SCB_101988
Transcript of SCB_101988
-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
October 1988 / Volume 68 Number 10
U U U U U U U SURVEY OF CURRENT BUSINESS
U.S. Department of CommerceC. William Verity / SecretaryRobert Ortner / Under Secretary
for Economic Affairs
Bureau of Economic AnalysisAllan H, Young / DirectorCarol S, Carson / Deputy Director
Editor-in-Chief; Carol S. CarsonManaging Editor: Leland L. Scott
Staff Contributors to This Issue; Robert L.Brown, Rudolph E. DePass, Douglas R. Pox,Howard L. Friedenberg, Linnea Hazert, Daniel J.Larkins, Ralph W. Morris, John C. Musgrave,National Income and Wealth Division, CharlesS. Robinson, Tracy R Tapscott, Edward A. Trott,Obie G. Whichard, Isabelle B. Whiston
SURVEY OF CURRENT BUSINESS. Publishedmonthly by the Bureau of Economic Analysis of theU.S. Department of Commerce. Editorial corre-spondence should be addressed to the Editor-in-Chief, SURVEY OF CURRENT BUSINESS, Bureau of Eco-nomic Analysis, U,S. Department of Commerce,Washington, DC 20230.
Annual subscription: Second-class mail$18.00 domestic, $22.50 foreign; first-class mail$46,00. Single copy$6.50 domestic, $8.13 foreign.
Mail subscription orders and address changes tothe Superintendent of Documents, U.S. Govern-ment Printing Office, Washington, DC 20402.Make checks payable to the Superintendent ofDocuments.
Second-class postage paid at Washington, DCand at additional mailing offices. (USPS 337-790),
The Secretary of Commerce has determinedthat the publication of this periodical is necessaryin the transaction of the public business requiredbylaw of this Department.
1 Business Situation2 Components of Real GNP5 Prices6 Personal Income
8 National Income and Product Accounts Tables8 Selected NIPA Tables
22 Composite Indexes of Leading, Coincident, andLagging Indicators
23 Recent Growth in Nonfarm Personal Income
25 State Quarterly Personal Income, 1985:1-1988:11
27 International Services: New Information on U.S. TransactionsWith Unaffiliated Foreigners
35 Summary Fixed Reproducible Tangible Wealth Series, 1925-87
37 Errata: Gross State Product
Blue pages: Current Business Statistics(See page S-36 for subject index to Current Business Statistics)
Inside back cover: BEA Publications
NOTE.This issue of the SURVEY went to the printer on Nov. 8,1988. It incorporatesdata from the following monthly BEA news releases:
Gross National Product (Oct. 26),Personal Income and Outlays (Oct. 27), andComposite Indexes of Leading, Coincident, and Lagging
Indicators (Nov. 1).
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
the BUSINESS SITUATION
TL'.S. economic activity continued ata moderate pace in the third quarterof 1988: Production slowed somewhat,and demand picked up somewhat. In-flation was about the same in the thirdquarter as in the second (chart 1).
Real GNP, a measure of U.S. pro-duction, increased at an annualrate of 2 percent, following an in-crease of 3 percent in the secondquarter.
Real gross domestic purchases,a measure of U.S. demand, in-creased at an annual rate of 21/2percent, following a 1 ^ -percentincrease.
The GNP price index (fixedweights) increased at an annualrate of 5 percent, and the price in-dex for gross domestic purchasesincreased 4.^ 2 percent; both in-dexes had increased 5 percent inthe second quarter.1
1. The regularly featured estimates of real GNP andGNP prices are based on 1982 weights. An alter-native measure of price change that uses more cur-rent weightsthe chain price indexis published in ta-ble 8.1 of the "Selected NIPA Tables." The GNP chainprice index increased at an annual rate of 4^2 percent
Differences in movements of realGNP and real gross domestic pur-chases reflect changes in net exports(table 1). Imports increased strongly inthe third quarter after declining in thesecond; the turnaround was accountedfor by nonpetroleum merchandise andby services. Exports increased aboutthe same in both quarters.
Impact of the drought.On the ba-sis of information available in mid-October, BEA estimates that $13 bil-lion of real farm output was lost asa result of this year's drought. Theselosses$12 billion for crops and $1 bil-lion for livestockwere allocated ona quarterly basis as follows: Secondquarter, $2.3 billion ($9 billion annualrate); third quarter, $3.7 billion ($15billion annual rate); and fourth quar-ter, the remaining $6.9 billion ($28in the third quarter, following a 5-percent increase. Thechain price index can be used to calculate an alterna-tive measure of real GNP growth based on more currentweights. This alternative measure increased at an an-nual rate of 2 percent in the third quarter, following a3 ^ -percent increase. (See the August 1988 "BusinessSituation" for more information about these alternativemeasures. Alternative estimates based on 1987 weightswill be presented in the SURVEY OF CURRENT BUSINESS inthe near future.)
Looking Ahead . . .
NIPA Methodology. The fifth in BEA's series of methodology papers hasbeen completed and will be available soon. The paper, Government Transac-tions, describes the source data and estimating methods for the Federal andthe State and local government estimates. Order information will appearin an upcoming issue of the SURVEY.
Pollution Abatement Expenditures. Plant and equipment expenditures forpollution abatement for 1987 will appear in the November SURVEY.
Local Area Estimates. Estimates of total wage and salary disbursementsand total wage and salary employment for 1987 for counties and metropoli-tan areas will be available in December.
Input-Output Accounts. The 1983 annual input-output tables will be pre-sented in a forthcoming issue of the SURVEY. The annual accounts are pre-pared using basically the same procedures as used in the 1977 benchmarktables, but with less comprehensive and less reliable source data.
1Selected Measures:Change From Preceding Quarter
Percent10
5 -
-5
-10
10
REAL GNP
Jill
-5
-10
REAL GROSS DOMESTIC PURCHASES
GROSS DOMESTIC PURCHASES PRICEINDEX (FIXED WEIGHTS)
10
1985 1986 1987 1988Note.Percent change at annual rate from preceding quarter;based on seasonally adjusted estimates.
U.S. Department of Commerce, Bureau of Economic Analysis
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
SURVEY OF CURRENT BUSINESS October 1988
Table 1.U.S. Production and U.S. Demand[Seasonally adjusted at annual rates]
Table 2.Selected Farm Sector Measures[Billions of dollars; seasonally adjusted at annual rates]
Gross national product
Less' ExportsPlus' Imports
Equals: Gross domestic purchases
Billions of 1982 dollars
Level
1988
I
3,956.1
486.2595.1
4,065.1
II
3,985.2
496.9589.5
4,077.9
III
4,007.3
507.0601.9
4,102.1
Change frompreceding quarter
1988
II
29.1
10.7-5.6
12.8
III
22.1
10.112.4
24.2
Percent changefrom preceding
quarter
1988
II
3.0
9.137
1.3
III
2.2
8.48.7
2.4
NOTE.Percent changes are found in table 8.1 of the "Selected NIPA Tables." Dollar levels are found in table 1.6.
billion annual rate) (table 2). Lossesdue to the drought reduced the second-quarter increase in real GNP by 0.9percentage point and the third-quarterincrease by 0.6 percentage point. (Inthe fourth quarter, the change in realGNP will be reduced by about 1.3 per-centage points; in the first quarter of1989, when farm output returns to alevel not affected by the drought, thechange in real GNP will be raised byabout 2.8 percentage points.)
BEA's estimate of crop losseswas based on the difference betweenthe U.S. Department of Agriculture(USDA) June forecast of the physicalquantity of output, representing con-ditions before the drought, and theUSDA October crop production report.BEA allocated the crop loss for the yearover the quarters of the growing sea-son, with the harvest periods receiv-ing higher allocations. (See the Au-gust 1988 "Business Situation" for adescription of this procedure, as wellas for additional information about theeffects of the drought on farm out-put.) BEA estimated the livestocklosses using information about earlier-than-usual marketings of livestock andthen spread the loss over the threequarters.
The drought also affected farm in-ventories, farm income, and other es-timates that include farm products,but the impact is difficult to quantify.The extent to which the losses affectedfarm inventories depends on the extentto which they affected sales (or pur-chases) of farm products. Sales werenot greatly affected in the second quar-ter; sales were affected in subsequentquarters, but to an extent that can-not be quantified from the underlyingsource data. Although BEA has es-timated the impact of the drought onfarm output, estimates of its impact onother determinants of farm incomesuch as crop and livestock prices, farmsubsidies, and production expenseswere not made. (A sharp third-quarterdrop in agricultural subsidy paymentswas primarily related to the timing ofpayments to farmers, not to the effectsof the drought.)
Components of Real GNPThe slowdown in real final sales
in the third quarter was considerablysharper than that in GNP. Among thefinal sales components, net exports de-clined after a strong increase, govern-ment purchases declined after a mod-
NOTE.Quarterly estimates in the national income and product accounts are expressed at sea-sonally adjusted annual rates, and quarterly changes in them are differences between theserates. Quarter-to-quarter percent changes are annualized. Real, or constant-dollar, estimatesare expressed in 1982 dollars.
The advance GNP estimates for the third quarter are based on the following major sourcedata: For personal consumption expenditures (PCE), retail sales through September, and unitauto and truck sales through September; for nonresidential fixed investment, the same infor-mation for autos and trucks as for PCE, construction put in place for July and August; andmanufacturers' shipments of machinery and equipment for July and August; for residential in-vestment, Construction put in place for July and August, and housing starts through September;for change in business inventories, manufacturing and trade inventories for July and August,and unit auto inventories through September; for net exports of goods and services, merchandiseexports and merchandise imports for July and August; for government purchases of goods andservices, Federal outlays for July and August, and State and local construction put in placefor July and August; and for GNP prices, the Consumer Price Index through September, theProducer Price Index through September, the unit-value index for petroleum imports for Julyand August, and unit-value Indexes for exports and nonpetroleum imports for July. Some ofthe source data are subject to revision.
Farm output (1982 dollars) *
Change in farm inventories(1982 dollars)
Farm proprietors' income(current dollars) ,Agricultural subsidy payments-
Level
1988
I
163.20
14.1
44.711.9
II
150.992
5.3
43.414.0
III
144.5-15.0
-.3
29.01.0
Changefrom
precedingquarter
1988
II
-12.39 2
88
-1.32.1
III
-6.457
56
-14.4-134
1. Farm output is the national income and product accounts(NIPA) measure of gross output of the farm sectorthat is,output before deduction of consumption of materials andservices purchased from other industries. Subtraction of thesepurchases yields gross farm product (or value added), thecontribution of the farm sector to GNP. Gross farm product(1982 dollars) is found in table 1.8 of the "Selected NIPATables."
