Full text of Economic Indicators : April 1987
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100th Congress, 1st Session
Economic Indicators
APRIL 1987
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1981
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)
STEVEN D. 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)
ALEX McMILLAN (North Carolina)
JUDITH DAVISON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the first quarter of 1987, current-dollar gross national product (GNP) rose
7.8 percent (annual rate) or $80.5 billion. Real GNP (GNP adjusted for price changes) rose 4.3 percent and the
implicit price deflator rose 3.5 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,800
4,800
SEASONALLY ADJUSTED ANNUAL RATES
4,400
4,400
—
^-^
^--1
4,000
GNP
IN CURRENT DOLLARS
3,600
:4,000
p-"-"
—
_ _ _ _ _
^-1
3,600
,- -
—
r~^'
^~ p^-1A
3,200
3,200
GNP
IN 1982 DOLLARS
—
—
/
2,800
2,800
—
2,400
-^ ^
2,400
—
—
2,000
2,000
1
! 1
1979
1
I 1 !
1 1
1980
1981
1
1 1
1982
1
1 1
1983
i
1 1
1984
1
1 1
1985
1
1 i
1986
1
1 1
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[BUlions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
national
product
Period
Personal
consumption
tures
Gross
private
domestic
investment
Government purchases of
goods and services
Exports and imports of goods
and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
18.8
32.1
33.9
26.3
-6.1
-58.7
-78.9
1043
291.2
351.0
382.8
361.9
352.5
382.7
369.8
373.0
272.5
318.9
348.9
335.6
358.7
441.4
448.6
477.3
467.8
530.3
588.1
641.7
675.0
733.4
815.4
864.2
178.0
208.1
242.2
272.7
283.5
311.3
354.1
366.2
121.9
142.7
167.5
193.8
214.4
235.0
259.4
277.6
56.1
65.4
74.8
78.9
69.1
76.2
94.7
88.6
289.9
322.2
345.9
369.0
391.5
422.2
461.3
498.0
409.6
14.1
335.9
321.9
671.8
293.2
205.4
87.7
378.7
3,272.4
579.8
-25.8
364.7
390.5
676.1
276.1
221.5
54.6
400.0
3,514.8
2,363.8
2,416.1
2,445.6
2,487.2
659.5
657.5
670.3
661.1
456
-63.2
-60.0
-66.1
373.4
382.1
389.2
386.2
419.0
445.3
449.1
452.2
693.2
733.3
743.8
763.4
283.4
315.2
317.2
329.1
227.1
233.7
234.5
244.9
56.3
81.6
82.7
84.2
409.8
418.1
426.6
434.3
3,575.4
3,683.9
3,735.3
3,808.9
3,909.3
3,965.0
4,030.5
4,087.7
2,530.9
2,576.0
2,627.1
2,667.9
650.6
667.1
657.4
669.5
494
-77.1
-83.7
-105.3
378.4
370.0
362.3
368.2
427.9
447.1
446.0
473.6
777.3
799.0
829.7
855.6
333.7
340.9
360.9
380.9
248.9
255.1
265.5
268.0
84.8
85.8
95.5
112.9
443.5
458.1
468.8
474.7
3,883.9
3,945.9
4,027.4
4,090.8
1986- I
II
III
IV
4,149.2
4,175.6
4,240.7
4,258.7
2,697.9
2,732.0
2,799.8
2,820.4
708.3
687.3
675.8
663.2
93 7
- 104.5
1089
-110.2
374.8
363.0
370.8
383.5
468.5
467.5
479.7
493.7
836.7
860.8
874.0
885.3
355.7
367.6
369.3
372.1
266.4
278.4
286.8
278.8
89.3
89.2
82.6
93.3
480.9
493.3
504.7
513.2
4,105.4
4,161.2
4,245.2
4,285.8
1987- I "
4,339.2
2,854.3
704.8
1120
384.8
496.8
892.1
369.2
288.0
81.2
522.9
4,306.4
1979...
1980
1981
1982
1983
1984
1985
1986
....
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,765.0
3,998.1
4,206.1
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
2,762.5
454.8
437.0
515.5
447.3
502.3
662.1
661.1
683.6
1982: IV
3,212.5
2,117.0
1983: IV
3,545.8
2,315.8
1984- I
II
Ill
IV
3,670.9
3,743.8
3,799.7
3,845.6
1985- I
II
Ill
IV
.....
Source: Department of Commerce, Bureau of Economic Analysis.
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,700.9
3,987.0
4,199.4
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
1979
1980
1981
1982
1983
1984
1985
1986
1982- IV
1983: IV
1984- I
Gross
national
product
Nonresidential
fixed
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,246.3
2,324.5
2,418.7
2,078.7
2,191.9
2,213.8
2,246.3
2,253.3
2,271.7
2,292.3
2,311.9
2,342.0
2,351.7
2,372.7
2,408.4
2,448.0
2,445.8
2,443.1
389.4
379.2
395.2
366.7
361.2
422.2
461.4
456.7
352.3
390.4
394.4
419.5
427.1
447.6
442.7
463.0
463.1
476.9
457.8
456.8
454.4
457.8
442.4
3,192.4
3,187.1
3,248.8
3,166.0
3,279.1
3,489.9
3,585.2
3,674.9
3,159.3
3,365.1
3,444.7
3,487.1
3,507.4
3,520.4
3,547.0
3,567.6
3,603.8
3,622.3
3,655.9
3,661.4
3,686.4
3,696.1
3,735.2
n
m
rv
1985- I
n
in
rv
1986- I
n
m
IV
1987- I *
Gross private
domestic investment
Personal
consumption
expenditures
tial
fixed
Exports and imports of
goods and services
Change
in
business
inventories
170.8
137.0
126.5
105.1
149.3
170.6
177.2
194.0
115.8
159.9
169.7
173.2
171.2
168.3
172.4
175.1
180.0
181.5
186.3
192.7
197.2
199.7
196.0
15.0
69
23.9
245
-6.4
59.2
9.0
6.6
-59.3
27.0
85.1
57.0
60.6
33.9
23.2
17.4
.7
-5.2
39.9
15.1
-.3
-28.5
31.0
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
Total
3.6
57.0
49.4
26.3
-19.9
83 6
108 2
-147.8
11.7
-46.2
-68.6
-87.2
-85.7
-92.7
-78.8
-108.1
-113.8
-132.0
-125.9
-153.9
- 163.3
— 148.0
-134.2
356.8
388.9
392.7
361.9
348.1
369.7
362.3
371.5
336.0
355.5
361.3
367.0
375.5
375.0
369.4
361.2
355.8
362.9
369.2
359.8
371.2
385.8
384.2
353.2
332.0
343.4
335.6
368.1
453.2
470.5
519.3
324.3
401.6
429.9
454.2
461.2
467.7
448.2
469.3
469.6
494.8
495.1
513.6
534.5
533.8
518.4
609.1
620.5
629.7
641.7
649.0
675.2
721.2
746.8
660.1
642.2
650.2
678.2
681.0
691.5
695.3
708.3
731.8
749.4
725.2
742.2
750.4
769.3
756.9
236.2
246.9
259.6
272.7
275.1
291.7
323.6
332.2
289.5
266.0
271.2
296.3
295.6
303.8
305.8
311.4
329.9
347.2
320.4
328.9
330.9
348.6
332.3
National
defense
164.3
171.2
180.3
193.8
206.9
219.4
235.7
250.0
201.4
211.6
214.4
219.0
218.4
225.9
228.0
233.5
242.2
239.3
238.7
249.3
259.4
252.5
258.4
Nondefense
71.9
75.7
79.3
78.9
68.2
72.3
87.8
82.2
88.2
54.4
56.8
77.3
77.1
77.9
77.8
77.9
87.6
107.9
81.7
79.5
71.5
96.1
73.9
State
and
local
373.0
373.6
370.1
369.0
373.9
383.5
397.6
414.6
370.6
376.2
379.0
381.8
385.4
387.7
389.5
396.9
401.9
402.2
404.8
413.3
419.5
420.7
424.6
Final
sales
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,430.7
3,576.2
3,668.4
3,218.6
3,338.1
3,359.6
3,430.0
3,446.8
3,486.4
3,523.9
3,550.2
3,603.1
3,627.5
3,616.1
3,646.3
3,686.7
3,724.5
3,704.1
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Gross
national
product
Period
1979
1980
1981
1982
1983
1984
1985
1986
1982- IV
1983- IV
1984: I
. ..
n
m
rv
1985- I
n
in
rv
1986- I
n
rv
TTT
1987- I"
78.6
85.7
94.0
100.0
103.9
107.9
111.5
114,5
101.7
105.4
106.6
107.4
108.3
109.2
110.2
111.1
111.8
112,8
113.5
114.0
115.0
115.2
116.2
Total
78.2
86.6
94.6
100.0
104.1
108.1
111.9
114.2
101.8
105.7
106.8
107.6
108,5
109.5
110.4
111.4
112.2
113.4
113.7
113.4
114.4
115.3
116.8
Durable
goods
82.1
89.2
95.7
100.0
102.1
103.8
104.5
105.3
100.7
103.1
103.3
103.9
104.1
104.1
104.6
104.5
104.5
104.3
104.5
104.7
105.9
106.0
106.3
Source: Department of Commerce, Bureau of Economic Analysl
Gross private
domestic investment
Personal consumption
expenditures
Nondurable goods
Services
80.0
89.4
96.9
100.0
102.1
105.0
107.5
107.0
101.0
103.1
104.4
104.5
105.1
106.0
106.5
107.2
107.5
108.9
108.0
105.8
106.6
107.4
109.7
75.6
83.9
92.6
100.0
106.2
111.7
117.3
122.4
102.7
108.3
109.6
110.9
112.4
113.6
115.0
116.6
118.0
119.5
120.6
121.8
123.0
124.1
125.2
Nonresidential
fixed
77.8
85.1
93.4
100.0
98.8
98.7
99.3
100.7
100.7
98.3
98.4
98.5
98.8
99.0
99.4
99.2
99.3
99.4
100.3
100.2
101.0
101.4
101.0
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Residential fixed
81.4
89.4
96.6
100.0
102.2
106.3
108.2
111.8
99.1
103.1
103.6
106.4
107.5
107.8
107.6
107.8
108.1
109.4
110.2
111.7
112.2
113.2
114.8
Exports
Imports
Total
81.6
90.2
97.5
100.0
101.3
103.5
102.1
100.4
100.0
102.6
103.4
104.1
103.6
103.0
102.4
102.4
101.8
101.5
101.5
100.9
99.9
99.4
100.2
77.1
96.0
101.6
100.0
97.4
97.4
95.4
91.9
99.3
97.2
97.5
98.0
97.4
96.7
95.5
95.3
95.0
95.7
94.6
91.0
89.7
92.5
95.8
75.4
84.3
93.3
100.0
103.1
106.7
109.4
110.2
101.3
103.8
104.5
106.4
107.3
108.3
109.1
109.5
109.4
109.7
111.0
111.8
111.6
106.7
111.1
National
defense
74.2
83.4
92.9
100.0
103.6
107.1
110.0
111.0
102.0
104.7
105.9
106.7
107.3
108.4
109.2
109.3
109.6
112.0
111.6
111.7
110.5
110.4
111.5
Nondefense
78.0
86.4
94.3
100.0
101.4
105.5
107.9
107.7
99,5
100.3
99.2
105.5
107.3
108.2
109.0
110.2
108.9
104.6
109.2
112.1
115.4
97.0
109.9
State
and local
77.7
86.2
93.4
100.0
104.7
110.1
116.0
120.1
102.2
106.3
108.1
109.5
110.7
112.0
113.9
115.4
116.6
118.0
118.8
119.4
120.3
122.0
123.1
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Period
Constant
(1982)
dollars
Current
dollars
1980
-0.2
1.9
-2.5
3.6
6.4
2.7
2.5
.6
7.3
9.8
5.0
2.3
1.5
3.1
2.3
4.1
2.1
3.8
.6
2.8
1.1
4.3
8.9
11.7
3.7
7.6
10.5
6.2
5.2
4.2
12.4
14.9
8.2
6.1
4.9
6.8
5.8
6.8
5.8
6.2
2.6
6.4
1.7
7.8
1981
1982
1983
1984
1985
1986
1982: IV
1983: IV
1984- I
n
TTT
IV
1985: I
II
Ill
IV...
1986: I
n
m
rv
1987: I"
Implicit
price
deflator
Persona! consumption expenditures
Chain price
index
9.0
9.7
6.4
3.9
3.8
3.3
2.7
3.6
4.7
4.6
3.0
3.4
3.4
3.7
3.3
2.5
3.6
2.5
1.8
3.6
.7
3.5
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Fixedweighted
price index
(1982
weights)
9.0
9.4
6.3
4.1
4.0
3.6
2.5
4.1
3.9
4.8
3.6
3.6
3.5
3.9
3.5
2.5
3.9
1.9
1.5
2.5
2.5
3.3
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.7
7.1
6.2
10.3
9.7
8.6
9.1
5.0
7.0
7.2
7.3
8.2
6.4
4.6
5.2
10.3
3.0
4.9
9.3
9.3
6.2
4.1
4.0
3.7
2.8
4.0
4.0
4.7
3.6
3.5
3.6
4.2
3.6
2.8
4.0
2.5
1.7
2.6
2.7
3.6
02
1.2
1.3
4.6
4.7
3.5
4.1
5.3
5.5
4.1
6.0
1.3
3.3
3.7
3.5
5.3
1.7
3.6
6.2
6.7
-.4
— .4
Implicit
price
deflator
10.7
9.2
5.7
4.1
3.8
3.5
2.1
4.4
4.3
4.2
3.0
3.4
3.7
3.3
3.7
2.9
4.3
1.1
-1.1
3.6
3.2
5.3
Chain price
index
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4,2
4,0
3,7
2,5
4.8
4,1
4.7
3.0
3.8
3.8
3,6
4,2
3,0
4.7
1.5
— .4
3.4
3.5
4.8
10.9
9.2
5.7
4.2
4.0
3.6
2.4
4.8
4.1
4.5
3.0
3.7
3.7
3.5
4.0
2.8
4.7
1.4
-.3
3.6
3.6
4.8
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) *
Gross domestic
product of
nonfmaneial
corporate business
(billions of dollars)
Period
1980... .
1981
1982
1983
1984...
1985
1986 '. .
1982: IV
1983: IV
1984: I.
II
m
IV
1985: I. .
II
III. .
IV
1986: I...
II
III r
IV
J
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,143.7
2,275.1
2,362.2
1,779.4
2,012.5
2,081.7
2,135.9
2,160.3
2,196.8
2,226.0
2,259.1
2,301.3
2,314.1
2,343.6
2,341.5
2,370.0
2,393.8
1,807.9
1,837.2
1,782.2
1,866.0
2,030.8
2,105.5
2,145.6
1,760.2
1,940.5
1,993.8
2,031.6
2,038.4
2,059.4
2,075.7
2,094.4
2,124.6
2,127.3
2,141.0
2,135.3
2,142.2
2,163.8
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
Total
cost
and
profit 2
ances
with
capital
consumption
adjustment
Indirect
business
taxes 3
Compensation of
employees
Net
interest
0.852
.946
1.000
1.026
1.056
1.081
1.101
1.011
1.037
1.044
1.051
1.060
1.067
1.072
1.079
1.083
1.088
1.095
1.097
1.106
1.106
0.095
.109
.125
.123
.118
.120
.123
.131
.120
.118
.117
.118
.119
.119
.120
.119
.121
.121
.123
.123
.124
0.077
.090
.094
.098
.100
.103
.106
.096
.098
.099
.100
.101
.101
.102
.104
.103
.104
.106
.103
.107
.106
0.581
.632
.676
.679
.690
.708
.725
.685
.680
.683
.684
.694
.699
.704
.708
.705
.716
.721
.724
.727
.729
0.031
.037
.043
.037
.041
.043
.040
.042
.037
.037
.039
.042
.043
.044
.043
.042
.042
.042
.041
.040
.039
Output is measured by gross domestic product of nonfinanciaf corporate business in 1982 dol-
lars.
3
4
Total
0.068
.078
.063
.089
.107
.106
.107
.057
.103
.107
.111
.104
.104
.103
.104
.113
.105
.105
.106
.109
.109
Profits
tax
liability
0.037
.035
.026
.032
.037
.032
.036
.023
.036
.041
.040
.034
.032
.031
.029
.033
.033
.032
.034
.036
.040
Profits
after
tax 4
0.031
.044
.037
.057
.070
.075
.072
.034
.066
.067
.071
.070
.072
.073
.075
.080
.072
.073
.072
.072
.069
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.867
18.224
18.436
18.453
17.383
18.027
18.172
18.275
18.201
18.250
18.285
18.384
18.604
18.472
18.449
18.438
18.445
18.507
9.939
10.861
11.699
12.124
12.574
13.060
13.378
11.915
12.259
12.406
12.498
12.630
12.758
12.878
13.011
13.121
13.229
13.294
13.347
13.406
13.483
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1982
1983
1984
1985
1986 '
1982: IV
1983: IV
1984- I
n
in
IV
1985: I
n
m
IV
1986- I
n
mr
IV
1987: I »
1
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,518.4
2,719.5
3,032.0
3,222.3
3,386.4
2,548.2
2,851.5
2,963.2
3,010.3
3,052.3
3,102.0
3,157.0
3,201.4
3,243.4
3,287.3
1,907.0
2,020.7
2,214.7
2,368.2
2,498.0
1,931.1
2,092.7
2,153.7
2,195.4
2,234.7
2,275.0
2,316.3
2,352.1
2,380.9
2,423.6
24.6
12.4
31.5
29.2
26.1
28.5
19.3
44.5
26.4
24.7
30.4
32.9
33.0
21.6
29.4
150.9
178.4
205.3
225.2
252.7
159.8
188.6
198.0
203.2
209.9
210.3
217.8
222.5
227.7
232.7
13.6
13.2
8.3
7.6
15.0
15.8
12.4
12.1
8.4
7.1
5.6
6.8
8.1
7.3
8.3
150.0
213.7
264.7
280.7
300.7
146.1
248.5
262.5
271.7
259.8
265.0
266.4
274.3
296.3
285.6
159.2
196.7
230.2
222.6
244.1
150.7
223.4
235.7
241.5
223.3
220.3
213.3
215.4
235.3
226.4
169.6
207.6
235.7
223.2
237.5
164.1
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
-10.4
109
-5.5
-.6
6.5
-13.4
-8.1
-13.6
-4.9
-1.8
16
-.5
1.6
6.1
94
-9.2
17.0
34.5
58.1
56.6
45
25.1
26.7
30.2
36.5
44.7
53.2
58.9
61.0
59.2
272.3
281.0
307.4
311.4
294.0
266.9
290.2
292.5
305.2
316.1
315.7
316.8
311.4
309.7
307.6
3,340.7
3,376.4
3,396.1
3,432.3
2,461.5
2,480.2
2,507.4
2,542.8
24.4
39.5
19.6
21.0
240.9
249.6
258.0
262.2
12.8
16.3
16.2
14.8
296.4
293.1
302.0
311.2
239.0
238.3
246.5
252.3
222.5
227.7
240.4
259.6
16.5
10.6
6.1
72
57.3
54.8
55.5
58.8
304.9
297.7
292.9
280.4
2,577.5
28.4
269.5
15.1
7.3
74.8
281.8
...
