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National income and product accounts tables: selected NIPA tables; reconciliation and other special tables.

National Income and Product Accounts Tables

Selected NIPA Tables

New estimates in this issue: Fourth quarter and annual 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 annual NIPA revisions. For more information on the presentation of the estimates, see "National Income and Product Accounts Estimates: When They are 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 1983 are 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). For more 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]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)
 Gross national product 4,526.7 4,863.1 4,568.0 4,662.8 4,724.5 4,823.8
 4,909.0 4,995.2


Personal consumption
 expenditures 3,012.1 3,227.2 3,058.2 3,076.3 3,128.1 3,194.6
 3,261.2 3,325.1
 Durable goods 421.9 451.1 441.4 422.0 437.8 449.8
 452.9 464.0
 Nondurable goods 997.9 1,047.4 1,006.6 1,012.4 1,016.2 1,036.6
 1,060.8 1,076.1
 Services 1,592.3 1,728.7 1,610.2 1,641.9 1,674.1 1,708.2
 1,747.5 1,785.0


Gross private domestic
 investment 712.9 766.1 702.8 764.9 763.4 758.1
 772.5 770.4
 Fixed investment 673.7 717.5 688.3 692.9 698.1 714.4
 722.8 734.8
 Nonresidential 446.8 487.8 462.1 464.1 471.5 487.8
 493.7 498.0
 Structures 139.5 142.9 143.0 147.7 140.1 142.3
 143.8 145.3


Producers' durable
 equipment 307.3 344.8 319.1 316.3 331.3 345.5
 349.9 352.6
 Residential 226.9 229.8 226.2 228.8 226.6 226.5
 229.1 236.8


Change in business
 inventories 39.2 48.6 14.5 72.0 65.3 43.7
 49.7 35.6
 Nonfarm 40.7 42.4 17.8 72.8 49.4 33.1
 41.9 45.2
 Farm -1.5 6.2 -3.3 -.8 15.9 10.6
 7.8 -9.6


Net exports of goods and
 services -123.0 -94.3 -125.2 -125.7 -112.1 -90.4
 -80.0 -94.8
 Exports 428.0 520.2 440.4 459.7 487.8 507.1
 536.1 549.7
 Imports 551.1 614.5 565.6 585.4 599.9 597.5
 616.0 644.5


Government purchases of goods
 and services 924.7 964.1 932.2 947.3 945.2 961.6
 955.3 994.5
 Federal 382.0 380.5 386.3 391.4 377.7 382.2
 367.7 394.4
 National defense 295.3 298.0 299.8 299.2 298.4 298.8
 294.3 300.6
 Nondefense 86.7 82.5 86.4 92.2 79.3 83.4
 73.4 93.8
 State and local 542.8 583.6 546.0 555.9 567.5 579.4
 587.6 600.1


Table 1.2.--Gross National Product in Constant Dollars [Billions of 1982 dollars]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)
 Gross national product 3,847.0 3,995.1 3,865.3 3,923.0 3,956.1 3,985.2
 4,009.4 4,029.7


Personal consumption
 expenditures 2,521.0 2,592.1 2,545.2 2,531.7 2,559.8 2,579.0
 2,603.8 2,626.0
 Durable goods 390.9 409.6 406.5 387.6 401.1 410.6
 410.4 416.5
 Nondurable goods 890.5 900.0 891.9 890.5 892.7 893.6
 904.5 909.3
 Services 1,239.5 1,282.5 1,246.8 1,253.6 1,265.9 1,274.8
 1,288.9 1,300.2


Gross private domestic
 investment 674.8 721.3 667.9 724.7 728.9 715.1
 726.1 715.1
 Fixed investment 640.4 678.8 654.9 657.6 662.9 679.7
 686.6 685.8
 Nonresidential 445.1 486.9 462.8 464.8 473.4 490.2
 495.0 489.2
 Structures 125.5 125.1 128.0 132.1 124.0 125.0
 125.8 125.7


Producers' durable
 equipment 319.6 361.8 334.7 332.7 349.4 365.1
 369.2 363.6
 Residential 195.2 191.8 192.1 192.7 189.5 189.6
 191.6 196.6


Change in business
 inventories 34.4 42.5 13.0 67.1 66.0 35.3
 39.5 29.3
 Nonfarm 36.9 40.0 18.3 68.2 51.9 30.1
 40.4 37.7
 Farm -2.5 2.5 -5.3 -1.1 14.1 5.3
 -.8 -8.3


Net exports of goods and
 services -128.9 -99.7 -130.7 -126.0 -109.0 -92.6
 -93.9 -103.3
 Exports 427.8 505.2 440.9 459.2 486.2 496.9
 514.0 523.6
 Imports 556.7 604.9 571.6 585.2 595.1 589.5
 607.9 626.8


Government purchases of goods
 and services 780.2 781.4 782.9 792.6 776.4 783.8
 773.5 791.8
 Federal 339.0 328.1 342.1 347.7 327.8 331.6
 320.1 332.8
 National defense 264.9 261.4 269.5 268.2 264.6 263.6
 256.4 261.1
 Nondefense 74.1 66.6 72.6 79.5 63.2 67.9
 63.7 71.7
 State and local 441.2 453.3 440.8 444.9 448.7 452.2
 453.4 459.1


Table 1.3.--Gross National Product by Major Type of Product [Billions of dollars]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)
 Gross national product 4,526.7 4,863.1 4,568.0 4,662.8 4,724.5 4,823.8
 4,909.0 4,995.2
 Final sales 4,487.5 4,814.6 4,553.5 4,590.7 4,659.2 4,780.1
 4,859.3 4,959.6


Change in business
 inventories 39.2 48.6 14.5 72.0 65.3 43.7
 49.7 35.6
Goods 1,792.5 1,939.3 1,812.9 1,849.3 1,879.5 1,928.0
 1,960.1 1,989.5
 Final sales 1,753.3 1,890.7 1,798.4 1,777.3 1,814.2 1,884.3
 1,910.4 1,953.9


Change in business
 inventories 39.2 48.6 14.5 72.0 65.3 43.7
 49.7 35.6
 Durable goods 776.3 858.0 792.2 808.7 819.3 849.5
 881.6 881.6
 Final sales 749.7 826.9 789.3 758.2 792.7 831.6
 836.4 846.9


Change in business
 inventories 26.6 31.1 2.9 50.5 26.6 17.8
 45.1 34.7
 Nondurable goods 1,016.2 1,081.3 1,020.7 1,040.7 1,060.1 1,078.5
 1,078.5 1,107.9
 Final sales 1,003.6 1,063.8 1,009.1 1,019.1 1,021.5 1,052.7
 1,074.0 1,107.0


Change in business
 inventories 12.6 17.5 11.6 21.6 38.6 25.9
 4.6 .9
Services 2,295.7 2,476.4 2,314.4 2,363.9 2,405.2 2,451.5
 2,501.6 2,547.2
Structures 438.4 447.5 440.6 449.5 439.9 444.3
 447.3 458.5


Table 1.4.--Gross National Product by Major Type of Product in Constant Dollars [Billions of 1982 dollars]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)
 Gross national product 3,847.0 3,995.1 3,865.3 3,923.0 3,956.1 3,985.2
 4,009.4 4,029.7
 Final sales 3,812.6 3,952.6 3,852.2 3,855.9 3,890.1 3,949.9
 3,969.9 4,000.3


Change in business
 inventories 34.4 42.5 13.0 67.1 66.0 35.3
 39.5 29.3
Goods 1,663.3 1,762.5 1,677.5 1,713.9 1,748.1 1,762.4
 1,768.9 1,770.6
 Final sales 1,628.9 1,720.0 1,664.5 1,646.8 1,682.2 1,727.1
 1,729.4 1,741.3


Change in business
 inventories 34.4 42.5 13.0 67.1 66.0 35.3
 39.5 29.3
 Durable goods 774.6 864.6 793.7 812.7 832.5 861.7
 885.0 879.1
 Final sales 750.7 836.9 790.8 767.2 809.0 845.8
 844.6 848.4


Change in business
 inventories 23.9 27.7 2.9 45.5 23.5 15.9
 40.4 30.7
 Nondurable goods 888.8 897.9 883.8 901.2 915.6 900.7
 884.0 891.5
 Final sales 878.2 883.1 873.7 879.6 873.2 881.3
 884.9 892.9


Change in business
 inventories 10.5 14.9 10.1 21.6 42.4 19.4
 -.9 -1.4
Services 1,801.1 1,854.4 1,806.6 1,822.3 1,833.4 1,846.1
 1,862.8 1,875.4
Structures 382.6 378.2 381.1 386.7 374.6 376.7
 377.7 383.7


Table : 1.5.--Relation of Gross National Product, Gross Domestic
 Purchases, and Final Sales to Domestic Purchasers
 [Billions of dollars]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)
Gross national product 4,526.7 4,863.1 4,568.0 4,662.8 4,724.5 4,823.8
 4,909.0 4,995.2


Less: Exports of goods and

services 428.0 520.2 440.4 459.7 487.8

507.1 536.1 549.7

Plus: Imports of goods and

services 551.1 614.5 565.6 585.4 599.9

597.5 616.0 644.5

Equals: Gross domestic

purchases(1) 4,649.7 4,957.4 4,693.2 4,788.4 4,836.6 4,914.2 4,989.0 5,090.0

Less: Change in business

inventories 39.2 48.6 14.5 72.0 65.3

43.7 49.7 35.6

Equals: Final sales to domestic

purchasers(2) 4,610.5 4,908.9 4,678.7 4,716.4 4,771.3 4,870.5 4,939.3 5,054.4

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 : 1.6.--Relation of Gross National Product, Gross Domestic Purchases, and Final Sales to Domestic Purchasers in Constant Dollars
 [Billions of 1982 dollars]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)
Gross national product 3,847.0 3,995.1 3,865.3 3,923.0 3,956.1 3,985.2
 4,009.4 4,029.7


Less: Exports of goods and

services 427.8 505.2 440.9 459.2 486.2

496.9 514.0 523.6

Plus: Imports of goods and

services 556.7 604.9 571.6 585.2 595.1

589.5 607.9 626.8

Equals: Gross domestic

purchases(1) 3,975.9 4,094.8 3,996.0 4,049.0 4,065.1 4,077.9 4,103.4 4,132.9

Less: Change in business

inventories 34.4 42.5 13.0 67.1 66.0

35.3 39.5 29.3

Equals: Final sales to domestic

purchasers(2) 3,941.5 4,052.3 3,983.0 3,981.9 3,999.1 4,042.6 4,063.8 4,103.6

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]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)
 Gross national product 4,526.7 4,863.1 4,568.0 4,662.8 4,724.5 4,823.8
 4,909.0 4,995.2
Gross domestic product 4,497.2 4,839.2 4,541.2 4,631.8 4,702.1 4,802.5
 4,882.2 4,970.1
 Business 3,855.5 4,148.1 3,893.8 3,972.9 4,028.1 4,117.5
 4,185.2 4,261.5
 Nonfarm 3,787.8 4,089.4 3,832.2 3,905.8 3,965.4 4,048.0
 4,123.7 4,220.7
 Nonfarm less housing 3,416.5 3,691.2 3,457.7 3,522.7 3,576.0 3,654.0
 3,722.5 3,812.4
 Housing 371.3 398.2 374.5 383.1 389.4 394.0
 401.2 408.2
 Farm 75.9 70.7 76.8 73.4 77.7 74.6
 75.6 54.9
 Statistical discrepancy -8.1 -12.0 -15.1 -6.4 -15.0 -5.1
 -14.0 -14.0
 Households and institutions 168.9 188.4 171.7 176.4 180.9 185.6
 191.2 196.0
 Private households 9.2 9.5 9.2 9.3 9.3 9.4
 9.6 9.7
 Nonprofit institutions 159.8 178.9 162.5 167.1 171.6 176.1
 181.6 186.3
 Government 472.7 502.8 475.7 482.5 493.1 499.4
 505.8 512.6
 Federal 151.0 157.8 151.3 152.7 156.7 157.4
 158.1 159.0
 State and local 321.7 345.0 324.4 329.9 336.4 342.1
 347.8 353.6
Rest of the world 29.5 23.9 26.8 31.0 22.4 21.3
 26.8 25.1


Addendum:

Gross domestic business

product less housing 3,476.7

NOTE.--Percent changes from preceding period for selected items in this table

are shown in table 8.1.

Table : 1.8.--Gross National Product by Sector in Constant Dollars
 [Billions of 1982 dollars]
 Seasonally adjusted at annua
l rates
 1987 1988r 1987 1
988
 III IV I II
 III IVr
 Gross national product 3,847.0 3,995.1 3,865.3 3,923.0 3,956.1 3,985.2
 4,009.4 4,029.7
Gross domestic product 3,821.4 3,974.9 3,842.0 3,896.3 3,936.6 3,967.0
 3,987.0 4,008.9
 Business 3,322.5 3,464.6 3,341.2 3,393.6 3,430.5 3,458.9
 3,475.1 3,494.1
 Nonfarm 3,247.1 3,406.8 3,272.2 3,317.2 3,360.9 3,393.1
 3,421.5 3,451.7
 Nonfarm less housing 2,965.7 3,118.7 2,989.5 3,032.8 3,074.8 3,105.7
 3,132.8 3,161.6
 Housing 281.4 288.1 282.7 284.4 286.1 287.4
 288.8 290.1
 Farm 82.5 67.9 82.0 81.8 82.3 70.1
 65.2 53.9
 Statistical discrepancy -7.0 -10.1 -13.0 -5.4 -12.8 -4.3
 -11.6 -11.5
 Households and institutions 129.0 135.6 130.0 130.7 133.3 134.4
 136.8 138.0
 Private households 8.8 9.0 8.8 8.8 8.9 8.9
 9.0 9.1
 Nonprofit institutions 120.2 126.6 121.2 121.9 124.4 125.5
 127.8 128.9
 Government 369.9 374.6 370.8 372.0 372.8 373.7
 375.2 376.8
 Federal 123.5 124.2 123.7 123.9 123.9 123.8
 124.2 124.8
 State and local 246.4 250.5 247.1 248.1 249.0 249.9
 251.0 252.0
Rest of the world 25.6 20.2 23.3 26.7 19.5 18.3
 22.4 20.8


Addendum:

Gross domestic business

product less housing 3,032.1

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

Table : 1.9.--Relation of Gross National Product, Net National Product,
 National Income, and Personal Income
 [Billions of dollars]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)
Gross national product 4,526.7 4,863.1 4,568.0 4,662.8 4,724.5 4,823.8
 4,909.0 4,995.2


Less: Capital consumption

allowances with capital
 consumption adjustment 480.0 506.4 484.6 489.5 498.3 503.2
 507.7 516.2
 Capital consumption
 allowances without
 capital consumption
 adjustment 507.6 524.5 510.8 516.4 520.8 524.1
 526.0 527.0
 Less: Capital
 consumption
 adjustment 27.6 18.1 26.2 26.9 22.5 20.9
 18.2 10.9
Equals: Net national product 4,046.7 4,356.8 4,083.4 4,173.3 4,226.2 4,320.5
 4,401.3 4,479.0


Less: Indirect business tax and

nontax liability 366.3 389.1 370.3 374.2 379.4

385.8 392.3 398.8

Business transfer
 payments 28.1 30.7 28.5 29.0 29.6 30.3
 31.1 31.8
 Statistical discrepancy -8.1 -12.0 -15.1 -6.4 -15.0 -5.1
 -14.0


Plus: Subsidies less current

surplus of government
 enterprises 18.3 16.0 8.3 25.6 18.6 19.2
 8.8 17.4
Equals: National income 3,678.7 3,965.0 3,708.0 3,802.0 3,850.8 3,928.8
 4,000.7


Less: Corporate profits with

inventory valuation and

capital consumption
 adjustments 310.4 323.8 322.0 316.1 316.2 326.5
 330.0
 Net interest 353.6 391.9 358.3 369.5 373.9 380.6
 396.2 416.7


Contributions for social

insurance 399.1 444.7 400.9 408.6 433.3

440.9 448.4 456.1

Wage accruals less

disbursements 0 0 .2 -.2 0 0

0 0

Plus: Government transfer
 payments to persons 520.6 555.3 523.2 527.8 546.7 552.5
 557.6 564.5
 Personal interest income 527.0 576.3 533.0 550.0 554.2 563.7
 581.9 605.5
 Personal dividend income 88.6 96.3 89.9 91.9 93.5 95.0
 97.3 99.4


Business transfer
 payments 28.1 30.7 28.5 29.0 29.6 30.3
 31.1 31.8
Equals: Personal income 3,780.0 4,063.4 3,801.0 3,906.8 3,951.4 4,022.4
 4,094.0 4,185.5


Table : 1.10.--Relation of Gross National Product, Net National Product,
 and National Income in Constant Dollars
 [Billions of 1982 dollars]
Gross national product 3,847.0 3,995.1 3,865.3 3,923.0 3,956.1 3,985.2
 4,009.4 4,029.7


Less: Capital consumption

allowances with capital
 consumption adjustment 460.8 479.6 463.0 468.2 472.9 477.3
 481.9 486.4
Equals: Net national product 3,386.2 3,515.5 3,402.2 3,454.8 3,483.2 3,507.9
 3,527.5 3,543.2


Less: Indirect business tax and

nontax liability plus business

transfer payments less

subsidies plus current surplus
 of government enterprises 319.2 327.3 321.8 321.0 324.4 326.2
 328.1 330.6
 Statistical discrepancy -7.0 -10.1 -13.0 -5.4 -12.8 -4.3
 -11.6
Equals: National income 3,074.0 3,198.2 3,093.4 3,139.3 3,171.5 3,186.0
 3,211.1


Table : 1.11.--Command-Basis Gross National Product in Constant
 Dollars
 [Billions of 1982 dollars]
Gross national product 3,847.0 3,995.1 3,865.3 3,923.0 3,956.1 3,985.2
 4,009.4 4,029.7


Less: Net exports of goods and
 services -128.9 -99.7 -130.7 -126.0 -109.0 -92.6
 -93.9 -103.3
 Exports 427.8 505.2 440.9 459.2 486.2 496.9
 514.0 523.6
 Imports 556.7 604.9 571.6 585.2 595.1 589.5
 607.9 626.8


Equals: Gross domestic

purchases 3,975.9 4,094.8 3,996.0 4,049.0 4,065.1 4,077.9 4,103.4 4,132.9

Plus: Command-basis net
 exports of goods and services -124.3 -92.9 -126.5 -125.6 -111.2 -89.2
 -78.9 -92.2
 Command-basis
 exports1 432.4 512.1 445.1 459.6 483.9 500.3
 529.0 534.6
 Imports 556.7 604.9 571.6 585.2 595.1 589.5
 607.9 626.8


Equals: Command-basis gross

national product 3,851.6 4,002.0 3,869.4 3,923.4 3,953.9 3,988.7 4,024.5 4,040.8

Addendum:

Terms of trade2 101.0 101.4 101.0 100.1 99.5

100.7 103.0 102.1

1. Exports of goods and services deflated by the implicit price deflator for imports of goods and services. 2. Ratio of the implicit price deflator for exports of goods and services to the implicit price deflator 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 in table 8.1.

