Full text of Economic Indicators : January 1988
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
WOtb Congress, 2d Session
Economic Indicators
JANUARY
1988
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1988
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JOHN MELCHER (Montana)
JEFF BINGAMAN (New Mexico)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
J. ALEX McMILLAN (North Carolina)
JUDITH DAVISON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, B.C. 20402
This issue includes data available as of February 2, 1988.
TOTAL OUTPUT, INCOME, AND
GROSS NATIONAL PRODUCT
In the fourth quarter of 1987, according to preliminary estimates, current-dollar gross national product (GNP) rose
6.7 percent (annual rate) or $74.0 billion. Real GNP (GNP adjusted for price changes) rose 4.2 percent and the
implicit price deflator rose 2.7 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,800
4,800
SEA SON U1Y ^ DJUSTED.; NNU AL RA TES
^^,
C
7NP
4,000
cu
IN
RRE SIT
—
4,000
--
....
>
S
—
—
DOLLAR S-^^^-— '
/ ,'
,^'
*^
1
'"
. _ - - •"—
"""
^ —
—
'^'^ --•"
r-
__*•*
3,200
""
•s _
/
~s
x—
—-^;•=-
~"
IN 19 82 C)OLLAR 5
/
X
,
/
X
r\
""
"
—
^
^
1979
1
\
I
)981
19 80
IS 82
I
1983
IS 84
,
1
i
I
IS 85
!
19 86
I
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987".
1982:
1983:
1984:
1985:
IV
IV
IV
I
II
Ill
IV
1986: I
II
Ill
IV
1987: I
II
Ill
IV.
Personal
consumption
expenditures
Gross
private
domestic
investment
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,010.3
4,235.0
4,486.2
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,966.0
437.0
515.5
447.3
502.3
664.8
641.6
671.0
716.4
3,212.5
3,545.8
3,851.8
2,117.0
2,315.8
2,493.4
3,921.1
3,973.6
4,042.0
4,104.4
Gross
national
product
Federal
Net
exports
St
and
Exports
Imports
32.1
33.9
26.3
— 6.1
-58.9
-79.2
-105.5
-119.9
351.0
382.8
361.9
352.5
383.5
369.9
376.2
426.7
318.9
348.9
335.6
358.7
442.4
449.2
481.7
546.7
530.3
588.1
641.7
675.0
735.9
818.6
869.7
923.8
208.1
242.2
272.7
283.5
310.5
353.9
366.2
380.6
142.7
167.5
193.8
214.4
234.3
259.3
277.8
295.2
65.4
74.8
78.9
69.1
76.2
94.6
88.4
85.3
322.2
345.9
369.0
391.5
425.3
464.7
503.5
543.2
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,000.3
4,219.3
4,440.4
409.6
579.8
661.8
14.1
-25.8
-67.9
335.9
364.7
385.7
321.9
390.5
453.6
671.8
676.1
764.5
293.2
276.1
326.0
205.4
221.5
244.1
87.7
54.6
81.9
378.7
400.0
438.5
3,272.4
3,514.8
3,806.8
2,549.9
2,602.0
2,665.4
2,700.1
638.6
648.4
628.6
650.8
-51.5
-77.3
-84.7
-103.5
376.3
370.6
364.2
368.7
427.7
447.8
448.9
472.2
784.1
800.5
832.8
857.0
336.3
339.4
361.9
378.0
250.2
253.7
265.1
268.2
86.1
85.7
96.8
109.8
447.8
461.1
470.9
479.0
3,899.8
3,955.1
4,044.4
4,101.9
4,174.4
4.211.6
4,265.9
4,288.1
2,737.9
2,765.8
2,837.1
2,858.6
683.4
679.4
660.8
660.2
-93.8
-100.8
-110.5
-116.9
373.5
371.3
376.6
383.3
467.3
472.1
487.1
500.2
846.9
867.2
878.5
886.3
356.7
368.4
371.2
368.6
266.6
278.2
287.6
279.0
90.1
90.2
83.6
89.6
490.2
498.8
507.3
517.7
4,136.1
4,184.0
4,262.4
4,294.6
4,377.7
4,445.1
4,524.0
4,598.0
2,893.8
2,943.7
3,011.3
3,015.1
699.9
702.6
707.4
755.6
-112.2
-118.4
-123.7
-125.5
397.3
416.5
439.2
453.9
509.5
534.8
562.9
579.4
896.2
917.1
929.0
952.8
366.S
379.6
382.1
393.7
287.5
294.5
299.0
300.0
79.4
85.1
83.0
93.7
529.3
537.6
546.9
559.1
4,326.0
4,404.8
4,501.1
4,529.9
Source: Department of Commerce, Bureau of Economic- Analysis.
Govern ment pure! ases of
gooi s and senices
Exports ind imports of goods
md service
Total
National
defense
Nondefense
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Gross private
dome stic investinent
Expor s and imports of
gooe s and senices
Personal
consumption
expenditures
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
Govern meat purcl ases of
goo<is and senaces
Federal
Exports
exports
Imports
Total
Total
National
Final
Non-
State
and
local
1980
1981
1982
1983
1984
1985
1986
1987 p
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,607.5
3,713.3
3,819.6
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,352.6
2,450.5
2,495.2
379.2
395.2
366.7
361.2
425.2
454.1
443.8
446.8
137.0
126.5
105.1
149.3
170.9
174.6
196.4
196.2
-6.9
23.9
-24.5
-6.4
62.3
7.4
13.8
42.4
57.0
49.4
26.3
-19.9
-84.0
-108.2
145.8
-134.3
388.9
392.7
361.9
348.1
371.8
365.3
377.4
425.8
332.0
343.4
335.6
368.1
455.8
473.6
523.2
560.1
620.5
629.7
641.7
649.0
677.7
726.9
754.5
773.3
246.9
259.6
272.7
275.1
290.8
324.2
332.5
337.7
171.2
180.3
193.8
206.9
218.5
236.7
250.7
264.3
75.7
79.3
78.9
68.2
72.3
87.5
81.8
73.4
373.6
370.1
369.0
373.9
387.0
402.7
422.1
435.6
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,600.1
3,699.5
3,777.2
1982: IV
1983: IV
1984: IV
3,159.3
3,365.1
3,535.2
2,078.7
2,191.9
2,281.1
352.3
390.4
444.4
115.8
159.9
169.6
-59.3
27.0
41.7
11.7
-46.2
-94.8
336.0
355.5
376.6
324.3
401.6
471.4
660.1
642.2
693.2
289.5
266.0
300.5
201.4
211.6
225.3
88.2
54.4
75.2
370.6
376.2
392.7
3,218.6
3,338.1
3,493.5
1985: I
II
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
19.5
17.3
-5.7
-1.6
-81.0
-107.7
— 114.9
-129.3
369.7
364.7
360.5
366.5
450.7
472.4
475.4
495.8
703.4
712.1
738.6
753.7
308.4
310.7
332.5
345.3
229.8
232.8
243.3
241.1
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
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
35.3
28.1
6.1
-14.4
-123.0
-146.8
-161.6
-151.8
371.5
370.2
379.6
388.3
494.4
517.0
541.2
540.1
737.6
751.6
757.2
771.8
322.1
330.6
332.6
344.6
240.0
250.1
259.8
252.7
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
3,772.2
3,795.3
3,835.9
3,875.1
2,475.9
2,487.5
2,520.7
2,496.6
426.0
437.9
463.8
459.6
198.2
196.8
193.5
196.3
47.6
39.0
24.6
58.3
-135.2
-132.7
-138.4
-130.7
397.8
414.5
437.1
453.8
533.0
547.2
575.6
584.5
759.6
766.7
771.7
795.0
327.3
332.6
336.3
354.5
257.4
263.5
268.3
267.8
69.9
69.1
67.9
86.7
432.3
434.1
435.4
440.5
3,724.5
3,756.3
3,811.4
3,816.7
m
IV
1986: I
n
ra
IV
1987:
I
n
mr
IV .
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982—100; quarterly data are seasonally adjusted]
Personal c onsumption
expenditures
Period
national
product
Gross private
domestic i nvestment
Exports an . imports of
goods am . services
Gove rnment pure lases of goc ds and
sernces
Federal
Total
Durable
goods
Nondurable goods
Services
dential
fixed
Residential fixed
Exports
Imports
National
defense
Nondefense
State
and local
1980
1981
1982
1983
1984
1985
1986
1987 "
85.7
94.0
100.0
103.9
107.7
111.2
114.1
117.5
86.6
94.6
100.0
104.1
108.1
111.8
114.3
118.9
89.2
95.7
100.0
102.1
103.8
104.5
104.9
106.6
89.4
96.9
100.0
102.1
105.0
107.5
107.1
111.9
83.9
92.6
100.0
106.2
111.6
117.1
122.5
127.6
85.1
93.4
100.0
98.8
97.9
97.5
98.5
98.9
89.4
96.6
100.0
102.2
106.0
108.2
111.1
116.5
90.2
97.5
100.0
101.3
103.2
101.3
99.7
100.2
96.0
101.6
100.0
97.4
97.1
94.8
92.1
97.6
84.3
93.3
100.0
103.1
106.8
109.2
110.2
112.7
83.4
92.9
100.0
103.6
107.2
109.5
110.8
111.7
86.4
94.3
100.0
101.4
105.5
108.1
108.1
116.2
86.2
93.4
100.0
104.7
109.9
115.4
119.3
124.7
1982: IV
1983: IV
1984: IV
101.7
105.4
109.0
101.8
105.7
109.3
100.7
103.1
104.1
101.0
103.1
105.8
102.7
108.3
113.5
100.7
98.3
97.9
99.1
103.1
107.2
100.0
102.6
102.4
99.3
97.2
96,2
101.3
103.8
108.5
102.0
104.7
108.3
99.5
100.3
108.9
102.2
106.3
111.7
1985: I
109.9
110.8
111.6
112.4
110.2
111.3
112.2
113.3
104.6
104.5
104.6
104.3
106.3
107.4
107.6
108.6
114.8
116.3
118.0
119.4
98.0
97.5
97.3
97.1
107.6
107.6
108.0
109.5
101.8
101.6
101.0
100.6
94.9
94.8
94.4
95.2
109.0
109.3
108.8
109.5
108.9
109.0
109.0
111.2
109.5
110.1
108.4
105.4
113.4
114.9
116.0
117.3
112.9
113.7
114.7
114.9
113.6
113.6
114.5
115.2
104.5
104.6
105.4
105.2
107.8
106.2
106.8
107.5
120.7
122.0
123.3
124.3
97.2
98.4
99.0
99.2
110.0
111.0
111.3
112.2
100.6
100.3
99.2
98.7
94.5
91.3
90.0
92.6
110.7
111.4
111.6
107.0
111.1
111.2
110.7
110.4
109.8
112.2
115.0
97.5
118.0
118.5
119.5
121.2
116.1
117.1
117.9
118.7
116.9
118.3
119.5
120.8
105.4
106.1
107.4
107.7
109.8
111.7
112.6
113.6
125.5
126.9
128.3
129.8
99.3
99.2
98.4
98.9
113.7
115.7
117.8
118.7
99.9
100.5
100.5
100.0
95.6
97.7
97.8
99.1
112.1
114.1
113.6
111.1
111.7
111.8
111.4
112.0
113.6
123.1
122.2
108.2
122.4
123.8
125.6
126.9
n
m
IV
1986: I
n
m
IV
1987: I
II
ra
IV
Source: Department of Commerce, Bureau of Economic Analysis
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Cm ss
Period
8.9
1980
1981
11.7
3.7
1982
1983
1984
1985
1986
1987"
7.6
10.8
6.3
5.6
5.9
4.2
12.4
4.7
1982: IV
1983: IV
1984: IV
1985:
Constant
(1982)
dollars
Current
dollars
7.4
5.5
7.1
6.3
I
n
in
IV
1986: I
n
m
rv
1987: I
II
Ill
IV"
national pr duct
Implicit
price
deflator
-0.2
9.0
1.9
-2.5
3.6
6.8
3.0
2.9
2.9
9.7
6.4
3.9
3.7
3.2
2,6
3.0
.6
7.3
4.7
1.7
3.0
3.8
3.3
3.3
2.9
2.1
4.1
3.1
Personal consumption e penditures
Chain price
index
Fixedweighted
price index
(1982
weights)
4.1
3.9
3.1
4.0
4.0
3.2
10.3
9.7
7.2
5.3
5.5
4.3
4.4
4.3
3.0
4.8
4.1
3.1
4.8
4.0
3.8
2.8
3.4
4.1
3.7
9.4
8.4
10.1
5.3
5.9
4.0
6.9
1.2
3.3
4.1
3.3
4.0
3.5
4.4
3.2
4.2
3.4
4.5
3.3
4.2
5.7
4.1
10.7
3.1
4.5
1.1
.0
3.2
2.5
1.5
.3
3.6
3.0
3.6
3.0
5.0
7.1
9.5
.5
— .7
6.0
4.9
5.5
5.2
4.0
4.1
5.7
5.2
4.0
4.2
2.9
3.4
7.0
3.6
5.3
2.1
5.4
1.8
.6
2.9
1.4
1.7
1.9
2.6
2.0
2.2
2.2
2.6
1.5
3.6
.7
8.6
6.3
7.3
6.7
4.4
2.5
4.3
4.2
4.2
3.5
2.8
2.7
4.2
3.7
3.3
3.3
4.5
4.1
3.4
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Fixedweighted
price index
(1982
weights)
2.7
3.4
3.5
2.4
3.2
2.9
Chain price
index
10.6
10.5
7.1
9.0
8.8
8.2
6.5
5.9
9.3
9.3
6.2
4.1
4.0
3.6
9.0
9.4
6.3
4.1
3.9
3.6
Implicit
price
deflator
Constant
(1982)
dollars
Current
dollars
2.3
3.7
1.2
1.3
4.6
4.8
4.6
4.2
3.8
10.7
9.2
5.7
4.1
3.8
3.4
2.2
4.0
10.9
9.2
5.7
4.2
3.9
3.6
2.5
4.1
10.5
9.0
5.6
4.2
4.0
3.7
2.6
4.2
-0.2
4.1
7.3
.5
1.9
5.4
-3.8
4.1
4.4
4.1
3.2
1.7
.3
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-do!lar cos t and profit per unit o output (do liars) '
Gross c omestic
prodi ct of
nonfin ancia!
corporate business
(billions c f dollars)
Period
Current
dollars
1982
dollars
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consump-
Corpc rate profits with
inventory valuation a nd capital
consuir ption adjus tments
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Total
Profits
tax
Profits
after
tax
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
adjustment
1980
1981
1982
1983
1984
1985
1986
1987"
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,282.8
2,376.1
2,495.4
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,127.1
2,182.2
2,240.9
0.852
.946
1.000
1.026
1.054
1.073
1.089
1.114
0.095
.109
.125
.123
.118
.119
.121
.123
0.077
.090
.094
.098
.100
.103
.104
.106
0.581
.632
.676
.679
.687
.702
.715
.728
0.031
.037
.043
.037
.039
.043
.045
.047
0.068
.078
.063
.089
.109
.107
.103
.110
0.037
.035
.026
.032
.036
.033
.036
.049
0.031
.044
.037
.057
.073
.074
.068
.061
17.096
17.194
17.318
17.867
18.288
18.674
18.969
9.939
10.861
11.699
12.124
12.570
13.103
13.566
1982: IV
1983: IV
1984: IV
1,779.4
2,012.5
2,201.8
1,760.2
1,940.5
2,069.5
1.011
1.037
1.064
.131
.120
.118
.096
.098
.102
.685
.680
.694
.042
.037
.042
.057
.103
.107
.023
.036
.032
.034
.066
.075
17.382
18.029
18.359
11.914
12.261
12.746
1985: I
2,230.9
2,266.2
2,312.4
2,321.8
2,091.1
2,115.1
2,148.7
2,153.5
1.067
1.071
1.076
1.078
.119
.119
.118
.120
.102
.104
.102
.103
.698
.701
.699
.709
.043
.043
.043
.044
.106
.106
.114
.103
.033
.031
.034
.033
.072
.075
.080
.070
18.458
18.588
18.849
18.787
12.883
13.022
13.173
13.324
2,353.3
2,858.6
2,387.7
2,404.7
2,176.7
2,171.9
2,180.8
2,199.3
1.081
1.086
1.095
1.093
.119
.121
.122
.123
.104
.101
.106
.104
.709
.714
.717
.720
.045
.046
.046
.045
.104
.104
.104
.102
.033
.034
.037
.040
.071
.069
.068
.062
18.941
18.930
18.974
19.073
13.437
13.525
13.608
13.724
2,434.8
2,207.6
2,219.9
1.103
1.111
1.118
.123
.105
.107
.107
.724
.728
.727
.045
.046
.048
.106
.106
.114
.045
.047
.051
.061
.059
.063
18.933
18.964
19.087
13.708
13.798
13.901
n
m
IV
1986: I
H
Ill
rv
1987: I
II
Ill
1
2,465.4
2,521.1
2,254.4
.124
.123
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
z
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
4
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Departmenl of Commurce (Bureau of Economic Analysis) and Department of Lnbor
(Bureau of Labor Statistics).
NATIONAL
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employ-
Proprietor s' income
with in rentory
valuation imd capital
COftSUY nption
adjust ments
Farm
2,518.4
2,719.5
3,028.6
3,229.9
3,422.0
3,635.9
2,548.2
2,851.5
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
1982
1983
1984
1985
1986
1987"
1982: FV
1983: IV
1984: IV
1985: I
n
ra
IV
1986: I
n
m
rv*
1987: I
n
in
IV".
