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20

July 1987

SURVEY OF CURRENT BUSINESS

1. National Product and Income
Table 1.1.—Gross National Product
[Billions of dollars]
Seasonally adjusted at annual rates
Line

1983

1984

1985

1986

1983
IV

Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment
..
Nonresidential
Structures
Producers' durable equipment
Residential .
..
Change in business inventories
Nonfarm
Farm
Net exports of goods and services
Exports
Imports
Government purchases of goods and
services.
Federal
National defense
Nondefense
State and local

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

3,405.7 3,772.2 4,010.3 4,235.0 3,545.8
2,234.5 2,430.5 2,629.4 2,799.8 2,315.8
289.1 335.5 368.7 402.4 310.0
816.7 867.3 913.1 939.4 837.9
1,128.7 1,227.6 1,347.5 1,458.0 1,167.9
502.3 664.8 641.6 671.0 579.8
509.4 597.1 631.6 655.2 548.8
356.9 416.0 442.6 436.9 383.9
124.0 141.1
152.5 137.4 127.4
232.8 274.9 290.1 299.5 256.5
152.5 181.1
189.0 218.3 164.9
-7.1
67.7
10.0
31.0
15.7
.4
60.5
13.6
16.8
21.3
11
-7.5
7.1 -3.6
9.7
-6.1 -58.9 -79.2 -105.5 -25.8
352.5 383.5 369.9 376.2 364.7
358.7 442.4 449.2 481.7 390.5
675.0 735.9 818.6 869.7 676.1
283.5
214.4
69.1
391.5

310.5
234.3
76.2
425.3

353.9
259.3
94.6
464.7

366.2
277.8
88.4
503.5

276.1
221.5
54.6
400.0

1984
I

III

3,674.9 3,754.2
2,361.1 2,417.0
322.7 335.1
849.9 866.9
1,188.6 1,215.1
663.0 664.2
568.9 597.5
392.7 413.2
133.0 141.3
259.7 271.9
176.2 184.3
94.1
66.7
71.4
63.7
22.7
3.0
-45.7 -62.8
374.3 383.2
420.0 446.1
696.5 735.8
284.0
226.9
57.1
412.5

IV

I

317.0
233.1
83.9
429.6

326.0
244.1
81.9
438.5

336.3
250.2
86.1
447.8

I

II"

4,377.7
2,893.8
396.1
969.9
1,527.7
699.9
648.2
422.8
128.7
294.1
225.4
51.6
48.7
2.9
-112.2
397.3
509.5
896.2

4,448.8
2,944.0
409.7
977.0
1,557.3
702.3
658.8
429.7
129.4
300.3
229.1
43.5
27.1
16.4
-108.6
413.3
521.9
911.2

368.6
279.0
89.6
517.7

366.9
287.5
79.4
529.3

371.8
292.7
79.1
539.4

IV

I

II"

3,698.8 3,704.7 3,718.0 3,731.5
2,409.7 2,434.3 2,477.5 2,480.5
359.8 369.6 405.5 399.0
868.8 880.0 879.8 880.3
1,181.2 1,184.7 1,192.2 1,201.1
674.4 665.6 645.0 631.0
639.1 637.6 638.8 645.4
453.2 441.0 437.7 443.2
145.4 128.4 122.7 124.6
307.8 312.6 315.0 318.6
185.9 196.5 201.1 202.2
6.1 -14.4
28.1
35.3
2.3
23.9
35.2
.1
e!o -16.6
4.2
-151.8
-123.0 -146.8 -161.6
371.5 370.2 379.6 388.3
494.4 517.0 541.2 540.1
737.6 751.6 757.2 771.8

3,772.2
2,475.9
375.9
883.2
1,216.9
671.8
624.2
426.0
120.4
305.6
198.2
47.6
43.9
3.7
-135.2
397.8
533.0
759.6

3,796.4
2,488.7
386.2
873.6
1,228.9
673.4
632.2
434.2
120.2
314.1
198.0
41.2
22.5
18.6
-127.8
410.7
538.5
762.2

