Full text of Economic Indicators : April 1984
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98th Congress, 2d Session
Economic Indicators
APRIL
1984
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1984
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
ROGER W. JEPSEN, Iowa, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
HOUSE OF REPRESENTATIVES
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
CHALMERS P. WYLIE (Ohio)
MARJORIE S. HOLT (Maryland)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
DAN C. ROBERTS, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MARTIN FELDSTEIN, Chairman
WILLIAM A. NISKANEN, Member
WILLIAM POOLE, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $4.25 a single copy
($5.35 foreign), or by subscription at $25.00 per year ($31.25 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
u
TOTAL OUTPUT, INCOME,
NATIONAL PRODUCT
According to preliminary estimates for the first quarter of 1984, gross national product rose $105.0 billion or 12.8
percent, both at annual rates. Real output (GNP adjusted for price changes) rose 8.3 percent (annual rate) and the
implicit price deflator was up 4.1 percent (annual rate).
BILLIONS OF DOLLARS (RATIO SCALE)
4,000 —
BILLIONS OF DOLLARS (RATIO SCALE)
— 4,000
SEASONALLY ADJUSTED ANNUAL RATES
3,600
3,600
^
3,200 ,
E
—
—
GNP
IN CURRENT DOLLARS
2,800 p
\
—
^
3,200
f^
^x^"""*"""
^-
~—
~
2,800
^
^
2,400
—.
2,400
""""""
XI
—
2,000
2,000
—
1,600
^1'
GNP
c
N 1972DOLLA [?
k
1,600
^<*a*<*
^ \
*.*-**^"""**
1
1,200
1
1
1
1
1
1977
1976
1 1 1
1978
1
1
1
\ \ \
1979
1
1
1
1981
1980
\
\
1
1982
\
\
\
1
1983
1
1
1,200
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMEN r OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1972
1973
1974
1975.
1976
1977.
1978
1979.
1980
1981.
1982
1983
1982: I
n
m
IV
1983: I
II
Ill
IV
1984- I p
Gross
national
product
1,185.9
1,326.4
1,434.2
1,549.2
1,718.0
1,918.3
2,163.9
2,417.8
2,631.7
2,954.1
3,073.0
3,310.5
3,021.4
3,070.2
3,090.7
3,109.6
3,171.5
3,272.0
3,362.2
3,436.2
r
3,541.2
Personal
consumption
expenditures
737.1
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,857.2
1,991.9
2,158.0
1,938.9
1,972.8
2,008.8
2,046.9
2,073.0
2,147.0
2,181.1
2,230.9
2,280.5
Gross
private
domestic
investment
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
474.9
414.5
471.9
422.9
432.5
425.3
377.4
404.1
450.1
501.1
532.5
595.3
Source: Department of Commerce, Bureau of Economic Analysis.
Government purchases of
goods and services
Exports and imports of goods and
services
Federal
Net
exports
0.7
14.2
13.4
26.8
13.8
-4.0
-1.1
13.2
23.9
26.3
17.4
-9.0
29.9
33.3
.9
5.6
17.0
-8.5
-18.3
-26.1
-45.2
Exports
Imports
Total
Total
77.5
109.6
146.2
154.9
170.9
182.7
218.7
281.4
338.8
368.8
347.6
335.4
358.4
364.5
346.0
321.6
326.9
327.1
341.1
346.5
357.7
76.7
95.4
132.8
128.1
157.1
186.7
219.8
268.1
314.8
342.5
330.2
344.4
328.5
331.2
345.0
316.1
309.9
335.6
359.4
372.6
402.9
253.1
270.4
304.1
339.9
362.1
393.8
431.9
474.4
537.8
595.7
649.2
689.5
629.8
631.6
655.7
679.7
677.4
683.4
698.3
699.0
710.6
101.7
102.0
111.0
122.7
129.2
143.4
153.6
168.3
197.0
229.2
258.7
274.8
249.7
244.1
261.7
279.2
273.5
273.7
278.1
274.1
275.0
National
defense
73.1
72.8
77.0
83.0
86.0
92.8
100.3
111.8
131.2
154.0
179.4
200.3
168.1
175.2
183.6
190.8
194.4
199.4
201.2
206.3
216.2
Nondefense
28.5
29.1
33.9
39.7
43.2
50.6
53.3
56.5
65.9
75.2
79.3
74.5
81.7
68.9
78.1
88.5
79.1
74.3
76.9
67.8
58.8
State and
local
151.4
168.5
193.1
217.2
232.9
250.4
278.3
306.0
340.8
366.5
390.5
414.7
380.0
387.5
394.0
400.5
404.0
409.7
420.2
424.9
435.6
Final
sales
1,175.7
1,307.9
1,420.1
1,556.1
1,706.2
1,895.3
2,137.4
2,403.5
2,641.5
2,935.6
3,097.5
3,316.9
3,047.1
3,081.4
3,095.6
3,165.9
3,210.9
3,286.6
3,353.7
3,416.6
3,479.0
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Gross
national
product
Period
Gross private
domestic investment
Personal
consumpChange
tion
in
expendi- Nonresidential Residen- business
tial fixed inventotures
fixed
Government purchases of
goods and services
Exports of goods
and services
Exports
Total
Imports
ries
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
n
ra
IY
1983: I
n. .
M
IV
1984: Ip.
r
Total
National
defense
Nondefense
State
and local
0.7
15.5
27.8
32.2
25.4
22.0
24.0
37.2
50.3
43.0
28.9
11.8
77.5
97.3
108.5
103.5
110.1
112.9
126.7
146.2
159.1
159.7
147.3
138.7
76.7
81.8
80.7
71.4
84.7
90.9
102.7
109.0
108.8
116.7
118.4
126.9
253.1
253.3
260.3
265.2
265.2
269.2
274.6
278.3
284.3
286.5
291.8
293.1
101.7
95.9
96.6
97.4
96.8
100.4
100.3
102.1
106.4
110.4
116.6
117.8
73.1
68.3
66.9
66.4
64.9
65.4
65.7
67.4
70.0
73.6
78.8
84.3
28.5
27.6
29.7
31.0
31.8
35.0
34.7
34.8
36.4
36.8
37.8
33.6
151.4
157.4
163.6
167.8
168.4
168.8
174.3
176.2
177.9
176.1
175.2
175.3
1,175.7
1,237.1
1,234.7
1,238.4
1,290.4
1,356.4
1,422.6
1,472.2
1,479.4
1,505.3
1,494.8
1,537.4
-10.2
-3.4
-1.3
-22.7
35.2
33.4
24.0
23.0
151.8
154.5
146.4
136.5
116.6
121.1
122.4
113.5
289.4
285.8
292.2
299.7
114.5
110.3
116.9
124.4
75.5
77.8
80.4
81.4
39.1
32.5
36.5
43.0
174.9
175.4
175.3
175.2
1,495.9
1,492.7
1,487.0
1,503.4
45.5
52.6
56.8
55.8
-15.4
-5.4
3.8
8.7
20.5
12.3
11.4
2.8
137.3
136.2
140.7
140.6
116.8
123.9
129.2
137.8
292.9
292.1
295.2
292.3
118.4
117.6
118.9
116.4
82.7
84.2
84.2
85.8
35.7
33.4
34.7
30.5
174.5
174.5
176.3
175.9
1,505.5
1,530.5
1,549.7
1,563.7
59.7
26.6
143.9
150.4
291.7
114.4
87.8
26.5
177.3
1,577.7
1,185.9
1,254.3
1,246.3
1,231.6
1,298.2
1,369.7
1,438.6
1,479.4
1,475.0
1,513.8
1,485.4
1,535.3
737.1
767.9
762.8
779.4
823.1
864.3
903.2
927.6
931.8
956.8
970.2
1,011.4
121.0
138.1
135.7
119.3
125.6
140.3
158.3
169.9
165.8
174.4
166.1
168.4
63.8
62.3
48.2
42.2
51.2
60.7
62.4
59.1
47.1
44.7
37.8
52.7
1,485.8
1,489.3
1,485.7
1,480.7
961.4
968.8
971.0
979.6
173.6
167.1
163.3
160.5
36.3
37.8
36.5
40.6
1,490.1
986.7
1,525.1 1,010.6
1,553.4 1,016.0
1,572.5 1,032.2
159.9
163.0
170.1
180.7
1,604.3
185.9
1,046.8
Final
sales
Federal
Net
exports
10.2
17.2
11.6
-6.7
7.8
13.3
16.0
7.3
-4.4
8.5
-9.4
2.1
-6.5
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
national
product
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
n
m
IY
1983: I
n
in
IV
1984: lp
r
Total
Durable
goods
Nondurable
goods
Services
Nonresidential
fixed
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Besidential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
100.00
105.75
115.08
125.79
132.34
140.05
150.42
163.42
178.42
195.14
206.88
215.63
100.0
105.7
116.4
125.3
131.7
139.3
149.1
162.5
179.0
194.1
205.3
213.4
100.0
101.7
108.2
117.3
123.9
129.2
136.4
145.0
156.2
167.3
174.8
178.7
100.0
108.5
123.4
132.5
137.2
143.6
153.4
169.9
188.1
202.5
209.0
213.8
100.0
104.7
113.0
121.6
129.6
139.3
150.0
162.3
178.8
195.8
211.6
224.3
100.0
103.8
115.4
132.2
138.6
146.3
157.2
170.8
186.2
201.9
209.7
206.8
100.0
109.1
120.3
131.0
140.7
158.0
178.3
200.5
218.5
233.5
240.2
246.8
100.0
112.7
134.8
149.6
155.3
161.9
172.6
192.5
212.9
230.8
236.0
241.8
100.0
116.7
164.6
179.6
185.6
205.5
214.1
246.1
289.4
293.4
278.9
271.3
100.0
106.3
114.9
126.0
133.5
142.8
153.1
164.8
185.2
207.7
222.0
233.3
100.0
106.6
115.1
124.9
132.4
141.9
152.7
166.0
187.5
209.3
227.7
237.7
100.0
105.6
114.2
128.2
135.7
144.6
153.8
162.5
180.8
204.5
210.0
222.0
100,0
107.0
118.0
129.4
138.3
148.4
159.7
173.7
191.5
208.1
222.9
236.6
203.36
206.15
208.03
210.00
201.7
203.6
206.9
209.0
172.9
174.2
176.1
176.1
206.8
207.6
210.2
211.2
206.3
209.4
213.4
217.2
208.1
211.1
209.6
209.9
240.8
240.9
240.9
238.4
236.1
236.0
236.3
235.6
281.8
273.6
281.8
278.5
218.0
221.3
223.8
224.4
222.7
225.1
228.3
234.3
209.1
212.3
213.9
205.7
217.3
220.9
224.7
228.5
212.83
214.55
216.44
218.53
210.1
212.5
214.7
216.1
177.3
177.5
179.1
180.7
210.6
213.4
215.5
215.7
219.8
223.1
225.7
228.6
207.7
206.3
206.3
207.0
244.9
243.9
249.0
248.7
238.0
240.2
242.5
246.4
265.4
270.7
278.1
270.3
230.9
232.7
233.8
235.6
234.9
236.7
238.8
240.3
221.7
222.6
221.7
222.2
231.6
234.8
238.3
241.5
220.73
217.8
180.5
217.6
231.2
206.6
249.3
248.6
267.9
240.4
246.1
221.5
245.6
Source: Department of Commerce, Bureau of Economic Analysis.
Gross private
domestic investment
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
Current
dollars
1972
1973
1974
1975
1976
1977
1978 . ..
1979
1980
1981
1982
1983
1982: I
Constant
(1972)
dollars
10.1
11.8
8.1
8.0
10.9
11.7
12.8
11.7
8.8
12.2
4.0
7.7
-1.4
6.6
2.7
2.5
8.2
13.3
11.5
9.1
r
!2.8
n
m
IV
1983: I
n
m
IV
1984: Ip ...
5.7
5.8
-.6
-1.2
5.4
5.5
5.0
2.8
-.3
2.6
-1.9
3.4
55
1.0
-1.0
-1.3
2.6
9.7
7.6
5.0
r
8.3
Implicit
price
deflator
Chain price
index
4.2
5.8
8.8
9.3
5.2
5.8
7.4
8.6
9.2
9.4
6.0
4.2
4.3
5.6
3.7
3.8
5.5
3.3
3.6
3.9
r
4.1
Fixedweighted
price index
(1972
weights)
4.0
6.0
9.4
9.1
5.8
6.3
7.8
9.5
9.8
9.5
6.4
4.3
5.3
4.7
5.9
4.7
3.4
4.3
4.7
4.2
r
4.7
4.1
6.0
9.1
9.2
5.7
6.1
7.6
8.9
8.9
9.4
6.5
4.4
5.6
5.2
5.9
5.0
3.6
4.3
4.5
4.4
4.5
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Implicit
price
deflator
Constant
(1972)
dollars
Current
dollars
5.8
4.2
_.7
2.2
5.6
5.0
4.5
2.7
.5
2.7
1.4
4.2
2.4
3.1
.9
3.6
2.9
10.0
2.2
6.5
5.8
9.6
10.2
9.4
9.9
11.0
11.1
11.8
11.9
10.7
11.3
7.3
8.3
7.5
7.2
7.5
7.8
5.2
15.1
6.5
9.4
9.2
Chain price
index
3.7
5.7
10.1
7.6
5.1
5.8
7.0
9.0
10.2
8.4
5.8
3.9
5.0
4.0
6.5
4.1
2.2
4.6
4.2
2.8
3.2
Fixedweighted
price index
(1972
weights)
3.5
6.1
10.4
7.8
5.3
6.2
7.4
9.7
11.1
9.2
5.7
4.1
4.8
3.5
6.7
5.1
1.6
4.9
4.4
4.2
4.4
3.6
6.1
10.4
7.7
5.3
6.0
7.3
9.3
10.7
9.0
5.9
4.2
5.2
3.9
6.4
5.1
2.3
4.7
4.2
4.3
4.4
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic
product of nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
n
ffl
IV
1983: I.....
n
TTT p
rv
1
678.0
759.4
818.9
890.0
1,001.3
1,128.4
1,276.2
1,416.8
1,540.7
1,739.9
1,776.7
r
l,921.7
1,764.9
1,780.2
1,786.8
1,775.0
1,817.6
1,892.4
1,957.8
r
2,019.0
1972
dollars
678.0
731.9
708.2
694.2
745.5
795.8
846.3
876.1
859.5
887.5
857.7
r
895.2
864.3
860.5
859.5
846.4
856.0
885.8
909.4
r
929.7
Total
cost and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
1.000
1.038
1.156
1.282
1.343
1.418
1.508
1.617
1.793
1.960
2.072
2.147
2.042
2.069
2.079
2.097
2.123
2.136
2.153
2.172
0.092
.093
.112
.137
.141
.145
.155
.171
.198
.217
.245
.244
.236
.242
.247
.254
.252
.245
.241
.238
Indirect
business
taxes 3
0.113
.114
.127
.140
.141
.141
.144
.149
.172
.199
.209
.220
.204
.207
.209
.215
.218
.223
.221
.219
Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Corporate profits with inventory
valuation and capital consumption
adjustments
Compensation of
employees
Net
interest
0.659
.692
.786
.837
.878
.928
.998
1.094
1.218
1.302
1.397
1.418
1.374
1.394
1.403
1.419
1.428
1.416
1.412
1.416
0.028
.031
.042
.044
.040
.040
.044
.050
.065
.074
.076
.066
.080
.079
.072
.073
.070
.066
.065
.065
3
4
Total
0.107
.107
.090
.124
.144
.163
.168
.154
.140
.169
.145
.199
.148
.147
.148
.135
.156
.187
.214
.234
Profits
tax
liability
0.049
.055
.059
.059
.071
.075
.079
.079
.078
.074
.048
.063
.053
.051
.049
.040
.049
.062
.070
.069
Profits
after
tax 4
0.058
.053
.030
.065
.073
.088
.089
.075
.062
.095
.097
.136
.095
.096
.099
.095
.108
.125
.144
.165
Output
per hour
of all
employees (1972
dollars)
Compensation per
hour of
all
employees
(dollars)
7.664
7.849
7.555
7.774
8.002
8.144
8.216
8.201
8.126
8.332
r
8.372
r
8.649
8.342
r
8.332
8.409
r
8.418
r
8.484
r
8.620
r
8.708
8.781
5.052
5.429
5.937
6.507
7.024
7.558
8.198
8.969
9.894
10.850
11.700
r
!2.260
11.463
r
!1.616
11.795
11.947
r
!2.114
r
!2.202
r
!2.293
12.433
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
n
m
IV
1983: I
n
m
IY r
718.0
801.3
877.5
931.4
1,036.3
1,152.1
1,301.1
1,458.1
1,599.6
1,769.2
1,865.7
1,990.2
1,834.2
1,859.9
1,879.5
1,889.0
1,923.7
1,968.7
2,011.8
2,056.6
2,113.0
963.6
1,086.2
1,160.7
1,239.4
1,379.2
1,550.5
1,760.3
1,966.7
2,116.6
2,373.0
2,450.4
r
2,650.2
2,419.7
2,448.9
2,458.9
2,474.0
2,528.5
2,612.8
2,686.9
2,772.4
1984: I p ...
1
Nonfarm
58.1
61.0
62.2
65.4
75.0
84.8
92.2
100.2
95.6
89.7
87.4
107.6
83.7
88.1
87.8
90.2
98.4
106.2
111.2
114.5
121.7
18.7
32.8
26.5
24.6
19.1
19.1
26.3
31.9
21.8
30.5
21.5
20.9
27.4
16.8
15.8
26.0
22.2
21.0
15.5
25.0
47.3
Corporate profits with inventory valuation and capital consumption
adjustments
Rental
income of
persons
with
capital
consumption
adjustment
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
96.6
108.3
94.9
110.5
138.1
167.3
192.4
194.8
175.4
192.3
164.8
229.1
162.0
166.8
168.5
161.9
181.8
218.2
248.4
268.2
21.0
22.6
23.5
23.0
23.5
24.8
26.6
27.9
31.5
41.4
49.9
54.8
47.4
49.0
50.9
52.3
54.1
54.8
53.9
56.2
57.0
Inventory
valuation
adjustment
Profits
before tax
Total
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
227.0
174.2
207.5
173.2
178.8
177.3
167.5
169.7
203.3
229.1
228.2
94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
191.7
203.3
165.9
198.3
167.7
170.3
168.3
157.2
168.0
192.7
210.8
222.0
Capital
consumption
adjustment
-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-8.4
-9.2
-5.5
-8.5
-9.0
-10.3
-1.7
-10.6
-18.3
-6.3
-10.0
2.7
2.7
-1.8
-10.1
-13.5
-11.3
-12.7
-14.8
-16.3
-11.0
-1.1
30.8
-5.6
-3.5
.1
4.713.9
25.6
37.6
46.2
50.3
Net
interest
51.2
60.2
76.1
84.5
87.2
102.5
121.7
153.8
192.6
249.9
261.1
247.5
265.0
268.3
256.4
254.7
248.3
243.8
246.1
251.9
262.0
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1972
1973
1974 .
