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

SURVEY OF CURRENT BUSINESS National Income and Product Accounts Tables Selected NIPA Tables New estimates in this issue: Third quarter 1988, revised (r). The selected set of 54 national income and product accounts (NIPA) tables shown in this section pres ents quarterly estimates, which are updated monthly. (In most of these tables, annual estimates are also shown.) The full set of 132 tab les 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 ar e 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 c over. The full set of NIPA tables is available on diskette for $240 per year (12 updates, for the quarterl y estimates prepared each month). For more information, write to the Bureau of Economic Analysis (BE-54), U.S. Department of Commerce, Was hington, DC 20230.

Table : 1.1.--Gross National Product [Billion of dollars]
 Seasonally adjusted at ann
ual rates
 1986 1987 1987
 1988
 II III IV I
 II III(r)


Gross national product 4,240.3 4,526.7 4,484.2 4,568.0 4,662.8 4,724.5 4,823.8 4,909.2 Personal consumption
 expenditures 2,807.5 3,012.1 2,992.2 3,058.2 3,076.3 3,128.
1 3,194.6 3,261.5
 Durable goods 406.5 421.9 420.5 441.4 422.0 437.
8 449.8 451.8
 Nondurable goods 943.6 997.9 995.3 1,006.6 1,012.4 1,016.
2 1,036.6 1,061.9
 Services 1,457.3 1,592.3 1,576.4 1,610.2 1,641.9 1,674.
1 1,708.2 1,747.7


Gross private domestic
 investment 665.9 712.9 698.5 702.8 764.9 763.
4 758.1 771.4
 Fixed investment 650.4 673.7 665.8 688.3 692.9 698.
1 714.4 723.0
 Nonresidential 433.9 446.8 438.2 462.1 464.1 471.
5 487.8 494.7
 Structures 138.5 139.5 134.4 143.0 147.7 140.
1 142.3 143.9


Producer's durable
 equipment 295.4 307.3 303.8 319.1 316.3 331.
3 345.5 350.7
 Residential 216.6 226.9 227.6 226.2 228.8 226.
6 226.5 228.3


Change in business
 inventories 15.5 39.2 32.7 14.5 72.0 65.
3 43.7 48.4
 Nonfarm 17.4 40.7 31.4 17.8 72.8 49.
4 33.1 39.5
 Farm -1.9 -1.5 1.3 -3.3 -.8 15.
9 10.6 8.9


Net exports of goods and
 services -104.4 -123.0 -122.2 -125.2 -125.7 -112.
1 -90.4 -82.4
 Exports 378.4 428.0 416.8 440.4 459.7 487.
8 507.1 531.5
 Imports 482.8 551.1 539.0 565.6 585.4 599.
9 597.5 613.9


Government purchases of goods
 and services 871.2 924.7 915.7 932.2 947.3 945.
2 961.6 958.7
 Federal 366.2 382.0 377.5 386.3 391.4 377.
7 382.2 370.9
 National defense 277.5 295.3 294.8 299.8 299.2 298.
4 298.8 293.1
 Nondefense 88.7 86.7 82.6 86.4 92.2 79.
3 83.4 77.9
 State and local 505.0 542.8 538.2 546.0 555.9 567.
5 579.4 587.8


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

Table 1.2.--Gross National Product in Constant Dollars [Billions of 1982 dollars]
 Seasonally adjusted at ann
ual rates
 1986 1987 1987
 1988
 II III IV I
 II III


Gross national product 3,721.7 3,847.0 3,823.0 3,865.3 3,923.0 3,956.1 3,985.2 4,010.9 Personal consumption
 expenditures 2,455.2 2,521.0 2,516.6 2,545.6 2,531.7 2,559.
8 2,579.0 2,604.5
 Durable goods 385.0 390.9 391.3 406.5 387.6 401.
1 410.6 409.5
 Nondurable goods 879.5 890.5 889.8 891.9 890.5 892.
7 893.6 905.5
 Services 1,190.7 1,239.5 1,235.5 1,246.8 1,253.6 1,256.
9 1,274.8 1,289.5


Gross private domestic
 investment 643.5 674.8 660.1 667.9 724.7 728.
9 715.1 723.8
 Fixed investment 628.1 640.4 632.3 654.9 657.6 662.
9 679.7 687.1
 Nonresidential 433.1 445.1 434.8 462.8 464.8 473.
4 490.2 496.0
 Structures 129.3 125.5 120.9 128.0 132.1 124.
0 125.0 126.0


Producer's durable
 equipment 303.8 319.6 313.8 334.7 332.7 349.
4 365.1 370.0
 Residential 195.0 195.2 197.6 192.1 192.7 189.
5 189.6 191.1


Change in business
 inventories 15.4 34.4 27.8 13.0 67.1 66.
0 35.3 36.7
 Nonfarm 17.9 36.9 25.0 18.3 68.2 51.
9 30.1 36.7
 Farm -2.5 -2.5 2.7 -5.3 -1.1 14.
1 5.3 0 3


Net exports of goods and
 services -137.5 -128.9 -126.0 -130.7 -126.0 -109.
0 -92.6 -95.2
 Exports 378.4 427.8 416.4 440.9 459.2 486.
2 496.9 510.7
 Imports 515.9 556.7 542.3 571.6 585.1 589.
5 605.9


Government purchases of goods
 and services 760.5 780.2 772.2 782.9 792.6 776.
4 783.8 777.8
 Federal 333.4 339.0 332.1 342.1 347.7 327.
8 331.6 323.7
 National defense 251.4 264.9 264.8 269.5 268.2 264.
6 263.6 255.5
 Nondefense 82.0 74.1 67.3 72.6 79.5 63.
2 67.9 68.2
 State and local 421.1 441.2 440.1 440.8 444.9 448.
7 452.2 454.1


NOTE.--Percent changes from preceding period for selected items in this table are shown in table 8.1. Table 1.3.--Gross National Product by Major Type of Product [Billions of dollars]
 Seasonally adjusted at ann
ual rates
 1986 1987 1987
 1988
 II III IV I
 II III


Gross national product 4,240.3 4,526.7 4,484.2 4,568.0 4,662.8 4,724.5 4,823.8 4,909.2 Final sales 4,224.7 4,487.5 4,451.5 4,553.5 4,590.7 4,659.2 4,780.1 4,860.8 Change in business
 inventories 15.5 39.2 32.7 14.5 72.0 65.
3 43.7 48.4
Goods 1,697.9 1,792.5 1,774.5 1,849.3 1,849.3 1,879.
5 1,928.0 1,964.8
 Final sales 1,682.3 1,753.3 1,798.8 1,798.4 1,777.3 1,814.
2 1,884.3 1,916.4


Change in business
 inventories 15.5 39.2 32.7 14.5 72.0 65.3
 43.7 48.4
 Durable goods 725.3 776.3 767.1 792.2 808.7 819.
3 849.5 879.3
 Final sales 721.1 749.7 742.8 789.3 758.2 792.
7 831.6 836.7


Change in business
 inventories 4.3 26.6 24.3 2.9 50.5 26.
6 17.8 42.6
 Nondurable goods 972.6 1,016.2 1,007.5 1,020.7 1,040.7 1,060.
1 1,078.5 1,078.5
 Final sales 961.3 1,003.6 999.1 1,009.1 1,019.1 1,021.
5 1,052.7 1,079.7


Change in business
 inventories 11.3 12.6 8.4 11.6 21.6 38.
6 25.9 5.6
Services 2,118.4 2,295.7 2,276.2 2,363.2 2,363.9 2,405.
2 2,451.5 2,497.6
Structures 424.0 438.4 433.4 440.6 449.5 439
.9 444.3 446.8


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

Table : 1.4--Gross National Product by Major Type of Product in Constant Dollars [Billions of 1982 dollars]
 Seasonally adjusted at ann
ual rates
 1986 1987 1987
1988
 II III IV I
 II III


Gross national product 3,721.7 3,847.0 3,823.0 3,865.3 3,923.0 3,956.1 3,985.2 4,010.9 Final sales 3,706.3 3,812.6 3,795.2 3,852.2 3,855.9 3,890.1 3,949.9 3,974.1 Change in business
 inventories 15.4 34.4 27.8 13.0 67.1 66.
0 35.3 36.7
Goods 1,599.0 1,663.3 1,645.6 1,677.5 1,713.9 1,748.
1 1,762.4 1,772.5
 Final sales 1,583.5 1,628.9 1,617.8 1,664.5 1,646.8 1,682.
2 1,727.1 1,735.8


Change in business
 inventories 15.4 34.4 27.8 13.0 67.1 66.
0 35.3 36.7
 Durable goods 714.6 774.6 763.8 793.7 812.7 832.
5 861.7 883.4
 Final sales 710.7 750.7 742.3 790.8 767.2 809.
0 845.8 845.1


Change in business
 inventories 3.8 23.9 21.5 2.9 45.5 23.
5 15.9 38.3
 Nondurable goods 884.4 888.8 881.8 883.8 901.2 915.
6 900.7 889.2
 Final sales 872.8 878.2 875.5 873.7 879.6 873.
2 881.3 890.7


Change in business
 inventories 11.6 10.5 6.3 10.1 21.6 42.
4 19.4 -1.6
Services 1,738.1 1,801.1 1,797.2 1,806.6 1,822.3 1,833.
4 1,846.1 1,860.3
Structures 384.7 382.6 380.2 381.1 386.7 374.
6 376.7 378.1


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

Table 1.5.--Relation of Gross National Product, Gross Domestic Purchases, and Final Sales to Domestic Purchasers [Billion of dollars]
 Seasonally adjusted at ann
ual rates
 1986 1987 1987
 1988
 II III IV I
 II III
Gross national product 4,240.3 4,526.7 4,484.2 4,568.0 4,662.8 4,724.
5 4,823.8 4,909.2


Less: Exports of goods and services 378.4 428.0

416.8 440.4 459.7 487.8 507.1 531.5

Plus: Imports of goods and services 482.8 551.1

539.0 565.5 585.4 599.9 597.5 613.9

Equals: Gross domestic purchases 4,344.7 4,649.7 4,606.3 4,693.2 4,788.4 4,836.6 4,914.2 4,991.6

Less: Change in business inventories 15.5 39.2 32.7

14.5 72.0 65.3 43.7 48.4

Equals: Final sales to domestic purchasers(2) 4,329.1 4,610.5 4,573.6 4,678.7 4,716.4 4,771.3 4,807.5 4,943.2

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.--Relations of Gross National Product, Gross Domestic Purchases, and Final Sales to Domestic Purchasers in Constant Dollars [Billion of 1982 dollars]
 Seasonally adjusted at ann
ual rates
 1986 1987 1987
 1988
 II III IV I
 II III
Gross national product 3,721.7 3,847.0 3,823.0 3,865.3 3,923.0 3,956.
1 3,985.2 4,010.9


Less: Exports of goods and services 378.4 427.8

416.4 440.9 459.2 486.2 496.9 510.7

Plus: Imports of goods and services 515.9 556.7

542.3 571.6 585.2 595.1 589.5 605.9

Equals: Gross domestic purchases(1) 3,859.3 3,975.9 3,949.0 3,996.0 4,049.0 4,065.1 4,077.9 4,106.1

Less: Change in business inventories 15.4 34.4 27.8

13.0 67.1 66.0 35.3 36.7

Equals: Final sales to domestic purchasers(2) 3,843.8 3,941.5 3,921.2 3,983.0 3,981.9 3,999.1 4,042.6 4,069.4

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

Table : 1.7.--Gross National Product by Sector [Billion of dollars]
 Seasonally adjusted at ann
ual rates
 1986 1987 1987
 1988
 II III IV I
 II III


Gross national product 4,240.3 4,526.7 4,484.2 4,568.0 4,662.8 4,724.5 4,823.8 4,909.2
Gross domestic product 4,205.4 4,497.2 4,455.9 4,541.2 4,631.8 4,702.
1 4,802.5 4,883.7
 Business 3,608.9 3,855.5 3,819.9 3,893.8 3,972.9 4,028.
1 4,117.5 4,186.6
 Nonfarm 3,547.1 3,787.8 3,743.2 3,832.2 3,905.8 3,965.
4 4,048.0 4,120.3
 Nonfarm less housing 3,203.9 3,416.5 3,376.0 3,457.7 3,522.7 3,576.
0 3,654.0 3,719.1
 Farm 75.4 75.9 79.2 76.8 73.4 77.
7 74.6 75.1
 Statistical discrepancy -13.6 -8.1 -2.5 -15.1 -6.4 -15.
0 -5.1 -8.8
 Households and institutions 153.1 168.9 166.3 171.7 176.4 180.
9 185.6 191.2
 Private households 9.1 9.2 9.2 9.2 9.3 9.
3 9.4 9.6
 Nonprofit institutions 144.0 159.8 157.1 162.5 167.1 171.
6 176.1 181.6
 Government 443.4 151.0 150.8 151.3 152.7 156.
7 157.4 158.1
 State and local 299.9 321.7 319.0 324.4 329.9 336.
4 342.1 347.8
Rest of the world 34.9 29.5 28.2 26.8 31.0 22.
4 21.3 25.5


Addendum:

Gross domestic business

product less housing 3,257.7 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 [Billion of 1982 dollars]
 Seasonally adjusted at ann
ual rates
 1986 1987 1987
 1988
 II III IV I
 II III


Gross national product 3,721.7 3,847.0 3,823.0 3,865.3 3,923.0 3,956.1 3,985.2 4,010.9
Gross domestic product 3,690.9 3,821.4 3,798.4 3,842.0 3,896.3 3,936.
6 3,967.0 3,989.5
 Business 3,202.0 3,322.5 3,300.9 3,341.2 3,393.6 3,430.
5 3,458.9 3,477.5
 Nonfram 3,130.4 3,247.1 3,221.1 3,272.2 3,317.2 3,360.
9 3,393.1 3,420.3
 Nonfarm less housing 2,857.9 2,965.7 2,940.6 2,989.5 3,032.8 3,074.
8 3,105.7 3,131.6
 Housing 272.4 281.4 280.5 282.7 284.4 286.
1 287.4 288.8
 Fram 83.7 82.5 82.0 82.0 81.8 82.
3 70.1 64.5
 Statistical discrepancy -12.1 -7.0 -2.2 -13.0 -5.4 -12.
8 -4.3 -7.3
 Households and institutions 125.5 129.0 128.1 130.0 130.7 133.
3 134.4 136.8
 Private households 8.8 8.8 8.8 8.8 8.8 8.
9 8.9 9.0
 Nonprofit institutions 116.8 120.2 119.3 121.2 121.9 124.
4 125.5 127.8
 Government 363.3 369.9 369.4 370.8 372.0 372.
8 373.3 375.2
 Federal 122.5 123.5 123.4 123.7 123.9 123.
9 123.8 124.2
 State and local 240.8 246.4 246.1 247.1 248.1 249.
0 249.9 251.0
Rest of the world 30.9 25.6 24.6 23.3 26.7 19.
5 18.3 21.4


