Full text of Economic Indicators : May 1988
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100th Congress, 2d Session
Economic Indicators
MAY 1988
(Includes data available as of May 27, 1988}
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1988
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JOHN MELCHER (Montana)
JEFF BINGAMAN (New Mexico)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
J. ALEX McMILLAN (North Carolina)
JUDITH DAVISON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—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, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT,
GROSS NATIONAL PRODUCT
In the first quarter of 1988, according to revised estimates, current-dollar gross national product (GNP) rose 5.4
percent (annual rate) or $61.3 billion. Real GNP (GNP adjusted for price changes) rose 3.9 percent and the
implicit price deflator rose 1.7 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
2,400
2,400
2,000
2,000
1980
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Bi lions of current dollars quarterly [ata at seas onally adju sted annual rates]
Period
Gross
national
product
Gross
private
domestic
investment
32.1
33.9
26.3
-6.1
-58.9
-79.2
-105.5
-119.6
351.0
382.8
361.9
352.5
383.5
369.9
376.2
427.8
318.9
348.9
335.6
358.7
Exports
Total
National
defense
Nondefense
State
and
547.4
530.3
588.1
641.7
675.0
735.9
818.6
869.7
922.8
208.1
242.2
272.7
283.5
310.5
353.9
366.2
379.4
142.7
167.5
193.8
214.4
234.3
259.3
277.8
295.2
65.4
74.8
78.9
69.1
76.2
94.6
88.4
84.2
322.2
345.9
369.0
391.5
425.3
464.7
503.5
543.4
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,000.3
4,219.3
4,442.5
321.9
390.5
453.6
671.8
676.1
764.5
293.2
276.1
326.0
205.4
221.5
244.1
87.7
54.6
81.9
378.7
400.0
438.5
3,272.4
3,514.8
3,806.8
364.2
368.7
448.9
472.2
832.8
857.0
361.9
378.0
265.1
268.2
96.8
109.8
470.9
479.0
4,044.4
4,101.9
-93.8
-100.8
-110.5
-116.9
373.5
371.3
376.6
383.3
467.3
472.1
487.1
500.2
846.9
867.2
878.5
886.3
356.7
368.4
371.2
368.6
266.6
278.2
287.6
279.0
90.1
90.2
83.6
89.6
490.2
498.8
507.3
517.7
4,136.1
4,184.0
4,262.4
4,294.6
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.4
2,967.8
437.0
515.5
447.3
502.3
664.8
641.6
671.0
717.5
1982: IV
1983: IV
1984: IV
3,212.5
3,545.8
3,851.8
2,117.0
2,315.8
2,493.4
409.6
579.8
661.8
14.1
-25.8
-67.9
335.9
364.7
385.7
1985:
4,042.0
4,104.4
2,665.4
2,700.1
628.6
650.8
-84.7
-103.5
4,174.4
683.4
679.4
660.8
660.2
1986: I
Imports
Total
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,010.3
4,235.0
4,488.5
III
IV
Final
Federal
Net
exports
1980
1981
1982
1983
1984
1985
1986
1987
2,799.8
Govern ment purch ases of
gooc s and services
Exports l nd imports of goods
i nd services
Personal
consumption
expenditures
442.4
449.2
481.7
IV
4,288.1
2,737.9
2,765.8
2,837.1
2,858.6
1987: I
II
m
rv
4,377.7
4,445.1
4,524.0
4,607.4
2,893.8
2,943.7
3,011.3
3,022.6
699.9
702.6
707.4
760.2
-112.2
-118.4
-123.7
-124.3
397.3
416.5
439.2
458.1
509.5
534.8
562.9
582.4
896.2
917.1
929.0
948.8
366.9
379.6
382.1
388.9
287.5
294.5
299.0
299.8
79.4
85.1
83.0
89.2
529.3
537.6
546.9
559.9
4,326.0
4,404.8
4,501.1
4,537.9
1988: I "
4,668.7
3,071.9
756.7
- 109.4
482.7
592.1
949.5
379.7
301.5
78.2
569.8
4,616.3
n
m
4,211.6
4,265.9
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Gross privat e
dome stic investinent
Personal
consumption
expenditures
Nonresidential
fixed
Residential
fixed
Export s and imp arts of
gooc s and senices
Change
in
business
inventories
6.9
Govern!ment pure! ases of
goocIs and senices
Federal
Net
exports
Exports
Imports
Total
Total
National
Non-
Final
sales
State
and
local
13.8
42.9
57.0
49.4
26.3
19.9
-84.0
108.2
-145.8
135.5
388.9
392.7
361.9
348.1
371.8
365.3
377.4
425.8
332.0
343.4
335.6
368.1
455.8
473.6
523.2
561.3
620.5
629.7
641.7
649.0
677.7
726.9
754.5
771.7
246.9
259.6
272.7
275.1
290.8
324.2
332.5
336.0
171.2
180.3
193.8
206.9
218.5
236.7
250.7
264.2
75.7
79.3
78.9
68.2
72.3
87.5
81.8
71.7
373.6
370.1
369.0
373.9
387.0
402.7
422.1
435.8
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,600.1
3,699.5
3,778.1
115.8
159.9
169.6
-59.3
27.0
41.7
11.7
-46.2
-94.8
336.0
355.5
376.6
324.3
401.6
471.4
660.1
642.2
693.2
289.5
266.0
300.5
201.4
211.6
225.3
88.2
54.4
75.2
370.6
376.2
392.7
3,218.6
3,338.1
3,493.5
454.1
465.2
174.9
179.7
-5.7
-1.6
-114.9
-129.3
360.5
366.5
475.4
495.8
738.6
753.7
332.5
345.3
243.3
241.1
89.3
104.2
406.1
408.4
3,628.7
3,652.5
2,409.7
2,434.3
2,477.5
2,480.5
453.2
441.0
437.7
443.2
185.9
196.5
201.1
202.2
35.3
28.1
— 14.4
-123.0
-146.8
-161.6
-151.8
371.5
370.2
379.6
388.3
494,4
517.0
541.2
540.1
737.6
751.6
757.2
771.8
322.1
330.6
332.6
344.6
240.0
250.1
259.8
252.7
82.0
80.4
72.8
91.9
415.5
421.0
424.6
427.1
3,663.4
3,676.7
3,711.9
3,745.8
n
m
IV
3,772.2
3,795.3
3,835.9
3,880.8
2,475.9
2,487.5
2,520.7
2,504.6
426.0
437.9
463.8
465.6
198.2
196.8
193.5
197.0
47.6
39.0
24.6
60.5
-135.2
-132.7
-138.4
-135.8
397.8
414.5
437.1
453.5
533.0
547.2
575.6
589.3
759.6
766.7
771.7
788.9
327.3
332.6
336.3
347.6
257.4
263.5
268.3
267.7
69.9
69.1
67.9
80.0
432.3
434.1
435.4
441.3
3,724.5
3,756.3
3,811.4
3,820.3
1988: I '
3,918.0
2,530.9
488.1
192.2
55.4
-119.1
475.3
594.3
770.5
327.5
264.8
62.7
443.0
3,862.6
1980
1981
1982
1983
1984
1985
1986
1987
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,607.5
3,713.3
3,821.0
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,352.6
2,450.5
2,497.2
379.2
395.2
366.7
361.2
425.2
454.1
443.8
448.3
137.0
126.5
105.1
149.3
170.9
174.6
196.4
196.4
1982: IV
1983: IV
1984: IV
3,159.3
3,365.1
3,535.2
2,078.7
2,191.9
2,281.1
352.3
390.4
444.4
1985: HI
3,623.0
3,650.9
2,376.1
2,383.2
1986: I
3,698.8
3,704.7
3,718.0
3,731.5
rv
n
m
rv
1987: I
23.9
-24.5
6.4
62.3
7.4
6.1
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Personal c onsumption
expen ditures
Period
Gross
national
product
Gross private
domestic investment
Exports an i imports of
goods an 1 services
Gove Timent pure lases of goc ds and
services
Federal
Total
Durable
goods
Nondurable goods
Services
dential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
1980
1981
1982
1983
1984
1985
1986
1987
85.7
94.0
100.0
103.9
107.7
111.2
114.1
117.5
86.6
94.6
100.0
104.1
108.1
111.8
114.3
118.8
89.2
95.7
100.0
102.1
103.8
104.5
104.9
106.6
89.4
96.9
100.0
102.1
105.0
107.5
107.1
111.9
83.9
92.6
100.0
106.2
111.6
117.1
122.5
127.6
85.1
93.4
100.0
98.8
97.9
97.5
98.5
98.9
89.4
96.6
100.0
102.2
106.0
108.2
111.1
116.1
90.2
97.5
100.0
101.3
103.2
101.3
99.7
100.5
96.0
101.6
100.0
97.4
97.1
94.8
92.1
97.5
84.3
93.3
100.0
103.1
106.8
109.2
110.2
112.9
83.4
92.9
100.0
103.6
107.2
109.5
110.8
111.7
86.4
94.3
100.0
101.4
105.5
108.1
108.1
117.3
86.2
93.4
100.0
104.7
109.9
115.4
119.3
124.7
1982: IV
1983: IV
1984: IV
101.7
105.4
109.0
101.8
105.7
109.3
100.7
103.1
104.1
101.0
103.1
105.8
102.7
108.3
113.5
100.7
98.3
97.9
99.1
103.1
107.2
100.0
102.6
102.4
99.3
97.2
96.2
101.3
103.8
108.5
102.0
104.7
108.3
99.5
100.3
108.9
102.2
106.3
111.7
1985: m
IV
111.6
112.4
112.2
113.3
104.6
104.3
107.6
108.6
118.0
119.4
97.3
97.1
108.0
109.5
101.0
100.6
94.4
95.2
108.8
109.5
109.0
111.2
108.4
105.4
116.0
117.3
1986: I
112.9
113.7
114.7
114.9
113.6
113.6
114.5
115.2
104.5
104.6
105.4
105.2
107.8
106.2
106.8
107.5
120.7
122.0
123.3
124.3
97.2
98.4
99.0
99.2
110.0
111.0
111.3
112.2
100.6
100.3
99.2
98.7
94.5
91.3
90.0
92.6
110.7
111.4
111.6
107.0
111.1
111.2
110.7
110.4
109.8
112.2
115.0
97.5
118.0
118.5
119.5
121.2
1987: I
n
m
rv
116.1
117.1
117.9
118.7
116.9
118.3
119.5
120.7
105.4
106.1
107.4
107.4
109.8
111.7
112.6
113.6
125.5
126.9
128.3
129.8
99.3
99.2
98.4
98.7
113.7
115.7
117.8
117.4
99.9
100.5
100.5
101.0
95.6
97.7
97.8
98.8
112.1
114.1
113.6
111.9
111.7
111.8
111.4
112.0
113.6
123.1
122.2
111.5
122.4
123.8
125.6
126.9
1988: I r.
119.2
121.4
107.5
113.7
131.1
97.8
118.0
101.6
99.6
115.9
113.9
124.8
128.6
n
m
rv
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gro ss national prcduct
Period
Constant
(1982)
dollars
Current
dollars
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
8.9
0.2
1.9
-2.5
3.6
6.8
3.0
2.9
2.9
.6
7.3
1.7
4.1
3.1
5.4
.6
1.4
1.5
4.4
2.5
4.3
4.8
3.9
11.7
3.7
7.6
10.8
6.3
5.6
6.0
4.2
12.4
4.7
7.1
6.3
7.0
3.6
5.3
2.1
8.6
6.3
7.3
7.6
5.4
IV
IV
IV
Ht
IV
1986: I
n
m
IV
1987: I
n
m
IV
1988: I r
Implicit
price
deflator
Personal consumption es penditures
Chain price
index
9.0
9.7
6.4
9.4
6.3
4.1
3.9
3.5
2.4
3.2
4.1
3.9
3.1
2.8
3.4
1.7
1.9
2.6
2.0
4.2
3.7
3.3
3.1
3.3
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
4.1
4.0
3.6
2.7
3.4
4.0
4.0
3.2
2.9
3.4
2.2
2.2
2.6
2.3
4.5
4.1
3.4
3.6
3.6
9.0
3.9
3.7
3.2
2.6
3.0
3.6
4.7
3.0
2.9
2.9
1.8
2.9
3.6
.7
4.2
3.5
2.8
2.7
1.7
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Fixedweighted
price index
(1982
weights)
10.6
10.5
-0.2
7.1
9.0
8.8
8.2
6.5
6.0
10.3
9.7
7.2
10.1
5.3
5.7
4.1
10.7
3.1
5.0
7.1
9.5
1.5
6.7
1.2
1.3
4.6
4.8
4.6
4.2
1.9
5.3
5.5
4.3
6.9
1.2
4.5
4.1
7.3
.5
-.7
1.9
5.4
-2.5
4.3
Implicit
price
deflator
10.7
9.2
5.7
4.1
3.8
3.4
2.2
3.9
4.4
4.3
3.0
3.3
4.0
1.1
.0
3.2
2.5
6.0
4.9
4.1
4.1
2.3
Chain price
index
Fixedweighted
price index
(1982
weights)
10.9
10.5
9.2
5.7
4.2
3.9
3.6
2.5
4.1
4.8
4.1
3.1
3.2
4.2
1.5
.3
3.6
3.0
5.5
5.2
4.0
4.0
2.6
9.0
5.6
4.2
4.0
3.7
2.6
4.2
4.8
4.1
3.2
3.3
4.2
1.7
.3
3.6
3.0
5.7
5.2
4.0
4.2
2.7
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cos ; and profit per unit o f output (dc liars) '
Gross ( omestic
prodiict of
nonfin ancial
corporate business
(billions c f dollars)
Total
Period
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
IV
IV
IV
HI
IV
1986: I
n
m
IV
1987: I
n
m
rv
1988:
1
I ».
Current
dollars
1982
dollars
1,540.8
1,738.4
1,782.2
1,914.2
2,146.7
2,282.8
2,376.1
2,493,8
1,779.4
2,012.5
2,201.8
2,312.4
2,321.8
2,353.3
2,358.6
2,387.7
2,404.7
2,434.8
2,465.4
2,521.1
2,554.0
2,595.3
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,127.1
2,182.2
2,239.0
1,760.2
1,940.5
2,069.5
2,148.7
2,153.5
2,176.7
2,171.9
2,180.8
2,199.3
2,207.6
2,219.9
2,254.4
2,274.1
2,314.4
and
profit 2
0.852
.946
1.000
1.026
1.054
1.073
1.089
1.114
1.011
1.037
1.064
1.076
1.078
1.081
1.086
1.095
1.093
1.103
1.111
1.118
1.123
1.121
Indirect
business
(axes 3
0.095
.109
.125
.123
.118
.119
.121
.123
.131
.120
.118
.118
.120
.119
.121
.122
.123
.123
.124
.123
.123
.122
0.077
.090
.094
.098
.100
.103
.104
.106
.096
.098
.102
.102
.103
.104
.101
.106
.104
.105
.107
.107
.107
.107
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.
Corp >rate profits with
inventory valuation a nd capital
consuniption adjus tments
Capital
consumption
allowances
with
capital
consumption
adjustment
3
4
Compenemployees
0.581
.632
.676
.679
.687
.702
.715
.728
.685
.680
.694
.699
.709
.709
.714
.717
.720
.724
.728
.727
.735
.735
Net
interest
Total
0.031
.037
.043
.037
.039
.043
.045
.047
.042
.037
.042
.043
.044
.045
.046
.046
.045
.045
.046
.048
.049
.049
0.068
.078
.063
.089
.109
.107
.103
.109
.057
.103
.107
.114
.103
.104
.104
.104
.102
.106
.106
.114
.110
.109
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.036
.048
.023
.036
.032
.034
.033
.033
.034
.037
.040
.045
.047
.051
.049
.046
Profits
after
tax 4
0.031
.044
.037
.057
.073
.074
.068
.061
.034
.066
.075
.080
.070
.071
.069
.068
.062
.061
.059
.063
.060
.063
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.867
18.288
18.674
18.969
19.017
17.382
18.029
18.359
18.849
18.787
18.941
18.930
18.974
19.073
18.933
18.964
19.119
19.070
9.939
10.861
11.699
12.124
12.570
13.103
13.566
13.850
11.914
12.261
12.746
13.173
13.324
13.437
13.525
13.608
13.724
13.708
13.798
13.897
14.009
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employ-
Proprietor s' income
with in rentory
valuation imd capital
consulnption
adjust ments
Farm
1982
1983
1984
1985
1986
1987 r
1982:
1983:
1984:
1985:
n
m
rv
2,518.4
2,719.5
3,028.6
3,229.9
3,422.0
3,636.0
2,548.2
2,851.5
3,096.1
3,254.4
3,304.4
3,364.2
3,414.1
3,438.7
3,471.0
3,548.3
3,593.3
3,659.0
3,743.5
I"
3,792.8
IV
IV
IV
HI
rv
1986: I
n
m
rv
1987: I
1988:
1
2,764.5
Nonfarm
24.6
12.4
30.5
29.7
37.2
48.4
28.5
19.3
28.1
22.9
31.7
28.0
48.1
36.3
36.6
51.3
47.3
40.6
54.3
150.9
178.4
204.0
227.6
252.6
279.0
159.8
188.6
209.7
229.5
236.3
242.8
250.1
256.2
261.2
269.7
275.8
282.1
288.4
45.9
292.6
1,907.0
2,020.7
2,213.9
2,370.8
2,504.9
2,647.6
1,931.1
2,092.7
2,272.7
2,386.3
2,430.5
2,464.8
2,487.6
2,515.1
2,552.0
2,589.9
2,623.4
2,663.5
2,713.5
r
Rental
income of
persons
with
capital
consumption
adjustment
r
Includes employer contributions for social insurance. (See also p. 5.)
13.6
13.2
Profits wi th inventory valuation
adjustme at and witho ut capital
consumption adjus tment
Profits
before tax
10.1
14.0
17.4
17.2
18.4
20.0
18.9
17.3
20.9
150.0
213.7
266.9
277.6
284.4
304.7
146.1
248.5
266.9
292.8
277.8
288.0
282.3
286.4
281.1
294.0
296.8
314.9
313.0
159.2
196.7
234.2
224.1
238.4
256.5
150.7
223.4
224.6
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.8
267.3
264.3
169.6
207.6
240.0
224.8
231.9
274.1
164.1
231.5
226.1
230.2
233.5
218.9
224.4
236.3
247.9
257.0
268.7
284.9
285.6
22.1
309.9
264.2
280.6
8.5
9.0
16.7
19.3
15.8
12.4
5.6
9.3
r
Corpora ,e profits wit h inventory valuation an< . capital
consulnption adjust ments
Inventory
valuation
adjustment
Capital
consumption
9.2
-10.4
-10.9
-5.8
— .7
25.1
42.3
56.0
54.2
51.3
46.7
44.0
42.1
48.2
48.0
47.7
48.7
272.3
281.0
304.8
315.3
326.1
337.1
266.9
290.2
313.1
313.7
317.9
326.6
328.7
327.5
321.7
323.6
331.1
340.6
353.3
45.7
' 357.8
17.0
32.7
53.5
46.0
48.2
6.5
-17.5
-13.4
-8.1
-1.6
4.5
6.5
-9.8
17.8
11.3
6.0
8.9
-11.3
20.0
-17.6
21.3
'
16.4
Net
interest
r
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nor durable g oods
Durabl 3 goods
Motor
Period
sumption
expertdi-
Total
durable
goods
un ts)
and
cles
and
parts
household
equipment
Other
durable
Food
Clothing and
shoes
n
m
rv
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,967.8
2,117.0
2,315.8
2,493.4
2,665.4
2,700.1
2,737.9
2,765.8
2,837.1
2,858.6
2,893.8
2,943.7
3,011.3
3,022.6
252.7
289.1
335.5
368.7
402.4
413.7
263.8
310.0
346.7
383.7
370.5
375.9
386.4
427.6
419.8
396.1
409.0
436.8
413.0
108.9
130.4
157.4
177.6
194.9
193.9
115.7
144.4
162.3
191.9
174.1
177.4
184.2
217.0
201.2
177.6
189.6
215.2
193.3
95.7
107.1
118.8
128.7
139.9
146.7
99.1
112.4
122.7
129.5
133.5
134.7
138.3
142.9
143.8
146.0
146.0
147.9
146.8
48.1
51.6
59.3
62.4
67.6
73.1
49.0
53.2
61.8
62.4
62.9
63.8
64.0
67.8
74.8
72.5
73.5
73.7
72.9
771.0
816.7
867,3
913.1
939.4
982.9
786.6
837.9
879.6
918.4
929.3
936.8
934.3
940.0
946.3
969.9
982.1
986.4
993.1
398.8
421.9
448.5
472.8
497.8
515.8
407.0
430.8
456.1
474.9
481.7
489.4
494.7
499.6
507.5
514.8
515.0
514.0
519.3
124.4
135.1
146.7
157.2
167.5
177.0
126.5
141.1
149.8
158.8
160.9
163.4
167.2
169.8
169.6
174.0
175.8
178.7
179.6
1988: I '
3,071.9
426.4
200.2
152.2
74.0
998.8
523.9
178.9
1982
1983
1984
1985
1986
1987
1982: IT
1983: IV
1984: IV
1985: m
rv
1986: I
n
m
rv
1987: I
Source: Department of Commerce, Bureau of Economic Analysis.
