scb_051989

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

May 1989 / Volume 69 Number

SURVEY OF CURRENT BUSINESS

U.S. Department of CommerceRobert A, Mosbaeher / SecretaryMichaelEDarby / Undersecretary

/or Economic Affairs

Bureau of Economic AnalysisAllan H. Yotmg / DirectorCarol S, Carson / Deputy Director

Editor-in-Chief: Carol S. CarsonManaging Editor: LelandL. Scott

Staff Contributors to This Issue: DouglasR. Pox, Shelby A. Herman, Ellen M. Herr, Daniel J.Larkins, National Income and Wealth Division,James E, Rankin, Jane S. Reeb, Charles S.Robinson, JackE. Tiiplett, Joseph (X Wakefield.

SURVEY OF CURRENT BUSINESS, Publishedmonthly by the Bureau of Economic Analysis of theU.S. Department of Commerce. Editorial corre-spondence should be addressed to the Editor-in-Chief, SUBVEV OF CURRENT BUSINESS, Bureau of Eco-nomic Analysis, U,S, Department of Commerce,Washington, DC 20230,

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

1 Business Situation2 Corporate Profits2 Government Sector

4 National Income and Product Accounts Tables4 Selected NIPA Tables

18 Reconciliation and Other Special Tables

21 Composite Indexes of Leading, Coincident, andLagging Indicators

22 U.S. Business Enterprises Acquired or Established byForeign Direct Investors in 1988

31 Papers from, the Conference pn Research in Income and Wealth31 The Capital Stock Survey Project36 The Social Policy Simulation Database and Model: An Example of Survey

and Administrative Data Integration40 A Comment

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

Inside back cover: BEA Information

NOTE,This issue of the SURVEY went to the printer on June 5,1989* It incorporatesdata from the following monthly BEA news releases:

Gross National Product (May 25),Personal Income and Outlays (May 26), andComposite Indexes of Leading, Coincident, and Lagging

Indicators (May 31).


the BUSINESS SITUATION

Jr RELIMINARY estimates show thatreal GNPa measure of U.S. produc-tionincreased at an annual rate of4^2 percent in the first quarter of 1989;the advance estimates issued a monthago had shown an increase of 5x/2 per-cent (see table 1 on page 18). Thefourth-quarter increase in real grossdomestic purchasesa measure of U.S.demandwas revised down from

NOTE.Quarterly estimates in the national in-come and product accounts are expressed at sea-sonally adjusted annual rates, and quarterlychanges in them are differences between theserates. Quarter-to-quarter percent changes arecompounded to annual rates. Real, or constant-dollar, estimates are expressed in 1982 dollars.

percent to 2^2 percent at an annualrate. Increases in both the GNPprice index (fixed weights) and thegross domestic purchases price index(fixed weights) were unrevised at an-nual rates of 5 percent and 5^2 percent,respectively (chart I).1

The unusually large downward re-visions in real GNP, which amountedto $11.7 billion, and in real gross do-mestic purchases, which amounted to$19.7 billion, were mainly attributableto a substantial revision in inventory

1. The regularly featured estimates of real GNP andGNP prices are based on 1982 weights. Alternativemeasures based on more current weights are shown intables 4 and 5 on page 20.

Looking Ahead...

Computers. An article reviewing the concepts and statistical proceduresused by BEA in measuring the output of computers will appear in an up-coming issue of the SURVEY.

U.S. International Transactions and Investment Position. Revised estimatesof U.S. international transactions will be presented in the June SURVEY,along with preliminary estimates for the first quarter of 1989. The revi-sions cover 198588. The same issue will present preliminary estimates foryearend 1988 of U.S. assets abroad and foreign assets in the United Statesand the sources of change in the investment position.

7.5. Multinational Companies. Data and analysis of the operations in1987 of U.S. parent companies and their foreign affiliates, by industry andcountry of foreign affiliate, will be presented in the June SURVEY. Selecteddata will be available as of June 28. '

Pollution Abatement and Control Expenditures. Estimates of U.S. expen-ditures for pollution abatement and control for 1985-87 will be presentedin the June SURVEY.

U.S. Affiliates of Foreign Companies: Benchmark Survey Results. Data onthe operations of foreign-owned U.S. companies in 1987, based on prelimi-nary results of BEA's latest benchmark survey of foreign direct investmentin the United States, will be presented in the July SURVEY. Comparable es-timates of key items for 1986, analysis of changes in affiliate operations in1987, and a discussion of the share of the U.S. economy accounted for byaffiliates will also be presented. Selected data will be available as of June27.

Annual Revisions of the National Income and Product Accounts. Revisedestimates will be presented in the July SURVEY. The revisions cover the 3-year period beginning with the first quarter of 1986.

Annual Revisions of State Personal Income. State personal income for1986-88 will be presented in the August SURVEY.

CHART 1Selected Measures:Change From Preceding Quarter

Percent10

-5

REAL GNP

Lililin.i

-5

REAL GROSS DOMESTIC PURCHASES

GNP PRICE INDEX (FIXED WEIGHTS)

10GROSS DOMESTIC PURCHASE PRICE INDEX(FIXED WEIGHTS)

1986 1987 1988 1989Note.Percent change at annual rate from preceding quarter;based on seasonally adjusted estimates.

U.S. Department of Commerce, Bureau of Economic Analysis 88-5-1

1


SURVEY OF CURRENT BUSINESS May 1989

investmentthat is, change in busi-ness inventories. In turn, about three-fourths of the $15.8 billion revision ininventory investment was in nonfarminventories, mostly in wholesale andretail trade (monthly Census Bureaudata on trade inventories for Marchand revised data for February). A $2.3billion downward revision in nonresi-dential fixed investment was traceableto petroleum and natural gas drilling(monthly data from the Energy In-formation Administration for Marchand revised data for February) andto public utilities (quarterly informa-tion on anticipated expenditures fromthe Census Bureau plant and equip-ment survey). Within government pur-chases, Federal purchases were re-vised up $2.6 billion; about one-half ofthe revision was accounted for by Com-modity Credit Corporation inventorytransactions (new and revised monthlydata from the Department of Agricul-ture). A $2.1 billion downward revi-sion in State and local government pur-chases was accounted for by structures(monthly Census Bureau data on con-struction put in place for March andrevised data for February).

The difference between the size ofthe downward revision in real GNPand that in real domestic purchaseswas accounted for by a $7.8 billion up-ward revision in net exports. Withinnet exports, exports were revised up$5.6 billion and imports were reviseddown $2.2 billion (monthly Census Bu-reau merchandise trade data for Marchand revised data for February).

The preliminary GNP estimatesshow a somewhat different picture ofthe economy than sketched in the lastmonth's "Business Situation." If theimpact of the 1988 drought is excluded,the preliminary estimate for real GNPincreased 2 percent in the first quar-ter of 1989, somewhat slower than thepace of 3 to 4 percent registered in thefour preceding quarters; the compara-ble advance estimate increased 3 per-cent, which was in the range of thefour preceding quarters. Among thecomponents of real GNP, the prelim-inary estimates for nonfarm invento-ries show smaller accumulations in allcategoriesmanufacturing, wholesale,retail, and "other"in the first quar-ter than in the fourth; the advance es-timates had shown larger accumula-

tions in both wholesale and retail tradeinventories.

Corporate ProfitsIn the first quarter of 1989, prof-

its from current production fell $21x/2billionthe largest decline in 7 years;declines were very widespread. Profitsbefore tax (PBT), in contrast, declinedonly $x/2 billion.

The current-production measure ofprofits includes two adjustments thatare not included in PBTnamely,the inventory valuation adjustment(IVA), which declined $14x/2 billion, andthe capital consumption adjustment(CCAdj), which declined $6^2 billion.

The decline in the IVA mirroredan increase in inventory profits thatresulted from a step-up in the rateof increase of inventory prices. Forexample, the Producer Price Index,a major source for estimating inven-tory prices, increased 9 percent (an-nual rate) in the first quarter, follow-ing a 2-percent increase in the fourth.Although the most dramatic step-upin prices was in crude materials (re-flecting an almost 150-percent increasein crude petroleum prices), step-upswere significant in all major stagesof processing and in many industrialcommodities.

The CCAdj is the difference betweendepreciation based largely on tax ac-counting, on the one hand, and eco-nomic depreciation as estimated byBEA, on the other. The first-quarterdecline in the CCAdj reflected the con-tinuing impact of the Tax Reform Actof 1986, which lengthened the servicelives that may be used in calculatingmost depreciation allowances for taxpurposes. (The CCAdj, now $33x/2 bil-lion, is expected to turn negative in theearly 1990's.)

Domestic nonfinancial corporationsaccounted for most of the first-quarterdrop in profits from current produc-tion. (Profits of domestic financialcorporations declined $^2 billion, andprofits from the rest of the world de-clined $1X4 billion.) Real product ofdomestic nonfinancial corporations in-creased slightly, but profits per unitfell sharply. The decline in unit prof-its reflected a smaller increase in unit

prices than in unit costs; both laborand nonlabor unit costs increased.

Government SectorThe fiscal position of the govern-

ment sector improved slightly in thefirst quarter of 1989, as the combineddeficit of the Federal Government andof State and local governments de-clined $lx/2 billion (table 1). The deficitof the Federal Government increased$1 billion, and the surplus of Stateand local governments increased $2x/2billion.

The Federal sector.The FederalGovernment deficit increased to $1581/2billion, as expenditures increased morethan receipts.

Receipts increased $32^2 billion,compared with a $16 billion increasein the fourth quarter of 1988. Per-sonal tax and nontax receipts in-creased $15 x/2 billion, and contribu-tions for social insurance increased $14billion. Contributions were boostedby the following special factors, all ofwhich were effective January 1, 1989:(1) An increase in the social securitytax base to $48,000 from $45,000 ($3^2billion); (2) the initiation of premiumsfor catastrophic health insurance ($2billion); (3) an increase in the supple-mental medical insurance premium to$27.90 per month from $24.80 ($lx/2billion); and (4) an increase in the con-tribution for military retirement ($1billion). Corporate profits tax accrualsincreased $2 billion, and indirect busi-ness tax and nontax accruals increased$x/2 billion.