1
1,907.0
2,020.7
2,213.9
2,370.8
2,504.9
2,647.5
1,931.1
2,092.7
2,272.7
2,314.9
2,351.5
2,386.3
2,430.5
2,464.8
2,487.6
2,515.1
2,552.0
2,589.9
2,623.4
2,663.5
2,713.4
Rental
income of
persons
with
capital
Nonfarm
tion
adjustment
13.6
13.2
150.9
178.4
204.0
227.6
252.6
279.1
159.8
188.6
209.7
220.4
224.2
229.5
236.3
242.8
250.1
256.2
261.2
269.7
275.8
282.1
288.7
24.6
12.4
30.5
29.7
37.2
48.8
28.5
19.3
28.1
31.7
32.2
22.9
31.7
28.0
48.1
36.3
36.6
51.3
47.3
40.6
55.8
Includes employer contributions for social insurance, (See a!so p. 5.)
8.5
9.0
16.7
18.5
15.8
12 4
5.6
7.3
9.1
9.3
10.1
14.0
17.4
17.2
18.4
20.0
18.9
17.3
18.1
Corpora te profits wi h inventory valuation an . capital
consurnption adjust ments
Profits witn irrventory variation
adjustme it and witho at capital
consu mption adjustment
Total
Profits
before tax
150.0
213.7
266.9
277.6
284.4
305.3
146.1
248.5
266.9
265.6
274.2
292.8
277.8
288.0
282.3
286.4
281.1
294.0
296.8
314.9
159.2
196.7
234.2
224.1
238.4
257.2
150.7
223.4
224.6
216.1
219.8
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.8
267.3
Inventory
valuation
adjustment
169.6
207.6
240.0
224.8
231.9
274.6
164.1
231.5
226.1
217.6
218.0
230.2
233.5
218.9
224.4
236.3
247.9
257.0
268.7
284.9
-10.4
-10.9
-5.8
— .7
6.5
17.4
-13.4
-8.1
-1.6
-1.5
1.8
6.5
9.8
17.8
11.3
6.0
-8.9
-11.3
— 20.0
17.6
-20.7
Capital
consump-
Net
interest
ment
-9.2
17.0
32.7
53.5
46.0
48.1
-4.5
25.1
42.3
49.5
54.4
56.0
54.2
51.3
46.7
44.0
42.1
48.2
48.0
47.7
48.5
272.3
281.0
304.8
315.3
326.1
336.7
266.9
290.2
313.1
316.5
313.2
313.7
317.9
326.6
328.7
327.5
321.7
323.6
331.1
340.6
351.5
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions o! dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durabl 3 goods
Period
con-
expendi-
1982
1983
1984
1985
1986
1987''
1982: IV
1983: IV
1984: IV
1985: I
n
m
rv
1986:
I
n
m
IV
1987: I
n
m
iv"
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,966.0
2,117.0
2,315.8
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
3,015.1
Source: Department of Commerce, Bureau of Economic Anaiys
Total
durable
goods
252.7
289.1
335.5
388.7
402.4
413.9
263.8
310.0
346.7
358.2
362.4
383.7
370.5
375.9
386.4
427.6
419.8
396.1
409.0
436.8
413.8
vehicles
and
parts
108.9
130.4
157.4
177.6
194.9
194.5
115.7
144.4
162.3
171.1
173.3
191.9
174.1
177.4
184.2
217.0
201.2
177.6
189.6
215.2
195.8
Furniture
and
household
equipment
95.7
107.1
118.8
128.7
139.9
146.3
99.1
112.4
122.7
125.0
127.0
129.5
133.5
134.7
138.3
142.9
143.8
146.0
146.0
147.9
145.4
Retail sales of
new pa ssenger
cars (mi .lions of
ts)
Non durable g )ods
Other
48.1
51.6
59.3
62.4
67.6
73.1
49.0
53.2
61.8
62.1
62.1
62.4
62.9
63.8
64.0
67.8
74.8
72.5
73.5
73.7
72.6
Total
nondurable
goo s
771.0
816.7
867.3
913.1
939.4
980.4
186.6
837.9
879.6
894.4
910.4
918.4
929.3
9S16.8
934.3
940.0
946.3
969.9
982.1
986.4
983.4
Food
398.8
421.9
448.5
472.8
497.8
514.5
407.0
430.8
456.1
463.5
471.2
474.9
481.7
489.4
494.7
499.6
507.5
514.8
515.0
514.0
514.1
Clothing and
shoes
Gasoline
and oil
124.4
135.1
146.7
157.2
167.5
176.5
126.5
141.1
149.8
153.2
155.8
158.8
160.9
163.4
167.2
169.8
169.6
174.0
175.8
178.7
177.3
89.1
90.2
90.0
92.6
75.3
79.9
89.8
91.9
89.0
90.6
94.3
93.5
92.1
87.7
74.4
70.6
68.4
75.8
80.6
82.7
80.5
Other
Domestics
158.7
169.5
182.1
190.5
198.8
209.6
163.4
174.0
184.7
187.2
189.1
191.2
194.5
196.3
198.0
200.0
200.8
205.3
210.7
211.0
211.5
1,027.0
1,128.7
1,227.6
1,347.5
1,458.0
1,571.6
1,066.5
1,167.9
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
1,618.0
5.8
6.8
8.0
8.2
8.2
7.1
6.0
7.4
7.7
8.3
8.1
9.3
7.1
7.7
7.9
9.5
7.8
6.7
7.0
8.0
6.7
Imports
2.2
2.4
2.4
2.8
3.2
3.2
2.5
2.6
2.6
2.5
2.7
3.0
3.2
2.9
3.1
3.5
3.5
2.8
3.0
3.6
3.3
SOURCES OF PERSONAL INCOME
Persona! income rose $28.6 billion (annual rate) in December, following a decline of $17.8 billion in November.
The December and November figures were affected by two special factors—subsidy payments to farmers, which
affected changes in both months, and a retroactive payment to Postal Service employees, which affected the
December change. Excluding these special factors, personal income increased $17.8 billion in December and $22.8
billion in November.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,200
4,200 F
3,200
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
800
\
OTHER INCOME
400
400
TRANSFER
PAYMENTS
i
1111200
200
1980
1979
1984
1983
1.982
1981
1985
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Or COMMERCE
1987
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1980
1981
1982
1983
1984
1985
1986
1987"
1986: Dec
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov T
Dec"
Total
personal
income
Proprietor ' income 3
age and
&\^*
ments
Farm
2,258,4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
3,745.8
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,974.9
2,089.1
2,212.7
138.4
150.3
163.6
173.6
182.9
192.3
201.1
210.2
3,613.0
2,134.4
3,631.5
3,671.2
3,683.4
3,701.9
3,708.5
3,715.3
3,739.2
3,760.6
3,783.2
3,853.8
3,836.0
3,864.6
2,150.2
2,166.4
2,173.1
2,181.5
2,193.7
2,198.9
2,209.7
2,228.8
2,239.8
2,257.6
2,272.0
2,281:0
Personal
dividend
income
Personal
interest
income
271.9
335.4
369.7
393.1
444.7
476.5
497.6
515.8
324.7
368.1
410.6
442.6
456.6
489.7
518.3
543.0
88.6
104.5
112.3
120.1
132.7
148.9
159.6
169.9
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,273.5
3,475.2
3,675.5
Transfer
payments 5
Nonfarm
personal
income 6
20.5
30.7
24.6
12.4
30.5
29.7
37.2
48.8
160.1
156.1
150.9
178.4
204.0
227.6
252.6
279.1
6.6
13.3
13.6
13.2
8.5
9.0
16.7
18.5
52.9
61.3
63.9
68.7
75.5
76.3
81.2
87.5
205.1
45.2
263.4
19.2
83.2
496.6
528.0
162.1
3,546.7
205.9
206.7
207.4
210.0
209.0
209.6
210.4
211.1
211.9
212.7
213.5
214.4
42.0
56.2
55.6
58.0
41.6
42.3
43.9
37.7
40.2
79.3
39.2
48.9
265.6
270.2
273.2
274.1
275.8
277.7
279.9
282.8
283.6
286.2
288.9
291.1
19.5
20.0
20.4
19.7
18.9
18.2
17.8
17.3
16.7
17.4
18.0
18.9
83.9
84.4
85.0
85.3
86.5
87.0
87.9
88.8
89.4
90.0
90.5
91.0
498.1
499.8
501.6
503.8
506.3
508.8
514.0
519.8
526.2
532.1
537.2
542.3
532.2
534.5
534.3
537.3
545.4
541.7
545.2
545.2
547.0
551.4
550.3
551.4
165.9
167.0
167.3
167.7
168.6
168.9
169.6
170.8
171.6
172.8
173.8
174.4
3,568.4
3,594.1
3,607.2
3,622.8
3,645.1
3,651.2
3,673.5
3,701.1
3,721.1
3,752.5
3,774.8
3,793.7
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2 Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Less:
Personal
contributions
for social
insurance
Rental
income of
persons 4
4
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor hi
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 fourth quarter of 1987.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
3,800
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
'
3,800
3,400
3,400
3,000
2,600
2,200
1,800
I
1,400
I
I
I
I
I
DOLLARS * (RATIO SCALE)
DOLLARS * (RATIO SCALE)
16,000
16,000
PER CAPITA DISPOSABLE PERSONAL INCOME
6,000
6,000
1987
• SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE '
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Disposable
persoi al
Less:
Personal
outlays *
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
136.8
159.4
153.9
130.6
164.1
127.1
130.6
120.2
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.2
2,645.1
2,676.1
Per c ipita
disposable personal
inct me
1981
1982
1983
1984
1985
1986
1987"
340.5
393.3
409.3
410.5
440.2
485.9
512.2
564.7
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,841.1
3,022.1
3,181.1
Saving as
pereent of
disposable
persona!
income
Population,
including
Armed
Forces
abroad
(thousands) z
1982
dollars
9,722
9,769
9,724
9,930
10,419
10,622
10,947
10,976
7,607
8,320
8,818
9,515
10,253
10,987
11,588
12,165
8,783
8,794
8,818
9,139
9,489
9,830
10,142
10,234
11
7.1
.5
-.5
2.1
4.9
1.9
3.1
.3
7.5
6.8
5.4
6.1
4.5
4.3
3.8
227,754
230,182
232,549
234,829
237,051
239,323
241,620
243,809
1982
dollars
8,421
9,243
9,724
10,340
11,257
11,872
12,508
13,048
PerceiIt
Dollai S
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,714.1
2,891.5
3,060.9
Percent
change in
real per
capita
disposable
personal
income
Current
dollars
Current
dollars
Billio us of dollar
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
3,745.8
1980
Per capitt personal
consurnption
expen itures
S easonally adjusted ann ual rates
1982: IV
1983: IV
1984: IV
2,729.2
2,941.8
3,188.3
411.1
413.9
459.7
2,318.1
2,527.9
2,728.6
2,174.9
2,382.5
2,571.3
143.1
145.4
157.3
2,276.1
2,392.7
2,496.3
9,929
10,725
11,467
9,749
10,151
10,491
9,068
9,825
10,479
8,904
9,299
9,587
1.2
9.1
1.7
6.2
5.8
5.8
233,466
235,707
237,946
1985: I
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
238,452
238,977
239,618
240,246
3,463.4
3,526.6
3,553.6
3,593.6
497.4504.2
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
3,662.0
3,708.6
3,761.0
3,851.5
536.1
578.0
565.7
578.9
3,125.9
3,130.6
3,195.3
3,272.6
2,987.5
3,037.4
3,106.5
3,112.2
138.4
93.2
88.8
160.4
2,674.6
2,645.5
2,674.7
2,709.7
12,865
12,858
13,090
13,374
11,008
10,865
10,958
11,074
11,910
12,090
12,337
12,322
10,190
10,216
10,327
10,203
4.8
5.7
3.4
4.1
4.7
5.5
3.6
3.6
4.4
3.0
2.8
49
n
m....
IV
1986: I
n
m....
IV
1987: I
n
m....
IV '..
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
-4.2
3.3
6.2
6.9
-2.0
— .4
1.9
-5.1
3.5
4.3
240,782
241,313
241,896
242,489
242,971
243,480
244,094
244,690
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the third quarter, according to current estimates, gross farm income rose $4.0 billion (annual rate) and net farm
income rose $2.7 billion.
BILL ONS OF DOLL/^RS
BILLIC)NS OF DOHA ?S* (RATIO SOME)
* (RATIO S CALE)
240
240
9on
x-
160
~~1"
P*
-/'
,
I
~—^
s^^v^-np"
.—*£±.
'
160
\
GROS S FARM INCOME
80
40
40
20
20
10
10
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions oi dollars; qiiarterVy data at seasonally adjusted annual rates]
In come of farm operators from farmi ng
(Jross farm incom
Period
Cas ti marketing rece pts
Total '
Total
1980
1981
1982
1983
1984
1985
1986
1984: 1
II
HI
IV
1985:
I
n
Ill
rv
1986: I
II
Ill
IV
1987: I
II
Ill"
149.3
166.3
163.5
153.1
174.7
166.0
159.5
176.8
r
169.8
176.6
r
175.8
r
168.5
' 164.0
T
159.5
172.1
149.8
168.8
r
154.7
164.8
167.3
153.7
157.7
139.7
141.6
142.6
136.6
142.3
144.2
135.2
137.8
142.2
147.0
142.3
137.9
138.0
144.8
156.1
134.4
130.6
135.0
140.7
130.0
128.1
137.3
Livestock and
products
Crops
71.7
72.5
72.3
67.1
69.4
74.4
63.6
62.0
70.1
74.9
70.4
68.0
68.9
76.0
84.7
66.0
63.8
57.2
67.4
57.4
56.1
58.6
68.0
69.2
70.3
69.4
72.9
69.8
71.6
75.8
72.0
72.0
71.8
69.9
69.0
68.9
71.4
68.3
66.8
77.8
73.3
72.6
72.0
78.7
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nomnoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Net fanr income
3
Value of
inventory
changes 2
-6.3
6.5
-1.4
10.9
6.2
2.7
-3.3
2.1
7.3
8.8
6.6
1.1
24
-4.2
-5.1
4.2
-3.5
-3.0
-2.4
2.0
-1.7
.9
Production
expenses
Current
dollars
133.1
139.4
140.0
140.4
142.7
133.7
122.1
143.1
143.6
142.9
141.1
138.3
135.3
132.2
129.0
125.7
122.9
120.6
119.0
117.9
117.0
118.5
1982 dollars 3
16.1
26.9
23.5
12.7
32.0
32.3
37.5
33.6
26.3
33.7
34.5
r
30.2
28.7
27.3
43.1
24.1
45.9
34.2
45.8
49.4
36.6
39.3
Income in current dollars divided by the GNP implicit price deflator (1982=100).
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
r
18.8
28.6
23.5
12.2
29.7
29.0
32.9
31.6
24.4
31.2
31.8
r
27.5
25.9
r
24.5
38.4
21.4
40.3
29.8
39.9
42.5
31.2
33.3
CORPORATE PROFITS
in the third quarter, according to current estimates, corporate profits before tax rose $16.2 billion (annual rate)
and after-tax profits rose $7.4 billion.
BILLI ONS OF DOLL*iRS
320
BIL LIONS OF DOL .ARS
320
SEA ONALIY ADJUSTED A NNUAL RATES
280
280
PROFITS BEFORE TAX
X/
^~^
\
V-\
v—
\
240
200
/I
,
160
"'
—
'"
""""*"•%
_..-N
.„'
f
ff''
TA < LIABILITY,
H
S
V
1
-*
^.^"'
X
s
-,
\
"
-
^-
\
UNDISTR IBUTED PROFIT s
—
1
1
1
1979
\
!
1
1980
I
!
!
1
1981
1
1
1
1
1
!
1983
1982
!
1
1984
•.,-*•'''"*
~~
•'
—
120
80
J
//—
/
-^
N
\
40
~
.'
\
\ " s"
\.-~"
80
160
s
t
\
\
^ \
200
J
^^1
\
120
^
^
I
PR )FITS AFTER TV y
\
240
^
^
\
\
.---""""—
0
//
/\
!
1 !
1985
SOURCE: DEPARTMEN T OF COMMERCE
!
i
!
1986
•-"
40
—
i i i
0
1987
COUNCil OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after ta X
Prt fits (before t ax) with mve ntory valuati an adjustmen t »
Do Tiestie indust les
Period
Total
1980
1981
1982
1983
1984
1985
1986
1987 "
1982: TV
1983: IV
1984: IV
1985: I
n
in
IT
1986: I
n
Ill
IV
1987: I
n
Ill
IV"
1
2
3
194.0
202.3
159.2
196.7
234.2
224.1
238.4
257.2
150.7
223.4
224.6
216.1
219.8
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.8
267.3
158.6
173.8
131.2
166.6
203.3
193.6
207.2
225.0
121.6
190.7
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
Total 3
21.0
16.5
11.8
18.1
13.0
18.4
26.1
27.5
18.7
15.5
13.6
15.3
19.1
18.4
20.8
26.2
26.9
25.2
26.1
27.6
27.8
27.0
Sec p. 4 for profits with inventory valuation and capital eon sumption ii
Includes rest of the world, no! shown separately.
Includes industries not shown separately.
Profits
before tax
Nonfinaneial
Total 2
138.6
157.3
119.4
148.5
190.3
175.2
181.1
197.5
102.9
175.2
180.3
171.8
170.1
189.9
168.9
176.2
180.0
185.1
183.2
185.5
188.0
208.4
Manufacturing
77.1
88.5
58.0
70.1
88.8
72.2
69.4
90.2
46.8
88.6
79.8
67.8
68.4
80.1
72.4
61.9
72.5
68.0
75.4
75.4
85.5
100.7
Tax
liability
Total
Dividends
sale and
retail
trade
237.1
226.5
169.6
207.6
240.0
224.8
21.6
32.5
34.6
38.9
51.2
51.4
52.1
52.0
33.6
43.1
51.8
52.0
52.8
5S.7
45.0
55.8
48.2
54.6
49.7
56.2
45.2
52.1
231.9
274.6
164.1
231.5
226.1
217.6
218.0
230.2
233.5
218.9
224.4
236.3
247.9
257.0
268.7
284.9
1
84.8
81.1
63.1
77.2
93.9
96.7
105.0
137.5
59.8
88.1
87.0
94.0
93.2
100.5
99.1
98.1
102.1
106.1
113.9
128.0
134.2
143.0
152.3
145.4
106.5
130.4
146.1
128.1
126.8
137.1
104.3
143.4
139.2
123.6
124.8
129.7
134.4
120.9
122.3
130.2
134.0
128.0
134.5
141.9
54.7
63.6
66.9
71.5
79.0
81.3
86.8
93.8
68.5
73.9
80.8
81.2
81.3
81.2
81.7
84.3
86.6
87.7
88.6
90.3
92.4
95.2
97.3
Undistributed
profits
97.6
81.8
39.6
58.9
67.0
46.8
40.0
43.3
35.8
89.5
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
-17.4
-13.4
-8.1
-1.6
-1.5
1.8
6.5
-9.8
17.8
11.3
6.0
-8.9
-11.3
-20.0
-17.6
-20.7
NOTE.—Corporate profits and related measures for 1986 reflect retroactive provisions of the Tax
Reform Act of 1986.
