scb_101985

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

OCTOBER 1985 / VOLUME 65 NUMBER 10SUBVEY OF CUBBENT

CONTENTS

Business Situation 1

National Income and Product Accounts Tables 8

An Advance Overview of the Comprehensive Revision of theNational Income and Product Accounts 19

Motor Vehicles, Model Year 1985 29

State Quarterly Personal Income, 1978:1-1985:11 30Metropolitan Area Projections of Income, Employment,

and Population to the Year 2000 32

CURRENT BUSINESS STATISTICSGeneral SI

Industry S19Footnotes 833

Subject Index (Inside Back Cover)

U.S. Department of Commerce

Malcolm Baldrige / SecretarySidney L. Jones / Under Secretary

for Economic Affairs

Bureau of Economic Analysis

Allan H. Young / DirectorCarol S. Carson / Deputy Director

SURVEY OF CURRENT BUSINESS

Editor-in-Chief: Carol S. CarsonManuscript Editor: Dannelet A. GrosvenorManaging Editor: Leland L. Scott

Staff Contributors to This Issue: Leo M. Bernstein,Robert L. Brown, Carol S. Carson, Gerald F. Donahoe,Douglas R. Fox, Gurmukh S. Gill, John A. Gorman,Linnea Hazeri, Shelby W. Herman, Daniel J. Larkins,Larry R, Moran, Robert P. Parker, Tracy R. Tapscott,Isabelle B. Whiston, Regional Economic AnalysisDivision

SURVEY OF CURRENT BUSINESS. Published monthly by the Bureauof Economic Analysis of the U.S. Department of Commerce, Editori-al correspondence should be addressed to the Editor-in-Chief,Survey of Current Business, Bureau of Economic Analysis, U.S.Department of Commerce, Washington, DC 20230.

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The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for printingthis periodical has been approved by the Director of the Office of Management and Budget through April 1,1985.

U.S. DEPARTMENT OF COMMERCE DISTRICT OFFICESAH, Anchorage 99513701 CSt. 271-5041AL, Birmingham 352O5908 S. 20th St. 254-1331AR, Little Roek 72201320 W. Capitol Ave. 378-5794AZ, Phoenix 85073201 N. Central Ave. 26! 4285CA, Los Angeles 9004911777 San Vicente Blvd. 824-7591CA, San Francisco 94102ISO Golden Gate Ave, 556*5860CO, Denver 8020272i . 19th St. 837-3246 Baltimore 21202415 t.S. Customhouse 962-3560MI, Detroit 48226231 W. Lafayette 226-3650

VIY Minneapolis 554O!110 S. 4th St. 725-2133MO, Kansas City 64106601 E. 12th St. 374-3142MO, St. Louis 63105120 S. Central Ave. 425-3302MS, Jackson 39213300 Woodrow Wilson Blvd. 960-4388NC, Greensboro 27402203 Fed, Blclg., W. Market St. 378-5345MS, Omaha 68102300 S. 19th St. 221-3664INJ, Trenton 086O8240 W. State St. 989-2100MM, Albuquerque 87102505 Martjuette Ave., IV.W. 766-2386NV, Reno 895O3777 W. 2nd St. 784-5203NY, Buffalo 14202111 W. Huron St, 846-4191

Nil, New York 0127826 Federal Plaza 264-0634

OH, Cineinatti 45202550 Main St. 684-2944

OH, Cleveland 44114666 Euclid Ave. 522-4750

OK, Oklahoma City 731054024 Lincoln Blvd. 231-5302

OR. Portland 972041220S.W. 3rd Ave. 221-3001

PA, Philadelphia 19106600 Arch St, 597-2866

PA, Pittsburgh 152221000 Liberty Ave, 644-2850

PR, San Juan 00918Rm: 659, Federal BIdg. 753-45:

SC, Columbia 292011835 Assembly St. 765-5345

TN, Memphis 38102147 Jefferson A*e. 521-3213

TX, Dalla* 7524211000 Commerce Si. 767-0542

TX. Houston 77O02515 Rusk St. 226-4231

IT, Salt Lake City 84101350 S. Main St. 524-5! 16

VA, Richmond 23240400 N. 8th St. 771-2246

W A. Seattle 981091700 Westlake Ave., Rm: 706 442-5616

Wl. Milwaukee 53202517 E. Wisconsin Ave. 291-3473

WV, Charleston 25301500 Quarrier St. 343-6181WY, Cheyenne 820012120 Capitol Ave. 772-2151


the BUSINESS SITUATION

CHART 1Real Product:Change From Preceding Quarter

Billion 1972$

40

30

20

10

0

-10

-20

-30

20

10

0

-10-20

30

20

10

0

-10

20

10

0

-10

2010

0

-10

-2020

10

0

-10

WGE IN BUSINESS 'VENTORIES I

A, MM i

aROSS NATIONAL PRODUCT

M Vehicles

PERSONAL CONSUMmD^ SXPENOTURES

I.lilll.iFIXED JNViOTQfr

Residential

Ne EXPORTS 1

Federal1982 1983 1984 1985

Based on Seasonally Adjusted Annual RatesU.S. Department of Commerce, Bureau of Economic Analysis 85-10-1

A HE pace of U.S. production pickedup again in the third quarter. RealGNP increased at an annual rate of3 Vfc percent, following an increase of 2percent in the second quarter (table1). Inflation, as measured by the GNPfixed-weighted price index, slowed. Atan annual rate of 3 percent, downfrom 4 percent in the preceding quar-ter, inflation was at its lowest rate inmore than 10 years.1

1. Quarterly estimates in the national income andproduct accounts are expressed at seasonally adjustedannual rates, and quarterly changes in them are dif-ferences between these rates. Quarter-to-quarter per-cent changes are annualized. Real, or constant-dollar,estimates are expressed in 1972 dollars.

The preliminary (plus 15-day) GNP estimates for thethird quarter, prepared in mid-October, are based onthe following major source data: For personal con-sumption expenditures (PCE), retail sales through Sep-tember, and unit auto and truck sales through Sep-tember; for nonresidential fixed investment, the sameinformation for autos and trucks as for PCE, July andAugust construction put in place, July and August

Several noteworthy aspects of thethird quarter can be viewed in termsof developments in the farm, rest-of-the-world, and personal sectors.

Faced with depressed prices reflect-ing bumper harvests and low foreigndemand, farmers placed largemanufacturers' shipments of machinery and equip-ment, and investment plans for the quarter; for resi-dential investment, July and August construction putin place, and July and August housing starts; forchange in business inventories, July and August bookvalues for manufacturing and trade, and unit auto in-ventories through September; for net exports of goodsand services, July and August statistical month mer-chandise exports, July revised statistical month mer-chandise imports, and fragmentary information on in-vestment income for the quarter; for government pur-chases of goods and services, Federal unified budgetoutlays for July and August, State and local construc-tion put in place for July and August, and State andlocal employment through September; and for GJVPprices, the Consumer Price Index for July and August,the Producer Price Index for July and August, andunit-value indexes for exports and imports for Julyand August. Some of the source data are subject to re-

Looking Ahead . . . NIPA Revisions. An advance overview of the comprehensive revision

of the NIPA's scheduled for release in December appears in this issue.See page 19 for information about the availability of the revised estimatesand related materials.

Input-Output Estimates. Two sets of estimatesnew structures andequipment by using industry, and employment and employee compensa-tionconsistent with the 1977 input-output table will appear in the No-vember SURVEY.

Business Statistics. The 1984 edition of this biennial volume will beavailable soon from the Government Printing Office. It contains histori-cal data and methodological notes for all series in the "S" (or blue) pagesof the SURVEY and for selected BEA series. Upcoming issues of theSURVEY will contain order information.

U.S. Direct Investment Abroad. A volume presenting the results of theBenchmark Survey of U.S. Direct Investment Abroad1982 will be pub-lished in December. It will contain data on the financial structure andoperations of U.S. parent companies and their foreign affiliates, on bal-ance of payments transactions between parents and affiliates, and on par-ents' direct investment position in affiliates. An article summarizing thefinancial and operating data is scheduled for the December SURVEY. Apackage of tables presenting the results of the first annual survey, cover-ing 1983, will be available upon request in November. These resultsupdate the financial and operating data collected in the benchmarksurvey. An article analyzing these data is scheduled for the JanuarySURVEY. Both sets of data provide new detail for services industries.


SURVEY OF CURRENT BUSINESS October 1985

Table 1.Real GNP: Change From PrecedingQuarter

[Percent change at annual rates]

GNP

Final sales . .

Personal consumptionexpendituresDurables

Motor vehicles andparts

Furniture andhousehold equipment ..

Other durablesNondurables

FoodEnergy 1Clothing and shoesOther nondurables

Services. . . . . .Energy 2Other services

Gross private domesticfixed investmentNonresidential

StructuresProducers' durable

equipmentAutos and trucksOther

ResidentialNet exports of goods and

services . ..Exports

MerchandiseAgriculturalNonagricultural

OtherImports . .. .

