Gross Private Domestic Investment

Name: Gross Private Domestic Investment
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 100th Congress 1st Session Economic Indicators JUNE 1987 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong PAUL S SARBANES Maryland Chairman LEE H HAMILTON Indiana Vice Chairman SENATE WILLIAM PROXMIRE Wisconsin LLOYD BENTSEN Texas EDWARD M KENNEDY Massachusetts JOHN MELCHER Montana JEFF BINGAMAN New Mexico WILLIAM V ROTH JR Delaware STEVE SYMMS Idaho ALFONSE M D AMATO New York PETE WILSON California HOUSE OF REPRESENTATIVES AUGUSTUS F HAWKINS California DAVID R OBEY Wisconsin JAMES H SCHEUER New York FORTNEY H PETE STARK California STEPHEN J SOLARZ New York CHALMERS P WYLIE Ohio OLYMPIA J SNOWE Maine HAMILTON FISH JR New York J ALEX McMILLAN North Carolina JUDITH DAVISON Executive Director COUNCIL OF ECONOMIC ADVISERS BERYL W SPRINKEL Chairman THOMAS G MOORE Member MICHAEL L MUSSA Member PUBLIC LAW 120 SlST CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION SJ Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June 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 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 SEASONAILY ADJUSTED ANNUAL RATES GNP IN CURRENT DOLLARS T GNP IN 1982 DOLLARS i I i 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 IV IV I II III IV I II Ill IV Exports and imports of goods and services Federal Net exports Exports Imports I II Ill IV I Total Total Source Department of Commerce Bureau of Economic Analysis Government purchases of goods and services National defense Nondefense State and local Final sales GROSS NATIONAL PRODUCT IN 1982 DOLLARS Billions of 1982 dollars quarterly data at seasonally adjusted annual rates Period Personal consumption expenditures Gross national product Gross private domestic investment Nonresidential fixed Residential fixed Change in business inventories IV IV I II III rv I II IU IV I II in I 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 Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT 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 Nondurable goods Services Durable goods Exports and imports of goods and services Exports Imports Total State and local IV IV I II Ill rv I II Ill IV I II Ill IV I Nondefense 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 IV 1983 IV 1984 I Constant 1982 dollars Current dollars T Implicit price deflator Persona consumption expenditures Chain price index NOTE Annual changes are from previous year and quarterly changes are from previous quarter Fixedweighted price index 1982 weights Constant 1982 dollars Current dollars Implicit price deflator Chain price index J J Fixedweighted price index 1982 weights Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Current dollar cost and profit per unit of output dollars 1 Gross domestic product of nonfinancial corporate business billions of dollars Period Current dollars IV 1983 IV 1984 I II III IV 1985 I II III IV 1986 I II m IV 1987 I r dollars Capital consumption Total cost and profit ances with capital consumption adjustment Indirect business taxes 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 Total Profits tax liability Profits after tax Output per hour of all employees 1982 dollars Compensation per hour of all employees dollars Indirect business tax and nontax liability plus business transfer payments less subsidies With inventory valuation and capital consumption adjustments Sources Department of Commerce Bureau of Economic Analysis 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 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 Capital consumption adjustment I II m rv I in IV 1 Includes employer contributions for social insurance See also p 5 Net interest 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 I II Ill IV I r Period 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 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 WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period personal income Wage and salary disbursements Proprietors income 3 Other labor income May July Sept Oct Nov Dec 1987 Jan r Peb r Mar r Apr r May Farm 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 Less income of persons dividend income interest income payments contributions for social insurance personal income 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 I 1 000 I I I I I I I I I I I I I I I I I I I I I I I I I 1 000 DOLLARS RATIO SCALE DOLLARS RATIO SCALE 14 000 PER CAPITA DISPOSABLE PERSONAL INCOME I 4 000 I I I I I 1982 I I I I I I I 1986 I I 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 Current dollars 1982 dollars 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 dollars Per capita personal consumption expenditures Seasonally adjusted annual rates 1982 IV IV I n m IV 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 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 BILLIO NS OF DOLLARS RATIO SCALE r GRC SS FARM 1NCC ME 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 I TJ TTT IV 1985 I n m IV 1986 I n m IV 1987 Ip Livestock and products Cash marketing receipts and inventory changes plus Government payments other farm cash income and nonmoney income furnished by farms 2 Physical changes in end of year inventory of crop and livestock commodities