Retail sales of
new pa ssenger
cars (mi Jions of
Furniture
Gasoline
and oil
Other
Do-
Im-
mestics
ports
70.6
68.4
75.8
80.6
82.7
82.1
158.7
169.5
182.1
190.5
198.8
209.7
163.4
174.0
184.7
191.2
194.5
196.3
198.0
200.0
200.8
205.3
210.7
211.0
212.0
1,027.0
1,128.7
1,227.6
1,347.5
1,458.0
1,571.2
1,066.5
1,167.9
1,267.1
1,363.3
1,400.3
1,425.2
1,445.1
1,469.5
1,492.4
1,527.7
1,552.6
1,588.1
1,616.5
5.8
6.8
8.0
8.2
8.2
7.1
6.0
7.4
7.7
9.3
7.1
7.7
7.9
9.5
7.8
6.7
7.0
8.0
6.7
2.2
2.4
2.4
2.8
3.2
3.2
2.5
2.6
2.6
3.0
3.2
2.9
3.1
3.5
3.5
2.8
3.0
3.6
3.3
81.3
214.7
1,646.8
7.6
3.1
89.1
90.2
90.0
92.6
75.3
80.3
89.8
91.9
89.0
93.5
92.1
87.7
74.4
SOURCES OF PERSONAL INCOME
Personal income rose $4.4 billion (annual rate) in April, following a rise of $43.5 billion in March. The changes
reflect several special factors: Profit-sharing payments to employees in the motor vehicle industry, retroactive social
security benefit payments, and a large increase in subsidy payments to farmers in March affected the April and
March changes. Excluding these special factors, personal income increased $24.5 billion in April and $10.8 billion
in March.
BILLIONS Of DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
4,200
4,200
3,200
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
800
400
400
TRANSFER
PAYMENTS
200
200
1980
1983
1982
1981
1984
1985
1987
1986
1988
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietor ' income 3
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan r.
Feb r.
Mar T
Apr"
Total
personal
income
salary
Other labor
Farm
ments
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
3,746.5
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,974.9
2,089.1
2,212.7
138.4
150.3
163.6
173.6
182.9
192.3
201.1
210.2
3,701.9
3,708.5
3,715.3
3,739.2
3,760.6
3,783.2
3,854.4
3,839.8
3,869.1
2,181.5
2,193.7
2,198.9
2,209.7
2,228.8
2,239.8
2,257.6
2,271.9
2,281.1
3,872.1
3,895.7
3,939.2
3,943.6
2,293.3
2,308.9
2,323.9
2,331.8
Personal
dividend
income
Personal
interest
income
6.6
271.9
335.4
369.7
393.1
444.7
476.5
497.6
516.2
24.6
12.4
30.5
29.7
37.2
48.4
160.1
156.1
150.9
178.4
204.0
227.6
252.6
279.0
16.7
19.3
52.9
61.3
63.9
68.7
75.5
76.3
81.2
87.5
210.0
209.0
209.6
210.4
211.1
211.9
212.7
213.5
214.4
58.0
41.6
42.3
43.9
37.7
40.2
77.5
37.5
47.9
274.1
275.8
277.7
279.9
282.8
283.6
286.0
289.1
290.2
19.7
18.9
18.2
17.8
17.3
16.7
19.1
21.3
22.5
85.3
86.5
87.0
87.9
88.8
89.4
90.0
90.5
91.0
214.9
215.4
215.9
216.4
37.9
40.2
59.6
52.0
290.1
292.4
295.3
298.6
22.3
22.1
21.9
21.6
91.4
92.2
92.6
93.2
20.5
30.7
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Rental
income of
persons 4
13.3
13.6
13.2
8.5
9.0
Transfer
payments 5
324.7
368.1
Less:
Personal
contributions
for social
insurance
88.6
Nonfarm
personal
income 6
410.6
442.6
456.6
489.7
518.3
543.1
104.5
112.3
120.1
132.7
148.9
159.6
169.9
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,273.5
3,475.2
3,676.6
503.8
506.3
508.8
514.0
519.8
526.2
533.0
538.9
544.5
537.3
545.4
541.7
545.2
545.2
547.0
551.4
550.8
551.8
167.7
168.6
168.9
169.6
170.8
171.6
172.8
173.7
174.3
3,622.8
3,645.1
3,651.2
3,673.5
3,701.1
3,721.1
3,755.0
3,780.4
3,799.2
545.3
545.9
546.3
547.3
565.3
568.0
574.2
573.4
188.4
189.4
190.4
190.8
3,812.2
3,833.4
3,857.6
3,869.5
4
With capital consumption adjustment.
Consists mainJy of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor hi
and agricultural net interest.
6
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 1988.
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
BILLIONS OF DOLLARS * (RATIO SCALE)
4,000
1,800
1,800
1,400
DOLLARS * (RATIO SCALE)
1,400
DOLLARS * (RATIO SCALE)
16,000
PER CAPITA DISPOSABLE PE RSONALINCOME
14 000
14 000
aJRRENT DOLLA BS
12,000
.
.
"1
1
•
-—
^^^
—^^
\
\
1
__.— — — — — — •
10000
1982 DOLLARS
1
6,000
r
r^ju.—**?=-• ^^—-^.
10000
12.000
_
-—
__—i— - ~"1
---'--
8 000
1
1980
1
1
1
1981
1
1
1982
1
1
1
1983
1
1
1
1
1984
1
1
1
1985
1
1
1
1
1
1987
1986
1
1
6,000
1
1988
' SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Less:
Personal
outlays 1
Disposable
personal
income
Equals:
Personal
saving
Per c ipita
disposable personal
incc me
Disposable
personal
income in
1982
dollars
(billions)
Current
dollars
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
3,746.5
340.5
393.3
409.3
410.5
440.2
485.9
512.2
564.8
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,714.1
2,891.5
3,062.7
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,841.1
3,022.1
3,181.7
Current
dollars
1982
dollars
136.8
159.4
153.9
130.6
164.1
127.1
130.6
119.0
8,421
9,243
9,724
10,340
11,257
11,872
12,508
13,050
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.2
2,645.1
2,677.2
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Perce at
Dolla rs
Bfflio ns of dollar 1
1980
1981
1982
1983
1984
1985
1986
1987
1982
dollars
Per capit i personal
consulnption
expen itures
9,722
9,769
9,724
9,930
10,419
10,622
10,947
10,980
7,607
8,320
8,818
9,515
10,253
10,987
11,588
12,172
8,783
8,794
8,818
9,139
9,489
9,830
10,142
10,242
2.1
4.9
1.9
3.1
.3
7.1
7.5
6.8
5.4
6.1
4.5
4.3
3.7
227,754
230,182
232,549
234,829
237,051
239,323
241,620
243,812
1.2
9.1
1.7
6.2
5.8
5.8
233,466
235,707
237,946
3.4
4.1
239,618
240,246
240,782
241,313
241,896
242,489
3.5
4.9
4.7
5.5
3.6
3.6
4.4
3.0
2.8
4.8
242,971
243,480
244,094
244,703
2.9
4.7
245,295
-1.1
.5
5
S easonally adjusted arm ual rates
1982:
1983:
1984:
1985:
IV
IV
IV
2,729.2
2,941.8
3,188.3
HI....
IV
3,338.2
3,406.4
1986: I
n
m....
IV
1987:
I
n
m....
rv
1988: I r
3,463.4
3,526.6
3,553.6
3,593.6
3,662.0
3,708.6
3,761.0
3,854.4
3,902.3
411.1
413.9
459.7
491.0
499.7
497.4
504.2
515.3
532.0
536.1
578.0
565.7
579.4
576.8
2,318.1
2,527.9
2,728.6
2,174.9
2,382.5
2,571.3
2,847.2
2,906.6
2,751.5
2,788.1
2,966.0
3,022.4
3,038.2
3,061.6
2,827.6
2,856.4
2,929.4
2,952.6
3,125.9
3,130.6
3,195.3
3,275.0
2,987.5
3,037.4
3,106.5
3,119.3
3,170.3
3,325.5
r
143.1
145.4
157.3
95.7
118.5
138.4
166.0
108.9
109.0
138.4
93.2
88.8
155.7
155.2
2,276.1
2,392.7
2,496.3
9,929
10,725
11,467
9,749
10,151
10,491
9,068
9,825
10,479
8,904
9,299
9,587
2,538.2
2,565.5
11,882
12,099
10,592
10,679
11,124
11,239
2,610.5
2,660.2
2,653.2
2,656.7
12,318
12,525
12,560
12,626
10,842
11,024
10,968
10,956
11,371
11,461
11,729
11,789
2,674.6
2,645.5
2,674.7
2,713.8
12,865
12,858
13,090
13,384
11,008
10,865
10,958
11,090
11,910
12,090
12,337
12,352
13,557
11,169
12,523
9,916
9,920
10,008
10,088
10,242
10,229
10,190
10,216
10,327
10,235
10,318
2,739.8
1
Includes personal consumptio n expenditures, interest paid b consumers to business, and personal transfer paymen ts to foreigners (net).
2
-4.2
3.3
6.2
6.9
-2.0
— .4
1.9
-5.1
Annual data are averages of quarterly <Lata, which ar averages for th e period.
£ ource: Depan ment oi Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1987, according to current estimates, gross farm income rose $6.0 billion (annual rate) and
net farm income rose $5.2 billion.
BILLIC NS OF DOLLA ?S* (RATIO SOUE)
BILL ONS OF DOLL/\RS * (RATIO S CALE)
240
240
200
-^——1—
•»^_
160
r
^X^~1
120
r^ -n
-~^_^-^X
(~~^
1
C,KC )SS FARM INCC5ME
160
120
60
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]
In come of farm ope rators from farmi <*
Net farrri income
Ciross farm inconw
Period
Cas ii marketing rece pts
Total 1
Total
1982 dollars 3
68.0
69.2
70.3
69.4
72.9
69.8
71.6
74.7
71.7
72.5
72.3
67.1
69.4
74.4
63.6
60.9
-6.3
6.5
-1.4
-10.9
6.2
-2.7
-3.3
-3.0
133.1
139.4
140.0
140.4
142.7
133.7
122.1
119.9
16.1
26.9
23.5
12.7
32.0
32.3
37.5
44.4
18.8
28.6
23.5
12.2
29.7
29.0
32.9
37.8
168.5
164.0
159.5
172.1
137.9
138.0
144.8
156.1
69.9
69.0
68.9
71.4
68.0
68.9
76.0
84.7
1.1
-2.4
-4.2
5.1
138.3
135.3
132.2
129.0
30.2
28.7
27.3
43.1
27.5
25.9
24.5
38.4
I
149.8
168.8
154.7
164.8
134.4
130.6
135.0
140.7
68.3
66.8
77.8
73.3
66.0
63.8
57.2
67.4
-4.2
3.5
-3.0
2.4
125.7
122.9
120.6
119.0
24.1
45.9
34.2
45.8
21.4
40.3
29.8
39.9
I
163.8
166.5
160.4
166.4
127.7
142.3
142.4
130.1
72.5
74.0
79.9
72.4
55.2
68.3
62.5
57.7
-3.4
3.5
-3.0
2.0
119.4
119.5
119.9
120.7
44.4
47.0
40.5
45.7
38.2
40.2
34.4
38.5
I
II
m
1987:
Current
dollars
139.7
141.6
142.6
136.6
142.3
144.2
135.2
135.6
IV
1986:
Crops
Production
expenses
149.3
166.3
163.5
153.1
174.7
166.0
159.5
164.3
1980
1981
1982
1983
1984
1985
1986
1987
1985:
Livestock and
products
inventory
changes 2
n
m
rv
n
UI
IV
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.
3
Income in current dollars divided by the GNP implicit price deflator.
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the first quarter of 1988, according to preliminary estimates, corporate profits before tax fell $5.0 billion
(annual rate) while after-tax profits rose $0.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
280
240
I 320
SEASONALLY ADJUSTED ANNUAL RATES
280
PROFITS BEFORE TAX
i
240
200
|200
160
160
PROFITS AFTER TAX
120
120
.-'
TAX LIABILITY
80
80
40
40
UNDISTRIBUTED PROFITS
I I 1
m i l l
1981
1980
I
I
I
I
1982
I
I
I
1983
I
I
J
1984
1986
1985
I
1987
SOURCE DEPARTMENT OF COMMERCE
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Prt fits (before t ax) with inve ntory valuati on adjustment '
Profits after ta X
Doinestic indust ies
Nonfinancial
Period
Total
2
Total
Financial
Manufacturing
sale and
retail
trade
138.6
157.3
119.4
148.5
77.1
88.5
58.0
70.1
190.3
175.2
181.1
195.5
102.9
175.2
180.3
189.9
168.9
176.2
180.0
185.1
183.2
185.5
188.0
208.4
200.1
206.1
88.8
72.2
69.4
88.6
46.8
88.6
79.8
80.1
72.4
61.9
72.5
68.0
75.4
75.4
85.5
100.7
92.9
21.6
32.5
34.6
38.9
51.2
51.4
52.1
Total
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
194.0
202.3
159.2
196.7
234.2
224.1
238.4
256.5
IV
IV
IT
m
IV
1986: I
II
m
IV
1987: I
n
m
IV
1988: I".
1
2
150.7
223.4
224.6
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.8
267.3
264.3
264.2
159.6
173.8
131.2
166.6
203.3
193.6
207.2
222.5
121.6
190.7
193.9
208.3
189.7
202.3
207.0
210.2
209.3
213.1
215.8
235.4
225.6
231.7
2i.O
16.5
11.8
18.1
13.0
18.4
26.1
27.0
18.7
15.5
13.6
18.4
20.8
26.2
26.9
25.2
26.1
27.6
27.8
27.0
25.5
25.6
See p. 4 for profits with inventory valuation and capital consumption
Includes rest of the world, not shown separately.
3
50.5
33.6
43.1
51.8
55.7
45.0
55.8
48.2
54.6
49.7
56.2
45.2
52.1
48.7
3
Profits
before tax
Tax
liability
237.1
226.5
169.6
207.6
240.0
224.8
84.8
81.1
63.1
77.2
93.9
96.7
105.0
136.3
59.8
88.1
87.0
100.5
99.1
98.1
102.1
106.1
113.9
128.0
134.2
143.0
140.0
134.2
231.9
274.1
164.1
231.5
226.1
230.2
233.5
218.9
224.4
236.3
247.9
257.0
268.7
284.9
285.6
280.6
T
Total
152.3
145.4
106.5
130.4
146.1
128.1
126.8
137.8
104.3
143.4
139.2
129.7
134.4
120.9
122.3
130.2
134.0
129.0
134.5
141.9
145.6
146.4
Dividends
54.7
63.6
66.9
71.5
79.0
81.3
86.8
93.8
68.5
73.9
80.8
81.2
81.7
84.3
86.6
87.7
88.6
90.3
92.4
95.2
97.3
99.3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
uted
profits
97.6
81.8
39.6
58.9
67.0
46.8
40.0
43.9
35.8
69.5
58.4
48.5
52.7
36.6
35.7
42.5
45.4
38.7
42.1
46.7
48.3
47.1
tnrv
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
-5.8
-.7
6.5
-17.5
-13.4
-8.1
-1.6
6.5
-9.8
17.8
11.3
6.0
-8.9
-11.3
-20.0
-17.6
-21.3
' 16.4
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter of 1988, nonresidential fixed investment rose $17.8 billion
(annual rate) while residential investment fell $4.3 billion. There was a $52.4 billion increase in inventories,
following an increase of $69.4 billion in the fourth quarter of 1987.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
:800
SEASONALLY ADJUSTED ANNUAL KATES
—
DOW ESTIC
INVESTMENT
,
/
I(
600
/\
/
GROS:•, PRIVATE
700
1
N—~-^S*
'
r ^—
~~
—
700
^
600
'—
500
—
-\y
—
^^
500
r^v
-„_
'
__„---
/
x--
—•
-'
••.--"'*''
\
\
400
NONRESIDENT IAL
=IXED INVESTMENT
^
300
300
RESIDENTIAL
Fl <ED INVESTME MT
_
100
\
*_.^—^
—
.,
_f.**"
"**"—•-»
;
/
1 1
1980
--"^x
,-~--'
1
1 1
1981
CHANGE IN BUSINESS
INVE NTORIES
^
*"•>,
,
1
200
.-*
/"-,
^^jS*
100
—
.."""
Y-- ^-—
i
-.
\
"~""*«^
-/
100
A
—
s*~"~"
./
\ \
1982
1
t
1
1983
1
i i
1984
\
\ \
1985
i i ;
1986
SOURCE: DEPARTMENT OF COMMERCE
i
i i
1987
i
i i
1988
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
]Txed investmen t
Gross
private
domestic
investment
1980
1981
1982
1983
1984
1985
1986
1987
1982:
1983:
1984:
1985:
1986:
437.0
515.5
447.3
502.3
664.8
641.6
671.0
717.5
IV
IV
IV
m
IV
I
409.6
579.8
661.8
n
m
IV
1987: I
n
in
IV
1988:
:
I'
Source: Department of Commerce, Bureau of Economic Analysis.
628.6
650.8
683.4
679.4
660.8
660.2
699.9
702.6
707.4
760.2
756.7
Change iii business
inventories
Nonresidential
Total
Total
445.3
491.5
471.8
509.4
597.1
631.6
655.2
671.5
469.5
548.8
616.8
631.0
648.3
645.1
651.9
657.3
666.6
648.2
662.3
684.5
690.8
704.3
322.8
369.2
366.7
356.9
416.0
442.6
436.9
443.4
354.9
383.9
435.0
442.0
451.5
440.7
433.8
433.5
439.7
422.8
434.6
456.6
459.6
477.4
Structures
113.9
138.5
143.3
124.0
141.1
152.5
137.4
134.2
137.6
127.4
146.6
152.9
152.1
149.6
135.9
131.1
132.9
128.7
129.7
137.1
141.1
140.0
Producers'
durable
equipment
208.9
230.7
223.4
232.8
274.9
290.1
299.5
309.2
217.3
256.5
288.4
289.1
299.3
291.0
297.9
302.4
306.7
294.1
304.9
319.5
318.5
337.4
Residential
122.5
122.3
105.1
152.5
181.1
189.0
218.3
228.1
114.7
164.9
181.8
189.0
196.8
204.4
218.1
223.8
226.9
225.4
227.7
227.9
231.2
226.9
Total
8.3
24.0
-24.5
-7.1
67.7
10.0
15.7
46.1
-59.9
31.0
45.0
-2.4
2.5
38.3
27.5
3.5
-6.4
51.6
40.3
22.9
69.4
52.4
Nonfarm
2.4
18.3
-23.1
.4
60.5
13.6
16.8
36.2
-51.1
21.3
41.3
5.2
17.8
38.5
24.5
-.9
5.1
48.7
27.3
11.1
57.5
36.2
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March 1988 survey, business spending for new plant and
equipment is expected to rise 8.8 percent in 1988, following a rise of 2.4 percent in 1987.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500;
iOO
SEASO -IALLY ADJUSTED ANN UAL RATES
r"—
*
——1
300
^-^">
-"""
_
di INDUSTRIE;
300
^~~~ ~~1
1
—
.-"•"
*_
.---
*_
200
-. — -'"" NO
>IMANUFACTU ?INCKV
-
_--'"'
---
---__
----
„-''' H ANUFACTURIr- G
—
—
80
RO
—
(SO'
•iSO
—
40
1
1
1980
1
1
1
1981
1
1
1
1982
1
\
\ \
1983
1
1
1
1984
!
