Economic Indicators JANUARY Prepared for the Joint Economic Committee by the Council of Economic Advisers. 100th Congress, 1st Sessio

th Congress, 1st Sessio Economic Indicators JANUARY 1987 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1987

JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) PAUL S. SARBANES, Maryl, Chairman LEE H. HAMILTON, Indiana, Vice Chairman SENATE WILLIAM PROXMIRE (Wisconsin) LLOYD BENTSEN (Texas) EDWARD M. KENNEDY (Massachusetts) JOHN MELCHER (Montana) JEFF BINGAMAN (New Mexico) WILLIAM V. ROTH, JR. (Delaware) STEVEN D. SYMMS (Idaho) ALFONSE M. D'AMATO (New York) PETE WILSON (California) HOUSE OF REPRESENTATES AUGUSTUS F. HAWKINS (California) DAVID R. OBEY (Wisconsin) JAMES H. SCHEUER (New York) FORTNEY H. (PETE) STARK (California) CHALMERS P. WYLIE (Ohio) OLYMPIA J. SNOWE (Maine) HAMILTON FISH, JR. (New York) J. ALEX McMILLAN, HI (North Carolina) JUDITH DAVISON, Executive Director COUNCIL OF ECONOMIC ADVISERS BERYL W. SPRINKEL, Chairman THOMAS G. MOORE, Member MICHAEL L. MUSSA, Member [PUBLIC LAW 10SlsT CONGRESS; CHAPTER 37IST SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, Doorkeeper of the House of Representatives; two copies to the libraries of the Senate House, the Congressional Library; seven hundred copies to the Joint Economic Committee; the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 3, 1949. Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $0 a single copy ($33 foreign), or by subscription at $7.00 per year ($335 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 040 11

TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the fourth quarter, current-dollar gross national product (GNP) rose.6 percent (annual rate) or $7 billion. Real GNP (GNP adjusted for price changes) rose 1 percent the implicit price deflator rose 1.0 percent. BILLIONS OF DOLLARS (RATIO SCALE) 4,400 SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DOLLARS (RATIO SCALE) 4,400 4,000 4,000 3,600 3,600 3, 3,,800 GNP IN DOLLARS,800,400,400,000,000 1,600 I I I I I 1 I I 1 1,600 SOURCE DEPARTMENT OF COMMERCE [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Gross national product Gross private domestic ment Exports imports of services Net exports Exports Imports Government purchases of services Federal National defense Personal consumption expenditures Nondefense State local Final sales * : IT - - I n m - I Ill - I nm,49,508.,73.0 3,05.6 3,166.0 3,405 3,765.0 3,998 4,08 3,1 3,545.8 3,670.9 3,743.8 3,799 3,845.6 3,909 3,965.0 4,030 4,087 4,149. 4,175.6 4,40 4,68 1,403 1,56 1,73.6 1,915,050,34,48.,600,76,117.0,315.8,363.8,416,445.6,487.,530.9,576.0,67,667.9,697.9,73.0,799.8,819.9 41 454.8 437.0 515 447 50 66 661 686 409.6 579.8 659 657 670 661 650.6 667 657 669 708 687 675.8 674 4 18.8 3 33.9 6-6 -58-78.9-105 14-5.8-45.6-63. -60.0-66 -49-77 -83-105 -93-104 -108.9 115.6 7 91. 351.0 38.8 361.9 35 38 369.8 373.0 335.9 364 373 38 389. 38 378 370.0 36 368. 374.8 363.0 370.8 383 3 7 318.9 348.9 335.6 358 441 448.6 478 31.9 390 419.0 445 449 45. 47.9 447 446.0 47 468 467 479 499.0 45. 467.8 530 588 641 675.0 733 815 865 67 676 693. 733 743.8 763 777 799.0 89 855.6 836 860.8 874.0 889 16 178.0 08 4. 7 83 311 354 367. 93. 76 83 315. 317. 39 333 340.9 360.9 380.9 355 367.6 369 376 108.9 11.9 14 167 193.8 14 35.0 59 78 05 1 7 33 34 44.9 48.9 55 65 68.0 66 78 8 81.9 5.9 56 65 74.8 78.9 69 7 94 88.9 87 54.6 56 81.6 8 84. 84.8 85.8 95 11.9 89 89. 8.6 94 63 89.9 3. 345.9 369.0 391 4. 461 498 378 400.0 409.8 418 46.6 434 443 458 468.8 474 480.9 493 504 513,1.0,495.,740 3,08.6 3,190 3,4 3,700.9 3,987.0 4,197 3,7 3,514.8 3,575 3,683.9 3,735 3,808.9 3,883.9 3,945.9 4,07 4,090.8 4,105 4,161. 4,45. 4,76 Source: Department of Commerce, Bureau of Economic An

GROSS NATIONAL PRODUCT IN DOLLARS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Gross national product Personal consumption expenditures Nonresidential fixed Gross private domestic investment Residential fixed Net exports Exports of services Exports Imports Government purchases of services Federal National defense Change in business inventories Nondefense State local Final sales ' 3,115. 3,19 3,187 3,48.8 3,166.0 3,79 3,489.9 3,585. 3,676 1,961.0,004,000,04.,050,146.0,46,34,418.6 36 389 379. 395. 366 361. 4. 461 455.0 178.0 170.8 137.0 16 105 149 170.6 177. 193.9 3 15.0-6.9 3.9-4 -6 59. 9.0 10.8-57.0 49 6 19.9-8 -108. -149 31.6 35 388.9 39 361.9 348 369 36 371 339 353. 33.0 343 335.6 368 453. 470 51.0 604 609 60 69 641 649.0 675. 71. 748.0 33 3 46.9 59.6 7 75 91 3 333 160 164 171. 180 193.8 06.9 19 35 51.0 73.0 71.9 75 79 78.9 68. 7 87.8 8 370 373.0 37 370 369.0 373.9 383 397.6 414 3,078 3,177 3,194.0 3,5.0 3,190 3,85 3,430 3,57 3,665-3,159,078 35 115.8-59 11 336.0 34 660 89 01 88. 370.6 3,18.6-3,365,191.9 390 159.9 7.0-4 355 401.6 64. 66.0 11.6 54 37 3,338 : I JI I 3,444 3,487 3,507 3,50,13.8,46,53,71 394 419 47 447.6 169 173. 171. 168 85 57.0 60.6 33.9-68.6-87. -85-9 361 367.0 375 375.0 49.9 454. 461. 467 650. 678. 681.0 691 71. 96 95.6 303.8 14 19.0 18 5.9 5 77 77 77.9 379.0 38 385 387 3,359.6 3,430.0 3,44 3,486 : I Ill 3,547.0 3,567.6 3,603.8 3,6,9,311.9,34.0,351 44 463.0 463 476.9 17 175 180.0 181 3. 17-5. -78.8-108 -113.8-13.0 369 361. 355.8 36.9 448. 469 469.6 494.8 695 708 73 749 305.8 311 39.9 347. 8.0 33 4. 39 77.8 77.9 87.6 107.9 389 396.9 401.9 40. 3,53.9 3,550. 3,603 3,67 - I Ill 3,635.9 3,661 3,686 3,70,37,408,448.0,445 457.8 45 454 451.0 186 19 197. 199 39.9 15 - -11-15.9-153.9-163 -155.6 369. 359.8 371. 385 495 51 534 540.8 75. 74. 750 774 30 38.9 330.9 353 38 49 59 56 81 79 71 97.0 404.8 413 419 40.6 3,616 3,646 3,686 3,713.9 Source: Department of Commerce, Bureau of Economic Analys IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [ ; quarterly data are seasonally adjusted] Gross national product Personal consumption expenditures Durable Nondurable Services Gross private domestic investment Nonresidential fixed Residential fixed Exports imports of services Exports Imports Government purchases of services Federal National defense Nondefense State local " 7. 78.6 85 94.0.0 103.9 107.9 111 114 71.6 78. 86.6 94.6.0 104 108 111.9 114. 76.9 8 89. 95.0 10 103.8 104 105 71.9 80.0 89 96.9.0 10 105.0 107 106.9 69.8 75.6 83.9 9.6.0 10 111 117 1 71 77.8 85 93.0 98.8 98 99.8 7.6 81 89 96.6.0 10. 106 108. 111 7.8 81.6 90. 97.0 101 103 10 65.8 77 96.0 101.6.0 97 97 95 91.9 69. 75 84 93.0 103 106 109 110 67.8 74. 83 9.9.0 10 107 110.0 110.9 7 78.0 86 94.0 101 105 107.9 107.8 71 77 8 93.0 104 110 116.0 10-101 10 101.0 10 99.0 99 101 10.0 99 10. - 105 105 103 103 108 98 103 10.6 97. 103.8 104 106 : I I 106.6 107 108 109. 10 107.6 108 109 103 103.9 104 104 104 104 105 106.0 109.6 110.9 11 11 98 98 98.8 99.0 10 106 107 107.8 103 104 10 103.0 97 98.0 97 96 104 106 107 108 105.9 106 107 108 99. 105 107 108. 108 109 110 11.0 - I nill 110. 111 11 1 110 111 11. 113 104.6 104 104 104 106 107. 107 108.9 115.0 116.6 118.0 119 99 99. 99 99 107.6 107.8 108 109 10 10 10 101 95 95 95.0 95 109 109 109 109 109. 109 109.6 11.0 109.0 110. 108.9 104.6 113.9 115 116.6 118.0 : I nm 113 114.0 115.0 115 113 113 114 115 104 104 105.9 106.0 108.0 105.8 106.6 107 10.6 1 13.0 14. 101.0 101.6 110. 111 11. 11 101.9 99.9 99 94.6 91.0 89 9 111.0 11 111.6 106 111.6 111 110 109.9 109. 11 115 97 118.8 119 10 1 Source: Department of Commerce, Bureau of Economic Analysis. Digitized for FRASER

CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND RELATED PRICE MEASURES [Percent change from previous period; quarterly data at seasonally adjusted annual rates] Gross national product Personal consumption expenditures Current dollars Constant () dollars Implicit price deflator Chain price index Fixedweighted price index ( weights) Current dollars Constant () dollars Implicit price deflator Chain price index Fixedweighted price index ( weights) * : - - I I - I m - I Ill 8.9 11 3 7.6 10 5 4. 1 14.9 8. 6 4.9 5.8 5.8.6 6.6-0. 1.9-6.6 7 9.8 5.0 1 3 4 3.8.6.8 1 9.0 9 6 3.9 3.8 3 4 4.6 3.0 3 3 3 3 1.0 9.0 9 6 4 4.0 4 3.9 4.8 3 3.9 3 3.9 1.9 1 9 9 4 4.0 3.8 4.0 4.0 4 3 4..8 4.0 1.6.6 10.6 10 7 9.0 8 7 10 9 8.6 9 5.0 7.0 7. 7 8. 6 4.6 5. 10.9-0. 1. 1 4.6 4 3 4.0 5 5 4 6.0 1 3 3 3 5 1 6-10 9. 5 4 3.8 3 4 4 4. 3.0 3 3 3 3.9 4 1-1 3. 10.9 9. 5 4. 4.0 4.8 4 4 3.0 3 3 3 4.0.8 4 1 _ Q 10 9.0 5.6 4. 4.0 3 4.8 4 4 3.0 3.8 3.8 3.8 4. 3.0 4 1-3 3 NOTE.Annual changes are from previous year quarterly changes are from previous quarter. Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESSOUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Gross domestic product of nonfmancial corporate business (billions of dollars) Current dollars dollars cost profit Current-dollar cost profit per unit of output (dollars) 1 Indirect business taxes 3 Capital consumption allowances with capital consumption adjustment Compensation of employees Net interest Corporate profits with inventory valuation capital consumption adjustments Profits tax liability Profits after tax 4 Output per hour of all employees ( dollars) Compensation per hour of all employees (dollars) * - - - I in - I in rv - I n HI 1,540.8 1,738 1,78. 1,914.,143,75,361 1,779,01,081,135.9,160,19,6.0,59,301,314,34,341,370.0 1,807.9 1,837. 1,78. 1,866.0,030.8,105,144.9 1,760. 1,940 1,993.8,031.6,038,059,075,094,14.6,17,141.0,135,14. 0.85.946 1.000 1.06 1.056 1.081 101 1.011 1.037 1.044 1.051 1.060 1.067 1.07 1.079 1.083 1.088 1.095 1.097 106 0.095 09 5 3 18 0 3 31 0 18 17 18 19 19 0 19 1 1 3 3 0.077.090.094.098 00 03 06.096.098.099 00 01 01 0 04 03 04 06 03 07 081.63.676.679.690 08 5.685.680.683.684.694.699 04 08 05 16 1 4 7 0.031.037.043.037.041.043.041.04.037.037.039.04.043.044.043.04.04.04.041.040 0.068.078.063.089 07 06 07.057 03 07 11 04 04 03 04 13 05 05 06 09 0.037.035.06.03.037.03.035.03.036.041.040.034.03.031.09.033.033.03.034.036 0.031.044.037.057.070.075.07.034.066.067.071.070.07.073.075.080.07.073.07.07 17.096 1794 1718 17.867 18.4 1836 1783 18.07 187 185 18.01 180 18.85 1884 18.604 187 1849 r 1838 ' 1845 9.939 10.861 11.699 14 174 13.060 11.915 19 106 198 1.630 158 78 13.011 131 13.9 13.94 1347 ' 1306 1 Output is measured by gross domestic product of nonfinancial corporate business in dollars. This is equai to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left. 3 Indirect business tax nontax liability plus business transfer payments less subsidies. 4 With inventon- valuation capital consumption adjustments. Sources: Department of Commerce (Bureau of Economic Analysis) Department of Labor (Bureau of Labor Statistics).

NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Compensation of employees 1 Proprietors' income with inventory valuation capital consumption adjustments Farm Nonfarm Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation capital consumption adjustments Profits with inventory valuation adjustment without capital consumption adjustment Profits before tax Inventory valuation adjustment Capital consumption adjustment Net interest " - - - I. Ill - I I - I.. I.,443,518,719 3,03.0 3, 3,387,548.,851,963. 3,010 3,05 3,10.0 3,157.0 3,01 3,43 3,87 3,340 3,376 3,396 1,807 1,907.0,00,14,368.,498 1,931,09,153,195,34,75.0,316,35,380.9,4,461,480.,507,544. 30 4.6 1 31 9. 6 8 19 44 6 4 30 3.9 33.0 1.6 9 4 39 19.6. 156 150.9 178 05 5. 5 159.8 188.6 198.0 03. 09.9 10 17.8 7 3 40.9 49.6 58.0 61.6 13 1 13. 8 7.6 15.6 15.8 1 1 8 7 5.6 8 7 8 16 1 17.0 188.0 150.0 13 64 80 99 146 48 6 71 59.8 65.0 66 74 06 85.6 96 93 30.0 0 159. 196 30..6 4.9 150 3 35 41 3 0 13 15 35 6 39.0 38 46 6 169.6 07.6 35 3. 36.6 164 31 49 46 5 1.9 13.8 13.8 9. 35.8 7 40-4. -10-10.9 5 -.6 6-13 -8-1 -4.9 - -1.6 1.6 6-9 16 10.6 6-8.0-14 -9. 17.0 34 58 5 4 5 6 30. 36 44 53. 58.9 61.0 59. 57 54.8 55 59 48 7 81.0 307 311 94.9 66.9 90. 9 305. 316 315 31 311 309 307.6 304.9 97 9.9 84 1 Includes employer contributions for social insurance. (See also p. 5.) Source: Department of Commerce, Bureau of Economic Analysis. PERSONAL CONSUMPTION EXPENDITURES [Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates] durable Durable Motor cles parts personal consumption expenditures Furniture household equipment Other nondurable Food Nondurable Clothing shoes Gasoline oil Other Retail sales of new passenger cars (millions of units) Services Domestics Imports.... p - - - I Ill rv.. - I I - I HI 1,915,050,34,48.,600,76,117.0,315.8,363.8,416,445.6,487.,530.9 5760,67,667.9,697.9,73.0,799.8,819.9 39.9 5 89 331. 359 388 63.8 310.0 31. 331 33 340 347 354.0 373 36.0 360.8 373.9 414 404. 108.9 130 154 169. 18 115 144 150 155.8 154 157.6 16 165 18.8 166 163 17.0 04 189.0 9 95 107 118.9 1 137.0 99 11 115.6 118 119. 1 13 15.9 1 130.9 13 135.8 140.0 140. 46.6 48 51.6 57.8 63 69.0 49.0 53. 55. 57. 58 60 61.9 6.8 63 64 65 66.0 69.8 75.0 740.6 771.0 816 870 905 93 786.6 837.9 855 870 873.9 880 888. 90 907 9.6 99 98 93.8 940.0 376 398.8 41.9 449.9 469 49.8 407.0 430.8 440 447.9 454 456.9 461. 468 470 477 484.6 490 494.0 50. 119.9 14 135 147. 155. 164.8 16 141 144 148. 146.6 149 151 155.0 155 158 161 165.0 166.6 16 9 89 90. 90 91.9 78 89.8 91.9 9.0 91 89 89.9 89.6 9.8 9 93.0 87.6 78 74. 74.9 151.6 158 169 18. 188 196 163 174.0 178.8 18 18 183.8 185.8 18 189 193 19 194.9 198.0 196 934 1,07.0 1,18 1,7.0 1,336 1,441 1,066 1,167.9 1,186.9 1,14 1,39.9 1,66 1,94.9 1,319 1,346 1,383. 1,407 1,49.8 1,45 1,475 5.8 8.0 8. 8. 6.0 7 8 8 7.9 7 8 8 9 7.0 7.8 8 9 7.9..8 3..6.6 3.0 3..8 3 3 Source: Department of Commerce, Bureau of Economic Analysis.

SOURCES OF PERSONAL INCOME Personal income rose $8. billion (annual rate) in December, following a rise of $7.8 billion in November. The increases were affected by two special factors: large increases in subsidy payments to farmers in December bonus payments to employees in the automobile industry in October. Excluding the effect of these factors, personal income rose $7.6 billion in December $16.6 billion in November. BILLIONS OF DOLLARS*(RATIO SCALE) 3,800 3, BILLIONS OF DOLLARS*(RATIO SCALE) 1 3,800 3, 1,600 1,600 WAGE AND SALARY DISBURSEMENTS 800 800 OTHER INCOME 400 \ TRANSFER PAYMENTS 400 _L i Iii i ' i i i i i I i i in i i i i i I 700 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] personal income Wage salary disbursements Other labor income : Proprietors' income 3 Farm Nonfarm Rental income of persons 4 Personal dividend income Personal interest income Transfer payments 5 Less: Personal contributions for social insurance Nonfarm personal income 6 p : Dec ' Jan Feb Mar Apr May June July Aug Sept Get T.. Nov r Dec p,033.9,58,50.9,670.8,838.6 3,110. 3,314 3,487.0 3,418.0 3,417 3,435 3,445 3,48 3,481 3,481.9 3,490.8 3,497.9 3,507.9 3,518.8 3,56.6 3,554.8 1,5 1,37.0 1,510 1,586 1,676.6 1,83 1,966,073.8,031,035,044.8,05,054.9,058,063.,07.0,083,088.0,10,11.,118.9 1 138 150 16 17 184 196.9 08.8 0.6 0 04 05 06 07 08. 09 10 11 1 13.0 13.8 31 0 30 4.6 1 31 9. 6 38. 3 6.9.8 53.0 38 7 18 19 1 18. 14 34.0 160 160 156 150.9 178 05 5. 5 34.9 37.9 41.0 43.8 47 49 5. 55 57 61.0 60 6 6 5.6 6.6 13 1 13. 8 7.6 15.6 11 1. 1 13 15 16.6 17 16 16 16.0 16 17.0 17.8 48 5.9 61 63.9 68 74 76 81. 76.9 78.0 79. 80.0 80.8 81 81 81 8 8 8 8 8.9 1 71.9 335 369 393 446.9 47 475 48. 481 480 480 480 480 479.8 477. 473 470 468 466.6 465. 73 34 368 410.6 44.6 455.6 487 513 494 503 504. 506 507.9 510 51 50 516 518 50 51 53 81.0 88.6 104 11 10 133 150. 160 154.0 158.0 158 159 159. 159.9 159 160. 160.9 161 16.0 16.6 16.9 1,983,15.8,465.6,618,799.0 3,05. 3,61.0 3,437.8 3,356.9 3,371 3,385.6 3,399 3,411.0 3,40 3,431 3,449.6 3,455.9 3,463 3,477.6 3,489 3,498.0 Source: Department of Commerce, Bureau of Economic Analysis

DISPOSITION OF PERSONAL INCOME Real per capita disposable personal income fell again in the fourth quarter of. BILLIONS Of DOLLARS * (RATIO SCALE) BILLIONS OF DOLLARS * (RATIO SCALE) 1,400 1,000 DOLLARS * (RATIO SCALE) 14,000 PER CAPITA DISPOSABLE PERSONAL INCOME 1,000 10,000 8,000 DOLLARS 1,000 DOLLARS * (RATIO SCALE) 14,000 1,000 10,000 8,000 6,000 6,000 4,000 I I I I I I I 4,000 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Personal income Less: Personal tax nontax payments Equals: Disposable personal income Less: Personal outlays 1 Equals: Persona! saving Disposable persona! income in dollars (billions) Per capita disposable personal income Current dollars dollars Per capita personal consumption expenditures Current dollars dollars change in reai per capita disposable personal income Saving as percent of disposable personal income Population, including Armed Forces abroad (thouss) Billions of dollars Dollars Percent " 1,81,033.9,58,50.9,670.8,838.6 3,110. 3,314 3,487.0 61 304 340 393 409 410 439.6 486 513 1,551. 1,79 1,917.9,17.6,61,48,670.6,88.0,973 1,441 1,611 1,781 1,968,107,97,501.9,684,857 110. 118.0 13 159 153.9 130.6 168 143 116,167,1.6,14,48.6,61,331.9,470.6,58.0,603 6,968 7,68 8,41 9,43 9,74 10,340 11,65 11,817 1,31 9,735 9,89 9,7 9,769 9,75 9,930 10,41 10,563 10,780 6,304 6,960 7,607 8,30 8,818 9,515 10,43 10,866 11,437 8,808 8,904 8,783 8,794 8,818 9,139 9,475 9,713 10,014 3.8 1.0 1-4.9 1 7 7 7 5 6 5 3.9,69 5,106 7,754 30,18 3,549 34,89 37,067 39,317 41,5 Seasonally adjusted annual rates : : : I Ill... : I I... : I m.....,79.,94 3,034. 3,077 3,139 3,189.6 3,53 3,98 3,33. 3,38.9 3,43.6 3,483 3,498.8 3,533 411 413.9 41 431. 445.9 460.0 497 456 491. 500 497 504.8 519.0 53.,318,57.9,61,646,693.8,79.6,755,84,83.0,88.,935,978,979.9 3,001.,174.9,38,433,488,50.9,564.6,611,658,71,756,789,85,895.8,918.9 143 145 179. 157.6 17.9 165.0 144 18 119.6 15.8 145.6 153 84 8,76,39,446.9,460,481.9,493,495,550.8,54,540,581.,65.8,605,60 9,99 10,75 11,060 11,178 11,350 11,471 11,555 11,893 11,819 11, 99 1,193 1,348 1,34 1,38 9,749 10,151 10,358 10,39 10,457 10,477 10,466 10,674 10,537 10,577 10,73 10,886 10,776 10,737 9,068 9,85 10,007 10,06 10,304 r 10,453 10,613 10,779 10,964 11,107 11,08 11,36 r ll,579 11,634 8,904 9,99 9,37 9,488 9,494 9,547 9,613 9,674 9,774 9,790 9,857 r 9,985 10,15 10,088 1. 9 8 1.8-8. -5.0 1 5.6-4.0-1 5.8 6.9 6.0 6 6.0 5. 6 4. 4 5.0 5.8 33,466 35,707 36, 36,74 37,347 37,953 38,469 38,985 39,605 40,06 40,709 41,15 41,789 4,376 1 Includes personal consumption expenditures, interest paid by consumers to business, personal transfer payments to foreigners (net).

FARM INCOME In the third quarter of, according to current estimates, gross farm income fell $3 billion (annual rate) net farm income fell $1 billion, as Government payments fell sharply from their second quarter level. -^^\ r~~^ " ^' 1 T C ROSS FARM IS COME /--- 1- ^ ^^ \ 40 0 10 X _^x V -* \\ ;-^ ^ \ i ti \ i i 1 1 u u "\/ r N / ""-._ ; / ET FARM INCOME "\ V '' /" \,s \ x \.". i '^. \ / \' \,» 1 / X \ -, " v ' \ \y t l\ 1 \ i \ 1 \ \ I \ i' \ 40 0 10 I 1 1 1 I I I 1 1 1!! * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming ' Gross farm income Cash marketing receipts Livestock products Crops Value of inventory changes Production expenses Current dollars Net farm income dollars 3. - I Ill - I Ill - I HI - I in 18 150 149 166 163 15 174 166.6 154.9 148 155 151 174 168.0 173.8 181 170 164 157 173 145.6 165 141 11 131 139 141.6 14.6 136 14. 14 143 137 14.9 136 141. 144 14 137 135 139.8 15 19 17.9 14 59. 69. 68.0 69. 70. 69 7.9 69 70.9 69. 68. 69 75.6 71 71.6 73 69. 67.8 68.0 7.6 65.6 67.0 76 53. 6 71 7 7 67.0 69. 7 7. 67.9 74.8 53. 60.9 69.8 7 73.8 68 67 7 8 63 60.9 48.0 1.9 5.0-6 6-1 -10.9 6-1 -11.6-13 -11.6-1 7.0 9.0 7 3.0 3 -.6-4 -.9 -.8-103. 13 133 139 140 139 141 136 139 139.0 139 140. 141.6 14. 14.0 140.9 139.0 137 135. 133. 131. 19 17 5. 7 16 6.9 13.0 3 30 15.6 9 16 10.9 3 5.8 3 40 31 7.6. 40 14 35 14.0 34.9 34.9 18.8 8.6 1 30. 7 15. 9.0 15 10 30 3.9 9 36.9 8 4.8 19.8 35 1.6 31 1. 3 Income in current dollars divided by the GNP implicit price deflator (= ). NOTE.Data include net Commodity Corporation loans operator households. Sources: Department of Agriculture Department of Commerce.

CORPORATE PROFITS In the third quarter of, corporate profits before tax rose $1 billion (annual rate) after-tax profits rose $7 billion. BILLIONS OF DOLLARS 30 - SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DOLLARS 30 80 /I 40 _/" 160 10 80 40 ~"V,~~~ fs r,"' / j """ / \ \ \ r 1 _---' SOURCE: DEPARTMEN OF COMMERCE. i i /, PROFITS BEFORE TAX ^ \ \ \/ \ ^ '-""""" \+" "\\.,-- ""^Vt-^ V--" 1 1 ±^ Z \ - N sx N ~--"'--_ 1 I 1 \ \» \ N TAX LIABILITY -s.---v... X \ \^ UNO STRIBUTED PR 3FITS ] 1 ^ /,,' / / / / PROF TS AFTER TAX,""''' A- ^-~\. / v "~v» K / i i [Billions of dollars; quarterly data at seasonally adjusted annual rates] "* s x..---\ 1 1 I \ --'*' - ^. I 1... L.. COUNCIL OF CONOMIC ADVISERS 80! 40 160 10 80 40 Profits (before tax) with inventory valuation adjustment 1 Profits after tax Financial Domestic industries 3 Nonfinancial Manufacturing Wholesale retail trade Profits before tax Tax liability Dividends Undistributed profits Inventory valuation adjustment p - - - I nm - I m rv - I m rv p 194.0 0 159. 196 30..6 4.9 150 3 35 41 3 0 13 15 35 6 39.0 38 46 159.6 173.8 131. 166.6 199. 190.8 07 11.6 190 05. 11 191 188.8 18.6 183.8 05 191.6 05 1 1.0 16 1 18 15 1.0 9 18 15 16.6 15 13 16 18. 1 1 3. 7.8 9 8.9 138.6 157 119 148 183.8 169 178 10.9 175. 188.6 196 177.8 17.6 164 16 18 168 17.8 176 18.9 77 88 58.0 70 87 73.0 73 4 88.6 95.0 94.6 81 78.9 70 68. 79.0 74 66 7 75.6 1.6 3 34.6 38.9 49 49 50 3 43 4 51 51.0 50 48.8 51 54. 45.0 5 46 53 37 6 169.6 07.6 35 3. 36.6 164 31 49 46 5 1.9 13.8 13.8 9. 35.8 7 40 84.8 81 63 77. 95 9 10.8 59.8 88 10.9 101.6 89 87.8 87.8 87 95.8 96 95 99.0 104 15 145 106 130 140 131 133.8 104 143 146 144.8 135.8 134 16.0 16 133 139 16.9 18.8 135.9 54 6 66.9 71 78 81.6 87.8 68 73.9 76.0 78 79.0 80 80.9 81 81.6 8 85. 87 88.8 89 7 97.6 8 39.6 58.9 6.0 49.8 46.0 35.8 69 70 66 5 54.0 45 45 5 57.0 41 41. 47. -43 4. -10-10.9-5 -.6 6-13 -8-1 -4.9 - -1.6-1.6 6-9 16 10.6 6-8.0 1 See p. 4 for profits with inventory valuation capital consumption adjustments. Includes rest of the world, not shown separately. 3 Includes industries not shown separately. NOTE.Corporate profits related measures for the first 3 quartei ed to reflect retroactive provisions of the Tax Reform Act of. Source: Department of Commerce, Bureau, of Economic Analysis. of have been adjust-

--- GROSS PRATE DOMESTIC INVESTMENT According to preliminary estimates for the fourth quarter of, nonresidential fixed investment fell $0.9 billion (annual rate) from its third quarter level while residential investment outlays rose $3 billion. There was an $8 billion decrease in inventories following a decrease of $4 billion in the third quarter. BILLIC3NS OF DOLLARS 800 SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DDL.ARS 800 700 700 600 500 400 300-0 ~^n ---" ~. ~ - r"" """"" M--^. \ i i i GROSS PRATE DOMESTIC / INVESTMENT / r^i/ ^- - *'"\-""\,. NONRESIDENTIAL FIXED INVES MENT ^^ ^ CHf i,nge IN BUSIK INVENTORIES ""~Y i i i RESIDENTIAL FI <ED INVESTME MT \ ESS. 1 1! /X -^ 1 I 1 ^ ' "*** "~~"~^_ /N^ - 0 I I I 600 500 400 300-3OURCE: DEPARTMEN OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Fixed investment Nonresidential Structures Producers' durable equipment Residential Change in business inventories Nonfarm p - - - I ni - I TJI rv - I TJ Ill rv 454.8 437.0 515 447 50 66 661 686 409.6 579.8 659 657 670 661 650.6 667 657 669 708 687 675.8 674 441.9 445 491 47 509 598.0 650.0 675 469 548.8 564.0 597.6 605.8 64 65. 648.0 654 67.6 664 67.8 680 68 30.8 3.8 369. 366 356.9 416 458. 458 354.9 383.9 388. 413 4 44.9 439.8 459. 459.8 474.0 459. 457 459.0 458 99 113.9 138 143 14.0 139 154.8 14 137.6 17 19 139 141 146 150 156 155.0 157. 154.6 141 139 138.6 03 08.9 30 3 3.8 77 303 314.9 17 56 58 74 80 9 89 303 304 31 304.6 316.0 319 319 139 1 1 105 15 181 19 16.6 114 164.9 175.8 184 184.0 181 185 188.8 194 198.6 05 15 1 4.6 13.0-8 4.0-4 -7 64 11 11-59.9 31.0 95 59.9 64 36 5 19 3-3 43.8 14-4 -8 7.9-18 -3 56.6 1. 1-51 1 71 5 6 35.9 18 10 3. 16 41. 10-10 5 Source: Department of Commerce, Bureau of Economic Analysis.

EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department October-November survey, business spending for new plant equipment for the year is expected to be 1 percent below the level, while spending in 1987 is expected to be 0.9 percent above the level. BILLIONS OF DOLLARS (RATIO SCALE) 600 BILLIONS OF DOLLARS (RATIO SCALE) ioo 400 300-1 ;;;: _- "" _--- r^ H ^1 1 J Al I INDUSTRIES rr'" NOWMNUFACTURi ^^-~.-.-- go^7,-^~ -'-, - " x,'*.. 400 300 -"' 80 60 AANUFACTURI 80 60 40 40 I 1 1 I I I 1 I 1 J \ 1 1. / J/ 1987 _!/ SURVEYED QUARTERLY / SEE FOOTNOTE 4 BELOW SOURCE: DEPARTMENT OF COMMERCE: COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Industries surveyed quarterly Addenda Manufacturing All industries Durable Nondurable 1 Mining Nonmanufacturing Public utilities Transportation Commercial other nonfarm business Nonmanufacturing Manufacturing Surveyed quarterly Surveyed annually 3 * 1987 4 176 54.96 8.80 315. 3108 3048 3544 3873 380.69 384.4 788 95.9 113 164 10.68 110 138.8 1538 1447 141.95 396 480 556 59.81 555 53.08 64 73 69.96 690 393 47 56.96 663 653 63 78 80 74.81 74 1398 159.04 1707 188.68 189.89 1888 15.61 35 35.91 40 11. 1 15.99 19 0.05 159 16 15.88 11.4 101 136 16.05 16.60 15.84 149 13.97 16 18.0 18.64 18.86 310 35.63 374 41 453 44.96 478 48.81 463 44 83.09 946 4 110.4 109.63 1145 1345 150.94 1590 168.91 454 84.94 3147 349.6 3477 3435 398.99 431.94 788 95.9 113 164 10.68 110 138.8 1538 1447 141.95 1666 189.0 05 69 75 606 786 1398 159.04 1707 188.68 189.89 1888 15.61 35 35.91 40 78 9.98 31.68 34.04 39 386 445 44.81 ' I 11 I 3736 387.86 389.3 397.88 146.94 154 1547 158.6 70.9 744 7.99 757 76.64 79.91 818 89 6.6 31 346 39.61 15.81 166 15.89 15 160 175 18.81 195 484 48.61 484 499 145.68 150.99 151.6 155 146.94 154 1547 158.6 6.6 31 3476 39.61 - I Ill rv 4.. 377.94 375.9 3745 3944 144.03 141.68 139 1547 68.01 683 691 747 76.0 735 69.89 80.00 33.90 34.4 354 407 1.99 11.3 105 10.6 18. 18.8 19.03 19.0 47.03 465 45.90 46.63 155.67 1588 160 163.91 144.03 141.68 139 1547 33.90 34.4 35 34 407 1987' I 4 n 4 38 3939 141. 145.3 67.86 77 736 7.85 45.60 486 106 108 19.85 186 46 46.90 169.08 17. 141. 145.3 45.60 48 16 1 Excludes forestry, fisheries, agricultural services; medical services; professional services; social services membership organizations; real estate, which, effective with the April-May survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries. "All industries" plus the part of nonmanufacturing that is surveyed annually. 3 Consists of forestry, fisheries, agricultural services; medical sen-ices; professional services; social services membership organizations; real estate. 4 Planned capital expenditures as reported by business in October-November, corrected for biases. Source: Department of Commerce, Bureau of Economic Analysis. 10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE In December, seasonally adjusted civilian employment rose 05,000 unemployment fell 94,000. MILLIONS OF PERSONS* 10 MILLIONS OF PERSONS* *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADViSERS [Thouss of persons 16 years of age over, except as noted; monthly data seasonally adjusted except as noted by NSA] Noninstitutional population including resident Armed Forces NSA Resident Armed Forces NSA T H r f including resident Armed Forces Employment including resident Armed Forces Chilian labor force Civilian employment Nonagricultural Part-time for economic reasons : Unemployment 15 weeks over Labor force participation rate (percent) Agricultural Civilian 3... * : Dec r... : Jan* r.. Feb r... Mar "... Apr T... May r... June r.. July'.. Aug '... Sept '.. Oct \... Nov r... Dec 166,460 169,349 171,775 173,939 175,891 178,080 179,91 18,93 180,810 181,361 181,51 181,678 181,843 181,998 18,183 18,354 18,55 18,713 18,935 183,114 183,97 1,597 1,604 1,645 1,668 1,676 1,697 1,706 1,706 1,698 1,691 1,691 1,693 1,695 1,687 1,680 1,67 1,697 1,716 1,749 1,751 1,750 106,559 108,544 110,315 111,87 113,6 115,41 117,167 119,540 118,031 118,485 118,733 118,880 118,987 119,74 119,685 119,789 119,81 119,988 10,163 10,46 10,336,41,907 10,04 101,194 10,510 106,70 108,856 111,303 109,847 110,583 110,48 110,500 110,664 110,85 111,93 111,559 111,764 111,703 111,941 11,183 11,387 104,96 106,940 108,670 1 10,04 111,550 113,544 115,461 117,834 116,333 116,794 117,04 117,187 117,9 117,587 118,005 118,117 118,14 118,7 118,414 118,675 118,586 98,84 99,303,397 99,56,834 105,005 107,150 109,597 108,149 108,89 108,557 108,807 108,969 109,165 109,613 109,887 110,067 109,987 110,19 110,43 110,637 3,347 3,364 3,368 3,401 3,383 3,31 3,179 3,163 3,151 3,80 3,105 3,5 3,199 3,151 3,164 3,14 3,057 3,14 3,16 3,15 3,161 95,477 95,938 97,030 96,15 97,450 101,685 103,971 106,434 104,998 105,61 105,45 105,555 105,770 106,014 106,449 106,763 107,010 106,845 107,030 107,17 107,476 3,373 4,064 4,499 5,85 5,997 5,51 5,334 5,345 5,9 5,97 5,14 5,95 5,567 5,569 5,3 5, 5,69 5,303 5,450 5,319 5,34 6,137 7,637 8,73 10,678 10,717 8,539 8,31 8,37 8,184 7,90 8,485 8,380 8,33 8,4 8,39 8,30 8,057 8,85 8, 8,43 7,949 1,41 1,871,85 3,485 4,10,737,305,3,09,117,33,43,130,3,99,50,7,373,168,17,171 64.0 64 64. 64 64 64 65 65.6 65 65 65 65 65 65 65 65 65.6 65 65 65.8 65 63 63.8 63.9 64.0 64.0 64 64.8 65 64.9 65.0 65 65 65 65. 65 65 65 65 65 65 65 1 Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc. Labor force as percent of noninstitutional population (both including resident Armed Forces). 3 Civilian labor force as percent of civilian noninstitutional population. * Data beginning January not strictly comparable with earlier data because of change in estimation procedures. Note.Seasonally adjusted data revised beginning. Source: Department of Labor, Bureau of Labor Statistics. 11

SELECTED UNEMPLOYMENT RATES In December, the seasonally adjusted overall unemployment rate fell 0. percentage point to 6.6 percent; the civilian unemployment rate also fell 0. percentage point, to 6 percent. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 5 5 0 v,..a v \ UL BLACK 7 v v f N / v ' 0 A'" V '. <-( \ N TEENAGERS \ v (16-19) \ -v-vxa/ v A '"" x -v, 15 10 BLACK AND OTHER f 'WHITE" ALL CILIAN WORKERS -\. 15 10 <^L/ VVOME N 0 Y EARS AND OVER \ AAEN0YEAR AND OVER x=^_ s Illllllllll Illllllllll Illllllllll llinllllll Illllllllll 'UNEMPLOYMENT AS PERCENT OF CiVIUAN LABOR FORCE IN GROUP SPECIFIED. SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Unemployment rate, all workers ' Men 0 years over By sex age Women 0 years over Unemployment rate (percent of civilian labor force in group) Both sexes 16-19 years White By race Black other Black Ail civilian workers Experienced wage salary workers Married men, spouse present By selected groups Women who maintain families Fulltime workers Parttime workers Labor force time lost (percent) 5.8 7.0 7 5 9 9 7 7 6.9 5.8 7 7.6 9 9.6 7 7. 7.0 4. 5.9 6 8.8 8.9 6.6 6 5 6 8 8 6.6 16 17.8 19.6 3. 18.9 18.6 18 5 6 6 8.6 8 6 6.0 11 13 14. 17 17.8 14 13 13 1 14 15.6 18.9 19 15.9 15 14 5 5 6.9 7 9 9. 7 6.6.8 4. 4 6 6 4.6 4 4 8 9. 10 11 1. 10 10 9.8 5 6.9 7 9.6 9 7. 6.6 8.8 8.8 9 10 10 9 9 9 6 7.9 8 11.0 10.9 8.6 8 7.9 : Dec r... 6.9 7.0 6.0 6 19.0 6.0 13 15.0 6.6 4 9.6 6 9 7.9 : Jan r... Feb r... Mar r... Apr r... May r... June ' '.. July r... Aug '... Sept r... Oct r... Nov r... Dec 6 7 7.0 7.0 7 7.0 6.9 6 6.9 6.6 7. 7. 7 7. 7 7.0 7.0 6.9 6.9 6 5.8 6.0 5.9 6.0 6 6.6 6 6 6 6 6 6 6 5.9 18. 18.9 18 19 18.8 18.9 17.9 18.0 18 17 18. 17 5.8 6 6 6 6.0 5.8 6.0 6.0 6.0 5.8 13 13 13 13 13 13 1 13 13 1 1 1 14.6 14.9 14.8 14.8 14.8 14.9 14. 14.6 14.6 14 14. 13 6 6 6 6.6 6.6 6 6 6.6 6 6 4 4 4 4. 4 4 4 4. 4 4.6 4 4 9.9 9.9 10 9 10 10.0 9 10 9.8 8.9 9 9.8 6 6.9 6 6.9 6 6.6 6 6.6 6.6 6.6 6 8 9 9 9 9 9 9. 9 9 9. 9 8.8 7 8 8 8 8. 8 7.8 7 7.9 7.8 7 7.6 Note.Seasonally adjusted data r Source: Department of Labor, Bu: 1

SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In December, the percentage of unemployed persons who 'iad been out of work for less than 5 weeks, for 15-6 weeks, for 7 weeks over rose while the percentage out of work for 5-14 weeks fell. The mean duration of unemployment the median rose. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* 70 REASON FOR UNEMPLOYMENT 50 JOB LOSERS 40 40 30 30 REENTRANTS 0 0 NEW ENTRANTS 10 \ JOB LEAVERS 'SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVfSERS [Monthly data seasonally adjusted, except as noted] Unemployment (thouss) Less than 5 weeks Duration of unemployment Percent distribution 5-14 weeks 15-6 weeks 7 weeks over Number of weeks Average (mean) Median Job losers Reason for unemployment: percent distribution Job leavers Reentrants New entrants State programs Insured unemployment Initial claims Insured unemployment, 'all regular programs (unadjusted) 1 Weekly average, thouss. 7,637 8,73 10,678 10,717 8,539 8,31 8,37 43 41 36 33 39. 4 41.9 3 30 31.0 7 8 30. 31.0 13.8 1 16.0 15 1.9 1 1 10 14.0 16.6 3.9 19 15 14 11.9 13 15.6 0.0 18. 15.6 15.0 6 6.9 8 10 7.9 6.9 51 51.6 58 58 5 49.8 48.9 11 11. 7.9 7 9.6 10.6 1 5. 5 5.6 7 11 11.9 11 11 13.0 1 1 3,350 3,047 4,061 3,396,476 r,611 488 460 583 438 377 r 396 3,837 3,410 4,594 3,775,561,69 - Dec r 8,184 4.0 30.8 1 14.8 15. 48.8 11.0 7 1,588 386,884 - Jan ' Feb r. Mar ' May r July ' Sept r Oct ' Nov r Dec 7,90 8,485 8,380 8,33 8,4 8,39 8,30 8,057 8,85 8, 8,43 7,949 4. 41 4 4 4 40.8 41.6 4 41 41.9 41. 4 31 30.8 31. 3 31 31 30.9 9 30 31 3 30. 1 13 1 1 1 1.9 13. 13 11 1 1.9 13.9 14.0 13.9 13.8 13 15 14.6 14.8 15. 14.9 14 14 15.0 15. 14.6 14 14.8 15. 15 15.6 15 15. 14.8 15.0 6.9 6.6 " - " " ".0 7.0 7 48. 49.0 50 48 49.9 50.6 49 47.6 48.9 48 48 48.9 1 11.6 1 11.6 1.0 1 1 1.6 1.6 1.9 13.0 6 6 6 6 5.0 6.6 7 5.9 5.8 5 13.0 1 1.0 1.6 1 1 11.9 1.6 1.6 11.9 13,583,59,630,598,655,678,699,713,707,61,565,515 38 388 39 379 380 378 379 388 370 357 355 357 3,370 3,95 3,144,799,556,474,63,483,335,96,478,841 Note.Seasonally adjusted data revised beginning. Souree: I)epartment of Labor (Bureau of Labor Statistics Employment Trail tralion). ng Adminis- 13

