.0
7.2
7.3
8.2
6.4
4.6
5.2
10.3
3.0
4.3
9.3
9.3
6.2
4.1
4.0
3.7
2.8
4.0
4.0
4.7
3.6
3.5
3.6
4.2
3.6
2.8
4.0
2.5
1.7
2.6
2.7
3.9
Implicit
price
deflator
-0.2
1.2
1.3
4.6
4.7
3.5
4.1
5.3
5.5
4.1
6.0
1.3
3.3
3.7
3.5
5.3
1.7
3.6
6.2
6.7
4
-1.1
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.5
2.1
4.4
4.3
4.2
3.0
3.4
3.7
3.3
3.7
2.9
4.3
1.1
J
J
3.6
3.2
5.7
10.9
9.2
5.7
4.2
4.0
3.6
2.4
4.8
4.1
4.5
3.0
3.7
3.7
3.5
4.0
2.8
4.7
1.4
-.3
3.6
3.6
5.1
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.7
2.5
4.8
4.1
4.7
3.0
3.8
3.8
3.6
4.2
3.0
4.7
1.5
-.4
3.4
3.5
5.0
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
m
IV
1987- I r
|
.
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,143.7
2,275.1
2,362.2
1,779.4
2,012.5
2,081.7
2,135.9
2,160.3
2,196.8
2,226.0
2,259.1
2,301.3
2,314.1
2,343.6
2,341.5
2,370.0
2,393.8
2,440.3
1,807.9
1,837.2
1,782.2
1,866.0
2,030.8
2,105.5
2,145.6
1,760.2
1,940.5
1,993.8
2,031.6
2,038.4
2,059.4
2,075.7
2,094.4
2,124.6
2,127.3
2,141.0
2,135.3
2,142.2
2,163.8
2,184.7
Capital
consumption
Total
cost
and
profit 2
0.852
.946
1.000
1.026
1.056
1.081
1.101
1.011
1.037
1.044
1.051
1.060
1.067
1.072
1.079
1.083
1.088
1.095
1.097
1.106
1.106
1.117
ances
with
capital
consumption
adjustment
Indirect
business
taxes 3
0.095
.109
.125
.123
.118
.120
.123
.131
.120
.118
.117
.118
.119
.119
.120
.119
.121
.121
.123
.123
.124
.123
0.077
.090
.094
.098
.100
.103
.106
.096
.098
.099
.100
.101
.101
.102
.104
.103
.104
.106
.103
.107
.106
.106
* Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol2
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
3
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.690
.708
.725
.685
.680
.683
.684
.694
.699
.704
.708
.705
.716
.721
.724
.727
.729
.730
0.031
.037
.043
.037
.041
.043
.040
.042
.037
.037
.039
.042
.043
.044
.043
.042
.042
.042
.041
.040
.039
.040
Total
0.068
.078
.063
.089
.107
.106
.107
.057
.103
.107
.111
.104
.104
.103
.104
.113
.105
.105
.106
.109
.109
.118
Profits
tax
liability
0.037
.035
.026
.032
.037
.032
.036
.023
.036
.041
.040
.034
.032
.031
.029
.033
.033
.032
.034
.036
.040
.045
Profits
after
tax4
0.031
.044
.037
.057
.070
.075
.072
.034
.066
.067
.071
.070
.072
.073
.075
.080
.072
.073
.072
.072
.069
.072
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.867
18.224
18.436
18.453
17.383
18.027
18.172
18.275
18.201
18.250
18.285
18.384
18.604
18.472
18.449
18.438
18.445
18.507
18.508
9.939
10.861
11.699
12.124
12.574
13.060
13.378
11.915
12.259
12.406
12.498
12.630
12.758
12.878
13.011
13.121
13.229
13.294
13.347
13.406
13.483
13.463
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1982
1983
1984
1985
1986
1982- IV
1983- IV
1984- I
U.
Ill
IV
1985: I
II
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Inventory
valuation
adjustment
Profits
before tax
1.6
6.1
94
272.3
281.0
307.4
311.4
294.0
266.9
290.2
292.5
305.2
316.1
315.7
316.8
311.4
309.7
307.6
222.5
227.7
240.4
259.6
16.5
10.6
6.1
7.2
57.3
54.8
55.5
58.8
304.9
297.7
292.9
280.4
267.6
6.9
74.7
285.1
1,907.0
2,020.7
2,214.7
2,368.2
2,498.0
1,931.1
2,092.7
2,153.7
2,195.4
2,234.7
2,275.0
2,316.3
2,352.1
2,380.9
2,423.6
24.6
12.4
31.5
29.2
26.1
28.5
19.3
44.5
26.4
24.7
30.4
32.9
33.0
21.6
29.4
150.9
178.4
205.3
225.2
252.7
159.8
188.6
198.0
203.2
209.9
210.3
217.8
222.5
227.7
232.7
13.6
13.2
8.3
7.6
15.0
15.8
12.4
12.1
8.4
7.1
5.6
6.8
8.1
7.3
8.3
150.0
213.7
264.7
280.7
300.7
146.1
248.5
262.5
271.7
259.8
265.0
266.4
274.3
296.3
285.6
159.2
196.7
230.2
222.6
244.1
150.7
223.4
235.7
241.5
223.3
220.3
213.3
215.4
235.3
226.4
169.6
207.6
235.7
223.2
237.5
164.1
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
-10.4
-10.9
55
-.6
6.5
134
8.1
-13.6
-4.9
1.8
-1.6
1986: I
II
m
rv
3,340.7
3,376.4
3,396.1
3,432.3
2,461.5
2,480.2
2,507.4
2,542.8
24.4
39.5
19.6
21.0
240.9
249.6
258.0
262.2
12.8
16.3
16.2
14.8
296.4
293.1
302.0
311.2
239.0
238.3
246.5
252.3
1987- I '
3,510.9
2,579.0
27.8
268.2
15.4
335.4
260.7
IV
1
Includes employer contributions for social insurance. (See also p. 5.)
Net
interest
-9.2
17.0
34.5
58.1
56.6
-4.5
25.1
26.7
30.2
36.5
44.7
53.2
58.9
61.0
59.2
2,518.4
2,719.5
3,032.0
3,222.3
3,386.4
2,548.2
2,851.5
2,963.2
3,010.3
3,052.3
3,102.0
3,157.0
3,201.4
3,243.4
3,287.3
in
Capital
consumption
adjustment
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
Total
personal
consumption
expenditures
Total
durable
goods
2,050.7
2,234.5
2,428.2
2,600.5
2,762.5
2,117.0
2,315.8
2,363.8
2,416.1
2,445.6
2,487.2
2,530.9
2,576.0
2,627.1
2,667.9
252.7
289.1
331.2
359.3
388.1
263.8
310.0
321.2
331.3
331.8
340.4
347.7
354.0
373.3
362.0
108.9
130.4
154.5
169.2
181.7
115.7
144.4
150.4
155.8
154.4
157.6
162.3
165.3
182.8
166.4
95.7
107.1
118.9
126.8
137.3
99.1
112.4
115.6
118.3
119.2
122.3
123.5
125.9
126.8
130.9
48.1
51.6
57.8
63.3
69.1
49.0
53.2
55.2
57.2
58.3
60.4
61.9
62.8
63.7
64.7
771.0
816.7
870.1
905.1
932.7
786.6
837.9
855.7
870.3
873.9
880.3
888.2
902.3
907.4
922.6
1986: I
II
Ill
IV
2,697.9
2,732.0
2,799.8
2,820.4
360.8
373.9
414.5
403.1
163.5
172.0
204.7
186.6
132.1
135.8
140.0
141.2
65.3
66.0
69.8
75.3
1987- I r
2,850.4
383.0
164.5
143.3
75.2
Period
1982
1983
1984
1985
1986..
1982: IV .
1983- IV
1984: I
II
Ill
IV.
1985: I
II
III
IV
... .
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Furniture
and
household
equipment
Other
Total
nondurable
goods
Services
Retail sales of
new passenger
cars (millions of
units)
Clothing and
shoes
Gasoline
and oil
398.8
421.9
449.9
469.3
492.8
407.0
430.8
440.4
447.9
454.3
456.9
461.2
468.3
470.4
477.4
124.4
135.1
147.2
155.2
164.9
126.5
141.1
144.4
148.2
146.6
149.7
151.7
155.0
155.4
158.7
89.1
90.2
90.7
91.9
78.6
89.8
91.9
92.0
91.7
89.4
89.9
89.6
92.8
92.4
93.0
158.7
169.5
182.2
188.7
196.5
163.4
174.0
178.8
182.5
183.6
183.8
185.8
186.2
189.1
193.5
1,027.0
1,128.7
1,227.0
1,336.1
1,441.7
1,066.5
1,167.9
1,186.9
1,214.5
1,239.9
1,266.5
1,294.9
1,319.7
1,346.4
1,383.2
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
9.4
7.0
2.2
2.4
2.4
2.8
3.2
2.5
2.6
2.3
2.4
2.4
2.6
2.4
2.7
3.0
3.2
929.7
928.4
932.8
940.1
484.6
490.3
494.0
502.1
161.3
165.0
166.6
166.8
87.6
78.1
74.2
74.3
196.2
194.9
198.0
196.9
1,407.4
1,429.8
1,452.4
1,477.2
7.8
8.1
9.7
7.9
2.8
3.1
3.5
3.6
960.3
509.0
171.1
77.6
202.6
1,507.0
6.8
2.6
Food
Other
Domestics
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $7.9 billion (annual rate) in May, following a rise of $13.0 billion in April. The increases were
affected by two special factors: subsidy payments to farmers in April and May and an initial payment to a newly
established retirement savings fund for Federal Government employees in April. Excluding these special factors,
personal income increased $21.7 billion in May and $18.5 billion in April.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,200
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
800
'OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
1979
1980
1983
1982
1981
1984
1985
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1986
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1979
1980
1981
1982
1983
1984
1985
1986
1986:
May
July
Sept.
Oct
Nov
Dec
1987: Jan r.
Peb r
Mar r
Apr r
May "
personal
income
Wage and
salary
disbursements
1 252 1
1,372.0
1 5103
1,586.1
1 6766
1,836.8
Proprietors ' income 3
Other labor
income * 2
2 0339
2,258.4
2 5209
2,670.8
2 838 6
3 1102
3 3145
3485 7
1 966 1
20735
3,481.3
3 481 9
3 490.8
3 497 9
3 5079
3,517.8
3 5233
3,542.7
2,058.4
2 063 2
2,072.0
2 083 4
20880
2,102.3
2 111 7
2,115.3
173 6
184 5
1969
2088
207 3
208 2
2095
2104
211 3
212.1
2130
213 8
3,557.5
3 597 2
3,609.1
3 622 1
3,630.0
2,129.2
2 1470
2,154.8
2 161 8
2,170.6
214.6
2154
216 2
2189
217.9
122 7
1384
150 3
163 6
Farm
31 7
205
30 7
24 6
12 4
31 5
29 2
26 1
38 1
27 5
183
19 1
21 3
18.9
15 2
289
22.5
31 9
29.2
22 5
11.5
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees {see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
^Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
160 1
160 1
156 1
1509
1784
205 3
225 2
252 7
249 1
252 2
2554
257 5
261 0
260.5
262 0
264.0
264.3
2693
271.1
273 0
275.9
Less:
income of4
persons
56
6.6
13 3
13.6
13 2
83
76
150
16.6
17 1
165
16 1
160
15.3
147
14.2
15.0
156
15.5
15 3
15.2
dividend
income
interest
income
48.1
52.9
61 3
63.9
221 4
271.9
3354
369.7
687
74.7
764
81.2
393 1
446.9
476 2
4750
81.1
81 5
81.7
82 1
82.3
82.4
82.7
82.9
83.5
84.1
84.7
85.6
86.7
480.1
479 8
477.2
473 7
470.4
467.7
465 1
462.7
466.8
4707
474.6
4786
482.8
payments 5
273.1
324.7
368 1
410.6
442 6
455.6
487 1
513.8
510.7
511 8
520.3
5165
518.7
520.5
521 5
523.5
528.4
531.1
531.4
535.2
538.8
4
contributions
for social
insurance
81.0
88.6
104.5
112.3
120.1
133.5
1502
160.3
159.9
159.3
160.2
1609
161.1
162.0
162.6
162.7
166.8
167.9
168.3
168.8
169.3
personal
income 6
1,983.1
2,215.8
2,465.6
2,618.7
2,799.0
3,052.2
3,261.0
3,436.7
3,420.5
3,431.7
3,449.6
3,455.9
3,463.7
3,476.0
3,485.2
3,490.9
3,512.1
3,542.4
3,556.9
3,576.5
3,595.3
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the first quarter of 1987.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
3,000
3,000
2,600
2,600
2,200
2,200
1,800
1,800
1,400
1,400
I
1,000
I
I
I I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
12,000
—
I
I
I
I
1,000
DOLLARS * (RATIO SCALE)
14,000
DOLLARS * (RATIO SCALE)
14,000
PER CAPITA DISPOSABLE PERSONAL INCOME
12,000
10,000
10,000
8,000
8,000
6,000
6,000
I
4,000
I
I
I
1981
1980
1979
I
I
1982
I
I
I
I
I
1984
1983
I
I
1986
I I
1987
4,000
" SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
T
pecijess.
Personal
tax and
nontax
payments
-uQuais:
Disposable
personal
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Per capita
disposable personal
income
Disposable
personal
income
in
1982
dollars
(billions)
Current
dollars
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
3485.7
304.7
340.5
393.3
409.3
410.5
439.6
486.5
514.1
1,729.3
1,917.9
2,127.6
2,261.4
2,428.1
2,670.6
2,828.0
2,971.6
Current
dollars
1982
dollars
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,501.9
2,684.7
2^857.4
118.0
136.8
159.4
153.9
130.6
168.7
143.3
114.2
7,682
8 421
9,243
9,724
10,340
11,265
11 817
12,304
2,212.6
2,214.3
2,248.6
2,261.5
2,331.9
2,470.6
2,528.0
2,602.0
rercent
change in
real per
capita
disposable
personal
income
Saving
as
percent
of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
Dollars
Billions of dollars
1979
1980
1981
1982
1983
1984....
1985
1986.
