SCB_121986

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

DECEMBER . 1986 /\ VOLUME 66: NUMBER 12-

CONTENTS

' \ ' ; > ; . . - . . ' ' Business Situation 1

National Income and Product Accounts Tables 3

and Other Special Tables 16

. .- Plant and Equipment Expenditures: '17'* Quarters of 1986* First and Second Quarters of 1987

" - ' ' - * Year 1987 '.

Plant and Equipment Expenditures by Businessfor Pollutton Abatement, 1985 and 1986 20

U.a International Transactions, Third Quarter 1986 23Constant-Dollar Inventories, Sales, and Inventory-Sales

Eatios for Manufacturing and Trade 47

Subject Guide, Volume 66 (1986) 51

CURRENT BUSINESS STATISTICSGeneral SI

Industry S19Footnotes S33

Subject Index (Inside Back Cover)

+1**&^

J*SMalcolm Baldrige / Secretary. 'Robert Ortner / UMer:SecreMry'

' 'Allan H. Tdiiitg / Mreet&r . ' Carol B* Carson / Deputy JMreetor

of

Editor-in-Chief: Carol S. CarsonMmmerigt Mitor: Banitelei A.Managing Editor; LeSand L* Scott

Staff nti$ut&r$ t& Tfyis Issue: Leo M, Bemsteiii,David W. Cartwrlght, Anthony J. DILnilo, Daniel J.*Larkins Gary L, Eutledge, Eugene F SesMn, Nfkohlaos A, Stergioulas, David F. Siillivanf Nationalincome and Wealtli ptvision

SUEVUY OF CURKENT BUSINESS. Published monthly bythe Bureau of Economic Analysis qftlie U.S. Departaeatof Commerce, Iditprial correspondence should be ad-dressed to the Editpr4ahief, Survey of Current Busi-ness? Bureau of Economic Analysis, U.S. Department ofCommerce, Washington, DC 20230.

Annual subscription: second-class mai^ $25.00 domes-tic, $S1.25 foreign; first-class maz7$50.00. Single copy$5.00 domestic, $6.25 foreign.

Mail subscription orders and address changes to theSuperintendent of Documents^ U.S. Government PrintingOffice, Washington, DC 20402. Make checks payable toSuperintendent of Documents.

Second-class postage paid at Washington, DC and atadditional mailing offices. (USPS 337*790),

1%e Secretary of Commerce lias determined thatthe publication of this periodical is necessary in the transaction of the public business teqaired by law of thte Department Use of funds for printingthis periodical has been approved by the Director of the Office of Management and Budget through September 30,1987.

., ; ' . ' ' . - . .

AL920JLS 2nd Am, N.

' AK, -701 C St. 271*6041 -AS, :S20 W, Capitol Ave, 873-5794,

2-01 -N; Csaitral Aw.

117T7 S&k yicente Blvd. Cl* Swt'. 451 Golden A^e

CO, Xtextvr721 - IStfe Si.TfISO St

1 FL, ,51 aW. -First Ave,dA,

Peachtree St, N JL 881-7000

OA, SmYaiimli27 I. Bay Si, 9444264SI, '800 Ala Moana Blvd.JA, Des210 Walnut St. 284-4222 -UU CWcago55 S. Monroe St,IN,461, St.MY, IxrafevilleU,a P.O: & CaurOiouseSldg,

LA> Nw Orfesins 761 SO48E Iniersatkttial Trade Mart 5^-6546MA, Boston 82116 .441 Stuart St 223-2312 ' , -

til), - 415 U.S. Customhouse

'BU, Detroit :2S1 W. Lafavette 2264650

MK,110 a 4th St.MO, Kansas City601 E. 1211 St 374-8142MCI, St Louis120-S, Ceabai AMS, Jackson 210 -S

the BUSINESS SITUATION

A ROFITS from current production-profits before tax with inventory valu-ation adjustment (IVA) arid capitalconsumption adjustment (CCAdj)in-creased $9 billion in the third quar-ter, following a $3 Va billion decline inthe second.

Domestic profits of nonfinancialcorporations increased $7 billion, fol-lowing a $x/2 billion increase, reflect-ing higher real gross corporate prod-uct and higher profits per unit. Withrespect to the higher unit profits, anincrease in unit price more thanoffset increases in unit labor and non-labor costs.

Domestic profits of financial corpo-rations changed littleup $% bil-lionfollowing a $2 billion increase,and profits from the rest of the worldrebounded $2 billion, following a $5V2billion decline.

Profits before tax.As explained inthe following section, profits beforetax (PBT) and a number of other prof-its-related estimates have been adjust-ed for the first three quarters of 1986to reflect retroactive provisions of theTax Reform Act of 1986; the adjustedfigures are used in this discussion.

PBT increased $12y2 billion in thethird quarter, following an increase of$5 billion in the second. The largerthird-quarter increase reflected a $7x/2billion swing in profits from the restof the world; PBT of domestic corpo-rations increased about $10 Vs billionin both quarters.

The difference between the $12y2billion increase in PBT and the $9 bil-lion increase in profits from currentproduction is primarily due to theIVA, which declined $4^2 billion; theCCAdj increased $y2 billion. These ad-justments convert depreciation and

inventories reported by business tothose used by BE A in the estimationof profits from current production.The decline in the IVA, from $10y2billion to $6 billion, reflected smallerdecreases in inventory prices than inthe second quarter.

Profits with IVA but withoutCCAdj.The quarterly measure ofprofits available by industry in-creased $8 billion, following a declineof $*/2 billion. Profits of domestic non-financial corporations increased* $6y2billion, as increased trade profitsmore than offset a decline in manu-facturing profits; in the second quar-ter, when domestic profits of nonfi-nancial corporations had increased$3y2 billion, the opposite occurred: in-creased manufacturing profits morethan offset lower trade profits.

Both retail and wholesale tradecontributed to the increase in tradeprofits in the third quarter. Profits ofretailers increased moderately after asecond-quarter decline; retailers' prof-its have seesawed in this fashionupone quarter and down the nextformore than a year. Profits of wholesal-ers increased sharply, rebounding to

year-earlier levels after several quar-ters of weakness. The increase reflect-ed the first substantial increase insales in a number of quarters.

In manufacturing, sizable declineswere widespread among durables pro-ducers, although the largest of themanufacturing declines was in petro-leum, a nondurable; a numberof cor porations in this industryengage in the extraction of crude oilas well as in refining, and their prof-its were damped by lower prices andsluggish production of crude.

Rest-of-the-world profits, which areexpressed on a net (i.e., inflows minusoutflows) basis, increased $2 billion,following a $5x/2 billion decline, asoutflows declined more than inflows.

*

Third-quarter NIP A revisionsThe 75-day revisions of the national

income and product accounts esti-mates for the third quarter of 1986are shown in table 2 on page 16.

Looking Ahead . . . International Sales of Services. Data on sales of services by U.S. mul-

tinational corporations and their foreign affiliates, 1982-84, will be pre-sented in the January issue of the SURVEY.

Input-Output Accounts. The 1981 annual input-output tables will bepresented in the January issue of the SURVEY.

Tax Reform Act of 1986. An analysis of major provisions of the TaxReform Act of 1986 and their impact on Federal sector receipts on a na-tional income and product accounting basis will appear in an upcomingissue of the SURVEY.