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982- I
n
TTT
IV
1983- I
n
TTT
IV
1984- P
737.1
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,857.2
1,991.9
2,158.0
1,938.9
1,972.8
2,008.8
2,046.9
2,073.0
2,147.0
2,181.1
2,230.9
2,280.5
Total
durable
goods
111.1
123.3
121.5
132.2
156.8
178.2
200.2
213.4
214.7
236.1
244.5
279.4
239.4
242.9
243.4
252.1
258.5
277.7
282.8
298.6
310.3
Motor
vehicles
and
parts
Furniture and
household
equipment
52.4
57.1
50.4
55.8
72.6
84.8
95.7
96.6
90.7
101.6
109.9
133.4
106.4
107.6
109.4
116.1
118.4
133.9
135.6
145.6
150.9
41.7
47.1
50.6
53.5
59.1
65.7
72.8
81.8
86.3
93.3
93.5
102.2
91.7
93.9
93.5
94.9
97.3
100.8
102.9
107.7
111.8
Source: Department of Commerce, Bureau of Economic Analysis.
Retail sales of new
passenger ears
(millions of units)
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Other
16.9
19.2
20.5
22.9
25.2
27.7
31.7
35.1
37.7
41.2
41.1
43.9
41.3
41.4
40.5
41.0
42.9
43.1
44.3
45.4
47.6
Total
nondurable
goods
300.6
333.4
373.4
407.3
441.7
478.8
528.2
600.0
668.8
733.9
761.0
804.1
749.7
754.7
766.6
773.0
777.1
799.6
814.8
825.0
844.4
Food
154.9
172.1
193.7
213.6
230.6
249.8
275.9
311.6
345.1
375.9
396.9
422.1
388.1
394.7
400.4
404.5
411.7
419.6
426.4
430.6
440.8
Clothing
and
shoes
Gasoline
and oil
55.4
61.4
64.8
69.6
75.3
82.6
92.4
99.1
104.6
115.3
119.0
125.6
118.4
119.0
119.2
119.6
120.0
126.4
125.1
130.7
134.0
25.4
28.6
36.6
40.4
44.0
48.1
51.2
66.6
84.8
94.6
91.5
90.8
94.0
89.6
91.3
91.1
87.3
90.3
93.1
92.7
92.0
Other
64.9
71.2
78.2
83.7
91.9
98.2
108.8
122.8
134.3
148.1
153.5
165.7
149.2
151.5
155.6
157.9
158.1
163.3
170.2
171.1
177.6
Services
325.3
355.2
393.2
437.0
485.7
547.4
618.0
693.7
784.5
887.1
986.4
1,074.5
949.7
975.2
998.9
1,021.8
1,037.4
1,069.7
1,083.5
1,107.3
1,125.8
Domestics
Imports
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2
5.8
6.8
5.8
5.7
5.6
6.0
6.1
6.9
7.0
7.2
8.2
1.6
1.8
1.4
1.6
1.5
2.1
2.0
2.3
2.4
2.3
2.2
2.4
2.2
2.0
2.2
2.5
2.3
2.3
2
1
2.1
2.3
SOURCES OF PERSONAL INCOME
Personal income increased $13.9 billion (annual rate) in March, following a rise of $20.0 billion in February.
Wages and salaries rose $5.4 billion in March compared to a rise of $8.4 billion in February.
BILLIONS OF DOLLARS*(RAT1O SCALE)
3,200
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
WAGE AND SALARY DISBURSEMENTS
120
1984
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1984: Janr
Feb r.
Mar"
Total
personal
income
Wage and
salary
disbursements *
1,168.6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,435.0
2,578.6
2,742.1
765.7
806.4
889.9
983.2
1,106.3
1,237.6
1,356.7
1,493.2
1,568.1
1,664.6
2,670.1
2,689.0
2,719.3
2,732.6
2,747.6
2,756.4
2,781.6
2,812.5
2,833.5
2,859.6
1,616.8
1,632.1
1,652.2
1,660.9
1,673.5
1,680.5
1,691.8
,710.6
,715.3
,726.0
2,906.7
2,926.7
2,940.5
,748.7
,757.2
,762.6
Proprietors' income 3
Other labor
income * 2
55.8
64.5
75.9
89.4
102.5
114.9
128.0
143.5
156.6
173.4
166.0
168.1
170.1
172.2
174.3
176.3
178.4
180.6
182.6
184.9
186.9
189.0
191.1
Farm
26.5
24.6
19.1
19.1
26.3
31.9
21.8
30.5
21.5
20.9
22.3
22.1
21.4
19.4
16.6
14.9
15.0
20.7
23.8
30.4
47.6
48.3
46.0
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
^Consists of employer contributions to private pension, health, and welfare funds; workers' injury
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
62.2
65.4
75.0
84.8
92.2
100.2
95.6
89.7
87.4
107.6
100.8
103.1
106.6
109.0
109.9
110.9
113.0
114.2
114.3
115.0
120.0
122.3
122.6
Rental
income of
persons 4
Personal
dividend
income
Personal
interest
income
23.5
23.0
23.5
24.8
26.6
27.9
31.5
41.4
49.9
54.8
54.3
54.6
54.8
55.0
55.3
50.8
55.8
56.0
56.2
56.5
56.7
57.0
57.2
29.1
29.9
36.5
39.6
45.3
50.8
56.8
62.8
66.4
70.5
68.9
69.0
69.4
69.5
70.2
70.9
71.6
72.3
72.9
73.4
74.1
75.1
76.2
112.4
123.2
132.5
152.8
179.4
218.7
266.0
341.3
366.2
366.3
355.7
355.0
356.9
359.4
364.4
370.2
375.2
378.3
380.9
384.0
389.6
395.6
402.2
Transfer
payments 5
141.2
178.3
194.3
207.9
223.8
250.3
297.6
337.2
374.5
403.6
402.0
402.7
406.7
406.7
403.5
402.2
401.9
402.0
409.8
412.4
411.3
410.9
411.7
4
With capital consumption adjustment.
5
Consists mainly of social insurance benefits,
8
Less:
Personal
contributions
for social
insurance
47.9
50.4
55.5
61.1
69.8
81.1
88.7
104.6
112.0
119.5
116.8
117.6
118.8
119.5
120.1
120.3
121.1
122.2
122.4
122.9
128.3
128.7
129.0
Nonfarm
personal
income 6
1,131.8
1,229.1
1,359.3
1,506.5
1,689.7
1,899.3
2,119.5
2,377.0
2,527.6
2,691.5
2,618.4
2,637.5
2,668.5
2,683.8
2,701.4
2,711.8
2,736.7
2,761.8
2,779.7
2,799.2
2,828.9
2,848.1
2,864.1
direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Iconomic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the first quarter of 1984.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
1,000
1,000
800
DOLLARS * (RATIO SCALE)
12,000
11,000 — PER CAPITA DISPOSABLE PERSONAL INCOME
10,000
9,000
800
DOLLARS * (RATIO SCALE)
12,000
11,000
10,000
9,000
- CURRENT DOLLARS
8,000
8,000
7,000
7,000
6,000
6,000
1972 DOLLARS
5,000
5,000
4,000
4,000
3,000
I
I
I
1976
I
I
I
I
1977
I I
I
I I
1980
1979
1978
I
1981
I
I I
1982
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE-. DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
951.4
1,065.2
1,168.6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,435.0
2,578.6
2,742.1
141.0
150.7
170.2
168.9
196.8
226.4
258.7
301.0
336.5
387.4
402.1
406.5
I
3,000
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
personal
income
Less:
Personall
outlays
Equals:
Personal
saving
Per capita
disposable personal
income
Current
dollars
1972
dollars
810.3
914.5
998.3
1,096.1
1,194.4
1,314.0
1,474.0
1,650.2
1,828.9
2,047.6
2,176.5
2,335.6
Per capita personal
consumption
expenditures
Current
dollars
1972
dollars
Dollars
Billions of dollars
1972
1973
1974
1975...
1976
1977
1978
1979 .
1980
1981
1982
1983
I
1984
757.7
835.5
913.2
1,001.8
1,111.9
1,236.0
1,384.6
1,553.5
1,718.7
1,912.4
2,051.1
2,222.0
52.6
79.0
85.1
94.3
82.5
78.0
89.4
96.7
110.2
135.3
125.4
113.6
3,860
4,315
4,667
5,075
5,477
5,965
6,621
7,331
8,032
8,906
9,377
9,969
3,860
4,080
4,009
4,051
4,158
4,280
4,441
4,512
4,487
4,587
4,567
4,672
Percent
change in
real per
capita
disposable
personal
Saving as
percent of
disposable
personal
income
Popula-
tion
(thousands) 2
income
Percent
3,511
3,831
4,152
4,521
4,972
5,468
6,048
6,695
7,326
8,078
8,581
9,211
3,511
3,623
3,566
3,609
3,774
3,924
4,057
4,121
4,092
4,162
4,180
4,317
2.9
5.7
-1.7
1.0
2.6
2.9
3.8
1.6
-.6
2.2
-.4
2.3
6.5
8.6
8.5
8.6
6.9
5.9
6.1
5.9
6.0
6.6
5.8
4.9
209,924
211,939
213,898
215,981
218,086
220,289
222,629
225,106
227,694
229,916
232,118
234,297
Seasonally adjusted annual rates
1982- I
2,528.1
2,563.2
2,591.3
2,632.0
400.2
404.2
399.8
404.1
2,127.9
2,159.0
2,191.5
2,227.8
1,997.0
2,031.9
2,068.4
2,107.0
130.8
127.1
123.0
120.8
9,199
9,315
9,430
9,562
4,562
4,574
4,558
4,576
8,382
8,511
8,644
8,785
4,156
4,180
4,178
4,204
-4.3
1.1
-1.4
1.6
6.1
5.9
5.6
5.4
231,304
231,790
232,387
232,990
IV
2,657.7
2,713.6
2,761.9
2,835.2
401.8
412.6
400.1
411.4
2,255.9
2,301.0
2,361.7
2,423.9
2,134.2
2,209.5
2,245.9
2,298.3
121.7
91.5
115.8
125.6
9,661
9,834
10,069
10,308
4,599
4,629
4,690
4,769
8,878
9,176
9,299
9,488
4,226
4,319
4,331
4,390
2.0
2.6
5.4
6.9
5.4
4.0
4.9
5.2
233,501
233,984
234,564
235,138
1984: Ip
2,924.6
421.3
2,503.3
2,350.0
153.3
10,625
4,877
9,679
4,443
9.4
6.1
235,608
n
m
IV
1983: I
n
m
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages
for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1983, according to current estimates, gross farm income rose $12.1 billion (annual rate)
and net farm income rose $10.2 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
200
200
160
160
120
120
100
100
80
80
60
60
40
40
NET FARM INCOME /
M
20
1%
I%
I
I
20
\/
I
10
1976
I
I
1977
I
1978
I
1979
I
I
I
I
I
I
1980
1981
I I
1982
I
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
I
I
10
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total *
Total
1976.
1977
1978
1979
1980...
1981
1982
1983
1982: I
n
in
IY
1983: I
n
m
IV
1
Livestock and
products
Current
dollars
1967 dollars 8
102.9
108.7
127.2
150.4
150.1
167.1
162.2
156.2
95.4
96.2
112.9
131.8
140.5
142.3
144.6
142.6
46.3
47.6
59.2
68.6
67.8
69.2
70.2
70.9
49.0
48.6
53.7
63.2
72.7
73.1
74.4
71.7
1.1
.8
4.9
-5.3
7.6
-1.9
-9.6
82.7
88.9
99.5
118.1
128.6
137.0
140.1
135.6
20.1
19.8
27.7
32.3
21.5
30.1
22.1
20.6
11.8
10.9
14.2
14.8
8.7
11.0
7.6
6.9
168.4
158.5
155.9
165.8
147.6
142.0
142.3
146.3
70.7
71.0
70.2
68.9
76.9
71.0
72.1
77.4
2.0
-1.7
-3.5
-4.2
141.0
141.5
140.3
137.6
27.4
17.0
15.6
28.2
9.7
5.9
5.3
9.6
155.2
152.3
152.6
164.7
144.5
141.7
145.0
139.3
71.5
70.8
70.1
71.2
73.0
70.9
74.9
68.1
136.0
134.7
134.9
136.8
19.2
17.6
17.7
27.9
6.5
5.9
5.9
9.2
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Crops
Value of
inventory
changes 2
Production
expenses
3
15
-9.8
-11.1
-12.3
-5.2
Income in current dollars divided by the consumer price index (Department of Labor).
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the fourth quarter of 1983, according to revised estimates, corporate profits before tax fell $0.9 billion (annual
rate) from their third quarter level and after-tax profits fell $1.2 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3201
SEASONALLY ADJUSTED ANNUAL RATES
280
280
PROFITS BEFORE TAX
240
240
200
200
PROFITS AFTER TAX
\ L—-
160
160
120
120
TAX LIABILITY
80
80
40
40
UNDISTRIBUTED PROFITS
I
1976
1975
1977
I
1979
1978
1980
1981
1983
1982
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment l
Profits after tax
Domestic industries
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983 r'..
1982: I
n
m
IV .
1983:
n
m
jyr
1984:
Ip
1
2
I
Nonfinancial
Total
2
Total
Financial
Total3
Wholesale and
retail
trade
liability
Tax
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
191.7
203.3
165.9
198.3
167.7
170.3
168.3
157.2
85.3
92.0
80.4
107.6
137.4
163.4
185.4
179.0
161.9
179.7
144.1
176.9
147.0
148.5
147.6
133.1
15.3
15.9
15.0
11.8
17.1
23.1
31.0
30.3
26.9
20.3
20.9
31.5
15.5
20.4
22.2
25.5
70.0
76.0
65.4
95.8
120.3
140.3
154.4
148.6
134.9
159.4
123.2
145.4
131.5
128.1
125.4
107.6
40.7
45.5
39.0
52.6
69.2
78.3
86.9
85.6
72.9
86.7
59.0
72.0
60.9
61.4
65.5
48.3
13.4
13.9
12.5
21.3
22.4
26.6
26.9
27.1
23.6
32.8
27.6
34.7
30.2
27.4
25.2
27.5
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
227.0
174.2
207.5
173.2
178.8
177.3
167.5
41.6
49.0
51.6
50.6
63.8
72.7
83.2
87.6
84.8
82.8
59.2
76.9
60.3
61.4
60.8
54.0
58.9
76.6
85.1
81.5
102.5
122.0
145.9
165.1
149.8
144.1
115.1
130.6
112.9
117.4
116.5
113.5
24.4
27.0
29.9
30.8
37.4
40.8
47.0
52.7
58.6
64.7
68.7
73.3
67.7
67.8
68.8
70.4
34.5
49.6
55.2
50.7
65.1
81.2
98.9
112.4
91.2
79.5
46.4
57.3
45.2
49.5
47.7
43.1
-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-8.4
-9.2
-5.5
-8.5
-9.0
-10.3
168.0
192.7
210.8
222.0
147.8
172.2
187.4
200.3
29.8
33.8
31.9
30.6
118.0
138.4
155.5
169.6
53.7
68.1
78.2
88.1
27.8
33.9
36.7
40.2
169.7
203.3
229.1
228.2
61.5
76.0
84.9
85.3
108.2
127.2
144.1
142.9
71.4
72.0
73.7
75.9
36.7
55.2
70.4
67.0
17
-10.6
-18.3
-6.3
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
Profits
before tax
78.3
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
-10.0
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the first quarter, business fixed investment rose $10.2 billion (annual rate)
and residential investment outlays rose $10.1 billion. There was a $62.2 billion increase in inventories following an
increase of $19.6 billion in the fourth quarter.
BULKDNS OF DOLLARS
BILLIONS OF DOL LARS
600
600
SEASONALLY ADJUSTED ANNUAL RATES
/
500
1
h /^ r/
-—'
NONRESIDE MTIAL
FIXED INVEST"MENT
400
—
— -'"
"""
200
—
^--~~
V
„'''"
500
h-/
V
^
^x*1
400
300
A
GROSS PRIVATE DOMESTIC
INVESTMENT
300
—
200
R ESIDENTIAL
-IT
FIXE :> INVESTMENT
—
100
100
CHANG : IN BUSINESS
•M~~«^ INV ENTORIES
**"^^*%^
^—-~~*^<
0
-100
—
I
1
1976
1
1
1 I
1977
'
V,
~^
I
1
i
1978
1
1
i
1979
1 1 i
i i i
1980
1981
'^\
1 1 1
0
^
I
1
1
1
1983
1982
SOURCE: DEPARTMENT OF COMMERCE
1
I
-100
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
private
domestic
investment
Residential fixed investment
Nonresidential fixed investment
Total
Structures
Producers'
durable
equipment
Total
Nonfarm
structures
Farm
structures
Change in business
inventories
Producers'
durable
equipment
Total
Nonfarm
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
474.9
414.5
471.9
121.0
143.3
156.6
157.7
174.1
205.2
248.9
290.2
308.8
352.2
348.3
348.4
44.1
51.0
55.9
55.4
58.8
64.4
78.7
98.3
110.9
133.4
141.9
131.1
76.9
92.3
100.7
102.3
115.3
140.8
170.2
191.9
197.9
218.8
206.4
217.2
63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
102.9
104.3
90.8
130.0
61.5
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.1
99.8
86.0
124.9
0.7
.7
1.3
1.0
1.1
1.5
1.7
1.7
1.8
1.3
1.5
1.5
1.5
1.7
1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.2
3.6
10.2
18.5
14.1
-6.9
11.8
23.0
26.5
14.3
-9.8
18.5
-24.5
-6.4
9.6
15.2
16.0
-10.5
13.9
21.9
25.4
8.6
-4.5
10.9
-23.1
-2.8
422.9
432.5
425.3
377.4
361.3
352.7
342.3
337.0
144.7
144.2
140.0
138.6
216.5
208.5
202.2
198.4
87.3
91.0
87.9
96.8
83.2
86.1
83.4
91.2
.9
1.6
1.3
2.3
3.2
3.3
3.3
3.3
-25.7
-11.2
4.9
-56.4
-27.6
-8.8
-2.3
-53.7
IV
404.1
450.1
501.1
532.5
332.1
336.3
351.0
374.0
132.9
127.4
130.9
133.3
199.3
208.8
220.2
240.7
111.3
128.4
141.5
138.8
106.7
123.3
136.3
133.5
1.3
1.5
1.6
1.6
3.4
3.5
3.6
3.7
-39.4
-14.5
8.5
19.6
-39.0
103
18.4
19.7
1984- Ip
595.3
384.2
140.3
243.9
148.9
143.7
1.4
3.8
62.2
41.1
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982- I
n
m
IV
1983: I
n
m
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM
BUSINESS
According to the Commerce Department January-February survey, nonfarm business spending for new plant and
equipment for the year 1984 is expected to be 13.6 percent above the 1983 level; spending for 1983 was 4.4
percent below the 1982 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
TOTAL NEW PLANT AND EQUIPMENT
300
300
200
200
NONMANUFACTURING
MANUFACTURING-
TOO
TOO
80
80
60
60
40
40
I
1976
I
I
1977
I
1978
1979
1980
1981
I 1
1982
1983
1984
-L/ SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Plant and equipment
Period
Total
Plant
Nonmanufaeturing
Manufacturing
Equipment
Total
Durable
goods
Nondurable
goods
Total
Mining
Transportation
Public
utilities
Trade
and
services *
Communication
and
other 2
Starts of
plant and
equipment
projects,
manufacturing 3
1978 ...