NONAGRICULTURAL EMPLOYMENT nonagricultural employment as measured by the payroll survey rose 69,000 in December. MILLIONS OF PERSONS MILLIONS OF PERSONS* (ENLARGED SCALE) 4 90 ALL NONAGRICULTURAL ESTABLISHMENTS 80 70 60 SERVICE-PRODUCING INDUSTRIES 50 40 30 GOODS-PRODUCING INDUSTRIES 0 ML "SEASONALLY ADJUSTED "SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Thouss of wage salary workers; l seasonally adjusted] nonagrieultural employment Goods-producing industries Manufacturing Durable Cnn onstruction Nondurable Transportation public utilities Wholesale trade Service-producing industries Retail trade Finance, insurance, real estate Services Government Federal p 90,406 91,156 89,566 90, 94,496 97,614,168 5,658 5,497 3,813 3,334 4,77 4,930 4,940 4,346 4,188 3,905 3,948 4,383 4,687 4,961 0,85 0,170 18,781 18,434 19,378 19,314 19,187 1,187 1,109 11,039 10,73 11,505 11,516 11,346 8,098 8,061 7,741 7,70 7,873 7,798 7,841 64,748 65,659 65,753 66,866 69,769 7,684 75,8 5,146 5,165 5,08 4,954 5,159 5,4 5,85 5,75 5,358 5,78 5,68 5,555 5,740 5,853 15,035 15,189 15,179 15,613 16,545 17,360 17,976 5,160 5,98 5,341 5,468 5,689 5,953 6,304 17,890 18,619 19,036 19,694 0,797 1,974 3,073 16,41 16,031 15,837 15,869 16,04 16,415 16,738,866,77,739,774,807,875,899 : Dec... 98,910 4,977 4,787 19,89 11,461 7,88 73,933 5,77 5,809 17,6 6,095,501 16,69,913 : Jan 99,96 Feb 99,49 Mar 99,484 Apr 99,783 May... 99,918 June.. 99,843 July...,105 Aug...,83 Sept...,560 Oct r..,86 Nov r. 101,065 Dec ".. 101,334 5,101 5,038 4,945 5,038 4,965 4,854 4,869 4,888 4,858 4,865 4,895 4,93 4,901 4,864 4,838 4,97 4,974 4,947 4,980 5,01 5,010 5,001 4,993 5,004 19,303 19,94 19,55 19,45 19,01 19,135 19,11 19,13 19,105 19,118 19,159 19,190 11,466 11,455 11,418 11,415 11,378 11,307 11,94 11,30 11,71 11,66 11,83 11,98 7,837 7,839 7,837 7,830 7,83 7,88 7,87 7,81 7,834 7,85 7,876 7,89 74,195 74,391 74,539 74,745 74,953 74,989 75,36 75,395 75,70 75,961 76,170 76,40 5,86 5,77 5,80 5,66 5,65 5,167 5,88 5,55 5,316 5,316 5,348 5,358 5,830 5,843 5,841 5,864 5,87 5,89 5,849 5,863 5,859 5,864 5,864 5,855 17,734 17,795 17,88 17,851 17,911 17,944 17,99 18,030 18,065 18,143 18,186 18,187 6,13 6,157 6,184 6,8 6,61 6,95 6,334 6,364 6,388 6,409 6,431 6,466,585,638,707,85,94 3,07 3,176 3,55 3,300 3,359 3,444 3,586 16,637 16,681 16,699 16,711 16,70 16,68 16,597 16,68 16,774 16,870 16,897 16,950,918,918,93,914,899,875,866,875,901,896,899,901 1 Includes all full- part-time wage salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 1th of the month. Excludes proprietors, self-employed persons, domestic servants, personnel of the Armed Forces. derived from this table not comparable with estimates of nonagricultural employment of the bad weather, etc., even if thev are not paid for the time off; which are based on a sample of the working-age population, whereas the estimates in this tahie Source: Department of Labor, Bureau of Labor Statistic; 14

AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average weekly hours Average gross hourlv earnings Adjusted hourly earnings index total private nonagricultural private nonagricultural l Manufacturing Overtime private nonagrieultural ' Manufacturing Current dollars Ind 1977 ex, 1977 dollars 3 Percent change from a year earlier 4 5 Current dollars 1977 dollars.... p... : Dec ' Jan Feb. Mar May July Sept... Oct Nov r Dec p 35 35 35. 34.8 35.0 35. 34.9 34.8 34.9 35.0 34.9 34.9 34.8 34.8 34 34 34.8 34 34 34.8 34.6 40. 39 39.8 38.9 40 40 40 40 40.9 40.8 40 40 40 40 40.6 40.6 40.8 40.8 40 40.8 40.9 3.8.8 3.0 3 3 3 3 3 3 3 3 3 3 3 3 3 3 $66 6.66 7 7.68 8.0 8 87 86 80 8.68 81 83 8 83 84 83 87 r 86 8.80 8.85 8.84 $60 7 7.99 89 8.83 99 93 93 9.68 9.65 9.68 90 9.68 9 91 93 96 94 97 97 9.80 11 17 138.9 148 155 160 165. 169. 167 167 168. 168 168 168 169. 168.9 169 169.6 170.0 170.9 170.8 97 93 9.6 93 94.9 94.6 94 94.9 94.0 93 94 95 95 95 95. 95 95 95.0 95 95 95 7.9 9.0 9 6.9 4.6 3. 3 3.8.8.9.6.6 1.9-3 -4.0-1.0.9 1.6 0 -.9 - -.9 '.9 1 1 1.0 1. 1.6 1 1 1 AVERAGE WEEKLY EARNINGS PRATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Current dollars private nonagricultural l 1977 dollars 3 Average gross weekly earnings Manufacturing Construction Current dollars Retail trade Percent change from a year earlier, total private nonagricultural 5 Current dollars 1977 dollars... p - Dec ' Jan Feb Mar May July Sept Oct r Nov T Dec p $19.91 350 55.0 67.6 800 9.86 99.09 304.85 303 303.80 303.98 304.68 3036 303.80 303.8 30.93 305.0 ' 303.97 3056 307.98 305.86 $1831 174 1703 168.09 171.6 178 170 171.07 170.0 169 1708 171.94 171.93 173 170.67 1707 1716 r 170.9 1708 176 1700 $694 88.6 318.00 330.6 354.08 374.03 385.97 396.01 395.91 393 393.98 3949 393.98 395.60 394.3 395.04 398 3979 397.64 398.6 400.8 $34.99 3678 399.6 4 44.97 4581 464.09 4655 46 4700 4489 450.06 465. 464 4615 4636 4677 468.61 469.88 475 476 $138.6 1478 158.03 163.85 171.05 1743 174.64 1758 1758 1751 1751 176.09 174.91 174.91 174.60 175.0 176.08 176.66 176.06 176.95 173.95 8.0 6.9 8 4 5.0 4 1.9 3 1.9 1 1 1.0 1.0-3 -5.8-1 -1. 1.9.9-1 1 -.6 -.9.6 -. 1 4 Monthly changes based on indexes to two decimal places. 5 Based on seasonally unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. 15 68-373 0-87-

PRODUCTITY AND RELATED DATA, BUSINESS SECTOR Output per hour of al] persons Business sector Nonfarm business seetor Business sector Output ' Nonfarm business sector Hours of all persons Business sector Nonfarm business sector Compensa ion per hm r 3 Business sector Nonfarm business sector Real compensation per lour 4 Business sector Nonfarm business sector Unit labor eosts Business sector Nonfarm business sector Implic t price defla or 5 Business sector Nonfarm business sector 1977; quarterly data seasonally adjusted.8 99.6.8 99 105.8 107.9 106.0 107.9 104.9 108 105 108 108 119 108.6 118.9.8 99.9 99. 107.6 119 107 119 107 117.0 107.0 116 99 103.0 105 98.8 99.8 99. 10 104 106 108.9 105 109.9 118.8 106 108 104.9 110 118.8 107 108. 105. 106 1 108.0 108 105 107 114.0 131 143 154.9 161 168 131 14 154.8 161 167.9 96 95 97 98. 98 96.6 95 97. 98. 98.0 13 14 154 15 159 13.9 144.0 156.0 157 161.0 17.6 139.8 148 153.0 158 17.8 140 149. 154 159 " 106 107 104.8 105 1 15.8 1 15.8 115 117 116.9 119 175 180.9 174.6 179.9 98.8.0 98 99 164.8 168.9 166 170 163.0 166 164.6 168. : 101.0 99 105.0 104. 103.9 104 158 158. 97.9 97.8 15 158 150. 151 : 103.8 103 11 114 109 110 16 163 98.0 97.9 157 158. 155. 15 : I I 104.9 105.6 105 105 103.9 104.6 104 104 116.9 119.0 119 10. 116.9 119 119 10. 111 11 113 114.0 11 113.8 114 115. 165.9 167 169.0 170.6 165.6 166.9 168 170 98 97.9 98 98. 97.9 97.8 98.0 98 158. 158 160. 161 159 159 161 163 156 157 159.0 160 157. 158 160.0 161 - I Ill 105 106 107 106 104 104.9 105 104 11 1 13 13.8 11 1 13 1 114.8 115.0 115.. 116 116.0 116 116.9 118. 17 174 176 178.0 17 174.0 175 177.0 98 98,7 99 99.0 98. 98 98 98 163 164.0 164 167 164.8 165.9 166 169 161 16.6 163 164.6 16 164 165. 16 : I I r...... 107 107 107 106 105.6 105 105 105. 15 15 16.0 16 15 15 16 16.9 11 116 117 118 118 118 119 10.6 179 180 181 18.8 178 179 180 181 99. 98.8 99.8 99 99.8 167.0 168.0 169 171 168.8 169.6 170 17 165 165.8 167. 167 167 167 169.0 169.0 Percent change; quarterly data at seasonally adjusted annual rates 0.8-1. 0.8-1.6 5.8.0 6.0 1.9 4.9 3. 5 3 8 9 8.6 9 0.8-1 0.9-1.6 7.6 11 7 11. 7 9.0 7.0 8.9 1... 4. - 1.0 -.6 3 1-3 4. 8-1. 1-3 4.9 8.0 -.8 -.8 1 5-1.6 6.0 10 9. 7.8 4. 4 10 9 7.8 4 4.0 - -1.0 1.6 1.0 -.9 1 1-10.9 7 8 1 11.0 8 8 1 9.0 9.6 5.9 3 3 9 9 6 3 3. p 1.0 3 3.0.8. 1.9.6.0 4 3. 4.0 3.0 1 1 3. 3.9 3. : 3.0-1. -3-3 4 5.9 3 1.6 3.0 :.8 1 10 9.8 7 8 5 4 1 3.0 4.8 3 - I Ill 4.6 ^ -.9 1. 7 1 10. 7 1.6. 7 4.8.6 7.6 4.6 5.8 4.6 3.8 5 3. 4 4. -.8.8 1.. 5.0 3.9 3.0 5 4.6 4.0.6 3 3. 3 4.0 3 - I 11 Ill 9 3-3.. -3 3 4 1.0 3. 3.0 4.0 1.0.6.6 4.9 1. 4.6 4. 5 4 3.8 3.9 4.6 3. 3 1.0 1.0 - -.6 3 1.0 7. 1.0 7 3.0 1.9 3.0 3. 3.6 : I Ill r...... 3 - - -1 4 9 4.0 5.6.6 1 4.8.9 4..8.9 3 3 1.0 4 1.6 4.0. 3 4.9-1..6 4.9 1. 3 -. 1.0.0 1 Output refers to gross domestic product originating in the sector in dollars. Hours of a]l persons engaged in the sector, including hours of proprietors unpaid family workers. Estimates based primarily on establishment data. 3 Wages salaries of employees plus employers' contributions for social insurance private benefit plans. Also includes an estimate of wages, salaries, supplemental payments for the selfemployed. 4 Hourly compensation divided by the consumer price index for all urban consumers. 5 Current dollar gross domestic product divided bv constant dollar gross domestic product. NOTE.Data relate to all persons engaged in the sector. Percent changes are from preceding period are based on original data; thev therefore may differ slightly from percent changes based on indexes shown here. Source: Department of Labor, Bureau of Labor Statistics. 16

PRODUCTION AND BUSINESS ACTITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 0 percent in December, following a rise of 0.6 percent in November. The index for December was 0.9 percent above its year-earlier level. INDEX, 1977=* (RATIO SCALE) 140 _ TOTAL NDUSTRIA L PRODUCTION 10 140 ^_ S" " p, -^ 1 in 1 1 [ 1 M! Mini. Ml, MANUFACTURING PRODUCTION 140 DURABLE ^^«<[ 1-10 r \ NONDURAB E "X/^ ^C^_ s ^ jii 1 1 ILL 1 f 1 1 1! 1 1 ^^ - 1 1 M I _ UTILITIES AND MINING PRODUCTION _ INDEX, 1977=* (RATIO SCALE) 0 FINAL PRODUCTS 180 160 140 10 PEF uti-cnse AND SPACE.-"* x_ I I 1 V-1 ~s /"""""" ^~~ -~'\ ~" CONSUMER GOODS,,,,,,,,,,, -r""* EQUIPMENT _^_,,,,,!,,,,,,_.- ^ f,.-*,,,,,!,,,,, 90 _ MANUFACTURING CAPACITY UTILIZATION RATE_ 10 -\ M, nil, MI,A ^ f A^*<T3, M ^r- ["MINING liinliiin iimi iiin iinii ULMItb m.^i" 80 70 60 ^ ^ 1 I M 1 1 I 1 1 1 M 1 I I 1 1 M 1 1 I M I t 1 1 M 1 f 1 \ 1 M "SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Index, 1977 = To al industrial production Percent change from year earlier Industry production indexes, 1977= Manufacturing Mining Durable Nondurable Utilities Capacity utilization rate, percent 1 Manufacturing Industrial materials.. P - Dec - Jan Feb Mar May Julv Sept r Oct r Nov r Dcc p.0 110 108.6 111.0 103 109. 11 13.8 15 15.6 1 15 1 14 14. 14. 14.9 15 14.9 15 16.0 16.6 3.9-1.9. -7 5.9 11..0 1.9 1. 1. 1. 1 1.0.9 84 111 108. 110 10. 110. 13 16 19. 18. 19 18 17. 18 18. 18 19. 19 19 19.9 130 131 490 113.9 109 111 99.9 107 14. 17 18.0 18 19 18 1 18 17.0 1 17 17 18 18. 18 19.6 351 108. 107.0 109 105 113 1 15 130.9 17 19 18 17 19.6 19.9 131. 131 13. 131 13 133 133.8 9.83 106 11 117 109 10.9 111 108.8 99.6 107 108 105 103.0 101.0 99.8 98.9 97 96 9 95.9 96.6 97.0 5.96 105.9 107 107 104.8 105. 110 111.9 109 114.8 11 109 109 109 108 108.6 109 108 108 109 110.9 110.6 84.6 79 78 70 74.0 80 80 79.8 80. 80.8 80. 79 79.9 79 79 79 79 79.6 79 79.9 80 87 81 81 71 75 8.0 80. 78 80 80 79.6 78 78 78 78.0 78 77.9 78 77.9 78 78.6 Source: Board of Governors of the Federal Reserve System. 17