SURVEY OF CURRENT BUSINESS December 1986

Retroactive Effects of the Tax Reform Act of 1986 on the NationalIncome and Product Accounts Estimates

The Tax Reform Aet of 1986 was signed into law on October 22, 1986.Most provisions of the act become effective January 1, 1987 and will bediscussed in an upcoming issue of the SURVEY OF CURRENT BUSINESS.However, certain capital cost provisions are retroactive to January 1,1986: (1) The investment tax credit is repealed for assets placed in servicein 1986, except for certain assets covered by transition rules; (2) the basisfor depreciation is restored to full cost from the 95 percent of cost re-quired with the use of the investment tax credit under prior law, exceptfor certain assets covered by transition rules, for which the basis for de-

Table 1.Effect of the Retroactive Capital Cost Provisions of the TaxReform Act of 1986, NIPA Basis

Capital consumption allowances with capitalconsumption adjustmentCapital consumption allowancesLess' Capital consumption adjustment

Repeal of investment tax credit:Restoration of depreciation basis to full cost 1..

Acceleration of depreciation

Nonfarm proprietors' income with capital consumptionadjustmentNonfarm proprietors' capital consumption adjustment ..Nonfarm proprietors' income

Repeal of investment tax credit:Restoration of depreciation basis to full cost l


Corporate profits with capital consumption adjustment ....Corporate capital consumption adjustmentProfits before tax

Repeal of investment tax credit:Restoration of depreciation basis to full cost * .....

Acceleration of depreciationProfits tax liability

Repeal of investment tax credit:Investment tax creditRestoration of depreciation basis to full cost 1

Acceleration of depreciationProfits after tax ,

Repeal of investment tax credit:Investment tax creditRestoration of depreciation basis to full cost x


Billions of dollars

1986

05.25.2

1.14.1

0.88

-.2-.6

04.444

-.9-3.5

5.3

7.6-.418

-9.8

-7.6-.517

Seasonally adjusted at annualrates

1986

I

02.12.1

.41.6

0.3

-.3

-.1-.2

01.818

-.4-1.4

6.6

7.5-.2__7

-8.3

75-.2

7

II

04.24.2

.93.3

0.6

-.6

-.15

03.5

-3.5

-.8-2.8

5.7

7.5-.4

-1.5-9.2

75-.4

-1.3

III

06.26.2

1.34.9

0.9

-.9

-.27

05.3

-5.3

-1.14.25.0

7.7-.5

-2.2-10.3

77-.6

-2.0

IV

08.48.4

1.86.6

01.3

-1.3

-.3-1.0

07.1

-7.1

-1.5-5.6

4.2

7.8-.7

-2.911.2

-7.8-.8

-2.7

1. Less a lower basis for depreciation required for transition rule assets under the" nelaw.

preciation is reduced from 95 to 90 percent; and (3) some assets not cov-ered by transition rules and placed in service during the last five monthsof 1986 are made eligible for accelerated (double-declining balance) depre-ciation.

National income and product (NIPA) estimates for the first three quar-ters of 1986 have been adjusted to reflect the retroactive provisions. Theretroactive provisions affect the NIPA measures of national income with-out capital consumption adjustment, corporate profits, nonfarm propri-etors' income, and capital consumption allowances (all without capitalconsumption adjustment), cash flow, corporate profits tax liability, andthe capital consumption adjustment. The measures are in the followingNIPA tables: 1.9, 1.14, 1.16, 3.2, 3.3, 5.1, 6.3B, 6.18B, and 7,18.

The adjustments for retroactive provisions are based on preliminaryestimates for the year 1986 provided by the Treasury Department. Previ-ously published estimates for the first three quarters of 1986 were basedon prior tax laws.

The adjustments are summarized in table 1 for the year 1986 and forthe four quarters.

The adjustments increase capital consumption allowances by $5.2 bil-lion for the year, and decrease income by the same amount (nonfarmproprietors' income by $0.8 billion and corporate profits by $4.4 billion).The restoration of the depreciation basis to full cost accounts for $1.1 bil-lion, and the acceleration of depreciation accounts for $4.1 billion.

The adjustments increase corporate tax liability by $5.3 billion in1986. The repeal of the investment tax credit increases profits tax liabil-ity by $7.6 billion, and the restoration of the depreciation basis to fullcost and the acceleration of depreciation decrease liability by $0.4 and$1.8 billion, respectively.

The adjustments decrease profits after tax by $9.8 billion.No adjustments are required for other NIPA components. Because the

effects of the retroactive provisions on corporate profits, nonfarm propri-etors' income, and capital consumption allowances are offset in theNIPA's in their capital consumption adjustments, the corresponding esti-mates with capital consumption adjustment are not affected. NIPA esti-mates of farm proprietors' income, which are not developed from taxreturn data, and estimates of rental income of persons, which are onlyminimally based on such data, are also not affected. Because personaltax and nontax payments are recorded in the NIPA's on a cash basis,rather than a liability basis, they are not affected retroactively. The ret-roactive provisions do not affect national income, personal income, dis-posable personal income, personal saving, gross corporate product, orGNP.


December 1986 SURVEY OF CURRENT BUSINESS

National Income and Product Accounts Tables

New estimates in this issue: Third quarter 1986, revised (r). Estimates of capital consumption allowances, corporate profits before tax, pro-prietors' income, and related estimates for the first three quarters of 1986 have been adjusted to reflect the retroactive provisions of the TaxReform Act of 1986. The following tables were affected: 1.9, 1.14, 1.16, 3.2, 3.3, 5.1, 6.3B, 6.18B, and 7.18. See page xx.

Estimates for 1929-82 are in The National Income and Product Accounts, 1929-82: Statistical Tables (Stock No. 003-010-00174-7, price$23.00). Estimates for 1983-1985 are in the July 1986 SURVEY. These publications are available from the Superintendent of Documents andCommerce Department District Offices; see addresses inside front cover.

The full set of National Income and Product Accounts estimates shown regularly in this part of the SURVEY are now available on diskettefor $240 per year (12 updates). For more information, write to the Bureau of Economic Analysis (BE54), 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 product......Personal consumption

expendituresDurable goodsNondurable goodsServices

Gross private domesticinvestment.... ...Fixed investment

Nonresidential ;StructuresProducers' durable

equipmentResidential

Change in businessinventoriesNonfarm ...Farm

Net exports of goods andservicesExportsImports

Government purchases of goodsand servicesFederal ..

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

733.4311.3235.0

76.2422.2

1985

3,998.1

2,600.5359.3905.1

1,336.1

661.1650.0458,2154.8303.4191.811.112.2

-1.1

-78.9369.8448.6

815.4354.1259.4

94.7461.3

Seasonally adjusted at annual rates1985

A

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

799.0340.9255.1

85.8458.1

III

4,030.5

2,627.1373.3907.4

1,346.4

657.4654.3459.8155.0304.71945

3.13.21

-83.7362.3446.0

829.7360.9265.5

95.5468.8

IV

4,087.7

2,667.9362.0922.6

1,383.2

669.5672.6474.0157.2316.8198.6

3 116.719 9

-105.3368.2473.6

855.6380.9268.0112.9474.7

1986I

4,149.2

2,697.9360.8929.7

1,407.4

708.3664.4459.2154.6304.6205.3

43.841.22.7

-93.7374.8468.5

836.7355.7266.4

89.3480.9

II

4,175.6

2,732.0373.9928.4

1,429.8

687.3672.8457.5141.5316.0215.3

14.510.53.9

-104.5363.0467.5

860.8367.6278.4

89.2493.3

nr

4,240.7

2,799.8414.5932.8

1,452.4

675.8680.3459.0139.5319.5221.3

4 5-10.3

5.8

-108.9370.8479.7

874.0369.3286.8

82.6504.7

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

inventoriesDurable goods


Nondurable goodsFinal salesChange in business

inventoriesServices '.Structures

1984

3,765.03,700.9

64.11,576.71,512.6

64.1675.0635.9

39.2901.7876.7

25.01,813.2

375.1

1985

3,998.13,987.0

11.11,630.21,619.1

ii.i700.2693.6

6.6930.0925.5

4.51,959.8

408.1


II

3,965.03,945.9

19.11,622.41,603.3

19.1693.1690.8

2.3929.3912.6

16.71,935.4

407.2

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

9.5935.0947.7127

2,025.5418.1

1986I

4,149.24,105.4

43.81,669.01,625.2

43.8710.6682.0

28.6958.4943.115.3

2,057.7422.6

II

4,175.64,161.2

14.51,661.51,647.1

14.5703.1703.2

1958.5943.9

14.62,087.4

426.7

IIP

4,240.74,245.2

-4.51,680.21,684.7

45730.1745.7156

950.1939.011.1

2,125.2435.3

Gross national productPersonal consumption

expendituresDurable goods. ..Nondurable goodsServices

Gross private domesticinvestmentFixed investment

NonresidentialStructuresProducers' durable

equipmentResidential.. ..