NOTE.Change in farm inventories is found in tables 1.2and 5.9 of the "Selected NIPA Tables," and farm proprietors'income is found in tables 1.4 and 2.1.
erate increase, and fixed investmentincreased much less than in the secondquarter; only personal consumption ex-penditures showed improvement, in-creasing somewhat more than in thesecond quarter. Inventory investmentdeclined slightly after a sharp drop.
Personal consumption expendituresReal personal consumption expen-
ditures (PCE) increased 3*/2 percentin the third quarter after a slightlysmaller increase in the second (table 3).Although the increases in total PCEwere roughly similar in size in thetwo quarters, the size of increases ineach of the three major types of ex-penditures differed considerably fromone quarter to the next. For each,the fluctuation can largely be tracedto a single componentused carswithin durables, clothing and shoeswithin nondurables, and energy withinservices.
Durable goods increased one-halfpercent after a 10-percent increase.The motor vehicles and the furnitureand household equipment categoriesboth contributed to the deceleration.Motor vehicles and parts increasedmuch less than in the second quarter,when they had been boosted by unusu-ally large net purchases of used carsPurchases of new cars increased in thethird quarter after decreasing in thesecond.
Nondurable goods increased 3x/2 per-cent after a slight increase in the sec-ond quarter. The acceleration waslargely attributable to clothing andshoes, which increased sharply afterseveral quarters of decline. "Other"nondurables, which increased some-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
October 1988 SURVEY OF CURRENT BUSINESS
what more than in the second quarter,also contributed to the acceleration.
Services increased 4x/2 percent aftera smaller increase; most major cate-gories of services contributed to the ac-celeration. The largest step-up wasin energy services, reflecting increasedexpenditures for air conditioning dueto unusually hot weather in the firstpart of the quarter.Nonresidential fixed investment
Real nonresidential fixed investmentincreased 4x/2 percent in the third quar-ter, following a 15-percent increase inthe second. Most of the decelera-tion was accounted for by producers'durable equipment (PDE), althoughstructures also slowed (table 4).
In structures, a decline in construc-tion of nonresidential buildings wasoffset by an increase in constructionby public utilities; in the second quar-ter both categories had increased. Oilwell drilling and "other" constructionincreased slightly after two consecutivequarters of decline.
Information processing equipmentand transportation equipment werethe main contributors to the deceler-ation in PDE. A slowdown in informa-tion processing equipment can be at-tributed to a single componentoffice,computing, and accounting machinery.A downswing in transportation equip-ment was largely accounted for by asingle componentaircraft.
Residential fixed investmentReal residential fixed investment
increased l1^ percent in the thirdquarter, following little change inthe second. In the third quarter,a decline in single-family construc-tion was more than offset by in-creases in multifamily constructionand in the "other" componentwhichincludes mobile homes, additions andalterations, major replacements, andbrokers' commissions on house sales(table 4).
The decline in single-family con-struction mainly reflected the laggedeffect of a drop of 40,000 (season-ally adjusted annual rate) in the num-ber of single-family units started inthe second quarter; starts were un-changed in the third quarter (chart 2).The increase in multifamily construc-tion interrupted a 2-year downtrendthat reflected high rental vacancy ratesand the curtailment of tax incentivesfor investment in multifamily struc-tures. Despite the increase, multifam-ily construction in the third quarter
Table 3.Real Personal Consumption Expenditures[Seasonally adjusted at annual rates]
Personal consumption expenditures.
DurablesMotor vehicles and partsFurniture and household equipmentOther durables
NondurablesFoodClothing and shoesEnergy 1Other nondurables
Services ,HousingHousehold operation
Energy 2Other
TransportationMedical careOther services , both price mea-sures had increased 5 percent (table 8).The third-quarter difference in the in-creases in the two price measures waslargely traceable to a sharp deceler-ation in prices of imports. Prices ofimported petroleum declined consider-ably more than in the second quarter,and prices of other imported merchan-dise increased less.
PCE prices increased 5 percent,somewhat less than in the second quar-ter. Both PCE energy and "other" PCEprices were up less than in the sec-ond quarter. The deceleration in en-ergy prices was traceable to prices offuel oil and coal and of electricity andgas. Among other PCE prices, pricesof clothing and shoes fell 8 percentafter a IS^-percent jump, continuingthe recent pattern of sharp changes.Prices of transportation services in-creased considerably less than in thesecond quarter.
Table 8.Price Indexes (Fixed Weights):Change from Preceding Quarter
[Percent change at annual rates; based on seasonally adjustedindex numbers (1982=100)]
GNP
Less' ExportsPlus: Imports
Equals: Gross domestic purchases
Less: Change in businessinventories
Equals: Final sales to domesticpurchasers
Personal consumptionexpendituresFoodEnergyOther personal consumption
expendituresNonresidential structuresProducers' durable equipmentResidential investmentGovernment purchases
Addenda:Merchandise imports
Petroleum and productsOther merchandise
1987IV
3.8
2.64.3
4.0
4.0
4.62.7
-2.2
5.7221.4293.5
4.71648.5
I
3.5
6.23.5
3.2
3.3
2.42.1
-7.5
3.5412.93.05.9
q O
41912.6
1988II
5.0
6957
4.9
49
576057
561.13.4
345
63267.6
III
4.9
8.71.7
4.3
4.3
4.89.43.6
3.82.51.6.5
4.3
1.61994.6
NOTE.Percent changes in major aggregates are found in table 8.1 of the "Selected NIPA Tables." Dollar levels are found intable 3.8B.
NOTE.Percent changes intable 8.1 of the "Selected NIPAlevels are found in tables 7.1 and 7.3.
ites are found in[ost index number
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
6 SURVEY OF CURRENT BUSINESS October 1988
At least partly reflecting the impactof the drought, PCE food prices steppedup to a 9 ^ 2-percent increase from a 6-percent increase in the second quar-ter. The acceleration was widespread,but was particularly sharp for freshfruits and vegetables and for cerealsand bakery products; in contrast, meatprices were up less than in the secondquarter.
Among other components of finalsales, fixed investment prices regis-tered another modest1^2 percentincrease. Prices of nonresidentialstructures were up somewhat morethan in the second quarter, and PDEprices were up somewhat less; residen-tial investment prices registered smallincreases in both quarters. Prices paidby government increased 4x/2 percentin both quarters.
Personal IncomePersonal income increased $63^2 bil-
lion in the third quarter, following
a $71 billion increase in the second(chart 4 and table 9). The decelerationwas accounted for by the sharp down-swing in subsidy payments to farm-ers. Reflecting a swing from a largeincrease to a large decline in personaltax and nontax payments, disposablepersonal income (DPI) increased morein the third quarter than in the second.
Wages and salary disbursements in-creased $50 billion, about the sameas in the second quarter. Increasesin each of the major private industrycomponents were similar to those inthe second quarter. Average hourlyearnings were up somewhat more thanin the second quarter; employmentwas up slightly less, and averageweekly hours declined slightly aftersmall increase. Government wagesand salaries increased about the samein both quarters.
Farm proprietors' income declined$141/2 billion, following a decline of$1^2 billion in the second quarter. Thedropoff was accounted for by Federalagricultural subsidies, which fell from
Table 9.Personal Income and Its Disposition[Billions of dollars; seasonally adjusted at annual rates]
Wage and salary disbursementsManufacturingOther commodity-producingDistributiveServicesGovernment and government enterprises
Other labor incomeProprietors' income
Farm.Nonfarm
Rental income of personsPersonal dividend incomePersonal interest incomeTransfer paymentsLess' Personal contributions for social insurance
Personal income
Less' Personal tax and nontax paymentsImpact of the Tax Reform Act of 1986 1Other
Equals: Disposable personal income
Less' Personal outlays
Equals: Personal saving
Addenda: Special factors in personal income:
In wages and salaries:Federal Government and Postal Service pay adjustments
In farm proprietors' income:Agricultural subsidy payments
In transfer payments:Social security retroactive paymentsCost-of-living increases in Federal transfer payments
In personal contributions for social insurance:Social security rate and base changes and increase in
premium for supplementary medical insurance
Level
1988:111
2,460.0526.1175.3585.7723.9449.0219.5319.3
29.0290.2
20.097.3
579.3587.4196.7
4,086.0
587.1461
633.2
3,498.9
3,358.6
140.3
Change from preceding quarter
1987
IV
60.08.74.0
10.530.46.53.1
19.211.87.52.42.0
17.05.13.2
105.814.82.1
12.7
90.9
19.5
71.4
.7
13.3
1988I
33.68.32.2
10.94.67.62.2
-2.1-2.3
.201.64.2
19.514.3
44.61522328.0
59.8
53.9
5.9
1.9
-6.1
1.512.8
10.6
II
51.37.85.3
13.918.55.81.94.9
-1.36.1
-1.41.59.56.53.3
71.025.212.612.6
45.9
67.9
22.1
2.1
15
III
50.08.73.6
13.618.06.13.0
-9.51444.9
.92.3
15.64.63.2
63.613925611.7
77.4
65.0
12.5
.3
-13.0
$14 billion in the second quarter to $1billion in the third. The pattern in sub-sidies reflected the completion in thesecond quarter of deficiency and diver-sion payments made to farmers underthe 1988 Acreage Reduction Program.Farm income excluding subsidies de-clined in both quarters$1^2 billion inthe third and $3^2 billion in the sec-ond. These declines were attributableto the falloff in production; price in-creases for farm products, particularlycrops, offset most of the effect of thisfalloff in both quarters. The effect ofthe drought on farm income is diffi-cult to determine; the drought reducedoutput but, presumably, was at leastpartly responsible for the increases inprices.
Personal interest income was up$15^2 billion, the third consecutive
4
Selected Personal Incomeand Saving Measures
Billion $120
90 -
60
30
CHANGE IN PERSONAL INCOME
PERSONAL SAVING RATE
1. Estimates of the impact of the Tax Reform Act of 1986 on Federal Government personal tax payments and indirect effectson State and local government personal tax payments.
NOTEMost dollar levels are found in table 2.1 of the "Selected NIPA Tables."