Expenditures increased $33x/2 bil-lion, compared with a $50 billion in-crease in the fourth quarter of 1988that reflected increased spending foragricultural purchases and subsidies.Over one-half of the increase was intransfer payments to persons; an $18billion increase included $12 billion forcost-of-living adjustments (COLA's).The largest COLA's were for social se-curity ($8x/2 billion), civilian and mili-tary retirement ($1 billion each), andveterans pensions and disability pay-ments ($x/2 billion). Net interest paidincreased $10 billion, reflecting higherinterest rates, and grants-in-aid toState and local governments increased


May 1989 SURVEY OF CURRENT BUSINESS

$6 billion, including $2x/2 billion forhighways and $1^2 billion for publicassistance. Nondefense purchases ofgoods and services and subsidies lessthe current surplus of government en-terprises each increased by smalleramounts. The increases in expendi-tures were partly offset by declines intransfer payments to foreigners andin national defense purchases of goodsand services.

Cyclically adjusted surplus ordeficit.When measured using sim-plified cyclical adjustments (see nextparagraph) based on a 6-percent un-employment rate trend GNP, the Fed-

eral deficit on the national income andproduct accounts basis increased from$177.3 billion in the fourth quarterof 1988 to $187.5 billion in the firstquarter of 1989 (see table 3 on page19). The cyclically adjusted deficit as apercentage of the 6-percent unemploy-ment rate trend GNP increased from3.6 percent in the fourth quarter to 3.7percent in the first.

Beginning with the estimate of thecyclically adjusted deficit for the firstquarter of 1989, BEA will temporar-ily discontinue use of detailed modelsto derive the estimates. Instead, BEAwill use a simplified procedure to de-rive cyclically adjusted receipts, expen-

Table 1.Government Sector Receipts and Expenditures[Billions of dollars, seasonally adjusted at annual rates]

Government sector

Receipts .Expenditures . . .. ,

Surplus or deficit ( )Federal Government

Receipts . . . . . . . 'Personal tax and nontax receiptsCorporate profits tax accruals. , ,.Indirect business tax and nontax accrualsContributions for social insurance .

ExpendituresPurchases of aoods and services

National defense

Of which' Commodity Credit Corporation inventory changeTransfer payments

T o persons . . .T o foreigners . . .

Grants-in-aid to State and local governments ,. .Net interest paidSubsidies less current surplus of government enterprises

Subsidies .Of which' Agricultural subsidies

Lesv Wage accruals less disbursements . . .. ..

Surplus or deficit ( )State and local governments

ReceiptsPersonal tax and nontax receipts .

Indirect business tax and nontax accrualsContributions 'for social insurance

ExpendituresPurchases of goods and services

Of which' Structures .. .Net interest paid .Less' Dividends received by governmentSubsidies less current surplus of government enterprises

SubsidiesLess' Current surplus of government enterprises

Surplus or deficit ( ) .Social insurance funds Other

Change from preceding quarter

1988

I

15.54.0

11.5

6.6-17.7

-.5.9

24.0

1.2-13.7

-.8-12.9-16.1

11.916.8-4.9

9.7.4

-6.7-8.0-8.0-1.2

5.3

18.62.71.24.3.7

9.7

12.511.62.12.1-.7

.3-.3

.4

6.1

1.54.5

II

45.623.322.3

31.920.44.6

.16.9

10.24.6.5

4.1.7

3.13.6-.5-.72.21.02.82.81.8

21.8

12.94.71.86.3.7

-.7

12.511.81.32.1-.8

.3-.3

.4

.4

1.6-1.2

III

1.0-8.5

9.6

-7.5-16.7

1.41.16.7

-17.3-14.5-4.5

-10.0-5.8

3.21.71.41.12.9

-9.9-15.7-15.8-5.3

9.8

9.72.2.2

5.4.7

1.1

9.98.2

-1.53.3-.9

.3-.5

.5

-.2

1.5-1.9

IV

26.564.3

-37.8

16.17.5

.7

.87.0

50.028.67.6

21.017.86.82.74.11.54.09.2

18,618.29.4

-34.0

12.44.0.5

5.5.7

1.5

15.713.64.24.3-.9

.3-1.0

1.0

-3.4

1.65.0

1989

I

41.840.3

1.5

32.515.72.2.4

14.2

33.51.6

-2.23.7-.3

13.017.8-4.85.9

10.03.0-.9

-1.4-3.9

-1.0

15.23.8

4.8".7

5.9

12.712.7

.12.0

-1.0.3

-.7

.7

2.5

1.6.9

Level

1989:1

1,640.71,744.1-103.4

1,024.0431.6116.058.3

418.2

1,182.5397.8299.898.1-5.2

460.5448.8

11.7118.9168.936.334.618.6-1.8

-158.5

735.6186.032.2

345.652.8

118.9

680.5613.969.3

135.6-43.1

9.0-17.0

1.018.0

55.2

72.5-17.3

ditures, and surplus or deficit based ona 6-percent unemployment rate trendGNP. This change is being made be-cause the more detailed models needto be reviewed and updated to reflect,for example, new income tax elastici-ties that may have resulted from taxlegislation. Until a review can be com-pleted, BEA will use the simplifiedprocedure, which yields results thatare very similar to the detailed mod-els. Using the simplified procedure al-lows BEA to continue to provide userswith cyclically adjusted budget esti-mates while freeing the resources nec-essary for the review. A description ofthe simplified procedure and an histor-ical series based on this procedure isavailable upon request.2

The State and local sector.TheState and local government surplus in-creased to $55 billion, as receipts in-creased more than expenditures.

Receipts increased $15 billion, com-pared with a $121/2 billion increase inthe fourth quarter of 1988. A largeincrease in Federal grants-in-aid$6billionmore than accounted for theacceleration. Indirect business taxesincreased $5 billion, of which $2^2 bil-lion was in property taxes. Personaltax and nontax receipts increased $4billion, and contributions for social in-surance increased $^2 billion.

Expenditures increased $12^2 bil-lion, compared with a .$15 ^ 2 billion in-crease in the fourth quarter of 1988.All of the first-quarter increase wasin purchases of goods and services; onbalance, all other types of expendi-tures were unchanged. Purchases ofnondurable goods increased $2x/2 bil-lion, compared with a $*/2 billion in-crease in the previous quarter; thefirst-quarter increase largely reflectedhigher prices for petroleum products.Purchases of services also accelerated,increasing $3 billion, compared with a$2 billion increase in the fourth quar-ter; the first-quarter increase largelyreflected higher prices for air fares andlodging. Purchases of durable goods in-creased at the same pace as in the pre-vious quarter, and purchases of struc-tures was unchanged after a $4 billionincrease in the fourth quarter.

NOTE.Dollar levels are found in tables 3.2 and 3.3 of the "Selected NIPA Tables."

2. Thomas M. Holloway, "Measuring the CyclicalSensitivity of Federal Receipts and Expenditures: Sim-plified Estimation Procedures," 1986.


SURVEY OF CURRENT BUSINESS

National Income and Product Accounts TablesSelected NIPA Tables

May 1989

New estimates in this issue: First quarter 1989, revised.The selected set of 54 national income and product accounts (NIPA) tables shown in this section presents quarterly estimates, which are

updated monthly. (In most of these tables, annual estimates are also shown.) The full set of 132 tables usually shown in July presents annualNIPA revisions. For more information on the presentation of the estimates, see "National Income and Product Accounts Estimates: When Theyare Released, Where They Are Available, and How They Are Presented" in the July 1988 SURVEY.

The full set of estimates for 1985-87 is in the July 1988 issue of the SURVEY; estimates for 1984 are in the July 1987 issue; estimates for 1983are in the July 1986 issue. Estimates for 1929-82 are in National Income and Product Accounts, 1929-82: Statistical Tables (GPO Stock No.003-010-00174^7, price $23.00). These publications are available from the Superintendent of Documents; see address on inside front cover.

The full set of NIPA tables is available on diskette for $200 per year (12 updates, for the quarterly estimates prepared each month). For moreinformation, 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]

Table 1.2.Gross National Product in Constant Dollars[Billions of 1982 dollars]

Gross national productPersonal consumption expenditures

Durable goods..Nondurable goods.


