[Economic Report of the President (1999)]
[Administration of William J. Clinton]
[Online through the Government Printing Office, www.gpo.gov]



NATIONAL INCOME OR EXPENDITURE


[[Page 353]]


Table B-23.--Real inventories and final sales of domestic business, 1959-98
[Billions of chained (1992) dollars, except as noted; seasonally adjusted]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Inventories\1\                                          Ratio of inventories
-------------------------------------------------------------------------    Final      to final sales of
Nonfarm                        sales of     domestic business
Quarter                                         ----------------------------------------------------  domestic  ---------------------
Total\2\    Farm                           Whole-                          busi-
Total\2\    Manu-      sale     Retail     Other     ness\3\     Total     Nonfarm
facturing    trade     trade
--------------------------------------------------------------------------------------------------------------------------------------------------------
Fourth quarter:

1959.......................................      400.8      89.1      303.6     148.2       56.5      59.4      37.6      144.3        2.78       2.10

1960.......................................      411.3      90.7      312.4     150.6       57.9      63.6      38.3      147.0        2.80       2.13
1961.......................................      419.9      92.9      318.6     155.1       59.3      62.3      40.1      153.5        2.74       2.08
1962.......................................      439.4      94.4      336.7     165.2       61.9      66.7      40.1      160.8        2.73       2.09
1963.......................................      457.2      95.7      353.1     171.5       66.3      70.3      42.2      169.5        2.70       2.08
1964.......................................      472.7      92.0      372.6     180.4       70.3      74.2      45.0      178.4        2.65       2.09
1965.......................................      503.0      94.4      400.3     192.6       74.7      81.7      48.4      194.2        2.59       2.06
1966.......................................      545.4      93.1      445.0     217.6       84.6      88.5      49.8      199.4        2.73       2.23
1967.......................................      577.5      95.6      474.5     234.4       91.0      88.4      56.9      206.4        2.80       2.30
1968.......................................      604.3      99.2      497.5     245.0       94.1      95.8      58.1      217.8        2.77       2.28
1969.......................................      631.3      99.2      524.8     256.0      100.6     102.3      61.4      221.7        2.85       2.37

1970.......................................      636.7      96.8      533.0     256.0      108.0     102.4      62.6      224.0        2.84       2.38
1971.......................................      659.0     100.8      551.1     253.1      113.8     116.1      64.9      234.4        2.81       2.35
1972.......................................      683.7     101.1      576.5     259.8      119.0     124.9      69.9      252.7        2.71       2.28
1973.......................................      721.5     102.5      615.0     277.7      122.4     134.8      77.4      261.1        2.76       2.36
1974.......................................      744.8      97.8      646.8     296.8      133.0     132.9      80.8      254.6        2.93       2.54
1975.......................................      734.6     103.9      628.3     289.7      127.5     126.3      81.5      265.6        2.77       2.37
1976.......................................      764.4     102.5      660.4     303.4      135.9     136.0      81.7      277.5        2.75       2.38
1977.......................................      803.2     109.3      692.1     311.8      146.5     143.7      87.1      291.7        2.75       2.37
1978.......................................      846.6     111.8      733.6     325.8      158.8     153.1      93.2      311.9        2.71       2.35
1979.......................................      869.9     115.7      752.8     338.5      166.3     153.1      91.5      319.3        2.72       2.36

1980.......................................      859.7     108.6      751.3     338.9      171.3     148.9      88.7      319.9        2.69       2.35
1981.......................................      892.8     118.2      774.1     343.5      176.0     157.2      94.4      318.9        2.80       2.43
1982.......................................      877.2     125.5      751.3     329.5      174.1     153.3      91.7      319.2        2.75       2.35
1983.......................................      871.5     108.6      763.4     329.5      173.5     166.2      92.4      338.2        2.58       2.26
1984.......................................      946.8     115.0      832.4     358.4      189.6     186.4      96.7      355.7        2.66       2.34
1985.......................................      977.0     121.8      855.8     353.9      194.8     201.3     105.1      370.8        2.63       2.31
1986.......................................      988.1     120.2      868.2     349.7      201.9     204.4     111.6      384.3        2.57       2.26
1987.......................................    1,014.5     111.5      902.5     354.8      208.5     223.9     115.1      393.8        2.58       2.29
1988.......................................    1,026.2      98.9      927.2     364.3      217.8     231.3     113.7      411.7        2.49       2.25
1989.......................................    1,059.5      98.9      960.7     383.5      223.3     245.0     108.9      420.7        2.52       2.28

