SCB_121988

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

December 1988 / Volume 68 Number 12

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: Leo M.Bernstein, David W. Cartwright, Anthony J.DiLullo, Daniel J. Larkins, National Income andWealth Division, Charles S. Robinson.

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.

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The Secretary of Commerce has determinedthat the publication of this periodical is necessaryin the transaction of the public business requiredby law of this Department.

1 Business Situation1 Corporate Profits

3 National Income and Product Accounts Tables3 Selected NIPA Tables

17 Reconciliation and Other Special Tables

18 Composite Indexes of Leading, Coincident, andLagging Indicators

19 U.S. International Transactions, Third Quarter 1988

44 Constant-Dollar Inventories, Sales, and Inventory-Sales Ratiosfor Manufacturing and Trade

47 Subject Guide

Blue pages: Current Business Statistics(See page S-36 for subject index to Current Business Statistics)

Inside back cover: BEA Information

NOTE.This issue of the SURVEY went to the printer on Jan, 3,1989. It incorporatesdata from the following monthly BEA news releases:

Gross National Product (Dec. 20),Personal Income and Outlays (Dec. 21), andComposite Indexes of Leading, Coincident, and Lagging

Indicators (Dec. 30).


the BUSINESS SITUATION

Corporate Profits

JL ROFITS from current productionthat is, profits before tax with in-ventory valuation adjustment (IVA)and capital consumption adjustment(CCAdj)increased $3^2 billion in thethird quarter, following a $101/2 billionincrease in the second.1 The slowdownreflected a swing in domestic profits ofnonfinancial corporations from a smallincrease in the second quarter to adecline in the third; domestic prof-its of financial corporations and prof-its from the rest of the world both in-creased about as much as in the secondquarter.

The decline in domestic profits ofnonfinancial corporations reflected adecline in unit profits; real product in-creased 2^2 percent (at an annual rate).The decline in unit profits, in turn, re-sulted from a smaller increase in unitprices than in unit costs (primarily la-bor costs).

Profits before tax.Profits before tax(PBT) increased $8 billion in the thirdquartermore than twice as much asprofits from current production. Thedifference reflected declines in the IVAand the CCAdj, both of which are in-cluded in the current production mea-sure but not in PBT. The IVA declinerepresented an increase in inventoryprofits. The CCAdj decline reflectedthe lengthening of service lives man-dated by the Tax Reform Act of 1986,which has narrowed the difference be-tween the lives used for calculating de-preciation in tax accounting and thoseused by BEA.

Profits by industry.Profits fromcurrent production is not available byindustry; PBT with IVA, which in-creased $6 billion in the third quarter,is the best available measure.

Domestic profits of nonfinancial cor-porations declined $2 billion; the de-cline was more than accounted for bymanufacturing profits. Within manu-facturing, results were mixed, with thesame number of industries registeringincreases as declines. (Industry de-tail is given in table 6.18B in "SelectedNIPA Tables.")

Domestic profits of financial corpo-rations increased $2^2 billion. Prof-its of commercial banks increased, andlosses incurred by savings and loan as-sociations declined for the second con-secutive quarter. In addition, Fed-eral Reserve bank incomewhich istreated as corporate profits in the na-tional income and product accounts(NIPA's)increased.

Profits from the rest of the worldthe difference between inflows to U.S.corporations from their foreign affil-iates and outflows to foreign corpo-

rations from their U.S. affiliatesincreased $5^2 billion. Inflows, fromboth petroleum and nonpetroleum af-filiates, more than accounted for theincrease.

Third-quarter NIPA revisions

Table 1 on page 17 shows the re-visions for the third quarter fromthe preliminary estimates released amonth ago. One set of these revi-sions, those to rest-of-the-world (ROW)incomes, are of interest because theyaffect the income and product sides ofthe national income and product ac-count differently. For the third quar-ter, ROW profits were revised up $5^2billion; net interest payments by for-eigners were revised down $41/2 bil-lion. These revisions had little effecton third-quarter GNP, but they had asizable effect on national income.

On the product side, the sum ofprofits, net interest, and compensation

1. Quarterly estimates in the national income andproduct accounts are expressed at seasonally adjustedannual rates, and quarterly changes in them are differ-ences between these rates.

Looking Ahead. . .

NIPA Methodology. Government Transactions, the fifth in BEA's series ofmethodology papers, will be available in mid-January from the GovernmentPrinting Office. See the inside back cover for order information.

Business Cycle Indicators. The composite indexes of leading, coincident,and lagging indicators will be revised as of the release of January 1989 dataon March 3. The revision will incorporate changes in components, updatedstatistical factors, and historical revisions in component data. An articlepresenting the revision will appear early in 1989 in Business ConditionsDigest and in the SURVEY.

Alternative Weighting of Real GNP. An article considering the presentationby BEA of alternative weighting systems for real GNP will appear in anupcoming issue of the SURVEY.


SURVEY OF CURRENT BUSINESS December 1988

in the rest-of-the-world sector is usedas the measure of ROW product, andROW product plus domestic productequals GNP (table 1). In the thirdquarter, the downward revision in netinterest paid by foreigners largely off-set the upward revision in ROW prof-its, leaving ROW product and GNP lit-tle changed.

On the income side, the story is morecomplicated. The revision in ROWprofits was, of course, fully reflected inthird-quarter corporate profits. How-ever, the net interest component of na-tional income was not changed by therevision in net interest payments byforeigners, even though conceptuallythis component is equal to the sumof net interest payments by foreign-ers and by business. The reason forthe lack of change is that BEA ex-

trapolates the net interest componentof national income indirectly becausedata on net interest payments by busi-

Table 1.Revisions in Components of the Na-tional Income and Product Account, ThirdQuarter, 1988

[Billions of dollars]

Income

Corporate profitsDomesticRest of world

Net interest

6.3.6

57

15

0

Product

Domestic product

Rest of world productCorporate profitsNet interestCompensation ofemployees.

