Full text of Economic Indicators : February 1985
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99th Congress, 1st Session
Economic Indicators
FEBRUARY
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)
MARJORIE S. HOLT (Maryland)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
SCOTT LILLY, Executive Director
COUNCIL OF ECONOMIC ADVISERS
WILLIAM A. NISKANEN, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. 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
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WASHINGTON, D.C. 20402
u
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the fourth quarter of 1984, gross national product (GNP) rose $69.6 billion or
7.8 percent, both at annual rates. Real GNP (GNP adjusted for price changes) rose 4.9 percent (annual rate) and
the implicit price deflator, 2.8 percent (annual rate).
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,000
4,OUU
SEAS ONALLY ADJUSTED A *iNUAL RATES
3,600i
^L 3 600
^
_
E
——
—
—
3,200
2,800
2,400
GNP
IN :URRENT DOLL ARS
**~
'
.
—
—
^
r ^
\
2 800
—
—
^""
E
—
/
2,000'
2 000
—
-^
1,600
*
GNP
IS\ 1972 DOLLAR
^^fmf
1,600
-Ou-^*~*~
^
I 1 I
1,200:
1976
\
\
\
1977
I
\
1978
\
!
1 1
I I l
i i i
1980
1981
1979
1
1 !
1982
SOURCE. DEPARTMENT OF COMMERCE
\
\
\
\
1983
\
1,200
\
1984
COUNCIl OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 r
1982: TH
IV
1983: I
n
m
IV
1984: I
n
m
IV
Gross
national
product
1,326.4
1,434.2
1,549.2
1,718.0
1,918.3
2,163.9
2,417.8
2,631.7
2,957.8
3,069.3
3,304.8
3,664.2
3,080.1
3,109.6
3,173.8
3,267.0
3,346.6
3,431.7
3,553.3
3,644.7
3,694.6
3,764.2
Personal
consumption
expenditures
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
2,342.0
2,001.3
2,046.1
2,070.4
2,141.6
2,181.4
2,230.2
2,276.5
2,332.7
2,361.4
2,397.4
Gross
private
domestic
investment
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
637.0
415.9
376.2
405.0
449.6
491.9
540.0
623.8
627.0
662.8
634.3
Source: Department of Commerce, Bureau of Economic Analysis.
Goveniment purchtises of
goo ds and sem ces
Exports ar d imports of goods and
services
Final
Federal
Net
exports
14.2
13.4
26.8
13.8
-4.0
-1.1
13.2
23.9
28.0
19.0
8.3
-62.5
6.6
6.3
19.6
-6.5
-16.4
-29.8
-51.5
-58.7
-90.6
49.2
Exports
109.6
146.2
154.9
170.9
182.7
218.7
281.4
338.8
369.9
348.4
336.2
364.8
346.3
321.7
328.5
328.1
342.0
346.1
358.9
362.4
368.6
369.4
Imports
95.4
132.8
128.1
157.1
186.7
219.8
268.1
314.8
341.9
329.4
344.4
427.3
339.7
315.4
308.9
334.5
358.4
375.9
410.4
421.1
459.3
418.5
Total
270.4
304.1
339.9
362.1
393.8
431.9
474.4
537.8
596.5
650.5
685.5
747.7
656.3
681.0
678.8
682.2
689.8
691.4
704.4
743.7
761.0
781.7
National
defense
102.0
111.0
122.7
129.2
143.4
153.6
168.3
197.0
228.9
258.9
269.7
295.6
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
302.0
316.3
72.8
77.0
83.0
86.0
92.8
100.3
111.8
131.2
153.7
179.5
200.5
221.4
183.3
191.0
194.7
199.3
200.9
207.2
213.4
220.8
220.3
231.3
Non-
State and
local
defense
29.1
33.9
39.7
43.2
50.6
53.3
56.5
65.9
75.2
79.4
69.3
74.1
78.2
88.4
78.3
71.3
68.3
59.1
54.2
75.6
81.7
85.0
168.5
193.1
217.2
232.9
250.4
278.3
306.0
340.8
367.6
391.5
415.8
452.1
394.7
401.6
405.8
411.6
420.6
425.1
436.8
447.4
458.9
465.4
1,307.9
1,420.1
1,556.1
1,706.2
1,895.3
2,137.4
2,403.5
2,641.5
2,931.7
3,095.4
3,318.3
3,606.3
3,095.5
3,170.8
3,216.8
3,286.4
3,350.9
3,419.0
3,479.5
3,594.1
3,622.8
3,728.9
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Ex;>orts of go ods
a nd service
Q ross prival e
dome Stic investinent
Residential fixed
business
invento-
National
Non-
95.9
96.6
97.4
96.8
100.4
100.3
102.1
106.4
110.3
117.0
116.2
122.5
68.3
66.9
66.4
64.9
65.4
65.7
67.4
70.0
73.5
79.1
84.7
89.5
27.6
29.7
31.0
31.8
35.0
34.7
34.8
36.4
36.7
37.9
31.5
33.0
157.4
163.6
167.8
168.4
168.8
174.3
176.2
177.9
176.8
175.7
175.7
179.6
1,237.1
1,234.7
1,238.4
1,290.4
,356.4
,422.6
,472.2
,479.4
,500.9
1,490.4
1,538.3
1,615.1
-6.4
-24.6
25.7
24.1
146.6
136.7
120.9
112.6
292.8
300.6
117.2
124.8
80.6
81.9
36.6
42.9
175.7
175.8
1,483.5
1,503.4
46.2
53.4
57.2
57.8
-16.5
-6.1
22.9
13.6
11.9
138.2
137.0
141.6
141.0
115.3
123.4
129.7
139.1
294.3
292.4
292.0
288.8
119.0
117.2
115.6
113.0
83.3
84.8
84.4
86.3
35.7
32.3
31.2
26.7
175.3
175.2
176.4
175.8
1,507.5
1,530.9
1,549.3
1,565.4
60.6
60.8
60.1
59.3
31.6
20.3
30.6
16.8
144.9
144.7
147.4
148.2
153.2
156.2
174.4
158.4
289.5
302.1
306.1
310.8
112.2
123.2
125.0
129.6
87.1
89.6
89.1
92.4
25.2
33.6
36.0
37.1
177.3
178.9
181.1
181.2
1,579.3
1,618.5
1,614.6
1,648.0
-4.4
11.3
-10.4
-3.6
24.8
1982: m
IV
1,477.1
1,478.8
964.2
976.3
163.9
161.5
36.8
40.8
1983:
1,491.0
1,524.8
1,550.2
1,572.7
982.5
1,006.2
1,015.6
1,032.4
161.6
165.3
172.6
184.5
1,610.9
1,638.8
1,645.2
1,664.8
1,044.1
1,064.2
1,065.9
1,075.4
193.3
202.9
209.5
212.7
n
mr
rv
Total
253.3
260.3
265.2
265.2
269.2
274.6
278.3
284.3
287.0
292.7
291.9
302.1
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 '
1984: I
Total
Imports
81.8
80.7
71.4
84.7
90.9
102.7
109.0
108.8
116.4
118.0
126.9
160.5
62.3
48.2
42.2
51.2
60.7
62.4
59.1
47.1
44.5
37.9
53.7
60.2
IV
Exports
State
and local
97.3
108.5
103.5
110.1
112.9
126.7
146.2
159.1
160.2
147.6
139.5
146.3
138.1
135.7
119.3
125.6
140.3
158.3
169.9
165.8
175.0
166.9
171.0
204.6
I
Net
exports
15.5
27.8
32.2
25.4
22.0
24.0
37.2
50.3
43.8
29.7
12.6
-14.2
767.9
762.8
779.4
823.1
864.3
903.2
927.6
931.8
950.5
963.3
1,009.2
1,062.4
n
m
Final
Federal
Change
dential
fixed
1,254.3
1,246.3
1,231.6
1,298.2
1,369.7
1,438.6
1,479.4
1,475.0
1,512.2
1,480.0
1,534.7
1,639.9
1973
1974
Govermnent purch ases of
good s and services
17.2
11.6
-6.7
7.8
13.3
16.0
7.3
.9
7.2
2.0
-8.3
-11.4
-27.0
-10.2
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972—100; quarterly data are seasonally adjusted]
Personal c onsumption
expenditures
Period
1973
1974
1975
national
product
Total
Durable
goods
Gross arivate
domestic investment
Nondurable
goods
Services
Exports anc imports of
goods anc services
Gove mment pure lases of goo ds and
sernces
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
107.0
118.0
129.4
138.3
105.75
115.08
125.79
132.34
140.05
150.42
163.42
178.42
195.60
207.38
215.34
223.44
105.7
116.4
125.3
131.7
139.3
149.1
162.5
179.0
194.5
206.0
213.6
220.4
101.7
108.2
117.3
123.9
129.2
136.4
145.0
156.2
167.1
174.5
177.7
179.0
108.5
123.4
132.5
137.2