1979
1980
1981
1982
1983 r
1984 4
171.45
198.08
231.24
270.46
295.63
321.49
316.43
302.50
343.57
71.12
80.19
92.63
105.75
117.57
133.35
134.58
128.99
100.33
117.89
138.60
164.68
178.06
188.14
181.86
173.51
59.95
69.22
79.72
98.68
115.81
126.79
119.68
111.53
129.72
28.47
34.04
40.43
51.07
58.91
61.84
56.44
51.78
62.78
31.47
35.18
39.29
47.61
56.90
64.95
63.23
59.75
66.93
111.50
128.87
151.52
171.77
179.81
194.70
196.75
190.97
213.86
7.44
9.24
10.21
11.38
13.51
16.86
15.45
11.83
14.34
8.89
9.40
10.68
12.35
12.09
12.05
11.95
11.20
12.00
22.37
26.79
29.95
33.96
35.44
38.40
41.95
42.00
44.79
49.30
56.54
68.66
79.26
81.79
86.33
86.95
87.94
100.25
40.46
38.02
42.47
1982: TTT
IV
313.76
303.18
134.43
127.32
179.33
175.86
118.26
110.23
56.61
50.51
61.65
59.72
195.51
192.95
14.57
13.41
11.29
12.33
43.02
43.00
86.88
84.36
39.75
39.84
25.31
23.62
1983: I
293.03
293.46
304.70
318.83
125.40
125.60
130.59
134.38
167.62
167.86
174.12
184.45
109.86
108.79
111.12
116.36
50.74
48.48
53.06
54.85
59.12
60.31
58.06
61.50
183.17
184.67
193.59
202.47
12.03
10.91
11.93
12.43
11.04
10.88
11.00
11.86
41.61
41.48
42.22
42.69
82.38
85.85
91.06
92.44
36.11
35.54
37.38
43.05
23.35
27.71
29.98
33.47
124.70
126.26
133.95
59.21
59.01
66.46
65.49
67.25
67.50
207.96
209.14
219.17
13.57
13.87
14.96
11.08
11.98
12.47
43.72
44.67
45.38
98.56
97.93
102.26
41.03
40.68
44.09
1976
1977
n
in r
IV
1984: I 44
n
4
2nd half .
1
332.66
335.40
353.12
Wholesale and retail trade; finance, insurance, and real estate; and personal, business, and professional
services.
2
"Other" consists of construction; social services and membership organizations; and forestry,
fisheries, and agricultural services.
10
23.51
26.90
32.02
34.83
36.99
41.06
59.39
77.73
88.41
113.50
123.58
135.61
104.35
114.51
3
Starts are estimated by adding changes in carryover to expenditures during given period,
4
Planned capital expenditures as reported by business in late January and February 1984, corrected for biases,
„
n
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment rose 248,000 in March and unemployment fell 29,000.
MILLIONS OF PERSONS*
116
MILLIONS OF PERSONS*
1984
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted exicept as noted]
Period
Noninstitutional
population
including
resident
Armed
Forces
-Labor torce
including
. **"*»
resident
Armed
Forces
1,631
1,597
1^604
1,645
1*668
1,676
1,664
1,671
1,669
1,668
1,664
1,682
1,695
1,695
1,685
1,688
1,686
1,684
1,686
106,559
108',544
110,315
lll[872
113,226
112,399
112,646
112,619
113,573
113,489
113,799
113,924
113,561
113,720
113,824
113,901
114,377
114,598
NSA
1978
1979
1980
1981
1982
1983
1983: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
163,541
166,460
169,349
171,775
173,939
175,891
175,320
175,465
175,622
175,793
175,970
176,122
176,297
176,474
176,636
176,809
177,219
177,363
177,510
103,882
Employment
including
resident
Armed
Forces
97,679
100,421
100^907
102,042
101^194
102,510
100,980
101,277
101,431
102,411
102,889
103,166
103,571
103,665
104,291
104,629
104,876
105,576
105,826
Nonagricultural
Civilian
labor force
102,251
104,962
106^940
108,670
1 10,*204
111,550
110,735
110,975
110,950
111,905
111,825
112,117
112,229
111,866
112,035
112,136
112,215
112,693
112,912
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime
work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
Unemployment
Civilian employment
Jtte sident
Armed
Forces
NSA
Total
96,048
98,824
99^303
100,397
99,*526
100,834
99,316
99,606
99,762
100,743
101,225
101,484
101,876
101,970
102,606
102,941
103,190
103,892
104,140
Agricultural
3,387
3,347
Total
92,661
95,477
3,364 95,938
3,368 97,030
3,401 96,125
3,383 97,450
3,386 95,930
3,392 96,214
3,374 96,388
3,479 97,264
3,499 97,726
3,449 98,035
3,308 98,568
3,240 98,730
3,257 99,349
3,356 99,585
3,271 99,918
3,395 100,496
3,281 100,859
Part-time
for
economic
reasons *
3,298
3,373
4,064
4,499
5,852
5,997
6,169
6,077
5,965
5,886
5,700
5,866
6,027
5,724
5,848
5,712
5,943
5,808
5,463
Total
6,202
6,137
7,637
8,273
10,678
10,717
11,419
11,369
11,188
11,162
10,600
10,633
10,353
9,896
9,429
9,195
9,026
8,801
8,772
15
weeks
and
over
1,414
1,241
1,871
2,285
3,485
4,210
4,587
4,396
4,510
4,486
4,398
4,078
3,889
3,655
3,527
3,369
3,201
2,984
2,873
Labor force
participation
rate (percent)
Total 2
Civilian 8
63.5
64.0
64.1
64.2
63.2
63.7
63.8
63.9
64.0
64.0
63.8
63.9
63.8
64.3
64.2
64.3
64.3
64.0
64.0
64.0
63.9
64.1
64.2
64.3
64.4
64.1
64.2
64.1
64.6
64.5
64.6
64.6
64.3
64.4
64.4
64.3
64.5
64.6
3
Civilian labor force as percent of civilian noninstitutional population.
NOTE.—NSA indicates data are not seasonally adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force, was
unchanged in March at 7.7 percent. The unemployment rate for all civilian workers also was unchanged at 7.8
percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
;-" /v\.
20
t
20
BLACK
AND OTHER
rx
"
r"V\/
-A
H
TEENAGER
(16-19)
%
1
s
^
>*
•*„'
15
15
ALL CIVILIAN WORKERS
10
MEJs 20 YEARS
AHsID OVER
10
\x
_
WHITE
5
-f^
*r
, _^ WOMEN
20 YEARS
ANDC VER
^*+S
^
Hlllilllll I l l f l l l l l f l U f l l l l H H
1980
1981
1982
1980
1984
1983
1981
IIMlhlMI
illMJIIIlJ
1983
1984
1982
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate, all
workers 1
1978
1979
1980
1981
1982
1983....
1983:
Mar...
Apr ...
May...
June..
July ..
Aug...
Sept ..
Oct....
Nov...
Dee...
1984:
civilian
workers
6.0
6.1
5.8
7.0
7.5
9.5
9.5
5.8
7.1
7.6
9.7
9.6
10.2
10.1
9.9
9.8
9.3
9.3
9.1
8.7
8.3
8.1
10.3
10.2
10.1
10.0
9.5
9.5
9.2
8.8
8.4
8.2
7.9
7.7
7.7
8.0
7.8
7.8
Jan...
Feb ...
Mar...
Men
20 years
and over
Women
20 years
and
over
4.3
4.2
5.9
6.0
5.7
6.4
6.3
8.8
8.9
Both
sexes
16-19
years
Black and other
White
Total
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
Labor
force
time lost
(percent) 2
8.5
8.3
9.2
10.4
11.7
12.2
5.6
9.0
6.9
7.3
9.3
9.2
2.8
2.8
4.2
4.3
6.5
6.5
5.3
6.9
7.3
9.6
9.5
8.8
8.8
9.4
10.5
10.4
7.9
8.5
11.0
10.9
20.1
20.7
20.3
20.3
19.6
19.8
18.9
18.3
17.7
17.8
10.0
9.9
9.8
9.4
9.1
9.1
8.8
8.5
8.1
7.9
7.1
7.1
7.0
6.7
6.2
6.3
6.1
5.7
5.5
5.2
13.3
13.0
12.7
12.5
11.8
11.8
12.0
11.4
10.5
10.9
10.2
10.2
10.0
9.7
9.4
9.3
9.1
8.7
8.2
8.0
10.6
10.5
10.9
11.8
10.2
10.2
10.1
10.0
9.8
9.8
11.7
11.5
11.5
11.1
10.7
10.7
10.5
10.0
9.7
9.4
16.7
16.2
16.6
7.6
7.4
7.2
5.0
4.9
4.7
10.7
11.0
11.0
7.8
7.5
7.5
9.2
9.3
9.2
9.2
8.9
8.8
5.2
5.1
6.3
6.7
8.6
8.4
11.9
11.3
13.1
14.2
17.3
17.8
12.8
12.3
14.3
15.6
18.9
19.5
5.6
5.5
6.8
8.3
8.1
16.4
16.1
17.8
19.6
23.2
22.4
9.6
9.7
9.5
9.1
8.8
8.7
8.6
8.2
7.8
7.4
8.8
8.5
8.5
8.6
7.9
8.0
7.8
7.5
7.2
7.1
23.6
23.4
23.0
23.6
22.7
22.8
21.8
21.6
20.2
20.1
9.1
8.9
8.8
8.6
8.2
8.2
8.0
7.7
7.3
7.1
18.6
18.7
18.5
18.6
17.9
17.9
17.3
16.7
16.1
16.3
7.3
7.0
6.8
7.1
6.9
6.9
19.4
19.3
19.9
6.9
6.7
6.7
15.6
14.9
15.1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent
po
nt of potentially
available labor force hours.
12
By selected groups
By race
By sex and age
Source: Department of Labor, Bureau of Labor Statistics.
6.5
6.3
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
in March, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 5-14
weeks rose, and the percentages out of work for 15-26 weeks and for 27 weeks and over fell. Both measures of
average duration of unemployment—the mean and the median—were unchanged in March, at 18.8 weeks and
8.3 weeks, respectively.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION
70
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
A _
60
A
50 _ /
—
J
°
B LOSERS
N
,<
7V
**
A-
"
40
-
—
30 —
REENTRANT
\
*^
»'—^
-
20
20
NE w
%
V
ENTRANT:
kZvj~-A^
/ ^*^.*«
rV
10 —
—
10 -7,
s
**•
-**—»/
JOB IEAVERS
Illlllllll! Illllllilll
1981
1980
1982
1984
1983
*SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
(Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution *
Duration of unemployment
Unemployment
(thousands)
Period
Percent distribution *
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Special
unemployment
benefit
claims
(unadjusted) 3
Weekly average, thousands
1979
1980
1981
1982
1988..
6,137
7,637
8,273
10,678
10,717
48.1
43.1
41.7
36.4
33.3
1983: Mar
Apr
May
T y
June
July
* y .
11,419
11,369
11,188
11,162
10,600
10,633
10,353
9,896
9,429
9,195
31.3
32.3
32.2
32.8
32.8
34.1
35.9
35.5
35.1
36.5
9,026
8,801
8,772
36.0
38.1
38.5
. .
Aug
Sept
Oct
Nov
Dec .
1984: Jan
Feb
Mar
31.7
32.3
30.7
31.0
27.4
11.5
13.8
13.6
16.0
15.4
8.7
10.7
14.0
16.6
23.9
10.8
11.9
13.7
15.6
20.0
5.4
6.5
6.9
8.7
10.1
42.9
51.7
51.6
58.7
58.4
14.3
1L7
11.2
7.9
7.7
29.4
25.2
25.4
22.3
22.5
13.3
11.4
11.9
11.1
11.3
2,434
3,350
3,047
4,061
3,396
388
488
460
583
438
2,592
3,837
3,410
4,594
3,775
28.1
28.2
27.2
26.7
26.4
27.7
26.7
27.6
27.6
27.1
16.5
15.2
16.0
14.4
16.7
15.0
13.3
13.9
14.1
13.9
24.1
24.3
24.7
26.1
24.2
23.3
24.1
23.1
23.1
22.5
19.2
19.2
20.2
21.4
21.3
19.9
20.2
20.1
20.2
19.6
10.4
10.8
11.9
10.8
10.1
9.4
9.4
9.5
9.4
9.0
60.2
59.8
60.2
58.4
58.6
57.7
57.1
56.5
55.0
54.1
7.8
7.2
7.2
7.2
7.1
7.5
8.3
8.7
9.1
9.2
21.6
22.0
21.4
21.8
22.7
23.3
22.7
23.4
23.7
24.2
10.4
11.0
11.1
12.6
11.6
11.4
11.9
11.4
12.1
12.4
3,885
3,826
3,615
3,389
3,190
3,025
2,893
2,797
2,734
2,636
491
488
460
424
408
410
386
389
388
389
5,134
4,642
3,947
3,481
3,275
2,917
2,580
2,478
2,620
2,915
691
1,117
1,445
1,086
849
737
655
522
901
731
28.4
28.1
28.9
13.0
13.3
12.7
22.6
20.5
20.0
20.5
18.8
18.8
9.2
8.3
8.3
53.6
54.1
52.5
9.0
8.8
8.6
24.4
24.6
25.1
13.1
12.5
13.8
2,615
2,528
2,498
368
349
354
3,374
3,174
584
489
444
C
1
Detail may not add to 100 percent because of rounding.
2
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
3
Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 143,000 in March.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
22
90
20
WHOLESALE AND
*-%.,— -*[
r-**'
->-*»»*^
RETAIL TRADE
-JL^l^ir"
^ **
.,
C -OVERNMEN r
1
\
•— %t — — * *+**-
•^ifc^.
"
14 .Ulllilllll lllllllliil lllllllliil
SERVICE-PRODUCING
INDUSTRIES
60
_
m
.****"'"""
_„*
70
""-I
SERVICES
ALL NONAGRICULTURAL
ESTABLISHMENTS
18
'
iiiiilinii
22
20
50
18
jMillIlllllllUllllllllIlllllIII!lIlllllllllllllllllllllH.
40
6
CONSTRUCTION
GOODS-PRODUCING
INDUSTRIES
30
20
Ullllllll lllllllliil lllllllliil
1980
1981
1982
2 iimilimi Minium u u i l i m i i m i l i i m
innlimi niniini
1983
1980
1984
1981
1982
1984
1983
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; * seasonally adjusted]
Goods-producing industries
Period
Total
nonagricultural
employment
Service-producing industries
Manufacturing
Total
2
Construction
Total
Durable
goods
Nondurable
goods
Total
Transportation and
public
utilities
Wholesale and
retail
trade
Government
Finance,
insurance,
and real
estate
Services
4,724
4^975
5,160
5*298
5,340
5454
16,252
17J12
17,890
18^619
19,064
19^680
2,753
2J73
2,866
2J72
2,739
2,152
12,919
13474
13,375
13^259
13,064
12^992
Federal
State
and
local
1980
1981
1982
1983
86,697
89,823
90,406
91,156
89,596
89,978
25,585
26,461
25,658
25,497
23,907
23,646
4,229
4,463
4,346
4,188
3,911
3,947
20,505
21,040
20,285
20,170
18,853
18,678
12,274
12,760
12,187
12,109
11,100
10,932
8,231
8,280
8,098
8,061
7,753
7,747
61,113
63,363
64,748
65,659
65,689
66,332
5,146
5,165
5,081
4,941
19,542
20,192
20,310
20,547
20,401
20,513
1983: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
88,814
89,090
89,421
89,844
90,152
89,748
90,851
91,084
91,355
91,599
23,030
23,159
23,347
23,518
23,724
23,830
23,935
24,168
24,311
24,415
3,757
3,786
3,860
3,933
3,974
4,014
4,038
4,060
4,094
4,088
18,267
18,376
18,493
18,582
18,733
18,793
18,871
19,064
19,172
19,280
10,617
10,689
10,788
10,844
10,961
11,022
11,081
11,235
11,320
11,406
7,650
7,687
7,705
7,738
7,772
7,771
7,790
7,829
7,852
7,874
65,784
65,931
66,074
66,326
66,428
65,918
66,916
66,916
67,044
67,184
4,963
4,988
4,993
4,992
4,984
4,341
5,031
5,019
5,019
5,015
20,350
20,329
20,356
20,494
20,529
20,580
20,612
20,666
20,718
20,781
5,391
5,423
5,435
5,451
5,465
5,488
5,499
5,503
5,515
5,525
19,356
19,478
19,546
19,668
19,770
19,835
19,913
19,956
20,016
20,093
2,742
2,738
2,756
2,742
2,738
2,746
2,778
2,761
2,763
2,768
12,982
12,975
12,988
12,979
12,942
12,928
13,083
13,011
13,013
13,002
91,930
92,347
92,490
24,617
24,772
24,782
4,177
4,228
4,178
19,389
19,491
19,551
11,477
11,567
11,613
7,912
7,924
7,938
67,313
67,575
67,708
5,057
5,067
5,069
20,860
20,925
20,941
5,553
5,566
5,571
20,101
20,241
20,365
2,762
2,760
2,761
12,980
13,016
13,001
1978
1979
1984:
Jan r
Feb r
Mar*.....
1
Includes all full- and part-time wage and salary workers in nonagrieultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
4,923
5,136
putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from em' >ying establishments.
2
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly
earnings
Average weekly
hours
Period
1975
1976
1977. .. .
1978...
1979
1980
1981
1982
1983 .
1983: Mar
Apr
May
T
June
July....
J
y
.