Addendum: Gross domestic business

product less housing 2,920.4 3,032.1

Note.--Percent changes from preceding 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
 annual rates
 1986 1987 1987
 1988
 II III IV I
 II III
Gross national product 4,240.3 4,526.7 4,484.2 4,568.0 4,662.8 4,7
24.5 4,823.8 4,909.2


Less: Capital consumption

allowances with capital
 consumption adjustment 455.9 480.0 477.0 484.6 489.5 4
98.3 503.2 508.1
 Capital consumption
 allowances without
 capital consumption
 adjustment 488.4 507.6 504.6 510.8 516.4 5
20.8 524.1 526.0
 Less: Capital
 consumption
 adjustment 32.5 27.6 27.6 26.2 26.9
22.5 20.9 17.9
Equals: Net national product 3,784.4 4,046.7 4,007.2 4,083.4 4,173.3 4,2
26.2 4,320.5 4,401.1


Less: Indirect business tax and

nontax liability 348.4 366.3 363.8 370.3 374.2

379.4 385.8 391.7

Business transfer
 payments 25.1 28.1 27.9 28.5 29.0
29.6 30.3 31.1
 Statistical discrepancy -13.6 -8.1 -2.5 -15.1 -6.4 -
15.0 -5.1 -8.8


Plus: Subsidies less current

surplus of government
 enterprises 12.6 18.3 13.8 8.3 25.6
18.6 19.2 9.0
Equals: National income 3,437.1 3,678.7 3,631.8 3,708.0 3,802.0 3,8
50.8 3,928.8 3,996.2


Less: Corporate profits with

inventory valuation and

capital consumption
 adjustments 298.9 310.4 305.2 322.0 316.1 3
16.2 326.5 323.7
 Net interest 331.9 353.6 348.1 358.3 369.5 3
73.9 380.6 397.7


Contributions for social

insurance 378.1 399.1 395.4 400.9 408.6

433.3 440.9 448.3

Wage accruals less

disbursements 0 0 0 .2 -.2

0 0 0

Plus: Government transfer
 payments to persons 496.0 520.6 519.9 523.2 527.8 5
46.7 552.5 556.2
 Personal interest income 499.1 527.0 517.9 533.0 550.0 5
54.2 563.7 581.3
 Personal dividend income 82.8 88.6 87.3 89.9 91.9
93.5 95.0 97.3


Business transfer
 payments 25.1 28.1 27.9 28.5 29.0
29.6 30.3 31.1
Equals: Personal income 3,531.1 3,780.0 3,736.1 3,801.0 3,906.8 3,9
51.4 4,022.4 4,092.3


Table : 1.10.--Relation of Gross National Product, Net National Product, and National Income in Constant Dollars
 [Billions of 1982 dollars]
Gross national product 3,721.7 3,847.0 3,823.0 3,865.3 3,923.0 3,9
56.1 3,985.2 4,010.9


Less: Capital consumption

allowances with capital
 consumption adjustment 443.2 460.8 458.2 463.0 468.2 4
72.9 477.3 481.9
Equals: Net national product 3,278.5 3,386.2 3,364.8 3,402.2 3,454.8 3,4
83.2 3,507.9 3,529.0


Less: Indirect business tax and

nontax liability plus business

transfer payments less

subsidies plus current surplus
 of government enterprises 312.1 319.6 319.6 321.8 321.0 3
24.4 326.2 328.7
 Statistical discrepancy -12.1 -7.0 -2.2 -13.0 -5.4 -
12.8 -4.3 -7.3
Equals: National income 2,978.5 3,074.0 3,047.3 3,093.4 3,139.3 3,1
71.5 3,186.0 3,207.6


Table 1.11.--Command-Basis Gross National Product in Constant
 Dollars
Gross national product 3,721.7 3,847.0 3,823.0 3,865.3 3,923.0 3,9
56.1 3,985.2 4,010.9


Less: Net exports of goods and
 services -137.5 -128.9 -126.0 -130.7 -126.0 -10
9.0 -92.6 -95.2
 Exports 378.4 427.8 416.4 440.9 459.2 48
6.2 496.9 510.7
 Imports 515.9 556.7 542.3 571.6 585.2 59
5.1 589.5 605.9


Equals: Gross domestic

purchases 3,859.3 3,975.9 3,949.0 3,996.0 4,049.0 4,065.1 4,077.9 4,106.1

Plus: Command-basis net
 exports of goods and services -111.5 -124.3 -122.9 -126.5 -125.6 -1
11.2 -89.2 -81.4
 Command-basis
 exports(1) 404.4 432.4 419.4 445.1 459.6 4
83.9 500.3 524.6
 Imports 515.9 556.7 542.3 571.6 585.2 5
95.1 589.5 605.9


Equals: Command-basis gros

national product 3,747.7 3,851.6 3,826.0 3,869.4 3,923.4 3,953.9 3,988.7 4,024.8

Addendum:

Terms of trade(2) 106.8 101.0 100.7 101.0 100.1

99.5 100.7 102.8 (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
 annual rates
 1986 1987 1987
 1988
 II III IV
I II III
 National income 3,437.1 3,678.7 3,631.8 3,708.0 3,802.0 3,8
50.8 3,928.8 3,996.2
Compensation of employees 2,507.1 2,683.4 2,652.0 2,702.8 2,769.9 2,8
16.4 2,874.0 2,932.5
 Wages and salaries 2,084.0 2,248.4 2,220.6 2,265.3 2,324.8 2,3
58.7 2,410.0 2,461.4


Government and
 government enterprises 393.7 420.1 416.9 423.2 429.2 4
37.1 442.9 449.1
 Other 1,700.3 1,828.3 1,803.7 1,842.1 1,895.6 1,9
21.6 1,967.1 2,012.4


Supplements to wages and

salaries 413.1 435.0 431.3 437.5 445.1

457.7 464.0 471.1

Employer contibutions for
 social insurance 217.0 227.1 225.0 228.2 232.7 2
43.1 247.5 251.6
 Other labor income 196.1 207.9 206.4 209.3 212.4 2
14.6 216.5 219.5


Proprietors' income with

inventory valuation and

capital consumption
 adjustment 286.7 312.9 308.9 306.8 326.0 3
23.9 328.8 322.1
Farm 36.4 43.0 43.0 35.2 47.0
44.7 43.4 30.4


Proprietors' income with

inventory valuation

adjustment 44.5 50.6 50.7 42.9 54.5

52.2 50.8 37.5

Capital consumption
 adjustment -8.1 -7.6 -7.7 -7.7 -7.5
-7.5 -7.3 -7.1
Nonfarm 250.3 270.0 265.9 271.5 279.0 2
79.2 285.3 291.7
 Proprietors' income 212.7 233.0 228.6 235.1 243.4 2
43.7 250.9 257.7


Inventory valuation

adjustment -.1 -1.0 -1.0 -1.1 -1.7

-1.2 -1.7 -1.5

Capital consumption

adjustment 37.8 38.0 38.2 37.6 37.4

36.6 -36.1 -35.4

Rental income of persons with

capital consumption
 adjustment 12.4 18.4 17.8 18.1 20.5
20.5 19.1 20.1
 Rental income of persons 57.4 66.2 65.5 67.1 69.6
69.6 68.0 68.8


Capital consumption

adjustment -45.0 -47.8 -47.7 -49.0 -48.6

-49.1 -49.0 -48.7

Corporate profits with

inventory valuation and

capital consumption

adjustments 298.9 310.4 305.2 322.0 316.1

316.2 326.5 323.7

Corporate profits with

inventory valuation
 adjustment 244.7 258.7 253.6 269.9 263.7 2
66.8 278.5 278.6
 Profits before tax 236.4 276.7 273.7 289.4 281.9 2
86.2 305.9 307.7
 Profits tax libility 106.6 138.8 132.6 140.0 136.2 1
36.9 143.2 144.6
 Profits after tax 129.8 142.9 141.1 149.5 145.7 1
49.4 162.7 163.1
 Dividends 88.2 95.5 94.0 97.0 99.3 1
01.3 103.1 105.7
 Undistributed profits 41.6 47.4 47.0 52.4 46.4
48.1 59.6 57.5


Inventory valuation

adjustment 8.3 -18.0 -20.0 -19.5 -18.2

-19.4 -27.4 -29.0

Capital consumption
 adjustment 54.2 51.7 51.5 52.1 52.4
49.4 48.0 45.1
Net interest 331.9 353.6 348.1 358.3 369.5 3
73.9 380.6 397.7


Addenda:

Corporate profits after tax

with inventory valuation

and capital consumption

adjustments 192.3 176.6 172.6 182.1 179.9

179.3 173.2 179.2

Net cash flow with

inventory valuation and

capital consumption

adjustments 386.5 378.6 373.9 384.7 384.2

387.8 393.4 390.7

Undistributed profits with
 inventory valuation and
 capital consumption
 adjustments 104.1 81.1 78.5 85.0 80.5
78.1 80.1 73.5


Capital consumption
 allowances with capital
 adjustment 282.4 297.5 295.4 299.7 303.7 3
09.8 313.3 317.2


Less: Inventory valuation
 adjustment 8.3 -18.0 -20.0 -19.5 -18.2 -
19.4 -27.4 -29.0
 Equals: Net cash flow 378.2 396.6 393.9 404.2 402.4 4
07.3 420.8 419.8


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
 annual rates
 1986 1987 1987
 1988
 II III IV
I II III
 Billions of dollars


Gross domestic product

of corporate business 2,556.2 2,717.9 2,687.2 2,752.6 2,793.0 2,845.1 2,901.1 2,951.8

Capital consumption allowances

with capital consumptio
 adjustment 282.4 297.5 295.4 299.7 303.7 3
09.8 313.3 317.2
Net domestic product 2,273.8 2,420.4 2,391.9 2,452.9 2,489.3 2,5
35.4 2,587.8 2,634.6


Indirect business tax and

nontax liability plu

business transfer payments
 less subsidies 243.6 257.5 256.0 261.6 262.8 2
67.7 271.8 277.6
 Domestic income 2,030.2 2,162.9 2,135.9 2,191.3 2,226.5 2,2
67.6 2,316.1 2,357.0
 Compensation of employees 1,693.7 1,803.7 1,782.4 1,816.0 1,858.4 1,8
87.7 1,927.9 1,968.2
 Wages and salaries 1,422.2 1,520.6 1,502.2 1,531.4 1,569.3 1,5
94.7 1,630.8 1,666.5


Supplements to wages

and salaries 271.5 283.0 280.2 284.6 289.1

293.1 297.1 301.8

Corporate profits with

inventory valuation and

capital consumption
 adjustments 266.9 274.0 270.8 286.7 274.6 2
86.0 291.1 288.6
 Profits before tax 204.4 240.3 239.3 254.1 240.4 2
56.0 270.5 272.5
 Profits tax liability 106.6 133.8 132.6 140.0 136.2 1
36.9 143.2 144.6
 Profits after tax 97.9 106.5 106.7 114.2 104.2 1
19.2 127.3 128.0
 Dividends 72.8 83.4 80.1 83.4 91.3
75.3 87.1 89.1
 Undistributed profits 25.1 23.1 26.6 30.8 12.9
43.9 40.2 38.9


Inventory valuation

adjustment 8.3 -18.0 -20.0 -19.5 -18.2

-19.4 -27.4 -29.0

Capital consumption
 adjustment 54.2 51.7 51.5 52.1 52.4
49.4 48.0 45.1
 Net interest 69.5 85.2 82.7 88.6 93.5
93.9 97.1 100.2


Gross domestic product
 of financial corporate
 business 184.6 204.4 204.5 205.7 207.4 2
12.0 217.1 221.9


Gross domestic product
 of nonfinancial
 corporate business 2,371.6 2,513.5 2,482.7 2,546.9 2,585.6 2,6
33.2 2,684.0 2,729.8


Capital consumption allowances

with capital consumption
 adjustment 264.1 276.2 274.5 278.0 281.3 2
86.8 290.0 293.3
Net domestic product 2,107.5 2,237.3 2,208.3 2,268.8 2,304.3 2,3
46.4 2,394.0 2,436.5


Indirect business tax and

nontax liability plus

business transfer payments
 less subsidies 227.7 239.8 238.4 243.6 244.5 2
49.2 253.0 258.4
 Domestic income 1,879.8 1,997.5 1,969.8 2,025.3 2,059.7 2,0
97.2 2,141.1 2,178.1
 Compensation of employees 1,564.9 1,661.4 1,640.5 1,673.3 1,739.6 1,7
77.8 1,815.9
 Wages and salaries 1,313.4 1,399.7 1,381.6 1,409.9 1,447.0 1,4
68.4 1,502.8 1,536.4


Supplements to wages

and salaries 251.5 261.8 258.9 263.3 267.8

271.2 275.0 279.5

Corporate profits with
 inventory valuation and
 capital consumption
 adjustments 230.6 237.5 233.3 250.4 238.4 2
50.6 252.6 247.9
 Profits before tax 172.6 210.2 207.9 224.6 211.6 2
28.4 240.5 240.2
 Profits after tax liability 76.8 99.0 97.2 105.3 101.7 1
04.4 109.4 109.1
 Profits after tax 95.8 111.2 110.6 119.9 109.9 1
24.1 131.1 131.1
 Dividends 74.8 83,8 80.7 83.9 90.8
74.6 86.2 88.1
 Undistributed profits 21.1 27.4 29.9 35.4 19.1
49.5 44.9 42.9
 Inventory valuation
 adjustment 8.3 -18.0 -20.0 -19.5 -18.2 -
19.4 -27.4 -29.0
 Capital consumption
 adjustment 49.6 45.3 45.5 45.3 45.0
41.5 39.5 36.8
 Net interest 84.3 98.6 96.0 101.6 106.6 1
07.1 110.7 114.3
 Billions of 1982 dollar
s


Gross domestic product
 of nonfinancial
 corporate business 2,177.2 2,270.4 2,248.0 2,296.1 2,322.5 2,3
63.5 2,380.9 2,393.5


Capital consumption allowances
 with capital consumption
 adjustment 260.2 269.4 268.1 270.6 273.2 2
75.7 278.1 280.5
 Net domestic product 1,917.0 2,001.0 1,979.9 2,025.5 2,049.3 2,0
87.8 2,102.9 2,113.0


Indirect business tax and

nontax liability plus

business transfer payments
 less subsidies 199.1 203.2 203.3 205.4 204.3 2
06.3 207.8 209.6
 Domestic income 1,717.9 1,797.8 1,776.5 1,820.1 1,845.1 1,8
81.4 1,895.1 1,903.4


Table : 1.17.--Auto Output

[Billions of dollars]
 1986 1987 1987 1
988
 II III IV I II
 III
 Autos output 120.6 116.3 113.1 115.3 120.6 113.1 130
.3 132.1
Final sales 119.0 109.4 108.0 126.2 106.6 117.8 129
.3 127.3