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Period
Total
durable
goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
Other
Total
nondurable
goods
Food
Clothing and
shoes
Gasoline
and oil
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Domestics
Imports
2,050.7
2,234.5
2,428.2
2,600.5
2,762.5
2,117.0
2,315.8
2,363.8
2,416.1
2,445.6
2,487.2
2,530.9
2,576.0
2,627.1
2,667.9
252.7
289.1
331.2
359.3
388.1
263.8
310.0
321.2331.3
331.8
340.4
347.7
354.0
373.3
362.0
108.9
130.4
154.5
169.2
181.7
115.7
144.4
150.4
155.8
154.4
157.6
162.3
165.3
182.8
166.4
95.7
107.1
118.9
126.8
137.3
99.1
112.4
115.6
118.3
119.2
122.3
123.5
125.9
126.8
130.9
48.1
51.6
57.8
63.3
69.1
49.0
53.2
55.2
57.2
58.3
60.4
61.9
62.8
63.7
64.7
771.0
816.7
870.1
905.1
932.7
786.6
837.9
855.7
870.3
873.9
880.3
888.2
902.3
907.4
922.6
398.8
421.9
449.9
469.3
492.8
407.0
430.8
440.4
447.9
454.3
456.9
461.2
468.3
470.4
477.4
124.4
135.1
147.2
155.2
164.9
126.5
141.1
144.4
148.2
146.6
149.7
151.7
155.0
155.4
158.7
89.1
90.2
90.7
91.9
78.6
89.8
91.9
92.0
91.7
89.4
89.9
89.6
92.8
92.4
93.0
158.7 1,027.0
169.5 1,128.7
182.2 1,227.0
188.7 1,336.1
196.5 1,441.7
163.4 1,066.5
174.0 1,167.9
178.8 1,186.9
182.5 1,214.5
183.6 1,239.9
183.8 1,266.5
185.8 1,294.9
186.2 1,319.7
189.1 1,346.4
193.5 1,383.2
5.8
6.8
8.0
8.2
8.2
6.0
7.4
8.1
8.1
7.9
7.7
8.3
8.1
9.4
7.0
2.2
2.4
2.4
2.8
3.2
2.5
2.6
2.3
2.4
2.4
2.6
2.4
2.7
3.0
3.2
1986: I
n
m
rv
2,697.9
2,732.0
2,799.8
2,820.4
360.8
373.9
414.5
403.1
163.5
172.0
204.7
186.6
132.1
135.8
140.0
141.2
65.3
66.0
69.8
75.3
929.7
928.4
932.8
940.1
484.6
490.3
494.0
502.1
161.3
165.0
166.6
166.8
87.6
78.1
74.2
74.3
196.2
194.9
198.0
196.9
1,407.4
1,429.8
1,452.4
1,477.2
7.8
8.1
9.7
7.9
2.8
3.1
3.5
3.6
1987: I "
2,854.3
385.4
165.9
144.1
75.4
962.8
511.3
170.0
76.9
204.6
1,506.1
6.8
2.6
1982
1983
1984
1985
1986 .
1982: IV
1983: IV
1984- I
n
ni ... .
rv
.
1985- I
n
in
rv
.
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $5.4 billion (annual rate) in March, following a rise of $45.1 billion in February. The
slowdown in personal income in March was mainly due to subsidy payments to farmers, which decreased $7.4
billion in March, following an increase of $19.3 billion in February. Excluding subsidy payments, personal income
increased $12.8 billion in March and $25.8 billion in February.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,800
3,200
3,200
1,600
1,600
800
400
400
200
200
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1979
1980
1981 . .
1982
1983
1984
1985
1986
1986: Mar
May•>
T
June
July
Aug
Sept
Got
Nov
Dec
1987: Jan r.
Feb r
Mar "
Total
personal
income
Wage and
salary
disbursements
Proprietors' income 3
Other labor
income 1 2
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
3,485.7
1,252.1
1,372.0
1,510.3
1,586.1
1,676.6
1,836.8
1,966.1
2,073.5
122.7
138.4
150.3
163.6
173.6
184.5
196.9
208.8
3,445.1
3,486.8
3,481.3
3,481.9
3,490.8
3,497.9
3,507.9
3,517.8
3,523.3
3,542.7
2,051.8
2,054.9
2,058.4
2,063.2
2,072.0
2,083.4
2,088.0
2,102.3
2,111.7
2,115.3
205.5
206.4
207.3
208.2
209.5
210.4
211.3
212.1
213.0
213.8
3,553.4
3,598.5
3,603.9
2,128.7
2,145.3
2,152.7
214.6
215.4
216.2
Farm
31.7
20.5
30.7
24.6
12.4
31.5
29.2
26.1
22.8
53.0
38.1
27.5
18.3
19.1
21.3
18.9
15.2
28.9
18.9
36.7
29.5
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
% Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
160.1
160.1
156.1
150.9
178.4
205.3
225.2
252.7
243.8
247.5
249.1
252.2
255.4
257.5
261.0
260.5
262.0
264.0
265.7
271.0
271.8
Personal
interest
income
Transfer
payments 5
Rental
income of
persons 4
Personal
dividend
income
5.6
6.6
13.3
13.6
13.2
8.3
7.6
15.0
48.1
52.9
61.3
63.9
68.7
74.7
76.4
81.2
221.4
271.9
335.4
369.7
393.1
446.9
476.2
475.0
273.1
324.7
368.1
410.6
442.6
455.6
487.1
513.8
13.5
15.1
16.6
17.1
16.5
16.1
16.0
15.3
14.7
14.2
80.0
80.8
81.1
81.5
81.7
82.1
82.3
82.4
82.7
82.9
480.4
480.5
480.1
479.8
477.2
473.7
470.4
467.7
465.1
462.7
506.5
507.9
510.7
511.8
520.3
516.5
518.7
520.5
521.5
523.5
14.9
15.4
15.1
83.5
84.1
84.7
465.5
467.4
469.6
528.4
531.0
532.6
4
Less:
Personal
contributions
for social
insurance
81.0
88.6
104.5
112.3
120.1
133.5
150.2
160.3
159.1
159.2
159.9
159.3
160.2
160.9
161.1
162.0
162.6
162.7
166.8
167.8
168.3
Nonfarm
personal
income 6
1,983.1
2,215.8
2,465.6
2,618.7
2,799.0
3,052.2
3,261.0
3,436.7
3,399.5
3,411.0
3,420.5
3,431.7
3,449.6
3,455.9
3,463.7
3,476.0
3,485.2
3,490.9
3,511.6
3,538.9
3,551.4
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau ol Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the first quarter of 1987.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
1,000
1,000
DOLLARS * (RATIO SCALE)
14,000
DOLLARS * (RATIO SCALE)
14,000
12,000
—
PER CAPITA DISPOSABLE PERSONAL INCOME
12,000
10,000
10,000
8,000
8,000
6,000
6,000
4,000
I
I
I
I
I
I
1980
1979
1981
I
I
1982
I
I
1983
I
I
1984
I
I
1985
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
,.
Personal
tax and
nontax
payments
F
Less:
Personal
outlays *
Equals:
Personal
saving
Disposable
personal
income
in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1979
1980
1981
1982
1983 .
1984
1985
1986
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
3,485.7
304.7
340.5
393.3
409.3
410.5
439.6
486.5
514.1
1,729.3
1,917.9
2,127.6
2,261.4
2,428.1
2,670.6
2,828.0
2,971.6
I I
1986
4,000
1987
COUNCIL OF ECONOMIC ADVISERS
1
Disposable
personal
income
I
1982
dollars
Per capita personal
consumption
expenditures
Current
dollars
1982
dollars
118.0
136.8
159.4
153.9
130.6
168.7
143.3
114.2
2,212.6
2,214.3
2,248.6
2,261.5
2,331.9
2,470.6
2,528.0
2,602.0
7,682
8,421
9,243
9,724
10,340
11,265
11,817
12^304
Population,
including
Armed
Forces
abroad
(thousands) z
1.0
1i
.5
— .5
2.1
4.9
1.4
2.0
6.8
7.1
7.5
6.8
5.4
6.3
5.1
3.8
225,106
227,754
230,182
232,549
234,829
237,067
239,317
241,524
real per
capita
disposable
personal
income
Percent
Dollars
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,501.9
2,684.7
2,857.4
Saving
as
percent
of
disposable
personal
income
Percent
9,829
9,722
9,769
9,724
9,930
10,421
10,563
10J73
6,960
7,607
8,320
8,818
9,515
10,243
10,866
11,438
8,904
8,783
8,794
8,818
9,139
9,475
9,713
10,014
Seasonally adjusted annual rates
1982: IV
1983: IV
1984: I
2,729.2
411.1
2,318.1
2,174.9
143.1
2,276.1
9,929
9,749
9,068
8,904
1.2
6.2
233,466
2,941.8
413.9
2,527.9
2,382.5
145.4
2,392.7
10,725
10,151
9,825
9,299
9.1
5.8
235,707
n
m....
3,034.2
3,077.4
3,139.7
3,189.6
421.5
431.2
445.9
460.0
2,612.7
2,646.3
2,693.8
2,729.6
2,433.5
2,488.7
2,520.9
2,564.6
179.2
157.6
172.9
165.0
2,446.9
2,460.3
2,481.9
2,493.1
11,060
11,178
11,350
11,471
10,358
10,392
10,457
10,477
10,007
10,206
10,304
10,453
9,372
9,488
9,494
9,547
8.4
1.3
2.5
.8
6.9
6.0
6.4
6.0
236,222
236,742
237,347
237,953
n
m....
3,253.1
3,298.7
3,323.2
3,382.9
497.7
456.4
491.2
500.7
2,755.4
2,842.3
2,832.0
2,882.2
2,611.3
2,658.7
2,712.4
2,756.4
144.1
183.6
119.6
125.8
2,495.7
2,550.8
2,524.7
2,540.7
11,555
11,893
11,819
11,999
10,466
10,674
10,537
10,577
10,613
10,779
10,964
11,107
9,613
9,674
9,774
9,790
— .4
8.2
-5.0
1.5
5.2
6.5
4.2
4.4
238,469
238,985
239,605
240,206
n
m....
IV
3,432.6
3,483.3
3,498.8
3,527.9
497.5
504.8
519.0
534.9
2,935.1
2,978.5
2,979.9
2,993.0
2,789.4
2,825.5
2,895.8
2,918.8
145.6
153.1
84.1
74.2
2,581.2
2,625.8
2,605.5
2,595.4
12,193
12,348
12,324
12,348
10,723
10,886
10,776
10,708
11,208
11,326
11,579
11,636
9,857
9,985
10,125
10,091
5.6
6.2
-4.0
-2.5
5.0
5.1
2.8
2.5
240,709
241,215
241,789
242,381
I"
3,585.3
523.2
3,062.0
2,952.9
109.2
2,620.9
12,609
10,792
11,753
10,060
3.2
3.6
242,851
IV
1985: I
IV
1986: I
1987:
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 first quarter of 1987, according to preliminary estimates, gross farm income fell $12.6 billion (annual rate)
and net farm income fell $10.1 billion.
B1UIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
240
200
^——
160
r
~--^
120
c~~~~—
|^
^
•"
_
24
20
_
16C
S/ ^S
.12C
GRC SS FARM INCC)ME
80
60
60
f
40
*
X
"~\
x
f
*"\
20
f
f
.
\
1
I
10
'
'
,
,
1
.
\
x
\
\
\
1 •»„
\
/
/
\
' i
1
\
V. —
-s
N
n
'i
/' l 1
/
i
\\ /A\ i/
\\ i / V
/
\
'
i
l,
1i
U
* /
''
*
\
1 i
t 1
1 I
U
NET FARM INCOME
U
1 1 1
1979
1 1 1
i i i
1980
1
1
1982
1981
1
1
1
i i i
1
1983
1984
1
1
1
1985
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
I I I
1986
1
1 1
i?
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total 1
1979
1980
1981
1982
1983
1984
1985
1986
1984- I
n
m
IV
1985- I
n
m
IV
1986' I
n
in
iv
1987' I p
150.7
149.3
166.3
163.4
152.4
174.4
166.6
157.0
174.4
168.0
173.8
181.4
170.7
164.7
157.4
173.5
144.5
166.6
147.2
169.6
157.0
Total
131.5
139.7
141.6
142.6
136.5
142.2
142.1
133.2
136.5
141.2
144.1
146.8
137.3
135.1
139.8
156.2
128.2
129.6
129.4
145.7
124.3
Livestock and
products
62.3
71.7
72.5
72.4
67.0
69.2
72.7
62.5
60.9
69.8
72.5
73.8
68.1
67.4
71.8
83.6
63.1
63.0
54.1
69.6
53.9
69.2
68.0
69.2
70.2
69.5
72.9
69.4
70.8
75.6
71.4
71.6
73.1
69.2
67.8
68.0
72.6
65.1
66.6
75.3
76.1
70.4
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income,
and nonmoney income furnished by farms.
z
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
3
Value of
inventory
changes 2
5.0
-6.3
6.5
— 1.8
10.9
6.3
J J
-3.0
1.7
7.0
9.0
7.5
3.0
.3
-2.6
4.5
-3.2
-3.2
2.7
-2.9
-1.7
Production
expenses
123.3
133.1
139.4
140.7
139.5
141.7
136.1
128.3
141.6
142.2
142.0
140.9
139.0
137.1
135.2
133.2
181.1
129.1
127.3
125.7
123.1
Current
dollars
1982 dollars 3
27.4
16.1
26.9
22.7
13.0
32.7
30.5
28.7
32.7
25.8
31.8
40.5
31.7
27.6
22.2
40.3
13.5
37.4
19.8
43.9
33.8
Income in current dollars divided by the GNP implicit price deflator (1982—100).
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
34.9
18.8
28.6
22.7
12.5
30.2
27.3
25.0
30.7
23.9
29.3
36.9
28.7
24.8
19.8
35.7
11.9
32.8
17.2
38.1
29.0
CORPORATE PROFITS
In the fourth quarter of 1986, according to revised estimates, corporate profits before tax rose $19.2 billion
(annual rate) and after-tax profits rose $8.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
280
- 120
80
40
1978
1979
1985
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Profits
before tax
Nonfinancial
Period
Total
2
Total
Financial
Total *
1980
1981
1982
1983
1984
1985
1986 r
1982- IV
1983- IV
1984- I
n
m
IV
1985- I
n
m
IV
1986- I
n
m
IV
194.0
202.3
159.2
196.7
230.2
222.6
244.1
159.6
173.8
131.2
166.6
199.2
190.8
208.5
21.0
16.5
11.8
18.1
15.4
21.0
29.3
138.6
157.3
119.4
148.5
183.8
169.7
179.2
77.1
88.5
58.0
70.1
87.4
73.0
76.1
150.7
121.6
46.8
190.7
175.2
88.6
235.7
241.5
223.3
220.3
205.2
211.5
191.3
188.8
188.6
196.1
177.8
172.6
95.0
94.6
81.3
78.9
213.3
215.4
235.3
226.4
239.0
238.3
246.5
252.3
182.6
183.8
205.3
191.3
200.6
205.4
211.8
216.3
18.7
15.5
16.6
15.4
13.4
16.1
18.2
21.1
21.7
23.2
27.8
29.1
28.9
31.5
102.9
223.4
164.4
162.7
183.6
168.1
172.8
176.3
182.9
184.9
70.4
68.2
79.0
74.5
66.7
76.8
75.6
85.3
1987- I p .
1
See P- 4
2
Includes
3
for profits with inventory valuation and capital consumption adjustments.
rest of the world, not shown separately.
Includes industries not shown separately.
Manufacturing
Tax
liability
Wholesale and
retail
trade
Total
Dividends
Undistributed
profits
237.1
226.5
169.6
207.6
235.7
223.2
237.5
84.8
81.1
63.1
77.2
95.4
91.8
103.5
152.3
145.4
106.5
130.4
140.3
131.4
134.0
54.7
63.6
66.9
71.5
78.3
81.6
87.8
97.6
81.8
39.6
58.9
62.0
49.8
46.2
33.6
164.1
59.8
104.3
68.5
35.8
43.1
231.5
88.1
143.4
73.9
69.5
46.2
51.1
51.0
50.7
249.3
246.5
225.1
221.9
102.9
101.6
89.3
87.8
146.4
144.8
135.8
134.1
70.4
66.7
56.8
54.0
48.8
51.1
54.2
45.0
52.1
46.3
53.3
47.7
213.8
213.8
229.2
235.8
222.5
227.7
240.4
259.6
87.8
87.1
95.8
96.4
95.7
99.0
104.4
115.1
126.0
126.7
133.4
139.4
126.9
128.8
135.9
144.5
76.0
78.1
79.0
80.1
80.9
81.4
81.6
82.5
85.2
87.5
88.8
89.7
91.4
21.6
32.5
34.6
38.9
49.7
49.7
49.8
45.1
45.3
51.8
57.0
41.7
41.2
47.2
54.8
Inventory
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
55
g
6^5
-13.4
-8.1
-13.6
-4.9
-1.8
-1.6
-.5
1.6
6.1
-9.4
16.5
10.6
6.1
-7.2
fj Q
NOTE.—Corporate profits and related measures for 1986 reflect retroactive provisions of the Tax
Reform Act of 1986.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the first quarter of 1987, nonresidential fixed investment fell $17.3 billion
(annual rate) from its fourth quarter level while residential investment fell $1.0 billion. There was a $32.7 billion
increase in inventories following a decrease of $27.1 billion in the fourth quarter.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
SEASONALLY ADJUSTED ANNUAL RATES
700
^"^
r~^\
600
^^
600
/I
_
GROSS PRIVATE DOMESTIC
^_^^\ INVESTMENT
500
400
y
^
700
-r*
•\y
-
—
500
/
%
-— 1
300
/
/
V—
—
--"'
400
.-'-'-''""
-
NON RESIDENTIAL
FIXED INVESTMENT"
-
300
—
RESIDENT AL
FIXED INVES1MENT
200
200
^._L.
-x
100
-
.,.—
N.— +•*
k«
100
—•**"*'
/V_^
CHA NGE IN BUSIN ESS
NVENTORIES
,
~—
0
^
-100
1
1979
1 1
1980
1
1 1
1981
1
1 I
1982
1
!
I
1983
1 1 1
1984
1
1
1
i
1985
SOURCE: DEPARTMENT OF COMMERCE
1986
1
1
-100
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Gross
private
domestic
investment
1979
1980
1981
1982
1983
1984
1985
1986
1982:
Change in business
inventories
Nonresidential
Total
Total
Structures
Producers'
durable
equipment
Residential
454.8
437.0
515.5
447.3
502.3
662.1
661.1
683.6
441.9
445.3
491.5
471.8
509.4
598.0
650.0
677.0
302.8
322.8
369.2
366.7
356.9
416.5
458.2
460.0
99.5
113.9
138.5
143.3
124.0
139.3
154.8
143.3
203.3
208.9
230.7
223.4
232.8
277.3
303.4
316.7
139.1
122.5
122.3
105.1
152.5
181.4
191.8
217.0
Total
13.0
-8.3
24.0
-24.5
71
64.1
11.1
6.7
Nonfarm
7.9
24
18.3
-23.1
.4
56.6
12.2
7.7
IV
409.6
469.5
354.9
137.6
217.3
114.7
59 9
1983: IV
579.8
548.8
383.9
127.4
256.5
164.9
31.0
21.3
1984:
I
659.5
657.5
670.3
661.1
564.0
597.6
605.8
624.4
388.2
413.3
421.8
442.9
129.7
139.1
141.4
146.7
258.4
274.1
280.4
296.2
175.8
184.4
184.0
181.5
95.5
59.9
64.4
36.7
71.5
56.8
62.1
35.9
1985: I
n
m
650.6
667.1
657.4
669.5
625.2
648.0
654.3
672.6
439.8
459.2
459.8
474.0
150.7
156.1
155.0
157.2
289.1
303.1
304.7
316.8
185.4
188.8
194.5
198.6
25.4
19.1
3.1
-3.1
18.5
10.4
3.2
16.7
n
m
IV
708.3
687.3
675.8
663.2
664.4
672.8
680.3
690.3
459.2
457.5
459.0
464.3
154.6
141.5
139.5
137.5
304.6
316.0
319.5
326.8
205.3
215.3
221.3
226.0
43.8
14.5
45
-27.1
41.2
10.5
-10.3
I"
704.8
672.0
447.0
130.2
316.8
225.0
n
m
rv
IV
1986: I
1987:
Source: Department of Commerce, Bureau of Economic Analysis.