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

[Billions of dollars]

Gross national productLess: Exports of goods and servicesPlus: Imports of goods and servicesEquals: Gross domestic purchases 'Less: Change in business inventoriesEquals: Final sales to domestic

purchasers 2

1987

4,526.7428.0551.1

4,649.739.2

4,610.5

1988

4,864.3519.7614.4

4,958.948.4

4,910.6

Seasonally adjusted at annual rates1987

IV

4,662.8459.7585.4

4,788.472.0

4,716.4

1988I

4,724.5487.8599.9

4,836.665.3

4,771.3

n

4,823.8507.1597.5

4,914.24^.7

4,870.5

ni4,909.0

536.1616.0

4,989.049.7

4,939.3

IV

4,999.7548.0644.0

5,095.834.7

5,061.1

1989

I'

5,105.0577.8655.2

5,182.543.5

5,139.0

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

Table 1.7.Gross National Product by Sector[Billions of dollars]

Gross national product ,Gross domestic product

Business.Nonfarm

Nonfarm less housingHousing

Farm... ,Statistical discrepancy

Households and institutionsPrivate householdsNonprofit institutions

GovernmentFederalState and local

Rest of the worldAddendum:

Gross domestic business product lesshousing

1987

4,526.74,497.23,855.53,787.83,416.5

371.375.9-8.1

168.99.2

159.8472.7151.0321.729.5

3,476.7

1988

4,864.34,839.44,148.24,091.93,693.8

398.170.7

-14.3188.4

9.5178.9502.8157.8345.024.9


IV

4,662.84,631.83,972.93,905.83,522.7

383.173.4-6.4

176.49.3

167.1482.5152.7329.931.0

1988

I

4,724.54,702.14,028.13,965.43,576.0

389.477.7

-15.0180.9

9.3171.6493.1156.7336.422.4

n

4,823.84,802.54,117.54,048.03,654.0

394.074.6-5.1

185.69.4

176.1499.4157.4342.121.3

III

4,909.04,882.24,185.24,123.73,722.5

401.275.6

-14.0191.2

9.6181.6505.8158.1347.826.8

IV

4,999.74,970.74,262.14,230.63,822.6

408.054.8

-23.2196.0

9.7186.4512.6159.0353.629.0

1989

F

5,105.05,077.84,351.14,287.83,873.9

413.987.2

-23.9200.8

9.8191.0525.9166.2359.727.2

Table 1.6.Relation of Gross National Product, Gross Domestic Purchases,and Final Sales to Domestic Purchasers in Constant Dollars

[Billions of 1982 dollars]

Gross national productLess: Exports of goods and servicesPlus: Imports of goods and servicesEquals: Gross domestic purchases 'Less: Change in business inventoriesEquals: Final sales to domestic

purchasers 2

1987

3,847.0427.8556.7

3,975.934.4

3,941.5

1988

3,996.1504.8605.0

4,096.342.5

4,053.8


IV

3,923.0459.2585.2

4,049.067.1

3,981.9

1988

I

3,956.1486.2595.1

4,065.166.0

3,999.1

n

3,985.2496.9589.5

4,077.935.3

4,042.6

m

4,009.4514.0607.9

4,103.439.5

4,063.8

rv

4,033.4522.1627.4

4,138.829.1

4,109.7

1989

P

4,076.5541.0628.8

4,164.238.0

4,126.3

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

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

Gross national productGross domestic product

Business . ..Nonfarm

Nonfarm less housingHousing .. .

FarmStatistical discrepancy .....

Households and institutionsPrivate householdsNonprofit institutions

GovernmentFederalState and local

Rest of the worldAddendum:

Gross domestic business product less

1987

3,847.03,821.43,322.53,247.12,965.7

281.482.5-7.0

129.08.8

120.2369.9123.5246.425.6

3,032.1

1988

3,996.13,975.03,464.83,408.93,120.8

288.067.9

-11.9135.6

9.0126.6374.6124.2250.521.0


IV

3,923.03,896.33,393.63,317.23,032.8

284.481.8-5.4

130.78.8

121.9372.0123.9248.126.7

1988

I

3,956.13,936.63,430.53,360.93,074.8

286.182.3

-12.8133.3

8.9124.4372.8123.9249.0

19.5

n

3,985.23,967.03,458.93,393.13,105.7

287.470.1-4.3

134.48.9

125.5373.7123.8249.9

18.3

HI

4,009.43,987.03,475.13,421.53,132.8

288.865.2

-11.6136.8

9.0127.8375.2124.2251.022.4

IV

4,033.44,009.63,494.73,460.03,170.1

289.953.8

-19.1138.0

9.1128.9376.8124.8252.023.9

1989

P-

4,076.54,054.33,537.03,479.03,187.3

291.677.5

-19.5139.5

9.2130.3377.8124.9253.022.2

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


SURVEY OF CURRENT BUSINESS May 1989

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


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

Gross national productLess: Capital consumption allowances

with capital consumption adjustment ..Capital consumption

allowances without capitalconsumption adjustment

Less: Capital consumptionadjustment

Equals: Net national productLess: Indirect business tax and nontax

liabilityBusiness transfer paymentsStatistical discrepancy

Plus: Subsidies less current surplus ofgovernment enterprises

Equals: National income.Less: Corporate profits with inventory

valuation and capital consumptionadjustments

Net interestContributions for social

insuranceWage accruals less

disbursementsPlus: Government transfer payments to

personsPersonal interest incomePersonal dividend incomeBusiness transfer payments

Equals: Personal income

1987

4,526.7

480.0

507.6

27.64,046.7

366.328.1-8.1

18.33,678.7

310.4353.6

399.1

0

520.6527.0

88.628.1

3,780.0

1988

4,864.3

506.3

524.5

18.14^57.9

389.030.7

-14.3

15.93,968.4

328.4391.5

444.7

0

555.3575.996.330.7

4,062.1


IV

4,662.8

489.5

516.4

26.94,173.3

374.229.0-6.4

25.63,802.0

316.1369.5

408.6

-.2

527.8550.0

91.929.0

3,906.8

1988

I

4,724.5

498.3

520.8

22.54,226.2

379.429.6

-15.0

18.63,850.8

316.2373.9

433.3

0

546.7554.2

93.529.6

3,951.4

n

4,823.8

503.2

524.1

20.94,320.5

385.830.3-5.1

19.23,928.8

326.5380.6

440.9

0

552.5563.7

95.030.3

4,022.4

III

4,909.0

507.7

526.0

18.24,401.3

392.331.1

-14.0

8.84,000.7

330.0396.2

448.4

0

557.6581.9

97.331.1

4,094.0

IV

4,999.7

516.2

527.0

10.94,483.6

398.731.8

-23.2

17.14,093.4

340.9415.4

456.1

0

564.5603.799.431.8

4,180.5

1989

V

5,105.0

524.7

526.6

1.94,580.3

403.932.6

-23.9

19.44,187.1

319.3435.3

471.0

0

584.4632.9102.132.6

4,313.6

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


Gross national productLess: Capital consumption allowances

with capital consumption adjustment..Equals: Net national productLess: Indirect business tax and nontax

liability plus business transferpayments less subsidies plus currentsurplus of government enterprises

Statistical discrepancyEquals: National income

3,847.0

460.83,386.2

319.2-7.0

3,074.0

3,996.1

479.73,516.4

327.5-11.9

3,200.9

3,923.0

468.23,454.8

321.0-5.4

3,139.3

3,956.1

472.93,483.2

324.4-12.8

3,171.5

3,985.2

477.33,507.9

326.2.^3

3,186.0

4,009.4

481.93,527.5

328.1-11.6

3,211.1

4,033.4

486.53,547.0

331.1-19.1

3,235.0

4,076.5

491.23,585.3

330.8-19.5

3,274.0

Table l.ll.Command-Basis Gross National Product in Constant Dollars[Billions of 1982 dollars]

Gross national productLess: Net exports of goods and

servicesExportsImports

Equals: Gross domestic purchasesPlus: Command-basis net exports of

goods and servicesCommand-basis exports 'Imoorts

Equals: Command-basis grossnational product

Addendum:Terms of trade2

3,847.0

-128.9427.85567

3,975.9

-124.3432.45567

3,851.6

101.0

3,996.1

-100.2504.86050

4,096.3

-93.2511.8605.0

4,003.1

101.4

3,923.0

-126.0459.25852

4,049.0

-125.6459.6585.2

3,923.4

100.1

3,956.1

-109.0486.2595 1

4,065.1

-111.2483.9595.1

3,953.9

99.5

3,985.2

-92.6496.9589.5

4,077.9

-89.2500.3589.5

3,988.7

100.7

4,009.4

-93,9514.0607.9

4,103.4

-78.9529.0607.9

4,024.5

103.0

4,033.4

-105.4522 .1627.4

4,138.8

-93.6533.9627.4

4,045.2

102.3

4,076.5

-87.8541.0628.8

4,164.2

-74.4554.4628.8

4,089.9

102.5

National incomeCompensation of employees

Wages and salariesGovernment and government

enterprisesOther

Supplements to wages and salariesEmployer contributions for social

insuranceOther labor income

Proprietors' income with inventoryvaluation and capital consumptionadjustmentsFarm .

Proprietors' income withinventory valuation adjustment....

Capital consumption adjustmentNonfarm

Proprietors' incomeInventory valuation adjustmentCapital consumption adjustment

Rental income of persons withcapital consumption adjustmentRental income of personsCapital consumption adjustment

Corporate profits with inventoryvaluation and capital consumptionadjustmentsCorporate profits with inventory

valuation adjustment ...Profits before tax

Profits tax liabilityProfits after tax

DividendsUndistributed profits

Inventory valuation adjustmentCapital consumption adjustment

Net interestAddenda:

Corporate profits after tax withinventory valuation and capitalconsumption adjustmentsNet cash flow with inventory

valuation and capitalconsumption adjustmentsUndistributed profits with

inventory valuation andcapital consumptionadjustments

Capital consumption allowanceswith capital consumptionadjustment

Less: Inventory valuationadjustment

Equals: Net cash flow

1987

3,678.72,683.42,248.4

420.11,828.3

435.0

227.1207.9

312.943.0

50.6-7.6

270.0233.0-1.038.0

18.466.2

-47.8

310.4

258.7276.7133.8142.995.547.4

-18.051.7

353.6

176.6

378.6

81.1

297.5

-18.0396.6

1988

3,968.42,904.72,436.9

446.11,990.7

467.8

249.6218.3

324.536.3

43.4-7.2

288.2254.0-1.335.6

19.368.3

-49.0

328.4

282.8306.6142.7163.9104.559.4

-23.845.6

391.5

185.7

396.9

81.1

315.7

-23.8420.7


IV

3,802.02,769.92,324.8

429.21,895.6

445.1

232.7212.4

326.047.0

54.5-7.5

279.0243.4-1.737.4

20.569.1

-48.6

316.1

263.7281.9136.2145.799.346.4

-18.252.4

369.5

179.9

384.2

80.5

303.7

-18.2402.4

1988

I

3,850.82,816.42,358.7

437.11,921.6

457.7

243.1214.6

323.944.7

52.2-7.5

279.2243.7-1.236.6

20.569.6

-49.1

316.2

266.8286.2136.9149.4101.348.1

-19.449.4

373.9

179.3

387.8

78.1

309.8

-19.4407.3

II

3,928.82,874.02,410.0

442.91,967.1

464.0

247.5216.5

328.843.4

50.8-7.3

285.3250.9-1.736.1

19.168.0

-49.0

326.5

278.5305.9143.2162.7103.159.6

-27.448.0

380.6

183.2

393.4

80.1

313.3

-27.4420.8

III

4,000.72,933.22,462.0

449.12,012.9

471.1

251.7219.5

321.630.9

37.9-7.0

290.7256.8-1.535.4

19.768.5

-48.8

330.0

284.6313.9144.8169.1105.763.4

-29.345.4

396.2

185.2

396.4

79.5

316.8

-29.3425.7

IV

4,093.42,995.32,516.8

455.42,061.4

478.5

256.0222.5

323.826.0

32.9-6.9

297.7264.5

-.934.2

18.167.2

-49.1

340.9

301.3320.6146,1174.5108.066.4

-19.239.6

415.4

194.8

409.8

86.8

323.0

-19.2429.0

1989

I'

