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Contents : APRIL 1986 / VOLUME 68 NUMBER CONTENTS Business Situation 1 National Income and Product Accounts Tables 9 Errata: National Income and Product Accounts of ' Malcolm Baldrige / SecretaryIt. Bruce Merrifield/ cf/rt Under Secretary for Economic Affairs 22 Gross Product by Industry: Revised and Updated Estimates 1947-85 24 Plant and Equipment Expenditures First and Second Quarters and Second Half of 1986 26 Federal Farm Programs for 1986-90 31 of - Allan H* Young / Director Carol S. Carson / Deputy Director of Current Editor-in-Chief Carol S. Carson Manuscript Editor Dannelet A* Grosvenor Managing Editor: Leland L* Scott Alternative Measure of the State and Local Government Fiscal Position: Revised and Updated Estimates 36 Regional Nonfarm Wages and Salaries: Three Years of Expansion 37 County and Metropolitan Area Personal Income 1982-84 39 State Quarterly Personal Income 1979:I-1985:IV 62 Staff Contributors to This Issue: Wallace K. Bailey Robert Brown Rudolph E. BePass Carol E. Evans Howard L. Friedenberg Gurmukfi S. Gill Linnea Hazen Eunice P James Daniel J. Larkins David J. Levin National Income and Wealth Division Milo (X Peterson Regional Economic Measurement Division Arthur L. Sensenig Eugene P Seskin David F. Sullivan Tracy R. Tapscott Joseph C. Wakefield $19 SURVEY OF CORRENT BUSINESS. Published monthly by the Bureau of Economic Analysis of the U.S. Department of Commerce Editorial correspondence should be addressed to the Editor-in*Chief Survey of Current Business Bureau of Economic Analysis U.S. Department of Commerce Washington DC 20230. Annual subscription: second-class nu*& $3(K00 domestic $37.50 foreign. Single copy: $4.75 domestic $5 95 foreign. First-class mail rates and foreign air mull rates available upon request. Mail subscription orders and address changes to the Superintendent of Documents U.S. Government Printing Office Washington Footnotes S33 Subject Index (Inside Back Cover) DC 20402 Make checks payable to Superintendent of Documents. Second-class postage paid at Washington DC and at additional mailing offices. (USPS 337-790). CDKRENT BUSINESS STATISTICS General SI Industry w of this Depart Use of tods for printing this Sffi 'ALj 20i 2nd Av& N. 254*1331 701 C St. 271-5041 S20 W Capital Am 78-5704* - A2 I oenibc mi M. Central Aw CA 4isg fe 1177 Saa Vicente Bhd 07 CC Son i*f dseo ISO OoMea 0at& Aw. 556-5860 CO . 721 - 19th St ' T 450 It St. 51 S.W First Am 350-5267 GA 1S8S St. HJB. 881.7000 - GA 27 S Bay St. 9444204 MH Miuneapols 110 S 4th Si MO Kansas Ciij 01 Ri2t& Si 374-3142 MOS St. Louis il 5 120 S Centra! Ave. 425-BB02-4 MS Jaekaoit 3&21S BOO Woodrow Wilson Blvd. %04888 HI 300 Ala Moana.BW 5464694 s 50809 210 Walnut St. IL 'IN 4 E Ohio St. "KJ I niwilfe U.S. P.O. & burthott*e lldg 4S2 Jiitematiomal Trade MA 211$ 441 Steart St MB -Ba!liiii0re 415 UJS. MI* 281 W. Lafayette NC 0r ensi oro 824 W. Market St B78-S845 Ml 589-6546 18102 S 0 S. IStfe St. 2214064 NJ Trenton ' 240 W. State St 089-2100 ' 517 OoH S.W. NY If 55 E Plum Lane 7844203 NY BuHalo ill W Hiaron St. 846-4191 Iff N*w Yorfc " 28 Plaza 264-0 34 OH 550 Main St 684-2944 0H Cleretsfifl 686 Ettdid Am 2-475$ OK City 4024 Lincoln Blvd. i l 5$02 122 S.W. Brt Ave. 221-8001 ' PA 600 Arch St. 597-2866 PA ' 1000 Liberty Ave 44-2850 PR San .. .. Sm: S59 Fe4era! Bldg. 75SM1565 SC Columbia 1885 Assembly St. 166.-534S Central AY . TN O&e Commerce Fiac 2BMM1 f X 1100 Commerce Si 767-0542 TX 77062 SIS Rrak St 2 -2578 UT Salt L&ke City 84181 350 a Main St. 5244118 YA 400 H 8th St. 771-2246 WAS 1700 West Lafe Am R 44 5616 WJ Si7 S Wise. Ave 291-347S ier St E47-S128 the BUSINESS SITUATION JL HE sawtooth pattern of production growth in recent quarters continued into 1986 as real GNP increased 3 percent in the first quarter after a Vzpercent increase in the fourth quarter of 1985 (chart 1). The increase in GNP prices (fixed weights) decelerated to 2 percent from 4 percent in the preceding quarter the first-quarter increase was the lowest in 14 years.1 1. Quarterly estimates in the national income and product accounts are expressed at seasonally adjusted annual rates and quarterly changes in them are differences between these rates. Quarter-to-quarter percent changes are annualized. Real or constant-dollar estimates are expressed in 1982 dollars. The preliminary (15-day) GNP estimates for the first quarter prepared in mid-April are based on the following major source data: For personal consumption expenditures (PCE) retail sales through March and unit auto and truck sales through March for nonresidential fixed investment the same information for autos and trucks as for PCE January and February construction put in place and January and February manufacturers' shipments of machinery and equipment for residential investment Janua

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