-1.5

135.7

-440

Other factor incomes .2

National income 4.5

Nonfactor charges and .4capital consumptionallowances.

Statistical discrepancy.. 5.2

Charges Against GNP... -.2 GNP...

ness are not available for quarterly ex-trapolation; the indirect extrapolationconsists of subtracting net governmentinterest payments to persons and in-terest paid by consumers to businessfrom personal interest income. (Thismethodology is described in more de-tail in the July 1984 SURVEY OF CURRENTBUSINESS, pages 15-16.)

New information on net interest pay-ments by foreigners, therefore, doesnot provide any new information aboutthe size of the extrapolated quarterlynet interest component of national in-come. BEA implicitly assumes that re-visions in net interest payments by for-eigners are offset by revisions in theopposite direction in net interest pay-ments by business. (In 1987, 90 per-cent of net interest paid by foreignerswas received by business.)

ERRATA

Table 3 of "Deflators for Purchases of Computers in GNP: Revised andExtended Estimates, 1983-88" on page 23 of the November 1988 issue ofthe SURVEY OF CURRENT BUSINESS contains incorrect information. For personalconsumption expenditures, the column that shows the published categorythat includes computers and the column that shows the category deflated inthe estimates published in December 1985 should read "Radio and televisionreceivers, records, and musical instruments," not "Wheel goods, durable toys,sports equipment, boats, and pleasure aircraft."


December 1988 SURVEY OF CURRENT BUSINESS

National Income and Product Accounts TablesSelected NIPA Tables

New estimates in this issue: Third quarter 1988, revised (r).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

NonresidentialStructures .Producers' durable

equipment..Residential

Change in businessinventoriesNonfarmFarm

Net exports of goods andservicesExportsImports

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

14.517.8

-3.3

-125.2440.4565.6

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-.8

-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

945.2377.7298.479.3

567.5

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

961.6382.2298.883.4

579.4

IIIr

4,909.0

3,261.2452.9

1,060.81,747.5

772.5722.8493.7143.8

349.9229.1

49.741.97.8

-80.0536.1616.0

955.3367.7294.373.4

587.6

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


inventoriesNondurable goods


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


II

4,484.24,451.5

32.71,774.51,741.8

32.7767.1742.8

24.31,007.5

999.1

8.42,276.2

433.4

III

4,568.04,553.5

14.51,812.91,798.4

14.5792.2789.3

2.91,020.71,009.1

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

17.81,078.51,052.7

25.92,451.5

444.3

fflr

4,909.04,859.3

49.71,960.11,910.4

49.7881.6836.4

45.11,078.51,074.0

4.62,501.6

447.3

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

15.417.9

-2.5

-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

34.436.9

-2.5

-128.9427.8556.7

780.2339.0264.9

74.1441.2


II

3,823.0

2,516.6391.3889.8

1,235.5

660.1632.3434.8120.9

313.8197.6

27.825.02.7

-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

67.168.2

-1.1

-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

IIIr

4,009.4

2,603,8410.4904.5

1,288.9

726.1686.6495.0125.8

369.2191.6

39.540.4-.8

-93.9514.0607.9

773.5320.1256.4

63.7453.4


Table 1.4.Gross National Product by Major Type of Product inConstant Dollars

[Billions of 1982 dollars]

Gross national productFinal salesChange in business

inventoriesGoods


inventoriesDurable goods


inventoriesNondurable goods


inventoriesServicesStructures

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


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

1988

I

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

IIP

4,009.43,969.9

39.51,768.91,729.4

39.5885.0844.6

40.4884.0884.9

-.91,862.8

377.7





Table 1.5.Relation of Gross National Product, Gross DomesticPurchases, and Final Sales to Domestic Purchasers


Gross national productLess: Exports of goods and

servicesPlus: Imports of goods and

servicesEquals: Gross domestic

purchases *Less: Change in business

inventoriesEquals: Final sales to domestic

purchasers2

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


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

1988I

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

IIIr

4,909.0

536.1

616.0

4,989.0

49.7

4,939.3

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


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

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


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

IIP

4,009.4

514.0

607.9

4,103.4

39.5

4,063.8

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]

Gross national productGross domestic product

Business.. .Nonfarm

Nonfarm less housingHousing

FarmStatistical discrepancy

Households and institutionsPrivate householdsNonprofit institutions

GovernmentFederal ..State and local

Rest of the worldAddendum:

Gross domestic businessproduct less housing

1986

4,240.34,205.43,608.93,547.13,203.9

343.275.4

-13.6153.1

9.1144.0443.4143.5299.934.9

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


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

1988I

4,724.54,702.14,028.13,965.43,576.0

389.477.7

-15.0180.9

9.3171.6493.1156.7336.422.4

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

IIP

4,909.04,882.24,185.24,123.73,722.5

401.275.6

-14.0191.2

9.6181.6505.8158.1347.826.8

Table 1.8.Gross National Product by Sector in Constant Dollars[Billions of 1982 dollars]

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


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

8.8121.9372.0123.9248.126.7

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

IIP

4,009.43,987.03,475.13,421.53,132.8

288.865.2

-11.6136.8

9.0127.8375.2124.2251.022.4





Table 1.9.Relation of Gross National Product, Net National Product,National Income, and Personal Income


Table 1.14.National Income by Type of Income[Billions of dollars]

Gross national productLess: Capital consumption

allowances with capitalconsumption adjustment

Capital consumptionallowances withoutcapital consumptionadjustment

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 consumptionadjustments . .