344.6
252.7
91.9
427.1

327.3
257.4
69.9
432.3

326.3
262.4
63.9
435.9

III

IV

I

II

III

4,042.0
2,665.4
383.7
918.4
1,363.3
628.6
631.0
442.0
152.9
289.1
189.0
-2.4
5.2
-7.6
-84.7
364.2
448.9
832.8

4,104.4
2,700.1
370.5
929.3
1,400.3
650.8
648.3
451.5
152.1
299.3
196.8
2.5
17.8
153
-103.5
368.7
472.2
857.0

4,174.4
2,737.9
375.9
936.8
1,425.2
683.4
645.1
440.7
149.6
291.0
204.4
38.3
38.5
-.2
-93.8
373.5
467.3
846.9

4,211.6
2,765.8
386.4
934.3
1,445.1
679.4
651.9
433.8
135.9
297.9
218.1
27.5
24.5
3.0
-100.8
371.3
472.1
867.2

4,265.9
2,837.1
427.6
940.0
1,469.5
660.8
657.3
433.5
131.1
302.4
223.8
3.5
-.9
4.5
-110.5
376.6
487.1

361.9
265.1
96.8
470.9

378.0
268.2
109.8
479.0

356.7
266.6
90.1
490.2

368.4
278.2
90.2
498.8

371.2
287.6
83.6
507.3

III

II

3,807.9 3,851.8 3,921.1 3,973.6
2,450.3 2,493.4 2,549.9 2,602.0
337.7 346.7 358.2 362.4
872.8 879.6 894.4 910.4
1,239.7 1,267.1 1,297.3 1,329.2
670.3 661.8 638.6 648.4
605.4 616.8 617.3 629.9
423.3 435.0 431.5 445.6
143.6 146.6 150.6 154.4
279.7 288.4 280.8 291.3
182.1 181.8
185.8 184.3
45.0
65.0
21.4
18.5
65.8
41.3
17.7
13.7
g
3.7
3.6
4.8
-59.3 -67.9 -51.5 -77.3
390.8 385.7 376.3 370.6
450.1 453.6 427.7 447.8
746.6 764.5 784.1 800.5

315.0
233.0
81.9
420.8

1987

1986

1985

II

339.4
253.7
85.7
461.1

IV

4,288.1
2,858.6
419.8
946.3
1,492.4
660.2
666.6
439.7
132.9
306.7
226.9
-6.4
5.1
-11.6
-116.9
383.3
500.2
878.5 886.3,

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 1.2.—Gross National Product in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Line

1983

1984

1985

1986

IV

Gross national product
Personal consumption expenditures.......
Durable goods
Nondurable goods
Services .
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories
Nonfarm... . .
Farm . .
Net exports of goods and services
Exports
Imports
...
Government purchases of goods and
services.
Federal
National defense
Nondefense
State and local
NOTE.—Percent changes froin r




1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21 -.
22

3,279.1 3,501.4 3,607.5 3,713.3
2,146.0 2,249.3 2,352.6 2,450.5
283.1 323.1 352.7 383.5
800.2 825.9 849.5 877.2
1,062.7 1,100.3 1,150.4 1,189.8
504.0 658.4 636.1 654.0
510.4 596.1 628.7 640.2
361.2 425.2 454.1 443.8
127.2 143.8 149.4 130.3
233.9 281.4 304.8 313.5
149.3 170.9 174.6 196.4
-6.4
62.3
13.8
7.4
_i
57.8
15.4
12.0
-e'.3
46
46
16
-19.9 -84.0 -108.2 -145.8
348.1 371.8 365.3 377.4
368.1 455.8 473.6 523.2
649.0 677.7 726.9 754.5
275.1
206.9
68.2
373.9

290.8
218.5
72.3
387.0

324.2
236.7
87.5
402.7

332.5
250.7
81.8
422.1

I

II

3,365.1
2,191.9
300.5
812.7
1,078.6
577.2
550.3
390.4
131.6
258.8
159.9
27.0
20.5
65
-46.2
355.5
401.6
642.2