Source: Department of Commerce, Bureau of Econo
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the fourth quarter of 1987, nonresidential fixed investment fell $2.3 billion
(annual rate) while residential investment rose $5.2 billion. There was a $68.1 billion increase in inventories
following an increase of $22.9 billion in the third quarter.
BILLIC)NS OF DOLIA RS
800
BIL IONS OF DOL ARS
800
SEASONS LLY ADJUSTED ANNU AL RATES
___/~
700
r
/
-^—
400.
/
500
X
vyA
-\
N
.
/
V,s
,'"~~ NONRESIDENTI/U
^--"
—.
L.--*''
200
>— -
—.
— — "-X.
---\
Q
1
400
—
RESIDENTIAL
FIX ED INVESTMEN T
200
—"
Fl <ED INVESTME MT
^--••'
—
-100
600
/
^__3^"\
500
'
^— ^/
A
GROSS 'RIVATE DOMESTIC
1 DIVESTMENT
600
1 1
1979
i i i
1980
1 I '•
1981
—
;X
CHANGE N BUSINESS/ -• /
INVEI^TORIES
«
~v
1
700
'
^— 'I
1
1982
I
1
1
!
1983
1
/_
^"*-/
^
x
'"
•-•v
I
1
1984
I
1
1
1985
'''
f
^""^^
1
1
1
1986
OURCE: DEPARTMENT OF COMMERCE
COUNCIL OF
1
I
1
i-lOO
1987
CONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
1nixed investmen t
Change iii business
mveii ;ones
Nonresidential
domestic
investment
1980
1981
1982
1983
1984
1985
1986
1987"
1982: IV
1983: IV
1984: IV
1985: I
n
m
IV
1986: I
n
in
rv
1987:
I
n
m
IV"
Source: Department of Commerce, Bureau of Economic Analvsis.
437.0
515.5
447.3
502.3
664.8
641.6
671.0
716.4
409.6
579.8
661.8
638.6
648.4
628.6
650.8
683.4
679.4
660.8
660.2
699.9
702.6
707.4
755.5
Total
445.3
491.5
471.8
509.4
597.1
631.6
655.2
670.8
469.5
548.8
616.8
617.3
629.9
631.0
648.3
645.1
651.9
657.3
666.6
648.2
662.3
684.5
687.4
Total
322.8
369.2
366.7
356.9
416.0
442.6
436.9
442.1
354.9
383.9
435.0
431.5
445.6
442.0
451.5
440.7
433.8
433.5
439.7
422.8
434.6
456.6
454.3
Structures
113.8
138.5
143.3
124.0
141.1
152.5
137.4
134.1
137.6
127.4
148.6
150,6
154.4
152.9
152.1
149.6
135.9
131.1
132.9
128.7
128.7
137.1
140.7
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
290.1
299.5
308.0
217.3
256.5
288.4
280.8
291.3
289.1
299.3
291.0
297.9
302.4
306.7
294.1
304.9
319.5
313.6
Residential
122.5
122.3
105.1
152.5
181.1
189.0
218.3
228.5
114.7
164.9
181.8
185.8
184.3
189.0
196.8
204.4
218.1
223.8
226.9
225.4
227.7
227.9
233.1
Total
Nonfarm
-8.3
24.0
-24.5
2.4
18.3
-23.1
7.1
67.7
10.0
15.7
45.7
59.9
31.0
45.0
21.4
18.5
2.4
2.5
38.3
27.5
3.5
-6.4
51.6
40.3
22.9
68.1
60.5
13.6
16.8
36.6
-51.1
21.3
41.3
17.7
13.7
5.2
17.8
38.5
24.5
.9
5.1
48.7
27.3
11.1
59.2
4-
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)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
.ALL INDUSTRIES
300
300
^=r
200
200
NONMANUFACTURING -V
MANUFACTURING
100
100
80
80
60
60
40
40
1
1 !
1980
\
1
1 1
1981
1 1
1982
1
1 1
1983
1
1 I
1984
1
1 1
1985
1
1
1
1986
\
1 1
1987
J/ SURVEYED QUARTERLY
_2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
\
\
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Period
1979
1980
1981
1982
1983
1984
1985
1986
1987"
19884
1986: I
n
m
IV
1987: I
n
in
IV*
1988: I 4
n*
All
industries
Total
Durable
goo s
Nondurable
goo s
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonfarm
busi-
284.94
314.47
349.26
347.47
S4S.3S
398.99
431.94
427.23
Non manufactu ring
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
Surveyed
quarterly
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
242.71
259.15
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.47
390.57
419.00
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
147.86
159.85
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
11.85
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
1 14.45
134.75
150.94
160.38
167.89
181.63
380.04
376.21
375.50
386.09
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
234.93
234.03
236.07
242.02
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
162.45
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.S4
263.29
263.14
1
Excludes forestry, fisheries, and agricultural services; medic&l services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing thai: is surveyed annually.
10
Addenda
Nor manufactui ing
M aimfacturii ig
Surveyed
annual-
ly"
29.98
31.68
34.04
36.89
S8.56
44.55
44.81
47.75
3
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
In December, seasonally adjusted civilian employment rose 240,000 and unemployment fell 112,000. (Series
revised.)
MILLIC 3NS OF PERSONS*
124
s
MILL ONS OF PERSC3NS*
124
ASONALLY ADJUSTED
120
120
^—n
116
r
116
^
___— XI
r-^V
112
^^~—ox-'^l
_
108
'
^*
100
/
_-'~ >-"»-.^
N
112
_' — "
108
104
<
— *»**"*
CIVLILIAN LABOR 1:ORCE
'""V
f"
104
CIVILW N
EMPLOYW ENT
100
-"-•"^--s.,"
«. — .*•""""
96
96
S
s>
x
XV
>,
X"^
12
—
^^-^"
,-—
__— x^
8
— 12
-_^^
\
^—
4 -
mitlmi!
0
1980
,
_^_ ~-
— 8
I
JNEMPLOYMEr-IT
— 4
Illllllllll l l l l l l l M I I Illllllllll Illllllllll Illllllllll
1981
1982
1984
1985
1983
iiiiiiiiui
Illllllllll Illllllllll 0
1986
1987
1988
* 16 YEARS! OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Penod
-
3
Noninstitutional
population
including
resident
Armed
Forces
NSA
Unempl yment
Civilian employment
K/esiRocn
T h
f
i i ir
6
0
A rnlnrl
rmeu
Forces
NSA
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagri cultural
Civilian
labor force
Total
Agricultural
Total
Part-time
for
economic
reasons l
Total
15
weeks
and
over
Labor force
partici[>ation
rate (pe rcent)
Total 2
Civilian 3
1980
1981
1982
1983
1984
1985
1986*
1987
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
100,907
102,042
101,194
102,510
106,702
108,856
111,303
114,177
106,940
108,670
110,204
111,550
113,544
115,461
117,834
119,865
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,122
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
64.1
64.2
64.3
64.4
64.7
65.1
65.6
65.9
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.6
1986: Dec* r...
1987: Jan '
Feb r
Mar r
Apr r
May r....
June T..-.
July r....
Aug '.....
Sept '....
Oct '.
Nov r.....
Dec
183,297
1,750
1,748
1,740
1,736
1,735
1,726
1,718
1,720
1,736
1,743
1,741
1,755
1,750
120,326
112,407
112,762
113,084
113,191
113,541
114,060
114,018
114,359
114,786
114,615
114,951
115,259
115,494
118,576
118,978
119,230
119,246
119,363
119,907
119,608
119,890
120,306
119,963
120,387
120,594
120,722
110,657
111,014
111,344
111,455
111,806
112,334
112,300
112,639
113,050
112,872
113,210
113,504
113,744
3,153
3,174
3,225
3,237
3,250
3,269
3,192
3,212
3,143
3.184
3,249
3,172
3,215
107,504
107,840
108,119
108,218
108,556
109,065
109,108
109,427
109,907
109,688
109,961
110,332
110,529
5,324
120,726
120,970
120,982
121,098
121,633
121,326
121,610
122,042
121,706
122,128
122,349
122,472
7,919
7,964
7,886
7,791
7,557
7,573
7,308
7,251
7,256
7,091
7,177
7,090
6,978
2,194
2,187
2,129
2,055
2,060
2,067
2,029
1,920
1,896
1,904
1,801
1,834
1,791
65.6
65.8
65.8
65.8
65.8
66.0
65.8
65.9
66.1
65.8
66.0
66.1
66.1
65.3
65.4
65.5
65.5
65.5
65.7
65.5
65.6
65.7
65.5
65.7
65.7
65.7
183,575
183,738
183,915
184,079
184,259
184,421
184,605
184,738
184,904
185,052
185,225
185,370
1
Persons at work. Economic reasons include slack work, material shortages, inability to find foiltime work, etc.
z
Labor force as percent of noninstitutionai population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutionai population.
5,211
5,458
5,180
5,104
5,058
4,979
5,154
5,016
4,986
5,067
5,241
5,004
"Data beginrang January 1SB6 not strictly comparable with earlier data because ol change m
estimation procedures.
NOTE.—Seasonally adjusted data revised beginning 1983.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In December, the seasonally adjusted overall unemployment rate fel! 0.1 percentage point, to 5.7 percent; the
civilian unemployment rate also fell 0.1 percentage point, to 5.8 percent. (Series revised.)
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
v-\ ,\
" \ A
>.' v
TEENAGERS'
(16-19)
BLACK
\ „ ** \,,y- A_
A
V **
/
A.
-NA>
rH
*\.—
BLACK
"-X-^
10
5
WOMEIN 20 YEARS
AND OVER
:IVILIAN we RKERS
ALL
~——.— S
h^-L
-^
WHITE
n
lllllflllll
1984
iiuilmii nmimii
1985
•
15
•"^''Vy**^
AND OTHER
10
i
MEN 20 YEARS
AND OVER
1988
1987
iimimn i i i i i i i i i n
11 1 1 1 1 It 1 1 1 mnlimi
iUlLiiLilL i l i l l l l l l l l
1986
1984
1985
1987
1986
1988
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemp oyment ra te (percent of civilia n labor force in group)
Period
1880
1981
1982
1983
1984
1985
1986
1987
1986:
1987:
Dec r...
r
Jan ....
Feb '...
Mar r....
Apr r....
May r...
June r..
July r...
Aug r...
Sept '...
Get r....
Nov r...
Dec
Unemployment
rate,
all
workers *
All
civilian
workers
7.0
7.5
?5
9.5
7.4
7.1
6.9
6.1
7.1
7.6
87
9.6
7.5
7.2
7.0
6.2
5.9
6.3
8.8
8.9
6.6
6.2
6.1
5.4
6.4
6.8
8.3
8.1
8.8
6.6
6.2
5.4
17.8
19.6
23.2
22.4
18.9
18.6
18.3
16.9
6.3
6.7
6.6
67
6.0
5.8
17.5
6.6
6.5
6.4
6.2
6.2 6.0
6.0
5.9
5.8
5.9
5.8
5.7
6.7
6.6
6.5
6.3
6.3
6.1
6.0
6.0
5.9
6.0
5.9
5.8
6.0
5.8
5.7
5.6
5.6
5.5
5.4
5.2
5.0
5.1
5.0
4.9
5.9
5.8
5.7
5.5
5.4
5.3
5.4
5.3
5.4
5.2
5.2
5.2
17.7
17.9
17.8
17.3
17.6
16.0
15.8
16.2
16.4
17.2
16.6
16.1
1
By sex and a«e
Men
20 years
a,nd over
Women
20 years
and
over
Both
sexes
16-19
years
Black
Experienced
wage and
salary
workers
13.1
11.6
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
4.2
4.3
6.5
6.5
4.6
4.3
4.4
3.9
10.3
10.4
9.8
9.2
6.9
7.3
9.6
9.5
7.2
6.8
6.6
5.8
5.8
12.3
13.7
6.3
4.3
10.0
5.8
5.7
5.6
5.5
5.4
5.3
5.2
5.2
5.1
5.2
5.1
4.9
12.5
12.6
12.4
11.8
12.1
11.5
11.4
11.3
10.9
10.8
11.0
10.9
14.1
14.0
13.9
13.0
13.7
12.8
12.7
12.4
12.3
12.1
12.2
12.2
6.3
6.2
8.1
5.9
5.9
5.8
5.8
5.7
5.5
5.5
5.5
5.4
4.2
4.1
4.1
4.1
4.0
4.0
3.8
3.7
3.7
3.7
3.5
3.4
9.8
9.6
9.7
9.4
9.5
9.5
9.3
9.0
8.8
8.9
8.5
8.4
White
8.6
8.4
8.5
6.2
6.0
5.3
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours iost by the unemployed and persons on part time for economic reasons as per!rit of potentially available labor force hours.
2
12
B y s elected grou s
By race
Black
and
other
13.1
14.2
17.3
17.8
14.4
13.7
Married
men,
spouse
present
Women
who
maintain
families
9.2
10.4
11.7
12.2
Note.—Seasonally adjusted data revised beginning 1983.
Source: Department of Labor, Bureau of Labor Statistics.
Fulltime
workers
Parttime
workers
8.8
9.4
Labor
force
time lost
(percent) 2
7.9
9.3
9.3
9.1
8.4
8.5
11.0
10.9
8.6
8.1
7.9
7.1
6.4
8.8
7.6
6.3
6.2
6.1
5.9
5.9
5.9
5.7
5.6
5.5
5.6
5.5
5.4
8.9
8.8
9.1
8.6
8.7
7.3
8.1
8.2
8.4
8.3
8.2
8.0
7.6
7.5
7.4
7.3
7.2
7.1
6.9
6.9
6.8
6.8
6.8
6.6
10.5
10.4
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In December, based on seasonal!/ adjusted data, 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. The mean duration of unemployment rose and the median fell. (Series revised.)
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70 "
70
DURATI ON OF UN EMPLOYME NT
REASON FOR UNEMPLOYMENT
60
60
50
50
LESS THAN
5 WEEKS
JOB LOSERS
.--'""
40
40
V
5-14
/-'
WEEKS
30
20
A v ,.
27 WEEKS
AND OVER
JjOVJ
^
-V^N
"
N
REENTRANTS
-
20
NEW ENTRANTS
"
^
10
30
V-v^
A
' *—*
,—- .'V -•
V/NS
->.
-
-
15-26
JOB LEAVERS
WEEKS
Illllllllli
miilnm
Milllmi!
iiinliiiii
Illllllllll
1984
1985
1986
1987
1988
Ulililllil
1984
iniilinii Minimi!
1985
1986
Illilllllll
1987
1988
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Dur ition of i nemplovment
Period
Unemployment
(thousands)
P ercent di stributioi
Less
than
5
weeks
5-14
weeks
15-26
weeks
Re ason for meraployment:
percent listributi m
Stat e
progra ms
Numb er of
weeks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Esentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted)'
Weekly a''erage, t lousands
6.5
6.9
8.7
7,637
8,273
10,678
10,717
8.539
8,312
8,237
7,425
43.1
41.7
36.4
33.3
39.2
42.1
41.9
43.7
82.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
10.1
1986: Dec r
7,919
42.0
30.3
13.1
14.5
1987: Jan
Feb
Mar
Apr
May
June T
July
Aug
Sept
Ocf
Nov r
Dec
,984
,886
,791
,557
,573
,308
7,251
7,256
7,091
7,177
7,090
6,978
41.8
42.2
42.9
42.5
43.9
42.9
43.9
44.2
45.5
45.3
45.4
46.2
31.0
30.9
30.8
30.0
28.7
29.4
29.6
29.6
27.6
29.4
28.7
28.2
12.7
12.7
12.1
13.1
12.9
13.3
13.0
11.5
13.0
11.9
12.7
12.8
14.5
14.2
14.2
14.3
14.5
14.4
13.4
14.7
14.0
13.4
13.2
12.9
1980
1981
1982
1983
1984
1985
1986
1987
1
Includes State (50 States, District of Columbia, Puerto Kico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RE) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
10.6
12.3
13.0
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
3,350
3,047
4,061
3.S96
2,476
2,611
2,650
488
460
583
4S8
377
396
378
3,837
3.410
4,594
8,715
2,561
2,693
2,746
49.3
12.9
25.3
12.5
2,515
357
2,841
49.7
48.5
48.5
49.1
47.9
48.4
48.4
47.0
46.8
47.7
46.8
45.7
11.4
13.1
12.7
12.7
12.4
13.1
13.6
13.8
13.8
13.5
13.1
13.5
25.8
25.8
26.6
26.1
26.5
26,9
26.5
27.3
26.9
26.0
28.0
27.8
13.1
12.7
12.2
12.2
13.3
11.6
11.6
11.9
12.5
12.9
12.1
13.0
2,507
2.477
2,453
2.356
2,310
2,303
2,296
2,252
2,112
2,032
2,027
2,077
S63
369
342
329
329
332
334
305
288
287
298
320
3,276
3,155
2,933
2,526
2,216
2,108
2,210
2,030
1,800
1,759
1,931
2,322
11.7
11.2
7.9
6.8
6.9
6.5
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
15.0
7.1
15.0
14.8
14.9
14.8
14.8
14.7
14.2
14.3
14.2
14.1
14.0
14.2
7.0
6.7
6.7
6.9
6.6
6.6
6.6
6.4
5.8
6.2
6.1
6.0
7.9
7.7
9.6
NOTE.—Seasonally adjusted unemployment data revised beginning 1983.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 326,000 in December.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS'
24
100;
SERVICES
V-
22
. ALL NONAGRICULTURAL .