4,187.13,060.52,574.3

465.92,108.4

486.2

260.8225.4

358.157.2

64.0-6.8

300.9270.4-2.332.8

14.064.4

-50.4

319.3

286.0319.9148.3171.6111.160.5

-33.933.3

435.3

171.0

388.1

59.9

328.2

-33.9422.0

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 1.16.Gross Domestic Product of Corporate Business in Current Dollarsand Gross Domestic Product of Nonfinancial Corporate Business in Currentand Constant Dollars

Table 1.17.Auto Output[Billions of dollars]

Gross domestic product ofcorporate business

Capital consumption allowances withcapital consumption adjustment

Net domestic productIndirect business tax and nontax

liability plus business transferpayments less subsidies

Domestic incomeCompensation of employees

Wages and salariesSupplements to wages and

salariesCorporate profits with inventory

valuation and capitalconsumption adjustmentsProfits before tax .

Profits tax liability ...Profits after tax


Inventory valuation adjustment....Capital consumption adjustment..

Net interestGross domestic product of

financial corporate business..Gross domestic product of

nonfinancial corporatebusiness


Net domestic product .Indirect business tax and nontax

liability plus business transferpayments less subsidies

Domestic incomeCompensation of employees

Wages and salaries .. .Supplements to wages and

salaries .Corporate profits with inventory

valuation and capitalconsumption adjustmentsProfits before tax

Profits tax liability.... ....Profits after tax


Inventory valuation adjustment....Capital consumption adjustment-

Net interest

Gross domestic product ofnonfinancial corporatebusiness . . . .


Net domestic productIndirect business tax and nontax

liability plus business transfer

Domestic income

1987 1988


IV

1988

I II III IV

1989

I'

Billions of dollars

2,717.9

297.52,420.4

257.52,162.91,803.71,520.6

283.0

274.0240.3133.8106.583.423.1

-18.051.785.2

204.4

2,513.5

276.22,237.3

239.81,997.51,661.41,399.7

261.8

237.5210.2

99.0111.283.827.4

-18.045.39.8.6

2,930.5

315.72,614.8

274.72,340.11,949.31,649.6

299.7

291.3269.5142.7126.889.137.7

-23.845.699.6

219.2

2,711.3

292.12,419.3

255.62,163.61,797.41,520.0

277.4

252.7239.0108.6130.488.342.1

-23.837.5

113.6

2,793.0

303.72,489.3

262.82,226.51,858.41,569.3

289.1

274.6240.4136.2104.291.312.9

-18.252,493.5

207.4

2,585.6

281.32,304.3

244.52,059.71,714.71,447.0

267.8

238.4211.6101.7109.990.819.1

-18.245.0

106.6

2,845.1

309.82,535.4

267.72,267.61,887.71,594.7

293.1

286.0256.0136.9119.275.343.9

-19.449.493.9

212.0

2,633.2

286.82,346.4

249.22,097.21,739.61,468.4

271.2

250.6228.4104.4124.174.649.5

-19.441.5

107.1

2,901.1

313.32,587.8

271.82,316.11,927.91,630.8

297.1

291.1270.5143.2127.387.140.2

-27.448.097.1

217.1

2,684.0

290.02,394.0

253.02,141.11,777.81,502.8

275.0

252.6240.5109.4131.186.244.9

-27.439.5

110.7

2,954.2

316.82,637.4

278.02,359.41,968.81,667.0

301.8

289.2273.1144.8128.399.628.7

-29.345.4

101.4

222.2

2,732.1

293.02,439.1

258.82,180.31,816.41,536.9

279.5

248.2240.4109.1131.398.732.7

-29.337.1

115.7

3,021.6

323.02,698.5

281.22,417.42,012.71,705.9

306.8

298.8278.4146.1132.494.637.8

-19.239.6

105.9

225.4

2,796.1

298.52,497.6

261.72,235.91,855.81,571.9

283.9

259.4246.6111.6135.093.641.4

-19.232.0

120.8

3,055.0

328.22,726.8

284.92,441.92,052.31,742.9

309.3

278.8279.5148.3131.297.234.0

-33.933.3

110.9

228.7

2,826.3

303.12,523.2

265.12,258.11,891.81,605.5

286.2

239.9248.1114.9133.296.037.2

-33.925.7

126.4

Billions of 1982 dollars

2,270.4

269.42,001.0

203.21,797.8

2,390.4

279.32,111.1

208.71,902.4

2,322.5

273.22,049.3

204.31,845.1

2,363.5

275.72,087.8

206.31,881.4

2,380.9

278.12,102.9

207.81,895.1

2,395.5

280.62,114.9

209.61,905.3

2,421.7

283.02,138.7

211.11,927.7

2,430.0

285.42,144.6

210.51,934.1

Auto outputFinal sales

Personal consumption expendituresNew autos .Net purchases of used autos

Producers' durable equipmentNew autosNet purchases of used autos .....

Net exports of goods and servicesExportsImports

Government purchases of goods andservices

Change in business inventories ofnew and used autosNewUsed

Addenda:Domestic output of new autos 'Sales of imported new autos 2

1987

116.3109.4130.094.135.919.244.4

-25.2-41.3

6.64T.9

1.5

6.96.7.2

94.855.0

1988

127.0125.3138.6101.237.523.250.3

-27.1-38.2

8.847.0

1.7

1.7.6

1.1

101.659.7


rv

120.6106.6128.090.937.019.344.9

-25.6-42.3

8.150.3

1.6

14.014.00

98.757.2

1988

I

113.1117.8133.9100.233.722.147.9

-25.7-40.1

8.248.3

1.9

-4.7-9.1

4.4

88.760.2

n

130.3129.3139.8100.139.723.750.0

-26.4-35.8

8.344.1

1.6

1.13.4

-2.3

104.260.6

III

132.0128.0139.2101.138.123.752.3

-28.6-36.4

9.846.2

1.5

4.02.71.3

103.060.2

IV

132.5126.1141.7103.338.423.351.1

-27.8-40.5

9.049.5

1.6

6.45.5.9

110.757.9

1989

I'

130.5119.6135.598.736.821.946.7

-24.9-39.6

9.649.2

1.8

10.810.3

.5

106.356.0

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

purchases.

Table 1.18.-Auto Output in Constant Dollars[Billions of 1982 dollars]

Auto outputFinal sales

Personal consumption expendituresNew autosNet purchases of used autos

Producers' durable equipmentNew autosNet purchases of used autos.. ....

Net exports of goods and servicesExportsImports


Change in business inventories ofnew and used autosNewUsed

Addenda:Domestic output of new autos 'Sales of imported new autos *

1987

100.695.1

108.880.028.816.337.7

-21.5-31.4

5.436.8

1.4

5.55.3

.2

80.546.8

1988

107.5106.7113.684.429.219.842.0

-22.2-28.1

7.135.2

1.5

.80

.8

84.549.8


IV

102.991.4

105.376.528.816.437.8

-21.4-31.8

6.638.4

1.4

11.511.50

83.148.1

1988

I

96.0101.0110.484.326.019.040.3

-21.2-30.1

6.736.8

1.7

-4.9-8.5

3.6

74.250.7

n

111.2110.4115.583.931.620.141.9

-21.8-26.5

6.833.3

1.4

.82.8

-2.0

87.350.8

m

111.5108.5113.784.129.620.343.5

-23.3-26.8

7.934.7

1.3

3.02.01.1

85.450.1

IV

111.3106.9114.785.229.619.742.2

-22.5-28.9

7.236.1

1.4

4.33.6.7

91.147.8

1989

?

108.2100.1108.580.727.818.538.2

-19.8-28.5

7.636.1

1.6

8.17.7.4

86.345.8

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

purchases.


8 SURVEY OF CURRENT BUSINESS May 1989

Table 1.19.Truck Output[Billions of dollars]

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

Truck output l

Final salesPersonal consumption expendituresProducers' durable equipmentNet exports of goods and services

ExportsImports


Change in business inventories

1987

59.658.327.733.0-7.0

3.310.3

4.71.3

1988

67.066.629.237.3-5.6

3.89.5

5.8.4


IV

64.660.927.334.2-5.6

4.29.8

5.03.7

1988

I

65.866.228.736.4-4.9

4.19.0

6.0-.4

II

65.365.428.836.1-5.3

3.79.0

5.80

m

64.367.329.837.4-5.6

3.89.4

5.7-3.0

IV

72.567.529.439.2-6.8

3.810.6

5.65.1

1989

?

70.465.329.336.7-6.6

3.910.5

6.05.1

1. Includes new trucks only.

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

Personal income

Wage and salary disbursementsCommodity-producing industries

ManufacturingDistributive industriesService industriesGovernment and government

enterprisesOther labor incomeProprietors' income with

inventory valuation and capitalconsumption adjustmentsFarmNonfarm

Rental income of persons withcapital consumption adjustment...

