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40

SURVEY OF CURRENT BUSINESS

July 1988

1. National Product and Income
Table 1.1.—Gross National Product
[Billions of dollars]
Seasonally adjusted at annual rates
Line

1984

1985

1986

1987

1984
IV

Gross national product ....
Personal consumption expenditures.
Nondurable goods
Services
Gross private domestic investment

1
2
3
4
5

1985
I

1987

1986

II

HI

IV

I

III

II

rv

I

II

1988
III

3,772.2 4,014.9 4,240.3 4,526.7 3,851.8 3,925.6 3,979.0 4,047.0 4,107.9 4,180.4 4,207.6 4,268.4 4,304.6 4,391.8 4,484.2
2,430.5 2,629.0 2,807.5 3,012.1 2,493.4 2,554.9 2,599.3 2,661.4 2,700.4 2,739.0 2,772.1 2,842.8 2,876.0 2,921.7 2,992.2
335.5 372.2 406.5 421.9 346.7 361.4 367.1 387.2 373.2 381.4 393.0 429.9 421.8 403.5 420.5
867.3 911.2 943.6 997.9 879.6 890.9 905.6 915.7 932.7 938.4 937.2 944.7 954.1 977.5 995.3
1,227.6 1,345.6 1,457.3 1,592.3 1,267.1 1,302.7 1,326.6 1,358.5 1,394.5 1,419.2 1,441.9 1,468.2 1,500.1 1,540.7 1,576.4

IV

I

II

4,568.0 4,662.8 4,724.5 4,806.9
3,058.2 3,076.3 3,128.1 3,186.8
441.4 422.0 437.8 446.9
1,006.6 1,012.4 1,016.2 1,030.3
1,610.2 1,641.9 1,674.1 1,709.6

6

664.8

643.1

665.9

712.9

661.8

639.3

652.3

626.7

654.1

686.6

667.8

653.0

656.4

685.5

698.5

702.8

764.9

763.4

756.5

7
8
9
10
11
12
13
14

597.1
416.0
141.1
274.9
181.1
67.7
60.5
7.1

631.8
442.9
153.2
289.7
188.8
11.3
14.6
-3.3

650.4
433.9
138.5
295.4
216.6
15.5
17.4
-1.9

673.7
446.8
139.5
307.3
226.9
39.2
40.7
15

616.8
435.0
146.6
288.4
181.8
45.0
41.3
3.7

621.5
437.7
152.7
285.0
183.8
17.8
12.7
5.2

632.8
446.1
155.0
291.1
186.7
19.5
12.8
6.7

626.0
436.6
149.2
287.4
189.4
.7
9.4
-8.7

646.8
451.3
155.9
295.5
195.5
7.2
23.7
165

642.6
438.9
151.1
287.8
203.6
44.0
43.3
.7

648.3
431.9
136.1
295.7
216.4
19.5
19.8
-.3

652.3
430.6
132.0
298.5
221.8
.7
3.6
-2.9

658.4
434.1
134.6
299.4
224.4
-2.0
3.0
-5,0

647.8
422.8
132.7
290.1
225.0
37.7
40.9
-3.2

665.8
438.2
134.4
303.8
227.6
32.7
31.4
1.3

688.3
462.1
143.0
319.1
226.2
14.5
17.8
-3.3

692.9
464.1
147.7
316.3
228.8
72.0
72.8
-.8

698.1
471.5
140.1
331.3
226.6
65.3
49.4
15.9

713.5
485.4
145.3
340.1
228.1
43.0
35.5
7.5

15

-58.9

101 2

109 1

1143 -119.1

122 2

16
,
... 17
18
Government purchases of goods and
services.
19
Federal
20
National defense
21
Nondefense
22
State and local

