Full text of Economic Indicators : December 1987
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100th Congress, 1st Session
LIBRARY
. - * 91988
FEDERAL RESERVE
BANK QE CHICAGO
Economic Indicators
DECEMBER
1987
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1987
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JOHN MELCHER (Montana)
JEFF BINGAMAN (New Mexico)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SN'OWE (Maine)
HAMILTON FISH, JR. (New York)
J. ALEX McMILLAN (North Carolina)
JUDITH DAVISON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. 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
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
This issue includes data available as of December 29, 1987.
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the third quarter, current-dollar gross national product (GNP) rose 7.3 percent
(annual rate) or $78.9 billion. Real GNP (GNP adjusted for price changes) rose 4.3 percent and the implicit price
deflator rose 2.8 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,800
4,800
SEASONALLY ADJUSTED ANNUAL RATES
4 400
4,400
r""~^
. -
GNP
RENT DOLLAR!
4,000
^
3,600
4,000
.
-• —
3,600
,--""
—
—
-/^>_-'*"
3,200
3,200
-^~=-'\-\
GNP
IN 1982 DOLLARS
^~~
—
—
/
2,800
2,800
—
^
2,400 -^
2,400
—
—
2,000
1
1
1979
1
1980
1
1
1981
1
1
1982
1
1
1
1
1983
1984
1
1
1
111
1
1985
1986
SOURCE; DEPARTMENT OF COMMERCE
2,000
1
1
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures
Gross
private
domestic
investment
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,010.3
4,235.0
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
454.8
437.0
515.5
447.3
502.3
664.8
641.6
671.0
3,212.5
3,545.8
2,117.0
2,315.8
409.6
579.8
IV
3,674.9
3,754.2
3,807.9
3,851.8
2,361.1
2,417.0
2,450.3
2,493.4
663.0
664.2
670.3
661.8
1985- I
II
Ill
IV
3,921.1
3,973.6
4,042.0
4,104.4
2,549.9
2,602.0
2,665.4
2,700.1
638.6
648.4
628.6
650.8
1986- 1
II
III
IV
4,174.4
4,211.6
4,265.9
4,288.1
2,737.9
2,765.8
2,837.1
2,858.6
4,377.7
4,445.1
4,524.0
2,893.8
2,943.7
3,011.3
Period
1979
1980
1981
1982
. ..
1983
1984
1985
1988
1982- IV
. .
1983- IV
1984- I
II
III
1987: 1
I]
III
. .
r
Gross
national
product
Mwirce: Department of Commerce. Bureau of Kr<
Government purchases of
goods and services
Exports and imports of goods
and services
Federal
Net
exports
Exports
Imports
Total
Total
291.2
351.0
382.8
361.9
352.5
383.5
369.9
376.2
272.5
318.9
348.9
335.6
358.7
442.4
449.2
481.7
467.8
530.3
588.1
641.7
675.0
735.9
818.6
869.7
335.9
364.7
374.3
383.2
390.8
385.7
321.9
390.5
420.0
446.1
450.1
453.6
671.8
676.1
696.5
735.8
746.6
764.5
376.3
370.6
364.2
368.7
427.7
447.8
448.9
472.2
683.4
679.4
660.8
660.2
51 5
-77.3
-84.7
-103.5
-93.8
-100.8
-110.5
-116.9
373.5
371.3
376.6
383.3
467.3
472.1
487.1
500.2
899.9
702.6
707.4
-112.2
1184
-123.7
397.3
416.5
439.2
509.5
534.8
562.9
784.1
800.5
832.8
857.0
846.9
867.2
878.5
886.3
8962
917.1
929.0
18.8
32.1
33.9
26.3
-6.1
-58.9
-79.2
-105.5
14.1
— 25.8
45 7
-62.8
-59.3
-67.9
National
defense
Nondefense
State
and
local
Final
sales
178.0
208.1
242.2
272.7
283.5
310.5
353.9
366.2
293.2
276.1
121.9
142.7
167.5
193.8
214.4
234.3
259.3
277.8
56.1
65.4
74.8
78.9
69.1
76.2
94.6
88.4
289.9
322.2
345.9
369.0
391.5
425.3
464.7
503.5
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,000.3
4,219.3
205.4
221.5
378.7
400.0
3,272.4
3,514.8
284.0
315.0
317.0
326.0
226.9
233.0
233.1
244.1
87.7
54.6
57.1
81.9
83.9
81.9
412.5
420.8
429.6
438.5
3,580.8
3,687.4
3,742.9
3,806.8
336.3
339.4
361.9
378.0
250.2
253.7
265.1
268.2
447.8
461.1
470.9
479.0
3,899.8
3,955.1
4,044.4
4,101.9
356.7
368.4
371.2
368.6
266.6
278.2
287.6
279.0
86.1
85.7
96.8
109.8
90.1
90.2
83.6
89.6
490.2
4.98.8
507.3
517.7
4,136.1
4,184.0
4,262.4
4,294.6
366.9
379.6
382.1
287.5
294.5
299.0
79.4
85.1
83.0
529.3
537.6
546.9
4,326.0
4,404.8
4,501.1
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Persona]
consumption
expenditures
Gross private
domestic investment
Government purchases of
goods and services
Exports and imports of
goods and services
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
3 192 4
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,607.5
3,713.3
1979
1080
1981
1982
1983
1984...
1985 ..
1986
198'- IV
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,352.6
2,450.5
389.4
379.2
395.2
366.7
361.2
425.2
454.1
443.8
170.8
137.0
126.5
105.1
149.3
170.9
174.6
196.4
15.0
-6.9
23.9
245
64
62.3
7.4
13.8
3.6
57.0
49.4
26.3
19 9
840
-108.2
145 8
356.8
388.9
392.7
361.9
348.1
371.8
365.3
377.4
353.2
332.0
343.4
335.6
368.1
455.8
473.6
523.2
609.1
620.5
629.7
641.7
649.0
677.7
726.9
754.5
236.2
246.9
259.6
272.7
275.1
290.8
324.2
332.5
164.3
171.2
180.3
193.8
206.9
218.5
236.7
250.7
71.9
75.7
79.3
78.9
68.2
72.3
87.5
81.8
373.0
373.6
370.1
369.0
373.9
387.0
402.7
422.1
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,600.1
3,699.5
11.7
-46.2
-68.6
83.4
63.2
-87.3
60.9
-85.5
41.7
-94.8
—81.0
19.5
17.3 -107.7
—5.7 -114.9
-1.6 -129.3
1230
35.3
28.1 -146.8
6.1 -161.6
151 8
47.6 -135.2
132 7
39.0
24.6' -138.4
336.0
355.5
660.1
642.2
289.5
266.0
370.6
376.2
3,218.6
3,338.1
653.0
680.2
684.5
693.2
57.4
77.8
78.6
75.2
381.6
384.7
388.9
392.7
3,368.3
3,434.8
3,459.6
3,493.5
369.7
364.7
360.5
366.5
450.7
472.4
475.4
495.8
703.4
712.1
738.6
753.7
78.6
77.8
89.3
104.2
395.0
401.4
406.1
408.4
3,549.2
3,569.9
3,628.7
3,652.5
371.5
370.2
379.6
388.3
397.8
414.5
437.1
494.4
517.0
541.2
540.1
737.6
751.6
757.2
771.8
271.5
295.6
295.5
300.5
308.4
310.7
332.5
345.3
322.1
330.6
332.6
344.6
82.0
80.4
72.8
91.9
415.5
421.0
424.6
427.1
3,663.4
3,676.7
3,711.9
3,745.8
533.0
547.2
575.6
759.6
766.7
771.7
327.3
332.6
336.3
201.4
211.6
214.1
217.8
217.0
225.3
229.8
232.8
243.3
241.1
240.0
250.1
259.8
252.7
257.4
263.5
268.3
88.2
54.4
362.7
369.1
378.7
376.6
324.3
401.6
431.3
456.5
464.1
471.4
69.9
69.1
67.9
432.3
434.1
435.4
3,724.5
3,756.3
3,811.4
1983:
IV
3,159.3
3,365.1
2,078.7
2,191.9
352.3
390.4
1984:
I
II
Ill
IV
3,451.7
3,498.0
3,520.6
3,535.2
2,212.1
2,246.7
2,257.3
2,281.1
401.3
422.0
433.0
444.4
115.8
159.9
170.5
173.1
170.3
169.6
1985- I
II
Ill
IV
3,568.7
3,587.1
3,623.0
3,650.9
2,314.1
2,337.0
2,376.1
2,383.2
440.0
457.2
454.1
465.2
172.6
171.2
174.9
179.7
1986- I
H
III
IV
3,698.8
3,704.7
3,718.0
3,731.5
2,409.7
2,434.3
2,477.5
2,480.5
453.2
441.0
437.7
443.2
185.9
196.5
201.1
202.2
1987: I
H
III '
3,772.2
3,795.3
3,835.9
2,475.9
2,487.5
2,520.7
426.0
437.9
463.8
198.2
196.8
193.5
59 3
27.0
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
1979
1980
1981
1982
1983
1984
1985 .
1986.
1982: IV
1983- IV
1984- I
II
Ill
IV
Gross
national
product
Total
Durable
goods
78.2
86.6
94.6
100.0
104.1
108.1
111.8
114.3
101.8
105.7
106.7
107.6
108.5
109.3
110.2
111.3
112.2
113.3
82.1
89.2
95.7
100.0
102.1
103.8
104.5
104.9
100.7
103.1
103.2
103.9
104.1
104.1
1985: I
11
III
IV
78.6
85.7
94.0
100.0
103.9
107.7
111.2
114.1
101.7
105.4
106.5
107.3
108.2
109.0
109.9
110.8
111.6
112.4
1986: I
II
Ill
IV
112.9
113.7
114.7
114.9
104.5
104.6
105.4
105.2
1987: I
11
Ill'
116.1
117.1
1179
113.6
113.6
114.5
115.2
116.9
118.3
119.5
.Snim-r: Department of Commerce, Bin
104.6
104.5
104.6
104.3
105.4
106.1
107.4
Nondurable goods
80.0
89.4
96.9
100.0
102.1
105.0
107.5
107.1
101.0
103.1
104.3
104.7
105.2
105.8
106.3
107.4
107.6
108.6
107.8
106.2
106.8
107.5
109.8
111.7
112.6
Gross private
domestic investment
Services
75.6
83.9
92.6
100.0
106.2
111.6
117.1
122.5
102.7
108.3
109.5
110.9
112.3
113.5
114.8
116.3
118.0
119.4
Nonresidenttal
fixed
77.8
85.1
93.4
100.0
98.8
97.9
97.5
98.5
100.7
98.3
97.9
97.9
97.8
97.9
120.7
122.0
123.3
124.3
98.0
97.5
97.3
97.1
97.2
98.4
99.0
99.2
125.5
126.9
128.3
99.3
99.2
98.4
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
tial fixed
81.4
89.4
96.6
100.0
102.2
106.0
108.2
111.1
99.1
103.1
103.3
106.4
106.9
107.2
107.6
107.6
108.0
109.5
110.0
111.0
111.3
112.2
113.7
115.7
117.8
Exports
Imports
Total
81.6
90.2
97.5
100.0
101.3
103.2
101.3
99.7
100.0
102.6
103.2
103.8
103.2
102.4
101.8
101.6
101.0
100.6
100.6
100.3
99.2
98.7
99.9
100.5
100.5
77.1
96.0
101.6
100.0
97.4
97.1
94.8
92.1
99.3
97.2
97.4
97.7
97.0
96.2
94.9
94.8
94.4
95.2
94.5
91.3
90.0
92.6
95,6
97.7
97.8
National
defense
Nondefense
State
and local
75.4
84.3
93.3
100.0
103.1
106.8
109.2
110.2
101.3
103.8
104.6
106.6
107.3
108.5
74.2
83.4
92.9
100.0
103.6
107.2
109.5
110.8
102.0
104.7
78.0
86.4
94.3
100.0
101.4
105.5
108.1
108.1
99.5
100.3
77.7
86.2
93.4
100.0
104.7
109.9
115.4
119.3
102.2
106.3
106.0
107.0
107.5
108.3
99.5
105.3
106.7
108.9
109.0
109.3
108.8
109.5
110.7
111.4
111.6
107.0
112.1
114.1
113.6
108.9
109.0
109.0
111.2
109.5
110.1
108.4
105.4
108.1
109.4
110.5
111.7
113.4
114.9
116.0
117.3
111.1
111.2
110.7
110.4
111.7
111.8
111.4
109.8
112.2
115.0
97.5
113.6
123.1
122 2
118.0
118.5
119.5
121.2
122.4
123.8
125.6
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
t change from previous period; quarterly rfnta at seasonally adjusted an mini rates]
Personal consumption e penditurcs
tiro ss nationnl prc duct
Period
Constant
(1982)
dollars
dollars
1980
1981 .
1982
1983.
1984
8.9
— 0.2
1.9
-2.5
3.6
6.8
11.7
3.7
7.6
10.8
1985
19SG
1982- IV
1983- I V
1984- I
II
. . .
Ill
IV
1985- I
11
III
IV
1986- I
II
Ill
IV
29
.6
7.3
10.7
5.5
26
1.7
38
4.1
3.1
5.4
.6
1.4
II
... .
Chain price
index
44
25
43
73
3.6
2.4
4.1
3.9
4.5
3.8
34
3.1
4.0
3.8
2.8
3.4
2.7
4.0
4.0
4.5
3.8
3.4
3.2
4.1
3.7
2.9
3.4
2.2
2.2
2.6
2.3
4,5
4.1
3.4
4.2
6.2
4.1
4.0
4.2
35
2.8
37
3.3
NOTE.—Annual changes arc from previous year and quarterly changes are from previous quartei
10.6
10.5
7.1
9.0
8.8
8.2
9.3
9.3
1.7
1.9
26
2.0
Chain price
index
Fixedweighted
price index
<i!iB2
weights)
35
3.6
Implicit
price
deflator
Constant
(1982)
dollars
Current
dollars
9.0
9.4
6.3
4.1
3.9
9.0
9.7
6.4
3.9
3.7
32
26
3.6
4.7
4.2
3.0
3.4
3.0
33
3.3
2.9
2.9
1.8
2.9
1.5
86
63
1987- I
III *
30
63
56
42
124
154
8.9
58
4.7
74
55
7.1
6.3
7.0
3.6
5.3
2.1
Implicit
price
deflator
Fixedweighted
price index
(1982
weights)
6.5
10.3
9.7
8.1
9.8
5.6
7.2
9.4
8.4
10.1
5.3
5.7
4.1
10.7
3.1
5.0
7.1
9.5
-0.2
1.2
1.3
4.6
4.8
4.6
4.2
5.3
5.5
3.7
6.4
1.9
4.3
5.9
4.0
6.9
1.2
4.5
4.1
7.3
10.7
9.2
5.7
4.1
3.8
3.4
2.2
4.4
4.3
3.8
3.4
3.4
3.0
3.3
4.1
3.3
4.0
1.1
.0
1.9
3.2
2.5
6.0
4.9
5.4
4.1
.5
"t
10.9
9.2
5.7
4.2
3.9
3.6
2.5
4.8
4.1
4.3
3.2
3.6
3.1
3.5
4.4
3.2
4.2
1.5
.3
3.6
3.0
5.5
5.2
4.0
10.5
9.0
5.6
4.2
4.0
3.7
2.6
4.8
4.1
4.5
3.2
3.8
32
3.4
4.5
3.3
4.2
1.7
.3
3.6
3.0
5.7
5.2
4.0
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
nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1980
1981...
1982
1983
1984
1985
1986
1982: IV
1983- IV
1984- I
II
III
IV
1985:
I
II
Ill
IV
1986: I
II
Ill
IV
1987- I
III '
1
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,282.8
2,376.1
1,779.4
2,012.5
2,080.6
2,139.9
2,164.4
2,201.8
2 230 9
2 266 2
2!si2.4
2,321.8
2,353.3
23586
2,387.7
2,404.7
2,434.8
2,465.4
2,521.1
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,127.1
2,182.2
1,760.2
1,940.5
1,996.7
2,035.2
2,044.7
2,069.5
2,091.1
2,115.1
2,148.7
2,153.5
2,176.7
2 171 9
2,180.8
2,199.3
2,207.6
2,219.9
2,254.4
Total
cost
and
profit 2
0.852
.946
1.000
1.026
1.054
1.073
1.089
1.011
1.037
1.042
1.051
1.059
1.064
1.067
1.071
1.076
1.078
1.081
1.086
1.095
1.093
1.103
1.111
1.118
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
Indirect
business
taxes 3
0.095
.109
.125
.123
.118
.119
.121
.131
.120
.118
.117
.118
.118
.119
.119
.118
.120
.119
.121
.122
.123
.123
.124
.123
0.077
.090
.094
.098
.100
.103
.104
.096
.098
.098
.100
.101
.102
.102
.104
.102
.103
.104
.101
.106
.104
.105
.107
.107
Output is measured hy gross domestic product of nonfinancial corporate hnsiness in IHRl' do!lars.
* This is equal tu tl,e deflator for gross domestic product of mmfin.noial corporate business with
»"• *'-'"'»1 I""1" sl"f"id nv" I'1"''5 "' »"• '••"•
1
3
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.702
.715
.685
.680
.681
.682
.691
.694
.698
.701
.699
.709
.709
.714
.717
.720
.724
.728
.727
0.031
.037
.043
.037
.039
.043
.045
.042
.037
.037
.038
.041
.042
.043
.043
.043
.044
.045
.046
.046
.045
.045
.046
.048
Total
0.068
.078
.063
.089
.109
.107
.103
.057
.103
.109
.114
.107
.107
.106
.106
.114
.103
.104
.104
.104
.102
.106
.106
.114
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.036
.023
.036
.040
.039
.034
.032
.033
.031
.034
.033
.033
.034
.037
.040
.045
.047
.051
Profits
after
tax 4
0.031
.044
.037
.057
.073
.074
.068
.034
.066
.069
.075
.073
.075
.072
.075
.080
.070
.071
.069
,068
.062
.061
.059
.063
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.867
18.288
18.674
18.969
17.382
18.029
18.221
18.312
18.255
18.359
18.458
18.588
18.849
18.787
18.941
18.930
18.974
19.073
18.933
18.964
9.939
10.861
11.699
12.124
12.570
13.103
13.566
11.914
12.261
12.409
12.494
12.623
12.746
12.883
13.022
13.173
13.324
13.437
13.525
13.608
13.724
13.708
13.798
Indirect business tux and nontax liability plus business transfer payments less subsidies,
With inventory valuation and capital consumption adjustments.
|,,pnrt,ncnt of Commerce (Bureau of Kconomic Analvsis) and Department of l,,bor
(Bureau of Lahor Statistics).
