Full text of Economic Indicators : October 1988
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100th Congress, 2d Session
Economic Indicators
OCTOBER 1988
(Includes data available as of November 2, 1988)
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1988
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JOHN MELCHER (Montana)
JEFF BINGAMAN (New Mexico)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
J. ALEX McMILLAN (North Carolina)
JUDITH DAVISON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To prim the monthly publication entitled "Economic Indicators"
Resolved by the Senate and Home 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 $2.25 a single copy
($2.81 foreign), or by subscription at $24.00 per year ($30.00 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
In the third quarter, according to advance estimates, current-dollar gross national product (GNP) rose 6.4 percent
(annual rate) or $75.7 billion. Real GNP (GNP adjusted for price changes) rose 2.2 percent and the implicit price
deflator rose 4.4 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5,200
5,200
SEASONA LY ADJUSTED ANNUA L RATES
—
^_
""
—
~
~
^~
—
GNP
IN CU RRENT DOLLAR
4,000
f
3,600
f-^-'
—
4,000
S__^«^__
__„.."' •—"
.
'
~
--"•
3,200
^^<|
^~
—
A
GNP
3,200
IN 1982 DOLLARS
_
—
2 400
2,000
^
\
\
\
2 400
1
1
1
1
1981
1980
1
\
1
\
\
1
1983
1982
1
1
1
1
1985
1984
1
1
1
1
1986
\
\
\
1
1987
1
1
2,000
1988
COUNCIt OF ECONOMIC ADVISER
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,014.9
4,240.3
4,526.7
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
IV
IV
IV
IV
3,212.5
3,545.8
3,851.8
4,107.9
2,117.0
2,315.8
2,493.4
2,700.4
1986: H
m
IV
4,207.6
4,268.4
4,304.6
1987: I
II
Ill
IV
1988: I
II
Ill"
Period
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1
Gross
national
product
Exports ind imports of goods
ind services
Final
Federal
Net
exports
domestic
chases 1
Exports
Imports
32.1
33.9
26.3
-6.1
-58.9
— 78.0
- 104.4
-123.0
351.0
382.8
361.9
352.5
383.5
370.9
378.4
428.0
318.9
348.9
335.6
358.7
442.4
448.9
482.8
551.1
530.3
588.1
641.7
675.0
735.9
820.8
871.2
924.7
208.1
242.2
272.7
283.5
310.5
355.2
366.2
382.0
142.7
167.5
193.8
214.4
234.3
259.1
277.5
295.3
65.4
74.8
78.9
69.1
76.2
96.0
88.7
86.7
322.2
345.9
369.0
391.5
425.3
465.6
505.0
542.8
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,003.6
4,224.7
4,487.5
2,699.8
3,018.7
3,139.7
3,411.8
3,831.1
4,092.8
4,344.7
4,649.7
409.6
579.8
661.8
654.1
14.1
-25.8
-67.9
-103.2
335.9
364.7
385.7
369.2
321.9
390.5
453.6
472.4
671.8
676.1
764.5
856.7
293.2
276.1
326.0
376.6
205.4
221.5
244.1
268.6
87.7
54.6
81.9
108.0
378.7
400.0
438.5
480.1
3,272.4
3,514.8
3,806.8
4,100.7
3,198.5
3,571.6
3,919.7
4,211.2
2,772.1
2,842.8
2,876.0
667.8
653.0
656.4
-101.2
-109.1
-114.3
373.9
377.8
385.2
475.1
486.9
499.4
868.8
881.8
886.5
368.7
372.7
366.7
277.2
288.0
278.1
91.5
84.7
88.7
500.2
509.1
519.7
4,188.1
4,267.7
4,306.6
4,308.7
4,377.6
4,418.9
4,391.8
4,484.2
4,568.0
4,662.8
2,921.7
2,992.2
3,058.2
3,076.3
685.5
698.5
702.8
764.9
-119.1
-122.2
-125.2
-125.7
395.3
416.8
440.4
459.7
514.4
539.0
565.6
585.4
903.8
915.7
932.2
947.3
372.7
377.5
386.3
391.4
287.3
294.8
299.8
299.2
85.4
82.6
86.4
92.2
531.1
538.2
546.0
555.9
4,354.1
4,451.5
4,553.5
4,590.7
4,510.9
4,606.3
4,693.2
4,788.4
4,724.5
4,823.8
4,899.5
3,128.1
3,194.6
3,257.6
763.4
758.1
764.4
-112.1
-90.4
-84.9
487.8
507.1
526.3
599.9
597.5
611.2
945.2
961.6
962.4
377.7
382.2
373.4
298.4
298.8
294.1
79.3
83.4
79.3
567.5
579.4
589.0
4,659.2
4,780.1
4,856.6
4,836.6
4,914.2
4,984.4
GNP less exports of goods and services plus imports of goods and services.
Govern ment purch ases of
goo< s and senices
Total
National
defense
Nondefense
and
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Export 5 and imports of
good s and senrices
G ross priva te
donu stic inves tment
Period
1980
1981
1982
1983
1984
1985
1986
1987
Personal
consumption
expenditures
Gross
national
product
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
Governrnent pure! ases of
gooc s and senrices
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
Gross
domestic
purchases 1
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,618.7
3,721.7
3,847.0
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,354.8
2,455.2
2,521.0
379.2
395.2
366.7
361.2
425.2
453.5
433.1
445.1
137.0
126.5
105.1
149.3
170.9
174.4
195.0
195.2
-6.9
57.0
23.9
49.4
-24.5
26.3
-6.4
-19.9
62.3 -84.0
9.1 -104.3
15.4 -137.5
34.4 -128.9
388.9
392.7
361.9
348.1
371.8
367.2
378.4
427.8
332.0
343.4
335.6
368.1
455.8
471.4
515.9
556.7
620.5
629.7
641.7
649.0
677.7
731.2
760.5
780.2
246.9
259.6
272.7
275.1
290.8
326.0
333.4
339.0
171.2
180.3
193.8
206.9
218.5
237.2
251.4
264.9
75.7
79.3
78.9
68.2
72.3
88.8
82.0
74.1
373.6
370.1
369.0
373.9
387.0
405.2
427.1
441.2
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,609.6
3,706.3
3,812.6
3,130.1
3,199.4
3,139.7
3,299.1
3,585.4
3,723.0
3,859.3
3,975.9
IV
IV
IV
IV
3,159.3
3,365.1
3,535.2
3,662.4
2,078.7
2,191.9
2,281.1
2,386.9
352.3
390.4
444.4
460.9
115.8
159.9
169.6
179.4
-59.3
11.7
27.0 -46.2
41.7 -94.8
7.7 — 125.3
336.0
355.5
376.6
367.4
324.3
401.6
471.4
492.6
660.1
642.2
693.2
752.7
289.5
266.0
300.5
340.6
201.4
211.6
225.3
241.4
88.2
54.4
75.2
99.2
370.6
376.2
392.7
412.1
3,218.6
3,338.1
3,493.5
3,654.7
3,147.6
3,411.3
3,630.0
3,787.6
1986: II
III
IV
3,711.6
3,721.3
3,734.7
2,440.9
2,478.6
2,486.2
432.8
425.6
427.3
195.7
199.0
199.7
23.6 - 140.2
3.0 -151.8
-10.5 -142.4
372.1
379.1
387.8
512.4
530.9
530.2
758.8
766.9
774.5
333.6
336.7
340.5
250.8
260.7
253.1
82.8
76.0
87.4
425.2
430.2
434.0
3,688.0
3,718.3
3,745.2
3,851.8
3,873.0
3,877.2
1987: I
3,776.7
3,823.0
3,865.3
3,923.0
2,490.2
2,516.6
2,545.2
2,531.7
418.2
434.8
462.8
464.8
198.4
197.6
192.1
192.7
29.8
27.8
13.0
67.1
-132.8
— 126.0
-130.7
-126.0
394.9
416.4
440.9
459.2
527.7
542.3
571.6
585.2
772.9
772.2
782.9
792.6
334.0
332.1
342.1
347.7
257.0
264.8
269.5
268.2
77.0
67.3
72.6
79.5
438.9
440.1
440.8
444.9
3,746.9
3,795.2
3,852.2
3,855.9
3,909.5
3,949.0
3,996.0
4,049.0
1988: I
II
Ill"
3,956.1
3,985.2
4,007.3
2,559.8
2,579.0
2,601.3
473.4
490.2
495.7
189.5
189.6
190.2
66.0 -109.0
35.3
-92.6
33.8
-94.9
486.2
496.9
507.0
595.1
589.5
601.9
776.4
783.8
781.1
327.8
331.6
326.1
264.6
263.6
256.7
63.2
67.9
69.4
448.7
452.2
455.0
3,890.1
3,949.9
3,973.5
4,065.1
4,077.9
4,102.1
1982:
1983:
1984:
1985:
n
m
rv
1
GNP less exports of goods and services plus imports of goods and services.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982—100; quarterly data are seasonally adjusted]
Personal consumption
expen ditures
Period
national
product
Total
Durable
goods
Gross i rivate
domestic iiivestment
Nondurable goods
Services
Nonresidential
Exports an imports of
goods an 1 services
Gove Timent pure lases of goc ds and
sen/ices
Federal
Residential fixed
Exports
Imports
National
defense
Nondefense
State
and local
85.7
94.0
100.0
103.9
107.7
110.9
113.9
117.7
86.6
94.6
100.0
104.1
108.1
111.6
114.3
119.5
89.2
95.7
100.0
102.1
103.8
104.8
105.6
107.9
89.4
96.9
100.0
102.1
105.0
107.5
107.3
112.1
83.9
92.6
100.0
106.2
111.6
116.8
122.4
128.5
85.1
93.4
100.0
98.8
97.9
97.7
100.2
100.4
89.4
96.6
100.0
102.2
106.0
108.3
111.1
116.2
90.2
97.5
100.0
101.3
103.2
101.0
100.0
100.0
96.0
101.6
100.0
97.4
97.1
95.2
93.6
99.0
84.3
93.3
100.0
103.1
106.8
109.0
109.8
112.7
83.4
92.9
100.0
103.6
107.2
109.2
110.4
111.5
86.4
94.3
100.0
101.4
105.5
108.2
108.2
117.0
86.2
93.4
100.0
104.7
109.9
114.9
118.2
123.0
IV
IV
IV
IV
101.7
105.4
109.0
112.2
101.8
105.7
109.3
113.1
100.7
103.1
104.1
104.7
101.0
103.1
105.8
108.7
102.7
108.3
113.5
119.0
100.7
98.3
97.9
97.9
99.1
103.1
107.2
109.0
100.0
102.6
102.4
100.5
99.3
97.2
96.2
95.9
101.3
103.8
108.5
110.6
102.0
104.7
108.3
111.3
99.5
100.3
108.9
108.8
102.2
106.3
111.7
116.5
1986: II
Ill
IV
113.4
114.7
115.3
113.6
114.7
115.7
105.0
106.1
106.2
106.4
107.2
107.8
121.6
123.2
124.6
99.8
101.2
101.6
110.6
111.4
112.4
100.5
99.6
99.3
92.7
91.7
94.2
110.5
110.7
107.7
110.5
110.5
109.9
110.4
111.5
101.5
117.6
118.3
119.7
1987: I
II
Ill
IV
116.3
117.3
118.2
118.9
117.3
118.9
120.2
121.5
106.7
107.5
108.6
108.9
109.8
111.9
112.9
113.7
126.1
127.6
129.1
131.0
101.1
100.8
99.9
99.8
113.4
115.2
117.7
118.7
100.1
100.1
99.9
100.1
97.5
99.4
98.9
100.0
111.6
113.7
112.9
112.6
111.8
111.3
111.3
111.6
110.9
122.9
119.0
116.0
121.0
122.3
123.9
124.9
1988: I
II
111".
119.4
121.0
122.3
122.2
123.9
125.2
109.1
109.6
110.4
113.8
116.0
117.3
132.2
134.0
135.5
99.6
99.5
99.6
119.5
119.5
119.6
100.3
102.1
103.8
100.8
101.4
101.6
115.2
115.3
114.5
112.8
113.4
114.6
125.5
122.7
114.3
126.5
128.1
129.4
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal
Gro ss national pro duct
Period
Constant
Current
dollars
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
II
Ill
IV
1981: 1
II
Ill
IV
1988: I
II
Ill"
nvrna
dollars
Implicit
price
deflator
8.9
-0.2
9.0
11.7
3.7
7.6
10.8
6.4
5.6
6.8
4.2
1.9
9.7
6.4
3.9
3.7
3.0
2.7
3.3
3.6
4.7
3.0
3.3
3.6
— 2.5
2.6
5.9
3.4
8.4
8.7
7.7
8.6
5.4
8.7
3.6
6.8
3.4
2.8
3.4
.6
7.3
1.7
3.0
-.8
1.0
1.4
4.6
5.0
4.5
6.1
3.4
3.0
6.4
2 2
12.4
4.7
6.2
Cham price
index
Fixedweighted
price rm\R-x
(1982
weights)
6.3
4.1
3.9
3.3
2.5
3.4
4.1
3.9
3.1
3.2
2.0
3.1
2.4
4.0
3.7
3.6
3.4
3.0
4.8
4.3
4.7
2.1
3.5
3.5
3.1
2.4
1.7
5.5
4.4
dollars
10.6
-0.2
10.5
1.2
1.3
4.6
4.8
4.7
7.1
9.0
8.8
8.2
6.8
7.3
4.1
4.0
3.4
2.8
3.6
4.0
4.0
3.2
10.3
3.3
2.4
3.0
2.8
6.0
4.9
4.3
2.7
5.3
5.5
4.3
1.9
4.3
6.3
1.2
.6
4.3
4.6
— 2.1
4.5
3.0
3.5
9.7
7.2
10.6
4.8
6.5
4.2
4.2
3.7
3.8
10.0
9.1
2.4
6.9
8.8
8.1
3.5
5.0
4.9
Implicit
pricedeflator
Constant
U982)
dollars
CuTTiiUt
9.3
9.3
6.2
9.0
3.4
onsumption e> penditures
CViam price
index
10.7
9.2
10.9
9.2
5.7
4.1
3.8
3.2
2.4
4.5
5.7
4.2
3.9
3.5
2.7
4.5
4.8
4.4
4.3
3.0
4.0
.7
3.9
3.5
5.6
5.6
4.4
4.4
2.3
5.7
4.3
FiMdweighted
wiec itide-4
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.5
2.7
4.5
4.8
4.1
3.2
4.3
.7
4.1
3.1
4.2
.8
4.3
3.5
5.5
5.7
4.3
4.2
3.5
5.6
5.7
4.2
4.6
2.4
5.7
4.4
2.5
5.6
4.5
4.8
NOTE.—Annual ehanges are from previous year and quarterly changes are from previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Curren -dollar cos and profit per unit o output (do lars) '
Gross d )mestic
produ ct of
nonfin mcial
corporate business
(billions o f dollars)
Period
Current
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
II
Ill
IV
1987: I
II
Ill
IV
1988: I
II
1
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,267.1
2,371.6
2,513.5
1,779.4
2,012.5
2,201.8
2,309.2
2,348.8
2,383.6
2,409.3
2,438.8
2,482.7
2,546.9
2,585.6
2,633.2
2,684.0
1982
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,117.4
2,177.2
2,270.4
1,760.2
1,940.5
2,069.5
2,137.7
2,163.2
2,174.2
2,199.0
2,215.0
2,248.0
2,296.1
2,322.5
2,363.5
2,380.9
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
0.852
.946
1.000
1.026
1.054
1.071
1.089
1.107
0.095
.109
.125
.123
.118
.119
.121
.122
1.011
1.037
1.064
1.080
1.086
1.096
1.096
1.101
1.104
1.109
1.113
1.114
1.127
.131
.120
.118
.120
.122
.122
.122
.122
.122
.121
.121
.121
.122
Output is measured by gross domestic product of nonfinanciai corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinanciai corporate business with
the decimal point shifted two places to the left.
Oorpc rate profits with
inventory valuation a nd capital
consun iption adjus tments
Indirect
business
taxes 3
Compensation of
employees
0.077
.090
.094
.098
.100
.103
.105
.106
.096
.098
.102
.104
0.581
.632
.676
.679
.687
.704
.719
.732
.685
.680
.694
.102
.106
.105
.105
.106
.106
.105
.105
.106
.717
3
4
.713
.722
.725
.730
.730
.729
.738
.736
.747
Net
interest
Total
0.031
.037
.043
.037
.039
.038
.039
.043
.042
.037
.042
.037
.038
.039
.040
.041
.043
.044
.046
.045
.047
0.068
.078
.063
.089
.109
.106
.106
.105
.057
.103
.107
.106
.106
.107
.104
.103
.104
.109
.103
.106
.106
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.035
.044
.023
.036
.032
.033
.034
.036
.039
.041
.043
.046
.044
.044
.046
Profits
after
tax 4
0.031
.044
.037
.057
.073
.073
.071
.061
.034
.066
.075
.072
.072
.071
.065
.061
.061
.063
.059
.062
.060
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.865
18.287
18.584
18.927
19.216
17.383
18.029
18.359
18.639
18.864
18.921
19.043
9.939
10.861
11.699
12.122
12.569
13.075
13.605
14.062
18.996
19.142
19.362
19.357
19.560
19.582
11.914
12.261
12.746
13.288
13.532
13.660
13.815
13.869
13.969
14.110
14.291
14.397
14.545
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]
Proprietor s' income
Rental
income of
persons
with
capital
with in fentory
Period
Compensation of
employ-
National
income
valuation f nd capital
consuroption
adjust ments
Farm
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
II
Ill
IV
1987: I
II
in
IV
1988: I
II
Ill"
1
tion
adjustment
Nonfarm
Corpora e profits wit tl inventory valuation an capital
consurnption adjus ments
Profits wi th inventory valuation
adjustmei it and witho jt capital
consu mption adjus tment
Total
2,518.4
2,719.5
3,028.6
3,234.0
3,437.1
3,678.7
2,548.2
2,851.5
3,096.1
3,312.8
3,421.8
3,450.9
3,496.6
3,573.0
3,631.8
3,708.0
3,802.0
1,907.0
2,020.7
2,213.9
2,367.5
2,507.1
2,683.4
1,931.1
2,092.7
2,272.7
2,426.7
2,483.4
2,518.2
2,565.8
2,608.9
2,652.0
2,702.8
2,769.9
24.6
12.4
30.5
30.2
36.4
43.0
28.5
19.3
28.1
29.2
46.4
33.3
38.4
46.7
43.0
35.2
47.0
150.9
178.4
204.0
225.6
250.3
270.0
159.8
188.6
209.7
235.0
248.3
251.7
255.8
263.5
265.9
271.5
279.0
13.6
13.2
8.5
9.2
12.4
18.4
15.8
12.4
5.6
7.8
12.5
13.1
13.4
17.4
17.8
18.1
20.5
150.0
213.7
266.9
282.3
298.9
310.4
146.1
248.5
266.9
291.4
297.1
301.2
293.9
298.3
305.2
322.0
316.1
159.2
196.7
234.2
222.6
244.7
258.7
150.7
223.4
224.6
228.4
3,850.8
3,928.8
2,816.4
44.7
43.4
29.0
279.2
285.3
290.2
20.5
19.1
20.0
316.2
326.5
266.8
278.5
2,874.0
2,931.1
Source: Department of Coi
Includes employer contributions for social insurance. (See also p. 5.)