ESTABLISHMENTS
90
20
80
18
.- --r\-
70
SERVICE-PRODUCING
INDUSTRIES
GOVERNMENT
Illillllllllllllllllllllllllilillll!
60
50
18
40
CONSTRUCTION
GOODS-PRODUCING
INDUSTRIES
30
?oMi'm'liiiii
1983
Hill Ilillllllll Illllilllll
Illllllilll Illllllllll M l l l l I I I I H
1985
1984
1986
1983
1987
1984
•SEASONALLY ADJUSTED
SOURCE- DEPARTMENT OF LABOR
Period
1980
1981
1982
1983
1984
1985
1986
1987 "
1
seasonally adjusted]
Goods-; reducing indus tries
Se rvice-prodm ing industr es
11 anufacturin g
Total 2
1986 1987
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;
, i
Total
nonagricultural
employment
Illllllllll Illlllllll
1985
Con-
Total
D bb
,u
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Ppfnj]
xvetaii
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
90,406
91,156
89,566
90,200
94,496
97,519
99,610
102.105
25,658
25,497
23,813
23,334
24,727
24,859
24,681
24,885
4,346
4,188
3,905
3,948
4,383
4,673
4,904
5,032
20,285
20,170
18,781
18,434
19,378
19,260
18,994
19,112
12,187
12,109
11,039
10,732
11,505
11,490
11,244
11.235
8,098
8,061
7,741
7,702
7,873
7,770
7,750
7,876
64,748
65,659
65,753
66,866
69,769
72,660
74,930
77,219
5,146
5,165
5,082
4,954
5,159
5,238
5,244
5,377
5,275
5,358
5,278
5,268
5,555
5,717
5,735
5,797
15,035
15,189
15,179
15, 613
16,545
17,356
17,845
18,259
5,160
5,298
5,341
5,468
5,689
5,955
6,297
6,588
17,890
18,619
19,036
19,694
20,797
22,000
23,099
24,136
16,241
16,031
15,837
15,869
16,024
16,394
16,711
17,063
2,866
2,772
2,739
2,774
2,807
2,875
2,899
2,943
1986: Dec.... 100,567
24,630
4,936
18,970
11,175
7,795
75,937
5,286
5,725
18,007
6,451
23,544
16,924
2,904
1987:
24,708
24,743
24,749
24,759
24,752
24,761
24,850
24,886
24,917
25,064
25,173
25,270
5,034
5,038
5,032
5,019
4,999
5,008
5,002
5,006
4,989
£.053
5,077
5,132
18,956
18,986
18,995
19,011
19,018
19,015
19,104
19,129
19,169
19,247
19,336
19,376
11,157
11,179
11,176
11,175
11,175
11,176
11,195
11,248
11,268
11,319
11,364
11,390
7,799
7,807
7,819
7,836
7,843
7,839
7,909
7,881
7,901
7,928
7,972
7,986
76,211
76,407
76,580
76,839
76,956
77,057
77,276
77,389
77,517
77,919
78,073
78,302
5,304
5,315
5,333
5,348
5,344
5,350
5,363
5,377
5,416
5,436
5,460
5,458
5,741
5,757
5,766
5,772
5,775
5,781
5,797
5,807
5,815
5,831
5,851
5,871
18,080
18,140
18,136
18,197
18,205
18,226
18,274
18,256
18,314
18,408
18,424
18,420
6,480
6,501
6,526
6,558
6,576
6,586
6,608
6,624
6,629
6,450
6,658
6,660
23,670
23.759
23,842
23,926
24,025
24,083
24,214
24,279
24,295
24,406
24,472
24,615
16,936
16,935
16,977
17,038
17,031
17,031
17,020
17,046
17,048
17,188
17,208
17,278
2,912
2,916
2,922
2,933
2,935
2,935
2,936
2,940
2,962
2,965
2,975
2,979
Jan
Feb
Mar
Apr
May....
June...
July....
Aug ....
Sept....
100,919
101,150
101,329
101,598
101,708
101,818
102,126
102,275
102,434
r
Oct ... 102,983
Nov * .. 103,246
Dec ".. 103,572
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
* Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average giross hourly
Average week!)
hours
Period
earn ings
Manufa cturing
Total
private
nonagricultural1
Total
Total
private
nonagrieultural 1
Overtime
2.8
2.8
34.8
34.6
39.7
39.8
38.9
40.1
40.7
40.5
40.7
41.0
40.8
34.7
34.9
34.8
34.7
34.9
34.8
34.8
34.9
34.6
34.9
34.9
34.7
40.9
41.1
40.9
40.6
41.0
41.0
41.0
41.0
40.6
41.3
41.2
41.1
1980
1981
1982
1983
1984
1985
1986
1987"
1986: Dec
35.3
35.2
34.8
35.0
35.2
34.9
34.8
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec"
Manufacturing
Adjuste d hourly earnin gs index—
total private
nonagncultural 2
Current
dollars
Current
dollars
1977
dollars 3
$6.66
$7.27
3.6
7.25
7.68
8.02
8.32
8.57
8.76
8.98
8.84
7.99
8.49
8.83
9.19
9.54
9.73
9.91
9.79
160.3
165.2
169.3
173.5
171.1
3.6
3.6
3.6
3.5
3.8
3.7
3.8
3.8
3.6
4.0
3.9
3.9
8.86
8.88
8.91
8.91
8.95
8.94
8.96
9.02
9.02
r
9.08
r
9.13
9.11
9.79
9.81
9.83
9.86
9.88
9.88
9.87
9.93
10.02
10.00
10.01
10.02
171.2
171.8
172.2
172.6
172.9
172.9
173.2
174.1
174.6
r
174.9
r
175.8
175.6
2.3
3.0
3.4
3.3
3.4
3.7
Percent chang e from a year
earlie , 4 5
Ind ex,
1977 -100
127.3
138.9
148.5
155.4
93.5
92.6
93.4
94.9
94.6
94.1
95.0
9.0
9.1
6.9
4.6
3.2
3.1
2.5
2.5
1977 dollars
-4.0
-1.0
.9
1.6
-.3
.5
1.0
95.3
2.0
1.3
94.7
94.6
94.4
94.2
94.0
93.8
93.7
93.7
93.8
r
93.7
93.8
93.6
2.2
2.1
2.2
2.5
2.4
2.2
2.4
2.7
2.9
1.1
.3
-.6
-1.2
-1.3
-1.4
-1.4
r
-1.5
-1.4
r
-1.7
r
-1.8
-1.7
r
2.8
r
2.7
2.7
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent ch ange from
a year earlier,
total private n onagricultural 5
Avera,ge gross weekly ea nungs
Period
Total ]jrivate
nonagnc ultural '
Current dollars
1980
1981
1982
1983
1984
1985
1986
1987"
1986: Dec
1987:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Ocf
Nov r
Dec"
Manufacturing
Construction
Retail trade
Current dollars
1977 dollars 3
1977 dollars
Current dollars
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
$172.74
170.13
168.09
171.26
172.78
170.42
171.07
169.28
$288.62
318.00
330.26
354.08
374.03
386.37
396.01
406.31
$367.78
399.26
426.82
442.97
458.51
464.46
466.38
478.55
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
179.32
6.9
8.5
4.7
5.0
4.3
2.1
1.9
2.5
305.86
170.40
399.43
471.85
176.00
.5
-1.5
-1.2
1.9
.9
-1.4
.4
1.0
.2
307.44
309.91
310.07
309.18
312.36
311.11
311.81
314.80
312.09
316.89
318.64
316.12
170.04
170.75
170.09
168.77
169.95
168.71
168.73
169.52
167.70
169.64
170.03
168.60
400.41
403.19
402.05
400.32
405.08
405.08
404.67
407.13
406.81
413.00
412.41
411.82
476.63
474.24
478.30
471.61
481.97
478.27
478.93
480.44
449.79
485.64
488.30
486.91
175.45
176.97
177.27
179.36
179.05
178.12
179.02
181.45
183.22
180.49
180.16
178.27
1.2
2.4
1.8
1.8
2.6
2.6
3.0
3.3
2.4
3.7
3.2
3.3
.1
.5
1.0
-1.9
-1.1
-1.0
-.9
-.9
-1.8
-.9
-1.3
-1.1
1
4
2
6
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban i
and clerical workers (on a 1977 = 100 base).
-5.8
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
3
Source: Department of Labor, Bureau of Labor Statistics.
15
81-708 0 - 8 8 - 2
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Business
sector
Compens ation per
hob r 3
Hours of all
perse ns 2
Outp ut '
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit lab or costs
Keal compensation
per hour 4
Business
sector
Nonfarm
business
sector
Implic t price
defla tor 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
19' 7 = 100; [uarterly c ata seasoimlly 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
98.8
99.8
99.2
102.5
104.6
106.7
108.9
107.5
108.2
105.2
106.7
112.9
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
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
108.0
1983
1984
99.3
100.7
100.3
103.0
105.6
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: I
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.T
159.8
157.0
158.3
159.1
161.0
1985: I
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
1987: I
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
1979
-1.2
-1.6
11.1
11.2
9.0
8.9
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
3.2
2.2
2.7
2.1
3.2
2.3
n
ni
rv
n
m
IV
1986: I
n
m
IV
n
m
Pe rcent chan ?e; quarte rly data a seasonal] y adjusted annual ra tes
2.0
1.9 '
3.2
3.5
9.7
9.5
-1.4
1.6
1980
1981
1982
1983
1984
-.3
1.4
-.4
2.7
2.5
-.4
1.0
-.6
3.3
2.1
-1.1
2.1
-3.1
4.2
8.4
-1.2
1.7
-3.3
5.0
8.3
-.8
.7
-2.8
1.5
5.7
-.7
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
3.9
-2.7
-1.0
1.6
1.0
-.2
-.3
10.9
7.7
8.3
1.4
1.5
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
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
-1.0
.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
1986: I
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
1987: I
.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
1984: I
n
m
IV
1985: I
n
m
IV
n
m
rv
n
m
1
-1.2
-3.4
-3.5
Output refers to gross domestic product originating in the sector in 1982 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfmploved.
ly compensation divided by the consumer price index for all urban consumers.
* Hourly
2
16
-2.7
g
1.5
1.1
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 based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.2 percent in December, following o rise of 0.4 percent in November. The index for
December was 5.2 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
220
FINAL F'RODUCTS
200
INDEX, 1977=100* (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
120
DEFEN SE AND
SP ACE
EQU PMENT
180
^
fl
160
100
140
140
.
_..—••"
BUSINESS
EQUIPMENT
r~
^— M
^~\
_^^"^
-^ »'
120
^
_-^-"'
120
100
CONSUMER
GOODS
--''
j 1 1 1 1 1 n 1 1 11 1 Ml 1 1 1 1 1
100
1
,,,„,
iimlinn
,,,,,,
PERCENT*
90 -CAPACI! Y UTILIZAT ON RATE ( TOTAL 1ND USTRY)
140
UTILITIES AND MINING PRODUCTION
120
-—•—-—i•I •- HI
80
UTILITIES -
TO
. i •"•
—• =
<=^=
^sS
lOOi
60 iiinliiiii
1983
1987
1984
1 \\ 1 1 1 1 1 1 1 1 H 1 M 1 ' 1 1 M
1985
1986
'SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
J987
COUNCIL OF EC GNOMIC ADVISERS
[Monthly data seasonally adjusted]
To tal
indu trial
produ ction
Period
1980
1981
1982
1983
1984
1985
1986
1987 ".
1986: Dec
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r
Ocf
Nov r .
Dec"
1
Output as percent of capacity
Capacity utilization
rate, p rcent l
Manufacturing
Percent
1977 = 100
1977 proportion
Industry pro iuction indexe , 1977 = 100
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
126.8
-1.9
2.2
-7.1
5.9
11.2
1.9
1.1
3.8
1.1
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.6
131.3
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
129.7
35.11
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.7
133.4
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.4
97.1
5.96
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
109.0
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
79.7
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.0
80.2
126.2
127.1
127.4
127.4
128.2
129.1
130.6
131.2
131.0
132.5
133.1
133.3
-.1
1.3
2.9
2.1
3.1
4.1
4.6
5.1
5.2
5.8
5.9
5.2
130.7
131.6
132.4
132.4
133.2
134.0
135.6
135.9
135.7
137.4
138.0
138.3
129.3
130.8
131.5
130.9
131.4
132.0
133.5
133.8
133.7
136.7
137.0
136.8
132.7
132.9
133.7
134.6
135.7
136.9
138.5
138.8
138.6
138.3
139.5
140.3
99.4
98.8
98.3
98.6
99.2
99.2
99.2
100.9
101.9
103.2
103.0
103.3
108.0
108.5
107.9
106.0
109.6
109.4
111.2
112.9
111.2
112.1
112.9
112.4
79.2
79.7
79.7
79.6
79.9
80.3
81.1
81.4
81.1
81.9
82.0
82.1
79.6
80.0
80.3
80.2
80.4
80.8
81.5
81.5
81.3
82.1
82.3
82.2
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Produc ts
Materials
Internlediate pro( ucts
?uial product s
C Dnsumer go ods
]Equipment
Period
Total
Total
Durable
goods
Nondurable goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Busi-
Total
Energy
11.69
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.7
suppnes
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987"
44.77
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
35.53
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
6.89
18.63
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.5
19.35
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.8
14.34
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.5
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.4
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
189.2
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
5.95
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.6
112.3
114.7
113.1
120.3
133.8
137.9
144.6
43.28
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.1
1986:
Nov
Dec
132.9
134.1
125.0
126.6
117.4
119.5
127.8
129.2
143.4
144.0
138.8
139.5
185.5
186.2
138.1
139.2
127.3
128.6
147.3
148.2
114.3
115.2
98.8
97.7
1987:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r.
Oct r
Nov r
Dec"
133.3
134.8
135.1
134.5
135.5
136.2
137.9
138.4
137.8
139.5
139.5
139.4
118.8
125.5
126.4
121.0
119.8
126.7
116.7
125.5
120.1
127.3
117.4
127.2
120.4
128.9- .
129.4
121.2
118.6
127.7
124.4
129.3
129.5
124.5
123.1
129.7
128.0
128.4
129.3
128.7
130.0
130.9
132.1
132.5
131.0
131.1
131.4
132.1
143.5
146.0
146.2
146.4
146.3
148.1
149.7
150.2
151.2
153.1
152.8
152.4
138.6
141.7
141.9
142.1
141.7
144.2
145.6
145.6
146.3
148.7
148.7
148.2
187.3
188.9
188.6
189.2
189.3
188.6
188.7
189.1
189.8
190.2
190.0
191.1
138.8
139.9
140.9
140.3
141.8
143.3
145.0
145.3
144.9
146.0
146.9
147.5
130.3
130.0
130.4
128.2
129.1
131.5
133.1
132.5
132.3
133.1
134.0
134.5
146.0
148.4
149.9
150.6
152.6
153.4
155.2
156.3
155.6
157.0
157.8
114.9
114.9
115.2
115.9
116.3
117.2
118.5
119.4
119.7
121.0
122.0
122.5
99.3
98.6
97.2
97.8
98.7
99.4
99.0
100.9
100.2
101.5
102.1
101.7
1
:
6.99
Includes rigs and prefabs, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
No ndurable tnanufactui es
Durable nu nufactures
Primary metals
Fabri-
Period
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987"
1986: Nov
Dec
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sepf
Oct r
Nov r
Dec"
metal
products
6.46
machinery
9.54
Transp<station
equipment
Electrical
machinery
Total
9.13
Motor
vehicles
and
parts
Lumber
and
products
Appar-
3.30
products
Printing
and
publishing
Chemicals
and
products
Foods
7.96
111.4
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.4
3.49
86.3
92.5
57.5
66.1
73.4
70.4
63.4
101.8
101.6
86.6
89.1
102.6
107.1
108.0
110.8
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.3
7.15
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.5
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
5.35
71.1
71.6
66.8
85.8
104.4
111.9
111.5
111.8
92.9
90.1
82.8
100.2
109.1
114.3
124.1
2.79
97.3
96.1
87.3
95.3
102.7
100.4
103.1
4.54
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
8.05
106.4
112.6
103.8
114.0
121.6
126.4
132.0
113.7
114.9
120.4
126.9
130.5
134.4
75.5
73.4
63.5
61.3
108.3
109.6
144.5
144.8
167.9
170.4
126.9
126.8
109.1
109.7
130.3
133.5
103.8
104.9
164.8
166.4
132.3
135.7
135.3
136.7
72.8
75.1
77.0
76.1
77.0
78.8
81.4
85.1
84.5
90.5
91.3
90.6
59.5
62.3
65.4
65.0
65.7
68.3
70.9
76.0
74.6
82.0
81.8
108.4
108.3
110.5
109.9
108.5
111.1
111.1
110.1
111.1
113.1
113.5
114.0
143.4
145.5
148.5
150.4
149.7
151.8
155.3
154.3
156.6
158.0
157.6
156.5
170.4
171.0
168.5
168.4
171.1
170.5
172.5
174.3
173.4
175.5
176.4
177.6
129.0
132.7
132.2
127.8
129.4
126.5
127.6
128.1
125.5
131.8
130.6
128.6
112.0
117.7
116.5
109.8
112.0
107.4
109.4
109.1
105.6
116.0
114.0
110.4
128.5 ' 106.1
106.5
129.6
105.4
128.9
127.8 105.3
106.4
130.3
107.7
131.1
109.7
132.8
108.4
131.1
107.6
126.9
108.0
129.4
134.0
166.3
164.4
167.6
169.2
171.4
174.1
174.0
174.7
174.9
115.2
175.7
176.4
136.4
135.7
135.3
137.3
138.1
139.3
140.8
142.3
142.4
141.8
1,43.4
134.6
136.4
137.3
136.0
137.4
137.7
138.5
138.8
139.5
138.4
139.2
Source: Board of Governors of the Federal Reserve System.