Personal dividend incomePersonal interest incomeTransfer payments ...

Old-age, survivors, disability, andhealth insurance benefits

Government unemploymentinsurance benefits ,

Veterans benefitsGovernment employees retirement

benefitsOther transfer payments .......

Aid to families with dependentchildren.... . ,

OtherLess: Personal contributions for

social insuranceLess: Personal tax and nontax

paymentsEquals: Disposable personal income....Less: Personal outlays

Personal consumption expendituresInterest paid by consumers to

businessPersonal transfer payments to

foreigners (net)Equals: Personal savingAddenda:

Disposable personal income:Total, billions of 1982 dollarsPer capita:

Current dollars1982 dollars

Population (mid-period, millions)...Personal saving as percentage of

disposable personal income

1987

3,780.02,248.4

649.8490.3531.7646.8

420.1207.9

312.943.0

270.0

18.488.6

527.0548.8

282.9

14.716.6

75.7158.9

16.7142.1

172.0

570.33,209.73,105.53,012.1

92.1

1.3104.2

2,686.3

13,15711,012243.9

3.2

1988

4,062.12,436.9

695.4522.5578.7716.6

446.1218.3

324.536.3

288.2

19.396.3

575.9586.0

301.8

13.317.0

81.7172.1

17.2155.0

195.1

590.33,471.83,327.53,227.5

98.9

1.0144.3

2,788.3

14,10311,326246.2

4.2


rv

3,906.82,325.1

665.5501.3547.3682.8

429.5212.4

326.047.0

279.0

20.591.9

550.0556.8

286.5

13.416.6

77.1163.3

16.8146.5

175.9

591.03,315.83,171.83,076.3

94.4

1.2144.0

2,728.9

13,54311,145244.8

4.3

1988

I

3,951.42,358.7

676.0509.6558.2687.4

437.1214.6

323.944.7

279.2

20.593.5

554.2576.3

298.1

13.917.0

80.4166.9

16.9150.0

190.2

575.83,375.63,225.73,128.1

96.4

1.2149.9

2,762.3

13,76011,260245.3

4.4

n

4,022.4

2,410.0689.1517.4572.1705.9

442.9216.5

328.843.4

285.3

19.195.0

563.7582.8

300.4

13.417.1

82.3169.6

17.1152.5

193.5

601.03,421.53,293.63,194.6

98.2

.8127.8

2,762.2

13,91911,237245.8

3.7

ni

4,094.02,462.0

701.3525.9585.8725.8

449.1219.5

321.630.9

290.7

19.797.3

581.9588.6

303.1

13.417.1

81.6173.4

17.2156.2

196.7

586.53,507.53,361.83,261.2

99.8

.8145.7

2,800.4

14,23111,362246.5

4.2

IV

4,180.52,516.8

715.4537.1598.6747.4

455.4222.5

323.826.0

297.7

18.199.4

603.7596.4

305.7

12.716.9

82.4178.6

17.5161.1

200.1

598.03,582.53,428.73,326.4

101.2

1.1153.8

2,828.4

14,49711,445247.1

4.3

1989

lr

4,313.62,574.3

727.4545.2611.9769.1

465.9225.4

358.157.2

300.9

14.0102.1632.9617.0

317.8

13.617.2

85.8182.4

17.4165.1

210.2

617.53,696.03,481.53,377.2

103.3

1.1214.5

2,882.2

14,92411,638247.7

5.8

Truck output l

Final sales ...Personal consumption expenditures.....Producers' durable equipmentNet exports of goods and services

Exports .Imports .


Change in business inventories

1987

50.849.723.528.2-6.0

2.88.8

4.01.1

1988

56.255.924.531.2-4.7

3.27.9

4.8.3


IV

54.951.923.029.3-4.7

3.68.3

4.33.0

1988

I

55.856.224.231.0-4.1

3.57.6

5.1-.3

II

55.555.524.330.8-4.5

3.17.6

4.90

III

54.156.525.131.3-4.7

3.27.8

4.8-2.3

rv

59.255.324.431.8-5.6

3.18.7

4.64.0

1989

V

57.153.124.029.7-5.4

3.18.5

4.84.0

1. Includes new trucks only.

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

Personal consumptionexpenditures

Durable goodsMotor vehicles and partsFurniture and household equipment ....Other

Nondurable goodsFood.Clothin


Table 3.2.Federal Government Receipts and Expenditures[Billions of dollars]

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

ReceiptsPersonal tax and nontax receipts

Income taxesEstate and gift taxesNontaxes

Corporate profits tax accrualsFederal Reserve banksOther. .

Indirect business tax and nontaxaccrualsExcise taxesCustoms dutiesNontaxes

Contributions for social insuranceExpenditures

Purchases of goods and servicesNational defenseNondefense

Transfer paymentsTo personsTo foreigners

Grants-in-aid to State and localgovernments .-

Net interest paidInterest paid

To persons and businessTo foreigners

Less: Interest received bygovernment

Subsidies less current surplus ofgovernment enterprisesSubsidiesLess: Current surplus of government

enterprisesLess: Wage accruals less

disbursementsSurplus or deficit (-), national

income and product accounts ...Social insurance fundsOther

1987

916.5405.6396.8

7.41.4

105.817.788.1

54.031.815.46.8

351.01,074.2

382.0295.386.7

414.2402.0

12.2

102.7143.0162.5138.424.1

19.4

32.430.8

-1.6

0

-157.827.5

-185.3

1988

975.2413.4404.0

7.91.6

111.418.692.9

56.733.116.47.2

393.71,117.6

381.0298.482.6

440.1427.2

12.9

111.5153.9174.4146.727.7

20.5

31.128.6

-2.5

0

-142.353.2

-195.5


IV

944.4422.3414.1

6.71.6

107.717.989.8

55.032.215.87.0

359.41,104.9

391.4299.292.2

422.5406.1

16.4

101.4149.5168.4143.824.6

18.9

39.737.6

-2.1

-.2

-160.434.9

-195.3

1988

I

951.0404.6395.9

7.11.5

107.218.488.8

55.932.416.57.0

383.41,106.1

377.7298.479.3

434.4422.9

11.5

111.1149.9172.5146.026.6

22.6

33.029.6

-3.3

0

-155.144.8

-199.8

II

983.0425.0415.1

8.21.7

111,718.393.4

55.933.015.97.0

390.31,116.3

382.2298.883.4

437.6426.5

11.0

110.4152.1171.8145.026.8

19.8

34.032.5

-1.5

0

-133.349.8

-183.1

III

975.5408.3398.6

8.31.4

113.119.194.0

57.133.216.37.5

397.01,099.0

367.7294.373.4

440.7428.3

12.5

111.5154.9174.3146.527.8

19.4

24.116.8

-7.3

0

-123.556.0

-179.5

rv

991.5415.8406.4

7.91.5

113.818.595.3

57.933.916.87.2

404.01,149.0

396.3301.994.3

447.5430.9

16.6

113.0158.9179.1149.529.6

20.2

33.335.4

2.1

0

-157.562.1

-219.6

1989

I"

1,024.0431.6422.1

7.91.5

116.019.796.4

58.333.717.37.2

418.21,182.5

397.8299.898.1

460.5448.8

11.7

118.9168.9188.4157.031.4

19.5

36.334.6

-1.8

0

-158.561.3

-219.7

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

Government purchases ofgoods and services

FederalNational defense

Durable goodsNondurable goods .. .Services ,

Compensation of employeesMilitaryCivilian

Other services

NondefenseDurable goods

Commodity Credit Corporationinventory change

Other nondurablesServices

Compensation of employeesOther services

StructuresState and local

Nondurable goods


Structures

1987

924.7382.0295.3

89.810.5

187.8108.973.235.778.97.2

86.74.13.2

-3.36.5

70.942.128.88.5

542.826.944.1

409.6321.787.962.2

1988

964.9381.0298.4

84.111.0

196.2112.975.837.183.37.1

82.64.6

-7.9

-15.47.5

78.144.833.27.9

583.929.647.3

440.6345.095.766.4


IV

947.3391.4299.2

88.411.3

191.9110.073.936.281.97.6

92.24.54.9

-1.46.3

74.542.731.88.3

555.927.845.0

420.0329.990.263.1

1988

I

945.2377.7298.4

83.810.8

197.3112.775.537.284.66.6

79.34.6

-9.1

-17.58.4

76.444.032.37.5

567.528.445.3

428.7336.492.265.2

n

961.6382.2298.884.211.4

195.8112.675.737.083.17.5

83.44.8

-8.2

-16.88.6

78.844.734.17.9

579.429.247.0

436.7342.194.666.4

HI

955.3367.7294.381.710.7

194.8112.975.937.081.87.2

73.44.2

-16.4

-22.66.1

77.045.131.98.6

587.630.048.1

444.6347.896.865.0

IV

997.5396.3301.986.611.3

197.0113.576.237.383.57.1

94.34.62.0

-4.86.8

80.145.534.77.6

601.230.748.8

452.5353.698.969.2

1989

I"