Profits
before tax
Inventory
valuation
adjustment
169.6
207.6
-10.4
-10.9
-5.8
240.0
224.3
-1.7
8.3
-18.0
-13.4
-8.1
-1.6
-6.6
11.8
8.7
-8.1
236.4
276.7
164.1
231.5
226.1
235.0
230.3
240.5
252.1
261.8
273.7
289.4
242.1
249.2
244.1
247.5
253.6
269.9
263.7
Capital
consump-
-9.2
17.0
32.7
59.7
54.2
51.7
-4.5
25.1
42.3
63.0
281.9
-18.2
55.0
52.0
49.8
50.8
51.5
52.1
52.4
286.2
305.9
-19.4
-27.4
-27.4
49.4
48.0
45.3
-14.4
— 20.0
-19.5
Net
interest
272.3
281.0
304.8
319.0
331.9
353.6
266.9
290.2
313.1
322.7
334.1
333.3
329.3
338.3
348.1
358.3
369.5
373.9
380.6
396.5
srce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Non durable g( ods
Durabl goods
rp
,
persona!
Period
expendiures
1982
1983
1984
1985
1986
1987
1982: IV
1983: IV
1984:
IV
1985: IV
1986: II
Ill
IV
1987: I
II
Ill
IV
1988: I
II
Ill"
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.0
2,807.5
3,012.1
2,117.0
2,315.8
2,493.4
2,700.4
2,772.1
2,842.8
2,876.0
2,921.7
2 992.2
3,058.2
3,076.3
3,128.1
3,194.6
3,257.6
Source: Department of Commerce, Bureau of Economic Analysis.
252.7
289.1
335.5
372.2
406.5
421.9
263.8
310.0
346.7
373.2
393.0
429.9
421.8
403.5
420.5
441.4
422.0
437.8
449.8
453.6
Motor
vehicles
and
parts
Furniture
and
household
equipment
Other
durable
goo s
Food
Clothing and
shoes
Gasoline
and oil
89.1
90.2
90.0
90.6
73.3
77.0
89.8
91.9
89.0
91.0
71.7
68.9
66.3
194.0
771.0
816.7
867.3
911.2
943.6
997.9
786.6
837.9
879.6
932.7
937.2
944.7
954.1
977.5
995.3
1,006.6
1,012.4
398.8
421.9
448.5
471.6
501.0
526.4
407.0
430.8
456.1
482.5
498.0
503.2
512.6
521.0
525.3
528.4
530.9
124.4
135.1
134.7
138.8
142.0
143.3
145.9
147.8
150.2
149.4
48.1
51.6
59.3
63.2
70.1
77.8
49.0
53.2
61.8
64.7
66.5
70.5
77.5
75.9
78.3
78.3
78.6
181.2
79.3
79.3
202.2
208.7
211.0
154.7
159.5
159.5
81.0
81.5
83.1
1,016.2
1,036.6
1,057.6
535.9
546.3
557.2
180.5
183.2
187.3
76.3
78.8
108.9
130.4
157.4
179.1
196.4
195.8
115.7
144.4
162.3
173.8
187.7
217.5
201.0
181.7
194.5
212.9
95.7
107.1
118.8
129.9
140.0
148.3
99.1
112.4
122.7
146.7
156.4
167.0
178.2
126.5
141.1
149.8
160.6
167.0
168.7
169.4
174.5
176.8
180.4
72.1
77.4
79.7
. r\
Retail ales of
new pa ssenger
cars (mi lions of
un ts)
Other
Domestics
Imports
158.7
169.5
182.1
192.6
202.2
216.3
163.4
174.0
184.7
198.5
200.5
203.9
205.8
209.9
215.8
218.5
220.9
1,027.0
1,128.7
1,227.6
1,345.6
1,457.3
1,592.3
1,066.5
1,167.9
1,267.1
1,394.5
1,441.9
1,468.2
1,500.1
1,540.7
1,576.4
1,610.2
1,641.9
5.8
6.8
8.0
8.2
8.2
7.1
6.0
7.4
7.7
7.0
8.0
9.5
7.7
6.7
7.1
8.0
6.6
2.2
2.4
2.4
2.8
3.2
3.2
223.5
1,674.1
1,708.2
7.6
7.5
7.6
3.2
3.1
3.1
228.2
233.4
1,748.4
2.5
2.6
2.6
3.1
3.1
3.4
3.4
2.9
3.1
3.5
3.3
SOURCES OF PERSONAL INCOME
Personal income rose $19.9 billion (annual rate) in September, following a rise of $12.1 billion in August. Wages
and salaries increased $14.1 billion in September, after rising $5.1 billion in August.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,200
4,200
3,200
3,200
TOTAL PERSONAL INCOME
i
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
OTHER INCOME
400
'TRANSFER
PAYMENTS
800
400
200
1980
1981
1982
1984
1983
1985
Illllllllll
1986
miilmiil 200
1987
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987: Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July r.
Aug r
Sept p
Total
personal
income
Proprietors ' income 3
wage ana
Farm
Nonfarm
3
4
52.9
61.3
63.9
68.7
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,975.4
2,094.0
2,248.4
138.4
150.3
163.6
173.6
182.9
187.6
196.1
207.9
20.5
30.7
24.6
12.4
30.5
30.2
36.4
43.0
160.1
156.1
150.9
178.4
204.0
225.6
250.3
270.0
6.6
13.3
13.6
13.2
8.5
9.2
12.4
18.4
3,820.8
3,897.2
3,884.1
3,939.0
2,278.6
2,302.9
2,318.7
2,353.5
210.3
211.4
212.4
213.3
31.1
273.3
277.8
278.6
280.6
18.5
19.5
20.5
21.5
3,921.8
3,946.7
3,985.9
4,001.0
4,021.4
4,044.9
4,071.3
4,083.4
4,103.3
2,342.3
2,359.0
2,374.7
2,394.0
2,408.4
2,427.5
2,451.9
2,457.0
2,471.1
214.0
214.6
215.2
215.8
216.4
217.4
218.5
219.5
220.5
278.6
279.0
279.9
283.3
285.2
287.5
288.7
289.5
292.6
20.8
20.5
20.2
19.3
18.9
19.0
19.4
20.0
20.5
67.9
31.6
41.4
35.9
41.5
56.8
44.8
45.2
40.3
33.4
30.1
23.6
Consists primarily of employer contributions to private pension and private welfare funds
With inventory valuation and capital consumption adjustments.
With capital consumption adjustment.
Personal
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,531.1
3,780.0
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
2
Rental
income of
persons 4
5
6
dividend
income
75.5
78.7
82.8
88.6
90.6
91.3
91.9
92.4
92.8
93.6
94.0
94.7
95.0
95.4
96.3
97.5
98.0
Personal
interest
income
Transfer
payments 5
271.9
335.4
369.7
393.1
444.7
478.0
499.1
527.0
324.7
368.1
410.6
442.6
456.6
489.8
539.0
545.0
550.0
552.7
556.4
555.1
557.9
554.4
572.2
574.6
582.2
582.8
582.0
583.6
585.8
587.3
589.2
554.1
554.1
558.8
563.7
568.7
573.6
579.2
585.2
521.1
548.8
556.1
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
88.6
104.5
112.3
120.1
132.7
149.3
161.1
172.0
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,271.3
3,472.5
3,716.0
173.4
3,768.8
3,808.5
3,831.9
3,877.1
175.1
175.8
176.8
189.1
190.2
191.2
192.4
193.4
194.6
196.2
196.6
197.4
3,865.5
3,884.7
3,908.7
3,935.4
3,955.1
3,983.3
4,016.8
4,032.2
4,058.6
Consists mainly of social insurance benefits, direct relief, and veterans payments
Personal income exclusive of farm proprietors' income, farm wages, farm oth<ler labor income,
fricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the third quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
8,000
8,000
6,000
6,000
1988
- SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OE COMMERCE
Period
P rsona!!
income
Less:
Personal
tax and
nontax
payments
j?jqua s.
ifLSposaole
personal
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per c ipita
disposable personal
incc me
1982
1983
1984
1985
1986
1987
340.5
393.3
409.3
410.5
440.2
486.6
511.4
570.3
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,838.7
3,019.6
3,209.7
1982
136.8
159.4
153.9
130.6
164.1
125.4
121.7
104.2
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.8
2,640.9
2,686.3
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
dollars
9,722
9,769
9,724
9,930
10,419
10,625
10,929
11,012
7,607
8,320
8,818
9,515
10,253
10,985
11,618
12,348
8,783
8,794
8,818
9,139
9,489
9,839
10,160
10,334
-1.1
.5
5
2.1
4.9
2.0
2.9
.8
6.8
5.4
6.1
4.4
4.0
3.2
227,754
230,182
232,549
234,829
237,051
239,322
241,650
243,944
dollars
8,421
9,243
9,724
10,340
11,257
11,861
12,496
13,157
PerceiIt
Dolla "S
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,713.3
2,898.0
3,105.5
Percent
change in
real per
capita
disposable
personal
income
Current
dollars
Current
dollars
Billio as of dollar
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,325.3
3,531.1
3,780.0
1980
1981
1982
Per eapit personal
consul tption
expen itures
7.1
7.5
Seasonally idjusted armual rates
1982:
1983:
1984:
1985:
IV
IV
IV
IV
2,729.2
2,941.8
3,188.3
3,399.1
411.1
413.9
459.7
499.6
2,318.1
2,527.9
2,728.6
2,899.5
2,174.9
2,382.5
2,571.3
2,787.7
143.1
145.4
157.3
111.7
2,276.1
2,392.7
2,496.3
2,562.8
9,929
10,725
11,467
12,068
9,749
10,151
10,491
10,667
9,068
9,825
10,479
11,240
8,904
9,299
9,587
9,935
1.2
9.1
1.7
3.3
6.2
5.8
5.8
3.9
233,466
235,707
237,946
240,257
1986: H
3,517.3
3,546.7
3,599.6
501.0
514.2
534.9
3,016.3
3,032.4
3,064.7
2,862.1
2,933.6
2,967.9
154.1
98.8
96.8
2,655.9
2,643.9
2,649.4
12,499
12,534
12,635
11,006
10,928
10,923
11,487
11,750
11,857
10,115
10,245
10,250
5.6
-2.8
-.2
5.1
3.3
3.2
241,324
241,936
242,557
3,676.1
3,736.1
3,801.0
3,906.8
532.2
582.0
576.2
591.0
3,143.9
3,154.1
3,224.9
3,315.8
3,013.1
3,084.7
3,152.3
3,171.8
130.8
69.5
72.6
144.0
2,679.6
2,652.8
2,683.9
2,728.9
12,934
12,947
13,204
13,543
11,024
10,889
10,989
11,145
12,020
12,282
12,521
12,564
10,244
10,330
10,421
10,340
3.8
-4.8
3.7
5.8
4.2
2.2
2.3
4.3
243,077
243,618
244,236
244,845
3,951.4
4,022.4
4,086.0
575.8
601.0
587.1
3,375.6
3,421.5
3,498.9
3,225.7
3,293.6
3,358.6
149.9
127.8
140.3
2,762.3
2,762.2
2,794.0
13,760
13,919
14,195
11,260
11,237
11,335
12,751
12,996
13,216
10,435
10,492
10,553
4.2
-.8
3.5
4.4
3.7
4.0
245,318
245,806
246,490
in....
IV
1987:
I
n
m....
IV
1988:
I
n
m p..
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter, gross farm income rose $18.9 billion (annual rate) and net farm income rose $16.5
BILLIC NS OF DOLLAFiS* (RATIO SOUE)
billion.
BILL ONS OF DOLL/^RS * (RATIO S CALE)
240
200
240
200
1
^_/"
'C~
~-\
.—
i
1
'— - «
r^
r' —-~.
|
^^^
120
GRC3SS FARM INCC3ME
120
80
60
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]
In come
(jross
P erio
" H
Cas h
Total
1984
1985
1986
1987
1985:
1986:
Net farni income
farm incom
marketing rece
pts
V
J
Total
1980
1981
1982
1983
of farm ope rators from farmi -g
Livestock and
products
Crops
68.0
159.8
169.8
139.7
141.7
142.6
136.6
142.4
144.0
135.1
138.1
I
II
Ill
IV
170.1
164.3
159.1
171.3
138.7
138.0
144.2
154.7
69.5
69.9
68.6
71.0
69.3
68.1
75.6
83.7
I
II
Ill
TV
150.4
168.0
158.1
162.6
134.9
129.9
137.8
137.7
68.0
67.8
77.3
73.0
66.9
62.1
60.5
64.7
173.6
162.5
168.9
173.7
160.5
179.4
134.9
134.4
146.5
136.6
133.8
153.0
73.3
77.0
79.6
75.1
75.9
75.6
61.6
57.4
66.9
61.5
57.9
77.4
149.3
166.4
163.5
153.0
174.9
166.2
1987: I
II
Ill
IV
1988: I
II"
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.
71.7
72.5
72.3
67.1
69.5
74.2
69.2
70.3
69.4
73.0
69.8
71.5
76.2
63.6
61.9
3
f
inventory
changes 2
-6.3
Production
expenses
Current
dollars
1982
dollars 3
133.1
139.4
140.0
140.4
142.7
134.0
122.3
123.5
16.1
26.9
23.5
12.7
32.2
32.3
37.5
18.8
28.6
23.5
12.2
29.9
29.1
32.9
46.3
39.3
-2.3
-4.2
— 4.5
138.3
136.1
132.2
129.4
31.7
28.2
26.8
41.9
28.9
25.5
24.0
37.3
-3.8
-3.3
-2.3
-1.9
125.4
122.2
121.1
120.7
25.0
45.9
37.0
41.9
22.2
40.4
32.3
36.3
120.3
124.1
125.0
124.6
53.4
38.4
43.9
49.0
34.6
51.1
45.9
32.8
37.2
41.2
29.0
42.4
6.5
-1.4
-10.9
6.3
-2.4
-2.8
-.6
1.6
-.3
.1
— .4
-1.9
-5.3
-6.5
125.9
128.3
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 second quarter, corporate profits before tax rose $19.7 billion (annual rate) and after-tax profits rose $13.3
billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320 |
320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
PROFITS BEFORE T A X .
240
240
200
200
160
120
80
160
PROFITS AFTER TAX
120
-TAX LIABILITY-
V
BO
40
40
UNDISTRIBUTED PROFITS
I
I
1 I
I
1
1981
1980
I
I
1982
I
I
I
I
I
1983
I
1
I
1984
I
I
1985
I
I
I
1
1986
1
1
1987
SOURCE: DEPARTMENT OF COMMERCE
I
1
1
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after ta X
Pn fits (before t ix) with inve ntory valuati m adjustmen t '
DOTnestic industr ies
T
^onfinancial
Total
2
Total
1980
1981
1982
1983
1984
1985
1986
1987
Profits
before tax
Tax
liability
Total
Dividends
Undistributed
profits
,
valuation
adjustment
Manufacturing
sale and
retail
trade
237.1
226.5
169.6
207.6
240.0
224.3
236.4
276.7
84.8
81.1
63.1
77.2
93.9
96.4
106.6
133.8
152.3
145.4
106.5
130.4
146.1
127.8
129.8
142.9
54.7
63.6
66.9
71.5
79.0
83.3
88.2
95.5
81.8
39.6
58.9
67.0
44.6
41.6
47.4
-43.1
-24.2
-10.4
-10.9
-5.8
-1.7
8.3
-18.0
-13.4
-8.1
-1.6
-6.6
194.0
202.3
159.2
196.7
234.2
222.6
244.7
258.7
159.6
173.8
131.2
166.6
203.3
191.4
212.8
222.3
21.0
16.5
11.8
18.1
13.0
22.8
31.8
30.1
138.6
157.3
119.4
148.5
190.3
168.6
180.9
192.1
77.1
88.5
58.0
70.1
88.8
79.7
79.4
96.8
21.6
32.5
34.6
38.9
51.2
44.1
46.1
42.8
97.6
1982:
1983:
1984:
1985:
IV
IV
IV
IV
150.7
223.4
224.6
228.4
121.6
190.7
193.9
193.6
18.7
15.5
13.6
26.0
102.9
175.2
180.3
167.6
46.8
88.6
79.8
83.8
33.6
43.1
51.8
38.5
164.1
231.5
226.1
235.0
59.8
88.1
87.0
99.8
104.3
143.4
139.2
135.2
68.5
73.9
80.8
84.0
35.8
69.5
58.4
51.2
1986:
II
Ill
IV
242.1
249.2
244.1
213.5
217.2
211.9
34.5
32.4
28.9
179.0
184.9
183.0
80.5
73.8
87.7
43.4
49.9
42.5
230.3
240.5
252.1
104.9
107.9
114.3
125.4
132.6
137.9
88.0
88.9
89.8
37.4
43.7
48.1
11.8
8.7
-8.1
1987:
I
II
Ill
IV
247.5
253.6
269.9
263.7
213.0
219.2
234.6
222.2
30.7
31.4
29.5
28.8
182.3
187.8
205.1
193.4
84.8
93.8
107.0
101.7
46.5
37.8
44.1
43.0
261.8
273.7
289.4
281.9
126.3
132.6
140.0
136.2
135.5
141.1
149.5
145.7
91.7
94.0
97.0
99.3
43.8
47.0
52.4
46.4
— 14.4
-20.0
-19.5
-18.2
1988:
I
II
Ill''
266.8
278.5
236.6
243.1
27.6
30.0
209.0
213.1
110.6
114.5
43.9
37.0
286.2
305.9
136.9
143.2
149.4
162.7
101.3
103.1
105 7
48.1
59.6
— 19.4
-27.4
— 27.4
1
2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to advance estimates for the third quarter, nonresidential fixed investment rose $6.1 billion (annual rate)
while residential investment rose $1.1 billion. There was a $42.9 billion increase in inventories, following an
increase of $43.7 billion in the second quarter.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
1800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
600
600
GROSS PRIVATE DOMESTIC
INVESTMENT
500
500
400
400
NONRESIDENTIAL
FIXED INVESTMENT
300
300
RESIDENTIAL
FIXED INVESTMENT
200
200
_CHANGE IN BUSINESS
INVENTORIES
100
100
-100
-100
1980
1981
1985
1984
1983
1982
1986
1987
SOURCE: DEPARTMENT OF COMMERCE
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
^ixed investmen t
C
,
investment
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
IV
IV
IV
IV
II
Ill
IV
1987: I
II
Ill
IV
1988: I
II
Ill"
Source: Department of Commerce, Burt'au of Economic A nalysis.
