Full text of Economic Indicators : November 1987
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100th Congress, 1st Session
Economic Indicators
NOVEMBER
1987
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1987
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
PAUL S. SARBANES, Maryland, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
LLOYD BENTSEN (Texas)
EDWARD M. KENNEDY (Massachusetts)
JOHN MELCHER (Montana)
JEFF BINGAMAN (New Mexico)
WILLIAM V. ROTH, JR. (Delaware)
STEVE SYMMS (Idaho)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
HOUSE OF REPRESENTATIVES
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
STEPHEN J. SOLARZ (New York)
CHALMERS P. WYLIE (Ohio)
OLYMPIA J. SNOWE (Maine)
HAMILTON FISH, JR. (New York)
J. ALEX McMILLAN (North Carolina)
JUDITH DAVISON, Executive Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and Home 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
This issue includes data available as of November 30, 1987.
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the third quarter, current-dollar gross national product (GNP) rose 7.0 percent
(annual rate) or $75.4 billion. Real GNP (GNP adjusted for price changes) rose 4.1 percent and the implicit price
deflator rose 2.8 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,800
4,800
SEASONALLY ADJUSTED ANNUAL RATES
4,400
4,400
—
^--^
GNP
IN CURRENT DOLLARS
4,000
v-i
^^
4,000
'""
3,600
—
f
-- —
, — — — — — — •*'
3,600
—
*"*
j^^^-"
3,200
3,200
—
^~
/
2,800
-^
2,400
^— -|-\
GNP
IN 1982 DOLLARS
—
2,800
—
^
2,400
—
—
2,000
2,000
1 1 1
1979
\
\ \
1980
\
\ \
1981
1
1 1
1982
1
1 !
1983
1
1 1
1984
1
I ! 1
1 1
1985
1986
!
! !
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
tures
Gross
private
domestic
investment
Government purchases of
goods and services
Exports and imports of goods
and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
1979..
1980
1981...
1982
1983
1984
1985
1986
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,772.2
4,010.3
4,235.0
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
454.8
437.0
515.5
447.3
502.3
664.8
641.6
671.0
18.8
32.1
33.9
26.3
-6.1
58 9
-79.2
- 105.5
291.2
351.0
382.8
361.9
352.5
383.5
369.9
376.2
272.5
318.9
348.9
335.6
358.7
442.4
449.2
481.7
467.8
530.3
588.1
641.7
675.0
735.9
818.6
869.7
178.0
208.1
242.2
272.7
283.5
310.5
353.9
366.2
121.9
142.7
167.5
193.8
214.4
234.3
259.3
277.8
56.1
65.4
74.8
78.9
69.1
76.2
94.6
88.4
289.9
322.2
345.9
369.0
391.5
425.3
464.7
503.5
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,704.5
4,000.3
4,219.3
1982: IV
1983: IV
3,212.5
3,545.8
2,117.0
2,315.8
409.6
579.8
14.1
-25.8
335.9
364.7
321.9
390.5
671.8
676.1
293.2
276.1
205.4
221.5
87.7
54.6
378.7
400.0
3,272.4
3,514.8
1984- I
II
Ill
IV
3,674.9
3,754.2
3,807.9
3,851.8
2,361.1
2,417.0
2,450.3
2,493.4
663.0
664.2
670.3
661.8
-45.7
-62.8
-59.3
-67.9
374.3
383.2
390.8
385.7
420.0
446.1
450.1
453.6
696.5
735.8
746.6
764.5
284.0
315.0
317.0
326.0
226.9
233.0
233.1
244.1
57.1
81.9
83.9
81.9
412.5
420.8
429.6
438.5
3,580.8
3,687.4
3,742.9
3,806.8
1985- I
II
HI
IV
3,921.1
3,973.6
4,042.0
4,104.4
2,549.9
2,602.0
2,665.4
2,700.1
638.6
648.4
628.6
650.8
-51.5
-77.3
-84.7
-103.5
376.3
370.6
364.2
368.7
427.7
447.8
448.9
472.2
784.1
800.5
832.8
857.0
336.3
339.4
361.9
378.0
250.2
253.7
265.1
268.2
86.1
85.7
96.8
109.8
447.8
461.1
470.9
479.0
3,899.8
3,955.1
4,044.4
4,101.9
1986: I
II....
Ill
IV
4,174.4
4,211.6
4,265.9
4,288.1
2,737.9
2,765.8
2,837.1
2,858.6
683.4
679.4
660.8
660.2
-93.8
- 100.8
-110.5
-116.9
373.5
371.3
376.6
383.3
467.3
472.1
487.1
500.2
846.9
867.2
878.5
886.3
356.7
368.4
371.2
368.6
266.6
278.2
287.6
279.0
90.1
90.2
83.6
89.6
490.2
498.8
507.3
517.7
4,136.1
4,184.0
4,262.4
4,294.6
1987- I
II...
Ill r
4,377.7
4,445.1
4 5205
2,893.8
2,943.7
3,006.7
699.9
702.6
707.4
-112.2
-118.4
-119.8
397.3
416.5
434.6
509.5
534.8
554.4
896.2
917.1
926.1
366.9
379.6
378.8
287.5
294.5
295.7
79.4
85.1
83.0
529.3
537.6
547.3
4,326.0
4,404.8
4,497.9
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
Personal
consumption
expenditures
Gross private
domestic investment
Exports and imports of
goods and services
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
Government purchases of
goods and services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
1979
1980
1981.. .
1982
1983
1984
1985
1986
3,192.4
3,187.1
3,248.8
3,166.0
3,279.1
3,501.4
3,607.5
3,713.3
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,249.3
2,352.6
2,450.5
389.4
379.2
395.2
366.7
361.2
425.2
454.1
443.8
170.8
137.0
126.5
105.1
149.3
170.9
174.6
196.4
15.0
-6.9
23.9
-24.5
-6.4
62.3
7.4
13.8
3.6
57.0
49.4
26.3
-19.9
-84.0
-108.2
-145.8
356.8
388.9
392.7
361.9
348.1
371.8
365.3
377.4
353.2
332.0
343.4
335.6
368.1
455.8
473.6
523.2
609.1
620.5
629.7
641.7
649.0
677.7
726.9
754.5
236.2
246.9
259.6
272.7
275.1
290.8
324.2
332.5
164.3
171.2
180.3
193.8
206.9
218.5
236.7
250.7
71.9
75.7
79.3
78.9
68.2
72.3
87.5
81.8
373.0
373.6
370.1
369.0
373.9
387.0
402.7
422.1
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,439.1
3,600.1
3,699.5
1982:
1983:
IV
IV
3,159.3
3,365.1
2,078.7
2,191.9
352.3
390.4
115.8
159.9
-59.3
27.0
11.7
-46.2
336.0
355.5
324.3
401.6
660.1
642.2
289.5
266.0
201.4
211.6
88.2
54.4
370.6
376.2
3,218.6
3,338.1
1984: I
11
Ill
IV
3,451.7
3,498.0
3,520.6
3,535.2
2,212.1
2,246.7
2,257.3
2,281.1
401.3
422.0
433.0
444.4
170.5
173.1
170.3
169.6
83.4
63.2
60.9
41.7
-68.6
-87.3
-85.5
-94.8
362.7
369.1
378.7
376.6
431.3
456.5
464.1
471.4
653.0
680.2
684.5
693.2
271.5
295.6
295.5
300.5
214.1
217.8
217.0
225.3
57.4
77.8
78.6
75.2
381.6
384.7
388.9
392.7
3,368.3
3,434.8
3,459.6
3,493.5
1985:
IV
3,568.7
3,587.1
3,623.0
3,650.9
2,314.1
2,337.0
2,376.1
2,383.2
440.0
457.2
454.1
465.2
172.6
171.2
174.9
179.7
19.5
17.3
-5.7
-1.6
-81.0
-107.7
-114.9
-129.3
369.7
364.7
360.5
366.5
450.7
472.4
475.4
495.8
703.4
712.1
738.6
753.7
308.4
310.7
332.5
345.3
229.8
232.8
243.3
241.1
78.6
77.8
89.3
104.2
395.0
401.4
406.1
408.4
3,549.2
3,569.9
3,628.7
3,652.5
I
II
III
IV
3,698.8
3,704.7
3,718.0
3,731.5
2,409.7
2,434.3
2,477.5
2,480.5
453.2
441.0
437.7
443.2
185.9
196.5
201.1
202.2
35.3
28.1
6.1
— 14.4
-123.0
-146.8
-161.6
-151.8
371.5
370.2
379.6
388.3
494.4
517.0
541.2
540.1
737.6
751.6
757.2
771.8
322.1
330.6
332.6
344.6
240.0
250.1
259.8
252.7
82.0
80.4
72.8
91.9
415.5
421.0
424.6
427.1
3,663.4
3,676.7
3,711.9
3,745.8
3,772.2
3,795.3
3,833.4
2,475.9
2,487.5
2,517.2
426.0
437.9
464.2
198.2
196.8
193.8
47.6
39.0
24.1
-135.2
-132.7
-134.9
397.8
414.5
433.3
533.0
547.2
568.2
759.6
766.7
769.1
327.3
332.6
333.3
257.4
263.5
265.3
69.9
69.1
67.9
432.3
434.1
435.8
3,724.5
3,756.3
3,809.3
I
II
m
1986:
1987- I
II
Ill '
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 — 100; quarterly data are seasonally adjusted]
Gross private
domestic investment
Personal consumption
expenditures
Period
Gross
national
product
Total
Durable
goods
Nondurable goods
Services
Nonresidential
fixed
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
1979
1980
1981
1982 ..
1983
1984
1985
1986
78.6
85.7
94.0
100.0
103.9
107.7
111.2
114.1
78.2
86.6
94.6
100.0
104.1
108.1
111.8
114.3
82.1
89.2
95.7
100.0
102.1
103.8
104.5
104.9
80.0
89.4
96.9
100.0
102.1
105.0
107.5
107.1
75.6
83.9
92.6
100.0
106.2
111.6
117.1
122.5
77.8
85.1
93.4
100.0
98.8
97.9
97.5
98.5
81.4
89.4
96.6
100.0
102.2
106.0
108.2
111.1
81.6
90.2
97.5
100.0
101.3
103.2
101.3
99.7
77.1
96.0
101.6
100.0
97.4
97.1
94.8
92.1
75.4
84.3
93.3
100.0
103.1
106.8
109.2
110.2
74.2
83.4
92.9
100.0
103.6
107.2
109.5
110.8
78.0
86.4
94.3
100.0
101.4
105.5
108.1
108.1
77.7
86.2
93.4
100.0
104.7
109.9
115.4
119.3
1982: IV
1983- IV
101.7
105.4
101.8
105.7
100.7
103.1
101.0
103.1
102.7
108.3
100.7
98.3
99.1
103.1
100.0
102.6
99.3
97.2
101.3
103.8
102.0
104.7
99.5
100.3
102.2
106.3
1984:
106.5
107.3
108.2
109.0
106.7
107.6
108.5
109.3
103.2
103.9
104.1
104.1
104.3
104.7
105.2
105.8
109.5
110.9
112.3
113.5
97.9
97.9
97.8
97.9
103.3
106.4
106.9
107.2
103.2
103.8
103.2
102.4
97.4
97.7
97.0
96.2
104.6
106.6
107.3
108.5
106.0
107.0
107.5
108.3
99.5
105.3
106.7
108.9
108.1
109.4
110.5
111.7
1985- I
II
Ill
IV
109.9
110.8
111.6
112.4
110.2
111.3
112.2
113.3
104.6
104.5
104.6
104.3
106.3
107.4
107.6
108.6
114.8
116.3
118.0
119.4
98.0
97.5
97.3
97.1
107.6
107.6
108.0
109.5
101.8
101.6
101.0
100.6
94.9
94.8
94.4
95.2
109.0
109.3
108.8
109.5
108.9
109.0
109.0
111.2
109.5
110.1
108.4
105.4
113.4
114.9
116.0
117.3
1986:
I
II
Ill
IV
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
II
III '
116.1
117.1
117.9
116.9
118.3
119.4
105.4
106.1
107.3
109.8
111.7
112.7
125.5
126.9
128.3
99.3
99.2
98.4
113.7
115.7
117.7
99.9
100.5
100.3
95.6
97.7
97.6
112.1
114.1
113.7
111.7
111.8
111.5
113.6
123.1
122.2
122.4
123.8
125.6
I .
II
III...
IV
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
.
IV
IT
I
II
III
IV
1985: I
II
in
rv
1986- I
II
m
IV
1987: I
II
-0.2
1.9
-2.5
3.6
6.8
3.0
2.9
.6
7.3
10.7
5.5
2.6
1.7
3.8
2.1
4.1
3.1
5.4
.6
1.4
1.5
4.4
2.5
4.1
8.9
11.7
3.7
7.6
10.8
6.3
5.6
4.2
12.4
15.4
8.9
5.8
4.7
7.4
5.5
7.1
6.3
7.0
3.6
5.3
2.1
8.6
6.3
7.0
1980
1981
1982
1983
1984
1985
1986
1982:
19831984:
Constant
(1982)
dollars
Current
dollars
. . . .
Implicit
price
deflator
Chain price
index
9.0
9.4
6.3
4.1
3.9
3.5
2.4
4.1
3.9
4.5
3.8
3.4
3.1
4.0
3.8
2.8
3.4
1.7
1.9
2.6
2.0
4.2
3.7
3.3
9.0
9.7
6.4
3.9
3.7
3.2
2.6
3.6
4.7
4.2
3.0
3.4
3.0
3.3
3.3
2.9
2.9
1.8
2.9
3.6
.7
4.2
3.5
2.8
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Fixedweighted
price index
(1982
wsights)
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
4.1
4.0
3.6
2.7
4.0
4.0
4.5
3.8
3.4
3.2
4.1
3.7
2.9
3.4
2.2
2.2
2.6
2.3
4.5
4.1
3.3
10.6
10.5
7.1
9.0
8.8
8.2
6.5
10.3
9.7
8.1
9.8
5.6
7.2
9.4
8.4
10.1
5.3
5.7
4.1
10.7
3.1
5.0
7.1
8.8
-0.2
1.2
1.3
4.6
4.8
4.6
4.2
5.3
5.5
3.7
6.4
1.9
4.3
5.9
4.0
6.9
1.2
4.5
4.1
7.3
.5
1.9
4.9
Implicit
price
deflator
10.7
9.2
5.7
4.1
3.8
3.4
2.2
4.4
4.3
3.8
3.4
3.4
3.0
3.3
4.1
3.3
4.0
1.1
.0
3.2
2.5
6.0
4.9
3.8
Chain price
index
Fixedweighted
price index
(1982
weights)
10.9
9.2
5.7
4.2
3.9
3.6
2.5
4.8
4.1
4.3
3.2
3.6
3.1
3.5
4.4
3.2
4.2
1.5
.3
3.6
3.0
5.5
5.2
3.9
10.5
9.0
5.6
4.2
4.0
3.7
2.6
4.8
4.1
4.5
3.2
3.8
3.2
3.4
4.5
3.3
4.2
1.7
.3
3.6
3.0
5.7
5.2
3.9
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS-OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic
product of
nonfinancial
corporate business
(billions of dollars)
Period
1980
1981
1982
1983
1984
1985
1986
1982: IV
1983: IV
1984:
I
II...
Ill
IV
1985- I
II
Ill
IV
1986- I
II
Ill
IV
1987- I
II
Ill »
1
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
1,779.4
2,012.5
2,080.6
2,139.9
2,164.4
2,201.8
2,230.9
2,266.2
2 312 4
2,321.8
2,353.3
2,358.6
2,387.7
2,404.7
2,434.8
2,465.4
2,515.9
1,807.9
1,837.2
1,782.2
1,866.0
2,036.5
2,127.1
2,182.2
1,760.2
1,940.5
1,996.7
2,035.2
2,044.7
2,069.5
2,091.1
2,115.1
2,148.7
2,153.5
2,176.7
2,171.9
2,180.8
2,199.3
2,207.6
2,219.9
2,249.8
Total
cost
and
profit 2
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1.054
1.073
1.089
1.011
1.037
1.042
1.051
1.059
1.064
1.067
1.071
1.076
1.078
1.081
1.086
1.095
1.093
1.103
1.111
1.118
0.095
.109
.125
.123
.118
.119
.121
.131
.120
.118
.117
.118
.118
.119
.119
.118
.120
.119
.121
.122
.123
.123
.124
.123
0.077
.090
.094
.098
.100
.103
.104
.096
.098
.098
.100
.101
.102
.102
.104
.102
.103
.104
.101
.106
.104
.105
.107
.108
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Corporate profits with
inventory valuation and capital
consumption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
3
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.687
.702
.715
.685
.680
.681
.682
.691
.694
.698
.701
.699
.709
.709
.714
.717
.720
.724
.728
.728
0.031
.037
.043
.037
.039
.043
.045
.042
.037
.037
.038
.041
.042
.043
.043
.043
.044
.045
.046
.046
.045
.045
.046
.047
Total
0.068
.078
.063
.089
.109
.107
.103
.057
.103
.109
.114
.107
.107
.106
.106
.114
.103
.104
.104
.104
.102
.106
.106
.112
Profits
tax
liability
0.037
.035
.026
.032
.036
.033
.036
.023
.036
.040
.039
.034
.032
.033
.031
.034
.033
.033
.034
.037
.040
.045
.047
.050
Profits
after
tax 4
0.031
.044
.037
.057
.073
.074
.068
.034
.066
.069
.075
.073
.075
.072
.075
.080
.070
.071
.069
.068
.062
.061
.059
.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
17.382
18.029
18.221
18.312
18.255
18.359
18.458
18.588
18.849
18.787
18.941
18.930
18.974
19.073
18.933
18.964
9.939
10.861
11.699
12.124
12.570
13.103
13.566
11.914
12.261
12.409
12.494
12.623
12.746
12.883
13.022
13.173
13.324
13.437
13.525
13.608
13.724
13.708
13.798
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income
with inventory
valuation and capita]
consumption
adjustments
Farm
1982
1983
1984
1985...
1986
1982- IV
1983- IV
1984- I
2,518.4
2,719.5
3,028.6
3,229.9
3,422.0
2,548.2
2,851.5
2,962.1
3,009.0
3,047.3
3,096.1
3,156.5
3,204.4
3,254.4
3,304.4
3,364.2
3,414.1
3,438.7
3,471.0
3,548.3
3,593.3
"3,654.2
n
Ill
IV
1985- I
II
III
IV
1986- I
n
Ill
rv
1987: I
II
HI r .
1
1,907.0
2,020.7
2,213.9
2,370.8
2,504.9
1,931.1
2,092.7
2,152.9
2,195.2
2,234.9
2,272.7
2,314.9
2,351.5
2,386.3
2,430.5
2,464.8
2,487.6
2,515.1
2,552.0
2,589.9
2,623.4
2,663.8
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
13.6
13.2
8.5
9.0
16.7
15.8
12.4
12.3
9.3
6.9
5.6
7.3
9.1
9.3
10.1
14.0
17.4
17.2
18.4
20.0
18.9
17.3
150.9
178.4
204.0
227.6
252.6
159.8
188.6
197.1
202.0
207.5
209.7
220.4
224.2
229.5
236.3
242.8
250.1
256.2
261.2
269.7
275.8
282.1
24.6
12.4
30.5
29.7
37.2
28.5
19.3
44.3
26.1
23.3
28.1
31.7
32.2
22.9
31.7
28.0
48.1
36.3
36.6
51.3
47.3
39.3
Includes employer contributions for social insurance. (See also p. 5.)