1982
dollars
Per capita personal
consumption
expenditures
9,829
9,722
9,769
9,724
9,930
10,421
10,563
10,773
6,960
7,607
8,320
8,818
9,515
10,243
10,866
11,438
8,904
8,783
8,794
8,818
9,139
9,475
9,713
10,014
1.0
— 1.1
.5
— .5
2.1
4.9
1.4
2.0
3.8
225,106
227,754
230,182
232,549
234,829
237,067
239,317
241^524
6.8
7.1
7.5
6.8
5.4
6.3
5.1
Seasonally adjusted annual rates
1982: IV
2,729.2
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
233,466
1983:
IV
2,941.8
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
1984:
I
3,034.2
3,077.4
3,139.7
3,189.6
421.5
431.2
445.9
460.0
2,612.7
2,646.3
2,693.8
2,729.6
2,433.5
2,488.7
2,520.9
2,564.6
179.2
157.6
172.9
165.0
2,446.9
2,460.3
2,481.9
2,493.1
11,060
11,178
11,350
11,471
10,358
10,392
10,457
10,477
10,007
10,206
10,304
10,453
9,372
9,488
9,494
9,547
8.4
1.3
2.5
.8
6.9
6.0
6.4
6.0
236,222
236,742
237,347
237,953
3,253.1
3,298.7
3,323.2
3,382.9
497.7
456.4
491.2
500.7
2,755.4
2,842.3
2,832.0
2,882.2
2,611.3
2,658.7
2,712.4
2,756.4
144.1
183.6
119.6
125.8
2,495.7
2,550.8
2,524.7
2,540.7
11,555
11,893
11,819
11,999
10,466
10,674
10,537
10,577
10,613
10,779
10,964
11,107
9,613
9,674
9,774
9,790
-.4
8.2
5.2
6.5
4.2
4.4
238,469
238,985
239,605
240,206
3,432.6
3,483.3
3,498.8
3,527.9
497.5
504.8
519.0
534.9
2,935.1
2,978.5
2,979.9
2,993.0
2,789.4
2,825.5
2,895.8
2,918.8
145.6
153.1
84.1
74.2
2,581.2
2,625.8
2,605.5
2,595.4
12,193
12,348
12,324
12,348
10,723
10,886
10,776
10,708
11,208
11,326
11,579
11,636
9,857
9,985
10,125
10,091
5.0
5.1
2.8
2.5
240,709
241,215
241,789
242,381
3,587.9
533.0
3,054.9
2,948.4
106.5
2,613.8
12,579
10,762
11,737
10,042
3.5
242,864
n
m....
IV
1985:
1986:
I
n
m....
rv
I
n
m....
rv
1987: I r
1
Includes personal consumption-expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
-5.0
1.5
5.6
6.2
-4.0
-2.5
2.0
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 current estimates, gross farm income fell $16.6 billion (annual rate) and
net farm income fell $14.6 billion.
BILLIONS OF DOLLARS * (RATIO S CALE)
'240
200
BILLIO NS OF DOLLARS * (RATIO SCALE)
240
200
r-
„
160
^-^ ^^ ^ ^ ^>
_/"
160
\
GRC SS FARM 1NCC)ME
120
120
80
80
40
40
20
20
10
10
' SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total
1
Total
1979
1980
1981
1982
1983
1984
1985
1986
1984- I
TJ
TTT
IV
1985- I
n
m
IV
1986- I
n
m
....
IV
1987- Ip
.
150.7
149.3
166.3
163.4
152.4
174.3
166.6
159.0
174.4
167.9
173.8
181.6
170.8
164.6
157.3
173.5
146.7
168.1
149.3
171.9
155.3
131.5
139.7
141.6
'142.5
136.5
142.2
142.1
134.8
136.5
141.2
144.1
146.8
137.3
135.1
139.8
156.2
129.6
130.8
131.4
147.4
123.1
Livestock and
products
69.2
68.0
69.2
70.2
69.5
72.9
69.4
71.5
75.6
71.4
71.6
73.1
69.2
67.8
68.0
72.6
66.2
67.6
76.3
76.0
70.4
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
62.3
71.7
72.5
72.4
67.0
69.2
72.7
63.3
60.9
69.8
72.5
73.8
68.1
67.4
71.8
83.6
63.4
63.2
55.1
71.4
52.7
3
Value of
inventory
changes a
5.0
6.3
6.5
-1.3
10.9
6.3
1.1
-3.0
1.7
7.0
9.0
7.5
3.0
.3
-2.6
-4.5
-2.9
3.2
-3.0
2.9
2.7
Production
expenses
Current
dollars
123.3
133.1
139.4
140.7
139.5
141.7
136.1
124.0
141.6
142.2
142.0
140.9
139.0
137.1
135.2
133.2
128.3
125.1
122.4
120.0
118.0
1982 dollars 3
27.4
16.1
26.9
22.7
13.0
32.6
30.5
35.0
32.7
25.7
31.8
40.7
31.8
27.6
22.2
40.3
18.4
43.0
27.0
51.9
37.3
Income in current dollars divided by the GNP implicit price deflator (1982 = 100).
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
34.9
18.8
28.6
22.7
12.5
30.2
27.3
30.6
30.7
23.9
29.3
36.9
28.9
24.8
19.8
35.7
16.2
37.7
23.4
45.0
32.1
CORPORATE PROFITS
In the first quarter of 1987, according to revised estimates, corporate profits before tax rose $8.0 billion (annual
rate) and after-tax profits fell $5.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
280
280
240
240
200
40
40
1979
1986
1980
SOURCE: DEPARTMENT OF COMMERCE
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
Period
Total
1980
1981..
1982
1983
1984
1985
1986
1982: TV
1983: IV
1984: I
n
ni
IV
1985: I
n
m
IV
1986- I
n
m
IV
1987: I r
1
2
3
194.0
202.3
159.2
196.7
230.2
222.6
244.1
159.6
173.8
131.2
166.6
199.2
190.8
208.5
150.7
121.6
223.4
190.7
235.7
241.5
223.3
220.3
205.2
211.5
191.3
188.8
213.3
215.4
235.3
226.4
239.0
238.3
246.5
252.3
260.7
182.6
183.8
205.3
191.3
200.6
205.4
211.8
216.3
222.0
Financial
21.0
16.5
11.8
18.1
15.4
21.0
29.3
18.7
15.5
16.6
15.4
13.4
16.1
18.2
21.1
21.7
23.2
27.8
29.1
28.9
31.5
32.7
Total 3
138.6
157.3
119.4
148.5
183.8
169.7
179.2
102.9
175.2
188.6
196.1
177.8
172.6
164.4
162.7
183.6
168.1
172.8
176.3
182.9
184.9
189.3
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Profits
before tax
Nonfinancial
Total 2
Manufacturing
77.1
88.5
58.0
70.1
87.4
73.0
76.1
46.8
88.6
95.0
94.6
81.3
78.9
70.4
68.2
79.0
74.5
66.7
76.8
75.6
85.3
78.9
Tax
liability
Wholesale and
retail
trade
21.6
32.5
34.6
38.9
49.7
49.7
49.8
33.6
43.1
46.2
51.1
51.0
50.7
48.8
51.1
54.2
45.0
52.1
46.3
53.3
47.7
55.6
237.1
226.5
169.6
207.6
235.7
223.2
237.5
164.1
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
222.5
227.7
240.4
259.6
267.6
84.8
81.1
63.1
77.2
95.4
91.8
103.5
59.8
88.1
102.9
101.6
89.3
87.8
87.8
87.1
95.8
96.4
95.7
99.0
104.4
115.1
128.8
Total
152.3
145.4
106.5
130.4
140.3
131.4
134.0
104.3
143.4
146.4
144.8
135.8
134.1
126.0
126.7
133.4
139.4
126.9
128.8
135.9
144.5
138.8
Dividends
54.7
63.6
66.9
71.5
78.3
81.6
87.8
68.5
73.9
76.0
78.1
79.0
80.1
80.9
81.4
81.6
82.5
85.2
87.5
88.8
89.7
91.4
Undistributed
profits
Inventory
valuation
adjustment
97.6
81.8
39.6
58.9
62.0
49.8
46.2
43 1
-24.2
-10.4
-10.9
-5.5
-.6
6.5
35.8
69.5
70.4
66.7
56.8
54.0
45.1
45.3
51.8
57.0
41.7
41.2
47.2
54.8
47.4
—134
-8.1
-13.6
-4.9
-1.8
-1.6
5
1.6
6.1
-9.4
16.5
10.6
6.1
-7.2
-6.9
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 $12.8 billion
(annual rate) from its fourth quarter level while residential investment rose $0.4 billion. There was a $44.2 billion
increase in inventories following a decrease of $27.1 billion in the fourth quarter.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS PRIVATE DOMESTIC
INVESTMENT
600
600
\
500
500
400
400
NONRESIDENTIAL
FIXED INVESTMENr
300
300
RESIDENTIAL
FIXED INVESTMENT
\
200
200
100
100
-100 I—I
-100
1979
1987
1980
SOURCE: 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
1979
1980
1981
1982
1983
1984
1985
1986
1982- IV
1983: IV
1984: I
n
m
IV
1985- I
n
TTT
IV
1986:
I
n
m
IV
1987- I r
Source: Department of Commerce, Bureau of Economic Analysis.
454.8
437.0
515.5
447.3
502.3
662.1
661.1
683.6
409.6
579.8
659.5
657.5
670.3
661.1
650.6
667.1
657.4
669.5
708.3
687.3
675.8
663.2
722.1
Nonresidential
Total
Total
441.9
445.3
491.5
471.8
509.4
598.0
650.0
677.0
469.5
548.8
564.0
597.6
605.8
624.4
625.2
648.0
654.3
672.6
664.4
672.8
680.3
690.3
677.9
302.8
322.8
369.2
366.7
356.9
416.5
458.2
460.0
354.9
383.9
388.2
413.3
421.8
442.9
439.8
459.2
459.8
474.0
459.2
457.5
459.0
464.3
451.5
Structures
99.5
113.9
138.5
143.3
124.0
139.3
154.8
143.3
137.6
127.4
129.7
139.1
141.4
146.7
150.7
156.1
155.0
157.2
154.6
141.5
139.5
137.5
134.0
Producers'
durable
equipment
203.3
208.9
230.7
223.4
232.8
277.3
303.4
316.7
217.3
256.5
258.4
274.1
280.4
296.2
289.1
303.1
304.7
316.8
304.6
316.0
319.5
326.8
317.5
Residential
139.1
122.5
122.3
105.1
152.5
181.4
191.8
217.0
114.7
164.9
175.8
184.4
184.0
181.5
185.4
188.8
194.5
198.6
205.3
215.3
221.3
226.0
226.4
Total
13.0
-8.3
24.0
-24.5
71
64.1
11.1
6.7
-59.9
31.0
95.5
59.9
64.4
36.7
25.4
19.1
3.1
-3.1
43.8
14.5
-4.5
-27.1
44.2
Nonfarm
7.9
-2.4
18.3
-23.1
.4
56.6
12.2
7.7
-51.1
21.3
71.5
56.8
62.1
35.9
18.5
10.4
3.2
16.7
41.2
10.5
-10.3
108
38.6
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1987 survey, business spending for new plant and equipment
in 1987 is expected to be 3.1 percent above the 1986 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SC ALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
—.
^^r^~~
300
^"^-•^
—r
•—
^^
^1
|400
r~^
300
1
ALL INDUSTRIES
-
___,.
^^-j
_.»-*
—'
200
200
NOW HANUFACTURI vIG^
"><
_--
,.-'
100
100
M ^NUFACTURIN U
--''
80
80
—
60
60
-
40
40
1
1
1979
1
1
1
1
1
1
1
1
1981
1980
1 1
1982
1
1
1
1
1983
,-^,-^,-y
1 1
1984
1985
1987
1986
J//SURVEYED QUARTERLY
.2/SEE FOOTNOTE 4 BEIOW
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
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
379.27
390.89
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.73
145.91
1985: I
II
HI
373.56
387.86
389.23
397.88
1986: I .
1987: I r4
rv . . ..
n
IU
rv
n .
m*
iv 4
Nonmanufacturing
Surveyed
quarterly
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.08
70.86
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.65
75.05
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.54
244.99
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.25
10.45
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.75
19.40
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.44
45.64
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.10
169.50
146.94
154.25
154.47
158.26
70.29
74.34
72.99
75.47
76.64
79.91
81.48
82.79
226.62
233.61
234.76
239.61
15.81
16.56
15.89
15.25
16.70
17.45
18.81
19.15
48.44
48.61
48.44
49.79
145.68
150.99
151.62
155.42
146.94
154.25
154.47
158.26
226.62
233.61
234.76
239.61
377.94
375.92
374.55
388.69
144.03
141.68
139.21
146.01
68.01
68.33
69.31
70.68
76.02
73.35
69.89
75.33
233.90
234.24
235.34
242.68
12.99
11.23
10.15
10.63
18.22
18.28
19.03
19.48
47.03
46.55
45.90
46.27
155.67
158.18
160.25
166.31
144.03
141.68
139.21
14601
233.90
234.24
235.34
24268
372.24
392.02
397.06
402.26
139.38
146.90
148.45
148.90
69.72
73.06
71.84
68.81
69.65
73.83
76.61
80.09
232.87
245.12
248.60
253.36
10.17
10.85
10.60
10.20
18.77
19.47
20.02
19.33
43.44
45.94
46.80
46.37
160.49
168.86
171.19
177.46
139.38
146.90
148.45
148.90
232.87
245.12
248.60
253.36
Durable
goods
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 ("nonmanufaeturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufaeturing that is surveyed annually.
10
Total
nonfarm
business 2
284.94
314.47
349.26
347.47
343.35
398.99
431.94
427.03
Manufacturing
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.73
145.91
Total
189.02
202.15
222.72
226.79
227.15
260.16
278.46
284.30
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.54
244.99
Surveyed
annually 3
29.98
31.68
34.04
36.89
38.56
44.55
44.81
47.75
3
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 late April-May 1987, corrected for
biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In May, seasonally adjusted civilian employment rose 612,000 and unemployment rose 46,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
120
1987
*16 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
1979
1980
1981
1982
1983
1984
1985
1986*
1986: May* ..
June....
July
Aug
Sept....
Oct
Nov
Dec
1987: Jan
Feb
Mar
Apr
May
Noninstitutional
population
including
resident
Armed
r orces
NSA
166,460
169,349
171,775
173,939
175,891
178,080
179,912
182,293
181,998
182,183
182,354
182,525
182,713
182,935
183,114
183,297
183,575
183,738
183,915
184,079
184,259
A
(\
T
i
r
including
•i .
Forces
NSA
Armed
Forces
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,687
1,680
1,672
1,697
1,716
1,749
1,751
1,750
1,748
1,740
1,736
1,735
1,726
106,559
108,544
110,315
111,872
113,226
115,241
117,167
119,540
119,274
119,685
119,789
119,821
119,988
120,163
120,426
120,336
120,782
121,089
120,958
121,070
121,719
Employment
including
resident
Armed
Forces
100,421
100,907
102,042
101,194
102,510
106,702
108,856
111,303
110,852
111,293
111,559
111,764
111,703
111,941
112,183
112,387
112,759
113,122
113,104
113,570
114,173
Nonagricultural
Civilian
labor force
104,962
106,940
108,670
1 10^204
111,550
113,544
115,461
117334
117,587
118,005
118,117
118,124
118,272
118,414
118,675
118,586
119,034
119,349
119,222
119,335
119,993
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
Unemployment
Civilian employment
Resident
Total
98,824
99,303
100,397
99,526
100,834
105,005
107,150
109,597
109,165
109,613
109,887
110,067
109,987
110,192
110,432
110,637
111,011
111,382
111,368
111,835
112,447
Agricultural
3,347
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,151
3,164
3,124
3,057
3,142
3,162
3,215
3,161
3,145
3,236
3,284
3,290
3,335
Total
95,477
95,938
97,030
96425
97,450
101^685
103,971
106^434
106,014
106,449
106,763
107,010
106,845
107,030
107,217
107,476
107,866
108,146
108,084
108,545
109,112
Part-time
for
economic
reasons 1
Labor force
participation
rate (percent)
15
Total
3,373
4,064
6,137
7,637
4,499
5,852
5,997
5^512
5,334
5^345
5,569
5,322
5,222
5,269
5,303
5,450
5,319
5,342
5,201
5,459
5,164
5,110
5,029
8,273
10,678
10,717
8,539
8,312
8^237
8,422
8,392
8,230
8,057
8,285
8,222
8,243
7,949
8,023
7,967
7,854
7,500
7,546
weeks
and
over
1,241
1,871
2,285
3,485
4,210
2,737
2,305
2,232
2,232
2,299
2,250
2,272
2,373
2,168
2,217
2,171
2,200
2,131
2,050
2,075
2,101
Total 2
Civilian 3
64.0
64.1
64.2
64.3
64.4
63.7
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.2
65.4
65.4
65.3
65.3
65.4
65.4
65.3
65.5
65.6
65.4
65.4
65.7
64.7
65.1
65.6
65.5
65.7
65.7
65.6
65.7
65.7
65.8
65.7
65.8
65.9
65.8
65.8
66.1
"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 May, the seasonally adjusted overall unemployment
unemployment rate was unchanged at 6.3 percent.
rate was unchanged at 6.2 percent and the civilian
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
*
\'"WV
I
20 \.."V
v
TEENAGERS
(16-19)
\
20
V,
~v.V
BLACK
•X.