143.6
153.4
169.9
188.1
202.5
208.7
213.0
217.7
104.7
113.0
121.6
129.6
139.3
150.0
162.3
178.8
196.8
213.6
226.0
237.6
103.8
115.4
132.2
138.6
146.3
157.2
170.8
186.2
202.2
209.5
206.4
207.9
109.1
120.3
131.0
140.7
158.0
178.3
200.5
218.5
234.1
241.3
246.4
255.5
112.7
134.8
149.6
155.3
161.9
172.6
192.5
212.9
230.9
236.0
241.0
249.3
116.7
164.6
179.6
185.6
205.5
214.1
246.1
289.4
293.8
279.3
271.5
266.2
106.3
114.9
126.0
133.5
142.8
153.1
164.8
185.2
207.6
221.4
232.1
241.3
106.6
115.1
124.9
132.4
141.9
152.7
166.0
187.5
209.1
227.0
236.6
247.3
105.6
114.2
128.2
135.7
144.6
153.8
162.5
180.8
204.7
209.8
220.0
224.9
148.4
159.7
173.7
191.5
208.0
222.8
236.7
251.7
1982: m
IV
208.53
210.27
207.6
209.6
175.5
175.6
209.6
210.5
215.6
219.4
208.8
210.1
241.8
240.0
236.2
235.3
280.9
280.1
223.2
223.8
227.4
233.1
213.9
206.2
224.7
228.4
1983: I
212.87
214.25
215.89
218.21
210.7
212.8
214.8
216.0
176.6
176.8
178.0
179.3
210.2
212.6
214.5
214.8
221.9
224.9
227.3
229.7
207.1
205.2
205.1
208.1
245.2
243.0
248.7
248.3
237.7
239.4
241.5
245.4
267.8
271.0
276.3
270.3
229.4
230.8
232.8
235.6
233.7
234.8
237.9
240.0
219.4
220.3
219.1
221.4
231.5
234.9
238.4
241.8
220.58
222.40
224.57
226.10
218.0
219.2
221.5
222.9
179.0
179.5
179.2
178.4
217.4
216.4
217.8
219.3
232.6
236.0
239.7
242.2
206.3
207.4
208.0
209.6
249.4
255.9
258.6
258.3
247.7
250.4
250.1
249.2
267.9
269.6
263.3
264.2
238.5
240.6
241.5
244.1
245.1
246.4
247.4
250.2
215.5
225.1
227.1
228.9
246.4
250.0
253.5
256.8
1976
1977
1978
1979
1980
1981
1982
1983
1984
T
n
m
IV
1984:
I
n
m
IV r
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal sonsumption ejtpenditures
Gro ss national prc)duct
Period
Constant
(1972)
dollars
Current
dollars
11.8
8.1
8.0
10.9
11.7
12.8
11.7
8.8
12.4
3.8
7.7
10.9
2.5
3.9
8.5
12.3
10.1
10.6
14.9
10.7
5.6
7.8
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 T
1982: HI
IV
1983: I
n
m
IV
1984: I
n
m
IV *
5.8
-.6
-1.2
5.4
5.5
5.0
2.8
-.3
2.5
-2.1
3.7
6.9
.9
.5
3.3
9.4
6.8
5.9
10.1
7.1
1.6
4.9
Implicit
price
deflator
Chain price
index
5.8
8.8
9.3
5.2
5.8
7.4
8.6
9.2
9.6
6.0
3.8
3.8
3.4
3.4
5.0
2.6
3.1
4.4
4.4
3.3
3.9
2.8
Fixedweighted
price index
(1972
weights)
6.0
9.4
9.1
5.8
6.3
7.8
9.5
9.8
9.7
6.4
4.2
4.2
5.8
4.6
3.3
4.1
4.7
3.9
5.0
4.3
4.0
3.4
6.0
9.1
9.2
5.7
6.1
7.6
8.9
8.9
9.5
6.6
4.3
4.0
5.8
5.0
3.4
4.3
4.4
4.1
4.9
4.1
3.9
3.4
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
11.8
11.9
10.7
10.9
7.3
8.6
8.6
8.5
9.3
4.8
14.5
7.6
9.2
8.6
10.2
5.0
6.2
Chain price
index
5.7
10.1
7.6
5.1
5.8
7.0
9.0
10.2
8.7
5.9
3.7
3.2
6.1
4.0
2.2
4.1
3.7
2.3
3.8
2.2
4.3
2.6
4.2
-.7
2.2
5.6
5.0
4.5
2.7
.5
2.0
1.4
4.8
5.3
2.2
5.1
2.6
10.0
3.8
6.8
4.6
7.9
.7
3.6
10.2
9.4
9.9
11.0
11.1
Fixed-
Implicit
price
deflator
Constant
(1972)
dollars
Current
dollars
weighted
price index
(1972
weights)
6.1
10.4
7.7
5.3
6.0
7.3
9.3
10.7
9.2
6.1
4.1
3.9
6.3
5.0
2.5
4.4
3.7
3.6
4.7
3.3
3.9
3.7
6.1
10.4
7.8
5.3
6.2
7.4
9.7
11.1
9.4
5.9
4.0
3.9
6.6
4.9
1.9
4.5
3.9
3.4
4.9
3.1
4.0
3.8
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Cun ent-dollar COst and profit per unit of output (dolla rs)'
Gross d omestic
product of r onflnancial
corporate business
(billions of dollars)
Period
Current
dollars
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
T
1982: m
rv
1983: I
n
m
rv
1984: I
n
m
1
lars.
1972
dollars
Total
cost and
profit z
Capital
consumption
allowances
with
capital
consumption
adjustment
759.4
818.9
890.0
1,001.3
1,128.4
1,276.2
1,416.8
1,540.7
1,739.2
1,778.4
1,917.7
2,153.7
731.9
708.2
694.2
745.5
795.8
846.3
876.1
859.5
883.3
857.4
896.4
977.6
1.038
1.156
1.282
1.343
1.418
1.508
1.617
1.793
1.969
2.074
2.139
2.203
0.093
.112
1,787.8
1,772.4
1,812.3
1,887.6
1,956.6
2,014.2
2,084.2
2,146.9
2,168.9
858.5
846.5
855.7
886.2
912.4
931.1
956.9
979.5
980.0
2.083
2.094
2.118
2.130
2.144
2.163
2.178
2.192
2.213
.247
.254
.250
.243
.241
.239
.236
.234
.238
.137
.141
.145
.155
.171
.198
.217
.245
.243
.237
Indirect
business
taxes 3
0.031
.042
.044
.040
.040
.044
.050
.065
.076
.084
.077
.082
0.107
.090
.124
.144
.149
.172
.201
.210
.219
.220
0.692
.786
.837
.878
.928
.998
1.094
1.218
1.307
1.397
1.409
1.425
.163
.168
.154
.140
.167
.138
.191
.241
.211
.217
.218
.222
.220
.219
.217
.218
.221
1.404
1.419
1.421
1.408
1.400
1.408
1.415
1.414
1.434
.080
.081
.079
.076
.077
.077
.078
.081
.084
.141
.123
.151
.182
.206
.221
.233
.246
.236
0.114
.127
.140
.141
.141
.144
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Net
interest
Total
Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol-
2
Compensation of
employ-
Corporate profits with inventory
valuation imd capital cc nsumption
adjustments
9
Profits
tax
liability
Profits
after
tax*
o t
Compen-
per hour
of all
employees (1972
dollars)
sation per
hour of
all
employees
(dollars)
7.849
.071
.075
.079
.079
.078
.072
.052
.065
.073
0.053
.030
.065
.073
.088
.089
.075
.062
.095
.086
.126
.168
7.555
7.774
7.998
8.141
8.209
8.194
8.118
8.271
8.357
8.634
8.831
5.429
5.937
6.507
7.021
7.555
8.191
8.961
9.884
10.811
11.677
12.166
12.585
.052
.043
.049
.064
.073
.072
.078
.079
.066
.089
.080
.102
.118
.133
.149
.155
.167
.171
8.406
8.398
8.464
8.617
8.728
8.725
8.801
8.863
8.807
11.801
11.913
12.027
12.131
12.224
12.283
12.454
12.528
12.628
0.055
.059
.059
Indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income with
inventory v lluation and
capital co nsumption
adjust ments
Farm
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 r
1982: m
IV
1983: I
n
m
IV
1984: I
n
mr
801.3
877.5
1,086.2
1,160.7
1,239.4
1,379.2
931.4
1,036.3
1,152.1
1,301.1
1,458.1
1,599.6
1,765.4
1,864.2
1,984.9
2,173.0
1,876.3
1,888.7
1,921.3
1,962.4
2,000.7
2,055.4
2,113.4
2,159.2
2,191.9
2,227.5
1,550.5
1,760.3
1,966.7
2,116.6
2,363.8
2,446.8
2,646.7
2,961.9
2,452.4
2,468.6
2,527.0
2,609.0
2,684.4
2,766.5
2,873.5
2,944.8
2,984.9
IV
1
Nonfarm
61.0
62.2
65.4
75.0
84.8
92.2
100.2
95.6
93.7
89.2
107.9
126.2
89.5
92.1
98.3
106.8
112.1
114.6
122.5
126.3
126.4
129.7
32.8
26.5
24.6
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
28.0
12.7
25.4
16.4
10.1
11.2
17.3
32.5
23.4
27.3
28.6
Corporate p rofits with inv entory valuatio n and capital sonsumption
adjustments
Eental
income of
persons
with
capital
consumption
adjustment
Includes employer contributions for social insurance. (See also p. 5.)
