Full text of Economic Indicators : March 1987
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100th Congress, 1st Session
Economic Indicators
MARCH 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)
STEVEN D. SYMMS (Idaho)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
ALEX McMILLAN (North Carolina)
JUDITH DAVISON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; ieven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
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WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the fourth quarter of 1986, current-dollar gross national product (GNP) rose 1.7
percent (annual rate) or $18.0 billion. Real GNP (GNP adjusted for price changes) rose 1.1 percent and the
implicit price deflator rose 0.7 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,400,i
2,000
2,000|
l,600
1,600!
1978
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
National
defense
Nondefense
Final
sales
108.9
121.9
142.7
167.5
193.8
214.4
235.0
259.4
277.6
52.9
56.1
65.4
74.8
78.9
69.1
76.2
94.7
88.6
263.4
289.9
322.2
345.9
369.0
391.5
422.2
461.3
498.0
2,221.0
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,700.9
3,987.0
4,199.4
409.6
14.1
335.9
321.9
671.8
293.2
205.4
87.7
378.7
3,272.4
579.8
-25.8
364.7
390.5
676.1
276.1
221.5
54.6
400.0
3,514.8
2,363.8
2,416.1
2,445.6
2,487.2
659.5
657.5
670.3
661.1
-45.6
63.2
-60.0
-66.1
373.4
382.1
389.2
386.2
419.0
445.3
449.1
452.2
693.2
733.3
743.8
763.4
283.4
315.2
317.2
329.1
227.1
233.7
234.5
244.9
56.3
81.6
82.7
84.2
409.8
418.1
426.6
434.3
3,575.4
3,683.9
3,735.3
3,808.9
3,909.3
3,965.0
4,030.5
4,087.7
2,530.9
2,576.0
2,627.1
2,667.9
650.6
667.1
657.4
669.5
-49.4
-77.1
-83.7
-105.3
378.4
370.0
362.3
368.2
427.9
447.1
446.0
473.6
777.3
799.0
829.7
855.6
333.7
340.9
360.9
380.9
248.9
255.1
265.5
268.0
84.8
85.8
95.5
112.9
443.5
458.1
468.8
474.7
3,883.9
3,945.9
4,027.4
4,090.8
4,149.2
4,175.6
4,240.7
4,258.7
2,697.9
2,732.0
2,799.8
2,820.4
708.3
687.3
675.8
663.2
-93.7
- 104.5
-108.9
-110.2
374.8
363.0
370.8
383.5
468.5
467.5
479.7
493.7
836.7
860.8
874.0
885.3
355.7
367.6
369.3
372.1
266.4
278.4
286.8
278.8
89.3
89.2
82.6
93.3
480.9
493.3
504.7
513.2
4,105.4
4,161.2
4,245.2
4,285.8
3,212.5
2,117.0
1983- IT
3,545.8
2,315.8
1984- I
n
m
3,670.9
3,743.8
3,799.7
3,845.6
n
m
Source: Department of Commerce, Bureau of Economic Analysis.
Total
State
and
local
161.8
178.0
208.1
242.2
272.7
283.5
311.3
354.1
366.2
1982- IV
IV '
Total
425.2
467.8
530.3
588.1
641.7
675.0
733.4
815.4
864.2
416.8
454.8
437.0
515.5
447.3
502.3
662.1
661.1
683.6
n
ni
Imports
223.4
272.5
318.9
348.9
335.6
358.7
441.4
448.6
477.3
1,403.5
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
2,762.5
IV
Exports
227.5
291.2
351.0
382.8
361.9
352.5
382.7
369.8
373.0
2,249.7
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,765.0
3,998.1
4,206.1
1986- I
Federal
Net
exports
4.1
18.8
32.1
33.9
26.3
-6.1
-58.7
-78.9
104.3
1978
1979
1980
1981
1982
1983
1984
1985
1986 '
IV
1985- I
Government purchases of
goods and services
Exports and imports of goods
and services
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross private
domestic investment
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
1,961.0
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,246.3
2,324.5
2,418.7
362.1
389.4
379.2
395.2
366.7
361.2
422.2
461.4
456.7
178.0
170.8
137.0
126.5
105.1
149.3
170.6
177.2
194.0
36.8
15.0
-6.9
23.9
-24.5
64
59.2
9.0
6.6
1978
1979
1980
1981
1982
1983
1984
1985
1986 r
3,115.2
3,192.4
3,187.1
3,248.8
3,166.0
3,279.1
3,489.9
3,585.2
3,674.9
1982: IV
3,159.3
2,078.7
352.3
115.8
1983: IV
3,365.1
2,191.9
390.4
159.9
1984- I
3,444.7
3,487.1
3,507.4
3,520.4
2,213.8
2,246.3
2,253.3
2,271.7
394.4
419.5
427.1
447.6
3,547.0
3,567.6
3,603.8
3,622.3
2,292.3
2,311.9
2,342.0
2,351.7
3,655.9
3,661.4
3,686.4
3,696.1
2,372.7
2,408.4
2,448.0
2,445.8
n
HI
IV
1985- I
n
TTT
IV
1986: I
n
m
IV '.
Exports of goods
and services
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
339.4
353.2
332.0
343.4
335.6
368.1
453.2
470.5
519.3
604.1
609.1
620.5
629.7
641.7
649.0
675.2
721.2
746.8
233.7
236.2
246.9
259.6
272.7
275.1
291.7
323.6
332.2
160.7
164.3
171.2
180.3
193.8
206.9
219.4
235.7
250.0
336.0
324.3
660.1
289.5
201.4
355.5
401.6
642.2
266.0
211.6
-68.6
-87.2
-85.7
-92.7
361.3
367.0
375.5
375.0
429.9
454.2
461.2
467.7
650.2
678.2
681.0
691.5
271.2
296.3
295.6
303.8
214.4
219.0
218.4
225.9
23.2
17.4
.7
-5.2
-78.8
-108.1
113 8
-132.0
369.4
361.2
355.8
362.9
448.2
469.3
469.6
494.8
695.3
708.3
731.8
749.4
305.8
311.4
329.9
347.2
39.9
15.1
-.3
-28.5
-125.9
-153.9
- 163.3
- 148.0
369.2
359.8
371.2
385.8
495.1
513.6
534.5
533.8
725.2
742.2
750.4
769.3
320.4
328.9
330.9
348.6
-26.8
3.6
57.0
49.4
26.3
19 9
-63.6
-108.2
147 8
312.6
356.8
388.9
392.7
361.9
348.1
369.7
362.3
371.5
-59.3
11.7
27.0
-46.2
169.7
173.2
171.2
168.3
85.1
57.0
60.6
33.9
442.7
463.0
463.1
476.9
172 .4
175.1
180.0
181.5
457.8
456.8
454.4
457.8
186.3
192.7
197.2
199.7
Nondefense
73.0
71.9
75.7
79.3
78.9
68.2
72.3
87.8
82.2
State
and
local
Final
sales
370.4
373.0
373.6
370.1
369.0
373.9
383.5
397.6
414.6
3,078.4
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,430.7
3,576.2
3,668.4
88.2
370.6
3,218.6
54.4
376.2
3,338.1
56.8
77.3
77.1
77.9
379.0
381.8
385.4
387.7
3,359.6
3,430.0
3,446.8
3,486.4
228.0
233.5
242.2
239.3
77.8
77.9
87.6
107.9
389.5
396.9
401.9
402.2
3,523.9
3,550.2
3,603.1
3,627.5
238.7
249.3
259.4
252.5
81.7
79.5
71.5
96.1
404.8
413.3
419.5
420.7
3,616.1
3,646.3
3,686.7
3,724.5
Source: Department of Commerce, Bureau of Economic Analyst
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Gross private
domestic investment
Personal consumption
expenditures
Period
Gross
national
product
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
99.5
102.2
104.7
100.3
106.3
104.5
106.4
107.3
108.3
105.9
106.7
107.3
108.4
99.2
105.5
107.3
108.2
108.1
109.5
110.7
112.0
95.5
95.3
95.0
95.7
109.1
109.5
109.4
109.7
109.2
109.3
109.6
112.0
109.0
110.2
108.9
104.6
113.9
115.4
116.6
118.0
94.6
91.0
89.7
92.5
111.0
111.8
111.6
106.7
111.6
111.7
110.5
110.4
109.2
112.1
115.4
97.0
118.8
119.4
120.3
122.0
100.0
99.3
101.3
102.6
97.2
103.8
109.6
110.9
112.4
113.6
98.4
98.5
98.8
99.0
103.6
106.4
107.5
107.8
103.4
104.1
103.6
103.0
97.5
98.0
97.4
96.7
106.5
107.2
107.5
108.9
115.0
116.6
118.0
119.5
99.4
99.2
99.3
99.4
107.6
107.8
108.1
109.4
102.4
102.4
101.8
101.5
108.0
105.8
106.6
107.4
120.6
121.8
123.0
124.1
100.3
100.2
101.0
101.4
110.2
111.7
112.2
113.2
101.5
100.9
99.9
99.4
101.7
101.8
100.7
101.0
102.7
1983- IV
105.4
105.7
103.1
103.1
108.3
1984- I
106.6
107.4
108.3
109.2
106.8
107.6
108.5
109.5
103.3
103.9
104.1
104.1
104.4
104.5
105.1
106.0
1985- I
110.2
111.1
111.8
112.8
110.4
111.4
112.2
113.4
104.6
104.5
104.5
104.3
1986- I
113.5
114.0
115.0
115.2
113.7
113.4
114.4
115.3
104.5
104.7
105.9
106.0
102.0
99.1
103.1
1982: IV
State
and local
71.1
77.7
86.2
93.4
100.0
104.7
110.1
116.0
120.1
98.3
71.5
77.8
85.1
93.4
100.0
98.8
98.7
99.3
100.7
Nondefense
72.4
78.0
86.4
94.3
100.0
101.4
105.5
107.9
107.7
100.7
69.8
75.6
83.9
92.6
100.0
106.2
111.7
117.3
122.4
IV
Total
National
defense
67.8
74.2
83.4
92.9
100.0
103.6
107.1
110.0
111.0
71.9
80.0
89.4
96.9
100.0
102.1
105.0
107.5
107.0
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
69.2
75.4
84.3
93.3
100.0
103.1
106.7
109.4
110.2
76.9
82.1
89.2
95.7
100.0
102.1
103.8
104.5
105.3
n
m
Exports
65.8
77.1
96.0
101.6
100.0
97.4
97.4
95.4
91.9
71.6
78.2
86.6
94.6
100.0
104.1
108.1
111.9
114.2
n
m
rv
Federal
Residential fixed
72.8
81.6
90.2
97.5
100.0
101.3
103.5
102.1
100.4
72.2
78.6
85.7
94.0
100.0
103.9
107.9
111.5
114.5
rv
Government purchases of goods and
services
72.6
81.4
89.4
96.6
100.0
102.2
106.3
108.2
111.8
1978
1979
1980
1981
1982
1983
1984
1985
1986 '
n
in
Exports and imports of
goods and services
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Period
1980
1981
1985-
~0.2
1.9
-2.5
3.6
6.4
2.7
2.5
.6
7.3
9.8
5.0
2.3
1.5
3.1
2.3
4.1
2.1
3.8
.6
2.8
1.1
8.9
11.7
3.7
7.6
10.5
6.2
5.2
4.2
12.4
14.9
8.2
6.1
4.9
6.8
5.8
6.8
5.8
6.2
2.6
6.4
1.7
. ..
1982
1983
.
1984
1985
1986 '
1982: IV..
1983- IV
1984- I .
Constant
(1982)
dollars
Current
dollars
....
n
m.
rv
I
n
m
IV
1986- I....
n
in r
IV
Implicit
price
deflator
Personal consumption expenditures
Chain price
index
9.0
9.4
6.3
4.1
4.0
3.6
2.5
4.1
3.9
4.8
3.6
3.6
3.5
3.9
3.5
2.5
3.9
1.9
1.5
2.5
2.5
9.0
9.7
6.4
3.9
3.8
3.3
2.7
3.6
4.7
4.6
3.0
3.4
3.4
3.7
3.3
2.5
3.6
2.5
1.8
3.6
.7
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
4.1
4.0
3.7
2.8
4.0
4.0
4.7
3.6
3.5
3.6
4.2
3.6
2.8
4.0
2.5
1.7
2.6
2.7
10.6
10.5
7.1
9.0
8.7
7.1
6.2
10.3
9.7
8.6
9.1
5.0
7.0
7.2
7.3
8.2
6.4
4.6
5.2
10.3
3.0
-0.2
1.2
1.3
4.6
4.7
3.5
4.1
5.3
5.5
4.1
6.0
1.3
3.3
3.7
3.5
5.3
1.7
3.6
6.2
6.7
.4
Implicit
price
deflator
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.5
2.1
4.4
4.3
4.2
3.0
3.4
3.7
3.3
3.7
2.9
4.3
1.1
1.1
3.6
3.2
Fixedweighted
price index
(1982
weights)
10.9
9.2
5.7
4.2
4.0
3.6
2.4
4.8
4.1
4.5
3.0
3.7
3.7
3.5
4.0
2.8
4.7
1.4
-.3
3.6
3.6
10.5
9.0
5.6
4.2
4.0
3.7
2.5
4.8
4.1
4.7
3.0
3.8
3.8
3.6
4.2
3.0
4.7
1.5
-.4
3.4
3.5
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) *
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
1980
1981
. .
1982
1983
1984
1985
1986 r
1982- IV
1983- IV
1984- I
n
m
IV
1985- I
n..
m
IV.
1986- I
II
m
IV '
1
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,143.7
2,275.1
2,362.0
1,779.4
2,012.5
2,081.7
2,135.9
2,160.3
2,196.8
2,226.0
2,259.1
2,301.3
2,314.1
2,343.6
2,341.5
2,370.0
2,393.0
1,807.9
1,837.2
1,782.2
1,866.0
2,030.8
2,105.5
2,145.4
1,760.2
1,940.5
1,993.8
2,031.6
2,038.4
2,059.4
2,075.7
2,094.4
2,124.6
2,127.3
2,141.0
2,135.3
2,142.2
2,163.1
Total
cost
and
profit 2
anees
with
capital
consumption
adjustment
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1.056
1.081
1.101
1.011
1.037
1.044
1.051
1.060
1.067
1.072
1.079
1.083
1.088
1.095
1.097
1.106
1.106
0.095
.109
.125
.123
.118
.120
.123
.131
.120
.118
.117
.118
.119
.119
.120
.119
.121
.121
.123
.123
.124
0.077
.090
.094
.098
.100
.103
.106
.096
.098
.099
.100
.101
.101
.102
.104
.103
.104
.106
.103
.107
.106
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.