1985 1986 1987 1988Based on Seasonally Adjusted Annual Rates
Note.Changes are from preceding quarter.U.S. Department of Commerce, Bureau of Economic Analysis 88-
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
October 1988 SURVEY OF CURRENT BUSINESS
quarter of progressively larger in-creases. The third-quarter increase re-flected increases in both interest ratesand asset holdings by persons.
Increases in other labor income, non-farm proprietors' income, transfer pay-ments, and personal dividend incomewere roughly similar to those in thesecond quarter. Rental income in-creased after a decline. Personal con-tributions for social insurance, whichare subtracted in deriving the personalincome total, increased about the samein both quarters.
Personal tax and nontax paymentsdecreased $14 billion, following a $25billion increase in the second quar-
ter. The sharp downswing reflectedthe effects of the Tax Reform Act of1986. Largely through lower with-holdings for Federal income taxes, theact led to reduced taxes in 1988, butby varying amounts in each quarter($33 billion in the first, $20^2 bil-lion in the second, and $46 billionin the third). The quarterly fluctua-tions reflected the act's effect on Fed-eral nonwithheld taxes (mainly decla-rations and net settlements). Net set-tlements dropped sharply after a largeincrease in the second quarter; thesecond-quarter increase had resultedfrom payments on income that hadbeen shifted from 1986 to 1987 to takeadvantage of lower tax rates.
Reflecting the downswing in per-sonal tax and nontax payments, DPIincreased $77^2 billion, or 9^2 percent,in the third quarter, compared with$46 billion, or 5^2 percent, in the sec-ond. Real DPI increased 41/2 percentafter no change, as the acceleration inDPI was augmented by the slowdownin PCE prices.
Personal outlays increased about thesame in both quarters, so the accel-eration in current-dollar DPI carriedthrough to personal saving. Personalsaving increased $121/2 billion after a$22 billion decline; the personal sav-ing rate increased 0.3 percentage pointto 4.0 percent.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
8 SURVEY OF CURRENT BUSINESS
National Income and Product Accounts TablesSelected NIPA Tables
October 1988
New estimates in this issue: Third quarter 1988.The selected set of 54 national income and product accounts (NIPA) tables shown in this section presents quarterly estimates, which are
updated monthly. (In most of these tables, annual estimates are also shown.) The full set of 132 tables usually shown in July presents annualNIPA revisions. For more information on the presentation of the estimates, see "National Income and Product Accounts Estimates: When Theyare Released, Where They Are Available, and How They Are Presented" in the July 1988 SURVEY.
The full set of estimates for 1985-87 is in the July 1988 issue of the SURVEY; estimates for 1984 are in the July 1987 issue; estimates for 1983are in the July 1986 issue. Estimates for 1929-82 are in National Income and Product Accounts, 1929-82: Statistical Tables (GPO Stock No. 003-010-00174-7, price $23.00). These publications are available from the Superintendent of Documents; see address on inside front cover.
The full set of NIPA tables is available on diskette for $240 per year (12 updates, for the quarterly estimates prepared each month). Formore information, write to the Bureau of Economic Analysis (BE-54), U.S. Department of Commerce, Washington, DC 20230.
Table 1.1.Gross National Product[Billions of dollars]
Gross national productPersonal consumption
expendituresDurable goodsNondurable goodsServices
Gross private domesticinvestmentFixed investment
Nonr esidentialStructuresProducers' durable
equipmentResidential
Change in businessinventoriesNonfarmFarm
Net exports of goods andservicesExports....Imports
Government purchases of goodsand servicesFederal
National defenseNondefense
State and local
1986
4,240.3
2,807.5406.5943.6
1,457.3
665.9650.4433.9138.5
295.4216.6
15.517.4
-1.9
-104.4378.4482.8
871.2366.2277.5
88.7505.0
1987
4,526.7
3,012.1421.9997.9
1,592.3
712.9673.7446.8139.5
307.3226.9
39.240.7
-1.5
-123.0428.0551.1
924.7382.0295.3
86.7542.8
Seasonally adjusted at annual rates1987
II
4,484.2
2,992.2420.5995.3
1,576.4
698.5665.8438.2134.4
303.8227.6
32.731.41.3
122 2416.8539.0
915.7377.5294.8
82.6538.2
III
4,568.0
3,058.2441.4
1,006.61,610.2
702.8688.3462.1143.0
319.1226.2
14.517.83 3
1252440.4565.6
932.2386.3299.8
86.4546.0
IV
4,662.8
3,076.3422.0
1,012.41,641.9
764.9692.9464.1147.7
316.3228.8
72.072.8
g
125 7459.7585.4
947.3391.4299.2
92.2555.9
1988
I
4,724.5
3,128.1437.8
1,016.21,674.1
763.4698.1471.5140.1
331.3226.6
65.349.415.9
112 1487.8599.9
945.2377.7298.4
79.3567.5
II
4,823.8
3,194.6449.8
1,036.61,708.2
758.1714.4487.8142.3
345.5226.5
43.733.110.6
90 4507.1597.5
961.6382.2298.8
83.4579.4
III
4,899.5
3,257.6453.6
1,057.61,746.4
764.4721.4493.9143.3
350.5227.6
42.935.77.3
-84.9526.3611.2
962.4373.4294.1
79.3589.0
NOTE.Percent changes from preceding period for selected items in this table are shown intable 8.1.
Table 1.3.Gross National Product by Major Type of Product[Billions of dollars]
Gross national productFinal salesChange in business
inventoriesGoods
Final salesChange in business
inventoriesDurable goods
Final salesChange in business
inventoriesNondurable goods
Final salesChange in business
inventoriesServicesStructures
1986
4,240.34,224.7
15.51,697.91,682.3
15.5725.3721.1
4.3972.6961.3
11.32,118.4
424.0
1987
4,526.74,487.5
39.21,792.51,753.3
39.2776.3749.7
26.61,016.21,003.6
12.62,295.7
438.4
Seasonally adjusted at annual rates1987
II
4,484.24,451.5
32.71,774.51,741.8
32.7767.1742.8
24.31,007.5
9991
8.42,276.2
433.4
III
4,568.04,553.5
14.51,812.91,798.4
14.5792.2789.3
2.91,020.710091
11.62,314.4
440.6
IV
4,662.84,590.7
72.01,849.31,777.3
72.0808.7758.2
50.51,040.71 019 1
21.62,363.9
449.5
1988I
4,724.54,659.2
65.31,879.51,814.2
65.3819.3792.7
26.61,060.11 021 5
38.62,405.2
439.9
II
4,823.84,780.1
43.71,928.01,884.3
43.7849.5831.6
17.81,078.510527
25.92,451.5
444.3
III
4,899.54,856.6
42.91,957.11,914.2
42.9867.9840.5
27.41,089.21,073.6
15.52,496.2
446.2
Table 1.2.Gross National Product in Constant Dollars[Billions of 1982 dollars]
Gross national productPersonal consumption
expendituresDurable goodsNondurable goodsServices
Gross private domesticinvestmentFixed investment
NonresidentialStructuresProducers' durable
equipmentResidential
Change in businessinventoriesNonfarmFarm
Net exports of goods andservicesExportsImports
Government purchases of goodsand servicesFederal
National defenseNondefense
State and local
1986
3,721.7
2,455.2385.0879.5
1,190.7
643.5628.1433.1129.3
303.8195.0
15.417.925
-137.5378.4515.9
760.5333.4251.4
82.0427.1
1987
3,847.0
2,521.0390.9890.5
1,239.5
674.8640.4445.1125.5
319.6195.2
34.436.925
-128.9427.8556.7
780.2339.0264.9
74.1441.2
Seasonally adjusted at annual rates1987
II
3,823.0
2,516.6391.3889.8
1,235.5
660.1632.3434.8120.9
313.8197.6
27.825.0
2.7
-126.0416.4542.3
772.2332.1264.8
67.3440.1
III
3,865.3
2,545.2406.5891.9
1,246.8
667.9654.9462.8128.0
334.7192.1
13.018.3
-5.3
-130.7440.9571.6
782.9342.1269.5
72.6440.8
IV
3,923.0
2,531.7387.6890.5
1,253.6
724.7657.6464.8132.1
332.7192.7
67.168.21 1
-126.0459.2585.2
792.6347.7268.2
79.5444.9
1988
I
3,956.1
2,559.8401.1892.7
1,265.9
728.9662.9473.4124.0
349.4189.5
66.051.914.1
-109.0486.2595.1
776.4327.8264.6
63.2448.7
II
3,985.2
2,579.0410.6893.6
1,274.8
715.1679.7490.2125.0
365.1189.6
35.330.15.3
-92.6496.9589.5
783.8331.6263.6
67.9452.2
III
4,007.3
2,601.3411.0901.7
1,288.5
719.7685.9495.7125.5
370.3190.2
33.834.0-.3
-94.9507.0601.9
781.1326.1256.7
69.4455.0
NOTE.Percent changes from preceding period for selected items in this table are shown intable 8.1.
Table 1.4.Gross National Product by Major Type of Product inConstant Dollars
[Billions of 1982 dollars]
Gross national productFinal salesChange in business
inventoriesGoods
Final salesChange in business
inventoriesDurable goods .
Final salesChange in business
inventoriesNondurable goods
Final salesChange in business
inventoriesServices ,Structures
1986
3,721.73,706.3
15.41,599.01,583.5
15.4714.6710.7
3.8884.4872.8
11.61,738.1
384.7
1987
3,847.03,812.6
34.41,663.31,628.9
34.4774.6750.7
23.9888.8878.2
10.51,801.1
382.6
Seasonally adjusted at annual rates1987
II
3,823.03,795.2
27.81,645.61,617.8
27.8763.8742.3
21.5881.8875.5
6.31,797.2
380.2
III
3,865.33,852.2
13.01,677.51,664.5
13.0793.7790.8
2.9883.8873.7
10.11,806.6
381.1
IV
3,923.03,855.9
67.11,713.91,646.8
67.1812.7767.2
45.5901.2879.6
21.61,822.3
386.7
1988I
3,956.13,890.1
66.01,748.11,682.2
66.0832.5809.0
23.5915.6873.2
42.41,833.4
374.6
II
3,985.23,949.9
35.31,762.41,727.1
35.3861.7845.8
15.9900.7881.3
19.41,846.1
376.7
III
4,007.33,973.5
33.81,770.81,737.0
33.8875.3850.9
24.4895.5886.1
9.41,859.3
377.2
NOTE.Percent changes from preceding period for selected items in this table are shown intable 8.1.