Table : 1.14.--National Income by Type of Income
 [Billions of dollars]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)
 National income 3,678.7 3,965.0 3,708.0 3,802.0 3,850.8 3,928.8
 4,000.7
Compensation of employees 2,683.4 2,905.2 2,702.8 2,769.9 2,816.4 2,874.0
 2,933.2 2,997.2
 Wages and salaries 2,248.4 2,437.3 2,265.3 2,324.8 2,358.7 2,410.0
 2,462.0 2,518.7


Government and
 government enterprises 420.1 446.1 423.2 429.2 437.1 442.9
 449.1 455.4
 Other 1,828.3 1,991.2 1,842.1 1,895.6 1,921.6 1,967.1
 2,012.9 2,063.3


Supplements to wages and

salaries 435.0 467.8 437.5 445.1 457.7

464.0 471.1 478.5

Employer contributions for
 social insurance 227.1 249.6 228.2 232.7 243.1 247.5
 251.7 256.0
 Other labor income 207.9 218.3 209.3 212.4 214.6 216.5
 219.5 222.5


Proprietors' income with

inventory valuation and

capital consumption
 adjustments 312.9 324.7 306.8 326.0 323.9 328.8
 321.6 324.7
 Farm 43.0 36.3 35.2 47.0 44.7 43.4
 30.9 26.1


Proprietors' income with

inventory valuation

adjustment 50.6 43.5 42.9 54.5 52.2

50.8 37.9 33.0

Capital consumption
 adjustment -7.6 -7.2 -7.7 -7.5 -7.5 -7.3
 -7.0 -6.9
 Nonfarm 270.0 288.5 271.5 279.0 279.2 285.3
 290.7 298.6
 Proprietors' income 233.0 254.2 235.1 243.4 243.7 250.9
 256.8 265.4


Inventory valuation

adjustment -1.0 -1.3 -1.1 -1.7 -1.2

-1.7 -1.5 -.9

Capital consumption

adjustment 38.0 35.6 37.6 37.4 36.6

36.1 35.4 34.2

Rental income of persons with

capital consumption
 adjustment 18.4 19.5 18.1 20.5 20.5 19.1
 19.7 18.6
 Rental income of persons 66.2 68.5 67.1 69.1 69.6 68.0
 68.5 67.8


Capital consumption

adjustment -47.8 -49.0 -49.0 -48.6 -49.1

-49.0 -48.8 -49.2

Corporate profits with

inventory valuation and

capital consumption

adjustments 310.4 323.8 322.0 316.1 316.2

326.5 330.0

Corporate profits with

inventory valuation
 adjustment 258.7 278.2 269.9 263.7 266.8 278.5
 284.6
 Profits before tax 276.7 302.1 289.4 281.9 286.2 305.9
 313.9
 Profits tax liability 133.8 140.9 140.0 136.2 136.9 143.2
 144.8
 Profits after tax 142.9 161.3 149.5 145.7 149.4 162.7
 169.1
 Dividends 95.5 104.5 97.0 99.3 101.3 103.1
 105.7 108.0
 Undistributed profits 47.4 56.8 52.4 46.4 48.1 59.6
 63.4


Inventory valuation

adjustment -18.0 -23.9 -19.5 -18.2 -19.4

-27.4 -29.3 -19.6

Capital consumption
 adjustment 51.7 45.6 52.1 52.4 49.4 48.0
 45.4 39.7
Net interest 353.6 391.9 358.3 369.5 373.9 380.6
 396.2 416.7


Addenda:

Corporate profits after tax

with inventory valuation

and capital consumption

adjustments 176.6 183.0 182.1 179.9 179.3

183.2 185.2

Net cash flow with

inventory valuation and

capital consumption

adjustments 378.6 394.1 384.7 384.2 387.8

393.4 396.4

Undistributed profits with

inventory valuation and

capital consumption

adjustments 81.1 78.4 85.0 80.5 78.1

80.1 79.5

Capital consumption

allowances with capital

consumption

adjustment 297.5 315.7 299.7 303.7 309.8

313.3 316.8 322.9

Less: Inventory valuation
 adjustment -18.0 -23.9 -19.5 -18.2 -19.4 -27.4
 -29.3 -19.6
 Equals: Net cash flow 396.6 418.1 404.2 402.4 407.3 420.8
 425.7


Table : 1.16.--Gross Domestic Product of Corporate Business in Current Dollars and Gross Domestic Product of Nonfinancial Corporate Business in Current and Constant Dollars
 Seasonally adjusted at ann
ual rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)
 Billions of dollars


Gross domestic product

of corporate business 2,717.9 2,926.8 2,752.6 2,793.0 2,845.1 2,901.1 2,954.2

Capital consumption allowances

with capital consumption
 adjustment 297.5 315.7 299.7 303.7 309.8 313.3
 316.8 322.9
Net domestic product 2,420.4 2,611.1 2,452.9 2,489.3 2,535.4 2,587.8
 2,637.4


Indirect business tax and

nontax liability plus

business transfer payments
 less subsidies 257.5 274.7 261.6 262.8 267.7 271.8
 278.0 281.3
 Domestic income 2,162.9 2,336.4 2,191.3 2,226.5 2,267.6 2,316.1
 2,359.4
 Compensation of employees 1,803.7 1,949.7 1,816.0 1,858.4 1,887.7 1,927.9
 1,968.8 2,014.2
 Wages and salaries 1,520.6 1,650.0 1,531.4 1,569.3 1,594.7 1,630.8
 1,667.0 1,707.5


Supplements to wages

and salaries 283.0 299.7 284.6 289.1 293.1

297.1 301.8 306.7

Corporate profits with

inventory valuation and

capital consumption
 adjustments 274.0 286.9 286.7 274.6 286.0 291.1
 289.2
 Profits before tax 240.3 265.3 254.1 240.4 256.0 270.5
 273.1
 Profits tax liability 133.8 140.9 140.0 136.2 136.9 143.2
 144.8
 Profits after tax 106.5 124.4 114.2 104.2 119.2 127.3
 128.3
 Dividends 83.4 88.5 83.4 91.3 75.3 87.1
 99.6 92.1
 Undistributed profits 23.1 35.9 30.8 12.9 43.9 40.2
 28.7


Inventory valuation

adjustment -18.0 -23.9 -19.5 -18.2 -19.4

-27.4 -29.3 -19.6

Capital consumption
 adjustment 51.7 45.6 52.1 52.4 49.4 48.0
 45.4 39.7
 Net interest 85.2 99.8 88.6 93.5 93.9 97.1
 101.4 107.0


Gross domestic product
 of financial corporate
 business 204.4 219.8 205.7 207.4 212.0 217.1
 222.2


Gross domestic product
 of nonfinancial
 corporate business 2,513.5 2,707.1 2,546.9 2,585.6 2,633.2 2,684.0
 2,732.1


Capital consumption allowances

with capital consumption
 adjustment 276.2 292.0 278.0 281.3 286.8 290.0
 293.0 298.4
Net domestic product 2,237.3 2,415.0 2,268.8 2,304.3 2,346.4 2,394.0
 2,439.1


Indirect business tax and

nontax liability plus

business transfer payments
 less subsidies 239.8 255.7 243.6 244.5 249.2 253.0
 258.8 261.8
 Domestic income 1,997.5 2,159.4 2,025.3 2,059.7 2,097.2 2,141.1
 2,180.3
 Compensation of employees 1,661.4 1,797.8 1,673.3 1,714.7 1,739.6 1,777.8
 1,816.4 1,857.4
 Wages and salaries 1,399.7 1,520.4 1,409.9 1,447.0 1,468.4 1,502.8
 1,536.9 1,573.5


Supplement to wages

and salaries 261.8 277.4 263.3 267.8 271.2

275.0 279.5 283.9

Corporate profits with

inventory valuation and

capital consumption
 adjustments 237.5 247.7 250.4 238.4 250.6 252.6
 248.2
 Profits before tax 210.2 234.1 224.6 211.6 228.4 240.5
 240.4
 Profits tax liability 99.0 106.5 105.3 101.7 104.4 109.4
 109.1
 Profits after tax 111.2 127.6 119.3 109.9 124.1 131.1
 131.3
 Dividends 83.8 87.6 83.9 90.8 74.6 86.2
 98.7 91.0
 Undistributed profits 27.4 40.0 35.4 19.1 49.5 44.9
 32.7


Inventory valuation

adjustment -18.0 -23.9 -19.5 -18.2 -19.4

-27.4 -29.3 -19.6

Capital consumption
 adjustment 45.3 37.6 45.3 45.0 41.5 39.5
 37.1 32.1
 Net interest 98.6 113.9 101.6 106.6 107.1 110.7
 115.7 122.0
 Billions of 1982 dollars


Gross domestic product

of nonfinancial

corporate business 2,270.4 2,386.7 2,296.1 2,322.5 2,363.5 2,380.9 2,395.5

Capital consumption allowances

with capital consumption
 adjustment 269.4 279.3 270.6 273.2 275.7 278.1
 280.6 283.0
Net domestic product 2,001.0 2,107.4 2,025.5 2,049.3 2,087.8 2,102.9
 2,114.9


Indirect business tax and

nontax liability plus

business transfer payments
 less subsidies 203.2 208.7 205.4 204.3 206.3 207.8
 209.6 211.1
 Domestic income 1,797.8 1,898.7 1,820.1 1,845.1 1,881.4 1,895.1
 1,905.3


Table : 1.17.--Auto Output
 [Billions of dollars]
 Seasonally adjusted at ann
ual rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)
 Auto output 116.3 127.0 115.3 120.6 113.1 130.3
 132.0 132.7
Final sales 109.4 125.3 126.2 106.6 117.8 129.3
 128.0 126.2


Personal consumption
 expenditures 130.0 138.7 144.4 128.0 133.9 139.8
 139.2 141.8
 New autos 94.1 101.2 109.0 90.9 100.2 100.1
 101.1 103.3
 Net purchases of used autos 35.9 37.5 35.4 37.0 33.7 39.7
 38.1 38.5
 Producers' durable equipment 19.2 23.2 21.7 19.3 22.1 23.7
 23.7 23.3
 New autos 44.4 50.3 47.2 44.9 47.9 50.0
 52.3 51.2
 Net purchases of used autos -25.2 -27.1 -25.6 -25.6 -25.7 -26.4
 -28.6 -27.9


Net exports of goods and
 services -41.3 -38.2 -41.3 -42.3 -40.1 -35.8
 -36.4 -40.5
 Exports 6.6 8.8 6.4 8.1 8.2 8.3
 9.8 9.0
 Imports 47.9 47.0 47.7 50.3 48.3 44.1
 46.2 49.5


Government purchases of

goods and services 1.5 1.7 1.4 1.6 1.9

1.6 1.5 1.6

Change in business inventories
 of new and used autos 6.9 1.7 -10.8 14.0 -4.7 1.1
 4.0 6.4
 New 6.7 .6 -12.4 14.0 -9.1 3.4
 2.7 5.5
 Used .2 1.1 1.6 0 4.4 -2.3
 1.3 .9


Addenda:

Domestic output of new
 autos(1) 94.8 101.7 90.1 98.7 88.7 104.2
 103.0 110.9
 Sales of imported new autos(2) 55.0 59.7 60.2 57.2 60.2 60.6
 60.2 57.8


1. Consists of final sales and change in business inventories of new autos assembled in the United States. 2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.

Table : 1.18.--Auto Output in Constant Dollars
 [Billions of 1982 dollars]
 Seasonally adjusted at an
nual rates
 1987 1988(r) 1987
1988
 III IV I II
 III IV(r)
 Auto output 100.6 107.5 99.2 102.9 96.0 111.2
 111.5 111.4
Final sales 95.1 106.7 109.0 91.4 101.0 110.4
 108.5 107.0


Personal consumption
 expenditures 108.8 113.6 120.2 105.3 110.4 115.5
 113.7 114.8
 New autos 80.0 84.4 92.4 76.5 84.3 83.9
 84.1 85.2
 Net purchases of used autos 28.8 29.2 27.8 28.8 26.0 31.6
 29.6 29.6
 Producers' durable equipment 16.3 19.8 18.6 16.4 19.0 20.1
 20.3 19.7
 New autos 37.7 42.0 40.0 37.8 40.3 41.9
 43.5 42.2
 Net purchases of used autos -21.5 -22.2 -21.4 -21.4 -21.2 -21.8
 -23.3 -22.5


Net exports of goods and
 services -31.4 -28.1 -31.1 -31.8 -30.1 -26.5
 -26.8 -28.9
 Exports 5.4 7.1 5.3 6.6 6.7 6.8
 7.9 7.2
 Imports 36.8 35.2 36.3 38.4 36.8 33.3
 34.7 36.1


Government purchases of

goods and services 1.4 1.5 1.3 1.4 1.7

1.4 1.3 1.4

Change in business inventories
 of new and used autos 5.5 .8 -9.8 11.5 -4.9 .8
 3.0 4.4
 New 5.3 0 -11.2 11.5 -8.5 2.8
 2.0 3.7
 Used .2 .8 1.3 0 3.6 -2.0
 1.1 .7


Addenda:

Domestic output of new
 autos(1) 80.5 84.5 75.8 83.1 74.2 87.3
 85.4 91.3
 Sales of imported new autos(2) 46.8 49.8 51.0 48.1 50.7 50.8
 50.1 47.7


1. Consists of final sales and change in business inventories of new autos assembled in the United States. 2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.