1
1985
1
1
1986
1
1
1987
^//SURVEYED QUARTERLY
J|/;SEE FOOTNOTE 4 BELOW
S'OURCE: DEPARTMENT OF COMMERCE
1
.£/ -V
-£/
1
1
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nor manufactui ing
M inufacturii -6
Period
All
industries
Total
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.47
388.60
422.96
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.46
159.68
UI
IV
375.50
386.09
I
374.23
377.65
393.13
409.37
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988 4
1986:
1987:
n
Ill
IV
1988: I 44
n
2nd half
4
1
422.75
427.09
421.00
Nonmanufactu ring
Manufacturing
Surveyed
quarterly
Nondurable
goo s
Total 1
Mining
Transportation
Public
utilities
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.14
70.91
75.75
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.56
74.55
83.93
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.14
263.28
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.22
11.34
12.07
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.80
18.85
21.09
35.63
37.74
41.21
45.43
44.96
48.81
46.38
44.76
46.55
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.38
168.19
183.57
139.43
144.07
69.42
69.87
70.01
74.20
236.07
242.02
10.14
10.31
18.81
19.50
45.81
46.12
161.31
166.08
139.43
144.07
236.07
242.02
140.65
140.79
147.56
152.84
70.47
68.76
71.78
72.64
70.18
72.03
75.78
80.20
233.58
236.87
245.58
256.53
10.31
11.02
11.64
12.39
18.98
17.67
19.17
19.57
43.60
43.48
44.90
47.07
160.70
164.69
169.87
177.50
140.65
140.79
147.56
152.84
233.58
236.87
245.58
256.53
12.26
12.41
11.81
22.49
20.44
20.72
46.15
46.83
46.60
180.72
185.97
183.80
161.13
161.45
158.06
261.62
265.64
262.93
161.13
161.45
158.06
Durable
goo s
80.13
76.92
72.96
81.00
84.53
85.10
261.62
265.64
262.93
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 nonmanufacturing that is surveyed annually.
10
Commercial
and
other
Total
nonfarm
busi-
47.48
284.94
314.47
349.26
347.47
343.35
398.99
431.94
427.23
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
145.46
159.68
Total
189.02
202.15
222.72
226.79
227.15
260.16
278.46
284.54
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
243.14
263.28
Surveyed
annually 3
29.98
31.68
34.04
36.89
38.56
44.55
44.81
47.75
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and rea! estate.
4
Planned capital expenditures as reported by business in January-March 1988, corrected for
hiases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
In April, seasonally adjusted civilian employment rose 610,000 and unemployment fell 191,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
124
124
SEASONALLY ADJUSTED
12C
120
116
116
112
112
CIVILIAN LABOR FORCE
108
108
-" ~V
104
104
CIVILIAN
- EMPLOYMENT -
100 f-
100
96
96
\
^.
12
12
\
UNEMPLOYMENT
1980
1981
1982
1984
1983
1985
1986
1987
1988
*16YEARS'OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly
Noninstitutional
population
including
resident
Armed
Forces
NSA
;onally adjusted except as noted by NSA]
T h r fOrce
? ?
., °
Forces
NSA
Armed
Forces
1985
1986*
1987
169,349
171,775
173,939
175,891
178,080
179,912
182,293
184,490
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,737
108,544
110,315
111,872
113,226
115,241
117,167
119,540
121,602
100,907
102,042
101,194
102,510
106,702
108,856
111,303
114,177
106,940
108,670
110,204
111,550
113,544
115,461
117,834
119,865
99,303
100,397
99,526
100,834
105,005
107,150
109,597
112,440
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,208
95,938
97,030
96,125
97,450
101,685
103,971
106,434
109,232
1987: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
184,079
184,259
184,421
184,605
184,738
184,904
185,052
185,225
185,370
1,735
1,726
1,718
1,720
1,736
1,743
1,741
1,755
1,750
121,098
121,633
121,326
121,610
122,042
121,706
122,128
122,349
122,472
113,541
114,060
114,018
114,359
114,786
114,615
114,951
115,259
115,494
119,363
119,907
119,608
119,890
120,306
119,963
120,387
120,594
120,722
111,806
112,334
112,300
112,639
113,050
112,872
113,210
113,504
113,744
3,250
3,269
3,192
3,212
3,143
3,184
3,249
3,172
3,215
1988: Jan
Feb
Mar
185,571
185,705
185,847
185,964
1,749
1,736
1,736
1,732
122,924
123,084
122,639
123,055
115,878
116,145
115,839
116,445
121,175
121,348
120,903
121,323
114,129
114,409
114,103
114,713
3,293
3,228
3,204
3,228
Period
1980
1981
1982
1983
1984
Apr
Nonagri cultural
Civilian
labor force
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.
Unempl jyment
Civilian e mployment
Employment
including
resident
Armed
Forces
Resident
Total
Agricultural
Total
15
weeks
and
over
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,122
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
108,556
109,065
109,108
109,427
109,907
109,688
109,961
110,332
110,529
5,104
5,058
4,979
5,154
5,016
4,986
5,067
5,241
5,004
110,836
111,182
110,899
111,485
5,145
5,254
5,106
4,924
Total
Part-time
for
economic
reasons l
Labor force
partici]>ation
rate (pc rcent)
Total 2
Civilian 3
1,871
2,285
3,485
4,210
2,737
2,305
2,232
1,983
64.1
64.2
64.3
64.4
64.7
65.1
65.6
65,9
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.6
7,557
7,573
7,308
7,251
7,256
7,091
7,177
7,090
6,978
2,060
2,067
2,029
1,920
1,896
1,904
1,801
1,834
1,791
65.8
66.0
65.8
65.9
66.1
65.8
66.0
66.1
66.1
65.5
65.7
65.5
65.6
65.7
65.5
65.7
65.7
65.7
7,046
6,938
6,801
6,610
1,733
1,740
1,722
1,540
66.2
66.3
66.0
66.2
65.9
66.0
65.7
65.9
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT
In April, the seasonally adjusted overall unemployment rate fell 0.1 percentage point, to 5,4 percent; the civilian
unemployment rate fell 0.2 percentage point, also to 5.4 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
-*A*
v'J'rc-v
.'
v'
*
i
T EENAGERS
10
y>.
V
[ (16-19)
15
10
A
\ ^-' \
we3M|E N 20 YE/ \RS
AND OVER
^*-^_
"^
MEh>J 20 YEARS
A MD OVER
Minium
1988
1984
1984
lilllllilll
1985
1987
1986
1988
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemp] oyment ra te (percen t of eivilia n labor force in group)
Period
Unemployment
rate,
By s elected grou s
By race
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
7.0
7.5
9.5
9.5
7.4
7.1
6.9
6.1
7.1
7.6
9.7
9.6
7.5
7.2
7.0
6.2
5.9
6.3
8.8
8.9
6.6
6.2
6.1
5.4
6.4
6.8
8.3
8.1
6.8
6.6
6.2
5.4
17.8
19.6
23.2
22.4
18.9
18.6
18.3
16.9
6.3
6.7
8.6
8.4
6.5
6.2
6.0
5.3
13.1
14.2
17.3
17.8
14.4
13.7
13.1
11.6
14.3
15.6
18.9
19.5
15.9
15.1
14.5
13.0
6.9
7.3
9.3
9.2
7.1
6.8
6.6
5.8
4.2
4.3
6.5
6.5
4.6
4.3
4.4
3.9
all
work-
ers
1980
1981
1982
1983
1984
1985
1986
1987
By sex and ago
1
Both
sexes
16-19
years
White
Black
and
other
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Labor
force
time lost
(percent) 2
Pulltime
workers
Parttime
workers
9.2
10.4
11.7
12.2
10.3
10.4
9.8
9.2
6.9
7.3
9.6
9.5
7.2
6.8
6.6
5.8
8.8
9.4
10.5
10.4
9.3
9.3
9.1
8.4
7.9
8.5
11.0
10.9
8.6
8.1
7.9
7.1
1987:
Apr
May
June....
July
Aug
Sept
Oct
Nov
Dec
6.2
6.2
6.0
6.0
5.9
5.8
5.9
5.8
5.7
6.3
6.3
6.1
6.0
6.0
5.9
6.0
5.9
5.8
5.6
5.6
5.5
5.4
5.2
5.0
5.1
5.0
4.9
5.5
5.4
5.3
5.4
5.3
5.4
5.2
5.2
5.2
17.3
17.6
16.0
15.8
16.2
16.4
17.2
16.6
16.1
5.5
5.4
5.3
5.2
5.2
5.1
5.2
5.1
4.9
11.8
12.1
11.5
11.4
11.3
10.9
10.8
11.0
10.9
13.0
13.7
12.8
12.7
12.4
12.3
12.1
12.2
12.2
5.9
5.9
5.8
5.8
5.7
5.5
5.5
5.5
5.4
4.1
4.0
4.0
3.8
3.7
3.7
3.7
3.5
3.4
9.4
9.5
9.5
9.3
9.0
8.8
8.9
8.5
8.4
5.9
5.9
5.9
5.7
5.6
5.5
5.6
5.5
5.4
8.6
8.7
7.3
8.1
8.2
8.4
8.3
8.2
8.0
7.3
7.2
7.1
6.9
6.9
6.8
6.8
6.8
6.6
1988:
Jan
Feb
Mar
Apr
5.7
5.6
5.5
5.4
5.8
5.7
5.6
5.4
5.1
4.9
4.9
4.6
5.1
5.2
4.8
4.8
16.0
15.4
16.5
15.9
5.0
4.8
4.7
4.6
10.9
11.3
11.5
10.7
12.2
12.6
12.8
12.2
5.5
5.3
5.2
5.0
3.6
3.4
3.4
3.0
8.9
8.3
7.5
8.7
5.4
5.3
5.3
5.1
8.3
7.9
7.7
7.4
6.6
6.6
6.5
6.2
1
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 percent of potentially available labor force hours.
2
12
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In Apr!!, based on seasonally adjusted data, the percentages of unemployed persons who had been out of work
for less than 5 weeks and for 27 weeks and over rose while the percentage for 5-14 weeks and for 15-26 weeks
fell. Both the mean and the median duration of unemployment fell.
PERC:ENT
DISTRIB JTION*
PER(
:ENT DISTRIB UTION*
70
70
DURATK)N
REASON FOR UNEAAPLOYMEN T
OF UNE MPLOYMEr-IT
60
60
50
.
.
\
'
,
/
V K ~~^ ~~ X"'%1",
"^ \
JOB LOSERS
.--'
,-'•-''
A ,"••
40
~'^""\ ^
50
LESS THAN
5 WEEKS
40
-'V
5-14
WEEKS
\
f ,_.--.-./
30
,
X^
---A---..
-"
""•'
—
30
'"""V""-'
REENTRANT!
_,-^J~--'
27 WEEKS
"AND OVER"
20
10
^r
NEW ENTRANT
\
^-^_^_
15-26
1984
JOB LEAVER:
\\U\\\\\\\ \l\\\\\\\\\
1985
1987
1986
•^A<~r>/' ~f±j>\^&
10
^
t u n l u i u \w\\\\m
X/
*
20
r
~-^-*WEEKS
0
—
-
V
iinilntn
0
iiiulniii mnliJin
J J J J l J l J i U )lll]|lll]|
1986
1985
1984
1988
IJlllllllll
1987
1988
•SEASONALLY ADJ STED
COUNCIL OF EC
SOURCE' DEPARTME NT OF LABOR
3NOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Re ason for memployment:
percent iistributi >n
Dur ition of imemployment
Period
Unemployment
(thousands)
F ercent di strihutio i
Less
than
5
weeks
5-14
weeks
15-26
weeks
Stat e
progrs ms
Numb er of
ks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) l
Weekly a /erage, t lousands
1980
1981
1982
1983
1984
1985
1986
1987
7,637
8,273
10,678
10,717
8,539
8,312
8,237
7,425
43.1
41.7
36.4
33 3
39.2
42.1
41.9
43.7
32.3
30.7
31.0
27.4
28.7
30.2
31.0
29.6
13.8
13.6
16.0
15.4
12.9
12.3
12.7
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
14.0
11.9
13.7
15.6
20.0
18.2
15.6
15.0
14.5
1987: Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
7,557
7,573
7,308
7,251
7,256
7,091
7,177
7,090
6,978
42.5
43.9
42.9
43.9
44.2
45.5
45.3
45.4
46.2
30.0
28.7
29.4
29.6
29.6
27.6
29.4
28.7
28.2
13.1
12.9
13.3
13.0
11.5
13.0
11.9
12.7
12.8
14.3
14.5
14.4
13.4
14.7
14.0
13.4
13.2
12.9
14.8
14.8
14.7
14.2
14.3
14.2
14.1
14.0
14.2
1988: Jan
Feb
Mar
Apr
7,046
6,938
6,801
6,610
43.6
44.3
44.0
47.2
31.9
30.8
30.8
29.5
11.8
12.1
13.0
10.9
12.6
12.9
12.2
12.3
14.4
14.4
13.7
13.4
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal fUCFEt, and railroad (RR) programs. Also includes Federal and State extended benefit programs. Docs not include Federal supplemental compensation program.
10.6
12.3
13.0
25.2
25.4
22.3
22.5
25.6
27.1
26.2
26.6
11.4
11.9
11.1
11.3
13.0
12.5
12.5
12.4
3,350 '
3,047
4,061
3,396
2,476
2,611
2,650
2,332
460
583
438
377
396
378
328
3,837
3,410
4,594
3,775
2,561
2,693
2,746
2,401
6.0
49.1
47.9
48.4
48.4
47.0
46.8
47.7
46.8
45.7
12.7
12.4
13.1
13.6
13.8
13.8
13.5
13.1
33.5
26.1
26.5
26.9
26.5
27.3
26.9
26.0
28.0
27.8
12.2
13.3
11.6
11.6
11.9
12.5
12.9
12.1
13.0
2,367
2,321
2,297
2,273
2,223
2,102
2,035
2,037
2,090
334
333
331
329
307
289
293
303
317
2,526
2,216
2,108
2,210
2,030
1,800
1,759
1,931
2,322
6.4
6.4
6.6
5.6
45.2
45.9
45.8
44.1
15.3
13.8
15.7
15.0
27.0
27.9
25.6
27.0
12.5
12.4
12.9
13.8
2,242
2,208
2,140
2,087
356
327
308
302
2,870
2,775
6.5
6.9
8.7
10.1
7.9
6.8
6.9
6.5
6.9
6.6
6.6
6.6
6.4
5.8
6.2
6.1
51.7
51.6
58.7
58.4
51.8
49.8
48.9
48.0
11.7
11.2
7.9
7.7
9.6
488
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 174,000 in April.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
100 —
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
80
70
18
SERVICE-PRODUCING
INDUSTRIES
16
60
50
—
MANUFACTURING
20
?8
40
illinium
GOODS-PRODUCING
INDUSTRIES
30
CONSTRUCTION
.A..
20
1984
1985
1986
1987
1984
1988
1985
1986
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
Period
nonagricultural
employment
struction
Durable
goods
20,285
20,170
18,781
18,434
19,378
19,260
18,994
19,112
12,187
12,109
11,039
10,732
11,505
11,490
11,244
11,237
8,098
8,061
7,741
7,702
1985
1986
1987
90,200
94,496
97,519
99,610
102,112
1987: Apr
May....
June...
July....
Aug....
Sept....
Oct
Nov....
Dec
101,598
101,708
101,818
102,126
102,275
102,434
102,983
103,285
103,612
24,759
24,752
24,761
24,850
24,886
24,917
25,064
25,169
25,259
5,019
4,999
5,008
5,002
5,006
4,989
5,053
5,074
5,121
19,011
19,018
19,015
19,104
19,129
19,169
19,247
19,336
19,382
1988: Jan
103,827
Feb r... 104,365
Mar ' ..104,661
Apr".. 104,835
25,205
25,354
25,449
25,506
5,058
5,185
5,265
5,262
19,401
19,421
19,433
19,477
4,188
3,905
3,948
4,383
4,673
4,904
5,031
Nondurable
goods
Total
4,346
90,406
91,156
89,566
Se rvice-produ nng industn es
M anufacturin g
C nn
on-
25,658
25,497
23,813
23,334
24,727
24,859
24,681
24,884
1980
1981
1982
1983
1984
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Finance,
insurance,
and real
estate
Government
Services
Total
Federal
5,278
5,268
5,555
5,717
5,735
5,797
15,035
15,189
15,179
15,613
16,545
17,356
17,845
18,264
5,160
5,298
5,341
5,468
5,689
5,955
6,297
6,589
19,036
19,694
20,797
22,000
23,099
24,137
15,869
16,024
16,394
16,711
17,063
2,772
2,739
2,774
2,807
2,875
2,899
2,943
5,348
5,344
5,350
5,363
5,377
5,416
5,436
5,459
5,473
5,772
5,775
5,781
5,797
5,807
5,815
5,831
5,851
5,871
18,197
18,205
18,226
18,274
18,256
18,314
18,408
18,443
18,458
6,558
6,576
6,586
6,608
6,624
6,629
6,650
6,657
6,668
23,926
24,025
24,083
24,214
24,279
24,295
24,406
24,493
24,612
17,038
17,031
17,031
17,020
17,046
17,048
17,188
17,213
17,271
2,933
2,935
2,935
2,936
2,940
2,962
2,965
2,977
2,981
5,485
5,507
5,533
5,545
5,884
5,905
5,930
5,945
18,619
18,706
18,687
18,703
6,684
6,689
6,701
6,718
24,683
24,902
24,990
25,044
17,267
17,302
17,371
17,374
2,977
2,976
2,969
2,962
5,146
5,165
5,275
5,358
7,873
7,770
7,750
7,875
64,748
65,659
65,753
66,866
69,769
72,660
74,930
77,228
5,082
4,954
5,159
5,238
5,244
5,378
11,175
11,175
11,176
11,195
11,248
11,268
11,319
11,367
11,403
7,836
7,843
7,839
7,909
7,881
7,901
7,928
7,969
7,979
76,839
76,956
77,057
77,276
77,389
77,517
77,919
78,116
78,353
11,403
11,415
11,422
11,462
7,998
8,006
8,011
8,015
78,622
79,011
79,212
79,329
1
Includes all full- and part-time •
received pay for any part of the pay
etors, self-employed persons, domei
domestic servants, and personnel of the Armed Forces. Tctal 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 disputes, bad
14
:onally adjusted]
Goods-p reducing in dustries
Total 2
1988
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; -
.i
Total
1987
17,890
18,619
16,241
16,031
15,837
2,866
weather, etc., even ii they are not paid lor the time oK; and -which are based on a sample oi the
working-age population, whereas the estimates in this table are based on reports from employing
establishments.
2
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 gi oss hourly
earn mgs
Average weekly
hours
Period
Total
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1988: Jan
Feb r
Mar r.
Apr p.
Manufacturing
nonagnc ultural
a vear
Percent chang e 4from
earlie r 6
Ind ex,
1977 = 100
Current
dollars
Current
dollars
1977
dollars 3
1977 dollars
160.3
165.2
169.3
173.5
93.5
92.6
93.4
94.9
94.6
94.1
95.0
94.0
9.0
9.1
6.9
4.6
3.2
3.1
2.5
2.5
-4.0
1.0
.9
1.6
-.3
-.5
1.0
— 1.1
9.86
9.88
9.88
9.87
9.93
10.02
10.00
10.01
10.02
172.6
172.9
172.9
173.2
174.1
174.6
174.9
175.8
175.7
94.2
94.0
93.8
93.7
93.7
93.8
93.6
93.8
93.6
2.5
2.4
2.2
2.4
2.7
-1.2
2.9
2.8
2.7
2.7
-1.3
-1.4
— 1.4
-1.5
— 1.4
-1.7
-1.8
-1.7
10.02
10.03
10.04
10.11
176.4
176.5
176.8
177.6
93.7
93.6
93.4
93.4
3.0
2.7
2.7
2.9
-1.0
-1.1
-1.0
-.9
$6.66
7.25
40.7
40.5
40.7
41.0
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.7
7.68
8.02
8.32
8.57
8.76
8.98
7.99
8.49
8.83
9.19
9.54
9.73
9.91
34.7
34.9
34.8
34.8
34.9
34.6
34.9
34.9
34.6
40.6
41.0
41.0
41.0
41.0
40.6
41.3
41.2
41.0
3.5
3.8
3.7
3.8
3.8
3.6
4.0
3.9
3.8
8.91
8.95
8.94
8.96
9.02
9.02
9.08
9.12
9.11
34.8
34.9
34.6
34.9
41.2
41.0
41.0
41.2
3.9
3.7
3.7
4.0
9.15
9.13
9.17
9.22
35.2
34.8
35.0
35.2
34.9
34.8
34.8
1982
1983
1984
1985
1986
1987
Total
private
nonagrieultural *
Overtime
39.7
39.8
38.9
40.1
35.3
1980
1981
1987:
Manufa during
Total
private
nonagricultural '
Adjuste d hourly earnin gs index2 — total private
$7.27
127.3
138.9
148.5
155.4
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent ch ange from
a year earlier,
total private n onagricultural 5
Avera ge gross weekly ea rnings
Period
Total arivate
nonagnc ultural '
Current dollars
1980
1981
1982
1983
1984
1985
1986
1987
1987:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb r
Mar r.