INDUSTRIAL PRODUCTIONMAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1977 = ; monthly data seasonally adjusted] Products Materials Final products Intermediate products Consumer Durable Nondurable ' Equipment Business Defense space equipment Construction supplies Business supplies Energy 1977 proportion p - Dec - Jan Feb Mar Apr May June July... Aug Sept r Oct r Nov r Dec p.. 447 111.0 11. 115. 109 114 17 131 13 133. 133.9 13.8 130.6 13 131.6 131 13.0 13.6 13. 13 133 134. 5 103.9 10 104 101 109 118.0 10. 14 13 13.8 13 1 14 14 14 15. 15 14. 14.9 15.8 16.9 9 99.9 88 89 8.9 98 11. 11.9 116.0 115 116.0 116.6 11 115.9 113.8 114 116 115 117 116.6 117 119 18.63 105 108 109 108 113 10 1.9 17.6 16 16.6 15.8 15 17 18 18 18 18.6 16 17.9 18.9 19 19 10:4 14 19.9 10. 11 139.6 145 14.9 146 147 145 14 14 141. 140.0 141.0 14 14.8 143 143 143.9 144 14 15 17.6 11 115 134. 139.6 138.8 140.0 141 140 137 138.6 137.9 136.6 137.9 139 139 139. 139. 139 7 105.6 115 119.8 133.0 143 156 170.6 180. 178 178 176 17 178.0 178.0 178 179 181.0 18.0 18 184 18 1.94 110.8 106.9 107 101 111. 14 130.0 136 13.0 134. 133 133 134 135 137.0 137 137.8 137.0 138 138 139. 5.95 108.6 98.6 88.6 114.0 118 14.6 119.8 14.0 1.6 1.6 1 13 14 14.0 15 15.9 16.0 16 16 6.99 11 11 114 113 10 133.8 140.0 14 14.9 14.6 14 143.8 145.0 147.9 148.6 148 146 148.9 149.0 4,8 110 105 107 96 10.8 114. 114. 113.9 115 115 114.8 113 113.8 113.0 113 11 113. 113 113 114 114 11.69 104 105 104 101. 98 103.9 103.0 104 103.0 10 101.8 99.9 97.9 98.0 97 98 99 1 Includes rigs prefabs, not shown separately. [1977 = ; monthly data seasonally adjusted] Durable manufactures Nondurable manufactures Primary metals Iron steel Fabricated metal products Nonelectrical machinery Transportation equipment Motor vehicles parts Lumber products Electrical machinery Apparel products Printing publishing cals products Foods 1977 proportion... p - Dec - Jan Feb Mar Apr June July Aue... Sept r Oct ' Nov r Dec p 53 108 90 95.0 65.8 73.0 8 80 760 81 8 80 76 78 74.8 71 7 73 74 74. 7 75 9 39 108.0 86 9 57 66 73 70 71.6 7. 69 64 65.6 60. 58 61,7 60.8 61 6. 64.6 66 109 10 101.6 86.6 89 10.6 107 107 108. 109. 108 107.6 108. 106 106.6 105 105.9 107 108.0 107 108 94 1.6 13 19.8 115.6 118 14 145 14 14 144.9 143.9 141 140.8 141 140 14.6 14.6 140.9 14.9 14.6 14.9 75 15 130 134 18 143.8 170 168 166 168 166 164.8 165. 16 166.0 163. 16 167. 166.9 167.8 167.9 169 93 108 96.9 95 87.6 99. 11. 11 15.9 14.0 18. 17 1.6 1 14 15 15.6 15 17 15. 15 17.8 5 95.9 71 71.6 6 85.8 104 111 110.9 111 116 116 108 11.6 108 110.6 111. 108. 11. 107 107.8 111 0 10.0 9.9 90 8.8. 109 113 116 10 10 10 11 11.6 10.9 10.8 1 15.0 14.8. 79 98 97 96 87 95 10.9 104 105 10.8 10.8 103 10.6 101 10 10 10 104 105 44 11 115 118.6 10. 19.8 146 153.9 163 157.6 160.9 156 157.8 161.6 161.9 164.0 165 164.6 163.0 168.0 167.8 1686 8.05 111 106 11.6 103.8 114.0 11.6 17 18 131 13.0 130. 13.8 131 134. 134 134 133.9 134. 134. 7.96 106 111 113 114.9 10 16.9 130. 13 13.0 13.9 13. 133 133 134.6 134 135 134 133 134 Source: Board of Governors of the Federal Reserve Svstem 18

NEW CONSTRUCTION [Monthly data seasonally adjusted] Private Construction contracts 3 new construction expenditures ' Residential New housing units Commercial industrial z Other Federal, State, local value index (1977=) Commercial industrial floor space (millions of square feet) Billions of dollars " 50 49.0 57.8 44 79. 37. 355.6 376.9 01 194.0 04 19 8 7.0 9.8 305 117. 101.0 85 16.6 155 158.8 174.6 90 70 70. 57 95 115 116.0 134.0 4.0 46 55.0 58 53.8 68.6 8 79.9 4 4 49 49 48 48. 51 51 48.8 55.0 53 50.8 50 55. 6.8 71. 11.0 108.0 11.0 111.0 138.0 150.0 161.0 173.0 1,059 904 919 690 756 955 ' 1,097 996 Annual rates Annual rates - Dec : Jan Feb Mar Apr June July r Aug r Sept T T Oct Nov" Dec" 365.6 373 373.9 368.0 373.9 374 375 380 38.6 38.6 384 377.9 376.0 300.6 305 305 98.9 303 30.6 304.6 309.0 310. 308.6 310 307 30.6 16 163 164 165.6 170 17 174 178.8 178.8 178 181.9 180.9 179.0 118 14 16 19 13 135. 136.6 137.8 138 139 139.9 139.0 88. 88 87 81 8 78 78 79 81 79 77 76 73.0 50.6 53 53 5 51.0 51 5 50.9 50 50.9 51 50 50.6 64.9 68.0 68 69. 70.6 71.9 70.8 71 7 74.0 7 70.6 73 16 154 174 163 186 171 169 171 168 158 170 171 175 951 848 941 840 1,011 91 911 877 949 970 861 1,05 940 1 Includes the following categories of private construction not shown separately: residential improvements, railroads, electric light power, gas, petroleum pipelines, farm nonresidential. Includes hotels motels. 3 F. W. Dodge series. Sources: Department of Commerce (Burcai of the Census) McGraw-Hill Information Svstei Company, F. W. Dodge Division. NEW PRATE HOUSING AND VACANCY RATES [Thouss of units or homes, except as noted] New private housing units Units started, hy type of structure 1 unit -4 units 5 or more units Units authorized Units completed New private homes Homes sold Homes for sale at end of period ' Vacancy rate for rental housing units (percent) " 1,745 1,9. 1,084. 1,06. 1,703.0 1,749 1,74 1,806.6 1,194 85. 705 66.6 1,067.6 1,084. 1,07 1,179 1.0 109 91 80.0 113 11 93 83 49.0 330 87 319.6 5.0 544.0 576 54 1,55 1,190.6 985 1,000 1,605. 1,68 1,733 1,761 1,870.8 1,501.6 1,65 1,005 1,390 1,65. 1,703 709 545 436 41 63 639 688 749 3 398 336 7 51 300 356 349 36 5 5 5.0 5 5 5.9 6 Seasonally adjusted annual rates : Nov Dec : Jan Feb Mar May June July Sept Oct r Nov r Dec" 1,654 1,88,034,001 1,960,019 1,853 1,85 1,78 1,795 1,664 1,68 1,585 1,80 1,006 1,098 1,335 1,0 1,1 1,4 1,41 1,30 1,137 1,186 1,10 1,085 1,087 1,09 76 83 107 115 84 79 83 80 81 89 59 8 67 57 701 59 684 655 698 59 54 564 50 503 461 431 493 1,668 1,839 1,861 1,808 1,834 1,885 1,788 1,79 1,759 1,673 1,603 1,565 1,613 1,910 1,71 1,76 1,778 1,75 1,806 1,693 1,89 1,60 1,761 1,763 r 1,743 1,733 1,749 7 79 735 741 94 880 787 7 698 618 r 745 678 685 77 353 349 35 35 338 336 336 340 349 r 35 r 355 357 354 36 6 6.9 7 7 7 1 Seasonally adjusted. Quarterly" data entered in last month of quarter. Series beginning not strictly comparable with earlier data. 3 New series beginning March. NOTE.Beginning, units authorized are for 17,000 p data are for 16,000 places. Source: Department of Commerce, Bureau of the Census. Tmit-issuing places for -83 19

BUSINESS SALES AND INVENTORIESManufacturing Trade Manufacturing trade sales rose 0 percent in November inventories fell $1 billion. According to advance data, retail sales rose 4 percent in December after falling 0.6 percent in November. BULK5NS OF DOLLARS* (RATIO SCALE) 650 600 550 ' ^ ^ - S\ 500 MANLJFACTURING AND 450 TRADE INVENTORIES 400 350 r---..-. -'-' 300 50 - /**' M; ~~\ 1 f \ ^NUFACTURING AN(D TRADE SA LES -**-,' "" - - BILLIONS OF DOLLARS* (RATIO SCALE) ^UU 190 180 170,^~c. 160 _^ 150 140 130 10 110 90 80 y..'^-' i g 1 ii i\ i _X XT"" \ s^ve AIL INVENTC3RIES -'"T" RETAIL SAlES _ -''--'' ^f 70 1 1 1 1 11! 1 i 1 t 1 1 I RATIC>* 0 _ INVENTORY-SALES RATIO,-, 150 1.60 10 1.0 \,_. - RETAIL MANUFACTURING AND TRADE ^*" % ~ r* X^_ I 1 1 I 1 1 1 IMMI 1 1 p p 1 1.00 1 t i 1 1 t 1 t 1 11 11 SEASONALLY ADJ STED c OURCE: DEPARTM NT OF COMMERC COUNCIL OF ECONOMIC ADVISERS Manufacturing trade * Sales Inventories 3 Sales Wholesale Inventories 3 Sales Durable stores Nondurable stores Retail Inventories 3 Durable stores Nondurable stores Inventory-sales ratio 4 Manufacturing trade ' Retail Millions of dollars, seasonally adjusted.. 60,805 98,334 38,058 356,919 344,656 368,74 410,737 44,091 399,608 451,460 494,105 58,105 509,555 50,38 575,098 583,148 66,669 79,47 93,704 10,013 96,90,44 113,404 114,494 86,405 99,6 113,478 118,59 118,149 10,65 131,544 135,940 67,31 74,96 79,963 86,777 89,339 97,858 107,755 114,495 3,368 5,59 4,914 7,089 8,059 33,041 38,817 4,851 43,863 49,397 55,049 59,688 61,79 64,817 68,939 71,645 10,694 111,098 116,346 17,01 16,497 139,381 157,845 165,34 50,136 54,108 55,117 60,37 58,95 66,98 77,14 8,875 5,558 56,990 61,9 66,874 67,545 7,453 80,703 8,449 14 13 15 14 11 18 14 17 13 14 1 11 11 14 19 10 : Nov r Dec 431,01 r 43,679 58,707 583,148 115,57 116,85 134,97 135,940 115,354 r 116,743 4,560 r 43,639 7,794 r 73,104 165,787 165,34 83,38 8,875 8,549 8,449 15 15 14 r 1 - Jan Feb Apr May July Aug Sept Oct r Nov" Dec p 431,713 46,854 40,30 48,455 41,613 45,475 47,473 49,310 44,06 435,848 436,131 584,968 585,176 588,178 588,599 586,77 588,908 591,895 590,141 588,069 591,556 590,434 115,648 113,380 11,495 114,608 109,870 11,873 114,375 114,48 117,594 117,991 117,97 136,64 136,561 137,056 137,083 137,506 138,793 139,753 139,74 139,878 139,11 138,837 117,349 117, 116,684 117,715 118,675 118,960 119,804 11,53 18,331 11,655 T 10,937 16,55 44,187 43,949 43,79 44,874 45,554 45,596 46,31 47,91 54,617 47,679 T 46,706 51,447 73,16 73,51 73,405 7,841 73,11 73,364 73,49 73,611 73,714 73,976 r 74,31 74,808 167,987 169,379 171,551 17,158 170,869 171,705 173,59 17,96 171,617 176,338 175,181 84,755 85,863 88,13 88,63 87,198 88,81 90,71 89,380 86,578 90,134 89,43 83,3 83,516 83,419 83,895 83,671 83,44 83,58 83,546 85,039 86,04 85,749 15 17 10 17 19 18 18 17 13 16 15 13 15 17 16 14 14 15 1 14 15 15 * See page 1 for manufacturing. Monthly average for year total for month. 3 Book value, end of period, seasonally adjusted. 0

MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS In December, manufacturers' shipments new orders rose, while inventories unfilled orders fell. BILLIC)NS OF DOLLARS* (RATIO SCALE) 40 160 10 80 60 40 BILLIC3NS OF DOLLARS* (RATIO SCALE) 40 160 10 80 60 40 - - SHIPMENTS ~~" N! 1 - -..-.a"" 4 "' NO M NEW OT'P''^ '- ---x^' TOTAL ^DURABLE GOODS 1 M 1 1 _ ' "" ^-p-t~ JRABLE GOC ^H NON DURABLE G DODS 1 1 M 1 1 M ^s -.. I 1 M 1 ^. ^v '^-~-^- BILLICDNS OF DOLLARS* (RATIO SCALE) 360 30 80 40 160 10 80 60 40 RATI..0 1.6 1 1. INVEN TORIF^". - n 1 1 iln 1 il ii,,, 3* r^total -"X \ DURABLE GOO 3S --V NO ^DURABLE C OODS I 1 M INVENTORY-SHIPMENTS RATIO ^ -, h\ H 1 1 t 1 N It ^- ^ E 1 ii ii il, 1 1 ii ^-1 1 I I I 1 i t I 1 11 1 - -~ -^-X imil s SEASONALLY ADJU OURCE: DEPARTME STED NT OF COMMERCE COUNCIL OF ECC NOMIC ADVISERS Manufacturers' shipments 1 Durable Nondurable Manufacturers' inventories Durable Nondurable Manufacturers' new orders l Durable Capital industries, nondefense Nondurable Manufacturers' unfilled orders 3 Manufacturers' inventory shipments ratio 4 Millions of dollars, seasonally adjusted " - Dec - Jan Feb Mar May July Aug Sept Oct Nov" Dec p 143,936 154,391 168,19 159,07 170,441 189,578 195,10 195,635 199,084 198,716 196,74 191,051 196,13 193,068 193,64 193,94 193,305 196,81 196,0 197, 03,605 76,060 77,550 83,87 76,693 84,951 98,50 103,649 105,745 105,777 105,631 105,545 10,693 106,59 103,67 104,553 104,980 104,154 106,07 107,443 r 106,669 111,631 67,876 76,841 84,57 8,334 85,491 91,076 91,45 89,891 93,307 93,085 90,79 88,358 89,540 89,396 89,089 88,314 89,151 90,54 88,759 90,553 91,974 41, 64,81 8,645 64,909 60,68 85,709 81,884 75,846 81,884 80,357 79,36 79,571 79,358 78,35 78,410 78,613 77,473 76,574 76,007 76,416 75,846 160,533 174,60 186,347 175,103 171,69 191,109 189,164 183,8 189,164 188,518 187,644 188,333 188,031 187,637 187,148 186,858 186,045 186,10 185,358 185,496 183,8 80,567 89,661 96,98 89,806 89,053 94,600 9,70 9,04 9,70 91,839 91,59 91,38 91,37 90,715 91,6 91,755 91,48 90,47 90,649 90,90 9,04 147,403 156,161 167,75 157,55 173,59 191,634 195,803 195,777 01,13 01,133 198,559 19,996 193,151 19,1 191,795 194,560 19,836 199,399 19,50 199,454 01,913 79,451 79,360 83,553 74,996 87,631,611 104,305 105,833 107,531 108,194 107,545 104,68 103,747 10,64 10,730 106,0 103,845 108,73 103,569 r 108,86 109,838 3,31 3,59 4,050 0,681,764 7,017 7,15 7,179 30,566 4,88 8,637 6,540 6,179 6,145 6,41 7,387 6,35 8, 6,91 r 8,44 30,116 67,953 76,801 84,199 8,60 85,67 91,04 91,499 89,943 93,68 9,939 91,014 88,314 89,404 89,498 89,065 88,340 88,991 90,676 88,933 90,68 9,075 30,145 33,393 319,094 96,918 330,94 355,640 363,809 365,437 363,809 366,6 368,511 370,456 367,475 366,59 364,68 365,948 365,479 368,597 364,897 367,19 365,437 17 1.66 1.64 13 1 15 16 1 1 11 1 16 1 14 14 14 14 11 11 10 15 1 Monthly average for year total for month. Shipments are the same as sates. Book value, end of period. 3 End of period. 4 For annual periods, ratio of weighted average inventories to average monthly shipments; for monthly data, ratio of inventories at end of month to shipments for month. Souree: Department of Commerce, Bureau of the Census. 1