Aug
Sept
1984:
Oct
Nov
Dee
Jan r
Feb r
Mar*
Manufacturing
Total
private
nonagricultural 1
Total
Overtime
39.5
40.1
40.3
40.4
40.2
39.7
39.8
38.9
40.1
39.5
40.1
40.0
40.1
40.2
40.3
40.8
40.6
40.6
40.5
41.0
41.0
40.5
36.1
36.1
36.0
35.8
35.7
35.3
35.2
34.8
35.0
34.8
34 .9
35.1
35.1
35.0
35.0
35.2
35.3
35.2
35.3
35.5
35.4
35.2
Total
private
nonagrieultural 1
2.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3.0
2.6
2.9
2.7
2.9
3.0
3.1
3.3
3.3
3.3
3.4
3.5
3.6
3.4
Manufacturing
$4.53
4.86
5.25
5.69
6.16
6.66
7.25
7.67
8.01
$4.83
5.22
5.68
6.17
6.70
7.27
7.99
8.50
8.84
7.91
7.95
7.97
8.00
8.03
7.98
8.08
8.13
8.13
8.16
8.23
8.23
8.25
8.75
8.78
8.79
8.82
8.85
8.84
8.87
8.94
9.00
9.01
9.05
9.09
9.12
Adjusted hourly earnings index2 — total private
nonagricultural
Percent change 4from
a year
earlier 5
Index,
1977 =
Current
dollars
Current
dollars
1977
dollars 3
86.7
92.9
100.0
108.2
116.8
127.3
138.9
148.3
155.1
153.4
154.0
154.6
154.8
155.2
155.0
155.9
156.8
156.9
157.6
158.3
158.2
158.7
8.4
7.2
7.6
8.2
7.9
9.0
9.1
6.8
4.6
5.4
5.2
4.8
4.6
4.3
3.6
3.9
4.1
3.9
3.7
3.6
3.2
3.4
97.6
99.0
100.0
100.5
97.4
93.5
92.6
93.3
94.7
94.9
94.7
94.7
94.8
94.7
94.1
94.3
94.6
94.4
94.7
94.7
94.6
94.9
1977 dollars
-0.7
1.4
1.0
.5
-3.1
-4.0
-1.0
.8
1.5
1.6
1.2
1.4
2.1
2.1
1.2
1.2
1.4
1.0
.4
-.0
-.6
-.1
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private nonagricultural s
Average gross weekly earnings
Period
Total private
nonagricultural 1
Current dollars
Manufacturing
1977 dollars 3
Construction
Wholesale and
retail trade
$163.53
175.45
189.00
203.70
219.91
235.10
255.20
266.92
280.35
$184.16
186.85
189.00
189.31
183.41
172.74
170.13
167.87
171.15
$190.79
209.32
228.90
249.27
269.34
288.62
318.00
330.65
354.48
$266.08
283.73
295.65
318.69
342.99
367.78
399.26
426.45
441.86
$126.45
133.79
142.52
153.64
164.96
176.46
190.62
198.10
207.03
1983: Mar
Apr
May
June
July....
Aufir
Sent
Get
Nov
Dee
275.27
277.46
279.75
280.80
281.05
279.30
284.42
286.99
286.18
288.05
170.34
170.64
171.42
171.85
171.48
169.58
172.06
173.09
172.19
173.21
345.63
352.08
351.60
353.68
355.77
356.25
361.90
362.96
365.40
364.91
438.00
443.54
441.19
440.82
440.89
440.08
448.50
435.08
435.17
439.02
202.88
203.83
205.76
207.68
207.67
207.34
207.97
211.54
210.88
214.16
1984: Jan r
Feb r
Mar p
292.17
291.34
290.40
174.85
174.14
173.58
371.05
372.69
369.36
458.45
457.25
441.13
213.49
212.82
212.45
1975
1976
1977
1978
1979
1980
1981
1982. . .
1983....
1
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index on a 1977 = 100 I
Revised index for urban wage earners and clerical workers used beginning 1978.
2
3
Current dollars
1977 dollars
Current dollars
5.7
7.3
7.7
7.8
8.0
6.9
8.5
4.6
5.0
4.3
4.7
4.6
4.9
4.8
3.7
6.0
6.4
5.7
5.8
5.8
6.8
5.2
-3.1
1.5
1.2
.2
-3.1
-5.8
— 1.5
-1.3
2.0
.6
.7
1.2
2.4
2.5
1.3
3.2
3.7
2.8
2.5
2.0
2.9
1.6
4
Monthly changes based on indexes to two decimal places.
5
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Hours of 2all
persons
Output *
Business
sector
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Unit labor
cost
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
86.2
89.2
92.4
94.7
92.5
86.8
89.7
93.0
95.3
92.9
78.4
80.7
86.1
91.7
89.9
78.0
80.3
85.8
91.7
89.8
91.0
90.5
93.2
96.8
97.3
89.8
89.5
92.3
96.2
96.7
58.2
62.0
66.1
71.3
78.0
58.7
62.5
66.7
71.7
78.5
90.8
92.8
95.7
97.3
95.9
91.5
93.5
96.6
97.8
96.4
67.5
69.5
71.5
75.3
84.4
67.6
69.7
71.7
75.3
84.5
66.0
69.0
71.3
75.3
82.4
66.3
69.3
71.3
74.0
81.6
1975
1976
1977
1978
1979
94.5
97.6
100.0
100.6
99.4
94.7
97.8
100.0
100.6
99.1
88.2
93.8
100.0
105.5
107.8
87.8
93.7
100.0
105.7
108.0
93.3
96.0
100.0
104.9
108.5
92.7
95.8
100.0
105.0
109.0
85.5
92.9
100.0
108.6
118.7
86.0
93.0
100.0
108.6
118.4
96.3
98.9
100.0
100.9
99.1
96.8
99.0
100.0
100.9
98.9
90.5
95.1
100.0
108.0
119.5
90.8
95.1
100.0
108.0
119.5
90.4
94.7
100.0
107.5
117.2
90.0
94.6
100.0
107.1
116.5
1980
1981
1982
1983r
98.9
101.3
101.2
103.9
98.4
100.3
100.2
103.4
106.5
109.8
106.7
111.1
106.5
109.3
106.3
111.1
107.6
108.4
105.4
107.0
108.2
109.0
106.0
107.4
131.2
143.9
155.1
163.0
130.7
143.5
154.7
163.4
96.5
95.9
97.4
99.2
96.1
95.6
97.1
99.4
132.7
142.1
153.3
156.9
132.8
143.0
154.4
157.9
128.1
140.1
147.7
153.2
128.1
140.4
148.6
154.2
1982- I
II
101.1
100.7
101.1
101.9
100.0
99.9
100.5
r
!00.7
107.2
106.9
106.6
106.0
106.5
106.7
106.5
105.4
106.0
106.2
105.4
104.0
106.5
106.8
106.0
104.6
151.6
!54.0
156.5
r
!58.6
151.3
153.5
156.1
158.3
97.1
97.3
97.2
98.1
96.9
97.0
97.0
97.9
149.9
152.9
154.7
155.6
151.3
153.6
155.4
157.1
145.5
147.5
148.5
149.4
146.4
148.3
149.1
150.5
1983: Pr
102.4
103.9
104.2
105.3
101.6
103.4
104.0
104.7
107.1
110.4
112.4
114.5
106.7
110.2
112.5
114.8
104.6
106.2
107.9
108.8
105.0
106.6
108.2
109.6
160.6
162.0
163.5
166.2
160.8
162.6
164.1
165.9
99.3
99.1
99.0
99.5
99.4
99.4
99.3
99.3
156.9
156.0
156.9
157.9
158.3
157.2
157.8
158.4
151.5
152.5
153.8
155.2
152.4
153.4
154.7
156.1
1984: P
106.0
105.3
117.4
117.5
110.7
111.5
168.6
168.3
99.8
99.6
159.1
159.8
156.5
157.0
1970
1971
1972
1973
1974
0.8
3.6
3.5
2.6
-2.4
0.3
3.3
3.7
2.4
-2.5
-0.8
3.0
6.6
6.6
-2.0
-1.0
2.9
6.9
6.8
-2.0
16
-.5
3.0
3.9
.4
13
-.4
3.1
4.3
.5
7.3
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
1.3
2.2
3.1
1.6
-1.4
1.0
2.2
3.3
1.3
-1.4
6.4
2.9
2.9
5.3
12.1
6.6
3.1
2.8
5.0
12.2
4.5
4.4
3.4
5.5
9.5
4.8
4.5
3.0
3.8
10.2
2.2
3.3
2.4
.6
-1.2
2.0
3.2
2.2
.6
-1.5
-2.0
6.4
6.6
5.5
2.3
-2.2
6.7
6.7
5.7
2.2
-4.1
3.0
4.1
4.9
3.5
-4.1
3.4
4.4
5.0
3.7
9.6
8.6
7.7
8.6
9.4
9.6
8.1
7.5
8.6
9.0
.5
2.6
1.2
.9
-1.7
.4
2.2
1.0
.9
-2.0
7.3
5.1
5.1
8.0
10.7
7.5
4.8
5.2
8.0
10.7
9.8
4.7
5.6
7.5
9.0
10.3
5.1
5.7
7.1
8.8
-.5
2.4
— .1
2.7
-.7
1.9
— .1
3.2
13
3.1
28
4.2
-1.4
2.7
28
4.5
8
.7
27
1.4
7
.7
27
1.3
10.5
9.7
7.7
5.1
10.4
9.8
7.8
5.6
-2.6
-.6
1.5
1.9
-2.8
-.6
1.6
2.3
11.1
7.1
7.9
2.4
11.1
7.7
7.9
2.3
9.2
9.4
5.4
3.7
10.0
9.6
5.8
3.8
0
-L6
1.6
3.2
.1
-.3
2.3
1.2
-6.3
-1.0
-1.1
-2.3
-6.2
.8
-.6
-4.1
-6.0
.6
-2.7
-5.3
-6.3
1.1
-2.8
-5.2
9.4
6.4
6.7
5.6
10.0
5.9
7.1
5.6
5.5
.9
-.5
4.0
6.0
.4
-.1
4.0
9.8
8.1
5.0
2.3
9.9
6.2
4.7
4.4
3.4
5.5
2.7
2.6
3.7
5.4
2.2
3.7
1.9
5.9
1.2
4.2
3.5
7.1
2.3
2.7
4.2
12.7
7.8
7.6
4.9
13.7
8.9
8.1
2.3
6.5
6.5
3.3
1.3
6.2
6.4
5.2
5.2
3.5
3.6
6.9
6.6
4.4
3.8
4.3
4.9
-.8
-.6
2.3
6.3
.0
— .1
3.3
-2.2
2.3
2.5
3.0
-2.6
1.5
1.6
5.5
2.8
3.3
3.7
5.3
2.7
3.3
3.7
2.9
2.6
10.3
9.9
7.2
7.2
6.0
6.1
1.0
1.0
3.0
3.4
3.5
2.5
1970
1971
1972
1973
.. . .
1974.....
ni
IV
n.
nrr
iv
r
Percent change; quarterly data at seasonally adjusted annual rates
1975
1976
1977
1978
1979
.......
1980
1981
1982
1983 r
1982:
P
IF.r
nir
IV
1983: Ir
IP.
m
IVr
1984: P.
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
*Hour]
[ourly compensation divided by the consumer price index for all urban consumers.
16
5
g
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.4 percent in March, following increases of 1.0 percent in February and 1.4 percent in
January. The index for March was 14.8 percent above its year earlier level.
INDEX, 1967 = 100* (RATIO SCALE)
INDEX, 1967 = 100* (RATIO SCALE)
iso UTOTAL INDUSTRIAL PRODUCTION
180 ^UTILITIES AND MINING PRODUCTION
160
160
UTILITIES
140
140
120
120
MINING \
1984
100
180
„..
160
"\
140
-\
--T — X
V
•i^*
/ ^k
DURABLE >
120
NONDURAB LE
/*
^
1981
1984
1983
90 ..MANUFACTURING CAPACITY UTILIZATION RATE
/
.r
80
1983
1982
_
X
70
Ilillliilll Ilillliilll Ilillliilll Ilillliilll Ilillliilll
1980
Ilillliilll
1982
1981
PERCENT*
/
""""
^^
Illlllllill
1980
—MANUFACTURING PRODUCTH^N
60
1984
1980
1981
1982
*SEASONAUY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1983
1984
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1967 = 100
1967 proportion
1974
1975
1976,
1977
1978
1979
1980
1981
1982
1983r
1983: Mar
Apr
May
June
July
Aug
Sept
Oct ...
Nov
Dec r.
1984:
1
2
Janr
Feb r
Mar*
Output as percent of capacity.
Annual data are averages of the four monthly indexes.
Percent
change
from year
earlier
100.00
129.3
117.8
130.5
138.2
146.1
152.5
147.0
151.0
138.6
147.6
140.0
142.6
144.4
146.4
149.7
151.8
153.8
155.0
155.3
156.2
158.4
160.0
160.7
Capacity utilization rate, percent *
Industry production indexes, 1967 = 100
Manufacturing
Manufacturing
Mining
Total
87.95
04
-8.9
10.8
5.9
5.7
4.4
-3.6
2.7
-8.2
6.5
-1.2
1.7
3.7
5.6
7.9
9.7
12.0
14.2
15.1
15.5
15.3
15.9
14.8
129.4
116.3
130.3
138.4
146.8
153.6
146.7
150.4
137.6
148.2
140.4
143.1
145.1
147.4
150.6
152.8
155.1
156.2
156.4
156.8
159.3
161.4
162.1
Durable
51.98
125.7
109.3
122.3
130.0
139.7
146.4
136.7
140.5
124.7
134.5
126.3
129.1
131.0
133.2
136.8
138.8
141.6
142.8
143.6
145.0
148.2
150.7
151.5
Utilities
Nondurable
35.97
134.6
126.4
141.8
150.5
156.9
164.0
161.2
164.8
156.2
168.1
160.7
163.3
165.4
167.8
170.6
172.9
174.6
175.6
174.8
173.9
175.3
177.0
177.3
6.36
115.3
112.8
114.2
118.2
124.0
125.5
132.7
142.2
126.1
116.6
112.6
111.6
112.8
112.6
115.0
116.1
117.1
118.3
121.1
123.7
124.6
124.6
123.9
5.69
143.7
146.0
151.7
156.5
161.4
166.0
168.3
169.1
168.7
172.4
165.8
169.3
169.7
169.8
176.0
179.3
179.3
176.5
176.3
182.5
181.0
177.0
178.8
Federal
Reserve
series
83.7
72.9
79.6
82.2
84.7
86.0
79.6
79.4
71.1
75.2
71.6
72.9
73.8
74.9
76.4
77.3
78.4
78.9
78.8
78.9
80.0
80.9
81.1
Commerce
series 2
83.0
77.0
81.0
83.0
84.0
83.0
78.0
76.0
70.0
73.9
69.8
73.3
75.5
76.9
Industrial
materials
(Federal
Reserve
series)
87.0
73.3
81.1
82.6
85.6
87.6
80.4
80.7
70.1
75.2
71.5
72.5
73.5
74.4
76.5
77.4
78.6
79.5
79.6
79.6
80.5
81.6
81.9
Sources: Board of Governors of the Federal Reserve System and Department of Commerce
(Bureau of Economic Analysis).
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100; monthly data seasonally adjusted]
Products
Final products
Consumer goods
Period
Total
1967 proportion
1974
1975.
1976 .......
1977
1978
1979
1980 ....
1981
1982
1983 r
1983: Mar
Apr
May
T J
June
July
" *
Aue
Sept
Oct
Nov r
Dee
1984: Jan r
Febpr
Mar .
Intermediate products
47.82
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5
147.1
139.9
142.8
144.5
146.4
149.0
150.7
152.1
152.7
153.2
155.2
157.5
158.4
159.0
Durable
goods
Total
7.89
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.2
147.5
136J
140.5
145.5
149.2
152.9
154.2
157.5
156.7
155.9
158.6
163.3
163.2
163.8
27,68
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
151.7
144.3
147.7
150.4
152.4
154.8
156.3
157.3
156.9
156.1
157.7
159.5
159.9
160.3
Materials
Equipment
Nondurable
goods
19.79
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
153.4
147.5
150.5
152.3
153.6
155.6
157.1
157.2
157.1
156.1
157.3
158.0
158.6
158.9
Total
20.14
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
140.8
133.8
136.2
136.5
138.2
141.0
143.1
144.9
147.0
149.1
151.8
154.7
156.3
157.1
Business
12.63
142.4
128.2
135.4
147.8
160.8,
171.3
173.2
181.1
157.9
153.3
143.7
146.9
147.7
150.2
153.3
156.6
158.7
161.3
164.1
167.3
170.9
172.5
173.3
Defense
and space
equipment
7.51
82.4
80.0
79.8
81.3
86.5
93.4
98.2
102.7
109.4
119.9
117.0
118.2
117.6
118.0
120.4
120.2
121.8
122.9
124.0
125.7
127.6
129.0
129.9
Total
12.89
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
156.6
147.8
150.8
152.2
154.5
158.1
162.2
165.4
166.5
165.5
165.4
167.8
169.3
169.6
Construction
supplies
6.42
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
142.5
133.1
136.4
138.4
142.1
145.8
149.0
151.4
152.3
151.6
151.5
155.5
157.6
158.0
Business
supplies
6.47
136.0
129.7
141.7
149.5
156.5
163.1
162.8
166.7
162.1
170.7
162.3
165.2
166.0
166.8
170.4
175.3
179.3
180.6
179.4
179.3
180.0
180.8
39.29
132.4
115.5
131.7
138.6
148.3*
156.4
147.6
151.6
133.7
145.2
137.6
139.7
141.7
143.7
147.8
149.7
152.2
154.0
154.5
154.5
156.5
158.9
159.8
Supplementary
group:
Energy
total
12.23
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
135.9
131.9
133.9
133.8
133.6
138.5
139.4
139.1
137.7
138.5
141.1
141.5
141.4
142.1
[1967 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
1967 proportion.
1974
1975
1976 .
1977
1978 ...
1979
1980 . ...
1981
1982 r
1983
1983: Mar.
Apr
May
June
July
Aucr
Sept
Get
Nov r
Dee
1984: Jan rr
Feb
Mar*
6.57
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
85.4
81.2
83.1
84.9
84.8
85.5
87.5
90.6
95.3
92.2
90.4
93.2
97.5
97.3
Iron and
steel
Fabricated metal
products
4.21
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
71.5
66.9
68.5
69.5
69.7
71.8
75.1
78.2
84.3
79.2
74.1
80.7
86.1
Source: Board of Governors of the Federal Keserve System.