Change in businessinventoriesNonfarmFarm


Government purchases of goodsand servicesFederal

National defenseNondefense

State and local

1984

3,489.9

2,246.3318.9828.6

1,098.7

652.0592.8422.2141.3

280.9170.6

59.254.34.9

-83.6369.7453.2

675.2291.7219.4

72.3383.5

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


II

3,567.6

2,311.9338.8841.3

1,131.8

655.6638.1463.0154.1308.9175.1

17.49.67.8

108.1361.2469.3

708.3311.4233.5

77.9396.9

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

731.8329.9242.2

87.6401.9

IV

3,622.3

2,351.7347.0847.2

1,157.5

653.2658.4476.9152.4324.5181.5

5216.1213

-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

725.2320.4238.7

81.7404.8

II

3,661.4

2,408.4357.1877.3

1,174.0

664.7649.6456.8132.9323.9192.715.111.04.1

-153.9359.8513.6

742.2328.9249.3

79.5413.3

IIF

3,686.4

2,448.0391.6875.4

1,181.0

651.3651.6454.4129.5324.9197.2-.3

-8.68.3

-163.3371.2534.5

750.4330.9259.4

71.5419.5


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

Gross national productFinal salesChange in business

inventoriesGoods


inventoriesDurable goods


inventoriesNondurable goods


inventoriesServicesStructures

1984

3,489.93,430.7

59.21,503.11,443.9

59.2653.4615.9

37.5849.7828.0

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


II

3,567.63,550.2

17.41,526.01,508.6

17.4668.3666.6

1.7857.7841.9

15.71,656.5

385.1

III

3,603.83,603.1

.71,544.21,543.6

.7686.5689.3

29857.8854.2

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

26.0875.0861.1

13.91,703.0

389.4

II

3,661.43,646.3

15.11,562.81,547.6

15.1687.5688.3-.7

875.2859.4

15.91,712.0

386.6

IIIr

3,686.43,686.7

-.31,568.01,568.3

-.3714.2728.6-14.4853.8839.714.1

1,727.2391.3



NOTE.Some estimates for the first three quarters of 1986have been adjusted to reflect the retroactive provisions of the

Tax Reform Act of 1986. See page 2.


4 SURVEY OF CURRENT BUSINESS December 1986

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

services .. .Equals: Gross domestic

purchases l

Less: Change in businessinventories

Equals: Final sales to domesticpurchasers2

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


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

1986I

4,149.2

374.8

468.5

4,242.9

43.8

4,199.0

II

4,175.6

363.0

467.5

4,280.1

14.5

4,265.7

IIIr

4,240.7

370.8

479.7

4,349.5

45

4,354.1

1. Purchases in the United States of goods and services wherever produced.2. Final sales in the United States of goods and services wherever produced.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 households ....Nonprofit 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


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

1986I

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

4,175.64,140.73,546.33,470.13,132.4

337.771.6

4.6152.0

9.6142.3442.5144.7297.834.9

lllr

4,240.74,203.23,600.73,524.03,180.1

343.966.410.3

154.49.9

144.5448.1145.2302.937.4


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

Gross national productGross domestic product..

Business *Nonfarm

Nonfarm less housingHousing .. .. .

FarmStatistical discrepancy

Households and institutionsPrivate householdsNonprofit institutions

GovernmentFederalState and local

Rest of the worldAddendum:

Gross domestic businessproduct less housing

1984

3,489.93,446.02,978.32,910.42,653.7

256.769.6

-1.7117.7

9.0108.8350.0120.7229.343.9

2,712.0

1985

3,585.23,548.33,071.52,998.92,735.3

263.677.650

121.29.1

11.2.2355.5122.6232.937.0

2,798.1


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

265.779.01,4

122.99.1

113.7356.9122.6234.337.1

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

3,661.43,630.63,146.93,067.52,798.3

269.275.34.0

125.19.3

115.7358.7123.0235.730.8

IIIr

3,686.43,653.83,168.03,087.32,816.2

271.271.59.1

126.09.5

116.5359.8123.2236.632.7

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

[Billions of 1982 dollars]

Gross national productLess: Exports of goods and

servicesPlus: Imports of goods and

servicesEquals: Gross domestic

purchases 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


II

3,567.6

361.2469.3

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

-5.2

3,759.5

1986

I

3,655.9

369.2

495.1

3,781.9

39.9

3,742.0

II

3,661.4

359.8

513.6

3,815.3

15.1

3,800.1

IIP

3,686.4

371.2

534.5

3,849.7

-.3

3,850.0

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

table 8.1.

Table 1.9.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 income . . .Less: Corporate profits with

inventory valuation andcapital consumptionadjustments

Net interestContributions for social

insurance. . . .Wage accruals less

disbursementsPlus: Government transfer

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

paymentsEquals: Personal income

3,765.0

415.1

4126

253,349.9

3120183

-1.9

1053,032.0

26473074

32672

4373446.9

74.7

18.33,110.2

3,998.1

437.2

4673

30.13,560.9

3314209

-5.5

823,222.3

280731143557

2

4662476.276.420.9

3,314 5

3,965.0

433.1

4649

3193,531.9

3319206

-11.7

1023,201.4

274331143539

10

4635475.376.420.6

3,298 7

4,030.5

441.3

4747

3343,589.3

3327

212-5.5

263 243.4

29633097

35680

4699475.276.321.2

3 323.2

4,087.7

446.7

4785

3193,641.0

3377

2171.6

743,287.3

28563076

36210

4718480.676.721.7

3,382.9

4,149.2

447.1

4800

3293,702.1

3467

223-3.6

413,340.7

29643049

371 50

4824480.879.122.3

3,432.6

4,175.6

453.3

4833

30.03,722.3

3408

2294.6

2243,376.4

293 12977

37350

4872480.181.122.9

3,483.3

4,240.7

457.6

4894

3183,783.1

3542

23510.3

103,396.1

3020292.9

376.60

495.0473.882.023.5

3,498.8

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

3,567.6

421.93,145.7

295.9-10.7

2,860.5

3,663.8

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

3,661.4

439.13,222.3

312.74.0

2,905.6

3,686.4

443.23,243.3

319.39.1

2,914.9




Table Lll 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 income .......Compensation of employees

Wages and salariesGovernment and

government enterprisesOther

Supplements to wages andsalariesEmployer contributions for

social insurance.Other labor income

Proprietors' income withinventory valuation andcapital consumptionadjustmentsFarm