Profits wdth inventory palliation
adjustmt nt and withou t capital
cons imption adjust ment
Capital
consump-
Total
22.6
23.5
108.3
94.9
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
62.5
52.9
57.0
57.7
59.0
56.2
60.4
61.0
62.0
63.0
63.9
110.5
138.1
167.3
192.4
194.8
175.4
189.9
159.1
225.2
287.1
163.3
151.6
179.1
216.7
245.0
260.0
277.4
291.1
282.8
Inventory
valuation
adjustment
Profits
Total
105.6
96.7
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
231.5
158.8
143.2
157.3
186.1
208.1
216.3
229.8
238.7
224.5
adjustment
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
5.9
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
2
-2.8
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
237.5
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
224.8
Net
interest
2.7
-1.8
-10.1
-13.5
-11.3
-12.7
-14.8
-16.3
-7.6
3.1
33.2
55.6
4.5
8.4
21.7
30.6
36.9
43.6
47.6
52.3
58.3
64.3
60.2
76.1
84.5
87.2
102.5
121.7
153.8
192.6
241.0
260.9
256.6
285.1
257.7
253.8
254.2
254.2
259.2
258.9
266.8
282.8
293.5
297.3
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 r
1982: m
IV
1983: I
n
m
IV
1984: I
n
mr
IV
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
2,342.0
2,001.3
2,046.1
2,070.4
2,141.6
2,181.4
2,230.2
2,276.5
2,332.7
2,361.4
2,397.4
Total
durable
goo s
123.3
121.5
132.2
156.8
178.2
200.2
213.4
214.7
235.4
245.1
279.8
318.5
244.5
255.0
259.4
276.1
284.1
299.8
310.9
320.7
317.2
325.3
Motor
vehicles
and
parts
57.1
50.4
55.8
72.6
84.8
95.7
96.6
90.7
101.9
108.7
129.3
149.6
108.1
115.3
115.3
128.4
132.0
141.7
147.7
152.3
148.6
149.8
Source: Department of Commerce, Bureau of Economic Analysis.
Furniture and
household
equipment
47.1
50.6
53.5
59.1
65.7
72.8
81.8
86.3
92.3
94.4
104.1
117.0
94.5
96.6
99.1
102.4
105.2
109.8
113.0
116.6
116.8
121.7
Retail sal es of new
No idurable goods
Durablt goods
Total
personal
consumption
expenditures
Other
19.2
20.5
22.9
25.2
27.7
31.7
35.1
37.7
41.2
42.1
46.4
51.9
41.9
43.1
45.0
45.3
46.9
48.2
50.3
51.7
51.9
53.8
Total
nondurable
goods
333.4
373.4
407.3
441.7
478.8
528.2
600.0
668.8
730.7
757.5
801.7
856.8
762.5
770.6
775.2
796.9
811.7
823.0
841.3
858.3
861.4
866.0
Food
172.1
193.7
213.6
230.6
249.8
275.9
311.6
345.1
373.9
392.8
416.5
443.5
396.0
400.3
406.7
413.6
420.5
425.1
433.9
442.1
448.6
449.4
Clothing
and
s oes
61.4
64.8
69.6
75.3
82.6
92.4
99.1
104.6
114.3
118.8
127.0
140.2
119.0
120.0
121.6
127.1
126.8
132.5
136.1
142.2
139.3
143.2
passeng er cars
(millions of units)
Gasoline
and oil
28.6
36.6
40.4
44.0
48.1
51.2
66.6
84.8
94.6
90.4
90.0
91.4
89.9
89.6
86.7
89.5
92.1
91.7
92.0
92.8
90.0
90.9
Other
71.2
78.2
83.7
91.9
98.2
108.8
122.8
134.3
147.9
155.6
168.2
181.6
157.6
160.6
160.3
166.7
172.2
173.6
179.3
181.2
183.6
182.5
Services
Domestics
355.2
393.2
437.0
485.7
547.4
618.0
693.7
784.5
883.0
982.2
1,074.4
1,166.7
994.2
1,020.6
1,035.8
1,068.6
1,085.7
1,107.5
1,124.4
1,153.7
1,182.8
1,206.1
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2
5.8
6.8
8.0
5.6
6.0
6.0
6.9
6.9
7.4
8.2
8.3
8.0
7.4
"
1.8
1.4
1.6
1.5
2.1
2.0
2.3
2.4
2.3
2.2
2.4
2.4
2.2
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.3
2.8
SOURCES OF PERSONAL INCOME
Personal income increased $16.5 billion (annual rate) in January, following a rise of $12.0 billion in December.
Wages and salaries rose $6.3 billion in January compared to a rise of $16.8 billion in December. In December and
January, personal income was affected by special factors involving Federal civilian pay, military pay and
retirement, cost-of-living adjustments, and tax rates, the taxable wage base, and retroactive payments for social
security. Without these special factors, personal income rose $3.7 billion in January and $20.8 billion in December.
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
.--f—V
WAGE AND SALARY DISBURSEMENTS
1,200
1,200
1,000
1,000
800
800
600
600
OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
Illllllllll Illllllllll Illllllllll Illllllllll
1977
1978
1979
Illllllllll
1980
1981
1982
iI II III II II
I l l l l l l l l l l
Illllllllll
1983
1984
1985
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietor ' income 3
Period
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 r
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r r
Novr
Dec
1985: Jan p
1
Total
personal
income
salary
disburse-
Other labor
income 1 2
Farm
Personal
dividend
income
Personal
interest
income
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,429.5
2,584.6
2,744.2
3,012.8
806.4
889.9
983.2
1,106.3
1,237.6
1,356.7
1,493.1
1,568.7
1,659.2
1,803.9
64.5
75.9
89.4
102.5
114.9
128.0
140.0
155.5
173.1
195.5
24.6
19.1
19,1
26.3
31.9
21.8
31.5
21.8
13.8
28.0
65.4
75.0
84.8
92.2
100.2
95.6
93.6
89.2
107.9
126.2
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
62.5
29.9
36.5
39.6
45.3
50.8
56.8
64.3
66.5
70.3
77.7
123.2
132.5
152.8
179.4
218.7
266.0
331.8
366.6
376.3
434.8
178.3
194.3
207.9
223.8
250.3
297.6
337.3
376.1
405.0
416.7
50.4
55.5
61.1
69.8
81.1
88.7
104.5
111.4
119.6
132.5
1,229.1
1,359.3
1,506.5
1,689.7
1,899.3
2,119.5
2,371.2
2,532.1
2,701.1
2,955.2
2,897.4
2,923.5
2,940.6
2,968.5
2,978.8
3,006.5
3,027.7
3,045.8
3,068.3
3,081.6
3,101.6
3,113.6
1,747.6
1,755.1
1,764.6
1,785.3
1,789.8
1,804.3
1,812.4
1,816.9
1,829.1
1,830.9
1,847.2
1,864.0
186.3
188.1
189.9
191.7
193.5
195.3
196.7
198.1
199.5
201.0
202.5
203.9
30.1
36.5
30.9
25.4
21.4
23,5
26.5
27.4
28.0
29.1
28.0
28.7
120.7
122.9
123.8
125.7
126.2
127.1
126.0
126.1
127.1
129.4
129.6
130.3
61.1
60.8
61.2
61.6
62.0
62.4
62.6
62.9
63.3
63.6
63.9
64.2
74.0
75.0
76.0
76.9
77.1
77.6
78.0
78.2
79.4
79.8
80.2
80.5
396.6
403.8
411.4
418.4
425.6
432.9
441.4
449.5
457.1
459.2
460.3
460.9
410.2
410.9
412.8
414.9
414.8
415.9
417.1
419.9
418.7
422.8
425.1
417.4
129.1
129.5
130.1
131.3
131.5
132.5
133.0
133.3
134.1
134.2
135.2
136.2
2,838.3
2,857.9
2,880.5
2,913.8
2,928.1
2,953.5
2,971.6
2,988.5
3,010.2
3,022.2
3,043.1
3,054.4
3,130.1
1,870.3
205.1
26.0
130.8
64.5
81.0
460.8
437.0
145.4
3,073.5
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.