383.5
442.4

373.9
475.1

377.8
486.9

385.2
499.4

395.3
514.4

416.8
539.0

440.4
565.6

125 2 -125.7 -112.1
459.7 487.8
585.4 599.9

501.1
591.7

868.8

881.8

886.5

903.8

915.7

932.2

947.3

945.2

954.2

368.7
277.2
91.5
500.2

372.7
288.0
84.7
509.1

366.7
278.1
88.7
519.7

372.7
287.3
85.4
531.1

377.5
294.8
82.6
538.2

386.3
299.8
86.4
546.0

391.4
299.2
92.2
555.9

377.7
298.4
79.3
567.5

375.2
295.7
79.5
579.0

III

IV

Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories
F

Net ex

rtsof

oods and services

Exports
Imports

780 -104.4 -123.0
378.4 428.0
482.8 551.1

735.9

820.8

871.2

924.7

67 9 -53.1 -74.3 -81.2 ^103.2 -^93.0
376.8 372.6 365.1 369.2 376.9
429.9 446.9 446.2 472.4 469.9
764.5 784.4 801.7 840.2 856.7 847.8

310.5
234.3
76.2
425.3

355.2
259.1
96.0
465.6

366.2
277.5
88.7
505.0

382.0
295.3
86.7
542.8

326.0
244.1
81.9
438.5

370.9
448.9

385.7
453.6

336.1
249.6
86.5
448.3

339.6
252.9
86.7
462.1

368.4
265.4
102.9
471.8

376.6
268.6
108.0
480.1

356.6
266.8
89.9
491.2

90 6

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 1.2.—Gross National Product in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Line

1984

1985

1986

1987

1984
IV

Gross national product . .
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories
Nonfarm
Farm
Net exports of goods and services
Exports
Imports
Government purchases of goods and
services.
Federal
National defense
Nondefense
State and local

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

1985
I

1986

II

III

I

II

1988

1987
III

IV

I

II

3,501.4 3,618.7 3,721.7 3,847.0 3,535.2 3,577.5 3,599.2 3,635.8 3,662.4 3,719.3 3,711.6 3,721.3 3,734.7 3,776.7 3,823.0
2,249.3 2,354.8 2,455.2 2,521.0 2,281.1 2,319.1 2,337.4 2,375.9 2,386.9 2,415.1 2,440.9 2,478.6 2,486.2 2,490.2 2,516.6
323.1 355.1 385.0 390.9 333.1 344.8 350.3 369.1 356.4 363.3 374.2 405.1 397.3 378.3 391.3
825.9 847.4 879.5 890.5 831.2 838.2 843.0 850.0 858.3 870.4 880.9 881.4 885.3 889.9 889.8
1,100.3 1,152.3 1,190.7 1,239.5 1,116.8 1,136.2 1,144,1 1,156.8 1,172.2 1,181.4 1,185.8 1,192.0 1,203.6 1,222.0 1,235.5
658.4 637.0 643.5 674.8 655.7 634.3 647.5 618.1 648.0 678.0 652.1 627.6 616.5 646.4 660.1
596.1 627.9 628.1 640.4 614.0 618.6 630.6 622.1 640.4 632.4 628.5 624.6 627.0 616.6 632.3
425.2 453.5 433.1 445.1 444.4 448.2 457.8 447.1 460.9 446.8 432.8 425.6 427.3 418.2 434.8
151.4
143.8 149.5 129.3 125.5 147.1 151.1
145.6 149.9 145.1 126.7 121.7 123.8 121.0
120.9
281.4 304.0 303.8 319.6 297.3 297.1 306.4 301.5 311.1
301.7 306.1 303.9 303.5 297.2 313.8
170.9 174.4 195.0 195.2 169.6 170.3 172.9 175.0 179.4 185.5 195.7 199.0 199.7 198.4 197.6
27 8
457
77
16.9 -4.0
15.8
15.4
34.4
9.1
62.3
105
30
23 6
41.7
298
11.8
17.9
36.9
13.4
57.8
23.2
7.2
11.3
38.7
25.0
36.1
1.2
5.1
22.2
43.2
4.5
5.1 -11.2 -15.5
-2.5
4.6 -4.3 -2.5
2.7
22
2.4
3.0
11 7
63
1.4
-84.0 -104.3 -137.5 -128.9 -94.8 -81.4 -102.4 -107.9 -125.3 -115.7 -140.2 -151.8 -142.4 -132.8 -126.0

