SCB_081986

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

nllk

AUGUST 1986 / VOLUME 66 NUMBER &

_^-f OF5% .CONTENTS

- , , ; > , - ' ' . ' , / , - . Business Situation 1

' ' , National Income and Product Accounts Tables 6

". T, ei33 488 Bt,?JU Miami 331351 aw. First Ave. S50426T 'CA,1805 Peachtree St, RE. 8814000

nalt 3140127 1. Bay-St 944-4204HI,300 Ala Moaaa Blvd. 546-86941A, 'lies210 Walnut St.IL,-55 E, MOBFOS St 353-4450IN, IiidiamapC'Ils4615. Ohio St 2111-6214KYi L^nlwiile!XS. P.O. & Courthouse Bl%. 82-3066

. LA, Mw Orleans 70130432 International Trade MartMA, 82116441 Stuart St 223-2312 -

' HP, Baltimore '2I202415 U.S. Customhouse 962-3500MI, Betrcstt 4832$231 W. Lafayette 2264650

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300 ?/oodrow Wilson Blvd. 9604388NC, Greensboro 27402324 W. Market Si. 378-6845ME, OmahaSOO & 19th St 22145664

,

240 W, State St. 989-2100MM. Albuquerque S7!'5517 Gold, S.W. 766-23S6NV, Beno g>521755 S. Plans Lane 784-5203NY, Biiffa!* 14202111 W. Huron St. 840-4191

NY, New York26 Federal Plaza 264-0634OH, Gncfnaati550 U&m St. 684-2044 /OHt 44114816 Euclid A, ^2-4760OK* O&iahosig& City 73105

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TN> Memphis BSlil3876 Centra! Ave. 621-4826TN, NashvilleOne Commerce HaceTX:1100 Commerce St. 767-0542'1% EeM@E515 St, .UT, Sal! City350 S. Mala St 5244116VA,400 N. 8th St 771-2240WA,1700 West Lake Aw,, N.WL Milwaukee517 1. Wise, Ave, 291-3473WV, 2530s500 Quamer St. 347-5128


the BUSINESS SITUATION

(45-day) estimates showthat real GNP increased at an annualrate of l/2 percent in the second quar-ter of 1986; preliminary (15-day) esti-mates had shown a 1-percent increase(table 1). The downward revision wasmore than accounted by inventory in-vestment and net exports; personalconsumption expenditures and Feder-al Government purchases of goodsand services were revised up. Revi-sions in other components of GNPwere small. The GNP price index(fixed weights) was essentially unre-vised at a 2-percent annual -rate of in-crease.1

Generally, the revisions reinforcethe changes in individual componentsreported in the preliminary estimates.Inventory investment and net ex-ports, which had declined accordingto the preliminary estimates, declinedmore in the revised estimates. Person-al consumption expenditures and Fed-eral Government purchases, whichhad increased, increased more. Over-all, the revisions do not alter the pic-ture of sharp, largely offsettingchanges in several components ofGNP that was presented in the July"Business Situation."

Corporate profitsProfits from current production

profits before tax with inventory valu-ation adjustment (IVA) and capitalconsumption adjustment (CCAdj)de-clined $5 billion in the second quar-ter, following an $11 billion increasein the first.

Domestic profits of nonfinancialcorporations declined $7 billion, fol-lowing an increase of $2 billion, re-flecting declines both in real grosscorporate product and in profits perunit of product. The decline in unitprofits resulted from a larger increase

Table 1.Revisions in Selected Component Series of the NIPA's, Second Quarter of 1986

GNPPersonal consumption expendituresNonresidential fixed investmentResidential investment .Change in business inventoriesNet exports

Compensation of employeesCorporate profits with inventory valuation and capital

consumption adjustmentsOther

Personal income

GNP

Nonresidential fixed investment . .Residential investment .Change in business inventoriesNet exportsGovernment purchases

GNP price index (fixed weights)GNP price index (chained weights)GNP implicit price deflator

Seasonally adjusted at annual rates

15-dayestimate

45-dayestimate Revision

Billions of current dollars

4,182.32,730.1

457.3214.6

19.5-96.4857.2

2,478.8

602.2

3,480.0

4,179.82,735.3

456.5215.7

12.5-100.2

860.03,379.52,480.1

291.2608.1

3,486.5

2.55.2-.81.1

-7.03.82.8

1.3

5.96.5

Billions of constant (1982) dollars

3,665.72,407.0

454.8193.1

19.6-146.3

737.5

3,661.52,410.4

455.2192.3

11.6-150.5

742.4

4.23.4

.4

.8-8.0-4.2

4.9

Index numbers, 1982=100 *

115.0114.1

115.0114.2

0

.1

Percent change frompreceding quarter at

annual rates

15-dayestimate

3.24.91.6

19.4

10.2

2.8

13.8

5.6

1.15.92.6

15.4

7.0

1.81.52.1

45-dayestimate

3.05.72.3

21.9

11.64.73.16.8

18.4

6.4

.66.52.3

13.5

9.8

1.91.62.5

1. Not at annual rates.NOTE.For the second quarter of 1986, the following revised or additional major source data were incorporated: For personal

consumption expenditures, revised retail sales for May and June; for nonresidential fixed investment, manufacturers' shipments ofequipment for May (revised) and June, construction put in place for May (revised) and June, and partial information on actualplant and equipment expenditures for the quarter; for residential investment, construction put in place for May (revised) andJune; for change in business inventories, book values for manufacturing and trade for May (revised) and June; for net exports ofgoods and services, revised statistical month merchandise trade for May and statistical month exports for June; for governmentpurchases of goods and services, Federal unified budget outlays for June, and State and local construction put in place for May(revised) and June; for wages and salaries, revised employment, average hourly earnings, and average weekly hours for May andJune; for corporate profits, domestic book profits for the quarter; for GNP prices, the Consumer Price Index and the ProducerPrice Index for June, unit-value indexes for exports and imports for June, export and import price indexes for June, andresidential housing prices for the quarter.

1. Quarterly estimates in the national income andproduct accounts are expressed at seasonally adjustedannual rates, and quarterly changes in them are dif-ferences between these rates. Quarter-to-quarter per-cent changes are annualized. Real, or constant-dollar,estimates are expressed in 1982 dollars.

. 0

Foreign Transactions, An introduction to the concepts, sources, andmethods of foreign transactions in the national income and product ac-counts will appear as an article in a fall issue of the SURVEY. A paperabout foreign transactions, including this introduction, will appear short-ly thereafter as part of the BEA methodology series.

Plant and Equipment Expenditures, Revised estimates of plant andequipment expenditures in current and constant (1982) dollars from thefirst quarter of 1983 to date will be included in the quarterly plant andequipment article in the September SURVEY. The revised estimates willincorporate revised implicit price deflators from the revised nationalincome and product accounts and new seasonal factors.

Local Area Personal Income. The nine-volume Local Area PersonalIncome, 1979-84 will be available soon. See page 22 for more information.

Multinational Companies. Financial, operating, employment, and for-eign trade data for 1984 for U.S. multinational companies and their for-eign affiliates and for U.S. affiliates of foreign multinational companieswill be presented in two SURVEY articles in the fall.


SURVEY OF CURRENT BUSINESS August 1986

in unit labor cost than in unit price;unit nonlabor costs were unchanged.

Domestic profits of financial corpo-rations increased $3 billion, followingan increase of $5% billion, and profitsfrom the rest of the world declined $1billion, following an increase of $3%billion.

Profits before tax.Profits beforetax (PBT) increased $7% billion in thesecond quarter, following a decline of$11% billion in the first. The contrastbetween the increase in PBT and thedecline in profits from current pro-duction is due to the CCAdj, which de-clined $4 billion, and to the IVA,which declined $8% billion. Both ofthese adjustments are reflected in thecurrent production measure but notin PBT.

The CCAdj is the difference be-tween depreciation based (like PBT)largely on tax accounting, on the onehand, and economic depreciation as

defined by BEA, on the other. In thesecond quarter, as in the first, tax-based depreciation declined slightlywhile economic depreciation contin-ued to increase; as a result, the CCAdjdeclined. The decline in tax-based de-preciation reflected the provisions ofthe Economic Recovery Tax Act of1981, under which new assets are de-preciated in 1986 at a lower rate than5-year-old assets that drop out of thedepreciation base.

The IVA removes the capital-gains-like element from profits based on taxaccounting when inventory prices in-crease; likewise, it removes the cap-ital-loss-like element when inventoryprices decline. In the second quarter,the IVA was positiveindicatinglossesbut smaller than in the first,as overall inventory prices continuedto decline but by less than in thefirst. In manufacturing, inventoryprices dropped more than in the first

Table 2.Government Sector Receipts and Expenditures: Change from Preceding Quarter[Billions of dollars, based on seasonally adjusted annual rates]

Government sectorReceiptsExpenditures ....

