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40

SURVEY OF CURRENT BUSINESS

July 1989

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

1985

1986

1987

1988

1986

1985

IV

I

II

1988

1987

III

IV

I

III

II

IV

I

II

1989

III

IV

I

II

Gross national product

1

4,014.9 4,231.6 4,524.3 4,880.6 4,107.9 4,181.3 4,194.7 4,253.3 4,297.3 4,388.8 4,475.9 4,566.6 4,665.8 4,739.8 4,838.5 4,926.9 5,017.3 5,113.1 5,194.9

Personal consumption expenditures *

2

2,629.0 2,797.4 3,010.8 3,235.1 2,700.4 2,734.3 2,761.0 2,826.0 2,868.5 2,914.7 2,989.4 3,055.9 3,083.3 3,148.1 3,204.9 3,263.4 3,324.0 3,381.4 3,437.9

3
4
5

372.2 406.0 421.0 455.2 373.2 381.8 393.6 426.4 422.0 401.2 419.2 439.3 424.5 446.4 454.6 452.5 467.4 466.4 470.3
911.2 942.0 998.1 1,052.3 932.7 939.0 935.4 941.4 952.1 976.4 994.3 1,006.0 1,015.4 1,022.2 1,042.4 1,066.2 1,078.4 1,098.3 1,116.6
1,345.6 1,449.5 1,591.7 1,727.6 1,394.5 1,413.4 1,432.0 1,458.2 1,494.4 1,537.1 1,575.8 1,610.6 1,643.3 1,679.5 1,707.9 1,744.7 1,778.2 1,816.7 1,851.0

Durable goods
Nondurable goods
Services '
.

Nonfarm
Farm
Net exports of goods and services '
Exports '
Government purchases of goods and services
Federal
National defense
Nondefense
State and local

,

6

643.1

659.4

699.9

750.3

654.1

683.8

657.2

647.7

648.8

673.1

684.1

692.8

749.7

728.8

748.4

771.1

752.8

769.6

777.9

631.8
442.9
153.2
289.7
188.8
11.3
14.6
-3.3

652.5
435.2
139.0
296.2
217.3
6.9
8.6
-1.8

670.6
444.3
133.8
310.5
226.4
29.3
30.5
-1.3

719.6
487.2
140.3
346.8
232.4
30.6
34.2
-3.6

646.8
451.3
155.9
295.5
195.5
7.2
23.7
-16.5

643.1
439.3
150.8
288.5
203.9
40.7
38.0
2.7

651.8
434.5
138.1
296.5
217.3
5.4
9.1
-3.7

654.2
431.2
133.6
297.6
223.0
-6.4
-4.6
-1.9

660.9
435.8
133.7
302.2
225.1
-12.2
-8.0
-4.2

647.7
423.9
129.4
294.5
223.8
25.4
26.0
-.6

665.3
437.5
129.5
308.0
227.9
18.8
20.8
-2.0

683.2
457.0
137.3
319.8
226.2
9.5
14.0
-4.5

686.3
458.6
138.9
319.7
227.7
63.3
61.3
2.1

698.7
472.7
137.1
335.6
226.1
30.0
24.2
5.8

719.1
487.1
139.9
347.2
232.1
29.3
30.4
-1.1

726.5
493.2
142.0
351.3
233.2
44.6
41.5
3.1

734.1
495.8
142.5
353.3
238.4
18.7
40.8
-22.2

742.0
503.1
144.7
358.5
238.8
27.7
19.1
8.6

745.5
511.5
142.6
368.9
234.0
32.4
25.3
7.1

15

-78.0

-97.4 -112.6

-73.7 -103.2

-87.1

-92.7 -100.8 -108.9 -106.0 -114.4 -115.3 -114.6

-82.8

-74.9

-66.2

-70.8

-54.0

-52.4

370.9
448.9

396.5
493.8

448.6
561.2

547.7
621.3

369.2
472.4

395.5
482.7

390.7
483.4

397.3
498.0

402.4
511.3

416.5
522.5

437.4
551.8

458.0
573.4

482.6
597.2

521.6
604.3

532.5
607.5

556.8
623.0

579.7
650.5

605.6
659.6

625.2
677.5

18

820.8

872.2

926.1

968.9

856.7

850.3

869.3

880.3

888.9

906.9

916.8

933.2

947.5

945.7

960.1

958.6 1,011.4 1,016.0 1,031.4

, 19
20
21
22

Fixed investment
.
Nonresidential
.
Structures
Producers' durable equipment
Residential