Table : 1.19.--Truck Output
 [Billions of dollars]
 Seasonally adjusted at an
nual rates
 1987 1988(r) 1987
1988
 III IV I II
 III IV(r)
 Truck output(1) 59.6 67.0 58.0 64.6 65.8 65.3
 64.3 72.5
Final sales 58.3 66.6 61.6 60.9 66.2 65.4
 67.3 67.5


Personal consumption
 expenditures 27.7 29.2 29.1 27.3 28.7 28.8
 29.8 29.4
 Producers' durable equipment 33.0 37.3 34.3 34.2 36.4 36.1
 37.4 39.2


Net exports of goods and
 services -7.0 -5.6 -6.6 -5.6 -4.9 -5.3
 -5.6 -6.7
 Exports 3.3 3.8 3.3 4.2 4.1 3.7
 3.8 3.8
 Imports 10.3 9.5 9.9 9.8 9.0 9.0
 9.4 10.5


Government purchases of
 goods and services 4.7 5.8 4.8 5.0 6.0 5.8
 5.7 5.6
Change in business inventories 1.3 .4 -3.6 3.7 -.4 0
 -3.0 5.1


1. Includes new trucks only.

Table : 2.1.--Personal Income and Its Disposition
 [Billions of dollars]
 Seasonally adjusted at an
nual rates
 1987 1988(r) 1987 19
88
 III IV I II
 III IV(r)
Personal income 3,780.0 4,063.4 3,801.0 3,906.8 3,951.4 4,022.4
 4,094.0 4,185.5


Wage and salary

disbursements 2,248.4 2,437.3 2,265.1 2,325.1 2,358.7 2,410.0 2,462.0 2,518.7

Commodity-producing
 industries 649.8 695.6 652.8 665.5 676.0 689.1
 701.3 716.1
 Manufacturing 490.3 522.6 492.6 501.3 509.6 517.4
 525.9 537.7
 Distributive industries 531.7 578.9 536.8 547.3 558.2 572.1
 585.8 599.4
 Service industries 646.8 716.8 652.4 682.8 687.4 705.9
 725.8 747.8


Government and
 government enterprises 420.1 446.1 423.0 429.5 437.1 442.9
 449.1 455.4
 Other labor income 207.9 218.3 209.3 212.4 214.6 216.5
 219.5 222.5


Proprietors' income with

inventory valuation and

capital consumption
 adjustments 312.9 324.7 306.8 326.0 323.9 328.8
 321.6 324.7
 Farm 43.0 36.3 35.2 47.0 44.7 43.4
 30.9 26.1
 Nonfarm 270.0 288.5 271.5 279.0 279.2 285.3
 290.7 298.6


Rental income of persons

with capital consumption
 adjustment 18.4 19.5 18.1 20.5 20.5 19.1
 19.7 18.6
 Personal dividend income 88.6 96.3 89.9 91.9 93.5 95.0
 97.3 99.4
 Personal interest income 527.0 576.3 533.0 550.0 554.2 563.7
 581.9 605.5
 Transfer payments 548.8 586.0 551.7 556.8 576.3 582.8
 588.6 596.3


Old-age, survivors,

disability, and health

insurance benefits 282.9 301.8 284.5 286.5 298.1

300.4 303.1 305.7

Government unemployment
 insurance benefits 14.7 13.3 14.5 13.4 13.9 13.4
 13.4 12.7
 Veterans benefits 16.6 17.0 16.6 16.6 17.0 17.1
 17.1 16.9


Government employees
 retirement benefits 75.7 81.7 76.7 77.1 80.4 82.3
 81.6 82.4
 Other transfer payments 158.9 172.1 159.4 163.3 166.9 169.6
 173.4 178.6


Aid to families with
 dependent children 16.7 17.2 16.8 16.8 16.9 17.1
 17.2 17.4
 Other 142.1 155.0 142.7 146.5 150.0 152.5
 156.2 161.1


Less: Personal contributions

for social insurance 172.0 195.1 172.7 175.9 190.2

193.5 196.7 200.1

Less: Personal tax and nontax

payments 570.3 590.4 576.2 591.0 575.8

601.0 586.5 598.2

Equals: Disposable personal
 income 3,209.7 3,473.0 3,224.9 3,315.8 3,375.6 3,421.5
 3,507.5 3,587.4
Less: Personal outlays 3,105.5 3,327.2 3,152.3 3,171.8 3,225.7 3,293.6
 3,361.8 3,427.6


Personal consumption

expenditures 3,012.1 3,227.2 3,058.2 3,076.3 3,128.1 3,194.6 3,261.2 3,325.1

Interest paid by consumers to

business 92.1 98.9 92.8 94.4 96.4

98.2 99.8 101.3

Personal transfer payments to
 foreigners (net) 1.3 1.0 1.3 1.2 1.2 .8
 .8 1.2
Equals: Personal saving 104.2 145.8 72.6 144.0 149.9 127.8
 145.7 159.8


Addenda:

Disposable personal income:

Total, billions of 1982

dollars 2,686.3 2,789.5 2,683.9 2,728.9 2,762.3 2,762.2 2,800.4 2,833.1

Per capita:
 Current dollars 13,157 14,108 13,204 13,543 13,760 13,919
 14,231 14,517
 1982 dollars 11,012 11,331 10,989 11,145 11,260 11,237
 11,362 11,465


Population (mid-period,

millions) 243.9 246.2 244.2 244.8 245.3

245.8 246.5 247.1

Personal saving as

percentage of disposable

personal income 3.2 4.2 2.3 4.3 4.4

3.7 4.2 4.5

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

Table : 1.20.--Truck Output in Constant Dollars
 [Billions of 1982 dollars]
 Seasonally adjusted at an
nual rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)
 Truck output(1) 50.8 56.2 49.4 54.9 55.8 55.5
 54.1 59.2
Final sales 49.7 55.9 52.5 51.9 56.2 55.5
 56.5 55.3


Personal consumption
 expenditures 23.5 24.5 24.8 23.0 24.2 24.3
 25.1 24.4
 Producers' durable equipment 28.2 31.2 29.2 29.3 31.0 30.8
 31.3 31.8


Net exports of goods and
 services -6.0 -4.7 -5.6 -4.7 -4.1 -4.5
 -4.7 -5.5
 Exports 2.8 3.2 2.8 3.6 3.5 3.1
 3.2 3.1
 Imports 8.8 7.9 8.5 8.3 7.6 7.6
 7.8 8.6


Government purchases of
 goods and services 4.0 4.8 4.1 4.3 5.1 4.9
 4.8 4.6
Change in business inventories 1.1 .3 -3.0 3.0 -.3 0
 -2.3 4.0


1. Includes new trucks only.

Table : Table 2.2.--Personal Consumption Expenditures by Major Type of Product
 [Billions of dollars]
 Seasonally adjusted at an
nual rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)


Personal consumption
 expenditures 3,012.1 3,227.2 3,058.2 3,076.3 3,128.1 3,194.6
 3,261.2 3,325.1
Durable goods 421.9 451.1 441.4 422.0 437.8 449.8
 452.9 464.0
 Motor vehicles and parts 195.8 208.6 212.9 194.0 202.2 208.7
 210.2 213.5


Furniture and household
 equipment 148.3 159.0 150.2 149.4 154.7 159.5
 159.5 162.3
 Other 77.8 83.5 78.3 78.6 81.0 81.5
 83.2 88.3
Nondurable goods 997.9 1,047.4 1,006.6 1,012.4 1,016.2 1,036.6
 1,060.8 1,076.1
 Food 526.4 551.9 528.4 530.9 535.9 546.3
 558.9 566.6
 Clothing and shoes 178.2 186.5 180.4 181.2 180.5 183.2
 188.4 193.7
 Gasoline and oil 77.0 78.8 79.3 79.3 76.3 78.8
 80.5 79.5
 Other nondurable goods 216.3 230.2 218.5 220.9 223.5 228.2
 233.0 236.3
 Fuel oil and coal 16.2 17.2 16.0 16.6 17.0 17.2
 17.4 17.4
 Other 200.1 213.0 202.5 204.2 206.6 211.0
 215.6 218.8
Services 1,592.3 1,728.7 1,610.2 1,641.9 1,674.1 1,708.2
 1,747.5 1,785.0
 Housing 467.7 501.4 471.1 481.8 490.1 496.4
 506.0 513.2
 Household operation 186.3 196.5 189.6 188.2 190.9 193.5
 199.7 201.8
 Electricity and gas 88.8 92.7 90.8 88.8 90.2 90.9
 94.6 95.3
 Other 97.5 103.7 98.8 99.5 100.7 102.7
 105.1 106.5
 Transportation 106.2 116.9 105.8 112.0 111.3 116.4
 118.5 121.4
 Medical care 360.3 404.1 367.3 374.4 384.9 396.6
 410.4 424.5
 Other 471.8 509.8 476.4 485.4 497.0 505.2
 512.9 524.1


Table : Table 2.3.--Personal Consumption Expenditures by Major Type of Product in Constant Dollars
 [Billions of 1982 dollars]
 Seasonally adjusted at an
nual rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)


Personal consumption
 expenditures 2,521.0 2,592.1 2,545.2 2,531.7 2,559.8 2,579.0
 2,603.8 2,626.0
Durable goods 390.9 409.6 406.5 387.6 401.1 410.6
 410.4 416.5
 Motor vehicles and parts 170.4 177.8 184.2 166.7 173.5 179.0
 178.7 179.9


Furniture and household
 equipment 151.0 160.8 152.7 151.9 157.3 161.8
 161.0 162.9
 Other 69.6 71.1 69.7 69.0 70.3 69.8
 70.7 73.7
Nondurable goods 890.5 900.0 891.9 890.5 892.7 893.6
 904.5 909.3
 Food 450.4 453.6 449.4 449.2 451.4 453.2
 453.8 456.2
 Clothing and shoes 160.5 161.1 162.9 160.3 159.6 156.3
 164.2 164.3
 Gasoline and oil 98.3 99.6 97.8 98.4 98.8 99.8
 99.5 100.3
 Other nondurable goods 181.3 185.7 181.7 182.6 183.0 184.2
 187.0 188.5
 Fuel oil and coal 21.1 22.5 20.4 21.4 22.0 21.8
 22.4 23.7
 Other 160.2 163.2 161.4 161.2 161.0 162.4
 164.6 164.8
Services 1,239.5 1,282.5 1,246.8 1,253.6 1,265.9 1,274.8
 1,288.9 1,300.2
 Housing 358.3 366.4 359.3 361.7 363.6 365.6
 367.7 368.5
 Household operation 157.0 163.2 159.2 158.1 160.4 161.1
 165.9 165.6
 Electricity and gas 79.0 82.0 80.5 79.2 80.5 80.6
 83.8 83.0
 Other 78.0 81.3 78.6 79.0 80.0 80.4
 82.1 82.6
 Transportation 89.3 93.6 90.1 90.8 91.7 92.9
 94.2 95.5
 Medical care 268.2 282.1 270.9 274.0 276.9 279.5
 283.4 288.6
 Other 366.6 377.2 367.3 369.0 373.2 375.8
 377.7 382.1


Table : 3.2.--Federal Government Receipts and Expenditures
 [Billions of dollars]
 Seasonally adjusted at
annual rates
 1987 1988(r) 1987
 1988
 III IV I I
I III IV(r)
 Receipts 916.5 973.9 930.1 944.4 951.0 98
3.0 975.5


Personal tax and nontax
 receipts 405.6 413.4 413.3 422.3 404.6 42
5.0 408.3 415.8
 Income taxes 396.8 404.0 403.9 414.1 395.9 41
5.1 398.6 406.4
 Estate and gift taxes 7.4 7.9 7.7 6.7 7.1
8.2 8.3 7.9
 Nontaxes 1.4 1.6 1.7 1.6 1.5
1.7 1.4 1.5
Corporate profits tax accruals 105.8 110.1 110.5 107.7 107.2 11
1.7 113.1
 Federal Reserve banks 17.7 18.6 17.9 17.9 18.4 1
8.3 19.1
 Other 88.1 91.5 92.6 89.8 88.8 9
3.4 94.0


Indirect business tax and
 nontax accruals 54.0 56.7 53.9 55.0 55.9 5
5.9 57.1 57.9
 Excise taxes 31.8 33.1 31.7 32.2 32.4 3
3.0 33.2 33.9
 Customs duties 15.4 16.4 15.2 15.8 16.5 1
5.9 16.3 16.8
 Nontaxes 6.8 7.2 6.9 7.0 7.0
7.0 7.5 7.2


Contributions for social
 insurance 351.0 393.7 352.4 359.4 383.4 39
0.3 397.0 404.0
 Expenditures 1,074.2 1,117.2 1,068.4 1,104.9 1,106.1 1,11
6.3 1,099.0 1,147.6
Purchases of goods and services 382.0 380.5 386.3 391.4 377.7 38
2.2 367.7 394.4
 National defense 295.3 298.0 299.8 299.2 298.4 29
8.8 294.3 300.6
 Nondefense 86.7 82.5 86.4 92.2 79.3 8
3.4 73.4 93.8
Transfer payments 414.2 440.1 414.2 422.5 434.4 43
7.6 440.7 447.6
 To persons 402.0 427.2 403.5 406.1 422.9 42
6.5 428.3 430.9
 To foreigners 12.2 12.9 10.7 16.4 11.5 1
1.0 12.5 16.6


Grants-in-aid to State and local
 governments 102.7 111.5 101.9 101.4 111.1 11
0.4 111.5 113.0
Net interest paid 143.0 154.0 143.8 149.5 149.9 15
2.1 154.9 159.3
 Interest paid 162.5 174.4 163.0 168.4 172.5 17
1.8 174.3 179.1
 To persons and business 138.4 146.7 139.1 143.8 146.0 14
5.0 146.5 149.5
 To foreigners 24.1 27.7 23.9 24.6 26.6 2
6.8 27.8 29.6


Less: Interest received by

government 19.4 20.4 19.3 18.9 22.6 19.8 19.4 19.8

Subsidies less current surplus of
 government enterprises 32.4 31.1 22.6 39.7 33.0 3
4.0 24.1 33.3
 Subsidies 30.8 28.6 20.8 37.6 29.6 3
2.5 16.8 35.4


Less: Current surplus of

government enterprises -1.6 -2.5 -1.8 -2.1 -3.3

-1.5 -7.3 2.1

Less: Wage accruals less

disbursements 0 0 .2 -.2 0

0 0 0

Surplus or deficit (-),

national income and
 product accounts -157.8 -143.3 -138.3 -160.4 -155.1 -13
3.3 -123.5
Social insurance funds 27.5 53.2 27.8 34.9 44.8 4
9.8 56.0 62.1
Other -185.3 -196.5 -166.1 -195.3 -199.8 -18
3.1 -179.5


Table : Table 3.3.--State and Local Government Receipts and Expenditures
 [Billions of dollars]
 Seasonally adjusted at
annual rates
 1987 1988(r) 1987
 1988
 III IV I I
I III IV(r)
 Receipts 655.7 702.6 659.1 666.9 685.5 69
8.4 708.0


Personal tax and nontax
 receipts 164.7 176.9 162.9 168.6 171.3 17
6.0 178.2 182.4
 Income taxes 86.1 92.8 83.5 88.1 89.3 9
2.6 93.3 95.9
 Nontaxes 64.8 69.4 65.4 66.5 67.6 6
8.7 69.9 71.2
 Other 13.8 14.8 13.9 14.1 14.3 1
4.7 15.0 15.3
Corporate profits tax accruals 27.9 30.8 29.4 28.5 29.7 3
1.5 31.7


Indirect business tax and
 nontax accruals 312.3 332.4 316.5 319.2 323.5 32
9.8 335.3 340.9
 Sales taxes 148.7 158.9 151.5 152.5 154.3 15
7.9 160.2 163.3
 Property taxes 121.9 129.6 122.8 124.7 126.6 12
8.5 130.6 132.9
 Other 41.6 43.8 42.1 42.0 42.6 4
3.4 44.5 44.7


Contributions for social
 insurance 48.1 51.0 48.4 49.2 49.9 5
0.6 51.4 52.1
Federal grants-in-aid 102.7 111.5 101.9 101.4 111.1 11
0.4 111.5 113.0
 Expenditures 602.8 647.7 606.2 617.2 629.7 64
2.1 652.0 666.9
Purchases of goods and services 542.8 583.6 546.0 555.9 567.5 57
9.4 587.6 600.1
 Compensation of employees 321.7 345.0 324.4 329.9 336.4 34
2.1 347.8 353.6
 Other 221.1 238.7 221.6 226.0 231.1 23
7.3 239.8 246.5
Transfer payments to persons 118.7 128.2 119.7 121.7 123.8 12
6.0 129.3 133.6
Net interest paid -37.7 -40.8 -38.0 -38.8 -39.5 -4
0.3 -41.2 -42.1
 Interest paid 53.3 59.0 54.0 55.4 56.8 5
8.3 59.7 61.2


Less: Interest received by

government 91.0 99.8 92.1 94.2 96.3

98.6 101.0 103.3

Less: Dividends received by

government 6.9 8.2 7.2 7.5 7.8

8.1 8.4 8.7

Subsidies less current surplus of
 government enterprises -14.0 -15.1 -14.3 -14.1 -14.4 -1
4.7 -15.3 -16.0
 Subsidies 1.0 1.0 1.0 1.0 1.0
1.1 1.0 1.0


Less: Current surplus of

government enterprises 15.0 16.1 15.3 15.1 15.5

15.8 16.3 17.0

Less: Wage accruals less

disbursements 0 0 0 0 0

0 0 0

Surplus or deficit (-),
 national income and
 product accounts 52.9 54.9 52.9 49.7 55.8 5
6.2 56.0
Social insurance funds 62.1 68.5 63.0 64.6 66.1 6
7.7 69.3 70.9
Other -9.2 -13.5 -10.1 -14.8 -10.3 -1
1.5 -13.3


Table : 3.7B.--Government Purchases of Goods and Services by Type
 [Billions of dollars]
 Seasonally adjusted at
annual rates
 1987 1988(r) 1987
 1988
 III IV I II
 III IV(r)


Government purchases of
 goods and services 924.7 964.1 932.2 947.3 945.2 96
1.6 955.3 994.5
Federal 382.0 380.5 386.3 391.4 377.7 38
2.2 367.7 394.4
 National defense 295.3 298.0 299.8 299.2 298.4 29
8.8 294.3 300.6
 Durable goods 89.8 83.8 93.1 88.4 83.8 8
4.2 81.7 85.7
 Nondurable goods 10.5 10.9 10.9 11.3 10.8 1
1.4 10.7 10.7
 Services 187.8 196.2 188.1 191.9 197.3 19
5.8 194.8 196.9