18
5.93
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
120.2
113.9
115.3
115.5
118.5
122.7
126.0
127.4
126.9
128.5
129.2
131.7
133.5
134.1
Nonelectrical
machinery
9.15
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
150.6
138.6
143.1
146.1
149.5
154.2
157.3
158.3
159.2
161.8
164.3
168.8
172.2
173.7
Electrical
machinery
Transportation
equipment
Total
8.05
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
185.5
173.8
177.2
180.1
182.4
188.3
189.2
195.8
198.4
200.1
201.5
206.2
210.0
212.5
9.27
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
117.8
110.1
111.4
113.8
116.6
119.7
121.1
124.7
125.5
127.3
130.8
134.2
135.1
135.8
Motor
vehicles
and parts
4.50
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
137.1
123.2
125.5
130.4
136.2
142.3
144.3
150.9
150.9
152.9
158.9
164.9
165.2
166.7
Lumber
and
products
1.64
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
137.2
128.7
132.1
135.8
137.4
141.3
141.6
142.3
141.7
141.0
143.8
146.4
148.2
Apparel
products
3.31
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
Printing
and
publishing
Chemicals and
products
4.72
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
144.1
152.5
145.9
145.7
145.2
147.4
152.0
157.8
161.7
162.7
162.0
161.7
163.4
163.9
164 7
7.74
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
215.0
205.7
208.5
211.0
214.7
218.3
220.3
224.1
228.4
225.6
221.1
221.8
224.2
Foods
8.75
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
156.4
152.0
153.7
155.6
157.7
159.9
159.3
158:2
157.6
157.1
157.7
159.9
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 2
Private
Period
Total new
construction
expenditures
. Residential
Total
Commercial
and industrial
New housing
units
Total1
Other
Federal,
State, and
local
Total value
index
{1977-100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1976
1977.
1978
1979
1980
1981.
1982
1983r
151.1
173.8
205.6
230.4
230.7
239.4
232.0
262.7
112.0
135.7
159.7
181.6
175.7
186.1
181.0
212.3
60.5
81.0
93.4
99.0
87.3
86.6
74.8
110.7
19.9
22.5
29.6
39.9
43.8
51.3
54.6
49.4
47.3
65.7
75.8
78.6
63.1
62.7
51.9
85.2
31.5
32.2
36.7
42.7
44.7
48.2
51.5
52.2
79.0
100.0
114.0
122.0
107.0
110.0
112.0
138.0
39.1
38.2
45.9
48.8
55.0
53.3
51.1
50.4
Annual rates
1983:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov r
Dec r
1984: Jan r
Feb p.
Mar p
247.9
243.0
241.9
247.4
254.8
264.3
274.2
282.0
285.4
265.6
265.8
265.3
275.7
292.0
295.6
195.0
194.3
194.9
199.5
206.0
214.7
222.8
228.5
232.6
217.0
214.9
215.5
225.0
239.2
243.5
89.7
93.6
96.1
102.0
107.5
113.5
122.3
127.1
129.1
116.5
110.4
108.0
116.9
128.3
131.9
Annual rates
63.4
68.8
72.3
77.3
82.2
87.9
92.7
94.8
95.0
92.1
91.9
92.6
95.2
100.3
100.5
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
for floor space.
592
739
977
1,059
904
919
690
750
53.3
51.0
49.7
46.8
46.3
49.0
48.1
50.5
50.1
46.7
50.4
51.9
54.0
56.7
57.5
52.0
49,8
49.0
50.7
52.2
52.2
52.4
50.9
53.4
53.8
54.2
55.6
54.1
54.3
54.1
52.9
48.7
47.0
47.9
48.7
49.6
51.4
53.5
52.8
48.6
50.9
49.8
50.7
52.8
52.0
127
119
131
129
148
151
137
154
143
139
145
134
150
150
144
803
693
63§
652
734
785
741
783
830
856
884
803
931
751
884
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1976
1977
1978
1979
1980
1981
1982..
1983
1 unit
1,537.5
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,162.4
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,592
1,549
1,779
1,743
1,793
1,873
1,679
1,672
1,730
1,694
1,980
2,231
1,638
1,016
1,030
1,150
1,124
1,048
1,124
1,038
1,017
1,074
1,021
1,301
1,447
1,026
2-4 units
5 or more units
85.9
121.7
125.0
122.0
109.5
91.1
80.0
113.5
289.2
414.4
462.0
429.0
330.5
287.7
319.6
522.0
Units
authorized
Units
completed
Homes sold
Homes? for
sale at end of
period *
Vacancy rate
for rental
housing units
(percent) 2
,296.2
,690.0
,800.5
,551.8
,190.6
985.5
,000.5
,593.7
1,377.2
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
r
1,390.3
646
819
817
709
545
436
412
623
353
402
414
3
398
336
272
251
300
5.6
5.2
5.0
5.4
5.4
5.0
5.3
1,467
1,536
1,635
1,761
1,782
1,652
1,506
,630
,642
,549
,817
,946
,713
,159
,180
,313
,368
,427
,716
,512
,567
,445
,489
,589
,551
611
634
654
655
606
558
597
624
636
755
677
700
666
262
266
273
283
289
296
299
301
304
300
303
305
321
5.7
Seasonally adjusted annual rates
1983:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r
1984: Jan r
Feb r
Mar*
1
2
103
113
102
118
127
109
115
96
130
133
114
145
148
473
406
527
501
618
640
526
559
526
540
565
639
464
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for
5.5
5.8
5.5
5.6
1973-77 are for 14,000 places.
Seasonally adjusted housing completions and sales are as revised beginning 1981 in March issue
of Economic Indicators.
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales fell 0.5 percent in February and inventories rose $9.2 billion. According to advance
data, retail sales fell 2.2 percent in March following a decline of 0.8 percent in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
6UU
16U
150
140
130
120
110
550 —
*-—rv-n
1
»•
500
S^
450
*""
X
MANUFACTURING AND
TRAC E INVENTOR IES
400
DPT
-•
"•
.y*
AIL INVENTC)RIES
^^^""
-
-
100
350
-%
^
...-—
90
-
^"»^"-*.%-^
/
^
80
MA NUFACTURK
AND TRADE SAI^
.ES
300
^
i
l
-
^
F ETAIL SALES
_
70
250 -
-
-
60
50
200
Illllllllll
1980
Illllllllll Illllllllll Illllllllll
1981
imiliim
1983
1982
1984
RATIO*
1.80
150
INVENTORY-SALES RATIO
MANUFACTURING
— AND TRADE
1.60
IHIflHIil
100
||f || I|| I)) Illllllllli Illllllllll Illllllllll
1980
1981
1.20
1984
1983
1982
1980
1981
1982
*SEASONALIY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade *
COUNCIL OF ECONOMIC ADVISERS
Sales
Period
Sales
2
Invento-3
ries
Sales
2
Inventory-sales ratio 4
Retail
Wholesale
Invento-3
ries
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade l
Retail
Millions of dollars, seasonally adjusted
1976
1977
1978
1979
1980
1981
1982
1983
1983:
Feb
Mar
Apr
May
J une
July.....
Aucro
t*
Sept
Oct
Nov
Dec
T
1984:
J
Jan r
Feb"
Mar p
204,277 318,544
229,624 r351,055
260,263 r 398,457
297,565 r 449,542
327,113 r491,431
355,762 r 523,623
r
343,504 r 505,546
r
367,096 r 514,336
50,694
55,987
66,117
78,680
92,658
100,673
94,765
98,649
64,078
72,311
85,568
98,008
111,792
115,854
115,563
118,067
54,781
60,435
67,242
74,948
80,064
86,960
89,547
97,831
18,150
20,724
23,211
25,179
24,365
26,306
27,041
32,095
36,631
39,711
44,031
49,770
55,699
60,654
62,506
65,735
79,273
89,530
102,504
110,592
115,550
125,710
125,384
135,843
37,841
43,135
49,858
53,413
53,952
58,559
56,748
63,447
41,432
46,395
52,646
57,179
61,598
67,151
68,636
72,396
1.48
1.46
1.44
1.43
.45
.43
.50
.37
1.38
1.40
1.43
1.44
1.41
1.39
1.39
L-38
r
342,742 r 503,043
348,227 r499,370
r
351,012 r 500,263
r
360,488 r 501,035
r
368,971 r 500,615
r
370,181 r501,379
r
373,283 r 504,284
r
379,229 r 506,984
r
382,457 r509,171
r
386,564 r 51 1,453
r
395,682 r 514,336
92,347
92,614
92,890
96,646
98,577
99,941
100,894
102,171
104,210
103,793
106,892
114,425
114,569
114,902
113,557
113,172
114,124
114,227
115,674
116,825
116,958
118,067
92,211
93,804
95,125
97,239
98,638
98,832
98,277
99,537
100,923
101,896
102,438
28,840
29,986
30,671
31,705
32,790
32,597
31,951
32,905
33,882
34,641
35,532
63,371
63,818
64,454
65,534
65,848
66,235
66,326
66,632
67,041
67,255
66,906
127,576
126,998
127,613
129,197
129,782
129,556
130,983
132,142
132,777
134,622
135,843
58,559
57,775
58,057
58,796
59,120
58,614
59,400
60,627
61,048
62,441
63,447
69,017
69,223
69,556
70,401
70,662
70,942
71,583
71,515
71,729
72,181
72,396
.47
.43
.43
r
.39
r
.36
.35
.35
.34
r
1.33
r
1.32
1.30
1.38
.35
.34
.33
.32
.31
.33
.33
1.32
1.32
1.33
518,062
527,309
110,571
108,843
119,201
120,471
69,475
68,779
68,150
137,977
142,764
63,749
66,740
74,228
76,024
1.29
1.32
1.29
1.35
r
401,579
399,592
r
106,602
105,744
103,400
r
37,127
36,965
35,250
r
r
1
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
4
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end of month to sales for month.
2
8
20
NOTE.—Total and manufacturing sales revised for 1982 and 1983; inventories revised beginning
1977. See also p. 21.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census),
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' shipments, inventories, and orders rose.
BULKDNS OF DOLLARS* (RATIO SCALE)
360
INVFNTORIFS
320
BULKDNS OF DOLLARS* (RATIO SCALE)
240
ITC
200 -SHIPMENU5
r^
160
100
^
_
)QDS
L-^-J
T-/—
-r
m~«***<«*m*
-****?"
r
«****-
lllllllilli
millmil
200 _ NEW OFJDFRS
•«••*"
40 Hllllillll
TOTAL
-V~
Illlillllll
miiliim
INVENTORY-SHIPMENTS RATIO
DURABLE GC"tr^nc
80
iiiiihni!
RATI O*
2.2
^^s^
•^^•^^r^*vl~'—\
/"""
NOND! JRABLE GOC DS
120
100
.*.—
80
60
BULKDNS OF DOLLARS* (RATIO SCALE)
240
160
2.0
••
L>-;
\
.-
1.8
hH
1.6
7\^^1^-x-^K_
^\ \
Dl IRABLE GOODS
60
1.4
iniihiin
i m i l i M M lllllllilli I t f l l h S M I HHltllHl
40
1981
1980
.*•*
120
^, *•***"*"*"'
HIUliHH mniiim
——=-««».._
1
/
1
DU RABLE GOO >s
100
40
,— ^
..-.
160
DURABLE GOODS
60
r^^i
-TOTAL
200
NONDURABLE GC
80
r^-—-1
240
-^1
TOTAL
-^——
280
i—n
^^
120
«•<"•
1982
1.2
1984
1983
imihim llllillMII niiihini imihmi hmiliiffi
1981
1980
1982
1983
I
1984
SEASONALLY ADJ USTED
.>OURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' inventories2
Manufacturers' new orders
J
Durable goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled3
orders
Manufacturers'
inventor
.. y—
l
shipments
ratio4
Millions of dollars, seasonally adjusted
98,802
113,202
126,905
143,936
154,391
168,129
159,193
170,617
50,689
59,267
67,848
76,060
77,550
83,872
76,859
85,126
48,113
53,935
59,057
67,876
76,841
84,257
82,334
85,491
175,193
189,214
210,385
240,942
264,089
282,059
264,599
260,426
112,581
121,601
137,825
160,451
174,552
186,053
175,009
171,571
62,612
67,613
72,560
80,491
89,537
96,006
89,590
88,855
99,543
115,032
131,546
147,403
156,161
167,761
157,389
173,433
51,398
61,082
72,339
79,451
79,360
83,562
75,129
87,806
12,799
15,291
19,458
23,231
23,259
24,050
20,681
22,764
48,145
53,950
59,207
67,953
76,801
84,199
82,260
85,627
182,499
203,475
259,755
301,982
323,312
318,794
296,147
330,122
1.69
1.61
1.57
1.57
1.66
1.64
1.73
1.52
158,184
161,809
162,997
166,603
171,756
171,408
174,112
177,521
177,324
180,875
186,352
77,896
79,653
80,124
82,011
85,594
85,076
86,730
88,963
89,181
92,311
96,351
80,288
82,156
82,873
84,592
86,162
86,332
87,382
88,558
88,143
88,564
90,001
261,042
257,803
257,748
258,281
257,661
257,699
259,074
259,168
259,569
259,873
260,426
172,079
170,144
170,368
171,065
170,154
169,679
170,283
170,084
170,219
170,656
171,571
88,963
87,659
87,380
87,216
87,507
88,020
88,791
89,084
89,350
89,217
88,855
157,844
162,368
165,869
168,090
175,877
174,451
176,360
180,336
182,911
186,606
188,374
77,515
79,801
82,865
83,286
89,460
87,878
88,820
91,509
94,776
97,991
98,444
19472
20,131
21,960
21,849
23,827
22,060
22,887
25,295
25,499
24,680
24,893
80,329
82,567
83,004
84,804
86,417
86,573
87,540
88,827
88,135
88,615
89,930
299,636
300,195
303,067
304,554
308,675
311,718
313,967
316,782
322,369
328,099
330,122
1.65
1.59
1.58
1.55
1.50
1.50
1.49
1.46
1.46
1.44
1.40
1984: Janr
184,406
Feb r ....... 185,005
p
Mar
188,177
95,283
96,297
96,923
89,123
88,708
91,254
260,884
264,074
267,236
171,549
173,203
175,794
89,335
90,871
91,442
188,671
191,336
195,558
99,439
102,345
104,465
25,093
27,018
26,581
89,232
88,991
91,093
334,385
340,725
348,105
1.41
1.43
1.42
1976
1977 r.
1978 r.
1979 r
1980 r.
1981 r.
1982 r.
1983 r
1983- Feb r .
Marr.
Apr r ...
May r
June r..
July r
Aue r .
Sept1"
Oct r ..
Novr...
Dec r ..
1
Monthly average for year and
2
Book value, end of period.
3
End of period.
4
total for month. Shipments are the same as sales.
For annual periods, ratio of weighted average inventories to average monthly shipments; for
monthly data, ratio of inventories at end of month to shipments for month.
Note.—Series revised beginning 1977.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In March, the producer price index for all finished goods rose 0.5 percent, seasonally adjusted. Prices of finished
consumer foods rose 0.8 percent and prices of other finished consumer goods rose 0.4 percent. Prices of capital
equipment rose 0.3 percent.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
320
-FINISHED GOODS
320
SEASONALLY A^D
300
300
280
""
TOTAL FINISHED
GOODS
^^
Ilii^"^" ^2^^
''Z^
V,'/^<
260
^
&y
x.^
r'PkKJ^I IAAFI? Ff^On<\
240
220
f^S^
$*
?*••*j-*"V ---~-~
-~~AH
CAPITAL EQL
t
*~***X. ^s*
—
280
+*
«»fc»*
260
—
IPMENT
240
—
220
/•;£<7
—
s
200
/ ~''S*r
~.~~<? S^*-''
.-,
180 \VN. ^--f-
s
^
V r,*''
\
200
_
,'' 'CON SUMER GOOD >
180
EXCl UDING FOODSj
""
*>*
160
140
—
,-''"
iiiiiliini
1976
160
M M i h M M llllillllll MM i l l ! ) M
1977
MM MI ii ii
1979
1978
II 1 III 1 1 II I l l l l i l l l l l l M M i l i l l l l l l l l i l l l l l l 140
1982
1981
1980
1983
SOURCE: DEPARTMENT OP LABOR
1984
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Period
Total
finished
goods
Consumer
foods
Finished goods excluding consumer foods
Total
Total
1976
1977
1978
1979
1980
1981
1982
1983 p
1983: Mar
ATM* . . ...
May...
T
June
July
J
Aw
Sept
Get
Novr .........
Dec
1984: Jan.
Peb
Mar
1
170.6
181.7
195.9
217.7
247.0
269.8
280.7
285.2
283.4
283.3
284.1
285.2
285.2
286.3
286.6
287.1
286.9
287.3
289.1
290.2
291.6
180.4
189.9
207.2
226.2
239.5
253.6
259.3
261.8
261.1
263.1
262.0
260.5
259.3
260.2
262.1
264.8
263.9
265.6
272.7
274.5
276.7
166.1
177.7
190.7
213.3
247.8
273.3
285.8
290.9
288.7
287.9
289.3
291.3
291.8
292.8
292.6
292.3
292.5
292.4
292.3
293.1
294.3
Intermediate materials for food manufacturing and feeds.
22
Total
finished
consumer
goods
Total
Foods
and
feeds 1
Nondurable
Capital
equipment
174.8
189.3
200.0
231.3
283.9
319.6
333.6
335.3
331.3
329.0
332.0
336.0
336.7
337.9
337.9
338.1
337.5
336.6
335.7
335.9
336.3
173.4
184.6
199.2
216.5
239.8
264.3
279.4
287.3
285.8
285.9
286.5
287.0
287.5
288.8
288.5
288.6
289.0
290.0
290.4
291.9
292.9
169.7
180.7
194.9
217.9
248.9
271.3
281.0
284.6
282.7
282.6
283.5
284.7
284.6
285.5
286.1
286.6
286.3
286.6
288.7
289.7
291.3
189.1
201.5
215.6
242.2
280.3
306.0
310.4
312.3
309.1
307.9
309.1
311.3
312.2
313.4
315.3
316.2
316.6
317.1
317.3
317.4
319.1
185.3
190.5
203.1
226.1
252.6
250.3
239.4
247.8
240.0
244.8
243.3
242.5
242.1
249.4
261.4
258.4
258.9
257.6
261.1
256.2
259.5
Consumer goods
162.6
174.3
186.7
211.5
250.8
276.5
287.8
291.3
288.9
287.7
289.5
292.1
292.5
293.5
293.4
292.8
292.9
292.4
292.0
292.6
293.8
Durable
144.5
152.8
166.9
183.2
206.2
218.6
226.7
233.1
232.6
232.7
233.1
233.8
234.1
234.7
234.4
233.0
233.8
233.8
234.0
235.3
237.3
Crude materials
Other
Total
189.4
202.3
216.5
244.4
282.3
310.1
315.7
317.2
202.7
209.2
234.4
274.3
304.6
329.0
319.5
323.6
314.2
312.6
314.0
316.4
317.4
318.2
319.5
320.6
321.0
321.6
321.5
322.0
323.6
320.2
323.2
321.6
321.1
317.9
325.0
328.8
329.2
330.4
333.8
Source: Department of Labor, Bureau of Labor Statistics.