V \— L*
f vv .
V,
15
A
/
' l~\ • j"-
X'
15
'"~'v"N-v ••**
BLACK
\i
V
M*ID OTHER
10
10
-I.
^
~-» x^
—^
%
/
"
WHITE
Illllllllll
1983
WOM|EN20YE>VRS
. A N D OVER
ALI CIVILIAN W< DRKERS
"~\~ \
\
\^
-'V x /\/v A'*"v-v, '"V
V
1986
1985
^—r*>r~^.
-v.
A/\EN 20 YEAR 5
AND OVER
Illllllllll Illllllllll Illllllllll Illllllllll
1984
"T"'
^
*"^.
Illllllllll Illllllllll Illllllllll Illllllllll
1983
1987
1984
Illllllllll
1987
1986
1985
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL Of ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
workers l
All
civilian
workers
Women
20 years
and
over
Both
sexes
16-19
years
White
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
8.9
6.6
6.2
6.1
6.8
8.3
8.1
6.8
6.6
6.2
11.3
13.1
14.2
17.3
17.8
14.4
13.7
13.1
12.3
14.3
15.6
18.9
19.5
15.9
15.1
14.5
6.9
7.3
9.3
9.2
7.1
6.8
6.6
2.8
4.2
4.3
6.5
6.5
4.6
4.3
4.4
8.3
9.2
10.4
11.7
12.2
10.3
10.4
9.8
5.3
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
11.0
10.9
7.2
7.1
7.0
6.8
7.0
6.9
6.9
6.7
6.2
6.2
6.2
5.9
6.2
6.2
6.2
6.0
6.4
6.3
6.2
6.1
6.2
6.1
6.1
5.9
18.8
18.9
17.9
18.0
18.5
17.7
18.2
17.3
6.2
6.1
13.5
14.8
14.9
14.2
14.6
14.6
14.3
14.2
13.7
6.8
6.6
6.6
6.5
6.5
6.6
6.5
6.3
4.4
4.5
4.4
4.2
4.3
4.6
4.5
4.3
10.1
10.0
6.0
5.8
6.0
6.0
6.0
5.8
13.5
12.7
13.1
13.1
12.7
12.7
12.3
9.8
8.9
9.7
9.8
6.9
6.7
6.6
6.4
6.6
6.6
6.6
6.3
9.1
9.1
9.2
9.3
9.3
9.2
9.1
8.8
8.2
8.1
7.8
7.7
7.9
7.8
7.7
7.6
6.7
6.7
6.6
6.3
6.3
6.0
5.9
5.8
5.5
5.5
5.9
5.8
5.8
5.5
5.4
17.7
18.0
18.1
17.4
17.7
5.9
5.7
5.6
5.4
5.3
12.6
12.8
12.5
11.7
12.2
14.3
14.3
13.9
13.0
13.8
6.3
6.2
6.1
5.9
5.9
4.2
4.2
4.1
4.1
3.9
9.8
9.5
9.7
9.3
9.6
6.4
6.3
6.2
5.9
5.9
9.0
8.7
9.2
8.6
8.7
7.6
7.6
7.4
7.3
7.2
5.8
7.1
1986: May
June ....
July
Aug
Sept
Oct
Nov
Dec
7.1
7.0
6.9
6.7
6.9
6.8
6.8
6.6
1987: Jan
Feb
Mar
Apr
May
6.6
6.6
6.5
6.2
6.2
7.6
9.7
9.6
7.5
7.2
7.0
4.2
5.9
6.3
8.8
5.7
6.4
as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
Black
Labor
force
time lost
(percent) 2
5.1
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.8
7.0
7.5
9.5
9.5
7.4
7.1
6.9
12
Black
and
other
Experienced
wage and
salary
workers
16.1
17.8
19.6
23.2
22.4
18.9
18.6
18.3
1979
1980
1981
1982
1983 ...
1984
1985
1986
1
Unemployed
2
Men
20 years
and over
By selected groups
By race
By sex and age
5.5
9.5
10.1
Source: Department of Labor, Bureau of Labor Statistics.
6.3
7.9
8.5
8.6
8.1
7.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In May, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 27
weeks and over rose and the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration of
unemployment was unchanged and the median duration fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
70
DURATION Of UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
50
LESS THAN
5 WEEKS
*
t\t
40
~
\ —X^^
f\
*
-
»/«.»>/
r'"
WEEKS
. .±^ s-"--
30
--'
v
/-'v
.^
REENTRANTS
30
.-A\\- ->.- /v
27 WEEKS
AND OVER
20
NEW ENTRANTS
.^
->
'
-
10
'
10
15-26
WEEKS
Illllllllll
iiiiiiiini
1984
1983
N
JOB LOSERS
\
'^\~
"< -
, /"*VV.VA.
5-14
^'-~'
-^
>vA
40
V
20
50
Illllllllll
JOB LEAVERS
Illllllllll
1985
1986
Illllllllll
1987
1983
1984 1985 1986
1987
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT Of LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Unemployment
(thousands)
Period
State
programs
Number of
weeks
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
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
15.6
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
8,422
8,392
8,230
8,057
8,285
8,222
8,243
7,949
42.4
40.8
41.6
42.3
41.1
41.9
41.2
42.4
31.4
31.7
30.9
29.7
30.4
31.5
31.8
30.2
12.5
12.4
12.9
13.2
13.4
11.7
12.7
12.9
13.7
15.1
14.6
14.8
15.2
14.9
14.3
14.5
14.8
15.2
15.1
15.6
15.5
15.2
14.8
15.0
6.8
7.2
7.1
7.1
7.1
7.0
7.0
7.1
8,023
7,967
7,854
7,500
7,546
41.9
42.2
42.9
42.2
44.3
31.1
31.1
31.1
30.0
28.0
12.5
12.7
12.0
13.8
13.2
14.5
14.1
14.0
14.1
14.5
15.0
14.6
14.9
14.9
14.9
7.0
6.6
6.6
7.0
6.5
Job
leavers
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Reentrants
New
entrants
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
49.9
50.6
49.1
47.6
48.9
48.7
48.1
48.9
11.6
12.0
12.4
12.3
12.6
12.6
12.9
13.0
26.1
25.0
26.6
27.4
25.9
26.8
25.8
25.4
12.4
12.4
11.9
12.6
12.6
11.9
13.1
12.8
2,655
2,678
2,699
2,713
2,707
2,621
2,565
2,515
380
378
379
388
370
357
355
357
2,556
2,474
2,632
2,483
2,335
2,296
2,478
2,841
49.6
48.2
48.4
49.7
47.8
11.1
13.1
12.7
12.3
12.0
25.7
25.6
26.8
25.8
26.7
13.6
13.1
12.1
12.1
13.5
2,507
2,477
2,453
2,356
2,310
363
369
342
329
329
3,276
3,155
2,933
Job
losers
Weekly average, thousands
1980
1981
1982
1983
1984
1985
1986
1986- M*y, , , ,
July
.. .
Scot
Oct
NOT
Dec
1987- Jan.
Feb
Mar
..
Anr
May
-••
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 beneSt 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 123,000 in May. (Series revised.]
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
80
70
SERVICE-PRODUCING
INDUSTRIES
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
\
Infill i ii i
20
1983
1985
1984
1986
1987
1983
1987
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; ' seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
Manufacturing
Total
2
j
C on-
struction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
90,406
91,156
89,566
90,200
94,496
97,519
99,610
25,658
25,497
23,813
23,334
24,727
24,859
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
May r .. 99,389
June ''. 99,323
July T.. 99,601
Aug r.. 99,772
Sept \. 100,039
Oct '... 100,209
Nov r.. 100,415
Dec r.. 100,567
24,708
24,628
24,628
24,639
24,620
24,611
24,630
24,630
4,910
4,900
4,924
4,946
4,948
4,942
4,946
4,936
19,012
18,959
18,940
18,945
18,933
18,934
18,954
18,970
11,277
11,218
11,199
11,206
11,181
11,169
11,174
11,175
7,735
7,741
7,741
7,739
7,752
7,765
7,780
7,795
74,681
74,695
74,973
75,133
75,419
75,598
75,785
75,937
5,247
5,142
5,237
5,202
5,255
5,251
5,278
5,286
5,749
5,712
5,735
5,736
5,736
5,731
5,728
5,725
17,798
17,821
17,866
17,913
17,939
17,980
18,009
18,007
6,257
6,287
6,323
6,351
6,374
6,395
6,418
6,451
22,971
23,080
23,202
23,284
23,317
23,369
23,452
23,544
16,659
16,653
16,610
16,647
16,798
16,872
16,900
16,924
2,899
2,878
2,872
2,882
2,902
2,897
2,900
2,904
24,708
24,743
24,749
24,757
24,747
5,034
5,038
5,032
5,016
4,996
18,956
18,986
18,995
19,011
19,016
11,157
11,179
11,176
11,174
11,174
7,799
7,807
7,819
7,837
7,842
76,211
76,407
76,580
76,852
76,985
5,304
5,315
5,333
5,345
5,344
5,741
5,757
5,766
5,773
5,783
18,080
18,140
18,136
18,209
18,223
6,480
6,501
6,526
6,560
6,577
23,670
23,759
23,842
23,926
24,022
16,936
16,935
16,977
17,039
17,036
2,912
2,916
2,922
2,929
2,921
1980
1981
1982
1983
1984
1985 '
1986 r
1986:
Total
nonagricultural
employment
1987: Jan r..
Feb '..
Marr.
Apr '..
May".
100,919
101,150
101,329
101,609
101,732
1
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 disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
14
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
* Includes mining, not shown separately.
NOTE.—Data revised beginning April 1985, unadjusted, and beginning January 1982, seasonally
adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly
earnings
Average weekly
hours
Period
1979
1980
1981
1982
1983
1984
1985 r.
1986 *
1986- Mayr
June r
July r
Aue r
Sept r
Get * .. . .
Nov r
Dec r
1987- Jan r
Feb r
Mar r.
Apr r
May"
Manufacturing
Total
private
nonagricultural '
Total
Total
private
nonagricultural *
Overtime
Adjusted hourly earnings index — total private
nonagricultural 2
Index,
Manufacturing
Current
dollars
Percent change from a year
earlier 4 5
1977
dollars 3
Current
dollars
1977 dollars
-3.1
-4.0
-1.0
.9
1.6
-.3
$6.70
7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.73
9.72
9.74
9.75
9.75
9.77
9.78
9.79
116.8
127.3
138.9
148.5
155.4
160.3
165.2
169.3
168.9
169.2
169.1
169.5
169.8
170.2
171.2
171.1
97.4
93.5
92.6
93.4
94.9
94.6
94.1
95.0
95.3
95.2
95.1
95.2
95.0
95.1
95.5
95.3
7.9
9.0
9.1
6.9
4.6
3.2
3.1
2.5
3.5
3.4
3.5
3.5
3.5
3.5
3.5
3.6
$6.16
6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.74
8.75
8.74
8.77
8.78
8.82
8.86
8.84
2.7
2.5
2.4
2.4
2.0
2.4
2.6
2.0
LO
1.5
1.1
1.2
1.1
.6
1.2
1.7
1.3
3.6
3.6
3.6
3.5
3.8
8.86
8.88
8.91
8.91
8.95
9.79
9.81
9.83
9.86
9.87
171.2
171.8
172.2
172.5
172.6
94.7
94.6
94.4
94.2
93.9
2.2
2.1
2.2
2.4
2.2
1.1
.3
-.6
-1.3
-1.4
35.7
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.7
34.7
34.7
34.7
34.7
34.8
34.6
40.2
39.7
39.8
38.9
40.1
40.7
40.5
40.7
40.7
40.6
40.6
40.8
40.8
40.7
40.8
40.8
3.3
2.8
2.8
2.3
3.0
3.4
3.3
3.4
34.7
34.9
34.8
34.7
34.8
40.9
41.1
40.9
40.6
41.0
K
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 5
Average gross weekly earnings
Period
Manufacturing
Total private
nonagricultural 1
Current dollars
Construction
Retail trade
Current dollars
1977 dollars 3
1985 r
1986 r
1986- Mayr
June T
July *
Aug r
Sept T
Oct r
Novr
Dec r
$219.91
235.10
255.20
267.26
280.70
292.86
299.09
304.85
304.15
303.63
303.28
304.32
304.67
306.05
308.33
305.86
$183.41
172.74
170.13
168.09
171.26
172.78
170.42
171.07
171.74
170.77
170.57
170.97
170.59
171.07
171.96
170.40
$269.34
288.62
318.00
330.26
354.08
374.03
386.37
396.01
396.01
394.63
395.44
397.80
397.80
397.64
399.02
399.43
$342.99
367.78
399.26
426.82
442.97
458.51
464.46
466.38
465.75
463.51
464.01
468.00
469.25
471.38
473.71
471.85
$138.62
147.38
158.03
163.85
171.05
174.33
174.64
176.08
175.49
175.18
175.78
176.08
176.06
176.35
177.24
176.00
8.0
6.9
8.5
4.7
5.0
4.3
2.1
1.9
1987- Jan r
Feb *
Mar r
Apr r
May p
307.44
309.91
310.07
309.18
311.46
170.04
170.75
170.09
168.77
169.46
400.41
403.19
402.05
400.32
404.67
476.63
474.24
478.30
471.61
484.88
175.45
176.97
177.27
179.36
179.05
1.2
2.4
1.8
1.7
2.5
1979
1980
1981
1982
1983
1984
1
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index for earnings) divided by the consumer price index for urban wa,
and clerical workers (on a 1977 = 100 base).
4
Monthly changes based on indexes to two decimal places.
5
Based on seasonally unadjusted data.
2
3
1977 dollars
Current dollars
2.0
1.2
1.5
1.7
1.2
1.5
2.1
.5
31
-5.8
15
-1.2
1.9
.9
1.4
.4
.8
-.1
.3
.5
-.2
.3
1.2
-.2
.1
.5
-1.0
-2.0
-1.2
NOTE.—Data revised beginning April 1985, unadjusted, and beginning January
adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Hours of all
persons s
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
99.6
99.3
107.9
107.9
108.3
108.7
119.1
118.9
99.4
99.2
119.5
119.7
117.0
116.5
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.3
98.8
99.8
99.2
102.4
104.3
106.7
108.9
105.5
109.9
118.8
106.7
108.5
104.9
110.1
118.8
107.5
108.2
105.2
106.7
112.8
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.1
131.3
143.6
154.8
161.5
167.9
96.7
95.7
97.3
98.2
98.1
96.6
95.7
97.2
98.2
98.0
132.5
142.7
154.5
156.8
159.7
132.9
144.0
156.0
157.7
161.0
127.6
139.8
148.1
153.0
158.5
127.8
140.3
149.2
154.3
159.3
1985
1986 ...
