Full text of Economic Indicators : July 1987
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100th Congress, 1st Sess
Economic Indicators
JULY 1987
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1987
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JOHN MELCHER (Montana)
JEFF BINGAMAN (New Mexico)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. 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—SlST CONGRESS; CHAPTER 237—1ST 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
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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
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TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the second quarter, current-dollar gross national product (GNP) rose 6.7
percent (annual rate) or $91.1 billion. Real GNP (GNP adjusted for price changes) rose 2.6 percent and the
implicit price deflator rose 3.8 percent. (Series revised.)
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,800
4,800
SEASONALLY ADJUSTED ANNUAL RATES
4,400
4,400
—
^^
4,000
4,000
^
_
GNP
^
IN CURRENT DOLLARS
3,600
—
.*,«.«• — •"""•"*
3,600
^^
^/>^3,200
^"*
—
3,200
1^—[X
^"-
—
GNP
IN 1982 DOLLARS
/
2,800
—
I
2,800
—
2,400
-^
'2,400
—
—
2,000
2,000
\
\
1979
\
\
1
\ \
1980
1
1
1981
1
1
1
1
1982
! 1
1983
I I I
1
1984
1
1 1
1985
1
i
i
i
1
1
1987
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCE-. DEPARTMEN OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
eonsumption
expenditures
Gross
private
domestic
investment
Government purchases of
goods and services
Exports and imports of goods
and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
1979
1980
1981
1982
1983
1984 '
1985 r
1986 '. .
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,010.3
4,235.0
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
454.8
437.0
515.5
447.3
502.3
664.8
641.6
671.0
18.8
32.1
33.9
26.3
-6.1
-58.9
-79.2
1055
291.2
351.0
382.8
361.9
352.5
383.5
369.9
376.2
272.5
318.9
348.9
335.6
358.7
442.4
449.2
481.7
467.8
530.3
588.1
641.7
675.0
735.9
818.6
869.7
178.0
208.1
242.2
272.7
283.5
310.5
353.9
366.2
121.9
142.7
167.5
193.8
214.4
234.3
259.3
277.8
56.1
65.4
74.8
78.9
69.1
76.2
94.6
88.4
289.9
322.2
345.9
369.0
391.5
425.3
464.7
503.5
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,000.3
4,219.3
1982: IV
1983- IV
3,212.5
3,545.8
2,117.0
2,315.8
409.6
579.8
14.1
258
335.9
364.7
321.9
390.5
671.8
676.1
293.2
276.1
205.4
221.5
87.7
54.6
378.7
400.0
3,272.4
3,514.8
3,674.9
3,754.2
3,807.9
3,851.8
2,361.1
2,417.0
2,450.3
2,493.4
663.0
664.2
670.3
661.8
-45.7
62 8
-59.3
-67.9
374.3
383.2
390.8
385.7
420.0
446.1
450.1
453.6
696.5
735.8
746.6
764.5
284.0
315.0
317.0
326.0
226.9
233.0
233.1
244.1
57.1
81.9
83.9
81.9
412.5
420.8
429.6
438.5
3,580.8
3,687.4
3,742.9
3,806.8
3,921.1
3,973.6
4,042.0
4,104.4
2,549.9
2,602.0
2,665.4
2,700.1
638.6
648.4
628.6
650.8
-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
1986- I '
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
1008
-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
1987- I '
4,377.7
4,448.8
2,893.8
2,944.0
699.9
702.3
-112.2
- 108.6
397.3
413.3
509.5
521.9
896.2
911.2
366.9
371.8
287.5
292.7
79.4
79.1
529.3
539.4
4,326.0
4,405.3
1984:
I'... .
nrr
ra r..
rv
1985- I 'r
nr
m
IV '
n'
m rr
rv
n».
\ NOTE.—Series revised beginning 1984. See Survey of Current Business, July 1987.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
1979
1980
1981
1982
1983
1984 '
1985 '... . .
1986 '
1982- IV
1983: IV
1984: I r T
n r
mr
rv
1985- I '
n'
m T'
IV .
1986: I r r
n
m'
IV '
1987- I 'p
n
Gross
national
product
Personal
consumption
expenditures
3,192.4
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,607.5
3,713.3
3,159.3
3,365.1
3,451.7
3,498.0
3,520.6
3,535.2
3,568.7
3,587.1
3,623.0
3,650.9
3,698.8
3,704.7
3,718.0
3,731.5
3,772.2
3,796.4
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,352.6
2,450.5
2,078.7
2,191.9
2,212.1
2,246.7
2,257.3
2,281.1
2,314.1
2,337.0
2,376.1
2,383.2
2,409.7
2,434.3
2,477.5
2.480 R
2,475.9
2,488.7
Gross private
domestic investment
Exports and imports of
goods and services
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
389.4
379.2
395.2
366.7
361.2
425.2
454.1
443.8
352.3
390.4
401.3
422.0
433.0
444.4
440.0
457.2
454.1
465.2
453.2
441.0
437.7
443.2
426.0
434.2
170.8
137.0
126.5
105.1
149.3
170.9
174.6
196.4
115.8
159.9
170.5
173.1
170.3
169.6
172.6
171.2
174.9
179.7
185.9
196.5
201.1
202.2
198.2
198.0
15.0
-6.9
23.9
-24.5
64
62.3
7.4
13.8
-59.3
27.0
83.4
63.2
60.9
41.7
19.5
17.3
-5.7
-1.6
35.3
28.1
6.1
-14.4
47.6
41.2
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
Total
3.6
57.0
49.4
26.3
-19.9
-84.0
-108.2
-145.8
11.7
-46.2
-68.6
-87.3
-85.5
-94.8
-81.0
-107.7
-114.9
-129.3
- 123.0
- 146.8
-161.6
151 8
-135.2
-127.8
353.2
332.0
343.4
335.6
368.1
455.8
473.6
523.2
324.3
401.6
431.3
456.5
464.1
471.4
450.7
472.4
475.4
495.8
494.4
517.0
541.2
540.1
533.0
538.5
356.8
388.9
392.7
361.9
348.1
371.8
365.3
377.4
336.0
355.5
362.7
369.1
378.7
376.6
369.7
364.7
360.5
366.5
371.5
370.2
379.6
388.3
397.8
410.7
NOTE.—Series revised beginning 1984. See Survey of Current Business, July 1987.
609.1
620.5
629.7
641.7
649.0
677.7
726.9
754.5
660.1
642.2
653.0
680.2
684.5
693.2
703.4
712.1
738.6
753.7
737.6
751.6
757.2
771.8
759.6
762.2
236.2
246.9
259.6
272.7
275.1
290.8
324.2
332.5
289.5
266.0
271.5
295.6
295.5
300.5
308.4
310.7
332.5
345.3
322.1
330.6
332.6
344.6
327.3
326.3
National
defense
164.3
171.2
180.3
193.8
y~s
210.5
236.7
250.7
201.4
211.6
214.1
217.8
217.0
225.3
229.8
232.8
243.3
241.1
240.0
250.1
259.8
252.7
257.4
262.4
Nondefense
71.9
75.7
79.3
78.9
68.2
72.3
87.5
81.8
88.2
54.4
57.4
77.8
78.6
75.2
78.6
77.8
89.3
104.2
82.0
80.4
72.8
91.9
69.9
63.9
State
and
local
373.0
373.6
370.1
369.0
373.9
387.0
402.7
422.1
370.6
376.2
381.6
384.7
388.9
392.7
395.0
401.4
406.1
408.4
415.5
421.0
424.6
427.1
432.3
435.9
Final
sales
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,600.1
3,699.5
3,218.6
3,338.1
3,368.3
3,434.8
3,459.6
3,493.5
3,549.2
3,569.9
3,628.7
3,652.5
3,663.4
3,676.7
3,711.9
3,745.8
3,724.5
3,755.3
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 — 100; quarterly data are seasonally adjusted]
Period
1979
1980
1981
1982
1983
1984 '
1985 'r
1986
1982: IV
1983- IV .
1984: I rr
nr
mr
rv
1985- I r r
nr
ra .
IV '
1986- I ' r
nT
m
IV '
1987- I '
II"
Gross
national
product
78.6
85.7
94.0
100.0
103.9
107.7
111.2
114.1
101.7
105.4
106.5
107.3
108.2
109.0
109.9
110.8
111.6
112.4
112.9
113.7
114.7
114.9
1 ifl 1
117.2
Personal consumption
expenditures
Total
78.2
86.6
94.6
100.0
104.1
108 1
111.8
114.3
101.8
105.7
106.7
107.6
108.5
109.3
110.2
111.3
112.2
113.3
113.6
113.6
114.5
115.2
11G "
118.3
Durable
goods
82.1
89.2
95.7
100.0
102.1
IOC "
104.5
104.9
100.7
103.1
103.2
103.9
104.1
104.1
104.6
104.5
104.6
104.3
104.5
104.6
105.4
105.2
~ 4
106.1
Nondurable goods
80.0
89.4
96.9
100.0
102.1
iG5.0
107.5
107.1
101.0
103.1
104.3
104.7
105.2
105.8
106.3
107.4
107.6
108.6
107.8
106.2
106.8
107.5
109.8
111.8
Gross private
domestic investment
Services
75.6
83.9
92.6
100.0
106.2
111.6
117.1
122.5
102.7
108.3
109.5
110.9
112.3
113.5
114.8
116.3
118.0
119.4
120.7
122.0
123.3
124.3
125.5
126.7
NOTE.—Series revised beginning 1984. See Survey of Current Business, July 1987.
Nonresidential
fixed
77.8
85.1
93.4
100.0
98.8
97.9
97.5
98.5
100.7
98.3
97.9
97.9
97.8
97.9
98.0
97.5
97.3
97.1
97.2
98.4
99.0
99.2
99.3
99.0
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Residential fixed
81.4
89.4
96.6
100.0
102.2
106.0
108.2
111.1
99.1
103.1
103.3
106.4
106.9
107.2
107.6
107.6
108.0
109.5
110.0
111.0
111.3
112.2
113.7
115.7
Exports
81.6
90.2
97.5
100.0
101.3
103.2
101.3
99.7
100.0
102.6
103.2
103.8
103.2
102.4
101.8
101.6
101.0
100.6
100.6
100.3
99.2
98,7
99.9
100.6
Imports
77.1
96.0
101.6
100.0
97.'
97.1
94.8
92.1
99.3
97.2
97.4
97.7
97.0
96.2
94.9
94.8
94.4
95.2
94.5
91.3
90.0
92.6
95.6
96.9
Total
75.4
84.3
93.3
100.0
103.1
106.8
109.2
110.2
101.3
103.8
104.6
106.6
107.3
108.5
109.0
109.3
108.8
109.5
110.7
111.4
111.6
107.0
112.1
113.9
National
defense
74.2
83.4
92.9
100.0
103.6
107.2
109.5
110.8
102.0
104.7
106.0
107.0
107.5
108.3
108.9
109.0
109.0
111.2
111.1
111.2
110.7
110.4
111.7
111.5
Source: Department of Commerce, Bureau of Economic Analysis.
Nondefense
78.0
86.4
94.3
100.0
101.4
105.5
108.1
108.1
99.5
100.3
99.5
105.3
106.7
108.9
109.5
110.1
108.4
105.4
109.8
112.2
115.0
97.5
113.6
123.8
State
and local
77.7
86.2
93.4
100.0
104.7
109.9
115.4
119.3
102.2
106.3
108.1
109.4
110.5
111.7
113.4
114.9
116.0
117.3
118.0
118.5
119.5
121.2
122.4
123.7
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
Constant
(1982)
dollars
Current
dollars
-0.2
1.9
-2.5
3.6
6.8
3.0
2.9
.6
7.3
10.7
5.5
2.6
1.7
3.8
2.1
4.1
3.1
5.4
.6
1.4
1.5
4.4
2.6
8.9
11.7
3.7
7.6
10.8
6.3
5.6
4.2
12.4
15.4
8.9
5.8
4.7
7.4
5.5
7.1
6.3
7.0
3.6
5.3
2.1
8.6
6.7
1980
1981
1982
1983
1984 r.
1985 *
1986 '. ...
1982: IV
1983- IV
1984: I '
II '
III T
IV '
1985- I T r
U
Ill '
IV '
1986: I Tr
II
III '
IV r
1987- I '
II"
Implicit
price
deflator
Chain price
index
9.0
9.4
6.3
4.1
3.9
3.5
2.4
4.1
3.9
4.5
3.8
3.4
3.1
4.0
3.8
2.8
3.4
1.7
1.9
2.6
2.0
4.2
4.0
9.0
9.7
6.4
3.9
3.7
3.2
2.6
3.6
4.7
4.2
3.0
3.4
3.0
3.3
3.3
2.9
2.9
1.8
2.9
3.6
.7
4.2
3.8
NOTE.—Annual changes are from previous year and quarterly changes are from previous qutarter.
Series revised beginning 1984. See Survey of Current Business, July 1987.
Fixedweighted
price index
(1982
wsights)
10.6
10.5
7.1
9.0
8.8
8.2
6.5
10.3
9.7
8.1
9.8
5.6
7.2
9.4
8.4
10.1
5.3
5.7
4.1
10.7
3.1
5.0
7.1
9.3
9.3
6.2
4.1
4.0
3.6
2.7
4.0
4.0
4.5
3.8
3.4
3.2
4.1
3.7
2.9
3.4
2.2
2.2
2.6
2.3
4.5
4.3
Implicit
price
deflator
Constant
(1982)
dollars
Current
dollars
-0.2
1.2
1.3
4.6
4.8
4.6
4.2
5.3
5.5
3.7
6.4
1.9
4.3
5.9
4.0
6.9
1.2
4.5
4.1
7.3
.5
-.7
2.1
10.7
9.2
5.7
4.1
3.8
3.4
2.2
4.4
4.3
3.8
3.4
3.4
3.0
3.3
4.1
3.3
4.0
1.1
.0
3.2
2.5
6.0
4.9
Chain price
index
10.9
9.2
5.7
4.2
3.9
3.6
2.5
4.8
4.1
4.3
3.2
3.6
3.1
3.5
4.4
3.2
4.2
1.5
.3
3.6
3.0
5.5
5.0
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.7
2.6
4.8
4.1
4.5
3.2
3.8
3.2
3.4
4.5
3.3
4.2
1.7
.3
3.6
3.0
5.7
5.0
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1980
1981
1982
1983
1984 '.
1985 '. .
1986 '.
1982: IV
1983: IV
1984: I '
11r.
Ill '
IV '
1985- I 'r
ll
Ill '
IV '
1986- I r
II '
Ill '
IV
1987- I '
1
1
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,282.8
2,376 1
1,779.4
2,012.5
2,080.6
2,139.9
2,164.4
2,201.8
2,230.9
2,266.2
2 3124
2,321.8
2,353.3
2,358.6
2,387.7
2,404.7
2,434.8
1982
dollars
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,127.1
2,182.2
1,760.2
1 ,940.5
1,996.7
2,035.2
2,044.7
2,069.5
2,091.1
2,115.1
2,148.7
2,153.5
2,176.7
2,171.9
2,180.8
2,199.3
2,207.6
Total
cost
and
profit 2
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1.054
1.073
1.089
1.011
1.037
1.042
1.051
1.059
1.064
1.067
1.071
1.076
1.078
1.081
1.086
1.095
1.093
1.103
0.095
.109
.125
.123
.118
.119
.121
.131
.120
.118
.117
.118
.118
.119
.119
.118
.120
.119
.121
.122
.123
.123
0.077
.090
.094
.098
.100
.103
.104
.096
.098
.098
.100
.101
.102
.102
.104
.102
.103
.104
.101
.106
.104
.105
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.702
.715
.685
.680
.681
.682
.691
.694
.698
.701
.699
.709
.709
.714
.717
.720
.724
0.031
.037
.043
.037
.039
.043
.045
.042
.037
.037
.038
.041
.042
.043
.043
.043
.044
.045
.046
.046
.045
.045
Total
0.068
.078
.063
.089
.109
.107
.103
.057
.103
.109
.114
.107
.107
.106
.106
.114
.103
.104
.104
.104
.102
.106
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.036
.023
.036
.040
.039
.034
.032
.033
.031
.034
.033
.033
.034
.037
.040
.045
Profits
after
tax 4
0.031
.044
.037
.057
.073
.074
.068
.034
.066
.069
.075
.073
.075
.072
.075
.080
.070
.071
.069
.068
.062
.061
Output
per hour
of all
employees
(1982
dollars)
17.096
17.194
17.318
17.867
18.288
18.674
18.969
' 17. 382
' 18.029
18.221
18.312
18.255
18.359
18.458
18.588
18.849
18.787
18.941
18.930
18.974
19.073
18.933
Compensation
per hour
of all
employees
(dollars)
9.939
10.861
11.699
12.124
12.570
13.103
13.566
' 11.914
' 12.261
12.409
12.494
12.623
12.746
12.883
13.022
13.173
13.324
13.437
13.525
13.608
13.724
13.708
With inventory valuation and capita! consumption adjustments.
NOTE.—Series revised beginning 1984. See Survey of Current Business, July 1987.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
ees
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
1
Farm
2,518.4
2,719.5
3,028.6
3,229.9
3,422.0
2 548 2
2,851.5
2,962.1
3,009.0
3,047.3
3,096.1
3,156.5
3,204.4
3,254.4
3,304.4
3 3642
3,414.1
3,438.7
3,471.0
3,548.3
1982
1983
1984 T
1985 r
1986 '
1982- IV
1983- IV
1984- I 'r ....
ll
Ill r
IV r
1985- I 'r
Il
Ill '
IV '
1986- I '
II ' ...
Ill '.
IV '
1987: I T.