MerchandisePetroleumNonpetroleum

OtherGovernment purchases of

goods and servicesFederal

National defenseNondefense

Commodity CreditCorporation

OtherState and local

Change in business

1984IV

4.37.9

3.614.1

5.721.6173 .5

-1.9 57

4.23

3.3-3.7

37

5.38.5

172

54-3.8

78-5.5

-.714864.353

-17.8-28.3

347-6.6

-35.8-8.9

5.915217.599

14.2-.2

I

0.3- 3

5.29.29.78.8903.74.3144.3235.0

10.547

-.1-1.6

9.556

20.11125.3

-9.026

-33.969

-17.332.357.6

-56.266.2

-17.0

.3

.7 23.1

-4.00

1985II

1.946

4.86.85.1

10.7104.76.4

-597.8

g4.2

-14.75.3

12.714.592

166-7.62386.4

-15.1-16.8-45.7-89

-12.6-.8986.1

-3.2-.6

3.7 .47.2

-17.7

1.66.7

ra

3.359

4.820.553.8-.325.6

1.874

-3.42

2.75.53.1

-1.4-4.7-7.7

-3.523.293

10.9

.5-1.4

-24.73.83.2

.717

42.23.9

-2.1

16.133.420.174.4

1.55.0

Table 2.Real Gross Product, Hours, andCompensation in the Nonfarm BusinessEconomy Less Housing: Change From Pre-ceding Quarter

[Percent change at annual rates; based on seasonally adjustedestimates]

Table 3.Fixed-Weighted Price Indexes:Change From Preceding Quarter

[Percent change at annual rates; based on index numbers(1972=100), seasonally adjusted]

1. Gasoline and oil, and fuel oil and coal.2. Electricity and gas.NOTE.Percent changes in major aggregates are found in

the National Income and Product Accounts Tables, table 8.1.Dollar levels are found in tables 1.2, 1.15, 1.17, 3.8B, and 4.4.

amounts of crops under CommodityCredit Corporation (CCC) loan, ratherthan in business inventories. CCCloans are treated as government pur-chases in the national income andproduct accounts (NIPA's); as a result,a net increase in the amount of cropsunder CCC loan leads to an increasein final sales. In the third quarter,final sales of GNP increased 6 per-cent, following a 4V2-percent increase.CCC loans more than accounted forthis acceleration: Final sales exclusiveof CCC purchases increased 4% per-cent in the third quarter, following a5-percent increase in the second.

Second, net exports changed littlein the third quarter. As a conse-quence, U.S. production (measured byreal GNP) increased about as much as

Real gross product .HoursCompensationReal gross product per hourCompensation per hourUnit labor cost

1984IV

472.662213.514

I

043689315185

1985II

25g

47

173922

ra

3 12659

53227

U.S. demand (measured by real grossdomestic purchases). In the past sev-eral quarters, demand typically in-creased more than production, as netexports declined. (As explained in thebox on page 3, new information indi-cates that there is a problem with themerchandise import data.)

Third, in the personal sector, realpersonal consumption expenditures(PCE) increased 5 percent. This sub-stantial increase, which was concen-trated in motor vehicles, occurred de-spite weakness in real disposable per-sonal income (DPI). This weaknesscan be traced to a drop of $14 billionin current-dollar DPI. Reflecting theincrease in personal outlays and thedecline in DPI, personal saving fell.The personal saving rate, which hadincreased to 5.1 percent in the secondquarter, dropped to 2.9 percent in thethird.

Productivity and costs.Table 2shows changes in real gross product,aggregate hours, and compensation inthe business economy other thanfarm and housing. Real gross productincreased 3 percent, reflecting a 2Vz-percent increase in hours and a Vz-percent increase in productivity (asmeasured by real gross product perhour). The productivity increase mod-erated the impact of increased hourlycompensation on unit labor costs;compensation per hour was up 3 per-cent, but unit labor cost was up 2l/2percent. The third-quarter increase inunit labor cost, although larger thanthe second-quarter increase, was 1%percentage points lower than the in-crease over the preceding four quar-ters.

Prices.GNP prices, as measuredby the fixed-weighted price index, in-creased 3 percent in the third quar-ter, somewhat less than the increasesin the past several quarters, whichranged from 3x/2 to 4% percent (table3). The price of gross domestic pur-chases also increased 3 percent, fol-

GNP

Less' Change in business inventories..Equals: Final salesLess' Exports .. . . ...Plus' ImportsEquals: Final sales to domestic

purchasers . ....

Personal consumptionexpendituresFood . ..EnergyOther personal consumption

expendituresOther

Nonresidential structuresProducers' durable equipmentResidential . Government purchases

Equals: Gross domestic purchasesAddenda:

Food and energy components ofGNP: 1Food components 2Energy components 3

GNP less food componentsGNP less energy componentsGNP less food and energy

components

1984IV

3.6

3.7-1.6

30

3.5

3.9331.64.5282.21.61.03.7

3.4

2.71.7383.73.9

I

4.3

4.4.1

64

3.8

3.32.6

-4.54.7453.72.0

-1.47.0

3.7

2.53.7464.85.2

1985II

3.9

4.076

3.9

4.1- 612.4

4.4354.02.2134.2

3.8

-.514.6463.3

3.9

III

2.9

3.0-1.3-24

2.8

2.3.6

3.53.73.73.73.23.04.0

2.8

.2-1.2

333.23.7

1. Inasmuch as GNP is the sum of final products, the foodand energy estimates in this table do not take into account theeffect on the prices of final products of changes in the prices ofthe food and energy that are costs of production.

2. Consists of all components for which separate estimatesare prepared. The major component that is not included ispurchases of food by the Federal Government other thantransactions by the Commodity Credit Corporation that aretreated like purchases.

3. Consists of all components for which separate estimatesare prepared. The major components that are not included are(1) exports of energy; (2) the gasoline and motor oil portions ofinventories of gasoline service stations; and (3) the energyportions of inventories of businesses that do not produceenergy for sale.

NOTE.Most index number levels are found in the NationalIncome and Product Accounts Tables, table 7.2.

lowing a 4-percent increase in thesecond quarter. The third-quarter de-celeration in the prices of both GNPand gross domestic purchases reflect-ed a swing in energy prices from asharp increase to a small decline.

Largely due to energy prices, pricespaid by consumersPCE pricesde-celerated ll/2 percentage points to a2V2-percent increase in the thirdquarter. Other PCE prices also con-tributed to the deceleration by slow-ing to 3V2 percent from 4V2 percent;food prices, however, were up slightlyafter a slight decline. For the mostpart, prices paid by investors and bygovernment continued to increase inthe moderate ranges registered in thepast several quarters.

Employment and hours.Employ-ment increased and the unemploy-ment rate edged down in the thirdquarter.


October 1985 SURVEY OF CURRENT BUSINESS

According to the household survey,employment of adult men and adultwomen increased, while teenage em-ployment was unchanged. The com-bined increase in employment, 0.4million, was slightly larger than theincrease in the labor force, 0.3 mil-lion. As a result, the unemploymentrate moved down to 7.2 percent, and

employment as a percent of the work-ing-age population moved back up toa record-tying 60.1 percent (table 4and chart 2).

According to the establishmentsurvey, nonfarm employment in-creased 0.6 million. All of the increaseoccurred in distribution, services, and

government; employment in goods-producing industries fell slightly. Av-erage weekly hours in the privatenonfarm economy were unchangedagain in the third quarter, but inmanufacturing, average weekly hoursincreased by 0.2, to 40.5, and overtimehours increased by 0.1, to 3.3.

CHART 2Unemployment Rate1

1975 1976 1977 1978 1979 1980 1981 1982 198319741. Civilian.NOTE.Business cycle peaks (P), and troughs (T), are turning points in economic activity, as designated by the National Bureau of Economic Research, Inc. Shaded areas represent recessions.Data: BLS.

U.S. Department of Commerce, Bureau of Economic Analysis

1984 1985

A Note on Merchandise Trade DataFor the preliminary third-quarter GNP estimate, the change in

net exports reflects a change in the source data used to estimatemerchandise imports. BE A is now using the Census Bureau's "re-vised statistical month" series, which becomes available 1 monthafter the previously used "statistical month" series.1 Although thenew series provides a more accurate estimate of merchandise im-ports, the import data available for the preliminary estimate havebeen reduced from 2 months to 1 month (and BEA projections areused for the 2 missing months). BEA is continuing to use the sta-tistical month series for exports.

This change was made in light of the Census Bureau's new in-formation on the seriousness of the timing problem with monthlytrade data. Each month, these data are compiled from documentstransmitted to Census by the U.S. Customs Service within 15 daysof the end of the month. The values reported on these documentsshould represent only transactions for the month just ended. How-ever, they also include a "carry-over" of documents for previousmonths. In the past, for use in both the U.S. international transac-tions accounts and the NIPA's, BEA has adjusted the publishedCensus series on the basis of limited information from Census toremove the carry-over. The new information released by Censusreveals that for the past several years this adjustment has beeninadequate because the amount of carry-over has increased sub-stantiallyincluding documents as much as a year oldand hasvaried widely from month to month. For example, in August 1985,the carry-over documents accounted for 47 percent of the value ofimports and 11 percent of the value of exports; in the previousmonth, the import carry-over was 39 percent and the export carry-over was 11 percent. For 1984, the new information shows that thetiming problem has had only a minor impact on annual totals forboth exports and imports. For the period from the first quarter of1984 through the second quarter of 1985, the impact on quarter-to-quarter changes in exports is minor, but the impact on the quar-ter-to-quarter changes in imports is substantial.

1. U.S. Department of Commerce, Bureau of the Census, "Ad-vance Report on U.S. Merchandise Trade: August 1985 StatisticalMonth," News Release CB-85-174 (Washington, DC: Department ofCommerce, 27 September 1985).

In September, Census introduced alternative export and importseries: "revised statistical month" series. These series, which sub-stantially reduce the carry-over, are derived from all documentsreceived within 45 days of the end of the month. Each revisedseries is calculated by combining the value of documents for agiven month that are received in that month plus the value of thecarry-over in the subsequent monththat is, the documents re-ceived in the subsequent month that pertain to previous months.In addition, beginning in 1986, Census will publish annually afinal, or "actual," monthly series. This series will be calculatedwhen complete information is available to recompile all carry-overdocuments.

When BEA prepared the preliminary third-quarter estimate ofchange in net exports, the revised statistical month imports serieswas available through July. The change from June to July in therevised statistical month series differed significantly from thechange in the statistical month series. (On a seasonally unadjustedbasis, the statistical month series showed a lOVfe-percent decreaseand the revised statistical month series a 5V2-percent increase.) Be-cause the revised series was viewed as providing a better indicatorof current developments, it was used by BEA in estimating thethird-quarter change in merchandise imports. (For the flash esti-mate of the third quarter, information for July on the revised sta-tistical month basis was not available; the estimate was based onthe statistical month series with the assumption that there wouldbe very little variation in extent of carry-over in the August andSeptember imports data.)