18
Iron and
steel
Non-
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
3
Construct^n contracts
Private
Period
Total new
construction
expenditures
Resi lential
Total
New housing
Total '
I illions
252.4
251.7
1979
1980
1981
260.2
246.6
281.3
328.6
356.0
388.8
399.5
1982
1983
1984
1985
1986
1987 *
200.7
193.3
203.6
192.9
227.5
271.0
291.7
316.6
324.1
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
of dollars
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
73.3
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.6
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
198.1
42.3
46.2
49.4
49.5
48.1
48.5
50.5
51.5
52.6
51.7
58.5
109
97
56.5
53.7
53.8
57.7
64.3
72.2
75.4
100
100
124
135
148
155
158
Annual rates
1,059
904
919
690
756
955
1,097
' 1,016
1,004
Annual rates
1986: Oct
Nov
Dec
394.9
390.6
380.2
322.9
320.4
306.8
192.6
194.5
181.7
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
1987: Jan
Feb
Mar
Apr
May
June
July'.
Aug r
Sepf
Oct '
Nov r
Dec"
384.7
401.6
388.3
396.2
396.7
397.2
398.5
402.9
402.8
403.5
411.3
409.7
310.2
326.5
312.2
320.5
321.4
324.3
323.8
329.8
324.9
326.7
333.6
330.1
187.8
203.1
190.8
199.5
195.9
200.9
198.0
200.2
197.0
198.8
199.8
200.8
137.3
137.0
139.5
139.7
139.4
138.2
137.9
138.2
140.0
141.0
142.4
143.2
70.4
72,8
71.3
69.8
73.8
72.0
72.6
75.2
74.1
74.2
79.0
74.3
52.0
50.5
50.1
51.1
51.7
51.4
53.2
54.4
53.8
53.7
54.7
55.1
74.5
75.2
76.1
75.7
75.3
72.9
74.6
73.0
77.9
76.8
77.7
79.6
155
151
165
162
149
161
163
171
157
166
153
159
996
850
912
935
901
1,023
1,011
1,033
1,065
994
880
1,030
1
Includes the following categories of private construction not shown separately: residential improvements, railroads, electric light and power, gas, petroleum pipelines, and farm nonresidential.
2
Includes hotels and motels.
3
F. W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Units started, by type of structure
Period
Total
1 unit
2-4 units
5 or more units
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,617.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,143.7
1986: Dec
1,813
1,233
108
472
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct 'r
Nov
Dec"
1,816
1,838
1,730
1,643
1,606
1,586
1,598
1,585
1,685
1,537
1,639
1,374
1,253
1,303
1,211
1,208
1,130
1,088
1,143
1,111
1,211
1,105
1,110
1,023
79
76
85
67
67
85
59
59
50
66
51
48
484
459
434
368
409
413
396
415
424
366
478
303
1979
1980
1981
1982
1983
1984
1985
1986
1987"
1,194.1
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
65.3
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
408.2
New pri\ ate homes
Units
authorized
Units
completed
Homes sold
Homes for
sale at end of
period *
3
Vacancy rate
for rental
housing units
(percent) z
1,551.8
1,190.6
1,870.8
1,501.6
709
545
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
1,539.0
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
436
412
623
639
688
750
674
398
336
272
251
300
353
346
357
366
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
1,862
1,894
768
357
7.7
1,652
1,676
1,719
1,598
1,493
1,517
1,487
1,502
1,502
1,463
1,469
1,361
1,956
1,726
1,689
1,830
1,621
1,601
1,698
1,666
1,581
1,544
1,529
712
740
720
733
649
641
671
r
675
r
644
659
643
603
358
358
358
359
355
859
359
361
361
360
363
366
Seasona y adjusted annu al rates
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
7.4
1.5
8.1
7.8
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83
data are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In November, manufacturing and trade sales fell 0.2 percent, while inventories rose $6.2 billion. In December,
according to advance data, retail sales rose 0.7 percent, following a rise of 0.1 percent in November.
BULK 3NS OF DOL LARS*
(RATK} SCALE)
BILLIO NS OF DOLLARS*
800
(RATIO
SCALE)
220
200
700
-^
^^_
f
—
:
600
^—'—"^f^
180
""^
1
-" •-= ^MAN UFACTURINC5 AND
_^_/
^S
160
TRA DE INVENTC RIES
r\
/ RET AIL INVENTC>RIES
—
^s^"
140
500
f
—
^. *~ ~
„_/ r-'
"
L,.-'
400:
—
^-V-
JETAIL SALE;
Mi UNUFACTUR ING
X
'V'
120
100
AC•ID TRADE S/kLES
—
_/''
Illllllllll Illl||lllll
80
300
Illllllllll Illllllllll Illllllllll
RATIC *
1.80
INVENT DRY-SALES RATIO
—
1.60
200
-V
V^^^s" —4"'""X
^^^—-
^^^-r*"""v.Jc*«
1.40
MANUFACTURINC3
A ND TRADE
V\
\
^J»—*'N'
^
RETAI
1.20
Illllllllll Illllllllll Illllllllll |llllll||ll Illllllllll
1983 ,
1984
SEASONALLY ADJl
1985
1.00
1 1 1 11 1f 1 1 1 1
1987
1986
iiiiiliiin iiiMliiiu 1 1 1 1 1 1 1 1 1 1 1 1 1 11 1 1 1 1 ! H
1984
1983
1985
1986
1987
STED
sOURCE: DEPARTM
NT OF COMMERC
and
Manufact uring
trac e 1
^»1«.« 2
Inventories3
COUNCIL OF ECOC4OMIC ADVISERS
Whol esale
I
Sales z
Inventory-s ales ratio *
He tail
'
Inventories a
Sales 2
InvenTotal
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
Retail
Millions of dollars, seasonally (idjusted
1982
1983
1984
1985
1986
1986: Nov '
Dec
1987:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct '
Nov *
Dec"
1
348,746
369,266
408,721
419,459
425,752
574,126
589,280
641,328
650,695
652,705
96,290
100,424
113,404
114,563
115,109
128,196
129,803
140,865
144,244
147,375
429,782
443,193
655,257
652,705
117,892
118,446
147,548
147,375
425,080
443,169
445,032
444,357
446,282
451,734
452,652
457,499
462,434
462,411
461,585
659,036
660,470
663,010
665,877
671,609
674,753
677,743
678,442
682,323
689,926
696,118
116,545
123,281
123,009
123,439
124,486
124,836
126,196
128,164
129,912
130,384
128,312
149,347
149,408
149,565
150,050
152,673
153,093
152,648
151,222
153,245
156,632
157,899
r
89,107
97,599
107,448
114,968
121,201
r
121,731
127,495
118,579
124,280
124,593
124,960
124,867
126,307
127,061
128,931
126,790
125,631
r
125,768
126,675
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
74,263
75,126
188,954
187,158
96,905
94,935
92,049
92,223
1.52
1.47
1.55
1.47
74,813
76,915
76,651
76,825
77,084
77,326
77,326
77,788
77,084
76,971
r
77,018
77,084
189,000
190,527
193,355
195,042
197,088
200,039
201,762
201,826
202,408
204,740
206,545
96,606
97,831
99,293
99,767
101,876
103,541
104,385
104,044
104,445
106,473
107,565
92,394
92,696
94,062
95,275
95,212
96,498
97,377
97,782
97,963
98,267
98,980
1.55
1.49
1.49
1.50
1.59
1.53
1.55
1.56
1.58
1.58
1.59
1.57
1.60
1.63
1.64
28,169
33,161
38,948
43,165
47,338
r
47,468
52,369
43,766
47,365
47,942
48,135
47,783
48,981
49,735
51,143
49,706
48,660
r
48,750
49,591
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Censi
.50
.49
.50
.48
.48
.49
.51
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In November, manufacturers' shipments, inventories, and orders rose. In December, according to advance data,
durable goods shipments and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240 — SHIPME MTS
440
INVENT ORIES
400 ' '
360
—1
•
320 —
280
240 —
-— '
160
_^±±
— TOTAL—
80
iiiiiiiini
120
\
"^
NON DURABLE G DODS
Illllllllll Illllllllll Illllllllll
80
BILLIONS OF DOLLARS* (RATIO SCALE)
280
NEWC RDERS
240
200
60
imilmii imilmii
Illllllllll miilmi!
imihim
iiiiilimi
Illllllllll nmlimi
Illllllllll iimlnm
-*—-—
i
1
J
^*r^ - ^""- "—
RATICi*
2.20
'S
T-—'
- TOTAL —
160 ^^^
—
— "" ---r
DU RABLE GOO )S
»-==:b^r —'
,r*-*
NOr-(DURABLE G DODS
Illllllllll
—
\
-TOTAL —
\
2m
DU *ABLE GOOt>S
120
—•
1
-
INVENT ORY-SHIPMENTS RATI O
2.00
=4*
DlIRABLE GOC DS
120
X
*tt
80
"^^
1.80
r-- —
.v-~*
1.60
NOh1DURABLE G OODS
^"
_
1.40
60
Illllllllll Illllllllll
1984
1983
1985
Illllllllll
1986
iiiiiiiini
1.20
rnr^ir^i
i i i i ni i i i i ni
"X
ninliiiii
1983
1987
niiilinii
1984
—,
1 1 1 1 I 1 1 1 1 II
1986
1985
1987
SEASONALLY ADJL STED
sOURCE; DEPARTME NT OF COMMERC
COUNCIL OF ECC NOMIC ADVISERS
Manufa cturers' shipinents l
IV 'anufacturers new orders i
Manufa eturers' inveri tories 2
Durabi 3 goods
Period
Durable
goods
Total
Nondurable goods
Nondurable goods
Durable
goods
Total
Total
Total
Capital
goods
industries,
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory—
shipments
ratio 4
defense
M illions of do Jars, seasoirally adjust 3d
1980
1981
1982
1983
1984
1985
1986
1986: Nov r
Dec
190,159
' 197,252
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov"
Dec"
189,956
195,608
197,430
195,958
196,929
200,591
199,395
200,404
205,732
206,396
207,505
1
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
100,009
106,234
90,150
90,968
318,755
318,172
209,219
207,935
109,536
110,237
99,318
103,601
104,750
102,747
102,477
104,476
103,032
104,135
108,433
108,251
r
108,517
113,749
90,638
92,007
92,680
93,211
94,452
96,115
96,363
96,269
97,299
98,145
98,988
320,689
320,535
320,090
320,785
321,848
321,621
323,333
325,394
326,670
328,554
331,674
209,090
208,644
207,987
208,683
209,096
208,654
209,951
210,921
211,680
213,436
215,900
111,599 186,633
111,891 194,333
112,103 199,399
112,102 200,624
112,752 201,397
112,967 205,454
113,382 206,065
114,473 203,157
114,990 r206,719
115,118 209,399
115,774 210,067
154,391
168,129
163,350
171,242
187,869
189,928
189,442
r
2
174,620
186,347
200,7 11
200,220
218,524
213,750
207,935
Monthly average for year and total for month. Shipments are the same as sales.
End of period. Data beginning 1982 are on a current-cost basis, and are not comparable with
data for prior periods.
3
End of period.
2
89,661
96,298
110,710
111,932
115,639
113,030
110,237
r
190,153
196,393
23,259
24,050
21,469
22,143
26,714
26,970
26,671
79,360
83,553
77,676
87,485
98,875
99,600
100,131
156,161
167,752
161,600
173,915
190,065
190,631
189,482
2
r
99,979
105,3 17
95,544
101,932
106,213
106,977
106,992
109,181
109,213
106,678
r
109,345
111,095
r
lll,261
118,686
r
27,268
29,664
26,777
26,856
27,396
28,310
30,031
29,987
31,982
29,540
29,753
30,416
r
30,161
34,168
76,801
84,199
83,924
86,431
91,189
91,030
89,351
90,174
91,076
323,393
319,094
306,302
338,849
365,111
373,495
373,849
1.67
1.65
1.95
1.80
1.14
1.74
1.70
373,554
373,849
1.68
1.61
91,089
92,401
93,186
93,647
94,405
96,273
96,852
96,479
97,374
98,304
98,806
370,526
369,251
371,220
375,886
380,354
385,217
391,887
394,640
395,627
398,630
401,192
1.69
1.64
1.62
1.64
1.63
1.60
1.62
1.62
1.59
1.59
1.60
4
Annual data are averages of monthly ratios. Data beginning 1982 are not comparable with data
for prior periods (see footnote 2 regarding inventories).
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In December, the producer price index for all finished goods fell 0.3 percent, seasonally adjusted. Prices of finished
consumer foods fell 1.3 percent while prices of other finished consumer goods were unchanged. Capital equipment
prices rose 0.2 percent.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100;(RATIO SCALE)
340
320
300
200
180
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967 = 100; monthly data seasonally adjusted]
FLm shed goods
Period
Total
finished
goods
F nished go ids excluding consumer foo is
Con-
sumer
foods
Consumer gc ods
Total
Total
1980
1981
1982
1983
1984
1985
1986
1987 "
1986: Dec
1987: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept
Oct
Nov
Dec
1
Cnade maten als
Foods
Foodstuffs
Nondurable
Capital
equipment
sumer
goods
con-
Total
and 1
Other
282.3
310.1
315.7
Total
feeds
247.0
269.8
280.7
285.2
291.1
293.7
289.7
295.7
239.5
253.6
259.3
261.8
273.3
271.2
278.1
283.9
247.8
273.3
285.8
290.8
294.8
299.0
291.1
297.1
250.8
276.5
287.8
291.4
294.1
297.3
283.5
289.7
206.2
218.6
226.7
233.1
236.8
241.5
246.8
252.7
283.9
319.6
333.6
335.3
337.3
339.3
311.2
316.4
239.8
264.3
279.4
287.2
294.0
300.5
306.4
312.1
248.9
271.3
281.0
284.6
290.3
291.8
284.9
291.0
280.3
306.0
310.4
312.3
320.0
318.7
307.6
315.2
252.6
250.3
239.4
247.9
253.1
232.8
230.3
237.3
290.4
284.0
289.9
280.2
252.0
293.4
293.8
295.9
296.6
295.9
296.6
297.8
299.7
299.8
298.9
298.6
298.8
285.0
285.9
288.7
289.4
288.2
289.3
290.9
293.3
292.4
291.7
291.2
291.2
252.7
250.0
250.6
252.5
252.1
252.1
252.6
251.9
255.5
255.0
254.7
253.5
310.2
310.8
310.1
310.5
311.3
311.6
311.4
311.6
312.5
314.8
313.5
313.7
314.3
304.7
279.0
278.8
279.1
283.1
287.2
287.6
286.8
283.7
286.4
286.2
287.0
283.4
301.5
308.9
311.7
316.0
316.0
314.3
316.0
318.3
322.6
318.9
318.1
317.5
318.2
284.8
291.7
291.9
293.5
295.1
295.7
296.3
296.9
297.5
298.3
297.6
297.6
296.8
286.2
286.7
288.7
290.6
291.2
292.1
292.8
293.3
293.7
293.1
293.1
291.8
307.5
309.1
310.1
311.2
313.2
315.0
316.8
318.2
318.4
319.9
321.1
321.6
231.2
228.3
230.3
228.3
232.2
240.3
241.4
240.4
238.4
240.8
241.8
242.5
243.5
Intermediate materials for food manufacturing and feeds.
22
Durable
Internicdiate ma terials
Total
finished
317.1
325.0
325.0
313.3
320.9
310.2
313.3
315.0
316.1
317.1
318.6
320.5
322.5
324.1
324.1
325.7
327.0
327.4
Source: Department of Labor, Bureau of Labor Statistics.
and
feedstuffs
Other
304.6
329.0
319.5
323.6
330.8
306.1
280.3
299.2
259.2
257.4
247.8
252.2
259.5
235.0
231.0
238.3
276.6
234.5
401.0
482.3
473.9
477.4
484.5
459.2
386.8
416.4
367.2
282.6
285.8
288.7
295.5
303.0
304.8
306.7
309.7
306.2
306.9
301.8
300.8
227.2
227.3
228.2
238.3
249.4
245.9
241.2
241.3
242.0
235.2
237.8
240.9
390.8
398.1
403.8
407.8
412.5
420.6
430.6
437.4
428.4
426.3
423.1
417.2
CONSUMER PRICES—ALL URBAN CONSUMERS
in December, the consumer price index for all urban consumers rose 0.1 percent, seasonally adjusted (was about
unchanged not seasonally adjusted). The index was 4.4 percent above its year-earlier level.
INDEX, 1967= 100 (UATIO SCALE)
360
INDEX, 1967= 100 (RATIO SCALE)
360
340
340
320
320
300
300
ALL ITEMS
280
280
260
260
240
240
220
220
200
200
Illllllilil Illllllilil
180
1980
1979
iimiinn
1982
1981
iiminin
180
1985
1984
1983
1987
1986
SEE NOTE ON TABLE BELOW
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Hou sing
Tr ansportation
She Her
Period
All
items l
Food
Total l
Renters'
Total
1982 = 100)
Homeowners'
costs (Dee.