Net interestContributions for social

insuranceWage accruals less

disbursementsPlus: Government transfer

payments to personsPersonal interest income....Personal dividend income ..Business transfer

paymentsEquals: Personal income

1986

4,240.3

455.9

488.4

32.53,784.4

348.4

25.1-13.6

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

28.1-8.1

18.33,678.7

310.4353.6

399.1

0

520.6527.088.6

28.13,780.0


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

29.0

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

nr

4,909.0

507.7

526.0

18.24,401.3

392.3

31.1-14.0

8.84,000.7

330.0396.2

448.4

0

557.6581.997.3

31.14,094.0

Table 1.10.Relation of Gross National Product, Net National Product,and National Income in Constant Dollars

[Billions of 1982 dollars]Gross national productLess: 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

443.23,278.5

312.1-12.1

2,978.5

3,847.0

460.83,386.2

319.2-7.0

3,074.0

3,823.0

458.23,364.8

319.6-2.2

3,047.3

3,865.3

463.03,402.2

321.8-13.0

3,093.4

3,923.0

468.23,454.8

321.0-5.4

3,139.3

3,956.1

472.93,483.2

324.4-12.8

3,171.5

3,985.2

477.33,507.9

326.2-4.3

3,186.0

4,009.4

481.93,527.5

328.1-11.6

3,211.1

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 1

ImportsEquals: Command-basis gross

national productAddendum:

Terms of trade 2

3,721.7

137 5378.4515.9

3,859.3

-111.5404.4515.9

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

130744095716

3,996.0

-126.5445.1571.6

3,869.4

1010

3,923.0

1260459.2585.2

4,049.0

-125.6459.6585.2

3,923.4

1001

3,956.1

109 0486.2595.1

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

4,009.4

939514.0607.9

4,103.4

-78.9

529.0607.9

4,024.5

103.0

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 consumptionadjustment

NonfarmProprietors' incomeInventory valuation

adj ustmentCapital consumption

adj ustmentRental income of persons with

capital consumptionadjustmentRental income of persons . .Capital consumption

adj ustmentCorporate profits with

inventory valuation andcapital consumptionadjustments ,Corporate profits with

inventory valuationadjustmentProfits before tax

Profits tax liabilityProfits after tax

DividendsUndistributed profits

Inventory valuationadj ustment

Capital consumptionadjustment

Net interestAddenda:

Corporate profits after taxwith inventory valuationand capital consumptionadjustmentsNet cash flow with

inventory valuation andcapital consumptionadjustmentsUndistributed 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

282.4

8.3378.2

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

180396.6


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

477

305.2

253.6273.7132.6141.194.047.0

200

51.5348.1

172.6

373.9

78.5

295.4

200393.9

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

-18.2402.4

1988I

3,850.82,816.42,358.7

437.11,921.6

457.7

243.1214.6

323.944.7

52.2

75279.2243.7

-1.2

36.6

20.569.6

49 1

316.2

266.8286.2136.9149.4101.348.1

194

49.4373.9

179.3

387.8

78.1

309.8

194407.3

II

3,928.82,874.02,410.0

442.91,967.1

464.0

247.5216.5

328.843.4

50.8

73285.3250.9

-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

393.4

80.1

313.3

274420.8

IIP

4,000.72,933.22,462.0

449.12,012.9

471.1

251.7219.5

321.630.9

37.9

70290.7256.8

15

35.4

19.768.5

-48.8

330.0

284.6313.9144.8169.1105.763.4

293

45.4396.2

185.2

396.4

79.5

316.8

293425.7

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.




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 product .Indirect 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


DividendsUndistributed profits-

Inventory valuationadj ustment

Capital consumptionadj ustment

Net interestGross domestic product

of financial corporatebusiness

Gross domestic productof nonfinancialcorporate business

Capital consumption allowanceswith capital consumptionadjustment

Net domestic productIndirect business tax and


Domestic incomeCompensation of employees...

Wages and salariesSupplements to wages

and salariesCorporate profits with

inventory valuation andcapital consumptionadjustmentsProfits before tax


DividendsUndistributed profits...

Inventory valuation

Capital consumptionadjustment ,

Net interest

Gross domestic productof nonfinancialcorporate business

Capital consumption allowanceswith capital consumptionadj ustment

Net domestic productIndirect business tax and


Domestic income

1986 1987


II HI IV

1988I II IIP

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

237.5210.2

99.0111.283.827.4

-18.0

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

-20.0

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

-19.5

45.3101.6

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

-19.4

41.5107.1

2,901.1

313.32,587.8

271.82,316.11,927.91,630.8

297.1

291.1270.5143.2127.387.140.2

274

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

2,954.2

316.82,637.4

278.02,359.41,968.81,667.0

301.8

289.2273.1144.8128.399.628.7

293

45.4101.4

222.2

2,732.1

293.02,439.1

258.82,180.31,816.41,536.9

279.5

248.2240.4109.1131.398.732.7

293

37.1115.7

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

2,395.5

280.62,114.9

209.61,905.3

Auto outputFinal sales

Personal consumptionexpenditures .New autosNet purchases of used autos..

Producers' durable equipment..New autosNet purchases of used autos..

Net exports of goods andservices .ExportsImports

Government purchases ofgoods and services

Change in business inventoriesof new and used autosNewUsed

Addenda:Domestic output of new

autos 1Sales of imported new autos 2...