II"
Kental
income of
persons
with
capital
consumption
adjustment
1,907.0
2,020.7
2,213.9
2,370.8
2,504.9
1,931.1
2,092.7
2,152.9
2,195.2
2,234.9
2,272.7
2,314.9
2,351.5
2,386.3
2,430.5
2,464.8
2,487.6
2,515.1
2,552.0
2,589.9
2,623.4
Nonfarm
24.6
12.4
30.5
29.7
37.2
28.5
19.3
44.3
26.1
23.3
28.1
31.7
32.2
22.9
31.7
28.0
48.1
36.3
36.6
51.3
51.5
13.6
13.2
8.5
9.0
16.7
15.8
12.4
12.3
9.3
6.9
5.6
7.3
9.1
9.3
10.1
14.0
17.4
17.2
18.4
20.0
21.8
150.9
178.4
204.0
227.6
252.6
159.8
188.6
197.1
202.0
207.5
209.7
220.4
224.2
229.5
236.3
242.8
250.1
256.2
261.2
269.7
276.1
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
150.0
213.7
266.9
277.6
284.4
146.1
248.5
262.7
275.5
262.6
266.9
265.6
274.2
292.8
277.8
288.0
282.3
286.4
281.1
294.0
Profits
before tax
159.2
196.7
234.2
224.1
238.4
150.7
223.4
238.2
246.5
227.4
224.6
216.1
219.8
236.8
223.7
236.7
235.6
242.4
239.0
245.7
Inventory
valuation
adjustment
169.6
207.6
240.0
224.8
231.9
164.1
231.5
253.7
251.4
228.5
226.1
217.6
218.0
230.2
233.5
218.9
224.4
236.3
247.9
257.0
Capital
consumption
adjustment
-10.4
— 10.9
-5.8
— .7
6.5
-13.4
-8.1
-15.5
-5.0
— 1.1
-1.6
-1.5
1.8
6.5
-9.8
17.8
11.3
6.0
-8.9
-11.3
-18.5
-9.2
17.0
32.7
53.5
46.0
-4.5
25.1
24.5
29.0
35.2
42.3
49.5
54.4
56.0
54.2
51.3
46.7
44.0
42.1
48.2
48.8
Net
interest
272.3
281.0
304.8
315.3
326.1
266.9
290.2
292.8
301.0
312.2
313.1
316.5
313.2
313.7
317.9
326.6
328.7
327.5
321.7
323.6
332.4
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
1982
1983
1984 '
1985 r
1986 '
1982: IV
1983- IV
1984: I T
II T r
m
IV T
1985- I *
II r
III ''.,
IV '.
1986- I r T
II
Ill '
IV '.
1987- I '
II"...
Total
personal
consumption
expenditures
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,117.0
2,315.8
2,361.1
2,417.0
2,450.3
2,493.4
2,549.9
2,602.0
2,665.4
2,700.1
2,737.9
2,765.8
2,837.1
2,858.6
2,893.8
2,944.0
252.7
289.1
335.5
368.7
402.4
263.8
310.0
322.7
335.1
337.7
346.7
358.2
362.4
383.7
370.5
375.9
386.4
427.6
419.8
396.1
409.7
Motor
vehicles
and
parts
108.9
130.4
157.4
177.6
194.9
115.7
144.4
151.1
157.8
158.6
162.3
171.1
173.3
191.9
174.1
177.4
184.2
217.0
201.2
177.6
189.5
NOTE.—Series revised beginning 1984. See Survey of Current Business, July 1987.
Furniture
and
household
equipment
95.7
107.1
118.8
128.7
139.9
99.1
112.4
115.2
117.9
119.5
122.7
125.0
127.0
129.5
133.5
134.7
138.3
142.9
143.8
146.0
145.8
Other
48.1
51.6
59.3
62.4
67.6
49.0
53.2
56.4
59.3
59.7
61.8
62.1
62.1
62.4
62.9
63.8
64.0
67.8
74.8
72.5
74.4
Total
nondurable
goods
771.0
816.7
867.3
913.1
939.4
786.6
837.9
849.9
866.9
872.8
879.6
894.4
910.4
918.4
929.3
936.8
934.3
940.0
946.3
969.9
977.0
Food
398.8
421.9
448.5
472.8
497.8
407.0
430.8
438.3
445.8
453.6
456.1
463.5
471.2
474.9
481.7
489.4
494.7
499.6
507.5
514.8
511.6
Clothing and
shoes
Gasoline
and oil
124.4
135.1
146.7
157.2
167.5
126.5
141.1
143.0
147.3
146.8
149.8
153.2
155.8
158.8
160.9
163.4
167.2
169.8
169.6
174.0
175.4
89.1
90.2
90.0
92.6
75.3
89.8
91.9
90.8
91.3
88.9
89.0
90.6
94.3
93.5
92.1
87.7
74.4
70.6
68.4
75.8
79.9
Services
Other
Retail sales of
new passenger
cars (millions of
units)
Domestics
158.7
169.5
182.1
190.5
198.8
163.4
174.0
177.8
182.5
183.5
184.7
187.2
189.1
191.2
194.5
196.3
198.0
200.0
200.8
205.3
210.1
1,027.0
1,128.7
1,227.6
1,347.5
1,458.0
1,066.5
1,167.9
1,188.6
1,215.1
1,239.7
1,267.1
1,297.3
1,329.2
1,363.3
1,400.3
1,425.2
1,445.1
1,469.5
1,492.4
1,527.7
1,557.3
Source- Department, of Commerce, Bureau of Economic Analysis.
5.8
6.8
8.0
8.2
8.2
6.0
7.4
8.1
8.1
7.9
7.7
8.3
8.1
9.3
7.1
7.7
7.9
9.5
7.8
6.7
7.0
Imports
2.2
2.4
2.4
2.8
3.2
2.5
2.6
2.3
2.4
2.4
2.6
2.5
2.7
3.0
3.2
2.9
3.1
3.5
3.5
2.8
3.0
SOURCES OF PERSONAL INCOME
Personal income rose $13.2 billion (annual rate) in June, following a rise of $17.5 billion in May. The increases
were affected by three special factors: a large increase in retroactive social security benefit payments in May,
changes in subsidy payments to farmers in May and June, and an initial payment to a newly established
retirement savings fund for Federal Government employees in April. Excluding these special factors, personal
income increased $19.5 billion in June and $26.2 billion in May. (Series revised.)
BtUIONS OF DOLLARS*(RATIO SCALE)
3,800
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,200
3,200
1,600
1,600
800
800
400
400
1JJ200
200
1987
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1979
1980
1981
1982
1983
1984 T
1985 T
1986 r
1986: June r
July r.
Aue T
Sept r
Oct
Nov ...
Dec
1987: Jan
Feb
Mar r
Apr r
May r
June p.
personal
income
2033 9
2 258 4
2 5209
2 6708
2 8386
3 108 7
3 3270
3 534 3
Wage and
salary
disbursements
1 252 1
1 3720
Proprietor ' income 3
Other labor
income 1 2
122 7
1384
150 3
163 6
Farm
3 528 1
35403
3 552 9
3567 5
3 577 5
35903
3 613 0
1 510 3
1 586 1
1 6766
1 838 6
1 9749
2 089 1
2 081 1
2 088 3
2 1009
2 1044
2 119 4
2 131 5
2 1344
173 6
182 9
192 3
201 1
200 5
201 6
202 3
203 0
203 7
2044
205 1
37 2
37 6
32 3
35 8
40 8
33 6
31 1
45 2
160 1
160 1
156 1
150 9
178 4
204 0
227 6
252 6
252 1
254 1
255 4
259 1
259 3
261 0
263 4
3 631 5
3 671 2
3 683 4
3 7003
3 717 8
3 731 0
2 150 2
2 1664
2 173 1
2 181 5
2 192 6
2 2006
205 9
206 7
207 4
2100
2090
209 6
42 0
56 2
55 6
549
48 4
51 3
265 6
270 2
273 2
274 1
276 1
2780
31 7
20 5
30 7
24 6
12 4
30 5
29 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.
^Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Nonfarm
income of
persons 4
56
66
dividend
income
48 1
13 3
13 6
13 2
85
90
16 7
18 0
17 5
17 0
17 0
17 7
18 4
19 2
52 9
61 3
63 9
68 7
75 5
76 3
81 2
81 5
81 7
82 2
82 5
82 6
82 9
83 2
19 5
200
20 4
21 0
21 7
22 6
83 9
84 4
85 0
85 3
86 5
87 0
interest
income
221 4
271 9
335 4
369 7
393 1
444 7
476 5
497 6
499 6
499 0
498 0
497 2
497 0
496 7
496 6
498 1
499 8
501 6
503 8
506 3
508 8
payments 5
273 1
324 7
368 1
410 6
442 6
456 6
489 7
518 3
516 5
525 3
521 6
524 0
525 6
526 3
528 0
532 2
5345
534 3
537 3
545 6
541 9
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
81 0
88 6
104 5
112 3
1 983 1
2 215 8
2 465 6
2 618 7
120 1
132 7
148 9
159 6
158 7
159 5
160 3
1604
161 3
162 1
162 1
165 9
167 0
167 3
167 7
168 3
168 8
2 799 0
3 052 1
3 273 5
3 475 2
3 468 8
3 486 3
3 495 5
3 505 2
3 522 5
3 538 0
3 546 7
3 568 4
3 594 1
3 607 2
3 6244
3 648 3
3 658 5
5
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
8
NOTE.—Series revised beginning 1984. See Survey of Current Business, July 1987.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income fell in the second quarter. (Series revised.)
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
1,000
DOLLARS * (RATIO SCALE)
14,000
DOLLARS * (RATIO SCALE)
14,000
—
PER CAPITA DISPOSABLE PERSONAL INCOME
12,000
12,000
10,000
10,000
8,000
8,000
6,000
6,000
I
4,000
I
I
1980
1979
I
1981
1982
I
I
I
I
I
I
I
I
1985
1984
1983
M i l 4,000
1986
1987
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Personal
income
Period
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays l
Equals:
Personal
saving
Disposable
personal
income
in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
1982
dollars
7,682
8,421
9,243
9 724
10,340
11,257
11,872
12,508
9,829
9 722
9,769
9 724
9,930
10,419
10 622
10,947
Billions of dollars
1979
1980
1981
1982
1983
1984 r....
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
1985 '
1986 r....
304.7
340.5
393.3
409.3
410.5
440.2
485.9
512.2
1,729.3
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,841.1
3^022.1
Per capita personal
consumption
expenditures
Current
dollars
1982
dollars
6,960
7,607
8,320
8 818
9,515
10,253
10,987
11,588
8,904
8 783
8,794
8 818
9,139
9,489
9 830
10,142
118.0
136.8
159.4
153.9
130.6
164.1
127.1
130.6
2,212.6
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.2
2,645.1
Saving
as
percent
of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
6.8
7.1
7.5
6.8
5.4
Percent
Dollars
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,714.1
2^891.5
Percent
change in
real per
capita
disposable
personal
income
1.0
2.1
4.9
1.9
3.1
6.1
4.5
4.3
225,106
227,754
230,182
232,549
234,829
237,051
239,323
241,620
— 1.1
.5
— .5
Seasonally adjusted annual rates
1982:
IV
2,729.2
411.1
2,318.1
2,174.9
143.1
2,276.1
9,929
9,749
9,068
8,904
1983: IV
2,941.8
413.9
2,527.9
2,382.5
145.4
2,392.7
10,725
10,151
9,825
9,299
1.2
9.1
6.2
5.8
235,707
1984: I r
II r....
Ill r..
IV r...
3,034.1
3,074.8
3,137.8
3,188.3
422.3
432.1
446.7
459.7
2,611.8
2,642.8
2,691.1
2,728.6
2,430.7
2,490.0
2,525.9
2,571.3
181.1
152.8
165.2
157.3
2,446.9
2,456.6
2,479.2
2,496.3
11,057
11,164
11,339
11,467
10,359
10,378
10,446
10,491
9,996
10,210
10,324
10,479
9,365
9,491
9,511
9,587
8.5
.7
2.6
1.7
6.9
5.8
6.1
5.8
236,203
236,720
237,333
237,946
1985: I r
II rr....
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
1986: I
3,463.4
3,526.6
II r....
r
Ill r .. 3,553.6
IV ... 3,593.6
1987: I r
3,662.0
II"... 3,716.4
497.4
504.2
515.3
532.0
2,966.0
3,022.4
3,038.2
3,061.6
2,827.6
2,856.4
2,929.4
2,952.6
138.4
166.0
108.9
109.0
2,610.5
2,660.2
2,653.2
2,656.7
12,318
12,525
12,560
12,626
10,842
11,024
10,968
10,956
11,371
11,461
11,729
11,789
10,008
10,088
10,242
10,229
536.1
577.9
3,125.9
3,138.5
2,987.5
3,037.9
138.4
100.6
2,674.6
2,653.1
. 12,865
12,891
11,008
10,897
11,910
12,092
10,190
10,222
4.8
5.7
3.4
4.1
4.7
5.5
3.6
3.6
4.4
3.2
m ..
IV r...
r
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer
payments to foreigners (net).
2
Annual data arc averages of quarterly data, which are averages for the period.
6
-4.2
3.3
6.2
6.9
-2.0
-.4
1.9
-4.0
233,466
240,782
241,313
241,896
242,489
242,971
243,463
NOTE. — Seriess revised beginning 1984. See Survey of Current Business, July 1987.
c,
r,
,,,
.„
• . i •
, n
^
,
/T)
P ,
^P"1™"' »' Commerce (Bureau of Eeonom,c Analysis and Bureau of the Census).
SomcK
FARM INCOME
In the first quarter, according to revised estimates, gross farm income fell $16.3 billion (annual rate) and net farm
income fell $12.0 billion.
BILLIONS OF DOLLARS * (RATIO S CALE)
'240
200
BILLIC NS OF DOLLARS * (RATIO SCALE)
240
200
^
160
n-
s~~—•—~1
p.
^x^
—-~/
^^
^
^s
>^
160
\
GRC SS FARM INCC)ME
120
120
80
80
40
40
20
20
10
10
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total '
1979
1980
1981
1982
1983
1984
1985
1986
1984:
I
n
m
IV
1985- I
n
m
IV
1986- I
n
in
IV
1987- I r
150.7
149.3
166.3
163.4
152.4
174.3
166.6
159.0
174.4
167.9
173.8
181.6
170.8
164.6
157.3
173.5
146.7
168.1
149.3
171.9
155.6
Total
131.5
139.7
141.6
142.5
136.5
142.2
142.1
134.8
136.5
141.2
144.1
146.8
137.3
135.1
139.8
156.2
129.6
130.8
131.4
147.4
123.3
Livestock and
products
69.2
68.0
69.2
70.2
69.5
72.9
69.4
71.5
75.6
71.4
71.6
73.1
69.2
67.8
68.0
72.6
66.2
67.6
76.3
76.0
70.5
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
jincome, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
3
Income in current dollars divided by the GNP implicit price deflator (1982=100). Data do not
Crops
62.3
71.7
72.5
72.4
67.0
69.2
72.7
63.3
60.9
69.8
72.5
73.8
68.1
67.4
71.8
83.6
63.4
63.2
55.1
71.4
52.8
Value of
inventory2
changes
5.0
-6.3
6.5
-1.8
-10.9
6.3
-1.1
-3.0
1.7
7.0
9.0
7.5
3.0
-.3
-2.6
-4.5
-2.9
-3.2
-3.0
-2.9
24
Production
expenses
Current
dollars
123.3
133.1
139.4
140.7
139.5
141.7
136.1
124.0
141.6
142.2
142.0
140.9
139.0
137.1
135.2
133.2
128.3
125.1
122.4
120.0
115.7
27.4
16.1
26.9
22.7
13.0
32.6
30.5
35.0
32.7
25.7
31.8
40.7
31.8
27.6
22.2
40.3
18.4
43.0
27.0
51.9
39.9
reflect recent revisions beginning 1984 in GNP series.
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
1982 dollars »
34.9
18.8
28.6
22.7
12.5
30.2
27.3
30.6
30.7
23.9
29.3
36.9
28.9
24.8
19.8
35.7
16.2
37.7
23.4
45.0
34.3
CORPORATE PFOFITS
In the first quarter, according to revised estimates, corporate profits before tax rose $9.1 billion (annual rate) and
after-tax profits fell $5.0 bill'on. (Series revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320:
280
1979
1986
1980
I
19|8i7
I
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions o'
Vs; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Total
2
Total
1980
1981
1982
1983
Financial
Total 3
194.0
202.3
159.2
196.7
234.2
224.1
238.4
159.6
173.8
131.2
166.6
203.3
193.6
207.2
21.0
16.5
11.8
18.1
13.0
18.4
26.1
138.6
157.3
119.4
148.5
190.3
175.2
181.1
150.7
223.4
121.6
190.7
18.7
15.5
102.9
175.2
238.2
246.5
227.4
224.6
207.8
216.6
194.8
193.9
14.5
13.1
10.8
13.6
193.3
203.5
184.0
180.3
216.1
219.8
23B «
223.7
187.1
189.2
208.3
189.7
15.3
19.1
18.4
20.8
171.8
170.1
189.9
168.9
1986: I
II r
Ill r
IV *
236.7
235.6
242.4
239.0
202.3
207.0
210.2
209.3
26.2
26.9
25.2
26.1
176.2
180.0
185.1
183.2
1987: I r
II" .
245.7
213.1
27.6
185.5
1984 *
1985 r
1986 *
1982- IV
1983: IV
1984: I r r
n
IU r
IV r
1985: I r r
n
m *. .
IV
r
r
1
2
3
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Profits
before tax
Nonfinancial
Period
Manufacturing
77.1
88.5
58.0
70.1
88.8
72.2
69.4
46.8
88.6
95.0
97.0
83.3
79.8
67.8
68.4
80.1
72.4
61.9
72.5
68.0
75.4
75.4
Tax
liability
Wholesale and
retail
trade
Total
21.6
32.5
34.6
38.9
51.2
51.4
52.1
237.1
226.5
169.6
207.6
240.0
224.8
231.9
84.8
81.1
63.1
77.2
93.9
96.7
105.0
152.3
145.4
106.5
130.4
146.1
128.1
126.8
33.6
43.1
164.1
231.5
104.3
143.4
48.0
52.7
52.2
51.8
253.7
251.4
228.5
226.1
52.0
52.8
55.7
45.0
217.6
218.0
230.2
233.5
55.8
48.2
54.6
49.7
218.9
224.4
236.3
247.9
56.2
257.0
59.8
88.1
101.2
100.3
87.2
87.0
94.0
93.2
100.5
99.1
98.1
102.1
106.1
113.9
128.0
152.5
151.2
141.4
139.2
123.6
124.8
129.7
134.4
120.9
122.3
130.2
134.0
129.0
Dividends
54.7
63.6
66.9
71.5
79.0
81.3
86.8
68.5
73.9
76.6
78.9
79.8
80.8
81.2
81.3
81.2
81.7
84.3
86.6
87.7
88.6
90.3
92.3
Undistributed
profits
Invb . y
valuation
adjustment
97.6
81.8
39.6
58.9
67.0
46.8
40.0
43 1
-24.2
-10.4
-10.9
-5.8
-.7
6.5
35.8
69.5
-13.4
76.0
72.3
61.5
58.4
42.4
43.5
48.5
52.7
36 r
35..
42.5
45.4
38.7
-8.1
-15.5
-5.0
-1.1
-1.6
-1.5
1.8
6.5
-9.8
17.8
11.3
6.0
-8.9
-11.3
185
NOTE.—Corporate profits and related measures for 1986 reflect retroactive provisions of the Tax
Reform Act of 1986.