2 Consists of employer contributions to private pension, health, and welfare funds; workers' injury
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Rental
income of
persons 4
4
With capital consumption adjustment.
Consists mainly of soeia! insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
5
6
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the fourth quarter of 1984.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
2,600
2,400
2,200
2,000
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
DISPOSABLE PERSONAL INCOME
1,800
3,000
3,000
1984
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
Period
Persona!
income
Less:
Personal
Equals:
Disposable
personal
tax and
nontax
payments
Less:
Personal
outlays '
Equals:
Personal
saving
Pert apita
disposabk personal
inc )me
Per capitai personal
consulnption
expen :itures
Current
dollars
Current
dollars
1972
dollars
1,065.2
1,168.6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,429.5
2,584.6
2,744.2
3,012.8
1978
1979
1980
1981
1982
1983
1984 r.
150.7
170.2
168.9
196.8
226.4
258.7
301.0
336.5
387.7
404.1
404.2
435.2
914.5
998.3
1,096.1
1,194.4
1,314.0
1,474.0
1,650.2
1,828.9
2,041.7
2,180.5
2,340.1
2,577.7
835.5
913.2
1,001.8
1,111.9
1,236.0
1,384.6
1,553.5
1,718.7
1,904.7
2,044.5
2,222.0
2,420.8
79.0
85.1
94.3
82.5
78.0
89.4
96.7
110.2
137.4
136.0
118.1
156.8
4,315
4,667
5,075
5,477
5,965
6,621
7,331
8,032
8,874
9,385
9,977
10,891
4,080
4,009
4,051
4,158
4,280
4,441
4,512
4,487
4,561
4,555
4,670
4,940
Saving as
percent of
disposable
personal
Population
(thousands) 2
income
Per cent
Do lars
Billions of dol ars
1973
1974
1975
1976
1977
1972
dollars
Percent
change in
real per
capita
disposable
4,972
5,468
6,048
6,695
7,326
8,037
8,543
9,192
9,895
3,623
3,566
3,609
3,774
3,924
4,057
4,121
4,092
4,131
4,146
4,303
4,489
3,831
4,152
4,521
5.7
1.0
2.6
2.9
3.8
1.6
-.6
1.6
-.1
2.5
5.8
6.9
5.9
6.1
5.9
6.0
6.7
6.2
5.0
6.1
211,939
213,898
215,981
218,086
220,289
222,629
225,106
227,694
230,068
232,351
234,542
236,682
-1.7
8.6
8.5
8.6
Seas onally adju sted annual rates
HI
IV
2,594.3
2,639.5
398.5
402.0
2,195.8
2,237.5
2,061.3
2,107.3
134.5
130.2
9,439
9,593
4,548
4,578
8,603
8,773
4,145
4,186
0.2
2.7
6.1
5.8
232,634
233,230
1983: I
II
Ill
IV
2,662.8
2,714.4
2,763.3
2,836.5
401.4
411.6
395.8
407.9
2,261.4
2,302.9
2,367.4
2,428.6
2,133.4
2,206.1
2,248.4
2,300.0
128.0
96.7
119.0
128.7
9,675
9,832
10,082
10,318
4,591
4,619
4,694
4,776
8,858
9,143
9,290
9,475
4,203
4,296
4,325
4,386
1.1
2.5
6.7
7.2
5.7
4.2
5.0
5.3
233,742
234,230
234,811
235,385
1984: I
II
Ill
IV....
2,920.5
2,984.6
3,047.3
3,098.9
418.3
430.3
440.9
451.1
2,502.2
2,554.3
2,606.4
2,647.8
2,349.6
2,409.5
2,442.3
2,482.0
152.5
144.8
164.1
165.8
10,608
10,806
11,000
11,147
4,865
4,930
4,965
5,000
9,651
9,869
9,966
10,093
4,427
4,502
4,499
4,527
7.7
5.5
2.9
2.8
6.1
5.7
6.3
6.3
235,875
236,369
236,950
237,533
1982:
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages
for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the fourth quarter of 1984, according to preliminary estimates, gross farm income fell $4.4 billion (annual rate)
and net farm income fell $4.5 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
200
160
160
120
120
80
80
60
60
40
40
NET FARM INCOME /\
\
.- -'
20
20
v ,>
\i
1
10
1977
1978
i
1979
1
10
1980
198]
1982
1983
1984
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farmi ng
(jross farm incom
Period
Total 1
Total
1976
1977
1978
1979
1980
1981
1982
1983
1983: I
n
m
IV
1984: I
n r
m
TV"
1
Livestock and
products
Crops
102.9
108.7
127.2
150.4
150.2
167.9
161.8
151.4
95.4
96.2
112.9
131.8
140.5
142.6
144.8
138.7
46.3
47.6
59.2
68.6
67.8
49.0
48.6
53.7
63.2
72.7
69.2
70.1
69.2
153.3
147.3
148.5
156.6
144.6
138.3
143.7
128.3
169.8
165.8
176.0
171.6
134.2
138.9
147.8
140.8
V 1 f
inventory
changes 2
Production
expenses
Current
dollars
1967 dollars 3
73.3
74.6
69.5
-1.5
1.1
.8
4.9
-5.5
7.9
-2.6
-11.7
82.7
88.9
99.5
118.1
128.9
136.9
139.5
135.3
20.1
19.8
27.7
32.3
21.2
31.0
22.3
16.1
7.7
5.4
70.4
68.7
67.6
70.1
74.2
69.6
76.1
58.2
-11.4
-14.4
-16.8
-4.4
135.6
135.2
134.7
135.8
17.7
12.1
13.8
20.8
6.0
4.1
4.6
6.9
73.0
70.4
69.2
72.2
61.2
68.5
78.6
68.6
139.2
141.5
141.4
141.5
30.6
24.3
34.6
30.1
10.0
7.8
11.1
9.5
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Net fanr income
Cas h marketing rece pts
3
2.2
8.1
9.8
8.2
Income in current dollars divided by the consumer price index (Department of Labor).
Source: Department of Agriculture, except as noted.
11.8
10.9
14.2
14.9
8.6
11.4
CORPORATE PROFITS
In the third quarter of 1984, corporate profits before tax fell $21.2
$8.5 billion.
billion (annual rate) and after-tax profits fell
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
SEASON ALLY ADJUSTED ANN JAL RATES
—
—
280
280
PROFITS BE FORE
—
r
240
—
200
—
/n
1
^^
—
*\
240
V,
""
*»
s**
80
N
^--^
—r
! i i
1976
1977
! 1 1
1978
120
,/
Vv -""-I
/
UNDISTRIB LJTED
40
/
V
A
^:>\
J!"—-—•—'•
**„
,~ — '
\
/'"^•~
1 1 1
160
^**
^
— -'" -->-
s''Z~-
—
J
\.
\» •" ~ ~" ""
'
200
k
~\
\
^^ — — ^ ' ,s
-'
/I
\
PR1 DFITS AFTER TA X
_. — -"
120
\ _
V Vx
X
160
f\
TAX
1 i i
1
1979
1980
X
—^
"\
80
v
- —
^
PROFITS \
i
1
—
'
TAX LIABILITY
i
1981
40
i i \
!
! 1
i
SOURCE-. DEPARTMENT OF COMMERCE
i
i
198-4
1983
1982
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pre fits (before t ix) with inve ntory valuati jn adjustmen t 1
P rofits after taX
Do:nestic industiies
Total
2
Total
105.6
96.7
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
231.5
92.0
80.4
107.6
137.4
163.4
185.4
179.0
161.9
173.2
133.6
167.2
207.2
1982: m
158.8
143.2
136.5
119.7
1983: I
157.3
186.1
208.1
216.3
134.9
162.4
180.6
190.8
229.8
238.7
224.5
204.1
217.5
200.2
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
r
rv
n
m
IV
1984: I
n
m
rv
1
2
Financial
15.9
15.0
11.8
17.1
23.1
31.0
30.3
26.9
19.5
19.6
29.6
27.3
21.0
24.9
28.4
32.0
29.5
28.5
28.7
28.9
26.6
Total 3
76.0
65.4
95.8
120.3
140.3
154.4
148.6
134.9
153.7
114.0
137.6
179.9
115.5
94.8
106.5
130.4
151.1
162.3
175.4
188.6
173.6
See p. 4 for profits with inventory valuation and capital consumption adjustments
Includes rest of the world, not shown separately.