Compensation of
 employees 108.9 112.9 109.0 110.0 112.7 11
2.6 112.9 113.5
 Military 73.2 75.8 73.1 73.9 75.5 7
5.7 75.9 76.2
 Civilian 35.7 37.1 35.9 36.2 37.2 3
7.0 37.0 37.3
 Other services 78.9 83.2 79.1 81.9 84.6 8
3.1 81.8 83.4
 Structures 7.2 7.1 7.8 7.6 6.6
7.5 7.2 7.3
 Nondefense 86.7 82.5 86.4 92.2 79.3 8
3.4 73.4 93.8
 Durable goods 4.1 4.6 4.2 4.5 4.6
4.8 4.2 4.7
 Nondurable goods 3.2 -7.9 1.9 4.9 -9.1 -
8.2 -16.4 1.9


Commodity Credit
 Corporation inventory
 change -3.3 -15.4 -4.8 -1.4 -17.5 -1
6.8 -22.6 -4.8
 Other nondurables 6.5 7.5 6.7 6.3 8.4
8.6 6.1 6.7
 Services 70.9 78.0 71.5 74.5 76.4 7
8.8 77.0 79.8


Compensation of
 employees 42.1 44.8 42.3 42.7 44.0 4
4.7 45.1 45.5
 Other services 28.8 33.2 29.1 31.8 32.3 3
4.1 31.9 34.3
 Structures 8.5 7.8 8.9 8.3 7.5
7.9 8.6 7.4
State and local 542.8 583.6 546.0 555.9 567.5 57
9.4 587.6 600.1
 Durable goods 26.9 29.6 27.3 27.8 28.4 2
9.2 30.0 30.7
 Nondurable goods 44.1 47.3 44.9 45.0 45.3 4
7.0 48.1 48.8
 Services 409.6 440.6 413.1 420.0 428.7 43
6.7 444.6 452.5
 Compensation of employees 321.7 345.0 324.4 329.9 336.4 34
2.1 347.8 353.6
 Other services 87.9 95.7 88.7 90.2 92.2 9
4.6 96.8 98.9
 Structures 62.2 66.2 60.7 63.1 65.2 6
6.4 65.0 68.1


Table : 3.8B.--Government Purchases of Goods and Services by Type in

Table : Constant Dollars
 [Billions of 1982 dollars]
 Seasonally adjusted at
annual rates
 1987 1988(r) 1987
 1988
 III IV I I
I III IV(r)


Government purchases of
 goods and services 780.2 781.4 782.9 792.6 776.4 78
3.8 773.5 791.8
Federal 339.0 328.1 342.1 347.7 327.8 33
1.6 320.1 332.8
 National defense 264.9 261.4 269.5 268.2 264.6 26
3.6 256.4 261.1
 Durable goods 87.9 83.8 92.1 88.4 84.9 8
5.1 81.2 83.9
 Nondurable goods 14.7 14.2 14.6 15.6 14.6 1
4.8 13.2 14.2
 Services 156.4 157.8 156.4 158.0 159.9 15
7.8 156.4 157.3


Compensation of
 employees 89.3 89.1 89.3 89.5 89.3 8
8.8 89.0 89.3
 Military 60.2 60.1 60.2 60.3 60.1 5
9.9 60.0 60.2
 Civilian 29.0 29.0 29.1 29.2 29.2 2
8.9 28.9 29.1
 Other services 67.2 68.7 67.1 68.6 70.5 6
9.0 67.4 68.0
 Structures 5.9 5.6 6.3 6.1 5.2
5.9 5.6 5.6
 Nondefense 74.1 66.6 72.6 79.5 63.2 6
7.9 63.7 71.7
 Durable goods 4.8 5.5 4.9 5.4 5.6
5.8 5.2 5.5
 Nondurable goods 2.5 -8.8 .3 4.9 -11.1 -
8.6 -11.0 -4.4


Commodity Credit
 Corporation inventory
 change -3.9 -15.7 -6.3 -1.1 -19.3 -1
6.8 -16.5 -10.3
 Other nondurables 6.4 7.0 6.6 6.1 8.2
8.3 5.5 5.9
 Services 59.2 63.1 59.5 61.8 62.2 6
3.9 62.1 64.2


Compensation of
 employees 34.2 35.1 34.4 34.4 34.5 3
5.0 35.2 35.5
 Other services 25.0 28.1 25.2 27.4 27.7 2
8.9 26.9 28.7
 Structures 7.5 6.7 7.8 7.3 6.5
6.8 7.3 6.3
State and local 441.2 453.3 440.8 444.9 448.7 45
2.2 453.4 459.1
 Durable goods 24.4 26.2 24.7 25.1 25.5 2
6.0 26.4 26.9
 Nondurable goods 46.4 48.7 46.6 46.9 47.5 4
8.3 49.1 49.9
 Services 316.0 323.3 316.8 318.5 320.3 32
2.2 324.3 326.4
 Compensation of employees 246.4 250.5 247.1 248.1 249.0 24
9.9 251.0 252.0
 Other services 69.6 72.8 69.7 70.4 71.3 7
2.3 73.3 74.4
 Structures 54.3 55.1 52.8 54.4 55.4 5
5.7 53.6 55.9


Table : 3.9.--National Defense Purchases of Goods and Services
 [Billions of dollars]
 Seasonally adjusted at
annual rates
 1987 1988(r) 1987
 1988
 III IV I I
I III IV(r)


National defense
 purchases 295.3 298.0 299.8 299.2 298.4 29
8.8 294.3 300.6
Durable goods 89.8 83.8 93.1 88.4 83.8 8
4.2 81.7 85.7
 Military equipment 77.3 72.9 79.9 75.9 72.3 7
3.3 70.9 75.1
 Aircraft 33.4 29.1 35.4 33.7 29.8 2
9.8 27.4 29.4
 Missiles 13.0 12.7 12.5 13.3 11.7 1
2.8 11.7 14.5
 Ships 8.5 8.5 8.4 8.2 8.4
7.9 8.0 9.5
 Vehicles 4.8 4.1 4.4 4.6 4.5
4.2 4.2 3.7
 Electronic equipment 5.8 6.0 5.9 5.6 5.9
6.0 5.7 6.3
 Other 11.8 12.5 13.4 10.5 12.0 1
2.6 13.8 11.6
 Other durable goods 12.5 11.0 13.2 12.4 11.5 1
1.0 10.8 10.6
Nondurable goods 10.5 10.9 10.9 11.3 10.8 1
1.4 10.7 10.7
 Petroleum products 4.2 4.4 4.3 5.3 4.3
4.4 4.3 4.6
 Ammunition 3.8 3.9 4.1 3.6 3.8
4.5 3.7 3.6
 Other nondurable goods 2.5 2.5 2.5 2.4 2.6
2.4 2.7 2.4
Services 187.8 196.2 188.1 191.9 197.3 19
5.8 194.8 196.9
 Compensation of employees 108.9 112.9 109.0 110.0 112.7 11
2.6 112.9 113.5
 Military 73.2 75.8 73.1 73.9 75.5 7
5.7 75.9 76.2
 Civilian 35.7 37.1 35.9 36.2 37.2 3
7.0 37.0 37.3
 Other services 78.9 83.2 79.1 81.9 84.6 8
3.1 81.8 83.4


Contractual research and
 development 28.5 30.5 27.6 28.4 30.6 3
0.2 30.1 31.0
 Installation support1 22.3 23.9 22.8 23.4 24.7 2
3.9 23.6 23.3
 Weapons support2 9.0 9.2 9.2 9.3 9.3
9.2 9.2 9.1
 Personnel support3 11.3 11.6 12.1 11.9 11.7 1
1.6 11.7 11.4
 Transportation of materiel 4.0 4.1 4.2 4.5 4.3
4.2 3.9 4.0
 Travel of persons 3.8 3.9 3.8 3.9 3.7
3.9 3.9 3.9
 Other 0 .1 -.6 .7 .3
 .1 -.5 .7
Structures 7.2 7.1 7.8 7.6 6.6
7.5 7.2 7.3
 Military facilities 4.9 4.7 5.2 5.3 4.2
5.0 4.9 4.7
 Other 2.4 2.4 2.5 2.3 2.4
2.4 2.3 2.6


1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors to operate installations. 2. Includes depot maintenance and contractual services for weapons systems, other than research and development. 3. Includes compensation of foreign personnel, consulting, training, and education.

Table : 3.10.--National Defense Purchases of Goods and Services in

Table : Constant Dollars
 [Billions of 1982 dollars]
 1987 1988(r) 1987
 1988
 III IV I I
I III IV(r)


National defense
 purchases 264.9 261.4 269.5 268.2 264.6 26
3.6 256.4 261.1
Durable goods 87.9 83.8 92.1 88.4 84.9 8
5.1 81.2 83.9
 Military equipment 72.5 69.3 75.9 72.6 69.5 7
0.3 67.2 70.2
 Aircraft 30.7 28.0 33.4 31.9 29.0 2
8.6 26.5 28.0
 Missiles 12.8 12.7 12.5 13.7 12.2 1
3.3 11.5 13.9
 Ships 7.3 7.2 7.2 7.1 7.2
6.8 6.7 8.0
 Vehicles 5.1 4.4 4.8 4.9 4.7
4.5 4.4 4.0
 Electronic equipment 5.5 5.7 5.6 5.3 5.5
5.7 5.5 5.9
 Other 11.0 11.3 12.4 9.7 10.9 1
1.4 12.5 10.4
 Other durable goods 15.4 14.5 16.2 15.9 15.4 1
4.9 14.0 13.7
Nondurable goods 14.7 14.2 14.6 15.6 14.6 1
4.8 13.2 14.2
 Petroleum products 8.4 7.8 8.1 9.5 8.3
7.8 6.9 8.2
 Ammunition 4.0 4.2 4.3 3.9 4.1
4.9 4.0 3.9
 Other nondurable goods 2.3 2.2 2.3 2.2 2.3
2.2 2.3 2.1
Services 156.4 157.8 156.4 158.0 159.9 15
7.8 156.4 157.3
 Compensation of employees 89.3 89.1 89.3 89.5 89.3 8
8.8 89.0 89.3
 Military 60.2 60.1 60.2 60.3 60.1 5
9.9 60.0 60.2
 Civilian 29.0 29.0 29.1 29.2 29.2 2
8.9 28.9 29.1
 Other services 67.2 68.7 67.1 68.6 70.5 6
9.0 67.4 68.0


Contractual research and
 development 24.7 25.5 23.8 24.2 25.9 2
5.4 25.0 25.5
 Installation support1 17.9 18.7 18.1 18.4 19.5 1
8.8 18.4 18.2
 Weapons support2 7.9 7.8 8.1 8.0 8.0
7.9 7.8 7.7
 Personnel support3 8.8 8.7 9.5 9.0 8.9
8.7 8.7 8.3
 Transportation of materiel 4.2 4.2 4.4 4.6 4.4
4.3 4.0 4.0
 Travel of persons 3.7 3.8 3.7 3.8 3.6
3.8 3.8 3.8
 Other 0 .1 -.5 .5 .2
 .1 -.4 .6
Structures 5.9 5.6 6.3 6.1 5.2
5.9 5.6 5.6
 Military facilities 3.9 3.7 4.2 4.2 3.3
4.0 3.8 3.6
 Other 2.0 1.9 2.1 1.9 1.9
1.9 1.8 2.0


1. Includes utilities, communications, rental payments, maintenance and repair, and payments to 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 : 4.1.--Foreign Transactions in the National Income and Product

Table : Accounts
 [Billions of dollars]
 Seasonally adjusted at
annual rates
 1987 1988(r) 1987
 1988
 III IV I I
I III IV(r)
 Receipts from foreigners 428.0 520.2 440.4 459.7 487.8 50
7.1 536.1 549.7
Exports of goods and services 428.0 520.2 440.4 459.7 487.8 50
7.1 536.1 549.7
 Merchandise 254.8 322.1 264.8 276.7 300.8 31
6.9 331.0 339.8
 Durable goods 158.3 201.6 163.5 175.0 188.2 19
8.4 204.8 214.9
 Nondurable goods 96.4 120.5 101.3 101.7 112.5 11
8.5 126.1 124.9
 Services 173.3 198.1 175.6 183.0 187.0 19
0.2 205.1 209.9
 Factor income1 96.1 111.8 97.3 105.1 104.7 10
4.2 116.1 122.0
 Other 77.2 86.3 78.3 77.9 82.3 8
6.1 89.0 87.9


Capital grants received by the
 United States (net) 0 0 0 0 0
0 0 0
 Payments to foreigners 428.0 520.2 440.4 459.7 487.8 50
7.1 536.1 549.7
Imports of goods and services 551.1 614.5 565.6 585.4 599.9 59
7.5 616.0 644.5
 Merchandise 413.0 449.3 421.7 438.0 441.7 43
9.4 448.6 467.5
 Durable goods 264.5 294.9 265.2 281.8 287.5 28
6.6 293.4 312.2
 Nondurable goods 148.5 154.4 156.5 156.2 154.2 15
2.7 155.2 155.3
 Services 138.1 165.2 143.9 147.4 158.2 15
8.2 167.5 176.9
 Factor income1 66.6 87.9 70.5 74.1 82.3 8
2.9 89.3 96.9
 Other 71.5 77.3 73.4 73.3 75.8 7
5.3 78.1 80.0
Transfer payments (net) 13.5 13.9 12.0 17.6 12.7 1
1.8 13.3 17.8
 From persons (net) 1.3 1.0 1.3 1.2 1.2
 .8 .8 1.2
 From government (net) 12.2 12.9 10.7 16.4 11.5 1
1.0 12.5 16.6


Interest paid by government to
 foreigners 24.1 27.7 23.9 24.6 26.6 2
6.8 27.8 29.6
Net foreign investment -160.6 -135.9 -161.1 -167.8 -151.3 -12
9.1 -121.1 -142.2


1. Line 7 less line 16 equals rest-of-the-world product as shown in table 1.7.

Table : 4.2.--Exports and Imports of Goods and Services in Constant

Table : Dollars
 [Billions of 1982 dollars]
 Seasonally adjusted at
annual rates
 1987 1988(r) 1987
 1988
 III IV I I
I III IV(r)
Exports of goods and services 427.8 505.2 440.9 459.2 486.2 49
6.9 514.0 523.6
 Merchandise 280.1 341.9 291.6 304.6 329.0 33
9.1 345.9 353.6
 Durable goods 177.3 226.7 184.0 198.8 215.4 22
3.1 229.4 238.8
 Nondurable goods 102.8 115.2 107.7 105.8 113.6 11
6.0 116.5 114.8
 Services 147.7 163.3 149.2 154.6 157.1 15
7.8 168.1 170.0
 Factor income1 80.3 90.2 81.0 87.0 86.3 8
4.5 93.0 96.5
 Other 67.4 73.2 68.2 67.6 70.9 7
3.3 75.1 73.4
Imports of goods and services 556.7 604.9 571.6 585.2 595.1 58
9.5 607.9 626.8
 Merchandise 439.0 469.3 449.5 461.0 463.1 45
9.1 470.9 484.0
 Durable goods 260.2 283.0 262.2 276.9 279.1 27
6.3 283.5 293.1
 Nondurable goods 178.8 186.3 187.3 184.1 184.1 18
2.8 187.4 190.9
 Services 117.7 135.6 122.2 124.2 132.0 13
0.4 137.0 142.8
 Factor income1 54.7 69.9 57.7 60.3 66.8 6
6.3 70.6 75.8
 Other 63.0 65.7 64.4 63.9 65.2 6
4.2 66.4 67.0


1. Line 6 less line 13 equals rest-of-the-world product as shown in table 1.8.

Table : 4.3. - Merchandise Exports and Imports by Type of Product and
 by End-Use Category
 [Billions of dollars]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IVr
 Merchandise exports 254.8 322.1 264.8 276.7 300.8 316.9
 331.0 339.8
Foods, feeds, and beverages 24.6 33.3 28.1 25.4 30.1 32.8
 36.2 34.3


Industrial supplies and
 materials 66.5 83.2 68.2 71.0 77.8 82.1
 86.0 86.9
 Durable goods 20.9 27.9 21.5 22.8 24.6 28.0
 28.4 30.5
 Nondurable goods 45.6 55.3 46.7 48.1 53.3 54.1
 57.6 56.4
Capital goods, except autos 88.1 111.8 93.3 96.5 105.4 109.2
 114.1 118.4
Autos 26.3 32.7 25.4 30.5 31.7 32.2
 32.2 34.5
Consumer goods 18.0 23.8 18.6 19.3 21.2 22.8
 24.9 26.3
 Durable goods 7.4 10.6 7.7 8.1 9.3 10.1
 11.4 11.8
 Nondurable goods 10.5 13.2 10.9 11.1 11.9 12.8
 13.5 14.5
Other 31.3 37.3 31.2 34.1 34.6 37.8
 37.5 39.4
 Durable goods1 15.7 18.7 15.6 17.0 17.3 18.9
 18.8 19.7
 Nondurable goods1 15.7 18.7 15.6 17.0 17.3 18.9
 18.8 19.7
 Merchandise imports 413.0 449.3 421.7 438.0 441.7 439.4
 448.6 467.5
Foods, feeds, and beverages 24.7 24.9 24.8 25.1 26.0 23.8
 25.0 25.0


