Full text of Economic Indicators : December 1985
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99th Congress, 1st Session
Economic Indicators
DECEMBER 1985
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1985
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
JAMES ABDNOR, South Dakota, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
CHALMERS P. WYLIE (Ohio)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
BOBBI FIEDLER (California)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
SCOTT LILLY, Executive Director
ROBERT J. TOSTERUD, Deputy Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
[PUBLIC LAW 120—S!ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to very preliminary ("flash") estimates current-dollar gross national product (GNP) is expected to rise 6.0
percent (annual rate) or $58.6 billion in the fourth quarter of 1985. Real GNP (GNP adjusted for price changes) is
expected to rise 3.2 percent and the implicit price deflator, 2.5 percent. In the third quarter, revised data show,
GNP rose 5.8 percent, real GNP rose 3.0 percent, and the deflator rose 2.9 percent. (Data reflect the recent
comprehensive revision of the national income and product accounts.)
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,400
4,400
SEASONALLY ADJUSTED ANNUAL RATES
4,000'
4,000
3,600
.3,600
3,200
3,200
2,800
GNP
2,800!
IN CURRENT DOLLARS
2,400
2,400
2,000
2,000
1
1,600
I
1977
I
1978
I I
1979
I
I I
I
1980
I I
I
I I
1982
1981
I
1983
1984
SOURCE: DEPARTMENT OF COMMERCE
I I
1,600
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Exports ind imports of goods
md service.
Government purch ases of
goo ,s and senices
Federal
Net
exports
and
oca
Exports
Imports
189.7
223.4
272.5
318.9
348.9
335.6
359.4
443.8
387.3
425.2
467.8
530.3
588.1
641.7
675.7
736.8
151.1
161.8
178.0
208.1
242.2
272.7
284.8
312.9
100.9
108.9
121.9
142.7
167.5
193.8
215.7
237.0
50.3
52.9
56.1
65.4
74.8
78.9
69.2
76.0
236.2
263.4
289.9
322.2
345.9
369.0
390.9
423.9
1,969.2
2,221.0
2,495.2
2,740.3
3,028.6
3,190.5
3,408.0
3,707.6
Total
National
defense
Nondefense
1977
1978
1979
1980
1981
1982
1983
1984
1985*
1,990.5
2,249.7
2,508.2
2,732.0
3,052.6
3,166.0
3,401.6
3,774.7
3992 6
1,257.2
1,403.5
1,566.8
1,732.6
1,915.1
2,050.7
2,229.3
2,423.0
344.1
416.8
454.8
437.0
515.5
447.3
501.9
674.0
18.8
32.1
33.9
26.3
-5.3
-59.2
191.6
227.5
291.2
351.0
382.8
361.9
354.1
384.6
1982: III '
3,179.4
3,212.5
2,065.6
2,117.0
452.2
409.6
14.5
14.1
359.9
335.9
345.4
321.9
647.1
671.8
275.3
293.2
197.3
205.4
78.0
87.7
371.8
378.7
3,188.4
3,272.4
3,268.7
3,365.1
3,437.5
3,535.0
2,146.0
2,210.1
2,254.9
2,306.3
425.0
483.7
521.2
577.6
28.4
-2.6
-19.7
-27.4
344.6
345.0
358.0
368.8
316.2
347.5
377.6
396.2
669.3
673.8
681.1
678.6
287.1
287.0
286.0
279.2
209.4
214.5
215.8
222.9
77.8
72.5
70.2
56.2
382.2
386.9
395.1
399.4
3,311.4
3,370.6
3,440.3
3,509.5
IV
3,676.5
3,757.5
3,812.2
3,852.5
2,358.6
2,414.4
2,439.0
2,480.1
658.8
673.3
687.9
676.2
-37.4
-65.3
-61.9
-72.2
375.4
382.3
391.4
389.5
412.8
447.6
453.3
461.7
696.5
735.1
747.3
768.4
285.6
314.8
318.5
332.9
228.3
235.8
236.2
247.5
57.3
79.0
82.2
85.4
410.9
420.3
428.8
435.5
3,584.4
3,688.7
3,743.9
3,813.5
1985: I r
II 'r
HI
IV
3,917.5
3,960.6
4,016.9
4,075.5
2,525.0
2,563.3
2,606.1
657.6
672.8
666.1
-42.3
-70.3
-87.8
379.6
369.2
363.2
421.9
439.5
451.0
777.2
7P4.8
832.5
334.4
337.8
364.8
249.5
256.0
269.9
84.9
81.7
95.0
442.8
457.1
467.7
3,899.0
3,945.0
4,016.7
IV
1983: I r
II 'r
Ill
IV '
1984: I r
II ' r
III
1.9
4.1
"Very preliminary ("flash") estimates.
NOTE.—Data reflect thti recent comprehensive revision of the national income and product ac-
counts. For details, see Survey of Current Business, December 1985.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Govern ment purcfi ases of
gooc s and sen tees
Ex sorts of go ods
a nd service 3
G ross privat e
dome stic investinent
Federal
Final
sales
Nonresidential
fixed
Residential
fixed
in
business
invento-
Net
exports
Exports
-35.5
-26.8
3.6
57.0
49.4
26.3
-21.9
-85.0
281.6
312.6
356.8
388.9
392.7
361.9
349.3
370.9
317.1
339.4
353.2
332.0
343.4
335.6
371.2
455.9
589.1
604.1
609.1
620.5
629.7
641.7
647.8
675.9
231.8
233.7
236.2
246.9
259.6
272.7
275.5
292.5
159.2
160.7
164.3
171.2
180.3
193.8
207.3
220.3
72.7
73.0
71.9
75.7
79.3
78.9
68.3
72.3
357.2
370.4
373.0
373.6
370.1
369.0
372.2
383.3
2,929.5
3,078.4
3,177.4
3,194.0
3,225.0
3,190.5
3,280.6
3,429.3
11.7
11.7
359.5
336.0
347.8
324.3
642.5
660.1
273.8
289.5
197.0
201.4
76.9
88.2
368.6
370.6
3,164.0
3,218.6
Imports
Total
Total
National
defense
Nondefense
State
and
local
1977
1978
1979
1980
1981
1982
1983
1984
1985*
2,958.6
3,115.2
3,192.4
3,187.1
3,248.8
3,166.0
3,275.2
3,492.0
3 575 5
1,883.8
1,961.0
2,004.4
2,000.4
2,024.2
2,050.7
2,145.9
2,239.9
324.0
362.1
389.4
379.2
395.2
366.7
360.1
430.3
168.1
178.0
170.8
137.0
126.5
105.1
148.7
168.3
29.1
36.8
15.0
-6.9
23.9
-24.5
-5.5
62.7
1982: III r
IV T.
3,154.5
3,159.3
2,051.8
2,078.7
358.0
352.3
100.1
115.8
-9.4
-59.3
1983: I '
II r.
Ill '
IV r.
3,190.6
3,259.3
3,293.4
3,357.2
2,096.4
2,137.2
2,161.8
2,188.1
337.5
346.9
363.4
392.9
127.2
145.8
161.6
160.4
-42.2
-3.7
1.4
22.6
22.5
-15.0
-46.3
-48.9
342.8
342.4
352.8
359.1
320.3
357.4
399.1
408.0
649.1
648.2
651.5
642.2
279.2
277.6
277.4
267.9
203.8
206,9
206.5
211.8
75.4
70.6
70.9
56.1
369.9
370.6
374.1
374.3
3,232.8
3,263.0
3,292.0
3,334.6
1984: I r
II '
Ill r
IV r.
3,449.4
3,492.6
3,510.4
3,515.6
2,210.9
2.243.0
2,243.4
2,262.0
398.8
426.8
437.6
457.8
166.6
170.0
170.8
166.0
83.6
66.0
64.9
36.1
-60.6
-90.4
-88.7
-100.2
362.7
366.6
376.9
377.3
423.3
457.0
465.6
477.5
650.1
677.1
682.4
693.9
271.4
294.8
296.7
307.3
214.1
219.6
219.6
227.9
57.3
75.2
77.1
79.5
378.6
382.4
385.7
386.6
3,365.7
3,426.6
3,445.5
3,479.5
1985: I r
II '
Ill '
IV*
3,547.8
3,557.4
3,584.1
3,612.7
2,288.6
2,303.5
2,329.6
457.2
470.9
473.7
166.7
169.6
173.1
15.8
15.1
-1.8
-71.8
-101.1
-119.8
368.7
358.2
353.5
440.5
459.3
473.3
691.4
699.4
729.2
304.3
305.9
331.1
226.7
231.5
243.3
77.6
74.3
87.9
387.1
393.6
398.1
3,532.0
3,542.3
3,585.8
"Very preliminary ("flash") estimates,
counts. For details, see Survey of Current Business, December 1985.
NOTE.—Data reflect the recent comprehensive revision of the national income and product ae-
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Personal c onsumption
expen ditures
Period
national
product
Gross j>rivate
domestic i ivestment
Exports am imports of
goods ant services
Gove nment pure lases of goc ds and
senaces
Federal
Total
Durable
goods
Nondurable goods
Services
Residential fixed
dential
Exports
Imports
National
defense
Nondefense
State
and local
1977 '
1978 T
1979 '
1980 '
1981 r
1982 T
1983 T
1984 r
1985*
67.3
72.2
78.6
85.7
94.0
100.0
103.9
108.1
111.7
66.7
71.6
78.2
86.6
94.6
100.0
103.9
108.2
72.7
76.9
82.1
89.2
95.7
100.0
102.1
103.9
67.1
71.9
80.0
89.4
96.9
100.0
102.0
105.4
64.8
69.8
75.6
83.9
92.6
100.0
105.7
111.5
66.1
71.5
77.8
85.1
93.4
100.0
98.9
99.4
64.6
72.6
81.4
89.4
96.6
100.0
102.2
106.4
68.0
72.8
81.6
90.2
97.5
100.0
101.4
103.7
59.8
65.8
77.1
96.0
101.6
100.0
96.8
97.4
65.2
69.2
75.4
84.3
93.3
100.0
103.4
107.0
63.4
67.8
74.2
83.4
92.9
100.0
104.0
107.6
69.1
72.4
78.0
86.4
94.3
100.0
101.3
105.1
66.1
71.1
77.7
86.2
93.4
100.0
105.0
110.6
1982: III r
IV '
100.8
101.7
100.7
101.8
100.4
100.7
100.5
101.0
100.9
102.7
100.8
100.7
100.4
99.1
100.1
100.0
99.3
99.3
100.5
101.3
100.2
102.0
101.5
99.5
100.9
102.2
1983: I r
II '
Ill '
IV '
102.4
103.2
104.4
105.3
102.4
103.4
104.3
105.4
101.3
101.6
102.4
103.1
100.7
101.9
102.4
103.1
103.9
105.0
106.2
107.8
100.1
98.9
98.3
98.4
102.0
100.3
103.2
103.1
100.5
100.8
101.5
102.7
98.7
97.2
94.6
97.1
102.8
103.4
103.1
104.2
102.7
103.7
104.5
105.3
103.1
102.6
99.0
100.1
103.3
104.4
105.6
106.7
1984: I r
II '
Ill r
IV
106.6
107.6
108.6
109.6
106.7
107.6
108.7
109.6
103.4
103.9
104.1
104.2
104.5
104.8
105.5
106.6
109.2
110.8
112.5
113.5
98.8
99.2
99.6
100.1
103.6
106.5
107.6
107.9
103.5
104.3
103.8
103.2
97.5
98.0
97.3
96.7
105.2
106.8
107.3
108.3
106.6
107.4
107.6
108.6
99.9
105.0
106.7
107.5
108.5
109.9
111.2
112.7
1985: I '
II '
Ill r
IV*
110.4
111.3
112.1
112.8
110.3
111.3
111.9
104.9
104.8
104.6
106.7
107.5
107.6
114.7
116.1
117.4
100.5
100.7
101.0
107.7
107.9
108.2
102.9
103.1
102.7
95.8
95.7
95.3
109.9
110.4
110.2
110.1
110.6
110.9
109.4
110.0
108.1
114.4
116.1
117.5
'Very preliminary ("flash") estimates.
NOTE.—Data reflect the recent comprehensive i 'vision of the national income and product ac-
counts. For details, see Survey of Current Business, December 1985.
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]
Gr ss national prc duct
Period
13.0
11.5
8.9
11.7
3.7
7.4
11.0
5.8
2.5
4.2
7.2
12.3
8.9
11.8
17.0
9.1
6.0
4.3
6.9
4.5
5.8
6.0
1978
1979
1980
1981
1982
1983
1984
1985*
1982: m rr
1983:
1984:
Constant
(1982)
dollars
Current
dollars
rvr .
I
n r .r
m
rv.
lr
\\'.r
III
IV '.
1985: 1"r
ll .r
III
IV*
5.3
2.5
-.2
1.9
-2.5
3.4
6.6
2.4
-3.2
.6
4.0
8.9
4.3
8.0
11.4
5.1
2.1
.6
3.7
1.1
3.0
3.2
Implicit
price
deflator
7.3
8.9
9.0
9.7
6.4
3.9
4.0
3.3
5.8
3.6
2.8
3.2
4.7
3.5
5.0
3.8
3.8
3.7
3.0
3.3
2.9
2.5
"Very preliminary ("flash") estimates.
NOTE.—Data reflect the recent comprehensive revision of the national income and product accounts. For details, see Survey of Current Business, December 1985.
Personal consumption e? penditures
Chain price
index
6.9
8.0
9.1
9.5
6.4
4.0
4.2
5.7
3.8
3.2
2.8
4.7
2.9
4.8
6.1
3.8
3.9
3.5
3.6
2.5
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
6.2
8.5
9.3
9.3
6.2
4.1
4.2
3.5
5.5
4.0
3.2
3.8
5.0
3.4
5.1
4.3
3.7
3.5
3.5
3.6
2.7
3.7
Implicit
price
deflator
Chain price
index
Fixedweighted
price index
(1982
weights)
11.6
11.6
10.6
10.5
7.1
8.7
8.7
4.1
2.2
-.2
1.2
1.3
4.6
4.4
9.2
10.7
9.2
5.7
3.9
4.1
7.2
9.2
10.9
9.2
5.7
4.0
4.2
10.5
9.0
5.6
4.0
4.3
8.5
10.3
5.6
12.5
8.4
9.4
9.4
9.8
4.1
6.9
7.4
6.2
6.8
2.1
5.3
3.4
8.0
4.7
5.0
4.2
5.9
.1
3.4
4.8
2.6
4.6
6.2
4.4
2.4
4.0
3.5
4.3
5.0
3.4
4.2
3.4
2.6
3.7
2.2
6.3
4.8
2.2
4.2
3.7
4.4
5.1
3.7
4.1
3.6
2.7
3.7
2.4
6.3
4.8
2.3
4.2
3.8
4.4
5.2
3.8
4.2
3.6
2.7
3.8
2.6
7.3
7.0
8.8
Annua! changes are from previous year and quarterly changes are from previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross ( omestie
prodi ct of
nonfin ancial
corporate business
(billions c f dollars)
Period
1978
1979
1980
1981
1982
1983
1984
1982: III '
IV
1983:
I'
II r.r
m
IV
1984: I T
II '.r
Ill
IV
1985: I '
II '.
Ill '
!
Current
1982
1,274.1
1,417.4
1,540.8
1,738.4
1,782.2
1,915.9
2,153.1
1,789.0
1,779.4
1,820.0
1,884.9
1,946.5
2,012.2
2,088.0
2,147.0
2,172.5
2,205.2
2,237.0
2,265.8
2,301.6
1,789.8
1,840.4
1,807.9
1,837.2
1,782.2
1,866.9
2,039.3
1,777.8
1,760.2
1,793.1
1,842.5
1,891.2
1,940.8
2,005.0
2,043.0
2,048.2
2,061.0
2,077.3
2,087.2
2,106.9
Curren t-dollar cos t and profit per unit o output (do liars) '
Corp >rate profits with
inventory valuation a nd capital
consurription adjustments
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Indirect
business
taxes 3
0.712
.770
.852
.946
1.000
1.026
1.056
1.006
1.011
1.015
1.023
1.029
1.037
1.041
1.051
1.061
1.070
1.077
1.086
1.092
0.073
.082
.095
.109
.125
.124
.119
.127
.131
.128
.125
.124
.121
.119
.118
.119
.120
.120
.121
.121
0.064
.066
.077
.090
.094
.098
.099
.094
.096
.096
.099
.099
.098
.098
.099
.100
.100
.100
.103
.102
Output is measured br gross domestic product of nonfinancial corporate business in 1982 dol-
Compensation of
employees
Net
interest
0.473
.523
.581
.632
.676
.679
.687
.679
.685
.682
.678
.676
.680
.679
.682
.691
.697
.703
.709
.709
0.020
.024
.031
.037
.043
.039
.042
.041
.042
.040
.039
.039
.039
.039
.041
.043
.044
.043
.042
.040
Total
0.082
.076
.068
.078
.063
.086
.108
.065
.057
.070
.082
.092
.099
.106
.111
.107
.109
.111
.111
.120
Profits
tax
liability
Profits
after
tax
0.037
.038
.037
.035
.026
.031
.035
.026
.023
.023
.030
.035
.034
.038
.038
.032
.032
.029
.028
.030
0.044
.038
.031
.044
.037
.055
.073
.038
.034
.047
.053
.057
.065
.068
.073
.075
.077
.081
.083
.090
Output
per hour
of all
employees
(1972
dollars)
Compensation
per hour
of all
employees
(dollars)
8.209
8.194
8.118
8.271
8.357
8.634
8.831
8.406
8.398
8.464
8.617
8.728
8.725
8.801
8.863
8.807
8.861
8.804
8.798
8.894
8.191
8.961
9.884
10.811
11.677
12.136
12.586
11.801
11.913
12.027
12.131
12.224
12.283
12.454
12.528
12.628
12.744
12.867
12.962
13.069
uation and capita] consumption adjustments
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.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labc
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees *
Proprietors' income with
inventory v iluation and
capital co ^sumption
adjust ments
Farm
1977
1978
1979
r
r
r
1980 r
1981 '
1982 '
1983 r
1984 r
1982: HI r.
IV r
1983: I r
II r
III T
IV
r
1984:
I
II r
Ill r
IV
1985: I r
II r
111 r
1
1,176.6
1,329.2
1,491.4
1,638.2
1,807.4
1,907.0
2,025.9
2,221.3
1,918.4
1,931.1
1,962.4
2,001.5
2,041.8
2,097.6
2,160.9
2,204.8
2,241.2
2,278.5
2,320.4
2,356.9
2,385.2
1,617.8
1,838.2
2,047.3
2,203.5
2,443.5
2,518.4
2,718.3
3,039.3
2,528.4
2,548.2
2,603.6
2,678.9
2,747.4
2,843.5
2,967.7
3,021.1
3,064.2
3,104.4
3,155.3
3,192.2
3,228.0
Nonfarm
132.4
149.2
160.1
160.1
156.1
150.9
178.0
201.6
151.7
159.8
167.2
175.5
182.3
187.1
195.9
199.7
204.5
206.3
212.9
218.1
225.3
20.5
27.0
31.7
20.5
30.7
24.6
14.3
32.1
22.9
28.5
18.7
11.8
6.6
20.0
44.4
29.4
27.8
26.6
26.5
22.8
12.2
Corporate p rofits with inv sntorv valuatic n and capital consumption
adjustments
Rental
income of
persons
with
capital
consumption
adjustment
Profits v» ith inventory valuation
adjustmt nt and withou t capital
cons imption adjust ment
Total
Profits
core
Total
8.2
174.8
9.3
5.6
6.6
197.2
200.1
177.2
188.0
150.0
213.8
273.3
154.3
146.1
173.4
205.9
228.4
247.6
268.0
277.8
271.2
276.2
281.7
288.1
309.1
13.3
13.6
12.8
10.8
12.0
15.8
13.3
14.8
11.9
11.0
11.6
11.9
10.0
9.7
11.0
13.8
14.5
Includes employer contributions for social insurance. (See also p, 5.)