Profits
before tax
^onfinancial
Period
Manufacturing
45.5
39.0
52.6
69.2
78.3
86.9
85.6
72.9
84.9
54.5
65.2
85.8
60.4
42.4
44.9
59.3
73.8
82.9
89.8
92.3
78.3
Tax
liability
Total
Dividends
27.0
29.9
30.8
37.4
40.8
47.0
52.7
58.6
66.5
69.2
72.9
80.5
49.6
55.2
50.7
65.1
81.2
98.9
112.4
91.2
73.5
35.6
54.5
67.0
69.0
70.2
38.1
30.6
-10.1
-12.6
71.1
71.7
73.3
75.4
31.4
51.7
69.3
65.6
-4.3
-12.1
-19.3
-9.2
77.7
79.9
81.3
83.0
72.9
70.2
60.3
-13.5
-7.3
-.2
r
-2.8
sale and
retail
trade
13.9
12.5
21.3
22.4
26.6
26.9
27.1
23.6
31.8
25.9
33.4
45.5
24.0
24.1
25.3
33.0
35.9
39.5
40.6
47.0
46.8
3
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
237.5
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
224.8
49.0
51.6
50.6
63.8
72.7
83.2
87.6
84.8
81.1
60.7
75.8
90.0
61.9
55.0
59.1
74.8
84.7
84.5
92.7
95.8
83.1
76.6
85.1
81.5
102.5
122.0
145.9
165.1
149.8
140.0
104.8
127.4
147.5
107.0
100.8
102.6
123.4
142.6
141.1
150.6
150.2
141.7
Inventory
valuation
adjustment
Undistributed
profits
Includes industries not shown separately,
Source: Department of Commerce, Bureau of Economic Analysis.
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-5.9
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the fourth quarter of 1984, business fixed investment rose $10.2 billion (annual
rate) and residential investment outlays fell $2.2 billion. There was a $35.3 billion increase in inventories following
an increase of $71.8
billion in the third quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
700
SEASONA UY ADJUSTED ANNU M RATES
—
600
j
GROS S PRIVATE DO/AESTIC
INVESTMENT
—
A
500
—
r""^P.
400
_ -*S
—
300
-— '
200
NONRESIDEN TIAL^'
FIXED INVESTA,\ENT
y{^^
^ *•**
Vi
500
/
,'""
400
'
s
*^«.^^
^
*.'
300
^--'~'
—
^
200
**
RESIDENTIAL
Fl <ED INVESTME MT
'
-••"
100
"—•
100
«— """*"
«""***
,'
1 1
1976
CHANGE N BUSINESS
/
INVEh•ITORIES
\
V
^
\
\.-
*N_--'"
-100
600
'"
V
^^
r^
X-
\
1
\
\
1978
1977
1
I
I
1979
1
1
1
1
1980
1
*
^
\*""''
,**
1 1 i
1981
/\x\_
1
1
1
1
1983
1982
1
1
-100
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1973
1974
1975
1976
1977
229.8
228.7
206.1
257.9
324.1
1978
1979
1980
1981
1982
1983
1984 r.
1982: m
IV
386.6
423.0
1983:
405.0
449.6
1984:
I
401.9
484.2
414.9
471.6
637.0
415.9
376.2
Total
143.3
156.6
157.7
174.1
205.2
248.9
290.2
308.8
353.9
349.6
352.9
425.3
342.2
339.3
IV
540.0
334.6
339.3
353.9
383.9
I
623.8
627.0
662.8
634.3
398.8
420.8
435.7
445.9
n
m
n
mr
rv .
491.9
Source: Department of Commerce, Bureau of Economic Analysis.
Structures
51.0
55.9
55.4
58.8
64.4
78.7
98.3
110.9
135.3
142.1
129.7
150.5
138.4
138.4
130.4
125.6
126.2
136.6
142.2
150.0
151.4
158.3
Producers'
durable
equipment
92.3
100.7
102.3
115.3
140.8
170.2
191.9
197.9
218.6
207.5
223.2
274.8
203.8
201.0
204.2
213.6
227.8
247.3
256.7
270.7
284.2
287.7
Change ir business
mven .ones
Residential fixed investment
Nonresic ential fixed im estment
private
domestic
investment
Total
68.0
57.9
55.3
72.0
95.8
111.2
118.6
102.9
104.3
91.4
132.2
153.8
89.0
97.9
113.3
129.8
142.3
143.4
151.2
155.6
155.3
153.1
Nonfarm
structures
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.1
99.8
86.6
127.6
148.7
84.5
92.5
108.9
125.3
137.7
138.7
146.4
150.5
150.1
147.9
Farm
structures
0.7
1.3
1.0
1.1
1.5
1.7
1.7
1.8
1.3
1.5
1.0
1.1
Producers
durable
equipment
1.7
1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.3
3.6
4.0
1.3
2.1
3.3
3.3
1.0
.9
.9
.9
3.4
3.5
3.7
3.8
.9
1.0
1.2
1.0
3.9
4.1
4.0
4.1
Total
18.5
14.1
6.9
11.8
23.0
26.5
14.3
9.8
26.0
26.1
-13.5
57.9
15.3
-61.1
-42.9
-19.4
4.3
12.7
73.8
50.6
71.8
35.3
Nonfarm
15.2
16.0
10.5
13.9
21.9
25.4
8.6
4.5
18.2
24.0
-3.1
49.3
-11.1
-54.3
32.6
-5.4
11.6
14.1
60.6
47.0
63.7
25.9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
The recent revision by the Department of Commerce of data on business spending for new plant and equipment
shows that business spent more from 1977
1947,
to 1983
than was previously reported. (The series was revised back to
but the largest revisions were for 1977-83.) From 1977 to 1983,
the average annual rate of increase was
8.7 percent, compared with a 7.5 percent annual rate under the old series. (Since revised data for 1984 will not
be available until April, the chart here shows quarterly data on the new basis through 1983
only and on the old
basis through second quarter 1985, as reported in the October-November 1984 survey.)
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
400
400
300
- 300
200
200
40
1985
1977
_!/ SURVEYED Q U A R T E R L Y
J/ SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMSC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed c uarterly
Period
All
industries
1977
1978
1979
1980
1981
1982
1983
1982: I
II
III...
IV...
1983: I
II
III...
IV ...
Addenda
No nmanufactui ing
It anufacturin g
Total
Durable
goods
184.82
217.76
254.96
282.80
315.22
310.58
304.78
67.48
78.58
95.92
112.33
126.54
120.68
116.20
32.77
39.46
48.50
55.36
322.72
316.33
305.39
297.87
127.37
123.84
118.48
113.04
58.14
289.68
294.76
309.25
325.45
111.62
112.70
116.75
123.74
59.81
55.35
53.08
able
goods
Total !
34.71
39.13
47.42
56.96
66.73
65.33
117.34
139.18
159.04
170.47
188.68
189.89
188.58
63.12
57.40
54.72
69.23
66.44
63.76
51.14
61.90
50.88
49.73
54.15
60.74
62.97
62.59
57.56
66.19
Commercial
and
other
Transportation
Public
utilities
9.81
11.22
12.81
15.99
21.39
20.05
12.20
13.36
16.05
16.60
15.84
14.79
15.19
13.97
27.83
31.50
35.63
37.74
41.21
45.43
44.96
67.51
83.09
94.56
100.14
110.24
109.63
114.45
23.74
Mining
Total
nonbusiness 2
208.15
245.34
284.94
314.47
349.26
347.47
343.35
No nmanufactu ing
Manufacturing
67.48
78.58
95.92
112.33
126.54
120.68
116.20
Total
Surveyed
quarterly
Surveyed
annually 3
140.67
166.76
189.02
202.15
222.72
226.79
227.15
117.34
139.18
159.04
170.47
188.68
189.89
188.58
23.33
27.58
29.98
195.35
192.49
186.91
184.83
21.65
18.34
16.45
15.36
14.98
14.14
14.69
44.02
45.04
46.19
46.46
112.22
110.83
108.24
107.24
127.37
123.84
118.48
113.04
195.35
192.49
186.91
184.83
178.06
182.06
192.51
201.71
14.94
13.90
15.66
16.27
12.85
13,55
14.20
15.28
44.78
44.46
44.77
45.86
105.50
110.15
117.88
124.30
111.62
112.70
116.75
123.74
178.06
182.06
192.51
201.71
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanuiacturing surveyed annually") for data for these industries.
