Printer Friendly

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 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]
 1986 1987
 Gross national product 4,240.3 4,526.7


Personal consumption
 expenditures 2,807.5 3,012.1
 Durable goods 406.5 421.9
 Nondurable goods 943.6 997.9
 Services 1,457.3 1,592.3


Gross private domestic
 investment 665.9 712.9
 Fixed investment 650.4 673.7
 Nonresidential 433.9 446.8
 Structures 138.5 139.5


Producers' durable
 equipment 295.4 307.3
 Residential 216.6 226.9


Change in business
 inventories 15.5 39.2
 Nonfarm 17.4 40.7
 Farm -1.9 -1.5


Net exports of goods and
 services -104.4 -123.0
 Exports 378.4 428.0
Imports 482.8 551.1


Government purchases of goods
 and services 871.2 924.7
 Federal 366.2 382.0
 National defense 277.5 295.3
 Nondefense 88.7 86.7
 State and local 505.0 542.8


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III(r)


4,484.2 4,568.0 4,662.8 4,724.5 4,823.8 4,909.0 2,992.2 3,058.2 3,076.3 3,128.1 3,194.6 3,261.2

420.5 441.4 422.0 437.8 449.8 452.9

995.3 1,006.6 1,012.4 1,016.2 1,036.6 1,060.8 1,576.4 1,610.2 1,641.9 1,674.1 1,708.2 1,747.5
 698.5 702.8 764.9 763.4 758.1 772.5
 665.8 688.3 692.9 698.1 714.4 722.8
 438.2 462.1 464.1 471.5 487.8 493.7
 134.4 143.0 147.7 140.1 142.3 143.8
 303.8 319.1 316.3 331.3 345.5 349.9
 227.6 226.2 228.8 226.6 226.5 229.1
 32.7 14.5 72.0 65.3 43.7 49.7
 31.4 17.8 72.8 49.4 33.1 41.9
 1.3 -3.3 -.8 15.9 10.6 7.8
 -122.2 -125.2 -125.7 -112.1 -90.4 -80.0
 416.8 440.4 459.7 487.8 507.1 536.1
 539.0 565.6 585.4 599.9 597.5 616.0
 915.7 932.2 947.3 945.2 961.6 955.3
 377.5 386.3 391.4 377.7 382.2 367.7
 294.8 299.8 299.2 298.4 298.8 294.3
 82.6 86.4 92.2 79.3 83.4 73.4
 538.2 546.0 555.9 567.5 579.4 587.6


Table 1.2.--Gross National Product in Constant Dollars

[Billions of 1982 dollars]
 1986 1987
 Gross national product 3,721.7 3,847.0


Personal consumption
 expenditures 2,455.2 2,521.0
 Durable goods 385.0 390.9
 Nondurable goods 879.5 890.5
 Services 1,190.7 1,239.5


Gross private domestic
 investment 643.5 674.8
 Fixed investment 628.1 640.4
 Nonresidential 433.1 445.1
 Structures 129.3 125.5


Producers' durable
 equipment 303.8 319.6
 Residential 195.0 195.2


Change in business
 inventories 15.4 34.4
 Nonfarm 17.9 36.9
 Farm -2.5 -2.5


Net exports of goods and
 services -137.5 -128.9
 Exports 378.4 427.8
 Imports 515.9 556.7


Government purchases of goods
 and services 760.5 780.2
 Federal 333.4 339.0
 National defense 251.4 264.9
 Nondefense 82.0 74.1
 State and local 427.1 441.2


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III(r)


3,823.0 3,865.3 3,923.0 3,956.1 3,985.2 4,009.4 2,516.6 2,545.2 2,531.7 2,559.8 2,579.0 2,603.8
 391.3 406.5 387.6 401.1 410.6 410.4
 889.8 891.9 890.5 892.7 893.6 904.5


1,235.5 1,246.8 1,253.6 1,265.9 1,274.8 1,288.9
 660.1 667.9 724.7 728.9 715.1 726.1
 632.3 654.9 657.6 662.9 679.7 686.6
 434.8 462.8 464.8 473.4 490.2 495.0
 120.9 128.0 132.1 124.0 125.0 125.8
 313.8 334.7 332.7 349.4 365.1 369.2
 197.6 192.1 192.7 189.5 189.6 191.6
 27.8 13.0 67.1 66.0 35.3 39.5
 25.0 18.3 68.2 51.9 30.1 40.4
 2.7 -5.3 -1.1 14.1 5.3 -.8
 -126.0 -130.7 -126.0 -109.0 -92.6 -93.9
 416.4 440.9 459.2 486.2 496.9 514.0
 542.3 571.6 585.2 595.1 589.5 607.9
 772.2 782.9 792.6 776.4 783.8 773.5
 332.1 342.1 347.7 327.8 331.6 320.1
 264.8 269.5 268.2 264.6 263.6 256.4
 67.3 72.6 79.5 63.2 67.9 63.7
 440.1 440.8 444.9 448.7 452.2 453.4


Table 1.3.--Gross National Product by Major Type of Product

[Billions of dollars]
 1986 1987
 Gross national product 4,240.3 4,526.7
Final sales 4,224.7 4,487.5


Change in business
 inventories 15.5 39.2
Goods 1,697.9 1,792.5
 Final sales 1,682.3 1,753.3


Change in business
 inventories 15.5 39.2
 Durable goods 725.3 776.3
 Final sales 721.1 749.7


Change in business
 inventories 4.3 26.6
 Nondurable goods 972.6 1,016.2
 Final sales 961.3 1,003.6


Change in business
 inventories 11.3 12.6
Services 2,118.4 2.295.7
Structures 424.0 438.4


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III(r)


4,482.2 4,568.0 4,662.8 4,724.5 4,823.8 4,909.0 4,451.5 4,553.5 4.590.7 4,659.2 4,780.1 4,859.3

32.7 14.5 72.0 65.3 43.7 49.7

1,774.5 1,812.9 1,849.3 1,879.5 1,928.0 1,960.1 1,741.8 1,798.4 1,777.3 1,814.2 1,884.3 1,910.4
 32.7 14.5 72.0 65.3 43.7 49.7
 767.1 792.2 808.7 819.3 849.5 881.6
 742.8 789.3 758.2 792.7 831.6 836.4
 24.3 2.9 50.5 26.6 17.8 45.1


1,007.5 1,020.7 1,040.7 1,060.1 1,078.5 1,078.5

999.1 1,009.1 1,019.1 1,021.5 1,052.7 1,074.0

8.4 11.6 21.6 38.6 25.9 4.6

2,276.2 2,314.4 2,363.9 2,405.2 2,451.5 2,501.6

433.4 440.6 449.5 439.9 444.3 447.3

Table 1.4.--Gross National Product by Major Type of Product in Constant Dollars

[Billions of 1982 dollars]
 1986 1987
 Gross national product 3,721.7 3,847.0
 Final sales 3,706.3 3,812.6


Change in business
 inventories 15.4 34.4
Goods 1,599.9 1,663.3
 Final sales 1,583.5 1,628.9


Change in business
 inventories 15.4 34.4
 Durable goods 714.6 774.6
 Final sales 710.7 750.7


Change in business
 inventories 3.8 23.9
 Nondurable goods 884.4 888.8
 Final sales 872.8 878.2


Change in business
 inventories 11.6 10.5
Services 1,738.1 1,801.1
Structures 384.7 382.6


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III(r)


3,823.0 3,865.3 3,923.0 3,956.1 3,985.2 4.009.4 3,795.2 3,852.2 3,855.9 3,890.1 3,949.9 3,969.9

27.8 13.0 67.1 66.0 35.3 39.5

1,645.6 1,677.5 1,713.9 1,748.1 1,762.4 1,768.9 1,617.8 1,664.5 1,646.8 1,682.2 1,727.1 1,729.4
 27.8 13.0 67.1 66.0 35.3 39.5
 763.8 793.7 812.7 832.5 861.7 885.0
 742.3 790.8 767.2 809.0 845.8 844.6
 21.5 2.9 45.5 23.5 15.9 40.4
 881.8 883.8 901.2 915.6 900.7 884.0
 875.5 873.7 879.6 873.2 881.3 884.9
 6.3 10.1 21.6 42.4 19.4 -.9
 1,797.2 1,806.6 1,822.3 1,833.4 1,846.1 1,862.8
 380.2 381.1 386.7 374.6 376.7 377.7


Table 1.5.--Relation of Gross National Product, Gross Domestic

Purchases, and Final Sales to Domestic Purchasers

[Billions of dollars]
 1986 1987
Gross national product 4,240.3 4,526.7


Less: Exports of goods and

services 378.4 428.0

Plus: Imports of goods and

services 482.8 551.1

Equals: Gross domestic

purchases(1) 4,344.7 4,649.7

Less: Change in business

inventories 15.5 39.2

Equals: Final sales to domestic

purchases(2) 4,329.1 4,610.5

Seasonally adjusted at annual rates
 1987 1988
II III IV I II III(r)


4,484.2 4,568.0 4,662.8 4,724.5 4,823.8 4,909.0
 416.8 440.4 459.7 487.8 507.1 536.1
 539.0 565.6 585.4 599.9 597.5 616.0


4,606.3 4,693.2 4,788.4 4,836.6 4,914.2 4,989.0

32.7 14.5 72.0 65.3 43.7 49.7

4,573.6 4,678.7 4,716.4 4,771.3 4,870.5 4,939.3

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

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

Table 1.6.--Relation of Gross National Product, Gross Domestic

Purchases, and Final Sales to Domestic Purchases in Constant Dollars

[Billions of 1982 dollars]
 1986 1987
Gross national product 3,721.7 3,847.0


Less: Exports of goods and

services 378.4 427.8

Plus: Imports of goods and

services 515.9 556.7

Equals: Gross domestic

purchases(1) 3,859.3 3,975.9

Less: Change in business

inventories 15.4 34.4

Equals: Final sales to domestic

purchases(2) 3,833.8 3,941.5

Seasonally adjusted at annual rates
 1987 1988
II III IV I II III(r)


3,823.0 3,865.3 3,923.0 3,956.1 3,985.2 4,009.4
 416.4 440.9 459.2 486.2 496.9 514.0
 542.3 571.6 585.2 595.1 589.5 607.9


3,949.0 3,996.0 4,049.0 4,065.1 4,077.9 4,103.4

27.8 13.0 67.1 66.0 35.3 39.5

3,921.2 3,983,0 3,981.9 3,999.1 4,042.6 4,063.8

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

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

Table 1.7.--Gross National Product by Sector

[Billions of dollars]
 1986 1987
 Gross national product 4,240.3 4,526.7
Gross domestic product 4,205.4 4,497.2
 Business 3,608.9 3,855.5
 Nonfarm 3,547.1 3,787.8
 Nonfarm less housing 3,203.9 3,416.5
 Housing 343.2 371.3
 Farm 75.4 75.9
 Statistical discrepancy -13.6 -8.1
 Households and institutions 153.1 168.9
 Private households 9.1 9.2
 Nonprofit institutions 144.0 159.8
 Government 443.4 472.7
 Federal 143.5 151.0
 State and local 299.9 321.7
Rest of the world 34.9 29.5


Addendum:

Gross domestic business

product less housing 3,257.7 3,476.7

Seasonally adjusted at annual rates
 1987 1988
II III IV I II III(r)


4,484.2 4,568.0 4,662.8 4,724.5 4,823.8 4,909.0 4,455.9 4,541.2 4,631.8 4,702.1 4,802.5 4,882.2 3,819.9 3,893.8 3,972.9 4,028.1 4,117.5 4,185.2 3,743.2 3,832.2 3,905.8 3,965.4 4,048.0 4,123.7 3,376.0 3,457.7 3,522.7 3,576.0 3,654.0 3,722.5
 367.2 374.5 383.1 389.4 394.0 401.2
 79.2 76.8 73.4 77.7 74.6 75.6
 -2.5 -15.1 -6.4 -15.0 -5.1 -14.0
 166.3 171.7 176.4 180.9 185.6 191.2
 9.2 9.2 9.3 9.3 9.4 9.6
 157.1 162.5 167.1 171.6 176.1 181.6
 469.8 475.7 482.5 493.1 499.4 505.8
 150.8 151.3 152.7 156.7 157.4 158.1
 319.0 324.4 329.9 336.4 342.1 347.8
 28.2 26.8 31.0 22.4 21.3 26.8


Table 1.8.--Gross National Product by Sector in Constant Dollars

[Billions of 1982 dollars]
 1986 1987
 Gross national product 3,721.7 3,847.0
Gross domestic product 3,690.9 3,821.4
 Business 3.202.0 3,322.5
 Nonfarm 3,130.4 3,247.1
 Nonfarm less housing 2,857.9 2,965.7
 Housing 272.4 281.4
 Farm 83.7 82.5
 Statistical discrepancy -12.1 -7.0
 Households and institutions 125.5 129.0
 Private households 8.8 8.8
 Nonprofit institutions 116.8 120.2
 Government 363.3 369.9
 Federal 122.5 123.5
 State and local 240.8 246.4
Rest of the world 30.9 25.6


Addendum:

Gross domestic business

product less housing 2,920.4 3,032.1

Seasonally adjusted at annual rates
 1987 1988
II III IV I II III(r)


3,823.0 3,865.3 3,923.0 3,956.1 3,985.2 4,009.4 3,798.4 3,842.0 3,896.3 3,936.6 3,967.0 3,987.0 3,300.9 3,341.2 3,393.6 3,430.5 3,458.9 3,475.1 3,221.1 3,272.2 3,317.2 3,360.9 3,393.1 3,421.5 2,940.6 2,989.5 3,032.8 3,074.8 3,105.7 3,132.8
 280.5 282.7 284.4 286.1 287.4 288.8
 82.0 82.0 81.8 82.3 70.1 65.2
 -2.2 -13.0 -5.4 -12.8 -4.3 -11.6
 128.1 130.0 130.7 133.3 134.4 136.8
 8.8 8.8 8.8 8.9 8.9 9.0
 119.3 121.2 121.9 124.4 125.5 127.8
 369.4 370.8 372.0 372.8 373.7 375.2
 123.4 123.7 123.9 123.9 123.8 124.2
 246.1 247.1 248.1 249.0 249.9 251.0
 24.6 23.3 26.7 19.5 18.3 22.4


Table 1.9.--Relation of Gross National Product, Net National Product,

National Income, and Personal Income

[Billions of dollars]
 Seasonally adjusted at
annual rates
 1987 1988 1987
1988
 III IV I
 II
Gross national product 4,526.7 4,861.8 4,568.0 4,662.8 4,724.5
 4,823.8