Corporate profits with inventory valuation and capital
consumption adjustments
Profits with inventory valuation
adjustment and without capita!
consumption adjustment
Total
Total
150.0
213.7
266.9
277.6
284.4
146.1
248.5
262.7
275.5
262.6
266.9
265.6
274.2
292.8
277.8
288.0
282.3
286.4
281.1
294.0
296.8
"313.7
Profits
before tax
Inventoryvaluation
adjustment
169.6
207.6
240.0
224.8
231.9
164.1
231.5
253.7
251.4
228.5
226.1
217.6
218.0
230.2
233.5
218.9
224.4
236.3
247.9
257.0
268.7
"282.1
-10.4
-10.9
-5.8
-.7
6.5
-13.4
81
-15.5
-5.0
-1.1
-1.6
15
1.8
6.5
-9.8
17.8
11.3
6.0
89
-11.3
-20.0
-16.1
159.2
196.7
234.2
224.1
238.4
150.7
223.4
238.2
246.5
227.4
224.6
216.1
219.8
236.8
223.7
236.7
235.6
242.4
239.0
245.7
248.8
"266.0
Capital
consumption
adjustment
— 9.2
17.0
32.7
53.5
46.0
-4.5
25.1
24.5
29.0
35.2
42.3
49.5
54.4
56.0
54.2
51.3
46.7
44.0
42.1
48.2
48.0
47.7
Net
interest
272.3
281.0
304.8
315.3
326.1
266.9
290.2
292.8
301.0
312.2
313.1
316.5
313.2
313.7
317.9
326.6
328.7
327.5
321.7
323.6
331.1
338.0
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
1982
1983.. .
1984
1985....
1986
1982- IV
1983- IV
1984- I
II
III
IV
1985- I
II
Ill
IV
1986- I
II
III
IV
1987- I
II
Ill
... .
T
...
Total
personal
consumption
expenditures
Total
durable
goods
2,050.7
2,234.5
2,430.5
2,629.4
2,799.8
2,117.0
2,315.8
2,361.1
2,417.0
2,450.3
2,493.4
2,549.9
2,602.0
2,665.4
2,700.1
2,737.9
2,765.8
2,837.1
2,858.6
2,893.8
2,943.7
3,006.7
Source: Department of Commerce, Bureau of Economic Analysis.
252.7
289.1
335.5
368.7
402.4
263.8
310.0
322.7
335.1
337.7
346.7
358.2
362.4
383.7
370.5
375.9
386.4
427.6
419.8
396.1
409.0
434.8
Motor
vehicles
and
parts
108.9
130.4
157.4
177.6
194.9
115.7
144.4
151.1
157.8
158.6
162.3
171.1
173.3
191.9
174.1
177.4
184.2
217.0
201.2
177.6
189.6
212.4
Furniture
and
household
equipment
95.7
107.1
118.8
128.7
139.9
99.1
112.4
115.2
117.9
119.5
122.7
125.0
127.0
129.5
133.5
134.7
138.3
142.9
143.8
146.0
146.0
148.4
Other
48.1
51.6
59.3
62.4
67.6
49.0
53.2
56.4
59.3
59.7
61.8
62.1
62.1
62.4
62.9
63.8
64.0
67.8
74.8
72.5
73.5
74.0
Total
nondurable
goods
771.0
816.7
867.3
913.1
939.4
786.6
837.9
849.9
866.9
872.8
879.6
894.4
910.4
918.4
929.3
936.8
934.3
940.0
946.3
969.9
982.1
987.2
Food
398.8
421.9
448.5
472.8
497.8
407.0
430.8
438.3
445.8
453.6
456.1
463.5
471.2
474.9
481.7
489.4
494.7
499.6
507.5
514.8
515.0
514.7
Clothing and
shoes
Gasoline
and oil
124.4
135.1
146.7
157.2
167.5
126.5
141.1
143.0
147.3
146.8
149.8
153.2
155.8
158.8
160.9
163.4
167.2
169.8
169.6
174.0
175.8
178.8
89.1
90.2
90.0
92.6
75.3
89.8
91.9
90.8
91.3
88.9
89.0
90.6
94.3
93.5
92.1
87.7
74.4
70.6
68.4
75.8
80.6
82.4
Other
Services
Retail sales of
new passenger
cars (millions of
units)
Domestics
158.7
169.5
182.1
190.5
198.8
163.4
174.0
177.8
182.5
183.5
184.7
187.2
189.1
191.2
194.5
196.3
198.0
200.0
200.8
205.3
210.7
211.3
1,027.0
1,128.7
1,227.6
1,347.5
1,458.0
1,066.5
1,167.9
1,188.6
1,215.1
1,239.7
1,267.1
1,297.3
1,329.2
1,363.3
1,400.3
1,425.2
1,445.1
1,469.5
1,492.4
1,527.7
1,552.6
1,584.7
5.8
6.8
8.0
8.2
8.2
6.0
7.4
8.1
8.1
7.9
7.7
8.3
8.1
9.3
7.1
7.7
7.9
9.5
7.8
6.7
7.0
8.0
Imports
22
2.4
2.4
2.8
3.2
2.5
2.6
2.3
2.4
2.4
2.6
2.5
2.7
3.0
3.2
2.9
3.1
3.5
3.5
2.8
3.0
3.6
SOURCES OF PERSONAL INCOME
Personal income rose $63.3 billion (annual rate) in October, following a rise of $21.1 billion in September. The
increases were affected by Federal subsidy payments to farm proprietors, which rose $36.2 billion in October,
following a decline of $2.8 billion in September. Excluding subsidy payments, personal income increased $27.1
billion in October and $23.9 billion in September.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,200
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
800
400
400
200
200
1987
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1979
1980
1981
1982
1983
1984
1985
1986
1986: Oct
Nov
Dec
1987: Jan
Feb
Mar
Apr
May
June
Julv r.
Aug *
Sept
r
Oct p
Total
personal
income
Wage and
salary
disbursements
Proprietors' income 3
Other labor
income * 2
Farm
Personal
dividend
income
Personal
interest
income
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
1,252.1
1,372.0
1,510.3
1,586.1
1,676.6
1,838.6
1,974.9
2,089.1
122.7
138.4
150.3
163.6
173.6
182.9
192.3
201.1
31.7
20.5
30.7
24.6
12.4
30.5
29.7
37.2
160.1
160.1
156.1
150.9
178.4
204.0
227.6
252.6
5.6
6.6
13.3
13.6
13.2
8.5
9.0
16.7
48.1
52.9
61.3
63.9
68.7
75.5
76.3
81.2
221.4
271.9
335.4
369.7
393.1
444.7
476.5
497.6
273.1
324.7
368.1
410.6
442.6
456.6
489.7
518.3
81.0
88.6
104.5
112.3
120.1
132.7
148.9
159.6
1,983.1
2,215.8
2,465.6
2,618.7
2,799.0
3,052.1
3,273.5
3,475.2
3,577.5
3,590.3
3,613.0
2,119.4
2,131.5
2,134.4
203.7
204.4
205.1
33.6
31.1
45.2
259.3
261.0
263.4
82.6
82.9
83.2
497.0
496.7
496.6
525.6
526.3
528.0
2,150.2
2,166.4
2,173.1
2,181.5
2,193.7
2,198.9
2,209.7
2,228.8
2,241.4
2,256.7
205.9
206.7
207.4
210.0
209.0
209.6
210.4
211.1
211.9
212.7
42.0
56.2
55.6
58.0
41.6
42.3
43.5
36.7
37.6
71.7
265.6
270.2
273.2
274.1
275.8
277.7
279.9
282.6
283.9
287.8
83.9
84.4
85.0
85.3
86.5
87.0
87.9
88.8
89.4
90.0
498.1
499.8
501.6
503.8
506.3
508.8
512.1
516.4
521.3
526.8
532.2
534.5
534.3
537.3
545.4
541.7
545.2
545.2
546.6
550.2
161.3
162.1
162.1
165.9
167.0
167.3
167.7
168.6
168.9
169.6
170.8
171.5
171.9
3,522.5
3,538.0
3,546.7
3,631.5
3,671.2
3,683.4
3,701.9
3,708.5
3,715.3
3,736.8
3,756.1
3,777.2
3,840.5
17.7
18.4
19.2
19.5
20.0
20.4
19.7
18.9
18.2
17.8
17.3
16.8
16.5
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists primarily of employer contributions to private pension and private welfare funds.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Rental
income of
persons 4
4
3,568.4
3,594.1
3,607.2
3,622.8
3,645.1
3,651.2
3,673.4
3,697.5
3,717.8
3,746.9
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the third quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
3,000
3,000
2,600
2,600
2,200
2,200
1,800
1,800
1,400
1,400
1,000
I
I
I
I
I
I
I
I
I
I
I
1,000
DOLLARS * (RATIO SCALE)
14,000
DOLLARS * (RATIO SCALE)
14,000
6,000
6,000
4,000
4,000
1987
1979
' SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
Less:
Personal
tax and
nontax
payments
F
1
Disposable
income
Less:
Personal
outlays L
Equals:
Personal
saving
Disposable
personal
income in
1982
dollars
(billions)
Per capita
disposable personal
income
Current
dollars
Billions of dollars
1979
1980
1981
1982
1983
1984
1985
1986
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,108.7
3,327.0
3,534.3
304.7
340.5
393.3
409.3
410.5
440.2
485.9
512.2
1,729.3
1,917.9
2,127.6
2,261.4
2,428.1
2,668.6
2,841.1
3,022.1
1982
dollars
Per capita persona!
consumption
expenditures
Current
dollars
1982
dollars
118.0
136.8
159.4
153.9
130.6
164.1
127.1
130.6
2,212.6
2,214.3
2,248.6
2,261.5
2,331.9
2,469.8
2,542.2
2,645.1
7,682
8 421
9,243
9,724
10 340
11,257
11,872
12 508
9,722
9,769
9,724
9 930
10,419
10,622
10,947
6,960
7,607
8,320
8,818
9,515
10,253
10,987
11,588
8,783
8,794
8,818
9,139
9,489
9,830
10,142
9,749
10,151
10,359
10,378
10,446
10,491
10,513
10,705
10,592
10,679
10,842
11,024
10,968
10,956
11,008
10,865
10,945
9,068
9,825
9,996
10,210
10,324
10,479
10,694
10,888
11,124
11,239
11,371
11,461
11,729
11,789
11,910
12,090
12,318
8,904
9,299
9,365
9,491
9,511
9,587
9,705
9,779
9,916
9,920
10,008
10,088
10,242
10,229
10,190
10,216
10,312
9,829
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Percent
Dollars
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,504.5
2,714.1
2,891.5
Percent
change in
real per
capita
disposable
personal
income
8,904
1.0
— 1.1
.5
5
2.1
4.9
1.9
3.1
6.8
5.4
6.1
4.5
4.3
6.8
7.1
7.5
225,106
227,754
230,182
232,549
234,829
237,051
239,323
241,620
Seasonally adjusted annual rates
1982: IV
1983: IV
1984: I
n
III....
IV
1985: I
II
III....
IV
1986: I
II
III....
IV
1987: I
II r
Ill ..
2,729.2
2,941.8
3,034.1
3,074.8
3,137.8
3,188.3
3,259.2
3,304.4
3,338.2
3,406.4
3,463.4
3,526.6
3,553.6
3,593.6
3,662.0
3,708.6
3,756.7
411.1
413.9
422.3
432.1
446.7
459.7
497.0
455.9
491.0
499.7
497.4
504.2
515.3
532.0
536.1
578.0
565.6
2,318.1
2,527.9
2,611.8
2,642.8
2,691.1
2,728.6
2,762.2
2,848.4
2,847.2
2,906.6
2,966.0
3,022.4
3,038.2
3,061.6
3,125.9
3,130.6
3,191.1
2,174.9
2,382.5
2,430.7
2,490.0
2,525.9
2,571.3
2,631.0
2,685.6
2,751.5
2,788.1
2,827.6
2,856.4
2,929.4
2,952.6
2,987.5
3,037.4
3,102.1
143.1
145.4
181.1
152.8
165.2
157.3
131.2
162.8
95.7
118.5
138.4
166.0
108.9
109.0
138.4
93.2
89.0
2,276.1
2,392.7
2,446.9
2,456.6
2,479.2
2,496.3
2,506.8
2,558.4
2,538.2
2,565.5
2,610.5
2,660.2
2,653.2
2,656.7
2,674.6
2,645.5
2,671.6
1
Includes personal consumption expenditures, interest paid by consumers to business, and personl transfer payments to foreigners (net).
9,929
10,725
11,057
11,164
11,339
11,467
11,584
11,919
11,882
12,099
12,318
12,525
12,560
12,626
12,865
12,858
13,073
1.2
6.2
9.1
5.8
8.5
.7
2.6
1.7
6.9
5.8
6.1
5.8
.8
7.5
-4.2
3.3
6.2
6.9
-2.0
-.4
1.9
-5.1
3.0
4.8
5.7
3.4
4.1
4.7
5.5
3.6
3.6
4.4
3.0
2.8
233,466
235,707
236,203
236,720
237,333
237,946
238,452
238,977
239,618
240,246
240,782
241,313
241,896
242,489
242,971
243,480
244,095
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Cens
FARM INCOME
In the third quarter, according to preliminary estimates, gross farm income rose $4.0 billion (annual rate) and net
farm income rose $2.7 billion.
BILLIONS OF DOLLARS * (RATIO S CALE)
240
200
BILLIC NS OF DOLLARS* (RATIO SCALE)
240
200
^-
160
~~~
1
'
.r,
'
^^
1
^
^~-v
160
_.
\
120
120
GROJ S FARM INCO WE
80
80
60
60
40
40
20
20
10
10
COUNCIL OF ECONOMIC ADVISERS
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total l
Total
1980
1981
1982
1983
1984
1985
1986
1984: I
II
III..
TV
1985- I
II..
Ill
TV
1986: I
II
III
TV
1987- I
II
III"
149.3
166.3
163.5
153.1
174.7
166.0
159.5
176.8
169.9
176.6
175.6
168.4
164.1
159.6
172.1
149.8
168.8
154.8
164.8
167.3
153.7
157.7
139.7
141.6
142.6
136.6
142.3
144.2
135.2
137.8
142.2
147.0
142.3
137.9
138.0
144.8
156.1
134.4
130.6
135.0
140.7
130.0
128.1
137.3
Livestock and
products
68.0
69.2
70.3
69.4
72.9
69.8
71.6
75.8
72.0
72.0
71.8
69.9
69.0
68.9
71.4
68.3
66.8
77.8
73.3
72.6
72.0
78.7
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
71.7
72.5
72.3
67.1
69.4
74.4
63.6
62.0
70.1
74.9
70.4
68.0
68.9
76.0
84.7
66.0
63.8
57.2
67.4
57.4
56.1
58.6
3
Value of
inventory
changes 2
-6.3
6.5
14
-10.9
6.2
-2.7
33
2.1
7.3
8.8
6.6
1.1
24
-4.2
51
42
-3.5
30
-2.4
20
-1.7
-.9
Production
expenses
Current
dollars
133.1
139.4
140.0
140.4
142.7
133.7
122.1
143.1
143.6
142.9
141.1
138.3
135.3
132.2
129.0
125.7
122.9
120.6
119.0
117.9
117.0
118.5
1982 dollars 3
16.1
26.9
23.5
12.7
32.0
32.3
37.5
33.6
26.3
33.7
34.5
30.1
28.7
27.3
43.1
24.1
45.9
34.2
45.8
49.4
36.6
39.3
Income in current dollars divided by the GNP implicit price deflator (1982= 100).
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
18.8
28.6
23.5
12.2
29.6
29.0
32.9
31.6
24.4
31.2
31.8
27.3
25.9
24.4
38.4
21.4
40.3
29.8
39.9
42.5
31.2
33.3
CORPORATE PROFITS
In the third quarter, according to preliminary estimates, corporate profits before tax rose $13.4 billion (annual rate)
and after-tax profits rose $7.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
280
280
240
240
200
200
160
120
40
1979
1987
1980
COUNCIl OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment1
Profits after tax
Domestie industries
Nonfinancial
Period
Total
2
Total
Financial
Total 3
Manufacturing
Profits
before tax
Tax
liability
Wholesale and
retail
trade
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
1980
1981
1982
1983
1984
1985
1986
194.0
202.3
159.2
196.7
234.2
224.1
238.4
159.6
173.8
131.2
166.6
203.3
193.6
207.2
21.0
16.5
11.8
18.1
13.0
18.4
26.1
138.6
157.3
119.4
148.5
190.3
175.2
181.1
77.1
88.5
58.0
70.1
88.8
72.2
69.4
21.6
32.5
34.6
38.9
51.2
51.4
52.1
237.1
226.5
169.6
207.6
240.0
224.8
231.9
84.8
81.1
63.1
77.2
93.9
96.7
105.0
152.3
145.4
106.5
130.4
146.1
128.1
126.8
54.7
63.6
66.9
71.5
79.0
81.3
86.8
97.6
81.8
39.6
58.9
67.0
46.8
40.0
-43.1
-24.2
— 10.4
-10.9
-5.8
-.7
6.5
1982- IV
1983: IV
150.7
223.4
121.6
190.7
18.7
15.5
102.9
175.2
46.8
88.6
33.6
43.1
164.1
231.5
59.8
88.1
104.3
143.4
68.5
73.9
35.8
69.5
- 13.4
-8.1
1984- I
II
Ill
IV..
238.2
246.5
227.4
224.6
207.8
216.6
194.8
193.9
14.5
13.1
10.8
13.6
193.3
203.5
184.0
180.3
95.0
97.0
83.3
79.8
48.0
52.7
52.2
51.8
253.7
251.4
228.5
226.1
101.2
100.3
87.2
87.0
152.5
151.2
141.4
139.2
76.6
78.9
79.8
80.8
76.0
72.3
61.5
58.4
— 15.5
-5.0
-1.1
-1.6
1985- I
II
III .
216.1
219.8
236.8
223.7
187.1
189.2
208.3
189.7
15.3
19.1
18.4
20.8
171.8
170.1
189.9
168.9
67.8
68.4
80.1
72.4
52.0
52.8
55.7
45.0
217.6
218.0
230.2
233.5
94.0
93.2
100.5
99.1
123.6
124.8
129.7
134.4
81.2
81.3
81.2
81.7
42.4
43.5
48.5
52.7
-1.5
1.8
6.5
-9.8
236.7
235.6
242.4
239.0
202.3
207.0
210.2
209.3
26.2
26.9
25.2
26.1
176.2
180.0
185.1
183.2
61.9
72.5
68.0
75.4
55.8
48.2
54.6
49.7
218.9
224.4
236.3
247.9
98.1
102.1
106.1
113.9
120.9
122.3
130.2
134.0
84.3
86.6
87.7
88.6
36.6
35.7
42.5
45.4
17.8
11.3
6.0
-8.9
245.7
248.8
266.0
213.1
215.8
232.3
27.6
27.8
27.4
185.5
188.0
205.0
75.4
85.5
56.2
45.2
257.0
268.7
282.1
128.0
134.2
140.6
129.0
134.5
141.5
90.3
92.4
95.2
38.7
42.1
46.3
-11.3
-20.0
r
-16.1
IV
1986- I
II
Ill
IV
1987- I
II
III f
1
2
3
See p. 4 for profits with inventory valuation and capital eonsumptid adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
NOTE.—Corporate profits and related measures for 1986 reflect retroactive provisions of the Tax
Reform Act of 19S(>.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter, nonresidential fixed investment rose $22.2 billion (annual rate)
while residential investment rose $0.4 billion. There was a $22.5 billion increase in inventories following an
increase of $40.3 billion in the second quarter.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS PRIVATE DOMESTIC
INVESTMENT
600
600
500
500
400
400
- NONRESIDENTIALFIXED INVESTMENT
300
300
RESIDENTIAL
. FIXED INVESTMENT _
200
100
200
100
CHANGE IN BUSINESS
INVENTORIES
±
J I
-100
1979
1980
1981
1982
I 1 I
I I I
1983
1984
I I I
1985
SOURCE; DEPARTMENT OF COMMERCE
1986
I
I
I
1-100
1987
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change in business
inventories
Fixed investment
Period
1979
1980
1981
1982
1983
1984...