Federal Government

Personal tax and nontax receiptsIndirect business tax and nontax accrualsContributions for social insurance

National defense Of which: Commodity Credit Corporation inventory change

Transfer paymentsTo persons

Crants-in aid to State and local eovernmentsNet interest paid

SubsidiesOf which' Agricultural subsidies

Less' Current surplus of government enterprises

Surplus or deficit ( )State and local governments

ReceiptsPersonal tax and nontax receiptsCorporate profits tax accrualsIndirect business tax and nontax accruals . ...Contributions for social insurance . .Federal grants-in-aid

Of which' StructuresTransfer payments to personsLess' Dividends received by government

Subsidies .. ..Less' Current surplus of government enterprises

Less' Wage accruals less disbursements . . . .Surplus or deficit ( )

Social insurance fundsOther

1985II

-29.529.6

-59.1

-37.5-44.7

64.13.1

15.27.16.21.0

-.53.01.61.32.63.3

-2.00-.52.01 1

-52.7

10.62.9-.14.4.8

2.617.014.66.22.4.6.43

0.3

0-6.4

.872

III

47.329.517.7

36.832.96.9

-5.32.2

19.520.010.49.69.16.94.82.12.01.173

-9.19.31.81.0

17.3

12.41.81.86.2

.72.0

12.110.73.11.6.5.4

-.40

.40.3.7

-.3

IV

20.337.5

-17.1

13.26.5

.42.04.8

33.320.02.6

17.417.31.8.9.9

1.44.16.02.42.13.60

-20.1

8.53.4

.23.0

.61.45.55.9

-2.61.0.2.4

1 201.302.9

.62.3

1986I

8.015.523.5

-5.85.3

-6.1-3.3

8.8-21.9-25.2-1.6

-23.6-23.1

3.48.45.01.91.131.1.1

3.20

16.0

15.72.2

-1.212.3

.61.98.26.2

.42.2.3.4

-.20

.207.5

.66.9

II

5.550.9

-45.4

5.95.11.5

-2.11.4

41.211.411.6-.2-.25.12.72.43.42.9

18.419.118.9

.70

35.3

3.02.1

.6-3.8

.73.4

13.111.96.71.5.3.32

0.3

010 1

.7-10.8

NOTE.Dollar levels are found in the National Income and Product Accounts Tables, tables 3.2 and 3.3.

quarter, while in trade, inventoryprices generally increased after de-clining in the first quarter.

Profits with IVA but withoutCCAdj.The quarterly measure ofprofits available by industry declined$1 billion, following an increase of$14V2 billion. A $3 billion decline inthe profits of nonfinancial corpora-tions was more than accounted for bytrade; profits in manufacturing and intransportation and public utilities in-creased.

In both wholesale and retail trade,the increases in inventory prices men-tioned above contributed to drops inprofits. In retail trade, the drop wasintensified by declines in the prices ofgoods sold.

Manufacturing profits increasedafter two quarters of decline. The in-crease was concentrated in durablesmanufacturing, especially electric andnonelectric machinery. In nondura-bles, petroleum profits increased butthe increase represented only a par-tial rebound from a very low first-quarter level that reflected the pay-ment of a large fine to the U.S. De-partment of Energy by a major corpo-ration; in the absence of the fine,profits would have declined in bothquarters, reflecting the path of petro-leum prices. In transportation andpublic utilities, lower petroleumprices contributed to increased prof-its.

Government sectorThe fiscal position of the govern-

ment sector in the national incomeand product accounts deterioratedconsiderably in the second quarter of1986, as the combined deficit of theFederal Government and of State andlocal governments increased $45x/2 bil-lion (table 2). The deterioration wasthe result of an increase in the Feder-al deficit and a decrease in the Stateand local surplus.

The Federal sector.The FederalGovernment deficit increased $35 %billion in the second quarter to $237billion, as expenditures increasedmore than receipts.

Receipts increased $6 billion after adecline of the same amount in thefirst quarter, when only contributionsfor social insurance increased. In thesecond quarter, indirect business taxand nontax accruals continued to de-cline, and all other categories of re-ceipts increased. In recent quarters,


August 1986 SURVEY OF CURRENT BUSINESS

the movement of indirect businesstaxes has been influenced by a rathersteady decline, reflecting crude oilprices, in windfall profit taxes. Thewindfall profit tax was enacted inApril 1980 as a temporary excise taxon domestically produced crude oil.Receipts from this tax reached a peakof $26x/2 billion in the second quarterof 1981; these receipts were only $0.1billion in the second quarter of 1986.

Expenditures increased $41 billionafter a decline of $22 billion in thefirst quarter. Over two-thirds of thisswing was accounted for by the effectof farm programs operated by theCommodity Credit Corporation (CCC)on nondefense purchases of goods andservices and on subsidies less the cur-rent surplus of government enter-prises.

Nondefense purchases were essen-tially unchanged after a $23x/2 billiondecline in the first quarter. The pur-chases of agricultural commodities bythe CCC accounted for almost all ofthe first-quarter decline, and theywere unchanged at $5x/2 billion in thesecond. Subsidies less the current sur-plus increased $18V2 billion after a $3billion decline in the first quarter; theswing was due to the CCC. The CCCdeficit, which had declined $3 billionin the first quarter, declined only $*/2billion in the second. Agriculturalsubsidies increased $19 billion in thesecond quartermainly for advancedeficiency paymentsafter no changein the first.

The advance deficiency paymentsamounted to over $15 billion andwere paid in two forms-cash ($11 bil-lion) and payment-in-kind (PIK) cer-tificates ($4 billion). The cash pay-ments were made to producers of feedgrains ($6y2 billion), wheat ($2V2 bil-lion), upland cotton ($iy2 billion), andrice (over $V2 billion). The PIK certifi-cates are generic; that is, they can beredeemed at face value for any com-modity. The certificates can also besoldto other farmers or to, for ex-ample, grain storage operatorsorthey can be redeemed for cash fromthe CCC beginning October 1. If theyare redeemed for cash, the CCC willdiscount the value of the certificatesby 4.3 percent under the Gramm-Rudman deficit-reduction require-ments. In addition, $1 billion of ad-vance diversion payments were alsopaid in the form of certificates. (See"Federal Farm Programs for 1986-90"

in the April 1986 SURVEY fdr the defi-nitions of these payments.)

Although programs of the CCC ac-counted for the bulk of the swing inexpenditures, there were also swingsfrom decline to increase in nationaldefense purchases of goods and serv-ices and in transfer payments to for-eigners. National defense purchasesincreased $11% billion after a $1%billion decline in the first quarter.The increase was concentrated inmilitary hardwareespecially air-craft and missiles, which included thedelivery of two additional B-l bomb-ers and the first two MX missiles-and in research and development. Theonly major declineover $2 billion-was for purchases of petroleum prod-ucts, reflecting declining prices.Transfer payments to foreigners in-creased $2*/2 billion after a $5 billiondecline in the first quarter. The first-quarter decline was the result of afourth-quarter payment of the entireamount of the fiscal year 1986 eco-nomic assistance to Israel. Thesecond-quarter increase was in bothmilitary and economic assistance.

Among other expenditures, grants-in-aid to State and local governmentsincreased $3x/2 billion. The increasewas accounted for by payments to fiveStates for settlement of a dispute be-tween the Federal and State govern-ments over revenue from leases of theOuter Continental Shelf and fromroyalties paid on discovered oil. Thelargest payments$1V2 billion eachwere to Texas and California.

Cyclically adjusted surplus or defi-citWhen measured using cyclicaladjustments based on middle-expan-sion trend GNP, the Federal fiscal po-sition moved from a deficit of $214 bil-lion in the first quarter to a deficit of$244 billion in the second (see table 2on page xx). The cyclically adjusteddeficit as a percentage of middle-ex-pansion trend GNP increased from5.2 percent in the first quarter to 5.9percent in the second.

The State and local sector.TheState and local government surplusdeclined $10 billion in the secondquarter to $60 billion, as expendituresincreased more than receipts. A de-cline in the surplus of other thansocial insurance funds more than ac-counted for the total decline.

Receipts increased $3 billion, com-pared with $15x/2 billion in the firstquarter, when receipts were boosted

by the payment of a fine ($8 billion atan annual rate) by a major petroleumcorporation as a result of a SupremeCourt ruling on pricing violations. Ex-cluding the effects of this fine, re-ceipts increased $11 billion in thesecond quarter compared with $7 %billion in the first; the accelerationwas due to Federal grants-in-aid andcorporate profits tax accruals.

Expenditures increased $13 billion,compared with $8 billion in the firstquarter. The acceleration was largelyin purchases of goods and services;they increased $12 billion in thesecond quarter, compared with $6 bil-lion in the first. The stronger pace ofpurchases was largely in purchases ofstructures; highway construction in-creased $5% billion after declining $2billion in the first quarter. Amongother types of purchases, a $2 billiondecline in nondurable goods wasoffset by increases in durable goodsand services. The decline in nondura-ble goods was more than accountedfor by a drop in purchases of petrole-um products, reflecting decliningprices.

Inventory-Sales RatiosInventory-sales ratios are often ana-

lyzed to help predict inventory behav-ior. If a ratio is "low", it may suggestthe need to rebuild inventories; if it is"high," it may suggest the need to liq-uidate inventories. In recent years,rapid growth of imports and largetransactions of the Commodity CreditCorporation (CCC) have been suspect-ed of reducing the predictive value ofthe aggregate ratios calculated withinthe national income and product ac-count (NIPA) framework. The follow-ing discussion compares one of theseratiosthe constant-dollar ratio ofbusiness inventories to business finalsaleswith two variants of it to ex-amine whether the usefulness of theratio has been reduced.

The import-adjusted variantThe first variant, as indicated in

line 10 of table 3, is derived by addingimports of merchandise and nonfactorservices to business final sales, the de-nominator of the published ratio. (Im-ports of factor servicesthat is, oflabor and propertyare not added,consistent with the general exclusionof nonbusiness factor services fromthe denominator.) The rationale for


SURVEY OF CURRENT BUSINESS August 1986

Table 3.Business Inventories and Business Final Sales in Constant Dollars: Published and Adjusted for Commodity Credit CorporationInventories and Imports

[Billions of 1982 dollars]

Line

123

456

78

91011

12

Inventories 1

Business inventoriesCCC inventories.CCC-adjusted business inventories (line 1 plus line

2).Final sales 2

Business final salesCCC inventory changeCCC-adjusted business final sales (line 4 minus

line 5).Imports of merchandise and nonf actor servicesImport-adjusted business final sales (line 4 plus

line 7).Ratios

Business inventories to business final sales (line 1divided by line 4).

Import-adjusted variant (line 1 divided by line 8)CCC-adjusted variant (line 3 divided by line 6)Addendum: CCC inventory change (at annual

rates, as published in NIPA table 3.8B).