NOTE.Percent changes from preceding period for selected items in this table are shown intable 8.1.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
October 1988 SURVEY OF CURRENT BUSINESS 9
Table 1.5.Relation of Gross National Product, Gross DomesticPurchases, and Final Sales to Domestic Purchasers
[Billions of dollars]
Gross national productLess: Exports of goods and
servicesPlus: Imports of goods and
servicesEquals: Gross domestic
purchases 1
Less: Change in businessinventories
Equals: Final sales to domesticpurchasers 2
1986
4,240.3
378.4
482.8
4,344.7
15.5
4,329.1
1987
4,526.7
428.0
551.1
4,649.7
39.2
4,610.5
Seasonally adjusted at annual rates1987
II
4,484.2
416.8
539.0
4,606.3
32.7
4,573.6
III
4,568.0
440.4
565.6
4,693.2
14.5
4,678.7
IV
4,662.8
459.7
585.4
4,788.4
72.0
4,716.4
1988
I
4,724.5
487.8
599.9
4,836.6
65.3
4,771.3
II
4,823.8
507.1
597.5
4,914.2
43.7
4,870.5
III
4,899.5
526.3
611.2
4,984.4
42.9
4,941.5
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.
Table 1.6.Relation of Gross National Product, Gross DomesticPurchases, and Final Sales to Domestic Purchasers in Constant Dollars
[Billions of 1982 dollars]
Gross national productLess: Exports of goods and
servicesPlus: Imports of goods and
services ...Equals: Gross domestic
purchases l
Less: Change in businessinventories
Equals: Final sales to domesticpurchasers 2 .
1986
3,721.7
378.4
515.9
3,859.3
15.4
3,843.8
1987
3,847.0
427.8
556.7
3,975.9
34.4
3,941.5
Seasonally adjusted at annual rates1987
II
3,823.0
416.4
542.3
3,949.0
27.8
3,921.2
III
3,865.3
440.9
571.6
3,996.0
13.0
3,983.0
IV
3,923.0
459.2
585.2
4,049.0
67.1
3,981.9
1988I
3,956.1
486.2
595.1
4,065.1
66.0
3,999.1
II
3,985.2
496.9
589.5
4,077.9
35.3
4,042.6
III
4,007.3
507.0
601.9
4,102.1
33.8
4,068.4
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.
Table 1.7.Gross National Product by Sector[Billions of dollars]
Table 1.8.Gross National Product by Sector in Constant Dollars[Billions of 1982 dollars]
Gross national productGross domestic product
BusinessNonfarm
Nonfarm less housingHousing
Farm
Households and institutionsPrivate householdsNonprofit institutions
GovernmentFederalState and local
Rest of the worldAddendum:
Gross domestic businessproduct less housing
1986
4,240.34,205.43,608.93,547.13,203.9
343.275.413 6
153.19.1
144.0443.4143.5299.934.9
3,257.7
1987
4,526.74,497.23,855.53,787.83,416.5
371.375.9
-8.1168.9
9.2159.8472.7151.0321.729.5
3,476.7
Seasonally adjusted at annual rates1987
II
4,484.24,455.93,819.93,743.23,376.0
367.279.2
-2.5166.3
9.2157.1469.8150.8319.028.2
III
4,568.04,541.23,893.83,832.23,457.7
374.576.8
-15.1171.7
9.2162.5475.7151.3324.426.8
IV
4,662.84,631.83,972.93,905.83,522.7
383.173.4
-6.4176.4
9.3167.1482.5152.7329.931.0
1988
I
4,724.54,702.14,028.13,965.43,576.0
389.477.7
-15.0180.9
9.3171.6493.1156.7336.4
22.4
II
4,823.84,802.54,117.54,048.03,654.0
394.074.6
-5.1185.6
9.4176.1499.4157.4342.121.3
III
4,899.54,876.44,179.54,110.53,709.3
401.274.25 1
191.29.6
181.6505.7157.9347.823.1
Gross national productGross domestic product.
BusinessNonfarm
Nonfarm less housingHousing
FarmStatistical discrepancy
Households and institutionsPrivate householdsNonprofit institutions
GovernmentFederalState and local
Rest of the worldAddendum:
Gross domestic businessproduct less housing
1986
3,721.73,690.93,202.03,130.42,857.9
272.483.7
-12.1125.5
8.8116.8363.3122.5240.830.9
2,920.4
1987
3,847.03,821.43,322.53,247.12,965.7
281.482.5
-7.0129.0
8.8120.2369.9123.5246.425.6
3,032.1
Seasonally adjusted at annual rates1987
II
3,823.03,798.43,300.93,221.12,940.6
280.582.0
-2.2128.1
8.8119.3369.4123.4246.1
24.6
III
3,865.33,842.03,341.23,272.22,989.5
282.782.0
-13.0130.0
8.8121.2370.8123.7247.123.3
IV
3,923.03,896.33,393.63,317.23,032.8
284.481.8
-5.4130.7
8.8121.9372.0123.9248.1
26.7
1988
I
3,956.13,936.63,430.53,360.93,074.8
286.182.3
-12.8133.3
8.9124.4372.8123.9249.019.5
II
3,985.23,967.03,458.93,393.13,105.7
287.470.1
-4.3134.4
8.9125.5373.7123.8249.918.3
HI
4,007.33,987.73,476.03,415.83,127.1
288.864.4
-4.3136.7
9.0127.7375.1124.1251.019.5
NOTE.Percent changes from preceding period for selected items in this table are shown intable 8.1.
NOTE.Percent changes from preceding period for selected items in this table are shown intable 8,1.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
10 SURVEY OF CURRENT BUSINESS October 1988Table 1.9.Relation of Gross National Product, Net National Product,
National Income, and Personal Income[Billions of dollars]
Table 1.14.National Income by Type of Income[Billions of dollars]
Gross national productLess: Capital consumption
allowances with capitalconsumption adjustment
Capital consumptionallowances withoutcapital consumptionadj ustment
Less: Capitalconsumptionadjustment
Equals: Net national productLess: Indirect business tax and
nontax liabilityBusiness transfer
paymentsStatistical discrepancy ....
Plus: Subsidies less currentsurplus of governmententerprises
Equals: National incomeLess: Corporate profits with
inventory valuation andcapital consumptionadj ustments
Net interestContributions for social
insuranceWage accruals less
disbursementsPlus: Government transfer
payments to persons ,Personal interest income....Personal dividend income ..Business transfer
paymentsEquals: Personal income
1986
4,240.3
455.9
488.4
32.53,784.4
348.4
25.1-136
12.63,437.1
298.9331.9
378.1
0
496.0499.182.8
25.13,531.1
1987
4,526.7
480.0
507.6
27.64,046.7
366.3
28.1-81
18.33,678.7
310.4353.6
399.1
0
520.6527.088.6
28.13,780.0
Seasonally adjusted at annual rates1987
II
4,484.2
477.0
504.6
27.64,007.2
363.8
27.9-2.5
13.83,631.8
305.2348.1
395.4
0
519.9517.987.3
27.93,736.1
III
4,568.0
484.6
510.8
26.24,083.4
370.3
28.5-15.1
8.33,708.0
322.0358.3
400.9
.2
523.2533.089.9
28.53,801.0
IV
4,662.8
489.5
516.4
26.94,173.3
374.2
29.0-6.4
25.63,802.0
316.1369.5
408.6
-.2
527.8550.091.9
29.03,906.8
1988
I
4,724.5
498.3
520.8
22.54,226.2
379.4
29.6-15.0
18.63,850.8
316.2373.9
433.3
0
546.7554.293.5
29.63,951.4
II
4,823.8
503.2
524.1
20.94,320.5
385.8
30.3-5.1
19.23,928.8
326.5380.6
440.9
0
552.5563.795.0
30.34,022.4
III
4,899.5
508.0
526.0
18.04,391.5
391.3
31.1
8.0
396"5
448.4
0
556.4579.397.3
31.14,086.0
Table 1.10.Relation of Gross National Product, Net National Product,and National Income in Constant Dollars
[Billions of 1982 dollars]
Gross national product.. . ..Less: Capital consumption
allowances with capitalconsumption adjustment
Equals: Net national productLess: Indirect business tax and
nontax liability plus businesstransfer payments lesssubsidies plus current surplusof government enterprises
Statistical discrepancyEquals: National income
3,721.7
44323,278.5
312.1-12.1
2,978.5
3,847.0
46083,386.2
319.2-7.0
3,074.0
3,823.0
458.23,364.8
319.6-2.2
3,047.3
3,865.3
46303,402.2
321.8-13.0
3,093.4
3,923.0
46823,454.8
321.0-5.4
3,139.3
3,956.1
47293,483.2
324.4-12.8
3,171.5
3,985.2
47733,507.9
326.2-4.3
3,186.0
4,007.3
48193,525.3
327.8
Table 1.11.Command-Basis Gross National Product in ConstantDollars
[Billions of 1982 dollars]Gross national productLess: Net exports of goods and
ExportsImports
Equals: Gross domesticpurchases
Plus: Command-basis netexports of goods and services....
Command-basisexports l
ImportsEquals: Command-basis gross
national productAddendum:
Terms of trade 2
3,721.7
1375378.4515.9
3,859.3
-111.5
404.4515.9
3,747.7
1068
3,847.0
1289427.8556.7
3,975.9
-124.3
432.4556.7
3,851.6
1010
3,823.0
1260416.4542.3
3,949.0
-122.9
419.4542.3
3,826.0
1007
3,865.3
1307440.9571.6
3,996.0
-126.5
445.1571.6
3,869.4
1010
3,923.0
1260459.2585.2
4,049.0
-125.6
459.6585.2
3,923.4
1001
3,956.1
1090486.2595.1
4,065.1
-111.2
483.9595.1
3,953.9
99.5
3,985.2
926496.9589.5
4,077.9
-89.2
500.3589.5
3,988.7
100.7
4,007.3
949507.0601.9
4,102.1
-83.6
518.3601.9
4,018.5
102.2
National incomeCompensation of employees
Wages and salariesGovernment and
government enterprisesOther
Supplements to wages andsalariesEmployer contributions for
social insuranceOther labor income
Proprietors' income withinventory valuation andcapital consumptionadjustmentsFarm
Proprietors' income withinventory valuationadjustment
Capital consumptionadj ustment
NonfarmProprietors' incomeInventory valuation
adjustment ..Capital consumption
adjustmentRental income of persons with
capital consumptionadjustmentRental income of personsCapital consumption
adjustmentCorporate profits with
inventory valuation andcapital consumptionadjustmentsCorporate profits with
inventory valuationadjustment ,Profits before tax
Profits tax liabilityProfits after tax
DividendsUndistributed profits
Inventory valuationadjustment
Capital consumptionadj ustment .