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income
with inventor}'
valuation and capital
consumption
adjustments
Farm
1982
1983
1984
1985
1986
1982: IV
1983- IV
1984- I
II
1985-
2,518.4
2,719.5
3,028.6
3,229.9
3,422.0
2,548.2
2,851.5
2,962.1
3,009.0
3,047.3
3,096.1
3,156.5
3,204.4
3,254.4
3,304.4
3,364.2
3,414.1
3,438.7
3,471.0
3,548.3
3,593.3
3,659.0
m •
rv
I
n
in
IV
1986- I
n
ni
rv
1987: I
n r
m.
1
1,907.0
2,020.7
2,213.9
2,370.8
2,504.9
1,931.1
2,092.7
2,152.9
2,195.2
2,234.9
2,272.7
2,314.9
2,351.5
2,386.3
2,430.5
2,484.8
2,487.6
2,515.1
2,552.0
2,589.9
2,623.4
2,663.5
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
13.6
13.2
8.5
9.0
16.7
15.8
12.4
12.3
9.3
6.9
5.6
7.3
9.1
9.3
10.1
14.0
17.4
17.2
18.4
20.0
18.9
17.3
150.9
178.4
204.0
227.6
252.6
159.8
188.6
197.1
202.0
207.5
209.7
220.4
224.2
229.5
236.3
242.8
250.1
256.2
261.2
269.7
275.8
282.1
24.6
12.4
30.5
29.7
37.2
28.5
19.3
44.3
26.1
23.3
28.1
31.7
32.2
22.9
31.7
28.0
48.1
36.3
36.6
51.3
47.3
40.6
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits 'with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
150.0
213.7
266.9
277.6
284.4
146.1
248.5
262.7
275.5
262.6
266.9
265.6
274.2
292.8
277.8
288,0
282.3
286.4
281.1
294.0
296.8
314.9
Profits
before tax
Inventory
valuation
adjustment
169.6
207.6
240.0
224.8
231.9
164.1
231.5
253.7
251.4
228.5
226.1
217.6
218.0
230.2
233.5
218.9
224.4
236.3
247.9
257.0
268.7
284.9
Capital
consumption
adjustment
104
109
58
-.7
6.5
-13.4
81
155
-5.0
-1.1
-1.6
-1.5
1.8
6.5
-9.8
17.8
11.3
6.0
-8.9
11.3
-20.0
-17.6
159.2
196.7
234.2
224.1
238.4
150.7
223.4
238.2
246.5
227.4
224.6
216.1
219.8
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.8
267.3
-9.2
17.0
32.7
53.5
46.0
4.5
25.1
24.5
29.0
35.2
42.3
49.5
54.4
56.0
54.2
51.3
46.7
44.0
42.1
48.2
48.0
47.7
Net
interest
272.3
281.0
304.8
315.3
326.1
266.9
290.2
292.8
301.0
312.2
313.1
316.5
313.2
313.7
317.9
326.6
328.7
327.5
321.7
323.6
331.1
340.6
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
persona!
Period
1982
1983
1984
1985
1986
1982- IV
1983: IV
1984: I
1985:
1986-
.. .
n
in
rv
I
n
m
rv
I
n
m
rv
1987: I
n
mr
sumption
expenditures
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,117.0
2,315.8
2,361.1
2,417.0
2,450.3
2,493.4
2,549.9
2,602.0
2,665.4
2,700.1
2,737.9
2,765.8
2,837.1
2,858.6
2,893.8
2,943.7
3,011.3
252.7
289.1
335.5
368.7
402.4
263.8
310.0
322.7
335.1
337.7
346.7
358.2
362.4
383.7
370.5
375.9
386.4
427.6
419.8
396.1
409.0
436.8
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
108.9
130.4
157.4
177.6
194.9
115.7
144.4
151.1
157.8
158.6
162.3
171.1
173.3
191.9
174.1
177.4
184.2
217.0
201.2
177.6
189.6
215.2
Furniture
and
household
equipment
95.7
107.1
118.8
128.7
139.9
99.1
112.4
115.2
117.9
119.5
122.7
125.0
127.0
129.5
133.5
134.7
138.3
142.9
143.8
146.0
146.0
147.9
Other
48.1
51.6
59.3
62.4
67.6
49.0
53.2
56.4
59.3
59.7
61.8
62.1
62.1
62.4
62.9
63.8
64.0
67.8
74.8
72.5
73.5
73.7
Total
nondurable
goods
771.0
816.7
867.3
913.1
939.4
786.6
837.9
849.9
866.9
872.8
879.6
894.4
910.4
918.4
929.3
936.8
934.3
940.0
946.3
969.9
982.1
986.4
Food
398.8
421.9
448.5
472.8
497.8
407.0
430.8
438.3
445.8
453.6
456.1
463.5
471.2
474.9
481.7
489.4
494.7
499.6
507.5
514.8
515.0
514.0
Clothing and
shoes
OasoUne
and oil
124.4
135.1
146.7
157.2
167.5
126.5
141.1
143.0
147.3
146.8
149.8
153.2
155.8
158.8
160.9
163.4
167.2
169.8
169.6
174.0
175.8
178.7
89.1
90.2
90.0
92.6
75.3
89.8
91.9
90.8
91.3
88.9
89.0
90.6
94.3
93.5
92.1
87.7
74.4
70.6
68.4
75.8
80.6
82.7
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Domestics
158.7
169.5
182.1
190.5
198.8
163.4
174.0
177.8
182.5
183.5
184.7
187.2
189.1
191.2
194.5
196.3
198.0
200.0
200.8
205.3
210.7
211.0
1,027.0
1,128.7
1,227.6
1,347.5
1,458.0
1,066.5
1,167.9
1,188.6
1,215.1
1,239.7
1,267.1
1,297.3
1,329.2
1,363.3
1,400.3
1,425.2
1,445.1
1,469.5
1,492.4
1,527.7
1,552.6
1,588.1
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
9.3
7.1
7.7
7.9
9.5
7.8
6.7
7.0
8.0
Imports
2.2
2.4
2.4
2.8
3.2
2.5
2.6
2.3
2.4
2.4
2.6
2.5
2.7
3.0
3.2
2.9
3.1
3.5
3.5
2.8
3.0
3.6
SOURCES OF PERSONAL INCOME
Personal income fell $16.9 billion (annual rate) in November, following a rise of $67.4 billion in October. The
changes were affected by Federal subsidy payments to farm proprietors, which fell $41.7 billion in November,
following an increase of $40.3 billion in October. Excluding subsidy payments, personal income increased $24.8
billion in November and $27.1 billion in October.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,200
4,200
3,200
3,200
1,600
1,600
•800
800
400
200
1987
COUNCH Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
personal
income
1979
1980
1981
1982
1983
1984
2 033 9
2 258 4
2 5209
2 6708
28386
3 108 7
3 327 0
3 534 3
1985
1986
1986:
1987:
Nov
Dec
Jan
Feb
Mar
Apr
May
T •>
June
July r.....
Aug '
Sept r
Oct r
Nov p
1
3 5903
3 613 0
3,631 5
3 671 2
3 6834
3 701 9
•-••
3 7085
3 715 3
3 7392
3 760 6
3 783 2
3 850 6
3,833 7
Wage and
salary
disbursements
1 252 1
1 3720
1 5103
1 586 1
l'6766
1 8386
1 9749
2089 1
2 131 5
2 1344
2 1502
2 166 4
2 173 1
2 181 5
2 193 7
2 198 9
2 209 7
2 228 8
22398
2 2569
2 272 7
Proprietors ' income 3
Other labor
income l z
Farm
122 7
1384
150 3
163 6
173 6
182 9
192 3
201 1
31 7
205
30 7
246
124
305
29 7
37 2
204 4
205 1
31 1
45 2
205 9
206 7
2074
2100
2090
2096
2104
211 1
211 9
212 7
2135
420
562
55 6
580
41 6
42 3
43 9
37 7
402
77 6
346
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.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Less:
income of
persons 4
184
19 2
48 1
52 9
61 3
63 9
68 7
755
763
81 2
82 9
83 2
19 5
200
204
19 7
18 9
18 2
17 8
17 3
16 7
165
166
83 9
844
850
853
865
87 0
879
888
894
900
905
160 1
56
160 1
156 1
1509
1784
66
13 3
13 6
13 2
85
90
16 7
2040
227 6
252 6
261 0
263 4
2656
270 2
273 2
274 1
275 8
277 7
2799
282 8
283 6
286 6
289.0
dividend
income
interest
income
221 4
271 9
335 4
369 7
393 1
444 7
4765
497 6
496 7
4966
498 1
499 8
501 6
503 8
5063
5088
5140
519 8
payments 5
273 1
3247
368 1
410 6
442 6
456 6
489 7
518 3
526 3
5280
532 2
534 5
5343
537 3
5454
541 7
545 2
5452
5262
547 0
532 7
539 2
5504
551 3
4
contributions
for social
insurance
81 0
886
1045
112 3
120 1
132 7
1489
159 6
162 1
162 1
165 9
167 0
167 3
167 7
168 6
1689
169 6
1708
171 6
172 8
173 8
personal
income 6
1 983 1
22158
24656
2 618 7
2 7990
3052 1
3 273 5
34752
35380
35467
3,568.4
3 594 1
3607 2
3 622 8
3 645 1
3 651 2
36735
3 701 1
3 721 1
3 751 1
3 777 1
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the third quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
1,400
1,000
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
14,000
12,000
—
PER CAPITA DISPOSABLE PERSONAL INCOME
,,, _
_^~—
—1
12,000
_—•*•-
—
10,000
10,000
-
_
„
8,000
_:
•
\
1
1982 DOLLARS
—-"
—
,
8,000
"~"~
—
6,000
6,000
\ I I
4,000
1
1
1
1980
1979
1
1
1981
1
1
1
1
1
1
1
1
1
1
1984
1983
1982
1 1
1985
1
1 1
1986
i
1
1
4,000
1987
* SEASONA11Y ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
Personal
Less:
Persona!
tax and
nontax
payments
Equals:
Disposable
nprsnnfl]
personal
Less:
Personal
outlays 1
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per capita
disposable personal
income
r
dollars
7 682
8,421
9,243
9,724
10 340
11,257
11 872
12^508
9 829
9 722
9 769
9 724
9 930
10 419
10 622
10J947
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
3,108.7
3,327.0
3,534.3
304.7
1,729.3
340.5
393.3
409.3
410.5
440.2
485.9
512.2
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2 841.1
1982
dollars
Per capita personal
consumption
expenditures
Current
dollars
1982
dollars
118.0
136.8
159.4
153.9
130.6
164.1
127.1
130.6
2 212.6
2 214.3
2 248.6
2,261.5
2,331.9
2,469.8
2 542.2
2]645.1
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) z
Percent
Dollars
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2 714.1
2,891.5
Percent
change in
real per
capita
disposable
personal
income
6 960
7 607
8 320
8,818
9 515
10 253
10 987
8 904
8,783
8,794
8,818
9 139
9,489
9 830
10^142
1.0
11
.5
5
2.1
4.9
19
3.1
68
7.1
75
6.8
5.4
6.1
45
4.3
225 106
227 754
230,182
232 549
234 829
237,051
239 323
241^620
Seasonally adjusted annual rates
1982: IV
2,729.2
411.1
143.1
2,276.1
9,929
9,749
9,068
8,904
1.2
6.2
233,466
2,941.8
413.9
2,318.1
2,527.9
2,174.9
1983:
2,382.5
145.4
2,392.7
10,725
10,151
9,825
9,299
9.1
5.8
235,707
3,034.1
3,074.8
3,137.8
3,188.3
422.3
432.1
446.7
459.7
2,611.8
2,642.8
2,691.1
2,728.6
2,430.7
2,490.0
2,525.9
2,571.3
181.1
152.8
165.2
157.3
2,446.9
2,456.6
2,479.2
2,496.3
11,057
11,164
11,339
11,467
10,359
10,378
10,446
10,491
9,996
10,210
10,324
10,479
9,365
9,491
9,511
9,587
8.5
.7
2.6
1.7
6.9
5.8
6.1
5.8
236,203
236,720
237,333
237,946
3,259.2
3,304.4
3,338.2
3,406.4
497.0
455.9
491.0
499.7
2,762.2
2,848.4
2,847.2
2,906.6
2,631.0
2,685.6
2,751.5
2,788.1
131.2
162.8
95.7
118.5
2,506.8
2,558.4
2,538.2
2,565.5
11,584
11,919
11,882
12,099
10,513
10,705
10,592
10,679
10,694
10,888
11,124
11,239
9,705
9,779
9,916
9,920
.8
7.5
-4.2
3.3
4.8
5.7
3.4
4.1
238,452
238,977
239,618
240,246
3,463.4
3,526.6
3,553.6
3,593.6
497.4
504.2
515.3
532.0
2,966.0
3,022.4
3,038.2
3,061.6
2,827.6
2,856.4
2,929.4
2,952.6
138.4
166.0
108.9
109.0
2,610.5
2,660.2
2,653.2
2,656.7
12,318
12,525
12,560
12,626
10,842
11,024
10,968
10,956
11,371
11,461
11,729
11,789
10,008
10,088
10,242
10,229
6.2
6.9
-2.0
— .4
4.7
5.5
3.6
3.6
240,782
241,313
241,896
242,489
3,662.0
3,708.6
3,761.0
536.1
578.0
565.7
3,125.9
3,130.6
3,195.3
2,987.5
3,037.4
3,106.5
138.4
93.2
88.8
2,674.6
2,645.5
2,674.7
12,865
12,858
13,090
11,008
10,865
10,958
11,910
12,090
12,337
10,190
10,216
10,327
1.9
-5.1
3.5
4.4
3.0
2.8
242,971
243,480
244,094
IV
1984: I
II
Ill ....
IV
1985: I
II
ni ....
IV
1986: I
II
Ill ....
IV
1987: I
II
Ill r..
1
Includes personal consumption expanditurt's, interest paid by c< ISUIIHT.S to business, and porsonal transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which arc averages for the pe
.Source: Department of Commerce (Bureau of Kruimmir Aiiiilvxis and Hun-n
FARM INCOME
In the third quarter, according to preliminary estimates, gross farm income rose $4.0 billion (annual rate) and net
farm income rose $2.7 billion.
BILLIONS OF DOLLARS * (RATIO S CALE)
BILLIC NS OF DOLLARS* (RATIO SCALE)
240
200
240
200
^
160
.
1
—^S
'
~]-_
^^
^
_
160
\
120
120
GROS S FARM INCO rtE
80
80
xn
40
40
20
20
10
10
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Net farm income
Cash marketing receipts
Total '
Total
Livestock and
products
Crops
Value of
inventorychanges 2
Production
expenses
Current
dollars
1982 dollars 3
1980
1981
1982
1983
1984
1985
1986
149.3
166.3
163.5
153.1
174.7
166.0
159.5
139.7
141.6
142.6
136.6
142.3
144.2
135.2
68.0
69.2
70.3
69.4
72.9
69.8
71.6
71.7
72.5
72.3
67.1
69.4
74.4
63.6
-6.3
6.5
14
-10.9
6.2
-2.7
3.3
133.1
139.4
140.0
140.4
142.7
133.7
122.1
16.1
26.9
23.5
12.7
32.0
32.3
37.5
18.8
28.6
23.5
12.2
29.6
29.0
32.9
1984: I
II
III
IV
176.8
169.9
176.6
175.6
137.8
142.2
147.0
142.3
75.8
72.0
72.0
71.8
62.0
70.1
74.9
70.4
2.1
7.3
8.8
6.6
143.1
143.6
142.9
141.1
33.6
26.3
33.7
34.5
31.6
24.4
31.2
31.8
1985:
I
II
Ill
IV
168.4
164.1
159.6
172.1
137.9
138.0
144.8
156.1
69.9
69.0
68.9
71.4
68.0
68.9
76.0
84.7
1.1
-2.4
4.2
-5.1
138.3
135.3
132.2
129.0
30.1
28.7
27.3
43.1
27.3
25.9
24.4
38.4
1986- I
II
Ill
IV
149.8
168.8
154.8
164.8
134.4
130.6
135.0
140.7
68.3
66.8
77.8
73.3
66.0
63.8
57.2
67.4
42
-3.5
-3.0
-2.4
125.7
122.9
120.6
119.0
24.1
45.9
34.2
45.8
21.4
40.3
29.8
39.9
1987: I
II
IHP
167.3
153.7
157.7
130.0
128.1
137.3
72.6
72.0
78.7
57.4
56.1
58.6
-2.0
— 1.7
.9
117.9
117.0
118.5
49.4
36.6
39.3
42.5
31.2
33.3
1
Cash marketing receipts and inventory change; plus Government payments, other farm cash
mime, iind nonmoncy income furnished by farms.
2
I'estock commodities valued at average
Physical i-liangcs in cnd-of-yvar inventory
3
Income in current dollars divided by the (1NP implicit prior deflator (1 !)H2 = KM)).
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the third quarter, according to revised estimates, corporate profits before tax rose $16.2 billion (annual rate)
and after-tax profits rose $7.4 billion.
BILLIONS OF DOLLARS
320
BILLIONS OF DOLLARS
320
SEASONALLY ADJUSTED ANNUAL RATES
20
8
20
8
PROFITS BEFORE TAX
240
240
200
200
-PROFITS AFTER TAX
160
160
N.