Seasonally adjusted1982

III

783.316.6

799.9

221.3.7

220.6

25.6246.9

3.543.173.637.9

IV

768.420.9

789.3

226.11.4

224.7

24.1250.2

3.40

3.073.5117.2

1983I

757.921.9

779.8

226.8.3

226.5

24.4251.2

3.34

3.023.443.8

II

755.521.9

777.4

230.10

230.1

26.7256.8

3.282.943.38

-.1

III

755.321.1

776.4

233.0-.3

233.3

29.0262.0

3.24

2.883.33

-3.1

IV

762.016.8

778.8

235.5-1.4236.9

30.2265.7

3.24

2.873.29

-17.2

1984I

783.312.8

796.1

237.4-1.3238.7

32.1269.5

3.30

2.913.33

-15.9

II

797.613.6

811.2

243.4.3

243.1

33.6277.0

3.282.883.34

3.1

III

812.714.4

827.1

244.5.3

244.2

34.1278.6

3.32

2.923.393.4

IV

821.214.6

835.8

247.7.1

247.6

35.0282.7

3.32

2.903.38

.8

1985I

827.015.4

842.4

251.0.3

250.7

33.7284.7

3.30

2.913.363.2

II

831.415.9

847.3

253.1.2

252.9

35.4288.5

3.28

2.883.352.0

III

831.518.8

850.3

257.51.0

256.5

35.5293.0

3.232.843.3111.5

IV

830.226.8

857.0

259.22.7

256.5

37.6296.8

3.20

2.803.34

32.3

1986I

840.228.5

868.7

258.0.5

257.5

37.6295.6

3.262.843.37

6.4

II

843.129.6

872.7

260.9.4

260.5

39.2300.1

3.23

2.813.354.4

1. Inventories are as of the end of the quarter; quarter-to-quarter changes calculated from these estimates are at quarterly rates.2. Final sales are quarterly totals at monthly rates.NOTE.Lines 1, 4, and 9 are from NIPA table 5.11. Line 2 is the stock figure associated with line 5, which is derived from NIPA table 3.8B. Line 7 is derived from NIPA table 4.2

this modification follows from an im-plicit assumption-necessary becauseof data limitationsabout imports inthe denominator. Data are not avail-able to split imports between finalsales and inventories, and the implicitassumption is made that all importsare final sales to consumers, business-es, or governments in the quarter inwhich they take place. The assump-tion is apparent in that, in derivingGNPa measure of U.S.-producedgoods and servicesas the sum offinal sales and change in business in-ventories, all imports are deductedfrom final sales. In reality, however,some imports go into inventories andnot into final sales in the quarter ofimport. (The numerator, in fact, in-cludes inventories of imported goods.)To the extent that imports go into in-ventories in the quarter of import,final sales of GNP and business finalsales, which is derived from finalsales of GNP, are understated. On theother hand, when imports are addedback into the denominator, on the as-sumption that all imports go into in-ventories, business final sales areprobably overstated. The ratio andthe import-adjusted variant thereforeprovidewith respect to treatment ofimportsupper and lower estimates,respectively, of the "true" ratio.

The import-adjusted variant liesbelow the published ratio, reflectingthe larger denominator of the variant

(chart 1). From the first quarter of1972 to the second quarter of 1986,the variant and the ratio registeredgenerally similar quarter-to-quarterchanges. The differences in movementwere as much as 0.04 in only twoquarters. The ratio and the variantmoved in opposite directions in onlythree isolated quarters, and even inthese instances, the differences inmovement were small.

During the economic expansionfrom the third quarter of 1982, theratio and the variant registered quitesimilar changes except in the fourthquarter of 1982, when the ratio fellmore sharply than the variant, and inthe first quarter of 1985, when theratio fell and the variant increased.These two quarters are the only quar-ters in the expansion when imports ofmerchandise and nonfactor servicesdeclined. However, the ratio and thevariant slowly drifted further apart:From its peak in the third quarter of1982 to the second quarter of 1986,the ratio dropped from 3.54 to 3.213,while the variant declined slightlymorefrom 3.17 to 2.81. A strong in-crease in imports gave rise to thisslow drift; constant-dollar imports ofmerchandise and nonfactor servicesincreased at an annual rate of over 12percent.

Because the ratio and the variantrepresent the upper and lower esti-mates of the "true" ratio with respect

to the effect of imports, this slow driftmay suggest a slight increase in un-certainty about the level of the trueratio. Nevertheless, in the historicalcontext, both the ratio and the vari-ant yield similar insights into thelikely course of inventory investment.For example, for the period shown inchart 1, both the ratio and the vari-ant reached their lowest levels in thefourth quarter of 1985. Prior to that,both had been declining for severalquarters and were at levels thatappear low by historical standards.Thus, to the extent that such lowlevels presage increases in invento-ries, both would have provided thesame signal as of that quarter. Theslight increases in the ratio and thevariant since then, although smallerfor the variant, would not have clear-ly changed that signal.

The CCC-adjusted'variantThe second variant, as indicated in

line 11 of the table, is derived byadding the stock of inventories heldby the CCC to the stock of businessinventories in the numerator of theratio and subtracting CCC inventorychanges from business final sales inthe denominator. The purpose of thevariant is to abstract from the effecton the inventory-sales ratio of theNIPA treatment of CCC inventories,in which the CCC commodity loan



Constant-Dollar Total Business Inventories-Business Final Sales RatiosRatio3.8

3.7

3.6

3.5

3.4

3.3

3.2

3.1

3.0

2.9

2.8

x--"\_-Xx-/ x-'

Imports-Adjusted Variant:

1972 73 74 75 76 77 78 79 80 81 82 83 84 85

Note.Based on seasonally adjusted end-of-quarter inventoriesand seasonally adjusted final sales expressed at monthly rates.

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

program has been the major source ofrecent quarter-to-quarter volatility.(CCC programs and their treatmentin the NIPA's were summarized inthe April 1986 SURVEY OF CURRENTBUSINESS, pp. 34-35.) In the NIPA's,new CCC loans to farmers are record-ed as Federal Government purchasesin business final sales, and farmers'redemptionswhich can be made atany time during the loan periodarerecorded as negative purchases. Ac-cordingly, when a crop is placedunder loan, farm inventories are re-duced below, and CCC inventories areincreased above, what they otherwisewould have been. Thus, in the quarterwhen a farmer places his crop underloan with CCC, economy-wide invento-ries are not changed but both the nu-merator and denominator of the in-ventory-sales ratio are affectedthenumerator decreases, the denomina-tor increases, and the ratio, conse-

quently, declines. (Total CCC invento-ries are used in calculating both thenumerator and denominator for thisvariant because the portion of CCC in-ventories not associated with the com-modity loan program is relativelysmall and can be safely ignored forthe purpose at hand.)

When the two are distinguishablein the chart, the CCC-adjusted variantlies above the published ratio. Fromthe first quarter of 1972 to the secondquarter of 1986, this variant and theratio registered generally similarquarter-to-quarter changes. The dif-ferences in movement were 0.04 ormore in only two quarters. The ratioand the variant moved in opposite di-rections in only two isolated quarters.Both of these instances-the secondquarter of 1984 and the fourth of1985were during the present expan-sion.

The difference in the movement ofthe ratio and the variant in thefourth quarter of 1985 was the largerof the two instances of movement inthe opposite direction and also thelargest without regard to sign. Theratio declined from 3.23 to 3.20, whilethe variant increased from 3.31 to3.34. The decline in the ratio occurredas inventories fell and final sales in-creased, and the increase in the vari-ant occurred as inventories increasedwhile final sales were flat. For CCC-adjusted inventories, the change re-flected an unusually large addition toCCC inventories$8.0 billion at aquarterly rate (or $32.3 billion at anannual rate, as shown in the adden-dum to table 3). For CCC-adjustedfinal sales, the change excluded an in-crease in CCC inventory changefrom $1.0 billion at a monthly rate inthe third quarter to $2.7 billion in thefourth (or, at an annual rate, from$11.5 billion to $32.3 billion).

In both instances in which the ratioand the variant moved in opposite di-rections (and only in those instances),two conditions were, satisfied. First,the change in CCC inventoriestheadjustment to the numeratorandthe change in the ratio were in oppo-site directions; second, the change inthe change in CCC inventoriestheadjustment to the denominatorwasmore than $15 billion (annual rate)and was in the direction opposite tothe change in the ratio. More general-ly, if the change in the change in CCCinventories is larger than about $10billion, then changes in the ratio andthe variant are likely to be dissimilarin direction or magnitude. Althoughthe signals sent by the ratio and vari-ant have not been substantially differ-ent in the past, the variant may pro-vide useful perspective when theseconditions occur.


6 SURVEY OF CURRENT BUSINESS

National Income and Product Accounts Tables

August 1986

New estimates in this issue: Second quarter 1986, revised (0-The full set of National Income and Product Accounts estimates shown regularly in this part of the SURVEY are now available on diskette

for $240 per year (12 updates). For more information, write to the Bureau of Economic Analysis (BE-54), U.S. Department of Commerce, Wash-ington, DC 20230.