Capital
eonsump-
Inventory
valuation
adjustment
adjustment
-16.6
-25.3
-43.2
-43.1
-24.2
— 10.4
-10.0
-5.4
-10.0
-13.4
-3.4
-9.3
-18.1
-8.9
-13.0
-5.6
-1.3
-1.6
-9.0
-10.9
— 14.0
-16.8
-14.4
-9.2
18.8
41.0
-7.3
-4.5
200.4
233.5
257.2
237.1
226.5
169.6
205.0
237.6
171.6
164.1
167.1
199.8
225.4
227.6
247.4
247.4
227.7
228.0
220.0
218.7
228.6
183.8
208.2
214.1
194.0
202.3
159.2
195.0
232.3
161.6
150.7
163.7
190.5
207.3
218.7
234.4
241.8
226.5
226.3
220.6
220.9
233.2
.7
2.2
4.7
9.7
15.5
21.0
28.9
33.5
36.0
44.8
49.8
61.1
67.2
75.9
Net
interest
105.3
126.3
158.3
200.9
248.1
272.3
273.6
300.2
269.1
266.9
268.5
269.4
276.4
280.3
286.9
297.6
309.5
307.0
302.9
292.4
281.8
counts. For details, see Survey of Current Business, December 1985.
NOTE.—Data reflect the recent comprehensive revision of the national income and product ac-
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
No ndurable goods
Durabl } goods
Period
1977
1978
1979
r
r
r
1980 '
1981 r
1982 r
1983 r
1984 r
1982: III r.
1983:
1984:
1985:
IV
I r.
II r
Ill r
IV r
I r.
II r
Ill r.
IV
Ir
II r
Ill r
Total
personal
consumption
expenditures
1,257.2
1,403.5
1,566.8
1,732.6
1,915.1
2,050.7
2,229.3
2,423.0
2,065.6
2,117.0
2,146.0
2,210.1
2,254.9
2,306.3
2,358.6
2,414.4
2,439.0
2,480.1
2,525.0
2,563.3
2,606.1
NOTE.—Data reflect the recent eomprehens
counts. For details, see Kurvey of Current Busi
Total
durable
184.5
205.6
219.0
219.3
239.9
252.7
289.6
331.1
252.8
263.8
268.5
285.3
295.3
309.4
321.6
330.2
331.1
341.5
351.5
356.5
376.0
Motor
vehicles
and
parts
Furniture and
household
equipment
85.4
95.1
96.9
90.3
100.5
108.9
130.6
153.8
108.3
115.7
115.9
129.2
134.0
143.1
150.1
154.1
153.6
157.4
163.1
165.4
183.0
67.1
73.9
82.1
86.2
92.7
95.7
107.4
119.4
96.4
99.1
102.1
105.4
109.0
113.0
116.1
118.8
119.3
123.5
125.7
127.6
128.6
Other
32.0
36.6
40.0
42.8
46.6
48.1
51.7
57.9
48.1
49.0
50.4
50.7
52.2
53.3
55.4
57.3
58.2
60.6
62.7
63.4
64.4
•evision of the national income snd product ac, December 1985,
Total
nondurable
goods
490.4
541.8
613.2
681.4
740.6
771.0
817.0
872.4
776.7
786.6
792.4
811.7
826.5
837.2
856.6
873.2
876.6
883.1
895.7
910.2
914.5
Food
255.9
282.2
317.3
349.1
376.5
398.8
422.0
451.7
402.7
407.0
413.1
419.0
426.0
430.0
440.0
449.9
457.1
459.6
465.5
472.1
475.9
Eetail sal es of new
passeng er cars
(millions of units)
Clothing
and
Gasoline
and oil
84.1
94.8
102.2
109.0
119.9
124.4
135.2
147.4
125.0
126.5
129.4
135.0
135.5
140.9
144.4
149.1
146.4
149.7
152.8
156.3
155.7
46.9
51.3
66.1
83.7
92.7
89.1
90.1
90.7
88.6
89.8
86.5
89.4
92.5
92.1
92.0
91.9
89.1
89.8
89.3
92.9
92.2
Services
Other
103.5
113.4
127.6
139.5
151.6
158.7
169.6
182.6
160.4
163.4
163.3
168.3
172.6
174.1
180.2
182.3
184.0
184.1
188.2
188.9
190.7
Domestics
582.3
656.1
734.6
831.9
934.7
1,027.0
1,122.7
1,219.6
1,036.1
1,066.5
1,085.2
1,113.0
1,133.1
1,159.6
1,180.4
1,211.1
1,231.3
1,255.4
1,277.8
1,296.6
1,315.6
Source: Department of Commerce, Bureau of Economic Analysis.
9.0
9.2
8.2
6.6
6.2
5.8
6.8
8.0
5.6
6.0
6.0
6.9
6.9
7.4
8.1
8.2
7.9
7.6
8.5
8.2
9.4
2.1
2.0
2.3
2.4
2.3
2.2
2.4
2.4
2.2
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.4
2.7
2.4
2.7
3.0
SOURCES OF PERSONAL INCOME
Personal income rose $18.5 billion (annual rate) in November following an increase of $16.3 billion in October.
Wage and salary disbursements rose $10.7 billion in November, following an increase of $6.1 billion in October.
(See Note below.)
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,600
3,200
3,600
3,200
TOTAL PERSONAL INCOME
2,800
2,800
\
2,400
2,400
2,000
2,000
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
1,200
1,200
1,000
1,000
800
800
600
OTHER INCOME
600
400
-r
400
TRANSFER
PAYMENTS
200
200
1977
1979
1978
1981
1980
1982
1983
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1984
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1977
1978
1979
1980
1981
1982
1983
1984
1984: Nov r
Dec1"
1985: Jan r.
Feb r.
Mar r
Apr r
May r.
June r
July p.
Aug r
Sept '
Oct r
Nov "
Total
personal
income
Proprietors ' income 3
salary
disburse-
Other labor
income 1 z
Farm
1,607.5
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,836.4
3,111.9
993.9
1,119.3
1,252.1
1,372.0
1,510.3
1,586.1
1,675.8
1,834.9
94.1
107.7
122.7
138.4
150.3
163.6
179.5
193.4
20.5
27.0
31.7
20.5
30.7
24.6
14.3
32.1
132.4
149.2
160.1
160.1
156.1
150.9
178.0
201.6
9.3
5.6
6.6
13.3
13.6
12.8
10.8
3,184.0
3,207.4
1,883.5
1,901.5
197.2
198.4
23.1
33.7
205.4
207.4
9.7
9.8
3,217.3
3,247.2
3,258.2
3,288.6
3,271.2
3,280.5
3,290.0
3,295.5
3,309.9
3,326.2
3,344.7
1,905.4
1,916.5
1,930.9
1,940.5
1,946.8
1,958.5
1,959.8
1,969.3
1,981.2
1,987.3
1,998.0
199.7
200.9
202.2
203.5
204.8
206.1
207.3
208.5
209.5
210.5
211.5
22.7
32.9
23.8
40.4
14.4
13.8
12.2
210.4
213.1
215.2
216.9
218.6
218.8
222.1
224.8
228.9
227.6
229.8
10.3
10.9
11.7
12.8
13.9
14.9
15.5
16.2
11.7
16.5
13.6
11.6
12.9
15.4
18.1
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 capita! consumption adjustments.
* With capital consumption adjustment.
Nonfarm
Rental
income of
persons 4
8.2
Personal
dividend
income
38.2
43.0
48.1
52.9
61.3
63.9
68.0
74.6
76.9
77.2
77.5
77.9
78.3
78.6
78.7
78.8
78.9
79.1
79.2
79.4
79.9
Personal
interest
income
Transfer
payments 5
155.4
182.5
221.4
271.9
335.4
369.7
385.7
442.2
226.1
244.0
273.1
324.7
368.1
410.6
442.2
454.7
461.1
459.9
462.0
455.4
461.7
463.0
463.8
462.7
461.0
457.9
453.3
449.8
448.6
451.0
454.3
475.1
478.2
479.5
480.9
481.2
480.9
490.0
486.0
488.4
489.4
490.9
Less:
Personal
contributions
for social
insurance
61.2
69.8
81.0
88.6
104.5
112.3
119.8
132.4
134.9
135.9
145.5
146.2
147.2
147.6
148.1
149.1
149.1
149.7
150.4
150.9
151.4
Nonfarm
personal
income 6
1,572.6
1,769.3
1,983.1
2,215.8
2,465.6
2,618.7
2,795.3
3,053.3
3,134.0
3,146.7
3,168.0
3,188.0
3,208.2
3,221.9
3,230.5
3,240.5
3,251.9
3,258.1
3,271.2
3,284.9
3,300.7
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.—Data reflect the recent comprehensive revision of the national income and product accounts. For details, see Survey of Current Business, December 1985.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, disposable personal income fell $17.5 billion (annual rate) in the third quarter of
1985, compared with a rise of $78.5 billion in the second quarter. If there had been no delay in the payment of
Federal income tax refunds from the first quarter to the second quarter, disposable personal income would have
increased $10.0 billion in the third quarter and $23.5 billion in the second quarter. (See Note below.)
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
6,000
6,000
4,000
4,000
1977
1985
1978
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Personal
Period
Less:
Personal
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
tax and
nontax
income
Less:
Personall
outlays
Equals:
Personal
saving
Per ( apita
disposabl l personal
inc jme
Per eapit i personal
consu nption
expen litures
Current
dollars
Current
dollars
1982
dollars
1,607.5
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,836.4
3,111.9
r
1982 .
1983 r.
1984 r.
228.1
261.1
304.7
340.5
393.3
409.3
411.1
441.8
1,379.3
1,551.2
1,729.3
1,917.9
2,127.6
2,261.4
2,425.4
2,670.2
1,288.6
1,441.1
1,611.3
1,781.1
1,968.1
2,107.5
2,292.2
2,497.7
90.7
110.2
118.0
136.8
159.4
153.9
133.2
172.5
6,262
6,968
7,682
8,422
9,247
9,732
10,339
11,279
9,381
9,735
9,829
9,723
9,773
9,732
9,952
10,427
Saving as
percent of
disposable
personal
Population
sands) 2
dollars
Do lars
Billions of dol ars
1977 '.
1978 r.
1979 r.
1980 r.
1981 '.
1982
Percent
change in
real per
capita
disposable
Per cent
5,707
6,304
6,960
7,608
8,323
8,825
9,503
10,235
8,551
8,808
8,904
8,784
8,798
8,825
9,148
9,462
8,819
8,911
8,968
9,123
9,205
9,294
9,371
9,487
9,466
9,521
9,613
9,658
9,742
6.6
7.1
6.8
7.1
7.5
6.8
5.5
6.5
220,289
222,629
225,106
227,732
230,087
232,376
234,579
236,731
1.2
6.8
6.2
232,667
233,268
1.8
2.2
5.7
6.7
6.0
4.9
5.3
5.8
233,772
234,268
234,850
235,425
8.7
1.6
2.1
-.3
7.0
6.1
6.7
6.0
235,924
236,419
236,998
237,584
— 1.1
4.8
5.9
3.7
238,065
238,503
239,126
2.2
3.8
1.0
— 1.1
.5
— .4
2.3
4.8
Seas anally adju sted annual rates
1982:
III '....
IV r....
2,683.6
2,729.2
405.0
411.1
2,278.6
2,318.1
2,122.6
2,174.9
156.0
143.1
9,793
9,937
9,728
9,758
8,878
9,075
1983: I r
II '.
Ill r....
IV r....
1984: I r
II r.
Ill '...,
IV r ....
2,752.8
2,805.7
2,852.4
2,934.8
407.4
418.0
404.4
414.4
2,345.5
2,387.7
2,447.9
2,520.4
2,205.2
2,271.3
2,319.0
2,373.3
140.3
116.4
129.0
147.1
10,033
10,192
10,423
10,706
9,802
9,856
9,993
10,157
3,033.8
3,083.5
3,144.2
3,186.2
423.6
433.6
447.5
462.4
2,610.2
2,649.9
2,696.7
2,723.8
2,428.7
2,487.4
2,515.2
2,559.4
181.6
162.6
181.5
164.5
11,064
11,209
11,379
11,465
10,371
10,413
10,466
10,457
1985: I r
11 r.
3,240.9
3,280.1
3,298.5
501.7
462.4
498.2
2,739.2
2,817.7
2,800.2
2,608.4
2,650.6
2,697.6
130.9
167.2
102.6
11,506
11,814
11,710
10,429
10,617
10,468
9,180
9,434
9,601
9,796
9,997
10,212
10,291
10,439
10,606
10,747
10,898
r
Ill ....
NOTE.—Date reflect the recent comprehen
counts. For details, see Survey of Current B
rages
Source: Depart
-0.6
7.4
-5.5
itional income and product at'-
FARM INCOME
In the second quarter of 1985, according to current estimates, gross farm income fell $8.5 billion (annual rate) and
net farm income fell $7.2 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
240
240
200
200
IdO
160
GROSS FARM INCOME
120
120
80
80
60
60
. NET FARM INCOME_
40
w
20
10
1977
1978
1980
1979
40
20
10
1981
1982
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1984
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farmi ng
Net farn income
(jross farm ineom
D
' A
Oas h marketing rece pts
Total '
1984:
1985:
Crops
102.9
108.7
128.4
150.7
149.6
166.0
161.6
150.6
174.0
95.4
96.2
112.2
131.5
139.8
142.1
142.9
136.3
141.8
46.3
47.6
59.2
69.2
68.0
69.2
70.3
69.4
72.7
49.0
48.6
53.0
I
II
Ill
IV
152.9
143.6
151.7
154.3
143.2
133.0
141.2
127.6
71.0
68.9
67.9
70.0
72.2
64.1
73.3
57.6
I
II
Ill
IV
175.7
167.3
173.7
179.8
139.3
139.0
141.5
147.6
75.5
70.8
71.2
73.5
63.8
68.2
70.3
74.2
I
II"
170.5
162.0
138.1
134.1
72.4
67.5
65.7
66.6
1976
1977
1978
1979
1980
1981
1982
1983
1984
1983:
Total
Livestock and
products
62.3
71.8
72.9
72.7
66.8
69.1
inventory
changes 2
-1.5
1.1
2.1
5.0
-5.9
5.8
-1.4
-10.6
7.8
Production
expenses
82.7
88.9
101.0
119.0
129.4
136.1
136.9
135.6
139.5
Current
dollars
20.1
19.8
27.4
31.7
20.2
29.8
24.6
15.0
34.5
135.1
134.9
135.5
136.9
17.8
10.3
10.2
139.2
140.2
140.0
138.5
36.5
27.0
33.6
41.2
4.5
1.6
136.2
134.7
34.4
27.2
-10.6
-13.9
-12.9
-4.9
2.0
8.7
8.7
16.2
17.3
1967 dollars 3
11.8
10.9
14.0
14.6
8.2
11.0
8.5
5.0
11.1
6.1
2.9
5.4
5.7
11.9
8.7
10.7
13.1
10.8
8.6
CORPORATE PROFITS
In the third quarter of 1985, according to revised estimates, corporate profits before tax rose $9.9 billion (annual
rate) and after-tax profits rose $4.7 billion. (See Note below.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
280
280
240
240
200
160
120
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after ta X
Pr<)fits (before t ax) with inve ntory valuati on adjustment '
Doinestie indust •ies
Period
Total
Financial
1977 r
1978 r
1979 r
1980 r
1981 r
1982 r
1983 *
1984 r
183.8
208.2
214.1
194.0
202.3
159.2
195.0
232.3
165.5
186.0
180.4
159.6
173.8
131.2
164.2
200.1
21.6
29.1
27.8
21.0
16.5
11.8
22.7
19.2
1982: HI r
IV r
161.6
150.7
133.0
121.6
12.4
18.7
1983: I r
II r
III '
163.7
190.5
207.3
218.7
136.2
161.1
174.4
185.1
22.0
25.0
22.4
21.2
1984: I r
IV *
234.4
241.8
226.5
226.3
201.0
212.3
193.3
193.7
20.8
20.4
17.2
18.4
Ir
II r
III r
220.6
220.9
233.2
189.4
189.3
203.0
19.2
22.5
23.8
IV r
r
m
1985:
1
2
3
Profits
before tax
Tax
liability
27.5
27.3
28.7
21.6
32.5
34.6
39.1
50.7
200.4
233.5
257.2
237.1
226.5
169.6
205.0
237.6
73.0
83.5
88.0
84.8
81.1
63.1
75.2
93.6
127.4
150.0
169.2
152.3
145.4
106.5
129.8
144.0
32.9
33.6
171.6
164.1
64.3
59.8
107.3
104.3
32.6
40.8
39.9
43.1
167.1
199.8
225.4
227.6
58.9
73.8
84.1
84.0
108.2
126.0
141.3
143.6
46.8
52.7
51.5
51.8
247.4
247.4
227.7
228.0
99.1
100.6
87.4
87.4
148.3
146.7
140.3
140.6
48.7
50.6
53.6
220.0
218.7
228.6
83.4
82.3
87.4
136.6
136.4
141.1
Nonfinancial
Total 2
r
Total s
143.9
156.8
152.6
138.6
157.3
119.4
141.6
180.9
120.6
102.9
114.2
136.1
152.0
163.9
180.2
191.9
176.1
175.3
170.2
166.7
179.2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Manufacturing
80.6
88.7
87.5
77.1
88.5
58.0
71.3
88.5
64.3
46.8
52.3
64.6
78.9
89.2
94.2
94.9
82.2
82.7
77.3
73.4
79.7
Total
Dividends
sale and
retail
trade
39.5
44.7
50.1
54.7
63.6
66.9
70.8
78.1
66.6
68.5
69.3
69.6
71.1
73.1
75.3
77.5
78.9
80.7
82.0
83.1
83.9
Undistributed
profits
87.9
105.2
119.1
97.6
81.8
39.6
59.0
65.9
40.7
35.8
38.9
56.4
70.3
70.6
73.1
69.2
61.3
60.0
54.6
53.3
57.3
Inventory
valuation
adjustment
-16.6
-25.3
-43.2
-43.1
-24.2
-10.4
-10.0
-5.4
-10.0
-13.4
-3.4
-9.3
-18.1
-8.9
-13.0
-5.6
-1.3
-1.6
.7
2.2
4.7
NOTE.—Data reflect the recent comprehensive revision of the national income and product accounts. For details, see Survey of Current Business, December 1985.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter of 1985, business fixed investment rose $4.3 billion (annual
rate) from its second quarter level while residential investment outlays also rose $4.3 billion. There was a $0.2
billion increase in inventories following an increase of $15.5 billion in the second quarter. (See Note below.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS PRIVATE DOMESTIC
INVESTMENT
600
600
500
500
400
400
300
300
• NONRESIDENTIAL FIXED INVESTMENT
200
-
200
RESIDENTIAL
FIXED INVESTMENT
100
100
z
CHANGE IN BUSINESS
INVENTORIES
i i
-100
1977
1 1
1978
1979
1981
1980
-100
1982
1983
1984
1985
COUNCIL OF E(iCONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change ir business
mven ones
]Ixed investmen t
Gross
private
domestic
investment
1977
1978
1979
1980
1981
1982
1983
1984
1982: III r
IV.
1983: I r
IIrr
III
IV r.
1984: I *
IIr
III r
IV.
1985:
I*
IIr
III r
344.1
416.8
454.8
437.0
515.5
447.3
501.9
674.0
452.2
409.6
425.0
483.7
521.2
577.6
658.8
673.3
687.9
676.2
657.6
672.8
666.1
Nonresidential
Total
322.8
388.2
441.9
445.3
491.5
471.8
508.3
607.0
461.2
469.5
467.7
489.2
524.0
552.1
566.7
604.5
619.5
637.2
639.1
657.3
665.9
NOTE.—Data reflect the recent comprehensive revision of the national income and product accounts. For details, see Survey o/" Current Business, December 1985.