PRICES PRODUCER PRICES In December, the producer price index for all finished was unchanged, seasonally adjusted. The index for finished consumer foods fell 0 percent while the index for other finished consumer rose 0. percent. The index for capital equipment was unchanged. INDE, <, 1967 = (RATIO SCALE) INDEX, 1967= (RATIO SC 340 30 FINISHED GOODS SEASONALLY ADJUSTED :ALEJ 340 30 300 80 60 40 0 i r^a t rf /& W TOTAL FINISHED GOODS '//\ "CAPITAL EQ ^^,»*-' JIPMENT COr-JSUMEpyr LUDING FOOD5 GOOD S ^s~?l. \. *~*"~ r - '' ^*ap _- -~ pc-^"/^ DNSUMER FO( vrjc; V^: 300 80 60 40 0 180 \-t>\ i i i 1 1 1 1 M 1 1 I t 1 1!! i i t i i i i i M 1 1 I t 1 1 Mill I l I 1 1 i \ \ i 1 1 t I I l l 180 SOURCE; DEPARTMEN F OF LABOR COUNCIL OF ECONOMIC ADVISERS [1967 = ; monthly data seasonally adjusted] Finished Intermediate materials Crude materials finished Consumer foods Finished excluding consumer foods Consumer Durable Nondurable Capital equipment finished consumer Foods feeds ' Other Foodstuffs feedstuffs Other " : Dec - Jan Feb May July Aug T Sept Oct Dec 17 47.0 69.8 80 85. 91 93 89.6 98 96 91 88 87.0 88 88.8 87.0 88.0 89 90 90.9 90.9 39 5 59 6 73 71. 78.0 76 74.9 70 70 71 74 74.6 79.6 84.0 83 85 85 84 13 47.8 73 85.8 90.8 94.8 99.0 91 303 300.9 96 9. 90.0 90 91. 86.9 86 88.8 89. 90.0 90 11 50.8 76 87.8 91 94 97 83 301.9 98.8 9 86.0 8 83 83.8 77 77. 79.8 79 80 81.0 183. 0 18.6 6 33 3 41 46.9 4 4 4.9 43 45.9 45 46 46 46 48. 51.6 5. 5 31 83.9 319.6 33 335 337 339 311 346.0 341 38 317.9 310 31 31 301 300 30 301.0 30 30.9 16 39.8 64 79 87. 94.0 300 306 303.8 303 303 304 305 305 306.0 306 306 307 309. 310 310 17.9 48.9 71 81.0 84.6 90 9 84.9 96 94 87.8 84 81.9 83 83.9 81 8.8 84 85.0 85 85 4. 80 306.0 310 31 30.0 318 307.6 319.9 318 313.8 310 307 30 306 304. 304. 305.8 304.9 305 305.9 6 5.6 50 39 47.9 53 3.8 30. 33.9 3.8 9 9.0 7 8.6 8 8.9 31.6 3.8 31.0 3 3 44 8 310 315 317 35.0 35.0 313 3 34 30.0 316 31.9 311.9 31 309.8 309.6 311. 310 310.9 311 74 304.6 39.0 319 3 330.8 306 80.0 307.0 30.9 86.6 80. 70 76 75.0 76.0 76 77 8 81.9 77 47.9 59. 57 47.8 5. 59 35.0 30.6 39 33.8 5 3 16 5.8 4. 31.6 38. 34 40.8 40 35.6 330.0 401.0 48 473.9 477 484 459. 38 45 45 418 403 388 386.0 385. 37 359. 369 370.0 370.9 367.0 1 Intermediate materials for food manufacturing feeds. Source: Department of Labor, Bureau of Labor Statistics.

CONSUMER PRICESALL URBAN CONSUMERS In December, the consumer price index for all urban consumers rose 0. percent, seasonally adjusted (0 percent not seasonally adjusted). The index was 1 percent above its year-earlier level. INDEX, 1967= (RATIO SCALE) 340 INDEX. 1967 = (RATIO SCALE) 340 30 30 300 300 80 ALL ITEMS 80 60 60 40 40 0 0 180 i M i ill m; 180 SEE NOTE ON TABLE BELOW SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [1967, except as noted; monthly data seasonally adjusted, except as noted by NSA] Housing Transportation All items l NSA Food ' Renters' = ) Shelter Homeowners' costs (Dec. =) Maintenance repairs NSA Fuel other utilities J New cars Motor fuel Medical care Apparupkeep Energy All items less food, energy, shelter Rel. imp. 3. : Dec : Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec.0 17 4 7 89 98 311 3. 38 37 38 37 36.0 35 36 37.9 38.0 38.6 330. 330 330.8 331 18 34 54.6 74.6 85 91 30.9 309.8 319 315. 315.9 313.8 314 315.0 316 316 319 3 33.9 35.0 36 37. 37.9 7.6 63 93 314 33 336 349.9 360. 35 357 35 357 358 358. 360 360. 361 361.9 36 361.6 36.6 39 81 314 337.0 344.8 361 38.0 40.9 391.9 393 394.8 397 400 401.0 40 40 404.8 406 408 409. 410 7 103.0 108.6 115 11.9 118 118.8 119. 119.8 11 11. 11 1 1 13. 1 14 14 14 10 107 113 119 11 116.6 117.0 118.0 118.9 119 119 119.6 119.9 10.6 11 11. 11 0 56 85 314 334 346 359. 368.9 373.8 373 379 379.6 367 367.6 367 366.6 369. 376 37 379.0 377 380.0 8 39 78.6 319. 350.8 370 387 39 384 396 397. 39 388 385 38 388.9 383 38 38 377 374 374. 5.0 166.6 178 186.9 19 196. 06.0 07.8 08 07 06.6 06 06.9 06 05.8 0 07 09 09.9 10 10 1 1.0 49 80.0 91 98 311 319.9 307 33.9 35 30.9 31 304.0 304.9 307 30 300.8 30.0 30 303.8 304.6 3 166.0 179 190. 197.6 0.6 08 15. 4 18 18.6 19 19.9 1. 3.0 4 5. 5.8 6 8.0 30.0 31 5 65.6 369 410.9 389 376 370 373.8 9 379 380 357. 314.8 79 86 95.0 75 6 69. 6.9 61 63. 6 39 65.9 94 38 357 379 403 433 415 417 40 44 47. 49.8 43.8 435.0 437 440 44.6 444 447 11 75.9 361 410.0 416 419 4 46 370 430 430.8 414 387 365. 36 374.8 359.6 35 355.0 347 344.9 346 48.0 191 08 8 45.6 58 71. 81.6 91. 8 87 88.0 88.6 89 89 90 91 9 9 93.9 94.9 95.8 NOTE.Data beginning incorporate a rental equivalence measure for homeownership costs therefore are not strictly comparable with figures for earlier periods. Source: Department of Labor, Bureau of Labor Statistics. 3

CHANGES IN PRODUCER PRICES FOR FINISHED GOODS I'eriod finished Change from preceding period Consumer Foods Excluding foods Capital equipment Change from :5 months earlier, amu al rate finished Consumer Foods Excluding foods Capital equipment Change from 6 months earlier, annual rate finished Consumer Foods Excluding foods Capital equipment Change from year earlier, total finished NSA Change, Dec. to Dec., NSA " 1 7 3.6 1 5 7 7 1. 3.9 17 14. 8 4. -.8.8.0-6.9 8.8 11 9. 3.9 1.9 1 11 13 9. 4.0 1.6.9-1 Change, month to month : Dec 0.6 1.0 0.6 0 9. 16.0 7.8 5.6 3. 6 : Jan Feb Mar May July Aug r Septr Oct Nov ' Dec -1.6-1.0 -.6 0 -.6 1 1 -.0 1.6 0.9 - -1.0 - -.0-1. j.9 -.0.0. 0-6 -1-11 -3.8 0 4 4. -4.9-8 -5 6 5.9 13 14. 13.0 9.0.0 1-10 -19-0 -11.0-3.0-6.9-8 -5 3. 4 1.8 1 1 3.8 4.8 3. 1. 1. -5.0-5 -6-6 -.6 1 1 3.0 1.0 3-1 3 10 9 11 7.9 7-3.8 - -10-10.8-11.6-13 -9.8-4 -.0 - -.0 1 1.6 3 1 1 1.0 1.9..6 3 1 -. -1 -.0 - -1.6 - - -.9-1 -1.9 - Source: Department of Labor, Bui CHANGES IN CONSUMER PRICESALL URBAN CONSUMERS [Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA] All items 1 Food ' ' Housing Shelter Renters' eosts Homeowners' costs ' Transportation New cars Motor fuel Fuel other utilities Appare! upkeep Medical care Energy All items less food, energy, shelter Addendum: All iterns, percent change (annua rate) From previous quarter 3 From 3 earlier From 6 months earlier From year earlier NSA Change, December to December, NSA 13 1 8.9 3 9 3.8 4.0 3.8 1 10. 10. 4 3 1.6 3.8 3.8 15. 13 10. 3 6 3 4. 4 17 15 9.9 4 4 5. 6.0 4.6 5 5.9 6 5.0 4 5 5.9 4.6 16.0 1 14.0 9 4. 1.9-5 5 1.6.9.0.9.9 18. 14 11.0 1 3.9 3.6-5.9 7 7 1.6 3 3 5.8 5. 18.9 9-6 -1 3.0-30.6 10 10.0 1 11.0 6 6 6 7 37 18 11.9 1-19 7. 9.9 9 6 5.0 4 3 3 11 13 10 6 3. 4 1.9 Change, month to month : Dec 0 0.6 0 0 0 0 0-0.0 0 0 0 0 0 0 4 5 3.8 3.8 : Jan Feb Mar Apr May June July Ang Sept Oct Nov Dec A - -.0...9.9. - 9 -.0 -.0 -.6.9 0 o '..0 1..9.8 0.6. j -1.0 -.9 1-1 -1. - -.0 - - -. - 9.8. 9 0 1 -.8.8-1. -.9..6.8.6..8.9.6. -6.0-11.9-11. 3.0-6.6-4.6 - -.6 1.0.6.6.0.6.6.6-3.8-6 -5.8-4 -1.9 -... 1-1.6.8 5 1. -1.9-4 - 1. 3 4.9 1.6 - -. -.8.9 3.9 3. 1.6 1.6 1 1.6 1.6 1 1 1 Source: Department of Labor, Bui of Labor Statistics. 4

PRICES RECEED AND PAID BY FARMERS Prices received by farmers in January fell 1 percent from their December level. Prices paid by farmers in January rose 0.6 percent from their October level. INDEX, 1977= (RATIO SCALE) 180 160 PRICES PAID INDEX, 1977 = (RATIO SCALE) 180 160 140 140 10 PRICES RECEED " 10 80 80 60 inn! mil RATIO-!' 140 linn iniiliiiii I I I I I I I I Illllllllll 60 RATION 60 60 J/RATiO OF INDEX OF PRICES RECEED TO INDEX OF PRICES PAID- SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS [1977 = ] Prices received by farmers Prices paid by farmers All farm products Crops Livestock products All commodities, services, interest, taxes, wage rates l Production items, interest, taxes, wage rates Production items Ratio r r r r - Jan r Feb r Mar r Mav r July r Aug r Sept/ Oct r Nov r Dec 1987- Jan 13 134 139 133 135 14 18 13 14 1 1 11 13 1 15 15 1 11 14 11 119 116 15 134 11 18 138 10 106 113 110 111 114 115 110 106 101 97 97 103 99 99 147 144 143 145 141 146 136 138 135 133 13 17 131 133 143 149 146 145 145 141 139 13 138 151 159 161 165 163 159 161 161 159 159 158 159 15 139 151 159 159 16 157 151 153 153 151 151 149 149 15 138 148 153 15 155 151 146 149 148 145 144 14 143 107 97 9 84 84 86 79 77 77 76 76 76 77 77 79 79 77 77 78 77 75 Source: Department of Agriculture. 5

MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES In December, growth accelerated in Ml the broader aggregates. BILLIONS OF DOLLARS*(RATIO SCALE) 3,600 3,,300,400,000 -M3- BILLIONS OF DOLLARS*(RATIO SCALE) 3,600 3,,800,400,000 1,600 _M 1,600 1, 1, 800 700 600 500 800 700 600 500 400 400 300 AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted] Ml M MS L Debt Percent change from year or 6 months earlier Sum of currency, dem deposits, travelers' checks, other checkable deposits (OCDs) Ml plus overnight RPs Eurodollars, MMMF balances (general purpose broker/dealer), MMDAs, savings small time deposits M plus large time deposits, term RPs, term Eurodollars, institution-only MMMF balances M3 plus other liquid assets Debt of domestic nonfinancial sectors (monthly average) 1 Ml M M3 Debt ' Dec - Dec ' Dec - Dec ' Dec - Dec... ' Dec ' Jan Feb Mar.. Mav Julv Sept T Oct ' Nov r Dec " 388 414. 441 479.9 57 558 66.6 730 67. 631.0 638 646 658 66 676.0 687.6 693. 701. 713 730 1,497 1,630 1,79.8 1,95.6,186.0,373.8,566,804,569.9,577,59,6.,649,670.8,699.,74,740.8,765.,781,804 1,803. 1,987,3,443,697,986 3,01. 3,488 3,4 3,41 '3,6.6 3,93 3,315 3,339.0 3,375 3,400 3,45.6 3,444 3,461 3,488,114.8,33,593,850 3,163 3,53 3,839 3,86. 3,881. '3,895 r 3,918.6 r 3,951.0 ' 3,973 r 4,003 T 4,03 1 4,059 4,08 4,11. 3,556 3,898.9 4,79. 4,661 5,10 5,949.8 6,778.6 6,878 6,93 6,968,09 ',101 ',17. ',38 r,314.8,387. 7,444 7,519 7 6.6 6 8.8 9.8 6.0 1. 16.6 10 8.9 9.0 10 13. 1 18 17.9 17.8 17 0.0 7.8 8.9 10.0 8.9 1.0 8.6 8 9 6.0 5.0 5.0 6 7.9 8 10 11 1 11. 10. 10 9 10. 1 9 10 10 7. 9.0 7 7. 7. r 8. 8.6 8.8 9.6 10 10. 9 9.0 9 1 9.6 9.8 8.9 1 14. 13.9 16.0 15. 14 14.6 14.0 r!.0 10 r!1.6 1 1. 1 1 Consists of outsting credit market debt of the U.S. Government, State local govei ments, private nonfinancial sectors; data from flow of funds accounts. Annual changes are from December to December monthly changes are from 6 months cr at a seasonally adjusted annual rate. NOTE.See p. 7 for components. Source: Board of Governors of the Federal Reserve System. 6