In the December NIPA revision, actual data for both merchan-dise exports and imports will be incorporated from the secondquarter of 1983 through the second quarter of 1985, and data onthe revised statistical month basis will be incorporated beginningwith the third quarter of 1985. The same data will also be incorpo-rated into the U.S. international transactions accounts in Decem-ber. In the future, BEA will follow a two-step procedure to esti-mate both merchandise exports and imports. The current quarter-ly estimates will be based on the "revised statistical month" series.Annually, these estimates will be replaced by the "actual" series.



Personal IncomePersonal income increased $24 Mz

billion in the third quarter, $6*/2 bil-lion less than in the second (table 5).The slowdown was more than ac-counted for by a sharp drop in farmproprietors' income.

Wage and salary disbursementswere up $24J/2 billion in the thirdquarter, $3V2 billion less than in thesecond. The slowdown reflected small-er increases in distributive industries,commodity-producing industries otherthan manufacturing, and governmentand government enterprises. The pat-tern of increase in government andgovernment enterprises in recentquarters has been affected by FederalGovernment and Postal Service payadjustments, which added to the in-creases in wages in the first andsecond quarters, but had a slight neg-ative effect on the third-quarter in-crease. Manufacturing increased afterno change in the second quarter; serv-ices increased slightly more than inthe second quarter.

Proprietors' income declined $6V2billion in the third quarter, followinga small increase in the second. Non-farm proprietors' income increasedslightly more in the third quarterthan in the second, but farm propri-etors' income plummeted $11 billion,as a continued decline in crop andlivestock prices and a large drop inagricultural subsidy payments morethan offset the effect of an increase inreal farm product. Subsidy pay-

mentswhich had accounted forabout one-half of farm proprietors'income in the second quarterfell$8% billion in the third. The declineslargely reflected a decrease in "defi-ciency payments"; these payments tofarmers who reduced planted acreageare based on the difference betweenlegislated "target prices" and marketprices. Deficiency payments had beenunusually large in the second quarterreflecting payments on the 1984 corncrop as well as some advance pay-ments on 1985 crops. (Farm subsidiesare expected to increase in the fourthquarter when the balance of deficien-cy payments on the 1985 wheat cropare made.)

Personal interest income declined$3 billion, the same as in the secondquarter, due to the continued declinein the rate of interest paid on person-al assets.

Transfer payments increased about$5% billion in the third quarter, afterchanging little in the second. Aboutone-half of the step-up was accountedfor by retroactive Social Security pay-ments, which swung to a $2 billion in-crease from a $1 billion decline in thesecond quarter. These paymentsresult largely from the recalculationof the earnings base underlying bene-fits for recent retirees.

Other income increased $5x/2 bil-lion, about $1% billion less than inthe second quarter. The slowdownwas in rental income, which fell $6billion in September as a result ofdamage caused to residential proper-

Table 5.Personal Income and Its Disposition:Change From Preceding Quarter

[Billions of dollars; based on seasonally adjusted annual rates]

Table 4.Selected Labor Market Indicators[Seasonally adjusted]

Household surveyCivilian employment (millions)

Adult menAdult womenTeenagers ..

Employment-population ratio (percent)Unemployment rate

Establishment surveyEmployment nonfarm (millions)

Goods producingDurable manufacturingNondurable manufacturing ... . .Other goods producing

Distributive *Services 2Government

Average weekly hours:Private nonfarmManufacturingManufacturing overtime . . .

Level1984

ra

105.356.042.9

6.459.67.4

94.924.911.67.95.4

27.526.616.0

35.340.53.3

IV

106.056.343.36.4

59.87.2

95.825.011.77.95.4

27.826.916.1

35.240.53.4

1985I

106.756.343.86.6

60.17.3

96.625.111.77.95.5

28.127.316.1

35.140.43.3

II

106.856.443.96.4

60.07.3

97.325.111.67.85.7

28.427.716.2

35.140.33.2

ra

107.256.644.26.4

60.17.2

97.925.011.57.85.7

28.628.016.4

35.140.53.3

Change from preceding quarter1984IV

0.7.3.4

0.2

-.3

.9

.1

.100.3.3.1

-.10.1

1985I

0.70.5.2

.3

.1

.8

.100.1.3.4

0

-.1-.1-.1

II

0.1.1.121

0

.70-.1-.1

.2

.3

.4

.1

0-.1_ i

ra

0.4.2.3

0.1

-.1

.6-.1

100.2.3.2

0.2.1

Wage and salarydisbursementsManufacturing ..Other commodity-producing..DistributiveServicesGovernment and

government enterprisesProprietors' income

FarmNonfarm

Personal interest incomeTransfer paymentsOther incomeLess: Personal contributions

for social insurancePersonal income

Less: Personal tax and nontaxpayments

Equals: Disposable personalincome

Less: Personal outlays

Equa Is: Personal saving

Addenda: Special factors inpersonal income:Federal Government and

Postal Service payadjustments...

Agricultural subsidiesMilitary retirement paySocial Security retroactive

payments ... ... .Cost-of-living increases in

Federal transferpayments

Social Security base andrate changes (in personalcontributions for socialinsurance)

1984

IV

282607.667964.3542133673.372

1.848.9

108

38.139.2

1.1

44.8

-5.6

23

I

351554.559

1058.6

737430

17457

112

47.6

373

10.2546

44.4

36'3.05.6

12

84

63

1985n

279o3.367

1166.4

92332

3 03

69

2.030.9

408

71.7

50.920.8

131.7

10

ra

24623

.949

1194.663

10946

-305753

1.824.5

384

13.9471

61.0

6-8.7

18

1. Includes transportation and public utilities, wholesale trade, and retail trade.2. Includes financial and nonfmancial services.Source: Bureau of Labor Statistics

NOTE.Most dollar levels are found in the National Incomeand Product Accounts Tables, table 2.1.

ties by two hurricanes that swept theGulf and Atlantic coasts.

Personal contributions for social in-surance, which are subtracted in de-riving the personal income total, in-creased $2 billion, about the same asin the second quarter.

Personal tax and nontax payments,increased $38V2 billion after dropping$41 billion in the second quarter. Theswing reflected the unusual pattern ofFederal income tax refunds, whichwere delayed in the first quarter butwere caught up in the second. Thepattern of tax refunds did not affectthe level of personal tax payments inthe third quarter, but did increase thethird-quarter change by $271/2 billion(table 6).

Largely due to the erratic patternof personal taxes, DPI dropped $14billion after a huge$71V2 billion-increase. If the effect of the timing ofincome tax refunds is excluded, DPIwould have increased $13y2 in thethird quarter and $16V2 billion in thesecond. Real DPI decreased 4 percent



Table 6.Personal Tax and Nontax Payments:Change From Preceding Quarter

[Billions of dollars; based on seasonally adjusted annual rates]

Personal tax and nontaxpayments

FederalImpact of legislation 1

Indexing of income taxesRefunds slowdownOther

State and localImpact of legislationOther

1984IV

10.88.3

-1.0

9.32.6-.43.0

I

37.334.3

q O o.o

6927.610.1

3.0-.33.3

1985

n

40.8

-44.00

-55.111.2

3.103.1

ra

38.4

36.3-1.9

27.610.7

2.1-1.2

3.3

1. For more information on the impact of legislation onFederal receipts, see "Impact of Recent Tax Law Changes" inthe April 1985 issue of the SURVEY.

after increasing 8 percent in thesecond quarter. If the effect of thetiming of income tax refunds is ex-cluded, real DPI would have shown nochange after decreasing % percent.

The decline in DPI, coupled with anincrease in personal outlays, led to asubstantial drop in the personalsaving rate, from 5.1 percent in thesecond quarter to 2.9 percent in thethird. Undoubtedly, many factorswere involved in the saving rate'ssharp drop; three are mentionedbelow. First, changes in farm propri-etors' income have, historically, hadrelatively little impact on personaloutlays. If it is assumed that thethird-quarter decline in farm incomehad no effect on personal outlays, theincome change by itself would havelowered the saving rate by about 0.4percentage point. Second, some partof the record consumer purchases ofmotor vehicles in the third quarter(discussed under PCE) may representan alternative kind of savingan ac-cumulation of physical capital as op-posed to financial capital. In the past,large changes in consumer purchasesof motor vehicles have been associat-ed with changes in the opposite direc-tion in the saving rate. Third, incometax refunds boosted second-quarterDPI (and probably personal saving),and thereby caused the third-quarterdrop in the saving rate to be largerthan it otherwise would have been.

Components of Real GNPAmong the components of real

GNP, PCE and inventory investmentregistered changes in the third quar-ter similar to their second-quarterchangesPCE up and inventory in-vestment down. Other componentsregistered divergent movements be-tween the two quarters. Government

purchases increased sharply in thethird quarter, following a moderateincrease in the second; fixed invest-ment slipped slightly, following an in-crease; and net exports were flat, fol-lowing a decline.

Personal consumption expendituresReal PCE increased 5 percent in

the third quarter, the same as in thesecond; a strong increase in durablegoods was accompanied by smaller in-creases in nondurable goods and inservices.

Expenditures for durable goods in-creased 2Ql/2 percent in the thirdquarter, following a 7-percent in-crease in the second. The increase re-flected a large jump, 54 percent, inthe motor vehicles component; thiscomponent had been increasing inrecent quarters, but at more moder-ate rates. The third-quarter strengthin motor vehicles reflected recordsales of new cars and trucks in lateAugust and September, in response toattractive financing packages offeredby manufacturers. Furniture andhousehold equipment slipped % per-cent in the third quarter, after a 10 Vz-percent increase in the second; otherdurable goods increased 2l/2 percent,after a 1-percent increase.