1986

120.6119.0

136.3101.434.920.345.1

-24.7

3906.3

45.3

1.4

1.61.4

.2

98.255.3

1987

116.3109.4

130.094.135.919.244.4

-25.2

4136.6

47.9

1.5

6.96.7

.2

94.855.0


II

113.1108.0

127.791.436.218.744.9

-26.2

4016.8

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

-10.8-12.4

1.6

90.160.2

IV

120.6106.6

128.090.937.019.344.9

-25.6

4238.1

50.3

1.6

14.014.00

98.757.2

1988

I

113.1117.8

133.9100.233.722.147.9

-25.7

-40.18.2

48.3

1.9

-4.7-9.1

4.4

88.760.2

II

130.3129.3

139.8100.139.723.750.0

-26.4

-35.88.3

44.1

1.6

1.13.423

104.260.6

IIP

132.0128.0

139.2101.138.123.752.3

-28.6

-36.49.8

46.2

1.5

4.02.71.3

103.060.2

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.

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 andservicesExports .Imports


Change in business inventoriesof new and used autosNewUsed

Addenda:Domestic output of new

autos 1Sales of imported new autos 2..

1986

106.2106.6

119.089.229.818.239.7

-21.5

-31.95.3

37.3

1.3

-.3-.5

.2

85.348.7

1987

100.695.1

108.880.028.816.337.7

-21.5

-31.45.4

36.81.4

5.55.3

.2

80.546.8


II

98.494.5

107.378.229.116.038.4

-22.4

-30.25.6

35.91.4

3.93.1

.8

78.945.8

III

99.2109.0

120.292.427.818.640.0

-21.4

-31.15.3

36.31.3

-9.8-11.2

1.3

75.851.0

IV

102.991.4

105.376.528.816.437.8

-21.4

-31.86.6

38.4

1.4

11.511.5

0

83.148.1

1988I

96.0101.0

110.484.326.019.040.3

-21.2

3016.7

36.81.7

-4.9-8.5

3.6

74.250.7

II

111.2110.4

115.583.931.620.141.9

-21.8

-26.56.8

33.31.4

.82.8

-2.0

87.350.8

IIP

111.5108.5

113.784.129.620.343.5

-23.3

2687.9

34.7

1.3

3.02.01.1

85.450.1

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 1.19.Truck Output[Billions of dollars]

Table 1.20.Truck Output in Constant Dollars[Billions of 1982 dollars]

Truck output 1

Final salesPersonal consumption

expenditures ..Producers' durable equipment ..Net exports of goods and

ExportsImports


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


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

-5.64.29.8

5.03.7

1988I

65.866.2

28.736.4

494.19.0

6.0-.4

II

65.365.4

28.836.1

533.79.0

5.80

IIP

64.367.3

29.837.4

-5.63.89.4

5.7-3.0

1. Includes new trucks only.

Table 2.1.Personal Income and Its Disposition[Billions of dollars]

Personal incomeWage and salary

disbursements . .Commodity-producing

industriesManufacturing

Distributive industriesService industriesGovernment and

government enterprisesOther labor incomeProprietors' income with

inventory valuation andcapital consumptionadj ustmentsFarmNonfarm

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 disposablepersonal income

1986

3,531.1

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


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

76.7159.416.8

142.7

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

77.1163.316.8

146.5

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

80.4166.916.9

150.0

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

82.3169.617.1

152.5

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

IIP

4,094.0

2,462.0

701.3525.9585.8725.8

449.1219.5

321.630.9

290.7

19.797.3

581.9588.6

303.1

13.417.1

81.6173.4

17.2156.2

196.7

586.5

3,507.53,361.8

3,261.2

99.8

.8145.7

2,800.4

14,23111,362

246.5

4.2

Truck output J

Final salesPersonal consumption

expendituresProducers' durable equipment..Net exports of goods and

servicesExportsImports


Change in business inventories...

1986

47.847.4

22.526.6

632.68.9

4.6.4

1987

50.849.7

23.528.2

-6.02.88.8

4.01.1


II

49.449.6

24.428.4

682.69.4

3.6-.2

III

49.452.5

24.829.2

562.88.5

4.1-3.0

IV

54.951.9

23.029.3

-4.73.68.3

4.33.0

1988

I

55.856.2

24.231.0

413.57.6

5.1-.3

II

55.555.5

24.330.8

-4.53.17.6

4.90

IIP

54.156.5

25.131.3

-4.73.27.8

4.8-2.3

1. Includes new trucks only.

Table 2.2.Personal Consumption Expenditures by Major Type ofProduct



Durable goodsMotor vehicles and partsFurniture and household

equipmentOther

Nondurable goods. . ...FoodClothing and shoesGasoline and oilOther nondurable goods

Fuel oil and coalOther

ServicesHousingHousehold operation

Electricity and gasOther ....