valued at average prices during the year Crops Value of inventory changes a Production expenses Current dollars dollars Income in current dollars divided by the GNP implicit price deflator NOTE Data include net Commodity Corporation loans and operator households Sources Department of Agriculture and Department of Commerce 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 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 TV 1983 IV 1984 I n ni IV 1985 I n m IV 1986 I n m IV 1987 I r Financial Total 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 Tax liability Wholesale and retail trade Total Dividends Undistributed profits Inventory valuation adjustment 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 GROSS PRIVATE DOMESTIC INVESTMENT NONRESIDENTIAL FIXED INVESTMENr RESIDENTIAL FIXED INVESTMENT I I 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 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 Nonresidential Total Total Structures Producers durable equipment Residential Total Nonfarm 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 r r r ALL INDUSTRIES j NOW HANUFACTURI vIG M NUFACTURIN U y 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 I II HI I I r4 rv n IU rv n m iv 4 Nonmanufacturing Surveyed quarterly Nondurable goods Total Mining Transportation Public utilities Commercial and other Surveyed annually 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 Manufacturing Total 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 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 May June July Aug Sept Oct Nov Dec 1987 Jan Feb Mar Apr May Noninstitutional population including resident Armed r orces NSA A T i r including i Forces NSA Armed Forces Employment including resident Armed Forces Nonagricultural Civilian labor force Persons at work Economic reasons include slack work material shortages inability to find fulltime work etc 2 Labor force as percent of noninstitutional population both including resident Armed Forces 3 Civilian labor force as percent of civilian noninstitutional population Unemployment Civilian employment Resident Total Agricultural Total Part time for economic reasons 1 Labor force participation rate percent 15 Total weeks and over Total 2 Civilian Data beginning January 1986 not strictly comparable with earlier data because of change in estimation procedures Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In 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 WV I 20 V v TEENAGERS V v V BLACK X L vv V f V 15 A l j X v N v BLACK i V M ID OTHER I x WHITE Illllllllll 1983 WOM EN20YE VRS A N D OVER ALI CIVILIAN W DRKERS V x v A v v V V r r v A EN 20 YEAR 5 AND OVER Illllllllll Illllllllll Illllllllll Illllllllll 1984 T Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll 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 May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May 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 Black and other Experienced wage and salary workers Unemployed 2 Men 20 years and over By selected groups By race By sex and age Source Department of Labor Bureau of Labor Statistics 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 DURATION Of UNEMPLOYMENT REASON FOR UNEMPLOYMENT 60 50 LESS THAN 5 WEEKS t t X f r WEEKS s v v REENTRANTS 30 A v 27 WEEKS AND OVER 20 NEW ENTRANTS WEEKS Illllllllll iiiiiiiini N JOB LOSERS VV VA vA 40 V Illllllllll JOB LEAVERS Illllllllll Illllllllll 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 Job leavers Insured unemployment Initial claims Insured unemployment all regular programs unadjusted 1 Reentrants New entrants Job losers Weekly average thousands M y July Scot Oct NOT Dec 1987 Jan Feb Mar Anr May 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 SERVICE PRODUCING INDUSTRIES GOODS PRODUCING INDUSTRIES 30 Infill i ii i 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 May r June July T Aug r Sept Oct Nov r Dec r r 1986 Total nonagricultural employment 1987 Jan r Feb Marr Apr May 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 r 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 dollars 3 Current dollars 1977 dollars LO 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 Jan r Feb Mar r Apr r May p 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 base 4 Monthly changes based on indexes to two decimal places 5 Based on seasonally unadjusted data 2 3 1977 dollars Current dollars 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 quarterly data seasonally adjusted IV IV I n m rv 1985 I n m IV 1986 I n m IV 1987 I Percent change quarterly data at seasonally adjusted annual rates I g IV IV I n m IV IV IV n m n m I 1986 I 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 Hourl compensation divided by the consumer price index for all urban consumers ly 16 Current dollar gross domestic product divided by constant dollar gross domestic product NOTE Data relate to all persons engaged in the sector Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production 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 RATIO SCALE INDEX RATIO SCALE U TOTAL INDUSTRIAL PRODUCT ION FINAL PRODUCTS i i SPACE 160 EQUIPMErJT 100 II lml I DEFENSE A MD n MANUFACTURING PRODUCTION If BUSINESS EQUIPMENT H 12dl DURABLE CONSUMER GOODS II hllll iiinlinii PERCENT 90 