Change i i business
mven tones
Nonresidential
437.0
515.5
447.3
502.3
664.8
643.1
665.9
712.9
409.6
579.8
661.8
654.1
667.8
653.0
656.4
685.5
698.5
702.8
764.9
763.4
758.1
764.4
Total
Total
445.3
491.5
471.8
509.4
597.1
631.8
650.4
673.7
469.5
548.8
616.8
646.8
648.3
652.3
658.4
647.8
665.8
688.3
692.9
698.1
714.4
721.4
322.8
369.2
366.7
356.9
416.0
442.9
433.9
446.8
354.9
383.9
435.0
451.3
431.9
430.6
434.1
422.8
438.2
462.1
464.1
471.5
487.8
493.9
Structures
113.9
138.5
143.3
124.0
141.1
153.2
138.5
139.5
137.6
127.4
146.6
155.9
136.1
132.0
134.6
132.7
134.4
143.0
147.7
140.1
142.3
143.3
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
289.7
295.4
307.3
217.3
256.5
288.4
295.5
295.7
298.5
299.4
290.1
303.8
319.1
316.3
331.3
345.5
350.5
Residential
122.5
122.3
105.1
152.5
181.1
188.8
216.6
226.9
114.7
164.9
181.8
195.5
216.4
221.8
224.4
225.0
227.6
226.2
228.8
226.6
226.5
227.6
Total
Nonfarm
-8.3
24.0
-24.5
— 7.1
67.7
11.3
15.5
39.2
— 2.4
18.3
-23.1
.4
60.5
14.6
17.4
40.7
-59.9
31.0
45.0
7.2
-51.1
21.3
41.3
23.7
19.5
.7
-2.0
19.8
3.6
3.0
37.7
32.7
14.5
72.0
65.3
43.7
42.9
40.9
31.4
17.8
72.8
49.4
33.1
35.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August survey, business spending for new plant and equipment is
expected to rise 10.6 percent in 1988, following a rise of 2.7 percent in 1987.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
5UU
500
SEASOh ALLY ADJUSTED ANN JAL RATES
p— '
400
1
r—^
300
^^ VLL
'
,— '
' •.
400
,— —I
r-"
_-
""
INDUSTRIE!
300
"^
.-
-— ^
.200
200
~-
.- *
--''
••'" NOI- IMANUFACTU ING-i/
-T'
______
""
---•
.__.
^.
""*"•,
.- — "
MANUFACTURIN G
100
—
—
—
—
—
—
80
60
40
40
i i i
1980
1
1 1
1981
1
1
1 1
1982
1
1 1
1983
1 1
1984
1
1 1
1985
1
1 1
1986
1
1
u u
1
1987
_!/ SURVEYED QUARTERLY
jySEE FOOTNOTE 4 BELOW
SOURCE' DEPARTMENT OF COMMERCE
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
M inufacturii ig
Noiimanulactui ing
Period
industries
Total
Durable
goods
Nondurable
goods
Total 1
Mining
Transportation
Public
utilities
Non manufactu ring
Total
Commercial
and
other
farm
business 2
284.94
314.47
349.36
347.47
343.35
398.99
431.94
427.23
440.66
Manufacturing
Total
Surveyed
quarterly
1979
1980
1981
1982
1983
1984
1985
1986
1987
19884
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.67
430.95
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
163.56
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.01
78.06
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.88
85.50
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
267.39
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.39
12.62
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.56
35.63
37.74
41.21.
45.43
44.96
47.48
48.81
46.38
44.88
46.47
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.65
186.74
1986: III
IV
375.66
383.05
139.61
143.13
69.55
69.38
70.06
73.75
236.05
239.92
10.20
10.25
18.80
19.29
46.01
45.40
161.04
164.98
139.61
143.13
236.05
239.92
1987: I
II
Ill
IV
376.73
380.66
394.54
406.82
141.50
141.71
148.20
152.21
70.79
69.05
71.96
72.28
70.70
72.66
76.24
79.92
235.23
238.95
246.34
254.61
10.38
11.02
11.81
12.32
18.77
18.12
19.19
19.34
43.95
43.95
45.29
46.38
162.13
165.86
170.05
176.56
141.50
141.71
148.20
152.21
235.23
238.95
246.34
254.61
1988: I
II
Ill"
412.02
426.94
440.42
444.40
158.60
161.69
166.37
167.58
75.70
76.87
80.59
79.09
82.90
84.82
85.78
88.48
253.43
265.25
274.05
276.83
12.59
13.26
12.74
11.89
20.43
20.72
23.44
21.64
44.61
45.43
48.05
47.80
175.79
185.83
189.82
195.50
158.60
161.69
166.37
167.58
253.43
265.25
274.05
276.83
IV
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.90
163.56
: Department of Commerce, Bureau of Economic Analysis.
10
189.02
202.15
222.72
226.79
227.15
260.16
278.46
284.54
294.77
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.78
267.39
Surveyed
annualIy3
29.98
31.68
34.04
36.89
38.56
44.55
44.81
47.75
50.99
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In September, civilian employment rose 148,000 and unemployment fell 255,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
124
1988
* 16 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
.
Kesident
Armed
Forces
NSA
1980
1981
1982
1983
1984
1985
1986*
1987
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
100,907
102,042
101,194
102,510
106,702
108,856
111,303
114,177
106,940
108,670
110,204
111,550
113,544
115,461
117,834
119,865
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
1987: Sept
Oct
Nov
Dec
184,904
185,052
185,225
185,370
1,743
1,741
1,755
1,750
121,706
122,128
122,349
122,472
114,615
114,951
115,259
115,494
119,963
120,387
120,594
120,722
112,872
113,210
113,504
113,744
3,184
3,249
3,172
3,215
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
185,571
185,705
185,847
185,964
186,088
186,247
186,402
186,522
186,666
1,749
1,736
1,736
1,732
1,714
1,685
1,673
1,692
1,704
122,924
123,084
122,639
123,055
122,692
123,157
123,357
123,723
123,628
115,878
116,145
115,839
116,445
115,909
116,703
116,732
116,872
117,032
121,175
121,348
120,903
121,323
120,978
121,472
121,684
122,031
121,924
114,129
114,409
114,103
114,713
114,195
115,018
115,059
115,180
115,328
3,293
3,228
3,204
3,228
3,035
3,085
3,046
3,151
3,169
Period
.Labor torce
T
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
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.
Unempl jyment
Civilian e mployment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Total
Agricultural
Total
15
weeks
and
over
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,122
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
109,688
109,961
110,332
110,529
4,986
5,067
5,241
5,004
7,091
7,177
7,090
6,978
110,836
111,182
110,899
111,485
111,160
111,933
112,014
112,029
112,158
5,145
5,254
5,106
4,924
4,623
5,076
5,185
4,959
4,814
7,046
6,938
6,801
6,610
6,783
6,455
6,625
6,851
6,596
Total
Part time
for
economic
reasons l
Labor force
partici; ation
rate (pe rcent)
Total 2
Civilian 3
64.1
64.2
64.3
64.4
64.7
65.1
65.6
65.9
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.6
1,904
1,801
1,834
1,791
65.8
66.0
66.1
66.1
65.5
65.7
65.7
65.7
1,733
1,740
1,722
1,540
1,609
1,512
1,629
1,676
1,596
66.2
66.3
66.0
66.2
65.9
66.1
66.2
66.3
66.2
65.9
66.0
65.7
65.9
65.6
65.8
65.9
66.0
65.9
"Data beginning January 1986 not strictly comparable with earlier data because of change i
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In September, both the overall unemployment rate and the civilian unemployment rate fell slightly, to 5.3 percent
and 5.4 percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
'. A
TEENAGERS
— (16-19)
15
10
v "> .-
10
WOMEN 20 YEARS
AND OVER
MEN 20 YEARS
AND OVER
1984
1984
1988
1985
1986
1987
1988
"UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemp] oyment ra te (percen t of civilian labor force in group)
Period
1980
1981
1982
1983
1984
1985
1986
1987
Unemployment
rate,
all
workera l
B ' sex and age
By s elected grou] s
By race
—
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
7.0
7.5
9.5
9.5
7.4
7.1
6.9
6.1
7.1
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.9
6.3
8.8
8.9
6.6
6.2
6.1
5.4
6.4
6.8
8.3
8.1
6.8
6.6
6.2
5.4
17.8
19.6
23.2
22.4
18.9
18.6
18.3
16.9
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
4.2
4.3
6.5
6.5
4.6
4.3
4.4
3.9
Both
sexes
16-19
years
White
Black
and
other
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
—
Fulltime
workers
Parttime
workers
8.8
9.4
9.8
9.2
6.9
7.3
9.6
9.5
7.2
6.8
6.6
5.8
9.2
10.4
11.7
12.2
10.3
10.4
10.5
10.4
Labor
force
time lost
(percent) 2
7.9
8.5
11.0
10.9
9.3
9.3
9.1
8.4
8.6
8.1
7.9
7.1
1987:
Sept
Oct
NOT
Dec
5.8
5.9
5.8
5.7
5.9
6.0
5.9
5.8
5.0
5.1
5.0
4.9
5.4
5.2
5.2
5.2
16.4
17.2
16.6
16.1
5.1
5.2
5.1
4.9
10.9
10.8
11.0
10.9
12.3
12.1
12.2
12.2
5.5
5.5
5.5
5.4
3.7
3.7
3.5
3.4
8.8
8.9
8.5
8.4
5.5
5.6
5.5
5.4
8.4
8.3
8.2
8.0
6.8
6.8
6.8
6.6
1988:
Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
5.7
5.6
5.5
5.4
5.5
5.2
5.4
5.5
5.3
5.8
5.7
5.6
5.4
5.6
5.3
5.4
5.6
5.4
5.1
4.9
4.9
4.6
4.9
4.6
4.5
4.9
4.5
5.1
5.2
4.8
4.8
4.9
4.9
5.1
4.8
4.8
16.0
15.4
16.5
15.9
15.6
13.6
15.2
15.8
15.7
5.0
4.8
4.7
4.6
4.7
4.5
4.7
4.9
4.8
10.9
11.3
11.5
10.7
11.3
10.3
10.0
10.0
12.2
12.6
12.8
12.2
12.4
11.5
11.4
11.3
10.8
5.5
5.3
5.2
5.0
5.4
5.0
5.1
5.3
5.1
3.6
3.4
3.4
3.0
3.3
3.1
3.0
3.4
3.1
8.9
8.3
7.5
8.7
8.4
7.8
8.6
7.4
8.1
5.4
5.3
5.3
5.1
5.2
4.9
5.0
5.3
5.1
8.3
7.9
7.7
7.4
7.7
7.8
8.1
7.4
7.5
6.6
6.6
6.5
6.2
6.4
6.3
6.4
6.5
6.4
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for econorr
cent of potentially available labor force hours.
12
9.4
Source: Department of Labor, Bureau of Labor Statistics.
jasons as per-
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In September, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 27
weeks and over rose, while the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration of
unemployment was unchanged and the median fell.
PERC ENT DISTRIB JTION*
PERC ENT DISTRIB UTION*
70
70
DURAT
r
REASON FOR UNE/V\PLOYMEN1
ON OF UN EMPLOYME NT
60
60
50
\. .
/''v
.^
V
\
v
OB LOSERS
,'"
'"'"\
A.
"V
40
/• ' *»'—-
40
_ v ~ v.."- r^ f^
50
LE SS THAN
5 WEEKS
5-14
WEEKS
30
v
— ^_ ^.'.y ._---—-•'' •-'" v"'
V
\ ,***J
-
"'VV.
-
REENTRANT!
30 -
N
A
*
'^-X A.
20
\_
x
^"~~\s^—V\
10
0
27 WEEKS
AND OVER
20
NE W ENTRANT 5
\
-
10
1984
Illllllllll I l l l l l l l l l l
1985
1986
T^yaC^'V
-
V
15-26
WEEKS
unilnm
fc
v/~-~^.
"fT=»="
JOB LEAVERS
Illllllllll
1987
Illllllllll
imilmn
0
Illllllllll Illllllllll
1985
1984
1988
1986
Illllllllll
1987
Illllllllll
1988
-SEASONALLY ADJ JSTED
COUNCIL OF EC ONOMIC ADVISERS
SOURCE: DEPARTM NT OF LABOR
[Monthly data seasonal!}- adjusted, except as noted]
Re ason for imemploy ment:
percent distributi jn
Dur ition of imemplo\ ment
Period
Unemployment
(thousands)
r ereent d stributio i
Less
than
5
weeks
5-14
weeks
15-26
weeks
Sta e
progr ims
Numb er of
ks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
"all
regular
programs
(unadjusted) *
Weekly a •erage, t lousands
1980
1981
1982
1983
1984
1985
1986
1987
7,637
8,278
10,678
10,717
8,539
8,312
8,237
7,425
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
11.7
11.2
7.9
7.7
9.6
10.6
12.3
13.0
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
3,350
3,047
4,061
3,396
2,476
2,611
2,650
2,332
488
460
583
438
377
396
378
328
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
1987: Sept
Oct
NOT
Dec
7,091
7,177
7,090
6,978
45.5
45.3
45.4
46.2
27.6
29.4
28.7
28.2
13.0
11.9
12.7
12.8
14.0
13.4
13.2
12.9
14.2
14.1
14.0
14.2
5.8
6.2
6.1
6.0
46.8
47.7
46.8
45.7
13.8
13.5
13.1
13.5
26.9
26.0
28.0
27.8
12.5
12.9
12.1
13.0
2,102
2,035
2,037
2,090
289
293
303
317
1,800
1,759
1,931
2,322
1988: Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept
7,046
6,938
6,801
6,610
6,783
6,455
6,625
6,851
6,596
43.6
44.3
44.0
47.2
45.3
47.4
44.4
46.8
47.9
31.9
30.8
30.8
29.5
31.1
29.2
31.1
28.7
27.8
11.8
12.1
13.0
10.9
11.5
11.2
12.6
12.6
12.0
12.6
12.9
12.2
12.3
12.1
14.4
14.4
13.7
13.4
13.8
12.9
13.6
13.7
13.7
6.4
6.4
6.6
5.6
5.9
6.0
6.3
5.9
5.5
45.2
45.9
45.8
44.1
47.9
47.0
46.3
46.2
46.9
15.3
13.8
15.7
15.0
13.7
14.5
13.6
14.7
15.1
27.0
27.9
25.6
27.0
26.5
26.5
28.5
27.5
26.7
12.5
12.4
12.9
13.8
11.9
11.9
11.6
11.7
11.3
2,242
2,208
2,140
2,087
2,064
2,064
2,096
2,098
2,015
356
327
308
302
313
302
328
306
289
2,870
2,775
2,536
2,208
' 1,949
'1,880
2,045
r
1,906
1,715
12.1
11.9
12.0
12.3
Source: Department of Labor (Bureau of Labor Statistic and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 255,000 'in September.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
110
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
80
18 70
SERVICE-PRODUCING
INDUSTRIES
16 ?=
60 -
MANUFACTURING
20
50
18
40
GOODS-PRODUCING
INDUSTRIES
30
CONSTRUCTION
A..
Illllllllll llllllllllW
1111111111
20
1984
1985
1986
1984
1988
1987
1988
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Se rviee-produ< ing industr es
Goods-p reducing in dustries
Period
1980
1981
1982
1983
Total
nonagricultural
employment
M anufacturin g
Total
2
P
construction
Transportation
and
puttie
utilities
Wholesale
trade
E ntail
Glv.il
trade
Gover nment
finance,
insurance,
and real
estate
Services
Total
Durable
goods
Nondurable
goods
12,187
12,109
11,039
10,732
11,505
11,490
11,230
11,218
8,098
8,061
7,741
7,702
7,873
7,770
7,734
7,847
64,748
65,659
65,753
66,866
69,769
72,660
74,967
77,525
5,165
5,082
4,954
5,159
5,238
5,255
5,385
5,275
5,358
5,278
5,268
5,555
5,717
5,753
5,872
15,035
15,189
15,179
15,613
16,545
17,356
17,930
18,509
5,160
5,298
5,341
5,468
5,689
5,955
6,283
6,549
17,890
18,619
19,036
19,694
20,797
22,000
23,053
24,196
16,241
16,031
15,837
15,869
16,024
16,394
16,693
17,015
2,866
2,772
2,739
2,774
2,807
2,875
2,899
2,943
Total
Total
Federal
90,406
91,156
89,566
90,200
94,496
97,519
99,525
102,310
25,658
25,497
23,813
23,334
24,727
24,859
24,558
24,784
4,346
4,188
3,905
3,948
4,383
4,673
4,816
4,998
20,285
20,170
18,781
18,434
19,378
19,260
18,965
19,065
Sept....
Oct
Nov....
Dec
102,906
103,371
103,678
104,001
24,902
25,025
25,123
25,201
5,012
5,060
5,090
5,118
19,156
19,225
19,297
19,348
11,269
11,315
11,355
11,390
7,887
7,910
7,942
7,958
78,004
78,346
78,555
78,800
5,427
5,448
5,466
5,481
5,914
5,935
5,958
5,984
18,605
18,705
18,761
18,784
6,588
6,604
6,608
6,619
24,415
24,524
24,604
24,725
17,055
17,130
17,158
17,207
2,962
2,966
2,974
2,980
1988: Jan
Feb
Mar
Apr
May....
June...
July r..
Aug r..
Sept".