106.4
107.1
104.8
105.5
122.7
125.9
122.5
125.9
115.3
117.5
116.9
119.3
175.3
180.9
174.6
179.8
98.8
100.0
98.4
99.4
164.8
168.8
166.7
170.4
163.0
166.3
164.6
168.1
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
103.8
103.3
113.6
114.1
109.4
110.5
163.6
163.4
98.1
97.9
157.7
158.2
155.2
156.2
165.9
167.1
169.0
170.6
165.6
166.9
168.7
170.4
98.1
97.9
98.1
98.2
97.9
97.8
97.9
98.1
158.2
158.3
160.2
161.7
159.4
159.5
161.5
163.3
156.7
157.7
159.0
160.3
157.2
158.4
160.0
161.4
....
1984- I
n
m
rv
1985- I
n..
m
IV
1986- I
n
m
IV
1987- I
104.9
105.6
105.5
105.5
103.9
104.6
104.4
104.3
116.9
119.0
119.5
120.2
116.9
119.1
119.5
120.2
111.4
112.7
113.3
114.0
112.5
113.8
114.5
115.2
105.7
106.4
107.3
106.4
104.4
104.9
105.4
104.5
121.3
122.3
123.5
123.8
121.1
122.1
123.3
123.6
114.8
115.0
115.2
116.4
116.0
116.4
116.9
118.2
172.3
174.5
176.4
178.0
172.1
174.0
175.4
177.0
98.4
98.6
99.0
99.0
98.3
98.3
98.5
98.4
163.1
164.0
164.4
167.3
164.8
165.9
166.3
169.3
161.4
162.6
163.4
164.6
162.7
164.1
165.2
166.2
107.3
107.4
107.3
106.8
105.6
105.7
105.7
105.3
125.3
125.4
126.0
126.8
125.1
125.3
126.1
127.0
116.8
116.7
117.4
118.7
118.5
118.5
119.4
120.6
179.1
180.4
181.7
182.6
178.3
179.3
180.4
181.6
99.2
100.2
100.4
100.2
98.8
99.7
99.6
99.6
167.0
168.0
169.3
171.0
168.8
169.6
170.7
172.5
165.3
165.8
167.2
167.0
167.1
167.5
169.0
168.9
106.9
105.4
128.0
128.3
119.8
121.7
182.7
181.6
99.0
98.4
170.9
172.2
168.7
170.6
Percent change; quarterly data at seasonally adjusted annual rates
1979
-1.2
2.0
1.9
3.2
3.5
9.7
9.5
16
11.1
11.2
9.0
8.9
3
1.4
-.4
2.7
2.3
-.4
1.0
-.6
3.3
1.8
1 I
2.1
-3.1
4.2
8.1
12
1.7
-3.3
4.9
8.0
g
.7
-2.8
1.5
5.7
7
.7
27
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
4.0
-2.7
10
1.6
1.0
-.1
27
-.9
1.5
1.1
-.3
10.9
7.7
8.3
1.5
1.8
11.0
8.3
8.4
1.1
2.1
9.0
9.6
5.9
3.3
3.5
9.7
9.7
6.3
3.5
3.2
1985
1986
1.0
.7
.5
.7
3.3
2.6
3.0
2.8
2.2
1.9
2.6
2.0
4.3
3.2
4.0
3.0
.7
1.2
.4
1.1
3.2
2.5
3.5
2.3
2.9
2.1
3.3
2.2
1982: IV
3.0
2.4
4.5
5.1
3.2
3.7
1.5
2.6
2.4
3.0
1980
1981 ....
1982
1983 ...
1984
1983: IV
1.3
10.4
9.8
7.3
8.4
5.3
4.4
1.4
.5
2.4
3.0
4.8
3.1
12.2
7.5
1.7
2.5
10.2
7.7
1.6
2.2
7.4
4.8
2.1
2.6
7.6
4.7
2.3
2.6
5.7
2.8
4.6
3.8
5.4
3.2
4.3
4.2
.3
12
1.0
.5
.1
-.8
.7
.8
1.2
.2
5.0
3.9
3.0
.3
5.1
4.6
4.0
2.6
3.4
3.2
2.7
3.1
4.0
3.7
.9
2.7
3.4
.3
1.8
2.2
-3.5
3.6
3.3
4.1
1.0
3.2
3.0
4.0
1.0
2.6
.6
.7
4.3
2.9
1.2
1.8
4.6
4.2
5.1
4.4
3.8
3.9
4.6
3.2
3.7
.9
.5
2.0
— .1
.6
.0
.9
-.2
3.3
2.4
1.0
7.2
3.6
2.7
1.0
7.4
2.7
3.0
1.9
3.0
3.2
3.4
2.6
2.4
3.3
.5
— .4
-2.0
4.3
.5
-.3
-1.5
4.7
.3
2.0
2.4
5.1
.6
2.6
2.7
1.4
-.2
2.4
4.6
.8
.1
2.9
4.3
2.5
2.8
2.9
2.0
3.1
2.3
2.3
2.7
.9
4.2
.4
-.6
1.5
3.6
-.1
.0
-.7
2.3
3.3
4.2
-1.2
1.8
2.6
4.2
1.8
1.2
3.4
-.4
2.3
1.0
3.6
-.3
.6
.5
4.1
4.3
3.4
3.8
.3
.0
-.3
-.5
4.0
4.2
1985- I
n
m
IV
1987:
-3.5
2.4
2.9
-.7
-.4
IV
IV
-3.4
2.8
n
m
n
m
-1.2
-1.4
4.4
2.6
-.3
-.1
1984: I
1986- I....
-1.6
q 2
I
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
s
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.
* Hourlly compensation divided by the consumer price index for all urban consumers.
16
5
-4.7
-5.0
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 rose 0.5 percent in May, following little change in April and March. The index for May was
2.9 percent above its year-earlier level.
INDEX, 1977 = 100* (RATIO SCALE)
INDEX, 1977=100* (RATIO SCALE)
140
21U
_ TOTAL INDUSTRIAL PRODUCT ION
•^,
FINAL PRODUCTS
-- * —
200*
120
„• • ,i i —
-
SPACE
160! . EQUIPMErJT
100 -^
II
1111 1 11 1 1
|lml 1 1 1 1 1 1 1 I 1 1 1
1 1 1 1 1 1 1 1 1 1 1 1 1 n 1 1 1 1 \\ \
140)
140 _MANUFACTURING PRODUCTION.
120
100 1
100
,
-If^
BUSINESS
EQUIPMENT
^
^H
12dl
DURABLE
140
^ ^— -
180| •DEFENSE A MD
^
\_
^
^
-^'~
CONSUMER
GOODS
II,,, hllll
iiinlinii
,
,
PERCENT*
90 -MANUFACTURING CAPACITY UTILIZATION RATE—
^_ UTILITIES AND MINING PRODUCTION
80
UTILITIES -
120
70
100
60
1983
1987
1983'
^
1., Ml,,,,,
IIM
1984'
,,,,,1,,,,, imilimi
1985 1
•SEASONAUY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1986
|1987
. COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry production indexes, 1977 = 100
Total
industrial
production
Period
Index,
1977 = 100
1977 proportion
1979
1980
1981
1982
1983
1984
1985
1986
1986: May
July
Aug
Sept
Oct
Nov
Dec
1987: Jan
Feb r
Mar r
Apr r
Mav p
1
Output as percent of capacity.
Capacity utilization
rate, percent *
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
100.0
110.7
108.6
111.0
103.1
109.2
121.4
123.8
125.1
124.2
124.2
124.9
125.1
124.9
125.3
126.0
126.7
3.9
-1.9
2.2
-7.1
5.9
11.2
2.0
1.1
.5
.5
1.2
.5
.5
1.4
.9
.9
84.21
111.5
108.2
110.5
102.2
110.2
123.4
126.4
129.1
128.2
128.3
129.2
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
127.0
126.2
127.4
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
129.9
131.2
131.7
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
99.8
98.9
97.1
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
108.5
108.6
109.7
108.3
108.3
109.3
111.2
110.6
126.5
127.2
127.3
127.2
127.8
.3
1.6
2.9
2.0
2.9
131.1
132.0
132.2
132.0
132.7
129.0
130.4
130.5
129.8
130.4
134.1
134.3
134.6
135.1
135.9
97.2
96.2
96.4
96.5
96.3
109.5
109.6
109.3
110.4
111.9
Manufacturing
Industrial
materials
84.6
79.3
78.3
70.3
74.0
80.5
80.1
79.8
79.4
79.3
79.7
79.7
79.6
79.6
r
79.7
r
80.0
87.1
81.1
81.1
71.7
75.3
82.0
80.2
78.5
78.1
78.0
78.3
77.9
78.1
77.8
78.4
78.9
r
78.8
78.7
78.6
78.8
79.0
79.9
80.3
80.2
79.9
80.2
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Equipment
Consumer goods
Period
Total
Durable
goods
Total
Nondurable goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Business
supplies
Total
Energy
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
Dec ..
131.6
131.1
132.0
132.6
132.2
132.7
133.1
133.7
124.3
124.4
125.2
125.1
124.2
124.7
125.6
127.2
113.8
114.3
116.3
115.7
117.4
116.3
118.4
121.5
128.1
128.1
128.4
128.6
126.7
127.8
128.3
129.4
141.2
140.0
141.0
142.5
142.8
143.3
143.1
142.2
137.9
136.6
137.9
139.3
139.3
139.1
138.6
137.1
178.0
178.4
179.5
181.0
182.0
184.6
184.9
185.8
135.1
137.0
137.3
137.8
137.0
138.7
139.2
139.7
123.5
124.1
124.0
125.4
125.9
126.3
126.8
127.9
145.0
147.9
148.6
148.4
146.4
149.3
149.7
149.8
113.0
113.1
113.6
113.2
113.5
113.3
114.3
115.2
100.5
100.8
99.9
97.9
98.0
96.9
98.7
98.8
1987: Jan .
Feb r
Mar r
Apr r
May p
133.6
135.0
135.1
134.4
135.2
126.8
127.5
127.6
126.6
127.4
120.0
122.4
121.6
118.4
119.4
129.2
129.4
129.8
129.6
130.3
142.8
144.9
145.0
144.7
145.6
138.1
140.8
140.6
140.4
141.2
185.2
186.5
186.6
186.5
187.4
139.1
139.7
140.1
140.0
140.7
128.3
128.4
128.5
127.9
128.6
148.3
149.4
150.0
150.3
115.2
115.1
115.1
115.6
116.0
98.9
97.6
96.9
97.8
98.4
1977 pnyporti&n..
1979
1980
1981
1982
1983 . .
1984
1985
1986
1986: May
June
July .
... .
..
..
Aue
Sept
Oct ...
Nov
1
Includes rigs and prefabs, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
1986: May
July
Sept
Oct
Nov
Dec
1987- Jan
Feb r.
Mar r
Apr r
May''
Printing
and
publishing
cals
and
products
5.33
108.5
90.4
95.0
65.8
73.0
82.3
80.5
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
9.13
108.3
96.9
95.1
87.6
99.2
112.2
121.4
125.8
5.25
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
74.8
71.4
73.6
73.4
74.1
74.2
76.8
73.5
60.2
58.3
61.7
60.8
61.1
62.2
64.8
60.5
106.5
106.6
105.7
105.9
107.3
108.3
107.1
108.3
141.3
140.4
142.6
142.6
140.9
142.2
141.2
139.9
166.0
163.2
166.8
167.2
166.9
167.7
168.3
170.2
124.1
125.1
125.6
125.1
127.7
125.2
125.6
127.0
108.7
110.6
111.2
108.2
112.2
107.1
107.9
111.2
121.6
120.9
120.8
122.5
125.0
125.9
129.5
133.1
102.6
101.7
102.5
102.5
102.7
104.2
105.1
106.4
161.9
164.0
165.4
164.6
163.0
167.8
168.5
167.7
131.5
134.2
134.1
134.4
133.9
133.9
132.3
134.6
133.7
134.6
134.3
135.1
134.3
133.7
134.4
135.3
73.6
76.3
77.5
76.8
77 4
60.2
63.1
65.1
65.1
108.0
108.2
108.6
108.6
109.0
140.3
142.3
143.7
144.3
145.3
169.2
169.3
167.7
166.4
166.7
128.1
131.8
130.6
126.9
127.7
112.2
117.8
115.5
109.3
110.2
130.2
130.0
129.6
130.6
107.2
107.4
106.7
168.1
166.7
167.9
169.2
171.6
137.4
137.7
138.2
139.0
135.3
135.7
136.1
135.9
Source: Board of Governors of the Federal Reserve Svstem.
18
Apparel
products
Iron and
steel
Total
1979
1980
1981
1982
1983 ..
1984
1985
1986
Lumber
and
products
Fabricated
metal
products
Period
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Foods
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
(1982 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
250.3
249.0
257.8
244.4
279.2
327.2
355.6
377.9
1979
1980..
1981
1982
1983.
1984
1985
1986
201.5
194.0
204.4
193.6
228.5
272.0
292.8
306.7
117.2
101.1
100.0
85.4
126.6
155.1
158.8
175.6
42.0
46.7
55.0
58.7
53.8
68.6
82.7
80.1
90.1
70.4
70.2
57.7
95.7
115.1
116.0
133.9
42.3
46.2
49.4
49.5
48.1
48.2
51.3
51.1
48.8
55.0
53.3
50.8
50.7
55.2
62.8
71.2
109
97
100
100
124
135
148
155
Annual rates
1,059
904
919
690
756
955
1,097
996
Annual rates
1986: Apr
May
June
July
Aue . . .
Sept
Oct
Nov
Dec
373.9
374.5
375.4
380.7
382.6
382.6
388.5
383.1
378.5
303.3
302.6
304.6
309.0
310.2
308.6
315.3
311.7
305.5
170.5
172.5
174.5
178.8
178.8
178.5
187.0
185.7
181.5
129.4
132.4
135.2
136.6
137.8
138.5
139.4
140.2
137.8
81.8
78.7
78.3
79.3
81.1
79.3
77.5
76.5
74.5
51.0
51.3
51.8
50.9
50.3
50.9
50.8
49.5
49.4
70.6
71.9
70.8
71.7
72.4
74.0
73.2
71.5
73.0
165
153
159
157
155
155
151
156
155
1,011
921
911
877
949
970
861
1,025
940
1987: Jan
Feb
Mar...
Apr"
381.1
386.8
382.4
384.1
307.2
311.3
306.0
307.9
185.4
184.9
184.7
184.2
139.5
139.1
140.1
141.4
71.5
75.6
72.1
73.1
50.3
50.8
49.2
50.7
73.9
75.5
76.4
76.2
150
145
160
158
996
850
912
935
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 housing units
Period
Units started, by type of structure
Total
1 unit
2-4 units
5 or more units
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
Sept
Oct
Nov
Dec
1,848
1,842
1,786
1,800
1,689
1,657
1,637
1,813
1,219
1,212
1,147
1,180
1,123
1,114
1,129
1,233
83
79
80
88
62
85
71
108
546
551
559
532
504
458
437
472
Jan
Feb
Mar r.
Apr '
May"
1,816
1,838
1,730
1,665
1,620
1,253
1,303
1,211
1,222
1,129
79
76
85
65
75
484
459
434
378
416
1979....