336.2
331.1
337.7
Foodstuffs
and
feedstuffs
190.2
192.1
216.2
247.9
259.2
257.4
247.8
252.3
250.8
255.3
250.9
247.1
242.0
251.9
256.2
258.2
259.6
263.8
269.6
261.3
272.2
Other
228.5
245.0
272.3
330.0
401.0
482.3
473.9
477.3
469.7
469.8
474.0
480.5
481.3
482.6
485.2
482.3
483.1
484.9
480.2
481.6
479.4
CONSUMER PRICES
In March, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted and not
seasonally adjusted. The index was 4.7 percent above its level in March 1983.
INDEX, 1967= 100 (RATIO SCAIE)
INDEX, 1967= 100 (RATIO SCAIE)
320
320
300
300
280
280
260
260
240
240
ALL ITEMS
220
220
200
200
180
180
160
160
140
140
1976
1977
1981
1980
1979
1978
1984
1983
1982
SEE NOTE ON TABLE BEIOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
All
Shelter
Period
All
items *
Food
HomeTotal1
Total
Renters
costs2
NSA
Rel imp.5
1976
1977
1978..
1979
1980
1981
1982
1983
1983: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
owners' 2
costs
NSA
100.0
18.7
170.5
181.5
195.4
217.4
246.8
272.4
289.1
2984
293.4
295.5
297.1
298.1
299.3
300.3
301.8
302.6
303.1
303.5
305.2
306.6
307.3
1808
192.2
211 4
234.5
2546
274.6
2857
291 7
290.3
291.5
292.1
291.5
291.2
291.7
292.3
293.5
294.1
295.4
300.2
302.2
301.8
1
Includes items not shown separately.
2
December 1982=100.
3
Includes direct pricing of diesel and gasohol
4
37. £
1746
186.5
2028
227.6
2633
293.5
3147
323 1
318.3
320.3
321.1
321.9
323.2
324.1
325.3
326.0
327.4
328.1
329.6
331.1
331.2
21.5
1790
191 1
2104
2397
281 7
3147
337 0
3448
338.8
341.4
342.3
343.3
345.1
346.3
348.0
349.3
350.7
351.8
353.0
353.8
355.3
7.0
1030
101.3
101.7
102.2
102.5
103.1
103.6
104.2
104.6
105.0
105.3
105.7
106.0
106.5
Maintenance
and
repairs
Total1
New
cars
Motor3
fuel
Medical
care
Energy 4
shelter
0.5
8.2
5.2
1996
214 7
2330
2564
285 7
3144
334 1
3463
339.9
343.6
344.3
345.1
346.1
347.9
346.6
351.1
353.4
354.7
356.7
353.5
355.3
182 7
202 2
2160
2393
278 6
319 2
3508
3703
364.8
366.6
368.4
369.3
370.7
371.9
372.9
372.2
374.4
373.8
378.2
384.8
380.9
147 6
1542
1596
1666
1784
1869
191 8
1965
194.2
194.7
195.7
196.3
197.3
197.9
198.2
198.2
198.5
198.5
199.0
198.5
198.6
beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
5
Relative importance, December 1983.
el and
upkeep
items
less
food,
energy,
NSA
14.0
1025
100.9
101.7
102.0
102.2
102.7
103.0
103.5
103.9
104.3
104.5
104.9
105.1
105.6
Fuel
and
other
utilities
Appar-
21.8
1655
177 2
1855
2120
249 7
2800
291 5
298 4
289.7
293.7
296,4
297,3
298.7
300.8
302.8
304.4
305.5
306.1
306.7
306.6
309.4
3.5
135 7
1429
153 8
1660
179 3
1902
197 6
202 6
201.4
201.4
201,1
201.3
201.7
203.3
204.9
205.5
205.3
205.7
205.6
206.4
207.4
5.9
177 9
1882
196 3
265.6
369 1
410.9
3894
3764
353.5
368.7
379.8
381.0
382.5
383.7
383.7
383.2
381.6
379.8
375.9
370.5
374.0
6.1
11.9
47.9
184 7
202.4
2194
239.7
2659
294.5
328 7
357 3
351.5
353.1
354.8
356.5
358.5
360.3
361.7
362.9
364.7
366.0
368.6
371.5
373.5
1893
207.3
2204
275.9
361 1
410.0
416 1
419 3
403.6
413.3
420.5
421.6
423.2
424.6
425.1
424.2
424.5
423.3
421.7
422.7
421.8
159.9
169.5
179 1
191.5
2083
228.1
2456
2584
254.8
255.7
256.3
257.1
258.4
259.7
260.9
262.2
263.5
264.2
265.8
266.7
267.8
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and
clerical workers.
Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and
therefore are not strictly comparable with figures for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1975
1976
1977
1978 . .
1979
1980
1981
1982
5.5
25
6.9
11.7
7.4
7.5
1.4
2.1
2.2
6.6
3.7
6.9
9.2
12.8
11.8
7.1
3.7
.6
1983*
10.8
4.4
6.5
7.8
11.1
13.5
9.2
4.0
1.6
8.2
6.4
7.3
7.9
8.8
11.4
9.2
3.9
2.0
6.7
6.0
6.7
8.5
17.5
14.2
8.5
4.2
-.8
Change, month to month
1983: Mar
Apr
May
T '
June
July....
J
A
Aug
Sept....
Oct
Nov r
Dec r
1984- Jan
Pebr.
-0.1
-.0
.3
.4
0
.4
.1
.2
-.1
.1
0
.8
-.4
-.6
-.5
.3
,7
1.0
-.3
.6
-0.3
-.4''
.6
.9
.1
.3
-.0
2
.0
2
0.3
.0
.2
.2
.2
.5
-.1
.0
.1
.3
-3.2
4
.4
2.6
2.7
3.1
2.0
2.7
.8
1.0
2.3
6.5
-8.0
43
1.4
-.9
-5.7
-2.7
2.5
8.8
5.8
5.4
4.5
6.8
5.6
1.8
.4
-.8
-1.4
.6
.4
.5
2.7
.7
.8
j
'.2
.4
.1
.5
.3
2.8
4.7
6.1
12.5
17.1
17.8
..
Mar. .
NOTE.—NSA indicates data are not seasonally adjusted.
~!e
-1.1
A
L9
2.1
2.6
2.1
1.7
2.3
3.2
2.1
1.5
.3
2.1
-.1
-.6
-M
l.l
1.8
2.3
2.7
2.0
1.5
2.1
3.7
2.1
.7
.2
-.7
.8
1.3
1.5
4.0
-1.2
-3.1
-3.4
-2.0
1.1
2.5
3.1
3.6
2.4
.2
2.8
2.9
2.6
1.9
2.4
2.7
1.9
1.9
1.8
2.1
2.2
2.1
2.3
1.8
1.4
1.3
1.4
1.2
.7
.6
2.5
4.1
4.1
2.8
2.7
3.5
10.6
11.3
11.5
-.3
-.6
.3
2.0
2.2
3.1
1.9
2.3
2.9
0.6
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Housing
Transportation
Shelter
Period
All
items l
Food
Total
1
Total
1
Homeowners'
costs
Renters'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total1
New
cars
Motor
fuel 2
Medical
care
Energy 3
All
items
less
food,
energy,
and
shelter
Addendum: All items, percent change
(annual rate)
From
previous
quarter 4
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
NSA
Change, December to December, NSA
7.0
4.8
6.8
9.0
13.3
12.4
8.9
3.9
3.8
1975
1976
1977
1978
1979
1980.
1981
1982
1983
6.5
.6
8.0
11.8
10.2
10.2
4.3
3.1
2.6
7.5
5.4
7.6
9.9
15.2
13.7
10.2
3.6
3.5
7.3
4.2
8.7
11.5
17.4
15.1
9.9
2.4
4.7
5.1
4.5*"
11.2
9.0
8.1
5.9
16.0
13.6
14.5
9.7
1.8
2.3
4.5
4.2
3.2
5.5
6.8
3.6
1.6
2.9
9.8
8.8
4.3
7.7
18.2
14.7
11.0
1.7
3.9
7.3
4.8
7.2
6.2
7.4
7.5
6.8
1.6
3.4
11.0
2.6
4.9
8.5
52.2
18.9
9.4
-6.5
-1.7
9.9
10.1
8.8
8.8
10.1
10.0
12.5
11.0
6.4
11.6
6.9
7.2
8.0
37.4
18.1
11.9
1.3
-.5
6.4
7.0
5.2
6.5
7.2
9.9
9.4
6.1
5.0
0.3
.4
.2
.3
.5
.5
.5
.5
.5
.3
9.1
5.8
6.5
7.7
11.3
13.5
10.4
6.1
3.2
Change, month to month
1983:
Mar
Apr
0.4
.4
.2
2
-.1
.2
.2
.4
.2
.4
-0.1
.6
.2
.2
.4
.3
.4
.2
.4
.2
-0.0
.8
.3
.3
.5
.3
.5
.4
.4
.3
0.1
.4
.5
.3
.6
.5
.6
.4
.4
.3
0
.8
.3
.2
.5
.3
.5
.4
.4
.2
-0.5
.5
.5
.2
.4
.3
.3
-.2
.6
-.2
0
Oct
Nov
Dec
0.1
.7
.4
.2
.4
.4
.4
.4
.4
.2
.3
.5
.3
.5
.3
.2
0
.2
0
-0.3
1.4
.9
.3
.5
.7
.7
.5
.4
.2
0.4
0
j
.1
.2
.8
.8
.3
-.1
.2
21
4.3
3.0
.3
.4
.3
0
-.1
4,
-.5
0.5
.5
.5
.5
.6
.5
.4
.3
.5
.4
-1.4
2.4
1.7
.3
.4
.3
.1
-.2
.1
-.3
Jan
Feb
Mar
.6
.4
.2
1.6
.7
i
.5
.5
.0
.3
.2
.4
.4
.3
.5
.4
.2
.5
1.2
1.7
-1.0
.3
-.3
.1
.2
-.0
.9
-.0
.4
.5
-1.0
-1.4
.9
.7
.8
.5
.2
-.2
June
July
^
Aug
Sept
1984:
1
Includes items not shown separately.
Includes direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc.,
also included through 1982.
4
Changes are shown in the middle month of the quarter.
2
3
NOTE.—NSA indicates data are not seasonally adjusted.
24
A
.6
.3
.4
4.4
4.1
4.5
"5.0"
1.2
2.8
4.9
5.4
4.1
3.8
4.5
4.6
4.6
4.0
0.8
1.4
2.3
3.3
3.4
4.3
5.0
4.4
4.2
4.3
3.6
3.9
3.5
2.6
2.4
2.6
2.9
2.9
3.2
3.8
5.0
5.0
5.0
4.8
4.8
4.5
4.1
4.6
4.7
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with data for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 0.7 percent in April and prices paid by farmers rose 0.6 percent.
INDEX, 1977= 100 (RATIO SCALE)
180
INDEX, 1977= 100 (RATIO SCALE)
180
60
60
1984
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977=100]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
All commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
rates
Production
items
Eatio 2
102
100
115
132
134
139
133
135
102
100
105
116
125
134
121
129
101
100
124
147
144
143
145
141
95
100
108
123
138
150
157
161
95
100
109
125
139
151
155
159
97
100
108
125
138
148
150
153
107
100
106
107
97
93
85
84
1983- Apr
May
T ^
June
July
Aug
Sent
Oct
Noy
Dec
136
137
134
132
139
136
134
135
140
127
129
127
126
139
135
134
134
137
145
144
141
137
139
137
135
135
143
160
161
161
160
161
162
161
162
163
159
160
159
159
159
160
159
160
161
153
153
153
152
153
154
153
154
155
85
85
83
83
86
84
83
83
86
1984: Jan
Feb
Mar r .
AIM*
144
144
145
146
138
137
139
140
150
151
151
151
164
165
165
166
162
163
164
164
156
156
157
158
88
87
88
88
1976
1977
1978
1979
1980
1981
1982
1983
...
* y
1
. .
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates.
2
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
lave been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in Ml and the broader aggregates slowed in March.
BILLIONS OF DOLLARS*(RAT!0 SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
300
300
1976
1977
1983
1978
1984
* AVERAGES OF GAILY FIGURES; SEASONALLY AWUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjust*
Period
19761977:
19781979:
1980:
19811982:
19831983:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Mar
Apr
Mav
June
July
Auff
Sept
Oct
Nov r
Dec r
1984" Jan r
Feb r
Mar p
....
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCD)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
HMD As, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
310.4
335.4
363.1
389.1
414.9
441.9
480.5
525.3
496.4
497.9
506.6
510.9
514.9
517.4
518.9
521.6
523.0
525.3
530.0
532.9
535.2
1,163.6
1,286.7
1,389.1
1,498.5
1,632.6
1,796.6
1,965.3
2,196.1
2,067.4
2,081.8
2,102.2
2,117.0
2,126.6
2,135.3
2,147.9
2,167.2
2,182.1
2,196.1
2,206.6
2,222.0
2,228.6
1,311.9
1,472.9
1,647.1
1,804.8
1,989.8
2,236.7
2,460.3
2,706.7
2,532.3
2,550.6
2,571.0
2,593.0
2,604.0
2,617.2
2,636.4
2,657.0
2,688.8
2,706.7
2,721.5
2,745.0
2,764.0
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts,
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
NOTE.—The nontransactions portion of M2 is no\v being seasonally adjusted as a whole to reduce
26
L
Debt
M3 plus
other liquid
assets
Debt of
domestic
nonfinancial
sectors 1 (end
of month)
1,516.6
1,704.7
1,910.6
2,117.1
2,326.0
2,598.4
2,868.7
3,175.9
2,951.7
2,980.0
3,003.3
3,033.1
3,059.7
3,075.1
3,097.7
3,114.4
3,146.1
3,175.9
3,195.4
2,532.6
2,854.1
3,218.1
3,604.2
3,946.9
4,323.8
4,710.1
5,219.0
4,812.5
4,849.9
4,895.8
4,958.1
5,002.2
r
5,041.0
5,083.7
r
5, 125.3
5,166.6
5,219.0
5,271,9
5,327.5
Percent change from year or 6
months earlier 2
Ml
6.6
8.1
8.3
7.2
6.6
6.5
8.7
9.3
14.7
12.1
13.1
13.1.
12.7
11.0
9.3
9.7
6.6
5.7
6.0
6.1
6.4
M2
13.7
10.6
8.0
7.9
8.9
10.0
9.4
11.7
16.7
16.5
16.7
16.0
11.1
8.1
7.9
8.4
7.7
7.6
7.7
8.3
7.7
M3
11.9
12.3
11.8
9.6
10.3
12.4
10.0
10.0
10.5
9.9
10.2
11.1
9.4
8.1
8.4
8.5
9.4
9.0
9.2
10.0
9.9
Debt
10.7
12.7
12.8
12.0
9.5
9.5
8.9
10.8
9.2
9.7
9.8
10.8
11.4
11.8
11.6
11.7
11.4
10.8
11.1
11.7
distortions caused by substantial portfolio shifts arising from regulatory and financial changes in
recent years, especially shifts to MMDAs in 1983. A similar procedure is being used to seasonally
adjust the remaining nontransactions balances in M3.
See p. 27 for components.
Source: Board of Governors of the Federal Reserve Svstems.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Period
Currency
Demand
deposits
Other
checkable
deposits
(OCD)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1976: Dec
1977: Dec
1978: Dec
1979: Dec
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1983:
Mar
Apr
May
T J
June
July
. J
Auff
Sept
Oct
Nov
Dec
1984:
Jan r
Feb r...
Mar p
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 1
Large
denomination
time
deposits *
NSA
Term
repurchase
agreements
(EPs)
Term
Eurodollars
(net)
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
43.0
376.0
452.8
491.3
480.8
423.1
401.4
345.7
362.1
312.9
391.0
446.0
521.9
635.8
731.4
827.3
856.9
793.1
118.1
145.1
195.2
222.1
258.5
301.6
327.9
325.8
14.1
19.4
27.0
30.1
34.7
37.0
40.2
56.0
14.8
20.2
31.8
44.7
50.3
67.5
81.7
92.3
71.8
76.4
80.3
79.5
72.3
67.7
67.9
71.0
70.4
78.4
82.0
108.6
133.8
149.9
187.8
222.4
10.8
14.1
22.0
27.1
32.0
39.8
43.9
43.4
51.7
62.9
79.2
97.0
98.1
104.2
108.8
132.4
44.0
41.3
40.5
39.5
38.6
38.4
38.8
39.8
40.6
40.3
321.0
341.4
357.4
368.6
370.5
368.6
369.5
370.5
372.9
376.0
322.2
321.9
323.1
322.8
320.7
319.3
317.9
317.1
315.4
312.9
733.2
727.4
722.6
724.8
737.0
749.0
759.0
773.0
785.5
793.1
295.4
298.3
298.0
303.0
304.2
308.6
313.2
315.6
T
320.8
325.8
41.5
42.9
45.6
45.5
44.3
46.9
48.0
47.3
53.4
56.0
88.7
91.4
92.3
91.9
92.1
91.9
90.5
87.5
93.7
r
92.3
68.8
69.2
69.5
69.8
70.1
70.3
70.5
70.7
70.8
r
71.0
189.6
196.4
198.5
206.8
219.6
222.9
221.6
218.2
216.6
r
222.4
41.8
41.3
41.0
40.6
41.6
43.6
43.8
42.8
43.0
43.4
119.2
122.5
123.4
122.9
124.4
121.0
125.3
125.7
r
126.9
r
132.4
40.6
41.6
41.8
380.5
386.2
392.8
309.8
306.5
305.3
797.0
800.9
803.2
333.2
339.9
347.8
53.3
54.4
54.5
91.1
92.4
96.3
71.2
224.8
42.8
135.1
80.5
88.5
97.4
106.3
116.7
124.0
134.1
148.0
224.4
239.6
253.8
261.9
266.5
236.2
239.7
243.7
2.7
4.2
8.5
17.1
27.6
77.4
102.4
128.8
10.6
14.7
20.3
21.2
28.3
35.9
44.1
56.1
2.4
2.4
6.4
33.4
61.6
150.6
185.2
138.2
0.6
.9
3.1
9.5
15.0
36.2
48.4
40.3
138.1
139.1
140.5
141.6
142.4
143.5
144.8
146.0
147.2
148.0
238.8
239.5
241.5
243.0
244.5
243.7
243.0
243.6
242.8
243.7
115.0
114.7
120.0
121.7
123.4
125.6
126.4
127.2
128.2
128.8
48.7
50.8
55.4
56.1
53.1
52.4
53.5
57.0
55.2
56.1
154.8
148.2
141.4
140.2
138.7
139.1
137.9
137.5
138.8
138.2
149.9 244.5
150.2 243.8
150.9 244.0
130.7
133.8
135.3
58.3
58.9
56.9
137.9
142.1
144.8
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—See note p. 26.
Travelers cheeks are a component of money stock but are not shown here,
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Eeserve System.