1990.......................................    1,069.9     101.4      968.4     390.1      231.3     243.5     103.4      421.8        2.54       2.30
1991.......................................    1,066.9      99.7      967.2     384.0      236.9     243.3     103.0      419.2        2.55       2.31
1992.......................................    1,073.9     104.7      969.2     374.8      244.7     247.2     102.6      438.1        2.45       2.21

1993:I.......................................    1,082.0     102.7      979.2     376.1      246.0     256.5     100.6      435.8        2.48       2.25
II.......................................    1,086.1     101.1      985.1     378.4      247.1     258.0     101.5      439.4        2.47       2.24
III......................................    1,090.0      98.0      992.0     380.4      249.7     259.6     102.3      442.0        2.47       2.24
IV.......................................    1,096.0      97.4      998.7     380.9      250.2     263.0     104.6      448.2        2.45       2.23

1994:I.......................................    1,109.3     100.8    1,008.6     384.7      251.2     266.2     106.5      449.7        2.47       2.24
II.......................................    1,128.2     105.0    1,023.5     387.3      255.6     272.7     107.9      453.9        2.49       2.25
III......................................    1,140.7     107.9    1,033.1     389.6      259.4     275.8     108.3      458.2        2.49       2.25
IV.......................................    1,156.6     109.1    1,047.7     392.0      265.7     279.9     110.1      461.9        2.50       2.27

1995:I.......................................    1,170.1     106.7    1,063.4     395.9      270.7     284.9     111.8      464.8        2.52       2.29
II.......................................    1,175.5     102.6    1,072.6     398.9      273.7     288.9     111.0      467.8        2.51       2.29
III......................................    1,179.2      98.3    1,080.2     401.9      277.2     289.6     111.4      473.0        2.49       2.28
IV.......................................    1,184.2      98.1    1,085.4     403.2      278.7     290.3     113.2      476.9        2.48       2.28

1996:I.......................................    1,187.8      99.2    1,088.0     407.3      280.0     287.3     113.4      481.9        2.46       2.26
II.......................................    1,194.3     102.1    1,091.8     407.6      280.7     290.4     113.6      488.4        2.45       2.24
III......................................    1,206.2     104.4    1,101.5     411.4      280.3     295.3     114.4      489.6        2.46       2.25
IV.......................................    1,214.3     105.2    1,108.7     415.2      282.8     296.1     114.5      496.9        2.44       2.23

1997:I.......................................    1,228.3     105.1    1,122.7     420.2      288.6     296.0     118.0      500.8        2.45       2.24
II.......................................    1,248.1     106.8    1,140.7     426.8      295.6     297.5     120.8      504.3        2.47       2.26
III......................................    1,260.8     108.6    1,151.7     430.8      299.8     298.7     122.4      512.3        2.46       2.25
IV.......................................    1,277.5     109.6    1,167.4     435.2      304.9     302.9     124.4      515.5        2.48       2.26

1998:I.......................................    1,300.3     110.9    1,188.9     442.8      311.6     307.3     127.3      521.6        2.49       2.28
II.......................................    1,309.9     113.1    1,196.4     448.7      313.5     304.3     129.9      528.4        2.48       2.26
III......................................    1,323.8     115.3    1,208.1     453.5      320.9     302.9     130.9      532.2        2.49       2.27
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\1\Inventories at end of quarter. Quarter-to-quarter changes calculated from this table are at quarterly rates, whereas the change in business
inventories component of GDP is stated at annual rates.
\2\Inventories of construction establishments are included in ``other'' nonfarm inventories.
\3\Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less gross product of households and
institutions and of general government and includes a small amount of final sales by farms.

Note.--The industry classification of inventories is on an establishment basis. Estimates for nonfarm industries other than manufacturing and trade for
1986 and earlier periods are based on the 1972 Standard Industrial Classification (SIC). Manufacturing estimates for 1981 and earlier periods and
trade estimates for 1966 and earlier periods are based on the 1972 SIC; later estimates for these industries are based on the 1987 SIC. The resulting
discontinuities are small.
See Survey of Current Business, Table 5.13, for detailed information on calculation of the chained (1992) dollar inventory series.

Source: Department of Commerce, Bureau of Economic Analysis.