1980
1981
1982
1983
1984
1985
1986
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
New private homes
Units
authorized
Units
completed
Homes sold
Homes for
sale at end of
period 1
3
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
1,778
1,793
1,778
1,728
1,687
1,664
1,667
1,862
1,801
1,644
1,750
1,757
1,740
1,745
1,774
1,894
777
723
691
623
744
675
691
768
338
340
350
352
355
357
353
357
1,652
1,676
1,719
1,598
1,493
1,956
' 1,726
1,696
1,821
712
742
722
777
358
358
357
355
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
398
336
272
251
300
353
346
357
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- May
June
July
1987:
1
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series heginning March 1979.
2
7.3
7.5
7.7
7.4
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83
data are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In April, manufacturing and trade sales fell 0.2 percent and inventories rose $1.2 billion. In May, according to
advance data, retail sales fell 0.6 percent, following a rise of 0.2 percent in April.
BULK3NS OF DOLLARS* (RATIO SCALE)
BULK>NS OF DOLLARS* (RATIO SCALE)
200
800
—
.
-"
—
180
700
—
160
600
f
"""
H
\.
RE FAIL INVENT DRIES
/
^--
MAN JFACTURINC7 AND
TRA DE INVENTC RIES
140
—
^^-^
tr^
A /,
Jt
500
120
400
•*'
100
'~"\
\
__ x ,'
/~
M/\NUFACTUR NG
Ah4D TRADE SA LES
—
/
*-/
,.-<-)
—
. - ,- ~
—
—
-
,-.-"- DETAIL SALES
— +*
-
80
I i 1 1 \ \ 1 1 1 1 1 I 1 ! 1 L) 1 I I 1 1I1 1 1 1 1 1 M 1 1
300
1 1 I 1 1 1 1 II
1 1 111 11 1 1 11
1 i
RATICy
1.80
- INVENTORY-SALES RATIO
-V
—
—
1.60
^--•.^"^^.^"
200
r~VN
fc
X"V
-
MANUFACTURING
AND TRADE
-
1.20
miilnm iimlmii imilmn
1983
1984
SEASONALLY ADJL
sOURCE
; DEPARTME
lllllllllll l l l l l l l l l l l
1985
1.00
1 1 | | 1 1 1 1 M 1lllllllllll
1984
1983
1987
1986
ninl
M M . Inn. M i n i , n i l
1985
1986
1987
STED
NT OF COMMERC
Manufacturing and
trade *
COUNCIL OF ECC NOMIC
Wholesale
Sales 2
Inventories 3
Sales
2
Inventory-sales ratio 4
Retail
Sales
Period
Inventories 3
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
ADVISERS
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade l
1.67
1.56
1.52
1.54
1.54
1.49
1.44
1.48
1.50
1.54
1.55
1.56
1.55
1.56
1.55
1.49
1.53
1.53
1.47
1.57
1.55
1.55
1.56
1.53
1.44
1.56
1.56
1.47
1.55
1.49
1.49
1.50
1.59
1.53
1.55
1.55
Retail
Millions of dollars, seasonally adjusted
1982
1983.
1984
1985
1986.
1986: Apr r
May
July
Sept
Oct
Nov
Dec
1987-
Jan
Feb
Mar r.
Apr"
May *
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
421,276
417,541
421,933
421,137
423,559
437,895
430,012
429,944
443,766
654,980
653,317
654,088
656,982
655,415
652,978
656,619
656,189
652,705
113,887
110,549
113,232
114,444
114,426
118,138
117,488
117,734
118,446
145,900
146,012
147,129
147,850
148,050
148,599
147,754
148,204
147,375
425,080
443,169
445,032
444,030
659,036
660,470
663,010
664,247
116,545
123,281
123,009
123,263
149,347
149,408
149,565
149,761
r
r
118,113
119,630
119,679
120,541
122,156
128,952
122,121
121,678
127,613
118,579
124,280
124,593
r
124, 788
124,031
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
•(•tail and beginning January 1982 for manufacturing; not comparable with data for prior periods.
2
3
20
28,169
33,161
38,948
43,165
47,338
89,107
97,599
107,448
114,968
121,201
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
r
r
73,001
73,471
73,671
73,937
73,911
73,942
74,321
74,270
75,034
185,765
184,906
185,686
187,935
187,483
186,034
190,645
189,264
187,158
95,723
94,711
95,681
98,008
97,387
94,337
97,810
97,041
94,935
90,042
90,195
90,005
89,927
90,096
91,697
92,835
92,223
92,223
43,766
47,365
47,942
' 47,971
46,783
74,813
76,915
76,651
r
76,817
77,248
189,000
190,527
193,355
193,696
96,606
97,831
99,293
99,341
92,394
92,696
94,062
94,355
45,112
46,159
46,008
46,604
48,245
55,010
47,800
47,408
52,579
4
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. In May, according to advance data, total
durable goods shipments and orders were about unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
BILLIONS OF DOLLARS* (RATIO SCALE)
440 _
400
360
320
280
SHIPM FJWT<»
200
"
160 _^^
TOTAL
RABLE GOO
120
80
\
TOTAL
—
.--" —5-
200
\
DLJRABLE GOO DS
160
-.--
h-,"J
NOh^DURABLE GOODS
^
"^
240 -
,
,--
...
INVENTORIES
120
60
NONE URABLEGO 3DS
lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll
80
BILLIONS OF DOLLARS* (RATIO SCALE)
280
NEW ORDER5
240
200
60
lllllllllll lllllllllll lllllllllll lllllllllll
^X^——
^s-^
—H
TOTAL
160
RATIO *
2.20
—
m|
INVENTORY-SHIPMENTS RATIO
2.00
?ABLE GOO
120
80
60
,-
^•: 'V--r-.-7L^-vl
" f~ r— "
1.60
\
NO MDURABLE GOODS
1984
1985
-
1.40
iiiiiiiini lllllllllll lllllllllll lllllllllll lllllllllll
1983
r"lr^ir>
1.80
1.20
—
1
^
1987
1986
llllllMIM
1983
1984
1
M " ' 1 1 1 II
1985
J986
1987
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS ,
Manufacturers' new orders l
Manufacturers' inventories 2
Manufacturers' shipments *
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
25,429
25,905
26,637
25,541
27,143
27,647
27,301
29,312
88,717
89,192
86,708
88,757
90,290
89,015
90,341
91,076
375,692
373,634
374,181
372,090
375,043
374,047
374,514
373,849
1.72
1.70
1.73
1.71
1.67
1.67
1.67
1.61
26,777
26,856
27,396
28,302
29,945
91,089
92,401
93,186
93,731
370,526
369,251
371,220
375,906
1.69
1.64
1.62
1.64
Millions of dollars, seasonally adjusted
1980 .
1981
1982
1983
1984
1985
1986
1986- May
June
July
, •>
Aue
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar
Apr r
May p
1
r
264,281
282,645
311,421
312,152
334,163
326,780
318,172
174,620
186,347
200,7 11
200,220
218,524
213,750
207,935
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
187,362
189,022
186,152
186,977
190,805
190,403
190,532
197,707
r
98,684
99,611
99,514
98,065
100,881
101,528
100,218
106,739
88,678
89,411
86,638
88,912
89,924
88,875
90,314
90,968
322,399
321,273
321,197
319,882
318,345
318,220
318,721
318,172
212,012
211,035
210,685
209,885
209,438
209,170
209,373
207,935
110,387
110,238
110,512
109,997
108,907
109,050
109,348
110,237
189,956
195,608
197,430
195,979
99,318
103,601
104,750
102,714
102 663
90,638
92,007
92,680
93,265
320,689
320,535
320,090
320,790
209,090
208,644
207,987
208,683
111,599
111,891
112,103
112,107
2
2
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
data for prior periods.
3
End of period.
2
89,661
96,298
110,710
111,932
115,639
113,030
110,237
154,391
168,129
163,350
171,242
187,869
189,928
189,442
2
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
185,880
186,964
186,699
184,886
193,758
189,407
190,999
197,042
r
186,633
194,333
199,399
200,665
95,544
101,932
106,213
106,934
106,851
97,163
97,772
99,991
96,129
103,468
100,392
100,658
105,966
r
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 May, the producer price index for all finished goods rose 0.3 percent, seasonally adjusted. Finished consumer
foods rose 1.4 percent while other finished consumer goods fell 0.2 percent. Capital equipment rose 0.1 percent.
INDEX, 1967= lOO^RATIO SCALE)
340
INDEX, 1967 = 100 (RATIO SCALE)
340
SEASONALLY ADJUSTED
FINISHED GOODS
320
CONSUMER GOODS
-EXCLUDING FOODS
300
320
TOTAL FINISHED'
GOODS
300
280
280
260
260
CAPITAL EQUIPMENT
240
240
220
220
200
200
s
180
1979
1 1 1 11
1,
1 1 1 1 \ \\
1981
; 1980
1983
1982
1984
1985
1986
180
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967 = 100; monthly data seasonally adjusted]
Finished goods
Intermediate materials
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
1979
1980
1981
1982
1983
1984
1985
1986
1986- May
July
Sept
Oct
Nov
Dec
1987- Jan r
Feb
Mar
Apr...
May
1
Other
Total
Foodstuffs
and
feedstuffs
Other
Durable
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
288.8
289.4
287.2
288.3
289.1
290.1
290.2
290.4
275.5
275.9
279.6
283.5
283.3
285.9
285.3
284.0
290.9
291.5
287.1
287.2
288.4
288.8
289.3
289.9
283.6
284.2
277.9
277.9
279.1
279.2
279.4
280.2
245.5
245.9
246.4
246.3
247.6
251.0
252.2
252.0
312.4
313.2
301.7
301.9
303.0
300.7
300.1
301.5
305.5
306.1
306.3
306.6
307.6
308.7
309.8
310.2
284.1
284.7
281.7
283.1
283.8
284.8
284.7
284.8
306.8
306.6
304.7
304.5
305.7
304.8
304.7
304.7
229.1
229.4
229.6
232.2
232.6
231.5
231.6
231.2
312.5
312.3
310.3
309.9
311.1
310.2
310.2
310.2
279.1
277.2
276.7
277.2
276.8
280.9
279.0
276.6
228.4
226.5
232.2
238.6
236.1
241.1
237.5
234.5
389.0
387.2
372.6
359.8
364.3
366.3
368.3
367.2
291.7
291.9
293.2
295.3
296.2
279.0
277.7
279.1
283.2
287.1
293.4
294.2
295.4
296.8
296.6
285.0
286.5
288.1
289.7
289.2
252.7
249.7
249.6
252.1
252.0
308.9
312.9
315.5
316.5
315.9
310.8
310.0
310.3
311.2
311.6
286.2
286.8
288.3
290.8
291.8
307.5
309.2
310.2
311.2
312.8
228.3
230.1
228.5
232.6
240.1
313.3
315.0
316.2
317.0
318.2
282.6
287.4
287.7
295.7
304.8
227.2
226.6
227.6
237.5
248.9
390.8
401.4
401.0
407.9
417.2
Intermediate materials for food manufacturing and feeds.
Foods
and
feeds l
Total
Source: Department of Labor, Bureau of Labor Statistics.
22
Total
finished
consumer
goods
Total
Nondurable
Capital
equipment
Consumer goods
Total
Crude materials
CONSUMER PRICES—ALL URBAN CONSUMERS
In May, the consumer price index for all urban consumers rose 0.3 percent, seasonally adjusted and not seasonally
adjusted. The index was 3.8 percent above its year-earlier level.
INDEX , 1967= 100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
340;
340
UNADJUSTED
^~
^~^~1
320
320
~^~
300
^n
r^v
^n
280
/
260
300
ALL ITEMS
280
260
/
240
240
/
A
220
220
/
200
200
180
1 1 1 1 1 1 11 1 11
1979
1 111I 1 1 1 1 11
1980
1981
M 1 H 1 '! ' ' '
1982
1 1 1 1 1 1 1 1 1 1\
1983
Inn*
1984
M \ 1H11' ' '
i 1985
1
1986
SEE NOTE ON TABLE BELOW
SOURCE; DEPARTMENT OF LABOR
' M ' ' ' M M 180
1987
LI 1 1 1 1 1 I I_l_l
COUNCIL OF CONOMIC ADVISERS
[1967=100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
Period
All
items l
Food
Total '
Total
Renters'
costs (Dec.
1982 = 100)
Homeowners'
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
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:
May
June
July
Aug
Sept
Oct
Nov
Dec
326.3
327.9
328.0
328.6
330.2
330.5
330.8
331.1
316.5
317.4
320.2
322.7
323.9
325.2
326.5
327.2
358.6
360.1
360.1
361.0
361.8
361.9
362.0
362.7
400.9
401.6
403.0
404.6
406.7
408.3
409.3
410.3
1987:
Jan
Feb
Mar
Apr
May
333.1
334.4
335.9
337.7
338.7
328.6
329.6
329.2
330.2
332.0
364.4
365.8
367.2
368.2
368.9
412.2
414.3
416.5
418.0
419.2
1
27.8
upkeep
Total '
New
cars
Motor
fuel
6.3
Medical
care
Energy 2
All items
less
food,
energy,
and
shelter
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
7.9
239.3
278.6
319.2
350.8
370.3
387.3
393.6
384.7
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
2.9
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
121.2
121.7
122.3
122.6
123.1
123.6
124.1
124.5
119.0
119.1
119.4
119.9
120.6
121.1
121.3
121.5
367.1
366.6
369.2
376.4
376.2
379.0
377.1
380.0
383.6
388.1
383.4
382.9
380.6
376.7
374.9
374.3
206.9
206.3
207.1
208.0
208.9
209.0
209.6
209.5
305.7
308.1
304.2
301.3
302.2
302.5
303.6
303.6
222.8
224.2
225.2
225.9
226.4
228.0
229.7
230.9
289.3
297.2
276.5
263.2
269.0
263.4
261.7
260.9
430.0
432.7
435.3
437.8
440.6
443.0
445.3
448.2
368.7
375.2
360.0
352.2
353.7
347.1
345.3
344.6
289.6
290.6
291.7
292.4
292.8
293.9
294.8
295.5
125.4
126.0
126.7
127.0
127.2
122.0
122.6
123.2
123.7
124.2
382.1
381.9
383.4
382.4
381.9
375.9
377.1
377.6
378.1
378.1
210.4
211.8
215.4
218.6
219.1
308.3
309.8
311.8
313.4
314.4
231.8
229.3
229.4
230.4
231.1
278.0
289.5
296.2
298.4
299.7
450.2
451.7
453.7
456.5
459.1
354.9
361.5
365.2
366.2
366.8
297.0
297.4
298.8
300.5
301.4
8.0
19.6
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
Rel. imp.3
1979
1980
1981
1982
1983
1984....
1985
1986..