32.7
-51.1
30.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March 1987 survey, business spending for new plant and
equipment in 1986 was 2.0 percent below the 1985 level while spending in 1987 is expected to be 3.0 percent
above the 1986 level.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
ALL INDUSTRIES
200
200
NONMANUFACTURING -!/
t~7
MANUFACTURING"
100
100
80
80
60
60
40
40
i i i
I I
1979
1
1981
1980
1 I
1982
i
1 1
1983
1 I 1
1
1984
1 1
1985
1
1 1
1986
_i/,SURVEYED QUARTERLY
SECOND HALF
2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
Period
All
industries
Total
1979
1980
1981
1982
1983
1984
1985
1986 '
19874
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.27
390.80
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.73
144.88
1985: I
H
373.56
387.86
389.23
397.88
1986: I
II
III
IV '
1987- I 4
II 4
2nd half 4
in
IV
Nonmanufaeturing
Surveyed
quarterly
Nondurable
goods
Total 1
Mining
Transportation
Public
utilities
Commercial
and
other
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.08
70.60
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.65
74.27
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.54
245.93
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.25
10.10
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.75
19.07
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.44
46.20
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.10
170.55
146.94
154.25
154.47
158.26
70.29
74.34
72.99
75.47
76.64
79.91
81.48
82.79
226.62
233.61
234.76
239.61
15.81
16.56
15.89
15.25
16.70
17.45
18.81
19.15
48.44
48.61
48.44
49.79
145.68
150.99
151.62
155.42
146.94
15425
154.47
15826
226.62
233.61
234.76
239.61
377.94
375.92
374.55
388.69
144.03
141.68
139.21
146.01
68.01
68.33
69.31
70.68
76.02
73.35
69.89
75.33
233.90
234.24
235.34
242.68
12.99
11.23
10.15
10.63
18.22
18.28
19.03
19.48
47.03
46.55
45.90
46.27
155.67
158.18
160.25
166.31
14403
141.68
13921
146.01
233.90
234.24
235.34
242.68
384.02
396.22
391.48
142.96
147.39
144.58
69.06
73.02
70.16
73.89
74.37
74.41
241.06
248.83
246.91
10.22
10.54
9.83
19.03
19.11
19.07
45.46
46.38
46.49
166.36
172.80
171.52
142.96
147.39
144.58
241.06
248.83
246.91
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business 2
284.94
314.47
349.26
347.47
343.35
398.99
431.94
Manufacturing
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.73
144.88
Total
189.02
202.15
222.72
226.79
227.15
260.16
278.46
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.54
245.93
Surveyed
annually 3
29.98
31.68
34.04
36.89
38.56
44.55
44.81
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
ocial services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in January-March 1987, corrected for
blast
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In March, seasonally adjusted civilian employment was about unchanged and unemployment fell 113,000.
MILLIONS OF PERSONS*
120
MILLIONS OF PERSONS*
120
116
116
112
112
108
108
104
104
100
100
\
.CIVILIAN
EMPLOYMENT
96
96
92
92
x
X
12
8
UNEMPLOYMENT
4
0
imilnm
Illllllllll
1980
1979
1981
1983
1982
1984
1985
1986
1987
*16 YEARS OF AGE AND OVER
SOURCE. DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS—
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted hy NSA]
Period
1979
1980
1981
1982
1983
1984
1985
1986*
1986: Mar*...
Apr
May
June....
July ....
Aug
Sept ....
Get
Nov
Dec
1987: Jan
Feb
Mar
Noninstitutional
population
including
resident
Armed
Forces
NSA
166,460
169,349
171,775
173,939
175,891
178,080
179,912
182,293
181,678
181,843
181,998
182,183
182,354
182,525
182,713
182,935
183,114
183,297
183,575
183,738
183,915
.Labor lores
including
resident
Armed
Forces
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,693
1,695
1,687
1,680
1,672
1,697
1,716
1,749
1,751
1,750
1,748
1,740
1,736
106,559
108,544
110,315
111,872
113,226
115,241
117,167
119,540
Employment
including
resident
Armed
Forces
118,880
118,987
119,274
119,685
119,789
119,821
119,988
120,163
120,426
120,336
100,421
100,907
102,042
101,194
102,510
106,702
108,856
111,303
110,500
110,664
110,852
111,293
111,559
111,764
111,703
111,941
112,183
112,387
120,782
121,089
120,958
112,759
113,122
113,104
Nonagricultural
Civilian
labor force
Total
Agricultural
Total
Part-time
for
economic
reasons *
95,477
95,938
97,030
96,125
97,450
101,685
103,971
106,434
3,373
4,064
4,499
5,852
5,997
5,512
5,334
5,345
105,555
105,770
106,014
106,449
106,763
107,010
106,845
107,030
107,217
107,476
5,295
5,567
5,569
5,322
5,222
5,269
5,303
5,450
5,319
5,342
5,201
5,459
5,164
104,962
106,940
108,670
110,204
111,550
113,544
115,461
117,834
98,824
99,303
100,397
99,526
100,834
105,005
107,150
109,597
117,187
117,292
117,587
118,005
118,117
118,124
118,272
118,414
118,675
118,586
119,034
119,349
119,222
108,807
108,969
109,165
109,613
109,887
110,067
109,987
110,192
110,432
110,637
3,347
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,252
3,199
3,151
3,164
3,124
3,057
3,142
3,162
3,215
3,161
111,011
111,382
111,368
3,145 107,866
3,236 108,146
3,284 108,084
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime
work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
Unemployment
Civilian employment
Jiesident
Armed
Forces
' NSA
Total
15
weeks
and
over
6,137
7,637
8,273
10,678
10,717
8,539
8,312
8,237
8,380
8,323
8,422
8,392
8,230
8,057
8,285
8,222
8,243
7,949
8,023
7,967
7,854
1,241
1,871
2,285
3,485
4,210
2,737
2,305
2,232
2,243
2,130
2,232
2,299
2,250
2,272
2,373
2,168
2,217
2,171
2,200
2,131
2,050
Labor force
participation
rate (percent)
Total 2
Civilian:3
64.0
64.1
64.2
64.3
64.4
64.7
65.1
65.6
65.4
65.4
65.5
65.7
65.7
65.6
65.7
65.7
65.8
65.7
65.8
65.9
65.8
63.7
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.1
65.1
65.2
65.4
65.4
65.3
65.3
65.4
65.4
65.3
65.5
65.6
65.4
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In March, the seasonally adjusted overall unemployment rate fell to 6.5 percent and the civilian unemployment rate
fell to 6.6 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
5
TEENAGERS
,
20
0
1
v
A '>
~Vv
\v\
5
BLACK
bA. . V
/
\ /\
15
—V
V
**.
BLACK
AhiD OTHER
10
0
A L L i :IVILIAN
x
^~
~"~
j
5
y~ -
wo ?KERS
WOMEN 20 YEARS
AND OVER
L-U
WHITE
MEN 20 YEARS
AND OVER
0
Illllllllll
1983
iiiiihiiii
|llllllll|l I l l l l l l l l l l I l l l l l l l l l l
1985
1984
1986
o minium
1983
1987
iiinliiin
1984
1985
1986
1987
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
1979 .
1980
1981
1982
1983
1984
1985
1986
1986:
1987:
Unemployment
rate,
all
workers 1
By selected groups
By race
By sex and age
All
civilian
workers
Both
sexes
16-19
years
Experienced
wage and
salary
workers
Married
men,
spouse
present
Men
20 years
and over
Women
20 years
and
over
16.1
17.8
19.6
23.2
22.4
18.9
18.6
18.3
5.1
6.3
6.7
8.6
8.4
6.5
6.2
6.0
11.3
13.1
14.2
17.3
17,8
14.4
13.7
13.1
12.3
14.3
15.6
18.9
19.5
15.9
15.1
14.5
5.5
6.9
7.3
9.3
9.2
7.1
6.8
6.6
2.8
4.2
4.3
6.5
6.5
4.6
4.3
4.4
White
Black
and
other
Black
Women
who
maintain
families
9.8
8.9
9.7
9.8
6.8
6.7
6.9
6.7
6.6
6.4
6.6
6.6
6.6
6.3
9.1
9.4
9.1
9.1
9.2
9.3
9.3
9.2
9.1
8.8
8.1
8.1
8.2
8.1
7.8
7.7
7.9
7.8
7.7
7.6
9.8
9.5
9.7
6.4
6.3
6.2
9.0
8.7
9.2
7.6
7.6
7.4
6.3
8.8
8.9
6.6
6.2
6.1
5.7
6.4
6.8
8.3
8.1
6.8
6.6
6.2
Mar
Apr
May
June....
July
Aug
Sept
Oct
Nov
Dec
7.0
7.0
7.1
7.0
6.9
6.7
6.9
6.8
6.8
6.6
7.2
7.1
7.2
7.1
7.0
6.8
7.0
6.9
6.9
6.7
6.2
6.0
6.2
6.2
6.2
5.9
6.2
6.2
6.2
6.0
6.5
6.4
6.4
6.3
6.2
6.1
6.2
6.1
6.1
5.9
18.4
19.3
18.8
18.9
17.9
18.0
18.5
17.7
18.2
17.3
6.2
6.1
6.2
6.1
6.0
5.8
6.0
6.0
6.0
5.8
13.4
13.5
13.5
13.5
12.7
13.1
13.1
12.7
12.7
12.3
14.8
14.8
14.8
14.9
14.2
14.6
14.6
14.3
14.2
13.7
6.7
6.7
6.8
6.6
6.6
6.5
6.5
6.6
6.5
6.3
4.5
4.2
4.4
4.5
4.4
4.2
4.3
4.6
4.5
4.3
10.1
Jan
Feb
Mar
6.6
6.6
6.5
6.7
6.7
6.6
6.0
5.9
5.8
5.9
5.8
5.8
17.7
18.0
18.1
5.9
5.7
5.6
12.6
12.8
12.5
14.3
14.3
13.9
6.3
6.2
6.1
4.2
4.2
4.1
12
8.8
8.8
9.4
10.5
10.4
9.3
9.3
9.1
4.2
5.9
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic i
cent of potentially available labor force hours.
5.3
6.3
7.9
8.5
11.0
10.9
8.6
8.1
7.9
5.8
7.1
7.6
9.7
9.6
7.5
7.2
7.0
1
Parttime
workers
6.9
7.3
9.6
9.5
7.2
6.8
6.6
8.3
9.2
5.8
7.0
7.5
9.5
9.5
7.4
7.1
6.9
2
Fulltime
workers
Labor
force
time lost
(percent) 2
10.4
11.7
12.2
10.3
10.4
9.8
9.5
10.1
10.0
9.5
10.1
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In March, the percentage of unemployed persons who had been out of work for less than 5 weeks rose, the
percentage for 5-14 weeks was unchanged, and the percentages for 15-26 weeks and for 27 weeks and over fell.
The mean duration of unemployment rose and the median duration was unchanged.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
%
\
v.
"\
*V- ^
50
LESS THAN
5 WEEKS
~
50 —
v-A- 'W
.
\
\
JOB LOSERS
^ r-'V'v.' r--'
•*---*
/"^,
v
f\-
40
r'^'
5-14
30
WEEKS
/v
--
^.^-f
—
\,/"\
-
REENTRANTS
30 -
./N/X''
J^C
•^
/
^"^^
27 WEEKS
AND OVER
\^
20
^^-S
"Vv\
A
--V-JUys, •
~/
N :W ENTRANT
j —~^-
^/~-~~ ^-^.
V
—
10
=s
"^^-.
15-26
WEEKS
O1 I l l l i l l l l l l I l l l i l l l l l l Illlillllll
1985
1984
-
-- -.'V.. -'
20
10 -
1983
/•v
*
Vw
_^A A
...----H-r^
Illlillllll
1986
1987
0
^^^sv*-^**
,
JOB LEAVERS
••*•
Illlillllll
s
._
lllllllllll
1983
iiiiiiiini
| ||m
1985
1984
llllllllll! lllllllllll
1986
1987
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
7,637
8,273
10,678
10,717
8,539
8,312
8,237
43.1
41.7
36.4
33.3
39.2
42.1
41.9
32.3
30.7
31.0
27.4
28.7
30.2
31.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
11.9
13.7
15.6
20.0
18.2
15.6
15.0
6.5
6.9
8.7
10.1
7.9
6.8
6.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
11.7
11.2
7.9
7.7
9.6
10.6
12.3
25.2
25.4
22.3
22.5
25.6
27.1
26.2
11.4
11.9
11.1
11.3
13.0
12.5
12.5
3,350
3,047
4,061
3,396
2,476
2,611
2,650
488
460
583
438
377
396
378
3,837
3,410
4,594
3,775
2,561
' 2,693
2,746
Dec
8,485
8,380
8,323
8,422
8,392
8,230
8,057
8,285
8,222
8,243
7,949
41.7
42.1
42.7
42.4
40.8
41.6
42.3
41.1
41.9
41.2
42.4
30.8
31.2
31.8
31.4
31.7
30.9
29.7
30.4
31.5
31.8
30.2
13.5
12.8
11.8
12.5
12.4
12.9
13.2
13.4
11.7
12.7
12.9
14.0
13.9
13.8
13.7
15.1
14.6
14.8
15.2
14.9
14.3
14.5
15.2
14.6
14.7
14.8
15.2
15.1
15.6
15.5
15.2
14.8
15.0
6.9
6.8
6.6
6.8
7.2
7.1
7.1
7.1
7.0
7.0
7.1
49.0
50.1
48.4
49.9
50.6
49.1
47.6
48.9
48.7
48.1
48.9
11.6
11.8
12.8
11.6
12.0
12.4
12.3
12.6
12.6
12.9
13.0
26.7
26.1
26.2
26.1
25.0
26.6
27.4
25.9
26.8
25.8
25.4
12.7
12.0
12.6
12.4
12.4
11.9
12.6
12.6
11.9
13.1
12.8
2,592
2,630
2,598
2,655
2,678
2,699
2,713
2,707
2,621
2,565
2,515
388
392
379
380
378
379
388
370
357
355
357
3,295
3,144
2,799
2,556
2,474
2,632
2,483
2,335
2,296
2,478
2,841
1987- Jan
Feb
Mar
8,023
7,967
7,854
41.9
42.2
42.9
31.1
31.1
31.1
12.5
12.7
12.0
14.5
14.1
14.0
15.0
14.6
14.9
7.0
6.6
6.6
49.6
48.2
48.4
11.1
13.1
12.7
25.7
25.6
26.8
13.6
13.1
12.1
2,507
2,477
2,453
363
369
342
3,276
3,155
1980
1981
1982
1983
1984
1985
1986
.
1986- Feb
Mar
May
July
Oct
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (TJCFE), and railroad (RE) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAIi EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 164,000 in March.
MILLIONS OF PERSONS* (ENLARGED SCALE)
24
MILLIONS OF PERSONS
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
"
90
80
70
SERVICE-PRODUCING
INDUSTRIES
14
60
20
50
18
40
CONSTRUCTION
GOODS-PRODUCING
INDUSTRIES
30
N
llllllllllul
20
1983
1985
1984
1986
1987
1983
1984
1985
•SEASONALLY ADJUSTED
SOURCE-. DEPARTMENT OF LABOR
1986
1987
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Goods-producing industries
Period
Total
nonagrii. j
cultural
employment
Service-producing industries
Manufacturing
Total 2
Construction
Total
TliiraWo
.Lrurauie
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
"Df>fail
netaii
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
1980
1981 ..
1982
1983 ..
1984
1985
1986
90,406
91,156
89,566
90,200
94,496
97,614
100,167
25,658
25,497
23,813
23,334
24,727
24,930
24,938
4,346
4,188
3,905
3,948
4,383
4,687
4,960
20,285
20,170
18,781
18,434
19,378
19,314
19,186
12,187
12,109
11,039
10,732
11,505
11,516
11,345
8,098
8,061
7,741
7,702
7,873
7,798
7,841
64,748
65,659
65,753
66,866
69,769
72,684
75,229
5,146
5,165
5,082
4,954
5,159
5,242
5,286
5,275
5,358
5,278
5,268
5,555
5,740
5,853
15,035
15,189
15,179
15,613
16,545
17,360
17,978
5,160
5^298
5,341
5,468
5,689
5,953
6,305
17,890
18^619
19,036
19^694
20,797
21,974
23,072
15,837
15369
16,024
16,415
16,735
2,866
2,772
2,739
2J74
2,807
2^875
2,899
1986: Mar....
Apr
May....
June ..
July....
Aug....
Sept....
Oct
Nov ....
Dec ....
99,484
99,783
99,918
99,843
100,105
100,283
100,560
100,826
101,068
101,322
24,945
25,038
24,965
24,854
24,869
24,888
24,858
24,865
24,891
24,920
4,838
4,972
4,974
4,947
4,980
5,012
5,010
5,001
4,993
4,996
19,255
19,245
19,201
19,135
19,121
19,123
19,105
19,118
19,156
19,186
11,418
11,415
11,378
11,307
11,294
11,302
11,271
11,266
11,282
11,289
7,837
7,830
7,823
7,828
7,827
7,821
7,834
7,852
7,874
7,897
74,539
74,745
74,953
74,989
75,236
75,395
75,702
75,961
76,177
76,402
5,280
5,266
5,265
5,167
5,288
5,255
5,316
5,316
5,351
5,359
5,841
5,864
5,872
5,829
5,849
5,863
5,859
5,864
5,859
5,859
17,828
17,851
17,911
17,944
17,992
18,030
18,065
18,143
18,197
18,206
6,184
6,228
6,261
6,295
6,334
6,364
6,388
6,409
6,429
6,472
22,707
22,825
22,924
23,072
23,176
23,255
23,300
23,359
23,451
23,578
16,699
16,711
16,720
16,682
16,597
16,628
16,774
16,870
16,890
16,928
2,923
2,914
2,899
2,875
2,866
2,875
2,901
2,896
2,899
2,907
1987: Jan r... 101,626
Feb r... 101,862
Mar".. 102,026
25,008
25,040
24,972
5,109
5,094
5,047
19,168
19,214
19,190
11,265
11,300
11,280
7,903
7,914
7,910
76,618
76,822
77,054
5,382
5,389
5,411
5,864
5,876
5,880
18,289
18,376
18,411
6,495
6,518
6,554
23,670
23,759
23,832
16,918
16,904
16,966
2,914
2,915
2,924
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
16,241
ie!o3i
putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the 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 weekly
hours
Period
1979
1980
1981
1982
1983
1984
1985
1986
1986- Mar .