3,451.7
2,212.1
312.6
814.5
1,085.0
655.2
571.8
401.3
137.7
263.5
170.5
83.4
68.3
152
-68.6
362.7
431.3
653.0

3,498.0
2,246.7
322.5
828.2
1,096.1
658.4
595.1
422.0
144.3
277.7
173.1
63.2
61.5
18
-87.3
369.1
456.5
680.2

266.0
211.6
54.4
376.2

271.5
214.1
57.4
381.6

295.6
217.8
77.8
384.7

III

IV

I

II

3,520.6 3,535.2 3,568.7 3,587.1
2,257.3 2,281.1 2,314.1 2,337.0
324.3 333.1 342.4 346.6
829.6 831.2 841.2 847.6
1,103.5 1,116.8 1,130.5 1,142.8
664.2 655.7 632.1 645.7
603.3 614.0 612.7 628.4
433.0 444.4 440.0 457.2
145.8 147.1 149.1 151.7
287.2 297.3 291.0 305.5
170.3 169.6 172.6 171.2
19.5
17.3
60.9
41.7
12.4
15.8
38.7
62.6
17
49
37
30
-85.5 -94.8 -81.0 -107.7
378.7 376.6 369.7 364.7
464.1 471.4 450.7 472.4
684.5 693.2 703.4 712.1
295.5
217.0
78.6
388.9

'—ted items in this table are shown in table 8.1.

300.5
225.3
75.2
392.7

308.4
229.8
78.6
395.0

310.7
232.8
77.8
401.4

1987

1986

1985

1984

1983

III

IV

3,623.0
2,376.1
366.8
853.5
1,155.7
623.2
628.9
454.1
149.5
304.5
174.9
-5.7
3.2
89
-114.9
360.5
475.4
738.6

3,650.9
2,383.2
355.1
855.7
1,172.5
643.3
644.9
465.2
147.2
318.0
179.7
-1.6
16.7
182
-129.3
366.5
495.8
753.7

332.5
243.3
89.3
406.1

345.3
241.1
104.2
408.4

I

322.1
240.0
82.0
415.5

II

330.6
250.1
80.4
421.0

332.6
259.8
72.8
424.6

SURVEY OF CURRENT BUSINESS

July 1987

21

Table 1.3.—Gross National Product by Major Type of Product
[Billions of dollars]
Seasonally adjusted at annual rates
Line

1983

1984

1985

1986

1983

1984

Gross national product
Final sales
Change in business inventories
Goods
Final sales
Change in business inventories.
Durable goods
Final sales
Change in business inventories
Nondurable goods
Final sales
Change in business inventories
Services
Structures

3,405.7
3,412.8
-7.1
1,396.1
1,403.2
-7.1
574.3
575.3
-1.0
821.8
827.9
-6.1
1,682.5
327.1

1
2
3
4
5
6
7
8
9
10
11
12
13
14

3,772.2
3,704.5
67.7
1,581.4
1,513.7
67.7
681.5
641.3
40.2
899.9
872.4
27.5
1,813.9
377.0

4,010.3
4,000.3
10.0
1,637.9
1,627.9
10.0
704.3
696.9
7.3
933.6
931.0
2.7
1,969.3
403.1

4,235.0
4,219.3
15.7
1,693.8
1,678.0
15.7
726.8
721.9
4.8
967.0
956.1
10.9
2,116.2
425.1

I

II

III

IV

I

II

3,545.8
3,514.8
3.1.0
1,473.7
1,442.7
31.0
628.6
611.9
16.7

3,674.9
3,580.8
94.1
1,550.6
1,456.5
94.1
659.9
617.8
42.1
890.7
838.7
52.0
1,762.5
361.7

3,754.2
3,687.4
66.7
1,580.5
1,513.8
66.7
678.5
637.5
41.0
902.0
876.3
25.7
1,794.1
379.5