7
8
9
10
11
12
13
14

16
17

Gross private domestic investment

355.2
259.1
96.0
465.6

366.5
277.8
88.7
505.7

381.6
294.8
86.8
544.5

381.3
298.0
83.3
587.6

376.6
268.6
108.0
480.1

358.5
266.8
91.7
491.8

368.7
277.1
91.6
500.6

369.9
286.5
83.4
510.4

368.8
280.7
88.1
520.1

375.6
288.0
87.5
531.4

378.2
294.0
84.2
538.6

384.5
300.2
84.3
548.7

388.1
296.8
91.3
559.4

374.1
297.4
76.7
571.6

377.1
298.0
79.1
583.0

367.5
296.1
71.4
591.0

406.4
300.5
105.9
604.9

III

IV

399.0
298.7
100.4
617.0

403.9
302.4
101.5
627.5

1. See the box on page 21 of the July 1989 SURVEY OF CURRENT BUSINESS.
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

1985

1986

1987

1988

1987

1986

1985

I

IV

n

III

IV

I

II

1989

1988

III

IV

I

II

I

II

Gross national product

1

3,618.7 3,717.9 3,853.7 4,024.4 3,662.4 3,721.1 3,704.6 3,712.4 3,733.6 3,783.0 3,823.5 3,872.8 3,935.6 3,974.8 4,010.7 4,042.7 4,069.4 4,106.8 4,123.9

Personal consumption expenditures '

2

2,354.8 2,446.4 2,513.7 2,598.4 2,386.9 2,410.9 2,432.4 2,464.4 2,477.8 2,478.3 2,507.7 2,536.5 2,532.3 2,570.8 2,586.8 2,608.1 2,627.7 2,641.0 2,648.2

3
4
5

355.1 384.4 389.6 413.6 356.4 363.7 374.5 401.9 397.5 376.1 389.3 403.8 389.4 408.4 414.8 410.7 420.5 419.3 423.8
890.4 904.5 858.3 870.1 879.8 879.1
847.4 878.1
883.5 887.7 889.0 891.8 892.9 896.6 899.2 910.3 912.0 915.0 905.8
1,152.3 1,183.8 1,233.7 1,280.2 1,172.2 1,177.1 1,178.0 1,183.4 1,196.8 1,214.5 1,229.5 1,240.9 1,250.0 1,265.9 1,272.8 1,287.0 1,295.2 1,306.7 1,318.5

Durable goods....
Services '
Gross private domestic investment
Fixed investment
Structures .
Producers' durable equipment
Residential
ChanCTe in business inventories
Farm
Net exports of goods and services '