104,262
104,729
105,020
105,281
105,489
106,057
106,271
106,440
106,695
25,180
25,271
25,330
25,435
25,466
25,592
25,663
25,646
25,637
5,083
5,150
5,192
5,238
5,237
5,308
5,330
5,335
5,351
19,369
19,390
19,405
19,460
19,490
19,544
19,593
19,574
19,556
11,393
11,404
11,411
11,459
11,477
11,515
11,566
11,554
11,548
7,976
7,986
7,994
8,001
8,013
8,029
8,027
8,020
8,008
79,082
79,458
79,690
79,846
80,023
80,465
80,608
80,794
81,058
5,499
5,513
5,530
5,543
5,556
5,582
5,598
5,602
5,625
6,010
6,035
6,061
6,089
6,115
6,148
6,174
6,193
6,218
18,927
19,045
19,050
19,093
19,130
19,205
19,261
19,274
19,308
6,633
6,636
6,651
6,650
6,656
6,679
6,684
6,688
6,693
24,795
24,975
25,078
25,163
25,216
25,472
25,561
25,632
25,696
11,218
17,254
17,320
17,308
17,350
17,379
17,330
17,405
17,518
2,973
2,972
2,970
2,963
2,957
2,951
2,951
2,956
2,971
1984
1985
1986
1987
1987:
1
1
-
Includes all full- and part-time wage and salary workers in inmagricultural establishments who
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 iabor
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
14
5,146
•weather, etc., even \i thev are not paid frtf the time ofr, and 'which aifc Wsed on a sample oi Vhe
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gi oss hourly
earn ngs
\verage weekl>
hours
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987:
Sept
Oct
Nov
Dec
1988:
Jan
Peb
Mar
Apr
May
June
July r
Aug r
Sept "
Manilla cturing
Total
private
nonagricultural *
Total
Total
private
nonagricultural '
Overtime
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
2.8
2.8
2.3
34.6
34.9
34.8
34.6
40.6
41.2
41.2
41.0
34.7
34.8
34.6
34.9
34.7
34.7
34.9
34.6
34.7
41.1
41.0
40.9
41.2
41.0
41.1
41.1
41.0
41.2
Manufacturing
$7.27
$6.66
7.25
7.68
8.02
Adjusts d hourly earnin trs index — total private
nonagric ultural 2
Ind ex,
1977 -100
Percent chang e from a year
earlif r 4 5
1977
dollars 3
Current
dollars
Current
dollars
1977 dollars
95.0
94.0
9.0
9.1
6.9
4.6
3.2
3.1
2.5
2.4
1.0
— 1.1
127.3
138.9
148.5
155.4
160.3
165.2
93.5
92.6
93.4
94.9
94.6
94.1
169.4
173.5
-4.0
-1.0
8.32
8.57
8.76
8.98
7.99
8.49
8.83
9.19
9.54
9.73
9.91
3.7
3.9
3.9
3.8
9.02
9.07
9.10
9.11
10.00
9.99
10.00
10.01
174.6
174.9
175.6
175.7
93.7
93.5
93.8
93.7
2.8
2.7
2.6
2.7
-1.5
-1.8
-1.9
-1.7
3.9
3.7
3.7
3.9
3.9
3.9
3.9
3.9
4.0
9.14
9.13
9.16
9.23
9.27
9.27
9.32
9.32
9.37
10.02
10.03
10.05
10.11
10.15
10.18
10.17
10.20
10.28
176.6
176.7
177.0
178.0
178.7
178.6
179.3
179.6
180.4
93.8
93.7
93.5
93.6
93.6
93.2
93.2
92.9
93.0
3.1
2.8
2.9
3.2
3.4
3.3
3.5
3.1
3.3
-1.0
-1.0
-.9
-.6
-.5
-.6
-.5
-.8
-.8
3.0
3.4
3.3
3.4
3.7
.9
1.6
-.3
K
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent cl ange from
a year earlier,
total private n onagricultural 5
Avera ire gross weekly ea rnings
Period
Total i rivate
nonagric ultural 1
Current dollars
1980
1981
1982
1983
1984
1985
1986
1987
1987: Sept
Oct
Nov
Dec
1988:
Jan
Feb
Mar
Apr
May
June
July r
Aug r
Sept "
Manufacturing
Retail trade
Current dollars
1977 dollars 3
1977 dollars
Current dollars
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
$367.78
399.26
426.82
442.97
458.51
464.46
466.75
479.68
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
178.41
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
-5.8
-1.5
-1.2
312.09
316.54
316.68
315.21
167.52
169.27
169.08
168.02
406.00
411.59
412.00
410.41
455.93
485.90
485.50
484.12
182.31
179.87
180.16
178.27
2.4
3.5
3.2
3.0
-1.8
-1.0
-1.3
-1.4
317.16
317.72
316.94
322.13
321.67
321.67
325.27
322.47
325.14
168.43
168.46
167.43
169.36
168.41
167.89
169.06
166.82
167.68
411.82
411.23
411.05
416.53
416.15
418,40
417.99
418.20
423.54
476.38
478.19
487.62
491.34
485.42
495.22
491.23
489.72
492.53
179.80
180.42
180.38
182.50
182.12
183.04
185.47
182.99
183.23
3.1
2.8
2.4
4.2
3.1
3.3
4.2
2.9
4.2
1
4
2
5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current doliar index {or earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977 = 100 base).
3
Construction
1.9
.9
-1.4
.4
-1.0
-.9
-1.0
-1.3
.4
Y
-.5
.2
— 1.1
-.0
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
90-181 0 -
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
Outp ut '
Business
sector
per
Compens ation
hou r 3
Hours of all
perse n s 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit lab or costs
Real com pensation
per h our 4
Business
sector
Nonfarm
business
Business
sector
Nonfarm
business
sector
Implici t price
defla tor 5
Business
sector
Nonfarm
business
19r 7 = 100; [uarterly < ata seasoilally adjus ted
118.9
99.4
99.2
119.5
119.7
117.0
116.5
131.5
143.7
154.9
161.4
167.9
131.3
143.6
154.8
161.5
167.8
96.7
95.8
97.3
98.2
97.9
96.6
95.8
97.2
98.3
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
116.8
118.5
122.1
175.5
183.1
190.4
174.9
182.3
189.4
98.8
101.2
101.5
98.5
100.8
101.0
162.9
166.3
171.5
164.9
168.6
173.8
162.2
165.8
170.5
163.8
167.8
172.5
103.9
109.4
114.0
116.1
104.5
110.4
115.1
117.9
158.3
163.6
170.3
178.9
158.2
163.4
170.2
177.9
98.0
98.1
98.1
99.4
97.9
97.9
98.1
99.0
156.8
157.6
160.8
164.8
158.7
158.2
162.3
167.1
150.2
155.2
159.8
163.7
151.4
156.2
161.0
165.5
128.1
127.8
128.1
128.8
116.2
116.1
116.8
117.8
117.9
117.9
118.6
119.5
180.4
182.0
184.0
186.2
179.8
181.2
183.1
185.4
100.0
101.2
101.7
102.2
99.6
100.7
101.2
101.8
163.3
164.9
167.3
169.6
165.5
167.1
169.5
172.1
163.7
165.0
167.0
167.5
165.7
167.0
169.0
169.5
130.5
132.2
134.3
136.2
130.1
131.9
134.1
136.0
118.8
119.5
120.3
121.8
120.7
121.5
122.3
123.8
187.3
189.0
191.1
194.0
186.4
187.9
190.0
192.9
101.5
101.2
101.4
102.0
101.0
100.6
100.8
101.4
170.5
170.8
171.1
173.5
172.9
173.0
173.3
175.6
168.7
170.1
171.2
171.9
170.9
171.9
173.2
174.0
138.0
138.8
139.5
137.9
139.2
140.2
122.3
124.1
124.5
124.4
126.4
126.9
195.8
198.1
200.9
194.6
196.6
199.3
102.1
102.1
102.3
101.5
101.3
101.5
173.5
177.1
179.2
175.7
178.6
180.4
172.3
174.7
176.5
174.2
176.2
177.7
1979
99.6
99.3
107.9
107.9
108.3
108.7
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.5
98.8
99.8
99.2
102.5
104.6
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.8
112.9
108.0
108.7
105.7
107.5
114.0
1985
1986
1987
107.7
110.1
111.0
106.1
108.2
109.0
124.2
128.6
133.3
123.9
128.2
133.0
115.3
116.8
120.1
101.0
103.8
105.9
108.5
99.7
103.3
104.9
106.5
105.0
113.6
120.8
125.9
104.2
114.1
120.7
125.5
110.5
110.4
110.0
109.8
108.6
108.4
108.0
107.8
128.4
128.2
128.5
129.3
109.9
110.6
111.7
111.8
107.8
108.6
109.6
109.9
112.8
111.8
112.1
110.8
110.1
110.5
1982:
1983:
1984:
1985:
IV
IV
IV
IV
1986: I
n
m
IV
1987: I
n
m
IV
1988: I r
n p.
m ....
119.1
Pe rcent chan s;e; quarte rly data a seasonal] y adjusted annual rates
2.0
1.9
3.2
3.5
9.7
9.5
1.5
-1.7
11.1
11.2
9.0
8.9
1980
1981
1982
1983
1984
-.3
1.4
-.4
2.7
2.5
-.4
1.0
-.6
3.3
2.1
-1.1
2.1
-3.1
4.2
8.4
-1.2
1.7
-3.3
5.0
8.3
-.8
.7
-2.8
1.5
5.7
-.7
.7
2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
3.9
-2.7
-1.0
1.6
.9
-.2
-2.7
1.5
1.1
-.4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
1985
1986
1987
2.1
2.2
.8
1.4
2.0
.8
4.2
3.5
3.6
3.9
3.5
3.8
2.1
1.3
2.8
2.5
1.5
3.0
4.5
4.3
4.0
4.2
4.2
3.8
.9
2.4
.3
.6
2.3
.2
2.4
2.1
3.1
2.8
2.2
3.1
2.5
2.3
2.8
3.0
2.4
2.8
3.0
3.1
1.7
.7
2.4
1.4
1.2
.2
-.5
10.4
3.5
3.6
-1.2
9.8
3.1
3.5
-3.4
7.1
1.8
2.9
-3.5
8.2
1.9
3.4
4.5
5.5
3.8
5.4
5.0
4.3
3.9
5.1
3.2
1.4
.6
1.3
3.8
.2
.7
1.0
1.5
2.3
2.1
4.7
2.6
2.8
2.7
4.9
2.4
4.8
2.7
2.6
3.0
3.1
3.3
2.1
7.7
-.4
-1.4
-.8
8.4
-.8
-1.5
-.9
8.3
-.8
.9
2.5
8.5
-.8
.8
2.4
.6
-.4
2.3
3.4
.0
-.0
2.4
3.3
3.7
3.7
4.4
4.8
4.3
3.2
4.3
5.1
2.1
5.1
2.0
2.1
2.7
4.6
1.9
2.3
-3.7
4.1
5.8
5.7
-3.8
4.0
5.9
6.1
.1
3.2
5.0
1.1
.4
3.0
5.1
1.2
.3
2.7
3.9
.6
.0
3.2
3.7
.9
3.7
5.3
6.6
5.7
4.0
5.7
6.8
5.9
3.4
2.5
2.6
5.1
4.0
2.5
2.9
4.9
2.5
3.6
4.6
6.2
2.1
3.4
4.5
6.4
2.1
.2
.7
5.4
3.0
3.2
2.8
1.4
3.3
2.3
3.1
1.8
3.5
-3.4
1.0
3.4
-2.4
1.3
5.5
2.4
2.0
5.6
4.0
2.8
1.9
6.0
1.0
2.1
6.6
1.5
3.7
4.8
3.5
4.2
5.4
.1
6.8
4.0
1.0
5.8
4.0
.6
4.7
3.4
-1.2
1979
1982:
1983:
1984:
1985:
IV
IV
IV
IV
1986: I
n
m
IV
1987: I
n
m
IV
1988: I r
n p.....
m ...
-1.6
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
16
5.9
4
g
.8
2.4
.6
2.6
2.2
.8
.7
5.6
.3
.0
1.1
.1
-.5
.6
.2
8.5
4.9
-2.8
-1.2
-3.2
-1.4
Hourly compensation divided by the consumer price index for all urban consumers.
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.
5
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production
was unchanged in September,
following a 0.2
percent increase in August. The index for
September was 5.5 percent above its year-earlier level.
INDEX 1977=100* (RATIO SCALE)
INDEX, 1977=100* (RATIO SCALE)
160
240
FINAL PF?ODUCTS
TOTAL INDUSTRIAL PRODUCTION
220
140
DEFEN SE AND
200
3
EQUI MENT —^
180
120
^ * f*
160
Illllllllll
100
Illllllllll Illllllllll
BUSINESS
EQUIPMENT
^*
160
^^
_^"
140
MANUFACTURING PRODUCTION
~"*
^-
^~
140
120 ., _ *.*••• — *"
120
100
iiniiiiiii
• — -"
v'****^
» — X"'
""
CONSUMER
GOODS
Illllllllll Illllllllll Illllllllll Illllllllll
PERCENT*
100
100
140
UTILITIES AND MINING PRODUCTION
90
CAPAC:iTY UTILIZ/U~ION RAT
(TOTA INDUSTRY )
UTILITIES -
120
-f —
80 -——^—|
ef±K=9MMMM*=:
^__—
100
70
1984
Illllllllll Illllllllll Illllllllll
1984
1985
1986
1988
'SEASONAUY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
r— ^
iiMiiuiii
Illllllllll
1987
1988
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
To tal
indu trial
produ ction
Capacity utilization
rate, pe rcent 1
Industry proc notion indexes , 1977 = 100
Manufacturing
Period
Index,
1977 = 100
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1987:
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June r.
July r
Aug r .
Sept"
1
Output as percent of capacity.
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
1.9
1.1
3.8
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
35.11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.0
131.0
132.5
133.2
133.9
5.2
5.8
6.0
5.6
135.7
137.3
137.9
138.9
133.7
136.8
136.7
137.3
138.6
138.1
139.6
141.3
101.9
103.6
104.6
104.6
111.2
112.1
113.2
111.7
81.1
81.9
82.1
82.4
81.3
82.0
82.2
82.6
134.4
134.4
134.7
135.4
136.1
136.5
138.1
138.3
138.3
6.5
5.8
5.7
6.3
6.2
5.7
5.7
5.4
5.5
139.4
139.5
140.0
140.8
141.8
142.1
143.5
143.7
144.0
137.9
138.4
138.8
139.7
141.5
141.7
142.9
143.2
143.6
141.4
141.1
141.7
142.3
142.1
142.6
144.4
144.3
144.6
103.3
101.5
102.7
104.7
102.6
103.0
105.3
104.5
104.7
115.2
115.6
113.3
111.0
111.6
113.2
115.0
117.4
112.3
82.5
82.4
82.4
82.7
82.9
83.0
83.8
83.8
83.6
82.7
82.6
82.7
82.9
83.3
83.3
83.9
83.8
83.8
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
-1.9
2.2
-7.1
5.9
11.2
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 — 100; monthly data seasonally adjusted]
Mate rials
Produc ts
Internlediate proc ucts
?inal produc s
0 onsumer go jds
]Equipment
Period
Total
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1987:
Sept
1988:
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June r
July r
Aug r
Sept "
1
44.77
25.52
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
. 137.8
139.3
139.2
139.8
141.1
141.6
141.8
142.5
143.5
144.0
145.0
145.6
145.5
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
127.7
129.0
129.4
129.8
131.2
131.3
131.2
131.9
132.7
133.0
134.1
134.6
134.2
Durable
goods
Nondurable goods
6.89
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
118.6
124.3
123.9
120.3
121.7
120.6
120.4
123.3
125.6
125.3
125.3
126.3
126.3
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
131.0
130.8
131.5
133.3
134.7
135.3
135.1
135.1
135.4
135.8
137.4
137.7
137.2
Total '
19.25
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
151.2
153.0
152.2
153.1
154.3
155.3
155.9
156.5
157.7
158.5
159.5
160.0
160.4
Business
Defense
and
space
equipment
14.34
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
146.3
148.7
148.3
149.8
151.2
152.4
153.3
154.6
156.9
158.1
159.4
160.3
161.0
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
189.8
190.3
188.7
188.9
190.6
191.0
189.9
187.9
185.5
184.6
184.9
184.4
183.9
Total
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
144.9
146.1
147.3
146.5
148.1
149.4
149.9
149.6
150.4
150.0
151.5
151.8
151.8
Construction
supplies
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
132.3
133.3
134.2
133.8
136.8
137.7
137.3
137.6
138.8
137.6
138.3
137.7
137.8
Total
Energy
6.99
42.28
11.69
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
119.7
121.2
122.5
123.7
123.0
122.1
122.5
123.6
123.9
124.5
126.7
126.6
126.6
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
100.2
101.8
102.8
101.7
101.4
100.6
100.6
101.0
99.5
101.3
103.7
104.0
102.8
Busisupplies
155.6
157.1
158.4
157.4
157.8
159.4
160.7
159.9
160.3
160.6
162.7
163.8
Includes oil and gas we!! drilling and manufactured homes, not shown separately.
[1977 — 100; monthly data seasonally . ljusted]
No ndurable inanufactu es
Durable m mufactures
Transp( rtation
equipment
Primary metals
FabriIron and
steel
metal
products
Nonelectrical
machinery
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
74.6
82.0
79.7
81.9
77.8
77.4
74.2
74.5
78.6
74.2
80.2
79.7
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
111.1
113.5
113.6
115.8
117.1
117.6
118.8
118.8
119.8
120.4
121.9
122.2
122.7
9.54
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
156.6
158.0
157.2
161.0
162.9
163.6
164.6
167.2
170.3
171.2
173.1
174.1
175.4
Period
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1987:
Sept
Oct
Nov
Dec
1988:
Jan
Feb
Mar
Apr
May
June T
July r
Aug '
Sept"
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
84.5
90.6
90.2
90.6
86.5
86.4
85.1
85.3
89.2
87.5
91.7
91.9
91.6
Source: Board of Governors of the Federal Reserve System.
18
Electrical
machinery
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
173.4
175.5
175.6
175.9
177.4
177.8
176.6
178.7
179.1
179.5
181.3
182.6
182.5
Total
9.13
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
125.5
132.0
130.4
128.1
128.6
128.4
130.0
130.4
133.1
132.8
131.9
131.8
132.3
Motor
vehicles
and
parts
5.25
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
105.6
116.0
114.0
110.2
109.7
109.3
113.0
114.8
119.6
119.1
116.6
117.3
118.7
Lumber
and
products
2.30
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
126.9
129.8
134.0
133.6
136.3
139.0
137.8
138.0
139.8
136.4
136.9
134.0
Appar-
Printing
products
and
publishing
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
107.6
108.0
109.4
107.8
108.7
108.5
108.7
109.2
108.6
109.3
109.4
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
174.9
175.2
175.7
176.9
177.5
178.7
180.4
181.8
180.7
182.3
184.2
184.8
185.5
Chemicals
and
products
Foods
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
142.4
141.5
144.4
147.9
147.9
145.4
146.4
148.9
149.1
150.5
153.3
154.1
7.96
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
139.5
138.0
138.9
140.1
141.2
141.9
141.1
140.3
141.0
141.3
142.9
142.7
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 3
Private
Period
Total new
construction
expenditures
R«si ential
Total
New housing
Total >
B illions
1979
1980
1981
1982
1983
1984
1985
1986
1987
252.4
251.7
260.2
246.6
281.3
328.6
355.7
386.1
398.9
200.7
193.3
203.6
192.9
227.5
271.0
291.7
314.7
323.8
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
194.8
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982=100)
of dollars
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.9
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
76.5
42.3
46.2
49.4
49.5
48.1
48.5
50.5
49.5
52.5
51.7
58.5
109
97
100
100
124
136
150
158
162
56.5
53.7
53.8
57.7
64.1
71.4
75.0
1,059
904
919
690
756
955
1,097
1,016
1,004
Annual rates
Annual rates
142.3
142.8
79.0
77.9
81.0
77.5
53.3
53.5
54.9
58.4
78.2
74.9
75.6
79.2
160
164
157
157
1,032
987
911
1,012
140.8
138.0
139.2
138.5
137.7
136.8
136.4
137.2
138.6
74.2
73.4
76.4
76.8
78.1
77.5
76.3
75.6
74.9
52.2
52.3
52.3
49.7
51.8
52.2
53.4
54.8
55.1
73.7
74.7
79.3
77.7
78.3
78.0
79.3
76.8
78.2
145
159
154
144
157
165
156
155
151
833
1,103
887
838
840
906
982
918
903
1987: Sept
Oct
Nov
Dec
405.4
400.8
407.1
410.9
327.1
325.9
331.5
331.6
194.8
194.5
195.6
195.8
140.0
1988: Jan
Feb
Mar
Aprr
May'
June r
July r .