Transportation....Medical careOther

1986

2,807.5406.5196.4

140.070.1

943.6501.0167.073.3

202.216.7

185.61,457.3

434.3179.987.492.595.8

320.1427.2

1987

3,012.1421.9195.8

148.377.8

997.9526.4178.277.0

216.316.2

200.11,592.3

467.7186.388.897.5

106.2360.3471.8


II

2,992.2420.5194.5

147.878.3

995.3525.3176.877.4

215.816.3

199.51,576.4

462.6187.390.696.8

104.6355.7466.2

III

3,058.2441.4212.9

150.278.3

1,006.6528.4180.479.3

218.516.0

202.51,610.2

471.1189.690.898.8

105.8367.3476.4

IV

3,076.3422.0194.0

149.478.6

1,012.4530.9181.279.3

220.916.6

204.21,641.9

481.8188.288.899.5

112.0374.4485.4

1988

I

3,128.1437.8202.2

154.781.0

1,016.2535.9180.576.3

223.517.0

206.61,674.1

490.1190.990.2

100.7111.3384.9497.0

II

3,194.6449.8208.7

159.581.5

1,036.6546.3183.278.8

228.217.2

211.01,708.2

496.4193.590.9

102.7116.4396.6505.2

IIP

3,261.2452.9210.2

159.583.2

1,060.8558.9188.480.5

233.017.4

215.61,747.5

506.0199.794.6

105.1118.5410.4512.9

Table 2.3.Personal Consumption Expenditures by Major Type ofProduct in Constant Dollars



Durable goodsMotor vehicles and partsFurniture and household

equipmentOther

Nondurable goodsFoodClothing and shoesGasoline and oilOther nondurable goods

Fuel oil and coalOther

ServicesHousingHousehold operation

Electricity and gasOther

TransportationMedical careOther

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


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

1988

I

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

IIP

2,603.8410.4178.7

161.070.7

904.5453.8164.299.5

187.022.4

164.61,288.9

367.7165.983.882.194.2

283.4377.7



8 SURVEY OF CURRENT BUSINESS December 1988Table 3.2.Federal Government Receipts and Expenditures

[Billions of dollars]Table 3.3.State and Local Government Receipts and Expenditures


ReceiptsPersonal tax and nontax

receiptsIncome taxesEstate and gift taxesNontaxes ..

Corporate profits tax accrualsFederal Reserve banksOther

Indirect business tax andnontax accrualsExcise taxesCustoms dutiesNontaxes

Contributions for socialinsurance

ExpendituresPurchases of goods and services-

National defenseNondefense ,

Transfer paymentsTo personsTo 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 and

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

399.8385.913.9

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


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

413.4402.211.2

105.5139.8159.5135.623.9

19.6

27.827.3

-.5

0

144 023.2

1672

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

414.2403.510.7

101.9143.8163.0139.123.9

19.3

22.620.8

-1.8

.2

138327.8

1661

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

422.5406.116.4

101.4149.5168.4143.824.6

18.9

39.737.6

-2.1

-.2

160 434.9

-195.3

1988

I

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

437.6426.511.0

110.4152.1171.8145.026.8

19.8

34.032.5

-1.5

0

133349.8

-183.1

III'

975.5

408.3398.6

8.31.4

113.119.194.0

57.133.216.37.5

397.01,099.0

367.7294.373.4

440.7428.312.5

111.5154.9174.3146.527.8

19.4

24.116.8

-7.3

0

123 556.0

1795

Table 3.7B.Government Purchases of Goods and Services by Type[Billions of dollars]


FederalNational defense

Durable goodsNondurable goodsServices

Compensation ofemployeesMilitaryCivilian

Other services...Structures

NondefenseDurable goods

Commodity CreditCorporation inventorychange

Other nondurablesServices

Compensation ofemployees

Other servicesStructures

State and localDurable goodsNondurable goods ...Services

Compensation of employees-Other services.. ..

Structures

1986

871.2366.2277.583.511.1

176.4

104.070.233.872.4

6.688.74.1

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


II

915.7377.5294.889.510.2

188.5

108.773.035.779.8

6.682.64.0-.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

79.34.69 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

83.44.882

-16.88.6

78.8

44.734.17.9

579.429.247.0

436.7342.1

94.666.4

IIP

955.3367.7294.381.710.7

194.8

112.975.937.081.87.2

73.44.2

-16.4

-22.66.1

77.0

45.131.98.6

587.630.048.1

444.6347.896.865.0

Receipts..Personal tax and nontax

receiptsIncome taxes .NontaxesOther

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 paid .Less: Interest received by