1985
1986
1982: IV
1983- IV
1984: I
II
Ill
IV
1985: I
II. .
Ill
IV.
1986: 1
II
III
IV
1987: I
II
Ill r
Gross
private
domestic
investment
454.8
437.0
515.5
447.3
502.3
664.8
641.6
671.0
409.6
579.8
663.0
664.2
670.3
661.8
638.6
648.4
628.6
650.8
683.4
679.4
660.8
660.2
699.9
702.6
707.4
Nonresidential
Total
Total
441.9
445.3
491.5
471.8
509.4
597.1
631.6
655.2
469.5
548.8
568.9
597.5
605.4
616.8
617.3
629.9
631.0
648.3
645.1
651.9
657.3
666.6
648.2
662.3
684.9
302.8
322.8
369.2
366.7
356.9
416.0
442.6
436.9
354.9
383.9
392.7
413.2
423.3
435.0
431.5
445.6
442.0
451.5
440.7
433.8
433.5
439.7
422.8
434.6
456.8
Structures
99.5
113.9
138.5
143.3
124.0
141.1
152.5
137.4
137.6
127.4
133.0
141.3
143.6
146.6
150.6
154.4
152.9
152.1
149.6
135.9
131.1
132.9
128.7
129.7
136.6
Producers'
durable
equipment
203.3
208.9
230.7
223.4
232.8
274.9
290.1
299.5
217.3
256.5
259.7
271.9
279.7
288.4
280.8
291.3
289.1
299.3
291.0
297.9
302.4
306.7
294.1
304.9
320.2
Residential
139.1
122.5
122.3
105.1
152.5
181.1
189.0
218.3
114.7
164.9
176.2
184.3
182.1
181.8
185.8
184.3
189.0
196.8
204.4
218.1
223.8
226.9
225.4
227.7
228.1
Total
13.0
-8.3
24.0
-24.5
-7.1
67.7
10.0
15.7
-59.9
31.0
94.1
66.7
65.0
45.0
21.4
18.5
-2.4
2.5
38.3
27.5
3.5
-6.4
51.6
40.3
22.5
Nonfarm
7.9
-2.4
18.3
-23.1
.4
60.5
13.6
16.8
-51.1
21.3
71.4
63.7
65.8
41.3
17.7
13.7
5.2
17.8
38.5
24.5
-.9
5.1
48.7
27.3
8.6
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1987 survey, business spending for new plant and equipment
in 1987 is expected to be 2.5 percent above the 1986 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
ALL INDUSTRIES
200
200
NONMANUFACTURING -*/
100
100
MANUFACTURING
80
80
60
60
40
40
I
1979
1
I
I
I
I
I
1982
1981
1980
I
I
I
1984
1983
I
I
1985
_!/ SURVEYED QUARTERLY
2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
I
I
I
I
1 I
1987
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Manufacturing
Period
1979
1980
1981
1982
1983
1984
1985
1986
1987 4 .
1985: I
n
III.
IV
.
1986- I
n
m
IV
1987: I
II 4
m
iv 4
Nonmanufacturing
All
industries
Total
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.47
389.07
95.92
112.33
126.54
120.68
116.20
138.82
153.48
142.69
146.40
48.50
55.36
59.81
55.35
53.08
66.24
73.27
69.14
71.23
47.42
56.96
66.73
65.33
63.12
72.58
80.21
73.56
75.17
375.33
388.16
390.05
394.98
147.85
154.94
154.79
156.35
70.85
74.53
73.03
74.67
380.04
376.21
375.50
386.09
145.11
142.19
139.43
144.07
374.23
377.65
398.04
406.37
140.65
140.79
150.47
153.67
Nonmanufaeturing
Manufacturing
Surveyed
quarterly
Mining
Transportation
Public
utilities
Commercial
and
other
159.04
170.47
188.68
189.89
188.58
215.61
233.65
236.78
242.68
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.22
10.75
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.80
19.52
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.38
44.53
94.56
100.14
110.24
109.63
114.45
134.75
150.94
160.38
167.89
77.00
80.41
81.76
81.67
227.48
233.22
235.26
238.64
15.98
16.70
15.95
14.89
16.92
17.49
18.56
19.12
48.61
48.54
48.44
49.65
145.97
150.49
152.32
154.98
147.85
154.94
154.79
156.35
227.48
233.22
235.26
238.64
68.71
68.56
69.42
69.87
76.39
73.62
70.01
74.20
234.93
234.03
236.07
242.02
13.13
11.29
10.14
10.31
18.50
18.40
18.81
19.50
47.17
46.43
45.81
46.12
156.14
157.91
161.31
166.08
145.11
142.19
139.43
144.07
234.93
234.03
236.07
242.02
70.47
68.76
73.24
72.44
70.18
72.03
77.23
81.22
233.58
236.87
247.57
252.70
10.31
11.02
11.06
10.60
18.98
17.67
20.45
20.96
43.60
43.48
45.59
45.45
160.70
164.69
170.46
175.70
140.65
140.79
150.47
153.67
233.58
236.87
247.57
252.70
Durable
goods
Nondurable
goods
Total
1
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Total
nonfarm
business 2
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
146.40
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
242.68
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;
iocial services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in late July-August 1987, corrected for
biaiises.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In October, seasonally adjusted civilian employment rose 415,000 and unemployment rose 85,000.
MILLIONS OF PERSONS*
124
MILLIONS OF PERSONS*
124
SEASONALLY ADJUSTED
120
120
116
116
112
112
108
108
• CIVILIAN LABOR FORCE-
104
104
100
100
CIVILIAN
EMPLOYMENT
96
96
X
/tf
12
8
UNEMPLOYMENT
4
ii
0
Illllllllll Illllllllll
1 980
1 979
1981
1982
Illllllllll
1983
1984
Illllllllll mi MM Ml
1985
MM l l l l l l l
1986
1987
*16 YEARS OF AGE AND OVER
SOURCE, DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
1979
1980
1981
1982
1983
1984
1985
1986*. .
1986: Oct*
Nov
Dec
1987: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Resident
Armed
Forces
NSA
166,460
169,349
171,775
173,939
175,891
178,080
179,912
182,293
182,935
183,114
183,297
183,575
183,738
183,915
184,079
184,259
184,421
184,605
184,738
184,904
185,052
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,706
1,749
1,751
1,750
1,748
1,740
1,736
1,735
1,726
1,718
1,720
1,736
1,743
1,741
T
,
,
including
resident
Armed
Forces
106,559
108,544
110,315
111,872
113,226
115,241
117,167
119,540
120,163
120,426
120,336
120,782
121,089
120,958
121,070
121,719
121,235
121,672
122,038
121,604
122,102
Employment
including
resident
Armed
Forces
100,421
100,907
102,042
101,194
102,510
106,702
108,856
111,303
111,941
112,183
112,387
112,759
113,122
113,104
113,570
114,173
113,975
114,447
114,817
114,515
114,928
Nonagricultural
Civilian
labor force
104,962
106,940
108,670
110,204
111,550
113,544
115,461
117,834
118,414
118,675
118,586
119,034
119,349
119,222
119,335
119,993
119,517
119,952
120,302
119,861
120,361
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulitirne work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
Unemployment
Civilian employment
Noninstitutional
population
including
resident
Armed
Forces
NSA
Total
98,824
99,303
100,397
99,526
100,834
105,005
107,150
109,597
110,192
110,432
110,637
111,011
111,382
111,368
111,835
112,447
112,257
112,727
113,081
112,772
113,187
Agricultural
3,347
3,364
3,368
3,401
3,383
3,321
3,179
3,163
3,162
3,215
3,161
3,145
3,236
3,284
3,290
3,335
3,178
3,219
3,092
3,170
3,283
Total
95,477
95,938
97,030
96,125
97,450
101,685
103,971
106,434
107,030
107,217
107,476
107,866
108,146
108,084
108,545
109,112
109,079
109,508
109,989
109,602
109,903
Part-time
for
economic
reasons *
3,373
4,064
4,499
5,852
5,997
5,512
5,334
5,345
5,450
5,319
5,342
5,201
5,459
5,164
5,110
5,029
4,918
5,235
4,998
4,968
5,101
Total
6,137
7,637
8,273
10,678
10,717
8,539
8,312
8,237
8,222
8,243
7,949
8,023
7,967
7,854
7,500
7,546
7,260
7,224
7,221
7,089
7,174
15
weeks
and
over
1,241
1,871
2,285
3,485
4,210
2,737
2,305
2,232
2,168
2,217
2,171
2,200
2,131
2,050
2,075
2,101
2,055
1,907
1,884
1,920
1,759
Labor force
participation
rate (percent)
Total
2
64.0
64.1
64.2
64.3
64.4
64.7
65.1
65.6
65.7
65.8
65.7
65.8
65.9
65.8
65.8
66.1
65.7
65.9
66.1
65.8
66.0
Civilian •*3
63.7
63.8
63.9
64.0
64.0
64.4
64.8
65.3
65.4
65.4
65.3
65.5
65.6
65.4
65.4
65.7
65.4
65.6
65.7
65.4
65.7
* Data beginning January 1986 not strictly comparable with earlier data because of changi
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In October, the seasonally adjusted overall unemployment rate rose 0.1 percentage point to 5.9 percent; the
civilian unemployment rate also rose 0.1 percentage point, to 6.0 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
*
N/V\
\
20
V
'"V
TEENAGERS
(16-19)
\
20
" VA/I
X
V
X
15
BLACK
v ^J\
A,
/
*
r\h
•
- V\ f"\^
*•'
l
(
I
15
"~^X '\\^
BLACK
10
10
ALL CIVILIAN WORKERS
"*N
N.,
^v»
/
--„
—^-^^
Illllllllll
1983
1984
WOMEN 20 YEARS
AND OVER
V
^
^^T^
/
WHITE
Illllllllll
«»<*_
;• — -
-»——»
•^^
MEN 20 YEARS
AND OVER
Illllllllll
Illllllllll Illllllllll Illllllllll
1986
1985
1987
1983
Illllllllll Illllllllll
1984
1985
Illllllllll
1986
Illllllllll
1987
"UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate,
all
workers l
1979
1980
1981
1982
1983
1984
1985
1986 ...
5.8
7.0
1986:
Oct
Nov
Dec
1987:
Jan
Feb
Mar
Apr
May
7.5
9.5
9.5
7.4
7.1
6.9
June ....
July
Aug
Sept
Oct
By sex and age
All
civilian
workers
5.8
7.1
7.6
9.7
9.6
7.5
Men
20 years
and over
Women
20 years
and
over
4.2
5.9
6.3
5.7
6.4
6.8
8.3
8.1
6.8
By selected groups
By race
Both
sexes
16-19
years
Black
White
and
Black
other
Experienced
wage and
salary
workers
5.1
6.3
6.7
8.6
8.4
6.5
6.2
6.0
11.3
13.1
14.2
17.3
17.8
14.4
13.7
13.1
12.3
14.3
15.6
18.9
19.5
15.9
15.1
14.5
5.5
6.9
7.3
9.3
6.6
6.2
16.1
17.8
19.6
23.2
22.4
18.9
18.6
18.3
Married
men,
spouse
present
Women
who
maintain
families
Pulltime
workers
7.2
6.8
6.6
8.8
8.8
9.4
10.5
10.4
9.3
9.3
9.1
8.5
11.0
10.9
8.6
8.1
7.9
9.2
7.1
6.8
6.6
4.3
6.5
6.5
4.6
4.3
4.4
8.3
9.2
10.4
11.7
12.2
10.3
10.4
9.8
5.3
6.9
7.3
9.6
9.5
2.8
4.2
Parttime
workers
Labor
force
time lost
(percent) 2
6.3
7.9
7.2
7.0
8.8
8.9
6.6
6.2
6.1
6.8
6.8
6.6
6.9
6.9
6.7
6.2
6.2
6.0
6.1
6.1
5.9
17.7
18.2
17.3
6.0
6.0
5.8
12.7
12.7
12.3
14.3
14.2
13.7
6.6
6.5
6.3
4.6
4.5
4.3
8.9
9.7
9.8
6.6
6.6
6.3
9.2
9.1
8.8
7.8
7.7
7.6
6.6
6.6
6.5
6.2
6.2
6.0
5.9
5.9
5.8
5.9
6.7
6.7
6.6
6.3
6.3
6.1
6.0
6.0
5.9
6.0
6.0
5.9
5.8
5.5
5.5
5.5
5.4
5.2
5.0
5.1
5.9
5.8
5.8
5.5
5.4
5.2
5.4
5.3
5.4
5.2
17.7
18.0
18.1
17.4
17.7
15.9
15.5
16.0
16.3
17.4
5.9
5.7
5.6
5.4
5.3
5.2
5.1
5.1
5.1
5.2
12.6
12.8
12.5
11.7
12.2
11.4
11.3
11.3
10.8
10.8
14.3
14.3
13.9
13.0
13.8
12.7
12.6
12.4
12.3
12.0
6.3
6.2
6.1
5.9
5.9
5.8
5.8
5.7
5.6
5.5
4.2
4.2
4.1
4.1
3.9
4.0
3.8
3.7
3.6
3.7
9.8
9.5
9.7
9.3
9.6
9.7
9.4
9.0
8.8
9.0
6.4
6.3
6.2
5.9
5.9
5.9
5.7
5.6
5.4
5.5
9.0
8.7
9.2
8.6
8.7
6.9
7.9
8.2
8.5
8.5
7.6
7.6
7.4
7.3
7.2
7.1
6.9
6.8
6.7
6.8
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons f
cent of potentially available labor force hours.
12
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In October, the percentages of unemployed persons who had been out of work for less than 5 weeks, for 15-26
weeks, and for 27 weeks and over fell, while the percentage out of work for 5-14 weeks rose. The mean duration
of unemployment fell and the median duration rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
60
—
50 -
\
JOB LOSERS
40
REENTRANTS
,,-A-
30
20
NEW ENTRANTS
\
—
10
1983
1987
1984
1985
1986
1987
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Insured
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
ployment,
all
regular
programs
(unadjusted) 1
Weekly average, thousands
1980
1981
1982
1983 ..
1984
1985
1986
7,637
8,273
10,678
10,717
8,539
8,312
8,237
43.1
41.7
36.4
33.3
39.2
42.1
41.9
32.3
30.7
31.0
27.4
28.7
30.2
31.0
13.8
13.6
16.0
15.4
12.9
12.3
12.7
10.7
14.0
16.6
23.9
19.1
15.4
14.4
11.9
13.7
15.6
20.0
18.2
15.6
15.0
6.5
6.9
8.7
10.1
7.9
6.8
6.9
51.7
51.6
58.7
58.4
51.8
49.8
48.9
11.7
11.2
7.9
7.7
9.6
10.6
12.3
25.2
25.4
22.3
22.5
25.6
27.1
26.2
11.4
11.9
11.1
11.3
13.0
12.5
12.5
3,350
3,047
4,061
3,396
2,476
2,611
2,650
488
460
583
438
377
396
378
3,837
3,410
4,594
3,775
2,561
2,693
2,746
1986- Oct
Nov
Dec
8,222
8,243
7,949
41.9
41.2
42.4
31.5
31.8
30.2
11.7
12.7
12.9
14.9
14.3
14.5
15.2
14.8
15.0
7.0
7.0
7.1
48.7
48.1
48.9
12.6
12.9
13.0
26.8
25.8
25.4
11.9
13.1
12.8
2,621
2,565
2,515
357
355
357
2,296
2,478
2,841
1987- Jan
Feb
Mar
8,023
7,967
7,854
7,500
7,546
7,260
7,224
7,221
7,089
7,174
41.9
42.2
42.9
42.2
44.3
42.5
43.9
44.1
45.6
45.4
31.1
31.1
31.1
30.0
28.0
29.1
29.7
29.9
27.3
29.8
12.5
12.7
12.0
13.8
13.2
13.8
13.1
11.2
12.8
11.2
14.5
14.1
14.0
14.1
14.5
14.6
13.3
14.8
14.3
13.5
15.0
14.6
14.9
14.9
14.9
14.8
14.0
14.3
14.2
14.0
7.0
6.6
6.6
7.0
6.5
6.7
6.7
6.4
5.7
6.2
49.6
48.2
48.4
49.7
47.8
49.0
48.6
46.6
46.9
48.2
11.1
13.1
12.7
12.3
12.0
13.0
13.9
14.0
14.0
13.4
25.7
25.6
26.8
25.8
26.7
27.0
26.4
27.9
26.6
25.1
13.6
13.1
12.1
12.1
13.5
11.0
11.1
11.6
12.5
13.4
2,507
2,477
2,453
2,356
2,310
2,303
2,296
2,252
2,112
2,032
363
369
342
329
329
332
334
305
288
287
3,276
3,155
2,933
2,526
2,216
2,108
2,210
2,030
1,800
May
July
Sept
Oct
1
includes State (50 States, District of Columbia, Puerto Rico, and Virgin Is ands), ex-servicemen (IICX), Federal (UCFE), and railroad (RR) programs. Also includes Fede ral and State extended benefit programs. Docs not include Federal supplemental compensation pro Tarn.
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 549,000 in October.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
90
80
18
70
SERVICE-PRODUCING
INDUSTRIES
16 =-- - -j»-*a =-=•
GOVERNMENT
60
20
50
18
40
CONSTRUCTION
GOODS-PRODUCING
INDUSTRIES
30
20
lllllllllU
1983
1984
lllllllllU
lllllllllU
1985
1986
1987
1983
l l l l l l l l l U l l l l l l l l l U lllllllllU Illlllllllli
1984
1985
•SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF IABOR
1987
1986
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Service-producing industries
Goods-producing industries
Penod
-
1980 ..
1981
1982
1983
1984 ...
1985
1986 .
3
Total
nonagricultural
employment
Manufacturing
Total
2
Construction
Total
Durable
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
90,406
91,156
89,566
90,200
94,496
97,519
99,610
25,658
25,497
23,813
23,334
24,727
24,859
24,681
4,346
4/188
3,905
3^948
4,383
4^673
4,904
20,285
20470
18,781
18*434
19,378
19^260
18,994
12,187
12^109
11,039
10J32
11,505
11490
11,244
8,098
8^061
7,741
7^702
7,873
7^770
7,750
64,748
65,659
65,753
66,866
69,769
72,660
74,930
5,146
5465
5,082
4^954
5,159
5J238
5,244
5,275
5 1 358
5,278
5,268
5,555
5^717
5,735
15,035
15,189
15,179
15,613
16,545
17,356
17,845
5,160
5,298
5,341
5,468
5,689
5,955
6,297
17,890
18,619
19,036
19,694
20,797
22,000
23,099
16,241
16,031
15,837
15,869
16,024
16,394
16,711
2,866
2,772
2,739
2,774
2,807
2,875
2,899
1986: Get
100,209
Nov.... 100,415
100,567
Dee
24,611
24,630
24,630
4,942
4,946
4,936
18,934
18,954
18,970
11,169
11,174
11,175
7,765
7,780
7,795
75,598
75,785
75,937
5,251
5,278
5,286
5,731
5,728
5,725
17,980
18,009
18,007
6,395
6,418
6,451
23,369
23,452
23,544
16,872
16,900
16,924
2,897
2,900
2,904
1987: Jan
100,919
Peb
101,150
Mar
101,329
Apr
101,598
May.... 101,708
June ... 101,818
July.... 102,126
Aug '.. 102,275
Sept r.. 102,396
Get "... 102,945
24,708
24,743
24,749
24,759
24,752
24,761
24,850
24,886
24,910
25,018
5,034
5,038
5,032
5,019
4,999
5,008
5,002
5,006
4,978
5,019
18,956
18,986
18,995
19,011
19,018
19,015
19,104
19,129
19,174
19,237
11,157
11,179
11,176
11,175
11,175
11,176
11,195
11,248
11,276
11,321
7,799
7,807
7,819
7,836
7,843
7,839
7,909
7,881
7,898
7,916
76,211
76,407
76,580
76,839
76,956
77,057
77,276
77,389
77,486
77,927
5,304
5,315
5,333
5,348
5,344
5,350
5,363
5,377
5,406
5,422
5,741
5,757
5,766
5,772
5,775
5,781
5,797
5,807
5,813
5,824
18,080
18,140
18,136
18,197
18,205
18,226
18,274
18,256
18,319
18,388
6,480
6,501
6,526
6,558
6,576
6,586
6,608
6,624
6,626
6,633
23,670
23,759
23,842
23,926
24,025
24,083
24,214
24,279
24,274
24,424
16,936
16,935
16,977
17,038
17,031
17,031
17,020
17,046
17,048
17,236
2,912
2,916
2,922
2,933
2,935
2,935
2,936
2,940
2,963
2,955
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this tahle not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
ncludes mining, not shown separately.
