Full text of Economic Indicators : May 1987
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
100th Congress, 1st Session
Economic Indicators
MAY 1987
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1987
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JOHN MELCHER (Montana)
JEFF BINGAMAN (New Mexico)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
J. ALEX McMILLAN (North Carolina)
JUDITH DAVISON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
„
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the first quarter of 1987, current-dollar gross national product (GNP) rose 8.7
percent (annual rate) or $89.7 billion. Real GNP (GNP adjusted for price changes) rose 4.4 percent and the
implicit price deflator rose 4.2 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,800
4,800
SEASONALLY ADJUSTED ANNUAL RATES
4,400
4,400
4,000
4,000
GNP
IN CURRENT DOLLARS
3,600
3,600
3,200
3,200
GNP
IN 1982 DOLLARS
2,800
2,800
2,400
2,400
2,000
2,000
I
1979
I
I
I
1981
1980
I
I
1983
1982
1984
1985
1986
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
Period
Gross
national
product
sumption
expenditures
Gross
private
domestic
investment
1979
1980
1981
1982
1983
1984
1985
1986
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,765.0
3,998.1
4,206.1
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
2,762.5
454.8
437.0
515.5
447.3
502.3
662.1
661.1
683.6
1982- IV
3,212.5
2,117.0
1983: IV
3,545.8
2,315.8
1984: I
3,670.9
3,743.8
3,799.7
3,845.6
1985: I
Exports and imports of goods
and services
Federal
Net
exports
Exports
Imports
291.2
351.0
382.8
361.9
352.5
382.7
369.8
373.0
272.5
318.9
348.9
335.6
358.7
441 .4
448.6
477.3
409.6
14.1
335.9
579.8
-25.8
364.7
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
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
1986- I
n
m
rv
4,149.2
4,175.6
4,240.7
4,258.7
2,697.9
2,732.0
2,799.8
2,820.4
1987- I '
4,348.4
2,850.7
IV
n
m
rv
Source: Department of Commerce, Bureau of Economic Analysis.
Total
Total
18.8
32.1
33.9
26.3
-6.1
-58.7
-78.9
-104.3
n
m
Government purchases of
goods and services
National
defense
Nondefense
State
and
local
Final
sales
467.8
530.3
588.1
641.7
675.0
733.4
815.4
864.2
178.0
208.1
242.2
272.7
283.5
311.3
354.1
366.2
121.9
142.7
167.5
193.8
214.4
235.0
259.4
277.6
56.1
65.4
74.8
78.9
69.1
76.2
94.7
88.6
289.9
322.2
345.9
369.0
391.5
422.2
461.3
498.0
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,700.9
3,987.0
4,199.4
321.9
671.8
293.2
205.4
87.7
378.7
3,272.4
390.5
676.1
276.1
221.5
54.6
400.0
3,514.8
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
-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
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
718.1
-111.9
391.6
503.4
891.4
369.2
287.9
81.3
522.2
4,308.4
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Gross
national
product
Period
1979. .
1980
1981
1982
1983
1984
1985
1986
Personal
consumption
expenditures
Gross private
domestic investment
Nonresidential
fixed
tial
fixed
Exports and imports of
goods and services
Change
in
business
inventories
Federal
Net
exports
3,192.4
3,187.1
3,248.8
3,166.0
3,279.1
3,489.9
3,585.2
3,674.9
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,246.3
2,324.5
2,418.7
389.4
379.2
395.2
366.7
361.2
422.2
461.4
456.7
170.8
137.0
126.5
105.1
149.3
170.6
177.2
194.0
15.0
-6.9
23.9
-24.5
-6.4
59.2
9.0
6.6
1982: IV
3,159.3
2,078.7
352.3
115.8
-59.3
1983: IV
3,365.1
2,191.9
390.4
159.9
27.0
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
169.7
173.2
171.2
168.3
85.1
57.0
60.6
33.9
1985: I
3,547.0
3,567.6
3,603.8
3,622.3
2,292.3
2,311.9
2,342.0
2,351.7
442.7
463.0
463.1
476.9
172.4
175.1
180.0
181.5
n
m
IV
3,655.9
3,661.4
3,686.4
3,696.1
2,372.7
2,408.4
2,448.0
2,445.8
457.8
456.8
454.4
457.8
1987: I '
3,735.9
2,438.9
446.3
Exports
n
ra
rv
n
m
IV
1986- I
Imports
Total
Total
-46.2
. .
Government purchases of
goods and services
National
defense
Nondefense
State
and
local
Final
sales
353.2
332.0
343.4
335.6
368.1
453.2
470.5
519.3
609.1
620.5
629.7
641.7
649.0
675.2
721.2
746.8
236.2
246.9
259.6
272.7
275.1
291.7
323.6
332.2
164.3
171.2
180.3
193.8
206.9
219.4
235.7
250.0
71.9
75.7
79.3
78.9
68.2
72.3
87.8
82.2
373.0
373.6
370.1
369.0
373.9
383.5
397.6
414.6
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,430.7
3,576.2
3,668.4
336.0
324.3
660.1
289.5
201.4
88.2
370.6
3,218.6
355.5
401.6
642.2
266.0
211.6
54.4
376.2
3,338.1
-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
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
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
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
186.3
192.7
197.2
199.7
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
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
197.5
35.0
-137.2
390.4
527.6
755.2
331.0
257.0
74.0
424.3
3,700.8
3.6
57.0
49.4
26.3
-19.9
-83.6
108 2
-147.8
356.8
388.9
392.7
361.9
348.1
369.7
362.3
371.5
11.7
Source: Department of Commerce, Bureau of Economic Analyst
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
national
product
Gross private
domestic investment
Durable
goods
Nondurable goods
Services
dential
fixed
78.6
85.7
94.0
100.0
103.9
107.9
111.5
114.5
78.2
86.6
94.6
100.0
104.1
108.1
111.9
114.2
82.1
89.2
95.7
100.0
102.1
103.8
104.5
105.3
80.0
89.4
96.9
100.0
102.1
105.0
107.5
107.0
75.6
83.9
92.6
100.0
106.2
111.7
117.3
122.4
77.8
85.1
93.4
100.0
98.8
98.7
99.3
100.7
1982: IV
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
110.2
111.1
111.8
112.8
110.4
111.4
112.2
113.4
104.6
104.5
104.5
104.3
n
m
113.5
114.0
115.0
115.2
113.7
113.4
114.4
115.3
1987: I '
116.4
116.9
IV
1985: I
n
m
IV
1986: I
IV.
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
78.0
86.4
94.3
100.0
101.4
105.5
107.9
107.7
77.7
86.2
93.4
100.0
104.7
110.1
116.0
120.1
102.0
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
101.5
100.9
99.9
99.4
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
100.3
95.4
111.5
112.0
109.8
123.1
81.4
89.4
96.6
100.0
102.2
106.3
108.2
111.8
81.6
90.2
97.5
100.0
101.3
103.5
102.1
100.4
77.1
96.0
101.6
100.0
97.4
97.4
95.4
91.9
75.4
84.3
93.3
100.0
103.1
106.7
109.4
110.2
74.2
83.4
92.9
100.0
103.6
107.1
110.0
111.0
100.7
99.1
100.0
99.3
101.3
98.3
103.1
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
104.5
104.7
105.9
106.0
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
106.4
109.8
125.2
101.1
114.7
Source: Department of Commerce, Bureau of Economic Analysis.
Government purchases of goods and
services
Federal
Total
1979
1980
1981
1982 . .
1983
1984
1985
1986
n
m
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
Constant
(1982)
dollars
Current
dollars
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
8.7
1980
1981
1982
1983
1984
1985
1986
1982- IV
1983- IV
1984- I
11
Ill
IV
1985: I
II
ffl
IV .
1986- I
II
III
IV
1987- I '
— 0.2
1.9
-2.5
3.6
6.4
2.7
2.5
.6
7.3
9.8
5.0
2.3
1.5
3.1
2.3
4.1
2.1
3.8
.6
2.8
1.1
4.4
Implicit
price
deflator
Personal consumption expenditures
Chain price
index
9.0
9.7
6.4
3.9
3.8
3.3
2.7
3.6
4.7
4.6
3.0
3.4
3.4
3.7
3.3
2.5
3.6
2.5
1.8
3.6
.7
4.2
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
9.0
9.4
6.3
4.1
4.0
3.6
2.5
4.1
3.9
4.8
3.6
3.6
3.5
3.9
3.5
2.5
3.9
1.9
1.5
2.5
2.5
3.8
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.7
7.1
6.2
10.3
9.7
8.6
9.1
5.0
7.0
7.2
7.3
8.2
6.4
4.6
5.2
10.3
3.0
4.4
9.3
9.3
6.2
4.1
4.0
3.7
2.8
4.0
4.0
4.7
3.6
3.5
3.6
4.2
3.6
2.8
4.0
2.5
1.7
2.6
2.7
3.9
Implicit
price
deflator
-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
-1.1
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
5.7
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
5.0
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
5.0
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1980
1981
1982
1983
1984
1985
1986
1982: IV
1983- IV
1984: I
II
m
rv..
1985: I
II
III
IV
1986- I
II .
Ill
IV...
1987: I"
1
1,540.8
1,738.4
1,782.2
1,914.2
2,143.7
2,275.1
2,362.2
1,779.4
2,012.5
2,081.7
2,135.9
2,160.3
2,196.8
2,226.0
2,259.1
2,301.3
2,314.1
2,343.6
2,341.5
2,370.0
2,393.8
2,443.3
1982
dollars
1,807.9
1,837.2
1,782.2
1,866.0
2,030.8
2,105.5
2,145.6
1,760.2
1,940.5
1,993.8
2,031.6
2,038.4
2,059.4
2,075.7
2,094.4
2,124.6
2,127.3
2,141.0
2,135.3
2,142.2
2,163.8
2,193.0
Total
cost
and
profit 2
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
1.114
0.095
.109
.125
.123
.118
.120
.123
.131
.120
.118
.117
.118
.119
.119
.120
.119
.121
.121
.123
.123
.124
.123
0.077
.090
.094
.098
.100
.103
.106
.096
.098
.099
.100
.101
.101
.102
.104
.103
.104
.106
.103
.107
.106
.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
allowances
with
capital
consumption
adjustment
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
.727
0.031
.037
.043
.037
.041
.043
.040
.042
.037
.037
.039
.042
.043
.044
.043
.042
.042
.042
.041
.040
.039
.040
Total
0.068
.078
.063
.089
.107
.106
.107
.057
.103
.107
.111
.104
.104
.103
.104
.113
.105
.105
.106
.109
.109
.118
Profits
tax
liability
0.037
.035
.026
.032
.037
.032
.036
.023
.036
.041
.040
.034
.032
.031
.029
.033
.033
.032
.034
.036
.040
.045
Profits
after
tax 4
0.031
.044
.037
.057
.070
.075
.072
.034
.066
.067
.071
.070
.072
.073
.075
.080
.072
.073
.072
.072
.069
.073
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.867
18.224
18.436
18.453
17.383
18.027
18.172
18.275
18.201
18.250
18.285
18.384
18.604
18.472
18.449
18.438
18.445
18.507
18.508
9.939
10.861
11.699
12.124
12.574
13.060
13.378
11.915
12.259
12.406
12.498
12.630
12.758
12.878
13.011
13.121
13.229
13.294
13.347
13.406
13.483
13.463
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) ;
(Bureau of Labor Statistics).
Department of Labor
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
1982
1983
1984
1985
1986
1982- IV
1983- IV...
1984' I
I[
III
IV
1985- I
II.. ..
Ill
IV
2,518.4
2,719.5
3,032.0
3,222.3
3,386.4
2,548.2
1986: I
II
Ill
IV
3,340.7
3,376.4
3 396 1
3,432.3
1987: I "
3 507 4
1
Corporate profits with inventory valuation and capital
consumption adjus ments
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
150.9
178.4
205.3
225.2
252.7
159.8
188.6
198.0
203.2
209.9
210.3
217.8
222.5
227.7
232.7
13.6
13.2
8.3
7.6
15.0
15.8
12.4
12.1
8.4
7.1
5.6
6.8
8.1
7.3
8.3
150.0
213.7
264.7
280.7
300.7
146.1
248.5
262.5
271.7
259.8
265.0
266.4
274.3
296.3
285.6
159.2
196.7
230.2
222.6
244.1
150.7
223.4
235.7
241.5
223.3
220.3
213.3
215.4
235.3
226.4
169.6
207.6
235.7
223.2
237.5
164.1
2,316.3
2,352.1
2,380.9
2,423.6
24.6
12.4
31.5
29.2
26.1
28.5
19.3
44.5
26.4
24.7
30.4
32.9
33.0
21.6
29.4
2,461.5
2,480.2
2,507.4
2,542.8
24.4
39.5
19.6
21.0
240.9
249.6
258.0
262.2
12.8
16.3
16.2
14.8
296.4
293.1
302.0
311.2
2,578.1
'28.5
!5.3
333.5
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
2,851.5
2,963.2
3,010.3
3,052.3
3,102.0
3,157.0
3,201.4
3,243.4
3,287.3
r
Inventory
valuation
adjustment
Profits
before tax
r
r
269.7
Includes employer contributions for social insurance. (See also p. 5.)
Capital
consumption
adjustment
Net
interest
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
-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
-9.2
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
272.3
281.0
307.4
311.4
294.0
266.9
290.2
239.0
238.3
246.5
252.3
222.5
227.7
240.4
259.6
16.5
10.6
6.1
-7.2
57.3
54.8
55.5
58.8
304.9
297.7
292.9
280.4
259.1
266.5
r
-7.4
r
74.4
292.5
305.2
316.1
315.7
316.8
311.4
309.7
307.6
r
282.2
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION
EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
Total
personal
eonsumption
expenditures
1982
1983
1984
1985
1986
1982: IV
1983- IV
1984- I
II
III
IV
1985- I..
II
Ill
IV
Total
durable
goods
2,050.7
2,234.5
2,428.2
2,600.5
2,762.5
Motor
vehicles
and
parts
Furniture
and
household
equipment
Other
Total
nondurable
goods
Pood
Clothing and
shoes
Gasoline
and oil
Other
Services
Domestics
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
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
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
203.5
1,504.5
6.8
2.6
95.7
107.1
118.9
126.8
137.3
99.1
112.4
115.6
118.3
119.2
122.3
123.5
125.9
126.8
130.9
48.1
51.6
57.8
63.3
69.1
49.0
53.2
55.2
57.2
58.3
60.4
61.9
62.8
63.7
64.7
771.0
816.7
870.1
905.1
932.7
786.6
837.9
855.7
870.3
873.9
880.3
888.2
902.3
907.4
922.6
398.8
421.9
449.9
469.3
492.8
407.0
430.8
440.4
447.9
454.3
456.9
461.2
468.3
470.4
477.4
124.4
135.1
147.2
155.2
164.9
126.5
141.1
144.4
148.2
146.6
149.7
151.7
155.0
155.4
158.7
89.1
90.2
90.7
91.9
78.6
89.8
91.9
92.0
91.7
89.4
89.9
89.6
92.8
92.4
93.0
158.7
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
1,027.0
1,128.7
1,227.0
1,336.1
1,441.7
2,530.9
2,576.0
2,627.1
2,667.9
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
1986- I
II
Ill
IV
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
1987- I '
2,850.7
384.6
165.3
143.7
75.7
961.7
509.4
171.2
77.5
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
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
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
2,117.0
2,315.8
2,363.8
2,416.1
2,445.6
2,487.2
Retail sales of
new passenger
cars (millions of
units)
SOURCES OF PERSONAL INCOME
Personal income rose $10.7 billion (annual rate) in April, following a rise of $5.9 billion in March. The increases
were affected by two special factors: Subsidy payments to farmers affected both the March and April changes,
and an initial payment to a newly established retirement savings fund for Federal Government employees affected
the April change. Excluding these special factors, personal income increased $17.7 billion in April and $12.3 billion
in March.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
-j 3,200
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
800
OTHER INCOME
400
400
TRANSFER
PAYMENTS
I I I I I LLUJ
200
1980
1979
1982
1981
I I I I I I I I I I
1984
1983
200
I I I I I I I I I I I a-LU-l-l-U-
1987
1986
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
personal
income
Wage and
salary
disbursements
Proprietors ' income 3
Other labor
income L 2
Farm
Nonfarm
Less:
income of
persons 4
dividend
income
interest
income
payments 5
1979
1980
1981
1982
1983
1984
1985
1986
2 033 9
2 2584
2 5209
2 670 8
2 838 6
3 110 2
3 3145
3485 7
1 252 1
1 372 0
1 510 3
1 586 1
1 676 6
1 836 8
1 966 1
2 073 5
122 7
138 4
150 3
163 6
173 6
184 5
196 9
208 8
31 7
20 5
30 7
24 6
12 4
31 5
29 2
26 1
160 1
160 1
156 1
150 9
178 4
205 3
225 2
252 7
56
66
13 3
13 6
13 2
83
7g
15 0
48 1
52 9
61 3
63 9
68 7
74 7
76 4
81 2
221 4
271 9
335 4
369 7
393 1
446 9
476 2
4750
273 1
324 7
368 1
410 6
442 6
455 6
487 1
513 8
1986- Apr
May
3 4868
3,481.3
2 054 9
2,058.4
3 481 9
2 063 2
2 072 0
2 083 4
2 088 0
2 102 3
53 0
38.1
27 5
2 115 3
206 4
207.3
208 2
209 5
2104
211 3
212 1
213 0
213 8
247 5
249.1
252 2
255 4
257 5
261 0
260 5
262 0
264 0
15 1
16.6
17 1
16 5
16 1
16 0
15 3
14 7
14 2
80 8
81.1
81 5
81 7
82 1
82 3
82 4
82 7
82 9
480 5
480.1
479 8
477 2
473 7
470 4
467 7
465 1
462 7
2
2
2
2
214 6
215 4
216 2
218 9
265 8
270 6
272 7
274 6
15 1
15 6
15 3
15 4
83 5
84 1
84 7
85 6
465 5
467 9
470 6
473 g
July
Sept
Oct
Nov
Dec
1987:
34908
3 497 9
3 507 9
3 517 8
3 523 3
3 542 7
Jan r.