I

II

3,865.3 3,923.0 3,956.1 3,986.3
2,545.2 2,531,7 2,559.8 2,574.2
406.5 387.6 401.1 408.1
891.9 890.5 892.7 888.2
1,246.8 1,253.6 1,265.9 1,278.0
667.9
654.9
462.8
128.0
334.7
192.1
130
18.3
53

724.7
657.6
464.8
132.1
332.7
192.7
67 1
68.2
11

728.9
662.9
473.4
124.0
349.4
189.5
660
51.9
14.1

-130.7 -126.0 -109.0

725.0
680.0
489.2
127.5
361.7
190.8
450
33.9
11.1

427.8
556.7

376.6
471.4

371.2
452.6

367.6
470,0

362.6
470.5

367.4
492.6

374.5
490.2

372.1
512.4

379.1
530.9

387.8
530.2

394.9
527.7

416.4
542.3

440.9
571.6

459.2
585.2

486.2
595.1

-90.1
495.6
585.7

731.2

378.4
515.9
760.5

780.2

693.2

705.5

716.7

749.8

752.7

741.8

758.8

766.9

774.5

772.9

772.2

782.9

792.6

776.4

777.2

326.0
237.2
88.8
405.2

333.4
251.4
82.0
427.1

339.0
264.9
74.1
441.2

300.5
225.3
75.2
392.7

309.0
230.0
79.0
396.4

313.3
233.4
79.9
403.4

340.9
244.0
96.9
408.9

340.6
241.4
99.2
412.1

322.7
241.1
81.6
419.1

333.6
250.8
82.8
425.2

336.7
260.7
76.0
430.2

340.5
253.1
87.4
434.0

334.0
257.0
77.0
438.9

332.1
264.8
67.3
440.1

342.1
269.5
72.6
440.8

347.7
268.2
79.5
444.9

327.8
264.6
63.2
448.7

325.3
260.9
64.4
451.9

16
17

371.8
455.8

367.2
471.4

18

677.7

19
20
21
22

290.8
218.5
72.3
387.0

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.




IV

41

SURVEY OF CURRENT BUSINESS

July 1988

Table 1.3.—Gross National Product by Major Type of Product
[Billions of dollars]
Seasonally adjusted at annual rates
Line

1984

1985

1986

1987

1984
IV

Gross national product

2
3

Final sales
Change in business inventories

5
6

Durable goods
Final sales
Change in business inventories

7
8
9

Nondurable goods
Final sales
Change in business inventories

10
11
12

Services

899.9
872.4
27.5

III

IV

I

III

II

IV

I

II

1988
III

IV

I

II

934.6
929.8
4.9

972.6 1,016.2
961.3 1,003.6
11.3
12.6

899.3
887.3
12.0

920.2
915.0
5.2

931.0
915.3
15.7

936.5
936.5
0

950.9
952.3
-1.4

974.3
955.4
18.9

974.3
959.7
14.6

967.6
958.9
8.8

974.0
971.1
2.9

996.1 1,007.5 1,020.7 1,040.7 1,060.1 1,061.3
987.3 999.1 1,009.1 1,019.1 1,021.5 1,044.8
8.9
8.4
38.6
11.6
21.6
16.5

1,813.9 1,968.3 2,118.4 2,295.7 1,866.5 1,914.4 1,941.6 1,981.4 2,035.7 2,068.0 2,097.5 2,136.2 2,171.7 2,228.4 2,276.2 2,314.4 2,363.9 2,405.2 2,446.7
377.0 405.4 424.0 438.4 385.4 393.4 403.9 409.5 414.8 421.9 421.7 424.4 428.0 430.0 433.4 440.6 449.5 439.9 447.5