Nondurable goods increased slight-ly, l/z percent, in the third quarter,following a 4V2-percent increase inthe second. Expenditures for food andfor clothing and shoes, which together

represent about three-fourths of totalnondurables, accounted for the decel-eration. Food decelerated from a Ql/2-percent increase to a 2-percent in-crease, and clothing and shoes swungfrom an 8-percent increase to a SVfe-percent decline. Energy expendituresincreased 7 2 percent in the thirdquarter, following a 6-percent declinein the second. Other nondurablegoods increased little, as they had inthe second quarter.

Expenditures for services increased2l/2 percent in the third quarter, fol-lowing a 4-percent increase in thesecond. Among services, electricityand gas declined in both quarters,and a slowdown in other services wascentered in spending on medical careand net foreign travel.Investment

Residential investmentReal resi-dential investment increased 11 per-cent in the third quarter, following a6V2-percent increase in the second.Single-family construction was un-changed, but multifamily constructionand the "other," nonconstruction,component increased. (The noncon-struction component includes addi-tions and alterations, brokers' com-missions on the sale of residences,and mobile homes.)

The pattern of the constructioncomponents follows that of housingstarts, with a shorter lag in single-family than in multifamily units.

CHART 3Housing Starts

Millions of units2.5

1.0 -

0L_LJL1981 1982 1983 1984

Seasonally Adjusted as Annual RatesData: Census.

U.S. Department of Commerce, Bureau of Economic Analysis

1985



Single-family starts were roughly thesame in the second quarter as theyhad been in the first; multifamilystarts had increased sharply in thefirst quarter (chart 3).

An increase in brokers' commis-sions accounted for much of the in-crease in the nonconstruction compo-nent, and reflected increased sales ofnew and existing residences. Fromthe second quarter to July-August,sales of new residences increased 6.8percent, and sales of existing resi-dences, 7.9 percent (not annual rates).These increases continue the patternof recent quarters and reflect the con-tinued downtrend in mortgage rates(chart 4). The mortgage rate hoveredjust above 12 percent in the thirdquarter, 64 basis points below itssecond-quarter level and 235 basispoints below its level in the thirdquarter of 1984.

Nonresidential fixed investmentReal nonresidential fixed investmentdeclined 4 2 percent in the thirdquarter, following a 14V2-percent in-crease in the second. Both structuresand producers' durable equipment(PDE) contributed to the third-quarterswing.

Structures declined 7 Vfe percent, fol-lowing a 9-percent increase. Commer-cial structures and industrial struc-tures declined by about equalamounts; other categories of struc-tures changed little.

PDE declined 3Vi percent, followinga 16V2-percent increase. The changein PDE was again dominated by thevolatile information processing cate-gory, computers in particular (table7). The transportation category, large-ly due to strong auto sales, againchanged in the opposite directionfrom the information processing cate-gory and moderated the swing in totalPDE.

Change in business inventories.Real business inventories decreased$2 billion in the third quarter, follow-ing an $8V2 billion increase in thesecond (table 8). In both quarters, thechange in inventory investment con-tributed negatively to the change inGNPminus $10 Vi billion in thethird quarter and minus $11 billion inthe second. The third-quarter swingin inventory investment was largelyaccounted for by farm and trade in-ventories. Farm inventories increasedlittle, following a $3V2 billion increase

CHART 4Selected Interest Rates

Percent22

20

18

16

14

12

10

3-montft Treasury Bis "*...**

I M I I I I I I I I I I I I I I I I I I I I I I I I I I I i I I I I I i I I I I I I I I I I I I I I I ! i I I I M1981 1982

Data: FRB, FHLMC.U.S. Department of Commerce, Bureau of Economic Analysis

1983 1984 1985

in the second quarter; faced with goodharvests, low foreign demand, andlow prices, farmers placed substantialamounts of crops under CCC loan. Inretail trade, sharper decumulation ininventories was more than accountedfor by autos. As was mentioned earli-er, auto sales jumped in the thirdquarter in response to attractive fi-nancing packages offered by manufac-turers; as a result, auto inventorieswere run down to levels below thoseconsidered desirable by the industry.(The ratio of unit auto inventories toauto sales fell to 1.3 in September1985the lowest level since the be-ginning of this series in 1967.)

Reflecting the decline in inventoriesand the increase in final sales, theconstant-dollar ratio of total invento-ries to total final sales declined to3.02, approaching the lower end of the3.01-3.09 range within which it hasfluctuated over the last 2 years.

Net exportsReal net exports were flat in the

third quarter, following a $5% billiondecline in the second. Exports and im-ports both increased by less than $x/2billion in the third quarter; in thesecond they had both declinedex-ports by $6 billion and imports by lessthan $V2 billion. Within exports, agri-cultural products declined in the faceof ample worldwide supplies, but thisdecline was more than offset by in-creases in services and nonagricul-tural exports. Within imports, al-though services remained flat, mer-chandise imports registered a smallincrease. The increase in merchandiseimports, in which a decline in petrole-um was more than offset by an in-crease in nonpetroleum, was estimat-ed using the Census Bureau's importdata on a revised statistical monthbasis. See the box on page 3 for a de-scription of these new data and theiruse in preparing the third-quarter es-timates.Government purchases

Real government purchases wereup 16 percent in the third quarter,following a moderate increase in thesecond. The step-up was in Federalpurchases, which jumped 331/2 percentafter a slight decline. Defense pur-chases, which often fluctuate sharplyfrom quarter to quarter, were up con-siderably more than in the secondquarter. The large increase was due



Table 7.Real Nonresidential Producers' Durable Equipment[Billions of 1972 dollars; seasonally adjusted annual rates]

Producers' durable equipmentInformation processing and related equip-

mentTransportation and related equipmentIndustrial equipment

Level1984

m

152.470.835.125.720.8

IV

154.472.535.025.621.3

1985I

152.269.736.225.321.0

II

158.274.135.626.322.2

m

156.870.938.126.321.5


2.01.7-.1-.1

.5

1985I

-2.2

-2.81.2-.3-.3

n

6.04.4-.61.01.2

in-1.4

-3.22.50-.7

Table 9.Federal Receipts and Expenditures,NIPA Basis: Change From Preceding Quarter[Billions of dollars; based on seasonally adjusted annual rates]

NOTE.Information processing and related equipment, previously referred to as high-technology equipment, consists of: office and

store equipment (including computers), communications equipment, photographic instruments and scientific and engineeringinstruments.

Transportation and related equipment consists of: passenger cars, trucks, aircraft, railroad equipment, and ships and boats.Industrial equipment, previously referred to as heavy industrial equipment, consists of: general and special industrial

machinery, fabricated metals and metalworking equipment, steam and internal combustion engines, and electrical transmissionand distribution equipment.

Table 8.Change in Real Business Inventories[Billions of 1972 dollars; seasonally adjusted at annual rates]

Change in business inventoriesFarmNonfarm . .

ManufacturingWholesale trade .Retail tradeOther

Level

1984III

30.64.1

26.513.09.52.51.5

IV

16.84.8

12.0-.13.98.1.1

1985I

19.13.4

15.72.12.4

10.11.2

n

8.33.44.9

.53.5101.8

III

-2.1

.2-2.3

.6

.4-4.1

.8


-13.8.7

-14.5-13.1-5.6

5.6-1.4

1985I

2.3-1.4

3.72.2

-1.52.01.0

II

-10.80

-10.8-1.6

1.1-11.1

.6

III

-10.4-3.2-7.2

.1-3.1-3.1-1.0

NOTE.Dollar levels are found in the National Income and Product Accounts Tables, table 5.9.

to a step-up in the delivery of militaryequipment. Nondefense purchases in-creased sharply after a decline;changes in both quarters were due tooperations of the CCC. As noted earli-er, farmers stepped up placements ofcrops with the CCC under the com-modity loan program in the thirdquarter. State and local governmentpurchases were up 5 percent, some-what less than in the second quarter.The increases were largely in high-way construction.

The Federal sector.Changes incurrent-dollar Federal receipts andexpenditures on a NIPA basis areshown in table 9. Expenditures in-creased $22 billion in the third quar-ter, about double the increase in thesecond. The step-up was more thanaccounted for by purchases; defensepurchases were up more than in the

second quarter, and nondefense pur-chases increased after a decline.Transfer payments increased after adecline, largely reflecting the patternof retroactive Social Security pay-ments. Net interest paid and grants-in-aid to State and local governmentsincreased again, but the compositionof the increase in grants changedsharply. In the second quarter, high-ways had fully accounted for the in-crease; in the third, education ac-counted for the largest share. Subsi-dies less the current surplus of gov-ernment enterprises declined sharply,mainly due to the drop in agriculturalsubsidy payments. Changes in wageaccruals less disbursementswhichare subtracted from expendituresre-flected a retroactive payment toPostal Service employees in thesecond quarter.

Receipts

Personal tax and nontaxreceipts

Corporate profits tax accrualsIndirect business tax and

nontax accrualsContributions for social

insurance

Expenditures .Purchases of goods and services...


Transfer paymentsGrants-in-aid to State and local

governments ,Net interest paidSubsidies less current surplus of

government enterprisesLess: Wage accruals less

disbursements ,Surplus or deficit (-),

national income andproduct accounts ,

1984IV

15.7

833.8

2

38

32.913.711.3246.54.94543

.9

-17.2

I

49.4

343-1.7

5

16316.74.22.3199.9

-1.91823

.4

32.7

1985n

-37.4

440-1.3

4.2

3.611.54.47.22.8-.62.94.6-.9

-1.2

-49.0

m

n.a.

363n.a.

-5.03.2

21.922.812.010.73.22.31.06.3

1.0

n.a.

n.a. Not availableNOTE.Dollar levels are found in the National Income and

Product Accounts Tables, table 3.2.

Among receipts, recent sharp fluc-tuations in personal tax receipts weremainly due to the delay and catchupin income tax refund payments.Changes in indirect business taxes inthe past two quarters reflected a one-time fee levied in the second quarteron the nuclear power industry for ex-isting stocks of nuclear waste. Contri-butions for social insurance again in-creased moderately. Estimates of cor-porate profits, and, thus, of corporateprofits tax accruals, can be approxi-mated by using a residual calculationof corporate profits that assumes thatthe statistical discrepancy in theNIPA's is the same as in the preced-ing quarter. On the basis of this cal-culation, total receipts increasedabout $40 billion in the third quarter.