Table 1.1.Gross National Product[Billions of dollars]

Table 1,2,Gross National Product in Constant Dollars[Billions of 1982 dollars]

Gross national productPersonal consumption

expendituresDurable goodsNondurable goodsServices

Gross private domesticinvestmentFixed investment

NonresidentialStructuresProducers' durable

equipmentResidential

Change in businessinventoriesNonfarmFarm

Net exports of goods andservicesExportsImports

Government purchases of goodsand services ,Federal

National defenseNondefense

State and local

1984

3,765.0

2,428.2331.2870.1

1,227.0

662.1598.0416.5139.3277.3181.4

64.156.67.5

-58.7382.7441.4

733.4311.3235.076.2

422.2

1985

3,998.1

2,600.5359.3905.1

1,336.1

661.1650.0458.2154.8303.4191.811.112.21 1

-78.9369.8448.6

815.4354.1259.494.7

461.3

Seasonally adjusted at annual rates1985

I

3,909.3

2,530.9347.7888.2

1,294.9

650.6625.2439.8150.7289.1185.425.418.56.9

-49.4378.4427.9

777.3333.7248.984.8

443.5

II

3,965.0

2,576.0354.0902.3

1,319.7

667.1648.0459.2156.1303.1188.8

19.110.48.6

-77.1370.0447.1

799.0340.9255.185.8

458.1

III

4,030.5

2,627.1373.3907.4

1,346.4

657.4654.3459.8155.0304.7194.5

3.13.2-.1

-83.7362.3446.0

829.7360.9265.595.5

468.8

IV

4,087.7

2,667.9362.0922.6

1,383.2

669.5672.6474.0157.2316.8198.6-3.116.7

-19.9

-105.3368.2473.6

855.6380.9268.0112.9474.7

1986I

4,149.2

2,697.9360.8929.7

1,407.4

708.3664.4459.2154.6304.6205.343.841.22.7

-93.7374.8468.5

836.7355.7266.489.3

480.9

II r

4,179.8

2,735.3375.7929.1

1,430.5

684.7672.2456.5140.3316.1215.712.59.23.3

-100.2367.9468.1

860.0367.1278.089.1

492.9

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

Table 1.3.Gross National Product by Major Type of Product[Billions of dollars]

Gross national productFinal salesChange in business

inventoriesGoods

Final salesChange in business

inventories ...Durable goods

Final sales .Change in business

inventoriesNondurable goods


inventoriesServicesStructures

1984

3,765.03,700.9

64.11,576.71,512.6

64.1675.0635.939.2

901.7876.725.0

1,813.2375.1

1985

3,998.13,987.0

11.11,630.21,619.1

11.1700.2693.6

6.6930.0925.5

4.51,959.8

408.1


I

3,909.33,883.9

25.41,611.61,586.2

25.4688.4671.117.3

923.2915.2

8.11,906.3

391.4

II

3,965.03,945.9

19.11,622.41,603.3

19.1693.1690.8

2.3929.3912.616.7

1,935.4407.2

III

4,030.54,027.4

3.11,642.71,639.7

3.1710.3713.0-2.7932.5926.7

5.81,971.9

415.9

IV

4,087.74,090.8

-3.11,644.11,647.2

-3.1709.1699.6

9.5935.0947.712.7

2,025.5418.1

1986I

4,149.24,105.4

43.81,669.01,625.2

43.8710.6682.028.6

958.4943.115.3

2,057.7422.6

II r

4,179.84,167.3

12.51,663.11,650.6

12.5710.4708.5

1.8952.8942.1

10.72,090.5

426.2

Gross national productPersonal consumption

expenditures .. .Durable goodsNondurable goodsServices

Gross private domesticinvestmentFixed investment

NonresidentialStructuresProducers' durable

equipmentResidential

Change in businessinventoriesNonfarmFarm


Government purchases of goodsand servicesFederal


State and local

1984

3,489.9

2,246.3318.9828.6

1,098.7

652.0592.8422.2141.3280.9170.659.254.34.9

-83.6369.7453.2

675.2291.7219.472.3

383.5

1985

3,585.2

2,324.5343.9841.6

1,139.0

647.7638.6461.4152.2309.2177.2

9.010.9

-1.9

-108.2362.3470.5

721.2323.6235.787.8

397.6


I

3,547.0

2,292.3332.3834.3

1,125.8

638.2615.0442.7149.9292.8172.4

23.216.76.4

-78.8369.4448.2

695.3305.8228.077.8

389.5

II

3,567.6

2,311.9338.8841.3

1,131.8

655.6638.1463.0154.1308.9175.117.49.67.8

108.1361.2469.3

708.3311.4233.577.9

396.9

III

3,603.8

2,342.0357.4843.8

1,140.8

643.8643.1463.1152.3310.9180.0

.71.4-.7

113.8355.8469.6

731.8329.9242.287.6

401.9

IV

3,622.3

2,351.7347.0847.2

1,157.5

653.2658.4476.9152.4324.5181.5-5.216.1

-21.3

-132.0362.9494.8

749.4347.2239.3107.9402.2

1986I

3,655.9

2,372.7345.4860.6

1,166.6

684.0644.1457.8148.1309.7186.339.937.02.9

125.9369.2495.1

725.2320.4238.781.7

404.8

II r

3,661.5

2,410.4358.8878.1

1,173.5

659.2647.5455.2131.1324.1192.311.68.23.4

-150.5363.9514.4

742.4329.5250.079.4

413.0


Table 1.4.Gross National Product by Major Type of Product inConstant Dollars[Billions of 1982 dollars]


Gross national productFinal salesChange in business

inventories...Goods


inventoriesDurable goods


inventoriesNondurable goods


inventoriesServicesStructures

1984

3,489.93,430.7

59.21,503.11,443.9

59.2653.4615.937.5

849.7828.0

21.71,623.0

363.9

1985

3,585.23,576.2

9.01,533.21,524.2

9.0675.8670.0

5.9857.4854.2

3.21,667.6

384.4


L_ l

3,547.03,523.9

23.21,521.11,497.9

23.2660.0643.816.2

861.1854.1

7.01,653.0

373.0

II

3,567.63,550.2

17.41,526.01,508.6

17.4668.3666.6

1.7857.7841.915.7

1,656.5385.1

HI

3,603.83,603.1

.71,544.21,543.6

.7686.5689.3-2.9857.8854.2

3.51,668.7

390.9

IV

3,622.33,627.5

-5.21,541.71,546.9

-5.2688.7680.2

8.4853.0866.7

-13.61,692.1

388.5

1986I

3,655.93,616.1

39.91,563.61,523.7

39.9688.6662.6

26.0875.0861.113.9

1,703.0389.4

U r

3,661.53,649.8

11.61,563.61,551.9

11.6695.8694.8

1.0867.8857.110.6

1,713.1384.8




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

[Billions of dollars]

Gross national productLess: Exports of goods and

servicesPlus: Imports of goods and

servicesEquals: Gross domestic

purchases l

Less: Change in businessinventories

Equals: Final sales to domesticpurchasers 2

1984

3,765.0

382.7

441.4

3,823.7

64.1

3,759.6

1985

3,998.1

369.8

448.6

4,077.0

11.1

4,065.9


I

3,909.3

378.4

427.9

3,958.7

25.4

3,933.4

II

3,965.0

370.0

447.1

4,042.1

19.1

4,023.0

III

4,030.5

362.3

446.0

4,114.2

3.1

4,111.1

IV

4,087.7

368.2

473.6

4,193.0

-3.1

4,196.1

1986

I

4,149.2

374.8

468.5

4,242.9

43.8

4,199.0

II r

4,179.8

367.9

468.1

4,280.0

12.5

4,267.5

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

table 8.1.

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

Gross national productGross domestic product

BusinessNonfarm .

Nonfarm less housingHousing

FarmStatistical discrepancy

Households and institutionsPrivate householdsNonprofit institutions

GovernmentFederalState and local

Rest of the worldAddendum:

Gross domestic businessproduct less housing

1984

3,765.03,717.53,194.33,117.22,830.1

287.179.0

-1.9132.3

9.1123.2390.9132.0258.947.5

2,897.5

1985

3,998.13,957.03,394.03,324.03,010.9

313.175.5

-5.5142.1

9.3132.8420.9140.7280.141.2

3,072.2


I

3,909.33,866.83,317.23,247.42,945.0

302.476.1

-6.4138.2

9.3128.9411.5139.1272.442.5

II

3,965.03,923.83,365.73,301.32,992.1

309.276.1

-11.7140.5

9.3131.3417.6140.0277.641.2

III

4,030.53,991.43,424.73,357.83,040.9

316.972.4

-5.5143.4

9.3134.1423.3140.5282.839.1

IV

4,087.74,045.83,468.43,389.43,065.4

323.977.51.6

146.29.4

136.8431.2143.4287.841.9

1986

I

4,149.24,106.03,519.93,451.73,121.5

330.271.8

-3.6149.5

9.5140.0436.7144.0292.643.2

II r

4,179.84,139.53,545.03,466.63,128.9

337.773.25.3

152.09.6

142.3442.5144.7297.840.3


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

Gross national productGross domestic product

BusinessNonfarm

Nonfarm less housing ....Housing

Farm

Households and institutionsPrivate householdsNonprofit institutions

GovernmentFederalState and local

Rest of the worldAddendum:

Gross domestic businessproduct less housing

1984

3,489.93,446.02,978.32,910.42,653.7

256.769.61 7

117.79.0

108.8350.0120.7229.343.9

2,712.0

1985

3,585.23,548.33,071.52,998.92,735.3

263.677.6

-5.0121.2

9.1112.2355.5122.6232.937.0

2,798.1


I

3,547.03,508.53,034.82,965.62,704.3

261.475.0

-5.8119.7

9.1110.6354.0122.5231.638.5

II

3,567.63,530.53,054.82,988.02,725.1

262.977.5107

120.69.0

111.6355.1122.6232.537.1

III

3,603.83,568.83,090.83,016.92,752.5

264.478.9

-4.9121.8

9.1112.7356.2122.8233.435.1

IV

3,622.33,585.23,105.43,025.02,759.2

265.779.0

1.4122.9

9.1113.7356.9122.6234.337.1

1986I

3,655.93,617.93,135.83,061.62,794.2

267.477.4

-3.2124.1

9.2114.9357.9122.9235.038.1

II r

3,661.53,626.13,142.33,060.72,791.4

269.377.04.7

125.09.3

115.7358.7123.0235.735.4

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


Gross national productLess: Exports of goods and

servicesPlus: Imports of goods and

servicesEquals: Gross domestic

purchases 1

Less: Change in businessinventories

Equals: Final sales to domesticpurchasers 2

1984

3,489.9

369.7

453.2

3,573.5

59.2

3,514.3

1985

3,585.2

362.3

470.5

3,693.4

9.0

3,684.4


I

3,547.0

369.4

448.2

3,625.9

23.2

3,602.7

II

3,567.6

361.2

469.3

3,675.7

17.4

3,658.3

III

3,603.8

355.8

469.6

3,717.6

.7

3,716.9

IV

3,622.3

362.9

494.8

3,754.3

52

3,759.5

1986

I

3,655.9

369.2

495.1

3,781.9

39.9

3,742.0

II r

3,661.5

363.9

514.4

3,812.0

11.6

3,800.3

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

table 8.1.