Total
214.2
259.0
302.8
322.8
369.2
366.7
356.3
427.9
360.7
354.9
338.0
343.0
357.3
386.8
394.1
423.4
435.9
458.1
459.6
474.2
478.5
Structures
66.7
81.0
99.5
113.9
138.5
143.3
126.1
147.6
140.2
137.6
127.6
121.5
124.7
130.5
135.0
147.0
151.3
157.2
166.1
169.7
170.4
Producers'
durable
equipment
147.4
178.0
203.3
208.9
230.7
223.4
230.2
280.2
220.5
217.3
210.4
221.5
232.6
256.3
259.1
276.5
284.5
300.9
293.5
304.5
308.1
Residential
108.6
129.2
139.1
122.5
122.3
105.1
152.0
179.1
100.5
114.7
129.7
146.2
166.7
165.4
172.6
181.0
183.7
179.1
179.4
183.1
187.4
Source: Department of Commerce, Bureau of Economic Analysis.
Total
21.3
28.6
13.0
-8.3
24.0
24.5
-6.4
67.1
-9.0
59.9
42.7
-5.5
2.8
25.5
92.1
68.9
68.3
39.0
18.5
15.5
.2
Nonfarm
20.2
26.5
7.9
-2.4
18.3
-23.1
.8
58.0
-12.4
-51.1
-33.7
1.8
15.5
19.4
71.6
61.2
62.8
36.4
14.2
10.8
3.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1985 survey, business spending for new plant and
equipment for the year 1986 is expected to be 2.4 percent above the 1985 level. Spending in 1985 is expected to
be 8.4 percent above the 1984 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
AIL INDUSTRIES
300
300
r
200
200
UFA
NONMANUFACTURING
I
1
.
I 7-
-MANUFACTURING
100
100
80
80
60
60
40
40
1978
1979
1980
1982
1981
1984
1983
1985
^/'SURVEYED QUARTERLY
^/'SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1986
COUNCIt OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
M anufaeturi ig
Period
All
industries
Total
Durable
goods
No imanufactu •ing
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
1978
1979
1980
1981
1982
1983
1984
1985"
1986"
217.76
254.96
282.80
315.22
310.58
304.78
354.44
384.22
393.52
78.58
95.92
112.33
126.54
120.68
116.20
138.82
152.42
152.30
39.46
48.50
55.36
59.81
55.35
53.08
66.24
72.53
70.76
39.13
47.42
56.96
66.73
65.33
63.12
72.58
79.89
81.54
139.18
159.04
170.47
188.68
189.89
188.58
215.61
231.79
241.23
11.22
12.81
15.99
21.39
20.05
15.19
16.86
15.84
14.85
13.36
16.05
16.60
15.84
14.79
13.97
16.52
17.77
18.67
31.50
35.63
37.74
41.21
45.43
44.96
47.48
48.23
46.13
83.09
94.56
100.14
110.24
109.63
114.45
134.75
149.96
161.58
1983: I
II
UI
IV
1984: I
289.36
295.24
308.79
325.75
337.95
349.97
361.48
368.29
371.16
387.83
388.90
388.98
402.13
405.99
111.32
112.73
116.70
124.05
129.91
135.96
142.44
146.96
145.65
154.33
154.04
155.68
154.74
159.16
50.67
50.12
53.96
57.58
61.23
64.03
68.26
71.43
69.87
73.96
72.85
73.46
71.95
74.55
60.65
62.61
62.74
66.48
68.68
71.93
74.18
75.53
75.78
80.36
81.19
82.22
82.79
84.60
178.04
182.51
192.09
201.70
208.04
214.01
219.04
221.33
225.51
233.51
234.86
233.30
247.39
246.83
14.69
14.17
15.59
16.34
17.24
16.38
16.82
17.00
15.66
16.51
15.94
15.24
15.30
15.75
13.08
13.51
14.04
15.24
15.29
17.01
17.49
16.28
16.22
17.50
19.09
18.25
18.80
18.98
44.69
44.46
44.68
46.02
47.08
47.94
47.92
46.92
48.46
48.47
48.14
47.85
48.99
47.53
105.58
110.37
117.79
124.09
128.42
132.67
136.80
141.13
145.17
151.02
151.69
151.96
164.30
164.57
n
m
rv
1985: I
n 4
m
IV*
1986:
I"
U«
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social sen-ices and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column {"noninanufacturing surveyed annually") for data for these industries.
~z "All industries" plus the part of nonmamifacUiring that is surveyed annually.
10
Total
nonfarm
business 2
245.34
284.94
314.47
349.26
347.47
343.35
398.99
Nonmanufactu ring
Manufacturing
78.58
95.92
112.33
126.54
120.68
116.20
138.82
152.42
152.30
111.32
112.73
116.70
124.05
129.91
135.96
142.44
146.96
145.65
154.33
154.04
155.68
154.74
159.16
Total
166.76
189.02
202.15
222.72
226.79
227.15
260.16
Surveyed
quarterly
139.18
159.04
170.47
188.68
189.89
188.58
215.61
231.79
241.23
Surveyed
annual-
ly 3
27.58
29.98
31.68
34.04
36.89
38.56
44.55
178.04
182.51
192.09
201.70
208.04
214.01
219.04
221.33
225.51
233.51
234.86
233.30
247.39
246.83
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in late October and November 1985, corrected for biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment rose 60,000 in November and unemployment fell 151,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
12
^
\
^^ "
8
—~
*
I NEMPLOYMEh T
4
Illllllllil
0
1977
l||lllllll| Illllllllil Illllllllil Illllllllil Illllllllil I l l l l l l l l l l Illllllllil Illllllllll
1982
1984
1978
1979
1980
1981
1983
1985
* 16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCll 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
Unempk yment
Civilian einployment
ixesi-
Rpei
Armed
Forces
T
Ijabor toroe
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
15
NSA
resident
Armed
Forces
1983
1984
166,460
169,349
171,775
173,939
175,891
178,080
1,597
1,604
1,645
1,668
1,676
1,697
106,559
108,544
110,315
111,872
113,226
115,241
100,421
100,907
102,042
101,194
102,510
106,702
104,962
106,940
108,670
110,204
111,550
113,544
98,824
99,303
100,397
99,526
100,834
105,005
3,347 95,477
3,364 95,938
3,368 97,030
3,401 96,125
3,383 97,450
3,321 101,685
3,373
4,064
4,499
5,852
5,997
5,512
7,637
8,273
10,678
10,717
8,539
2,285
3,485
4,210
2,737
1984: Nov
Dec
178,834
179,004
1,699
1,698
115,773
116,162
107,631
107,971
114,074
114,464
105,932
106,273
3,334 102,598
3,385 102,888
5,413
5,596
8,142
8,191
1985:
179,081
179,219
179,368
179,501
179,649
179,798
179,967
180,131
180,304
180,470
180,642
1,697
1,703
1,701
1,702
1,705
1,702
1,704
1,726
1,732
1,700
1,702
116,572
116,787
117,215
117,073
117,078
116,485
117,018
117,025
117,550
117,859
117,769
108,088
108,388
108,820
108,647
108,665
108,072
108,566
108,898
109,276
109,567
109,629
114,875
115,084
115,514
115,371
115,373
114,783
115,314
115,299
115,818
116,159
116,067
106,391
106,685
107,119
106,945
106,960
106,370
106.862
107,172
107,544
107,867
107,927
3,320
3,340
3,362
3,428
3,312
3,138
3,126
3,092
2,976
3,026
3,008
103,071
103,345
103,757
103,517
103,648
103,232
103,737
104,080
104,568
104,841
104,920
5,389
5,077
5,400
5,374
5,617
5,257
5,350
5,443
5,297
5,213
5,292
8,484
8,399
8,396
8,426
8,413
8,413
8,451
8,127
8,274
8,291
8,140
Total
Agricultural
Part-time
Total
NSA
1979
1980
1981
1982
Jan
Feb
Mar
Apr
May
June....
July
Aug
Sept....
Oct
Nov
Labor brce
particip ation
rate (pe rcent)
for
Total
weeks
and
over
economic
reasons 1
6,137
1,241
1,871
Total
2
64.0
64.1
64.2
64.3
Civil3
ian
63.7
63.8
64.4
64.7
63.9
64.0
64.0
64.4
2,428
2,374
64.7
64.9
64.4
64.6
2,243
2,416
2,400
2,377
2,247
2,317
2,348
2,264
2,328
2,284
2,199
65.1
65.2
65.3
65.2
65.2
64.8
65.0
65.0
65.2
65.3
65.2
64.8
64.8
65.0
64.9
64.8
64.5
64.7
64.6
64.9
65.0
64.9
11
SELECTED UNEMPLOYMENT RATES
In November, the seasonally adjusted overall unemployment rate fell to 6.9 percent (from 7.0 percent in October)
and the civilian unemployment rate fell to 7.0 percent (from 7.1 percent in October).
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
BLACK
AND OTHER-
20
15
ALL CIVILIAN WORKERS
10
5"
WHITE
iiiiiliiiii
Illllllllll
1982
1981
1984
1983
1985
1981
1985
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemp oyment ra te (percent of eivilian labor force in group)
5.8
7.0
7.5
9.5
9.5
7.4
5.8
7.1
7.6
9.7
9.6
7.5
4.2
5.9
6.3
8.8
8.9
6.6
5.7
6.4
6.8
8.3
8.1
6.8
16.1
17.8
19.6
23.2
22.4
18.9
5.1
6.3
Nov...
Dec...
7.0
7.1
7.1
7.2
6.2
6.3
6.5
6.4
Jan...
7.3
7.2
7.2
7.2
7.2
7.2
7.2
6.9
7.0
7.0
6.9
7.4
7.3
7.3
7.3
7.3
7.3
7.3
7.0
7.1
7.1
7.0
6.3
6.3
6.2
6.3
6.1
6.5
6.3
6.0
6.0
6.0
6.0
6.8
6.7
6.7
6.8
6.9
6.7
6.6
6.7
6.8
6.4
6.4
Feb ...
Mar...
Apr ...
May...
June . .
July...
Aug...
Sept ..
Oct....
Nov...
1
Both
sexes
16-19
years
Black a id other
White
12
Black
Total
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
8.8
8.8
Labor
force
time lost
(percent) 2
6.7
8.6
8.4
6.5
11.3
13.1
14.2
17.3
17.8
14.4
12.3
14.3
15.6
18.9
19.5
15.9
6.9
7.3
9.3
9.2
7.1
2.8
4.2
4.3
6.5
6.5
4.6
8.3
9.2
10.4
11.7
12.2
10.3
5.3
6.9
7.3
9.6
9.5
7.2
9.4
10.5
10.4
9.3
11.0
10.9
17.8
18.8
6.1
6.2
13.7
13.6
15.1
15.0
6.8
6.8
4.4
4.4
10.8
9.6
6.9
6.9
8.6
8.8
8.2
8.3
18.9
18.4
18.2
17.7
18.9
18.3
19.5
17.3
17.8
20.1
18.4
6.4
6.2
6.2
6.3
6.2
6.5
6.4
6.2
6.1
6.1
5.9
13.7
14.6
13.9
13.9
14.1
12.8
13.5
12.7
13.9
13.6
14.3
14.9
16.3
15.2
15.3
15.6
14.0
15.0
14.0
15.3
15.0
15.9
6.9
6.8
6.8
6.8
6.8
6.9
6.9
6.7
6.9
6.7
6.6
4.6
4.4
4.2
4.3
4.0
4.6
4.4
4.1
4.3
4.1
4.2
10.0
11.0
10.2
10.8
10.9
9.8
10.2
11.1
11.6
10.5
10.0
7.1
7.1
6.9
6.9
6.8
6.8
7.0
6.7
6.8
6.7
6.7
9.3
8.7
9.6
9.7
10.3
9.9
9.5
9.0
9.2
9.7
8.6
8.2
8.2
8.2
8.2
8.3
8.2
8.3
8.1
8.1
7.9
7.9
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons
cent of potentially available labor force hours.
2
By s elected grou; s
By race
Women
20 years
and
over
1982
1983
1984
1985:
By sex and age
Men
20 years
and over
1979
1980
1981
1984:
Unemployment
rate, all
workers l
All
civilian
workers
Period
5.5
Source: Department of Labor, Bureau of Labor Statistics.
6.3
7.9
8.5
8.6
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In November, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 27
weeks and over rose, while the percentages for 5-14 weeks and for 15-26 weeks fell. The mean duration of
unemployment rose and the median duration fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
A_.
60
A.'
JOB LOSERS
—
TM/V
50
40
30
-
REENTRANTS
v-
20
20
NEW ENTRANTS
_
10 —
10
1981
1981
1982
1983
1984
1985
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Dur ation of imemploj ment
Period
Unemployment
(thousands)
P ercent di tribution i
Leas
than
5
weeks
5-14
weeks
15-26
weeks
Ee ason for inemplo}ment:
1
percent d istributio n
Stat e
progrs ms
Insured
unemployment,
Numb er of
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemplovment
Initial
claims
regular
programs
(unadjusted) 2
S ecial
P
ployment
benefit
claims
(unadjuse
W eekly av ?rage, thousa nds
1980
1981
1982
1983
1984
7,637
8,273
10,678
10,717
8,539
43.1
41.7
36.4
33.3
39.2
32.3
30.7
31.0
27.4
28.7
13.8
13.6
16.0
15.4
12.9
10.7
14.0
16.6
23.9
19.1
11.9
13.7
15.6
20.0
18.2
1984: Nov
Dec
8,142
8,191
41.4
40.2
28.7
30.8
12.2
11.9
17.7
17.2
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
8,484
8,399
8,396
8,426
8,413
8,413
8,451
8,127
8,274
8,291
8,140
43.3
41.9
42.4
42.1
42.8
41.5
42.4
41.5
42.0
41.4
42.9
30.2
29.4
29.3
29.8
30.8
30.6
29.7
30.7
30.0
30.9
29.9
11.1
12.8
12.6
12.1
12.2
12.2
13.0
12.9
12.4
13.0
10.9
15.4
15.9
15.8
16.0
14.1
15.7
14.9
14.9
15.5
14.6
16.3
6.5
6.9
8.7
7.9
7.7
9.6
25.2
25.4
22.3
22.5
25.6
11.4
11.9
11.1
11.3
13.0
3,350
3,047
4,061
3,396
2,480
488
460
583
438
378
3,837
3,410
4,594
3,775
2,565
50.5
50.5
10.6
10.4
26.4
26.8
12.5
12.2
2,509
2,487
395
386
2,441
2,778
295
305
50.8
50.7
49.3
50.0
46.9
49.3
51.1
51.3
50.2
48.9
50.2
10.4
10.3
10.0
26.4
26.6
27.7
27.4
28.9
26.5
25.3
26.7
28.7
27.1
27.0
12.4
12.3
12.9
12.7
13.8
12.2
12.9
11.3
11.0
12.7
13.0
2,607
2,681
2,639
2,587
2,575
2,548
2,597
2,533
2,529
2,519
2,548
394
406
392
390
386
396
390
382
381
375
384
3,361
3,339
3,113
2,766
2,455
2,337
2,523
2,361
2,212
326
327
339
243
100
28
11.7
11.2
7.9
51.7
51.6
58.7
58.4
51.8
17.4
17.3
7.3
7.4
15.3
15.9
15.9
16.1
14.9
15.4
15.4
15.6
15.5
15.3
16.0
6.7
7.2
7.1
6.7
6.2
6,6
7.2
7.5
6.9
7.1
7.0
10.1
3
9.9
10.3
12.0
10.6
10.7
10.2
11.2
9.8
Federal supplemental compensation program. The program expired June 30, 1985.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Adni
tration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 182,000 in November.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
100
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
GOVERNMENT
70
miiliiiiiliiiiiliiiiiiiimlnm
SERVICE-PRODUCING
INDUSTRIES
60
20
50
18
40
CONSTRUCTION
. GOODS-PRODUCING INDUSTRIES
30
\
Illllllllll Illllllllll
1981
1982
1984
1981
1985
1982
Illllllllll
1983
-SEASONAttY ADJUSTED
1984
inn1111111
la*
1985
'
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; * seasonally adjusted]
Se rvice-produ ing industn es
Goods-p reducing in dustries
Period
Total
nonagricultural
employment
M anufacturin g
Total
2
C AT]
on-
struction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Gover nment
Finance,
insurance,
and real
estate
Services
Total
Federal
89,823
90,406
91,156
89,566
90,196
94,461
26,461
25,658
25,497
23,813
23,334
24,730
4,463
4,346
4,188
3,905
3,948
4,345
21,040
20,285
20,170
18,781
18,434
19,412
12,760
12,187
12,109
11,039
10,732
11,522
8,280
8,098
8,061
7,741
7,702
7,890
63,363
64,748
65,659
65,753
66,862
69,731
5,136
5,146
5,165
5,082
4,954
5,171
5,204
5,275
5,358
5,278
5,268
5,550
14,989
15,035
15,189
15,179
15,613
16,584
4,975
5,160
5,298
5,341
5,468
5,682
17,112
17,890
18,619
19,036
19,694
20,761
15,947
16,241
16,031
15,837
15,869
15,984
2,773
2,866
2,772
2,739
2,774
2,807
1984: Nov.... 95,882
96,092
Dee
24,955
25,045
4,424
4,469
19,553
19,603
11,666
11,701
7,887
7,902
70,927
71,047
5,229
5,246
5,647
5,665
16,994
17,026
5,755
5,776
21,184
21,252
16,118
16,082
2,831
2,836
96,419
96,591
96,910
97,120
97,421
97,473
97,707
97,977
98,217
98,571
98,753
25,112
25,062
25,056
25,090
25,066
25,010
24,980
25,015
24,962
25,045
25,073
4,534
4,525
4,553
4,641
4,658
4,638
4,660
4,688
4,721
4,745
4,750
19,604
19,561
19,526
19,467
19,426
19,398
19,351
19,362
19,279
19,342
19,372
11,702
11,675
11,651
11,608
11,586
11,560
11,509
11,519
11,449
11,496
11,516
7,902
7,886
7,875
7,859
7,840
7,838
7,842
7,843
7,830
7,846
7,856
71,307
71,529
71,854
72,030
72,355
72,463
72,727
72,962
73,255
73,526
73,680
5,259
5,272
5,269
5,278
5,301
5,295
5,302
5,282
5,317
5,326
5,350
5,686
5,697
5,714
5,733
5,748
5,768
5,773
5,791
5,805
5,835
5,850
17,090
17,160
17,249
17,280
17,392
17,425
17,453
17,514
17,539
17,603
17,566
5,790
5,809
5,835
5,858
5,888
5,906
5,932
5,959
5,987
6,008
6,040
21,382
21,480
21,644
21,723
21,813
21,856
21,926
22,073
22,155
22,245
22,366
16,100
16,111
16,143
16,158
16,213
16,213
16,341
16,343
16,452
15,509
16,508
2,836
2,834
2,850
2,859
2,873
2,872
2,878
2,886
2,904
2,909
2,909
1979
1980
1981
1982
1983
1984
1985: Jan
Feb
Mar
Apr
May....
June ...
July....
Aug....
Sept r..
Oct r...
Nov "..