Personal consumption
 expenditures 136.3 130.0 127.7 144.4 128.0 133.9 139
.8 137.8
 New autos 101.4 91.4 91.4 109.0 90.9 100.2 100
.1 101.5
 Net purchases of used autos 34.9 35.9 36.2 35.4 37.0 33.7 39
.7 36.3
 Producers' durable equipment 20.3 19.2 18.7 21.7 19.3 22.1 23
.7 24.4
 New autos 45.1 44.4 44.9 47.2 44.9 47.9 50
.0 51.6
 Net purchases of used autos-24.7 -25.2 -26.2 -25.6 -25.6 -25.7 -26
.4 -27.2


Net exports of goods and
 services -39.0 -41.3 -40.1 -41.3 -42.3 -40.1 -35
.8 -36.4
 Exports 6.3 6.6 6.8 6.4 8.1 8.2 8
.3 9.8
 Imports 45.3 47.9 46.9 47.7 50.3 48.3 44
.1 46.2


Government purchases of

goods and services 1.4 1.5 1.6 1.4 1.6 1.9

1.6 1.6

Change in business inventories
 of new and used autos 1.6 6.9 5.2 -10.8 14.0 -4.7 1
.1 4.8
 New 1.4 6.7 4.3 -12.4 14.0 -9.1 3
.4 2.9
 Used .2 .2 .9 1.6 0 4.4 -2
.3 2.0


Addenda:

Domestics
 autos 98.2 94.8 92.6 90.1 98.7 88.7 104
.2 103.1
Sales of imported new autos 55.3 55.0 53.5 60.2 57.2 60.2 60.6
 60.1


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 annual
 rates
 1986 1987 1987
 1988
 II III IV
I II III
 Auto output 106.2 100.6 98.4 99.2 102.9 96
.0 111.2 111.6
Final sales 106.6 95.1 94.5 109.0 91.4 101
.0 110.4 107.9


Personal consumption
 expenditures 119.0 108.8 107.3 120.2 105.3 110
.4 115.5 112.5
 New autos 89.2 89.8 78.2 92.4 76.5 84
.3 83.9 84.4
 Net purchases of used autos 29.8 28.8 29.1 27.8 28.8 26
.0 31.6 28.1
 Producers' durable equipment 18.2 16.3 16.0 18.6 16.4 19
.0 20.1 20.8
 New autos 39.7 37.7 38.4 40.0 37.8 40
.3 41.9 42.9
 Net purchases of used autos -21.5 -21.5 -22.4 -21.4 -21.4 21
.2 21.8 22.1


Net exports of goods and
 services -31.9 -31.4 -30.2 -31.1 -31.8 -21
.2 -21.8 -22.1
 Exports 5.3 5.4 5.6 5.3 6.6 -30
.1 -26.5 -26.8
 Imports 37.3 36.8 35.9 36.3 38.4 6
.7 6.8 7.9


Government purchases of

goods and services 1.3 1.4 1.4 1.3 1.4

36.8 33.3 34.7

Change in business inventories
 of new and used autos -.3 5.5 3.9 -9.8 11.5 1
.7 1.4 1.4
 New -.5 5.3 3.1 -11.2 11.5 -4
.9 .8 3.7
 Used .2 .2 .8 1.3 0 3
.6 -2.0 1.6


Addenda:

Domestic output of new
 autos 85.3 80.5 45.8 51.0 48.1 74
.2 87.3 85.5
 Sales of imported new autos 48.7 46.8 74.2 87.3 85.5 50
.7 50.8 50.0


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 purchase.

Table : 3.9.--National Defense Purchases of Goods and Services [Billions of dollars]
 Seasonally adjusted at annual rat
es
 1986 1987 1987 1988
 II III IV I II I
II


National defense
 purchases 277.5 295.3 294.8 299.8 299.2 298.4 298.8 29
3.1
Durable goods 83.5 89.8 89.5 93.1 88.4 83.8 84.2 8
1.7
 Military equipment 71.1 77.3 76.8 79.9 75.9 72.3 73.3 7
1.2
 Aircraft 32.9 33.4 31.3 35.4 33.7 29.8 29.8 2
7.6
 Missiles 11.5 13.0 13.9 12.5 13.3 11.7 12.8 1
1.8
 Ships 8.5 8.5 9.1 8.4 8.2 8.4 7.9
8.1
 Vehicles 4.7 4.8 4.9 4.4 4.6 4.5 4.2
3.9
 Electronic equipment 5.1 5.8 5.9 5.9 5.6 5.9 6.0
5.7
 Other 8.4 11.8 11.6 13.4 10.5 12.0 12.6 1
4.1
 Other durable goods 12.4 12.5 12.7 13.2 12.4 11.5 11.0 1
0.5
Nondurable goods 11.1 10.5 10.2 10.9 11.3 10.8 11.4 1
0.3
 Petroleum products 4.3 4.2 3.8 4.3 5.3 4.3 4.4
4.3
 Ammunition 4.3 3.8 3.8 4.1 3.6 3.8 4.5
3.6
 Other nondurable goods 2.5 2.5 2.6 2.5 2.4 2.6 2.4
2.3
Services 176.4 187.8 188.5 188.1 191.9 197.3 195.8 19
3.9


Compensation of employees 104.0 108.9 108.7 109.0 110.0 112.7 112.6 112.9
 Military 70.2 73.2 73.0 73.1 73.9 75.5 75.7 7
5.9
 Civilian 33.8 35.7 35.7 35.9 36.2 37.2 37.0 3
7.0
 Other services 72.4 78.9 79.8 79.1 81.9 84.6 83.1 8
1.0


Contractual research and
 development 28.6 28.5 29.1 27.6 28.4 30.6 30.2 3
0.5
 Installation support(1) 18.6 22.3 22.4 22.8 23.4 24.7 23.9 2
2.8
 Weapons support(2) 7.8 9.0 8.9 9.2 9.3 9.3 9.2
8.9
 Personnel support(3) 10.4 11.3 11.5 12.1 11.9 11.7 11.6 1
1.3
 Transportation of material 3.4 4.0 3.8 4.2 4.5 4.3 4.2
4.1
 Travel of persons 3.5 3.8 3.8 3.8 3.9 3.7 3.9
3.9
 Other .2 0 .2 -.6 .7 .3 .1
-.5
Structures 6.6 7.2 6.6 7.8 7.6 6.6 7.5
7.2
 Military facilities 4.1 4.9 4.5 5.2 5.3 4.2 5.0
4.9
 Other 2.4 2.4 2.2 2.5 2.3 2.4 2.4
2.3


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 Constant Dollars [Billions of 1982 dollars]
 Seasonally adjusted at annual rate
s
 1986 1987 1987 1988
 II III IV I II I
II


National defense
 purchases 251.4 264.9 264.8 269.5 268.2 264.6 263.6 25
5.5
Durable goods 78.1 87.9 87.2 92.1 88.4 84.9 85.1 8
1.1
 Military equipment 64.0 72.5 71.8 75.9 72.6 69.5 70.3 6
7.3
 Aircraft 28.0 30.7 28.7 33.4 31.9 29.0 28.6 2
6.7
 Missiles 10.9 12.8 13.7 12.5 13.7 12.2 13.3 1
1.6
 Ships 7.4 7.3 7.8 7.2 7.1 7.2 6.8
6.7
 Vehicles 5.0 5.1 5.3 4.8 4.9 4.7 4.5
4.3
 Electronic equipment 4.8 5.5 5.6 5.6 5.3 5.5 5.7
5.4
 Other 8.0 11.0 10.8 12.4 9.7 10.9 11.4 1
2.7
 Other durable goods 14.2 15.4 15.4 16.2 15.9 15.4 14.9 1
3.8
Nondurable goods 15.4 14.7 14.6 14.6 15.6 14.6 14.8 1
2.9
 Petroleum products 8.5 8.4 8.2 8.1 9.5 8.3 7.8
6.9
 Ammunition 4.6 4.0 4.0 4.3 3.9 4.1 4.9
3.9
 Other nondurable goods 2.3 2.3 2.4 2.3 2.2 2.3 2.2
2.0
Services 152.3 156.4 157.6 156.4 158.0 159.9 157.8 15
5.8
 Compensation of employees 88.8 89.3 89.1 89.3 89.5 89.3 88.8 8
9.0
 Military 59.9 60.2 60.1 60.2 60.3 60.1 59.9 6
0.0
 Civilian 28.9 29.0 29.0 29.1 29.2 29.2 28.9 2
8.9
 Other services 63.4 67.2 68.5 67.1 68.6 70.5 69.0 6
6.8


Contractual research and
 development 25.3 24.7 25.4 23.8 24.2 25.9 25.4 2
5.4
 Installation support(1) 15.5 17.9 18.1 18.1 18.4 19.5 18.8 1
7.8
 Weapons support(2) 6.9 7.9 7.9 8.1 8.0 8.0 7.9
7.6
 Personnel support(3) 8.5 8.8 9.1 9.5 9.0 8.9 8.7
8.4
 Transportaion of material 3.7 4.2 4.1 4.4 4.6 4.4 4.3
4.2
 Travel of persons 3.4 3.7 3.8 3.7 3.8 3.6 3.8
3.8
 Other .2 0 .2 -.5 .5 .2 .1
-.4
Stuctures 5.6 5.9 5.5 6.3 6.1 5.2 5.9
5.7
 Military facilities 3.4 3.9 3.6 4.2 4.2 3.3 4.0
3.9
 Other 2.2 2.0 1.8 2.1 1.9 1.9 1.9
1.8


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 : 4.1.--Foreign Transactions in the National Income and Product Accounts [Billions of dollars]
 Seasonally adjusted at annual
rates
 1986 1987 1987 1988
 II III IV I II
 III
 Receipts from foreigners 378.4 428.0 416.8 440.4 459.7 487.8 507.1
 531.5
Exports of goods and services 378.4 428.0 416.8 440.4 459.7 487.8 507.1
 531.5
 Merchandise 255.0 254.8 245.1 264.8 276.7 300.8 316.9
 332.0
 Durable goods 140.4 158.3 150.6 163.5 175.0 188.2 198.4
 205.1
 Nondurable goods 84.6 94.6 94.5 101.3 101.7 112.5 118.5
 126.9
 Services 153.4 173.3 171.7 175.6 183.0 187.0 190.2
 199.5
 Factor income(1) 87.5 96.1 93.8 97.3 105.1 104.7 104.2
 113.6
 Other 65.9 77.2 77.9 78.3 77.9 82.3 86.1
 85.9


Capital grants received by the
 United States (net) 0 0 0 0 0 0 0
 0
 Payments to foreigners 378.4 428.0 416.8 440.4 459.7 487.8 507.1
 531.5
Imports of goods and services 482.8 551.1 539.0 565.6 585.4 599.9 597.5
 613.9
 Merchandise 367.7 413.0 402.3 421.7 438.0 441.7 439.4
 448.6
 Durable goods 238.7 264.5 258.0 265.2 281.8 287.5 286.6
 293.1
 Nondurable goods 129.0 148.5 144.3 156.5 156.2 154.2 152.7
 155.5
 Services 115.1 138.1 136.7 143.9 147.4 158.2 158.2
 165.4
 Factors income(1) 52.5 66.6 65.6 70.5 74.1 82.3 82.9
 88.1
 Other 62.5 71.5 71.1 73.4 73.3 75.8 75.3
 77.3
Transfer payments (net) 15.4 13.5 12.6 12.0 17.6 12.7 11.8
 12.6
 From persons (net) 1.4 1.3 1.4 1.3 1.2 1.2 .8
 1.0
 From govrenment (net) 13.9 12.2 11.2 10.7 16.4 11.5 11.0
 11.6


Interest paid by government to
 foreigners 22.6 24.1 23.9 23.9 24.6 26.6 26.8
 28.8
Net foreign investment -142.4 -160.0 -158.6 -161.1 -167.8 -151.3 -129.1
-123.8


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 Dollars [Billions of 1982 dollars]
 Seasonally adjusted at annual r
ates
 1986 1987 1987 1988
 II III IV I II
 III


Exports of goods and services 378.4 427.8 416.4 440.9 459.2 486.2 496.9 510.7
 Merchandise 243.7 280.1 269.4 291.6 304.6 329.0 339.1
347.1
 Durable goods 152.6 177.3 167.9 184.0 198.8 215.4 223.1
229.7
 Nondurable goods 91.0 102.8 101.5 107.7 105.8 113.6 116.0
117.4
 Services 134.7 147.7 146.9 149.2 154.6 157.1 157.8
163.6
 Factors income(1) 75.8 80.3 78.8 81.0 87.0 86.3 84.5
 91.1
 Other 58.9 67.4 68.2 68.2 67.6 70.9 73.3
 72.5


Imports of goods and services 515.9 556.7 542.3 571.6 585.2 595.1 589.5 605.9
 Merchandise 412.3 439.0 425.3 449.5 461.0 463.1 459.1
470.7
 Durable goods 241.4 260.2 252.5 262.2 276.9 279.1 276.3
283.0
 Nondurable goods 170.9 178.8 172.8 187.3 184.1 184.1 182.8
187.6
 Services 103.7 117.7 117.0 122.2 124.2 132.0 130.4
135.2
 Factor income(1) 45.0 54.7 54.2 57.7 60.3 66.8 66.3
 69.7
 Other 58.7 63.0 62.8 64.4 63.9 65.2 64.2
 65.6


1. Line 6 less 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 of Category [Billions of dollars]
 Seasonally adjusted at annual rat
es
 1986 1987 1987 1988
 II III IV I II I
II
 Merchandise exports 225.0 254.8 245.1 264.8 276.7 300.8 316.9 33
2.0
Foods, feeds, and beverages 23.1 24.6 23.5 28.1 25.4 30.1 32.8 3
6.3


Industrial supplies and
 materials 58.4 66.5 65.4 68.2 71.0 77.8 82.1 8
6.2
 Durable goods 18.1 20.9 20.1 21.5 22.8 24.6 28.0 2
8.5
 Nondurable goods 40.3 45.6 45.3 46.7 48.1 53.3 54.1 5
7.8
Capital goods, except autos 79.3 88.1 83.2 93.3 96.5 105.4 109.2 11
4.1
Autos 24.9 26.3 24.9 25.4 30.5 31.7 32.2 3
1.9
Consumer goods 14.6 18.0 17.5 18.6 19.3 21.2 22.8 2
4.9
 Durable goods 5.8 7.4 7.1 7.7 8.1 9.3 10.1 1
1.4
 Nondurable goods 8.8 10.5 10.4 10.9 11.1 11.9 12.8 1
3.6
Other 24.6 31.3 30.5 31.2 34.1 34.6 37.8 3
8.6
 Durable goods(1) 12.3 15.7 15.3 15.6 17.0 17.3 18.9 1
9.3
 Nondurable goods(1) 12.3 15.7 15.3 15.6 170. 17.3 18.9 1
9.3
 Merchandise imports 367.7 413.0 402.3 421.7 438.0 441.7 439.9 44
8.6
Foods, feeds, and beverages 24.3 24.7 24.9 24.8 25.1 26.0 23.8 2
5.0