Aug p .
Sept"
395.3
392.5
403.6
396.2
398.5
395.7
401.8
401.1
403.4
321.6
317.8
324.3
318.5
320.2
317.7
322.5
324.4
325.2
195.2
192.1
195.6
192.0
190.4
188.1
192.8
193.9
195.3
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.
Commercial
and industrial
floor space
(millions of
square feet)
140.7
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 priv ate homes
New private housing units
Period
Units started, fr type of structure
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987
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
1,620.5
1,194.1
1,679
1,538
1,661
1,399
1,211
1,105
1,129
1,035
49
67
51
51
419
366
481
313
1,382
1,519
1,529
1,584
1,393
1,465
1,477
1,431
1,453
1,016
1,102
1,172
1,093
1,004
1,092
1,068
1,075
1,050
53
59
57
58
52
62
51
61
63
313
358
300
433
337
311
358
295
340
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.7
Units
authorized
Units
completed
Homes sold
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
709
545
436
412
623
639
688
750
671
1,501
1,453
1,459
1,372
1,591
1,565
1,571
1,624
1,248
1,429
1,476
1,449
1,436
1,493
1,420
1,464
1,394
1,550
1,452
1,598
1,665
1,450
1,518
1,529
1,510
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,534.8
Vacancy rate
Homes for
sale at end of
period:
3
housing units
(percent) 2
397
5.4
337
275
253
301
353
346
357
365
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
644
653
625
586
361
360
362
365
8.1
579
648
664
681
368
359
372
367
370
367
364
363
364
Seasonal y adjusted annu al rates
1987:
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July'.
Aug T
Sept"
1
Seasonally adjusted,
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with
earlier data.
3
New series beginning March 1979
r
681
r
718
700
715
659
7.8
8.0
7.7
7.8
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places; 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 August, manufacturing and trade sales rose 1.2 percent and inventories rose $6.1 billion. In September,
according to advance data, retail sales fell 0.4 percent, following a decline of 0.1 percent in August.
BILLIONS OF DOLLARS* (RATIO SCALE)
800
BILLIONS OF DOLLARS* (RATIO SCALE)
220
—
200
r-^
700
180
f^
\
MANU FACTURING AND
TRAC 'E INVENTOF IES
^^
—
600 s*^
RETAIL INVENTORIES
160
—
140
500
—
...
400
•**"" *
—
"\
RETAIL SALES
M;\NUFACTUR NG
Af -ID TRADE S/ LES
—
120
100
—
so liimliiiii
300
—
RATIO*
1.80
_ INVENTORY-SALES RATIO
-
RETAIL
1.60
200
1.40
MANUFACTURING
AND TRADE
1.20
IHIlilllll
IHIlilllll
1984
1985
IHIlilllll Illllllllll Illllllllll
1.00
1988
1987
1986
1984
1985
1986
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufaet iring and
tra< e '
Inventories 3
1988
COUNCIL OF ECONOMIC ADVISERS
Whol esale
Inventory-s ales ratio 4
Ke tail
inventories 3
Sales 2
Period
Sales 2
1987
Sales
2
Invenories
Total
Durable
goods
stores
Manufacturing
Retail
Total
Durable
goods
stores
Nondurable goods
stores
60,937
64,783
69,046
72,529
74,907
79,290
134,468
147,581
167,517
181,524
185,996
211,100
61,469
69,066
79,431
88,998
91,085
107,948
72,999
78,515
88,086
92,526
94,911
103,152
1.67
1.56
1.53
1.55
1.55
1.51
1.49
1.44
1.49
1.53
1.56
1.59
80,209
79,938
79,919
80,181
80,615
202,401
203,708
206,577
208,260
211,100
101,372
102,394
104,846
106,490
107,948
101,029
101,314
101,731
101,770
103,152
1.49
1.48
1.50
1.52
1.52
1.56
1.59
1.63
1.64
1.64
80,080
80,413
81,779
81,298
82,415
82,908
83,588
r
84,161
84,136
209,824
208,698
208,822
209,550
r
211,889
r
213,952
214,795
217,754
106,377
104,479
103,631
104,349
106,551
107,607
108,020
109,967
103,447
104,219
105,191
105,201
r
105,338
r
106,345
106,775
107,787
1.53
1.53
1.50
1.51
1.51
1.50
1.50
1.50
1.63
1.60
1.58
1.59
1.60
r
1.60
1.60
1.62
Nondurable goods
stores
Millions of dollars, seasonally <idjusted
1982
1983
1984
1985
1986
1987
1987: Aug r
Sept
Oct
Nov
Dec
r
348,747
368,930
408,142
418,605
424,177
451,788
574,491
590,673
644,906
656,165
655,065
707,329
96,290
100,324
113,390
114,645
116,026
126,736
128,196
130,445
142,622
147,145
152,887
165,097
458,052
463,353
463,257
461,244
464,394
682,212
686,720
694,810
700,688
707,329
129,316
131,437
131,743
128,501
128,332
157,198
159,135
162,517
163,353
165,097
464,772
468,675
476,922
477,768
481,874
488,787
489,235
495,126
711,586
714,746
717,249
721,016
r
725,381
r
730,916
735,890
741,953
129,720
131,622
132,885
133,015
133,264
136,289
138,195
139,231
168,388
170,632
171,732
173,530
173,418
175,001
177,307
178,401
1988: Jan
Feb
Mar
Apr
May
June
July T
Aug"
Sept"
1
2
3
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period.
20
28,169
32,582
37,836
41,415
44,885
46,592
89,107
97,364
106,882
113,944
119,791
125,882
129,448
!28,110
126,808
127,248
128,615
49,239
48,172
46,889
47,067
48,000
r
r
128,769
130,121
132,259
131,717
132,833
133,617
134,342
r
134,180
133,661
48,689
49,708
50,480
50,419
50,418
50,709
50,754
'50,019
49,525
4
T
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In September, manufacturers' shipments and new orders fell; inventories and unfilled orders rose.
BILLIONS Of DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240 "" SHIPME NTS
480.
440' — ' INVEN fORIES —
400
360
—
280
"
200
"
1
«=_
-TOTAL —
160
120
1
80
-~- -:.Vr-
?y=?-~'-~
DU JABLE GOO )S
. \
.1
200
'
.-— -~"~
-X"-
~
160
\
TOTAL
—r--" -~— -—...__ „ .
\
DURABLE GOO 3S
-— _
—
-
120
NON DURABLE G<DODS
\
\
60
NONEMJRABLE GO ODS
liinlnill lllllllllll lllllllllll lllllllllll lllllllllll
BILLIONS OF DOLLARS'* (RATIO SCALE)
280
240
60
NEWC3RDERS
^7^
—"
—
1
—
160
2.20
TOTAL
120
A,
:,-'---_;
-
DU (ABLE GOO 35
.'
—v - V
*
^.AA
_— -•
....
^;j~
80
lllllllllll lllllllllll lllllllllll lllllllllll llll|||||ll
RATIC *
INVENT DRY-SHIPM ENTS RATI O
2.00
1.80
^
_
NOr-4DURABLE G OODS
1.40
iiiiiiiiin
Illllllllll lllllllllll lllllllllll
1984
1985
1986
r^ir~^
1 111111q it iniiiiMii
-
iiiiiiiiin
1 1 1 ti 1 1 1 1 it
1984
1.20
1988
1987
1985
1986
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
_
1 1 111 1 1 M H iiiiilniii
1988
1987
COUNCIL OF ECONOMIC ADVISERS
Manufa cturers' shiprnents 1
y anufacturers
Manufai sturers' inveri tones 2
new orders i
Nondurable goods
Manufacturers'
unfilled2
orders
Manufacturers'
inventory —
shipments
ratio 3
83,935
86,522
91,209
91,075
88,497
94,197
95,370
95,663
96,586
97,297
96,372
97,133
97,128
98,736
100,193
101,029
102,648
103,765
104,203
103,731
314,270
349,419
372,586
383,181
387,065
421,243
409,933
411,467
415,363
419,126
421,243
425,162
429,513
429,534
433,527
434,148
443,357
446,536
451,830
453,044
1.95
1.80
1.74
1.74
1.70
1.62
1.62
1.59
1.59
1.60
1.60
1.62
1.62
1.59
1.59
1.58
1.56
1.59
1.56
1.57
Durabl 3 goods
Period
Durable
goods
Nondurable goods
Durable
goods
Capital
Nondurable goods
Total
industries,
non-
defense
M llions of do Jars, seasoilally adjust id
1982
1983
1984
1985
1986
1987
1981: Aug
Sept
Oct
Nov
Dec
1988: Jan
Peb
Mar
Apr
May
June
July '
AugP
Sept"
1
2
163,350
171,242
187,869
190,016
188,360
199,170
199,288
203,806
204,706
205,495
207,447
206,283
206,932
211,778
213,036
215,777
218,881
216,698
221,715
221,405
79,352
84,956
96,623
99,019
99,989
105,291
104,407
108,377
108,303
108,287
111,183
109,125
109,829
112,744
112,521
114,751
116,522
113,122
r
117,866
117,828
83,998
86,286
91,246
90,996
88,371
93,879
94,881
95,429
96,403
97,208
96,264
97,158
97,103
99,034
100,515
101,026
102,359
103,576
103,849
103,577
311,827
312,647
334,767
327,496
316,182
331,132
322,613
323,877
325,716
329,075
331,132
333,374
335,416
336,695
337,936
340,074
341,963
343,788
345,798
347,881
Monthly average for year and total for month. Shipments are the same as sales.
End of period.
200,825
200,406
218,771
214,066
208,313
216,598
210,717
211,334
212,863
215,557
216,598
218,507
219,913
220,523
221,405
222,948
224,000
225,467
226,600
228,357
111,002
112,241
115,996
113,430
107,869
114,534
111,896
112,543
112,853
113,518
114,534
114,867
115,503
116,172
116,531
117,126
117,963
118,321
119,198
119,524
3
162,273
174,122
189,791
190,918
188,663
201,966
202,358
205,340
208,602
209,258
209,564
210,202
211,283
211,799
217,029
216,398
228,090
219,877
227,009
222,619
78,338
87,600
98,581
99,843
100,166
107,770
106,988
109,677
112,016
111,961
113,192
113,069
114,155
113,063
116,836
115,369
125,442
116,112
r
122,806
118,888
21,661
22,098
26,243
27,067
26,551
29,707
29,850
29,393
30,218
30,655
33,029
33,867
33,819
31,924
33,746
31,522
35,458
36,213
' 38,808
34,934
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In September, the producer price index for all finished goods rose 0.4 percent. Prices of finished consumer foods
rose 1.2 percent while prices of other finished consumer goods were down 0.3 percent. Capital equipment prices
rose 0.8 percent.
INDEX, 1982 =100 (RATIO SCALE)
INDEX, 1982= 100 (RATIO SCALE)
120
120
EASONALLY ADJUSTE D
FINISHEC) GOODS PRCES
s*
c ONSUMER
f-~~~
FOODS
— •.••**'
\
„,
CAPIT AL EQUIPMENT
c^c^5^l_
100
•''^\
/""*"•* Jk <£&?/
/~' ^^^^
1r
i
90
^"v~
/•*"*
s'"'
JV"*"*"""'
-•*""
A
""
f
"
r"'' \'*''""
/
->^^- \J'
""""
**
s ,_/
\
^^
**"
/•**—"
TOTAL
FINISHED
GOODS
\
I ^S
f
*"
' ^
s^^
.^
^
100
f'
*
«^"*
A
" fs
A/'
CONSUMER GOODS
EXCLUDING FOODS
> '/
""^ /* fS'ft
90
J'fj
¥
11
80
uiiiiiiiii
Illllllllll Illllllllll
1981
1980
Illllilllll
Illllllllll
Illllllllll
Illllllllll
iiiiilum
uiiiiiiiii
1983
1984
1985
1986
1987
1988
1982
COUNCIL OF ECONOMIC ADVISERS
OURCE: DEPARTMENT OF LABOR
[1982=100; monthly data seasonally adjusted]
Fin shed goods
Period
Total
finished
goods
1980
1981
1982
88.0
1983
1984
1985
1986
1987
1987: Sept
Oct
Nov
Dec
96.1
100.0
101.6
103.7
104.7
103.2
105.4
106.4
106.1
106.2
105.9
1988: Jan
Feb
Mar
Apr
May r
June
July
Aug
Sept
106.2
106.0
106.6
107.0
107.4
107.8
108.3
108.9
109.3
1
Fi nished goc ds excluding consumer foo Is
Consumer
foods
Consumer go ods
Total
22
Onjde maten als
Foods
and
feeds '
Foodstuffs
and
feedstuffs
Other
Capital
equipment
Total
Total
Durable
Nondurable
87.1
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
85.8
94.6
100.0
102.8
105.2
107.5
109.7
111.7
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
112.2
112.2
112.1
111.8
85.1
95.8
100.0
100.5
101.1
101.7
93.3
94.9
96.4
96.2
96.1
96.3
112.5
112.0
112.1
112.3
104.7
104.5
104.5
104.0
102.7
103.2
103.6
103.8
112.3
112.6
112.9
112.7
113.1
113.4
113.9
114.4
115.1
95.5
95.5
96.0
06.9
97.1
96.9
97.7
98.4
97.8
112.8
113.0
113.2
113.4
113.7
114.2
114.3
114.8
115.7
104.4
104.0
104.7
105.2
105.6
106.0
106.7
107.3
107.6
104.2
104.4
104.9
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
110.2
109.9
110.0
108.6
105.2
104.9
104.9
104.9
96.1
100.0
101.2
102.2
103.3
98.5
100.7
102.0
101.8
101.7
101.8
110.5
109.3
110.2
110.6
111.4
112.7
113.2
113.7
115.1
104.8
104.9
105.3
105.8
106.1
106.2
106.7
107.3
107.4
101.4
101.4
101.9
102.5
102.8
102.7
103.4
104.1
103.8
Intermediate materials for food manufacturing and feeds.
Intern" ediate ma terials
Total
finished
consumer
goods
105.6
106.3
107.2
107.9
108.3
108.7
105.5
104.6
100.0
103.6
105.7
97.3
96.2
99.2
101.0
101.0
101.3
101.5
102.5
102.1
102.7
103.7
104.4
111.7
116.4
115.1
116.0
Other
Total
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
102.8
103.3
103.7
103.9
95.3
103.0
100.0
101.3
103.5
95.8
87.7
93.7
96.0
96.1
94.9
94.7
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
84.6
101.8
100.0
100.7
102.2
96.9
81.6
87.9
97.5
98.1
95.6
96.3
90.8
90.6
90.2
89.4
104.3
104.5
105.0
105.7
106.4
106.9
107.5
107.9
108.3
93.9
94.6
94.2
,95.2
96.5
97.7
96.6
97.7
97.2
97.4
99.5
100.3
100.5
103.2
107.2
108.8
111.2
113.0
87.5
87.4
86.3
87.8
88.1
87.4
84.8
85.2
83.2
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In September, the consumer price index for all urban consumers rose 0.3
not seasonally adjusted). The index was 4.2
percent, seasonally adjusted (0.7
percent
percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84=100 (RATIO SCALE)
130
130
SEASONALLY ADJUSTED
120
120
110
110
- CONSUMER PRICES—ALL ITEMS -
V
100
100
90
90
80
80
70
60 minium
1980
iiniliini
Illllllllll
1982
1983
1981
ILJJ 60
1984
1986
1985
1988
1987
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
All it 3ms 1
Tr ansportati an
Hou sing
All
She Iter
Not
Period
seasonally
ed
(NSA)
Rel. imp.3....
100.0
1980
1981
1982
1983
1984
1985
1986
1987
Sept...
82.4
90.9
96.5
99.6
103.9
107.6
109.6
113.6
115.0
Oct
-115.3
1987:
115.4
115.4
115.7
1988: Jan
Feb.... 116.0
Mar.... 116.5
Apr.... 117.1
May ... 117.5
June .. 118.0
July... 118.5
Aug ... 119.0
Sept... 119.8
Nov....
Dec....
1
Season-
Rent-
Food
ally
adjust-
Total
ed
114.6
115.0
115.3
115.5
115.9
116.1
116.7
117.2
117.6
118.0
118.5
119.0
119.4
16.1
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
114.5
114.7
114.8
115.3
115.6
115.3
115.7
116.5
117.0
117.7
118.9
119.6
120.5
42.5
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
115.0
115.3
115.5
115.9
116.4
116.8
117.2
117.5
117.8
118.2
118.6
118.9
119.2
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
122.2
122.8
123.1
123.8
124.5
125.1
125.7
125.8
126.2
126.7
127.2
127.9
128.1
HomeMaintenance
(Dec
1982 =
100)
costs
and
(Dec.
1982 =
100)
repairs
7.9
19.7
103.0
108.6
115.4
121.9
128.1
128.8
128.6
128.8
129.5
130.9
131.5
133.0
132.6
132.8
133.3
133.8
134.4
133.6
102.5
107.3
113.1
119.4
124.8
125.9
126.9
127.2
127.9
128.4
129.0
129.3
129.6
130.0
130.6
131.2
131.8
132.5
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc
also included through 1982.
3
Relative importance, December 1987.