Apr
T '
July
Sept
Oct
Nov
Dec
1987- Jan T
Feb T
Mar p
Average gross hourly
earnings
Manufacturing
Total
private
nonagricultural *
Total
Total
private
nonagricultural *
Overtime
$6.16
6.66
40.7
40.7
40.7
40.6
40.6
40.8
40.8
40.7
40.8
40.8
3.3
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.4
3.4
3.4
3.3
3.4
3.5
3.5
3.5
3.5
3.5
41.0
41.2
40.9
3.6
3.6
3.7
8.84
8.86
8.89
35.7
35.3
35.2
34.8
35.0
35.2
34.9
34.8
40.2
39.7
39.8
38.9
40.1
40.7
40.5
40.7
34.9
34.8
34.8
34.7
34.7
34.8
34.7
34.7
34.8
34.6
34.8
35.0
34.8
Adjusted hourly earnings index2 — total private
nonagricultural
Percent change 4from
a year
earlier 5
Index,
Manufacturing
Current
dollars
1977 dollars
97.4
93.5
92.6
93.4
94.9
94.6
94.1
94.9
7.9
9.0
9.1
6.9
4.6
3.2
3.1
2.4
9.70
9.68
9.72
9.71
9.73
9.76
9.74
9.77
9.77
9.78
116.8
127.3
138.9
148.5
155.4
160.3
165.2
169.2
168.5
168.4
168.7
169.2
168.9
169.3
169.6
170.0
170.8
170.6
95.0
95.3
95.3
95.2
95.0
95.1
94.9
95.0
95.3
95.0
2.9
2.6
2.6
2.4
2.4
2.3
1.9
2.3
2.4
1.7
31
-4.0
10
.9
1.6
3
-.5
.9
.9
1.4
1.4
1.0
1.2
1.1
.6
1.1
1.5
1.0
9.78
9.82
9.83
170.7
171.4
171.8
94.4
94.4
94.3
2.0
1.9
2.0
.9
.1
-.8
$6.70
7.27
7.99
8.49
8.83
9.19
9.53
9.73
7.25
7.68
8.02
8.32
8.57
8.75
8.73
8.72
8.73
8.74
8.73
8.77
8.76
8.80
8.84
8.82
1977
dollars 3
Current
dollars
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private nonagricultural 5
Average gross weekly earnings
Period
Current dollars
1979
1980
1981
1982
1983
1984
1985
1986
1986: Mar
May
July
Sept
Oct
Nov
Dec
1987- Jan r
Feb r
Mar p
Manufacturing
Total private
nonagricultural 1
Retail trade
Current dollars
1977 dollars 3
1977 dollars
Current dollars
$219.91
235.10
255.20
267.26
280.70
292.86
299.09
304.50
$183.41
172.74
170.13
168.09
171.26
172.78
170.42
170.88
$269.34
288.62
318.00
330.26
354.08
374.03
385.97
396.01
$342.99
367.78
399.26
426.82
442.97
458.51
464.09
465.75
$138.62
147.38
158.03
163.85
171.05
174.33
174.64
175.78
8.0
6.9
8.5
4.7
5.0
4.3
2.1
1.8
304.68
303.46
303.80
303.28
302.93
305.20
303.97
305.36
307.63
305.17
171.84
171.83
171.54
170.57
170.38
171.46
170.20
170.69
171.57
170.01
394.79
393.98
395.60
394.23
395.04
398.21
397.39
397.64
398.62
399.02
450.06
465.22
464.25
461.15
463.76
467.37
468.61
469.88
470.58
470.73
176.09
174.91
174.91
174.60
175.20
176.08
176.66
176.06
177.85
175.42
2.4
2.1
1.9
1.1
1.7
1.8
1.0
1.4
1.9
.5
-3.1
5.8
-1.5
1.2
1.9
.9
-1.4
.3
.4
.9
.7
-.2
.5
.6
.3
.2
1.0
-.2
307.63
310.10
309.37
170.15
170.85
169.70
400.98
404.58
402.05
478.56
474.54
477.54
174.87
176.69
176.08
1.0
2.0
1.7
.2
-1.1
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 dollar index (or earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977= 100 base).
3
Construction
1
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
72-479 0 87,- 2
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Output *
Compensation per
hour 3
Hours of all
persons z
Unit labor costs
Keal compensation
per hour 4
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
1979
99.6
99.3
107.9
107.9
108.3
108.7
119.1
118.9
99.4
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.3
98.8
99.8
99.2
102.4
104.3
106.7
108.9
105.5
109.9
118.8
106.7
108.5
104.9
110.1
118.8
107.5
108.2
105.2
106.7
112.8
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.1
131.3
143.6
154.8
161.5
167.9
1985
1986 r.
106.4
107.1
104.8
105.5
122.7
125.9
122.5
125.9
115.3
117.5
116.9
119.3
175.3
180.9
1982: IV
101.0
99.7
105.0
104.2
103.9
104.5
158.3
1983: IV
103.8
103.3
113.6
114.1
109.4
110.5
1984- I
104.9
105.6
105.5
105.5
103.9
104.6
104.4
104.3
116.9
119.0
119.5
120.2
116.9
119.1
119.5
120.2
111.4
112.7
113.3
114.0
112.5
113.8
114.5
115.2
105.7
106.4
107.3
106.4
104.4
104.9
105.4
104.5
121.3
122.3
123.5
123.8
121.1
122.1
123.3
123.6
114.8
115.0
115.2
116.4
116.0
116.4
116.9
118.2
107.3
107.4
107.3
106.8
105.6
105.7
105.7
105.3
125.3
125.4
126.0
126.8
125.1
125.3
126.1
127.0
116.8
116.7
117.4
118.7
107.2
105.7
128.3
128.6
119.7
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
99.2
119.5
119.7
117.0
116.5
96.7
95.7
97.3
98.2
98.1
96.6
95.7
97.2
98.2
98.0
132.5
142.7
154.5
156.8
159.7
132.9
144.0
156.0
157.7
161.0
127.6
139.8
148.1
153.0
158.5
127.8
140.3
149.2
154.3
159.3
174.6
179.8
98.8
100.0
98.4
99.4
164.8
168.8
166.7
170.4
163.0
166.3
164.6
168.1
158.2
98.0
97.9
156.8
158.7
150.2
151.4
163.6
163.4
98.1
97.9
157.7
158.2
155.2
156.2
165.9
167.1
169.0
170.6
165.6
166.9
168.7
170.4
98.1
97.9
98.1
98.2
97.9
97.8
97.9
98.1
158.2
158.3
160.2
161.7
159.4
159.5
161.5
163.3
156.7
157.7
159.0
160.3
157.2
158.4
160.0
161.4
172.3
174.5
176.4
178.0
172.1
174.0
175.4
177.0
98.4
98.6
99.0
99.0
98.3
98.3
98.5
98.4
163.1
164.0
164.4
167.3
164.8
165.9
166.3
169.3
161.4
162.6
163.4
164.6
162.7
164.1
165.2
166.2
118.5
118.5
119.4
120.6
179.1
180.4
181.7
182.6
178.3
179.3
180.4
181.6
99.2
100.2
100.4
100.2
98.8
99.7
99.6
99.6
167.0
168.0
169.3
171.0
168.8
169.6
170.7
172.5
165.3
165.8
167:2
167.0
167.1
167.5
169.0
168.9
121.7
182.8
181.6
99.0
98.4
170.4
171.8
168.2
170.2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
n
m
IV
1985:
I
n
m
IV
1986: I
n
mr
IV ....
1987: I"
Percent change; quarterly data at seasonally adjusted annual rates
1979
-1.2
2.0
1.9
3.2
3.5
9.7
9.5
-1.4
-1.6
11.1
11.2
9.0
8.9
-1.1
2.1
-1.2
1.7
-3.3
4.9
8.0
-.8
.7
-2.8
1.5
5.7
-.7
.7
27
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
4.0
-2.7
-1.0
1.6
1.0
-.1
-2.7
-.9
1.5
1.1
-.3
10.9
7.7
8.3
1.5
1.8
11.0
8.3
8.4
1.1
2.1
9.0
9.6
5.9
3.3
3.5
9.7
9.7
6.3
3.5
3.2
3.0
2.8
2.2
1.9
2.6
2.0
4.3
3.2
4.0
3.0
.7
1.2
.4
1.1
3.2
2.5
3.5
2.3
2.9
2.1
3.3
2.2
-1.6
1980
1981
1982
1983
1984
-.3
1.4
— .4
2.7
2.3
— .4
1.0
-.6
3.3
1.8
1985
1986
1.0
.7
.5
.7
1982: IV
3.0
2.4
-.5
-1.2
-3.4
-3.5
4.5
5.1
3.2
3.7
1.5
2.6
2.4
3.0
1983:
2.8
1.3
10.4
9.8
7.3
8.4
5.3
4.4
1.4
.5
2.4
3.0
4.8
3.1
1984: I
4.4
2.6
g
-.1
2.4
2.9
-.7 '
-.4
12.2
7.5
1.7
2.5
10.2
7.7
1.6
2.2
7.4
4.8
2.1
2.6
7.6
4.7
2.3
2.6
5.7
2.8
4.6
3.8
5.4
3.2
4.3
4.2
.3
-1.2
1.0
.5
.1
-.8
.7
.8
1.2
.2
5.0
3.9
3.0
.3
5.1
4.6
4.0
2.6
3.4
3.2
2.7
3.1
4.0
3.7
1985- I
.9
2.7
3.4
-3.2
.3
1.8
2.2
-3.5
3.6
3.3
4.1
1.0
3.2
3.0
4.0
1.0
2.6
.6
.7
4.3
2.9
1.2
1.8
4.6
4.2
5.1
4.4
3.8
3.9
4.6
3.2
3.7
.9
.5
2.0
-.1
.6
.0
.9
-.2
3.3
2.4
1.0
7.2
3.6
2.7
1.0
7.4
2.7
3.0
1.9
3.0
3.2
3.4
2.6
2.4
1986- I
3.3
.5
4.3
.5
g
-1.5
4.7
.3
2.0
2.4
5.1
.6
2.6
2.7
1.4
-.2
2.4
4.6
.8
.1
2.9
4.3
2.5
2.8
2.9
2.0
3.1
2.3
2.3
2.7
.9
4.2
.4
-.6
1.5
3.6
-.1
.0
-.7
2.3
3.3
4.2
-1.2
1.8
2.6
4.2
1.8
1.2
3.4
^.
2.3
1.0
3.6
-.3
1.7
5.1
5.4
3.2
3.6
.4
.1
-4.6
-1.4
-1.6
3.0
3.1
IV
n
m
rv
n
m
rv
n
m
rvr....
1987:
4.
-2.0
I"
1
2
1.8
Q I
4.2
8.1
r
3.3
2.6
r
Output refers to gross domestic product originating in the sector in 1982 dollars.
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.
4
Hourly compensation divided by the consumer price index for all urban consumers.
16
5
-4.9
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0.3 percent in March following a rise of 0.5 percent in February. The index for March was
2.5 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
220
INDEX, 1977=100* (RATIO SCALE)
I4U
_ TOTAL INDUSTRIAL PRODUCT ON
FINAL PRODUCTS
-
200
DEFENSE AND
SPACE
EQUIPMENT
120
180
-
V-,
160
100
1 1 1 1 1 1 1 1 1 1 1LLLLLLLilllL
140 — MANUFACTURING PRODUCT
DURABLE
\ ^——,
^f— —
120
— ''''j^^
1 11 1 11 11 1 1 1
1 1 1 I M 1 11 1 1
140
-"-*"'*
ON
r"
~.~s
.^•""'
<^~
EQUIPMENT
^
\
^"
.-.
— .'"
120
-^
-
'"""It
CONSUMER
GOODS
.-•''
NONDUR, iBLE
100
-
,„
,
,„„,
,„„,
|M1M
100
PERCENT*
iiin|
11 mil iu i iiiiil_ii_i_i_i
II III ll M i l
1 II III M i l l
90 -MANUFACTURING CAPACITY UTILIZATION RATE —
140
_ UTILITIES AND MINING PRODUCTION
_
80
120
*^C3£> A
,-.,"
—^
MINING'
100 ~^\
x
\ "l
—
70
•V
1 1 1 1 1 11 1 \ I \
1 1 111 11 111 1 1 11 111 11 1 1 1 1 1 111 11 111 1 1 1 1 1 1 1 1 11 1 1
1983
1984
1985
60
1987
1986
^1
\ \I I1\ I 1I I 1
1983
M M 1 H \ \ \ 1 1 1 1 1 1 1 1 \ \\ 1 M \\ \ ' M 1 1
1985
1984
1986
•SEASONALLY ADJUSTED
SOURCE-. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
I 11 ! 1 1 M 1I1
1987
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1977 = 100
Capacity utilization
rate, percent J
Industry production indexes, 1977 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Mining
Durable
Total
Utilities
Nondurable
Manufacturing
Industrial
materials
Sept
Get
Nov
Dee r
100.0
110.7
108.6
111.0
103.1
109.2
121.4
123.8
125.1
123.6
124.7
124.2
124.2
124.9
125.1
124.9
125.3
126.0
126.7
3.9
19
2.2
71
5.9
11.2
2.0
1.1
.2
1.2
.5
.5
1.2
.5
.5
1.4
.9
.9
84.21
111.5
108.2
110.5
102.2
110.2
123.4
126.4
129.1
127.2
128.7
128.2
128.3
129.2
129.5
129.5
129.9
130.3
131.1
49.10
113.9
109.1
111.1
99.9
107.7
124.2
127.3
127.9
126.8
128.1
127.0
126.2
127.4
127.5
128.1
128.1
128.6
129.2
35.11
108.2
107.0
109.7
105.5
113.7
122.3
125.1
130.9
127.7
129.6
129.9
131.2
131.7
132.2
131.4
132.3
132.7
133.7
9.83
106.4
112.4
117.5
109.3
102.9
111.1
108.8
99.6
103.0
101.0
99.8
98.9
97.1
96.4
96.2
95.6
97.4
96.7
5.96
105.9
107.3
107.1
104.8
105.2
110.7
111.9
109.7
109.3
109.4
108.5
108.6
109.7
108.3
108.3
109.3
111.2
110.6
84.6
79.3
78.3
70.3
74.0
80.5
80.1
79.8
79.1
79.9
79.4
79.3
79.7
79.7
79.6
79.6
79.8
80.1
87.1
81.1
81.1
71.7
75.3
82.0
80.2
78.5
78.5
78.7
78.1
78.0
78.3
77.9
78.1
77.8
78.4
78.9
1987: Jan r
Feb r
Mar*
126.5
127.1
126.7
.3
1.5
2.5
130.8
131.7
131.4
128.5
129.8
129.7
134.2
134.3
133.8
97.9
95.9
95.1
113.0
113.0
113.2
79.8
80.1
79.8
79.2
78.9
78.6
1979
1980
1981
1982
1983
1984
1985
1986r
1986: Mar
May
June
July
1
Output as percent of capacity.
Source: Board of Governors of the Federal Reserve
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Materials
Products
Intermediate products
Final products
Consumer goods
Equipment
Period
Total
Total
44.77
111.0
112.2
115.2
109.5
114.7
127.3
131.1
132.3
130.6
132.1
131.6
131.1
132.0
132.6
132.2
132.7
133.1
133.7
133.1
134.5
134.0
1979
1980
1981
1982
1983
1984
1985
1986
1986- Mar
Apr
May
^ •>
July
Sept
Oct
Noy
Dec r
1987- Jan rr
Peb .
Mar*
1
25.52
103.9
102.7
104.1
101.4
109.3
118.0
120.2
r
124.5
121.8
124.5
124.3
124.4
125.2
125.1
124.2
124.7
125.6
127.2
126.2
127.2
126.5
Durable
goods
Nondurable goods
6.89
99.9
88.4
89.7
82.9
98.5
112.2
112.9
116.2
112.4
115.9
113.8
114.3
116.3
115.7
117.4
116.3
118.4
121.5
119.9
122.0
120.6
18.63
105.4
108.1
109.3
108.3
113.3
120.1
122.9
127.5
125.3
127.7
128.1
128.1
128.4
128.6
126.7
127.8
128.3
129.4
128.6
129.2
128.7
Total1
19.35
120.4
124.7
129.9
120.2
121.7
139.6
145.4
142.7
142.3
142.3
141.2
140.0
141.0
142.5
142.8
143.3
143.1
142.2
142.3
144.2
144.0
Business
Defense
and
space
equipment
14.34
124.7
125.1
127.6
113.6
115.4
134.2
139.6
138.6
137.7
138.6
137.9
136.6
137.9
139.3
139.3
139.1
138.6
137.1
137.4
139.7
139.2
3.67
105.6
115.4
119.8
133.0
143.1
156.4
170.6
180.3
176.2
178.0
178.0
178.4
179.5
181.0
182.0
184.6
184.9
185.8
185.7
186.8
187.2
Total
12.94
110.8
106.9
107.3
101.7
111.2
124.7
130.0
136.4
133.3
134.5
135.1
137.0
137.3
137.8
137.0
138.7
139.2
139.7
138.6
139.7
139.3
Construction
supplies
5.95
108.7
100.6
98.6
88.3
100.6
114.0
118.3
124.7
122.6
123.6
123.5
124.1
124.0
125.4
125.9
126.3
126.8
127.9
127.1
127.5
127.3
Business
supplies
6.99
112.7
112.3
114.7
113.1
120.3
133.8
140.0
146.4
142.5
143.8
145.0
147.9
148.6
148.4
146.4
149.3
149.7
149.8
148.4
150.1
Total
Energy
42.28
110.3
105.3
107.7
96.7
102.8
114.2
114.2
113.9
113.3
113.8
113.0
113.1
113.6
113.2
113.5
113.3
114.3
115.2
115.7
115.5
115.1
11.69
104.1
105.5
104.7
101.2
98.4
103.9
103.4
99.9
101.4
100.4
100.5
100.8
99.9
97.9
98.0
96.9
98.7
98.8
100.9
98.7
98.0
Includes rigs and prefabs, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
1977 proportion
1979
1980
1981
1982
.
1983
1984
1985
1986
1986- Mar
July
Sept
Oct
Noy
Dec '
1987- Jan rT
Feb p
Mar
5.33
108.5
90.4
95.0
65.8
73.0
82.3
80.5
75.8
76.3
78.1
74.8
71.4
73.6
73.4
74.1
74.2
76.8
73.5
73.7
76.3
77.7
Source: Board of Governors of the Federal Keserve System.