Apr"
Manufacturing
J977 dollars
Current dollars
$235.10
255.20
267.26
280.70
292.86
299.09
304.85
312.50
$172.74
$288.62
$367.78
5.8
318.00
330.26
354.08
374.03
386.37
396.01
406.31
399.26
426.82
442.97
458.51
464.46
466.38
477.28
$147.38
158.03
163.85
171.05
174.33
174.64
176.08
179.32
6.9
170.13
168.09
171.26
172.78
170.42
171.07
169.28
8.5
4.7
5.0
4.3
2.1
1.9
2.5
-1.5
1.2
1.9
.9
-1.4
.4
-1.0
309.18
312.36
311.11
311.81
314.80
312.09
316.89
318.29
315.21
168.67
169.85
168.71
168.64
169.43
167.61
169.55
169.94
168.02
400.32
405.08
405.08
404.67
407.13
406.81
413.00
412.41
410.82
471.61
481.97
478.27
478.93
480.44
449.79
485.64
487.92
483.23
179.36
179.05
178.12
179.02
181.45
183.22
180.49
180.16
178.85
1.8
2.6
2.6
3.0
3.3
2.4
3.7
3.2
3.3
-1.9
— 1.1
-1.0
.9
-.9
1.8
-.9
-1.3
-1.1
318.42
318.64
317.28
321.78
169.10
168.95
167.61
169.18
412.82
411.23
411.64
416.53
473.62
476.48
488.68
489.82
180.09
180.75
180.38
183.42
3.1
2.9
2.7
4.1
-.9
-.9
-1.0
.3
1
4
5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban w
and clerical workers (on a 1977 = 100 base).
Retail trade
Current dollars
1977 dollars 3
2
3
Construction
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Outp u t
Business
sector
1
Hours of all
2
perse n s
Nonfarm
business
sector
Business
sector
Compens ation per
hou r 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Heal com pensation
per h our 4
Business
sector
Nonfarm
business
sector
Unit lab or costs
Business
sector
Nonfarm
business
sector
Implici t price
defla t o r 5
Business
sector
Nonfarm
business
sector
19' 7 = 100; c uarterly < ata seasor ally adjus ted
1979
99.6
99.3
107.9
107.9
108.3
108.7
119.1
118.9
99.4
99.2
119.5
119.7
117.0
116.5
1980
1981
1982
98.8
99.8
99.2
102.5
104.6
106.7
108.9
105.5
109.9
119.2
106.7
108.5
104.9
110.1
119.2
107.5
108.2
105.2
106.7
112.9
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.0
131.3
143.6
154.8
161.5
167.8
96.7
95.8
97.3
98.2
98.0
96.6
95.8
97.2
98.3
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
1983
1984
99.3
100.7
100.3
103.0
105.6
1985
1986
1987
107.5
109.5
110.5
105.8
107.5
108.4
123.9
128.0
132.2
123.6
127.5
131.8
115.2
116.9
119.7
116.8
118.6
121.6
175.9
182.8
188.2
175.2
182.0
187.1
99.1
101.1
100.4
98.7
100.6
99.8
163.6
166.9
170.3
165.6
169.3
172.7
162.4
165.8
170.0
164.1
167.8
171.9
1982: IV
101.0
99.7
105.0
104.2
103.9
104.5
158.3
158.2
98.0
97.9
156.8
158.7
150.2
151.4
1983: IV
103.7
103.3
113.6
114.1
109.4
110.4
163.6
163.4
98.0
97.9
157.7
158.2
155.2
156.2
1984: IV
105.9
104.8
120.8
120.1
114.0
115.2
110.3
110.2
98.1
98.1
160.8
162.4
159.8
161.0
1985: m
IV
108.2
107.9
106.4
105.9
124.7
125.3
124.3
124.9
115.2
116.1
116.9
117.9
177.0
179.3
176.2
178.3
99.5
99.7
99.0
99.2
163.6
166.1
165.7
168.3
163.0
164.0
164.9
165.7
1986: I
109.5
109.7
109.6
109.6
107.7
107.7
107.5
107.5
127.3
127.5
128.1
129.0
126.9
127.1
127.6
128.5
116.3
116.3
116.9
117.8
117.9
118.0
118.7
119.6
180.7
182.2
183.6
185.2
180.0
181.3
182.6
184.4
100.1
101.3
101.5
101.7
99.8
100.8
100.9
101.2
165.0
166.2
167.5
169.0
167.2
168.4
169.8
171.5
164.3
165.4
166.9
166.7
166.4
167.3
168.8
168.8
109.7
110.1
111.3
110.9
107.6
108.0
109.1
108.8
130.2
131.1
133.1
134.4
129.7
130.7
132.7
134.1
118.7
119.1
119.6
121.2
120.6
121.1
121.7
123.2
185.8
187.3
189.1
190.6
184.9
186.3
187.9
189.5
100.7
100.3
100.3
100.2
100.2
99.7
99.7
99.6
169.4
170.2
169.8
171.8
171.8
172.5
172.2
174.1
168.2
169.6
170.7
171.4
170.3
171.4
172.5
173.3
111.1
109.1
135.3
135.0
121.7
123.7
192.2
191.1
100.2
99.7
173.0
175.2
172.0
173.8
1.7
11.1
11.2
9.0
8.9
n
in
IV
1987: I
n
m
IV
1988: I"*
154.3
159.0
Pe rcent chan re; quarte rly data at seasonall y adjusted annual ra tes
1979
-1.2
-1.6
2.0
1.9
3.2
3.5
9.7
9.5
-1.5
1980
1981
1982
1983
1984
-.3
1,4
-.4
2.7
2.5
-.4
1.0
.6
3.3
2.1
-1.1
2.1
-3.1
4.2
8.4
1.2
1.7
3.3
5.0
8.3
-.8
.7
-2.8
1.5
5.7
-.7
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
3.9
-2.7
-1.0
1.6
1.0
-.2
2.7
-.8
1.5
1.1
-.4
10.9
7.7
8.3
1.4
1.5
11.0
8.3
8.4
1.0
1.8
9.0
9.6
5.9
3.3
3.3
9.7
9.7
6.3
3.5
3.0
1985
1986
1987
1.8
1.9
.9
1.2
1.6
.8
4.0
3.3
3.3
3.6
3.2
3.4
2.1
1.4
2.4
2.5
1.6
2.6
4.7
3.9
2.9
4.4
3.9
2.8
1.1
2.0
-.7
.8
2.0
-.8
2.8
2.0
2.0
3.2
2.2
2.0
2.7
2.1
2.5
3.2
2.3
2.4
4.5
5.0
3.2
3.8
1.5
2.6
2.4
3.0
5.4
4.3
1.3
.2
2.4
2.9
4.8
3.1
2.9
2.7
3.3
1982: IV
3.0
2.4
-.5
1983: IV
3.0
1.4
10.4
1984: IV
1.5
1.0
3.5
1985: HI
IV
3.7
-1.0
2.6
-1.6
5.8
.6
-.3
-.1
1986: I
n
m
IV
1987: I
n
m
IV
-1.2
-3.4
-3.5
7.2
8.3
3.1
2.1
2.1
3.8
3.9
.5
.7
2.3
4.4
2.2
4.1
2.0
.7
3.2
1.5
3.6
5.7
5.1
4.9
4.9
3.4
1.1
2,6
.8
1.9
6.2
2,2
6.6
2.5
2.5
3.2
2.0
6.6
.1
-.6
.0
6.4
.7
1.8
3.0
6.4
.6
1.7
2.9
.5
.1
2.1
3.1
-.2
.6
2.3
2.9
3.2
3.5
3.0
3.6
3.9
2.9
2.8
4.0
1.6
4.9
.6
.8
2.3
4.3
.5
1.3
2.5
2.8
3.3
3.7
-2.6
2.8
3.5
4.0
.9
2.6
3.7
-.5
1.6
2.3
3.7
.0
.5
1.4
4.7
-1.5
.4
1.4
4.2
-1.0
3.5
3.0
6.3
4.0
3.8
3.2
6.3
4.2
3.0
1.6
1.5
5.6
3.4
1.7
2.0
5.2
1.4
3.3
3.8
3.2
1.1
3.0
3.6
3.5
-4.1
-1.8
-.3
J
.9
1.8
-.9
4.7
.8
1.5
-.6
4.5
3.7
3.4
2.5
1.8
3.4
2.6
2.7
1.9
.8
.9
2.5
2.7
1.7
1.7
3.5
3.4
.0
2.7
2.4
1.2
1.1
1988: I"*....
9.8
1
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 ot wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
16
-3.8
-1.5
.0
-.5
.1
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
* Data do not reflect revisions of GNP and related items published May 26.
Source; Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.7 percent in April, following a 0.2 percent increase in March. The index for April was
6.4 percent above its year-earlier level.
INDE X, 1977=101)* (RATIO S(:ALE)
240
FINAL P *ODUCTS
220
INDEX, 1977=1010* (RATIOSCALE)
160
TOTAL If >IDUSTRIAL PRODUCTI ON
140
„
120 .-•-'
100
160
""
mulmu llliliuill
100
nmtimi unilniii
DURAB E,
Js_
i _^«r*----
p^\
NONDUR
ll|llll||!l Illllllllll
140
DEFENSE AND
180
EQUI PMENT
--'•"''"'
^j * r - J
120
f;^^—'
^BLE
100
Illllllllll
||I|||U||I
v-
160
140
_-.
___-
200
IlllllllUi
MANUF>\CTURING PRODUCTI ON
140
120
-^"
m „ i — IIP^*^
.-•~
-
BUSINESS
EQUIPMENT
^
,!—•-, .<^^/~™ =»-^— J *
=
S~~~
^~s
^— -
~ ^ -.-•'"""**"
^^__--^ -~-\^~
" —-. .- ~- — •- •
iiiiiiinii
IHIlllllH
CONSUMER
GOODS
Illllllllll llllllillll lllllllllll
PER( :ENT*
100
CAPAC TY UTILIZA [ION RATE
(TOTAL INDUSTRY)
90
Illllllllll
UTILITIES> AND MINING PRODIJCTION
UTILITIES
120
i~-*<^\>
^Xtx4^ ^_
/
MINING
1
100
iiiniiiin
1984
f '
-<-'
\
^~
Ulllllllll Illllllllll Ulllllllll
1987
1985
1986
80
-.
•—.
I
~
"
Mi
1-
~^—__. =
^=
^
70
Illllllllll
illllllllli Illllllllll Ulllllllll UUlllllll l l l i l t l l l i l
1984
1987
1986
1985
1988
1988
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISER?
[Monthly data seasonally adjusted]
To tal
indu itrial
prodi ction
Period
Percent
1977=100
1977 •proportion
1980
1981
1982
1983
1984
1985
1986
1987
1987: Apr
May
June
July
Aug
Sept
Oct
Nor
Dec
1988: Jan r
Feb r
Mar r
Apr"
1
Output as percent of capacity.
Industry pro luction indese 3, 1977=100
Capacity utilization
rate, p jrcent *
Manufacturing
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
49.10
109.1
111.1
99.9
107.7
124.2
127.6
128.4
133.1
35.11
1.9
1.1
3.8
84.21
108.2
110.5
102.2
110.2
123.4
126.4
129.1
134.7
107.0
109.7
105.5
113.7
122.3
124.6
130.1
136.8
9.83
112.4
117.5
109.3
102.9
111.1
108.9
100.4
100.7
107.3
107.1
104.8
105.2
110.7
111.1
108.5
110.3
80.9
79.9
72.1
74.6
81.0
80.4
79.4
80.7
79.3
78.2
70.3
73.9
80.5
80.1
79.7
81.0
127.4
128.2
129.1
130.6
131.2
131.0
132.5
133.2
133.9
2.1
3.1
4.1
4.6
5.1
5.2
5.8
6.0
5.6
132.4
133.2
134.0
135.6
135.9
135.7
137.3
137.9
138.9
130.9
131.4
132.0
133.5
133.8
133.7
136.8
136.7
137.3
134.6
135.7
136.9
138.5
138.8
138.6
138.1
139.6
141.3
98.6
99.2
99.2
99.2
100.9
101.9
103.6
104.6
104.6
106.0
109.6
109.4
111.2
112.9
111.2
112.1
113.2
111.7
79.6
79.9
80.3
81.1
81.4
81.1
81.9
82.1
82.4
80.2
80.4
80.8
81.5
81.5
81.3
82.0
82.2
82.6
134.4
134.4
134.7
135.6
6.5
5.8
5.7
6.4
139.4
139.5
140.0
140.9
137.9
138.3
138.9
140.1
141.4
141.2
141.5
142.0
103.3
101.7
102.4
103.8
115.2
115.7
114.4
113.5
82.5
82.4
82.4
82.7
82.7
82.6
82.6
83.0
100.0
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
-1.9
2.2
-7.1
5.9
11.2
5.96
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Produe ts
Mate rials
Final produc s
Internlediate proc ucts
C onsumer go ods
Equipment
Period
Total
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1987: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan '.
Feb r .
Mar r
Apr"
1
Durable
goods
Nondurable goods
Total J
Business
44.77
25.52
18.63
19.25
14.34
112.2
115.2
109.5
114.7
127.3
131.0
132.5
136.8
102.7
104.1
101.4
109.3
118.0
119.8
124.0
127.8
88.4
89.7
82.9
98.5
112.2
112.5
115.6
120.2
108.1
109.3
108.3
113.3
120.1
122.5
127.1
130.6
124.7
129.9
120.2
121.7
139.6
145.8
143.6
148.9
125.1
127.6
113.6
115.4
134.2
140.2
139.5
144.5
134.5
135.5
136.2
137.9
138.4
125.5
127.3
127.2
128.9
129.4
127.7
129.0
129.4
129.8
116.7
120.1
117.4
120.4
121.2
118.6
124.3
123.9
120.3
128.7
130.0
130.9
132.1
132.5
131.0
130.8
131.5
133.3
146.4
146.3
148.1
149.7
150.2
151.2
153.0
152.2
153.1
142.1
141.7
144.2
145.6
145.6
146.3
131.2
131.5
131.2
131.9
121.7
120.8
120.8
122.3
134.7
135.4
135.1
135.4
154.3
155.3
156.1
156.9
137.8
139.3
139.2
139.8
141.1
141.7
141.9
142.6
6.89
148.7
148.3
149.8
151.2
152.3
153.2
154.5
Defense
and
space
equipment
3.67
115.4
119.8
133.0
143.1
156.4
171.4
182.0
188.9
189.2
189.3
188.6
188.7
189.1
189.8
190.3
188.7
188.9
190.6
191.5
190.9
190.6
Total
12.94
106.9
107.3
101.7
111.2
124.7
129.3
136.2
143.4
140.3
141.8
143.3
145.0
145.3
144.9
146.1
147.3
146.5
148.1
149.5
149.3
150.1
Construction
supplies
Busi-
Total
Ener-
gy
supplies
5.95
6.99
100.6
98.6
88.3
100.6
114.0
119.2
126.4
131.5
128.2
129.1
131.5
133.1
132.5
132.3
133.3
134.2
133.8
136.8
137.7
136.6
137.2
112.3
114.7
113.1
120.3
133.8
137.9
144.6
153.5
150.6
152.6
153.4
155.2
156.3
155.6
157.1
158.4
157.4
157.8
159.6
160.1
42.28
11.69
105.3
107.7
96.7
102.8
114.2
114.3
113.8
118.2
105.5
104.7
101.2
98.4
103.9
103.3
99.7
99.8
97.8
98.7
99.4
99.0
100.9
100.2
101.8
102.8
101.7
101.4
100.7
100.9
101.4
115.9
116.3
117.2
118.5
119.4
119.7
121.2
122.5
123.7
123.0
122.1
122.5
123.6
Includes rigs and prefabs, not shown separately.
[1977=100; monthly data seasonally adjusted]
N<mdurable manufactu-res
Durable in anufactures
Transp ortation
equi] ment
Primary metals
Fabri-
Period
Iron and
steel
metal
products
5.33
90.4
95.0
65.8
73.0
82.3
80.4
75.1
81.3
3.49
76.1
77.0
78.8
81.4
85.1
84.5
90.6
90.2
90.6
65.0
65.7
68.3
70.9
76.0
74.6
82.0
79.7
81.9
86.5
85.3
84.9
86.0
77.8
75.6
74.3
6.46
101.8
101.6
86.6
89.1
102.6
107.1
108.0
111.0
109.9
108.5
111.1
111.1
110.1
111.1
113.5
113.6
115.8
117.1
117.8
118.8
119.5
Total
1977 proportion
1980
1981
1982
1983
1984
1985
1986
1987
1987: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan r.
Peb r .
Mar r
Apr"
Source: Board of Governors of the Federal Reserve System.
18
86.3
92.5
57.5
66.1
73.4
70.4
63.4
70.6
Nonmachinery
Electrical
machinery
7.15
Total
Motor
vehicles
and
parts
Lumber
and
products
Appar-
3.79
products
Printing
and
publishing
4.54
Chemicals
and
products
8.05
Poods
5.25
2.30
123.3
129.8
115.6
118.3
141.8
146.2
145.0
152.7
130.3
134.1
128.4
143.8
170.5
168.3
165.7
172.3
96.9
95.1
87.6
99.2
112.2
122.8
127.5
129.2
71.1
71.6
66.8
85.8
- 104.4
111.9
111.5
111.8
92.9
90.1
82.8
100.2
109.1
114.3
124.1
130.3
97.3
96.1
87.3
95.3
102.7
100.4
103.1
107.4
115.1
118.6
120.2
129.8
146.5
151.4
160.9
172.1
106.4
112.6
103.8
114.0
121.6
126.4
132.0
140.2
111.4
113.7
114.9
120.4
126.9
130.5
134.4
137.8
150.4
149.7
151.8
155.3
154.3
168.4
171.1
170.5
172.5
174.3
173.4
175.5
175.6
175.9
127.8
129.4
126.5
127.6
128.1
125.5
132.0
130.4
128.1
109.8
112.0
107.4
109.4
109.1
105.6
116.0
114.0
110.2
127.8
130.3
131.1
132.8
131.1
126.9
129.8
134.0
133.6
105.3
106.4
107.7
109.7
108.4
107.6
108.0
109.4
107.8
169.2
171.4
174.1
174.0
174.7
174.9
175.2
175.7
176.9
137.3
138.1
139.3
140.8
142.3
142.4
141.5
144.4
147.9
177.4
177.6
177.0
179.3
128.6
128.4
109.7
109.3
113.1
115.4
136.3
139.4
137.1
108.7
108.0
177.5
179.6
179.5
179.7
147.9
145.8
146.2
136.0
137.4
137.7
138.5
138.8
139.5
138.0
138.9
140.1
141.2
142.0
141.4
9.54
156.6
158.0
157.2
161.0
162.9
163.5
164.6
166.2
9.13
130.0
131.3
7.96
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 3
Private
Period
Total new
construction
expenditures
Kesi ential
Total
New housing
Total 1
Commercial
and
industrial 2
Other
Federal,
State, and
local
Total value
index
(1982 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
B Ulions of dollars
1979
1980
1981
1982
1983
1984
1985
1986
1987
252.4
r
200.7
251.7
193.3
260.2
246.6
203.6
281.3
227.5
328.6
356.0
388.8
398.2
271.0
291.7
316.6
192.9
322.9
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
196.8
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
139.7
46.2
49.4
49.5
48.1
48.5
50.5
51.5
52.6
51.7
58.5
56.5
53.7
53.8
57.7
64.3
72.2
75.2
109
55.0
58.7
53.8
68.6
82.7
78.0
73.5
71.3
69.8
73.8
72.0
72.6
75.2
74.1
74.3
79.1
75.6
50.1
51.1
51.7
51.4
53.2
54.4
53.8
53.4
54.1
56.1
76.1
75.7
75.3
72.9
74.6
73.0
77.9
76.7
76.9
77.6
167
157
157
167
165
174
160
164
157
157
926
938
921
1,011
1,017
1,016
1,032
987
911
1,012
74.6
74.2
75.3
52.6
53.8
52.9
75.3
78.1
82.3
145
159
154
144
833
1,103
887
838
42.0
46.7
42.3
97
100
100
124
136
150
158
162
Annual rates
1987: Mar
Apr
May
388.3
396.2
396.7
397.2
398.5
402.9
402.8
398.9
404.0
403.9
June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Feb"
Mar"
Apr"
394.5
396.0
401.8
312.2
324.3
323.8
329.8
324.9
322.2
327.0
326.3
200.9
197.0
194.5
193.7
194.5
139.5
139.7
139.4
138.2
137.9
138.2
140.0
141.1
142.4
143.1
319.2
317.9
319.5
192.0
189.9
191.4
138.9
136.8
138.3
320.5
321.4
190.8
199.5
195.9
198.0
200.2
1
Includes the following categories of private construction not shown separately: residential improvements, railroads, electric light and power, gas, petroleum pipelines, and farm nonresidential.