2
Fuel
Mainteand
nance
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]
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
Capita]
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
12.8
11.8
7.1
3.7
.6
1.7
1.8
-2.3
1979
1980
1981
1982
1983
1984
1985
1986
17.5
14.2
8.5
4.2
g
.8
2.0
-6.6
7.4
7.5
1.4
2.1
2.3
3.5
.5
2.9
11.1
13.5
9.2
4.0
1.6
2.1
.9
— 1.4
8.8
11.4
9.2
3.9
1.9
1.8
2.7
2.1
Change, month to month
1986- May
0.5
.2
-.8
.4
.3
.3
.0
.1
July
Sept
Oct
Nov
Dec
1987- Jan
1.4
.1
1.3
1.4
1
.9
2
-.5
.4
.1
.4
.7
.3
Feb
Mar
May
-1.8
5
.5
1.5
1.4
0.2
.2
22
0
.4
.0
.1
.3
0.1
.2
.1
.1
.3
.4
.4
.1
1.7
.5
.6
.6
-.2
.2
3
.1
.3
.1
-3.7
7
— .4
4.1
2.7
1.8
2.2
2.4
-7.0
1.9
2.2
1.6
r
8.6
10.6
11.8
r
6.8
3.8
-9.3
102
-6.7
6.2
14.2
r9
0
6.0
2.3
2.4
1.6
1.4
2.0
3.2
4.2
3.4
-11.4
-3.6
-6.9
78
8.4
8.2
12.1
12.1
11.2
9.3
2.6
1.0
.7
-.3
-4.5
-5.1
-5.8
-2.2
2.7
.3
.1
.5
2.1
.1
1.9
1.0
.7
1.5
0
4.4
10.2
9.7
10.7
7.2
6.0
3.2
2.5
2.9
3.6
4.2
— .4
-4.0
29
-1.9
1.3
-9.9
-10.2
-13.6
-9.6
-5.3
-2.6
-2.9
-2.8
-1.8
-1.6
-2.4
-1.8
-.9
-1.4
-1.9
-2.3
1.5
1.7
1.9
1.9
2.2
2.4
2.8
2.7
5.2
6.3
6.6
7.7
7.1
3.0
2.2
1.8
1.6
1.2
r
-1.4
.1
1.5
2.7
2.6
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
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total 1
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food,
energy,
and
shelter
Addendum: AH 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
13.3
12.4
8.9
3.9
3.8
4.0
3.8
1.1
1979
1980
1981
1982
1983
1984
1985
1986
10.2
10.2
4.3
3.1
2.6
3.8
2.7
3.8
15.2
137
10.2
3.6
3.5
4.2
4.3
1.8
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
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
52.2
7.4
18.9
7.5
9.4
6.8
1.6 -6.5
17
3.4
2.4 -2.4
3.0
3.5
5.8 -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
0.5
1.8
-4.1
-2.2
.4
-1.9
-.5
-.2
0.2
.3
.4
.2
.1
.4
.3
.2
3.0
1.9
1.0
.3
.2
.5
.1
.5
.6
.3
11.3
13.5
10.4
6.1
3.2
4.3
3.6
1.9
Change, month to month
1986:
1987:
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
May
0.2
.4
.0
.2
.3
.2
.2
.2
0.4
.3
.9
.8
.4
.4
.4
.2
.7
.4
.4
.4
.3
.4
.3
1
.3
.5
.4
0
.2
.2
.0
.0
.2
0.2
.2
.3
.4
.5
.4
.2
.2
0.2
.4
.5
.2
.4
.4
.4
.3
0.2
.1
.3
.4
.6
.4
.2
.2
-1.0
1.2
12
-.1
-.6
-1.0
5
-.2
0
-.3
.4
.4
.4
.0
.3
-.0
0.6
.8
13
-1.0
.3
.1
.4
0
0.7
.6
.4
.3
.2
.7
.7
.5
3.1
2.7
70
-4.8
2.2
-2.1
-.3
0.6
.6
.6
.6
.6
.5
.5
.7
.5
.4
.4
.3
.2
.5
.5
.5
.4
.3
.7
.5
.6
.2
.2
.4
.5
.5
.4
.4
.4
.3
.1
.1
0
.4
.7
1.7
1.5
.2
1.5
.5
.6
.5
.3
.4
11
.0
.4
.3
6.6
4.1
2.3
.7
.4
.4
.3
.4
.6
.6
-0.1
1
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
Quarterly changes are shown in the last month of the quarter.
2
NOTE.—Data beginning January 1983 incorporate a rental equivalence measure for homeowner-
24
Q
-1.3
2.5
2.6
5.3
-1.7
1.6
2.9
2.5
2.0
2.6
3.0
2.5
4.4
5.2
6.2
5.3
4.9
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.
.1
-.5
.4
1.8
2.7
2.7
2.2
1.6
1.7
1.6
1.6
1.8
1.5
1.3
1.1
3.5
4.1
4.3
4.8
5.0
1.4
2.1
3.0
3.8
3.8
-0.1
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, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
PRICES PAID
160
160
.\
140
140
120
120
PRICES RECEIVED -
100
100
80
80
HIM in 11
60
RATIO-!'
140
imilimi 111
*-•—^_^
—
^— ^
~~
\__^
80
1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 1 1 II minimi nun
1979
1980
1981
Mill
60
RATION
140
-
—
^-^-—1
minimi iimmiu
1983
1982
1984
1 1 1 11111 1 11
1985
r~i
1986
80
Illlll
1987
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Prices paid by fanners
Prices received by fanners
Period
1979 . ..
1980
1981
...
1982
1983
1984 .
1985
1986
1986: May
June
July
Auflr
Sept
Oct
Nov
Dec
1987- Jan
Feb.
Mar
May
1
Includes
2
. .
All farm
products
.
Livestock and
products
Crops
132
134
139
133
135
142
128
123
123
122
125
125
122
121
124
121
121
122
123
125
129
116
125
134
121
128
138
120
106
115
110
106
101
97
97
103
99
99
99
102
102
108
items not shown separately.
Percentage ratio of index of prices received by fanners to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by fanners are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
147
144
143
145
141
146
136
138
131
133
143
149
146
145
145
141
142
144
142
147
150
All commodities,
services,
interest, taxes,
and wage rates *
Production
items, interest,
taxes, and wage
rates
123
138
151
159
161
165
163
159
(3)
(3)
159
(3)
(a)
158
(3)
(3)
159
(3)
(3)
162
(3)
125
139
151
159
159
162
157
151
(3)
(3)
151
(3)
(3)
149
(3)
(3)
149
(a)
(3)
152
(3)
Production
items
125
138
148
153
152
155
151
146
(3)
(3)
144
(3)
(3)
142
(3)
(s)
143
(3)
(3)
147
(3)
Ratio 2
107
97
92
84
84
86
79
77
77
77
79
79
77
77
78
77
76
77
77
77
80
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 monetary aggregates slowed in May.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,600
BILUONS OF DOLLARS*(RATIO SCALE)
3,800
3,600
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
M2
1,600
1,600
1,200
1,200
800
800
700
700
600
600
500
500
400
400
300
300
1981
1982
1984
1983
1985
1986
1987
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]
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
Dec
Dec
Dec
Dec
Dec
Dec
Dec r
1986: May
July
Sept
Oct
Nov
Dec
1987: Jan
Feb
Mar
May
1
Percent change from year or 6
months earlier 2
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-onlv
MMMF balances
416.6
443.2
481.3
526.9
557.5
627.0
730.5
1,633.1
1,795.5
1,953.8
2,184.6
2,369.1
2,569.6
2,800.2
1,990.9
2,236.4
2,443.1
2,692.8
2,985.7
3,205.6
3,488.6
2,327.6
2,598.9
2,853.0
3,154.6
3,529.3
3,838.6
4,140.6
3,895.1
4,275.5
4,658.0
5,206.3
5,946.0
6,774.9
7,643.0
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
8.8
9.7
9.8
8.9
11.8
14.2
13.9
12.8
659.6
667.5
676.6
687.0
693.1
701.4
712.4
730.5
2,647.3
2,667.5
2,693.8
2,718.4
2,736.3
2,760.7
2,775.4
2,800.2
3,314.7
3,338.1
3,368.3
3,396.8
3,422.0
3,442.2
3,459.6
3,488.6
3,951.9
3,972.4
3,998.8
4,027.7
4,057.0
4,082.7
4,108.0
4,140.6
7,092.9
7,166.1
7,236.2
7,319.1
7,399.3
7,464.9
7,550.8
7,643.0
13.4
13.3
15.7
18.1
17.1
17.1
16.7
19.8
7.8
7.8
9.5
10.8
10.9
10.7
9.9
10.2
8.5
8.4
9.0
9.7
9.9
9.3
8.9
9.2
13.9
11.9
10.8
11.8
12.9
13.0
13.3
13.8
737.7
737.4
739.5
750.4
753.2
2,822.0
2,821.1
2,824.3
2,838.5
2,839.9
3,514.5
3,518.5
3,523.6
3,540.8
3,555.4
4,174.2
4,181.3
4,170.9
4,186.8
7,711.7
7,754.6
7,791.3
7,848.7
18.9
15.2
13.8
14.5
11.8
9.7
7.7
6.5
5.7
4.7
8.9
7.3
6.0
5.8
5.6
13.6
12.3
10.9
10.5
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
L
Ml
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) '
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
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
(KPs),
net, plus
overnight
Eurodollars
NSA
1980: Dec
1981: Dee
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1986:
May
""v
June
July
265.2
234.6
237.9
148.3 242.3
158.5 248.3
170.6 272.2
183.5 308.3
116.7
124.1
134.3
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits »
Large
denomination
time
deposits 1
NSA
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
SQavmgs
Donas
Shortterm
Treasury
securities
Bankers'
acceptances
C om
ommercial
paper
145.5
178.3
232.3
28.3
35.9
38.8
53.8
56.3
70.3
77.3
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
0.0
.0
43.2
379.0
417.4
513.2
r
571.4
400.8
344.3
357.3
306.2
288.8
303.6
r
366.3
728.7
823.3
851.0
783.8
885.3
884.2
r
853.5
259.8
302.1
326.2
326.2
417.0
436.1
r
447.1
34.0
36.0
34.5
51.8
62.2
66.0
82.0
50.3
67.5
81.7
91.5
82.9
76.6
r
82.4
72.3
67.8
68.0
71.1
74.2
79.4
91.7
133.4
149.4
183.7
212.6
263.5
304.6
292.5
32.1
40.0
44.5
45.1
45.7
42.4
37.5
98.9
105.3
113.6
133.0
160.3
206.6
230.2
531.6 316.8
541.0 321.8
327.4
546.6
553.6 334.6
558.8 341.4
564.4 r 350.5
568.7
358.5
r
571.4 r 366.3
888.0
883.0
880.9
876.7
872.2
864.7
857.1
r
853.5
447.6
447.6
448.3
449.4
r
448.4
r
445.5
r
445.8
r
447.1
74.1
75.1
74.4
75.2
77.9
78.0
82.4
82.0
r
79.5
79.8
r
78.3
r
78.0
r
81.4
r
78.0
r
78.7
r
82.4
82.7
83.5
84.3
85.3
86.4
87.7
89.8
91.7
304.0
298.3
292.6
288.7
287.9
286.7
292.2
292.5
39.8
39.8
39.0
37.3
36.9
37.7
38.0
37.5
210.7
212.6
214.5
219.7
223.9
228.4
228.4
230.2
376.7
387.1
396.2
406.0
411.6
851.4
848.0
845.5
843.5
843.6
449.7
448.2
450.1
454.6
459.6
81.2
84.9
84.9
91.0
96.3
84.7
88.1
89.1
85.6
89.7
92.7
93.5
94.3
95.1
289.5
290.3
274.1
264.8
37.8
39.3
39.8
41.2
239.7
239.8
239.1
244.9
30.5
80.2
104.7
131.4
Sept
Get
Nov
Dec
175.8
176.7
177.6
179.0
179.7
181.2
182.4
183.5
282.2
285.0
288.2
291.2
292.2
293.4
297.8
308.3
195.5
199.6
204.5
210.4
214.7
r
220.3
r
225.8
232.3
68.9
66.3
71.8
74.7
72.8
77.5
76.7
77.3
193.2
197.3
199.7
200.5
202.2
206.9
207.1
207.6
76.1
75.0
77.5
80.8
84.4
84.5
84.4
84.1
1987:
Jan r
Feb r
Mar r
Aprr
May"
186.0
187.2
187.7
188.9
190.2
305.1
300.8
299.3
304.0
304.0
240.1
242.9
245.7
250.8
252.3
83.5
78.7
75.3
75.0
73.8
209.0
210.7
211.6
211.8
210.3
84.0
84.7
84.9
83.1
81.8
574.3
570.8
570.5
565.5
557.1
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
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
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
Other
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
8,513
8,155
1,537
5,856
5,257
12,362
21,251
22,401
12,919
559
1,286
57
1,044
2,420
1,191
1,791
778
222
13,638
11,330
1,775
628
664
13,925
23,615
17,738
4,844
19861 Apr ..
May
June.
July
Aug
Sept
Oct
Nov ...
Dec
542,521
546,759
551,771
558,054
563,661
571,275
576,862
577,645
577,789
218,017
221,012
224,412
227,821
231,202
239,015
243,395
242,998
245,056
128,901
129,618
130,737
132,183
133,175
133,118
133,812
134,388
134,940
25,703
25,674
25,806
25,891
25,940
25,731
25,783
25,732
25,710
169,899
170,456
170,815
172,160
173,345
173,412
173,873
174,527
172,083
5,932
4,239
5,012
6,283
5,607
7,614
5,587
782
144
2,558
2,994
3,401
3,408
3,381
7,813
4,380
-396
2,057
2,367
717
1,119
1,446
992
-58
694
576
552
48
-29
133
84
49
-209
52
-51
-21
1,055
557
359
1,345
1,185
67
461
654
-2,444
578,578
579,591
579,913
582,840
245,471
246,064
246,290
247,186
134,916
135,663
135,166
136,598
25,852
25,789
25,614
25,611
172,338
172,075
172,844
173,446
789
1,013
322
2,927
416
592
226
896
-23
746
-496
1,432
141
-63
175
255
-263
768
602
19781979:
19801981:
19821983:
1984:
1985:
1986:
1987: Jan
Feb
Mar r
Apr >"..
1
,
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
3
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
2,200
2,000
1,800
1,600
1,400
1,200
1,200
2,200
2,000
1,800
1,600
-ALL COMMERCIAL BANKS
1,000
1,000
LOANS AND LEASES
800
800
600
600
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
OTHER SECURITIES
120
120
Illl
1979
80
80
1980
1983
1982
1981
1985
1984
1987
1986
' SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depository institutions 3
All commercial banks *
Loans and leases
Period
Total loans
and
securities 2
Total
1979:
19801981:
19821983198419851986:
Dec
Dec
Dec
Dec
Dee ..
Dec
Dec ..
Dec
1986: Apr
June
July
Aue: ....
Sept
Get
Nov
Dec
1987-
Jan
Feb
Mar
Aprp
May p
. ..
2
Commercial
and industrial
loans
U.S.