The Federal deficit on a NIPA basishad increased $49 billion to $214 bil-lion in the second quarter and islikely to decline about $18 billion inthe third. These changes largely re-flect the impact of the timing of taxrefunds.


8 SURVEY OF CURRENT BUSINESS

National Income and Product Accounts Tables

October 1985

New estimates in this issue: Third quarter 1985, preliminary.The abbreviations used in the tables are: CCAdj Capital consumption adjustment

IVANIPA's

Inventory valuation adjustmentNational income and product accountsPreliminaryRevised

The NIPA estimates for 1929-76 are in The National Income and Product Accounts of the United States, 1929-76: Statistical Tables (StockNo. 003-010-00101-1, price $10.00). Estimates for 1977-79 and corrections for earlier years are in the July 1982 SURVEY; estimates for 1980 andcorrections for earlier years are in the July 1983 SURVEY; estimates for 1981-83 and corrections for earlier years are in the July 1984 SURVEY.Summary NIPA Series, 1952-83, are in the August 1984 SURVEY. These publications are available from the Superintendent of Documents andCommerce Department District Offices; see addresses inside front cover.

The full set of NIPA estimates shown regularly in this part of the SURVEY are now available on diskette for $240 per year (12 updates). Formore information, write to the Bureau of Economic Analysis (BE-54), U.S. Department of Commerce, Washington, DC 20230.

Table 1.1-1.2.Gross National Product in Current and Constant Dollars

Gross national product

Personal consumption expenditures

Durable goodsNondurable goodsServices . . .

Gross private domestic investment

Fixed investmentNonresidential

Structures.Producers' durable equipment

Residential .Nonfarm structures . Farm structuresProducers' durable equipment ... .

Change in business inventoriesNonfarm .Farm

Net exports of goods and services

ExportsImports . .

Government purchases of goods and services

FederalNational defense .Nondefense

State and local .

Billions of dollars

1983

3,304.8

2,155.9

279.8801.7

1,074.4

471.6

485.1352.9129.7223.2132.2127.6

1.03.6

-13.5-3.1

-10.4

-8.3

336.2344.4

685.5

269.7200.5

69.3415.8

1984

3,662.8

2,341.8

318.8856.9

1,166.1

637.8

579.6425.7150.4275.3153.9148.8

1.14.0

58.249.68.6

-64.2

364.3428.5

747.4

295.4221.5

73.9452.0

Seasonally adjusted at annual rates1984

II

3,644.7

2,332.7

320.7858.3

1,153.7

627.0

576.4420.8150.0270.7155.6150.5

1.04.1

50.647.03.5

58.7

362.4421.1

743.7

296.4220.8

75.6447.4

III

3,694.6

2,361.4

317.2861.4

1,182.8

662.8

591.0435.7151.4284.2155.3150.1

1.24.0

71.863.78.1

-90.6

368.6459.3

761.0

302.0220.3

81.7458.9

IV

3,758.7

2,396.5

326.3866.5

1,203.8

637.8

601.1447.7157.9289.7153.5148.3

1.04.1

36.627.29.4

-56.0

367.2423.2

780.5

315.7231.684.1

464.8

1985

I

3,810.6

2,446.5

334.8877.3

1,234.4

646.8

606.1450.9162.9288.0155.2150.0

1.04.2

40.734.16.6

-74.5

360.7435.2

791.9

319.9233.9

85.9472.0

II

3,853.1

2,493.0

339.2891.9

1,261.9

643.2

625.3467.3168.3299.0158.0152.4

1.34.3

17.911.46.5

-94.0

347.7441.6

810.9

324.2241.1

83.2486.7

III"

3,916.1

2,536.5

355.6895.6

1,285.3

622.8

630.9467.5166.8300.6163.4157.5

1.74.3

-8.1-8.4

.3

-89.2

347.6436.7

845.9

347.0253.1

93.9498.9

Billions of 1972 dollars

1983

1,534.7

1,009.2

157.5376.3475.4

221.0

224.6171.0

49.2121.8

53.751.2

.42.1

-3.6.6

-4.2

12.6

139.5126.9

291.9

116.284.731.5

175.7

1984

1,639.3

1,062.4

178.0393.5490.8

289.9

265.1204.9

56.9148.0

60.257.5

.42.3

24.820.94.0

-15.0

146.0161.1

302.1

122.589.632.9

179.6


II

1,638.8

1,064.2

178.6396.6488.9

283.9

263.7202.9

56.8146.0

60.858.1

.42.3

20.318.71.6

-11.4

144.7156.2

302.1

123.289.633.6

178.9

III

1,645.2

1,065.9

177.0395.5493.5

300.2

269.6209.5

57.1152.4

60.157.3

.52.3

30.626.54.1

-27.0

147.4174.4

306.1

125.089.136.0

181.1

IV

1,662.4

1,075.4

182.9395.0497.5

289.9

273.1213.8

59.4154.4

59.256.5

.42.4

16.812.04.8

-13.4

147.1160.5

310.5

129.692.736.8

180.9

1985

I

1,663.5

1,089.1

187.0398.6503.5

292.1

273.0213.0

60.8152.2

60.057.2

.42.4

19.115.73.4

284

143.7172.1

310.7

129.892.737.1

180.9

II

1,671.3

1,102.1

190.1403.2508.7

289.5

281.2220.3

62.1158.2

60.957.9

.52.58.34.93.4

33 8

137.9171.8

313.5

129.794.335.4

183.9

III"

1,684.8

1,115.2

199.2403.9512.1

278.1

280.2217.7

60.9156.8

62.559.4

.62.5

-2.123

.2

-34.0

138.1172.1

325.5

139.498.740.6

186.1

Table 1.3-1.4.Gross National Product by Major Type of Product in Current and Constant Dollars


Final salesChange in business inventories

Goods

Final sales..Change in business inventories

Durable goods . .Final sales..Change in business inventories

Nondurable goodsFinal salesChange in business inventories

ServicesStructures

Addenda:Gross domestic purchases lFinal sales to domestic purchasers * . . .

Billions of dollars

1983

3,304.8

3,318.3-13.5

1,355.7

1,369.2-13.5

555.3557.5-2.1800.4811.7

-11.3

1,639.3309.8

3,313.13,326.5

1984

3,662.8

3,604.658.2

1,543.0

1,484.858.2

655.7625.3

30.4887.3859.5

27.8

1,763.3356.5

3,727.03,668.8


II

3,644.7

3,594.150.6

1,544.8

1,494.250.6

647.9629.7

18.2896.9864.6

32.4

1,742.6357.2

3,703.43,652.8

III

3,694.6

3,622.871.8

1,549.2

1,477.471.8

654.7613.1

41.7894.4864.330.1

1,783.3362.1

3,785.23,713.4

IV

3,758.7

3,722.136.6

1,579.8

1,543.236.6

687.7661.0

26.7892.1882.2

9.9

1,813.7365.2

3,814.83,778.1

1985

I

3,810.6

3,770.040.7

1,583.8

1,543.140.7

677.1648.2

29.0906.7895.0

11.7

1,857.2369.6

3,885.23,844.5

II

3,853.1

3,835.217.9

1,579.5

1,561.717.9

669.6665.9

3.7910.0895.8

14.2

1,888.8384.8

3,947.13,929.2

III"

3,916.1

3,924.2-8.1

1,595.1

1,603.181

674.8687.6128

920.2915.5

4.8

1,927.3393.8

4,005.34,013.4


1983

1,534.7

1,538.3-3.6

688.6

692.236

295.6296.1

5392.9396.1-3.2

723.2122.9

1,522.11,525.7

1984

1,639.3

1,614.524.8

764.5

739.624.8

341.6328.4

13.2422.9411.2

11.7

736.7138.1

1,654.41,629.5


II

1,638.8

1,618.520.3

767.4

747.120.3

339.5331.4

8.1427.9415.7

12.2

732.9138.5

1,650.21,629.9

III

1,645.2

1,614.630.6

766.8

736.130.6

340.2322.4

17.8426.5413.7

12.8

739.0139.4

1,672.21,641.6

IV

1,662.4

1,645.616.8

778.8

762.016.8

355.4343.4

12.0423.5418.6

4.8

743.6140.0

1,675.81,659.0

1985I

1,663.5

1,644.419.1

773.0

753.819.1

346.9334.3

12.6426.0419.5

6.5

749.7140.9

1,692.01,672.8

II

1,671.3

1,663.08.3

772.2

763.98.3

346.6344.4

2.1425.7419.5

6.2

753.5145.5

1,705.11,696.8

III"

1,684.8

1,686.9-2.1

777.3

779.4-2.1

348.8353.9-5.1428.5425.5

3.0

760.0147.5

1,718.81,720.9

1. Gross domestic purchases equals GNP less exports plus imports; final sales to domestic purchasers equals final sales less exports plus imports.



Table 1.5-1.6.Gross National Product by Sector in Current and Constant Dollars


Gross domestic productBusiness

NonfarmNonfarm less housing ..Housing

FarmStatistical discrepancy

Households and institutionsPrivate households Nonprofit institutions .