MANUFACTURING CAPACITY UTILIZATION RATE UTILITIES AND MINING PRODUCTION 80 UTILITIES Ml IIM imilimi SEASONAUY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Industry production indexes Total industrial production Period Index proportion 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 Manufacturing Industrial materials r 79 7 r r Source Board of Governors of the Federal Reserve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES 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 Dec Jan Feb r Mar r Apr r May p pnyporti n May June July Aue Sept Oct Nov 1 Includes rigs and prefabs not shown separately monthly data seasonally adjusted Nondurable manufactures Durable manufactures Transportation equipment Primary metals Lumber and products Apparel products Printing and publishing cals and products Iron and steel Fabricated metal products Period Total May July Sept Oct Nov Dec 1987 Jan Feb r Mar r Apr r May Source Board of Governors of the Federal Reserve Svstem 18 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 Commercial and industrial floor space millions of square feet Billions of dollars Annual rates Annual rates 1986 Apr May June July Aue Sept Oct Nov Dec Jan Feb Mar Apr 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 Sept Oct Nov Dec Jan Feb Mar r Apr May New private homes Units authorized Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent Seasonally adjusted annual rates 1986 May June July Seasonally adjusted Quarterly data entered in last month of quarter Series beginning 1979 not strictly comparable with earlier data 3 New series heginning March 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 f H RE FAIL INVENT DRIES MAN JFACTURINC7 AND TRA DE INVENTC RIES tr A Jt x M NUFACTUR NG Ah4D TRADE SA LES DETAIL SALES I i I 1 1 L 1 I I 1 1I M I 1 1 1 1 II i RATICy 1 80 INVENTORY SALES RATIO V r VN fc X V MANUFACTURING AND TRADE miilnm iimlmii imilmn SEASONALLY ADJL sOURCE DEPARTME lllllllllll l l l l l l l l l l l M1 lllllllllll ninl M M Inn M i n i n i l 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 Retail Millions of dollars seasonally adjusted Apr r May July Sept Oct Nov Dec 1987 Jan Feb Mar r Apr May r r r 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 r r r Annual data are averages of monthly ratios Source Department of Commerce Bureau of the Census r MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In April manufacturers shipments fell and inventories and orders rose In May according to advance data total durable goods shipments and orders were about unchanged BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SHIPM FJWT TOTAL RABLE GOO TOTAL DLJRABLE GOO DS h J NOh DURABLE GOODS INVENTORIES NONE URABLEGO 3DS lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll 80 BILLIONS OF DOLLARS RATIO SCALE 280 NEW ORDER lllllllllll lllllllllll lllllllllll lllllllllll X s H TOTAL 160 RATIO m INVENTORY SHIPMENTS RATIO 2 00 ABLE GOO V r 7L vlr f NO MDURABLE GOODS iiiiiiiini lllllllllll lllllllllll lllllllllll lllllllllll 1983 r lr ir llllllMIM M II 1985 J 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 Millions of dollars seasonally adjusted May June July Aue Sept Oct Nov Dec 1987 Jan Feb Mar Apr r May p 1 r r 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 r r 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 RATIO SCALE 340 SEASONALLY ADJUSTED FINISHED GOODS 320 CONSUMER GOODS EXCLUDING FOODS TOTAL FINISHED GOODS CAPITAL EQUIPMENT s COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR monthly data seasonally adjusted Finished goods Intermediate materials Finished goods excluding consumer foods Period Total finished goods Consumer foods May July Sept Oct Nov Dec 1987 Jan r Feb Mar Apr May 1 Other Total Foodstuffs and feedstuffs Other Durable 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 RATIO SCALE INDEX RATIO SCALE UNADJUSTED n r v n ALL ITEMS A I M 1 H Inn 1984 M 1H11 i SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF LABOR M M M LI I I l l COUNCIL OF CONOMIC ADVISERS 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 Homeowners costs Dec NSA May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May upkeep Total New cars Motor fuel 6 3 Medical care Energy 2 All items less food energy and shelter Includes items not shown separately Fuel oil coal and bottled gas gas piped and electricity and motor fuel Motor oil coolant etc also included through 1982 3 Relative importance December 1986 NOTE Data beginning 1983 incorporate a rental equivalence measure for homeownership costs Appar NSA Rel imp 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 Change from preceding period Period Change from 3 months earlier annual rate Change from 6 months earlier annual rate Consumer goods Consumer goods Consumer goods Total finished 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 g Change month to month 1986 May July Sept Oct Nov Dec 1987 Jan Feb Mar May r r r r 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 Change month to month May June July Aug Sept Oct Nov Dec Jan Feb Mar May 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 ship costs and therefore are not strictly comparable with data for earlier periods Data beginning 1987 calculated on a revised basis Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers in May were 3 2 percent above their April level Prices paid by farmers in April were 1 9 percent above their January level INDEX RATIO SCALE INDEX RATIO SCALE PRICES PAID PRICES RECEIVED HIM in 11 60 RATIO 140 imilimi II 1 1 1 1 II minimi nun Mill 60 RATION minimi iimmiu r i Illlll 1987 J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE Prices paid by fanners Prices received by fanners Period May June July Auflr Sept Oct Nov Dec 1987 Jan Feb Mar May 1 Includes 2 All farm products Livestock and products Crops 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 All commodities services interest taxes and wage rates Production items interest taxes and wage rates a a Production items s Ratio NOTE The official indexes are published on a 1910 14 base as required by law The indexes have been converted to a base to facilitate comparison with other indexes Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK LIQUID ASSETS AND DEBT MEASURES Growth in Ml and the broader monetary aggregates slowed in May BILLIONS OF DOLLARS RATIO SCALE BILUONS OF DOLLARS RATIO SCALE M COUNCIL OF ECONOMIC ADVISERS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures except as noted billions of dollars seasonally adjusted L Percent change from year or 6 months earlier 2 Ml Period Dec Dec Dec Dec Dec Dec Dec r 1986 May July Sept Oct Nov Dec 1987 Jan Feb Mar May 1 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 Consists of outstanding credit market debt of the U S Government State and local governments and private nonfinancial sectors data from flow of funds accounts 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate 26 M3 plus other liquid assets Debt Debt of domestic nonfinancial sectors monthly average 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 Money market mutual fund balances General purpose and broker dealer NSA Institution only NSA Money market deposit accounts MMDAs Small denomination time deposits Large denomination time deposits 1 NSA Term repurchase agreements KPs Term Eurodollars net NSA Savings deposits NSA SQ avmgs Donas Shortterm Treasury securities Bankers acceptances C om ommercial paper r r r r r r r 571 4 r r r 448 4 r 445 5 r 445 8 r r r 78 3 r 78 0 r 81 4 r 78 0 r 78 7 r Sept Get Nov Dec r 220 3 r Jan r Feb r Mar r Aprr May Small denomination and large denomination deposits are those issued in amounts of less than and more than 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 Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar r Apr 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 ALL COMMERCIAL BANKS LOANS AND LEASES U S GOVERNMENT SECURITIES OTHER SECURITIES Illl 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 Apr June July Sept Get Nov Dec 1987 Jan Feb Mar Aprp May p Total Nonborrowed Required Total Seasonal Data are prorated averages of Wednesday figures for domestically chartered banks and averages of month end data for foreign related institutions Data beginning January 1984 are not strictly comparable with data for earlier periods largely because beginning January 1984 certain obligations of States and political subdivisions are included in loans rather than in other securities 28 Other securities Dec Dec Dec Dec Dee Dec Dec Dec Aue Commercial and industrial loans U S Government securities 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 r I II Ill IV I r r ni r 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 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 IV I II Ill IV I II Ill IV I 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 COUNCIL OF ECONOMIC ADVISERS SOURCE SEE TABLE BELOW Percent per annum U S Treasury security yields Period 3 month bills new issues l June Sept Oct Nov Dec 1987 Jan Feb Mar Apr June Week ended 1987 May 30 June Constant maturities 2 3 year year High grade municipal bonds Standard Poor s 3 30 Prime commercial paper 6 months Discount rate N Y F R Bank 5 Prime rate charged by banks New home mortgage yields FHLBB r 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 through October 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 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 RATIOS CALE INDEX DEC RATIOSCALE f COMPOSI FE STOCK PRICE INDEX NYSE V r l 80 IV s imiliim 1979 fj i il In in M i l l ll Illl 1980 1 Illlllllll I l l l l l II II PERC ENT 20 PERC ENT 20 EAR INGS PRICE RATIO ON COMMON STOCKS S P 15 r r i ii i ii Common stock prices New York Stock Exchange indexes I ec O Composite Industrial Transportation 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 Dividendprice ratio Earningsprice ratio June July Sept Oct Nov Dec 1987 Jan Feb Mar Apr May Week ended 1987 May 30 June 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 Preliminary based on data through June 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 OUTLAYS J RECEIPTS Uoo 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 Off budget On budget Total Held by the public Cumulative total first 8 months Fiscal year 1986 Fiscal year Estimates from Budget of the United States Government Fiscal Tear 1988 January 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 rrcrr OTHER RECEIPTS TAXES AND CONTRIBUTIONS CORPORATION INCOME TAXES SOCIAL INSURANCE OUTLAYS NONDEFENSE NATIONAL DEFENSE 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 