Government
securities
Other
securities
Total
Nonborrowed
Required
Total
Seasonal
1,136.1
1,239.0
1,307.2
1,401.0
1,553.0
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
1,960.5
1,969.8
1,978.3
1,998.2
2,022.6
2,044.6
2,052.4
2,063.5
2,089.8
1,502.2
1,508.5
1,515.6
1,523.7
1,535.1
1,545.4
1,553.0
1,561.5
1,583.0
510.0
509.9
513.0
512.6
515.2
517.3
520.0
525.7
541.4
272.0
275.7
275.8
284.7
291.5
294.9
299.6
304.1
309.9
186.3
185.6
187.0
189.7
196.0
204.2
199.8
197.9
196.9
48.04
49.02
49.73
50.69
51.50
52.30
53.23
54.49
56.17
47.15
48.14
48.92
49.95
50.63
51.29
52.38
53.74
55.34
47.24
48.18
48.80
49.78
50.76
51.58
52.48
53.51
54.80
893
876
803
741
872
1,008
841
752
827
73
94
108
116
144
137
99
70
38
2,118.3
2,119.7
2,126.2
2,147.3
2,160.6
1,611.8
1,610.7
1,616.4
1,634.3
1,642.9
554.1
553.8
551.7
553.9
555.8
316.3
315.2
314.3
315.8
320.1
190.2
193.9
195.5
197.2
197.6
56.88
56.87
56.85
57.95
58.35
56.30
56.32
56.33
56.96
57.32
55.82
55.66
55.94
57.12
57.28
580
556
527
993
1,035
34
71
91
120
196
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
Borrowings
(millions of dollars,
unadjusted)
Reserves adjusted
for changes in
reserve requirements
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]
Uses
Sources
External
Period
Capital
Credit market funds
Total
Internal *
Total
Total
Loans and
short-term
paper
Securities
and
mortgages
Total
Other 2
tures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
1982 ....
1983
1984
1985 ....
1986 r
328.5
352.6
347.6
382.5
327.6
431.3
503.4
483.1
486.8
182.3
197.6
200.1
239.5
242.3
285.7
326.3
352.5
359.0
146.3
155.1
147.5
143.0
85.3
145.6
177.1
130.6
127.8
85.0
87.8
94.3
93.7
80.6
87.6
116.4
82.1
97.2
33.3
21.0
53.1
22.8
44.0
57.3
-10.0
15.3
26.6
51.8
66.9
41.2
70.9
36.6
30.3
126.5
66.8
70.6
61.2
67.3
53.2
49.3
4.7
58.0
60.7
48.5
30.5
309.4
362.8
343.2
349.2
292.0
399.1
469.1
438.5
437.2
216.9
238.3
244.1
286.3
256.3
274.8
371.2
353.1
352.3
92.4
124.5
99.1
62.8
35.7
124.3
97.9
85.4
84.9
19.2
-10.1
4.4
33.3
35.6
32.2
34.3
44.6
49.6
1985: I
II
Ill
IV
432.2
421.9
505.0
573.2
339.4
350.3
365.2
355.1
92.8
71.6
139.8
218.1
71.7
58.2
53.0
145.6
10 1
29.4
17.0
24.8
81.8
28.8
36.0
120.8
21.1
13.4
86.8
72.5
407.8
406.6
417.3
522.3
340.1
349.8
349.0
373.5
67.8
56.8
68.3
148.8
24.3
15.3
87.7
50.9
1986: I r r
ni r
467.5
464.4
423.5
591.1
361.7
355.6
359.6
359.0
105.8
108.8
63.9
232.1
99.5
77.6
47.6
164.1
61.2
56.0
22.1
33 0
38.3
21.6
25.5
197.1
6.2
31.3
16.3
68.0
403.0
451.2
359.0
535.2
380.2
354.4
335.9
338.6
22.8
96.8
23.1
196.6
64.5
13.2
64.5
56.0
468.5
367.5
101.0
48.8
41.0
7.8
52.2
434.3
367.6
66.7
34.1
1978
1979 ..
1980
1981
mr
rv
1987: I"
.
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant anil equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
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 1
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.447
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
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
Ill
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
666.7
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
3
Total current assets divided by total current liabilities.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corpoion.i. Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
2
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Sources: Board of Governors of the Federal Reserve Svstem, Department of Commerc
of the Census), and Federal Trade Commission,
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in June.
PERCENT PER ANNUM
PERCENT PER ANNUM
198:6
19.87
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) l
14.029
10.686
8.63
9.58
7.48
5.98
1981
1982
1983
1984
1985
1986
1986: June
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar
Apr
June*
Week ended:
1987: May 30
June 6
13
20
27"
1
Constant maturities 2
3-year
14.44
12.92
10.45
11.89
9.64
7.06
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
30
Prime
commercial
paper,
6 months 1
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
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged by
banks 5
18.87
14.86
10.79
12.04
9.93
8.33
13.41
11.02
8.50
8.80
7.69
6.33
New-home
mortgage
yields
(FHLBB) 6
14.70
15.14
12.57
12.38
11.55
10.17
6.21
5.84
5.57
5.19
5.18
5.35
5.49
7.41
6.86
6.49
6.62
6.56
6.46
6.43
7.80
7.30
7.17
7.45
7.43
7.25
7.11
7.98
7.62
7.31
7.14
7.12
6.86
6.93
9.13
8.88
8.72
8.89
8.86
8.68
8.49
6.63
6.24
5.83
5.61
5.61
5.69
5.88
6.50-6.50
6.50-6.00
6.00-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
8.508.508.007.507.507.507.50-
8.50
8.00
7.50
7.50
7.50
7.50
7.50
10.15
10.30
10.26
10.17
10.02
9.91
9.69
5.45
5.59
5.56
5.76
5.75
5.69
6.41
6.56
6.58
7.32
8.02
7.82
7.08
7.25
7.25
8.02
8.61
8.41
6.63
6.66
6.71
7.62
8.10
7.89
8.36
8.38
8.36
8.85
9.33
9.32
5.76
5.99
6.10
6.50
7.04
7.00
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5 50 5 50
5.50-
7.507.507 50
7.' 758 00
8.25-
7.50
7.50
7 50
7.75
8 25
9.51
9.23
9.14
r
9.21
9.46
5.70
5.81
5.59
5.70
5.64
8.01
8.00
7.89
7.68
7.72
8.55
8.58
8.50
8.27
8.28
8.14
8.11
7.90
7.70
7.84
9.40
9.38
9.36
9.30
9.24
7.12
7.06
7.06
6.94
6.94
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-
8.258.258.258 25
8.25-
8.25
8.25
8.25
8 25
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
Corporate
Aaa bonds
(Moody's) 4
5
Average effective rate for year; opening and closing rate for month and week.
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.
6
"Preliminary; based on data through June 26, 1987.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in June.
INDEX, DEC. 31, 1965 = 50 (RATIOS CALE)
INDEX .DEC. 31,1965 = 50(RATIOSCALE)
180
160
180
160
^~f
(
140
140
120
COMPOSI FE STOCK PRICE INDEX
(NYSE)
100
\
/
120
100
^V~~
r l
80
IV—-\
\s~
\/
60
40
imiliim
1979
M i l l ll Illl
1980
fj
60
i! il [In in
1 Illlllllll
1983
1984
1982
1981
80
40
1 I l l l l l II II
1985
1986
1987
PERC ENT
20
PERC ENT
20
EAR ^INGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
r""—r~\
i ii i ii
"
10
5
0
1
1 1
1979
^
1 1 1
1980
1981
15
10
—-
1
1982
-"
^-^
1 1
1983
1
1 1
1984
1
1 1
1985
5
1
1 1
1986
1
1
Common stock prices *
New York Stock Exchange indexes (I ec. 31, 1965 = 5O)
Composite
Industrial
Transportation
0
1987
COUNCIL OF ECONOMIC ADVfSERS
SOURCES, NEW YORK STOCK EXCHANGE A 10 STANDARD & POC R'S CORPORATION
Period
1
Utility
Common stock yields
(percent) 5
2
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143=10) 4
Dividendprice ratio
Earningsprice ratio
1981
1982
1983
1984
1985
1986
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
5.20
5.81
4.40
4.64
4.25
3.49
11.96
11.60
8.03
10.02
8.12
6.10
1986- June
July
140.82
138.32
140.91
137.06
136.74
140.84
142.12
163.15
158.06
160.10
156.52
156.56
162.10
163.85
120.65
112.03
111.24
114.06
120.04
122.27
121.26
70.69
74.20
77.84
74.56
73.38
75.77
76.07
151.73
150.23
152.90
145.56
143.89
142.97
144.29
1,867.70
1,809.92
1,843.45
1,813.47
1,817.04
1,883.65
1,924.07
245.30
240.18
245.00
238.27
237.36
245.09
248.61
3.36
3.43
3.36
3.43
3.49
3.40
3.38
5.86
151.17
160.23
166.43
163.88
163.00
169.33
175.60
189.17
198.95
199.03
198.78
206.28
126.61
135.49
138.55
137.91
141.30
150.18
78.54
78.19
77.15
72.74
71.64
74.17
153.32
158.41
162.41
150.52
145.97
152.65
2,065.13
2,202.34
2,292.61
2,302.64
2,291.11
2,379.14
264.51
280.93
292.47
289.32
289.12
300.91
3.17
3.02
2.93
2.99
3.02
2.92
163.11
164.63
168.03
171.55
173.12
198.91
200.74
204.61
208.67
211.09
143.19
144.71
150.84
152.39
152.78
71.48
72.30
73.54
75.12
75.72
146.21
147.21
151.56
156.36
155.46
2,299.00
2,310.07
2,359.16
2,407.04
2,440.28
289.68
292.06
298.36
304.98
308.21
3.03
2.98
2.94
2.88
2.86
Sept
Oct
Nov ... .
Dec
1987- Jan
Feb
Mar
Apr..
May
Week ended:
1987: May 30
June 6
13
20
27"
1
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 prices. Earningsprice ratios based on prices at end of quarter.
2
3
4
6.42
6.05
* Preliminary; based on data through June 26, 1987.
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 8 months of fiscal 1987, there was a deficit of $119.0 billion compared with a deficit of $165.8 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
r_
RECEIPTS AND OUTLAYS^
1,000
1,000
900
OUTLAYS^
900
_..'
800
!
80'J
700
700
600
'600
RECEIPTS^/
500
500
400
Uoo
0
-100
-100
-200
-200
1979
1980
1981
1982
1983
1984
1985
1987
1986
1988
FISCAL YEARS
!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEAAS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
(-)
(-)
(-)
1975
1976
Off-budget
On-budget
Total
Held by
the public
332.3
371.8
96.0
409.2
458.7
503.5
-53.2
73 7
-14.7
-53.6
59.2
-40.2
216.6
231.7
63.2
278.7
314.2
365.3
271.9
302.2
76.6
328.5
369.1
403.5
-55.3
-70.5
-13.3
-49.7
-54.9
-38.2
62.5
66.4
18.0
76.8
85.4
98.0
60.4
69.6
19.4
80.7
89.7
100.0
2.0
3.2
-1.4
-3.9
-4.3
-2.0
544.1
631.9
1977
1978
1979
279.1
298.1
81.2
355.6
399.6
463.3
780.4
833.8
396.9
480.3
498.3
551.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
-73.8
-78.9
127 9
-207.8
-185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
-73.9
1200
-208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
-1.1
-5.0
-7.9
.2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
1985
1986
1987 *
1988 1
734.1
769.1
842.4
916.6
946.3
989.8
1,015.6
1,024.3
-212.3
-220.7
-173.2
-107.8
547.9
568.9
628.4
674.5
769.5
806.3
821.1
821.9
-221.6
-237.5
-192.7
-147.4
186.2
200.2
214.0
242.1
176.8
183.5
194.5
202.4
9.4
16.7
19.5
39.7
1,827.2
2,132.9
2,372.4
2,585.5
1,509.9
1,746.1
1,908.4
2,015.1
Cumulative total, first 8
months:
Fiscal year 1986
Fiscal year 1987
494.6
554.4
660.4
673.4
165 8
-119.0
361.5
411.4
542.0
545.9
-180.5
-134.5
133.0
143.0
118.4
127.5
14.7
15.5
2,035.6
2,291.3
1,669.7
1,864.3
1
. ..
Estimates from Budget of the United States Government, Fiscal Tear 1988, January 1987.
32
646.4
709.1
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1987, receipts were $59.8 billion higher than a year earlier and outlays were $13.0
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
RECEIPTS!/
INDIVIDUAL INCOME TAXES
'
400
'"
—
300
300
•
200
"
_
/
.
—
100
_-*rrcrr.
"*-- OTHER RECEIPTS
0
200
TAXES AND CONTRIBUTIONS
,„.—
"CORPORATION INCOME TAXES
100
—
SOCIAL INSURANCE
|
1
1
1
!
0
OUTLAYS^ .
700
700
NONDEFENSE
\-
600
-"
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1979
1980
1981
1985
1984
1983
1982
1986
1987
1988
FISCAL YEARS
V 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
Other
90.8
106.5
121.0
138.9
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
1976
298.1
1977...
355.6
399.6
463.3
131.6
157.6
181.0
217.8
41.4
54.9
1980
1981
1982
1983
1984
517.1
244.1
599.3
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
1985
1986....
734.1
769.1
916.6
61.3
63.1
104.8
117.2
265.2
283.9
1987 '
1988 '
334.5
349.0
364.0
392.8
Cumulative total, first 8 months:
Fiscal year 1986
Fiscal year 1987
494.6
554.4
218.2
36.6
48.5
1978
1979
1
617.8
600.6
666.5
842.4
253.5
60.0
65.7
National defense
Social
insurance
taxes
and
contributions
209.0
239.4
301.5
333.2
190.7
204.0
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
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
16,2
14.2
14.6
15.2
33.5
35.9
39.7
38.9
65.8
70.2
71.6
73.0
128.2
119.8
124.9
124.8
188.6
198.8
219.4
129.4
136.0
137.5
139.0
131.8
141.7
137.2
116.5
9.2
7.7
23.4
26.2
45.8
49.9
84.3
85.4
129.4
135.9
92.8
93.4
94.7
88.1
88.1
95.3
102.3
113.7
6.4
6.4
7.5
7.5
15.7
17.3
18.5
20.5
134.0
157.5
185.3
131.0
153.8
180.7
209.9
227.4
204.4
220.8
12.7
13.1
12.3
11.8
15.9
73.0 946.3
73.1 989.8
72.2 1,015.6
73.4 1,024.3
252.7
273.4
282.2
297.6
245.4
265.6
274.2
289.3
49.1
48.4
180.8
186.7
175.6
181.3
Estimates from Budget of the United States Government, Fiscal Year 1988, January 1987.
Social
securi-
Health
Department of
Defense,
military
371.8
409.2
458.7
503.5
89.6
97.2
104.5
116.3
590.9
678.2
745.7
808.3
851.8
660.4
673.4
Net
interest
Income
security
International
affairs
Total
Total
Medicare
ty
207.9
Other
NOTE.—Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1987, according to revised estimates, Federal receipts rose $18.3 billion (annual rate) and
expenditures fell $0.1 billion, yielding a deficit of $170.4 billion.
BILLIO S OF DOLLARS
BILLIONSOF DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
.
1,000
""""
EXPENDITURES
.^..A--.