2
Fuel
owners'
ers'
Total '
Medi-
Appar-
and
el and
other
utilities
upkeep
Total '
New
Motor
cal
care
Ener-
gy2
and
energy
(NSA)
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
112.7
112.8
113.5
113.3
113.7
114.3
113.3
115.3
114.3
114.7
114.5
115.0
115.3
items
less
food,
shel-
7.7
6.3
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
103.3
103.0
103.4
103.3
103.2
103.7
103.5
104.0
103.9
104.0
104.0
103.8
104.2
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
111.3
112.7
113.1
112.2
112.3
112.0
114.2
116.5
116.5
116.1
115.4
113.5
115.8
17.5
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
106.8
107.2
107.7
107.4
107.3
107.1
107.2
107.5
108.2
108.4
108.8
109.8
109.9
4.4
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
115.2
115.5
115.7
115.7
115.5
115.8
116.2
116.2
116.4
116.6
116.6
116.9
117.8
3,3
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
83.2
83.0
83.0
81.6
80.4
78.9
79.2
80.1
81.5
80.8
81.3
83.6
82.2
5.8
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
131.9
132.4
133.0
133.5
134.6
135.4
136.0
136.8
137.7
138.3
139.3
139.9
140.7
7.6
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
89.8
89.3
89.6
88.9
88.3
87.8
87.8
88.5
88.9
88.7
89.0
89.8
89.3
48.5
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
117.9
118.5
118.9
118.9
119.5
119.8
120.4
121.1
121.5
121.8
122.2
122.4
123.0
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department, of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Chi nge from pr seeding peric d
Change from 3 month s earlier, ann laj rate
Change from 6' month s earlier, aim us] rate
Consumf r goods
Consume r goods
Consuitu r goods
Total
finished
goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Exeluding
foods
Foods
(Change
from
vear
earlier,
total
finished
goods
WSA
Cha nge, Dec. t o Dec., Nf 3A
7.5
1.5
2.0
2.3
3.5
.6
2.8
11.8
1980
1981
7.1
3.6
.6
1.7
1.8
1982
1983
1984
1985
1986
1987
-2.3
2.2
1988:
0.6
-.3
.1
0.4
Sept
Oct
Nov
Dec
-.3
.1
-.3
-1.3
.3
-.2
.6
.4
.4
Jan
Feb
Mar
Apr
Mayr
June r
July
Aug r
Sept
1.7
-1.1
.8
.4
.7
.4
1.2
.4
.4
.5
.6
.4
1.2
13.4
11.4
8.6
9.2
9.2
3.9
2.0
1.8
2.7
2.1
1.3
4.2
-.9
.8
2.1
-6.6
4.1
— .2
CTange, mon th
1987:
14.1
4.1
1.6
2.1
1.0
-1.4
2.1
to mont b
0.3
-.2
-.1
.1
0.5
-.4
.1
.2
-.4
0
.5
.6
.3
-.1
.7
.7
-.3
.4
.2
.2
.2
.3
.4
.1
.4
.8
-1.8
-1.4
3.8
1.5
.8
7.0
3.2
0
-.8
1.8
-1.9
-5.7
.4
2.2
Q
-1.6
-2.5
-1.2
6.0
2.7
3.0
.4
5.4
7.9
9.4
9.7
8.5
8.8
4.6
4.9
5.7
5.7
.4
4.4
5.6
3.2
3.6
5.2
4.4
-1.4
4.2
3.2
3.2
2.5
1.1
1.1
-3.8
3.0
1.6
.8
-.6
2.2
2.0
1.2
2.5
2.9
3.4
2.7
3.2
4.5
4.0
3.7
1.4
.7
-.7
1.9
1.7
1.0
2.9
3.3
3.2
2.1
2.5
3.6
3.2
3.9
5.4
.8
0
.4
1.7
.4
-.4
0
1.3
2.3
2.6
7.7
4.9
8.2
9.1
3.7
.5
3.6
4.0
5.5
5.1
O
1.4
2.2
1.8
4,0
5.4
3.8
3.2
2.5
2.6
2.2
2.2
1.9
1.9
1.8
2.0
2.3
2.4
2.7
2.7
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
Adden dum: All iterus, percent hange
(annus rate)
Tr insportati on
All
Shelter
Perioii
All
items l
Ap-
Fuel
and
Food
Total '
Total '
Renters'
costs
parel
and
New
Total *
owners'
costs
Motor
Medical
Energy2
keep
utilities
items
less
food,
shelter,
From
previ-
and
energy
ter 3
From
3
months
earlier
Prom
6
months
earlier
From
year
earlier
NSA
c hange, D eeember to Dec mber, ^ SA
12.5
1980
8.9
3.8
3.8
3.9
3.8
1.1
4.4
1981
1982
1983
1984
1985
1986
1987
10.2
4.3
3.1
2.7
3.8
2.6
3.8
3.5
13.7
10.2
3.6
3.5
4.3
4.3
1.7
3.7
13.8
14.4
15.0
9.9
2.4
4.7
5.2
6.0
4.6
4.8
5.1
5.9
6.3
5.0
3.9
4.5
5.1
5.9
4.6
5.3
9.7
1.8
4.2
1.8
-5.6
1.6
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
14.6
10.9
7.4
18.8
6.8
9.4
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
1.8
18.7
1.8
3.9
3.1
2.6
-5.9
6.1
9.9
12.5
11.0
6.4
6.1
6.7
7.7
5.8
18.0
11.9
1.3
-.5
2
1.8
-19.7
8.2
13.5
10.3
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
6.2
3.2
4.3
3.6
1.9
3.6
Cha nge, mo nth to nlonth
1987:
1988:
Sept
Oct
Nov
Dec
0.3
.3
.3
.2
0.5
2
.1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
.3
.2
.5
.3
-.3
.3
.4
.3
.3
.7
.4
.6
.4
.4
.3
1.0
.6
.8
1
.4
0.2
.3
.2
.3
.4
.3
.3
.3
.3
.3
.3
.3
.3
0.2
.5
.2
.6
.6
.5
.5
.1
.3
.4
.4
.6
2
-.2
0.4
.8
.2
2
.5
.6
1.1
.5
1.1
.4
.5
-0.1
— .3
2
.4
.4
.4
-.6
-0.3
-.3
.4
-.1
-.1
.5
2
2
2
.3
.5
.5
.5
.5
.5
1
.1
0
-.2
.4
0.9
1.3
.4
-.8
0.1
.4
.5
-.3
0.2
.3
.2
0
.1
-.3
2.0
2.0
0
-.3
-.6
-.1
-.2
.1
.3
_7
-.2
-1.6
2.0
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also included through 1982.
2
24
.3
.3
0
.2
.2
0
.3
.8
.2
.4
.9
.1
3
-0.7
-.2
0
— 1.7
-1.5
— 1.9
.4
1.1
1.7
-.9
.6
2.8
-1.7
0.5
.4
.5
.4
.8
.6
.4
.6
.7
.4
.7
.4
.6
-0.4
-.6
.3
-.8
_ 7
-.6
0
.8
.5
-.2
.3
.9
-.6
0.3
.5
.3
3.6
0
3.9
.5
.3
.5
.6
.3
.2
.3
3.2
4.9
.2
.5
4.8
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
3.9
4.3
3.5
3.2
3.2
2.8
4.2
4.6
5.3
4.5
4.5
4.8
4.8
4.1
3.9
3.7
3.6
3.7
3.2
3.7
3.9
4.0
4.4
4.5
5.1
4.7
4.4
4.5
4.5
4.4
4.0
3.9
3.9
3.9
3.9
4.0
4.1
4.0
4.2
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in October were unchanged from their September and August levels. Prices paid by
farmers in October were 1.2 percent above their July level.
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE)
180
180
160
160
140
140
120
120
100
TOO
80
80
ILL
60 liii
60
RATIO1'
RATIO^
140
60
60
1980
1988
i/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF AGRICULTURE
[1977=100]
Pri ^es
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987:
1988:
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
1
I rices
received by farm ers
Livestock and
products
All farm
products
134
139
133
135
142
128
123
127
127
132
127
131
130
130
130
134
137
141
144
144
144
125
134
121
128
138
120
107
106
106
120
112
115
109
110
111
117
127
133
r
!35
135
135
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
2
144
143
145
141
146
136
138
146
147
143
141
147
149
148
148
151
147
147
152
153
153
All commodities,
services,
interest, taxes,
and wage rates l
paid by farmer s
Production
items, interest,
taxes, and wage
rates
138
150
159
161
165
163
159
162
165
(3)
(3)
165
(3)
(3)
168
(3)
(3)
172
(3)
(3)
174
139
151
159
159
162
157
150
152
155
(3)
(3)
155
(3)
(3)
159
(3)
(3)
162
(3)
(3)
164
Production
items
138
148
153
152
155
151
144
147
150
(3)
(3)
152
(3)
(3)
155
(3)
(3)
160
(3)
(3)
162
Ratio 2
97
92
84
84
86
79
77
78
77
80
77
79
79
79
77
80
82
82
84
84
83
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 — 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml was unchanged again in September and growth in the broader aggregates slowed a little.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,000
3,600
4,000
3,600
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1983
1986
1988
- AVERAGES OF DAILY FIGURES, SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Debt
Perce nt change from yeai or 6
months earlier 2
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
412.2
439.1
476.4
522.1
551.9
620.1
725.4
750.8
1,633.1
1,795.5
1,954.0
2,185.2
2,363.6
2,562.6
2,807.7
2,901.0
1,990.8
2,236.5
2,443.2
2,693.2
2,978.3
3,196.0
3,490.8
3,664.2
2,327.6
2,599.0
2,852.9
3,154.4
3,519.4
3,825.4
4,134.3
4,327.0
r
3,865.7
4,241.7
r
4,625.3
r
5,158.5
r
5,907.4
r
6,716.8
r
7,572.7
'8,279.3
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.5
8.9
9.9
8.8
11.8
8.2
8.4
9.6
3.3
10.2
12.3
9.2
10.2
10.6
7.3
9.2
5.0
1987: Sept
Oct
Nov
Dec
747.5
756.2
752.7
750.8
2,880.8
2,894.5
2,896.5
2,901.0
3,622.6
3,644.5
3,659.5
3,664.2
4,285.6
4,314.7
4,326.0
4,327.0
' 8,080.6
r
8,149.7
r
8,226.2
'8,279.3
3.7
3.1
1.7
2.4
3.3
3.4
3.4
3.5
5.1
5.4
5.4
4.7
1988: Jan '
Feb r
Marr
758.8
759.5
762.9
770.1
770.2
776.5
782.3
782.5
782.4
2,925.1
2,946.2
2,967.5
2,990.9
3,002.2
3,016.5
3,025.9
3,031.8
3,034.8
3,690.2
3,722.6
3,747.7
3,771.1
3,788.0
3,812.5
3,834.9
3,847.1
3,852.1
.4,364.1
4,395.5
4,421.8
4,464.4
4,494.7
4,509.1
4,552.2
4,572.4
8,324.0
8,380.2
8,443.0
8,502.4
8,561.5
8,619.6
8,675.6
8,738.2
4.1
3.5
4.2
3.7
4.7
7.0
6.3
6.1
5.2
4.8
5.7
6.5
7.0
7.1
7.1
8.3
8.0
6.8
5.6
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Apr
r
May '.
June r
July '.
Aug '
Sept*
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at an annual rate.
26
L
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
r
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
5.4
6.1
6.8
7.4
8.1
7.0
5.9
4.6
M3
Debt
r
9.7
9.7
9.0
11.5
14.5
r
!3.7
12.7
r
9.3
r
r
r
r
9.3
9.4
9.6
9.4
9.3
9.3
9.2
8.8
8.3
8.4
8.6
8.7
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Demand
deposits
Currency
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(BPs),
net, plus
overnight
Eurodollars
Money market
mutua fund
bala ices
General
purpose
and
broker/
dealer
NSA
NSA
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1987: Dec
1987:
Sept
Oct
Nov
Dec
1988:
Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept"
Money
market
deposit
accounts
(MMDAs)
Institution
only
NSA
NSA
Savings
Shortterm
Treasury
securities
Bankers'
acceptances
Commercia
P P
43.2
379.2
416.8
513.6
572.5
525.2
34.0
36.0
34.5
51.8
61.9
65.6
84.0
108.7
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
67.8
68.0
71.1
74.2
79.3
91.6
100.2
133.5
149.4
183.5
211.9
260.9
301.2
284.2
258.0
32.1
40.0
44.5
45.1
45.7
42.5
37.8
45.7
160.3
206.5
229.9
258.9
81.3
82.5
89.5
89.6
540.5
533.9
527.7
525.2
418.6
417.0
415.0
414.3
872.1
883.3
901.7
913.1
465.3
472.3
480.5
484.7
111.3
108.7
111.6
108.7
94.5
93.0
92.8
90.8
98.4
98.8
99.3
100.2
263.7
272.7
269.7
258.0
44.3
44.5
45.0
45.7
256.6
254.2
252.5
258.9
94.4
98.7
97.4
91.9
90.0
86.3
84.8
84.0
83.7
524.1
522.6
524.7
523.3
519.6
522.3
521.1
517.1
510.9
414.4
416.2
419.8
422.7
425.1
429.0
r
431.9
433.9
432.9
924.6
941.5
953.5
964.8
972.0
974.9
978.5
985.7
997.8
482.6
488.6
r
490.3
r
492.1
r
495.4
r
501.7
r
509.2
514.8
523.6
109.5
113.7
111.4
113.8
119.5
122.2
123.0
121.0
119.3
85.3
85.4
89.7
88.7
91.5
r
93.3
r
96.8
103.1
101.8
101.4
102.6
103.5
104.6
105.4
106.1
106.9
107.4
259.9
255.4
249.6
259.3
259.2
248.6
r
258.3
264.4
43.6
40.9
40.6
41.2
40.9
40.6
r
40.6
41.1
269.0
274.1
280.3
288.2
301.1
301.2
311.5
312.5
290.5
295.9
291.3
288.0
258.6
260.3
259.5
259.3
83.3
85.9
79.6
77.9
216.3
218.2
219.7
221.1
289.9
287.8
287.9
290.2
287.4
289.9
290.6
290.0
288.3
263.3
265.0
266.9
270.1
271.9
274.4
278.3
278.1
278.3
82.9
78.2
75.0
76.1
80.8
r
81.0
78.0
80.4
77.9
225.0
231.0
234.8
235.8
r
231.8
228.9
r
229.6
230.8
230.9
198.4
199.3
200.9
202.5
203.6
204.9
206.3
207.2
208.5
Term
Eurodollars
(net)
260.0
302.5
326.7
327.1
416.9
436.4
439.2
484.7
179.2
235.2
259.3
191.4
193.1
195.0
196.5
Term
repurchase
agreements
(KPs)
728.4
822.9
850.5
783.6
883.3
879.5
853.2
913.1
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
31.4
80.9
105.4
132.3
146.4
Large
denomination
time
deposits 1
400.2
343.9
356.8
305.5
285.4
301.4
370.7
414.3
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
261.4
231.4
234.1
238.6
156.1 244.1
167.7 267.2
180.4 303.3
196.5 288.0
Small
denomination
time
deposits '
NSA
NSA
28.3
35.9
38.8
53.8
56.3
70.2
78.4
77.9
115.3
122.5
132.6
146.3
Savings
deposits
0.0
.0
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
r
r
72.3
98.8
105.3
113.6
133.1
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
here.
Source: Board of Governors of the Federal Reserve System.
AGGREGATE RESERVES AND MONETARY BASE
[Averages of daily figures; millions of dollars; seasonally adjusted, except as noted]
Borrowings of depository institutions
from the Federal Keserve, NSA
Adjusted for c langes in reserv e requirements
R eserves of depo iitory institution s
Period
Total
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July
Aug'
Sept"
.-.
:
Nonborrowed plus
extended
credit
Required
58,815
59,466
59,053
58,722
29,571
32,204
34,613
36,775
37,773
45,937
56,629
57,944
57,874
58,523
58,428
57,944
29,574
32,353
34,799
36,777
40,377
46,436
56,932
58,428
58,283
58,973
58,822
58,428
30,747
32,521
34,747
36,988
40,106
46,198
56,087
57,693
58,021
58,338
58,129
57,693
59,458
59,573
59,760
60,374
60,365
60,637
61,238
61,090
61,002
58,376
59,177
58,009
57,380
57,787
57,555
57,798
57,849
58,162
58,748
59,382
59,487
60,004
59,894
60,108
60,336
60,502
60,221
58,163
58,440
58,832
59,515
59,325
59,750
60,231
60,137
60,020
31,261
32,841
35,247
37,549
40,959
47,255
57,456
58,722
,
Nonborrowed
Monetary
base
150,642
158,870
171,192
187,005
200,449
218,255
240,799
257,928
253,024
255,296
256,938
257,928
260,721
262,019
263,315
265,809
266,924
268,309
270,626
271,200
272,456
Total
1,690
636
634
774
3,186
1,318
827
777
940
943
625
777
1,082
396
1,752
2,993
2,578
3,083
3,440
3,241
2,839
Seasonal
116
54
33
96
113
56
38
93
231
189
126
93
59
75
119
146
246
311
376
423
421
credit
3
148
186
2
2,604
499
303
483
409
449
394
483
372
205
1,478
2,624
2,107
2,554
2,538
2,653
2,059
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES
Commercial and industrial loans fell 0.4 percent in September following a rise of 0.2 percent in August.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
2,400
ALL COMMERCIAL BANKS
2,000
2,000
1,600
1,600
1,200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
~.
160
200
/
;»•
120
160
120
OTHER SECURITIES
Minium
1980
l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l l lllllllllll
1981
1983
1982
1984
1986
1985
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
lllllllllll
1988
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted *]
All comm rcial ban] s
Loans am leases
Total
loans and
securities 2
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec r....
r
1,239.1
1,307.5
1,401.3
1,553.4
1,722.9
1,908.6
2,089.9
2,233.0
U.S.
Government
securities
Other
securities
Total
2
Commercial
and
industrial
Real
estate
Individual
179.2
182.5
188.2
212.9
253.6
293.7
314.4
309.3
335.0
325.7
355.4
392.6
414.1
472.8
499.4
535.6
562.4
262.7
284.2
142.6
181.2
196.1
194.5
913.9
967.3
1,033.9
1,123.7
1,320.4
1,456.9
1,584.5
1,703.5
170.6
179.3
201.7
259.1
260.0
270.5
154.7
160.9
165.7
170.6
300.0
331.0
376.6
425.9
494.0
588.4
Security
Nonbank
financial
institutions
Agricultural
State
and
political
subdivisions
327.8
33.9
42.0
39.1
33.4
29.3
29.9
31.2
30.5
31.4
32.6
35.0
31.8
39.2
40.1
36.1
31.6
29.5
45.8
56.4
58.1
52.2
17.9
21.3
25.2
27.8
31.6
33.1
36.2
0.0
.0
.0
3.3
Foreign
official
institutions
Lease
financing
receivables
11.5
10.9
12.7
13.3
13.7
16.1
19.0
22.4
24.6
21.4
23.1
26.6
31.7
31.2
9.6
7.5
7.2
5.9
9.4
7.9
6.0
5.9
5.3
Foreign
banks
23.8
17.9
14.6
13.3
11.1
9.6
Other
36.0
38.7
40.4
1987: Oct
Nov r....
2,230.5
2,235.3
2,233.0
332.6
332.6
335.0
193.2
195.1
194.5
1,704.7
1,707.5
1,703.5
561.4
561.3
562.4
573.7
581.2
588.4
324.6
326.3
327.8
47.1
39.3
33.4
31.6
31.8
31.8
29.6
29.5
29.5
54.5
54.1
52.2
9.1
8.2
7.5
5.7
5.5
5.3
24.0
24.6
24.6
43.4
45.8
40.4
Jan r ....
Feb r....
Mar r....