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-
•eather, etc., even if thev are not paid for the time off; and which arf based
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 weekl1
hours
Period
Manufa during
Total
private
nonagricultural '
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
36.1
36.0
35.8
35.7
35.3
35.2
34.8
35.0
35.3
40.3
40.4
40.2
39.7
39.8
38.9
40.1
40.7
1984: Nov
Dec
35.2
35.2
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept T
35.1
35.1
35.2
35.0
35.1
35.1
35.0
35.1
35.1
35.1
35.0
Ocf
Nov"
Average gi"oss hourly
earn ings
Total
private
nonagricultural *
Overtime
Current
dollars
Current
dollars
1977
dollars s
1977 dollars
108.2
116.8
127.3
138.9
148.5
155.4
160.7
99.0
100.0
100.5
97.4
93.5
92.6
93.4
94.9
94.8
7.2
7.6
8.2
7.9
9.0
9.1
6.9
4.6
3.4
-3.1
-4.0
-1.0
9.31
9.35
162.3
163.4
94.5
94.9
3.1
3.4
-.3
-.1
9.38
9.41
9.43
9.48
9.49
9.51
9.53
9.56
9.56
9.58
9.62
163.0
164.0
164.4
164.8
164.9
165.7
165.4
165.7
166.7
166.4
166.9
94.5
94.7
94.5
94.4
94.3
94.5
94.3
94.3
94.7
94.3
94.0
2.7
3.3
3.2
2.9
3.1
3.2
2.7
3.0
3.0
3.0
2.9
— .5
-.2
-.7
-1.2
-.9
-.8
-1.0
.0
.4
.1
3.6
3.3
2.8
2.8
2.3
3.0
3.4
$5.22
5.68
6.17
6.70
7.27
7.99
8.49
8.83
9.18
40.5
40.6
3.4
3.4
8.42
8.47
40.6
40.1
40.4
40.2
40.4
40.4
40.3
40.6
40.7
40.7
40.7
3.4
3.3
3.2
3.4
3.1
3.2
3.2
3.3
3.3
3.3
3.4
8.44
8.49
8.53
8.54
8.54
8.59
8.57
8.60
8.65
8.64
8.67
3.1
3.5
Percent change from a vear
ear re r 4 5
Ind ex,
Manufacturing
$4.86
5,25
5.69
6.16
6.66
7.25
7.68
8.02
8.33
40.1
Adjust d hourlv earnin ^s index2 — total )nvate
nonagnc ultural
92.9
100.0
1.4
1.0
,o
.9
1.6
J
R
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent ch ange from
a vear earlier,
total private n ^agricultural 5
Avera ge gross weekly eg rnings
Period
Manufacturing
Total private
nonagncultural l
Current dollars
Construction
Retail trade
Current dollars
1977 dollars 3
1977 dollars
Current dollars
7.3
1.5
1.2
.2
-3.1
$175.45
189.00
203.70
219.91
235.10
255.20
267.26
280.70
294.05
$186.85
189.00
189.31
183.41
172.74
170.13
168.09
171.26
173.48
$209.32
228.90
249.27
269.34
288.62
318.00
330.26
354.08
373.63
$283.73
295.65
318.69
342.99
367.78
399.26
426.82
442.97
456.92
$114.60
121.66
130.20
138.62
147.38
158.03
163.85
171.05
176.40
7.7
7.8
8.0
6.9
8.5
4.7
5.0
4.8
1984: Nov
Dec
296.38
298.14
172.62
173.14
377.06
379.61
462.08
461.16
177.31
177.31
3.3
4.0
— .1
.4
1985: Jan
Feb
Mar
Apr
May
June
Julv
Aug
Sept r
Get r
Nov"
296.24
298.00
300.26
298.90
299.75
301.51
299.95
301.86
303.62
303.26
303.45
171.73
172.15
172.66
171.19
171.38
172.00
171.01
171.80
172.51
171.82
170.96
380.83
377.34
380.97
381.10
383.40
384.20
384.06
388.14
389.09
389.91
391.53
459.94
463.81
465.58
465.88
460.60
454.96
459.85
459.75
466.17
465.88
461.35
176.42
177.01
177.31
176.42
178.20
177.61
176.72
176.42
177.60
176.71
177.30
2.0
2.1
3.3
2.1
2.4
2.8
1.8
2.6
2.4
3.0
2.3
— 1.2
-1.3
-.6
-2.0
-1.5
-1.2
-1.9
— .4
-.3
.1
-1.1
1976
1977
1978
1979
1980
1981
1982
1983
1984
-5.8
-1.5
-1.2
1.9
1.3
Source: Department of Labor, Bureau of Labor Statistics,
55-950 O -86 - 2
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pi r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Business
sector
Compens ation per
hou r 3
Hours of all
perse ns 2
Outf ut '
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Implic t price
defla t o r 5
Unit abor
Real com sensation
per h our 4
CO
Business
sector
sts
[
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
19'?7 = 100; quarterly c ata seasoitally adjus ted
89.8
96.8
97.2
96.2
96.6
71.4
78.1
71.8
78.5
97.3
95.9
97.9
96.5
75.3
84.4
75.3
84.5
75.3
82.4
81.6
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
98.3
99.8
100.0
103.4
106.2
106.5
109.2
106.3
111.0
120.8
106.5
108.7
105.9
111.2
120.7
107.8
108.4
105.4
107.1
112.9
108.3
109.0
106.0
107.5
113.6
131.1
143.4
155,0
161.7
168.6
130.6
143.1
154.5
162.0
168.7
96.4
95.5
97.3
98.4
98.4
96.0
95.3
97.0
98.6
98.4
132.6
142.4
153.6
156.0
157.6
132.8
143.5
154.5
156.6
158.8
128.1
140.4
147.9
152.4
157.4
128.1
140.6
148.6
153.4
158.2
100.9
101.6
100.3
100.5
106.1
105.8
106.0
105.2
105.1
104.1
105.7
104.7
156.7
158.4
156.0
157.9
97.3
98.0
96.8
97.7
155.3
155.9
155.6
157.1
148.7
149.3
149.3
150.2
1983: I
II
III
IV
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
97.9
98.4
99.0
98.8
98.3
98.3
156.8
155.4
155.1
156.8
157.6
155.9
155.9
157.1
151.0
151.7
152.7
154.2
151.9
152.7
153.8
155.2
1984: I
II
III
IV
105.7
107.0
107.2
108.0
105.2
106.6
106.3
106.9
117.8
121.0
121.5
123.0
118.0
121.0
121.3
122.7
111.4
113.0
113.4
113.9
112.3
113.6
114.1
114.8
166.7
167.5
169.3
171.1
166.5
168.0
169.5
171.0
98.6
98.2
98.3
98.5
98.4
98.4
98.4
98.5
157.7
156.5
158.0
158.4
158.3
157.6
159.5
160.0
155.6
156.7
158.1
159.0
156.3
157.3
159.0
160.1
1985:
106.9
107.3
108.3
106.0
106.3
106.9
123.0
123.8
125.0
122.8
123.6
124.8
115.0
115.4
115.4
115.8
116.2
116.7
173.1
174.5
176.8
173.1
174.6
176.2
98.9
98.6
99.4
98.9
98.7
99.0
161.9
162.6
163.2
163.3
164.1
164.8
160.9
161.7
162.3
162.3
163.4
164.2
1973
1974
94.8
92.5
95.3
92.9
91.7
89.9
91.7
1975
1976
94.6
97.6
1977
1978
1979
100.0
100.5
99.3
94.8
97.8
100.0
100.6
99.0
1980
1981
1982
1983
1984
98.8
100.7
100.9
103.7
107.0
1982: III
IV
I
II
Ill
74.0
Pe 'cent chan ge; quarte rly data at seasonal! y adjusted annual ra tes
1973
1974
2.6
-2.4
2.4
-2.5
6.6
-2.0
6.8
-2.0
3.9
.4
4.3
.5
8.0
9.4
7.6
9.4
1.6
-1.4
1.3
-1.4
5.3
12.1
5.0
12.2
5.5
9.5
3.8
10.2
1975
1976
1977
1978
1979
2.2
3.3
2.4
.5
-1.2
2.0
3.2
2.2
.6
-1.5
-2.0
6.4
6.6
5.5
2.3
-2.2
6.7
6.7
5.7
2.2
-4.1
3.0
4.1
4.9
3.5
-4.1
3.4
4.4
5.1
3.7
9.6
8.5
7.7
8.5
9.4
9.6
8.1
7.5
8.6
9.0
.5
2.6
1.2
.8
-1.7
.4
2.2
1.0
.8
-2.0
7.3
5.1
5.1
8.0
10.7
7.5
4.7
5.2
8.0
10.7
9.8
4.7
5.6
7.5
9.0
10.3
5.1
5.7
7.1
8.8
1980
1981
1982
1983
1984
-.5
1.9
.2
2.7
3.2
— .7
1.5
.2
3.5
2.7
-1.2
2.5
-2.6
4.4
8.8
-1.4
2.1
-2.6
5.0
8.5
— .7
.6
-2.8
1.6
5.4
-.6
.6
-2.8
1.5
5.7
10.4
9.4
8.1
4.3
4.2
10.3
9.6
8.0
4.9
4.1
-2.7
-.9
1.9
1.1
0
-2.8
-.7
1.7
1.6
-.1
11.0
7.3
7.9
1.6
1.0
11.1
8.0
7.7
1.4
1.4
9.3
9.6
5.3
3.0
3.2
10.0
9.8
5.7
3.2
3.1
1982: III
IV
2.4
2.7
3.6
1.1
-1.3
-1.2
— .1
-3.0
-3.6
-3.8
-3.6
-4.0
7.5
4.5
7.5
5.1
.2
3.0
2
3.6
5.0
1.7
3.7
4.0
2.3
1.8
2.0
2.4
1983:
I
II
III
IV
2.1
5.9
2.8
1.4
4.4
8.1
2.1
1.0
4.4
12.4
9.3
7.8
6.0
14.3
8.7
9.1
2.2
6.1
6.4
6.2
1.5
5.7
6.5
8.0
4.4
2.2
2.0
6.1
5.7
3.5
2.2
4.1
4.0
-2.1
-2.2
1.9
5.3
-.8
-2.0
0
2.2
-3.5
-.8
4.6
1.3
—4.2
.1
3.0
4.6
1.9
2.5
4.1
4.6
2.2
2.7
3.7
1984: I
II
Ill
IV
4.0
4.9
.6
3.1
2.9
5.5
-1.1
2.2
11.4
11.2
1.8
5.0
10.3
10.6
.7
4.7
7.2
6.0
1.2
1.8
7.2
4.8
1.8
2.4
6.2
1.9
4.4
4.4
6.1
3.7
3.6
3.7
.8
2.1
-2.9
3.7
1.2
3.1
.7
.8
.7
0
— .1
.1
— 1.7
4.7
1.4
3.7
2.9
3.6
2.2
2.8
2.8
4.2
2.9
-3.9
1.5
3.7
-3.1
1.2
2.1
0
2.7
3.9
.5
2.5
3.9
4.1
1.2
.2
3.7
1.3
1.8
4.8
3.3
5.4
5.0
3.4
3.7
1.4
-.9
3.0
1.7
-.8
1.3
9.1
1.7
1.6
8.4
2.1
1.6
5.0
1.8
1.5
5.5
2.7
2.1
1985:
I
II
Ill
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
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.
4
Hourly compensation divided by the consumer price index for all urban c
2
16
-1.8
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY
UTILIZATION
Industrial production rose 0.4 percent in November, following a decline of 0.4 percent in October. The index for
November was 1.4 percent above its year earlier level.
INDEX, 1977=100* (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
INDEX, 1977=100* (RATIO SCALE)
220
_ FINAL PRODUCTS
200
120
180
DEFENSE AND
S PACE
EQlJIPMENT
160
100
140
.
140
S — '"
^'~*1
„..<«•>*'—>-_
r
~7~"
-"1
INESS
"—**^^/
i^— EQUI PMENT -f^S'
120
BUS
— MANUFACTURING PRODUCTION
^*^**
s'
\^/'-
>-w •~^+'
""""'—.. *•«.--«.-« ~*
100
^-~-
*~ \
CONSUMER
GOODS
Illllllllll Illllllllll Illlllillll Illllllllll Illllllllll
PERCENT*
miilimi minium minium
90
_MANUF ACTURING CAPACITY UTILIZATIC N RATE _
UTILITIES AND MINING PRODUCTION
80
KX_
70
60
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1981
1981
»^~-^»»—
,<•
1982
1984
1983
•SEASONALLY ADJUSTED
SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1985
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry pro( uction indexes , 1977 = 100
To tal
indu trial
produ ction
Period
Percent
1977 = 100
1977'proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984: Nov
Dee
1985: Jan
Feb
Mar
Apr
May
June
July
Aug r .
Sepf
Oct r .
Nov"
1
Output as percent of capacity.
from year
earlier
100.0
84.8
92.6
100.0
106.5
110.7
108.6
111.0
103.1
109.2
121.8
123.4
123.3
123.6
123.7
124.0
124.1
124.1
124.3
124.1
125.2
125.0
124.6
125.1
Capacity utilization
rate, pe rcent *
Manufacturing
-8.8
9.2
8.0
6.5
3.9
-1.9
2.2
71
5.9
11.5
7.5
6.8
4.4
3.7
3.3
2.8
2.3
1.6
.7
1.3
1.4
1.5
1.4
Mining
Total
Durable
Utilities
Nondurable
84.21
49.10
35.11
9.83
5.96
83.4
91.9
100.0
107.1
111.5
108.2
110.5
102.2
110.2
123.9
126.0
125.8
125.9
125.8
126.3
126.6
126.6
126.7
126.9
128.2
127.9
127.5
128.1
82.6
91.1
100.0
108.2
113.9
109.1
111.1
99.9
107.7
124.8
127.5
127.4
127.8
127.2
128.0
128.2
127.9
127.6
127.9
129.4
128.5
127.9
128.9
84.5
93.1
100.0
105.5
108.2
107.0
109.7
105.5
113.7
122,5
123.8
123.4
123.2
123.8
123,9
124.3
124.7
125.5
125.6
126,6
127.0
127.0
127.1
96.6
97.4
100.0
103.6
106.4
112.4
117.5
109.3
102.9
110.9
108.8
108.9
110.5
109.5
110.5
109.6
109.8
110.6
108.7
108.3
107.7
106.0
105.6
93.7
97.4
100.0
103.1
105.9
107.3
107.1
104.8
105.2
110.9
112.1
111.6
113.0
115.8
113.9
113.6
113.7
113.4
110.7
110.3
113.2
113.4
114.0
Manufacturing
Industrial
materials
72.3
77.4
81.4
84.2
84.6
79.3
78.3
70.3
74.0
80.8
81.2
80.9
80.7
80.4
80.5
80.5
80.3
80.1
80.1
80.7
80.3
79.8
80.0
73.4
80.3
84.1
86.3
87.1
81.1
81.1
71.7
75.3
82.3
81.5
81.3
81.7
81.5
81.4
80.9
80.1
80.1
79.5
79.9
79.4
78.9
79.1
Source: Board of Governors of the Federa! Reserve System
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977=100; monthly data seasonally adjusted]
Mate rials
Produc ts
r
Interir ediate proc ucts
inal produc s
C ansumer go ods
Equipment
Period
Total
Total
Durable
goods
Nondurable goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Busi-
1977 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984: Nov
Dec
44.77
86.3
92.4
100.0
106.9
111.0
112.2
115.2
109.5
114.7
127.8
25.52
84.9
93.3
100.0
104.3
103.9
102.7
104.1
101.4
109.3
118.2
6.89
18.63
19.25
14.34
3.67
12.94
5.95
6.99
75.3
88.4
100.0
103.7
99.9
88.4
89.7
82.9
98.5
112.6
88.8
95.3
100.0
104.5
105.4
108.1
109.3
108.3
113.3
120.2
88.5
91.5
100.0
110.3
120.4
124.7
129.9
120.2
121.7
140.5
86.1
89.3
100.0
112.2
124.7
125.1
127.6
113.6
115.4
134.9
98.5
100.1
100.0
101.2
105.6
115.4
119.8
133.0
143.1
157.9
83.6
92.1
100.0
106.9
110.8
106.9
107.3
101.7
111.2
124.9
82.3
92.0
100.0
106.9
108.7
100.6
98.6
88.3
100.6
114.0
84.7
92.1
100.0
106.9
112.7
112.3
114.7
113.1
120.3
134.2
130.7
130.6
119.6
119.7
113.3
113.1
121.8
122.1
145.5
144.9
139.8
138.4
163.3
165.3
127.2
127.3
115.7
114.7
137.1
138.0
1985:
130.4
130.4
130.8
131.3
131.7
131.6
131.8
133.3
133.3
132.6
133.2
118.8
119.1
119.8
119.5
120.0
120.4
120.1
121.5
121.7
121.1
121.7
112.8
112.8
113.5
111.5
111.8
112.0
111.3
114.0
112.9
111.6
113.1
121.1
121.4
122.1
122.5
123.1
123.5
123.4
124.2
124.9
124.6
124.8
145.7
145.3
145.4
146.9
147.1
146.6
147.3
149.0
148.6
147.7
148.5
140.4
140.0
140.2
142.0
141.9
140.7
141.3
143.0
142.1
141.1
141.9
165.3
167.3
169.0
170.1
171.2
173.4
173.9
175.5
177.5
178.7
181.5
126.8
127.7
128.6
129.3
130.3
131.4
130.7
132.0
132.5
132.5
132.6
116.2
115.7
116.9
117.4
118.1
119.2
119.4
121.5
121.5
121.1
120.8
135.9
137.9
138.6
139.4
140.7
141.7
140.3
140.9
141.9
142.3
1
Jan
Feb
Mar
Apr
May
June
July
Aug T
Sept r
Oct '
Noy"
Total
Energy
supplies
42.28
83.2
93.0
100.0
105.9
110.3
105.3
107.7
96.7
102.8
114.6
114.6
114.6
11.69
115.4
115.4
115.5
115.0
114.2
114.3
113.8
114.5
114.1
113.6
114.2
103.9
104.9
106.2
105.3
105.3
105.1
103.5
102.7
102.8
102.1
102.5
95.6
97.9
100.0
101.1
104.1
105.5
104.7
101.2
98.4
104.0
101.5
102.4
Includes rigs and prefabs, not shown separately.
[1977=100; monthly data seasonally adjusted]
No ndurable nanufactu es
Durable rmmufactures
Transp )rtation
equip ment
Primary metals
Printing and
publishing
Chemicals
and
products
5.33
3.49
6.46
9.54
7.1.5
9.13
5.25
2.30
2.79
4.54
88.2
98.7
100.0
107.0
108.5
90.4
95.0
65.8
73.0
82.4
92,0
101,4
100,0
107.5
108.0
86.3
92.5
57.5
66.1
73.5
82.7
91.6
100.0
105.7
109.4
101.8
101.6
86.6
89.1
102.8
84.5
88.8
100.0
111.7
122.6
123.3
129.8
115.6
118.3
142.0
77.2
86.8
100.0
112.9
125.7
130.3
134.1
128.4
143.8
172.4
81.0
92.2
100.0
106.3
108.3
96.9
95.1
87.6
99.2
113.6
65.7
86.5
100.0
104.6
95.9
71.1
71.6
66.8
85.8
105.6
80.8
91.9
100.0
102.4
102.0
92.9
90.1
82.8
100.2
109.1
77.6
91.5
100.0
103.1
98.3
97.3
96.1
87.3
95.3
102.8
83.5
91.2
100.0
107.8
112.7
115.1
118.6
120.2
129.8
147.9
8.05
82.9
92.8
100.0
106.8
111.4
106.4
112.6
103.8
114.0
121.7
90.4
95.
100.0
104.3
106.7
111.4
113.7
114.9
120.4
127.1
Nov
Dec
80.9
78.4
71.1
68.9
105.4
105.9
145.8
178.9
180.2
116.0
117.8
107.5
109.5
109.5
109.4
101.1
102.5
153.5
151.2
124.3
123.4
128.7
129.0
Jan
Feb
Ma
Ap
Ma
Ju e
Juv r
Aug
Sept r
Oct r
Noy"
81.7
80.2
81.8
81.4
76.4
78.3
79.0
82.0
80.3
83.2
84.7
71.0
68.5
73.2
71.9
65.4
67.6
68.7
71.6
69.7
74.6
106.4
107.6
108.6
109.1
108.3
107.4
107.3
107.8
107.5
108.0
108.2
145.0
144.9
176.0
173.2
173.1
168.9
169.3
169.5
165.7
166.1
165.1
165.5
166.3
120.4
120.5
120.8
120.7
120.9
121.8
123.7
126.8
126.2
123.5
126.7
113.0
112.5
111.3
110.9
110.5
110.5
112.8
116.8
115.3
110.0
113.9
109.2
109.1
109.5
110.9
112.2
113.5
113.0
114.8
115.9
102.6
103.1
101.3
100.2
100.3
99.2
100.6
100.4
101.8
102.3
150.4
150.3
152.6
154.2
155.4
156.7
154.3
156.3
155.9
156.3
156.5
125.7
125.8
126.5
125.8
126.7
126.4
126.4
128.2
129.5
129.5
128.2
129.4
128.5
130.8
131.4
131.8
132.2
132.6
132.8
132.0
1977 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985:
Apparel
products
Iron and
steel
Total
1984:
Lumber
and
products
Fabri^
eated
metal
products
Period
-
Source: Board of Governors of the Federal Reserve System.