Industrial supplies and

materials, excluding
 petroleum 62.2 66.6 62.8 66.2 72.3 76.7 75.3 7
7.5
 Durable goods 34.3 35.6 33.3 35.1 38.6 41.8 40.1 4
1.3
 Nondurable goods 27.8 31.0 29.4 31.0 33.7 35.0 35.2 3
6.2
Petroleum and products 34.4 42.9 40.3 51.0 45.2 39.8 41.1 3
9.6
Capital goods, except autos 72.1 84.8 82.4 87.0 93.2 96.4 100.7 10
1.7
Autos 78.1 85.2 84.0 84.1 88.7 87.4 84.5 8
6.5
Consumer goods 79.2 88.7 88.8 88.1 92.0 94.2 92.8 9
5.9
 Durable goods 45.4 49.0 48.7 48.8 50.6 51.5 50.7 5
2.5
 Nondurable goods 33.8 39.7 40.1 39.4 41.4 42.8 42.1 4
3.5
Other 17.4 20.2 19.2 20.5 21.4 21.1 21.1 2
2.4
 Durable goods(1) 8.7 10.1 9.6 10.2 10.7 10.5 10.6 1
1.2
 Nondurable goods(1) 8.7 10.1 9.6 10.2 10.7 10.5 10.6 1
1.2


Addenda:

Exports of agricultural

products(2) 27.4 29.5 28.5 33.1 30.5 36.1 38.5

41.5

Exports of nonagricultural
 products 197.7 225.3 216.6 231.7 246.2 264.7 278.4 29
0.5
 products 333.3 370.1 362.0 370.6 392.8 401.9 398.3 40
9.0


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 Transaction, 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 annual rat
es
 1986 1987 1987 1988
 Merchandise exports 243.7 280.1 269.4 291.6 304.6 329.0 339.1 34
7.1
Foods, feeds, and beverages 26.3 29.9 28.9 34.3 30.5 34.1 34.9 3
3.5


Industrial supplies and
 materials 63.8 69.7 69.3 70.4 72.0 76.9 79.4 8
1.5
 Durable goods 19.7 21.9 21.3 22.2 23.2 24.3 27.1 2
6.9
 Nondurable goods 44.0 47.8 48.0 48.2 48.9 52.6 52.3 5
4.6
Capital goods, except autos 92.4 109.5 102.4 116.4 124.5 138.0 140.6 14
7.1
Autos 22.3 23.2 22.0 22.4 26.8 27.9 28.3 2
7.7
Consumer goods 14.1 16.7 16.4 17.3 17.6 19.1 20.5 2
2.2
 Durable goods 5.8 7.3 7.1 7.5 7.8 8.8 9.4 1
0.4
 Nondurable goods 8.3 9.5 9.4 9.8 9.8 10.3 11.1 1
1.8
Other 24.8 31.0 30.5 30.8 33.2 33.0 35.4 3
5.1
 Durable goods(1) 12.4 15.5 15.2 15.4 16.6 16.5 17.7 1
7.5
 Nondurable goods(1) 12.4 15.5 15.2 15.4 16.6 16.5 17.7 1
7.5
 Merchandise imports 412.3 439.0 425.3 449.5 461.0 463.1 459.1 47
0.7
Foods, feeds, and beverages 23.2 23.9 24.6 23.8 23.7 23.8 21.7 2
2.7


Industrial supplies and

materials, excluding
 petroleum 73.6 74.2 71.6 71.8 77.0 77.1 72.8 7
3.4
 Durable goods 40.6 39.8 38.1 38.2 41.1 42.0 38.8 3
9.1
 Nondurable goods 33.0 34.5 33.4 33.6 35.9 35.1 34.0 3
4.3
Petroleum and products 75.3 77.9 72.2 88.0 81.4 82.2 85.4 8
7.5
Capital goods, except autos 82.8 99.4 94.6 104.0 112.2 116.4 121.5 12
4.8
Autos 66.0 68.1 67.1 67.2 69.9 67.7 64.8 6
5.9
Consumer goods 74.5 77.1 77.6 76.2 77.8 77.6 75.0 7
7.6
 Durable goods 43.5 43.8 43.8 43.5 44.1 43.8 42.2 4
3.8
 Nondurable goods 31.0 33.4 33.8 32.7 33.7 38.8 32.8 3
3.8
Other 16.9 18.3 17.6 18.5 18.9 18.1 17.8 1
8.7
 Durable goods(1) 8.4 9.2 8.8 9.2 9.5 9.1 8.9
9.4
 Nondurable goods(1) 8.4 9.2 8.8 9.2 9.5 9.1 8.9
9.4


Addenda:

Exports of agricultural

products(2) 30.6 34.9 33.9 39.7 35.2 39.3 39.8

37.9

Exports of nonagricultural

products 213.0 245.2 235.6 252.0 269.4 289.7 299.3 309.2

Imports of nonpetroleum

products 337.0 361.1 353.1 361.5 379.6 380.9 373.7 383.2

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 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 annual r
ates
 1986 1987 1987 1988
 II III IV I I
 III
 Gross saving 537.2 560.4 542.4 556.8 603.4 627.0 634.1
 656.4
Gross private saving 681.6 665.3 625.0 642.2 714.1 726.3 711.2
 752.2
 Personal saving 121.7 104.2 69.5 72.6 144.0 149.9 127.8
 143.6


Undistributed corporate

profits with inventory

valuation and capital
 consumption adjustments 104.1 81.1 78.5 85.0 80.5 78.1 80.1
 73.5
 Undistributed profits 41.6 47.4 47.0 52.4 46.4 48.1 59.6
 57.5


Inventory valuation

adjustment 8.3 -18.0 -20.0 -19.5 -18.2 -19.4 -27.4 -29.0

Capital consumption

adjustment 54.2 51.7 51.5 52.1 52.4 49.4 48.0

45.1

Corporate capital

consumption allowances

with capital consumption

adjustment 282.4 297.5 295.4 299.7 303.7 309.8 313.3 317.2

Noncorporate capital

Consumption allowances

with capital consumption

adjustment 173.5 182.5 181.6 184.9 185.8 188.5 189.9 190.9

Wage accruals less

disbursements 0 0 0 0 0 0 0

0

Government surplus or deficit

(-), national income and
 product accounts -144.4 -104.9 -82.6 -85.5 -110.7 -99.2 -77.1
 -68.8
 Federal -205.6 -157.8 -144.0 -138.3 -160.4 -155.1 -133.3
-124.8
 State and local 61.2 52.9 61.4 52.9 49.7 55.8 56.2
 55.9


Capital grants received by the
 United States (net) 0 0 0 0 0 0 0
 0
 Gross investment 523.6 552.3 539.9 541.7 597.0 612.0 629.0
 647.6


Gross private domestic
 investment 665.9 712.9 698.5 702.8 764.9 763.4 758.1
 771.4
Net foreign investment -142.4 -160.6 -158.6 -161.1 -167.8 -151.3 -129.1
-123.8
 Statistical discrepancy -13.6 -8.1 -2.5 -15.1 -6.4 -15.0 -5.1
 -8.8


Table : Table 5.8.--Change in Business Inventories by Industry (Billions of dollars)
 Seasonally adjusted at annual
 rates
 1986 1987 1987
 1988
 II III IV I
 II III


Change in business
inventories 15.5 39.2 32.7 14.5 72.0 65.3
 43.7 48.4
Farm -1.9 -1.5 1.3 -3.3 -.8 15.9
 10.6 8.9
Nonfarm 17.4 40.7 31.4 17.8 72.8 49.4
 33.1 39.5
 Change in book value 4.8 64.5 58.4 43.2 96.9 78.1
 74.7 80.9


Inventory valuation
 adjustment 12.7 -23.8 -27.0 -25.4 -24.1 -28.7
 -41.6 -41.3
 Manufacturing -3.3 6.1 -2.6 11.1 14.8 15.4
 6.3 7.7
 Durable goods -3.0 4.6 -1.0 7.6 11.7 9.6
 6.7 9.4
 Nondurable goods -.3 1.5 -1.6 3.5 3.2 5.8
 -.4 -1.7
 Wholesale trade 7.0 7.4 3.7 -3.4 22.0 24.6
 -.4 7.2
 Durable goods 3.9 5.3 3.7 -5.3 15.4 21.2
 -7.9 14.2
 Nondurable goods 3.1 2.1 -.1 1.9 6.6 3.4
 7.5 -6.9
 Merchant wholesalers 6.7 7.2 6.5 -3.7 20.1 22.6
 .3 4.6
 Durable goods 3.7 4.8 5.0 -5.7 13.6 19.3
 -7.8 12.1
 Nondurable goods 3.0 2.3 1.5 2.0 6.5 3.3
 8.1 -7.5
 Nonmerchant wholesalers .4 .2 -2.8 .4 1.8 2.0
 -.7 2.6
 Durable goods .2 .5 -1.3 .5 1.8 1.9
 -.6 2.1
 Nondurable goods .1 -.3 -1.6 -.1 .1 .2
 -.6 .5
 Retail trade 3.3 21.3 25.9 2.9 28.2 1.2
 15.6 13.1
 Durable goods .7 14.6 18.5 -2.7 21.9 -7.0
 14.5 13.6
 Automotive -1.6 10.6 10.6 -3.5 15.1 -11.6
 12.7 8.6
 Other 2.2 4.0 7.9 .8 6.8 4.6
 1.8 5.0
 Nondurable goods 2.6 6.7 7.3 5.6 6.2 8.2
 1.1 -.6
 Other 10.4 5.9 4.5 7.1 7.8 8.2
 11.6 11.5
 Durable goods 2.7 2.0 3.1 3.2 1.4 2.9
 4.5 5.5
 Nondurable goods 7.7 3.9 1.4 3.9 6.4 5.3
 7.0 6.1


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

Table : Dollars (Billions of 1982 dollars)
 Seasonally adjusted at annual
 rates
 1986 1987 1987
 1988
 II III IV I
 II III


Change in business
inventories 15.4 34.4 27.8 13.0 67.1 66.0
 35.3 36.7
Farm -2.5 -2.5 2.7 -5.3 -1.1 14.1
 5.3 0
Nonfarm 17.9 36.9 25.0 18.3 68.2 51.9
 30.1 36.7
 Manufacturing -3.5 5.2 -4.0 10.8 14.4 15.8
 5.8 6.5
 Durable goods -3.1 4.1 -1.3 7.0 10.6 8.7
 6.2 8.8
 Nondurable goods -.4 1.1 -2.7 3.9 3.8 7.1
 -.4 -2.3
 Wholesale trade 7.1 5.8 1.1 -3.5 19.4 24.9
 -1.2 7.1
 Durable goods 3.7 4.9 3.3 -4.8 14.1 18.2
 -6.8 12.8
 Nondurable goods 3.3 .9 -2.3 1.3 5.3 6.7
 5.7 -5.7
 Merchant wholesalers 6.7 5.8 4.7 -3.6 18.1 22.7
 0 4.5
 Durable goods 3.5 4.4 4.6 -5.3 12.5 16.4
 -6.8 10.8
 Nondurable goods 3.2 1.4 .1 1.6 5.6 6.3
 6.7 -6.3
 Nonmerchant wholesalers .3 0 -3.6 .2 1.3 2.2
 -1.1 2.6
 Durable goods .2 .5 -1.2 .5 1.7 1.8
 -.1 1.9
 Nondurable goods .1 .5 -2.4 -.3 -.4 .4
 -1.1 .7
Retail trade 3.1 19.2 23.4 2.9 25.1 1.5
 13.7 11.5
 Durable goods .7 13.1 16.6 -2.2 19.5 -5.9
 12.7 12.1
 Automotive -1.5 9.3 9.3 -3.0 13.2 10.1
 11.0 7.5
 Other 2.1 3.7 7.3 .8 6.3 4.2
 1.7 4.6
 Nondurable goods 2.5 6.1 6.8 5.1 5.6 7.4
 1.0 -.5
Other 11.3 6.7 4.6 8.0 9.3 9.7
 11.8 11.6
 Durable goods 2.5 1.9 2.9 2.9 1.3 2.5
 3.9 4.7
 Nondurable goods 8.8 4.9 1.8 5.0 8.0 7.2
 7.9 6.9


Table : Table 5.10.--Inventories and Final Sales of Business by Industry (Billion of dollars)
 Seasonally adjusted quarterly t
otals
 1987 198
8
 II III IV I II
 III
 Inventories(1) 902.3 914.1 941.5 965.2 992
.3 1,014.5
Farm 69.9 68.2 68.8 72.6 78
.7 82.1
Nonfarm 832.4 845.9 872.8 892.6 913
.6 932.4
 Durable goods 487.9 494.0 513.3 523.5 533
.3 547.6
 Nondurable goods 344.5 351.9 359.5 369.1 380
.2 384.8
 Manufacturing 330.8 337.8 346.2 353.4 360
.4 365.8
 Durable goods 220.6 225.2 231.9 236.1 240
.6 244.5
 Nondurable goods 110.2 112.6 114.3 117.3 119
.7 121.3
 Wholesale trade 192.7 194.0 201.0 209.3 213
.6 218.4
 Durable goods 125.4 125.4 130.6 137.0 136
.4 141.0
 Nondurable goods 67.2 68.7 70.5 72.3 77
.2 77.3
 Merchant wholesalers 167.9 168.7 175.2 182.7 186
.7 190.8
 Durable goods 110.9 110.5 115.0 120.8 120
.1 124.0
 Nondurable goods 56.9 58.2 60.2 61.9 66
.7 66.7
 Merchant wholesalers 24.8 25.3 25.8 26.7 26
.9 27.6
 Durable goods 14.5 14.9 15.6 16.2 16
.4 17.0
 Nondurable goods 10.3 10.4 10.2 10.5 10
.5 10.6
 Retail trade 203.5 205.5 213.7 215.2 221
.5 226.5
 Durable goods 103.5 103.4 109.4 108.0 112
.3 116.3
 Automotive 53.6 52.8 56.7 53.8 57
.2 59.7
 Other 49.9 50.6 52.7 54.2 55
.1 56.7
 Nondurable goods 100.1 102.1 104.3 107.2 109
.2 110.1
 Other 105.4 108.5 111.7 114.7 118
.1 121.8
 Final sales(2) 315.6 323.3 325.1 330.2 339
.5 344.9
 Final sales of goods and structures(2) 181.3 186.6 185.6 187.8 194
.0 196.9


Ratio of inventories to final sales
Inventories to final sales 2.86 2.83 2.90 2.92 2
.92 2.94
Nonfarm inventories to final sales 2.64 2.62 2.68 2.70 2
.69 2.70