18
Iron and
steel
3.49
108.0
86.3
92.5
57.5
66.1
73.4
70.4
63.4
64.3
65.6
60.2
58.3
61.7
60.8
61.1
62.2
64.8
60.5
60.2
62.9
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
6.46
109.4
101.8
101.6
86.6
89.1
102.6
107.3
107.4
107.6
108.2
106.5
106.6
105.7
105.9
107.3
108.3
107.1
108.3
107.1
107.5
107.6
9.54
122.6
123.3
129.8
115.6
118.3
141.8
145.3
141.9
141.7
140.8
141.3
140.4
142.6
142.6
140.9
142.2
141.2
139.9
139.7
140.8
141.1
7.15
125.7
130.3
134.1
128.4
143.8
170.5
168.4
166.5
165.2
166.8
166.0
163.2
166.8
167.2
166.9
167.7
168.3
170.2
168.7
168.3
167.7
Total
9.13
108.3
96.9
95.1
87.6
99.2
112.2
121.4
125.8
122.6
126.2
124.1
125.1
125.6
125.1
127.7
125.2
125.6
127.0
127.7
131.7
130.3
Motor
vehicles
and
parts
5.25
95.9
71.1
71.6
66.8
85.8
104.4
111.5
110.9
108.1
112.6
108.7
110.6
111.2
108.2
112.2
107.1
107.9
111.2
112.2
117.8
115.3
Lumber
and
products
2.30
102.0
92.9
90.1
82.8
100.2
109.1
113.4
123.4
120.7
121.3
121.6
120.9
120.8
122.5
125.0
125.9
129.5
133.1
128.8
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
2.79
98.3
97.3
96.1
87.3
95.3
102.7
100.9
103.6
102.8
103.1
102.6
101.7
102.5
102.5
102.7
104.2
105.1
106.4
106.8
107.8
4.54
112.7
115.1
118.6
120.2
129.8
146.5
153.9
163.4
157.8
161.6
161.9
164.0
165.4
164.6
163.0
167.8
168.5
167.7
167.4
166.6
166.1
8.05
111.4
106.4
112.6
103.8
114.0
121.6
127.1
133.0
130.2
132.8
131.5
134.2
134.1
134.4
133.9
133.9
132.3
134.6
138.1
137.5
7.96
106.7
111.4
113.7
114.9
120.4
126.9
130.2
133.6
132.2
133.1
133.7
134.6
134.3
135.1
134.3
133.7
134.4
135.3
135.2
135.7
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
Commercial
and
industrial 2
New housing
units
Total1
Other
Federal,
State, and
local
Total value
index
(1982 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1979
1980
250.3
249.0
257.8
244.4
279.2
327.2
355.6
377.9
1981
1982
1983
1984
1985
1986
201.5
194.0
204.4
193.6
228.5
272.0
292.8
306.7
117.2
101.1
100.0
85.4
126.6
155.1
158.8
175.6
90.1
70.4
70.2
57.7
95.7
115.1
116.0
133.9
42.0
46.7
55.0
58.7
53.8
68.6
82.7
80.1
42.3
46.2
49.4
49.5
48.1
48.2
51.3
51.1
109
97
100
100
124
135
148
155
48.8
55.0
53.3
50.8
50.7
55.2
62.8
71.2
Annual rates
Annual rates
1986- Mar
May
June
July .
Auar
Sept
Oct
Nov
Dec... .
1987- Jan r ..
Feb r
Mar"
1,059
904
919
690
756
955
1,097
996
368.0
373.9
374.5
375.4
380.7
382.6
382.6
388.5
383.1
378.5
298.9
303.3
302.6
304.6
309.0
310.2
308.6
315.3
311.7
305.5
165.6
170.5
172.5
174.5
178.8
178.8
178.5
187.0
185.7
181.5
126.5
129.4
132.4
135.2
136.6
137.8
138.5
139.4
140.2
137.8
81.4
81.8
78.7
78.3
79.3
81.1
79.3
77.5
76.5
74.5
51.8
51.0
51.3
51.8
50.9
50.3
50.9
50.8
49.5
49.4
69.2
70.6
71.9
70.8
71.7
72.4
74.0
73.2
71.5
73.0
151
165
153
159
157
155
155
151
156
155
840
1,011
921
911
877
949
970
861
1,025
940
381.1
383.9
379.0
307.2
309.1
305.1
185.4
183.0
183.8
139.5
139.1
141.3
71.5
75.3
71.7
50.3
50.8
49.6
73.9
74.8
73.9
150
145
160
996
850
912
1
Includes the following categories of private construction not shown separately: residential improvements,
railroads, electric light and power, gas, petroleum pipelines, and farm nonresidential.
2
Includes hotels and motels.
3
F. W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W, Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1979
1980
1981
1982
1983
1984
1985
1986
1 unit
2-4 units
5 or more units
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,887
1,945
1,848
1,842
1,786
1,800
1,689
1,657
1,637
1,813
1,195
1,220
1,219
1,212
1,147
1,180
1,123
1,114
1,129
1,233
82
81
83
79
80
88
62
85
71
108
610
644
546
551
559
532
504
458
437
472
1,816
1,833
1,774
1,253
1,299
1,245
79
74
82
484
460
447
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
Units
authorized
Units
completed
Homes sold
3
Vacancy rate
for rental
housing units
(percent) 2
398
336
272
251
300
353
346
r
357
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
900
883
777
723
691
623
744
675
691
r
768
338
337
338
340
350
352
355
357
353
r
357
6.9
708
725
699
357
358
360
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
' 1,756.4
709
545
436
412
623
639
688
750
1,834
1,885
1,788
1,792
1,759
1,673
1,603
1,565
1,613
1,910
1,788
1,703
1,801
1,644
1,750
1,757
1,740
1,745
1,774
r
1,894
1,690
1,763
1,765
1,955
1,670
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,761.5
Homes for
sale at end
of
period l
Seasonally adjusted annual rates
1986- Mar
May
June
July....
Sept
Oct
Nov
Dec
1987:
r
Jan
Peb r
Mar"
1
2
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginnin
with earlier data.
3
New series beginning March 1979.
1979 not strictly comparable
7.3
7.5
7.7
7.4
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83
data are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In February, manufacturing and trade sales rose 4.4 percent and inventories rose $1.3 billion. In March, according
to advance data, retail sales rose 0.2 percent, following a rise of 4.9 percent in February. (Series revised.)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
200
—
180
BOO
_
_
700
600
"f
-
S~ RE 'AIL INVENT 3RIES
—
\
140
—
500
A ,1
..'• '-«
120
—
100
•''"\
\
M/^NUFACTURI MG
AN D TRADE SA LES
f,'
^''
r
'-'"C1
»_.*• !
400
—
—
160
MANlIFACTURINC AND
TRA DE INVENTO *IES
—/-ir-
^r-r
^~*
^^~~~
.
-
JETAIL SALE;
--
.X"""
—
80
u n H ' ti M
I.. Ml 1 1 1 1 1 1 1 1 1 ti
300
RATIO*
1.80
—
—
iiiiilinti
§ 1 1 \ \ 1 1111 1
INVENTORY-SALES RATIO
1.60
200
1.40
MANUFACTURING
AND TRADE
1.20
mniiini
iimliim
1983
1984
Illllllllll Illllllllll Illllllllll
1987
1985
1986
1.00
mull
1984
1983
1985
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing
and
trade 1
Sales
Inventories 3
1987
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Inventory-sales ratio 4
Retail
Inventories 3
Sales z
Period
2
1986
Sales
2
Inventories 3
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
Retail
trade *
Millions of dollars, seasonally adjusted
T
1982
1983 r
1984 r
1985 '
1986 r
348,746
369,266
408,721
419,459
425,752
574,126
589,280
641,328
650,695
652,705
96,290
100,424
113,404
114,563
115,109
128,196
129,803
140,865
144,244
147,375
89,107
97,599
107,448
114,968
121,201
28,169
33,161
38,948
43,165
47,338
60,937
64,438
68,499
71,803
73,863
134,509
147,325
166,300
179,671
187,158
61,911
70,092
80,737
90,791
94,935
72,598
77,233
85,563
88,880
92,223
1.67
1.56
1.52
1.54
1.54
1.49
1.44
1.48
1.50
1.54
1986- Feb T
Mar r.
Apr r
May r
June *
July r
Aug r
Sept r
Get r
Nov r
Dec T . .
419,569
416,112
422,503
417,324
421,933
421,137
423,559
437,895
430,012
429,944
443,766
651,890
655,202
655,393
653,317
654,088
656,982
655,415
652,978
656,619
656,189
652,705
113,359
113,183
114,778
110,549
113,232
114,444
114,426
118,138
117,488
117,734
118,446
144,967
145,643
145,961
146,012
147,129
147,850
148,050
148,599
147,754
148,204
147,375
117,590
117,428
118,485
119,613
119,679
120,541
122,156
128,952
122,121
121,678
127,613
44,309
43,769
45,318
46,047
46,008
46,604
48,245
55,010
47,800
47,408
52,579
73,281
73,659
73,167
73,566
73,671
73,937
73,911
73,942
74,321
74,270
75,034
182,354
185,785
186,017
184,906
185,686
187,935
187,483
186,034
190,645
189,264
187,158
92,716
95,966
95,788
94,711
95,681
98,008
97,387
94,337
97,810
97,041
94,935
89,638
89,819
90,229
90,195
90,005
89,927
90,096
91,697
92,835
92,223
92,223
1.55
1.57
1.55
1.57
1.55
1.56
1.55
1.49
1.53
1.53
1.47
1.55
1.58
1.57
1.55
1.55
1.56
1.53
1.44
1.56
1.56
1.47
1987- Jan r
Peb p
Mar p
425,080
443,690
659,036
660,338
116,545
123,670
149,347
149,807
74,813
76,731
76,815
189,000
189,996
96,606
97,455
92,394
92,541
1.55
1.49
1.59
1.53
1
See page 21 for manufacturing.
2
Monthly average for year and total
3
r
118,579
124,412
124,669
for month.
End of period. Data are on a current-cost basis beginning December 1980 for wholesale and
retail and beginning January 1982 for manufacturing; not comparable with data for prior periods.
4
Annual data are averages of monthly ratios.
20
43,766
47,681
47,854
r
r
NOTE.—Wholesale sales revised beginning 1984 and inventories beginning December 1980; retail
sales revised beginning 1967 and inventories beginning December 1980; manufacturing and trade
revised to reflect these changes as well as revisions to manufacturing series (page 21) that were
published in Economic Indicators, March 1987.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' shipments and orders rose, while inventories fell slightly.
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
200
160
BILLIONS OF DOLLARS* (RATIO SCALE)
SHIPMENTS
400
360
320
280
-—.—.—r
_^~^
_
INVtN TORIES
_
\
TOTAL
240 —
120
RABLE GOO DS
1
— -"^-tr T"
/ ,-
""" ^4
\
DL RABLE GOO >S
160
H
NO •4DURABLE G OODS
80 --£/**'
-
v
,— ~
200
120
"\-\
60
NOI•JDURABLE GOODS
Illllllllll |l||||||||| Illllllllll Illllllllll Illllllllll
80
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
60
NEW ORDERS
imiliiiii Mlllllllll Illllllllll Illllllllll Illllllllll
200
^
I-T-"]—~i
^~
160 ^—^
^
TOTAL '
"Arr^-'-.k-W
y,'
£..
"
,-!*f
V
INVENTORY-SHIPMENTS RATIO
2.0
pii|(ABLE GOOCK
120
80
RATK
2.2
1
^~Hr^r_
1.8
~
16
NOh DURABLE G DODS
1.4
60
Illllllllll
1983
Illllllllll Illllllllll Illllllllll llll|||llll
1987
1985
1984
1986
1.2
^
1 f | || | 1 1 1 1
M 11 1 1 if
1983
I II III 1 1 1 t i 1 1 it
1984
II 1 M 1 1 1 1 1 f
1986
1985
|V
M 11H11 11 1
1987
*SEASONAUY ADJUSTED
COUNCil OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Manufacturers' inventories 2
Manufacturers' shipments 1
Manufacturers' new orders *
Durable goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory—
shipments
ratio 4
Millions of dollars, seasonally adjusted
154,391
168,129
163,350
171,242
187,869
189,928
189,442
77,550
83,872
79,352
84,956
96,623
98,930
100,142
76,841
84,257
83,998
86,286
91,246
90,997
89,300
Dec
185,501
189,240
187,162
189,022
186,152
186,977
190,805
190,403
190,532
197,707
97,729
100,834
98,484
99,611
99,514
98,065
100,881
101,528
100,218
106,739
87,772
88,406
88,678
89,411
86,638
88,912
89,924
88,875
90,314
90,968
323,774
323,415
322,399
321,273
321,197
319,882
318,345
318,220
318,721
318,172
Jan
Feb r
Mar p
189,956
195,608
197,527
99,318
103,601
104,889
90,638
92,007
92,638
320,689
320,535
319,590
1980
1981
1982
1983
1984
1985 .
1986
1986- Marr
Apr
May
June
July
Sept
Oct
1987:
1
264,281
282,645
311,421
312,152
334,163
326,780
318,172
2
89,661
96,298
110,710
111,932
115,639
113,030
110,237
156,161
167,752
161,600
173,915
190,065
190,631
189,482
79,360
83,553
77,676
87,485
98,875
99,600
100,131
23,259
24,050
21,469
22,143
26,714
26,970
26,671
76,801
84,199
83,924
86,431
91,189
91,030
89,351
323,393
319,094
306,302
338,849
365,177
373,495
373,849
1.67
1.65
1.95
1.80
1.74
1.74
1.70
212,697
212,319
212,012
211,035
210,685
209,885
209,438
209,170
209,373
207,935
111,077
111,096
110,387
110,238
110,512
109,997
108,907
109,050
109,348
110,237
188,769
186,614
185,794
186,964
186,699
184,886
193,758
189,407
190,999
197,042
100,937
98,121
97,077
97,772
99,991
96,129
103,468
100,392
100,658
105,966
26,613
25,470
25,484
25,905
26,637
25,541
27,143
27,647
27,301
29,312
87,832
88,493
88,717
89,192
86,708
88,757
90,290
89,015
90,341
91,076
379,681
377,060
375,692
373,634
374,181
372,090
375,043
374,047
374,514
373,849
1.75
1.71
1.72
1.70
1.73
1.71
1.67
1.67
1.67
1.61
209,090
208,644
207,752
111,599
111,891
111,838
186,633
194,333
198,893
r
26,777
26,856
27,320
91,089
92,401
93,131
370,526
369,251
370,617
1.69
1.64
1.62
174,620
186,347
200,711
200,220
218,524
213,750
207,935
2
Monthly average for year and total for month. Shipments are the same as sales.
End of period. Data beginning 1982 are on a current-cost basis, and are not comparable with
data for prior periods.
3
End of period.
2
2
r
95,544
101,932
105,762
r
4
Annual data are averages of monthly ratios. Data beginning 1982 are not comparable with data
for prior periods (see footnote 2 regarding inventories).
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In March, the producer price index for all finished goods rose 0.4 percent, seasonally adjusted. The index for
finished consumer foods rose 0.5 percent while the index for other finished consumer goods rose 0.6 percent. The
index for capital equipment rose 0.1 percent.
INDEX, 1967= TOO 1 (RATIO SCALE)
jJ40
INDEX, 1967= 100 (RATIO SCALE)
340
FINISHED GOODS
SEASONALLY ADJUSTED
i
320;
'^•^
f* ^
W'-:
280
__--—-'"
S
260
/&
240
s-^-S
*'**
\
280
/*-•
,- t
*'. "-''
180
1300
_-..^i'~rr~» "*n^s-—* ~^—-vX"
JU-'"
200
1
?DL_^-"--^1
XCLUDING FO
300 1
•-. .1
GO
CONSUMER GOODS
220
(320
TOTAL FINISHED
*""*
^
"-"\
***.'*
;
CONSUMER FOODS
/~A-|
^
CAPITAL EQi JIPMENT
260
240
M
220
/--^
4
M i i1111 i11
1979
J200
1 1 1 1 1 1 1 M
11
1 1 i 1 1 1 1 1 i 1 1 1 1 M i 11 1 i 1 1 \ i M 1 1 1 1 i 1 1 i M 1 1 1 1 1 i 1 1 1 M M M i l l 1 1 1 1 1 1
1980
1983
1982
1981
1984
1986
1985
\ 1 1 1 1 1 1 1 1 1 1 '180
1987
COUNCIL OF ECONOMIC ADVISERS •
SOURCE, DEPARTMENT OF LABOR
[1967 = 100; monthly data seasonally adjusted]
Finished goods
Period
Total
finished
goods
1979
1980
1981
1982
1983
1984
1985
1986 "
1986: Mar
Apr
May
July
Sept
Oct
Nov r
Dec
1987: Jan
Feb
Mar
1
217.7
247.0
269.8
280.7
285.2
291.1
293.7
289.6
288.9
287.4
288.8
289.4
287.2
288.3
289.1
290.1
290.2
289.9
291.7
291.9
293.2
Finished goods excluding consumer foods
Con-
sumer
foods
Total
226.2
239.5
253.6
259.3
261.8
273.3
271.2
278.0
270.5
271.7
275.5
275.9
279.6
283.5
283.3
285.9
285.3
284.1
279.0
277.7
279.1
213.3
247.8
273.3
285.8
290.8
294.8
299.0
291.1
292.7
290.3
290.9
291.5
287.1
287.2
288.4
288.8
289.3
289.2
293.5
294.2
295.4
Intermediate materials for food manufacturing and feeds-
22
Consumer goods
Total
211.5
250.8
276.5
287.8
291.4
294.1
297.3
283.4
286.8
282.9
283.6
284.2
277.9
277.9
279.1
279.2
279.4
279.3
285.1
286.5
288.1
Durable
183.2
206.2
218.6
226.7
233.1
236.8
241.5
246.9
243.7
245.7
245.5
245.9
246.4
246.3
247.6
251.0
252.2
252.1
252.4
249.7
249.6
Nondurable
Capital
equipment
231.3
283.9
319.6
333.6
335.3
337.3
339.3
311.1
319.2
311.0
312.4
313.2
301.7
301.9
303.0
300.7
300.1
299.9
308.9
312.9
315.5
239.8
264.3
279.4
287.2
294.0
300.5
306.5
304.3
305.1
305.5
306.1
306.3
306.6
307.6
308.7
309.8
310.1
310.8
310.0
310.3
216.5
Total
finished
con-
sumer
goods
217.9
248.9
271.3
281.0
284.6
290.3
291.8
284.9
284.5
282.3
284.1
284.7
281.7
283.1
283.8
284.8
284.7
284.2
286.2
286.8
288.3
Intermediate materials
Crude materials
Foods
Foodstuffs
and
Total
242.2
280.3
306.0
310.4
312.3
320.0
318.7
307.6
310.3
307.3
306.8
306.6
304.7
304.5
305.7
304.8
304.7
304.8
307.6
309.2
310.2
and
feeds 1
226.1
252.6
250.3
239.4
247.9
253.1
232.8
230.2
228.4
227.2
229.1
229.4
229.6
232.2
232.6
231.5
231.6
231.4
228.5
230.1
228.5
Other
Total
Other
stuffs
244.4
282.3
310.1
315.7
317.1
325.0
325.0
313.3
316.4
313.2
312.5
312.3
310.3
309.9
311.1
310.2
310.2
310.2
313.4
315.0
316.2
Source: Department of Labor, Bureau of Labor Statistics.
274.3
304.6
329.0
319.5
323.6
330.8
306.1
280.0
280.9
273.2
279.1
277.2
276.7
277.2
276.8
280.9
279.0
274.4
282.3
287.4
287.7
247.9
259.2
257.4
247.8
252.2
259.5
235.0
230.6
223.3
218.6
228.4
226.5
232.2
238.6
236.1
241.1
237.5
233.8
226.7
226.6
227.6
330.0
401.0
482.3
473.9
477.4
484.5
459.2
386.8
405.2
391.2
389.0
387.2
372.6
359.8
364.3
366.3
368.3
361.7
389.5
401.4
401.0
CONSUMER PRICES—ALL URBAN CONSUMERS
In March, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted and not
seasonally adjusted. The index was 3.0 percent above its year-earlier level.