Proprietors' income withinventory valuationadjustment

Capital consumptionadjustment

NonfarmProprietors' incomeInventory valuation

adjustmentCapital consumption

adjustmentRental income of persons with

capital consumptionadjustmentRental income of personsCapital consumption

adjustmentCorporate profits with

inventory valuation andcapital consumptionadjustmentsCorporate profits with

inventory valuationadjustmentProfits before tax

Profits tax liabilityProfits after tax

DividendsUndistributed profits

Inventory valuationadjustment

Capital consumptionadjustment

Net interestAddenda:

Corporate profits after taxwith inventory valuationand capital consumptionadjustmentsNet cash flow with

inventory valuation andcapital consumptionadjustmentsUndistributed profits with

inventory valuation andcapital consumptionadjustments

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

434

264.7

230.2235.7

95.4140.3

78.362.0

55

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

268.26

376.0


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

457

296.3

235.3229.2

95.8133.481.651.8

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

464

285.6

226.4235.8

96.4139.4

82.557.0

-9.4

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

-8.4240.9206.6

4

34.7

12.857.2

-44.4

296.4

239.0222.5

95.7126.9

85.241.7

16.5

57.3304.9

200.7

390.8

115.5

275.3

16.5374.3

II

3,376.42,480.22,058.8

392.51,666.3

421.3

214.1207.3

289.139.5

47.9

-8.3249.6215.5

1 0

35.1

16.361.3

45 1

293.1

238.3227.7

99.0128.887.541.2

10.6

54.8297.7

194.2

385.5

106.6

278.9

10.6374.9

IIP

3,396.12,507.42,081.1

398.41,682.7

426.3

215.9210.4

277.519.6

27.7

-8.2258.0222.8

-1-136.2

16.261.5

453

302.0

246.5240.4104.4135.9

88.847.2

6.1

55.5292.9

197.6

390.4

108.8

281.6

6.1384.3

Gross domestic productof corporate business

Capital consumption allowanceswith capital consumptionadjustment

Net domestic product ...Indirect 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 consumptionadjustmentsProfits before tax


DividendsUndistributed profits-

Inventory valuationadj ustment

Capital consumptionadj ustment

Net interestGross domestic product

of financial corporatebusiness

Gross domestic productof nonfinancialcorporate business......


Net domestic product...Indirect 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 consumptionadjustmentsProfits before tax


DividendsUndistributed profits-

Inventory valuation

Capital consumptionadj ustment

Net interest

Gross domestic productof nonfinancialcorporate business


Net domestic productIndirect business tax and

nontax liability plusbusiness transfer paymentsless subsidies . .. ... .

Domestic income

1984 1985


II III IV

1986

I II IIP

Billlions of dollars

2,276.5

253:92,022.6

215.81,806.91,503.51,251.6

251.9

233.7204.7

95.4109.2

67.042.3

55

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

5 5

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

224.2170.3

66.5103.874.329.5

g

54.590.4

2,396.6

266.62,130rl

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

266.3199.2

95.8103.4

68.335.1

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

250.5200.7

96.4104.3

69.934.3

-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

94

55.289.3

2,501.5

275.32,226.2

241.81,984.41,664.71,388.9

275.8

257.9184.1

95.788.470.418.0

16.5

57.361.8

157.9

2,343.6

258.72,084.9

227.61,857.41,542.81,287.4

255.4

225.5156.3

68.787.674.812.8

16.5

52.789.1

2,506.2

278.92,227.3

234.21,993.11,672.01,394.4

277.6

260.2194.8

99.095.882.313.5

10.6

54.860.9

164.7

2,341.5

261.92,079.6

220.11,859.51,545.71,289.2

256.5

225.9165.771.794.085.68.3

10.6

49.787.8

2,541.2

281.62,259.6

244.92,014.71,687.71,406.9

280.8

267.3205.6104.4101.2

77.024.2

6.1

55.559.7

171.2

2,370.0

264.22,105.8

230.01,875.81,557.01,298.2

258.9

232.7176.877.998.979.8

. 19.1

6.1

49.786.1

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

2,094.4

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

2,135.3

258.31,877.0

199.31,677.7

2,142.2

260.71,881.6

204.51,677.1





Table 1.11.Command-Basis Gross National Product in ConstantDollars


Table 1.17.Auto Output[Billions of dollars]

Gross national product.Less: Net exports of goods and

services .. .ExportsImports

Equals: Gross domesticpurchases .. ..

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

Command-basisexports l

ImportsEquals: Command-basis gross

national product .Addendum:

Terms of trade 2

1984

3,489.9

836369.7453.2

3,573.5

-60.3393.0453.2

3,513.2

106.3

1985

3,585.2

1082362.3470.5

3,693.4

-82.7

387.8470.5

3,610.6

107.0


II

3,567.6

-108.1361.2469.3

3,675.7

-80.9388.4469.3

3,594.8

107.5

III

3,603.8

-113.8355.8469.6

3,717.6

-88.1381.5469.6

3,629.5

107.2

IV

3,622.3

1320362.9494.8

3,754.3

-110.1

384.8494.8

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

3,661.4

1539359.8513.6

3,815.3

-114.8

398.8513.6

3,700.4

110.9

mr

3,686.4

1633371.2534.5

3,849.7

-121.3

413.2534.5

3,728.4

111.4

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.


Table 1.19.Truck Output[Billions of dollars]

Truck output l

Final salesPersonal consumption

expendituresProducers' 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

54.254.022.632.3

-6.72.79.45.8.1


II

52.451.921.131.8

-6.52.79.25.5.5

III

55.555.124.231.4

-6.32.89.25.7.4

IV

57.857.023.235.2743.0

10.56.1.8

1986

I

54.749.621.229.9762.8

10.4

6.15.1

II

56.555.825.432.4

-7.43.1

10.65.4

.7

IIP

57.262.232.233.6-8.8

2.811.65.3

-5.0

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


Change in business inventories...

1984

47.645.218.427.8

-5.42.37.7

4.42.4

1985

49.249.120.729.3-6.1

2.58.65.3.1


II

47.947.419.428.9

-6.02.48.4

5.0.5

HI

50.450.022.228.4

-5.82.68.35.2.4

IV

51.650.921.031.2-6.7

2.79.45.4.7

1986I

48.444.019.026.4

-6.82.59.35.44.4

II

49.548.922.428.3

-6.62.79.34.8.6

IIP

49.854.128.129.0

-7.72.4

10.14.6

-4.2

Auto output .. . .Final sales . .. ..

Personal consumptionexpendituresNew autosNet purchases of used autos..

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

Net exports of goods andservicesExportsImports .


Change in business inventoriesof new and used autosNew .. .Used

Addenda:Domestic output of new

autos lSales of imported new autos 2...

1984

103.5101.2105.777.827.919.839.3

-19.5-25.8

4.930.7

1.6

2.22.0.2

86.437.9

1985

114.1110.1115.387.228.123.242.7

-19.5-30.0

6.136.1

1.6

4.04.1-.1

95.345.0


II

111.4108.8112.884.828.122.842.4

-19.62855.8

34.3

1.6

2.62.5

.2

91.542.9

III

116.9123.1126.499.526.926.647.5

-21.0

-31.36.4

37.7

1.4

-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

12.716.437

94.849.5

1986I

113.2105.3111.185.725.424.141.7

-17.63216.6

38.72.2

7.97.8.1

98.844.7

II

112.7106.2115.290.824.426.645.8

-19.33716.6

43.7

1.5

6.53.53.0

95.748.3

nr

112.0126.8140.1118.321.828.048.0

-20.0

-42.76.1

48.8

1.5

-14.8-20.8

5.9

94.457.4

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 consumptionexpenditures .New 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

-15.3-24.4

4.629.01.5

1.71.5.2

81.535.9

1985

104.6101.5103.380.123.224.139.2

-15.1-27.5

5.432.91.5

3.13.2-.1

87.041.3


II

102.3100.4101.278.123.124.139.0

-15.0-26.3

5.231.51.5

1.81.7.1

83.739.5

III

107.6113.4

113.991.222.726.943.6

-16.6-28.8

5.734.51.4

58802.3

88.545.6

IV

102.792.099.475.024.322.536.0

-13.5-31.4

5.536.91.5

10.713.6

-3.0

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

101.697.3

101.580.521.025.140.6

-15.6-30.6

5.736.31.4

4.31.82.4

84.242.8

IIIr

98.3115.1122.4103.618.825.442.0

-16.6-34.1

5.139.21.4

16.8-21.7

4.9

80.050.3

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]

Personal incomeWage and salary

disbursementsCommodity-producing

industriesManufacturing .