"2"A1! industries" plus the part of nonmanuiacturing that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
10
vised beginning 1947. Sec Survey of Current Business, February 1985.
Source: Department of Commerce, Bureau of Economic Analysis.
31.68
34.04
36.89
38.56
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment rose 118,000 in January and unemployment rose 293,000.
MILLIONS OF PERSONS*
116
MILLIONS OF PERSONS*
116
SEASONALLY ADJUSTED
112
112
108
108
104
104
100
100
CIVILIAN
EMPLOYMENT
96
96
92
92
12
12
8
8
UNEMPLOYMENT
4
1 I I I I I I II I I
1977
1979
1978
1980
1981
4
1982
1983
1984
1985
"16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted]
Noninstitutional
population
including
resident
Armed
Forces
NSA
T
Labor torce
Employment
including
resident
Armed
Forces
Armed
Forces
NSA
resident
Armed
Forces
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
1984: Jan
Feb
Mar
Apr
May
June....
July
Aug
Sept ....
Oct
Nov
Dec
177,219
177,363
177,510
177,662
177,813
177,974
178,138
178,295
178,483
178,661
178,834
179,004
1,686
1,684
1,686
1,693
1,690
1,690
1,698
1,712
1,720
1,705
1,699
1,698
114,006
114,408
114,592
114,895
115,412
115,309
115,566
115,341
115,484
115,721
115,773
116,162
1985: Jan
179,081
1,697
116,572
Period
1979
1980
1981
1982
1983
1984
1
Nonagricultural
Civilian
labor force
Total
Agricultural
Total
Part-time
for
economic
reasons 1
Total
15
weeks
and
over
Labor rorce
partici] ation
rate (pe rcent)
Total 2
Civilian 3
63.7
63.8
63.9
64.0
64.0
64.4
3,347
3,364
3,368
3,401
95,477
95,938
97,030
3,373
4,064
4,499
6,137
7,637
8,273
1,241
1,871
2,285
106,702
110,204
111,550
113,544
98,824
99,303
100,397
99,526
100,834
105,005
96,125
3,383 97,450
3,321 101,685
5,852
5,997
5,512
10,678
10,717
8,539
3,485
4,210
2,737
64.0
64.1
64.2
64.3
64.4
64.7
104,980
105,572
105,809
106,095
106,852
107,081
107,075
106,860
107,114
107,354
107,631
107,971
112,320
112,724
112,906
113,202
113,722
113,619
113,868
113,629
113,764
114,016
114,074
114,464
103,294
103,888
104,123
104,402
105,162
105,391
105,377
105,148
105,394
105,649
105,932
106,273
3,294
3,364
3,305
3,379
3,367
3,368
3,333
3,264
3,319
3,169
3,334
3,385
100,000
100,524
100,818
101,023
101,795
102,023
102,044
101,884
102,075
102,480
102,598
102,888
5,719
5,697
5,465
5,520
5,377
5,549
5,482
5,384
5,449
5,483
5,413
5,596
9,026
8,836
8,783
8,800
8,560
8,228
8,491
8,481
8,370
8,367
8,142
8,191
3,201
3,002
2,894
2,842
2,833
2,630
2,672
2,621
2,605
2,527
2,428
2,374
64.3
64.5
64.6
64.7
64.9
64.8
64.9
64.7
64.7
64.8
64.7
64.9
64.0
64.2
64.2
64.3
64.6
64.5
64.5
64.3
64.4
64.4
64.4
64.6
108,088
114,875
106,391
3,320 103,071
5,389
8,484
2,243
65.1
64.8
104,962
106,940
108,670
Persons at work. Economic reasons include alack work, material shortages, inability to find fullime work, etc.
2
Labor force as percent of nom'nstitutional population (both including resident Armed Forces).
Unemplc yment
Civilian ernployment
"Roei
ixesi-
3
Civilian labor force as percent of civilian noninstitutional population.
NOTE.—NSA indicates data are not seasonally adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force, rose
to 7.3 percent in January, from 7.1 percent in December. The unemployment rate for civilian workers rose to 7.4
percent, from 7.2 percent in December.
PER
:E NT*
(SEAS ON 4.LL Y ADJ JSTE D)
PER CENT* (SEAS ON ALLY ADJ JSTED
25
25
•_^"\
k .\/
*/
/
\
TEEh4AGER S \
\
(1 6-19)
, y —
/
*«
i*»
20
I
15
xx
«
t" V
I
/
20
3LACK
ASD OTHER
/
-V» /
-\
V
/ '
/' '
\_
—^\
15
£
\ / \
,
MEf v|20Y EARS
A NDOV ER
i r IVILIA N W ORKERS
A
\
10
s
s^—
t<
s
•**
10
=-V-
^-^^ •
•I.I-I.X" -*/
— f- V
—
:i h i l l
1981
^s
1
WHITE
5
s~\
S—S
^^
y\v
^ "•"•'•.tarf*
,'"" ^•- >
>_
<
./ y*\
s''
0
*
V- w
»
y
^..
^^
WOMEN 20 YEA RS
AND DVER
5
m
I I I H i ll I l l l
19 32
1984
1983
UI-^EMPLOYMENT t S PE CEN T OF CIV LIAN ABOR FORC
0 JRCE: DEPARTM NTC F
||m
.. .
0
iilil
19 81
1985
l l l 1 111 i 1 i i i i i1 Mil!
1982
19 33
liliiliiiii
iliiiliiiii
1984
1985
IN GROUP SPECF ED.
LA BOR
COUNCIL OF EC ONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemp oyment
Unemployment
rate, all
workers '
All
civilian
work-
5.8
7.1
7.6
9.7
9.6
7.5
4.2
5.9
6.3
1983
1984
5.8
7.0
7.5
9.5
9.5
7.4
1984: Jan...
Feb ...
Mar...
Apr ...
May...
June..
July ..
Aug...
Sept ..
Oct....
Nov...
Dec...
7.9
7.7
7.7
7.7
7.4
7.1
7.3
7.4
7.2
7.2
7.0
7.1
8.0
7.8
7.8
7.8
7.5
7.2
7.5
7.5
7.4
7.3
7.1
7.2
7.2
7.0
6.8
6.9
6.6
6.4
6.5
6.4
6.4
6.2
6.2
6.3
1985:
7.3
7.4
6.3
Period
1979
1980
1981
1982
Jan ...
1
ers
Men
20 years
and over
8.8
8.9
6.6
Women
20 years
and
over
By
By race
Both
sexes
16-19
years
Black a nd other
White
Total
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
elected grou ps
Women
who
maintain
families
Fulltime
workers
Parttime
workers
Labor
force
time lost
(percent) 2
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
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
5.5
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
8.8
8.8
9.4
10.5
10.4
9.3
6.3
7.9
8.5
11.0
10.9
8.6
7.1
6.9
6.9
6.9
6.8
6.5
6.8
7.0
6.6
6.9
6.5
6.4
19.5
19.4
19.8
19.3
19.0
18.1
18.4
18.4
19.0
18.7
17.8
18.8
6.9
6.8
6.7
6.7
6.5
6.3
6.3
6.4
6.3
6.3
6.1
6.2
15.6
15.0
15.1
15.1
14.3
13.7
14.8
14.3
13.8
13.8
13.7
13.6
17.0
16.5
16.6
16.7
16.0
15.2
16.6
15.8
15.1
15.3
15.1
15.0
7.6
7.4
7.3
7.3
7.0
6.7
7.1
7.0
7.0
6.9
6.8
6.8
5.0
4.9
4.7
4.7
4.6
4.6
4.5
4.5
4.6
4.5
4.4
4.4
10.7
10.8
10.8
10.5
10.0
9.8
9.8
10.3
10.1
10.4
10.8
9.6
7.8
7.6
7.5
7.5
7.2
6.7
7.2
7.1
7.1
7.1
6.9
6.9
9.4
9.4
9.3
9.3
9.4
10.0
9.6
9.6
9.3
9.1
8.6
8.8
9.1
9.0
8.9
8.8
8.6
8.4
8.5
8.5
8.5
8.4
8.2
8.3
6.8
18.9
6.4
13.7
14.9
6.9
4.6
10.0
7.1
9.3
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons a
cent of potentially available labor force hours.