Feb r
Mar '
Apr f
3 553 5
3 599 7
3 605 6
3 616 3
2'lll 7
128 7
146 2
153 3
160 6
18 3
19 1
21 3
18 9
15 2
28 9
18 7
36 7
30 2
21 5
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
contributions
for social
insurance
81 0
88 6
104 5
112 3
120 1
133 5
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
507 9
510.7
511 8
5203
516 5
518 7
520 5
521 5
523 5
150 2
160 3
159 2
159.9
159 3
160 2
160 9
161 1
162 0
162 6
162 7
3 431 7
3 449 6
3 455 9
5284
531 1
5309
535 0
166 8
167 9
168 3
168 8
3 511 8
3 538 9
3 551 0
3 570 2
4
3 411 0
3,420.5
3463 7
3 476 0
3 485 2
3 490 9
With capita! consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the first quarter of 1987.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
6,000
6,000
4,000
4,000
1987
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Per capita
disposable personal
income
Disposable
personal
income
in
1982
dollars
(billions)
Current
dollars
Billions of dollars
1979
1980
1981
1982
1983
1984
1985
1986
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
3,485.7
304.7
340.5
393.3
409.3
410.5
439.6
486.5
514.1
1,729.3
1,917.9
2,127.6
2,261.4
2,428.1
2,670.6
2,828.0
2,971.6
1982
dollars
Per capita personal
consumption
expenditures
Current
dollars
1982
dollars
Dollars
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,501.9
2,684.7
2,857.4
118.0
136.8
159.4
153.9
130.6
168.7
143.3
114.2
7,682
8,421
9,243
9,724
10,340
11,265
11,817
12^304
2,212.6
2,214.3
2,248.6
2,261.5
2,331.9
2,470.6
2,528.0
2,602.0
9,829
9,722
9,769
9,724
9,930
10,421
10,563
10,773
,
:
real per
capita
disposable
personal
income
Saving
as
percent
of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
6,960
7,607
8,320
8,818
9,515
10,243
10,866
11^438 ,
8,904
8,783
8,794
8,818
9,139
9,475
9,713
10^014
1.0
6.8
7.1
.5
7.5
6.8
5.4
6.3
5.1
3^8
— .5
2.1
4.9
1.4
2.0
225,106
227 754
230 182
232 549
234 829
237 067
239,317
241^524
Seasonally adjusted annual rates
1982:
IV
2,729.2
411.1
2,318.1
2,174.9
143.1
2,276.1
9,929
9,749
9,068
8,904
1983: IV
2,941.8
413.9
2,527.9
2,382.5
145.4
2,392.7
10,725
10,151
9,825
9,299
1984:
I
3,034.2
3,077.4
3,139.7
3,189.6
421.5
431.2
445.9
460.0
2,612.7
2,646.3
2,693.8
2,729.6
2,433.5
2,488.7
2,520.9
2,564.6
179.2
157.6
172.9
165.0
2,446.9
2,460.3
2,481.9
2,493.1
11,060
11,178
11,350
11,471
10,358
10,392
10,457
10,477
10,007
10,206
10,304
10,453
9,372
9,488
9,494
9,547
I
3,253.1
3,298.7
3,323.2
3,382.9
497.7
456.4
491.2
500.7
2,755.4
2,842.3
2,832.0
2,882.2
2,611.3
2,658.7
2,712.4
2,756.4
144.1
183.6
119.6
125.8
2,495.7
2,550.8
2,524.7
2,540.7
11,555
11,893
11,819
11,999
10,466
10,674
10,537
10,577
10,613
10,779
10,964
11,107
9,613
9,674
9,774
9,790
3,432.6
3,483.3
3,498.8
3,527.9
497.5
504.8
519.0
534.9
2,935.1
2,978.5
2,979.9
2,993.0
2,789.4
2,825.5
2,895.8
2,918.8
145.6
153.1
84.1
74.2
2,581.2
2,625.8
2,605.5
2,595.4
12,193
12,348
12,324
12,348
10,723
10,886
10,776
10,708
11,208
11,326
11,579
11,636
9,857
9,985
10,125
10,091
3,586.2
533.1
3,053.1
2,949.1
104.0
2,612.0
12,572
10,755
11,738
10,042
1985:
1986:
n
m....
rv
n
m....
rv
I
n
m....
IV
1987: lr
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
1.2
9.1
8.4
1.3
2.5
.8
-.4
8.2
-5.0
1.5
5.6
6.2
-4.0
-2.5
1.8
6.2
5.8
233,466
6.9
6.0
6.4
6.0
5.2
6.5
4.2
4.4
236,222
236,742
237,347
237,953
5.0
5.1
2.8
2.5
3.4
235,707
238,469
238,985
239,605
240,206
240,709
241,215
241,789
242,381
242,860
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1987, according to revised estimates, gross farm income fell $16.6 billion (annual rate) and
net farm income fell $14.6 billion.
BILLIC NS OF DOLLARS * (RATIO SCALE)
240
200
^-
160
1
•
p
~1
_
T~
^-—"^
BILLIONS OF DOLLARS * (RATIO S CALE)
' 240
200
^-^
^
^^
160
XX^
^~s^
120
120
GRC SS FARM INCC)ME
80
80
An
40
40
20
20
10
10
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total 1
Total
1979
1980.. . .
1981
1982
1983
1984
1985
1986 r
1984: I
n
m
IV
1985: I
n
in
IV
1986: I r r
n
TTT r
IV r
1987:
1"
150.7
149.3
166.3
163.4
152.4
r
174.3
166.6
159.0
174.4
' 167.9
173.8
r
181.6
r
170.8
' 164.6
r
157.3
173.5
146.7
168.1
149.3
171.9
155.3
131.5
139.7
141.6
r
142.5
136.5
142.2
142.1
134.8
136.5
141.2
144.1
146.8
137.3
135.1
139.8
156.2
129.6
130.8
131.4
147.4
123.1
Livestock and
products
62.3
71.7
72.5
72.4
67.0
69.2
72.7
63.3
60.9
69.8
72.5
73.8
68.1
67.4
71.8
83.6
63.4
63.2
55.1
71.4
52.7
69.2
68.0
69.2
70.2
69.5
72.9
69.4
71.5
75.6
71.4
71.6
73.1
69.2
67.8
68.0
72.6
66.2
67.6
76.3
76.0
70.4
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-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
3
Value of
inventory
changes 2
5.0
63
6.5
-1.3
-10.9
6.3
1l
-3.0
1.7
7.0
9.0
7.5
3.0
3
-2.6
-4.5
-2.9
-3.2
30
-2.9
-2.7
Production
expenses
Current
dollars
123.3
133.1
139.4
140.7
139.5
141.7
136.1
124.0
141.6
142.2
142.0
140.9
139.0
137.1
135.2
133.2
128.3
125.1
122.4
120.0
118.0
1982 dollars 3
27.4
16.1
26.9
22.7
13.0
r
32.6
30.5
35.0
32.7
r
25.7
31.8
r
40.7
r
31.8
27.6
22.2
40.3
18.4
43.0
27.0
51.9
37.3
Income in current dollars divided by the GNP implicit price deflator (1982 = 100).
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
34.9
18.8
28.6
22.7
12.5
30.2
27.3
30.6
30.7
23.9
29.3
36.9
r
28.9
24.8
19.8
35.7
16.2
37.7
23.4
45.0
32.1
CORPORATE PROFITS
In the first quarter of 1987, according to preliminary estimates, corporate profits before tax rose $6.9 billion
(annual rate) and after-tax profits fell $7.9 billion.
BILLKDNS OF DOLLARS
320
BILLIONS OF DOLL ARS
320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
^,
PROFITS BEFORE TAX
^
U— 1
\
240
^
A~\
—
A
200
—
/
\
—
sr^^
/
240
—
200
\
__
—
C
PROFITS AFT R TAX
160
V--"""
—
,,-''
120
—
x/
TAX LiABIl ITY
120
"~\ \ i
—
80
r.-'''"*'
f
\
-'"\ '•,__--- — ""
\ " .^•'"
160
"\
—n^
80
">
/
—
""
\
40
—
,-
*-»%
/
V
^.,.-.
^-**
—
40
"X
UNDISTRIBU TED PROFITS
0
1
1
1
1
1979
1
1
-1
1
1
1981
1980
1
1
1
1
1
i i i
1
1983
1982
1984
1
1
i i i
I
1
1
!
|0
1987
1986
1985
COUNCIL OF £ CONOMIC ADVISERS
OURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax
Profits (before tax) with inventory valuation adjustment *
Domestic industries
Total
2
Total
1980
1981
1982
1983
1984
1985 ..
1986
1982- IV
1983- IV
1984- I
II
III
IV
194.0
202.3
159.2
196.7
230.2
222.6
244.1
150.7
223.4
235.7
241.5
223.3
220.3
159.6
173.8
131.2
166.6
199.2
190.8
208.5
121.6
190.7
205.2
211.5
191.3
188.8
182.6
183.8
1985- I
II
213.3
215.4
Ill
IV
1986- I
II
Ill
IV
1987: I "
235.3
226.4
239.0
238.3
246.5
252.3
211.8
216.3
259.1
223.7
1
2
3
205.3
191.3
200.6
205.4
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
31.7
Total 3
138.6
157.3
119.4
148.5
183.8
169.7
179.2
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
184.9
192.0
Sot p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Profits
before tax
Nonfinancial
Period
Manufacturing
77.1
88.5
58.0
70.1
87.4
73.0
76.1
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
85.3
Tax
liability
Wholesale and
retail
trade
21.6
32.5
34.6
38.9
49.7
49.7
49.8
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
47.7
237.1
226.5
169.6
207.6
235.7
223.2
237.5
164.1
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
222.5
227.7
240.4
259.6
266.5
84.8
81.1
63.1
77.2
95.4
91.8
103.5
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
115.1
129.9
Total
152.3
145.4
106.5
130.4
140.3
131.4
134.0
104.3
143.4
146.4
144.8
135.8
134.1
126.0
126.7
133.4
139.4
126.9
128.8
135.9
144.5
136.6
Dividends
54.7
63.6
66.9
71.5
78.3
81.6
87.8
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
91.4
Undistributed
profits
Inventory
valuation
adjustment
97.6
81.8
39.6
58.9
62.0
49.8
46.2
-43.1
-24.2
-10.4
-10.9
-5.5
-.6
6.5
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
54.8
45.2
-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
r
-7.4
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 first quarter of 1987, nonresidential fixed investment fell $12.9 billion
(annual rate) from its fourth quarter level while residential investment rose $0.7 billion. There was a $40.0 billion
increase in inventories following a decrease of $27.1 billion in the fourth quarter.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
1800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS PRIVATE DOMESTIC
INVESTMENT
600
600
500
500
400
400
NONRESIDENTIAL
FIXED INVESTMENT
300
300
RESIDENTIAL
FIXED INVESTMENT
\ 1
200
200
100
100
CHANGE IN BUSINESS
INVENTORIES
1
-100
1
1
1979
1 1 1
1980
1
I 1 1
1 1
1981
1982
1
1 1
1983
i i i
1984
i
1 1
1985
SOURCf DEPARTMENT OF COMMERCE
1
1 1
1986
-100
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
Gross
private
domestic
investment
1979
1980
1981
1982
1983
1984
454.8
437.0
515.5
447.3
502.3
662.1
661.1
683.6
1985
1986
1982- IV
1983- IV..
1984: I
409.6
579.8
659.5
657.5
670.3
661.1
n
m
IV
198S- I ...
n
m.
IV
1986- I
II
m.
rv
..
1987- I r
Source: Department of Commerce, Bureau of Economic Analysis.
650.6
667.1
657.4
669.5
708.3
687.3
675.8
663.2
718.1
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
678.1
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
451.4
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
133.9
Producers'
durable
equipment
Residential
203.3
208.9
230.7
223.4
232.8
277.3
303.4
316.7
139.1
122.5
122.3
105.1
152.5
181.4
191.8
217.0
217.3
114.7
256.5
164.9
258.4
274.1
280.4
296.2
175.8
184.4
184.0
181.5
185.4
188.8
194.5
198.6
205.3
215.3
221.3
226.0
226.7
289.1
303.1
304.7
316.8
304.6
316.0
319.5
326.8
317.6
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
-3.1
43.8
14.5
-4.5
-27.1
40.0
Nonfarm
7.9
-2.4
18.3
-23.1
A
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
37.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March 1987 survey, business spending for new plant and
equipment in 1986 was 2.0 percent below the 1985 level while spending in 1987 is expected to be 3.0 percent
above the 1986 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
ALL INDUSTRIES
200
200
7
NONMANUFACTURING -/
100
100
MANUFACTURING
80
80
60
60
40
40
i
1979
I
i i i
I
1982
1981
1980
1983
J.. I I
1984
I
1985
I
I
U 2J
JJ
I
I I
1986
SECOND HALF
J/ SURVEYED QUARTERLY
J/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Manufacturing
Period
1979
1980
1981
1982
1983
1984
1985
1986
1987 4
All
industries
Total
Durable
goods
Nonmanufacturing
Nondurable
goods
Total l
Transportation
Mining
Public
utilities
Commercial
and
other
Total
nonfarm
business 2
Nonmanufacturing
Manufacturing
Total
Surveyed
quarterly
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.27
390.80
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.73
144.88
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.08
70.60
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.65
74.27
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.54
245.93
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.25
10.10
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.75
19.07
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.44
46.20
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.10
170.55
1985: I
373.56
387.86
389.23
397.88
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
377.94
375.92
374.55
388.69
144.03
141.68
139.21
146.01
68.01
68.33
69.31
70.68
76.02
73.35
69.89
75.33
233.90
234.24
235.34
242.68
12.99
11.23
10.15
10.63
18.22
18.28
19.03
19.48
47.03
46.55
45.90
46.27
155.67
158.18
160.25
166.31
14403
141 68
139.21
146.01
142.96
147.39
144.58
69.06
73.02
70.16
73.89
74.37
74.41
241.06
248.83
246.91
10.22
10.54
9.83
19.03
19.11
19.07
45.46
46.38
46.49
166.36
172.80
171.52
142.96
147.39
144.58
29.98
31.68
34.04
36.89
38.56
44.55
44.81
233.90
23424
235.34
242.68
384.02
396.22
391.48
Iy3
226.62
233 61
234.76
239.61
1986: I
Surveyed
annual-
241.06
248.83
246.91
n
in
iv
n
m
rv
1987: I 44 .
.
n
4
2nd half ..
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufaeturing that is surveyed annually.