Nonfarm inventories to final sales of goods and structures

4.59 4.53 4.70 4.75 4.71 4.73

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 : Table 5.11.--Inventories and Final Sales of Business by Industry in Constant Dollars (Billions of 1982 dollars)
 Seasonally adjusted quarterly t
otals
 1987 198
8
 II III IV I II
 III
 Inventories 863.2 866.4 883.2 899.7 908
.5 917.7
Farm 71.8 70.5 70.2 73.7 75
.0 75.0
Nonfarm 791.4 796.0 813.0 826.0 833
.5 842.7
 Durable goods 449.2 449.9 461.3 467.1 47
.1 480.7
 Manufacturing 316.0 318.7 322.3 326.3 327
.7 329.3
 Durable goods 205.8 207.5 210.2 212.4 213
.9 216.1
 Nondurable goods 110.2 111.2 112.2 113.9 113
.8 113.2
 Wholesale trade 183.2 182.4 187.2 193.4 193
.1 194.9
 Durable goods 115.1 113.9 117.4 122.0 120
.3 123.5
 Nondurable goods 68.1 68.5 69.8 71.4 72
.9 71.4
 Merchant wholesalers 157.6 156.7 161.2 166.9 166
.9 168.0
 Durable goods 101.7 100.3 103.5 107.6 105
.9 108.6
 Nondurable goods 56.0 56.4 57.8 59.3 61
.0 59.5
 Nonmerchant wholesalers 25.6 25.6 26.0 26.5 26
.2 26.9
 Durable goods 13.4 13.6 14.0 14.4 14
.4 14.9
 Nondurable goods 12.2 12.1 12.0 12.1 11
.8 12.0
 Retail trade 184.3 185.1 191.3 191.7 195
.1 198.0
 Durable goods 92.9 92.4 97.2 95.8 98
.0 102.0
 Automotive 46.7 45.9 49.2 46.7 49
.5 51.3
 Other 46.2 46.4 48.0 49.0 49
.5 50.6
 Nondurable goods 91.4 92.7 94.1 95.9 96
.2 96.1
 Other 107.8 109.8 112.1 114.6 116
.5 120.4
 Final sales(2) 272.8 277.3 277.2 280.4 285
.3 286.7
 Final sales of goods and structures(2) 166.5 170.5 169.5 171.4 175
.3 176.2


Ratio of inventories to final sales
Inventories to final sales 3.16 3.12 3.19 3.21 3.
18 3.20
Nonfarm inventories to final sales 2.90 2.87 2.93 2.95 2.
92 2.94


Nonfarm inventories to final sales of goods and

structures 4.75 4.67 4.80 4.82

4.75 4.78

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 : Table 5.12.--Fixed Investment by Type (Billions of dollars)
 Seasonally adjusted at annual r
ates
 1986 1987 1987 1988
 II III IV I II
 III
Fixed investment 650.4 673.7 665.8 688.3 692.9 698.1 714.4
 723.0
 Nonresidential 433.9 446.8 438.2 462.1 464.1 471.5 487.8
 494.7
 Structures 138.5 139.5 134.4 143.0 147.7 140.1 142.3
 143.9


Nonresidential buildings
 excluding farm 91.8 92.6 90.3 95.0 96.6 93.3 95.7
 93.7
 Public utilities 27.4 28.4 27.1 28.9 30.8 27.7 28.8
 32.0


Mining exploration,
 shafts, and wells 14.9 13.9 12.3 14.6 15.8 15.1 14.3
 14.6
 Other 4.4 4.5 4.7 4.6 4.6 4.0 3.5
 3.6


Producer's durable

equipment 295.4 307.3 303.8 319.1 316.3 331.3 345.5 350.7

Information processing
 and related equipment 96.5 101.2 99.2 105.7 102.8 107.0 111.5
 113.1
 Industrial equipment 68.9 70.6 68.9 71.4 74.2 77.2 81.3
 83.7


Transportation and
 related equipment 66.9 67.8 69.4 72.1 68.5 74.2 78.7
 79.9
 Other 63.0 67.6 66.2 69.9 70.9 73.0 74.0
 74.1
Residential 216.6 226.9 227.6 226.2 228.8 226.6 226.5
 228.3
 Single-family structures 102.0 114.5 114.1 115.0 117.3 116.5 116.2
 115.4
 Multifamily structures 32.5 25.5 25.5 23.9 24.1 22.1 20.7
 21.2
 Other 82.1 87.0 88.0 87.3 87.4 87.9 89.6
 91.7


Table : Table 5.13.--Fixed Investment by Type in Constant Dollars [Billion of 1982 dollars]
 Seasonally adjusted at annual r
ates
 1986 1987 1987 1988
 II III IV I II
 III
Fixed investment 628.1 640.4 632.3 654.9 657.6 662.9 679.7
 687.1
 Nonresidential 433.1 445.1 434.8 462.8 464.8 473.4 490.2
 496.0
 Structures 129.3 125.5 120.9 128.0 132.1 124.0 125.0
 126.0


Nonresidential buildings,
 exclusive farm 79.6 77.1 75.4 78.3 79.4 76.1 78.0
 76.0
 Public utilities 25.2 25.7 24.6 26.0 27.6 24.6 25.4
 28.0


Mining exploration,
 shafts, and wells 20.7 18.8 16.8 19.7 21.1 19.8 18.7
 19.0
 Other 3.9 3.9 4.1 4.0 4.0 3.4 2.9
 3.0


Producers' durable

equipment 303.8 319.6 313.8 334.7 332.7 394.4 365.1 370.0

Information processing
 and related equipment 124.9 139.4 134.6 148.0 147.0 155.9 165.0
 167.6
 Industrial equipment 62.1 61.4 60.1 62.1 63.4 65.2 68.0
 69.9


Transportation and
 related equipment 59.8 59.1 60.8 62.9 59.8 64.9 68.3
 68.6
 Other 57.0 59.7 58.3 61.8 62.5 63.4 63.8
 63.9
 Residential 195.0 195.2 197.6 192.1 192.7 189.5 189.6
 191.1
 Single-family structures 91.4 97.5 98.2 96.5 97.3 96.2 96.3
 95.6
 Multifamily structures 29.1 21.7 22.0 20.1 20.0 18.2 17.2
 17.6
 Other 74.5 76.0 77.4 75.5 75.4 75.2 76.1
 77.9


Table : Table 6.3B.--National Income Without Capital Consumption Adjustment by Industry [Billions of dollars]
 Seasonally adjusted at an
nual rates
 1986 1987 1987
 1988


National income without

capital consumption
 adjustment 3,398.2 3,644.4 3,597.5 3,675.0 3,768.3 3,821
.4 3,901.1 3,971.4
Domestic industries 3,363.3 3,614.9 3,569.3 3,648.2 3,737.3 3,799
.1 3,879.8 3,945.9
 Private industries 2,867.6 3,085.7 3,043.4 3,115.5 3,196.8 3,246
.7 3,320.2 3,378.9


Agriculture, forestry, and
 fisheries 81.5 88.2 88.0 80.5 92.6 90
.9 90.2 ....
 Mining 30.4 31.0 30.1 32.7 35.2 35
.3 36.1 ....
 Construction 185.1 196.7 196.8 197.0 200.1 203
.4 210.0 ....
 Manufacturing 686.4 727.4 716.6 740.9 747.6 766
.4 780.0 ....
 Durable goods 405.7 419.4 414.4 424.7 420.6 432
.7 445.9 ....
 Nondurable goods 280.7 308.0 302.3 316.3 327.0 333
.7 334.1 ....


Transportation and public
 utilities 266.6 276.8 274.9 278.8 285.8 286
.4 296.8 ....
 Transportation 112.8 120.7 119.3 120.6 124.4 124
.8 129.4 ....
 Communication 73.6 76.3 75.3 78.2 78.4 77
.3 80.1 ....


Electric, gas, and sanitary
 services 80.2 79.9 80.2 79.9 83.1 84
.2 87.3 ....
 Wholesale trade 203.4 213.6 207.7 216.2 219.8 225
.0 224.8 ....
 Retail trade 298.8 316.2 312.1 319.8 324.6 331
.4 336.5 ....


Finance, insurance, and
 real estate 475.5 524.0 517.0 529.8 545.9 553
.6 567.2 ....
 Services 639.8 711.6 700.2 719.8 745.1 754
.4 778.7 ....


Government and government
 enterprises 495.7 529.2 525.9 532.7 540.5 552
.3 559.6 567.1
Rest of the world 34.9 29.5 28.2 26.8 31.0 22
.4 21.3 25.5


Table : Table 6.18B.--Corporate Profits by Industry [Billion of dollars]
 Seasonally adjusted at an
nual rates
 1986 1987 1987
 1988
 II III V I
 II III


Corporate profits with inventory

valuation and capital
 consumption adjustments 298.9 310.4 305.2 322.0 316.1 316.2
 326.5 323.7
Domestic industries 266.9 274.0 270.8 286.7 274.6 286.0
 291.1 288.6
 Financial 36.4 36.5 37.4 36.3 36.2 35.4
 38.5 40.7
 Nonfinancial 230.6 237.5 233.3 250.4 238.4 250.6
 252.6 247.9
Rest of the world 31.9 36.4 34.4 35.3 41.4 30.2
 35.4 35.1


Corporate profits with inventory
 valuation adjustment 244.7 258.7 253.6 269.9 263.7 266.8
 278.5 278.6
Domestic industries 212.8 222.3 219.2 234.6 222.2 236.6
 243.1 243.5
 Financial 31.8 30.1 31.4 29.5 28.8 27.6
 30.0 32.4
 Federal Reserve banks 16.0 16.0 16.0 16.2 17.5 17.4
 18.2
 Other 15.8 14.1 15.4 13.4 12.6 10.1
 12.6 14.2
 Nonfinancial 180.9 192.1 187.8 205.1 193.4 209.0
 213.1 211.1
 Manufacturing 79.4 96.8 93.8 107.0 101.7 110.6
 114.5 .....
 Durable goods 32.4 36.5 36.6 40.9 29.4 33.9
 41.5 .....
 Primary metal industries -.5 1.4 .2 1.9 2.6 3.2
 5.1
 Fabricated metal products 5.4 5.7 4.1 7.2 6.7 8.0
 7.5 .....
 Machinery, except electrical 3.3 3.2 2.7 4.6 1.7 3.3
 5.5 .....


Electric and electronic
 equipment 3.2 3.2 5.3 5.5 -.8 1.2
 4.1 .....
 Motor vehicles and equipment 7.6 7.3 9.6 5.6 4.5 4.2
 4.6 .....
 Other 13.3 15.7 14.7 16.2 14.6 14.0
 14.7 .....
 Nondurable goods 47.0 60.3 57.2 66.1 72.4 76.8
 73.0 .....
 Food and kindred products 11.2 12.8 12.2 14.0 14.9 15.9
 17.5 .....
 Chemicals and allied products 9.5 13.5 12.3 14.4 15.3 19.1
 18.6 .....
 Petroleum and coal products 7.0 12.2 12.0 14.7 18.8 17.4
 14.8 .....
 Other 19.3 21.9 20.7 22.9 23.4 24.5
 22.1 .....
 Transportation and public utilities 39.2 34.9 35.8 34.0 36.1 34.5
 38.2 .....
 Wholesale and retail trade 46.1 42.8 37.8 44.1 43.0 43.9
 37.0 .....
 Other 16.3 17.6 20.4 20.0 12.6 20.0
 23.4 .....
Rest of the world 31.9 36.4 34.4 35.3 41.4 30.2
 35.4 35.1


Table : Table 7.1.--Fixed-Weighted Price Indexes for Gross National Product, 1982 Weights [Index numbers, 1982=100]
 Seasonally a
djusted
 1986 1987 1987
 1988
 II III IV
 I II III
 Gross national product 115.0 119.1 118.6 119.7 120.8 1
21.8 123.3 124.9
Personal consumption expenditures 115.3 120.4 119.0 121.1 122.5 1
23.2 124.9 126.4
 Durable goods 106.5 109.7 109.2 110.2 111.0 1
11.4 111.9 112.8
 Nondurable goods 107.8 112.6 112.4 113.4 114.3 1
14.6 116.7 118.2
 Services 123.0 129.0 128.1 129.6 131.5 1
32.6 134.4 135.9


Gross private domestic investment
 Fixed investment 105.8 108.8 108.4 109.3 109.9 1
10.8 111.3 111.6
 Nonresidential 104.3 106.8 106.5 107.0 107.5 1
08.3 109.0 109.4
 Structures 101.8 105.1 104.5 105.8 106.4 1
07.5 107.8 108.4
 Procedures' durable equipment 106.0 107.9 107.8 107.7 108.1 1
08.9 109.8 110.0
 Residential 110.9 115.9 114.9 117.4 118.3 1
19.2 119.3 119.3


Change in business inventories Net exports of goods and services
 Exports 103.9 106.0 105.5 106.4 107.0 1
08.7 110.5 113.0
 Imports 93.6 100.3 101.9 103.0 103.9 1
05.3 105.3 105.4


Government purchases of goods and services 115.6 119.6 119.1 120.1 121.2 122.9 124.3 125.6
 Federal 110.8 113.5 113.3 113.7 114.4 1
16.3 117.2 118.4
 National defense 113.3 114.0 113.9 114.2 114.8 1
16.6 117.4 117.9
 Nondefense 109.4 112.1 111.7 112.5 113.6 1
15.7 116.9 119.8
 State and local 119.1 124.1 123.3 124.9 126.1 1
27.8 129.5 130.9


Addenda:

Final sales 114.9 119.0 118.4 119.5 120.6 121.7 123.2 124.7

Personal consumption expenditures,

food 112.2 117.2 117.0 117.8 118.6 119.2 121.0 123.7

Personal consumption expenditures

energy 91.0 91.7 91.4 93.4 92.9

91.1 92.3 93.2

Other personal consumption

expenditures 119.1 124.9 124.2 125.5 127.2 128.3 130.0 131.3 NOTE--Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 7.2.--Fixed-weighted Price Indexes for Gross National Product by Major Type of Product, 1982 Weights [Index numbers, 1982=100]
 Seasonally a
djusted
 1986 1987 1987
 1988
 II III IV
 I II III
 Gross national product 115.0 119.1 118.6 119.7 120.8 1
21.8 123.3 124.9
 Final sales 114.9 119.0 118.4 119.5 120.6 1
21.7 123.2 124.7


Change in business inventories
Goods 108.4 111.0 110.8 111.4 112.1 1
12.6 114.3 116.1
 Final sales 108.2 110.8 110.6 111.2 111.9 1
12.5 114.1 116.0


Change in business inventories
 Durable goods 106.1 107.1 106.9 107.2 107.0 1
07.2 107.6 108.3
 Final sales 106.0 107.0 106.8 107.2 107.1 1
07.3 107.7 108.5


Change in business inventories
 Nondurable goods 110.0 113.7 113.4 114.3 115.5 1
16.3 118.7 121.4
 Final sales 109.8 113.5 113.2 114.1 115.3 1
16.1 118.5 121.1


Change in business inventories
Services 122.1 127.6 126.9 128.2 129.8 1
31.2 132.8 134.3
Structures 107.0 110.7 110.0 111.7 112.4 1
13.5 113.9 114.3