637.0

639.6

674.0

715.8

648.0

676.1

642.3

625.1

615.2

646.3

656.7

671.7

721.1

707.0

713.5

733.6

709.1

721.1

720.7

627.9
453.5
149.5
304.0
174.4
9.1
13.4
-4.3

634.1
438.4
130.1
308.3
195.7
5.6
8.0
-2.4

650.3
455.5
122.3
333.2
194.8
23.7
25.8
-2.1

687.9
493.8
122.2
371.6
194.1
27.9
30.7
-2.8

640.4
460.9
149.9
311.1
179.4
7.7
23.2
-15.5

634.2
448.5
144.0
304.5
185.7
41.9
37.4
4.5

635.2
438.7
128.9
309.8
196.5
7.1
10.5
-3.4

631.0
430.9
124.0
306.8
200.1
-5.9
-5.1
-.8

636.0
435.7
123.4
312.3
200.3
-20.8
-10.9
-9.9

628.2
430.9
120.1
310.7
197.3
18.1
20.3
-2.2

643.4
445.6
117.7
327.9
197.8
13.3
14.5
-1.2

664.9
472.8
125.5
347.3
192.1
6.8
12.9
-6.1

664.6
472.7
125.7
347.0
191.9
56.6
55.6
1.0

672.7
483.6
121.8
361.8
189.1
34.3
28.3
5.9

692.0
497.8
122.5
375.3
194.2
21.5
25.4
-4.0

696.1
501.0
123.0
378.0
195.1
37.5
37.2
.3

690.8
492.7
121.4
371.3
198.1
18.3
31.9
-13.6

696.6
501.0
121.1
379.9
195.6
24.5
16.9
7.6

698.8
510.2
118.0
392.2
188.6
22.0
19.6
2.4

-74.9 -125.3 -110.0 -131.2 -142.3 -135.4 -118.2 -115.9 -118.9 -109.8

15

-104.3 -129.7 -115.7

Government purchases of goods and services

<

-78.2

-72.6

-74.9

-73.8

-55.0

-52.6

16
17

Exports '
Imports '
Federal
National defense
Nondefense
State and local

6
7
8
9
10
11
12
13
14

367.2
471.4

397.1
526.9

450.9
566.6

530.1
605.0

367.4
492.6

392.9
502.9

389.6
520.7

399.6
541.9

406.5
541.9

418.7
536.9

439.5
555.4

461.3
580.2

484.1
593.9

517.4
595.6

519.7
592.3

531.9
606.9

551.4
625.2

569.7
624.6

585.1
637.7

18

731.2

761.6

781.8

785.1

752.7

744.1

761.2

765.2

776.0

776.6

774.9

783.5

792.1

775.1

783.0

775.9

806.4

799.7

807.6

19
20
21
22

326.0
237.2
88.8
405.2

334.1
252.1
82.0
427.5

339.6
265.2
74.4
442.1

328.9
261.5
67.4
456.2

340.6
241.4
99.2
412.1

324.4
241.2
83.3
419.6

335.4
251.4
84.1
425.7

334.2
260.0
74.2
430.9

342.4
255.8
86.6
433.6

338.1
259.0
79.1
438.5

334.7
264.6
70.1
440.1

340.7
270.6
70.1
442.8

344.9
266.7
78.2
447.2

323.8
263.0
60.8
451.3

327.9
262.5
65.4
455.1

319.8
258.8
61.0
456.1

343.9
261.6
82.3
462.5

335.5
254.4
81.1
464.2

341.3
256.1
85.1
466.3

1. See the box on page 21 of the July 1989 SURVEY OF CURRENT BUSINESS.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.




SURVEY OF CURRENT BUSINESS

July 1989

41

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

1985

1986

1987

1988

1985

1986

IV

I

II

IV

I

II

1989

1988

1987
III

III

IV

I

III

II

IV

I

II

1

.

Goods
Final sales
Change in business inventories
Durable goods
..
Final sales
,
Change in business inventories

..

4,014.9 4,231.6 4,524.3 4,880.6 4,107.9 4,181.3 4,194.7 4,253.3 4,297.3 4,388.8 4,475.9 4566.6 4,665.8 4,739.8 4,838.5 4,926.9 5,017.3 5,113.1 5,194.9
4,003.6 4,224.8 4,495.0 4,850.0 4,100.7 4,140.6 4,189.3 4,259.8 4,309.4 4,363.4 4,457.1 4,557.1 4,602.5 4,709.8 4,809.2 4,882.3 4,998.7 5,085.4 5,162.4
32.4
27.7
7.2
5.4
-6.4 -12.2
25.4
30.0
29.3
44.6
18.7
30.6
40.7
18.8
9.5
63.3
6.9
29.3
11.3
1,641.2 1,686.7 1,785.2 1,931.9 1,657.4 1,689.0 1,673.6 1,689.7 1,694.5 1,727.9 1,761.1 1,799.8 1,851.8 1,867.0 1,917.4 1,955.8 1,987.4 2,030.9 2,074.3

5
6

.