Industrial supplies and

materials, excluding
 petroleum 66.6 77.2 66.2 72.3 76.7 75.3
 77.4 79.3
 Durable goods 35.6 41.7 35.1 38.6 41.8 40.1
 41.2 43.9
 Nondurable goods 31.0 35.5 31.0 33.7 35.0 35.2
 36.2 35.5
Petroleum and products 42.9 39.3 51.0 45.2 39.8 41.1
 39.4 37.0
Capital goods, except autos 84.8 101.3 87.0 93.2 96.4 100.7
 101.9 106.2
Autos 85.2 88.0 84.1 88.7 87.4 84.5
 86.4 93.5
Consumer goods 88.7 96.4 88.1 92.0 94.2 92.8
 96.1 102.5
 Durable goods 49.0 52.8 48.8 50.6 51.5 50.7
 52.6 56.5
 Nondurable goods 39.7 43.6 39.4 41.4 42.8 42.1
 43.4 45.9
Other 20.2 22.2 20.5 21.4 21.1 21.1
 22.4 24.1
 Durable goods1 10.1 11.1 10.2 10.7 10.5 10.6
 11.2 12.0
 Nondurable goods1 10.1 11.1 10.2 10.7 10.5 10.6
 11.2 12.0


Addenda: Exports of agricultural

products2 29.5 38.8 33.1 30.5 36.1 38.5

41.6 39.1

Exports of nonagricultural

products 225.3 283.3 231.7 246.2 264.7 278.4

289.4 300.7

Imports of nonpetroleum

products 370.1 410.0 370.6 392.8 401.9 398.3

409.2 430.6

1. Because no data are available to distribute exports and imports of "other" merchandise between 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 : 4.4. - Merchandise Exports and Imports by Type of Product and
 by End-Use Category in Constant Dollars
 [Billions of 1982 dollars]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IVr
 Merchandise exports 280.1 341.9 291.6 304.6 329.0 339.1
 345.9 353.6
Foods, feeds, and beverages 29.9 33.4 34.3 30.5 34.1 34.9
 33.2 31.4


Industrial supplies and
 materials 69.7 79.9 70.4 72.0 76.9 79.4
 81.3 82.0
 Durable goods 21.9 26.7 22.2 23.2 24.3 27.1
 26.8 28.8
 Nondurable goods 47.8 53.1 48.2 48.9 52.6 52.3
 54.4 53.2
Capital goods, except autos 109.5 144.3 116.4 124.5 138.0 140.6
 147.1 151.6
Autos 23.2 28.5 22.4 26.8 27.9 28.3
 28.0 29.8
Consumer goods 16.7 21.3 17.3 17.6 19.1 20.5
 22.2 23.2
 Durable goods 7.3 9.9 7.5 7.8 8.8 9.4
 10.4 10.8
 Nondurable goods 9.5 11.4 9.8 9.8 10.3 11.1
 11.8 12.4
Other 31.0 34.5 30.8 33.2 33.0 35.4
 34.1 35.6
 Durable goods1 15.5 17.3 15.4 16.6 16.5 17.7
 17.0 17.8
 Nondurable goods1 15.5 17.3 15.4 16.6 16.5 17.7
 17.0 17.8
 Merchandise imports 439.0 469.3 449.5 461.0 463.1 459.1
 470.9 484.0
Foods, feeds, and beverages 23.9 22.7 23.8 23.7 23.8 21.7
 22.7 22.4


Industrial supplies and

materials, excluding
 petroleum 74.2 74.4 71.8 77.0 77.1 72.8
 73.7 73.8
 Durable goods 39.8 40.2 38.2 41.1 42.0 38.8
 39.3 40.8
 Nondurable goods 34.5 34.1 33.6 35.9 35.1 34.0
 34.4 33.0
Petroleum and products 77.9 86.2 88.0 81.4 82.2 85.4
 87.1 90.1
Capital goods, except autos 99.4 122.2 104.0 112.2 116.4 121.5
 125.0 126.0
Autos 68.1 67.0 67.2 69.9 67.7 64.8
 65.9 69.7
Consumer goods 77.1 78.1 76.2 77.8 77.6 75.0
 77.7 82.2
 Durable goods 43.8 44.1 43.5 44.1 43.8 42.2
 44.0 46.7
 Nondurable goods 33.4 34.0 32.7 33.7 33.8 32.8
 33.8 35.5
Other 18.3 18.6 18.5 18.9 18.1 17.8
 18.8 19.8
 Durable goods1 9.2 9.3 9.2 9.5 9.1 8.9
 9.4 9.9
 Nondurable goods1 9.2 9.3 9.2 9.5 9.1 8.9
 9.4 9.9


Addenda:

Exports of agricultural

products2 34.9 38.3 39.7 35.2 39.3 39.8

37.9 36.0

Exports of nonagricultural

products 245.2 303.6 252.0 269.4 289.7 299.3

308.0 317.6

Imports of nonpetroleum

products 361.1 383.1 361.5 379.6 380.9 373.7

383.8 393.9

1. Because no data are available to distribute exports and imports of "other" merchandise between 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]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IVr
 Gross saving 560.4 642.2 556.8 603.4 627.0 634.1
 665.4
Gross private saving 665.3 730.6 642.2 714.1 726.3 711.2
 732.9
 Personal saving 104.2 145.8 72.6 144.0 149.9 127.8
 145.7 159.8


Undistributed corporate

profits with inventory

valuation and capital
 consumption adjustments 81.1 78.4 85.0 80.5 78.1 80.1
 79.5
 Undistributed profits 47.4 56.8 52.4 46.4 48.1 59.6
 63.4


Inventory valuation

adjustment -18.0 -23.9 -19.5 -18.2 -19.4 -27.4

-29.3 -19.6

Capital consumption

adjustment 51.7 45.6 52.1 52.4 49.4 48.0

45.4 39.7

Corporate capital

consumption allowances

with capital consumption

adjustment 297.5 315.7 299.7 303.7 309.8 313.3

316.8 322.9

Noncorporate capital

consumption allowances

with capital consumption

adjustment 182.5 190.7 184.9 185.8 188.5 189.9

190.9 193.3

Wage accrual less

disbursements 0 0 0 0 0 0

0 0

Government surplus or deficit

(-), national income and
 product accounts -104.9 -88.4 -85.5 -110.7 -99.2 -77.1
 -67.5
 Federal -157.8 -143.3 -138.3 -160.4 -155.1 -133.3
-123.5
 State and local 52.9 54.9 52.9 49.7 55.8 56.2
 56.0


Capital grants received by the
 United States (net) 0 0 0 0 0 0
 0 0
 Gross investment 552.3 630.1 541.7 597.0 612.0 629.0
 651.4 628.2


Gross private domestic
 investment 712.9 766.1 702.8 764.9 763.4 758.1
 772.5 770.4
Net foreign investment -160.6 -135.9 -161.1 -167.8 -151.3 -129.1
-121.1 -142.2
 Statistical discrepancy -8.1 -12.0 -15.1 -6.4 -15.0 -5.1
 -14.0


Table : 5.8. - Change in Business Inventories by Industry
 [Billions of dollars]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IVr


Change in business
 inventories 39.2 48.6 14.5 72.0 65.3 43.7
 49.7 35.6
Farm -1.5 6.2 -3.3 -.8 15.9 10.6
 7.8 -9.6
Nonfarm 40.7 42.4 17.8 72.8 49.4 33.1
 41.9 45.2
 Change in book value 64.5 78.0 43.2 96.9 78.1 74.7
 83.8 75.5


Inventory valuation
 adjustment1 -23.8 -35.6 -25.4 -24.1 -28.7 -41.6
 -41.9 -30.3
 Manufacturing 6.1 10.3 11.1 14.8 15.4 6.3
 6.9 12.8
 Durable goods 4.6 9.6 7.6 11.7 9.6 6.7
 8.5 13.5
 Nondurable goods 1.5 .8 3.5 3.2 5.8 -.4
 -1.6 -.7
 Wholesale trade 7.4 10.1 -3.4 22.0 24.6 -.4
 11.1 5.3
 Durable goods 5.3 8.5 -5.3 15.4 21.2 -7.9
 16.8 3.8
 Nondurable goods 2.1 1.7 1.9 6.6 3.4 7.5
 -5.7 1.5
 Merchant wholesalers 7.2 8.6 -3.7 20.1 22.6 .3
 8.2 3.2
 Durable goods 4.8 6.9 -5.7 13.6 19.3 -7.8
 14.7 1.4
 Nondurable goods 2.3 1.7 2.0 6.5 3.3 8.1
 -6.5 1.8
 Nonmerchant wholesalers .2 1.6 .4 1.8 2.0 -.7
 2.8 2.1
 Durable goods .5 1.6 .5 1.8 1.9 -.1
 2.1 2.4
 Nondurable goods -.3 0 -.1 .1 .2 -.6
 .8 -.3
 Retail trade 21.3 11.4 2.9 28.2 1.2 15.6
 13.3 15.6
 Durable goods 14.6 8.5 -2.7 21.9 -7.0 14.5
 14.4 12.2
 Automotive 10.6 5.2 -3.5 15.1 -11.6 12.7
 10.1 9.7
 Other 4.0 3.3 .8 6.8 4.6 1.8
 4.4 2.6
 Nondurable goods 6.7 2.9 5.6 6.2 8.2 1.1
 -1.1 3.3
 Other 5.9 10.5 7.1 7.8 8.2 11.6
 10.7 11.5
 Durable goods 2.0 4.5 3.2 1.4 2.9 4.5
 5.4 5.2
 Nondurable goods 3.9 6.0 3.9 6.4 5.3 7.0
 5.3 6.3


1. The inventory valuation adjustment (IVA) shown in this table differs from the IVA that adjusts 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 Bureau statistics. This mix differs from that underlying business income derived primarily from Internal Revenue Service statistics.

Table : Table 5.9. - Change in Business Inventories by Industry in Constant
 Dollars
 [Billions of 1982 dollars]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1
988
 III IV I II
 III IVr


Change in business
 inventories 34.4 42.5 13.0 67.1 66.0 35.3
 39.5 29.3
Farm -2.5 2.5 -5.3 -1.1 14.1 5.3
 -.8 -8.3
Nonfarm 36.9 40.0 18.3 68.2 51.9 30.1
 40.4 37.7
 Manufacturing 5.2 9.2 10.8 14.4 15.8 5.8
 5.7 9.6
 Durable goods 4.1 8.7 7.0 10.6 8.7 6.2
 8.0 12.0
 Nondurable goods 1.1 .5 3.9 3.8 7.1 -.4
 -2.3 -2.5
 Wholesale trade 5.8 9.7 -3.5 19.4 24.9 -1.2
 11.2 3.7
 Durable goods 4.9 7.6 -4.8 14.1 18.2 -6.8
 15.1 3.8
 Nondurable goods .9 2.1 1.3 5.3 6.7 5.7
 -3.9 0
 Merchant wholesalers 5.8 8.2 -3.6 18.1 22.7 0
 8.1 2.1
 Durable goods 4.4 6.1 -5.3 12.5 16.4 -6.8
 13.1 1.5
 Nondurable goods 1.4 2.1 1.6 5.6 6.3 6.7
 -5.1 .7
 Nonmerchant wholesalers 0 1.5 .2 1.3 2.2 -1.1
 3.2 1.6
 Durable goods .5 1.5 .5 1.7 1.8 -.1
 2.0 2.3
 Nondurable goods -.5 0 -.3 -.4 .4 -1.1
 1.2 -.7
 Retail trade 19.2 10.1 2.9 25.1 1.5 13.7
 11.7 13.4
 Durable goods 13.1 7.5 -2.2 19.5 -5.9 12.7
 12.7 10.5
 Automotive 9.3 4.5 -3.0 13.2 -10.1 11.0
 8.7 8.3
 Other 3.7 3.0 .8 6.3 4.2 1.7
 4.0 2.2
 Nondurable goods 6.1 2.6 5.1 5.6 7.4 1.0
 -1.0 2.9
 Other 6.7 11.1 8.0 9.3 9.7 11.8
 11.8 10.9
 Durable goods 1.9 3.9 2.9 1.3 2.5 3.9
 4.7 4.4
 Nondurable goods 4.9 7.2 5.0 8.0 7.2 7.9
 7.1 6.5


Table : 5.10. - Inventories and Final Sales of Business by Industry
 [Billions of dollars]
 Seasonally adjusted quarterly totals
 1987 1988
 III IV I I III IVr
 Inventories(1) 914.1 941.5 965.2 992.3 1,015.8 1,035.7
Farm 68.2 68.8 72.6 78.7 81.8 80.7
Nonfarm 845.9 872.8 892.6 913.6 934.0 954.9
 Durable goods 494.0 513.3 523.5 533.3 549.0 563.8
 Nondurable goods 351.9 359.5 369.1 380.2 385.0 391.1
 Manufacturing 337.8 346.2 353.4 360.4 366.0 372.9
 Durable goods 225.2 231.9 236.1 240.6 244.8 250.9
 Nondurable goods 112.6 114.3 117.3 119.7 121.3 122.1
 Wholesale trade 194.0 201.0 209.3 213.6 219.5 222.6
 Durable goods 125.4 130.6 137.0 136.4 141.9 144.5
 Nondurable goods 68.7 70.5 72.3 77.2 77.6 78.1
 Merchant wholesalers 168.7 175.2 182.7 186.7 191.8 194.2
 Durable goods 110.5 115.0 120.8 120.1 124.8 126.7
 Nondurable goods 68.7 70.5 72.3 77.2 77.6 78.1
 Nonmerchant wholesalers 25.3 25.8 26.7 26.9 27.7 28.5
 Durable goods 14.9 15.6 16.2 16.4 17.0 17.8
 Nondurable goods 10.4 10.2 10.5 10.5 10.7 10.6
 Retail trade 205.5 213.7 215.2 221.5 226.7 232.6
 Durable goods 103.4 109.4 108.0 112.3 116.6 120.7
 Automotive 52.8 56.7 53.8 57.2 60.0 63.0
 Other 50.6 52.7 54.2 55.1 56.6 57.7
 Nondurable goods 102.1 104.3 107.2 109.1 110.1 111.9
 Other 108.5 111.7 114.7 118.1 121.8 126.7
 Final sales(2) 323.3 325.1 330.2 339.5 344.6 352.2


Final sales of goods and

structures2 186.6 185.6 187.8 194.0 196.5 201.0

Ratio of inventories to final sales

Inventories to final sales 2.83 2.90 2.92 2.92 2.95 2.94

Nonfarm inventories to final sales 2.62 2.68 2.70

2.69 2.71 2.71

Nonfarm inventories to final sales of goods and structures

4.53 4.70 4.75 4.71 4.75 4.75

1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories calculated from current-dollar inventories in this table is not the current-dollar change in business inventories (CBI) component of GNP. The former is the difference between two inventory stocks, each valued at their respective end-of-quarter prices. The latter is the change in 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 product of households and institutions, government, and rest of the world, and includes a small amount of final sales by farms.