INDL<, 1967= 100 (RATIO SCALE)
340
INDEX, 1967= 100 (RATIO SCALE)
UNADJUSTED
320
r^^ —'
f**'
340
-"
320
^~
300
300
r^\
^-~|
280
ALL ITEMS
280
/
260
260
/
240
240
/
220
220
/
200
180
200
\ \ \ \ \ \ \ \ \ \ \
1979
H H 1 !1 H H
1980
1 1 1 1 1 1 1 1 1 11
t 1 1 I 1 111I I1
1982
1981
1 1 1111 11 11 1
1983
I I 1 1 1 i 1 1 I II
1984
i M M H MH 1 M M 1 ' ' ' ' '
1985
1986
E£ NOTE ON TABIE 8 LOW
OURCE: DEPARTMENT OF LABOR
i i t i i i i \\ \ \ 180
1987
COUNCIL OF £ CONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
Period
All
items *
Mainte-
Food
Total >
Renters'
Total
costs (Dec.
1982 = 100)
Homeowners'
costs (Dec.
1982 = 100)
Rel. imp.3
1979
1980
1981
1982
1983
1984
1985
1986
100.0
217.4
246.8
272.4
289.1
298.4
311.1
322.2
328.4
16.2
234.5
254.6
274.6
285.7
291.7
302.9
309.8
319.7
42. 9
227.6
263.3
293.5
314.7
323.1
336.5
349.9
360.2
27.8
239.7
281.7
314.7
337.0
344.8
361.7
382.0
402.9
1986: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
326.0
325.3
326.3
327.9
328.0
328.6
330.2
330.5
330.8
331.1
314.4
315.1
316.5
317.4
320.2
322.7
323.9
325.2
326.5
327.2
358.0
358.8
358.6
360.1
360.1
361.0
361.8
361.9
362.0
362.7
1987: Jan
Feb
Mar
333.1
334.4
335.9
328.6
329.6
329.2
364.4
365.8
367.2
Medical
Total J
New
cars
Motor
fuel
care
Ener2
gy
All items
less
food,
energy,
and
shelter
19.6
0.2
7.9
6.3
17.2
103.0
108.6
115.4
121.9
102.5
107.3
113.1
119.4
256.4
285.7
314.4
334.1
346.3
359.2
368.9
373.8
239.3
278.6
319.2
350.8
370.3
387.3
393.6
384.7
166.6
178.4
186.9
191.8
196.5
200.2
206.0
207.8
212.0
249.7
280.0
291.5
298.4
311.7
319.9
307.5
4.6
166.0
179.3
190.2
197.6
202.6
208.5
215.2
224.4
2.9
265.6
369.1
410.9
389.4
376.4
370.7
373.8
292.1
5.4
239.7
265.9
294.5
328.7
357.3
379.5
403.1
433.5
7.4
275.9
361.1
410.0
416.1
419.3
423.6
426.5
370.3
48.6
191.5
208.3
228.1
245.6
258.4
271.2
281.6
291.2
397.5
400.2
400.9
401.6
403.0
404.6
406.7
408.3
409.3
410.3
119.9
121.0
121.2
121.7
122.3
122.6
123.1
123.6
124.1
124.5
118.1
118.8
119.0
119.1
119.4
119.9
120.6
121.1
" 121.3
121.5
367.5
367.6
367.1
366.6
369.2
376.4
376.2
379.0
377.1
380.0
389.3
387.5
383.6
388.1
383.4
382.9
380.6
376.7
374.9
374.3
206.4
206.9
206.9
206.3
207.1
208.0
208.9
209.0
209.6
209.5
311.6
303.8
305.7
308.1
304.2
301.3
302.2
302.5
303.6
303.6
220.3
221.3
222.8
224.2
225.2
225.9
226.4
228.0
229.7
230.9
315.1
280.6
289.3
297.2
276.5
263.2
269.0
263.4
261.7
260.9
424.6
427.4
430.0
432.7
435.3
437.8
440.6
443.0
445.3
448.2
388.1
367.0
368.7
375.2
360.0
352.2
353.7
347.1
345.3
344.6
288.6
289.0
289.6
290.6
291.7
292.4
292.8
293.9
294.8
295.5
412.2
414.3
416.5
125.4
126.0
126.7
122.0
122.6
123.2
382.1
381.9
383.4
375.9
377.1
377.6
210.4
211.8
215.4
308.3
309.8
311.8
231.8
229.3
229.4
278.0
289.5
296.2
450.2
451.7
453.7
354.9
361.5
365.2
297.0
297.4
298.8
8.0
Includes items not shown separately.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc3 also included through 1982.
Relative importance, December 198o.
NOTE. Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
Apparel and
upkeep
NSA
NSA
1
2
nance
and
repairs
Fuel
and
other
utilities
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 calculated on a revised basis.
Department
of Labor, Bureau of Labor Statistics.
s
r
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Including foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
"from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
12.8
11.8
7.1
3.7
.6
1.7
1.8
2.5
1979
1980
1981
1982
1983
1984
1985
1986"
17.5
14.2
8.5
4.2
-.8
.8
2.0
6.9
7.4
7.5
1.4
2.1
2.3
3.5
.5
2.9
11.1
13.5
9.2
4.0
1.6
2.1
.9
— 1.4
8.8
11.4
9.2
3.9
1.9
1.8
2.7
2.1
Change, month to month
1986- Mar
May
T
}
July
Sept
Oct
Nov '
Dec
-0.9
g
.5
.2
-.8
.4
.3
.3
.0
-.1
0.2
.4
1.4
.1
1.3
1.4
1
.9
-.2
4
-1.9
-1.4
.2
.2
22
0
.4
.0
.1
-.0
0.2
.3
.1
.2
.1
.1
.3
.4
.4
.1
105
-11.0
3.7
.6
.1
.4
-1.8
5
.5
2.1
.5
.6
.2
-.3
.1
1987- Jan r
Feb
Mar
.7
-.3
.7
-.4
4.1
2.7
1.1
-2.9
8.4
8.2
12.1
12.1
11.2
9.3
2.6
1.1
164
-19.8
-11.4
36
-6.9
-7.8
-7.0
1.9
2.2
.3
2.2
2.4
4.6
93
-10.2
-6.9
8.7
10.6
13.2
76
2.4
1.6
1.4
2.0
3.2
4.2
3.3
-1.9
-4.4
-4.5
-5.1
-5.8
-2.2
.1
1.9
1.0
.3
3.1
1.1
1.5
0
4.4
10.2
9.7
10.7
7.2
6.0
2.7
.3
.3
3.2
2.5
2.9
-.4
-4.0
29
1.1
2.1
2.3
-6.3
-9.5
-9.9
-10.2
-13.6
-9.6
-5.3
-2.6
-2.9
-3.4
5.2
6.3
6.6
3.1
1.8
1.5
1.7
1.9
1.9
2.2
2.4
2.8
2.6
-1.4
-2.0
-1.8
-1.6
-2.4
-1.8
-.9
— 1.4
-1.9
-2.5
3.0
2.2
1.8
-1.5
.1
1.5
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items l
Food
Total '
Total '
Eenters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total1
New
cars
Motor
fuel
cat
care
Ener-
gy"
All
items
less
food,
energy,
and
shelter
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1979
1980
1981
1982
1983
1984
1985
1986
133
12.4
89
3.9
3.8
4.0
3.8
1.1
13.7
102
3.6
3.5
4.2
4.3
1.8
17 4
15.1
99
2.4
4.7
5.2
6.0
4.6
5.1
5.9
6.3
5.0
16.0
13.6
14.5
9.7
4.5
1.8
5.1
4.2
5.9
1.9
4.6 -5.7
0.3
.2
I
.4
0
.2
.2
.0
.0
.2
0.6
.7
.2
.2
.3
.4
.5
.4
.2
.2
0.5
.9
.2
.4
.5
.2
.4
.4
.4
.3
0.9
.6
.2
.1
.3
.4
.6
.4
.2
.2
.5
.4
.4
.5
.5
.5
.7
.5
.6
.4
.5
.5
102
152
10.2
43
3.1
2.6
3.8
2.7
3.8
-0.4 -0.1
3
.2
.2
.4
.4
.3
.0
.9
.2
.8
.4
.3
.2
.4
.2
.4
.2
.2
5.5
6.8
3.6
1.6
2.9
2.0
2.9
.9
-2.4
3.0
-30.6
10.1
10.0
12.5
11.0
6.4
6.1
6.7
7.7
37.4
18.1
11.9
1.3
-.5
.2
1.8
-19.7
7.2
9.9
9.4
6.1
5.0
4.4
3.7
3.4
0.3
.5
.7
.6
.4
.3
.2
.7
.7
.5
-10.8
109
3.1
2.7
-7.0
-4.8
2.2
-2.1
.6
-.3
0.8
.7
.6
.6
.6
.6
.6
.5
.5
.7
-5.8
-5.4
.5
1.8
-4.1
-2.2
.4
-1.9
-.5
-.2
0.2
.1
.2
.3
.4
.2
.1
.4
.3
.2
.4
11
.0
6.6
4.1
2.3
.4
.3
.4
3.0
1.9
1.0
.5
.1
.5
7.4
7.5
6.8
1.6
3.4
2.4
3.5
5.8
-2.5
25
.6
.8
-1.3
-1.0
.3
.1
.4
0
1.5
.5
.6
18.2
14.7
11.0
1.7
3.9
3.1
2.6
-5.9
52.2
18.9
9.4
-6.5
17
11.3
13.5
10.4
6.1
3.2
4.3
3.6
1.9
Change, month to month
1986: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1987* Jan
Feb
Mar
.7
.4
.4
.4
.3
— .1
-0.9 -0.1
5
.2
-1.0
0
1.2
-.3
-1.2
.4
— .1
.4
.4
-.6
-1.0
.0
-.5
.3
-.2 -.0
.4
.3
.1
.4
.7
1.7
1
2
Includes items not shown separately.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
3
Quarterly changes are shown in the last month of the quarter.
NOTE.—Data beginning January 1983 incorporate a rental equivalence measure for homeowner-
24
2.6
-1.3
-3.7
-1.7
1.6
2.9
2.5
2.0
2.6
3.0
2.5
1.7
.4
-.1
.1
-.5
.4
1.8
2.7
2.7
2.2
2.3
1.6
1.6
1.7
1.6
1.6
1.8
1.5
1.3
1.1
5.3
4.4
5.2
6.2
3.5
4.1
4.3
1.4
2.1
3.0
1.6
-1.3
2.5
ihip costs and therefore are not strictly comparable with data for earlier periods.
Data beginning 1987 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in April were 1.6 percent above their March level. Prices paid by farmers in April rose
1.9 percent from their January level.
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SCALE)
180
180
x
PRICES PAID
160
160
140
140
120
120
• PRICES RECEIVED -
100
100
80
80
111 nniliiii
II I II
601111111111111111
I l l l 60
RATIO-!/
RATIO^
140
140
60
1987
1979
1/RATiO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
1979
1980
1981
1982
1983
1984
1985
1986
1986- Apr.
May
'
July
Sept
Oct
Nov
Dec
1987:
Jan... .
Feb
Mar r
Apr
1
....
Livestock and
products
Crops
132
134
139
133
135
142
128
123
121
123
122
125
125
122
121
124
121
121
122
123
125
116
125
134
121
128
138
120
106
114
115
110
106
101
97
97
103
99
99
99
102
102
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
147
144
143
145
141
146
136
138
127
131
133
143
149
146
145
145
141
142
144
142
148
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
123
138
151
159
161
165
163
159
159
(3)
(3)
159
(3)
(3)
158
(3)
(3)
159
(3)
(3)
162
125
139
151
159
159
162
157
151
151
(3)
(3)
151
(3)
(3)
149
(3)
(3)
149
(3)
(3)
152
Production
items
125
138
148
153
152
155
151
146
145
(3)
(3)
144
(3)
(3)
142
(3)
(3)
143
(3)
(3)
147
Ratio 2
107
97
92
84
84
86
79
77
76
77
77
79
79
77
77
78
77
76
77
77
77
NOTE.—The official indexes are published on a 1910-14 base as required by law. The index
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 and the broader monetary aggregates rose slightly in March.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,600
BILLIONS OF DOllARS*(RATIO SCALE)
3,800
3,600
3,200
3,200
2,800
2,800
_M3.
2,400
2,400
2,000
2,000
M2
1,600
1,600
1,200
1,200
800
800
700 —
700
600
600
500
500 —
Ml
400
400
300
1980
1983
1981
1984
1985
* AVERAGES OF DAILY FIGURES; SEASONAUY ADJUSTED
1986
1987
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]
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' cheeks,
and other
checkable
deposits (OCDs)
Ml plus overnight
EPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
tune deposits,
term KPs, term
Eurodollars, and
institution-only
MMMF balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
416.6
443.2
481.3
526.9
557.5
627.0
730.5
1,633.1
1,795.5
1,953.8
2,184.6
2,369.1
2,569.6
2,799.8
1,990.9
2,236.4
2,443.1
2,692.8
2,985.7
3,205.6
3,488.9
2,327.6
2,598.9
2,853.0
3,154.6
3,529.3
3,838.6
4,140.9
3,895.1
4,275.5
4,658.0
5,206.3
5,946.0
6,774.9
7,626.0
6.5
6.4
8.6
9.5
5.8
12.5
16.5
8.9
9.9
8.8
11.8
8.4
8.5
9.0
10.2
12.3
9.2
10.2
10.9
7.4
8.8
9.7
9.8
8.9
11.8
14.2
13.9
12.6
1986- Mar '
Apr '
May '.
July '.
Aug r
Sept r
Oct '
Nov r
Dec r
640.5
648.2
659.6
667.5
676.6
687.0
693.1
701.4
712.4
730.5
2,598.9
2,623.8
2,647.3
2,667.5
2,693.8
2,718.4
2,736.3
2,760.7
2,775.4
2,799.8
3,264.3
3,293.1
3,314.8
3,338.3
3,368.2
3,395.9
3,420.4
3,440.9
3,459.3
3,488.9
3,895.1
3,920.2
3,952.0
3,972.6
3,998.6
4,026.8
4,055.5
4,081.4
4,107.7
4,140.9
6,963.5
7,023.9
7,095.8
7,167.5
7,235.5
7,315.7
7,392.8
7,453.9
7,529.6
7,626.0
9.8
11.4
13.4
13.3
15.7
18.1
17.1
17.1
16.7
19.8
5.8
7.1
7.8
7.8
9.5
10.8
10.9
10.7
9.9
10.2
7.5
8.4
8.6
8.5
8.9
9.7
9.8
9.2
8.9
9.2
14.7
14.5
13.9
11.9
10.8
11.8
12.7
12.6
12.6
13.2
1987- Jan r
Feb '
Mar '
737.6
737.2
739.2
2,822.0
2,821.4
2,825.6
3,515.7
3,519.9
3,525.4
4,174.6
4,183.9
7,711.8
7,768.8
18.8
15.1
13.7
9.7
7.7
6.6
9.0
7.4
6.2
13.6
12.8
Period
1980198119821983198419851986-
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 a seasonally adjusted annual rate.
26
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Percent change from year or 6
months earlier 2
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Overnight
repur-
Period
De-
Currency
mand
de-
posits
Other
cheekable
deposits
(OCDs)
agreements
(KPs),
net, plus
overnight
Eurodollars
NSA
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1986:
Mar
May
July
Aug
Sent
Oct
Nov
Dec
116.7
124.1
134.3
148.3
158.5
170.6
183.5
265.2
234.6
237.9
242.3
248.3
272.2
308.3
30.5
80.2
104.7
131.4
145.5
178.3
232.3
173.8
1744
175.8
1767
177 6
179.0
179 7
181.2
1824
183.5
274.6
277 7
282.2
2850
2882
291.2
292 2
293.4
297 8
3083
186.0
189 9
1987:
Feb r.
Mar'1
1860 305 1
187.2 300.7
187 7 299 1
r
Money market
mutua fund
balaiices
General
pur-
pose
and
broker/
dealer
NSA
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
Sav-
ings
deposits
Small
denomination
time
depos1
its
Large
denomination
time
depos1
its
NSA
NSA
28.3
35.9
38.8
53.8
56.3
70.3
77.3
61.6
150.6
185.2
138.2
167.5
176.5
207.6
15.2
38.0
51.1
43.2
62.7
65.1
84.1
0.0
.0
43.2
379.0
417.4
513.2
571.3
400.8
344.3
357.3
306.2
288.8
303.6
366.2
728.7
823.3
851.0
783.8
885.3
884.2
853.3
259.8
302.1
326.2
326.2
417.0
436.1
447.0
1955
199 6
2045
210.4
214 7
2204
225 9
2323
67.3
68 2
r
689
66 3
71 8
74.7
72 8
775
76 7
77 3
186.2
191 4
1932
197 3
199 7
200.5
202 2
206.9
207 1
207 6
70.2
74 1
76 1
750
775
80.8
844
84.5
844
84 1
521.0
526 1
531 6
541 0
5466
553.6
5588
5644
568 7
571 3
3066
311 1
3168
321 8
3274
334.6
341 4
3504
3585
3662
892.0
893 1
8880
883 0
8809
876.7
872 2
864.7
857 1
853 3
240 1
242 7
245 5
83 8
797
77 1
2090
210 7
211 6
840
847
849
574 2
570 7
5704
376 7
387 2
3964
851 3
847 6
845 3
r
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
Term
repurchase
agreements
(EPs)
Term
Eurodollars
(net)
Shortterm
Treas-
Savings
bonds
ury
securities
Bankers'
acceptances
mercial
paper
Com-
NSA
34.0
36.0
34.5
51.8
62.2
66.0
r
81.9
50.3
67.5
81.7
91.5
82.9
76.6
83.2
72.3
67.8
68.0
71.1
74.2
79.4
91.7
133.4
149.4
183.7
212.6
263.5
304.6
r
292.5
32.1
40.0
44.5
45.1
45.7
42.4
37.5
98.9
105.3
113.6
133.0
160.3
206.6
230.2
448.5
451 3
447 6
r
447 6
4483
449.4
4485
445.7
445 9
447 0
r
827
81 4
79 7
800
782
77.2
79 9
76.6
784
832
81 2 r 2994
81 9 r298 5
82 7 r 3040
835 r298 3
843 r 2926
85.3 288.7
864 r 2879
87.7 r 286.7
89 8 r 292 2
91 7 * 292.5
41.4
40 6
398
39 8
390
37.3
369
37.7
380
375
208.8
206 1
2107
212 6
2145
219.7
223 9
228.4
2284
230.2
4496
4480
4500
r
867
910
92 6
92 7
935
378
39.3
239 7
239.8
71 6
71 5
74 1
75 1
r
743
r
75.1
r
77 8
r
77.9
r
82 3
r
81 9
r
806
83 2
82 1
r
r
288 7
291 5
r
NOTE.—Travelers checks are a component of money stock but are not shown here.
Source: Board of Governors of the Federal Keserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding
Installment credit outstanding (end of period)
Period
1978:
1979:
19801981:
1982:
1983:
1984:
1985:
1986:
1986-
Dec
Dec
Dec
Dec
Dec
Dec . .
Dec
Dec
Dec
Peb
Mar
May ..
June
July .