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


Gross national productLess: Capital consumption

allowances with capitalconsumption adjustment

Capital consumptionallowances withoutcapital consumptionadjustment

Less: Capitalconsumptionadjustment

Equals: Net national productLess: Indirect business tax and

nontax liabilityBusiness transfer

paymentsStatistical discrepancy

Plus: Subsidies less currentsurplus of governmententerprises

Equals: National incomeLess: Corporate profits with

inventory valuation andcapital consumptionadjustments

Net interestContributions for social

insuranceWage accruals less

disbursementsPlus: Government transfer

payments to personsPersonal interest income....Personal dividend income ..Business transfer

paymentsEquals: Personal income

3,765.0

415.1

4126

-2.53,349.9

312.0

18.3-1.9

10.53,032.0

264.7307.4

326.72

437.3446.974.7

18.33,110.2

3,998.1

437.2

4673

30.13,560.9

331.4

20.9-5.5

8.23,222.3

2807311.4

355.72

4662476.276.4

20.93,314.5

3,909.3

427.8

451.2

23.43,481.5

323.3

20.0-6.4

12.53,157.0

266.4316.8

350.01

459.4473.876.3

20.03,253.1

3,965.0

433.1

464.9

31.93,531.9

331.9

20.6-11.7

10.23,201.4

274.3311.4

353.9

10

463.5475.376.4

20.63,298.7

4,030.5

441.3

474.7

33.43,589.3

332.7

21.2-5.5

2.63,243.4

296.3309.7

356.8o

469.9475.276.3

21.23,323.2

4,087.7

446.7

478.5

31.93,641.0

337.7

21.71.6

7.43,287.3

285.6307.6

362.1

o

471.8480.676.7

21.73,382.9

4,149.2

447.1

477.9

30.83,702.1

346.7

22.3-3.6

4.13,340.7

296.4304.9

371.5

0

482.4480.879.1

22.33,432.6

4,179.8

453.5

479.2

25.73,726.3

340.9

22.95.3

22.33,379.5

291.2300.8

373.5

0

486.5482.081.1

22.93,486.5

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



Gross national productLess: Capital consumption

allowances with capitalconsumption adjustment

Equals: Net national productLess: Indirect business tax and

nontax liability plus businesstransfer payments lesssubsidies plus current surplusof government enterprises

Statistical discrepancyEquals: National income

3,489.9

407.13,082.8

289.6-1.7

2,794.8

3,585.2

425.63,159.6

297.7-5.0

2,866.8

3,547.0

417.53,129.5

295.0-5.8

2,840.3

3,567.6

421.93,145.7

295.9-10.7

2,860.5

3,603.8

429.43,174.4

299.3-4.9

2,880.0

3,622.3

433.73,188.6

300.61.4

2,886.5

3,655.9

434.83,221.1

303.3-3.2

2,920.9

3,661.5

439.13,222.4

313.14.7

2,904.7


8 SURVEY OF CURRENT BUSINESS August 1986

Table 1.11 is on the next page. Table 1.16.Gross Domestic Product of Corporate Business in CurrentDollars and Gross Domestic Product of Nonfinancial CorporateBusiness in Current and Constant Dollars

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

National incomeCompensation of employees

Wages and salariesGovernment and

government enterprisesOther

Supplements to wages andsalariesEmployer contributions for

social insuranceOther labor income

Proprietors' income withinventory valuation andcapital consumptionadjustmentsFarm

Proprietors' income withinventory valuationadjustment

Capital consumptionadj ustment

NonfarmProprietors' incomeInventory valuation

adj ustmentCapital consumption

adjustment .Rental income of persons with

capital consumptionadjustmentRental income of personsCapital consumption

adj ustmentCorporate profits with

inventory valuation andcapital consumptionadjustments ,Corporate profits with

inventory valuationadjustmentProfits before tax

Profits tax liabilityProfits after tax

Dividends ....Undistributed profits

Inventory valuationadj ustment

Capital consumptionadjustment

Net interestAddenda:

Corporate profits after taxwith inventory valuationand capital consumptionadjustmentsNet cash flow with

inventory valuation andcapital consumptionadjustmentsUndistributed profits with

inventory valuation andcapital consumptionadj ustments

Capital consumptionallowances with capitalconsumptionadjustment

Less: Inventory valuationadjustment

Equals' Net cash flow .

1984

3,032.02,214.71,837.0

346.41,490.6

377.7

193.1184.5

236.931.5

40.8

-9.3205.3183.9

4

21.8

8.351.7

-43.4

264.7

230.2235.795.4

140.378.362.0

-5.5

34.5307.4

169.3

344.9

91.0

253.9

-5.5350.4

1985

3,222.32,368.21,965.8

371.91,593.9

402.4

205.5196.9

254.429.2

38.0

-8.8225.2193.5

2

31.9

7.652.4

-44.8

280.7

222.6223.291.8

131.481.649.8

-.6

58.1311.4

188.9

375.4

107.3

268.2

-.6376.0


I

3,157.02,316.31,922.4

363.31,559.1

393.9

202.2191.7

250.732.9

41.8

-8.9217.8189.0

3

29.0

6.850.4

-43.6

266.4

213.3213.887.8

126.080.945.1

-.5

53.2316.8

178.7

360.6

97.8

262.8

-.5361.0

II

3,201.42,352.11,952.2

368.61,583.6

399.8

204.5195.3

255.533.0

41.9

-8.8222.5191.2

-.3

31.5

8.151.5

-43.4

274.3

215.4213.887.1

126.781.445.3

1.6

58.9311.4

187.2

372.3

105.8

266.6

1.6370.8

III

3,243.42,380.91,976.0

374.21,601.8

404.9

206.1198.8

249.321.6

30.3

-8.7227.7194.4

.1

33.2

7.353.0

-45.7

296.3

235.3229.295.8

133.481.651.8

6.1

61.0309.7

200.5

388.9

118.8

270.1

6.1382.8

IV

3,287.32,423.62,012.8

381.61,631.1

410.9

209.1201.7

262.129.4

37.9

-8.5232.7199.1

3

34.0

8.354.7

-46.4

285.6

226.4235.896.4

139.482.5-57.0

94

59.2307.6

189.2

380.0

106.8

273.3

-9.4389.4

1986

I

3,340.72,461.52,044.1

387.21,656.8

417.4

212.9204.5

265.324.4

32.7

84240.9206.9

-.4

34.4

12.857.2

-44.4

296.4

240.8224.389.1

135.285.250.0

16.5

55.6304.9

207.3

397.4

122.1

275.3

16.5380.9

II r

3,379.52,480.12,058.8

392.51,666.3

421.3

214.1207.3

290.740.9

49.2

-8.3249.8216.4

-1.1

34.4

16.662.0

454

291.2

239.8231.991.2

140.887.553.2

7.9

51.4300.8

200.1

391.3

112.5

278.8

7.9383.4

Gross domestic productof corporate business

Capital consumption allowanceswith capital consumptionadjustment

Net domestic productIndirect business tax and

nontax liability plusbusiness transfer paymentsless subsidies

Domestic incomeCompensation of employees...

Wages and salariesSupplements to wages

and salariesCorporate profits with

inventory valuation andcapital consumptionadj ustmentsProfits before tax


DividendsUndistributed profits...


Capital consumptionadjustment ,

Net interestGross domestic product

of financial corporatebusiness

Gross domestic productof nonfinancialcorporate business

Capital consumption allowanceswith capital consumptionadjustment



Domestic incomeCompensation of employees-

Wages and salariesSupplements to wages

and salariesCorporate profits with

inventory valuation andcapital consumptionadjustmentsProfits before tax


Dividends.....Undistributed profits..


Capital consumptionadjustment

Net interest

Gross domestic productof nonfinancialcorporate business

Capital consumption allowanceswith capital consumptionadj ustment



Domestic income

1984 1985


I II III IV

1986

I II r

Billions of dollars

2,276.5

253.92,022.6

215.81,806.91,503.51,251.6

251.9

233.7204.795.4

109.267.042.3

-5.5

34.569.6

132.9

2,143.7

239.51,904.1

203.71,700.41,401.11,166.6

234.5

216.7189.374.4

114.972.942.0

55

32.982.6

2,414.1

268.22,145.9

230.21,915.71,602.81,336.7

266.1

248.8191.391.899.569.430.2

-.6

58.164.1

138.9

2,275.1

252.22,023.0

216.81,806.11,491.51,244.1

247.4

224.2170.366.5

103.874.329.5

6

54.590.4

2,359.1

262.82,096.3

223.61,872.71,569.21,308.4

260.8

235.8183.187.895.363.232.2

5

53.267.6

133.1

2,226.0

247.31,978.7

210.91,767.81,461.81,219.1

242.7

214.6164.963.6

101.369.132.1

-.5

50.291.4

2,396.6

266.62,130.1

230.41,899.61,592.51,328.6

263.9

242.7182.287.195.176.119.1

1.6

58.964.4

137.5

2,259.1

250.72,008.4

217.11,791.31,482.21,236.9

245.4

218.2161.161.599.680.619.1

1.6

55.590.9

2,441.5

270.12,171.5

231.81,939.71,611.01,343.0

268.0

266.3199.295.8

103.468.335.1

6.1

61.062.4

140.2

2,301.3

253.92,047.4

218.21,829.21,498.41,249.4

249.1

240.8177.570.5

107.072.834.1

6.1

57.289.9

2,459.0

273.32,185.8

235.01,950.81,638.41,366.7

271.7

250.5200.796.4

104.369.934.3

-9.4

59.261.9

144.9

2,314.1

256.82,057.3

221.11,836.21,523.51,271.0

252.5

223.3177.570.3

107.274.632.6

-9.4

55.289.3

2,501.5

275.32,226.2

241.81,984.41,664.71,388.9

275.8

257.9185.989.196.870.426.4

16.5

55.661.8

157.9

2,343.6

258.72,084.9

227.61,857.41,542.81,287.4

255.4

225.5157.562.495.174.820.3

16.5

51.589.1

2,499.0

278.82,220.2

233.11,987.11,672.01,394.4

277.6

253.7194.491.2

103.271.032.3

7.9

51.461.3

164.8

2,334.1

261.82,072.3

220.01,852.41,545.61,289.1

256.5

218.3163.063.399.775.324.4

7.9

47.388.5

Billions of 1982 dollars

2,030.8

238.31,792.4

184.51,608.0

2,105.5

249.11,856.4

189.61,666.7

2,075.7

244.91,830.7

187.51,643.2

2,094.4

247.71,846.7

188.31,658.3

2,124.6

250.61,874.0

190.81,683.3

2,127.3

253.31,874.0

191.91,682.2

2,141.0

255.71,885.3

192.91,692.4

2,124.8

258.21,866.6

199.51,667.1



Table 1.11.Command-Basis Gross National Product in ConstantDollars


Table 1.17.Auto Output[Billions of dollars]