12
rg te (percen t of civilia n labor force in group)
By sex and i go
Source: Department of Labor, Bureau of Labor Statistics.
.
8.2
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In January, the percentage of unemployed persons who had been out of work for less than 5 weeks rose, while the
percentages out of work for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over fell. Both the mean and
the median duration of unemployment fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION
70
70
REASON FOR UNEA^PLOYMENlr
DURATION OF UNEMPLOYMENT
1\
60
60
t
JO 3 LOSERS '>
I
50
50
40
\
. LESS THAN
5 WEEKS
•\,.- A
-
40
r
V\
30 -
30
-
REENTRAN rs ^
\^- -•' **•'
\ 1 --^/ *
" \f
20
20
N EW ENTRAN'
X ^WS/^X^. ~~^-^^"^
10 ~
10
illlllliill
1981
1985
1981
s
-s-~\—^
•.— •••l^"*
<J**
N^
oliiiiiliiiii
,-%,.
"*~v''
JOB LEAVE «
ii!;i!nii|
1982
Illllllilli M i l i l l l l l i M i l i l l l l l i
1983
1985
1984
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Dur ation of iinemplo]/ment
Unemployment
(thousands)
Period
P ercent di tribution i
Insured
unemployment,
Stat e
progn ms
Be ason for unemployment:
percent distributio a 1
Numb er of
nil
15-26
weeks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
32.3
30.7
31.0
27.4
28.7
13.8
13.6
16.0
15.4
12.9
10.7
14.0
16.6
23.9
19.1
11.9
13.7
15.6
20.0
18.2
6.5
6.9
8.7
10.1
7.9
51.7
51.6
58.7
58.4
51.8
36.5
38.0
38.4
39.0
38.3
39.6
40.0
41.1
39.2
40.8
41.4
40.2
28.0
28.1
28.6
28.5
28.5
28.2
28.7
28.2
30.0
28.9
28.7
30.8
13.2
13.3
12.8
12.6
13.7
12.4
12.8
13.1
13.1
13.1
12.2
11.9
22.2
20.7
20.2
19.9
19.4
19.8
18.6
17.6
17.7
17.2
17.7
17.2
19.9
19.0
18.9
18.7
18.5
18.1
18.0
17.6
17.3
16.7
17.4
17.3
8.9
8.4
8.4
8.1
8.3
7.5
7.6
7.6
7.6
7.3
7.3
7.4
43.3
30.2
11.1
15.4
15.3
6.7
Detail may not add to 100 percent because of rounding.
2
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servic<
men (UCX), Federal (UCFE), and railroad (RE) programs. Also includes Federal and State e:
tended benefit programs. Does not include Federal supplemental compensation program.
3
Less
than
5
weeks
5-14
weeks
7,637
8,273
10,678
10,717
8,539
43.1
41.7
36.4
33.3
39.2
Job
leavers
Reentrants
New
entrants
Insured
unemployment
11.7
11.2
7.9
7.7
9.6
25.2
25.4
22.3
22.5
25.6
11.4
11.9
11.1
11.3
13.0
3,350
3,047
4,061
3,396
53.5
53.9
52.5
51.4
51.2
52.1
52.5
50.1
50.2
51.3
50.5
50.5
9.0
8.9
8.8
9.0
9.5
9.9
10.0
9.9
10.1
10.0
10.6
10.4
24.4
24.7
25.1
26.1
25.6
24.2
24.8
27.2
27.0
25.9
26.4
26.8
13.1
12.5
13.6
13.6
13.7
13.8
12.8
12.9
12.7
12.8
12.5
12.2
50.8
10.4
26.4
12.4
Initial
claims
regular
programs
(unadjusted) 2
ployment
benefit
claims
(unad-
W eekly av 3rage, thousa nds
1980
1981
1982
1983
1984
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
,
9,026
8,836
8,783
8,800
8,560
8,228
8,491
8,481
8,370
8,367
8,142
8,191
1985: Jan
,
8,484
1
488
460
583
438
3,837
3,410
4,594
3,775
2,610
2,525
2,489
r
2,430
r
2,382
' 2,365
r
2,397
r
2,356
r
2,390
r
2,425
' 2,509
r
2,487
373
354
352
r
362
r
353
r
362
r
378
r
366
r
372
r
393
r
395
r
386
3,374
3,174
2,958
2,613
2,290
2,166
2,327
2,184
2,083
2,149
2,441
2,778
2,607
394
r
r
r
r
r
r
584
489
444
401
374
352
342
322
307
289
295
305
326
Federal supplemental compensation program.
NOTE.—Seasonally adjusted insured unemployment and claims data revised.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 348,000 in January.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
100
22
90
20
ALL NONAGRICULTURAL
ESTABLISHMENTS
18
80
16
70
14
SERVICE-PRODUCING
INDUSTRIES
60
22
20
50
18
40
CONSTRUCTION
30
-GOODS-PRODUCING INDUSTRIES
20
1981
1982
1983
1984
1985
1981
1982
1984
1983
1985
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; 1 seasonally adjusted]
Period
Total
nonagricultural
employment
Se •vice-produ( ing industn es
Goods-p reducing in iustries
M anufacturin g
Total
2
C nn
onstruction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
GovenTjnent
Finance,
insurance,
and real
estate
Services
Total
Federal
1979
1980
1981
1982
1983
1984 "
89,823
90,406
91,156
89,566
90,138
94,155
26,461
25,658
25,497
23,813
23,394
24,905
4,463
4,346
4,188
3,905
3,940
4,316
21,040
20,285
20,170
18,781
18,497
19,591
12,760
12,187
12,109
11,039
10,774
11,636
8,280
8,098
8,061
7,741
7,724
7,954
63,363
64,748
65,659
65,753
66,744
69,251
5,136
5,146
5,165
5,082
4,958
5,170
5,204
5,275
5,358
5,278
5,259
5,526
14,989
15,035
15,189
15,179
15,545
16,262
4,975
5,160
5,298
5,341
5,467
5,665
17,112
17,890
18,619
19,036
19,665
20,661
15,947
16,241
16,031
15,837
15,851
15,967
2,773
2,866
2,772
2,739
2,752
2,782
1984: Jan
Feb
Mar
Apr
May....
June...
July....
Aug....
Sept....
Oct
Nov....
Dec "..