Net interestAddenda:
Corporate profits after taxwith inventory valuationand capital consumptionadjustmentsNet cash flow with
inventory valuation andcapital consumptionadj ustmentsUndistributed profits with
inventory valuation andcapital consumptionadjustments
Capital consumptionallowances with capitalconsumptionadjustment
Less: Inventory valuationadjustment
Equals* Net cash flow
1986
3,437.12,507.12,094.0
393.71,700.3
413.1
217.0196.1
286.736.4
44.5
-8.1250.3212.7
-.1
37.8
12.457.4
-45.0
298.9
244.7236.4106.6129.888.241.6
8.3
54.2331.9
192.3
386.5
104.1
2824
8.33782
1987
3,678.72,683.42,248.4
420.11,828.3
435.0
227.1207.9
312.943.0
50.6
7 6270.0233.0
-1.0
38.0
18.466.2
-47.8
310.4
258.7276.7133.8142.995.547.4
-18.0
51.7353.6
176.6
378.6
81.1
297.5
-18.03966
Seasonally adjusted at annual rates1987
II
3,631.82,652.02,220.6
416.91,803.7
431.3
225.0206.4
308.943.0
50.7
7 7265.9228.6
-1.0
38.2
17.865.5
-47.7
305.2
253.6273.7132.6141.194.047.0
-20.0
51.5348.1
172.6
373.9
78.5
295.4
-20.03939
III
3,708.02,702.82,265.3
423.21,842.1
437.5
228.2209.3
306.835.2
42.9
7 7271.5235.1
-1.1
37.6
18.167.1
-49.0
322.0
269.9289.4140.0149.597.052.4
-19.5
52.1358.3
182.1
384.7
85.0
299.7
-19.5404 2
IV
3,802.02,769.92,324.8
429.21,895.6
445.1
232.7212.4
326.047.0
54.5
7 5279.0243.4
-1.7
37.4
20.569.1
-48.6
316.1
263.7281.9136.2145.799.346.4
-18.2
52.4369.5
179.9
384.2
80.5
303.7
-18.24024
1988
I
3,850.82,816.42,358.7
437.11,921.6
457.7
243.1214.6
323.944.7
52.2
7 5279.2243.7
-1.2
36.6
20.569.6
-49.1
316.2
266.8286.2136.9149.4101.348.1
-19.4
49.4373.9
179.3
387.8
78.1
309.8
-19.4407 3
II
3,928.82,874.02,410.0
442.91,967.1
464.0
247.5216.5
328.843.4
50.8
-7.3285.3250.9
-1.7
36.1
19.168.0
-49.0
326.5
278.5305.9143.2162.7103.159.6
-27.4
48.0380.6
183.2
3934
80.1
313.3
-27.44208
III
2,931.12,460.0
449.02,011.0
471.1
251.6 r219.5 \
319.329.0
36.1
-7.1290.2256.2
-1.4
35.4
20.068.8
-48.8
ibsj
-27.4
45.3396.5
317.0
-27.4
1. Exports of goods and services deflated by the implicit price deflator for imports of goods andservices.
2. Ratio of the implicit price deflator for exports of goods and services to the implicit pricedeflator for imports of goods and services with the decimal point shifted two places to the right.
NOTE.Percent changes from preceding period for selected items in this table are shown intable 8.1.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
October 1988 SURVEY OF CURRENT BUSINESS 11
Table 1.16.Gross Domestic Product of Corporate Business in CurrentDollars and Gross Domestic Product of Nonfinancial CorporateBusiness in Current and Constant Dollars
Table 1.17.Auto Output[Billions of dollars]
Gross domestic productof corporate business
Capital consumption allowanceswith capital consumptionadjustment
Net domestic productIndirect business tax and
nontax liability plusbusiness transfer paymentsless subsidies
Domestic incomeCompensation of employees...
Wages and salariesSupplements to wages
and salariesCorporate profits with
inventory valuation andcapital consumptionadjustmentsProfits before tax
Profits tax liabilityProfits after tax
DividendsUndistributed profits...
Inventory valuationadjustment
Capital consumptionadjustment
Net interestGross domestic product
of financial corporatebusiness
Gross domestic productof nonfinancialcorporate business
Capital consumption allowanceswith capital consumptionadjustment
Net domestic productIndirect business tax and
nontax liability plusbusiness transfer paymentsless subsidies
Domestic incomeCompensation of employees-
Wages and salariesSupplements to wages
and salaries ,Corporate profits with
inventory valuation andcapital consumptionadjustmentsProfits before tax
Profits tax liabilityProfits after tax
DividendsUndistributed profits-
Inventory valuation
Capital consumptionadjustment
Net interest
Gross domestic productof nonfinancialcorporate business
Capital consumption allowanceswith capital consumptionadjustment
Net domestic productIndirect business tax and
nontax liability plusbusiness transfer paymentsless subsidies
Domestic income
1986 1987
Seasonally adjusted at annual rates1987
II III IV
1988I II III
Billions of dollars
2,556.2
282.42,273.8
243.62,030.21,693.71,422.2
271.5
266.9204.4106.697.972.825.1
8.3
54.269.5
184.6
2,371.6
264.12,107.5
227.71,879.81,564.91,313.4
251.5
230.6172.676.895.874.821.1
8.3
49.684.3
2,717.9
297.52,420.4
257.52,162.91,803.71,520.6
283.0
274.0240.3133.8106.583.423.1
-18.0
51.785.2
204.4
2,513.5
276.22,237.3
239.81,997.51,661.41,399.7
261.8
237.5210.299.0
111.283.827.4
180
45.398.6
2,687.2
295.42,391.9
256.02,135.91,782.41,502.2
280.2
270.8239.3132.6106.780.126.6
-20.0
51.582.7
204.5
2,482.7
274.52,208.3
238.41,969.81,640.51,381.6
258.9
233.3207.997.2
110.680.729.9
200
45.596.0
2,752.6
299.72,452.9
261.62,191.31,816.01,531.4
284.6
286.7254.1140.0114.283.430.8
-19.5
52.188.6
205.7
2,546.9
278.02,268.8
243.62,025.31,673.31,409.9
263.3
250.4224.6105.3119.383.935.4
-19.545.3
101.6
2,793.0
303.72,489.3
262.82,226.51,858.41,569.3
289.1
274.6240.4136.2104.291.312.9
-18.2
52.493.5
207.4
2,585.6
281.32,304.3
244.52,059.71,714.71,447.0
267.8
238.4211.6101.7109.990.819.1
182
45.0106.6
2,845.1
309.82,535.4
267.72,267.61,887.71,594.7
293.1
286.0256.0136.9119.275.343.9
-19.4
49.493.9
212.0
2,633.2
286.82,346.4
249.22,097.21,739.61,468.4
271.2
250.6228.4104.4124.174.649.5
19441.5
107.1
2,901.1
313.32,587.8
271.82,316.11,927.91,630.8
297.1
291.1270.5143.2127.387.140.2
-27.4
48.097.1
217.1
2,684.0
290.02,394.0
253.02,141.11,777.81,502.8
275.0
252.6240.5109.4131.186.244.9
274
39.5110.7
317.0
277.3
i"967"71,665.8
301.9
89.1
-27.4
45.3100.5
293.2
258.2
"iji'ti1,536.1
279.6
88"l
27 4
36.9114.6
Billions of 1982 dollars
2,177.2
260.21,917.0
199.11,717.9
2,270.4
269.42,001.0
203.21,797.8
2,248.0
268.11,979.9
203.31,776.5
2,296.1
270.62,025.5
205.41,820.1
2,322.5
273.22,049.3
204.31,845.1
2,363.5
275.72,087.8
206.31,881.4
2,380.9
278.12,102.9
207.81,895.1
280.6
209.1
Auto outputFinal sales
Personal consumptionexpendituresNew autosNet purchases of used autos..
Producers' durable equipment..New autos .Net purchases of used autos..
Net exports of goods andservicesExportsImports
Government purchases ofgoods and services
Change in business inventories
NewUsed
Addenda:Domestic output of new
autos 1Sales of imported new autos 2...
1986
120.6119.0
136.3101.434.920.345.1
-24.7
-39.06.3
45.3
1.4
1.61.4.2
98.255.3
1987
116.3109.4
130.094.135.919.244.4
-25.2
-41.36.6
47.9
1.5
6.96.7.2
94.855.0
Seasonally adjusted at annual rates1987
II
113.1108.0
127.791.436.218.744.9
-26.2
-40.16.8
46.9
1.6
5.24.3.9
92.653.5
III
115.3126.2
144.4109.035.421.747.2
-25.6
-41.36.4
47.7
1.4
10 81241.6
90.160.2
IV
120.6106.6
128.090.937.019.344.9
-25.6
-42.38.1
50.3
1.6
14.014.00
98.757.2
1988I
113.1117.8
133.9100.233.722.147.9
-25.7
-40.18.2
48.3
1.9
479*14.4
88.760.2
II
130.3129.3
139.8100.139.723.750.0
-26.4
-35.88.3
44.1
1.6
1.13.4
-2.3
104.260.6
III
130.9128.8
140.2102.238.023.751.4
-27.7
-36.58.3
44.8
1.3
2.11.2
.9
99.660.3
1. Consists of final sales and change in business inventories of new autos assembled in theUnited States.
2. Consists of personal consumption expenditures, producers' durable equipment, and govern-ment purchases.
Table 1.18.Auto Output in Constant Dollars[Billions of 1982 dollars]
Auto outputFinal sales
Personal consumptionexpendituresNew autosNet purchases of used autos..
Producers' durable equipment..New autosNet purchases of used autos..
Net exports of goods andservicesExportsImports. ..
Government purchases ofgoods and services
Change in business inventoriesof new and used autosNewUsed
Addenda:Domestic output of new
autos lSales of imported new autos 2...