Table : 5.11. - Inventories and Final Sales of Business by Industry in Constant Dollars
 [Billions of 1982 dollars]
 Seasonally adjusted quarterly totals
 1987 1988
 III IV I II III IVr
 Inventories(1) 866.4 883.2 899.7 908.5 918.4 925.7
Farm 70.5 70.2 73.7 75.0 74.8 72.7
Nonfarm 796.0 813.0 826.0 833.5 843.6 853.0
 Durable goods 449.9 461.3 467.1 471.1 481.2 488.9
 Nondurable goods 346.1 351.7 358.8 362.4 362.4 364.1
 Manufacturing 318.7 322.3 326.3 327.7 329.1 331.5
 Durable goods 207.5 210.2 212.4 213.9 215.9 218.9
 Nondurable goods 111.2 112.2 113.9 113.8 113.2 112.6
 Wholesale trade 182.4 187.2 193.4 193.1 195.9 196.9
 Durable goods 113.9 117.4 122.0 120.3 124.0 125.0
 Nondurable goods 68.5 69.8 71.4 72.9 71.9 71.9
 Merchant wholesalers 156.7 161.2 166.9 166.9 168.9 169.4
 Durable goods 100.3 103.5 107.6 105.9 109.2 109.5
 Nondurable goods 56.4 57.8 59.3 61.0 59.8 59.9
 Nonmerchant wholesalers 25.6 26.0 26.5 26.2 27.0 27.4
 Durable goods 13.6 14.0 14.4 14.4 14.9 15.5
 Nondurable goods 12.1 12.0 12.1 11.8 12.1 11.9
 Retail trade 185.1 191.3 191.7 195.1 198.1 201.4
 Durable goods 92.4 97.2 95.8 98.9 102.1 104.7
 Automotive 45.9 49.2 46.7 49.5 51.6 53.7
 Other 46.4 48.0 49.0 49.5 50.5 51.0
 Nondurable goods 92.7 94.1 95.9 96.2 95.9 96.7
 Other 109.8 112.1 114.6 117.5 120.5 123.2
 Final sales(2) 277.3 277.2 280.4 285.3 286.3 288.7


Final sales of goods

and structures(2) 170.5 169.5 171.4 175.3 175.6 177.1

Ratio of inventories to final sales

Inventories to final sales 3.12 3.19 3.21 3.18 3.21 3.21

Nonfarm inventories to final sales 2.87 2.93

2.95 2.92 2.95 2.95

Nonfarm inventories to final sales of goods and structures

4.67 4.80 4.82 4.75 4.80 4.82

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

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

Table : 5.12.--Fixed Investment by Type
 [Billions of dollars]
 Seasonally adjusted at annual rat
es
 1987 1988(r) 1987 1988
 III IV I II III IV(
r)
Fixed investment 673.7 717.5 688.3 692.9 698.1 714.4 722.8 734.
8
 Nonresidential 446.8 487.8 462.1 464.1 471.5 487.8 493.7 498.
0
 Structures 139.5 142.9 143.0 147.7 140.1 142.3 143.8 145.
3


Nonresidential buildings,
 excluding farm 92.6 94.3 95.0 96.6 93.3 95.7 93.5 94.
9
 Public utilities 28.4 30.2 28.9 30.8 27.7 28.8 32.1 32.
3


Mining exploration,
 shafts, and wells 13.9 14.5 14.6 15.8 15.1 14.3 14.6 14.
0
 Other 4.5 3.8 4.6 4.6 4.0 3.5 3.6 4.
1


Producers' durable

equipment 307.3 344.8 319.1 316.3 331.3 345.5 349.9 352.6

Information processing
 and related equipment 101.2 110.6 105.7 102.8 107.0 111.5 112.9 111.
1
 Industrial equipment 70.6 82.7 71.4 74.2 77.2 81.3 83.8 88.
4


Transportation and
 related equipment 67.8 77.5 72.1 68.5 74.2 78.7 79.0 78.
1
 Other 67.6 74.0 69.9 70.9 73.0 74.0 74.1 75.
1
 Residential 226.9 229.8 226.2 228.8 226.6 226.5 229.1 236.
8
 Single-family structures 114.5 117.1 115.0 117.3 116.5 116.2 115.4 120.
4
 Multifamily structures 25.5 21.2 23.9 24.1 22.1 20.7 21.2 20.
9
 Other 87.0 91.4 87.3 87.4 87.9 89.6 92.6 95.
6


Table : Table 5.13.--Fixed Investment by Type in Constant Dollars
 [Billions of 1982 dollars]
 Seasonally adjusted at annual rat
es
 1987 1988(r) 1987 1988
 III IV I II III IV(
r)
Fixed investment 640.4 678.8 654.9 657.6 662.9 679.7 686.6 685.
8
 Nonresidential 445.1 486.9 462.8 464.8 473.4 490.2 495.0 489.
2
 Structures 125.5 125.1 128.0 132.1 124.0 125.0 125.8 125.
7


Nonresidential buildings,
 excluding farm 77.1 76.5 78.3 79.4 76.1 78.0 75.7 76.
2
 Public utilities 25.7 26.5 26.0 27.6 24.6 25.4 28.1 28.
0


Mining exploration,
 shafts, and wells 18.8 18.9 19.7 21.1 19.8 18.7 19.0 18.
1
 Other 3.9 3.2 4.0 4.0 3.4 2.9 3.0 3.
3


Producers' durable

equipment 319.6 361.8 334.7 332.7 349.4 365.1 369.2 363.6

Information processing
 and related equipment 139.4 162.4 148.0 147.0 155.9 165.0 167.4 161.
3
 Industrial equipment 61.4 68.9 62.1 63.4 65.2 68.0 69.9 72.
4


Transportation and
 related equipment 59.1 66.7 62.9 59.8 64.9 68.3 68.0 65.
7
 Other 59.7 63.8 61.8 62.5 63.4 63.8 63.9 64.
2
 Residential 195.2 191.8 192.1 192.7 189.5 189.6 191.6 196.
6
 Single-family structures 97.5 96.7 96.5 97.3 96.2 96.3 95.5 98.
8
 Multifamily structures 21.7 17.5 20.1 20.0 18.2 17.2 17.5 17.
1
 Other 76.0 77.6 75.5 75.4 75.2 76.1 78.6 80.
7


Table : Table 6.3B.--National Income Without Capital Consumption
 Adjustment by Industry
 [Billions of dollars]
 Seasonally adjusted at annua
l rates
 1987 1988(r) 1987 1988
 III IV I II
 III IV(r)


National income without
 capital consumption
 adjustment 3,644.4 3,940.0 3,675.0 3,768.3 3,821.4 3,901.1
3,975.6
Domestic industries 3,614.9 3,916.1 3,648.2 3,737.3 3,799.1 3,879.8
3,948.9
 Private industries 3,085.7 3,352.7 3,115.5 3,196.8 3,246.7 3,320.2
3,381.8


Agriculture, forestry, and
 fisheries 88.2 82.8 80.5 92.6 90.9 90.2
 77.3
 Mining 31.0 35.9 32.7 35.2 35.3 36.1
 36.5
 Construction 196.7 211.7 197.0 200.1 203.4 210.0
 214.0
 Manufacturing 727.4 784.1 740.9 747.6 766.4 780.0
 788.0
 Durable goods 419.4 446.6 424.7 420.6 432.7 445.9
 450.4
 Nondurable goods 308.0 337.5 316.3 327.0 333.7 334.1
 337.7


Transportation and public
 utilities 276.8 298.7 278.8 285.8 286.4 296.8
 304.0
 Transportation 120.7 130.8 120.6 124.4 124.8 129.4
 133.0
 Communication 76.3 80.1 78.2 78.4 77.3 80.1
 82.3


Electric, gas, and sanitary
 services 79.9 87.7 79.9 83.1 84.2 87.3
 88.8
 Wholesale trade 213.6 230.1 216.2 219.8 225.0 224.8
 231.0
 Retail trade 316.2 339.8 319.8 324.6 331.4 336.5
 342.6


Finance, insurance, and
 real estate 524.0 578.5 529.8 545.9 553.6 567.2
 585.1
 Services 711.6 791.0 719.8 745.1 754.4 778.7
 803.2


Government and government
 enterprises 529.2 563.4 532.7 540.5 552.3 559.6
 567.1
Rest of the world 29.5 23.9 26.8 31.0 22.4 21.3
 26.8 25.1


Table : Table 6.18B.--Corporate Profits by Industry
 [Billions of dollars]
 Seasonally adjusted at annual
rates
 1987 1988(r) 1987 1988
 III IV I II III
 IV(r)


Corporate profits with inventory
 valuation and capital
 consumption adjustments 310.4 323.8 322.0 316.1 316.2 326.5 330.0
Domestic industries 274.0 286.9 286.7 274.6 286.0 291.1 289.2
 Financial 36.5 39.2 36.3 36.2 35.4 38.5 41.0
 Nonfinancial 237.5 247.7 250.4 238.4 250.6 252.6 248.2
Rest of the world 36.4 36.9 35.3 41.4 30.2 35.4 40.8


Corporate profits with inventory
 valuation adjustment 258.7 278.2 269.9 263.7 266.8 278.5 284.6
Domestic industries 222.3 241.3 234.6 222.2 236.6 243.1 243.8
 Financial 30.1 31.2 29.5 28.8 27.6 30.0 32.7
 Federal Reserve banks 16.0 18.1 16.2 16.2 17.5 17.4 18.2
 Other 14.1 13.1 13.4 12.6 10.1 12.6 14.5
 Nonfinancial 192.1 210.1 205.1 193.4 209.0 213.1 211.1
 Manufacturing 96.8 111.6 107.0 101.7 110.6 114.5 111.4
 Durable goods 36.5 37.7 40.9 29.4 33.9 41.5 39.0
 Primary metal industries 1.4 4.6 1.9 2.6 3.2 5.1 5.2
 Fabricated metal products 5.7 6.5 7.2 6.7 8.0 7.5 5.4
 Machinery, except electrical 3.2 4.8 4.6 1.7 3.3 5.5 5.9
 Electric and electronic
 equipment 3.2 3.5 5.5 -.8 1.2 4.1 4.4
 Motor vehicles and equipment 7.3 5.2 5.6 4.5 4.2 4.6 5.8
 Other 15.7 13.2 16.2 14.6 14.0 14.7 12.4
 Nondurable goods 60.3 73.9 66.1 72.4 76.8 73.0 72.3
 Food and kindred products 12.8 16.6 14.0 14.9 15.9 17.5 15.9
 Chemical and allied products 13.5 18.7 14.4 15.3 19.1 18.6 18.4
 Petroluem and coal products 12.2 16.4 14.7 18.8 17.4 14.8 16.8
 Other 21.9 22.3 22.9 23.4 24.5 22.1 21.2


Transportation and public
 utilities 34.9 37.3 34.0 36.1 34.5 38.2 39.3
 Wholesale and retail trade 42.8 38.6 44.1 43.0 43.9 37.0 36.6
 Other 17.6 22.7 20.0 12.6 20.0 23.4 23.8
Rest of the world 36.4 36.9 35.3 41.4 30.2 35.4 40.8


Table : Table 7.1.--Fixed-Weighted Price Indexes for Gross National Product,
 1982 Weights
 [Index numbers, 1982=100]
 Seasonally adjusted
 1987 1988(r) 1987 1988
 III IV I II III
 IV(r)
 Gross national product 119.1 124.1 119.7 120.8 121.8 123.3 124.9
 126.2
Persoal consumption expenditures 120.4 125.6 121.1 122.5 123.2 124.9 126.5
 127.9
 Durable goods 109.7 112.5 110.2 111.0 111.4 111.9 112.8
 113.9
 Nondurable goods 112.6 117.2 113.4 114.3 114.6 116.7 118.2
 119.4
 Services 129.0 135.2 129.6 131.5 132.6 134.4 136.0
 137.8


Gross private domestic investment
 Fixed investment 108.8 111.6 109.3 109.9 110.8 111.3 111.6
 112.7
 Nonresidential 106.8 109.3 107.0 107.5 108.3 109.0 109.4
 110.6
 Structures 105.1 108.3 105.8 106.4 107.5 107.8 108.5
 109.4
 Producers' durable equipment 107.9 110.0 107.7 108.1 108.9 109.8 110.0
 111.3
 Residential 115.9 119.5 117.4 118.3 119.2 119.3 119.4
 120.2


Change in business inventories Net exports of goods and services
 Exports 106.0 111.6 106.4 107.0 108.7 110.5 113.0
 113.9
 Imports 100.8 105.2 101.9 103.0 103.9 105.3 105.4
 106.2


Government purchases of goods and
 services 119.6 124.9 120.1 121.2 122.9 124.3 125.7
 126.6
 Federal 113.5 117.7 113.7 114.4 116.3 117.2 118.5
 118.9
 National defense 114.0 117.6 114.2 114.8 116.6 117.4 118.0
 118.3
 Nondefense 112.1 118.2 112.5 113.6 115.7 116.9 119.7
 120.2
State and local 124.1 130.2 124.9 126.1 127.8 129.5 131.0
 132.3


Addenda:
 Final sales 119.0 123.9 119.5 120.6 121.7 123.2 124.8
 126.1
 Personal consumption expenditures, 117.2 122.2 117.8 118.6 119.2 121.0 123.7
 124.9


Personal consumption expenditures,

energy 91.7 92.4 93.4 92.9 91.1 92.3 93.2 92.9

Other personal consumption

expenditures 124.9 130.7 125.5 127.2 128.3 130.0 131.3 133.1

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

Table : Table 7.2.--Fixed-Weighted Priced Indexes for Gross National Product by
 Major Type of Product, 1982 Weights
 [Index numbers, 1982=100]
 Seasonally adjusted
 1987 1988(r) 1987 1988
 III IV I II III IV(
r)
 Gross national product 119.1 124.1 119.7 120.8 121.8 123.3 124.9 126.
2
 Final sales 119.0 123.9 119.5 120.6 121.7 123.2 124.8 126.
1


Change in business inventories
Goods 111.0 115.1 111.4 112.1 112.6 114.3 116.2 117.
2
 Final sales 110.8 114.9 111.2 111.9 112.5 114.1 116.0 117.
1


Change in business inventories
 Durable goods 107.1 108.1 107.2 107.0 107.2 107.6 108.4 109.
0
 Final sales 107.0 108.2 107.2 107.1 107.3 107.7 108.5 109.
2


Change in business inventories
 Nondurable goods 113.7 119.8 114.3 115.5 116.3 118.7 121.4 122.
8
 Final sales 113.5 119.6 114.1 115.3 116.1 118.5 121.2 122.
5


Change in business inventories
Services 127.6 133.6 128.2 129.8 131.2 132.8 134.3 135.
9
Structures 110.7 114.4 111.7 112.4 113.5 113.9 114.6 115.
5


Table : Table 7.3.--Fixed-Weighted Price Indexes for Relation of Gross National
 Product, Gross Domestic Purchases, and Final Sales to Domestic
 Purchasers, 1982 Weights
 [Index numbers, 1982=100]
 Seasonally adjusted
 1987 1988(r) 1987 1988
 III IV I II III I
V(r)
Gross national product 119.1 124.1 119.7 120.8 121.8 123.3 124.9 12
6.2


Less: Exports of goods and services 106.0 111.6 106.4 107.0 108.7 110.5 113.0 113.9 Plus: Imports of goods and services 100.8 105.2 101.9 103.0 103.9 105.3 105.4 106.2 Equals: Gross domestic purchase(1) 118.7 123.5 119.3 120.5 121.4 122.9 124.2 125.5 Less: Change in business inventories Equals: Final sales to domestic

purchasers(2) 118.5 123.4 119.2 120.3 121.3 122.8 124.1 125.4

1.Purchases in the United States of goods and services wherever produced.

2.Final sales in the United States of goods and services whenever produced.

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

Table : 7.4.--Implicit Price Deflators for Gross National Product
 [Index numbers, 1982=100]
 Seasonally adjus
ted
 1987 1988r 1987
 1988
 III IV I
II III IVr
 Gross national product 117.7 121.7 118.2 118.9 119.4 1
21.0 122.4 124.0
Personal consumption expenditures 119.5 124.5 120.2 121.5 122.2 1
23.9 125.2 126.6
 Durable goods 107.9 110.1 108.6 108.9 109.1 1
09.6 110.4 111.4
 Nondurable goods 112.1 116.4 112.9 113.7 113.8 1
16.0 117.3 118.3
 Services 128.5 134.8 129.1 131.0 132.2 1
34.0 135.6 137.3


Gross private domestic investment
 Fixed investment 105.2 105.7 105.1 105.4 105.3 1
05.1 105.3 107.1
 Nonresidential 100.4 100.2 99.9 99.8 99.6
99.5 99.7 101.8
 Structures 111.1 114.2 111.7 111.8 113.0 1
13.8 114.3 115.6
 Producers' durable equipment 96.2 95.3 95.3 95.1 94.8
94.6 94.8 97.0
 Residential 116.2 119.8 117.7 118.7 119.5 1
19.5 119.6 120.5


Change in business inventories Net exports of goods and services
 Exports 100.0 103.0 99.9 100.1 100.3 1
02.1 104.3 105.0
 Imports 99.0 101.6 98.9 100.0 100.8 1
01.4 101.3 102.8


Government purchases of goods and
 services 118.5 123.4 119.1 119.5 121.7 1
22.7 123.5 125.6
 Federal 112.7 116.0 112.9 112.6 115.2 1
15.3 114.9 118.5
 National defense 111.5 114.0 111.3 111.6 112.8 1
13.4 114.8 115.1
 Nondefense 117.0 123.8 119.0 116.0 125.5 1
22.7 115.2 130.9
 State and local 123.0 128.7 123.9 124.9 126.5 1
28.1 129.6 130.7


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

Table : 7.5.--Implicit Price Deflators for Gross National Product by Major Type of Product
 [Index numbers, 1982=100]
 Gross national product 117.7 121.7 118.2 118.9 119.4 1
21.0 122.4 124.0
 Final sales 117.7 121.8 118.2 119.1 119.8 1
21.0 122.4 124.0


Change in business inventories
Goods 107.8 110.0 108.1 107.9 107.5 1
09.4 110.8 112.4
 Final sales 99.9 98.8 99.8 98.8 98.0
98.3 99.0 99.8


Change in business inventories
 Durable goods 100.2 99.2 99.8 99.5 98.4
98.6 99.6 100.3
 Final sales 99.9 98.8 99.8 98.8 98.0
98.3 99.0 99.8


Change in business inventories
 Nondurable goods 114.3 120.4 115.5 115.5 115.8 1
19.7 122.0 124.3
 Final sales 114.3 120.5 115.5 115.9 117.0 1
19.4 121.4 124.0


Change in business inventories
Services 127.5 133.5 128.1 129.7 131.2 1
32.8 134.3 135.8
Structures 114.6 118.3 115.6 116.2 117.4 1
17.9 118.4 119.5