Series revised beginnig 1984. See Suruey of Current Business, July 1987.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the second quarter, nonresidential fixed investment rose $6.9 billion (annual
rate) while residential investment rose $3.7 billion. There was a $43.5 billion increase in inventories following an
increase of $51.6 billion in the first quarter. (Series revised.)
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
/
r—^j
^^\
GROSS PRIVATE DOMESTIC
600
^~^~^
/I
600
INVESTMENT
—
500
/
^A
,-X
—
."•—
^ «••***
\
r^
500
/
^~^1
400
—
/
**'
f.
.+*~~"
„--*•*"
—
""*
400
—
~~-\"'
300
vIONRESIDENTI
F XED INVESTME NT
300
RESIDEh^ITIAL
FIXED INVE STMENT
.-*""*"""
\
—
200
—
200
.-— —• — — — ••
•\ .--•-
100
—
^-•"
"""""••— — .
100
CHA NGE IN BUSINESS
INVENTORIES
/ >/X
~~\.
^-\
1
-100
1 1
1979
~*
i ii
1980
^" V
1
1
1
1
1 1
1
1
i i i
1
1983
1982
1981
\
\
1
./
1
1985
1984
SOURCE: DEPARTMENT OF COMMERCE
"\_ J
1
1
r-
1
1986
~
\ \ \
-100
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
1979
1980
1981
1982
1983
1984r...
1985r
1986r
1982: IV
1983: IV
Gross
private
domestic
investment
454.8
437.0
515.5
447.3
502.3
664.8
641.6
671.0
409.6
579.8
1984: F
663.0
664.2
670.3
661.8
1985: P....
638.6
648.4
628.6
650.8
IPr
m
rv
IP.
HP
IV.
1986: P
UP
IV
683.4
679.4
660.8
660.2
1987: I r
II"
699.9
702.3
TTr
Nonresidential
Total
Total
441.9
445.3
491.5
471.8
509.4
597.1
631.6
655.2
469.5
548.8
568.9
597.5
605.4
616.8
617.3
629.9
631.0
648.3
645.1
651.9
657.3
666.6
648.2
658.8
NOTE. — Series revised beginning 1984. Sec Survey of Current Business, July 1987.
302.8
322.8
369.2
366.7
356.9
416.0
442.6
436.9
354.9
383.9
392.7
413.2
423.3
435.0
431.5
445.6
442.0
451.5
440.7
433.8
433.5
439.7
422.8
429.7
Structures
99.5
113.9
138.5
143.3
124.0
141.1
152.5
137.4
137.6
127.4
133.0
141.3
143.6
146.6
150.6
154.4
152.9
152.1
149.6
135.9
131.1
132.9
128.7
129.4
Producers'
durable
equipment
203.3
208.9
230.7
223.4
232.8
274.9
290.1
299.5
217.3
256.5
259.7
271.9
279.7
288.4
280.8
291.3
289.1
299.3
291.0
297.9
302.4
306.7
294.1
300.3
Residential
139.1
122.5
122.3
105.1
152.5
181.1
189.0
218.3
114.7
164.9
176.2
184.3
182.1
181.8
185.8
184.3
189.0
196.8
204.4
218.1
223.8
226.9
225.4
229.1
Source: Department of Commeree, Bureau of Economic Analysis.
Total
13.0
83
24.0
24 5
-7.1
67.7
10.0
15.7
59 9
31.0
94.1
66.7
65.0
45.0
21.4
18.5
-2.4
2.5
38.3
27.5
3.5
64
51.6
43.5
Nonfarm
7.9
24
18.3
23 1
.4
60.5
13.6
16.8
51 1
21.3
71.4
63.7
65.8
41.3
17.7
13.7
5.2
17.8
38.5
24.5
-.9
5.1
48.7
27.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1987 survey, business spending for new plant and equipment
in 1987 is expected to be 3.1 percent above the 1986 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
'-
p--
r— ^
1
^_-~-
300
"
1r~r
300
._.-——
. — - —"
_
400
r^ —
^--1^—
ALL INDUSTRIES
-^-^-""^
200
-
"
200
~-~f
NOW AANUFACTURI
**"
---
^
—-
100
'"'
M VNUFACTURIN G
-"''
__
—
—
100
80
80
60
60
—
—
40
40
1
1
1
1
1979
1
1
1
1
1
1
1981
1980
1
1
1
1
1
1
1983
1982
1 1
1984
1
1 1
1985
1
1 1
1986
^r^
1987
2/SEE FOOTNOTE 4 BELOW
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturing
Manufacturing
All
industries
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987"
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.27
390.89
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.73
145.91
1985: I
II
III
IV
373.56
387.86
389.23
397.88
1986: I
1987- I 4
II
III4.
IV
Period
n
in
rv
Nonmanufacturing
Manufacturing
Surveyed
quarterly
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.08
70.86
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.65
75.05
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.54
244.99
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.25
10.45
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.75
19.40
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.44
45.64
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.10
169.50
146.94
154.25
154.47
158.26
70.29
74.34
72.99
75.47
76.64
79.91
81.48
82.79
226.62
233.61
234.76
239.61
15.81
16.56
15.89
15.25
16.70
17.45
18.81
19.15
48.44
48.61
48.44
49.79
145.68
150.99
151.62
155.42
146.94
15425
154.47
158 26
226.62
233.61
234.76
239 61
377.94
375.92
374.55
388.69
144.03
141.68
139.21
146.01
68.01
68.33
69.31
70.68
76.02
73.35
69.89
75.33
233.90
234.24
235.34
242.68
12.99
11.23
10.15
10.63
18.22
18.28
19.03
19.48
47.03
46.55
45.90
46.27
155.67
158.18
160.25
166.31
144.03
141 68
139.21
146.01
233.90
234 24
235.34
24268
372.24
392.02
397.06
402.26
139.38
146.90
148.45
148.90
69.72
73.06
71.84
68.81
69.65
73.83
76.61
80.09
232.87
245.12
248.60
253.36
10.17
10.85
10.60
10.20
18.77
19.47
20.02
19.33
43.44
45.94
46.80
46.37
160.49
168.86
171.19
177.46
139.38
146.90
148.45
148.90
23287
245.12
248.60
253.36
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufactiiring that is surveyed annually.
10
Total
nonfarm
business 2
Commercial
and
other
284.94
314.47
349.26
347.47
343.35
398.99
431.94
427.03
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.73
145.91
Total
189.02
202.15
222.72
226.79
227.15
260.16
278.46
284.30
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.54
244.99
Surveyed
annually»
29.98
31.68
34.04
36.89
38.56
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 late April-May 1987, corrected for
biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In June, seasonally adjusted civilian employment fell 190,000 and unemployment fell 286,000.
MILLIONS OF PERSONS*
120
MILLIONS OF PERSONS*
120
SEASONALLY ADJUSTED
116
116
112
112
\
108
108
CIVILIAN LABOR FORCE'
104
104
100
100
"\
_ CIVILIAN
EMPLOYMENT
96
96
92
92
x
x
»v
«>,
12
12
8
8
UNEMPLOYMENT
4
4
LliLlllL
0
1979
1980
1981
Ulllllllll
1111
1983
1982
1984
iimlnm
1985
1987
1986
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1979
1980
1981
1982
1983
1984
1985
1986*
1986: June*....
July
Aug
Sept
Oct
Nov
Dec
1987: Jan
Feb
Mar
Apr
May
June
Noninstitutional
population
including
resident
Armed
Forces
NSA
166,460
169,349
171,775
173,939
175,891
178,080
179,912
182,293
182,183
182,354
182,525
182,713
182,935
183,114
183,297
183,575
183,738
183,915
184,079
184,259
184,421
Resident
Forces
NSA
Labor force
including
resident
Armed
Forces
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,680
1,672
1,697
1,716
1,749
1,751
1,750
1,748
1,740
1,736
1,735
1,726
1,718
106,559
108,544
110^315
111,872
113^226
115,241
117^167
119,540
119,685
119,789
119,821
119,988
120,163
120,426
120,336
120,782
121,089
120,958
121,070
121,719
121,235
Civilian employment
Employment
including
resident
Armed
Forces
100,421
100,907
102,042
101,194
102,510
106,702
108356
111,303
111,293
111,559
111,764
111,703
111,941
112,183
112,387
112,759
113,122
113,104
113,570
114,173
113,975
Nonagricultural
Civilian
labor force
104,962
106,940
108,'670
110,204
lll',550
113,544
117334
118,005
118,117
118,124
118,272
118,414
118,675
118,586
119,034
119,349
119,222
119,335
119,993
119,517
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Labor force as percent of noninstitutional population (both including
resident Armed Forces).
' Civilian labor force as percent of civilian noninstitutional population. B
Unemployment
Total
98,824
99,303
100,397
99,526
100334
105,005
107450
109,597
109,613
109,887
110,067
109,987
110,192
110,432
110,637
111,011
111,382
111,368
111,835
112,447
112,257
Agricultural
3,347
3,364
3^368
3,401
3^383
3,321
3479
3,163
3,164
3,124
3,057
3,142
3,162
3,215
3,161
3,145
3,236
3,284
3,290
3,335
3,178
Total
95,477
95,938
97,030
96,125
97^450
101,685
106,434
106,449
106,763
107,010
106,845
107,030
107,217
107,476
107,866
108,146
108,084
108,545
109,112
109,079
Part-time
for
15
Total
economic
reasons 1
3,373
4,064
4,499
5,852
5^997
5,512
5J334
5,345
5,322
5,222
5,269
5,303
5,450
5,319
5,342
5,201
5,459
5,164
5,110
5,029
4,918
Labor force
participation
rate (percent)
6,137
7,637
8,273
10,678
10,717
8,539
8,312
8,237
8,392
8,230
8,057
8,285
8,222
8,243
7,949
8,023
7,967
7,854
7,500
7,546
7,260
weeks
and
over
1,241
1,871
2,285
3,485
4,210
2,737
2,305
2,232
2,299
2,250
2,272
2,373
2,168
2,217
2,171
2,200
2,131
2,050
2,075
2,101
2,055
Total 2
Civfl3
64.0
64.1
64.2
64.3
63.7
64.4
64.7
65.1
65.6
65.7
65.7
65.6
65.7
65.7
65.8
65.7
65.8
65.9
65.8
65.8
66.1
65.7
ian
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.4
65.4
65.3
65.3
65.4
65.4
65.3
65.5
65.6
65.4
65.4
65.7
65.4
" Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
^
.
. * T ».
u
* r w cu *: .•
c
Source:
D"P«raent of Labor, Bureau of Labor Statrsfcs.
11
SELECTED UNEMPLOYMENT RATES
In June, the seasonally adjusted overall unemployment rate fell to 6.0 percent and the civilian unemployment rate
fell to 6.1 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
TEENAGERS
(16-19)
.Y
20
•--•vr-.A/v-..
15
10
10
WOMEN 20 YEARS
AND OVER
MEN 20 YEARS
AND OVER
Illllllllll
1983
1987
1983
1984
1985
1987
1986
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
work-
ers *
1979
1980 ....
1981
1982 ....
1983
1984 ...
1985
1986 .
1986:
June....
July
Aug
Sept
Oct
Nov
Dec
1987: Jan
Feb
Mar
Apr
May
June ....
By sex and age
civilian
work-
ers
Men
20 years
and over
Women
20 years
Both
sexes
and
16-19
over
years
Black
White
5.1
6.3
7.5
7.2
7.0
8.8
8.9
6.6
6.2
6.1
16.1
17.8
19.6
23.2
22.4
18.9
18.6
18.3
7.0
6.9
6.7
6.9
6.8
6.8
6.6
7.1
7.0
6.8
7.0
6.9
6.9
6.7
6.2
6.2
5.9
6.2
6.2
6.2
6.0
6.3
6.2
6.1
6.2
6.1
6.1
5.9
6.6
6.6
6.5
6.2
6.2
6.0
6.7
6.7
6.6
6.3
6.3
6.1
6.0
5.9
5.8
5.5
5.5
5.5
5.9
5.8
5.8
5.5
5.4
5.2
9.5
9.5
7.4
7.1
6.9
1
5.8
7.1
7.6
9.7
9.6
4.2
5.9
6.3
Experienced
wage and
salary
workers
Married
Women
men,
who
spouse
present
maintain
families
6.7
8.6
8.4
6.5
6.2
6.0
11.3
13.1
14.2
17.3
17.8
14.4
13.7
13.1
12.3
14.3
15.6
18.9
19.5
15.9
15.1
14.5
5.5
6.9
7.3
9.3
9.2
7.1
6.8
6.6
6.5
4.6
4.3
4.4
18.9
17.9
18.0
18.5
17.7
18.2
17.3
6.1
6.0
5.8
6.0
6.0
6.0
5.8
13.5
12.7
13.1
13.1
12.7
12.7
12.3
14.9
14.2
14.6
14.6
14.3
14.2
13.7
6.6
6.6
6.5
6.5
6.6
6.5
6.3
17.7
18.0
18.1
17.4
17.7
15.9
5.9
5.7
5.6
5.4
5.3
5.2
12.6
12.8
12.5
11.7
12.2
11.4
14.3
14.3
13.9
13.0
13.8
12.7
6.3
6.2
6.1
5.9
5.9
5.8
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
Black
other
5.7
6.4
6.8
8.3
8.1
6.8
6.6
6.2
5.8
7.0
7.5
and
Labor
force
time lost
By selected groups
By race
All
Fulltime
workers
Parttime
workers
(percent) 2
6.3
7.9
8.5
11.0
10.9
8.6
8.1
7.9
10.3
10.4
9.8
9.5
7.2
6.8
6.6
8.8
8.8
9.4
10.5
10.4
9.3
9.3
9.1
4.5
4.4
4.2
4.3
4.6
4.5
4.3
10.0
9.5
10.1
9.8
8.9
9.7
9.8
6.7
6.6
6.4
6.6
6.6
6.6
6.3
9.1
9.2
9.3
9.3
9.2
9.1
8.8
8.1
7.8
7.7
7.9
7.8
7.7
7.6
4.2
4.2
4.1
4.1
3.9
4.0
9.8
9.5
9.7
9.3
9.6
9.7
6.4
6.3
6.2
5.9
5.9
5.9
9.0
8.7
9.2
8.6
8.7
6.9
7.6
7.6
7.4
7.3
7.2
7.1
2.8
4.2
4.3
6.5
8.3
9.2
10.4
11.7
12.2
Source; Department of Labor, Bureau of Labor Statistics.
5.3
6.9
7.3
9.6
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In June, the percentage of unemployed persons who had been out of work for less than 5 weeks fell and the
percentages for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over rose. The mean duration of
unemployment fell and the median duration rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
"~"\
\
^-v
50
50
LESS THAN
5 WEEKS
\
\
REENTRAN S
30 —
\Xv
•-.—•**•••'
^.^s^J
V
V
~'
^\^
27 WEEKS
AND OVER
^
20
1
Illllllllll Illllllllll
1985
1984
* — /"v*..
v
.^N'"
•*.'
•^,'~'
---
^
^
Illllllllll Illllllllll
1987
1986
>A
"Vv A-
^V^H^^^-s^
\
1
JOB LEAVERS
10 =^~~^
''
15-26
WEEKS
1983
/ V-
'%'
NEW ENTRANTS
,
* T '"
o' Illllllllll
—
\
_" \
•^ V ^
_^"v^
10
—
JOB LOSERS
5-14
WEEKS
s*.'-'"'
""•'V,
|"' * 'v"~"" VV
40
' <•'''•'
30
rvii I/-> V t * .-v
'"*
A ,'"•
f
— ". /v
\*' "I
0 Illllllllll Illllllllll Illllllllll
1983
1984
1985
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
Illllllllll
iiiiiiiini
1986
1987
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Unemployment
(thousands)
Period
Percent distribution
State
programs
Number of
weeks
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
7,637
8,273
10,678
10,717
8,539
8,312
8,237
43.1
41.7
36.4
33.3
39.2
42.1
41.9
32.3
30.7
31.0
27.4
28.7
30.2
31.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
11.9
13.7
15.6
20.0
18.2
15.6
15.0
6.5
6.9
8.7
10.1
7.9
6.8
6.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
8,392
8,230
8,057
8,285
8,222
8,243
7,949
40.8
41.6
42.3
41.1
41.9
41.2
42.4
31.7
30.9
29.7
30.4
31.5
31.8
30.2
12.4
12.9
13.2
13.4
11.7
12.7
12.9
15.1
14.6
14.8
15.2
14.9
14.3
14.5
15.2
15.1
15.6
15.5
15.2
14.8
15.0
7.2
7.1
7.1
7.1
7.0
7.0
7.1
8,023
7,967
7,854
7,500
7,546
7,260
41.9
42.2
42.9
42.2
44.3
42.5
31.1
31.1
31.1
30.0
28.0
29.1
12.5
12.7
12.0
13.8
13.2
13.8
14.5
14.1
14.0
14.1
14.5
14.6
15.0
14.6
14.9
14.9
14.9
14.8
7.0
6.6
6.6
7.0
6.5
6.7
Job
leavers
Insured
unemployment
Insured
unemployment,
all
regular
programs
(unadjusted)'
Reentrants
New
entrants
11.7
11.2
7,9
7.7
9.6
10.6
12.3
25.2
25.4
22.3
22.5
25.6
27.1
26.2
11.4
11.9
11.1
11.3
13.0
12.5
12.5
3,350
3,047
4,061
3,396
2,476
2,611
2,650
488
460
583
438
377
396
378
3,837
3,410
4,594
3,775
2,561
2,693
2,746
50.6
49.1
47.6
48.9
48.7
48.1
48.9
12.0
12.4
12,3
12,6
12.6
12.9
13.0
25.0
26.6
27.4
25.9
26.8
25.8
25.4
12.4
11.9
12.6
12.6
11.9
13.1
12.8
2,678
2,699
2,713
2,707
2,621
2,565
2,515
378
379
388
370
357
355
357
2,474
2,632
2,483
2,335
2,296
2,478
2,841
49.6
48.2
48.4
49.7
47.8
49.0
11.1
13,1
12.7
12.3
12.0
13.0
25.7
25.6
26.8
25.8
26.7
27.0
13.6
13.1
12.1
12.1
13.5
11.0
2,507
2,477
2,453
2,356
2,310
2,303
363
369
342
329
329
332
3,276
3,155
2,933
2,526
2,216
Job
losers
Initial
claims
Weekly average, thousands
1980
1981
1982
1983
1984
1985
1986
1986: June
July
Sept
Get
Nov
Dec
1987: Jan
Feb
Mar
May
. ..
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 116,000 in June.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
100 —
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
20
80 —
18
70
SERVICE-PRODUCING
INDUSTRIES
16
60 —
. MANUFACTURING .