^ Inc
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly
earnings
Average weekly
hours
Period
1979
1980
1981
1982
1983
1984
1985
1986
1986: Oct
Nov
Dec
1987- Jan
Feb
Mar
Apr
May
July
Sept r.
Oct"
Manufacturing
Total
private
nonagrieultural '
Total
Total
private
nonagricultural 1
Overtime
Index,
Manufacturing
9.77
9.78
9.79
2.4
2.6
2.0
1.2
1.7
1.3
9.79
9.81
9.83
9.86
9.88
9.88
9.87
9.93
10.03
10.02
171.2
171.8
172.2
172.6
172.9
172.9
173.2
174.1
174.5
174.6
94.7
94.6
94.4
94.2
94.0
93.8
93.7
93.7
93.7
93.5
2.2
2.1
2.2
2.5
2.4
2.2
2.4
2.7
2.8
2.6
1.1
8.86
8.88
8.91
8.91
8.95
8.94
8.96
9.02
9.02
9.08
40.7
40.8
40.8
34.7
34.9
34.8
34.7
34.9
34.8
34.8
34.9
34.6
34.8
40.9
41.1
40.9
40.6
41.0
41.0
41.0
41.0
40.4
41.1
1977 dollars
-3.1
-4.0
10
.9
1.6
-.3
-.5
1.0
3.6
3.6
3.6
3.5
3.8
3.7
3.8
3.8
3.6
4.0
34.7
34.8
34.6
Current
dollars
7.9
9.0
9.1
6.9
4.6
3.2
3.1
2.5
3.5
3.5
3.6
3.3
2.8
2.8
2.3
3.0
3.4
3.3
3.4
1977
dollars 3
Current
dollars
97.4
93.5
92.6
93.4
94.9
94.6
94.1
95.0
95.1
95.5
95.3
$6.70
7.27
7.99
8.49
8.83
9.19
9.54
9.73
40.2
39.7
39.8
38.9
40.1
40.7
40.5
40.7
Percent change from
a year
earlier * 5
116.8
127.3
138.9
148.5
155.4
160.3
165.2
169.3
170.2
171.2
171.1
$6.16
6.66
7.25
7.68
8.02
8.32
8.57
8.76
8.82
8.86
8.84
35.7
35.3
35.2
34.8
35.0
35.2
34.9
34.8
Adjusted hourly earnings index2 — total private
nonagricultural
.3
g
-1.2
-1.3
-1.4
-1.4
-1.6
-1.5
-1.9
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private nonagricultural 5
Average gross weekly earnings
Period
Current dollars
1987:
Construction
Retail trade
Current dollars
1977 dollars 3
1977 dollars
Current dollars
$219.91
235.10
255.20
267.26
280.70
292.86
299.09
304.85
$183.41
172.74
170.13
168.09
171.26
172.78
170.42
171.07
$269.34
288.62
318.00
330.26
354.08
374.03
386.37
396.01
$342.99
367.78
399.26
426.82
442.97
458.51
464.46
466.38
$138.62
147.38
158.03
163.85
171.05
174.33
174.64
176.08
8.0
6.9
8.5
4.7
5.0
4.3
2.1
1.9
Oct
Nov
Dec
306.05
308.33
305.86
171.07
171.96
170.40
397.64
399.02
399.43
471.38
473.71
471.85
176.35
177.24
176.00
1.5
2.1
.5
-3.1
-5.8
-1.5
-1.2
1.9
.9
-1.4
.4
.3
1.2
2
Jan
Peb
Mar
307.44
309.91
310.07
309.18
312.36
311.11
311.81
314.80
312.09
315.98
170.04
170.75
170.09
168.77
169.95
168.71
168.73
169.52
167.70
169.15
400.41
403.19
402.05
400.32
405.08
405.08
404.67
407.13
405.21
411.82
476.63
474.24
478.30
471.61
481.97
478.27
478.93
480.44
450.14
483.99
175.45
176.97
177.27
179.36
179.05
178.12
179.02
' 181.45
183.52
179.87
1.2
2.4
1.8
1.8
2.6
2.6
3.0
3.3
2.4
3.7
.1
.5
-1.0
-1.9
1i
-1.0
-.9
-.9
-1.8
-.9
1979
1980
1981
1982
1983
1984
1985
1986
1986:
Manufacturing
Total private
nonagricultural l
May
July
Sept7".
Oct*
1
4
z
9
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977= 100 base).
3
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
79-578 -87-2
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output '
Business
sector
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Compensation
per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor costs
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
99.6
99.3
107.9
107.9
108.3
108.7
119.1
118.9
99.4
99.2
119.5
119.7
117.0
116.5
1980
1981
1982....
1983
1984
99.3
100.7
100.3
103.0
105.6
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
95.7
97.3
98.2
98.0
96.6
95.7
97.2
98.2
97.9
132.5
142.7
154.5
156.7
159.1
132.9
144.0
156.0
157.6
160.4
127.6
139.8
148.1
153.0
158.2
127.8
140.3
149.2
154.3
159.0
1985
1986
107.5
109.5
105.8
107.5
123.9
128.0
123.6
127.5
115.2
116.9
116.8
118.6
175.9
182.8
175.2
182.0
99.1
101.0
98.7
100.6
163.6
166.9
165.6
169.3
162.4
165.8
164.1
167.8
1979
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
105.1
105.6
105.5
105.9
104.1
104.7
104.6
104.8
117.1
119.1
119.7
120.8
117.1
119.3
119.8
120.7
111.4
112.8
113.4
114.0
112.4
113.9
114.5
115.2
165.8
166.9
168.7
170.3
165.6
166.8
168.6
170.2
98.1
97.8
98.0
98.1
98.0
97.7
97.9
98.0
157.8
158.0
159.9
160.8
159.0
159.3
161.2
162.4
156.5
157.6
158.7
159.8
157.0
158.3
159.7
161.0
106.5
107.2
108.2
107.9
105.2
105.7
106.4
105.9
122.2
123.3
124.7
125.3
122.0
123.1
124.3
124.9
114.7
115.0
115.2
116.1
115.9
116.4
116.9
117.9
172.4
174.6
177.0
179.3
172.2
174.1
176.2
178.3
98.5
98.6
99.4
99.7
98.4
98.3
98.9
99.2
161.9
162.8
163.6
166.1
163.6
164.7
165.7
168.3
160.8
162.0
163.0
164.0
162.2
163.6
164.9
165.7
109.5
109.7
109.6
109.6
107.7
107.7
107.5
107.5
127.3
127.5
128.1
129.0
126.9
127.1
127.6
128.5
116.3
116.3
116.9
117.8
117.9
118.0
118.7
119.6
180.7
182.2
183.6
185.2
180.0
181.3
182.6
184.4
100.1
101.3
101.4
101.6
99.7
100.8
100.9
101.2
165.0
166.2
167.5
169.0
167.2
168.4
169.8
171.5
164.3
165.4
166.9
166.7
166.4
167.3
168.8
168.8
109.7
110.1
110.9
107.6
108.0
108.7
130.2
131.1
132.5
129.7
130.7
132.1
118.7
119.1
119.5
120.6
121.1
121.6
185.8
187.3
189.3
184.9
186.3
188.1
100.7
100.3
100.4
100.2
99.7
99.7
169.4
170.2
170.7
171.8
172.5
173.1
168.2
169.6
170.3
170.3
171.4
172.2
-1.2
-1.6
1984- I
n
m
IV
1985- I
n
m
IV
1986:
I
n
Ill
IV
1987:
I
n
HI"*..
Percent change; quarterly data at seasonally adjusted annual rates
1979
2.0
1.9
3.2
3.5
9.7
9.5
-1.4
-1.6
11.1
11.2
9.0
8.9
1980
1981
1982
1983
1984
1.4
-.4
2.7
2.5
— .4
1.0
-.6
3.3
2.1
— 1.1
2.1
31
4.2
8.4
-1.2
1.7
-3.3
5.0
8.3
g
.7
28
1.5
5.7
7
.7
27
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
-.9
1.5
1.1
-.3
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
1.8
1.9
1.2
1.6
4.0
3.3
3.6
3.2
2.1
1.4
2.5
1.6
4.7
3.9
4.4
3.9
1.1
2.0
.8
1.9
2.8
2.0
3.2
2.2
2.7
2.1
3.2
2.3
Q
1982:
IV
3.0
2.4
-.5
4.5
5.0
3.2
3.7
1.5
2.6
2.4
3.0
1983:
IV
3.0
1.4
10.4
9.8
7.2
8.3
5.4
4.3
1.5
.4
2.4
2.9
4.8
3.1
1984- I
II
Ill
5.3
2.1
-.4
1.5
3.4
2.4
-.6
1.0
12.9
7.3
1.9
3.5
11.1
7.6
1.8
3.1
7.3
5.1
2.3
2.1
7.4
5.2
2.4
2.1
5.6
2.7
4.4
3.8
5.5
3.0
4.3
3.9
.2
2.1
.7
4.9
2.9
3.4
2.9
2.8
2.7
2.1
3.5
3.5
3.3
2.2
2.9
3.7
-1.0
1.5
1.7
2.6
-1.6
4.8
3.8
4.4
2.2
4.3
3.4
4.1
2.0
2.5
1.0
.7
3.2
2.8
1.7
1.5
3.6
5.1
5.1
5.7
5.1
5.8
.6
-.3
-.1
6.6
.1
-.6
.0
6.4
.7
1.8
3.0
6.4
.6
1.7
2.9
.5
.1
2.1
3.1
-.2
.6
2.3
2.9
.5
1.4
2.9
.4
1.4
2.6
3.5
3.0
4.2
3.8
3.2
4.4
3.0
1.6
1.3
3.4
1.7
1.7
IV
1985:
I...
II
Ill
IV
1986:
I
II
Ill
IV
1987:
I
II
Ill <" .
.
1
-1.2
-3.4
-3.5
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
16
.8
.4
.7
.6
.3
.6
4.8
2.3
4.8
4.5
4.9
4.9
1.7
.6
3.3
1.2
1.4
— .1
2.5
.9
2.8
2.2
1.9
6.2
3.2
2.7
2.2
6.6
2.5
3.0
2.5
2.5
3.0
3.5
3.2
2.0
3.2
3.5
3.0
3.6
3.9
2.9
2.8
4.0
1.6
4.8
.5
.9
2.3
4.2
.4
1.3
-2.5
2.8
3.3
3.7
-2.6
2.8
3.5
4.0
.9
2.6
3.7
-.5
1.6
2.3
3.7
.0
1.4
3.3
4.2
1.1
3.0
4.0
.9
1.8
1.3
.8
1.5
1.3
3.7
3.4
1.7
3.4
2.6
2.0
.3
-1.3
-1.0
-3.7
-1.6
-3.9
-1.8
.3
.1
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore ma;
differ slightly from percent changes based on indexes shown here.
'Data for third quarter 1987 do not reflect revisions of GNP and related items published Novem
ber 24.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.6 percent in October, following no change in September. The index for October was
5.1 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
^U
FINAL PRODUCTS
200
INDEX, 1977=100* (RATIO SCALE)
140
TOTAL NDUSTRIAL PRODUC1riON
,-• ^^~'—
•>__
_—*-•"•
120
™
DEFENSE AND
SPACE
EQUIPMENT
180
—
\
160
100 -^
I 1 1 1 1IjJJ 11
iniiliiiti iiiiilinii
1 1 111 1M 1 1 1
^._
iiiiilinii
t•4ONDURABL
Ss*
.--"*
BUSINESS
EQUIPMENT
^i_^ -^
^^
^^
120
^^-^^' -
- DUR ABLE
1
\^f--- -\- "I""
120
-^***f
p-
140!
MANUF ACTURING PRODUCT ION
140
^~
""•
CONSUMER
GOODS
-^'""
;
1
100
-
s
,,,,,,,,,,, iiiiilinii 1 1 1 1 1 1 1 1 1 1 1 i
1 1 M 1 I 111 1
,,,,,,
100
1 11 M M \ \ ' \
iiiiilinii
1 1 1 11 11 1 I 1 1
PERCENT*
iiiiilinii
1 11 11 1 111 1 1
90 — CAPACITY UTILIZATION RATE (TOTAL INDUSTRY) —
140
_ UTILITIES AND MINING PRODUCTION
120
^**^~^«- .Vo
100
1 1 1 1 1 1 I 1 1 ,,.,,!,,!..
1 1
1983
1984
Ci e
80
>
* 5^v b
^/"
-.'-'"•-
70
MININC'
^-v^~
1 1 M 1 1 1 1 1 1 111 II 1 1 1 1 1 1 1 iiiiilinii
1985
1987
1986
60
Minium iiiiilinii iiiiiliini iiiiilinii
1985
1983
1984
1986
"SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1 11 111 LI 1 1 1
1987
COUNCIL OF EC DNOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1977 = 100
1977 proportion
1979
1980
1981
1982
1983
1984
1985
1986
1986: Oct
Nov
Dec
1987: Jan
Feb
Mar
May
July '
Aug r
Sept
r
Oct''
1
Output as percent of capacity.
Industry production indexes, 1977 = 100
Capacity utilization
rate, percent 1
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Utilities
Nondurable
Total
industry
Manufacturing
100.0
110.7
108.6
111.0
103.1
109.2
121.4
123.7
125.1
125.3
125.7
126.8
3.9
-1.9
2.2
-7.1
5.9
11.2
1.9
1.1
1.3
.7
1.1
84.21
111.5
108.2
110.5
102.2
110.2
123.4
126.4
129.1
129.7
130.1
131.3
49.10
113.9
109.1
111.1
99.9
107.7
124.2
127.6
128.4
128.6
129.0
129.7
35.11
108.2
107.0
109.7
105.5
113.7
122.3
124.6
130.1
131.2
131.7
133.4
9.83
106.4
112.4
117.5
109.3
102.9
111.1
108.9
100.4
96.2
97.5
97.1
5.96
105.9
107.3
107.1
104.8
105.2
110.7
111.1
108.5
108.6
109.6
109.0
85.2
80.9
79.9
72.1
74.6
81.0
80.4
79.4
79.1
79.2
79.7
84.6
79.3
78.2
70.3
73.9
80.5
80.1
79.7
79.5
79.6
80.2
126.2
127.1
127.4
127.4
128.2
129.1
130.6
131.0
130.9
131.7
1.3^
2.9
2.1
3.1
4.1
4.6
4.8
5.1
5.1
130.7
131.6
132.4
132.4
133.2
134.0
135.6
135.7
135.7
136.8
129.3
130.8
131.5
130.9
131.4
132.0
133.5
133.7
133.6
135.3
132.7
132.9
133.7
134.6
135.7
136.9
138.5
138.6
138.6
139.0
99.4
98.8
98.3
98.6
99.2
99.2
99.2
100.3
101.0
101.5
108.0
108.5
107.9
106.0
109.6
109.4
111.2
112.5
111.0
110.8
79.2
79.7
79.7
79.6
79.9
80.3
81.1
81.2
81.0
81.3
79.6
80.0
80.3
80.2
80.4
80.8
81.5
81.4
81.2
81.7
Source: Board of Governors of the Federal Reserve Svstei
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977—100; monthly data seasonally adjusted]
Materials
Products
Final products
Intermediate products
Consumer goods
Equipment
Period
Total
Total
Durable
goods
Nondurable goods
Total '
Business
Defense
and
space
equipment
Total
" Construction
supplies
Business
supplies
Total
Energy
1977 proportion
1979
1980 ..
1981
1982
1983 ....
1984
1985
1986
1986: Oct
Nov
Dec
44.77
111.0
112.2
115.2
109.5
114.7
127.3
131.0
132.5
132.9
132.9
134.1
35.52
103.9
102.7
104.1
101.4
109.3
118.0
119.8
124.0
124.8
125.0
126.6
6.89
99.9
88.4
89.7
82.9
98.5
112.2
112.5
115.6
116.8
117.4
119.5
18.63
105.4
108.1
109.3
108.3
113.3
120.1
122.5
127.1
127.7
127.8
129.2
19.25
120.4
124.7
129.9
120.2
121.7
139.6
145.8
143.6
143.7
143.4
144.0
14.34
124.7
125.1
127.6
113.6
115.4
134.2
140.2
139.5
139.4
138.8
139.5
3.67
105.6
115.4
119.8
133.0
143.1
156.4
171.4
182.0
185.6
185.5
186.2
12.94
110.8
106.9
107.3
101.7
111.2
124.7
129.3
136.2
138.3
138.1
139.2
5.95
108.7
100.6
98.6
88.3
100.6
114.0
119.2
126.4
127.3
127.3
128.6
6.99
112.7
112.3
114.7
113.1
120.3
133.8
137.9
144.6
147.7
147.3
148.2
42.28
110.3
105.3
107.7
96.7
102.8
114.2
114.3
113.8
113.3
114.3
115.2
11.69
104.1
105.5
104.7
101.2
98.4
103.9
103.3
99.7
96.8
98.8
97.7
1987:
133.3
134.8
135.1
134.5
135.5
136.2
137.9
138.3
138.4
139.9
125.5
126.4
126.7
125.5
127.3
127.2
128.9
129.2
128.4
129.9
118.8
121.0
119.8
116.7
120.1
117.4
120.4
120.9
118.1
122.1
128.0
128.4
129.3
128.7
130.0
130.9
132.1
132.3
132.3
132.8
143.5
146.0
146.2
146.4
146.3
148.1
149.7
150.3
151.7
153.2
138.6
141.7
141.9
142.1
141.7
144.2
145.6
145.5
146.6
148.4
187.3
188.9
182.6
189.2
189.3
188.6
188.7
190.1
191.3
192.1
138.8
139.9
140.9
140.3
141.8
143.3
145.0
144.8
144.2
144.6
130.3
130.0
130.4
128.2
129.1
131.5
133.1
132.2
132.4
132.4
146.0
148.4
149.9
150.6
152.6
153.4
155.2
155.5
154.2
114.9
114.9
115.2
115.9
116.3
117.2
118.5
119.0
118.8
119.0
99.3
98.6
97.2
97.8
98.7
99.4
99.0
99.9
99.6
99.3
Jan
Feb
Mar
Apr
May
..
....