Gross national productLess: Net exports of goods and

ExportsImports

Equals: Gross domesticpurchases

Plus: Command-basis netexports of goods and services ....

Command-basisexports l

ImportsEquals: Command-basis gross

national productAddendum:

Terms of trade 2

1984

3,489.9

-83.6369.7453.2

3,573.5

-60.3393.0453.2

3,513.2

106.3

1985

3,585.2

-108.2362.3470.5

3,693.4

-82.7387.8470.5

3,610.6

107.0


I

3,547.0

-78.8369.4448.2

3,625.9

-51.8396.4448.2

3,574.1

107.2

II

3,567.6

-108.1361.2469.3

3,675.7

-80.9388.4469.3

3,594.8

107.5

III

3,603.8

1138355.8469.6

3,717.6

-88.1381.5469.6

3,629.5

107.2

IV

3,622.3

-132.0362.9494.8

3,754.3

-110.1384.8494.8

3,644.2

106.1

1986I

3,655.9

-125.9369.2495.1

3,781.9

-99.0396.1495.1

3,682.9

107.3

II r

3,661.5

-150.5363.9514.4

3,812.0

-110.2404.3514.4

3,701.8

111.1

1. Exports of goods and services deflated by the implicit price deflator for imports of goods andservices.

2. Ratio of the implicit price deflator for exports of goods and services to the implicit pricedeflator for imports of goods and services with the decimal point shifted two places to the right.

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

Table 1.19. Track Output[Billions of dollars]

Truck output 1

Final salesPersonal consumption

expenditures. . .Producers' durable equipment..Net exports of goods and

servicesExportsImports

Government purchases ofgoods and services....

Change in business inventories...

1984

51.148.619.530.1

-5.82.48.24.72.6

1985

54.254.022.632.3672.79.45.8.1


I

51.052.221.731.06 52.48.96.0

-1.2

II

52.451.921.131.86 52.79.25.5.5

III

55.555.124.231.46 32.89.25.7.4

IV

57.857.023.235.27 43.0

10.56.1.8

1986I

54.749.621.229.97 62.8

10.46.15.1

II r

56.756.025.132.67 13.3

10.45.5.7

1. Includes new trucks only.

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

Truck output 1

Final salesPersonal consumption

expendituresProducers' durable equipment..Net exports of goods and

servicesExportsImports

Government purchases ofgoods and services

Change in business inventories...

1984

47.645.218.427.8

-5.42.37.7

4.42.4

1985

49.249.120.729.3

-6.12.58.65.3.1


I

47.148.220.128.5

-6.02.28.25.5

-1.1

II

47.947.4

19.428.9

-6.02.48.45.0.5

III

50.450.022.228.4

-5.82.68.35.2.4

IV

51.650.921.031.2

-6.72.79.45.4.7

1986

I

48.444.019.026.4

-6.82.59.35.44.4

11 r

49.749.122.228.5

-6.32.89.14.8.6

Auto outputFinal sales

Personal consumptionexpendituresNew autosNet purchases of used autos..

Producers' durable equipment..New autosNet purchases of used autos..



Change in business inventoriesof new and used autosNewUsed

Addenda:Domestic output of new

autos 1Sales of imported new autos 2...

1984

103.5101.2105.777.827.919.839.3

-19.52584.9

30.7

1.6

2.22.0

.2

86.437.9

1985

114.1110.1115.387.228.123.242.7

-19.53006.1

36.11.6

4.04.1

1

95.345.0


I

114.8107.8110.281.928.321.041.3

-20.32525.9

31.11.8

7.06.7.3

98.537.7

II

111.4108.8112.884.828.122.842.4

-19.6-28.5

5.834.31.6

2.62.5

.2

91.542.9

III

116.9123.1126.499.526.926.647.5

-21.0

-31.36.4

37.71.4

-6.2-9.0

2.8

96.349.7

IV

113.3100.6111.682.728.922.639.7

-17.1

-35.36.2

41.4

1.6

12.716.4

-3.7

94.849.5

1986I

113.2105.3111.185.725.424.141.7

-17.6-32.1

6.638.72.2

7.97.8.1

98.844.7

II r

112.0109.0116.891.725.126.045.0

-19.0-35.3

6.541.7

1.4

3.0.9

2.1

95.049.0

1. Consists of final sales and change in business inventories of new autos assembled in theUnited States.

2. Consists of personal consumption expenditures, producers' durable equipment, and govern-ment purchases.

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

Auto outputFinal sales

Personal consumptionexpendituresNew autosNet purchases of used autos..

Producers' durable equipment..New autosNet purchases of used autos..



Change in business inventoriesof new and used autosNewUsed

Addenda:Domestic output of new

autos 1Sales of imported new autos 2...

1984

97.395.696.773.723.021.937.2

-15.32444.6

29.01.5

1.71.5.2

81.535.9

1985

104.6101.5103.380.123.224.139.2

-15.127 55.4

32.91.5

3.13.2

_ i

87.041.3


I

105.7100.098.876.022.822.938.3

-15.423 45.3

28.81.7

5.75.5

.2

90.834.9

II

102.3100.4101.278.123.124.139.0

-15.026 35.2

31.51.5

1.81.7.1

83.739.5

III

107.6113.4113.991.222.726.943.6

-16.628 85.7

34.51.4

-5.8-8.0

2.3

88.545.6

IV

102.792.099.475.024.322.536.0

-13.5-31.4

5.536.91.5

10.713.630

85.145.0

1986I

103.297.198.777.221.523.737.5

-13.8-27.4

5.833.2

2.1

6.16.0.1

88.640.3

II r

101.799.9

102.881.321.624.539.9

-15.4-28.8

5.834.71.3

1.8.1

1.7

83.843.5

1. Consists of final sales and change in business inventories of new autos assembled in theUnited States.

2. Consists of personal consumption expenditures, producers' durable equipment, and govern-ment purchases.

1. Includes new trucks only.



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

Table 2.2.Personal Consumption Expenditures by Major Type ofProduct

Personal incomeWage and salary

Commodity-producingindustriesManufacturing

Distributive industries

Government andgovernment enterprises

Other labor incomeProprietors' income with

inventory valuation andcapital consumptionadjustmentsFarmNonfarm

Rental income of personswith capital consumptionadjustment

Personal dividend incomePersonal interest incomeTransfer payments

Old-age, survivors,disability, and healthinsurance benefits

Government unemploymentinsurance benefits ..

Veterans benefits ,Government employees

retirement benefitsOther transfer payments

Aid to families withdependent children

OtherLess: Personal contributions

for social insuranceLess: Personal tax and nontax

paymentsEquals: Disposable personal

Less: Personal outlaysPersonal consumption

expendituresInterest paid by consumers to

businessPersonal transfer payments to

Equals: Personal savingAddenda:

Disposable personal income:Total, billions of 1982

dollarsPer capita:

1982 dollarsPopulation (mid-period,

Personal saving aspercentage of disposablepersonal income

1984

3,110.2

1,836,8

577.8439.1442.2470.6

346.2184.5

236.931.5

205.3

8.374.7

446.9455.6

235.7

15.816.4

60.8126.9

14.9112.0

133.5

439.6

2,670.62,501.9

2,428.2

72.3

1.5168.7

2,470.6

11,26510,421

237.1

6.3

1985

3,314.5

1,966.1

607.7460.1469.8516.4

372.2196.9

254.429.2

225.2

7.676.4

476.2487.1

253.4

15.716.7

66.6134.6

15.4119.2

150.2

486.5

2,828.02,684.7

2,600.5

82.6

1.6143.3

2,528.0

11,81710,563

239.3

5.1

1985

I

3,253.1

1,922.3

600.1455.1460.2498.8

363.2191.7

250.732.9

217.8

6.876.3

473.8479.4

249.3

16.716.8

65.3131.2

15.1116.1

147.8

497.7

2,755.42,611.3

2,530.9

78.4

2.1144.1

2,495.7

11,55510,466

238.5

5.2

II

3,298.7

1,953.3

605.0457.3467.7511.0

369.6195.3

255.533.0

222.5

8.176.4

475.3484.1

251.1

15.816.8

66.2134.2

15.3118.9

149.4

456.4

2,842.32,658.7

2,576.0

81.2

1.4183.6

2,550.8

11,89310,674

239.0

6.5

III

3,323.2

1,976.0

608.3460.7472.4521.1

374.2198.8

249.321.6

227.7

7.376.3

475.2491.1

256.5

15.116.7

67.0135.9

15.6120.3

150.7

491.2

2,832.02,712.4

2,627.1

83.8

1.5119.6

2,524.7

11,81910,537

239.6

4.2

IV

3,382.9

2,012.8

617.7467.5478.9534.6

381.6201.7

262.129.4

232.7

8.376.7

480.6493.6

256.8

15.316.4

68.0137.1

15.7121.3

152.9

500.7

2,882.22,756.4

2,667.9

87.0

1.6125.8

2,540.7

11,99910,577

240.2

4.4

1986

I

3,432.6

2,044.1

622.0470.5485.2549.6

387.2204.5

265.324.4

240.9

12.879.1

480.8504.7

263.2

15.517.0

69.1140.0

16.0124.0

158.6

497.5

2,935.12,789.4

2,697.9

89.8

1.7145.6

2,581.2

12,19310,723

240.7

5.0

II r

August 1986 SURVEY OF CURRENT BUSINESS 11

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

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

ReceiptsPersonal tax and nontax

receiptsIncome taxesEstate and gift taxesNontaxes

Corporate profits tax accrualsFederal Reserve banks .Other

Indirect business tax andnontax accrualsExcise taxesCustoms dutiesNontaxes

Contributions for socialinsurance

ExpendituresPurchases of goods and services-


Transfer paymentsTo personsTo foreigners

Grants-in-aid to State and localgovernments

Net interest paidInterest paid

To persons and businessTo foreigners

Less: Interest received bygovernment

Subsidies less current surplus ofgovernment enterprisesSubsidies. . .Less: Current surplus of

government enterprisesLess: Wage accruals less

disbursementsSurplus or deficit ( ),

national income andproduct accounts

Social insurance fundsOther

1984

726.5

309.3302.8

6.1.5

75.916.159.9

55.736.211.97.6

285.5896.5311.3235.076.2

355.0344.3

10.7

93.6115.6136.4116.619.8

20.8

21.322.1

.8

.2

-170.02.2

-172.2

1985

786.8

345.6338.4

6.5.7

73.617.855.8

56.135.512.28.4

311.5984.9354.1259.494.7

380.3367.013.4

99.0130.5152.1130.821.3

21.6

20.722.2

1.5

-.2

-198.011.0

2091


I

793.3

360.7353.9

6.2.6

70.518.252.3

55.135.212.47.6

306.9955.4333.7248.984.8

374.2363.111.1

95.7127.6148.6127.421.2

21.0

24.426.21.8

.1

-162.28.3

1705

II

755.8

316.6309.2

6.7.7

69.918.251.8

59.335.111.612.5

310.0970.6340.9255.185.8

377.2364.7

12.4

98.3130.9151.9130.821.1

21.0

22.326.23.8

-1.0

-214.811.0

2259

III

792.6

349.6342.1

6.8.7

76.817.559.3

53.935.212.06.8

312.2990.1360.9265.595.5

384.1369.6

14.5

100.2129.8152.3130.821.5

22.5

15.117.12.0

0

-197.59.7

2072

IV

805.8

355.6348.6

6.3.8

77.217.359.9

56.036.612.66.8

317.01,023.4

380.9268.0112.9385.9370.4

15.4

101.6133.9155.7134.221.5

21.8

21.119.5

-1.6

0

-217.615.1

-232.7

1986I

800.0

350.3343.1

6.4.8

71.216.654.5

52.732.913.16.6

325.81,001.5

355.7266.489.3

389.3378.810.5

103.5135.0157.8134.922.8

22.8

18.019.61.6

0

201 618.5

-220.1

II r

805.9

355.5347.1

7.6.8

72.615.856.8

50.631.013.36.3

327.21,042.7

367.1278.089.1

394.4381.5

12.9

106.9137.9160.2137.023.2

22.3

36.438.7

2.3

0

-236.919.4

2563

ReceiptsPersonal tax and nontax

receiptsIncome taxesNontaxesOther. .

Corporate profits tax accrualsIndirect business tax and

nontax accrualsSales taxesProperty taxesOther

Contributions for socialinsurance

Federal grants-in-aidExpenditures

Purchases of goods and services...Compensation of employeesOther

Transfer payments to personsNet interest paid

Interest paidLess: Interest received by

governmentLess: Dividends received by

governmentSubsidies less current surplus of

government enterprisesSubsidiesLess: Current surplus of

government enterprisesLess: Wage accruals less

disbursementsSurplus or deficit (-),

national income andproduct accounts

Social insurance fundsOther ...

1984

540.8

130.367.551.810.919.5

256.3120.099.736.6

41.193.6

472.4422.2258.9163.393.1

-28.536.965.4

3.6

-10.7.6

11.3

0

68.548.919.6

1985

577.5

140.972.256.811.818.2

275.4129.0107.239.1

44.299.0

515.8461.3280.1181.199.2

-26.942.669.5

5.2

-12.6.7

13.2

0

61.752.79.0


I

561.3

137.070.854.711.417.3

268.2125.6104.238.4

43.195.7

495.6443.5272.4171.196.3

-27.740.4

68.1

4.6

-11.9.7

12.5

0

65.651.614.0

II

571.9

139.872.156.111.717.2

272.7128.0106.138.6

43.998.3

512.6458.1277.6180.598.7

-27.141.969.0

5.0

-12.1.7

12.8

0

59.252.46.8

III

584.2

141.672.157.512.119.0

278.8131.2108.239.4

44.5100.2524.7468.8282.8186.0100.4

-26.643.369.9

5.4

125.7

13.2

0

59.553.16.5

IV

592.7

145.174.059.012.119.2

281.8131.4110.439.9

45.1101.6530.2474.7287.8186.9101.426444.871.2

5.7

137.7

14.5

0

62.553.78.8

1986I

608.4

147.274.560.412.418.0

294.1133.4112.548.1

45.7103.5538.5480.9292.6188.3103.6

-26.146.272.2

6.1

13 9.8

14.7

0

70.054.315.7

II r

611.4

149.374.961.812.618.6

290.3135.7114.640.1

46.3106.9551.6492.9297.8195.1105.0

-25.747.673.4

6.4

14 1.8

14.9

0

59.955.04.9

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

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


Government purchases ofg

National aeienseJLmraDie gooos

Compensation ofMilitarvCivilian

Q. . '

D hi nniijjuraoie gooas......Commodity Credit

Corporation inventoryru-u j uiCompensation of

employeesq, ,

State and localjJuraDie gooas.....Nonaurauie gooas

Compensation of employees.. .a* f

1984

733.4311.3235.065.512.2

152.494.863.531.357.65.0

76.23.93.1

-3.66.7

62.037.224.77.3

422.218.736.2

320.3258.961.447.0

1985

815.4354.1259.474.912.2

166.1101.167.833.365.06.1

94.74.1

17.2

11.35.9

66.039.626.47.4

461.320.838.7

348.3280.168.253.5


I

777.3333.7248.971.011.5

161.499.966.933.061.55.1

84.84.18.9

2.86.1

64.539.225.37.3

443.520.037.6

337.9272.465.548.0

II

799.0340.9255.173.112.7

163.2100.567.233.262.76.1

85.84.19.3

2.36.9

65.139.525.67.4

458.120.538.4

345.0277.667.454.2

III

829.7360.9265.578.913.0

166.6100.867.433.465.87.0

95.53.9

17.5

11.46.1

66.539.726.87.5

468.820.938.7

351.9282.869.157.3

IV

855.6380.9268.076.611.8

173.4103.469.733.770.06.1

112.94.5

33.2

28.74.5

68.040.028.07.2

474.721.540.0

358.6287.870.854.6

1986

I

836.7355.7266.475.711.8

172.5103.970.033.868.76.3

89.34.3

11.1

5.65.5

66.740.226.67.2

480.921.938.7

365.4292.672.755.0

II r

Government purchases of860 o goods and services367.1 Federal2780 National defense84 3 Durable goods10 5 Nondurable goods

176 3 ServicesCompensation of

104 4 employees70 3 Military34.1 Civilian720 Other services6 9 Structures

89 1 Nondefense4 3 Durable goods

11 1 Nondurable goods ,Commodity Credit

Corporation inventory5 4 change57 Other nondurables

663 ServicesCompensation of

40 3 employees25.9 Other services7 4 Structures ,

492 9 State and local224 Durable goods36 7 Nondurable goods

372 0 Services297.8 Compensation of employees..

74 3 Other services61 7 Structures

1984

675.2291.7219.461.213.6

140.086.958.628.353.04.7

72.34.14.5

-2.26.7

56.733.723.07.0

383.517.936.6

283.9229.3

54.645.1

1985

721.2323.6235.770.413.6

146.388.359.528.958.05.5

87.84.6

18.2

12.35.9

58.234.323.96.8

397.619.539.0

290.9232.958.048.2


I

695.3305.8228.066.812.7

143.988.259.428.855.74.7

77.84.49.2

3.26.0

57.334.223.06.9

389.519.038.0

288.2231.656.644.3

II

708.3311.4233.569.214.1

144.688.359.528.856.35.6

77.94.59.1

2.07.0

57.534.323.26.9

396.919.338.6

290.1232.5

57.648.8

III

731.8329.9242.274.614.4

146.988.559.628.958.46.3

87.64.5

17.7

11.56.2

58.534.324.27.0

401.919.739.5

291.8233.4

58.451.0

IV

749.4347.2239.370.813.1

150.088.459.528.961.65.4

107.95.2

36.6

32.34.3

59.534.325.26.6

402.220.140.1

293.6234.359.348.5

1986I

725.2320.4238.771.313.3

148.588.659.628.960.05.6

81.75.2

11.8

6.45.4

58.134.323.86.6

404.820.440.6

295.0235.0

60.048.7

II r

742.4329.5250.078.714.0

151.388.659.529.162.66.1

79.45.49.8

4.45.4

57.534.423.16.8

413.020.741.2

296.5235.7

60.854.6



Table 3.9.National Defense Purchases of Goods and Services[Billions of dollars]