Less: Capital consumption

allowances with capital

consumption adjustment 480.0 506.0 484.6 489.5 498.3

503.2

Capital consumption

allowances without

capital consumption

adjustment 507.6 524.5 510.8 516.4 520.8

524.1

Less: Capital

consumption
 adjustment 27.6 18.5 26.2 26.9 22.5
 20.9
Equals: Net national product 4,046.7 4,355.8 4,083.4 4,173.3 4,226.2
 4,320.5


Less: Indirect business tax and

nontax liability 366.3 389.0 370.3 374.2 379.4

385.8

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


Plus: Subsidies less current

surplus of government
 enterprises 18.3 16.1 8.3 25.6 18.6
 19.2
Equals: National Income 3,678.7 3,964.3 3,708.0 3,802.0 3,850.8
 3,928.8


Less: Corporate profits with

inventory valuation and

capital consumption
 adjustments 310.4 323.6 322.0 316.1 316.2
 326.5
 Net interest 353.6 391.5 358.3 369.5 373.9
 380.6


Contributions for social

insurance 399.1 444.6 400.9 408.6 433.3

440.9

Wage accruals less

disbursements 0 0 .2 -.2 0

0

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


Business transfer
 payments 28.1 30.7 28.5 29.0 29.6
 30.3
Equals: Personal income 3,780.0 4,063.2 3,801.0 3,906.8 3,951.4
 4,022.4
 III IV
4,909.0 4,989.9
 507.7 514.7
 526.0 527.0
 18.2 12.3
4,401.3 4,475.2
 392.3 398.6
 31.1 31.8


-14.0

8.8 17.8

4,000.7

330.0
 396.2 415.1
 448.4 456.0
 0 0
 557.6 564.4
 581.9 605.5
 97.3 99.4
 31.1 31.8
4,094.0 4,185.1


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 3,995.0 3,865.3 3,923.0

3,956.1 3,985.2

Less: Capital consumption

allowances with capital
 consumption adjustment 460.8 479.7 463.0 468.2 472
.9 477.3
Equals: Net national product 3,386.2 3,515.3 3,402.2 3,454.8 3,483
.2 3,507.9


Less: Indirect business tax and

nontax liability plus business

transfer payments less

subsidies plus current surplus
 of government enterprises 319.2 327.4 321.8 321.0 324
.4 326.2
 Statistical discrepancy -7.0 -10.1 -13.0 -5.4 -12
.8 -4.3
Equals: National income 3,074.0 3,198.0 3,093.4 3,139.3 3,171
.5 3,186.0
4,009.4 4,029.2
 481.9 486.5
3,527.5 3,542.7
 328.1 330.7


-11.6 3,211.1 Table 1.11.--Command-Basis Gross National Product in Constant

Dollars

[Billions of 1982 dollars]

Gross national product 3,847.0 3,995.0 3,865.3 3,923.0

3,956.1 3,985.2

Less: Net exports of goods and
 services -128.9 -99.1 -130.7 -126.0 -109
.0 -92.6
 Exports 427.8 503.7 440.9 459.2 486
.2 496.9
 Imports 556.7 602.8 571.6 585.2 595
.1 589.5


Equals: Gross domestic

purchases 3,975.9 4,094.1 3,996.0 4,049.0

4,065.1 4,077.9

Plus: Command-basis net

exports of goods and services -124.3 -91.8 -126.5 -125.6

-111.2 -89.2

Command-basis
 exports(1) 432.4 511.0 445.1 459.6 483
.9 500.3
 Imports 556.7 602.8 571.6 585.2 595
.1 589.5


Equals: Command-basis gross

national product 3,851.6 4,002.3 3,869.4 3,923.4

3,953.9 3,988.7

Addendum:
 Terms of trade(2) 101.0 101.5 101.0 100.1 99
.5 100.7
4,009.4 4,029.2
 -93.9 -100.7
 514.0 517.6
 607.9 618.3
4,103.4 4,129.9
 -78.9 -88.0
 529.0 530.3
 607.9 618.3
4,024.5 4,041.9
 103.0 102.5


(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
 1987 1988 1987
 1988
 III IV I
 II
 National income 3,678.7 3,964.3 3,708.0 3,802.0 3,850
.8 3,928.8
Compensation of employees 2,683.4 2,904.9 2,702.8 2,769.9 2,816
.4 2,874.0
 Wages and salaries 2,248.4 2,437.1 2,265.3 2,324.8 2,358
.7 2,410.0


Government and
 government enterprises 420.1 446.1 423.2 429.2 437
.1 442.9
 Other 1,828.3 1.991.0 1,842.1 1,895.6 1,921
.6 1,967.1


Supplements to wages and

salaries 435.0 467.8 437.5 445.1

457.7 464.0

Employer contributions for
 social insurance 227.1 249.5 228.2 232.7 243
.1 247.5
 Other labor income 207.9 218.3 209.3 212.4 214
.6 216.5


Proprietors' income with

inventory valuation and

capital consumption
 adjustments 312.9 324.7 306.8 326.0 323
.9 328.8
 Farm 43.0 36.4 35.2 47.0 44
.7 43.4


Proprietors' income with

inventory valuation

adjustment 50.6 43.5 42.9 54.5

52.2 50.8

Capital consumption
 adjustment -7.6 -7.2 -7.7 -7.5 -7
.5 -7.3
 Nonfarm 270.0 288.3 271.5 279.0 279
.2 285.3
 Proprietors' income 233.0 254.1 235.1 243.4 243
.7 250.9


Inventory valuation

adjustment -1.0 -1.4 -1.1 -1.7

-1.2 -1.7

Capital consumption

adjustment 38.0 35.6 37.6 37.4

38.6 36.1

Rental income of persons with

capital consumption
 adjustment 18.4 19.6 18.1 20.5 20
.5 19.1
 Rental income of persons 66.2 68.5 67.1 69.1 69
.6 68.0


Capital consumption

adjustment -47.8 -48.9 -49.0 -48.6

-49.1 -49.0

Corporate profits with

inventory valuation and

capital consumption

adjustments 310.4 323.6 322.0 316.1

316.2 326.5

Corporate profits with

inventory valuation
 adjustment 258.7 277.8 269.9 263.7 266
.8 278.5
 Profits before tax 276.7 302.0 289.4 281.9 286
.2 305.9
 Profits tax liability 133.8 141.1 140.0 136.2 136
.9 143.2
 Profits after tax 142.9 160.9 149.5 145.7 149
.4 162.7
 Dividends 95.5 104.5 97.0 99.3 101
.3 103.1
 Undistributed profits 47.4 56.4 52.4 46.4 48
.1 59.6


Inventory valuation

adjustment -18.0 -24.2 -19.5 -18.2

-19.4 -27.4

Capital consumption
 adjustment 51.7 45.8 52.1 52.4 49
.4 48.0
Net interest 353.6 391.5 358.3 369.5 373
.9 380.6


Addenda:

Corporate profits after tax

with inventory valuation

and capital consumption

adjustments 176.6 182.5 182.1 179.9

179.3 183.2

Net cash flow with

inventory valuation and

capital consumption

adjustments 378.6 393.5 384.7 384.2

387.8 393.4

Undistributed profits with
 inventory valuation and
 capital consumption
 adjustments 81.1 77.9 85.0 80.5 78
.1 80.1


Capital consumption
 allowances with capital
 consumption
 adjustment 297.5 315.6 299.7 303.7 309
.8 313.3


Less: Inventory valuation
 adjustment -18.0 -24.2 -19.5 -18.2 -19
.4 -27.4
 Equals: Net cash flow 396.6 417.7 404.2 402.4 407
.3 420.8
 III IV


4,000.7
2,933.2 2,996.3
2,462.0 2,517.9
 449.1 455.4
2,012.9 2,062.5
 471.1 478.4
 251.7 255.9
 219.5 222.5
 321.6 324.6
 30.9 26.4
 37.9 33.2
 -7.0 -6.8
 290.7 298.2
 256.8 265.1
 -1.5 -1.2
 35.4 34.3
 19.7 19.1
 68.5 67.8
 -48.8 -48.6


330.0

284.6

313.9

144.8

169.1

105.7 108.0

63.4
 -29.3 -20.7
 45.4 40.3
 396.2 415.1


185.2

396.4

79.5
 316.8 322.3
 -29.3 -20.7


425.7

Table 1.19.--Truck Output
 [Billions of dollars]
 1986 1987
 Truck output(1) 55.2 59.6
Final sales 54.8 58.3


Personal consumption
 expenditures 26.0 27.7
 Producers'durable equipment 30.8 33.0


Net exports of goods and
 services -7.3 -7.0
 Exports 3.0 3.3
 Imports 10.3 10.3


Government purchases of
 goods and services 5.3 4.7
Change in business inventories .5 1.3


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III
57.8 58.0 64.6 65.8 65.3 64.3
58.0 61.6 60.9 66.2 65.4 67.3
28.6 29.1 27.3 28.7 28.8 29.8
33.1 34.3 34.2 36.4 36.1 37.4
-7.9 -6.6 -5.6 -4.9 -5.3 -5.6
 3.0 3.3 4.2 4.1 3.7 3.8
11.0 9.9 9.8 9.0 9.0 9.4
 4.2 4.8 5.0 6.0 5.8 5.7
 -.2 -3.6 3.7 -.4 0 -3.0


1. Includes new trucks only.

Table 2.1.--Personal Income and Its Disposition
 [Billions of dollars]
 1986 1987
Personal income 3,531.1 3,780.0


Wage and salary

disbursements 2,094.0 2,248.4

Commodity-producing
 industries 625.5 649.8
 Manufacturing 473.1 490.3
 Distributive industries 498.9 531.7
 Service industries 575.9 646.8


Government and
 government enterprises 393.7 420.1
Other labor income 196.1 207.9


Proprietors' income with inventory valuation and capital consumption
 adjustments 286.7 312.9
 Farm 36.4 43.0
 Nonfarm 250.3 270.0


Rental income of persons with capital consumption
 adjustment 12.4 18.4
Personal dividend income 82.8 88.6
Personal interest income 499.1 527.0
Transfer payments 521.1 548.8


Old-age, survivors,

disability, and health

insurance benefits 269.3 282.9

Government unemployment
 insurance benefits 16.3 14.7
 Veterans benefits 16.7 16.6


Government employees
 retirement benefits 70.6 75.7
 Other transfer payments 148.2 158.9


Aid to families with
 dependent children 16.3 16.7
 Other 131.9 142.1


Less: Personal contributions

for social insurance 161.1 172.0

Less: Personal tax and nontax

payments 511.4 570.3

Equals: Disposable personal
 income 3,019.6 3,209.7
Less: Personal outlays 2,898.0 3,105.5


Personal consumption

expenditures 2,807.5 3,012.1

Interest paid by consumers

to business 89.1 92.1

Personal transfer payments
 to foreigners (net) 1.4 1.3
Equals: Personal saving 121.7 104.2


Addenda:

Disposable personal income:

Total, billions of 1982

dollars 2,640.9 2,686.3

Per capita:
 Current dollars 12,496 13,157
 1982 dollars 10,929 11,012


Population (mid-period,

millions) 241.7 243.9

Personal savings as

percentage of disposable

personal income 4.0 3.2

Seasonally adjusted at annual rates
 1987 1988
II III IV I II III


3,736.1 3,801.0 3,906.8 3,951.4 4,022.4 4,094.0 2,220.6 2,265.1 2,325.1 2,358.7 2,410.0 2,462.0
 642.8 652.8 665.5 676.0 689.1 701.3
 484.6 492.6 501.3 509.6 517.4 525.9
 526.1 536.8 547.3 558.2 572.1 585.8
 634.8 652.4 682.8 687.4 705.9 725.8
 416.9 423.0 429.5 437.1 442.9 449.1
 206.4 209.3 212.4 214.6 216.5 219.5
 308.9 306.8 326.0 323.9 328.8 321.6
 43.0 35.2 47.0 44.7 43.4 30.9
 265.9 271.5 279.0 279.2 285.3 290.7
 17.8 18.1 20.5 20.5 19.1 19.7
 87.3 89.9 91.9 93.5 95.0 97.3
 517.9 533.0 550.0 554.2 563.7 581.9
 547.8 551.7 556.8 576.3 582.8 588.6
 282.8 284.5 286.5 298.1 300.4 303.1
 15.1 14.5 13.4 13.9 13.4 13.4
 16.7 16.6 16.6 17.0 17.1 17.1
 75.5 76.7 77.1 80.4 82.3 81.6
 157.6 159.4 163.3 166.9 169.6 173.4
 16.7 16.8 16.8 16.9 17.1 17.2
 140.9 142.7 146.5 150.0 152.5 156.2
 170.5 172.7 175.9 190.2 193.5 196.7
 582.0 576.2 591.0 575.8 601.0 586.5


3,154.1 3,224.9 3,315.8 3,375.6 3,421.5 3,507.5 3,084.7 3,152.3 3,171.8 3,225.7 3,293.6 3,361.8 2,992.2 3,058.2 3,076.3 3,128.1 3,194.6 3,261.2
 91.1 92.8 94.4 96.4 98.2 99.8
 1.4 1.3 1.2 1.2 .8 .8
 69.5 72.6 144.0 149.9 127.8 145.7


2,652.8 2,683.9 2,728.9 2,762.3 2,762.2 2,800.4
 12,947 13,204 13,543 13,760 13,919 14,231
 10,889 10,989 11,145 11,260 11,237 11,362
 243.6 244.2 244.8 245.3 245.8 246.5
 2.2 2.3 4.3 4.4 3.7 4.2


Table 1.20.--Truck Output in Constant Dollars
 [Billions of 1982 dollars]
 1986 1987
 Truck output(1) 47.8 50.8
Final sales 47.4 49.7


Personal consumption
 expenditures 22.5 23.5
 Producers' durable equipment 26.6 28.2


Net exports of goods and
 services -6.3 -6.0
 Exports 2.6 2.8
 Imports 8.9 8.8


Government purchases of
 goods and services 4.6 4.0
Change in business inventories .4 1.1


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III
49.4 49.4 54.9 55.8 55.5 54.1
49.6 52.5 51.9 56.2 55.5 56.5
24.4 24.8 23.0 24.2 24.3 25.1
28.4 29.2 29.3 31.0 30.8 31.3
-6.8 -5.6 -4.7 -4.1 -4.5 -4.7
 2.6 2.8 3.6 3.5 3.1 3.2
 9.4 8.5 8.3 7.6 7.6 7.8
 3.6 4.1 4.3 5.1 4.9 4.8
 -.2 -3.0 3.0 -.3 0 -2.3