1,011.8397.8299.883.411.2

198.4118.479.239.280.06.7

98.14.72.5

-5.27.7

82.947.835.18.0

613.931.551.3

461.8359.7102.169.3

ReceiptsPersonal tax and nontax receipts

Income taxesNontaxesOther

Corporate profits tax accrualsIndirect business tax and nontax

accruals ..Sales taxesProperty taxesOther

Contributions for social insuranceFederal grants-in-aid

Expenditures .Purchases of goods and services

Compensation of employeesOther

Transfer payments to personsNet interest paid

Interest paidLess: Interest received by

government......Less: Dividends received by

governmentSubsidies less current surplus of

government enterprisesSubsidiesLess: Current surplus of government

enterprises .Less: Wage accruals less

disbursements.Surplus or deficit (-), national

income and productaccounts

Social insurance fundsOther

1987

655.7164.786.164.813.827.9

312.3148.7121.941.648.1

102.7602.8542.8321.7221.1

118.7-37.7

53.3

91.0

6.9

-14.01.0

15.0

0

52.962.1-9.2

1988

703.1176.992.769.414.831.3

332.3158.9129.643.851.0

111.5647.9583.9345.0239.0128.2-40.8

59.0

99.8

8.2

-15.21.0

16.2

0

55.268.5

-13.3


rv

666.9168.688.166.514.128.5

319.2152.5124.742.049.2

101.4617.2555.9329.9226.0121.7-38.8

55.4

94.2

7.5

-14.11.0

15.1

0

49.764.6

-14.8

1988

I

685.5171.389.367.614.329.7

323.5154.3126.642.649.9

111.1629.7567.5336.4231.1123.8-39.5

56.8

96.3

7.8

-14.41.0

15,5

0

55.866.1

-10.3

II

698.4176.092.668.714.731.5

329.8157.9128.543.450.6

110.4642.1579.4342.1237.3126.0-40.3

58.3

98.6

8.1

-14.71.1

15.8

0

56.267.7

-11.5

III

708.0178.293.369.915.031.7

335.3160.2130.644.551.4

111.5652.0587.6347.8239.8129.3-41.2

59.7

101.0

8.4

-15.31.0

16.3

0

56.069.3

-13.3

IV

720.4182.295.771.215.332.3

340.8163.2132.944.752.1

113.0667.8601.2353.6247.6133.6-42.1

61.2

103.3

8.7

-16.21.0

17.3

0

52.670.9

-18.2

1989

I"

735.6186.097.872.515.732.2

345.6164.8135.145.752.8

118.9680.5613.9359.7254.2135.6-43.1

62.7

105.8

9.0

-17.01.0

18.0

0

55.272.5

-17.3

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


Government purchases ofgoods and services

FederalNational defense

Durable goodsNondurable goodsServices

Compensation of employeesMilitary . .Civilian

Other servicesStructures

NondefenseDurable goodsNondurable goods

Commodity Credit Corporationinventory change

Other nondurablesServices

Compensation of employeesOther services .

StructuresState and local

Durable goodsNondurable goodsServices


Structures

1987

780.2339.0264.9

87.914.7

156.489.360.229.067.25.9

74.14.82.5

-3.96.4

59.234.225.07.5

441.224.446.4

316.0246.469.654.3

1988

782,3328.7261.884.114.3

157.889.160.129.068.75.6

66.95,5

-8.5

-15.57.0

63.235.128.16.8

453.626.248.7

323.3250.572.855.4


rv

792.6347.7268.288.415.6

158.089.560.329.268.66.1

79.55.44.9

-1.16.1

61.834.427.47.3

444.925.146.9

318.5248.170.454.4

1988

I

776.4327.8264.6

84.914.6

159.989.360.129.270.55.2

63.25.6

-11.1

-19.38.2

62.234.527.76.5

448.725.547.5

320.3249.071.355.4

n

783.8331.6263.685.114.8

157.888.859.928.969.05.9

67.95.8

-8.6

-16.88.3

63.935.028.96.8

452.226.048.3

322.2249.972.355.7

m

773.5320.1256.481.213.2

156.489.060.028.967.45.6

63.75.2

-11.0

-16.55.5

62.135.226.97.3

453.426.449.1

324.3251.073.353.6

IV

795.5335.5262.585.014.7

157.489.360.229.168.05.5

72.95.4

-3.4

-9.46.0

64.535.529.06.5

460.026.949.9

326.4252.074.456.9

1989

F

798.3335.8256.782.415.0

154.189.360.129.264.85.1

79.25.52.3

-4.77.0

64.635.529.16.7

462.427.350.7

328.4253.075.456.1


10 SURVEY OF CURRENT BUSINESS May 1989

Table 3.9.National Defense Purchases of Goods and Services


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


National defense purchasesDurable goods.....

Military equipmentAircraftMissilesShipsVehiclesElectronic equipmentOther....

Other durable goodsNondurable goods

Petroleum productsAmmunitionOther nondurable goods

ServicesCompensation of employees

MilitaryCivilian

Other servicesContractual research and

developmentInstallation support 'Weapons support 2Personnel support 3Transportation of materielTravel of personsOther

StructuresMilitary facilitiesOther

1987

295.389.877.333.413.08.54.85.8

11.812.510.54.23.82.5

187.8108.973.235.778.9

28.522.39.0

11.34.03.807.24.92.4

1988

298.484.173.029.312.68.54.16.2

12.411.111.04.44.02.6

196.2112.975.837.183.3

30.524.09.2

11.64.13.9.1

7.1

4.72.4


IV

299.288.475.933.713.38.24.65.6

10.512.4

11.35.33.62.4

191.9110.073.936.281.9

28.423.49.3

11.94.53.9

.7

7.65.32.3

1988

I

298.483.872.329.811.78.44.55.9

12.011.510.84.33.82.6

197.3112.775.537.284.6

30.624.79.3

11.74.33.7.3

6.64.22.4

II

298.884.273.329.812,87.94.26.0

12.611.011.44.44.52.4

195.8112.675.737.083.1

30.223.99.2

11.64.23.9.1

7.55.02.4

III

294.381.770.927.411.78.04.25.7

13.810.810.74.33.72.7

194.8112.975.937.081.8

30.123.69.2

11.73.93.9-.57.24.92.3

IV

301.986.675.429.914.29.43.67.0

11.111.211.34.74.02.5

197.0113.576.237.383.5

31.023.69.1

11.54.03.9.3

7.14.62.5

1989

I'

299.8 National defense purchases

732 g27.8 Aircraft13.7 Missiles10.4 Ships3 5 Vehicles5.5 Electronic equipment

12 2 Other10.3 Other durable goods

46 grod39 A V2.7 Other nondurable goods

198.4 Services118.4 Compensation of employees79.2 Military39.2 Civilian80.0 Other services

Contractual research and22 g T n '

8.3 Weapons support210.9 Personnel support 33.3 Transportation of materiel3.8 Travel of persons0 Other6-7 Structures4.3 Military facilities2.5 Other

1987

264.987.972.530.712.87.35.15.5

11.015.414.78.44.02.3

156.489.360.229.067.2

24.717.97.98.84.23.705.93.92.0

1988

261.884.169.428.212.77.14.45,8

11.214.714.37.84.32.2

157.889.160.129.068.7

25.518.87.88.74.23.8.1

5.63.71.9


IV

268.288.472.631.913.77.14.95.39.7

15.915.69.53.92.2

158.089.560.329.268.6

24.218.48.09.04.63.8.5

6.14.21.9

1988

I

264.684.969.529.012.27.24.75.5

10.915.414.68.34.12.3

159.989.360.129.270.5

25.919.58.08.94.43.6

.25.23.31.9

n

263.685.170.328.613.36.84.55.7

11.414.914.87.84.92.2

157.888.859.928.969.0

25.418.87.98.74.33.8.1

5.94.01.9

III

256.481.267.226.511.56.74.45.5

12.514.013.26.94.02.3

156.489.060.028.967.4

25.018.47.8

' 8.74.03.8-.4

5.63.81.8

IV

262.585.070.628.713.67.83.96.69.9

14.414.78.24.32.2

157.489.360.229.168.0

25.518.47.78.54.03.8.3

5.53.52.0

1989

I"

256.782.468.826.713.88.43.95.2

10.813.615.08.34.42.3

154.189.360.129.264.8

25.317.76.97.93.33.705.13.21.9

1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractorsto operate installations.

2. Includes depot maintenance and contractual services for weapons systems, other than research anddevelopment.

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]

1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractorsto 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 dollars]

Receipts from foreignersExports of goods and services

Merchandise

Nondurable goodsServices

Factor income lOther

Capital grants received by the UnitedStates (net) .

Payments to foreigners ....Imports of goods and services

MerchandiseDurable goodsNondurable goods

ServicesFactor income 'Other

Transfer payments (net)From persons (net)From government (net)

Interest paid by government toforeigners

Net foreign investment

1987

428.0428.0254.8158.396.4

173.396.177.2

0428.0551.1413.0264.5148.5138.166.671.513.51.3

12.2

24.1

-160.6

1988

519.7519.7321.6201.3120.2198.2111.986.3

0519.7614.4449.7295.2154.5164.787.077.7

13.91.0

12.9

27.7-136.2


IV

459.7459.7276.7175.0101.7183.0105.177.9

0459.7585.4438.0281.8156.2147.474.173.317.61.2

16.4

24.6-167.8

1988

I

487.8487.8300.8188.2112.5187.0104.782.3

0487.8599.9441.7287.5154.2158.282.375.812.71.2

11.5

26.6-151.3

II

507.1507.1316.9198.4118.5190.2104.286.1

0507.1597.5439.4286.6152.7158.282.975.311.8

.811.0

26.8-129.1

HI

536.1536.1331.0204.8126.1205.1116.189.0

0536.1616.0448.6293.4155.2167.589.378.113.3

.812.5

27.8-121.1

IV

548.0548.0337.6213.8123.7210.4122.587.9

0548.0644.0469.0313.2155.8175.093.581.517.61.1

16.6

29.6-143.3

1989

F

577.8577.8357.3224.6132.7220.4129.491.0

0577.8655.2470.1311.3158.7185.1102.283.012.81.1

11.7

31.4-121.7

Exports of goods and servicesMerchandise

Durable goodsNondurable goods

Services

Other.Imports of goods and services

MerchandiseDurable goodsNondurable goods

ServicesFactor income lOther

1987

427.8280.1177.3102.8147.780.367.4

556.7439.0260.2178.8117.754.763.0

1988

504.8341.5226.4115.0163.490.273.1

605.0469.8283.2186.6135.369.266.0


IV

459.2304.6198.8105.8154.687.067.6

585.2461.0276.9184.1124.260.363.9

1988

I

486.2329.0215.4113.6157.186.370.9

595.1463.1279.1184.1132.066.865.2

II

496.9339.1223.1116.0157.884.573.3

589.5459.1276.3182.8130.466.364.2

III

514.0345.9229.4116.5168.193.075.1

607.9470.9283.5187.4137.070.666.4

rv

522.1351.9237.8114.2170.296.973.3

627.4486.0294.1191.9141.473.068.4

1989

I-

541.0364.7243.6121.1176.3101.375.0

628.8480.6294.6186.0148.279.169.1

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

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


May 1989 SURVEY OF CURRENT BUSINESS 11Table 4.3.Merchandise Exports and Imports by Type of Product and by End-

Use Category[Billions of dollars]

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


Merchandise exportsFoods, feeds, and beveragesIndustrial supplies and materials


Capital goods, except autosAutosConsumer goods ..