Julv r ...-
Aue rr
Sept
Ocf
1
Includes rigs and prefabs, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Iron and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
3.49
108.0
86.3
92.5
57.5
66.1
73.4
70.4
63.4
61.0
63.5
61.3
6.46
109.4
101.8
101.6
86.6
89.1
102.6
107.1
108.0
108.9
108.3
109.6
9.54
122.6
123.3
129.8
115.6
118.3
141.8
146.2
145.0
145.0
144.5
144.8
7.15
125.7
130.3
134.1
128.4
143.8
170.5
168.3
165.7
167.3
167.9
170.4
9.13
108.3
96.9
95.1
87.6
99.2
112.2
122.8
127.5
127.6
126.9
126.8
59.5
62.3
65.4
65.0
65.7
68.3
70.9
75.5
108.4
108.3
110.5
109.9
108.5
111.1
111.1
109.9
110.1
111.1
143.4
145.5
148.5
150.4
149.7
151.8
155.3
154.1
156.4
157.3
170.4
171.0
168.5
168.4
171.1
170.5
172.5
174.0
173.5
173.6
129.0
132.7
132.2
127.8
129.4
126.5
127.6
128.0
125.8
132.0
Period
Total
1977 proportion
1979
1980
1981
1982
1983
1984
1985
1986
1986: Oct
Nov
Dec
1987: Jan
Feb
Mar
....
Apr
May
July '.
Aug r
Sept r
Oct "
5.33
108.5
90.4
95.0
65.8
73.0
82.3
80.4
75.1
73.1
75.5
73.4
72.8
75.1
77.0
76.1
77.0
78.8
81.4
84.8
845
85 1
Source: Board of Governors of the Federal Reserve Svstei
18
Total
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
5.25
95.9
71.1
71.6
66.8
85.8
104.4
111.9
111.5
110.3
109.1
109.7
2.30
102.0
92.9
90.1
82.8
100.2
109.1
114.3
124.1
124.6
130.3
133.5
2.79
98.3
97.3
96.1
87.3
95.3
102.7
100.4
103.1
103.9
103.8
104.9
4.54
112.7
115.1
118.6
120.2
129.8
146.5
151.4
160.9
164.4
164.8
166.4
8.05
111.4
106.4
112.6
103.8
114.0
121.6
126.4
132.0
133.3
132.3
135.7
7.96
106.7
111.4
113.7
114.9
120.4
126.9
130.5
134.4
133.7
135.3
136.7
112.0
117.7
116.5
109.8
112.0
107.4
109.4
109.1
105.8
115.7
128.5
129.6
128.9
127.8
130.3
131.1
132.8
131.1
130.9
106.1
106.5
105.4
105.3
106.4
107.7
109.7
107.8
166.3
164.4
167.6
169.2
171.4
174.1
174.0
174.1
173.9
174.0
136.4
135.7
135.3
137.3
138.1
139.3
140.8
142.0
142.4
134.6
136.4
137.3
136.0
137.4
137.7
138.5
138.8
139.4
Motor
vehicles
and
parts
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 3
Private
Total new
construction
expenditures
Period
Residential
Total
Commercial
and
industrial 2
New housing
units
Total '
Other
Federal,
State, and
local
Total value
index
(1982=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
252.4
251.7
260.2
246.6
281.3
328.6
356.0
388.8
1979
1980
1981
1982
1983
1984
1985....
1986
200.7
193.3
203.6
192.9
227.5
271.0
291.7
316.6
116.4
100.4
99.2
84.7
125.5
153.8
158.5
187.1
89.3
69.6
69.4
57.0
94.6
113.8
114.7
133.2
42.0
46.7
55.0
58.7
53.8
68.6
82.7
78.0
42.3
46.2
49.4
49.5
48.1
48.5
50.5
51.5
51.7
58.5
56.5
53.7
53.8
57.7
64.3
72.2
109
97
100
100
124
135
148
155
155
151
156
155
970
861
1,025
940
155
151
165
162
149
161
163
171
157
166
996
850
912
935
901
1,023
1,011
1,033
1,065
994
Annual rates
Annual rates
1986: Sept .
Oct
Nov
Dec
1987: Jan.
Feb
Mar
Apr
May
July
Aug "
Sept"
Oct"
...
400.1
394.9
390.6
380.2
324.9
322.9
320.4
306.8
198.8
192.6
194.5
181.7
137.6
139.0
138.5
137.6
75.8
78.4
75.1
75.5
50.3
51.9
50.8
49.7
75.2
71.9
70.2
73.3
384.7
401.6
388.3
396.2
396.7
397.2
399.7
400.1
406.3
310.2
326.5
312.2
320.5
321.4
324.3
325.0
328.2
329.7
187.8
203.1
190.8
199.5
195.9
200.9
198.1
199.4
200.7
137.3
137.0
139.5
139.7
139.4
138.2
137.9
138.1
139.9
70.4
72.8
71.3
69.8
73.8
72.0
72.9
74.2
73.9
52.0
50.5
50.1
51.1
51.7
51.4
54.0
54.5
55.1
74.5
75.2
76.1
75.7
75.3
72.9
74.7
71.9
76.6
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
996
3
F. W. Dodge series.
Sources: Department of Commerce {Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Units started, by type of structure
Period
Total
1979.. ..
1980
1981
1982
1983
1984
1985
1986
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,805.4
1 unit
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,179.4
2-4 units
122.0
109.5
91.1
80.0
113.5
121.4
93.4
84.0
5 or more units
429.0
330.5
287.7
319.6
522.0
544.0
576.1
542.0
Units
authorized
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
1,769.4
Units
completed
Homes sold
Homes for
sale at end of
period *
3
Vacancy rate
for rental
housing units
(percent) 2
398
336
272
251
300
353
346
357
5.4
5.4
5.0
5.3
5.7
5.9
6.5
7.3
675
691
768
357
353
357
7.7
712
740
720
733
649
641
675
692
656
358
358
358
359
355
359
358
360
359
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
1,756.4
709
545
436
412
623
639
688
750
1,745
1,774
1,894
1,956
1,726
1,689
1,830
1,621
1,601
r
1,698
1,665
1,540
Seasonally adjusted annual rates
1986- Oct
Nov
Dec
1987- Jan
Feb
Mar
May
June
July
Aug r
Sept r
Oct"
1,657
1,637
1,813
1,816
1,838
1,730
1,643
1,606
1,586
1,598
1,585
1,648
1,513
1,114
1,129
1,233
1,253
1,303
1,211
1,208
1,130
1,088
1,143
1,111
1,186
1,103
85
71
108
79
76
85
67
67
85
59
59
55
67
458
437
472
484
459
434
368
409
413
396
415
407
343
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
vith earlier data.
3
New series beginning March 1979.
1,664
1,667
1,862
1,652
1,676
1,719
1,598
1,493
1,517
1,487
1,502
1,502
1,463
7.4
7.5
8.1
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83
data are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
In September, manufacturing and trade sales rose 1.2 percent and inventories rose $4.0 billion. In October,
according to advance data, retail sales fell 0.1 percent, following a decline of 1.1 percent in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
20
800
-
-
700
,_—•—
-•—'
^-1
MAN JFACTURINCSAND
TRA DE INVENTC RIES
- ^
-
"""
'"V"
\
-
MA NUFACTURI vIG
AN D TRADE SA .ES
^•''
00
-
-
A'' i""
20
--*• /"""
—
R ITAIL INVEN TORIES
/"
500
e_,''
^/r—'—*C
60
-
40
400
^-—"^""1^
80
L
600
-
00
-
iETAIL SALES
x~"
80 miilmii Ulllllllii lllll|||lll mnliim I'lI'lMU!
300
-
RATIO*
1.80
-
-v
1.60
•200
INVENTORY-SALES RATIO
1.40
MANUFACTURING
AND TRADE
1.20
mnlimi imilimi iimliini imilimi imitimi
1983
1984
1985
1986
1987
RETAI
1.00 minium iiiiiliini iiiiilinii iiiiilinii
1984
1983
1985
1986
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade *
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Sales
Inventories 3
Sales
2
Inventory-sales ratio 4
Retail
Sales
Period
2
1987
Inventories 3
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade l
Retail
Millions of dollars, seasonally adjusted
1982
1983
1984
1985
1986
1986: Sept r.
Oct. .
Nov
Dec
r
1987- Jan
Feb
Mar
Apr
Mayj
June
July
Aue r
Sept"
Oct".
1
348,746
369,266
408,721
419,459
425,752
574,126
589,280
641,328
650,695
652,705
96,290
100,424
113,404
114,563
115,109
128,196
129,803
140,865
144,244
147,375
437,226
429,751
429,944
443,766
653,666
656,619
656,189
652,705
117,741
117,488
117,734
118,446
148,253
147,754
148,204
147,375
425,080
443,169
445,032
444,357
446,282
451,734
452,652
457,499
462,983
659,036
660,470
663,010
665,877
671,609
674,753
677,743
678,442
682,430
116,545
123,281
123,009
123,439
124,486
124,836
126,196
128,164
129,819
149,347
149,408
149,565
150,050
152,673
153,093
152,648
151,222
153,296
r
129,101
122,288
121,678
127,613
118,579
124,280
124,593
124,960
124,867
126,307
127,061
128,931
r
127,555
127,418
See page 21 for manufacturing.
Monthly average for year and total for month.
End of period. Data are on a current-cost basis beginning December 1980 for wholesale and
retail and beginning January 1982 for manufacturing; not comparable with data for prior periods.
2
3
20
60,937
64,438
68,499
71,803
73,863
134,509
147,325
166,300
179,671
187,158
61,911
70,092
80,737
90,791
94,935
72,598
77,233
85,563
88,880
92,223
1.67
1.56
1.52
1.54
1.54
1.49
1.44
1.48
1.50
1.54
74,013
74,343
74,270
75,034
187,057
190,645
189,264
187,158
95,497
97,810
97,041
94,935
91,560
92,835
92,223
92,223
1.50
1.53
1.53
1.47
1.45
1.56
1.56
1.47
74,813
76,915
76,651
76,825
77,084
77,326
77,326
77,788
r
77,414
77,783
189,000
190,527
193,355
195,042
197,088
200,039
201,762
201,826
202,664
96,606
97,831
99,293
99,767
101,876
103,541
104,385
104,044
104,457
92,394
92,696
94,062
95,275
95,212
96,498
97,377
97,782
98,207
1.55
1.49
1.49
1.50
1.50
1.49
1.50
1.48
1.47
1.59
1.53
1.55
1.56
1.58
1.58
1.59
1.57
1.59
28,169
33,161
38,948
43,165
47,338
89,107
97,599
107,448
114,968
121,201
r
55,088
47,945
47,408
52,579
43,766
47,365
47,942
48,135
47,783
48,981
49,735
51,143
r
50,141
49,635
4
r
Annual data are averages of monthly ratios.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In September, manufacturers' shipments, inventories,
durable goods shipments fell and new orders rose.
and orders rose. In October, according to advance data,
BULK)NS OF DOLLARS* (RATIO SCALE)
280
240
— SHIPME NTS
200
160
BILLIC)NS OF DOLLARS* (RATIO SCALE)
440
400
360
320
280
'
^-~
^—"""l
— TOTAL—
*
— INVENTORIES
'
"
\
240 -
DU RABLE GOO 35
~H— vH
..
80 .-*«^
-i— I
**
/
^--
^'"—_r
*• •. •* •*
120
\
iiniiiMii
Illllllllll Illllilllll Illllllllll
NOr' (DURABLE G )ODS
80
BILLIC>NS OF DOLLARS* (RATIO SCALE)
60
280
240 ..... KIFW nRHFF?^
Illllllllll Illllllllll Mlllllllll Illllllllll
Illllllllll
200
^s~^ -/ ——
\
DU RABLE GOO 3S
160
NO ^DURABLE G OODS
60
IIMlllllll
200
-
,-
.^-
120
s
—
RATIC
*
2.20
160
INVENTORY-SHIPMENTS RATIO
2.00
120
80
(ABLE GOO
,^-
.-._.,-.
\~^"A
' \~ '
1
\—1
A
t
1.60
1
NON DURABLE G(DODS
1.40
60
Illllllllll
IIMlllllll Illlillllll Illllllllll Illllllllll
1984
1983
1985
r^
1.80
^ —-
1.20
1987
1986
-^
"
^
^1 1 1 1 1 h 1 1 1 1 iiniiiMii
1 1 1I 1 1 1 t 1 1 1
1983
1984
-
Illllllllll 1 1 1 1 1 1 1 1 1 1 1
1 986
1985
SEASONALIY ADJL STED
sOURCE: DEPARTME NT OF COMMERC
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' inventories 2
Manufacturers' new orders 1
Durable goods
Period
Total
Durable
goods
1 987
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
Millions of dollars, seasonally adjusted
1980
1981
1982
1983
1984
1985
1986
1986: Sept
Oct r
Nov
Dec
1987: Jan
Feb
Mar
Apr
May
June
July
Aug *
Sept r
Oct p
1
154,391
168,129
163,350
171,242
187,869
189,928
189,442
77,550
83,872
79,352
84,956
96,623
98,930
100,142
76,841
84,257
83,998
86,286
91,246
90,997
89,300
190,384
189,975
190,532
197,707
100,655
101,100
100,218
106,739
89,729
88,875
90,314
90,968
318,356
318,220
318,721
318,172
189,956
195,608
197,430
195,958
196,929
200,591
199,395
200,404
205,609
99,318
103,601
104,750
102,747
102,477
104,476
103,032
104,135
108,392
108,101
90,638
92,007
92,680
93,211
94,452
96,115
96,363
96,269
97,217
320,689
320,535
320,090
320,785
321,848
321,621
323,333
325,394
326,470
264,281
282,645
311,421
312,152
334,163
326,780
318,172
2
89,661
96,298
110,710
111,932
115,639
113,030
110,237
156,161
167,752
161,600
173,915
190,065
190,631
189,482
79,360
83,553
77,676
87.4S5
98,875
99,600
100,131
23,259
24,050
21,469
22,143
26,714
26,970
26,671
76,801
84,199
83,924
86,431
91,189
91,030
89,351
323,393
319,094
306,302
338,849
365,177
373,495
373,849
209,402
209,170
209,373
207,935
108,954
109,050
109,348
110,237
193,043
189,088
190,999
197,042
102,947
100,073
100,658
105,966
27,155
27,517
27,301
29,312
90,096
89,015
90,341
91,076
374,463
374,047
374,514
373,849
209,090
208,644
207,987
208,683
209,096
208,654
209,951
210,921
211,567
111,599
111,891
112,103
112,102
112,752
112,967
113,382
114,473
114,903
186,633
194,333
199,399
200,624
201,397
205,454
206,065
203,157
206,566
95,544
101,932
106,213
106,977
106,992
109,181
109,213
106,678
109,271
109,568
26,777
26,856
27,396
28,310
30,031
29,987
31,982
29,540
29,751
29,936
91,089
92,401
93,186
93,647
94,405
96,273
96,852
96,479
97,295
370,526
369,251
371,220
375,886
380,354
385,217
391,887
394,640
395,596
174,620
186,347
200,711
200,220
218,524
213,750
207,935
2
Monthly average for year and total for month. Shipments are the same as sales.
End of period. Data beginning 1982 are on a current-cost basis, and are not comparable with
data for prior periods.
3
End of period.
2
2
1.67
1.65
1.95
1.80
1.74
1.74
1.70
1.67
1.68
1.67
1.61
1.69
1.64
1.62
1.64
1.63
1.60
1.62
1.62
1.59
4
Annual data are averages of monthly ratios. Data beginning 1982 are not comparable with data
for prior periods (see footnote 2 regarding inventories).
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In October, the producer price index for all finished goods fell 0.2 percent, seasonally adjusted. Prices of finished
consumer foods fell 0.1 percent while prices of other finished consumer goods fell 0.2 percent. Capital equipment
prices fell 0.4 percent.
INDEX, 1967 =100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
340
340
SEASONALLY ADJUSTED
FINISHED GOODS
320
320
GOODS
\
—-=r~ .\"3
:ONSUMER GC)ODS
EXCLUDING FCinns
300
_,^ss~-i^~«£
>"1
.---]|
280
"
-^-^
+ ''**•*-/
f'/r^f
200
180
300
x
-vo ^'" /'"-,'''-<
CO NSUMER FOO 3S
..'-./"''
/\
""
r^'
//
CAPITAL EQUIP WENT
240
z?u
220
200
s
II 1 III II 1 II
1979
280
260
//^ f"
240
220
'"
~N~V
jfc?
260
Cx^
r-
1,,,,, iiiiiliiin
1 1 1 I t 1 t 1 ) 11
1980
I I I I 1 1 I I I 1 1
1
1983
1982
1981
I A L I 1 I I ! 1 I1
I 1 1 I 1 1 I 1 II
1 1 1 1 j 1 1 1 i 1 1 1 1 i 1 1 1 1 1 i 11
1986
1985
1984
180
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[1967 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Period
Total
finished
goods
Consumer
foods
Finished goods excluding consumer foods
Total
Consumer goods
finished
con-
Total
Total
1979
1980
1981
1982
1983..
1984
1985
1986
1986: Oct
Nov
Dec .. .
1987: Jan
Feb
Mar
May
June
July
r
Oct
1
217.7
247.0
269.8
280.7
285.2
291.1
293.7
289.7
226.2
239.5
253.6
259.3
261.8
273.3
271.2
278.1
290.1
290.2
290.4
285.9
285.3
284.0
291.7
291.9
293.5
295.1
295.7
296.3
297.4
297.4
298.3
297.6
279.0
278.8
279.1
283.1
287.2
287.6
287.0
283.3
286.4
286.2
213.3
247.8
273.3
285.8
290.8
294.8
299.0
291.1
288.8
289.3
289.9
293.4
293.8
295.9
296.6
295.9
296.6
298.3
299.7
299.8
298.9
Intermediate materials for food manufacturing and feeds.
22
211.5
250.8
276.5
287.8
291.4
294.1
297.3
283.5
279.2
279.4
280.2
285.0
285.9
288.7
289.4
288.2
289.3
291.5
293.3
292.4
291.7
Durable
183.2
206.2
218.6
226.7
233.1
236.8
241.5
246.8
251.0
252.2
252.0
252.7
250.0
250.6
252.5
252.1
252.1
252.6
251.8
255.5
255.0
Nondurable
Capital
equipment
231.3
283.9
319.6
333.6
335.3
337.3
339.3
311.2
300.7
300.1
301.5
308.9
311.7
316.0
316.0
314.3
316.0
319.2
322.5
318.9
318.1
216.5
239.8
264.3
279.4
287.2
294.0
300.5
306.4
308.7
309.8
310.2
310.8
310.1
310.5
311.3
311.6
311.4
312.0
312.6
314.8
313.5
sumer
goods
217.9
248.9
271.3
281.0
284.6
290.3
291.8
284.9
284.8
284.7
284.8
286.2
286.7
288.7
290.6
291.2
292.1
293.3
293.1
293.7
293.1
Total
Foods
and
feeds '
Other
Crude materials
Total
Foodstuffs
and
Other
stuffs
242.2
280.3
306.0
310.4
312.3
320.0
318.7
307.6
226.1
252.6
250.3
239.4
247.9
253.1
232.8
230.3
244.4
282.3
310.1
315.7
317.1
325.0
325.0
313.3
274.3
304.6
329.0
319.5
323.6
330.8
306.1
280.3
247.9
259.2
257.4
247.8
252.2
259.5
235.0
231.0
304.8
304.7
304.7
231.5
231.6
231.2
310.2
310.2
310.2
280.9
279.0
276.6
241.1
237.5
234.5
307.5
309.1
310.1
311.2
313.2
315.0
317.0
318.2
318.4
319.9
228.3
230.3
228.3
232.2
240.3
241.4
240.4
237.8
240.8
241.8
313.3
315.0
316.1
317.1
318.6
320.5
322.7
324.2
324.1
325.7
282.6
285.8
288.7
295.5
303.0
304.8
307.8
309.1
306.2
306.9
227.2
227.3
228.2
238.3
249.4
245.9
240.6
240.9
242.0
235.2
Source: Department of Labor, Bureau of Labor Statistics.