13

Structures

1987

1986

II

1,581.4 1,641.2 1,697.9 1,792.5 1,599.9 1,617.7 1,633.4 1,656.2 1,657.4 1,690.5 1,688.3 1,707.8 1,705.0 1,733.4 1,774.5 1,812.9 1,849.3 1,879.5 1,912.7
1,513.7 1,629.9 1,682.3 1,753.3 1,554.9 1,599.9 1,614.0 1,655.5 1,650.2 1,646.5 1,668.9 1,707.1 1,706.9 1,695.7 1,741.8 1,798.4 1,777.3 1,814.2 1,869.7
.7 -2.0
37.7
32.7
14.5
72.0
65.3
.7
7.2
44.0
19.5
43.0
45.0
17.8
19.5
15.5
39.2
67.7
11.3
681.5 706.6 725.3 776.3 700.6 697.5 702.5 719.7 706.5 716.2 714.0 740.1 731.0 737.2 767.1 792.2 808.7 819.3 851.4
641.3 7001 721 1 7497 6676 684.9 698.7 719.0 697.9 691.1 709.1 748.2 735.8 708.4 742.8 789.3 758.2 792.7 824.9
24.3
2.9
50.5
26.6
26.4
.7
8.6
4.9 -8.1
-4.9
28.8
12.7
3.8
25.1
26.6
33.0
40.2
6.5
4.3

4

Goods

I

3,772.2 4,014.9 4,240.3 4,526.7 3,851.8 3,925.6 3,979.0 4,047.0 4,107.9 4,180.4 4,207.6 4,268.4 4,304.6 4,391.8 4,484.2 4,568.0 4,662.8 4,724.5 4,806.9
3,704.5 4,003.6 4,224.7 4,487.5 3,806.8 3,907.7 3,959.5 4,046.3 4,100.7 4,136.5 4,188.1 4,267.7 4,306.6 4,354.1 4,451.5 4,553.5 4,590.7 4,659.2 4,763.9
32.7
37.7
14.5
72.0
65.3
.7
7.2
44.0
19.5
.7 -2.0
43.0
45.0
17.8
19.5
15.5
39.2
67.7
11.3

1

Final sales
Change in business inventories

1985

14

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 1.4.—Gross National Product by Major Type of Product in Constant Dollars
[Billions of 1982 dollars]
Seasonally adjusted at annual rates
Line

1984

1985

1986

1987

IV

Gross national product
Final sales
Change in business inventories

..

1
2
3
4

Goods

1985

1984
I

1987

1986
III

II

IV

I

III

II

IV

I

II

1988
III

IV

I

II

3,501.4 3,618.7 3,721.7 3,847.0 3,535.2 3,577.5 3,599.2 3,635.8 3,662.4 3,719.3 3,711.6 3,721.3 3,734.7 3,776.7 3,823.0 3,865.3 3,923.0 3,956.1 3,986.3
3,439.1 3,609.6 3,706.3 3,812.6 3,493.5 3,561.7 3,582.3 3,639.8 3,654.7 3,673.6 3,688.0 3,718.3 3,745.2 3,746.9 3,795.2 3,852.2 3,855.9 3,890.1 3,941.3
66.0
13.0
67.1
45.0
16.9 -4.0
7.7
45.7
23.6
3.0 -10.5
29.8
27.8
62.3
9.1
15.4
34.4
41.7
15.8
1,509.2 1,553.6 1,599.0 1,663.3 1,520.2 1,537.5 1,547.5 1,564.7 1,564.7 1,604.7 1,598.0 1,595.3 1,597.8 1,616.2 1,645.6 1,677.5 1,713.9 1,748.1 1,763.1
1,446.9 1,544.5 1,583.5 1,628.9 1,478.5 1,521.7 1,530.6 1,568.7 1,557.0 1,559.1 1,574.4 1,592.3 1,608.3 1,586.4 1,617.8 1,664.5 1,646.8 1,682.2 1,718.1
66.0
13.0
67.1
45.0
7.7
45.7
23.6
3.0 -10.5
29.8
27.8
62.3
9.1
15.4
34.4
41.7
15.8
16.9 -4.0

Final sales
Change in business inventories

5
6

Durable goods
Final sales
Change in business inventories

7
8
9

661.7
623.5
38.2

691.7
686.1
5.6

714.6
710.7
3.8

774.6
750.7
23.9

679.0
647.8
31.1

678.8
666.9
11.8

688.7
685.6
3.0

704.6
704.2
.4

695.0
687.7
7.3

707.1
683.9
23.2

704.8
700.7
4.1

726.0
733.5
-7.5

720.3
724.8
-4.5

728.0
702.3
25.7

763.8
742.3
21.5

793.7
790.8
2.9

812.7
767.2
45.5

832.5
809.0
23.5

867.3
843.7
23.6

Nondurable goods
Final sales
Change in business inventories

10
11
12

847.5
823.3
24.2

861.9
858.4
3.5

884.4
872.8
11.6

888.8
878.2
10.5

841.2
830.7
10.6

858.8
854.8
4.0

858.8
845.0
13.9

860.2
864.5
-4.4

869.8
869.4
.4

897.6
875.1
22.5

893.2
873.7
19.5

869.3
858.8
10.5

877.5
883.6
-6.0

888.1
884.1
4.1

881.8
875.5
6.3

883.8
873.7
10.1

901.2
879.6
21.6

915.6
873.2
42.4

895.8
874.4
21.4

Services

13

Structures

14

1,625.2 1,684.3 1,738.1 1,801.1 1,644.7 1,666.0 1,671.5 1,687.4 1,712.5 1,724.8 1,730.7 1,743.6 1,753.2 1,778.2 1,797.2 1,806.6 1,822.3 1,833.4 1,844.0
367.1 380.8 384.7 382.6 370.3 374.0 380.3 383.7 385.2 389.7 383.0 382.4 383.7 382.4 380.2 381.1 386.7 374.6 379.2

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 1.5.—Relation of Gross National Product, Gross Domestic Purchases, and Final Sales to Domestic Purchasers
[Billions of dollars]
Seasonally adjusted at annual rates
Line

1984

1985

1986

1987

1984
IV

Gross national product
Less: Exports of goods and services
Plus: Imports of goods and services

1
2
3

Equals: Gross domestic purchases l

4

Less: Change in business inventories

5

Equals: Final2 sales to domestic
purchasers .

6

I

II

IV

I

II

III

IV

I

II

III

IV

I

II

3,772.2 4,014.9 4,240.3 4,526.7 3,851.8 3,925.6 3,979.0 4,047.0 4,107.9 4,180.4 4,207.6 4,268.4 4,304.6 4,391.8 4,484.2 4,568.0 4,662.8 4,724.5 4,806.9
383.5 370.9 378.4 428.0 385.7 376.8 372.6 365.1 369.2 376.9 373.9 377.8 385.2 395.3 416.8 440.4 459.7 487.8 501.1
442.4 448.9 482.8 551.1 453.6 429.9 446.9 446.2 472.4 469.9 475.1 486.9 499.4 514.4 539.0 565.6 585.4 599.9 591.7
3,831.1 4,092.8 4,344.7 4,649.7 3,919.7 3,978.7 4,053.3 4,128.2 4,211.2 4,273.4 4,308.7 4,377.6 4,418.9 4,510.9 4,606.3 4,693.2 4,788.4 4,836.6 4,897.5
11.3
67.7
19.5
17.8
45.0
39.2
15.5
.7 -2.0
44.0
7.2
.7
37.7
19.5
65.3
72.0
14.5
32.7
43.0
3,763.5 4,081.5 4,329.1 4,610.5 3,874.7 3,960.8 4,033.8 4,127.5 4,203.9 4,229.4 4,289.3 4,376.9 4,420.9 4,473.2 4,573.6 4,678.7 4,716.4 4,771.3 4,854.5

1. Purchases in the United States of goods and services wherever produced.
2. Final sales in the United States of goods and services wherever produced.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.




III

1988

1987

1986

1985


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102