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
3
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.690
.708
.725
.685
.680
.683
.684
.694
.699
.704
.708
.705
.716
.721
.724
.727
.729
0.031
.037
.043
.037
.041
.043
.040
.042
.037
.037
.039
.042
.043
.044
.043
.042
.042
.042
.041
.040
.039
Total
0.068
.078
.063
.089
.107
.106
.107
.057
.103
.107
.111
.104
.104
.103
.104
.113
.105
.105
.106
.109
.109
Profits
tax
liability
0.037
.035
.026
.032
.037
.032
.035
.023
.036
.041
.040
.034
.032
.031
.029
.033
.033
.032
.034
.036
.040
Profits
after
tan 4
0.031
.044
.037
.057
.070
.075
.072
.034
.066
.067
.071
.070
.072
.073
.075
.080
.072
.073
.072
.072
.069
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.867
18.224
18.436
18.441
17.383
18.027
18.172
18.275
18.201
18.250
18.285
18.384
18.604
18.472
18.449
18.438
18.445
9.939
10.861
11.699
12.124
12.574
13.060
13.379
11.915
12.259
12.406
12.498
12.630
12.758
12.878
13.011
13.121
13.229
13.294
13.347
13.406
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
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
employees1
Proprietors' income
with inventory
valuation and capital
consumption
adjustments
Farm
1981
1982
1983
1984
1985
1986 '
1982- IV
1983: IV
1984- I
n
in
IV
1985- I
n
in
IV
1986- I
n
mr
rv
1
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
2,443.5
2,518.4
2,719.5
3,032.0
3,222.3
3,386.2
2,548.2
2,851.5
2,963.2
3,010.3
3,052.3
3,102.0
3,157.0
3,201.4
3,243.4
3,287.3
1,807.4
1,907.0
2,020.7
2,214.7
2,368.2
2,498.0
1,931.1
2,092.7
2,153.7
2,195.4
2,234.7
2,275.0
2,316.3
2,352.1
2,380.9
2,423.6
30.7
24.6
12.4
31.5
29.2
26.1
28.5
19.3
44.5
26.4
24.7
30.4
32.9
33.0
21.6
29.4
156.1
150.9
178.4
205.3
225.2
252.7
159.8
188.6
198.0
203.2
209.9
210.3
217.8
222.5
227.7
232.7
13.3
13.6
13.2
8.3
7.6
15.0
15.8
12.4
12.1
8.4
7.1
5.6
6.8
8.1
7.3
8.3
188.0
150.0
213.7
264.7
280.7
300.5
146.1
248.5
262.5
271.7
259.8
265.0
266.4
274.3
296.3
285.6
202.3
159.2
196.7
230.2
222.6
243.9
150.7
223.4
235.7
241.5
223.3
220.3
213.3
215.4
235.3
226.4
226.5
169.6
207.6
235.7
223.2
237.4
164.1
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
-24.2
-10.4
-10.9
55
-.6
6.5
-13.4
-8.1
13 6
-4.9
-1.8
-1.6
5
1.6
6.1
-9.4
— 14.4
92
17.0
34.5
58.1
56.6
-4.5
25.1
26.7
30.2
36.5
44.7
53.2
58.9
61.0
59.2
248.1
272.3
281.0
307.4
311.4
294.0
266.9
290.2
292.5
305.2
316.1
315.7
316.8
311.4
309.7
307.6
3,340.7
3,376.4
3,396.1
3,431.5
2,461.5
2,480.2
2,507.4
2,542.8
24.4
39.5
19.6
21.0
240.9
249.6
258.0
262.2
12.8
16.3
16.2
14.8
296.4
293.1
302.0
310.4
239.0
238.3
246.5
251.6
222.5
227.7
240.4
258.8
16.5
10.6
6.1
7.2
57.3
54.8
55.5
58.8
304.9
297.7
292.9
280.4
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
1981
1982
1983
1984
1985
1986 *
1982- IV
1983- IV
1984- I
n
m
rv
1985- I
u
rri
rv
1986- I
n
m
IV '
Total
personal
consumption
expenditures
Total
durable
goods
Other
Total
nondurable
goods
Food
Clothing and
shoes ,
Gasoline
and oil
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Domestics
Imports
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
2,762.5
2,117.0
2,315.8
2,363.8
2,416.1
2,445.6
2,487.2
2,530.9
2,576.0
2,627.1
2,667.9
239.9
252.7
289.1
331.2
359.3
388.1
263.8
310.0
321.2
331.3
331.8
340.4
347.7
354.0
373.3
362.0
100.5
108.9
130.4
154.5
169.2
181.7
115.7
144.4
150.4
155.8
154.4
157.6
162.3
165.3
182.8
166.4
92.7
95.7
107.1
118.9
126.8
137.3
99.1
112.4
115.6
118.3
119.2
122.3
123.5
125.9
126.8
130.9
46.6
48.1
51.6
57.8
63.3
69.1
49.0
53.2
55.2
57.2
58.3
60.4
61.9
62.8
63.7
64.7
740.6
771.0
8167
870.1
905.1
932.7
786.6
837.9
855.7
870.3
873.9
880.3
888.2
902.3
907.4
922.6
376.5
398.8
421.9
449.9
469.3
492.8
407.0
430.8
440.4
447.9
454.3
456.9
461.2
468.3
470.4
477.4
119.9
124.4
135.1
147.2
155.2
164.9
126.5
141.1
144.4
148.2
146.6
149.7
151.7
155.0
155.4
158.7
92.7
89.1
90.2
90.7
91.9
78.6
89.8
91.9
92.0
91.7
89.4
89.9
89.6
92.8
92.4
93.0
151.6
158.7
169.5
182.2
188.7
196.5
163.4
174.0
178.8
182.5
183.6
183.8
185.8
186.2
189.1
193.5
934.7
1,027.0
1,128.7
1,227.0
1,336.1
1,441.7
1,066.5
1,167.9
1,186.9
1,214.5
1,239.9
1,266.5
1,294.9
1,319.7
1,346.4
1,383.2
6.2
5.8
6.8
8.0
8.2
8.2
6.0
7.4
8.1
8.1
7.9
7.7
8.3
8.1
9.4
7.0
2.3
2.2
2.4
2.4
2.8
3.2
2.5
2.6
2.3
2.4
2.4
2.6
2.4
2.7
3.0
3.2
2,697.9
2,732.0
2,799.8
2,820.4
360.8
373.9
414.5
403.1
163.5
172.0
204.7
186.6
132.1
135.8
140.0
141.2
65.3
66.0
69.8
75.3
929.7
928.4
932.8
940.1
484.6
490.3
494.0
502.1
161.3
165.0
166.6
166.8
87.6
78.1
74.2
74.3
196.2
194.9
198.0
196.9
1,407.4
1,429.8
1,452.4
1,477.2
7.8
8.1
9.7
7.9
2.8
3.1
3.5
3.6
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Furniture
and
household
equipment
SOURCES OF PERSONAL INCOME
Personal income rose $32.4 billion (annual rate) in February, following a rise of $6.2 billion in January. The
increases were affected by several special factors: subsidy payments to farmers affected both the February and
January changes; a pay raise for Federal Government employees, cost-of-living adjustments to several transfer
payment programs, and changes in social insurance contributions also affected the January change. Excluding
these special factors, personal income increased $19.6 billion in February and $11.1 billion in January.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,200
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
800
OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
1979
1981
1980
1983
1982
1984
1985
1986
1987
COUNCIt Of ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
personal
income
Period
1979
1980
1981
1982
1983
1984
1985
1986 '
1986:
2 033 9
2 2584
2 5209
Feb...
Mar
Apr...
May
June .
July
Aue..
Sept
Oct '
Nov r
Dec r
1987: Jan r.
Feb"
. .
2 670.8
2 838 6
3 1102
3 314 5
3485 7
34353
3 445 1
3486 8
3 481 3
3 481 9
3,490.8
3497 9
3,507.9
3,517.8
3,523.3
3,542.7
3 548.9
3,581.3
Wage and
salary
disbursements
Proprietors '
Other labor
income ! 2
Farm
Nonfarm
1 252 1
1 372 0
1 510 3
1 586 1
1 676 6
1 836 8
1 966 1
2 073 5
122 7
1384
150 3
163 6
173 6
184 5
1969
208 8
31 7
20 5
30 7
24 6
12 4
31 5
29 2
26 1
160 1
160 1
156 1
1509
178 4
205 3
225 2
252 7
2 044 8
2 051 8
2 0549
2 058 4
2 063 2
20720
2 083 4
2 0880
2,102.3
2 111 7
2,115.3
2 128 3
2,146.0
204 5
205 5
2064
207 3
208 2
209 5
2104
211 3
212.1
2130
213.8
2146
215.4
26 9
22 8
530
38 1
27 5
183
19 1
21 3
18.9
152
28.9
202
32.4
241 0
243 8
247 5
249 1
252 2
2554
257 5
261 0
260.5
2620
264.0
264 8
266.6
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in thftt'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 inventor)' valuation and capital consumption adjustments.
Less:
income 3
income of
persons 4
dividend
income
interest
income
payments 5
13 3
13 6
13 2
83
76
15 0
48 1
52 9
61 3
63 9
68 7
74 7
764
81 2
221 4
271 9
3354
369 7
393 1
4469
476 2
475 0
273 1
324 7
368 1
4106
442 6
455 6
487 1
513 8
12 7
13 5
15 1
16 6
17 1
165
16 1
160
15.3
147
14.2
14 1
14.0
79 2
800
80 8
81 1
81 5
81 7
82 1
82 3
82.4
82 7
82 9
83 5
84.1
480 7
4804
4805
480 1
479 8
477 2
473 7
4704
467.7
465 1
462.7
461 7
460.9
504 2
5065
507 9
510 7
511 8
5203
516 5
518 7
520.5
521 5
523 5
5285
5299
56
66
4
contributions
for social
insurance
81 0
886
104 5
1123
120 1
133 5
150 2
160 3
158 7
159 1
159 2
159 9
159 3
1602
1609
161 1
162.0
162 6
162.7
1667
167.8
personal
income 6
1 983 1
2 215 8
2 465 6
2 618 7
2 799 0
3 052 2
3 261 0
3 436 7
3 385 6
3 399 5
3 411 0
3 420 5
3 431 7
34496
3 455 9
3463 7
3,476.0
3485 2
3,490.9
3 505 9
3,526.0
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income fell again in the fourth quarter of 1986.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
1,000
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
! DOLLARS
8,000
8,000
6,000
6,000
4,000
I
I I
I
1978
I I
I
1979
I
I
1980
I
I
1981
I
I I
1982
I
1983
I
I
I
I
I
1985
1984
I
I I
4,000
1986
* SEASONALLY ADJUSTED ANNUAL HATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Equals:
Personal
saving
Less:
Personal
outlays *
Disposable
personal
income
in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
3,485.7
1983
1984
1985
1986 T.
261.1
304.7
340.5
393.3
409.3
410.5
439.6
486.5
514.1
1,551.2
1,729.3
1,917.9
2,127.6
2,261.4
2,428.1
2,670.6
2,828.0
2,971.6
Current
dollars
1982
dollars
110.2
118.0
136.8
159.4
153.9
130.6
168.7
143.3
114.2
1,441.1
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,501.9
2,684.7
2,857.4
2,167.4
2,212.6
2,214.3
2,248.6
2,261.5
2,331.9
2,470.6
2,528.0
2,602.0
6,968
7,682
8,421
9,243
9,724
10,340
11,265
11,817
12,304
Pr
change in
real per
capita
disposable
personal
income
Saving
as
percent
of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
Dollars
Billions of dollars
1978
1979
1980
1981
1982
1982
dollars
Per capita personal
consumption
expenditures
9,735
9,829
9,722
9,769
9,724
9,930
10,421
10,563
10,773
6,304
6,960
7,607
8,320
8,818
9,515
10,243
10,866
11,438
8,808
8,904
8,783
8,794
8,818
9,139
9,475
9,713
10,014
3.8
1.0
-1.1
.5
-.5
2.1
4.9
1.4
2.0
7.1
6.8
7.1
7.5
6.8
5.4
6.3
5.1
3.8
222,629
225,106
227,754
230,182
232,549
234,829
237,067
239,317
241,524
Seasonally adjusted annual rates
1982: IV
1983: IV
1984: I
n
m....
IV....
1985: I
n
m...
IV....
1986: I
n
m...
r
IV ..
2,729.2
2,941.8
3,034.2
3,077.4
3,139.7
3,189.6
411.1
413.9
421.5
431.2
445.9
460.0
3,253.1
3,298.7
3,323.2
3,382.9
497.7
456.4
3,432.6
3,483.3
3,498.8
3,527.9
497.5
504.8
491.2
500.7
519.0
534.9
2,318.1
2,174.9
143.1
2,276.1
9,929
9,749
9,068
8,904
1.2
6.2
233,466
2,527.9
2,382.5
145.4
2,392.7
10,725
10,151
9,825
9,299
9.1
5.8
235,707
2,612.7
2,646.3
2,693.8
2,729.6
2,433.5
2,488.7
2,520.9
2,564.6
179.2
157.6
172.9
165.0
2,446.9
2,460.3
2,481.9
2,493.1
11,060
11,178
11,350
11,471
10,358
10,392
10,457
10,477
10,007
10,206
10,304
10,453
9,372
9,488
9,494
9,547
8.4
1.3
2.5
.8
6.9
6.0
6.4
6.0
236,222
236,742
237,347
237,953
2,755.4
2,842.3
2,832.0
2,882.2
2,611.3
2,658.7
2,712.4
2,756.4
144.1
183.6
119.6
125.8
2,495.7
2,550.8
2,524.7
2,540.7
11,555
11,893
11,819
11,999
10,466
10,674
10,537
10,577
10,613
10,779
10,964
11,107
9,613
9,674
9,774
9,790
— .4
8.2
-5.0
1.5
5.2
6.5
4.2
4.4
238,469
238,985
239,605
240,206
2,935.1
2,978.5
2,979.9
2,993.0
2,789.4
2,825.5
2,895.8
2,918.8
145.6
153.1
84.1
74.2
2,581.2
2,625.8
2,605.5
2,595.4
12,193
12,348
12,324
12,348
10,723
10,886
10,776
10,708
11,208
11,326
11,579
11,636
9,857
9,985
10,125
10,091
5.6
6.2
-4.0
-2.5
5.0
5.1
2.8
2.5
240,709
241,215
241,789
242,381
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1986, according to preliminary estimates, gross farm income rose $22.4 billion (annual
rate) and net farm income rose $24.1 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
24U
200
240
,xUU
•
160 1
I
120 i
I
^—
—
•^-^
^
j^.
^
r-^
—!
,
—^
J160
\S ^
\
t»KC)SS FARM INC(JMt
,120
cm j
60
1
40
ET FARM INCC ME
N
/
/
"*^
X
v
^
i
10 ;
i
i
|
'\
\
'
\
f
/i
V
"-
A /
.
\/ ' 1 * '
\»
<1 1/
ii
*
' \
/ »
•*
\
' \
i
\. — •*
i
\
\
i
*
; x ~^ ""\. /
\
on
1*
^
i ^- /
*^
>* \ .
s
^
f
'
'
*
10
* *
i i
i i
i i
*
\ i
ii
u
u
2
1 1 1
1 1 1
1978
1979
1
1 1
1980
1
1
1
i i i
1981
1
1982
i
1983
1
i i i
1 I 1
i i i
1984
1985
1986
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE. DEPARTMENT OF AGRICULTURE
7
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Total «
Total
1978
1979
1980
1981
1982
1983
1984
1985
1986 "
. ...
.
1984- I
TJ
m
..
.
TV
1985- I
n
m
IV
1986- I
n
m
.
IV
1
128.4
150.7
149.3
166.3
163.4
152.4
174.4
166.6
157.0
174.4
168.0
173.8
181.4
170.7
164.7
157.4
173.5
144.5
166.6
147.2
169.6
112.4
131.5
139.7
141.6
142.6
136.5
142.2
142.1
133.2
136.5
141.2
144.1
146.8
137.3
135.1
139.8
156.2
128.2
129.6
129.4
145.7
Livestock and
products
Crops
53.2
62.3
71.7
72.5
72.4
67.0
69.2
72.7
62.5
60.9
69.8
72.5
73.8
68.1
67.4
71.8
83.6
63.1
63.0
54.1
69.6
59.2
69.2
68.0
69.2
70.2
69.5
72.9
69.4
70.8
75.6
71.4
71.6
73.1
69.2
67.8
68.0
72.6
65.1
66.6
75.3
76.1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-vear inventory of crop and livestock commodities valued at average
prices during the year.
Net farm income
Cash marketing receipts
3
Value of
inventory
changes z
1.9
5.0
63
6.5
13
-10.9
6.3
-1.1
30
1.7
7.0
9.0
7.5
3.0
3
-2.6
45
-3.2
-3.2
27
-2.9
Production
expenses
Current
dollars
103.2
123.3
133.1
139.4
140.7
139.5
141.7
136.1
128.3
141.6
142.2
142.0
140.9
139.0
137.1
135.2
133.2
131.1
129.1
127.3
125.7
1982 dollars 3
25.2
27.4
16.1
26.9
22.7
13.0
32.7
30.5
28.7
32.7
25.8
31.8
40.5
31.7
27.6
22.2
40.3
13.5
37.4
19.8
43.9
Income in current dollars divided by the GNP implicit price deflator (1982 = 100).
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
34.9
34.9
18.8
28.6
22.7
12.5
30.2
27.3
25.0
30.7
23.9
29.3
36.9
28.7
24.8
19.8
35.7
11.9
32.8
17.2
38.1
CORPORATE PROFITS
In the fourth quarter of 1986, according to preliminary estimates, corporate profits before tax rose $18.4 billion
(annual rate) and after-tax profits rose $8.3 billion.
BILLIONS OF DOLLARS
320
BILLIONS OF DOLLARS
320
280
280
120
80
80
40
40
1978
1979
1985
SOURCE, DEPARTMENT OF COMMERCE
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
1
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
1980
1981
1982
1983
1984
1985
1986 r
1982- IV
1983- IV. .
1984: I
n
m
IV
1985- I
n
m
IV
1986: I
n
mP
IV
1
2
3
194.0
202.3
159.2
196.7
230.2
222.6
243.9
150.7
223.4
235.7
241.5
223.3
220.3
213.3
215.4
235.3
226.4
239.0
238.3
246.5
251.6
159.6
173.8
131.2
166.6
199.2
190.8
208.3
121.6
190.7
205.2
211.5
191.3
188.8
182.6
183.8
205.3
191.3
200.6
205.4
211.8
215.6
Financial
21.0
16.5
11.8
18.1
15.4
21.0
29.3
18.7
15.5
16.6
15.4
13.4
16.1
18.2
21.1
21.7
23.2
27.8
29.1
28.9
31.5
Total 3
138.6
157.3
119.4
148.5
183.8
169.7
179.0
102.9
175.2
188.6
196.1
177.8
172.6
164.4
162.7
183.6
168.1
172.8
176.3
182.9
184.1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Manufacturing
77.1
88.5
58.0
70.1
87.4
73.0
75.2
46.8
88.6
95.0
94.6
81.3
78.9
70.4
68.2
79.0
74.5
66.7
76.8
75.6
Profits
before tax
Tax
liability
237.1
226.5
169.6
207.6
235.7
223.2
237.4
164.1
231.5
249.3
246.5
225.1
221.9
84.8
81.1
63.1
77.2
95.4
91.8
103.4
59.8
88.1
102.9
101.6
89.3
87.8
87.8
87.1
95.8
96.4
95.7
99.0
104.4
114.6
Wholesale and
retail
trade
21.6
32.5
34.6
38.9
49.7
49.7
50.1
33.6
43.1
46.2
51.1
51.0
50.7
48.8
51.1
54.2
45.0
52.1
46.3
53.3
213.8
213.8
229.2
235.8
222.5
227.7
240.4
258.8
Total
Dividends
152.3
145.4
106.5
130.4
140.3
131.4
133.9
54.7
63.6
66.9
71.5
78.3
81.6
87.8
104.3
68.5
73.9
76.0
78.1
79.0
80.1
80.9
81.4
81.6
82.5
85.2
87.5
88.8
89.7
143.4
146.4
144.8
135.8
134.1
126.0
126.7
133.4
139.4
126.9
128.8
135.9
144.2
Undistributed
profits
97.6
81.8
39.6
58.9
62.0
49.8
46.1
35.8
69.5
70.4
66.7
56.8
54.0
45.1
45.3
51.8
57.0
41.7
41.2
47.2
54.5
Inventory
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
-5.5
-.6
6.5
-13.4
-8.1
-13.6
-4.9
-1.8
-1.6
-.5
1.6
6.1
-9.4
16.5
10.6
6.1
-7.2
NOTE.—Corporate profits and related measures for 1986 reflect retroactive provisions of the Tax'
Reform Act of 1986.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the fourth quarter of 1986, nonresidential fixed investment rose $5.3
(annual rate) from its third quarter level while residential investment rose $4.7 billion. There was a $27.1
decrease in inventories following a decrease of $4.5 billion in the third quarter.