330.0
401.0
482.3
473.9
477.4
484.5
459.2
386.8
366.3
368.3
367.2
390.8
398.1
403.8
407.8
412.5
420.6
433.8
436.4
428.4
426.3
CONSUMER PRICES—ALL URBAN CONSUMERS
In October, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted (0.3 percent not
seasonally adjusted). The index was 4.5 percent above its year-earlier level.
INDEX, 1967= 100 (RATIO SCALE)
360
INDEX, 1967= 100 (RATIO SCALE)
360
340
1340
320
320
300
300
ALL ITEMS
280
280
260
260
240
240
220
220
200
200
180
1979
1980
1981
Illllllllll
1982
180
1983
1985
1984
1987
1986
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967= 100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
All items
Shelter
Period
All
items *
Total '
Renters'
1982 = 100)
Homeowners'
costs (Dec.
1982=100)
NSA
and
repairs
Fuel
Appar-
and
upkeep
other
utilities
Total '
New
cars
Motor
fuel
Medical
care
Bner-
gy 2
food,
energy,
and
shelter
NSA
Rel. imf.a
1979
1980
1981
1982
1983
1984
1985
1986
100.0
217.4
246.8
272.4
289.1
2984
311 1
3222
3284
16.2
234.5
2546
274.6
285 7
291 7
302 9
309 8
319 7
42.9
227.6
263.3
293.5
314.7
323 1
3365
349 9
3602
27.8
239.7
281.7
314.7
337.0
344 8
361 7
382 0
402 9
103 0
108 6
115 4
121 9
1986: Oct
Nov
Dec
330.5
330.8
331.1
325.2
326.5
327.2
361.9
362.0
362.7
408.3
409.3
410.3
1987:
333.1
334.4
335.9
337.7
338.7
340.1
340.8
342.7
344.4
345.3
328.6
329.6
329.2
330.2
332.0
334.4
333.8
333.9
335.6
336.9
364.4
365.8
367.2
368.2
368.9
370.1
370.9
373.1
373.1
373.8
412.2
414.3
416.5
418.0
419.2
420.1
421.4
424.1
424.7
427.0
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Maintenance
7.9
6.3
102 5
107 3
113 1
119 4
0.2
2564
285 7
3144
334 1
346 3
359 2
368 9
373 8
239 3
278 6
319 2
3508
3703
387 3
393 6
384 7
1666
1784
1869
191 8
196 5
200 2
206 0
207 8
27.3
212 0
249 7
2800
291 5
298 4
311 7
319 9
307 5
1660
179 3
190 2
197 6
202 6
208 5
215 2
224 4
2.9
2656
369 1
4109
3894
376 4
370 7
373 8
292 1
239 7
265 9
2945
328 7
357 3
379 5
403 1
433 5
7.4
275.9
361 1
410.0
416 1
419 3
423 6
4265
370 3
48.6
191.5
208.3
228.1
245.6
2584
271 2
281 6
291 2
123.6
124.1
124.5
121.1
121.3
121.5
379.0
377.1
380.0
376.7
374.9
374.3
209.0
209.6
209.5
302.5
303.6
303.6
228.0
229.7
230.9
263.4
261.7
260.9
443.0
445.3
448.2
347.1
345.3
344.6
293.9
294.8
295.5
125.4
126.0
126.7
127.0
127.2
127.7
128.8
129.2
128.8
128.5
122.0
122.6
123.2
123.7
124.2
124.3
124.4
125.4
125.8
126.9
382.1
381.9
383.4
382.4
381.9
385.0
392.4
391.3
390.5
390.9
375.9
377.1
377.6
378.1
378.1
381.0
380.8
383.2
381.2
378.5
210.4
211.8
215.4
218.6
219.1
217.3
215.9
216.0
218.3
221.1
308.3
309.8
311.8
313.4
314.4
316.0
317.8
320.0
320.5
322.0
231.8
229.3
229.4
230.4
231.1
232.0
233.2
233.3
233.5
234.8
278.0
289.5
296.2
298.4
299.7
303.6
307.2
316.4
315.9
315.5
450.2
451.7
453.7
456.5
459.1
462.1
464.6
466.3
468.6
470.7
354.9
361.5
365.2
366.2
366.8
372.2
372.5
378.7
376.8
373.5
297.0
297.4
298.8
300.5
301.4
301.9
303.0
303.8
304.4
305.9
8.0
19.6
1
Includes items not shown separately.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
3
Relative importance, December 1986.
2
4.6
5.4
and therefore are not strictly comparable with figures for earlier periods.
Data beginning 1987 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
Excluding
foods
Foods
goods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
12.8
11.8
7.1
3.7
.6
1.7
1.8
-2.3
1979
1980
1981.. .
1982
1983
1984
1985
1986
17.5
14.2
8.5
4.2
-.8
.8
2.0
6.6
7.4
7.5
1.4
2.1
2.3
3.5
.5
2.9
11.1
13.5
9.2
4.0
1.6
2.1
.9
-1.4
8.8
11.4
9.2
3.9
1.9
1.8
2.7
2.1
Change, month to month
Oct
Nov
Dec
0.3
.0
.1
0.9
-.2
g
0.0
.1
.3
0.4
.4
.1
4.1
2.7
1.8
9.3
2.6
1.0
1.9
2.2
1.6
3.2
4.2
3.4
1.9
1.0
.7
10.7
7.2
6.0
1987- Jan
Feb
Mar
Apr
May
.4
.1
.5
.5
.2
.2
.4
0
.3
-.2
-1.8
-.1
.1
1.4
1.4
.1
o
-1.3
1.1
1
1.7
.3
1.0
.2
4
.4
.8
.6
3
2
.2
2
.1
.3
.1
I
.2
.2
.7
4
2.2
2.4
4.3
4.7
5.3
3.9
3.2
2.3
2.7
.3
93
-8.8
67
6.0
12.6
12.7
5.6
-5.3
17
-1.1
8.6
9.6
12.7
6.3
3.3
.8
2.9
7.3
4.4
.3
2.7
.4
.4
.6
1.9
1.2
.9
1.3
4.4
1.9
3.2
2.5
3.1
3.5
3.8
4.1
3.9
3.8
3.3
1.7
-.4
-3.3
-2.9
-1.9
1.3
2.6
5.8
3.3
5.3
2.2
1986:
r
July
. •>
Sept r
Oct
-2.6
-2.9
-2.8
5.2
5.8
7.0
7.4
6.4
6.6
4.6
5.2
2.6
1.6
2.4
2.8
2.7
-1.4
-1.9
-2.3
3.0
2.3
1.9
1.7
1.2
.8
.8
1.6
2.8
1.4
-1.4
.1
1.6
2.7
2.4
2.4
3.5
3.2
3.3
2.6
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Transportation
Shelter
Period
All
items '
Food
Total '
Total1
Renters'
costs
Homeowners'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total 1
New
ears
Motor
fuel
Medical
care
Energy2
All
items
less
food,
energy,
and
shelter
Addendum: All items, percent change
(annual rate)
From
previous
quarter 3
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1979
1980
1981
1982
1983
1984
1985
1986
13.3
12.4
8.9
3.9
3.8
4.0
3.8
1.1
102
10.2
43
3.1
2.6
3.8
2.7
3.8
152
13.7
102
174
15.1
16.0
13.6
3.6
3.5
4.2
4.3
1.8
99
2.4
4.7
5.2
6.0
4.6
5.1
5.9
6.3
5.0
4.5
5.1
5.9
4.6
14.5
9.7
1.8
4.2
1.9
-5.7
5.5
6.8
3.6
1.6
2.9
2.0
2.9
.9
18.2
14.7
11.0
1.7
3.9
3.1
2.6
-5.9
52.2
7.4
18.9
7.5
9.4
6.8
1.6 -6.5
3.4 -1.7
2.4 -2.4
3.0
3.5
5.8 -30.6
10.1
10.0
12.5
11.0
6.4
6.1
6.7
7.7
37.4
18.1
11.9
1.3
-.5
.2
1.8
-19.7
9.9
9.4
6.1
5.0
4.4
3.7
3.4
7.2
11.3
13.5
10.4
6.1
3.2
4.3
3.6
1.9
Change, month to month
1986:
Oct
Nov
Dec
0.2
.2
.2
0.4
.4
.2
0.0
.0
.2
0.4
.2
.2
0.4
.4
.3
0.4
.2
.2
-1.0
-.5
-.2
0.0
.3
-.0
0.1
.4
0
0.7
.7
.5
— 2.1
-.6
-.3
0.5
.5
.7
-1.9
-.5
-.2
0.4
.3
.2
1987:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
.7
.4
.4
.4
.3
.4
.2
.5
.2
.4
.4
.3
-.1
.3
.5
.7
-.2
.0
.5
.4
.5
.4
.4
.3
.2
.3
.2
.6
0
.2
.5
.5
.5
.4
.3
2
.3
.6
.1
.5
.7
.5
.6
.2
.2
.4
.9
.3
-.3
_2
.4
.5
.5
.4
.4
.1
.1
.8
.3
.9
.4
.3
.1
.1
0
.8
.4
.7
1.7
1.5
.2
-.8
-.6
.0
1.1
1.3
1.5
.5
.6
.5
.3
.5
.6
.7
2
.5
.4
6.6
4.1
2.3
.7
.4
1.3
1.2
3.0
-.2
-.1
.4
.3
.4
.6
.6
.7
.5
.4
.5
.4
3.0
1.9
1.0
.3
.2
1.5
.1
1.7
-.5
-.9
.5
.1
.5
.6
.3
.2
.4
.3
.2
.5
.6
-.5
-.7
1
Includes items not shown separately.
2
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc.,3 also included through 1982.
Quarterly changes are shown in the last month of the quarter.
NOTE.—Data beginning January 1983 incorporate a rental equivalence measure for homeowner-
24
-1.1
.0
.4
.3
.4
.5
.0
.1
.6
2.6
5'.3"
4.9
4.0
2.6
3.0
2.5
2.7
2.7
2.2
1.5
1.3
1.1
4.4
5.2
6.2
5.3
4.9
4.6
3.7
4.3
3.6
4.2
3.5
4.1
4.3
4.8
5.0
5.4
4.5
4.6
4.1
3.9
1.4
2.1
3.0
3.8
3.8
3.7
3.9
4.3
4.3
4.5
ship costs and therefore are not strictly comparable with data for earlier periods.
Data beginning 1987 calculated on a revised basis.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in November were 3.1 percent above their October level. Prices paid by farmers in
October were 1.2 percent above their July level.
INDEX, 1977 =100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SCALE)
180
180
PRICES PAID
\
160
...
160
140
140
120
120
PRICES RECEIVED -
100
100
80
80
I II 1 1 1
60
1 1 1 I 1 1 1 1 1 1 1 1 I 1 1 I 60
IN
RATIO^
RATION
140
140
-
120
120
-—^_
100
-
80
60
100
KAIIU
~^-^
-
^~^~~1
1
~~"— 1
I I I I I I I I I I I minimi iimimit
|III||||I|I
Miiiuiiu
IIIIIIIIIII
IIIIIIIIIII
ll||lllllll
1980
1982
1983
1984
1985
1 986
1979
1981
80
Tll|l|lllill
1
60
1 987
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977=100]
Prices paid by farmers
Prices received bv farmers
Period
1979
1980
1981
1982 ..
1983
1984
1985
1986
1986: Oct
Nov
Dec
1987:
Jan
Feb
Mar
Apr
June
July
Aus:
Sept
Oct
Nov
All farm
products
132
134
139
133
135
142
128
123
121
124
120
121
122
123
125
129
131
128
127
129
127
131
1
Includes items not shown separately.
2
Percentage ratio of index of prices recei
and wage rates. See also footnote 3.
3
Beginning March 1986, prices paid bv fa
for each month the received/paid ratio is based on latest data availabl
Livestock and
products
Crops
116
125
134
121
128
139
120
106
97
102
99
99
99
102
102
109
111
106
103
105
106
119
147
144
143
145
141
146
136
138
145
145
141
142
144
142
147
148
150
149
151
152
r
!47
144
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
123
138
150
159
161
165
163
159
158
(3)
(3)
159
(3)
(3)
162
(3)
(3)
164
(3)
(3)
166
(3)
125
139
151
159
159
162
157
151
149
(3)
(3)
149
(3)
(3)
152
(3)
(3)
154
(3)
(3)
156
(3)
Production
items
125
138
148
153
152
155
151
145
142
(3)
(3)
143
(3)
(3)
147
(3)
(3)
149
(3)
(3)
151
(3)
Ratio
2
107
97
92
84
84
86
79
77
77
78
76
76
77
77
77
80
81
78
77
79
77
79
NOTK.— The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 — 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in Ml accelerated sharply in October; growth in the broader aggregates rose a little.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
300
COUNCIL OF ECONOMIC ADVISERS
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
EPs and
Eurodollars,
MMMF balances
{general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Dec
Dec
Dec
Dec
Dec
Dec
Dec
416.6
443.2
481.3
526.9
557.5
627.0
730.5
1,633.1
1,795.5
1,953.8
2,184.6
2,369.1
2,569.5
2,801.2
1,990.9
2,236.4
2,443.1
2,692.8
2,985.4
3,205.2
'3,492.2
2,327.6
2,598.9
2,853.0
3,154.6
3,529.3
3,838.6
4,139.9
3,880.7
4,261.5
4,645.3
5,195.5
5,932.9
6,746.9
'7,601.7
6.5
6.4
8.6
9.5
5.8
12.5
16.5
8.9
9.9
8.8
11.8
8.4
8.5
9.0
10.2
12.3
9.2
10.2
10.9
7.4
9.0
9.6
9.8
9.0
11.8
14.2
13.7
12.7
1986- Oct
Nov
Dec
701.4
712.4
730.5
2,761.4
2,776.3
2,801.2
3,443.7
3,462.4
'3,492.2
4,081.7
4,107.4
4,139.9
'7,424.2
'7,500.9
'7,601.7
17.1
16.7
19.8
10.8
10.0
10.3
9.4
9.2
9.5
12.6
12.8
13.7
1987- Jan
Feb
Mar
737.7
737.4
739.5
750.3
753.1
746.6
747.6
751.1
751.3
760.7
2,823.5
2,823.0
2,826.5
2,839.9
2,840.4
2,841.6
2,848.0
2,863.4
2,876.9
2,893.3
3,518.4
3,522.3
3,527.3
3,544.0
3,560.3
3,577.5
3,585.5
3,608.5
3,626.5
3,650.3
4,172.6
4,180.4
4,169.7
4,181.5
4,215.0
4,229.4
4,223.7
4,251.6
4,282.3
'7,666.1
'7,697.9
'7,748.3
7,806.8
7,865.2
7,917.0
7,956.6
8,010.6
8,073.2
18.9
15.2
13.8
14.4
11.8
4.5
2.7
3.8
3.2
2.8
9.8
7.8
6.7
5.8
4.7
2.9
1.7
2.9
3.6
3.8
9.2
7.5
6.2
5.9
5.7
4.9
3.9
5.0
5.7
6.1
13.6
11.9
10.7
10.6
9.9
8.5
7.7
8.3
8.6
Period
19801981:
19821983:
19841985:
1986-
May '
July '
Sept
Ocf
1
Consists of outstanding credit market dtibt of the U.S. Government, State and local governments, and private nonfinancia! sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
26
L
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
Percent change from year or 6
months earlier 2
Ml
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
MS
Debt
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Demand
deposits
Currency
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1986: Dec
1986:
Oct
Nov
Dec
1987:
Jan
Feb
Mar
Apr...
May
July r...
Aug r
Sepf
Oct"
265.2
234.6
237.9
242.3
248.3
272.2
308.3
30.5
80.2
104.7
131.4
145.5
178.3
232.3
181.2 293.4
182.4 297.8
183.5 308.3
220.3
225.8
232.3
305.1
300.8
299.3
303.9
303.9
297.4
296.2
296.4
294.1
300.4
240.1
242.9
245.7
250.7
252.2
251.2
252.6
254.6
255.6
257.2
116.7
124.1
134.3
148.3
158.5
170.6
183.5
186.0
187.2
187.7
188.9
190.2
191.1
192.1
193.2
194.5
196.2
r
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits l
Large
denomination
time
deposits *
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
28.3
35.9
38.8
53.8
56.3
70.2
78.4
61.6
150.6
185.2
138.2
167.5
176.5
207.6
15.2
38.0
51.1
43.2
62.7
65.1
84.1
0.0
.0
43.2
379.0
417.4
513.2
571.4
400.8
344.3
357.3
306.2
288.8
303.6
366.3
728.7
823.3
851.0
783.8
885.3
884.2
853.5
259.8
302.1
326.2
326.2
417.0
436.1
447.1
34.0
36.0
34.5
51.8
61.9
65.7
84.0
50.3
67.5
81.7
91.5
82.9
76.6
83.0
72.3
67.8
68.0
71.1
74.2
79.4
91.7
133.4
149.4
183.7
212.6
263.5
304.6
288.1
32.1
40.0
44.5
45.1
45.7
42.4
37.5
98.9
105.3
113.6
133.0
160.3
206.6
230.2
78.1
77.5
78.4
206.9
207.1
207.6
84.5
84.4
84.1
564.4
568.7
571.4
350.5
358.5
366.3
864.7
857.1
853.5
445.5
445.8
447.1
78.8
83.8
84.0
78.0
79.3
83.0
87.7
89.8
91.7
284.2
288.8
288.1
37.7
38.0
37.5
228.4
228.4
230.2
84.7
80.1
76.9
76.9
76.0
74.5
75.1
79.1
82.7
85.0
209.0
210.7
211.6
211.0
208.9
209.6
209.8
212.8
216.5
219.3
84.0
84.7
84.9
83.1
81.8
81.3
83.4
83.4
80.7
81.6
574.3
570.8
570.6
565.5
557.1
553.5
548.1
543.7
539.3
532.7
376.7
387.2
396.3
406.1
411.7
415.2
416.7
419.9
419.3
416.7
851.6
848.5
846.1
843.9
843.2
850.1
858.5
865.5
871.6
882.7
83.6
449.7
87.2
448.2
87.2
450.1
454.6 r94.5
459.7 * 102.8
465.1 r 107.8
465.1 107.5
466.8 108.0
468.9 109.7
476.2 106.9
84.8
87.6
88.2
83.9
87.0
r
89.7
86.8
93.5
99.0
98.0
92.7
93.5
94.3
95.1
95.9
96.5
97.3
97.8
98.2
284.1
285.6
269.2
256.3
262.2
259.8
249.1
252.2
256.3
37.8
39.3
39.8
41.2
42.4
43.5
43.4
42.9
43.8
239.7
239.8
239.1
244.9
254.3
252.1
248.4
250.2
257.5
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.— Travelers checks are a component ol money stock but are not shown here.
„ ,
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding *
Installment credit outstanding (end of period)
Period
Total
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
Other
Automobile
Revolving
261,976
296,483
295,763
310,965
325,136
373,048
446,183
522,805
577,789
98,739
112,475
111,936
119,610
125,440
145,874
172,352
208,057
245,056
45,202
53,357
54,894
60,750
66,007
78,369
99,620
122,021
134,940
16,921
18,207
18,264
19,308
21,728
22,919
24,710
25,488
25,710
101,114
112,444
110,669
111,297
111,961
125,886
149,501
167,239
172,083
40,501
34,507
-720
15,202
14,171
47,912
73,135
76,622
54,984
17,791
13,736
-539
7,674
5,830
20,434
26,478
35,705
36,999
8,513
8,155
1,537
5,856
5,257
12,362
21,251
22,401
12,919
559
1,286
57
1,044
2,420
1,191
1,791
778
222
13,638
11,330
1 775
628
664
13,925
23,615
17,738
4,844
1986: Sept
Oct
Nov
Dec..