Distributive industries ...Service industriesGovernment and

government enterprisesOther labor income ..Proprietors' income with

inventory valuation andcapital consumptionadjustments...FarmNonfarm

Rental income of personswith capital consumptionadjustment

Personal dividend incomePersonal interest incomeTransfer payments. ....

Old-age, survivors,disability, and healthinsurance benefits

Government unemploymentinsurance benefits

Veterans benefitsGovernment employees

retirement benefitsOther transfer payments

Aid to families withdependent children

OtherLess: Personal contributions

for social insuranceLess: Personal tax and nontax

paymentsEquals: Disposable personal

incomeLess: Personal outlays

Personal consumptionexpenditures .

Interest paid by consumers tobusiness

Personal transfer payments toforeigners (net)

Equals: Personal saving . .Addenda:

Disposable personal income:Total, billions of 1982

dollarsPer capita:

Current dollars1982 dollars

Population (mid-period,millions) ...

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


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

3,483.3

2,058.8

620.8468.8484.3561.3

392.5207.3

289.139.5

249.6

16.381.1

480.1510.1

264.1

16.317.0

70.1142.7

16.2126.5

159.5

504.8

2,978.52,825.5

2,732.0

92.3

1.2153.1

2,625.8

12,34810,886

241.2

5.1

IIP

3,498.8

2,081.1

621.8470.0488.3572.6

398.4210.4

277.519.6

258.0

82^0473.8518.5

269.6

71.0144.3

16.3127.9

160.8

519.0

2,979.92,895.8

2,799.8

94.9

2,605.5

12,324

241.8

2.8

Table 2.2.Personal Consumption Expenditures by Major Type ofProduct


Personal consumptionexpenditures .

Durable goods....Motor vehicles and partsFurniture and household

equipment .Other

Nondurable goods

Clothing and shoesGasoline and oilOther nondurable goods

Fuel oil and coalOther

ServicesHousingHousehold operation

Electricity and gasOther

TransportationMedical careOther

1984

2,428.2331.2154.5

118.957.8

870.1449.9147.290.7

182.217.9

164.31,227.0

372.2166.684.881.882.0

263.2342.9

1985

2,600.5359.3169.2

126.863.3

905.1469.3155.291.9

188.715.7

172.91,336.1

403.9175.089.985.188.7

290.1378.4


II

2,576.0354.0165.3

125.962.8

902.3468.3155.092.8

186.215.3

170.91,319.7

399.1171.486.584.988.1

287.7373.4

III

2,627.1373.3182.8

126.863.7

907.4470.4155.492.4

189.115.5

173.61,346.4

408.6175.188.786.488.9

291.5382.1

IV

2,667.9362.0166.4

130.964.7

922.6477.4158.793.0

193.516.2

177.31,383.2

417.4178.391.387.090.9

302.5394.1

1986

I

2,697.9360.8163.5

132.165.3

929.7484.6161.387.6

196.214.9

181.31,407.4

424.8174.386.388.093.5

307.9406.9

II

2,732.0373.9172.0

135.866.0

928.4490.3165.078.1

194.913.7

181.21,429.8

434.7177.686.990.695.0

312.3410.3

rar

2,799.8414.5204.7

140.069.8

932.8494.0166.674.2

198.013.7

184.31,452.4

442.8181.789.292.596.8

318.1413.0

Table 2.3. Personal Consumption Expenditures by Major Type ofProduct in Constant Dollars


Personal consumptionexpenditures

Durable goodsMotor vehicles and partsFurniture and household

equipmentOther

Nondurable goodsFoodClothing and shoesGasoline and oilOther nondurable goods

Fuel oil and coalOther

Services . . .HousingHousehold operation

Electricity and gasOther

TransportationMedical careOther

1984

2,246.3318.9145.6

118.055.3

828.6424.2142.7

95.3166.518.6

147.91,098.7

333.8148.675.473.275.9

230.8309.6

1985

2,324.5343.9156.2

127.759.9

841.6433.4146.095.7

166.517.0

149.51,139.0

342.7151.478.373.181.0

237.8326.2


n

2,311.9338.8152.9

126.459.5

841.3434.8146.195.5

165.016.4

148.61,131.8

341.7148.475.173.480.5

237.9323.3

III

2,342.0357.4168.9

128.460.1

843.8435.3146.595.6

166.417.1

149.31,140.8

343.8150.376.973.581.4

238.0327.2

IV

2,351.7347.0152.9

133.061.2

847.2435.1147.596.4

168.217.0

151.21,157.5

345.5153.680.173.582.6

241.3334.5

1986

I

2,372.7345.4149.6

134.361.5

860.6441.1152.496.9

170.217.0

153.21,166.6

347.6148.575.173.483.3

243.0344.3

II

2,408.4357.1156.0

139.162.1

877.3444.2157.1105.4170.518.3

152.31,174.0

350.2150.175.874.384.3

245.0344.5

nr

2,448.0391.6183.5

143.364.9

875.4437.9157.7107.3172.6

19.9152.7

1,181.0352.6152.477.475.186.0

246.7343.2


NOTE.Some estimates for the first three quarters of 198Ghave been adjusted to reflect the retroactive provisions of the




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

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

ReceiptsPersonal tax and nontax

receipts * .Income taxes.Estate and gift taxesNontaxes

Corporate profits tax accrualsFederal Reserve banksOther .

Indirect business tax andnontax accruals 2Excise taxesCustoms dutiesNontaxes

Contributions for socialinsurance ...

ExpendituresPurchases of goods and services...

National defenseNondefense

Transfer paymentsTo personsTo foreigners

Grants-in-aid to State and localgovernments

Net interest paidInterest paid .

To persons and business ....To 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