18
Nonelectrical
machinery
144.6
146.5
148.9
149.1
145.6
147.5
149.2
147.4
144.6
144.8
Electrical
machinery
Total
Motor
vehicles
and
parts
Foods
7.96
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Oonstructio i contracts 2
Private
Period
Total newconstruction
expenditures
Resi ential
Total
Commercial
and industrial
New housing
Total 1
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
173.8
205.6
230.4
230.7
239.1
236.9
268.'?
313.0
1977
1978
1979
1980
1981
1982
1983
1984
135.7
159.7
181.6
175.7
185.8
186.1
218.0
257.8
81.0
93.4
99.0
87.3
86.6
80.6
121.3
145.1
65.7
75.8
78.6
63.1
62.7
57.7
95.7
114.6
22.5
29.6
39.9
43.8
51.3
54.6
48.7
61.9
32.2
36.7
38.2
45.9
42.7
44.7
47.9
50.9
48.1
50.9
48.8
55.0
53.3
50.8
50.7
55.2
100.0
114.0
121.0
108.0
112.0
111.0
137.0
149.0
Annual rates
Annual rates
1984: Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept"
Oct".
Nov"
318.2
313.1
310.1
341.0
334.3
333.7
341.9
339.9
343.8
344.8
344.7
346.1
347.8
262.0
257.5
254.5
283.7
276.5
274.6
282.0
276.4
278.9
280.3
280.7
282.7
283.8
144.0
137.9
134.3
155.3
146.0
146.2
146.5
142.3
147.2
149.2
148.3
149.0
151.4
115.9
113.5
111.9
113.0
110.3
110.8
112.6
112.0
112.2
113.0
113.5
113.9
116.6
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
P. W. Bodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
for floor space.
739
977
1,059
904
919
690
756
937
66.4
67.2
69.0
73.7
74.7
74.0
78.5
76.5
73.5
73.5
75.0
77.1
76.0
51.5
52.4
51.3
54.7
55.7
54.4
56.9
57.7
58.3
57.6
57.4
56.6
56.4
56.2
55.6
55.5
57.4
57.8
59.1
59.9
63.5
64.9
64.5
64.0
63.4
64.0
145
151
150
150
145
162
161
162
142
164
163
166
169
160
948
1,005
1,041
974
990
1,049
1,104
1,008
836
1,103
1,097
1,118
1,104
1,111
NOTE.—New construction expenditures data are not strictly comparable throughout the period
shown,
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 pri\ ate homes
New private housing units
Period
Units started, by type of structure
Total
1977
1978
1979
1980
1981
1982
1983
1984
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1 unit
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
2-4 units
121.7
125.0
122.0
109.5
91.1
80.0
113.5
121.4
5 or more units
414.4
462.0
429.0
330.5
287.7
319.6
522.0
544.0
Units
authorized
1,690.0
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
Units
completed
Homes sold
1,657.1
819
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
817
709
545
436
412
623
639
1,614
1,587
1,635
1,719
1,794
1,685
1,641
1,627
1,789
1,725
1,721
1,796
1,521
652
596
604
634
676
699
649
682
710
r
748
r
708
676
623
671
Homes for
sale at end of
period l
3
402
414
398
336
272
Vacancy rate
for rental
housing units
(percent) 2
5.2
5.0
5.4
251
300
356
5.4
5.0
5.3
5.7
5.9
346
349
356
6.3
Seasonal y adjusted annu al rates
1984: Get
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r
Oct r
NovP
1,564
1,600
1,630
1,849
1,647
1,889
1,933
1,681
1,701
1,663
1,740
1,616
1,761
1,547
1
Seasonally adjusted.
2
Quarterly data entered in last month of
with earlier data.
3
New series beginning March 1979.
979
1,043
1,112
1,060
1,135
1,168
1,155
1,039
1,031
1,062
1,059
975
1,125
928
109
115
119
476
442
399
105
96
106
113
109
92
86
97
83
77
93
684
416
615
665
533
578
515
584
558
559
526
1,477
1,616
1,599
1,635
1,624
1,741
1,704
1,778
1,712
1,694
1,784
1,808
1,688
1,661
356
360
357
356
356
354
r
351
r
348
350
355
357
6.3
6.2
6.8
irter. Serie Beginning 1979 not strictly comparable
19
BUSINESS SALES AND INVETORIES—Manufacturing and Trade
Manufacturing and trade sales fell 0.7 percent in October and inventories rose $3.5 billion. According to advance
data, retail sales rose 1.1 percent in November following a decline of 4.2 percent in October.
BILLIC3NS OF DOL ARS* (RATIC3 SCALE)
BILLIC}NS OF DOL ARS* (RATIC> SCALE)
650
170
160
150
600
-
^^-^1
550
^^^n*"—~i —
=a-=p-=^
500
• ••
—
-—-*^
X^
—^
MAN JFACTURINC AND
450
400
'
120
TRA DE INVENTO RIES
*•»
„—..•" •^ "^
-— ^
110
350
250
^S
f
a inmiuj
—
s-—^
r~^
r-^*1RET AIL INVENTC)RIES
^^X"*^ Ki
^/***"
—
•+.*
7U"
**^^^*"
_.
100
f
''\
.. -~" -"\
90
M;kNUFACTURI NG
AhJD TRADE SA LES
300
140
130
.
7
_^> r
,-«•...'-— t~*'~
DETAIL SALES
80
70 —
_
—
60
200
Illllllllll
50
Illllllllll Illllllllll
Illllllllll
Illllllllll
RATIC)*
1.80
_ INVENT DRY-SALES RATIO
150
—
MA NUFACTURI NG
1.60
AND TRADE
1.40
100
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1981
1982
1984
1983
~^^
........
»
>-VJsv.
RETAIL
"V
~"
/-
^^
1985
1982
1981
1984
1983
_ ,,
1985
OUNCIL OF ECO NOMIC ADVISERS
tra( e »
Sales
Pri
3
Sales 2
Inventory-s ales ratio 4
Re tail
Whol esale
Manufaet iring and
ries
*
p»*
Illllllllll
Illllllllll Illllllllll Illllllllll
1.20
SEASONALLY ADJ JSTED
SOURCE; DEPARTM ENT OF COMMERCE
Invento-
JX^
^~-^~H
Invento-
Total
2
Durable
goods
stores
[nventories
Nondurable goods
stores
Total
3
Durable
Nondura-
goods
stores
ble goods
stores
Manufacturing
Retail
Millions of dollars, seasonally iidjusted
1977
1978
1979
1980
1981
1982
1983
1984
1984: Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sepf
Oct p
Nov"
1
230,000
260,810
298,344
328,074
356,927
344,656
368,747
411,733
414,243
417,635
421,613
417,350
418,667
420,776
426,472
428,275
418,378
422,483
430,417
428,998
426,083
351,459
399,561
451,354
493,958
527,739
509,213
520,281
573,434
568,750
571,239
573,434
575,802
578,940
578,768
580,201
577,781
579,665
580,116
578,182
578,918
582,403
See page 21 for manufacturing.
Monthly average for year and total for month.
3
Book value, end of period, seasonally adjusted.
2
20
56,364
66,674
79,481
93,721
102,021
96,290
100,448
114,071
113,994
114,337
114,913
114,654
114,310
114,619
117,612
118,753
110,777
114,273
116,847
115,231
114,308
60,434
72,801
86,442
67,231
99,348
74,926
113,623
79,963
118,438
86,777
89,339
118,290
97,858
120,476
132,208 108,085
131,023 108,974
132,501 110,255
132,208 110,519
132,247 110,972
133,631 112,096
111,854
133,865
133,968 115,351
134,014 114,884
135,479 113,730
135,841 114,417
135,500 116,977
134,967 119,538
136,040 1 14,546
115,854
20,720
23,368
25,529
24,914
27,089
28,059
33,041
38,691
39,281
39,934
40,295
40,622
41,073
40,765
42,932
42,789
42,064
42,341
44,277
46,592
r
4 1,889
42,249
39,715
43,863
49,397
55,049
59,688
61,279
64,817
69,394
69,693
70,321
70,224
70,350
71,023
71,089
72,419
72,095
71,666
72,076
72,700
72,946
r
72,657
73,605
89,444
102,610
110,906
116,054
126,656
126,014
139,123
155,517
152,130
153,070
155,517
157,770
159,163
158,732
160,184
158,867
158,508
159,239
157,994
159,921
163,919
43,071
50,136
54,108
55,117
60,327
58,952
66,845
74,582
71,896
72,839
74,582
76,393
76,838
77,401
78,312
77,001
77,344
76,894
75,823
76,770
79,884
46,373
52,474
56,798
60,937
66,329
67,062
72,278
80,935
80,234
80,231
80,935
81,377
82,325
81,331
81,872
81,866
81,164
82,345
82,171
83,151
84,035
1.46
1.44
1.43
1.45
1.44
1.51
1.38
1.34
1.37
1.37
1.36
1.38
1.38
1.38
1.36
1.35
1.39
1.37
1.34
1.35
1.37
1.39
1.43
1.44
1.42
1.40
1.40
1.34
1.37
1.40
1.39
1.41
1.42
1.42
1.42
1.39
1.38
1.39
1.39
1.35
1.34
1.43
4
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end of month to saJes /or month.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In October, manufacturers' shipments rose, while inventories, new orders and unfilled orders fell. In November,
according to advance data, durable goods shipments and new orders rose.
BILLKDNS OF DDL LARS* {RATIC3 SCALE)
BILLI DNS OF DDL LARS* (RATICD SCALE)
240
___,i—
200 .— SHIPME NTS
*~~~i
160
ii
mi
*,*—
300
_--'• -
_
400
360
INVENTORIES —
^
"
120
D JRABLE GOC DS
TOTAL
200
.-y.— **^**—
100
r*~~—'"
——.
240
TOTAL
-n^''"J
^
80 ar**^^*. ^Jp*.*^*** '•*"" .-NOI
^DURABLE G JODS
60
—7"—
160
»—*•"" ,._._...
*""
D JRABLE GOC3DS
120
100
y
80
Illllllllll
40
Illllllllll
NC NDURABLE (3OODS
Illllllllll Illllllllll Illllllllll
60
BULK3NS OF DDL LARS* (RATIC) SCALE)
240
200 — NEWC RDERS
160 —
^».1
•
./••
^x-**"""
"
-
TOTAL
2.2
nURABLE GOCIDS
120
_, ^%*x*syt' ^•^•*^»
/
-/—
80 p^""^.Eac-^j IT**"
NON DURABLE GC ODS
60
INVENT ORY-SHIPA/\ENTS RAT o
2.0
1.8
^~^
»*
1.6 . - -^
*"V
"Vv
_
1.4
40
s
|llllllll||
iiiiiliilll
1981
1982
mill
Illllllllll Illllllllll Illllllllll Illllllllll
RATI 0*
" V>w"
100
40
|llllllll|| Illllllllll Illllllllll
1983
1984
1.2
^*"•**.-
,—^^
^"*"""*1>_
|lllllllll| Illllllllll Illllllllll Illllllllll
1985
1981
^
1982
1983
SEASONALLY ADJl STED
QURCE: DEPARTME NT OF COMMERCE
iiiiiliini
1984
COUNCIL OF ECC NOMIC ADVISERS
Manufa cturers' shipinents l
ft anufaeturers new orders i
Manufa hirers' inven tories 2
Durabl 3 goods
Period
Durable
goods
1985
Durable
goods
Nondurable goods
Capital
Nondurable goods
industries,
Total
Nondurable goods
Manufaeturers'
unfilled
orders 3
non-
Manufacturers'
inventory —
shipments
ratio 4
defense
M llions of do .lars, seaso lally adjust 3d
1977
1978
1979
1980
1981
1982
1983
1984
113,202
126,905
143,936
154,391
168,129
159,027
170,441
189,578
59,267
67,848
76,060
77,550
83,872
76,693
84,951
98,502
53,935
59,057
67,876
76,841
84,257
82,334
85,491
91,076
189,214
210,509
241,100
264,281
282,645
264,909
260,682
285,709
121,601
137,891
160,533
174,620
186,347
175,103
171,629
191,109
67,613
72,618
80,567
89,661
96,298
89,806
89,053
94,600
115,032
131,546
147,403
156,161
167,752
157,255
173,259
191,634
61,082
72,339
79,451
79,360
83,553
74,996
87,631
100,611
15,291
19,458
23,231
23,259
24,050
20,681
22,764
27,017
53,950
59,207
67,953
76,801
84,199
82,260
85,627
91,024
203,475
259,770
302,145
323,393
319,094
296,918
330,924
355,640
1.61
1984: Oct
Nov
Dec
191,275
193,043
196,181
100,807
102,394
103,939
90,468
90,649
92,242
285,597
285,668
285,709
190,088
190,669
191,109
95,509
94,999
94,600
186,799
194,982
193,671
96,506
104,434
101,307
25,259
26,836
26,893
90,293
90,548
92,364
356,211
358,150
355,640
1.49
1.48
1.46
1985: Jan
Feb
Mar
Apr.....
May
June
July
Aug
Sept
191,724
192,261
194,303
193,509
194,638
193,871
193,793
196,593
194,229
197,229
101,966
101,724
102,116
102,068
102,718
102,657
102,478
105,311
103,656
r
106,479
107,708
89,758
90,537
92,187
91,441
91,920
91,214
91,315
91,282
90,573
90,750
285,785
286,146
286,171
286,049
284,900
285,678
285,036
284,688
284,030
282,444
192,153
192,030
192,355
192,475
191,546
192,239
192,163
192,037
191,930
190,508
93,632
94,116
93,816
93,574
93,354
93,439
92,873
92,651
92,100
91,936
195,210
193,057
191,532
191,081
195,019
198,261
195,793
198,782
197,332
195,381
105,447
102,467
99,544
99,839
102,971
106,780
104,370
107,661
106,641
T
104,495
105,436
23,633
29,493
27,206
25,461
25,594
27,984
26,685
27,554
29,240
r
27,092
26,712
89,763
90,590
91,988
91,242
92,048
91,481
91,423
91,121
90,691
90,886
359,125
359,926
357,151
354,731
355,112
359,502
361,502
363,691
366,794
364,946
1.49
1.49
1.47
1.48
1.46
1.47
1.47
1.45
1.46
1.43
Oct"
Nov »
1.57
1.57
1.66
1.64
1.73
1.52
1.45
i
21
PRICES
PRODUCER PRICES
In November, the producer price index for all finished goods rose 0.8 percent, seasonally adjusted. Prices of
finished consumer foods rose 1.6 percent, while prices of other finished consumer goods rose 0.8 percent. Prices of
capital equipment increased 0.1 percent.
INDEX, 1967 =100 (RATIO SCALE)
320
INDEX, 1967 = 100 (RATIO SCALE)
320
200
180
160
160
1977
1984
1978
SOURCE: DEPARTMENT OF IABOR
1985
COUNCIl OF ECONOMIC ADVfSERS
[1967—100; monthly data seasonally adjusted]
Fin shed goods
Period
Total
finished
goods
Consumer
foods
F nished go jds excluding consumer foo ds
Nondurable
Capital
equipment
Total
finished
consumer
goods
1
Consumer g )ods
Total
Total
Durable
and
Other
Total
and
Other
feedstuffs
feeds '
310.4
312.3
320.0
226.1
252.6
250.3
239.4
247.9
253.1
290.9
291.2
320.9
320.7
245.6
244.8
326.5
326.4
329.1
328.5
260.4
260.9
477.6
474.4
290.6
290.3
290.5
291.9
292.4
291.6
292.5
291.3
289.7
292.0
294.9
320.4
319.0
318.5
319.1
320.0
318.8
317.8
317.3
317.4
317.7
318.6
241.6
241.1
239.0
235.5
230.9
231.3
229.5
225.5
224.4
229.2
232.5
326.2
324.7
324.3
325.3
326.5
325.2
324.2
324.0
324.2
324.2
325.0
321.7
316.0
311.0
307.4
304.3
303.4
301.8
294.4
293.4
302.5
311.2
254.9
249.8
242.9
235.6
229.8
229.4
226.8
218.6
217.0
230.6
244.0
466.0
459.0
457.9
462.1
464.6
462.4
462.9
456.8
457,0
457.0
456.5
186.7
211.5
250.8
276.5
287.8
291.4
294.1
152.8
166.9
183.2
206.2
218.6
226.7
233.1
236.8
189.3
200.0
231.3
283.9
319.6
333.6
335.3
337.3
184.6
199.2
216.5
239.8
264.3
279.4
287.2
294.0
180.7
194.9
217.9
248.9
271.3
281.0
284.6
290.3
1984: Nov
Dec
292.0
292.0
274.5
275.6
295.6
295.2
294.3
294.2
237.6
237.5
337.2
337.0
295.9
295.0
1983: Jan
Feb
Mar
Apr
May
June
July r.
Aug
Sept
Oct
Nov
291.9
292.1
292.4
293.6
294.1
293.6
294.4
293.5
291.8
294.3
296.7
274.3
274.6
273.5
271.0
267.9
267.8
270.6
269.2
266.7
270.5
274.7
295.5
295.6
296.5
298.9
300.7
300.0
300.1
299.4
298.1
300.0
301.7
294.0
293.4
294.2
297.5
299.8
298.7
298.7
297.5
296.3
297.8
300.1
238.8
239.9
240.9
240.9
241.6
242.4
242.4
242.0
239.7
243.2
243.5
335.6
333.4
334.1
340.1
343.8
341.1
341.0
339.2
338,9
338.8
342.6
296.3
298.6
299.5
299.6
300.3
300.7
300.9
301.6
299.8
302.9
303.2
Total
245.0
272.3
330.0
401.0
482.3
473.9
477.4
484.5
177.7
190.7
213.3
247.8
273.3
285.8
290.8
294,8
22
Foodstuffs
192.1
216.2
247.9
259.2
257.4
247.8
252.2
259.5
189.9
207.2
226.2
239.5
253.6
259.3
261.8
273.3
Intermediate materials for food manufacturing and feeds.
Foods
209.2
234.4
274.3
304.6
329.0
319.5
323.6
330.8
181.7
195.9
217.7
247.0
269.8
280.7
285.2
291.1
1
Cr ude mater als
202.3
216.5
244.4
282.3
310.1
315.7
317.1
325.0
1977
1978
1979
1980
1981
1982
1983
1984
174.3
Intern ediate ma terials
201.5
215.6
242.2
280.3
306.0
190.5
203.1
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In November, the consumer price index for all urban consumers rose 0.6 percent seasonally adjusted (0.3 percent
not seasonally adjusted). The index was 3.6 percent above its year-earlier level.
INDEX, 1967= 100 ( RATIO SCALE)
340
INDEX, 1967== 100 (RATIOS :ALE>
340
UNADJUSTED
320
300
320
^^^
1
^ if*
300
^-—•-._^^^
i— ^^
280
-— ^1
280
260
f \
260
^S
All ITEMS
240
240
220
—y^ ^
220
200
f-
200
_^
180
180
7^=
160
160
1 Illlllllll Mlltllili!
140
1977
iiiiiiiini
1 1 n i h i i i i ii inli i ii i
1980
1979
1978
1 1 1 1 limn
1982
1981
II 1 1 l l l l l l 1 l l l l l l l II 1 1 l i m i t ! ! ! !