Table 7.3.--Fixed-Weighted Price Indexes for Relation of Gross National Product, Gros Domestic Purchases, and Final Sales to Domestic Purchases, 1982 Weights [Index numbers, 1982=100]
 Seasonally a
djusted
 1986 1987 1987
 1988
 II III IV
 I II III
Gros national product 115.0 119.1 118.6 119.7 120.8 1
21.8 123.3 124.9
Less: Exports of goods and services 103.9 106.0 105.5 106.4 107.0 1
08.7 110.5 113.0
Plus: Imports of goods and services 93.6 100.8 100.3 101.9 103.0 1
03.9 105.3 105.4
Equals: Gross domestic purchases(1) 114.0 118.7 118.1 119.3 120.5 1
21.4 122.9 124.2


Less: Change in business inventories Equals: Final sales to domestic

purchasers(2) 113.9 118.5 118.0 119.2 120.3 121.3 122.8 124.0 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 7.4.--Implicit Price Deflators for Gross National Product
 [Index numbers, 1982=100]
 Seasonally a
djusted
 1986 1987 1987
 1988
 II III IV
 I II III
 Gross national product 113.9 117.7 117.3 118.2 118.9 1
19.4 121.0 122.4
Personal consumption expenditures 114.3 119.5 118.9 120.2 121.5 1
22.2 123.9 125.2
 Durable goods 105.6 107.9 107.5 108.6 108.9 1
09.1 109.6 110.3
 Nondurable goods 107.3 112.1 111.9 112.9 113.7 1
13.8 116.0 117.3
 Services 122.4 128.5 127.6 129.1 131.0 1
32.2 134.0 135.5


Gross private domestic investment
 Fixed investment 103.5 105.2 105.3 105.1 105.4 1
05.3 105.1 105.2
 Nonresidential 100.2 100.4 100.8 99.9 99.8
99.6 99.5 99.7
 Structures 107.1 111.1 111.2 111.7 111.8 1
13.0 113.8 114.2
 Producers' durable equipment 97.2 96.2 96.8 95.3 95.1
94.8 94.6 94.8
 Residential 111.1 116.2 115.2 117.7 118.7 1
19.5 119.5 119.5


Change in business inventories Net exports of goods and services
 Exports 100.0 100.0 100.1 99.9 100.1 1
00.3 102.1 104.1
 Imports 93.6 99.0 99.4 98.9 100.0 1
00.8 101.4 101.3


Government purchases of goods and
 services 114.6 118.5 118.6 119.1 119.5 1
21.7 122.7 123.3
 Federal 109.8 112.7 113.7 112.9 112.6 1
15.2 115.3 114.6
 National defense 110.4 111.5 111.3 111.3 111.6 1
12.8 113.4 114.7
 Nondefense 108.2 117.0 122.9 119.0 116.0 1
25.5 122.7 114.1
 State and local 118.2 123.0 122.3 123.9 124.9 1
26.5 128.1 129.4


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 113.9 117.7 117.3 118.2 118.9 1
19.4 121.0 122.4
 Final sales 114.0 117.7 117.3 118.2 119.1 1
19.8 121.0 122.3


Change in business inventories
Goods 106.2 107.8 108.8 108.1 107.9 1
07.5 109.4 110.8
 Final sales 106.2 107.6 107.7 108.0 107.9 1
07.8 109.1 110.4


Change in business inventories
 Durable goods 101.5 100.2 100.4 99.8 99.5
98.4 98.6 99.5
 Final sales 101.5 99.9 100.1 99.8 98.8
98.0 98.3 99.0


Change in business inventories
 Nondurable goods 110.0 114.3 114.3 115.5 115.5 1
15.8 119.7 122.1
 Final sales 110.1 114.3 114.1 115.5 115.9 1
17.0 119.4 121.2


Change in business inventories
Services 121.9 127.5 126.7 128.1 129 7 1
31.2 132.8 134.3
Structures 110.2 114.6 114.0 115.6 116.2 1
17.4 117.9 118.2


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 113.9 117.7 117.3 118.2 118.9 1
19.4 121.0 122.4
Gross domestic product 113.9 117.7 117.3 118.2 118.9 1
19.4 121.1 122.4
 Business 112.7 116.0 115.7 116.5 117.1 1
17.4 119.0 120.4
 Nonfarm 113.3 116.7 116.2 117.1 117.7 1
18.0 119.3 120.5
 Nonfarm less housing 112.1 115.2 114.8 115.7 116.2 1
16.3 117.7 118.8
 Housing 126.0 131.9 130.9 132.5 134.7 1
36.1 137.1 138.9
 Farm 90.1 92.0 96.6 93.6 89.8
94.4 106.4 116.5
 Statistical discrepancy 112.7 116.0 115.7 116.5 117.1 1
17.4 119.0 120.4
 Households and institutions 122.0 131.0 129.8 132.1 134.9 1
35.7 138.1 139.8
 Private households 103.6 104.8 104.7 104.9 105.0 1
05.0 105.8 106.1
 Nonprofit institutions 123.3 132.9 131.6 134.0 137.1 1
37.9 140.4 142.1
 Government 122.0 127.8 127.2 128.3 129.7 1
32.3 133.6 134.8
 Federal 117.1 122.3 122.3 122.3 123.2 1
26.5 127.2 127.3
 State and local 124.5 130.5 129.6 131.3 133.0 1
35.1 136.9 138.6
Rest of the world 115.5 119.5 119.1 120.1 120.8 1
21.4 123.2 124.7


Addendum: Gross domestic business product less

housing 111.6 114.7 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 a
djusted
 1986 1987 1987
 1988
 II III IV
 I II III
 Gross national product 113.9 117.7 117.3 118.2 118.9 1
19.2 121.0 122.4


Less: Capital consumption allowances
 with capital consumption adjustment 102.9 104.2 104.1 104.7 104.6 1
05.4 105.4 105.4
Equals: Net national product 115.4 119.5 119.1 120.0 120.8 1
21.3 123.2 124.7


Less: Indirect business tax and nontax

liabilities plus business transfer

payments less subsidiaries plus current
 surplus of government enterprises 115.7 117.8 118.2 121.3 117.6 1
20.3 121.6 125.9
 Statistical discrepancy 112.7 116.0 115.7 116.5 117.1 1
17.4 119.0 120.4
Equals: National income 115.4 119.7 119.2 119.9 121.1 1
21.4 123.3 124.6


Table 7.8.--Implicit Price Deflators for command-Basis Gross National Product [Index numbers,1982=100]

Gross national product 113.9 117.7 117.3 118.2 118.9 119.4 121.0 122.4

Less: Net exports of goods and services
 Exports 100.0 100.0 100.1 99.9 100.0 1
00.8 101.4 101.3
 Imports 93.6 99.0 99.4 98.9 100.0 1
00.8 101.4 101.3
Equals: Gross domestic purchases 112.6 116.9 116.6 117.4 118.3 1
19.0 120.5 121.6


Plus: Command-basis net exports of

goods and services
 Command-basis exports 93.6 99.0 99.4 98.9 100.0 1
00.8 101.4 101.3
 Imports 93.6 99.0 99.4 98.9 100.0 1
00.8 101.4 101.3


Equals: Command-basis gross national product

113.1 117.5 117.2 118.1 118.8 119.5 120.9 122.0 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 115.3 120.4 119.9 121.1 122.5 1
23.2 124.9 126.4
Durable goods 106.5 109.7 109.2 110.2 111.0 1
11.4 111.9 112.8
 Motor vehicles and parts 110.9 115.3 114.7 115.9 117.0 1
17.0 116.8 117.9
 Furniture and household equipment 100.9 102.1 101.6 102.5 102.4 1
02.9 103.5 104.3
 Other 108.0 112.7 112.0 113.2 115.0 1
16.2 117.8 118.8
Nondurable goods 107.8 112.6 112.4 113.4 114.3 1
14.6 116.7 118.2
 Food 112.2 117.2 117.0 117.8 118.6 1
19.2 121.0 123.7
 Clothing and shoes 106.0 111.0 111.8 110.7 113.0 1
13.1 117.2 114.8
 Gasoline and oil 75.4 78.4 77.7 81.1 80.6
77.2 79.0 80.9
 Other nondurable goods 116.2 121.4 120.8 122.4 123.5 1
24.9 126.7 127.9
 Fuel oil and coal 76.2 76.6 76.4 78.5 77.7
77.1 78.9 77.5
 Other 121.7 127.6 126.8 128.4 129.8 1
31.5 133.2 134.8
Services 123.0 129.0 128.1 129.6 131.5 1
32.6 134.4 135.9
 Housing 124.4 130.0 129.1 130.6 132.7 1
34.2 135.2 137.0
 Household operation 118.2 118.3 118.3 118.6 118.6 1
18.5 119.6 119.8
 Electricity and gas 113.9 125.0 124.7 124.7 125.7 1
25.7 127.2 127.6
 Other 122.7 125.0 124.7 125.5 125.7 1
25.7 127.2 127.6
 Transportation 113.2 120.3 119.3 118.7 125.1 1
22.5 126.7 126.7
 Medical Care 128.4 135.6 134.7 136.8 138.0 1
40.4 143.4 146.3
 Other 122.1 130.2 129.2 133.1 134.9 1
34.6 135.9 137.2


Table 7.14 --Fixed-Weighted Price Indexes for Exports and Imports of Goods and Services, 1982 Weights [Index numbers, 1982=100]
Export of goods and services 103.9 106.0 105.5 106.4 107.0 1
08.7 110.5 113.0
 Merchandise 96.6 97.8 97.5 98.4 99.2 1
01.3 103.3 106.6
 Durable goods 100.0 101.7 101.5 102.0 102,2 1
03.5 104.5 105.6
 Nondurable goods 92.3 92.7 91.9 93.4 94.9
94.9 101.5 107.8
 Services 114.2 117.2 117.4 118.0 118.6 1
19.4 121.0 122.3
 Services 111.6 118.4 117.9 119.1 120.2 1
21.4 122.7 123.5
 Factor income 115.9 120.3 119.8 120.8 121.6 1
22.2 124.0 125.5
 Other 111.1 113.1 113.0 113.1 113.1 1
14.4 115.7 116.6
Import of goods and services 93.6 100.8 100.3 101.9 103.0 1
03.9 105.3 195.4
 Merchandise 87.5 94.7 94.3 96.0 97.1
97.9 99.4 99.3
 Durable goods 105.2 109.7 109.3 110.1 112.4 1
15.4 117.4 118.0
 Nondurable goods 73.2 79.5 79.0 81.7 81.5
80.1 81.0 80.2
 Services 111.6 118.4 117.9 119.1 120.2 1
21.4 122.7 123.5
 Factor income 115.4 119.6 119.1 120.1 120.8 1
21.4 123.2 124.8
 Other 108.6 117.5 116.9 118.3 119.7 1
21.4 122.3 122.5


Table : 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
 1986 1987 1987
 1988
 II III IV I
 II III
 Merchandise exports 96.6 97.8 97.5 98.4 99.2 101
.3 103.3 106.6
Foods, feeds, and beverages 87.9 82.1 81.4 82.0 83.3 88
.2 94.0 108.3
Industrial supplies and materials 91.6 95.4 94.4 96.8 98.5 101
.2 103.4 105.8
 Durable goods 91.6 95.5 94.4 96.8 98.5 101
,2 103.4 105.8
 Nondurable goods 91.6 95.4 94.4 96.8 98.5 103
.4 103.4 105.8
 Capital goods, except autos 99.3 100.5 100.6 100.6 100.1 101
.2 102.0 102.5
Autos 111.6 113.1 113.0 113.3 114.1 113
.8 113.9 115.3
Consumer goods 103.6 107.4 106.7 107.6 109.2 111
.0 111.6 112.4
 Durable goods 99.4 102.2 101.1 102.1 104.0 105
.4 107.0 109.1
 Nondurable goods 106.9 111.5 111.1 111.9 113.2 115
.5 115.3 115.0
Other 99.4 100.9 100.3 101.2 102.7 104
.7 106.7 110.0
 Durable goods 99.4 100.9 100.3 101.2 102.7 104
.7 106.7 110.0
 Nondurable goods 99.4 100.9 100.3 101.2 102.7 104
.7 106.7 110.0
 Merchandise imports 87.5 94.7 94.3 96.0 97.1 97
.9 97.9 99.3
Foods, feeds and beverages 104.9 103.6 101.0 104.3 106.2 109
.1 109.6 110.2


Industrial supplies and materials,
 excluding petroleum 84.4 90.1 88.3 92.7 94.3 99.
9 103.7 105.8
 Durable goods 84.5 90.3 88.5 92.9 94.5 100.
1 103.8 105.8
 Nondurable goods 84.3 90.0 88.1 92.5 94.1 99.
8 103.6 105.7
Petroleum and products 45.7 55.1 55.9 58.0 55.5 48.
4 48.1 45.2
Capital goods, except autos 100.4 109.2 109.6 108.6 111.8 113.
8 115.0 115.2
Autos 118.4 125.1 125.0 125.2 126.9 129.
0 130.4 131.2
Consumer goods 106.3 114.8 114.2 115.5 118.1 121.
2 123.5 123.4
 Durable goods 104.3 111.8 111.2 112.1 114.6 117.
6 120.2 119.7
 Nondurable goods 109.1 119.1 118.5 120.2 123.0 126.
4 128.2 128.7
Other 103.1 110.1 109.4 111.0 113.1 116.
4 116.4 119.4
 Nondurable goods 103.1 110.1 109.4 110.9 113.2 116.
4 118.7 119.4


Table : Table 7.16.--Fixed Weighted Price Indexes for Governmment Purchases of Goods and Services by Type,, 1982 Weights [Index numbers, 1982=100]
 Seasonally adjusted
 1986 1987 1987
 1988
 II III IV I
 II III


Government purchase of goods
 and services 115.6 119.6 119.1 120.1 121.2 122.
9 124.3 125.6
Federal 110.8 113.5 113.3 113.7 114.4 116.
3 117.2 118.4
 National defense 111.3 114.0 113.9 114.2 114.8 116.
6 117.4 117.9
 Durable goods 110.2 109.0 109.6 108.8 107.6 108.
6 109.2 109.9
 Nondurable goods 69.0 68.7 69.0 70.1 71.3 70.
1 72.3 75.3
 Services 116.2 120.6 120.2 120.7 121.9 124.
3 125.0 125.2
 Compensation of employees 117.1 122.0 121.9 122.0 123.0 126.
2 126.9 127.0
 Military 117.1 121.6 121.4 121.5 122.5 125.
6 125.6 126.5
 Civilian 117.1 122.9 123.0 123.1 123.9 127.
4 128.0 128.0
 Other services 114.3 117.8 116.9 118.2 119.8 120.
7 121.4 121.9
 Structures 117.2 121.7 120.9 122.5 123.9 125.
5 125.8 125.9
Nondefense 109.4 112.1 111.7 112.5 113.6 115.
7 116.9 119.8
 Durable goods 99.6 99.6 99.8 99.3 99.5 100.
2 101.3 101.5