800
,---""'
^
..-""""""
~^\
600
—
"'
•„''"
1,000
—
___^^
800
^
"
r
—
600
RECEIPTS
—^
—
^~^
400
400
—
—
200
200
-
—
0
0
—•——
SUR >LUS OR DEFIC T(-)
-•
-^
-200
i i i
1979
1
1
1
1
1980
1
1
1
1
i i i
1
1982
1981
—
-A-|
~\
1983
-^ "V
1
1
|
1
1
1
1
1
1
1986
1985
1984
1
1
1
1987
C AlENDAR VEARS
OURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1984
1985
1986
1987 l
Calendar year:
1983
1984
1985
1986
1982: IV
1983- IV
1984- IV
1985- I
II
Ill
IV
1986: I
II
III
IV
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
712.6
774.6
814.7
874.6
302.4
340.2
355.8
368.7
76.3
71.7
83.0
108.9
54.9
56.5
52.2
53.8
279.0
306.2
323.7
343.2
873.9
962.1
1,025.4
1,060.5
297.8
341.1
367.1
384.8
352.3
374.2
394.2
409.5
90.7
97.7
107.4
104.6
109.7
128.3
136.8
138.5
23.5
20.9
19.9
25.1
0.1
— .1
.0
2.0
-161.3
-187.5
-210.7
-185.9
659.9
726.5
786.8
826.9
633.1
61.3
75.9
73.6
83.8
46.4
70.2
69.9
70.5
69.9
76.8
77.2
77.8
80.1
84.3
93.0
51.6
55.7
56.1
52.3
47.6
53.6
55.9
55.1
59.3
53.9
56.0
52.7
50.7
53.4
52.5
252.5
285.5
311.5
328.9
236.1
259.8
292.6
306.9
310.0
312.2
317.0
325.8
327.2
329.6
332.9
835.9
896.5
984.9
1,030.3
835.7
844.7
934.0
955.4
970.6
990.1
1,023.4
1,001.5
1,045.7
1,030.5
1,043.4
283.5
311.3
354.1
366.2
293.2
276.1
329.1
333.7
340.9
360.9
380.9
355.7
367.6
369.3
372.1
348.6
355.0
380.3
397.7
347.4
352.5
362.1
374.2
377.2
384.1
385.9
389.3
396.7
403.0
401.8
86.2
93.6
99.0
105.6
84.5
86.0
96.9
95.7
98.3
100.2
101.6
103.5
106.9
108.0
104.1
94.3
115.6
130.5
135.9
87.2
101.0
124.9
127.6
130.9
129.8
133.9
135.0
138.1
134.7
135.9
22.9
21.3
20.7
24.9
— .4
.2
-.2
.0
675.5
743.9
793.3
755.8
792.6
805.8
806.6
813.5
833.1
854.5
294.5
309.3
345.6
361.9
303.0
291.9
325.5
360.7
316.6
349.6
355.6
350.3
355.5
365.8
376.1
23.4
29.1
21.5
24.4
22.3
15.1
21.1
.0
.0
.6
.1
-1.0
.0
.0
.0
.0
.0
.0
-176.0
-170.0
-198.0
-203.3
-202.6
-169.2
-190.1
-162.2
-214.8
-197.5
-217.6
-195.0
-232.2
-197.4
-188.8
872.8
375.0
53.3
339.3
1,043.3
364.8
402.6
102.4
137.2
36.2
.0
-170.4
1987- I r .
1
Personal
tax and
nontax
receipts
Grantsin-aid to
State
and
local
governments
105.2
Estimates from Budget of the United States Government, Fiscal Year 1988, January 1987.
34
18.0
36.5
15.4
29.5
Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and
Budget,
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer prices (1967 = 100)
Industrial production (1977 = 100; seasonally adjusted)
Period
United
States
108.6
111.0
103.1
109.2
121.4
123.8
125.1
1980
1981
1982 ...
1983
1984
1985
1986"
1
120.6
124.7
138.4
144.8
144.4
106
103
101
102
105
106
107
112
116
117
116
114
116
114
112
126.5
T
127.2
r
127.3
r
!27 2
1278
'r 120.8 r!45.5
m.4 ' 144.6
122.2 147.1
144 8
104
108
109
111
113
111
...
Italy
107
105
102
103
106
112
114
104
108
109
109
109
109
107
107
Oct
Nov
Dec
May p
118.9
120.1
118.3 * 144.2
117.3 r 144.5
118.7 ' 144.2
116.7 r 141.9
116.8 ' 145.8
117.9 r!43.8
117.6 r!41.9
r
l!9.8 ' 146.0
July
1987- Jan
Feb
Mar
108.1
108.6
98.9
104.1
112.7
118.2
118.7
Germany
France
124.2
124.2
124.9
125.1
124.9
125.3
126.0
126.7
1986- May
Sept
Japan
Canada
Data relate to all urban consumers.
r
United
Kingdom
United
States '
France
Germany
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
243.5
273.9
303.5
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
565.1
323.0
324.9
465.1
477.6
212.7
212.2
698.8
764.7
805.2
360.7
326.9
325.2
324.4
323.8
325.4
325.7
475.6
477.0
477.5
478.0
479.9
480.9
809.9
620.1
619.8
618.0
619.9
324.1
481.4
481.9
114.7
112.1
109.6
103.9
107.1
108.4
111.4
100
96
98
101
103
108
110
246.8
272.4
108.7
109
108
110
111
111
111
111
110
326.3
327.9
328.0
328.6
330.2
330.5
330.8
331.1
366.9
368.9
369.5
111
113
113
333.1
370.3
334.4
335.9
337.7
338.7
371.9
r
l!3.9
lll.l
r
' 110.0
' 109.8
r
l!1.0
r
112.2
r
lll.l
r
l!1.5
" 114.8
116.7
United
Kingdom
Japan
Canada
322.2
328.4
361.3
363.9
365.1
365.1
373.5
375.3
377.3
323.5
322.2
322.2
323.5
486.2
487.2
487.7
490.3
212.6
212.9
211.9
211.4
211.7
211.0
210.8
211.2
212.1
212.2
212.2
212.8
212.9
Italy
514.7
599.4
619.9
813.1
813.1
814.7
817.1
623.0
623.9
629.2
822.0
825.3
827.8
631.3
839.4
633.7
636.2
637.5
841.9
645.1
845.3
645.7
832.8
836.1
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]
1
Merchandise imports
Domestic exports (statistical month)
Genera! imports 3 (statistical month except as noted)
Merchandise exports
Total domestic
Food,
Period
vised
statistical
month
Statistical
month
Total
2
ages,
and
tobacco
Crude
materials
and
fuels
Food.
Manufactured
goods
Revised
statistical
month
F.a.s. value
1981
1982
1983 ....
1984
1985
1986
1986:
Apr
May
June t
Julyt
Aug
Sept
Oct
Nov
Dec
1987: Jan
Feb...
Mar
233 7
2289
212 2
200 fi
218~7 f 217 9
212 8 213 1
2166 217 3
207 1
1959
212 0
18.0
17.4
19.1
17.7
17.6
17.5
19.3
18.6
18.4
17.4
16.7
16.4
15.9
16.8
16.9
18.6
17.9
17.8
159
180
20.3
19.4
18.0
18.3
19.1
17.3
16.9
17.5
19.6
18.4
18.5
16.4
18 7
21.1
20 1
2069
2064
Statistical
month
Crude
materials
and
fuels
Exports (f.a.s.) less
value)
Manufactured
goods
Revised
statistical
month
Statistical
month
Revised
statistical
month
Statistical
month
Revised
statistical
month
Statistical
month
Customs value
330
335
296
31 5
28 3
26 5
1543
139 7
261 0
244 0
1324
143 1
1454
148 7
25«o
1.5
1.4
1.4
1.6
1.8
1.7
1.9
1.9
1.9
2,4
2.2
1.8
1.8
2.0
2.0
2.3
2.3
2.4
12.6
12.3
12.3
11.6
12.0
12.3
13.4
12.8
12.6
30.9
30.0
30.9
31.8
29.5
30.8
32.8
32.4
29.9
16
16
1.9
1.8
21
22
2.4
2.3
110
13 2
15.0
14.2
275
32 3
33.2
32.0
33 2
27 0
27 0
27 3
22 2
20 2
366 1
325 7
345 3
370 0
28.8
30.3
31.8
34.1
29.5
28.7
30.0
36.2
27.8
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
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) mcmde $2.1 billion of nonmonetary gold bullion for
ages,
and
tobacco
Merchandise trade balance
Exports (f.a.s.) less
184
17 8
188
21 6
22 4
24 7
929
74 4
680
72 8
65 0
48 3
142 5
2734
2549
-27.3
— 31 8
— 57 -fi
•i —1070
107 9
4
1325 — 132 1
144 0
1634
221 5
269 9
346 4 341 2
2468
3525
361 6
282 1
383 0
387 1
1494
152 7
30.0
31.6
33.2
35.7
30.9
30.1
31.4
37.8
29.1
-12.9
-11.8
-11.9
-14.5
-12.6
-13.3
-13.2
-14.0
-11.3
-10.8
-12.8
-12.7
-16.4
-11.9
-11.2
-10.7
-17.6
-9.4
2.0
2.3
1.9
2.1
1.9
2.0
1.9
2.3
1.9
3.2
3.7
4.2
4.0
3.4
3.9
3.5
3.9
3.4
22.2
23.0
24.0
26.6
23.1
21.8
23.5
28.3
21.4
32.3
31.4
32.3
33.4
30.9
32.3
34.3
33.9
31.3
18
21
2.3
2.1
3.4
44
4,2
3.9
21.3
24 8
25.7
25.1
28.7
33 7
34.7
33.5
-11.0
— 136
-12.1
-11.8
— 39.7
— 42 7
-69.4
— 127 6
123 3
— 1397 — 148.5
1698
1663
-14.3
-13.1
-13.3
-16.1
-14.0
-14.7
-14.7
-15.4
-12.7
-12.1
-14.2
-14.2
-18.0
-13.3
-12.6
-12.1
-19.2
-10.7
-12.3
— 15 1
-13.6
-13.3
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 1987.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL
TRANSACTIONS
In the first quarter of 1987, the current account deficit fell slightly to $37.1 billion. The merchandise trade deficit
also fell slightly, to $38.3 billion.
BILL ONS OF DOLLARS*
BILLIONS OF DOLL ARS*
10
10
5
0
5
xxx_ If^ V—~- r/A
N/^VV.
/
BALANCE ON
CURRENT ACCOUNT
0
Vi
fa
-5
x-x
r'''\1 ^^
/
\
H
\
\\
CHANDISE TR/>DE - \ v
t
\
BALANCE
\
\
^t
\
-15
BALANCE ON GOODS
AND SERVICES
-20
\
-25
(\
A.
•
'^V/
\A
x
\^
X*
-40
i i i
1 1 i
1979
1980
1
1 1
1981
1
1
1
1
1982
1
1
1983
1 1 1
1 1 1
1984
1985
25
K. —
-30
'"'1 V
1 1 -" M i
1986
-35
-40
.1987
* SEASONALLY ADJUSTED
SOURCE. DEPARTMEN F OF COMMERCE
COUNCIL OF ECONOMIC ADVISER
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise 1 2
Investment income 3
Period
1979
1980
1981 r.
1982 r
1983 r
1984 r .
1985 r
1986 r
1984: I rr
n.
HI '....
IV r....
1985: I rr
n .r
in ....
IV * ....
1986: I r r
n .r
rn r....
IV ....
1987:
I"
Exports
Imports
184,473
224,269
237,085
— 212,009
— 249,749
211,198
201,820
219,900
215,935
224,361
53,614
54,590
55,691
56,005
55,064
54,040
53,367
53,464
53,878
56,928
56,534
57,021
58,212
1
— 265,063
— 247,642
— 268,900
— 332,422
— 338,083
— 368,700
-79,415
-83,684
-84,144
-85,179
-79,946
-83,986
-84,573
-89,578
-88,856
-90,579
-93,649
-95,616
-96,542
Net balance
Receipts
Payments
—27,536
— 25^480
— 27,978
— 36,444
— 67,080
— 112^522
— 122,148
— 144 339
-25,801
-29,094
-28,453
-29,174
-24,882
-29,946
-31,206
-36,114
-34,978
-33,651
-37,115
-38,595
-38,330
64,132
72^506
86,411
83,549
77,251
85*910
88,299
88,209
22,831
21,052
21,515
20,512
18,530
21,931
24,174
23,665
24,076
22,013
21,333
20,787
22,946
—32,960
—42^120
— 52,329
— 54,883
—52,376
— 67',419
62 901
—67 365
-15,435
-17,196
-17,978
- 16,809
-16,359
-16,670
- 16,055
-13,818
-17,651
-17,426
- 15,994
-16,295
— 19,110
Excludes military grants.
Adjusted from Census data tor differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
2
3
36
Net
31,172
30^386
34,082
28,666
24,875
18*491
25,398
20,844
7,396
3,856
3,537
3,703
2,171
5,261
8,119
9,847
6,425
4,587
5,339
4,492
3,836
Net
military
transactions
— 1 778
— 2,237
— l'l83
— 274
243
1 942
— 3 339
3 662
-273
-615
-255
-798
-242
-782
-794
-1,519
-1,298
-1,054
-815
-495
198
Net
travel and
transportation
receipts
Other
services,
net 3
—2,935
— 997
144
—992
—4,227
8*604
— 10,866
9 903
-1,874
-2,039
-2,310
-2,381
-2,261
-2,849
-2,892
-2,862
-2,786
-2,278
-2,442
-2,397
-2,807
6,214
7*793
9*,278
9,320
9,908
9*741
9,861
11 368
2,629
2,513
2,436
2,164
2,296
2,458
2,403
2,704
2,618
2,808
2,784
3,156
3,071
Balance on
goods and
services l
Remittances,
pensions,
and other
unilateral
transfers 1
Balance
on current
account
— 991
5,138
— 6,128
1,873
9,466 — 7*593
6,884
14,344 — 7,460
—8,679
278 —8,956
— 36,766 — 9,480 —46,246
—94,835 — 12*178 — 107,013
— 101,093 — 15,301 — 116,393
— 125,694 — 15 658 — 141,352
-17,923 -2,362 -20,285
-25,379 -2,461 -27,840
-25,045 -3,112 -28,157
-26,486 -4,243 -30,729
-22,918 -3,296 -26,214
-25,858 -3,517 -29,375
-24,370 -4,169 -28,539
-27,944 -4,321 -32,265
-30,019 -3,021 -33,040
-29,588 -4,167 -33,755
-32,249 -4,334 -36,583
-33,839 -4,138 -37,977
-34,032 -3,090 -37,122
NOTE. —Series revised beginning 1981.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $27.8 billion in the first quarter of
1987 compared with a rise of $31.8 billion in the fourth quarter. Liabilities to foreigners and international financial
institutions reported by U.S. banks, excluding Treasury securities, decreased $13.8 billion in the first quarter
compared to an increase of $34.6 billion in the fourth quarter.
BILLIONS OF DOLLARS*
80
BILLIONS OF DOLLARS*
80
60
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
40
40
20
CHANGE IN
U.S. ASSETS
ABROAD.NET
-20
-20
-40
-40
-60
-60
1979
*SEASONALIY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIt OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/eapit
Period
Total
U.S.
private
assets
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
2,983
-1,140
34,698
52,416
42,615
78,072
90,154
79,023
99,481
131,012
178,689
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net l
(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
-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
5476 - 13,685
-2,831 -24,711
1 920 -94,374
-3,602
-19,395
17,421
HI ...
IV '.... -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
-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
-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
18,692
1,956
219
16,517
27,558
14,123
13,435
-9,128
2,749
48,824
1980....
1981
1982
1983
1984
1985 ....
1986
1984: I 'r
n
r
1985: I r r
n r
m r ...
IV ....
I'
nr
Ill r"...
IV ....
1987:
Other U.S.
Government
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
-64,331
86 118
-110,951
-121,153
-49,777
-22,291
-31,399
-95,982
1979
1986:
U.S.
official
reserve
assets l z
Foreign assets in the U.S., net
[increase /capital inflow ( + )] 2
I"
1
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.
1,139
1,152
1,093
NOTE.—Series revised beginning 1981.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury'.
37
Contents
TOTAL OUTPUT, INCOME,
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 Nonfmancial 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
Revised.
' Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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