GovernmentFederalState and local

Rest of the worldAddendum:

Gross domestic business product less housing

Billions of dollars

1983

3,304.8

3,256.52,790.82,728.92,434.7

294.261.5

.5116.5

7.8108.7349.2107.8241.448.3

2,487.7

1984

3,662.8

3,619.23,120.53,049.02,725.7

323.278.9

-7.4123.5

8.1115.4375.3114.6260.743.6


II

3,644.7

3,602.63,106.83,037.52,718.8

318.778.3

-9.0123.1

8.0115.1372.7114.4258.342.1

III

3,694.6

3,650.13,148.53,078.02,750.3

327.783.5

-13.0123.8

8.1115.7377.7114.7263.044.5

IV

3,758.7

3,718.63,209.43,137.02,801.1

335.982.3

-9.9126.0

8.3117.8383.2115.3267.840.2

1985

I

3,810.6

3,772.93,252.53,185.02,841.6

343.375.7

-8.1128.0

8.4119.7392.4119.1273.337.7

II

3,853.1

3,816.13,287.73,229.42,877.2

352.172.0

-13.7130.4

8.5121.8398.1119.7278.337.0

III"

3,916:1

3,877.63,341.03,285.02,923.1

361.969.7

-13.7132.7

8.7123.9403.9120.4283.438.5


1983

1,534.7

1,512.11,307.81,273.81,130.6

143.233.8

.247.33.3

44.0157.051.3

105.722.5

1,163.5

1984

1,639.3

1,619.71,413.91,377.61,228.8

148.839.73.3

47.83.4

44.4158.051.9

106.119.6


II

1,638.8

1,619.81,414.11,380.11,232.1

148.038.14.1

47.93.4

44.5157.851.9

105.919.0

III

1,645.2

1,625.31,419.51,383.51,233.9

149.641.8

-5.947.73.4

44.3158.152.0

106.219.9

IV

1,662.4

1,644.61,438.11,399.21,248.1

151.143.3

-4.448.23.5

44.8158.352.0

106.317.8

1985

I

1,663.5

1,647.01,440.01,401.91,249.2

152.641.7

-3.648.53.5

45.0158.552.0

106.516.5

II

1,671.3

1,655.21,447.71,411.11,256.9

154.242.66.0

48.83.6

45.2158.752.2

106.616.1

III"

1,684.8

1,668.21,459.91,422.51,266.7

155.843.4

-6.049.23.7

45.6159.152.3

106.816.6

Table 1.7.Relation of Gross National Product, Net National Product,National Income, and Personal Income

Table 1.11.National Income by Type of Income


Less:Capital consumption al-

lowances with CCAdj...Capital consumption al-

lowancesLess: CCAdj

Equals: Net national prod-uct

Less:Indirect business tax and

nontax liabilityBusiness transfer pay-

mentsStatistical discrepancy

Plus: Subsidies less currentsurplus of governmententerprises

Equals: National income

Less:Corporate profits with

IVA and CCAdj ... .Net interestContributions for social

insuranceWage accruals less dis-

bursementsPlus:

Government transfer pay-ments to persons ..

Personal interest income....Personal dividend income-Business transfer pay-

ments

Equals: Personal income

Billions of dollars

1983

3,304.8

377.1

367.2-9.9

2,927.7

280.4

15.6.5

15.6

2,646.7

225.2256.6

272.74

389.3376.370.3

15.6

2,744.2

1984

3,662.8

403.3

417.314.1

3,259.6

304.0

17.3-7.4

14.2

2,959.9

285.7284.1

306.0

.1

399.4433.777.7

17.3

3,012.1


II

3,644.7

400.0

410.310.3

3,244.7

301.3

17.1-9.0

9.6

2,944.8

291.1282.8

304.2

.2

398.1425.677.2

17.1

2,984.6

III

3,694.6

406.9

423.116.3

3,287.7

306.6

17.5-13.0

8.4

2,984.9

282.8293.5

308.1

-.4

401.0449.378.5

17.5

3,047.3

IV

3,758.7

414.4

437.222.9

3,344.4

312.5

18.0-9.9

12.6

3,036.3

291.6293.4

312.7

.5

403.8456.180.2

18.0

3,096.2

1985

I

3,810.6

421.0

450.129.1

3,389.6

317.5

18.5-8.1

14.8

3,076.5

292.3287.0

330.0

.1

420.7456.081.4

18.5

3,143.8

II

3,853.1

427.7

463.736.0

3,425.4

327.4

19.0-13.7

13.8

3,106.5

298.5274.7

334.6

1 0

420.5453.082.5

19.0

3,174.7

III"

3,916.1

438.4

480.542.1

3,477.7

327.9

19.5

7.4

""'267.8

338.6

0

425.7450.083.2

19.5

3,199.1

Table 1.8.Relation of Gross National Product, Net National Product,and National Income in Constant Dollars

[Billions of 1972 dollars]

Gross national productLess: Capital consumption

allowances with CCAdjEquals: Net national prod-

uctLess:

Indirect business tax andnontax liability busi-ness transfer paymentsless subsidies plus cur-rent surplus of govern-ment enterprises

Statistical discrepancyEquals: National income

1,534.7

168.1

1,366 6

151.8.2

1,214.5

1,639.3

175.2

1 4641

159.0-3.3

1,308.5

1,638.8

174.1

1,464.7

158.9-4.1

1,309.9

1,645.2

176.0

1,469.2

159.1-5.9

1,316.0

1,662.4

178.5

1,484 0

160.0-4.4

1,328.4

1,663.5

180.5

1,483 0

161.4-3.6

1,352.2

1,671.3

182.6

1 488 7

162.4-6.0

1,332.4

1,684.8

185.8

1 499 0

163.3

National income

Compensation of employ-ees ...

Wages and salariesGovernment and gov-

ernment enterprises ....Other .

Supplements to wagesand salaries

Employer contribu-tions for social in-surance

Other labor income

Proprietors' income withIVA and CCAdj

Farm. ...Proprietors' income

with IVACCAdj

NonfarmProprietors' incomeIVA .. ..CCAdj

Rental income of personswith CCAdj . ...

Rental income of per-sons

CCAdjCorporate profits with IVA

and CCAdjCorporate profits with

IVA ..Profits before tax

Profits tax liability ..Profits after tax

DividendsUndistributed

profitsIVACCAdj.

Net interest

Addenda:Corporate profits after

tax with IVA andCCAdj

Dividends ... .Undistributed profits

with IVA and CCAdj

Billions of dollars

1983

2,646.7

1,984.91,658.8

327.71,331.1

326.2

153.1173.1

121.713.8

22.1-8.4107.9100.4

88.3

58.3

96.6-38.3

225.2

192.0203.275.8

127.472.9

54.511 233.2

256.6

149.472.9

76.5

1984

2,959.9

2,173.21,804.1

349.91,454.2

369.0

173.5195.5

154.428.2

36.4-8.2126.2114.5-.412.2

62.5

103.0-40.5

285.7

230.0235.789.8

145.980.5

65.457

55.7

284.1

195.980.5

115.4


II

2,944.8

2,159.21,793.3

347.51,445.8

365.9

172.4193.5

149.823.4

31.783

126.3115.0-.411.8

62.0

102.5-40.6

291.1

238.7246.095.8

150.279.9

70.2-7.352.3

282.8

195.279.9

115.3

III

2,984.9

2,191.91,819.1

352.01,467.1

372.8

174.7198.1

153.727.3

35.58 2

126.4113.8

.112.5

63.0

104.241 2

282.8

224.5224.883.1

141.781.3

60.3-.258.3

293.5

199.881.3

118.4

IV

3,036.3

2,228.11,848.2

357.21,490.9

380.0

177.5202.5

159.129.4

37.6-8.2129.7116.7-.213.2

64.1

105.541 4

291.6

227.1228.787.7

141.083.1

58.0-1.664.5

293.4

203.983.1

120.8

1985

I

3,076.5

2,272.71,882.8

365.51,517.3

389.8

183.6206.3

159.825,7

33.9-8.2134.0119.5

314.8

64.8

106.1-41.3

292.3

223.2222.385.3

137.084.5

52.5.9

69.1

287.0

207.084.5

122.5

II

3,106.5

2,305.91,909.5

370.71,538.9

396.3

186.1210.2

160.723.4

31.5-8.1137.3121.6

215.9

66.7

108.1-41.4

298.5

223.5221.083.6

137.485.6

51.82.5

75.0

274.7

214.985.6

129.3

HIP

2,337.21,935.2

376.31,558.9

402.1

188.3213.7

154.412.5

20.6-8.1141.9125.2

.116.5

67.7

110.9-43.2

86.4

6.082.3

267.8

86.4


10 SURVEY OF CURRENT BUSINESS October 1985Table 1.13.Gross Domestic Product of Corporate Business in Current Dollars and Gross Domestic Product of Nonfinancial Corporate Business

in Current and Constant Dollars

Gross domesticproduct of cor-porate business

Capital consumption allow-ances with CCAdj

Indirect business tax andnontax liability plusbusiness transfer pay-ments less subsidies

Domestic incomeCompensation of em-

ployeesWages and salariesSupplements to

wages and salaries ...Corporate profits with

IVA and CCAdjProfits before tax



profitsIVACCAdj

Net interestGross domestic

product of finan-cial corporatebusiness

Gross domesticproduct of nonfi-nancial corpo-rate business


Billions of dollars

1983

2,037.0

231.2

1,805.8

206.2

1,599.6

1,357.11,121.2

236.0

200.4

178.475.8

102.663.0

39.6-11.2

33.242.1

119.3

1,917.7

218.0

1984

2,277.2

246.2

2,030.9

224.8

1,806.2

1,494.81,225.8

269.1

262.7

212.789.8

122.971.6

51.3-5.755.748.6

124.4

2,152.8

231.2


II

2,271.3

244.1

2,027.2

223.5

1,803.7

1,485.61,219.0

266.6

269.8

224.895.8

128.970.9

58.17.3

52.348.3

124.3

2,146.9

229.3

III

2,292.4

248.1

2,044.3

227.2

1,817.1

1,508.31,236.5

271.7

258.5

200.483.1

117.371.6

45.7-.258.350.4

123.5

2,168.9

232.9

IV

2,337.5

252.8

2,084.7

231.2

1,853.5

1,532.11,255.5

276.7

270.9

208.087.7

120.477.6

42.8-1.664.550.5

126.3

2,211.2

237.1

1985

I

2,373.7

257.4

2,116.4

234.8

1,881.5

1,560.21,276.7

283.6

271.6

201.685.3

116.374.2

42.1.9

69.149.7

131.1

2,242.6

241.1

II

2,408.1

261.6

2,146.5

242.5

1,904.0

1,580.31,292.4

287.9

275.8

198.383.6

114.684.9

29.82.5

75.048.0

140.0

2,268.2

244.9

HI"

266.7

243.4

1,599.11,307.4

291.7

78.7

6.082.346.8

249.4

Net domestic productIndirect business tax and

nontax liability plusbusiness transfer pay-ments less subsidies

Domestic incomeCompensation of em-

ployees .Wages and salariesSupplements to

wages and salaries ...Corporate profits with

IVA and CCAdjProfits before tax



profitsIVACCAdj

Net interest

Gross domestic prod-uct of nonfinancialcorporate business...