Nondurable goods

Commodity Credit Corporation

inventory change
 Other nondurables 94.7 96.9 97.0 97.6 96.2 97.
8 98.9 98.3
 Services 115.7 120.2 120.0 120.5 121.2 123.
5 124.2 124.6
 Compensation of employees 117.3 123.0 123.1 123.2 123.9 127.
4 127.9 128.0
 Other services 113.2 115.8 115.2 116.3 116.9 117.
4 118.4 119.4
 Structures 109.4 111.3 110.9 111.9 112.2 113.
5 114.8 115.7
State and local 119.1 124.1 123.3 124.9 126.1 127.
8 129.5 130.9
 Durable goods 108.4 110.6 110.4 110.8 111.1 119.
1 112.8 114.0
 Nondurable goods 90.4 95.0 94.6 96.5 96.2 95.
5 97.6 98.1
 Services 124.1 129.9 129.0 130.6 132.2 134.
2 135.9 137.5
 Compensation of employees 124.5 130.6 129.7 131.3 133.0 135.
2 136.9 138.6
 Other services 121.9 126.6 125.8 127.6 128.3 129.
6 131.2 132.2
 Structures 112.9 114.5 113.9 115.1 115.9 117.
4 118.9 119.7


Table : Table 7.17.--Fixed-Weighted Price Indexes for National Defense of Goods and Services by Type, 1982 Weights [Index numbers, 1982=100]
 Seasonally asjusted
 1986 1987 1987
 1988
 II III IV I
 II III
 National defense purchase 111.3 114.0 113.9 114.2 114.8 116.
6 117.4 117.9
Durable goods 110.2 109.0 109.5 108.8 107.6 108.
6 109.2 109.9
 Military equipment 112.4 110.9 111.5 109.2 109.2 110.
3 110.9 111.5
 Aircraft 116.1 110.4 111.4 109.4 108.5 110.
3 111.2 111.4
 Missiles 119.2 120.9 120.9 119.9 112.6 112.
7 112.9 114.3
 Ships 118.4 119.7 119.6 119.6 119.8 120.
4 120.3 121.7
 Vehicles 83.9 89.8 90.4 89.1 88.4 88.
1 89.7 91.3
 Electronic equipment 109.0 106.7 106.3 106.7 106.6 106.
9 106.9 107.1
 Other 106.0 107.9 107.5 108.6 108.6 110.
7 110.9 111.3
 Other durable goods 100.3 100.5 100.7 100.7 100.5 100.
9 101.8 102.7
Nondurable goods 69.0 68.7 69.0 70.1 71.3 70.
1 72.3 75.3
 Petroleum products 54.0 52.4 52.7 54.2 56.9 54.
4 57.4 61.3
 Ammunition 94.4 97.2 97.8 97.1 93.3 95.
0 94.9 95.3
 Other nondurable goods 106.8 109.6 109.2 110.1 110.6 112.
0 113.3 114.6
Services 116.2 120.6 120.2 120.7 121.9 124.
3 125.0 125.2
 Compensation of employees 117.1 122.0 121.9 122.0 123.0 126.
2 126.9 127.0
 Military 117.1 121.6 121.4 121.5 122.5 125.
6 126.4 126.5
 Civilian 117.1 122.9 123.0 123.1 123.9 127.
4 128.0 128.0
 Other services 114.3 117.8 116.9 118.2 119.8 120.
7 121.4 121.9


Contractual research and
 development 113.4 115.6 114.7 116.0 117.3 118.
2 119.1 120.3
 Installation support(1) 119.9 123.7 122.8 125.0 125.2 125.
9 127.1 127.9
 Weapons support(2) 113.8 114.6 113.7 114.4 116.4 116.
6 116.7 117.8
 Personnel support(3) 129.7 145.7 144.4 144.9 152.8 116.
6 116.7 117.8
 Transportation of material 90.4 93.0 91.4 92.5 94.6 95.
6 95.0 95.3
 Travel of persons 102.4 103.9 103.4 103.7 103.8 103.
8 104.6 104.8


Other
Structures 117.2 121.7 120.9 122.5 123.9 125.
5 125.8 125.9
 Military facilities 102.2 123.3 122.7 123.5 124.7 126.
4 127.1 127.5
 Other 122.7 119.5 118.2 121.0 122.8 124.
2 123.8 123.5


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 systsems. 3. Includes compensation of foreign personnel, consulting, training, and education.

Table : Table 7.18.--Current-Dollar Cost and Profit Per Unit of Constant-Dollar

Gross Domestic Product of Nonfinancial Corporate Business
 [Dollars]
 Seasonally adjusted
 1986 1987 1987
 1988
 I III IV I
 II III


Current-dollar cost and profit per

unit of constant-dollar gross

domestic product(1) 1.089 1.107 1.104 1.109 1.113 1.114 1.127 1.140

Capital consumption allowances with
 capital consumption adjustment .121 .122 .121 .121 .121 .1
21 .122 .123
Net domestic product .968 .985 .982 .988 .992 .9
93 1.005 1.018


Indirect business tax and nontax

liability plus business transfer
 payments less subsidies .105 .106 .106 .106 .105 .1
05 .106 .108
Domestic income .863 .880 .876 .882 .887 .8
87 .899 .910
 Compensation of employees .719 .732 .730 .729 .738 .7
36 .747 .759


Corporate profits with inventory

valuation and capital
 adjustments .106 .105 .104 .109 .103 .1
06 .106 .104
 Profits tax liability .035 .044 .043 .046 .044 .0
44 .046 .046


Profits after tax with inventory

valuation and capital
 consumption adjustments .071 .061 .061 .063 .05 .0
62 .060 .058
Net interest .039 .043 .043 .044 .045 .0
45 .047 .048


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

Table : Table 8.1.--Percent Change From Preceding Period in Selected Series
 [Percent]
 Seasonally adjusted annual rate
s
 1986 1987 1987
 1988
 II III 1V I
 II III


Gross national product:
 Current dollars 5.6 6.8 8.7 7.7 8.6 5.
4 8.7 7.3
 1982 dollars 2.8 3.4 5.0 4.5 6.1 3.
4 3.0 2.6
 Implicit price deflador 2.7 3.3 3.5 3.1 2.4 1.
7 5.5 4.7
 Chain price index 2.5 3.4 3.7 3.6 3.4 3.
0 4.8 4.5
 Fixed-weighted price index 2.8 3.6 4.2 3.7 3.8 3.
5 5.0 5.1


Personal consumption expenditures:
 Current dollars 6.8 7.3 10.0 9.1 2.4 6.
9 8.8 8.6
 1982 dollars 4.3 2.7 4.3 4.6 -2.1 4.
5 3.0 4.0
 Implicit price deflator 2.4 4.5 5.6 4.4 4.4 2.
3 5.7 4.3
Chain price index 2.7 4.5 5.7 4.3 4.4 2.
5 5.6 4.6
 Fixed-weighted price index 2.7 4.5 5.7 4.2 4.6 2.
4 5.7 4.8


Durable goods:
 Current dollars 9.2 3.8 17.9 21.4 -16.5 15.
8 11.4 1.8
 1982 dollars 8.4 1.5 14.5 16.5 -17.3 14.
7 9.8 -1.1
 Implicit price deflator .8 2.2 3.0 4.2 1.1 .
7 1.8 2.6
 Chain price index 1.1 2.7 2.2 3.6 2.6 1.
6 1.7 3.1
 Fixed-weighted price index 1.3 3.0 2.6 3.9 2.8 1.
6 1.6 3.4


Nondurable goods:
 Current dollars 3.6 5.8 7.5 4.6 2.3 1.
5 8.3 10.1
 1982 dollars 3.8 1.3 0 .9 -.6 1.
0 .4 5.4
 Implicit price deflator -.2 4.5 7.9 3.6 2.9 .
4 8.0 4.6
 Chain price index 4.5 8.1 3.4 3.4 .
7 8.0 4.8
 Fixed-weighted price index -.1 4.5 8.0 3.5 3.4 .
8 7.6 5.3


Services:
 Current dollars 8.3 9.3 9.6 8.9 8.1 8.
1 8.4 9.6
 1982 dollars 3.3 4.1 4.5 3.7 2.2 4.
0 2.8 4.7
 Implicit price deflator 4.8 5.0 4.8 4.8 6.0 3.
7 5.6 4.6
 Chain price index 4.9 5.0 5.0 5.0 5.5 3.
8 5.3 4.8
 Fixed-weighted price index 5.0 4.8 4.9 4.8 5.7 3.
7 5.2 4.8


Gross private domestic investment:
 Current dollars 3.5 7.1 7.8 2.5 40.3 -.
8 -2.7 7.2
 1982 dollars 3.5 4.9 8.8 4.8 38.6 -7.
4 5.0


Implicit price deflator

Chain price index

Fixed-weighted price index

Fixed investment:
 Current dollars .9 3.6 11.6 14.2 2.7 3.
0 9.7 4.9
 1982 dollars 0 2.0 10.6 15.1 1.7 3.
3 10.5 4.4
 Implicit price deflator 2.9 1.6 .8 -.8 1.1 -.
4 -.8 .4
 Chain price index 2.3 2.8 2.3 3.3 1.4 2.
5 1.5 .7
 Fixed-weighted price index 2.4 2.9 2.8 3.4 2.0 3.
3 2.0 1.0


Nonresidential:
 Current dollars 2.0 3.0 15.4 23.7 1.7 6.
5 14.6 5.8
 1982 dollars -4.5 2.8 16.8 28.4 1.7 7.
6 15.0 4.8
 Implicit price deflator 2.6 .2 -1.2 -3.5 -.4 -.
8 -.4 .8
 Chain price index 2.2 1.8 .2 .3 .5 2.
3 2.3 1.0
 Fixed-weighted price index 2.4 2.3 1.8 1.7 1.7 3.
4 2.5 1.3
 Structures:
 Current dollars -9.6 .7 5.2 28.2 13.8 -19.
0 6.4 4.6
 1982 dollars -13.5 -2.9 -.3 25.6 -13.4 -22.
4 3.3 3.2
 Implicit price deflator 4.5 3.7 6.0 1.8 .4 4.
4 2.9 1.4
 Chain price index 1.4 3.4 4.7 4.9 1.7 4.
0 1.1 2.3
 Fixed-weighted price index 1.1 3.2 4.6 5.0 2.2 4.
1 1.1 2.3
 Producers' durable
 equipment:
 Current dollars 2.0 4.0 20.3 21.7 -3.5 20.
4 18.3 6.2
 1982 dollar -.1 5.2 24.3 29.4 -2.4 21.
6 19.2 5.5
 Implicit price deflator 2.0 -1.0 -3.2 -6.1 -.8 -1.
3 -.8 .8
 Chain price index 2.6 1.1 -1.8 -1.6 0 1.
5 2.8 .4
 Fixed-weighted price index 3.2 1.8 .1 -.3 1.4 2.
9 3.4 .7


Residential:
 Current dollars 14.7 4.8 4.7 -2.4 4.7 -3.
8 -.2 3.2
 1982 dollars 11.8 .1 -1.6 10.7 1.3 -6.
5 .2 3.2
 Implicit price deflator 2.6 4.6 6.5 9.0 3.4 2.
7 0 0
 Chain price index 2.5 4.7 6.6 9.4 3.2 2.
8 -.1 0
 Fixed-weighted price index 2.4 4.5 6.2 9.1 2.9 3.
0 .3 0


Exports of goods and services:
 Current dollars 2.0 13.1 23.6 24.6 18.7 26.
8 16.8 20.7
 1982 dollars 3.1 13.1 23.6 25.7 17.7 9.
1 11.6
 Implicit price deflator -1.0 0 0 -.8 .8 .
8 7.4 8.1
 Chain price index -.1 1.7 2.5 2.4 2.1 5.
5 6.3 8.8
 Fixed-weighted price index .2 2.0 3.2 3.1 2.6 6.
2 6.9 9.4


Imports of goods and services:
 Current dollars 7.6 14.1 20.5 21.3 14.8 10.
3 1.6 11.4
 1982 dollars 9.4 7.9 11.5 23.4 9.9 6.
9 -3.7 11.6
 Implicit price deflator -1.7 5.8 8.0 2.0 4.5 3.
2 2.4 -.4
 Chain price index .2 7.0 9.3 5.1 4.0 4.
4 5.7 .7
 Fixed-weighted price index -2.2 7.6 11.0 6.4 4.3 3.
5 5.7 .4


Government purchases of goods and

services:
 Current dollars 6.1 6.1 5.4 7.4 6.6 -.
9 7.1 -1.2
 Current dollars 6.1 6.1 5.4 7.4 6.6 -.
9 7.1 -1.2
 1982 dollars 4.0 2.6 -.4 5.7 5.0 -7.
9 3.9 -3.0
 Implicit price deflator 2.0 3.4 5.9 1.7 1.4 7.
6 3.3 2.0
 Chain price index 2.0 3.1 2.5 3.2 2.9 4.
8 4.0 2.1
 Fixed-weighted price index 2.1 3.5 3.8 3.6 3.5 5.
9 4.5 4.3


Federal:
 Current dollars 3.1 4.3 5.3 9.4 5.4 -13.
3 4.9 -11.3
 1982 dollars 2.3 1.7 -2.3 12.6 6.7 -21.
0 4.7 -9.2
 Implicit price deflator .7 2.6 7.7 -2.8 -1.1 9.
6 .3 -2.4
 Chain price index .5 1.6 -.1 .4 1.6 4.
3 2.0 -1.0
 Fixed-weighted price index .4 2.4 3.0 1.4 2.6 6.
7 3.2 4.2
 National defense:
 Current dollars 7.1 6.4 10.9 7.0 -.8 -1.
1 .5 -7.4
 1982 dollars 6.0 5.4 12.7 7.3 -1.9 -5.
3 -1.5 11.7
 Implicit price deflator 1.1 1.0 -1.8 0 1.1 4.
4 2.1 4.7
 Chain price index 1.0 1.3 -1.1 .5 2.1 3.
4 2.7 3.1
 Fixed-weighted price index .8 2.4 2.5 .9 2.1 6.
4 2.8 1.8
 Nondefense:
 Current dollars 7.6 -2.3 -12.5 19.7 29.7 -45.
3 22.3 -23.9
 1982 dollars 7.7 -9.6 -41.6 35.4 43.8 -60.
1 33.2 1.8
 Implicit price deflator 8.1 50.8 -12.1 -9.7 37.
0 -8.6 -25.2
 Chain price index -.9 2.4 3.2 .1 0 7.
1 -.7 -14.5
 Fixed-weighted price index -.6 2.5 4.1 2.8 4.0 7.
6 4.1 10.5