120
TAX LIABILITY,
80
80
T
40
"—--^^. -£-
UNDISTRIBUTED PROFITS
I I
I
I
1979
I I
1980
I
I
1981
1
I
I I
1982
I
I
I
I
1983
I
I
1984
I
I I
1985
I
I
I
198<S
I I I
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax
Profits (before tax) with inventory valuation adjustment *
Domestic industries
Period
Nonfinancial
Total2
Total
1980
1981
1982
1983
1984
1985
1986
1982- IV
1983: IV
1984- I
n
m
IV
1985- I
n
m
rv
1986: I
JJ
m
IV
1987: I
n
mr
1
2
3
194.0
202.3
159.2
196.7
234.2
224.1
238.4
150.7
223.4
238.2
246.5
227.4
224.6
216.1
219.8
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.8
267.3
159.6
173.8
131.2
166.6
203.3
193.6
207.2
121.6
190.7
207.8
216.6
194.8
193.9
187.1
189.2
208.3
189.7
202.3
207.0
210.2
209.3
213.1
215.8
235.4
Financial
21.0
16.5
11.8
18.1
13.0
18.4
26.1
18.7
15.5
14.5
13.1
10.8
13.6
15.3
19.1
18.4
20.8
26.2
26.9
25.2
26.1
27.6
27.8
27.0
Total3
138.6
157.3
119.4
148.5
190.3
175.2
181.1
102.9
175.2
193.3
203.5
184.0
180.3
171.8
170.1
189.9
168.9
176.2
180.0
185.1
183.2
185.5
188.0
208.4
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Manufacturing
77.1
88.5
58.0
70.1
88.8
72.2
69.4
46.8
88.6
95.0
97.0
83.3
79.8
67.8
68.4
80.1
72.4
61.9
72.5
68.0
75.4
75.4
85.5
100.7
Wholesale and
retail
trade
Profits
before tax
21.6
32.5
34.6
38.9
51.2
51.4
52.1
237.1
226.5
169.6
207.6
240.0
224.8
231.9
33.6
43.1
164.1
231.5
48.0
52.7
52.2
51.8
253.7
251.4
228.5
226.1
52.0
52.8
55.7
45.0
55.8
48.2
54.6
49.7
56.2
45.2
52.1
217.6
218.0
230.2
233.5
218.9
224.4
236.3
247.9
257.0
268.7
284.9
Tax
liability
84.8
81.1
63.1
77.2
93.9
96.7
105.0
59.8
88.1
101.2
100.3
87.2
87.0
94.0
93.2
100.5
99.1
98.1
102.1
106.1
113.9
128.0
134.2
143.0
Total
152.3
145.4
106.5
130.4
146.1
128.1
126.8
104.3
143.4
152.5
151.2
141.4
139.2
123.6
124.8
129.7
134.4
120.9
122.3
130.2
134.0
129.0
134.5
141.9
Dividends
Undistributed
profits
54.7
63.6
66.9
71.5
79.0
81.3
86.8
68.5
73.9
76.6
78.9
79.8
80.8
81.2
81.3
81.2
81.7
84.3
86.6
87.7
88.6
90.3
92.4
95.2
97.6
81.8
39.6
58.9
67.0
46.8
40.0
35.8
69.5
76.0
72.3
61.5
58.4
42.4
43.5
48.5
52.7
36.6
35.7
42.5
45.4
38.7
42.1
46.7
Inventory
valuation
adjustment
43 1
-24.2
-10.4
-10.9
-5.8
-.7
6.5
-13.4
-8.1
-15.5
-5.0
— 1.1
-1.6
15
1.8
6.5
-9.8
17.8
11.3
6.0
8.9
-11.3
-20.0
17.6
NOTE.—Corporate profits and related measures for 1986 reSect retroactive provisions ol the Tax
Heform Act of 1986.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter, nonresidential fixed investment rose $22.0 billion (annual rate)
while residential investment rose $0.2 billion. There was a $22.9 billion increase in inventories following an
increase of $40.3 billion in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
700
GROSS PRIVATE DOMESTIC
INVESTMENT
600
500
V
400
300
NONRESIDENTIAL
FIXED INVESTMENT
-SSB
100
-leo
-100
1987
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
1979
1980
1981
1982
1983
1984
1985
1986
1982: IV.
1983: IV
1984: I
n..
m
IV..
1985: I... .
n
m
IV
1986: I...
n
m
rv.
1987: I
n r
m
Source: Department of Commerce, Bureau of Economic Analysis.
454.8
437.0
515.5
447.3
502.3
664.8
641.6
671.0
409.6
579.8
663.0
664.2
670.3
661.8
638.6
648.4
628.6
650.8
683.4
679.4
660.8
660.2
699.9
702.6
707.4
Nonresidential
Total
441.9
445.3
491.5
471.8
509.4
597.1
631.6
655.2
469.5
548.8
568.9
597.5
605.4
616.8
617.3
629.9
631.0
648.3
645.1
651.9
657.3
666.6
648.2
662.3
684.5
Total
302.8
322.8
369.2
366.7
356.9
416.0
442.6
436.9
354.9
383.9
392.7
413.2
423.3
435.0
431.5
445.6
442.0
451.5
440.7
433.8
433.5
439.7
422.8
434.6
456.6
Structures
99.5
113.9
138.5
143.3
124.0
141.1
152.5
137.4
137.6
127.4
133.0
141.3
143.6
146.6
150.6
154.4
152.9
152.1
149.6
135.9
131.1
132.9
128.7
129.7
137.1
Producers'
durable
equipment
203.3
208.9
230.7
223.4
232.8
274.9
290.1
299.5
217.3
256.5
259.7
271.9
279.7
288.4
280.8
291.3
289.1
299.3
291.0
297.9
302.4
306.7
294.1
304.9
319.5
Residential
139.1
122.5
122.3
105.1
152.5
181.1
189.0
218.3
114.7
164.9
176.2
184.3
182.1
181.8
185.8
184.3
189.0
196.8
204.4
218.1
223.8
226.9
225.4
227.7
227.9
Total
13.0
-8.3
24.0
245
-7.1
67.7
10.0
15.7
-59.9
31.0
94.1
66.7
65.0
45.0
21.4
18.5
-2.4
2.5
38.3
27.5
3.5
-6.4
51.6
40.3
22.9
Nonfarm
7.9
— 24
18.3
—23.1
.4
60.5
13.6
16.8
-51.1
21.3
71.4
63.7
65.8
41.3
17.7
13.7
5.2
17.8
38.5
24.5
-.9
5.1
48.7
27.3
11.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1987 survey, business spending for new plant and
equipment is expected to rise 2.9 percent in 1987 and 7.3 percent in 1988.
BILLIONS OF DOLLARS (RATIO SCALE)
300
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONAUY ADJUSTED ANNUAl RATES
^~
400
—~
1
I
300
' — -—
^'
' "•
400
^-^
^-*ALL INDUSTRIES
300
___-,_-- •-•-
-
_
,"
200
-;::
—
- —T"
..--•*' N DNMANUFACT URING -^
**'~~
100
80
60
200
s
-"T
„-""«ANUFACTURIS IG
100
—
—
—
40
80
—
60
—
111
1980
40
l
I I I
1981
l
1
1
1982
1 1
1983
1
1 1
1984
1
i 1
1985
1
1 1
1986
1 1 1
if
-H/
1
1
1987
J/ SURVEYED QUARTERLY
2J SE_E FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Manufacturing
Period
All
industries
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.47
390.57
419.00
1986- I
n
m
rv
1987- I ..
n...
up
4
rv
1988- I 44
n
. ...
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
147.86
159.85
380.04
376.21
375.50
386.09
1979
1980
1981
1982
1983
1984
1985
1986 4
1987
1988 4
Total
Nonmanufacturing
Nonmanufacturing
Surveyed
quarterly
Nondurable
goods
Total1
Mining
Transportation
Public
utilities
Commercial
and
other
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.85
73.98
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.56
76.01
85.87
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
242.71
259.15
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.18
H.85
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.80
19.10
20.63
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.53
45.04
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.38
167.89
181.63
145.11
142.19
139.43
144.07
68.71
68.56
69.42
69.87
76.39
73.62
70.01
74.20
234.93
234.03
236.07
242.02
13.13
11.29
10.14
10.31
18.50
18.40
18.81
19.50
47.17
46.43
45.81
46.12
156.14
157.91
161.31
166.08
145.11
142.19
139.43
144.07
374.23
377.65
393.13
417.25
140.65
140.79
147.56
162.45
70.47
68.76
71.78
76.40
70.18
72.03
75.78
86.05
233.58
236.87
245.58
254.80
10.31
11.02
11.64
11.74
18.98
17.67
19.17
20.60
43.60
43.48
44.90
46.16
160.70
164.69
169.87
176.29
140.65
140.79
147.56
16245
233.58
236.87
245.58
254.80
427.97
429.07
164.68
165.94
78.41
77.70
86.27
88.23
263.29
263.14
11.86
12.04
22.92
20.53
45.36
46.56
183.15
184.01
164.68
165.94
Surveyed
annually"
234.93
234.03
236.07
242.02
263.29
263.14
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
"Alt industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business2
284.94
314.47
349.26
347.47
343.35
398.99
431.94
427.23
Manufacturing
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
147.86
159.85
Total
189.02
202.15
222.72
226.79
227.15
260.16
278.46
284.54
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
242.71
259.15
29.98
31.68
34.04
36.89
38.56
44.55
44.81
47.75
9
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in October-November 1987, corrected for
biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In November, seasonally adjusted civilian employment rose 313,000 and unemployment fell 58,000.
MILLIONS OF PERSONS*
124
MILLIONS OF PERSONS*
124
SEASONALLY ADJUSTED
120
120
116
116
112
112
108
108
104
104
100
100
CIVILIAN
EMPLOYMENT
96
96
x
V.
V,
f
12
12
8
8
UNEMPLOYMENT
4
milmii
Illllllllll
1980
1979
1981
0
1984
1983
1982
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 by NSA]
Period
1979
1980
1981
1982
1983
1984
1985
1986*
1986: Nov'
Dec
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Noninstitutional
population
including
resident
Armed
Forces
NSA
NSA
T
h
f
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
T ntn!
otai
Agricultural
Total
Part-time
for
economic
reasons 1
Total
15
weeks
and
over
106,559
108,544
110,315
111372
113,226
115,241
117,167
119,540
100,421
100,907
102,042
101,194
102,510
106,702
108i856
111,303
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
3,347 95,477
3,364 95,938
3,368 97,030
3,401 96,125
3,383 97,450
3,321 101,685
3,179 103,971
3,163 106,434
3,373
4,064
4,499
5,852
5,997
5,512
5,334
5,345
6,137
7,637
8,273
10,678
10,717
8,539
8,312
8,237
183,114
183,297
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,751
1,750
120,426
120,336
112,183
112,387
118,675
118,586
110,432
110,637
3,215 107,217
3,161 107,476
5,319
5,342
8,243
7,949
1,241
1,871
2,285
3,485
4,210
2,737
2,305
2,232
2,217
2,171
183,575
183,738
183,915
184,079
184,259
184,421
184,605
184,738
184,904
185,052
185,225
1,748
1,740
1,736
1,735
1,726
1,718
1,720
1,736
1,743
1,741
1 ,755
120,782
121,089
120,958
121,070
121,719
121,235
121,672
122,038
121,604
122,102
122,371
112,759
113,122
113,104
113,570
114,173
113,975
114,447
114,817
114,515
114,928
115,255
119,034
119,349
119,222
119,335
119,993
119,517
119,952
120,302
119,861
120,361
120,616
111,011
111,382
111,368
111,835
112,447
112,257
112,727
113,081
112,772
113,187
113,500
3,145
3,236
3,284
3,290
3,335
3,178
3,219
3,092
3,170
3,283
3,167
5,201
5,459
5,164
5,110
5,029
4,918
5,235
4,998
4,968
5,101
5,290
8,023
7,967
7,854
7,500
7,546
7,260
7,224
7,221
7,089
7,174
7,116
2,200
2,131
2,050
2,075
2,101
2,055
1,907
1,884
1,920
1,759
1,810
166,460
169,349
171,775
173,939
175,891
178,080
179,912
182,293
1
IVrsons at m.rk. Kriniinnir reasons inrlmlc shirk nwk, mall-rial shorliigrs. iimbilitv l« find Inll»• mirk. |.|r.
- I.nhur furcc .-is jn-r<-i-nl of luininslihiliimu] |Hi]ml;ilion (bi,lh Jiit-lmlinji n-sidi-nt Anncil Purees).
Unemployment
Civilian employment
Resident
Armed
107,866
108,146
108,084
108,545
109,112
109,079
109,508
109,989
109,602
109,903
110,333
Labor force
participation
rate (percent)
Total a
Civilian 3
64.0
64.1
64.2
64.3
64.4
64.7
65.1
65.6
65.8
65.7
63.7
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.4
65.3
65.8
65.9
65.8
65.8
66.1
65.7
65.9
66.1
65.8
66.0
66.1
65.5
65.6
65.4
65.4
65.7
65.4
65.6
65.7
65.4
65.7
65.7
* Dala beginning January 1S)8(» not strictly rtiiujmnihtc with earlier dtilii because of cbaiigr iti
estimation procedures.
.Source: Department of Labor, Humtii of Lnbor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In November, the seasonally adjusted overall unemployment rate fell 0.1
percentage point, to 5.8 percent; the
civilian unemployment rate also fell 0.1 percentage point, to 5.9 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
TEENAGERS
(16-19)
20
15
10
10
WOMEN 20 YEARS
AND OVER
MEN 20 YEARS
AND OVER
Minium
1983
1987
1983
I l l l l l l l l l l Illllllllll Illllllllll
1984
1986
1985
liiithini
1987
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIRED,
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
workers 1
1979
1980
1981
1982
1983
1984
1985
1986
1986:
5.8
7.0
7.5
9.5
9.5
7.4
7.1
1987: Jan
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Oct
Nov
Men
20 years
and over
Women
20 years
and
over
Both
sexes
16-19
years
White
Fulltime
workers
Parttime
workers
6.0
17.8
14.4
13.7
13.1
6.3
7.9
8.5
11.0
10.9
8.6
8.1
7.9
18.2
17.3
6.0
5.8
12.7
12.3
14.2
13.7
6.5
6.3
4.5
4.3
9.7
9.8
6.6
6.3
9.1
8.8
7.7
7.6
17.7
18.0
18.1
17.4
17.7
15.9
15.5
16.0
16.3
17.4
16.8
5.9
5.7
5.6
5.4
5.3
5.2
5.1
5.1
5.1
5.2
5.1
12.6
12.8
12.5
11.7
12.2
11.4
11.3
11.3
10.8
10.8
11.0
14.3
14.3
13.9
13.0
13.8
12.7
12.6
12.4
12.3
12.0
12.1
6.3
6.2
6.1
5.9
5.9
5.8
5.8
5.7
5.6
5.5
5.6
4.2
4.2
4.1
4.1
3.9
4.0
3.8
3.7
3.6
3.7
3.5
9.8
9.5
9.7
9.3
9.6
9.7
9.4
9.0
8.8
9.0
8.4
6.4
6.3
6.2
5.9
5.9
5.9
5.7
5.6
5.4
5.5
5.5
9.0
8.7
9.2
-8.6
8.7
6.9
7.9
8.2
8.5
8.5
8.1
7.6
7.6
7.4
7.3
7.2
7.1
6.9
6.8
6.7
6.8
6.9
6.1
5.9
6.7
6.7
6.6
6.3
6.3
6.1
6.0
6.0
5.9
6.0
5.9
6.0
5.9
5.8
5.5
5.5
5.5
5.4
5.2
5.0
5.1
5.0
5.9
5.8
5.8
5.5
5.4
5.2
5.4
5.3
5.4
5.2
5.2
1
Unemployed as percent of total labor force including resident Armed Forces.
z
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
spouse
present
Women
who
maintain
families
8.8
8.8
9.4
10.5
10.4
9.3
9.3
9.1
6.2
6.0
6.6
6.6
6.5
6.2
6.2
6.0
5.9
5.9
5.8
5.9
5.8
men,
5.3
6.9
7.3
9.6
9.5
7.2
6.8
6.6
6.7
6.9
Married
8.3
9.2
10.4
11.7
12.2
10.3
10.4
9.8
8.8
8.9
6.6
6.2
6.1
6.8
6.6
Experienced
wage and
salary
workers
2.8
4.2
4.3
6.5
6.5
4.6
4.3
4.4
5.1
6.3
6.7
8.6
8.4
6.5
6.2
'
Black
5.5
6.9
7.3
9.3
9.2
7.1
6.8
6.6
16.1
17.8
19.6
23.2
22.4
18.9
18.6
18.3
4.2
5.9
6.3
Black
and
other
Labor
force
time lost
(percent) 2
12.3
14.3
15.6
18.9
19.5
15.9
15.1
14.5
5.7
6.4
6.8
8.3
8.1
6.8
6.6
6.2
5.8
7.1
7.6
9.7
9.6
7.5
7.2
7.0
6.9
Nov
Dec
All
civilian
workers
By selected groups
By race
By sex and age
11.3
13.1
14.2
17.3
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In November, the percentages of unemployed persons who had been out of work for less than 5 weeks and for
15-26 weeks rose while the percentages out of work for 5-14 weeks and for 27 weeks and over fell. Both the
mean and the median duration of unemployment fell.
PER CENT DISTRIBUTION*
70
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
"X
' v-A" rv\/-«\ A A /\
50
LESS THAN
5 WEEKS
*
,'-•'
/v--''
\
**N
/""*'
*„••./•»
\.^
,—
r--V-~]
*
JOB LOSERS
—*
40
5-14
WEEKS
._~U~
—v-v
"V. ,
„ ^
.
iEENTRANTS
-
30
-vv.
/-^
27 WEEKS
"AND OVER'
\^
rf
•
20
NEW ENTRANTS
•^vXyN
•^~
^
*
fi
'\s-~^ ^T^vv
X^_
10
15-26
WEEKS
iiinliiiii
Illllllllll Illllllllll
1983
1984
JOB LEAVERS
iiinliiiii iiinliiiii
1986
1985
Illllllllll
0
1983
1987
Illllllllll Illllllllll Illllllllll
1984
1985
1986
Illllllllll
1987
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Puration of unemployment
Period
Unemployment
(thousands)
State
programs
Number of
weeks
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
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
1986: Nov
Dec.
8,243
7,949
41.2
42.4
31.8
30,2
12.7
12.9
14.3
14.5
14.8
15.0
7.0
7.1
1987: Jan
Feb
Mar
'
8,023
7,967
7,854
7,500
7,546
7,260
7,224
7,221
7,089
7,174
7,116
41.9
42.2
42.9
42.2
44.3
42.5
43.9
44.1
45.6
45.4
45.6
31,1
31.1
31.1
30.0
28.0
29.1
29.7
29.9
27.3
29.8
28.9
12.5
12.7
12,0
13.8
13.2
13.8
13.1
11.2
12.8
11.2
12.4
14.5
14.1
14.0
14.1
14.5
14.6
13.3
14.8
14.3
13.5
13.2
15.0
14.6
14.9
14.9
14.9
14.8
14.0
14.3
14.2
14.0
13.8
7.0
6.6
6.6
7.0
6.5
6.7
6.7
6.4
5.7
6.2
6.1
Job
leavers
Insured
unemployment
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Reentrants
New
entrants
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
48.1
48.9
12.9
13.0
25.8
25.4
13.1
12.8
2,565
2,515
355
357
2,478
2,841
49.6
48.2
48.4
49.7
47.8
49.0
48.6
46.6
46.9
48.2
47.0
11.1
13.1
12.7
12.3
12.0
13.0
13.9
14.0
14.0
13.4
12.8
25.7
25.6
26.8
25.8
26.7
27.0
26.4
27.9
26.6
25.1
28.2
13.6
13.1
12.1
12.1
13.5
11.0
11.1
11.6
12.5
13.4
12.0
2,507
2,477
2,453
2,356
2,310
2,303
2,296
2,252
2,112
2,032
2,027
363
369
342
329
329
332
334
305
288
287
298
3,276
3,155
2,933
2,526
2,216
2,108
2,210
2,030
1,800
1,759
Job
losers
Initial
claims
Weekly average, thousands
1980
1981
1982
1983.
1984.
1985
1986
Z
July
Sept
Oct .