Net domestic productIndirect business tax and

nontax liability plusbusiness transfer pay-ments less subsidies

Domestic income

Billions of dollars

1983

1,699.7

196.71,503.0

1,263.11,044.3

218.8

171.0

148.858.090.862.8

28.0-11.2

33.469.0

1984

1,921.6

214.61,707.0

1,392.81,143.0

249.7

234.7

184.971.2

113.771.0

42.7-5.755.479.5


IV

1,917.6

213.41,704.2

1,384.51,137.1

247.4

240.8

195.977.2

118.670.3

48.3-7.352.278.9

1984

I

1,936.0

216.91,719.1

1,405.21,153.0

252.1

231.6

173.864.4

109.570.9

38.5-.258.082.4

II

1,974.1

220.71,753.3

1,427.41,170.7

256.7

243.4

181.068.7

112.276.7

35.6-1.664.182.5

III

2,001.5

224.21,777.3

1,452.81,189.9

263.0

243.2

173.666.6

107.073.2

33.8.9

68.681.3

IV

2,023.2

231.51,791.7

1,471.41,204.5

266.9

241.9

165.063.6

101.483.9

17.62.5

74.478.5

1985

I"

232.4

1,487.11,217.0

270.1

77.6

6.081.676.5


896.4

100.0

796.4

97.8698.6

977.2

104.0

873.2

101.3771.9

979.5

103.4

876.1

101.2774.9

980.0

104.5

875.5

101.1774.4

992.5

105.8

886.6

102.3784.3

994.0

107.0

887.1

103.3783.8

998.7

108.1

890.5

103.8786.7

109.4

104.3

Table 1.14-1.15.Auto Output in Current and Constant Dollars

Auto output

Final salesPersonal consumption expenditures

New autosNet purchases of used autos

Producers' durable equipmentNew autos

Net exportsExportsImports

Government purchasesChange in business inventories

NewUsed

Addenda:Domestic output of new autos lSales of imported new autos 2

Billions of dollars

1983

88.7

87.588.365.223.017.331.0137

-19.24.1

23.21.21.2

.7

.4

70.133.1

1984

106.4

103.5102.375.926.424.940.3154

-24.75.0

29.6.9

2.92.6

.4

86.737.8


II

98.7

105.8104.677.826.824.940.81592454.6

29.1.9

7.1821.1

79.338.2

III

99.0

100.6100.973.627.326.241.8

-15.6-27.4

5.032.4

.8-1.6

13-.3

82.437.1

IV

113.2

103.6101.876.025.824.339.1

-14.8-23.4

4.928.3

.89.79.8.1

89.541.4

1985

I

124.8

107.3103.277.625.628.343.8

-15.5-25.1

6.231.3

.917.517.2

.3

101.137.2

II

98.5

104.8104.779.425.227.742.915 2

-28.45.6

34.0.8

-6.370

.6

82.742.2

III"

105.3

120.7117.394.123.131.047.516 5

-28.65.7

34.31.0

-15.419 13.7

89.450.0


1983

49.9

49.143.435.8

7.612.417.04 g

-7.42.29.6

.7

.8

.7

.1

38.418.1

1984

58.1

56.748.540.67.9

16.921.5

4 6-9.3

2.611.9

.71.41.3.1

46.220.2


II

54.4

58.349.741.8

7.917.121.847922.4

11.7.7

5.24 2.3

42.520.6

III

54.4

55.447.439.48.0

17.622.2

-4.6-10.3

2.612.9

.63.9

9-.1

43.919.9

IV

61.3

55.947.940.2

7.716.220.6

-4.4-8.8

2.611.4

.6-1.0

5.40

47.321.9

1985

I

66.0

58.248.140.57.6

18.322.8

-4.5-8.9

3.112.0

.77.77.6.1

52.619.5

II

54.0

57.348.941.3

7.617.822.34 4

-10.02.9

12.9.6

-3.2-3.4

.2

42.722.0

III"

58.5

66.055.948.87.1

19.624.65 0

-10^22.9

13.1.7

-7.5-8.5

1.1

46.426.0

Table 1.16-1.17.Truck Output in Current and Constant Dollars

Truck output 1

Final salesPersonal consumption expendituresProducers' durable equipmentNet exports .

ExportsImports

Change in business inventories

Billions of dollars

1983

36.3

36.115.320.8

-3.92.05.93.9

.2

1984

54.2

51.519.332.5

-5.42.57.95.0

2.7


II

51.1

50.519.332.7

-6.62.28.85.1

.6

III

56.8

52.619.633.7

-5.32.67.94.6

4.2

IV

59.4

57.020.636.4

-5.02.87.85.1

2.4

1985

I

57.3

57.823.435.0

-6.92.59.46.3

-.5

II

55.8

56.122.735.0

-7.72.6

10.36.0

-.2

III"

62.1

61.726.235.3

-5.82.68.46.0

.4


1983

16.7

16.68.48.6

-1.9.8

2.71.6

.1

1984

23.7

22.510.312.8

-2.61.03.62.0

1.1


II

22.5

22.210.312.9

-3.1.9

4.02.0

.3

III

24.5

22.810.513.2

-2.61.03.61.8

1.7

IV

25.7

24.710.814.3241.13.52.0

1.0

1985

I

24.7

24.912.213.6

-3.31.04.22.4

-.2

II

23.8

23.911.813.4

-3.71.04.62.3

-.1

III"

26.4

26.313.613.4

-2.91.03.92.3

.1

Table l.U-1.15:1. Consists of final sales and change in business inventories of new autos produced in the

United States.2. Consists of personal consumption expenditures, producers' durable equipment, and govern-

ment purchases.

Table 1.16-1.17:1. Includes new trucks only.


October 1985 SURVEY OF CURRENT BUSINESS 11

Table 2.1.Personal Income and Its Disposition

Personal income

Wage and salary disburse-ments ..

Commodity-producingindustries

ManufacturingDistributive industriesService industriesGovernment and govern-

ment enterprises

Other labor income

Proprietors' income with IVAand CCAdj

FarmNonfarm

Rental income of personswith CCAdj

Personal dividend income

Personal interest income

Transfer paymentsOld-age, survivors, disabil-

ity, and health insurancebenefits.

Government unemploymentinsurance benefits

Veterans benefitsGovernment employees re-

tirement benefitsOther transfer paymentsAid to families with de-

pendent childrenOther

Less: Personal contribu-tions for social insurance .

Less: Personal tax andnontax payments

Equals: Disposable personalincome

Less: Personal outlaysPersonal consumption ex-

pendituresInterest paid by consumers

to businessPersonal transfer payments

to foreigners (net)Equals: Personal saving.

Addenda:Disposable personal

income:Total, billions of 1972 dol-

larsPer capita:

Current dollars1972 dollars

Population (millions)Personal saving as percent-

age of disposable person-al income

Billions of dollars

1983

2,744.2

1,659.2

519.3395.2398.6413.1

328.2

173.1

121.713.8

107.9

58.3

70.3

376.3

405.0

221.6

26.116.6

59.581.0

14.266.8

119.6

404.2

2,340.1

2,222.0

2,155.9

65.1

1.0

118.1

1,095.4

9,9774,670234.5

5.0

1984

3,012.1

1,804.0

569.3433.9432.0452.9

349.8

195.5

154.428.2

126.2

62.5

77.7

433.7

416.7

237.3

15.916.5

62.284.9

14.770.1

132.5

435.3

2,576.8

2,420.7

2,341.8

77.8

1.2

156.1

1,169.0

10,8874,939236.7

6.1


II

2,984.6

1,793.1

567.0432.2429.5449.3

347.3

193.5

149.823.4

126.3

62.0

77.2

425.6

415.2

235.2

15.816.6

63.184.5

14.969.6

131.8

430.3

2,554.3

2,409.5

2,332.7

75.7

1.0

144.8

1,165.3

10,8064,930236.4

5.7

III

3,047.3

1,819.5

573.3436.4436.4457.3

352.4

198.1

153.727.3

126.4

63.0

78.5

449.3

418.6

238.2

15.216.7

63.984.6

14.670.0

133.4

440.9

2,606.4

2,442.3

2,361.4

79.8

1.1

164.1

1,176.5

11,0004,965237.0

6.3

IV

3,096.2

1,847.6

580.9442.4443.1466.9

356.7

202.5

159.129.4

129.7

64.1

80.2

456.1

421.8

243.5

16.016.4

59.286.7

14.672.1

135.2

451.7

2,644.5

2,481.5

2,396.5

83.6

1.5

163.0

1,186.7

11,1334,996237.5

6.2

1985

I

3,143.8

1,882.7

590.9447.9449.0477.4

365.4

206.3

159.825.7

134.0

64.8

81.4

456.0

439.2

249.6

17.816.9

67.187.8

15.172.7

146.4

489.0

2,654.8

2,536.2

2,446.5

87.9

1.8

118.6

1,181.9

11,1544,965238.0

4.5

II

3,174.7

1,910.6

594.2447.9455.7489.0

371.7

210.2

160.723.4

137.3

66.7

82.5

453.0

439.5

249.9

15.816.9

68.388.5

15.373.3

148.4

448.2

2,726.5

2,587.1

2,493.0

92.6

1.5

139.4

1,205.3

11,4325,054238.5

5.1

III"

3,199.1

1,935.2

597.4450.2460.6500.9

376.3

213.7

154.412.5

141.9

67.7

83.2

450.0

445.2

254.9

15.016.8

69.489.0

15.273.8

150.3

486.6

2,712.6

2,634.2

2,536.5

96.5

1.2

78.4

1,192.6

11,3464,988239.1

2.9

Table 2.2-2.3.Personal Consumption Expenditures by Major Type ofProduct in Current and Constant Dollars

Personal consump-tion expenditures

Durable goods

Motor vehicles and parts ...Furniture and household

equipmentOther

Nondurable goods

FoodClothing and shoesGasoline and oilOther nondurable goods

Fuel oil and coalOther

Services

HousingHousehold operation

Electricity and gasOther

TransportationOther

Personal consump-tion expenditures

Durable goods.