Cumulative total first 8 months Fiscal year 1986 Fiscal year National defense Social insurance taxes and contributions Estimates from Budget of the United States Government Fiscal Year 1988 January 1987 Social securi Health Department of Defense military 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 SEASONALLY ADJUSTED ANNUAL RATES EXPENDITURES A r RECEIPTS SUR LUS OR DEFIC T i i i i i i A V 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 l Calendar year 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 Purchases of goods and services Total 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 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 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 Industrial production seasonally adjusted Period United States T 127 2 r 127 3 r r 45 5 r m Oct Nov Dec 1987 Jan Feb Mar May p Italy Data relate to all urban consumers United States r France Germany r l 3 9 lll l r r l 1 0 r 112 2 r lll l r l United Kingdom Japan Canada r r r r 41 9 r l July Germany France May Sept Japan Canada United Kingdom Italy 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 Apr May June t Julyt Aug Sept Oct Nov Dec 1987 Jan Feb Mar fi 218 7 f 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 o Department of Defense Military Assistance Program grant aid shipments are excluded through 1984 and for revised statistical month data for they are included for statistical month data for 1985 86 and for 1987 2 Total includes commodities and transactions not classified according to kind 3 Total arrivals of imported goods other than intransit shipments 4 Revised statistical month exports less statistical month customs value imports t Foreign exports not shown separately mcmde 2 1 billion of nonmonetary gold bullion for ages and tobacco Merchandise trade balance Exports f a s less fi i June and 1 3 billion for July NOTE Data shown include trade of the U S Virgin Islands Statistical month and revised statistical month refer only to data for Data for 1987 are roughly equivalent to revised statistical month data For further information see Bureau of the Census release FT900 April 1987 Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the first quarter of 1987 the 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 xxx If V r A N VV BALANCE ON CURRENT ACCOUNT 0 Vi fa 5 x x r H CHANDISE TR DE v t BALANCE t 15 BALANCE ON GOODS AND SERVICES A V A x X i i i 1 1 i K V M i 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 Exports r 1982 r 1983 r 1984 r 1985 r 1986 r 1984 I rr n HI IV r I rr n r in IV I r r n r rn r IV I Imports Net balance Receipts Payments 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 Net Net military transactions l l Net travel and transportation receipts Other services net Balance on goods and services l Remittances pensions and other unilateral transfers 1 Balance on current account 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 CHANGE IN FOREIGN ASSETS IN THE U S NET CHANGE IN U S ASSETS ABROAD NET 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 official reserve assets l z Other U S Government assets Foreign assets in the U S net increase capital inflow U S private assets Total Foreign official assets Other foreign assets Statistical discrepancy Allocations of special drawing rights SDKs Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy U S official reserve assets net l unadjusted end of period HI IV I r n r 1985 I r r n r m r IV I nr Ill r IV 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 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 EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings Private Nonagricultural Industries Average Weekly Earnings Private Nonagricultural Industries Productivity and Related Data Business Sector PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories Manufacturing and Trade Manufacturers Shipments Inventories and Orders PRICES Producer Prices Consumer Prices All Urban Consumers Changes in Producer Prices for Finished Goods Changes in Consumer Prices All Urban Consumers Prices Received and Paid by Farmers MONEY CREDIT AND SECURITY MARKETS Money Stock Liquid Assets and Debt Measures Components of Money Stock and Liquid Assets Consumer Installment Credit Bank Loans and Securities and Reserves Sources and Uses of Funds Nonfarm Nonfmancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S International Transactions General Notes Detail in these tables may not add to totals because of rounding Unless otherwise noted all dollar figures are in current dollars Symbols used Preliminary r Revised Corrected Not available also not applicable NSA not seasonally adjusted For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 2 50 single copy 3 13 foreign Subscription price 27 00 per year 33 75 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

Gross Private Domestic Investment

DATE: June 1987

PART OF:

Economic Indicators : June 1987

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Gross Private Domestic Investment," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "June 1987," Economic Indicators (June 1987) : 11-11. https://fraser.stlouisfed.org/title/1/item/558/toc/274729 , accessed on December 15, 2019.

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Economic Data