Aug
Seut
Oct
Nov
Dec
1987- Jan r
Feb p
»
,
Other
Total
Automobile
Revolving
261,976
296,483
295,763
310,965
325,136
373,048
446,183
522,805
577,789
98,739
112,475
111,936
119,610
125,440
145,874
172,352
208,057
245,056
45,202
53,357
54,894
60,750
66,007
78,369
99,620
122,021
134,940
16,921
18,207
18,264
19,308
21,728
22,919
24,710
25,488
25,710
101,114
112,444
110,669
111,297
111,961
125,886
149,501
167,239
172,083
40,501
34,507
720
15,202
14,171
47,912
73,135
76,622
54,984
17,791
13,736
-539
7,674
5,830
20,434
26,478
35,705
36,999
534,198
536,589
542,521
546,759
551,771
558,054
563,661
571,275
576,862
577,645
577,789
214,322
215,460
218,017
221,012
224,412
227,821
231,202
239,015
243,395
242,998
245,056
125,509
126,534
128,901
129,618
130,737
132,183
133,175
133,118
133,812
134,388
134,940
25,666
25,751
25,703
25,674
25,806
25,891
25,940
25,731
25,783
25,732
25,710
168,701
168,844
169,899
170,456
170,815
172,160
173,345
173,412
173,873
174,527
172,083
5,080
2,390
5,932
4,239
5,012
6,283
5,607
7,614
5,587
782
144
2,795
1,137
2,558
2,994
3,401
3,408
3,381
7,813
4,380
396
2,057
578,578
580,351
245,471
246,188
134,916
135,957
25,852
25,793
172,338
172,412
789
1,773
416
717
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month-
Mobile
home
Automobile
Total
Kevolving
8,513
8,155
1,537
5,856
5,257
12,362
21,251
22,401
12,919
1,588
1,025
2,367
717
1,119
1,446
992
58
694
576
552
23
1,041
Mobile
home
559
1,286
57
1,044
2,420
1,191
1,791
778
222
93
85
48
29
133
84
49
209
52
51
-21
141
-59
l
Other
13,638
11,330
-1,775
628
664
13,925
23,615
17,738
4,844
604
143
1,055
557
359
1,345
1,185
67
461
654
2 444
255
74
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans fell slightly in February.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,200
2,000
1,800
1,600
BILLIONS OF DOLLARS * (RATIO SCALE)
2,200
2,000
1,800
1,600
"ALL COMMERCIAL BANKS
1,400
1,400
1,200
1,200
1,000
1,000
LOANS AND LEASES
800
800
600
600
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
OTHER SECURITIES
120
120
llll III
III
80
1979
1982
1981
1980
1983
80
1986
1985
1984
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All commercial banks
l
Depository institutions 3
Reserves adjusted
for changes in
reserve requirements
Loans and leases
Period
Total loans
and
securities 2
Total 2
1979:
Dec
1980:
1981:
1982:
1983:
19841985:
1986:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1986- Feb
Mar
June
July
Sept
Oct
Nov
Dec
1987' Jan
Feb
Marp
Commercial
and industrial
loans
U.S.
Government
securities
Total
Nonhorrowed
Required
Total
Seasonal
1,136.2
1,240.5
1,308.2
1,401.1
1,553.5
1,722.6
1,900.4
2,078.7
849.9
915.4
968.4
1,033.9
1,123.7
1,319.7
1,449.7
1,576.2
291.3
327.4
355.9
392.5
414.0
472.9
499.5
536.9
144.4
170.6
179.2
201.9
259.7
260.9
273.1
309.1
142.0
154.5
160.6
165.3
170.1
142.1
177.6
193.4
29.15
30.99
32.19
34.41
36.16
39.51
45.61
55.64
27.67
29.30
31.55
33.78
35.38
36.32
44.29
54.81
28.70
30.48
31.87
33.91
35.59
38.66
44.55
54.27
1,473
1,690
636
634
774
3,186
1,318
827
81
116
54
33
96
113
56
38
1,935.5
1,944.6
1,957.5
1,957.5
1,963.7
1,985.0
2,007.7
2,029.6
2,034.0
2,049.0
2,078.7
1,473.7
1,491.8
1,501.5
1,501.5
1,505.3
1,513.4
1,524.5
1,534.7
1,537.7
1,549.5
1,576.2
502.4
506.1
506.7
506.7
508.7
508.7
510.4
512.1
514.1
520.3
536.9
273.6
269.5
271.1
274.1
274.8
285.4
290.9
294.3
299.6
304.8
309.1
188.1
183.3
182.1
181.9
183.6
186.1
192.3
200.7
196.7
194.8
193.4
46.37
46.87
47.28
48.58
49.45
50.49
51.32
51.81
52.40
53.82
55.64
45.49
46.10
46.39
47.70
48.64
49.75
50.45
50.80
51.56
53.07
54.81
45.27
45.97
46.48
47.74
48.51
49.58
50.58
51.08
51.66
52.85
54.27
884
761
893
876
803
741
872
1,008
841
752
827
56
68
73
94
108
116
144
137
99
70
38
2,110.6
2,114.5
1,608.0
1,608.9
551.2
550.4
313.9
316.2
188.7
189.4
56.64
56.49
56.26
56.06
55.93
55.73
55.57
55.28
55.34
580
556
527
34
71
91
1
Data are prorated averages of Wednesday figures for domestically chartered bants and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for ear ier periods, largely because beginning January 1984 certain obligations
of States and political subdmsions are included in loans rather thai in other securities.
28
Other
securities
Borrowings
(millions of ooilars,
unadjusted)
z
3
Excludes loans to commercial banks in the United States,
Data are averages of daily figures,
~ _, ,
, , m , ,~
~
c
Source:
Board of n
G°™™ra °< 'he F<*ral 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
Credit market funds
l
Total
Total
1978
1979
1980
1981
1982
1983
1984
1985
1986 "
1985- I
n
m
IV
1986- I .
n
m
IV ".
Securities
and
mortgages
Loans and
short-term
paper
Total
Other z
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
328.5
352.6
347.6
382.5
327.6
431.3
503.4
483.1
466.5
182.3
197.6
200.1
239.5
242.3
285.7
326.3
352.5
358.3
146.3
155.1
147.5
143.0
85.3
145.6
177.1
130.6
108.2
85.0
87.8
94.3
93.7
80.6
87.6
116.4
82.1
92.5
33.3
21.0
53.1
22.8
44.0
57.3
-10.0
15.3
22.5
51.8
66.9
41.2
70.9
36.6
30.3
126.5
66.8
70.0
61.2
67.3
53.2
49.3
4.7
58.0
60.7
48.5
15.7
309.4
362.8
343.2
349.2
292.0
399.1
469.1
438.5
431.9
216.9
238.3
244.1
286.3
256.3
274.8
371.2
353.1
352.4
92.4
124.5
99.1
62.8
35.7
124.3
97.9
85.4
79.5
19.2
-10.1
4.4
33.3
35.6
32.2
34.3
44.6
34.6
432.2
421.9
505.0
573.2
339.4
350.3
365.2
355.1
92.8
71.6
139.8
218.1
71.7
58.2
53.0
145.6
-10.1
29.4
17.0
24.8
81.8
28.8
36.0
120.8
21.1
13.4
86.8
72.5
407.8
406.6
417.3
522.3
340.1
349.8
349.0
373.5
67.8
56.8
68.3
148.8
24.3
15.3
87.7
50.9
412.5
452.7
403.8
596.4
361.7
355.6
359.6
356.4
50.8
97.1
44.2
240.0
88.5
65.8
38.2
177.2
52.8
48.8
17.8
-29.4
35.7
17.0
20.4
206.6
-37.8
31.3
6.0
62.8
403.0
431.2
358.6
534.3
380.2
354.4
336.2
338.8
22.8
76.8
22.4
195.5
9.6
21.4
45.2
62.1
1
Undistributed profits (after inventory valuation and capital consumption adjustments), cap
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retail
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
GovernmentSource: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilities
Current assets
End of period
Total
QPR-FRB series: 2
1978
1979
1980
1981
1982
1983
1984
1985
Cash
U.S.
Government
securities
Notes and
accounts
receivable
Inventories
Other
current
assets
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio l
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,784.6
105.5
118.0
127.0
135.6
147.8
171.8
173.6
189.2
17.2
16.7
18.7
17.7
23.0
31.0
36.2
33.0
388.0
459.0
507.5
532.5
517.4
583.0
633.1
671.5
431.8
505.1
543.0
584.0
579.0
603.4
656.9
666.0
101.1
116.0
132.1
149.7
169.8
186.7
203.2
224.9
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,233.6
383.0
460.8
514.4
547.1
550.7
595.7
647.8
682.7
286.5
346.5
376.2
424.1
435.3
463.9
515.8
550.9
374.3
407.5
437.8
448.3
451.1
516.3
539.5
551.0
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.447
1983- IV
1,575.9
171.8
31.0
583.0
603.4
186.7
1,059.6
595.7
463.9
516.3
1.487
1984- I
1,619.5
1,650.0
1,685.9
1,703.0
167.6
164.9
161.3
173.6
35.4
37.2
33.0
36.2
606.4
622.6
639.1
633.1
622.2
632.5
659.3
656.9
187.9
192.9
193.2
203.2
1,093.1
1,126.3
1,155.0
1,163.6
601.9
623.4
642.2
647.8
491.2
502.9
512.9
515.8
526.5
523.7
530.8
539.5
1.482
1.465
1.460
1.464
n
m
IV
1,722.7
1,734.6
1,763.0
1,784.6
167.5
167.1
176.3
189.2
35.7
35.4
32.6
33.0
650.3
654.1
661.0
671.5
665.7
666.7
675.0
666.0
203.5
211.2
218.2
224.9
1,174.1
1,182.9
1,211.9
1,233.6
636.9
651.7
670.4
682.7
537.1
531.2
541.5
550.9
548.6
551.7
551.1
551.0
1.467
1.466
1.455
1.447
1986- lp
1,795.7
195.3
31.0
663.4
679.6
226.3
1,222.3
668.4
553.9
573.4
1.469
n
m
IV
1985- I
1
2
Total current assets divided by total current liabilities.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations. Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), and Federal Trade Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in April.
PERCENT PER ANNUM
PERCENT PER ANNUM
1
fH '\fr
UA\
\,\f W
'y
f* M
•H \ : I
J/ /"
J
ML/I
ill
'V<,
A
/i
\ CORPORATE Aaa BONDS /X
\
(MOODY'S]
/
V
v
1l \ \
'^
'i
i(.
X'\/' \ r
\
.\
'•
A
i l l ! !
\\
i n HIM i
1980
M M 1 1
MM
M I I I I I I M I
1982
7981
V.
\
\
\
\
rr\
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
?
1 M
\
/\
V
J
...-....;
V'
1979
\
TRE <^SURY
E ILLS
'"*-**&
11 I 1 I I 1 1 I I 1 !
A
'\ /
M
1 M
i 1 M
I
y
'
\---.l
1 1
1984
1983
*• /••»
v .
.
.
^
i.
i i M i 1 i Mn
II 1 1 i i ! M If
1986
1985
I i i ! I I i i I I
h
1987
COUNCit OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982
1983
1984
1985
1986
3-month bills
(new issues) *
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Corporate
Aaa bonds4
(Moody's)
Prime
commercial
paper,
6 months '
Discount rate
(N.T. F.R.
Bank)5
14.029
10.686
8.63
9.58
7.48
5.98
14.44
12.92
10.45
11.89
9.64
7.06
13.91
13.00
11.10
12.44
10.62
7.68
11.23
11.57
9.47
10.15
9.18
7.38
14.17
13.79
12.04
12.71
11.37
9.02
14.76
11.89
8.89
10.16
8.01
6.39
13.41
11.02
8.50
8.80
7.69
6.33
Prime rate
charged 5by
banks
18.87
14.86
10.79
12.04
9.93
8.33
14.70
15.14
12.57
12.38
11.55
10.17
10.27
10.22
10.15
10.30
10.26
10.17
10.02
9.91
9.69
1986:
Apr
May
June
July. .
Aug
Sept
Oct
Nov
Dec
6.06
6.12
6.21
5.84
5.57
5.19
5.18
5.35
5.49
6.86
7.27
7.41
6.86
6.49
6.62
6.56
6.46
6.43
7.30
7.71
7.80
7.30
7.17
7.45
7.43
7.25
7.11
7.32
7.67
7.98
7.62
7.31
7.14
7.12
6.86
6.93
8.79
9.09
9.13
8.88
8.72
8.89
8.86
8.68
8.49
6.47
6.53
6.63
6.24
5.83
5.61
5.61
5.69
5.88
7.00-6.50
6.50-6.50
6.50-6.50
6.50-6.00
6.00-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
9.008.508.508.508.007.507.507.507.50-
8.50
8.50
8.50
8.00
7.50
7.50
7.50
7.50
7.50
1987:
Jan
Peb
Mar
5.45
5.59
5.56
5.76
6.41
6.56
6.58
7.32
7.08
7.25
7.25
8.02
6.63
6.66
6.71
7.62
8.36
8.38
8.36
8.85
5.76
5.99
6.10
6.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
7.507.507.507.75-
7.50
7.50
7.50
7.75
5.72
5.53
5.98
5.77
5.79
6.86
6.98
7.40
7.57
7.71
7.56
7.71
8.12
8.30
8.32
7.01
7.28
7.96
7.90
7.95
8.50
8.56
8.82
9.07
9.21
6.22
6.23
6.60
6.60
6.85
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
7.507.757.757.757.75-
7.75
7.75
7.75
7.75
8.00
Week ended:
1987: Apr 4
11
18
25
May 2
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
30
New-home
mortgage
yields
(FHLBB)6
r
9.51
9.23
9.15
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 as
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, Feder
al Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
|
COMMON STOCK PRICES AND YIELDS
Most stock prices fell in April.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965=50 (RATIO SCALE)
180
180
160
160
140
140
COMPOSITE STOCK PRICE INDEX
(NYSE)
120
120
100
100
80
80
60
60
I
40
1979
1980
1981
1983
1982
1984
1985
1986
40
1987
PERCENT
PERCENT
20
20
EAR vllNGS-PRICE RATIO ON COMMON STOCKS
15
10
5
1
0
1
1
1
1
1979
1980
1
i i i
i i i
1981
1982
15
(S&P)
r~"^~HH\ ^_
-
10
—
1
1
'
^
"""
1
1
1983
1
1
1984
1
1
1
1985
I I I
1986
Common stock prices J
New York Stock Exchange indexes (E ec. 31, 1965=5 3)
Transportation
1
Common stock yields
(percent) 5
2
Period
Industrial
1
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Composite
1
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)"
Dividendprice ratio
1981
1982
1983
1984
1985
1986
74.02
68.93
92.63
92.46
108.09
136.00
85.44
78.18
107.45
108.01
123.79
155.85
72.61
60.41
89.36
85.63
104.11
119.87
38.91
39.75
47.00
46.44
56.75
71.36
73.52
71.99
95.34
89.28
114.21
147.20
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
128.05
119.71
160.41
160.46
186.84
236.34
5.20
5.81
4.40
4.64
4.25
3.49
19864 Apr
137.27
137.37
140.82
138.32
140.91
137.06136.74
140.84
142.12
157.30
158.59
163.15
158.06
160.10
156.52
156.56
162.10
163.85
126.17
122.21
120.65
112.03
111.24
114.06
120.04
122.27
121.26
69.46
68.65
70.69
74.20
77.84
74.56
73.38
75.77
76.07
155.07
151.28
151.73
150.23
152.90
145.56
143.89
142.97
144.29
1,807.05
1,801.80
1,867.70
1,809.92
1,843.45
1,813.47
1,817.04
1,883.65
1,924.07
237.97
238.46
245.30
240.18
245.00
238.27
237.36
245.09
248.61
3.43
3.42
3.36
3.43
3.36
3.43
3.49
3.40
3.38
151.17
160.23
166.43
163.88
175.60
189.17
198.95
199.03
126.61
135.49
138.55
137.91
78.54
78.19
77.15
72.74
153.32
158.41
162.41
150.52
2,065.13
2,202.34
2,292.61
2,302.64
264.51
280.93
292.47
289.32
3.17
3.02
2.93
2.99
166.69
167.93
161.02
162.37
161.10
201.02
204.01
195.89
197.44
195.75
138.40
141.44
136.12
137.04
135.42
75.75
73.89
70.87
72.17
71.80
156.81
155.74
147.55
147.32
146.65
2,321.99
2,363.32
2,274.75
2,281.99
2,256.70
293.47
296.25
284.03
286.94
285.06
2.92
2.93
3.03
3.01
3.05
July
Sept
Oct
Nov
Dec
1987' Jan
Feb
Mar
Week ended:
1987' Apr 4
\l
18
25
May
2
1
Average
2
of daily closing prices.
Includes all the stocks (more than 1,900) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings3
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.10
5.86
r
6.42
6.05
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 the first 6 months of fiscal 1987, there was a deficit of $121.9 billion compared with a deficit of $136.3 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
_
RECEIPTS AND OUTLAYS!/
11,100
1,000
1,000
900
OUTLAYS!/
900
^
800
800
700
700
600
600
RECEIPTSJ/
500
500
400
400
0 _ SURPLUS OR DEFICIT (-)i/ .
-100
-100
-200
-200
1979
1980
1981
1982
1983
1984
FISCAL YEARS
1985
1986
1987
1988
V INCLUDES ON-BUDGET AND Of F-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
Off-budget
On-budget
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
(-)
Total
Held by
the public
1977
1978
1979
279.1
298.1
81.2
355.6
399.6
463.3
332.3
371.8
96.0
409.2
458.7
503.5
-53.2
73.7
-14.7
53.6
59.2
-40.2
216.6
231.7
63.2
278.7
314.2
365.3
271.9
302.2
76.6
328.5
369.1
403.5
55.3
-70.5
133
-49.7
54.9
-38.2
62.5
66.4
18.0
76.8
85.4
98.0
60.4
69.6
19.4
80.7
89.7
100.0
2.0
3.2
-1.4
3.9
-4.3
2.0
544.1
631.9
646.4
709.1
780.4
833.8
396.9
480.3
498.3
551.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
-73.8
-78.9
-127.9
-207.8
-185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
-73.9
-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 l
734.1
769.1
842.4
916.6
946.3
989.8
1,015.6
1,024.3
-212.3
-220.7
-173.2
-107.8
547.9
568.9
628.4
674.5
769.5
806.3
821.1
821.9
221.6
-237.5
192.7
-147.4
186.2
200.2
214.0
242.1
176.8
183.5
194.5
202.4
9.4
16.7
19.5
39.7
1,827.2
2,132.9
2,372.4
2,585.5
1,509.9
1,746.1
1,908.4
2,015.1
Cumulative total, first 6
months:
Fiscal year 1986
Fiscal year 1987
356.9
383.8
493.2
505.7
136 3
-121.9
262.4
282.1
405.1
410.3
142.7
-128.2
94.5
101.7
88.1
95.4
6.4
6.3
1,991.1
2,250.7
1,637.5
1,842.2
1975
1976
1
Estimates from Budget of the United States Government, Fiscal Tear 1988, January 1987.
32
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal 1987, receipts were $26.9 billion higher than a year earlier and outlays were $12.5
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
INDIVIDUAL INCOME TAXES
— RECEIPTS!/
300
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
200
CORPORATION INCOME TAXES
100
100
0
700
0
OUTLAYS-!/ .