COMPONENTS OF MONEY STOCK AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted, exeept as noted hv XSA] Currencv Dem deposits Other checkable deposits (OCDs) Money market mutual fund balances Overnight repurchase agreements (RPs), net, plus overnight Eurodollars General purpose broker/ dealer Institution only Money market deposit accounts (MMDAs) Savings deposits Small denomination time deposits ' Large denomination time deposits 1 1 Term repurchase agreements (RPs) Term Eurodollars (net) Savings bonds Shortterm Treasury securities Bankers' acceptances Commercial paper NSA NSA NSA NSA NSA NSA : Dec : Dec : Dec : Dec : Dec : Dec : Dec : Dec ".. : Jan Feb Mar Apr May June July Aue& Sept r Oct r Nov r Dec p 106 116 14 134 148 158 170.6 183 171.9 17.9 173.9 174 175.8 176 177 179.0 179 181. 18. 183 61 65 34.6 37.9 4 48 71 307.9 68.9 69. 73. 75 81.6 84.9 88 9 9. 93. 98 307.9 17 8.0 78.0 103 131 146 178.6 3 180 183 185 189.9 195 199.0 03.8 10 14.8 0 6 3 1. 8 33 61.6 35.9 150.6 38.8 185. 53.8 138. 56 167 70 176 75 07. 68.9 68 67.6 68.6 69. 66 71.9 74.6 7 77. 75.8 75 177 181.0 18 191 193. 197 199 0. 06.9 07.0 07. 9 15. 38.0 51 43. 6 64.6 84 67 67 70. 74 76 75.0 77 80.8 84 84 84 84 0.0.0.0 43. 379. 417.0 51.0 570.6 515 516 50 55. 530.8 540 546 553 558 563.8 568 570.6 43.9 401 344.8 357.9 306.6 89 30 371 304.0 304.9 306.9 311 318 35.0 331. 337.6 344 353.8 363 371 635 730. 85 85.8 785. 887 880 85 885.9 891.0 894 895.9 891. 885.6 883 877. 871 86 854.9 85 59.0 30 37.8 39.9 413.9 436 444. 447.9 451 450 45 446 445 445.9 448.0 447 44.9 44.8 444. 9 34.0 36.0 34 5 6. 66.0 81 68.8 70.6 71.6 71 74. 75 75.0 75 78.0 77.8 8 81 44 50 67 81 91 83 76 83 76.0 79. 8 81 79.8 80 78.6 78 8 79.0 80. 83 79.6 7 67.8 68.0 71. 74 79 79.9 80 81 8 8.6 83 84 85 86 87.8 89.9 107.8 133 149.6 184 14.9 66.0 308 r 305.6 r 307.8 r 300 r 99 r 30 r 300. r 9 r 88.6 89 87.6 98 7. 3 39.9 44 44 4 41 41.6 4 41 41.0 40 40 39 r 37 36 38 37.8 97.0 98 10.8 109.9 135.6 16 09 10.6 09. 09 03.0 06 10.6 1 19 1 4 4 1 Small denomination large denomination deposits are those issued in amounts of less than $,000 more than $,000, respectively. NOTE.See note p. 6. Travelers checks are a component of money stock but are not shown hei Source: Board of Governors of the Federal Reserve Svstern. CONSUMER INSTALLMENT CREDIT [Millions of dollars; seasonally adjusted] Installment credit outsting (end of period) Automobile Revolving Mobile home Other Net change in installment credit outsting 1 Automobile Revolving Mobile home Other 1977: Dec - Dec : Dec - Dec - Dec... - Dec - Dec... - Dec - Dec - Nov Dec ' Jan Feb Mar... May June... July Sept... Oct r Nov p 1,475 61,976 96,483 97,667 314,31 37,173 376,39 453,580 535,098 58,61 535,098 54,753 547,85 550,939 555,810 56,67 r 567,653 573,16 r 576,609 584,334 591,54 595,560 80,948 98,739 11,475 11,55 10,00 15,369 145,908 173,1 06,48 03,766 06,48 10,661 13,34 14,361 15,814 18,965,606 r 6,34 r 8,814 r 36,80 40,548 41,39 36,689 45,0 53,357 54,894 60,750 66,007 78,369 98,514 118,96 117,050 118,96 119,68 10,74 1,131 13,44 14,545 r 14,70 15,577 15,915 16,01 16,514 18,10 16,36 16,91 18,07 19,119 0,38 0,998,194 4,184 5,461 5,315 5,461 5,371 5,573 5,584 5,513 r 5,560 r 5,479 5,398 5,15 4,958 4,994 5,09 87,476 101,114 11,444 111,399 113,169 114,799 19,768 157,760 184,859 18,490 184,859 187,039 188,1 188,863 191,041 r!93,197 194,847 196,007 196,665 197,084 199,485 01,036 33,693 40,501 34,507 1,184 16,654 1,85 49,066 77,341 81,518 5,643 6,477 7,655 5,099 3,087 4,871 6,457 5,386 5,564 3,393 7,74 7,08 4,018 14,17 17,791 13,736-0 7,765 5,349 0,539 7,14 33,360 1,77,716 4,179,68 1,019 1,45 3,151 3,64 3,68,579 7,466 4,68 844 0,094 8,513 8,155 1,537 5,856 5,57 1,36 0,145 19,78 1,83 1,46 1,386 1,04 1,407 1,311 1,103 175 857 338 97 50 1,588 64 559 1,86 91 1,63 616 1,196 1,990 1,77-5 146-90 03 11 71 48-81 -81-183 -57 37 35-1,15 13,638 11,330-1,045 1,770 1,630 14,969 7,99 7,099,044,369,180 1,173 651,178,155 1,650 1,160 659 419,401 1,551 1 For year-end data, change from preceding vear-end; for monthly data, change from preceding month. Source: Board of Governors of the Federal Reserve Svstem. 7

' BANK LOANS AND SECURITIES, AND RESERVES Commercial industrial loans rose 3. percent in December. BILLION S OF DOLLARS * (RATIO SCALE),,000 1,800 1,600 1,400 1, 1,000 800 ALL COMMERCIAL BANKS r^---] ^^- ' ^^ I - r^ 1 JANS AND LEA -^^. -] BILLIONS OF DOLLARS * (RATIO SCALE) _,. _-- --. *""",- ",,000 1,800 1,600 1,400 1, 1,000 800 600 600 400 400 160 10 =, - ; ^ =-' U.S. GC VERNMENT SECURITIES \ \ " r^. * --- -, \ 1 C JTHER SECURIT ES. ', -- x ' '" '' 160 10 80 iimlinii [ 1 1 i 1 iiiniiiiii miilmn illlillllil nmlmii umlinii Illllllllll illllllllll 80 SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEW COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted, except as noted] All commercial banks 1 Depository institutions 3 loans securities z Loans leases Commercial industrial loans U.S. Government securities Other securities Reserves adjusted for changes in reserve requirements Nonborrowed Required Borrowings (millions of dollars, unadjusted) Seasonal : Dec : Dec : Dec - Dec - Dec.. : Dec - Dec : Dec p - Jan Feb Mar Apr Mav July Aug Sept r Oct ' '. Nov" Dec p 1,13 1,40 1,308. 1,401 1,553 1,7.6 1,900,079 1,930.0 1,935 1,944.6 1,947.9 1,957 1,963 1,985.0,007,09.6,034.0,049.0,079 849.9 915 968 1,033.9 1,13 1,319 1,449 1,576.9 1,469 1,473 1,49 1,495.8 1,501 1,505 1,513 1,54 1,534 1,537 1,549 1,576.9 91 37 355.9 39 414.0 47.9 499 536 50 50 506 507.8 506 508 508 510 51 514 50 536 144 170.6 179. 01.9 59 60.9 73 309 68. 7 69 70.0 74 74.8 85 90.9 94 99.6 304.8 309 14.0 154 160.6 165 170 14 177.6 193 19 188 183 18 181.9 18 186 19 196 194.8 193 95 30.99 39 341 366 391 45.61 55.64 45.88 467 47 47.8 488 495 509 51 51 50 r 53.8 55.64 7.67 90 315 338 358 36 44.9 54.81 451 459 460 468 470 48.64 495 505 50.80 516 r 53.07 54.81 80 308 37 33.91 359 38.66 445 54 447 45 45.97 467 474 481 498 508 51.08 51.66 r 5.85 54 1,473 1,690 636 634 774 3,186 1,318 87 770 884 761 893 876 803 741 87 1,008 841 75 87 81 116 54 33 96 113 56 38 36 56 68 73 94 108 116 144 137 99 70 38 -related institutions. Data beginning January are not strict!; 8

SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses Internal ' External Credit market funds Securities mortgages Loans short-term paper Other Capital expenditures 3 Increase in financial assets Discrepancy (sources less uses). r : I HI : I n m p ' 38 r 35.6 347.6 38 37.6 431 503 483 43. 41.9 505.0 573. 413 T 456.0 389.6 18 197.6 39 4 85 36 35 339 350 365. 355 361 355.6 359.6 146 155 147 143.0 85 145.6 177 130.6 9.8 71.6 139.8 18 51,8 30.0 85.0 87.8 94 93 80.6 87.6 116 8 71 58. 53.0 145.6 87 67 15 r 33 r 1.0 53.8 44.0 57 r -10.0 15-10 9 17.0 4.8 5 50 17 5 66.9 41. 70.9 36.6 30 16 6 8 8.8 36.0 10.8 35 17.0 -.0 r 61. r 67 53. 49 4 r 58.0 60 r 48 1 13 8 7 r -35 33 14.6 r 309 36.8 343. r 349. 9.0 399 469 438 r 407.8 406.6 417 5 393.0 r 430.9 344 16.9 38 44 86 56 74.8 371. 353 340 349.8 349.0 373 380. 354 336 9 14 99 6.8 35 14 97.9 85 67.8 5 68 148.8 76 8 19. -10 4 33 35.6 3. 34 44.6 4 15 87 50.9 0.6 5 45.0 1 Undistributed profits (after inventory valuation capital consumption adjustments), capital consumption allowances, foreign branch profits, dividends, subsidiaries' earnings retained abroad. * Consists of tax liabilities, trade debt, direct foreign investment m the L.S. 3 Plant equipment, residential structures, inventory investment, Government. Source: Board of Governors of the Federal Reserve Svstem. leral rights from U.S. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS [Billions of dollars, except as noted] End of period Cash U.S. Government securities Current assets Notes accounts receivable Inventories Other current assets Current liabilities Notes accounts payable Other current liabilities Net working capital Current ratio 1 QFR-FRB series: : - I m - I nm - I p 1,043 1,14.8 1,38 1,419.6 1,437 1,575.9 1,703.0 1,784.6 1,575.9 1,619 1,650.0 1,685.9 1,703.0 1,7 1,734.6 1,763.0 1,784.6 1,795 105 118.0 17.0 135.6 147.8 17 17 189. 17 167.6 164.9 161 17 167 167 176 189. 195 17. 16 18 17 3.0 31.0 3 33.0 31.0 35 37. 33.0 3 35 35 3.6 33.0 31.0 388.0 459.0 507 53 517 583.0 633 671 583.0 606 6.6 639 633 650 654 661.0 671 663 43 505 543.0 584.0 579.0 603 656.9 666.0 603 6. 63 659 656.9 665 666 675.0 666.0 679.6 101 116.0 13 149 169.8 186 03. 4.9 186 187.9 19.9 193. 03. 03 11. 18. 4.9 6 669 807 890.6 971 986.0 1,059.6 1,16 1,3 1,059.6 1,093 1,16 1,155.0 1,16 1,174 1,18.9 1,11.9 1,3 1, 383.0 460.8 514 547 550 595 647.8 68 595 601.9 63 64. 647.8 636.9 651 670 68 668 86 346 37 44 435 463.9 515.8 550.9 463.9 491. 50.9 51.9 515.8 537 531. 541 550.9 553.9 374 407 437.8 448 451 516 539 551.0 516 56 53 530.8 539 548.6 551 551 551.0 573 159 105 19 16 158 187 164 147 187 18 165 160 164 167 166 155 147 169 the Department of Commerce, Bureau of the Census from the Federal Trade Commission. Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau of the Census), Federal Trade Commission. 9

INTEREST RATES AND BOND YIELDS Interest rates fell in January. PERCENT PER ANNUM 16 T PERCENT PER ANNUM 16 1987 COUNCIL OF ECONOMIC / [Percent per annum] 3-month hills (new issues) l U.S. Treasury security yields Constant maturities 3-year 10-year High-grade municipal bonds (Stard & Poor's) s Corporate Aaa bonds (Moody's) 4 Prime commercial paper, 6 months * Discount rate (N.Y. F.E. Bank) 5 Prime rate charged bv banks 5 Ne\v-home mortgage yields (FHLBB) 6 14.09 10.686 8.63 98 78 5.98 144 1.9 105 19 9.64 7.06 13.91 13.00 110 14 10.6 7.68 11.3 117 97 105 C 98 78 147 139 1.04 11 117 9.0 146 19 8.89 106 8.01 69 131 11.0 80 8.80 7.69 63 18.87 14.86 109 1.04 9.93 83 140 154 17 18 115 107 - Jan Feb Mar Apr May July Sept Oct Nov.. Dec 7.04 7.03 69 6.06 6 1 5.84 57 59 58 55 59 81 80 70 6 7 71 6 69 6.6 66 66 63 99 80 78 70 71 7.80 70 77 75 73 7 71 8.06 74 7.07 7 7.67 7.98 7.6 71 74 7 6 6.93 10.05 9.67 9.00 89 9.09 93 8.88 8 8.89 8.86 8.68 89 7.6 74 7.08 67 63 6.63 4 5.83 5.61 5.61 5.69 5.88 70-70 70-70 70-7.00 7.00-60 60-60 60-60 60-6.00 6.00-50 50-50 50-50 50-50 50-50 90-90 90-90 90-9.00 9.00-80 80-80 80-80 80-8.00 8.00-70 70-70 70-70 70-70 70-70 10.89 10.68 10 10. 105 10.6 107 10.0 r 9.91 9.69 1987- Jan Week ended: 1987: Jan 10 17 4 31 Feb 7 55 53 58 5.3 54 58 61 68 69 67 66 7.08 7.05 7.07 7.03 75 6.63 61 6.68 63 6.61 86 80 83 81 87 56 57 53 51 58 50-50 50-50 50-50 50-50 50-50 50-70- 70 70-70 70-70 70-70 70-70 70-95 1 Bank-discount basis, Yields on the more actively traded issues adjusted to constant i laturities bv the Treasurv Depart men t. 3 Weekly data are Wednesday figures, 4 Series'excludes public utility issues for January 17, through October 11, 1084 due to lack of appropriate issues. 5 Average effective rate for year; opening closing rate for month week. 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees charges as well as contract rate assumed, on the average, repayment at end of 10 years. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, Stard & Poor's Corporation. 30