1. Includes new trucks only.

Table 2.2.-- Personal Consumption Expenditures by Major Type of
 Product
 [Billions of dollars]
 1986 1987


Personal consumption
 expenditures 2,807.5 3,012.1
Durable goods 406.5 421.9
 Motor vehicles and parts 196.4 195.8


Furniture and household
 equipment 140.0 148.3
 Other 70.1 77.8
Nondurable goods 943.6 997.9
 Food 501.0 526.4
 Clothing and shoes 167.0 178.2
 Gasoline and oil 73.3 77.0
 Other nondurable goods 202.2 216.3
 Fuel oil and coal 16.7 16.2
 Other 185.6 200.1
Services 1,457.3 1,592.3
 Housing 434.3 467.7
 Household operation 179.9 186.3
 Electricity and gas 87.4 88.8
 Other 92.5 97.5
 Transportation 95.8 106.2
 Medical care 320.1 360.3
 Other 427.2 471.8


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III


2,992.2 3,058.2 3,076.3 3,128.1 3,194.6 3,261.2
 420.5 441.4 422.0 437.8 449.8 452.9
 194.5 212.9 194.0 202.2 208.7 210.2
 147.8 150.2 149.4 154.7 159.5 159.5
 78.3 78.3 78.6 81.0 81.5 83.2


995.3 1,006.6 1,012.4 1,016.2 1,036.6 1,060.8
 525.3 528.4 530.9 535.9 546.3 558.9
 176.8 180.4 181.2 180.5 183.2 188.4
 77.4 79.3 79.3 76.3 78.8 80.5
 215.8 218.5 220.9 223.5 228.2 233.0
 16.3 16.0 16.6 17.0 17.2 17.4
 199.5 202.5 204.2 206.6 211.0 215.6


1,576.4 1,610.2 1,641.9 1,674.1 1,708.2 1,747.5
 462.6 471.1 481.8 490.1 496.4 506.0
 187.3 189.6 188.2 190.9 193.5 199.7
 90.6 90.8 88.8 90.2 90.9 94.6
 96.8 98.8 99.5 100.7 102.7 105.1
 104.6 105.8 112.0 111.3 116.4 118.5
 355.7 367.3 374.4 384.9 396.6 410.4
 466.2 476.4 485.4 497.0 505.2 512.9


Table 2.3.--Personal Consumption Expenditures by Major Type of
 Product Constant Dollars
 [Billions of 1982 dollars]
 1986 1987


Personal consumption
 expenditures 2,455.2 2,521.0
Durable goods 385.0 390.9
 Motor vehicles and parts 176.4 170.4


Furniture and household
 equipment 143.2 151.0
 Other 65.4 69.6
Nondurable goods 879.5 890.5
 Food 448.0 450.4
 Clothing and shoes 157.6 160.5
 Gasoline and oil 97.3 98.3
 Other nondurable goods 176.6 181.3
 Fuel oil and coal 22.0 21.1
 Other 154.6 160.2
Services 1,190.7 1,239.5
 Housing 348.3 358.3
 Household operation 152.1 157.0
 Electricity 76.6 79.0
 Other 75.5 78.0
 Transportation 85.4 89.3
 Medical care 251.5 268.2
 Other 353.4 366.6


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III


2,516.6 2,545.2 2,531.7 2,559.8 2,579.0 2,603.8
 391.3 406.5 387.6 401.1 410.6 410.4
 169.9 184.2 166.7 173.5 179.0 178.7
 151.0 152.7 151.9 157.3 161.8 161.0
 70.4 69.7 69.0 70.3 69.8 70.7
 889.8 891.9 890.5 892.7 893.6 904.5
 450.1 449.4 449.2 451.4 453.2 453.8
 158.2 162.9 160.3 159.6 156.3 164.2
 99.6 97.8 98.4 98.8 99.8 99.5
 181.9 181.7 182.6 183.0 184.2 187.0
 21.3 20.4 21.4 22.0 21.8 22.4
 160.6 161.4 161.2 161.0 162.4 164.6


1,235.5 1,246.8 1,253.6 1,265.9 1,274.8 1,288.9
 357.1 359.3 361.7 363.6 365.6 367.7
 158.1 159.2 158.1 160.4 161.1 165.9
 80.5 80.5 79.2 80.5 80.6 83.8
 77.6 78.6 79.0 80.0 80.4 82.1
 88.9 90.1 90.8 91.7 92.9 94.2
 266.6 270.9 274.0 276.9 279.5 283.4
 364.8 367.3 369.0 373.2 375.8 377.7


Table 3.2.--Federal Government Receipts and Expenditures
 [Billions of dollars]
 1986 1987
 Receipts 828.3 916.5


Personal tax and nontax
 receipts 361.5 405.6
 Income taxes 353.6 396.8
 Estate and gift taxes 7.1 7.4
 Nontaxes .8 1.4
Corporate profits tax accruals 83.9 105.8
 Federal Reserve banks 17.8 17.7
 Other 66.1 88.1


Indirect business tax and
 nontax accruals 50.8 54.0
 Exercise taxes 30.9 31.8
 Customs duties 13.7 15.4
 Nontaxes 6.3 6.8


Contributions for social
 insurance 332.2 351.0
 Expenditures 1,033.9 1,074.2
Purchases of goods and services 366.2 382.0
 National defense 277.5 295.3
 Nondefense 88.7 86.7
Transfer payments 399.8 414.2
 To persons 385.9 402.0
 To foreigners 13.9 12.2


Grants-in-aid to State and local
governments 106.8 102.7

Net interest paid 135.4 143.0
 Interest paid 158.3 162.5
 To persons and business 135.6 138.4
 To foreigners 22.6 24.1


Less: Interest received by

government 22.8 19.4

Subsidies less current surplus of
 government enterprises 25.7 32.4
 Subsidies 26.5 30.8


Less: Current surplus of

government enterprises .8 -1.6

Less: Wage accruals less

disbursements 0 0

Surplus or deficit (-),

national income and
 product accounts -205.6 -157.8
Social insurance funds 17.4 27.5
Other -223.1 -185.3


Seasonally adjusted at annual rates
 1987 1988
 II III IV I II III
 920.0 930.14 944.4 951.0 983.0 975.5
 413.1 413.3 422.3 404.6 425.0 408.3
 403.9 403.9 414.1 395.9 415.1 398.6
 7.8 7.7 6.7 7.1 8.2 8.3
 1.3 1.7 1.6 1.5 1.7 1.4
 105.0 110.5 107.7 107.2 111.7 113.1
 17.7 17.9 17.9 18.4 18.3 19.1
 87.2 92.6 89.8 88.8 93.4 94.0
 54.3 53.9 55.0 55.9 55.9 57.1
 31.9 31.7 32.2 32.4 33.0 33.2
 15.6 15.2 15.8 16.5 15.9 16.3
 6.8 6.9 7.0 7.0 7.0 7.5
 347.7 352.4 359.4 383.4 390.3 397.0


1,064.0 1,068.4 1,104.9 1,106.1 1,116.3 1,099.0
 377.5 386.3 391.4 377.7 382.2 367.7
 294.8 299.8 299.2 298.4 298.8 294.3
 82.6 86.4 92.2 79.3 83.4 73.4
 413.4 414.2 422.5 434.4 437.6 440.7
 402.2 403.5 406.1 422.9 426.5 428.3
 11.2 10.7 16.4 11.5 11.0 12.5
 105.5 101.9 101.4 111.1 110.4 111.5
 139.8 143.8 149.5 149.9 152.1 154.9
 159.5 163.0 168.4 172.5 171.8 174.3
 135.6 139.1 143.8 146.0 145.0 146.5
 23.9 23.9 24.6 26.6 26.8 27.8
 19.6 19.3 18.9 22.6 19.8 19.4
 27.8 22.6 39.7 33.0 34.0 24.1
 27.3 20.8 37.6 29.6 32.5 16.8
 -.5 -1.8 -2.1 -3.3 -1.5 -7.3
 0 .2 -.2 0 0 0
 -144.0 -138.3 -160.4 -155.1 -133.3 -123.5
 23.2 27.8 34.9 44.8 49.8 56.0
 -167.2 -166.1 -195.3 -199.8 -183.1 -179.5


Table 3.7B.--Government Purchase of Goods and Services by Type
 [Billions of dollars]
 1986 1987


Government purchases of
 goods and services 871.2 924.7
Federal 366.2 382.0
 National defense 277.5 295.3
 Durable goods 83.5 89.8
 Nondurable goods 11.1 10.5
 Services 176.4 187.8


Compensation of
 employees 104.0 108.9
 Military 70.2 73.2
 Civilian 33.8 35.7
 Other services 72.4 78.9
 Structures 6.6 7.2
 Nondefense 88.7 86.7
 Durable goods 4.1 4.1
 Nondurable goods 11.1 3.2


Commodity Credit
 Corporation inventory
 change 5.3 -3.3
 Other nondurables 5.7 6.5
 Services 65.9 70.9


Compensation of
 employees 39.5 42.1
 Other services 26.4 28.8
 Structures 7.6 8.5
State and local 505.0 542.8
 Durable goods 24.3 26.9
 Nondurable goods 40.0 44.1
 Services 380.4 409.6
 Compensation of employees 299.9 321.7
 Other services 80.5 87.9
 Structures 60.3 62.2


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III
915.7 932.2 947.3 945.2 961.6 955.3
377.5 386.3 391.4 377.7 382.2 367.7
294.8 299.8 299.2 298.4 298.8 294.3
 89.5 93.1 88.4 83.8 84.2 81.7
 10.2 10.9 11.3 10.8 11.4 10.7
188.5 188.1 191.9 197.3 195.8 194.8
108.7 109.0 110.0 112.7 112.6 112.9
 73.0 73.1 73.9 75.5 75.7 75.9
 35.7 35.9 36.2 37.2 37.0 37.0
 79.8 79.1 81.9 84.6 83.1 81.8
 6.6 7.8 7.6 6.6 7.5 7.2
 82.6 86.4 92.2 79.3 83.4 73.4
 4.0 4.2 4.5 4.6 4.8 4.2
 -.4 1.9 4.9 -9.1 -8.2 -16.4
 -7.5 -4.8 -1.4 -17.5 -16.8 -22.6
 7.1 6.7 6.3 8.4 8.6 6.1
 70.3 71.5 74.5 76.4 78.8 77.0
 42.1 42.3 42.7 44.0 44.7 45.1
 28.2 29.1 31.8 32.3 34.1 31.9
 8.7 8.9 8.3 7.5 7.9 8.6
538.2 546.0 555.9 567.5 579.4 587.6
 26.6 27.3 27.8 28.4 29.2 30.0
 43.8 44.9 45.0 45.3 47.0 48.1
406.0 413.1 420.0 428.7 436.7 444.6
319.0 324.4 329.9 336.4 342.1 347.8
 87.0 88.7 90.2 92.2 94.6 96.8
 61.8 60.7 63.1 65.2 66.4 65.0


Table 3.3.--State and Local Government Receipts and Expenditures
 [Billions of dollars]
 1986 1987
 Receipts 623.0 655.7


Personal tax and nontax
 receipts 150.0 164.7
 Income taxes 76.8 86.1
 Nontaxes 60.4 64.8
 Other 12.7 13.8
Corporate profits tax accruals 22.7 27.9


Indirect business tax and
 nontax accruals 297.6 312.3
 Sales taxes 139.9 148.7
 Property taxes 114.6 121.9
 Other 43.1 41.6


Contributions for social
 insurance 46.0 48.1
Federal grants-in-aid 106.8 102.7
 Expenditures 561.9 602.8
Purchases of goods and services 505.0 542.8
 Compensation of employees 299.9 321.7
 Other 205.2 221.1
Transfer payments to persons 110.1 118.7
Net interest paid -34.8 -37.7
 Interest paid 47.6 53.3


Less: Interest received by

government 82.4 91.0

Less: Dividends received by

government 5.5 6.9

Subsidies less current surplus of
 government enterprises -13.1 -14.0
 Subsidies .8 1.0


Less: Current surplus of

government enterprises 13.9 15.0

Less: Wage accruals less

disbursements 0 0

Surplus or deficit (-),
 national income and
 product accounts 61.2 52.9
Social insurance funds 56.2 62.1
Other 5.0 -9.2


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III
659.3 659.1 666.9 685.5 698.4 708.0
168.9 162.9 168.6 171.3 176.0 178.2
 90.9 83.5 88.1 89.3 92.6 93.3
 64.3 65.4 66.5 67.6 68.7 69.9
 13.7 13.9 14.1 14.3 14.7 15.0
 27.6 29.4 28.5 29.7 31.5 31.7
309.5 316.5 319.2 323.5 329.8 335.3
147.4 151.5 152.5 154.3 157.9 160.2
121.0 122.8 124.7 126.6 128.5 130.6
 41.2 42.1 42.0 42.6 43.4 44.5
 47.7 48.4 49.2 49.9 50.6 51.4
105.5 101.9 101.4 111.1 110.4 111.5
597.9 606.2 617.2 629.7 642.1 652.0
538.2 546.0 555.9 567.5 579.4 587.6
319.0 324.4 329.9 336.4 342.1 347.8
219.2 221.6 226.0 231.1 237.3 239.8
117.7 119.7 121.7 123.8 126.0 129.3
-37.3 -38.0 -38.8 -39.5 -40.3 -41.2
 52.6 54.0 55.4 56.8 58.3 59.7
 89.9 92.1 94.2 96.3 98.6 101.0
 6.7 7.2 7.5 7.8 8.1 8.4
-13.9 -14.3 -14.1 -14.4 -14.7 -15.3
 .9 1.0 1.0 1.0 1.1 1.0
 14.9 15.3 15.1 15.5 15.8 16.3
 0 0 0 0 0 0
 61.4 52.9 49.7 55.8 56.2 56.0
 61.2 63.0 64.6 66.1 67.7 69.3
 .1 -10.1 -14.8 -10.3 -11.5 -13.3


Table 3.8B.--Government Purchases of Goods and Services by Type in
 Constant Dollars
 [Billions of 1982 dollars]
 1986 1987


Government purchases of
 goods and services 760.5 780.2
Federal 333.4 339.0
 National defense 251.4 264.9
 Durable goods 78.1 87.9
 Nondurable goods 15.4 14.7
 Services 152.3 156.4


Compensation of
 employees 88.8 89.3
 Military 59.9 60.2
 Civilian 28.9 29.0
 Other services 63.4 67.2
 Structures 5.6 5.9
 Nondefense 82.0 74.1
 Durable goods 4.5 4.8
 Nondurable goods 13.4 2.5


Commodity Credit
 Corporation inventory
 change 7.8 -3.9
 Other nondurables 5.6 6.4
 Services 57.1 59.2