1982 = 100)
NSA
Rel. imp.3
1980
1981
1982
1983
1984
1985
1986
1987
100.0
246.8
272.4
289.1
298.4
311.1
322.2
328.4
340.4
Maintenance
and
repairs
Fuel
and
other
utilities
Appar-
Medical
care
Ener2
upkeep
Total '
New
7.9
6.3
2.9
5.4
7.4
178.4
186.9
191.8
196.5
200.2
206.0
207.8
216.9
17.3
249.7
280.0
291.5
298.4
311.7
319.9
307.5
316.8
4.6
278.6
319.2
350.8
370.3
387.3
393.6
384.7
380.7
179.3
190.2
197.6
202.6
208.5
215.2
224.4
232.5
369.1
410.9
389.4
376.4
370.7
373.8
292.1
303.9
265.9
294.5
328.7
357.3
379.5
403.1
433.5
462.2
361.1
410.0
416.1
419.3
423.6
426.5
370.3
371.7
cars
Motor
fuel
gy
All items
less
food,
energy,
and
shelter
NSA
16.2
254.6
274.6
285.7
291.7
302.9
309.8
319.7
333.0
42.9
263.3
293.5
314.7
323.1
336.5
349.9
360.2
371.0
27.8
281.7
314.7
337.0
344.8
361.7
382.0
402.9
421.8
8.0
103.0
108.6
115.4
121.9
128.1
19.6
102.5
107.3
113.1
119.4
124.8
0.2
285.7
314.4
334.1
346.3
359.2
368.9
373.8
387.3
48.6
208.3
228.1
245.6
258.4
271.2
281.6
291.2
302.2
1986: Dec
331.1
327.2
362.7
410.3
124.5
121.5
380.0
374.3
209.5
303.6
230.9
260.9
448.2
344.6
295.5
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
333.1
334.4
335.9
337.7
338.7
340.1
340.8
342.7
344.4
345.3
345.8
345.7
328.6
329.6
329.2
330.2
332.0
334.4
333.8
333.9
335.6
336.9
337.1
338.9
364.4
365.8
367.2
368.2
368.9
370.1
370.9
373.1
373.1
373.8
374.8
375.7
412.2
414.3
416.5
418.0
419.2
420.1
421.4
424.1
424.7
427.0
427.9
430.1
125.4
126.0
126.7
127.0
127.2
127.7
128.8
129.2
128.8
128.5
128.7
129.4
122.0
122.6
123.2
123.7
124.2
124.3
124.4
125.4
125.8
126.9
127.2
127.8
382.1
381.9
383.4
382.4
381.9
385.0
392.4
391.3
390.5
390.9
393.2
392.7
375.9
377.1
377.6
378.1
378.1
381.0
380.8
383.2
381.2
378.5
381.5
380.2
210.4
211.8
215.4
218.6
219.1
217.3
215.9
216.0
218.3
221.1
222.2
219.6
308.3
309.8
311.8
313.4
314.4
316.0
317.8
320.0
320.5
322.0
323.5
322.1
231.8
229.3
229.4
230.4
231.1
232.0
233.2
233.3
233.5
234.8
235.7
235.2
278.0
289.5
2rf6.2
298.4
299.7
303.6
307.2
316.4
315.9
315.5
316.1
309.3
450.2
451.7
453.7
456.5
459.1
462.1
464.6
466.3
468.6
470.7
472.4
474.5
354.9
361.5
365.2
366.2
366.8
372.2
372.5
378.7
376.8
373.5
376.6
372.4
297.0
297.4
298.8
300.5
301.4
301.9
303.0
303.8
304.4
305.9
307.0
306.8
1
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1986.
2
and therefore arc not strictly comparable with figures for earlier periods.
Data beginning 1987 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownerehip coats
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Cha nge from pr ^ceding perio d
Change from 3 month s earlier, ami al rate
Change from 6 month s earlier, ann lal rate
Consume r poods
Consuait r goods
Consumt r goods
Total
finished
goods
Total
finished
goods
Capita!
equipment
Excluding foods
Foods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha ige, Dec. o Dec., N,.5A
1980
1981
1982
1983
1984
1985
1986
1987"
14.2
7.5
1.4
2.1
2.3
3.5
.5
2.9
-.2
11.8
7.1
3.7
.6
1.7
1.8
-2.3
2.2
13.5
11.4
8.5
4.2
-.8
.8
2.0
9.2
4.0
1.6
2.1
.9
14
2.1
9.2
3.9
1.9
1.8
2.7
2.1
1.3
-6.6
3.9
01ange, month to mont b.
1986: Dec
1987:
Jan
Feb
Mar
Apr
Mav
June
Jalv
Aug '
Sept •"
Oct
Novr
Dec
0.1
-0.5
0.3
0.1
1.8
.4
.1
-1.8
1.7
.3
1.0
.2
-9.3
— .4
2.4
4.3
4.7
5.8
-8.8
-6.7
1.4:
.2
-.2
.1
.3
.1
2.2
-.1
.1
1.4
— .1
39
.1
.3
.7
-.4
.1
.2
2.5
2.5
2.7
.9
.1
.5
.5
.2
2
.2
.2
.3
-.3
-1.1
q
1.0
2
0
.4
.6
.8
.1
i
-.2
-.2
0
.3
o
-1.3
1.0
3.4
0.7
6.0
8.6
9.6
2.7
.4
.4
.6
1.9
1.2
.4
1.2
4.4
3.2
2.5
3.1
3.5
3.8
4.1
3.6
3.9
3.3
1.7
1.3
.3
— .4
-3.3
-2.9
-1.9
12.7
6.3
3.3
.8
2.1
7.3
4.4
1.1
6.0
12.6
12.7
5.3
-4.8
-1.7
-.8
4.7
-2.0
1.6
1.5
-.6
-2.8
-1.6
-4.1
2.5
-2.8
5.2
5.8
7.0
7.4
6.4
6.6
4.2
1.3
2.6
5.7
3.5
5.3
1.6
2.1
1.3
-2.9
-2.3
3.0
2.3
1.9
-1.4
1.7
1.2
.8
.5
1.6
2.8
1.4
1.4
1.9
5.2
2.6
22
1
2.7
.1
1.6
2.7
2.4
2.4
3.4
3.2
3.3
2.6
2.5
2.2
Source: Department of Labor, Bureau of Labor Statistics.
IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted hy NSA]
Housing
Tr insportati on
All
j
Shelter
Period
Al!
items l
Food
Renters'
costs
Total '
Total '
Homeowners'
costs
and
upkeep
and
other
utili-
Adden dum: All ite ns, percent hange
(annul rate)
items
Ap-
Total '
New
cars
Motor
fuel
cal
care
Energy2
food,
energy,
and
shelter
From
previous
quar
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
c iange. December to Dec mber, I* SA
1980
1981
12.4
8,9
1982
1983
1984
1985
1986
1987
3.9
3.8
4.0
3.8
1.1
4.4
10.2
4.3
3.1
2.6
3.8
2.7
3.8
3.5
13.7
10.2
3.6
3.5
4.2
4.3
1.8
3.6
15.1
9.9
2.4
4.7
5.2
6.0
4.6
4.9
1
13.6
14.5
5.1
5.9
6.3
5.0
3.9
4.5
5.1
5.9
4.6
5.3
9.7
1.8
4.2
1.9
-5.7
1.8
6.8
14.7
11.0
36
1.6
2.9
2.0
2.9
.9
4.8
1.7
3.9
3.1
2.6
-5.9
6.1
1
18.9
7.5
9.4
6.8
1.6 — 6.5
3.4 -1.7
2.4 -2.4
3.0
3.5
5.8 -30.6
18.6
1.9
10.0
12.5
11.0
6.4
6.1
6.7
7.7
5.8
18.1
11.9
1.3
-.5
.2
1.8
-19.7
13.5
10.4
9.9
9.4
6.1
5.0
4.4
6.1
3.2
4.3
3.6
1.9
3.7
3.7
3.4
8.2
3.9
0.7
— 0.2
0.2
.4
.3
3.0
1.9
1.0
.3
2
1.5
.1
1.7
-.5
(j
.8
.5
.1
.5
.6
.3
2
.4
.3
.2
^
A
-.1
Chs nge, me nth to r lonth
1986:
1987:
Dec
0.2
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
.7
.4
.4
.4
.3
.4
.2
.5
.2
.4
.3
.1
0.2
.4
.3
-.1
.3
.5
.7
-.2
.0
.5
.4
.1
.5
0.2
.5
.4
.4
.3
2
.3
2
.6
0
.2
3
.2
0.2
.5
.5
.5
.4
.3
2
.3
.6
.1
.5
.2
.5
0.3
.7
.5
.6
.2
2
.4
.9
.3
-.3
-.2
.2
.5
0.2
.4
.5
.5
.4
.4
.1
.1
.8
.3
.9
.2
.5
-0.2
0
-0.0
.4
.3
.1
.1
0
.8
.4
.7
1.7
1.5
.2
— .1
-.6
.0
1.1
1.3
.5
— 1.2
.6
-.5
— .7
.8
'J
Q
1
2
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.,
also mehded through 1982.
3
Quarterly changes ars shown in the last month o! the quarter.
NOTE.—Data beginning January 1983 incorporate a rental equivalence measure for homeoi*
24
0.5
1.5
.5
.6
.5
.3
.5
.6
.7
.2
.5
.5
-.4
.4
— 1.1
.0
.4
.3
- .4
.5
.0
.1
.6
4
o
-0.3
6.6
4.1
2.3
.7
.4
1.3
1.2
3.0
-.2
— .1
.2
-2.2
.4
.6
.6
.7
.5
.4
.5
.4
.4
.4
-.1.
2.6
5.3
4.9
4.0
3.6
2.5
2.2
4.4
5.2
6.2
5.3
4.9
4.6
3.7
4.3
3.6
4.2
3.4
3.2
3.5
4.1
4.3
4.8
5.0
5.4
ship costs and therefore are not strictly comparable with data for earlier periods.
Data beginning 1987 calculated on a revised basis.
Source: 9eps.ttm.cftt o£ Labor. Bureau «£ Labor Statistics.
4.5
4.6
4.1
3.9
3.9
3.4
1.1
1.4
2.1
3.0
3.8
3.8
3.7
3.9
4.3
4.3
4.5
4.5
4.4
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in January were 2.4 percent above their December level. Prices paid by farmers in
January were unchanged from their October level.
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
ISO
18t
PRICES PAID
— —i
*•—>,
160
__,.
j
-***\F-——\
\ ~-S^~\
-~~~''7
V.
^
\J
120
X
16(
,
—
140
-,
1
i ^—r~^\
\_/^^PPJ
14C
\ X_
CES RECEIVED
x
1!~y^
_,.-^j
XyH
'
~™~
^-xX"^
' TV
1
ior
100
—
—
80
imtliiii]
jimliiiji ILLliilLUl nniiiiui
snuiiuti
[HliiilU!
niniiiiii iiiiiiniu
nmSnf n
60
1980
URATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES FAiD.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Pri jes
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
1988:
Oct
Nov
Dec
Jan
Ail farm
products
134
139
133
135
142
128
123
127
121
122
r
!21
125
r
!28
r
!30
""129
127
129
127
r
!32
127
130
p rices
received by farm ers
Livestock and
products
Crops
125
134
121
r
128
!38
r
120
107
r
106
ioo
ioo
r
r 98
!01
r
!08
r
l!0
r
!08
10S
r
!04
106
r
!20
H3
114
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers i,o index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is baaed on latest, data available.
144
143
145
141
146
136
138
148
142
144
142
147
148
1-50
149
151
152
147
r
!43
141
146
All commodities,
services,
interest, taxes,
and wage rates *
paid by farmer s
Production
items, interest,
taxes, and wage
rates
138
150
159
161
165
163
159
162
r
!58
(3)
<3)
162
(3)
(3)
164
(3)
(3)
r
!65
(3)
(3)
165
139
151
159
159
162
157
r
!50
152
r
!48
(S}
(3)
152
(a)
(s)
154
(")
1s)
!55
r
(3)
3
()
155
Ratio
Production
items
138
148
153
152
155
151
r
!44
147
r
!42
(3)
(3)
147
(3)
(3»
r
!48
(3)
(3)
151
13)
I3)
152
2
97
92
84
84
86
79
77
78
r
77
77
77
77
r
r79
r
so
79
77
79
77
r
80
77
79
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes,
jartment of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml declined in December; M2 rose after declining in November; and growth in M3 slowed.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,600
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800 ,
3,600
3,200
3,200
2,800
2,800
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
400
400
Illllllllll
300
1982
1984
1983
1985
1986
1987
COUNCIL OF ECONOMIC ADVISERS
- AVERAGES OF DAILY FIGURES; SEASONALLY 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
EPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
416.6
443.2
481.3
526.9
557.5
627.0
730.5
753.0
1,633.1
1,795.5
1,953.8
2,184.6
2,369.1
2,569.5
2,801.2
2,895.6
1,990.9
2,236.4
2,443.1
2,692.8
2,985.4
3,205.2
3,493.1
3,662.3
2,327.6
2,598.9
2,853.0
3,154.6
3,529.3
3,838.6
4,140.7
' 3,880.9
r
4,262.1
' 4,645.5
r
5,181.7
r
5,932.6
' 6,749.4
7,606.1
6.5
6.4
8.6
9.5
5.8
12.5
16.5
3.1
8.9
9.9
8.8
11.8
8.4
8.5
9.0
3.4
10.2
12.3
9.2
10.2
10.9
7.4
9.0
4.8
9.6
9.8
9.0
r
!1.5
r
!4.5
'13.8
12.7
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
737.7
737.4
739.5
750.3
753.1
746.6
747.6
751.0
751.2
760.7
756.6
753.0
2,823.5
2,823.0
2,826.5
2,839.9
2,840.3
2,841.6
2,847.9
2,862.7
2,875.8
2,892.5
2,891.1
2,895.6
3,519.1
3,522.7
3,527.4
3,544.0
3,560.3
3,577.5
3,584.2
3,604.8
3,621.3
3,644.7
3,657.7
3,662.3
4,173.3
4,180.8
4,169.8
4,181.8
4,215.8
4,230.7
4,226.1
4,252.1
4,280.9
4,316.9
4,331.4
7.673.6
7,710.9
7,754.3
7,815.6
7,882.8
7,943.2
7,985.9
8,037.5
8,098.0
8,163.7
8,235.7
18.9
15.2
13.8
14.4
11.8
4.5
2.7
3.7
3.2
2.8
.9
1.7
9.9
7.8
6.7
5.8
4.7
2.9
1.7
2.8
3.5
3.7
3.6
3.8
9.2
7.6
6.2
5.9
5.7
4.9
3.7
4.7
5.4
5.8
5.5
4.8
13.8
12.2
10.8
10.7
10.1
9.1
8.3
8.7
9.1
9.1
9.2
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from now 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
MS plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Perce nt change from yeai or 6
months earlier 2
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
M3
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
FoT-Inil
eriod
Demand
deposits
Currency
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(KPs),
net, plus
overnight
Eurodollars
NSA
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1987: Dec p..
1987:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
Dec"
Money market
mutua 1 fund
bala aces
General
purpose
and
broker/
dealer
NSA
Money
Institution
only
NSA
market
deposit
accounts
(MMDAs)
134.3
148.3
158.5
170.6
183.5
199.7
30.5
80.2
104.7
131.4
145.5
178.3
232.3
254.7
28.3
35.9
38.8
53.8
56.3
70.2
78.4
77.2
61.6
150.6
185.2
138.2
167.5
176.5
207.6
221.5
15.2
38.0
51.1
43.2
62.7
65.1
84.1
88.6
0.0
.0
43.2
379.0
417.4
513.2
571.4
523.7
186.0
187.2
187.7
188.9
190.2
191.1
192.1
193.2
194.5
196.2
198.4
199.7
305.1
300.8
299.3
303.9
303.9
297.4
296.2
296.4
294.1
300.4
295.7
291.6
240.1
242.9
245.7
250.7
252.2
251.2
252.6
254.6
255.6
257.2
255.5
254.7
84.7
80.1
76.9
76.9
76.0
74.5
75.1
79.2
82.8
85.4
78.8
77.2
209.0
210.7
211.6
211.0
208.9
209.6
209.6
212.2
215.5
218.1
220.2
221.5
84.0
84.7
84.9
83.1
81.8
81.3
83.4
83.4
80.7
81.6
88.5
88.6
574.3
570.8
570.6
565.5
557.1
553.5
548.1
543.7
r
539.2
532.6
526.3
523.7
265.2
Small
denomination
time
deposits '
Large
denomination
tune
deposits 1
NSA
234.6
237.9
242.3
248.3
272.2
308.3
291.6
116.7
124.1
Savings
deposits
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
50.3
67.5
81.7
91.5
82.9
76.6
r
83.8
92.3
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
98.9
105.3
113.6
133.0
160.3
206.6
230.2
r
92.7
93.5
94.3
95.1
95.9
96.5
97.3
97.8
98.2
98.7
99.5
284.1
285.6
269.2
r
256.5
r
262.9
r
261.1
T
252.9
r
256.3
r
260.1
r
272.5
278.5
37.8
39.3
39.8
41.2
42.4
43.5
43.4
42.9
43.8
44.5
45.1
239.7
239.8
239.1
244.9
254.3
252.1
248.4
250.2
257.5
256.4
250.6
728.7
823.3
851.0
783.8
885.3
884.2
853.5
914.5
326.2
326.2
417.0
436.1
447.1
489.0
34.0
36.0
34.5
51.8
61.9
65.7
84.0
106.7
376.7 851.6
387.2 848.5
396.3 846.1
406.1 843.9
411.7 843.2
415.2 850.1
416.7 858.5
419.9 865.5
419.3 r871.5
416.7 r882.7
412.0 901.2
410.5 914.5
449.7
448.2
450.1
454.6
459.7
465.1
465.1
466.8
468.9
476.1
485.4
489.0
83.6
87.2
87.2
94.5
102.8
107.8
107.5
108.0
109.7
106.9
109.7
106.7
400.8
344.3
357.3
306.2
288.8
303.6
366.3
410.5
259.8
302.1
85.4
88.0
88.4
r
83.8
r
87.0
r
89.7
r
85.7
r
90.6
r
94.8
r
93.5
92.8
92.3
r
r
Savh™^H
on s
Shortterm
Treasury
securities
Bankers'
Commercial
paper
acceptances
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]
Ins tallment credit outstanding (end of perio d)
Period
Automobile
Revolving
261,976
296,483
98,739
112,475
295,763
310,965
325,136
373,048
446,183
522,805
577,789
577,645
577,789
578,578
579,591
579,913
583,594
583,277
587,821
591,175
596,182
602,607
605,487
607,707
111,936
119,610
125,440
145,874
172,352
208,057
245,056
242,998
245,056
245,471
246,064
246,290
247,662
247,578
250,130
250,981
254,013
257,470
258,710
258,907
45,202
53,357
54,894
Total
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1986:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct '
Nov".
60,750
66,007
78,369
99,620
122,021
134,940
134,388
134,940
134,916
135,663
135,166
136,706
136,869
137,401
138,741
139,837
141,704
143,142
143,599
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Mobile
home
16,921
18,207
18,264
19,308
21,728
22,919
24,710
25,488
25,710
25,732
25,710
25,852
25,789
25,614
25,625
25,542
25,685
25,860
25,695
25,699
25,677
25,689
Net change in in stallment ere dit outstandir«'
Other
101,114
112,444
110,669
111,297
111,961
125,886
149,501
167,239
172,083
174,527
172,083
172,338
172,075
172,844
173,599
173,288
174,605
175,595
176,637
177,733
177,959
179,513
Total
40,501
34,507
720
15,202
14,171
47,912
73,135
76,622
54,984
782
144
789
1,013
322
3,681
-318
4,545
3,354
5,006
6,425
2,881
2,220
Automobile
17,791
13,736
539
7,674
5,830
20,434
26,478
35,705
36,999
396
2,057
416
592
226
1,373
-85
2,553
850
3,033
3,457
1,240
197
Revolving
8,513
8,155
1,537
5,856
5,257
12,362
21,251
22,401
12,919
576
552
-23
746
-496
1,540
163
532
1,340
1,096
1,867
1,438
457
Mobile
home
559
1,286
57
1,044
2,420
1,191
1,791
778
222
51
-21
141
-63
-175
12
-84
143
175
-165
4
-22
12
Other
13,638
11,330
1,775
628
664
13,925
23,615
17,738
4,844
654
— 2,444
255
263
768
756
-312
1,318
989
1,043
1,097
225
1,554
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose 0.2 percent in November.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
2,200
2,000
1,800
1,600
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
2,200 — ALL COMMERCIAL BANKS
2,000
1,800
1,600
1,400
1,400
1,200
1,200
1,000
1,000
LOANS AND LEASES
800
800
600
600
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
OTHER SECURITIES
120
120
100
1979
Illllllllll
iiniliini
1981
1982
1980
100
1987
1986
1985
1984
1983
• SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Al 1 commercial banks 1
Period
1979: Dec
1980: Dec
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec *
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov"
Dec"
Depo itory institutio ns 3
Total 2
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
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
1,611.8
1,610.7
1,616.4
1,634.3
1,642.9
1,651.7
1,652.8
1,665.5
1,680.4
1,699.3
1,696.1
Commercial
and industrial
loans
291.4
325.7
355.2
392.4
U.S.
Government
securities
Total
Nonborrowed
Required
Total
Seasonal
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
57.44
27.50
29.12
31.44
33.69
35.33
36.72
44.74
55.34
56.66
28.53
30.29
31.76
33.82
35.55
39.06
45.00
54.80
56.41
1,473
1,690
636
634
774
3,186
1,318
827
777
81
116
54
33
96
113
56
38
93
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
194.3
196.4
56.88
56.87
56.85
57.95
58.35
57.71
57.60
57.88
57.83
58.50
57.99
57.44
56.30
56.32
56.33
56.96
57.32
56.93
56.93
57.23
56.89
57.55
r
57.36
56.66
55.82
55.66
55.94
57.13
57.27
56.52
56.84
56.84
57.03
57.37
57.06
56.41
580
556
527
993
1,035
776
672
647
940
943
625
777
34
71
91
120
196
259
283
279
231
189
126
93
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end date (or 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
Borr ) wings
(millions of dollars,
unad usted)
R eserves adjust ed
for changes i a
reserve requirem ents
Loans a nd leases
Total loans
and
securities 2
2
3
Excludes 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
Ci edit market fu nds
Period
Total
Internal '
Total
Total
r
1978
1979
1980
1981
1982
328.5
352.6
r
345.9
383.3
327.5
432.3
518.5
492.3
r
491.3
r
1983
1984
1985
1986
1986: H
ru
IV
1987: I
n p
m
182.3
197.6
200.1
239.5
242.3
285.7
336.3
355.4
351.5
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
499.9
442.0
597.1
350.9
352.2
342.2
149.0
89.8
254.9
117.6
64.1
201.9
439.3
491.1
487.4
343.2
340.8
351.7
96.1
150.3
135.7
30.8
113.8
77.6
Securities
and
mortgages
r
33.3
21.0
r
53.1
22.8
44.0
57.3
r
-7.5
15.3
r
33.3
r
r
Loans and
short-term
paper
51.8
66.9
39.5
71.7
36.4
31.3
129.0
69.9
76.1
Total
Other 2
r
Capital
expenditures a
53.2
49.3
4.7
r
58.0
60.7
51.7
30.4
309.7
370.6
352.1
r
368.6
303.5
399.8
488.0
r
442.4
438.3
217.0
238.3
243.7
286.5
256.5
274.7
370.9
342.8
r
61.2
67.3
Increase in
financial
assets
Discrepancy
(sources less
uses)
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
52.2
31.8
-12.2
65.3
32.4
214.1
31.4
25.7
53.0
426.3
398.4
" 540.4
340.5
321.5
330.2
85.8
76.9
210.1
73.6
43.6
56.8
92.3
22.3
58.0
-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
r
r
r
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capita!
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
0urrent liabilitic s
Current assets
TJ g
End of period
Total
Cash
Governsecurities
QPB-FRB series: 2
1978
1979
1980
1981
1982
1983
1984
1985
Other
current
liabilities
Net
working
capital
Curr l
ratio
584.0
579.0
603.4
656.9
666.0
374.3
407.5
437.8
448.3
451.1
516.3
539.5
551.0
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.447
583.0
603.4
186.7
1,059.6
595.7
463.9
516.3
1.487
606.4
622.6
639.1
633.1
622.2
632.5
659.3
656.9
187.9
192.9
193.2
203.2
1,093.1
1,126.3
1,155.0
1,163.6
601.9
623.4
642.2
647.8
491.2
502.9
512.9
515.8
526.5
523.7
530.8
539.5
1.482
1.465
1.460
1.464
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
31.0
663.4
679.6
226.3
1,222.3
668.4
553.9
573.4
1.469
1,575.9
171.8
1984: I
1,619.5
1,650.0
1,685.9
1,703.0
167.6
164.9
161.3
173.6
n
m
IV
1,722.7
1,734.6
1,763.0
1,784.6
1986: 1"
1,795.7
388.0
459.0
507.5
431.8
505.1
543.0
532.5
517.4
583.0
633.1
671.5
31.0
35.4
37.2
33.0
36.2
167.5
167.1
176.3
189.2
195.3
Total current assets divided by total current liabilities.
2
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations. Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
Notes and
accounts
payable
286.5
346.5
376.2
424.1
435.3
463.9
515.8
550.9
1983: IT
1
Total
383.0
460.8
514.4
547.1
550.7
595.7
647.8
682.7
18.7
17.7
23.0
31.0
36.2
33.0
1985: I
Other
current
assets
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,233.6
105.5
118.0
127.0
135.6
147.8
171.8
173.6
189.2
IV
Invento-
101.1
116.0
132.1
149.7
169.8
186.7
203.2
224.9
17.2
16.7
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,784.6
n
in
Notes and
accounts
receivable
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), and Federal Trade Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in January.
PERCENT PER ANNUM
PERCENT PER ANNUM
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. T reasury security yields
Period
3-month bills
(new issues) l
Constant nmaturities
3-year
2
10-year
High-grade
municipal
bonds
(Standards &
Poor's)
Corporate
Aaa bonds4
(Moody's)
Prime
commercial
paper,
6 months l
Discount rate
(N.Y. P.fi.
Bank) 5
Prime rate
charged 5by
banks
14.029
10.686
8.63
9.58
7.48
5.98
5.82
14.44
12.92
10.45
11.89
9.64
7.06
7.68
13.91
13.00
11.10
12.44
10.62
7.68
8.39
11.23
11.57
9.47
10.15
9.18
7.38
7.73
14.17
13.79
12.04
12.71
11.37
9.02
9.38
14.76
11.89
8.89
10.16
8.01
6.39
6.85
13.41
11.02
18.87
14.86
8.50
8.80
7.69
6.33
5.66
10.79
12.04
9.93
8.33
8.22
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
8.13
7.08
7.25
7.25
8.02
8.61
8.40
8.45
8.76
9.42
9.52
8.86
8.99
6.63
6.66
6.71
7.62
8.10
7.89
7.83
7.90
8.36
8.84
8.09
8.07
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
C
7.96
7.17
7.49
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-6.00
6.00-6.00
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
8.75-8.75
1988: Jan
5.90
7.87
8.67
7.81
9.88
6.92
6.00-6.00
8.75-8.75
Week ended:
1988: Jan 2
9
16
23
30
Feb 6
5.73
5.90
5.85
5.98
5.85
5.74
8.08
8.05
7.99
7.80
7.63
8.85
8.84
8.84
8.57
8.39
7.99
7.98
7.97
7.71
7.58
10.06
10.00
10.00
9.88
9.64
7.22
7.00
7.00
6.91
6.78
6.00-6.00
6.00-6.00
6.00-6.00
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
8.75-
1981
1982
1983
1984
1985
1986
1987
1987:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec T
New-home
mortgage
yields
(FHLBB) 6
14.70
15.14
12.57
12.38
11.55
10.17
9.31
9.51
9.23
9.14
9.21
9.37
9.45
9.41
9.38
9.37
9.25
r
9.30
9.15
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 1!, 1984 due to lack
of appropriate issues.
2
30
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
AND YIELDS
Stock prices rose in January.
INDEX, DEC. 31, 1965 = 50 (RATIOS CALE)
;
240
220
200
180
~7\—
-/ —' \
160
_,••.•«_,-'
\_
140
INDEX , DEC. 31, 196.
5 = 50 (RATIOS CALE)
240
220
200
180
160
140
COMPOS ITE STOCK PRK:E INDEX
(NYSE)
120
100
80
S^
f~^^
120
1
100
F^=i
*//^—1
r^ —\ ~
80
/
\s^
60
A /
40
miilimi Illlillllll imihmi iimlnm iinihiiii iniiliini iimliini
^.1
1980
60
1982
1981
1984
1983
Illlllllll! M l l l l l l l l l
1987
1986
1985
PERC ENT
20
PERC ENT
20
15
\.
-1r-—-x.
^
^
—.,
10
EARt•4INGS-PRICE R ATIO ON COMMON STOCKS
(S&P)
\
=~-^="
5
1
1 1
1980
1
1
1981
1
1 1 1
1982
1
1
1983
1
15
* -^
10
^^^j
0
40
1988
'
!
1
1984
1
1
1 1
1985
i*~.
1
1 1
1986
SOURCES: NEW YORK STOCK EXCHANGE A ND STANDARD & POO R'S CORPORATION
1
.
!
1987
1
Nevv York Stock Ex< hange indexes (I ec. 31, 1965-5O)
Transportation
1
0
Common st ock yields
(perce nt) 5
2
Period
Industrial
1
1988
COUNCIL OF ECONOMIC ADVISERS
Co mmon stock price s '
Composite
5
1
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
1981
1982
1983
1984
1985
1986
1987
74.02
68.93
92.63
92.46
108.09
136.00
161.70
85.44
78.18
107.45
108.01
123.79
155.85
195.31
72.61
60.41
89.36
85.63
104.11
119.87
140.39
38.91
39.75
47.00
46.44
56.75
71.36
74.30
73.52
71.99
95.34
89.28
114.21
147.20
146.48
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
128.05
119.71
160.41
160.46
186.84
236.34
268.83
5.20
5.81
4.40
4.64
4.25
3.49
3.08
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
NOT
Dec '
151.17
160.23
166.43
163.88
163.00
169.58
174.28
184.18
178.39
157.13
137.21
134.88
175.60
189.17
198.95
199.03
198.78
206.61
214.12
226.49
219.52
189.86
163.42
162.19
126.61
135.49
138.55
137.91
141.30
150.39
157.48
164.02
158.58
140.95
117.57
115.85
78.54
78.19
77.15
72.74
71.64
74.25
74.18
78.20
76.13
73.27
69.86
67.39
153.32
158.41
162.41
150.52
145.97
152.73
152.25
160.94
154.08
137.35
118.30
111.47
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
1,931.86
1,910.07
264.51
280.93
292.47
289.32
289.12
301.38
310.09
329.36
318.66
280.16
245.01
240.96
3.17
3.02
2.93
2.99
3.02
2.92
2.83
2.69
2.78
3.25
3.66
3.71
1988: Jan
140.55
168.47
121.20
70.01
119.40
1,947.35
250.48
3.66
Week ended:
1988: Jan 2
9
16
23
30
137.77
143.04
138.73
138.75
141.67
166.58
172.93
166.66
165.74
168.56
119.02
122.63
119.67
120.56
121.94
66.91
69.22
68.68
69.73
72.41
114.00
119.32
117.00
119.06
122.21
1,939.70
2,009.55
1,934.12
1,912.43
1,933.29
246.28
255.59
247.33
246.69
252.30
3.66
3.51
3.70
3.75
3.66
1
2
3
4
5
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.18
4.75
4.93
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 3 months of fiscal 1988, there was a deficit of $80.4 billion compared with a deficit of $64.6 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
1,100
_
RECEIPTS AND OUTLAYS^
.000
900
800
700
600
500
500
400
400
-100
- -200
-200
'1979
1981
1980
1982
1983
1984
1985
1986
1987
1988
FISCAL YEARS
!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES; DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
Gross Fe< .eral debt
(end of period)
Off-budget
On-budget
Total
Surplus
or deficit
Receipts
Outlays
Surplus
or deficit
1975
1976
Transition quarter
1977
1978
1979
298.1
81.2
355.6
399.6
463.3
332.3
371.8
96.0
409.2
458.7
503.5
53.2
-73.7
-14.7
-53.6
59.2
-40.2
216.6
231.7
63.2
278.7
314.2
365.3
271.9
302.2
76.6
328.5
369.1
403.5
-55.3
-70.5
-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
3.2
-1.4
3.9
-4.3
-2.0
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
-73.8
-78.9
-127.9
-207.8
-185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
-73.9
-120.0
-208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
-1.1
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
16.7
19.6
38.6
Cumulative total, first 3
months:
Fiscal year 1987
Fiscal year 1988
190.0
204.9
254.6
285.3
64.6
-80.4
142.7
154.3
208.3
220.4
-65.6
-66.1
47.3
50.6
46.3
64.9
-14.3
1
Estimates from Mid-Session Ret
August 17, 1987.
32
279.1
j of the 1988 Budget, Office
of Management and Budget,
5.0
-7.9
.2
.3
9.4
1.0
Total
Held by
the public
544.1
631.0
646.4
709.1
780.4
833.8
396.9
480.3
498.3
551.8
610.9
644.6
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
1,827.5
2,130.1
2,354.3
2,586.9
1,509.9
1,746.1
1,896.1
2,015.8
2,218.9
2,435.2
1,814.7
1,956.8
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
in the first 3 months of fiscal 1988, receipts were $14.9 billion higher than a year earlier and outlays were $30.7
billion higher.
BILLIONS Of DOLLARS
BILLIONS OF DOLLARS
400
400
— RECEIPTS!/
300
_
INDIVIDUAL INCOME TAXES
J
.——~"
_____ "
,
200
__- —
"
_-- — """"
/"
300
_
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
CORPORATION INCOME TAXES
100
"1 "^ OTHER RECEIPTS
0
]
|
]
|
0
. NONDEFENSE
-OUTLAYS^ -
700
100
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1979
1980
1981
1983
1982
1984
1985
1986
1987
1988
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]
0n-budget a nd off-bud jet receip
Fiscal year
Total
Individual
income
Corporation
income
Social
insurance
taxes
and
On-bud £et and of -budget 01 tlays
Nationa defense
Other
Total
Total
298.1
355.6
399.6
463.3
131.6
157.6
181.0
217.8
41.4
1980
1981
1982
1983
1984
517.1
244.1
599.3
600.6
666.5
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
1985
1986
1987 »
734.1
769.1
854.1
334.5
349.0
392.6
1988 (estimates) 1
909.0
Cumulative total, first 3 months:
Fiscal year 1987
Fiscal year 1988
190.0
204.9
617.8
54.9
60.0
65.7
204.4
220.8
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
16.2
14.2
11.8
14.8
33.5
35.9
40.0
40.9
65.8
70.2
75.1
13.2
128.2
119.8
123.5
124.8
188.6
198.8
291 .5
245.4
265.6
274.0
289.3
220.1
129.4
136.0
138.5
144.T
131.8
141.7
123.9
11S.3
68.5
76.4
66.2
74.3
4.3
1.6
9.4
10.5
19.2
18.6
31.1
31.3
50.1
69.5
34.3
36.8
37.6
40.5
590.9
678.2
745.7
808.3
134.0
157.5
185.3
131.0
153.8
180.7
209.9
227.4
252.7
273.4
282.0
851.8
73.0 946.3
73.1 989.8
74.3 1,002.1
75.7. 1,032.3
18.0
20.3
1
Estimates from Mid-Session Re new of the 1988 Budget, Office of Management and Budget,
August 17, 1987.
114.7
119.6
86.5
99.7
107.7
122.6
112.7
50.6
69.5
69.3
65.6
71.8
65.2
69.3
26.7
29.9
35.4
42.6
32.1
39.1
46.6
52.6
57.5
157.8
182.7
201.5
18.0
21.3
73.9
85.1
93.9
104.1
Other
23.2
26.9
27.4
28.6
30.4
95.3
102.3
113.7
88.8
94.0
Net
interest
12.7
13.1
12.3
11.8
15.9
88.1
97.2
104.5
116.3
331.8
Social
security
22.8
26.5
89.6
409.2
458.7
503.5
396.1
Income
security
60.8
61.0
61.5
66.4
371.8
36.6
37.7
40.8
265.2
283.9
303.3
Medicare
17.3
18.5
20.5
34.3
61.3
63.1
83.9
105.4
Health
6.4
6.4
7.5
7.5
90.8
106.5
121.0
138.9
209.0
239.4
International
affairs
military
butions
1976
1977
1978
1979
Department of
254.6
285.3
15.7
15.8
19.3
207.4
82.8
93.0
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 fourth quarter of 1987, according to preliminary estimates, Federal expenditures rose $47.0 billion (annual
rate); receipts data are incomplete.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
EXPENDITURES
800
800
600
600
" RECEIPTS"
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
1979
1982
1981
1980
1984
1983
1986
1985
1987
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal G overnrnent expenditure s
Federal Governmeiit receipts
Net
interest
paid
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
0.1
— .1
.0
-161.0
-184.5
-213.6
283.5
310.5
348.6
354.9
86.2
310.6
329.8
348.4
236.1
259.8
290.7
304.9
308.8
311.7
316.9
325.8
328.1
330.7
334.5
353.9
366.2
380.6
293.2
276.1
326.0
336.3
339.4
361.9
378.0
356.7
368.4
371.2
368.6
380.1
399.9
413.2
347.4
352.5
362.1
373.9
377.0
383.7
385.8
389.9
398.3
405.9
405.7
22.9
21.2
20.5
-176.0
93.6
99.7
106.9
104.7
84.5
86.0
96.3
95.9
98.9
100.2
103.7
105.4
109.6
109.5
102.8
94.3
115.6
130.2
135.7
142.6
87.2
101.0
125.3
127.7
130.4
129.7
133.0
134.9
135.9
134.2
137.8
— .4
55.2
50.9
54.0
47.6
53.6
56.2
55.0
59.2
53.1
53.7
50.4
49.9
52.1
51.1
835.9
895.6
984.6
1,032.0
1,069.1
835.7
844.7
930.2
958.2
969.4
990.8
1,020.2
1,003.7
1,047.1
1,036.1
1,041.2
23.3
28.1
23.4
29.1
21.0
24.5
22.6
15.3
19.7
16.8
34.9
15.3
26.3
.2
-.2
.0
.0
.0
.0
.6
.1
-1.0
.0
.0
.0
.0
.0
.0
-169.6
- 196.0
-204.7
- 152.6
-202.6
-169.2
-187.5
-162.9
-210.3
-195.8
-215.0
-196.1
-230.2
-203.7
-188.7
53.3
54.2
53.9
54.6
341.5 1,049.8
345.2 1,062.1
350.3 * 1,058.8
356.6 1,105.8
366.9
379.6
382.1
393.7
406.7
412.0
413.4
420.6
102.2
106.0
103.5
107.0
139.5
139.8
142.9
148.3
34.3
24.8
17.2
35.9
.0
.0
r
.3
-.3
-170.5
-139.2
r
- 135.8
Contributions for
social
insurance
302.5
340.6
358.0
75.3
74.3
80.3
54.9
56.0
51.7
279.2
305.6
324.1
294.5
61.3
310.3
346.6
363.0
403.8
303.0
291.9
326.0
361.2
317.5
351.0
356.7
352.8
357.6
365.2
376.4
75.2
76.1
83.7
110.3
46.4
70.2
69.7
74.2
73.5
79.1
77.8
78.7
81.3
84.3
90.5
51.6
55.7
252.5
284.7
Ill
IV
659.9
726.0
788.6
827.4
916.5
633.1
675.5
742.7
795.3
759.0
794.9
805.1
807.6
816.9
832.4
852.5
1987: I
II
Ill
879.3
922.9
923.0
381.5
415.6
404.3
413.8
103.0
107.9
114.5
Total
Fiscal year:
1984
1985
1986
Calendar year:
1983
1984
1985
1986
1987"
1982: IV
1983: IV
1984: IV
1985: I
II
Ill
IV
1986: I
n
711.9
776.4
814.2
IV
Personal
tax and
nontax
receipts
Source: Department of Commerce, Bureau of Economic Analysis.
34
or deficit
Transfer
payments
Indirect
business
tax and
nontax
accruals
Period
Subsidies
less
current
surplus of
Government
enter-
Grantsin-aid to
State
and
local
governments
Corporate
profits
tax
accruals
Total
873.0
961.0
1,027.8
Purchases
of goods
and
services
Less:
Wage
accruals
less
disbursements
national
income
and
product
accounts
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial aroduction (1977 = 1 X); seasonal V adjusted
Period
United
States
Canada
Japan
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
108.1
108.6
118.9
97.9
104.3
119.0
125.2
126.8
120.1
120.6
124.7
138.4
144.8
144.4
Nov
Dec
125.7
126.8
126.2
128.5
Jan
Feb
Mar
Apr
May
126.2
127.1
127.4
127.4
128.2
129.1
130.6
131.2
127.9
129.3
130.0
130.2
130.7
132.4
132.3
134.3
136.0
136.4
1980
1981
1982
1983
1984
1985
1986
1987 '
1986:
1987:
June
July
Aug
Sept
r
Oct
Nov
' 132.5
' 133.1
133 3
131.0
Dec p
1
France
106
103
101
102
Germany
Italy
107
114.7
112.1
109.6
105
106
107
105
102
103
106
112
114
141.9
146.0
107
107
145.5
144.6
147.1
145.1
143.4
149.0
150.7
149.0
153.5
104
108
109
108
110
111
110
110
I'll
Consume r prices (] 967 = 100)
United
Kingdom
100
United
States '
Canada
France
Germany
282.3
296.2
294.2
332.7
304.1
373.1
175.8
186.9
196.8
398.0
472.4
549.4
423.6
473.9
289.1
243.5
273.9
303.5
298.4
321.0
309.7
316.6
203.3
208.2
538.3
335.0
348.3
362.8
378.6
407.9
439.5
631.8
311.1
585.1
323.0
324.9
465.1
477.6
212.7
212.2
698.8
764.7
805.2
368.9
369.5
324.1
481.4
481.9
210.8
211.2
825.3
827.8
322.2
322.2
323.5
326.4
327.0
326.3
324.7
325.0
327.9
327.9
326.3
486.2
487.2
487.7
490.3
212.1
212.2
212.2
212.8
212.9
213.3
213.3
213.1
212.6
212.9
212.9
832.8
246.8
272.4
111.4
96
98
101
103
108
110
114
112
112.2
111.1
111
111
330.8
111
113
113
114
116
114
113
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
113
112
114
115
114
333.1
370.3
334.4
335.9
337.7
338.7
371.9
103.9
107.1
108.4
United
Kingdom
Japan
322.2
328.4
340.0
331.1
340.1
340.8
342.7
344.4
345.3
345.8
3457
Italy
514.7
599.4
619.9
645.6
323.5
373.5
375.3
377.3
378.5
381.3
381.5
381.5
382.9
384.5
491.2
492.1
493.3
494.3
494.8
496.0
496.6
836.1
839.4
629.2
631.3
633.7
636.2
637.5
841.9
645.1
845.3
848.7
645.7
645.7
645.2
851.2
853.8
859.8
867.5
870.1
384 7
647.1
649.0
652.2
655.4
6548
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
Data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data not seasonally adjusted]
Merch ndise exports >
Tota domestic and
foreign
Period
vised
statistical
month,
Revised
statistical
Merch andise inyports
Dom Stic expo Is (statis ical
mon h)
Statistical
month
Total
3
Food,
beverages,
and
tobac-
Crude
materials
and
fuels
Manufactured
goods
154.3
139.7
132.4
143.1
145.4
148.7
Tol al"
Revised
statistical
Total (c.i.f.
Statistical
month
beverages,
and
tobac-
Crude
materials
and
fuels
Manufactured
goods
«d'
F a.s. valu e
1981
1982
1983
1984
1985
1986
June
July
Aug
Sept
Oct
Nov
27.3
22.2
20.2
17.9
17.8
1.9
1.9
2.3
2.4
12.8
12.6
32.4
29.9
16.2
18.7
21.1
19.8
20.0
20.3
20.3
19.5
20.2
21.0
22.9
1.6
1.6
1.9
1.8
1.8
1.8
2.1
2.0
2.0
2.1
2.1
2.1
2.2
2.4
2.3
2.2
2.3
2.3
2.5
2.4
2.5
2.8
11.0
13.2
15.0
14.2
14.5
14.5
13.9
13.7
14.8
14.4
16.2
27.5
32.3
33.2
32.0
33.3
35.3
35.8
34.3
33.6
37.7
35.5
228.9
216.4
212.3
205.6
224.0
200.5
207.1
195.9
212.0
218.8
226.8
1986:
Nov
Dee
1987:
Jan
Feb
Mar
Apr
May
206.9
206.4
233.7
16.8
19.4
21.8
20.5
20.8
21.1
21.0
20.2
21.0
21.8
23.8
218.7
212.8
216.6
217.9
213.1
217.3
18.4
18.5
18.6
18.4
16.4
18.7
21.1
20.1
20.4
20.5
20.1
20.0
21.0
21.0
23.3
33.2
27.0
27.0
92.9
142.5
74.4
68.0
72.8
65.0
48.3
144.0
163.4
221.5
366.1
325.7
345.3
370.0
18.4
17.8
18.8
21.6
22.4
24.7
282.1
273.4
254.9
269.9
346.4
352.5
383.0
36.2
27.8
2.3
1.9
3.9
3.4
28.3
21.4
33.9
31.3
1.8
2.1
2.3
2.1
2.0
2.2
2.1
1.9
1.9
2.2
2.1
3.4
4.4
4.2
3.9
4.4
4.9
5.6
5.6
4.9
5.3
5.0
21.3
24.8
25.7
25.1
25.8
28.7
33.7
34.7
33.5
34.8
36.8
37.5
35.9
35.1
39.4
37.0
261.0
244.0
258.0
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.
* Total arrivals of imported goods other than intransit shipments.
Revised
statistical
month
Statistical
Exports (f.a.s.) less
import (customs
V ilue)
Revised
statistical
month,
Revised
statistical
month
Exports ( .a.s.) less
imports (c i.f. value)
Revised
statistical
month,
adjust-
Revised
statistical
month
-34.6
-38.4
— 64.2
-39.7
-42.6
-69.3
ed2
Gusto TIS value
33.0
33.5
29.6
31.5
28.3
26.5
238.7
Merchandise tr ade balance
Ge neral imp orts 4 (sta tistical rr onth exc 3pt as noi ed)
246.8
27.2
27.2
25.8
25.6
28.8
27.4
-27.3
-31.8
-57.6
-22.3
-27.5
-52.4
341.2
361.6
387.1
-101.7
-126.5
- 139.3
37.8
29.1
5
5
-107.0 -122.4 -127.6
-132.5 -133.6 -139.7
-149.4 -156.2 -166.3
-14.0
-11.3
-10.7
-12.9
-11.4
-11.5
-12.5
— 14.1
-14.8
-14.1
-12.6
-16.0
-11.7
-11.0
-13.6
-12.1
-11.8
-12.9
-14.7
-15.8
-14.3
-12.6
-16.8
-12.1
-15.4
-12.7
-11.9
-14.4
-12.9
-13.0
-14.0
15.7
-16.5
-15.7
-14.1
-17.6
-13.2
-12.3
-15.1
-13.6
-13.3
— 14.4
-16.3
-17.4
-15.9
-14.1
-18.4
-13.7
5
Revised statistical month exports less statistical month customs value imports.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Statistical month and revised statistical month refer only to data for 1984-86- Data for 1987 are
roughly equivalent to revised statistical month data.
For further information, see Bureau of the Census release FT900, April and August 1987.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
in the third quarter of 1987, 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*
MERCHANDISE TRADE \
BALANCE ON GOODS
AND SERVICES
BALANCE
-30
—
-35
-40
1987
1979
'SEASONALLY ADJUSTED
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( —)]
Merchandise *
•
Investment incora e 3
2
fiemit-
Net
Period
Exports
Imports
184,473
224,269
-212,009
-249,749
237,085
211,198
201,820
219,900
215,935
224,361
53,614
n
54,590
m
55,691
56,005
IV
55,064
1985: I
54,040
n
ni
53,367
IV
55,464
1986: I
53,878
n
56,928
m
56,534
IV
57,021
1987: I
56,992
60,097
II
Ill ".... 65,263
-265,063
-247,642
-268,900
-332,422
-338,083
-368,700
-79,415
-83,684
-84,144
-85,179
-79,946
-83,986
-84,573
-89,578
-88,856
-90,579
— 93,649
-95,616
-95,749
-99,655
— 105,095
1979
1980
1981
1982
1983
1984
1985
1986
1984: I
1
2
3
Net balance
Receipts
Payments
27,536
-25,480
-27,978
-36,444
-67,080
-112,522
-122,148
- 144,339
-25,801
-29,094
-28,453
-29,174
-24,882
-29,946
-31,206
-36,114
-34,978
-33,651
-37,115
-38,595
-38,757
-39,558
-39,832
64,132
72,506
32,960
-42,120
-52,329
-54,883
52,376
-67,419
-62,901
-67,365
-15,435
-17,196
-17,978
- 16,809
-16,359
-16,670
-16,055
-13,818
-17,651
-17,426
- 15,994
-16,295
- 19,450
-20,875
-22,847
86,411
83,549
77,251
85,910
88,299
88,209
22,831
21,052
21,515
20,512
18,530
21,931
24,174
23,665
24,076
22,013
21,333
20,787
24,950
22,452
22,580
Excludes military.
Adjusted :rom Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
31,172
30,386
34,082
28,666
24,875
18,491
25,398
20,844
7,396
3,856
3.537
3,703
2,171
5,261
8,119
9,847
6,425
4,587
5,339
4,492
5,500
1,577
-267
-1,778
— 2,237
Net
travel and
transportation
receipts
-2,935
-997
144
-992
-4,227
-1,183
-274
-243
-1,942 -8,604
-3,339 -10,866
-3,662 -9,903
— 273 -1,874
-615 -2,039
-255
-2,310
-2,381
-798
-2,261
-242
-2,849
-782
-2,892
-794
-1,519 -2,862
-1,298 -2,786
-1,054 -2,278
-815 -2,442
-2,397
-495
-37 -3,219
29 -2,779
— 443 -2,922
Other
services,
net 3
Balance on
goods and
services
tances,
pensions,
and other
unilateral
transfers '
Balance
on current
account
-991
-6,128
6,214
5,138
1,873
-7,593
7,793
9,466
6,884
9,278
14,344 -7,460
-8,679
9,320
278 -8,956
9,908 -36,766 -9,480 -46,246
9.741 -94,835 -12,178 -107,013
9,861 -101,093 -15,301 -116,393
11,368 - 125,694 -15,658 -141,352
2,629 -17,923 -2,362 -20,285
2,513 -25,379 -2,461 -27,840
2,436 -25,045 -3,112 -28,157
2,164 -26,486 -4,243 -30,729
2,296 -22,918 -3,296 -26,214
2,458 -25,858 -3,517 -29,375
2,403 -24,370 -4,169 -28,539
2,704 -27,944 -4,321 -32,265
-3,021 -33,040
2,618 -30,019
2,808 -29,588 -4,167 -33,755
2,784 -32,249 -4,334 -36,583
3,156
-33,839 -4,138 -37,977
2,832 -33,681 -3,103 -36,784
2,633 -38,098 -3,092 -41,190
3,017 — 40,447 -2,931 -43,378
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capita! accounts, claims on foreigners reported by U.S. banks increased $21.2 billion in the third quarter of
1987 compared with an 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*
30
80
-
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
60
\
40
40
20
20
-20
CHANGE IN
U.S. ASSETS
ABROAD, NET
V
-20
\
Ax/_
-40
I
-60
1979
1
I
1980
I
I
I
I
1981
I
I
-40
I
I
1
I
1983
1982
I
I
1984
I
I
I
I
I
i
I
1986
19|8i5
I 1
-60
1987
*SEASONAUY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
Foreign assets in the i J.S., net
[increas ;/ capital inflowi (+)] 2
tinerease/capit »1 outflow ( — ) ]
Period
Total
1979
1980
1981
1982
1983
1984
1985
1986
1984: I
n
in
IV
1985: I
n
m
IV
1986: I
n
m
IV
1987: I
n
m".,.
U.S.
official
reserve
assets l 2
Other U.S.
Government
assets
-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
-3,602
— 19,395
17,421
-16,712
-657
-566
-799
-1,110
-2,029
-1,340
1,388
-717
-1,745
-1,551
-6,936
-21,167
-233
-356
-121
-3,148
-782
-1,067
-435
-13,770
-25,529
-24,478
-32,204
-115
15,533
-14,895
-29,203
1,956
3,419
-177
32
232
1
312
16
280
132
U.S.
private
assets
-240
-242
^ 454
15
225
Other
foreign
assets
1,139
1,152
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
reserve
assets, net !
(unadjusted,
end of
period)
18,956
26,756
30,074
33,958
33,747
34,934
43,186
48,517
25,431
24,982
19,942
36,085
11,154
26,837
17,920
23,947
-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
-916
-17,490
19,608
- 14,886
22,120
41,862
2,392
36,094
2,953
-149
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
-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
-13,415
-25,303
-23,304
-32,351
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
13,352
-18,137
29,467
26,754
49,564
68,009
13,953
10,070
12,802
39,494
67,650
— 5,504
6,521
4,572
2,652
-2,009
-5,177
48,824
45,140
45,070
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Foreign
official
assets
drawing
rights
(SDKs)
38,752
58,112
83,032
93,746
84,869
102,467
129,872
213,386
-3,746
-59,453
5,162
-72,802
-5,097 - 100,679
6,131 -110,058
-5,006
-43,576
5,476
-13,685
-2,831 — 24,711
-1,920
-94,374
547
Total
Statistical { iscrepancy
Allocations
963
359
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasurv.
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
Nonfinanciai Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinanciai Corporate Business
Current Assets and Liabilities of Nonfinanciai 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.
T
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, B.C. 20402. Price $2.50 (single copy) ($3.13 foreign).
Subscription price: $27.00 per year; $33.75 for foreign mailing.
38
U.S. GOVERNMENT PRINTING OFFICE : 1988 0—81-708
@FedFRASER