2,244.8
2,264.1
2,281.3
2,304.7
2,328.5
2,348.4
2,360.8
2,374.9
2,373.7
336.4
336.4
340.2
343.8
346.5
350.5
348.0
350.5
352.4
192.0
193.7
195.7
196.6
196.1
196.5
196.8
196.4
194.3
1,716.5
1,734.0
1,745.4
1,764.3
1,786.0
1,801.5
1,815.9
1,827.9
1,827.0
565.2
569.3
568.6
578.1
586.3
592.4
598.3
599.4
597.2
593.7
599.2
604.9
611.3
618.6
625.0
631.4
638.7
644.7
329.8
333.0
337.0
340.4
342.8
344.4
345.3
347.0
349.1
36.5
42.1
41.2
39.5
39.8
39.3
38.6
40.1
36.3
32.0
32.4
31.8
30.9
31.4
31.1
31.6
31.4
30.5
29.6
29.5
29.3
29.4
29.6
29.6
29.6
29.4
29.3
51.7
51.0
50.1
49.5
49.3
49.2
50.2
49.6
49.4
7.6
7.4
7.8
8.3
8.0
7.9
8.2
8.1
7.4
5.4
5.1
5.1
5.1
5.1
5.0
5.0
5.2
5.2
25.1
25.3
25.4
25.7
39.8
39.8
44.2
46.0
48.9
50.8
50.5
51.8
50.2
Dec r....
1988:
Apr r ....
May r....
June r...
July r....
Aug '....
Sept "...
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
28
26.0
26.5
27.2
27.3
27.8
of States and political subdivisions are included in loans rather than in other securities.
2
Excludes loans to commercial banks in the United States.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Ci edit market funds
x
Securities
and
mortgages
Loans and
short-term
paper
9.0
34.5
29.5
10.3
52.6
5.1
4.9
55.5
37.4
51.1
36.2
61.2
39.5
25.3
336.3
352.3
357.5
352.8
136.4
56.2
134.6
156.3
106.9
149.8
133.8
60.1
70.7
90.7
49.8
77.9
95.8
50.9
108.1
72.3
448.1
490.1
476.5
531.8
346.8
347.9
358.3
358.1
101.3
142.2
118.2
173.7
40.5
92.4
60.3
96.1
422.7
495.6
359.9
363.6
62.8
132.0
38.3
67.4
Total
1979 r
1980 r
1981 T
1982 T
1983 r
1984
1985
1986
1987
326.0
324.8
375.9
298.5
420.3
492.6
459.2
507.3
486.6
r
r
r
T
1987: I rr
nr
m r.
IV
1988: I r
II "
Capital
197.6
200.1
239.5
242.3
285.7
Total
128.4
124.7
expenditures 3
Total
Other 2
-42.1
-17.3
256.5
270.7
370.6
342.3
331.5
361.4
387.9
436.4
456.1
477.0
340.7
345.7
351.8
407.3
47.2
90.7
104.3
69.7
60.2
53.7
20.4
54.8
413.6
456.0
384.2
384.8
29.4
71.2
9.1
39.6
238.3
243.7
286.5
100.9
46.0
52.6
34.9
368.1
342.1
383.5
303.5
385.8
502.7
435.3
454.3
439.4
83.1
28.6
28.1
9.7
-42.6
63.8
32.2
86.4
60.8
49.7
57.8
77.6
-10.1
-33.8
48.4
101.2
24.5
64.6
abr
2°?f
r
,- u-i- •
c.
*• Consists ot tax liabilities, trade debt, and direct foreign investment in the U.o.
Discrepancy
(sources less
uses)
129.8
98.4
97.0
47.0
115.1
132.1
93.0
122.8
78.0
68.3
54.0
45.7
6.5
56.8
60.5
55.9
41.7
61.5
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
Increase in
financial
assets
-7.7
-4.9
34.5
-10.1
23.9
52.9
47.3
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
NOTE.—Series revised.
„
.
„,
_
source: Hoard ol (jtovernors of the .Federal Heserve system.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandiiig 1
Ins bailment credit outstanding lend of perio 1)
Period
Total
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1987:
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar
Apr
May
June
July r
Aug"
261,976
296,483
297,566
310,682
323,536
367,869
442,538
517,754
571,833
613,021
593,512
598,190
602,978
606,927
608,726
613,021
619,259
624,293
629,485
633,336
636,318
644,371
647,993
653,431
Automobile
Revolving
98,739
112,475
111,936
118,956
124,218
143,799
173,704
209,636
246,109
267,180
256,585
259,558
261,902
263,823
264,474
267,180
269,883
273,133
276,762
278,567
279,418
282,254
283,359
285,645
45,202
53,357
54,894
60,838
66,243
78,667
100,212
122,013
136,381
159,307
147,809
149,815
152,553
155,196
156,425
159,307
162,065
163,462
165,644
167,356
169,154
172,810
174,928
177,552
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Mobile
home
16,921
18,207
18,621
20,302
22,833
23,704
25,795
26,834
26,883
25,957
26,966
26,879
26,845
26,698
26,604
25,957
25,926
25,857
25,732
25,764
25,703
25,852
25,882
25,912
Other
101,114
112,444
112,115
110,586
110,242
121,698
142,827
159,272
162,460
160,578
162,153
161,938
161,677
161,209
161,225
160,578
161,384
161,842
161,348
161,649
162,043
163,456
163,824
164,322
Total
40,501
34,507
1,083
13,116
12,854
44,333
74,669
75,216
54,079
41,188
5,635
4,677
4,787
3,949
1,802
4,296
6,236
5,035
5,191
3,851
2,982
8,053
3,621
5,438
Automobile
17,791
13,736
539
7,020
5,262
19,581
29,905
35,932
36,473
21,071
2,373
2,973
2,344
1,921
651
2,706
2,704
3,250
3,628
1,805
851
2,836
1,106
2,286
Revolving
8,513
8,155
1,537
5,944
5,405
12,424
21,545
21,801
14,368
22,926
3,032
2,006
2,738
2,643
1,229
2,882
2,758
1,396
2,182
1,713
1,798
3,655
2,118
2,624
Mobile
home
559
1,286
414
1,681
2,531
871
2,091
1,039
49
926
156
-87
-34
-147
-94
646
-32
-69
-125
32
-61
149
29
30
Other
13,638
11,330
329
-1,529
-344
11,456
21,129
16,445
3,188
-1,882
74
-215
-261
468
16
646
807
458
-493
301
394
1,413
368
498
Source: Board of Governors of the Federal Reserve System.
29
INTEREST RATES AND BOND YIELDS
Most interest rates fell in October.
PERCENT PER ANNUM
PERCENT PER ANNUM
16
6
COUNCIL OF ECON<
[Percent per annum]
U.S. T reasury security yields
Period
1981
1982
1983
1984
1985
3-month bills
(new issues) l
Constant n aturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
Prime
paper,
6 months l
Discount rate
(N.Y. F.R.
Bank) 5
8.50
8.80
7.69
6.33
5.66
7.96
7.17
7.49
6.00-6.00
6.00-6.00
6.00-6.00
8.75-9.00
9.00-8.75
8.75-8.75
9.25
9.30
9.15
9.86
9,96
10.11
9.82
9.51
6.92
6.58
6.64
6.92
7.31
7.53
7.90
8.36
8.23
8.24
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.50
6.50-6.50
6.50-6.50
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.50
9.50-10.00
10.00-10.00
10.00-10.00
9.10
9.12
9.15
9.13
8.95
9.26
9.17
r
9.06
9.25
9.58
9.54
9.49
9.44
8.22
8.21
8.24
8.28
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-
10.00-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00-
13.91
13.00
11.10
12.44
10.62
7.68
8.39
11.23
11.57
9.47
10.15
9.18
7.38
7.73
14.17
13.79
12.04
12.71
11.37
9.02
9.38
14.76
11.89
13.41
11.02
8.89
10.16
8.01
6.39
6.85
1987: Oct
Nov
Dec
6.40
5.81
5.80
8.75
7.99
8.13
9.52
8.86
8.99
8.84
8.09
8.07
10.52
10.01
10.11
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
5.90
5.69
5.69
5.92
6.27
6.50
6.73
7.02
7.23
7.34
7.87
7.38
7.50
7.83
8.24
8.22
8.44
8.77
8.57
8.43
8.67
8.21
8.37
8.72
9.09
8.92
9.06
9.26
8.98
8.80
7.81
7.55
7.80
7.91
8.01
7.86
7.87
7.86
7.71
7.54
9.88
9.40
9.39
9.67
9.90
Week ended:
1988: Oct 8
15
22
29
Nov 5
7.23
7.32
7.36
7.45
8.48
8.44
8.43
8.42
8.83
8.81
8.80
8.77
7.59
7.58
7.49
7.49
737
1
Bank-discount ri
2
Yields on the n
actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for J; try 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
30
yields
(FHLBB) 6
14.70
15.14
12.57
12.38
11.55
10.17
14.44
12.92
10.45
11.89
9.64
7.06
7.68
1986
1987
New-home
18.87
14.86
10.79
12.04
9.93
8.33
8.22
10.686
8.63
9.58
7.48
5.98
5.82
14.029
Prime rate
charged by
banks 5
9.31
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges a
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Fedei
al Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in October.
INDEX, DEC. 31, 1965 = 50 (RATIOSCALE)
INDEX , DEC. 31, 196 5 = 50 (RATIOS CALE)
240
220
240
220
200
200
180
160
/
/-~s
140
COMPOSITE STOCK PRICE NDEX
-/
(NYSE)
^*S~*^S
120
/
-/
80
r^~—\vs-
S~
A /
IIM
40
1980
120
/
r\l\ /—• ~^
100
60
160
/*^~~^
H
^••-•v-,-'
140
180
—^V
\
100
80
N^_/
,,,,„
Illllllllll
1982
1983
/
1981
60
,,,„
Illllllllll
Illllllllll Illllllllll Illllllllll
1985
1984
1987
1986
40
1988
PERC.ENT
PERC ENT
20
20
EA RNINGS-PRICE RATIO ON CO MMON STOCK S
(S&Pt
15
\_
^
10
^S~-—1
^
v.
^\
r
5
1
1
1
1
1
1981
1980
1
1
1
1982
1
10
1
>^
0
15
L.
i i i
1983
^
^^
1
1
1
1
1
•^
1
1
1985
1984
.
1
1986
SOURCES NEW YORK STOCK EXCHANGE A ND STANDARD & POC R'S CORPORATION
^r
\
\ \
1987
Nevv York Stock Ex hange indexes (I)ec. 31, 1965 = 5O)
Composite
1981
1982
1983
1984
1985
1986
1987
Industrial
Transportation
1
1
1
0
1988
COUNCIL OF ECONOMIC ADVISERS
Common st ock 5yields
(percent)
Co nnmon stock price s '
Period
5
Utility
2
Dow-Jones
industrial
average 3
Finance
Standard &
Poor's
composite
index (194143=10) 4
74.02
68.93
92.63
92.46
108.09
136.00
161.70
85.44
78.18
107.45
108.01
123.79
155.85
195.31
72.61
60.41
89.36
85.63
104.11
119.87
140.39
38.91
39.75
47.00
46.44
56.75
71.36
74.30
73.52
71.99
95.34
89.28
114.21
147.20
146.48
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
128.05
119.71
160.41
160.46
186.84
236.34
286.83
Dividendprice ratio
5.20
1987:
Oct
Nov
Dec
157.13
137.21
134.88
189.86
163.42
162.19
140.95
117.57
115.85
73.27
69.86
67.39
137.35
118.30
111.47
2,224.59
1,931.86
1,910.07
280.16
245.01
240.96
1988:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r
Oct
140.55
145.13
149.88
148.46
144.99
152.72
152.12
149.25
151.47
156.36
168.47
173.44
181.57
180.88
176.02
184.92
184.09
179.72
182.18
188.58
121.20
126.09
135.15
133.43
127.63
136.02
136.49
132.53
136.27
141.93
70.01
72.89
71.16
69.40
68.66
72.25
71.50
70.67
71.83
74.19
119.40
124.36
125.27
121.67
120.35
129.04
129.99
130.77
133.15
134.66
1,947.35
1,980.65
2,044.31
2,036.13
1,988.91
2,104.94
2,104.22
2,051.29
2,080.06
2,144.31
250.48
258.13
265.74
262.61
256.12
270.68
269.05
263.73
267.97
277.40
5.81
4.40
4.64
4.25
3.49
3.08
3.25
3.66
3.71
3.66
3.56
3.48
3.57
3.80
3.58
3.65
3.75
3.69
3.61
154.10
155.86
157.56
157.81
185.36
187.86
190.27
190.66
141.56
141.36
142.98
142.08
73.35
73.91
74.49
74.84
134.16
134.85
135.20
134.63
2,114.37
2,141.64
2,160.46
2,159.92
272.86
276.17
279.86
280.37
3.66
3.64
3.60
3.55
Week ended:
1988: Oct
8
15
22
29
1
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
.
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.48
7.08
7.18
7.93
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In fiscal year 1988, there was a deficit of $155.1 billion compared with a deficit of $150.4 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
RECEIPTS AND OUTLAYS^
1,100
1,000
1,000
OUTLAYS!/
900
900
800
800
RECEIPTS-!/
700
700
600
600
500
500
SURPLUS OR DEFICIT Ml/
—
-100
-100
^\^
-200
-200
^
XI
^1980
1
1
1981
1
1982
1
1983
1
1984
1
1985
\
—^
1986
1987
\
1988
IS
1989^
FISCAL YEARS
i/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
Keceipts
Outlays
Gross Fe leral debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
Surplus
or deficit
Receipts
Outlays
Surplus
or deficit
Total
Held by
the public
1976
Transition quarter
1977
1978
1979
298.1
81.2
355.6
399.6
463.3
371.8
96.0
409.2
458.7
503.5
-73.7
-14.7
-53.6
-59.2
-40.2
231.7
63.2
278.7
314.2
365.3
302.2
76.6
328.5
369.1
403.5
-70.5
13.3
-49.7
-54.9
-38.2
66.4
18.0
76.8
85.4
98.0
69.6
19.4
80.7
89.7
100.0
-3.2
-1.4
-3.9
-4.3
2.0
631.9
646.4
709.1
780.4
833.8
480.3
498.3
551.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
-73.8
-78.9
-127.9
-207.8
-185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
73.9
-120.0
-208.0
-185.6
113.2
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 2
1989 (estimates) l
734.1
769.1
854.1
909.0
974.0
946.3
990.3
1,004.6
1,064.1
1,096.7
-212.3
-221.2
- 150.4
-155.1
-122.7
547.9
568.9
640.7
667.5
712.0
769.5
806.8
810.8
861.4
885.9
-221.6
-237.9
-170.0
-193.9
-173.9
186.2
200.2
213.4
241.5
262.1
176.8
183.5
193.8
202.7
210.9
9.4
16.7
19.6
38.8
51.2
1
Estimates from Mid-Session Review of the 1989 Budget, Office of Management and Budget,
July 28, 1988.
5
Data from Monthly Treasury Statement for September 1988, issued October 28, 1988.
32
1,827.5
2,120.1
1
2,345.6
2,600.7
2,818.2
1
1,509.9
1,736.2
1
1,888.1
2,050.0
2,138.6
1
NOTE.—Data through 1987 are from Budget of the United States Government, Fiscal Year
1989, February 1988, except as noted.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal year 1988, receipts were $54.9 billion higher than a year earlier and outlays were $59.5 billion higher.
BILLIONS OF DO LARS
BILLIO MS OF DOLLARS
400
i— RECEIPTS^/
__
200
"~
1
—
INDIVIDUAL INCOME TAXES
/_
. —• — '
__...-. —
. —• —
. —•
400
—
300
7
"
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
OTHER RECEIPTS
100
1
0
|
100
j
j~
^ CORPORATION INCOME TAXES |
|
|
0
OIJTIAYSV
800
800
700
700
NONDEFENSE
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1980
1981
1982
1984
1983
1985
1986
1989
1988
1987
FISCAL YEARS
_L/ 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 a nd off-bud Tet receip
Fiscal year
Total
Individual
Corporation
On-budg et and off budget ou lays
s
Nationa defense
Social
insurance
Other
Depart-
Total
InterHealth
Mcdi-
Total
298.1
355.6
399.6
463.3
131.6
157.6
41.4
54.9
181.0
217.8
60.0
65.7
1980
1981
1982
1983
1984
517.1
244.1
599.3
600.6
666.5
285.9
297.7
288.9
298.4
1985
1986
1987
1988 '
734.1
769.1
854.1
334.5
349.0
392.6
909.0
974.0
401.2
1989 (estimates)
617.8
2
1
2
423.4
Net
inter-
ty
est
Other
7.5
7.5
15.7
17.3
18.5
20.5
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
12.7
13.1
12.3
11.8
15.9
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
16.2
14.2
11.6
10.5
11.1
33.5
35.9
40.0
44.5
48.8
65.8
70.2
75.1
78.8
85.3
128.2
119.8
188.6
198.8
131.8
123.3
207.4
130.2
219.0
135.0
232.4
129.4
136.0
138.6
151.7
157.1
90.8
106.5
121.0
138.9
34.3
371.8
89.6
36.6
37.7
40.8
409.2
458.7
503.5
97.2
104.5
116.3
87.9
95.1
102.3
113.6
6.4
6.4
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
590.9
678.2
745.7
808.3
134.0
157.5
185.3
130.9
153.8
180.7
209.0
239.4
50.6
69.5
69.3
65.6
71.8
851.8
209.9
227.4
204.4
220.9
61.3
63.1
83.9
94.2
109.9
265.2
283.9
303.3
334.3
359.5
73.0
73.1
74.3
79.2
81.2
946.3
990.3
1,004.6
1,064.1
1,096.7
252.7
273.4
282.0
290.3
294.0
245.1
See footnote 2, page 32.
Estimates from Mid-Session Review of the 1989 Budget, Office of Management and Budget,
July 28, 1988.
Social
securi-
ty
military
butions
1976
1977
1978
1979
Income
securi-
265.5
274.0
281.9
285.5
15.8
142.1
126.7
139.0
133.0
NOTE.—Data through 1987 are from Budget of the United States Government, Fiscal Year
1989, February 1988.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter. Federal receipts rose $32.0 billion (annual rate) and Federal expenditures rose $10.2 billion.
In the third quarter, according to preliminary estimates, expenditures fell $17.4 billion; receipts data are
incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
________ -'
1,000
1,000
- EXPENDITURES '
800
800
RECEIPTS
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
200
-200
1
1980
1
I
I
1981
I
1
1
1
1
I
1983
1982
1
1
1984
i i i
1 I 1
t
1986
1985
1987
1988
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE- DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal G overnment expenditure s
Federal GovernmeiU receipts
Period
Total
Fiscal year:
1985
1986
1987
Calendar year:
1985
1986
1987
1982: IV
1983: IV
1984: IV
1985: IV
1986: II
Ill
IV
1987: I
II
776.8
815.0
901.7
340.4
357.0
401.6
788.7
828.3
916.5
633.1
675.5
742.7
805.3
816.3
833.6
856.8
871.3
920.0
930.1
944.4
951.0
983.0
346.4
361.5
405.6
in
1988:
Personal
tax and
nontax
receipts
IV
I
II
HI"..