Compensation of
 employees 33.7 34.2
 Other services 23.4 25.0
 Structures 6.9 7.5
State and local 427.1 441.2
 Durable goods 22.5 24.4
 Nondurable goods 44.3 46.4
 Services 306.9 316.0
 Compensation of employees 240.8 246.4
 Other services 66.1 69.6
 Structures 53.4 54.3


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III
772.2 782.9 792.6 776.4 783.8 773.5
332.1 342.1 347.7 327.8 331.6 320.1
264.8 269.5 268.2 264.6 263.6 256.4
 87.2 92.1 88.4 84.9 85.1 81.2
 14.6 14.6 15.6 14.6 14.8 13.2
157.4 156.4 158.0 159.9 157.8 156.4
 89.1 89.3 89.5 89.3 88.8 89.0
 60.1 60.2 60.3 60.1 59.9 60.0
 29.0 29.1 29.2 29.2 28.9 28.9
 68.5 67.1 68.6 70.5 69.0 67.4
 5.5 6.3 6.1 5.2 5.9 5.6
 67.3 72.6 79.5 63.2 67.9 63.7
 4.6 4.9 5.4 5.6 5.8 5.2
 -3.8 .3 4.9 -11.1 -8.6 -11.0
-11.0 -6.3 -1.1 -19.3 -16.8 -16.5
 7.2 6.6 6.1 8.2 8.3 5.5
 58.8 59.5 61.8 62.2 63.9 62.1
 34.2 34.4 34.4 34.5 35.0 35.2
 24.5 25.2 27.4 27.7 28.9 26.9
 7.8 7.8 7.3 6.5 6.8 7.3
440.1 440.8 444.9 448.7 452.2 453.4
 24.2 24.7 25.1 25.5 26.0 26.4
 46.3 46.6 46.9 47.5 48.3 49.1
315.4 316.8 318.5 320.3 322.2 324.3
246.1 247.1 248.1 249.0 249.9 251.0
 69.3 69.7 70.4 71.3 72.3 73.3
 54.3 52.8 54.4 55.4 55.7 53.6


Table 3.9.--National Defense Purchases of Goods and Services

[Billion of dollars]

1986 1987

National defense
 purchases 277.5 295.3
Durable goods 83.5 89.8
 Military equipment 71.1 77.3
 Aircraft 32.9 33.4
 Missiles 11.5 13.0
 Ships 8.5 8.5
 Vehicles 4.7 4.8
 Electronic equipment 5.1 5.8
 Other 8.4 11.8
 Other durable goods 12.4 12.5
Nondurable goods 11.1 10.5
 Petroleum products 4.3 4.2
 Ammunition 4.3 3.8
 Other nondurable goods 2.5 2.5
Services 176.4 187.8
 Compensation of employees 104.0 108.9
 Military 70.2 73.2
 Civilian 33.8 35.7
 Other services 72.4 78.9


Contractual research and
 development 28.6 28.5
 Installation support(1) 18.6 22.3
 Weapons support(2) 7.8 9.0
 Personnel support(3) 10.4 11.3
 Transportation of materiel 3.4 4.0
 Travel of persons 3.5 3.8
 Other .2 0
Structures 6.6 7.2
 Military facilities 4.1 4.9
 Other 2.4 2.4


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III(r)
294.8 299.8 299.2 298.4 298.8 294.3
 89.5 93.1 88.4 83.8 84.2 81.7
 76.8 79.9 75.9 72.3 73.3 70.9
 31.3 35.4 33.7 29.8 29.8 27.4
 13.9 12.5 13.3 11.7 12.8 11.7
 9.1 8.4 8.2 8.4 7.9 8.0
 4.9 4.4 6 7.8 7.6 6.6 7.5 7.2
 4.5 5.2 5.3 4.2 5.0 4.9
 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 4.1.--Foreign Transactions in the National Income and Product Accounts

[Billions of dollars]
 1986 1987
 Receipts from foreigners 378.4 428.0
Exports of goods and services 378.4 428.0
 Merchandise 225.0 254.8
 Durable goods 140.4 158.3
 Nondurable goods 84.6 96.4
 Services 153.4 173.3
 Factor income(1) 87.5 96.1
 Other 65.9 77.2


Capital grants received by the
 United States (net) 0 0
 Payments to foreigners 378.4 428.0
Imports of goods and services 482.8 551.1
 Merchandise 367.7 413.0
 Durable goods 238.7 264.5
 Nondurable goods 129.0 148.5
 Services 115.1 138.1
 Factor income(1) 52.6 66.6
 Other 62.5 71.5
Transfer payments (net) 15.4 13.5
 From persons (net) 1.4 1.3
 From government (net) 13.9 12.2


Interest paid by government to
 foreigners 22.6 24.1
Net foreign investment -142.4 -160.6


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III(r)
 416.8 440.4 459.7 487.8 507.1 536.1
 416.8 440.4 459.7 487.8 507.1 536.1
 245.1 264.8 276.7 300.8 316.9 331.0
 150.6 163.5 175.0 188.2 198.4 204.8
 94.5 101.3 101.7 112.5 118.5 126.1
 171.7 175.6 183.0 187.0 190.2 205.1
 93.8 97.3 105.1 104.7 104.2 116.1
 77.9 78.3 77.9 82.3 86.1 89.0
 0 0 0 0 0 0
 416.8 440.4 459.7 487.8 507.1 536.1
 539.0 565.6 585.4 599.9 597.5 616.0
 402.3 421.7 438.0 441.7 439.4 448.6
 258.0 265.2 281.8 287.5 286.6 293.4
 144.3 156.5 156.2 154.2 152.7 155.2
 136.7 143.9 147.4 158.2 158.2 167.5
 65.6 70.5 74.1 82.3 82.9 89.3
 71.1 73.4 73.3 75.8 75.3 78.1
 12.6 12.0 17.6 12.7 11.8 13.3
 1.4 1.3 1.2 1.2 .8 .8
 11.2 10.7 16.4 11.5 11.0 12.5
 23.9 23.9 24.6 26.6 26.8 27.8
-158.6 -161.1 -167.8 -151.3 -129.1 -121.1


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

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

[Billions of 1982 dollars]

1986 1987

National defense
 purchases 251.4 264.9
Durable goods 78.1 87.9
 Military equipment 64.0 72.5
 Aircraft 28.0 30.7
 Missiles 10.9 12.8
 Ships 7.4 7.3
 Vehicles 5.0 5.1
 Electronic equipment 4.8 5.5
 Other 8.0 11.0
 Other durable goods 14.2 15.4
Nondurable goods 15.4 14.7
 Petroleum products 8.5 8.4
 Ammunition 4.6 4.0
 Other nondurable goods 2.3 2.3
Services 152. 33.4 31.9 29.0 28.6 26.5
 13.7 12.5 13.7 12.2 13.3 11.5
 7.8 7.2 7.1 7.2 6.8 6.7
 5.3 4.8 4.9 4.7 4.5 4.4
 5.6 5.6 5.3 5.5 5.7 5.5
 10.8 12.4 9.7 10.9 11.4 12.5
 15.4 16.2 15.9 15.4 14.9 14.0
 14.6 14.6 15.6 14.6 14.8 13.2
 8.2 8.1 9.5 8.3 7.8 6.9
 4.0 4.3 3.9 4.1 4.9 4.0
 2.4 2.3 2.2 2.3 2.2 2.3
157.6 156.4 158.0 159.9 157.8 156.4
 89.1 89.3 89.5 89.3 88.8 89.0
 60.1 60.2 60.3 60.1 59.9 60.0
 29.0 29.1 29.2 29.2 28.9 28.9
 68.5 67.1 68.6 70.5 69.0 67.4
 25.4 23.8 24.2 25.9 25.4 25.0
 18.1 18.1 18.4 19.5 18.8 18.4
 7.9 8.1 8.0 8.0 7.9 7.8
 9.1 9.5 9.0 8.9 8.7 7.7
 Factor income(1) 75.8 80.3
 Other 58.9 67.4
Imports of goods and services 515.9 556.7
 Merchandise 412.3 439.0
 Durable goods 241.4 260.2
 Nondurable goods 170.9 178.8
 Services 103.7 117.7
 Factor income(1) 45.0 54.7
 Other 58.7 63.0


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III(r)
416.4 440.9 459.2 486.2 496.9 514.0
269.4 291.6 304.6 329.0 339.1 345.9
167.9 184.0 198.8 215.4 223.1 229.4
101.5 107.7 105.8 113.6 116.0 116.5
146.9 149.2 154.6 157.1 157.8 168.1
 78.8 81.0 87.0 86.3 84.5 93.0
 68.2 68.2 67.6 70.9 73.3 75.1
542.3 571.6 585.2 595.1 589.5 607.9
425.3 449.5 461.0 463.0 459.1 407.9
252.5 262.2 276.9 279.1 276.3 283.5
172.8 187.3 184.1 184.1 182.8 187.4
117.0 122.2 124.2 132.0 130.4 137.0
 54.2 57.7 60.3 66.8 66.3 70.6
 62.8 64.4 63.9 65.2 64.2 66.4


(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]
 1986 1987
 Merchandise exports 225.0 254.8
Foods, feeds, and beverages 23.1 24.6


Industrial supplies and
 materials 58.4 66.5
 Durable goods 18.1 20.9
 Nondurable goods 40.3 45.6
Capital goods, except autos 79.3 88.1
Autos 24.9 26.3
Consumer goods 14.6 18.0
 Durable goods 5.8 7.4
 Nondurable goods 8.8 8.7
 4.1 4.4 4.6 4.4 4.3 4.0
 3.8 3.7 3.8 3.6 3.8 3.8
 .2 -.5 .5 .2 .1 -.4
 5.5 6.3 6.1 5.2 5.9 5.6
 3.6 4.2 4.2 3.3 4.0 3.8
 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 4.2.--Exports and Imports of Goods and Services in Constant Dollars

[Billions of 1982]
 1986 1987
Exports of goods and services 378.4 427.8
 Merchandise 243.7 280.1
 Durable goods 152.6 177.3
 Nondurable goods 91.0 102.8
 Services 134.7 147.7


10.5
Other 24.6 31.3
 Durable goods(1) 12.3 15.7
 Nondurable goods(1) 12.3 15.7
 Merchandise imports 367.7 413.0
Foods, feeds, and beverages 24.3 24.7


Industrial supplies and

materials, excluding
 petroleum 62.2 66.6
 Durable goods 34.3 35.6
 Nondurable goods 27.8 31.0
Petroleum and products 34.4 42.9
Capital goods, except autos 72.1 84.8
Autos 78.1 85.2
Consumer goods 79.2 88.7
 Durable goods 45.4 49.0
 Nondurable goods 33.8 39.7
Other 17.4 20.2
 Durable goods(1) 8.7 10.1
 Nondurable goods(1) 8.7 10.1


Addenda:

Exports of agricultural

products(2) 27.4 29.5

Exports of nonagricultural
 products 197.7 225.3
 Imp 66.2 72.3 76.7 75.3 77.4
 33.3 35.1 38.6 41.8 40.1 41.2
 29.4 31.0 33.7 35.0 35.2 36.2
 40.3 51.0 45.2 39.8 41.1 39.4
 82.4 87.0 93.2 96.4 100.7 101.9
 84.0 84.1 88.7 87.4 84.5 86.4
 88.8 88.1 92.0 94.2 92.8 96.1
 48.7 48.8 50.6 51.5 50.7 52.6
 40.1 39.4 41.4 42.8 42.1 43.4
 19.2 20.5 21.4 21.1 21.1 22.4
 9.6 10.2 10.7 10.5 10.6 11.2
 9.6 10.2 10.7 10.5 10.6 11.2
 28.5 33.1 30.5 36.1 38.5 41.6
216.6 231.7 246.2 264.7 278.4 289.4
362.0 370.6 392.8 401.9 398.3 409.2


(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 line 5.

NOTE.--Beginning with 1985, the 10.5
Other 24.6 31.3
 Durable goods(1) 12.3 15.7
 Nondurable goods(1) 12.3 15.7
 Merchandise imports 367.7 413.0
Foods, feeds, and beverages 24.3 24.7


Industrial supplies and

materials, excluding
 petroleum 62.2 66.6
 Durable goods 34.3 35.6
 Nondurable goods 27.8 31.0
Petroleum and products 34.4 42.9
Capital goods, except autos 72.1 84.8
Autos 78.1 85.2
Consumer goods 79.2 88.7
 Durable goods 45.4 49.0
 Nondurable goods 33.8 39.7
Other 17.4 20.2
 Durable goods(1) 8.7 10.1
 Nondurable goods(1) 8.7 10.1


Addenda:

Exports of agricultural

products(2) 27.4 29.5

Exports of nonagricultural

products 197.7 225.3

Imports of nonpetroleum
 products 333.3 370.1
 Seasonally adjusted at annual rates
 1987 1988
II III IV I II III(r)
245.1 264.8 276.7 300.8 316.9 331.0
 23.5 28.1 25.4 30.1 32.8 36.2
 65.4 68.2 71.0 77.8 82.1 86.0
 20.1 21.5 22.8 24.6 28.0 28.4
 45.3 46.7 48.1 53.3 54.1 57.6
 83.2 93.3 96.5 105.4 109.2 114.1
 24.9 25.4 30.5 31.7 32.2 32.2
 17.5 18.6 19.3 21.2 22.8 24.9
 7.1 7.7 8.1 9.3 10.1 11.4
 10.4 10.9 11.1 11.9 12.8 13.5
 30.5 31.2 34.1 34.6 37.8 37.5
 15.3 15.6 17.0 17.3 18.9 18.8
 15.3 15.6 17.0 17.3 18.9 18.8
402.3 421.7 438.0 441.7 439.4 448.6
 24.9 24.8 25.1 26.0 23.8 25.0
 62.8 66.2 72.3 76.7 75.3 77.4
 33.3 35.1 38.6 41.8 40.1 41.2
 29.4 31.0 33.7 35.0 35.2 36.2
 40.3 51.0 45.2 39.8 41.1 39.4
 82.4 87.0 93.2 96.4 100.7 101.9
 84.0 84.1 88.7 87.4 84.5 86.4
 88.8 88.1 92.0 94.2 92.8 96.1
 48.7 48.8 50.6 51.5 50.7 52.6
 40.1 39.4 41.4 42.8 42.1 43.4
 19.2 20.5 21.4 21.1 21.1 22.4
 9.6 10.2 10.7 10.5 10.6 11.2
 9.6 10.2 10.7 10.5 10.6 11.2
 28.5 33.1 30.5 36.1 38.5 41.6
216.6 231.7 246.2 264.7 278.4 289.4
362.0 370.6 392.8 401.9 398.3 409.2