governmentLess: 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 fundsOther

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

48.1102.7602.8542.8321.7221.1118.737753.3

91.0

6.9

-14.01.0

15.0

0

52.962.1

-9.2


II

659.3

168.990.964.313.727.6

309.5147.4121.041.2

47.7105.5597.9538.2319.0219.2117.737352.6

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

52.963.0

-10.1

IV

666.9

168.688.166.514.128.5

319.2152.5124.742.0

49.2101.4617.2555.9329.9226.0121.7

-33.855.4

94.2

7.5

-14.11.0

15.1

0

49.764.6

-14.8

1988

I

685.5

171.389.367.614.329.7

323.5154.3126.642.6

49.9111.1629.7567.5336.4231.1123.8

-39.556.8

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

50.6110.4642.1579.4342.1237.3126.0

-40.358.3

98.6

8.1

-14.71.1

15.8

0

56.267.7

-11.5

IIP

708.0

178.293.369.915.031.7

335.3160.2130.644.5

51.4111.5652.0587.6347.8239.8129.3

-41.259.7

101.0

8.4

-15.31.0

16.3

0

56.069.3

-13.3

Table 3.8B.Government Purchases of Goods and Services by Type inConstant Dollars



Federal.. .National defense

Durable goodsNondurable goodsServices

Compensation ofemployees .MilitaryCivilian


NondefenseDurable goods

Commodity CreditCorporation inventory

Other nondurablesServices

Compensation ofemployees


State and localDurable goodsNondurable goodsServices

Compensation of employees..Other services

Structures

1986

760.5333.4251.478.115.4

152.3

88.859.928.963.4

5.682.04.5

13.4

7.85.6

57.1

33.723.46.9

427.122.544.3

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

316.0246.469.654.3


II

772.2332.1264.887.214.6

157.6

89.160.129.068.55.5

67.34.63 8

11 07.2

58.8

34.224.57.8

440.124.246.3

315.4246.169.354.3

III

782.9342.1269.592.114.6

156.4

89.360.229.167.1

6.372.64.9

.3

6 36.6

59.5

34.425.27.8

440.824.746.6

316.8247.169.752.8

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

318.5248.170.454.4

1988

I

776.4327.8264.684.914.6

159.9

89.360.129.270.5

5.263.25.6

-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

322.2249.972.355.7

IIP

773.5320.1256.481.213.2

156.4

89.060.028.967.45.6

63.75.2

-11.0

-16.55.5

62.1

35.226.97.3

453.426.449.1

324.3251.073.353.6



Table 3.9.National Defense Purchases of Goods and Services


Table 3.10.National Defense Purchases of Goods and Services inConstant Dollars


National defensepurchases

Durable goodsMilitary equipment

AircraftMissilesShipsVehiclesElectronic equipmentOther

Other durable goods ..Nondurable goods

Petroleum productsAmmunitionOther 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

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


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

1988I

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

IIIr

294.381.770.927.411.78.04.25.7

13.810.810.74.33.72.7

194.8112.975.937.081.8

30.123.69.2

11.73.93.9

57.24.92.3

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


Receipts from foreigners ...Exports of goods and services

MerchandiseDurable goodsNondurable goods

ServicesFactor income 1Other

Capital grants received by theUnited States (net)

Payments to foreignersImports of goods and services

MerchandiseDurable goodsNondurable goods


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


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

23.9161 1

IV

459.7459.7276.7175.0101.7183.0105.177.9

0459.7585.4438.0281.8156.2147.474.173.317.61.2

16.4

24.61678

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

26.81291

IIP

536.1536.1331.0204.8126.1205.1116.189.0

0536.1616.0448.6293.4155.2167.589.378.113.3

.812.5

27.8-121.1

National defensepurchases

Durable goodsMilitary equipment

AircraftMissilesShips...VehiclesElectronic equipmentOther

Other durable goodsNondurable goods

Petroleum productsAmmunitionOther 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


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

24.218.48.09.04.63.8.5

6.14.21.9

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

IIIr

256.481.267.226.511.56.74.45.5

12.514.013.26.94.02.3

156.489.060.028.967.4

25.018.47.88.74.03.8-.45.63.81.8

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


Exports of goods and servicesMerchandise

Durable goodsNondurable goods

ServicesFactor income lOther

Imports of goods and servicesMerchandise

Durable goodsNondurable goods ...


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


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

1988

I

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

IIP

514.0345.9229.4116.5168.193.075.1

607.9470.9283.5187.4137.070.666.4

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.


10 SURVEY OF CURRENT BUSINESS December 1988

Table 4.3.Merchandise Exports and Imports by Type of Product andby End-Use Category


Table 4.4.Merchandise Exports and Imports by Type of Product andby End-Use Category in Constant Dollars


Merchandise exportsFoods, feeds, and beveragesIndustrial supplies and

materialsDurable goodsNondurable goods ..

Capital goods, except autos ..AutosConsumer goods


OtherDurable goods lNondurable goods 1

Merchandise importsFoods, feeds, and beveragesIndustrial supplies and

materials, excludingpetroleumDurable goodsNondurable goods

Petroleum and productsCapital goods, except autosAutosConsumer 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


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

72.338.633.745.293.288.792.050.641.42.1.410.710.7

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

IIIr

331.0 Merchandise exports36.2 Foods, feeds, and beverages

Industrial supplies and86.0 materials28.4 Durable goods57 6 Nondurable goods

114.1 Capital goods, except autos32 2 Autos24 9 Consumer goods11.4 Durable goods13.5 Nondurable goods37 5 Other18 8 Durable goods l18 8 Nondurable goods l

448.6 Merchandise imports25.0 Foods feeds, and beverages

Industrial supplies andmaterials, excluding

77 4 petroleum41 2 Durable goods36 2 Nondurable goods39.4 Petroleum and products

101.9 Capital goods except autos86 4 Autos96 1 Consumer goods52 6 Durable goods43.4 Nondurable goods22 4 Other11 2 Durable goods *11.2 Nondurable goods 1

Addenda:Exports of agricultural

41.6 products 2Exports of nonagricultural

289 4 productsImports of nonpetroleum

409 2 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


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

121.564.875.042.232.817.88.98.9

39.8

299.3

373.7

IIP

345.933.2

81.326.854.4

147.128.022.210.411.834.117.017.0

470.922.7

73.739.334.487.1

125.065.977.744.033.818.89.49.4

37.9

308.0

383.8

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.

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.

Table 5.1.Gross Saving and Investment[Billions of dollars]

Gross savingGross private saving.

Personal savingUndistributed corporate

profits with inventoryvaluation and capitalconsumption adjustmentsUndistributed profitsInventory valuation

adjustmentCapital consumption

adjustmentCorporate capital

consumption allowanceswith capital consumptionadjustment

Noncorporate capitalconsumption allowanceswith capital consumptionadjustment

Wage accruals lessdisbursements

Government surplus or deficit( ), national income andFederalState and local

Capital grants received by theUnited States (net)