2
Includes hotels and motels.
1,059
904
919
690
756
955
1,097
1,016
1,004
Annual rates
3
F.W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F.W. Dodge Division.
NEW PRIVATE HOUSING
VACANCY RATES
[Thousands of units or homes, except as noted]
New pri rate homes
New private housing units
Period
Units started, b; type of structure
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987
1 unit
2^t units
5 or more units
122.0
109.5
91.1
429.0
330.5
287.7
80.0
113.5
121.4
93.4
84.0
65.3
319.6
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1,620.5
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
1,146.4
1,635
1,599
1,583
1.594
1,583
1,679
1,538
1,661
1,399
1,201
1,125
1,086
1,142
1,109
1,211
1,105
1,129
1,035
66
65
85
59
58
49
67
51
51
368
409
412
393
416
419
366
481
313
1,016
1,102
1,176
1,095
53
59
61
58
313
358
317
408
522.0
544.0
576.1
542.0
408.7
Units
authorized
Units
completed
Homes sold
Homes for
sale at end of
period '
3
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
1,668.8
709
545
436
412
623
639
688
750
671
1,596
' 1,504
' 1,539
' 1,510
r
1,514
' 1,501
' 1,453
' 1,459
' 1,372
1,786
1,687
1,612
1,680
1,633
1,591
1,565
1,571
1,624
728
649
640
672
673
644
653
625
586
359
356
359
359
361
361
360
362
365
1,248
1,429
1,476
1,449
1,550
1,442
1,568
552
630
655
369
362
377
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
' 1,534.8
397
337
275
253
301
353
346
357
365
Vacancy rate
for rental
housing units
(percent) 2
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
7.7
Seasona' y adjusted annu al rates
1987:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan '.
Feb r .
Mar'
Apr"
1,382
1,519
1,554
1,561
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83
r
7.5
8.1
7.8
8.0
data are for 16,000 places.
Seasonally adjusted housing units authorized revised beginning 1986 and unadjusted beginning
1987.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In March, manufacturing and trade sales rose 1.9 percent, and inventories rose $2.3 billion. In April, according to
advance data, retail sales fell 0.6 percent, following a rise of 1.7 percent in March.
BILLIC3NS OF DOL LARS* (RATIC3 SCALE)
BILLIC)NS OF DOLL ARS* (RATIC SCALE)
220
800
•~~
"
._««
180
A
1
MANIJFACTURINC AND
TRA DE INVENTORIES
600 ^^"
-*S
—
^^^_»*~^
700
*s\
—^
200
^^-
""RE
160
-
x-~C—T
^—\--
^
TAIL INVENT ORIES
^
|
—
^^
140
500
f
-
,—"'
**
" .--•
,•-
120
-4*
i
"~"\
^
MA NUFACTURI MG
AN D TRADE SA .ES
x-
A>'"
—
DETAIL SALES
•-
**
—
Illllllllll Illllllllll Illllllllll Illllllllll
80
300
-
—
RATIC3*
1.80
Illllllllll
_
RETAIL
_ INVENT ORY-SALES RATIO
N
1.60
fc^H
'
1.40
200
/"^
f^^x-
MA NUFACTURI -JG
AND TRADE
1.20
Illllllllll Illllllllll Illllllllll ||llll||lll Illllllllll
1984
1985
1986
1 1 1 1 1 1 1 1 1111 1 1 1 1 1 1 1 1111 1 1 1 1 1 1 1M1 '1' ' 1 1 M 1 1
1.00
1 1 It 1 1 t 1 1 I 1
1988
1987
1985
1984
1986
SEASONALLY ADJ JSTED
OURCE: DEPARTM NT OF COMMERC E
Manufacl uring and
tra<le '
Inventories 3
1988
COUNCIL OF ECONOMIC ADVISERS
Who esale
Sales2
Inventory- ales ratio 4
He tail
Sales
Period
1987
InvenTotal
2
Durable
goods
stores
Inventories
Nondurable goods
stores
3
Manufacturing
Total
Durable
goods
stores
Nondurable goods
stores
60,937
64,783
69,046
72,529
74,907
79,290
134,468
147,581
167,517
181,524
185,996
211,100
61,469
69,066
79,431
88,998
91,085
107,948
72,999
78,515
88,086
92,526
94,911
103,152
1.67
1.56
1.53
1.55
1.55
1.51
1.49
1.44
1.49
1.53
78,082
78,696
79,092
79,527
79,651
80,367
79,867
79,919
80,181
80,615
193,456
194,576
196,806
200,424
202,210
202,684
203,708
206,577
208,260
211,100
96,466
96,352
98,712
100,716
101,590
101,569
102,394
104,846
106,490
107,948
96,990
98,224
98,094
99,708
100,620
101,115
101,314
101,731
101,770
103,152
1.51
1.51
1.51
1.50
1.51
1.49
1.48
1.50
1.52
1.52
1.56
1.56
1.58
1.58
1.59
1.56
1.59
1.63
1.64
1.64
80,080
80,413
r
81,825
81,325
209,824
208,698
208,933
106,377
104,479
103,461
103,447
104,219
105,472
1.54
1.53
1.50
1.63
1.60
1.58
Ketail
trade 1
Millions of dollars, seasonally stdjusted
1982
348,746
368,931
408,142
418,517
425,259
453,313
574,085
590,178
644,302
655,449
657,121
709,853
96,290
100,324
113,390
114,645
116,026
126,736
128,196
130,445
142,622
147,145
152,887
165,097
444,170
445,383
447,215
453,701
454,330
460,047
464,984
464,947
462,975
468,303
668,654
671,128
677,214
680,880
684,154
685,150
689,513
697,648
703,425
709,853
123,702
124,550
125,511
126,599
127,705
129,662
131,437
131,743
128,501
128,332
155,164
155,767
158,560
158,835
158,611
157,072
159,135
162,517
163,353
165,097
465,730
470,656
479,391
715,027
717,882
720,207
129,720
131,622
132,707
168,388
170,632
171,656
1983
1984
1985
1986
1987
1987: Mar r
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1988: Jan
Feb r.
Mar"
Apr"
1
2
r
r
123,680
124, 792
124,775
126,511
127,230
129,981
127,815
126,808
127,248
128,615
128,769
130,121
r
132,398
131,583
See page 21 for manufacturing.
Monthly average for year and total for month.
" End of period. Data beginning December 1980 for wholesale and retau and beginning January
20
28,169
32,582
37,836
41,415
44,885
46,592
89,107
97,364
106,882
113,944
119,791
125,882
r
45,598
46,096
45,683
46,984
47,579
49,614
47,948
46,889
47,067
48,000
48,689
49,708
r
50,573
50,258
r
c
1982 for manufacturing are not comparable with data for prior periods.
* Annual data are averages of monthly ratios.
gource. Department of Commerce, Bureau of the Census.
1.56
1.59
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' shipments, inventories, and orders rose. In April, according to advance estimates, durable
goods shipments fell and new orders rose.
BILLIC NS OF DOLL ARS* (RATIC SCALE)
BILLIC>NS OF DOLL ARS* (RATIC) SCALE)
280
240
440
SHIPME NTS
200
F
160
120
"1^-"—•=—
^^
'
—
'5
280
-
r
hM
• \ k~ -H
1
TOTAL
p=v=q
200
DU RABLE GOO )S
80
INVEN' ORIES
360
."•
DU (ABLE GOOt)S
160
120
NC3NDURABLE GOODS
~-v
60
NO NDURABLE CrOODS
80
Illllllllll Illllllllll Illllllllll Illllllllll I
l
l
l
l
l
l
l
l
l
l
BILLIC)NS OF DOLL ARS* (RATIC SCALE)
280
240
60
NEWC RDERS
200 —^~- ^-^^
'—• '-/"
__
/
miilmii
'
1
^~~T— ^~ ^
*
160
iiiiiiniii
Illllilllll Illllllllll Illllllllll
RATIO
2 20
- TOTAL—
INVEN FORY-SHIP/rtENTS RAT IO
2.00
-• _=»
DU RABLE GOOI)S
120
/A—.-v,.'- ..
x-..— ,/
80
.-Osr""
1
t *"
1.80
_'
r
1.40
60
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1984
1985
1986
^1V~"~
1.60
NON DURABLE G(30DS
1.20
e>,
—
^.
1 1 11 1f 1111 1 1 1 1 1 1i 11 11 1
1984
1988
1987
—
H-—x"~v|^-~_v^_^-^~^^
1 1 1 11f 1 1 t t 1
I IJIlIlI 1 1 1niiiliiiii
1987
1986
1985
SEASONALLY ADJL STED
sOURCE: DEPARTME NT OF COMMERC
K anufacturers new orders i
Manufa 3turers' inven tories 2
Manufa cturers' shipinents *
Durabl 3 goods
Period
Total
Durable
goods
1988
COUNCIL OF ECO NOMIC ADVISERS
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
79,360
83,553
77,676
87,485
98,875
99,600
100,131
107,601
105,950
r
107,141
106,992
109,181
109,213
106,678
109,345
111,095
110,949
115,620
114,196
114,319
115,305
116,279
23,259
24,050
21,469
22,143
26,714
26,970
26,671
29,632
27,693
r
28,571
30,031
29,987
31,982
29,540
29,753
30,416
30,085
33,879
34,791
33,764
32,455
32,898
76,801
84,199
83,924
86,431
91,189
91,030
89,351
95,595
93,125
93,647
94,405
96,273
96,852
96,479
97,374
98,304
98,677
98,202
98,375
98,322
100,453
323,393
319,094
306,302
338,849
365,177
373,495
372,974
403,496
372,531
375,886
380,354
385,217
391,887
394,640
395,627
398,630
401,030
403,496
408,826
412,554
414,026
Total
Manufacturers'
inventory —
shipments
ratio 4
1.67
1.65
1.95
1.80
1.74
1.74
1.70
1.62
1.63
1.64
1.63
1.60
1.62
1.62
1.59
1.59
1.60
1.58
1.63
1.62
1.58
M llions of do lars, seasoilally adjust 3d
1980
1981
1982
1983
1984
1985
1986
1987
1987: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb
Mar r.
Apr"
1
2
3
154,391
77,550
168,129
83,872
163,350
79,352
171,242
84,956
187,869
96,623
189,928
98,930
189,442
100,142
200,695
105,300
196,788
104,175
r
196,041 ' 102,830
196,929
102,477
200,591
104,476
199,395
103,032
200,404
104,135
205,732 108,433
206,396 108,251
207,226 108,378
211,356
113,026
207,241 108,946
208,913
110,522
214,286
113,795
112,574
76,841
84,257
83,998
86,286
91,246
90,997
89,300
95,395
92,613
93,211
94,452
96,115
96,363
96,269
97,299
98,145
98,848
98,330
98,295
98,391
100,491
264,281
282,645
311,421
312,152
334,163
326,780
318,238
333,656
320,034
320,785
321,848
321,621
323,333
325,394
326,670
328,554
331,812
333,656
336,815
338,552
339,618
2
Monthly average for year and total for month. Shipments are the same as sales.
End of period. Data beginning 1982 are not comparable with data for prior periods.
End of period.
174,620
186,347
200,711
200,220
218,524
213,750
207,854
216,753
208,111
208,683
209,096
208,654
209,951
210,921
211,680
213,436
215,931
216,753
219,014
220,318
220,834
2
89,661
96,298
110,710
111,932
115,639
113,030
110,384
116,903
111,923
112,102
112,752
112,967
113,382
114,473
114,990
115,118
115,881
116,903
117,801
118,234
118,784
2
156,161
167,752
161,600
173,915
190,065
190,631
189,482
203,196
199,075
r
200,788
201,397
205,454
206,065
203,157
206,719
209,399
209,626
213,822
212,571
212,641
215,758
4
Annual data are averages of monthly ratios. Data beginning 1982 are not comparable with data
for prior periods.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In April, the producer price index for all finished goods rose 0.4 percent, seasonally adjusted. Prices of finished
consumer foods also rose 0.4
percent while prices of other finished consumer goods rose 0.6
percent. Capital
equipment prices rose 0.2 percent.
INDEX, 1982 = 100 (RATIO SCALE)
120
INDEX, 1982 = 100 (RATIO SCALE)
FINISHED GOODS PRK:ES
CAPIT AL EQUIPMENT
A-^y ^T^..
S.s*^ 'T'C^C''
/ ~ - ^ jf&zy
r
i
,. - -'~^-zf/
j /•'
J/
i >
' /f'
90
A
i
_,.-•
C ONSUMER
FOODS ,.," '~ s ^
f
--"" """""•'
\'"\7^
J
'"""•
/** A /
110
100
120
SEASONALLY ADJUST 0
-
f
710
»
/--^n
^
/**"*• f
~/"
,
^^<—
\
TOTAL FINISHED
GOODS
f
V-\
f
100
rf
y~~"
\
CONSUMER GOODS
EXCLUDING FOODS
t
90
''
/
80
80
uiii imi
U l l l l l l l I I I I I I l l l l l U I I I I l l l l l U IIIIlllllU lll|llllll|
1980
1981
1984
1983
1982
Illllllllll IIIIlllllU
1985
Minium
1987
1986
OURCE: DEPARTMENT OF LABOR
1988
COUNCIL OF ECONOMIC ADVISERS
[1982 = 100; monthly data seasonally adjusted]
Fin shed goods
PiDished go )ds excluding consumer foo Is
Period
Total
finished
goods
Consumer
foods
Total
1980
1981
1982
1983
1984
1985
1986
1987
1987: Apr
May
June
July
Aug
Sept
Get
Nov
Dec r
1988: Jan
Feb
Mar
Apr
Nondurable
Capital
equipment
85.1
95.8
100.0
85.8
94.6
100.0
100.5
101.1
101.7
93.3
Consumer g >ods
Total
Durable
88.0
96.1
100.0
101.6
103.7
104.7
103.2
105.4
92.4
97.8
100.0
101.0
105.4
104.6
107.3
109.5
86.7
95.6
100.0
101.8
103.2
104.6
101.9
104.0
87.1
96.1
100.0
101.2
102.2
103.3
98.5
100.7
105.1
105.3
105.4
105.7
106.0
106.4
106.1
106.2
105.9
109.6
110.8
110.7
110.3
109.5
110.2
109.9
110.0
108.6
103.6
103.5
103.6
104.2
104.8
105.2
104.9
104.9
104.9
100.2
100.1
100.3
101.0
101.7
102.0
101.8
101.7
101.8
91.0
96.4
100.0
102.8
104.5
106.5
108.9
111.5
111.3
111.2
111.3
111.5
111.5
112.2
112.2
112.1
111.8
106.1
105.9
106.5
106.9
110.5
109.3
110.1
110.5
104.6
104.7
105.2
105.7
101.2
101.3
101.8
102.4
112.2
112.3
113.0
112.7
1
Intermediate materials for food manufacturing and feeds.
Note.—Beginning with data for January 1988, the reference base was changed from 1967=100
to 1982=100.
22
r
Total
finished
consumer
goods
Internlediate ma terials
Orude materi als
Foods
and
feeds i
Foodstuffs
and
feedstuffs
Total
Other
Total
95.3
103.0
100.0
101.3
103.5
95.8
87.7
Other
84.6
101.8
100.0
100.7
90.3
98.6
100.0
100.6
103.1
102.7
99.1
101.5
105.5
104.6
100.0
103.6
105.7
96.2
99.2
89.4
98.2
100.0
100.5
103.0
103.0
99.3
101.7
94.3
94.1
94.4
95.3
96.3
96.4
96.2
96.1
96.3
102.8
105.2
107.5
109.7
111.7
111.4
111.5
111.4
111.6
111.9
112.5
112.0
112.1
112.3
88.6
96.6
100.0
101.3
103.3
103.8
101.4
103.6
103.3
103.6
103.7
104.1
104.3
104.7
104.5
104.5
104.0
100.2
100.8
101.3
101.9
102.4
102.7
103.2
103.6
103.8
97.3
100.2
100.6
100.2
100.0
101.0
101.0
101.3
101.5
100.4
100.9
101.4
102.0
102.6
102.8
103.3
103.7
103.9
92.3
94.3
94.6
95.6
96.7
96.0
96.1
94.9
94.7
96.8
100.4
98.7
97.3
97.5
97.5
98.1
95.6
96.3
102.2
96.9
81.6
87.9
85.4
86.3
87.9
90.3
91.8
90.8
90.6
90.2
89.4
95.3
95.4
95.8
96.8
112.5
112.7
113.2
113.4
104.3
103.9
104.6
105.1
104.2
104.2
104.8
105.6
102.6
101.9
102.7
103.8
104.3
104.3
104.9
105.7
93.6
94.5
94.1
95.3
97.1
99.3
100.1
100.5
87.3
87.3
86.2
87.7
94.9
97.3
Source: Department of Labor, Bureau of Labor Statistics.
r
93.7
104.6
103.9
100.0
101.8
104.7
94.8
93.2
96.2
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 3.9 percent above its year-earlier level.
INDEX, 1982-84= 100 (RATIO SCALE)
INDEX, 1982-84= 100 (RATIO SCALE)
130
1130
SEASONALLY ADJUSTED
120
120
110
110
- CONSUMER PRICES—ALL ITEMS -
100
100
90
90
80
80
70
70
60
I I II II I I
1980
1982
1981
I III I I
h u l l nun
I I III I I I
1984
1983
1985
II I II III I
1986
60
1988
1987
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1982-84—100, except as noted; monthly data seasonally adjusted, except as noted]
All it ems
1
T ansportat on
Housing
All
Sh< Her
Not
Period
ally
adjust-
ed
(NSA)
Fuel
Season-
HomePood
ers'
Total '
ally
adjust-
Total
ed
costs
(Dec.
100)
Rel. imp.3....
100.0
1980
82.4
1981
90.9
1982
96.5
99.6
1983
1984
103.9
107.6
1985
109.6
1986
1987
113.6
1987: Apr .... 112.7
May ... 113.1
June .. 113.5
July... 113.8
Aug ... 114.4
Sept... 115.0
115.3
Oct
Nov.... 115.4
Dec.... 115.4
115.7
1988: Jan
Feb.... 116.0
Mar.... 116.5
Apr. ... 117.1
1
112.8
113.2
113.5
113.8
114.3
114.6
115.0
115.3
115.5
115.9
116.1
116.7
117.2
16.1
86.8
93.6
97.4
99.4
103.2
105.6
109.0
113.5
112.7
113.3
113.9
113.8
113.9
114.5
114.7
114.8
115.3
115.6
115.3
115.7
116.5
42.5
81.1
90.4
96.9
99.5
103.6
107.7
110.9
114.2
113.4
113.7
114.0
114.2
114.8
115.0
115.3
115.5
115.9
116.4
116.8
117.2
117.5
27.8
81.0
90.5
96.9
99.1
104.0
109.8
115.8
121.3
120.2
120.6
120.8
121.2
121.9
122.2
122.8
123.1
123.8
124.5
125.1
125.7
125.8
7.9
103.0
108.6
115.4
121.9
128.1
126.8
127.1
127.5
128.5
128.9
128.8
128.6
128.8
129.5
130.9
131.5
133.0
132.6
owners'
Maintenance
costs
and
(Dec.