SEE NOTE ON TABLE ELOW
SOURCE: DEPARTMENT OF LABOR
140
1985
1984
1983
COUNCIL OF ECONOMIC ADVISER-
[1967—100, except as noted; monthly data seasonally adjusted, except as noted]
Hou sing
T ansportati }n
She her
Period
AH
items *
Food
Total '
Total
Renters'
costs 2
NSA
Rel. imp.5
1977
1978
1979
1980
1981
1982
1983
1984
100.0
181.5
195.4
217.4
246.8
272.4
289.1
298.4
311.1
18.7
192.2
211.4
234.5
254.6
274.6
285.7
291.7
302.9
37.7
186.5
202.8
227.6
263.3
293.5
314.7
323.1
336.5
21.8
191.1
210.4
239.7
281.7
314.7
337.0
344.8
361.7
103.0
108.6
1984: Nov
Dec
315.3
315.5
305.9
307.2
341.2
341.8
368.6
370.1
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
316.1
317.4
318.8
320.1
321.3
322.3
322.8
323.5
324.5
325.5
326.6
307.7
309.3
309.2
308.7
308.3
308.5
308.8
308.9
309.9
310.6
312.7
342.3
343.7
344.6
345.9
348.1
349.2
350.2
351.9
352.6
353.6
355.4
371.0
373.2
374.2
375.7
379.4
380.9
383.0
385.6
386.5
388.8
391.2
1
Homeowners'
costs 2
Maintenance
and
repairs
NSA
NSA
14.1
other
utilities
Apparupkeep
Total l
Newcars
Motor
5.5
188.2
fuel
3
Medical
care
Energy 4
energy,
and
shelter
196.3
265.6
369.1
410.9
389.4
376.4
370.7
6.3
202.4
219.4
239.7
265.9
294.5
328.7
357.3
379.5
11.5
207.3
220.4
275.9
361.1
410.0
416.1
419.3
423.6
48.0
169.5
179.1
191.5
208.3
228.1
245.6
258.4
271.2
210.6
210.9
369.3
368.8
387.4
389.0
424.0
423.0
275.2
275.9
211.6
213.3
214.3
214.3
213.9
214.5
214.9
215.7
216.4
217.5
217.5
363.8
354,2
367.6
378.7
380.5
381.3
380.2
376.6
373.6
370.9
376.3
390.3
392.0
395.3
397.5
399.9
402.6
404.5
406.5
408.6
410.7
412.8
419.8
414.1
422.1
429.9
431.2
431.9
430.6
427.9
427.2
423.8
427.5
277.2
278.7
279.9
280.4
280.5
281.1
281.5
282.1
282.6
284.1
285.2
102.5
107.3
0.5
214.7
233.0
256.4
285.7
314.4
334.1
346.3
359.2
8.2
202.2
216.0
239.3
278.6
319.2
350.8
370.3
387.3
5.1
154.2
159.6
166.6
178.4
186.9
191.8
196.5
200.2
21.6
177.2
185.5
212.0
249.7
280.0
291.5
298.4
311.7
3.4
142.9
153.8
166.0
179.3
190.2
197.6
202.6
208.5
110.9
111.4
109.4
109.8
362.9
364.4
390.4
389.4
202.7
202.4
314.5
315.0
111.8
112.4
112.9
113.5
114.6
115.1
115.8
116.5
116.8
117.7
118.5
110.0
110.7
110.8
111.3
112.4
112.8
113.5
114.3
114.6
115.1
115.8
366.0
366.8
370.0
368.0
366.2
367.6
367.8
370.6
368.7
368.5
372.7
389.1
388.1
389.8
392.0
392.7
395.0
394.9
394.4
395.9
393.5
394.9
202.4
204.3
205.3
205.4
205.2
205.8
205.3
205.9
207.0
208.3
208.8
315.8
315.6
319.7
322.3
321.6
321.2
320.7
319.5
318.8
319.3
321.6
7.1
Includes items not shown separately.
December 1982=100.
Includes direct pricing of diesel and gasohol beginning September 1981.
4
Fue! oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
5
Relative importance, December 1984.
B
3
Fuel
and
All
items
less
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data ai
clerical workers.
Data beginning 1983 incorporate, a rental equivalence measure
therefore are not strictly comparable with figures for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Period
Ch Inge from pr eeeding peri od
Change from 3 mont is earlier, ann ual rate
Change from 6 mont is earlier, ann ual rate
Consum er goods
Consum er goods
Consum er goods
Total
finished
Total
Capital
equipment
Excluding foods
Foods
goods
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Excluding
foods
Foods
Capita!
equipment
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dee. o Dec., N 3A
1976
1977
1978
1979
1980
1981
1982
1983
1984
3.7
6.9
-2.5
9.2
11.7
12.8
11.8
7.4
7.5
1.4
2.1
2.3
3.5
7.1
3.7
.6
1.7
6.4
7.3
7.9
8.8
6.0
6.7
8.5
6.9
17.5
14.2
11.4
8.5
4.2
-.8
.8
9.2
3.9
1.9
1.8
4.4
6.5
7.8
11.1
13.5
9.2
4.0
1.6
2.1
Cr ange, mon th to mont h
1984:
1985:
Nov
Dec
0.3
0
0.5
.4
0.3
.0
0.3
.3
1.1
1.1
1.0
3.3
Jan
Feb
Mar
Apr
May
-.0
.1
.1
.4
.2
-.5
.1
-.4
-.9
— .1
o
.4
1.9
.1
June
July '
Augp
Sept
— .2
1.2
.1
.5
2.3
2.8
1.7
1.1
Oct r
Nov
.3
1.1
.8
-1.1
-.0
1.0
.5
-.9
1.4
1.6
.3
-.3
-.6
.9
.8
.8
.3
.0
.2
.1
.1
.2
-.6
1.0
.1
— .4
0
— .4
— .4
.5
.8
-1.0
-.9
.6
1.9
1.7
.7
1.6
3.7
6.2
4.5
2.3
1.6
1.7
1.7
.1
-.1
.6
.8
1.8
.6
.1
-.3
-.1
1.1
2.2
2.5
3.1
3.0
3.9
3.1
2.0
.2
2.2
1.9
.9
.7
.2
.7
1.0
1.1
.9
.8
.2
1.1
1.5
J
8.4
3.5
I
i are not seasonally adjusted.
NOTE.—NSA indicates
3.1
3.9
1.4
.6
-3.0
-3.2
— 1.2
-1.6
4.4
0.6
0
4.8
9.0
6.3
1.6
-.6
2.0
Q
0.8
— 1.1
-1.2
-3.0
-4.7
-9.4
-8.1
-2.4
1.1
1.1
-1.5
-4.8
-5.6
-2.7
-3.9
-4.9
— .4
1.4
1.1
1.7
1.0
-.4
.5
1.8
-1.2
2.7
2.1
C
.5
2.7
3.8
3.1
3.2
2.8
1.4
.2
.2
5.1
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Tr ansportat on
Housing
Shelter
Period
All
items l
Food
Total '
Total l
Homeowners'
Rent-
ers'
Adden dum: All ite ns, percent change
(annua 1 rate)
ApFuel
parel
and
and
upkeep
other
utilities
MediTotal '
New
ears
Motor
fuel 2
cal
care
Ener-
gy 3
items
less
food,
energy,
and
shelter
From
previ-
ous
From
From
3
6
months
months
From
year
NSA
NSA
C lange, D eeember to Dec amber, ^ SA
1976
1977
1978
1979
1980
1981
1982....:
1983
1984
4.8
0.6
5.4
6.8
9.0
8.0
7.6
9.9
13.3
12.4
11.8
10.2
10.2
8.9
3.9
3.8
4.0
4.3
3.1
2.6
3.8
15.2
13.7
10.2
3.6
3.5
4.2
9.0
8.1
5.9
4.2
8.7
11.5
17.4
15.1
16.0
13.6
14.5
9.9
2.4
4.7
5.1
5.2
5.9
4.5
5.1
9.7
1.8
4.2
4.8
7.2
6.2
7.4
7.5
6.8
1.6
3.4
2.4
-6.5
-1.7
— 2.4
0.2
.2
0.1
.1
— .1
0
.9
.5
.0
— .1
.3
.3
-.1
1.3
.8
-.2
-.1
O
2
.3
.5
.6
.2
-.4
.3
.8
.5
0
-.2
.3
.2
.4
.3
.5
0
4.5
4.2
3.2
5.5
6.8
3.6
1.6
2.9
2.0
8.8
4.3
7.7
18.2
14.7
11.0
1.7
3.9
3.1
2.6
4.9
8.5
52.2
18.9
9.4
10.1
8.8
8.8
10.1
10.0
12.5
11.0
6.9
7.2
8.0
37.4
18.1
11.9
6.4
6.1
1.3
-.5
.2
0.4
.4
0.1
5.8
6.5
7.7
7.0
5.2
6.5
7.2
9.9
9.4
6.1
5.0
4.4
11.3
13.5
10.4
6.1
3.2
4.3
Cha nge, mo nth to nlonth
1984:
1985:
Nov
Dec
0.2
.3
0.2
.4
0.2
.2
0.3
.4
0.5
.5
0.3
.4
Jan
Feb
Mar
Apr
May
.2
.3
.5
.4
.2
.2
.2
.2
.2
.3
.6
.2
.5
-.0
.2
-.1
.1
.1
.0
.3
.2
.7
.1
.4
.3
.4
.6
.3
.3
.5
.2
.3
.5
.2
.6
.3
.4
1.0
.4
.6
.7
.2
.6
.6
.4
.5
.4
.5
1.0
.4
.6
.6
.3
.8
.7
.2
.6
.1
.5
1.0
.4
.6
.7
.3
.4
.6
June
Julv
Aug
Sept
Oct
Nov
1
0.0
-.3
1
-.3
.4
.6
.2
.6
-.0
— .1
.4
-.6
.4
-0.1
-I
Includes items not shown separately.
Includes direct pricing of diesei and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
4
Quarterly changes are shown in the last month of the quarter.
2
3
NOTE.—NSA indicates data are not seasonally adjusted.
24
2
.2
.7
0.5
— 1.4
-2.6
3.8
3.0
.5
.2
.3
-.9
-.8
— .7
1.5
.3
.4
.8
.6
.6
.7
.5
.5
.5
.5
.5
9
-.8
— 1.4
1.9
1.8
.3
.2
-.3
-.6
9
-.8
.9
0.2
.3
.5
.5
.4
.2
.0
.2
.1
.2
.2
.5
.4
3.0
3.6
3.7
4.0
4.0
2.6
3.2
4.1
4.9
4.3
3.3
2.5
2.4
2.3
2.8
3.4
3.3
3.5
3.7
3.8
3.7
3.7
3.4
2.8
2.6
3.3
3.6
3.5
3.7
3.7
3.7
3.7
3.6
3.4
3.2
3.2
3.6
3.4
3.6
3.2
4.2
2.4
4.3
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workersData beginning January 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with data for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 0.8
percent in December, while prices paid by farmers were unchanged.
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
80
60
1977
1985
I/RATIO OF INDEX OF PRICES RECEIVED TC
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
I rices paid by farmer s
Pri ees received by farm ers
Period
All farm
products
Livestock and
products
All commodities,
services,
interest, taxes,
and wage rates *
Protection
items, interest,
taxes, and wage
rates
100
108
125
138
148
150
153
155
151
100
106
107
97
93
Production
items
Ratio 2
1980
1981
1982
1983
1984
1985
100
115
132
134
139
133
134
142
128
100
105
116
125
134
121
127
138
120
100
124
147
144
143
145
141
146
136
100
108
123
138
150
157
160
164
164
100
109
125
139
151
155
159
161
158
1984: Nov
Dec
136
135
129
125
143
145
164
163
159
159
153
152
83
83
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Got
Nov r
Dec
135
135
134
131
129
128
126
121
121
123
127
128
126
125
127
125
124
122
121
114
112
111
115
117
145
145
141
136
134
134
130
128
128
134
164
164
164
165
165
164
163
163
162
162
163
163
160
160
160
160
160
159
157
157
156
155
156
156
154
154
153
153
152
151
150
150
148
148
149
149
82
82
82
79
78
78
77
74
75
76
78
79
1977
1978
1979
1
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices
and wage rates.
2
138
139
85
84
87
78
NOTE.—The official indexes are published on a 1910-14 base as required by Saw. The indexe
have been converted to a 1977=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml rose in November, following a decline in October. Growth in M2 and M3 accelerated.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOILARS*(RATIO SCALE)
400
400
300
1985
1977
* 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]
Ml
Period
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
M2
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
M3
Ml plus overnight
RPs and
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
L
M2 plus large
time deposits,
term EPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
8.1
8.3
7.2
6.6
6.5
8.8
9.8
5.8
5,850.9
5,927.1
' 5,994.0
r
r 6,050.0
335.3
363.0
389.0
414.8
441.8
480.8
528.0
558.5
1,286.6
1,388.9
1,497.9
1,631.4
1,794.4
1,954.9
2,188.8
2,371.7
1,472.5
1,646.4
1,803.6
1,988.5
2,235.8
2,446.8
2,701.7
2,995.0
1,704.3
1,909.7
2,115.8
2,324.8
2,596.6
2,854.8
3,168.9
r
3,541.3
1984: Nov
Dec
553.8
558.5
2,346.3
2,371.7
2,959.9
2,995.0
'3,502.8
'3,541.3
r
1985: Jan
Feb
Mar
Apr T
May r.
June r
Julv r
Aug r
Sepf
Oct r
Nov".
562.7
569.4
572.1
574.9
581.6
591.2
595.8
605.9
611.9
611.1
617.9
2,398.9
2,421.0
2,429.6
2,427.7
2,444.9
2,472.9
2,490.6
2,514.1
2,528.9
2,533.0
2,547.1
3,020.5
3,041.0
3,055.9
3,056.9
3,076.9
3,104.5
3,117.2
3,142.7
3,169.4
3,179.6
3,194.4
'3,564.0
3,595.5
'3,623.3
3,625.5
3,643.3
3,673.2
3,692.1
3,730.3
3,764.0
NOTE.—The nontransactions portion of M2 is seasonally adjusted as a whole to reduce distortions
26
Ml
2,784.1
3,157.0
3,543.5
3,881.8
4,255.8
4,649.8
5,177.2
5,927.1
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
1
Consists of outstanding credit market debt of the U.S. Government, State arid 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.
Perce nt change from yea or 6
months earlier 2
e,io4.2
6,165.2
6,228.0
6,290.5
6,356.4
6,420.2
6,479.3
6,541.9
M2
10.6
8.0
7.8
8.9
US
Debt
12.8
13.4
12.2
12.3
11.8
9.5
10.0
10.3
12.4
8.9
9.4
9.5
9.6
9.3
12.0
8.4
'10.4
10.9
11.3
14.5
4.2
4.1
8.2
9.2
'10.6
11.3
14.3
14.9
5.9
7.6
7.6
9.9
10.7
11.5
10.8
11.4
11.6
11.0
9.6
8.6
8.7
7.8
7.8
8.3
8.9
8.5
9.2
8.1
7.4
6.5
6.8
7.6
8.2
7.8
10.3
12.1
12.1
13.2
14.4
13.0
12.9
r
!4.9
14.4
14.2
14.0
13.3
12.6
12.5
12.6
12.7
12.6
caused by substantial port/olio shifts arising from regulatory and financial changes in recent years,
especially shifts to MMDAs in 1983. A similar procedure is used to seasonally adjust the remaining
nontransactions balances in M3.
See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Other
Period
Demand
deposits
Currency
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(EPs),
net, plus
overnight
Eurodollars
NSA
1977: Dec.... 88.6
1978: Dec.... 97.6
1979: Dec .... 106.4
1980: Dec .... 116.4
1981: Dec.... 124.0
1982: Dec .... 134.3
1983: Dec.... 148.4
1984: Dec .... 158.7
1984:
Nov
157.9
Dec
158.7
1985:
Jan
159.4
Feb
160.5
Mar
161.3
Apr
161.7
May
163.1
June
164.5
July
165.4
Aug r
167.1
r
Sept
167.9
r
Oct
168.8
Nov"
170.0
239.4
253.4
4.2
8.5
17.5
Money market
mutua Ifund
bala nces
General
purpose
and
broker/
dealer
Institution
only
NSA
NSA
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits '
Large
denomination
time
deposits '
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
oavmgs
bonds
Shortterm
Treasury
securities
729.0
823.6
851.5
784.6
885.6
195.1
222.0
258.9
302.1
328.3
330.8
416.2
19.1
26.6
29.5
34.0
36.0
34.5
51.8
69.7
20.2
31.8
44.7
50.3
67.5
81.7
91.5
r
83.2
76.4
80.3
79.6
72.3
67.8
67.9
71.1
74.1
81.9
108.4
133.9
150.4
186.2
"216.3
267.2
14.7
2.4
6.4
33.4
61.6
150.6
185.2
138.2
167.5
0.9
3.1
9.5
15.2
38.0
51.1
43.2
62.7
0.0
.0
.0
.0
.0
43.2
379.2
415.1
492.1
481.7
423.3
445.6
521.2
634.6
400.8
344.4
357.8
307.0
288.6
145.0
C nm
omrnercial
paper
14.1
22.0
27.2
32.0
62.9
79.2
97.0
98.1
102.8
107.0
135.2
161.8
78.3
261.3
265.7
235.2
238.6
243.5
248.6
28.2
78.2
103.5
131.3
146.0
20.3
21.2
28.3
35.9
38.8
53.8
57.6
246.8
248.6
143.9
146.0
58.0
57.6
162.0
167.5
58.3
62.7
402.4
415.1
290.7
288.6
878.5
885.6
410.7
416.2
70.7
69.7
r
81.9
83.2
73.9
74.1
268.0
267.2
249.1
251.7
251.9
252.5
255.8
260.7
260.9
264.1
266.8
264.0
266.3
149.0
151.8
153.6
155.3
157.3
160.3
163.6
168.9
171.3
172.4
175.7
62.9
69.6
68.1
59.4
64.1
63.0
62.6
66.1
66.6
67.2
68.8
171.9
175.1
177.6
176.2
172.2
175.4
175.8
176.8
176.7
176.9
176.4
65.0
62.2
59.5
59.6
63.5
67.1
65.0
63.6
62.3
63.3
64.5
433.7
448.3
457.9
460.3
463.8
475.1
484.1
492.1
496.7
501.1
506.5
288.6
289.4
288.6
287.8
289.3
292.1
296.0
300.3
301.7
304.4
305.9
881.9
877.6
878.6
885.3
892.0
894.2
888.5
878.4
874.4
871.6
871.7
416.9
419.3
423.6
427.3
428.2
424.1
420.0
421.3
428.5
433.3
437.7
65.0
65.7
68.9
71.9
68.8
66.9
65.0
67.6
70.7
70.6
74.1
81.1
81.3
84.7
r
81.0
r
81.8
r
79.9
r
79.4
80.2
80.8
80.2
79.4
74.4
74.9
75.3
75.8
76.2
76.6
76.7
77.2
78.1
266.7
270.3
275.9
277.8
r
276.7
284.6
284.4
285.5
287.1
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
Bankers'
acceptances
39.7
43.9
44.1
r
43.2
r
r
43.4
43.2
157.6
161.8
r
42.8
44.6
46.4
r
46.1
r
44.8
r
42.8
r
42.7
42.9
42.9
159.6
164.8
169.8
168.9
168.6
164.7
171.1
182.0
186.6
r
r
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.
NOTE.—See note p. 26.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandiiig 1
Ins tallment credit outstanding (end of perio d)
Period
Total
Automobile
Revolving
54,900
60,309
65,019
Automobile
Revolving
7,662
5,409
4,710
11,434
76,453
94,940
115,827
133,283
160,419
47,731
76,366
5,142
17,559
29,964
167,225
169,774
172,461
91,881
93,495
94,940
24,526
24,435
24,552
155,841
157,849
160,419
5,631
6,080
6,819
175,348
178,546
181,937
185,425
189,217
191,903
194,268
196,474
203,678
207,331
96,897
99,424
102,055
104,181
106,610
106,537
107,393
108,329
110,303
111,822
24,393
24,675
24,664
24,882
25,068
25,264
25,588
25,787
25,955
26,123
162,957
165,991
168,322
170,760
173,395
175,813
178,515
180,900
183,085
184,373
7,223
9,041
8,342
8,270
9,042
5,227
6,247
5,726
11,531
6,628
376,006
452,372
1984: Oct
Nov
Dec
439,473
445,553
452,372
1985: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept r
Oct
459,595
468,636
476,978
485,248
494,290
499,517
505,764
511,490
523,021
529,649
1
For year-end data, change from preceding vear-end; for monthly data, change from preceding
month.