COMMON STOCK PRICES AND YIELDS Stock prices rose in January. INDEX, DEC. 31, 1965 = 50 160 INDEX, DEC. 31, 1965 = 50 160 140 140 10 COMPOSITE STOCK PRICE INDEX (NYSE) -V 10 80 80 60 60 40 PERCENT 0 Illlll 40 1987 PERCENT 0 10 - EARNINGS-PRICE RATIO ON COMMON STOCKS (S&P) 15 10 J I 1 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS Composite New York Stock Exchange indexes (E Industrial Transportation Common stock prices 1 Utility 3) z Finance Dow-Jones industrial average 3 Stard & Poor's composite index (1941-43=10) 4 Common stock yields (percent) 5 Dividendprice ratio Earningsprice ratio ' Jan Feb Mar Apr June July Sept Oct Nov Dee 1987* Tan 74.0 68.93 9.63 9,46 108.09 136.00 106 163 133.97 137 1377 140.8 138 140.91 137.06 1364 140.84 14 1517 854 788 1075 108.01 139 155.85 1373 144.03 155 1570 1589 1635 158.06 1600 156 1566 160 163.85 175.60 7.61 601 896 85.63 1041 119.87 115 148 18.66 167 1 10.65 11.03 111.4 114.06 10.04 1 11.6 16.61 38.91 395 47.00 464 565 716 66 658 68.06 696 68.65 70.69 74.0 77.84 746 738 757 76.07 784 73 71.99 954 89.8 114 147.0 136 143 153.94 155.07 15 1513 150.3 15.90 1456 143.89 14.97 144.9 153 93.9 8846 1,1904 1,1788 1,38.3 1,796 1,534.86 1,653 1,7575 1,807.05 1,800 1,8670 1,809.9 1,8435 1,8137 1,817.04 1,885 1,94.07,0653 18.05 1191 1601 1606 184 364 089 197 33 37.97 386 450 408 45.00 38 376 45.09 48.61 641 5.0 5.81 40 4.64 4 39 3.90 3 30 33 3 36 33 36 33 39 30 38 37 11.96 11.60 8.03 10.0 8 6.08 r 5.87 Week ended: 1987: Jan 3 10 17 4 31 139.65 1461 150.67 154.04 1550 1616 168.94 1741 1790 181.91 1184 137 16.60 18.69 19 749 779 780 795 79.89 141.04 150.80 1543 155 154.93 1,911.00 1,989.65,040.95,109.65,147.83 447 55.6 6.93 70.05 73 37 3.8 3.0 34 3.07 York Stock Exchange, Dow-Jones & Company, Inc., Stard & Poor's Corprices. Earnings- 'rice ratios based on prices at end of quarter. NOTE.All data relate to stoeks listed on the New- York Stock Exchange (NYSE). 31

FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 3 months of fiscal 1987, there was a deficit of $64 billion compared with a deficit of $75 billion a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1,,000 900 500 400 400 SURPLUS OF DEFICIT (-)L/ _ - - - - 1987 1988!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Fiscal year or period Receipts Outlays Surplus or deficit (-) Receipts On-budget Outlays Surplus or deficit (-) Receipts Off-budget Outlays Surplus or deficit (-) Gross Federal debt (end of period) Held by the public 1975 1976. 1977 79 98 81. 355.6 399.6 463 33 37 96.0 409. 458 503-53. -73-14 -5-59. -40. 16.6 31 63. 78 314. 365 71.9 30. 76.6 38 369 403-55 -70-13 49-54.9-38. 6 66 18.0 7 85 98.0 60 69.6 19 80 89.0.0-3. -1-3.9-4 -.0 544 631.9 646 709 780 833.8 396.9 480 498 55 610.9 644.6 517 599 617.8 600.6 666 590.9 678. 745 808 85-73.8-78.9-17.9-07.8-185 403.9 469 474 453. 500 476.6 543.0 594 661. 686.0-7 -73.9-10.0-08.0-185.6 113. 130. 143 147 166 114 135. 151 147 165.8 1-5.0-7.9. 914 1,003.9 1,147.0 1,381.9 1,576 715 794 99 1,14 1,31.6 1987 i 1988 1 734 769 84 916.6 946 989.8 1,015.6 1,04 1-0 -173. -107.8 547.9 568.9 68 674 769 806 81 81.9-1.6-37 -19 147 18. 14.0 4 17 183 194 0 9 16 19 39 1,87.,13.9,37,585 1,509.9 1,746 1,908,015 Cumulative total, first 3 months: Fiscal year Fiscal year 1987 177. 190.0 5 54-75 -64 134 14 10 08.0-7 -65 4.9 47 41.9 46 1 1.0 1,950,18.9 1,600 1,814 1 Estimates from Budget of Ikr United States Gorernmeat, Fiscal Year 1988, January 1887. Sources: Department o the Treasury Office of Management Budget. 3

FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 3 months of fiscal 1987, receipts were $ billion higher than a year earlier outlays were $.0 billion higher. BILLIC NS OF DOLLARS 400 RECEIPTS!/ INDIDUAL INCOME TAXES "~ BILLIONS OF DOLLARS 400 300 0 _ ' 7 " SOCIAL INSURANCE TAXES AND CONTRIBUTIONS ""CORPORATION INCOME TAXES / ^^r=^r. _. "I ~*^ OTHER RECEIPTS ' j! 300 0 700, OUTLAYS^. NONDEFENSE 700 600 \ '" 600 500 500 400 400 300 NATIONAL DEFENSE 300 _L/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS. SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET FISCAL YEARS 1987 1988 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] On-budget off-budget receipts On-budget off-budget outlays Fiscal year Individual income taxes Corporation income taxes Other National defense Social insurance taxes contributions Department of Defense, military International affairs Health Medicare Income security Social security Net interest Other 1976 1977... 98 355.6 399.6 463 131.6 157.6 181.0 17.8 41 54.9 60.0 65 90.8 106 11.0 138.9 34 36.6 37 40.8 37 409. 458 503 89.6 97. 104 116 88 95 10 113 6 6 7 7 15 17 18 0 15.8 19.8 6 60.8 61.0 61 66 73.9 85 93.9 104 6 9.9 35 4.6 8.8 93.0 114 119.8 517 599 617.8 600 6 666 44 85.9 97 88 9 98 64.6 61 49. 37.0 56.9 157.8 18 01 09.0 39 50.6 69 69 65.6 7 590.9 678. 745 808 85 134.0 157 185 09.9 7 131.0 153.8 180 04 0.8 1 13 1 1 15.9 3. 6.9 7 8.6 30 3 39 46.6 5.6 57 86 99 107 1.6 11 118 139.6 156.0 170 178. 5 68 85.0 89.8 111 131 133 1 5 1 118.6 1987 ' 1988 ' 734 769 84 916.6 334 349.0 364.0 39.8 61 63 104.8 117. 65. 83.9 301 333. 73.0 73.) 7. 73 946 989.8 1,015.6 1,04 5 73 8. 97.6 45 65.6 74. 89 1 14. 14.6 15. 33 35.9 39 38.9 65.8 70. 71.6 73.0 18. 119.8 14.9 14.8 188.6 198.8 07.9 19 19 136.0 137 139.0 13 141 137. 116 Cumulative total, first 3 months: Fiscal year 177. 190.0 84. 88.8 14.9 18.0 59 65. 18.8 18.0 5 54 67.8 68 65.9 6 4 4 8 9 17 19. 30 31 47 50 34.8 34 41 37 Sources: Department of the Treasury Office of Management Budget. 33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the third quarter of, Federal receipts rose $19.6 billion (annual rate) expenditures fell $15. billion, yielding a deficit of $197 billion. In the fourth quarter, according to preliminary estimates, expenditures rose $1 billion; receipts data are incomplete. BILLIO JS OF DOLLARS 1, SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DOLLARS 1, 1,000 1,000 800 600 400 _ - --^l r *^~~~~~~ '^^^ ^,,-,...,-;- S" EXPENDITURES V- \ ' " \ RECEIPTS -"' '"\^ s-~-^ ^ 800 600 400 0-1 1 I '! 1 1 ~~-^_~ K i i i JS OR DEFICIT H i I I 1 1 I -_. 0 - CALENDAR YEARS SOURCE; DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government receipts Personal tax nontax receipts Corporate profits tax accruals Indirect business tax nontax accruals Contributions for social Lnsurance Purchases of services Federal Government expenditures Transfer payments Grantsin-aid to State local governments Net interest paid Subsidies less current surplus of Government enterprises Less: Wage accruals less disbursements Surplus or deficit (-), national income product accounts Fiscal year:.. 198V 1 Calendar year: p - : - - I Ill - I Ill " 71.6 774.6 814 874.6 659.9 76 78 8 633 675 743.9 793 755.8 79.6 805.8 806.6 813 833 30 340. 355.8 368 94 309 345.6 36 303.0 91.9 35 360 316.6 349.6 355.6 350 355 365.8 375 6 76 71 83.0 108.9 61 75.9 7 83. 46 70. 69.9 70 69.9 7 77. 77.8 80 84 54.9 56 5. 53.8 51.6 55 56 5 47.6 5 55.9 55 59 53.9 56.0 5 50 53 5 79.0 30 33 343. 5 85 311 38.9 36 59.8 9.6 306.9 310.0 31. 317.0 35.8 37. 39.6 333 873.9 96 1,05 1,060 835.9 896 984.9 1,030. 835 844 934.0 955 970.6 990 1,03 1,001 1,045 1,030 1,043.0 97.8 341 367 384.8 83 311 354 367. 93. 76 39 333 340.9 360.9 380.9 355 367.6 369 376 35 374. 394. 409 348.6 355.0 380 397 347 35 36 374. 377. 384 385.9 389 396 403.0 401 90 97 107 104.6 8 9 99.0 104.0 84 86.0 96.9 95 98. 101.6 103 106.9 108.0 97 109 18 13 138 94 115.6 130 135.8 87. 101.0 14.9 17.6 130.9 19.8 133.9 135.0 138 134 135 3 0.9 19.9 5.9 1 0 5.6 3 9 1 4 15 1 18.0 36 15 3 0 -.0.0. _^.0.0.0.6-1.0.0.0.0.0.0.0-161 -187-10 -185.9-176.0-170.0-198.0-04.0-0.6-169. -190-16. -14.8-197 17.6-195.0 3. -197 Sources: Department of Commerce (Bum Budget. 34

INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICESMAJOR INDUSTRIAL COUNTRIES United States Industrial production (1977=: seasonally adjusted) Canada Japan France Germany Italy United Kingdom United States 1 Canada Consumer prices (1967 = ) Japan France Germany Italy United Kingdom p 108.6 111.0 103 109. 11 13.8 15 1 108 108.6 98.9 104 11 118. 118.9 10 10.6 14 138 144.8 106 103 101 10 105 106 107 105 10 103 106 11 114 11 109.6 103.9 107 108 96 98 101 103 108 4 7 89 98 311 3. 38 43 73.9 303 31.0 335.0 348 36.8 8 9 304 309 316.6 33.0 94. 33 373 407.9 439 465 175.8 186.9 19 03 08. 1 398.0 47 549 63 698.8 764 4 473.9 514 538 565 599 : Dec 15.6 11. 144.6 104 111 106.6 107 37 354 35. 47 13 791.6 608 : Jan Feb Mar May July Sept Oct Nov " Dec " 1 15 3 1 14 14. 14. 14.9 15 ' 14.9 ' 15 ' 16.0 166 10 10 117 10. 117 116.6 r l!8 116 r l! 117 116 5 144.6 145. 144 144.6 145 145 144.9 141 ' 146 143 104 107 104 110 103 108 109 109 109 109 113 113 113 117 11 116 117 116 r l!4 114 108.0 111.0 114 11 108 113 110.6 105.6 r l!0.8 110 109 110 110 111 109 107 110 110 111 110 38 37 36.0 35 36 37.9 38.0 38.6 330. 330 330.8 331 356 357 358 359 360 361 363.9 365 365 366.9 368.9 369 35.8 34 33 34 36.9 35. 34 33.8 35 35 34 47.6 471 47.9 474 475.6 477.0 477 478.0 479.9 480.9 481 13.8 13 1.6 1.6 1.9 11.9 11 11 11.0 10.8 795.6 801. 804 80 809.9 813 813 814 817 8.0 610.0 61. 613.0 619.0 60 619.8 618.0 619.9 63.0 63.9 69. Source: National source? as reported by Department of Commerce (Bureau of Economic Analysis International Trade Administration). U.S. MERCHANDISE EXPORTS AND IMPORTS [Millions of dollars; monthly data for statistical month, not seasonally adjusted*] Merchise exports : Merchise imports Merchise trade balance domestic foreign exports Domestic exports Food, beverages, tobacco Crude materials fuels Manufactured z Food, beverages, tobacco General imports 3 Crude materials fuels Manufactured (c.i.f. value) Exports (f.a.s.) less imports (customs value) Exports (f.a.s.) less imports (f.a.s.) Exports (f.a.s.) less imports (c.i.f.) F.a.s. value 1977 11,3 143,681 181,860 0,630 119,04 141,14 178,633 16,515 15,963 0,604 4,587 30,407 18,579 0,957 8, 33,719 80,151 94,473 116,587 143,891 150,390 174,757 09,458 44,871 14,7 15,743 17,735 18,551 Customs value 53,554 51,901 71,390 93,973 76,554,317 11,6 15,1 160,411 186,045,8 56,984-9,158-31,076-7,599-4,41-39,179-4,364-40,368-36,354 * 1,193,486 17,865 13,146 17,304 07,076 195,917 1,034 06,95 06,376 6,977 6,979 7,31,6 0,3 33,518 9,555 31,48 8,344 6,453 139,716 13,409 143,14 145,384 148,690 43,95 58,048 35,76 345,76 369,961 17,817 18,819 1,66,376 4,669 74,404 68,037 7,758 64,981 48,57 144,0 163,449 1,515 46,778 8,11 54,885 69,878 341,177 361,66 387,08-31,759-57,56-107,861-13,19-15,657-4,691-69,39-13,31-148,480-169,777 16,994 16,479 1,907,459 11,1 30,78,138 6,011 1,654 3,141-13,734-15,146 : Jan* Feb* Mar* Apr* May* June** July** Get* Noy* Dec* 17,006 17,735 18,913 17,965 17,431 19,070 17,707 17,604 17,518 19,330 18,595 18,431 16,501 17,164 18,349 17,376 16,691 16,47 15,911 16,831 16,860 18,594 17,895 17,777 1,797 1,689 1,706 1,475 1,395 1,438 1,648 1,814 1,67 1,866 1,863 1,861,467,367,349,436,8 1,776 1,764,035 1,988,87,339,419 11,393 1,18 13,35 1,615 1,74 1,98 11,63 1,04 1,53 13,367 1,755 1,564 3,005 8,895 31,97 8,76 30,7 31,764 34,11 9,476 8,695 30,018 36,187 7,795,15 1,908,,018,39 1,886,143 1,931 1,963 1,935,38 1,91 6,34 4,741 4,84 3,176 3,659 4,163 3,963 3,413 3,874 3,514 3,866 3,371,477 1,89 4,61,6 3,001 3,971 6,609 3,106 1,849 3,537 8,350 1,446 33,465 30,5 33,435 30,036 31,638 33,40 35,745 30,95 30,078 31,389 37,816 9,089-14,999-11,161-13,059-10,797-1,84-1,694-16,414-11,871 11,177-10,688-17,59-9,364-16,459-1,491-14,5-1,071-14,08-14,170-18,037-13,31-1,560-1,059-19,1-10,658 1 Department of Defense shipments of grant-aid military supplies equipment under the Military Assistance Program are excluded through included beginning. z includes commodities transactions not classified according to kind. 3 arrivals of imported other than intransit shipments. NOTE.Imports on c.i.f. basis beginning not strictly comparable with earlier periods. Data beginning include trade of t'he U.S. Virgin Isls, except that for Virgin Isls exports are reflected in the figures for domestic foreign exports combined trade balance. Source: Department of Commerce, Bureau of the Census. For further information for details regarding revised 35