State and local:
 Current dollars 8.5 7.5 5.5 5.9 7.5 8.6
 8.7 9.4
 1982 dollars 5.4 3.3 1.1 .6 3.8 3.5
 3.2 1.7
 Implicit price deflator 2.9 4.1 4.4 5.3 3.3 5.2
 5.2 4.1
 Chain price index 3.1 4.1 4.3 5.2 3.7 5.2
 5.4 4.2
 Fixed-weighted price index 3.3 4.2 4.3 5.2 4.0 5.4
 5.4 4.4


Addenda: Gross domestic purchase:
 1982 dollars 3.7 3.0 4.1 4.8 5.4 1.6
 1.3 2.8
 Chain price index 2.5 3.9 4.5 3.9 3.6 2.9
 4.7 3.6
 Fixed-weight price index 2.6 4.1 4.9 4.0 4.0 3.2
 4.9 4.2


Final sales:
 1982 dollars 2.7 2.9 5.3 6.1 .4 3.6
 6.3 2.5
 Chain price index 2.5 3.4 3.8 3.6 3.5 3.0
 4.7 4.4
 Fixed-weighted index 2.7 3.6 4.2 3.8 3.8 3.5
 5.0 5.1


Final sales to domestic purchases:
 1982 dollars 3.5 2.5 4.3 6.5 -.1 1.7
 4.4 2.7
 Chain price index 2.5 4.1 4.9 4.0 4.0 3.3
 4.9 4.2


Command-basis gross national product:
 1982 dollars 2.9 2.8 4.2 4.6 5.7 3.1
 3.6 3.7
 Implicit price deflator 2.5 3.9 4.2 3.1 2.4 2.4
 4.8 3.7


Gross domestic product:
 1982 dollars 3.0 3.5 5.4 4.7 5.8 4.2
 3.1 2.3
 Implicit price deflator 2.6 3.3 3.5 3.1 2.4 1.7
 5.8 4.4


Business:
 1982 dollars 3.2 3.8 5.8 5.0 6.4 4.4
 3.4 2.2
 Implicit price deflator 2.5 2.9 3.2 2.8 2.1 1.0
 5.6 4.8
 Nonfam:
 1982 dollars 3.4 3.7 5.6 6.5 5.6 5.
4 3.9 3.2
 Implicit price deflator 2.6 3.0 2.4 3.1 2.1 1.
0 4.5 4.1


Disposable personal income:
 Current dollars 6.4 6.3 1.3 9.3 11.8 7
.4 5.6 10.3
 1982 dollars 3.9 1.7 -3.9 4.8 6.9 5
.0 0 5.6


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 of price 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 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 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 weighted by the composition of GNP in each period. Consequently, the implicit price deflator reflects not only changes in prices but also changes in the composition of GNP, and its use as a measure of price change should be avoided.

Table : Reconciliation and Other Special Tables Table 1.--Revisions in Selected Component Series of the NIPA's, Third Quarter of 1988
 Seasonally adjus
ted at annual rates
 Prel
imi-
 Advance na
ry Difference
 Billions of c
urrent dollars
GNP 4,899.5 4,90
9.2 9.7
National income ....... 3,99
6.2
 Compensation of employees 2,931.1 2,93
2.5 1.4


Corporate profits with inventory valuation and capital
 consumption adjustments ....... 32
3.7
 Other 735.8 73
9.9 4.1
Personal income 4,086.0 4,09
2.3 6.3
 Billions of cons
tant (1982) dollars
GNP 4,007.3 4,01
0.9 3.6
 Less: Exports 507.0 51
0.7 3.7
 Plus: Imports 601.9 60
5.9 4.0
Equals: Gross domestic purchases 4,102.1 4,10
6.1 4.0
 Personal consumption expenditures 2,601.3 2,60
4.5 3.2
 Nonresidential fixed investment 495.7 49
6.0 .3
 Residential investment 190.2 19
1.1 .9
 Change in business inventories 33.8 3
6.7 2.9
 Government purchases 781.1 77
7.8 -3.3
 Index number
s, 1982=100(1)
GNP price index (fixed weights) 124.8 12
4.9 .1
GNP price index (chained weights) ....... ....
.... ..........
GNP implicit price deflator 122.3 12
2.4 .1
Gross domestic purchases price index (fixed weights) 124.2 12
4.2 0


table continued:
 Percent change
from
 preceding quarte
r at
 annual rates
 Advance Prel
imi-
 na
ry
GNP 6.4
 7.3
National income .......
 7.0
 Compensation of employees 8.2
 8.4


Corporate profits with inventory valuation and capital
 consumption adjustments .......
-3.4
 Other 4.1
 6.4
Personal income 6.5
 7.1
GNP 2.2
 2.6
 Less: Exports 8.4
11.6
 Plus: Imports 8.7
11.6
Equals: Gross domestic purchases 2.4
 2.8
 Personal consumption expenditures 3.5
 4.0
 Nonresidential fixed investment 4.6
 4.8
 Residential investment 1.3
 3.2
 Change in business inventories ....... ....
....
 Government purchases -1.4
-3.0
GNP price index (fixed weights) 4.9
 5.1
GNP price index (chained weights) 4.3
 4.5
GNP implicit price deflator 4.4
 4.7
Gross domestic purchases price index (fixed weights) 4.3
 4.2


1. Not at annual rates. NOTE.--For the third quarter of 1988, the following revised or additional major source data were incorporated: For personal consumption expenditures, revised retail sales for August and September; for nonresidential fixed investment, construction put in place for August (revised) and September, revised manufacturers' shipments of equipment for August (revised) and September, and partial information on actual plant and equipment expenditures for the quarter; for residential investment, construction put in place for August (revised) and September; for change in business inventories, manufacturing and trade inventories for August (revised) and September; for net exports of goods and services, merchandise exports and merchandise imports for August (revised) and

September; for government purchases of goods and services, Federal outlays for September, and State and local construction put in place for August (revised) and September; for wages and salaries, revised employment, average hourly earnings, and average weekly hours for August and September; for corporate profits, domestic book profits for the quarter; and for GNP prices, merchandise export and import price indexes for September (these indexes are prepared only for the last month of each quarter), unit-value indexes for petroleum imports for September and for merchandise exports and nonpetroleum merchandise imports for August, and residential housing prices for the quarter. Table 2.--Reconciliation of Changes in Compensation Per Hour in the Business Economy Other Than Farm and Housing and Average Hourly Earnings in the Private Nonfarm Economy, Seasonally Adjusted
 1987
 1988
 IV
 I II III


1. Compensation per hour of all persons in the business economy other
than farm and housing (percent change at annual rate) 1 6.7
 2.9 4.3 5.4
2. Less: Contribution of supplements -.7
 .8 -.9 -.1
3. Plus: Contribution of housing and nonprofit institutions .1
 -.1 .1 .2


4. Less: Contribution of employees of government enterprises, unpaid family workers, and the self-employed -.4 0 0

0

5. Equals: Wages and salaries per hour of employees in the private
nonfarm economy (percent change at annual rate) 7.9
 1.9 5.4 5.7
6. Less: Contribution of nonproduction workers in manufacturing -1.1
 -.1 -.3 -.6


7. Less: Contribution of non-BLS data, detailed weighting, and seasonal adjustment 4.6 -.2

.4 2.9

8. Equals: Average hourly earnings, production and nonsupervisory workers in the private nonfarm economy (percent change at annual rate) 4.3 2.2

5.2 3.4

1. BLS estimates of changes in hourly compensation in the nonfarm business sector for the four quarters are 6.4, 3.5, 4.2, and 5.4 percent. Table 3.--Cyclically Adjusted Federal Receipts, Expenditures, Surplus or Deficit (-), and Debt [Billions of dollars; quarters at seasonally adjusted annual rates]

 1986
 1986 1987
 I
II III IV


Based on middle-expansion trend GNP: Receipts:
 Level 825.3 900.1 795.0 8
13.0 833.6 859.4
 Percentage of trend GNP 19.5 20.2 19.3
19.4 19.6 19.9
 Change from preceding period 34.4 74.8 -9.5
18.0 20.6 25.8
 Due to automatic inflation effects 18.1 25.7 -.8
 7.2 10.8 2.5
 Due to discretionary policy and other factors 16.2 49.1 -8.7
10.8 9.8 23.3


Expenditures:
 Level 1,031.7 1,077.0 1,003.2 1,0
47.3 1,037.1 1,039.0
 Percentage of trend GNP 24.4 24.1 24.3
25.0 24.3 24.1
 Change from preceding period 47.6 45.3 -13.0
44.1 -10.2 1.9
 Due to automatic inflation effects 18.0 19.5 9.1
 2.7 2.5 3.7
 Due to discretionary policy and other factors 29.6 25.8 -22.1
41.4 -12.7 -1.8


Surplus or deficit (-):
 Level -206.4 -176.9 -208.2 -2
34.3 -203.6 -179.6
 Percentage of trend GNP -4.9 -4.0 -5.0
-5.6 -4.8 -4.2
 Change from preceding period -13.2 29.5 3.5 -
26.1 30.7 24.0
 Due to automatic inflation effects .2 6.3 -10.0
 4.6 8.4 -1.2
 Due to discretionary policy and other factors -13.5 23.2 13.5 -
30.7 22.3 25.2


Debt:

At par value, end of period:
 Level 1,692.7 1,851.0 1,532.5 1,5
92.4 1,652.9 1,692.7
 Percentage of trend GNP 40.1 41.5 37.1
38.0 38.8 39.3


At market value, end of period:
 Level 1,824.7 1,904.7
 Percentage of trend GNP 43.2 42.7


Based on 6-percent unemployment rate trend GNP: Receipts:
 Level 842.3 917.9 811.7 8
29.7 850.7 876.9
 Percentage of trend GNP 19.6 20.2 19.3
19.5 19.6 20.0


Expenditures:
 Level 1,029.8 1,075.5 1,001.1 1,0
45.3 1,035.5 1,037.4
 Percentage of trend GNP 24.0 23.7 23.8
24.5 23.9 23.7


Surplus or deficit (-):
 Level -187.6 -157.6 -189.4 -2
15.6 -184.8 -160.6
 Percentage of trend GNP -4.4 -3.5 -4.5
-5.1 -4.3 -3.7


Addenda:

Middle-expansion trend GNP:
 Current dollars 4,223.2 4,462.3 4,129.8 4,1
90.5 4,262.8 4,309.8
 1982 dollars 3,706.0 3,791.8 3,674.2 3,6
95.3 3,716.5 3,737.9


6-percent unemployment rate trend GNP:
 Current dollars 4,297.1 4,540.3 4,202.0 4,2
63.7 4,337.4 4,385.1
 1982 dollars 3,770.8 3,858.1 3,738.4 3,7
59.9 3,781.5 3,803.2


(Table continued)

 1987
 I II
 III IV


Based on middle-expansion trend GNP: Receipts:
 Level 867.9 908.3
 911.4 912.8
 Percentage of trend GNP 19.9 20.5
 20.3 20.1
 Change from preceding period 8.5 40.4
 3.1 1.4
 Due to automatic inflation effects 6.6 7.8
 6.3 4.2
 Due to discretionary policy and other factors 1.9 32.6
 -3.2 -2.8


Expenditures:
 Level 1,060.1 1,066.8
 1,072.4 1,108.7
 Percentage of trend GNP 24.2 24.1
 23.9 24.4
 Change from preceding period 21.1 6.7
 5.6 36.3
 Due to automatic inflation effect 9.0 4.2
 3.9 2.9
 Due to discretionary policy and other factors 12.1 2.5
 1.7 33.4


Surplus or deficit (-):
 Level -192.3 -158.5
 -161.0 -195.9
 Percentage of trend GNP -4.4 -3.6
 -3.6 -4.3
 Change from preceding period -12.7 33.8
 -2.5 -34.9
 Due to automatic inflation effects -2.4 3.6
 2.4 1.3
 Due to discretionary policy and other factors -10.3 30.2
 -4.9 -36.2


Debt:

At par value, end of period:
 Level 1,737.5 1,781.7
 1,814.4 1,851.0
 Percentage of trend GNP 39.7 40.2
 40.4 40.7


At market value, end of period:

Level

Percentage of trend GNP Based on 6-percent unemployment rate trend GNP: Receipts:
 Level 884.7 926.2
 929.5 931.2
 Percentage of trend GNP 19.9 20.5
 20.3 20.1


Expenditures:
 Level 1,058.6 1,065.3
 1,070.9 1,107.2
 Percentage of trend GNP 23.8 23.6
 23.4 23.9


Surplus or deficit (-):
 Level -173.9 -139.1
 -141.5 -176.0
 Percentage of trend -3.9 -3.1
 -3.1 -3.8


Addenda:

Middle-expansion trend GNP:
 Current dollars 4,372.1 4,435.0
 4,494.7 4,547.3
 1982 dollars 3,759.3 3,780.9
 3,802.6 3,824.5


6-percent unemployment rate trend GNP:
 Current dollars 4,448.5 4,512.5
 4,573.3 4,626.8
 1982 dollars 3,825.0 3,847.0
 3,869.1 3,891.3

1988
 I II
 III


Based on middle-expansion trend GNP:
 Level 916.4 944.9
 936.0
 Percentage of trend GNP 20.2 20.2
 19.7
 Change from preceding period 3.6 28.5
 -8.9
 Due to automatic inflation effects 2.2 15.0
 12.6
 Due to discretionary policy and other factors 1.4 13.5
 -21.5


Expenditures:
 Level ,109.4 1,120.0
 1,102.2
 Percentage of trend GNP 24.2 23.9
 23.1
 Change from preceding period . 10.6
 -17.8
 Due to automatic inflation effects 17.0 4.6
 5.2
 Due to discretionary policy and other factors -16.3 6.0
 -23.0


Surplus or deficit (-):
 Level -193.0 -175.1
 -166.2
 Percentage of trend GNP -4.2 -3.7
 -3.5
 Change from preceding period 2.9 17.9
 8.9
 Due to automatic inflation effects -14.8 10.4
 7.4
 Due to discretionary policy and other factors 17.7 7.5
 1.5


Debt:
 At par value, end of period: 912.9 1,950.7
 2,009.0
 Percentage of trend GNP 41.7 41.7
 42.2


At market volue, end of period:

Level

Percentage of trend GNP Based on 6-percent unemployment rate trend GNP Receipts:
 Level 934.5 963.6
 954.5
 Percentage of trend GNP 20.0 20.2
 19.7


Expenditures:
 Level 1,108.0 1,118.7
 1,101.1
 Percentage of trend GNP 23.7 23.5
 22.7


Surplus or deficit (-):
 Level -173.6 -155.1
 -146.6
 Percentage of trend GNP -3.7 -3.3
 -3.0


Addenda:

Middle-expandsion trend GNP:
 Current dollars 4,592.6 4,680.9
 4,762.2
 1982 dollars 3,846.4 3,868.5
 3,890.7


6-percent unemployment rate trend GNP:
 Current dollars 4,672.8 4,762.7
 4,845.4
 1982 dollars 3,913.6 3,936.1
 3,958.7
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Title Annotation:includes 57 tables
Publication:Survey of Current Business
Date:Nov 1, 1988
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