355.0344.310.7

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


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

22.326.2

3.8

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

384.1369.614.5

100.2129.8152.3130.821.5

22.5

15.117.1

2.0

0

-197.59.7

-207.2

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

1986

I

806.6

350.3343.1

6.4.8

77.816.661.1

52.732.913.16.6

325.81,001.5

355.7266.489.3

389.3378.8

10.5

103.5135.0157.8134.922.8

22.8

18.019.6

1.6

0

-195.018.5

-213.5

II

813.5

355.5347.1

7.6.8

80.115.864.3

50.731.113.36.3

327.21,045.7

367.6278.489.2

396.7381.6

15.0

106.9138.1160.2138.022.2

22.1

36.538.7

2.2

0

-232.219.3

-251.5

mr

833.1

365.8357.7

7.4.8

84.315.269.1

53.431.514.27.6

329.61,030.5

369.3286.882.6

403.0387.515.5

108.0134.7157.8135.022.8

23.0

15.420.9

5.5

0

-197.417.3

-214.6

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


FederalNational defense

Durable goodsNondurable goodsServices

Compensation ofemployeesMilitaryCivilian

Other servicesStructures

NondefenseDurable goodsNondurable goods

Commodity CreditCorporation inventorychange

Other nondurables..Services

Compensation ofemployees

Other servicesStructures

State and localDurable goodsNondurable goodsServices

Compensation of employees-Other services

Structures

1984

733.4311.3235.065.512.2

152.4

94.863.531.357.65.0

76.23.93.1

-3.66.7

62.0

37.224.77.3

422.218.736.2

320.3258.961.447.0

1985

815.4354.1259.474.912.2

166.1

101.167.833.365.06.1

94.74.1

17.2

11.35.9

66.0

39.626.47.4

461.320.838.7

348.3280.168.253.5


II

799.0340.9255.173.112.7

163.2

100.567.233.262.76.1

85.84.19.3

2.36.9

65.1

39.525.6

7.4458.120.538.4

345.0277.6

67.454.2

III

829.7360.9265.578.913.0

166.6

100.867.433.465.87.0

95.53.9

17.5

11.46.1

66.5

39.726.87.5

468.820.938.7

351.9282.869.157.3

IV

855.6380.9268.076.611.8

173.4

103.469.733.770.06.1

112.94.5

33.2

28.74.5

68.0

40.028.07.2

474.721.540.0

358.6287.870.854.6

1986

I

836.7355.7266.475.711.8

172.5

103.970.033.868.76.3

89.34.3

11.1

5.65.5

66.7

40.226.67.2

480.921.938.7

365.4292.6

72.755.0

II

860.8367.6278.483.611.0

177.3

104.470.334.172.96.5

89.24.3

11.2

5.55.7

66.4

40.326.17.2

493.322.436.7

372.0297.874.362.1

IIIr

874.0369.3286.886.310.5

182.4

104.770.534.377.77.6

82.64.25.1

-.45.5

66.7

40.526.26.5

504.722.936.6

378.8302.976.066.4

Receipts.....Personal tax and nontax

receiptsIncome taxesNontaxesOther .... .... ...

Corporate profits tax accrualsIndirect business tax and

nontax accrualsSales taxesProperty taxesOther

Contributions for socialinsurance

Federal grants-in-aid ..-Expenditures..

Purchases of goods and services...Compensation of employeesOther

Transfer payments to personsNet interest paid

Interest paid ,Less: Interest received by

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

governmentSubsidies less current surplus of

government enterprisesSubsidiesLess: Current surplus of

government enterprisesLess: Wage accruals less

disbursements... ..Surplus 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

-28.536.9

65.4

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

-26.942.6

69.5

5.2

-12.6.7

13.2

0

61.752.79.0


II

571.9

139.872.156.111.717.2

272.7128.0106.138.6

43.998.3

512.6458.1277.6180.598.727 141.9

69.0

5.0

-12.1.7

12.8

o

59.2


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

National defensepurchases

Durable goodsMilitary equipment

Aircraft .MissilesShipsVehiclesElectronic equipmentOther

Other durable goodsNondurable goods

Petroleum productsAmmunitionOther nondurable goods

ServicesCompensation of employees

MilitaryCivilian ...

Other servicesContractual research and

developmentInstallation support lWeapons support 2Personnel support 3 ...Transportation of materiel ....Travel of personsOther

StructuresMilitary facilitiesOther

1984

235.065.555.521.88.57.75.04.08.59.9

12.26.83.12.3

152.494.863.531.357.623.515.86;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

166.1101.167.833.365.027.316.97.55.73.83.5

.26.13.52.6


II

255.173.162.326.58.38.34.34.8

10.110.912.77.13.22.3

163.2100.567.233.262.726.216.67.35.23.73.4.3

6.13.52.6

III

265.578.967.525.010.29.05.25.4

12.711.413.07.23.32.5

166.6100.867.433.465.827.717.17.76.33.63.6-.17.04.03.0

IV

268.076.665.628.110.48.84.44.99.0

11.011.86.23.22.4

173.4103.469.733.770.029.717.28.26.84.33.7

.26.13.72.4

1986I

266.475.764.228.110.78.04.54.68.3

11.611.86.33.22.3

172.5103.970.033.868.728.717.47.76.94.13.4

.56.33.62.8

II

278.483.671.630.613.29.14.95.08.7

12.011.04.14.32.6

177.3104.470.334.172.932.217.87.87.03.93.6.5

6.53.72.7

IIP

286.886.374.432.413.39.34.95.0,9.5

11.910.53.54.42.6

182.4104.770.534.377.7

33.919.28.98.14.13.8.3

7.64.92.6

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 *Other

Capital grants received by theUnited States (net)

Payments to foreignersImports of goods and services

Merchandise . ....Durable goodsNondurable goods

ServicesFactor income lOther

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

Interest paid by government toforeigners

gn

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

21.31152


II

370.0370.0221.1129.7.91.4148.991.257.7

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

1986I

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

363.0363.0212.5132.579.9

150.688.262.4

0363.0467.5358.9235.5123.4108.753.355.416.31.2

15.0

22.2-143.0

IIIr

370.8370.8219.2136.183.1

151.687.364.3

0370.8479.7372.7243.8128.9106.949.957.016.61.2

15.5

22.8-148.3

National defensepurchases

Durable goods....Military equipment

AircraftMissilesShipsVehiclesElectronic equipmentOther

Other durable goodsNondurable goods

Petroleum productsAmmunition..Other 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

140.086.958.628.353.021.414.06.14.73.53.1.3

4.72.81.9

1985

235.770.458.822.69.27.55.34.69.7

11.613.68.42.92.2

146.388.359.528.958.024.114.46.75.23.93.4

.25.53.22.4


II

233.569.257.923.48.27.35.24.59.4

11.314.19.02.92.2

144.688.359.528.856.323.314.26.54.83.83.3.3

5.63.22.4

III

242.274.662.522.09.97.95.85.1

11.812.114.49.13.02.3

146.988.559.628.958.424.414.56.85.63.63.5

16.33.52.8

IV

239.370.858.623.39.97.74.64.68.5

12.213.17.92.92.2

150.088.459.528.961.626.014.57.25.84.43.6.1

5.43.32.2

1986I

238.771.358.023.410.56.95.04.37.8

13.213.38.13.02,1

148.588.659.628.960.024.914.56.85.74.13.4

.45.63.12.5

II

249.377.163.224.412.67.95.44.78.2

14.014.58.04.12.4

152.188.659.529.163.528.114.76.95.74.03.6

.45.73.32.4

IIP

259.481.067.027.512.58.25.34.7

- 8.914.015.59.04.22.4

156.488.859.729.167.629.615.97.96.64.23.8-.36.54.22.3

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

ServicesFactor income xOther

Imports of goods and services.....Merchandise


ServicesFactor income rOther

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


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

1986I

369.2232.0142.189.9

137.282.454.8

495.1392.6237.4155.2102.544.358.2

II

359.8227.2142.784.5

132.676.356.3

513.6412.8244.8168.0100.845.555.3

IIP

371.2238.8148.090.8

132.474.857.6

534.5436.0249.5186.498.542.256.4

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.





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 autos ...AutosConsumer goods

Durable goods ..Nondurable goods ......

Other .. ..Durable goods ,Nondurable goods . ..