3,807.9
3,742.9
65.0
1,594.4
1,529.4
65.0
686.9
642.2
44.6
907.5
887.2
20.3
1,832.5
381.0

3,851.8
3,806.8
45.0
1,599.9
1,554.9
45.0
700.6
667.6
33.0
899.3
887.3
12.0
1,866.5
385.4

3,921.1
3,899.8
21.4
1,620.5
1,599.1
21.4
697.7
681.4
16.3
922.8
917.7
5.1
1,907.6
393.0

3,973.6
3,955.1
18.5
1,629.4
1,611.0
18.5
699.3
692.9
6.4
930.1
918.1
12.1

845.1
830.9
14.3
1,730.1
342.0

1987

1986

1985

IV

III

4,042.0
4,044.4
-2.4
1,649.7
1,652.1
-2.4
714.3
714.4
-.1
935.4
937.7
-2.3
1,943.3 1,985.5
400.8 406.8

IV

I

II

III

IV

I

II "

4,104.4
4,101.9
2.5
1,651.9
1,649.4
2.5
705.7
699.0
6.7
946.2
950.4
-4.2
2,040.6
411.9

4,174.4
4,136.1
38.3
1,682.8
1,644.5
38.3
717.0
691.1
25.9
965.8
953.4
12.5
2,070.2
421.4

4,211.6
4,184.0
27.5
1,689.9
1,662.4
27.5
717.0
707.0
10.1
972.9
955.4
17.5
2,097.9
423.8

4,265.9
4,262.4
3.5
1,703.5
1,700.0
3.5
735.8
747.9
-12.1
967.8
952.1
15.6
2,136.6
425.7

4,288.1
4,294.6
-6.4
1,698.9
1,705.3
-6.4
737.3
741.8
-4.5
961.6
963.5
-1.9
2,160.0
429.3

4,377.7
4,326.0
51.6
1,738.7
1,687.1
51.6
747.0
711.9
35.2
991.7
975.2
16.5
2,212.0
426.9

4,448.8
4,405.3
43.5
1,764.4
1,720.9
43.5
761.1
735.5
25.6
1,003.3
985.4
17.9
2,252.1
432.3

IV

I

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 1.4.—Gross National Product by Major Type of Product in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Line

1983

1984

1985

1986

1984

1983
IV

Gross national product
Final sales
Change in business inventories
Goods...
Final sales
Change in business inventories
Durable goods . .
. .
Final sales
Change in business inventories
Nondurable goods
Final sales
Change in business inventories
Services
Structures

1
2
3
4
5
6
7
8
9
10
11
12
13
14

3,279.1
3,285.5
-6.4
1,367.0
1,373.4
-6.4
565.1
566.3
-1.2
801.9
807.0
-5.2
1,585.5
326.6

3,501.4
3,439.1
62.3
1,509.2
1,446.9
62.3
661.7
623.5
38.2
847.5
823.3
24.2
1,625.2
367.1

3,607.5
3,600.1
7.4
1,548.6
1,541.2
7.4
688.0
681.6
6.4
860.6
859.7
.9
1,679.5
379.4

3,713.3
3,699.5
13.8
1,595.0
1,581.3
13.8
716.9
712.6
4.3
878.1
868.6
9.5
1,730.8
387.4

I

3,365.1
3,338.1
27.0
1,423.8
1,396.8
27.0
614.0
598.0
16.1
809.7
798.8
10.9
1,600.7
340.6

III

IV

3,498.0 3,520.6 3,535.2
3,434.8 3,459.6 3,493.5
63.2
60.9
41.7
1,511.6 1,520.2 1,520.2
1,448.3 1,459.3 1,478.5
63.2
60.9
41.7
659.2 666.0 679.0
620.0 623.6 647.8
39.2
42.3
31.1
852.4 854.2 841.2
828.3 835.6 830.7
24.1
18.6
10.6
1,617.1 1,631.4 1,644.7
359.6 369.4 369.0 370.3