303.0
291.9
326.0
355.3
354.0
363.5
378.3
373.8
413.1
413.3
422.3
404.6
425.0
409.0
Corporate
profits
Indirect
business
tax and
accruals
accruals
Total
Purchases
of goods
and
services
Transfer
Wage
accruals
less
disbursements
national
income
and
product
accounts
20.7
22.9
29.6
-0.1
.0
.1
-185.5
-212.8
-157.2
380.1
99.7
399.8
414.2
347.4
352.5
362.1
385.8
398.5
405.4
405.4
406.6
413.4
414.2
422.5
434.4
437.6
440.4
106.8
102.7
84.5
86.0
96.3
103.5
110.0
109.2
102.3
101.9
105.5
101.9
101.4
111.1
110.4
109.4
130.1
135.4
143.0
20.3
25.7
32.4
23.4
29.1
21.0
19.0
37.5
18.1
-.2
.0
.0
.0
.0
.6
-196.9
-205.6
-157.8
-202.6
-169.2
-187.5
-212.2
-234.4
-206.1
^183.3
-188.3
— 144.0
-138.3
-160.4
-155.1
-133.3
962.3
1,027.8
1,058.9
341.5
368.4
375.4
374.0
394.6
411.1
76.3
55.1
50.8
54.0
47.6
53.6
310.9
332.2
351.0
236.1
985.6
1,033.9
1,074.2
835.7
844.7
930.2
1,017.5
1,050.7
1,039.7
1,040.1
1,059.6
1,064.0
1,068.4
1,104.9
1,106.1
1,116.3
1,098.9
355.2
366.2
382.0
293.2
276.1
326.0
376.6
368.7
372.7
366.7
372.7
377.5
386.3
391.4
377.7
382.2
373.4
56.2
53.5
49.6
52.0
51.0
53.0
54.3
53.9
55.0
55.9
55.9
57.2
Net
interest
current
surplus of
Government
enter-
128.3
134.4
139.7
305.8
326.0
345.2
259.8
290.7
317.7
330.1
333.4
337.8
344.5
347.7
352.4
359.4
383.4
390.3
397.0
or deficit
Subsidies
97.8
107.4
103.1
55.9
51.2
53.2
83.9
105.8
46.4
70.2
69.7
78.8
82.6
84.7
89.7
100.1
105.0
110.5
107.7
107.2
111.7
Grantsin-aid to
State
and
governments
74.6
80.7
101.7
Source: Department of Commerce, Bureau of Economic Analysis.
34
Contributions for
social
insurance
87.2
101.0
125.3
132.7
135.9
134.3
136.5
139.0
139.8
143.8
149.5
149.9
152.1
152.8
29.1
39.4
27.8
22.6
39.7
33.0
34.0
22.8
.0
.0
.0
.0
.0
.0
.2
-.2
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consumer jrices (19 32-84=100
Industrial reduction (1977 = 1 )0; seasonal] y adjusted
Period
United
States
United
States '
Canada
Japan
France
Germany
82.4
76.1
78.5
85.6
94.9
100.4
104.8
108.9
113.4
118.4
81.9
91.7
100.3
108.0
114.3
117.2
121.1
86.7
92.2
97.1
100.3
102.7
104.9
104.6
105.0
63.2
90.9
96.5
99.6
103.9
107.6
109.6
113.6
90.9
95.4
98.0
99.9
102.1
104.2
104.9
105.0
72 2
108.5
105.8
109.2
110.4
113.5
118.0
99.8
96.4
98.2
101.7
103.1
107.9
109.4
112.9
75.4
87.7
100.8
111.5
121.0
128.5
134.4
87.9
95.4
99.8
104.8
111.2
J14.9
119.7
117.2
122.3
120.8
116.1
113.4
114.9
115.1
115.2
115.0
115.3
115.4
115.4
119.3
119.7
120.2
120.3
105.7
105.7
105.2
105.1
121.7
122.0
122.2
122.2
104.9
105.0
105.0
105.2
135.6
136.8
137.2
137.4
120.3
120.9
121.5
121.4
117.2 126.4
118.2 '121.1
118.8
121.4
118.0 r!23.7
118.3
120.5
121.6 r!22.3
r
l!7.5 125.9
124.1
116.3
113.8
115.6
116.3
117.4
116.4
116.4
117.9
115.7
116.0
116.5
117.1
117.5
118.0
118.5
119.0
119.8
120.5
121.0
121.6
122.0
122.8
122.9
104.8
104.6
105.0
105.5
105.6
105.4
105.2
105.5
122.4
122.7
105.4
105.6
105.7
106.0
106.2
106.3
106.2
106.3
106.3
138.1
138.5
139.1
139.6
140.0
140.4
140.8
141.4
142.1
121.4
121.9
122.3
124.3
124.8
125.3
125.4
126.8
127.4
Canada
Japan
France
Germany
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
108.1
108.6
97.9
104.3
116.9
123.3
125.1
131.6
119.2
120.4
120.9
125.1
138.9
145.1
144.6
150.4
106
106
104
105
105
106
106
108
108.0
1981
1982
1983
1984
1985
1986
1987
1987: Sept
Oct
Nov
Dec
131.0
132.5
133.2
133.9
134.2
135.5
136.4
136.9
153.9
157.0
156.6
159.6
110
110
110
111
116.3
116.7
116.8
117.3
1980
1988: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept"
1
134.4
134.4
134.7
135.4
136.1
136.5
r
!38.1
r
138.3
138.3
137.9 153.9
' 137.5 157.4
' 138.1 158.3
' 138.2 157.0
r
139.9 153.3
r
140.0 158.4
139.3 ' 156.4
160.8
161.5
111
111
111
110
111
113
United
Kingdom
United
Kingdom
106.2
103.1
104.1
107.6
112.9
115.1
115.7
Data relate to all urban consume!
Italy
114.4
112.6
123.7
124.1
124.1
123.0
123.6
123.9
124.3
124.7
125.1
Italy
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
md International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data seasonally adjusted]
Her chandise e xports (f. i.s. value
i
aenerai nnerchandis s imports (customs value) 3
Trade alance
Principal t nd-use cc mmodity category
Principal end-use c ommodit} category
Genera!
Period
Total
2
Foods,
feeds,
and
Industrial
supplies
materi
als
1982
1983
1984
1985
1986
1987
Capital
goods
except
automotive
Automotive
vehicles,
parts.
and
engines
216.4
205.6
224.0
4
218.8
* 227.2
254.1
31.3
30.9
31.5
24.0
22.3
24.3
61.7
56.7
61.7
58.5
57.3
66.7
72.7
67.2
72.0
73.9
75.8
86.2
15.7
16.8
20.6
22.9
1987: July
Aug
Sept
Oct
Nov
Dec
22.4
20.9
21.8
22.1
2.4
2.2
2.2
2.3
1.8
2.0
5.6
5.6
5.6
5.5
6.1
6.5
7.6
7.0
8.0
7.5
8.1
8.2
1.9
2.0
2.1
1988: Jan
Feb
Mar
Apr
May
June
July r
Aug
24.5
24.5
26.9
26.0
2.2
2.5
2.6
2.6
2.9
2.7
2.9
3.1
6.6
6.6
8.7
8.6
8.7
8.8
9.3
8.5
9.1
9.5
2.1
1
23.1
24.2
27.5
26.3
26.5
27.5
7.7
7.3
7.1
7.0
7.1
6.9
21.7
24.6
2.1
2.5
2.3
2.4
2.7
2.3
2.4
2.2
2.0
2.8
Consumer
goods
(nonfood)
except
automotive
Other 2
and
supplies
.
als
Auto-
Cap-
(nonfood)
except
automotive
35.4
33.3
40.8
53.5
66.8
78.2
85.2
39.7
44.9
60.0
68.3
79.4
88.7
6.5
6.3
7.8
9.4
10.4
12.1
254.9
269.9
346.4
352.5
382.3
7.4
7.4
7.4
7.3
7.5
8.1
7.5
8.4
7.8
7.3
7.6
8.3
7.5
8.5
18.2
21.0
21.9
24.4
24.8
112.0
107.0
123.7
113.9
101.3
111.0
40.9
59.8
65.1
71.8
84.5
1.6
1.5
1.6
1.5
1.6
1.6
3.4
26
2.2
3.2
3.0
3.5
34.6
34.5
34.6
36.0
35.3
36.6
2.1
2.0
2.0
2.3
2.1
2.0
10.2
10.1
9.5
10.3
9.9
9.8
7.0
7.1
7.4
7.4
7.6
8.0
7.0
7.0
7.1
7.4
1.6
1.8
1.8
1.8
1.9
1.9
2.0
2.0
3.1
2.6
3.4
3.2
3.8
4.0
3.4
3.3
34.3
37.7
36.6
34.8
35.7
37.9
34.5
38.1
2.1
9.5
10.0
9.6
9.5
10.5
10.2
9.7
10.2
7.5
8.6
8.4
7.9
8.1
9.0
7.8
8.8
6.8
7.6
7.5
7.2
6.5
17.7
17.1
22
2.2
2.0
2.0
1.9
1.9
2.2
merchandise
imports
(c.i.f.
value)
vehicles,
parts,
and
engines
244.0
258.0
325.7
345.3
365.4
406.2
13.4
13.3
12.6
14.2
Consumer
goods
ital
goods
except
automotive
20.7
20.5
24.0
27.3
35.9
34.6
14.3
Includes Department of Defense Military Assistance Program grant-aid shipments.
2
Includes undocumented exports to Canada.
3
Total arrivals of imported goods other than intransit shipments.
4
Total exports are on a revised statistical month basis; end-use categories are on a statistical
month basis.
Total
Foods
feeds,
Industrial
7.3
7.6
7.4
6.6
7.3
Other
Exports
(f.a.s)
less
imports
(customs
value)
Exports
(f.a.s)
less
imports
(c i f )
-122.4
-133.6
424.4
-27.5
-52.4
-101.7
-126.5
-138.3
-152.1
.9
.9
1.1
1.2
1.0
1.1
36.3
36.0
35.7
37.6
36.7
37.9
-12.2
-13.6
-12.8
-13.9
-12.2
-12.4
-13.9
-15.1
-13.9
-15.6
-13.6
-13.8
.9
.9
1.1
1.0
1.0
1.1
1.1
1.1
35.8
38.9
38.6
36.3
37.2
39.5
36.0
39.7
-9.8
-13.2
-9.8
-8.8
-8.3
— 11.7
-8.0
-10.6
-11.3
-14.4
-11.7
-10.3
-9.8
-13.2
-9.5
-12.2
-38.4
-64.2
-155.1
-170.3
NOTE.—Data shown include trade of the U.S. Virgin Islands.
See Bureau of the Census release FT900, June 1988 for information on the seasonally adjusted
series.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter, the current account deficit fell to $33.3 billion from $36.9 billion in the first quarter. The
merchandise trade deficit fell to $29.9 billion from $35.2 billion in the first quarter.
BILLI ONS OF DC)LLA RS
JILL
ONS OF D(DLL^^RS*
10
10
•s —
^
^
0
p-.Si
X \
-'A\
^\-
•—N.
"Y"
Jl ^^
- !AL/^NC E O N *
*S
(:UR REN T A CCOUh T
/"*** ^
0
A
V\
y
f"
'v'
'"S
/
•s.. -%
./ \
r
-15
A\
^
*(
'
\
\
A
~'
\
\
\
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\\
MER CHANDISE TRA DF-V
\
BALANCE
-20
\
-15
\
\\ Vl\
BALANC F O N GOOPS
AND SER VICES
\
"•s
V
\
'
Ik
-20
/•^,'V
\ \
\\
^/ A
^N\>v
/
V
>
/^V^-A
\^ -\ \
\
\
\
(S
*,
—
/*^
— *.
~\
/N / /
/ yV
*,
k
.» -•
\^s
*s
~N ""-^ '1
\— H
-45
1
1 1
1980
1
19 81
1
1982
1
1
1
i i
1
1985
19 84
19 83
30
t
;
; -</,
** N
\
1
1
i
40
~*
1 1
1987
19 86
35
-45
1988
SEASONALLY A DJUS ED
OURCE: DEPART MENT OF C OM\ ERCE
COUNC L OF ECONOMIC ADV ISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits { + ), debits { —)]
Merchandise
Inv estment mcom e 3
1 2
Net
Period
1980
1981
1982
1983
1984
1985
1986
1987
1985: I
n
Ill
IV
1986: I
n
Ill
IV
1987: I
II
Ill
IV
1988: I
11
'
1
2
3
Exports
Imports
224,269
237,085
211,198
201,820
219,900
215,935
223,969
249,570
55,067
54,197
53,434
53,237
54,113
56,946
56,268
56,642
56,791
59,864
64,902
68,013
75,300
79,665
-249,749
-265,063
-247,642
-268,900
-332,422
-338,083
-368,516
-409,850
-80,770
-83,843
-84,032
-89,438
-89,546
-90,807
-92,989
-95,174
-96,662
-99,416
-104,567
-109,205
-110,484
-109,602
Net balance
Receipts
-25,480 72,506
-27,978 86,411
-36,444 83,549
-67,080 77,251
112,522 85,908
— 122,148 88,837
-144,547 90,110
— 160,280 103,756
-25,703 18,549
-29,646 22,092
-30,598 24,309
-36,201 23,886
-35,433 24,352
-33,861 22,248
-36,721 21,845
-38,532 21,667
-39,871 24,791
-39,552 22,429
-39,665 23,289
-41,192 33,248
-35,184 26,554
-29,937 23,429
Payments
-42,120 30,386
-52,329 34,082
-54,883 28,666
-52,376 24,875
-67,419 18,489
62,901 25,936
-66,968 23,142
-83,381 20,375
2,190
-16,359
5,422
-16,670
8,254
-16,055
-13,818 10,068
— 17,357
6,995
4,715
-17,533
6,116
-15,729
5,317
-16,350
-19,715
5,076
-20,737
1,692
-22,222
1,067
-20,709 12,539
— 25,395
1,159
-25,176 -1,747
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
military
transac-
Net
travel and
transportation
receipts
-997
-2,237
144
-1,183
-992
-274
-243
— 4,227
-2,099 -8,604
-3,431 - 10,049
-4,372 -9,344
-2,368 -10,281
-308 -2,043
-2,704
-649
-2,624
-828
— 1,647 -2,678
-1,408 -2,456
-1,283 -2,070
-1,076 -2,407
-2,410
-605
-78 -2,597
-179
-2,516
-2,521
-851
-1,261 -2,648
-1,033 — 2.121
-1,389
-865
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers :
9,466
7,793
14,344
9,278
278
9,320
9,908 -36,766
9,760 -94,975
9,600 - 100,093
11,600 -123,520
12,035 -140,519
2,334 -23,530
-25,186
2,391
2,278 -23,518
-27,863
2,595
-29,485
2,817
2,870 -29,629
2,800 -31,288
-33,118
3,112
-34,657
2,813
2,828 -37,727
2,983 -38,987
-29,150
3,412
-33,817
3,362
-30,429
3,509
-7,593
-7,460
-8,956
-9,480
-12,102
-15,010
-15,308
-13,445
-3,290
-3,481
-4,036
-4,205
-2,972
-4,085
— 4,249
-4,003
-2,967
-3,125
-2,980
-4,373
-3,121
-2,907
Other
services,
net 3
Balance
on current
account
1,873
6,884
-8,679
-46,246
-107,077
-115,103
-138,828
-153,964
-26,820
-28,677
-27,554
-32,068
-32,457
-33,714
-35,537
-37,121
-37,624
-40,852
-41,967
-33,523
-36,938
-33,336
United States arc excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $14.0 billion in the second quarter,
compared with a decrease of $17.1 billion in the first quarter. Liabilities to private foreigners and international
financial institutions reported by U.S. banks, excluding Treasury securities, increased $28.8 billion in the second
quarter, compared with a decrease of $17.2 billion in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
80
80
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
-20
-20
-40
-40
-60
-60
1987
1980
1988
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987
1985:
I
n
Ill
IV
1986: I
n
in
IV
1987:
1988:
I
n
in
IV
I
U.S.
official
reserve
assets 1 2
-86,118
-110,951
— 121,153
-49,777
— 22,304
-32,636
— 97,991
-75,987
-8,155
-5,175
-4,965
-1,196
-3,131
-3,858
-1,620
-1,623
-7,593
-21,802
-233
-356
-121
-3,148
-15,626
-24,515
-26,213
-31,635
-115
11,072
-22,878
-25,292
-38,891
1,956
3,419
6,591
H".... -13,286
312
9,149
16
280
132
32
3,741
1,503
39
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U S official
assets, net x
(unadjusted,
end of
period)
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
24,982
19,942
36,085
11,154
26,760
17,839
15,566
18,461
-5,162
-72,802
-5,097 - 100,679
110,058
-6,131
-5,006 -43,576
-5,489
-13,685
-2,829 -25,950
-2,000 -96,303
1,162
-86,297
58,112
83,032
93,746
84,869
102,631
129,900
221,253
211,490
15,497
4,960
3,593
5,845
3,140
-1,196
35,507
44,968
42,615
78,072
90,154
79,023
99,481
131,096
185,746
166,522
-618
-213
-7,018
-18,102
-15,305
-24,320
-24,901
-31,777
9,049
-26,127
-25,576
-43,645
5,903
-12,497
16,491
25,073
35,044
53,292
10,992
8,477
2,450
-1,130
27,484
16,596
32,594
54,422
11,948
5,217
103
578
2,533
-2,115
3,981
3,569
35,493
36,088
38,295
43,186
39,050
50,128
69,884
62,192
2,719
15,838
15,779
1,171
36,331
34,291
54,104
61,020
9,033
8,100
-8,133
6,565
3,006
-2,786
3,876
3,655
44,919
46,595
48,087
48,511
33,100
50,660
71,658
56,072
13,977
10,332
20,047
19,122
40,327
71,047
36,025
-6,547
13,071
-4,399
16,342
4,141
-2,615
-4,658
3,138
48,824
45,140
45,070
45,798
26,066
62,339
24,670
5,832
1,395
56,507
4,282
-15,717
3,747
-3,456
43,186
41,028
769
— 1,054
-454
-553
206
-211
-1,592
10
67
-170
252
1,012
814
-828
1
Consists of go d, special drawi lg rights (SDKs , convertible cu Tencies, and the U.S. reserve
position in the IMF
2
Quarterly data are not seasonal y adjusted.
Statistical d iscrepancy
Foreign assets in the 1 J.S., net
[increas /capital inflovM + )] 2
U.S. assets abroad, net
Lncrease/capit il outflow ( — )
611
Sources: D apartment
Treasurv.
1,152
1,093
of C( mmeree (Burea i of Economic A nalysis) and De partment of the
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
:'.
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Aggregate Reserves and Monetary Base
Bank Loans and Securities
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Consumer Installment Credit
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
:
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
.-
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding,
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
T
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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