(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 line 5.
 NOTE.--Beginning with 1985, the defi 12.4 15.5
 Nondurable goods(1) 12.4 15.5
 Merchandise imports 412.3 439.0
Foods, feeds, and beverages 23.2 23.9


Industrial supplies and

materials, excluding
 petroleum 73.6 74.2
 Durable goods 40.6 39.8
 Nondurable goods 33.0 34.5
Petroleum and products 75.3 77.9
Capital goods, except autos 82.8 99.4
Autos 66.0 68.1
Consumer goods 74.5 77.1
 Durable goods 43.5 43.8
 Nondurable goods 31.0 33.4
Other 16.9 18.3
 Durable goods(1) 8.4 9.2
 Nondurable goods(1) 8.4 9.2


Addenda:

Exports of agricultural

products(2) 30.6 34.9

Exports of nonagricultural

products 213.0 245.2

Imports of nonpetroleum

products 337.0 361.1

39.3
 33.4 33.6 35.9 35.1 34.0 34.4
 72.2 88.0 81.4 82.2 85.4 87.1
 94.6 104.0 112.2 116.4 121.5 125.0
 67.1 67.2 69.9 67.7 64.8 65.9
 77.6 76.2 77.8 77.6 75.0 77.7
 43.8 43.5 44.1 43.8 42.2 44.0
 33.8 32.7 33.7 33.8 32.8 33.8
 17.6 18.5 18.9 18.1 17.8 18.8
 8.8 9.2 9.5 9.1 8.9 9.4
 8.8 9.2 9.5 9.1 8.9 9.4
 33.9 39.7 35.2 39.3 39.8 37.9
235.6 252.0 269.4 289.7 299.3 308.0
353.1 361.5 379.6 380.9 373.7 383.8


(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 def 12.4 15.5
 Nondurable goods(1) 12.4 15.5
 Merchandise imports 412.3 439.0
Foods, feeds, and beverages 23.2 23.9


Industrial supplies and

materials, excluding
 petroleum 73.6 74.2
 Durable goods 40.6 39.8
 Nondurable goods 33.0 34.5
Petroleum and products 75.3 77.9
Capital goods, except autos 82.8 99.4
Autos 66.0 68.1
Consumer goods 74.5 77.1
 Durable goods 43.5 43.8
 Nondurable goods 31.0 33.4
Other 16.9 18.3
 Durable goods(1) 8.4 9.2
 Nondurable goods(1) 8.4 9.2


Addenda:

Exports of agricultural

products(2) 30.6 34.9

Exports of nonagricultural

products 213.0 245.2

Imports of nonpetroleum

products 337.0 361.1 initions, 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]
 1986 1987
 Gross saving 537.2 560.4
Gross private saving 681.6 665.3
 Personal saving 121.7 104.2


Undistributed corporate

profits with inventory

valuation and capital
 consumption adjustments 104.1 81.1
 Undistributed profits 41.6 47.4


Inventory valuation

adjustment 8.3 -18.0

Capital consumption

adjustment 54.2 51.7

Corporate capital

consumption allowances

with capital consumption

adjustment 282.4 297.5

Noncorporate capital

consumption allowances

with capital consumption

adjustment 173.5 182.5

Wage accruals less

disbursements 0 0

Government surplus or deficit

(-), national income and
 product accounts -144.4 -104.9
 Federal -205.6 -157.8
 State and local 61.2 52.9


Capital grants received by the
 United States (net) 0 0
 Gross investment 523.6 552.3


Gross private domestic
 investment 665.9 712.9
Net foreign investment -142.4 -160.6
 Statistical discrepancy -13.6 -8.1


Seasonally adjusted at annual rates
 1987 1988
II III IV I II III(r)
 542.4 556.8 603.4 627.0 634.1 665.4
 625.0 642.2 714.1 726.3 711.2 732.9
 69.5 72.6 144.0 149.9 127.8 145.7
 78.5 85.0 80.5 78.1 78.1 79.5
 47.0 52.4 46.4 48.1 59.6 63.4


Table 5.8.--Change in Business Inventories by Industry
 [Billions of dollars]
 1986 1987


Change in business
 inventories 15.5 39.2
Farm -1.9 -1.5
Nonfarm 17.4 40.7
 Change in book value 4.8 64.5


Inventory valuation
 adjustment(1) 12.7 -23.8
 Manufacturing -3.3 6.1
 Durable Goods -3.0 4.6
 Nondurable goods -.3 1.5
 Wholesale Trade 7.0 7.4
 Durable goods 3.9 5.3
 Nondurable goods 3.1 2.1
 Merchant Wholesalers 6.7 7.2
 Durable goods 3.7 4.8
 Nondurable goods 3.0 2.3
 Nonmerchant wholesalers .4 .2
 Durable goods .2 .5
 Nondurable goods .1 -.3
Retail Trade 3.3 21.3
 Durable goods .7 14.6
 Automotive -1.6 10.6
 Other 2.2 4.0
 Nondurable goods 2.6 6.7
Other 10.4 5.9
 Durable goods 2.7 2.0
 Nondurable goods 7.7 3.9


Seasonally Adjusted at annual rates
 1987 1988
 II III IV I II III(r)
 32.7 14.5 72.0 65.3 43.7 49.7
 1.3 -3.3 -.8 15.9 10.6 7.8
 31.4 17.8 72.8 49.4 33.1 41.9
 58.4 43.2 96.9 78.1 74.7 83.8


-27.0 -25.4 -24.1 -28.7 -41.6 -41.9
 -2.6 11.1 14.8 15.4 6.3 6.9
 -1.0 7.6 11.7 9.6 6.7 8.5
 -1.6 3.5 3.2 5.8 -.4 -1.6
 3.7 -3.4 22.0 24.6 -.4 11.1
 3.7 -5.3 15.4 21.2 -7.9 16.8
 -.1 1.9 6.6 3.4 7.5 -5.7
 6.5 -3.7 20.1 22.6 .3 8.2
 5.0 -5.7 13.6 19.3 -7.8 14.7
 1.5 2.0 6.5 3.3 8.1 -6.5
 -2.8 .4 1.8 2.0 -.7 2.8
 -1.3 .5 1.8 1.9 -.1 2.1
 -1.6 -.1 .1 .2 -.6 .8
 25.9 2.9 28.2 1.2 15.6 13.3
 18.5 -2.7 21.9 -7.0 14.5 14.4
 10.6 -3.5 15.1 -11.6 12.7 10.1
 7.9 .8 6.8 4.6 1.8 4.4
 7.3 5.6 6.2 8.2 1.1 -1.1
 4.5 7.1 7.8 8.2 11.6 10.7
 3.1 3.2 1.4 2.9 4.5 5.4
 1.4 3.9 6.4 5.3 7.0 5.3


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 5.9--Change in Business Inventories by Industry in Constant Dollars
 [Billions of 1982 dollars]
 1986 1987


Change in business
 inventories 15.4 34.4
Farm -2.5 -2.5
Nonfarm 17.9 36.9
 Manufacturing -3.5 5.2
 Durable goods -3.1 4.1
 Nondurable goods -.4 1.1
 Wholesale trade 7.1 5.8
 Durable goods 3.7 4.9
 Nondurable goods 3.3 .9
 Merchant wholesalers 6.7 5.8
 Durable goods 3.5 4.4
 Nondurable goods 3.2 1.4
 Nonmerchant wholesalers .3 0
 Durable goods .2 .5
 Nondurable goods .1 -.5
 Retail trade 3.1 19.2
 Durable goods .7 13.1
 Automotive -1.5 9.3
 Other 2.1 3.7
 Nondurable goods 2.5 6.1
 Other 11.3 6.7
 Durable goods 2.5 1.9
 Nondurable goods 8.8 4.9


Seasonally adjusted at annual rates
 1987 1988
 II III IV I II III(r)
 27.8 13.0 67.1 66.0 35.3 39.5
 2.7 -5.3 -1.1 14.1 5.3 -.8
 25.0 18.3 68.2 51.9 30.1 40.4
 -4.0 10.8 14.4 15.8 5.8 5.7
 -1.3 7.0 10.6 8.7 6.2 8.0
 -2.7 3.9 3.8 7.1 -.4 -2.3
 1.1 -3.5 19.4 24.9 -1.2 11.2
 3.3 -4.8 14.1 18.2 -6.8 15.1
 -2.3 1.3 5.3 6.7 5.7 -3.9
 4.7 -3.6 18.1 22.7 0 8.1
 4.6 -5.3 12.5 16.4 -6.8 13.1
 .1 1.6 5.6 6.3 6.7 -5.1
 -3.6 .2 1.3 2.2 -1.1 3.2
 -1.2 .5 1.7 1.8 -.1 2.0
 -2.4 -.3 -.4 .4 -1.1 1.2
 23.4 2.9 25.1 1.5 13.7 11.7
 16.6 -2.2 19.5 -5.9 12.7 12.7
 9.3 -3.0 13.2 -10.1 11.0 8.7
 7.3 .8 6.3 4.2 1.7 4.0
 6.8 5.1 5.6 7.4 1.0 -1.0
 4.6 8.0 9.3 9.7 11.8 11.8
 2.9 2.9 1.3 2.5 3.9 4.7
 1.8 5.0 8.0 7.2 7.9 7.1


Table 5.10--Inventories and Final Sales of Business by Industry
 [Billions of dollars]
 Seasonally adjusted quart
erly totals
 1987
 1988
 II III IV I
 II III
 Inventories(1) 902.3 914.1 941.5 965.2
992.3 1,015.8
Farm 69.9 68.2 68.8 72.6
 78.7 81.8
Nonfarm 832.4 845.9 872.8 892.6
913.6 934.0
 Durable goods 487.9 494.0 513.3 523.5
533.3 549.0
 Nondurable goods 344.5 351.9 359.5 369.1
380.2 385.0
 Manufacturing 330.8 337.8 346.2 353.4
360.4 366.0
 Durable goods 220.6 225.2 231.9 236.1
240.6 244.8
 Nondurable goods 110.2 112.6 114.3 117.3
119.7 121.3
 Wholesale trade 192.7 194.0 201.0 209.3
213.6 219.5
 Durable goods 125.4 125.4 130.6 137.0
136.4 141.9
 Nondurable goods 67.2 68.7 70.5 72.3
 77.2 77.6
 Merchant wholesalers 167.9 168.7 175.2 182.7
186.7 191.8
 Durable goods 110.9 110.5 115.0 120.8
120.1 124.8
 Nondurable goods 56.9 58.2 60.2 61.9
 66.7 67.0
 Nonmerchant wholesalers 24.8 25.3 25.8 26.7
 26.9 27.7
 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 10.7
 Retail trade 203.5 205.5 213.7 215.2
221.5 226.7
 Durable goods 103.5 103.4 109.4 108.0
112.3 116.6
 Automobile 53.6 52.8 56.7 53.8
 57.2 60.0
 Other 49.9 50.6 52.7 54.2
 55.1 56.6
 Nondurable goods 100.1 102.1 104.3 107.2
109.1 110.1
 Other 105.4 108.5 111.7 114.7
118.1 121.8
 Final sales(2) 315.6 323.3 325.1 330.2
339.5 344.6
 Final sales of goods and structures(2) 181.3 186.6 185.6 187.8
194.0 196.5


Ratio of inventories to final sales
Inventories to final sales 2.86 2.83 2.90 2.92
 2.92 2.95
Nonfarm inventories to final sales 2.64 2.62 2.68 2.70
 2.69 2.71


Nonfarm inventories to final sales of goods and

structures 4.59 4.53 4.70 4.75

4.71 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 quart
erly totals
 1987
 1988
 II III IV I
 II III(r)
 Inventories(1) 863.2 866.4 883.2 899.7
908.5 918.4
Farm 71.8 70.5 70.2 73.7
 75.0 74.8
Nonfarm 791.4 796.0 813.0 826.0
833.5 843.6
 Durable goods 449.2 449.9 461.3 467.1
471.1 481.2
 Nondurable goods 342.2 346.1 351.7 358.8
362.4 362.4
 Manufacturing 316.0 318.7 322.3 326.3
327.7 329.1
 Durable goods 205.8 207.5 210.2 212.4
213.9 215.9
 Nondurable goods 110.2 111.2 112.2 113.9
113.8 113.2
 Wholesale trade 183.2 182.4 187.2 193.4
193.1 195.9
 Durable goods 115.1 113.9 117.4 122.0
120.3 124.0
 Nondurable goods 68.1 68.5 69.8 71.4
 72.9 71.9
 Merchant wholesalers 157.6 156.7 161.2 166.9
166.9 168.9
 Durable goods 101.7 100.3 103.5 107.6
105.9 109.2
 Nondurable goods 56.0 56.4 57.8 59.3
 61.0 59.8
 Nonmerchant wholesalers 25.6 25.6 26.0 26.5
 26.2 27.0
 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 12.1
 Retail trade 184.3 185.1 191.3 191.7
195.1 198.1
 Durable goods 92.9 92.4 97.2 95.8
 98.9 102.1
 Automotive 46.7 45.9 49.2 46.7
 49.5 51.6
 Other 46.2 46.4 48.0 49.0
 49.5 50.5
 Nondurable goods 91.4 92.7 94.1 95.9
 96.2 95.9
 Other 107.8 109.8 112.1 114.6
117.5 120.5
 Final sales(2) 272.8 277.3 277.2 280.4
285.3 286.3
 Final sales of goods and structures(2) 166.5 170.5 169.5 171.4
175.3 175.6


Ratio of inventories to final sales
Inventories to final sales 3.16 3.12 3.19 3.21
 3.18 3.21
Nonfarm inventories to final sales 2.90 2.87 2.93 2.95
 2.92 2.95


Nonfarm inventories to final sales of goods and

structures 4.75 4.67 4.80 4.82

4.75 4.80

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]
 1986 1987
Fixed investment 650.4 673.7
 Nonresidential 433.9 446.8
 Structures 138.5 139.5


Nonresidential buildings,
 excluding farm 91.8 92.6
 Public utilities 27.4 28.4


Mining exploration,
 shafts, and wells 14.9 13.9
 Other 4.4 4.5


Producers' durable

equipment 295.4 307.3

Information processing
 and related equipment 96.5 101.2
 Industrial equipment 68.9 70.6


Transportation and
 related equipment 66.9 67.8
 Other 63.0 67.6
 Residential 216.6 226.9
 Single-family structures 102.0 114.5
 Multifamily structures 32.5 25.5
 Other 82.1 87.0


Seasonally adjusted at annual rates
 1987 1988
 II III IV I II III(r)