2
3
4

Gross national product
Final sales
Change in business inventories

1,629.9 1,679.8 1,755.9 1,901.3 1,650.2 1,648.3 1,668.2 1,696.1 1,706.6 1,702.5 1,742.3 1,790.3 1,788.4 1,837.0 1,888.1 1,911.2 1,968.7 2,003.2 2,041.9
32.4
27.7
7.2
5.4
-6.4 -12.2
25.4
30.0
29.3
18.7
30.6
40.7
18.8
9.5
63.3
44.6
11.3
6.9
29.3

10
11
12

Nondurable goods
Final sales
Change in business inventories

824.9
815.2
9.7

857.2
840.2
17.0

894.7
872.8
22.0

909.1
896.6
12.5

706.6
700.1
6.5

7
8
. . .. 9

Services

13

Structures

14

721.8
720.6
1.2

859.1
834.1
25.0

706.5
697.9
8.6

717.5
693.4
24.2

712.6
712.5
.1

735.7
745.5
-9.8

731.1
740.7
-9.6

738.1
717.4
20.7

765.8
747.3
18.4

934.6
929.8
4.9

964.9 1,010.9 1,072.8
959.2 1,003.7 1,067.2
7.2
5.6
5.7

950.9
952.3
-1.4

971.5
954.9
16.5

961.0
955.7
5.3

954.0
950.6
3.4

963.3
965.9
-2.6

989.9
985.1
4.8

995.3 1,006.2 1,039.1 1,042.1 1,060.2 1,071.8 1,098.9 1,136.2 1,165.2
995.0 1,001.5 1,020.0 1,021.7 1,047.9 1,068.6 1,112.2 1,130.5 1,145.3
20.0
5.7
20.3
12.3
3.2 -13.3
.3
4.7
19.1

774.3
752.2
22.1

793.6
788.8
4.8

812.7
768.4
44.3

884.0
842.6
41.4

888.5
856.5
32.0

1,968.3 2,119.3 2,304.5 2,499.2 2,035.7 2,070.5 2,096.9 2,135.7 2,174.2 2,233.7 2,284.3 2,328.7 2,371.4 2,434.2 2,472.3 2,520.3 2,570.0 2,620.8 2,665.1
405.4

425.6

434.6

449.5

414.8

421.7

424.2

427.9

428.6

427.2

430.5

438.1

442.6

438.6

448.8

450.8

459.9

III

IV

461.3

455.4

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

1985

1986

1987

1988

1985

1986
I

IV

II

1988

1987
III

IV

I

II

III

I

IV

II

1989
I

II

1

Change in business inventories

3,618.7 3,717.9 3,853.7 4,024.4 3,662.4 3,721.1 3,704.6 3,712.4 3,733.6 3,783.0 3,823.5 3,872.8 3,935.6 3,974.8 4,010.7 4,042.7 4,069.4 4,106.8 4,123.9

2
3

Gross national product

3,609.6 3,712.4 3,830.0 3,996.5 3,654.7 3,679.2 3,697.6 3,718.3 3,754.4 3,764.9 3,810.1 3,866.0 3,879.0 3,940.5 3,989.2 4,005.2 4,051.0 4,082.3 4,101.9
9.1
7.7
41.9
7.1
-5.9 -20.8
21.5
22.0
23.7
27.9
18.1
6.8
56.6
34.3
24.5
5.6
13.3
37.5
18.3

4

1,553.6 1,592.6 1,669.0 1,771.6 1,564.7 1,605.2 1,587.5 1,582.1 1,595.7 1,622.6 1,645.9 1,679.1 1,728.5 1,746.7 1,767.9 1,782.3 1,789.4 1,823.2 1,837.1

Final sales
Change in business inventories

5
6

1,544.5 1,587.1 1,645.3 1,743.7 1,557.0 1,563.3 1,580.4 1,588.0 1,616.5 1,604.4 1,632.6 1,672.3 1,671.9 1,712.4 1,746.5 1,744.8 1,771.0 1,798 7 1,815.1
9.1
7.1
5.6
27.9
7.7
41.9
-5.9 -20.8
18.1
56.6
34.3
21.5
22.0
23.7
13.3
6.8
37.5
18.3
24.5