Total
110,473
112,912
112,134
119,796
124,938
142,497
172,461
296,290
312,907
328,275
Other
18,783
19,890
22,491
23,773
24,552
Dec
Dec
Dec
Dec
Dec
1980:
1981:
1982:
1983:
1984:
Mobile
home
16,617
15,368
Mobile
home
Other
18,487
1,107
2,601
1,282
779
2,439
2,915
17,456
27,136
2,504
2,549
2,687
1,488
1,614
1,445
-392
-91
117
2,031
2,008
2,570
2,887
3,198
3,391
3,488
3,792
2,686
2,365
2,206
7,204
3,653
1,957
2,527
2,631
2,126
2,429
-73
856
936
1,974
1,519
-159
282
-11
218
186
196
324
199
168
168
2,538
3,034
2,331
2,438
2,635
2,418
2,702
2,385
2,185
1,288
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose in November.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
1,800 —
ALL COMMERCIAL BANKS
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
1,800
1,600
1,400
1,600
1,400
1,200
1,200
1,000
1,000
800
800
LOANS AND LEASES
600
600
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
OTHER SECURITIES
120
120
80
60
80
inn I l l l l l l l l l l I l l l l l l l l l l
1977
Illllllllll
1979
1978
1980
1981
111
1982
1984
1983
* SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
60
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depo >itory institutic ns 3
Al . commercial ban.k s 1
Period
Total loans
and
securities
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1984:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get"
Nov"
891.4
1,013.8
1,135.4
1,239.7
1,307.4
1,400.5
1,553.0
r
1,716.8
r
1,684.1
r
1,702.8
r
1,716.8
r
1,726.3
r
1,744.8
r
l,761.6
r
1,768.8
' 1,788.5
r
1,802.7
r
1,819.0
r
1,828.8
r
1,841.3
1,844.4
1,869.6
Total 2
632.2
746.9
849.1
914.5
967.4
1,032.8
1,122.7
r
1,316.5
r
1,285.5
r
1,302.1
r
1,316.5
r
1,323.4
' 1,337.7
r
1,355.6
r
1,367.1
r
1,380.0
r
l,391.0
r
1,402.1
r
1,409.2
r
1,416.9
1,419.7
1,433.9
Commercial
and industrial
loans
211.0
246.1
291.1
326.9
355.1
391.5
412.8
* 469.0
r
463.2
r
467.6
' 469.0
r
469.2
r
474.2
r
481.2
r
481.9
r
484.3
r
484.3
r
484.1
r
485.7
r
487.2
487.0
490.6
U.S.
Government
securities
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions.
2
Excludes loans to commercial banks in the United States.
3
Data are averages of daily figures.
NOTE.—Series for all commercial banks revised beginning January 1984. Data beginning Janu-
28
securities
Total
136.6
137.6
144.4
170.9
179.6
202.7
260.8
r
260.3
r
257.1
r
259.5
r
260.3
r
260.3
r
266.0
r
267.1
r
261.4
r
266.3
r
267.1
r
271.6
r
271.4
r
273.1
270.0
275.0
Borr swings
(millions of dollars,
unad usted)
R eserves adjust sd
for changes i n
res erve requirem ents
Loans a nd leases
122.7
129.2
141.9
154.4
160.4
165.0
169.6
r
140.0
* 141.5
r
141.2
r
140.0
r
142.6
r
!41.1
r
138.9
' 140.2
r
142.2
r
144.5
" USA
' 148.2
r
151.3
154.8
160.7
26.63
27.91
29.20
31.04
32.10
34.28
36.14
39.08
37.96
38.47
39.08
39.64
40.43
40.47
40.71
41.32
42.18
42.61
43.19
43.51
43.65
44.37
borrowed
26.06
27.04
27.73
29.35
31.46
33.65
35.36
35.90
31.94
33.85
35.90
38.24
39.14
38.88
39.39
39.99
40.97
41.50
42.12
42.22
42.46
42.63
Required
26.44
27.67
28.76
30.52
31.78
33.78
35.58
38.23
37.34
37.77
38.23
38.89
39.53
39.71
39.97
40.52
41.27
41.75
42.37
42.84
42.90
43.45
Total
569
868
1,473
1,690
636
634
774
3,186
6,017
4,617
3,186
1,395
1,289
1,593
1,323
1,334
1,205
1,107
1,073
1,289
1,187
1,741
Seasonal
55
135
81
116
54
33
96
113
299
212
113
62
71
88
135
165
151
167
221
203
172
107
ary 1984 are not strictly comparable with data for earlier periods, largely because beginning January 1984 certain obligations of States and political subdivisions are included in loans rather than in
other securities.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
ft edit market ft nds
Total
Internal *
Total
Total
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984: I
n
m
IV
1985: I r
Hr
m*
Securities
and
mortgages
Loans and
short-term
paper
Other 2
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
190.3
157.0
211.0
254.1
317.5
345.2
337.6
371.6
312.8
416.9
487.4
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.4
234.3
280.5
334.8
104.7
37.3
76.8
96.7
141.8
156.4
148.1
141.3
78.5
136.4
152.6
70.2
30.8
54.7
72.4
80.5
88.2
93.3
92.0
83.3
82.9
104.7
26.3
38.7
38.2
35.8
32.8
20.9
52.4
21.8
43.9
56.7
-15.9
43.9
-7.9
16.5
36.6
47.7
67.3
40.9
70.2
39.4
26.2
120.6
34.5
6.5
22.1
24.3
61.3
68.2
54.8
49.3
-4.9
53.5
47.9
190.1
150.9
201.8
237.6
293.6
343.7
317.7
334.6
253.8
369.6
444.0
137.9
109.7
148.3
175.1
201.6
219.5
221.2
271.2
229.6
256.3
367.8
52.2
41.2
53.5
62.5
92.0
124.3
96.5
63.4
24.2
113.3
76.2
0.2
6.0
9.2
16.5
23.8
1.4
20.0
37.0
58.9
47.3
43.4
511.1
490.7
442.8
505.1
319.6
331.7
340.7
347.1
191.5
159.0
102.1
158.0
106.2
78.0
76.2
158.6
— 33.2
-66.6
-5.6
42.1
139.4
144.6
81.8
116.5
85.3
81.0
26.0
-.5
480.6
450.0
395.7
449.9
355.6
364.1
387.9
363.8
125.0
85.9
7.8
86.1
30.4
40.7
47.1
55.3
419,9
428.7
412.3
351.5
357.9
379.5
68.4
70.8
32.8
59.7
55.0
23.5
-16.5
22.5
4.6
76.2
32.5
18.9
8.7
15.9
9.3
399.7
392.3
368.8
371.5
363.5
359.0
28.2
28.8
9.8
20.1
36.4
43.5
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abl
™f
, ,,
, ,.
. . .
. ,
0
* Consists of tax liabilities, trade debt, and direct foreign investment in the ITU.o.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Keserve System,
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilitie s
Curren assets
Net
End of period
Total
Cash
Governsecurities
SEC series: 2
1970
1971
1972
1973
1974
QFR-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1983: m
IV
1984: I
n
m
1985:
IV
I
H"
1
Notes and
accounts
receivable
Invento-
193.3
200.4
225.7
66.3
71.1
206.1
221.1
248.2
288.5
322.1
263.9
313.6
73.2
82.1
88.2
97.2
105.5
118.0
126.9
135.5
147.0
165.8
160.9
150.5
165.8
159.0
154.7
150.0
160.9
153.5
154.6
11.1
19.0
23.5
18.2
17.2
16.7
18.7
17.6
22.8
30.6
36.6
27.0
30.6
35.0
36.9
33.2
36.6
35.2
35.1
265.8
272.1
292.9
330.3
319.5
315.9
342.5
376.9
431.8
505.1
542.8
583.7
578.6
599.3
655.6
597.3
599.3
619.6
629.8
656.9
655.6
664.6
663.7
50.2
53.3
59.0
697.8
790.7
735.4
759.0
827.4
912.7
1,043.7
1,214.8
1,327.0
1,418.4
1,432.7
1,557.3
1,682.0
1,522.8
1,557.3
1,599.6
1,630.1
1,666.1
1,682.0
1,694.7
1,704.0
388.0
459.0
506.8
532.0
519.2
577.8
622.3
565.0
577.8
599.7
615.4
630.6
622.3
635.2
636.0
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
3
Total
assets
7.7
11.0
10.6
12.8
12.3
492.3
529.6
599.3
Other
current
Notes and
accounts
payable
Other
current
liabilities
working
capital
ratio *
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
223.7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
65.9
69.9
80.3
90.1
101.1
116.0
131.8
149.5
165.2
183.7
206.6
183.0
183.7
186.3
193.4
195.4
206.6
206.2
214.7
453.4
451.6
495.1
557.1
669.5
807.3
889.3
970.0
976.8
1,043.0
1,150.7
1,026.6
1,043.0
1,077.0
1,111.9
1,142.2
1,150.7
1,159.5
1,163.9
269.8
264.2
282.1
317.6
383.0
460.8
513.6
546.3
543.0
577.8
627.4
559.3
577.8
584.0
605.1
623.9
627.4
615.6
625.9
183.6
187.4
213.0
239.6
286.5
346.5
375.7
423.7
433.8
465.3
523.3
467.3
465.3
493.0
506.9
518.2
523.3
543.9
538.1
282.0
307.4
332.4
355.5
374.3
407.5
437.8
448.4
455.9
514.3
531.3
496.3
514.3
522.6
518.1
523.9
531.3
535.2
540.1
1.622
1.681
1.671
1.638
1.559
1.505
1.492
1.462
1.467
1.493
1.462
1.483
1.493
1.485
1.466
1.459
1.462
1.462
1.464
35.0
43.8
187.4
203.6
NOTE.-—SEC series not available after 1974. See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), Federal Trade Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in December.
PERCENT PER ANNUM
PERCENT PER ANNUM
[Percent per annum]
U.S. T reasury security yields
Period
3-month bills
1
Constant nlaturities
3-year
1979
1980
1981
1982
1983
1984
a
10-year
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
6 months 5
Discount rate
(N.Y. F.K.
Bank) 6
10.28
11.77
13.41
11.02
8.50
8.80
13.91
13.00
11.10
12.44
9.63
11.94
14.17
13.79
12.04
12.71
10.91
12.29
14.76
11.89
8.89
10.16
10.56
10.43
10.55
11.05
10.49
9.75
9.05
9.18
9.31
9.37
9.25
8.88
8.41
11.50
11.38
11.51
11.86
11.43
10.85
10.16
10.31
10.33
10.37
10.24
9.78
9.27
10.04
9.55
9.66
9.79
9.48
9.08
8.78
8.90
9.18
9.37
9.24
8.64
8.54
12.13
12.08
12.13
12.56
12.23
11.72
10.94
10.97
11.05
11.07
11.02
10.55
10.18
8.55
8.15
8.69
9.23
8.47
7.88
7.38
7.57
7.74
7.86
7.79
7.69
7.62
8.50-8.00 11.25-10.75
8.00-8.00 10.75-10.50
8.00-8.00 10.50-10.50
8.00-8.00 10.50-10.50
8.00-8.00 10.50-10.50
8.00-7.50 10.50-10.00
7.50-7.50 10.00- 9.50
7.50-7.50 9.50 9.50
7.50 7.50 9.50- 9.50
7.50-7.50 9.50- 9.50
7.50-7.50 9.50- 9.50
7.50-7.50 9.50- 9.50
7.50 7.50 9.50- 9.50
8.94
8.78
8.75
8.75
8.41
8.23
8.24
9.82
9.68
9.65
ft.65
9.31
9.09
9.05
8.69
8.47
8.66
8.68
8.54
8.48
8.46
10.56
10.47
10.43
10.43
10.26
10.05
9.97
7.69
7.67
7.69
7.74
7.65
7.52
7.58
7.50-7.50
7.50 7.50
7.50-7.50
7.50 7.50
7.50-7.50
7.50 7.50
7.50-7.50
7.50
9.44
11.46
10.686
8,63
9.58
8.16
7.76
8.22
8.57
8.00
7.56
7.01
7.05
7.18
7.08
7.17
7.20
7.07
7.21
7.24
7.15
7.19
7.05
7.00
7.02
7.04
Open-close
1984: Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec".
Week ended:
1985: Nov 16
23
30
Dec 7
14
21
28
1986: Jan 4
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
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
5
Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
2
30
Prime rate
charged by
banks 6
6.39
8.51
11.23
11.57
9.47
10.15
9.72
11.55
14.44
12.92
10.45
11.89
10.041
11.506
14.029
High-grade
municipal
bonds
(Standard &
Poor's) 3
12.67
15.27
18.87
14.86
10.79
12.04
New-home
mortgage
(FHLBB)7
10.78
12.66
14.70
15.14
12.57
12.38
Open-close
9.509.509.509.509.509.50
9.509.50
12.55
12.27
12.21
11.92
12.05
12.01
11.75
11.34
11.24
11.17
r
11.09
11.02
9.50
9.50
9.50
9.50
9.50
9.50
9.50
6
Average effective rate for year; opening and closing rate for month and week.
7
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years. Rates 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 sharply again in December.
INDEX, DEC. 31, 1965 = 50
INDEX, DEC. 31, 1965 = 50
120
120
110
110
100
100
90
90
COMPOSITE STOCK PRICE INDEX
(NYSE)
80
80
70
70
60
60
50
50
Illl
40
1977
1978
1979
111
1981
1980
1983
1982
1984
Illll
1985
40
PERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
10
10
1977
1978
1979
1980
1981
1982
1984
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Co ftmum stock price s 1
Common st ock yields
5
(peree nt)
Ne\v York Stock Ex change indexes fl)ec. 31, 1965 — 5 O ) 2
Period
Composite
Industrial
Transportation
1985
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
1979
1980
1981
1982
1983
1984
1984: Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec"
58.32
68.10
74.02
68.93
92.63
92.46
94.85
99.11
104.73
103.92
104.66
107.00
109.52
111.64
109.09
106.62
107.57
113.93
119.21
64.76
78.70
85.44
78.18
107.45
108.01
109.05
113.99
120.71
119.64
119.93
121.88
124.11
126.94
124.92
122.35
123.65
130.53
136.65
47.34
60.61
72.61
60.41
89.36
85.63
88.00
94.88
101.76
98.30
96.47
99.66
105.79
111.67
109.92
104.96
103.72
108.61
113.50
38.20
37.35
38.91
39.75
47.00
46.44
50.58
51.95
53.44
53.91
55.51
57.32
59.61
59.68
56.99
55.93
55.84
59.07
61.62
61.42
64.25
73.52
71.99
95.34
89.28
95.29
101.34
109.58
107.59
109.39
115.31
118.47
119.85
114.68
110.21
112.36
122.83
128.74
844.40
891.41
932.92
884.36
1,190.34
1,178.48
1,188.96
1,238.16
1,283.23
1,268.83
1,266.36
1,279.40
1,314.00
1,343.17
1,326.18
1,317.95
1,351.58
1,432.88
1,515.53
103.01
118.78
128.05
119.71
160.41
160.46
164.48
171.61
180.88
179.42
180.62
184.90
188.89
192.54
188.31
184.06
186.18
197.45
207.06
5.47
5.26
5.20
5.81
4.40
4.64
4.68
4.51
4.30
4.37
4.37
4.31
4.21
4.14
4.23
4.32
4.28
4.06
3.90
Week ended:
1985: Nov 23
30
Dec 7
14
21
28
115.26
116.14
116.75
118.82
121.16
119.85
132.09
133.34
133.96
136.11
138.80
137.41
109.90
109.81
112.04
113.92
114.77
113.07
59.66
59.78
60.03
61.35
62.83
62.19
124.32
124.97
125.97
128.66
130.95
128.77
1,448.97
1,465.31
1,472.29
1,510.87
1,545.39
1,529.36
199.86
201.43
202.48
206.32
210.69
208.24
4.03
3.98
3.95
3.91
3.84
3.88
1
Average of daily closing prices.
Includes all the"stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks,
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday ciosii ; prices. Earnings2
3
4
Earningsprice ratio
13.46
12.66
11.96
11.60
8.03
10.00
9.93
9.07
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE),
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS, AND DEBT
In the first 2 months of fiscal year 1986 there was a budget deficit (including off-budget outlays) of $60.5 billion,
compared to a deficit of $56.9 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
_
BUDGET RECEIPTS AND OUTLAYS ^
900
900
BUDGET OUTLAYS ^
800
800
700
700
600
600
BUDGET RECEIPTS
500
500
400
400
0
BUDGET SURPLUS OR DEFICIT (-)•
-100
-100
-200
-200
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
FISCAL YEARS
]/ INCLUDES OUTLAYS OFF-BUDGET UNDER CURRENT LAW, PROPOSED TO BE ON-BUDGET.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Con- ponents of bu iget
Budget totals
Period
(Including outlays off-buc get under
current law, which are prc posed to be
me luded on-budg st)
Receipts
Fiscal year or period:
1973
1974
1975
1976
Transition quarter
1977
1978
1979..,
1980
1981
1982
1983
1984
1985"
1986 (estimates):
Mid-Session Review 1
First Concurrent Resolution 2
Cumulative total, first 2 months:
Fiscal year 1985
Fiscal year 1986
Outlays
On-budget under current
law
Outlays
468.4
486.2
544.1
631.9
646.4
709.1
780.4
833.8
914.3
1,003.9
1,147.0
1,381.9
1,576.7
1,827.5
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
1,312.6
1,509.9
-175.5
2,076.9
2,078.7
1,694.7
-57.2
-60.8
1,635.5
1,904.5
1,352.7
1,567.1
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
796.0
841.8
936.8
-66.4
-13.0
-44.9
-48.6
-27.7
-59.6
-57.9
-110.6
-195.4
-175.4
-202.8
-177.8
-171.9
2.4
955.3
-56.9
-60.5
-.3
-.3
161.0
169.8
245.7
269.4
332.3
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
945.9
-53.2
-73.7
-14.7
-53.6
-59.0
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
-211.9
779.8
795.7
957.7
967.6
103.7
109.0
160.7
169.5
-14.9
-6.1
Held by
the public
Surplus or
deficit (— )
0.1
1.4
8.1
7.3
1.8
8.7
10.4
12.5
14.2
21.0
17.3
12.4
10.0
9.1
230.8
263.2
279.1
298.1
81.2
355.6
399.7
463.3
517.1
599.3
617.8
600.6
666.5
734.0
1
Estimates from Mid-Session Review of the 1986 Budget, Office o Management aiid Budget,
August 30, 1985.
32
Surplus or
deficit (— )
Outlays
Off-budget
under
current
law;
proposed to
be included
on-budget
Gross Federal debt (end
of period)
-14.8
4.7
-45.2
2
First Conourr ent Resolution o i the 1986 budg< t, August 1, 1985.
Sources: 0epartmrat of the Tre asiuy and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 2 months of fiscal year 1986 budget receipts were $5.3 billion higher than a year earlier and budget
outlays (including off-budget items) were $8.8 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
_
BUDGET RECEIPTS
INDIVIDUAL INCOME TAXES
300
200
^^.a*.^*
—
-•"""""
7
71-1
—
_ » — »»• — *•--— ••--*"?
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
------~~~""'"'"""
100
x
.....^.-.-.-....y.