10
284.94
314.47
349.26
347.47
343.35
398.99
431.94
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.73
144.88
189.02
202.15
222.72
226.79
227.15
260.16
278.46
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.54
245.93
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 January-March 1987, corrected for
biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In April, seasonally adjusted civilian employment rose 467,000 and unemployment fell 354,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
120
120
1979
1987
•16 YEARS OF AGE AND OVER
SOURCE, DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1979
1980
1981
1982
1983
1984
1985
1986*
1986: Apr*...
May
June....
July
Aug
Sept ....
Oct
Nov
Dec
1987: Jan
Feb
Mar
Apr
Noninstitutional
population
including
resident
Armed
Forces
NSA
166,460
169,349
171,775
173,939
175,891
178,080
179,912
182,293
181,843
181,998
182,183
182,354
182,525
182,713
182,935
183,114
183,297
183,575
183,738
183,915
184,079
T i lorce
ijaoor t
including
resident
Armed
Forces
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,695
1,687
1,680
1,672
1,697
1,716
1,749
1,751
1,750
1,748
1,740
1,736
1,735
106,559
108,544
110*,315
111,872
113*,226
115,241
117*,167
119,540
118,987
119,274
119,685
119,789
119,821
119,988
120,163
120,426
120,336
120,782
121,089
120,958
121,070
Employment
including
resident
Armed
Forces
100,421
100,907
102*,042
101,194
102*,510
106,702
108356
111,303
110,664
110,852
111,293
111,559
111,764
111,703
111,941
112,183
112,387
112,759
113,122
113,104
113,570
Nonagricultural
Civilian
labor force
104,962
106,940
108*,670
110,204
111,550
113,544
115*461
117,834
117,292
117,587
118,005
118,117
118,124
118,272
118,414
118,675
118,586
119,034
119,349
119,222
119,335
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
Armed
Forces
NSA
Total
Agricultural
Total
98,824
99,303
100*397
99,526
100334
105,005
107450
109,597
108,969
109,165
109,613
109,887
110,067
109,987
110,192
110,432
110,637
3,347 95,477
3,364 95,938
3*,368 97*,030
96,125
3,401
3*,383 97*450
3,321 101,685
3*,179 103,971
106,434
3,163
105,770
3,199
3,151 106,014
3,164
106,449
3,124 106,763
3,057 107,010
106,845
3,142
3,162 107,030
107,217
3,215
107,476
3,161
111,011
111,382
111,368
111,835
3,145
3,236
3,284
3,290
107,866
108,146
108,084
108,545
Part-time
for
economic
reasons l
3,373
4,064
4499
5,852
5*,997
5,512
5,334
5,345
5,567
5,569
5,322
5,222
5,269
5,303
5,450
5,319
5,342
5,201
5,459
5,164
5,110
Total
6,137
7,637
8,273
10,678
10,717
8,539
8,312
8,237
8,323
8,422
8,392
8,230
8,057
8,285
8,222
8,243
7,949
8,023
7,967
7,854
7,500
15
weeks
and
over
1,241
1,871
2*285
3,485
4*,210
2,737
2,305
2,232
2,130
2,232
2,299
2,250
2,272
2,373
2,168
2,217
2,171
2,200
2,131
2,050
2,075
Labor force
participation
rate (percent)
Total 2
Civilian 3
64.0
64.1
64.2
63.7
64.3
64.4
64.7
65.1
65.6
65.4
65.5
65.7
65.7
65.6
65.7
65.7
65.8
65.7
65.8
65.9
65.8
65.8
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.1
65.2
65.4
65.4
65.3
65.3
65.4
65.4
65.3
65.5
65.6
65.4
65.4
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In April, the seasonally adjusted overall unemployment rate fell to 6.2 percent and the civilian unemployment rate
fell to 6.3 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
TEENAGERS
(16-19)
20
15
10
10
WOMEN 20 YEARS
AND OVER
MEN 20 YEARS
AND OVER ,
llllllllHI
1983
1987
1984
1985
1987
1986
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF IABOR
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
UnemPeriod
ployment
rate,
all
workers 1
By sex and age
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
4.2
5.9
6.3
5.7
6.4
16.1
17.8
5.1
6.3
8.8
8.9
6.6
6.2
6.1
6.8
8.3
8.1
6.8
6.6
6.2
19.6
23.2
22.4
18.9
18.6
18.3
Both
sexes
16-19
years
Black
and
other
Black
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
White
5.8
7.1
1986
5.8
7.0
7.5
9.5
9.5
7.4
7.1
6.9
1986: Apr
May
June ....
July
Aug
Sept
Oct
Nov
Dec
7.0
7.1
7.0
6.9
6.7
6.9
6.8
6.8
6.6
7.1
7.2
7.1
7.0
6.8
7.0
6.9
6.9
6.7
6.0
6.2
6.2
6.2
5.9
6.2
6.2
6.2
6.0
6.4
6.4
6.3
6.2
6.1
6.2
6.1
6.1
5.9
19.3
18.8
18.9
17.9
18.0
18.5
17.7
18.2
17.3
6.1
6.2
6.1
6.0
5.8
6.0
6.0
6.0
5.8
13.5
13.5
13.5
12.7
13.1
13.1
12.7
12.7
12.3
1987: Jan
Feb
Mar
Apr
6.6
6.6
6.5
6.2
6.7
6.7
6.6
6.3
6.0
5.9
5.8
5.5
5.9
5.8
5.8
5.5
17.7
18.0
18.1
17.4
5.9
5.7
5.6
5.4
12.6
12.8
12.5
11.7
1979
1980
1981
1982
1983
1984
1985
1
7.6
9.7
9.6
7.5
7.2
7.0
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as per
cent of potentially available labor force hours.
2
12
By selected groups
By race
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Pulltime
workers
Parttime
workers
8.8
8.8
9.4
10.5
6.6
9.3
9.3
9.1
6.3
7.9
8.5
11.0
10.9
8.6
8.1
7.9
9.5
10.1
10.0
9.5
10.1
9.8
8.9
9.7
9.8
6.7
6.9
6.7
6.6
6.4
6.6
6.6
6.6
6.3
9.4
9.1
9.1
9.2
9.3
9.3
9.2
9.1
8.8
8.1
8.2
8.1
7.8
7.7
7.9
7.8
7.7
7.6
9.8
9.5
9.7
9.3
6.4
6.3
6.2
5.9
9.0
8.7
9.2
8.6
7.6
7.6
7.4
7.3
6.8
6.6
2.8
4.2
4.3
6.5
6.5
4.6
4.3
4.4
8.3
9.2
10.4
11.7
12.2
10.3
10.4
5.3
6.9
7.3
9.6
9.5
7.2
6.8
9.8
14.8
14.8
14.9
14.2
14.6
14.6
14.3
14.2
13.7
6.7
6.8
6.6
6.6
6.5
6.5
6.6
6.5
6.3
4.2
4.4
4.5
4.4
4.2
4.3
4.6
4.5
4.3
14.3
14.3
13.9
13.0
6.3
6.2
6.1
5.9
4.2
4.2
4.1
4.1
5.5
6.9
7.3
9.3
9.2
7.1
Labor
force
time lost
(percent) 2
Source: Department of Labor, Bureau of Labor Statistics.
10.4
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In April, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 5-14
weeks fell, and the percentages for 15-26 weeks and for 27 weeks and over rose. The mean duration of
unemployment was unchanged and the median duration rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
-
LESS THAN
5 WEEKS
50 _
v\
-•
JOB LOSERS
•_-W.
40
5-14
WEEKS
-'^'
~~-\x-\
,-i^--'
REENTRANTS
~\
30 -
27 WEEKS
AND OVER
V
20
NEW ENTRANTS
1
^
\
s^~^- '-^j
10
15-26
JOB LEAVERS
WEEKS
iiiiiliiiii
Illllllllll Illllllllll
1983
Illllllllll
iniihiiii
Illllllllll
1986
1985
1984
1983
1987
1985
1984
1986
1987
'SEASONALLY ADJUSTED
COUNCIL 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)
Number of
weeks
Percent distribution
Less
than
5
weeks
5-14
weeks
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
8,323
8,422
8,392
8,230
8,057
8,285
8,222
8,243
7,949
8,023
7,967
7,854
7,500
State
programs
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
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
42.7
42.4
40.8
41.6
42.3
41.1
41.9
41.2
42.4
31.8
31.4
31.7
30.9
29.7
30.4
31.5
31.8
30.2
11.8
12.5
12.4
12.9
13.2
13.4
11.7
12.7
12.9
13.8
13.7
15.1
14.6
14.8
15.2
14.9
14.3
14.5
14.7
14.8
15.2
15.1
15.6
15.5
15.2
14.8
15.0
6.6
6.8
7.2
7.1
7.1
7.1
7.0
7.0
7.1
41.9
42.2
42.9
42.2
31.1
31.1
31.1
30.0
12.5
12.7
12.0
13.8
14.5
14.1
14.0
14.1
15.0
14.6
14.9
14.9
7.0
6.6
6.6
7.0
Job
leavers
Insured
unemployment
Insured
unemployment,
all
regular
programs
(unadjusted) '
Reentrants
New
entrants
11.7
11.2
7.9
7.7
9.6
10.6
12.3
25.2
25.4
22.3
22.5
25.6
27.1
26.2
11.4
11.9
11.1
11.3
13.0
12.5
12.5
3,350
3,047
4,061
3,396
2,476
2,611
2,650
488
460
583
438
377
396
378
3,837
3,410
4,594
3,775
2,561
2,693
2,746
48.4
49.9
50.6
49.1
47.6
48.9
48.7
48.1
48.9
12.8
11.6
12.0
12.4
12.3
12.6
12.6
12.9
13.0
26.2
26.1
25.0
26.6
27.4
25.9
26.8
25.8
25.4
12.6
12.4
12.4
11.9
12.6
12.6
11.9
13.1
12.8
2,598
2,655
2,678
2,699
2,713
2,707
2,621
2,565
2,515
379
380
378
379
388
370
357
355
357
2,799
2,556
2,474
2,632
2,483
2,335
2,296
2,478
2,841
49.6
48.2
48.4
49.7
11.1
13.1
12.7
12.3
25.7
25.6
26.8
25.8
13.6
13.1
12.1
12.1
2,507
2,477
2,453
2,356
363
369
342
329
3,276
3,155
2,933
Job
losers
Initial
claims
Weekly average, thousands
1980
1981
1982
1983
1984
1985
1986
1986- Apr
May
July
Sept
Oct....
Nov
Dec
1987: Jan
Feb
Mar
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 316,000 in April.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
100
'
22
90
"
,, .3
^ ALL NONAGRICULTURAL
^
^
^
_, — "T
ES>TABLISHMEhvlTS
**'
—
r**'
—
20
—"
80
—
RE TAIL TRADE
18
—
•"~\~"
\
SEF VICE-PRODL CING
INDUSTRIE S
70
— ——•""
—
14
—
^\"
< GOVERNMENT
16
60
--
^^—
illinium nmliim
i
Illllllllllllllllllllll 1 1 1 1 1 1 1 1 1 1 li
i
MA NUFACTURI \IQ
20
r—--£-_—,
50
^/"T"
18
40
minium iiiiiiiiin Illllllllll
T
—
—
6
30
GOC DS-PRODUC NG
NDUSTRIES
20
N
iiiiiiiiin
jjTiTihiiii iinilmii
1983
1984
1 1 1 1 1 1 1 1 1 1 II
•»
CONSTRUC TION
.
4
Minium iiiiilimu
1986
1985
Illllllllll
2
Mimlmn iiinli|i||
1987
1983
1984
Illllllllll
Illllllllll
1985
1986
SEASONALLY ADJUSTED
Illllllllll
1987
COUNCIL OF ECONOMIC ADVISERS
OURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; ' seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
Total
nonagricultural
employment
1980
1981
1982
90,406
91,156
89,566
1983
1984
1985
1986
90,200
94,496
97,614
100,167
1986: Apr
May....
June ..
July....
Aug....
Sept....
Oct
Nov....
Dec....
1987: Jan
Feb r...
Mar r..
Apr"..
Manufacturing
Total
2
25,658
25,497
23,813
23,334
24,727
p
struction
4,346
4,188
3,905
Total
20,285
20470
18,781
18434
Durable
goo s
12,187
12409
11,039
10^732
11,505
Nondurable
goods
Total
8,098
64,748
11^345
8,061
7,741
7,702
7,873
7J98
7,841
65^659
65,753
66^866
69,769
72^684
75,229
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Finance,
insurance,
and real
estate
15,179
15,613
16,545
17,360
17,978
5,160
5,298
5,341
5,468
5,689
5,953
6,305
5,146
5465
5,275
5,358
15,035
15,189
5,082
4J954
5,159
5^242
5,286
5,278
5,268
5,555
5,740
5,853
Government
Services
Total
Federal
2,866
2,772
19,694
20,797
21,974
23,072
16,241
16,031
15,837
15,869
16,024
16,415
16,735
17,890
18,619
19,036
2,739
2,774
2,807
2,875
2,899
24,930
24,938
3,948
4,383
4,687
4,960
99,783
99,918
99,843
100,105
100,283
100,560
100,826
101,068
101,322
25,038
24,965
24,854
24,869
24,888
24,858
24,865
24,891
24,920
4,972
4,974
4,947
4,980
5,012
5,010
5,001
4,993
4,996
19,245
19,201
19,135
19,121
19,123
19,105
19,118
19,156
19,186
11,415
11,378
11,307
11,294
11,302
11,271
11,266
11,282
11,289
7,830
7,823
7,828
7,827
7,821
7,834
7,852
7,874
7,897
74,745
74,953
74,989
75,236
75,395
75,702
75,961
76,177
76,402
5,266
5,265
5,167
5,288
5,255
5,316
5,316
5,351
5,359
5,864
5,872
5,829
5,849
5,863
5,859
5,864
5,859
5,859
17,851
17,911
17,944
17,992
18,030
18,065
18,143
18,197
18,206
6,228
6,261
6,295
6,334
6,364
6,388
6,409
6,429
6,472
22,825
22,924
23,072
23,176
23,255
23,300
23,359
23,451
23,578
16,711
16,720
16,682
16,597
16,628
16,774
16,870
16,890
16,928
2,914
2,899
2,875
2,866
2,875
2,901
2,896
2,899
2,907
101,626
101,854
102,009
102,325
25,008
25,038
25,004
25,046
5,109
5,094
5,059
5,082
19,168
19,211
19,210
19,224
11,265
11,300
11,293
11,293
7,903
7,911
7,917
7,931
76,618
76,816
77,005
77,279
5,382
5,394
5,412
5,415
5,864
5,877
5,877
5,882
18,289
18,368
18,402
18,469
6,495
6,519
6,544
6,581
23,670
23,752
23,815
23,918
16,918
16,906
16,955
17,014
2,914
2,917
2,931
2,937
19,378
19^314
19,186
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
Period
Manufacturing
Total
private
nonagricultural '
Total
Total
private
nonagricultural 1
Overtime
3.4
3.4
3.3
3.4
3.5
3.5
3.5
3.5
3.5
7.25
7.68
8.02
8.32
8.57
8.75
8.72
8.73
8.74
8.73
8.77
8.76
8.80
8.84
8.82
2.6
2.6
2.4
2.4
2.3
1.9
2.3
2.4
1.7
.9
1.4
1.4
1.0
1.2
1.1
.6
1.1
1.5
1.0
3.6
3.6
3.7
3.4
8.84
8.86
8.90
8.88
9.78
9.81
9.82
9.85
170.7
171.4
171.8
172.2
94.4
94.4
94.2
94.0
2.0
1.9
1.9
2.2
.9
.1
-.9
-1.4
41.0
41.3
41.0
40.5
Aue
Sept
1987:
1977 dollars
7.9
9.0
9.1
6.9
4.6
3.2
3.1
2.4
34.8
35.0
34.8
34.7
June
July
Current
dollars
1977
dollars 3
97.4
93.5
92.6
93.4
94.9
94.6
94.1
94.9
95.3
95.3
95.2
95.0
95.1
94.9
95.0
95.3
95.0
Jan
Peb r
Mar r .
Apr".