700
NONDEFENSE
\
600
-
'"
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1979
1980
1981
1982
1983
1985
1984
1988
1987
1986
FISCAL YEARS
J/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year
Total
Individual
income
taxes
Corporation
income
taxes
Social
insurance
taxes
and
contributions
National defense
Other
1976
1977
1978
1979
298.1
355.6
399.6
463.3
131.6
157.6
181.0
217.8
41.4
54.9
60.0
65.7
90.8
106.5
121.0
138.9
34.3
36.6
37.7
40.8
1980
1981
1982
1983
1984
517.1
244.1
599.3
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
50.6
69.5
69.3
65.6
71.8
1985
1986
1987 i
1988 1
734.1
769.1
61.3
63.1
104.8
117.2
265.2
283.9
916.6
334.5
349.0
364.0
392.8
333.2
73.0 946.3
73.1 989.8
72.2 1,015.6
73.4 1,024.3
356.9
383.8
163.3
172.3
26.4
35.5
130.2
140.1
37.0
35.8
Cumulative total, first 6 months:
Fiscal year 1986
1
617.8
600.6
666.5
842.4
209.0
239.4
301.5
Estimates from Budget of the United States Government, Fiscal Tear 1988, January 1987.
International
affairs
Health
Medicare
Income
security
Social
secun-
88.1
95.3
102.3
113.7
6.4
6.4
7.5
7.5
15.7
17.3
18.5
20.5
15.8
19.3
22.8
26.5
60.8
61.0
61.5
66.4
73.9
85.1
93.9
104.1
26.7
29.9
35.4
42.6
82.8
93.0
114.7
119.6
134.0
157.5
185.3
131.0
153.8
180.7
209.9
227.4
204.4
220.8
12.7
13.1
12.3
11.8
15.9
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
252.7
273.4
282.2
297.6
245.4
265.6
274.2
289.3
16.2
14.2
14.6
15.2
33.5
35.9
39.7
38.9
65.8
70.2
71.6
73.0
128.2
119.8
124.9
124.8
188.6
198.8
219.4
129.4
136.0
137.5
139.0
131.8
141.7
137.2
116.5
134.2
138.8
130.3
134.7
6.8
6.7
17.1
19.0
34.2
37.2
62.3
63.9
96.5
101.2
70.7
69.9
71.4
69.0
Total
Department of
Defense,
military
89.6
97.2
104.5
116.3
Total
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
493.2
505.7
ty
207.9
Net
interest
Other
Sources: Department of the Treasury and Office of Management and Budget.
NOTE.—Data shown here exclude the transition quarter.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1986, according to revised estimates, Federal receipts rose $21.4 billion (annual rate) and
expenditures rose $12.9 billion, yielding a deficit of $188.8 billion. In the first quarter of 1987, according tO|
preliminary estimates, Federal expenditures rose $6.3 billion; receipts data are incomplete
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
1,000
1,000
800
800
600
600
-200
-200
1987
1983
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1984
1985
1986
1987 1
Calendar year:
1983
1984
1985
1986 r. .
1982: IV
1983: IV
1984- IV
1985: I
n
m
IV
1986: I
n
m
rv
1987: I p
1
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Transfer
payments
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
Net
712.6
774.6
814.7
874.6
302.4
340.2
355.8
368.7
76.3
71.7
83.0
108.9
54.9
56.5
52.2
53.8
279.0
306.2
323.7
343.2
873.9
962.1
1,025.4
1,060.5
297.8
341.1
367.1
384.8
352.3
374.2
394.2
409.5
90.7
97.7
107.4
104.6
109.7
128.3
136.8
138.5
23.5
20.9
19.9
25.1
0.1
— .1
.0
2.0
-161.3
-187.5
-210.7
-185.9
659.9
726.5
786.8
826.9
633.1
675.5
743.9
793.3
755.8
792.6
805.8
806.6
813.5
833.1
854.5
294.5
309.3
345.6
361.9
303.0
291.9
325.5
360.7
316.6
349.6
355.6
350.3
355.5
365.8
376.1
61.3
75.9
73.6
83.8
46.4
70.2
69.9
70.5
69.9
76.8
77.2
77.8
80.1
84.3
93.0
51.6
55.7
56.1
52.3
47.6
53.6
55.9
55.1
59.3
53.9
56.0
52.7
50.7
53.4
52.5
252.5
285.5
311.5
328.9
236.1
259.8
292.6
306.9
310.0
312.2
317.0
325.8
327.2
329.6
332.9
835.9
896.5
984.9
1,030.3
835.7
844.7
934.0
955.4
970.6
990.1
1,023.4
1,001.5
1,045.7
1,030.5
1,043.4
283.5
311.3
354.1
366.2
293.2
276.1
329.1
333.7
340.9
360.9
380.9
355.7
367.6
369.3
372.1
348.6
355.0
380.3
397.7
347.4
352.5
362.1
374.2
377.2
384.1
385.9
389.3
396.7
403.0
401.8
86.2
93.6
99.0
105.6
84.5
86.0
96.9
95.7
98.3
100.2
101.6
103.5
106.9
108.0
104.1
94.3
115.6
130.5
135.9
87.2
101.0
124.9
127.6
130.9
129.8
133.9
135.0
138.1
134.7
135.9
22.9
21.3
20.7
24.9
23.4
29.1
21.5
24.4
22.3
15.1
21.1
18.0
36.5
15.4
29.5
— .4
.2
-.2
.0
.0
.6
.1
-1.0
.0
.0
.0
.0
.0
.0
-176.0
-170.0
-198.0
-203.3
-202.6
-169.2
-190.1
-162.2
-214.8
-197.5
-217.6
-195.0
-232.2
-197.4
-188.8
53.0
339.1
1,049.7
369.2
405.5
101.4
136.8
36.8
.0
365.1
Estimates from Budget of the United States Government, Fiscal Year 1988, January 1987.
34
Purchases
of goods
and
services
Grantsin-aid to
State
and
local
governments
.0
i
\
Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and
Budget.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1977 = 100; seasonally adjusted)
Period
United
States
1980
1981
1982
1983
1984
1985
1986 "
1986- Mar
May
,}
July
Sept
Oct
Nov
Dec
1987- Jan
Peb p
Mar
1
Canada
Japan
France
108.6
111.0
103.1
109.2
121.4
123.8
125.1
108.1
108.6
98.9
104.1
112.7
118.2
118.7
118.9
120.1
120.6
124.7
138.4
144.8
144.4
123.6
124.7
124.2
124.2
124.9
125.1
124.9
125.3
126.0
' 126.7
117.5
120.9
118.3
117.3
118.7
116.7
116.8
117.9
117.6
119.9
' 126.5
127 1
1267
120.3
Consumer prices (1967=100)
United
Kingdom
United
States 1
Germany
Italy
106
103
101
102
105
106
107
107
105
102
103
106
112
114
114.7
112.1
109.6
103.9
107.1
108.4
111.4
100
96
98
101
103
108
110
246.8
272.4
289.1
298.4
311.1
322.2
328.4
144.5
144.6
145.1
145.3
144.9
141.3
146.3
143.5
141.1
145.8
105
110
104
108
109
109
109
109
107
107
113
117
112
116
117
116
114
116
114
112
114.9
116.6
109.0
114.2
111.0
r
105.8
r
l!1.3
110.8
r
112.6
110.9
109
111
109
108
110
111
r
lll
110
110
109
145.2
104
111
110.6
110
Data relate to all urban consumers.
Canada
Italy
United
Kingdom
Japan
Prance
Germany
243.5
273.9
303.5
321.0
335.0
348.3
362.8
282.3
296.2
304.1
309.7
316.6
323.0
324.9
294.2
332.7
373.1
407.9
439.5
465.1
477.6
175.8
186.9
196.8
203.3
208.2
212.7
212.2
398.0
472.4
549.4
631.8
698.8
764.7
805.2
423.6
473.9
514.7
538.3
565.1
599.4
619.9
326.0
325.3
326.3
327.9
328.0
328.6
330.2
330.5
330.8
331.1
358.5
359.1
360.7
361.3
363.9
365.1
365.1
366.9
368.9
369.5
323.5
324.7
326.9
325.2
324.4
323.8
325.4
325.7
324.1
323.5
472.9
474.7
475.6
477.0
477.5
478.0
479.9
480.9
481.4
481.9
212.8
212.6
212.6
212.9
211.9
211.4
211.7
211.0
210.8
211.2
804.4
806.8
809.9
813.1
813.1
814.7
817.1
822.0
825.3
827.8
613.0
619.0
620.1
619.8
618.0
619.9
623.0
623.9
629.2
631.3
333.1
334.4
335.9
370.3
371.9
373.5
322.2
322.2
486.2
487.2
212.1
832.8
836.1
839.4
633.7
636.2
637.5
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data not seasonally adjusted]
Merchandise exports 1
Total domestic
and foreign
Period
Revised
statistical
month
Statistical
month
Total
2
Food,
beverages,
&
tobacco
Crude
matls
&
fuels
Manufactured
goods
General imports 3 (statistical month except as noted)
Total
2
F.a.s. value
1981
1982
1983
1984
1985
1986
Revised
statistical
month
Exports (f.a.s.) less
imports (e.i.f. value)
Statistical
month
Revised
statistical
month
Statistical
month
Revised
statistical
month
Statistical
month
Customs value
27 1.4
25 t.9
26 3.9
346.4 341.2
352.5 361.6
383.0 387.1
33.0
33.5
29.6
31.5
28.3
26.5
154.3
139.7
132.4
143.1
145.4
148.7
261.0
244.0
258.0
325.7
345.3
370.0
18.4
17.8
18.8
21.6
22.4
24.7
92.9
74.4
68.0
72.8
65.0
48.3
142.5
144.0
163.4
221.5
246.8
282.1
17.7
18.9
18.0
17.4
19.1
17.7
17.6
17.5
19.3
18.6
18.4
17.2
18.3
17.4
16.7
16.4
15.9
16.8
16.9
18.6
17.9
17.8
1.7
1.7
1.5
1.4
1.4
1.6
1.8
1.7
1.9
1.9
1.9
2.4
2.3
2.4
2.2
1.8
1.8
2.0
2.0
2.3
2.3
2.4
12.2
13.3
12.6
12.3
12.3
11.6
12.0
12.3
13.4
12.8
12.6
28.9
32.0
28.8
30.3
31.8
34.1
29.5
28.7
30.0
36.2
27.8
1.9
2.1
2.0
2.3
1.9
2.1
1.9
2.0
1.9
2.3
1.9
4.7
4.3
3.2
3.7
4.2
4.0
3.4
3.9
3.5
3.9
3.4
21.3
24.3
22.2
23.0
24.0
26.6
23.1
21.8
23.5
28.3
21.4
28.8
30.7
32.3
31.4
32.3
33.4
30.9
32.3
34.3
33.9
31.3
15.9
18.0
1.6
1.6
2.1
2.2
11.0
13.2,
27.5
32.3
1.8
2.1
3.4
4.4
21.3
24.8
28.7
33.7
164
18.7
1
Department of Defense Military Assistance Program grant-aid shipments are excluded through
1984 and for revised statistical month data for 1985-86; they are included for statistical month data
for 21985-86 and for 1987.
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
4
Revised statistical month exports less statistical month customs value imports.
t Foreign exports (not shown separately) include $2.1 billion of nonmonetary gold bullion for
Manufactured
goods
33.2
27.0
27.0
27.3
22.2
20.2
1987' Jan
Feb
Julyt
Crude
matls
&
fuels
228.9
207.1
195.9
212.0
206.9
206.4
Sept
Oct
Nov
Dec
May
Food,
beverages,
&
tobacco
Exports (f.a.s.) less
imports (customs value)
Total (c.i.f.
value)
23,i.7
21iJ.2
20().5
218.7 217.9
212.8 213.1
216.6 217.3
17.4
18.6
18.0
18.3
19.1
17.3
16.9
17.5
19.6
18.4
18.5
1986- Feb
Mar
Merchandise trade balance
Merchandise imports
Domestic exports (statistical month)
30.2
33.4
30.0
31.6
33.2
35.7
30.9
30.1
31.4
37.8
29.1
4
4
4
27.3
-31.8
57.6
-107.0 -107.9
132.1
1325
- 153.3 -152.7
-11.5
-13.4
-10.8
-12.0
-12.7
-16.8
-12.6
— 11.2
-10.5
-17.8
4
-9.3
-11.0
-13.6
-11.2
-13.1
-10.8
-12.8
-12.7
-16.4
-11.9
— 11.2
-10.7
-17.6
-9.4
3 1.7
_4 2.7
-6 9.4
-127.6 -123.3
-139.7 -148.5
-166.3 - 169.8
-11.4
-12.2
-14.3
-13.1
-13.3
-16.1
— 14.0
-14.7
-14.7
— 15.4
-12.7
-12.5
-14.5
— 12.1
-14.2
-14.2
-18.0
-13.3
-12.6
-12.1
-19.2
-10.7
— 123
-15.1
June and $1.3 billion for July.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Statistical month and revised statistical month refer only to data for 1984-86. Data for 1987 are
roughly equivalent to revised statistical month data. For further information, see Bureau of the
Census release FT900, April 1987.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1986 the current account deficit rose to $36.8 billion, from $35.3 billion in the third
quarter. The merchandise trade deficit increased to $38.4 billion, from $37.1 billion in the third quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
10
10
-5
-10
-40
1978
1986
- SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise
Period
Exports
184,473
224,269
237,085
211,198
201,820
219,900
214,424
221,753
1979
1980
1981
1982
1983
1984
1985
1986 "
1z
Imports
Investment income 3
Net
balance
-212,009 -27,536
-249,749 -25,480
-265,063 -27,978
-247,642 -36,444
-268,900 -67,080
332 422 -112,522
-338,863 -124,439
-369,461 -147,708
Receipts
Payments
64,132
72,506
86,411
83,549
77,251
86,221
89,991
90,613
-32,960
42 120
-52,329
54 883
-52,410
67 469
-64,803
-67,748
31,172
30,386
34,082
28,666
24,841
18,752
25,188
22,865
Net
Net
military
transactions
Net
travel and
transportation
receipts
-1,778 -2,935
997
-2,237
144
-1,183
992
-274
-369 -4,227
8 593
-1,827
-2,917 -11,128
-2,402 -10,119
Other
services,
net 3
Balance on
goods and
services 1
Remittances,
pensions,
and other
unilateral
transfers 1
Balance
on current
account
6,214
6 128
5,138
991
7,793
9,466 -7,593
1,873
8,699
7 425
13,764
6,339
8,829
-214 -8,917
-9,131
9,711 -37,123
9 481
46 604
9,881 -94,308 -12,157 -106,466
10,603 -102,694
14983
117 677
11,940
125 424 -15,145 -140,569
53,614
54,590
55,691
56,005
79 415
-83,684
-84,144
-85,179
25 801
-29,094
-28,453
-29,174
22,860
21,104
21,396
20,861
-15,446
-17,208
-17,991
-16,823
7,414
3,896
3,405
4,038
-281
-615
-234
-696
-1,834
-2,052
-2,332
-2,375
2,630
2,471
2,448
2,333
17 872
-25,394
-25,166
-25,874
-2,368
-2,439
-3,107
-4,243
-20,240
-27,833
-28,273
-30,117
1985- I
55,324
53,875
52,498
52,727
-80,369
-84,242
-84,173
-90,079
25045
-30,367
-31,675
-37,352
18,726
22,253
24,502
24,509
-16,507
-16,804
-16,240
-15,254
2,219
5,449
8,262
9,255
-246
-729
-619
-1,322
-2,202
-2,864
-3,031
-3,031
2,442
2,552
2,609
2,999
-22,832
-25,959
—24,454
-29,451
3 280
-3,458
-4,001
—4,244
26 112
-29,417
-28,455
-33,695
1986: I
53,588
55,075
55,764
57,326
-90,077
-90,775
-92,913
-95,696
-36,489
-35,700
-37,149
-38,370
24,199
22,639
22,342
21,432
-17,699
-17,311
-16,196
-16,542
6,500
5,328
6,146
4,890
-1,066
-695
-570
-71
-2,688
-2,386
-2,594
-2,451
2,694
3,103
3,031
3,110
-31,049
-30,350
-31,136
-32,892
-2,991
-4,047
-4,163
-3,945
-34,040
-34,397
-35,299
-36,837
1984- I
n
m
IV
n
m
rv
n
m
IV....
1
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
jFees and royalties from U.S. direct investments abroad or from foreign direct investments in t
United States are excluded from investment income and included in other services, net.
2
3
36
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 $29.9 billion in the fourth quarter of
1986 compared with a rise of $19.3 billion in the third quarter. Liabilities to private foreigners reported by U.S.
banks, excluding Treasury securities, increased $35.3 billion in the fourth quarter compared to an increase of $30.1
billion in the third quarter.
BILLIONS OF DOLLARS*
80
BILLIONS OF DOLLARS*
80
ilN
FOREIGN ASSETS
IN THE U.S..NET
60
60
/ *
\.
40
40
'1
20
20
-20
-20.
V
-40
-40
-60
I
1978
1980
1981
1983
1982
1984
*SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
I
I
1985
I J
1986
I -60
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capita
Period
Total
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
64331
-86,118
-111,031
121 273
50022
-23,639
32 436
-99,815
-1,133
8 155
-5,175
4965
-1,196
3 131
-3,858
312
-3,746 -59,453
-5,162
72802
-5,097 -100,758
6 131
110 177
-5,005 -43,821
5,523
14,986
-2,824 -25,754
98,149
— 1,978
38,752
58,112
83,322
94,078
85,496
102,767
127,106
213,294
-13,665
15,497
4,960
3,593
5,968
3,037
-1,324
33,394
52,416
42,615
78,362
90,486
79,527
99,730
128,430
179,900
-3,571
20 171
16,443
-16,338
-657
566
-799
— 1,110
2,029
-1,386
-1,388
-717
-885
-18,220
18,630
14512
22,251
41,963
2,668
35,885
-2,947
157
-765
6,906
25,198
42,120
3,433
28,979
-510
-2,793
-5,867
23 266
233
-356
121
-3,148
-807
1 055
-422
540
530
-1,382
-5,324
19579
14,247
25,358
35,665
51,837
-11,066
8,486
2,577
1 322
25,313
16,872
33,088
53,158
-13,009
25 661
-28,201
IV"...
3° 911
115
16
280
132
250
-209
-1,429
-91
12 644
-25,468
-27,052
-32,985
36,620
47,526
69,523
59,625
2,469
14,704
15,448
774
34,151
32,822
54,075
58,851
1979
1980
1981
1982
1983
1984
1985
1986
U.S.
official
reserve
assets 1 2
Foreign assets in the U.S., net
[increase/capital inflow (+)] 2
p
1984: I
n
m
IV
1985: I
n
m
IV
1986: I
n
m
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and 1
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Allocations
of special
drawing
rights
(SDKs)
1,139
1,152
1,093
Statistical discrepancy
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
18,956
26,756
30,074
33,958
33,747
34,934
43,186
25,431
24,982
20,276
36,325
11,130
27,338
23,006
27,091
1,560
U.S. official
reserve
assets, net l
(unadjusted,
end of
period)
940
962
-3,561
3,577
34,975
34,547
34,306
34,934
- 1,343
5,125
1,094
-1,174
3 687
3,771
35,493
36,088
38,295
43,186
10,429
12,532
-6,023
10,156
1,329
-1,410
3,956
4,040
44,919
46,595
48,087
6,040
9,162
10,570
12,375
6,852
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
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
Consumer Installment Credit
Bank Loans and Securities, and Reserves
,
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
" Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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