Durable goods
. .
Final sales
..
Change in business inventories

7
8
9

691.7
686.1
5.6

719.5
718.6
.9

790.2
770.6
19.6

883.6
860.9
22.7

695.0
687.7
7.3

712.0
689.8
22.2

708.5
709.0
-.4

727.7
737.0
-9.3

729.6
738.6
-9.0

741.8
723.9
17.9

776.6
760.3
16.3

810.5
806.1
4.4

831.7
791.9
39.7

850.8
840.9
9.9

882.2
866.8
15.3

900.8
863.4
37.3

900.5
872.4
28.1

902.3
884.2
18.1

915.6
905.2
10.3

Nondurable goods
Final sales
Change in business inventories

10
11
12

861.9
858.4
3.5

873.2
868.5
4.7

878.8
874.7
4.1

888.0
882.8
5.2

869.8
869.4
.4

893.2
873.5
19.7

879.0
871.4
7.5

854.4
851.0
3.4

866.1
877.9
-11.8

880.7
880.5
.2

869.3
872.3
-3.0

868.5
866.2
2.3

896.8
880.0
16.8

895.8
871.5
24.3

885.8
879.7
6.1

881.5
881.4
.1

888.9
898.6
-9.7

920.9
914.5
6.4

921.5
909.9
11.7

Goods

Services

13

Structures

14

1,684.3 1,738.9 1,803.7 1,873.5 1,712.5 1,727.2 1,731.2 1,743.9 1,753.1 1,778.7 1,798.7 1,812.2 1,825.0 1,854.1 1,862.5 1,880.8 1,896.7 1,905.1 1,918.5
380.8

386.4

381.1

379.3

385.2

388.7

385.9

386.4

384.8

381.8

378.9

381.5

382.1

374.0

380.2

379.6

383.3

378.5

368.3

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

1985

1986

1987

1988

1985
IV

1

Gross national product
Less: Exports of goods and services '
Plus* Imports of ^oods and services '

2
3

2

4

Less: Change in business inventories

5

Equals: Final sales to domestic purchasers 3

6

Equals: Gross domestic purchases

I

n

1987
III

IV

I

II

1988
III

IV

I

II

1989
III

IV

I

II

4,014.9 4,231.6 4,524.3 4,880.6 4,107.9 4,181.3 4,194.7 4,253.3 4,297.3 4,388.8 4,475.9 4,566.6 4,665.8 4,739.8 4,838.5 4,926.9 5,017.3 5,113.1 5,194.9
370.9 396.5 448.6 547.7 369.2 395.5 390.7 397.3 402.4 416.5 437.4 458.0 482.6 521.6 532.5 556.8 579.7 605.6 625.2
448.9 493.8 561.2 621.3 472,4 482.7 483.4 498.0 511.3 522.5 551.8 573.4 597.2 604.3 607.5 623.0 650.5 659.6 677.5
4,092.8 4,329.0 4,636.8 4,954.3 4,211.2 4,268.4 4,287.5 4,354.1 4,406.2 4,494.8 4,590.3 4,681.9 4,780.4 4,822.5 4,913.4 4,993.1 5,088.1 5,167.1 5,247.2
30.6
7.2
5.4
11.3
6.9
29.3
40.7
-6.4 -12.2
25.4
18.8
30.0
9.5
63.3
29.3
44.6
18.7
27.7
32.4
4,081.5 4,322.1 4,607.6 4,923.7 4,203.9 4,227.7 4,282.1 4,360.5 4,418.3 4,469.4 4,571.5 4,672.4 4,717.1 4,792.5 4,884.1 4,948.5 5,069.5 5,139.4 5,214.8

1. See the box on page 21 of the July 1989 SURVEY OF CURRENT BUSINESS.
2. Purchases in the United States of goods and services wherever produced.
3. 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.




1986

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