CONSUMER INSTALLMENT CREDIT
{Millions of dollars; monthly data seasonally adjusted]
Installment credit extended
Period
1976
1977
1978
1979
1980
1981
1982
1983: Feb
Mar
Apr
May
June
July
Augr
Sept
Oct
Nov
Revised series 3
Dec
1984- Jan
Feb
Total2
210,740
257,600
297,668
324,777
306,076
334,508
344,901
Installment credit liquidated
Automobile
Revolving
Total 2
63,743
75,641
87,981
93,901
83,454
93,240
95,997
43,934
87,596
105,125
120,174
128,068
139,829
150,061
189,179
222,138
254,589
286,396
304,628
316,291
331,805
Automobile
Revolving
53,278
60,437
69,245
79,186
82,977
84,745
91,099
41,764
81,348
96,090
111,546
126,653
135,362
145,696
1
Through 1982 calculated as the difference between credit extensions and credit liquidations. Beginning 1983, calculated as change in amount outstanding.
2
Includes "mobile home" and "other," not shown separately.
3
Series revised beginning July 1980; data prior to December 1983 not yet available.
Amount outstanding, end of period,
seasonally adjusted
Net change in amount
outstanding *
Total 2
Automobile
Revolving
Total2
Automobile
Revolving
21,561
35,462
43,079
38,381
1,448
18,217
13,096
735
2,582
2,271
2,696
4,406
4,840
3,388
2,375
4,885
4,671
10,465
15,204
18,736
14,715
477
8,495
4,898
-233
1,221
689
1,313
1,973
2,421
2,521
285
1,772
1,238
2,170
6,248
9,035
8,628
1,415
4,467
4,365
-135
1,177
917
514
1,210
821
313
479
1,145
1,300
190,725
226,646
269,392
307,115
308,137
326,274
339,316
342,776
345,358
347,629
350,325
354,731
359,571
362,959
365,334
370,219
374,890
67,798
82,890
101,863
116,523
116,808
125,323
130,235
130,627
131,848
132,537
133,850
135,823
138,244
140,765
141,050
142,822
144,060
16,505
36,427
45,004
53,174
54,650
58,722
62,830
62,763
63,940
64,857
65,371
66,581
67,402
67,715
68,194
69,339
70,639
5,892
4,469
6,608
1,638
2,106
2,799
1,685
504
1,273
388,718
393,187
399,795
141,876
143,982
146,781
75,565
76,069
77,342
NOTE.—Extensions and liquidations not available after December 1982.
Source: Board of Governors of the Federal Reserve System.
BANK LOANS AND INVESTMENTS, AND RESERVES
Commercial and industrial loans rose again in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,800
1,600
1,400
1,200
BILLIONS OF DOLLARS* (RATIO SCALE)
1,800
1,600 — ALL COMMERCIAL BANKS
1,400
1,200
1,000
1,000
800
800
LOANS AND LEASES
600
600
400
400
INVESTMENT IN OTHER SECURITIES
200
200
160
160
120
120
80
80
INVESTMENT IN
U.S. TREASURY SECURITIES
inn
Hum
LllI
11 j |
40
1976
1977
1978
1981
1980
1979
linn
1982
40
1984
1983
*SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depository institutions 3
All commercial banks 1
Loans and leases
Total loans
and
investments
Period
Total 2
Commercial
and industrial
loans
U.S. Treasury
securities
Borrowings
(millions of dollars,
unadjusted)
Eeserves adjusted
for changes in
reserve requirements
Investments
Other
securities
Total
Nonborrowed
Required
Total
Seasonal
19761977:
19781979:
19801981:
1982:
1983:
Dec
Dec
Dec
Dee
Dec
Dec
Dec
Dec
804.6
891.5
1,013.5
1,135.9
1,239.6
1,316.3
1,412.0
1,567.6
555.0
632.5
747.0
849.9
915.1
973.9
1,042.0
1,132.1
190.9
210.9
245.9
291.2
326.8
358.0
392.3
413.0
100.8
99.8
93.8
94.5
110.0
111.0
130.9
188.0
148.8
159.3
172.8
191.5
214.4
231.4
239.2
247.5
25.28
26.29
27.55
28.72
30.64
31.51
33.63
35.28
25.22
25.72
26.68
27.25
28.95
30.88
32.99
34.51
25.00
26.10
27.32
28.39
30.13
31.20
33.13
34.72
53
569
868
1,473
1,690
636
634
774
13
55
135
81
116
54
33
96
1983:
Feb
Mar
AJDT .
May
June
July
1,436.3
1,450.1
1,460.6
1,474.4
1,488.0
1,499.9
1,513.2
1,520.3
1,532.9
1,548.9
1,567.6
1,048.7
1,056.3
1,059.5
1,063.3
1,070.6
17080.9
1,091.0
1,096.3
1,104.1
1,115.7
1,132.1
394.9
396.2
392.9
392.9
395.0
399.2
402.5
402.6
404.7
407.8
413.0
144.5
151.0
157.8
166.1
171.2
172.9
174.4
176.9
182.3
186.2
188.0
243.1
242.8
243.4
245.0
246.2
246.1
247.8
247.1
246.5
247.1
247.5
33.67
34.20
34.51
34.60
35.05
35.19
35.22
35.31
35.32
35.25
35.28
33.09
33.41
33.50
33.64
33.42
33.74
33.67
33.87
34.47
34.34
34.51
33.24
33.77
34.03
34.15
34.57
34.69
34.77
34.81
34.81
34.72
34.72
582
792
1,009
952
1,636
1,453
1,546
1,441
844
906
774
40
53
82
99
122
171
198
190
142
121
96
l,582.7
1,601.1
1,142.4
1,161.6
417.6
423.1
189.2
189.1
251.2
250.4
35.50
36.07
36.10
34.79
35.50
35.15
34.89
35.12
35.39
715
567
952
86
103
133
. ,
AllfiT
Sept
Oct
Nov
Dec
.
1984- Jan
Feb p
Mar"
1
2
3
r
Data are averages of Wednesday figures.
Excludes loans to commercial hanks in the United States.
Data are averages of daily figures.
28
NOTE.—Beginning Dec. 1981, hank loans and investments and reserves aggregates have heen
reduced because of shifts from U.S. hanking offices to International Banking Facilities (IBFs).
Source: Board of Governors of the Federal Reserve Svstem.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Credit market funds
1
Total
Total
1974
1975
1976
1977
1978
1979
1980
1981
1982 p
1983 .
1982: I
n
m
IV
1983: I
n
M
jyp
Securities
and
mortgages
Loans and
short-term
paper
43.6
Total
Other 2
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
190.1
156.9
210.8
254.1
317.5
345.7
333.2
365.8
308.6
427.6
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.6
240.5
280.8
104.4
37.2
76.6
96.7
141.8
156.9
143.7
135.2
68.1
146.8
69.9
30.7
54.5
72.4
80.5
88.2
90.9
92.2
84.1
85.7
26.3
38.7
38.2
35.8
32.8
20.9
52.4
22.5
45.2
55.6
80
16.3
36.6
47.7
67.3
38.5
69.7
38.9
30.1
34.5
6.5
22.1
24.3
61.3
68.8
52.8
43.0
-16.0
61.1
190.1
150.9
201.8
237.6
293.6
346.7
320.1
324.3
250.9
381.2
137.9
109.7
148.3
175.1
201.6
219.4
221.2
261.6
231.2
260.1
52.2
41.2
53.5
62.5
92.0
127.3
98.9
62.7
19.7
121.1
0.0
6.0
9.0
16.5
23.8
10
13.1
41.6
57.7
46.5
302.8
329.9
327.4
274.5
233.5
240.2
244.0
244.3
69.3
89.7
83.4
30.2
102.8
89.9
89.0
54.6
24.8
38.6
39.6
77.8
78.0
51.3
49.4
-23.2
-33.4
-.2
5.6
-24.4
232.1
279.3
270.4
222.0
242.4
242.2
240.1
200.2
-10.3
37.1
30.3
21.8
70.8
50.5
56.9
52.5
339.5
456.0
430.0
485.1
250.7
270.3
294.1
308.2
88.8
185.7
135.9
176.9
68.6
80.7
63.7
129.9
63.3
85.8
36.8
36.6
5.3
51
26.9
93.3
20.1
104.9
72.2
47.1
276.2
410.6
406.2
431.8
202.4
252.9
282.6
302.4
73.8
157.7
123.6
129.4
63.3
45.4
23.9
53.3
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
G<rovernment.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilities
Current assets
End of period
Total
SIC series: 2
1970
1971
1972
1973
1974
QFB-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1982: I
n
m
IV
1983: I
n
TTTP
1
Cash
U.S.
Government
securities
Notes and
accounts
receivable
3
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio *
248.2
288.5
322.1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
66.4
71.7
304.9
326.0
375.6
450.9
530.4
211.3
220.5
282.9
340.3
402.3
93.6
105.5
92.7
110.7
128.1
187.4
203.6
223.7
246.9
260.3
1.615
1.625
.595
.548
1.491
11.1
19.0
23.5
18.2
17.2
16.7
18.7
17.4
22.4
16.5
16.5
18.9
22.4
265.8
272.1
292.9
330.3
388.0
459.0
506.8
530.3
511.0
533.4
531.2
534.2
511.0
319.5
315.9
342.5
376.9
431.8
505.1
542.8
585.1
575.2
591.6
587.6
596.5
575.2
65.9
69.9
80.3
90.1
101.1
116.0
131.8
154.6
172.6
154.7
157.9
165.3
172.6
453.4
451.6
495.1
557.1
669.5
807.3
889.3
976.3
977.8
987.0
988.7
1,007.6
977.8
269.8
264.2
282.1
317.6
383.0
460.8
513.6
558.8
552.8
552.9
554.9
562.7
552.8
183.6
187.4
213.0
239.6
286.5
346.5
375.7
417.5
425.0
434.0
433.8
444.9
425.0
282.0
307.4
332.4
355.5
374.3
407.5
437.8
442.9
447.6
431.0
428.5
434.2
447.6
.622
.681
.671
1.638
.559
.505
1.492
.454
.458
.437
.433
.431
.458
25.8
27.5
26.3
517.9
534.3
562.7
573.2
570.5
591.1
179.9
186.2
193.8
986.3
997.7
1,038.6
543.2
551.6
578.8
443.1
446.1
459.9
450.2
466.5
483.7
.456
.468
1.466
492.3
529.6
599.3
697.8
790.7
50.2
53.3
59.0
66.3
71.1
7.7
11.0
10.6
12.8
12.3
735.4
759.0
827.4
912.7
1,043.7
1,214.8
1,327.0
1,419.3
1,425.4
1,418.0
1,417.2
1,441.8
1,425.4
73.2
82.1
88.2
97.2
105.5
118.0
126.9
131.8
144.0
121.8
124.1
126.9
144.0
1,436.5
1,464.2
1,522.4
139.7
145.7
148.4
206.1
221.1
Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
2
Other
current
assets
Inventories
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), Federal Trade Commission, and Securities and Exchange Commission.
9Q
INTEREST RATES AND BOND YIELDS
Interest rates rose in April.
PERCENT PER ANNUM
1976
1983
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABIE BELOW
[Percent per annum]
U.S. Treasury security yields
Constant maturities 2
Period
3-month bills *
1978
1979
1980
1981
1982
1983
3-year
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper, 4
6 months
4
Discount rate
(N.Y. F.E.
Bank) 5
*
Apr
Week ended:
1984: Mar 31
Apr 1
14........
21
28
May 5
1
8.29
9.72
11.55
14.44
12.92
10.45
8.41
9.44
11.46
13.91
13.00
11.10
5.90
6.39
8.51
11.23
11.57
9.47
8.73
9.63
11.94
14.17
13.79
12.04
8.252
8.19
8.82
9.12
9.39
9.05
8.71
8.71
8.96
8.93
9.03
9.44
9.69
9.76
9.66
10.32
10.90
11.30
11.07
10.87
10.96
11.13
10.93
11.05
r
11.59
11.98
10.40
10.38
10.85
11.38
11.85
11.65
11.54
11.69
11.83
11.67
11.84
12.32
12.63
8.96
9.03
9.51
9.46
9.72
9.57
9.64
9.79
9.90
9.61
9.63
9.92
9.98
11.51
11.46
11.74
12.15
12.51
12.37
12.25
12.41
12.57
12.20
12.08
12.57
12.81
8.48
8.31
9.03
9.36
9.68
9.28
8.98
9.09
9.50
9.18
9.31
9.86
10.22
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
9.00-8.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
11.00-10.50
11.00-11.00
11.00-11.00
11.00-11.00
11.00-11.00
11.00-11.00
11.00-11.00
11.50-11.00
12.00-11.50
9.76
9.67
9.66
9.80
9.64
9.68
r
!2.46
12.61
12.49
12.66
12.74
9.92
10.03
9.95
9.94
9.98
12.71
12.74
12.71
12.79
12.95
10.11
10.17
10.13
10.26
10.27
8.50-8.50
8.50-8.50
9.00-8.50
9.00-9.00
9.00-9.00
11.50-11.50
12.00-11.50
12.00-12.00
12.00-12.00
12.00-12.00
!1.80
11.96
11.84
11.99
12.08
r
Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
5
Average effective rate for year; high and low rate for month and week.
2
30
9.06
12.67
15.27
18.87
14.86
10.79
7.221
10.041
11.506
14.029
10.686
8.63
7.99
10.91
12.29
14.76
11.89
8.89
7.46
10.28
11.77
13.41
11.02
8.50
High-low
1983- Apr
May
June
Julyy
AUK
Sept
Oct
Nov
Dec
1984- Jan
Feb
Mar
Prime rate
charged 5by
banks
New-home
mortgage
yields
(FHLBB) 6
9.56
10.78
12.66
14.70
15.14
12.57
High-low
12.42
12.67
12.36
12.50
12.38
12.54
12.25
12.34
12.42
12.29
r
12.23
12.11
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning
January 1973 not strictly comparable with prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
In April, the broadest stock price indexes were about unchanged from their March levels.
INDEX, DEC 31,1965=50
INDEX, DEC 31, 1965=50
1100
100|
90
90
80
80
70
70
COMPOSITE STOCK PRICE INDEX
(NYSE)
60
60
50
50
40
40
I IIi II i i i Ii
1976
1977
1978
1980
1979
1981
1982
1983
1984
PERCENT
PERCENT
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10 -
1984
1976
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Common stock prices *
Period
Composite
1978....
1979
1980
1981
1982
1983
1983: Apr
May
June
July
Aug
Sent
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
Week ended:
1984: Mar 31
Apr 7
14
21
28
1
Industrial
Transportation
Utility
3
4
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
53.70
58.32
68.10
74.02
68.93
92.63
90.61
94.61
96.43
96.74
93.96
96.70
96.78
95.36
94.92
96.16
90.60
90.66
90.67
58.23
64.76
78.70
85.44
78.18
107.45
104.46
109.43
112.52
113.21
109.50
112.76
112.87
110.77
110.65
112.16
105.44
105.92
106.56
43.50
47.34
60.61
.72.61
60.41
89.36
85.26
89.07
92.22
92.91
88.06
94.56
95.41
97.68
98.79
97.98
86.33
86.10
83.61
39.22
38.20
37.35
38.91
39.75
47.00
46.22
47.62
46.76
46.61
46.94
48.16
48.73
48.50
47.00
47.43
45.67
44.83
43.86
56.65
61.42
64.25
73.52
71.99
95.34
99.07
102.45
101.22
99.60
95.76
97.00
94.79
94.48
94.25
95.79
89.95
89.50
88.22
820.23
844.40
891.41
932.92
884.36
1,190.34
1,168.43
1,212.86
1,221.47
1,213.93
1,189.21
1,237.04
1,252.20
1,250.01
1,257.64
1,258.89
1,164.46
1,161.97
1,152.71
96.02
103.01
118.78
128.05
119.71
160.41
157.71
164.10
166.39
166.96
162.42
167.16
167.65
165.23
164.36
166.39
157.25
157.44
157.60
5.28
5.47
5.26
5.20
5.81
4.40
4.44
4.27
4.26
4.21
4.35
4.24
4.25
4.31
4.32
4.27
4.59
r
4.63
4.64
91.23
90.27
89.92
91.03
91.26
106.89
105.87
105.54
107.03
107.51
86.59
84.48
83.01
83.86
83.22
44.30
43.80
43.73
43.97
43.91
90.22
88.89
87.87
88.51
87.70
1,163.50
1,142.65
1,142.09
1,159.86
1,164.05
158.51
156.74
156.27
158.30
158.74
4.57
4.63
4.70
4.62
4.61
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
Common stock yields
(percent) 5
New York Stock Ixchange indexes (I)ec. 31, 1965—5O) 2
Earningsprice ratio
12.03
13.46
12.66
11.96
11.60
7.49
8.01
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 6 months of fiscal year 1984, there was a budget deficit of $117.8 billion, compared to a budget
deficit of $129.2 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BUDGET RECEIPTS AND OUTLAYS
900
900
800
800
. BUDGET OUTLAYS
700
700
600
600
^
BUDGET RECEIPTS
500
500
400
400
BUDGET SURPLUS OR DEFICIT (-)
0
-—^_
-100
^-
-
"^^^
-100
"V\—-
-200
!
1
1976
1977
1
1978
1
1
1979
1980
1
1981
1
1982
1
1983
200
1
1984
1985
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984 (estimates)1
1985 (estimates)1
,
Cumulative total first 6 months:
Fiscal year 1983
Fiscal year 1984
1
Estimates from Current Budget Estimates, April 1984.