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

Table : 7.6.--Implicit Price Deflators for Gross National Product by Sector
 [Index numbers, 1982=100]
 Gross national product 117.7 121.7 118.2 118.9 119.4 1
21.0 122.4 124.0
Gross domestic product 117.7 121.7 118.2 118.9 119.4 1
21.1 122.5 124.0
 Business 116.0 119.7 116.5 117.1 117.4 1
19.0 120.4 122.0
 Nonfarm 116.7 120.0 117.1 117.7 118.0 1
19.3 120.5 122.3
 Nonfarm less housing 115.2 118.4 115.7 116.2 116.3 1
17.7 118.8 120.6
 Housing 131.9 138.2 132.5 134.7 136.1 1
37.1 138.9 140.7
 Farm 92.0 104.1 93.6 89.8 94.4 1
06.4 115.8 101.8
 Statistical discrepancy 116.0 119.7 116.5 117.1 117.4 1
19.0 120.4 122.0
 Households and institutions 131.0 138.9 132.1 134.9 135.7 1
38.1 139.8 142.0
 Private households 104.8 105.8 104.9 105.0 105.0 1
05.8 106.1 106.4
 Nonprofit institutions 132.9 141.3 134.0 137.1 137.9 1
40.4 142.2 144.6
 Government 127.8 134.2 128.3 129.7 132.3 1
33.6 134.8 136.0
 Federal 122.3 127.1 122.3 123.2 126.5 1
27.2 127.3 127.4
 State and local 130.5 137.7 131.3 133.0 135.1 1
36.9 138.6 140.3
Rest of the world 119.5 124.0 120.1 120.8 121.4 1
23.2 124.8 126.4


Addendum:

Gross domestic business product less

housing 114.7

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

Table : 7.7.--Implicit Price Deflators for the Relation of Gross National Product, Net National Product, and National Income
 [Index numbers, 1982=100]
 Seasonally adjus
ted
 1987 1988r 1987
 1988
 III IV I
II III IVr
 Gross national product 117.7 121.7 118.2 118.9 119.4 1
21.0 122.4 124.0


Less: Capital consumption

allowances with capital
 consumption adjustment 104.2 105.6 104.7 104.6 105.4 1
05.4 105.4 106.1
Equals: Net national product 119.5 123.9 120.0 120.8 121.3 1
23.2 124.8 126.4


Less: Indirect business tax and nontax

liability plus business transfer

payments less subsidies plus current

surplus of government enterprises
 enterprises 117.8 123.4 121.3 117.6 120.3 1
21.6 126.4 125.0
 Statistical discrepancy 116.0 119.7 116.5 117.1 117.4 1
19.0 120.4
Equals: National income 119.7 124.0 119.9 121.1 121.4 1
23.3 124.6


Table : 7.8.--Implicit Price Deflators for Command-Basis Gross National
 Product
 [Index numbers, 1982=100]
Gross national product 117.7 121.7 118.2 118.9 119.4 1
21.0 122.4 124.0


Less: Net exports of goods and services
 Exports 100.0 103.0 99.9 100.1 100.3 1
02.1 104.3 105.0
 Imports 99.0 101.6 98.9 100.0 100.8 1
01.4 101.3 102.8
Equals: Gross domestic purchases 116.9 121.1 117.4 118.3 119.0 1
20.5 121.6 123.2


Plus: Command-basis net exports of

goods and services
 Command-basis expor 99.0 101.6 98.9 100.0 100.8 1
01.4 101.3 102.8
 Imports 99.0 101.6 98.9 100.0 100.8 1
01.4 101.3 102.8


Equals: Command-basis gross national

product 117.5 121.5 118.1 118.8 119.5

120.9 122.0 123.6

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

Table : 7.9.--Fixed-Weighted Price Indexes for Personal Consumption
 Expenditures by Major Type of Product, 1982 Weights
 [Index numbers, 1982=100]


Personal consumption
 expenditures 120.4 125.6 121.1 122.5 123.2 124.9
 126.5 127.9
Durable goods 109.7 112.5 110.2 111.0 111.4 111.9
 112.8 113.9
 Motor vehicles and parts 115.3 117.7 115.9 117.0 117.0 116.8
 117.9 119.0
 Furniture and household equipment 102.1 103.8 102.5 102.4 102.9 103.5
 104.3 104.7
 Other 112.7 118.5 113.2 115.0 116.2 117.8
 118.8 121.1
Nondurable goods 112.6 117.2 113.4 114.3 114.6 116.7
 118.2 119.4
 Food 117.2 122.2 117.8 118.6 119.2 121.0
 123.7 124.9
 Clothing and shoes 111.0 115.8 110.7 113.0 113.1 117.2
 114.8 117.9
 Gasoline and oil 78.4 79.1 81.1 80.6 77.2 79.0
 80.9 79.2
 Other nondurable goods 121.4 127.2 122.4 123.5 124.9 126.7
 127.9 129.3
 Fuel oil and coal 76.6 76.8 78.5 77.7 77.1 78.9
 77.5 73.5
 Other 127.6 134.1 128.4 129.8 131.5 133.2
 134.8 136.9
Services 129.0 135.2 129.6 131.5 132.6 134.4
 136.0 137.8
 Housing 130.0 136.3 130.6 132.7 134.2 135.2
 137.0 138.7
 Household operation 118.3 119.8 118.8 118.6 118.5 119.6
 119.8 121.4
 Electricity and gas 111.8 112.6 112.2 111.7 111.6 112.2
 112.2 114.6
 Other 125.0 127.2 125.5 125.7 125.7 127.2
 127.6 128.4
 Transportation 120.3 126.3 118.7 125.1 122.5 126.7
 126.9 128.7
 Medical care 135.6 144.8 136.8 138.0 140.4 143.4
 146.3 148.9
 Other 130.2 136.6 131.3 133.1 134.6 135.9
 137.2 138.7


Table : 7.14.--Fixed-Weighted Price Indexes for Exports and Imports of
 Goods and Services, 1982 Weights
 [Index numbers, 1982=100]
Exports of goods and services 106.0 111.6 106.4 107.0 108.7 110.5
 113.0 113.9
 Merchandise 97.8 104.5 98.4 99.2 101.3 103.3
 106.7 107.1
 Durable goods 101.7 105.0 102.0 102.2 103.5 104.5
 105.7 106.2
 Nondurable goods 92.7 104.0 93.4 94.9 98.3 101.5
 108.1 108.4
 Services 117.7 121.7 118.0 118.6 119.4 121.0
 122.3 123.7
 Factor income 120.3 124.8 120.8 121.6 122.2 124.0
 125.5 127.1
 Other 113.1 116.1 113.1 113.1 114.4 115.7
 116.7 117.6
Imports of goods and services 100.8 105.2 101.9 103.0 103.9 105.3
 105.4 106.2
 Merchandise 94.7 98.9 96. 97.1 97.9 99.4
 99.2 99.8
 Durable goods 109.7 117.8 110.1 112.4 115.4 117.4
 117.9 120.2
 Nondurable goods 79.5 79.9 81.7 81.5 80.1 81.0
 80.1 78.8
 Services 118.4 123.3 119.1 120.2 121.4 122.7
 123.5 125.2
 Factor income 119.6 124.0 120.1 120.8 121.4 123.2
 124.7 126.4
 Other 117.5 122.6 118.3 119.7 121.4 122.3
 122.5 124.3


Table : 7.15.--Fixed-Weighted Price Indexes for Merchandise Exports and Imports by Type of Product and by End-Use Category, 1982 Weights
 [Index numbers, 1982=100]
 Seasonally
 adjusted
 1987 1988r 1987 1
988
 III IV I II
 III IVr
 Merchandise exports 97.8 104.5 98.4 99.2 101.3 103.3
 106.7 107.1
Foods, feeds, and beverages 82.1 99.8 82.0 83.3 88.2 94.0
 109.0 109.0
Industrial supplies and materials 95.4 104.1 96.8 98.5 101.2 103.4
 105.8 106.0
 Durable goods 95.5 104.2 96.8 98.5 101.2 103.4
 105.8 106.0
 Nondurable goods 95.4 104.1 96.8 98.5 101.2 103.4
 105.8 106.0
Capital goods, except autos 100.5 102.4 100.6 100.1 101.2 102.0
 102.5 103.1
Autos 113.1 114.8 113.3 114.1 113.8 113.9
 115.3 115.9
Consumer goods 107.4 112.2 107.6 109.2 111.0 111.6
 112.4 113.5
 Durable goods 102.2 107.8 102.1 104.0 105.4 107.0
 109.1 109.3
 Nondurable goods 111.5 115.7 111.9 113.2 115.5 115.3
 115.0 116.9
Other 100.9 108.1 101.2 102.7 104.7 106.7
 110.1 110.7
 Durable goods 100.9 108.1 101.2 102.7 104.7 106.7
 110.1 110.7
 Nondurable goods 100.9 108.1 101.2 102.7 104.7 106.7
 110.1 110.7
 Merchandise imports 94.7 98.9 96.0 97.1 97.9 99.4
 99.2 99.8
Foods, feeds, and beverages 103.6 110.1 104.3 106.2 109.1 109.6
 110.3 111.5


Industrial supplies and materials,
 excluding petroleum 90.1 104.0 92.7 94.3 99.9 103.7
 105.2 107.5
 Durable goods 90.3 104.1 92.9 94.5 100.1 103.8
 105.2 107.5
 Nondurable goods 90.0 103.9 92.5 94.1 99.8 103.6
 105.1 107.5
Petroleum and products 55.1 45.6 58.0 55.5 48.4 48.1
 45.2 41.0
Capital goods, except autos 109.2 115.3 108.6 111.8 113.8 115.0
 115.2 117.7
Autos 125.1 131.2 125.2 126.9 129.0 130.4
 131.2 134.2
Consumer goods 114.8 123.2 115.5 118.1 121.2 123.5
 123.4 124.6
 Durable goods 111.8 119.7 112.1 114.6 117.6 120.2
 119.7 121.2
 Nondurable goods 119.1 128.2 120.2 123.0 126.4 128.2
 128.7 129.3
Other 110.1 119.1 110.9 113.2 116.4 118.7
 119.3 121.7
 Durable goods 110.1 119.1 111.0 113.1 116.4 118.7
 119.3 121.7
 Nondurable goods 110.1 119.1 110.9 113.2 116.4 118.7
 119.3 121.7


Table : 7.16.--Fixed-Weighted Price Indexes for Government Purchases
 of Goods and Services by Type, 1982 Weights
 [Index numbers, 1982=100]
 Seasonally adjusted
 1987 1988r 1987 1
988
 III IV I II
 III IVr


Government purchases of goods
 and services 119.6 124.9 120.1 121.2 122.9 124.3
 125.7 126.6
Federal 113.5 117.7 113.7 114.4 116.3 117.2
 118.5 118.9
 National defense 114.0 117.6 114.2 114.8 116.6 117.4
 118.0 118.3
 Durable goods 109.0 109.6 108.8 107.6 108.6 109.2
 109.9 110.5
 Nondurable goods 68.7 72.8 70.1 71.3 70.1 72.3
 76.4 72.5
 Services 120.6 125.1 120.7 121.9 124.3 125.0
 125.3 125.9
 Compensation of employees 122.0 126.8 122.0 123.0 126.2 126.9
 127.0 127.1
 Military 121.6 126.3 121.5 122.5 125.6 126.4
 126.5 126.6
 Civilian 122.9 127.9 123.1 123.9 127.4 128.0
 128.0 128.1
 Other services 117.8 121.9 118.2 119.8 120.7 121.4
 122.0 123.6
 Structures 121.7 127.0 122.5 123.9 125.5 125.8
 127.4 129.3
 Nondefense 112.1 118.2 112.5 113.6 115.7 116.9
 119.7 120.2
 Durable goods 99.6 101.5 99.3 99.5 100.2 101.3
 101.6 103.0


Nondurable goods

Commodity Credit Corporation
 inventory change
 Other nondurables 96.9 98.7 97.6 96.2 97.8 98.9
 98.2 99.7
 Services 120.2 124.3 120.5 121.2 123.5 124.2
 124.6 125.0
 Compensation of employees 123.0 127.9 123.2 123.9 127.4 127.9
 128.0 128.1
 Other services 115.8 118.9 116.3 116.9 117.4 118.4
 119.4 120.2
 Structures 111.3 115.3 111.9 112.2 113.5 114.8
 116.1 116.6
State and local 124.1 130.2 124.9 126.1 127.8 129.5
 131.0 132.3
 Durable goods 110.6 113.4 110.8 111.1 111.9 112.8
 114.0 114.8
 Nondurable goods 95.0 97.3 96.5 96.2 95.5 97.6
 98.1 98.0
 Services 129.9 136.7 130.6 132.2 134.2 135.9
 137.5 139.1
 Compensation of employees 130.6 137.8 131.3 133.0 135.2 136.9
 138.6 140.4
 Other services 126.6 131.6 127.6 128.3 129.6 131.2
 132.3 133.3
 Structures 114.5 119.6 115.1 115.9 117.4 118.9
 120.8 121.4


Table : 7.17.--Fixed-Weighted Price Indexes for National Defense Purchases of Goods and Services, 1982 Weights
 [Index numbers, 1982=100]
 Seasonally
adjusted
 1987 1988(r) 1987 1
988
 III IV I II
 III IV(r)
 National defense purchases 114.0 117.6 114.2 114.8 116.6 117.4
 118.0 118.3
Durable goods 109.0 109.6 108.8 107.6 108.6 109.2
 109.9 110.5
 Military equipment 110.9 111.2 110.6 109.2 110.3 110.9
 111.5 112.0
 Aircraft 110.4 111.2 109.4 108.5 110.3 111.2
 111.4 111.7
 Missiles 119.1 113.7 119.9 112.6 112.7 112.9
 114.2 114.9
 Ships 119.7 121.1 119.6 119.8 120.4 120.3
 121.7 121.8
 Vehicles 89.8 90.4 89.1 88.4 88.1 89.7
 91.2 92.5
 Electronic equipment 106.7 107.1 106.7 106.6 106.9 106.9
 107.1 107.4
 Other 107.9 111.3 108.3 108.6 110.7 110.9
 111.3 112.2
 Other durable goods 100.5 102.3 100.7 100.5 100.9 101.8
 102.7 103.8
Nondurable goods 68.7 72.8 70.1 71.3 70.1 72.3
 76.4 72.5
 Petroleum products 52.4 58.0 54.2 56.9 54.4 57.4
 63.0 57.3
 Ammunition 97.2 95.1 97.1 93.3 95.0 94.9
 95.3 95.1
 Other nondurable goods 109.6 113.5 110.1 110.6 112.0 113.3
 114.4 114.4
Services 120.6 125.1 120.7 121.9 124.3 125.0
 125.3 125.9
 Compensation of employees 122.0 126.8 122.0 123.0 126.2 126.9
 127.0 127.1
 Military 121.6 126.3 121.5 122.5 125.6 126.4
 126.5 126.6
 Civilian 122.9 127.9 123.1 123.9 127.4 128.0
 128.0 128.1
 Other services 117.8 121.9 118.2 119.8 120.7 121.4
 122.0 123.6


Contractual research and
 development 115.6 119.8 116.0 117.3 118.2 119.1
 120.3 121.7
 Installation support(1) 123.7 127.4 125.0 125.2 125.9 127.1
 128.1 128.5
 Weapons support(2) 114.6 117.6 114.4 116.4 116.6 116.7
 117.8 119.3
 Personnel support(3) 145.7 155.3 144.9 152.8 155.5 156.4
 151.4 157.7
 Transportation of materiel 93.0 96.1 92.5 94.6 95.6 95.0
 95.7 98.1
 Travel of persons 103.9 104.9 103.7 103.8 103.8 104.6
 104.9 106.1


Other
Structures 121.7 127.0 122.5 123.9 125.5 125.8
 127.4 129.3
 Military facilities 123.3 128.6 123.5 124.7 126.4 127.1
 129.4 131.6
 Other 119.5 124.6 121.0 122.8 124.2 123.8
 124.6 125.8


1. Includes utilities, communications, rental payments, maintenance and repair, and payments to 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 : 7.18.--Current-Dollar Cost and Profit per Unit of Constant-Dollar Gross Domestic Product of Nonfinancial Corporate Business
 [Dollars]
 Seasonally adjusted
 1987 1988r 1987 1
988
 III IV I II
 III IVr


Current-dollar cost and profit per

unit of constant-dollar gross

domestic product(1) 1.107 1.134 1.109 1.113 1.114

1.127 1.140

Capital consumption allowances with
 capital consumption adjustment .122 .122 .121 .121 .121 .122
 .122
Net domestic product .985 1.012 .988 .992 .993 1.005
 1.018


Indirect business tax and nontax

liability plus business transfer
 payments less subsidies .106 .107 .106 .105 .105 .106
 .108
 Domestic income .880 .905 .882 .887 .887 .899
 .910
 Compensation of employees .732 .753 .729 .738 .736 .747
 .758


Corporate profits with inventory

valuation and capital consumption
 adjustments .105 .104 .109 .103 .106 .106
 .104
 Profits tax liability .044 .045 .046 .044 .044 .046
 .046


Profits after tax with inventory

valuation and capital
 consumption adjustments .061 .059 .063 .059 .062 .060
 .058
 Net interest .043 .048 .044 .046 .045 .047
 .048


1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.