1982 =
100)
repairs
19.7
102.5
107.3
113.1
119.4
124.8
123.7
124.2
124.4
124.5
125.4
125.9
126.9
127.2
127.9
128.4
129.0
129.3
129.6
Includes items not shown separately.
Household fuels—gas (piped), electricity, fuel oil, etc.—and motor fuel. Motor oil, coolant, etc.
also included through 1982.
3
Relative importance, December 1987.
NOTE.—Beginning with data for January 1988, the reference base was changed from 1967=100
2
and
Appar-
other
utilities
el and
upkeep
Total »
7.7
75.4
86.4
94.9
100.2
104.8
106.5
104.1
103.0
102.4
102.6
103.0
103.1
103.6
103.3
103.0
103.4
103.3
103.2
103.7
103.5
104.0
6.3
90.9
95.3
97.8
100.2
102.1
105.0
105.9
110.6
111.0
111.4
110.8
109.9
110.3
111.3
112.7
113.1
112.2
112.3
112.0
114.2
116.5
17.5
83.1
93.2
97.0
99.3
103.7
106.4
102.3
105.4
104.6
104.8
105.3
105.9
106.7
106.8
107.2
107.7
107.4
107.3
107.1
107.2
107.5
less
Medi-
New
cars
Motor
fuel
cal
care
gy 2
shel-
5.8
74.9
82.9
92.5
100.6
106.8
113.5
122.0
130.1
128.6
129.3
130.0
130.7
131.3
131.9
132.4
133.0
133.5
134.6
135.4
136.0
136.8
7.6
86.0
97.7
99.2
99.9
100.9
101.6
88.2
88.6
87.5
87.6
88.5
88.7
90.2
89.8
89.3
89.6
88.9
88.3
87.8
87.8
88.5
48.5
80.6
88.3
95.1
100.0
105.0
109.0
112.7
117.0
116.4
116.7
116.9
117.3
117.6
117.9
118.5
118.9
118.9
119.5
119.8
120.4
121.1
ter,
and
(NSA)
0.2
82.4
90.7
96.4
99.9
103.7
106.5
107.9
111.8
110.3
110.2
111.1
113.2
112.9
112.7
112.8
113.5
113.3
113.7
114.3
113.3
115.3
4.4
88.4
93.7
97.4
99.9
102.8
106.1
110.6
114.6
113.9
114.1
114.4
114.8
115.0
115.2
115.5
115.7
115.7
115.5
115.8
116.2
116.2
3.3
97.4
108.5
102.8
99.4
97.9
98.7
77.1
80.2
79.1
79.2
80.1
81.1
83.8
83.2
83.0
83.0
81.6
80.4
78.9
79.2
80.1
to 1982-84=100.
Data beginning 1983 incorporate a rental equivalence measure for homeownerBhip costs and
therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 and 1988 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
23
IN
FOR
GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
ChiLuge from pr eeeding peri d
Change from 3 mont] s earlier, ann jal rate
Change from 6 mont] s earlier, annual rate
Consum r goods
Consum* r goods
Consumt r goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., N 3A
11.8
1980
1981
1982
1983
1984
1985
1986
1987 '
14.1
8.6
7.5
1.5
2.0
2.3
3.5
.6
2.8
-.2
7.1
3.6
.6
1.7
1.8
-2.3
2.2
11.4
9.2
3.9
2.0
1.8
2.7
2.1
1.3
4.2
o
.8
2.1
6.6
4.1
13.4
9.2
4.1
1.6
2.1
1.0
-1.4
2.1
Cllange, mon th to mont h
1987: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec '.
0.6
.2
.1
.3
.3
.4
-.3
.1
-.3
1.3
1.1
-.1
-.4
.7
.6
.3
.1
-1.3
0.3
-.1
.2
.7
.7
.3
-.2
— .1
.1
0.3
.1
-.1
.2
.3
.5
-.4
.1
.2
1988: Jan '
Feb
Mar T.
Apr
.2
1.7
-1.1
.7
.4
-.6
.1
.2
.2
.4
.2
2
.6
.4
.5
.6
4.7
4.7
3.5
2.3
2.7
3.8
1.5
.8
6.1
10.0
9.6
2.6
-4.6
-1.8
-1.4
1.8
-5.7
-1.9
0
2.2
-2.5
5.6
0
-1.1
2.3
3.1
5.8
0.7
4.1
1.6
3.2
6.5
7.0
3.2
0
-.8
1.8
1.1
3.3
3.5
3.9
.7
1.4
4.0
1.4
.7
-.7
3.5
3.7
3.7
1.9
1.7
1.0
1.8
2.2
3.2
3.2
.8
-.2
.2
1.5
2.3
-1.6
0
4.8
2.4
3.7
.5
— 1.4
-3.8
5.4
5.4
4.5
5.3
4.2
3.2
3.2
3.0
1.6
1.3
1.1
.7
1.6
2.5
1.1
1.1
1.6
2.7
2.4
2.3
3.4
3.1
3.2
2.5
2.6
2.2
.4
— .4
-.2
1.1
.4
-.8
-.4
1.2
1.6
1.4
1.2
2.5
2.1
1.7
1.8
1.7
-0.4
2.4
3.3
4.3
5.8
Source: Department of Labor, Bureau of Labor Statistics.
IN
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Tr insportation
Housing
Period
All
items 1
Pood
Total '
Total1
Fuel
pare!
and
and
up-
Kent-
Home-
other
costs
costs
ties
Medi-
New
cars
Total '
Adder, dum: All ite ma, percent shange
(annu8J rate)
All
Ap-
Shelter
Motor
fuel
cal
care
Ener-
gy2
items
less
food,
shelter,
energy
From
previ-
ous
ter 3
From
From
3
6
earlier
earlier
From
year
NSA
C hange, D ecemfoer to Dec smber, ? SA
1880
1981
1982
1983
1984
1985
1986
1987
12.5
8.9
8.8
3.8
3.9
3.8
1.1
4.4
10.2
13.7
4.3
3.1
2.7
3.8
2.6
3.8
3.5
10.2
8.6
3.5
4.3
4.3
1.7
3.7
0.4
.5
.5
0.4
15.0
9.9
13.8
14.4
9.7
1.8
4.2
1.8
-5.6
1.6
2.4
4.7
5.2
6.0
4.6
4.8
5.1
5.9
6.3
5.0
3.9
4.5
5.1
5.9
4.6
5.3
0.4
0.2
0.1
.2
.4
.1
.5
-.3
-.3
-.1
6.8
3.5
1.6
2.9
2.0
2.8
.9
4.8
14.6
10.9
1.8
3.9
3.1
2.6
-5.9
6.1
7.4
18.8
9.4
6.8
1.5 -6.5
3.4 -1.7
2.5 -2.4
3.4
3.1
5.9 -30.7
18.7
1.8
9.9
12.5
11.0
6.4
6.1
6.7
7.7
5.8
18.0
11.9
1.3
-.5
.2
1.8
-19.7
8.2
13.5
10.3
6.2
3.2
4.3
3.6
1.9
3.6
9.8
9.4
6.1
5.0
4.3
3.7
3.3
3.8
Chs nge, mo ntn to nlonth
1987: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
0.4
.4
.3
.3
.4
.3
.3
.3
.2
1988: Jan
Feb
Mar
Apr
.3
.2
.5
.4
.3
.S
2
.1
.5
.2
.1
.4
.3
.2
.5
.2
.3
.2
.3
.2
.3
.6
.2
.5
.2
.6
.3
.8
.3
— .1
-.2
.5
0.5
.4
.2
.1
.7
.4
.8
.2
.6
.3
.4
.3
.7
.3
.3
.3
.6
.5
.5
.1
1.1
.5
1.1
-.3
.4
.5
.2
.2
— .1
3
1
Includes items not shown separately.
2
Household fuels—gas (piped), electricity, fuel oil, etc.Iso included through 1982.
24
.2
.4
-.1
.5
-.2
.5
1.3
.4
-.5
-.8
.4
.9
1.3
.4
-.8
0.6
.2
.5
.6
.8
.1
.4
.5
-.3
0.5
.2
.3
.3
.2
.2
.3
.2
0
-.2^
0
-1.7
.1
-.3
2.0
2.0
-.1
.2
.1
.3
-.2
.3
.3
0
-1.5
-1.9
.4
1.1
3
d motor fuel. Motor oil, coolant, etc.,
1.0
.1
1.1
1.2
3.3
0.6
.5
.5
.5
.5
.5
A
.5
0.5
.1
1.0
.2
1.7
-.4
-.6
.3
.4
Q
.8
.6
.4
.6
-.7
-.6
0
.8
0.5
.3
.2
.3
.3
.3
.5
.3
0
.5
.3
.5
.6
3.6
3.9
3.2
Quarterly changes are shown in the last month of the quarter.
Source: Department of Labor, Bureau of Labor Statistics.
4.3
3.6
3.9
3.9
4.3
3.5
3.2
5.1
5.3
4.4
4.5
4.1
3.9
3.7
3.6
3.8
3.9
3.7
3.9
4.3
4.4
4.5
4.5
4.4
3.2
2.8
4.2
4.6
3.7
3.2
3.7
3.9
4.0
3.9
3.9
3.9
5.1
5.1
5.1
5.0
•m
Prices received by forme'- i" Ap
1.8 percent above their January *
Prices
INDEX, 1977 = 100 (RATIO SCALE)
180
by farmers in
PRICES PAID
INDEX, 1977= 100 (RATIO SCALE)
j 180
160
160
140
140
120
120
100
100
80
80
inn!
illiiiiiili
60
RATION
140
Illlllll
11111
60
140
-
H 120
120
100
80
60
RATIO
k^—
-
r^
lUllllllll
iiiiihini
IlllHllli!
1980
1981
1982
i
U
H
1
100
nniiiiiii UliilLLLLLJllilllillL 1! I il ! i 11 i 1 1 f I i i 1 1 i I i i i I ! i t i i ! ! S i !60I i
1983
1984
5986
1985
j
1987
1988
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAIDCOUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977=100]
IMces paid by faraie" s
Prices received by fanr ers
Period
1980
1981
1982
1983
1984
1985
1986
1987
1987: Apr
May
June
July
Aug
Sept
Oct
NOT
Dec
1988: Jan
Feb
Mar
Apr
All farm
products
Livestock and
products
134
139
133
135
142
128
123
127
125
128
130
129
127
129
127
132
127
131
130
130
130
125
134
121
128
138
120
107
108
101
108
110
108
103
104
106
120
113
115
109
110
111
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 1988, prices paid by farmers are available only for first month in quarter, and
for each month the received/paid ratio is baaed on latest data available.
144
143
145
141
146
136
138
146
147
148
150
149
151
152
147
143
141
147
149
148
148
All commodities,
services,
interest, taxes,
assd wage rates 1
Production
items, interest,
taxes, and wage
rates
138
150
159
161
165
163
159
162
162
139
151
159
159
162
157
150
152
152
(s)
(s)
154
«s)
(3)
(3)
164
(3)
Satio 2
Production
items
138
148
153
152
155
151
144
147
147
(3)
(3)
148
(°)3
C)
(S)
(S)
165
155
150
(3)
3
(3)
(3)
(3)
155
(s)
152
()
165
(s)
(3)
168
(3)
(3)
(3)
(3)
158
155
NOTE.—The official indexes are published on a 1910-14 ba
lave been converted to a 1977 = 100 base to facilitate comparis«
97
92
84
84
86
79
77
78
77
79
80
79
77
79
77
80
77
79
79
79
77
as required by law. The indexes
vith other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in Ml and M2 accelerated in April; growth in M3 slowed.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,600
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,600
_M3.
3,200
3,200
2,800
2,800
2,400
2,400
"V
M2
2,000
2,000
1,600
1,600
1,200
1,200
800
800
700
700
600
600
500
500
Ml
400
400
300
300
1986
1984
1981
1987
1988
COUNCIL OF ECONOMIC ADVtSERS
• AVERAGES Of DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMT balances
(general purpose
and broker /dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
412.2
439.1
476.4
522.1
551.9
620.1
725.4
750.8
1,633.1
1,795.5
1,954.0
2,185.2
2,363.6
2,562.6
2,807.8
2,901.0
1,990.8
2,236.5
2,443.2
2,693.2
2,978.3
3,196.0
3,491.5
3,660.8
2,327.6
2,599.0
2,852.9
3,154.4
3,519.4
3,825.4
r
4,134.9
4,325.4
3,880.9
4,262.1
4,645.5
5,181.7
5,932.6
6,749.4
7,607.1
8,318.8
6.8
6.5
8.5
9.6
5.7
12.4
17.0
3.5
8.9
9.9
8.8
11.8
8.2
8.4
9.6
3.3
1987: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
744.7
746.5
742.1
743.6
746.5
747.5
756.2
752.7
750.8
2,847.4
2,849.1
2,851.7
2,858.1
2,869.5
2,880.9
2,894.6
2,896.5
2,901.0
4,189.6
4,217.6
4,232.3
r
4,235.1
4,257.8
4,283.5
4,312.5
4,324.2
4,325.4
7,827.4
7,894.2
7,953.9
7,997.6
8,051.2
8,114.4
8,180.2
8,259.0
8,318.8
14.8
11.7
4.7
3.4
4.2
3.7
3.1
1.7
2.4
6.0
4.8
3.2
2.2
2.9
3.3
3.3
3.4
3.5
1988: Jan '
Feb r
Mar '
Apr"
758.9
759.6
763.1
770.2
2,924.9
2,946.1
2,967.7
2,992.7
4,363.5
4,398.8
4,428.0
8,377.2
8,452.7
8,523.1
4.2
3.5
4.2
3.7
4.7
5.4
6.1
6.9
Period
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from 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
3,549.8
3,564.3
'3,580.1
T
3,587.6
3,605.5
3,620.5
3,642.0
3,656.5
3,660.8
r
3,686.0
3,717.8
3,741.4
3,763.9
L
r
r
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve
Perc 3nt change from yea r or 6
months earlier 2
Ml
M2
M3
Debt
10.2
12.3
9.2
10.2
10.6
7.3
9.2
4.8
9.6
9.8
9.0
11.5
14.5
13.8
12.7
9.4
6.0
5.8
5.1
4.1
4.6
5.0
5.3
5.2
4.5
1 1.0
10.5
9.3
8.5
8.8
9.2
9.2
9.5
9.4
5.6
6.3
6.8
6.8
9.7
10.2
10.3
r
r
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by
Demand
deposits
Currency
Period
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(BPs),
net, plus
overnight
Eurodollars
NSA
1980: Dec
1981: Dec
1982: Dee
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1987: Dec
1987:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988:
Jan
Feb r
Mar r
Apr"
Money market
mutua fund
balaiices
GenerInstitution
only
Money
market
deposit
accounts
Savings
depos-
(MM) As)
its
NSA
NSA
al
pur-
pose
and
broker/
dealer
NSA
Small
denomination
time
deposits '
Large
denomination
time
deposits *
Term
repurchase
agreements
Term
Eurodollars
(net)
0 17
Sav-
ings
bonds
(KPs)
NSA
Shortterm
Treas-
Bank-
ury
acceptances
mercial
paper
98.8
105.3
C nm
om-
ers'
securities
NSA
115.3
122.5
132.6
146.3
156.1
167.7
180.4
196.5
261.4
231.4
234.1
238.6
244.1
267.2
303.3
288.0
31.4
80.9
105.4
132.3
146.4
179.2
235.2
259.3
28.3
35.9
38.8
53.8
56.3
70.2
78.4
77.9
61.6
150.6
185.2
138.2
167.5
176.5
208.0
221.1
15.2
38.0
51.1
43.2
62.7
64.5
84.4
89.6
0.0
.0
43.2
379.2
416.8
513.6
572.5
525.2
400.2
343.9
356.8
305.5
285.4
301.4
370.7
414.3
728.4
822.9
850.5
783.6
883.3
879.5
853.2
913.1
260.0
302.5
326.7
327.1
416.9
436.4
439.2
484.7
34.0
36.0
34.5
51.8
61.9
65.6
84.0
105.4
50.3
67.5
81.7
91.5
82.9
76.1
84.9
90.8
72.3
67.8
68.0
71.1
74.2
79.3
91.6
100.2
133.5
149.4
183.5
211.9
260.9
301.2
284.2
259.8
32.1
40.0
44.5
45.1
45.7
42.5
37.8
45.7
113.6
133.1
160.3
206.5
229.9
258.9
185.6
187.0
187.8
189.0
190.2
191.4
193.1
195.0
196.5
299.3
298.9
293.3
292.3
292.1
290.5
295.9
291.3
288.0
253.1
253.9
254.3
255.6
257.2
258.6
260.3
259.5
259.3
77.0
76.2
74.9
75.6
79.7
83.4
85.9
79.6
77.9
212.1
209.9
210.6
210.6
213.1
216.3
218.2
219.7
221.1
83.5
82.1
81.7
83.8
84.0
81.3
82.5
89.5
89.6
566.8
558.6
555.1
549.4
545.0
540.5
533.9
527.7
525.2
404.1
409.5
413.1
415.5
417.8
418.6
417.0
415.0
414.3
845.1
845.9
852.1
859.1
865.9
872.1
883.3
901.7
913.1
448.9
454.0
458.6
460.2
462.4
465.3
472.3
480.5
484.7
94.4
102.5
107.4
107.0
107.5
109.2
106.2
108.7
105.4
83.9
86.7
87.8
r
84.4
90.2
94.4
92.9
92.8
90.8
95.1
95.9
96.6
97.5
98.1
98.4
98.8
99.3
100.2
257.6
261.6
259.6
254.8
258.9
263.7
273.0
270.9
259.8
40.9
42.1
43.1
43.4
43.5
44.3
44.5
45.0
45.7
246.3
253.7
252.8
251.8
251.8
256.6
254.2
252.5
258.9
198.4
199.3
200.9
202.5
289.9
287.8
287.9
290.1
263.4
265.2
267.1
270.3
82.7
78.1
74.8
77.3
225.0
231.1
235.0
236.2
94.4
98.7
97.4
91.9
524.0
522.5
524.6
523.1
414.3
416.2
419.8
422.8
924.6
941.5
953.5
965.0
482.8
489.7
491.5
492.7
105.5
108.8
105.6
105.9
85.1
84.5
87.8
86.5
101.4
102.6
103.5
263.5
263.5
262.1
43.5
40.9
40.6
269.0
274.1
280.3
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
r
r
here.
„
, , ,,
, , T. , , T>
«
hource: Board of Governors of the j ederal Keserve faystem
0
NOTE.—Travelers checks of nonbank issuers are a component of money stock but are not shown
[Millions of dollars; seasonally adjusted]
Net change in in stalhnent ere dit outstandiag l
Ins tallment credi outstanding (end of period)
Period
Total
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
1987:
1987:
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1988: Jan
Feb r
Mar p
261,976
296,483
297,566
310,682
323,536
367,869
442,538
517,754
571,833
613,021
575,452
580,072
581,233
587,878
593,512
598,190
602,978
606,927
608,726
613,021
619,259
624,293
628,754
Automobile
Revolving
home
98,739
112,475
111,936
118,956
124,218
143,799
173,704
209,636
246,109
267,180
249,498
251,211
251,741
254,212
256,585
259,558
261,902
263,823
264,474
267,180
269,883
273,133
276,345
45,202
53,357
54,894
60,838
66,243
78,667
100,212
122,013
136,381
159,307
137,761
140,339
141,876
144,777
147,809
149,815
152,553
155,196
156,425
159,307
162,065
163,462
165,683
16,921
18,207
18,621
20,302
22,833
23,704
25,795
26,834
26,883
25,957
26,811
26,825
26,639
26,810
26,966
26,879
26,845
26,698
26,604
25,957
25,926
25,857
25,681
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Other
101,114
112,444
112,115
110,586
110,242
121,698
142,827
159,272
162,460
160,578
161,383
161,697
160,978
162,079
162,153
161,938
161,677
161,209
161,225
160,578
161,384
161,842
161,046
Total
40,501
34,507
1,083
13,116
12,854
44,333
74,669
75,216
54,079
41,188
1,841
4,620
1,162
6,643
5,635
4,677
4,787
3,949
1,802
4,296
6,236
5,035
4,461
bile
17,791
13,736
539
7,020
5,262
19,581
29,905
35,932
36,473
21,071
1,180
1,713
530
2,471
2,373
2,973
2,344
1,921
651
2,706
2,704
3,250
3,212
Revolving
8,513
8,155
1,537
5,944
5,405
12,424
21,545
21,801
14,368
22,926
523
2,579
1,537
2,900
3,032
2,006
2,738
2,643
1,229
2,882
2,758
1,396
2,221
Mobile
borne
559
1,286
414
1,681
2,531
871
2,091
1,039
49
-926
-122
14
-186
171
156
-87
-34
-147
94
-646
-32
69
-176
Other
13,638
11,330
-329
-1,529
-344
11,456
21,129
16,445
3,188
- 1,882
260
314
-719
1,101
74
-215
261
-468
16
-646
807
458
-796
Source: Board of Governors of the Federal Keserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose 1.7 percent in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
—
ALL COMMERCIAL BANKS
2,000
2,000
'TOTAL
1,600
1,600
L
v
1,200
1,200
LOANS AND LEASES
800
800
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
OTHER SECURITIES
120
1980
1981
1983
1982
1984
120
1986
1985
1987
* SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1988
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
1
Al commercial ban k s
Loans and leases
Period
Total loans
and
securities 2
Total 2
Commercial
and industrial
Depo aitory institutic ns 3
Reserves adjust ed
for changes in
res erve requirements
U.S.