32
Budget
receipts
Budget
outlays
Budget
surplus or
deficit (— )
Off-budget
surplus or
deficit (— )
207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
672.7
753.1
230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
796.0
850.5
932.0
-23.4
-14.8
-4.7
-45.2
-66.4
130
-44.9
48 8
-27.7
-59.6
579
-110.6
195 4
-177.8
-179.0
-0.1
-1.4
-8.1
-7.3
18
-8.7
-10.4
-12.5
-14.2
21 0
-17.3
-12.4
-15.2
-14.8
276.9
304.3
406.1
422.1
-129.2
-117.8
-2.7
-1.3
Total
surplus or
deficit (— )
Federal debt (end of period)
Gross
Held by the
public
-73.7
14.7
-53.6
-59.2
-40.2
-73.8
78.9
-127.9
207 8
-193.0
-193.8
437.3
468.4
486.2
544.1
631.9
646.4
709.1
780.4
833.8
914.3
1,003.9
1,147.0
1,381.9
1,587.8
1,827.8
323.8
343.0
346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
929.4
1,141.8
1,317.8
1,509.8
-132.0
-119.1
1,249.3
1,468.3
1,047.0
1,227.4
-23.4
-14.9
-6.1
53.2
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal year 1984, budget receipts were $27.4 billion higher than a year earlier and budget
outlays were $16.0 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
m inru=T RPrPiPTQ
300
ikiniviniiAi ikir-nxAc TAYCC
^_s^***^
Ofifl
—
*~
S^^SSSSZ^^-"""""""""
mT-«~~*Z2^"~^**
^.^.***"*
300
onn
. OTHER RECEIPTS
CORPORATION INCOME TAXES
~~
inn
100
\
1
" " I
0
1
1
1
I
1
1
I
0
700
700
BUDGET OUTLAYS
600
600
NONDEFENSE
500
500
400
400
300
300
200
200
100
100
1976
1977
1978
1979
1980
1984
1983
1982
1981
1985
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Budget receipts
Budget outlays
National defense
Period
Total
Individual
income
taxes
Corporation
income
taxes
Other
Total
Total
Department of
Defense,
military
International
affairs
Social
securi-
ty and
medicare
Health
and
income
security
Net
inter-
Other
est
Fiscal year or period:
1975
1976
1977
1978
1979
1980
1981
1982
1983
279.1
298.1
600.6
672.7
285.9
297.7
288.9
296.0
753.1
331.9
40.6
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
65.7
77.0
276.9
304.3
138.6
140.5
12.3
21.4
355.6
399.6
463.3
517.1
599.3
617.8
1
1984 (estimates)
1985 (estimates) *
Cumulative total first 6 months:
Fiscal year 1983
Fiscal year 1984
122.4
131.6
157.6
181.0
217.8
244.1
85.9
88.1
95.3
102.3
113.7
131.0
153.8
180.7
209.9
237.6
272.0
204.4
344.2
576.7
657.2
728.4
796.0
850.5
932.0
86.5
89.6
97.2
104.5
116.3
134.0
157.5
185.3
126.0
142.4
406.1
422.1
103.2
111.2
116.1
125.0
143.0
158.6
179.8
324.2
364.5
400.5
448.4
208.4
252.2
270.8
274.6
311.0
1
Estimates from Current Budget Estimates, April 1984.
Note.—Starting in 1985 military retired pay will be financed from a trust fund in the income
security function. The national defense function will include accrual charges to pay for retirement
benefits earned by currently active duty personnel, and these will be offset in the undistributed offsetting receipts (employer share, employee retirement).
The Social Security Amendments of 1983 require that social security and medicare be shown in
491.0
264.4
7.1
5.7
5.0
6.1
6.3
10.9
11.3
10.1
9.0
13.1
17.6
100.5
108.0
4.8
6.7
231.0
202.5
223.3
239.6
259.6
63.0
76.5
78.3
80.0
86.8
109.6
126.1
134.5
150.8
125.6
145.4
23.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
109.5
123.0
66.9
76.2
85.7
105.7
108.4
119.1
114.9
111.0
113.2
125.1
114.4
109.9
116.1
77.7
74.1
45.2
53.0
65.3
61.0
77.5
89.7
104.4
116.6
130.6
150.6
178.7
the budget as a separate function. In previous budgets social security was in the income security
function and medicare was in the health function.
Data for all periods in this table are shown on as comparable a basis as is feasible.
Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1983, Federal receipts rose $12.3 billion (annual rate) and expenditures rose $14.8 billion,
yielding a deficit of $189.8 billion. In the first quarter of 1984, according to preliminary estimates, expenditures
rose $13.3 billion; receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
800
800
700
700
600
600
500
400
-200
1984
1980
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Fiscal year:
1979
1980
1981 ...
1982
1983 ....
Calendar year:
1979
1980
1981
1982
1983
1982- I....
II
m.
IV
1983- I
II
ni
IV
Personal
Total
tax and
Corporate
profits
nontax
tax
receipts ' accruals
Indirect
business
tax and
nontax
accruals
Federal Government expenditures
Contributions for
social
insurance
Pur-
Total
chases
of goods
and
services
Transfer
pay-
ments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
14 8
-50.7
57 8
-112.2
185 7
-.0
.0
.1
-16.1
-61.2
-62.2
147 1
-181.6
-108.5
113 2
-158.3
208 2
-183.3
-166.1
187 3
T
- 189.8
76.1
69.9
70.5
51.3
54.3
29.1
35.5
53.6
50.3
50.7
153.1
170.0
196.9
215.7
230.4
495.6
576.5
668.1
740.0
816.4
164.1
189.3
218.5
251.0
274.7
201.8
239.4
279.3
310.2
344.7
86.7
90.1
83.4
85.7
40.6
50.7
67.7
82.2
90.6
9.9
10.4
12.5
13.2
20.3
493.6
540.9
627.0
617.4
r
644.7
619.5
622.2
615.2
612.6
623.3
652.6
645.2
657.5
230.6
257.7
298.6
304.7
295.9
306.5
308.5
300.6
303.0
297.7
304.2
286.9
295.0
74.2
70.3
67.5
46.5
60.3
47.6
48.4
47.8
42.1
48.6
59.8
66.6
66.4
29.4
39.0
56.4
48.3
54.0
49.5
47.7
47.9
48.3
48.6
56.0
55.5
55.8
159.5
173.9
204.5
217.9
234.4
215.8
217.6
218.9
219.3
228.5
232.6
236.2
240.3
509.7
602.1
689.2
764.4
826.3
728.0
735.4
773.5
820.9
806.6
818.7
832.5
847.3
168.3
197.0
229.2
258.7
274.8
249.7
244.1
261.7
279.2
273.5
273.7
278.1
274.1
209.2
251.5
286.6
321.1
345.4
302.5
311.2
325.9
344.8
340.3
347.0
343.5
350.9
80.5
88.7
87.9
83.9
86.5
82.5
85.1
83.0
85.0
85.8
86.7
87.2
86.4
42.4
53.4
73.2
84.9
96.5
79.7
82.3
88.6
89.1
88.4
91.8
101.0
104.6
9.2
11.5
12.4
15.8
22.6
18.6
18.2
22.3
31.3
— .4
— .1
.0
.0
.0
.0
-1.3
-.4
.0
55.9
256.9
860.6
275.0
347.6
89.6
107.8
40.7
.0
1984: Ip
302.4
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
34
and
product
accounts
.0
.1
-.0
4
222.6
250.4
289.3
310.4
295.3
13.4
12.7
14.2
22.8
(-),
national
income
oo
480.8
525.9
610.3
627.8
630.7
79.1
Surplus
or deficit
o
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Industrial production (seasonally adjusted)
Period
United
States
1977
1978
1979
.
1
France
Germany
Italy
Canada
Japan
France
Germany
Italy
United
Kingdom
152.7
157.8
167.6
165.1
166.6
148.8
157.6
189.7
201.1
215.3
225.2
227.5
228.4
r
236.5
152
155
163
161
160
158
152.0
154.1
161.5
162.0
159.1
154.5
155.5
145.1
147.9
157.6
166.5
162.7
159.1
150.7
124.2
127.8
132.9
124.1
119.5
121.6
r
125.1
181.5
195.4
217.4
246.8
272.4
289.1
298.4
185.9
202.5
221.0
243.5
273.9
r
303.5
321.0
243.0
252.3
261.3
r
282.3
296.2
304.1
309.7
214.5
233.9
259.1
294.2
332.7
373.1
407.9
155.9
160.2
166.8
175.9
186.3
196.2
202.1
255.2
286.2
328.5
398.0
472.4
549.4
631.8
292.4
316.6
359.0
423.6
473.9
514.7
538.3
140.0
142.6
144.4"
146.4
149.7
151.8
153.8
155.0
155.3
r
156.2
150.1
151.8
153.5
157.1
157.8
160.8
163.8
r
164.4
r
165.9
r
167.4
231.5
230.6
231.1
233.3
234.0
241.2
r
244.8
241.4
246.4
248.2
156
156
160
157
160
160
157
155
161
160
153.7
153.7
153.7
159.2
154.5
155.2
157.1
157.5
160.2
161.0
148.2
141.5
148.5
145.1
146.9
134.9
151.1
148.6
152.8
146.0
r
122.8
123.8
124.2
r
122.3
r
125.7
r
125.7
r
126.4
r
126.8
r
127.2
r
129.0
293.4
295.5
297.1
298.1
299.3
300.3
301.8
302.6
303.1
303.5
317.1
317.1
317.9
321.5
322.9
324.5
324.5
326.5
326.5
327.5
307.5
308.6
312.0
309.7
308.3
307.4
311.4
314.2
312.2
311.4
396.5
401.8
404.5
406.9
410.4
412.8
416.0
419.2
420.9
422.4
199.8
200.3
201.1
201.8
202.6
203.2
203.6
203.6
204.1
204.5
616.0
622.2
628.2
632.2
638.5
641.1
649.4
660.4
667.0
670.3
526.7
534.1
536.4
537.7
540.6
543.0
545.4
547.3
549.2
550.7
171.0
250.2
254.7
161
159
r
305.2
306.6
307.3
329.2
331.1
331.9
312.3
314.2
425.4
428.0
205.6
206.2
678.3
685.8
690.6
550.4
552.6
554.4
r
,158.4
160.0
160.7
1984- Jan
Feb
Mar"
Japan
United
States l
138.2
146.1
152.5
147.0
151.0
138.6
147.6
1980
1981
1982
1983 p
1983- Mar
Apr
May
" a^
June
July
Aug
Sept
Oct
Nov
Dec
Canada
Consumer prices (unadjusted)
United
Kingdom
r
r
!61.0
162.5
Beginning January 1978 data relate to all urban consumers.
r
129.7
127.5
Source: National sources as reported by Department of Commerce, International Trade Administration, Office of Trade Information and Analysis, Trade Performance Division, in International
Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Period
Total
domestic
and
foreign
exports
General imports
Domestic exports
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Merchandise trade balance
Merchandise imports
Merchandise exports *
Manufactured
goods
Total
Food,
beverages, and
tobacco
2
Crude
materials and
fuels
3
Manufactured
goods
Total
(c.i.f.
value)
4,257
5,398
6,379
8,360
9,352
10,427
8,823
11,042
13,368
15,504
18,519
21,415
11,873
12,002
13,621
12,438
12,602
13,012
13,239
13,101
13,796
13,912
13,754
15,107
15,124
15,478
17,948
17,652
17,827
22,779
21,240
22,490
19,682
20,387
20,821
22,406
21,852
22,858
23,746
23,477
25,465
24,185
24,033
27,794
27,305
27,992
Exports
(f.a.s.)
less
imports
(customs
value)
Exports
(f.a.s.)
less
imports
(f.a.8.)
Exports
(f.a.s.)
less
imports
(c.i.f.)
762
-688
-2,430
-2,590
-2,300
-2,020
148
— 1,440
-3,265
-3,530
-3,364
-3,030
F.a.s. value
Monthly average:
1975*
1976*
1977*
1978*
1979*
1980
8,971
9,602
10,103
11,973
15,155
18,386
8,847
9,462
9,919
11,762
14,886
18,043
1,399
1,436
1,330
1,717
2,049
2,534
1,266
1,341
1,548
1,746
2,352
2,810
5,913
6,437
6,679
7,873
9,716
11,991
8,209
10,290
12,533
14,563
17,455
20,406
827
991
1,186
1,312
. 1,478
1,546
2,716
3,457
4,463
4,325
5,949
7,831
Customs value
1981
1982
1983
1983: Feb
Mar
Apr
J
May
T
June
July
Ausr
Sept
Get
Nov
Dec
1984: Jan
Feb
Mar..
19,473
17,683
16,707
16,312
16,690
16,095
15,655
16,959
16,486
16,582
17,257
17,033
17,063
17,298
18,326
17,213
17,727
19,075
17,256
16,326
15,970
16,273
15,743
15,275
16,602
16,158
16,195
16,892
16,580
16,664
16,895
17,847
16,787
17,212
2,767
2,248
2,248
2,203
2,336
2,079
2,003
2,142
2,063
2,046
2,314
2,452
2,605
2,449
2,402
2,103
2,457
2,752
2,793
2,463
2,406
2,373
2,483
2,332
2,425
2,388
2,745
2,691
2,345
2,270
2,532
2,664
2,532
2,791
12,857
11,643
11,034
10,787
10,973
10,632
10,375
11,515
11,028
10,882
11,147
11,241
11,277
11,407
12,097
11,372
11,147
21,748
20,329
21,504
18,804
19,528
19,914
21,446
20,916
21,828
22,714
22,451
24,333
23,115
22,976
26,586
26,147
26,771
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January
1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
1,529
1,485
1,568
1,433
1,558
1,593
1,712
1,490
1,486
1,480
1,466
1,747
1,565
1,591
1,759
1,773
1,865
7,739
6,200
5,670
4,422
4,648
4,517
5,829
5,567
6,011
6,581
6,465
6,855
5,891
5,360
6,063
6,039
6,308
-2,275
-2,647
-4,797
-2,493
-2,837
-3,819
-5,791
-3,957
-5,341
-6,132
-5,195
-7,300
-6,052
-5,678
-8,260
-8,935
-9,044
-3,306
-3,558
-5,783
-3,371
3696
-4,726
-6,751
-4,893
-6,371
-7,164
-6,221
-8,432
-7,122
-6,735
-9,468
- 10,092
-10,264
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade balance.
'Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
US. INTERNATIONAL
The current account deficit increased to a record $15.3 billion in the fourth quarter of 1983. All major components
contributed to the increase.
BILLIONS OF DOLLARS*
10
BILLIONS OF DOLLARS*
10
BALANCE ON GOODS
AND SERVICES
—5
-5
A
-10
-10
"MERCHANDISE TRADE
BALANCE
'./
-15
-15
-20
-20
1 1
-25
1976
1
i
1
1978
1977
1
1
1979
I I
1
1980
1982
1981
1983
-25
1984
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise * 2
Period
Exports
1975
1976
1977
1978
1979
1980
1981
1982
1983 p......
1982:
I
n.. .
m
IV
1983: I
n
m
IV"
Imports
Investment income 3
Net
balance
Receipts
Payments
Net
Net
military
transactions
Net
travel and
transportation
receipts
107,088
114,745
120,816
142,054
184,473
224,237
237,019
211,217
200,203
98 185
-124,228
-151,907
176020
-212,028
-249,781
-265,086
-247,606
-260,753
8,903
-9,483
31 091
-33,966
-27,555
-25,544
-28,067
-36,389
-60,550
25,351
29,286
32,179
42,245
64,132
72,445
86,243
84,146
78,035
-12,564
-13,311
-14,217
-21,680
32 914
-42,875
52 760
-56,842
-54,454
12,787
15,975
17,962
20,565
31,218
29,570
33,483
27,304
23,581
-746
559
1,528
621
-1,778
-2,286
-1,355
179
483
-2,792
-2,558
-3,565
-3,573
2 935
-1,434
-598
-2,095
-4,243
55,636
54,996
52,241
48,344
-61,739
-60,850
-65,319
-59,698
-6,103
-5,854
-13,078
-11,354
20,761
22,316
21,569
19,499
-13,824
-14,779
-14,748
-13,491
6,937
7,537
6,821
6,008
-51
201
54
26
-208
561
-557
-769
49,350
48,757
50,429
51,667
-58,206
63462
-68,607
-70,478
-8,856
-14,705
-18,178
-18,811
17,644
18,957
20,890
20,544
12 608
-13,326
-14,009
-14,512
5,036
5,631
6,881
6,032
516
117
-132
-17
-920
-1,206
-694
-1,423
1
Excludes nulitary grants.
2
Adjusted from Census data
3
for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
Other
services,
net 3
Balance
on goods
and
services l
Remittances,
pensions,
and other
unilateral
transfers 1
Balance
on
current
account
22,749
4,598
4,711
9,205
9 894
5,272
6,013 - 10,340
4,686
5,735
7,477
7,172
11,523
8,060
7,822 -3,177
8,550 -32,177
18,136
4 613
4,207
-4,998
4 617 — 14,511
-5,106 -15,446
-964
-5,649
421
-7,056
4,592
-6,931
11 211
-8,034
-8,599 -40,776
2,625
3,236
-4,854
4 190
564
-2,061
1,434
1 802
-1,742 -6,596
2 431 -6,621
2,120 -2,104
2,240 -7,924
2,164 -9,959
2,027 -12,192
-1,561 -3,665
-1,823 -9,747
-2,115 -12,074
-3,099 -15,291
2,050
1,914
1,906
1,951
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $12.2 billion in the fourth quarter of
1983 compared with a $2.0 billion increase in the third quarter. Liabilities to private foreigners reported by U.S.
banks increased $26.3 billion compared with a $16.1 billion increase in the third quarter.
BILLIONS OF DOLLARS*
60
BILLIONS OF DOLLARS*
60
40
40
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
\ •
V\
20
20
-20
-20
-40
-40
-60
-60
1984
1976
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capit al outflow (— ) 1
Period
Total
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDEs)
Total (sum
of the items
with sign
reversed)
..
-39,703
-51,269
-34,785
-61,130
64331
-86,052
-110,601
-118,045
-49,297
-849
-2,558
-375
732
-1,133
8 155
-5,175
4965
-1,196
-3,474 -35,380
-4,214
44498
3693 -30,717
-4,660 -57,202
3 746 -59,453
-5,140 -72,757
5078
100 348
-5,732 -107,348
-4,897
43 204
15,670
36,518
51,319
64,036
38,752
54,922
80,678
87,866
83,018
7,027
17,693
36,816
33,678
-13,665
15,566
5,430
3,172
6,083
8,643
18,826
14,503
30,358
52,416
39,356
75,248
84,694
76,935
n
m
-31,456
-40,934
-26,099
-19,553
-1,089
-1,132
-794
-1,950
-807
29 560
1 489 -38,313
-2,502 -22,803
934 -16,670
27,124
31,612
17,613
11,517
3 061
1,930
2,642
1,661
30,185
29,682
14,972
9,855
3,768
7,887
15,082
14,657
-21,633
-576
-9,126
-17,961
-787
16
529
-953
-1,053
-1,162
-1,206
-1,476
16,452
10,956
19,447
36,164
49
1,973
2 581
6,642
16,403
8,983
22,028
29,521
8,845
-634
1,753
-2,911
1975
1976
1977
1978
1979..
1980
1981
1982
1983 p
1982: I
IV
1983:
U.S.
official
reserve
assets l 2
Foreign assets in the U.S., net
[increase /capital inflow (+)] 2
I
n
m
rv*....
19793
570
8449
-15,532
1
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S.
position
in the IMP.
2
Quarterly data are not seasonally adjusted.
Of which:
Seasonal
adjustment
discrepancy
16,226
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
5,897
10,544
— 2 023
1,139
1,152
1,093
U.S. official
reserve
assets, net 1
(unadjusted,
end of
period)
12,540
25,404
29,556
24,238
41,390
7,055
-729
881
-1,190
1,042
-200
802
1 361
758
29,944
30,671
30,993
33,958
34,261
33,876
33,066
33,747
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Pa«e
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment—Nonfarm Business
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
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