Gross investmentGross private domestic

investmentNet foreign investment

Statistical discrepancy

1986

537.2681.6121.7

104.141.6

8.3

54.2

282.4

173.5

0

-144.4-205.6

61.2

0523.6

665.9-142.4-13.6

1987

560.4665.3104.2

81.147.4

-18.0

51.7

297.5

182.5

0

-104.9-157.8

52.9

0552.3

712.9-160.6

-8.1


II

542.4625.0

69.5

78.547.0

-20.0

51.5

295.4

181.6

0

82 6-144.0

61.4

0539.9

698.5-158.6

-2.5

III

556.8642.2

72.6

85.052.4

-19.5

52.1

299.7

184.9

0

85 51383

52.9

0541.7

702.8-161.1-15.1

IV

603.4714.1144.0

80.546.4

-18.2

52.4

303.7

185.8

0

-110.71604

49.7

0597.0

764.9-167.8

-6.4

1988I

627.0726.3149.9

78.148.1

-19.4

49.4

309.8

188.5

0

-99.21551

55.8

0612.0

763.4-151.3-15.0

II

634.1711.2127.8

80.159.6

-27.4

48.0

313.3

189.9

0

771-133.3

56.2

0629.0

758.1-129.1

-5.1

mr

665.4732.9145.7

79.563.4

-29.3

45.4

316.8

190.9

0

67.5123.5

56.0

0651

772.5-121.1-14.0


December 1988 SURVEY OF CURRENT BUSINESS 11

Table 5.8.Change in Business Inventories by Industry[Billions of dollars]

Table 5.9.Change in Business Inventories by Industry in ConstantDollars


Change in businessinventories

Farm

NonfarmChange in book valueInventory valuation

ManufacturingDurable goodsNondurable goods

Wholesale tradeDurable goodsNondurable goodsMerchant wholesalers

Nondurable goodsNonmerchant wholesalers

Durable goods

Retail tradeDurable goods

AutomotiveOther

Nondurable goodsOther


1986

15.5-1.917.44.8

12.7

33-3.0-.37.03.93.16.73.73.0

.4

.2

.13.3

.7-1.6

2.22.6

10.42.77.7

1987

39.2-1.540.764.5

-23.86.14.61.57.45.32.17.24.82.3

.2

.5-.321.314.610.64.06.75.92.03.9


II

32.71.3

31.458.4

-27.02610

-1.63.73.7

1

6.55.01.5

-2.8-1.3

1 625.918.510.67.97.34.53.11.4

III

14.5-3.317.843.2

-25.411.17.63.5

-3.4531.937572.0

.4

.51

2.9-2.7-3.5

.85.67.13.23.9

IV

72.0-.872.896.9

24 i

14.811.73.2

22.015.46.6

20.113.66.51.81.8.1

28.221.915.16.86.27.81.46.4

1988

I

65.315.949.478.1

28715.49.65.8

24.621.23.4

22.619.33.32.01.9.2

1.2-7.0

-11.64.68.28.22.95.3

II

43.710.633.174.7

-, 41 g

6.36.7

A

4797.5

.3-7.8

8.1-.7

1-.615.614.512.71.81.1

11.64.57.0

IIP

49.77.8

41.983.8

41 96.98.5

-1.611.116.8

-5.78.2

14.7-6.5

2.82.1.8

13.314.410.14.4

-1.110.75.45.3

1. The inventory valuation adjustment (IVA) shown in this table differs from the IVA thatadjusts business incomes. The IVA in this table reflects the mix of methods (first-in, first-out;last-in, first-out; etc.) underlying book value inventories derived primarily from Census Bureaustatistics. This mix differs from that underlying business income derived primarily fromInternal Revenue Service statistics.

Table 5.10.Inventories and Final Sales of Business by Industry[Billions of dollars]

Inventories l

Farm

NonfarmDurable goodsNondurable goods




Nonmerchant wholesalersDurable goodsNondurable goods


AutomotiveOther


Final sales 2Final sales of goods and structures 2

Ratio of inventories to final salesInventories to final salesNonfarm inventories to final salesNonfarm inventories to final sales of goods and

structures

Seasonally adjusted quarterly totals1987

II

902.369.9

832.4487.9344.5330.8220.6110.2192.7125.467.2

167.9110.956.924.814.510.3

203.5103.553.649.9

100.1105.4315.6181.3

2.862.64

4.59

III

914.168.2

845.9494.0351.9337.8225.2112.6194.0125.468.7

168.7110.558.225.314.910.4

205.5103.452.850.6

102.1108.5323.3186.6

2.832.62

4.53

IV

941.568.8

872.8513.3359.5346.2231.9114.3201.0130.670.5

175.2115.060.225.815.610.2

213.7109.456.752.7

104.3111.7325.1185.6

2.902.68

4.70

1988

I

965.272.6

892.6523.5369.1353.4236.1117.3209.3137.072.3

182.7120.861.926.716.210.5

215.2108.053.854.2

107.2114.7330.2187.8

2.922.70

4.75

II

992.378.7

913.6533.3380.2360.4240.6119.7213.6136.477.2

186.7120.166.726.916.410.5

221.5112.357.255.1

109.1118.1339.5194.0

2.922.69

4.71

IIP

1,015.881.8

934.0549.0385.0366.0244.8121.3219.5141.977.6

191.8124.867.027.717.010.7

226.7116.660.056.6

110.1121.8344.6196.5

2.952.71

4.75

1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventoriescalculated from current-dollar inventories in this table is not the current- dollar change inbusiness inventories (CBI) component of GNP. The former is the difference between twoinventory stocks, each valued at their respective end-of-quarter prices. The latter is the changein the physical volume of inventories valued at average prices of the quarter. In addition,changes calculated from this table are at quarterly rates, whereas CBI is stated at annual rates.

2. Quarterly totals at monthly rates. Business final sales equals final sales less gross productof households and institutions, government, and rest of the world, and includes a small amountof final sales by farms.