571,275
576,862
577,645
577,789
239,015
243,395
242,998
245,056
133,118
133,812
134,388
134,940
25,731
25,783
25,732
25,710
173,412
173,873
174,527
172,083
7,614
5,587
782
144
7,813
4,380
-396
2,057
58
694
576
552
209
52
51
-21
67
461
654
— 2,444
1987:
578,578
579,591
579,913
583,594
583,277
587,821
591,175
596,182
602,243
245,471
246,064
246,290
247,662
247,578
250,130
250,981
254,013
257,255
134,916
135,663
135,166
136,706
136,869
137,401
138,741
139,837
141,861
25,852
25,789
25,614
25,625
25,542
25,685
25,860
25,695
25,600
172,338
172,075
172,844
173,599
173,288
174,605
175,595
176,637
177,527
789
1,013
322
3,681
-318
4,545
3,354
5,006
6,061
416
592
226
1,373
85
2,553
850
3,033
3,242
-23
746
-496
1,540
163
532
1,340
1,096
2,024
141
63
-175
12
-84
143
175
-165
95
255
-263
768
756
-312
1,318
989
1,043
890
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1986:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug; r
Sept "
,
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose 0.9 percent in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
2,200
2,000
1,800
1,600
I—
2,400
2,200
2,000
1,800
1,600
ALL COMMERCIAL BANKS
1,400
1,400
1,200
1,200
1,000
1,000
LOANS AND LEASES
800
800
600
600
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
OTHER SECURITIES
120
120
miiliim
100
1979
1980
1985
1984
1983
1982
1981
Illllllllll
1987
1986
- SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depository institutions 3
All commercial banks 1
Period
Total loans
and
securities 2
Total
2
Commercial
and industrial
loans
U.S.
Government
securities
Borrowings
(millions of dollars,
unadjusted)
Reserves adjusted
for changes in
reserve requirements
Loans and leases
Other
securities
Total
Nonborrowed
Required
Total
Seasonal
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1,136.1
1,239.0
1,307.2
1,401.0
1,553.0
1,722.6
1,908.0
2,089.8
849.8
913.9
967.2
1,033.8
1,123.5
1,319.9
1,456.0
1,583.0
291.4
325.7
355.2
392.4
414.1
473.1
499.9
541.4
144.3
170.6
179.3
201.8
259.4
260.6
271.4
309.9
141.9
154.5
160.7
165.4
170.2
142.1
180.6
196.9
28.97
30.81
32.08
34.32
36.11
36.91
46.06
56.17
27.50
29.12
31.44
33.69
35.33
36.72
44.74
55.34
28.53
30.29
31.76
33.82
35.55
39.06
45.00
54.80
1,473
1,690
636
634
774
3,186
1,318
827
81
116
54
33
96
113
56
38
1986- Oct
Nov
Dec
2,052.4
2,063.5
2,089.8
1,553.0
1,561.5
1,583.0
520.0
525.7
541.4
299.6
304.1
309.9
199.8
197.9
196.9
53.23
54.49
56.17
52.38
53.74
55.34
52.48
53.51
54.80
841
752
827
99
70
38
1987- Jan
Feb
Mar
Apr
May
2,118.3
2,119.7
2,126.2
2,147.3
2,160.6
2,167.1
2,169.5
2,189.0
2,206.7
2,225.8
1,611.8
1,610.7
1,616.4
1,634.3
1,642.9
1,651.7
1,652.8
1,665.5
1,680.4
1,699.3
554.1
553.8
551.7
553.9
555.9
558.0
555.5
555.6
r
560.5
565.7
316.3
315.2
314.3
315.8
320.1
316.9
319.8
328.6
r
331.7
332.3
190.2
193.9
195.5
197.2
197.6
198.5
196.9
194.9
r
194.6
194.2
56.88
56.87
56.85
57.95
58.35
57.71
57.60
57.88
57.83
58.49
56.30
56.32
56.33
56.96
57.32
56.93
56.93
57.23
56.89
57.54
55.82
55.66
55.94
57.13
57.27
56.52
56.84
56.84
57.03
57.37
580
556
527
993
1,035
776
672
647
940
943
34
71
91
120
196
259
283
279
231
189
197919801981:
19821983:
198419851986-
Julv
Sept
Oct p
2
3
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
Hour'.-?: Board of Governors of the Federal Reserve Hvsfein.
28
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Credit market funds
1
Total
Total
1978
1979
1980
1981
1982
1983
1984
1985
1986
1986- I
n
m
IV
1987- I p
H ..
Securities
and
mortgages
Loans and
short-term
paper
Total
Other 2
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
328.6
352.7
345.9
383.4
327.4
432.3
518.5
492.3
487.1
182.3
197.6
200.1
239.5
242.3
285.7
336.3
355.4
351.5
146.3
155.1
145.8
143.9
85.1
146.6
182.2
136.9
135.6
85.0
87.8
92.7
94.5
80.4
88.6
121.6
85.2
111.2
33.2
20.9
53.2
22.8
44.0
57.3
74
15.3
35.1
51.8
66.9
39.5
71.7
36.4
31.3
129.0
69.9
76.1
61.3
67.2
53.2
49.3
4.7
58.1
60.7
51.7
24.4
309.7
370.6
352.1
368.5
303.5
399.8
488.0
442.5
425.8
217.0
238.3
243.7
286.5
256.5
274.7
370.9
342.8
339.2
92.7
132.3
108.4
82.0
47.0
125.1
117.1
99.7
86.6
18.9
-17.9
-6.2
14.8
24.0
32.5
30.5
49.9
61.3
426.2
499.3
442.8
580.2
360.6
350.9
352.2
342.2
65.6
148.4
90.6
238.0
54.1
117.0
64.9
209.0
61.3
51.7
32.5
-5.1
72
65.3
32.4
214.1
11.5
31.4
25.7
29.0
387.2
426.2
374.3
515.6
364.6
340.5
321.5
330.2
22.6
85.7
52.8
185.4
38.9
73.2
68.4
64.5
390.0
405.0
343.2
340.8
46.8
64.2
85
50.9
44.8
18.3
53 3
69.2
55.3
13.4
377.0
395.1
353.5
345.9
23.5
49.2
13.1
9.9
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances,, and foreign branch profits,, dividends,, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Piant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilities
Current assets
End of period
Total
QFR-FKB series: 2
1978
1979
1980
1981
1982
1983 ...
1984
1985
1983- IV
Cash
U.S.
Government
securities
Notes and
accounts
receivable
Inventories
Other
current
assets
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio 1
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,784.6
105.5
118.0
127.0
135.6
147.8
171.8
173.6
189.2
17.2
16.7
18.7
17.7
23.0
31.0
36.2
33.0
388.0
459.0
507.5
532.5
517.4
583.0
633.1
671.5
431.8
505.1
543.0
584.0
579.0
603.4
656.9
666.0
101.1
116.0
132.1
149.7
169.8
186.7
203.2
224.9
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,233.6
383.0
460.8
514.4
547.1
550.7
595.7
647.8
682.7
286.5
346.5
376.2
424.1
435.3
463.9
515.8
550.9
374.3
407.5
437.8
448.3
451.1
516.3
539.5
551.0
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.447
1,575.9
171.8
31.0
583.0
603.4
186.7
1,059.6
595.7
463.9
516.3
1.487
526.5
523.7
530.8
539.5
1.482
1.465
1.460
1.464
1984: I
II
Ill
IV
1,619.5
1,650.0
1,685.9
1,703.0
167.6
164.9
161.3
173.6
35.4
37.2
33.0
36.2
606.4
622.6
639.1
633.1
622.2
632.5
659.3
656.9
187.9
192.9
193.2
203.2
1,093.1
1,126.3
1,155.0
1,163.6
601.9
623.4
642.2
647.8
491.2
502.9
512.9
515.8
1985: I
II
III
IV
1,722.7
1,734.6
1,763.0
1,784.6
167.5
167.1
176.3
189.2
35.7
35.4
32.6
33.0
650.3
654.1
661.0
671.5
665.7
666.7
675.0
666.0
203.5
211.2
218.2
224.9
1,174.1
1,182.9
1,211.9
1,233.6
636.9
651.7
670.4
682.7
537.1
531.2
541.5
550.9
548.6
551.7
551.1
551.0
1.467
1.466
1.455
1.447
1986: I "
1,795.7
195.3
31.0
663.4
679.6
226.3
1,222.3
668.4
553.9
573.4
1.469
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Sources: Board of Governors of the Federal Reserve System, Department of Comrnerct
of the Census), and Federal Trade Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in November.
PERCENT PER ANNUM
PERCENT PER ANNUM
16
16
1986
1987
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE IA81E BELC
[Percent per annum]
U.S. Treasury security yields
Period
1981
1982
1983
1984
1985
1986
1986:
3-month bills
(new issues) 1
10-year
Prime rate
charged by
banks 5
New-home
mortgage
yields
(FHLBB) 6
14.17
13.79
12.04
12.71
11.37
9.02
14.76
11.89
8.89
10.16
8.01
6.39
13.41
11.02
8.50
8.80
7.69
6.33
18.87
14.86
10.79
12.04
9.93
8.33
14.70
15.14
12.57
12.38
11.55
10.17
5.18
5.35
5.49
6.56
6.46
6.43
7.43
7.25
7.11
7.12
6.86
6.93
8.86
8.68
8.49
5.61
5.69
5.88
5.50-5.50
5.50-5.50
5.50-5.50
7.50-7.50
7.50-7.50
7.50-7.50
10.02
9.91
9.69
5.45
5.59
5.56
5.76
5.75
5.69
5.78
6.00
6.32
6.40
5.81
6.41
6.56
6.58
7.32
8.02
7.82
7.74
8.03
8.67
8.75
7.99
7.08
7.25
7.25
8.02
8.61
8.40
8.45
8.76
9.42
9.52
8.86
6.63
6.66
6.71
7.62
8.10
7.89
7.83
7.90
8.36
8.84
8.09
8.36
8.38
8.36
8.85
9.33
9.32
9.42
9.67
10.18
10.52
10.01
5.76
5.99
6.10
6.50
7.04
7.00
6.72
6.81
7.55
7.29
7.17
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50-6.00
6.00-6.00
6.00-6.00
7.50-7.50
7.50-7.50
7.50-7.50
7.75-7.75
8.00-8.25
8.25-8.25
8.25-8.25
8.25-8.25
8 25 8 75
8.75-9.00
9.00-8.75
9.51
9.23
9.14
9.21
9.37
9.45
9.41
9.38
9.37
9.26
6.84
5.12
5.80
5.74
6.01
5.70
8.54
8.01
7.96
7.96
7.98
8.05
9.36
8.90
8.84
8.80
8.83
8.95
8.89
8.48
7.98
8.13
8.10
8.13
10.68
10.25
10.08
9.97
9.97
10.01
7.90
7.35
7.20
7.05
7.14
7.21
6 00 6 00
6 00 6 00
6.00-6.00
6 00 6 00
6.00-6.00
6 00 6 00
9.25-9.00
9.00-9.00
9.00-8.75
8.75-8.75
8.75-8.75
8.75-8.75
C
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.
Discount rate
(N.Y. F.K.
Bank) 5
11.23
11.57
9.47
10.15
9.18
7.38
Sept
Oct
Nov "
30
Prime
commercial
paper,
6 months1
13.91
13.00
11.10
12.44
10.62
7.68
July
2
Corporate
Aaa bonds
(Moody's) 4
14.44
12.92
10.45
11.89
9.64
7.06
1987- Jan .
Feb
Mar
Apr
May
1
3-year
High-grade
municipal
bonds
(Standard &
Poor's) s
14.029
10.686
8.63
9.58
7.48
5.98
Oct
Nov
Dec
Week ended:
1987: Oct 24
31
Nov 7
14
21
28
Constant maturities
2
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.
I
6
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in November.
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
INDEX, DEC. 31, 1965 = 50 (RATIO SCALE)
240
220
200
180
160
240
220
200
180
160
140
140
COMPOSITE STOCK PRICE INDEX
(NYSE)
120
120
100
100
80
80
60
60
Illllllllll
40
1979
1980
1981
1982
40
1984
1983
1986
1985
1987
PERCENT
PERCENT
20
20
EAR MINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
r"^Hr^
i ii 1 1 1
-
10
15
10
-v_
5
\
0
1
1
^
1 1 1
1979
1980
1981
1982
-—— -
1
1
T^
^-^"*~
1
1
1983
1
1
1984
1
1
1
1985
1
1
1986
1
l 1 1
|
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Common stock prices l
New York Stock Exchange indexes (E ec. 31, 1965 = 5 J )
Common stock5yields
(percent)
2
Period
Composite
1981
1982
1983
1984
1985
1986
1986' Oct
Dec
1987- Jan
Feb
Mar
July
Sept
Oct
Nov p
Week ended:
1987:
Oct 24
31
Nov 1
14
21
28
i
1
Industrial
Transportation
3
4
Finance
Utility
Dow-Jones
industrial3
average
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
Earningsprice ratio
74.02
68.93
92.63
92.46
108.09
136.00
85.44
78.18
107.45
108.01
123.79
155.85
72.61
60.41
89.36
85.63
104.11
119.87
38.91
39.75
47.00
46.44
56.75
71.36
73.52
71.99
95.34
89.28
114.21
147.20
932.92
884.36
1,190.34
1,178.48
1,328.23
1,792.76
128.05
119.71
160.41
160.46
186.84
236.34
5.20
5.81
4.40
4.64
4.25
3.49
11.96
11.60
8.03
10.02
8.12
6.09
136.74
140.84
142.12
156.56
162.10
163.85
120.04
122.27
121.26
73.38
75.77
76.07
143.89
142.97
144.29
1,817.04
1,883.65
1,924.07
237.36
245.09
248.61
3.49
3.40
3.38
5.98
151.17
160.23
166.43
163.88
163.00
169.58
174.28
184.18
178.39
157.13
137.21
175.60
189.17
198.95
199.03
198.78
206.61
214.12
226.49
219.52
189.86
163.42
126.61
135.49
138.55
137.91
141.30
150.39
157.48
164.02
158.58
140.95
117.57
78.54
78.19
77.15
72.74
71.64
74.25
74.18
78.20
76.13
73.27
69.86
153.32
158.41
162.41
150.52
145.97
152.73
152.25
160.94
154.08
137.35
118.30
2,065.13
2,202.34
2,292.61
2,302.64
2,291.11
2,384.02
2,481.72
2,655.01
2,570.80
2,224.59
1,931.87
264.51
280.93
292.47
289.32
289.12
301.38
310.09
329.36
318.66
280.16
245.01
3.17
3.02
2.93
2.99
3.02
2.92
2.83
2.69
2.78
3.25
3.66
137.07
133.16
140.76
136.47
136.45
136.53
163.11
157.78
167.75
162.15
162.59
162.92
120.57
112.48
122.26
116.75
115.85
116.63
68.41
69.13
71.16
69.95
69.45
69.35
121.89
115.97
121.73
118.52
117.49
116.58
1,901.76
1,883.82
1,973.47
1,914.55
1,923.91
1,936.01
243.30
238.14
252.08
243.65
243.48
243.46
3.46
3.84
3.59
3.70
3.65
3.69
Average of daily closing prices.
Includes all the" stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Ea2
1987
5.18
4.75
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 month of fiscal year 1988, there was a deficit of $30.7 billion compared with a deficit of $25.3 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,100
11,100
RECEIPTS AND OUTLAYS!/
1,000
1,000
900
OUTLAYS!/
900
800
800
700
700
600
600
500
500
400
400
-100
-100
-200
- -200
H979
1980
1982
1981
1983
1984
1985
1986
1987
1988
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
Surplus
or deficit
(-)
Receipts
Outlays
Gross Federal debt
(end of period)
Off-budget
On-budget
Total
Surplus
or deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
1977
1978
1979
279.1
298.1
81.2
355.6
399.6
463.3
332.3
371.8
96.0
409.2
458.7
503.5
-53.2
-73.7
-14.7
-53.6
-59.2
-40.2
216.6
231.7
63.2
278.7
314.2
365.3
271.9
302.2
76.6
328.5
369.1
403.5
-55.3
-70.5
-13.3
-49.7
-54.9
-38.2
62.5
66.4
18.0
76.8
85.4
98.0
60.4
69.6
19.4
80.7
89.7
100.0
2.0
-3.2
-1.4
-3.9
-4.3
-2.0
544.1
631.9
646.4
709.1
780.4
833.8
396.9
480.3
498.3
551.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
-73.8
-78.9
-127.9
-207.8
-185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
-73.9
-120.0
-208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
-1.1
-5.0
-7.9
.2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
1985
1986
1987 "
1988 (estimates) l
734.1
769.1
854.1
909.0
946.3
989.8
1,002.1
1,032.3
-212.3
-220.7
-148.0
-123.3
547.9
568.9
640.7
667.8
769.5
806.3
808.3
829.7
-221.6
-237.5
-167.6
-161.9
186.2
200.2
213.4
241.2
176.8
183.5
193.8
202.6
9.4
16.7
19.6
38.6
1,827.5
2,130.1
2,354.3
2,586.9
1,509.9
1,746.1
1,896.1
2,015.8
59.0
62.4
84.3
93.1
-25.3
-30.7
43.9
46.0
68.8
76.9
-25.0
-30.9
15.1
16.4
15.5
16.2
g
.2
2,143.0
2,388.7
1,751.5
1,923.4
1975
1976
Transition quarter
First month:
Fiscal year 1987.. .
Fiscal year 1988
1
Estimates from Mid-Session Review of the 1988 Budget, Office of Management and Budget,
August 17, 1987.
32
iources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal year 1988, receipts were $3.4 billion higher than a year earlier and outlays were $8.8
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
— RECEIPTS!/
INDIVIDUAL INCOME TAXES
300
__-"-""""""
.-
'
300
'"
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
CORPORATION INCOME TAXES
100
j
1
1
0
_NONDEFENSE
-OUTLAYS-!/ -
700
100
.^n-n-rrrT.
T "^ OTHER RECEIPTS
0
200
700
600
600
500
500
400
400
NATIONAL DEFENSE
300
300
200
200
100
100
1979
1980
1981
1982
1984
1983
1985
1986
1988
1987
FISCAL YEARS
V 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]
Oil-budget and off-budget outlays
On-budget and off-budget receipts
Fiscal year
Total
Individual
income
taxes
Corporation
income
taxes
Social
insurance
taxes
and
contributions
National defense
Other
Total
Total
Department of
Defense,
military
International
affairs
Health
Medicare
Income
security
Social
security
Net
interest
Other
1976
1977
1978
1979
298.1
355.6
399.6
463.3
131.6
157.6
181.0
217.8
41.4
54.9
60.0
65.7
90.8
106.5
121.0
138.9
34.3
36.6
37.7
40.8
371.8
409.2
458.7
503.5
89.6
97.2
104.5
116.3
88.1
95.3
102.3
113.7
6.4
6.4
7.5
7.5
15.7
17.3
18.5
20.5
15.8
19.3
22.8
26.5
60.8
61.0
61.5
66.4
73.9
85.1
93.9
104.1
26.7
29.9
35.4
42.6
82.8
93.0
114.7
119.6
L980
1981....