._.———
—
-
200
_
100
I1IM
^ ^ OTHER RECEIPTS
j
1
0
I
[~~
I
0
• BUDGET OUTLAYS-!/ -
700
300
700
-NONDEFENSE
600
600
...v-
500
500
400
400
300
300
NATIONAL DEFENSE
200
200
100
— 100
1977
1978
1979
1981
1980
1982
1984
1983
1986
1985
FISCAL YEARS
•_>/ INCLUDES OUTLAYS OFF-BUDGET UNDER CURRENT LAW, PROPOSED TO BE ON-BUDGET.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Bt dget recei
Total
Individual
income
taxes
ration
income
taxes
Budget outlays
ts
Social
insurance
taxes
and
contributions
Total
Other
Including offbudget
Onbudget
items
National defense l
Total
Department of
Defense,
Intern itional
affs irs
Including offbudget
items
Onbudget
6.4
6.4
7.5
7.5
5.6
10.8
11.2
10.0
Social
security and
medicare l
Ot ler
Healt i and
income security
Including offbudget
items
Onbudget
interest 1
Including offbudget
Onbudget
items
Fiscal year or period:
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985"
298.1
355.6
399.7
463.3
131.6
157.6
181.0
217.8
244.1
41.4
54.9
60.0
1986 (estimates)2
600.6
666.5
734.0
779.8
285.9
297.7
288.9
296.2
330.9
356.2
65.7
64.6
61.1
49.2
37.0
56.9
61.3
68.0
Cumulative total, first 2
months:
Fiscal year 1985
Fiscal year 1986
103.7
109.0
50.4
53.1
2.1
2.6
517.1
599.3
617.8
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
268.8
287.2
34.3
36.6
37.8
40.8
50.6
69.5
69.3
65.6
71.7
72.9
68.4
38.6
40.6
12.6
12.8
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
241.7
364.5
400.5
448.4
491.0
104.5
116.3
134.0
157.5
185.3
88.1
95.3
102.3
113.7
131.0
153.8
180,7
76.5
21.3
149.9
(3)
(3)
3.4
3.2
41.1
43.2
(3)
f3)
29.2
26.0
945.9
957.7
244.1
(3)
259.4
160.7
169.5
161.0
169.8
40.3
43.9
39.0
42.7
NOTE.—Outlays off-budget under current law are proposed to be on-budget.
Starting in fiscal 1985 military retired pay is financed from a trust fund in the income security
76.5
78.3
80.0
86.9
109.7
126.6
135.2
151.2
143.1
13.1
15.4
20.1
204.4
220.8
There are no outlays off-budget under current law in this function.
Estimates from Mid-Session Review of Ike 1986 Budget, Office of Management and Budget,
August 30, 1985.
s Not available.
* Includes off-budget outlays of $1.3 billion.
89.7
104.4
116.6
130.6
150.6
178.7
202.5
223.3
235.8
254.4
268.4
209.9
841.8 227.4
936.8 4 252.8
955.3 267.1
851.8
4.9
6.0
6.2
78.3
80.0
86.9
109.6
125.8
134.5
150.8
143.0
162.6
149.9
12.7
13.1
12.3
11.8
15.9
576.7
657.2
728.7
796.0
1
2
89.6
97.2
9.0
(3)
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
129.1
138.1
21.5
23.8
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
(3)
112.9
(3)
<">
76.3
85.8
105.8
108.5
119.2
115.3
111.1
113.2
111.5
123.8
111.6
25.5
29.8
function. The national defense function includes accrual charges to pay for retirement benefits
earned by currently active duty personnel, and these are offset in the undistributed offsetting receipts (employer share, employee retirement).
Data for all periods in this table are shown on as comparable a basis as is feasible.
Data shown here exclude the transition quarter.
Sources: Department of th.e Treasury and Office, of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1985, according to revised estimates, Federal receipts rose $35.8 billion (annual rate) and
expenditures rose $28.0 billion, yielding a deficit of $201.3 billion. (See Note below.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
900
-100
-100
-200
-200
1977
1980
1978
1981
1982
1984
1985
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (government expenditur es
Federa Governme nt receipts
Period
Total
Personal
tax and
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
Total
insurance
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
or deficit
Subsidies
less
current
surplus of
Government
enter-
Wage
accruals
less
disbursements
national
income
and
product
accounts
384.1
441.4
505.0
553.8
639.5
635.3
658.1
725.1
194.9
231.0
257.9
298.9
304.5
295.0
311.3
61.6
71.4
74.4
70.3
65.7
49.0
59.3
74.4
25.0
28.0
29.3
38.8
56.2
48.1
51.6
55.8
127.7
147.0
170.3
186.8
218.8
233.7
252.2
283.6
430.1
470.7
521.1
615.1
703.3
781.2
837.5
898.0
151.1
161.8
178.0
208.1
242.2
272.7
284.8
312.9
174.3
187.1
210.9
253.5
288.6
324.1
348.5
355.1
67.5
77.3
80.5
88.7
87.9
83.9
86.2
93.6
29.1
35.2
42.5
53.3
72.4
84.6
94.3
115.5
8.2
9.5
9.2
11.5
12.3
16.0
23.2
21.1
0.1
.1
.0
.0
.1
.0
— .4
.2
-46.0
-29.3
-16.1
-61.3
-63.8
- 145.9
-179.4
-172.9
630.3
633.1
298.1
303.0
50.1
46.4
47.1
47.6
235.0
236.1
789.1
835.7
275.3
293.2
329.1
347.4
83.3
84.5
87.1
87.2
14.3
23.4
.0
.0
- 158.8
-202.6
636.3
665.2
659.7
671.1
297.1
304.2
2i6.2
292.5
46.5
58.2
66.4
66.1
46.3
52.8
53.7
53.6
246.5
250.1
253.4
258.8
824.2
835.8
839.4
850.6
287.1
287.0
286.0
279.2
344.4
350.8
346.6
352.3
85.8
85.8
87.1
86.2
88.0
91.1
96.8
101.2
18.8
19.8
22.5
31.6
.0
r
— .4
.0
-187.9
-170.6
-179.7
-179.5
r
709.4
721.8
727.1
742.1
297.8
303.9
315.7
327.8
78.9
80.1
69.4
69.2
54.6
55.8
56.7
56.2
278.1
282.0
285.4
288.9
867.2
884.9
905.2
934.7
285.6
314.8
318.5
332.9
350.5
351.9
356.2
361.9
91.3
93.0
93.0
97.3
107.2
110.4
119.5
124.8
32.7
15.1
18.0
18.5
.2
.2
.0
.6
-157.8
-163.0
-178.1
-192.7
1985: I r
II '
HIr
789.7
754.9
790.7
363.9
321.3
355.4
65.9
65.0
68.9
55.5
60.2
55.4
304.4
308.4
311.0
952.4
964.0
992.0
334.4
337.8
364.8
374.1
376.7
383.5
95.7
97.6
100.6
126.4
130.1
127.1
21.9
20.9
15.9
.1
-1.0
- 162.6
-209.1
-201.3
1977
1978
1979
1980
1981
1982
1983
1.984
1982:
III r.
IV r
1983: I r
II r
HIr
IV
1984: I r
II
r
in r
IV
169.8
NOTE.—Data reflect the recent comprehensive revision of the national income and product accounts. For details, see Survey of Current Business, December 1985.
34
Source: Department of Commerce, Bureau of Economic Analysis.
-1.3
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Cons inner price s (unadjusted) [1967 = 100]
Industrial j reduction seasonally adjusted) [ 977=100 ]
Period
1978
1979
1980
1981
1982
1983
1984"
1984:
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov"
United
States
Canada
Japan
France
106.5
110.7
108.6
111.0
103.1
109.2
121.8
103.3
109.8
108.1
109.0
97.4
102.9
112.0
106.1
113.7
118.9
120.1
120.6
124.7
138.4
123.4
123.3
114.1
115.0
143.4
142.7
123.6
123.7
124.0
124.1
124.1
124.3
124.1
T
125.2
' 125.0
' 124.6
125.1
114.2
143.0
113.8 142.8
113.9 140.8
114.5 144.5
114.3 148.2
' 116.5 145.1
r
U8.5 147.8
118.3 ' 146.0
118.5 144.6
119.3
United
Kingdom
United
States l
France
Germany
202.5
221.0
243.5
273.9
303.5
321.0
335.0
252.3
261.3
282.3
296.2
304.1
309.7
316.6
233.9
259.1
294.2
332.7
373.1
407.9
439.5
160.2
286.2
166.9
175.8
186.9
196.8
203.3
208.2
328.5
398.0
472.4
549.4
631.8
698.8
316.6
359.0
423.6
473.9
514.7
538.3
565.1
315.3
315.5
339.7
339.9
319.0
319.6
450.3
451.2
209.6
209.8
724.4
729.5
576.4
575.9
316.1
317.4
318.8
320.1
321.3
322.3
322.8
323.5
324.5
325.5
326.6
341.3
343.5
344.3
345.7
346.5
348.3
349.5
350.1
350.5
351.7
353.1
321.3
318.7
320.2
321.9
323.3
323.5
323.8
320.7
323.8
328.4
453.5
455.8
459.0
462.2
464.5
466.4
468.2
468.7
469.2
211.0
211.9
212.6
212.9
213.1
213.3
212.9
212.2
212.6
212.9
736.8
744.2
749.4
756.1
760.6
764.4
766.7
768.2
771.3
780.6
786.1
578.0
582.7
588.1
600.6
603.4
604.7
603.5
605.1
604.8
605.8
Italy
102
102
107
106
103
101
102
105
107
107
105
102
103
106
101.9
108.7
114.7
112.1
109.6
103.9
107.0
103
107
100
96
98
101
103
195.4
217.4
246.8
272.4
289.1
298.4
311.1
104
103
110
109
106.1
106.6
103
104
!01
105
107
r
!03
105
103
108
108
105
110
109
110
110
111
113
116
r
lll
102.5
111.5
111.8
107.0
108.3
111.3
107.1
r
!07.5
109.8
106
105
107
108
108
108
r
r
!07
107
109
United
Kingdom
Japan
Canada
Germany
Italy
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
ginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Period
foreign
exports
Ger eral import s 3
Domestic exports
Total
domestic
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Mereha adise trade mlance
Merc mndise imp orts
Merc handise expo i s '
Manu
factored
goods
Total 2
Exports
less
imports
(customs
value)
Exports
(f.a.s.)
less
imports
(f.a.s.)
Food,
beverages, and
tobacco
Crude
materials and
fuels
Manufactured
goods
827
991
1,186
1,312
1,478
1,546
2,716
4,257
8,823
762
3,457
4,463
4,325
5,949
7,831
5,398
6,379
8,360
9,352
10,427
11,042
13,368
15,504
18,519
21,415
-688
-2,430
-2,590
-2,300
-2,020
(c.i.f.
value)
Exports
(f.a.s.)
less
imports
(c.i.f.)
I ,a.s. valu e
Monthly average:
1975*
1976*
1977*
1978*
1979*
1980
8,971
9,602
10,103
11,973
15,155
18,386
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
1981
1982
1983
1984
19,473
17,683
16,707
18,155
19,075
17,256
16,326
17,670
2,767
2,248
2,248
2,276
2,752
2,793
2,463
2,624
12,857
11,643
11,034
11,929
21,748
20,329
21,504
27,144
1,529
1,485
1,568
1,802
7,739
6,200
5,670
6,063
11,873
12,002
13,621
18,460
22,779
21,240
22,490
28,431
-2,275
-2,647
— 4,797
8,847
148
- 1,440
-3,265
-3,530
-3,364
-3,030
Customs value
-8,988
-3,306
-3,558
-5,783
-10,276
1984:
Oct
Nov
Dec
18,411
18,395
19,142
17,886
17,857
18,623
2,336
2,506
2,413
2,352
2,454
2,988
12,329
12,148
12,409
26,783
27,331
25,933
1,924
1,705
1,719
6,106
6,158
5,689
18,037
18,499
17,777
28,064
28,617
27,176
-8,372
-8,937
-6,791
-9,653
-10,222
-8,033
1985:
Jan
Feb
Mar
Apr
May
June....
July
Aug
Sept
Oct
Nov
19,401
17,853
18,446
17,779
17,414
17,438
17,412
17,423
17,732
17,368
17976
18,852
17,358
17,881
17,298
16,893
16,858
16,857
16,945
17,241
16,872
17,482
2,161
1,995
1,973
1,913
1,603
1,614
1,604
1,783
1,709
1,836
2,128
2,562
2,542
2,386
2,336
2,164
2,181
2,265
2,436
2,369
2,338
2,368
13,282
11,967
12,538
12,141
12,166
12,127
12,010
11,894
12,145
11,799
12,134
28,297
27,985
28,129
28,295
28,685
29,425
26,630
26,083
31,764
27,594
1,932
1,817
2,128
1,804
1,919
1,912
1,641
1,719
1,903
1,598
5,373
4,988
4,372
5,764
5,609
5,958
5,100
4,842
5,573
5,659
19,879
20,347
20,716
19,812
20,198
20,653
18,901
18,761
23,291
19,432
29,687
29,299
29,492
29,629
30,080
30,853
27,920
27,327
33,282
28,821
31,657
-8,896
-10,131
-9,683
-10,516
-11,271
-11,987
-9,219
-8,660
- 14,032
-10,226
— 10,285
— 11,446
— 11,046
-11,850
— 12,666
-13,415
- 10,509
-9,904
-15,550
-11,453
— 13,682
1
Department of Defense shipments of grant- lid military supplies an d equipment ander the It ilitarv Assistance Program are excluded from tota s for all pe riods and fr 3m monthly ( etail beginn ng
January
1978.
2
Total includes commodities and transactions not eiassifie d according to kind.
3
Total arrivals of imported goods other than ntransit shi tments.
NOTE. — Imports on c.i.f. basis beginning 1981 not strict! • comparab! with earlier periods.
)ata beginn ng 1980 incude trade f the U.S. Virgin Istari ds, except t] at for 198( Virgin IsIan ds exports £ re reflected n the figur s for domestic and fore gn exports e oiiabined an 1 trade bale.
Data for 1 975-79 for c omestic anc foreign exp orts eombin ed, totai gen eral import , and trade
ba anee include trade of the Virgin War ds.
Source: Dep artment of Ct mmerce, B jreau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter of 1985 the current account deficit rose to $30.5 billion from $27.7 billion in the second
quarter. The merchandise trade deficit rose to $33.1 billion from $28.6 billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
BALANCE ON
CURRENT ACCOUNT
1977
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF CO/AMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
In vestment inconie 3
Merchandise l
Period
Exports
114,745
120,816
142,054
184,473
224,269
237,085
211,198
201,712
219,915
1976
1977
1978
1979
1980
1981
1982
1983 '
1984 '
1983: I r
TT r r
in
IV '
1984: I r
TT r r
in
IV
r
1985: I r
II r
III r
Net
balance
Net
military
transactions
Net
travel and
tation
receipts
Other
services,
net 3
on goods
and
services l
Eemittances,
pensions,
and other
unilateral
trans-1
fers
Receipts
Payments
9,483
-124,228
-151,907 -31,091
33,947
-176,001
-212,009 -27,536
25,480
-249,749
-265,063 -27,978
-247,642 -36,444
67,216
-268,928
-334,024 -114,110
29,286
32,179
42,245
64,132
72,506
86,411
84,768
78,023
87,609
-13,311
-14,217
21,680
-32,960
-42,120
-52,329
55,273
-52,621
68,500
15,975
17,962
20,565
31,172
30,386
34,082
29,495
25,402
19,109
559
1,528
621
-1,778
-2,237
-1,183
-318
-162
-1,765
-2,558
-3,565
-3,573
-2,935
-997
144
-992
-4,721
-8,974.
9,205 -4,998
4,711
5,272 -9,894 -4,617
-5,106
6,013 -10,321
4,659 -5,649
5,735
8,950 -7,077
7,277
8,121
13,186 -6,847
8,345
84 -8,135
9,557 -37,141 -8,852
9,791 -95,945 — 11,413
Imports
Net
Balance
on
account
4,207
-14,511
-15,427
-991
1,873
6,339
-8,051
-45,994
-107,358
49,535
49,048
49,992
53,137
-58,418
-64,928
-70,689
-74,893
-8,883
15,880
-20,697
-21,756
17,935
19,172
20,985
19,932
-12,283
-12,856
-13,588
-13,893
5,652
6,316
7,397
6,039
703
-71
-126
-669
-448
— 1,116
-1,422
-1,735
2,260
-716
2,462 -8,289
2,290 -12,558
2,544 -15,577
2 322
-1,606
-1,875 -10,164
-2,204 -14,762
-3,166 -18,743
53,469
54,556
55,649
56,241
-78,091
-84,180
-84,626
-87,127
-24,622
-29,625
-28,977
-30,886
23,502
20,895
21,769
21,445
-15,268
-17,277
-18,513
-17,442
8,234
3,618
3,256
4,003
-346
-593
-250
-575
-1,753
-2,050
-2,574
-2,597
2,582
2,412
2,452
2,344
-2,212
-2,232
-2,876
-4,095
55,302
53,624
52,310
78,756
-82,210
-85,452
23,454
-28,586
-33,142
18,868
22,279
24,039
-16,331
-16,892
- 16,490
2,537
5,387
7,549
-212
-586
-487
-2,357
-3,054
-3,026
2,411 -21,075
2,572 -24,268
2,623 -26,483
1
Excludes military grants.
Adjusted from Census data (or 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.
-15,905
-26,238
-26,093
-27,710
NOTE.—Data revised beginning 1983.
2
3
36
Source: Department of Commerce, Bureau of Economic Analysis.
-18,117
-28,470
-28,969
-31,805
-3,172 -24,247
-3,428 -27,696
-3,968 -30,451
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $1.4 billion in the third quarter of
1985 compared with a decrease of $4.1 billion in the second quarter. Liabilities to private foreigners and
international financial institutions reported by U.S. banks (excluding U.S. Treasury securities) increased $6.5 billion,
compared to an increase of $0.2 billion in the second quarter.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS*
60
CHANGE IN
U.S. ASSETS
ABROAD, NET
-40
-40
i-60
-60
19'85
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
Foreign assets in the 1 J.S., net
[increase /capital inflov« (+)] 2
i increase/eapit al outflow (—1 I
Period
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
U.S.
official
reserve
assets 1 2
-51,269
-34,785
-61,130
-64,331
-86,118
-111,031
-119,218
-55,045
-20,447
-2,558
-375
732
-1,133
8,155
-5,175
-4,965
-1,196
3,131
n
m
IV
-26,127
-1,128
-9,814
-17,976
1984: I
II
Ill
IV
1983: I
1985:
I
II r
Ill "...
Other U.S.
Government
assets
U.S.
private
assets
Total
Other
foreign
assets
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
36,518
51,319
64,036
38,752
58,112
83,322
94,447
84,322
97,319
17,693
36,816
33,678
-13,665
15,497
4,960
3,672
5,795
3,424
18,826
14,503
30,358
52,416
42,615
78,362
90,775
78,526
93,895
-787
16
529
-953
-1,135
-1,263
-1,171
-1,436
-24,205
119
-9,172
-15,587
15,158
15,608
19,539
34,017
161
1,706
-2,666
6,916
15,319
13,902
22,205
27,101
-4,976
- 18,988
18,364
-14,846
-657
-566
-799
-1,110
-2,059
-1,353
-1,369
-734
-2,260
-17,070
20,532
-13,003
19,277
41,592
3,140
33,310
-2,786
-224
686
7,119
22,063
41,816
3,825
26,191
3,816
5,866
r
7,466
r
13,341
-365
-2,455
-9,999
-233
-356
-121
-850
853
-420
718
-1,246
-9,458
13,711
26,313
33,909
-11,204
8,465
2,415
24,915
17,849
31,494
r
1,139
1,152
1,093
r
r
13,291
-4,316
* 5,037
r
2,702
r
r
r
10,901
3,837
6,541
U S official
assets, net 1
(unadjusted,
end of
period)
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
34,934
10,544
-2,023
12,521
25,431
24,982
20,276
32,821
* 16,717
' 30,486
-4,214
-44,498
-3,693 -30,717
-4,660
57,202
-3,746
-59,453
-5,162
72,802
-5,097 - 100,758
-6,131 -108,122
-5,006 -48,843
-5,516
11,800
1
Consists of go!d, special drawi g rights (SDRs , convertible eu rencies, and the U.S. reserve
position in the IMF
2
Quarterly data are not seasonal! v adjusted.
Foreign
official
assets
Statistical e iscrepancy
Allocations
of special
drawing
rights
(SDKs)
r
r
34,261
33,876
33,066
33,747
r
-455
* 573
- 3,274
r
4,305
34,975
34,547
34,306
34,934
384
-570
3,487
35,493
36,088
38,295
680
r
83
2,953
r
3,547
NOTE.— Da .a revised beginn ng 1983.
Sources: D apartment of Gc imneree {Burea i of Economic A nah'sis) and De partment of the
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment.
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays, and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols
used:
p
Preliminary.
r
Revised.
c
Corrected,
... Not available (also, not applicable).
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