Apr
May
Current
dollars
116.8
127.3
138.9
148.5
155.4
160.3
165.2
169.2
168.4
168.7
169.2
168.9
169.3
169.6
170.0
170.8
170.6
40.2
39.7
39.8
38.9
40.1
40.7
40.5
40.7
40.7
40.7
40.6
40.6
40.8
40.8
40.7
40.8
40.8
3.3
2.8
2.8
2.3
3.0
3.4
3.3
3.4
Oct
Nov
Dec
1983
1984
1985
1986
1986:
Percent change 4from a year
earlier 5
Index,
Manufacturing
7.27
7.99
8.49
8.83
9.19
9.53
9.73
9.68
9.72
9.71
9.73
9.76
9.74
9.77
9.77
9.78
35.7
35.3
35.2
34.8
35.0
35.2
34.9
34.8
34.8
34.8
34.7
34.7
34.8
34.7
34.7
34.8
34.6
1979
1980
1981
1982
Adjusted hourly earnings index — total private
nonagricultural 2
$6.70
$6.16
6.66
31
-4.0
1.0
.9
1.6
3
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private nonagricultural
Average gross weekly earnings
Period
Current dollars
1979
1980
1981
1982
1983
1984
1985
1986
1986:
Construction
Retail trade
Current dollars
1977 dollars 3
Apr
May
Aue
Sept
Oct
Nov
Dec
Jan
Feb r
Mar r.
Apr p
174.91
174.91
174.60
175.20
176.08
176.66
176.06
177.85
175.42
8.0
6.9
8.5
4.7
5.0
4.3
2.1
1.8
2.1
1.9
1.1
1.7
1.8
1.0
1.4
1.9
.5
-3.1
-5.8
-1.5
-1.2
1.9
.9
-1.4
.3
.9
.7
-.2
.5
.6
3
.2
1.0
-.2
174.87
177.30
176.97
178.18
1.0
2.3
1.5
1.7
.5
-1.3
-2.0
$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
303.46
303.80
303.28
302.93
305.20
303.97
305.36
307.63
305.17
171.83
171.54
170.57
170.38
171.46
170.20
170.69
171.57
170.01
393.98
395.60
394.23
395.04
398.21
397.39
397.64
398.62
399.02
465.22
464.25
461.15
463.76
467.37
468.61
469.88
470.58
470.73
307.63
310.10
309.72
308.14
170.15
170.85
169.90
168.20
400.98
405.15
402.62
398.93
478.56
474.92
476.78
473.38
1
4
2
5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977 = 100 base).
3
1977 dollars
Current dollars
$219.91
235.10
255.20
267.26
280.70
292.86
299.09
304.50
June
July
1987:
Manufacturing
Total private
nonagricultural 1
5
1
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
73-612 87 — 2
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
Compensation per
bour 3
Hours of zall
persons
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Business
sector
Nonfarm
business
sector
119.7
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1979
99.6
99.3
107.9
107.9
108.3
108.7
119.1
118.9
99.4
99.2
119.5
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.3
98.8
99.8
99.2
102.4
104.3
106.7
108.9
105.5
109.9
118.8
106.7
108.5
104.9
110.1
118.8
107.5
108.2
105.2
106.7
112.8
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.1
131.3
143.6
154.8
161.5
167.9
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
1985
1986
106.4
107.1
104.8
105.5
122.7
125.9
122.5
125.9
115.3
117.5
116.9
119.3
175.3
180.9
174.6
179.8
98.8
100.0
98.4
99.4
1982: IV
101.0
99.7
105.0
104.2
103.9
104.5
158.3
158.2
98.0
1983:
103.8
103.3
113.6
114.1
109.4
110.5
163.6
163.4
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
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
IV
107.3
107.4
107.3
106.8
105.6
105.7
105.7
105.3
125.3
125.4
126.0
126.8
125.1
125.3
126.1
127.0
116.8
116.7
117.4
118.7
118.5
118.5
119.4
120.6
1987: I.r
106.9
105.4
128.0
128.3
119.8
121.7
1979
-1.2
-1.6
2.0
1.9
3.2
3.5
9.7
9.5
IV
1984- I
n
m
IV
1985- I
n
m
IV
1986- I
n
m
117.0
116.5
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
164.8
168.8
166.7
170.4
163.0
166.3
164.6
168.1
97.9
156.8
158.7
150.2
151.4
98.1
97.9
157.7
158.2
155.2
156.2
98.1
97.9
98.1
98.2
97.9
97.8
97.9
98.1
158.2
158.3
160.2
161.7
159.4
159.5
161.5
163.3
156.7
157.7
159.0
160.3
157.2
158.4
160.0
161.4
172.1
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
179.1
180.4
181.7
182.6
178.3
179.3
180.4
181.6
99.2
100.2
100.4
100.2
98.8
99.7
99.6
99.6
167.0
168.0
169.3
171.0
168.8
169.6
170.7
172.5
165.3
165.8
167.2
167.0
167.1
167.5
169.0
168.9
182.7
181.6
99.0
98.4
170.9
172.2
168.7
170.6
Percent change; quarterly data at seasonally adjusted annual rates
-1.4
-1.6
11.1
11.2
9.0
8.9
1980
1981
1982
1983
1984
-.3
1.4
-.4
2.7
2.3
-.4
1.0
-.6
3.3
1.8
-1.1
2.1
-3.1
4.2
8.1
12
1.7
33
4.9
8.0
-.8
.7
-2.8
1.5
5.7
7
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
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
2.6
3.0
2.8
2.2
1.9
2.6
2.0
4.3
3.2
4.0
3.0
.7
1.2
.4
1.1
3.2
2.5
3.5
2.3
2.9
2.1
3.3
2.2
1982: IV
3.0
2.4
-.5
4.5
5.1
3.2
3.7
1.5
2.6
2.4
3.0
1983:
2.8
1.3
10.4
9.8
7.3
8.4
5.3
4.4
1.4
.5
2.4
3.0
4.8
3.1
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
-.2
3.3
2.4
1.0
7.2
3.6
2.7
1.0
7.4
2.7
3.0
1.9
3.0
3.2
3.4
2.6
2.4
3.3
.5
4.3
.5
-.3
-1.5
4.7
.3
2.0
2.4
5.1
.6
2.6
2.7
1.4
-.2
2.4
4.6
.8
.1
2.9
4.3
2.5
2.8
2.9
2.0
3.1
2.3
2.3
2.7
.9
4.2
.4
-.6
1.5
3.6
-.1
.0
-.7
2.3
3.3
4.2
-1.2
1.8
2.6
4.2
1.8
1.2
3.4
— .4
2.3
1.0
3.6
-.3
.5
4.1
4.3
3.4
3.8
.3
.0
-.3
-.5
4.0
4.2
IV
1984- I
n
m
IV
1985- I
n
m
IV
1986:
I
n
m
IV
A
-2.0
1987: I r
1
.6
-1.2
-3.4
-3.5
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
16
5
-4.7
-5.0
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0.4 percent in April, following a decline of 0.2 percent in March. The index for April was
1.3 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
20
FINAL PRODUCTS
00
C EFENSE ANC)
SPACE
80
'
EQUIPMENT ^- ' "
60
INDEX, 1977=100* (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
120
V--
100
•
^._.
40
.MANUFACTURING PRODUCTION.
140
20
DURABLE
120
r
^"
___
BUSINESS
EQUIPMENT
^
\
. .
"
~x'
^
\
CONSUMER
GOODS
-<^'""
00
iniilmn niiihii'i 1 1 1 1 1 1 1 1 1 1 1
100
1 ! (I 1 1 I 1 1 1 1
M I 1 1 1 11 1 1 I
PER CENT*
90
140
_
_MANUF ACTURING CAPACITY UTILIZATION RATE_
UTILITIES AND MINING PRODUCTION
80
120
,>^——
^
'
70
100
60
1983
mill
1983
1 1 1 11 1 1 1 1 1 1 1 1 1 1 11 1 1 1 11
1985
1984
1 1 1 1 1 11 M 11
1 1111111M 1
1986
1987
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Monthly data seasonally adjusted]
Period
Index,
1977 = 100
1980
1981
1982
1983
1984
1985
1986
1986- Apr
May
July
Aue:
Sept
Oct
Nov
Dec
1
..
Output as percent of capacity.
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Manufacturing
Industrial
materials
100.0
110.7
108.6
111.0
103.1
109.2
121.4
123.8
125.1
124.7
124.2
124.2
124.9
125.1
124.9
125.3
126.0
126.7
1979
1987- Jan r
Peb r
Mar T
Apr p
Capacity utilization
rate, percent *
Industry production indexes, 1977 = 100
Total
industrial
production
3.9
— 1.9
2.2
-7.1
5.9
11.2
2.0
1.1
1.2
.5
.5
1.2
.5
.5
1.4
.9
.9
84.21
111.5
108.2
110.5
102.2
110.2
123.4
126.4
129.1
128.7
128.2
128.3
129.2
129.5
129.5
129.9
130.3
131.1
49.10
113.9
109.1
111.1
99.9
107.7
124.2
127.3
127.9
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
129.6
129.9
131.2
131.7
132.2
131.4
132.3
132.7
133.7
9.83
106.4
112.4
117.5
109.3
102.9
111.1
108.8
99.6
101.0
99.8
98.9
97.1
96.4
96.2
95.6
97.4
96.7
5.96
105.9
107.3
107.1
104.8
105.2
110.7
111.9
109.7
109.4
108.5
108.6
109.7
108.3
108.3
109.3
111.2
110.6
84.6
79.3
78.3
70.3
74.0
80.5
80.1
79.8
79.9
79.4
79.3
79.7
79.7
79.6
79.6
79.8
80.1
87.1
81.1
81.1
71.7
75.3
82.0
80.2
78.5
78.7
78.1
78.0
78.3
77.9
78.1
77.8
78.4
78.9
126.5
127.1
126.8
126.3
.3
1.5
2.6
1.3
131.1
132.0
131.7
131.1
129.0
130.3
129.9
128.9
134.1
134.3
134.3
134.3
-97.2
95.6
95.0
95.2
109.5
109.8
110.2
110.5
80.0
80.3
80.0
79.5
78.8
78.6
78.4
78.2
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1077 — 100; monthly data seasonally adjusted]
Products
Materials
Intermediate products
Final products
Consumer goods
Equipment
Period
Total
Total
1977 proportion
44.77
35.53
1979
1980
1981
1982
111.0
112.2
115.2
109.5
114.7
127.3
131.1
132 3
132.1
131.6
131.1
132.0
132.6
132.2
132.7
133.1
133.7
133.6
135.0
134.4
133.5
103.9
102.7
104.1
101.4
109.3
118.0
120.2
124.5
1983
1984
1985
1986
....
. ...
1986: Apr
May
June ...
July
. -1
Auff
Sept
Oct
Nov
Dec
1987- Jan r
Feb r
Marr
Apr p
1
124.5
124.3
124.4
125.2
125.1
124.2
124.7
125.6
127.2
126.8
127.5
127.0
125.9
Durable
goods
Nondurable goods
6.89
99.9
88.4
89.7
82.9
98.5
112.2
112.9
116.2
115.9
113.8
114.3
116.3
115.7
117.4
116.3
118.4
121.5
120.0
122.3
121.3
118.3
18.S3
105.4
108.1
109.3
108.3
113.3
120.1
122.9
127.5
127.7
128.1
128.1
128.4
128.6
126.7
127.8
128.3
129.4
19.35
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
142.3
141.2
140.0
141.0
142.5
142.8
143.3
143.1
142.2
129.2
129.4
129.1
128.7
142.8
144.9
144.2
143.6
138.6
137.9
136.6
137.9
139.3
139.3
139.1
138.6
137.1
138.1
140.7
139.6
139.0
Total '
Business
Defense
and
space
equipment
3.67
105.6
115.4
119.8
133.0
143.1
156.4
170.6
180.3
178.0
178.0
178.4
179.5
181.0
182.0
184.6
184.9
185.8
185.2
186.5
186.7
186.6
Total
12.94
110.8
106.9
107.3
101.7
111.2
124.7
130.0
136.4
134.5
135.1
137.0
137.3
137.8
137.0
138.7
139.2
139.7
139.1
139.3
139.7
139.5
Construction
supplies
5.95
108.7
100.6
98.6
88.3
100.6
114.0
118.3
124.7
123.6
123.5
124.1
124.0
125.4
125.9
126.3
126.8
127.9
128.3
127.9
128.1
127.9
Business
supplies
6.99
112.7
112.3
114.7
113.1
120.3
133.8
140.0
146.4
143.8
145.0
147.9
148.6
148.4
146.4
149.3
149.7
149.8
148.3
149.1
149.6
Total
42.28
110.3
105.3
107.7
96.7
102.8
114.2
114.2
113.9
113.8
113.0
113.1
113.6
113.2
113.5
113.3
114.3
115.2
115.2
115.0
114.8
114.7
Ener-
gy
11.69
104.1
105.5
104.7
101.2
98.4
103.9
103.4
99.9
100.4
100.5
100.8
99.9
97.9
98.0
96.9
98.7
98.8
98.9
97.2
96.9
97.1
Includes rigs and prefabs, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
Iron and
steel
Fabricated
metal
products
Nonelectrical
machin-
ery
Electrical
machin-
ery
Total
Motor
vehicles
Lumber
and
products
and
Apparel
products
ing
and
publishing
Chemicals
and
products
Foods
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
161.6
161.9
164.0
165.4
164.6
163.0
167.8
168.5
167.7
168.1
166.6
168.1
169.0
132.8
131.5
134.2
134.1
134.4
133.9
133.9
132.3
134.6
133.1
133.7
134.6
134.3
135.1
134.3
133.7
134.4
135.3
137.4
138.0
138.5
135.3
135.4
135.6
parts
1977 proportion
1979
1980
1981
1982
1983
1984
1985
1986
1986- Apr
May
July
Sept
Oct
Nov
Dec
1987- Jan '
Feb r.
Mar '
Apr p
5.33
108.5
90.4
95.0
65.8
73.0
82.3
80.5
75.8
78.1
74.8
71.4
73.6
73.4
74.1
74.2
76.8
73.5
73.6
76.3
77.0
77.8
Source: Board of Governors of the Federal Reserve System.
18
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
65.6
60.2
58.3
61.7
60.8
61.1
62.2
64.8
60.5
108.2
106.5
106.6
105.7
105.9
107.3
108.3
107.1
108.3
140.8
141.3
140.4
142.6
142.6
140.9
142.2
141.2
139.9
166.8
166.0
163.2
166.8
167.2
166.9
167.7
168.3
170.2
126.2
124.1
125.1
125.6
125.1
127.7
125.2
125.6
127.0
60.2
63.1
64.7
108.0
107.5
108.0
107.0
140.3
142.7
142.3
142.7
169.2
168.6
166.7
166.2
128.1
131.7
130.6
126.4
5.35
95.9
71.1
71.6
66.8
85.8
104.4
111.5
110.9
112.6
108.7
110.6
111.2
108.2
112.2
107.1
107.9
111.2
112.2
117.8
115.5
108.9
3.30
102.0
92.9
90.1
82.8
100.2
109.1
113.4
123.4
121.3
121.6
120.9
120.8
122.5
125.0
125.9
129.5
133.1
130.2
129.9
130.2
2.79
98.3
97.3
96.1
87.3
95.3
102.7
100.9
103.6
103.1
102.6
101.7
102.5
102.5
102.7
104.2
105.1
106.4
107.2
108.2
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Period
Total new
construction
expenditures
Residential
Total
Commercial
and
industrial 2
New housing
units
Total '
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1979
1980
1981
1982
1983
1984
1985
250.3
249.0
257.8
244.4
279.2
327.2
355.6
377.9
1986
201.5
194.0
204.4
193.6
228.5
272.0
292.8
306.7
117.2
101.1
100.0
85.4
126.6
155.1
158.8
175.6
90.1
70.4
70.2
57.7
95.7
115.1
116.0
133.9
42.0
46.7
55.0
58.7
53.8
68.6
82.7
80.1
42.3
46.2
49.4
49.5
48.1
48.2
51.3
51.1
109
97
100
100
124
135
148
155
48.8
55.0
53.3
50.8
50.7
55.2
62.8
71.2
Annual rates
Annual rates
1986- Apr
Get
373.9
374.5
375.4
380.7
382.6
382.6
388.5
Nov..
383.1
Dec
378.5
May
June
July
Sept
381.1
1987- Jan
Feb r
Mar r
386.8
382.4
Aprp
384.1
1,059
904
919
690
756
955
1,097
996
303.3
302.6
304.6
309.0
310,2
308.6
315.3
311.7
305.5
170.5
172.5
174.5
178.8
178.8
178.5
187.0
185.7
181.5
129.4
132.4
135.2
136.6
137.8
138.5
139.4
140.2
137.8
81.8
78.7
78.3
79.3
81.1
79.3
77.5
76.5
74.5
51.0
51.3
51.8
50.9
50.3
50.9
50.8
49.5
49.4
70.6
71.9
70.8
71.7
72.4
74.0
73.2
71.5
73.0
165
153
159
157
155
155
151
156
155
1,011
921
911
877
949
970
861
1,025
940
307.2
311.3
306.0
307.9
185.4
184.9
184.7
184.2
139.5
139.1
140.1
141.4
71.5
75.6
72.1
73.1
50.3
50.8
49.2
50.7
73.9
75.5
76.4
76.2
150
145
160
158
996
850
912
935
1
Includes the following categories of private construction not shown separately: residential improvements, railroads, electric light and power, gas, petroleum pipelines, and farm nonresidential.