665.8 688.3 692.9 698.1 714.4 722.8 438.2 462.1 464.1 471.5 487.8 493.7 134.4 143.0 147.7 140.1 142.3 143.8
 90.3 95.0 96.6 93.3 95.7 93.5
 27.1 28.9 30.8 27.7 28.8 32.1
 12.3 14.6 15.8 15.1 14.3 14.6
 4.7 4.6 4.6 4.0 3.5 3.6


303.8 319.1 316.3 331.3 345.5 349.9 99.2 105.7 102.8 107.0 111.5 112.9
 68.9 71.4 74.2 77.2 81.3 83.8
 69.4 72.1 68.5 74.2 78.7 79.0
 66.2 69.9 70.9 73.0 74.0 74.1


227.6 226.2 228.8 226.6 226.5 229.1 114.1 115.0 117.3 116.5 116.2 115.4
 25.5 23.9 24.1 22.1 20.7 21.2
 88.0 87.3 87.4 87.9 89.6 92.6


Table 5.13--Fixed Investment by Type in Constant Dollars
 [Billions of 1982 dollars]
 1986 1987
Fixed investment 628.1 640.4
 Nonresidential 433.1 445.1
 Structures 129.3 125.5


Nonresidential buildings,
 excluding farm 79.6 77.1
 Public utilities 25.2 25.7


Mining exploration,
 shafts, and wells 20.7 18.8
 Other 3.9 3.9


Producers' durable

equipment 303.8 319.6

Information processing
 and related equipment 124.9 139.4
 Industrial equipment 62.1 61.4


Transportation and
 related equipment 59.8 59.1
 Other 57.0 59.7
 Residential 195.0 195.2
 Single-family structures 91.4 97.5
 Multifamily structures 29.1 21.7
 Other 74.5 76.0


Seasonally adjusted at annual rates
 1987 1988
 II III IV I II III(r)


632.3 654.9 657.6 662.9 679.7 686.6 434.8 462.8 464.8 473.4 490.2 495.0 120.9 128.0 132.1 124.0 125.0 125.8
 75.4 78.3 79.4 76.1 78.0 75.7
 24.6 26.0 27.6 24.6 25.4 28.1
 16.8 19.7 21.1 19.8 18.7 19.0
 4.1 4.0 4.0 3.4 2.9 3.0


313.8 334.7 332.7 349.4 365.1 369.2 134.6 148.0 147.0 155.9 165.0 167.4
 60.1 62.1 63.4 65.2 68.0 69.9
 60.8 62.9 59.8 64.9 68.3 68.0
 58.3 61.8 62.5 63.4 63.8 63.9


197.6 192.1 192.7 189.5 189.6 191.6
 98.2 96.5 97.3 96.2 96.3 95.5
 22.0 20.1 20.0 18.2 17.2 17.5
 77.4 75.5 75.4 75.2 76.1 78.6


Table 6.3B.--National Income Without Capital Consumption Adjustment by Industry
 [Billions of dollars]
 1986 1987


National income without

capital consumption
 adjustment 3,398.2 3,644.4
Domestic industries 3,363.3 3,614.9
 Private industries 2,867.6 3,085.7


Agriculture, forestry, and
 fisheries 81.5 88.2
 Mining 30.4 31.0
 Construction 185.1 196.7
 Manufacturing 686.4 727.4
 Durable goods 405.7 419.4
 Nondurable goods 280.7 308.0


Transportation and public
 utilities 266.6 276.8
 Transportation 112.8 120.7
 Communication 73.6 76.3


Electric, gas, and sanitary
 services 80.2 79.9
 Wholesale trade 203.4 213.6
 Retail trade 298.8 316.2


Finance, insurance, and
 real estate 475.5 524.0
 Services 639.8 711.6


Government and government
 enterprises 495.7 529.2
Rest of the world 34.9 29.5


Seasonally adjusted at annual rates
 1987 1988
 II III IV I II III(r)


3,597.5 3,675.0 3,768.3 3,821.4 3,901.1 3,975.6 3,569.3 3,648.2 3,737.3 3,799.1 3,879.8 3,948.9 3,043.4 3,115.5 3,196.8 3,246.7 3,320.2 3,381.8
 88.0 80.5 92.6 90.9 90.2 77.3
 30.1 32.7 35.2 35.3 36.1 36.5
 196.8 197.0 200.1 203.4 210.0 214.0
 716.6 740.9 747.6 766.4 780.0 788.0
 414.4 424.7 420.6 432.7 445.9 450.4
 302.3 316.3 327.0 333.7 334.1 337.7
 274.9 278.8 285.8 286.4 296.8 304.0
 119.3 120.6 124.4 124.8 129.4 133.0
 75.3 78.2 78.4 77.3 80.1 82.3
 80.2 79.9 83.1 84.2 87.3 88.8
 207.7 216.2 219.8 225.0 224.8 231.0
 312.1 319.8 324.6 331.4 336.5 342.6
 517.0 529.8 545.9 553.6 567.2 585.1
 700.2 719.8 745.1 754.4 778.7 803.2
 525.9 532.7 540.5 552.3 559.6 567.1
 28.2 26.8 31.0 22.4 21.3 26.8


Table 6.18B.--Corporate Profits by Industry
 [Billions of dollars]
 1986 1987


Corporate profits with inventory

valuation and capital
 consumption adjustments 298.9 310.4
Domestic industries 266.9 274.0
 Financial 36.4 36.5
 Nonfinancial 230.6 237.5
Rest of the world 31.9 36.4


Corporate profits with inventory
 valuation adjustment 244.7 258.7
Domestic industries 212.8 222.3
 Financial 31.8 30.1
 Federal Reserve banks 16.0 16.0
 Other 15.8 14.1
 Nonfinancial 180.9 192.1
 Manufacturing 79.4 96.8
 Durable goods 32.4 36.5
 Primary metal industries -.5 1.4
 Fabricated metal products 5.4 5.7
 Machinery, except electrical 3.3 3.2
 Electric and electronic
 equipment 3.2 3.2
 Motor vehicles and equipment 7.6 7.3
 Other 13.3 15.7
 Nondurable goods 47.0 60.3
 Food and kindred products 11.2 12.8
 Chemicals and allied products 9.5 13.5
 Petroleum and coal products 7.0 12.2
 Other 19.3 21.9
 Transportation and public utilities 39.2 34.9
 Wholesale and retail trade 46.1 42.8
 Other 16.3 17.6
Rest of the world 31.9 36.4


Seasonally adjusted at annual rates
 1987 1988
 II III IV I II III


305.2 322.0 316.1 316.2 326.5 330.0 270.8 286.7 274.6 286.0 291.1 289.2 37.4 36.3 36.2 35.4 38.5 41.0

233.3 250.4 238.4 250.6 252.6 248.2 34.4 35.3 41.4 30.2 35.4

40.8

253.6 269.9 263.7 266.8 278.5 284.6 219.2 234.6 222.2 236.6 243.1 243.8
 31.4 29.5 28.8 27.6 30.0 32.7
 16.0 16.2 16.2 17.5 17.4 18.2
 15.4 13.4 12.6 10.1 12.6 14.5


187.8 205.1 193.4 209.0 213.1 211.1 93.8 107.0 101.7 110.6 114.5 111.4
 36.6 40.9 29.4 33.9 41.5 39.0
 .2 1.9 2.6 3.2 5.1 5.2
 4.1 7.2 6.7 8.0 7.5 5.4
 2.7 4.6 1.7 3.3 5.5 5.9
 5.3 5.5 -.8 1.2 4.1 4.4
 9.6 5.6 4.5 4.2 4.6 5.8
 14.7 16.2 14.6 14.0 14.7 12.4
 57.2 66.1 72.4 76.8 73.0 72.3
 12.2 14.0 14.9 15.9 17.5 15.9
 12.3 14.4 15.3 19.1 18.6 18.4
 12.0 14.7 18.8 17.4 14.8 16.8
 20.7 22.9 23.4 24.5 22.1 21.2
 35.8 34.0 36.1 34.5 38.2 39.3
 37.8 44.1 43.0 43.9 37.0 36.6
 20.4 20.0 12.6 20.0 23.4 23.8
 34.4 35.3 41.4 30.2 35.4 40.8


Table 7.1--Fixed-Weighted Price Indexes for Gross National Product, 1982 Weights

[Index numbers, 1982=100]
 Seasonally adjusted
 1986 1987 1987
 1988
 II III IV I
 II III
 Gross national product 115.0 119.1 118.6 119.7 120.8 121
.8 123.3 124.9
Personal consumption expenditures 115.3 120.4 119.9 121.1 122.5 123
.2 124.9 126.5
 Durable goods 106.5 109.7 109.2 110.2 111.0 111
.4 111.9 112.8
 Nondurable goods 107.8 112.6 112.4 113.4 114.3 114
.6 116.7 118.2
 Services 123.0 129.0 128.1 129.6 131.5 132
.6 134.4 136.0


Gross private domestic investment
 Fixed investment 105.8 108.8 108.4 109.3 109.9 110
.8 111.3 111.6
 Nonresidential 104.3 106.8 106.5 107.0 107.5 108
.3 109.0 109.4
 Structures 101.8 105.1 104.5 105.8 106.4 107
.5 107.8 108.5
 Producers' durable equipment 106.0 107.9 107.8 107.7 108.1 108
.9 109.8 110.0
 Residential 110.9 115.9 114.9 117.4 118.3 119
.2 119.3 119.4


Change in business inventories Net exports of goods and services
 Exports 103.9 106.0 105.5 106.4 107.0 108
.7 110.5 113.0
 Imports 93.6 100.8 100.3 101.9 103.0 103
.9 105.3 105.4


Government purchases of goods and
 services 115.6 119.6 119.1 120.1 121.2 122
.9 124.3 125.7
 Federal 110.8 113.5 113.3 113.7 114.4 116
.3 117.2 118.5
 National defense 111.3 114.0 113.9 114.2 114.8 116
.6 117.4 118.0
 Nondefense 109.4 112.1 111.7 112.5 113.6 115
.7 116.9 119.7
 State and local 119.1 124.1 123.3 124.9 126.1 127
.8 129.5 131.0


Addenda:

Final sales 114.9 119.0 118.4 119.5 120.6 121.7 123.2 124.8

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

Table 7.2.--Fixed-Weighted Price Indexes for Gross National Product by Major Type of Product,

1982 Weights

[Index numbers, 1982=100]
 Seasonally adjusted
 1986 1987 1987
 1988
 II III IV I
 II III
 Gross national product 115.0 119.1 118.6 119.7 120.8 121.8
 123.3 124.9
 Final sales 114.9 119.0 118.4 119.5 120.6 121.7
 123.2 124.8


Change in business inventories
Goods 108.4 111.0 110.8 111.4 112.1 112.6
 114.3 116.2
 Final sales 108.2 110.8 110.6 111.2 111.9 112.5
 114.1 116.0


Change in business inventories
 Durable goods 106.1 107.1 106.9 107.2 107.0 107.2
 107.6 108.4
 Final sales 106.0 107.0 106.8 107.2 107.1 107.3
 107.7 108.5


Change in business inventories
 Nondurable goods 110.0 113.7 113.4 114.3 115.5 116.3
 118.7 121.4
 Final sales 109.8 113.5 113.2 114.1 115.3 116.1
 118.5 121.2


Change in business inventories
Services 122.1 127.6 126.9 128.2 129.8 131.2
 132.8 134.3
Structures 107.0 110.7 110.0 111.7 112.4 113.5
 113.9 114.6


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
 1986 1987 1987
 1988
 II III IV I
 II III
Gross national product 115.0 119.1 118.6 119.7 120.8 121.8
 123.3 124.9
Less: Exports of goods and services 103.9 106.0 105.5 106.4 107.0 108.7
 110.5 113.0
Plus: Imports of goods and services 93.6 100.8 100.3 101.9 103.0 103.9
 105.3 105.4
Equals: Gross domestic purchases(1) 114.0 118.7 118.1 119.3 120.5 121.4
 122.9 124.2


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

purchasers(2) 113.9 118.5 118.0 119.2 120.3 121.3 122.8 124.1

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.

Table 7.4.--Implicit Price Deflators for Gross National Product

[Index numbers, 1982=100]
 Seasonally adj
usted
 1986 1987 1987
 1988
 II III IV I
 II III(r)
 Gross national product 113.9 117.7 117.3 118.2 118.9 119.
4 121.0 122.4
Personal consumption expenditures 114.3 119.5 118.9 120.2 121.5 122.
2 123.9 125.2
 Durable goods 105.6 107.9 107.5 108.6 108.9 109.
1 109.6 110.4
 Nondurable goods 107.3 112.1 111.9 112.9 113.7 113.
8 116.0 117.3
 Services 122.4 128.5 127.6 129.1 131.0 132.
2 134.0 135.6


Gross private domestic investment
 Fixed investment 103.5 105.2 105.3 105.1 105.4 105.
3 105.1 105.3
 Nonresidential 100.2 100.4 100.8 99.9 99.8 99.
6 99.5 99.7
 Structures 107.1 111.1 111.2 111.7 111.8 113.
0 113.8 114.3
 Producers' durable equipment 97.2 96.2 96.8 95.3 95.1 94.
8 94.6 94.8
 Residential 111.1 116.2 115.2 117.7 118.7 119.
5 119.5 119.6


Change in business inventories Net exports of goods and services
 Exports 100.0 100.0 100.1 99.9 100.1 100.
3 102.1 104.3
 Imports 93.6 99.0 99.4 98.9 100.0 100.
8 101.4 101.3


Government purchases of goods and
 services 114.6 118.5 118.6 119.1 119.5 121.
7 122.7 123.5
 Federal 109.8 112.7 113.7 112.9 112.6 115.
2 115.3 114.9
 National defense 110.4 111.5 111.3 111.3 111.6 112.
8 113.4 114.8
 Nondefense 108.2 117.0 122.9 119.0 116.0 125.
5 122.7 115.2
 State and local 118.2 123.0 122.3 123.9 124.9 126.
5 128.1 129.6


Table 7.5.--Implicit Price Deflators for Gross National Product by Major Type of Product

[Index numbers, 1982=100]
 Gross national product 113.9 117.7 117.3 118.2 118.9 119.
4 121.0 122.4
 Final sales 114.0 117.7 117.3 118.2 119.1 119.
8 121.0 122.4


Change in business inventories
Goods 106.2 107.8 107.8 108.1 107.9 107.
5 109.4 110.8
 Final sales 106.2 107.6 107.7 108.0 107.9 107.
8 109.1 110.5