20
50
18
40 —
i|i 11 iln ml in 11 l i i ii ii 1111 i l i i i i m n i l l n u n m i l l mi)
CONSTRUCTION
GOODS-PRODUCING
INDUSTRIES
30
Illllllllll
Illllllllll
20
1983
1984
1986
1985
1987
1983
1984
1985
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1986
1987
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Goods-producing industries
- J
Perioa
1980
Total
nonagricultural
employment
Service-producing industries
Manufacturing
Total 2
Construction
Total
Durable
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Potail
neiau
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
90,406
91,156
89,566
90*200
94,496
97*,519
99,610
25,658
25,497
23,813
23*334
24,727
24*859
24,681
4,346
4,188
3,905
3 ".948
4,383
4*.673
4,904
20,285
20,170
18,781
18*434
19,378
19*.260
18,994
12,187
12*109
11,039
10*,732
11,505
11,490
11*244
8,098
8*,061
7,741
7*702
7,873
7*,770
7,750
64,748
65*,659
65,753
66*866
69,769
72,660
74*930
5,146
5*, 165
5,082
4*954
5,159
5*.238
5*.244
5,275
5*,358
5,278
5*268
5,555
5,717
5*.735
15,035
15*189
15,179
15,613
16 545
17*356
17*845
5,160
5*298
5,341
5*,468
5,689
5,955
6*297
17,890
18,619
19,036
19,694
20,797
22,000
23*099
16,241
ie',031
15,837
15,869
16,024
16*394
16,711
2,866
2*772
2,739
2*774
2,807
2*875
2*899
June ...
July....
Aug....
Sept....
Oct
Nov ....
Dec
99,323
99,601
99,772
100,039
100,209
100,415
100,567
24,628
24,628
24,639
24,620
24,611
24,630
24,630
4,900
4,924
4,946
4,948
4,942
4,946
4,936
18,959
18,940
18,945
18,933
18,934
18,954
18,970
11,218
11,199
11,206
11,181
11,169
11,174
11,175
7,741
7,741
7,739
7,752
7,765
7,780
7,795
74,695
74,973
75,133
75,419
75,598
75,785
75,937
5,142
5,237
5,202
5,255
5,251
5,278
5,286
5,712
5,735
5,736
5,736
5,731
5,728
5,725
17,821
17,866
17,913
17,939
17,980
18,009
18,007
6,287
6,323
6,351
6,374
6,395
6,418
6,451
23,080
23,202
23,284
23,317
23,369
23,452
23,544
16,653
16,610
16,647
16,798
16,872
16,900
16,924
2,878
2,872
2,882
2,902
2,897
2,900
2,904
1987: Jan
Feb
Mar
Apr r...
May r..
June p
100,919
101,150
101,329
101,598
101,672
101,788
24,708
24,743
24,749
24,759
24,755
24,769
5,034
5,038
5,032
5,019
4,995
5,008
18,956
18,986
18,995
19,011
19,025
19,029
11,157
11,179
11,176
11,175
11,179
11,182
7,799
7,807
7,819
7,836
7,846
7,847
76,211
76,407
76,580
76,839
76,917
77,019
5,304
5,315
5,333
5,348
5,347
5,352
5,741
5,757
5,766
5,772
5,776
5,774
18,080
18,140
18,136
18,197
18,207
18,222
6,480
6,501
6,526
6,558
6,576
6,585
23,670
23,759
23,842
23,926
23,997
24,044
16,936
16,935
16,977
17,038
17,014
17,042
2,912
2,916
2,922
2,933
2,924
2,906
1981
1982
1983
1984
1985
1986
1986:
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked (luring 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 o{ 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 gross hourly
earnings
Average weekly
hours
Period
1979
1980
1981
1982
1983
1984
1985
1986
1986' June
July
Sept
Get
Nov
Dec
1987: Jan
Feb
Mar
Apr r ..
May r
June*
Manufacturing
Total
private
nonagricultural l
. ...
Total
Total
private
nonagricultural 1
Overtime
35.7
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.7
34.7
34.7
34.7
34.7
34.8
34.6
40.2
39.7
39.8
38.9
40.1
40.7
40.5
40.7
40.6
40.6
40.8
40.8
40.7
40.8
40.8
3.3
2.8
2.8
2.3
3.0
3.4
3.3
3.4
34.7
34.9
34.8
34.7
34.9
34.8
40.9
41.1
40.9
40.6
41.0
41.0
Adjusted hourly earnings index — total private
nonagricultural z
Percent change from a year
earlier 4 5
Index,
Manufacturing
1977
dollars 3
Current
dollars
Current
dollars
1977 dollars
$6.70
7.27
7.99
8.49
8.83
9.19
9.54
9.73
9.72
9.74
9.75
9.75
9.77
9.78
9.79
116.8
127.3
138.9
148.5
155.4
160.3
165.2
169.3
97.4
93.5
92.6
93.4
94.9
94.6
94.1
95.0
7.9
9.0
9.1
6.9
4.6
3.2
3.1
2.5
3.4
3.5
3.5
3.5
3.5
3.5
3.6
$6.16
6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.75
8.74
8.77
8.78
8.82
8.86
8.84
169.2
169.1
169.5
169.8
170.2
171.2
171.1
95.2
95.1
95.2
95.0
95.1
95.5
95.3
2.5
2.4
2.4
2.0
2.4
2.6
2.0
-.3
5
1.0
1.1
1.2
1.1
.6
1.2
1.7
1.3
3.6
3.6
3.6
3.5
3.8
3.7
8.86
8.88
8.91
8.91
8.94
8.96
9.79
9.81
9.83
9.86
9.87
9.89
171.2
171.8
172.2
172.6
172.7
173.1
94.7
94.6
94.4
94.2
94.0
93.9
2.2
2.1
2.2
2.5
2.3
2.3
1.1
.3
-.6
-1.2
-1.4
-1.3
-3.1
-4.0
-1.0
.9
1.6
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private nonagricultural 5
Average gross weekly earnings
Period
Current dollars
1979
1980
1981
1982
1983
1984
1985
1986
1986' June
July
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar
Apr
May r
June
p
Manufacturing
Total private
nonagricultural 1
1977 dollars
Current dollars
-3.1
$219.91
235.10
255.20
267.26
280.70
292.86
299.09
304.85
$183.41
172.74
170.13
168.09
171.26
172.78
170.42
171.07
$269.34
288.62
318.00
330.26
354.08
374.03
386.37
396.01
$342.99
367.78
399.26
426.82
442.97
458.51
464.46
466.38
$138.62
147.38
158.03
163.85
171.05
174.33
174.64
176.08
8.0
6.9
8.5
4.7
5.0
4.3
2.1
1.9
303.63
303.28
304.32
304.67
306.05
308.33
305.86
170.77
170.57
170.97
170.59
171.07
171.96
170.40
394.63
395.44
397.80
397.80
397.64
399.02
399.43
463.51
464.01
468.00
469.25
471.38
473.71
471.85
175.18
175.78
176.08
176.06
176.35
177.24
176.00
1.2
1.5
1.7
1.2
1.5
2.1
.5
58
-1.5
12
1.9
.9
-1.4
.4
— .1
.3
.5
-.2
.3
1.2
g
307.44
309.91
310.07
309.18
312.01
311.81
170.04
170.75
170.09
168.77
169.76
169.09
400.41
403.19
402.05
400.32
404.67
405.49
476.63
474.24
478.30
471.61
483.61
479.54
175.45
176.97
177.27
179.36
179.05
178.44
1.2
2.4
1.8
r
1.8
2.6
2.7
.1
.5
-1.0
r
-1.9
-1.1
-.9
1
4
5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977=100 base).
Retail trade
Current dollars
1977 dollars 3
2
3
Construction
Monthly changes based on indexes to two decimal places
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output l
Business
sector
•
Hours of 2all
persons
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Business
sector
Implicit price
deflator 5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
99.6
99.3
107.9
107.9
108.3
108.7
119.1
118.9
99.4
99.2
119.5
119.7
117.0
116.5
1980
1981
1982
1983
1984 r.
99.3
100.7
100.3
103.0
105.6
98.8
99.8
99.2
r
102.5
104.6
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.7
112.9
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.0
131.3
143.6
154.8
161.5
167.8
96.7
95.7
97.3
98.2
98.0
96.6
95.7
97.2
98.2
97.9
132.5
142.7
154.5
r
156.7
159.1
132.9
144.0
156.0
r
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 r.
1986 T
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
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
1979
1982: IV
r
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 r r
105.1
105.6
105.5
105.9
104.1
104.7
104.6
104.8
117.1
119.1
119.7
120.8
117.1
119.3
119.8
120.7
111.4
112.8
113.4
114.0
112.4
113.9
114.5
115.2
165.8
166.9
168.7
170.3
165.6
166.8
168.6
170.2
98.1
97.8
98.0
98.1
98.0
97.7
97.9
98.0
157.8
158.0
159.9
160.8
159.0
159.3
161.2
162.4
156.5
157.6
158.7
159.8
157.0
158.3
159.7
161.0
1985: I r r
n r.
m r....
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
1986: I r r
n r.
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 r
U"
109.7
110.0
107.6
108.0
130.2
131.1
129.7
130.8
118.7
119.2
120.6
121.1
185.8
187.3
184.9
186.2
100.7
100.3
100.2
99.7
169.4
170.2
171.8
172.5
168.2
169.7
170.3
171.1
1979
-1.2
-1.6
n.
fflr....
rv....
rv ....
m ....
IV....
Percent change; quarterly data at seasonally adjusted annual rates
1980..
1981
1982.
1983
1984 r
-.3
1.4
— .4
2.7
2.5
-.4
1.0
-.6
3.3
2.1
1985 r
1986 r.
1.8
1.9
1982: IV
1983:
2.0
1.9
3.2
3.5
a.'i
9.5
-1.4
-1.6
11.1
11.2
9.0
8.9
8
.7
n
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
-2.7
-.9
1.5
1.1
-.3
10.9
7.7
8.3
r
1.4
1.5
11.0
8.3
r 8.4
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
4.7
3.9
4.4
3.9
1.1
2.0
.8
1.9
2.8
2.0
3.2
2.2
2.7
2.1
3.2
2.3
— 1.1
2.1
-3.1
4.2
8.4
-1.2
1.7
1.2
1.6
4.0
3.3
3.6
3.2
3.0
2.4
-.5
5.0
3.2
3.7
1.5
2.6
2.4
3.0
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
ffl ....
IV T ....
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
Ir
II r.....
Ill r...
IV r ...
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 r
II '.....
Ill '...
IV...
5.8
.6
-.3
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 r
II"....
.5
1.3
.4
1.4
3.5
3.0
3.8
3.2
3.0
1.7
3.4
1.8
1.4
3.2
1.1
2.9
-3.7
-1.7
.9
1.9
.8
1.5
3.7
3.7
3.4
2.1
IV...
r
1984: I r
n .r
1985:
Qq
r
5.0
8.3
-1.2
r
1.5
5.7
.7
-2.7
1.6
6.0
2.1
1.4
2.5
1.6
28
-3.4
-3.5
4.5
r
i.o
^
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
('urrent dollar gross domestic product divided by constant dollar gross domestic product.
2
16
-3.9
-1.9
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.
Series revised.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.2 percent in June, following a rise of 0.5 percent in May. The index for June was 3.2
percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
INDEX, 1977=100* (RATIO SCALE)
140
220
_
TOTAL NDUSTRIAL PRODUC1rioN
-*•
...
->
FINAL PRODUCTS
—
200
120
180
-
160
100 -^
iimlimi
Mltlllllll
1 1 1 1 1 1 1 1 1 1 11 1 it i
it i it imiil
140 — MANUFACTURING PRODUCT ON
_
DURABLE
r^^~"^^&z~
[•-- ^
120
V
NC iNDURABLE
140
DEFENSE AND
SPACE
EQUIPMENT ^—-1
\ *S~
.*—"^""^
-
—'""'"
V^
^
^—--—
EQUIPMENT
1 -V
120
^
-
W"S n-^-n*^
>S_
-.*""
~
\
CONSUMER
GOODS
S''
100
-
•Ull.lll.HJ 1 1 1 1
100
! 1 1 I 1 It 1
1
1 1 I 1 1 1 1 1 1 I IMIlllllll
1 11 1 11 11 1 1 1
PER CENT*
1 1 1 1 1 ( |J_L j | 1 1 1 1 1 1 1 1 1 1111 1 1 1 1 1 1 1 1 1 1 1 1 1 It ii 1 1
140
1 11 1 11 1 1
^
-
90 — MANUFACTURING CAPACITY UTILIZATION RATE —
UTILITIES AND MINING PRODUCTION
120
80
uiiuuti
fi*~<^\£,
100
1 II
A.
~'
+£•*
l^\
,
1983
1984
1985
rt^-^.
1986
70
>
-*
60
^
iniiliiiM 1 1 1 1 1 1 1 1 1 1 1 M inliiiii
1983
1987
1984
1985
'SEASONALLY ADJUSTED
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1986
n M il ' n u
1987
. COUNCIL OF ECONOMIC ADVISERf
[Monthly data seasonally adjusted]
Period
Index,
1977 = 100
1977 proportion
1979
1980
1981
1982
1983
1984
1985
1986
1986- June
July
Aue
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar r
Apr r
May rp
June
1
Output as percent of capacity.
Capacity utilization
rate, percent J
Industry production indexes, 1977 = 100
Total
industrial
production
Manufacturing
Percent
change
from year
earlier
Total
Durable
Mining
Utilities
Nondurable
Manufacturing
Industrial
materials
100.0
110.7
108.6
111.0
103.1
109.2
121.4
123.8
125.1
124.2
124.9
125.1
124.9
125.3
126.0
126.7
3.9
-1.9
2.2
—7 1
5.9
11.2
2.0
1.1
.5
1.2
.5
.5
1.4
.9
.9
84.21
111.5
108.2
110.5
102.2
110.2
123.4
126.4
129.1
128.3
129.2
129.5
129.5
129.9
130.3
131.1
49.10
113.9
109.1
111.1
99.9
107.7
124.2
127.3
127.9
126.2
127.4
127.5
128.1
128.1
128.6
129.2
35.11
108.2
107.0
109.7
105.5
113.7
122.3
125.1
130.9
131.2
131.7
132.2
131.4
132.3
132.7
133.7
9.83
106.4
112.4
117.5
109.3
102.9
111.1
108.8
99.6
98.9
97.1
96.4
96.2
95.6
97.4
96.7
5.96
105.9
107.3
107.1
104.8
105.2
110.7
111.9
109.7
108.6
109.7
108.3
108.3
109.3
111.2
110.6
84.6
79.3
78.3
70.3
74.0
80.5
80.1
79.8
79.3
79.7
79.7
79.6
79.6
79.7
80.0
87.1
81.1
81.1
71.7
75.3
82.0
80.2
78.5
78.0
78.3
77.9
78.1
77.8
78.4
78.9
126.5
127.2
127.3
127.3
128.0
128.2
.3
1.6
3.0
2.1
3.1
3.2
131.1
132.0
132.3
132.3
132.8
132.8
129.0
130.4
130.5
129.9
130.4
130.4
134.1
134.3
134.8
135.7
136.1
136.2
97.2
96.2
96.5
96.6
97.0
97.7
109.5
109.6
109.5
108.6
110.7
112.2
79.9
80.3
80.3
80.1
80.2
80.1
78.8
78.7
78.7
79.0
79.3
79.7
Source: Board of Governors of the Federal Reserve Svstem.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data, seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Defense
Total
Total
1979
1980
1981 .
1982
1983
1984
1985
1986
1986- June
July
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar r
Apr r
May r
June p
1
and
Total
Construction
supplies
Business
supplies
Total
Energy
Durable
goods
Nondurable goods
6.89
18.63
105.4
108.1
109.3
108.3
113.3
120.1
122.9
127.5
19.25
120.4
124.7
129.9
120.2
121.7
139.6
145.4
142.7
14.34
124.7
125.1
127.6
113.6
115.4
134.2
139.6
138.6
3.67
105.6
115.4
119.8
133.0
143.1
156.4
170.6
180.3
12.94
110.8
106.9
107.3
101.7
111.2
124.7
130.0
136.4
5.95
108.7
100.6
98.6
88.3
100.6
114.0
118.3
124.7
6.99
112.7
112.3
114.7
113.1
120.3
133.8
140.0
146.4
42.28
110.3
105.3
107.7
96.7
102.8
114.2
114.2
113.9
11.69
104.1
105.5
104.7
101.2
98.4
103.9
103.4
99.9
128.1
128.4
128.6
126.7
127.8
128.3
129.4
129.2
129.4
129.8
129.8
130.2
130.4
140.0
141.0
142.5
142.8
143.3
143.1
142.2
136.6
137.9
139.3
139.3
139.1
138.6
137.1
138.1
140.8
140.8
140.5
141.3
141.1
178.4
179.5
181.0
182.0
184.6
184.9
185.8
137.0
137.3
137.8
137.0
138.7
139.2
139.7
124.1
124.0
125.4
125.9
126.3
126.8
127.9
147.9
148.6
148.4
146.4
149.3
149.7
149.8
113.1
113.6
113.2
113.5
113.3
114.3
115.2
100.8
99.9
97.9
98.0
96.9
98.7
98.8
185.2
186.5
186.6
186.6
187.1
187.6
139.1
139.7
140.4
139.8
140.9
140.8
128.3
128.4
128.5
127.2
127.9
127.1
148.3
149.4
150.5
150.6
152.0
115.2
115.1
115.2
115.9
116.4
117.2
98.9
97.6
97.0
97.2
98.9
100.0
44.77
111.0
112.2
115.2
109.5
114.7
127.3
131.1
132.3
25.52
103.9
102.7
104.1
101.4
109.3
118.0
120.2
124.5
99.9
88.4
89.7
82.9
98.5
112.2
112.9
116.2
131.1
132.0
132.6
132.2
132.7
133.1
133.7
124.4
125.2
125.1
124.2
124.7
125.6
127.2
114.3
116.3
115.7
117.4
116.3
118.4
121.5
133.6
135.0
135.0
134.4
135.2
135.1
126.8
127.5
127.5
126.6
127.3
127.1
120.0
122.4
121.2
118.0
119.6
118.3
Total »
142.8
144.9
145.0
144.8
145.6
145.6
Business
space
equipment
Includes rigs and prefabs, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
1986- June
July
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar r
Apr r
May r
June f
Apparel
products
Printing
and
publishing
cals
and
products
5.33
108.5
90.4
95.0
65.8
73.0
82.3
80.5
75.8
3.49
108.0
86.3
92.5
57.5
66.1
73.4
70.4
63.4
6.46
109.4
101.8
101.6
86.6
89.1
102.6
107.3
107.4
9.54
122.6
123.3
129.8
115.6
118.3
141.8
145.3
141.9
7.15
125.7
130.3
134.1
128.4
143.8
170.5
168.4
166.5
9.13
108.3
96.9
95.1
87.6
99.2
112.2
121.4
125.8
5.25
95.9
71.1
71.6
66.8
85.8
104.4
111.5
110.9
2.30
102.0
92.9
90.1
82.8
100.2
109.1
113.4
123.4
2.79
98.3
97.3
96.1
87.3
95.3
102.7
100.9
103.6
4.54
112.7
115.1
118.6
120.2
129.8
146.5
153.9
163.4
8.05
111.4
106.4
112.6
103.8
114.0
121.6
127.1
133.0
7.96
106.7
111.4
113.7
114.9
120.4
126.9
130.2
133.6
71.4
73.6
73.4
74.1
74.2
76.8
73.5
58.3
61.7
60.8
61.1
62.2
64.8
60.5
106.6
105.7
105.9
107.3
108.3
107.1
108.3
140.4
142.6
142.6
140.9
142.2
141.2
139.9
163.2
166.8
167.2
166.9
167.7
168.3
170.2
125.1
125.6
125.1
127.7
125.2
125.6
127.0
110.6
111.2
108.2
112.2
107.1
107.9
111.2
120.9
120.8
122.5
125.0
125.9
129.5
133.1
101.7
102.5
102.5
102.7
104.2
105.1
106.4
164.0
165.4
164.6
163.0
167.8
168.5
167.7
134.2
134.1
134.4
133.9
133.9
132.3
134.6
134.6
134.3
135.1
134.3
133.7
134.4
135.3
73.6
76.3
77.5
77.0
77.9
78 7
60.2
63.1
65.1
65.0
66.3
108.0
108.2
108.8
109.0
108.2
109.2
140.3
142.3
143.7
144.2
145.7
146.2
169.2
169.3
167.6
166.5
167.7
168.2
128.1
131.8
130.6
127.2
127.9
125.9
112.2
117.8
115.5
109.3
110.1
106.5
130.2
130.0
129.5
128.9
130.0
107.2
107.4
107.1
106.6
168.1
166.7
168.2
171.2
172.8
1734
137.4
137.7
138.3
138.5
138.6
135.3
135.7
136.1
135.8
136.5
Source: Board of Governors of the Federal Reserve System.
18
Lumber
and
products
Iron and
steel
Total
1977 proportion
1979
1980
1981
1982
1983
1984
1985
1986
Nonelectrical
machinery
Fabricated
metal
products
Period
Electrical
machinery
Total
Motor
vehicles
and
parts
Foods
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
Commercial
and
industrial z
New housing
units
Total '
Other
Federal,
State, and
local
Total value
index
(1982 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1979
1980 ....
1981
1982
1983
1984
1985
1986
252.4
251.7
260.2
246.6
281.3
328.6
356.0
388.8
200.7
193.3
203.6
192.9
227.5
271.0
291.7
316.6
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
42.3
46.2
49.4
49.5
48.1
48.5
50.5
51.5
109
97
100
100
124
135
148
155
51.7
58.5
56.5
53.7
53.8
57.7
64.3
72.2
Annual rates
Annual rates
1986:
r
May
June r
July r
Aug r
Sept r
Oct r
Nov r
Dec T
1987- Jan r
Feb '...
Mar ".
Apr '
May "
June p
1,059
904
919
690
756
955
1,097
996
383.2
371.6
391.0
395.3
400.1
394.9
390.6
380.2
309.1
299.9
318.4
322.6
324.9
322.9
320.4
306.8
181.2
172.0
191.9
194.0
198.8
192.6
194.5
181.7
131.3
135.1
136.5
136.5
137.6
139.0
138.5
137.6
76.3
76.1
75.5
77.6
75.8
78.4
75.1
75.5
51.7
51.8
51.1
51.0
50.3
51.9
50.8
49.7
74.1
71.7
72.6
72.7
75.2
71.9
70.2
73.3
153
159
157
155
155
151
156
155
921
911
877
949
970
861
1,025
940
384.7
401.6
388.3
397.1
394.3
390.1
310.2
326.5
312.2
320.8
319.7
317.9
187.8
203.1
190.8
199.5
193.1
195.5
137.3
137.0
139.5
139.7
139.3
138.9
70.4
72.8
71.3
69.9
73.5
69.5
52.0
50.5
50.1
51.4
53.0
53.0
74.5
75.2
76.1
76.3
74.6
72.2
150
145
160
158
149
161
996
850
912
935
901
1,023
1
Includes the following categories of private construction not shown separately: residential improvements, railroads, electric light and power, gas, petroleum pipelines, and farm nonresidential.
'
NOTE.—New construction expenditure series revised beginning 1974.
Sources; Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1979
1980
1981
1982
1983
1984
1985
1986
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1 unit
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
2-4 units
5 or more units
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
Units
authorized
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
Units
completed
Homes sold
Homes for
sale at end of
period l
3
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
709
545
436
412
623
639
688
750
723
691
623
744
675
691
768
340
350
352
355
357
353
357
7.5
712
740
720
733
636
658
358
358
358
359
356
360
7.4
398
336
272
251
300
353
346
357
Seasonally adjusted annual rates
1986: June
July
Aug
Sept
Oct
Nov
Dec
1,842
1,786
1,800
1,689
1,657
1,637
1,813
1,212
1,147
1,180
1,123
1,114
1,129
1,233
79
80
88
62
85
71
108
551
559
532
504
458
437
472
1,793
1,778
1,728
1,687
1,664
1,667
1,862
1,644
1,750
1,757
1,740
1,745
1,774
1,894
1987: Jan...
Feb
Mar r.
Apr '
May r
June p
1,816
1,838
1,730
1,643
1,602
1,590
1,253
1,303
1,211
1,208
1,119
1,092
79
76
85
67
66
82
484
459
434
368
417
416
1,652
1,676
1,719
1,598
1,493
1,517
1,956
1,726
1,689
1,824
1,602
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.
r
7.3
7.7
7.5
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 May, manufacturing and trade sales rose 0.3 percent and inventories rose $4.8 billion. In June, according to
advance data, retail sales rose 0.4 percent, following a decline of 0.3 percent in May.
BILLIC>NS OF DOLLARS* (RATIO SCALE)
BILLIC NS OF DOLLARS* (RATIO SCALE)
200
800
—
r\-
—
180
700
^_160
^-^
600
-
<^~
S^
—
-
*f^
__x
^/
w^ X
..
»•* —
„»'
100
*• —*"*
'""\1
MAh-IUFACTURIN G
AND) TRADE SAL ES
-
A/
120
400
\.
RE' AIL INVENK )RIES
140
500
J>
—
T
\
MANL FACTURING AND
TRAI )E INVENTO RIES
-
^<—"i
^r-T
—
^""
/-- —
„,'' *— 1
'-" "' \
-
DETAIL SALES
—
—
80
? ' ' ' 1 1 Lt 1 1 11 1 ILl
300
u 1 1 1 1 mil Illllllltll
1 1 11 1 1
I 1 U I1 1I 11 1
RATIC)*
1.80
-
_ INVENTORY-SALES RATIO
—
-V
1.60
1.40
200
1.20
niiiiiiiii
Illllllllll Illllllllll Illllllllll llll||||lll
1983
s
1984
1985
niiiiiiiii U ' ' 1 1 1 1 1 M n i n f u ' ' iM . M M M M
1984
1985
1983
1986
1,00
1987
1986
r~^nt: .-
]
\
1 RETAIL
rv
^^^^
MANUFACTURING
AND TRADE
SEASONALLY ADJL STED
OURCE: DEPARTME NT OF COMMERCE
Manufacturing and
trade 1
Sales
2
Inventories 3
1987
COUNCIL OF ECO NOMIC ADVISERS
Wholesale
Sales z
Inventory-sales ratio 4
He tail
Sales
Period
-
Inventories 3
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1986- May r
June
Ausr
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar
Apr r
May "
June p
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
417,493
421,959
421,137
423,559
437,895
430,012
429,944
443,766
652,853
654,088
656,982
655,415
652,978
656,619
656,189
652,705
110,625
113,232
114,444
114,426
118,138
117,488
117,734
118,446
145,650
147,129
147,850
148,050
148,599
147,754
148,204
147,375
425,080
443,169
445,032
444,357
445,760
659,036
660,470
663,010
665,877
670,683
116,545
123,281
123,009
123,439
124,285
149,347
149,408
149,565
150,050
152,817
r
T
119,507
119,705
120,541
122,156
128,952
122,121
121,678
127,613
118,579
124,280
124,593
124,960
r
124,546
125,077
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 a
Hail and beginning January 1982 for manufacturing; not comparable with data for prior perioi
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
73,442
73,712
73,937
73,911
73,942
74,321
74,270
75,034
184,987
185,686
187,935
187,483
186,034
190,645
189,264
187,158
94,777
95,681
98,008
97,387
94,337
97,810
97,041
94,935
90,210
90,005
89,927
90,096
91,697
92,835
92,223
92,223
1.56
1.55
1.56
1.55
1.49
1.53
1.53
1.47
1.55
1.55
1.56
1.53
1.44
1.56
1.56
1.47
74,813
76,915
76,651
76,825
r
76,863
76,969
189,000
190,527
193,355
195,042
196,018
96,606
97,831
99,293
99,767
101,172
92,394
92,696
94,062
95,275
94,846
1.55
1.49
1.49
1.50
1.50
1.59
1.53
1.55
1.56
1.57
28,169
33,161
38,948
43,165
47,338
89,107
97,599
107,448
114,968
121,201
r
46,065
45,993
46,604
48,245
55,010
47,800
47,408
52,579
43,766
47,365
47,942
48,135
r
47,683
48,108
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In June, manufacturers' shipments and orders rose, while inventories fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
280
240
SHIPMENTS
200
r~^—
_^~^-'
—
_^-^
TOTAL
160
_ INVENTORIES
_
\
-~
TOTAL
—
240 —
|,:--.r:
L-U-,
-Y—
-^-^
c\
200
JRABLE GOC
120
80
440
400
360
320
280
DU RABLE GOO 3S
^»"s.«-
160
NON DURABLE GC ODS
'
120
\60
Illllllllll
iiiiiiniii
[[Illflllll
iiiiiiniii
NOh' JDURABLE G DODS
Illllllllll
80
BILLIONS OF DOLLARS* (RATIO SCALE)
60
280
MEW ORDERS
240
200
^r-^
mnlum
—-r^i
.—•
./•
120
v\
>,'
2.20
-
INVENTORY-SHIPMENTS RATIO
GO DOS
L..-Wh— -' /,' —„..""
»-'^"*-s.'~
I l l l l l l l l l l I l l l l l l l l l l Illllllllll
2.00
c URABLE
80
—
Illllllllll
RATIO
TOTAL
160
£-*
s
1.80
[- v r
1.60
\
NO^•JDURABLE GOODS
1.40
60
Illllllllll
iiii|||iiM
1983
1984
iiiiiiniii
Illllllllll Illllllllll
1985
1.20
1983
1987
1986
1984
1986
1985
*SEASONAU¥ ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturers' shipments
l
Manufacturers' inventories
Manufacturers' new orders '
2
Durable goods
Period
Total
Durable
goods
1987
COUNCIL OF ECONOMIC ADVISERS
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
Millions of dollars, seasonally adjusted
1980
1981
1982
1983
1984..
1985
1986
1986: June '
July
Sept
Oct
Nov..
Dec
1987: Jan
Feb...
Mar
Apr r
May"
June p
154,391
168,129
163,350
171,242
187,869
189,928
189,442
77,550
83,872
79,352
84,956
96,623
98,930
100,142
76,841
84,257
83,998
86,286
91,246
90,997
89,300
188,957
186,152
186,977
190,805
190,403
190,532
197,707
99,602
99,514
98,065
100,881
101,528
100,218
106,739
89,355
86,638
88,912
89,924
88,875
90,314
90,968
321,261
321,197
319,882
318,345
318,220
318,721
318,172
189,956
195,608
197,430
195,958
196,929
200,543
99,318
103,601
104,750
102,747
r
102,477
104,544
90,638
92,007
92,680
93,211
94,452
95,999
320,689
320,535
320,090
320,785
321,848
321,403
264,281
282,645
311,421
312,152
334,163
326,780
318,172
2
2
89,661
96,298
110,710
111,932
115,639
113,030
110,237
156,161
167,752
161,600
173,915
190,065
190,631
189,482
79,360
83,553
77,676
87,485
98,875
99,600
100,131
23,259
24,050
21,469
22,143
26,714
26,970
26,671
76,801
84,199
83,924
86,431
91,189
91,030
89,351
323,393
319,094
306,302
338,849
365,177
373,495
373,849
211,063
210,685
209,885
209,438
209,170
209,373
207,935
110,198
110,512
109,997
108,907
109,050
109,348
110,237
187,022
186,699
184,886
193,758
189,407
190,999
197,042
97,899
99,991
96,129
103,468
100,392
100,658
105,966
25,851
26,637
25,541
27,143
27,647
27,301
29,312
89,123
86,708
88,757
90,290
89,015
90,341
91,076
373,842
374,181
372,090
375,043
374,047
374,514
373,849
209,090
208,644
207,987
208,683
209,096
208,185
111,599
111,891
112,103
112,102
112,752
113,218
186,633
194,333
199,399
200,624
201,397
204,816
95,544
101,932
106,213
106,977
r
106,992
108,720
26,777
26,856
27,396
28,310
r
30,031
29,569
91,089
92,401
93,186
93,647
94,405
96,096
370,526
369,251
371,220
375,886
380,354
384,627
174,620
186,347
200,711
200,220
218,524
213,750
207,933
1
Monthly average for year and total for month. Shipments are the same as sales.
2
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
1.67
1.65
1.95
1.80
1.74
1.74
1.70
1.70
1.73
1.71
1.67
1.67
1.67
1.61
1.69
1.64
1.62
1.64
1.63
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 ol Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In June, the producer price index for all finished goods rose 0.2 percent, seasonally adjusted. Finished consumer
foods rose 0.5 percent while other finished consumer goods rose 0.2 percent. Capital equipment prices were
unchanged.
INDEX, 1967 = 100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
340
320
CONSUMER GOODS
EXCLUDING FOODS
300
280
260
240
240
220
220
- 200
1979
1986
1980
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967=100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Period
Total
finished
goods
Consumer
foods
Finished goods excluding consumer foods
Consumer goods
Total
Total
1979
1980
1981
1982
1983
1984
1985
1986
1986:
June
July
Autr
Sept
Oct
Nov
Dec
1987: Jan
Feb '
Mar
May
1
Durable
Total
finished
consumer
goods
Total
Foods
and
feeds l
Other
Total
Foodstuffs
and
feedstuffs
Other
217.7
247.0
269.8
280.7
285.2
291.1
293.7
289.7
226.2
239.5
253.6
259.3
261.8
273.3
271.2
278.1
213.3
247.8
273.3
285.8
290.8
294.8
299.0
291.1
211.5
250.8
276.5
287.8
291.4
294.1
297.3
283.5
183.2
206.2
218.6
226.7
233.1
236.8
241.5
246.8
231.3
283.9
319.6
333.6
335.3
337.3
339.3
311.2
216.5
239.8
264.3
279.4
287.2
294.0
300.5
306.4
217.9
248.9
271.3
281.0
284.6
290.3
291.8
284.9
242.2
280.3
306.0
310.4
312.3
320.0
318.7
307.6
226.1
252.6
250.3
239.4
247.9
253.1
232.8
230.3
244.4
282.3
310.1
315.7
317.1
325.0
325.0
313.3
274.3
304.6
329.0
319.5
323.6
330.8
306.1
280.3
247.9
259.2
257.4
247.8
252.2
259.5
235.0
231.0
330.0
401.0
482.3
473.9
477.4
484.5
459.2
386.8
289.4
287.2
288.3
289.1
290.1
290.2
290.4
275.9
279.6
283.5
283.3
285.9
285.3
284.0
291.5
287.1
287.2
288.4
288.8
289.3
289.9
284.2
277.9
277.9
279.1
279.2
279.4
280.2
245.9
246.4
246.3
247.6
251.0
252.2
252.0
313.2
301.7
301.9
303.0
300.7
300.1
301.5
306.1
306.3
306.6
307.6
308.7
309.8
310.2
284.7
281.7
283.1
283.8
284.8
284.7
284.8
306.6
304.7
304.5
305.7
304.8
304.7
304.7
229.4
229.6
232.2
232.6
231.5
231.6
231.2
312.3
310.3
309.9
311.1
310.2
310.2
310.2
277.2
276.7
277.2
276.8
280.9
279.0
276.6
226.5
232.2
238.6
236.1
241.1
237.5
234.5
387.2
372.6
359.8
364.3
366.3
368.3
367.2
291.7
291.9
293.2
295.3
296.2
296.9
279.0
278.8
279.1
283.2
287.1
288.6
293.4
293.8
295.4
296.8
296.6
297.1
285.0
285.9
288.1
289.7
289.2
289.9
252.7
250.0
249.6
252.1
252.0
251.9
308.9
311.7
315.5
316.5
315.9
317.1
310.8
310.1
310.3
311.2
311.6
311.6
286.2
286.7
288.3
290.8
291.8
292.8
307.5
309.1
310.2
311.2
312.8
314.6
228.3
230.3
228.5
232.6
240.1
241.7
313.3
315.0
316.2
317.0
318.2
320.1
282.6
285.8
287.7
295.7
304.8
306.0
227.2
227.3
227.6
237.5
248.9
245.5
390.8
398.1
401.0
407.9
417.2
423.8
Intermediate materials for food manufacturing and feeds.
22
Nondurable
Capital
equipment
Crude materials
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In June, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted and not seasonally
adjusted. The index was 3.7 percent above its year-earlier level.
INDEX, 1967= 100 (RATIO SCALE)
340
INDEX, 1967= 100 (RATIO SCALE)
340
320
320
300
300
280
280
260
260
240
240
7
220
220
200
200
180
180
1979
1980
1981
1983
1982
1985
1984
1987
1986
SEE NOTE ON TABLE BEiOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 — 100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
Shelter
Period
All
items *
Appar-
Food
Total '
Tntnl
J-Oltll
Renters'
costs (Dec.
1982=100)
NSA
3
Mainte- Fuel
and
nance
other upkeep
and
repairs utilities
Total J
New
cars
Motor
fuel
Medical
care
Ener-
gy 2
NSA
Rel. imp.
1979
1980
1981
1982
1983
1984
1985...
1986
100.0
217.4
246.8
272.4
289.1
298.4
311.1
322.2
328.4
16.2
234.5
254.6
274.6
285.7
291.7
302.9
309.8
319.7
42. 9
227.6
263.3
293.5
314.7
323.1
336.5
349.9
360.2
27.8
239.7
281.7
314.7
337.0
344.8
361.7
382.0
402.9
103.0
108.6
115.4
121.9
1986: June
July
Aug
Sept
Oct
Nov
Dec
327.9
328.0
328.6
330.2
330.5
330.8
331.1
317.4
320.2
322.7
323.9
325.2
326.5
327.2
360.1
360.1
361.0
361.8
361.9
362.0
362.7
401.6
403.0
404.6
406.7
408.3
409.3
410.3
1987:
333.1
334.4
335.9
337.7
338.7
340.1
328.6
329.6
329.2
330.2
332.0
334.4
364.4
365.8
367.2
368.2
368.9
370.1
412.2
414.3
416.5
418.0
419.2
420.1
Jan
Feb
Mar
Apr
May
June
Homeowners'
costs (Dec.
1982=100)
All items
less
food,
energy,
and
shelter
4.6
102.5
107.3
113.1
119.4
0.2
256.4
285.7
314.4
334.1
346.3
359.2
368.9
373.8
7.9
239.3
278.6
319.2
350.8
370.3
387.3
393.6
384.7
6.3
166.6
178.4
186.9
191.8
196.5
200.2
206.0
207.8
17.2
212.0
249.7
280.0
291.5
298.4
311.7
319.9
307.5
166.0
179.3
190.2
197.6
202.6
208.5
215.2
224.4
2.9
265.6
369.1
410.9
389.4
376.4
370.7
373.8
292.1
5.4
239.7
265.9
294.5
328.7
357.3
379.5
403.1
433.5
7.4
275.9
361.1
410.0
416.1
419.3
423.6
426.5
370.3
48.6
191.5
208.3
228.1
245.6
258.4
271.2
281.6
291.2
121.7
122.3
122.6
123.1
123.6
124.1
124.5
119.1
119.4
119.9
120.6
121.1
121.3
121.5
366.6
369.2
376.4
376.2
379.0
377.1
380.0
388.1
383.4
382.9
380.6
376.7
374.9
374.3
206.3
207.1
208.0
208.9
209.0
209.6
209.5
308.1
304.2
301.3
302.2
302.5
303.6
303.6
224.2
225.2
225.9
226.4
228.0
229.7
230.9
297.2
276.5
263.2
269.0
263.4
261.7
260.9
432.7
435.3
437.8
440.6
443.0
445.3
448.2
375.2
360.0
352.2
353.7
347.1
345.3
344.6
290.6
291.7
292.4
292.8
293.9
294.8
295.5
125.4
126.0
126.7
127.0
127.2
127.7
122.0
122.6
123.2
123.7
124.2
124.3
382.1
381.9
383.4
382.4
381.9
385.0
375.9
377.1
377.6
378.1
378.1
381.0
210.4
211.8
215.4
218.6
219.1
217.3
308.3
309.8
311.8
313.4
314.4
316.0
231.8
229.3
229.4
230.4
231.1
232.0
278.0
289.5
296.2
298.4
299.7
303.6
450.2
451.7
453.7
456.5
459.1
462.1
354.9
361.5
365.2
366.2
366.8
372.2
297.0
297.4
298.8
300.5
301.4
301.9
8.0
19.6
1
Includes items not shown separately.
2
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
3
Relative importance, December 1986.
and therefore are 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 homeownership costs
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as rioted hy NSA]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
12.8
11.8
7.1
3.7
.6
1.7
1.8
-2.3
1979
1980
1981
1982
1983
1984
1985
1986
7.4
7.5
1.4
2.1
2.3
3.5
.5
2.9
11.1
13.5
9.2
4.0
1.6
2.1
.9
— 1.4
8.8
11.4
9.2
3.9
1.9
1.8
2.7
2.1
17.5
14.2
8.5
4.2
-.8
.8
2.0
-6.6
Change, month to month
1986: June
July
Sept
Oct
Nov
Dec
1987- Jan
Feb r
Mar '
,
May *
0.2
-.8
.4
.3
.3
.0
.1
0.1
1.3
1.4
1
.9
o
5
0.2
-2.2
0
.4
.0
.1
.3
0.2
.1
.1
.3
.4
.4
.1
0.7
-.3
-.7
— .4
4.1
2.7
1.8
8.2
12.1
12.1
11.2
9.3
2.6
1.0
-3.6
69
-7.8
70
1.9
2.2
1.6
2.4
1.6
1.4
2.0
3.2
4.2
3.4
-5.1
-5.8
-2.2
.1
1.9
1.0
.7
0
4.4
10.2
9.7
10.7
7.2
6.0
.4
.1
.4
.7
.3
.2
-1.8
-.1
.1
1.5
1.4
.5
1.7
.3
.8
.6
2
.2
.2
-.2
.1
.3
.1
0
2.2
2.4
3.9
5.0
6.0
5.1
-9.3
-8.8
-6.7
6.2
12.5
14.3
8.6
9.6
11.8
6.8
4.7
2.5
2.7
.4
.1
.5
1.9
1.7
3.2
2.5
2.9
3.6
4.2
4.5
— .4
-3.3
-2.9
-1.9
1.3
3.3
-10.2
-13.6
-9.6
-5.3
-2.6
-2.9
-2.8
5.2
5.8
6.6
7.7
7.1
7.0
1.7
1.9
1.9
2.2
2.4
2.8
2.7
-1.6
-2.4
-1.8
-.9
-1.4
-1.9
-2.3
3.0
2.3
1.8
1.6
1.2
.9
— 1.4
.1
1.5
2.7
2.6
2.6
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Shelter
Period
All
items l
Food
Total '
Total '
Renters'
costs
Addendum: All items, percent change
(annual rate)
Transportation
Housing
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Ener-
gy2
All
items
less
food,
energy,
and
shelter
From
previous
quarter '
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1979
1980
1981
1982
1983
1984
1985
1986
13.3
12.4
8.9
3.9
3.8
4.0
3.8
1.1
10.2
102
4.3
3.1
2.6
3.8
2.7
3.8
15.2
13.7
10.2
3.6
3.5
4.2
4.3
1.8
1986: June
July
Aug
Sept
Oct
Nov
Dec
0.4
.0
.2
.3
.2
.2
.2
0.3
.9
.8
.4
.4
.4
.2
1987: Jan
Feb
Mar
Apr
May
June
.7
.4
.4
.4
.3
.4
.4
.3
-.1
.3
.5
17.4
15.1
9.9
2.4
4.7
5.2
6.0
4.6
5.1
5.9
6.3
5.0
4.5
5.1
5.9
4.6
0.4
0.
.2
2
.0
.0
.2
0.2
.3
.4
.5
.4
.2
.2
0.4
.5
.2
.4
.4
.4
.3
0.1
.3
.4
.6
.4
.2
.2
.5
.4
.4
.3
.2
.3
.5
.5
.5
.4
.3
.2
.7
.5
.6
.2
.2
.4
.4
.5
.5
.4
.4
.1
16.0
13.6
14.5
9.7
1.8
4.2
1.9
5.7
5.5
6.8
3.6
1.6
2.9
2.0
2.9
.9
18.2
14.7
11.0
1.7
3.9
3.1
2.6
-5.9
7.4
52.2
7.5
18.9
9.4
6.8
1.6 -6.5
3.4 -1.7
2.4 -2.4
3.5
3.0
5.8 -30.6
10.1
10.0
12.5
11.0
6.4
6.1
6.7
7.7
37.4
18.1
11.9
1.3
-.5
.2
1.8
-19.7
7.2
9.9
9.4
6.1
5.0
4.4
3.7
3.4
11.3
13.5
10.4
6.1
3.2
4.3
3.6
1.9
Change, month to month
1.2 -0.3
12
.4
.4
-.1
-.6
.4
-1.0
.0
5
.3
2
-.0
0.8
13
-1.0
.3
.1
.4
0.
0.6
.4
.3
.2
.7
.7
.5
2.7
-7.0
48
2.2
-2.1
g
-.3
0.6
.6
.6
.6
.5
.5
.7
1.8
-4.1
-2.2
.4
-1.9
-.5
_2
0.3
.4
.2
.1
.4
.3
.2
.4
.7
1.7
1.5
.2
-.8
1.5
.5
.6
.5
.3
.5
.4
11
.0
.4
.3
.4
6.6
4.1
2.3
.7
.4
1.3
.4
.3
.4
.6
.6
.7
3.0
1.9
1.0
.3
.2
1.5
.5
.1
.5
.6
.3
.2
.4
.3
.1
.1
0.
.8
1
Includes items not shown separately.
2
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
3
Quarterly changes are shown in the last month of the quarter.
NOTE.—Data beginning January 1983 incorporate a rental equivalence measure for homeowner-
24
-1.3
2.5
2.6
5.3
4.9
1.6
2.9
2.5
2.0
2.6
3.0
2.5
0.1
-.5
.4
1.8
2.7
2.7
2.2
1.7
1.6
1.6
1.8
1.5
1.3
1.1
4.4
5.2
6.2
5.3
4.9
4.6
3.5
4.1
4.3
4.8
5.0
5.4
1.4
2.1
3.0
3.8
3.8
3.7
ship costs and therefore are not strictly comparable with data for earlier periods.
Data beginning 1987 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in July were 2.3 percent below their June level. Prices paid by farmers in July were 1.2
percent above their April level.
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
PRICES PAID
\ ,.
160
160
140
140
120
120
PRICES RECEIVED -
100
100
80
80
in
i i i n l i i i i i mill
60
60
RATIO1'
60
60
1979
1987
URATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Prices paid by farmers
Prices received by farmers
Period
1979
1980
1981
1982 ...
1983
1984 ..
1985
1986
1986: June
July
Sept
Oct
Nov
Dec
1987: Jan.
Feb
Mar
Apr
May
June
July
1
All farm
products
132
134
139
133
135
142
128
123
r
!21
125
125
122
121
124
r
!20
121
122
123
125
129
131
128
Livestock and
products
Crops
116
125
134
121
128
r
!39
120
106
r
!09
106
r
!02
97
97
r
!02
99
99
99
102
102
r
!09
111
106
Includes items not
101 snown
shown separately.
separatelv.
Percentage
ratioo of index of
of prices received by farmers to index of prices paid, interest, taxes,
e
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
(or each month the received/paid vatio is based on latest data available.
2
147
144
143
145
141
146
136
138
r
!34
143
r
!48
146
145
145
141
142
144
142
147
r
!48
150
150
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
Production
items
123
138
r
!50
159
161
165
163
159
125
139
151
159
159
162
157
151
125
138
148
153
152
155
151
r
!45
(3)
159
(3)
(3)
158
(3)
(3)
159
(3)
(3)
162
(3)
(3)
164
(3)
151
(3)
(3)
149
(3)
(3)
149
(3)
(3)
152
(3)
(3)
154
(3)
144
(3)
(3)
142
(3)
(3)
143
(3)
(3>
147
(3)
(3)
149
Ratio 2
107
97
92
84
84
86
79
77
r
76
79
79
77
77
78
r
76
76
77
77
77
80
81
78
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.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml fell in June and growth in the broader monetary aggregates accelerated a little.
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
300
1979
1982
1980
1986
1984
1983
'987
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]
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
1986: June
July
Sept
Oct
Nov '
Dec '
1987- Jan '
Feb '
Mar r
May '
June"
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs 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
M3 plus
other liquid
assets
416.6
443.2
481.3
526.9
557.5
627.0
730.5
1,633.1
1,795.5
1,953.8
2,184.6
2,369.1
2,569.6
2,800.1
1,990.9
2,236.4
2,443.1
2,692.8
2,985.7
3,205.6
3,489.1
2,327.6
2,598.9
2,853.0
3,154.6
3,529.3
3,838.6
4,141.1
667.5
676.6
687.0
693.1
701.4
712.4
730.5
2,667.5
2,693.8
2,718.4
2,736.3
2,760.7
2,775.4
2,800.1
3,338.1
3,368.3
3,396.8
3,422.0
3,442.2
3,460.1
3,489.1
737.7
737.4
739.5
750.3
753.1
746.7
2,822.2
2,821.5
2,824.7
2,839.1
2,840.1
2,843.2
3,514.7
3,518.4
3,523.1
3,540.0
3,554.2
3,570.1
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
26
L
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Percent change from year or 6
months earlier 2
Ml
M2
M3
3,895.1
4,275.5
4,658.0
5,206.3
5,946.0
6,774.9
7,630.4
6.5
6.4
8.6
9.5
5.8
12.5
16.5
8.9
9.9
8.8
11.8
8.4
8.5
9.0
10.2
12.3
9.2
10.2
10.9
7.4
8.8
3,972.4
3,998.8
4,027.7
4,057.0
4,082.7
4,108.5
4,141.1
7,168.3
"•7,234.4
r
7,318.7
r
7,400.8
r
7,457.2
7,530.5
7,630.4
13.3
15.7
18.1
17.1
17.1
16.7
19.8
7.8
9.5
10.8
10.9
10.7
9.9
10.2
8.4
9.0
9.7
9.9
9.3
9.0
9.3
4,174.1
4,182.6
4,172.4
4,187.0
4,219.1
7,695.3
7,728.6
7,781.7
7,844.6
7,911.3
18.9
15.2
13.8
14.4
11.8
4.5
9.8
7.7
6.6
5.8
4.7
3.1
8.9
7.3
6.0
5.8
5.5
4.7
r
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
Debt
9.7
9.8
8.9
11.8
14.2
13.9
12.6
r
!2.0
!0.7
!1.9
12.9
r
!2.7
12.6
13.3
r
r
13.1
11.5
10.6
10.7
10.4
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
DePeriod
Currency
mand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(EPs),
net, plus
overnight
Eurodollars
NSA
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1986:
June
July
Aug
Sept
Oct..
Nov
Dec
1987:
Jan r
Feb r
Mar r
Apr r
May T
June p
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
Small
Savings
deposits
denomination
time
deposits 1
Large
denomination
time
deposits 1
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
326.2
417.0
436.1
447.1
133.4
149.4
183.7
212.6
263.5
304.6
r
292.4
32.1
40.0
44.5
45.1
45.7
42.4
r
37.5
98.9
105.3
113.6
133.0
160.3
206.6
230.2
83.5 298.3
84.3 292.6
85.3 288.7
86.4 287.9
286.7
87.7
89.8 292.2
91.7 ' 292.4
39.8
39.0
37.3
36.9
37.7
38.0
37.5
212.6
214.5
219.7
223.9
228.4
228.4
230.2
92.7
93.5
94.3
95.1
95.9
37.8
39.3
39.8
41.2
42.4
239.7
239.8
239.1
244.9
254.3
176.7
177.6
179.0
179.7
181.2
182.4
183.5
285.0
288.2
291.2
292.2
293.4
297.8
308.3
199.6
204.5
210.4
214.7
220.3
225.8
232.3
66.3
71.8
74.7
72.8
77.5
76.7
77.3
197.3
199.7
200.5
202.2
206.9
207.1
207.6
75.0
77.5
80.8
84.4
84.5
84.4
84.1
541.0
546.6
553.6
558.8
564.4
568.7
571.4
321.8
327.4
334.6
341.4
350.5
358.5
366.3
883.0
880.9
876.7
872.2
864.7
857.1
853.5
447.6
448.3
449.4
448.4
445.5
445.8
447.1
75.1
74.4
75.2
77.9
78.0
82.4
82.0
79.8
78.3
78.0
81.4
78.0
r
79.3
r
83.0
186.0
187.2
187.7
188.9
190.2
191.1
305.1
300.8
299.3
304.0
304.0
297.5
240.1
242.9
245.7
250.7
252.2
251.2
83.5
78.7
75.3
75.1
74.0
73.2
209.0
210.7
211.6
211.8
210.3
211.3
84.0
84.7
84.9
83.1
81.8
81.3
574.3
570.8
570.5
565.5
557.1
553.6
376.7
387.2
396.3
406.0
411.7
415.1
851.6
848.3
845.9
844.0
843.4
851.3
449.7
448.2
450.1
454.6
459.6
465.0
81.2
84.9
84.9
91.0
96.4
98.4
84.8
87.6
88.2
84.2
87.7
90.2
61.6
150.6
185.2
138.2
167.5
176.5
207.6
38.0
51.1
43.2
62.7
65.1
84.1
0.0
.0
43.2
379.0
417.4
513.2
571.4
400.8
344.3
357.3
306.2
288.8
303.6
366.3
728.7
823.3
851.0
783.8
885.3
884.2
853.5
15.2
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
Cornpaper
72.3
67.8
68.0
71.1
74.2
79.4
91.7
178.3
232.3
30.5
80.2
104.7
131.4
145.5
Bankers'
acceptances
50.3
67.5
81.7
91.5
82.9
76.6
r
83.0
148.3
158.5
170.6 272.2
183.5 308.3
265.2
234.6
237.9
242.3
248.3
Shortterm
Treasury
securities
34.0
36.0
34.5
51.8
62.2
66.0
82.0
28.3
35.9
38.8
53.8
56.3
70.3
77.3
116.7
124.1
134.3
Savings
Donas
259.8
302.1
326.2
289.3
291.7
276.1
265.8
272.4
NOTE.—Travelers checks are a component of money stock but are not shown here.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Total
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
Dec
Dec
Dec
Dec
Dec
Dec
Dec .
Dec
Dec
1986: May
July
Sept
Oct
Nov
Dec
1987: Jan
Feb
Apr '
May p
261,976
296,483
295,763
310,965
325,136
373,048
446,183
522,805
577,789
546,759
551,771
558,054
563,661
571,275
576,862
577,645
577,789
578,578
579,591
579,913
583,594
583,037
Automobile
Revolving
98,739
112,475
111,936
119,610
125,440
145,874
172,352
208,057
245,056
221,012
224,412
227,821
231,202
239,015
243,395
242,998
245,056
245,471
246,064
246,290
247,662
247,507
45,202
53,357
54,894
60,750
66,007
78,369
99,620
122,021
134,940
129,618
130,737
132,183
133,175
133,118
133,812
134,388
134,940
134,916
135,663
135,166
136,706
136,814
1
For .•ear-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
25,674
25,806
25,891
25,940
25,731
25,783
25,732
25,710
25,852
25,789
25,614
25,625
25,483
Other
101,114
112,444
110,669
111,297
111,961
125,886
149,501
167,239
172,083
170,456
170,815
172,160
173,345
173,412
173,873
174,527
172,083
172,338
172,075
172,844
173,599
173,232
Total
40,501
34,507
720
15,202
14,171
47,912
73,135
76,622
54,984
4,239
5,012
6,283
5,607
7,614
5,587
782
144
789
1,013
322
3,681
557
Automobile
17,791
13,736
-539
7,674
5,830
20,434
26,478
35,705
36,999
2,994
3,401
3,408
3,381
7,813
4,380
396
2,057
416
592
226
1,373
-155
Revolving
8,513
8,155
1,537
5,856
5,257
12,362
21,251
22,401
12,919
717
1,119
1,446
992
-58
694
576
552
-23
746
-496
1,540
108
Mobile
home
559
1,286
57
1,044
2,420
1,191
1,791
778
222
-29
133
84
49
-209
52
5^
21
141
63
-175
12
-142
Other
13,638
11,330
-1,775
628
664
13,925
23,615
17,738
4,844
557
359
1,345
1,185
67
461
654
-2,444
255
-263
768
756
-367
Source: Board of Governors of the Federal Reserve System
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose in June.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,200
2,000
2,200
2,000
1,800
1,600
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
lllllllllll
80
1979
1980
80
lllllllllll
1983
1982
1981
1984
1985
1987
1986
' SEASONALLY ADJUSTED
SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depository institutions 3
All commercial banks l
Period
Total loans
and
securities 2
Total
2
Commercial
and industrial
loans
U.S.
Government
securities
Borrowings
(millions of dollars,
unadjusted)
Reserves adjusted
for changes in
reserve requirements
Loans and leases
Other
securities
Total
Nonborrowed
Required
Total
Seasonal
1979:
1980:
1981:
1982:
1983:
1984:
19851986:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1,136.1
1,239.0
1,307.2
1,401.0
1,553.0
1,722.6
1,908.0
2,089.8
849.8
913.9
967.2
1,033.8
1,123.5
1,319.9
1,456.0
1,583.0
291.4
325.7
355.2
392.4
414.1
473.1
499.9
541.4
144.3
170.6
179.3
201.8
259.4
260.6
271.4
309.9
141.9
154.5
160.7
165.4
170.2
142.1
180.6
196.9
28.97
30.81
32.08
34.32
36.11
36.91
46.06
56.17
27.50
29.12
31.44
33.69
35.33
36.72
44.74
55.34
28.53
30.29
31.76
33.82
35.55
39.06
45.00
54.80
1,473
1,690
636
634
774
3,186
1,318
827
81
116
54
33
96
113
56
38
1986:
Apr
May
June
July
1,960.5
1,969.8
1,978.3
1,998.2
2,022.6
2,044.6
2,052.4
2,063.5
2,089.8
1,502.2
1,508.5
1,515.6
1,523.7
1,535.1
1,545.4
1,553.0
1,561.5
1,583.0
510.0
509.9
513.0
512.6
515.2
517.3
520.0
525.7
541.4
272.0
275.7
275.8
284.7
291.5
294.9
299.6
304.1
309.9
186.3
185.6
187.0
189.7
196.0
204.2
199.8
197.9
196.9
48.04
49.02
49.73
50.69
51.50
52.30
53.23
54.49
56.17
47.15
48.14
48.92
49.95
50.63
51.29
52.38
53.74
55.34
47.24
48.18
48.80
49.78
50.76
51.58
52.48
53.51
54.80
893
876
803
741
872
1,008
841
752
827
73
94
108
116
144
137
99
70
38
2,118.3
2,119.7
2,126.2
2,147.3
2,160.6
2,166.3
1,611.8
1,610.7
1,616.4
1,634.3
1,642.9
1,651.2
554.1
553.8
551.7
553.9
T
555.9
558.1
316.3
315.2
314.3
315.8
320.1
316.7
190.2
193.9
195.5
197.2
197.6
198.5
56.88
56.87
56.85
57.95
58.35
57.71
56.30
56.32
56.33
56.96
57.32
56.93
55.82
55.66
55.94
r
57.13
r
57.27
56.52
580
556
527
993
1,035
776
34
71
91
120
196
259
Sept
Oct
Nov
Dec
1987:
Jan
Feb
Mar
Apr
June p
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictlv
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
2
3
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
Source: Board of Governors of the Federal Reserve Systerr
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Credit market funds
Total
Internal *
Total
Total
Loans and
short-term
paper
Securities
and
mortgages
Total
Other 2
Capital
expenditures a
Increase in
financial
assets
Discrepancy
(sources less
uses)
328.5
352.6
347.6
382.5
327.6
431.3
503.4
483.1
486.8
182.3
197.6
200.1
239.5
242.3
285.7
326.3
352.5
359.0
146.3
155.1
147.5
143.0
85.3
145.6
177.1
130.6
127.8
85.0
87.8
94.3
93.7
80.6
87.6
116.4
82.1
97.2
33.3
21.0
53.1
22.8
44.0
57.3
-10.0
15.3
26.6
51.8
66.9
41.2
70.9
36.6
30.3
126.5
66.8
70.6
61.2
67.3
53.2
49.3
4.7
58.0
60.7
48.5
30.5
309.4
362.8
343.2
349.2
292.0
399.1
469.1
438.5
437.2
216.9
238.3
244.1
286.3
256.3
274.8
371.2
353.1
352.3
92.4
124.5
99.1
62.8
35.7
124.3
97.9
85.4
84.9
19.2
-10.1
4.4
33.3
35.6
32.2
34.3
44.6
49.6
432.2
421.9
505.0
573.2
339.4
350.3
365.2
355.1
92.8
71.6
139.8
218.1
71.7
58.2
53.0
145.6
-10.1
29.4
17.0
24.8
81.8
28.8
36.0
120.8
21.1
13.4
86.8
72.5
407.8
406.6
417.3
522.3
340.1
349.8
349.0
373.5
67.8
56.8
68.3
148.8
24.3
15.3
87.7
50.9
IV
467.5
464.4
423.5
591.1
361.7
355.6
359.6
359.0
105.8
108.8
63.9
232.1
99.5
77.6
47.6
164.1
61.2
56.0
22.1
-33.0
38.3
21.6
25.5
197.1
6.2
31.3
16.3
68.0
403.0
451.2
359.0
535.2
380.2
354.4
335.9
338.6
22.8
96.8
23.1
196.6
64.5
13.2
64.5
56.0
1987- I p
468.5
367.5
101.0
48.8
41.0
7.8
52.2
434.3
367.6
66.7
34.1
1978
1979
1980
1981
1982
1983
1984
1985
1986
1985: I
n
in
IV
1986- I
n
m
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
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]
Current liabilities
Current assets
End of period
Total
QFR-FRB series: 2
1978
1979
1980
1981
1982
1983
1984
1985
Cash
U.S.
Government
securities
Notes and
accounts
receivable
Inventories
Other
current
assets
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio 1
,043.7
,214.8
,328.3
,419.6
,437.1
,575.9
,703.0
,784.6
105.5
118.0
127.0
135.6
147.8
171.8
173.6
189.2
17.2
16.7
18.7
17.7
23.0
31.0
36.2
33.0
388.0
459.0
507.5
532.5
517.4
583.0
633.1
671.5
431.8
505.1
543.0
584.0
579.0
603.4
656.9
666.0
101.1
116.0
132.1
149.7
169.8
186.7
203.2
224.9
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,233.6
383.0
460.8
514.4
547.1
550.7
595.7
647.8
682.7
286.5
346.5
376.2
424.1
435.3
463.9
515.8
550.9
374.3
407.5
437.8
448.3
451.1
516.3
539.5
551.0
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.447
1983- IV
1,575.9
171.8
31.0
583.0
603.4
186.7
1,059.6
595.7
463.9
516.3
1.487
1984- I
1,619.5
1,650.0
1,685.9
1,703.0
167.6
164.9
161.3
173.6
35.4
37.2
33.0
36.2
606.4
622,6
639.1
633.1
622.2
632.5
659.3
656.9
187.9
192.9
193.2
203.2
1,093.1
1,126.3
1,155.0
1,163.6
601.9
623.4
642.2
647.8
491.2
502.9
512.9
515.8
526.5
523.7
530.8
539.5
1.482
1.465
1.460
1.464
1985- I
1,722.7
1,734.6
1,763.0
1,784.6
167.5
167.1
176.3
189.2
35.7
35.4
32.6
33.0
650.3
654.1
661.0
671.5
665.7
666.7
675.0
666.0
203.5
211.2
218.2
224.9
1,174.1
1,182.9
1,211.9
1,233.6
636.9
651.7
670.4
682.7
537.1
531.2
541.5
550.9
548.6
551.7
551.1
551.0
1.467
1.466
1.455
1.447
1,795.7
195.3
31.0
663.4
679.6
226.3
1,222.3
668.4
553.9
573.4
1.469
n
in
rv
n
in
IV
1986- I
f
1
Total current assets divided by total current liabilities.
3
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations. Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), and Federal Trade Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates were mixed in July.
PERCENT PER ANN UM
PER CENT PER ANNUM
16
16
f,
1 An
\
^ ^'Vu
14
i
• |I
In
'J
'\
y
12
•\
\
,
14
.*•
M
\
l\ \
rIS
J
\/l r
CORPORATE Aaa BONDS /-^
\
(MOODY'Si
/
\
l l I
10
~^W
/
\ -
8
V
W
i i 1 1 1 1 11
SOURCE: SEE TABLE BELO
Ml
1980
\
\
v^
/ \
V
x./
..• -:
/
\
A
• a\i
10
V,\i
1 1 1 1 1 1 1 1 1 ! 1
1 [ I I I 1 11 11 I
1 1 1 i 1 1 H 1 11
1983
1984
1985
1982
u
-y"
\
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
1 11 1 11
1 1
1981
•u— \
ASURY
[ ILLS
6
1979
12
\
t
TRE,
\-
4
VA
8
6
..../"••'•
4
1987
1986
COUNCIL O ECONOMIC ADVISERS
w
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) *
1981
1982
1983
1984
1985
1986
Constant maturities z
3-year
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Corporate
Aaa bonds
(Moody's) *
Prime
commercial
paper, 1
6 months
Discount rate
(N.Y. F.R.
Bank)5
Prime rate
charged5by
banks
New-home
mortgage
yields
(FHLBB)6
14.029
10.686
8.63
9.58
7.48
5.98
14.44
12.92
10.45
11.89
9.64
7.06
13.91
13.00
11.10
12.44
10.62
7.68
11.23
11.57
9.47
10.15
9.18
7.38
14.17
13.79
12.04
12.71
11.37
9.02
14.76
11.89
8.89
10.16
8.01
6.39
13.41
11.02
8.50
8.80
7.69
6.33
18.87
14.86
10.79
12.04
9.93
8.33
14.70
15.14
12.57
12.38
11.55
10.17
1986:
July
Auff
Sept
Oct
Nov
Dec
5.84
5.57
5.19
5.18
5.35
5.49
6.86
6.49
6.62
6.56
6.46
6.43
7.30
7.17
7.45
7.43
7.25
7.11
7.62
7.31
7.14
7.12
6.86
6.93
8.88
8.72
8.89
8.86
8.68
8.49
6.24
5.83
5.61
5.61
5.69
5.88
6.50-6.00
6.00-5.50
5.50-5.50
5.50-5.50
5 50 5 50
5.50-5.50
8.50-8.00
8.00-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
10.30
10.26
10.17
10.02
9.91
9.69
1987:
Jan
Peb
Mar
Apr
May
June
July
5.45
5.59
5.56
5.76
5.75
5.69
5.78
6.41
6.56
6.58
7.32
8.02
7.82
7.74
7.08
7.25
7.25
8.02
8.61
r
8.40
8.45
6.63
6.66
6.71
7.62
8.10
7.89
7.83
8.36
8.38
8.36
8.85
9.33
9.32
9.42
5.76
5.99
6.10
6.50
7.04
7.00
6.72
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
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
9.51
9.23
9.14
9.21
r
9.37
9.50
5.82
5.62
5.55
7.72
7.65
7.65
7.77
7.91
8.35
8.32
8.38
8.52
8.62
7.91
7.77
7.80
7.80
7.87
9.33
9.31
9.36
9.46
9.56
6.91
6.75
6.66
6.67
6.75
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.25
Week ended:
1987: July 4
11
18
25
Aug 1
1
6.14
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate' issues.
2
30
8
Average effective rate for year; opening and closing rate for month and week.
8
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in July.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX DEC. 31, 1965 = 50 (RATIO SCALE)
180
180
160
160
140
140
COMPOSITE STOCK PRICE INDEX
(NYSE)
120
120
100
100
80
80
60
60
40
40
1979
1980
1981
1983
1982
1984
1987
1986
1985
PERCENT
PERCENT
20
20
EAR MINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
r~^—r\ "v.
10
JL
10
—
5
1
0
1
1
1
1
1979
1980
1
i i i
1981
i ii
1982
1
1
^
1
1
1
1
1984
1983
1
^1
1
Common stock prices
1
New York Stock Exchange indexes (TJ ec. 31, 1965 = 5 3)
Common stock5 yields
(percent)
2
Period
1981
1982
1983
1984
1985
1986
. ..
1986' July
Sept
Oct
Dec
1987' Jan
Feb
Mar
May
July
Industrial
Transportation
Finance
Utility
1 ft
1
3
Standard &
Poor's
composite
index (194143=10) 4
Dividendprice ratio
85.44
78.18
107.45
108.01
123.79
155.85
72.61
60.41
89.36
85.63
104.11
119.87
38.91
39.75
47.00
46.44
56.75
71.36
73.52
71.99
95.34
89.28
114.21
147.20
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
128.05
119.71
160.41
16046
186.84
236.34
5.20
5.81
4.40
4.64
4.25
3.49
138.32
140.91
137.06
136.74
140.84
142.12
158.06
160.10
156.52
156.56
162.10
163.85
112.03
111.24
114.06
120.04
122.27
121.26
74.20
77.84
74.56
73.38
75.77
76.07
150.23
152.90
145.56
143.89
142.97
144.29
1,809.92
1,843.45
1,813.47
1,817.04
1,883.65
1,924.07
240.18
245.00
238.27
237.36
245.09
248.61
3.43
3.36
3.43
3.49
3.40
3.38
151.17
160.23
166.43
163.88
163.00
169.58
174.28
175.60
189.17
198.95
199.03
198.78
206.61
214.12
126.61
135.49
138.55
137.91
141.30
150.39
157.48
78.54
78.19
77.15
72.74
71.64
74.25
74.18
153.32
158.41
162.41
150.52
145.97
152.73
152.25
2,065.13
2,202.34
2,292.61
2,302.64
2,291.11
2,384.02
2,481.72
264.51
280.93
292.47
289.32
289.12
301.38
310.09
3.17
3.02
2.93
2.99
3.02
2.92
2.83
171.60
172.92
174.96
173.77
176.73
209.35
211.87
215.19
213.88
217.70
153.20
154.74
157.40
158.04
161.21
75.00
74.49
74.37
73.30
74.28
153.15
152.16
151.98
151.21
153.45
2,427.98
2,450.10
2,485.01
2,476.62
2,538.55
305.12
307.30
311.20
309.10
315.07
2.87
2.84
2.81
2.84
2.78
Average of daily closing prices.
Includes all the'stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
Dow-Jones
industrial
average 3
74.02
68.93
92.63
92.46
108.09
136.00
Week ended:
25
Aug 1
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Composite
, , ,
1
1985
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
r
6.09
6.42
r
5.98
5.20
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 9 months of fiscal 1987, there was a deficit of $119.4 billion compared with a deficit of $166.8 billion
a year earlier.
BILLIONS Of DOLLARS
BILLIONS OF DOLLARS
1,100
_ RECEIPTS AND OUTLAYS!'
1,100
1,000
1,000
900
900
OUTLAYSi/
800
800
700
700
600
'600
RECEIPTS.!/
500
500
400
400
0
SURPLUS OR DEFICIT (-)i/ .
0
-100
-100
-200
-200
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
FISCAL YEARS
!/ INCLUDES ON-BUDGET AND OFF-BUDGET HEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT Of THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Fiscal year or period
Receipts
Outlays
Off-budget
On-budget
Total
Surplus
or deficit
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
Total
Held by
the public
Transition quarter...
1977
1978
1979
279.1
298.1
81.2
355.6
399.6
463.3
332.3
371.8
96.0
409.2
458.7
503.5
-53.2
73 7
-14.7
-53.6
-59.2
-40.2
216.6
231.7
63.2
278.7
314.2
365.3
271.9
302.2
76.6
328.5
369.1
403.5
-55.3
705
-13.3
49 7
-54.9
-38.2
62.5
66.4
18.0
76.8
85.4
98.0
60.4
69.6
19.4
80.7
89.7
100.0
2.0
32
-1.4
39
-4.3
20
544.1
631.9
646.4
709.1
780.4
833.8
396.9
480.3
498.3
551.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
-73.8
-78.9
-127.9
207 8
-185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
-73.9
-120.0
-208.0
- 185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
11
-5.0
79
.2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
1985
1986
1987 1
1988 l
734.1
769.1
842.4
916.6
946.3
989.8
1,015.6
1,024.3
-212.3
220 7
-173.2
107 8
547.9
568.9
628.4
674.5
769.5
806.3
821.1
821.9
-221.6
237 5
-192.7
— 147 4
186.2
200.2
214.0
242.1
176.8
183.5
194.5
202.4
9.4
16.7
19.5
39.7
1,827.2
2,132.9
2,372.4
2,585.5
1,509.9
1,746.1
1,908.4
2,015.1
Cumulative total, first 9
months:
Fiscal year 1986
Fiscal year 1987
571.6
637.3
738.4
756.7
1668
-119.4
419.9
475.6
603.0
612.1
-183.1
136 5
151.7
161.7
135.4
144.6
16.2
17.1
2,063.6
2,313.1
1,688.2
1,873.9
1975
1976
1
Estimates from Budget of the United Stales Government, Fiscal Year 1988, January 1987.
32
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 9 months of fiscal 1987, receipts were $65.7 billion higher than a year earlier and outlays were $18.3
billion higher.
BILLIONS OF DO LLARS
BILLIC NS OF DOLLARS
400
— RECEIPTS^
INDIVIDUAL INCOME TAXES
'
400
""
300
200
300
~~
'
SOCIAL INSURANCE
200
TAXES AND CONTRIBUTIONS
""CORPORATION INCOME TAXES
100
___
S
1
0
700
"
100
,.^__«=rrm
"BOTHER RECEIPTS
|
|
|
|
|
0
_OUTLAYSV .
700
NONDEFENSE
\ ..- — -"
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]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year
Total
1976
1977
1978
1979
298.1
355.6
399.6
463.3
Individual
income
taxes
Corporation
income
taxes
131.6
157.6
181.0
217.8
41.4
54.9
60.0
65.7
Other
90.8
106.5
121.0
138.9
34.3
36.6
37.7
40.8
371.8
50.6
69.5
69.3
65.6
71.8
590.9
678.2
745.7
808.3
1980
1981
1982
1983
1984
517.1
244.1
599.3
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
1985
1986
1987 '
1988 1
734.1
769.1
334.5
349.0
364.0
392.8
61.3
63.1
104.8
117.2
265.2
283.9
254.6
294.0
47.2
59.5
215.1
Cumulative total, first 9 months:
Fiscal year 1986
Fiscal year 1987
1
617.8
600.6
666.5
842.4
916.6
571.6
637.3
National defense
Social
insurance
taxes
and
contributions
209.0
239.4
301.5
333.2
228.9
Total
Department of
Defense,
military
International
affairs
Health
Medicare
Income
security
Social
security
Net
interest
Other
89.6
97.2
104.5
116.3
88.1
95.3
102.3
113.7
6.4
6.4
7.5
7.5
15.7
17.3
18.5
20.5
15.8
19.3
22.8
26.5
60.8
61.0
61.5
66.4
73.9
85.1
93.9
104.1
26.7
29.9
35.4
42.6
82.8
93.0
114.7
119.6
134.0
157.5
185.3
209.9
227.4
131.0
153.8
180.7
204.4
220.8
12.7
13.1
12.3
11.8
15.9
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
73.0 946.3
73.1 989.8
72.2 1,015.6
73.4 1,024.3
252.7
273.4
282.2
297.6
245.4
265.6
274.2
289.3
16.2
14.2
14.6
15.2
33.5
35.9
39.7
38.9
65.8
70.2
71.6
73.0
128.2
119.8
124.9
124.8
188.6
198.8
219.4
129.4
136.0
137.5
139.0
131.8
141.7
137.2
116.5
54.6
55.0
203.3
211.4
197.5
205.4
10.0
8.8
26.6
29.8
51.4
56.5
91.0
93.4
148.5
155.6
103.0
103.5
104.8
97.9
Estimates from Budget of the United States Government, Fiscal Year 1988, January 1987.
Total
409.2
458.7
503.5
851.8
738.4
756.7
207.9
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 first quarter, according to revised estimates, Federal receipts rose $26.8 billion (annual rate) and
expenditures rose $8.6 billion, yielding a deficit of $170.5 billion. In the second quarter, according to preliminary
estimates, Federal expenditures rose $2.2 billion; receipts data are incomplete. (Series revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
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
I
1979
I
I
J
1980
I L
J
I
L
J
1982
1981
1983
I
L
I
I
I
1985
1984
J
1 L
1986
J
I L
1987
CALENDAR YEARS
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
Fiscal year:
1984 T
1985 '
1986 r
711.9
776.4
814.2
302.5
340.6
358.0
75.3
74.3
80.3
54.9
56.0
51.7
279.2
305.6
324.1
873.0
961.0
1,027.8
297.2
340.4
368.4
352.2
374.0
394.8
90.7
97.8
107.4
109.7
128.0
134.3
23.3
20.7
22.9
0.1
.0^
-161.0
-184.5
-213.6
Calendar year:
1983
1984 r
1985 '
1986 r
659.9
726.0
788.6
827.4
294.5
310.3
346.6
363.0
61.3
75.2
76.1
83.7
51.6
55.7
55.2
50.9
252.5
284.7
310.6
329.8
835.9
895.6
984.6
1,032.0
283.5
310.5
353.9
366.2
348.6
354.9
380.1
399.9
86.2
93.6
99.7
106.9
94.3
115.6
130.2
135.7
22.9
21.2
20.5
23.3
-.4
.2
9
.0
-176.0
-169.6
-196.0
-204.7
1982:
IV
633.1
303.0
46.4
47.6
236.1
835.7
293.2
347.4
84.5
87.2
23.4
.0
-202.6
1983: IV
675.5
291.9
70.2
53.6
259.8
844.7
276.1
352.5
86.0
101.0
29.1
.0
-169.2
IV r
742.7
326.0
69.7
56.2
290.7
930.2
326.0
362.1
96.3
125.3
21.0
.6
-187.5
1985: I r
II r
III r
IV
795.3
759.0
794.9
805.1
361.2
317.5
351.0
356.7
74.2
73.5
79.1
77.8
55.0
59.2
53.1
53.7
304.9
308.8
311.7
316.9
958.2
969.4
990.8
1,020.2
336.3
339.4
361.9
378.0
373.9
377.0
383.7
385.8
95.9
98.9
100.2
103.7
127.7
130.4
129.7
133.0
24.5
22.6
15.3
19.7
.1
-1.0
.0
.0
-162.9
-210.3
-195.8
-215.0
1986: I r..
II r
Ill r
IV r
807.6
816.9
832.4
852.5
352.8
357.6
365.2
376.4
78.7
81.3
84.3
90.5
50.4
49.9
52.1
51.1
325.8
328.1
330.7
334.5
1,003.7
1,047.1
1,036.1
1,041.2
356.7
368.4
371.2
368.6
389.9
398.3
405.9
405.7
105.4
109.6
109.5
102.8
134.9
135.9
134.2
137.8
16.8
34.9
15.3
26.3
.0
.0
.0
.0
-196.1
-230.2
-203.7
-188.7
Ir
II"
879.3
381.5
415.6
103.0
53.3
53.5
341.5
344.9
1,049.8
1,052.0
366.9
371.8
406.7
414.5
102.2
103.6
139.5
139.7
34.3
22.4
.0
.0
-170.5
1984:
1987:
NOTE. — Series revised beginning 1984. See iSum;y of Current Business, Ju v 1987.
34
Source: Department of Commerce, Bureau of Economic Analysis.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1977 = 100; seasonally adjusted)
Period
United
States
Canada
Japan
France
1980
1981
1982
1983
1984
1985
1986"
108.6
111.0
103.1
109.2
121.4
123.8
125.1
108.1
108.6
98.9
104.1
112.7
118.2
118.7
118.9
120.1
120.6
124.7
138.4
144.8
144.4
1986- June
July
124.2
124.9
125.1
124.9
125.3
126.0
126.7
117.3
118.7
116.7
116.8
117.9
117.6
119.8
126.5
127.2
127.3
r
127.3
' 119.8
June
1
r
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
538.3
316.6
203.3
208.2
631.8
335.0
348.3
362.8
407.9
439.5
565.1
323.0
324.9
465.1
212.7
212.2
698.8
764.7
805.2
361.3
325.2
324.4
323.8
325.4
325.7
477.0
477.5
478.0
479.9
480.9
813.1
813.1
814.7
817.1
619.8
618.0
619.9
324.1
481.4
481.9
212.9
211.9
211.4
211.7
211.0
210.8
211.2
212.1
212.2
212.2
212.8
212.9
213.3
832.8
106
103
101
102
105
106
107
107
105
102
103
106
112
114
114.7
112.1
109.6
103.9
107.1
108.4
111.4
100
96
98
101
103
108
110
246.8
272.4
144.5
144.2
141.9
145.8
143.8
141.9
146.0
108
109
109
109
109
107
107
116
117
116
114
116
114
112
113.9
111.1
110.0
109.8
111.0
112.2
111.1
108
110
111
111
111
111
110
327.9
328.0
328.6
330.2
330.5
330.8
331.1
366.9
368.9
369.5
145.5
144.6
147.1
144.8
104
108
109
108
111
113
r
l!2
116
111.5
114.8
' 117.3
114.6
111
113
r
l!2
113
333.1
370.3
371.9
!280
334.4
335.9
337.7
338.7
128 2
340.1
p
r
!21.2
122.1
120.8
Data relate to all urban consumers.
United
Kingdom
Japan
Italy
Oct
Nov
Dec
May
United
States '
Germany
Sept
1987- Jan
Feb
Mar
Consumer prices (1967 = 100)
United
Kingdom
Canada
311.1
322.2
328.4
363.9
365.1
365.1
373.5
375.3
377.3
378.5
323.5
322.2
322.2
323.5
326.4
327.0
477.6
486.2
487.2
487.7
490.3
491.2
Italy
822.0
825.3
827.8
514.7
599.4
619.9
623.0
623.9
629.2
631.3
839.4
633.7
636.2
637.5
841.9
645.1
845.3
848.7
645.7
645.7
836.1
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data not seasonally adjusted]
Period
Revised
statistical
month
Statistical
month
General imports
Domestic exports (statistical month)
Total "
Crude
materials
and
fuels
Hevised
statistical
month
233.7
212.2
200.5
218.7 217.9
212.8 213.1
216.6 217.3
1983
1984
1985.
1986
1986:
May
Oct
Nov
Dec
18.3
19.1
17.3
16.9
17.5
19.6
18.4
18.5
1987: Jan
Feb
Mar
Apr
May
16.4
18.7
21.1
20.1
204
June t
JulyT
Aug
Sept
17.4
19.1
17.7
17.6
17.5
19.3
18.6
18.4
Statistical
month
ages,
and
tobacco
Crude
materials
and
fuels
Exports (f.a.s.) less
imports (c.i.f. value)
Total (c.i.f.
value)
Manufactured
goods
Revised
statistical
month
Statistical
month
Revised
statistical
month
Statistical
month
Revised
statistical
month
Statistical
month
Customs value
92.9
74.4
68.0
72.8
65.0
48.3
142.5
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
12.3
12.3
11.6
12.0
12.3
13.4
12.8
12.6
30.0
30.9
31.8
29.5
30.8
32.8
32.4
29.9
30.3
31.8
34.1
29.5
28.7
30.0
36.2
27.8
2.3
1.9
2.1
1.9
2.0
1.9
2.3
1.9
3.7
4.2
4.0
3.4
3.9
3.5
3.9
3.4
23.0
24.0
26.6
23.1
21.8
23.5
28.3
21.4
31.4
32.3
33.4
30.9
32.3
34.3
33.9
31.3
11.0
13.2
15.0
14.2
14.5
27.5
32.3
33.2
32.0
33.3
1.8
2.1
2.3
2.1
2.0
3.4
4.4
4.2
3.9
4.4
21.3
24.8
25.7
25.1
25.8
28.7
33.7
34.7
33.5
34.8
228.9
207.1
195.9
212.0
206.9
206.4
33.2
27.0
27.0
27.3
22.2
20.2
33.0
33.5
29.6
31.5
28.3
26.5
154.3
139.7
132.4
143.1
145.4
148.7
16.7
16.4
15.9
16.8
16.9
18.6
17.9
17.8
1.4
1.4
1.6
1.8
1.7
1.9
1.9
1.9
2.2
1.8
1.8
2.0
2.0
2.3
2.3
2.4
15.9
18.0
20.3
19.4
19.6
1.6
1.6
1.9
1.8
1.8
2.1
2.2
2.4
2.3
2.2
26 1.0
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
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
4
Revised statistical month exports less statistical month customs value imports.
t Foreign exports (not shown separately) include $2.1 billion of nonmonetary gold bullion for
Exports (f.a.s.) less
imports (customs value)
(statistical month except as noted)
Food,
Manufactured
goods
F.a.s. value
1981.
1982
3
Total3
Food,
beverages,
and
tobacco
Merchandise trade balance
Merchandise imports
Merchandise exports *
Total domestic
and foreign
246.8
282.1
27 3.4
254.9
26 9.9
346.4
341.2
361.6
352.5
383.0 387.1
31.6
33.2
35.7
30.9
30.1
31.4
37.8
29.1
2 7.3
2 1.8
57.6
4
4
-107.0
-132.5
-107.9
- 149.4
-152.7
-11.8
-11.9
-14.5
-12.6
-13.3
-13.2
-14.0
-11.3
-11.0
-13.6
-12.1
-11.8
-12.9
132 1
-12.8
-12.7
-16.4
-11.9
-11.2
-10.7
-17.6
-9.4
-39.7
-42.7
-69.4
-123.3
-127.6
-148.5
139 7
- 166.3 - 169.8
-13.1
-13.3
-16.1
-14.0
-14.7
-14.7
— 15.4
-12.7
-14.2
-14.2
-18.0
-13.3
-12.6
— 12.1
-19.2
-10.7
-12.3
-15.1
-13.6
-13.3
— 14.4
June and $1.3 billion for July.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Statistical month and revised statistical month refer only to data for 1984-86. Data for 1987 are
roughly equivalent to revised statistical month data- For further information, see Bureau of the
Census release FT900, April 1987,
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1987, the current account deficit fell slightly to $37.1 billion. The merchandise trade deficit
also fell slightly, to $38.3 billion.
BILL ONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
/~x-.xr~\
5
0
.
^ ^
J
5
BALANCE ON
CURRENT ACCOUNT
5
F/i
Vi
\
\
x..,x
0
/'
*
t
H
-15
CHANDISE TR/
BALANCE
-5
\
-10
\\\
\
\
on
\
BALANCE ON GOODS
AND SERVICES
-20
A X,
25
\\
->x
fv _—
V
^^
\
-35
-40
1 1 1
1
1979
1
1 1 1
1
1981
1980
1
1
1
1
1 I
1983
1982
i i i
1984
1
i
i iV
1
30
-35
" I I I
1986
1986
-40
1987
* SEASONALLY ADJUSTED
SOURCE: DEPARTMEN r OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits (—)]
Merchandise l
Investment income 3
2
Period
Imports
Net balance
Receipts
Payments
184,473
224,269
237,085
211,198
201,820
219,900
215,935
224,361
-212,009
-249,749
-265,063
-247,642
-268,900
-332,422
-338,083
-368,700
64,132
72,506
86,411
83,549
77,251
85,910
88,299
88,209
32 960
-42,120
-52,329
54 883
-52,376
67 419
-62*901
67 365
31,172
30,386
34,082
28,666
24,875
18,491
25,398
20,844
-1,778
-2,237
-1,183
-274
-243
-1,942
-3,339
-3,662
-2,935
-997
144
-992
-4,227
-8,604
53,614
54,590
55,691
56,005
-79,415
-83,684
— 84,144
-85,179
27 536
25480
-27,978
36 444
-67,080
112 522
-122^48
- 144,339
25 801
-29,094
-28,453
-29,174
22,831
21,052
21,515
20,512
-15,435
-17,196
-17,978
- 16,809
7,396
3,856
3,537
3,703
-1,874
-2,039
-2,310
-2,381
n
m
55,064
54,040
53,367
53,464
-79,946
-83,986
-84,573
-89,578
-24,882
-29,946
-31,206
— 36,114
18,530
21,931
24,174
23,665
- 16,359
-16,670
- 16,055
-13,818
n
m
53,878
56,928
56,534
57,021
-88,856
-90,579
-93,649
-95,616
-34,978
-33,651
-37,115
-38,595
24,076
22,013
21,333
20,787
-17,651
-17,426
- 15,994
-16,295
58,212
-96,542
-38,330
22,946
— 19,110
2,171
5,261
8,119
9,847
6,425
4,587
5,339
4,492
3,836
-273
-615
-255
-798
-242
-782
-794
-1,519
-1,298
-1,054
-815
-495
198
1983
1984
1985
1986
1984- I
n
in
TV
I
TV
1986- I
TV
1987: I "
1
2
3
Net
travel and
transportation
receipts
Exports
1979
1980
1981
1982
1985:
Net
Net
military
transactions
Excludes military grants.
Adjusted from 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
9 903
-2,261
-2,849
-2,892
-2,862
-2,786
-2,278
-2,442
-2,397
-2,807
Other
services,
net3
Balance on
goods and
services *
Remittances,
pensions,
and other
unilateral
transfers '
Balance
on current
account
-991
-6,128
5,138
6,214
1,873
9,466 -7,593
7,793
6,884
14,344 -7,460
9,278
-8,679
278 -8,956
9,320
9,908 -36,766 -9,480 -46,246
-94,835 -12,178 -107,013
9,741
9,861 -101,093 -15,301 -116,393
11,368 -125,694 -15,658 -141,352
-20,285
2,629 -17,923 -2,362
-25,379 -2,461 -27,840
2,513
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
-30,019
2,618
2,808 -29,588 -4,167 -33,755
2,784 -32,249 -4,334 -36,583
-4,138 -37,977
-33,839
3,156
3,071 -34,032 -3,090 -37,122
United States are excluded from investment income and included in o
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $27.8 billion in the first quarter of
1987 compared with a rise of $31.8 billion in the fourth quarter. Liabilities to foreigners and international financial
institutions reported by U.S. banks, excluding Treasury securities, decreased $13.8 billion in the first quarter
compared to an increase of $34.6 billion in the fourth quarter.
BILLIONS OF DOLLARS*
80
BILLIONS OF DOLLARS*
80
60
-
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
\
40
40
l
20
'. /
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
r\
-20
'
V
-40
-20
-40
V
-60
I I I
I I I
1979
1980
1981
I I I
I I I
I I I
1982
1983
1984
I I I
19185
I I I
I I I
1986
1987
-60
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase /capital inflow (+)] 2
U.S. assets abroad, net
increase/capit
Period
Total
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net *
(unadjusted,
end of
period)
1 133
-8,155
5 175
-4,965
1 196
-3,131
3 858
312
59 453
3 746
-5,162
-72,802
5 097 - 100,679
-6,131 -110,058
43 576
5 006
13 685
-5,476
2 831 -24,711
-1,920 -94,374
38,752
58,112
83,032
93,746
84,869
102,467
129,872
213,386
- 13,665
15,497
4,960
3,593
5,845
2,987
1 140
34,698
52,416
42,615
78,072
90,154
79,023
99,481
131,012
178,689
-3,602
- 19,395
17,421
-16,712
-657
-566
-799
-1,110
-2,029
1 340
-1,388
717
-916
-17,490
19,608
14 886
22,120
41,862
2,392
36,094
-2,953
149
-963
7,052
25,073
42,011
3,355
29,042
1,767
5,373
8,344
11,347
1,417
1 381
-3,851
3,809
34,975
34,547
34,306
34,934
-1,745
-1,551
-6,936
-21,167
-233
-356
121
-3,148
-782
-1,067
-435
-547
-730
-128
-6,380
-17,473
16,423
25,202
35,020
53,227
11 060
8,606
2,426
-1,111
27,484
16,596
32,594
54,338
11,535
5,724
455
205
1,725
-1,712
3 781
3,766
35,493
36,088
38,295
43,186
n
ni
IV
-13,770
-25,529
-24,478
-32,204
-115
16
280
132
-240
242
-1,454
15
-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
I"
18,692
1,956
219
16,517
27,558
14,123
13,435
-9,128
2,749
48,824
1984: I
n
m
IV
1985: I
n
m
IV
1987:
Other U.S.
Government
assets
Statistical discrepancy
-64,331
-86,118
-110,951
-121,153
-49,777
-22,291
-31,399
-95,982
1979
1980
1981
1982
1983
1984
1985
1986
1986:
U.S.
official
reserve
assets 1 2
Allocations
of special
drawing
rights
(SDKs)
I
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMP.
2 Oi.nrt.M-lv Aai«
ore nnf oooennallir
fl^nnto.)
1,139
1,152
1,093
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
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
1
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
* Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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