Change in businessinventories

Farm

NonfarmManufacturing

Durable goods





AutomotiveOther



1986

15.4-2.517.9

-3.5-3.1-.47.13.73.36.73.53.2.3.2.1

3.1.7

152.12.5

11.32.58.8

1987

34.4-2.536.95.24.11.15.84.9

.95.84.41.40.5

-.519.213.19.33.76.16.71.94.9


II

27.82.7

25.0-4.0

13271.13.3

-2.34.74.6.1

-3.6-1.2-2.423.416.69.37.36.84.62.91.8

III

13.0-5.318.310.87.03.935

-4.81.336531.6.2.5

-.32.9

-2.2-3.0

.85.18.02.95.0

IV

67.1-1.168.214.410.63.8

19.414.15.3

18.112.55.61.31.7

-.4

25.119.513.26.35.69.31.38.0

1988

I

66.014.151.915.88.77.1

24.918.26.7

22.716.46.32.21.8

.41.55.9

10.14.27.49.72.57.2

II

35.35.3

30.15.86.2

4

-1.2-6.8

5.70686.7

-1.1-.1

-1.113.712.711.01.71.0

11.83.97.9

IIP

39.5-.840.45.78.02 3

11.215.1398.1

13.1-5.1

3.22.01.2

11.712.78.74.0

-1.011.84.77.1

Table 5.11.Inventories and Final Sales of Business by Industry inConstant Dollars


Inventories l

Farm

NonfarmDurable goodsNondurable goods



Durable goods .Nondurable goods



AutomotiveOther


Final sales 2Final sales of goods and structures 2

Ratio of inventories to final salesInventories to final sales .. .Nonfarm inventories to final salesNonfarm inventories to final sales of goods and

structures

Seasonally adjusted quarterly totals1987

II

863.271.8

791.4449.2342.2316.0205.8110.2183.2115.168.1

157.6101.756.025.613.412.2

184.392.946.746.291.4

107.8272.8166.5

3.162.90

4.75

III

866.470.5

796.0449.9346.1318.7207.5111.2182.4113.968.5

156.7100.356.425.613.612.1

185.192.445.946.492.7

109.8277.3170.5

3.122.87

4.67

IV

883.270.2

813.0461.3351.7322.3210.2112.2187.2117.469.8

161.2103.557.826.014.012.0

191.397.249.248.094.1

112.1277.2169.5

3.192.93

4.80

1988

I

899.773.7

826.0467.1358.8326.3212.4113.9193.4122.071.4

166.9107.659.326.514.412.1

191.795.846.749.095.9

114.6280.4171.4

3.212.95

4.82

II

908.575.0

833.5471.1362.4327.7213.9113.8193.1120.372.9

166.9105.961.026.214.411.8

195.198.949.549.596.2

117.5285.3175.3

3.182.92

4.75

IIP

918.474.8

843.6481.2362.4329.1215.9113.2195.9124.071.9

168.9109.259.827.014.912.1

198.1102.151.650.595.9

120.5286.3175.6

3.212.95

4.80

1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from thistable are at quarterly rates, whereas the constant-dollar change in business inventoriescomponent of GNP is stated at annual rates.

2. Quarterly totals at monthly rates. Business final sales equals final sales less gross productof households and institutions, government, and rest of the world, and includes a small amountof final sales by farms.


12 SURVEY OF CURRENT BUSINESS December 1988

Table 5.12.Fixed Investment by Type[Billions of dollars]

Table 5.13.Fixed Investment by Type in Constant Dollars[Billions of 1982 dollars]

Fixed investmentNonresidential

StructuresNonresidential buildings,

excluding farmPublic utilitiesMining exploration,

shafts and wellsOther

Producers' durableequipmentInformation processing

and related equipment....Industrial equipmentTransportation and

related equipmentOther

ResidentialSingle-family structuresMultifamily structuresOther

1986

650.4433.9138.5

91.827.4

14.94.4

295.4

96.568.9

66.963.0

216.6102.032.582.1

1987

673.7446.8139.5

92.628.4

13.94.5

307.3

101.270.6

67.867.6

226.9114.525.587.0


II

665.8438.2134.4

90.327.1

12.34.7

303.8

99.268.9

69.466.2

227.6114.125.588.0

III

688.3462.1143.0

95.028.9

14.64.6

319.1

105.771.4

72.169.9

226.2115.023.987.3

IV

692.9464.1147.7

96.630.8

15.84.6

316.3

102.874.2

68.570.9

228.8117.324.187.4

1988I

698.1471.5140.1

93.327.7

15.14.0

331.3

107.077.2

74.273.0

226.6116.522.187.9

II

714.4487.8142.3

95.728.8

14.33.5

345.5

111.581.3

78.774.0

226.5116.220.789.6

III''

722.8493.7143.8

93.532.1

14.63.6

349.9

112.983.8

79.074.1

229.1115.421.292.6

Table 6.3B.National Income Without Capital ConsumptionAdjustment by Industry


National income withoutcapital consumptionadjustment

Domestic industriesPrivate industries

Agriculture, forestry, andfisheries

MiningConstructionManufacturing


Transportation and publicutilities ... .TransportationCommunicationElectric, gas, and sanitary

servicesWholesale tradeRetail tradeFinance, insurance, and

real estateServices

Government and governmententerprises

Rest of the world

1986

3,398.23,363.32,867.6

81.530.4

185.1686.4405.7280.7

266.6112.873.680.2

203.4298.8

475.5639.8

495.734.9

1987

3,644.43,614.93,085.7

88.231.0

196.7727.4419.4308.0

276.8120.776.3

79.9213.6316.2

524.0711.6

529.229.5


II

3,597.53,569.33,043.4

88.030.1

196.8716.6414.4302.3

2