Change in business inventories
 Durable goods 101.5 100.2 100.4 99.8 99.5 98.
4 98.6 99.6
 Final sales 101.5 99.9 100.1 99.8 98.8 98.
0 98.3 99.0


Change in business inventories
 Nondurable goods 110.0 114.3 114.3 115.5 115.5 115.
8 119.7 122.0
 Final sales 110.1 114.3 114.1 115.5 115.9 117.
0 119.4 121.4


Change in business inventories
Services 121.9 127.5 126.7 128.1 129.7 131.
2 132.8 134.3
Structures 110.2 114.6 114.0 115.6 116.2 117.
4 117.9 118.4


Table 7.6.--Implicit Price Deflators for Gross National Product by Sector

[Index numbers, 1982=100]
 Gross national product 113.9 117.7 117.3 118.2 118.9 119.
4 121.0 122.4
Gross domestic product 113.9 117.7 117.3 118.2 118.9 119.
4 121.1 122.5
 Business 112.7 116.0 115.7 116.5 117.1 117.
4 119.0 120.4
 Nonfarm 113.3 116.7 116.2 117.1 117.7 118.
0 119.3 120.5
 Nonfarm less housing 112.1 115.2 114.8 115.7 116.2 116.
3 117.7 118.8
 Housing 126.0 131.9 130.9 132.5 134.7 136.
1 137.1 138.9
 Farm 90.1 92.0 96.6 93.6 89.8 94.
4 106.4 115.8
 Statistical discrepancy 112.7 116.0 115.7 116.5 117.1 117.
4 119.0 120.4
 Households and institutions 122.0 131.0 129.8 132.1 134.9 135.
7 138.1 139.8
 Private households 103.6 104.8 104.7 104.9 105.0 105.
0 105.8 106.1
 Nonprofit institutions 123.3 132.9 131.6 134.0 137.1 137.
9 140.4 142.2
 Government 122.0 127.8 127.2 128.3 129.7 132.
3 133.6 134.8
 Federal 117.1 122.3 122.3 122.3 123.2 126.
5 127.2 127.3
 State and local 124.5 130.5 129.6 131.3 133.0 135.
1 136.9 138.6
Rest of the world 115.5 119.5 119.1 120.1 120.8 121.
4 123.2 124.8


Addendum:

Gross domestic business product less

housing 111.6 114.7

Table 7.7.--Implicit Price Deflators for the Relation of Gross National Product, Net National

Product, and National Income

[Index numbers, 1982=100]
 Seasonally adj
usted
 1986 1987 1987
 1988
 II III IV I
 II III(r)
 Gross national product 113.9 117.7 117.3 118.2 118.9 119.
4 121.0 122.4


Less: Capital consumption allowances
 with capital consumption adjustment 102.9 104.2 104.1 104.7 104.6 105.
4 105.4 105.4
Equals: Net national product 115.4 119.5 119.1 120.0 120.8 121.
3 123.2 124.8


Less: Indirect business tax and nontax

liability plus business transfer

payments less subsidies plus current
 surplus of government enterprises 115.7 117.8 118.2 121.3 117.6 120.
3 121.6 126.4
 Statistical discrepancy 112.7 116.0 115.7 116.5 117.1 117.
4 119.0 120.4
Equals: National income 115.4 119.7 119.2 119.9 121.1 121.
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 99.9 100.1 100.
3 102.1 104.3
 Imports 93.6 99.0 99.4 98.9 100.0 100.
8 101.4 101.3
Equals: Gross domestic purchases 112.6 116.9 116.6 117.4 118.3 119.
0 120.5 121.6


Plus: Command-basis net exports of

goods and services
 Command-basis exports 93.6 99.0 99.4 98.9 100.0 100.
8 101.4 101.3
 Imports 93.6 99.0 99.4 98.9 100.0 100.
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

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 115.3 120.4 119.9 121.1 122.5 123.
2 124.9 126.5
Durable goods 106.5 109.7 109.2 110.2 111.0 111.
4 111.9 112.8
 Motor vehicles and parts 110.9 115.3 114.7 115.9 117.0 117.
0 116.8 117.9
 Furniture and household equipment 100.9 102.1 101.6 102.5 102.4 102.
9 103.5 104.3
 Other 108.0 112.7 112.0 113.2 115.0 116.
2 117.8 118.8
Nondurable goods 107.8 112.6 112.4 113.4 114.3 114.
6 116.7 118.2
 Food 112.2 117.2 117.0 117.8 118.6 119.
2 121.0 123.7
 Clothing and shoes 106.0 111.0 111.8 110.7 113.0 113.
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 116.2 121.4 120.8 122.4 123.5 124.
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 121.7 127.6 126.8 128.4 129.8 131.
5 133.2 134.8
Services 123.0 129.0 128.1 129.6 131.5 132.
6 134.4 136.0
 Housing 124.4 130.0 129.1 130.6 132.7 134.
2 135.2 137.0
 Household operation 118.2 118.3 118.3 118.8 118.6 118.
5 119.6 119.8
 Electricity and gas 113.9 111.8 112.1 112.2 111.7 111.
6 112.2 112.2
 Other 122.7 125.0 124.7 125.5 125.7 125.
7 127.2 127.6
 Transportation 113.2 120.3 119.3 118.7 125.1 122.
5 126.7 126.9
 Medical care 128.4 135.6 134.7 136.8 138.0 140.
4 143.4 146.3
 Other 122.1 130.2 129.2 131.3 133.1 134.
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]
Exports of goods and services 103.9 106.0 105.5 106.4 107.0 108.
7 110.5 113.0
 Merchandise 96.6 97.8 97.5 98.4 99.2 101.
3 103.3 106.7
 Durable goods 100.0 101.7 101.5 102.0 102.2 103.
5 104.5 105.7
 Nondurable goods 92.3 92.7 91.9 93.4 94.9 98.
3 101.5 108.1
 Services 114.2 117.7 117.4 118.0 118.6 119.
4 121.0 122.3
 Factor income 115.9 120.3 119.8 120.8 121.6 122.
2 124.0 125.5
 Other 111.1 113.1 113.0 113.1 113.1 114.
4 115.7 116.7
Imports of goods and services 93.6 100.8 100.3 101.9 103.0 103.
9 105.3 105.4
 Merchandise 87.5 94.7 94.3 96.0 97.1 97.
9 99.4 99.2
 Durable goods 102.5 109.7 109.3 110.1 112.4 115.
4 117.4 117.9
 Nondurable goods 72.3 79.5 79.0 81.7 81.5 80.
1 81.0 80.1
 Services 111.6 118.4 117.9 119.1 120.2 121.
4 122.7 123.5
 Factor income 115.4 119.6 119.1 120.1 120.8 121.
4 123.2 124.7
 Other 108.6 117.5 116.9 118.3 119.7 121.
4 122.3 122.5


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 a
djusted
 1986 1987 1987
 1988
 II III IV I
 II III
 Merchandise exports 96.6 97.8 97.5 98.4 99.2 1
01.3 103.3 106.7
Foods, feeds, and beverages 87.9 82.1 81.4 82.0 83.3 8
8.2 94.0 109.0
Industrial supplies and materials 91.6 95.4 94.4 96.8 98.5 1
01.2 103.4 105.8
 Durable goods 91.6 95.5 94.4 96.8 98.5 1
01.2 103.4 105.8
 Nondurable goods 91.6 95.4 94.4 96.8 98.5 1
01.2 103.4 105.8
Capital goods, except autos 99.3 100.5 100.6 100.6 100.1 1
01.2 102.0 102.5
Autos 111.6 113.1 113.0 113.3 114.1 1
13.8 113.9 115.3
Consumer goods 103.6 107.4 106.7 107.6 109.2 1
11.0 111.6 112.4
 Durable goods 99.4 102.2 101.2 102.1 104.0 1
05.4 107.0 109.1
 Nondurable goods 106.9 111.5 111.1 111.9 113.2 1
15.5 115.3 115.0
Other 99.4 100.9 100.3 101.2 102.7 1
04.7 106.7 110.1
 Durable goods 99.4 100.9 100.3 101.2 102.7 1
04.7 106.7 110.1
 Nondurable goods 99.4 100.9 100.3 101.2 102.7 1
04.7 106.7 110.1
 Merchandise imports 87.5 94.7 94.3 96.0 97.1
97.9 99.4 99.2
Foods, feeds, and beverages 104.9 103.6 101.0 104.3 106.2 1
09.1 109.6 110.3


Industrial supplies and materials,
 excluding petroleum 84.4 90.1 88.3 92.7 94.3
99.9 103.7 105.2
 Durable goods 84.5 90.3 88.5 92.9 94.5 1
00.1 103.8 105.2
 Nondurable goods 84.3 90.0 88.1 92.5 94.1
99.8 103.6 105.1
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 1
13.8 115.0 115.2
Autos 118.4 125.1 125.0 125.2 126.9 1
29.0 130.4 131.2
Consumer goods 106.3 114.8 114.2 115.5 118.1 1
21.2 123.5 123.4
 Durable goods 104.3 111.8 111.2 112.1 114.6 1
17.6 120.2 119.7
 Nondurable goods 109.1 119.1 118.5 120.2 123.0 1
26.4 128.2 128.7
Other 103.1 110.1 109.4 110.9 113.2 1
16.4 118.7 119.3
 Durable goods 103.1 110.1 109.4 111.0 113.1 1
16.4 118.7 119.3
 Nondurable goods 103.1 110.1 109.4 110.9 113.2 1
16.4 118.7 119.3


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


Government purchases of goods
 and services 115.6 119.6 119.1 120.1 121.2 1
22.9 124.3 125.7
Federal 110.8 113.5 113.3 113.7 114.4 1
16.3 117.2 118.5
 National defense 111.3 114.0 113.9 114.2 114.8 1
16.6 117.4 118.0
 Durable goods 110.2 109.0 109.5 108.8 107.6 1
08.6 109.2 109.9
 Nondurable goods 69.0 68.7 69.0 70.1 71.3
70.1 72.3 76.4
 Services 116.2 120.6 120.2 120.7 121.9 1
24.3 125.0 125.3
 Compensation of employees 117.1 122.0 121.9 122.0 123.0 1
26.2 126.9 127.0
 Military 117.1 121.6 121.4 121.5 122.5 1
25.6 126.4 126.5
 Civilian 117.1 122.9 123.0 123.1 123.9 1
27.4 128.0 128.0
 Other services 114.3 117.8 116.9 118.2 119.8 1
20.7 121.4 122.0
 Structures 117.2 121.7 120.9 122.5 123.9 1
25.5 125.8 127.4
 Nondefense 109.4 112.1 111.7 112.5 113.6 1
15.7 116.9 119.7
 Durable goods 99.6 99.6 99.8 99.3 99.5 1
00.2 101.3 101.6


Nondurable goods

Commodity Credit Corporation
 inventory change
 Other nondurables 94.7 96.9 97.0 97.6 96.2
97.8 98.9 98.2
 Services 115.7 120.2 120.0 120.5 121.2 1
23.5 124.2 124.6
 Compensation of employees 117.3 123.0 123.1 123.2 123.9 1
27.4 127.9 128.0
 Other services 113.2 115.8 115.2 116.3 116.9 1
17.4 118.4 119.4
 Structures 109.4 111.3 110.9 111.9 112.2 1
13.5 114.8 116.1
State and local 119.1 124.1 123.3 124.9 126.1 1
27.8 129.5 131.0
 Durable goods 108.4 110.6 110.4 110.8 111.1 1
11.9 112.8 114.0
 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 1
34.2 135.9 137.5
 Compensation of employees 124.5 130.6 129.7 131.3 133.0 1
35.2 136.9 138.6
 Other services 121.9 126.6 125.8 127.6 128.3 1
29.6 131.2 132.3
 Structures 112.9 114.5 113.9 115.1 115.9 1
17.4 118.9 120.8


Table 7.17.--Fixed-Weighted Price Indexes for National Defense
 Purchases of Goods and Services, 1982 Weights
 [Index numbers, 1982-100]
 Seasonally a
djusted
 1986 1987 1987
 1988
 II III IV I
 II III
 National defense purchases 111.3 114.0 113.9 114.2 114.8 1
16.6 117.4 118.0
Durable goods 110.2 109.0 109.5 108.8 107.6 1
08.6 109.2 109.9
 Military equipment 112.4 110.9 111.5 110.6 109.2 1
10.3 110.9 111.5
 Aircraft 116.1 110.4 111.4 109.4 108.5 1
10.3 111.2 111.4
 Missiles 119.2 119.1 120.9 119.9 112.6 1
12.7 112.9 114.2
 Ships 118.4 119.7 119.6 119.6 119.8 1
20.4 120.3 121.7
 Vehicles 83.9 89.8 90.4 89.1 88.4
88.1 89.7 91.2
 Electronic equipment 107.0 106.7 106.3 106.7 106.6 1
06.9 106.9 107.1
 Other 106.0 107.9 107.5 108.3 108.6 1
10.7 110.9 111.3
 Other durable goods 100.3 100.5 100.7 100.7 100.5 1
00.9 101.8 102.7
Nondurable goods 69.0 68.7 69.0 70.1 71.3
70.1 72.3 76.4
 Petroleum products 54.0 52.4 52.7 54.2 56.9
54.4 57.4 63.0
 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 1
12.0 113.3 114.4
Services 116.2 120.6 120.2 120.7 121.9 1
24.3 125.0 125.3
 Compensation of employees 117.1 122.0 121.9 122.0 123.0 1
26.2 126.9 127.0
 Military 117.1 121.6 121.4 121.5 122.5 1
25.6 126.4 126.5
 Civilian 117.1 122.9 123.0 123.1 123.9 1
27.4 128.0 128.0
 Other services 114.3 117.8 116.9 118.2 119.8 1
20.7 121.4 122.0


Contractual research and
 development 113.4 115.6 114.7 116.0 117.3 1
18.2 119.1 120.3
 Installation support(1) 119.9 123.7 122.8 125.0 125.2 1
25.9 127.1 128.1
 Weapons support(2) 113.8 114.6 113.7 114.4 116.4 1
16.6 116.7 117.8
 Personnel support(3) 129.7 145.7 144.4 144.9 152.8 1
55.5 156.4 151.4
 Transportation of material 90.4 93.0 91.4 92.5 94.6
95.6 95.0 95.7
 Travel of persons 102.4 103.9 103.4 103.7 103.8 1
03.8 104.6 104.9


Other
Structures 117.2 121.7 120.9 122.5 123.9 1
25.5 125.8 127.4
 Military facilities 120.2 123.3 122.7 123.5 124.7 1
26.4 127.1 129.4
 Other 112.7 119.5 118.2 121.0 122.8 1
24.2 123.8 124.6


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.