1986
106.2106.6
119.089.229.818.239.7
-21.5
-31.95.3
37.3
1.3
-.35.2
85.348.7
1987
100.695.1
108.880.028.816.337.7
-21.5
-31.45.4
36.8
1.4
5.55.3
.2
80.546.8
Seasonally adjusted at annual rates1987
II
98.494.5
107.378.229.116.038.4
-22.4
-30.25.6
35.9
1.4
3.93.1.8
78.945.8
III
99.2109.0
120.292.427.818.640.0
-21.4
-31.15.3
36.3
1.3
-9.81121.3
75.851.0
IV
102.991.4
105.376.528.816.437.8
-21.4
-31.86.6
38.4
1.4
11.511.50
83.148.1
1988
I
96.0101.0
110.484.326.019.040.3
-21.2
-30.16.7
36.8
1.7
-4.9-8.5
3.6
74.250.7
II
111.2110.4
115.583.931.620.141.9
-21.8
-26.56.8
33.3
1.4
.82.820
87.350.8
III
110.4110.0
114.585.029.520.242.8
-22.5
-26.06.7
32.7
1.2
.4-.3
.7
82.650.2
1. Consists of final sales and change in business inventories of new autos assembled in theUnited States.
2. Consists of personal consumption expenditures, producers' durable equipment, and govern-ment purchases.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
12 SURVEY OF CURRENT BUSINESS October 1988Table 1.19.Truck Output
[Billions of dollars]Table 1.20.Truck Output in Constant Dollars
[Billions of 1982 dollars]
Truck output *Final sales
Personal consumptionexpenditures
Producers' durable equipment..Net exports of goods and
servicesExportsImports...
Government purchases ofgoods and services
Change in business inventories...
1986
55.254.8
26.030.8
-7.33.0
10.3
5.3.5
1987
59.658.3
27.733.0
-7.03.3
10.3
4.71.3
Seasonally adjusted at annual rates1987
II
57.858.0
28.633.1
-7.93.0
11.0
4.2-.2
III
58.061.6
29.134.3
-6.63.39.9
4.8-3.6
IV
64.660.9
27.334.2
564.29.8
5.03.7
1988
I
65.866.2
28.736.4
-4.94.19.0
6.0-.4
II
65.365.4
28.836.1
533.79.0
5.80
III
64.367.0
30.0'37.2
563.99.5
5.5-2.7
Truck output l
Final salesPersonal consumption
expendituresProducers' durable equipment ..Net exports of goods and
servicesExportsImports
Government purchases ofgoods and services
Change in business inventories...
1986
47.847.4
22.526.6
6 32.68.9
4.6.4
1987
50.849.7
23.528.2
-6.02.88.8
4.01.1
Seasonally adjusted at annual rates1987
II
49.449.6
24.428.4
-6.82.69.4
3.6__2
III
49.452.5
24.829.2
562.88.5
4.1-3.0
IV
54.951.9
23.029.3
473.68.3
4.33.0
1988
I
55.856.2
24.231.0
4 13^57.6
5.1-.3
II
55.555.5
24.330.8
4 53.17.6
4.90
III
53.856.3
25.231.1
473.28.0
4.6-2.4
1. Includes new trucks only.
Table 2.1.Personal Income and Its Disposition[Billions of dollars]
1. Includes new trucks only.
Table 2.2.Personal Consumption Expenditures by Major Type ofProduct
Wage and salarydisbursementsCommodity-producing
industriesManufacturing
Distributive industries
Government andgovernment enterprises
Other labor incomeProprietors' income with
inventory valuation andcapital consumptionadjustmentsF_Nonfarm
Rental income of personswith capital consumptionadjustment
Personal dividend incomePersonal interest incomeTransfer payments
Old-age, survivors,disability, and healthinsurance benefits
Government unemploymentinsurance benefits
Veterans benefitsGovernment employees
retirement benefitsOther transfer payments
Aid to families withdependent children
OtherLess: Personal contributions
for social insuranceLess: Personal tax and nontax
paymentsEquals: Disposable personal
incomeLess: Personal outlays
Personal consumptionexpenditures
Interest paid by consumers tobusiness
Personal transfer payments toforeigners (net)
Equals: Personal savingAddenda:
Disposable personal income:Total, billions of 1982
dollarsPer capita:
Current dollars1982 dollars
Population (mid-period,millions)
Personal saving aspercentage of disposableP
1986
,531.1
2,094.0
625.5473.1498.9575.9
393.7196.1
286.736.4
250.3
12.482.8
499.1521.1
269.3
16.316.7
70.6148.2
16.3131.9
161.1
511.4
3,019.62,898.0
2,807.5
89.1
1.4121.7
2,640.9
12,49610,929
241.7
4.0
1987
3,780.0
2,248.4
649.8490.3531.7646.8
420.1207.9
312.943.0
270.0
18.488.6
527.0548.8
282.9
14.716.6
75.7158.916.7
142.1
172.0
570.3
3,209.73,105.5
3,012.1
92.1
1.3104.2
2,686.3
13,15711,012
243.9
3.2
[Billions ot dollars]Seasonally adjusted at annual rates
1987
II
3 736 1
2,220.6
642.8484.6526.1634.8
416.9206.4
308.943.0
265.9
17.887.3
517.9547.8
282.8
15.116.7
75.5157.616.7
140.9
170.5
582.0
3,154.13,084.7
2,992.2
91.1
1.469.5
2,652.8
12,94710,889
243.6
2.2
III
3,801.0
2,265.1
652.8492.6536.8652.4
423.0209.3
306.835.2
271.5
18.189.9
533.0551.7
284.5
14.516.6
76.7159.4
16.8142.7
172.7
576.2
3,224.93,152.3
3,058.2
92.8
1.372.6
2,683.9
13,20410,989
244.2
2.3
IV
3,906.8
2,325.1
665.5501.3547.3682.8
429.5212.4
326.047.0
279.0
20.591.9
550.0556.8
286.5
13.416.6
77.1163.3
16.8146.5
175.9
591.0
3,315.83,171.8
3,076.3
94.4
1.2144.0
2,728.9
13,54311,145
244.8
4.3
1988
I
3,951.4
2,358.7
676.0509.6558.2687.4
437.1214.6
323.944.7
279.2
20.593.5
554.2576.3
298.1
13.917.0
80.4166.9
16.9150.0
190.2
575.8
3,375.63,225.7
3,128.1
96.4
1.2149.9
2,762.3
13,76011,260
245.3
4.4
II
4,022.4
2,410.0
689.1517.4572.1705.9
442.9216.5
328.843.4
285.3
19.195.0
563.7582.8
300.4
13.417.1
82.3169.6
17.1152.5
193.5
601.0
3,421.53,293.6
3,194.6
98.2
.8127.8
2,762.2
13,91911,237
245.8
3.7
III
Personal consumption2,460.0 expenditures
Durable goods701.4526 . 1 Motor vehicles and parts585.7 Furniture and household723 9 equipment
Other449-0
Nondurable goods219
'5 Food
Clothing and shoesGasoline and oilOther nondurable goods
319 3 Fuel oil and coal9Q n Other
290.2 ServicesHousingHousehold operation
20.0 FlpHriHtv and cr794' Services14,195 Housing11,335 Household operation
Electricity and gas246.5 Other
TransportationMedical care
4 0 Other
1986
2,455.2385.0176.4
143.265.4
879.5448.0157.697.3
176.622.0
154.61,190.7
348.3152.176.675.585.4
251.5353.4
1987
2,521.0390.9170.4
151.069.6
890.5450.4160.598.3
181.321.1
160.21,239.5
358.3157.079.078.089.3
268.2366.6
Seasonally adjusted at annual rates1987
II
2,516.6391.3169.9
151.070.4
889.8450.1158.299.6
181.921.3
160.61,235.5
357.1158.180.577.688.9
266.6364.8
III
2,545.2406.5184.2
152.769.7
891.9449.4162.997.8
181.720.4
161.41,246.8
359.3159.280.578.690.1
270.9367.3
IV
2,531.7387.6166.7
151.969.0
890.5449.2160.398.4
182.621.4
161.21,253.6
361.7158.179.279.090.8
274.0369.0
1988I
2,559.8401.1173.5
157.370.3
892.7451.4159.698.8
183.022.0
161.01,265.9
363.6160.480.580.091.7
276.9373.2
II
2,579.0410.6179.0
161.869.8
893.6453.2156.399.8
184.221.8
162.41,274.8
365.6161.180.680.492.9
279.5375.8
III
2,601.3411.0179.5
161.070.6
901.7452.4163.298.6
187.623.0
164.51,288.5
368.0165.583.981.694.2
283.2377.7
NOTE.Percent changes from preceding period for selected items in this table are shown intable 8.1.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
October 1988 SURVEY OF CURRENT BUSINESS 13
Table 3.2.Federal Government Receipts and Expenditures[Billions of dollars]
Table 3.3.State and Local Government Receipts and Expenditures[Billions of dollars]
ReceiptsPersonal tax and nontax
receiptsIncome taxesEstate and gift taxesNontaxes
Corporate profits tax accrualsFederal Reserve banksOther
Indirect business tax andnontax accruals...;Excise taxesCustoms dutiesNontaxes
Contributions for socialinsurance
ExpendituresPurchases of goods and services-
National defenseNondefense
Transfer paymentsTo persons .To foreigners
Grants-in-aid to State and localgovernments
Net interest paidInterest paid ,
To persons and businessTo foreigners ,
Less: Interest received bygovernment ,
Subsidies less current surplus ofgovernment enterprisesSubsidiesLess: Current surplus of
government enterprisesLess: Wage accruals less
disbursementsSurplus or deficit ( - ),
national income andproduct accounts
Social insurance fundsOther..