Nov
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of tabor (Bureau of jLabor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 274,000 in November.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILL ONS OF PERSONS*
'
100
_y—"1
90
"^-
ALL NONAGRICULTURAL
ES fABLISHMEN TS
—
80 —
_,
70
I
SERVICE-PRODUCING
INDUSTRIES
60
20
50
18
—
40 —
CONSTRUaiON
GCXDDS-PRODL CING
INDUSTRIE
30
\
20
jTfi 1 1 1 ii 1 1 1 Illllllllll
*
1983
1984
Illllllllll
1985
Illllllllll
iiniiiiiii)
1986
1987
2 Imillllllll
1983
*
1984
Illllllllll
1985
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
Illllllllll
1986
1987
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary' workers; 1 seasonally adjusted]
I> • J
icnod
1980
1981 .
1982 .
1983 ..
1984
1985
1986
T ntll
otai
nonagricultural
employment
Goods-producing industries
Service-producing industries
Manufacturing
Total 2
Construe ion
Total
hi
imrao e
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
neian
trade
Finance,
insurance.
and real
estate
Services
Government
Total
Federal
90,406
91,156
89,566
90,200
94,496
97,519
99,610
25,658
25,497
23,813
23,334
24,727
24359
24,681
4,346
4,188
3^905
3^948
4,383
4,673
4,904
20,285
20,170
18,781
18,434
19,378
19,260
18J994
12,187
12,109
11,039
10',732
11,505
11,490
11 244
8,098
8,061
7,741
7,702
7,873
7,770
7*750
64,748
65,659
65J53
66366
69,769
72,660
74,930
5,146
5,165
5,082
4,954
5,159
5^238
5 244
5,275
5,358
5^278
5J268
5,555
5,717
5,735
15,035
15,189
15,179
15,613
16,545
17,356
17,845
5,160
5,'298
5,341
5J468
5,689
5,955
6,297
17,890
18,'619
19,036
19,694
20,797
22,000
23,099
16,241
16,031
15,837
15,869
16,024
16,394
16,711
2,866
2J72
2,739
2,774
2,807
2,875
2,899
1986:
Nov.... 100,415
Dec
100,567
24,630
24,630
4,946
4,936
18,954
18,970
11,174
11,175
7,780
7,795
75,785
75,937
5,278
5,286
5,728
5,725
18,009
18,007
6,418
6,451
23,452
23,544
16,900
16,924
2,900
2,904
1987:
Jan
Feb
Mar
Apr
May....
June ...
July....
Aug....
Sept '..
24,708
24,743
24,749
24,759
24,752
24,761
24,850
24,886
24,917
25,053
25,152
5,034
5,038
5,032
5,019
4,999
5,008
5,002
5,006
4,989
5,044
5,078
18,956
18,986
18,995
19,011
19,018
19,015
19,104
19,129
19,169
19,245
19,314
11,157
11,179
11,176
11,175
11,175
11,176
11,195
11,248
11,268
11,320
11,356
7,799
7,807
7,819
7,836
7,843
7,839
7,909
76,211
76,407
76,580
76.839
76,956
77,057
77,276
77,389
77,517
77,917
78,092
5,304
5,315
5,333
5,348
5,344
5,350
5,363
5,377
5,741
5,757
5,766
5,772
5,775
5,781
5,797
5,807
5,815
5,834
5,857
18,080
18,140
18,136
18,197
18,205
18,226
18,274
18,256
18,314
18,396
18,376
6,480
23,670
23,759
23,842
23,926
24,025
24,083
24,214
24,279
24,295
24,411
24,499
16,936
16,935
16,977
17,038
17,031
17,031
17,020
17,046
17,048
17,204
17,246
2,912
2,916
100,919
101,150
101,329
101,598
101,708
101,818
102,126
102,275
102,434
Oct r... 102,970
Nov ».. 103,244
1
7,881
7,901
7,925
7,958
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pav period which includes the 12th of the month.
Kxclmles proprietors, self-cm ployed persons, domestic servants, and personnel of She Armed r'orces.
Total derived from this table not coin]>anihie with estimates of nonagriruHiiriil employment of the
i p. 11, which include proprietors, self-employed pei us, and donn
employed when they are not at work be
of industrinl dis-
14
5,416
5,428
5,455
6,501
6,526
6,558
6,576
6,586
6,608
6,624
6,629
6,644
6,659
2,922
2,933
2,935
2,935
2,936
2,940
2,962
2,961
2,966
putes, had weather, etc., even if they arc not pit id for the time off; and which are based on H sample
of the working-age population, whereas the estimates in ihis table are based on reports from employing establishments.
' Include!! 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 gross hourly
earnings
Average weekly
hours
Period
Manufacturing
Total
private
nonagricultural '
Total
Total
private
nonagricultural 1
Overtime
Manufacturing
Adjusted hourly earnings index — total private
nonagricultural 2
Ind ex,
1977
Percent change from a year
earlier 4 5
1977
dollars3
Current
dollars
Current
dollars
1977 dollars
1979
1980
1981
1982
1983
1984
1985
1986
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
3.3
2.8
2.8
2.3
3.0
3.4
3.3
3.4
$6.16
6.66
7.25
7.68
8.02
8.32
8.57
8.76
$6.70
7.27
7.99
8.49
8.83
9.19
9.54
9.73
116.8
127.3
138.9
148.5
155.4
160.3
165.2
169.3
97.4
93.5
92.6
93.4
94.9
94.6
94.1
95.0
7.9
9.0
9.1
6.9
4.6
3.2
3.1
2.5
-3.1
-4.0
-1.0
.9
1.6
3
-!5
1.0
1986: NOT
Dec
34.8
34.6
40.8
40.8
3.5
3.6
8.86
8.84
9.78
9.79
171.2
171.1
95.5
95.3
2.6
2.0
1.7
1.3
1987- Jan
Feb
Mar
34.7
34.9
34.8
34.7
34.9
34.8
34.8
34.9
34.6
34.9
34.9
40.9
41.1
40.9
40.6
41.0
41.0
41.0
41.0
40.6
41.3
41.2
3.6
3.6
3.6
3.5
3.8
3.7
3.8
3.8
3.6
4.0
3.9
8.86
8.88
8.91
8.91
8.95
8.94
8.96
9.02
9.02
9.07
9.12
9.79
9.81
9.83
9.86
9.88
9.88
9.87
9.93
10.02
10.00
10.01
171.2
171.8
172.2
172.6
172.9
172.9
173.2
174.1
174.6
174.8
175.7
94.7
94.6
94.4
94.2
94.0
93.8
93.7
93.7
93.8
93.6
93.8
2.2
2.1
2.2
2.5
2.4
2.2
2.4
2.7
2.9
2.7
2.6
1.1
.3
-.6
-1.2
-1.3
-1.4
-1.4
-1.6
-1.4
-1.8
-1.9
May
July
Sept T
Get '
NOT*
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsuperrisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private nonagricultural 5
Average gross weekly earnings
Period
Manufacturing
Total private
nonagricultural 2
Current dollars
Construction
Betail trade
Current dollars
1977 dollars3
1977 dollars
Current dollars
$219.91
235.10
255.20
267.26
280.70
292.86
299.09
304.85
$183.41
172.74
170.13
168.09
171.26
172.78
170.42
171.07
$269.34
288.62
318.00
330.26
354.08
374.03
386.37
396.01
$342.99
367.78
399.26
426.82
442.97
458.51
464.46
466.38
$138.62
147.38
158.03
163.85
171.05
174.33
174.64
176.08
8.0
6.9
8.5
4.7
5.0
4.3
2.1
1.9
-3.1
-5.8
-1.5
-1.2
1.9
.9
— 1.4
.4
1986: Nov
Dec
308.33
305.86
171.96
170.40
399.02
399.43
473.71
471.85
177.24
176.00
2.1
.5
1.2
-.2
1987: Jan
Feb
Mar .
307.44
309.91
310.07
309.18
312.36
311.11
311.81
314.80
312.09
316.54
318.29
170.04
170.75
170.09
168.77
169.95
168.71
168.73
169.52
167.70
169.45
169.85
400.41
403.19
402.05
400.32
405.08
405.08
404.67
407.13
406.81
413.00
412.41
476.63
474.24
478.30
471.61
481.97
478.27
478.93
480.44
449.79
485.64
486.26
175.45
176.97
177.27
179.36
179.05
178.12
179.02
181.45
183.22
180.20
180.49
1.2
2.4
1.8
1.8
2.6
2.6
3.0
3.3
2.4
3.7
3.2
.1
.5
-1.0
-1.9
-1.1
-1.0
-.9
.9
-1.8
1979
1980
1981
1982
1983
1984
1985
1986
..
.
May
V*v
June
July
, '
Sept '.
Oct r
Nov p
1
n on
Also includes other private industry groups shown c p. 14.
2
Adjusted for interindustry employment shifts and for overtime
and foi ».^.«».v
3
^ manufacturing.
hi .,™,u™J™.~6.
Current dollar index (or earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977=100 base).
-1.3
* Monthly changes based on indexes to two decimal places.
* Based on seasonally unadjusted data.
B j. n -~ . < T i™ » . 1 1 i_ o» ^.»
Sourte: Department of Labor. Bureau. of labor Stetet
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Hours of all
persons z
Output '
Business
sector
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1979
99.6
99.3
107.9
107.9
108.3
108.7
119.1
118.9
99.4
99.2
119.5
119.7
117.0
116.5
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.6
98.8
99.8
99.2
102.5
104.6
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.7
112.9
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.0
131.3
143.6
154.8
161.5
167.8
96.7
95.7
97.3
98.2
98.0
96.6
95.7
97.2
98.2
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986
107.5
109.5
105.8
107.5
123.9
128.0
123.6
127.5
115.2
116.9
116.8
118.6
175.9
182.8
175.2
182.0
99.1
101.0
98.7
100.6
163.6
166.9
165.6
169.3
162.4
165.8
164.1
167.8
1982: IV
101.0
99.7
105.0
104.2
103.9
104.5
158.3
158.2
98.0
97.9
156.8
158.7
150.2
151.4
1983: IV
103.7
103.3
113.6
114.1
109.4
110.4
163.6
163.4
98.0
97.9
157.7
158.2
155.2
156.2
1984:
105.1
105.6
105.5
105.9
104.1
104.7
104.6
104.8
117.1
119.1
119.7
120.8
117.1
119.3
119.8
120.7
111.4
112.8
113.4
114.0
112.4
113.9
114.5
115.2
165.8
166.9
168.7
170.3
165.6
166.8
168.6
170.2
98.1
97.8
98.0
98.1
98.0
97.7
97.9
98.0
157.8
158.0
159.9
160.8
159.0
159.3
161.2
162.4
156.5
157.6
158.7
159.8
157.0
158.3
159.7
161.0
106.5
107.2
108.2
107.9
105.2
105.7
106.4
105.9
122.2
123.3
124.7
125.3
122.0
123.1
124.3
124.9
114.7
115.0
115.2
116.1
115.9
116.4
116.9
117.9
172.4
174.6
177.0
179.3
172.2
174.1
176.2
178.3
98.5
98.6
99.4
99.7
98.4
98.3
98.9
99.2
161.9
162.8
163.6
166.1
163.6
164.7
165.7
168.3
160.8
162.0
163.0
164.0
162.2
163.6
164.9
165.7
109.5
109.7
109.6
109.6
107.7
107.7
107.5
107.5
127.3
127.5
128.1
129.0
126.9
127.1
127.6
128.5
116.3
116.3
116.9
117.8
117.9
118.0
118.7
119.6
180.7
182.2
183.6
185.2
180.0
181.3
182.6
184.4
100.1
101.3
101.4
101.6
99.7
100.8
100.9
101.2
165.0
166.2
167.5
169.0
167.2
168.4
169.8
171.5
164.3
165.4
166.9
166.7
166.4
167.3
168.8
168.8
109.7
110.1
111.1
107.6
108.0
108.9
130.2
131.1
132.9
129.7
130.7
132.5
118.7
119.1
119.5
120.6
121.1
121.6
185.8
187.3
189.2
184.9
186.3
188.0
100.7
100.3
100.3
100.2
99.7
99.7
169.4
170.2
170.2
171.8
172.5
172.6
168.2
169.6
170.6
170.3
171.4
172.5
I
rr
m
IV
1985- I... .
n ... .
m
IV
1986: I
n
in
IV
1987- I
n
m '....
Percent change; quarterly data at seasonally adjusted annual rates
1979
2.0
1.9
3.2
3.5
9.7
9.5
-1.4
-1.6
11.1
11.2
9.0
8.9
1980
1981
1982
1983
1984
-.3
1.4
-.4
2.7
2.5
— .4
1.0
-.6
3.3
2.1
— 1.1
2.1
31
4.2
8.4
-1.2
1.7
33
5.0
8.3
-.8
.7
28
1.5
5.7
7
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
3.9
-2.7
-1.0
1.6
1.0
-2.7
-.9
1.5
1.1
-.3
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
1985
1986
1.8
1.9
1.2
1.6
4.0
3.3
3.6
3.2
2.1
1.4
2.5
1.6
4.7
3.9
4.4
3.9
1.1
2.0
.8
1.9
2.8
2.0
3.2
2.2
2.7
2.1
3.2
2.3
1982: IV
3.0
2.4
-.5
4.5
5.0
3.2
3.7
1.5
2.6
2.4
3.0
1983: IV
3.0
1.4
10.4
9.8
7.2
8.3
5.4
4.3
1.5
.4
2.4
2.9
4.8
3.1
5.3
2.1
— .4
1.5
3.4
2.4
-.6
1.0
12.9
7.3
1.9
3.5
11.1
7.6
1.8
3.1
7.3
5.1
2.3
2.1
7.4
5.2
2.4
2.1
5.6
2.7
4.4
3.8
5.5
3.0
4.3
3.9
.3
-1.3
.8
.4
.2
.7
.6
.3
.6
4.8
2.3
2.1
.7
4.9
2.9
3.4
2.9
2.8
2.7
2.1
3.5
3.5
3.3
2.2
2.9
3.7
-1.0
1.5
1.7
2.6
-1.6
4.8
3.8
4.4
2.2
4.3
3.4
4.1
2.0
2.5
1.0
.7
3.2
2.8
1.7
1.5
3.6
5.1
5.1
5.7
5.1
4.8
4.5
4.9
4.9
1.7
.6
3.3
1.2
1.4
-.1
2.5
.9
2.8
2.2
1.9
6.2
3.2
2.7
2.2
6.6
2.5
3.0
2.5
2.5
3.0
3.5
3.2
2.0
5.8
.6
-.3
— .1
6.6
.1
-.6
.0
6.4
.7
1.8
3.0
6.4
.6
1.7
2.9
.5
.1
2.1
3.1
-.2
.6
2.3
2.9
3.2
3.5
3.0
3.6
3.9
2.9
2.8
4.0
1.6
4.8
.5
.9
2.3
4.2
.4
1.3
-2.5
2.8
3.3
3.7
-2.6
2.8
3.5
4.0
.9
2.6
3.7
-.5
1.6
2.3
3.7
.0
.5
1.4
4.0
.4
1.4
3.6
3.5
3.0
5.4
3.8
3.2
5.5
3.0
1.6
1.4
3.4
1.7
1.8
1.4
3.3
4.0
1.1
3.0
3.8
-3.7
-1.6
.2
-3.9
-1.8
— .1
.9
1.8
.1
.8
1.5
2
3.7
3.4
2.4
3.4
2.6
2.6
-1.2
1984: I
n
m
IV
1985: I
II
in
IV
1986: I
n
m
IV
1987: I
II
r
Ill ...
1
-1.6
-1.2
-3.4
-3.5
Output refers to gross domestic product originating in the sector in 1982 dollars.
Hours o( 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.
2
16
n
-1.0
•
5
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 bused on original data; thev therefore i
differ slightly from percent changes based on indexes shown here.
: Departm
of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.4 percent in November, following a rise of 0.9 percent in October. The index for
November was 5.4 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
220
'2U
FINAL PRODUCTS
200
00
DEFENSE AND
180
80
EQUIPMENT
\
_^i
160
60
EQUIPMENT
^' —"~N
^\_^ ^
140
40
INDEX, 1977 = 100 * (RATIO SCA1E)
uo
_ TOTAL 1 INDUSTRIAL PRODUCT ON
•*
^——~^-
^^*"
120
~
-
100 -^
r
^~
1 1 1 1 il ill II 1 1 1 1 1 1 1 1 1 1 1 1 1 1 il 1 1 1 1 1 n 1 1 1 Ii ii 1 1 i ti 1 1 1 ii 1 1 1
DK|
140 _MANUFACTURING PRODUCT!
DURABLE
3
120
20
•yZ-Z^'-
^2nse-— ],—-^—
120
i
slONDURABl :
100
00
-
"*T
^,.MII..III.I..I,.II •••
_^s-
— ..—*"*-""
— -'
- .
>
-"
'
"" V
CONSUMER
GOODS
^'"
11
iiijilu.ni 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1 If tit 1 1 1 II
II 11 1 (l 1 1 1 1
100
1 1 1 1 11 1 1 11 1
1 1 I 1 II 1 1 1 L
I
\ \ \ II t 1 | \ | |
iiiiiiinii
^
140
-
90 — CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) —
UTILITIES AND MINING PRODUCTION
120
—
80
UMLIIIbb
V'-^
1 1 1 ni 1 1 1 ii
1983
'-
70
,,,,^~, i ii i ti i M 1 1
| f 1 1 | |^ 111 f
1984
v
'^.''•O"" -v'
•^<^>
100
PER
PEf CENT*
1985
,1986
60
1987
1 1 1 nl i p 1 1| |
1983
\ II 1 M \\ 1I M . l l l l M I
1984
1985
•SEASONAUY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
II 1 1 1 1 i 1 1 1 1 1 II 1 1 t III 1 1
1987
1986
COUNCll OF EC 3NOMJC ADVISER?
[Monthly data seasonally adjusted}
Total
industrial
production
Period
Index,
1977=100
1979
1980
1981...
Nov
Dec
1987- Jan
Feb
Mar..
May .
July
Aug '
Sept '
Oct '
Nov "
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
100.0
110.7
108.6
111.0
103.1
109.2
121.4
133.7
125.1
125.7
126.8
1977 proportion
1982
1983
1984
1985
1986
1986:
Capacity utilization
rate, percent 1
Industry production indexes, 1977=100
. ..
3.9
-1.9
2.2
-7.1
5.9
11.2
1.9
1.1
.7
1.1
84.21
111.5
108.2
110.5
102.2
110.2
123.4
126.4
129.1
130.1
131.3
49.10
113.9
109.1
111.1
99.9
107.7
124.2
127.6
128.4
. 129.0
129.7
35.11
108.2
107.0
109.7
105.5
113.7
122.3
124.6
130.1
131.7
133.4
9.83
106.4
112.4
117.5
109.3
102.9
111.1
108.9
100.4
97.5
97.1
5.96
105.9
107.3
107.1
104.8
105.2
110.7
111.1
108.5
109.6
109.0
85.2
80.9
79.9
72.1
74.6
81.0
80.4
79.4
79.2
79.7
84.6
79.3
78.2
70.3
73.9
80.5
80.1
79,7
79.6
80.2
126.2
127.1
127.4
127.4
128.2
129.1
130.6
131.2
130.9
132.0
132.5
— .1
1.3
2.9
2.1
3.1
4.1
4.6
5.1
5.1
5.4
5.4
130.7
131.6
132.4
132.4
133.2
134.0
135.6
135.9
135.7
137.0
137.5
129.3
130.8
131.5
130.9
131.4
132.0
133.5
133.8
133.6
136.1
136.6
132.7
132.9
133.7
134.6
135.7
136.9
138.5
138.8
138.7
138.3
138.8
99.4
98.8
98.3
98.6
99.2
99.2
99.2
100.9
101.7
101.9
101.6
108.0
108.5
107.9
106.0
109.6
109.4
111.2
112.9
110.9
113.6
114.3
79.2
79.7
79.7
79,6
79,9
80.3
81.1
81.4
81.0
81.5
81.7
79.6
80.0
80.3
80.2
80.4
80.8
81.5
81.5
81.3
81.8
82.0
Source: Board of Governors of tin- Federal Reserve Hvstem.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977=100; monthly data seasonally adjusted]
Products
Materials
Intermediate products
Final products
Consumer goods
Equipment
Period
Total
Total
Nondurable goods
Total *
Business
Total
Construction
supplies
Business
supplies
Total
Energy
25.52
103.9
102.7
104.1
101.4
109.3
118.0
119.8
124.0
124.8
125.0
126.6
6.89
99.9
88.4
89.7
82.9
98.5
112.2
112.5
115.6
116.8
117.4
119.5
18.63
105.4
108.1
109.3
108.3
113.3
120.1
122.5
127.1
127.7
127.8
129.2
19.25
120.4
124.7
129.9
120.2
121.7
139.6
145.8
143.6
143.7
143.4
144.0
14.34
124.7
125.1
127.6
113.6
115.4
134.2
140.2
139.5
139.4
138.8
139.5
3.67
105.6
115.4
119.8
133.0
143.1
156.4
171.4
182.0
185.6
185.5
186.2
12.94
110.8
106.9
107.3
101.7
111.2
124.7
129.3
136.2
138.3
138.1
139.2
5.95
108.7
100.6
98.6
88.3
100.6
114.0
119.2
126.4
127.3
127.3
128.6
6.99
112.7
112.3
114.7
113.1
120.3
133.8
137.9
144.6
147.7
147.3
148.2
42.28
110.3
105.3
107.7
96.7
102.8
114.2
114.3
113.8
113.3
114.3
115.2
11.69
111.0
112.2
115.2
109.5
114.7
127.3
131.0
132.5
132.9
132.9
134.1
133.3
134.8
135.1
134.5
135.5
136.2
137.9
138.4
137.7
139.4
139.7
125.5
126.4
126.7
125.5
127.3
127.2
128.9
129.4
127.6
129.3
129.4
118.8
121.0
119.8
116.7
120.1
117.4
120.4
121.2
118.3
123.5
123.1
128.0
128.4
129.3
128.7
130.0
130.9
132.1
132.5
131.0
131.5
131.8
143.5
146.0
146.2
146.4
146.3
148.1
149.7
150.2
151.0
152.8
153.4
138.6
141.7
141.9
142.1
141.7
144.2
145.6
145.6
146.3
148.6
149.5
187.3
188.9
182.6
189.2
189.3
188.6
188.7
189.1
189.1
189.6
189.7
138.8
139.9
140.9
140.3
141.8
143.3
145.0
145.3
144.7
145.3
146.1
130.3
130.0
130.4
128.2
129.1
131.5
133.1
132.5
132.4
132.6
133.2
146.0
148.4
149.9
150.6
152.6
153.4
155.2
156.3
155.2
156.2
114.9
114.9
115.2
115.9
116.3
117.2
118.5
119.4
119.5
120.1
120.6
99.3
98.6
97.2
97.8
98.7
99.4
99.0
100.9
100.2
100.4
101.2
44.77
1979
1980
1981
1982
1983
1984
1985
1986
1986- Oct
• Nov
Dec
1987: Jan
Feb
Mar
May
July
Aug *
Sept r.
Oct '
Nov"
1
Durable
goods
Defense
and
space
equipment
104.1
105.5
104.7
101.2
98.4
103.9
103.3
99.7
96.8
98.8
97.7
Includes rigs and prefabs, not shown separately.
[1977=100; monthly data seasonally adjusted]
Durable manufactures
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
Iron and
steel
Fabricated
metal
products
5.33
108.5
90.4
95.0
65.8
73.0
82.3
80.4
75.1
73.1
75.5
73.4
3.49
108.0
86.3
92.5
57.5
66.1
73.4
70.4
63.4
61.0
63.5
61.3
6.46
109.4
101.8
101.6
86.6
89.1
102.6
107.1
108.0
108.9
108.3
109.6
9.54
122.6
123.3
129.8
115.6
118.3
141.8
146.2
145.0
145.0
144.5
144.8
7.15
125.7
130.3
134.1
128.4
143.8
170.5
168.3
165.7
167.3
167.9
170.4
9.13
108.3
96.9
95.1
87.6
99.2
112.2
122.8
127.5
127.6
126.9
126.8
5.25
95.9
71.1
71.6
66.8
85.8
104.4
111.9
111.5
110.3
109.1
109.7
2.30
102.0
92.9
90.1
82.8
100.2
109.1
114.3
124.1
124.6
130.3
133.5
2.79
98.3
97.3
96.1
87.3
95.3
102.7
100.4
103.1
103.9
103.8
104.9
4.54
112.7
115.1
118.6
120.2
129.8
146.5
151.4
160.9
164.4
164.8
166.4
8.05
111.4
106.4
112.6
103.8
114.0
121.6
126.4
132.0
133.3
132.3
135.7
7.96
106.7
111.4
113.7
114.9
120.4
126.9
130.5
134.4
133.7
135.3
136.7
72.8
75.1
77.0
76.1
77.0
78.8
81.4
85.1
84.6
88.8
895
59.5
62.3
65.4
65.0
65.7
68.3
70.9
76.0
74.6
79.7
108.4
108.3
110.5
109.9
108.5
111.1
111.1
110.1
111.2
112.8
113.7
USA
145.5
148.5
150.4
149.7
151.8
155.3
154.3
157.0
158.7
160.5
170.4
171.0
168.5
168.4
171.1
170.5
172.5
174.3
172.8
174.0
174.9
129.0
132.7
132.2
127.8
129.4
126.5
127.6
128.1
125.5
131.8
130.4
112.0
117.7
116.5
109.8
112.0
107.4
109.4
109.1
105.6
116.1
114.2
128.5
129.6
128.9
127.8
130.3
131.1
132.8
131.1
128.3
127.9
106.1
106.5
105.4
105.3
106.4
107.7
109.7
108.4
106.8
166.3
164.4
167.6
169.2
171.4
174.1
174.0
174.7
175.4
176.6
1770
136.4
135.7
135.3
137.3
138.1
139.3
140.8
142.3
142.4
141.7
134.6
136.4
137.3
136.0
137.4
137.7
138.5
138.8
139.7
138.4
Period
Total
1979
1980
1981
1982. .
1983
1984
1985
1986
1986: Oct
Nov
Dec
1987: Jan
Peb
Mar
Apr
May
July
,
Aug r. .
Sept
Nondurable manufactures
Transportation
equipment
Primary metals
r
Oct '
Nov p
Source: Board of Governors of the Federal Reserve Systei
18
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
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
252.4
251.7
260.2
246.6
281.3
328.6
356.0
388.8
1981
1982
1983
1984..
1985...
1986
200.7
193.3
203.6
192.9
227.5
271.0
291.7
316.6
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
394.9
390.6
380.2
322:9
320.4
306.8
192.6
194.5
181.7
310.2
326.5
312.2
320.5
321.4
324.3
325.0
330.9
333.4
331.1
187.8
203.1
190.8
199.5
195.9
200.9
198.1
200.4
204.6
204.0
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
42.3
46.2
49.4
49.5
48.1
48.5
50.5
51.5
51.7
58.5
56.5
53.7
53.8
57.7
64.3
72.2
109
97
100
100
124
135
148
155
139.0
138.5
137.6
78.4
75.1
75.5
51.9
50.8
49.7
71.9
70.2
73.3
151
156
155
861
1,025
940
137.3
137.0
139.5
139.7
139.4
138.2
137.9
138.3
139.5
140.3
70.4
72.8
71.3
69.8
73.8
72.0
72.9
75.3
74.0
72.7
52.0
50.5
50.1
51.1
51.7
51.4
54.0
55.2
54.8
54.4
74.5
75.2
76.1
75.7
75.3
72.9
74.7
72.8
76.4
76.9
155
151
165
162
149
161
163
171
157
166
153
996
850
912
935
901
1,023
1,011
1,033
1,065
994
880
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
Annual rates
Annual rates
1986: Get
Nov
Dec
1987: Jan
Feb
Mar
May
Julv
Aug r
Sept r
Get "
Nov '
384.7
401.6
388.3
396.2
396.7
397.2
399.7
403.7
409.8
407.9
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.
1,059
904
919
690
756
955
1,097
996
3
F. W. Dodge aeries.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Informatioi Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or tomes, except as noted]
New private housing units
Period
Units started, by type of structure
Total
1979
1980
1981
1982 .
1983.. .
1984
1985
1986
1 unit
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
1,637
1,813
1,129
1,233
2-4 units
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
5 or more units
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
New private homes
Units
authorized
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
Units
completed
Homes sold
Homes for
sale at end of
period l
3
Vacancy rate
for rental
housing units
(percent) 2
398
336
272
251
300
353
346
357
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
691
768
353
357
7.7
712
740
720
733
649
641
'671
r
686
667
. 657
358
358
358
359
355
359
r
359
361
361
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
1,774
1,894
Seasonally adjusted annual rates
1986: Nov
Dee
1987- Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r.
Oct '
Nov "
1,816
1,838
1,730
1,643
1,606
1,586
1,598
1,585
1,685
1,523
1,637
1,253
1,303
1,211
1,208
1,130
1,088
1,143
1,111
1,211
1,102
1,119
71
108
79
76
85
67
67
85
59
59
50
68
60
437
472
484
459
434
368
409
413
396
415
424
353
458
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
vith earlier data,
3
New series beginning March 1979.
1,667
1,862
1,652
1,676
1,719
1,598
1,493
1,517
1,487
1,502
1,502
1,463
1,469
1,956
1,726
1,689
1,830
1,621
1,601
1,698
r
1,666
1,574
1,536
7.4
7.5
8.1
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83
tata are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In October, manufacturing and trade sales were unchanged, while inventories rose $5.6 billion. In November,
according to advance data, retail sales rose 0.2 percent, following a decline of 0.9 percent in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
800
20
—
700
—
_-
r ^
-
00
"*
^~""-^
80
^^~~^\
600
r
-
UFACTURINC
TRA DE INVENTC RIES
—^
—-T^
X'
-
500
-
/"•*""
-
00
A ND TRADE SALES
f~"
-
«***
-„-"-""
_^-. v —
—
iETAIL SALE:
IIIIlllllll IIIIlllllll IIIIlllllll
RO
300
-
/v
20
A IANUFACTU1
?ING
„•••'
R :TAIL INVEN :ORIES
^
""*\
\
sf
-
60
40
400
1^^
IIIIlllllll IIIIlllllll
RATIO*
1.80
-
_ INVENTORY-SALES RATIO
-V
—
1.60
200
1.40
MANUFACTURING
AND TRADE
1.20
imiliim miilnm imilimi
1983
1984
IIIIlllllll llll|l|l!ll
1986
1985
1987
1.00 111111I1111 \
1983
iiiiiliiiii
1984
1985
1986
•SEASONALLY ADJUSTED
SOURCE, DEPARTMENT OF COMMERCE
Manufacturing and
trade '
Period
Sales
2
Inventories 3
1987
COUNCIL Of ECONOMIC ADVISERS
Sales
Sales 2
Inventory-sales ratio 4
Retail
Wholesale
Inven' tones 3
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade 1
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
348,746
369,266
408,721
419,459
425,752
1986- Oct *
Nov
Dec
1987: Jan
Feb
Mar
May
July
Auff
Sept r.
Ocf
Nov* ..
1
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
429,228
429,949
443,766
655,614
656,189
652,705
117,284
117,734
118,446
147,268
148,204
147,375
425,080
443,169
445,032
444,357
446,282
451,734
452,652
457,499
462,434
462,421
659,036
660,470
663,010
665,877
671,609
674,753
677,743
678,442
682,323
687,884
116,545
123,281
123,009
123,439
124,486
124,836
126,196
128,164
129,912
130,487
149,347
149,408
149,565
150,050
152,673
153,093
152,648
151,222
153,245
155,292
r
r
122,222
121,683
127,613
118,579
124,280
124,593
124,960
124,867
126,307
127,061
128,931
126,790
r
125,645
125,855
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period. Data are on a current-cost basis beginning December 1980 for wholesale and
retail and beginning January 1982 for manufacturing; not comparable with data for prior periods.
2
3
20
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
74,355
74,244
75,034
190,070
189,264
187,158
97,448
97,041
94,935
92,622
92,223
92,223
1.53
1.53
1.47
1.56
1.56
1.47
74,813
76,915
76,651
76,825
77,084
77,326
77,326
77,788
77,084
r
77,246
77,259
189,000
190,527
193,355
195,042
197,088
200,039
201,762
201,826
202,408
204,117
96,606
97,831
99,293
99,767
101,876
103,541
104,385
104,044
104,445
106,023
92,394
92,696
94,062
95,275
95,212
96,498
97,377
97,782
97,963
98,094
1.55
1.49
1.49
1.50
1.50
1.49
1.50
1.48
1.48
1.49
1.59
.53
.55
.56
.58
.58
.59
.57
.60
.62
28,169
33,161
38,948
43,165
47,338
89,107
97,599
107,448
114,968
121,201
r
47,867
47,439
52,579
43,766
47,365
47,942
48,135
47,783
48,981
49,735
51,143
49,706
r
48,399
48,596
4
T
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In October, manufacturers' shipments, inventories, and orders rose. In November, according to advance data,
durable goods shipments and new orders were unchanged.
BILLIC)NS OF DOLLARS* (RATIO SCALE)
BILLIC)NS OF DOLLARS* (RATIO SCALE)
280
240
^__
200
T~"~
160 ^^^
~-
— TOTAL —
440 — INVENTORIES
40Q
360
320
280
240 -
120
. —^
1
\
1
[XJRABLE GO DOS
200
DU ?ABLE GOOC)b
MFl(--,'•:
'"
80 -^^
H
"
NOh•(DURABLE G OODS
160
120
\
NON DURABLE G( )ODS
60
llllllllHI Illllllllll
Illllllllll Illllllllll
BILLIC)NS OF DOLLARS* (RATIO SCALE)
280
240
80
60
NEW ORDERS
^_
200
160
—
^~
^s^
r-r-^1—~
^
s
1
RATIO
Illllllllll Illllllllll Illllllllll Illllllllll
•
imilnm
2.20
INVENTORY-SHIPMENTS RATIO
2.00
80
r~H
URABLE GO
120
.^-
h-"H1[-— :
•—v—
i
1
\
A~^
*' ~~~ —
r^i
1.80
1.60
1
NOS DURABLE G<3ODS
T~-~
1.40
60
Illllllllll
Illllllllll Illllllllll Illllllllll Illllllllll
1983
1984
1.20
\ \ i ii i 1 1 1 1 1
^ntiiiit in t i t i t l n in Ulllll I 111 ti i ii i ii in
1986 1987
1983
1987
1985
1986
1985
1984
SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
sOURCE: DEPARTMENT OF COMMERCE
Manufacturers' shipments 1
Manufacturers' inventories 2
Manufacturers' new orders 1
Durable goods
Period
Durable
goods
Total
Nondurable goods
Durable
goods
Total
Nondurable goods
Manufacturers'
inventory —
shipments
ratio 4
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
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
99,978
100,043
105,966
27,565
* 27,277
29,312
88,865
90,341
91,076
373,584
374,514
373,849
1.68
1.67
1.61
95,544
101,932
106,213
106,977
106,992
109,181
109,213
106,678
109,346
r
lll,060
111,093
26,777
26,856
27,396
28,310
30,031
29,987
31,982
29,540
29,753
r
30,424
30,292
91,089
92,401
93,186
93,647
94,405
96,273
96,852
96,479
97,374
98,223
370,526
369,251
371,220
375,886
380,354
385,217
391,887
394,640
395,627
398,620
1.69
1.64
1.62
1.64
1.63
1.60
1.62
1.62
1.59
1.59
Total
Total
Millions of dollars, seasonally adjusted
1980
1981
1982
1983
1984
1985
1986
1986:
1987:
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
264,281
282,645
2
311,421
312,152
334,163
326,780
318,172
2
174,620
89,661
186,347
96,298
200,7 11 = 110,710
200,220
111,932
218,524
115,639
213,750 113,030
207,935
110,237
156,161
167,752
161,600
173,915
190,065
190,631
189,482
Oct '
Nov
Dec
189,722
190,378
197,707
101,009
100,064
106,739
88,713
90,314
90,968
318,276
318,721
318,172
209,033
209,373
207,935
109,243
188,843
109,348 ' 190,384
197,042
110,237
Jan
Feb
Mar
Apr
189,956
99,318
195,608
103,601
197,430 104,750
195,958
102,747
196,929 102,477
200,591
104,476
199,395 103,032
200,404
104,135
205,732 108,433
206,289 ' 108,213
108,277
90,638
92,007
92,680
93,211
94,452
96,115
96,363
96,269
97,299
98,076
320,689
320,535
320,090
320,785
321,848
321,621
323,333
325,394
326,670
328,475
209,090
208,644
207,987
208,683
209,096
208,654
209,951
210,921
211,680
213,365
111,599
111,891
112,103
112,102
112,752
112,967
113,382
114,473
114,990
115,110
July.
Sept r.
Oct "
Nov "
T
1
Monthly average- for year und tiitiil for
2
End of" period. Dnta'beginning 1!)8L*
ilit I a for prior periods.
3
Bnd «f prriod.
mth. Shipn
186,633
194,333
199,399
200,624
201,397
205,454
206,065
203,157
206,720
209,283
r
* Annual datu an- averages of monthly ratios. Data beginning KW2 an not comparable
for prior periods (see footnote 1' regarding inventories).
Source: Depiirtini-nt of Commerce, Bureau of tin- (Vtuus.
21
PRICES
PRODUCER PRICES
In November, the producer price index for all finished goods was unchanged, seasonally adjusted. Prices of
finished consumer foods rose 0.3 percent while prices of other finished consumer goods fell 0.2 percent. Capital
equipment prices rose 0.1 percent.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
340
340
SEASONALLY ADJUSTED
FINISHED GOODS
320
300
320
TOTAL FINISHEDGOODS
CONSUMER GOODS
EXCLUDING FOODS
300
\
280
280
260
260
CAPITAL EQUIPMENT
240
240
220
220
200
200
180
ilni
1983
I I I I II I ! I
LJJ
1979
1981
1980
1982
11111 111111
1985
1984
180
1986
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967=100; monthly data seasonally adjusted]
Finished goods
Period
Total
finished sumer
goods
foods
1979
1980
1981 .
1982
1983
1984
1985
1986... .
217.7
247.0
269.8
280.7
285.2
291.1
293.7
289.7
1986: Nov
Dec
290.2
290.4
291.7
291.9
293.5
295.1
295.7
296.3
296.9
297.4
298.3
297.6
297.6
1987: Jan
Peb
Mar
Mav
June
July r
Auff
Sept
Oct
Nov
1
Intermediate mall-rials for food t
22
226.2
239.5
253.6
259.3
261.8
273.3
271.2
278.1
285.3
284.0
279.0
278.8
279.1
283.1
287.2
287.6
286.8
283.3
286.4
286.2
287.0
Intermediate materials
Nondurable
Capital
equipment
Total
finished
consumer
goods
231.3
283.9
319.6
333.6
335.3
337.3
339.3
311.2
216.5
239.8
264.3
279.4
287.2
294.0
300.5
306.4
217.9
248.9
271.3
281.0
284.6
290.3
291.8
284.9
300.1
301.5
309.8
310.2
310.8
310.1
310.5
311.3
311.6
311.4
311.6
312.6
314.8
313.5
313.7
284.7
284.8
286.2
286.7
288.7
290.6
291.2
292.1
292.8
293.1
293.7
293.1
293.1
Finished goods excluding consumer foods
Total
Consumer goods
Total
213.3
247.8
273.3
285.8
290.8
294.8
299.0
291.1
211.5
250.8
276.5
287.8
291.4
294.1
297.3
283.5
289.3
289.9
293.4
293.8
295.9
296.6
295.9
296.6
297.8
299.7
299.8
298.9
298.6
279.4
280.2
285.0
285.9
288.7
289.4
288.2
289.3
290.9
293.3
292.4
291.7
291.2
ing ami feeds.
Durable
183.2
206.2
218.6
226.7
233.1
236.8
241.5
246.8
252.2
252.0
252.7
250.0
250.6
252.5
252.1
252.1
252.6
251.8
255.5
255.0
254.7
308.9
311.7
316.0
316.0
314.3
316.0
318.3
322.5
318.9
318.1
317.5
Total
242.2
280.3
306.0
310.4
312.3
320.0
318.7
307.6
304.7
304.7
307.5
309.1
310.1
311.2
313.2
315.0
316.8
318.2
318.4
319.9
321.1
Foods
and
feeds 1
226.1
252.6
250.3
239.4
247.9
253.1
232.8
230.3
231.6
231.2
228.3
230.3
228.3
232.2
240.3
241.4
240.4
237.8
240.8
241.8
242.5
Crude materials
"Other
Total
Foodstuffs
and
feedstuffs
244.4
282.3
310.1
315.7
317.1
325.0
325.0
313.3
310.2
310.2
313.3
315.0
316.1
317.1
318.6
320.5
322.5
324.2
324.1
325.7
327.0
274.3
304.6
329.0
319.5
323.6
330.8
306.1
280.3
279.0
276.6
282.6
285.8
288.7
295.5
303.0
304.8
306.7
309.1
306.2
306.9
301.8
247.9
259.2
257.4
247.8
252.2
259.5
235.0
231.0
237.5
234.5
227.2
227.3
228.2
238.3
249.4
245.9
241.2
240.9
242.0
235.2
237.8
•c: I>i'|iar!mni! of Ijjilior, Burniu of Labor Statistics.
Other
330.0
401.0
482.3
473.9
477.4
484.5
459.2
386.8
368.3
367.2
390.8
398.1
403.8
407.8
412.5
420.6
430.6
436.4
428.4
426.3
423.1
CONSUMER PRICES—ALL URBAN CONSUMERS
In November, the consumer price index for all urban consumers rose 0.3 percent, seasonally adjusted (0.1 percent
not seasonally adjusted). The index was 4.5 percent above its year-earlier level.
INDEX, 1967=-100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
360
360
340
340
320
320
300
300
280
280
260
260
240
240
220
200
200
mill
IHIlllllll
180
1979
1980
1983
1982
1981
1985
1984
SEE NOTE ON TABL£ BELOW
SOURCE: DEPARTMENT OF LAftoR
IIBO
1987
1986
COUNCIL OF ECONOMIC ADVISERS
[1967 — 100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items *
Food
Total '
il
T oial
Renters'
costs (Dec.
1982— 100)
NSA
Homeowners'
costs (Dec.
1982=100)
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
103.0
108.6
115.4
121.9
1986:
Nov
Dee
330.8
331.1
326.5
327.2
362.0
362.7
409.3
410.3
1987:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
333.1
334.4
335.9
337.7
338.7
340.1
340.8
342.7
344.4
345.3
345.8
328.6
329.6
329.2
330.2
332.0
334.4
333.8
333.9
335.6
336.9
337.1
364.4
365.8
367.2
368.2
368.9
370.1
370.9
373.1
373.1
373.8
374.8
412.2
414.3
416.5
418.0
419.2
420.1
421.4
424.1
424.7
427.0
427.9
other
utilities
repairs
and
Total *
Newcars
Motor
fuel
Medical
care
Energy 2
102.5
107.3
113.1
119.4
0.2
256.4
285.7
314.4
334.1
346.3
359.2
368.9
373.8
7.9
239.3
278.6
319.2
350.8
370.3
387.3
393.6
384.7
6.3
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
166.0
179.3
190.2
197.6
202.6
208.5
215.2
224.4
29
265.6
369.1
410.9
389.4
376.4
370.7
373.8
292.1
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
124.1
124.5
121.3
121.5
377.1
380.0
374.9
374.3
209.6
209.5
303.6
303.6
229.7
230.9
261.7
260.9
445.3
448.2
345.3
344.6
294.8
295.5
125.4
126.0
126.7
127.0
127.2
127.7
128.8
129.2
128.8
128.5
128.7
122.0
122.6
123.2
123.7
124.2
124.3
124.4
125.4
125.8
126.9
127.2
382.1
381.9
383.4
382.4
381.9
385.0
392.4
391.3
390.5
390.9
393.2
375.9
377.1
377.6
378.1
378.1
381.0
380.8
383.2
381.2
378.5
381.5
210.4
211.8
215.4
218.6
219.1
217.3
215.9
216.0
218.3
221.1
222.2
308.3
309.8
311.8
313.4
314.4
316.0
317.8
320.0
320.5
322.0
323.5
231.8
229.3
229.4
230.4
231.1
232.0
233.2
233.3
233.5
234.8
235.7
278.0
289.5
296.2
298.4
299.7
303.6
307.2
316.4
315.9
315.5
316.1
450.2
451.7
453.7
456.5
459.1
462.1
464.6
466.3
468.6
470.7
472.4
354.9
361.5
365.2
366.2
366.8
372.2
372.5
378.7
376.8
373.5
376.6
297.0
297.4
298.8
300.5
301.4
301.9
303.0
303.8
304.4
305.9
307.0
8.0
19.6
1
Includes items not shown separately.
2
Fuel oil. coal, ami bottled pis; gas (piped) and elect ricilv; and motor fuel. Motor oil, coolant,
te. ulsii im-luded through UIHa.
3
Kehitivr importance, December 1!IHK.
Fuel
and
All items
1
less
food,
energy,
and
shelter
SSA
Rel. imp.3
1979
1980
1981
1982
1983
. ..
1984
1985
1986
NOTK.— Diilii beginning liWU i
Maintenance
Appar„„,!
el1 anu
upkeep
17.2
4.6
5.4
mid therefore are not strictly eompiiruble with figures for earlier periods.
Data beginning 1987 calculated on a revised hnsis.
HcKirrc: Dcfwrf incut of l/rtbor, Bureau »f I*«bor Statistics.
corp rate a rental eijiiivalciur measure fur Ilium-ownership c sts
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Pen-nit change from preceding period; monthly data seasonally adjusted, except as noted by NSAJ
Change from preceding period
Period
Change from 3 months earlier, annual rate
Change from t> months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equip-
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Poods
Capita]
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Poods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1979 .
1980.
1981
1982
1983..
1984.
1985
1986
12.8
11.8
7.1
3.7
.6
1.7
1.8
-2.3
17.5
14.2
8.5
4.2
-.8
.8
2.0
—6.6
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- Nov
Dec
Feb.
Mar
Julv '
4ue '
Sept
Oct T
2.7
1.8
2.6
1.0
2.2
1.6
4.2
3.4
1.0
.7
7.2
6.0
1.7
.3
1.0
2
4
.4
.6
.2
— .2
.1
.3
.1
1
.1
.3
.7
.3
.5
.5
.2
.2
.2
.2
.3
2
0
Mayy
" -
0.4
.1
18
-.1
.1
1.4
1.4
.1
— .3
— 1.2
1.1
A
.
0.1
.3
2
2.2
2.4
4.3
4.7
5.3
3.9
2.5
2.3
2.7
.9
.3
93
8.8
-6.7
6.0
12.6
12.7
5.3
-5.3
-1.7
-.8
5.3
8.6
9.6
12.7
6.3
3.3
.8
2.1
7.3
4.4
1.1
9
8
2.7
.4
.4
.6
1.9
1.2
.4
1.3
4.4
2.5
1.4
3.2
2.5
3.1
3.5
3.8
4.1
3.6
3.8
3.3
1.7
1.3
-.4
-3.3
-2.9
-1.9
1.3
2.6
5.7
3.3
5.3
2.2
-.1
-0.2
0.0
.1
5
.8
3
2
A
.1
2.8
2.7
-2.9
-2.8
5.2
5.8
7.0
7.4
6.4
6.6
4.2
5.2
2.6
1.6
2.1
-1.9
-2.3
3.0
2.3
1.9
1.7
1.2
.8
.5
1.6
2.8
1.4
1.4
-1.4
.1
1.6
2.7
2.4
2.4
3.4
3.2
3.3
2.6
2.5
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
Period
All
items l
Food
Total '
Total '
Renters'
costs
Addendum: All items, percent change
(annual rate)
Transportation
Shelttr
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
x upkeep
MediTotal 1
New
cars
Motor
fuel
cal
care
Energy2
All
items
less
food,
energy,
and
shelter
From
previous
quarter 3
From
3
months
earlier
From
6
From
year
earlier
NSA
Change, December to December, NSA
13.3
12.4
8.9
3.9
3.8
4.0
3.8
1.1
10.2
10.2
4.3
3.1
2.6
3.8
2.7
3.8
15.2
13.7
10.2
3.6
3.5
4.2
4.3
1.8
17.4
15.1
9.9
2.4
4.7
5.2
6.0
4.6
5.1
5.9
6.3
5.0
4.5
5.1
5.9
4.6
1986: Nov
Dec
0.2
.2
0.4
.2
0.0
2
0.2
.2
0.4
.3
0.2
.2
-0.5
-.2
0.3
-.0
0.4
0
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
.7
.4
.4
.4
.3
.4
2
.5
9
.4
.3
.4
.3
.5
.4
.4
.3
.2
.3
2
.6
0
9
.3
.5
.5
.5
.4
.3
.2
.3
.6
.1
.5
2
.7
.5
.6
2
2
.4
.9
.3
3
-.2
.2
.4
.5
,5
.4
.4
.1
.1
.8
.3
.9
.2
.4
.3
.1
.1
0
.8
-.1
.6
— .5
.4
.7
1.7
1.5
_2
-.8
-.6
.0
1.1
1.3
.5
1.5
.5
.6
.5
.3
.5
.6
.7
2
.5
.5
1979
1980
1981
1982
1983
..
1984
1985
1986
16.0
13.6
14.5
9.7
1.8
4.2
1.9
-5.7
5.5
6.8
3.6
1.6
2.9
2.0
2.9
.9
18.2
14.7
11.0
1.7
3.9
3.1
2.6
-5.9
7.4
52.2
7.5
18.9
9.4
6.8
1.6 -6.5
3.4
17
24
2.4
3.5
3.0
5.8 -30.6
10.1
10.0
12.5
11.0
6.4
6.1
6.7
7.7
-.5
.2
1.8
-19.7
11.3
13.5
10.4
6.1
3.2
4.3
3.6
1.9
7.2
9.9
9.4
6.1
5.0
4.4
3.7
3.4
37.4
18.1
11.9
1.3
Change, month to month
J
.3
.5
.7
-.2
.0
.5
.4
.1
n
.8
1
Includes items no! shown separately.
2
Fuel oil, eoal, and bottled gas; gas {piped) and electricity; and motor fuel. 1
etc., also included through 1982.
3
Quarterly changes are shown in the last month of the quarter.
NOTE.—Datu beginning .January 1983 incorporate
24
iital equivalence measure for homeowner-
0.7
.5
06
-.3
0,5
.7
-0.5
-.2
0.3
_2
.4
6.6
4.1
2.3
.7
.4
1.3
1.2
3.0
-.2
1
.2
.4
.3
.4
.6
.6
.7
.5
.4
.5
.4
.4
3.0
1.9
1.0
.3
.2
1.5
.1
1.7
-.5
.5
.1
.5
.6
.3
2
.4
.3
o
.5
.4
-1.1
.0
.4
.3
.4
.5
.0
.1
.6
.4
g
'.s
2.6
5.3
4.9
4.0
3.0
2.5
2.7
2.2
1.3
1.1
4.4
5.2
6.2
5.3
4.9
4.6
3.7
4.3
3.6
4.2
3.4
3.5
4.1
4.3
4.8
5.0
5.4
4.5
4.6
4.1
3.9
3.9
1.4
2,1
3.0
3.8
3.8
3.7
3.9
4.3
4.3
4.5
4.5
ship costs and therefore are not strictly compiiruble 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 November were 3.1 percent above their October level. Prices paid by farmers in
October were 1.2 percent above their July level.
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
PRICES PAID
\
160
160
140
140
120
120
PRICES RECEIVED -
100
100
80
80
60
60
RATIO^
140
60
60
1979
1986
1987
i/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' Nov
Dec
1987: Jan
Feb
Mar
May
Julv
Sept
Oct
Nov
. .
Livestock and
products
Crops
132
134
139
133
135
142
128
123
124
120
121
122
123
125
129
131
128
127
129
127
131
116
125
134
121
128
139
120
106
102
99
90
99
102
102
109
111
106
103
105
106
119
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by fi
to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March l»8fi. prices paid by Farmers are available only foi
,onth in quarter, and
for each month the received/paid ratio is based on latest data available.
All commodities,
services,
interest, taxes,
and wage rates *
147
144
143
145
141
146
136
138
145
141
142
144
142
147
148
150
149
151
152
147
144
Production
items, interest,
taxes, and wage
rates
123
138
150
159
161
165
163
159
(3)
(3)
159
(3)
(3)
162
(3)
(3)
164
<3>
(3)
166
(3)
125
139
151
159
159
162
157
151
(3)
(3)
149
(3)
(3)
152
(3)
(3)
154
(3)
(3)
156
(3)
Production
items
125
138
148
153
152
155
151
145
(3)
(3)
143
(3)
(3)
147
(3)
(3)
149
(3)
(3)
151
(3)
Ratio
2
107
97
92
84
84
86
79
77
78
76
76
77
77
77
80
81
78
77
79
77
79
NOTK.—The official indexes are published tin a 1910-14 base as required by
Imve been converted to a 1»77=1<X> base to fudlit ite comparison with other inde:
.Source: Departir
of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml and M2 declined in November, and growth in M3 slowed.
BILLIONS Of DOILARS*(RATIO SCALE)
3,800
3,600
8ILUONS OF DOLLARS*(RATIO SCALE)
3,800
3.600
3,200
3,200
2,800
2,800
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
1982
1983
1985
1986
"87
COUNCIL OF ECONOMIC ADVISERS
• AVERAGES Of DAHY FIGURES; SEASONAUY ADJUSTED
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' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPsand
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
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
2,569.5
2,801.2
1,990.9
2,236.4
2,443.1
2,692.8
2,985.4
3,205.2
3,492.2
2,327.6
2,598.9
2,853.0
3,154.6
3,529.3
3,838.6
4,139.9
3,880.7
4,261.5
4,645.3
5,195.5
5,932.9
6,746.9
" 7,598.5
6.5
6.4
8.6
9.5
5.8
12.5
16.S
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
9.0
9.6
9.8
9.0
11.8
14.2
13.7
'12.6
1986: Nov
Dec
712.4
730.5
2,776.3
2,801.2
3,462.4
3,492.2
4,107.4
4,139.9
'7,499.7
'7,598.5
16.7
19.8
10.0
10.3
9.2
9.5
12.8
'13.6
1987- Jan r'
Feb
Mar '
Apr'
May '
737.7
737.4
739.5
750.3
753.1
746.6
747.6
751.1
751.3
760.7
756.6
2,823.5
2,823.0
2,826.5
2,839.9
2,840.4
2,841.6
2,847.8
2,862.8
2,876.0
2,892.7
2,892.2
3,518.3
3,521.9
3,526.7
3,543.3
3,559.4
3,576.6
3,583.2
3,603.9
3,620.5
3,643.8
3,657.8
4,172.5
4,180.1
4,169.1
4,180.7
4,214.2
4,228.5
4,224.5
4,253.0
4,282.3
4,317.3
7,662.9
7,696.1
7,750.3
7,814.4
7,880.0
7,941.5
7,986.6
8,038.2
8,098.0
8,161.5
18.9
15.2
13.8
14.4
11.8
4.5
2.7
3.8
3.2
2.8
.9
9.9
7.8
6.7
5.8
4.7
2.9
1.7
2.8
3.5
3.8
3.7
9.2
7.5
6.2
5.9
5.7
4.9
3.7
4.7
5.4
5.8
5.6
13.5
11.7
10.7
10.7
10.4
9.2
8.6
9.1
9.2
9.1
Period
19801981198219831984:
1985:
1986-
Dec
Dec ...
Dec ....
Dec
Dec
Dec
Dee . ..
July "..
Sept '.
Oct '
Nov".
. .