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
244.1
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
209.0
239.4
50.6
69.5
69.3
65.6
71.8
590.9
678.2
745.7
808.3
851.8
134.0
157.5
185.3
209.9
227.4
131.0
153.8
180.7
204.4
220.8
12.7
13.1
12.3
11.8
15.9
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
....
734.1
769.1
854.1
909.0
334.5
349.0
392.6
396.1
61.3
63.1
83.9
105.4
265.2
283.9
303.3
331.8
73.0 946.3 252.7
73.1 989.8 273.4
74.3 1,002.1 '282.0
75.7 1,032.3 297.5
245.4
265.6
274.0
289.3
16.2
14.2
11.8
14.8
33.5
35.9
40.0
40.9
65.8
70.2
75.1
73.2
128.2
119.8
123.5
124.8
188.6
198.8
207.4
220.1
129.4
136.0
138.5
144.7
131.8
141.7
123.9
116.3
?irst month:
Fiscal year 1987
Fiscal year 1988 .
59.0
62.4
31.1
32.4
.5
1.9
21.2
22.2
23.2
25.9
22.5
25.3
1.3
1.0
3.2
3.6
7.0
6.6
10.4
10.2
16.7
17.4
10.0
11.4
12.6
16.9
1985
1986
1987 *
1988 (estimates)
...
l
1
Estimates from Mid-Session Rei
Ugust 17, 1987.
3 of the 1988 Budget, Office of Management and
6.2
5.9
84.3
93.1
NOTE.—Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, according to revised estimates, Federal receipts fell $1.9 billion (annual rate) and Federal
expenditures fell $3.9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,200
1,000
1,000
EXPENDITURES
800
800
600
600
RECEIPTS
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
i i i
1979
I
I
I
I
1980
I
I
I
1982
1981
1983
I
I
1984
1985
1986
1987
CALENDAR YEARS
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1984
1985
1986
Calendar year:
1983
1984
1985
1986
1982- IV
1983: IV
1984: IV
1985: I
II
III
IV
1986- I
II
Ill
IV
1987: I
II
III
T
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
711.9
776.4
814.2
302.5
340.6
358.0
75.3
74.3
80.3
54.9
56.0
51.7
279.2
305.6
324.1
873.0
961.0
1,027.8
297.2
340.4
368.4
352.2
374.0
394.8
90.7
97.8
107.4
109.7
128.0
134.3
23.3
20.7
22.9
0.1
-.1
.0
-161.0
-184.5
-213.6
659.9
726.0
788.6
827.4
633.1
675.5
742.7
795.3
759.0
794.9
805.1
807.6
816.9
832.4
852.5
294.5
310.3
346.6
363.0
303.0
291.9
326.0
361.2
317.5
351.0
356.7
352.8
357.6
365.2
376.4
61.3
75.2
76.1
83.7
252.5
284.7
310.6
329.8
283.5
310.5
353.9
366.2
293.2
276.1
326.0
336.3
339.4
361.9
378.0
356.7
368.4
371.2
368.6
348.6
354.9
380.1
399.9
347.4
352.5
362.1
373.9
377.0
383.7
385.8
389.9
398.3
405.9
405.7
86.2
93.6
99.7
106.9
84.5
86.0
96.3
95.9
98.9
100.2
103.7
105.4
109.6
109.5
102.8
22.9
21.2
20.5
23.3
— .4
.2
-.2
.0
-176.0
-169.6
-196.0
-204.7
236.1
259.8
290.7
304.9
308.8
311.7
316.9
325.8
328.1
330.7
334.5
835.9
895.6
984.6
1,032.0
835.7
844.7
930.2
958.2
969.4
990.8
1,020.2
1,003.7
1,047.1
1,036.1
1,041.2
94.3
115.6
130.2
135.7
46.4
70.2
69.7
74.2
73.5
79.1
77.8
78.7
81.3
84.3
90.5
51.6
55.7
55.2
50.9
47.6
53.6
56.2
55.0
59.2
53.1
53.7
50.4
49.9
52.1
51.1
87.2
101.0
125.3
127.7
130.4
129.7
133.0
134.9
135.9
134.2
137.8
23.4
29.1
21.0
24.5
22.6
15.3
19.7
16.8
34.9
15.3
26.3
.0
-202.6
.0
-169.2
.6
-187.5
.1
-1.0
.0
.0
-162.9
-210.3
-195.8
-215.0
-196.1
-230.2
-203.7
-188.7
879.3
922.9
"921.0
381.5
415.6
404.2
103.0
107.9
"112.7
53.3
54.2
53.9
341.5
345.2
350.2
1,049.8
1,062.1
1,058.2
366.9
379.6
378.8
406.7
412.0
416.9
102.2
106.0
103.5
139.5
139.8
143.2
34.3
24.8
15.8
Source: Department of Commerce, Bureau of Economic Analysis.
34
.0
.0
.0
.0
.0 -170.5
.0 -139.2
.0 "- 137.2
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial production (1977=100; seasonally adjusted)
Period
United
States
Canada
Japan
France
Germany
Italy
Consumer prices (1967=100)
United
Kingdom
United
States l
Canada
France
Germany
282.3
296.2
294.2
332.7
304.1
373.1
175.8
186.9
196.8
398.0
472.4
549.4
423.6
473.9
289.1
243.5
273.9
303.5
298.4
321.0
309.7
538.3
335.0
348.3
362.8
316.6
203.3
208.2
631.8
311.1
407.9
439.5
565.1
323.0
324.9
465.1
212.7
212.2
698.8
764.7
805.2
211.0
210.8
211.2
822.0
825.3
827.8
623.9
629.2
212.1
212.2
212.2
212.8
212.9
213.3
213.3
213.1
212.6
212.9
832.8
839.4
633.7
636.2
637.5
841.9
645.1
845.3
848.7
645.7
645.7
645.2
108.6
111.0
103.1
109.2
121.4
123.7
125.1
108.1
108.6
97.9
104.3
119.0
125.2
126.8
118.9
120.1
120.6
124.7
138.4
144.8
144.4
106
103
101
102
105
106
107
107
105
102
103
106
112
114
114.7
112.1
109.6
103.9
107.1
108.4
111.4
100
1982
1983
1984
1985
1986"
1986: Oct
Nov
Dec
125.3
125.7
126.8
126.2
126.2
128.5
143.8
141.9
146.0
109
107
107
116
114
112
111.0
112.2
111.1
111
111
111
330.5
330.8
366.9
368.9
369.5
325.7
480.9
324.1
331.1
481.4
481.9
1987: Jan
Feb
Mar
126.2
127.1
127.4
127.4
128.2
129.1
130.6
131.0
r
!309
131 7
128.0
129.4
130.2
130.0
130.5
132.2
132.3
133.8
145.5
144.6
147.1
145.1
143.4
149.0
149.8
104
108
109
108
109
111
111
113
112
116
116
114
112
111.5
114.8
117.3
115.2
119.3
115.2
111
113
113
113
114
112
115
333.1
370.3
334.4
335.9
337.7
338.7
371.9
322.2
322.2
323.5
326.4
327.0
326.3
324.7
325.0
327.9
1980
1981
May
July
Sept"
Oct"
1
Data relate to all urban consumers.
96
98
101
103
108
110
United
Kingdom
Japan
246.8
272.4
322.2
328.4
340.1
340.8
342.7
344.4
345.3
477.6
323.5
373.5
375.3
377.3
378.5
381.3
381.5
381.5
486.2
487.2
487.7
490.3
491.2
492.1
493.3
494.3
382.9
Italy
836.1
851.2
853.8
859.8
867.5
514.7
599.4
619.9
631.3
647.1
649.0
652.2
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Billions of dollars; monthly data not seasonally adjusted]
Merchandise exports
Period
Revised
statistical
month,
adjust-
ed
2
Revised
statistical
month
1
Statistical
month
Food,
beverages,
Crude
mate-
General imports 4 (statistical month except as noted)
Total 3
Man-
Re-
ufactured
goods
vised
statistical
month
and
tobacco
rials
and
fuels
206.9
206.4
33.2
27.0
27.0
27.3
22.2
20.2
33.0
33.5
29.6
31.5
28.3
26.5
154.3
139.7
132.4
143.1
145.4
148.7
16.9
18.6
17.9
17.8
1.7
1.9
1.9
1.9
2.0
2.3
2.3
2.4
16.2
18.7
21.1
198
200
20.3
20.3
19.5
20.2
1.6
1.6
1.9
18
18
1.8
2.1
2.0
2.0
2.1
2.2
2.4
23
22
2.3
2.3
2.5
2.4
Total *
1982
1983
1984
1985
1986
23 3.7
21 2.3
216.4
2010.5
205.6
224.0 218.7 217.9
218.8 212.8 213.1
226.8 216.6 217.3
238.7
228.9
207.1
195.9
212.0
Total (c.i.f.
Statistical
month
Food,
beverages,
and
tobacco
Crude
mate-
rials
and
fuels
Exports (f.a.s.) less
imports (customs
value)
va ue)
Revised
statisti-
Manufactured
goods
Revised
statistical
month
Statistical
month
cal
month,
adjusted2
Exports (f.a.s.) less
imports (c.i.f. value)
Revised
statisti-
cal
Revised
statisti-
month,
adjust-
month
-34.6
-38.4
-64.2
-39.7
-42.6
-69.3
-107.0 -122.4
-132.5 -133.6
— 149.4 -156.2
-127.6
-139.7
-166.3
Revised
statistical
month
ed 2
cal
Customs value
F.a.s. value
1981
Merchandise trade balance
Merchandise imports
Domestic exports (statistical
month)
Total domestic and
foreign
26 ..0
24 t.O
25 3.0
27 i.4
25 4.9
26 9.9
366.1
325.7
345.3
370.0
18.4
17.8
18.8
21.6
22.4
24.7
92.9
74.4
68.0
72.8
65.0
48.3
142.5
144.0
163.4
221.5
246.8
282.1
346.4
352.5
383.0
12.3
13.4
12.8
12.6
30.8
32.8
32.4
29.9
28.7
30.0
36.2
27.8
2.0
1.9
2.3
1.9
3.9
3.5
3.9
3.4
21.8
23.5
28.3
21.4
32.3
34.3
33.9
31.3
11.0
13.2
15.0
14 2
27.5
32.3
33.2
320
333
35.3
35.8
34.3
33.6
1.8
2.1
2.3
2.1
2.0
2.2
2.1
1.9
1.9
3.4
4.4
4.2
3.9
44
4.9
5.6
5.6
49
21.3
24.8
25.7
25.1
258
27.2
27 2
25.8
25.6
28.7
33.7
34.7
33.5
34.8
36.8
37.5
35.9
35.1
-27.3
-31.8
-57.6
-22.3
-27.5
524
-101.7
341.2
361.6 -126.5
387.1 -139.3
5
5
1986:
17.5
19.6
18.4
18.5
Sept
Oct
Nov
Dec
1987:
Jan
Feb
Mar
May
June
July
Aug
Sept
1
16.8
19.4
21.8
20.5
208
21.1
21 0
20.2
21 0
16.4
18.7
21.1
20.1
204
20.5
201
20.0
21 0
17.5
19.3
18.6
18.4
145
14.5
13.9
13.7
14.8
Department of Defense Military Assistance Program grant-aid shipments are excluded through
1984 and for revised statistical month data for 1985-86; they are included for statistical month data
for 1985-86 and for 1987.
2
Adjusted to include undocumented exports to Canada.
3
Total includes commodities and transactions not classified according to kind. For exports data
beginning 1987, these include undocumented exports to Canada.
4
Total arrivals of imported goods other than intransit shipments.
-14.7
-14.7
-15.4
-12.7
-13.3
-13.2
— 140
-11.3
30.1
31.4
37.8
29.1
-10.7
-12.9
-11.4
-11.5
-12.5
-14.1
-14.8
— 14.1
-12.6
-11.0
-13.6
-12.1
-11.8
-12.9
-14.7
-15.8
-14.3
-12.6
-11.9
-14.4
-12.9
-13.0
-14.0
-15.7
-16.5
-15.7
-14.1
-12.3
-15.1
-13.6
13.3
-14.4
-16.3
— 17.4
-15.9
— 14.1
6
Revised statistical month exports less statistical month customs value imports.
NOTE.—Data shown include trade of the U.S. Virgin Islands.
Statistical month and revised statistical month refer only to data for 1984-86. Data for 1987 are
roughly equivalent to revised statistical month data.
For further information, see Bureau of the Census release FT900, April and August 1987.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter, the merchandise trade deficit rose to $39.8 billion from $39.6 billion in the second quarter.
BILLI ONS OF DOLLARS*
BILLIONS OF DOLL/kRS*
10
10
5
—
-^ ^x\
^^^___/f^'
0
^ "'-
,./
-5
N
—
^
/
yv.
.^,
BALANCE ON
CURRENT ACCOUNT
\
/
_
\__
^-A
0
'H
-''\
\
\
\i. ^ +
-15
-5
'\
-10
MER CHANDISE TR/
BALANCE
\\
\\v
kDE
-10
-15
\ \\\
\ \ ^\
BALANCE ON GOODS
AMD SFRVirFS
V
-20
-20
/
\
-25
5
-25
^~
''^\
-30
-30
^^'
l
""*™
\
—
-35
^^N*.
-35
\_ '''\
^^*
** —
-40
--VL.
*\\
\
I
-45
I 1
1979
1
1
1
!
1 I
1981
1980
1
I
1982
I
I
! I
I
1983
! I
1984
1
1
1 1
1985
1 1
1986
1 1 1
-40
-45
1987
• SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits (—)]
Merchandise
12
Investment income 3
Period
Exports
1979
1980
1981
1982
1983
1984
1985
1986
1984: I
n
m
IV
1985- I
II
Ill
IV
1986: I
II
Ill
IV
1987- I
II
Ill
1
2
3
184,473
224,269
237,085
211,198
201,820
219,900
215,935
224,361
53,614
54,590
55,691
56,005
55,064
54,040
53,367
53,464
53,878
56,928
56,534
57,021
56,992
' 60,097
".... 65,263
Imports
-212,009
-249,749
-265,063
-247,642
-268,900
-332,422
-338,083
-368,700
-79,415
-83,684
-84,144
-85,179
-79,946
-83,986
-84,573
-89,578
-88,856
-90,579
-93,649
-95,616
95 749
r
- 99,655
- 105,095
Net balance
Receipts
Payments
-27,536
25 480
64,132
72,506
86,411
83,549
77,251
85,910
88,299
88,209
22,831
21,052
21,515
20,512
18,530
21,931
24,174
23,665
24,076
22,013
21,333
20,787
24,950
22,351
-32,960
42 120
-27,978
-36,444
67 080
-112,522
122 148
- 144,339
-25,801
-29,094
-28,453
-29,174
-24,882
-29,946
-31,206
-36,114
-34,978
-33,651
-37,115
-38,595
38 757
r
- 39,558
-39,832
-52,329
54 883
-52,376
-67,419
-62,901
67 365
-15,435
-17,196
-17,978
- 16,809
-16,359
-16,670
-16,055
-13,818
-17,651
-17,426
- 15,994
-16,295
-19,450
-20,743
Excludes military.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Net
31,172
30,386
34,082
28,666
24,875
18,491
25,398
20,844
7,396
3,856
3,537
3,703
2,171
5,261
8,119
9,847
6,425
4,587
5,339
4,492
5,500
1,608
Net
military
transactions
1 778
-2,237
1 183
-274
243
-1,942
-3,339
-3,662
-273
-615
-255
-798
-242
-782
-794
-1,519
-1,298
— 1,054
-815
-495
-37
111
Net
travel and
transportation
receipts
-2,935
-997
144
-992
4 227
-8,604
- 10,866
-9,903
-1,874
-2,039
-2,310
-2,381
-2,261
-2,849
-2,892
-2,862
-2,786
-2,278
-2,442
-2,397
-3,219
-3,088
Other
services,
net3
Balance on
goods and
services
Remittances,
pensions,
and other
unilateral
transfers 1
Balance
on current
account
-6,128
6,214
-991
5,138
1,873
9,466 -7,593
7,793
14,344 -7,460
6,884
9,278
-8,679
278 -8,956
9,320
36 766 -9,480 -46,246
9,908
9,741 -94,835 -12,178 -107,013
9,861 -101,093 -15,301 -116,393
11,368 - 125,694 -15,658 -141,352
2,629 -17,923 -2,362 -20,285
2,513 -25,379 -2,461 -27,840
2,436 -25,045 -3,112 -28,157
2,164 -26,486 -4,243 -30,729
2,296 -22,918 -3,296 -26,214
2,458 -25,858 -3,517 -29,375
-28,539
2,403 -24,370 -4,169
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
2,832 -33,681 -3,103 -36,784
2,701 -38,193 -2,904 -41,097
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $20.2 billion in the second quarter
compared with a decrease of $25.7 billion in the first quarter. Liabilities to foreigners and international financial
institutions reported by U.S. banks, excluding Treasury securities, increased $15.2 billion in the second quarter
compared to a decrease of $13.6 billion in the first quarter.
BILLIONS OF DOLLARS
80
BILLIONS OF DOLLARS*
80
60
-20
-20
-40
-40
-60
-60
1987
*SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
Foreign assets in the 1 J.S., net
[increase?/ capital inflowv (+)]2
\ increase /capit il outflow (— ) 1
Period
Total
U.S.
official
reserve
assets J 2
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U S official
assets, net 1
(unadjusted,
end of
period)
-64,331
-86,118
-110,951
-121,153
-49,777
-22,291
-31,399
-95,982
-1,133
-8,155
5,175
-4,965
1,196
-3,131
3,858
312
3,746 -59,453
-5,162 -72,802
-5,097 -100,679
-6,131 -110,058
-5,006 -43,576
-5,476 -13,685
-2,831 -24,711
-1,920 -94,374
-3,602
-19,395
17,421
-16,712
-657
-566
-799
-1,110
-2,029
-1,340
-1,388
-717
916
-17,490
19,608
-14,886
22,120
41,862
2,392
36,094
-2,953
149
-963
7,052
25,073
42,011
3,355
29,042
1,767
5,373
8,344
11,347
1,417
-1,381
-3,851
3,809
34,975
34,547
34,306
34,934
-1,745
-1,551
-6,936
-21,167
-233
-356
-121
-3,148
-782
-1,067
-435
-547
-730
-128
-6,380
-17,473
16,423
25,202
35,020
53,227
-11,060
8,606
2,426
-1,111
27,484
16,596
32,594
54,338
11,535
5,724
455
205
1,725
-1,712
-3,781
3,766
35,493
36,088
38,295
43,186
-13,770
-25,529
-24,478
-32,204
-115
16
280
132
-240
-242
-1,454
15
-13,415
-25,303
23,304
-32,351
36,322
49,042
69,591
58,431
2,576
15,568
15,551
1,003
33,746
33,475
54,040
57,428
10,488
10,241
-8,530
11,750
2,294
-2,044
-4,153
3,904
44,919
46,595
48,087
48,517
1987: I
15,533
HP.... -21,510
1,956
3,419
225
-182
13,352
-24,747
26,754
45,050
13,953
9,389
12,802
35,661
-5,504
17,557
2,652
-1,987
48,824
45,140
1979
1980
1981
1982
1983
1984
1985
1986
1984: I
n
m
IV
1985: I
n
m
IV
1986: I
n
m
IV
,-13,665
15,497
83,032
4,960
3,593
93,746
84,869
5,845
2,987
102,467
129,872
1,140
34,698
213,386
38,752
58,112
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF,
2
Quarterly data are not seasonally adjusted.
52,416
42,615
78,072
90,154
79,023
99,481
131,012
178,689
1,139
1,152
1,093
18,956
25,431
24,982
26,756
30,074
33,958
33,747
34,934
43,186
48,517
19,942
36,085
11,154
26,837
17,920
23,947
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
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.
0
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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