Table : 8.1.--Percent Change From Preceding Period in Selected Series
 [Percent]
 Seasonally adjusted at a
nnual rates
 1987 1988 1987
 1988
 III IV I I
I III IVr


Gross national product:
 Current dollars 6.8 7.4 7.7 8.6 5.4 8
.7 7.3 7.2
 1982 dollars 3.4 3.8 4.5 6.1 3.4 3
.0 2.5 2.0
 Implicit price deflator 3.3 3.4 3.1 2.4 1.7 5
.5 4.7 5.3
 Chain price index 3.4 3.8 3.6 3.4 3.0 4
.8 4.7 4.2
 Fixed-weighted price index 3.6 4.2 3.7 3.8 3.5 5
.0 5.3 4.2


Personal consumption expenditures:
 Current dollars 7.3 7.1 9.1 2.4 6.9 8
.8 8.6 8.1
 1982 dollars 2.7 2.8 4.6 -2.1 4.5 3
.0 3.9 3.5
 Implicit price deflator 4.5 4.2 4.4 4.4 2.3 5
.7 4.3 4.5
 Chain price index 4.5 4.2 4.3 4.4 2.5 5
.6 4.6 4.7
 Fixed-weighted price index 4.5 4.3 4.2 4.6 2.4 5
.7 4.9 4.7


Durable goods:
 Current dollars 3.8 6.9 21.4 -16.5 15.8 11
.4 2.8 10.2
 1982 dollars 1.5 4.8 16.5 -17.3 14.7 9
.8 -.2 6.1
 Implicit price deflator 2.2 2.0 4.2 1.1 .7 1
.8 3.0 3.7
 Chain price index 2.7 2.4 3.6 2.6 1.6 1
.7 3.1 3.6
 Fixed-weighted price index 3.0 2.5 3.9 2.8 1.6 1
.6 3.4 3.8


Nondurable goods:
 Current dollars 5.8 5.0 4.6 2.3 1.5 8
.3 9.7 5.9
 1982 dollars 1.3 1.1 .9 -.6 1.0
.4 5.0 2.1
 Implicit price deflator 4.5 3.8 3.6 2.9 .4 8
.0 4.6 3.5
 Chain price index 4.5 4.0 3.4 3.4 .7 8
.0 4.8 4.1
 Fixed-weighted price index 4.5 4.1 3.5 3.4 .8 7
.6 5.3 4.1


Services:
 Current dollars 9.3 8.6 8.9 8.1 8.1 8
.4 9.5 8.9
 1982 dollars 4.1 3.5 3.7 2.2 4.0 2
.8 4.5 3.6
 Implicit price deflator 5.0 4.9 4.8 6.0 3.7 5
.6 4.9 5.1
 Chain price index 5.0 4.9 5.0 5.5 3.8 5
.3 4.9 5.2
 Fixed-weighted price index 4.8 4.8 4.8 5.7 3.7 5
.2 5.0 5.3


Gross private domestic investment:
 Current dollars 7.1 7.5 2.5 40.3 -.8 -2
.7 7.8 -1.1
 1982 dollars 4.9 6.9 4.8 38.6 2.3 -7
.4 6.3 -5.9


Implicit price deflator

Chain price index

Fixed-weighted price index

Fixed investment:
 Current dollars 3.6 6.5 14.2 2.7 3.0 9
.7 4.8 6.8
 1982 dollars 2.0 6.0 15.1 1.7 3.3 10
.5 4.1 -.5
 Implicit price deflator 1.6 .5 -.8 1.1 -.4 -
.8 .8 7.0
 Chain price index 2.8 2.1 3.3 1.4 2.5 1
.5 .9 4.0
 Fixed-weighted price index 2.9 2.6 3.4 2.0 3.3 2
.0 1.2 4.0


Nonresidential:
 Current dollars 3.0 9.2 23.7 1.7 6.5 14
.6 4.9 3.5
 1982 dollars 2.8 9.4 28.4 1.7 7.6 15
.0 4.0 -4.6
 Implicit price deflator .2 -.2 -3.5 -.4 -.8 -
.4 .8 8.7
 Chain price index 1.8 1.6 .3 .5 2.3 2
.3 1.1 4.4
 Fixed-weighted price index 2.3 2.4 1.7 1.7 3.4 2
.5 1.5 4.3
 Structures:
 Current dollars .7 2.4 28.2 13.8 -19.0 6
.4 4.3 4.2
 1982 dollars -2.9 -.3 25.6 13.4 -22.4 3
.3 2.6 -.3
 Implicit price deflator 3.7 2.8 1.8 .4 4.4 2
.9 1.8 4.6
 Chain price index 3.4 2.9 4.9 1.7 4.0 1
.1 2.8 3.4
 Fixed-weighted price index 3.2 3.1 5.0 2.2 4.1 1
.1 2.8 3.5
 Producers' durable
 equipment:
 Current dollars 4.0 12.2 21.7 -3.5 20.4 18
.3 5.2 3.1
 1982 dollars 5.2 13.2 29.4 -2.4 21.6 19
.2 4.6 -5.9
 Implicit price deflator -1.0 -.9 -6.1 -.8 -1.3 -
.8 .8 9.6
 Chain price index 1.1 .9 -1.6 0 1.5 2
.8 .4 4.8
 Fixed-weighted price index 1.8 2.0 -.3 1.4 2.9 3
.4 .7 4.9


Residential:
 Current dollars 4.8 1.3 -2.4 4.7 -3.8 -
.2 4.7 14.1
 1982 dollars .1 -1.7 -10.7 1.3 -6.5
.2 4.3 10.9
 Implicit price deflator 4.6 3.1 9.0 3.4 2.7 0
 .3 3.0
 Chain price index 4.7 3.1 9.4 3.2 2.8 -
.1 .3 3.1
 Fixed-weighted price index 4.5 3.1 9.1 2.9 3.0
.3 .3 3.0


Exports of goods and services:
 Current dollars 13.1 21.5 24.6 18.7 26.8 16
.8 24.9 10.5
 1982 dollars 13.1 18.1 25.7 17.7 25.7 9
.1 14.5 7.7
 Implicit price index 0 3.0 -.8 .8 .8 7
.4 8.9 2.7
 Chain price index 1.7 4.7 2.4 2.1 5.5 6
.3 9.0 2.6
 Fixed-weighted price index 2.0 5.3 3.1 2.6 6.2 6
.9 9.6 2.9


Imports of goods and services:
 Current dollars 14.1 11.5 21.3 14.8 10.3 -1
.6 13.0 19.8
 1982 dollars 7.9 8.7 23.4 9.9 6.9 -3
.7 13.1 13.0
 Implicit price deflator 5.8 2.6 -2.0 4.5 3.2 2
.4 -.4 6.1
 Chain price index 7.0 4.5 5.1 4.0 4.4 5
.7 .4 3.7
 Fixed-weighted price index 7.6 4.4 6.4 4.3 3.5 5
.7 .1 3.3
 Seasonally adjusted at a
nnual rates
 1987 1988r 1987
 1988
 III IV I I
I III IVr


Government purchases of goods and services:
 Current dollars 6.1 4.3 7.4 6.6 -.9 7
.1 -2.6 17.5
 1982 dollars 2.6 .2 5.7 5.0 -7.9 3
.9 -5.2 9.8
 Implicit price deflator 3.4 4.1 1.7 1.4 7.6 3
.3 2.6 7.0
 Chain price index 3.1 3.7 3.2 2.9 4.8 4
.0 2.5 3.2
 Fixed-weighted price index 3.5 4.4 3.6 3.5 5.9 4
.5 4.7 2.9


Federal:
 Current dollars 4.3 -.4 9.7 5.4 -13.3 4
.9 -14.3 32.4
 1982 dollars 1.7 -3.2 12.6 6.7 -21.0 4
.7 -13.2 16.8
 Implicit price deflator 2.6 2.9 -2.8 -1.1 9.6
.3 -1.4 13.1
 Chain price index 1.6 2.3 .4 1.6 4.3 2
.0 -.8 2.3
 Fixed-weighted price index 2.4 3.8 1.4 2.6 6.7 3
.2 4.5 1.2


National defense:
 Current dollars 6.4 .9 7.0 -.8 -1.1
.5 -5.9 8.8
 1982 dollars 5.4 -1.3 7.3 -1.9 -5.3 -1
.5 -10.5 7.5
 Implicit price deflator 1.0 2.2 0 1.1 4.4 2
.1 5.0 1.0
 Chain price index 1.3 2.3 .5 2.1 3.4 2
.7 3.1 2.2
 Fixed-weighted price index 2.4 3.1 .9 2.1 6.4 2
.8 2.2 1.1


Nondefense:
 Current dollars -2.3 -4.8 19.7 29.7 -45.3 22
.3 -40.0 166.7
 1982 dollars -9.6 -10.1 35.4 43.8 -60.1 33
.2 -22.5 60.5
 Implicit price deflator 8.1 5.8 -12.1 -9.7 37.0 -8
.6 -22.3 66.7
 Chain price index 2.4 2.4 .1 0 7.1 -
.7 -13.7 2.6
 Fixed-weighted price index 2.5 5.4 2.8 4.0 7.6 4
.1 10.2 1.5


State and local:
 Current dollars 7.5 7.5 5.9 7.5 8.6 8
.7 5.8 8.8
 1982 dollars 3.3 2.7 .6 3.8 3.5 3
.2 1.1 5.1
 Implicit price deflator 4.1 4.6 5.3 3.3 5.2 5
.2 4.8 3.4
 Chain price index 4.1 4.7 5.2 3.7 5.2 5
.4 4.7 3.8
 Fixed-weighted price index 4.2 4.9 5.2 4.0 5.4 5
.4 4.8 4.0


Addenda: Gross domestic purchases:
 1982 dollars 3.0 3.0 4.8 5.4 1.6 1
.3 2.5 2.9
 Chain price index 3.9 3.8 3.9 3.6 2.9 4
.7 3.8 4.3
 Fixed-weighted price index 4.1 4.1 4.0 4.0 3.2 4
.9 4.4 4.2


Final sales:
 1982 dollars 2.9 3.7 6.1 .4 3.6 6
.3 2.0 3.1
 Chain price index 3.4 3.8 3.6 3.5 3.0 4
.7 4.6 4.2
 Fixed-weighted price index 3.6 4.2 3.7 3.8 3.5 5
.0 5.3 4.2


Final sales to domestic purchasers:
 1982 dollars 2.5 2.8 6.5 -.1 1.7 4
.4 2.1 4.0
 Chain price index 3.9 3.8 3.9 3.6 2.9 4
.7 3.6 4.3
 Fixed-weighted price index 4.1 4.1 4.0 4.0 3.3 4
.9 4.4 4.3


Command-basis gross national product:
 1982 dollars 2.8 3.9 4.6 5.7 3.1 3
.6 3.6 1.6
 Implicit price deflator 3.9 3.4 3.1 2.4 2.4 4
.8 3.7 5.4


Gross domestic product:
 1982 dollars 3.5 4.0 4.7 5.8 4.2 3
.1 2.0 2.2
 Implicit price deflator 3.3 3.4 3.1 2.4 1.7 5
.8 4.7 5.0


Business:
 1982 dollars 3.8 4.3 5.0 6.4 4.4 3
.4 1.9 2.2
 Implicit price deflator 2.9 3.2 2.8 2.1 1.0 5
.6 4.8 5.4


Nonfarm:
 1982 dollars 3.7 4.9 6.5 5.6 5.4 3
.9 3.4 3.6
 Implicit price deflator 3.0 2.8 3.1 2.1 1.0 4
.5 4.1 6.1


Disposable personal income:
 Current dollars 6.3 8.2 9.3 11.8 7.4 5
.6 10.4 9.4
 1982 dollars 1.7 3.8 4.8 6.9 5.0 0
 5.6 4.8


NOTE--The fixed-weighted price index and the chain price index, both of which are weighted averages of the detailed prices used in the deflation of GNP, are measures ofprice change. In calculating changes in these indexes, the composition of GNP is held constant. Consequently these changes reflect only changes in prices. The fixed-weighted price index measures price change over any period, using as weights the composition of GNP in 1982. The chain price index measures price change between two consecutive periods, using as weights the composition of GNP in the first period. The implicit price deflator is a byproduct of the deflation of GNP. It is derived as the ratio of current to constant dollar GNP (multiplied by 100). It is the average of the detailed prices used in the deflation of GNP, but the prices are weightedby the composition of GNP in each period. Consequently, the implicit price deflator reflects notonly changes in prices but also changes in the composition of GNP, and its use as a measure of price change should be avoided.

Table : 1.--Revisions in Selected Component Series of the NIPA's, Fourth Quarter of 1988
 Seasonally adjuste
d at annual rates
 Advance Prelimi
nary Difference
 Billions of cur
rent dollars
GNP 4,989.9 4,995.
2 5.3


National income

Compensation of employees 2,996.3

2,997.2 .9

Corporate profits with inventory valuation and capital

consumption adjustments
 Other 758.8 760.
0 1.2
Personal income 4,185.1 4,185.
5 .4
 Billions of consta
nt (1982) dollars
GNP 4,029.2 4,029.
7 .5
 Less: Exports 517.6 523.
6 6.0
 Plus: Imports 618.3 626.
8 8.5
Equals: Gross domestic purchases 4,129.9 4,132.
9 3.0
 Personal consumption expenditures 2,621.9 2,626.
0 4.1
 Nonresidential fixed investment 490.4 489.
2 -1.2
 Residential investment 197.4 196.
6 -.8
 Change in business inventories 29.2 29.
3 .1
 Government purchases 790.9 791.
8 .9
 Index numbers,
1982=100(1)
GNP price index (fixed weights) 126.2 126.
2 0


GNP price index (chained weights)
GNP implicit price deflator 123.8 124.
0 .2
Gross domestic purchases price index (fixed weights) 125.5 125.
5 0
 Percent change fro
m
 preceding quarter
at
 annual rates
 Advance Prelimi
nary
GNP 6.8 7.2


National income

Compensation of employees 8.9 9.0

Corporate profits with inventory valuation and capital

consumption adjustments
 Other 12.1 12.8
Personal income 9.2 9.2
GNP 2.0 2.0
 Less: Exports 2.8 7.7
 Plus: Imports 7.0 13.0
Equals: Gross domestic purchases 2.6 2.9
 Personal consumption expenditures 2.8 3.5
 Nonresidential fixed investment -3.7 -4.6
 Residential investment 12.7 10.9


Change in business inventories
 Government purchases 9.3 9.8
GNP price index (fixed weights) 4.0 4.2
GNP price index (chained weights) 4.0 4.2
GNP implicit price deflator 4.7 5.3
Gross domestic purchases price index (fixed weights) 4.1 4.2


1. Not at annual rates.

NOTE--For the fourth quarter of 1988, the following revised or additional major source data were incorporated: For personal consumption expenditures, revised retail sales for November and December; fornonresidential fixed investment, construction put in place for November (revised) and December, manufacturers' shipments of equipment for November (revised) and December, and partial information on actual plant and equipment expenditures for the quarter; for residential investment, construction put in place for November (revised) and December; for change in business inventories, manufacturing and trade inventories for November (revised) and December; for net exports of goods and services, merchandise exports and merchandise imports for November (revised) and December; for government purchases of goods and services, Federal outlays for December, and State and local construction put in place for November (revised) and December; for wages and salaries, revised employment, average hourly earnings, and average weekly hours for November and December, and for GNP prices, merchandise export and import price indexes for December (these indexes are prepared only for the last month of each quarter), unit-val ue indexes for petroleum imports for December and for merchandise exports and nonpetroleum merchandiseimports for November, and residential housing prices for the quarter.

Table : 2.--Reconciliation of Changes in Compensation Per Hour in the Business Economy Other Than

Table : Farm and Housing and Average Hourly Earnings in the Private. Nonfarm Economy,

Table : Seasonally Adjusted

 1988
 I
 II IIIr IVp


1. Compensation per hour of all persons in the business economy other than farm and housing
(percent change at annual rate)1 2.9
 4.3 5.5 6.4
2. Less: Contribution of supplements .8
 -.9 -.1 -.5
3. Plus: Contribution of housing and nonprofit institutions -.
1 .1 .2 -.1


4. Less: Contribution of employees of government enterprises, unpaid family workers, and the self-employed

0 0 0

-.2

5. Equals: Wages and salaries per hour of employees in the private nonfarm economy (percent)
change at annual rate) 1.9
 5.4 5.8 7.0
6. Less: Contribution of nonproduction workers in manufacturing -.1
 -.3 -.6 -.5


7. Less: Contribution of non-BLS data, detailed weighting, and seasonal adjustment

-.2

.4 3.0 3.4

8. Equals: Average hourly earnings, production and nonsupervisory workers in the private nonfarm economy (percent change at annual rate)

2.2 5.2 3.4 4.0 (r) Revised. (p) Preliminary. 1. BLS estimates of changes in hourly compensation in the nonfarm business sector for the four quarters are 3.5, 4.2, 5.7, and 5.6 percent. Measures of Revision

The GNP news release of February 28, 1989, contained updated measures of revision for the quarterly GNP estimates and referred to this issue of the SURVEY OF CURRENT BUSINESS for more information. Such information can be found in the August 1987 issue of the SURVEY, pages 24-34. An update of the analysis of revision in that article will appear in an upcoming issue of the SURVEY.
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Title Annotation:includes 56 tables
Publication:Survey of Current Business
Article Type:illustration
Date:Feb 1, 1989
Words:25628
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