National defensepurchases

Durable goodsMilitary equipment

AircraftMissilesShipsVehiclesElectronic equipmentOther

Other durable goodsNondurable goods

Petroleum productsAmmunitionOther nondurable goods

ServicesCompensation of employees

MilitaryCivilian

Other servicesContractual research and

developmentInstallation support 1Weapons support 2Personnel support 3 .Transportation of materiel ....Travel of personsOther

Structures. Military facilitiesOther

1984

235.065.555.521.88.57.75.04.08.59.9

12.26.83.12.3

152.494.863.531.357.6

23.515.86.74.93.43.0

.35.03.02.0

1985

259.474.964.025.99.78.54.74.9

10.410.912.26.63.22.4

166.1101.167.833.365.0

27.316.97.55.73.83.5.2

6.13.52.6


I

248.971.060.624.19.77.84.74.69.6

10.411.56.03.22.3

161.499.966.933.061.5

25.516.87.04.63.73.3.6

5.12.82.3

II

255.173.162.326.58.38.34.34.8

10.110.912.77.13.22.3

163.2100.567.233.262.7

26.216.67.35.23.73.4.3

6.13.52.6

III

265.578.967.525.010.29.05.25.4

12.711.413.07.23.32.5

166.6100.867.433.465.8

27.717.17.76.33.63.6

.17.04.03.0

IV

268.076.665.628.110.48.84.44.99.0

11.011.86.23.22.4

173.4103.469.733.770.0

29.717.28.26.84.33.7

.26.13.72.4

1986

I

266.475.764.228.110.78.04.54.68.3

11.611.86.33.22.3

172.5103.970.033.868.7

28.717.47.76.94.13.4.5

6.33.62.8

II r

278.084.372.330.413.59.04.75.19.5

12.010.54.13.92.4

176.3104.470.334.172.0

31.617.77.87.14.13.5

.26.93.83.1

Table 3.10.National Defense Purchases of Goods and Services inConstant Dollars


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

2. Includes depot maintenance and contractual services for weapons systems, other thanresearch and development.

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

Table 4.1.Foreign Transactions in the National Income and ProductAccounts


Receipts from foreigners ...Exports of goods and services

MerchandiseDurable goodsNondurable goods

ServicesFactor income 1Other

Capital grants received by theUnited States (net)

Payments to foreignersImports of goods and services

MerchandiseDurable goodsNondurable goods

ServicesFactor income lOther

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

Interest paid by government toforeigners

Net foreign investment

1984

382.7382.7224.1125.698.5

158.6100.658.0

0382.7441.4334.4191.1143.3107.053.153.912.21.5

10.7

19.8907

1985

369.8369.8219.6128.291.4

150.291.258.9

0369.8448.6341.7202.6139.1106.950.156.915.01.6

13.4

21.3-115.2


I

378.4378.4226.0128.797.3

152.491.960.5

0378.4427.9323.1194.7128.4104.849.455.313.22.1

11.1

21.2-83.8

II

370.0370.0221.1129.791.4

148.991.257.7

0370.0447.1340.7199.3141.4106.450.056.413.91.4

12.4

21.1-112.0

III

362.3362.3215.0128.087.0

147.489.457.9

0362.3446.0339.2202.3136.9106.850.356.416.01.5

14.5

21.5-121.2

IV

368.2368.2216.2126.389.9

152.092.359.7

0368.2473.6363.8213.9149.9109.850.559.317.01.6

15.4

21.5-143.8

1986

I

374.8374.8219.7133.386.3

155.294.760.5

0374.8468.5358.9224.4134.5109.651.558.112.21.7

10.5

22.8-128.6

II'

367.9367.9212.9131.781.2

155.092.462.6

0367.9468.1358.5232.0126.5109.652.057.614.31.4

12.9

23.2-137.7

National defensepurchases

Durable goodsMilitary equipment

AircraftMissiles ...ShipsVehiclesElectronic equipmentOther

Other durable goodsNondurable goods

Petroleum products..AmmunitionOther nondurable goods

ServicesCompensation of employees

MilitaryCivilian

Other servicesContractual research and

developmentInstallation support 1Weapons support 2Personnel support 3Transportation of materiel ....Travel of personsOther

StructuresMilitary facilitiesOther

1984

219.461.251.218.58.17.05.53.88.3

10.013.68.33.02.3

140.086.958.628.353.0

21.414.06.14.73.53.1.3

4.72.81.9

1985

235.770.458.822.69.27.55.34.69.7

11.613.68.42.92.2

146.388.359.528.958.0

24.114.46.75.23.93.4

.25.53.22.4


I

228.066.856.121.68.77.05.54.39.0

10.612.77.52.92.2

143.988.259.428.855.7

22.614.66.34.53.83.3

.64.72.62.1

II

233.569.257.923.48.27.35,24.59.4

11.314.19.02.92.2

144.688.359.528.856.3

23.314.26.54.83.83.3

.35.63.22.4

III

242.274.662.522.09.97.95.85.1

11.812.114.49.13.02.3

146.988.559.628.958.4

24.414.56.85.63.63.5

1

6.33.52.8

IV

239.370.858.623.39.97.74.64.68.5

12.213.17.92.92.2

150.088.459.528.961.6

26.014.57.25.84.43.6.1

5.43.32.2

1986

I

238.771.358.023.410.56.95.04.37.8

13.213.38.13.02.1

148.588.659.628.960.0

24.914.56.85.74.13.4

.45.63.12.5

II r

250.078.764.824.813.37.85.24.88.9

13.914.08.03.72.2

151.388.659.529.162.6

27.514.76.95.84.13.4

.26.13.32.8

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

2. Includes depot maintenance and contractual services for weapons systems.3. Includes compensation of foreign personnel, consulting, training, and education.

Table 4.2.Exports and Imports of Goods and Services in ConstantDollars


Exports of goods and servicesMerchandise . . . .

Durable goodsNondurable goods


Imports of goods and servicesMerchandise



1984

369.7222.7127.395.4

147.092.654.4

453.2350.0199.3150.7103.348.754.6

1985

362.3227.4133.593.9

135.080.954.0

470.5368.7216.6152.1101.844.057.8


I

369.4230.8132.698.2

138.682.656.0

448.2347.5209.2138.3100.744.156.6

II

361.2227.0134.392.7

134.281.253.0

469.3367.7213.8153.9101.744.157.5

III

355.8223.9133.690.3

132.079.152.9

469.6368.4216.9151.4101.344.057.2

IV

362.9227.8133.494.4

135.180.954.3

494.8391.3226.7164.6103.643.759.8

1986

I

369.2232.0142.189.9

137.282.454.8

495.1392.6237.4155.2102.544.358.2

II r

363.9227.5141.685.9

136.479.956.6

514.4412.5240.6171.8102.044.457.5

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

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


August 1986 SURVEY OF CURRENT BUSINESS 13

Table 4.3.-Merchandise Exports and Imports by Type of Product andby End-Use Category


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


Merchandise exportsFoods, feeds, and beveragesIndustrial supplies and

materialsDurable goodsNondurable goods

Capital goods, except autosAutos . . . . .Consumer goods


OtherDurable goodsNondurable goods

Merchandise importsFoods feeds and beveragesIndustrial supplies and

materials, excludingpetroleumDurable goodsNondurable goods

Petroleum and products . . .Capital goods, except autosAutosConsumer goods


OtherDurable goodsNondurable goods

Addenda:Exports of agricultural

products lExports of nonagricultural

productsImports of nonpetroleum

products

1984

224.131.6

61.216.944.274.122.513.85.68.1

21.06.4

14.5334.421.3

63.?33.429.857.361.156.661.334.626.613.75.48.3

38.4

185.7

277.1

1985

219.624.0

58.316.042.375.624.513.05.17.9

24.16.9

17.2341.721.3

59.730.629.150.564.065.165.236.728.415.96.19.8

29.6

190.0

291.2


I

226.027.1

60.816.244.676.823.813.45.38.2

24.16.6

17.5323.1

21.7

59.630.728.941.663.358.963.136.127.014.95.89.1

33.4

192.7

281.5

II

221.124.4

57.716.441.376.524.912.95.17.7

24.86.8

18.0340.7

20.9

60.731.729.154.562.962.962.935.827.115.86.09.8

29.8

191.3

286.1

III

215.021.6

57.216.141.175.025.012.64.87.7

23.67.0

16.6339.2

20.7

58.930.228.749.562.366.965.036.728.315.96.29.7

26.7

188.3

289.8

IV

216.223.1

57.715.342.474.324.412.95.17.9

23.87.2

16.6363.8

22.0

59.529.929.656.567.571.869.638.331.316.96.4

10.5

28.5

187.7

307.3

1986

I

219.724.4

58.116.741.475.723.713.65.18.4

24.212.112.1

358.923.8

62.332.429.940.171.871.373.240.832.516.58.28.2

28.4

191.2

318.8

II r

212.920.8

56.016.040.075.523.213.65.18.5

23.811.911.9

358.524.5

60.432.028.432.473.276.874.841.833.016.48.28.2

24.6

188.3

326.1

1. Includes parts of line 2 and line 5.

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

Gross savingGross private saving

Personal savingUndistributed corporate

profits with inventoryvaluation and capitalconsumption adjustmentsUndistributed profitsInventory valuation

adjustment .Capital consumption

adjustmentCorporate capital

consumption allowanceswith capital consumptionadjustment

Noncorporate capitalconsumption allowanceswith capital consumptionadj ustment

Wage accruals lessdisbursements

Government surplus or deficit( ), national income andproduct accountsFederalState and local

Capital grants received by theUnited States (net)

Gross investmentGross private domestic

investmentNet foreign investment

Statistical discrepancy

1984

573.3674.8168.7

91.062.0

-5.5

34.5

2

SCB_081986

Documents

stuart st

peachtree st

e515 st

mala st

mobfos st

ohio st

st louis120 s

preliminary estimates