Motor vehicles and parts ...Furniture and household

equipmentOther

Nondurable goods

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

Fuel oil and coalOther

Services

HousingHousehold operation

Electricity and gasOther

Transportation .Other

Billions of dollars

1983

2,155.9

279.8

129.3

104.146.4

801.7

416.5127.090.0

168.221.0

147.2

1,074.4

363.3153.881.372.572.5

484.8

1984

2,341.8

318.8

149.8

117.051.9

856.9

443.6140.291.4

181.721.2

160.5

1,166.1

397.9164.085.778.378.3

525.9


II

2,332.7

320.7

152.3

116.651.7

858.3

442.1142.292.8

181.221.6

159.7

1,153.7

392.4163.386.177.277.6

520.4

III

2,361.4

317.2

148.6

116.851.9

861.4

448.6139.390.0

183.621.1

162.5

1,182.8

403.3167.688.479.278.5

533.4

IV

2,396.5

326.3

150.7

121.853.8

866.5

449.8143.290.8

182.719.7

163.1

1,203.8

413.4166.485.980.581.2

542.8

1985

I

2,446.5

334.8

155.7

123.855.3

877.3

457.3145.589.9

184.618.5

166.0

1,234.4

422.2170.988.882.183.6

557.7

II

2,493.0

339.2

157.6

126.055.6

891.9

463.9149.293.6

185.317.7

167.6

1,261.9

432.9170.385.584.884.5

574.3

III"

2,536.5

355.6

173.8

125.356.5

895.6

466.9147.193.8

187.818.3

169.5

1,285.3

444.6172.585.187.485.3

582.8


1,009.2

157.5

66.6

65.925.0

376.3

188.988.526.172.94.0

68.9

475.4

171.364.124.939.131.7

208.3

1,062.4

178.0

75.8

74.827.5

393.5

193.496.526.976.73.9

72.8

490.8

177.764.825.139.732.7

215.6

1,064.2

178.6

77.2

74.127.4

396.6

193.699.127.176.93.9

73.0

488.9

176.865.125.639.532.7

214.3

1,065.9

177.0

74.8

74.827.4

395.5

195.695.926.977.13.9

73.1

493.5

178.565.125.239.932.6

217.2

1,075.4

182.9

75.9

78.528.5

395.0

194.796.926.776.73.7

73.1

497.5

180.365.225.040.233.1

218.9

1,089.1

187.0

77.7

80.229.1

398.6

196.897.926.977.13.6

73.5

503.5

182.166.425.640.833.4

221.7

1,102.1

190.1

78.7

82.329.2

403.2

199.899.826.777.03.3

73.6

508.7

183.966.124.641.533.7

225.0

1,115.2

199.2

87.6

82.229.3

403.9

200.798.927.077.23.5

73.7

512.1

185.766.224.241.933.9

226.4

Table 3.14.State and Local Government Social Insurance FundsReceipts and Expenditures

[Billions of dollars]

Receipts

Contributions for social in-surance

Personal contributionEmployer contributions

Government and gov-ernment enterprises ....

Other

Interest and dividends re-ceived

Expenditures

Administrative expenses(purchases of goods andservices)

Transfer payments to per-sons

Surplus or deficit( )

646

39.0

10.428.6

26.125

256

27 1

1.0

26.1

375

730

42.6

11.431.2

28.527

30530 4

1.1

29.3

426

720

42.1

11.230.9

28.227

298

30 0

1.1

29.0

41 9

74 1

430

11.531.5

28.827

31 1

308

1.1

29.6

433

76 2

438

11.732.1

29.327

324

31 7

12

30.5

44 5

78 0

447

12.032.7

29.928

333

32 6

12

314

45 4

79 8

457

12.333.4

30.628

342

33 7

1.3

32.4

46 1

81 5

46.5

12.633.9

31.029

350

349

13

33.6

46 5

Table 3.14:NOTE.In this table, interest and dividends received are included in receipts; in tables 3.2 and

3.3, interest received and dividends received are netted against expenditures.


12 SURVEY OF CURRENT BUSINESS October 1985

Table 3.2.Federal Government Receipts and Expenditures Table 3.3.State and Local Government Receipts and Expenditures

Receipts


Income taxesEstate and gift taxes

Corporate profits tax accru-als

Indirect business tax andnontax accruals

Excise taxesCustoms duties . . .Nontaxes

Contributions for socialinsurance

Expenditures

Purchases of goods andservices


Transfer paymentsTo personsTo foreigners

Grants-in-aid to State andlocal governments

Net interest paidInterest paid

To persons and busi-ness

To foreignersLess: Interest received

Subsidies less current sur-plus of governmententerprises

SubsidiesLess: Current surplus of

government enterprises-

Less: Wage accruals lessdisbursements

Surplus or deficit(-), NIPA's

Social insurance fundsOther

Billions of dollars

1983

641.1

295.2288.8

5.9.5

59.8

52.436.19.17.1

233.7

819.7

269.7200.569.3

345.6338.7

7.0

86.394.2

119.5

101.817.725.3

23.421.7

-1.7

-.4

-178.6

-28.4-150.2

1984

704.7

315.0308.4

5.9.7

70.8

55.535.811.97.8

263.4

880.5

295.4221.573.9

353.0344.5

8.4

93.2116.7143.6

124.019.626.9

22.321.6

-.7

.1

-175.8

-8.5-167.4


II

704.3

310.7303.8

6.2.6

75.6

55.936.112.17.7

262.0

868.0

296.4220.875.6

350.1343.7

6.4

93.2110.9138.0

119.218.927.2

17.716.4

-1.3

.2

-163.7

-7.7-156.0

III

706.2

319.7314.0

5.0

65.3

56.135.612.48.2

265.2

886.8

302.0220.381.7

353.8346.2

7.7

92.1122.0149.0

128.920.027.0

16.515.8

-.7

4

-180.6

-7.3-173.3

IV

721.9

327.9321.2

6.0

69.1

55.935.512.18.4

269.0

919.7

315.7231.684.1

360.4347.213.1

97.0126.4153.9

132.921.027.4

20.720.5

-.3

.5

-197.8

-10.2-187.7

1985

I

771.4

362.2355.4

6.2

67.4

56.435.312.58.7

285.3

936.5

319.9233.985.9

370.3363.1

7.2

95.1128.2155.6

134.920.727.4

23.123.7

.6

.1

-165.1

-2.5-162.6

II

733.9

318.3310.8

6.7

66.1

60.735.311.513.8

288.9

948.0

324.2241.183.2

369.8361.6

8.2

98.1132.8159.6

139.020.626.9

22.125.7

3.6

-1.0

-214.1

1.8-215.8

III"

354.6347.3

6.6

55.735.312.18.3

292.1

969.9

347.0253.193.9

372.9365.6

7.4

100.4133.7161.5

140.021.527.8

15.817.0

1.2

0

-.4

Receipts


Income taxesNon taxesOther

Corporate profits tax accru-als

Indirect business tax andnontax accruals

Sales taxesProperty taxesOther

Contributions for social in-surance

Federal grants-in-aid

Expenditures

Purchases of goods andservices

Compensation of employ-ees

OtherTransfer payments to per-

sonsNet interest paid

Interest paid

Less: Interest received

Less: Dividends receivedSubsidies less current sur-

plus of government

Subsidies

Less: Current surplus ofgovernment enterprises-

Less: Wage accruals lessdisbursements

Surplus or deficit(-), NIPA's

Social insurance fundsOther

Billions of dollars

1983

478.2

109.058.740.89.5

16.0

228.0107.491.329.3

39.0

86.3

434.1

415.8

241.4174.4

50.7-21.9

32.4

54.3

2.6

-7.8.5

8.3

0

44.1

37.56.6

1984

523.6

120.364.545.810.0

19.1

248.4119.498.330.7

42.6

93.2

470.7

452.0

260.7191.3

54.8-25.3

38.2

63.5

2.8

-8.1.6

8.7

0

52.9

42.610.4


II

520.6

119.664.545.29.9

20.2

245.4118.396.930.2

42.1

93.2

466.1

447.4

258.3189.1

54.4-24.9

37.5

62.4

2.7

-8.0.6

8.6

0

54.5

41.912.6

III

524.6

121.264.646.510.2

17.8

250.5120.299.430.9

43.0

92.1

477.0

458.9

263.0195.9

54.8-25.9

39.0

64.9

2.8

81.6

8.7

0

47.6

43.34.3

IV

539.7

123.865.747.810.3

18.5

256.6123.0101.931.7

43.8

97.0

484.0

464.8

267.8197.0

56.6-26.4

40.6

66.9

2.9

-8.2.6

8.8

0

55.6

44.511.1

1985

I

545.6

126.867.249.110.5

17.9

261.1125.0103.932.2

44.7

95.1

491.9

472.0

273.3198.7

57.6-26.4

42.2

68.6

3.0

82.7

8.9

0

53.7

45.48.3

II

558.0

129.968.750.610.7

17.6

266.8127.9106.032.9

45.7

98.1

507.7

486.7

278.3208.3

58.9-26.5

43.8

70.2

3.1

-8.3.7

9.0

0

50.3

46.14.2

III"

132.069.052.210.9

272.3131.0107.933.4

46.5

100.4

521.1

498.9

283.4215.5

60.2-26.4

45.4

71.9

scb_101985

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