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 a
djusted
 1986 1987 1987
 1988
 II 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 .122 .121 .121
.121 .122 .122
Net domestic product .968 .985 .982 .988 .992
.993 1.005 1.018


Indirect business tax and nontax

liability plus business transfer
 payments less subsidies .105 .106 .106 .106 .105
.105 .106 .108
 Domestic income .863 .880 .876 .882 .887
.887 .899 .910
 Compensation of employees .719 .732 .730 .729 .738
.736 .747 .758


Corporate profits with inventory

valuation and capital consumption
 adjustments .106 .105 .104 .109 .103
.106 .106 .104
 Profits tax liability .035 .044 .043 .046 .044
.044 .046 .046


Profits after tax with inventory
 valuation and capital
 consumption adjustments .071 .061 .061 .063 .059
.062 .060 .058
 Net interest .039 .043 .043 .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 an
nual rates
 1986 1987 1987
 1988
 II III IV 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 2.5
 Implicit price deflator 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 4.7
 Fixed-weighted price index 2.8 3.6 4.2 3.7 3.8 3.
5 5.0 5.3


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 3.9
 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 4.9


Durable goods:
 Current dollars 9.2 3.8 17.9 21.4 -16.5 15.
8 11.4 2.8
 1982 dollars 8.4 1.5 14.5 16.5 -17.3 14.
7 9.8 -.2
 Implicit price deflator .8 2.2 3.0 4.2 1.1 .
7 1.8 3.0
 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 9.7
 1982 dollars 3.8 1.3 0 .9 -.6 1.
0 .4 5.0
 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 9.5
 1982 dollars 3.3 4.1 4.5 3.7 2.2 4.
0 2.8 4.5
 Implicit price deflator 4.8 5.0 4.8 4.8 6.0 3.
7 5.6 4.9
 Chain price index 4.9 5.0 5.0 5.0 5.5 3.
8 5.3 4.9
 Fixed-weighted price index 5.0 4.8 4.9 4.8 5.7 3.
7 5.2 5.0


Gross private domestic investment:
 Current dollars 3.5 7.1 7.8 2.5 40.3 -.
8 -2.7 7.8
 1982 dollars 1.0 4.9 8.8 4.8 38.6 2.
3 -7.4 6.3


Implicit price deflator

Chain price index

Fixed-weighted price index

Fixed investment:
 Current dollars 2.9 3.6 11.6 14.2 2.7 3.
0 9.7 4.8
 1982 dollars 0 2.0 10.6 15.1 1.7 3.
3 10.5 4.1
 Implicit price deflator 2.9 1.6 .8 -.8 1.1 -.
4 -.8 .8
 Chain price index 2.3 2.8 2.3 3.3 1.4 2.
5 1.5 .9
 Fixed-weighted price index 2.4 2.9 2.8 3.4 2.0 3.
3 2.0 1.2


Nonresidential:
 Current dollars -2.0 3.0 15.4 23.7 1.7 6.
5 14.6 4.9
 1982 dollars -4.5 2.8 16.8 28.4 1.7 7.
6 15.0 4.0
 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 1.1
 Fixed-weighted price index 2.4 2.3 1.8 1.7 1.7 3.
4 2.5 1.5
 Structures:
 Current dollars -9.6 .7 5.2 28.2 13.8 -19.
0 6.4 4.3
 1982 dollars -13.5 -2.9 -.3 25.6 13.4 -22.
4 3.3 2.6
 Implicit price deflator 4.5 3.7 6.0 1.8 .4 4.
4 2.9 1.8
 Chain price index 1.4 3.4 4.7 4.9 1.7 4.
0 1.1 2.8
 Fixed-weighted price index 1.1 3.2 4.6 5.0 2.2 4.
1 1.1 2.8
 Producers' durable
 equipment:
 Current dollars 2.0 4.0 20.3 21.7 -3.5 20.
4 18.3 5.2
 1982 dollars -.1 5.2 24.3 29.4 -2.4 21.
6 19.2 4.6
 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 4.7
 1982 dollars 11.8 .1 -1.6 -10.7 1.3 -6.
5 .2 4.3
 Implicit price deflator 2.6 4.6 6.5 9.0 3.4 2.
7 0 .3
 Chain price index 2.5 4.7 6.6 9.4 3.2 2.
8 -.1 .3
 Fixed-weighted price index 2.4 4.5 6.2 9.1 2.9 3.
0 .3 .3


Exports of goods and services:
 Current dollars 2.0 13.1 23.6 24.6 18.7 26.
8 16.8 24.9
 1982 dollars 3.1 13.1 23.6 25.7 17.7 25.
7 9.1 14.5
 Implicit price deflator -1.0 0 0 -.8 .8 .
8 7.4 8.9
 Chain price index -.1 1.7 2.5 2.4 2.1 5.
5 6.3 9.0
 Fixed-weighted price index .2 2.0 3.2 3.1 2.6 6.
2 6.9 9.6


Imports of goods and services:
 Current dollars 7.6 14.1 20.5 21.3 14.8 10.
3 -1.6 13.0
 1982 dollars 9.4 7.9 11.5 23.4 9.9 6.
9 -3.7 13.1
 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 .4
 Fixed-weighted price index -2.2 7.6 11.0 6.4 4.3 3.
5 5.7 .1


Government purchases of goods and

services:
 Current dollars 6.1 6.1 5.4 7.4 6.6 -.
9 7.1 -2.6
 1982 dollars 4.0 2.6 -.4 5.7 5.0 -7.
9 3.9 -5.2
 Implicit price deflator 2.0 3.4 5.9 1.7 1.4 7.
6 3.3 2.6
 Chain price index 2.0 3.1 2.5 3.2 2.9 4.
8 4.0 2.5
 Fixed-weighted price index 2.1 3.5 3.8 3.6 3.5 5.
9 4.5 4.7


Federal:
 Current dollars 3.1 4.3 5.3 9.7 5.4 -13.
3 4.9 -14.3
 1982 dollars 2.3 1.7 -2.3 12.6 6.7 -21.
0 4.7 -13.2
 Implicit price deflator .7 2.6 7.7 -2.8 -1.1 9.
6 .3 -1.4
 Chain price index .5 1.6 -.1 .4 1.6 4.
3 2.0 -.8
 Fixed-weighted price index .4 2.4 3.0 1.4 2.6 6.
7 3.2 4.5
 National defense:
 Current dollars 7.1 6.4 10.9 7.0 -.8 -1.
1 .5 -5.9
 1982 dollars 6.0 5.4 12.7 7.3 -1.9 -5.
3 -1.5 -10.5
 Implicit price deflator 1.1 1.0 -1.8 0 1.1 4.
4 2.1 5.0
 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 2.2
 Nondefense:
 Current dollars -7.6 -2.3 -12.5 19.7 29.7-45.
7 22.3 -40.0
 1982 dollars -7.7 -9.6 -41.6 35.4 43.8-60.
1 33.2 -22.5
 Implicit price deflator 8.1 50.8 -12.1 -9.7 37.
0 -8.6 -22.3
 Chain price index -.9 2.4 3.2 .1 0 7.
1 -.7 -13.7
 Fixed-weighted price index -.6 2.5 4.1 2.8 4.0 7.
6 4.1 10.2


State and local:
 Current dollars 8.5 7.5 5.5 5.9 7.5 8.
6 8.7 5.8
 1982 dollars 5.4 3.3 1.1 .6 3.8 3.
5 3.2 1.1
 Implicit price deflator 2.9 4.1 4.4 5.3 3.3 5.
2 5.2 4.8
 Chain price index 3.1 4.1 4.3 5.2 3.7 5.
2 5.4 4.7
 Fixed-weighted price index 3.3 4.2 4.3 5.2 4.0 5.
4 5.4 4.8


Addenda: Gross domestic purchases:
 1982 dollars 3.7 3.0 4.1 4.8 5.4 1.
6 1.3 2.5
 Chain price index 2.5 3.9 4.5 3.9 3.6 2.
9 4.7 3.8
 Fixed-weighted price index 2.6 4.1 4.9 4.0 4.0 3.
2 4.9 4.4


Final sales:
 1982 dollars 2.7 2.9 5.3 6.1 .4 3.
6 6.3 2.0
 Chain price index 2.5 3.4 3.8 3.6 3.5 3.
0 4.7 4.6
 Fixed-weighted price index 2.7 3.6 4.2 3.7 3.8 3.
5 5.0 5.3


Final sales to domestic purchasers:
 1982 dollars 3.5 2.5 4.3 6.5 -.1 1.
7 4.4 2.1
 Chain price index 2.5 3.9 4.5 3.9 3.6 2.
9 4.7 3.6
 Fixed-weighted price index 2.5 4.1 4.9 4.0 4.0 3.
3 4.9 4.4


Command-basis gross national product:
 1982 dollars 2.9 2.8 4.2 4.6 5.7 3.
1 3.6 3.6
 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 2.0
 Implicit price deflator 2.6 3.3 3.5 3.1 2.4 1.
7 5.8 4.7


Business:
 1982 dollars 3.2 3.8 5.8 5.0 6.4 4.
4 3.4 1.9
 Implicit price deflator 2.5 2.9 3.2 2.8 2.1 1.
0 5.6 4.8
 Nonfarm:
 1982 dollars 3.4 3.7 5.6 6.5 5.6 5.
4 3.9 3.4
 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 10.4
 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 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 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. Reconciliation and Other Special Tables

Table 1.--Revisions in Selected Component Series of the NIPA's, Third Quarter of 1988
 Seasonally adjusted
 at annual rates
 Prelimi- Final
 Difference
 nary
 Billions of current
 dollars
GNP 4,909.2 4,909.0
 -0.2
National income 3,996.2 4,000.7
 4.5
Compensation of employees 2,932.5 2,933.2
 .7


Corporate profits with inventory valuation and capital
 consumption adjustments 323.7 330.0
 6.3
Other 739.9 737.5
 -2.4
Personal income 4,092.3 4,094.0
 1.7
 Billions of constan
t (1982) dollars
GNP 4,010.9 4,009.4
 -1.5
Less: Exports 510.7 514.0
 3.3
Plus: Imports 605.9 607.9
 2.0
Equals: Gross domestic purchases 4,106.1 4,103.4
 -2.7
Personal consumption expenditures 2,604.5 2,603.8
 -.7
Nonresidential fixed investment 496.0 495.0
 -1.0
Residential investment 191.1 191.6
 .5
Change in business inventories 36.7 39.5
 2.8
Government purchases 777.8 773.5
 -4.3
 Index numbers, 1982
=100(1)
GNP price index (fixed weights) 124.9 124.9
 0


GNP price index (chained weights)
GNP Implicit price deflator 122.4 122.4
 0
Gross domestic purchases price index (fixed weights) 124.2 124.2
 0


Percent change from preceding quarter at annual rates

Prelimi- Final nary
 7.3 7.3
 7.0 7.5
 8.4 8.5
 -3.4 4.4
 6.4 5.0
 7.1 7.3
 2.6 2.5
 11.6 14.5
 11.6 13.1
 2.8 2.5
 4.0 3.9
 4.8 4.0
 3.2 4.3
 -3.0 -5.2
 5.1 5.3
 4.5 4.7
 4.7 4.7
 4.2 4.4


(1)Not at annual rates

Table 2.--Relation of Net Exports of Goods and Services in the National Income and Product
 Accounts (NIPA's) to Balance of Goods and Services in the Balance of Pa
yments Accounts
 (BPA's)
 [Billions of dollars]


Exports of goods and services, BPA's Less: Gold, BPA's

Capital gains net of losses in direct investment income receipts, BPA's

Statistical differences(1)

Other items Plus: Adjustment for U.S. territories and Puerto Rico

Services furnished without payment by financial intermediaries except life

insurance carriers and private noninsured pension plans.

Equals: Exports of goods and services, NIPA's Imports of goods and services, BPA's Less: Payments of income on U.S. Government liabilities

Gold, BPA's

Capital gains net of losses in direct investment income payments, BPA's

Statistical differences(1)

Other items Plus: Gold, NIPA's

Adjustment for U.S. territories and Puerto Rico

Imputed interest paid to foreigners Equals: Imports of goods and services, NIPA's Balance on goods and services, BPA's (1-9) Less: Gold (2-11+15)

Capital gains net of losses in direct investment income, BPA's (3-12)

Statistical differences (4-13)

Other items (5-14) Plus: Payments of income on U.S. Government liabilities (10)

Adjustment for U.S. territories and Puerto Rico (6-16) Equals: Net exports of goods and services, NIPA's (8-18)
 Seasonally adjusted at
 annual rates
Line 1987 1988
 I II III
1 424.8 484.5 492.0 519.2
2 2.6 8.8 7.8 3.6
3 15.6 3.7 -10.4 -8.5
4 0 7.2 10.9 11.9
5 0 0 0 0
6 15.0 16.2 16.5 16.8
7 6.5 6.8 6.9 7.1
8 428.0 487.8 507.1 536.1
9 565.3 619.8 616.0 630.3
10 24.1 26.6 28.4 29.4
11 3.8 7.5 7.1 2.3
12 -.2 1.7 .1 .1
13 0 -1.7 -2.8 -3.1
14 0 0 0 0
15 -.9 -1.2 -1.2 -1.3
16 7.8 8.5 8.6 8.7
17 6.5 6.8 6.9 7.1
18 551.1 599.9 597.5 616.0
19 -140.5 -135.3 -124.0 -111.1
20 -2.1 .1 -.5 0
21 15.8 2.0 -10.4 -8.6
22 0 9.0 13.7 15.0
23 0 0 0 0
24 24.1 26.6 28.4 29.4
25 7.2 7.7 7.9 8.1
26 -123.0 -112.1 -90.4 -80.0


(1)Consists of statistical revisions in the BPA's that have not yet been incorporated in the NIPA's
COPYRIGHT 1988 U.S. Government Printing Office
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1988 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:includes 56 tables
Publication:Survey of Current Business
Date:Dec 1, 1988
Words:23152
Previous Article:The business situation.
Next Article:Composite indexes of leading, coincident, and lagging indicators.
Topics:


Related Articles
National income and product accounts tables.
National income and product accounts estimates: when they are released; where they are available and how they are presented.
National income and product accounts tables; selected NIPA tables; reconciliation and other special tables.
National income and product accounts tables; selected NIPA tables and reconciliation and other special tables.
National income and product accounts tables; selected NIPA tables.
National income and product accounts tables; selected NIPA tables and reconciliation and other special tables.
National income and product accounts: selected NIPA tables, selected annual NIPA tables and NIPA charts.
National income and product accounts.
National income and product accounts.
National income and product accounts.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters