Full text of Economic Indicators : August 1984
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Q8th Congress, 2d Session
Economic Indicators
AUGUST 1984
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1984
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
ROGER W. JEPSEN, Iowa, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
HOUSE OF REPRESENTATIVES
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
CHALMERS P. WYLIE (Ohio)
MARJORIE S. HOLT (Maryland)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
DAN C. ROBERTS, Executive Director
COUNCIL OF ECONOMIC ADVISERS
WILLIAM A. NISKANEN, Member
WILLIAM POOLE, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators/' and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $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
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the second quarter of 1984, gross national product rose $94.8 billion or 11.1
percent, both at annual rates. Real output (GNP adjusted for price changes) rose 7.6 percent (annual rate) and the
implicit price deflator rose 3.2 percent (annual rate).
BILLIONS OF DOLLARS (RATIO SCALE)
4,UUU
BILLIONS OF DOLLARS (RATIO SCALE)
4,000 1
3 600
E
GNP
IN r URRENT DOLLARS
3,200
3,200
Vn
^——^
2,800
2,400
2,000
1,600
3,600
.4*
•X ^
E
^^
—-
2,800
^— ^
^
—
2,400
/I
^
2,000
~~-^C
--
GNP
IN 1972 DOLLAR,
\.
1,600
1
~-"
~-' "~~
1,200
'\
1
1976
1977
1
I
1978
1
1
1
1979
1
i
1
1
1981
1980
1
1
1982
1 1 !
\
1983
1,200
1984
COUNC L OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
tion
tures
1972
1973 .
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
II
Ill
IV
1983: I
1984:
II....
Ill
IV
I
IP
1,185.9
1,326.4
1,434.2
1,549.2
1,718.0
1,918.3
2,163.9
2,417.8
2,631.7
2,957.8
3,069.3
3,304.8
3,026.0
3,061.2
3,080.1
3,109.6
3,173.8
3,267.0
3,346.6
3,431.7
3,553.3
3,648.1
737.1
812.0
888.1
976.4
1,084.3
1,204 A
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
1,931.3
1,960.9
2,001.3
2,046.1
2,070.4
2,141.6
2,181.4
2,230.2
2,276.5
2,329.5
Gross
private
domestic
investment
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
436.2
431.2
415.9
376.2
405.0
449.6
491.9
540.0
623.8
626.4
Exports and imports of goods and
services
Net
exports
0.7
14.2
13.4
26.8
13.8
-4.0
-1.1
13.2
23.9
28.0
19.0
-8.3
27.7
35.5
6.6
6.3
19.6
-6.5
-16.4
29 8
-51.5
-54.6
NOTE.—Series beginning 1981 are as revised in July issue of Economic Indicators.
Government purchases of
goods and services
Federal
Exports
77.5
109.6
146.2
154.9
170.9
182.7
218.7
281.4
338.8
369.9
348.4
336.2
359.4
366.3
346.3
321.7
328.5
328.1
342.0
346.1
358.9
366.9
Imports
76.7
95.4
132.8
128.1
157.1
186.7
219.8
268.1
314.8
341.9
329.4
344.4
331.7
330.8
339.7
315.4
308.9
334.5
358.4
375.9
410.4
421.6
Total
253.1
270.4
304.1
339.9
362.1
393.8
431.9
474.4
537.8
596.5
650.5
685,5
630.9
633.7
656.3
681.0
678.8
682.2
689.8
691.4
704.4
746.8
Total
101.7
102.0
111.0
122.7
129.2
143.4
153.6
168.3
197.0
228.9
258.9
269.7
249.8
245.0
261.6
279.4
273.0
270.5
269.2
266.3
267.6
299.3
National
defense
73.1
72.8
77.0
83.0
86.0
92.8
100.3
111.8
131.2
153.7
179.5
200.5
168.4
175.3
183.3
191.0
194.7
199.3
200.9
207.2
213.4
221.2
Nondefense
28.5
29.1
33.9
39.7
43.2
50.6
53.3
56.5
65.9
75.2
79.4
69.3
81.4
69.7
78.2
88.4
78.3
71.3
68.3
59.1
54.2
78.1
Source: Department of Commerce, Bureau of Economic Analysis.
State and
local
151.4
168.5
193.1
217.2
232.9
250.4
278.3
306.0
340.8
367.6
391.5
415.8
,381.1
388.7
394.7
401.6
405.8
411.6
420.6
425.1
436.8
447.5
Final
sales
,175.7
,307.9
,420.1
,556.1
,706.2
,895.3
2,137.4
2,403.5
2,641.5
2,931.7
3,095.4
3,318.3
3,043.1
3,072.1
3,095.5
3,170.8
3,216.8
3,286.4
3,350.9
3,419.0
3,479.5
3,599.6
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Gross private
domestic investment
Personal
consumpChange
tion
in
Residenexpendi- Nonresidential tial fixed business
tures
inventofixed
Government purchases of
goods and services
Exports of goods
and services
Federal
Net
Exports
exports
Imports
Total
Total
ries
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982- I
n
m
IV.
1983: I
n...
m
IV
1984: I r
n.
National
defense
Non-
State
and local
Final
sales
defense
1,185.9
1,254.3
1,246.3
1,231.6
1,298.2
1,369.7
1,438.6
1,479.4
1,475.0
1,512.2
1,480.0
1,534.7
737.1
767.9
762.8
779.4
823.1
864.3
903.2
927.6
931.8
950.5
963.3
1,009.2
121.0
138.1
135.7
119.3
125.6
140.3
158.3
169.9
165.8
175.0
166.9
171.0
63.8
62.3
48.2
42.2
51.2
60.7
62.4
59.1
47.1
44.5
37.9
53.7
10.2
17.2
11.6
-6.7
7.8
13.3
16.0
7.3
-4.4
11.3
-10.4
-3.6
0.7
15.5
27.8
32.2
25.4
22.0
24.0
37.2
50.3
43.8
29.7
12.6
77.5
97.3
108.5
103.5
110.1
112.9
126.7
146.2
159.1
160.2
147.6
139.5
81.8
80.7
71.4
84.7
90.9
102.7
109.0
108.8
116.4
118.0
126.9
253.1
253.3
260.3
265.2
265.2
269.2
274.6
278.3
284.3
287.0
292.7
291.9
101.7
95.9
96.6
97.4
96.8
100.4
100.3
102.1
106.4
110.3
117.0
116.2
73.1
68.3
66.9
66.4
64.9
65.4
65.7
67.4
70.0
73.5
79.1
84.7
28.5
27.6
29.7
31.0
31.8
35.0
34.7
34.8
36.4
36.7
37.9
31.5
151.4
157.4
163.6
167.8
168.4
168.8
174.3
176.2
177.9
176.8
175.7
175.7
1,175.7
1,237.1
1,234.7
1,238.4
1,290.4
1,356.4
1,422.6
1,472.2
1,479.4
1,500.9
1,490.4
1,538.3
1,483.5
1,480.5
1,477.1
1,478.8
953.7
958.9
964.2
976.3
175.2
166.9
163.9
161.5
36.2
37.6
36.8
40.8
-6.7
-4.0
-6.4
-24.6
34.9
34.1
25.7
24.1
152.2
155.1
146.6
136.7
117.3
121.0
120.9
112.6
290.2
287.0
292.8
300.6
114.8
111.0
117.2
124.8
75.7
78.1
80.6
81.9
39.1
32.9
36.6
42.9
175.4
176.0
175.7
175.8
1,490.3
1,484.5
1,483.5
1,503.4
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
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
1,610.9
1,640.8
1,044.1
1,063.1
193.3
203.5
60.6
60.9
31.6
19.7
144.9
147.0
153.2
155.9
289.5
302.5
112.2
123.5
87.1
89.5
25.2
34.0
177.3
179.0
1,579.3
1,621.1
-8.3
-8.9
NOTE.—Series beginning 1981 are as revised in July issue of Economic Indicators.
76.7
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
n
m
IV
1983: I
n
m
IV
1984: I
II r
Gross
national
product
Gross private
domestic investment
Personal consumption
expenditures
Total
Durable
goods
Nondurable
goods
Services
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
100.00
105.75
115.08
125.79
132.34
140.05
150.42
163.42
178.42
195.60
207.38
215.34
100.0
105.7
116.4
125.3
131.7
139.3
149.1
162.5
179.0
194.5
206.0
213.6
100.0
101.7
108.2
117.3
123.9
129.2
136.4
145.0
156.2
167.1
174.5
177.7
100.0
108.5
123.4
132.5
137.2
143.6
153.4
169.9
188.1
202.5
208.7
213.0
100.0
104.7
113.0
121.6
129.6
139.3
150.0
162.3
178.8
196.8
213.6
226.0
100.0
103.8
115.4
132.2
138.6
146.3
157.2
170.8
186.2
202.2
209.5
206.4
100.0
109.1
120.3
131.0
140.7
158.0
178.3
200.5
218.5
234.1
241.3
246.4
100.0
112.7
134.8
149.6
155.3
161.9
172.6
192.5
212.9
230.9
236.0
241.0
100.0
116.7
164.6
179.6
185.6
205.5
214.1
246.1
289.4
293.8
279.3
271.5
100.0
106.3
114.9
126.0
133.5
142.8
153.1
164.8
185.2
207.6
221.4
232.1
100.0
106.6
115.1
124.9
132.4
141.9
152.7
166.0
187.5
209.1
227.0
236.6
100.0
105.6
114.2
128.2
135.7
144.6
153.8
162.5
180.8
204.7
209.8
220.0
100.0
107.0
118.0
129.4
138.3
148.4
159.7
173.7
191.5
208.0
222.8
236.7
203.98
206.77
208.53
210.27
202.5
204.5
207.6
209.6
172.8
174.0
175.5
175.6
207.1
207.4
209.6
210.5
207.9
211.4
215.6
219.4
208.7
210.4
208.8
210.1
241.7
241.8
241.8
240.0
236.2
236.2
236.2
235.3
282.9
273.3
280.9
280.1
217.6
220.7
223.2
223.8
222.5
224.5
227.4
233.1
208.2
211.7
213.9
206.2
217.2
220.8
224.7
228.4
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 N
219.1
221.4
231.5
234.9
238.4
241.8
220.58
222.33
218.0
219.1
179.0
179.6
217.4
216.4
232.6
235.8
206.3
207.4
249.4
255.8
247.7
249.6
267.9
270.4
238.5
242.3
245.1
247.1
215.5
229.7
246.4
250.0
NOTE.—Series beginning 1981 are as revised in July issue of Economic Indicators.
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
Current
dollars
Constant
(1972)
dollars
10.1
11.8
8.1
8.0
10,9
11.7
12.8
11.7
8.8
12.4
3.8
7.7
-.2
4.7
2.5
3.9
8.5
12.3
10.1
10.6
14.9
11.1
1972..
1973
1974
1975 ... .
1976
1977
1978.. .
1979
1980
1981
1982
1983 .
1982- I
n
m
IV .
1983: I
n
in
IV
1984: I r
n
5.7
5.8
-.6
-1.2
5.4
5.5
5.0
2.8
-.3
2.5
_2.1
3.7
-4.6
-.8
-.9
.5
3.3
9.4
6.8
5.9
10.1
7.6
Implicit
price
deflator
Chain price
index
4.2
5.8
8.8
9.3
5.2
5.8
7.4
8.6
9.2
9.6
6.0
3.8
4.6
5.6
3.4
3.4
5.0
2.6
3.1
4.4
4.4
3.2
4.1
6.0
9.1
9.2
5.7
6.1
7.6
8.9
8.9
9.5
6.6
4.3
6.0
5.3
5.8
5.0
3.4
4.3
4.4
4.1
4.9
4.1
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Series beginning 1981 are as revised in July issue of Economic Indicators.
Fixedweighted
price index
(1972
weights)
5.8
4.2
-.7
2.2
5.6
5.0
4.5
2.7
.5
2.0
1.4
4.8
2.9
2.2
2.2
5.1
2.6
10.0
3.8
6.8
4.6
7.5
9.6
10.2
9.4
9.9
11.0
11.1
11.8
11.9
10.7
10.9
7.3
8.6
8.6
6.3
8.5
9.3
4.8
14.5
7.6
9.2
8.6
9.6
4.0
6.0
9.4
9.1
5.8
6.3
7.8
9.5
9.8
9.7
6.4
4.2
5.6
4.7
5.8
4.6
3.3
4.1
4.7
3.9
5.0
4.2
Implicit
price
deflator
Constant
(1972)
dollars
Current
dollars
Chain price
index
3.7
5.7
10.1
7.6
5.1
5.8
7.0
9.0
10.2
8.7
5.9
3.7
5.5
4.0
6.1
4.0
2.2
4.1
3.7
2.3
3.8
2.0
Fixedweighted
price index
(1972
weights)
3.6
6.1
10.4
7.7
5.3
6.0
7.3
9.3
10.7
9.2
6.1
4.1
5.7
4.2
6.3
5.0
2.5
4.4
3.7
3.6
4.7
3.2
3.5
6.1
10.4
7.8
5.3
6.2
7.4
9.7
11.1
9.4
5.9
4.0
5.4
3.7
6.6
4.9
1.9
4.5
3.9
3.4
4.9
3.0
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) l
Gross domestic
product of nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981 .. .
1982
1983
1982- HI
IV
1983: I....
n
m
IV
(
984: I
II".
1
1972
dollars
Total
cost and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Indirect
business
taxes 3
678.0
759.4
818.9
890.0
1,001.3
1,128.4
,276.2
,416.8
,540.7
,739.2
,778.4
,917.7
678.0
731.9
708.2
694.2
745.5
795.8
846.3
876.1
859.5
883.3
857.4
896.4
1.000
1.038
1.156
1.282
1.343
1.418
1.508
1.617
1.793
1.969
2.074
2.139
0.092
.093
.112
.137
.141
.145
.155
.171
.198
.217
.245
.243
0.113
.114
.127
.140
.141
.141
.144
.149
.172
.201
.210
.219
,787.8
,772.4
858.5
846.5
2.083
2.094
.247
.254
,812.3
,887.6
,956.6
2,014.2
855.7
886.2
912.4
931.1
2.118
2.130
2.144
2.163
.250
.243
.241
.239
2,084.2
2,139.3
956.9
976.7
2.178
2.190
.236
.234
.211
.217
.218
.222
.220
.219
.217
.218
Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
Compensation of
employees
0.659
.692
.786
.837
.878
.928
.998
1.094
1.218
1.307
1.397
1.409
1.404
1.419
1.421
1.408
1.400
1.408
1.415
1.417
Corporate profits with inventory
valuation and capital consumption
adjustments
Net
interest
Total
Profits
tax
liability
Profits
after
tax 4
0.028
.031
.042
.044
.040
.040
.044
.050
.065
.076
.084
.077
0.107
.107
.090
.124
.144
.163
.168
.154
.140
.167
.138
.191
0.049
.055
.059
.059
.071
.075
.079
.079
.078
.072
.052
.065
0.058
.053
.030
.065
.073
.088
.089
.075
.062
.095
.086
.126
.080
.081
.141
.123
.151
.182
.206
.221
.233
.241
.052
.043
.089
.080
.049
.064
.073
.072
.102
.118
.133
.149
.078
.077
.155
.164
.079
.076
.077
.077
.078
.080
Output
per hour
of all
employees (1972
dollars)
7.664
7.849
7.555
7.774
7.998
8.141
8.209
8.194
8.118
8.271
8.357
8.634
8.406
8.398
8.464
8.617
8.728
8.725
8.801
8.838
Compensation per
hour of
all
employees
(dollars)
5.052
5.429
5.937
6.507
7.021
7.555
8.191
8.961
9.884
10.811
11.677
12.166
11.801
11.913
12.027
12.131
12.224
12.283
12.454
12.525
4
With inventory valuation and capital consumption adjustments.
NOTE.—Series beginning 1981 (except last two columns beginning 1976) are as revised in July
issue of Economic Indicators.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employees1
Proprietors' income with
inventory ~ valuation and
capital consumption
adjustments
Farm
1972
1973
1974
1975
1976. .
1977
1978
1979
1980
1981
1982
1983
1982: I
963.6
1,086.2
1,160.7
1,239.4
1,379.2
1,550.5
1,760.3
1,966.7
2,116.6
2,363.8
2,446.8
2,646.7
2,422.3
2,443.9
2,452.4
2,468.6
2,527.0
2,609.0
2,684.4
2,766.5
2,873.5
2,943.0
n
m
IV
1983: I
n
m
IV
1984- I r
n
1
718.0
801.3
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
1,834.2
1,857.7
1,876.3
1,888.7
1,921.3
1,962.4
2,000.7
2,055.4
2,113.4
2,158.9
Nonfarm
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
96.6
108.3
94.9
110.5
138.1
167.3
192.4
194.8
175.4
189.9
159.1
225.2
159.9
161.7
163.3
151.6
179.1
216.7
245.0
260.0
277.4
291.4
Includes employer contributions for social insurance. (See also p. 5.)
Inventory
valuation
adjustment
Profits
before tax
Total
21.0
22.6
23.5
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
47.8
48.3
52.9
57.0
57.7
59.0
56.2
60.4
61.0
61.6
58.1
61.0
62.2
65.4
75.0
84.8
92.2
100.2
95.6
93.7
89.2
107.9
86.8
88.5
89.5
92.1
98.3
106.8
112.1
114.6
122.5
126.3
18.7
32.8
26.5
24.6
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
30.0
19.2
12.7
25.4
16.4
10.1
11.2
17.3
32.5
23.6
Corporate profits with inventory valuation and capital consumption
adjustments
Eental
income of
persons
with
capital
consumption
adjustment
-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-6.3
-8.9
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.4
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
167.6
169.8
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.7
94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
161.3
160.9
158.8
143.2
157.3
186.1
208.1
216.3
229.8
239.3
Capital
consumption
adjustment
2.7
2.7
-1.8
-10.1
-13.5
-11.3
-12.7
-14.8
-16.3
-7.6
3.1
33.2
-I A
.8
4.5
8.4
21.7
30.6
36.9
43.6
47.6
52.1
Net
interest
51.2
60.2
76.1
84.5
87.2
102.5
121.7
153.8
192.6
241.0
260.9
256.6
263.6
268.5
257.7
253.8
254.2
254.2
259.2
258.9
266.8
281.2
Source: Department of Commerce, Bureau of Economic Analysis.
NOTE.—Series beginning 1981 are as revised in July issue of Economic Indicators.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983 .. . .
1982: I
n
m
IV
1983: I
.
n
in
IV
1984: I r
n
737.1
812.0
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
1,931.3
1,960.9
2,001.3
2,046.1
2,070.4
2,141.6
2,181.4
2,230.2
2,276.5
2,329.5
Total
durable
goods
111.1
123.3
121.5
132.2
156.8
178.2
200.2
213.4
214.7
235.4
245.1
279.8
239.4
241.6
244.5
255.0
259.4
276.1
284.1
299.8
310.9
320.3
Motor
vehicles
and
parts
Furniture and
household
equipment
52.4
57.1
50.4
55.8
72.6
84.8
95.7
96.6
90.7
101.9
108.7
129.3
106.2
105.1
108.1
115.3
115.3
128.4
132.0
141.7
147.7
152.4
41.7
47.1
50.6
53.5
59.1
65.7
72.8
81.8
86.3
92.3
94.4
104.1
92.1
94.4
94.5
96.6
99.1
102.4
105.2
109.8
113.0
116.3
NOTE.—Series beginning 1981 are as revised in July issue of Economic Indicators.
Retail sales of new
passenger cars
(millions of units)
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Other
16.9
19.2
20.5
22.9
25.2
27.7
31.7
35.1
37.7
41.2
42.1
46.4
41.2
42.1
41.9
43.1
45.0
45.3
46.9
48.2
50.3
51.6
Total
nondurable
goods
300.6
333.4
373.4
407.3
441.7
478.8
528.2
600.0
668.8
730.7
757.5
801.7
746.4
750.6
762.5
770.6
775.2
796.9
811.7
823.0
841.3
858.2
Food
154.9
172.1
193.7
213.6
230.6
249.8
275.9
311.6
345.1
373.9
392.8
416.5
384.2
390.6
396.0
400.3
406.7
413.6
420.5
425.1
433.9
442.1
Clothing
and
shoes
Gasoline
and oil
55.4
61.4
64.8
69.6
75.3
82.6
92.4
99.1
104.6
114.3
118.8
127.0
118.0
118.0
119.0
120.0
121.6
127.1
126.8
132.5
136.1
142.4
25.4
28.6
36.6
40.4
44.0
48.1
51.2
66.6
84.8
94.6
90.4
90.0
93.4
88.6
89.9
89.6
86.7
89.5
92.1
91.7
92.0
92.6
Services
Other
64.9
71.2
78.2
83.7
91.9
98.2
108.8
122.8
134.3
147.9
155.6
168.2
150.8
153.4
157.6
160.6
160.3
166.7
172.2
173.6
179.3
181.1
325.3
355.2
393.2
437.0
485.7
547.4
618.0
693.7
784.5
883.0
982.2
1,074.4
945.4
968.6
994.2
1,020.6
1,035.8
1,068.6
1,085.7
1,107.5
1,124.4
1,151.0
Source: Department of Commerce, Bureau of Economic Analysis.
Domestics
Imports
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2
5.8
6.8
5.8
5.7
5.6
6.0
6.0
6.9
6.9
7.4
8.2
8.3
1.6
1.8
1.4
1.6
1.5
2.1
2.0
2.3
2.4
2.3
2.2
2.4
2.2
2.0
2.2
2.5
2.3
2.3
2.3
2.6
2.3
2.4
SOURCES OF PERSONAL INCOME
Personal income increased $24.4 billion (annual rate) in July, following a rise of $25.6 billion in June. Wages and
salaries rose $11.7 billion in July compared to a rise of $13.9 billion in June.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800
TOTAL PERSONAL INCOME
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
WAGE AND SALARY DISBURSEMENTS
1,000
1,000
800
800
600
rT
600
OTHER INCOME
400
400
„....—**"
TRANSFER
PAYMENTS
200
200
160
160
ml
120 UlL
1976
1978
1977
1979
1981
1980
120
1982
1984
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data^at seasonally adjusted annual rates]
Period
1974
1975
1976
1977
1978
1979
1980
1981
1982.
1983
1983- July
Auer
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr r
May r
June r
July"
Total
personal
income
1 168 6
1,265 0
1 391 2
1 5404
1 732 7
1 951 2
2 165 3
24295
2 584 6
2,744 2
2 744 9
2 7599
2 785 0
2,814 9
2 834 2
2 8604
2,897.4
2 923 5
2,940.6
2 967 3
2,977.0
3002 6
3 027 0
ProprieJ»*«''income 3
Wage and
salary
disbursements 1
Other labor
income 1 2
765 7
55 8
8064
889 9
983 2
1 106 3
1 237 6
1 356 7
1 493 1
1 568 7
1 659 2
1 663 8
1 667 8
1 682 2
1 7060
1 712 2
1 727 9
1,747.6
1 755 1
1,764.6
1 785 3
1,789.8
1 803 7
1 8154
645
75 9
894
102 5
1149
128 0
1400
155 5
173 1
173 9
175 9
1780
180 1
182 1
184 3
1863
188 1
1899
191 7
1935
195 3
197 0
Farm
265
24 6
19 1
19 1
26 3
31 9
21 8
31 5
21 8
13 8
73
12 9
13 6
148
15 8
21 4
30.1
36 5
30.9
254
21.4
23 9
27 5
1
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.
4
With capital consumption adjustment.
Nonfarm
62 2
654
750
84 8
92 2
100 2
95 6
93 6
89 2
107 9
1109
111 1
114 1
114 7
114 6
1145
1207
122 9
123.8
125 7
126.2
127 0
127 9
Rental
income of
persons 4
23 5
230
23 5
24 8
26 6
27 9
31 5
42 3
51 5
583
57 4
545
56 8
589
609
61 3
61.1
60 8
61.2
61 4
61.6
61 8
62 0
Personal
dividend
income
29 1
29.9
365
396
45 3
50.8
56 8
64.3
66 5
703
700
708
71 4
722
72 9
73 3
74.0
750
76.0
769
77.1
77 6
780
Personal
interest
income
112 4
123.2
132 5
152.8
179 4
218.7
266 0
331.8
366 6
376.3
377 1
383.1
386 7
387.5
387 8
389.4
396.6
403 8
411.4
417 4
423.3
429 1
434 9
Less:
Transfer
payments 5
141 2
178.3
194 3
207 9
223 8
250.3
297 6
337.3
376 1
405.0
404 4
404.0
403 4
403 3
410 8
412 2
410.2
4109
412.8
4149
415.6
416 5
417 4
T^n-nfn^m
contributions
for social
insurance
personal
income 6
47 9
50.4
1,131.8
1,229.1
555
61.1
698
81.1
88 7
104.5
111 4
119.6
1200
120.1
121 1
122.6
122 9
123.9
129.1
1295
130.1
131 3
131.5
132 3
133 0
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 7085
2,717.9
2 7424
2,771.0
2 7894
2,810.1
2,838.3
2,857.9
2,880.5
2,912.5
2,926.2
2,949.2
2 969 9
5
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
NOTE.—Series beginning 1981 are as revised in July issue of Economic Indicators.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the second quarter of 1984.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
DISPOSABLE PERSONAL INCOME
PER CAPITA DISPOSABLE PERSONAL INCOME
4,000
3,000
3,000
1984
1976
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF CO/AMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
personal
income
Less:
Personal
outlays l
Equals:
Personal
saving
Per capita
disposable personal
income
Current
dollars
1972
dollars
Billions of dollars
951.4
1,065.2
1,168.6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,429.5
2,584.6
2,744.2
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
141.0
150.7
170.2
168.9
196.8
226.4
258.7
301.0
336.5
387.7
404.1
404.2
810.3
914.5
998.3
1,096.1
1,194.4
1,314.0
1,474.0
1,650.2
1,828.9
2,041.7
2,180.5
2,340.1
Per capita personal
consumption
expenditures
Current
dollars
1972
dollars
52.6
79.0
85.1
94.3
82.5
78.0
89.4
96.7
110.2
137.4
136.0
118.1
3,860
4,315
4,667
5,075
5,477
5,965
6,621
7,331
8,032
8,874
9,385
9,977
3,860
4,080
4,009
4,051
4,158
4,280
4,441
4,512
4,487
4,561
4,555
4,670
Saving as
percent of
disposable
personal
income
Population
(thousands) 2
Percent
Dollars
757.7
835.5
913.2
1,001.8
1,111.9
1,236.0
1,384.6
1,553.5
1,718.7
1,904.7
2,044.5
2,222.0
Percent
change in
real per
capita
disposable
personal
income
3,511
3,831
4,152
4,521
4,972
5,468
6,048
6,695
7,326
8,037
8,543
9,192
3,511
3,623
3,566
3,609
3,774
3,924
4,057
4,121
4,092
4,131
4,146
4,303
2.9
5.7
-1.7
1.0
2.6
2.9
3.8
1.6
-.6
1.6
-.1
2.5
6.5
8.6
8.5
8.6
6.9
5.9
6.1
5.9
6.0
6.7
6.2
5.0
209,924
211,939
213,898
215,981
218,086
220,289
222,629
225,106
227,694
230,068
232,351
234,542
Seasonally adjusted annual rates
1982: I
2,536.5
2,568.2
2,594.3
2,639.5
404.4
411.4
398.5
4DJ£
2,132.0
2,156.8
2,195.8
2,237.5
1,989.5
2,020.1
2,061.3
2,107.3
142.6
136.7
134.5
130.2
9,209
9,295
9,439
9,593
4,548
4,546
4,548
4,578
8,342
8,451
8,603
8,773
4,119
4,133
4,145
4,186
-2.1
_.2
.2
2.7
6.7
6.3
6.1
5.8
231,513
232,027
232,634
233,230
1983: I
n
m
2,662.8
2,714.4
2,763.3
2,836.5
401.4
411.6
395.8
407.9
2,261.4
2,302.9
2,367.4
2,428.6
2,133.4
2,206.1
2,248.4
2,300.0
128.0
96.7
119.0
128.7
9,675
9,832
10,082
10,318
4,591
4,619
4,694
4,776
8,858
9,143
9,290
9,475
4,203
4,296
4,325
4,386
1.1
2.5
6.7
7.2
5.7
4.2
5.0
5.3
233,742
234,230
234,811
235,385
1984- I r
2,920.5
2,982.3
418.3
430.3
2,502.2
2,552.0
2,349.6
2,406.4
152.5
145.6
10,608
10,797
4,865
4,927
9,651
9,855
4,426
4,498
7.7
5.2
6.1
5.7
235,87d|
236,366
n
m
iv....^
IV
n.
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer
payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages
for the period.
NOTE.—Series beginning 1981 are as revised in July issue of Economic Indicators.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1984, according to preliminary estimates, gross farm income rose $14.5 billion (annual rate)
and net farm income rose $9.2 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
200
200
lAft
^-
^* ••
inn
B
r<
^^w
160
_-
GR05»S FARM INCO KE
^
-i "t
""^•x^
^~1
^S
120
100
—
QA
_
An
80
60
—
40
Af)
s
—
^
/*
%
20
\
^
/"
NET FARM IN COME A.
"•**X
N
%
%
^
%
1
\
'
\ I
\ i
\t
t
^
X
i
1
r
**l
f 1
I \
1
\% //
% *
%1
M
t
10
1 i I
1 1 1
1 i 1
1 1 1
1976
1977
1978
1979
1
1 I
1
1980
1
1981
1
1
1
t
f
\\
\
\
\
V
1
1982
—
20
;
•
i
i
1 i 1
1983
1
1
1
10
1984
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gross farm income
Period
Total l
Total
1976
1977
1978
1979
1980
1981
1982
Net farm income
Cash marketing receipts
Livestock and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1967 dollars 3
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
82.7
88.9
99.5
118.1
128.9
136.9
139.5
135.3
20.1
19.8
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
169.9
160.9
153.3
163.2
146.7
143.0
141.2
148.1
69.8
70.8
70.7
69.2
76.9
72.2
70.5
78.9
4.0
-.7
52
-8.3
140.0
141.4
140.1
136.4
29.9
19.5
13.2
26.8
10.6
6.8
4.5
9.1
n
m
IV
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
-11.4
14 4
-16.8
44
135.6
135.2
^ 134-7
^^ 135.8
17.7
12.1
13.8
20.8
6.0
4.1
4.6
6.9
1984- P
171.1
132.0
73.0
59.0
5.9
141.2
30.0
9.8
1983
1982- I
II
ni
IV
1983: I
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
Income in current dollars divided by the consumer price index (Department of Labor).
NOTE.—Series beginning 1980 are as revised in July issue of Economic Indicators.
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the second quarter, according to preliminary estimates, corporate profits before tax rose $3.4 billion (annual
rate) and after-tax profits rose $2.3 billion.
BILLIONS OF DOLLARS
320
BILLIONS OF DOLLARS
320
280
240
120
80
40
40 -
1983
1976
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment *
Profits after tax
Domestic industries
Period
Nonfinancial
Total 2
Total
Financial
Total 3
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982..
1983.....
1982- I
n.
m
IV
1983: I
n
III
IV
1984: I
n*
94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
161.3
160.9
158.8
143.2
157.3
186.1
208.1
216.3
229.8
239.3
1
See p. 4
2
Includes
3
85.3
92.0
80.4
107.6
137.4
163.4
185.4
179.0
161.9
173.2
133.6
167.2
139.8
138.6
136.5
119.7
134.9
162.4
180.6
190.8
204.1
213.2
15.3
15.9
15.0
11.8
17.1
23.1
31.0
30.3
26.9
19.5
19.6
29.6
13.6
19.0
21.0
24.9
28.4
32.0
29.5
28.5
28.7
30.2
70.0
76.0
65.4
95.8
120.3
140.3
154.4
148.6
134.9
153.7
114.0
137.6
126.2
119.6
115.5
94.8
106.5
130.4
151.1
162.3
175.4
183.0
for profits with inventory valuation and capital consumption adjustments.
rest of the world, not shown separately.
Includes industries not shown separately.
8
Manufacturing
40.7
45.5
39.0
52.6
69.2
78.3
86.9
85.6
72.9
84.9
54.5
65.2
58.0
57.4
60.4
42.4
44.9
59.3
73.8
82.9
89.8
Profits
before tax
Tax
liability
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
167.6
169.8
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.7
41.6
49.0
51.6
50.6
63.8
72.7
83.2
87.6
84.8
81.1
60.7
75.8
62.9
62.9
61.9
55.0
59.1
74.8
84.7
84.5
92.7
93.8
Wholesale and
retail
trade
13.4
13.9
12.5
21.3
22.4
26.6
26.9
27.1
23.6
31.8
25.9
33.4
30.2
25.3
24.0
24.1
25.3
33.0
35.9
39.5
40.6
Total
58.9
76.6
85.1
81.5
102.5
122.0
145.9
165.1
149.8
140.0
104.8
127.4
104.7
106.9
107.0
100.8
102.6
123.4
142.6
141.1
150.6
152.9
Dividends
Undistributed
profits
24.4
27.0
29.9
30.8
37.4
40.8
47.0
52.7
58.6
66.5
69.2
72.9
69.2
68.6
69.0
70.2
71.1
71.7
73.3
75.4
77.7
79.9
34.5
49.6
55.2
50.7
65.1
81.2
98.9
112.4
91.2
73.5
35.6
54.5
35.5
38.2
38.1
30.6
31.4
51.7
69.3
65.6
72.9
73.0
NOTE.—Series beginning 1981 are as revised in July issue of Economic Indicators.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-6.6
200
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
63
-8.9
-10.1
-12.6
-4.3
12 1
-19.3
-9.2
13 5
r
-7.4
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter, business fixed investment rose $23.3 billion (annual rate)
and residential investment outlays rose $4.5 billion. There was a $48.5 billion increase in inventories following an
increase of $73.8 billion in the first quarter.
BULKDNS OF DOLLARS
700
BILLIONS OF DOL LARS
700
SEASONALLY ADJUSTED ANNUAL RATES
600
600
—
,
500
__
__ _
_ /^nocc DDIV
,*fcfc
GRO55 PRIV ME DOMESTIC
INVEJ5TMENT
f
—
N A
^>^-i
y/* N ONRES1DENTI/a
400
^
FU<ED INVESTMEI MT
<S
/
400
~~'
"^- —
x^l
300
500
—
300
„.*--
'
—
200
200
RES DENTIAL
FIXED 1 MVESTMENT
-I
_
*"'*••••»,,
100
^
.-«-'
•
CHANGE IN BUSINESS
INVErSTORIES
/
.
.
.
. "^^
«^
0
\
V*
\*-~*""%
A, _
-.''
100
0
V*
1
-100
I 1
1976
i
1
1
1977
1
i
1
1978
1
1
1
1 1 !
1979
l l l
1980
1
1
\
1
1982
1981
\
\
1
1983
s OURCE: DEPARTMENT OF COMMERCE
i
I
-100
1984
COUNCIL OF E CONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
private
domestic
investment
Total
Structures
Producers'
durable
equipment
Change in business
inventories
Residential fixed investment
Nonresidential fixed investment
Total
Nonfarm
structures
Farm
structures
Producers'
durable
equipment
Total
Nonfarm
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981 ....
1982
1983
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
121.0
143.3
156.6
157.7
174.1
205.2
248.9
290.2
308.8
353.9
349.6
352.9
44.1
51.0
55.9
55.4
58.8
64.4
78.7
98.3
110.9
135.3
142.1
129.7
76.9
92.3
100.7
102.3
115.3
140.8
170.2
191.9
197.9
218.6
207.5
223.2
63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
102.9
104.3
91.4
132.2
61.5
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.1
99.8
86.6
127.6
0.7
.7
1.3
1.0
1.1
1.5
1.7
1.7
1.8
1.3
1.5
1.0
1.5
1.7
1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.3
3.6
10.2
18.5
14.1
-6.9
11.8
23.0
26.5
14.3
-9.8
26.0
26.1
-13.5
9.6
15.2
16.0
-10.5
13.9
21.9
25.4
8.6
1982- I
436.2
431.2
415.9
376.2
365.7
351.2
342.2
339.3
148.8
142.7
138.4
138.4
216.9
208.5
203.8
201.0
87.5
90.9
89.0
97.9
83.4
85.9
84.5
92.5
1.0
1.7
1.3
2.1
3.2
3.3
3.3
3.3
170
-10.9
-15.3
-61.1
209
-9.5
-11.1
-54.3
405.0
449.6
491.9
540.0
334.6
339.3
353.9
383.9
130.4
125.6
126.2
136.6
204.2
213.6
227.8
247.3
113.3
129.8
142.3
143.4
108.9
125.3
137.7
138.7
1.0
.9
.9
.9
3.4
3.5
3.7
3.8
-42.9
-19.4
4.3
12.7
-32.6
-5.4
11.6
14.1
623.8
626.4
398.8
422.1
142.2
151.2
256.7
271.0
151.2
155.7
146.4
150.6
.9
1.1
3.9
4.0
73.8
48.5
60.6
44.7
n
m
IV
1983: I
n
TIT
IV
1984- I . r.
n.
NOTE. — Series beginning 1981 are as revised in July issue of Economic Indicators.
Source: Department of Commerce, Bureau of Economic Analysis.
18.2
-24.0
-3.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May survey, business spending for new plant and equipment for the
year 1984 is expected to be 14.8 percent above the 1983 level; spending for 1983 was 4.8 percent below the
1982 level.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
300
\
200
200
NONMANUFACTURING
(Surveyed Quarterly)
\
.MANUFACTURING
100
100
80
80
60
60
40
40
I
I I
1976
1977
1978
1980
1979
1982
1981
1984
1983
_!/ SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
Period
All
industries
1976 .
1977
1978
1979
1980
1981
1982
1983
1984 4
1982: m...
IV...
1983: I
n
m...
IV...
1984: I 4
n 4..
m 4.
IV .
Total
Durable
goods
150.91
174.68
203.54
240.22
264.44
289.37
282.71
269.22
308.98
59.95
69.22
79.72
98.68
115.81
126.79
119.68
111.53
128.76
28.47
34.04
40.43
51.07
58.91
61.84
56.44
51.78
61.40
279.61
269.80
118.26
110.23
56.61
50.51
261.71
261.16
270.05
283.96
109.86
108.79
111.12
116.36
50.74
48.48
53.06
54.85
293.15
303.79
314.52
324.45
122.78
126.00
130.41
135.86
58.94
58.28
63.39
65.00
Addenda
Nonmanufaeturing
Manufacturing
Nondurable
goods
31.47
35.18
39.29
47.61
56.90
64.95
63.23
59.75
67.36
61.65
59.72
59.12
60.31
58.06
61.50
63.84
67.72
67.02
70.86
Total !
Mining
Com-
Public
utilities
mercial
and
other *
90.96
105.46
123.82
141.54
148.63
162.58
163.03
157.69
180.22
161.36
159.58
151.85
152.38
158.93
167.60
170.37
177.79
184.11
188.59
7.44
9.24
10.21
11.38
13.51
16.86
15.45
11.83
13.97
14.57
13.41
12.03
10.91
11.93
12.43
13.95
13.32
14.14
14.47
1
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
Transportation
8.89
9.40
10.68
12.35
12.09
12.05
11.95
11.20
11.97
11.29
12.33
11.04
10.88
11.00
11.86
11.46
12.13
12.32
11.96
Nonmanufaeturing
Total
non-
farm
busi-2
ness
Manufacturing
171.45
198.08
231.24
270.46
295.63
321.49
316.43
302.50
59.95
69.22
79.72
98.68
115.81
126.79
119.68
111.53
128 76
Total
Sur-
Sur-
veyed
quarter-
veyed
annual-
iy
22.37
26.79
29.95
33.96
35.44
38.40
41.95
42.00
44.98
52.27
60.03
72.99
83.85
87.59
95.27
93.68
92.67
109.30
43.02
43.00
92.48
90.83
118.26
11023
161.36
159.58
41.61
41.48
42.22
42.69
43.62
44.43
45.13
46.74
87.17
89.10
93.79
100.62
101.35
107.92
112.52
115.42
109.86
108.79
111.12
116.36
151.85
152.38
158.93
167.60
122.78
126.00
130.41
135.86
170.37
177.79
184.11
188.59
111.50
128.87
151.52
171.77
179.81
194.70
196.75
190.97
90.96
105.46
123.82
141.54
148.63
162.58
163.03
157.69
18022
Iy3
20.54
23.40
27.70
30.24
31.18
32.12
33.72
33.28
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in late April and May 1984, corrected for
biases.
NOTE.—For details about the reduced industry coverage of the plant and equipment survey, see
Survey of Current Business, January 1984.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment fell 353,000 in July and unemployment rose 413,000.
MILLIONS OF PERSONS*
116
MILLIONS OF PERSONS*
1984
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted]
Period
Noninstitutional
population
including
resident
Armed
Forces
NSA
163,541
166,460
169,349
171,775
173,939
175,891
175,970
176,122
176,297
176,474
176,636
176,809
177,219
177,363
177,510
177,662
177,813
177,974
178,138
1978
1979
1980
1981..
1982
1983
1983: July
Aug
Sept
Oct
Nov
Dee
1984: Jan
Feb
Mar
Apr
May
June
July
T K
f
including
Forces
NSA
Armed
Forces
1,631
1,597
1,604
1,645
1,668
1,676
1,664
1,682
1,695
1,695
1,685
1,688
1,686
1,684
1,686
1,693
1,690
1,690
1,698
106',559
108,544
110,315
111,872
113,226
113,489
113,799
113,924
113,561
113,720
113,824
113,901
114,377
114,598
114,938
115,493
115,567
115,636
103,882
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
<-\
OA
_
Total
Agricultural
Total
97,679
100^421
102,251
104^962
96,048
98',824
3,387
3^347
92,661
95,477
100,907
102,042
101^194
102,510
102,889
103,166
103,571
103,665
104,291
104,629
104,876
105,576
105,826
106,095
106,978
107,438
107,093
106,940
108,670
110^204
111,550
111,825
112,117
112,229
111,866
112,035
112,136
112,215
112,693
112,912
113,245
113,803
113,877
113,938
99^303
100,397
99*526
100,834
101,225
101,484
101,876
101,970
102,606
102,941
103,190
103,892
104,140
104,402
105,288
105,748
105,395
3,364
3,368
3,401
3,383
3,499
3,449
3,308
3,240
3,257
3,356
3,271
3,395
3,281
3,393
3,389
3,403
3,345
95,938
97,030
96,125
97,450
97,726
98,035
98,568
98,730
99,349
99,585
99,918
100,496
100,859
101,009
101,899
102,344
102,050
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fullime work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
Unemployment
Civilian employment
Resident
Part-time
for
economic
reasons l
3,298
3,373
4,064
4,499
5,852
5,997
5,700
5,866
6,027
5,724
5,848
5,712
5,943
5,808
5,463
5,593
5,353
5,491
5,300
Total
6,202
6,137
7,637
8,273
10,678
10,717
10,600
10,633
10,353
9,896
9,429
9,195
9,026
8,801
8,772
8,843,
8,514
8,130
8,543
15
weeks
and
over
1,414
1,241
1,871
2,285
3,485
4,210
4,398
4,078
3,889
3,655
3,527
3,369
3,201
2,984
2,873
2,855
2,851
2,619
2,689
Labor force
participation
rate (percent)
Total 2
Civilian 3
63.5
64.0
64.1
64.2
64.3
64.4
64.5
64.6
64.6
64.3
64.4
64.4
64.3
64.5
64.6
64.7
65.0
64.9
64.9
63.2
63.7
63.8
63.9
64.0
64.0
64.2
64.3
64.3
64.0
64.0
64.0
63.9
64.1
64.2
64.4
64.6
64.6
64.6
3
Civilian labor force as percent of civilian noninstitutional population.
NOTE.—NSA indicates data are not seasonally adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force, ros
0.4
percentage
point
in July to 7.4
percent. The unemployment
rate
for all civilian
workers also rose
0.4
percentage point, to 7.5 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
BLACK
AND OTHER
/*"
15
*A"V
ALL CIVILIAN WORKERS
10
WHITE
1980
1981
1982
1984
1984
1983
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate, all
workers 1
1978
1979
1980
1981
1982
1983
1983: July..
Aug...
Sept ..
Oct....
Nov...
Dec ...
1984:
Jan...
Feb ...
Mar...
Apr ...
May...
June..
July ..
1
Both
sexes
Black and other
Experienced
wage and
salary
workers
Married
Women
men,
who
spouse
present
maintain
families
Men
20 years
and over
Women
20 years
4.3
4.2
5.9
6.3
8.8
8.9
6.0
5.7
6.4
6.8
8.3
8.1
16.4
16.1
17.8
19.6
23.2
22.4
5.2
5.1
6.3
6.7
8.6
8.4
11.9
11.3
13.1
14.2
17.3
17.8
12.8
12.3
14.3
15.6
18.9
19.5
5.6
5.5
6.9
7.3
9.3
9.2
2.8
2.8
4.2
4.3
6.5
6.5
8.5
8.3
9.2
10.4
11.7
12.2
6.9
7.3
9.6
9.5
and
16-19
over
years
White
Black
Total
6.0
6.1
5.8
7.0
7.5
9.5
9.5
5.8
7.1
7.6
9.7
9.6
9.3
9.3
9.1
8.7
8.3
8.1
9.5
9.5
9.2
8.8
8.4
8.2
8.8
8.7
8.6
8.2
7.8
7.4
7.9
8.0
7.8
7.5
7.2
7.1
22.7
22.8
21.8
21.6
20.2
20.1
8.2
8.2
8.0
7.7
7.3
7.1
17.9
17.9
17.3
16.7
16.1
16.3
19.6
19.8
18.9
18.3
17.7
17.8
9.1
9.1
8.8
8.5
8.1
7.9
6.2
6.3
6.1
5.7
5.5
5.2
11.8
11.8
12.0
11.4
10.5
10.9
7.9
7.7
7.7
7.7
7.4
7.0
7.4
8.0
7.8
7.8
7.8
7.5
7.1
7.5
7.3
7.0
6.8
6.9
6.5
6.3
6.5
7.1
6.9
6.9
7.0
6.8
6.4
6.9
19.4
19.3
19.9
19.4
19.0
17.6
18.3
6.9
6.7
6.7
6.7
6.4
6.1
6.4
15.6
14.9
15.1
15.1
14.2
13.4
15.1
16.7
16.2
16.6
16.8
15.8
15.0
16.9
7.6
7.4
7.2
7.3
6.9
6.6
7.1
5.0
4.9
4.7
4.7
4.5
4.5
4.6
10.7
11.0
11.0
10.5
9.8
9.6
9.6
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
By selected groups
By race
By sex and age
All
civilian
workers
Source: Department of Labor, Bureau of Labor Statistics.
Fulltime
workers
Parttime
workers
5.6
5.3
9.0
Labor
force
time lost
(percent) 2
8.8
8.8
9.4
6.5
6.3
7.9
8.5
10.5
10.4
11.0
10.9
9.4
9.3
9.1
8.7
8.2
8.0
10.2
10.2
10.1
10.0
10.7
10.7
10.5
10.0
9.8
9.8
9.7
9.4
7.8
7.5
7.5
7.6
7.2
6.7
7.2
9.2
9.3
9.2
9.1
9.3
9.2
8.9
8.8
8.9
8.5
8.3
8.7
10.3
9.6
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
(INSURANCE PROGRAMS
In July, the percentage of unemployed persons who had been out of work for 27 weeks and over fell, and the
percentages out of work for less than 5 weeks, for 5-14 weeks, and for 15-26 weeks rose. The mean duration of
unemployment fell while the median rose.
PER<CENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
PERCENT DISTRIBUTION*
60
j
K1 N
JOB LOSERS
50
3
40
40
30
30
-
«.
REENTRANTS
hM
20
20
~'\.
N EW ENTRAN •s
10
!£>»N*^
10
-
0
1980
•-^L"
r^- ^.^~
iiiiiliini
JOB LEAVER?
Illllllllll Illllllllll
1981
1980
1984
kIS-J~s^ sT^
1982
Illllllllll iiiiiliini
1983
1984
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE-. DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution l
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution *
State
programs
Number of
weeks
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
6,187
7,637
8,273
10,678
10,717
48.1
43.1
41.7
36.4
33.3
31.7
32.3
30.7
31.0
27.4
11.5
13.8
13.6
16.0
15.4
8.7
10.7
14.0
16.6
23.9
10.8
11.9
13.7
15.6
20.0
5.4
6.5
6.9
8.7
10.1
42.9
51.7
51.6
58.7
58.4
10,600
10,633
10,353
9,896
9,429
9,195
32.8
34.1
35.9
35.5
35.1
36.5
26.4
27.7
26.7
27.6
27.6
27.1
16.7
15.0
13.3
13.9
14.1
13.9
24.2
23.3
24.1
23.1
23.1
22.5
21.3
19.9
20.2
20.1
20.2
19.6
10.1
9.4
9.4
9.5
9.4
9.0
9,026
8,801
8,772
8,843
8,514
8,130
8,543
36.0
38.1
38.5
39.1
38.0
39.2
40.1
28.4
28.1
28.9
28.4
28.6
28.4
28.8
13.0
13.3
12.7
12.6
13.9
12.5
12.7
22.6
20.5
20.0
19.8
19.5
19.9
18.4
20.5
18.8
18.8
18.5
18.4
18.6
18.1
9.2
8.3
8.3
8.1
8.7
7.2
7.6
Job
leavers
Insured
unemployment,
all
regular
programs
(unadiusted)*
Special
unemployment
benefit
claims
(unadjusted) 3
Reentrants
New
entrants
Insured
unemployment
14.3
11.7
11.2
7.9
7.7
29.4
25.2
25.4
22.3
22.5
13.3
11.4
11.9
11.1
11.3
2,434
3,350
3,047
4,061
3,396
388
488
460
583
438
2,592
3,837
3,410
4,594
3,775
58.6
57.7
57.1
56.5
55.0
54.1
7.1
7.5
8.3
8.7
9.1
9.2
22.7
23.3
22.7
23.4
23.7
24.2
11.6
11.4
11.9
11.4
12.1
12.4
3,190
3,025
2,893
2,797
2,734
2,636
408
410
386
389
388
389
3,275
2,917
2,580
2,478
2,620
2,915
849
737
655
522
901
731
53.6
54.1
52.5
51.3
50.9
51.9
52.7
9.0
8.8
8.6
8.8
9.5
9.8
10.1
24.4
24.6
25.1
26.1
25.6
24.2
24.4
13.1
12.5
13.8
13.8
14.0
14.0
12.8
2,615
2,528
2,498
2,449
2,369
2,335
2,361
368
349
354
361
350
354
373
3,374
3,174
2,958
2,613
2,290
2,166
584
489
444
401
374
352
342
Job
losers
Initial
claims
Weekly average, thousands
1979
1980
1981
1982
1983
1983:
..
July
Aue
Sept
Get
Nov
~
Dec . ...
1984: Jan
Feb
Mar
Apr .. .
May
T ^
June
July
1
2
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.
3
Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 302,000 in July.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
22
90
20
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
18
70
16
SERVICE-PRODUCING
INDUSTRIES
60
14
22
20
50
, MANUFACTURING
18
mnliimliimhm
40
6
CONSTRUCTION
-GOODS-PRODUCING INDUSTRIES
30
iiintiin
iIlllllllU
1984
1980
1980
1981
1982
1983
1984
*SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT ©F LABOR
[Thousands of wage and salary workers; 1 seasonally adjusted]
Period
it
Totai
nonagricultural
employment
Goods-j reducing industries
Se rvice-produ<;ing industries
B4 lanufacturin S
Total
2
Construction
Total
Diii*«H1»
urauie
goods
Nondurable
goods
Total
8,231
Transportation
and
public
utilities
25,585
26,461
25,658
25,497
23,813
23,394
4,229
4,463
4,346
4,188
3,905
3,940
20,505
21,040
20,285
20,170
18,781
18,497
12,274
12,760
12,187
12,109
11,039
10,774
8,280
8,098
8,061
7,741
7,724
61,113
63,363
64,748
65,659
65,753
66,744
4,923
5,136
1980
1981
1982
1983
89,823
90,406
91,156
89,566
90,138
1983: July....
Aug....
Sept....
Oct
Nov....
Dec.....
90,274
89,918
91,018
91,345
91,688
92,026
23,414
23,532
23,669
23,895
24,058
24,198
3,947
3,985
4,019
4,044
4,073
4,086
18,521
18,597
18,698
18,886
19,018
19,143
10,781
10,846
10,923
11,071
11,170
11,266
7,740
7,751
7,775
7,815
7,848
7,877
1984: Jan
Feb
Mar
Apr
May r..
June r.
July P.
92,391
92,846
93,058
93,449
93,768
94,076
94,378
24,383
24,577
24,595
24,760
24,851
24,989
25,126
4,154
4,226
4,151
4,246
4,286
4,348
4,380
19,254
19,373
19,466
19,530
19,570
19,639
19,744
11,343
11,440
11,513
11,551
11,598
11,661
11,730
7,911
7,933
7,953
7,979
7,972
7,978
8,014
1978
1979
86,697
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
Wholesale
trade
-ttetail
i_ 3
trade
0
Finance,
insurance,
and real
estate
14,573
14,989
15,035
15,189
15,179
15,545
4,724
4,975
5,146
5,165
5,082
4,958
5,204
5,275
5,358
5,278
5,259
66,860
66,386
67,349
67,450
67,630
67,828
5,001
4,369
5,046
5,053
5,043
5,055
5,256
5,277
5,301
5,322
5,344
5,371
68,008
68,269
68,463
68,689
68,917
69,087
69,252
5,095
5,105
5,112
5,129
5,144
5,151
5,179
5,406
5,438
5,457
5,473
5,492
5,501
5,511
4,969
Government
Services
Total
Federal
5,160
5,298
5,341
5,467
16,252
17,112
17,890
18,619
19,036
19,665
15,947
16,241
16,031
15,837
15,851
2,753
2,773
2,866
2,772
2,739
2,752
15,580
15,626
15,671
15,737
15,805
15,857
5,478
5,498
5,503
5,512
5,530
5,546
19,723
19,808
19,893
19,962
20,034
20,130
15,822
15,808
15,935
15,864
15,874
15,869
2,744
2,747
2,774
2,760
2,759
2,762
15,914
15,980
16,030
16,095
16,166
16,234
16,264
5,573
5,593
5,613
5,640
5,662
5,676
5,677
20,162
20,278
20,378
20,449
20,549
20,652
20,692
15,858
15,875
15,873
15,903
15,904
15,873
15,931
2,760
2,763
2,770
2,771
2,767
2,765
2,767
15,672
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 employing 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 gross hourly
earnings
Average weekly
hours
Period
1975
1976
1977.
1978
1979
1980
1981.
1982
1983
1983: July
AufiT
Sept
Oct
Nov
Dec
1984- Jan .
Feb
Mar
Apr
Mayr.
June pr.
July .. .
Manufacturing
Total
private
nonagricultural l
Total
Overtime
39.5
40.1
40.3
40.4
40.2
39.7
39.8
38.9
40.1
40.2
40.3
40.7
40.6
40.6
40.6
40.9
40.9
40.7
41.1
40.6
40.5
40.6
36.1
36.1
36.0
35.8
35.7
35.3
35.2
34.8
35.0
35.0
35.0
35.2
35.2
35.2
35.2
35.4
35.3
35.3
35.4
35.3
35.3
35.3
Total
private
nonagricultural *
2.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3.0
3.0
3.0
3.2
3.3
3.3
3.4
3.5
3.5
3.5
3.7
3.3
3.3
3.4
Manufacturing
$4.83
5.22
5.68
6.17
6.70
7.27
7.99
8.49
8.83
8.83
8.84
8.88
8.93
8.97
8.99
9.03
9.06
9.09
9.11
9.12
9.15
9.16
$4.53
4.86
5.25
5.69
6.16
6.66
7.25
7.68
8.02
8.04
8.00
8.09
8.13
8.14
8.17
8.21
8.23
8.25
8.31
8.29
8.33
8.37
Adjusted hourly earnings index — total private
nonagricultural 2
Percent change from a year
earlier 4 5
Index,
1977 = 100
Current
dollars
Current
dollars
1977
dollars 3
86.7
92.9
100.0
108.2
116.8
127.3
138.9
148.5
155.3
155.6
155.4
156.2
157.1
157.2
157.8
158.4
158.5
159.1
159.9
159.6
160.3
161.1
8.4
7.2
7.6
8.2
7.9
9.0
9.1
6.9
4.6
4.4
3.7
4.0
4.1
3.9
3.7
3.6
3.2
3.5
3.7
3.2
3.4
3.5
97.6
99.0
100.0
100.5
97.4
93.5
92.6
93.4
94.8
94.9
94.4
94.5
94.7
94.6
94.9
94.8
94.8
95.1
95.4
94.9
95.2
95.3
1977 dollars
-0.7
1.4
1.0
.5
-3.1
40
-1.0
.9
1.5
2.2
1.2
1.2
1.4
1.0
.4
-.0
-.6
.0
.6
.1
.3
.4
AVERAGE WEEKLY EARNINGS
PRIVATE NONAORICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private nonagricultural
Average gross weekly earnings
Period
Total private
nonagricultural 1
Current dollars
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983: July
AufiT
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr r
May
June pr.
July
$163.53
175.45
189.00
203.70
219.91
235.10
255.20
267.26
280.70
281.40
280.00
284.77
286.18
286.53
287.58
290.63
290.52
291.23
294.17
292.64
294.05
295.46
Manufacturing
$184.16
186.85
189.00
189.31
183.41
172.74
170.13
168.09
171.37
171.69
170.01
172.27
172.61
172.40
172.93
173.93
173.65
174.08
175.52
173.98
174.61
174.83
$190.79
209.32
228.90
249.27
269.34
288.62
318.00
330.26
354.08
354.97
356.25
361.42
362.56
364.18
364.99
369.33
370.55
369.96
374.42
370.27
370.58
371.90
4
5
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.
1977 dollars
Current dollars
1
Retail trade
Current dollars
1977 dollars 3
2
3
Construction
5
$266.08
283.73
295.65
318.69
342.99
367.78
399.26
426.82
443.42
440.38
443.50
448.13
440.59
441.41
441.32
451.27
456.49
442.89
453.53
455.04
458.66
452.70
$108.86
114.60
121.66
130.20
138.62
147.38
158.03
163.85
171.05
171.35
171.95
172.54
174.00
174.60
176.65
175.78
175.20
176.69
176.70
176.69
177.58
176.70
5.7
7.3
7.7
7.8
8.0
6.9
8.5
4.7
5.0
4.6
3.5
6.0
6.4
5.6
5.7
5.5
6.3
5.4
6.2
4.7
4.9
5.3
-3.1
1.5
1.2
.2
-3.1
-5.8
-1.5
12
2.0
2.4
1.1
3.2
3.7
2.6
2.4
1.8
2.5
1.8
3.0
1.5
1.8
2.1
Monthly changes based on indexes to two decimal places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
allpe rsons
Period
Business
sector
Nonfarm
business
sector
Outp ut
Business
sector
Hours of all
perse>ns 2
*
Nonfarm
business
sector
Business
sector
Compensation per
houir 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
19Pf7 = 100;( [uarterly < ata
Business
sector
Nonfarm
business
sector
Implicit price
defla tor 5
Unit labor
Real com pensation
per h our 4
CO
st
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
seasortally adjus ted
93.0
95.3
92.9
78.4
80.7
86.1
91.7
89.9
78.0
80.3
85.8
91.7
89.8
90.9
90.4
93.2
96.8
97.2
89.8
89.4
92.2
96.2
96.6
58.2
62.0
66.1
71.4
78.1
58.7
62.5
66.7
71.8
78.5
90.8
92.8
95.7
97.3
95.9
91.5
93.6
96.6
97.9
96.5
67.5
69.5
71.5
75.3
84.4
67.6
69.7
71.7
75.3
84.5
66.0
69.0
71.3
75.3
82.4
66.3
69.3
71.3
74.0
81.6
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
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
90.0
94.6
100.0
107.1
116.5
98.8
100.7
100.9
103.7
98.3
99.8
100.0
103.4
106.5
109.2
106.3
111.0
106.5
108.7
105.9
111.2
107.8
108.4
105.4
107.1
108.3
109.0
106.0
107.5
131.1
143.4
155.0
161.7
130.6
143.1
154.5
162.0
96.4
95.5
97.3
98.4
96.0
95.3
97.0
98.6
132.6
142.4
153.6
156.0
132.8
143.5
154.5
156.6
128.1
140.4
147.9
152.4
128.1
140.6
148.6
153.4
100.9
100.3
100.9
101.6
99.8
99.4
100.3
100.5
107.1
106.4
106.1
105.8
106.4
106.0
106.0
105.2
106.1
106.1
105.1
104.1
106.7
106.7
105.7
104.7
151.4
153.9
156.7
158.4
151.0
153.2
156.0
157.9
96.9
97.2
97.3
98.0
96.7
96.8
96.9
97.7
150.0
153.4
155.3
155.9
151.4
154.2
155.6
157.1
145.9
147.9
148.7
149.3
146.5
148.6
149.3
150.2
102.2
103.6
104.3
104.7
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
98.0
98.4
99.0
98.8
98.3
98.2
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
1984: I r
105.7
106.8
105.2
106.4
117.8
120.7
118.0
120.8
111.4
113.0
112.3
113.6
166.7
167.5
166.5
168.0
98.6
98.2
98.5
98.5
157.7
156.9
158.3
158.0
155.6
156.7
156.3
157.2
1970
1971
1972
1973
1974
0.8
3.6
3.5
2.6
-2.4
0.3
3.3
3.7
2.4
-2.5
-0.8
3.0
6.6
6.6
-2.0
-1.0
2.9
6.9
6.8
-2.0
-1.6
-.5
3.0
3.9
.4
-1.3
-.4
3.1
4.3
.5
7.3
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
1.3
2.2
3.1
1.6
-1.4
1.0
2.2
3.3
1.3
-1.4
6.4
2.9
2.9
5.3
12.1
6.6
3.1
2.8
5.0
12.2
4.5
4.4
3.4
5.5
9.5
4.8
4.5
3.0
3.8
10.2
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
-.5
1.9
.2
2.7
-.7
1.5
.2
3.5
-1.2
2.5
-2.6
4.4
-1.4
2.1
-2.6
5.0
7
.6
-2.8
1.7
-.6
.6
-2.8
1.5
10.4
9.4
8.1
4.3
10.3
9.6
8.0
4.9
2.7
-.9
1.9
1.1
-2.8
-.7
1.7
1.6
11.0
7.3
7.9
1.6
11.1
8.0
7.7
1.4
9.3
9.6
5.3
3.0
10.0
9.8
5.7
3.2
2.5
-2.3
2.4
2.7
2.5
-1.6
3.6
1.1
-3.6
-2.6
-1.3
-1.2
-3.8
-1.4
-.1
-3.0
-5.9
-.3
-3.6
-3.8
-6.1
.2
-3.6
-4.0
10.7
6.8
7.5
4.5
10.5
5.9
7.5
5.1
6.7
1.3
.3
2.9
6.5
.4
.3
3.5
8.0
9.4
5.0
1.7
7.9
7.6
3.7
4.0
3.7
5.4
2.3
1.8
3.8
5.7
2.0
2.4
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
4.1
-2.1
-2.1
1.6
5.4
-.8
-1.9
-.3
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
4.0
4.0
2.9
4.7
11.4
10.1
10.3
9.6
7.2
5.8
7.2
4.7
6.2
1.9
6.1
3.7
1.2
-1.7
1.0
0
2.1
-2.0
3.1
-.9
3.7
2.7
2.8
2.5
1970
1971
1972
1973
1974
89.3
92.4
94.8
92.5
1975
1976
1977
1978
1979
1980
1981
1982
1983
86.2
1982: I
n
ffl
IV
1983: I
n
ffl
IV
n.
86.8
89.7
Peircent
1982: I
n
m
IV
1983: I
n
ffl
IV
1984: I r
n
change; quarte rly data at seasonall y adjusted annual rates
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
* Hourly compensation divided by the consumer price index for all urban consumers.
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 0.9 percent in July following a similar increase in June. The index for July was 10.6
percent above its year earlier level.
INDEX, 1967 - 100* (RATIO SCALE)
INDEX, 1967 - 100* (RATIO SCALE)
180 —TOTAL INDUSTRIAL PRODUCTION
180 -UTILITIES AND MINI)MG PRODU crioK---^ "Vy^
160
160
/s/^r^^l
Kf
UTILITIES
/*-%-
140
140
— -x,,/
imilinn 11111 h i u i
1981
1980
Minium
Illllllilll
1983
1984
1982
../
\'*
100
r>N
180 ^.MANUFACTURING PRODUCTS
—
140
/
MININC > \
120
120
160
\l
.
'X\s --T — V
•\
NONDURABLE
i
r^»*-^-j ^
X
\/
' A
DURABLE
120
Illllllllll
Illilllllli
1980
1981
^
1980
PERCENT*
^***1r*"
S
_-^—V
11 III till 11
80
—
~\
\s
70
illllllllll
Illllllllll
Niiiliiin
1982
1983
1984
illllllllll
1984
1983
90 .MANUFACTURING CAPACITY UTILIZATION RATE
^-
/
lillilillll Illilllllli
1981
1982
\r^— /~
60 Illlll Mill Illllllllll
1980
1981
iniiliiiii
illllllllll lillilillll
1982
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1983
1984
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
industrial
production
Period
Index,
1967 = 100
1967 proportion . ...
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983:
July
AufiT
Sept
Oct
Nov. . .
Dec
1984: Jan
Feb
Mar r....
Apr r
May
June r
July*
1
Output as percent of capacity.
Manufacturing
Percent
change
from year
earlier
100.00
129.3
117.8
130.5
138.2
146.1
152.5
147.0
151.0
138.6
147.6
149.7
151.8
153.8
155.0
155.3
156.2
158.5
160.0
160.8
162.1
162.7
164.1
165.6
Capacity utilization
rate, percent (Federal
Reserve series) *
Industry production indexes, 1967 = 100
Mining
Total
Durable
87.95
-0.4
-8.9
10.8
5.9
5.7
4.4
-3.6
2.7
-8.2
6.5
7.9
9.7
12.0
14.2
15.1
15.5
15.4
15.9
14.9
13.7
12.7
12.1
10.6
129.4
116.3
130.3
138.4
146.8
153.6
146.7
150.4
137.6
148.2
150.6
152.8
155.1
156.2
156.4
156.8
159.5
161.4
162.1
163.4
164.2
165.3
166.9
51.98
125.7
109.3
122.3
130.0
139.7
146.4
136.7
140.5
124.7
134.5
136.8
138.8
141.6
142.8
143.6
145.0
148.6
150.5
151.4
152.6
153.4
154.4
156.7
Utilities
Nondurable
35.97
134.6
126.4
141.8
150.5
156.9
164.0
161.2
164.8
156.2
168.1
170.6
172.9
174.6
175.6
174.8
173.9
175.2
177.2
177.6
179.1
179.7
181.1
181.8
6.36
115.3
112.8
114.2
118.2
124.0
125.5
132.7
142.2
126.1
116.6
115.0
116.1
117.1
118.3
121.1
123.7
124.8
124.1
123.8
123.3
125.4
127.1
129.9
5.69
143.7
146.0
151.7
156.5
161.4
166.0
168.3
169.1
168.7
172.4
176.0
179.3
179.3
176.5
176.3
182.5
181.0
176.5
180.0
182.7
182.5
185.1
183.8
Manufacturing
Industrial
materials
83.7
72.9
79.6
82.2
84.7
86.0
79.6
79.4
71.1
75.2
76.4
77.3
78.4
78.9
78.8
78.9
80.1
80.9
81.0
81.5
81.6
82.0
82.6
87.0
73.3
81.1
82.6
85.6
87.6
80.4
80.7
70.1
75.2
76.5
77.4
78.6
79.5
79.6
79.6
80.6
81.9
82.2
82.5
82.6
83.1
83.9
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100; monthly data seasonally adjusted]
Products
Intermediate products
Final products
Period
Total
Durable
goods
Total
1967 proportion
47.82
2.7.68
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5
147.1
149.0
150.7
152.1
152.7
153.2
155.2
157.5
158.0
158.6
160.2
161.1
162.7
164.0
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
151.7
154.8
156.3
157.3
156.9
156.1
157.7
159.5
159.4
160.2
161.4
161.7
162.9
163.8
1983: July.
Auef
SeBt
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr r
May r
June r
July*
7.89
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.2
147.5
152.9
154.2
157.5
156.7
155.9
158.6
163.4
162.5
163.1
162.2
161.4
162.9
165.5
Materials
Equipment
Consumer goods
Nondurable
goods
19.79
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
153.4
155.6
157.1
157.2
157.1
156.1
157.3
157.9
158.2
159.1
161.1
161.8
162.9
163.1
Total
20.14
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
140.8
141.0
143.1
144.9
147.0
149.1
151.8
154.9
156.1
156.4
158.5
160.4
162.4
164.4
Business
12.63
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9
153.3
153.3
156.6
158.7
161.3
164.1
167.3
170.7
171.9
172.1
173.5
176.5
179.6
181.8
Defense
and space
equipment
7.51
82.4
80.0
79.8
81.3
86.5
93.4
98.2
102.7
109.4
119.9
120.4
120.2
121.8
122.9
124.0
125.7
128.3
129.5
130.1
133.2
133.2
133.4
135.1
Total
12.89
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
156.6
158.1
162.2
165.4
166.5
165.5
165.4
167.8
169.0
170.2
171.0
171.4
171.8
172.7
Construction
supplies
Business
supplies
6.42
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
142.5
145.8
149.0
151.4
152.3
151.6
151.5
155.5
156.6
159.1
159.6
159.5
159.2
159.8
6.47
136.0
129.7
141.7
149.5
156.5
163.1
162.8
166.7
162.1
170.7
170.4
175.3
179.3
180.6
179.4
179.3
180.1
181.3
181.3
182.3
183.1
184.3
39.29
132.4
115.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7
145.2
147.8
149.7
152.2
154.0
154.5
154.5
156.6
159.4
160.4
161.5
161.9
163.3
165.1
Supplementary
group:
Energy
total
12.23
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
135.9
138.5
139.4
139.1
137.7
138.5
141.1
141.6
141.4
141.9
142.8
143.5
144.9
144.4
[1967 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
1967 proportion
1974
1975.. ..
1976
1977
1978
1979
1980
1981
1982
1983
1983: July
AufiT . .
Sept
Oct
Nov
Dec
1984: Jan
Feb.
Mar
Apr r
May r
June r .. ..
July"
6.57
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
85.4
85.5
87.5
90.6
95.3
92.2
90.4
93.2
98.4
97.5
99.3
98.3
95.9
97.4
Iron and
steel
Fabricated metal
products
4.21
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
71.5
71.8
75.1
78.2
84.3
79.2
74.1
80.7
86.0
84.4
84.0
83.5
81.4
Source: Board of Governors of the Federal Keserve System.
18
5.93
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
120.2
122.7
126.0
127.4
126.9
128.5
129.2
131.7
132.8
134.9
135.5
136.5
137.2
138.5
Nonelectrical
machinery
9.15
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
150.6
154.2
157.3
158.3
159.2
161.8
164.3
169.5
170.9
171.9
174.9
178.8
182.2
183.0
Transportation
equipment
Electrical
machinery
Total
8.05
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
185.5
188.3
189.2
195.8
198.4
200.1
201.5
206.2
209.9
212.0
214.6
214.4
215.8
222.0
9.27
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
117.8
119.7
121.1
124.7
125.5
127.3
130.8
134.9
135.2
135.8
134.5
135.0
137.1
139.4
Motor
vehicles
and parts
4.50
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
137.1
142.3
144.3
150.9
150.9
152.9
158.9
166.3
164.4
165.8
161.9
163.0
165.0
167.5
Lumber
and
products
1.64
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
137.2
141.3
141.6
142.3
141.7
141.0
143.8
146.0
145.6
149.3
151.2
146.3
147.4
Apparel
products
3.31
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
Printing
and
publishing
Chemicals and
products
4.72
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
144.1
152.5
152.0
157.8
161.7
162.7
162.0
161.7
163.4
164.8
165.2
166.3
167.5
168.3
168.9
7.74
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
215.0
218.3
220.3
224.1
228.4
225.6
221.1
221.5
224.8
225.0
228.3
227.9
232.2
Foods
8.75
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
156.4
159.9
159.3
158.2
157.6
157.1
157.7
159.4
160.0
161.2
163.1
164.6
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 2
Private
Period
Total new
construction
expenditures
Eesidential
Total
Commercial
and industrial
New housing
units
Total *
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1976 .
1977...
1978
1979
1980
1981
1982
1983
151.1
173.8
205.6
230.4
230.7
239.1
230.1
262.2
112.0
135.7
159.7
181.6
175.7
185.8
179.1
211.4
60.5
81.0
93.4
99.0
87.3
86.6
74.8
111.7
19.9
22.5
29.6
39.9
43.8
51.3
54.6
48.7
47.3
65.7
75.8
78.6
63.1
62.7
51.9
86.1
31.5
32.2
36.7
42.7
44.7
47.9
49.7
51.0
79.0
100.0
114.0
122.0
107.0
110.0
112.0
138.0
39.1
38.2
45.9
48.8
55.0
53.3
51.0
50.8
Annual rates
Annual rates
1983- June
July.. ..
Aug
Sept
Oct
Nov
Dec.
1984: Jan.. ..
Feb
Mar
Arjr
May p
June p.
July
264.1
272.3
278.0
281.7
267.9
267.0
263.9
280.9
300.4
309.7
305.3
311.3
310.6
213.1
220.2
224.7
229.6
219.2
217.4
213.3
230.0
248.1
255.0
250.7
255.8
253.6
113.7
120.9
126.8
128.6
118.6
113.5
109.7
121.9
137.4
141.1
133.7
134.2
131.2
48.1
48.6
50.0
49.8
47.8
49.8
49.6
53.9
56.0
59.6
61.2
64.7
65.2
88.2
91.2
93.9
93.8
94.2
94.9
95.0
96.9
102.3
102.4
102.8
106.7
105.1
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
for floor space.
592
739
977
1,059
904
919
690
750
51.4
50.7
47.9
51.3
52.8
54.2
54.0
54.1
54.7
54.2
55.8
56.9
57.2
151
137
154
143
139
145
134
150
150
144
145
165
148
152
51.0
52.0
53.3
52.1
48.8
49.6
50.6
50.9
52.3
54.8
54.6
55.5
57.0
785
741
783
830
856
884
803
931
751
884
960
1,013
888
957
NOTE.—Series on new construction expenditures beginning 1981 are as revised in July issue of
.Economic Indicators.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1976
1977
1978
1979
1980
1981
1982
1983
.
1,537.5
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1 unit
1,162.4
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
2-4 units
85.9
121.7
125.0
122.0
109.5
91.1
80.0
113.5
5 or more units
289.2
414.4
462.0
429.0
330.5
287.7
319.6
522.0
Units
authorized
1,296.2
1,690.0
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
Units
completed
Homes sold
Homes for
sale at end of
period *
1,377.2
,657.1
,867.5
,870.8
,501.6
,265.7
,005.5
,390.3
646
819
817
709
545
436
412
623
353
402
414
3
398
336
272
251
300
1,427
1,716
1,512
1,567
1,445
1,489
1,606
1,565
1,590
r
1,654
1,730
1,711
606
558
597
624
636
755
681
712
682
r
649
615
630
630
289
296
299
301
304
300
302
303
320
r
328
333
340
342
Vacancy rate
for rental
housing units
(percent) 2
5.6
5.2
5.0
5.4
5.4
5.0
5.3
5.7
Seasonally adjusted annual rates
1983:
July. .
Auer
Sept
Oct
Nov
Dec.. .
1984: Jan
Feb
Mar
Apr
May r
June r
July p
1
,793
,873
,679
,672
,730
1,694
1,980
2,262
1,662
2,015
1,794
1,886
1,761
,048
,124
,038
,017
,074
,021
1,301
1,463
1,071
1,196
1,131
1,092
982
127
109
115
96
130
133
114
148
137
169
116
109
132
618
640
526
559
526
540
565
651
454
650
547
685
647
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
2
1,752
1,671
1,540
1,650
1,649
1,602
1,799
1,902
1,727
1,758
1,745
1,768
1,565
5.8
5.5
5.6
5.5
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for
1973-77 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 0.3 percent in June and inventories rose $0.3 billion. According to advance
data, retail sales fell 0.9 percent in July following an increase of 0.5 percent in June.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
OUU
_
550
500
^^
450
r
—^—TT*^__^—
-i
/
1
MANlIFACTURING AND
TRAi ?E INVENTO RIES
—
400
IOU
150 —
140
_
130
120
^
110
-^^
INVENTORIES
KCIMIL
^-x*
—
<~ ^ '
f /-*
""
100
—
350
—
90
_
-r-
80
MA NUFACTURir4G
AND TRADE SAi.ES
300
—
SALEJ
_
70 —
-
250
fDETAIL
**'*
—
60
50 -.
200
Illllllllll
1980
1981
Illllllllll Illllllllll Illllllllll
1984
1983
1982
RATIC>* INVENT*DRY-SALES RATIO
_
150
—
1.80
AAJKNUFACTURIN^
1.60
AND TRADE
^-V-—%
1.40
iiiiiliiiii
100
Illllllllll Illllllllll Illllllllll Illllllllll
T980
1982
1981
1.20
^ »7 v
"
l"
Illllllllllllllllllllll
1980
1984
1983
i 1981
RETAIL ^^^/^
_
Illllllllll Illllllilllflllllllilll
1982
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade 1
1983
I 1984
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Inventory-sales ratio 4
Retail
Inventories 3
Sales 2
Period
2
Inventories3
Nondurable goods
stores
Manufacturing
and
trade *
37,841
43,135
49,858
53,413
53,952
58,559
56,748
63,447
41,432
46,395
52,646
57,179
61,598
67,151
68,636
72,396
1.48
1.46
1.44
1.43
1.45
1.43
1.50
1.37
1.38
1.40
1.43
1.44
1.41
1.39
1.39
1.33
129,782
129,556
130,983
132,142
132,777
134,622
135,843
59,120
58,614
59,400
60,627
61,048
62,441
63,447
70,662
70,942
71,583
71,515
71,729
72,181
72,396
1.36
1.35
1.35
1.34
1.33
1.32
1.30
1.32
1.31
1.33
1.33
1.32
1.32
1.33
137,977
142,731
143,910
146,883
146,951
145,265
63,749
66,513
66,946
69,010
68,277
66,838
74,228
76,218
76,964
77,873
78,674
78,427
1.29
1.32
1.33
1.33
1.32
1.32
1.29
1.35
1.39
1.37
1.36
1.34
Sales 2
Inventories3
Sales
204,277
229,624
260,263
297,565
327,113
355,762
343,504
367,096
318,544
351,055
398,457
449,542
491,431
523,623
505,546
514,336
50,694
55,987
66,117
78,680
92,658
100,673
94,765
98,649
64,078
72,311
85,568
98,008
111,792
115,854
115,563
118,067
54,781
60,435
67,242
74,948
80,064
86,960
89,547
97,831
18,150
20,724
23,211
25,179
24,365
26,306
27,041
32,095
36,631
39,711
44,031
49,770
55,699
60,654
62,506
65,735
79,273
89,530
102,504
110,592
115,550
125,710
125,384
135,843
1983: June
July
AUE
Sept
Oct
Nov
Dec .. .
368,971
370,181
373,283
379,229
382,457
386,564
395,682
500,615
501,379
504,284
506,984
509,171
511,453
514,336
98,577
99,941
100,894
102,171
104,210
103,793
106,892
113,172
114,124
114,227
115,674
116,825
116,958
118,067
98,638
98,832
98,277
99,537
100,923
101,896
102,438
32,790
32,597
31,951
32,905
33,882
34,641
35,532
65,848
66,235
66,326
66,632
67,041
67,255
66,906
1984:
401,133
398,815
401,905
405,880
412,725
413,774
518,062
527,216
532,766
541,060
545,912
546,229
110,125
108,328
109,553
111,043
115,112
114,591
119,201
120,411
121,477
123,785
124,368
123,483
106,602
105,482
103,873
107,505
108,237
r
!08,782
107,807
37,127
36,909
35,306
37,436
37,912
r
38,359
37,814
69,475
68,573
68,567
70,069
70,325
r
70,423
69,993
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Retail
Millions of dollars, seasonally adjusted
1976
1977
1978...
1979
1980...
1981
1982
1983...
\ *
1
2
3
Jan
Feb
Mar
Apr
May r
June p
July ".
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
4
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' inventories and orders rose while shipments fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
oou
320 - INVENTC\DipC
280
~~
'— "~
1
240 ^
~ TOTAL
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200 - SHIPMENTS
n^n
160
TOTAL
120
DURABLE GOODS
100
200
^.•—•»—•'
.....— --*""*
160
r*^—
*•••
-•-
"-7- ^
DlJRABLE GOC>DS
80
NONDURABLE GOODS
60
120
100
^^^~ «• «• •
KJ/"NK
80
40
••V^nC
60
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200 - NEW ORDERS
40
160
TOTAL
120
»^**
I DURABLE
7~-i
G<
-DURABLE GOODS—
Iliillillil iilllliliii iiiilliiiii i i l i i l l i i i i Iiiilliiiii
RATIO*
2.2
INVENTORY-SHIPMENTS RATIO
2.0
100
1.8
80
NONDURABLE GOODS
1.6
60
1.4
401 i 1 i i i I i i I i 1
1.2
1981
1980
1982
1984
1983
Iiiilliiiii
1980
1981
1982
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1983
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments 1
Manufacturers' inventories
Manufacturers' new orders 1
2
Durable goods
Period
Total
Durable
goods
1984
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventoryshipments
ratio 4
Millions of dollars, seasonally adjusted
1976
1977
1978
1979
1980
1981
1982
1983
1983: June
July
AufiT
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
ATM*
May r
June .
July"
.
98,802
113,202
126,905
143,936
154,391
168,129
159,193
170,617
171,756
171,408
174,112
177,521
177,324
180,875
186,352
50,689
59,267
67,848
76,060
77,550
83,872
76,859
85,126
85,594
85,076
86,730
88,963
89,181
92,311
96,351
48,113
53,935
59,057
67,876
76,841
84,257
82,334
85,491
86,162
86,332
87,382
88,558
88,143
88,564
90,001
175,193
189,214
210,385
240,942
264,089
282,059
264,599
260,426
257,661
257,699
259,074
259,168
259,569
259,873
260,426
112,581
121,601
137,825
160,451
174,552
186,053
175,009
171,571
170,154
169,679
170,283
170,084
170,219
170,656
171,571
62,612
67,613
72,560
80,491
89,537
96,006
89,590
88,855
87,507
88,020
88,791
89,084
89,350
89,217
88,855
99,543
115,032
131,546
147,403
156,161
167,761
157,389
173,433
175,877
174,451
176,360
180,336
182,911
186,606
188,374
51,398
61,082
72,339
79,451
79,360
83,562
75,129
87,806
89,460
87,878
88,820
91,509
94,776
97,991
98,444
12,799
15,291
19,458
23,231
23,259
24,050
20,681
22,764
23,827
22,060
22,887
25,295
25,499
24,680
24,893
48,145
53,950
59,207
67,953
76,801
84,199
82,260
85,627
86,417
86,573
87,540
88,827
88,135
88,615
89,930
182,499
203,475
259,755
301,982
323,312
318,794
296,147
330,122
308,675
311,718
313,967
316,782
322,369
328,099
330,122
1.69
1.61
1.57
1.57
1.66
1.64
1.73
1.52
1.50
1.50
1.49
1.46
1.46
1.44
1.40
184,406
185,005
188,479
187,332
189,376
190,401
189,716
95,283
96,297
96,990
95,697
97,944
99,042
97,798
89,123
88,708
91,489
91,635
91,432
91,359
91,918
260,884
264,074
267,379
270,392
274,593
277,481
279,989
171,549
173,203
175,751
177,993
180,578
182,452
184,531
89,335
90,871
91,628
92,399
94,015
95,029
95,458
188,671
191,336
196,477
189,715
193,680
190,620
192,450
99,439
102,345
105,183
98,317
102,256
99,171
100,489
25,093
27,018
26,860
25,885
28,958
28,029
27,086
89,232
88,991
91,294
91,398
91,424
91,449
91,961
334,385
340,725
348,717
351,099
355,398
355,625
358,353
1.41
1.43
1.42
1.44
1.45
1.46
1.48
1
Monthly average for year and
2
Book value, end of period.
3
End of period.
total for month. Shipments are the same as sales.
4
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.
Source: Department of Commerce, Bureau of the Census.
PRICES
PRODUCER PRICES
In July, the producer price index for all finished goods rose 0.3 percent, seasonally adjusted. Prices of finished
consumer foods rose 1.4 percent and prices of other finished consumer goods fell 0.2 percent. Prices of capital
equipment rose 0.2 percent.
INDE X, 1967= 100 (RATIO SCALE)
320
FINISHED GOODS
SEASONALLY ADJUSTED
INDEX, 1967= 100 (RATIO S<:ALE)
320
CQNSUMER GOOD$
FXriUDINf* c/^/^rvr-
300
\
'"*^^'""*^Zz2 p^yr*s
280
•—
TOTAL FINISHED
GOODS
*
260
sJ
__
x x
'
-
280
«-.
260
:'^-\
f^-^
CAPITAL EQUIPMENT
240
—
»
220
0
-fi
CONSUMER F OODS
~"
240
£<?
—
220
sy
—.
200
200
—
—
,'-^
180
180
~*
"s::::y-
**•****'
—
160
140
300
160
Illllllllll Illllllllll
1976
Illllllllll
1977
iiiiiiiiin
iiiiiiiiin
1979
1980
1978
I l l l l l l l l l l Illllllllll Illllllllll
1983
1982
1981
SOURCE: DEPARTMENTr OF LABOR
Illllllllll
140
1984
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
Finished goods
Period
Finished goods excluding consumer foods
Total
finished
goods
Consumer
foods
Consumer goods
Total
1976
1977
1978
1979
1980
1981
1982
1983
Nondurable
Capital
equipment
Total
Durable
Total
finished
consumer
goods
Intermediate materials
Crude materials
Total
Foods
and
feeds l
Other
Total
Foodstuffs
and
feedstuffs
Other
170.6
181.7
195.9
217.7
247.0
269.8
280.7
285.2
180.4
189.9
207.2
226.2
239.5
253.6
259.3
261.8
166.1
177.7
190.7
213.3
247.8
273.3
285.8
290.8
162.6
174.3
186.7
211.5
250.8
276.5
287.8
291.4
144.5
152.8
166.9
183.2
206.2
218.6
226.7
233.1
174.8
189.3
200.0
231.3
283.9
319.6
333.6
335.3
173.4
184.6
199.2
216.5
239.8
264.3
279.4
287.2
169.7
180.7
194.9
217.9
248.9
271.3
281.0
284.6
189.1
201.5
215.6
242.2
280.3
306.0
310.4
312.3
185.3
190.5
203.1
226.1
252.6
250.3
239.4
247.9
189.4
202.3
216.5
244.4
282.3
310.1
315.7
317.1
202.7
209.2
234.4
274.3
304.6
329.0
319.5
323.6
190.2
192.1
216.2
247.9
259.2
257.4
247.8
252.2
228.5
245.0
272.3
330.0
401.0
482.3
473.9
477.4
Oct
Nov .
Dec
285.2
286.3
286.6
287.1
286.9
287.4
259.3
260.2
262.1
264.8
263.9
265.8
291.8
292.8
292.6
292.3
292.5
292.4
292.5
293.5
293.4
292.8
292.9
292.4
234.1
234.7
234.4
233.0
233.8
234.0
336.7
337.9
337.9
338.1
337.5
336.5
287.5
288.8
288.5
288.6
289.0
289.8
284.6
285.5
286.1
286.6
286.3
286.7
312.2
313.4
315.3
316.2
316.6
317.1
242.1
249.4
261.4
258.4
258.9
257.8
317.4
318.2
319.5
320.6
321.0
321.5
317.9
325.0
328.8
329.2
330.4
333.6
242.0
251.9
256.2
258.2
259.6
263.6
481.3
482.6
485.2
482.3
483.1
484.4
1984: Jan
Feb
Mar r
Apr
May.
June
July
289.1
290.2
291.4
291.6
291.5
291.4
292.2
272.8
274.5
276.4
275.1
271.9
270.3
274.1
292.3
293.1
294.0
294.8
295.7
296.2
295.9
292.0
292.7
293.6
294.1
295.2
295.8
295.2
234.0
235.2
237.3
237.2
236.8
237.2
237.3
335.7
336.1
336.0
337.0
339.3
339.9
338.8
290.5
291.7
292.5
293.8
294.4
294.5
295.2
288.7
289.8
291.0
290.9
290.6
290.4
291.3
317.0
317.6
319.3
319.3
320.2
321.6
321.0
261.1
256.5
259.8
260.3
259.6
257.3
253.0
321.2
322.2
323.8
323.8
324.8
326.5
326.1
336.0
330.9
337.1
337.5
334.3
331.1
331.3
269.4
261.1
271.5
269.0
261.7
255.7
256.8
479.9
481.4
479.0
485.4
490.8
493.3
491.8
1983:
July
Ausr
SeDt
1
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In July, the consumer price index for all urban consumers rose 0.3 percent seasonally adjusted (also 0.3 percent not
seasonally adjusted). The index was 4.1 percent above its level in July 1983.
INDEX, 1967= 100 (RATIO SCALE)
320
INDEX, 1967= 100 (RATIO SCALE)
320
UNADJUSTED
300
300
280
280
260
260
240
240
ALL ITEMS
220
220
200
200
180
180
160
160
INI
140
1976
140
1977
1979
1978
1980
1981
1984
1983
1982
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
Shelter
Period
All
items *
Food
Total l
Total
Benters' 2
costs
NSA
Rel. imp.5
1976
1977
1978
1979
1980
1981
1982
1983
1983: July
Aug
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
1
100.0
170.5
181.5
195.4
217.4
246.8
272.4
289.1
2984
299.3
300.3
301.8
302.6
303.1
303.5
305.2
306.6
307.3
308.8
309.7
310.7
311.7
18.7
180.8
192 2
211.4
2345
254.6
2746
285.7
291 7
291.2
291.7
292.3
293.5
294.1
295.4
300.2
302.2
301.8
301.7
300.9
301.3
302.2
37.6
174.6
1865
202.8
227 6
263.3
293 5
314.7
323 1
323.2
324.1
325.3
326.0
327.4
328.1
329.6
331.1
331.2
333.3
334.1
334.9
336.7
21.5
1790
191 1
2104
239 7
281.7
314 7
337.0
344 8
345.1
346.3
348.0
349.3
350.7
351.8
353.0
353.8
355.3
357.6
358.7
360.0
362.5
7.0
103 0
103.1
103.6
104.2
104.6
105.0
105.3
105.7
106.0
106.5
107.4
107.8
108.2
108.9
Homeowners'
costs 2
Maintenance
and
repairs
NSA
NSA
14.0
102 5
102.7
103.0
103.5
103.9
104.3
104.5
104.9
105.1
105.6
106.2
106.5
106.8
107.6
0.5
199 6
214 7
233 0
2564
285 7
3144
334 1
346 3
346.1
347.9
346.6
351.1
353.4
354.7
356.7
353.5
355.3
356.3
357.3
358.9
360.3
Includes items not shown separately,
December 1982=100.
Includes direct pricing of diesel and gasohol beginning September 1981.
* Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
8
Relative importance, December 1983.
2
3
Fuel
and
other
utilities
8.2
182 7
202 2
2160
239 3
2786
319 2
3508
370 3
370.7
371.9
372.9
372.2
374.4
373.8
378.2
384.8
380.9
383.9
384.6
385.4
388.6
Apparel and
upkeep
5.2
147 6
154 2
159 6
166 6
1784
1869
191 8
196 5
197.3
197.9
198.2
198.2
198.5
198.5
199.0
198.5
198.6
198.5
198.6
198.1
199.0
Total l
21.8
165 5
177 2
1855
212 0
249 7
2800
291 5
298 4
298.7
300.8
302.8
304.4
305.5
306.1
306.7
306.6
309.4
311.2
312.7
312.1
311.1
New
cars
Motor
fuel 3
3.5
5.9
135.7
142 9
153.8
177.9
188 2
196.3
2656
369.1
4109
389.4
3764
382.5
383.7
383.7
383.2
381.6
379.8
375.9
370.5
374.0
375.4
376.1
370.4
364.0
1660
179.3
1902
197.6
202 6
201.7
203.3
204.9
205.5
205.3
205.7
205.6
206.4
207.4
207.6
207.2
207.3
208.3
Medical
care
Iner4
6.1
184.7
2024
219.4
239 7
265.9
2945
328.7
357 3
358.5
360.3
361.7
362.9
364.7
366.0
368.6
371.5
373.5
375.3
377.3
379.0
381.1
189.3
207 3
220.4
2759
361.1
410.0
416.1
419 3
423.2
424.6
425.1
424.2
424.5
423.3
421.7
422.7
421.8
424.7
425.4
422.6
421.2
gy
11.9
All
items
less
food,
energy,
and
shelter
47.9
159.9
1695
179.1
1915
208.3
228 1
245.6
2584
258.4
259.7
260.9
262.2
263.5
264.2
265.8
266.7
267.8
269.1
270.0
270.7
271.6
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 homeownersbip 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]
Total
finished
goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Consumer goods
Consumer goods
Consumer goods
Period
Change from 6 months earlier, annual rate
Change from 3 months earlier, annual rate
Change from preceding period
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dee. to Dec., NSA
1975
1976
1977
1978
1979
1980
1981
1982
1983
,
6.7
6.0
6.7
8.5
17.5
14.2
8.5
4.2
-.8
5.5
-2.5
6.9
11.7
7.4
7.5
1.4
2.1
2.3
6.6
3.7
6.9
9.2
12.8
11.8
7.1
3.7
.6
10.8
4.4
6.5
7.8
11.1
13.5
9.2
4.0
1.6
8.2
6.4
7.3
7.9
8.8
11.4
9.2
3.9
1.9
Change, month to month
1983- July
Aug
Sent
Oct
Nov
Dec
0
.4
.1
.2
-.1
.2
05
.3
.7
1.0
-.3
.7
0.1
.3
-.0
-.2
.0
-.2
0.2
.5
-.1
.0
.1
.3
2.7
3.1
2.0
2.7
.8
1.1
-5.7
-2.7
2.5
8.8
5.8
5.8
6.8
5.6
1.8
.4
-.8
-1.4
2.3
3.2
2.1
1.5
.3
1.8
1.1
1.8
2.3
2.7
2.0
1.5
0.2
-.7
.8
1.3
1.5
4.1
1.1
2.5
3.1
3.6
2.4
.2
2.4
2.7
1.9
1.9
1.8
2.0
1.4
1.3
1.4
1.2
.7
.6
1984: Jan
Feb
Marr.
Apr1"
.6
.4
.4
.1
-.0
-.0
.3
2.6
.6
.7
-.5
-1.2
-.6
1.4
-.1
.2
.3
.2
.4
.2
-.2
.2
.4
.3
.4
.2
.0
.2
2.8
4.7
5.7
3.5
1.8
0
.8
12.6
17.1
16.9
3.4
-3.7
-8.5
-1.4
-1.1
-.3
1.7
2.9
3.5
3.0
1.5
2.7
3.8
3.8
4.6
3.8
2.8
1.9
2.8
2.7
3.4
3.2
3.2
2.8
2.2
10.7
11.3
11.2
7.9
6.2
3.4
1.0
-.3
-.5
.1
.9
1.6
2.3
2.2
2.1
2.0
2.8
3.6
3.8
3.3
3.3
2.0
2.3
2.8
2.9
2.6
2.2
2.4
Say.::::::;:
June r.
July
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]
Housing
Transportation
Shelter
Period
All
items l
Food
Total1
Total1
Homeowners'
costs
Renters'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total1
New
cars
Motor2
fuel
Medical
care
Energy 8
All
items
less
food,
energy,
and
shelter
NSA
Addendum: All items, percent change
(annual rate)
From
previous
quar-4
ter
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Change, December to December, NSA
1975
1976
1977
1978
1979
1980
1981
1982
1983 . .
7.0
4.8
6.8
9.0
13.3
12.4
8.9
3.9
3.8
6.5
.6
8.0
11.8
10.2
10.2
4.3
3.1
2.6
7.5
5.4
7.6
9.9
15.2
13.7
10.2
3.6
3.5
7.3
4.2
8.7
11.5
17.4
15.1
9.9
2.4
4.7
5.1
4.5"
11.2
9.0
8.1
5.9
16.0
13.6
14.5
9.7
1.8
2.3
4.5
4.2
3.2
5.5
6.8
3.6
1.6
2.9
9.8
8.8
4.3
7.7
18.2
14.7
11.0
1.7
3.9
7.3
4.8
7.2
6.2
7.4
7.5
6.8
1.6
3.4
11.0
2.6
4.9
8.5
52.2
18.9
9.4
-6.5
-1.7
9.9
10.1
8.8
8.8
10.1
10.0
12.5
11.0
6.4
11.6
6.9
7.2
8.0
37.4
18.1
11.9
1.3
-.5
6.4
7.0
5.2
6.5
7.2
9.9
9.4
6.1
5.0
9.1
5.8
6.5
7.7
11.3
13.5
10.4
6.1
3.2
Change, month to month
1983: July
Aug
Sept
Get
Nov
Dec
0.4
.4
.4
.4
.4
.2
-0.1
.2
.2
.4
.2
.4
0.4
.3
.4
.2
.4
.2
0.5
.3
.5
.4
.4
.3
0.6
.5
.6
.4
.4
.3
0.5
.3
.5
.4
.4
.2
0.4
.3
.3
2
.6
-.2
0.5
.3
.2
0
.2
0
0.5
.7
.7
.5
.4
.2
0.2
.8
.8
.3
-.1
.2
0.4
.3
0
-.1
-.4
-.5
0.6
.5
.4
.3
.5
.4
0.4
.3
.1
-.2
.1
-.3
0.5
.5
.5
.5
.5
.3
1984: Jan
Feb
Mar
Apr
"<*
June
July
.6
.4
.2
.5
.2
.2
.3
1.6
.7
— i
.5
.5
.0
.6
.2
.2
.5
.3
.2
.4
.6
.3
.4
.7
.4
.3
.5
.8
.4
.4
.6
.4
.2
.5
.6
.3
.3
.7
1.2
1.7
-1.0
.8
.2
.2
.8
.3
-.3
.1
— .1
.1
3
.5
.2
-.0
.9
.6
.5
2
-J
-.0
.4
.5
.1
-.2
.0
.5
-1.0
-1.4
.9
.4
.2
-1.5
-1.7
.7
.8
.5
.5
.5
.5
.6
4.
'.2
-.2
.7
.2
7
-.3
.6
.3
.4
.5
.3
.3
.3
~:o
-.3
.1
.3
1
Includes items not shown separately.
Includes direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
4
Changes are shown in the middle month of the quarter.
2
3
NOTE.—NSA indicates data are not seasonally adjusted.
24
4.1
4.5
5.0
3.7
4.1
3.8
4.5
4.6
4.6
4.0
3.4
4.3
5.0
4.4
4.2
4.3
2.4
2.6
2.9
2.9
3.2
3.8
5.0
5.0
5.0
4.3
3.6
3.3
2.6
4.8
4.8
4.5
4.6
4.3
4.1
3.4
4.1
4.6
4.7
4.5
4.2
4.2
4.1
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 0.7 percent in July and prices paid by farmers were unchanged.
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
160
160
140
140
120
120
PRICES RECEIVED
100
100
80
80
lllI
60
RATION
140
60
RATIO^
ill
80
60
60
1976
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
1976
1977
1978
1979
1980
1981
1982
1983
1983:
July
Aug
Sept
Oct
Nov
Dec
1984:
Jan
Feb
Mar
Anr
May
T
J
June
July
1
2
.
Livestock and
products
Crops
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
102
100
115
132
134
139
133
134
102
100
105
116
125
134
121
127
101
100
124
147
144
143
145
141
95
100
108
123
138
150
157
161
95
100
109
125
139
151
155
159
97
100
108
125
138
148
150
153
107
100
106
107
97
93
85
84
131
139
136
134
135
140
124
139
135
133
134
136
138
139
137
135
136
143
160
161
162
161
162
163
159
159
160
159
160
161
152
153
154
153
154
155
82
86
84
83
83
86
144
144
145
146
144
144
143
138
137
139
140
144
145
140
150
151
151
151
145
143
145
164
165
165
166
166
166
166
162
163
164
164
164
163
163
156
156
157
158
157
157
156
88
87
88
88
87
87
86
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates.
All commodities,
services,
interest, taxes,
and wage rates *
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.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml declined slightly in July and growth in the broader monetary aggregates was little changed.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800
2,400
2,000
300
300
1984
1976
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1983:
Dee ... .
Dec
Dec...
Dec
Dec....
Dec
Dec...
Dec
July
. J
Aug
Sept r
Oct r
Nov r
Dec r .
1984: Jan r
Feb r
Mar r .
Apr r .
May r.
June r
July"
Ml
M2
M3
L
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
310.4
335.4
363.1
389.1
414.9
441.9
480.5
525.3
514.9
517.4
518.9
521.6
523.0
525.3
530.0
532.9
535.1
535.3
541.0
546.2
545.6
1,163.6
1,286.7
1,389.1
1,498.5
1,632.6
1,796.6
1,965.3
2,196.2
2,126.6
2,135.3
2,147.9
2,167.2
2,182.1
2,196.2
2,206.8
2,222.5
2,229.9
2,242.8
2,258.6
2,271.7
2,281.2
1,311.9
1,472.9
1,647.1
1,804.8
1,989.8
2,236.7
2,460.3
2,707.8
2,604.0
2,617.2
2,636.7
2,656.4
2,686.9
2,707.8
2,721.2
2,744.1
2,765.3
2,790.0
2,816.0
2,837.8
2,858.8
1,516.6
1,704.7
1,910.6
2,117.1
2,326.0
2,598.4
2,868.7
3,178.0
3,059.7
3,075.1
3,097.9
3,114.0
3,144.8
3,178.0
3,196.9
3,226.8
3,268.8
3,295.3
3,327.2
3,369.1
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 now being seasonally adjusted as a whole to reduce
26
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
2,507.5
2,823.1
3,194.2
3,578.1
3,920.8
4,301.7
4,691.6
r
5,204.5
r
4,983.8
r
5,024.7
5,066.1
5,109.3
5,153.1
5,204.5
5,260.1
5,317.2
5,371.5
5,431.7
5,498.6
5,556.4
Percent change from year or 6
months earlier 2
Ml
6.6
8.1
8.3
7.2
6.6
6.5
8.7
9.3
12.7
11.0
9.3
9.7
6.6
5.7
V
6.0
6.1
6.3
5.3
7.0
8.1
6.0
M2
13.7
10.6
8.0
7.9
8.9
10.0
9.4
11.7
11.1
8.1
7.9
8.4
7.7
7.6
7.7
8.3
7.8
7.1
7.1
7.0
6.9
M3
11.9
12.3
11.8
9.6
10.3
12.4
10.0
10.1
9.4
8.1
8.4
8.5
9.2
9.1
9.2
9.9
10.0
10.3
9.8
9.8
10.4
Debt
10.7
12.6
13.1
12.0
9.6
9.7
9.1
10.9
11.2
11.7
11.7
11.7
11.6
11.4
11.4
12.0
12.4
13.0
13.9
14.0
distortions caused by substantial portfolio shifts arising from regulatory and financial changes in
recent years, especially shifts to MMDAs in 1983. A similar procedure is being used to seasonally
adjust the remaining nontransactions balances in M3.
See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Period
Demand
deposits
Currency
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(BPs),
net, plus
overnight
Eurodollars
NSA
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
Dec ....
Dec ....
Dec ....
Dec ....
Dec ....
Dec ....
Dec ....
Dec ....
1983:
July
AufiT
Sept
Oct
Nov
Dec
1984:
Jan
Peb
Mar
Apr r.
May r
June r
July*
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
80.5
88.5
97.4
106.3
116.7
124.0
134.1
148.0
224.4
239.6
253.8
261.9
266.5
236.2
239.7
243.7
2.7
4.2
8.5
17.1
27.6
77.4
102.4
128.8
10.6
14.7
20.3
21.2
28.3
35.9
44.1
56.2
2.4
2.4
6.4
33.4
61.6
150.6
185.2
138.2
0.6
.9
3.1
9.5
15.0
36.2
48.4
40.3
142.4
143.5
144.8
146.0
147.2
148.0
244.5
243.7
243.0
243.6
242.8
243.7
123.4
125.6
126.4
127.2
128.2
128.8
53.1
52.4
53.5
57.0
55.2
56.2
138.7
139.1
137.9
137.5
138.8
138.2
149.9
150.2
150.9
151.8
152.9
154.2
155.0
244.5
243.8
244.0
245.3
245.3
248.3
247.1
130.7
133.8
r
135.2
133.2
137.8
138.6
138.3
58.6
59.5
58.3
57.5
59.2
56.2
55.9
137.9
142.1
144.8
146.0
146.5
148.8
150.4
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 1
Large
denomination
time
deposits 1
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
43.0
376.0
452.8
491.3
480.8
423.1
401.4
345.7
362.1
312.9
391.0
446.0
521.9
635.8
731.4
827.3
856.9
793.1
118.1
145.1
195.2
222.1
258.5
301.6
327.9
325.9
14.1
19.4
27.0
30.1
34.7
37.0
40.2
56.0
38.6
38.4
38.8
39.8
40.6
40.3
370.5
368.6
369.5
370.5
372.9
376.0
320.7
319.3
317.9
317.1
315.4
312.9
737.0
749.0
759.0
773.0
785.5
793.1
304.2
308.6
313.2
315.6
320.8
325.9
44.3
46.9
48.0
47.3
53.4
56.0
40.6
41.6
41.8
41.8
42.0
42.3
42.6
380.3
386.0
392.5
396.4
394.6
392.9
388.9
309.9
306.6
305.5
305.5
305.5
305.2
303.3
797.0
800.9
803.4
808.3
816.7
829.1
845.6
333.4
340.3
348.3
355.9
367.6
379.0
389.1
53.3
54.5
55.9
59.8
61.6
59.8
59.7
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—See note p. 26.
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
14.8
20.2
31.8
44.7
50.3
67.5
81.7
93.4
71.8
76.4
80.3
79.5
72.3
67.7
67.9
71.0
70.4
78.4
82.0
108.6
133.8
149.9
187.8
223.3
10.8
14.1
22.0
27.1
32.0
39.8
43.9
43.4
51.7
62.9
79.2
97.0
98.1
104.2
108.8
132.4
92.1
91.9
90.7
r
86.8
91.7
93.4
70.1
70.3
70.5
70.7
70.8
71.0
219.6
222.9
221.6
218.5
217.2
223.3
41.6
43.6
43.8
42.8
43.0
43.4
124.4
121.0
125.3
125.7
126.9
132.4
r
71.2
71.7
72.2
72.5
72.8
73.0
226.6
231.8
245.8
241.8
240.0
252.1
42.8
41.7
42.6
43.3
45.4
47.1
r
90.5
90.6
94.2
93.8
93.9
89.7
88.9
r
r
r
135.0
137.4
143.0
147.7
152.9
159.1
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 installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Total
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
Automobile
Eevolving
Mobile
home
Other
Total
Automobile
Bevolving
Mobile
home
Other
Dec
Dec..
Dec
Dec
Dec
Dec
Dec
Dec
190,725
226,646
269,392
307,115
309,694
330,218
348,944
388,718
67,798
82,890
101,863
116,523
116,808
125,323
129,799
141,876
16,505
36,427
45,004
53,174
54,900
60,309
65,453
75,564
14,530
14,897
15,199
16,843
17,302
17,879
22,119
23,460
91,892
92,432
107,326
120,575
120,684
126,707
131,573
147,818
21,338
35,921
42,746
37,723
2,579
20,524
18,726
39,774
10,519
15,092
18,973
14,660
285
8,515
4,476
12,077
2,038
19,922
8,577
8,170
1,726
5,409
5,144
10,111
148
367
302
1,644
459
577
4,240
1,341
8,633
540
14,894
13,249
109
6,023
4,866
16,245
1983: June
July
Aug
Sept
Oct
Nov..
Dec
362,672
366,378
370,471
373,024
378,117
382,936
388,718
132,915
134,764
137,136
137,431
139,140
140,408
141,876
69,473
70,089
70,630
71,209
72,447
73,874
75,564
22,839
23,076
23,298
23,553
23,523
23,459
23,460
137,445
138,449
139,407
140,831
143,007
145,195
147,818
3,861
3,706
4,093
2,553
5,093
4,819
5,782
1,440
1,849
2,372
295
1,709
1,268
1,468
1,104
616
541
579
1,238
1,427
1,690
163
237
222
255
-30
-64
1
1,154
1,004
958
1,424
2,176
2,188
2,623
1984:
393,187
399,795
405,665
412,073
422,306
430,131
143,982
146,781
147,107
149,265
152,954
155,851
76,069
77,342
80,304
82,172
84,989
86,558
23,368
23,241
23,526
23,811
24,113
24,567
149,768
152,430
154,728
156,825
160,250
163,155
4,469
6,608
5,870
6,408
10,233
7,825
2,106
2,799
326
2,158
3,689
2,897
505
1,273
2,962
1,868
2,817
1,569
-92
-127
285
285
302
454
1,950
2,662
2,298
2,097
3,425
2,905
Jan
Feb
Mar
Apr
May
June
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND INVESTMENTS, AND RESERVES
Growth in commercial and industrial loans slowed again in July.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
1,800
1,600
1,400
1,200
1,800
1,600
1,400
1,200
ALL COMMERCIAL BANKS
1,000
1,000
800
800
LOANS AND LEASES
600;
600
400
400
INVESTMENT IN OTHER SECURITIES
200
200
160
160
120
120
INVESTMENT IN
U.S. TREASURY SECURITIES
80
40
Minium
lilllilllli
1976
1977
80
UN
llhllll
1980
1979
1978
40
1981
1982
1983
1984
•SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE-. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depository institutions 8
All commercial banks *
Period
Total loans
Loans and leases
Borrowings
(millions of dollars,
unadjusted)
Reserves adjusted
for changes in
reserve requirements
Investments
and
investments
1976:
19771978:
19791980:
19811982:
1983-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1983- July
Ausr
Sept ..
Oct
Nov .
Dec
1984:
Jan
Feb
Mar
Apr
May
June
July p
1
Data are
2
Excludes
3
Total2
U.S. Treasury
securities
Other
securities
Total
Non-
borrowed
Required
Total
Seasonal
804.6
891.5
1,013.5
1,135.9
1,239.6
1,316.3
1,412.0
1,566.5
555.0
632.5
747.0
849.9
915.1
973.9
1,042.0
1,131.0
190.9
210.9
245.9
291.2
326.8
358.0
392.3
413.8
100.8
99.8
93.8
94.5
110.0
111.0
130.9
188.0
148.8
159.3
172.8
191.5
214.4
231.4
239.2
247.5
25.28
26.29
27.55
28.72
30.64
31.51
33.63
35.28
25.22
25.72
26.68
27.25
28.95
30.88
32.99
34.51
25.00
26.10
27.32
28.39
30.13
31.20
33.13
34.72
868
1,473
1,690
636
634
774
13
55
135
81
116
54
33
96
1,499.9
1,513.2
1,520.3
1,532.9
1,548.9
1,566.5
1,080.9
1,091.0
1,096.3
1,104.1
1,115.7
1,131.0
399.2
402.5
402.6
404.7
407.8
413.8
172.9
174.4
176.9
182.3
186.2
188.0
246.1
247.8
247.1
246.5
247.1
247.5
35.19
35.22
35.31
35.32
35.25
35.28
33.74
33.67
33.87
34.47
34.34
34.51
34.69
34.77
34.81
34.81
34.72
34.72
1,453
1,546
1,441
844
906
774
171
198
190
142
121
96
1,585.2
1,604.9
1,621.8
1,630.6
1,651.4
r
l,655.3
1,667.7
1,144.6
1,164.4
1,181.7
1,194.3
1,214.2
r
l,223.8
1,235.6
418.2
424.0
434.1
437.2
447.6
453.2
456.9
188.7
188.3
187.1
185.9
187.5
183.3
184.5
252.0
252.2
253.1
250.5
249.7
r
248.2
247.6
35.50
36.07
36.10
36.10
36.43
37.23
37.18
34.79
35.50
35.15
34.87
33.44
33.93
31.25
34.89
35.12
35.40
35.61
35.85
36.47
36.57
715
567
952
1,234
2,988
3,300
5,924
86
103
133
139
196
264
308
averages of Wednesday figures.
loans to commercial banks in the United States.
Data are averages of daily figures.
28
Commercial
and industrial
loans
53
569
NOTE.—Beginning Dec. 1981, bank loans and investments and reserves aggregates have been
reduced because of shifts from U.S. banking offices to International Banking Facilities (TJBFs).
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]
Uses
Sources
External
Period
Total
Internal
Credit market funds
l
Total
Total
190.1
156.9
210.8
254.1
317.5
345.7
333.2
365.8
308.6
434.4
302.8
329.9
327.4
274.5
340.0
457.3
430.4
509.9
517.1
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982- I. .. .
II
ni
IT
1983- I
n
in
IV
1984: Ip
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.6
240.5
282.4
233.5
240.2
244.0
244.3
250.7
270.3
294.1
314.4
316.6
104.4
37.2
76.6
96.7
141.8
156.9
143.7
135.2
68.1
152.0
69.3
89.7
83.4
30.2
89.3
187.0
136.3
195.5
200.5
69.9
30.7
54.5
72.4
80.5
88.2
90.9
92.2
84.1
85.8
102.8
89.9
89.0
54.6
68.9
81.9
61.0
131.6
101.7
Loans and
short-term
paper
Securities
and
mortgages
43.6
-8.0
16.3
36.6
47.7
67.3
38.5
69.7
38.9
30.5
78.0
51.3
49.4
-23.2
5.2
-3.9
25.2
95.4
125.5
26.3
38.7
38.2
35.8
32.8
20.9
52.4
22.5
45.2
55.3
24.8
38.6
39.6
77.8
63.4
85.8
35.8
36.2
-23.8
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
„,.,..
, ,,
, ,.
, . .
. , ,T n
* Uonsists of tax liabilities, trade debt, and direct foreign investment in the U.b.
Total
Other 2
34.5
6.5
22.1
24.3
61.3
68.8
52.8
43.0
-16.0
66.2
-33.4
-.2
-5.6
-24.4
20.3
105.1
75.4
64.0
98.9
190.1
150.9
201.8
237.6
293.6
346.7
320.1
324.3
250.9
391.0
232.1
279.3
270.4
222.0
280.0
410.0
403.6
470.6
495.4
Capital
expenditures 3
137.9
109.7
148.3
175.1
201.6
219.4
221.2
261.6
231.2
259.7
242.4
242.2
240.1
200.2
202.4
252.9
282.6
301.1
347.5
Increase in
financial
assets
52.2
41.2
53.5
62.5
92.0
127.3
98.9
62.7
19.7
131.3
-10.3
37.1
30.3
21.8
77.6
157.1
121.0
169.5
147.9
Discrepancy
(sources less
uses)
0.0
6.0
9.0
16.5
23.8
-1.0
13.1
41.6
57.7
43.3
70.8
50.5
56.9
52.5
60.0
47.2
27.0
39.2
21.7
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]
Current assets
End of period
Total
SIC series: 2
1970
1971
1972
1973
1974
QFR-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1982 p
1983
1982- I. .
n
ni
IY
1983: I
n
mP
IV
1
Cash
U.S.
Government
securities
Notes and
accounts
receivable
Current liabilities
3
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
,043.7
,214.8
,327.0
,419.3
,425.4
,561.2
,418.0
,417.2
1,441.8
1,425.4
1,437.3
1,465.1
1,522.5
1,561.2
73.2
82.1
88.2
97.2
105.5
118.0
126.9
131.8
144.0
164.9
121.8
124.1
126.9
144.0
138.7
145.0
148.1
164.9
11.1
19.0
23.5
18.2
17.2
16.7
18.7
17.4
22.4
30.2
16.5
16.5
18.9
22.4
26.0
27.9
26.6
30.2
265.8
272.1
292.9
330.3
388.0
459.0
506.8
530.3
511.0
579.0
533.4
531.2
534.2
511.0
518.4
535.0
563.4
579.0
319.5
315.9
342.5
376.9
431.8
505.1
542.8
585.1
575.2
591.9
591.6
587.6
596.5
575.2
573.4
571.0
590.7
591.9
65.9
69.9
80.3
90.1
101.1
116.0
131.8
154.6
172.6
195.3
154.7
157.9
165.3
172.6
180.7
186.2
193.7
195.3
453.4
451.6
495.1
557.1
669.5
807.3
889.3
976.3
977.8
1,056.7
987.0
988.7
1,007.6
977.8
987.1
996.4
1,037.1
1,056.7
269.8
264.2
282.1
317.6
383.0
460.8
513.6
558.8
552.8
598.8
552.9
554.9
562.7
552.8
542.7
550.8
577.3
598.8
183.6
187.4
213.0
239.6
286.5
346.5
375.7
417.5
425.0
457.9
434.0
433.8
444.9
425.0
444.4
445.6
459.9
457.9
282.0
307.4
332.4
355.5
374.3
407.5
437.8
442.9
447.6
504.6
431.0
428.5
434.2
447.6
450.2
468.6
485.4
504.6
1.622
1.681
1.671
1.638
1.559
.505
.492
.454
.458
.477
.437
.433
.431
.458
.456
.470
1.468
1.477
Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
2
Other
current
assets
Inventories
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), Federal Trade Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Most interest rates fell in August.
'
PERCENT PER ANNUM
1983
1976
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
1
Constant maturities 2
3-year
1978
7.221
1979
1980
1981
1982
1983
10.041
11.506
14.029
10.686
1983: Aug
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's)
Prime
commercial
paper,
6 months 4
4
8.63
8.29
9.72
11.55
14.44
12.92
10.45
8.41
9.44
11.46
13.91
13.00
11.10
5.90
6.39
8.51
11.23
11.57
9.47
8.73
9.63
11.94
14.17
13.79
12.04
9.39
9.05
8.71
8.71
8.96
8.93
9.03
9.44
9.69
9.90
9.94
10.13
10.49
11.30
11.07
10.87
10.96
11.13
10.93
11.05
11.59
11.98
12.75
13.18
13.08
12.49
11.85
11.65
11.54
11.69
11.83
11.67
11.84
12.32
12.63
13.41
13.56
13.36
12.71
9.72
9.57
9.64
9.79
9.90
9.61
9.63
9.92
9.98
10.55
10.71
10.50
10.03
12.51
12.37
12.25
12.41
12.57
12.20
12.08
12.57
12.81
13.28
13.55
13.44
12.87
9.68
9.28
8.98
9.09
9.50
9.18
9.31
9.86
10.22
10.87
11.23
11.34
11.16
10.30
10.40
10.55
10.49
10.40
10.60
12.86
12.63
12.44
12.45
12.46
13.11
12.82
12.67
12.71
12.66
10.28
9.99
9.84
10.06
10.05
10.19
13.32
13.05
12.84
12.86
12.85
11.26
11.19
11.16
11.13
11.16
7.99
10.91
12.29
14.76
11.89
8.89
Discount rate
(N.Y. F.R.
Bank)
5
7.46
10.28
11.77
13.41
11.02
8.50
Open-close
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
, y
June
July
Aug p
Week ended:
1984: July 28
Aug 4
11
18
25
Sept
1
1
Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
5
Average effective rate for year; opening and closing rate for month and week.
2
30
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8 50 8 50
8.50-8.50
8.50-9.00
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
9.00-9.00
Prime rate
charged by
banks 5
9.06
12.67
15.27
18.87
14.86
10.79
New-home
mortgage
yields
(FHLBB)6
9.56
10.78
12.66
14.70
15.14
12.57
Open-close
10.50-11.00
11 00 11 00
11.00-11.00
11.00-11.00
11.00-11.00
11.00-11.00
11.00-11.00
11.00-11.50
11.50-12.00
12.00-12.50
12.50-13.00
13.00-13.00
12.38
12.54
12.25
12.34
12.42
12.29
12.23
12.02
12.04
12.18
r
12.30
12.56
13.00-13.00
13.00-13.00
13.00-13.00
13.00-13.00
13.00-13.00
1
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning
January 1973 not strictly comparable with prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in August.
INDEX, DEC 31,1965=50
INDEX, DEC 31,1965=50
1001
90
90
COMPOSITE STOCK PRICE INDEX
JNYSE).
80
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10
10
1984
1976
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stock prices l
Period
Composite
1978
1979
1980
1981
1982
1983 . . .
1983: Aug .. .
Sept
1984:
Oct.
Nov
Dec
Jan. . .
Feb
Mar
Am"
May
T
J
June
July p
Aus
Week ended:
1984- July 28
Aug 4
11
18
25
1
Industrial
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10) 4
53.70
58.32
68.10
74.02
68.93
92.63
93.96
96.70
96.78
95.36
94.92
96.16
90.60
90.66
90.67
90.07
88.28
87.08
94.42
58.23
64.76
78.70
85.44
78.18
107.45
109.50
112.76
112.87
110.77
110.65
112.16
105.44
105.92
106.56
105.94
104.04
102.29
111.12
43.50
47.34
60.61
72.61
60.41
89.36
88.06
94.56
95.41
97.68
98.79
97.98
86.33
86.10
83.61
81.62
79.29
76.72
86.82
39.22
38.20
37.35
38.91
39.75
47.00
46.94
48.16
48.73
48.50
47.00
47.43
45.67
44.83
43.86
44.22
43.65
44.17
46.47
56.65
61.42
64.25
73.52
71.99
95.34
95.76
97.00
94.79
94.48
94.25
95.79
89.95
89.50
88.22
85.06
80.75
79.03
87.86
820.23
844.40
891.41
932.92
884.36
1,190.34
1,189.21
1,237.04
1,252.20
1,250.01
1,257.64
1,258.89
1,164.46
1,161.97
1,152.71
1,143.42
1,121.14
1,113.27
1,212.30
96.02
103.01
118.78
128.05
119.71
160.41
162.42
167.16
167.65
165.23
164.36
166.39
157.25
157.44
157.60
156.55
153.12
151.08
164.32
85.97
89.16
93.98
94.38
95.85
100.73
104.50
110.66
111.12
112.79
74.48
81.59
87.01
86.74
87.94
44.43
45.15
46.13
46.33
47.10
77.68
82.21
87.10
87.82
89.58
1,100.46
1,145.61
1,209.17
1,210.85
1,231.49
149.37
155.05
163.60
164.11
166.89
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
Common stock yields
(percent) 5
New York Stock Exchange indexes (Dec. 31, 1965=50) 2
Dividendprice ratio
*
5.28
5.47
5.26
5.20
5.81
4.40
4.35
4.24
4.25
4.31
4.32
4.27
4.59
4.63
4.64
4.72
4.86
4.93
4.62
Earningsprice ratio
12.03
13.46
12.66
11.96
11.60
8.03
8.01
8.51
9.57
4.99
4.84
4.64
4.61
4.50
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,
Jones & Company, Inc., and Standard & Poor's Corporation.
Jf
. •
^
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 10 months of fiscal year 1984, there was a budget deficit of $158.6 billion, compared to a budget
deficit of $179.8 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900 _ BUDGET RECEIPTS AND OUTLAYS
900
800
800
. BUDGET OUTLAYS
700
700
600
600
500
500
400
400
0
BUDGET SURPLUS OR DEFICIT (-)
0
-TOO
-100
-200
-200
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Budget
receipts
Budget
outlays
Budget
surplus or
deficit (— )
Off-budget
surplus or
deficit (— )
Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984 (estimates)1
1985 (estimates)1
207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
670.7
763.8
230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
796.0
845.0
930.6
-23.4
-14.8
47
-45.2
66.4
-13.0
44.9
-48.8
-27.7
-59.6
-57.9
-110.6
-195.4
-174.3
-166.9
-8.1
7.3
-1.8
8.7
-10.4
-12.5
-14.2
-21.0
17.3
-12.4
13.0
-13.3
Cumulative total first 10 months:
Fiscal year 1983
Fiscal year 1984
487.3
543.2
667.1
701.9
-179.8
-158.6
-8.4
-6.8
1
Estimates from Mid-Session Review of the 1985 Budget, Office of Management and Budget,
August 15, 1984.
32
-0.1
1.4
Total
surplus or
deficit (— )
Federal debt (end of period)
Gross
Held by the
public
-78.9
-127.9
-207.8
-187.3
1802
437.3
468.4
486.2
544.1
631.9
646.4
709.1
780.4
833.8
914.3
1,003.9
1,147.0
1,381.9
1,575.6
1,806.9
323.8
343.0
346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
929.4
1,141.8
1,302.8
1,480.8
-188.2
165.5
1,331.6
1,543.1
1,105.8
1,283.1
-23.4
-14.9
-6.1
-53.2
-73.7
-14.7
-53.6
-59.2
-40.2
738
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal year 1984, budget receipts were $55.9 billion higher than a year earlier and
budget outlays were $34.8 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BUDGET RFrFiPTS
300
INDIVIDUAL INCOME TAXES
^—•
200
"""
-
^^S^^^^^
"— 7-*^"
veGSZZtZZZZZZ"-^*^"""
300
OTHFR RFfTIPTS
200
CORPORATION INCOME TAXES
~~~
TOO
\
100
"
0
i
i
i
i
i
T
i
i
i
0
700
700
BUDGET OUTLAYS
600
600
NONDEFENSE
500
500
400
400
300
300
200
200
TOO
100
1976
1977
1978
1979
1980
1981
1984
1983
1982
1985
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Budget receipts
Budget outlays
National defense
Period
Total
Individual
income
taxes
Corporation
income
taxes
122.4
131.6
157.6
181.0
217.8
244.1
341.8
40.6
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
59.0
74.3
234.7
238.6
27.6
44.2
Other
Total
Total
Department of
Defense,
military
International
affairs
Social
securi-
ty and
medicare
Health
and
income
security
Net
inter-
Other
est
Fiscal year or period:
1975
1976
1977
1978
1979
1980
1981
1982
1983
279.1
298.1
355.6
399.6
463.3
517.1
599.3
617.8
1
1984 (estimates) ....
1985 (estimates) 1
Cumulative total first 10 months:
Fiscal year 1983
Fiscal year 1984
600.6
670.7
763.8
487.3
543.2
285.9
297.7
288.9
299.5
116.1
125.0
143.0
158.6
179.8
324.2
364.5
400.5
448.4
208.4
252.2
270.8
274.6
85.9
88.1
95.3
102.3
113.7
131.0
153.8
180.7
347.7
576.7
657.2
728.4
796.0
845.0
930.6
86.5
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
233.6
266.2
225.0
260.4
667.1
701.9
173.8
188.4
312.2
1
Estimates from Mid-Session Review of the 1985 Budget, Office of Management and Budget,
August 15, 1984.
Note.—Starting in 1985 military retired pay will be financed from a trust fund in the income
security function. The national defense function will include accrual charges to pay for retirement
benefits earned by currently active duty personnel, and these will be offset in the undistributed offsetting receipts (employer share, employee retirement).
491.0
204.4
227.0
258.6
7.1
5.7
5.0
6.1
6.3
10.9
11.3
10.1
9.0
12.6
17.2
169.4
183.0
8.0
10.6
258.1
63.0
76.5
78.3
80.0
86.8
109.6
126.1
134.5
150.8
142.3
144.1
23.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
109.4
130.2
66.9
76.2
85.7
105.7
108.4
119.1
114.9
111.0
113.2
109.3
114.8
186.7
197.5
126.6
119.2
74.8
90.2
97.3
95.9
77.5
89.7
104.4
116.6
130.6
150.6
178.7
202.5
223.3
237.8
The Social Security Amendments of 1983 require that social security and medicare be shown in
the budget as a separate function. In previous budgets social security was in the income security
function and medicare was in the health function;
Data for all periods in this table are shovm 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 second quarter of 1984, according to preliminary estimates, Federal receipts rose $15.8 billion (annual rate)
and expenditures rose $21.6 billion, yielding a deficit of $166.9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
800
800
700
700
600
600
500
500
400
400
-100
-100
-200
-200
1976
1984
1983
1980
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Fiscal year:
1979
1980
1981 .
1982
1983 . .
Calendar year:
1979
1980
1981
1982
1983
1982: I
n.. .
m
IV....
1983: I
n.
in
IV....
1984: I r
n . ..
Personal
Total
tax and
nontax
receipts
Federal Government expenditures
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
29.1
35.5
53.5
50.3
51.0
153.1
170.0
197.0
213.9
228.3
29.4
39.0
56.4
48.4
52.4
50.6
47.3
47.5
48.2
47.1
53.8
54.0
54.5
54.1
55.8
159.5
173.9
204.1
215.5
233.7
213.7
214.9
216.1
217.1
227.6
231.7
234.9
240.7
257.6
261.8
Corporate
profits
tax
480.8
525.9
609.2
626.4
627.1
222.6
250.4
289.4
311.4
294.1
76.1
69.9
69.3
50.9
53.8
493.6
540.9
624.8
616.7
641.1
622.9
625.9
609.9
608.3
619.8
649.3
640.2
655.0
686.4
702.2
230.6
257.7
298.7
306.2
295.2
310.1
315.2
298.8
300.9
298.2
304.7
284.6
293.3
301.6
310.7
74.2
70.3
65.7
46.6
59.8
48.6
48.4
47.5
42.0
46.9
59.2
66.7
66.5
73.0
74.0
NOTE.—Series beginning 1981 are as revised in July issue of Economic Indicators.
34
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
495.6
576.5
668.2
740.0
816.4
164.1
189.3
218.4
250.6
273.2
201.8
239.4
279.5
310.6
344.6
79.1
86.7
90.1
83.4
85.7
40.6
50.7
67.7
82.3
90.3
9.9
10.4
12.5
13.0
22.2
-0.0
.0
.1
-.0
4
-14.8
-50.7
589
-113.6
-189.3
509.7
602.1
689.1
764.9
819.7
729.3
737.9
773.6
818.9
805.6
816.7
821.1
835.5
847.6
869.2
168.3
197.0
228.9
258.9
269.7
249.8
245.0
261.6
279.4
273.0
270.5
269.2
266.3
267.6
299.3
209.2
251.5
286.8
321.6
345.6
303.0
311.8
327.0
344.4
340.9
348.1
343.4
350.1
347.7
349.4
80.5
88.7
87.9
83.9
86.3
82.7
85.1
83.0
84.6
85.5
86.3
86.7
86.5
90.6
93.2
42.4
53.4
73.3
84.4
94.2
80.1
83.0
87.5
87.0
87.7
90.0
97.3
102.0
107.6
111.0
9.2
11.5
12.3
16.1
23.4
13.5
12.9
14.5
23.5
18.5
20.5
24.1
30.6
34.4
16.5
-.0
.0
-16.1
-61.2
-64.3
-148.2
-178.6
-106.3
-112.0
-163.7
-210.6
-185.7
167 3
-180.9
-180.5
-161.3
-166.9
Total
.1
-.0
-.4
-.1
.0
.0
.0
.0
jg
-.4
.0
.2
.2
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Consumer prices (unadjusted)
Industrial production (seasonally adjusted)
Period
United
States
1977
1978
1979
1980
1981
1982 p
1983
1983- July
Augr
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May p
June
July"
1
Canada
138.2
146.1
152.5
147.0
151.0
138.6
147.6
149.7
151.8
153.8
155.0
155.3
156.2
158.5
160.0
160.8
r
162.1
r
162.7
r
!64 1
165.6
Japan
189.7
152.7
157.8
201.1
167.6
215.3
165.1 225.2
227.5
165.9
149.5
228.4
236.5
157.6
234.0
158.0
241.2
160.5
244.8
163.3
241.4
164.5
246.4
165.9
248.2
169.0
170.2
250.2
r
165.0 257.0
r
166.7 254.1
r
168.0 r 255.4
167.4 261.5
261.5
France
Germany
152
155
163
161
160
158
159
160
160
157
155
161
160
161
160
162
157
162
160
152.0
154.1
161.5
162.0
159.1
154.5
155.5
154.5
155.2
157.1
157.5
160.2
161.0
161.0
164.4
158.9
157.8
r
160.1
144.8
Beginning January 1978 data relate to all urban consumers.
United
Kingdom
Italy
145.1
147.9
157.6
166.5
162.7
159.1
150.7
146.9
134.9
151.1
148.6
152.8
146.0
124.2
127.8
132.9
124.1
119.6
121.7
125.6
126.1
126.1
127.0
127.7
128.0
129.0
128.5
128.0
127.0
125.7
124.1
United
States *
Canada
181.5
195.4
217.4
246.8
272.4
289.1
298.4
299.3
300.3
301.8
302.6
303.1
303.5
305.2
306.6
307.3
308.8
309.7
310.7
311.7
185.9
202.5
221.0
243.5
273.9
303.5
321.0
322.9
324.5
324.5
326.5
326.5
327.5
329.2
331.1
331.9
332.7
333.3
334.7
336.6
Japan
Prance
Germany
243.0
252.3
261.3
282.3
296.2
304.1
309.7
308.3
307.4
311.4
314.2
312.2
311.4
312.3
314.2
315.1
315.9
318.2
315.6
214.5
233.9
259.1
294.2
332.7
373.1
407.9
410.4
412.8
416.0
419.2
420.9
422.4
425.4
428.0
431.0
433.6
436.2
438.4
156.0
160.2
166.9
175.8
186.9
196.8
203.3
203.6
204.3
204.9
204.9
205.2
205.7
206.6
207.1
207.3
207.7
207.8
208.6
Italy
255.2
286.2
328.5
398.0
472.4
549.4
631.8
638.5
641.1
649.4
660.4
667.0
670.3
678.3
685.8
690.6
695.4
699.6
703.8
705.9
United
Kingdom
292.4
316.6
359.0
423.6
473.9
514.7
538.3
540.6
543.0
545.4
547.3
549.2
550.7
550.4
552.6
554.4
561.8
563.9
565.3
564.7
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]
Period
Total
domestic
and
foreign
exports
General imports
Domestic exports
Total2
Food,
beverages, and
tobacco
Grade
materials and
fuels
Merchandise trade balance
Merchandise imports
Merchandise exports *
Manufactured
goods
Food,
beverages, and
tobacco
Total 2
Grade
materials and
fuels
3
Exports
(f.a.s.)
less
imports
(customs
value)
Exports
(f.a.s.)
less
imports
(f.a.s.)
Exports
(f.a.s.)
less
imports
(c.i.f.)
762
-688
-2,430
-2,590
-2,300
-2,020
148
-1,440
3265
-3,530
3,364
-3,030
Manufactured
goods
Total
(c.i.f.
value)
4,257
5,398
6,379
8,360
9,352
10,427
8,823
11,042
13,368
15,504
18,519
21,415
7,739
6,200
5,670
11,873
12,002
13,621
22,779
21,240
22,490
-2,275
-2,647
-4,797
-3,306
-3,558
-5,783
6,011
6,581
6,465
6,855
5,891
5,360
6,063
6,039
6,308
6,636
5,618
6,071
13,796
13,912
13,754
15,107
15,124
15,478
22,858
23,746
23,477
25,465
24,185
24,033
-5,341
-6,132
-5,195
-7,300
-6,052
-5,678
-6,371
-7,164
-6,221
-8,432
-7,122
-6,735
17,948
17,652
17,827
18,766
17,402
16,889
27,794 -8,260
27,305 -8,935
27,992 -9,044
29,711 - 10,847
26,789 -7,619
26,543 -7,723
33503
9,468
-10,093
-10,264
-12,190
-8,839
-8,910
-14,061
F.a.s. value
Monthly average:
1975*
1976*
1977*
1978*
1979*
1980
8,971
9,602
10,103
11,973
15,155
18,386
8,847
9,462
9,919
11,762
14,886
18,043
1,399
1,436
1,330
1,717
2,049
2,534
1,266
1,341
1,548
1,746
2,352
2,810
5,913
6,437
6,679
7,873
9,716
11,991
8,209
10,290
12,533
14,563
17,455
20,406
827
991
1,186
1,312
1,478
1,546
2,716
3,457
4,463
4,325
5,949
7,831
Customs value
1981
1982
1983... .
1983: July
AufiT
Sept
Get
Nov
Dec
1984: Jan
Feb
Mar
ADI
May
June
July
19,473
17,683
16,707
19,075
17,256
16,326
2,767
2,248
2,248
2,752
2,793
2,463
12,857
11,643
11,034
21,748
20,329
21,504
16,486
16,582
17,257
17,033
17,063
17,298
16,158
16,195
16,892
16,580
16,664
16,895
2,063
2,046
2,314
2,452
2,605
2,449
2,388
2,745
2,691
2,345
2,270
2,532
11,028
10,882
11,147
11,241
11,277
11,407
21,828
22,714
22,451
24,333
23,115
22,976
18,327
17,212
17,727
17,522
17,950
17,633
19,442
17,848
16,786
17,212
17,072
17,464
17,178
18,963
2,402
2,103
2,457
2,184
2,162
1,847
2,195
2,664
2,532
2,791
2,523
2,833
2,603
2,740
12,097
11,372
11,147
11,560
11,628
11,837
12,988
26,586
26,147
26,771
28,368
25,569
25,356
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January 1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
1,529
1,485
1,568
1,486
1,480
1,466
1,747
1,565
1,591
1,759
1,773
1,865
2,028
1,761
1,576
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected hi the figures for domestic and foreign exports combined and trade balance.
'Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter the merchandise trade deficit rose to $26.3 billion, from $25.6 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS
10
10
BALANCE ON GOODS
AND SERVICES
/\,<i
.- A
fv
/Ov/^N.r--'
^
\..;
V X ^^
K X %w
-5
**~--x
-10
f f \
»~S
,*'
\\
X^>L4
BALANCE ON
CURRENT ACCOU
k
v
/
/
/
/
/
/
T
V
" Vi
v ft*
%
x
*
AX^-s../'1.
- ^%
\»
\*
V,-- "'\1
-5
-\» ^V
k f
-10
%
A"1E »% V v
*
MERC HANDISE TRAC
BALANCE
-15
» V
^
\
*\
\
\
-15
1
V\ \
% \
1
1
-20
I
1
-25
k
-30
-20
! 1 1
1 1 1
1 I 1
1 1 I
i i i
1976
1977
1978
1979
1980
1
I
1
1
I 1
1982
1981
-25
--
1 ! 1
! 1 1
1983
1984
-30
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise *
Period
1975
1976
1977
1978
1979 ..
1980
1981
1982
1983
1982:
I
II
m
IV
1983- I
II
m
IV
1984: Ip.
II*
2
Investment income 3
Net
military
transactions
Net
travel and
transportation
receipts
Other
services,
net 3
Balance
on goods
and
services *
Remittances,
pensions,
and other
unilateral
transfers 1
Balance
on
current
account
Exports
Imports
Net
balance
107,088
114,745
120,816
142,054
184,473
224,269
237,085
211,198
200,257
-98,185
-124,228
-151,907
-176,020
-212,028
-249,781
-265,086
-247,667
-261,312
8,903
-9,483
-31,091
-33,966
-27,555
25 512
-28,001
36469
-61,055
25,351
29,286
32,179
42,245
64,132
72,506
86,411
83,862
77,003
-12,564
-13,311
-14,217
-21,680
-32,914
-42,063
-52,359
-56,059
-53,495
12,787
15,975
17,962
20,565
31,218
30,443
34,052
27,803
23,508
-746
559
1,528
621
-1,778
-2,237
— 1,115
195
515
-2,792
-2,558
-3,565
-3,573
-2,935
-997
144
-1,008
-4,584
55,482
55,118
52,079
48,519
-62,546
-60,921
-64,442
-59,758
-7,064
5 803
-12,363
-11,239
20,889
22,307
21,505
19,162
-13,653
14 772
-14,390
-13,243
7,236
7,535
7,115
5,919
52
239
-2
-94
-114
247
-99
-548
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
-9,703
2,107
2,198 -14,127
-1,573 -2,943
-1,848 -9,560
-2,143 -11,846
-3,086 -17,213
54,164
54,092
-79,805
-80,378
-25,641
-26,286
22,791
-15,172
7,619
-284
-1,299
2,349 -17,256
-2,152 -19,408
1
Receipts
Payments
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
United States are excluded from investment income and included in other services, net.
2
3
36
Net
22,749
4,598
9,205
4,711
-9,894
5,272
6,013 - 10,340
4,686
5,735
8,975
7,277
13,128
8,048
-1,141
8,339
8,704 -32,912
18,136
-4,613
4,207
-4,998
-4,617 -14,511
-5,106 -15,446
-964
-5,649
-7,077
1,898
6,294
-6,833
-8,058 -9,199
-8,651 -41,563
2,160
2,005
2,118
2,054
-2,105
-1,802
-1,745
-2,406
2,270
3,729
-3,231
-3,908
Source: Department of Commerce, Bureau of Economic Analysis.
165
1,927
-4,976
-6,314
US. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $0.3 billion in the first quarter
compared with an $8.2 billion increase in the fourth quarter of 1983. Liabilities to foreigners and international
financial institutions reported by U.S. banks (including U.S. Treasury securities) increased $11.3 billion compared
with a $24.0 billion increase in the fourth quarter.
BILLIONS OF DOLLARS*
60
BILLIONS OF DOLLARS*
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S.,NET
40
40
/\
t \
20
20
' \% / /
-20
-20
CHANGE IN
U.S. ASSETS
• ABROAD,NET-
-40
-60
rv
V
1
1
1
1
1977
1976
1978
-40
1
1
1 1
1981
1980
1979
1 1 1
1 1 1
1982
1983
1
1
1
-60
1984
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
PMSllions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capitf il outflow (— ) 1
Period
Total
1975
1976
1977
1978
1979...
1980
1981
1982
1983
U.S.
official
reserve
assets J 2
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow (+)] 2
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 1
(unadjusted,
end of
period)
16,226
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
5,897
10,544
-2,023
12,540
25,404
24,982
22,275
32,916
9,331
-39,703
-51,269
34785
-61,130
64331
-86,118
-110,976
-118,898
-49,490
-849
-2,558
-375
732
1 133
-8,155
5 175
-4,965
-1,196
-3,474 -35,380
4214 -44,498
-3,693 -30,717
4660 -57,202
-3,746 -59,453
5 162 -72,802
-5,107 -100,694
-6,143
107,790
5013 -43,281
15,670
36,518
51,319
64,036
38,752
58,086
81,313
95,181
81,722
7,027
17,693
36,816
33,678
-13,665
15,497
5,003
3,318
5,339
8,643
18,826
14,503
30,358
52,416
42,589
76,310
91,863
76,383
-31,960
-41,409
-26,216
-19,314
-1,089
-1,132
-794
-1,950
-803
-1,700
-2,555
-1,086
-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
964
487
2 276
2,752
29,944
30,671
30,993
33,958
n
m
IV
-24,364
-1,060
-9,223
-14,843
-787
16
529
-953
-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
1984: IP
-5,927
_657
-1,989
-3,281
11,803
-2,859
14,662
13,532
-172
34,978
1982: I
n
ra
IV
1983: I
1
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. reserve
position
in the IMF.
2
Quarterly data are not seasonally adjusted.
1,139
1,152
1,093
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 Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
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