Durable goods...Nondurable goods

OtherDurable goods 'Nondurable goods !

Merchandise importsFoods, feeds, and beveragesIndustrial supplies and materials,

excluding petroleumDurable goods. ..Nondurable goods

Petroleum and productsCapital goods, except autosAutosConsumer goods


OtherDurable goods '.Nondurable goods '

Addenda:Exports of agricultural products 2Exports of nonagricultural products ....Imports of nonpetroleum products

1987

254.824.666.520.945.688.126.318.07.4

10.531.315.715.7

413.024.7

66.635.631.042.984.885.288.749.039.720.210.110.1

29.5225.3370.1

1988

321.633.283.027.855.2

111.632.623.810.613.237.318.718.6

449.725.0

77.642.035.639.4

101.488.196.452.843.621.911.011.0

38.7282.9410.3


IV

276.725.471.022.848.196.530.519.38.1

11.134.117.017.0

438.0

25.1

72.338.633.745.293.288.792.050.641.421.410.710.7

30.5246.2392.8

1988

I

300.830.177.824.653.3

105.431.721.29,3

11.934.617.317.3

441.7

26.0

76.741.835.039.896.487.494.251.542.821.110.510.5

36.1264.7401.9

II

316.932.882.128.054.1

109.232.222.810.112.837.818.918.9

439.423.8

75.340.135.241.1

100.784.592.850.742.121.110.610.6

38.5278.4398.3

III

331.036.286.028.457.6

114.132.224.911.413.537.518.818.8

448.625.0

77.441.236.239.4

101.986.496.152.643.422.411.211.2

41.6289.4409.2

IV

337.633.786.230.355.9

117.834.426.211.714.439.319.619.6

469.025.2

80.844.936.037.2

106.593.8

102.456.546.023.011.511.5

38.5299.0431.8

1989

?

357.338.192.732.760.0

121.535.430.315.315.039.319.719.7

470.125.3

81.745.536.243.6

107.191.999.256.243.021.210.610.6

42.9314.4426.5

1. Because no data are available to distribute exports and imports of "other" merchandise between durableand nondurable goods, they are distributed equally.

2. Includes parts of line 2 and line 5.NOTE.Beginning with 1985, the definitions of the end-use categories have been changed. For a

description of the new definitions, see the technical notes in "U.S. International Transactions, First Quarter1988," SURVEY OF CURRENT BUSINESS 68 (June 1988): 34-39 and 57.

Merchandise exportsFoods feeds and beveragesIndustrial supplies and materials

Durable goodsNondurable goods ,

Capital goods, except autosAutosConsumer CToods . . .


OtherDurable goods ' .Nondurable goods '

Merchandise importsFoods feeds, and beveragesIndustrial supplies and materials,

excluding petroleumDurable goodsNondurable goods

Petroleum and productsCapital ^oods except autos

Consumer goodsDurable goodsNondurable goods

OtherDurable goods 'Nondurable goods '

Addenda:Exports of agricultural products2Exports of nonagricultural products ....Imports of nonpetroleum products

1987

280.129.969.721.947.8

109.523.216.77.39.5

31.015.515.5

439.023.9

74.239.834.577.999.468.177.143.833.418.39.29.2

34.9245.2361.1

1988

341.533.379.826.753.1

144.228.521.29.8

11.434.517.317.3

469.822.8

74.740.534.386.4

122.367.178.144.134.018.49.29.2

38.2303.3383.4


IV

304.630.572.023.248.9

124.526.817.67.89.8

33.216.616.6

461.023.7

77.041.135.981.4

112.269.977.844.133.718.99.59.5

35.2269.4379.6

1988I

329.034.176.924.352.6

138.027.919.18.8

10.333.016.516.5

463.123.8

77.142.035.182.2

116.467.777.643.833.818.19.19.1

39.3289.7380.9

II

339.134.979.427.152.3

140.628.320.59.4

11.135.417.717.7

459.121.7

72.838.834.085.4

121.564.875.042.232.817.88.98.9

39.8299.3373.7

III

345.933.281.326.854.4

147.128.022.210.411.834.117.017.0

470.922.7

73.739.334.487.1

125.065.977.744.033.818.89.49.4

37.9308.0383.8

IV

351.931.281.528.652.9

150.929.723.110.712.435.517.817.8

486.022.8

75.341.833.590.7

126.369.982.146.635.618.99.49.4

35.6316.3395.4

1989

I''

364.735.086.630.656.0

151.330.326.313.812.535.317.617.6

480.623.0

74.941.733.28.8.1

129.868.279.246.233.017.48.78.7

39.4325.3392.5

1. Because no data are available to distribute exports and imports of "other" merchandise between durableand nondurable goods, they are distributed equally.

2. Includes parts of line 2 and line 5.NOTE.Beginning with 1985, the definitions of the end-use categories have been changed. For a

description of the new definitions, see the technical notes in "U.S. International Transactions, First Quarter1988," SURVEY OF CURRENT BUSINESS 68 (June 1988): 34-39 and 57.

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

Gross savingGross private saving

Personal saving. .Undistributed corporate profits with

inventory valuation and capitalconsumption adjustmentsUndistributed profitsInventory valuation adjustmentCapital consumption adjustment

Corporate capital consumptionallowances with capitalconsumption adjustment .

Noncorporate capital consumptionallowances with capitalconsumption adjustment

Wage accruals less disbursementsGovernment surplus or deficit (-),

national income and productaccountsFederalState and local

Capital grants received by theUnited States (net)

Gross investmentGross private domestic investmentNet foreign investment

Statistical discrepancy

1987

560.4665.3104.2

81.147.4

-18.051.7

297.5

182.50

-104.9-157.8

52.9

0552.3712.9

-160.6-8.1

1988

644.6731.8144.3

81.159.4

-23.845.6

315.7

190.60

-87.2-142.3

55.2

0630.3766.5

-136.2-14.3


IV

603.4714.1144.0

80.546.4

-18.252.4

303.7

185.80

-110.7-160.4

49.7

0597.0764.9

-167.8-6.4

1988

I

627.0726.3149.9

78.148.1

-19.449.4

309.8

188.50

-99.2-155.1

55.8

0612.0763.4

-151.3-15.0

n

634.1711.2127.8

80.159.6

-27.448.0

313.3

189.90

-77.1-133.3

56.2

0629.0758.1

-129.1-5.1

III

665.4732.9145.7

79.563.4

-29.345.4

316.8

190.90

-67.5-123.5

56.0

0651.4772.5

-121.1-14.0

IV

651.9756.7153.8

86.866.4

-19.239.6

323.0

193.10

-104.8-157.5

52.6

0628.7772.0

-143.3-23.2

1989

?

695.8799.2214.5

59.960.5

-33.933.3

328.2

196.60

-103.3-158.5

55.2

0671.9793.6

-121.7-23.9


12 SURVEY OF CURRENT BUSINESS May 1989Table 5.8.-Change in Business Inventories by Industry

[Billions of dollars]Table 5.9.Change in Business Inventories by Industry in Constant Dollars


Change in businessinventories

Farm

Nonfarm . .Change in book value ....Inventory valuation adjustment '......

ManufacturingDurable goods Nondurable goods

Wholesale tradeDurable goodsNondurable goodsMerchant wholesalers

Durable goods . .Nondurable goods

Nonmerchant wholesalersDurable goodsNondurable goods

Retail tradeDurable goods .

AutomotiveOther

Nondurable goodsOther

Durable goodsNondurable "oods

1987

39.2-1.540.764.5

-23.86.14.61.57.45.32.17.24.82.3

.2

.5-.3

21.314.610.64.06.75.92.03.9

1988

48.46.1

42.277.6

-35.410.69.71.0

10.08.21.88.66.71.91.51.5-.1

11.38.54.93.62.7

10.34.55.8


IV

72.0-.8

72.896.9

-24.114.811.73.2

22.015.46.6

20.113.66.51.81.8.1

28.221.915.16.86.27.81.46.4

1988

I

65.315.949.478.1

-28.715.49.65.8

24.621.23.4

22.619.33.32.01.9.2

1.2-7.0

-11.64.68.28.22.95.3

II

43.710.633.174.7

-41.66.36.7-.4-.4

-7.97.5.3

-7.88.1-.7-.1-.6

15.614.512.71.81.1

11.64.57.0

III

49.77.8

41,983.8

-41.96.98.5

-1.611.116.8-5.7

8.214.7-6.5

2.82.1

.813.314.410.14.4

-1.110.75.45.3

IV

34.7-9.844.673.8

-29.213.813.804.92.92.03.1.6

2.61.82.4-.6

15.012.28.73.52.8

10.85.2-5.6

1989

P

43.514.329.382.0

-52.86.7

12.3-5.6-1.1

3.2-4.2-2.3

2.6-5.0

1.3.6.7

14.010.612.3-1.7

3.49.65.73.9

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

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

Inventories ' .