2
Includes hotels and motels.
3
F. W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Syst
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1979
1980
1981
1 unit
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1982
1983
1984
1985
1986
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,945
1,848
1,842
1,786
1,800
1,689
1,657
1,637
1,813
1,220
1,219
1,212
1,147
1,180
1,123
1,114
1,129
1,233
2-4 units
5 or more units
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
Units
authorized
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
r
1,769.4
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
1,756.4
709
545
436
412
623
639
688
750
1,703
1,801
1,644
1,750
1,757
1,740
1,745
1,774
1,894
Homes for
sale at end of
period *
3
883
777
723
691
623
744
675
691
768
398
336
272
251
300
353
346
357
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
Seasonally adjusted annual rates
1986- Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
1987' Jan
Feb '
Mar T.
Apr"
1,816
1,838
1,749
1,699
1,253
1,303
1,226
1,250
81
83
79
80
88
62
85
71
108
79
76
85
74
644
546
551
559
532
504
458
437
472
484
459
438
375
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
* 1,874
r
1,778
1,793
r
l,778
r
l,728
r
1,687
r
1,664
T
1,667
r
1,862
r
T
1,652
1,676
1,719
1,598
* 1,956
1,725
1,668
r
712
742
722
777
337
338
340
350
352
355
357
353
357
r
7.3
7.5
7.7
358
358
357
355
7.4
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83
data are for 16,000 places.
Seasonally adjusted housing authorizations revised beginning 1985.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In March, manufacturing and trade sales rose 0.8 percent and inventories rose $2.8 billion. In April, according to
advance data, retail sales rose 0.1 percent, following a rise of 0.8 percent in March.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
800
—
-
700
600
— _— -^
^—
MANl IFACTURING AND
TRA )E INVENTO ilES
-
500
-
«•-*• J
400
__^
"'"\ "
^x
\
M/^NUFACTURING
Ar> D TRADE SA LES
**''
-
300
-
—
200
UMllUMI imilmii
1983
tmilllllt iMiilmn IUfl(|lll|
1984
1986
1985
1987
1987
"SEASONAir* ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade '
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Inventory-sales ratio 4
Ketail
Inventories 3
Sales 2
Period
2
Inventories 3
Sales 2
Inventories 3
Sales
348,746
369,266
408,721
419,459
425,752
574,126
589,280
641,328
650,695
652,705
96,290
100,424
113,404
114,563
115,109
128,196
129,803
140,865
144,244
147,375
415,705
422,441
417,324
421,933
421,137
423,559
437,895
430,012
429,944
443,766
653,905
655,293
653,317
654,088
656,982
655,415
652,978
656,619
656,189
652,705
112,945
114,778
110,549
113,232
114,444
114,426
118,138
117,488
117,734
118,446
145,518
145,961
146,012
147,129
147,850
148,050
148,599
147,754
148,204
147,375
425,080
443,169
446,569
659,036
660,470
663,313
116,545
123,281
123,914
149,347 118,579
149,408 124,280
149,500 ' 125,225
125,384
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade 1
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984.
1985
1986
1986: Mar r .
Apr
May
June
July
Aue*
Sept
Get
Nov
Dec
1987: Jan
Feb r
Mar?
Apr p
r
89,107
97,599
107,448
114,968
121,201
r
117,259
118,387
119,613
119,679
120,541
122,156
128,952
122,121
121,678
127,613
ige 21 for manufacturing.
Monthly average for year and total for month.
End of period. Data are on a current-cost basis beginning December 1980 for wholesale and
retail and beginning January 1982 for manufacturing; not comparable with data for prior periods.
2
3
20
60,937
64,438
68,499
71,803
73,863
28,169
33,161
38,948
43,165
47,338
r
43,712
45,322
46,047
46,008
46,604
48,245
55,010
47,800
47,408
52,579
r
43,766
47,365
48,336
48,041
4
r
r
134,509
147,325
166,300
179,671
187,158
61,911
70,092
80,737
90,791
94,935
72,598
77,233
85,563
88,880
92,223
73,547
73,065
73,566
73,671
73,937
73,911
73,942
74,321
74,270
75,034
184,613
186,017
184,906
185,686
187,935
187,483
186,034
190,645
189,264
187,158
94,951
95,788
94,711
95,681
98,008
97,387
94,337
97,810
97,041
94,935
89,662
90,229
90,195
90,005
89,927
90,096
91,697
92,835
92,223
92,223
1.57
1.55
1.57
1.55
1.56
1.55
1.49
1.53
1.53
1,47
74,813
76,915
76,889
77,343
189,000
190,527
193,723
96,606
97,831
99,819
92,394
92,696
93,904
1.55
1.49
1.49
1.49
1.44
1.48
1.50
1.54
1.67
1.56
1.52
1.54
1.54
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
r
1.57
1.57
1.55
1.55
1.56
1.53
1.44
1.56
1.56
1.47
1.59
1.53
1.55
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In April, manufacturers' shipments fell and inventories and orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
28U
240
BILLIONS OF DOLLARS* (RATIO SCALE)
SHIPMENTS
200
.
400
360
320
280
^-^
—-X~"~1
160
_
INVbNIORIES
_^
^
TOTAL
- -
i
-
240 —
120
r
— ::
^'
80
"
200
DL RABLE GOO DS
-;:
^;rj
\
"H
DU RABLE GOO DS
160
NO MDURABLE G OODS
-—•--•]
120
\
60
Illllllllll
miilmii
IMMllMM
Illllllllll
80
BILLIONS OF DOLLARS* (RATIO SCALE)
28U
240
60
NEW ORDERS
Illllllllll
200
^r^ "^
2.20
TOT A L
pi if ABLE GOO[ <;
120
.
80
1.80
/
,-st^"
"
LiUUliUlL
iWLLLLUL muiiiLU uuiluui
RATIO
^
~^
160
-
NOI •JDURABLE G OODS
\
INVENTORY-SHIPMENTS RATIO
X
—^"^
^*^-.
"-"— -^_
r ^-~'~ \
"\j
\
•~^r
1.60
NON DURABLE G DODS
1.40
60
Illllllllll
Illllllllll Illllllllll Illllllllll
1983
1984
1985
IMUlllMl
-
1987
1986
M 111 1 11 1 11
1.20
1983
1984
j-uitUmi
llLUUUll
1986
1987
1985
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments1
Manufacturers' inventories 2
Manufacturers' new orders '
Durable goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
Millions of dollars, seasonally adjusted
1980
1981
1982
1983
1984
154,391
168,129
163,350
171,242
187,869
189,928
189,442
1985
1986
1986: Apr r.
189,276
May . . .. 187,162
June
189,022
July . ... 186,152
186,977
Aiie
Sept
190,805
Oct
190,403
Nov
190,532
Dec
197,707
1987: Jan
189,956
Feb
195,608
r
Mar .
197,430
Apr"
195,470
1
264,281
282,645
311,421
312,152
334,163
326,780
318,172
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
100,941
98,484
99,611
99,514
98,065
100,881
101,528
100,218
106,739
88,335
88,678
89,411
86,638
88,912
89,924
88,875
90,314
90,968
323,315
322,399
321,273
321,197
319,882
318,345
318,220
318,721
318,172
99,318
103,601
104,750
102,412
90,638
92,007
92,680
93,058
320,689
320,535
320,090
320,801
2
2
89,661
96,298
110,710
111,932
115,639
113,030
110,237
156,161
167,752
161,600
173,915
190,065
190,631
189,482
79,360
83,553
77,676
87,485
98,875
99,600
100,131
23,259
24,050
21,469
22,143
26,714
26,970
26,671
76,801
84,199
83,924
86,431
91,189
91,030
89,351
323,393
319,094
306,302
338,849
365,177
373,495
373,849
1.67
1.65
1.95
1.80
1.74
1.74
1.70
212,226
212,012
211,035
210,685
209,885
209,438
209,170
209,373
207,935
111,089
110,387
110,238
110,512
109,997
108,907
109,050
109,348
110,237
186,606
185,794
186,964
186,699
184,886
193,758
189,407
190,999
197,042
98,176
97,077
97,772
99,991
96,129
103,468
100,392
100,658
105,966
25,357
25,484
25,905
26,637
25,541
27,143
27,647
27,301
29,312
88,430
88,717
89,192
86,708
88,757
90,290
89,015
90,341
91,076
377,011
375,692
373,634
374,181
372,090
375,043
374,047
374,514
373,849
1.71
1.72
1.70
1.73
1.71
1.67
1.67
1.67
1.61
209,090
208,644
207,987
208,481
111,599
111,891
112,103
112,320
186,633
194,333
199,399
199,800
95,544
101,932
106,213
106,226
26,777
26,856
27,396
27,617
91,089
92,401
93,186
93,574
370,526
369,251
371,220
375,550
1.69
1.64
1.62
1.64
174,620
186,347
200,7 11
200,220
218,524
213,750
207,935
Monthly average for year and total for month. Shipments are the same as sales.
End of period. Data beginning 1982 are on a current-cost basis, and are not comparable with
tata for prior periods.
3
End of period.
2
2
4
Annual data are averages of monthly ratios. Data beginning 1982 are not comparable with data
for prior periods (see footnote 2 regarding inventories).
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In April, the producer price index for all finished goods rose 0.7 percent, seasonally adjusted. The index for
finished consumer foods rose 1.5 percent while the index for other finished consumer goods rose 0.6 percent. The
index for capital equipment rose 0.3 percent.
INDEX, 1967= 100 (RATIO SCALE)
340
INDEX, 1967=100 (RATIO SCALE)
340
SEASONALLY ADJUSTED
FINISHED GOODS
320
CONSUMER GOODS
EXCLUDING FOODS
300
320
TC TAL FINISHED
GOODS
— _*-
— ~~— -""
W-l
.^ysC^^^I.7^"2
*~^
V«^^%^-
'
fs
280
->«—^ ^^
^
^
,/\
260
/&
240
f--f"~'
S--.S
\
s-~..SJ
fi?
<-\-\
300
£T/ • *'^-'£~
^
280
f
/
260
CONSUMER FOODS
CAPITAL EQLJIPMENT
240
fe«
220
/-•-^
220
/'
200
180
200
f
s
1 1 1 1 1 1 11 1 11
1979
1 1 i11 1 iM 11 i i i i i 1 iii ii
1
1981
1980
1 1 1 1 11 1 1 1 1 1 1 1 1 i 1 1
1
1983
1982
1984
1985
1
1 1 1111
180
1987
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Period
Total
finished
goods
Consumer
foods
Total
1979
1980
1981
1982
1983
1984
1985
1986 r
1986: Apr
Mav
June
July
Sept
Oct
Nov
Dec r
1987- Jan
Feb
Mar
Apr
1
217.7
247.0
269.8
280.7
285.2
291.1
293.7
289.7
287.4
288.8
289.4
287.2
288.3
289.1
290.1
290.2
290.4
291.7
291.9
293.2
295.3
226.2
239.5
253.6
259.3
261.8
273.3
271.2
278.1
271.7
275.5
275.9
279.6
283.5
283.3
285.9
285.3
284.0
279.0
277.7
279.1
283.2
213.3
247.8
273.3
285.8
290.8
294.8
299.0
291.1
290.3
290.9
291.5
287.1
287.2
288.4
288.8
289.3
289.9
293.5
294.2
295.4
296.8
Intermediate materials (or food manufacturing and feeds.
22
Nondurable
Capital
equipment
231.3
283.9
319.6
333.6
335.3
337.3
339.3
311.2
311.0
312.4
313.2
301.7
301.9
303.0
300.7
300.1
301.5
308.9
312.9
315.5
316.5
216.5
239.8
264.3
279.4
287.2
294.0
300.5
306.4
305.1
305.5
306.1
306.3
306.6
307.6
308.7
309.8
310.2
310.8
310.0
310.3
311.2
Consumer goods
Total
211.5
250.8
276.5
287.8
291.4
294.1
297.3
283.5
282.9
283.6
284.2
277.9
277.9
279.1
279.2
279.4
280.2
285.1
286.5
288.1
289.7
Durable
183.2
206.2
218.6
226.7
233.1
236.8
241.5
246.8
245.7
245.5
245.9
246.4
246.3
247.6
251.0
252.2
252.0
252.4
249.7
249.6
252.1
Crude materials
Other
Total
Foodstuffs
and
feedstuffs
Other
244.4
282.3
310.1
315.7
317.1
325.0
325.0
313.3
313.2
312.5
312.3
310.3
309.9
311.1
310.2
310.2
310.2
313.4
315.0
316.2
317.0
274.3
304.6
329.0
319.5
323.6
330.8
306.1
280.3
273.2
279.1
277.2
276.7
277.2
276.8
280.9
279.0
276.6
282.3
287.4
287.7
295.7
247.9
259.2
257.4
247.8
252.2
259.5
235.0
231.0
218.6
228.4
226.5
232.2
238.6
236.1
241.1
237.5
234.5
226.7
226.6
227.6
237.5
330.0
401.0
482.3
473.9
477.4
484.5
459.2
386.8
391.2
389.0
387.2
372.6
359.8
364.3
366.3
368.3
367.2
389.5
401.4
401.0
407.9
Total
Finished goods excluding consumer foods
consumer
goods
Total
Foods
and
feeds !
217.9
248.9
271.3
281.0
284.6
290.3
291.8
284.9
282.3
284.1
284.7
281.7
283.1
283.8
284.8
284.7
284.8
286.2
286.8
288.3
290.8
242.2
280.3
306.0
310.4
312.3
320.0
318.7
307.6
307.3
306.8
306.6
304.7
304.5
305.7
304.8
304.7
304.7
307.6
309.2
310.2
311.2
226.1
252.6
250.3
239.4
247.9
253.1
232.8
230.3
227.2
229.1
229.4
229.6
232.2
232.6
231.5
231.6
231.2
228.5
230.1
228.5
232.6
finished
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In April, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted (0.5 percent not
seasonally adjusted). The index was 3.8 percent above its year-earlier level.
INDEX, 1967= 100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
340
'340
320
320
300
300
ALL ITEMS
280
280
260
260
240
240
220
220
200
200
180
1 1 1 1 1 1 i i 1 1 1 1 ]80
1 I I I I IJ-14.
1979
1980
1982
1981
1983
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
Shelter
Period
All
items *
Food
Total '
Total
Renters'
costs (Dec.
1982=100)
Homeowners'
costs (Dec.
