Full text of Economic Indicators : April 1985
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99th Congress, 1st Session
Economic Indicators
APRIL 1985
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1985
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
JAMES ABDNOR, South Dakota, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
CHALMERS P. WYLIE (Ohio)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
BOBBI FIEDLER (California)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
SCOTT LILLY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
[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 $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the first quarter of 1985, gross national product (GNP) rose $61.2 billion or
6.7 percent, both at annual rates. Real GNP (GNP adjusted for price changes) rose 1.3 percent (annual rate) and
the implicit price deflator, 5.3 percent (annual rate).
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,UUU
3600
4,UW
—
SEASONALLY ADJUSTED ANN JAL RATES
—
—
^^
— 3,600
—
—
G NP
IN CURREI<IT DOLLARS ~
3,200
3,200
1
2,800
2,400
—
-^
f^
— 2,800
E
—
2,400
^
^^
_
—
^
/]
2,000
2,000
•—
f^
GNP
Ih4 1972 DOLLAR s
1,600
1,600
^*
*-•*""""
1 1 1
1,200
1977
1
1
1
1978
\
\
1979
\
1
1
1
1
1 I
1981
1980
1 1 1
1982
\
1
1
1983
SOURCE: DEPARTMENT OF COMMERCE
\
\
\
1
1984
1
1,200
1
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
national
product
Period
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
1983:
Personal
consumption
expenditures
Gross
private
domestic
investment
Federal
Net
exports
Exports
1,434.2
1,549.2
1,718.0
1,918.3
2,163.9
2,417.8
2,631.7
2,957.8
3,069.3
3,304.8
3,662.8
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
2,341.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
637.8
13.4
26.8
13.8
-4.0
-1.1
13.2
23.9
28.0
19.0
-8.3
-64.2
146.2
154.9
170.9
182.7
218.7
281.4
338.8
369.9
348.4
336.2
364.3
HI
IV
3,080.1
3,109.6
2,001.3
2,046.1
415.9
376.2
346.3
321.7
n
m
I
3,173.8
3,267.0
3,346.6
3,431.7
2,070.4
2,141.6
2,181.4
2,230.2
405.0
449.6
491.9
540.0
6.6
6.3
19.6
6.5
-16.4
29.8
n
ni
rv
3,553.3
3,644.7
3,694.6
3,758.7
2,276.5
2,332.7
2,361.4
2,396.5
623.8
627.0
662.8
637.8
358.9
362.4
368.6
367.2
3,819.9
2,442.8
657.4
-51.5
-58.7
-90.6
56.0
-73.0
IV
1984: I
1985: I".
r
Source: Department of Commerce, Bureau of Economic Analysis.
Govenunent purcha ses of
goods and services
Exports an d imports of goods and
services
328.5
328.1
342.0
346.1
361.4
Imports
132.8
128.1
157.1
186.7
219.8
268.1
314.8
341.9
329.4
344.4
428.5
339.7
315.4
308.9
334.5
358.4
375.9
410.4
421.1
459.3
423.2
434.4
Total
304.1
339.9
362.1
393.8
431.9
474.4
537.8
596.5
650.5
685.5
747.4
656.3
681.0
678.8
682.2
689.8
691.4
704.4
743.7
761.0
780.5
792.6
National
defense
111.0
122.7
129.2
USA
153.6
168.3
197.0
228.9
258.9
269.7
295.4
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
302.0
315.7
320.2
77.0
83.0
86.0
92.8
100.3
111.8
131.2
153.7
179.5
200.5
221.5
183.3
191.0
194.7
199.3
200.9
207.2
213.4
220.8
220.3
231.6
234.5
Nondefense
33.9
39.7
43.2
50.6
53.3
56.5
65.9
75.2
79.4
69.3
73.9
78.2
88.4
78.3
71.3
68.3
59.1
54.2
75.6
81.7
84.1
85.7
State and
local
193.1
217.2
232.9
250.4
278.3
306.0
340.8
367.6
391.5
415.8
452.0
394.7
401.6
405.8
411.6
420.6
425.1
436.8
447.4
458.9
464.8
472.5
1,420.1
1,556.1
1,706.2
1,895.3
2,137.4
2,403.5
2,641.5
2,931.7
3,095.4
3,318.3
3,604.6
3,095.5
3,170.8
3,216.8
3,286.4
3,350.9
3,419.0
3,479.5
3,594.1
3,622.8
3,722.1
3,773.3
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Nonresidential
fixed
Residential fixed
Change
in
business
invento-
135.7
119.3
125.6
140.3
158.3
11.6
-6.7
7.8
13.3
16.0
7.3
—4.4
11.3
— 10.4
-3.6
24.8
29.7
31.0
31.8
35.0
34.7
34.8
36.4
36.7
37.9
31.5
32.9
163.6
167.8
168.4
168.8
174.3
176.2
177.9
176.8
175.7
175.7
179.6
1,234.7
1,238.4
1,290.4
1,356.4
1,422.6
1,472.2
1,479.4
1,500.9
1,490.4
1,538.3
1,614.5
-6.4
-24.6
25.7
24.1
146.6
136.7
120.9
112.6
292.8
300.6
117.2
124.8
80.6
81.9
36.6
42.9
175.7
175.8
1,483.5
1,503.4
46.2
53.4
57.2
57.8
-16.5
-6.1
.9
7.2
22.9
13.6
11.9
2.0
138.2
137.0
141.6
141.0
115.3
123.4
129.7
139.1
294.3
292.4
292.0
288.8
119.0
117.2
115.6
113.0
83.3
84.8
84.4
86.3
35.7
32.3
31.2
26.7
175.3
175.2
176.4
175.8
1,507.5
1,530.9
1,549.3
1,565.4
193.3
202.9
209.5
213.8
60.6
60.8
60.1
59.2
31.6
20.3
30.6
16.8
-8.3
-11.4
-27.0
-13.4
144.9
144.7
147.4
147.1
153.2
156.2
174.4
160.5
289.5
302.1
306.1
310.5
112.2
123.2
125.0
129.6
87.1
89.6
89.1
92.7
25.2
33.6
36.0
36.8
177.3
178.9
181.1
180.9
1,579.3
1,618.5
1,614.6
1,645.6
215.6
59.1
20.7
-26.1
144.0
170.1
310.6
129.3
92.2
37.1
181.3
1,647.3
964.2
976.3
163.9
161.5
36.8
40.8
1983:
1,491.0
1,524.8
1,550.2
1,572.7
982.5
1,006.2
1,015.6
1,032.4
161.6
165.3
172.6
184.5
1,610.9
1,638.8
1,645.2
1,662.4
1,044.1
1,064.2
1,065.9
1,075.4
1,668.0
1,087.9
1985: I"
r
Nondefense
66.9
66.4
64.9
65.4
65.7
67.4
70.0
73.5
79.1
84.7
89.6
1,477.1
1,478.8
IV
National
defense
Final
sales
96.6
97.4
96.8
100.4
100.3
102.1
106.4
110.3
117.0
116.2
122.5
1982: m
IV
I
Total
State
and local
260.3
265.2
265.2
269.2
274.6
278.3
284.3
287.0
292.7
291.9
302.1
169.9
165.8
175.0
166.9
171.0
204.9
n
m
Total
80.7
71.4
84.7
90.9
102.7
109.0
108.8
116.4
118.0
126.9
161.1
48.2
42.2
51.2
60.7
62.4
59.1
47.1
44.5
37.9
53.7
60.2
1984:
Imports
Exports
103.5
110.1
112.9
126.7
146.2
159.1
160.2
147.6
139.5
146.0
762.8
779.4
823.1
864.3
903.2
927.6
931.8
950.5
963.3
1,009.2
1,062.4
IV
Federal
Net
exports
108.5
1,246.3
1,231.6
1,298.2
1,369.7
1,438.6
1,479.4
1,475.0
1,512.2
1,480.0
1,534.7
1,639.3
I
Govern]nent purcb ases of
good s and services
27.8
32.2
25.4
22.0
24.0
37.2
50.3
43.8
29.7
12.6
-15.0
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
n
m
Exi orts of go ads
a nd services
Gross private
dome stic investinent
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Personal < onsumption
exper ditures
Gross
national
product
Period
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Total
Durable
goods
N
Gross private
domestic jivestment
d
able
goods
Services
N
dential
fixed
Exports an d imports of
goods an d services
Gove mment pure hases of go }ds and
services
Federal
Residential fixed
Exports
Imports
Total
National
defense
114.9
Nondefense
State
and local
115.08
125.79
132.34
140.05
150.42
163.42
178.42
195.60
207.38
215.34
223.43
116.4
125.3
131.7
139.3
149.1
162.5
179.0
194.5
206.0
213.6
220.4
108.2
117.3
123.9
129.2
136.4
145.0
156.2
167.1
174.5
177.7
179.0
123.4
132.5
137.2
143.6
153.4
169.9
188.1
202.5
208.7
213.0
217.7
113.0
121.6
129.6
139.3
150.0
162.3
178.8
196.8
213.6
226.0
237.6
132.2
138.6
146.3
157.2
170.8
186.2
202.2
209.5
206.4
207.8
120.3
131.0
140.7
158.0
178.3
200.5
218.5
234.1
241.3
246.4
255.7
134.8
149.6
155.3
161.9
172.6
192.5
212.9
230.9
236.0
241.0
249.4
164.6
179.6
185.6
205.5
214.1
246.1
289.4
293.8
279.3
271.5
266.0
126.0
133.5
142.8
153.1
164.8
185.2
207.6
221.4
232.1
241.2
115.1
124.9
132.4
141.9
152.7
166.0
187.5
209.1
227.0
236.6
247.2
114.2
128.2
135.7
144.6
153.8
162.5
180.8
204.7
209.8
220.0
224.7
118.0
129.4
138.3
148.4
159.7
173.7
191.5
208.0
222.8
236.7
251.7
115.4
1982:
HI
IV
208.53
210.27
207.6
209.6
175.5
175.6
209.6
210.5
215.6
219.4
208.8
210.1
241.8
240.0
236.2
235.3
280.9
280.1
223.2
223.8
227.4
233.1
213.9
206.2
224.7
228.4
1983:
I
II
212.87
214.25
215.89
218.21
210.7
212.8
214.8
216.0
176.6
176.8
178.0
179.3
210.2
212.6
214.5
214.8
221.9
224.9
227.3
229.7
207.1
205.2
205.1
208.1
245.2
243.0
248.7
248.3
237.7
239.4
241.5
245.4
267.8
271.0
276.3
270.3
229.4
230.8
232.8
235.6
233.7
234.8
237.9
240.0
219.4
220.3
219.1
221.4
231.5
234.9
238.4
241.8
220.58
222.40
224.57
226.10
218.0
219.2
221.5
222.8
179.0
179.5
179.2
178.4
217.4
216.4
217.8
219.4
232.6
236.0
239.7
242.0
206.3
207.4
208.0
209.4
249.4
255.9
258.6
259.1
247.7
250.4
250.1
249.6
267.9
269.6
263.3
263.7
238.5
240.6
241.5
243.7
245.1
246.4
247.4
249.8
215.5
225.1
227.1
228.2
246.4
250.0
253.5
256.9
229.01
224.5
179.1
220.0
244.9
211.4
262.1
251.0
255.4
247.6
254.4
230.7
260.6
m
IV
1984: I
n
m
IV
1985: I"
r
Source: Department of Commerce, Bureau of Economic Analysi
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gro ss national pr )duct
Period
Current
dollars
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Constant
(1972)
dollars
8.1
8.0
10.9
11.7
12.8
11.7
8.8
12.4
3.8
7.7
10.8
-0.6
-1.2
5.4
5.5
5.0
2.8
-.3
2.5
-2.1
3.7
6.8
Implicit
price
deflator
Personal consumption e tpenditures
Chain price
index
Fixedweighted
price index
(1972
weights)
Implicit
price
deflator
Constant
(1972)
dollars
Current
dollars
Chain price
index
9.4
9.4
9.1
5.8
6.3
7.8
9.5
9.8
9.7
6.4
4.2
r
4.3
9.9
11.0
11.1
11.8
11.9
10.7
10.9
7.3
8.6
8.6
-0.72.2
5.6
5.0
4.5
2.7
.5
2.0
1.4
4.8
5.3
10.1
7.6
5.1
8.6
9.2
9.6
6.0
3.8
3.8
9.1
9.2
5.7
6.1
7.6
8.9
8.9
9.5
6.6
4.3
r
4.2
5.8
7.0
9.0
10.2
8.7
5.9
3.7
3.2
7.7
5.3
6.0
7.3
9.3
10.7
9.2
6.1
4.1
3.9
8.8
9.3
5.2
5.8
7.4
Fixedweighted
price index
(1972
weights)
10.4
10.4
7.8
5.3
6.2
7.4
9.7
11.1
9.4
5.9
4.0
3.9
1982:
III
IV
2.5
3.9
-.9
.5
3.4
3.4
5.8
5.0
5.8
4.6
8.5
9.3
2.2
5.1
6.1
4.0
6.3
5.0
6.6
4.9
1983:
I
II
Ill
IV
8.5
12.3
10.1
10.6
3.3
9.4
6.8
5.9
5.0
2.6
3.1
4.4
3.4
4.3
4.4
4.1
3.3
4.1
4.7
3.9
4.8
14.5
7.6
9.2
2.6
10.0
3.8
6.8
2.2
4.1
3.7
2.3
2.5
4.4
3.7
3.6
1.9
4.5
3.9
3.4
1984:
I
II
Ill
IV
14.9
10.7
5.6
7.1
10.1
7.1
1.6
4.3
4.4
3.3
3.9
2.8
4.9
4.1
3.9
3.6
5.0
4.3
4.0
3.6
8.6
10.2
5.0
6.1
4.6
7.9
.7
3.6
3.8
2.2
4.3
2.4
4.7
3.3
3.9
3.8
4.9
3.1
4.0
3.9
1985:
I"
r
r
5.3
4.4
4.4
8,0
4.7
3.1
3.3
3.1
6.7
1.3
r
r
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Cur rent-dollar c< st and profit per unit of output (dolla rs) 1
Gross t omestic
product of nonfinancial
corporatt business
(billions jf dollars)
Period
Current
dollars
1983:
1984:
1
.210
.219
.220
5.937
6.507
7.021
7.555
8.191
8.961
9.884
10.811
11.677
12.166
12.586
.247
.254
.211
.217
1.404
1.419
.080
.081
.141
.123
.052
.043
.089
.080
8.406
8.398
11.801
11.913
2.118
2.130
2.144
2.163
.250
.243
.241
.239
.218
.222
.220
.219
1.421
1.408
1.400
1.408
.079
.076
.077
.077
.151
.182
.206
.221
.049
.064
.073
.072
.102
.118
.133
.149
8.464
8.617
8.728
8.725
12.027
12.131
12.224
12.283
2.178
2.192
2.213
2.228
.236
.234
.238
.239
.217
.218
.221
.222
1.415
1.414
1.434
1.438
.078
.081
.084
.083
.233
.246
.236
.245
.078
.079
.066
.069
.155
.167
.171
.176
8.801
8.863
8.807
8.861
12.454
12.528
12.628
12.744
858.5
846.5
2.083
2.094
I
1,812.3
1,887.6
1,956.6
2,014.2
855.7
886.2
912.4
931.1
I
2,084.2
2,146.9
2,168.9
2,211.2
956.9
979.5
980.0
992.5
1.156
1.282
1.343
1.418
0.112
.137
.141
.145
0.127
.140
.141
.141
.144
.149
.172
.201
Output is measured by gross domestic product of nonfinancial corporate business in 1972
dol-
lars.
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Profits
after
taxi
7.555
7.774
7.998
8.141
8.209
8.194
8.118
8.271
8.357
8.634
8.831
1,787.8
1,772.4
2
Profits
tax
liability
0.030
.065
.073
.088
.089
.075
.062
.095
.086
.126
.167
III
n
ni r
rv
Total
of all
employees (1972
0.059
.059
.071
.075
.079
.079
.078
.072
.052
.065
.073
.155
.171
.198
.217
.245
.243
.237
n
m
rv
Net
interest
0.090
.124
.144
.163
.168
.154
.140
.167
.138
.191
.240
1.508
1.617
1.793
1.969
2.074
2.139
2.203
rv
Compensation of
employ-
Compensation per
hour of
all
employees
(dollars)
0.042
.044
.040
.040
.044
.050
.065
.076
.084
.077
.081
708.2
694.2
745.5
795.8
846.3
876.1
859.5
883.3
857.4
896.4
977.2
1976
1977
1978
1979
1980
1981
1982
1983
1984 '
Indirect
business
taxes 3
Corporat ; profits with inventory
valuation and capital c ansumption
adjustments
0.786
.837
.878
.928
.998
1.094
1.218
1.307
1.397
1.409
1.425
818.9
890.0
1,001.3
1,128.4
1,276.2
1,416.8
1,540.7
1,739.2
1,778.4
1,917.7
2,152.8
1974
1975
1982:
1972
dollars
Total
cost and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventor^' valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
o
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Compensation of
employees *
National
income
Period
Proprietors' income with
inventory vjduation and
capital co isumption
adjust ments
Farm
1977
1978
1979
1980
1981
1982
1983 r
1984
1982: DI
IV
1983: I
n
m
IV
1984: I
n
mr
rv
1985:
1
877.5
931.4
1,036.3
1,152.1
1,301.1
1,458.1
1,599.6
1,765.4
1,864.2
1,984.9
2,173.2
1,876.3
1,888.7
1,921.3
1,962.4
2,000.7
2,055.4
2,113.4
2,159.2
2,191.9
2,228.1
2,272.7
1,160.7
1,239.4
1,379.2
1,550.5
1,760.3
1,966.7
2,116.6
2,363.8
2,446.8
2,646.7
2,959.9
2,452.4
2,468.6
2,527.0
2,609.0
2,684.4
2,766.5
2,873.5
2,944.8
2,984.9
3,036.3
1974
1975
1976
I"
Nonfarm
Includes employer contributions for social insurance. (See also p. 5.)
Capital
consump-
Total
94.9
110.5
138.1
167.3
192.4
194.8
175.4
189.9
159.1
225.2
285.7
163.3
151.6
179.1
216.7
245.0
260.0
277.4
291.1
282.8
291.6
Inventory
valuation
adjustment
Profits
Total
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
62.5
52.9
57.0
57.7
59.0
56.2
60.4
61.0
62.0
63.0
64.1
65.2
75.0
84.8
92.2
100.2
95.6
93.7
89.2
107.9
126.2
89.5
92.1
98.3
106.8
112.1
114.6
122.5
126.3
126.4
129.7
134.4
31.9
21.8
31.5
21.8
13.8
28.2
12.7
25.4
16.4
10.1
11.2
17.3
32.5
23.4
27.3
29.4
22.4
Profits w•ith inventory valuation
adjustmc nt and withou : capital
constimption adjust ment
23.5
62.2
65.4
26.5
24.6
19.1
19.1
26.3
Corporate p rofits with inv mtory vatuatio n and capital consumption
adjustments
Rental
income of
persons
with
capital
consumption
adjustment
96.7
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
230.0
158.8
143.2
157.3
186.1
208.1
216.3
229.8
238.7
224.5
227.1
136.7
adjustment
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
235.7
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
224.8
228.7
Net
interest
-5.7
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
-.2
-1.6
-.6
1.8
-10.1
-13.5
-11.3
-12.7
-14.8
-16.3
-7.6
3.1
33.2
55.7
4.5
8.4
21.7
30.6
36.9
43.6
47.6
52.3
58.3
64.5
71.0
76.1
84.5
87.2
102.5
121.7
153.8
192.6
241.0
260.9
256.6
284.1
257.7
253.8
254.2
254.2
259.2
258.9
266.8
282.8
293.5
293.4
288.8
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durabl e
Total
personal
consumption
expenditures
Period
1974
1975
1976
1977
1978
888.1
976.4
1,084.3
1,204.4
1,346.5
1979
1980
1981
1982
1983
1984
1982: m
IV
1983: I
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
2,341.8
2,001.3
2,046.1
2,070.4
2,141.6
2,181.4
2,230.2
2,276.5
2,332.7
2,361.4
2,396.5
2,442.8
n
m
.....
IV
1984: I
n
m
IV
1985: 1"
Total
durable
goods
Motor
vehicles
and
parts
121.5
132.2
156.8
178.2
200.2
213.4
214.7
235.4
245.1
279.8
318.8
244.5
255.0
259.4
276.1
284.1
299.8
310.9
320.7
317.2
326.3
333.1
55.8
72.6
84.8
95.7
96.6
90.7
101.9
108.7
129.3
149.8
108.1
115.3
115.3
128.4
132.0
141.7
147.7
152.3
148.6
150.7
155.1
50.4
Source: Department of Commerce, Bureau of Economic Analysis.
goods
Furniture and
household
equipment
50.6
53.5
59.1
65.7
72.8
81.8
86.3
92.3
94.4
104.1
117.0
94.5
96.6
99.1
102.4
105.2
109.8
113.0
116.6
116.8
121.8
123.1
Nondurable gc ods
Other
20.5
22.9
25.2
27.7
31.7
35.1
37.7
41.2
42.1
46.4
51.9
41.9
43.1
45.0
45.3
46.9
48.2
50.3
51.7
51.9
53.8
54.9
Total
nondurable
goods
373.4
407.3
441.7
478.8
528.2
600.0
668.8
730.7
757.5
801.7
856.9
762.5
770.6
775.2
796.9
811.7
823.0
841.3
858.3
861.4
866.5
877.9
Food
193.7
213.6
230.6
249.8
275.9
311.6
345.1
373.9
392.8
416.5
443.6
396.0
400.3
406.7
413.6
420.5
425.1
433.9
442.1
448.6
449.8
458.1
Clothing
and
shoes
64.8
69.6
75.3
82.6
92.4
99.1
104.6
114.3
118.8
127.0
140.2
119.0
120.0
121.6
127.1
126.8
132.5
136.1
142.2
139.3
143.2
144.5
Retail sal es of new
passenjfer cars
(millions of units)
Gasoline
and oil
36.6
40.4
44.0
48.1
51.2
66.6
84.8
94.6
90.4
90.0
91.4
89.9
89.6
86.7
89.5
92.1
91.7
92.0
92.8
90.0
90.8
89.7
Services
Other
78.2
83.7
91.9
98.2
108.8
122.8
134.3
147.9
155.6
168.2
181.7
157.6
160.6
160.3
166.7
172.2
173.6
179.3
181.2
183.6
182.7
185.7
Domestics
393.2
437.0
485.7
547.4
618.0
693.7
784.5
883.0
982.2
1,074.4
1,166.1
994.2
1,020.6
1,035.8
1,068.6
1,085.7
1,107.5
1,124.4
1,153.7
1,182.8
1,203.8
1,231.8
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2
5.8
6.8
8.0
5.6
6.0
6.0
6.9
6.9
7.4
8.1
8.2
7.9
7.6
8.5
Imports
1.4
1.6
1.5
2.1
2.0
2.3
2.4
2.3
2.2
2.4
2.4
2.2
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.4
2.7
2.4
SOURCES OF PERSONAL INCOME
Personal income increased $16.0 billion (annual rate) in March, following a rise of $11.0 billion in February.
Wages and salaries rose $14.4 billion in March compared to a rise of $8.0 billion in February.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,600
BILLIONS OF DOLLARS*(RATIO SCALE)
3,600
WAGE AND SALARY DISBURSEMENTS
200
200
1977
1984
SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of COMMERCE
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
Total
personal
income
Proprietors ' income 3
Wage and
Farm
ments 1
Nonfarm
Rental
income of
persons 4
Personal
dividend
income
218.7
266.0
331.8
366.6
376.3
433.7
76.0
76.9
77.1
77.6
78.0
78.2
79.4
79.8
80.2
80.5
411.4
418.4
425.6
432.9
441.4
449.5
457.1
456.8
456.0
455.5
412.8
414.9
414.8
415.9
417.1
419.9
418.7
422.8
425.1
417.6
130.1
131.3
131.5
132.5
133.0
133.3
134.1
134.2
135.2
136.3
2,880.5
2,913.8
2,928.1
2,953.5
2,971.6
2,988.5
3,010.2
3,019.9
3,039.0
3,050.1
81.0
81.4
81.9
455.8
456.2
456.5
437.6
440.4
440.7
145.8
146.3
147.3
3,072.7
3,088.0
3,105.6
64.5
75.9
89.4
102.5
114.9
128.0
140.0
155.5
173.1
195.5
24.6
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
28.2
65.4
75.0
84.8
92.2
100.2
95.6
93.6
89.2
107.9
126.2
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
62.5
29.9
36.5
39.6
45.3
50.8
56.8
64.3
66.5
70.3
77.7
1984: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2,940.6
2,968.5
2,978.8
3,006.5
3,027.7
3,045.8
3,068.3
3,079.3
3,097.5
3,111.8
1,764.6
1,785.3
1,789.8
1,804.3
1,812.4
1,816.9
1,829.1
1,830.9
1,847.2
1,864.9
189.9
191.7
193.5
195.3
196.7
198.1
199.5
201.0
202.5
203.9
30.9
25.4
21.4
23.5
26.5
27.4
28.0
29.1
28.0
31.0
123.8
125.7
126.2
127.1
126.0
126.1
127.1
129.3
129.6
130.2
61.2
61.6
62.0
62.4
62.6
62.9
63.3
63.7
64.1
64.5
3,128.9
3,139.9
3,155.9
1,872.5
1,880.5
1,894.9
205.1
206.3
207.5
25.7
21.5
20.0
132.2
134.7
136.2
64.8
65.2
65.5
Nonfarm
personal
income 6
1,229.1
1,359.3
1,506.5
1,689.7
1,899.3
2,119.5
2,371.2
2,532.1
2,701.1
2,954.3
806.4
889.9
983.2
1,106.3
1,237.6
1,356.7
1,493.1
1,568.7
1,659.2
1,804.0
J
The total of wage and salary disbursements and other labor income differs from compensation of
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.
Less:
Personal
contributions
for social
insurance
50.4
55.5
61.1
69.8
81.1
88.7
104.5
111.4
llfr.6
132.5
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,429.5
2,584.6
2,744.2
3,012.1
Jan r.
Feb r.
Mar p
Transfer
payments 5
178.3
194.3
207.9
223.8
250.3
297.6
337.3
376.1
405.0
416.7
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985:
Personal
interest
income
123.2
132.5
152.8
179.4
4
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income declined in the first quarter of 1985 because of delays in the refund payments
of Federal income taxes. Excluding the delays, real income rose.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
2,600
2,400
2,200
2,000
1,800
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
2,600
2,400
-DISPOSABLE PERSONAL INCOME
2,200
2,000
•%%£$•
1,800
' NET SAVING
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1,000
I I I
I I
800
DOLLARS * (RATIO SCALE)
12,000
— PER CAPITA DISPOSABLE PERSONAL INCOME
I
I
I I
800
DOLLARS'(RATIO SCALE)
12,000
3,000
3,000
1977
1985
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Per capita
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personall
outlays
Equals:
Personal
saving
disposab] e personal
inc ome
Current
dollars
1972
dollars
B illions of dol ars
1,065.2
1,168.6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,429.5
2,584.6
2,744.2
3,012.1
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
150.7
170.2
168.9
196.8
226.4
258.7
301.0
336.5
387.7
404.1
404.2
435.3
914.5
998.3
1,096.1
1,194.4
1,314.0
1,474.0
1,650.2
1,828.9
2,041.7
2,180.5
2,340.1
2,576.8
Per capita personal
consu mption
expen ditures
Current
dollars
1972
dollars
Do liars
835.5
913.2
1,001.8
1,111.9
1,236.0
1,384.6
1,553.5
1,718.7
1,904.7
2,044.5
2,222.0
2,420.7
79.0
85.1
94.3
82.5
78.0
89.4
96.7
110.2
137.4
136.0
118.1
156.1
4,315
4,667
5,075
5,477
5,965
6,621
7,331
8,032
8,874
9,385
9,977
10,887
4,080
4,009
4,051
4,158
4,280
4,441
4,512
4,487
4,561
4,555
4,670
4,939
Percent
change in
real per
capita
disposable
personal
Saving as
percent of
disposable
personal
income
Population
(thousands) 2
Per cent
3,831
4,152
4,521
4,972
5,468
6,048
6,695
7,326
8,037
8,543
9,192
9,894
3,623
3,566
3,609
3,774
3,924
4,057
4,121
4,092
4,131
4,146
4,303
4,489
5.7
-1.7
1.0
2.6
2.9
3.8
1.6
-.6
1.6
-.1
2.5
5.8
8.6
8.5
8.6
6.9
5.9
6.1
5.9
6.0
6.7
6.2
5.0
6.1
213,898
215,981
218,086
220,289
222,629
225,106
227,694
230,068
232,351
234,542
236,685
4,145
4,186
4,203
4,296
4,325
4,386
4,427
4,502
4,499
4,527
4,570
0.2
2.7
6.1
5.8
232,634
233,230
1.1
2.5
6.7
7.2
5.7
4.2
5.0
5.3
233,742
234,230
234,811
235,385
7.7
5.5
2.9
2.5
-2.7
6.1
5.7
6.3
6.2
235,875
236,369
236,950
237,544
4.6
238,078
211,939
Seas Dnally adju sted annual rates
1982: HI
IV
2,594.3
2,639.5
398.5
402.0
2,195.8
2,237.5
2,061.3
2,107.3
1983: I
2,662.8
2,714.4
2,763.3
2,836.5
2,261.4
2,302.9
2,367.4
2,428.6
2,133.4
2,206.1
2,248.4
2,300.0
1984: I
IV
2,920.5
2,984.6
3,047.3
3,096.2
2,502.2
2,554.3
2,606.4
2,644.5
2,349.6
2,409.5
2,442.3
2,481.5
1985: I"
3,141.6
401.4
411.6
395.8
407.9
418.3
430.3
440.9
451.7
489.0
2,652.6
2,531.6
n
m
rv
n
m
J
134.5
130.2
128.0
96.7
119.0
128.7
152.5
144.8
164.1
163.0
121.0
Includes persona 1 consumption expenditures, into rest paid by con timers to busine s, and personal transfer payments to foreigners (ne ).
9,439
9,593
4,548
4,578
8,603
8,773
9,675
9,832
10,082
10,318
4,591
4,619
4,694
4,776
4,865
4,930
4,965
4,996
4,962
8,858
9,143
9,290
9,475
9,651
9,869
9,966
10,089
10,261
10,608
10,806
11,000
11,133
11,142
2
Inchid es Armed Fore as abroad. Ann ual data are avt rages of quarter y data, which are averages
for the per od.
Source: Department of Commerce {Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1985, according to preliminary estimates, gross farm income fell $13.4 billion (annual rate)
and net farm income fell $12.0 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
200
200
160
160
GROSS FARM INCOME
120
120
80
60
60
40
40
NET FARM INCOME
20
20
\ I
\ I
\l
1
10
1977
1978
1
1
1979
1
\ M/
1
10
1980
1982
1981
1983
1984
• SEASONAUY ADJUSTED ANNUAt RATES
SOURCE, DEPARTMENT Of AGRICULTURE
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farming
jrross farm income
Period
Net farai income
Ca h marketing rece ipts
Total1
Total
Livestock and
products
Crops
inventory
changes 2
102.9
108.7
127.2
150.4
150.2
167.9
161.8
151.4
95.4
96.2
112.9
131.8
140.5
142.6
144.8
138.7
46.3
47.6
59.2
68.6
67.8
69.2
70.1
69.2
49.0
48.6
53.7
63.2
72.7
73.3
74.6
69.5
-1.5
1.1
.8
4.9
5.5
7.9
-2.6
-11.7
153.3
147.3
148.5
156.6
144.6
138.3
143.7
128.3
70.4
68.7
67.6
70.1
74.2
69.6
76.1
58.2
n
m
169.8
165.8
176.0
174.9
134.2
138.9
147.8
143.6
73.0
70.4
69.2
72.2
1985: I"
161.5
137.6
71.7
1976
1977
1978
1979
1980
1981
1982
1983
1983:
I
n
.m
IV
1984:
I
IV
1
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.
3
Production
expenses
82.7
88.9
99.5
118.1
Current
dollars
1967 dollars "
20.1
19.8
128.9
136.9
139.5
135.3
27.7
32.3
21.2
31.0
22.3
16.1
11.8
10.9
14.2
14.9
8.6
11.4
7.7
5.4
-11.4
-14.4
16.8
-4.4
135.6
135.2
134.7
135.8
17.7
12.1
13.8
20.8
6.0
4.1
4.6
6.9
61.2
68.5
78.6
71.4
2.2
8.1
9.8
8.2
139.2
141.5
141.4
141.2
30.6
24.3
34.6
33.7
10.0
7.8
11.1
10.7
65.9
2.9
139.8
21.7
6.8
Income in current dollars divided hy the consumer price index (Department of Labor).
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the fourth quarter of 1984, according to revised estimates, corporate profits before tax rose $3.9 billion (annual
rate) and after-tax profits fell $0.7 billion.
BILLIONS OF DOLLARS
——
1320
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
280
280
240
240
BEFORE TAX
200
200
PROFITS AFTER TAX
_^~-~M
160
120
120
TAX LIABILITY
80
80
UNDISTRIBUTED PROFITS '
40]
40
\
1977
1978
\ \
1
1
1
1
1980
1979
1
1
i
1981
1 1
1982
\ \ \
1
1983
1984
SOURCE; DEPARTMENT OF COMMERCE
1
1
1 \
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pn fits (before t ax) with inve ntory valuati m adjustmen t
1
Profits after ta X
Doinestic indust ies
Period
Total
96.7
120.6
151.6
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 r
1982: HI
IV
Profits
before tax
Nonfinancial
Total 2
178.5
205.1
209.6
191.7
197.6
156.0
192.0
230.0
1983: I
n
m
IV
1984: I
n
ra r
rv
158.8
143.2
157.3
186.1
208.1
216.3
229.8
238.7
224.5
227.1
80.4
107.6
137.4
163.4
185.4
179.0
161.9
173.2
133.6
167.2
207.1
136.5
119.7
134.9
162.4
180.6
190.8
204.1
217.5
200.2
206.4
Financial
15.0
11.8
17.1
23.1
31.0
30.3
26.9
19.5
19.6
29.6
27.8
21.0
24.9
28.4
32.0
29.5
28.5
28.7
28.9
26.6
27.1
Total 3
65.4
95.8
120.3
140.3
154.4
148.6
134.9
153.7
114.0
137.6
179.2
115.5
94.8
106.5
130.4
151.1
162.3
175.4
188.6
173.6
179.3
Manufacturing
39.0
52.6
69.2
78.3
86.9
85.6
72.9
84.9
54.5
65.2
85.5
60.4
42.4
44.9
59.3
73.8
82.9
89.8
92.3
78.3
81.6
Tax
liability
Total
sale and
retail
trade
12.5
21.3
22.4
26.6
26.9
27.1
23.6
31.8
25.9
33.4
45.9
24.0
24.1
25.3
33.0
35.9
39.5
40.6
47.0
46.8
49.4
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
235.7
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
224.8
228.7
51.6
50.6
63.8
72.7
83.2
87.6
84.8
81.1
60.7
75.8
89.8
61.9
55.0
59.1
74.8
84.7
84.5
92.7
95.8
83.1
87.7
1985: I".
1
2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
8
Dividends
3
85.1
81.5
102.5
122.0
145.9
165.1
149.8
140.0
104.8
127.4
145.9
107.0
100.8
102.6
123.4
142.6
141.1
150.6
150.2
141.7
141.0
29.9
30.8
37.4
40.8
47.0
52.7
58.6
66.5
69.2
72.9
80.5
69.0
70.2
71.1
71.7
73.3
75.4
77.7
79.9
81.3
83.1
84.5
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
55.2
50.7
65.1
81.2
98.9
112.4
91.2
73.5
35.6
54.5
65.4
38.1
30.6
31.4
51.7
69.3
65.6
72.9
70.2
60.3
58.0
Inventory
valuation
adjustment
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-5.7
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
-.2
-1.6
-.6
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the first quarter of 1985, business fixed investment rose $8.2 billion (annual
rate) and residential investment outlays rose $1.5 billion. There was a $46.6 billion increase in inventories following
an increase of $36.6 billion in the fourth quarter of 1984.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
SEASONA LY ADJUSTED ANNU/ L RATES
—
—
700
700'
—
^
600
600
GRO 5S PRIVATE DO MESTIC
INVESTMEN'
/
\
500
—
400
s~~
/
O
500
r^ ^
r"~-~in-
A
^•—1
NONRESIDE NTIAL^"^
FIXED INVES TMENT
«-•"
*^
—
—
^,,"
/
V^
^V '
""*• — •..
400
300
300
^ **
—
200
—
^^*"
••*"
—
100
r
.*•
^m ••—»•—.«-.
•"
—
100
•"*
„....—•-»....—•..
_
-100
200
R ESIDENTIAL
FIXE ) INVESTMENT
^""'
1 1 1
1 1 1
1977
1978
CHANGE IN BUSINESS
INVENT DRIES
J
,— ~"*"**»*
1
1
1
1979
1
1
1
1
1
1980
1
1
I
1
1981
K"
111
_
-,
1
1
1982
1
1983
1
1
1984
1
1
1
-100
1985
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Residential fis ed investment
Nonresic ential fixed in vestment
Period
domestic
investment
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: HI
IV
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
637.8
415.9
376.2
1983: I
n
m
405.0
449.6
491.9
540.0
m
623.8
627.0
662.8
637.8
657.4
IV
1984: I
II
IV
1985: I"
Total
143.3
156.6
157.7
174.1
205.2
248.9
290.2
308.8
353.9
349.6
352.9
425.7
342.2
339.3
334.6
339.3
353.9
383.9
398.8
420.8
435.7
447.7
455.9
Source: Department of Commerce, Bureau of Economic Analysis.
Structures
51.0
55.9
55.4
58.8
64.4
78.7
98.3
110.9
135.3
142.1
129.7
150.4
138.4
138.4
130.4
125.6
126.2
136.6
142.2
150.0
151.4
157.9
164.5
Producers'
durable
92.3
100.7
102.3
115.3
140.8
170.2
191.9
197.9
218.6
207.5
223.2
275.3
203.8
201.0
204.2
213.6
227.8
247.3
256.7
270.7
284.2
289.7
291.4
Total
68.0
57.9
55.3
72.0
95.8
111.2
118.6
102.9
104.3
91.4
132.2
153.9
89.0
97.9
113.3
129.8
142.3
143.4
151.2
155.6
155.3
153.5
155.0
Nonfarm
structures
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.1
99.8
86.6
127.6
148.8
84.5
92.5
108.9
125.3
137.7
138.7
146.4
150.5
150.1
148.3
149.7
Farm
structures
0.7
1.3
1.0
1.1
1.5
1.7
1.7
Change i i business
mver xmes
Producers'
durable
1.7
1.8
1.9
2.1
2.3
1.8
1.3
1.5
1.0
1.1
2.5
2.9
3.0
3.2
3.3
3.6
4.0
1.3
2.1
3.3
3.3
1.0
.9
.9
.9
.9
1.0
1.2
1.0
3.4
3.5
3.7
3.8
3.9
4.1
4.0
4.1
1.0
4.2
Total
18.5
14.1
6.9
11.8
23.0
26.5
14.3
9.8
26.0
-26.1
13.5
58.2
-15.3
61.1
-42.9
— 19.4
4.3
12.7
73.8
50.6
71.8
36.6
46.6
Nonfarm
15.2
16.0
-10.5
13.9
21.9
25.4
8.6
-4.5
18.2
-24.0
-3.1
49.6
-11.1
-34.3
-32.6
-5.4
11.6
14.1
60.6
47.0
63.7
27.2
40.5
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March 1985 survey, business spending for new plant and
equipment for the year 1985 is expected to be 8.7 percent above the 1984 level. Spending in 1984 was up 16.0
percent over the 1983 level.
BILLIONS Of DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
300
200
200
V
NONMANUFACTURING -^
MANUFACTURING
100
100
80
80
60
60
40
40
-I/
1978
1977
1979
1980
1983
1982
1981
1984
_i/ SURVEYED QUARTERLY
2j SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industrie surveyed [uarterly
Nonmanufactui ring
1[anufacturin g
Period
All
industries
Total
184.82
217.76
254.96
282.80
315.22
310.58
304.78
353.54
384.40
67.48
78.58
95.92
112.33
126.54
120.68
116.20
138.38
153.63
289.68
294.76
309.25
325.45
111.62
112.70
116.75
123.74
n
m...
337.48
348.34
361.12
367.21
129.97
135.33
142.03
146.20
1985: I 44...
380.05
388.86
384.34
1977
1978
1979
1980
1981
1982
1983
1984
1985 4
1983: I
n
m...
IV...
1984: I
IV...
n ..
2nd
half 4 ...
1
Durable
goods
32.77
39.46
48.50
Addenda
No nmanufactui ring
Transportation
Public
utilities
12.20
13.36
16.05
16.60
15.84
14.79
13.97
16.49
17.54
27.83
31.50
35.63
37.74
41.21
45.43
44.96
47.39
48.40
67.51
83.09
94.56
100.14
110.24
109.63
114.45
134.39
148.35
14.94
13.90
15.66
16.27
12.85
13.55
14.20
15.28
44.78
44.46
44.77
45.86
105.50
110.15
117.88
124.30
111.62
112.70
116.75
123.74
178.06
182.06
192.51
201.71
able
goods
Total 1
34.71
39.13
47.42
56.96
66.73
65.33
63.12
72.43
78.62
117.34
139.18
159.04
170.47
188.68
189.89
188.58
215.15
230.77
9.81
11.22
12.81
15.99
21.39
20.05
15.19
16.88
16.49
60.74
62.97
62.59
66.19
178.06
182.06
192.51
201.71
Mining
business 2
208.15
245.34
284.94
314.47
349.26
347.47
343.35
398.09
433.06
Manufacturing
67.48
78.58
95.92
112.33
126.54
120.68
116.20
138.38
153.63
Total
Surveyed
quarterly
Surveyed
annually»
140.67
166.76
189.02
202.15
222.72
226.79
227.15
259.71
279.43
117.34
139.18
159.04
170.47
188.68
189.89
188.58
215.15
230.77
23.33
27.58
29.98
31.68
34.04
36.89
38.56
44.55
48.66
68.71
72.21
73.72
75.07
207.51
213.01
219.09
221.01
17.61
16.01
16.96
16.93
14.95
17.04
17.69
16.29
47.13
47.89
47.89
46.67
127.83
132.07
136.55
141.10
129.97
135.33
142.03
146.20
207.51
213.01
219.09
221.01
151.01
157.00
55.36
59.81
55.35
53.08
65.95
75.01
50.88
49.73
54.15
57.56
61.26
63.12
68.31
71.13
74.01
76.84
77.00
80.16
229.05
231.87
16.21
16.86
15.97
17.31
48.70
48.59
148.17
149.10
151.01
157.00
229.05
231.87
153.27
74.60
78.67
231.08
16.43
18.43
48.15
148.06
153.27
231.08
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column {"nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
10
Total
non-
Commercial
and
other
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in January through March 1985, corrected
for biases.
NOTE.—See Survey of Current Business, February 1985, for details on revised series.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment rose 434,000 in March and unemployment was unchanged.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
1985
•14 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF 1ABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted]
Period
Noninstitutional
population
including
resident
Armed
Forces
Resident
Forces
Labor force
including
NSA
Armed
Forces
Employment
including
resident
Armed
Forces
Civilian e mployment
Civilian
labor force
Unempl oyment
Nonagpicultural
Total
Agricultural
Labor force
partiei >ation
rate (p 3rcent)
15
Total
NSA
Part-time
for
economic
reasons '
Total
weeks
and
over
Total
2
Civilian 3
1979
1980
1981
1982
1983
1984
166,460
169,349
171,775
173,939
175,891
178,080
1,597
1,604
1,645
1,668
1,676
1,697
106,559
108,544
110,315
111,872
113,226
115,241
100,421
100,907
102,042
101,194
102,510
106,702
104,962
106,940
108,670
110,204
111,550
113,544
98,824
99,303
100,397
99,526
100,834
105,005
3,347
95,477
3,364
95,938
3,368
97,030
3,401 96,125
3,383 97,450
3,321 101,685
3,373
4,064
4,499
5,852
5,997
5,512
6,137
7,637
8,273
10,678
10,717
8,539
1,241
1,871
2,285
3,485
4,210
2,737
64.0
64.1
64.2
64.3
64.4
64.7
63.7
63.8
63.9
64.0
64.0
64.4
1984: Mar....
Apr ....
May
June....
July
Aug
Sept....
Get
Nov
Dec
177,510
177,662
177,813
177,974
178,138
178,295
178,483
178,661
178,834
179,004
1,686
1,693
1,690
1,690
1,698
1,712
1,720
1,705
1,699
1,698
114,592
114,895
115,412
115,309
115,566
115,341
115,484
115,721
115,773
116,162
105,809
106,095
106,852
107,081
107,075
106,860
107,114
107,354
107,631
107,971
112,906
113,202
113,722
113,619
113,868
113,629
113,764
114,016
114,074
114,464
104,123
104,402
105,162
105,391
105,377
105,148
105,394
105,649
105,932
106,273
3,305
3,379
3,367
3,368
3,333
3,264
3,319
3,169
3,334
3,385
100,818
101,023
101,795
102,023
102,044
101,884
102,075
102,480
102,598
102,888
5,465
5,520
5,377
5,549
5,482
5,384
5,449
5,483
5,413
5,596
8,783
8,800
8,560
8,228
8,491
8,481
8,370
8,367
8,142
8,191
2,894
2,842
2,833
2,630
2,672
2,621
2,605
2,527
2,428
2,374
64.6
64.7
64.9
64.8
64.9
64.7
64.7
64.8
64.7
64.9
64.2
64.3
64.6
64.5
64.5
64.3
64.4
64.4
64.4
64.6
1985: Jan
Peb
Mar
179,081
179,219
179,368
1,697
1,703
1,701
116,572
116,787
117,215
108,088
108,388
108,820
114,875
115,084
115,514
106,391
106,685
107,119
3,320 103,071
3,340 103,345
3,362 103,757
5,389
5,077
5,400
8,484
8,399
8,396
2,243
2,416
2,400
65.1
65.2
65.3
64.8
64.8
65.0
1
Persons .. .
_._,
_. _
_0__,
,
time work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces),
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
7.2 percent in March, the same as in February. The unemployment rate for civilian workers was also unchanged in
March, at 7.3 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
BLACK
- AND OTHE R
20
/•*
f'
15
j*
/*"
V
*~ \
"\
\
/
'
x
— \_
.«•
N
,'V
ALL
• •
»
« '••-. / V
:IVILIAN we RKERS
10
10
X
<^
"-*s^S/
X
r^
"
\
*«
WHITE
•*-v__
-. ^^^^^
"-
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1981
1982
1984
1983
1985
1981
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemp oyment rs te (percen t of eivilis(K labor force in group)
Period
1979
1980
1981
1982
Unemployment
rate, all
workers 1
Men
20 years
and over
Women
20 years
and
over
4.2
5.9
6.3
8.8
5.7
6.4
7.5
9.5
9.5
7.4
5.8
7.1
7.6
9.7
9.6
7.5
8.9
6.6
6.8
8.3
8.1
6.8
1984: Mar...
Apr ...
7.7
7.7
7.4
7.1
7.3
7.4
7.2
7.2
7.0
7.1
7.8
7.8
7.5
7.2
7.5
7.5
7.4
7.3
7.1
7.2
6.8
6.9
6.6
6.4
6.5
6.4
6.4
6.2
6.2
6.3
6.9
6.9
6.8
6.5
6.8
7.0
6.6
6.9
6.5
6.4
May...
JuneJuly..
Aug...
Sept ..
Oct....
Nov...
Dec ...
1985: Jan...
Feb ...
6.8
6.7
6.7
Mar...
7.3
7.2
7.2
1
7.4
7.3
7.3
6.3
6.3
6.2
Both
sexes
16-19
years
Black a.ad other
White
Total
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
6.5
11.3
13.1
14.2
17.3
17.8
14.4
12.3
14.3
15.6
18.9
19.5
15.9
5.5
6.9
7.3
9.3
9.2
7.1
4.6
19.0
18.1
18.4
18.4
19.0
18.7
17.8
18.8
6.7
6.7
6.5
6.3
6.3
6.4
6.3
6.3
6.1
6.2
15.1
15.1
14.3
13.7
14.8
14.3
13.8
13.8
13.7
13.6
16.6
16.7
16.0
15.2
16.6
15.8
15.1
15.3
15.1
15.0
7.3
7.3
7.0
6.7
7.1
7.0
7.0
6.9
6.8
6.8
4.7
4.7
4.6
4.6
4.5
4.5
4.6
4.5
4.4
4.4
18.9
18.4
18.2
6.4
6.2
6.2
13.7
14.6
13.9
14.9
16.3
15.2
6.9
6.8
6.8
4.6
4.4
4.2
16.1
17.8
19.6
23.2
22.4
18.9
19.8
19.3
Unemployed as percent of total labor force including resident Armed Forces.
* Aggregate hours lost by the unemployed and persons on part time for economic i
cent ofpotentially available labor force hours.
12
Bys(elected grou ?«
By race
All
All
civilian
workers
5.8
7.0
1983
1984
By sex and iige
5.1
6.3
6.7
8.6
8.4
2.8
4.2
4.3
6.5
6.5
Women
who
maint&in
families
Labor
force
time lost
(percent)'
Fulltime
workers
Parttime
workers
5.3
7.2
8.8
8.8
9.4
10.5
10.4
9.3
9.6
7.5
7.5
7.2
6.7
7.2
7.1
7.1
7.1
6.9
6.9
9.3
9.3
9.4
10.0
9.6
9.6
9.3
9.1
8.6
8.8
8.9
8.8
8.6
8.4
8.5
8.5
8.5
8.4
8.2
8.3
10.0
11.0
10.2
7.1
7.1
6.9
9.3
8.7
9.6
8.2
8.2
8.2
8.3
9.2
10.4
11.7
12.2
10.3
10.8
10.5
10.0
9.8
9.8
10.3
10.1
10.4
10.8
Source: Department of Labor, Bureau of Labor Statistics.
6.9
7.3
9.6
9.5
6.3
7.9
8.5
11.0
10.9
8.6
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In March, the percentage of unemployed persons who had been out of work for less than 5 weeks rose, while the
percentages out of work for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over fell. The mean duration of
unemployment was unchanged at 15.9 weeks while the median fell slightly, from 7.2 weeks in February to 7.1
weeks in March.
:ENT DISTRIBUTION*
PER CENT DISTRIB UTION*
70
REASON FOR UNEAAPLOYMEN
PERI
70
DURATIC)N OF UNE I^PLOYMENT
A
60
60
,
.'
50
—
~
*—' «»
30
LESS THAN
^"
A,
. OB LOSERS
•"*'
'^•v"\
—
*"*«
N^
«
***
™"^^
/*
5-14
WEEKS
-V
..- '-'
Vv
27 WEEKS
''V
w
—
"».
30
y\
V
«^v/\
^^fld
"*\' --%'
-
N EW ENTRANT 5
\
,<.
>
'"V
>'^ ^ •
**^ifc/ \^^*"*^
10
^.
\,^
20
.
**X*Sf"*w**».
—
_
R ENTRANTS
*'
^
20
40
'^'^
"N s\WEEKS
v\
_^ X ^„-*•
50 Ct~f"t
•^
V
t
^
40
r
>«.
M^
-^/^N*.
^*«p%^
-^1
10
15-26
WEEKS
"^"Y1''
IOB LEAVERS
0 Illllllllll
1981
Illllllllll
1982
Illllllllll Illllllllll
1983
Illllllllll
1984
0 Illllllllll
lllllll|||l
1981
1985
1982
Illllllllll |||||||1|||
1983
Illllllllll
1985
1984
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Re ison for imemployment:
percent distributio l >
Dur ation of iinemplojincut
Unemployment
(thousands)
Period
f 3rcent dis tribution
Less
than
5
weeks
5-14
weeks
7,637
8,273
10,678
10,717
8,539
43.1
41.7
36.4
33.3
39.2
8,783
8,800
8,560
8,228
8,491
8,481
8,370
8,367
8,142
8,191
8,484
8,399
8,396
Insured
unemployment,
Stat e
progra ms
Numb er of
regular
programs
(unadjusted) 2
ployment
benefit
claims
(unadjusted) 3
Reentrants
New
entrants
Insured
unemployment
11.7
11.2
7.9
7.7
9.6
25.2
25.4
22.3
22.5
25.6
11.4
11.9
11.1
11.3
13.0
3,350
3,047
4,061
3,396
2,480
488
460
583
438
378
3,837
3,410
4,594
3,775
2,565
52.5
51.4
51.2
52.1
52.5
50.1
50.2
51.3
50.5
50.5
8.8
9.0
9.5
9.9
10.0
9.9
10.1
10.0
10.6
10.4
25.1
26.1
25.6
24.2
24.8
27.2
27.0
25.9
26.4
26.8
13.6
13.6
13.7
13.8
12.8
12.9
12.7
12.8
12.5
12.2
2,489
2,430
2,382
2,365
2,397
2,356
2,390
2,425
2,509
2,487
352
362
353
362
378
366
372
393
395
386
2,958
2,613
2,290
2,166
2,327
2,184
2,083
2,149
2,441
2,778
444
401
374
352
342
322
307
289
295
305
50.8
50.7
49.3
10.4
10.3
10.0
26.4
26.6
27.7
12.4
12.3
12.9
2,607
2,681
2,639
394
406
392
3,361
3,339
326
327
339
15-26
weeks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
32.3
30.7
31.0
27.4
28.7
13.8
13.6
16.0
15.4
12.9
10.7
14.0
16.6
23.9
19.1
11.9
13.7
15.6
20.0
18.2
6.5
6.9
8.7
10.1
7.9
51.7
51.6
58.7
58.4
51.8
38.4
39.0
38.3
39.6
40.0
41.1
39.2
40.8
41.4
40.2
28.6
28.5
28.5
28.2
28.7
28.2
30.0
28.9
28.7
30.8
12.8
12.6
13.7
12.4
12.8
13.1
13.1
13.1
12.2
11.9
20.2
19.9
19.4
19.8
18.6
17.6
17.7
17.2
17.7
17.2
18.9
18.7
18.5
18.1
18.0
17.6
17.3
16.7
17.4
17.3
8.4
8.1
8.3
7.5
7.6
7.6
7.6
7.3
7.3
7.4
43.3
41.9
42.4
30.2
29.4
29.3
11.1
12.8
12.6
15.4
15.9
15.8
15.3
15.9
15.9
6.7
7.2
7.1
Job
leavers
Initial
claims
Weekly av< rage, thousa nds
1980
1981
1982
1983
1984
1984: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
j
,
1985: Jan
Feb
Mar
1
J
Detail may not add to 100 percent because of rounding.
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.
2
r
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 381,000 in March.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS
100
rr=^q
-•
90
— --^-
ALLr4ONAGRICU LTURAL
E 5TABLISHME NTS
"
80
70
~~
-„--'
\
SERV ICE-PRQDUC ING
INDUSTRIES
—
60
—
50
—
40
—
30
—
GOC)DS-PRODUC ING
INDUSTRIES
20 |lllllll!lll Illllllllll Illllllllll
1981
1982
imilimi
1983
-
1984
1 1 11 11 11 11 M
1985
1981
1985
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Se rvice-produ cing industries
Goods-i>roducing in dustries
Period
Total
nonagricultural
employment
Total
2
PIConstruction
JV [anufacturii K
Total
T)llT-aHlo
lyuraoie
g
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
lie tan
Rntnil
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
1983
1984
89,823
90,406
91,156
89,566
90,138
94,156
26,461
25,658
25,497
23,813
23,394
24,904
4,463
4,346
4,188
3,905
3,940
4,316
21,040
20,285
20,170
18,781
18,497
19,590
12,760
12,187
12,109
11,039
10,774
11,635
8,280
8,098
8,061
7,741
7,724
7,954
63,363
64,748
65,659
65,753
66,744
69,254
5,136
5,146
5,165
5,082
4,958
5,170
5;204
5,275
5,358
5,278
5,259
5,526
14,989
15,035
15,189
15,179
15,545
16,261
4,975
5,160
5,298
5,341
5,467
5,665
17,112
17,890
18,619
19,036
19,665
20,662
15,947
16,241
16,031
15,837
15,851
15,969
2,773
2,866
2,772
2,739
2,752
2,783
1984: Mar....
Apr
May....
June ...
July....
Aug....
Sept....
Oct
Nov ....
Dec
93,058
93,449
93,786
94,135
94,350
94,523
94,807
95,157
95,497
95,681
24,595
24,760
24,851
24,974
25,059
25,098
25,010
25,080
25,123
25,258
4,151
4,246
4,286
4,343
4,356
4,356
4,374
4,382
4,396
4,457
19,466
19,530
19,570
19,629
19,696
19,725
19,616
19,686
19,718
19,801
11,513
11,551
11,598
11,652
11,702
11,758
11,696
11,752
11,776
11,834
7,953
7,979
7,972
7,977
7,994
7,967
7,920
7,934
7,942
7,967
68,463
68,689
68,935
69,161
69,291
69,425
69,797
70,077
70,374
70,423
5,112
5,129
5,144
5,163
5,175
5,202
5,213
5,225
5,226
5,249
5,457
5,473
5,492
5,502
5,528
5,544
5,588
5,612
5,623
5,641
16,030
16,095
16,166
16,245
16,283
16,295
16,342
16,468
16,644
16,626
5,613
5,640
5,662
5,676
5,676
5,679
5,684
5,705
5,725
5,749
20,378
20,449
20,549
20,681
20,701
20,748
20,861
20,964
21,030
21,095
15,873
15,903
15,922
15,894
15,928
15,957
16,109
16,103
16,126
16,063
2,770
2,771
2,785
2,777
2,779
2,785
2,804
2,793
2,804
2,809
1985: Jan r... 96,045
Feb r... 96,157
Mar".. 96,538
25,338
25,227
25,328
4,530
4,489
4,618
19,808
19,739
19,713
11,844
11,797
11,779
7,964
7,942
7,934
70,707
70,930
71,210
5,266
5,279
5,266
5,665
5,670
5,685
16,707
16,757
16,836
5,764
5,800
5,828
21,231
21,331
21,474
16,074
16,093
16,121
2,807
2,805
2,811
1979
1980
1981
1982
1
Includes all full- and part-time wage and salary workers in nonagricultural 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
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 en?
ploying establishments.
* 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 g]ross hourly
earn ings
\verage weekly
hours
Period
Manufa cturing
Total
private
nonagricultural '
1976
1977
1978
1979
1980
1981
1982
1983
1984
36.0
35.8
35.7
35.3
35.2
34.8
35.0
35.3
1984: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
1985: Jan
Feb r
Mar"
Total
Overtime
40.1
40.3
40.4
40.2
39.7
36.1
Total
private
nonagricultural '
3.1
3.5
3.6
3.3
Manufacturing
$5.22
5.68
6.17
$4.86
5.25
39.8
38.9
40.1
40.7
2.8
2.8
2.3
3.0
3.4
5.69
6.16
6.66
7.25
7.68
8.02
8.33
35.3
35.4
35.3
35.3
35.2
35.2
35.4
35.1
35.2
35.3
40.7
41.1
40.6
40.6
40.5
40.5
40.6
40.4
40.5
40.7
3.5
3.7
3.3
3.3
3.3
3.3
3.3
3.3
3.4
3.4
35.2
35.0
35.1
40.6
39.9
40.4
3.3
3.3
3.3
Adjuste d hourly earnin ^s index — total private
2
nonagnc ultural
Ind ex,
1977 = 100
Current
dollars
Percent chang e from a year
earlk r 4 5
1977
dollars 3
Current
dollars
1977 dollars
92.6
93.4
94.8
94.7
7.2
7.6
8.2
7.9
9.0
9.1
6.9
4.6
3.3
159.1
159.9
159.6
160.3
160.8
160.6
161.6
161.3
162.0
163.1
95.0
95.3
94.8
95.1
95.1
94.1
94.2
94.0
94.4
94.7
3.5
3.7
3.2
3,3
3.3
3.3
3.4
2.7
3.1
3.4
.0
.6
.1
.3
.2
-.3
162.8
163.8
164.4
94.4
94.6
94.5
2.8
-.5
-.1
-.6
92.9
100.0
108.2
116.8
6.70
7.27
7.99
8.49
8.83
9.17
127.3
138.9
148.5
155.3
160.5
8.25
8.31
8.29
8.33
8.35
8.34
8.40
8.38
8.42
8.47
9.09
9.11
9.12
9.15
9.17
9.20
9.22
9.25
9.30
9.33
8.45
8.50
8.54
9.37
9.42
9.44
99.0
100.0
100.5
97.4
93.5
r
3.3
3.3
1.4
1.0
.5
-3.1
-4.0
-1.0
.9
1.5
— .1
Q
-.9
3
— .1
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent c lange from
a year earlier,
total private nonagricultural 5
Avera ge gross weekly e iramgs
Period
Total private
Manufacturing
nonagnc ultural 1
Current dollars
Construction
Retail trade
Current dollars
1977 dollars 3
1977 dollars
Current dollars
$175.45
189.00
203.70
219.91
235.10
255.20
267.26
280.70
294.05
$186.85
189.00
189.31
183.41
172.74
170.13
168.09
171.26
173.48
$209.32
228.90
249.27
269.34
288.62
318.00
330.26
354.08
373.22
$283.73
295.65
318.69
342.99
367.78
399.26
426.82
443.42
454.73
$114.60
121.66
130.20
138.62
147.38
158.03
163.85
171.05
176.70
7.3
7.7
7.8
8.0
6.9
8.5
4.7
5.0
4.8
-5.8
-1.5
-1.2
1.9
1.3
1984: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
291.23
294.17
292.64
294.05
293.92
293.57
297.36
294.14
296.38
298.99
173.97
175.41
173.88
174.51
173.81
171.98
173.29
171.31
172.62
173.63
369.96
374.42
370.27
371.49
371.39
372.60
374.33
373.70
376.65
379.73
442.89
453.53
455.04
457.45
451.50
454.29
457.90
451.95
458.34
456.55
176.69
176.70
176.69
177.88
176.11
175.81
177.00
175.52
177.61
178.79
5.4
6.2
4.7
4.8
4.8
5.0
4.4
2.6
3.3
3.7
1.8
3.0
1.5
1.7
1.6
1.3
.6
-.9
-.1
.1
1985: Jan T
Feb r
Mar"
297.44
297.50
299.75
172.43
171.87
172.37
380.42
375.86
381.38
457.76
459.47
459.56
177.01
177.01
178.20
2.3
2.5
3.2
-.9
-.7
1976
1977
1978
1979
1980
1981
1982
1983
1984
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 base.
Revised index for urban wage earners and clerical workers used beginning 1978 (beginning January
1985, this price index incorporates a rental equivalence measure for homeownership costs).
2
3
1.5
1.2
.2
-3.1
Q
4
Monthly changes based on indexes to two decimal places.
5
Based on seasonally unadjusted data.
Source; Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
all pe sons
Period
Outp u t
1
Hours of all
2
perso ns
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
1972
1973
1974
92.4
94.8
92.5
93.0
95.3
92.9
86.1
91.7
89.9
85.8
91.7
1975
1976
1977
1978
1979
94.6
97.6
100.0
100.5
99.3
94.8
97.8
100.0
100.6
99.0
88.2
93.8
100.0
105.5
107.8
1980
1981
1982
1983
1984
98.8
100.7
100.9
103.7
107.0
98.3
99.8
100.0
103.4
r
106.2
1982: m
IV
100.9
101.6
100.3
100.5
1983:
I
102.2
103.6
104.3
104.7
1984: I
1985: 1"
Business
sector
Compens ition per
hou r 3
Nonfarm
business
sector
Business
sector
197 7 = 100; e uarterly c
n
m
rv
n
m
iv...
Nonfarm
business
sector
Unit abor
Real com pensation
per h 9ur 4
Business
sector
ata season ally
Implici price
defla ar"
cos ts
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
71.7
75.3
84.5
71.3
75.3
82.4
71.3
74.0
81.6
90.0
adjus ted
92.2
96.2
96.6
66.1
71.4
78.1
66.7
71.8
78.5
95.7
97.3
95.9
96.6
97.9
89.8
93.2
96.8
97.2
96.5
71.5
75.3
84.4
87.8
93.7
100.0
105.7
108.0
93.2
96.0
100.0
104.9
108.6
92.6
95.8
100.0
105.1
109.0
85.6
92.9
100.0
108.5
118.7
86.1
93.0
100.0
108.6
118.4
96.4
98.9
100.0
100.8
99.1
96.9
99.0
100.0
100.8
98.8
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
94.6
100.0
107.1
116.5
106.5
106.5
109.2
108.7
105.9
106.3
111.2
111.0
' 120.8 * 120.7
107.8
108.4
105.4
107.1
112.9
108.3
109.0
106.0
107.5
113.6
131.1
143.4
155.0
161.7
168.6
130.6
143.1
154.5
162.0
168.7
96.4
95.5
97.3
98.4
98.4
96.0
95.3
97.0
98.6
98.4
132.6
142.4
153.6
156.0
r
!57.6
132.8
143.5
154.5
156.6
158.8
128.1
140.4
147.9
152.4
157.4
128.1
140.6
148.6
153.4
158.2
106.1
105.8
106.0
105.2
105.1
104.1
105.7
104.7
156.7
158.4
156.0
157.9
97.3
98.0
96.8
97.7
155.3
155.9
155.6
157.1
148.7
149.3
149.3
150.2
101.6
103.6
104.1
104.4
106.9
110.1
112.5
114.7
106.7
110.4
112.7
115.2
104.7
106.2
107.9
109.5
105.1
106.5
108.2
110.3
160.2
161.0
161.8
164.2
160.1
161.5
162.4
164.0
99.0
98.5
97.9
98.4
99.0
98.8
98.3
98.3
156.8
155.4
155.1
156.8
157.6
155.9
155.9
157.1
151.0
151.7
152.7
154.2
151.9
152.7
153.8
155.2
105.7
107.0
107.2
108.0
105.2
106.6
106.3
106.9
117.8
121.0
121.5
123.0
118.0
121.0
121.3
122.7
111.4
113.0
113.4
113.9
112.3
113.6
114.1
114.8
166.7
167.5
169.3
171.1
166.5
168.0
169.5
171.0
98.6
98.2
98.3
98.5
98.4
98.4
98.4
98.5
157.7
156.5
158.0
158.4
158.3
157.6
159.5
160.0
155.6
156.7
158.1
159.0
156.3
157.3
159.0
160.1
107.5
106.5
123.4
123.1
114.8
115.6
173.5
173.5
99.1
99.1
161.4
162.9
160.9
162.3
Pe rcent change; quarterly data a seasonal! y adjusted annual rates
1972
1973
1974
3.5
2.6
-2.4
3.7
2.4
-2.5
6.6
6.6
-2.0
6.9
6.8
-2.0
3.0
3.9
A
3.1
4.3
.5
6.5
8.0
9.4
6.7
7.6
9.4
3.1
1.6
— 1.4
3.3
1.3
-1.4
2.9
5.3
12.1
2.8
5.0
12.2
3.4
5.5
9.5
3.0
3.8
10.2
1975
1976
1977
1978
1979
2.2
3.3
2.4
.5
-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
5.1
3.7
9.6
8.5
7.7
8.5
9.4
9.6
8.1
7.5
8.6
9.0
.5
2.6
1.2
.8
-1.7
.4
2.2
1.0
.8
-2.0
7.3
5.1
5.1
8.0
10.7
7.5
4.7
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
1980
1981
1982
1983
1984
-.5
1.9
.2
2.7
3.2
-.7
1.5
.2
3.5
2.7
-1.2
2.5
-2.6
4.4
8.8
-1.4
2.1
-2.6
5.0
r
8.5
-.7
.6
-2.8
r
1.6
5.4
-.6
.6
-2.8
1.5
5.7
10.4
9.4
8.1
4.3
4.2
10.3
9.6
8.0
4.9
4.1
-2.7
-.9
1.9
1.1
0
-2.8
7
1.7
1.6
-.1
11.0
7.3
7.9
1.6
1.0
11.1
8.0
7.7
1.4
1.4
9.3
9.6
5.3
3.0
3.2
10.0
9.8
5.7
3.2
3.1
1982: m
IV
2.4
2.7
3.6
1.1
-1.3
-1.2
-3.0
-3.6
-3.8
-3.6
-4.0
7.5
4.5
7.5
5.1
.2
3.0
.2
3.6
5.0
1.7
3.7
4.0
2.3
1.8
2.0
2.4
1983: I
2.1
5.9
2.8
1.4
4.4
8.1
2.1
1.0
4.4
12.4
9.3
7.8
6.0
14.3
8.7
9.1
2.2
6.1
6.4
6.2
1.5
5.7
6.5
8.0
4.4
2.2
2.0
6.1
5.7
3.5
2.2
4.1
4.0
-2.1
-2.2
1.9
5.3
-.8
-2.0
0
2.2
-3.5
-.8
4.6
1.3
-4.2
.1
3.0
4.6
1.9
2.5
4.1
4.6
2.2
2.7
3.7
1984:
4.0
4.9
.6
3.1
2.9
5.5
-1.1
2.2
11.4
11.2
1.8
5.0
10.3
10.6
.7
4.7
7.2
6.0
1.2
1.8
7.2
4.8
1.8
2.4
6.2
1.9
4.4
4.4
6.1
3.7
3.6
3.7
.8
-1.8
.7
.8
.7
0
-.1
.1
2.1
-2.9
3.7
1.2
3.1
-1.7
4.7
1.4
3.7
2.9
3.6
2.2
2.8
2.8
4.2
2.9
-1.2
1.3
1.6
3.3
2.9
5.7
6.0
2.3
2.6
7.8
7.3
4.8
5.5
n
m.....
rv
I
n
mr
IV ...
1985:
I*
-1.9
1
2
J
Output refers to gross domestic product originating
^ in the sector in 1972 dollars.
Hours of all persons engaged in the sector, includinj
eluding 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.
* Hourly compensation divided by the consumer price index for ail urban consumers.
16
5
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 0.3 percent in March following a decline of 0.2 percent in February. The index for March
was 2.9 percent above its year earlier level.
INDEX, 1967 = 100* (RATIO SCALE)
200
UTILITIES ANDMIN NG PRODLICTION
INDEX, 1967 = 100* (RATIO SCALE)
200
TOTAL INDUSTRIAL PRODUCTION
s-^j
180
t*
K ^ V
-^-
/-I
^X"\—1,^^^
160
160
UTILITIES
^^
•-.t /""*-•
/
140
\J
\
\
\
\
\
11111111111
120 I l l l l l l l l l l l l l l l l l l l l l l l
V
200
MINING . **.S*
I
\
* *\
\*"
*
\^'
MANUF ^CTURING PRODUCTI ON
180
160
100 Illllllllll Illllllllll Illllllllll imiliiHi iiiiiliiiu
NOND URABLE
\
N
""
^
PERCENT*
/"
N
90 _MANUF>kCTURING CAPACITY UTILIZATIO N RATE —
•^
*"
^~
140
\
120
Illllllllll
1981
/
A^
^--^—|*•*
80
DURAE !LE
^^\
70
Illllllllll ni|||i|||! Illllllllll Illllllllll
1982
1983
1985
1984
60 Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1982
1981
1984
1983
•SEASONALLY ADJUSTED
SOURCE, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1985
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
To tal
Industry pro( uction indexes 1967=100
indus trial
produ ction
Period
Index,
1967 = 100
1967'proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983 r
1984
1984: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec r
1985: Jan r.
Feb r
Mar"
1
Output as percent of capacity.
Manufacturing
Percent
change
from year
earlier
Mining
Total
87.95
100.00
117.8
130.5
138.2
146.1
152.5
147.0
151.0
138.6
147.6
163.3
160.8
162.1
162.8
164.4
165.9
166.0
165.0
164.4
164.8
164.8
165.2
164.9
165.4
^
8.9
10.8
5.9
5.7
4.4
3.6
2.7
8.2
6.5
10.6
14.9
13.7
12.7
12.3
10.8
9.4
7.3
6.1
6.1
5.5
4.2
3.1
2.9
116.3
130.3
138.4
146.8
153.6
146.7
150.4
137.6
148.2
164.8
162.1
163.4
164.2
165.7
167.3
167.6
166.6
166.2
166.6
166.6
166.8
166.5
167.1
Durable
Utilities
Nondurable
51.98
109.3
122.3
130.0
139.7
146.4
136.7
140.5
124.7
134.5
154.6
151.4
152.6
153.3
154.9
157.2
157.8
157.1
157.1
157.6
157.6
157.9
157.7
158.5
Source: Board of Go
35.97
6.36
126.4
141.8
150.5
156.9
164.0
161.2
164.8
156.2
168.1
179.4
177.6
179.1
179.9
181.3
181.8
181.7
180.3
179.4
179.6
179.6
179.7
179.1
179.5
112.8
114.2
118.2
124.0
125.5
132.7
142.2
126.1
116.6
125.7
123.8
123.3
125.0
127.0
129.9
128.3
128.7
123.6
124.8
124.4
125.1
123.1
123.5
5.69
146.0
151.7
156.5
161.4
166.0
168.3
169.1
168.7
172.4
181.5
180.0
182.7
182.3
184.3
181.8
180.6
180.9
180.6
184.7
183.7
183.5
184.6
184.7
Capacity itilization
rate, perce it (Federal
Reserve series) l
Manufacturing
72.9
79.6
82.2
84.7
86.0
79.6
79.4
71.1
75.2
81.6
81.0
81.5
81.7
82.2
82.8
82.8
82.0
81.7
81.6
81.4
81.3
80.9
81.0
Industrial
materials
73.3
81.1
82.6
85.6
87.6
80.4
80.7
70.1
75.2
82.0
82.2
82.5
82.7
82.9
83.1
83.2
82.4
81.0
80.9
80.4
80.5
80.4
80.5
s of the Federal Reserve System
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100; monthly data seasonally adjusted]
Produc ts
Final product s
Internlediate pnx nets
1Equipment
C msumer go ads
M t '
Period
Business
Defense
and
space
equipment
Total
Total
1967 prop&rtion
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 '
.-
goods
ble goods
Total
Total
Construction
supplies
ness
Supplementary
group:
Energy
total
plies
47.82
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5
147.1
162.7
27.68
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
151.7
161.6
7.89
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.2
147.5
162.0
19.79
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
153.4
161.5
20.14
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
140.8
164.1
13.63
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9
153.3
181.0
7.51
82.4
80.0
79.8
81.3
86.5
93.4
98.2
102.7
109.4
119.9
135.6
12.89
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
156.6
172.3
6.42
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
142.5
158.9
6.47
136.0
129.7
141.7
149.5
156.5
163.1
162.8
166.7
162.1
170.7
185.7
39.29
132.4
1 15.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7
145.2
161.2
12.23
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
135.9
142.5
1984:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec7;
158.6
160.2
161.1
163.1
165.2
165.1
164.6
165.2
166.2
166.7
160.2
161.4
161.7
163.0
163.8
162.5
161.6
161.6
162.6
162.2
163.1
162.2
161.4
163.6
163.7
162.6
159.6
158.7
161.5
161.0
159.1
161.1
161.8
162.7
163.9
162.4
162.4
162.7
163.0
162.7
156.4
158.5
160.3
163.3
167.0
168.7
168.9
170.1
171.2
172.8
172.1
173.5
176.5
181.1
185.5
187.6
186.4
187.3
188.4
189.6
130.1
133.2
133.1
133.5
135.9
136.8
139.5
141.1
142.2
144.7
170.2
171.0
171.6
173.5
175.8
175.1
173.0
173.4
173.1
173.2
159.1
159.6
159.5
160.9
161.9
160.9
158.2
158.6
156.9
157.5
181.3
182.3
183.5
186.1
189.5
189.1
187.6
188.0
189.2
188.8
160.4
161.5
162.0
162.9
163.5
164.0
162.8
160.4
160.4
159.8
141.9
142.8
143.3
144.5
144.0
143.0
142.8
139.8
142.7
142.3
1985:
Jan '
Feb r
Mar"
166.9
166.1
166.2
162.5
161.1
161.3
160.7
161.2
161.5
163.2
161.1
161.2
172.9
172.9
173.0
189.0
188.9
188.5
145.8
145.9
146.9
173.0
173.7
174.5
157.4
158.5
159.2
188.4
188.9
160.5
160.6
161.3
142.9
144.0
144.1
[1967 — 100; monthly data seasonally adjusted]
Durable m mufactures
Primary metals
Iron and
steel
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
6.57
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
85.4
95.1
4.21
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
71.5
79.8
5.93
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
120.2
137.5
9.15
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
150.6
181.5
8.05
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
185.5
217.4
9.27
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
117.8
137.6
Period
Total
1967 proportion
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 r.
No ndurable namifactu es
Transp jrtation
equip ment
Total
Lumber
and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
4.50
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
137.1
165.7
1.64
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
137.2
148.7
3.31
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
4.73
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
144.1
152.5
169.7
7.74
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
215.0
228.1
8.75
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
156.4
163.2
Motor
vehicles
and
parts
Foods
1984:
Mar
Apr
May
June
July
Aug
Sept
Oct
NOT
Dec '
97.5
99.3
98.2
97.9
94.5
94.4
94.1
92.7
91.5
87.8
84.4
84.0
83.5
83.5
76.5
77.7
77.5
74.6
73.9
72.1
134.9
135.5
136.5
138.7
140.6
140.0
139.5
140.7
139.0
140.2
171.9
174.9
178.8
182.0
186.9
189.1
187.9
187.7
188.9
188.3
212.0
214.6
214.5
216.0
221.5
221.5
222.8
222.3
222.5
224.5
135.8
134.5
135.0
137.2
140.6
141.0
137.6
137.2
141.3
143.3
165.8
161.9
163.0
165.3
169.0
169.6
162.4
161.7
170.8
171.8
149.3
151.2
146.3
148.5
146.0
148.8
149.2
152.6
152.2
150.4
165.2
166.3
167.5
169.0
172.6
173.1
170.5
172.3
174.0
174.1
225.0
228.3
227.9
231.0
232.0
231.6
230.8
228.0
230.2
228.1
161.2
163.1
164.2
165.1
164.9
164.7
164.3
164.0
162.9
164.1
1985:
Jan r
Feb r
Mar".
89.7
92.8
93.8
72.2
76.1
139.8
140.4
141.7
189.2
188.4
189.0
220.9
219.8
220.6
145.8
144.2
144.7
176.3
172.3
172.8
150.4
148.5
175.0
175.3
175.3
227.8
227.2
164.9
Source: Board of Governors of the Federal Reserve Svstem.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Oonstnirtto n contracts 2
Private
Period
Total new
construction
expenditures
Resi lential
Total
„
..
and industrial
New housing
units
Total 1
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
1977
1978
1979
1980
1981
1982
1983
1984
173.8
205.6
230.4
230.7
239.1
230.1
262.2
309.7
135.7
159.7
181.6
175.7
185.8
179.1
211.4
253.9
81.0
93.4
99.0
87.3
86.6
74.8
111.7
133.5
300.4
309.7
308.6
316.4
315.3
314.2
318.0
318.7
312.8
308.1
307.6
248.1
255.0
254.1
261.2
257.8
258.2
261.2
260.9
256.1
251.6
251.3
258.6
265.7
265.6
137.4
141.1
136.6
138.4
136.4
137.8
138.9
137.1
131.1
125.9
122.7
128.4
133.1
134.8
65.7
75.8
78.6
63.1
62.7
51.9
86.1
102.8
22.5
29.6
39.9
43.8
51.3
54.6
48.7
63.7
32.2
36.7
42.7
44.7
47.9
49.7
51.0
56.7
38.2
45.9
48.8
55.0
53.3
51.0
50.8
55.8
56.0
54.7
54.2
52.3
54.8
54.5
55.2
57.5
56.0
56.9
57.8
56.7
56.5
56.3
57.8
58.1
58.6
100.0
114.0
121.0
108.0
112.0
111.0
137.0
1 49.0
Annual rates
1984: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan r
Feb?
Mar*
316.4
323.8
324.2
739
977
1,059
904
919
690
756
937
Annual rates
102.3
102.4
102.7
106.4
105.0
104.6
105.0
103.2
103.4
102.5
101.9
102.3
102.0
102.3
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.
59.6
61.0
64.9
63.0
62.2
64.1
65.8
68.4
69.9
72.0
73.5
74.8
75.0
56.5
57.9
58.4
58.2
58.1
58.0
56.6
55.8
56.5
56.6
57.8
55.7
149
145
147
163
144
150
148
146
145
151
150
773
899
957
990
899
955
992
910
948
1,005
1,041
150
145
162
974
990
1,049
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 housing units
Units started, bi1 type of structur B
Period
Total
1977
1978
1979
1980
1981
1982
1983
1984
New priirate homes
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1 unit
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
2-4 units
5 or more units
121.7
125.0
122.0
109.5
414.4
462.0
429.0
330.5
287.7
91.1
80.0
113.5
121.4
319.6
522.0
544.0
Units
authorized
1,690.0
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,678.5
Units
completed
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
Homes sold
Vacancy rate
Homes for
sale at end1 of
period
housing units
(percent) 2
402
414
398
336
272
251
300
356
5.2
5.0
5.4
5.4
5.0
5.3
5.7
5.9
677
645
617
636
615
557
670
652
596
604
320
327
332
338
340
343
343
346
349
356
5.6
6.3
622
641
698
356
362
358
6.3
819
817
709
545
436
412
623
639
3
Seasona ly adjusted annu al rates
1984:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan r
Feb '
Mar"
1
1,700
1,949
1,787
1,837
1,730
1,590
1,669
1,564
1,600
1,630
1,849
1,631
1,895
1,076
1,163
1,118
1,077
996
962
1,009
979
1,043
1,112
133
160
118
108
116
114
107
109
115
119
1,060
1,123
1,149
105
95
112
491
626
551
652
618
514
553
476
442
399
684
413
634
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
1,765
1,802
1,774
1,819
1,590
1,508
1,481
1,436
1,613
1,627
1,676
1,636
1,796
1,603
1,661
1,731
1,718
1,699
1,681
1,657
1,614
1,587
1,635
1,710
1,746
5.5
6.0
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places (in issues of Economic iTidicators prior to February 1985, data for 1984 were for 16,000 places); for 1978-83 data
are for 16,000 places; and for 1973-77 data are for 14,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales rose 0.5 percent in February and inventories rose $1.6 billion. According to
advance data, retail sales fell 1.9 percent in March following a rise of 1.6 percent in February. (Data reflect
revisions to the series for manufacturing shipments in inventories.)
BILLIC3NS OF DOL ARS* (RATIC) SCALE)
BILLIC3NS OF DOL LARS* (RATIC) SCALE)
650
600
170
160
150 —
^^-—
550
S~^
rr^
500' *••-•-
••
^~
140
130
*1
110
-...--•• »
r—"""""ir^"
—~^" .
/--„--
^~
M**
400'
100
350
90
-A
M;VNUFACTURI MG
300
•%/
^^ w*^*"
a—
^
JETAIL SALE:
**"^*"
AhJD TRADE SA LES
—
^—-1
120
MAN UFACTURINCSAND
TRA DE INVENTC RIES
450
— j7*
^^"-—"^"^
— RETAIL IN t/ENTORIES*|^—.
80
70' —
250
—
60
200
iiiiiiiini
50 Illllllllll
l|||||lllll
Illllllllll
ll|llllllll
RATIC)*
1.80
150
— INVENT DRY-SALES RATIO
M/kNUFACTURI NG
1.60
N-v^—-^>
1981
1983
1982
1984
AND TRADE
x
' -*y\.
ff^~
±
f*.*"
^"••<?=^.
_
•^-^
RETAIL
~—
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1.40
Illllllllll ||l|lllllll Illllllllll |l|llllllll Illllllllll
1.20
1981
1985
1982
^
1983
SEASONALLY ADJl STED
j
OURCE: DEPARTME NT OF COMMERC
Manufact uring and
tra .e 1
Invento-
ries 3
1978
1979
1980
1981
1982
1983
1984
1984: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan r
Feb"
Mar"
1
2
3
4
1985
Sales
2
Inventory-* ales ratio 4
Ee tail
Who esale
Invento-
2
Durable
goods
stores
Total
Millions
1977
1984
COUNCIL OF ECO NOMIC ADVISERS
Sales
Period
,
Inventories
Nondurable goods
stores
Total
Durable
goods
stores
3
Manufac-
Nondurable goods
stores
turing
of dollars, seasonally idjusted
56,364
230,000 351,459
66,674
260,810 ' 399,561
r
79,481
298,344 451,354
r
93,721
328,074 493,958
r
356,927 527,739 102,021
r
96,290
344,656 r 509,2 13
r
368,747 " 520,281 100,448
r
""411,733 573,434 114,071
r
404,612 r538,817 112,147
r
408,342 r 545,926 113,230
r
412,524 r 550,503 116,186
r
413,976 r552,421 115,636
r
412,233 r557,168 114,774
r
413,300 r561,715 114,749
r
412,276 r 565,475 114,573
r
414,243 r568,750 113,994
r
417,635 r571,239 114,337
r
r
421,613 573,434 114,913
86,442
99,348
113,623
118,438
118,290
120,476
132,208
60,434
67,231
74,926
79,963
86,777
89,339
97,858
108,085
20,720
23,368
25,529
24,914
27,089
28,059
33,041
38,691
39,715
43,863
49,397
55,049
59,688
61,279
64,817
69,394
102,610
110,906
116,054
126,656
126,014
139,123
155,517
43,071
50,136
54,108
55,117
60,327
58,952
66,845
74,582
46,373
52,474
56,798
60,937
66,329
67,062
72,278
80,935
1.46
1.44
1.43
1.45
1.44
1.51
1.38
1.34
123,977
125,659
126,742
126,745
128,577
129,433
130,610
131,023
132,501
132,208
104,525
107,443
107,941
109,085
107,563
107,396
108,373
108,974
110,255
110,519
36,635
38,302
38,667
39,434
38,465
38,071
38,301
39,281
39,934
40,295
67,890
69,141
69,274
69,651
69,098
69,325
70,072
69,693
70,321
70,224
146,606
149,627
149,493
148,469
148,817
149,508
150,334
152,130
153,070
155,517
70,153
72,232
71,356
70,504
70,012
70,201
70,801
71,896
72,839
74,582
76,453
77,395
78,137
77,965
78,805
79,307
79,533
80,234
80,231
80,935
575,780
577,333
132,247
132,203
70,350
71,422
70,229
157,748
158,984
76,393
76,925
81,355
82,059
1.33
1.34
1.33
1.33
1.35
1.36
1.37
r
l,37
1.37
1.36
1.38
1.38
417,350
419,447
114,654
114,450
72,801
r
110,972
112,736
110,541
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
20
Retail
r
40,622
41,314
40,312
r
89,444
data, ratio of inventories at end of month to sales for month.
NOTE.—Data for manufacturing and for manfacturing and trade revised beginning 1978.
Source: Department of Commerce, Bureau of the Census.
1.39
1.43
1.44
1.42
1.40
1.40
1.34
1.37
1.40
1.39
1.38
1.36
1.38
1.39
1.39
1.40
1.39
1.41
1.42
1.41
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In March, manufacturers' shipments and inventories rose while new and unfilled orders fell. (Data have been
revised beginning 1978.)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
*4U
-4UU
?00
VAfl
360
SHIPMEhITS
-~~-— •-^
'
/
-INVENTC>RIES
300
r"
P"
TOTAL
120
80
— D URABLE OCXDOS
T« - -
^—,
.
*"S»<
1
1^-
TOTAL
.•——••—'
*""
._..
=f-~
L
^NOND URABLE OCX3DS
DlJRABLE GOC DS
,
40
/
mnlmii Illllllllll Illllllllll Illllllllll Illllllllll
NON JURABLE GCXDDS
BILLIONS OF DOLLARS* (RATIO SCALE)
240
tllllllllll Illllllllll Illllllllll Illllllllll Illllllllll
RATIO*
INVENTORY-SHIPMENTS RATIO
60
1.2
40
1984
1981
1985
1981
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1985
COUNCIL OF ECONOMIC ADVISERS
Manufa cturers' shiprnents *
IV Manufacturers new orders i
Manufa Hurers' Inver tories 2
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
Durabl s goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
M illions of do liars, seasoirally adjust*ed
1977
1978
1979
1980
1981
1982
1983
1984
113,202
126,905
143,936
154,391
168,129
159,027
170,441
189,578
59,267
67,848
76,060
77,550
83,872
76,693
84,951
98,502
53,935
59,057
67,876
76,841
84,257
82,334
85,491
91,076
189,214
210,509
241,100
264,281
282,645
264,909
260,682
285,709
121,601
137,891
160,533
174,620
186,347
175,103
171,629
191,109
67,613
72,618
80,567
89,661
96,298
89,806
89,053
94,600
115,032
131,546
147,403
156,161
167,752
157,255
173,259
191,634
61,082
72,339
79,451
79,360
83,553
74,996
87,631
100,611
15,291
19,458
23,231
23,259
24,050
20,681
22,764
27,017
53,950
59,207
67,953
76,801
84,199
82,260
85,627
91,024
203,475
259,770
302,145
323,393
319,094
296,918
330,924
355,640
1.61
1.57
1.57
1.66
1.64
1.73
1.52
1.45
1984: Mar '
Apr T
May '
June r
July '
Aug r
Sept r
Oct T
Nov r
Dec r
187,940
187,669
188,397
189,255
189,896
191,155
189,330
191,275
193,043
196,181
96,313
95,460
96,895
97,732
97,841
100,254
98,214
100,807
102,394
103,939
91,627
92,209
91,502
91,523
92,055
90,901
91,116
90,468
90,649
92,242
268,234
270,640
274,268
277,207
279,774
282,774
284,531
285,597
285,668
285,709
176,475
178,381
180,543
182,474
184,588
187,035
188,619
190,088
190,669
191,109
91,759
92,259
93,725
94,733
95,186
95,739
95,912
95,509
94,999
94,600
195,792
189,360
192,384
189,911
194,061
192,384
189,217
186,799
194,982
193,671
104,454
97,307
100,950
98,340
101,979
101,860
98,210
96,506
104,434
101,307
26,760
26,332
28,562
27,721
28,140
26,736
27,394
25,259
26,836
26,893
91,338
92,053
91,434
91,571
92,082
90,524
91,007
90,293
90,548
92,364
349,072
350,763
354,750
355,406
359,571
360,800
360,687
356,211
358,150
355,640
.43
.44
.46
.46
.47
.48
.50
.49
1.48
1.46
1985: Jan r
Feb '
Mar"
191,724
192,261
194,281
101,966
101,724
102,209
89,758
90,537
92,072
285,785
286,146
286,876
192,153
192,030
192,816
93,632
94,116
94,060
195,210
193,438
191,605
105,447
102,848
99,737
23,633
29,493
27,318
89,763
90,590
91,868
359,125
360,307
357,630
1.49
1.49
1.48
1
2
3
4
Monthly average for year and total for month. Shipments are the same as sales.
Book value, end of period.
End of period.
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 1978.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In March, the producer price index for all finished goods rose 0.2 percent, seasonally adjusted. Prices of finished
consumer foods fell 0.2 percent, and prices of other finished consumer goods rose 0.3 percent. Prices of capital
equipment rose 0.4 percent.
INDEX, 1967= 100 (RATIO SCALE)
320
—
FINISHE D GOODS
INDEX, 1967= 100 (RATIO SCALE)
320
—
CONSUMER GOODS
FX CLUDING FOO ^<;
300
300
TO! AL FINISHED
3-"~—-3
•"'"I*.
^rssisss^
GOODS
r-~- -.'"^rf**
280
9Rn
V N V _/--'*
—
L^X?^
260
.^2 r^.'— ' v"
*1/'?
/j^^ /'
240
—
'" Stf*'
' V " /£'
220
^•'
^_
OXA
•^""*I— ^
•• •*
CONSUMER F DODS
CAPITAL EQL IPMENT
240
—
99fl
/
r
j"
200
'
+ *.'~'
'
~'~f~ s^S*
180 • ^'^^
S^
'>^^
X
fS
^s'
160 I l l l l l l l l l l I l l l l l l l l l l
1977
/
iiiiilimi inn inn urn urn imilmii imilmii imilmii iiiiilniii
1980
1979
1978
1981
1984
1983
1982
SOURCE: DEPARTMENT OF LABOR
160
1985
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
Intern ediate ma terials
Fin shed goods
Period
Total
finished
goods
F nished go(>ds excluding consumer foo is
Consumer
foods
Consumer g )ods
Nondurable
Capital
equipment
Total
Total
Durable
Total
finished
consumer
goods
Cnide mater als
Total
Foods
and
feeds '
Other
Total
Foodstuffs
and
feedstuffs
Other
1977
1978
1979
1980
1981
1982
1983
1984"
181.7
195.9
217.7
247.0
269.8
280.7
285.2
291.2
189.9
207.2
226.2
239.5
253.6
259.3
261.8
273.5
177.7
190.7
213.3
247.8
273.3
285.8
290.8
294.8
174.3
186.7
211.5
250.8
276.5
287.8
291.4
294.1
152.8
166.9
183.2
206.2
218.6
226.7
233.1
236.6
189.3
200.0
231.3
283.9
319.6
333.6
335.3
337.4
184.6
199.2
216.5
239.8
264.3
279.4
287.2
294.1
194.9
217.9
248.9
271.3
281.0
284.6
290.4
201.5
215.6
242.2
280.3
306.0
310.4
312.3
320.0
190.5
203.1
226.1
252.6
250.3
239.4
247.9
253.1
202.3
216.5
244.4
282.3
310.1
315.7
317.1
325.0
209.2
234.4
274.3
304.6
329.0
319.5
323.6
331.0
192.1
216.2
247.9
259.2
257.4
247.8
252.2
259.7
245.0
272.3
330.0
401.0
482.3
473.9
477.4
484.7
1984: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
Dec
291.5
291.6
291.2
291.2
291.8
291.2
291.2
291.0
292.0
292.5
275.7
272.7
270.4
270.4
274.5
273.8
273.4
273.0
274.5
276.4
294.5
295.6
295.9
295.9
295.3
294.8
294.9
294.8
295.6
295.5
294.2
295.2
295.8
295.5
294.5
293.5
293.4
293.5
294.3
294.3
237.1
236.9
236.8
236.9
237.1
237.2
238.2
236.6
237.6
237.1
337.4
339.1
340.3
339.9
337.8
335.9
334.9
336.5
337.2
337.5
292.5
294.3
293.8
294.1
294.7
295.3
295.8
295.1
295.9
295.8
291.2
290.9
290.5
290.3
291.0
290.1
289.9
289.9
290.9
291.5
319.6
320.1
320.9
321.5
320.9
320.3
320.0
320.4
320.9
320.6
260.1
259.0
258.9
256.9
252.9
249.6
246.9
244.5
245.6
244.9
324.1
324.7
325.6
326.3
326.0
325.6
325.4
326.0
326.5
326.3
337.1
335.4
332.5
330.4
331.3
327.4
327.6
324.5
329.1
329.3
269.5
264.8
259.1
255.5
257.7
253.1
254.4
251.6
260.4
261.7
483.1
487.7
490.8
491.8
490.0
487.5
485.2
481.5
477.6
475.3
1985: Jan
Feb
Mar
292.4
292.1
292.7
274.8
274.4
273.9
296.0
295.7
296.7
294.5
293.5
294.3
239.1
240.1
241.3
336.3
333.5
334.1
297.0
298.4
299.7
291.1
290.3
290.7
320.4
318.9
318.4
241 .4
240.3
238.6
326.3
324.7
324.3
322.2
316.1
311.5
255.5
250.4
243.5
466.1
458.1
458.21
1
Intermediate materials for food manufacturing and feeds.
Source: Department of Labor, Bureau of Labor Statistics.
22
180.7
CONSUMER PRICES
In March, the consumer price index for all urban consumers rose 0.5 percent seasonally adjusted (0.4 percent not
seasonally adjusted). The index was 3.7 percent above its year earlier level.
INDEX, 1967== 100 (RATIOS!:ALE>
INDEX, 1967= 100 ( RATIO SCALE)
340
340
UNADJUSTED
r^~1
inn
^•H-—
^~
./
ALL ITEMS
240
^r
'
/
^
200
^^*1
180
^
140
160
Illllllllll iiiiiluii! Illllllllll Illllllllll Illllllllll
1977
1979
1978
1980
1981
iiniiiiiii
Illllllllll
iiniiiiiii
1982
1983
1984
SEE NOTE ON TABLE ElOW
SOURCE; DEPARTMEN T OF LABOR
Illllllllll 140
1985
COUNCIL OF ECONOMIC ADVISER
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Hoi sing
T ransportati on
Sh< Her
Period
All
items J
Food
Rent-
Total *
costs z
NSA
Bel. imp.5
1977
1978
1979
1980
1981
1982
1983
1984
1984: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Maintenance
and
repairs
NSA
NSA
Apparel and
upkeep
Total l
New
cars
Motor3
fuel
Medical
care
Energy 4
0.5
8.2
5.1
21.6
3.4
103.0
108.6
102.5
107.3
214.7
233.0
256.4
285.7
314.4
334.1
346.3
359.2
202.2
216.0
239.3
278.6
319.2
350.8
370.3
387.3
154.2
159.6
166.6
178.4
186.9
191.8
196.5
200.2
177.2
185.5
212.0
249.7
280.0
291.5
298.4
311.7
142.9
153.8
166.0
179.3
190.2
197.6
202.6
208.5
5.5
188.2
196.3
265.6
369.1
410.9
389.4
376.4
370.7
6.3
202.4
219.4
239.7
265.9
294.5
328.7
357.3
379.5
11.5
207.3
220.4
275.9
361.1
410.0
416.1
419.3
423.6
48.0
169.5
179.1
191.5
208.3
228.1
245.6
258.4
271.2
355.3
357.6
358.7
359.9
362.5
364.1
366.0
367.4
368.6
370.1
106.5
107.3
107.7
108.2
108.8
109.4
109.9
110.4
110.9
111.4
105.6
106.2
106.5
106.8
107.6
108.1
108.7
109.1
109.4
109.8
355.3
356.3
357.3
358.9
360.3
360.1
362.7
361.6
362.9
364.4
381.5
384.3
385.2
385.8
389.0
391.1
392.6
390.3
390.4
389.4
198.8
198.7
198.8
198.4
198.9
200.5
201.5
203.0
202.7
202.4
309.8
311.8
312.4
312.5
311.8
311.8
312.8
313.9
314.5
315.0
207.5
207.6
207.1
207.4
208.2
209.1
210.2
210.8
210.6
210.9
376.1
378.7
375.8
371.8
365.2
361.7
364.6
367.4
369.3
368.8
373.5
375.4
377.3
379.1
380.9
382.0
383.6
385.8
387.4
389.0
423.3
426.6
425.5
423.6
422.0
421.5
423.7
423.4
424.0
423.0
267.8
269.0
270.0
270.9
271.7
272.9
273.9
274.7
275.2
275.9
371.0
373.2
374.2
111.8
112.4
112.9
110.0
110.7
110.8
366.0
366.8
370.0
389.1
388.1
389.8
202.4
204.3
205.3
315.8
315.6
319.7
211.6
213.3
214.3
363.8
354.2
367.6
390.3
392.0
395.3
419.8
414.1
422.1
277.2
278.7
279.9
18.7
181.5
195.4
217.4
246.8
272.4
289.1
298.4
311.1
192.2
211.4
234.5
254.6
274.6
285.7
291.7
302.9
37.7
186.5
202.8
227.6
263.3
293.5
314.7
323.1
336.5
191.1
210.4
239.7
281.7
314.7
337.0
344.8
361.7
307.3
308.8
309.7
310.7
311.7
313.0
314.5
315.3
315.3
315.5
301.9
301.6
301.0
301.5
302.6
304.2
304.4
305.4
305.9
307.2
331.4
333.3
334.2
335.0
336.8
338.5
340.2
340.5
341.2
341.8
316.1
317.4
318.8
307.7
309.3
309.2
342.3
343.7
344.6
7.1
beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
s
Relative importance, December 1984.
Fuel
and
other
utilities
14.1
21.8
100.0
1
Includes items not shown separately.
2
December 1982 = 100.
3
Includes direct pricing of diesel and gasohol
4
Homeowners'
costs 2
All
items
less
food,
energy,
and
shelter
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.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
I'criod
Clu ugc from pr needing perk d
Change from 3 month s earlier, ann lal rate
Change from 6 month s earlier, ann ial rate
Consume r goods
Consum r goods
Consurm r goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
vear
earlier,
total
finished
goods
NSA
Cha nge, Dee. o Dec., N 3A
3.7
6.9
9.2
1976
1977
1978
1979
1980
1981
1982
1983
1984"
6.0
6.7
8.5
-2.5
6.9
11.7
12.8
11.8
7.4
7.5
1.4
2.1
2.3
3.8
7.1
3.7
.6
1.8
6.4
7.3
7.9
8.8
4.4
6.5
7.8
17.5
14.2
11.4
11.1
13.5
8.5
4.2
-.8
.8
9.2
3.9
1.9
2.1
9.2
4.0
1.6
2.1
01lange, mon th to mont h
1984: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
Dec r.
1.0
0.5
.0
-1.1
-.8
0
1.5
-.3
-.1
1
0
.2
-.2
0
.1
— .1
.5
.7
.3
.2
.0
— .1
.2
1985: Jan
Feb '
Mar
-.6
i
2
.3
-.3
.0
.0
.3
0
.3
-.0
6.1
3.4
1.7
-.4
.3
0
0
— 1.1
1.1
1.8
.1
.3
.3
.4
.5
.4
1.9
.1
.3
0.4
.3
.2
0.3
.6
— .1
.1
.2
.2
.2
2
o
3.0
4.2
3.9
1.8
-.9
15.2
.4
-3.8
-7.5
2.7
5.1
4.5
-3.1
-2.8
— 1.4
-2.2
1.0
4.5
1.1
1.2
2.7
1.4
— .1
-3.6
— 1.1
0
3.9
5.3
2.9
2.2
.5
2.1
2.3
.5
.8
0
3.4
3.2
3.4
2.8
1.8
.8
-.2
— .4
.6
.9
2.6
3.4
5.4
.4
.6
1.0
0.9
2.0
2.8
2.4
1.6
.3
-.5
9.8
5.4
4.8
3.3
1.5
.6
-1.7
.2
3.1
4.5
— 1.1
-1.0
.2
.4
.4
0
0
3.7
3.2
3.1
2.9
2.5
2.3
.5
1.4
1.2
2.8
2.9
2.4
2.1
2.3
1.8
1.5
1.4
1.9
1.8
1.6
2.1
2.7
1.1
.7
.3
2.9
-.8
.6
Source: Department of Labor, Bureau of Labor Statistics.
NOTE.—NSA indicates data are not seasonally adjusted.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Tr nsportati an
Housing
Adden dum: All ite us, percent hange
(annua 1 rate)
Ap-
Period
All
items l
Food
Homeowners'
Rent-
Total '
Total '
Fuel
and
other
utilities
parel
and
up-
Total '
New
cars
Motor
fuel 2
Medical
care
EnerS!3
items
less
food,
energy,
From
previous
From
3
From
6
shelter
NSA
NSA
C tiange, D ecember to Dec J mber, ft
1976
4.8
1977
1978
1979
1980
1981
1982
1983
1984
6.8
9.0
0.6
8.0
13.3
12.4
11.8
10.2
10.2
8.9
3.9
3.8
4.0
4.3
3.1
2.6
3.8
5.4
7.6
9.9
4.2
8.7
9.0
8.1
5.9
11.5
17.4
15.1
15.2
13.7
10.2
9.9
2.4
4.7
5.2
3.6
3.5
4.2
16.0
13.6
14.5
5.1
5.9
4.5
5.1
From
year
9.7
1.8
4.2
4.5
4.2
3.2
5.5
6.8
3.6
1.6
2.9
2.0
8.8
4.3
7.7
18.2
14.7
11.0
1.7
3.9
3.1
SA
4.8
7.2
6.2
7.4
7.5
6.8
1.6
3.4
2.4
2.6
4.9
8.5
52.2
18.9
9.4
6.5
-1.7
2.4
10.1
8.8
8.8
10.1
10.0
12.5
11.0
6.4
6.1
6.9
7.2
8.0
37.4
18.1
11.9
1.3
-.5
.2
7.0
5.2
6.5
7.2
9.9
9.4
6.1
5.0
4.4
5.8
6.5
7.7
11.3
13.5
10.4
6.1
3.2
4.3
Chf mge, mo nth to nlonth
1984: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
0.3
.4
.2
.2
.3
.4
.4
.3
.2
.3
.2
.3
.5
-0.0
-.1
-.2
.2
.4
.5
.1
.3
.2
.4
0.1
.6
.3
.2
.5
.5
.5
.1
.2
.2
.2
.5
-.0
.1
.4
.3
•
0.4
.6
.3
.3
.7
.4
.5
.4
.3
.4
0.5
.8
.5
.6
.6
.5
.5
.5
.5
0.5
.6
.3
.3
.7
.5
.6
.4
.3
.4
.2
.4
.5
.4
.2
.6
.1
.6
.3
1
Includes
2
Includes
3
.4
-0.7
.7
.2
.2
.8
.5
.4
-.6
.0
-.3
-.1
-.3
.4
0.1
— .1
.1
-.2
.3
.8
.5
.7
j
i
0
.9
.5
items not shown separately.
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
Quarterly changes are shown in the last month of the quarter.
NOTE.—NSA indicates data are not seasonally adjusted.
24
0.9
.6
.2
.0
-.2
0
.3
.4
.2
,2
0.4
.0
.2
.1
.4
.4
.5
.3
-.1
.1
.3
.3
.8
.5
— ,1
1.3
1.3
.7
.8
-1.1
1.8
-1.0
.8
.8
.5
-.1
-1.4
2.6
3.8
0.5
.5
.5
.5
.5
.3
.4
.6
.4
.4
0.2
.8
-.3
.5
— .1
.1
-.2
0.3
.4
.4
.3
.3
.4
.4
.3
.2
.3
.3
.4
.8
-.8
— 1.4
1.9
.5
.5
.4
— .4
-.4
— .1
3.6
3.2
2.7
3.8
4.5
4.3
3.4
3.0
4.8
4.5
4.3
3.6
3.7
3.8
3.5
3.6
3.7
4.7
4.5
4.2
4.2
4.1
4.2
4.2
4.2
4.0
4.0
3.2
2.6
3.2
4.1
3.4
3.3
3.5
3.6
3.5
3.7
5.2
3.7
3.7
5.4
4.5
3.6
4.6
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 fell 1.5 percent in April while prices paid by farmers were unchanged.
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
60
60
1985
I/RATIO Of INDEX Of PRICES RECEIVED TO INDEX Of PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT Of AGRICULTURE
[1977=100]
Prices paid by farmer s
Pri :es received by farmers
Period
1977
1978
1979
1980
1981
1982
1983
1984
All farm
products
Livestock and
products
Crops
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
125
139
151
155
159
161
100
106
107
97
93
85
84
87
165
165
165
164
164
164
163
164
163
163
162
162
161
161
160
159
159
159
157
157
156
155
154
154
152
153
152
88
88
87
88
87
85
84
84
82
164
164
164
164
160
160
160
159
154
154
153
153
82
82
82
80
100
105
116
125
134
121
127
139
100
124
147
144
143
145
141
146
100
108
100
109
123
138
150
157
160
164
Oct
Nov
Dec
146
145
144
145
143
139
138
137
135
140
145
145
144
144
136
138
130
125
151
145
143
145
143
141
139
143
145
1985: Jan
Feb
Mar
Apr
135
135
,134
132
126
125
!27
126
145
145
141
137
Apr
May
June
July
Aug
Sept
1
r
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
Ratio 2
100
108
125
138
148
150
153
155
100
115
132
134
139
133
134
142
1984:
Production
items
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have 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
In March, growth slowed in Ml and the broader aggregates.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800
2,800
2,400
2j400
2,000
2,000
1,600
1,600
M2
1,200
,1,200
1,000
h,ooo
7
7
600
600
500
500
Ml
400
400
300
300 Tt
1977
1978
1980
1979
1981
1982
1983
1984
1985
• AVERAGES Of DAILY FIGURES; SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
EPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec r
Feb
Mar
Apr
May
June
July
Aug
Sept
Ocf
NOT'
Dec '
335.3
363.0
389.0
414.8
441.8
480.8
528.0
558.5
534.2
537.3
539.2
542.5
547.3
546.9
548.9
551.5
548.3
553.8
558.5
1,286.6
1,388.9
1,497.9
1,631.4
1,794.4
1,954.9
2,188.8
2,371.3
2,216.9
2,229.1
2,241.1
2,255.2
2,269.3
2,280.2
2,292.8
2,308.2
2,318.7
2,345.6
2,371.3
1,472.5
1,646.4
1,803.6
1,988.5
2,235.8
2,446.8
2,701.7
2,995.1
2,741.7
2,765.4
2,788.0
2,815.2
2,839.0
2,862.1
2,879.0
2,901.3
2,925.3
2,959.9
2,995.1
1,704.2
1,909.7
2,115.8
2,324.7
2,596.5
2,854.5
3,175.9
3,543.9
3,227.7
3,267.8
3,293.3
3,328.0
3,366.7
3,402.7
3,429.9
3,459.4
3,480.5
3,508.9
3,543.9
1985: Jan T
Feb '
Mar"
562.7
569.3
572.0
2,398.8
2,420.9
2,429.2
3,020.6
3,041.3
3,054.8
Period
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1984:
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 seasonally adjusted as a whole to reduce distortions
26
L
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Perc jnt change from yea r or 6
months earlier 2
Ml
M2
M3
Debt
2,829.1
3,200.0
3,583.5
3,926.1
4,311.8
"4,709.7
5,224.4
5,936.6
r
5,343.4
5,398.4
5,458.0
r
5,519.7
r
5,575.5
r
5,635.0
r
5,692.5
r
5,741.0
5,796.9
5,866.9
5,936.6
8.1
8.3
7.2
6.6
6.5
8.8
9.8
5.8
6.2
6.6
5.9
6.3
7.4
5.9
5.6
5.4
3.4
4.2
4.1
10.6
8.0
7.8
8.9
10.0
8.9
12.0
8.3
8.2
8.0
7.2
7.2
7.5
7.2
7.0
7.2
7.0
8.2
9.2
12.3
11.8
9.5
10.3
12.4
9.4
11.3
10.9
9.9
9.9
10.2
10.1
10.4
10.8
10.3
10.1
10.1
10.5
11.3
12.6
13.1
12.0
9.6
9.8
9.2
10.9
13.6
12.7
13.0
13.4
14.0
13.9
13.7
13.5
13.1
12.8
13.0
13.4
6,000.8
6,062.5
5.9
7.6
7.6
10.7
11.5
10.8
11.4
11.6
10.9
13.4
13.4
caused by substantial portfolio shifts arising from regulatory and financial changes in recent years,
especially shifts to MMDAs in 1983. A similar procedure is used to seasonally adjust the remaining
nontransactions balances in M3.
See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
DePeriod
Currency
mand
deposits
Other
checkable
depos-
its
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1977: Dec ....
1978: Dec ....
1979: Dec ....
1980: Dec ....
1981: Dec ....
1982: Dec ....
1983: Dec ....
1984: Decr..
1984:
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
Dec
1985: r
Jan
Feb r
Mar"
Money market
mutua fund
balaiices
Gener-
al
purpose
Institution
only
and
broker/
dealer
NSA
NSA
Honey
market
deposit
accounts
(HMD As)
0.0
.0
.0
.0
.0
33.4
103.5
131.3
146.0
35.9
38.8
53.8
57.6
61.6
150.6
185.2
138.2
167.7
15.2
38.0
51.1
43.2
62.7
43.2
379.2
415.1
245.2
245.5
245.9
246.3
248.9
247.3
246.8
247.5
244.5
246.8
248.6
133.8
135.6
136.1
138.3
139.0
139.4
141.0
142.2
141.8
143.9
146.0
57.3
56.6
56.3
58.3
55.9
56.3
58.4
56.7
56.8
58.0
57.6
142.1
144.8
145.9
146.5
148.9
150.5
150.6
152.1
155.6
162.0
167.7
44.6
45.0
45.0
45.3
45.7
46.1
46.2
46.9
52.2
58.3
62.7
159.4 249.1
160.5 251.7
161.3 251.8
148.9
151-.7
153.5
62.9
69.7
67.7
172.2
175.4
177.9
65.0
62.2
59.5
150.2
151.2
152.1
152.8
154.3
155.0
155.9
156.8
157.1
157.9
158.7
4.2
8.5
17.5
28.2
78.2
14.7
20.3
21.2
28.3
2.4
6.4
denomination
time
deposita 1
inga
depos-
its
Large
denomination
time
deposits >
NSA
0.9
3.1
9.5
88.6 239.4
97.6 253.4
106.4 261.3
116.4 265.7
124.0 235.2
134.3 238.6
148.4 243.5
158.7 248.6
Small
Sav-
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
19.1
307.0
288.6
851.5
784.6
885.0
145.0
195.1
222.0
258.9
302.1
328.3
330.8
416.8
390.0
396.9
401.0
399.4
397.8
394.2
388.9
r
388.6
T
392.0
r
402.4
415.1
303.8
302.9
301.9
301.5
300.8
299.1
r
296.5
r
294.6
r
292.6
r
290.7
288.6
796.2
802.3
811.2
822.6
834.0
r
843.6
855.0
864.4
872.1
877.9
885.0
343.0
349.7
357.7
369.8
379.5
389.3
392.6
396.1
405.7
411.2
416.8
51.4
53.5
57.3
59.5
59.2
60.0
64.1
66.6
69.3
70.7
69.7
89.4
93.2
93.1
93.6
89.5
88.4
86.7
86.0
81.0
r
82.1
83.2
433.6
448.2
457.8
288.7
289.6
288.9
881.4
877.2
878.5
417.3
419.7
423.5
65.0
65.6
68.0
80.9
81.4
85.0
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. i
492.1
481.7
423.3
400.8
344.4
357.8
445.6
521.2
634.6
729.0
823.6
Q__
oavings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
14.1
22.0
27.2
32.0
39.7
62.9
79.2
97.0
98.1
102.8
107.0
135.2
161.8
26.6
29.5
34.0
36.0
34.5
51.8
69.7
20.2
31.8
44.7
50.3
67.5
81.7
91.5
83.2
76.4
80.3
79.6
72.3
67.8
67.9
71.1
73.9
133.8
150.3
188.8
223.8
271.8
43.9
44.1
41.3
71.8
72.1
72.5
72.7
73.0
73.1
73.3
73.6
73.7
73.9
73.9
233.2
243.4
242.0
241.5
251.6
259.9
269.2
280.4
279.9
275.0
271.8
42.9
44.0
44.7
46.5
47.7
48.2
47.8
46.8
44.8
42.5
41.3
78.3
81.9
108.4
fluH
r
138.1
142.9
146.1
152.0
155.5
159.4
160.5
157.2
156.7
157.6
161.8
Travelers checks 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 Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment eredit outstandiiJ* 1
Ins tallment credit outstanding (end of period)
Period
Total
Automobile
Revolving
54,900
60,309
65,019
76,453
Mobile
home
Other
Dec
Dec
Dec
Dec
Dec
296,290
312,907
328,275
376,006
452,372
112,134
119,796
124,938
142,497
172,461
94,940
1984: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
387,461
393,390
400,182
409,275
416,357
422,838
428,860
433,842
439,473
445,553
452,372
147,885
148,933
151,273
154,914
157,639
160,726
163,208
164,721
167,225
169,774
172,461
78,069
81,029
82,880
85,518
86,874
87,646
88,909
90,393
91,881
93,495
94,940
23,745
137,762
23,768
23,911
24,049
24,240
24,574
24,791
24,918
24,526
24,435
24,552
1985: Jan
Feb
459,595
469,968
175,348
179,185
96,897
99,424
24,393
24,689
1980:
1981:
1982:
1983:
1984:
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
•nth.
18,783
19,890
22,491
23,773
24,552
110,473
112,912
115,827
133,283
160,419
Total
16,617
15,368
47,731
Automobile
7,662
5,142
Revolving
Mobile
home
1,107
2,601
1,282
1,071
-54
23
143
76,366
17,559
29,964
5,409
4,710
11,434
18,487
139,660
142,118
144,794
147,604
149,892
151,952
153,810
155,841
157,849
160,419
6,188
5,929
6,792
9,093
7,082
6,481
6,022
4,982
5,631
6,080
6,819
2,434
1,048
2,340
3,641
2,725
3,087
2,482
1,513
2,504
2,549
2,687
2,960
1,851
2,638
1,356
772
1,263
1,484
1,488
1,614
1,445
162,957
166,670
7,223
10,373
2,887
3,837
1,957
2,527
779
138
191
334
217
127
-392
-91
117
-159
296
Other
2,439
2,915
17,456
27,136
2,737
1,898
2,458
2,676
2,810
2,288
2,060
1,858
2,031
2,008
2,570
2,538
3,713
Source: Board of Governors of the Federal Reserve System.
.27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose in March.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
1,800 —
1,600
1,400
2,000
1,800
1,600
1,400
ALL COMMERCIAL BANKS
TOTAL
1,200
1,200
1,000
1,000
800
800
LOANS AND LEASES
600
600
400
400
U.S. GOVERNMENT SECURITIES
200
200
±
160
160
120
120
80
80
60
I I II I I
IIII Ill I II I
1977
nil
1111
1979
1978
1980
1981
1983
1982
1984
• SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
60
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depo sitory institutk ns 3
A \ commercial banks '
Loans a nd leases
Period
Total loans
and
securities
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1984:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Decr
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
Dec r
1985: Jan r.
Peb r.
Mar"
4
891.4
1,013.8
1,135.4
1,239.7
1,307.4
1,400.5
1,553.0
1,714.8
1,599.6
1,612.9
1,629.8
1,636.6
1,652.6
1,662.1
1,674.9
1,682.8
1,701.1
1,714.8
1,724.0
1,742.1
1,758.5
Total
4
2
632.2
746.9
849.1
914.5
967.4
1,032.8
1,122.7
1,314.7
1,196.3
1,213.2
1,232.0
1,243.2
1,256.7
1,264.2
1,275.0
1,284.3
1,300.6
1,314.7
1,321.4
1,335.3
1,353.0
Commercial
and industrial
loans
211.0
246.1
291.1
326.9
355.1
391.5
412.8
468.1
432.2
438.5
448.0
452.2
455.0
458.1
4
460.0
463.0
467.1
468.1
468.5
473.8
480.4
U.S.
Government
securities
136.6
137.6
144.4
170.9
179.6
202.7
260.8
260.2
261.0
257.6
257.3
253.7
256.4
257.1
258.0
257.0
259.4
260.2
260.1
265.7
266.9
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end
data for foreign-related institutions.
2
Excludes loans to commercial banks in the United States.
3
Data
are
averages of daily figures.
4
Beginning September 26, 1984 a transfer of loans from Continental Illinois National Bank to
the PDIC reduced total loans and securities and total loans by $1.9 billion, commercial and industri-
28
Reserves adjust ed
for changes i n
res erve reqmrements
Other
Total
122.7
129.2
141.9
154.4
160.4
165.0
169.6
139.9
142.3
142.1
140.5
139.7
139.5
140.8
141.9
141.5
141.1
139.9
142.5
141.1
138.6
26.63
27.91
29.09
31.04
32.10
34.28
36.14
38.71
37.10
37.11
37.45
38.29
38.24
38.39
38.14
37.76
38.11
38.71
39.71
40.37
40.56
borrowed
26.06
27.04
27.62
29.35
31.46
33.65
35.36
35.52
36.15
35.88
34.46
34.99
32.32
30.37
30.90
31.74
33.50
35.52
38.32
39.08
38.97
Borr o wings
(millions of dollars,
unac usted)
Kequired
26.44
27.67
28.76
30.52
31.78
33.78
35.58
37.86
36.39
36.62
36.87
37.52
37.63
37.70
37.52
37.14
37.42
37.86
38.97
39.46
39.80
Total
569
868
1,473
1,690
636
634
774
3,186
952
1,234
2,988
3,300
5,924
8,017
7,242
6,017
4,617
3,186
1,395
1,289
1,593
Seasonal
55
135
81
116
54
33
96
113
133
139
196
264
308
346
319
299
212
113
62
71
88
al loans by $1.4 billion, and real estate loans (not shown here) by $0.4 billion.
NOTE.—Series for all commercial banks beginning January 1984 are not strictly comparable with
data for earlier periods, largely because beginning January 1984 certain obligations of States and
political subdivisions are included in loans rather than in other securities.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Ci edit market funds
Period
Total
Total
Internal *
Total
Total
190.3
157.0
211.0
254.1
317.5
345.2
335.2
364.2
309.4
436.3
480.6
333.9
449.2
443.3
519.1
515.9
477.6
430.8
498.3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984"
1983: I
n
m
IV
1984: I
n
m
IV ".
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.4
234.3
280.5
336.3
250.4
269.7
292.5
309.3
319.6
331.7
340.7
353.4
104.7
37.3
76.8
96.7
141.8
156.4
145.7
133.8
75.0
155.9
144.3
83.5
179.5
150.7
209.8
196.3
145.9
90.1
144.9
70.2
30.8
54.7
72.4
80.5
88.2
90.9
91.5
81.4
87.8
91.4
68.7
86.5
66.6
129.4
112.3
75.4
63.0
115.0
Securities
and
mortgages
26.3
38.7
38.2
35.8
32.8
20.9
52.4
21.8
43.9
56.4
-21.1
67.0
85.9
37.0
35.7
-23.6
-76.8
-7.1
23.3
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.
Loans and
short-term
paper
43.9
-7.9
16.5
36.6
47.7
67.3
38.5
69.7
37.5
31.4
112.5
1.7
.6
29.6
93.6
135.9
152.2
70.1
91.7
Other "
34.5
6.5
22.1
24.3
61.3
68.2
54.8
42.3
-6.4
68.1
52.9
14.8
93.1
84.1
80.4
84.1
70.6
27.1
29.8
190.1
150.9
201.8
237.6
293.6
343.7
317.6
334.2
258.0
384.3
442.9
282.3
390.5
395.4
468.8
483.8
441.9
386.7
459.4
Capital
expenditures 3
137,9
109.7
148.3
175.1
201.6
219.4
221.2
271.3
229.6
256.2
367.0
206.9
255.3
270.6
291.9
354.5
364.4
388.3
361.0
Increase in
financial
assets
52.2
41.2
53.5
62.5
92.0
124.3
96.5
62.9
28.4
128.1
75.9
75.4
135.1
124.8
177.0
129.3
77.5
-1.6
98.4
Discrepancy
(sources less
uses)
0.2
6.0
9.2
16.5
23.8
1.5
17.6
30.0
51.3
52.1
37.7
51.5
58.7
47.8
50.3
32.1
35.7
44.1
38.9
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Curren t assets
End of period
Total
Cash
U.S.
Governsecurities
SBC series: 2
1970
1971
1972
1973
1974
QFR-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983: I
n
m
IV
1984: I
n
m".
Notes and
accounts
receivable
C urrent liabiliti ss
Invento-
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio *
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
206.1
221.1
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
1.595
1.548
1.491
735.4
759.0
827.4
912.7
1,043.7
1,214.8
1,327.0
1,418.4
1,432.7
1,557.3
1,444.2
1,468.0
1,522.8
1,557.3
1,600.6
1,630.6
1,667.3
73.2
82.1
88.2
97.2
105.5
118.0
126.9
135.5
147.0
165.8
143.1
147.9
150.5
165.8
159.3
155.0
150.6
11.1
19.0
23.5
18.2
17.2
16.7
18.7
17.6
22.8
30.6
26.0
28.2
27.0
30.6
35.1
36.7
32.3
265.8
272.1
292.9
330.3
388.0
459.0
506.8
532.0
519.2
577.8
525.3
539.3
565.0
577.8
596.9
612.4
628.0
319.5
315.9
342.5
376.9
431.8
505.1
542.8
583.7
578.6
599.3
577.6
576.2
597.3
599.3
623.1
633.3
662.5
65.9
69.9
80.3
90.1
101.1
116.0
131.8
149.5
165.2
183.7
172.1
176.4
183.0
183.7
186.3
193.2
194.0
453.4
451.6
495.1
557.1
669.5
807.3
889.3
970.0
976.8
1,043.0
983.4
990.2
1,026.6
1,043.0
1,079.0
1,111.9
1,143.0
269.8
264.2
282.1
317.6
383.0
460.8
513.6
546.3
543.0
577.9
530.9
536.6
559.4
577.9
584.1
604.6
624.7
183.6
187.4
213.0
239.6
286.5
346.5
375.7
423.7
433.8
465.2
452.6
453.6
467.2
465.2
495.0
507.3
518.4
282.0
307.4
332.4
355.5
374.3
407.5
437.8
448.4
455.9
514.3
460.8
477.8
496.3
514.3
521.6
518.6
524.3
1.622
1.681
1.671
1.638
1.559
1.505
1.492
1.462
1.467
1.493
1.469
1.483
1.483
1.493
1.483
1.466
1.459
1
Total current assets divided by total current liabilities.
2
Based on data from Statistics of Income, Department of
3
the Treasury.
Based on data from Quarterly Financial Report /or 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.
Other
current
assets
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.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in April.
PERCENT PER ANNUM
PERCENT PER ANNUM
II
A
ft
:
'.
:
; *~
il
\1<
/
i
,'f
:
c
:V\ /
V ,N
' i
i
\
A
i co JPORATE
Aaa BC)NDS
(MOODY'S)
/M ,/ J *1 i/K'.. \\
:
!
r1
X
ILLS
\
<*-"'"
p
,, < ?• -a!^..^^-^.^-.
s_ fu
|T
|7
/
' -DISCOUNT —3
RATE
FEDERAL
RESERVE
SANK Of
NEW YORK
I-
1:
_J,.-.
„
I/
:--.•'
1} i f 1 1 1 II
1 1 l
1 M
1977
1 1 1 1 1 1 1 t
III
1979
1978
I 1 l l 1
Ml
1 ! 1 1 1
1980
1
1 1 1 1 1 i 1 1 1 t 1
1982
1981
\ A
—' /
~
"
:•
\
':
\
\ 1
,/\
V"
A.
/
_/'
TRE ASURY
i)
!
X
'
*iA ''
;
\|
:
r '
I/
/**•./
/^
1 1 LI
i 1 1 1 1 1 1
M
M 1 M 1 1
II
1 1 1 ! f 1 1 1 1 1
1984
1983
IK
1985
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BE1OW
[Percent per annum]
U.S.!Veasury security yields
Constant nnaturities 2
Period
3-month bills '
3-year
1979
1980
1981
1982
1983
1984
10.041
11.506
14.029
10.686
8.63
9.58
9.72
11.55
14.44
12.92
10.45
11.89
10-year
9.44
11.46
13.91
13.00
11.10
12.44
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
6.39
8.51
11.23
11.57
9.47
10.15
9.63
11.94
14.17
13.79
12.04
12.71
Prime
commercial
6 months5
10.91
12.29
14.76
11.89
8.89
10.16
Discount rate
(N.Y. F.E.
Bank) 6
10.28
11.77
13.41
11.02
8.50
8.80
Open-close
1984:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
Week ended:
1985: Mar 30
Apr 6
13
20
27
May 4
1
2
12.67
15.27
18.87
14.86
10.79
12.04
New-home
mortgage
(FHLBB) '
10.78
12.66
14.70
15.14
12.57
12.38
Open-close
9.69
9.90
9.94
10.13
10.49
10.41
9.97
8.79
8.16
7.76
8.22
8.57
8.00
11.98
12.75
13.18
13.08
12.50
12.34
11.85
10.90
10.56
10.43
10.55
11.05
10.49
12.63
13.41
13.56
13.36
12.72
12.52
12.16
11.57
11.50
11.38
11.51
11.86
11.43
9.98
10.55
10.71
10.50
10.03
10.17
10.34
10.27
10.04
9.55
9.66
9.79
9.48
12.81
13.28
13.55
13.44
12.87
12.66
12.63
12.29
12.13
12.08
12.13
12.56
12.23
10.22
10.87
11.23
11.34
11.16
10.94
10.16
9.06
8.55
8.15
8.69
9.23
8.47
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.50
8.50-8.00
8.00-8.00
8.00-8.00
8.00-8.00
8.00-8.00
11.50-12.00
12.00-12.50
12.50-13.00
13.00-13.00
13.00-13.00
13.00-12.75
12.75-12.00
12.00-11.25
11.25-10.75
10.75-10.50
10.50-10.50
10.50-10.50
10.50-10.50
8.41
8.18
8.14
8.04
7.62
7.87
10.93
10.84
10.66
10.28
10.29
11.77
11.71
11.57
11.24
11.27
9.77
9.68
9.51
9.26
9.48
12.50
12.44
12.34
12.09
12.09
9.02
8.82
8.67
8.31
8.20
8.00-8.00
8.00-8.00
8.00-8.00
8.00-8.00
8.00 8.00
8.00-
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50
Rale 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
Series "excludes public utility issues for January 17, 1084 through October 11, 1984 due to lack
of 5appropriate issues.
Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
30
Prime rate
charged by
banks 6
12.04
12.18
12.10
12.50
12.43
12.53
12.77
12.75
12.55
12.27
T
12.21
11.91
6
Average effective rate for year; opening and closing rate for month and week.
7
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 beginninj'
January 1973 not strictly comparable with prior rates.
t
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
ost stock price indexes rose in April.
INDEX, DEC. 31, 1965=50
INDEX, DEC. 31, 1965=50
110
110
100
100
90
90
COMPOSITE STOCK PRICE INDEX
(NYSE)
80
80
70
70
60
60
50
50
40
I l l l l l l l l l l I l l l l l l l l l l Illllllllll I l l l l l l l l l l
1977
1978
Illllllllll
Illllllllll
1981
1982
1980
1979
1983
Illllllllll
Illllllllll
1984
1985
40
PERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
10
10
5
1977
1978
1979
1980
1981
1984
1982
COUNCIL OF ECONOMIC ADVISERS
SOURCES, NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Common stock price s 1
Common stock 5yields
(perce nt)
Ne w York Stock Ex change indexes 0 )ec. 31, 1965-5 O) 2
Period
Composite
1979
1980
1981
1982
1983
1984
1984:
1985:
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
Jan
Feb
Mar
Apr
Week ended:
1985: Mar 30
Apr 6
13
20
27
1
Average
2
Includes
3
Includes
4
Includes
5
Industrial
Transporta-
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
71.99
95.34
89.28
844.40
891.41
932.92
884.36
1,190.34
1,178.48
103.01
118.78
128.05
119.71
160.41
160.46
5.47
5.26
5.20
5.81
4.40
4.64
43.86
44.22
43.65
44.17
46.49
47.47
49.02
49.93
50.58
88.22
85.06
80.75
79.03
87.92
91.59
92.94
95.28
95.29
1,152.71
1,143.42
1,121.14
1,113.27
1,212.82
1,213.51
1,199.30
1,211.30
1,188.96
157.60
156.55
153.12
151.08
164.42
166.11
164.82
166.27
164.48
4.64
4.72
4.86
4.93
4.62
4.54
4.62
4.61
4.68
94.88
101.76
98.30
96.47
51.95
53.44
53.91
55.51
101.34
109.58
107.59
109.39
1,238.16
1,283.23
1,268.83
1,266.36
171.61
180.88
179.42
180.62
4.51
4.30
4.37
4.37
96.89
97.24
96.64
96.76
96.20
54.53
55.13
55.11
55.70
56.02
107.22
107.46
107.98
109.58
111.66
1,262.41
1,263.89
1,259.23
1,268.07
1,276.74
179.23
179.99
179.28
181.15
182.09
4.38
4.41
4.40
4.35
4.33
58.32
68.10
74.02
68.93
92.63
92.46
64.76
78.70
85.44
78.18
107.45
108.01
47.34
60.61
72.61
60.41
89.36
85.63
38.20
37.35
38.91
39.75
47.00
46.44
90.67
90.07
88.28
87.08
94.49
95.68
95.09
95.85
94.85
106.56
105.94
104.04
102.29
111.20
112.18
110.44
110.91
109.05
83.61
81.62
79.29
76.72
86.86
86.88
86.82
87.37
88.00
99.11
104.73
103.92
104.66
113.99
120.71
119.64
119.93
103.77
104,23
103.93
105.01
105.50
119.23
119.63
119.14
120.35
120.74
of daily closing prices.
all the stocks (more than 1,500) listed on the NYSE.
30 stocks.
500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
1985
61.42
64.25
73.52
Earningsprice ratio
13.46
12.66
11.96
11.60
8.03
10.56
9.96
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.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS, AND DEBT
In the first 6 months of fiscal year 1985 there was a budget deficit (including off-budget outlays) of $130.1 billion
compared to a deficit of $119.1 billion a year earlier.
BILLIONS OF DC1LLARS
BILLlOh<S OF DOLLARS
1,000
_ BUDGET RECEIPTS AND OUTLAYS ^
_————
_
S
900
^""
ni inner rum A VQ}/
800
800
,3''""'
^^^
.'-''"
~
.^^
600
600
*' '-''''^
^x^^
~
\ RECEIPTS
BUDGET
~
500
-
.^~**"^^
1. ^^r^
0 _
i
i
i
i
i
i
i
.N
400
BUDGET SURPLUS OR DEFICIT (-)^
-100
-100
-200
-200
1977
1978
1979
1981
1980
1982
1983
1985
1984
1986
FISCAL YEARS
\J INCLUDES OUTLAYS OFF-BUDGET UNDER CURRENT LAW, PROPOSED TO BE ON-BUDGET.
COUNCIL OF ECONOMIC ADVISERS
SOURCES, DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Cornponents of budget
Budget totals
(Including outlays off-bu iget under
current law which are pr jposed to be
1IK luded on-budget)
Period
Receipts
Fiscal year or period:
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980....;
1981
1982
1983
1984
1985 (estimates)l
1986 (estimates) 1
Cumulative total, first 6 months:
Fiscal year 1984
Fiscal year 1985
1
•
Outlays
298.1
81.2
355.6
399.7
463.3
517.1
599.3
617.8
600.6
666.5
740.6
794.3
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
953.9
971.7
-14.9
-6.1
-53.2
-73.7
14.7
-53.6
-59.0
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
-213.3
-177.4
304.3
340.2
423.4
470.3
-119.1
-130.1
230.8
263.2
279.1
245.7
269.4
332.3
371.8
Estimates from Current Budget Estimates, Office of Management and Budget, April 15, 1985.
32
Surplus or
deficit (— )
Outlays
Gross Fedei al debt (end
of pe riod)
On-budget uaider current
la w
Off-budget
under
current
law;
proposed to
be included"
on-budget
Outlays
Held by
the public
Surplus or
deficit (-)
.5
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
796.0
841.8
943.6
971.2
-4.7
-45.2
-66.4
-13.0
-44.9
-48.6
-27.7
-59.6
-57.9
-110.6
-195.4
-175.4
-203.0
-176.9
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
1,576.7
1,841.9
2,073.9
551.8
610.9
644.6
715.1
794.4
929.4
1,141.8
1,312.6
1,513.9
1,692.5
1.3
2.0
422.1
468.3
-117.8
-128.1
1,468.3
1,715.1
1,227.4
l,418.q
0.1
1.4
8.1
7.3
1.8
8.7
10.4
12.5
14.2
21.0
17.3
12.4
10.0
10.3
-14.8
Sources: Department of the Treasury and Office of Management and Budget.
343.0
346.1
396.9
480.3
498.3
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal year 1985 budget receipts were $35.9 billion higher than a year earlier and budget
outlays (including off-budget items) were $46.9 billion higher.
BILLIONS OF DOLLARS
BILLIO NS OF DOLLARS
—
BUDGET RECEIPTS
INDIVIDUAL INCOME TAXES
_/
300
200
._.— ——
—
__ —
——rr>p,poRATION iwrnAAF TAXF<;
""
100
"""
_-•——
—
300
200
SOCIAL iNSUKANCt
TAXES AND CONTRIBUTIONS
—
100
0
0
700
- BUDGET OUTLAYS-!/-
700
NONDEFENSE
600
600
500
500
400
400
300
300
NATIONAL DEFENSE
-V
200
200
100
100
1977
1978
1979
1980
1981
1982
1984
1983
1985
1986
FISCAL YEARS
V INCLUDES OUTLAYS OFF-BUDGET UNDER CURRENT LAW, PROPOSED TO BE ON-BUDGET.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
B adget
Period
Tot»l
Individual
income
taxes
recei pts
ration
income
taxes
Budget outlays
Social
insurance
taxes
and
contributions
To ta!
Other
Including offbudget
items
Onbudget
items
National defense '
Total
International
aff urs
Social
security and
medicare 1
Department of
Defense,
military
Including offbudget
items
88.1
13.1
16.6
17.7
202.5
223.3
235.8
256.0
268.6
6.7
8.3
116.5
124.3
Onbudget
items
Otlher
Heal hand
income security
Including offbudget
items
Net
interest 1
Including offbudget
items
Oilbudget
items
26.7
162.1
151.2
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
129.6
141.3
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
133.4
106.9
76.3
85.8
105.8
108.5
119.2
115.3
111.1
113.2
111.5
125.5
106.7
74.5
84.2
52.6
64.4
<")
(")
60.9
65.9
Onbudget
items
Fiscal year or period:
1976
1977
1978
1979
1980
1981
1982
1983
1984
298.1
355.6
399.7
463.3
517.1
599.3
617.8
1985 (estimates) 2
1986 (estimates) 2
600.6
666.5
740.6
794.3
Cumulative total, first 6
months:
Fiscal year 1984
Fiscal year 1985
304.3
340.2
358.4
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
69.5
76.2
140.6
154.5
21.4
26.5
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
296.2
331.1
288.7
34.3
36.6
37.8
40.8
50.6
69.5
69.3
65.6
71.7
72.9
71.0
107.6
123.6
34.6
35.6
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
241.7
267.1
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
364.5
400.5
448.4
491.0
576.7
657.2
728.7
796.0
851.8
841.8
953.9
943.6
971.7
971.2
423.4
470.3
468.3
422.1
1
There
2
3
are no outlays off-budget under current law in this function.
Estimates from Current Budget Estimate*, Office of Management and Budget, April 15, 1985.
Not available.
NOTE.—Outlays off-budget under current law are proposed to be on-budget
Starting in fiscal 1985 military retired pay is financed from a trust fund in the income security
function. The national defense function includes accrual charges to pay for retirement benefits
89.6
97.2
104.5
116.3
134.0
157.5
185.3
95.3
102.3
113.7
131.0
153.8
180.7
209.9
227.4
253.8
285.7
204.4
220.8
246.3
277.5
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
19.0
18.0
111.0
121.4
107.7
117.6
<")
(")
5.6
4.9
6.0
6.2
10.8
11.2
10.0
9.0
89.7
104.4
116.6
130.6
150.6
178.7
76.5
78.3
80.0
86.9
109.7
126.6
135.2
151.2
143.1
162.1
151.2
<">
(')
76.5
78.3
80.0
86.9
109.6
125.8
134.5
150.8
143;0
earned by currently active duty personnel, and these are offset in the undistributed offsetting receipts (employer share, employee retirement).
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.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1984, according to revised data, Federal receipts rose $15.7 billion (annual rate) and
expenditures rose $32.9 billion, yielding a deficit of $197.8 billion. In the first quarter of 1985, according to
preliminary data, expenditures rose $15.3 billion; receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,1,000
1,000
SEASONAL V ADJUSTED ANNUAL RATES
•*
^1
—
^,1
E)CPENDITURES
9QQ
,-"'"
—
/'
-•""
\
\*~-'1
—'
S~^*S
600
-**''
—
—-^_^^__
•"»
/—^"-
^
600
RECEIPTS
*'*'"' ^X*^
"1, .. X^
—
500
tJ^*^^
— -^x^"
—
400
1 1 1
I II
I
I I
1
1
1
1
1
1
1
1
1
1
1
1
1 1 U
-200
1984
1981
1977 1978
1985
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Jovernmen expenditur es
Federa Governme nt receipts
Subsidies
Period
Total
Fiscal year:
1980
1981
1982
1983
1984
Calendar year:
1980
1981
1982
1983
1984 '
1982: HI
IV
1983: I
n
Ill
IV
1984: I
II
Ill
IV r
1985: I"
Personal
tax and
nontax
receipts
525.9
609.2
626.4
627.1
687.6
250.4
289.4
311.4
294.1
540.9
624.8
616.7
641.1
704.7
609.9
608.3
619.8
649.3
640.2
655.0
686.4
704.3
706.2
721.9
257.7
298.7
306.2
295.2
315.0
298.8
300.9
298.2
304.7
284.6
293.3
301.6
310.7
319.7
327.9
362.1
303.2
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Transfer
Payments
in-aid to
State
and
local
governments
Net
interest
paid
Less:
Wage
accruals
less
disbursements
0.0
-50.7
.0
-.4
.1
-58.9
-113.6
-189.3
-170.3
69.9
69.3
50.9
53.8
70.1
35.5
53.5
50.3
51.0
55.2
170.0
197.0
213.9
228.3
259.1
576.5
668.2
740.0
816.4
857.9
189.3
218.4
250.6
273.2
285.2
239.4
279.5
310.6
344.6
348.4
86.7
90.1
83.4
85.7
90.8
50.7
67.7
82.3
90.3
109.7
10.4
12.5
13.0
22.2
23.9
70.3
65.7
46.6
59.8
70.8
47.5
42.0
46.9
59.2
66.7
66.5
73.0
75.6
65.3
69.1
39.0
56.4
48.4
52.4
55.5
47.5
48.2
47.1
53.8
54.0
54.5
54.1
55.9
56.1
55.9
56.4
173.9
204.1
215.5
233.7
263.4
216.1
217.1
227.6
231.7
234.9
240.7
257.6
262.0
265.2
269.0
285.4
602.1
689.1
764.9
819.7
880.5
773.6
818.9
805.6
816.7
821.1
835.5
847.6
868.0
886.8
919.7
935.0
197.0
228.9
258.9
269.7
295.4
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
302.0
315.7
320.2
251.5
286.8
321.6
345.6
353.0
327.0
344.4
340.9
348.1
343.4
350.1
347.7
350.1
353.8
360.4
372.2
88.7
87.9
83.9
86.3
93.2
83.0
84.6
85.5
86.3
86.7
86.5
90.6
93.2
92.1
97.0
97.5
53.4
73.3
84.4
94.2
116.7
87.5
87.0
87.7
90.0
97.3
102.0
107.6
110.9
122.0
126.4
126.8
11.5
12.3
16.1
23.4
22.3
14.5
23.5
18.5
20.5
24.1
30.6
34.4
17.7
16.5
20.7
18.5
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
34
Purchases
of goods
and
services
Surplus
or deficit
(-),
national
income
and
product
accounts
less
current
surplus of
Government
enterprises
.1
.0
.1
-.0
-.4
.1
.0
.0
.0
-1.3
-.4
.0
.2
.2
— .4
.5
.1
-61.2
-64.3
-148.2
-178.6
-175.8
-163.7
-210.6
-185.7
-167.3
-180.9
-180.5
-161.3
-163.7
-180.6
-197.8
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Indu strial prod notion (seatonally adju ted)
Period
United
States
1978
1979
1980
1981
1982
1983
1984".
:.
United
States >
Japan
France
Germany
146.1
152.5
147.0
151.0
138.6
147.6
163.3
157.8
167.6
165.1
201.1
155
163
161
160
158
159
154.1
161.5
162.0
159.1
154.5
155.7
147.9
157.6
166.5
163.8
158.8
153.7
158.5
127.8
132.9
124.1
119.7
122.3
126.4
127.5
217.4
246.8
272.4
289.1
298.4
311.1
167.1
168.0
169.4
170.5
176.9
175.0
172.1
172.9
175.6
176.4
162
157
162
159
166
166
160
163
161
157
155
162
159.4
' 158.3
' 160.4
144.0
' 164.8
r
162.5
' 163.3
r
165.9
r
166.5
' 166.0
159.8
153.5
159.1
160.5
158.5
160.8
162.6
158.6
156.8
161.0
128.0
126.7
125.7
' 126.4
126.1
126.4
r
127.4
' 127.5
128.2
' 128.8
307.3
308.8
309.7
310.7
311.7
313.0
314.5
315.3
315.3
315.5
130.5
316.1
317.4
318.8
215.3
225.2
227.5
228.4
236.5
165.9
149.5
157.6
171.1
1984:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
160.8
162.1
162.8
164.3
165.9
166.0
165.0
164.4
164.8
' 164.8
1985:
Jan
Feb
Mar*
r
1
Consume r prices (ujiadjusted)
United
Kingdom
Canada
254.1
255.4
261.5
262.8
264.0
266.0
262.8
270.7
271.8
270.3
r
165.2
164.9
165.4
271.8
271.6
Italy
166.5
165.6
Beginning January 1978 data relate to all urban consumers.
Canada
202.5
221.0
243.5
273.9
303.5
321.0
335.0
331.9
332.7
333.3
334.7
336.6
336.6
336.9
337.5
339.7
339.9
341.3
343.5
344.3
195.4
Japan
Prance
Germany
252.3
233.9
259.1
294.2
332.7
373.1
407.9
439.5
431.0
433.6
436.2
438.4
441.5
443.7
445.9
449.0
450.3
451.2
453.5
455.8
160.2
261.3
282.3
296.2
304.1
309.7
316.6
315.1
315.9
318.2
315.6
316.2
313.4
318.5
321.0
319.0
319.6
321.3
318.7
166.9
175.8.
186.9
196.8
203.3
208.2
207.3
207.7
207.8
208.6
208.2
207.8
208.0
209.2
209.6
209.8
211.0
211.9
Italy
United
Kingdom
286.2
328.5
398.0
472.4
549.4
631.8
698.8
316.6
359.0
423.6
473.9
514.7
538.3
565.1
690.6
695.4
699.6
703.8
705.9
708.0
713.0
720.1
724.4
729.5
554.4
561.8
563.9
565.3
564.7
570.0
571.1
574.6
576.4
575.9
578.0
582.7
736.8
744.2
Source: National sources as reported by Department of Commerce, International Trade Administration, Office of Trade and Industry Information, Trade Statistics Division, in International Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc landise imp orts
Merc tiandise exports *
Period
Total
domestic
and
foreign
exports
Gen eral import s
Domestic exports
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Manufactured
goods
Total2
Mercha idise trade miance
3
Food,
beverages, and
tobacco
Crude
materials and
fuels
Manufactured
goods
Total
(c.i.f.
value)
827
991
2,716
4,257
5,398
6,379
8,360
9,352
10,427
8,823
11,042
13,368
15,504
18,519
21,415
Exports
(fas)
less
imports
(customs
value)
Exports
(f.a.s.)
less
imports
(f.a.s.)
Exports
(f.a.8.)
less
imports
762
-688
-2,430
2,590
-2,300
-2,020
148
-1,440
-3,265
-3,530
-3,364
-3,030
]^.a.s. valu B
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
1,186
1,312
1,478
1,546
3,457
4,463
4,325
5,949
7,831
Customs value
1981
1982
1983
1984
1984: Feb
Mar
Apr
May
19,473
17,683
16,707
18,155
19,075
17,256
16,326
17,670
2,767
2,248
2,248
2,276
2,752
2,793
2,463
2,624
12,857
11,643
11,034
11,929
21,748
20,329
21,504
27,144
1,529
,485
,568
,802
7,739
6,200
5,670
6,063
11,873
12,002
13,621
18,460
22,779
21,240
22,490
28,431
-2,275
-2,647
-4,797
-8,988
-3,306
-3,558
-5,783
-10,276
16,782
17,390
17,071
17,493
17,250
18,675
17,665
17,709
17,886
17,857
18,623
2,170
2,477
2,151
2,150
1,880
2,155
2,131
2,586
2,336
2,506
2,413
2,427
2,806
2,575
2,818
2,644
2,733
2,609
2,440
2,352
2,454
2,988
11,407
11,290
11,541
11,684
11,834
12,746
11,854
11,946
12,329
12,148
12,409
26,420
26,948
28,074
26,012
25,276
31,334
26,866
28,409
26,783
27,331
25,933
,773
,865
2,028
1,761
1,576
2,002
1,711
1,803
1,924
1,705
1,719
6,106
6,291
6,618
Oct
Nov
Dec
17,208
17,906
17,520
17,978
17,705
19,154
18,123
18,210
18,411
18,395
19,142
5,689
17,857
18,022
18,489
17,815
16,831
21,824
18,598
20,027
18,037
18,499
17,777
27,587
-9,212
28,178
-9,043
29,401 -10,553
27,262
-8,034
26,461 -7,571
32,925 -12,180
28,213
-8,743
29,753 - 10,200
28,064
-8,372
28,617
-8,937
27,176
-6,791
-10,379
-10,272
-11,880
-9,284
-8,755
-13,771
-10,090
-11,543
-9,653
-10,222
-8,033
Jan
Feb
Mar
19,401
17,853
18,446
18,852
17,358
17,881
2,161
1,995
1,973
2,562
2,542
2,386
13,282
11,967
12,538
28,297
27,985
1,932
1,817
5,373
4,988
19,879
20,347
29,687
-8,896
29,299 -10,131
29,492
-10,285
-11,446
-11,046
June
July
Aug
Sept
1985:
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.
5,648
6,049
6,497
5,815
5,755
6,106
6,158
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.
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1984, the current account deficit decreased to $23.7 billion from $33.6 billion in the third
quarter. The merchandise trade deficit fell to $22.9 billion from $32.9 billion in the third quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
10 1
10
BALANCE ON GOODS
AND SERVICES
5
0
—5
-5
-10
-10
MERCHANDISE TRADE
BALANCE
-15
-15
-20
-20
-25
-25
-30
-30
-35
-35
1 1 1
-40
1976
I
1977
1978
I
I
1979
1
1
1
1
1980
I
1
1982
1981
i i i
1983
-40
1984
• SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise *
Investment incoine"
2
Net
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984 *
Exports
114,745
120,816
142,054
184,473
224,269
237,085
211,198
200,257
220,343
Net
balance
Net
military
transactions
transportation
Receipts
Payments
-9,483
-124,228
-151,907 -31,091
-176,020 -33,966
-212,028 -27,555
-249,781 -25,512
-265,086 -28,001
-247,667 -36,469
-261,312 -61,055
-327,778 -107,435
29,286
32,179
42,245
64,132
72,506
86,411
83,862
77,003
87,620
-13,311
-14,217
-21,680
-32,914
-42,063
-52,359
-56,059
-53,495
-69,505
15,975
17,962
20,565
31,218
30,443
34,052
27,803
23,508
18,115
559
1,528
621
-1,778
-2,237
-1,115
195
515
-1,635
-2,558
-3,565
-3,573
-2,935
-997
144
-1,008
-4,584
-8,806
Imports
Net
services,
net 3
Balance
on goods
and
services *
Remittances,
and other
unilateral
transfers l
Balance
on
current
account
4,711
4,207
9,205 -4,998
5,272 -9,894
4,617 -14,511
6,013 -10,340 -5,106 -15,446
4,686 -5,649
5,735
-964
7,277
8,975 -7,077
1,898
8,048
6,294
13,128 -6,833
8,339 -1,141 -8,058 -9,199
8,704 -32,912 -8,651 -41,563
101,647
9,311 -90,449 -11,199
1982: HI
IV
52,079
48,519
64,442
-59,758
-12,363
-11,239
21,505
19,162
-14,390
- 13,243
7,115
5,919
-2
-94
-99
-548
1983: I
49,246
48,745
50,437
51,829
-58,523
-63,615
-67,938
-71,236
-9,277
14,870
-17,501
-19,407
17,618
18,973
20,802
19,609
-12,380
- 12,995
-13,630
-14,490
5,238
5,978
7,172
5,119
790
53
-55
-273
-263
-1,131
- 1,426
-1,764
2,142 -1,370
2,258 -7,712
2,107
-9,703
2,198 -14,127
-1,573 -2,943
-1,848 -9,560
-2,143 -11,846
-3,086 -17,213
53,920
54,548
55,616
56,259
-79,733
-80,350
-88,557
-79,138
-25,813
-25,802
-32,941
-22,879
23,296
20,818
21,658
21,848
-15,552
-17,363
-18,782
-17,809
7,744
3,455
2,876
4,039
-370
-404
-320
-542
- 1,435
-2,151
-2,700
-2,520
2,352
2,355
2,348
2,257
-2,147
-2,157
-2,862
-4,034
n
m
IV
1984: I
n
m
IV *
1
2
3
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
36
2,118
2,054
-3,231
-3,908
-17,522
-22,547
-30,737
-19,645
United States are excluded from investment income and included in other a
Source: Department of Commerce, Bureau of Economic Analysis.
-1,745
-2,406
-4,976
-6,314
-19,669
-24,704
-33,599
-23,679
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $5.5 billion in the fourth quarter of
1984 compared with a decrease of $16.9 billion in the third quarter. Liabilities to private foreigners reported by
U.S. banks (excluding U.S. Treasury securities) increased $3.4 billion, compared to a decrease of $5.4 billion in the
third quarter.
BilllONS OF DOLLARS
60
BILLIONS OF DOLLARS*
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
-20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-40
-40
-60
-60
1976
•SEASONAttV ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIl Of ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase/capital inflo if (+)] *
U.S. assets abroad, net
(— ]
iincrease/capital outflow
Period
Total
-51,269
-34,785
-61,130
-64,331
1976
1977
1978
1979
1980
1981
1982
1983
1984"
1982:
I
JJ
m
IV
1983:
I
n
m
IV
1984:
I
n
m
TV...
U.S.
official
Other U.S.
Govern-
assets 1 z
assets
4,214
U.S.
private
assets
36,518
51,319
64,036
38,752
Other
foreign
assets
18,826
14,503
Of which:
Seasonal
adjustment
discrepancy
10,544
-2,023
12,540
25,404
24,982
22,275
U.S. official
assets, net *
(unadjusted,
end of
period)
58,086
81,313
95,181
81,722
92,798
30,358
52,416
42,589
76,310
91,863
76,383
89,801
-30,068
-38,577
-22,867
-16,279
28,344
33,772
18,384
14,680
-3,221
1,399
2,477
2,664
31,565
32,373
15,907
12,017
3,450
5,710
12,808
10,947
487
-2,276
2,752
29,944
30,671
30,993
33,958
-1,130
-1,251
-1,204
- 1,429
-22,447
175
-8,548
-12,461
15,888
12,452
19,578
33,804
-252
1,739
-2,703
6,555
16,139
10,714
22,281
27,249
11,420
-1,833
1,491
-1,748
-579
439
-2,518
2,657
34,261
33,876
33,066
33,747
-2,037
-1,235
-1,440
-748
742
-17,200
19,245
-15,362
15,660
40,405
2,832
33,902
-2,784
-345
-830
6,956
18,444
40,750
3,662
26,945
5,961
3,299
13,761
6,997
-195
-140
-2,410
2,748
34,975
34,547
34,306
34,934
-86,118
-110,976
-118,898
-49,490
-21,166
-3,693 -30,717
-4,660 -57,202
-3,746 -59,453
-5,162 -72,802
5,107 -100,694
-6,143 -107,790
5,013 -43,281
-5,460 -12,575
-31,960
-41,409
-26,216
-19,314
-1,089
-1,132
-794
- 1,950
-803
-1,700
2,555
-1,086
-24,364
-1,060
-9,223
-14,843
-787
16
529
-953
-1,952
-19,000
17,006
-17,219
-657
-566
-799
-1,110
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
* Quarterly data are not seasonally adjusted.
Foreign
official
assets
Total (sum
of the items
with sign
reversed)
17,693
36,816
33,678
-13,665
15,497
5,003
3,318
5,339
2,998
-44,498
-2,558
-375
732
-1,133
-8,155
-5,175
-4,965
-1,196
-3,131
1
Total
Statistical discrepancy
Allocations
of special
drawing
rights
(SDRs)
1,139
1,152
1,093
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
34,934
32,916
9,331
30,015
-964
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
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
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 Securities, 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 Budget Receipts and 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:
* Preliminary.
' Revised.
c
Corrected.
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