BILLIONS OF DOLLARS
800
billion
billion
BILLIONS OF DOLLARS
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS PRIVATE DOMESTIC
INVESTMENT
600
600
500
500
400
400
NONRESIDENTIAL
FIXED INVESTMENT
300
300
200
200
.-,
100
100
._r^'
CHANGE IN BUSINESS
INVENTORIES
"X.
J
-100
1978
1979
1981
1980
1983
1982
I -100
1986
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Gross
private
domestic
investment
Period
1979
1980
1981
1982
..
1983
1984
1985
1986 r
1982- IV
1983- IV
1984- I
..
IV
.
n
m
.
1985- I
n
m
rv
1986- I
n
TTT
IV r
Source: Department of Commerce, Bureau of Economic Analysis.
454.8
437.0
515.5
447.3
502.3
662.1
661.1
683.6
409.6
579.8
659.5
657.5
670.3
661.1
650.6
667.1
657.4
669.5
708.3
687.3
675.8
663.2
Nonresidential
Total
Total
441.9
445.3
491.5
471.8
509.4
598.0
650.0
677.0
469.5
548.8
564.0
597.6
605.8
624.4
625.2
648.0
654.3
672.6
664.4
672.8
680.3
690.3
302.8
322.8
369.2
366.7
356.9
416.5
458.2
460.0
354.9
383.9
388.2
413.3
421.8
442.9
439.8
459.2
459.8
474.0
459.2
457.5
459.0
464.3
Structures
99.5
113.9
138.5
143.3
124.0
139.3
154.8
143.3
137.6
127.4
129.7
139.1
141.4
146.7
150.7
156.1
155.0
157.2
154.6
141.5
139.5
137.5
Producers'
durable
equipment
203.3
208.9
230.7
223.4
232.8
277.3
303.4
316.7
217.3
256.5
258.4
274.1
280.4
296.2
289.1
303.1
304.7
316.8
304.6
316.0
319.5
326.8
Residential
139.1
122.5
122.3
105.1
152.5
181.4
191.8
217.0
114.7
164.9
175.8
184.4
184.0
181.5
185.4
188.8
194.5
198.6
205.3
215.3
221.3
226.0
Nonfarm
Total
13.0
-8.3
24.0
-24.5
7.1
64.1
11.1
6.7
-59.9
31.0
95.5
59.9
64.4
36.7
25.4
19.1
3.1
O J
43.8
14.5
-4.5
27.1
7.9
2.4
18.3
-23.1
.4
56.6
12.2
7.7
51.1
21.3
71.5
56.8
62.1
35.9
18.5
10.4
3.2
16.7
41.2
10.5
10.3
-10.8
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1986 survey, business spending for new plant and
equipment for the year 1986 is expected to be 1.7 percent below the 1985 level, while spending in 1987 is
expected to be 0.9 percent above the 1986 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
—
—
^—~
^.^
^_——' "
300
300
1
1—7 ^
At L INDUSTRIES
,—
_—
^^\
*•
—
—•--«—* •"""^
200
__
200
•*""
\--f
NON/ AANUFACTURI ^G^
-v
__,
~
''^ •>>--
"-
--
100
\ANUFACTURI
100
— --'
—
—
—
80
80
60
60
—
—
40
40
1
1
1979
1
1
1 1
1980
1
1
1 1
1981
1 1
1982
1
i i i
1 1
1983
1
1984
1 1
1985
3J 2j 2/
1
1 1
1986
_!/ SURVEYED QUARTERLY
J/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
I
1
1
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufacturiag
Manufacturing
Period
1978
1979
1980
1981
1982
1983
1984
1985
1986 4
1987 4
... .
1985- I
n
III
IV
1986- I
n
TTT
IV 4
1987- I 44
n
All
industries
Total
217.76
254.96
282.80
315.22
310.58
304.78
354.44
387.13
380.69
384.24
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.48
144.77
141.95
373.56
387.86
389.23
397.88
Nonmanufacturing
Surveyed
quarterly
Nondurable
goods
Total >
Mining
Transportation
Public
utilities
39.46
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.96
69.50
39.13
47.42
56.96
66.73
65.33
63.12
72.58
80.21
74.81
72.44
139.18
159.04
170.47
188.68
189.89
188.58
215.61
233.65
235.91
242.30
11.22
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.24
10.11
13.36
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.64
18.86
31.50
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.53
44.42
83.09
94.56
100.14
110.24
109.63
114.45
134.75
150.94
159.50
168.91
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
154.25
154.47
158.26
226.62
233.61
234.76
239.61
377.94
375.92
374.55
394.34
144.03
141.68
139.21
154.17
68.01
68.33
69.31
74.17
76.02
73.35
69.89
80.00
233.90
234.24
235.34
240.17
12.99
11.23
10.15
10.62
18.22
18.28
19.03
19.02
47.03
46.55
45.90
46.63
155.67
158.18
160.25
163.91
144.03
141.68
139.21
154.17
23390
234.24
235.34
240.17
386.82
393.39
141.22
145.23
67.86
72.37
73.36
72.85
245.60
248.16
. 10.36
10.58
19.85
18.46
46.32
46.90
169.08
172.22
141.22
145 23
245.60
248 16
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and reai estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business 2
Commercial
and
other
245.34
284.94
314.47
349.26
347.47
343.35
398.99
431.94
Manufacturing
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.48
144 77
141.95
Total
166.76
189.02
202.15
222.72
226.79
227.15
260.16
278.46
139.18
159.04
170.47
188.68
189.89
188.58
215.61
233.65
23591
242.30
Surveyed
annually 3
27.58
29.98
31.68
34.04
36.89
38.56
44.55
44.81
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in October-November 1986, corrected for
biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In February, seasonally adjusted civilian employment rose 371,000 and unemployment fell 56,000.
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
X1
*x
*v
12
12
8
8
UNEMPLOYMENT
4
4
iiiiilinn
Illl Illllllllll I l l l l l l l l
Illllllllll Illllllllll
1980
1979
1983
1982
1981
1984
I l l l l l l l l l l Illllllllll Hill
1985
1986
1987
0
• 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]
T)
•
J
1979
1980
1981
1982
1983
1984
1985
1986*
1986: Feb'...
Mar
Apr
May
June....
July
Aug
Sept ....
Oct
Nov
Dec
1987: Jan
Feb
Noninstitutional
population
including
resident
Armed
Forces
NSA
166,460
169,349
171,775
173,939
175,891
178,080
179,912
182,293
181,512
181,678
181,843
181,998
182,183
182,354
182,525
182,713
182,935
183,114
183,297
183,575
183,738
A
T
K
f
including
r\
Forces
NSA
Armed
Forces
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,691
1,693
1,695
1,687
1,680
1,672
1,697
1,716
1,749
1,751
1,750
1,748
1,740
106,559
108,544
110,315
111,872
113,226
115,241
117,167
119,540
118,733
118,880
118,987
119,274
119,685
119,789
119,821
119,988
120,163
120,426
120,336
120,782
121,089
Employment
including
resident
Armed
Forces
100,421
100,907
102,042
101,194
102,510
106,702
108,856
111,303
110,248
110,500
110,664
110,852
111,293
111,559
111,764
111,703
111,941
112,183
112,387
112,759
113,122
Nonagricultural
Civilian
labor force
104,962
106,940
108,670
110,204
111,550
113,544
115,461
117,834
117,042
117,187
117,292
117,587
118,005
118,117
118,124
118,272
118,414
118,675
118,586
119,034
119,349
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
Unemployment
Civilian employment
Resident
Total
98,824
99,303
100,397
99,526
100,834
105,005
107,150
109,597
108,557
108,807
108,969
109,165
109,613
109,887
110,067
109,987
110,192
110,432
110,637
111,011
111,382
Agricultural
3,347
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,105
3,252
3,199
3,151
3,164
3,124
3,057
3,142
3,162
3,215
3,161
3,145
3,236
Total
95,477
95,938
97,030
96,125
97,450
101,685
103,971
106,434
105,452
105,555
105,770
106,014
106,449
106,763
107,010
106,845
107,030
107,217
107,476
107,866
108,146
Part-time
for
economic
reasons 1
3,373
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,214
5,295
5,567
5,569
5,322
5,222
5,269
5,303
5,450
5,319
5,342
5,201
5,459
Total
15
weeks
and
over
6,137
1,241
7,637
8,273
10,678
10,717
8,539
8,312
8,237
8,485
8,380
8,323
8,422
8,392
8,230
8,057
8,285
8,222
8,243
7,949
8,023
7,967
1,871
2,285
3,485
4,210
2,737
2,305
2,232
2,332
2,243
2,130
2,232
2,299
2,250
2,272
2,373
2,168
2,217
2,171
2,200
2,131
Labor force
participation
rate (percent)
2
Civilian 3
64.0
64.1
64.2
64.3
64.4
63.7
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.1
65.1
65.1
65.2
65.4
65.4
65.3
65.3
65.4
65.4
65.3
65.5
65.6
Total
64.7
65.1
65.6
65.4
65.4
65.4
65.5
65.7
65.7
65.6
65.7
65.7
65.8
65.7
65.8
65.9
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In February, the seasonally adjusted overall unemployment rate and civilian unemployment rate were again
unchanged, remaining at 6.6 percent and 6.7 percent, respectively.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
TEENAGERS
(16-19)
20
\_*~\
20
v.->\
\hKA
15
BLACK
A-l / A
15
\ — A^VV AT""v-x
'
BLACK
AND OTHER
10
10
WOME N 20 YEARS
AND OVER
ALLC IVILIAN WOF :KERS
^\
--,.
^
,X]
f
~*
WHITE
iiiiiiHiii
1983
MEN 20 YEARS
AND OVER
o minium
Illllllllll Illllllllll Illllllllll
1985
1984
1986
1983
1987
Illllllllll
1984
1986
1985
1987
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE, DEPARTMENT OF IABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
workers l
By sex and age
AH
civilian
workers
By selected groups
By race
Married
men,
spouse
present
Women
20 years
and
over
4.2
9.5
9.5
7.4
7.1
6.9
5.8
7.1
7.6
9.7
9.6
7.5
7.2
7.0
5.9
6.3
8.8
8.9
6.6
6.2
6.1
5.7
6.4
6.8
8.3
8.1
6.8
6.6
6.2
16.1
17.8
19.6
23.2
22.4
18.9
18.6
18.3
5.1
6.3
6.7
8.6
8.4
6.5
6.2
6.0
11.3
13.1
14.2
17.3
17.8
14.4
13.7
13.1
12.3
14.3
15.6
18.9
19.5
15.9
15.1
14.5
5.5
6.9
7.3
9.3
9.2
7.1
6.8
6.6
2.8
4.2
4.3
6.5
6.5
4.6
4.3
4.4
Oct
Nov
Dec
7.1
7.0
7.0
7.1
7.0
6.9
6.7
6.9
6.8
6.8
6.6
7.2
7.2
7.1
7.2
7.1
7.0
6.8
7.0
6.9
6.9
6.7
6.2
6.2
6.0
6.2
6.2
6.2
5.9
6.2
6.2
6.2
6.0
6.6
6.5
6.4
6.4
6.3
6.2
6.1
6.2
6.1
6.1
5.9
18.9
18.4
19.3
18.8
18.9
17.9
18.0
18.5
17.7
18.2
17.3
6.3
6.2
6.1
6.2
6.1
6.0
5.8
6.0
6.0
6.0
5.8
13.3
13.4
13.5
13.5
13.5
12.7
13.1
13.1
12.7
12.7
12.3
14.9
14.8
14.8
14.8
14.9
14.2
14.6
14.6
14.3
14.2
13.7
6.8
6.7
6.7
6.8
6.6
6.6
6.5
6.5
6.6
6.5
6.3
1987: Jan
Feb
6.6
6.6
6.7
6.7
6.0
5.9
5.9
5.8
17.7
18.0
5.9
5.7
12.6
12.8
14.3
14.3
6.3
6.2
1979
1980
1981
1982
1983
1984
1985
1986
1986:
5.8
7.0
7.5
Feb
Mar
Apr
May
June ....
July
Aug
Sept
Both
sexes
16-19
years
Experienced
wage and
salary
workers
Men
20 years
and over
White
1
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
and
other
Black
Women
who
maintain
families
Labor
force
time lost
(percent) 2
Fulltime
workers
Parttime
workers
8.3
9.2
10.4
11.7
12.2
10.3
10.4
9.8
5.3
6.9
7.3
9.6
9.5
7.2
6.8
6.6
8.8
8.8
9.4
10.5
10.4
9.3
9.3
9.1
6.3
7.9
8.5
11.0
10.9
8.6
8.1
7.9
4.5
4.5
4.2
4.4
4.5
4.4
4.2
4.3
4.6
4.5
4.3
9.9
10.1
9.5
10.1
10.0
9.5
10.1
9.8
8.9
9.7
9.8
6.9
6.8
6.7
6.9
6.7
6.6
6.4
6.6
6.6
6.6
6.3
9.3
9.1
9.4
9.1
9.1
9.2
9.3
9.3
9.2
9.1
8.8
8.1
8.1
8.1
8.2
8.1
7.8
7.7
7.9
7.8
7.7
7.6
4.2
4.2
9.8
6.4
6.3
9.0
8.7
7.6
7.6
9.5
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In February, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 1526 weeks rose, the percentage for 5-14 weeks was unchanged, and the percentage for 27 weeks and over fell.
Both the mean and median duration of unemployment fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
60
50
50
LESS THAN
5 WEEKS
\
JOB LOSERS
40
40
5-14
WEEKS
30
27 WEEKS
AND OVER
20
REENTRANTS
30
...,V-
20
NEW ENTRANTS
/•--"T--V
10
10
15-26
JOB LEAVERS
WEEKS
imilimi
Illllllllll
1983
1986
1985
1984
1987
1983
1984
1985
1986
1987
•SEASONALLY ADJUSTED
COUNCIt OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
7,637
8,273
10,678
10,717
8,539
8,312
8,237
43.1
41.7
36.4
33.3
39.2
42.1
41.9
32.3
30.7
31.0
27.4
28.7
30.2
31.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
11.9
13.7
15.6
20.0
18.2
15.6
15.0
6.5
6.9
8.7
10.1
7.9
6.8
6.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
11.7
11.2
7.9
7.7
9.6
10.6
12.3
25.2
25.4
22.3
22.5
25.6
27.1
26.2
11.4
11.9
11.1
11.3
13.0
12.5
12.5
3,350
3,047
4,061
3,396
2,476
2,611
488
460
583
438
377
396
3,837
3,410
4,594
3,775
2,561
2,692
Sept
Get
Nov
Dec
8,485
8,380
8,323
8,422
8,392
8,230
8,057
8,285
8,222
8,243
7,949
41.7
42.1
42.7
42.4
40.8
41.6
42.3
41.1
41.9
41.2
42.4
30.8
31.2
31.8
31.4
31.7
30.9
29.7
30.4
31.5
31.8
30.2
13.5
12.8
11.8
12.5
12.4
12.9
13.2
13.4
11.7
12.7
12.9
14.0
13.9
13.8
13.7
15.1
14.6
14.8
15.2
14.9
14.3
14.5
15.2
14.6
14.7
14.8
15.2
15.1
15.6
15.5
15.2
14.8
15.0
6.9
6.8
6.6
6.8
7.2
7.1
7.1
7.1
7.0
7.0
7.1
49.0
50.1
48.4
49.9
50.6
49.1
47.6
48.9
48.7
48.1
48.9
11.6
11.8
12.8
11.6
12.0
12.4
12.3
12.6
12.6
12.9
13.0
26.7
26.1
26.2
26.1
25.0
26.6
27.4
25.9
26.8
25.8
25.4
12.7
12.0
12.6
12.4
12.4
11.9
12.6
12.6
11.9
13.1
12.8
2,592
2,630
2,598
2,655
2,678
2,699
2,713
2,707
2,621
2,565
2,515
388
392
379
380
378
379
388
370
357
355
357
3,295
3,144
2,799
2,556
2,474
2,632
2,483
2,335
2,296
2,478
2,841
1987' Jan
Feb
8,023
7,967
41.9
42.2
31.1
31.1
12.5
12.7
14.5
14.1
15.0
14.6
7.0
6.6
49.6
48.2
11.1
13.1
25.7
25.6
13.6
13.1
2,507
2,477
363
369
3,276
1980 .. . .
1981
1982
1983
1984
1985
1986
1986:
Feb
Mar
July
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servieemen (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 337,000 in February.
MILLIONS OF PERSONS* (ENLARGED SCALE)
24
MILLIONS OF PERSONS*
100
r^^C
ALL NONAGRICULT URAL
EST ABLISHMEN1rs
90
80
r^
•*
—
—
—
"~\"
70
SER\ rtCE-PRODUC
:ING
INDUSTRIES
60
—
-
—
—
50
40
30
GOC3DS-PRODUCJNG
INDUSTRIES
20
jm7ilni|i mitlimi iimltim mulimi umlmih
N
*
1983
1985
1984
1986
1987
'
1987
1983
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
'SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; * seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
Total
nonagrieultural
employment
Total
2
.-,
struction
Manufacturing
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
1980
1981
1982 ..
1983
1984
1985
1986 r
90,406
91,156
89,566
90,200
94,496
97,614
100,167
25,658
25,497
23,813
23,334
24,727
24,930
24,938
4,346
4,188
3,905
3,948
4,383
4,687
4,960
20,285
20,170
18,781
18,434
19,378
19,314
19,186
12,187
12,109
11,039
10,732
11,505
11,516
11,345
8,098
8,061
7,741
7,702
7,873
7,798
7,841
64,748
65,659
65,753
66,866
69,769
72,684
75,229
5,146
5,165
5,082
4,954
5,159
5,242
5,286
5,275
5,358
5,278
5,268
5,555
5,740
5,853
15,035
15,189
15,179
15,613
16,545
17,360
17,978
5,160
5,298
5,341
5,468
5,689
5,953
6,305
17,890
18,619
19,036
19,694
20,797
21,974
23,072
16,241
16,031
15,837
15,869
16,024
16,415
16,735
2,866
2,772
2,739
2,774
2,807
2,875
2,899
1986: Feb
Mar
Apr
May....