1982=100)
Rel. imp.3
1979
1980
1981
1982
1983
1984
1985
1986
100.0
217.4
246.8
272.4
289.1
298.4
311.1
322.2
328.4
16.2
234.5
254.6
274.6
285.7
291.7
302.9
309.8
319.7
42.9
227.6
263.3
293.5
314.7
323.1
336.5
349.9
360.2
239.7
281.7
314.7
337.0
344.8
361.7
382.0
402.9
1986: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
325.3
326.3
327.9
328.0
328.6
330.2
330.5
330.8
331.1
315.1
316.5
317.4
320.2
322.7
323.9
325.2
326.5
327.2
358.8
358.6
360.1
360.1
361.0
361.8
361.9
362.0
362.7
1987:
333.1
334.4
335.9
337.7
328.6
329.6
329.2
330.2
364.4
365.8
367.2
368.2
1
2
27. 8
upkeep
Total '
New
cars
Motor
fuel
Medical
care
Energy 2
All items
less
food,
energy,
and
shelter
19.6
0.2
7.9
6.3
2.9
5.4
7.4
48.6
103.0
108.6
115.4
121.9
102.5
107.3
113.1
119.4
239.3
278.6
319.2
350.8
370.3
387.3
393.6
384.7
166.6
178.4
186.9
191.8
196.5
200.2
206.0
207.8
17.2
212.0
249.7
280.0
291.5
298.4
311.7
319.9
307.5
4.6
256.4
285.7
314.4
334.1
346.3
359.2
368.9
373.8
166.0
179.3
190.2
197.6
202.6
208.5
215.2
224.4
265.6
369.1
410.9
389.4
376.4
370.7
373.8
292.1
239.7
265.9
294.5
328.7
357.3
379.5
403.1
433.5
275.9
361.1
410.0
416.1
419.3
423.6
426.5
370.3
191.5
208.3
228.1
245.6
258.4
271.2
281.6
291.2
400.2
400.9
401.6
403.0
404.6
406.7
408.3
409.3
410.3
121.0
121.2
121.7
122.3
122.6
123.1
123.6
124.1
124.5
118.8
119.0
119.1
119.4
119.9
120.6
121.1
121.3
121.5
367.6
367.1
366.6
369.2
376.4
376.2
379.0
377.1
380.0
387.5
383.6
388.1
383.4
382.9
380.6
376.7
374.9
374.3
206.9
206.9
206.3
207.1
208.0
208.9
209.0
209.6
209.5
303.8
305.7
308.1
304.2
301.3
302.2
302.5
303.6
303.6
221.3
222.8
224.2
225.2
225.9
226.4
228.0
229.7
230.9
280.6
289.3
297.2
276.5
263.2
269.0
263.4
261.7
260.9
427.4
430.0
432.7
435.3
437.8
440.6
443.0
445.3
448.2
367.0
368.7
375.2
360.0
352.2
353.7
347.1
345.3
344.6
289.0
289.6
290.6
291.7
292.4
292.8
293.9
294.8
295.5
412.2
414.3
416.5
418.0
125.4
126.0
126.7
127.0
122.0
122.6
123.2
123.7
382.1
381.9
383.4
382.4
375.9
377.1
377.6
378.1
210.4
211.8
215.4
218.6
308.3
309.8
311.8
313.4
231.8
229.3
229.4
230.4
278.0
289.5
296.2
298.4
450.2
451.7
453.7
456.5
354.9
361.5
365.2
366.2
297.0
297.4
298.8
300.5
8.0
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
Appar-
NSA
NSA
Jan
Feb
Mar
Apr
Fuel
Maintenance
and
other
and
repairs utilities
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
Period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
Total
finished
goods
Capital
equipment
Excluding foods
Foods
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
12.8
11.8
7.1
3.7
.6
1.7
1.8
-2.3
1979
1980
1981
1982
1983
1984
1985
1986r
7.4
7.5
1.4
2.1
2.3
3.5
.5
2.9
11.1
13.5
9.2
4.0
1.6
2.1
.9
-1.4
8.8
11.4
9.2
3.9
1.9
1.8
2.7
2.1
17.5
14.2
8.5
4.2
-.8
.8
2.0
-6.6
Change, month to month
1986- Apr
May
-0.5
0.4
1.4
.1
1.3
1.4
-.1
.9
-.2
-.5
.5
.2
-.8
.4
.3
.3
.0
.1
July
Sept
Oct
Nov
Dec '.
1987: Jan '
Feb.
Mar '.
Apr
.4
.1
-1.8
-.5
.5
1.5
.4
.7
-2.2
0
.4
.0
.1
.3
1.7
.5
.6
.6
-.3
— .7
— .4
4.1
2.7
1.8
.2
-.3
.1
.3
.2
.2
-2.9
8.4
8.2
12.1
12.1
11.2
9.3
2.6
1.0
-19.8
-11.4
-3.6
-6.9
-7.8
-7.0
1.9
2.2
1.6
2.1
2.3
2.4
1.6
1.4
2.0
3.2
4.2
3.4
-4.4
-4.5
-5.1
-5.8
-2.2
.1
1.9
1.0
.7
1.5
0
4.4
10.2
9.7
10.7
7.2
6.0
2.2
2.4
3.9
5.0
0.3
.1
.2
.1
.1
.3
.4
.4
.1
-1.4
-9.3
-10.2
-6.7
6.2
8.7
10.6
11.8
6.6
2.7
.3
.1
.5
3.2
2.5
2.9
3.6
— .4
-4.0
-2.9
-1.9
-11.0
-3.7
1.8
1.5
1.7
1.9
1.9
2.2
2.4
2.8
2.7
-9.5
-9.9
-10.2
-13.6
-9.6
-5.3
-2.6
-2.9
-2.8
1.1
5.2
6.3
6.6
7.7
-2.0
-1.8
-1.6
— 2.4
-1.8
-.9
-1.4
-1.9
-2.3
3.0
2.2
1.8
1.6
-1.5
.1
1.5
2.7
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:
Food
Total '
Total '
Renters'
costs
owners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total '
New
cars
Motor
fuel
Medical
Energy2
All
items
less
food,
energy,
and
shelter
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
133
12.4
8.9
3.9
3.8
4.0
3.8
1.1
1979
1980
1981
1982
1983
1984
1985
1986
10 2
10.2
4.3
3.1
2.6
3.8
2.7
3.8
15 2
13.7
10.2
3.6
3.5
4.2
4.3
1.8
17 4
15.1
9.9
2.4
4.7
5.2
6.0
4.6
5.1
5.9
6.3
5.0
4.5
5.1
5.9
4.6
-0.3
2
.4
.0
.2
.3
.2
2
.2
0.2
.4
.3
.9
.8
.4
.4
.4
.2
0.2
-.1
.4
0
.2
2
.0
.0
.2
0.7
.2
.2
.3
.4
.5
.4
2
.2
0.9
.2
.4
.5
.2
.4
.4
.4
.3
0.6
_2
.1
.3
.4
.6
.4
2
.2
-0.5
-1.0
1.2
-1.2
-.1
-.6
-1.0
-.5
-.2
.4
.4
.4
.0
.3
-.0
— 2.5
.6
.8
-1.3
-1.0
.3
.1
.4
0
.7
.4
.4
.4
.4
.3
-.1
.3
.5
.4
.4
.3
.5
.5
.5
.4
.7
.5
.6
2
.4
.5
.5
.4
.4
.3
.1
.1
.4
.7
1.7
1.5
1.5
.5
.6
.5
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
7.5
18.9
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
0.5 -10.9
.7
3.1
.6
2.7
.4 -7.0
.3 -4.8
2
2.2
.7 -2.1
.7
-.6
.5
-.3
0.7
.6
.6
.6
.6
.6
.5
.5
.7
-5.4
.5
1.8
-4.1
-2.2
.4
-1.9
-.5
__2
0.1
.2
.3
.4
2
.1
.4
.3
2
.4
.3
.4
.6
3.0
1.9
1.0
.3
11.3
13.5
10.4
6.1
3.2
4.3
3.6
1.9
7.2
9.9
9.4
6.1
5.0
4.4
3.7
3.4
.5
.1
.5
.6
Cha nge, month to month
1986:
Apr
May
.June
July
Aug
Sept
Oct
Nov
Dec
1987: Jan
Feb
Mar
Apr
0.2
0
Q
1
Includes items nol shown separately.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
3
Quarterly changes arc shown in the last month of the quarter.
2
NOTE.—Data beginning January 1983 incorporate a rental equivalence measure for homeowner-
24
.4
-1.1
.0
.4
6.6
4.1
2.3
.7
-1.3
2.5
2.6
5.3
-3.7
-1.7
1.6
2.9
2.5
2.0
2.6
3.0
2.5
0.4
-.1
.1
-.5
.4
1.8
2.7
2.7
2.2
1.6
1.6
1.7
1.6
1.6
1.8
1.5
1.3
1.1
4.4
5.2
6.2
5.3
3.5
4.1
4.3
4.8
1.4
2.1
3.0
3.8
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 May were 3.2 percent above their April level. Prices paid by farmers in April were
1.9 percent above their January level.
INDEX, 1977 = 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
PRICES PAID
160
160
140
140
120
120
100
100
80
80
Illllllll Illllllllll
60 I I I I I I I I I I I l l I I I I I I I I I
RATION
140
I Mill Illlllll I
Illlllllll
linn
J l 60
il
RATIO1'
140
-
120
120
100
80
60
--—^ ~^-^
^
Minium
1979
100
-
r
^
1
Illllllllll IIMIIIIIII Illllllllll I l l l l l l l l l l
1980
1981
1982
1983
-^ —-.—-1 '
i i i i i l i i i i i i i m i m i i I! 1 M 1 III I I 1 III 1 ] 1 II ! l|
1985
1984
1986
1
80
60
1987
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977
= 100]
Prices paid by farmers
Prices received by farmers
Period
1979
1980
1981
1982
1983
1984
1985
1986
1986: May
July
Sept
Get
Nov
Dec
1987: Jan
Feb
Mar
Apr
May
All farm
products
Livestock and
products
Crops
132
134
139
133
135
142
128
123
123
122
125
125
122
121
124
121
121
122
123
125
129
116
125
134
121
128
138
120
106
115
110
106
101
97
97
103
99
99
99
102
102
108
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is based on latest data available.
147
144
143
145
141
146
136
138
131
133
143
149
146
145
145
141
142
144
142
r
!47
150
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)
<3)
159
(3)
(3)
158
(3)
(3)
159
(3)
(3)
162
(3)
125
139
151
159
159
162
157
151
(3)
(3)
151
(3)
(3)
149
(3)
(3)
149
(3)
(3)
152
(3)
Production
items
125
138
148
153
152
155
151
146
(3)
(3)
144
(3)
(3)
142
(3)
(3)
143
(3)
(3)
147
(3)
Ratio 2
107
97
92
84
84
86
79
77
77
77
79
79
77
77
78
77
76
77
77
77
80
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977; -100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in Ml and the broader monetary aggregates accelerated in April.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,600
3,800
3,600
1979
1985
1982
1986
1987
COUNCIL OF ECONOMIC ADViSERS
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
L
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
EPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
416.6
443.2
481.3
526.9
557.5
627.0
730.5
1,633.1
1,795.5
1,953.8
2,184.6
2,369.1
2,569.6
2,799.8
1,990.9
2,236.4
2,443.1
2,692.8
2,985.7
3,205.6
3,488.8
2,327.6
2,598.9
2,853.0
3,154.6
3,529.3
3,838.6
4,140.8
July
Aug '
Sept '
Oct '
Nov r
Dec '
648.2
659.6
667.5
676.6
687.0
693.1
701.4
712.4
730.5
2,623.8
2,647.3
2,667.5
2,693.8
2,718.4
2,736.3
2,760.7
2,775.4
2,799.8
3,293.1
3,314.8
3,338.3
3,368.2
3,396.0
3,420.5
3,441.0
3,459.3
3,488.8
1987: Jan '
Feb '
Mar r
Apr p
737.7
737.4
739.5
750.4
2,822.0
2,821.9
2,826.1
2,839.3
3,515.3
3,519.4
3,524.7
3,540.7
Period
19801981:
1982:
1983:
1984:
19851986:
Dec
Dec
Dec ....
Dec
Dee
Dec
Dec '
1986: Apr
May
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
26
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Percent change from year or 6
months earlier 2
Ml
M2
M3
Debt
3,895.1
4,275.5
4,658.0
5,206.3
5,946.0
6,774.9
7,625.6
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
3,920.2
3,952.0
3,972.6
r
3,998.7
4,026.9
4,055.5
4,081.4
4,107.8
4,140.8
7,023.9
7,095.8
7,167.5
7,235.5
7,315.7
7,392.8
7,453.7
7,529.1
7,625.6
11.4
13.4
13.3
15.7
18.1
17.1
17.1
16.7
19.8
7.1
7.8
7.8
9.5
10.8
10.9
10.7
9.9
10.2
8.4
8.6
8.5
8.9
9.7
9.8
9.2
8.9
9.2
14.5
13.9
11.9
10.8
11.8
12.7
12.6
12.6
13.2
4,174.7
4,184.5
4,176.9
7,707.2
7,758.7
7,809.6
18.9
15.2
13.8
14.5
9.7
7.8
6.7
5.8
8.9
7.4
6.2
5.9
13.5
12.5
11.6
-
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
(RFs),
net, plus
overnight
Eurodollars
NSA
Money market
mutual fund
balances
General
pur-
pose
and
broker/
dealer
NSA
Money
market
deposit
accounts
Institution
only
(HMD As)
NSA
Savings
deposits
Small
denomination
time
depos-
Large
denomination
time
deposits 1
NSA
its '
Term
repurchase
agreements
Term
Eurodollars
(net)
Savings
bonds
(KPs)
NSA
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
98.9
105.3
113.6
NSA
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
116.7 265.2
124.1 234.6
134.3 237.9
148.3 242.3
158.5 248.3
170.6 272.2
183.5 308.3
30.5
80.2
104.7
131.4
145.5
178.3
232.3
28.3
35.9
38.8
53.8
56.3
70.3
77.3
61.6
150.6
185.2
138.2
167.5
176.5
207.6
15.2
38.0
51.1
43.2
62.7
65.1
84.1
0.0
.0
43.2
379.0
417.4
513.2
571.3
400.8
344.3
357.3
306.2
288.8
303.6
366.2
728.7 259.8
823.3 302.1
851.0 326.2
783.8 326.2
885.3 417.0
884.2 436.1
r
853.2 * 446.9
34.0
36.0
34.5
51.8
62.2
66.0
r
82.0
50.3
67.5
81.7
91.5
82.9
76.6
83.2
72.3
67.8
68.0
71.1
74.2
79.4
91.7
133.4
149.4
183.7
212.6
263.5
304.6
292.5
32.1
40.0
44.5
45.1
45.7
42.4
37.5
133.0
160.3
206.6
230.2
1986:
Apr
r
May
June
July
U
Ausr
6
Sept...
Oct
Nov
Dec
174.4
175.8
176.7
177.6
179.0
179.7
181.2
182.4
183.5
277.7
282.2
285.0
288.2
291.2
292.2
293.4
297.8
308.3
189.9
195.5
199.6
204.5
210.4
214.7
220.4
225.9
232.3
68.2
68.9
66.3
71.8
74.7
72.8
77.5
76.7
77.3
191.4
193.2
197.3
199.7
200.5
202.2
206.9
207.1
207.6
74.1
76.1
75.0
77.5
80.8
84.4
84.5
84.4
84.1
526.1
531.6
541.0
546.6
553.6
558.8
564.4
568.7
571.3
311.1
316.8
321.8
327.4
334.6
341.4
350.4
358.5
366.2
893.1
888.0
883.0
880.9
876.7
872.2
864.7
857.1
r
853.2
451.3
447.6
447.6
448.3
449.4
448.5
445.7
445.9
r
446.9
71.5
74.1
75.1
r
74.4
r
75.2
r
77.9
r
78.0
r
82.4
r
82.0
81.4
79.7
80.0
78.2
77.2
79.9
76.6
78.4
83.2
81.9
82.7
83.5
84.3
85.3
86.4
87.7
89.8
91.7
298.5
304.0
298.3
292.6
288.7
287.9
286.7
292.2
292.5
40.6
39.8
39.8
39.0
37.3
36.9
37.7
38.0
37.5
206.1
210.7
212.6
214.5
219.7
223.9
228.4
228.4
230.2
1987:
Jan ..
Feb r.
Mar T
Apr"
186.0
187.2
187.7
188.9
305.1
300.7
299.3
304.0
240.1
242.9
245.7
250.8
83.8
79.7
77.1
76.9
209.0
210.7
211.6
211.8
84.0
84.7
84.9
83.1
574.2
570.8
570.5
565.5
376.6
387.1
396.2
406.0
r
449.6
448.2
450.1
454.6
80.6
83.2
82.1
87.6
86.2
89.9
'91.2
88.0
92.7
93.5
94.3
289.2
292.5
279.0
37.8
39.3
39.8
239.7
239.8
239.1
1
Small denomination and iarge denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
r
851.2
847.9
845.5
842.4
r
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 1
Installment credit outstanding (end of period)
Period
Total
Mobile
home
Other
Automobile
Revolving
Mobile
home
Other
Automobile
Revolving
261,976
296,483
295,763
310,965
325,136
373,048
446,183
522,805
577,789
98,739
112,475
111,936
119,610
125,440
145,874
172,352
208,057
245,056
45,202
53,357
54,894
60,750
66,007
78,369
99,620
122,021
134,940
16,921
18,207
18,264
19,308
21,728
22,919
24,710
25,488
25,710
101,114
112,444
110,669
111,297
111,961
125,886
149,501
167,239
172,083
40,501
34,507
-720
15,202
14,171
47,912
73,135
76,622
54,984
17,791
13,736
-539
7,674
5,830
20,434
26,478
35,705
36,999
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
Total
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1986:
Feb
Mar .
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
534,198
536,589
542,521
546,759
551,771
558,054
563,661
571,275
576,862
577,645
577,789
214,322
215,460
218,017
221,012
224,412
227,821
231,202
239,015
243,395
242,998
245,056
125,509
126,534
128,901
129,618
130,737
132,183
133,175
133,118
133,812
134,388
134,940
25,666
25,751
25,703
25,674
25,806
25,891
25,940
25,731
25,783
25,732
25,710
168,701
168,844
169,899
170,456
170,815
172,160
173,345
173,412
173,873
174.527
172,083
5,080
2,390
5,932
4,239
5,012
6,283
5,607
7,614
5,587
782
144
2,795
1,137
2,558
2,994
3,401
3,408
3,381
7,813
4,380
-396
2,057
1,588
1,025
2,367
717
1,119
1,446
992
-58
694
576
552
93
85
-48
-29
133
84
49
209
52
-51
-21
604
143
1,055
557
359
1,345
1,185
67
461
654
-2,444
1987: Jan
Feb r
Mar" ..
578,578
579,591
579,528
245,471
246,064
246,114
134,916
135,663
135,150
25,852
25,789
25,563
172,338
172,075
172,701
789
1,013
-63
416
592
50
-23
746
-513
141
-63
-226
255
-263
626
..
...
1
For year-end data, chang> from preceding year-end; for monthly data, change from preceding
month.
Source: Board of Governors of the Federal Reserve System
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans fell slightly in March. (See note below.)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,200
2,000
BILLIONS OF DOLLARS* (RATIO SCALE)
2,200
2,000
-ALL COMMERCIAL BANKS
1,800
1,600
1,800
1,600
TOTAL
1,400
1,400
1,200
1,200
1,000
1,000
LOANS AND LEASES
800
800
600
600
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
OTHER SECURITIES
120
120
80
80
1979
1980
1982
1981
1983
1985
1984
1986
' SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1987
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
1979:
1980:
1981:
1982:
19831984:
19851986:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec r
1986: Apr *
May r
June r
July rT
Aug
Sept r
Oct rr
Nov
Dec "
1987- Jan r
Feb r
Mar '
Apr p
Commercial
and industrial
loans
U.S.
Government
securities
Other
securities
Total
Nonborrowed
Required
Total
Seasonal
1,136.2
1,240.5
1,308.2
1,401.1
1,553.5
1,722.6
1,900.4
2,089.8
849.9
915.4
968.4
1,033.9
1,123.7
1,319.7
1,449.7
1,583.0
291.3
327.4
355.9
392.5
414.0
472.9
499.5
541.4
144.4
170.6
179.2
201.9
259.7
260.9
273.1
309.9
142.0
154.5
160.6
165.3
170.1
142.1
177.6
196.9
29.15
30.99
32.19
34.41
36.16
39.51
45.61
56.17
27.67
29.30
31.55
33.78
35.38
36.32
44.29
55.34
28.70
30.48
31.87
33.91
35.59
38.66
44.55
54.80
1,473
1,690
636
634
774
3,186
1,318
827
81
116
54
33
96
113
56
38
1,960.5
1,969.8
1,978.3
1,998.2
2,022.6
2,044.6
2,052.4
2,063.5
2,089.8
1,502.2
1,508.5
1,515.6
1,523.7
1,535.1
1,545.4
1,553.0
1,561.5
1,583.0
510.0
509.9
513.0
512.6
515.2
517.3
520.0
525.7
541.4
272.0
275.7
275.8
284.7
291.5
294.9
299.6
304.1
309.9
186.3
185.6
187.0
189.7
196.0
204.2
199.8
197.9
196.9
48.04
49.02
49.73
50.69
51.50
52.30
53.23
54.49
56.17
47.15
48.14
48.92
49.95
50.63
51.29
52.38
53.74
55.34
47.24
48.18
48.80
49.78
50.76
51.58
52.48
53.51
54.80
893
876
803
741
872
1,008
841
752
827
73
94
108
116
144
137
99
70
38
2,118.3
2,119.7
2,126.2
1,611.8
1,610.7
1,616.4
554.1
553.8
551.7
316.3
315.2
314.3
190.2
193.9
195.5
56.88
56.87
56.85
57.95
56.30
56.32
56.33
56.96
55.82
55.66
55.94
57.12
580
556
527
993
34
71
91
120
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 obligation's
of States and political subdivisions are included in loans rather than in other securities.
2
Excludes loans to commercial banks in the United States.
28
Borrowings
(millions of dollars,
unadjusted)
Reserves adjusted
for changes in
reserve requirements
Loans and leases
Period
3
Data are averages of daily figures.
NOTE.—Series revised. Revised data not yet available prior to April 1986. Therefore, data for
earlier periods shown in graph and table are on an tmrevised basis.
Source: Board of Governors of the Federal Reserve Svstem.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Capital
Credit market funds
1
Total
Total
Loans and
short-term
paper
Securities
and
mortgages
Total
Other 2
turea 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
1985: I
n
m
IV
1986- I
n
in
rv
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
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
1981.
1982
1983
1984
1985
1986'".
182.3
197.6
200.1
239.5
242.3
285.7
326.3
352.5
358.3
432.2
421.9
505.0
573.2
1978
1979
1980
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
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
abr
^^?" ,
,-,-,-j 3 ,
, ,.
, - - , „ r,
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
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
QFR-FRB series: 2
1978
1979
1980
1981
1982
1983
1984
1985
U.S.
Total
Cash
Government
securities
Net
Notes and
accounts
receivable
Inventories
Other
current
assets
Total
Notes and
accounts
payable
Other
current
liabilities
working
capital
Current
ratio 1
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,784.6
105.5
118.0
127.0
135.6
147.8
171.8
173.6
189.2
17.2
16.7
18.7
17.7
23.0
31.0
36.2
33.0
388.0
459.0
507.5
532.5
517.4
583.0
633.1
671.5
431.8
505.1
543.0
584.0
579.0
603.4
656.9
666.0
101.1
116.0
132.1
149.7
169.8
186.7
203.2
224.9
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,233.6
383.0
460.8
514.4
547.1
550.7
595.7
647.8
682.7
286.5
346.5
376.2
424.1
435.3
463.9
515.8
550.9
374.3
407.5
437.8
448.3
451.1
516.3
539.5
551.0
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.447
1,575.9
171.8
31.0
583.0
603.4
186.7
1,059.6
595.7
463.9
516.3
1.487
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
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"
1,795.7
195.3
31.0
663.4
679.6
226.3
1,222.3
668.4
553.9
573.4
1.469
1983:
IV
1984- I
n
in
IV
1985: I
II
1
Total current assets divided by total current liabilities.
2
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corpoitions. Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), and Federal Trade Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in May.
:RCENT PER ANNUM
PERCENT PER ANNUM
iOUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982
3-month bills
(new issues) 1
1986- May
July
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar
Apr
May
3-year
10-year
High-grade
municipal
honds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. F.K.
Bank) 5
14.44
12.92
10.45
11.89
9.64
7.06
13.91
13.00
11.10
12.44
10.62
7.68
11.23
11.57
9.47
10.15
9.18
7.38
14.17
13.79
12.04
12.71
11.37
9.02
14.76
11.89
8.89
10.16
8.01
6.39
6.12
6.21
5.84
5.57
5.19
5.18
5.35
5.49
7.27
7.41
6.86
6.49
6.62
6.56
6.46
6.43
7.71
7.80
7.30
7.17
7.45
7.43
7.25
7.11
7.67
7.98
7.62
7.31
7.14
7.12
6.86
6.93
9.09
9.13
8.88
8.72
8.89
8.86
8.68
8.49
6.53
6.63
6.24
5.83
5.61
5.61
5.69
5.88
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
5.45
5.59
5.56
5.76
5.75
6.41
6.56
6.58
7.32
8.02
7.08
7.25
7.25
8.02
8.61
6.63
6.66
6.71
7.62
8.10
8.36
8.38
8.36
8.85
9.33
5.76
5.99
6.10
6.50
7.04
5.50-5.50
5.81
5.47
6.03
5.70
5.81
7.87
8.00
8.27
8.01
8.49
8.61
8.84
8.55
7.98
7.95
8.32
8.14
9.21
9.25
9.49
9.40
6.91
6.93
7.27
7.12
Prime rate
charged by
banks 5
5 50 5 50
5.50-5.50
5.50-5.50
5.50-5.50
New-home
mortgage
yields
(FHLBB)6
18.87
14.86
10.79
12.04
9.93
8.33
14.70
15.14
12.57
12.38
11.55
10.17
8.508.508.508.007.507.507.507.50-
8.50
8.50
8.00
7.50
7.50
7.50
7.50
7.50
10.22
10.15
10.30
10.26
10.17
10.02
9.91
9.69
7.507.507.507.758 00
7.50
7.50
7.50
7.75
8 25
9.51
9.23
9.14
r
9.23
8.008.008.258.258 25
8.00
8.25
8.25
8.25
13.41
11.02
8.50
8.80
7.69
6.33
14.029
10.686
8.63
9.58
7.48
5.98
1983
1984
1985
1986
Constant maturities
2
Week ended:
1987: May 9
16
23
30
June 6
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
T
,- TQQA .1,
i, n * \. 11 IQQA j .
Series excludes public utility issues"(or January 1,, 1984 through October 11, 1984 due to1 1
» fc
lack
of appropriate issues.
30
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5 50
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, FederSources: Department of the Treasury, Board of Governors of the Federal Reserve System,
^ Hom(, j^/j,^ Boardi Moody,s ,*v(!Stors gervic0] ,nd Standard & poor,s Corpor;;tiotl.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in May.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
180
180
160
160
140
140
_ COMPOSITE STOCK PRICE INDEX
(NYSE)
120
120
100
100
80
60
40
1979
1987
PERCENT
PERCENT
20
20
EARh^INGS-PRICE RATIO ON COMMON STOCKS
r\ ^—_
15
-
-"•""''
10
15
(S&P)
1
10
_—
•
5
^
1
0
1
1
1
1979
1
1
1
1980
I
1981
1
!
1
1982
1
\
1
1
1
1
!
1
1984
1983
I
•
^
I
1
1985
I
1
I
1986
Common stock prices 1
New York Stock Exchange indexes (I ec. 31, 1965 = 53)
Composite
1981
1982
1983
1984
1985
1986
1986- May
June
July
Sept
Oct
Nov
Dec
1987- Jan
Feb
Mar
Week ended:
1987' May 2
9
16
23
30
1
Industrial
Transportation
3
4
!
Common stock5 yields
(percent)
2
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143=10) 4
Dividendprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
85.44
78.18
107.45
108.01
123.79
155.85
72.61
60.41
89.36
85.63
104.11
119.87
38.91
39.75
47.00
46.44
56.75
71.36
73.52
71.99
95.34
89.28
114.21
147.20
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
128.05
119.71
160.41
160.46
186.84
236.34
5.20
5.81
4.40
4.64
4.25
3.49
137.37
140.82
138.32
140.91
137.06
136.74
140.84
142.12
158.59
163.15
158.06
160.10
156.52
156.56
162.10
163.85
122.21
120.65
112.03
111.24
114.06
120.04
122.27
121.26
68.65
70.69
74.20
77.84
74.56
73.38
75.77
76.07
151.28
151.73
150.23
152.90
145.56
143.89
142.97
144.29
1,801.80
1,867.70
1,809.92
1,843.45
1,813.47
1,817.04
1,883.65
1,924.07
238.46
245.30
240.18
245.00
238.27
237.36
245.09
248.61
3.42
3.36
3.43
3.36
3.43
3.49
3.40
3.38
151.17
160.23
166.43
163.88
163.00
175.60
189.17
198.95
199.03
198.78
126.61
135.49
138.55
137.91
141.30
78.54
78.19
77.15
72.74
71.64
153.32
158.41
162.41
150.52
145.97
2,065.13
2,202.34
2,292.61
2,302.64
2,291.11
264.51
280.93
292.47
289.32
289.12
161.10
165.53
164.76
158.70
163.11
195.75
201.71
201.05
193.67
198.91
135.42
141.88
143.40
138.09
143.19
71.80
72.95
72.41
69.57
71.48
146.65
148.98
146.62
141.74
146.21
2,256.70
2,324.69
2,311.52
2,232.96
2,299.00
285.06
293.65
292.10
281.36
289.68
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.10
3.17
3.02
2.93
2.99
3.02
3.05
2.94
2.96
3.14
3.03
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing pric . Earnings-
2
1
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Period
1
5.86
6.42
6.05
price ratios based on prices at end of quarter.
NOTE.—AH 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 7 months of fiscal 1987, there was a deficit of $83.3 billion compared with a deficit of $126.4 billion a
year earlier.
^^^^^
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
1,100
000
900
500
400
400
0
SURPLUS OR DEFICIT (-)U
-100
-100
-200
-200
1979
1981
1980
1982
1983
1984
1985
1987
1986
1988
FISCAL YEARS
! INCLUDES ON-BUOGET AND OFF-BUDGET ITEMS.
/
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT Of THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Fiscal year or period
Receipts
Outlays
Off-budget
On-budget
Total
Surplus
or deficit
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
Gross Federal debt
(end of period)
Surplus
or deficit
Total
Held by
the public
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 *
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 7
months:
Fiscal year 1986..
Fiscal year 1987
448.3
506.7
574.7
589.9
-126.4
-83.3
331.5
381.2
472.4
479.5
-140.9
983
116.8
125.5
102.4
110.4
14.4
15.0
2,012.6
2,271.9
1,651.7
1,851.3
1975 ..
1976
1
Estimates from Budget of the United States 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 7 months of fiscal 1987, receipts were $58.4 billion higher than a year earlier and outlays were $15.2
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
RECEIPTS!/
INDIVIDUAL INCOME TAXES
400
— —'
J
300
300
•
200
"
SOCIAL INSURANCE
200
TAXES AND CONTRIBUTIONS
""CORPORATION INCOME TAXES
/
100
100
^^.
BOTHER RECEIPTS
0
700
_
j
|
|
0
.OUTLAYS^/ .
700
NONDEFENSE
\
600
--
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1979
1980
1981
1982
1984
1983
1985
1987
1986
1988
FISCAL YEARS
_!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year
Total
Individual
income
taxes
Corporation
income
taxes
Social
insurance
taxes
and
contributions
National defense
Other
Total
Total
Department of
Defense,
military
International
affairs
Health
Medicare
Income
security
Social
security
Net
interest
Other
1976
1977
1978
1979
298.1
355.6
399.6
463.3
131.6
157.6
181.0
217.8
41.4
54.9
60.0
65.7
90.8
106.5
121.0
138.9
34.3
36.6
37.7
40.8
371.8
409.2
458.7
503.5
89.6
97.2
104.5
116.3
88.1
95.3
102.3
113.7
6.4
6.4
7.5
7.5
17.3
18.5
20.5
15.8
19.3
22.8
26.5
60.8
61.0
61.5
66.4
73.9
85.1
93.9
104.1
26.7
29.9
35.4
42.6
82.8
93.0
114.7
119.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
244.1
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
209.0
239.4
50.6
69.5
69.3
65.6
71.8
590.9
678.2
745.7
808.3
851.8
134.0
157.5
185.3
209.9
227.4
131.0
153.8
180.7
204.4
220.8
12.7
13.1
12.3
11.8
15.9
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
1985
1986
1987 '
1988 1
734.1
769.1
842.4
916.6
334.5
349.0
364.0
392.8
61.3
63.1
104.8
117.2
265.2
283.9
301.5
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
188.6
198.8
207.9
219.4
129.4
136.0
137.5
139.0
131.8
141.7
137.2
116.5
Cumulative total, first 7 months:
Fiscal year 1986
Fiscal year 1987
448.3
506.7
208.4
244.2
35.1
46.7
161.9
173.8
42.8
42.0
157.0
163.2
152.5
158.5
7.5
6.9
20.4
22.7
40.0
43.7
73.4
75.2
112.9
118.3
81.1
81.2
82.4
78.9
1
Estimates from Budget of the United States Government, Fiscal Year 1988, January 1987.
574.7
589.9
15.7
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 first quarter of 1987, according to current estimates, Federal receipts rose $19.3 billion (annual rate) and
expenditures rose $4.8 billion, yielding a deficit of $174.4 billion.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
1,000
1,000
800
800
600
600
400
400
200
200
-200
-200
1987
1983
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Total
Fiscal year:
1984
1985
1986
1987 1
Calendar year:
1983
1984.. ..