Government
securities
Total
borrowed
Borr j wings
(millions of dollars,
una^ us ted)
Required
Total
Seasonal
1980:
Dec
1981:
1982:
1983:
1984:
1985:
1986:
1987:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1,239.1
1,307.5
1,401.3
1,553.4
1,722.9
1,908.6
2,089.9
2,230.6
913.9
967.3
1,033.9
1,123.7
1,320.4
1,456.9
1,584.5
1,701.4
325.7
355.4
392.6
414.1
472.8
499.4
535.6
565.5
170.6
179.3
201.7
259.1
260.0
270.5
309.3
333.2
154.7
160.9
165.7
170.6
142.6
181.2
196.1
196.0
30.81
32.08
34.32
36.11
36.91
46.06
56.17
57.44
29.12
31.44
33.69
35.33
36.72
44.74
55.34
56.66
30.29
31.76
33.82
35.55
39.06
45.00
54.80
56.41
636
634
774
3,186
1,318
827
777
116
54
33
96
113
56
38
93
1987: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2,130.7
2,152.0
2,166.0
2,176.7
2,181.3
2,199.0
2,214.7
2,227,6
2,232.1
2,230.6
1,622.3
1,639.6
1,649.3
1,659.6
1,664.1
1,676.8
1,689.8
1,701.7
1,704.8
1,701.4
546.2
549.1
551.9
554.4
553.6
554.0
559.0
562.8
563.1
565.5
315.4
318.1
321.3
321.3
322.9
328.5
331.3
331.7
331.1
333.2
193.1
194.4
195.5
195.9
194.3
193.7
193.7
194.2
196.2
196.0
56.85
57.95
58.35
57.71
57.60
57.88
57.83
58.50
57.99
57.44
56.33
56.96
57.32
56.93
56.93
57.23
56.89
57.55
57.36
56.66
55.94
57.13
57.27
56.52
56.84
56.84
57.03
57.37
57.06
56.41
527
993
1,035
776
672
647
940
943
625
777
91
120
196
259
283
279
231
189
126
93
1988: Jan
Feb
Mar"
Apr"
2,242.0
2,257.4
2,272.4
2,295.9
1,713.9
1,727.6
1,736.1
1,754.6
568.5
569.7
567.4
577.3
334.1
334.0
338.9
343.1
194.0
195.7
197.4
198.2
58.32
58.44
58.63
59.46
57.23
58.04
56.88
56.47
57.02
57.31
57.70
58.60
1,082
396
1,752
2,993
59
75
119
146
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than hi other securities.
28
2
3
Excludes Joans to commercial banks in the United States.
Data are averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
1,690
SOURCES AND USES OF FUNDS, NONFARM NONFINANCZAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
C edit market fu nds
J
Total
Total
1979
1980
1981
1982
1983
1984
1985
1986
1987 ".
1986: n
m
IV
1987: I
n
m
IV".
Securities
and
mortgages
Loans and
short-term
paper
Total
Other 2
Capital
expenditures s
Increase in
financial
assets
Discrepancy
(sources less
uses)
352.6
345.9
383.3
327.5
432.3
518.5
492.3
491.3
495.1
197.6
200.1
239.5
242.3
285.7
336.3
355.4
351.5
347.0
155.1
145.8
143.9
85.1
146.6
182.2
136.9
139.9
148.0
87.8
92.7
94.5
80.4
88.6
121.6
85.2
109.5
96.1
21.0
53.1
22.8
44.0
57.3
-7.5
15.3
33.3
49.9
66.9
39.5
71.7
36.4
31.3
129.0
69.9
76.1
46.2
67.3
53.2
49.3
4.7
58.0
60.7
51.7
30.4
52.0
370.6
352.1
368.6
303.5
399.8
488.0
442.4
439.8
453.4
238.3
243.7
286.5
256.5
274.7
370.9
342.8
339.2
362.3
132.3
108.4
82.0
47.0
125.1
117.1
99.7
100.6
91.1
-17.9
-6.2
14.8
24.0
32.5
499.9
442.0
597.1
350.9
352.2
342.2
149.0
89.8
254.9
117.6
64.1
201.9
52.2
31.8
-12.2
65.3
32.4
214.1
31.4
25.7
53.0
426.5
399.4
546.8
340.7
322.5
330.7
85.8
76.9
216.1
73.4
42.6
50.3
439.4
496.2
488.3
556.4
343.2
340.8
350.9
353.2
96.2
155.4
137.4
203.2
30.9
117.7
82.0
153.7
92.3
22.3
58.1
26.7
-61.4
95.3
23.9
127.1
65.3
37.7
55.3
49.4
398.7
439.8
455.3
519.7
354.6
346.0
350.5
398.0
44.1
93.9
104.8
121.7
40.7
56.4
33.0
36.7
1
Undistributed profits {after inventory valuation and capita! consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment m the U.b.
30.5
49.9
51.5
41.7
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
C urrent liahiliti 38
Curren assets
End of period
Total
Cash
Governsecurities
Notes and
accounts
receivable
Invento-
Other
current
assets
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
ratio l
QFR-FRB series: 2
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
633.1
671.5
431.8
505.1
543.0
584.0
579.0
603.4
656.9
666.0
551.0
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.447
31.0
583.0
603.4
186.7
1,059.6
595.7
463.9
516.3
1.487
35.4
37.2
33.0
36.2
606.4
622.6
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
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
654.1
661.0
671.5
551.7
551.1
551.0
1.467
1.466
1.455
1.447
663.4
679.6
226.3
1,222.3
668.4
553.9
573.4
1.469
1978
1979
1980
1981
1982
1983
1984
1985
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,784.6
1983: IV
1,575.9
1984: I
1,619.5
1,650.0
1,685.9
1,703.0
n
m
IV
1,722.7
1,734.6
1,763.0
1,784.6
167.5
167.1
176.3
189.2
35.7
35.4
32.6
33.0
I"
1,795.7
195.3
31.0
n
m
IV
1985: I
1986:
1
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
171.8
167.6
164.9
161.3
173.6
105.5
118.0
127.0
135.6
147.8
171.8
173.6
189.2
639.1
633.1
650.3
Total current assets divided by total current liabilities.
2
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations. Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
516.3
539.5
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.
PERCENT PER ANNUM
PERCENT PER ANNUM
16
[Percent per annum]
U.S. T reasury security wields
Period
3-month bills
(new issues) l
Constant nlaturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
13.41
7.38
7.73
18.87
14.86
10.79
12.04
9.93
8.33
8.22
14.70
11.02
8.50
8.80
7.69
6.33
5.66
8.61
8.40
8.45
8.76
9.42
9.52
8.86
8.99
8.10
7.80
7.83
7.90
8.36
8.84
8.09
8.07
9.33
9.32
9.42
9.67
10.18
10.52
10.01
10.11
7.04
7.00
6.72
6.81
7.55
7.96
7.17
7.49
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-6.00
6.00-6.00
6.00-6.00
6.00-6.00
8.00-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8.25-8.75
8.75-9.00
9.00-8.75
8.75-8.75
9.37
9.45
9.41
9.38
9.37
9.25
9.30
9.15
7.87
7.38
7.50
7.83
8.23
8.67
8.21
8.37
8.72
9.08
7.81
7.55
7.80
7.91
8.01
9.88
9.40
9.39
9.67
9.89
6.92
6.58
6.64
6.92
7.29
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-
8.75-8.75
8.75-8.50
8.50-8.50
8.50-8.50
8.50-
7.92
8.06
8.19
8.26
8.39
8.82
8.93
9.04
9.14
9.22
7.87
7.89
7.96
8.10
8.07
9.73
9.78
9.85
9.04
10.01
7.01
7.13
7.30
7.32
7.42
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
8.50-8.50
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
1987: May
June
July
Aug
Sept
Oct
Nov
Dec
5.75
5.69
5.78
6.00
6.32
6.40
5.81
5.80
8.02
7.82
7.74
8.03
8.67
8.75
7.99
8.13
1988: Jan
Feb
Mar
Apr
May"
5.90
5.69
5.69
5.92
6.27
Week ended:
1988: Apr 30
May 7
14
21
28 "....
5.92
6.13
6.31
6.28
6.34
1
14.44
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
30
New-home
mortgage
yields
(FHLBB)6
11.89
8.89
10.16
8.01
6.39
6.85
9.58
7.48
5.98
5.82
2
Prime rate
charged by
banks 5
14.76
11.23
11.57
9.47
10.15
9.18
14.029
10.686
8.63
Discount rate
(N.Y. F.R.
Bank) 5
13.79
12.04
12.71
11.37
9.02
9.38
13.91
13.00
11.10
12.44
10.62
7.68
8.39
1982
1983
1984
1985
1986
1987
Prime
commercial
paper,
6 months '
14.17
12.92
10.45
11.89
9.64
7.06
7.68
1981
Corporate
Aaa bonds
(Moody's) 4
15.14
12.57
12.38
11.55
10.17
9.31
9.10
9.12
9.15
9.06
r
5
Average effective rate for year; opening and closing rate for month and week.
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
6
Sources: Department of the Treasury, Board of Governors of the Federal Beserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in May.
INDEX, DEC. 31, '
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
5 = 50 (RATIO SCALE)
180
240
220
200
180
140
140
240
220
200
160
COMPOSITE STOCK PRICE INDEX
(NYSE)
120
120
100
100
80
80
60
60
40
nm
II I I1
1980
1981
1982
1983
40
I ll I III
1985
1984
1986
1987
1988
PERCENT
PERCENT
20
20
EAR NINGS-PRICE R ATIO ON COWWlON STOCKS
15
T
r-~-"
10
"~
"
5
^
1
1 1
0
i
1980
15
i i
1981
1
1
1
1
1
i i
1
1984
1983
1982
1
-^
1 1
1985
s/
1
,
1
1986
1987
Co mmon stock price s 1
1981
74.02
68.93
Industrial
85.44
78.18
107.45
1982
1983
1984
1985
1986
1987
1987: May
June
July
Aug
Sept
Oct
NOT
Dec
1988: Jan
Feb
Mar
Apr
May"
92.63
92.46
108.09
136.00
161.70
163.00
169.58
174.28
184.18
178.39
157.13
137.21
134.88
140.55
145.13
149.88
148.46
144.84
108.01
123.79
155.85
195.31
198.78
206.61
214.12
226.49
219.52
189.86
163.42
162.19
168.47
173.44
181.57
180.88
175.88
Week ended:
1988: Apr 30
May 7
14
21
28"
148.46
147.22
144.72
143.94
143.48
181.16
179.58
175.78
174.64
173.51
1
Average
2
3
4
5
tion
(perce nt)
Standard &
Dow-Jones
industrial
Finance
Utility
average
3
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
89.36
85.63
104.11
119.87
140.39
141.30
150.39
157.48
164.02
158.58
140.95
117.57
115.85
121.20
126.09
135.15
133.43
127.57
38.91
39.75
47.00
46.44
56.75
71.36
74.30
71.64
74.25
74.18
78.20
76.13
73.27
69.86
67.39
70.01
72.89
71.16
69.40
68.54
73.52
71.99
95.34
89.28
114.21
147.20
146.48
145.97
152.73
152.25
160.94
154.08
137.35
118.30
111.47
119.40
124.36
125.27
121.67
120.14
1,190.34
1,178.48
1,328.23
1,792.76
2,275.99
2,291.11
2,384.02
2,481.72
2,655.01
2,570.80
2,224.59
1,931.86
1,910.07
1,947.35
1,980.65
2,044.31
2,036.13
1,986.80
160.46
186.84
236.34
268.83
289.12
301.38
310.09
329.36
318.66
280.16
245.01
240.96
250.48
258.13
265.74
262.61
255.82
5.20
5.81
4.40
4.64
4.25
3.49
3.08
3.02
2.92
2.83
2.69
2.78
3.25
3.66
3.71
3.66
3.56
3.48
3.57
3.80
132.49
132.52
128.60
125.24
123.93
69.11
68.46
68.47
68.47
68.75
121.21
120.48
119.68
119.49
120.90
2,040.45
2,033.13
1,985.08
1,971.29
1,957.71
262.83
260.23
255.62
254.21
253.23
3.61
3.70
3.82
3.84
3.82
72.61
60.41
of daily closing prices.
Includes all the stocks (more than 1,500} listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
Common stock 5yields
2
Nevy York Stock Ex< hange indexes (I)ec. 31, 1965 = 5 O)
11
'
Composite
i
1988
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Period
1
932.92
884.36
128.05
119.71
160.41
Earningsprice ratio
11.96
11.60
8.03
10.02
8.12
6.09
5.49
4.75
4.93
7.08
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 7 months of fiscal 1988, there was a deficit of $105.0 billion compared with a deficit of $84.3 billion a
year earlier.
BILLIONS OF DC LLARS
BILLIOf-IS OF DOLLARS
RECEIPTS AND OUTLAYS^
1,100
^^
1,000
OUTLAYS!/
„
'
—*-^-
1,000
' '—~~^
s
700
1,100
—
^^^^^^
^^^^
700
RECEIPTS^
600
600
- "^
/]
"^
1
0 —
1
1
1
1
1
1
1
[\
snRpiii.snRnFFirrrr-YL/
0
^
^
^^\
^
1
1980
1981
1982
1983
1
1984
^
1985
1986
1
1
1987
1988
1989
FISCAL YEARS
I/ 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]
Fiscal year or period
Receipts
Outlays
Off-budget
On-budget
Total
Surplus
or deficit
Receipts
Outlays
Surplus
or deficit
Total
Held by
the public
98.0
631.9
646.4
709.1
780.4
833.8
480.3
498.3
551.8
610.9
644.6
-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
769.5
806.8
810.8
852.8
880.9
-221.6
-237.9
-170.0
-183.5
-174.7
186.2
200.2
213.4
239.9
258.5
176.8
183.5
193.8
203.1
213.3
9.4
16.7
19.6
36.8
45.1
1,827.5
2,130.0
2,355.3
2,581.6
2,825.3
1,509.9
1,746.1
1,897.8
2,025.1
2,152.1
480.5
511.3
99.4
-128.9
125.5
139.6
110.4
115.8
15.0
23.8
2,271.9
2,508.3
1,851.3
2,001.4
371.8
96.0
409.2
458.7
503.5
-73.7
-14.7
-53.6
-59.2
-40.2
231.7
63.2
278.7
314.2
365.3
302.2
76.6
328.5
369.1
403.5
-13.3
49.7
-54.9
-38.2
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
1985
1986
1987
1988 (estimates)
1989 (estimates)
734.1
769.1
854.1
909.2
964.7
946.3
990.3
1,004.6
1,055.9
1,094.2
-212.3
-221.2
-150.4
-146.7
-129.5
547.9
568.9
640.7
669.3
706.2
Cumulative total, first 7
months: 1
Fiscal year 1987
Fiscal year 1988
506.7
522.1
591.0
627.1
-84.3
-105.0
381.2
382.5
Surplus
or deficit
-3.2
-1.4
-3.9
4.3
-2.0
298.1
81.2
355.6
399.6
463.3
32
Outlays
69.6
19.4
80.7
89.7
100.0
1976
Transition quarter
1977
1978
1979
1
Prom Monthly Treasury Statement for April 1988. Data for outlays and debt are not strictly
comparable with estimates in the Bridget for fiscal year 1989.
NOTB.—Data from Budget of the United States Government, Fiscal Tear 1989, February 1988,
Receipts
Gross Fe leral debt
(end of period)
-70.5
66.4
18.0
76.8
85.4
except as noted.
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 1988, receipts were $15.4 billion higher than a year earlier and outlays were $36.1
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
- RECEIPTS!/-
400
400
" INDIVIDUAL INCOME TAXES
I
300
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
200
OTHER RJCEIPTS
100
100
CORPORATION INCOME TAXES |
0
0
-OUTLAYS-!/ .
800
800
NONDEFENSE
700
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1980
1981
1983
1982
1984
1985
1986
1987
1988
1989
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]
0n-budget £ujd off-bu( get receip ts
p
Fiscal year
Total
vidual
taxes
ration
taxes
Social
insurance
taxes
and
On-budj'et and off budget on tlays
NationsL! defense
Other
Depart-
Total
Total
butions
355.6
399.6
463.3
131.6
157.6
181.0
217.8
41.4
54.9
60.0
65.7
1980
1981
1982
1983
1984
517.1
244.1
599.3
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
1985
1986
1987
734.1
769.1
854.1
1988 (estimates)
1989 (estimates)
909.2
964.7
Cumulative total, first 7 months: 1
Fiscal year 1987
Fiscal year 1988
506.7
1976
1977
1978
1979
298.1
617.8
600.6
666.5
522.1
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
239.4
34.3
36.6
37.7
40.8
26.7
29.9
35.4
42.6
82.8
93.0
114.7
119.6
130.9
153.8
180.7
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
16.2
14.2
11.6
65.8
70.2
75.1
78.9
84.0
128.2
119.8
123.3
129.6
135.6
188.6
198.8
207.4
13.3
33.5
35.9
40.0
44.5
47.8
233.8
129.4
136.0
138.6
147.9
151.8
131.8
142.1
126.7
140.1
133.9
6.9
6.2
22.7
25.3
43.7
45.6
75.2
78.5
118.3
125.1
81.2
89.1
79.9
84.1
163.2
173.1
158.5
168.4
NOTE.—Data from Budget of the United States Government, Fiscal Tear 1989, February 1988,
73.9
85.1
93.9
104.1
Other
134.0
157.5
185.3
591.0
627.1
1
From Monthly Treasury Statement for April 1988. Data for outlays and debt are not strictly
comparable with estimates in the Budget for fiscal year 1989.
est
22.8
26.5
265.5
274.0
277.3
285.5
42.0
44.9
ty
18.5
20.5
252.7
273.4
282.0
285.4
294.0
173.8
189.0
ty
60.8
61.0
61.5
66.4
946.3
990.3
1,004.6
1,055.9
1,094.2
46.7
50.6
Net
15.8
19.3
204.4
220.9
244.2
237.6
331.5
Social
15.7
17.3
209.9
227.4
354.6
Income
6.4
6.4
7.5
7.5
851.8
412.4
Medi-
87.9
95.1
102.3
113.6
590.9
678.2
745.7
808.3
73.0
73.1
74.3
78.7
80.1
265.2
283.9
303.3
Health
97.2
104.5
116.3
89.6
50.6
69.5
69.3
65.6
71.8
61.3
63.1
83.9
105.6
117.7
334.5
349.0
392.6
393.4
371.8
409.2
458.7
503.5
Defense,
military
Interaffairs
245.1
9.9
219.7
ezcept as noted.
Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1988, according to preliminary estimates, Federal receipts rose $14.0 billion (annual rate)
and Federal expenditures rose $5.6 billion, yielding a deficit of $151.8 billion.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
1,000
1,000
800
EXPENDITURES
800
-
RECEIPTS .
600
600
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
\
\
1980
1 1 !