1986
828.3
361.5353.6
7.1.8
83.917.866.1
50.830.913.76.3
332.21,033.9
366.2277.588.7
399.8385.9
13.9
106.8135.4158.3135.622.6
22.8
25.726.5
8
0
-205.617.4
-223.1
1987
916.5
405.6396.8
7.41.4
105.817.788.1
54.031.815.46.8
351.01,074.2
382.0295.386.7
414.2402.0
12.2
102.7143.0162.5138.424.1
19.4
32.430.8
-1.6
0
-157.827.5
-185.3
Seasonally adjusted at annual rates1987
II
920.0
413.1403.9
7.81.3
105.017.787.2
54.331.915.66.8
347.71,064.0
377.5294.882.6
413.4402.2
11.2
105.5139.8159.5135.623.9
19.6
27.827.3
-.5
0
-144.023.2
-167.2
III
930.1
413.3403.9
7.71.7
110.517.992.6
53.931.715.26.9
352.41,068.4
386.3299.886.4
414.2403.5
10.7
101.9143.8163.0139.123.9
19.3
22.620.8
-1.8
.2
-138.327.8
-166.1
IV
944.4
422.3414.1
6.71.6
107.717.989.8
55.032.215.87.0
359.41,104.9
391.4299.292.2
422.5406.1
16.4
101.4149.5168.4143.824.6
18.9
39.737.6
-2.1
-.2
-160.434.9
-195.3
1988I
951.0
404.6395.9
7.11.5
107.218.488.8
55.932.416.57.0
383.41,106.1
377.7298.479.3
434.4422.9
11.5
111.1149.9172.5146.026.6
22.6
33.029.6
-3.3
0
-155.144.8
-199.8
II
983.0
425.0415.1
8.21.7
111.718.393.4
55.933.015.97.0
390.31,116.3
382.2298.883.4
437.6426.5
11.0
110.4152.1171.8145.026.8
19.8
34.032.5
-1.5
0
-133.349.8
-183.1
III
409.0399.3
8.31.4
57.233.316.37.5
397.01,098.9
373.4294.179.3
440.4428.8
11.6
109.4152.8173.2144.428.8
20.4
22.816.3
-6.6
0
55.5
Table 3.7B.Government Purchases of Goods and Services by Type[Billions of dollars]
Government purchases ofgoods and services
FederalNational defense
Durable goodsNondurable goodsServices
Compensation ofemployeesMilitary
Other servicesStructures
NondefenseDurable goodsNondurable goods
Commodity CreditCorporation inventorychange
Other nondurablesServices
Compensation ofemployees
Other servicesStructures
State and localDurable goodsNondurable goodsServices
Compensation of employees-Other services
Structures
1986
871.2366.2277.583.511.1
176.4
104.070.233.872.46.6
88.74.1
11.1
5.35.7
65.9
39.526.47.6
505.024.340.0
380.4299.980.560.3
1987
924.7382.0295.389.810.5
187.8
108.973.235.778.97.2
86.74.13.2
-3.36.5
70.9
42.128.88.5
542.826.944.1
409.6321.787.962.2
Seasonally adjusted at annual rates1987
11
915.7377.5294.889.510.2
188.5
108.773.035.779.86.6
82.64.0-.4
-7.57.1
70.3
42.128.28.7
538.226.643.8
406.0319.087.061.8
III
932.2386.3299.893.110.9
188.1
109.073.135.979.17.8
86.44.21.9
-4.86.7
71.5
42.329.18.9
546.027.344.9
413.1324.488.760.7
IV
947.3391.4299.288.411.3
191.9
110.073.936.281.97.6
92.24.54.9
1.46.3
74.5
42.731.88.3
555.927.845.0
420.0329.990.263.1
1988I
945.2377.7298.483.810.8
197.3
112.775.537.284.66.6
79.34.6
-9.1
17.58.4
76.4
44.032.37.5
567.528.445.3
428.7336.492.265.2
II
961.6382.2298.884.211.4
195.8
112.675.737.083.17.5
83.44.88.2
-16.88.6
78.8
44.734.1
7.9579.4
29.247.0
436.7342.194.666.4
III
962,4373.4294.180.811.0
195.0
112.875.837.082.27.2
79.34.6
11.7
-19.78.0
78.4
45.133.38.0
589.030.048.0
444.6347.8
96.866.4
ReceiptsPersonal tax and nontax
receiptsIncome taxesNontaxesOther
Corporate profits tax accrualsIndirect business tax and
nontax accrualsSales taxesProperty taxesOther
Contributions for socialinsurance
Federal grants-in-aidExpenditures...
Purchases of goods and services...Compensation of employeesOther
Transfer payments to personsNet interest paid
Interest paidLess: Interest received by
government .Less: Dividends received by
governmentSubsidies less current surplus of
government enterprisesSubsidiesLess: Current surplus of
government enterprisesLess: Wage accruals less
disbursementsSurplus or deficit (-),
national income andproduct accounts
Social insurance funds .Other .
1986
623.0
150.076.860.412.722.7
297.6139.9114.643.1
46.0106.8561.9505.0299.9205.2110.1
-34.847.6
82.4
5.5
-13.1.8
13.9
0
61.256.25.0
1987
655.7
164.786.164.813.827.9
312.3148.7121.941.6
48.1102.7602.8542.8321.7221.1118.7
37 753.3
91.0
6.9
-14.01.0
15.0
0
52.962.1
-9.2
Seasonally adjusted at annual rates1987
II
659.3
168.990.964.313.727.6
309.5147.4121.041.2.
47.7105.5597.9538.2319.0219.2117.737 352.6
89.9
6.7
-13.9.9
14.9
0
61.461.2
.1
III
659.1
162.983.565.413.929.4
316,5151.5122.842.1
48.4101.9606.2546.0324.4221.6119.738 054.0
92.1
7.2
-14.31.0
15.3
0
52.963.010 1
IV
666.9
168.688.166.514.128.5
319.2152.5124.742.0
49.2101.4617.2555.9329.9226.0121.738 855.4
94.2
7.5
-14.11.0
15.1
0
49.764.6
-14.8
1988I
685.5
171.389.367.614.329.7
323.5154.3126.642.6
49.9111.1629.7567.5336.4231.1123.839 556.8
96.3
7.8
-14.41.0
15.5
0
55.866.1
-10.3
II
698.4
176.092.668.714.731.5
329.8157.9128.543.4
50.6110.4642.1579.4342.1237.3126.040358.3
98.6
8.1
-14.71.1
15.8
0
56.267.7
-11.5
III
178.293.369.915.0
334.2159.3130.344.7
51.4109.4652.2589.0347.8241.3127.5
-41.259.7
101.0
8.4
-14.81.0
15.9
0
69.3
Table 3.8B.Government Purchases of Goods and Services by Type inConstant Dollars
[Billions of 1982 dollars]
Government purchases ofgoods and services..
FederalNational defense
Durable goodsNondurable goodsServices ... ..
Compensation ofemployeesMilitaryCivilian... ...
Other servicesStructures
NondefenseDurable goodsNondurable goods
Commodity CreditCorporation inventory
Other nondurablesServices
Compensation ofemployees
Other servicesStructures
State and localDurable goodsNondurable goodsServices ...
Compensation of employees...Other services
Structures
1986
760.5333.4251.478.115.4
152.3
88.859.928.963.45.6
82.04.5
13.4
7.85.6
57.1
33.723.4
6.9427.1
22.544.3
306.9240.866.153.4
1987
780.2339.0264.987.914.7
156.4
89.360.229.067.25.9
74.14.82.5
3 96.4
59.2
34.225.07.5
441.224.446.4
316.0246.4
69.654.3
Seasonally adjusted at annual rates1987
II
772.2332.1264.887.214.6
157.6
89.160.129.068.55.5
67.34.6
-3.8
11 07.2
58.8
34.224.57.8
440.124.246.3
315.4246.1
69.354.3
III
782.9342.1269.592.114.6
156.4
89.360.229.167.16.3
72.64.9
.3
636.6
59.5
34.425.27.8
440.824.746.6
316.8247.1
69.752.8
IV
792.6347.7268.288.415.6
158.0
89.560.329.268.66.1
79.55.44.9
-1.16.1
61.8
34.427.47.3
444.925.146.9
318.5248.1
70.454.4
1988I
776.4327.8264.6
84.914.6
159.9
89.360.129.270.5
5.263.2
5.6-11.1
1938.2
62.2
34.527.76.5
448.725.547.5
320.3249.071.355.4
II
783.8331.6263.685.114.8
157.8
88.859.928.969.05.9
67.95.8
-8.6
16 88.3
63.9
35.028.96.8
452.226.048.3
322.2249.9
72.355.7
III
781.1326.1256.780.613.7
156.8
88.959.928.967.9
5.769.45.4
-6.2
13 67.3
63.2
35.228.0
6.9455.026.449.1
324.3251.073.355.2
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
14 SURVEY OF CURRENT BUSINESS October 1988Table 3.9.National Defense Purchases of Goods and Services
[Billions of dollars]
Table 3.10.National Defense Purchases of Goods and Services inConstant Dollars[Billions of 1982 dollars]
National defensepurchases
Durable goodsMilitary equipment
AircraftMissilesShipsVehiclesElectronic equipmentOther
Other durable goodsNondurable goods
Petroleum productsAmmunitionOther nondurable goods
ServicesCompensation of employees
MilitaryCivilian
Other servicesContractual research and
developmentInstallation support *Weapons support 2Personnel support 3Transportation of materiel ....Travel of personsOther
StructuresMilitary facilitiesOther
1986
277.583.571.132.911.58.54.75.18.4
12.411.14.34.32.5
176.4104.070.233.872.4
28.618.67.8
10.43.43.5
.26.64.12.4
1987
295.389.877.333.413.08.54.85.8
11.812.510.54.23.82.5
187.8108.973.235.778.9
28.522.39.0
11.34.03.807.24.92.4
Seasonally adjusted at annual rates1987
II
294.889.576.831.313.99.14.95.9
11.612.710.23.83.82.6
188.5108.773.035.779.8
29.122.48.9
11.53.83.8
.26.64.52.2
III
299.893.179.935.412.58.44.45.9
13.413.210.94.34.12.5
188.1109.073.135.979.1
27.622.89.2
12.14.23.8-.67.85.22.5
IV
299.288.475.933.713.38.24.65.6
10.512.411.35.33.62.4
191.9110.073.936.281.9
28.423.49.3
11.94.53.9
.77.65.32.3
1988
I
298.483.872.329.811.78.44.55.9
12.011.510.84.33.82.6
197.3112.775.537.284.6
30.624.79.3
11.74.33.7.3
6.64.22.4
II
298.884.273.329.812.87.94.26.0
12.611.011.44.44.52.4
195.8112.675.737.083.1
30.223.99.2
11.64.23.9.1
7.55.02.4
III
294.180.870.227.311.58.14.16.3
13.010.611.04.34.42.3
195.0112.875.837.082.2
30.423.49.1
11.34.13.9.1
7.24.92.2
1. Includes utilities, communications, rental payments, maintenance and repair, and paymentsto contractors to operate installations.