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
nonfiriancial
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 Eeserve 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]
De-
Period
Currency
mand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
Institution
only
NSA
NSA
Money
market
deposit
accounts
(MMDAs)
Small
denomination
time
deposits '
Large
denomination
time
deposits •
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
Savings
deposits
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
mercial
paper
Com-
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: 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
28.3
35.9
38.8
53.8
56.3
70.2
78.4
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
571.4
400.8
344.3
357.3
306.2
288.8
303.6
366.3
728.7
823.3
851.0
783.8
885.3
884.2
853.5
259.8
302.1
326.2
326.2
417.0
436.1
447.1
34.0
36.0
34.5
51.8
61.9
65.7
84.0
50.3
67.5
81.7
91.5
82.9
76.6
83.0
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
288.1
32.1
40.0
44.5
45.1
45.7
42.4
37.5
105.3
113.6
133.0
160.3
206.6
230.2
1986:
Nov
Dec
182.4 297.8
183.5 308.3
225.8
232.3
77.5
78.4
207.1
207.6
84.4
84.1
568.7
571.4
358.5
366.3
857.1
853.5
445.8
447.1
83.8
84.0
79.3
83.0
89.8
91.7
288.8
288.1
38.0
37.5
228.4
230.2
1987:
Jan
Feb
Mar
Apr
May
June
July
AUJT
6
Sept
Oct r
Nov "
186.0
187.2
187.7
188.9
190.2
191.1
192.1
193.2
194.5
196.2
198.4
240.1
242.9
245.7
250.7
252.2
251.2
252.6
254.6
255.6
257.2
255.6
84.0
84.7
84.9
83.1
81.8
81.3
83.4
83.4
80.7
81.6
88.5
574.3
570.8
570.6
565.5
557.1
553.5
548.1
543.7
539.3
532.6
526.3
376.7
387.2
396.3
406.1
411.7
415.2
416.7
419.9
419.3
416.7
412.0
851.6
848.5
846.1
843.9
843.2
850.1
858.5
865.5
871.6
882.9
901.6
449.7
448.2
450.1
454.6
459.7
465.1
465.1
466.8
468.9
476.1
485.9
83.6
87.2
87.2
94.5
102.8
107.8
107.5
108.0
109.7
106.9
109.7
84.7
87.3
87.6
r
83.1
r
86.2
r
88.8
r
84.7
r
89.6
r
93.8
92.3
90.1
92.7
93.5
94.3
95.1
95.9
96.5
97.3
97.8
98.2
98.7
284.1
285.6
269.2
256.3
262.2
259.8
r
252.2
r
258.2
r
262.3
274.0
37.8
39.3
39.8
41.2
42.4
43.5
43.4
42.9
43.8
44.5
239.7
239.8
239.1
244.9
254.3
252.1
248.4
250.2
257.5
256.4
305.1
300.8
299.3
303.9
303.9
297.4
296.2
296.4
294.1
300.4
295.7
84.7
209.0
80.1
210.7
211.6
76.9
211.0
76.9
208.9
76.0
74.5
209.6
75.1 ' 209.6
r
r
79.2 212.2
r
82.8 r215.5
85.4
218.1
220.2
79.5
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
r
r
r
98.9
NOTE.—Travelers checks are a component of money stock but are not shown here.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding
Installment credit outstanding (end of period)
Period
Total
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
l
Other
Automobile
Revolving
Dec
Dec
Dec
Dec
Dec
Dec
Dec
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
8,513
8,155
1,537
5,856
5,257
12,362
21,251
22,401
12,919
559
1,286
57
1,044
2,420
1,191
1,791
778
222
13,638
11,330
1,775
628
664
13,925
23,615
17,738
4,844
1986: Oct
Nov
Dec
576,862
577,645
577,789
243,395
242,998
245,056
133,812
134,388
134,940
25,783
25,732
25,710
173,873
174,527
172,083
5,587
782
144
4,380
-396
2,057
694
576
552
52
51
21
461
654
— 2,444
1987- Jan
Feb
Mar
578,578
579,591
579,913
583,594
583,277
587,821
591,175
596,182
602,607
606,346
245,471
246,064
246,290
247,662
247,578
250,130
250,981
254,013
257,470
259,096
134,916
135,663
135,166
136,706
136,869
137,401
138,741
139,837
141,704
143,272
25,852
25,789
25,614
25,625
25,542
25,685
25,860
25,695
25,699
25,689
172,338
172,075
172,844
173,599
173,288
174,605
175,595
176,637
177,733
178,288
789
1,013
322
3,681
-318
4,545
3,354
5,006
6,425
3,739
416
592
226
1,373
-85
2,553
850
3,033
3,457
1,626
23
746
496
1,540
163
532
1,340
1,096
1,867
1,568
141
63
-175
12
-84
143
175
165
4
-10
255
-263
768
756
-312
1,318
989
1,043
1,097
555
1978- Dec
1979: Dec
1980:
198119821983:
1984:
1985:
1986-
May
..
July
Sept r
Oct "
1
Fur vcar-ciid data, change fn in preceding yt
Mid; for monthly data, change from preceding
Source: Board of Governors of the Federal Rest
HJHth.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose 0.2 percent in November.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
1987
' SEASONALLY ADJUSTED
SOURCE. SOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depository institutions 3
All commercial banks *
Period
Total loans
and
securities 2
Total
2
Commercial
and industrial
loans
U.S.
Government
securities
Borrowings
(millions of dollars,
unadjusted)
Reserves adjusted
for changes in
reserve requirements
Loans and leases
Other
securities
Total
Nonborrowed
Required
Total
Seasonal
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1,136.1
1,239.0
1,307.2
1,401.0
1,553.0
1,722.6
1,908.0
2,089.8
849.8
913.9
967.2
1,033.8
1,123.5
1,319.9
1,456.0
1,583.0
291.4
325.7
355.2
392.4
414.1
473.1
499.9
541.4
144.3
170.6
179.3
201.8
259.4
260.6
271.4
309.9
141.9
154.5
160.7
165.4
170.2
142.1
180.6
196.9
28.97
30.81
32.08
34.32
36.11
36.91
46.06
56.17
27.50
29.12
31.44
33.69
35.33
36.72
44.74
55.34
28.53
30.29
31.76
33.82
35.55
39.06
45.00
54.80
1,473
1,690
636
634
774
3,186
1,318
827
81
116
54
33
96
113
56
38
1986- Nov
Dec
2,063.5
2,089.8
1,561.5
1,583.0
525.7
541.4
304.1
309.9
197.9
196.9
54.49
56.17
53.74
55.34
53.51
54.80
752
827
70
38
1987: Jan
Feb
Mar
2,118.3
2,119.7
2,126.2
2,147.3
2,160.6
2,167.1
2,169.5
2,189.0
2,206.7
2,225.8
2,223.5
,611.8
,610.7
,616.4
,634.3
,642.9
1,651.7
1,652.8
1,665.5
1,680.4
1,699.3
1,696.1
554.1
553.8
551.7
553.9
555.9
558.0
555.5
555.6
560.5
565.7
567.0
316.3
315.2
314.3
315.8
320.1
316.9
319.8
328.6
331.7
332.3
331.0
190.2
193.9
195.5
197.2
197.6
198.5
196.9
194.9
194.6
r
194.3
196.4
56.88
56.87
56.85
57.95
58.35
57.71
57.60
57.88
57.83
r
58.50
57.99
56.30
56.32
56.33
56.96
57.32
56.93
56.93
57.23
56.89
' 57.55
57.37
55.82
55.66
55.94
57.13
57.27
56.52
56.84
56.84
57.03
57.37
57.06
580
556
527
993
1,035
776
672
647
940
943
625
34
71
91
120
196
259
283
279
231
189
126
1979- Dec
1980:
1981:
19821983:
1984:
1985'
1986-
May
July
. •>
Aug
Sept
Ocf
Nov "
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
2
Excludes
3
loans to commercial banks in the United States.
Data are averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Credit market funds
Internal 1
Total
Total
Securities
and
mortgages
Loans and
short-term
paper
Total
Other 2
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
328.6
352.7
345.9
383.4
327.4
432.3
518.5
492.3
491.4
in r
IV
1987- I r r
n
HI''
146.3
155.1
145.8
143.9
85.1
146.6
182.2
136.9
139.9
85.0
87.8
92.7
94.5
80.4
88.6
121.6
85.2
109.5
33.2
20.9
53.2
22.8
44.0
57.3
74
15.3
33.4
51.8
66.9
39.5
71.7
36.4
31.3
129.0
69.9
76.1
61.3
67.2
53.2
49.3
4.7
58.1
60.7
51.7
30.4
309.7
370.6
352.1
368.5
303.5
399.8
488.0
442.5
438.3
217.0
238.3
243.7
286.5
256.5
274.7
370.9
342.8
339.2
92.7
132.3
108.4
82.0
47.0
125.1
117.1
99.7
99.1
18.9
-17.9
-6.2
14.8
24.0
32.5
30.5
49.9
53.0
350.9
352.2
342.2
149.0
89.8
254.9
117.6
64.1
201.9
52.3
31.7
12 2
65.3
32.4
214.1
31.4
25.7
53.0
426.3
398.4
540.3
340.5
321.5
330.2
85.8
76.9
210.1
73.6
43.6
56.8
439.3
491.1
487.4
1986: II '
r
182.3
197.6
200.1
239.5
242.3
285.7
336.3
355.4
351.5
499.9
442.0
597.1
1978
1979
1980
1981
1982.
1983
1984
1985
1986 T
343.2
340.8
351.7
96.1
150.3
135.7
30.8
113.8
77.6
92.3
22.4
58.1
61 5
91.4
19.5
65.3
36.5
58.1
379.3
423.8
433.9
354.6
346.0
347.8
24.7
77.8
86.1
60.0
67.3
53.5
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abr d
°l 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.
Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilities
Current assets
End of period
Total
QFE-PRB 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 *
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
.559
.505
.492
.462
.458
.487
.464
.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
.487
1984:
I
II
Ill
IV
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
.482
.465
1.460
1.464
1985:
I
II
III
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
1,795.7
195.3
31.0
663.4
679.6
226.3
1,222.3
668.4
553.9
573.4
1.469
1986- I
f
1
Ti)t;il current nsscls divided by total current liabilities.
2
liiised on dnlii from (Juitrtrrty Wminrial Rejml for Munufiirlu. n(j. Mining, ami Trtitif
f'arfx>ctivr mitl-lfWa, responsibility for the Quarterly Financial Itefmrt 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 (Bin
of the Census), and Federal Trade Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in December.
PERCENT PER ANNUM
PERCENT PER ANNUM
DUBCE: SEE TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) 1
1981
1982 ....
1983
1984
1985
1986
Constant maturities2
3-year
10-year
High-grade
municipal
bonds
(Standard3&
Poor's)
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged by
banks 5
New-home
mortgage
yields
(FHLBB) 6
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
18.87
14.86
10.79
12.04
9.93
8.33
14.70
15.14
12.57
12.38
11.55
10.17
1986:
Nov
Dec..
5.35
5.49
6.46
6.43
7.25
7.11
6.86
6.93
8.68
8.49
5.69
5.88
5.50-5.50
5.50-5.50
7.50-7.50
7.50t7.50
9.91
9.69
1987:
Jan
Feb
Mar
Apr
May
June
July
Auer
Sept
5.45
5.59
5.56
5.76
5.75
5.69
5.78
6.00
6.32
6.40
5.81
5.80
6.41
6.56
6.58
7.32
8.02
7.82
7.74
8.03
8.67
8.75
7.99
8.14
7.08
7.25
7.25
8.02
8.61
8.40
8.45
8.76
9.42
9.52
8.86
9.01
6.63
6.66
6.71
7.62
3.10
7.89
7.83
7.90
8.36
8.84
8.09
8.24
8.36
8.38
8.36
8.85
9.33
9.32
9.42
9.67
10.18
10.52
10.01
10.11
5.76
5.99
6.10
6.50
7.04
7.00
6.72
6.81
7.55
7.29
7.17
7.54
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.JO
5.50-5.50
5.50-5.50
5.50-5.50
5.50-6.00
6.00-6.00
6.00-6.00
7.50-7.50
7.50-7.50
7.50-7.50
7.75-7.75
8.00-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.75
8.75-9.00
9.00-8.75
8.75-
9.51
9.23
9.14
9.21
9.37
9.45
9.41
9.38
9.37
r
9.25
9.35
Week ended:
1987: Nov 28
Dec 5
12
19
26
5.70
5.49
5.81
6.00
5.96
8.05
8.04
8.21
8.17
8.12
8.95
8.98
9.14
9.05
8.87
8.13
8.07
8.14
8.13
8.63
10.01
10.06
10.14
10.19
10.08
7.21
7.42
7.56
7.72
7.46
6.00-6.00
6.00-6.00
1988: Jan
5.73
Oct
Nov.
Dec "
2
1
Bank-discount basis.
2
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.
30
6.00-
6.00-6.00
6.00-6.00
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
8.75-8.75
6.00-
8.75-
6 00-6 00
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, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in December.
INDEX DEC. 31, 1965 = 50 (RATIO SCALE)
IMDEX, DEC. 31, 1965=50 (RATIO SCALE)
240
220
200
180
220
^
/ \
160
(
140
COMP DSITE STOCK PRICE INDEX
(NYSE)
120
100
\
*••
/
^—
^^-f
100
80
80
40
^^n
A /
60
60
^J
jimlum iiiiilinii
imiliim
1979
1980
IMIlllMII
miiliim
1984
1983
1982
1981
IIHllllllf
imilni|i
1986
1985
40
1987
PERC ENT
PERC :NT
20
20
EAR! •JINGS-PRICE RATIO ON COMMON STOCKS
15
~-^~~~]
10
~
~
\
10
_-
r^
~ ~ 1
" ^
^
5
0
15
(SiP)
"
1
1
I
1
1979
I
1
1
1
1981
1980
1
1
1
1
1
1
1983
1982
1
1
1
1984
1
1
1
1985
1
1
1
1986
Common stock prices *
New York Stock Exchange indexes (E ec. 31, 1965=5 D) 2
Composite
Industrial
Transportation
1
1
1
0
1987
COUNCIL OF ECONOMIC ADVISERS
OURCES: NEW YORK STOCK EXCHANGE A •<D STANDARD & POOR'S CORPORATION
Period
5
~^
1
Finance
Utility
Dow-Jones
industrial
average s
Standard &
Poor's
composite
index (194143=10) 4
Common stock yields
(percent) 5
Dividendprice ratio
Earningsprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
1981
1982
1983
1984
1985..
1986
1986- Nov
Dec
1987- Jan
Feb
Mar
Mav
j ^
July
Sept
Oct
Nov p
Dec ....
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
11.96
11.60
8.03
10.02
8.12
6.09
140.84
142.12
162.10
163.85
122.27
121.26
75.77
76.07
142.97
144.29
1,883.65
1,924.07
245.09
248.61
3.40
3.38
5.98
151.17
160.23
166.43
163.88
163.00
169.58
174.28
184.18
178.39
157.13
137.21
134.53
175.60
189.17
198.95
199.03
198.78
206.61
214.12
226.49
219.52
189.86
163.42
161.68
126.61
135.49
138.55
137.91
141.30
150.39
157.48
164.02
158.58
140.95
117.57
115.53
78.54
78.19
77.15
72.74
71.64
74.25
74.18
78.20
76.13
73.27
69.86
67.41
153.32
158.41
162.41
150.52
145.97
152.73
152.25
160.94
154.08
137.35
118.30
111.15
2,065.13
2,202.34
2,292.61
2,302.64
2,291.11
2,384.02
2,481.72
2,655.01
2,570.80
2,224.59
r
1,931.86
1,906.63
264.51
280.93
292.47
289.32
289.12
301.38
310.09
329.36
318.66
280.16
245.01
240.30
3.17
3.02
2.93
2.99
3.02
2.92
2.83
2.69
2.78
3.25
3.66
136.45
136.53
128.86
131.21
136.87
140.31
162.59
162.92
153.11
157.32
165.00
169.73
115.85
116.63
109.27
110.42
119.17
122.21
69.45
69.35
66.88
66.73
68.20
68.25
117.49
116.58
109.97
108.34
111.04
115.12
1,923.91
1,936.01
1,813.63
1,861.11
1,949.70
1,993.54
243.48
243.46
228.98
234.29
245.04
251.17
3.65
3.69
3.86
3.78
3.66
3.59
5.18
4.75
Week ended:
1987: Nov 21
28
Dec 5
12
19
26
1
Average of daily closing prices.
Includes all the'stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wedne; Jay closing prices. Earnings2
3
4
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 2 months of fiscal 1988, there was a deficit of $56.5 billion compared with a deficit of $52.4 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
_
RECEIPTS AND OUTLAYS!/
1,100
1,000
1,000
900
OUTLAYS.!/
900
800
800
700
700
600
600
500
500
400
SURPLUS OR DEFICIT (-)!/
-100
-100
-200
-200
FISCAL YEARS
V INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIl OF ECONOMIC ADVISERS
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Surplus
or deficit
(-)
Surplus
or deficit
(-)
Receipts
Outlays
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
553
-70.5
-13.3
-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
32
-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
1200
2080
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
-1.1
50
-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 (estimates) 1
734.1
769.1
854.1
909.0
946.3
989.8
1,002.1
1,032.3
212 3
-220.7
-148.0
123 3
547.9
568.9
640.7
667.8
769.5
806.3
808.3
829.7
-221.6
-237.5
-167.6
-161.9
186.2
200.2'
213.4
241.2
176.8
183.5
193.8
202.6
9.4
16.7
19.6
38.6
1,827.5
2,130.1
2,354.3
2,586.9
1,509.9
1,746.1
1,896.1
2,015.8
Cumulative total, first 2
months:
Fiscal year 1987
Fiscal year 1988
112.0
119.3
164.4
175.9
-52.4
-56.5
82.0
86.6
132.5
142.9
-50.5
-56.3
30.0
32.7
31.8
33.0
-1.9
— .2
2,183.6
2,413.5
1,791.9
1,947.0
1975
1976
1
Estimates from Mid-Session Review of the 1988 Budget, Office of Management and Budget,
August 17, 1987.
32
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 2 months of fiscal 1988, receipts were $7.3 billion higher than a year earlier and outlays were $11.5
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
INDIVIDUAL INCOME TAXES ..
— RECEIPTS1/
""""""
—
300
300
—
___.
.-—•—"""
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
CORPORATION INCOME TAXES
100
l-ic—•
lmll
T
0
BOTHER RECEIPTS
-p-m-,—
|
1
100
'
1
1
0
NONDEFENSE
-OUTLAYS-!/ -
700
,
200
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1979
1980
1981
1983
1982
1984
1985
1986
1988
1987
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
Total
Total
Department of
Defense,
military
International
affairs
Health
Medicare
Income
security
Social
securi-
inter-
ty
est
Net
Other
1976
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
371.8
1977
1978
1979
409.2
458.7
503.6
89.6
97.2
104.5
116.3
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
1980
1981
1982
1983
1984
517.1
599.3
617.8
600,6
666.5
244.1
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
209.0
239.4
50.6
69.5
69.3
65.6
71.8
590.9
678.2
745.7
808.3
851.8
134.0
157.5
185.3
209.9
227.4
131.0
153.8
180.7
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
1985
1986
1987 '
1988 (estimates) 1
734.1
769.1
854.1
909.0
334.5
349.0
392.6
396.1
61.3
63.1
83.9
105.4
265.2
283.9
303.3
331.8
73.0 946.3
73.1 989.8
74.3 1,002.1
75.7 1,032.3
252.7
273.4
282.0
297.5
245.4
265.6
274.0
289.3
16.2
14.2
11.8
14.8
33.5
35.9
40.0
40.9
65.8
70.2
75.1
73.2
128.2
11-9.8
123.5
124.8
188.6
198.8
207.4
220.1
129.4
136.0
138.5
144.7
131.8
141.7
123.9
116.3
Cumulative total, first 2 months:
Fiscal year 1987
Fiscal year 1988
112.0
119.3
55.2
57.5
2.3
3.5
42.9
45.9
164.4
175.9
44.1
47.3
42.7
45.9
3.2
1.1
6.4
7.4
12.6
12.6
19.5
19.8
33.3
34.6
22.4
24.6
22.9
28.5
11.5
12.4
1
Estimates from Mid-Session Review of the 1988 Budget, Office of Management and Budget,
August 17, 1987.