Merchandise importsFoods, feeds, and beverages ,Industrial supplies and

materials, excludingpetroleumDurable goods ........Nondurable goods

Petroleum and products ,Capital goods, except autosAutosConsumer goods


OtherDurable goodsNondurable goods

Addenda:Exports of agricultural

products 1.....Exports 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

63.233.429.857.361.156.661.334.626.613.75.48.3

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


II

221.124.4

57.716.441.376.524.912.95.17.7

24.86.8

18.0340.720.9

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

16.6339.220.7

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

16.6363.822.0

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

212.520.5

54.315.438.976.023.813.75.28.5

24.112.012.0

358.923.9

60.332.727.631.375.376.475.443.032.416.38.18.1

24.6

187.8

327.5

IIIr

219.221.6

56.315.840.480.022.414.55.78.8

24.412.212.2

372.724.4

61.331.629.732.077.182.679.144.334.816.38.18.1

25.9

193.3

340.8

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 adjustments.......Undistributed profitsInventory valuation

adjustmentCapital consumption

adjustment... ,Corporate capital

consumption allowanceswith capital consumptionadjustment.....

Noncorporate capitalconsumption allowanceswith capital consumptionadjustment

Wage accruals lessdisbursements

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

Capital grants received by theUnited States (net)

Gross investmentGross private domestic

investment

Statistical discrepancy

1984

573.3674.8168.7

91.062.0

-5.5

34.5

253.9

161.2

0

-101.5-170.0

68.5

0571.4

662.1907-1.9

1985

551.5687.8143.3

107.349.8

-.6

58.1

268.2

169.0

0

-136.3-198.0

61.7

0545.9

661.11152-5.5


II

566.8722.4183.6

105.845.3

1.6

58.9

266.6

166.5

0

-155.6-214.8

59.2

0555.0

667.11120

-11.7

III

541.7679.6119.6

118.851.8

6.1

61.0

270.1

171.2

0

-138.0-197.5

59.5

0536.2

657.4121 2-5.5

IV

524.1679.2125.8

106.857.0

-9.4

59.2

273.3

173.4

0

-155.1-217.6

62.5

0525.7

669.5-143.8

1.6

1986

I

583.2708.3145.6

115.541.7

16.5

57.3

275.3

171.8

0

-125.1195069.9

0579.6

708.3-128.6

-3.6

II

539.7713.0153.1

106.641.2

10.6

54.8

278.9

174.4

0

-173.3232258.9

0544.3

687.3-143.0

4.6

nr

517.1650.584.1

108.847.2

6.1

55.5

281.6

176.0

0

-133.3197464.0

0527.5

675.8-^148.3

10.3

Merchandise exportsFoods, feeds, and beveragesIndustrial supplies and

materialsDurable goodsNondurable goods ...

Capital goods, except autos ......AutosConsumer goods


OtherDurable goodsNondurable goods . .

Merchandise importsFoods, feeds, and beverages......Industrial supplies and

materials, excludingpetroleumDurable goodsNondurable goods

Petroleum and products ..........Capital goods except autosAutos...Consumer goods

Durable goods ...Nondurable goods

OtherDurable goods. .Nondurable goods

Addenda:Exports of agricultural

products 1....Exports of nonagricultural

products ,Imports of nonpetroleum

products

1984

222.729.4

61.016.944.177.421.013.75.87.9

20.26.2

14.0350.020.9

67.535.731.863.768.454.161.535.725.913.95.48.5

35.3

187.5

286.3

1985

227.425.1

60.916.744.282.122.412.95.47.5

23.86.8

17.0368.721.8

68.235.033.259.876.260.865.438.327.116.46.3

10.1

30.4

197.0

308.9


II

227.024.8

60.017.142.982.322.812.95.57.4

24.36.7

17.7367.72.1.3

69.036.033.063.374.559.463.737.726.016.56.2

10.2

29.8

197.2

304.4

III

223.922.8

60.717.143.681.722.712.55.17.4

23.46.9

16.5368.421.5

67.534.632.860.174.762.965.338.327.016.56.4

10.1

27.8

196.0

308.3

IV

227.825.7

60.716.144.682.722.012.95.47.5

23.87.2

16.6391.322.5

69.534.934.667.181.164.968.939.229.717.26.5

10.7

30.8

196.9

324.2

1986

I

232.026.2

61.417.743.785.821.313.35.47.9

24.012.012.0

392.622.9

73.438.135.358.187.162.971.741.030.716.68.38.3

29.8

202.2

334.6

II

227.222.3

59.116.742.387.221.313.35.47.9

24.112.012.0

412.822.4

72.039.033.074.290.165.572.642.230.416.18.08.0

26.3

200.9

338.6

IIIr

238.825.5

62.317.544.892.319.914.05.98.1

24.712.4

,12.4436.023.7

73.137.835.487.492.569.274.342.232.115.87.97.9

30.0

208.8

348.6

1. Includes parts of line 2 and line 5.

Table 6.3B.National Income Without Capital ConsumptionAdjustment by Industry


National income withoutcapital consumptionadjustment. ..

Domestic industriesPrivate industries ; .. ..

Agriculture, forestry, andfisheries

MiningConstructionManufacturing

Durable goodsNondurable goods....

Transportation and publicutilitiesTransportationCommunicationElectric, gas, and sanitary

servicesWholesale tradeRetail tradeFinance, insurance, and

real estateServices

Government and governmententerprises

Rest of the world

1984

3,028.22,980.72,543.6

80.446.0

155.8658.3390.4267.9

245.6109.2.64,0

72.4189.6262.2

385.0520.8

437.147.5

1985

3,185.83,144.72,674.0

76.443.9

165.6671.0401.2269.8

256.4113.266.7

76.5199.4278.8

411.6570.9

470.741.2


II

3,163.13,121.92,655.1

80.444.2

165.0660.7398.0262.8

253.5111.967.0

74.6199.2278.6

407.8565.7

466.941.2

III

3,203.63,164.52,691.0

68.742.9

165.2678.5402.9275.6

260.4114.267.1

79.2201.8283.7

414.1575.7

473.539.1

IV

3,249.13,207.22,724.9

75.743.4

169.9682.2405.6276.6

259.4116.266.9

76.4199.2282.1

423.6589.5

482.341.9

1986

I

3,301.53,258.32,769.6

70.744.0

174.8678.2409.0269.2

264.9113.872.0

79.2202.5292.6

438.0603.9

488.743.2

II

3,339.93,305.12,809.7

86.438.2

180.7686.2413.0273.2

264.7112.070.1

82.5201.5288.9

449.0614.2

495.334.9

IIP

3,357.83,320.42,818.1

66.236.4

183.7686.3410.1276.1

268.0113.672.0

82.3208.0294.2

451.2624.1

502.337.4


December 1986 SURVEY OF CURRENT BUSINESS 11

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

Change in businessinventories

FarmNonfarm

Change in book valueInventory valuation

adjustment1Manufacturing

Nondurable goodsWholesale trade

Durable goodsNondurable goodsMerchant wholesalers

Durable goodsNondurable goods ...

Nonmerchant wholesalers

Nondurable goodsRetail trade


Other.Durable goods .. . . .Nondurable goods

1984

64.17.5

56.662.6

-6.021.217.24.0

14.09.24.8

11.38,13.22.71.21.5

16.09.36.75.43.51.9

1985

11.1-1.112.213.3

-1.1-4.7

3 2-1.5

3.7.7

3.05.0

.74.2

-1.30

-1.27.96.11.85.33.02.3


II

19.18.6

10.49.3

1-1-3.3-2.2-1.0

7.41.26.27.71.16.6-.3

.1-.5

.8

.805.52.62.9

III

3.1-.13.2

-3.06.1

-5.3-1.4-3.9-.1282.72.3184.1

-2.41 0

-1.45.3126.53.32.7.6

IV

-3.1-19.9

16.727.5

-10.8-11.7

118.1

3.3.1

3.23.7

.73.0-.36

.219.418.5

.95.82.83.0

1986I

43.82.7

41.222.918.3

-4.84 5-.38.15.22.97.65.81.9.5

-.61.0

30.524.56.07.43.44.0

II

14.53.9

10.5-1.1

11.6.4

364.06.23.23.06.74.72.1-.5

-1.51.0

-4.4-2.7-1.6

8.23.05.2

nr

4.55.8

-10.3-16.3

6.05.0

-3.6-1.5

7.93.84.17.13.53.6.8.3.5

148-19.1

4.31.63.2

-1.6

Table 5.9.Change in Business Inventories by Industry in ConstantDollars


1. The inventory valuation adjustment (IVA) shown in this table differs from the IVA thatadjusts business incomes. The IVA in this table reflects the mix of methods (first-in, first-out;last-in, first-out; etc.) underlying book value inventories derived primarily from Census Bureaustatistics. This mix differs from that underlying business income derived primarily fromInternal Revenue Service statistics. Prior to 1973, the two IVA's are the same becauseinformation required for separate estimates is not available.