June ..
July....
Aug....
Sept....
Oct
Nov ....
Dec r ..
99,429
99,484
99,783
99,918
99,843
100,105
100,283
100,560
100,826
101,068
101,322
25,038
24,945
25,038
24,965
24,854
24,869
24,888
24,858
24,865
24,891
24,920
4,864
4,838
4,972
4,974
4,947
4,980
5,012
5,010
5,001
4,993
4,996
19,294
19,255
19,245
19,201
19,135
19,121
19,123
19,105
19,118
19,156
19,186
11,455
11,418
11,415
11,378
11,307
11,294
11,302
11,271
11,266
11,282
11,289
7,839
7,837
7,830
7,823
7,828
7,827
7,821
7,834
7,852
7,874
7,897
74,391
74,539
74,745
74,953
74,989
75,236
75,395
75,702
75,961
76,177
76,402
5,277
5,280
5,266
5,265
5,167
5,288
5,255
5,316
5,316
5,351
5,359
5,843
5,841
5,864
5,872
5,829
5,849
5,863
5,859
5,864
5,859
5,859
17,795
17,828
17,851
17,911
17,944
17,992
18,030
18,065
18,143
18,197
18,206
6,157
6,184
6,228
6,261
6,295
6,334
6,364
6,388
6,409
6,429
6,472
22,638
22,707
22,825
22,924
23,072
23,176
23,255
23,300
23,359
23,451
23,578
16,681
16,699
16,711
16,720
16,682
16,597
16,628
16,774
16,870
16,890
16,928
2,918
2,923
2,914
2,899
2,875
2,866
2,875
2,901
2,896
2,899
2,907
1987: Jan r... 101,641
Feb".. 101,978
25,009
25,059
5,109
5,111
19,171
19,221
11,273
11,316
7,898
7,905
76,632
76,919
5,378
5,383
5,867
5,878
18,323
18,452
6,496
6,512
23,665
23,778
16,903
16,916
2,908
2,917
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
* Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly
earnings
Average weekly
hours
Manufacturing
Total
private
nonagrieultural *
Period
1979
1980
1981
1982.. . .
1983
1984
1985
1986
1986- Feb
Mar
Apr
May
June
July
Auer
Sept
Oct .. ..
Nov
Dec
1987- Jan r
Feb "
Total
Total
private
nonagricultural l
Overtime
ing
Current
dollars
9.68
9.70
9.68
9.72
9.71
9.73
9.76
9.74
9.77
9.77
9.78
2.8
2.9
2.6
2.6
2.4
2.4
2.3
1.9
2.3
2.4
1.7
-3.1
-4.0
10
.9
1.6
-.3
-.5
.9
2
.9
1.4
1.4
1.0
1.2
1.1
.6
1.1
1.5
1.0
9.78
9.83
170.6
171.4
94.3
94.4
1.9
1.9
.9
.1
8.83
8.87
40.9
41.2
1977 dollars
7.9
9.0
9.1
6.9
4.6
3.2
3.1
2.4
3.6
3.6
34.8
35.0
Current
dollars
1977
dollars 3
97.4
93.5
92.6
93.4
94.9
94.6
94.1
94.9
94.4
95.0
95.3
95.3
95.2
95.0
95.1
94.9
95.0
95.3
95.0
3.4
3.4
3.4
3.4
3.3
3.4
3.5
3.5
3.5
3.5
3.5
3.3
2.8
2.8
2.3
3.0
3.4
3.3
3.4
Percent change from
a year
earlier * s
116.8
127.3
138.9
148.5
155.4
160.3
165.2
169.2
168.2
168.5
168.4
168.7
169.2
168.9
169.3
169.6
170.0
170.8
170.6
$6.70
7.27
7.99
8.49
8.83
9.19
9.53
9.73
40.2
39.7
39.8
38.9
40.1
40.7
40.5
40.7
40.7
40.7
40.7
40.7
40.6
40.6
40.8
40.8
40.7
40.8
40.8
Ind ex,
1977
Manufactur-
$6.16
6.66
7.25
7.68
8.02
8.32
8.57
8.75
8.71
8.73
8.72
8.73
8.74
8.73
8.77
8.76
8.80
8.84
8.82
35.7
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.9
34.9
34.8
34.8
34.7
34.7
34.8
34.7
34.7
34.8
34.6
Adjusted hourly earnings index2 — total private
nonagricultural
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICUIiTURAL 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: Feb. .
Mar
Apr. . .
May
June
July
L
J
Sept
Oct
Nov
Dec
1987- Jan r
Feb"
1
Manufacturing
Total private
nonagricultural 1
. ..
3
Retail trade
Current dollars
1977 dollars 3
1977 dollars
Current dollars
$219.91
235.10
255.20
267.26
280.70
292.86
299.09
304.50
$183.41
172.74
170.13
168.09
171.26
172.78
170.42
170.88
$269.34
288.62
318.00
330.26
354.08
374.03
385.97
396.01
$342.99
367.78
399.26
426.82
442.97
458.51
464.09
465.75
$138.62
147.38
158.03
163.85
171.05
174.33
174.64
175.78
8.0
6.9
8.5
4.7
5.0
4.3
2.1
1.8
303.98
304.68
303.46
303.80
303.28
302.93
305.20
303.97
305.36
307.63
305.17
170.58
171.84
171.83
171.54
170.57
170.38
171.46
170.20
170.69
171.57
170.01
393.98
394.79
393.98
395.60
394.23
395.04
398.21
397.39
397.64
398.62
399.02
448.59
450.06
465.22
464.25
461.15
463.76
467.37
468.61
469.88
470.58
r
470.73
175.51
176.09
174.91
174.91
174.60
175.20
176.08
176.66
176.06
177.85
175.42
2.5
2.4
2.1
1.9
1.1
1.7
1.8
1.0
1.4
1.9
.5
-5.8
-1.5
12
1.9
.9
-1.4
.3
5
.4
.9
.7
2
.5
.6
-.3
.2
1.0
2
307.28
310.45
169.96
171.05
400.00
405.00
478.56
474.44
174.27
176.69
.8
2.3
-.2
.5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977= 100 base).
2
Construction
31
* Monthly changes based on indexes to two decimal places.
5
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 '
Business
sector
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor costs
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1978
1979
100.8
99.6
100.8
99.3
105.8
107.9
106.0
107.9
104.9
108.3
105.1
108.7
108.5
119.1
108.6
118.9
100.8
99.4
100.9
99.2
107.6
119.5
107.7
119.7
107.3
117.0
107.0
116.5
1980
1981
1983
1984
99.3
100.7
100.3
103.0
105.3
98.8
99.8
99.2
102.4
104.3
106.7
108.9
105.5
109.9
118.8
106.7
108.5
104.9
110.1
118.8
107.5
108.2
105.2
106.7
112.8
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.1
131.3
143.6
154.8
161.5
167.9
96.7
95.7
97.3
98.2
98.1
96.6
95.7
97.2
98.2
98.0
132.5
142.7
154.5
156.8
159.7
132.9
144.0
156.0
157.7
161.0
127.6
139.8
148.1
153.0
158.5
127.8
140.3
149.2
154.3
159.3
1985
1986
106.4
107.1
104.8
105.5
122.7
125.8
122.5
125.8
115.3
117.5
116.9
119.3
175.3
180.9
174.6
179.9
98.8
100.0
98.4
99.4
164.8
168.9
166.7
170.5
163.0
166.3
164.6
168.1
1982: IV
101.0
99.7
105.0
104.2
103.9
104.5
158.3
158.2
98.0
97.9
156.8
158.7
150.2
151.4
1983:
IV
103.8
103.3
113.6
114.1
109.4
110.5
163.6
163.4
98.1
97.9
157.7
158.2
155.2
156.2
1984:
I
104.9
105.6
105.5
105.5
103.9
104.6
104.4
104.3
116.9
119.0
119.5
120.2
116.9
119.1
119.5
120.2
111.4
112.7
113.3
114.0
112.5
113.8
114.5
115.2
165.9
167.1
169.0
170.6
165.6
166.9
168.7
170.4
98.1
97.9
98.1
98.2
97.9
97.8
97.9
98.1
158.2
158.3
160.2
161.7
159.4
159.5
161.5
163.3
156.7
157.7
159.0
160.3
157.2
158.4
160.0
161.4
105.7
106.4
107.3
106.4
104.4
104.9
105.4
104.5
121.3
122.3
123.5
123.8
121.1
122.1
123.3
123.6
114.8
115.0
115.2
116.4
116.0
116.4
116.9
118.2
172.3
174.5
176.4
178.0
172.1
174.0
175.4
177.0
98.4
98.6
99.0
99.0
98.3
98.3
98.5
98.4
163.1
164.0
164.4
167.3
164.8
165.9
166.3
169.3
161.4
162.6
163.4
164.6
162.7
164.1
165.2
166.2
107.3
107.4
107.3
106.6
105.6
105.7
105.7
105.1
125.3
125.4
126.0
126.5
125.1
125.3
126.1
126.7
116.8
116.7
117.4
118.7
118.5
118.5
119.4
120.6
179.1
180.4
181.7
182.6
178.3
179.3
180.4
181.6
99.2
100.2
100.4
100.2
98.8
99.7
99.6
99.6
167.0
168.0
169.3
171.4
168.8
169.6
170.7
172.8
165.3
165.8
167.2
167.0
167.1
167.5
169.0
168.8
1982...
n
m
IV
1985- I
n...
m
IV
1986- I
n
m
IV
Percent change; quarterly data at seasonally adjusted annual rates
0.8
-1.2
0.8
-1.6
5.8
2.0
6.0
1.9
4.9
3.2
5.1
3.5
8.5
9.7
8.6
9.5
0.8
-1.4
0.9
-1.6
7.6
11.1
7.7
11.2
7.3
9.0
7.0
8.9
1980
1981
1982
1983
1984
-.3
1.4
-.4
2.7
2.3
— .4
1.0
-.6
3.3
1.8
1i
2.1
31
4.2
8.1
-1.2
1.7
-3.3
4.9
8.0
8
.7
28
1.5
5.7
-.7
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
4.0
-2.7
-1.0
1.6
1.0
-.1
-2.7
-.9
1.5
1.1
-.3
10.9
7.7
8.3
1.5
1.8
11.0
8.3
8.4
1.1
2.1
9.0
9.6
5.9
3.3
3.5
9.7
9.7
6.3
3.5
3.2
1985
1986
1.0
.7
.5
.7
3.3
2.5
3.0
2.7
2.2
1.9
2.6
2.0
4.3
3.2
4.0
3.0
.7
1.2
.4
1.1
3.2
2.5
3.5
2.3
2.9
2.1
3.3
2.2
3.0
2.4
-.5
-1.2
-3.4
-3.5
4.5
5.1
3.2
3.7
1.5
2.6
2.4
3.0
1978
1979 .
1982:
IV
1983:
IV
1984- I
n
ni
IV
1985: I
n
m
IV
1986:
I
n
m
IV
2.8
1.3
10.4
9.8
7.3
8.4
5.3
4.4
1.4
.5
2.4
3.0
4.8
3.1
4.4
2.6
-.3
-.1
2.4
2.9
-.7
-.4
12.2
7.5
1.7
2.5
10.2
7.7
1.6
2.2
7.4
4.8
2.1
2.6
7.6
4.7
2.3
2.6
5.7
2.8
4.6
3.8
5.4
3.2
4.3
4.2
.3
-1.2
1.0
.5
.1
-.8
.7
.8
1.2
.2
5.0
3.9
3.0
.3
5.1
4.6
4.0
2.6
3.4
3.2
2.7
3.1
4.0
3.7
.9
2.7
3.4
-3.2
.3
1.8
2.2
-3.5
3.6
3.3
4.1
1.0
3.2
3.0
4.0
1.0
2.6
.6
.7
4.3
2.9
1.2
1.8
4.6
4.2
5.1
4.4
3.8
3.9
4.6
3.2
3.7
.9
.5
2.0
-.1
.6
.0
.9
3.3
2.4
1.0
7.2
3.6
2.7
1.0
7.4
2.7
3.0
1.9
3.0
3.2
3.4
2.6
2.4
3.3
.5
4.
-2.8
4.3
.5
-.3
-2.2
4.7
.3
2.0
1.7
5.1
.6
2.6
1.9
1.4
-.2
2.4
4.6
.8
.1
2.9
4.3
2.5
2.8
2.9
2.1
3.1
2.3
2.3
2.7
.9
4.2
.4
-.6
1.5
3.6
— .1
.0
— .7
2.3
3.3
5.0
-1.2
1.8
2.6
5.1
1.8
1.2
3.4
-.5
2.3
1.0
3.6
-.4
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.
2
16
5
O
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.5 percent in February, following a rise of 0.1 percent in January. The index for
February was 1.7 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
MO
FINAL PRODUCTS
200
DEFENSE AND
SPACE
180
EQUIPMEN1
INDEX, 1977=100* (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
120
./""
140 ,
.MANUFACTURING PRODUCTION.
DURABLE
'
w
160
100
.-•'•""
~>
120
EQUIPMENT
•v
^'
\
"
~^'
'CONSUMER
V
_,/
GOODS
100
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 1 M i n i u m
PER CENT*
90 _MANUF ^CTURING CAPACITY UTILIZATION RATE —
_
UTILITIES AND MINING PRODUCTION
80
,»•"•""
'
70
100
60
M 1 1 1 1 1 1 1 11
1983
1987
i t i i i h n i i iiniljLti i M mil in i i i i i i h i i i i
1984
1985
1986
1987
•SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF EC DNOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1977 = 100
1977 proportion
1979
1980
1981
1982
1983
1984
1985
1986r
1986:
Feb
Mar
Apr
May
June
July
Aue
Sept
Oct
Novr
Dec r
1987- Jan '
Feb"
1
Output as percent of capacity.
100.0
110.7
108.6
111.0
103.1
109.2
121.4
123.8
125.0
125.3
123.6
124.7
124.2
124.2
124.9
125.1
124.9
125.3
126.0
126.6
126.8
127.3
Capacity utilization
rate, percent *
Industry production indexes, 1977 = 100
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Manufacturing
Industrial
materials
5.9
11.2
2.0
1.0
1.7
.2
1.2
.5
.5
1.2
.5
.5
1.4
.9
.8
84.21
111.5
108.2
110.5
102.2
110.2
123.4
126.4
129.1
128.7
127.2
128.7
128.2
128.3
129.2
129.5
129.5
129.9
130.3
131.0
49.10
113.9
109.1
111.1
99.9
107.7
124.2
127.3
127.9
128.7
126.8
128.1
127.0
126.2
127.4
127.5
128.1
128.1
128.6
129.2
35.11
108.2
107.0
109.7
105.5
113.7
122.3
125.1
130.9
128.7
127.7
129.6
129.9
131.2
131.7
132.2
131.4
132.3
132.7
133.5
9.83
106.4
112.4
117.5
109.3
102.9
111.1
108.8
99.6
105.1
103.0
101.0
99.8
98.9
97.1
96.4
96.2
95.6
97.4
97.2
5.96
105.9
107.3
107.1
104.8
105.2
110.7
111.9
109.6
109.7
109.3
109.4
108.5
108.6
109.7
108.3
108.3
109.3
111.2
110.0
84.6
79.3
78.3
70.3
74.0
80.5
80.1
79.8
80.2
79.1
79.9
79.4
79.3
79.7
79.7
79.6
79.6
79.8
80.0
87.1
81.1
81.1
71.7
75.3
82.0
80.2
78.5
79.6
78.5
78.7
78.1
78.0
78.3
77.9
78.1
77.8
78.4
78.9
.5
1.7
131.1
131.8
128.8
129.9
134.3
134.4
98.8
98.8
111.3
112.1
79.9
80.1
78.9
78.9
3.9
19
2.2
71
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Products
Materials
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
1979
1980
1981
1982
1983
1984
1985
1986
1
Total '
Business
Construction
supplies
Business
supplies
Total
Energy
25.52
103.9
102.7
104.1
101.4
109.3
118.0
120.2
124.4
6.89
99.9
88.4
89.7
82.9
98.5
112.2
112.9
116.2
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
Sept
Oct
Nov r
Dec r
132.8
130.6
132.1
131.6
131.1
132.0
132.6
132.2
132.7
133.1
133.7
123.3
121.8
124.5
124.3
124.4
125.2
125.1
124.2
124.7
125.6
127.2
116.6
112.4
115.9
113.8
114.3
116.3
115.7
117.4
116.3
118.4
121.7
125.8
125.3
127.7
128.1
128.1
128.4
128.6
126.7
127.8
128.3
129.3
145.4
142.3
142.3
141.2
140.0
141.0
142.5
142.8
143.3
143.1
142.2
140.5
137.7
138.6
137.9
136.6
137.9
139.3
139.3
139.1
138.6
137.1
176.3
176.2
178.0
178.0
178.4
179.5
181.0
182.0
184.6
184.9
185.8
133.4
133.3
134.5
135.1
137.0
137.3
137.8
137.0
138.7
139.2
139.8
122.6
122.6
123.6
123.5
124.1
124.0
125.4
125.9
126.3
126.8
128.1
142.6
142.5
143.8
145.0
147.9
148.6
148.4
146.4
149.3
149.7
149.7
114.8
113.3
113.8
113.0
113.1
113.6
113.2
113.5
113.3
114.3
115.1
102.1
101.4
100.4
100.5
100.8
99.9
97.9
98.0
96.9
98.7
98.7
Jan r
Feb p
133.6
134.5
126.8
127.5
119.3
121.7
129.6
129.7
142.6
143.7
137.5
138.9
186.5
187.2
140.9
141.2
130.0
130.2
150.2
115.3
115.5
99.3
99.6
Feb
Mar
Apr
May
June
1987:
Nondurable goods
Total
44.77
111.0
112.2
115.2
109.5
114.7
127.3
131.1
132.3
r
1986:
Durable
goods
Defense
and
space
equipment
Includes rigs and prefabs, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
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
127.5
122.6
126.2
124.1
125.1
125.6
125.1
127.7
125.2
125.6
127.2
116.4
108.1
112.6
108.7
110.6
111.2
108.2
112.2
107.1
107.9
111.2
120.3
120.7
121.3
121.6
120.9
120.8
122.5
125.0
125.9
129.5
132.9
102.8
102.8
103.1
102.6
101.7
102.5
102.5
102.7
104.2
105.1
106.9
156.7
157.8
161.6
161.9
164.0
165.4
164.6
163.0
167.8
168.5
167.6
132.0
130.2
132.8
131.5
134.2
134.1
134.4
133.9
133.9
132.3
134.2
132.9
132.2
133.1
133.7
134.6
134.3
135.1
134.3
133.7
134.4
134.7
127.9
131.7
112.1
118.0
107.3
169.5
1700
135.9
135.1
Iron and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
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
Sept
Oct
Nov r
Dec r
80.3
76.3
78.1
74.8
71.4
73.6
73.4
74.1
74.2
76.8
73.7
69.5
64.3
65.6
60.2
58.3
61.7
60.8
61.1
62.2
64.8
60.5
108.5
107.6
108.2
106.5
106.6
105.7
105.9
107.3
108.3
107.1
108.4
143.9
141.7
140.8
141.3
140.4
142.6
142.6
140.9
142.2
141.2
140.3
164.8
165.2
166.8
166.0
163.2
166.8
167.2
166.9
167.7
168.3
170.2
1987- Jan r
Feb "
72.4
73 2
58.4
108.7
108.9
139.4
140.1
168.5
168.7
Period
Total
1979
1980
1981
1982
1983
1984
1985
1986
r
1986- Feb
Mar
May
July
Source: Board of Governors of the Federal Reserve System.
18
Total
Motor
vehicles
and
parts
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
Commercial
and
industrial 2
New housing
units
Total 1
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
250.3
249.0
257.8
244.4
279.2
327.2
355.6
377.9
r
201.5
194.0
204.4
193.6
228.5
272.0
292.8
306.7
90.1
70.4
70.2
57.7
95.7
115.1
116.0
133.9
117.2
101.1
100.0
85.4
126.6
155.1
158.8
175.6
42.0
46.7
55.0
58.7
53.8
68.6
82.7
80.1
42.3
46.2
49.4
49.5
48.1
48.2
51.3
51.1
48.8
55.0
53.3
50.8
50.7
55.2
62.8
71.2
109
97
100
100
124
135
148
155
Annual rates
Annual rates
1986: Feb
Mar
373.9
368.0
373.9
374.5
375.4
380.7
382.6
382.6
388.5
305.7
298.9
303.3
302.6
304.6
309.0
Nov
Dec r
383.1
378.5
305.5
164.7
165.6
170.5
172.5
174.5
178.8
178.8
178.5
187.0
185.7
181.5
1987- Jan r
Feb"
374.8
378.4
299.7
300.4
181.5
179.4
May
July Auff
Sept
Oct
1
3
r
r
...
310.2
308.6
315.3
311.7
1,059
904
919
690
756
955
1,097
996
124.7
126.5
129.4
132.4
135.2
136.6
137.8
138.5
139.4
140.2
137.8
87.5
81.4
81.8
78.7
78.3
79.3
81.1
79.3
77.5
76.5
74.5
53.5
51.8
51.0
51.3
51.8
50.9
50.3
50.9
50.8
49.5
49.4
68.3
69.2
70.6
71.9
70.8
71.7
72.4
74.0
73.2
71.5
73.0
157
151
165
153
159
157
155
155
151
156
155
941
840
1,011
921
911
877
949
970
861
1,025
940
139.2
138.3
68.1
70.4
50.1
50.6
75.1
78.0
150
145
996
850
Includes the following categories of private construction not shown separately: residential imJ™ %ht wtl power, gas, petroleum pipelines, and farm nonresidential.
Includes hotels and motels.
3
F. W, Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands ol units or homes, except as noted]
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
r
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
New private homes
Units
authorized
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,761.5
Units
completed
Homes sold
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,755.8
709
545
436
412
623
639
688
750
1,725
1,788
r
1,703
r
1,801
r
1,644
r
1,750
r
1,757
r
1,740
r
1,745
r
1,774
1,888
740
900
883
777
723
691
623
744
675
r
691
765
1,884
699
680
Homes for
sale at end of
period *
3
r
r
398
336
272
251
300
353
346
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.4
5.0
5.3
5.7
5.9
6.5
360
Seasonally adjusted annual rates
1986- Feb
Mar
Apr
May
June
July
AUP;
Sept
Oct
Nov
Dec r.
r
1987: Jan
Feb "
1
1,923
1,887
1,945
1,848
1,842
1,786
1,800
1,689
1,657
1,637
1,813
1,183
1,195
1,220
1,219
1,212
1,147
1,180
1,123
1,114
1,129
1,233
106
82
81
83
79
80
88
62
85
71
108
634
610
644
546
551
559
532
504
458
437
472
1,808
1,834
1,885
1,788
1,792
1,759
1,673
1,603
1,565
1,613
1,910
1,804
1,851
1,247
1,317
76
72
481
462
1,690
1,763
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly compi
with earlier data.
3
New series beginning March 1979.
2
r
351
338
337
338
340
350
352
355
357
r
6.9
7.3
7.5
353
360
7.7
361
363
NOTE.—Seasonally adjusted housing completions revised beginning 1984.
Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83 data i
for 16,000 places.
Source; Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
According to advance data, retail sales rose 4.1 percent in February, following a decline of 7.4 percent in
January. (See Note below regarding revised series.)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
200
190
180
170
160
150
650
600
550 -
f
500
MANL 'FACTORING AND
TRA DE INVENTO <IES
450 -
-
•""
400
130
~C
,~r-i
120
M/^NUFACTURI MG
AN D TRADE SA LES
'•-""'
350
T
RETAIL INVENTORIES-
140
110
-
RETAIL SALES
100
300
90
250 -
80
-
70
RATIO*
200
1.80
_ INVENTORY-SALES RATIO
1.60
150 -
-
RETAIL
1.40
MANUFACTURING
AND TRADE
1.20
100
1 1 1 1 11 1 1 MI
1 1 1 1 1 1 1 1 111
1983
1 1 1 1 11 1 M 11
1984
1.00
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11
1985
1983
1987
1986
1984
1985
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing
and
trade l
1986
1987
COUNCIl Of ECONOMIC ADVISERS
Inventory-sales ratio 4
Retail
Wholesale
Inventories 3
Sales 2
Period
2
Inventories 3
Sales 2
Inventories 3
Sales
328,058
356,919
494,105
528,105
93,704
102,013
96,290
100,424
113,404
114,494
114,924
113,478
118,259
118,149
120,265
131,544
135,833
138,450
115,410
113,380
112,495
114,608
109,870
112,873
114,375
114,482
117,594
117,991
117,605
117,395
136,436
136,561
137,056
137,083
137,506
138,793
139,753
139,742
139,878
139,211
138,849
138,450
114,569
140,245
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade '
Retail
Millions of dollars, seasonally adjusted
1980
1981
1982
1983
1984
1985
1986
... .
r
1986- Jan r
Feb
Mar
Apr
May
June
Sept
Oct
Nov
Dec r
1987- Jan p
Feb p
1
r
r
117,438
117,090
116,684
117,715
118,675
118,960
119,804
121,523
128,331
121,655
121,062
126,938
l!7,519
122,291
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
ita, ratio of inventories at end of month to sales for month.
2
3
4
20
24,914
27,089
28,059
33,041
38,817
42,851
46,954
79,963
86,777
89,339
97,858
107,755
114,495
120,483
r
44,335
44,059
43,279
44,874
45,554
45,596
46,312
47,912
54,617
47,679
47,019
52,186
r
42,930
46,716
T
r
55,049
59,688
61,279
64,817
68,939
71,645
73,530
116,346
127,201
126,497
139,381
157,845
165,514
172,662
55,117
60,327
58,952
66,928
77,142
83,071
87,272
61,229
66,874
67,545
72,453
80,703
82,443
85,390
73,103
73,031
73,405
72,841
73,121
73,364
73,492
73,611
73,714
73,976
74,043
74,752
167,203
169,379
171,551
172,158
170,869
171,705
173,529
172,926
171,617
176,338
174,788
172,662
84,200
85,863
88,132
88,263
87,198
88,281
90,271
89,380
86,578
90,134
89,173
87,272
83,003
83,516
83,419
83,895
83,671
83,424
83,258
83,546
85,039
86,204
85,615
85,390
1.42
1.45
1.47
1.46
1.44
1.44
1.45
1.42
1.34
74,589
75,575
174,934
89,286
85,648
1.49
1.45
1.44
1.42
1.41
1.41
1.34
1.39
1.40
1.43
1.45
1.44
1.36
NOTE.—Revised data for wholesale and retail sales and inventories are not yet available on a
basis comparable with revised data for manufacturing, shown on page 21. Data shown on the chart
for manufacturing and trade are the old series, plotted through December 1986,
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In February, manufacturers' shipments and new orders rose, while inventories and unfilled orders fell slightly. (Series
revised.)
BILLIC)NS OF DOLLARS* (RATIO SCALE)
BILLICJNS OF DOLLARS* (RATIO SCALE)
280
240
440 _ INVENIORIbb
200
360
320
280
_^~^
160
_
•—'
\
TOTAL
—
240 —
120
DURABLE GOO )S
1
'&-*''
80
L Ju.
— v" •-'•
NOI•^DURABLE G OODS
-Z~-^
x
60
lllllllllll lllllllllll lllllllllll lllllllllll
-
DU RABLE
160
GOO )S
120
NON DURABLE GC KIDS
iiiiiiiiin
BILLIC)NS OF DOLLARS* (RATIO SCALE)
An
280
240
200
160,
.^-
/•
RATIO*
2.2
s
2.0
. X'-v -~.-.^-* /
1.8
DUF ABLE GOO!
120
80
~-
TOTAI
^S~^
- V"
NON
INVENTORY-SHIPMENTS RATIO
^n r>
1.6
-
—^
DURABLE GC)ODS
1.4
60,
lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll
1983
1984
1985
1.2
^
mill
II 1 I! 1 I I 1 1 1
lllllllllll
1987
1986
1983
1985
1984
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
lllllllllll
1986
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' inventories 2
Manufacturers' new orders *
Durable goods
Period
Total
Durable
goods
1987
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
Capital
goods
industries,
nondefense
Nondurable goods
323,393
319,094
306,302
338,849
365,177
373,495
373,849
1.67
1.65
1.95
1.80
1.74
1.74
1.70
376,395
379,686
377,060
375,692
373,634
374,181
372,090
375,043
374,047
374,514
373,849
370,526
369,424
1.72
1.75
1.71
1.72
1.70
1.73
1.71
1.67
1.67
1.67
1.61
1.69
1.64
Millions of dollars, seasonally adjusted
1980
1981
1982 '
1983 r
1984 r .
1985 *
1986 *
1986: Feb r
Mar r
Apr r
May r
June *
July T
Aug T ..
Sept '
Oct T .
Nov r
Dec r
1987: Jan ' ....
Feb"
1
2
154,391
168,129
163,350
171,242
187,869
189,928
189,442
77,550
83,872
79,352
84,956
96,623
98,930
100,142
76,841
84,257
83,998
86,286
91,246
90,997
89,300
264,281
282,645
2
311,421
312,152
334,163
326,780
318,172
188,620
185,467
189,240
187,162
189,022
186,152
186,977
190,805
190,403
190,532
197,707
99,084
97,751
100,834
98,484
99,611
99,514
98,065
100,881
101,528
100,218
106,739
89,536
87,716
88,406
88,678
89,411
86,638
88,912
89,924
88,875
90,314
90,968
324,569
323,962
323,415
322,399
321,273
321,197
319,882
318,345
318,220
318,721
318,172
189,956
195,742
99,318
103,384
90,638
92,358
320,689
320,384
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
212,616
212,792
212,319
212,012
211,035
210,685
209,885
209,438
209,170
209,373
207,935
111,953
111,170
111,096
110,387
110,238
110,512
109,997
108,907
109,050
109,348
110,237
190,930
188,983
186,614
185,794
186,964
186,699
184,886
193,758
189,407
190,999
197,042
101,267
101,205
98,121
97,077
97,772
99,991
96,129
103,468
100,392
100,658
105,966
27,645
26,590
25,470
25,484
25,905
26,637
25,541
27,143
27,647
27,301
29,312
76,801
84,199
83,924
86,431
91,189
91,030
89,351
89,663
87,778
88,493
88,717
89,192
86,708
88,757
90,290
89,015
90,341
91,076
209,090
208,547
111,599
111,837
186,635
194,640
95,546
101,936
26,778
26,807
91,089
92,704
174,620
186,347
200,711
200,220
218,524
213,750
207,935
2
Monthly average for year and total for month. Shipments are the same as sales.
End of period. Data through 1981 are book value. Data beginning 1982 are on a current-cost
2
4
Annual data are averages of monthly ratios. Data beginning 1982 are not comparable with data
for prior periods.
of pe
21
PRICES
PRODUCER PRICES
In February, the producer price index for all finished goods rose 0.1 percent, seasonally adjusted. The index for
finished consumer foods fell 0.5 percent while the index for other finished consumer goods rose 0.5 percent. The
index for capital equipment fell 0.3 percent.
INDEX, 1967= 100 (RATIO SCALE)
340
FINISHED GOODS
INDEX, 1967=100 (RATIO SCALE)
340
SEASONALLY ADJUSTED
320
lUIALHNIbHtU
CONSUMER GOODS
EXCLUDING F nnrtt
300
^--1~ - . / ^
280
-1
\ —^-"
rc^ -'y^
^Z^zzz^ """^
320
-
GOODS
300
-
•>—. /-'•->
280
/^
^^
>
260
6^<
/.--\-l
/&
240
X
s-~SJ
„'"».
260
CONSUMER FOODS
CAPITAL EQ JIPMENT
240
fc?
220
;~-$
200 S
/
220
/
200
180 1 1 1 1 1 1 1 1 1 1 1
1979
1 1 1 I I1 1 1 I1 1
1 1 11111 11 11 1 1 i 1 1 1 1 1 1 11
1980
1 1 1 1 I 1 I 1 1 11
1 1 1 1 1 1 1 1 11 1
1983
1982
1981
II M i l II III
1984
1985
in ii him
M i n i . 1 Ml
180
1987
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
Total
finished
goods
Consumer
foods
Nondurable
Capital
equipment
Consumer goods
Total
Total
Durable
Total
finished
consumer
goods
Crude materials
Total
Foods
and
feeds '
Other
Total
Foodstuffs
and
feedstuffs
Other
1979
1980
1981
1982
1983
1984
1985
1986 p
217.7
247.0
269.8
280.7
285.2
291.1
293.7
289.6
226.2
239.5
253.6
259.3
261.8
273.3
271.2
278.0
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
283.4
183.2
206.2
218.6
226.7
233.1
236.8
241.5
246.9
231.3
283.9
319.6
333.6
335.3
337.3
339.3
311.1
216.5
239.8
264.3
279.4
287.2
294.0
300.5
306.5
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
230.2
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
280.0
247.9
259.2
257.4
247.8
252.2
259.5
235.0
230.6
330.0
401.0
482.3
473.9
477.4
484.5
459.2
386.8
1986: Feb
Mar
Apr
May
June
July
Aue:
Sept
Oct *
Nov
Dec . . . .
291.5
288.9
287.4
288.8
289.4
287.2
288.3
289.1
290.1
290.2
289.9
270.0
270.5
271.7
275.5
275.9
279.6
283.5
283.3
285.9
285.2
284.1
296.4
292.7
290.3
290.9
291.5
287.1
287.2
288.4
288.8
289.3
289.2
292.3
286.8
282.9
283.6
284.2
277.9
277.9
279.1
279.2
279.4
279.3
243.2
243.7
245.7
245.5
245.9
246.4
246.3
247.6
251.0
252.2
252.1
329.3
319.2
311.0
312.4
313.2
301.7
301.9
303.0
300.7
300.0
299.9
303.8
304.3
305.1
305.5
306.1
306.3
306.6
307.6
308.7
309.9
310.1
288.1
284.5
282.3
284.1
284.7
281.7
283.1
283.8
284.8
284.6
284.2
313.8
310.3
307.3
306.8
306.6
304.7
304.5
305.7
304.8
304.8
304.8
229.1
228.4
227.2
229.1
229.4
229.6
232.2
232.6
231.5
231.5
231.4
320.0
316.4
313.2
312.5
312.3
310.3
309.9
311.1
310.2
310.3
310.2
287.3
280.9
273.2
279.1
277.2
276.7
277.2
276.8
280.9
278.2
274.4
224.8
223.3
218.6
228.4
226.5
232.2
238.6
236.1
241.1
236.6
233.8
422.4
405.2
391.2
389.0
387.2
372.6
359.8
364.3
366.3
367.7
361.7
1987:
291.7
291.9
279.0
277.7
293.5
294.2
285.1
286.5
252.4
249.7
308.9
312.9
310.8
310.0
286.2
286.8
307.6
309.2
228.5
230.1
313.4
315.0
282.3
287.4
226.7
226.6
389.5
401.4
1
Jan
Feb
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In February, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted and not
seasonally adjusted. The index was 2.1 percent above its year-earlier level.
INDEX, 1967= 100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
340
340
320
320
300
300
280
280
260
260
240
240
220
220
200
200
Illllllllll
180
1979
1980
1981
1982
1983
180
1985
1984
1986
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
1987
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Transportation
Housing
All items
Shelter
Period
All
items l
Food
Total '
Total
NSA
3
HomeRenters'
owners'
costs (Dec. costs
(Dec.
1982=100) 1982=100)
cars
Motor
fuel
New
Medical
care
Ener2
gy
food,
energy,
and
shelter
7.9
6.3
102.5
107.3
113.1
119.4
0.2
2564
285.7
3144
334.1
346.3
359.2
368.9
373.8
2393
278.6
3192
350.8
370.3
387.3
393.6
384.7
1666
178.4
1869
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
4.6
1660
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
2945
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
119.3
119.9
121.0
121.2
121.7
122.3
122.6
123.1
123.6
124.1
124.5
117.1
118.1
118.8
119.0
119.1
119.4
119.9
120.6
121.1
121.3
121.5
379.6
367.5
367.6
367.1
366.6
369.2
376.4
376.2
379.0
377.1
380.0
392.7
389.3
387.5
383.6
388.1
383.4
382.9
380.6
376.7
374.9
374.3
206.7
206.4
206.9
206.9
206.3
207.1
208.0
208.9
209.0
209.6
209.5
319.6
311.6
303.8
305.7
308.1
304.2
301.3
302.2
302.5
303.6
303.6
219.6
220.3
221.3
222.8
224.2
225.2
225.9
226.4
228.0
229.7
230.9
353.4
315.1
280.6
289.3
297.2
276.5
263.2
269.0
263.4
261.7
260.9
421.4
424.6
427.4
430.0
432.7
435.3
437.8
440.6
443.0
445.3
448.2
412.2
388.1
367.0
368.7
375.2
360.0
352.2
353.7
347.1
345.3
344.6
287.9
288.6
289.0
289.6
290.6
291.7
292.4
292.8
293.9
294.8
295.5
125.4
126.0
122.0
122.6
382.1
381.9
375.9
377.1
210.4
211.8
308.3
309.8
231.8
229.3
278.0
289.5
450.2
451.7
354.9
361.5
297.0
297.4
100.0
217 4
246.8
2724
289.1
298.4
311 1
322.2
328.4
16.2
2345
254.6
274 6
285 7
291.7
302 9
309.8
319.7
42.9
227 6
263.3
2935
314.7
323.1
336.5
349.9
360.2
27.8
239 7
281 7
314 7
3370
344.8
361 7
382.0
402.9
103.0
108.6
115.4
121.9
1986: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
327.5
326.0
325.3
326.3
327.9
328.0
328.6
330.2
330.5
330.8
331.1
314.6
314.4
315.1
316.5
317.4
320.2
322.7
323.9
325.2
326.5
327.2
357.1
358.0
358.8
358.6
360.1
360.1
361.0
361.8
361.9
362.0
362.7
395.0
397.5
400.2
400.9
401.6
403.0
404.6
406.7
408.3
409.3
410.3
1987: Jan
Feb
333.1
334.4
328.6
329.6
364.4
365.8
412.2
414.3
8.0
19.6
Includes items not shown separately.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
3
Relative importance, December 1986.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
repairs
Fuel
el and
J
and
other upkeep Total
utilities
NSA
Bel. imp.
1979
1980
1981
1982
1983
1984
1985
1986
1
2
Maintenance
Appar-
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.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by 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
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
12.8
11.8
7.1
3.7
.6
1.7
1.8
-2.5
1979...
1980
1981...
1982
1983...
1984
1985...
1986''
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
-6.9
Change, month to month
Sept
Oct '
Novr
Dec
-1.5
-.9
-.5
.5
.2
-.8
.4
.3
.3
.0
-.1
— 1.4
.2
.4
1.4
.1
1.3
1.4
-.1
.9
-.2
— .4
-2.2
-1.9
-1.4
.2
.2
-2.2
0
.4
.0
.1
-.0
0.1
.2
.3
.1
.2
.1
.1
.3
.4
.4
.1
-5.4
-10.5
-11.0
-3.7
.7
-.3
-.7
— .4
4.1
2.7
1.1
1987- Jan r
Feb
.6
.1
-1.8
-.5
2.1
.5
.2
3
2.2
2.4
1986: Peb
Mar
May
July
-5.0
-7.6
-2.9
8.4
8.2
12.1
12.1
11.2
9.3
2.4
1.1
-8.4
-16.4
-19.8
— 11.4
-3.6
-6.9
-7.8
-7.0
1.9
2.2
.3
0.8
1.1
2.1
2.3
2.4
1.6
1.4
2.0
3.2
4.4
3.3
8.7
10.6
2.7
.1
-9.3
-10.1
-5.8
-2.2
.1
1.9
1.0
.3
0.9
3.1
1.1
1.5
0
4.4
10.2
9.7
10.7
7.2
6.0
3.2
2.5
— .4
-4.0
-1.5
-1.9
-4.4
-4.5
-5.1
-3.9
-6.3
-9.5
-9.9
-10.2
-13.6
-9.6
-5.3
-2.6
-2.9
-3.4
5.2
6.3
1.6
3.1
1.8
1.5
1.7
1.9
1.9
2.2
2.4
2.9
2.6
__2
-1.4
-2.0
-1.8
-1.6
-2.4
-1.8
-.9
— 1.4
-1.9
-2.5
3.0
2.2
-1.5
.1
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items l
Food
Total >
Total '
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Ap,
pare!
and
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Energy2
All
items
less
food,
energy,
and
shelter
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1979
1980
1981
1982
1983
1984
1985
1986
17.4
15 1
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
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
-0.3
-.4
-.3
2
.4
.0
.2
.3
.2
.2
.2
-0.2
-.1
.2
A
.3
.9
.8
.4
.4
.4
.2
-0.1
.3
.2
-.1
.4
0
.2
.2
.0
.0
2
0.3
.6
.7
.2
.2
.3
.4
.5
.4
.2
.2
0.3
.5
.9
.2
.4
.5
.2
.4
.4
.4
.3
0.3
.9
.6
.2
.1
.3
.4
.6
.4
2
.2
.7
.4
.4
.3
.5
.4
.5
.5
.7
.5
.4
.5
13.3
124
8.9
3.9
3.8
4.0
3.8
1.1
10.2
102
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
52.2
7.4
18.9
7.5
6.8
9.4
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
0.4 -6.1
.3 — 10.8
.5 -10.9
3.1
.7
.6
2.7
.4 -7.0
.3 -4.8
.2
2.2
.7 -2.1
.7
-.6
.5
-.3
0.7
.8
.7
.6
.6
.6
.6
.6
.5
.5
.7
-3.7
-5.8
-5.4
.5
1.8
-4.1
-2.2
.4
-1.9
-.5
2
0.2
.2
.1
2
.3
.4
.2
.1
.4
.3
.2
.4
.3
3.0
1.9
.5
11.3
13.5
10.4
6.1
3.2
4.3
3.6
1.9
Chimge, month to month
1986: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1987: Jan
Feb
-1.0
-0.4
-.9
-.1
-.5
.2
-1.0
0
1.2
.O
— 1.2
.4
j
.4
-.6
.4
-1.0
.0
-.5
.3
-.2
-.0
.4
.3
.4
.7
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
-1.4
-2.5
— 2.5
.6
.8
-1.3
-1.0
.3
.1
.4
0
1.5
.5
.4
-1.1
6.6
4.1
1.6
-1.3
.1
2.5
2.6
-3.7
-1.7
1.6
2.9
2.5
2.0
2.6
3.0
2.5
2.8
1.7
.4
-.1
.1
-.5
.4
1.8
2.7
2.7
2.2
3.2
2.3
1.6
1.6
1.7
1.6
1.6
1.8
1.5
1.3
1.1
4.4
5.2
3.5
4.1
1.4
2.1
1.5
-1.3
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 March were unchanged from their February level. Prices paid by farmers in January
rose 0.6 percent from their October level.
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
"180
180
PRICES PAID
160
160
140
140
PRICES RECEIVED -
120
120
100
100
80
80
60
RATION
140
60
RATION
140
Illllllllll
—
— 120
120
100
80
"*—'"^—,~^~^
— 100
~~
"\^
-
60
Ill I I 1 I I 1 I I
1979
|
|
|
|
|
|
|
|
|
|
|I l l l l l l l l l l
1980
\
"•>—.
1
=
_-,
^-—|
80
•*' "
— —Illllllllll
1981
Illllllllll
1982
1983~
Illllllllll
Illllllllll
Illllllllll
Illllllllll
1984
1985
1986
1987
60
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977=100]
Prices paid by farmers
Prices received by farmers
Period
1979
1980
1981
1982
1983
1984
1985
1986
1986- Mar
Apr
May
June
Sept
Oct
Nov ..
Dec
1987' Jan
Febr
Mar
1
2
All farm
products
Livestock and
products
Crops
132
134
139
133
135
142
128
123
122
121
123
122
125
125
122
121
124
121
121
122
122
116
125
134
121
128
138
120
106
111
114
115
110
106
101
97
97
103
99
99
99
101
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and3 wage rates. See also footnote 3.
Beginning March 1986, prices paid by fanners are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
147
144
143
145
141
146
136
138
132
127
131
133
143
149
146
145
145
141
142
144
142
All commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
rates
123
138
151
159
161
165
163
159
(3)
159
(3)
(3)
159
(3)
(3)
158
(3)
(3)
159
(3)
(3)
125
139
151
159
159
162
157
151
(3)
151
(3)
(3)
151
(3)
(3)
149
(3)
(3)
149
(3)
(3)
Production
items
125
138
148
153
152
155
151
146
(3)
145
(3)
(3)
144
(3)
(3)
142
(3)
(3)
143
(3)
(3)
Ratio 2
107
97
92
84
84
86
79
77
76
76
77
77
79
79
77
77
78
77
76
77
77
NOTE.—The official indexes are published on a 1910-14 base as required bv 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 and M2 fell slightly in February, while M3 rose slightly.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,600
BIUIONS 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
300
1980
1981
1983
1982
1984
1986
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1980198119821983198419851986-
Dec r
Dec '
Dec '
Dec '
Dec '
Dec '
Dec F
1986- Feb T
Mar r
Apr '
. ..
May '.
July r.
Aue ' .. ..
Sept r
Oct '
Nov '
Dec ' . ...
1987- Jan r
Feb p
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs 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
MMIVrF balances
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinanciaL
sectors
(monthly
average) l
Percent change from year or 6
months earlier z
Ml
M2
M3
Debt
416.6
443.2
481.3
526.9
557.5
627.0
730.5
1,633.1
1,795.5
1,953.8
2,184.6
2,369.1
2,569.6
2,799.8
1,990.9
2,236.4
2,443.1
2,692.8
2,985.7
3,205.6
3,489.2
2,327.6
2,598.9
2,853.0
3,154.6
3,529.3
3,838.6
4,141.1
3,895.1
4,275.5
4,658.0
5,206.3
5,946.0
6,774.9
7,626.6
6.5
6.4
8.6
9.5
5.8
12.5
16.5
8.9
9.9
8.8
11.8
8.4
8.5
9.0
10.2
12.3
9.2
10.2
10.9
7.4
8.8
9.7
9.8
8.9
11.8
14.2
13.9
12.6
632.2
640.5
648.2
659.6
667.5
676.6
687.0
693.1
701.4
712.4
730.5
2,582.4
2,598.9
2,623.9
2,647.4
2,667.6
2,693.8
2,718.4
2,736.3
2,760.7
2,775.4
2,799.8
3,242.8
3,264.4
3,293.2
3,314.9
3,338.4
3,368.5
3,396.2
3,420.7
3,441.2
3,459.5
3,489.2
3,880.2
3,894.9
3,920.0
3,951.9
3,972.5
3,998.9
4,027.1
4,055.9
4,081.8
4,108.2
4,141.1
6,918.8
6,963.5
7,023.9
7,095.8
7,167.5
7,235.5
7,315.7
7,392.8
7,453.7
7,530.0
7,626.6
9.6
9.8
11.4
13.4
13.3
15.7
18.1
17.1
17.1
16.7
19.8
5.8
5.8
7.1
7.8
7.8
9.5
10.8
10.9
10.7
9.9
10.2
7.5
7.5
8.4
8.6
8.5
9.0
9.7
9.8
9.2
8.9
9.2
15.2
14.7
14.5
13.9
11.9
10.8
11.8
12.7
12.6
12.6
13.2
737.6
737.2
2,822.0
2,821.3
3,515.8
3,519.5
4,173.1
7,711.1
18.8
15.1
9.7
7.7
8.9
7.4
13.6
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfmancial 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
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Demand
deposits
Currency
Period
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
1980: Dec r .. 116.7
1981: Decr .. 124.1
1982: Dec r .. 134.3
1983: Dec r .. 148.3
1984: Dec ' .. 158.5
1985: Dec T .. 170.6
1986: Decr.. 183.5
Nov
, ^
517.1
521.0
526.1
531.6
541.0
546.6
553.6
558.8
564.4
568.7
571.3
304.8
306.6
311.1
316.8
321.8
327.4
334.6
341.4
350.4
358.5
366.2
889.8
892.0
893.1
888.0
883.0
880.9
876.7
872.2
864.7
857.1
853.3
447.6
448.5
451.3
447.6
447.5
448.3
449.4
448.5
445.7
445.9
447.0
70.7
71.7
71.6
r
74.1
r
75.1
r
74.7
r
75.4
r
78.1
r
78.2
r
82.6
r
82.2
79.1
82.7
81.4
79.7
80.0
r
78.2
r
77.2
r
79.9
r
76.6
r
78.4
r
83.2
80.5
81.2
81.9
82.7
83.5
84.3
85.3
86.4
87.7
89.8
91.7
84.0
84.7
574.2
570.6
376.7
387.3
851.3
847.2
449.6
447.8
r
r
92.7
305.1
300.7
240.0
242.7
r
r
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
r
80.9
83.5
securities
Bankers'
acceptances
Commercia
paper
NSA
67.7
70.2
74.1
76.1
75.0
77.5
80.8
84.4
84.5
84.4
84.1
0.0
.0
ury
m
bonds
43.2
379.0
417.4
513.2
571.3
181.0
186.2
191.4
193.2
197.3
199.7
200.5
202.2
206.9
207.1
r
207.6
209.0
210.8
Eurodollars
(net)
Shortterm
Treas-
c
oav-
72.3
67.8
68.4
67.4
68.2
r
69.0
66.3
r
71.8
r
74.7
r
72.8
r
77.5
r
76.7
r
77.3
83.8
79.9
NSA
NSA
Term
50.3
67.5
81.7
91.5
82.9
76.6
83.2
183.1
186.0
189.9
195.5
199.6
204.5
210.4
214.7
220.4
225.9
232.3
186.0
187.2
Sept...
Oct
Term
repurchase
agreements
(RPs)
34.0
36.0
34.5
51.8
62.2
66.0
82.2
270.3
274.6
277.7
282.2
285.0
288.2
291.2
292.2
293.4
297.8
308.3
Dec
Aug
Large
denomination
time
deposits l
259.8
302.1
326.2
326.2
417.0
436.1
447.0
178.3
232.3
1987:
Jan .
Feb p
Apr...
*-Jr
May
J
June
July..
denomination
time
deposits l
728.7
823.3
851.0
783.8
885.3
884.2
853.3
15.2
38.0
51.1
43.2
62.7
65.1
84.1
30.5
80.2
104.7
131.4
145.5
Small
Savings
deposits
400.8
344.3
357.3
306.2
288.8
303.6
366.2
61.6
150.6
185.2
138.2
167.5
176.5
207.6
172.7
173.8
174.4
175.8
176.7
177.6
179.0
179.7
181.2
182.4
183.5
Mar
NSA
28.3
35.9
38.8
53.8
56.3
70.3
77.3
265.2
234.6
237.9
242.3
248.3
272.2
308.3
1986:
Feb
NSA
Institution
only
Money
market
deposit
accounts
(HMD As)
86.4
90.5
133.4
149.4
183.7
212.6
263.5
304.6
292.4
32.1
40.0
44.5
45.1
45.7
42.4
37.5
98.9
105.3
113.6
133.0
160.3
206.6
230.2
305.7
299.1
298.3
303.8
298.2
r
292.5
r
288.7
T
288.0
r
286.9
r
292.4
r
292.4
42.5
41.4
40.6
39.8
39.8
39.0
37.3
36.9
37.7
38.0
37.5
208.6
208.8
206.1
210.7
212.6
214.5
219.7
223.9
228.4
228.4
230.2
287.2
37.7
239.7
68.0
71.1
74.2
79.4
91.7
r
r
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 l
Installment credit outstanding (end of period)
Period
Total
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
Other
Dec..
Dec
Dec r
Decr
Decr
Dec "
Decr
Dec '
Decr
261,976
296,483
295,763
310,965
325,136
373,048
446,183
522,805
577,789
98,739
112,475
111,936
119,610
125,440
145,874
172,352
208,057
245,056
45,202
53,357
54,894
60,750
66,007
78,369
99,620
122,021
134,940
16,921
18,207
18,264
19,308
21,728
22,919
24,710
25,488
25,710
101,114
112,444
110,669
111,297
111,961
125,886
149,501
167,239
172,083
40,501
34,507
720
15,202
14,171
47,912
73,135
76,622
54,984
17,791
13,736
539
7,674
5,830
20,434
26,478
35,705
36,999
8,513
8,155
1,537
5,856
5,257
12,362
21,251
22,401
12,919
559
1,286
57
1,044
2,420
1,191
1,791
778
222
13,638
11,330
1 775
628
664
13,925
23,615
17,738
4,844
1986: J a n r .
Feb r
Mar r
Apr r
Mav r
June r
July r
Aug r
Sept r
Oct '
Nov r
Dec r
529,118
534,198
536,589
542,521
546,759
551,771
558,054
563,661
571,275
576,862
577,645
577,789
211,528
214,322
215,460
218,017
221,012
224,412
227,821
231,202
239,015
243,395
242,998
245,056
123,921
125,509
126,534
128,901
129,618
130,737
132,183
133,175
133,118
133,812
134,388
134,940
25,573
25,666
25,751
25,703
25,674
25,806
25,891
25,940
25,731
25,783
25,732
25,710
168,097
168,701
168,844
169,899
170,456
170,815
172,160
173,345
173,412
173,873
174,527
172,083
6,319
5,080
2,390
5,932
4,239
5,012
6,283
5,607
7,614
5,587
782
144
3,473
2,795
1,137
2,558
2,994
3,401
3,408
3,381
7,813
4,380
-396
2,057
1,898
1,588
1,025
2,367
717
1,119
1,446
992
-58
694
576
552
86
93
85
-48
29
133
84
49
209
52
-51
-21
861
604
143
1,055
557
359
1,345
1,185
67
461
654
-2,444
1987: Jan p
578,325
246,078
134,574
25,841
171,833
536
1,022
-366
130
-250
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
NOTE.—Series revised beginning 1980.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans fell slightly in February.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,200
2,000
1,800
1,600
BILLIONS OF DOLLARS * (RATIO SCALE)
f—
ALL COMMERCIAL BANK,
TOTAL
—
1,200
•—-|r
r
'
—
.----""
____ _ _ _ _ - - - -
—
—
LO ANS
1,400
1,000
800
—
—
600
400
400
.,., -
U.S. G( DVERNMENT
S ECURITIES
\
J.^-
^'
200
-•._-.-
160
==-—«»—""•"°
5
r*£**^^~
x"
—
-'
"*v
^ .— — •
—
/
200
160
1
--""'
Ol HER SECURITIE S
120
80
2,200
2,000
1,800
1,600
1,200
—AND~r"LEA:;ES
^^-
800
600
r^""^"
—•
1,400
1,000
.-—-——
--—I
120
I
iimlimi iimlimi mi||mii nmlimi nmlmii
1979
1982
1981
1980
1983
Illllilllll
Illllilllll miilmii
1985
1984
80
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 1
Total loans
and
securities 2
Total 2
19791980:
19811982:
198319841985:
1986-
Commercial
and industrial
loans
U.S.
Government
securities
Other
securities
Total
Nonborrowed
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1,136.2
1,240.5
1,308.2
1,401.1
1,553.5
1,722.6
1,900.4
2,078.7
849.9
915.4
968.4
1,033.9
1,123.7
1,319.7
1,449.7
1,576.2
291.3
327.4
355.9
392.5
414.0
472.9
499.5
536.9
144.4
170.6
179.2
201.9
259.7
260.9
273.1
309.1
142.0
154.5
160.6
165.3
170.1
142.1
177.6
193.4
29.15
30.99
32.19
34.41
36.16
39.51
45.61
55.64
27.67
29.30
31.55
33.78
35.38
36.32
44.29
54.81
1986- Feb
Mar
Apr
May
1,473.7
1,491.8
1,501.5
1,501.5
1,505.3
1,513.4
1,524.5
1,534.7
1,537.7
1,549.5
1,576.2
502.4
506.1
506.7
506.7
508.7
508.7
510.4
512.1
514.1
520.3
536.9
273.6
269.5
271.1
274.1
274.8
285.4
290.9
294.3
299.6
304.8
309.1
188.1
183.3
182.1
181.9
183.6
186.1
192.3
200.7
196.7
194.8
193.4
r
46.37
r
46.87
"47.28
r
48.58
r
49.45
" 50.49
51.32
51.81
52.40
53.82
55.64
r
45.49
r
46.10
r
Sept
Oct
Nov
Dec
1,935.5
1,944.6
1,957.5
1,957.5
1,963.7
1,985.0
2,007.7
2,029.6
2,034.0
2,049.0
2,078.7
1987- Jan
Feb"
2,110.6
2,114.5
1,608.0
1,608.9
551.2
550.4
313.9
316.2
188.7
189.4
56.64
56.49
July
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
2
3
Borrowings
(millions of dollars,
unadjusted)
Reserves adjusted
for changes in
reserve requirements
Loans and leases
Period
Required
Total
Seasonal
28.70
30.48
31.87
33.91
35.59
38.66
44.55
54.27
1,473
1,690
636
634
774
3,186
1,318
827
81
116
54
33
96
113
56
38
49.75
50.45
50.80
51.56
53.07
54.81
45.27
45.97
46.48
47.74
48.51
49.58
50.58
51.08
51.66
52.85
54.27
884
761
893
876
803
741
872
1,008
841
752
827
56
68
73
94
108
116
144
137
99
70
38
56.06
55.93
55.57
55.28
580
556
34
71
46.39
r
47.70
r
48.64
r
r
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Credit market funds
Internal '
Securities
Total
Total
1978
1979
1980
1981
1982
1983
1984
1985
1986 ".....
1985:
I
rr
m
IV
1986- I
n
m
IV"
mortgages
Loans and
short-term
paper
and
Total
Other 2
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
328.5
352.6
347.6
382.5
327.6
431.3
503.4
483.1
466.5
182.3
197.6
200.1
239.5
242.3
285.7
326.3
352.5
358.3
146.3
.155.1
147.5
143.0
85.3
145.6
177.1
130.6
108.2
85.0
87.8
94.3
93.7
80.6
87.6
116.4
82.1
92.5
33.3
21.0
53.1
22.8
44.0
57.3
-10.0
15.3
22.5
51.8
66.9
41.2
70.9
36.6
30.3
126.5
66.8
70.0
61.2
67.3
53.2
49.3
4.7
58.0
60.7
48.5
15.7
309.4
362.8
343.2
349.2
292.0
399.1
469.1
438.5
431.9
216.9
238.3
244.1
286.3
256.3
274.8
371.2
353.1
352.4
92.4
124.5
99.1
62.8
35.7
124.3
97.9
85.4
79.5
19.2
-10.1
4.4
33.3
35.6
32.2
34.3
44.6
34.6
432.2
421.9
505.0
573.2
339.4
350.3
365.2
355.1
92.8
71.6
139.8
218.1
71.7
58.2
53.0
145.6
-10.1
29.4
17.0
24.8
81.8
28.8
36.0
120.8
21.1
13.4
86.8
72.5
407.8
406.6
417.3
522.3
340.1
349.8
349.0
373.5
67.8
56.8
68.3
148.8
24.3
15.3
87.7
50.9
412.5
452.7
403.8
596.4
361.7
355.6
359.6
356.4
50.8
97.1
44.2
240.0
88.5
65.8
38.2
177.2
52.8
48.8
17.8
294
35.7
17.0
20.4
206.6
-37.8
31.3
6.0
62.8
403.0
431.2
358.6
534.3
380.2
354.4
336.2
338.8
22.8
76.8
22.4
195.5
9.6
21.4
45.2
62.1
1
Undistributed profits (after inventory valuation and capital consumption adjustments), 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.
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-FEB 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 *
,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
n
m
IV
1,722.7
1,734.6
1,763.0
1,784.6
167.5
167.1
176.3
189.2
35.7
35.4
32.6
33.0
650.3
654.1
661.0
671.5
665.7
666.7
675.0
666.0
203.5
211.2
218.2
224.9
1,174.1
1,182.9
1,211.9
1,233.6
636.9
651.7
670.4
682.7
537.1
531.2
541.5
550.9
548.6
551.7
551.1
551.0
1.467
1.466
1.455
1.447
1986- I p
1,795.7
195.3
31.0
663.4
679.6
226.3
1,222.3
668.4
553.9
573.4
1.469
n
m
IV
1985: I
1
Total current assets divided by total current liabilities.
2
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations. Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
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 little changed in March.
PERCENT PER ANNUM
PERCENT PER ANNUM
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
(new issues) 1
1985
1986
1986: Mar
May
June
July
Aug
Sept.
Oct
Nov
Dec
1987: Jan
Feb
Mar
Week ended:
1987: Mar 7
14
21
28
Apr 4
1
10-year
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged by
banks 5
New-home
mortgage
yields
(FHLBB) 6
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
6.59
6.06
6.12
6.21
5.84
5.57
5.19
5.18
5.35
5.49
7.30
6.86
7.27
7.41
6.86
6.49
6.62
6.56
6.46
6.43
7.78
7.30
7.71
7.80
7.30
7.17
7.45
7.43
7.25
7.11
7.07
7.32
7.67
7.98
7.62
7.31
7.14
7.12
6.86
6.93
9.00
8.79
9.09
9.13
8.88
8.72
8.89
8.86
8.68
8.49
7.08
6.47
6.53
6.63
6.24
5.83
5.61
5.61
5.69
5.88
7.50-7.00
7.00-6.50
6.50-6.50
6.50-6.50
6.50-6.00
6.00-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
9.50- 9.00
9.00- 8.50
8.50- 8.50
8.50- 8.50
8.50- 8.00
8.00- 7.50
7.50- 7.50
7.50- 7.50
7.50- 7.50
7.50- 7.50
10.50
10.27
10.22
10.15
10.30
10.26
10.17
10.02
9.91
9.69
5.45
5.59
5.56
6.41
6.56
6.58
7.08
7.25
7.25
6.63
6.66
6.71
8.36
8.38
8.36
5.76
5.99
6.10
5.50-5.50
5.50-5.50
5.50-5.50
7.50- 7.50
7.50- 7.50
7.50- 7.50
r
5.47
5.63
5.58
5.55
5.72
6.52
6.56
6.53
6.63
7.18
7.22
7.21
7.27
6.59
6.64
6.76
6.86
8.34
8.36
8.36
8.36
6.01
6.08
6.09
6.15
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 50 7 50
7.50-
9.51
9.25
5
i issues adjusted to constant maturities by the Treasury De-
Average effective rate for year; opening and closing rate for month and week.
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.
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.
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.
2
Bank-discount basis.
Yields on the more actively trsu
3-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
14.44
12.92
10.45
11.89
9.64
7.06
14.029
10.686
8.63
9.58
7.48
5.98
1981
1982
1983
1984
Constant maturities 2
30
6
COMMON STOCK PRICES AND YIELDS
Stock prices rose in March.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDE> , DEC. 31, 1965 = 50 (RATIO SCALE)
180
180
,
160
160
y/
140
140
COMPOSITE STOCK PRICE INDEX
(NYSE)
120
/
r-S
\
100
120
^/
100
^J~~
80
/^
r^~~-\\s^
~ /\
60
80
/
60
^J
40
1 1111 1 1 1 1| 1
1979
1 1 1 1 1 1 1 1 1 11
1980
1 1
1 11'ih1 1 11
I 1 1 1 111 1 1 1 1 I I 1 i 1 1 i I
1984
1983
1982
1981
1 1 II 1 1 1 1 1 1 1 1 1 1 l 1 l l l l l 1 1 1 1 1 1 1 l l l l
1985
PERC:ENT
PERC ENT
20
20
EAR NINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
"
^^T--~
10
^N
1
0
1
1
1 1
1979
1
1
1981
1980
1
r——"
i i i
15
10
^
5
1
1
1982
1983
-—•^1
1
1
1984
1
1985
J
5
1
1986
Common stock prices 1
New York Stock Exchange indexes (Dec. 31, 1965 = 50)
Industrial
Transportation
Finance
Utility
153.94
155.07
151.28
151.73
150.23
152.90
145.56
143.89
142.97
144.29
1,757.35
1,807.05
1,801.80
1,867.70
1,809.92
1,843.45
1,813.47
1,817.04
1,883.65
1,924.07
232.33
237.97
238.46
245.30
240.18
245.00
238.27
237.36
245.09
248.61
6.08
78.54
153.32
158.41
162.41
2,065.13
2,202.34
2,292.61
264.51
280.93
292.47
3.50
3.43
3.42
3.36
3.43
3.36
3.43
3.49
3.40
3.38
3.17
3.02
2.93
160.84
163.03
162.69
162.78
163.32
2,221.35
2,252.22
2,267.04
2,290.65
2,360.97
283.28
287.38
290.12
293.15
300.05
3.00
2.94
2.94
2.85
2.97
1986: Mar
133.97
137.27
137.37
140.82
138.32
140.91
137.06
136.74
140.84
142.12
152.75
157.30
158.59
163.15
158.06
160.10
156.52
156.56
162.10
163.85
128.66
126.17
122.21
120.65
112.03
111.24
114.06
120.04
122.27
121.26
151.17
160.23
166.46
175.60
189.17
198.95
126.61
135.49
138.55
78.19
77.15
161.58
163.80
165.30
166.81
170.31
191.29
194.52
197.17
199.64
204.60
135.89
138.12
138.26
138.24
140.27
p
Week ended:
1987' Feb 28
Mar 7
14
21
28
1
77.41
77.24
76.91
76.88
78.02
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
3
Earnings price ratio
68.06
69.46
68.65
70.69
74.20
77.84
74.56
73.38
75.77
76.07
71.99
Mar
Dividendprice ratio
71.36
73.52
Jan
Standard &
Poor's
composite
index (194143=10) 4
95.34
89.28
114.21
147.20
38.91
39.75
47.00
46.44
56.75
Feb
Dow-Jones
industrial
average 3
11.96
11.60
8.03
10.02
8.12
72.61
60.41
89.36
85.63
104.11
119.87
Oct
Nov
Dec
1987
5.20
5.81
4.40
4.64
4.25
3.49
85.44
78.18
107.45
108.01
123.79
155.85
Sept
0
128.05
119.71
160.41
160.46
186.84
236.34
74.02
68.93
92.63
92.46
108.09
136.00
June
July
1
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
1981
1982
1983
1984...
1985
1986
May
1
Common stocksyields
(percent)
2
Period
Composite
1
COUNCIL OF ECONOMIC ADVISER
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1987-
40
1987
1986
r
5.86
6.43
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 5 months of fiscal 1987, there was a deficit of $93.9 billion compared with a deficit of $106.2 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
|1,100
—
RECEIPTS AND OUTLAYS^
1,000
1,000
900
900
OUTLAYS;/
800
800
700
700
600
600
RECEIPTS^
500
500
400
400
SURPLUS OR DEFICIT (-)^
0
-100
-100
-200
-200
1979
1981
1980
1982
1983
1984
1985
1987
1986
1988
FISCAL YEARS
V
INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Off-budget
On-budget
Total
Gross Federal debt
(end of period)
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
(-)
Surplus
or deficit
Receipts
Outlays
Surplus
or deficit
(-)
(-)
Total
Held by
the public
1977
1978
1979
279.1
298.1
81.2
355.6
399.6
463.3
332.3
371.8
96.0
409.2
458.7
503.5
-53.2
-73.7
14 7
-53.6
59.2
-40.2
216.6
231.7
63.2
278.7
314.2
365.3
271.9
302.2
76.6
328.5
369.1
403.5
-55.3
-70.5
13.3
-49.7
-54.9
-38.2
62.5
66.4
18.0
76.8
85.4
98.0
60.4
69.6
19.4
80.7
89.7
100.0
2.0
-3.2
-1.4
-3.9
4.3
-2.0
544.1
631.9
646.4
709.1
780.4
833.8
396.9
480.3
498.3
551.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
-73.8
-78.9
-127.9
-207.8
-185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
73.9
-120.0
208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
-1.1
5.0
-7.9
.2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
1985
1986
1987 1
1988 !
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 5
months:
Fiscal year 1986
Fiscal year 1987
307.3
327.2
413.5
421.2
-106.2
-93.9
230.2
243.6
339.7
342.4
- 109.5
-98.8
77.1
83.6
73.8
78.8
3.3
4.9
1,983.4
2,245.1
1,629.0
1,834.3
1975
1976
1
Estimates from Budget of the United Slates 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 5 months of fiscal 1987, receipts were $19.9 billion higher than a year earlier and outlays were $7.7
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
RECEIPTS;/
400
INDIVIDUAL INCOME TAXES
'
~r
300
—
-""
'
""CORPORATION INCOME TAXES
/
700
,
200
100
__s^CI_
BOTHER RECEIPTS
0
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
100
—
|
|
1
1
1
0
OUTLAYS-!/
700
NONDEFENSE
\
600
-
-
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1979
1981
1980
1982
1984
1983
1985
1986
1988
1987
-NT
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
Individual
income
taxes
Corporation
income
taxes
Social
insurance
taxes
and
contributions
355.6
399.6
463.3
131.6
157.6
181.0
217.8
41.4
54.9
60.0
65.7
90.8
106.5
121.0
138.9
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 i
1988 '
734.1
769.1
61.3
63.1
104.8
117.2
265.2
283.9
916.6
334.5
349.0
364.0
392.8
307.3
327.2
150.7
158.1
18.3
22.4
Fiscal year
Total
1976
1977
1978
1979
298.1
617.8
600.6
666.5
842.4
Cumulative total, first 5 months:
Fiscal year 1986
Fiscal year 1987
i
1
Nationa defense
Other
Total
Total
Department of
Defense,
military
International
affairs
Health
Medicare
Income
security
Social
security
Net
interest
88.1
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
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
188.6
198.8
219.4
129.4
136.0
137.5
139.0
131.8
141.7
137.2
116.5
80.1
84.2
60.1
58.9
63.2
58.5
89.6
97.2
104.5
116.3
95.3
102.3
113.7
134.0
157.5
185.3
131.0
153.8
180.7
209.9
227.4
204.4
220.8
12.7
13.1
12.3
11.8
15.9
333.2
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
107.4
116.5
30.9
30.3
110.1
114.1
106.8
110.7
4.8
6.0
14.8
15.7
28.6
30.8
51.9
53.0
34.3
36.6
37.7
40.8
50.6
69.5
69.3
65.6
71.8
209.0
239.4
301.5
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
413.5
421.2
207.9
Other
i
Estimates from Budget of the United States Government, Fiscal Year 1988, January 1987.
Sources: Department of the Treasury and Office of Management and Budget.