88.1
NOTE.—Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, according to revised estimates, Federal receipts rose $0.1 billion (annual rate) and Federal
expenditures fell $3.0 billion.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
EXPENDITURES
..A
800
800
600
RECEIPTS "
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
I
I
J
I
J
1980
I
I
I
I I
1982
1981
1
I
I
I
I
1984
1983
1985
1986
1987
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
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
Fiscal year:
1984
1985
1986
711.9
776.4
814.2
302.5
340.6
358.0
75.3
74.3
80.3
54.9
56.0
51.7
279.2
305.6
324.1
873.0
961.0
1,027.8
297.2
340.4
368.4
352.2
374.0
394.8
90.7
97.8
107.4
109.7
128.0
134.3
23.3
20.7
22.9
Calendar year:
1983
1984
1985
1986
659.9
726.0
788.6
827.4
294.5
310.3
346.6
363.0
61.3
75.2
76.1
83.7
51.6
55.7
55.2
50.9
252.5
284.7
310.6
329.8
835.9
895.6
984.6
1,032.0
283.5
310.5
353.9
366.2
348.6
354.9
380.1
399.9
86.2
93.6
99.7
106.9
94.3
115.6
130.2
135.7
22.9
21.2
20.5
23.3
^
.2
2
1982: IV
1983: IV
633.1
675.5
303.0
46.4
47.6
835.7
293.2
347.4
23.4
.0
-202.6
70.2
844.7
276.1
352.5
101.0
29.1
.0
— 169.2
1984- IV
742.7
326.0
69.7
53.6
56.2
84.5
86.0
87.2
291.9
236.1
259.8
290.7
930.2
326.0
362.1
96.3
125.3
21.0
.6
-187.5
1985: I. .
795.3
759.0
794.9
805.1
361.2
317.5
351.0
356.7
74.2
73.5
79.1
77.8
55.0
59.2
53.1
53.7
304.9
308.8
311.7
316.9
958.2
969.4
990.8
1,020.2
336.3
339.4
361.9
378.0
373.9
377.0
383.7
385.8
.1
-1.0
.0
.0
- 162.9
-210.3
-195.8
-215.0
807.6
816.9
832.4
852.5
352.8
357.6
365.2
376.4
78.7
81.3
84.3
90.5
50.4
49.9
52.1
51.1
325.8
328.1
330.7
334.5
1,003.7
1,047.1
1,036.1
1,041.2
356.7
368.4
371.2
368.6
389.9
398.3
405.9
405.7
127.7
130.4
129.7
133.0
134.9
135.9
134.2
137.8
24.5
22.6
15.3
19.7
1986: I
95.9
98.9
100.2
103.7
105.4
109.6
109.5
102.8
16.8
34.9
15.3
26.3
.0
.0
.0
.0
196 1
-230.2
-203.7
-188.7
879.3
922.9
923.0
381.5
415.6
404.3
103.0
107.9
114.5
53.3
54.2
53.9
341.5
345.2
350.3
1,049.8
1,062.1
1,059.1
366.9
379.6
382.1
406.7
412.0
413.4
102.2
106.0
103.5
139.5
139.8
142.9
34.3
24.8
17.2
.0
.0
.0
1705
-139.2
-136.1
n
m
rv
n
m
IV
1987: I .
n r
m .
Source: Department of Commerce, Bureau of Economic Analysis.
34
0.1
J
.0
.0
-161.0
-184.5
-213.6
-176.0
- 169.6
1960
-204.7
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1977=100; seasonally adjusted)
Period
United
States
Canada
Japan
France
Germany
Italy
Consumer prices (1967 = 100)
United
Kingdom
United
States *
Japan
Canada
France
Germany
175.8
186.9
Italy
United
Kingdom
1980
1981
1982
1983
1984
1985
1986 '.
108.6
111.0
103.1
109.2
121.4
123.7
125.1
108.1
108.6
97.9
104.3
119.0
125.2
126.8
118.9
120.1
120.6
124.7
138.4
144.8
144.4
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
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
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
1986: Nov
Dec
125.7
126.8
126.2
128.5
141.9
146.0
107
107
114
112
112.2
111.1
111
111
330.8
331.1
368.9
369.5
324.1
323.5
481.4
481.9
210.8
211.2
825.3
827.8
629.2
631.3
111
113
l!3
'114
116
114
r
l!3
118
116
117
111.5
114.8
117.3
115.2
119.3
•"115.8
115.3
110.7
114.3
111
113
113
113
r
l!3
112
'114
115
114
333.1
334.4
335.9
337.7
338.7
340.1
340.8
342.7
344.4
345.3
345.8
370.3
371.9
373.5
375.3
377.3
378.5
381.3
381.5
381.5
382.9
384.5
322.2
322.2
323.5
326.4
327.0
326.3
324.7
325.0
327.9
327.9
486.2
487.2
487.7
490.3
491.2
492.1
493.3
494.3
494.8
496.0
212.1
212.2
212.2
212.8
212.9
213.3
213.3
213.1
212.6
212.9
212.9
832.8
836.1
839.4
841.9
845.3
848.7
851.2
853.8
859.8
867.5
870.1
633.7
636.2
637.5
645.1
645.7
645.7
645.2
647.1
649.0
652.2
655.4
1987- Jan .
Feb
Mar
Apr
May
, 3
July
126.2
' 127.9 145.5
127.1 ' 129.3 144.6
127.4
' 130.0 147.1
' 130.2 145.1
127.4
128.2 ' 130.7 143.4
129.1 ' 132.4 149.0
132.3 ' 150.7
130.6
' 131.2 ' 134.3 149.0
130.9
136.0 153.5
' 132.0
136.4
1325
>
Sept
Oct
Nov ".
1
104
108
109
108
r
l!0
111
110
110
111
r
Data relate to all urban consumers.
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysi
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data not seasonally adjusted]
Merchandise exports
Revised
statistical
month,
adjusted 2
Revised
statistical
month
Merchandise imports
Domestic exports (statistical
month)
Total domestic and
foreign
Period
1
Statistical
month
Total3
Food,
beverages,
and
tobacco
Crude
materials
and
fuels
Manufactured
goods
Total 3
Eevised
statistical
month
F.a.s. value
142.5
144.0
163.4
221.5
246.8
282.1
30.0
36.2
27.8
1.9
2.3
1.9
3.5
3.9
3.4
23.5
28.3
21.4
34.3
33.9
31.3
1.8
2.1
2.3
2.1
2.0
2.2
2.1
1.9
1.9
2.2
3.4
4.4
4.2
3.9
4.4
4.9
5.6
5.6
4.9
5.3
21.3
24.8
25.7
25.1
25.8
27.2
27.2
25.8
25.6
28.8
28.7
33.7
34.7
33.5
34.8
36.8
37.5
35.9
35.1
39.4
1984
1985
1986
1986:
Oct
Nov
Dec
19.6
18.4
18.5
18.6
17.9
17.8
1.9
1.9
1.9
2.3
2.3
2.4
13.4
12.8
12.6
32.8
32.4
29.9
16.2
18.7
21.1
19.8
20.0
20.3
20 3
19.5
20.2
21.0
1.6
1.6
1.9
1.8
1.8
1.8
21
2.0
2.0
2.1
2.1
2.2
2.4
2.3
2.2
2.3
23
2.5
2.4
2.5
11.0
13.2
15.0
14.2
14.5
14.5
13 9
13.7
14.8
14.4
27.5
32.3
33.2
32.0
33.3
35.3
35 8
34.3
33.6
37.7
1987:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
16.8
19.4
21.8
20.5
20.8
21.1
21.0
20.2
21.0
21.8
16.4
18.7
21.1
20.1
20.4
20.5
20.1
20.0
21.0
21.0
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 1985-86 and for 1987.
2
Adjusted to include undocumented exports to Canada.
3
Total includes commodities and transactions not classified according to kind. For exports data
beginning 1987, these include undocumented exports to Canada.
4
Total arrivals of imported goods other than intransit shipments.
Revised
statistical
month
92.9
74.4
68.0
72.8
65.0
48.3
33.0
33.5
29.6
31.5
28.3
26.5
19.3
18.6
18.4
Manufactured
goods
18.4
17.8
18.8
21.6
22.4
24.7
33.2
27.0
27.0
27.3
22.2
20.2
1983
Crude
materials
and
fuels
Statistical
month
Exports (f.a.s.) less
imports (customs
value)
Revised
statistical
month,
adjusted 2
Revised
statistical
month
Exports (f.a.s.) less
imports (c.i.f. value)
Revised
statistical
month,
adjust-
Revised
statistical
month
Customs value
228.9
207.1
195.9
212.0
206.9
206.4
1982
Statistical
month
Food,
beverages,
and
tobacco
Total (c.i.f.
value)
26 1.0
154.3
24-4.0
139.7
25 8.0
132.4
325.7
143.1
345.3
145.4
148.7 366.1 370.0
238.7
23C .7
216.4
215 .3
205.6
20C .5
224.0 218.7 217.9
218.8 212.8 213.1
226.8 216.6 217.3
1981
Merchandise trade balance
General imports 4 (statistical month except as noted)
-22.3
27 5.4
-27.5
25 1.9
-52.4
26 }.9
346.4 341.2 — 101.7
352.5 361.6 -126.5
383.0 387.1 -139.3
31.4
37.8
29.1
5
5
-39.7
-42.6
-69.3
127 6
- 139.7
-132.5 -133.6
-149.4 -156.2 -166.3
-27.3
-34.6
-31.8
384
-64.2
-57.6
107 0 — 122.4
147
-15.4
-12.7
-13.2
-14.0
11 3
-10.7
-12.9
-11.4
-11.5
-12.5
-14.1
148
— 14.1
-12.6
-16.0
-11.0
-13.6
-12.1
-11.8
-12.9
— 14.7
— 15.8
-14.3
-12.6
-16.8
-11.9
— 14.4
-12.9
— 13.0
— 14.0
-15.7
165
-15.7
-14.1
-17.6
-12.3
-15.1
-13.6
— 13.3
— 14.4
-16.3
-17.4
— 15.9
-14.1
-18.4
5
Revised statistical month exports less statistical month customs value imports.
NOTE.—Data shown include trade of the F.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 and August 1987.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter, the merchandise trade deficit rose to $39.8 billion from $39.6 billion in the second quarter,
and the current account deficit rose to $43.4 billion from $41.2 billion.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
5
10
—
fiz
5
/^~^^^\
/"* -« _ .
-5
X
*~
"^
/
*--- a-|^'tt
ON
V>
BALANCE
CURRENT AC(
:OUNT \^
-5
*"\
s' \
/
\^
^
\v
[\
\
\
\
4
-15 —
f
tff*
1
'^
s<
\
\\
\ \\
MER CHANDISE TRADE \ \ \
\ \
BALANCE
\
—
\
\
\
A
\
\\
N
-25
BALANCE ON GOODS
AND SERVICES
^
\\
A
\\____ ^
^~~~~^~.'.'
30
20
/
—
/.\/\
\
»"" \
—
-35
-15
-25
\
|v —-x
30
\--''"\
"\
—
-35
"=•>.; ;'\\
\ — X-
-40
40
\
1 1 1
-45
1 1 1
1
1980
1979
1 I
1981
1
1 1
1982
1 1 1
1 1 1
1983
1984
N
I
I I
1985
I
I I
1986
I I I
1987
-45
-SEASONALLY ADJUSTED
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits (—)]
Merchandise
Investment income3
l 2
RemitNet
travel and
transportation
Period
Exports
Imports
Net balance
Receipts
Payments
Net
Other
services,
net 3
Balance on
goods and
services
receipts
1979
1980
1981
1982
1983
1984
1985
1986
1984: I
II
Ill
IV
1985:
I
II
Ill
IV
1986: I
II
Ill
IV
1987: I
II '.
Ill "....
1
z
:l
184 473
212 009
224 269 — 249 749
237 085 — 265063
947 642
'11 198
201 820
268 900
919 900
339 422
215 935 — 338083
924 361
368 700
53,614
-79,415
54,590
— 83,684
55,691
-84,144
56,005
-85,179
27 536
25480
— 27 978
36 444
67 080
112 522
122 148
144 339
64 132
72506
86 411
83 549
77 251
85 910
88 299
88 209
32
42
— 52
54
52
67
62
67
960
120
329
883
376
419
901
365
31 179
30 386
34082
28 666
24 875
18 491
25 398
20 81-1
-25,801
— 29,094
-28,453
-29,174
22,831
21,052
21,515
20,512
- 15,435
— 17,196
-17,978
- 16,809
7,396
3,856
3,537
3,703
-273
— 615
-255
-798
-1,874
— 2,039
-2,310
— 2,381
2,629
2,513
2,436
2,164
1 778
2 237
1 183
274
243
1 942
3 339
3 662
2 935
997
144
992
4 227
8 604
10 866
9 903
6 214
5 138
7 793
9466
14344
9 278
9 320
278
9 908
36 766
9 741
94 835
9 861 — 101 093
125 694
11 368
pensions,
and other
unilateral
transfers 1
Balance
on current
account
6 128
991
— 7 593
— 7460
8 956
9 480
12 178
15 301
15 658
1 873
6884
8 679
46 246
107 013
116393
141 352
— 17,923
-25,379
— 25,045
-26,486
-2,362
— 2,461
-3,112
-4,243
— 20,285
-27,840
-28,157
— 30,729
55,064
54,040
53,367
53,464
-79,946
-83,986
-84,573
-89,578
— 24,882
-29,946
-31,206
-36,114
18,530
21,931
24,174
23,665
-16,359
-16,670
- 16,055
-13,818
2,171
5,261
8,119
9,847
-242
-782
-794
-1,519
-2,261
-2,849
-2,892
-2,862
2,296
2,458
2,403
2,704
-22,918
-25,858
-24,370
-27,944
-3,296
-3,517
-4,169
-4,321
-26,214
-29,375
-28,539
-32,265
53,878
56,928
56,534
57,021
-88,856
-90,579
-93,649
-95,616
-34,978
-33,651
— 37,115
-38,595
24,076
22,013
21,333
20,787
-17,651
-17,426
- 15,994
-16,295
6,425
4,587
5,339
4,492
-1,298
-1,054
-815
-495
-2,786
— 2,278
— 2,442
-2,397
2,618
2,808
2,784
3,156
-30,019
— 29,588
— 32,249
-33,839
-3,021
-4,167
-4,334
-4,138
-33,040
— 33,755
-36,583
-37,977
56,992
60,097
65,263
-95,749
-99,655
- 105,095
-38,757
-39,558
— 39,832
24,950
22,452
22,580
- 19,450
-20,875
-22,847
5,500
1,577
-267
— 37
— 3,219
-2,779
-2,922
2,832
2,633
3,017
-33,681
-38,098
-40,447
-3,103
— 3,092
-2,931
-36,784
— 41,190
-43,378
Ivxcludcs inilitari
Ailjiistnl from ('', BUS il
for iliflcT
F.-.-s nml nmillii- (rum I'.S. dirc-ct i
36
29
-443
United .States arc excluded from investment ineome and ineludcd in olher ser
cs in limiiiE anil mvcragi-.
•stmcnlN abroad or from fur
•rt investments in tin'
Source: Department nf Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $21.2 billion in the third quarter
compared with a increase of $15.7 billion in the second quarter. Liabilities to private foreigners and international
financial institutions reported by U.S. banks, excluding Treasury securities, increased $48.9 billion in the third
quarter compared to an increase of $14.8 billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
-20
-20
-40
.-40
-60
-60
1987
1979
•SEASONAUV ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capit
Period
Total
1979
1980
1981
1982
1983
1984
1985
1986
U.S.
official
reservez
assets l
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase/capital inflow (+)] z
]
U.S.
private,
assets
Total
Foreign
official
assets
Other
foreign
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
1,139
1,152
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net *
(unadjusted,
end of
period)
-64,331
86 118
-110,951
-121,153
—49,777
-22,291
-31,399
-95,982
-1,133
-8,155
-5,175
4 965
— 1 196
-3,131
-3,858
312
3 746 — 59,453
-5,162 -72,802
-5,097 -100,679
110058
-6,131
-5,006 -43,576
5476 -13,685
2 831 -24,711
-1,920 -94,374
38,752
58,112
83,032
93,746
84,869
102,467
129,872
213,386
13 665
15,497
4,960
3,593
5,845
2,987
-1,140
34,698
52,416
42,615
78,072
90,154
79,023
99,481
131,012
178,689
n
m
-3,602
— 19,395
17,421
-16,712
657
-566
799
— 1,110
916
-2,029
1 340 — 17,490
19,608
1 388
14886
-717
22,120
41,862
2,392
36,094
-2,953
-149
-963
7,052
25,073
42,011
3,355
29,042
1,767
5,373
8,344
11,347
1,417
1 381
-3,851
3,809
34,975
34,547
34,306
34,934
n
ni
— 1,745
-1,551
-6,936
— 21,167
-233
356
-121
-3,148
-782
-1,067
-435
547
-730
128
6 380
-17,473
16,423
25,202
35,020
53,227
11 060
8,606
2,426
-1,111
27,484
16,596
32,594
54,338
11,535
5,724
455
205
1,725
1 712
-3,781
3,766
35,493
36,088
38,295
43,186
n
in
13 770
-25,529
24478
-32,204
-115
16
280
132
36,322
49,042
69,591
58,431
2,576
15,568
15,551
1,003
33,746
33,475
54,040
57,428
10,488
10,241
-8,530
11,750
2,294
-2,044
-4,153
3,904
44,919
46,595
48,087
48,517
15,533
— 14,895
-29,203
1,956
3,419
32
240 -13,415
25303
-242
1 454 -23,304
32 351
15
13,352
225
-177 -18,137
232 -29,467
26,754
49,564
68,009
13,953
10,070
359
12,802
39,494
67,650
-5,504
6,521
4,572
2,652
-2,009
-5,177
48,824
45,140
45,070
1984: I
IV
1985: I
IV
1986: I
IV
1987: I
n '.....
in*...
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
«sition in the IMF.
2
Quarterly data are not seasonally adjusted.
25,431
24,982
19,942
36,085
11,154
26,837
17,920
23,947
18,956
26,756
30,074
33,958
33,747
34,934
43,186
48,517
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
Nonagriculrural 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;
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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