I

II

3,568.7
3,549.2
19.5
1,537.0
1,517.6
19.5
675.4
660.3
15.0
861.7
857.2
4.5

III

3,587.1
3,569.9
17.3
1,540.7
1,523.4
17.3
682.6
677.1
5.5
858.1
846.3
11.8
1,657.7 1,667.5
373.9 379.0

1987

1986

1985

3,451.7
3,368.3
83.4
1,484.7
1,401.3
83.4
642.7
602.7
40.0
842.0
798.6
43.4
1,607.4

II

IV

3,623.0
3,628.7
-5.7
1,557.7
1,563.5
-5.7
698.9
699.2
-.4
858.9
864.2
-5.3
1,683.1
382.2

3,650.9
3,652.5
-1.6
1,558.9
1,560.5
-1.6
695.2
689.6
5.6
863.7
870.9
-7.2
1,709.6
382.4

I

II

III

3,698.8 3,704.7 3,718.0
3,663.4 3,676.7 3,711.9
35.3
28.1
6.1
1,589.5 1,594.4 1,593.7
1,554.1 1,566.4 1,587.5
35.3
28.1
6.1
705.8 705.9 724.8
682.1 696.9 735.9
23.6
9.0 -11.1
883.7 888.5 868.8
872.0 869.5 851.6
19.1
17.2
11.7
1,718.9 1,724.2 1,738.7
390.4 386.0 385.6

II"

3,731.5 3,772.2 3,796.4
3,745.8 3,724.5 3,755.3
47.6
-14.4
41.2
1,602.6 1,626.0 1,634.9
1,616.9 1,578.4 1,593.7
47.6
41.2
-14.4
731.2 739.2 758.8
735.5 707.8 735.0
31.4
23.9
-4.3
871.4 886.8 876.1
881.4 870.6 858.8
16.2
17.3
-10.0
1,741.3 1,764.0 1,779.1
387.5 382.1 382.5

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 1.5.—Relation of Gross National Product, Gross Domestic Purchases, and Final Sales to Domestic Purchasers
[Billions of dollars]
Seasonally adjusted at annual rates
Line

1983

1984

1985

1986

1983
IV

Gross national product
Less: Exports of goods and services
Plus: Imports of goods and services..
Equals: Gross domestic purchases l
Less: Change in business inventories
Equals: Final2sales to domestic
purchasers .

1
2
3
4
5
6

1984
I

II

IV

I

II

III

IV

I

II

III

IV

I

11"

3,405.7 3,772.2 4,010.3 4,235.0 3,545.8 3,674.9 3,754.2 3,807.9 3,851.8 3,921.1 3,973.6 4,042.0 4,104.4 4,174.4 4,211.6 4,265.9 4,288.1 4,377.7 4,448.8
352.5 383.5 369.9 376.2 364.7 374.3 383.2 390.8 385.7 376.3 370.6 364.2 368.7 373.5 371.3 376.6 383.3 397.3 413.3
358.7 442.4 449.2 481.7 390.5 420.0 446.1 450.1 453.6 427.7 447.8 448.9 472.2 467.3 472.1 487.1 500.2 509.5 521.9
3,411.8 3,831.1 4,089.5 4,340.5 3,571.6 3,720.6 3,817.0 3,867.2 3,919.7 3,972.6 4,050.9 4,126.7 4,207.9 4,268.2 4,312.4 4,376.4 4,405.1 4,489.8 4,557.4
51.6
43.5
-7.1
67.7
3.5 -6.4
10.0
15.7
31.0
94.1
65.0
21.4
2.5
38.3
27.5
66.7
45.0
18.5 -2.4
3,418.9 3,763.5 4,079.5 4,324.8 3,540.6 3,626.5 3,750.3 3,802.2 3,874.7 3,951.2 4,032.4 4,129.1 4,205.4 4,229.9 4,284.9 4,372.9 4,411.5 4,438.2 4,513.9

1. Purchases in the United States of goods and services wherever produced.
2. Final sales in the United States of goods and services wherever produced.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.




III

1987 v

1986

1985


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102