NonfarmDurable goodsNondurable goods

ManufacturingDurable goodsNondurable goods . . . ...


Nondurable goodsNonmerchant wholesalers

Durable goods . . T.Nondurable goods

Retail trade

AutomotiveOther


Final sales 2Final sales of goods and structures 2

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

structures

Seasonally adjusted quarterly totals1987

IV

941.568.8

872.8513.3359.5346.2231.9114.3201.0130.670.5

175.2115.060.225.815.610.2

213.7109.456.752.7

104.3111.7325.1185.6

2.902.68

4.70

1988

I

965.272.6

892.6523.5369.1353.4236.1117.3209.3137.072.3

182.7120.861.926.716.210.5

215.2108.053.854.2

107.2114.7330.2187.8

2.922.70

4.75

n

992.378.7

913.6533.3380.2360.4240.6119,7213.6136.477.2

186.7120.166.726.916.410.5

221.5112.357.255.1

109.1118.1339.5194.0

2.922.69

4.71

HI

1,015.881.8

934.0549.0385.0366.0244.8121.3219.5141.977.6

191.8124.867.027.717.010.7

226.7116.660.056.6

110.1121.8344.6196.5

2.952.71

4.75

IV

1,035.681.2

954.4563.6390.8372.7250.9121.8222.5144.378.2

194.1126.467.728.417.810.6

232^5120.862.858.0

111.7126.6352.3201.0

2.942.71

4.75

1989

I"

1,061.583.9

977.6578.0399.6381.3257.6123.7226.4147.079.3

196.5128.767.829.818.311.5

238.5124.065.858.2

114.5131.4359.0204.9

2.962.72

4.77

1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories calculated fromcurrent-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 theirrespective end-of-quarter prices. The latter is the change in the physical volume of inventories valued ataverage prices of the quarter. In addition, changes calculated from this table are at quarterly rates, whereasCBI is stated at annual rates.

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

Change in businessinventories

Farm

NonfarmManufacturing




Nonmerchant wholesalers ..Durable goodsNondurable goods

Retail tradeDurable goods

AutomotiveOther


Durable oodsNondurable goods

1987

34.4-2.536.95.24.1V1

5.84.9

.95.84.41.40.5

-.519.213.19.33.76.16.71.94.9

1988

42.52.5

40,09.68.8.8

9.57.32.28.25.82.41.31.5-.29.97.54.33.22.4

10.93.97.0


IV

67.1-1.168.214.410.63.8

19.414.15.3

18.112.55.61.31.7-.4

25.119.513.26.35.69.31.38.0

1988

I

66.014.1

51.915.88.77.1

24.918.26.7

22.716.46.32.21.8.4

1.5-5.9

-10.14.27.49.72.57.2

II

35.35.3

30.15.86.2-.4

-1.2-6.8

5.70

-6.86.7

-1.1-.1

-1.113.712.711.01.71.0

11.83.97.9

III

39.5-.8

40.45.78.0

-2.311.215.1-3.9

8.113.1-5.1

3.22.01.2

11.712.78.74.0

-1.011.84.77.1

IV

29.1-8.537.611.212.3-1.1

3.22.9

.32.2

.61.61.013

-1.312.910.57.53.02.4

10.34.45.9

1989

I-

38.08.8

29.16.1

10.6-4.4

1.12.8

-1.7-92.2

-3.11.9.5

1.412.08.9

10.5-1.5

3.010.04.85.2

Table 5.11.Inventories and Final Sales of Business by Industry in ConstantDollars


Inventories 'Farm

Nonfarm ...Durable goodsNondurable goods

Durable eoodsNondurable goods

Wholesale tradeDurable goodsNondurable goodsMerchant wholesalers . .

Durable goodsNondurable CToods

Nonmerchant wholesalersDurable goodsNondurable goods

Retail trade .*Durable goods

AutomotiveOther . . . .

Nondurable goods ..Other

Final sales 2Final sales of goods and structures2

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

structures

Seasonally adjusted quarterly totals1987

IV

883.270.2

813.0461.3351.7322.3210.2112.2187.2117.469.8

161.2103.557.826.014.012.0

191.397.249.248.094.1

112.1277.2169.5

3.192.93

4.80

1988

I

899.773.7

826.0467.1358.8326.3212.4113.9193.4122.071.4

166.9107.659.326.514.412.1

191.795.846.749.095.9

114.6280.4171.4

3.212.95

4.82

II

908.575.0

833.5471.1362.4327.7213.9113.8193.1120.372.9

166.9105.961.026.214.411.8

195.198.949.549.596.2

117.5285.3175.3

3.182.92

4.75

III

918.474.8

843.6481.2362.4329.1215.9113.2195.9124.071.9

168.9109.259.827.014.912.1

198.1102.151.650.595.9

120.5286.3175.6

3.212.95

4.80

rv

925.772.7

853.0488.8364.2332.0219.0113.0196.7124.872.0

169.5109.360.227.315.511.8

201.3104.753.551.296.5

123.0288.8177.1

3.212.95

4.82

1989

I"

935.274.9

860.3495.5364.7333.5221.6111.9197.0125.571.5

169.2109.959.427.715.612.1

204.3107.056.150.997.3

125.5291.6179.4

3.212.95

4.79

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

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


May 1989 SURVEY OF CURRENT BUSINESS 13

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

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

Fixed investmentNonresidential

StructuresNonresidential buildings,

excluding farm....Public utilitiesMining exploration, shafts, and

wellsOther

Producers' durable equipmentInformation processing and

related equipmentIndustrial equipmentTransportation and related

equipment...Other

Residential . .Single-family structuresMultifamily structuresOther

1987

673.7446.8139.5

92.628.4

13.94.5

307.3

101.270.6

67.867.6

226.9114.525.587.0

1988

718.1488.4142.8

94,230.3

14.53.8

345.6

111.082.9

77,574.2

229.7117.121.391.3


IV

692.9464.1147.7

96.630.8

15.84.6

316,3

102.874.2

68.570.9

228.8117.324.187.4

1988

I

698.1471.5140.1

93.327.7

15.1,-4.0

331.3

107.077.2

74.273.0

226.6116.522.187.9

II

714.4487.8142.3

95.728.8

14.33.5

345.5

111.581.3

78.774.0

226.5116.220.789.6

III

722.8493.7143.8

93.532.1

14.63.6

349.9

112.983.8

79.074.1

229.1115.421.292.6

IV

737.2500.6145.0

94.432.5

14.04.1

355.6

112.489.3

78.175.8

236.6120.421.095.2

1989

I"

750.0512.9148.5

100.131.7

13.03.8

364.4

113.895.2

77.278.2

237.1121.422.393.5

Table 6.3B.National Income Without Capital Consumption Adjustment byIndustry


National income withoutcapital consumptionadjustment

Domestic industriesPrivate industries

Agriculture, forestry, and fisheries-MiningConstructionManufacturing .


Transportation and public utilities...TransportationCommunication .. .Electric, gas, and sanitary

servicesWholesale tradeRetail tradeFinance, insurance, and real estate-Services

Government and governmententerprises

Rest of the world

1987

3,644.43,614.93,085.7

88.231.0

196.7727.4419.4308.0276.8120.776.3

79.9213.6316.2524.0711.6

529.229.5

1988

3,943.43,918.63,355.2

82.835.9

211.6786.4447.8338.7299.9131.080.9

88.1230.8339.8577.1790.8

563.424.9


IV

3,768.33,737.33,196.8

92.635.2

200.1747.6420.6327.0285.8124.478.4

83.1219.8324.6545.9745.1

540.531.0

1988

I

3,821.43,799.13,246.7

90.935.3

203.4766.4432.7333.7286.4124.877.3

84.2225.0331.4553.6754.4

552.322.4

n

3,901.13,879.83,320.2

90.236.1

210.0780.0445.9334.1296.8129.480.1

87.3224.8336.5567.2778.7

559.621.3

III

3,975.63,948.93,381.8

77.336.5

214.0788.0450.4337.7304.0133.082.3

88.8231.0342.6585.1803.2

567.126.8

IV

4,075.64,046.63,471.9

72.935.7

219.1811.4462.1349.3312.4136.883.7

91.9242.4348.8602.5826.6

574.729.0

1989

p

4,178.24,151.03,561.4

589.527.2

Fixed investmentNonresidential

StructuresNonresidential buildings,

excluding farmPublic utilitiesMining exploration, shafts, and

wellsOther

Producers' durable equipmentInformation processing and

related equipmentIndustrial equipmentTransportation and related

equipmentOther

ResidentialSingle-family structuresMultifamilv structuresOther

1987

640.4445.1125.5

77.125.7

18.83.9

319.6

139.461.4

59.159.7

195.297.521.776.0

1988

679.3487.5125.1

76.426.6

18.93.2

362.4

162.769.0

66.764.0

191.896.717.677.6


IV

657.6464.8132,1

79.427.6

21.14.0

332.7

147.063.4

59.862.5

192.797.320.075.4

1988

I

662.9473.4124.0

76.124.6

19.83.4

349.4

155.965.2

64.963.4

189.596.218.275.2

II

679.7490.2125.0

78.025.4

18.72.9

365.1

165.068.0

68.363.8

189.696.317.276.1

m

686.6495.0125.8

75.728.1

19.03.0

369.2

167.469.9

68.063.9

191.695.517.578.6

IV

688.0491.4125.5

75.828.2

18.13.4

365.9

162.473.0

65.764.8

196.698.917.380.4

1989

P

694.4500.5126.3

79.527.3

16.53.1

374.2

166.476.9

64.966.0

193.997.918.078.0

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

Corporate profits with inventoryvaluation and capital consumptionadjustments

Domestic industriesFinancial . . .. ....Nonfinancial

Rest of the worldCorporate profits with inventory

valuation adjustmentDomestic industries ,

FinancialFederal Reserve banksOther

NonfinancialManufacturing

Durable goodsPrim

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