NOTE.—Data shown here exclude the transition quarter.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1986, according to preliminary estimates, Federal receipts rose $21.1 billion (annual rate)
and expenditures rose $12.9 billion, yielding a deficit of $189.2 billion.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
1,200
1,000
1,000
EXPENDITURES
800
800
600
600
RECEIPTS
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
I
I
I
1978
I
I
I
I
1979
I
I
1982
1981
1980
1983
1984
1985
1986
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
Tote]
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
Fiscal year:
1984
1985
1986
1987 l
712.6
774.6
814.7
874.6
302.4
340.2
355.8
368.7
76.3
71.7
83.0
108.9
54.9
56.5
52.2
53.8
279.0
306.2
323.7
343.2
873.9
962.1
1,025.4
1,060.5
297.8
341.1
367.1
384.8
352.3
374.2
394.2
409.5
90.7
97.7
107.4
104.6
109.7
128.3
136.8
138.5
23.5
20.9
19.9
25.1
Calendar year:
1983
1984
1985
1986 r
659.9
726.5
786.8
826.8
294.5
309.3
345.6
361.9
835.9
896.5
984.9
1,030.3
283.5
311.3
354.1
366.2
348.6
355.0
380.3
397.7
835.7
293.2
347.4
844.7
276.1
329.1
333.7
340.9
360.9
380.9
355.7
367.6
369.3
372.1
352.5
86.2
93.6
99.0
105.6
84.5
86.0
96.9
95.7
98.3
100.2
101.6
103.5
106.9
108.0
104.1
94.3
115.6
130.5
135.9
87.2
101.0
124.9
127.6
130.9
129.8
133.9
135.0
138.1
134.7
135.9
22.9
21.3
20.7
24.9
303.0
51.6
55.7
56.1
52.3
47.6
53.6
55.9
55.1
59.3
53.9
56.0
52.7
50.7
53.4
52.5
252.5
285.5
311.5
328.9
633.1
675.5
743.9
793.3
755.8
792.6
805.8
806.6
813.5
833.1
854.2
61.3
75.9
73.6
83.7
46.4
70.2
1982198319841985-
IV
IV
IV
I
n
m
IV
1986- I
n
mr
rv
1
291.9
325.5
360.7
316.6
349.6
355.6
350.3
355.5
365.8
376.1
69.9
70.5
69.9
76.8
77.2
77.8
80.1
84.3
92.7
236.1
259.8
292.6
306.9
310.0
312.2
317.0
325.8
327.2
329.6
332.9
934.0
955.4
970.6
990.1
1,023.4
1,001.5
1,045.7
1,030.5
1,043.4
Estimates from Budget of the United States Government, Fiscal Year 1988, January 1987.
34
362.1
374.2
377.2
384.1
385.9
389.3
396.7
403.0
401.8
23.4
29.1
21.5
24.4
22.3
15.1
21.1
18.0
36.5
15.4
29.5
Less:
Wage
accruals
less
disbursements
0.1
-.1
.0
2.0
.2^
-.2
.0
.0
Surplus
or deficit
(-),
national
income
and
product
accounts
-161.3
-187.5
-210.7
-185.9
-176.0
-170.0
-198.0
-203.4
-202.6
.0
.6
-169.2
.1
-1.0
.0
.0
.0
.0
.0
.0
-162.2
-214.8
-197.5
-217.6
-190.1
-195.0
-232.2
-197.4
-189.2
Sources: Department of Commerce {Bureau of Economic Analysis) and Office of Management and
Budget.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1977 — 100; seasonally adjusted)
Period
United
States
1980
108.6
111.0
103.1
109.2
121.4
123.8
1250
1981
1982
1983
1984
1985
1986 "
1986- Feb
Mar
125.3
123.6
124.7
124.2
124.2
124.9
125.1
124.9
125.3
126.0
r
!266
May
July
Sept
Oct
Nov
Dec
r
1987- Jan *
Feb "
1
Canada
Japan
Prance
108.1
108.6
98.9
104.1
112.7
118.2
118.9
120.1
120.6
124.7
138.4
144.8
144.4
120.3
145.2
117.1 144.5
120.2
144.6
117.7
145.1
116.6
145.3
118.1 144.9
116.3 141.3
116.2
146.3
117.5
143.5
116.5 r!41.1
' 145.8
Germany
Italy
106
103
101
102
105
106
107
107
105
102
103
106
112
114
114.7
112.1
109.6
103.9
107.1
108.4
111.4
107
104
110
103
108
109
109
109
109
109
107
113
113
117
112
116
117
116
114
116
r
l!4
r
l!2
r
l!1.5
114.9
' 116.6
r
109.0
T
114.2
r
l!1.0
T
106.1
r
!11.2
' 110.8
r
112.5
110.3
r
Consumer prices (1967=100)
United
Kingdom
United
States '
Japan
France
Germany
Italy
United
Kingdom
96
98
101
103
108
246.8
272.4
289.1
298.4
311.1
322.2
328.4
243.5
273.9
303.5
321.0
335.0
348.3
362.8
282.3
296.2
304.1
309.7
316.6
323.0
324.9
294.2
332.7
373.1
407.9
439.5
465.1
477.6
175.8
186.9
196.8
203.3
208.2
212.7
212.2
398.0
472.4
549.4
631.8
698.8
764.7
805.2
423.6
473.9
514.7
538.3
565.1
599.4
619.9
110
!09
111
r
!09
108
110
111
r
l!0
110
110
109
327.5
326.0
325.3
326.3
327.9
328.0
328.6
330.2
330.5
330.8
331.1
357.7
358.5
359.1
360.7
361.3
363.9
365.1
365.1
366.9
368.9
369.5
324.4
323.5
324.7
326.9
325.2
324.4
323.8
325.4
325.7
324.1
323.5
471.7
472.9
474.7
475.6
477.0
477.5
478.0
479.9
480.9
481.4
481.9
213.3
212.8
212.6
212.6
212.9
211.9
211.4
211.7
211.0
210.8
211.2
801.2
804.4
806.8
809.9
813.1
813.1
814.7
817.1
822.0
825.3
827.8
612.2
613.0
619.0
620.1
619.8
618.0
619.9
623.0
623.9
629.2
631.3
333.1
334.4
370.3
371.9
322.2
486.2
212.1
832.8
633.7
636.2
100
r
!268
1273
Data relate to all urban consumers.
Canada
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data for statistical month, not seasonally adjusted*]
Merchandise exports 1
Period
Total
domestic
and
Merchandise trade balance
Merchandise imports
General imports 3
Domestic exports
Food,
beverages, and
tobacco
Crude
materials
and fuels
Manufactured
goods
Exports
(f.a.s.) less
imports
(customs
value)
Food,
beverages, and
tobacco
Crude
materials
and fuels
Manufactur d
goods
Total
(c.i.f.
value)
14,227
15,743
17,735
18,551
53,554
51,901
71,390
93,973
76,554
100,317
112,226
125,122
160,411
186,045
222,228
256,984
273,352 -27,305
31 759
254,885
269,878 -57,562
341,177
107 861
361,626 -132,129
387,082
152 657
Exports
(f.a.8.) less
imports
(f.a.s.)
Exports
(l.».a.) less
imports
(c.i.f.)
29 158
-39,179
— 42,364
-40,368
-36,354
foreign
exports
Total2
1978
1979
1980
121,232
143,681
181,860
220,630
119,024
141,142
178,633
216,515
15,963
20,604
24,587
30,407
18,579
20,957
28,222
33,719
80,151
94,473
116,587
143,891
150,390
174,757
209,458
244,871
1981
1982
1983
1984
1985
1986*
233,677
212,193
200,486
217,865
213,146
217,304
228,899
207,076
195,917
212,034
206,925
206,376
33,206
26,977
26,979
27,312
22,226
20,223
33,022
33,518
29,555
31,482
28,344
26,453
154,283
139,716
132,409
143,142
145,384
148,715
260,982
243,952
258,048
325,726
345,276
369,961
18,350
17,817
18,819
21,626
22,376
24,669
92,873
74,404
68,037
72,758
64,981
48,257
142,475
144,022
163,449
221,515
246,778
282,121
Sept*
Oct*
Nov*
Dec*
17,006
17,735
18,913
17,965
17,431
19,070
17,707
17,604
17,518
19,330
18,595
18,431
16,501
17,164
18,349
17,376
16,691
16,427
15,911
16,831
16,860
18,594
17,895
17,777
1,797
1,689
1,706
1,475
1,395
1,438
1,648
1,814
1,672
1,866
1,863
1,861
2,467
2,367
2,349
2,436
2,228
1,776
1,764
2,035
1,988
2,287
2,339
2,419
11,395
12,183
13,328
12,616
12,276
12,300
11,625
12,045
12,255
13,369
12,757
12,565
32,005
28,895
31,972
28,762
30,272
31,764
34,121
29,476
28,695
30,018
36,187
27,795
2,215
1,908
2,100
2,018
2,329
1,886
2,143
1,931
1,963
1,935
2,328
1,912
6,234
4,741
4,284
3,176
3,659
4,163
3,963
3,413
3,874
3,514
3,866
3,371
22,477
21,289
24,261
22,226
23,001
23,971
26,609
23,106
21,849
23,537
28,350
21,446
33,465
30,225
33,435
30,036
31,638
33,240
35,745
30,925
30,078
31,389
37,816
29,089
- 14,999
11 161
- 13,059
-10,797
-12,842
-12,694
- 16,414
-11,871
— 11,177
-10,688
- 17,592
-9,364
-16,459
12491
-14^522
-12,071
-14,208
-14,170
-18,037
13321
-12,560
12059
-19,221
- 10,658
1987- Jan*
16,384
15,826
1,613
2,236
11,115
29,805
1,948
3,840
23,003
31,164
— 13,421
14 780
Total2
F.a.s. value
1977
-31,076
27 599
-24,241
Customs value
1986- Jan*
Feb*
Mar*
May*
July* t
-39,675
42691
-69,392
-123,312
— 148,480
-169,777
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded through 1984 and included beginning 1985.
*3 Total includes commodities and transactions not classified according to kind.
Total arrivals of imported goods other than intransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected only in the figures for domestic and foreign exports combined and trade
'Beginning with data released in March 1986, the Bureau of the Census no longer publishes
these data on a seasonally adjusted basis. For further information and for details regarding revised
statistical
month and monthly carryover data, see Bureau of the Census release FT 900.
f
Foreign exports (not shown separately) include $2,050 million of nonmonetary gold bullion for
June and $1,250 million for July.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1986 the current account deficit rose to $36.8 billion, from $35.3 billion in the third
quarter. The merchandise trade deficit increased to $38.4 billion, from $37.1 billion in the third quarter.
BILL ONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
5
x-1
0
-5
-10
-15
._X\
_/Y\
^^
s
f/^
/
\
BALANCE ON
CURRENT ACCOUNT
t
\
AND SERVICES
Viu\
J^f^q
1
\
/
1
•s/
'
5
BALANCE ON GOODS
\
**'
/'"
CHANDISE TR/
BALANCE
-20
0
\
-5
-10
\ \\
-15
\ \
*"*
f\
\
X
-25
A -
5>^
-30
''f\\
-30
X
\
-40
1 1 1
1
1978
1
1 1
1980
1
1979
1
1
1
1
1
1
1982
1981
1 1 1
111
1983
1984
1
1
^~-
"•
-.
1 1 ?•
1
40
1986
1985
- SEASONALLY ADJUS TED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits (—)]
Merchandise
12
Investment income 3
Net
Period
Exports
184 473
224 269
237 085
211 198
201 820
1979
1980
1981
1982
1983
1984
1985
1986 "
1984: I
n
m
TV
1985- I
n
HI
TV
1986: I 'r
n.
m r....
TV P....
Imports
212 009
249 749
Net
balance
27 536
25 480
27 978
Receipts
Payments
Net
military
transactions
Net
travel and
transportation
receipts
Other
services,
net 3
Balance on
goods and
services l
2 935
997
144
6 214
7 793
8 699
8 829
9 711
5 138
9 466
13 764
Remittances,
pensions,
and other
unilateral
transfers '
6 128
Balance
on current
account
219 900
214424
221 753
265 063
247 642
268 900
332 422
338 863
369 461
36 444
67 080
112 522
124 439
147 708
86 411
83 549
77 251
86 221
89 991
90 613
52 329
54 883
52 410
67 469
64 803
67 748
31 172
30 386
34 082
28 666
24 841
18 752
25 188
22 865
53,614
54,590
55,691
56,005
-79,415
-83,684
-84,144
-85,179
-25,801
-29,094
-28,453
-29,174
22,860
21,104
21,396
20,861
- 15,446
-17,208
-17,991
-16,823
7,414
3,896
3,405
4,038
-281
-615
-234
-696
-1,834
-2,052
-2,332
-2,375
2,630
2,471
2,448
2,333
-17,872
-25,394
-25,166
-25,874
-2,368
-2,439
-3,107
-4,243
-20,240
-27,833
-28,273
-30,117
55 324
53,875
52,498
52,727
80 369
-84,242
-84,173
-90,079
25045
-30,367
-31,675
-37,352
18 726
22,253
24,502
24,509
16 507
-16,804
- 16,240
-15,254
2 219
5,449
8,262
9,255
246
-729
-619
-1,322
2 202
-2,864
-3,031
-3,031
2 442
2,552
2,609
2,999
22 832
-25,959
-24,454
-29,451
— 3 280
-3,458
-4,001
— 4,244
— 26 112
-29,417
-28,455
-33,695
53,588
55,075
55,764
57,326
-90,077
-90,775
-92,913
-95,696
-36,489
-35,700
-37,149
-38,370
24,199
22,639
22,342
21,432
-17,699
— 17,311
-16,196
-16,542
6,500
5,328
6,146
4,890
-1,066
-695
-570
-71
-2,688
-2,386
-2,594
-2,451
2,694
3,103
3,031
3,110
-31,049
-30,350
-31,136
-32,892
-2,991
-4,047
-4,163
-3,945
-34,040
-34,397
-35,299
-36,837
1
64 132
72 506
32 960
42 120
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
United States are excluded from investment income and Included in other services, net.
2
3
36
1 778
2 237
1 183
274
369
1 827
2 917
2 402
992
4 227
8 593
11 128
10 119
9 881
10 603
11 940
991
1 873
37 123
94 308
102 694
125 424
7 593
7 425
8 917
9 481
12 157
14 983
15 145
6339
9 131
46 604
106 466
117 677
140 569
214
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $29.9 billion in the fourth quarter of
1986 compared with a rise of $19.3 billion in the third quarter. Liabilities to private foreigners reported by U.S.
banks, excluding Treasury securities, increased $35.3 billion in the fourth quarter compared to an increase of $30.1
billion in the third quarter.
BILL ONS OF DOLLARS*
80
BILLIONS OF DOLLA RS*
80
A
CHANRF IN
60
/
FOREIGN ASSETS
IN THE U.S..NET
-
1
A
\
/
20
\
/
\ /
0
•
i\
; \
/ \
/
\
/
\
i
i
'
s
s
'
v
\
/
V''
^*"
"
CHANGE IN
U.S. ASSETS
ABROAD, NET
-40
i
I
1
1979
1 1 1
1980
!
!
40
•v
'
,/• \i i;\
/
20
w
*
V''
s\
1978
>
/
V
-60
^
/
\
A ^ r \^\
\l
^\
-20
f
\
'
'
/1
/i
/ i
; \
*
\
"
/'
/ \
A
j
K
r
Vv "\
V
0
A
-20-
V
AN/
\
-40
1
i i i
i i i
1983
1984
1982
1981
60
/
\
t \
40
\
SEASONALLY ADJUST ED
SOURCE, OEPARTMEN r OF COMMERCE
i
i i
1985
I
I I
-60
1986
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net2
[increase/capital inflow ( + )]
U.S. assets abroad, net
[increase /capit
Period
Total
1979
1980
1981
1982
1983
1984
1985
1986 "
1984: I
n
m
IV
1985: I
n
m
IV
1986: I r T
nr
m ...
IV...
U.S.
official
reserve
assets l *
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net '
(unadjusted,
end of
period)
18,956
26,756
30,074
33,958
33,747
34,934
43,186
25,431
24,982
20,276
36,325
11,130
27,338
23,006
27,091
-64,331
-86,118
-111,031
-121,273
-50,022
-23,639
-32,436
-99,815
1 133
-8,155
5 175
-4,965
1 196
-3,131
3 858
312
59453
3 746
-72,802
-5,162
5 097
100 758
-6,131 -110,177
43 821
5 005
-5,523 -14,986
25754
2 824
-1,978 -98,149
38,752
58,112
83,322
94,078
85,496
102,767
127,106
213,294
-13,665
15,497
4,960
3,593
5,968
3,037
-1,324
33,394
52,416
42,615
78,362
90,486
79,527
99,730
128,430
179,900
-3,571
-20,171
16,443
-16,338
-657
566
-799
-1,110
-2,029
1 386
-1,388
717
-885
18 220
18,630
14 512
22,251
41,963
2,668
35,885
2947
-157
-765
6,906
25,198
42,120
3,433
28,979
1,560
6,040
9,162
10,570
940
-962
3 561
3,577
34,975
34,547
34,306
34,934
510
-2,793
-5,867
-23,266
-233
35(5
121
-3,148
-807
1 055
-422
-540
530
1 382
-5,324
19 579
14,247
25,358
35,665
51,837
11 066
8,486
2,577
-1,322
25,313
16,872
33,088
53,158
12,375
6,852
-1,343
5,125
1,094
-1,174
-3,687
3,771
35,493
36,088
38,295
43,186
13 009
-25,661
-28,201
-32,944
115
16
280
132
-250
-209
1 429
-91
-12,644
25 468
-27,052
-32,985
36,620
47,526
69,523
59,625
2,469
14,704
15,448
774
34,151
32,822
54,075
58,851
10,429
12,532
-6,023
10,156
1,329
-1,410
-3,956
4,040
44,919
46,595
48,087
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
1,139
1,152
1,093
Sources: Department of Commerce (Bureau
Treasury.
Economic Analysis) and Department of the
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
" Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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