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

Inventories 1

FarmNonfarm . . . .

Durable goodsNondurable goods ..

ManufacturingDurable goodsNondurable goods . . ....

Wholesale trade ...Durable goodsNondurable goodsMerchant wholesalers

Durable goods .. ..Nondurable goods

Nonmerchant wholesalersDurable goodsNondurable goods

Retail tradeDurable goods .Nondurable goods

OtherFinal sales 2Final sales of goods and structures 2

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

structures

II

859 2790

780245673235341.522591155180.4115764.7

1532100.852.527215.0123

169.382.586889.0

278.9167.5

3.082.804.66

1985HI

8564768

779745623235340.0226 31137179.8115164.8

1532100.352.926 614.711 9

170.581.988689.4

285.1171.3

3.002.734.55

IV

8626740

788546013284338922441145181.9115266.6

1551100.654.526814.7121

176.786.989891.0

289.3172.1

2.982.734.58

I

8558715

784346643179330522251080179.9116563.4

154 9102.052.924914.4105

183.493.290.290.5

289.7170.6

2.952.71

4.60

1986II

8570738

783246563176328.52203108.2180.9117 663.3

1567103.653.124214.0102

183.092.690.490.9

294.3172.8

2.912.664.53

IIIr

8566748

78184648316.9327.22201107.1182.5119563.1

1581105.352.924414.210.2

181.289.192.190.8

300.4176.7

2.852.604.42

1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventoriescalculated from current-dollar inventories in this table is not the current- dollar change inbusiness inventories (CBI) component of GNP. The former is the difference between twoinventory stocks, each valued at their respective end-of-quarter prices. The latter is the changein the physical volume of inventories valued at average prices of the quarter. In addition,changes calculated from this table are at quarterly rates, whereas CBI is stated at annual rates.

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

Change in businessinventories

FarmNonfarm .

ManufacturingDurable goodsNondurable goods

Wholesale tradeDurable goodsNondurable goods .Merchant wholesalers . ..


Nonmerchant wholesalersDurable goodsNondurable goods

Retail trade.Durable goodsNondurable goods

OtherDurable goods ..Nondurable goods

1984

59.24.9

54.320.616.63.9

13.48.84.6

10.77.73.02.71.11.6

15.38.86.55.13.31.8

1985

9.019

.1.0.9-4.7

32-1.6

3.4.6

2.84.9.7

4.2-1.5

0-1.5

7.35.61.74.92.82.2


II

17.47.89.6

-3.5-2.5-1.0

7.21.16.17.61.06.6-.4

.1-.5

.6

.605.32.42.8

III

.77

1.4-6.1

16-4.5-.6272.12.2

-1.73.9

-2.81.0

-1.75.11.06.13.02.5.5

IV

-5.2-21.3

16.1-10.5

11 1.6

3.4.1

3.33.6

.63.0

. -.3-.5

.317.816.9

.95.42.62.8

1986I

39.92.9

37.0-5.3

47-.56.94.92.06.85.51.3.1

-.6.7

28.322.65.67.13.14.0

II

15.14.1

11.01.0

-4.05.05.12.92.14.64.4

.3

.4-1.5

1.9-4.0-2.5

1.58.92.86.1

IIP

-.38.3

-8.66.5

-3.8-2.7

9.73.56.38.33.25.11.4.3

1.2-13.1-17.1

4.11.23.0

-1.8

Table 5.11.Inventories and Final Sales of Business by Industry inConstant Dollars


Inventories l .. . .. ..... .FarmNonfarm

Durable goods ........Nondurable goods

Manufacturing. ..Durable goodsNondurable goods .

Wholesale tradeDurable goodsNondurable goods . . .Merchant wholesalers

Durable goods ..Nondurable goods

Nonmerchant wholesalersDurable goods .Nondurable goods

Retail tradeDurable goodsNondurable goods

Other . . ..Final sales 2Final sales of goods and structures 2

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

structures ,

II

831.4833

7480431731633293215.211411740109.3647

146895251727.214213.0

1593111821854

253 1157.8

3.282964.74

1985

HI

831.5832

7484431031743278214811301739108.7652

147394752626.513912.6

1605769837862

257 5161.2

3.232914.64

IV

830.277.8

7524433131933252212.011311747108.7660

148394953.426.413812.7

165081 183 9875

2592161.3

3.202904.67

I

8402786

76164396322032392109113017641099665

150096253726.513712.8

172186 7853893

2580159.4

326295478

1986II

8440796

76444394325032412099114317771106670

151 197353826.613313.3

171086 1849915

261 0161.2

3.232934.74

IIP

843.9817

7622435832643225208.911361801111.5686

153298155.126.913413.6

167881 885991.8

2640163.3

3.202894.67

1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from thistable are at quarterly rates, whereas the constant-dollar change in business inventoriescomponent of GNP is stated at annual rates.

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





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

Corporate profits with inventoryvaluation and capitalconsumption adjustments .

Domestic industriesFinancialNonfinancial

Rest of the world . .Corporate profits with inventory

valuation adjustmentDomestic industries

FinancialFederal Reserve banks.. . .Other

NonfinancialManufacturing

Durable goods . . . .Primary metal industriesFabricated metal productsMachinery, except electrical .....Electric and electronic

equipmentMotor vehicles and equipment......Other .. .

Nondurable goodsFood and kindred productsChemicals and allied productsPetroleum and coal productsOther

Transportation and public utilitiesWholesale and retail tradeOther

Rest of the world

1984

264.7233.7

17.0216.7

31.0

230.2199.2

15.416.7

-1.3183.8

87.434.8-2.6

4.64.7

5.29.9

13.152.68.07.5

17.319.732.649.714.131.0

1985

280.7248.8

24.6224.231.8

222.6190.8

21.016.84.3

169.773.028.0

-3.64.13.6

4.96.8

12.145.07.84.7

13.419.133.049.714.031.8


II

274.3242.7

24.6218.231.6

215.4183.821.117.14.0

162.768.228.8

-3.94.63.5

5.27.6

11.939.47.65.37.4

19.130.951.112.631.6

III

296.3266.3

25.5240.8

30.0

235.3205.3

21.716.55.2

183.679.028.9

-2.64.54.6

6.04.2

12.350.19.15.3

17.018.736.654.213.930.0

IV

285.6250.5

27.2223.335.1

226.4191.3

23.216.36.9

168.174.526.6

-3.63.04.7

4.36.6

11.647.97.62.8

18.718.932.745.015.935.1

1986

I

296.4257.9

32.5225.5

38.4

239.0200.6

27.817.010.8

172.866.728.1

-2.64.72.2

4.76.4

12.738.69.36.37.3

15.736.852.117.138.4

II

293.1260.2

34.3225.9

32.9

238.3205.4

29.116.213.0

176.376.834