2. Includes depot maintenance and contractual services for weapons systems, other thanresearch and development.
3. Includes compensation of foreign personnel, consulting, training, and education.
Table 4.1.Foreign Transactions in the National Income and ProductAccounts
[Billions of dollars]
Receipts from foreigners ...Exports of goods and services
MerchandiseDurable goodsNondurable goods
ServicesFactor income lOther
Capital grants received by theUnited States (net)
Payments to foreignersImports of goods and services
MerchandiseDurable goodsNondurable goods
ServicesFactor income 1 .Other
Transfer payments (net)From persons (net)From government (net)
Interest paid by government toforeigners
Net foreign investment
1986
378.4378.4225.0140.484.6
153.487.565.9
0378.4482.8367.7238.7129.0115.152.662.515.41.4
13.9
22.6-142.4
1987
428.0428.0254.8158.396.4
173.396.177.2
0428.0551.1413.0264.5148.5138.166.671.513.51.3
12.2
24.1-160.6
Seasonally adjusted at annual rates1987
II
416.8416.8245.1150.694.5
171.793.877.9
0416.8539.0402.3258.0144.3136.765.671.112.61.4
11.2
23.9-158.6
III
440.4440.4264.8163.5101.3175.697.378.3
0440.4565.6421.7265.2156.5143.970.573.412.01.3
10.7
23.9-161.1
IV
459.7459.7276.7175.0101.7183.0105.177.9
0459.7585.4438.0281.8156.2147.474.173.317.61.2
16.4
24.6-167.8
1988I
487.8487.8300.8188.2112.5187.0104.782.3
0487.8599.9441.7287.5154.2158.282.375.812.71.2
11.5
26.6-151.3
II
507.1507.1316.9198.4118.5190.2104.286.1
0507.1597.5439.4286.6152.7158.282.975.311.8
.811.0
26.8129 1
III
526.3526.3328.0205.1122.9198.3112.485.9
0526.3611.2444.6290.4154.2166.689.377.312.61.0
11.6
28.81263
National defensepurchases
Durable goodsMilitary equipment
AircraftMissilesShipsVehiclesElectronic equipmentOther
Other durable goodsNondurable goods
Petroleum productsAmmunition ,Other nondurable goods
ServicesCompensation of employees
MilitaryCivilian
Other servicesContractual research and
developmentInstallation support 1Weapons support 2Personnel support 3Transportation of materiel ...Travel of personsOther
StructuresMilitary facilitiesOther
1986
251.478.164.028.010.97.45.04.88.0
14.215.48.54.62.3
152.388.859.928.963.4
25.315.56.98.53.73.4
.25.63.42.2
1987
264.987.972.530.712.87.35.15.5
11.015.414.78.44.02.3
156.489.360.229.067.2
24.717.97.98.84.23.705.93.92.0
Seasonally adjusted at annual rates1987
II
264.887.271.828.713.77.85.35.6
10.815.414.68.24.02.4
157.689.160.129.068.5
25.418.17.99.14.13.8
.25.53.61.8
III
269.592.175.933.412.57.24.85.6
12.416.214.68.14.32.3
156.489.360.229.167.1
23.818.18.19.54.43.7
.56.34.22.1
IV
268.288.472.631.913.77.14.95.39.7
15.915.69.53.92.2
158.089.560.329.268.6
24.218.48.09.04.63.8
.56.14.21.9
1988
I
264.684.969.529.012.27.24.75.5
10.915.414.68.34.12.3
159.989.360.129.270.5
25.919.58.08.94.43.6
.25.23.31.9
II
263.685.170.328.613.36.84.55.7
11.414.914.87.84.92.2
157.888.859.928.969.0
25.418.87.98.74.33.8.1
5.94.01.9
III
256.780.666.726.611.36.84.45.9
11.813.913.76.94.72.0
156.888.959.928.967.9
25.418.37.78.44.23.8.1
5.73.91.8
1. Includes utilities, communications, rental payments, maintenance and repair, and paymentsto contractors to operate installations.
2.' Includes depot maintenance and contractual services for weapons systems.3. Includes compensation of foreign personnel, consulting, training, and education.
Table 4.2.Exports and Imports of Goods and Services in ConstantDollars
[Billions of 1982 dollars]
Exports of goods and servicesMerchandise
Durable goodsNondurable goods
Services ,Factor income 1Other
Imports of goods and servicesMerchandise
Durable goodsNondurable goods
ServicesFactor income 1Other
1986
378.4243.7152.691.0
134.775.858.9
515.9412.3241.4170.9103.745.058.7
1987
427.8280.1177.3102.8147.780.367.4
556.7439.0260.2178.8117.754.763.0
Seasonally adjusted at annual rates1987
II
416.4269.4167.9101.5146.978.868.2
542.3425.3252.5172.8117.054.262.8
III
440.9291.6184.0107.7149.281.068.2
571.6449.5262.2187.3122.257.764.4
IV
459.2304.6198.8105.8154.687.067.6
585.2461.0276.9184.1124.260.363.9
1988I
486.2329.0215.4113.6157.186.370.9
595.1463.1279.1184.1132.066.865.2
II
496.9339.1223.1116.0157.884.573.3
589.5459.1276.3182.8130.466.364.2
III
507.0344.3230.2114.0162.790.272.5
601.9465.6279.5186.2136.370.765.6
1. Line 6 less line 13 equals rest-of-the-world product as shown in table 1.8.
1. Line 7 less line 16 equals rest-of-the-world product as shown in table 1.7.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
-
October 1988 SURVEY OF CURRENT BUSINESS 15
Table 4.3.Merchandise Exports and Imports by Type of Product andby End-Use Category
[Billions of dollars]
Table 4.4.Merchandise Exports and Imports by Type of Product andby End-Use Category in Constant Dollars
[Billions of 1982 dollars]
Merchandise exportsFoods, feeds, and beveragesIndustrial supplies and
materialsDurable goodsNondurable goods
Capital goods, except autosAutosConsumer goods
Durable goodsNondurable goods
OtherDurable goods 1Nondurable goods 1
Merchandise importsFoods, feeds, and beveragesIndustrial supplies and
materials, excludingpetroleumDurable goodsNondurable goods
Petroleum and productsCapital goods, except autosAutosConsumer goods
Durable goods..Nondurable goods
OtherDurable goods 1Nondurable goods 1
Addenda:Exports of agricultural
products 2Exports of nonagricultural
productsImports of nonpetroleum
products
1986
225.023.1
58.418.140.379.324.914.65.88.8
24.612.312.3
367.724.3
62.234.327.834.472.178.179.245.433.817.48.78.7
27.4
197.7
333.3
1987
254.824.6
66.520.945.688.126.318.07.4
10.531.315.715.7
413.024.7
66.635.631.042.984.885.288.749.039.720.210.110.1
29.5
225.3
370.1
Seasonally adjusted at annual rates1987
II
245.123.5
65.420.145.383.224.917.57.1
10.430.515.315.3
402.324.9
62.833.329.440.382.484.088.848.740.119.29.69.6
28.5
216.6
362.0
III
264.828.1
68.221.546.793.325.418.67.7
10.931.215.615.6
421.724.8
66.235.131.051.087.084.188.148.839.420.510.210.2
33.1
231.7
370.6
IV
276.725.4
71.022.848.196.530.519.38.1
11.134.117.017.0
438.025.1
72.338.633.745.293.288.792.050.641.421.410.710.7
30.5
246.2
392.8
1988
I
300.830.1
77.824.653.3
105.431.721.29.3
11.934.617.317.3
441.726.0
76.741.835.039.896.487.494.251.542.821.110.510.5
36.1
264.7
401.9
II
316.932.8
82.128.054.1
109.232.222.810.112.837.818.918.9
439.423.8
75.340.135.241.1
100.784.592.850.742.121.110.610.6
38.5
278.4
398.3
III
328.036.8
82.028.054.0
114.632.424.411.213.237.818.918.9
444.624.8
76.740.736.039.8
101.985.094.852.042.821.610.810.8
41.5
286.5
404.8
1. Because no data are available to distribute exports and imports of "other" merchandisebetween durable and nondurable goods, they are distributed equally.
2. Includes parts of line 2 and line 5.NOTE.Beginning with 1985, the definitions of the end-use categories have been changed. For
a description of the new definitions, see the technical notes in "U.S. International Transactions,First Quarter 1988," SURVEY OF CURRENT BUSINESS 68 (June 1988): 34-39 and 57.
Ill328.0 Merchandise exports
36.8 Foods, feeds, and beveragesIndustrial supplies and
82.0 materials . .28.0 Durable goods54.0 Nondurable goods
114.6 Capital goods, except autos32.4 Autos24.4 Consumer goods11.2 Durable goods13.2 Nondurable goods37.8 Other18.9 Durable goods l18.9 Nondurable goods l
444.6 Merchandise imports24.8 Foods, feeds and beverages
Industrial supplies andmaterials, excluding
76.7 petroleum40.7 Durable goods36.0 Nondurable goods39.8 Petroleum and products
101.9 Capital goods, except autos85.0 Autos94.8 Consumer goods52.0 Durable goods42.8 Nondurable goods21.6 Other10.8 Durable goods 110.8 Nondurable goods 1
Addenda:Exports of agricultural
41.5 products 2Exports of nonagricultural
286.5 productsImports of nonpetroleum
404.8 products
1986
243.726.3
63.819.744.092.422.314.15.88.3
24.812.412.4
412.323.2
73.640.633.075.382.866.074.543.531.016.98.48.4
30.6
213.0
337.0
1987
280.129.9
69.721.947.8
109.523.216.77.39.5
31.015.515.5
439.023.9
74.239.834.577.999.468.177.143.833.418.39.29.2
34.9
245.2
361.1
Seasonally adjusted at annual rates1987
II
269.428.9
69.321.348.0
102.422.016.47.19.4
30.515.215.2
425.324.6
71.638.133.472.294.667.177.643.833.817.68.88.8
33.9
235.6
353.1
III
291.634.3
70.422.248.2
116.422.417.37.59.8
30.815.415.4
449.523.8
71.838.233.688.0
104.067.276.243.532.718.59.29.2
39.7
252.0
361.5
IV
304.630.5
72.023.248.9
124.526.817.67.89.8
33.216.616.6
461.023.7
77.041.135.981.4
112.269.977.844.133.718.99.59.5
35.2
269.4
379.6
1988I
329.034.1
76.924.352.6
138.027.919.18.8
10.333.016.516.5
463.123.8
77.142.035.182.2
116.467.777.643.833.818.19.19.1
39.3
289.7
380.9
II
339.134.9
79.427.152.3
140.628.320.59.4
11.135.417.717.7
459.121.7
72.838.834.085.4
121.564.875.042.232.81