1985
1986. .
1982: IV
1983: IV
1984- IV
1985- I
II
Ill
IV
1986- I
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Federal Government expenditures
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
712.6
774.6
814.7
874.6
302.4
340.2
355.8
368.7
76.3
71.7
83.0
108.9
54.9
56.5
52.2
53.8
279.0
306.2
323.7
343.2
873.9
962.1
1,025.4
1,060.5
297.8
341.1
367.1
384.8
352.3
374.2
394.2
409.5
90.7
97.7
107.4
104.6
109.7
128.3
136.8
138.5
23.5
20.9
19.9
25.1
0.1
-.1
294.5
309.3
345.6
361,9
303.0
291.9
325.5
360.7
316.6
349.6
355.6
350.3
355.5
365.8
376.1
61.3
75.9
73.6
83.8
46.4
70.2
69.9
70.5
69.9
76.8
77.2
77.8
80.1
84.3
93.0
51.6
55.7
56.1
52.3
47.6
53.6
55.9
55.1
59.3
53.9
56.0
52.7
50.7
53.4
52.5
252.5
285.5
311.5
328.9
236.1
259.8
292.6
306.9
310.0
312.2
317.0
325.8
327.2
329.6
332.9
835.9
896.5
984.9
1,030.3
835.7
844.7
934.0
955.4
970.6
990.1
1,023.4
1,001.5
1,045.7
1,030.5
1,043.4
283.5
311.3
354.1
366.2
293.2
276.1
329.1
333.7
340.9
360.9
380.9
355.7
367.6
369.3
372.1
348.6
355.0
380.3
397.7
347.4
352.5
362.1
374.2
377.2
384.1
385.9
389.3
396.7
403.0
401.8
86.2
93.6
99.0
105.6
84.5
86.0
96.9
95.7
98.3
100.2
101.6
103.5
106.9
108.0
104.1
94.3
115.6
130.5
135.9
87.2
101.0
124.9
127.6
130.9
129.8
133.9
135.0
138.1
134.7
135.9
22.9
21.3
20.7
24.9
23.4
29.1
21.5
24.4
22.3
15.1
21.1
18.0
36.5
15.4
29.5
— .4
.2
-.2
.0
IV
659.9
726.5
786.8
826.9
633.1
675.5
743.9
793.3
755.8
792.6
805.8
806.6
813.5
833.1
854.5
.6
.1
-1.0
.0
.0
.0
.0
.0
.0
176 0
-170.0
-198.0
-203.3
-202.6
-169.2
-190.1
-162.2
-214.8
-197.5
-217.6
-195.0
-232.2
-197.4
-188.8
1987: I"
873.8
375.0
106.1
1,048.2
369.2
137.4
36.8
.0
-174.4
n
m
1
r
r
53.4
r
339.3
r
Estimates from Budget of the United States Government, Fiscal Year 1988, January 1987.
34
r
402.5
r
102.4
r
.0
2.0
.0
.0
-161.3
-187.5
-210.7
- 185.9
Sources: Department of Commerce (Bureau of Economic Analysis) and Office of Management and
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production 1977 = 100; seasonally adjusted)
Period
United
States
Canada
Japan
108.6
111.0
103.1
109.2
121.4
123.8
125.1
108.1
108.6
98.9
104.1
112.7
118.2
118.7
118.9
120.1
120.6
124.7
138.4
144.8
144.4
106
103
101
102
105
106
107
107
105
102
103
106
112
114
114.7
112.1
124.7
124.2
124.2
124.9
125.1
124.9
125.3
126.0
126.7
120.9
118.3
117.3
118.7
116.7
116.8
117.9
117.6
119.9
144.6
145.1
145.3
144.9
141.3
146.3
143.5
141.1
145.8
110
104
108
109
109
109
109
107
107
117
112
116
117
116
114
116
114
112
126.5
127.1
M26.8
126 3
' 120.6
121.3
145.2
145.8
104
108
111
113
1980
1981
1982
1983
1984
1985
1986 "
1986: Apr
May...
Sept
Oct
Nov
Dec
1987: Jan
Feb
Mar
Apr"
1
Consumer prices (1967 = 100)
United
Kingdom
France
Italy
Germany
Data relate to all urban consumers.
United
States '
Canada
Japan
France
Germany
Italy
United
Kingdom
100
96
98
101
103
108
110
246.8
272.4
289.1
298.4
311.1
322.2
328.4
243.5
273.9
303.5
321.0
335.0
348.3
362.8
282.3
296.2
304.1
309.7
316.6
323.0
324.9
294.2
332.7
373.1
407.9
439.5
465.1
477.6
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
116.6
109.0
114.2
111.0
105.8
111.3
110.8
r
l!2.5
' 110.8
111
109
108
110
111
111
r
lll
r
rlll
325.3
326.3
327.9
328.0
328.6
330.2
330.5
330.8
331.1
359.1
360.7
361.3
363.9
365.1
365.1
366.9
368.9
369.5
324.7
326.9
325.2
324.4
323.8
325.4
325.7
324.1
323.5
474.7
475.6
477.0
477.5
478.0
479.9
480.9
481.4
481.9
212.6
212.6
212.9
211.9
211.4
211.7
211.0
210.8
211.2
806.8
809.9
813.1
813.1
814.7
817.1
822.0
825.3
827.8
619.0
620.1
619.8
618.0
619.9
623.0
623.9
629.2
631.3
r
r
333.1
334.4
335.9
337.7
370.3
371.9
373.5
375.3
322.2
322.2
323.5
486.2
487.2
487.7
212.1
212.2
212.2
212.8
832.8
836.1
839.4
841.9
633.7
636.2
637.5
645.1
109.6
103.9
107.1
108.4
111.4
l!0.3
112.7
no
lll
113
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data not seasonally adjusted]
Merchandise exports 1
Total domestic
and foreign
Period
Revised
statistical
month
Statistical
month
Total 2
General imports 3 (statistical month except as noted)
Food,
beverages,
and
tobacco
Crude
materials
and
fuels
Manufactured
goods
Total 2
F.a.s. value
1981
1982
Merchandise trade balance
Merchandise imports
Domestic exports (statistical month)
Food,
beverages,
and
tobacco
1986- Mar
May..
June t
Julyt
Sept
Oct
Nov
Dec
1987: Jan
Peb
Mar..
Crude
materials
and
fuels
Manufactured
goods
Revised
statistical
month
Statistical
month
228.9
207.1
195.9
212.0
206.9
206.4
33.2
27.0
27.0
27.3
22.2
20.2
33.0
33.5
29.6
31.5
28.3
26.5
154.3
139.7
132.4
143.1
145.4
148.7
261.0
244.0
258.0
325.7
345.3
370.0
18.4
17.8
18.8
21.6
22.4
24.7
92.9
74.4
68.0
72.8
65.0
48.3
142.5
144.0
163.4
221.5
246.8
282.1
346.4
352.5
383.0
273.4
254.9
269.9
341.2
361.6
387.1
18.6
18.0
18.3
19.1
17.3
16.9
17.5
19.6
18.4
18.5
18.9
18.0
17.4
19.1
17.7
17.6
17.5
19.3
18.6
18.4
18.3
17.4
16.7
16.4
15.9
16.8
16.9
18.6
17.9
17.8
1.7
1.5
1.4
1.4
1.6
1.8
1.7
1.9
1.9
1.9
2.3
2.4
2.2
1.8
1.8
2.0
2.0
2.3
2.3
2.4
13.3
12.6
12.3
12.3
11.6
12.0
12.3
13.4
12.8
12.6
32.0
28.8
30.3
31.8
34.1
29.5
28.7
30.0
36.2
27.8
2.1
2.0
2.3
1.9
2.1
1.9
2.0
1.9
2.3
1.9
4.3
3.2
3.7
4.2
4.0
3.4
3.9
3.5
3.9
3.4
24.3
22.2
23.0
24.0
26.6
23.1
21.8
23.5
28.3
21.4
30.7
32.3
31.4
32.3
33.4
30.9
32.3
34.3
33.9
31.3
33.4
30.0
31.6
33.2
35.7
30.9
30.1
31.4
37.8
29.1
15.9
18.0
20.3
1.6
1.6
1.9
2.1
2.2
2.4
11.0
13.2
15.0
27.5
32.3
33.2
1.8
2.1
2.3
3.4
4.4
4.2
21.3
24.8
25.7
28.7
33.7
34.7
1
Department of Defense Military Assistance Program grant-aid shipments are excluded through
1984 and for revised statistical month data for 1985-86; they are included for statistical month data
for 1985-86 and for 1987.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
4
Revised statistical month exports less statistical month customs value imports.
t Foreign exports (not shown separately) include $2.1 billion of nonmonetarv gold bullion for
Revised
statistical
month
Statistical
month
Revised
statistical
month
Statistical
month
Customs value
233.7
212.2
200.5
217.9
213.1
217.3
16.4
187
21.1
Exports (f.a.s.) less
imports (c.i.f. value)
Total (c.i.f.
value)
218.7
212.8
216.6
1983
1984
1985
1986
Exports (f.a.s.) less
imports (customs value)
4
4
4
-107.0
-132.5
-153.3
-27.3
-31.8
-57.6
-107.9
-132.1
-152.7
-127.6
-139.7
-166.3
-39.7
-42.7
-69.4
-123.3
- 148.5
-169.8
-13.4
-10.8
-12.0
-12.7
-16.8
— 12.6
-11.2
-10.5
-17.8
4
-9.3
-13.1
-10.8
-12.8
-12.7
-16.4
-11.9
-11.2
-10.7
-17.6
-9.4
-12.2
-14.3
-13.1
-13.3
-16.1
-14.0
-14.7
-14.7
-15.4
-12.7
-14.5
-12.1
-14.2
-14.2
-18.0
-13.3
-12.6
-12.1
-19.2
-10.7
-11.0
-13.6
-12.1
-12.3
-15.1
-13.6
June and $1.3 billion for July.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Statistical month and revised statistical month refer only to data for 1984-86. Data for 1987 are
roughly equivalent to revised statistical month data. For further information, see Bureau of the
Census release FT900, April 1987.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1987 the merchandise trade deficit fell slightly, to $38.3 billion.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
5
—5
-5
-10
-10
-MERCHANDISE TRADE \
BALANCE
-15
-15
\\
BALANCE ON GOODS
AND SERVICES
-20
-20
-25
-25
-30
-30
-35
-35
-40
40
1979
1980
1981
1982
1983
1987
1984
-SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits { + ), debits (—)]
Investment income 3
Merchandise l 2
Period
Exports
184,473
224,269
237,085
211,198
1983
201,820
1984
219,900
r
1985
215,935
p
r
1986
224,361
1984: I
53,614
54,590
55,691
IV
56,005
1985- I
'55,064
r
n
54,040
r
m
53,367
r
rv
53,464
r
1986- I
53,878
n
' 56,928
r
m
56,534
IV.... r57,021
1987: I"
58,212
1979
1980
1981 .
1982
n
m
1
Imports
Net balance
Keceipts
Payments
Net
-212,009
-249,749
-265,063
-247,642
-268,900
332 422
T
- 338,083
r
- 368,700
-79,415
-83,684
-84,144
-85,179
-79,946
-83,986
-84,573
-89,578
-88,856
-90,579
-93,649
-95,616
-96,542
-27,536
-25,480
-27,978
36 444
-67^080
112 522
r
- 122,148
r
144 339
-25,801
-29,094
-28,453
-29,174
-24,882
-29,946
-31,206
-36,114
34 978
-33,651
-37,115
-38,595
-38,330
64,132
72,506
86,411
83,549
77,251
86,221
89,991
90,613
22,860
21,104
21,396
20,861
18,726
22,253
24,502
24,509
24,199
22,639
22,342
21,432
32 960
-42,120
52 329
-54,883
52 410
-67,469
64 803
-67,748
-15,446
-17,208
-17,991
-16,823
16 507
- 16,804
-16,240
-15,254
17 699
-17,311
-16,196
- 16,542
31,172
30,386
34,082
28,666
24,841
18,752
25,188
22,865
7,414
3,896
3,405
4,038
2,219
5,449
8,262
9,255
6,500
5,328
6,146
4,890
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
Net
military
transactions
-1,778
-2,237
-1,183
-274
Of»Q
Net
travel and
transportation
receipts
2 935
-997
144
-992
A 997
-1,827 -8,593
11 128
-2,917
-2,402 -10,119
-281 -1,834
-615 -2,052
-2,332
-234
-2,375
-696
2 202
-246
-729 -2,864
-619 -3,031
-1,322 -3,031
-1,066 -2,688
-695 -2,386
-2,594
-570
-71 -2,451
Other
services,
net3
Balance on
goods and
services 1
Remittances,
pensions,
and other
unilateral
transfers 1
Balance
on current
account
991
5,138
6,214
6 128
1,873
9,466 -7,593
7,793
6,339
7 425
13,764
8,699
-9,131
-214 -8,917
8,829
07 190
AC K(\A
9,711
-94,308 -12,157 - 106,466
9,881
117 677
102 694
14 983
10,603
11,940 - 125,424 -15,145 - 140,569
2,630
2,471
2,448
2,333
2,442
2,552
2,609
2,999
2,694
3,103
3,031
3,110
-17,872
-25,394
-25,166
-25,874
-22,832
-25,959
-24,454
-29,451
-31,049
-30,350
-31,136
-32,892
-2,368
-2,439
-3,107
-4,243
3 280
-3,458
-4,001
-4,244
-2,991
-4,047
-4,163
-3,945
-20,240
-27,833
-28,273
-30,117
-26,112
-29,417
-28,455
-33,695
-34,040
-34,397
-35,299
-36,837
NOTE.—Merchandise data revised for 1985 and 1986 annually and quarterly; other data to be
revised later.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $29.9 billion in the fourth quarter of
1986 compared with a rise of $19.3 billion in the third quarter. Liabilities to private foreigners reported by U.S.
banks, excluding Treasury securities, increased $35.3 billion in the fourth quarter compared to an increase of $30.1
billion in the third quarter.
BILLIONS OF DOLLARS*
80
BILLIONS OF DOLLARS*
80
i*\
CHANGF IN
60
/
V
/
FOREIGN ASSETS
IN THE U.S..NET
\
60
/
/
/
/
'*
/
\
\
40
/
1
•
,'
20
t
\
,
\
/
l
\
/
\
\/
'
; \
>
/
1
l\
\
/
\
\ /"\
\
/
'1
/
\
1
\
V
/
V
/
\
"
/ l
; i
A
i ~\ ' '
s/
l
/
•
i
/
; >
\
v
IA'
V\'
\S''
/
s
/
A
\''
Q
-20
A
V
/\Vr
^V
-40
CHANGE IN
U.S. ASSETS
ABROAD, NET
V""~
S\
"A
V
i i i
-60
1978
1
i\
' i
' \
I f /
\/
i
1
1979
1
1 1
!
1980
NVv
/
20
0
/
^""-
J
V
A
N
X
20
40
\ i i
i i i
1982
! I
1981
40
/
/
/
/
/
1983
1
1
1
1984
SEASONALLY ADJUS1 ED
SOURCE; DEPARTMEI-•n OF COMMERCE
1
1
1
1985
!
1 1
1986
-60
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capital outflow (— )]
Period
Total
U.S.
official
reserve
assets * 2
Other U.S.
Government
assets
-64,331
-86,118
111 031
-121,273
50022
-23,639
-32,436
-99,815
1979
1980...
1981
1982...
1 133
-8,155
5 175
-4,965
1 196
-3,131
-3,858
312
3 746
-5,162
5 097
-3,571
-20,171
16,443
-16,338
Foreign assets in the U.S., net
[increase/capital inflow (+)] 2
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 1
(unadjusted,
end of
period)
18,956
26,756
30,074
33,958
33,747
34,934
43,186
48,517
-6,131
5005
-5,523
2 824
-1,978
59 453
-72,802
100 758
— 110,177
43 821
-14,986
25 754
-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
-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
-2,947
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
356
-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
IV"... -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
48,517
1983
1984...
1985
1986 p
1984: I
n
m
IV
1985: I
n
m
IV
1986: I
n
m
1
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
1,139
1,152
1,093
25,431
24,982
20,276
36,325
11,130
27,338
23,006
27,091
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
" Preliminary.
T
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $2.50 (single copy) ($3.13 foreign).
Subscription price: $27.00 per year; $33.75 for foreign mailing.
38
U.S. GOVERNMENT PRINTING OFFICE : 1987
0—73-612