1981
1
1983
1982
1
\
1
1984
\
1985
.1
1 1
1986
1 1
1987
1
1 1
1988
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal C overnment expenditure s
Federal Governme nt receipts
Period
Total
Fiscal year:
1984
1985
1986
1987
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purcbases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Surplus
or deficit
Subsidies
Net
interest
paid
current
surplus of
Government
enter-
Wage
accruaJs
less
disbursements
national
income
and
product
accounts
711.9
776.4
814.2
905.6
302.5
340.6
358.0
401.9
75.3
74.3
80.3
104.0
54.9
56.0
51.7
54.1
279.2
305.6
324.1
345.6
873.0
961.0
1,027.8
1,055.1
297.2
340.4
368.4
374.9
352.2
374.0
394.8
410.1
90.7
97.8
107.4
103.1
109.7
128.0
134.3
139.6
23.3
20.7
22.9
27.5
0.1
-.1
.0
.1
-161.0
-184.5
-213.6
-149.5
726.0
788.6
827.4
915.7
633.1
675.5
742.7
794.9
805.1
807.6
816.9
832.4
852.5
879.3
922.9
923.0
937.6
951.6
310.3
346.6
363.0
403.7
303.0
291.9
326.0
351.0
356.7
352.8
357.6
365.2
376.4
381.5
415.6
404.3
413.5
406.3
75.2
76.1
83.7
109.4
46.4
70.2
69.7
79.1
77.8
78.7
81.3
84.3
90.5
103.0
107.9
114.5
112.3
106.6
55.7
55.2
50.9
54.1
47.6
53.6
56.2
53.1
53.7
50.4
49.9
52.1
51.1
53.3
54.2
53.9
54.9
56.5
284.7
310.6
329.8
348.4
236.1
259.8
290.7
311.7
316.9
325.8
328.1
330.7
334.5
341.5
345.2
350.3
356.8
382.2
895.6
984.6
1,032.0
1,067.1
835.7
844.7
930.2
990.8
1,020.2
1,003.7
,047.1
,036.1
,041.2
,049.8
,062.1
1,058.8
1,097.8
1,103.4
310.5
353.9
366.2
379.4
293.2
276.1
326.0
361.9
378.0
356.7
368.4
371.2
368.6
366.9
379.6
382.1
388.9
379.7
354.9
380.1
399.9
413.5
347.4
352.5
362.1
383.7
385.8
389.9
398.3
405.9
405.7
406.7
412.0
413.4
421.8
431.6
93.6
99.7
106.9
103.4
84.5
86.0
96.3
100.2
103.7
105.4
109.6
109.5
102.8
102.2
106.0
103.5
102.0
111.2
115.6
130.2
135.7
142.8
87.2
101.0
125.3
129.7
133.0
134.9
135.9
134.2
137.8
139.5
139.8
142.9
148.9
151.5
21.2
20.5
23.3
28.0
23.4
29.1
21.0
15.3
19.7
16.8
34.9
15.3
26.3
34.3
24.8
17.2
35.8
29.4
.2
-.2
.0
.0
.0
.0
.6
.0
.0
.0
.0
.0
.0
.0
.0
.3
-.3
.0
-169.6
-196.0
-204.7
-151.4
-202.6
-169.2
-187.5
-195.8
-215.0
-196.1
-230.2
-203.7
-188.7
-170.5
-139.2
-135.8
-160.2
-151.8
Calendar year:
1984
1985
1986
1987
1982: IV
1983: IV
1984: IV
1985: IH
IV
1986: I
n
m
rv
1987:
I
n
m
IV
1988: Ir
Source: Department of Commerce, Bureau of Economic Analysis.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial reduction (1977 = 1 X); seasonally adjusted
Period
United
States
1980
1981
1982
1983
1984
1985
1986
1987 »
1987: Apr
May
June
July
Aug
Sept
Oet
Nov
Dec
108.6
111.0
103.1
109.2
121.4
123.7
125.1
129.8
108.1
108.6
97.9
127.4
128.2
129.1
130.6
131.2
131.0
132.5
133.2
133.9
129.9
130.8
132.1
131.8
134.2
135.0
135.8
' 136.5
104.3
119.0
125.2
126.8
132.6
r
!37.1
134.4
134.4
T
134.7
135.6
1988: Jan
Feb
Mar
Apr?
1
Canada
France
Germany
119.2
106
120.4
120.9
125.1
138.9
145.1
144.6
150.4
106
104
105
105
106
106
108.0
106.2
103.1
104.1
107.6
112.9
115.1
115.7
114.4
112.6
145.4
143.7
149.3
151.0
149.3
153.9
157.0
156.6
159.6
107
109
110
109
109
110
110
110
111
115.8
116.6
115.1
113.7
118.5
116.3
116.7
116.8
117.3
117.4
121.9
118.3
117.7
112.8
117.2
122.3
120.8
116.1
111
110
117.8 ' 126.4
118.4 120.7
'137.2
136.6
Consumer prices (19 32-84=100
United
Kingdom
Japan
Italy
99.8
96.4
98.2
101.7
103.1
107.9
109.5
r
112.9
108.5
105.8
109.2
110.4
113.5
118.0
r
l!1.6
112.3
112.4
113.1
114.8
113.5
' 114.4
' 114.6
' 114.9
r
' 114.8
r
l!2.4
113.8
Data relate to all urban consumers.
United
States '
Canada
Japan
France
Italy
United
Kingdom
91.7
100.3
108.0
114.3
117.2
121.1
92.2
97.1
100.3
102.7
104.9
104.6
105.0
63.2
75.4
87.7
100.8
111.5
121.0
128.5
134.4
78.5
87.9
95.4
99.8
104.8
111.2
114.9
119.7
105.2
105.4
105.2
104.7
104.8
105.7
105.7
105.2
105.1
120.6
120.9
121.1
121.4
121.7
121.7
122.0
122.2
122.2
104.9
105.0
105.2
105.2
105.1
104.9
105.0
105.0
105.2
132.9
133.4
133.9
134.3
134.6
135.6
136.8
137.2
137.4
119.6
119.7
119.7
119.6
120.0
120.3
120.9
121.5
121.4
104.8
104.6
105.0
122.4
122.7
123.0
105.4
105.6
105.7
106.0
138.1
138.5
139.1
139.6
121.4
121.9
122.3
124.3
90.9
96.5
99.6
103.9
107.6
109.6
113.6
76.1
85.6
90.9
95.4
72.2
81.9
94.9
100.4
104.8
108.9
113.4
118.4
98.0
99.9
102.1
104.2
104.9
105.0
112.7
113.1
113.5
113.8
114.4
115.0
115.3
115.4
115.4
117.3
118.0
118.3
119.2
119.3
119.3
119.7
120.2
120.3
115.7
116.0
116.5
117.1
120.5
121.0
121.6
122.0
82.4
Germany
86.7
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]
Merch mdise exports l
Period
vised
statistical
month,
adjusted 2
Revised
statistical
month
Merch andise iniports
Dom Stic expoi ts (statis tical
mon h)
Tola domestic and
foreign
Statistical
month
Total
3
Food,
beverages,
and
tobacco
Crude
materials
and
fuels
Manufactured
goods
Tot a l 3
Revised
statistical
month
F a.s. valu e
23 3.7
21 2.3
216.4
205.6
20 15
224.0 218.7 217.9
218.8 212.8 213.1
226.8 216.6 217.3
238.7
1981
1982
1983
1984
1985
1986
1987
207.1
195.9
212.0
Statistical
month
beverages,
and
tobacco
Crude
materials
and
fuels
Total (c.i.f.
ue)
Manufactured
goods
Revised
statistical
month
Statistical
month
Exports (f.a.s.) less
import (customs
ilue)
Revised
statistical
month,
adjusted2
Revised
statistical
month
Exports ( .a.s.) less
imports (c i.f. value)
Revised
statistical
month,
adjusted 2
Revised
statistical
month
-34.6
-38.4
— 64.2
-39.7
-42.6
-69.3
Gusto ms value
33.2
27.0
27.0
27.3
22.2
20.2
22.8
33.0
33.5
29.6
31.5
28.3
26.5
29.1
154.3
139.7
132.4
143.1
145.4
148.7
171.5
405.9
18.4
17.8
18.8
21.6
22.4
24.7
24.7
68.0
72.8
65.0
48.3
56.3
282.1
312.6
26 1.0
24 4.0
25 8.0
325.7
345.3
370.0
92.9
74.4
142.5
144.0
163.4
221.5
246.8
27 3.4
25 4.9
26 9.9
346.4 341.2
352.5 361.6
383.0 387.1
424.1
-22.3
-27.5
-52.4
-101.7
-126.5
-139.3
-153.0
5
s
-27.3
-31.8
-57.6
-107.0 -122.4 -127.6
-132.5 -133.6 -139.7
- 149.4 -156.2 -166.3
-159.5 -171.2 -177.6
252.9
246.4
206.9
206.4
243.9
Oct
Nov
Dec
21.8
20.5
20.8
21.1
21.0
20.2
21.0
21.8
23.8
24.8
21.1
20.1
20.4
20.5
20.1
20.0
21.0
21.0
23.3
23.9
21.1
19.8
20.0
20.3
20.3
19.5
20.2
21.0
23.0
23.9
1.9
1.8
1.8
1.8
2.1
2.0
2.0
2.1
2.1
2.2
2.4
2.3
2.2
2.3
2.3
2.5
2.4
2.5
2.8
3.1
15.0
14.2
14.5
14.5
13.9
13.7
14.8
14.4
16.2
16.1
33.2
32.0
33.3
35.3
35.8
34.3
33.6
37.7
35.5
35.4
2.3
2.1
2.0
2.2
2.1
1.9
1.9
2.2
2.1
2.0
4.2
3.9
4.4
4.9
5.6
5.6
4.9
5.3
5.0
4.7
25.7
25.1
25.8
27.2
27.2
25.8
25.6
28.8
27.4
27.8
34.7
33.5
34.8
36.8
37.5
35.9
35.1
39.4
37.0
37.0
-11.4
-11.5
-12.5
-14.1
-14.8
-14.1
-12.6
-16.0
-11.7
-10.6
-12.1
-11.8
-12.9
-14.7
-15.8
-14.3
-12.6
-16.8
-12.1
-11.6
-12.9
-13.0
— 14.0
-15.7
-16.5
-15.7
-14.1
-17.6
-13.2
-12.2
-13.6
-13.3
-14.4
-16.3
-17.4
-15.9
-14.1
-18.4
-13.7
-13.1
Jan
Feb
Mar
22.3
23.6
29.0
21.9
23.4
28.6
21.4
22.7
28.0
2.1
2.2
2.5
2.6
2.9
3.1
14.9
16.1
19.8
33.2
35.8
37.1
2.1
2.2
2.2
4.6
4.9
4.4
25.6
27.8
29.4
34.8
37.4
38.7
-10.9
-12.3
-8.1
-11.3
-12.4
-8.5
-12.4
-13.8
-9.7
-12.9
— 14.0
-10.1
1987: Mar
Apr
May
June
July
Aug
Sept
1988:
228.9
Merchandise tr ade balance
Ge neral imp orts * (staistical n onth exc ept as not«d)
366.1
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 1987-88.
2
Adjusted to include undocumented exports to Canada.
3
Total includes commodities and transactions not classified according to kind. For exports data
beginning
1987, these include undocumented exports to Canada.
4
Total arrivals of imported goods other than intransit shipments.
5
Revised statistical month exports less statistical month customs value imports.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Statistical month and revised statistical month refer only to data for 1984-86. Data for 1987-8!
are roughly equivalent to revised statistical month data.
For further information, see Bureau of the Census release FT900, April and August 1987.
Source: Department of Commerce, Bureau of the Census.
35
i frawsy m^f^i is ff^^
U.S. !!
In the firs t quarter «jf
fourth qucjrter of 19 87.
tiie
mercharidise
deficit fell to $35.9 billion from $41.2 billion frevis edj in the
BILL ONS OF DOLL \RS*
BILLIONS OF DOLL ARS*
10
10
rx
'•C^—-~
5
/A,
_/'
'
0
"
—i
t Un
/
/
/
i
H
BALANCE O N
URRENT ACCC5UNT
V^~^
"\
\
.'-"
\^
__ .^' \
^
s
C
t
-10
\ \\
/•'"
\ v\
—
ME RCHANDISE TR ADE\ \ \
BALANCE
\ \N V
\
\ \
1__:
*^% S\
% \\
-20
-25
-5
\
—
-15
0
V^
--J
-5
5
p4
X
_
\ \\
"'-"^X-;//
V
—
y
\^-\ X___
^^% \
\
\
-35
/
/"\/\
\\ ^/|>\
on
— oU
,
*^-»
\
1
!
!
L_l
1980
1
....!.. I 1
1982
1
1981
_L !
i
I I I
1983 ,
1984
_L 1
TO
— ou
^
\
\\
-35
1
\
/ '
N
X-'-\\
^_VX// /,f/
1 i
1985
-25
^s.
ACt
— 4U
-45
-20
BALANCE ON GOODS
AND SERVICES
.
-15
I
1
Af\
— 4U
\ *v7-
1
I I I
1986
1987
I I I
45
1988
SEASONALLY ADJUS TED
SOURCE: DEPARTMEN OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise
3 2
Inv estment ineora e
3
Period
Exports
1980
1981
1982
1983
1984
1985
1986
1987 *
1984: I
1985:
n
in
iv
I
n
m
IV
1986: I
n
m
IV
1987: I
n
m
iv....
1988: I p
Imports
Net balance
224,269 -249,749
-25,480
237,085 -265,063
-27,978
-36,444
211,198 -247,642
201,820 -268,900
-67,080
219,900 -332,422 -112,522
215,935 -338,083 -122,148
T
223,969 '-368,516 •• _ 144,547
T
249,570 r - 409,850 r - 160,280
-25,801
53,614
-79,415
-83,684
-28,094
54,590
— 28,453
55,691
-84,144
-29,174
56,005
-85,179
55,064
-79,946
-24,882
-29,946
54,040
-83,986
-31,206
53,367
-84,573
-86,114
53,464
-89,578
r
-35,433
54,113
-89,546
r
-90,807
-33,861
56,946
r
-36,721
56,268
-92,989
r
-38,532
56,642
-95,174
r
-96,662
-39,871
56,791
r
-39,552
59,864
-99,416
r
r
-39,665
64,902 - 104,567
r
r
-41,192
68,013 - 109,205
-35,945
74,672 -110,617
1
Excludes military.
2
Adjusted from Census
3
Receipts
Payments
Net
72,506
86,411
-42,120
-52,329
54,883
30,386
34,082
28,666
24,875
18,491
25,398
20,844
14,484
7,396
3,856
3,537
3,703
2,171
5,261
8,119
9,847
6,425
4,587
5,339
4,492
5,513
1,589
294
7,088
83,549
77,251
85,910
88,299
88,209
99,772
22,831
21,052
21,515
20,512
18,530
21,931
24,174
23,665
24,076
22,013
21,333
20,787
24,963
22,464
22,689
29,657
-52,376
-67,419
-62,901
-67,365
-85,288
-15,435
-17,196
-17,978
- 16,809
-16,359
-16,670
-16,055
-13,818
-17,651
-17,426
- 15,994
-16,295
-19,450
-20,875
-22,395
-22,569
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.
Net
military
transac-
-2,237
-1,183
Net
travel and
transportation
receipts
-997
144
-992
-274
-243 -4,227
-1,942 -8,604
-3,339 - 10,866
-3,662 -9,903
-2,079 -11,626
-273 -1,874
-615 -2,039
-255 -2,310
-798 -2,381
-242 -2,261
-2,849
-782
-794 -2,892
-1,519 -2,862
-1,298 -2,786
-1,054 -2,278
-2,442
-815
-2,397
-495
-37 -3,198
29 -2,759
-735 -2,761
-1,335 -2,909
Other
services,
net 3
Remittances,
Balance on
goods and
services
pensions,
and other
unilateral
transfers 1
Balance
on current
account
-7,593
7,793
9,466
1,873
6,884
-7,460
9,278
14,344
-8,956
9,320
278
-8,679
9,908 -36,766 -9,480 -46,246
9,741 -94,835 -12,178 -107,013
9,861 -101,093 -15,301 -116,393
11,368 - 125,694 -15,658 -141,352
11,208 -147,213 -13,467 -160,681
2,629 -17,923 -2,362 -20,285
2,513 -25,379 -2,461 -27,840
2.436 -25,045 -3,112 -28,157
2,164
-26,486 -4,243 -30,729
2,296 -22,918 -3,296 -26,214
2,458 -25,858 -3,517 -29,375
2,403 -24,370 -4,169 -28,539
2,704 -27,944 -4,321 -32,265
2,618 -30,019 -3,021 -33,040
2,808 -29,588 -4,167 -33,755
2,784 -32,249 -4,334 -36,583
3,156 -33,839 -4,138 -37,977
2,808 -33,834 -3,075 -38,909
2,609 -38,274 -3,064 -41,338
3,050 -40,517 -2,925 -43,442
2,741 -34,589 — 4,404 -38,993
Note.—Merchandise data revised for 1986 and 1987; other data to be revised next month.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL
In the capital accounts, claims on foreigners reported by U.S. banks Increased $23.3 biiilon in the fourth quarter of
1987 compared with an increase of $20.1 billion in the third quarter. Liabilities to private foreigners reported by
U.S. banks, excluding Treasury securities, increased $32.3 billion in the fourth quarter compared to an increase of
$44.4 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
80
-
60
CHANGE IN
FOREIGN ASSETS
60
IN THE U.S..NET
40
40
20
20
-20
CHANGE IN
U.S. ASSETS
ABROAD, NET
V
-20
-40
-60
-40
1 I I
I I I
1979
1980
I
I
!
I
!
I
I
1982
198!
1 I
I
1983
I
I
I
I
I
J
I
-60
1986
1984
1987
•SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the J.S., net
[increas 3/eapital inflowv (+)] 2
U.S. assets abroad, net
iincrease/capitiil outflow (— } ]
Total
1980
1981
1982
1983
1984
1985
1986
1987"
1984: I
n
m
IV
1985: I
n
in
IV
1986: I
n
m
IV
1987: I
n
in
IV...
1
0 1
Other U.S.
overn
assets l 2
assets
U.S.
Period
-86,118
-110,951
-121,153
-49,777
-22,291
-31,399
-95,982
-63,796
-3,602
-19,395
17,421
-16,712
-1,745
1,551
-6,936
-21,167
13,770
-25,529
-24,478
-32,204
15,351
15,078
-27,172
-36,898
-8,155
5,175
-4,965
1,196
-3,131
3,858
312
9,151
657
-566
799
-1,110
-233
356
-121
3,148
-115
16
280
132
1,956
3,419
32
3,743
U.S.
private
assets
-5,162 -72,802
100,679
-5,097
-6,131 -110,058
43,576
-5,006
-5,476 -13,685
24,711
-2,831
-1,920 -94,374
74,166
1,219
-916
-2,029
- 1,340 - 17,490
19,608
-1,388
717 - 14,886
-730
-782
-128
-1,067
6,380
-435
-17,473
-547
-13,415
-240
25,303
-242
-1,454 -23,304
32,351
15
13,170
225
-18,320
-177
355 -27,559
41,457
816
Total
58,112
83,032
93,746
84,869
102,467
129,872
213,386
202,585
22,120
41,862
2,392
36,094
16,423
25,202
35,020
53,227
36,322
49,042
69,591
58,431
26,754
49,564
67,389
58,878
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Foreign
official
assets
15.497
4,960
3.593
5.845
2,987
-1,140
34.698
44,289
-2.953
— 149
-963
7,052
-11,060
8,606
2,426
-1,111
2,576
15,568
15,551
1,003
13,953
10.070
363
19,904
Other
soreign
assets
42.615
78.072
90,154
79.023
99,481
131,012
178,689
158,297
25,073
42,011
3,355
29,042
27,484
16,596
32,594
54,338
33,746
33,475
54,040
57,428
12,802
39,494
67,026
38,974
Allocations
drawing
3^,-J3
1,152
1 093
Statistical ( iscrepancy
Total (sum
of the items
with sign
reversed)
24.982
19,942
36,085
11,154
26,837
17.920
23.947
21,892
1,767
5,373
8,344
11,347
11,535
5,724
455
205
10,488
10,241
-8,530
11,750
-5,197
6,852
3,226
17,013
reserve
assets, net 3
Of which:
Seasonal j (unadjusted,
end of
adjustment !
discrepancy
period)
1.417
-1,381
3,851
3,809
1,725
1,712
-3,781
3,766
2,294
-2,044
4,153
3,904
2,659
1,700
-4,833
3,577
26,756
30,074
33,958
33,747
34,934
43,186
48,511
45,798
34,975
34,547
34,306
34,934
35,493
36,088
38,295
43,186
44,919
46,595
48,087
48,511
48,824
45,140
45,070
45,798
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:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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Subscription price: $27.00 per year; $33.75 for foreign mailing.
38
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