92,391
92,846
93,058
93,449
93,786
94,135
94,350
94,523
94,807
95,157
95,494
95,661
24,383
24,577
24,595
24,760
24,851
24,974
25,059
25,098
25,010
25,080
25,123
25,265
4,154
4,226
4,151
4,246
4,286
4,343
4,356
4,356
4,374
4,382
4,396
4,452
19,254
19,373
19,466
19,530
19,570
19,629
19,696
19,725
19,616
19,686
19,718
19,810
11,343
11,440
11,513
11,551
11,598
11,652
11,702
11,758
11,696
11,752
11,776
11,843
7,911
7,933
7,953
7,979
7,972
7,977
7,994
7,967
7,920
7,934
7,942
7,967
68,008
68,269
68,463
68,689
68,935
69,161
69,291
69,425
69,797
70,077
70,371
70,396
5,095
5,105
5,112
5,129
5,144
5,163
5,175
5,202
5,213
5,225
5,226
5,238
5,406
5,438
5,457
5,473
5,492
5,502
5,528
5,544
5,588
5,612
5,623
5,645
15,914
15,980
16,030
16,095
16,166
16,245
16,283
16,295
16,342
16,468
16,644
16,635
5,573
5,593
5,613
5,640
5,662
5,676
5,676
5,679
5,684
5,705
5,725
5,748
20,162
20,278
20,378
20,449
20,549
20,681
20,701
20,748
20,861
20,964
21,030
21,085
15,858
15,875
15,873
15,903
15,922
15,894
15,928
15,957
16,109
16,103
16,123
16,045
2,760
2,763
2,770
2,771
2,785
2,777
2,779
2,785
2,804
2,793
2,801
2,794
Jan".. 96,009
25,347
4,522
19,833
11,861
7,972
70,662
5,248
5,677
16,765
5,761
21,151
16,060
2,799
1985:
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
* Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gr oss hourly
earn ngs
LAverage
weekh
hours
Period
1976
1977
1978
1979
1980
Manufa cturing
Total
private
nonagricultural '
Total
Overtime
Manufacturing
$4.86
5.25
5.69
6.16
39.8
38.9
40.1
40.7
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3.0
3.4
6.66
7.25
7.68
8.02
8.33
5.68
6.17
6.70
7.27
7.99
8.49
8.83
9.17
40.1
40.3
40.4
40.2
39.7
36.1
36.0
Total
private
nonagricultural 1
$5.22
Adjuste d hourly earain £s index2 — total private
nonagnc ultural
a year
Percent chang e 4from
earlie r 5
Ind ex,
1977 =-100
Current
dollars
1977
dollars 3
Current
dollars
7.2
99.0
100.0
92.9
100.0
108.2
116.8
127.3
1977 dollars
1.4
1.0
138.9
148.5
155.3
160.5
100.5
97.4
93.5
92.6
93.4
94.8
94.7
7.6
8.2
7.9
9.0
9.1
6.9
4.6
3.3
.5
3.1
-4.0
1.0
.9
1.5
-.1
1981
1982
1983
1984"
35.8
35.7
35.3
35.2
34.8
35.0
35.3
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec"
35.4
35.3
35.3
35.4
35.3
35,3
35.2
35.2
35.4
35.1
35.2
35.3
40.9
40.9
40.7
41.1
40.6
40.6
40.5
40.5
40.6
40.4
40.5
40.7
3.5
3.5
3.5
3.7
3.3
3.3
3.3
3.3
3.3
3.3
3.4
3.4
8.21
8.23
8.25
8.31
8.29
8.33
8.35
8.34
8.40
8.38
8.42
8.47
9.03
9.06
9.09
9.11
9.12
9.15
9.17
9.20
9.22
9.25
9.30
9.33
158.4
158.5
159.1
159.9
159.6
160.3
160.8
160.6
161.6
161.3
162.0
163.0
94.8
94.8
95.0
r
95.3
r
94.8
r
95.1
'95.1
94.1
94.2
r
94.0
r
94.4
94.7
3.6
3.2
3.5
3.7
3.2
3.3
3.3
3.3
3.4
2.7
3.1
3.4
-.0
-.6
.0
.6
.1
.3
.2
-.3
-.3
-.9
-.3
-.2
1985: Jan"
35.2
40.6
3.3
8.44
9.35
162.7
94.3
2.7
-.5
r
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent ch ange from
a year earlier,
total private n >nagricultural 5
Avera *e gross weekly ea rnmgs
Period
Total i rivate
nonagnc ultural 1
Current dollars
1976
1977
$175.45
189.00
1978
1979
1980
1981
1982
1983
1984"
203.70
219.91
235.10
255.20
267.26
280.70
294.05
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec"
290.63
290.52
291.23
294.17
292.64
294.05
293.92
293.57
297.36
294.14
296.38
298.99
1985: Jan"
297.09
1
Manufacturing
3
Retail trade
Current dollars
1977 dollars 3
288.62
318.00
330.26
354.08
373.22
$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
173. 82
173.65
T
173.97
r
175.41
r
173.88
' 174.51
r
173.81
171.98
r
!73.29
r
!71.31
r
172. 62
173.63
369.33
370.55
369.96
374.42
370.27
371.49
371.39
372.60
374.33
373.70
376.65
379.73
451.27
456.49
442.89
453.53
455.04
457.45
451.50
454.29
457.90
451.95
458.34
456.92
175.78
175.20
176.69
176.70
176.69
177.88
176.11
175.81
177.00
175.52
177.61
178.20
5.5
6.3
5.4
6.2
4.7
4.8
4.8
5.0
4.4
2.6
3.3
3.7
172.23
379.61
457.68
176.11
2.2
189.00
189.31
183.41
172.74
170.13
168.09
171.26
173.48
r
1977 dollars
Current dollars
295.65
318.69
342.99
367.78
399.26
426.82
443.42
454.73
$186.85
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index on a 1977—100 i
Revised index for urban wage earners and clerical workers used beginning 1978.
2
Construction
$209.32
228.90
249.27
269.34
$283.73
7.3
1.5
1.2
.2
-3.1
-5.8
-1.5
-1.2
1.9
1.3
1.8
2.5
1.8
3.0
1.5
1.7
1.6
1.3
.6
-.9
— .1
.1
-1.0
4
Monthly changes based on indexes to two decimal places.
5
Based on seasonally unadjusted data.
NOTE.—Seasonally adjusted data in 1977 dollars revised beginning
Source: Department of Labor, Bureau of Labor Statistics.
15
44-362 O - 85 - 3
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output p r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Outp u t
Business
sector
1
Compens ation per
hoi r 3
Hours of all
pers( n s 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor
CO sts
Real com sensation
per h our 4
Business
sector
Nonfarm
business
sector
Implic t price
defla tor 6
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
69.5
71.5
75.3
84.4
69.7
71.7
75.3
84.5
69.0
71.3
75.3
82.4
69.3
71.3
74.0
81.6
19rT7=100; juarterly c ata seasorlally adjus ted
1971
1972
1973
1974
89.3
92.4
94.8
92.5
89.7
93.0
95.3
92.9
80.7
86.1
91.7
89.9
80.3
85.8
91.7
89.8
90.4
93.2
96.8
97.2
89.4
92.2
96.2
96.6
62.0
66.1
71.4
78.1
62.5
66.7
71.8
78.5
92.8
95.7
97.3
95.9
93.6
96.6
97.9
96.5
1975
1976
1977
1978
1979
94.6
97.6
100.0
100.5
99.3
94.8
97.8
100.0
100.6
99.0
88.2
93.8
100.0
105.5
107.8
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
1980
1981
1982
1983
1984 r.
98.8
100.7
100.9
103.7
107.0
98.3
99.8
100.0
103.4
106.3
106.5
109.2
106.3
111.0
120.9
106.5
108.7
105.9
111.2
120.8
107.8
108.4
105.4
107.1
112.9
108.3
109.0
106.0
107.5
113.6
131.1
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
157.5
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
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
r
98.3
156.8
155.4
155.1
156.8
157.6
155.9
155.9
157.1
151.0
151.7
152.7
154.2
151.9
152.7
153.8
155.2
105.7
107.0
107.2
108.2
105.2
106.6
106.3
107.0
117.8
121.0
121.5
123.2
118.0
121.0
121.3
122.8
111.4
113.0
113.4
113.8
112.3
113.6
114.1
114.7
166.7
167.5
169.3
171.1
166.5
168.0
169.5
171.0
r
157.7
156.5
158.0
158.2
158.3
157.6
159.5
159.8
155.6
156.7
158.1
159.0
156.3
157.3
159.0
160.1
1983:
I
II
m
IV
1984: I
II
Ill
IV r....
USA
r
98.6
98.2
98.3
98.5
98.4
98.4
98.4
98.5
r
r
Pe rcent change; quarte rly data a seasonal! y adjusted annual ra tes
1971
1972
1973
1974
3.6
3.5
2.6
-2.4
3.3
3.7
2.4
-2.5
3.0
6.6
6.6
-2.0
2.9
6.9
6.8
-2.0
-0.5
3.0
3.9
.4
-0.4
3.1
4.3
.5
6.6
6.5
8.0
9.4
6.6
6.7
7.6
9.4
2.2
3.1
1.6
-1.4
2.2
3.3
1.3
-1.4
2.9
2.9
5.3
12.1
3.1
2.8
5.0
12.2
4.4
3.4
5.5
9.5
4.5
3.0
3.8
10.2
1975
1976
1977
1978
1979
2.2
3.3
2.4
.5
-1.2
2.0
3.2
2.2
.6
-1.5
-2.0
6.4
6.6
5.5
2.3
-2.2
6.7
6.7
5.7
2.2
-4.1
3.0
4.1
4.9
3.5
4.1
3.4
4.4
5.1
3.7
9.6
8.5
7.7
8.5
9.4
9.6
8.1
7.5
8.6
9.0
.5
2.6
1.2
.8
-1.7
.4
2.2
1.0
.8
-2.0
7.3
5.1
5.1
8.0
10.7
7.5
4.7
5.2
8.0
10.7
9.8
4.7
5.6
7.5
9.0
10.3
5.1
5.7
7.1
8.8
-.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
8.6
Y
.6
-2.8
-1.6
5.4
-.6
.6
-2.8
10.3
9.6
8.0
4.9
4.1
27
-2.8
-.7
1.7
1.6
-.1
11.0
7.3
7.9
1.6
1.0
11.1
1.5
5.7
10.4
9.4
8.1
4.3
4.2
1.4
1.4
9.3
9.6
5.3
3.0
3.2
10.0
9.8
5.7
3.2
3.1
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
r
4.0
-2.1
r
-2.2
r
1.9
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
2.1
-2.9
3.7
.6
3.1
-1.7
4.7
.8
3.7
2.9
3.6
2.2
2.8
2.8
4.2
2.9
1980
1981
1982
1983
1984 r.
1983:
I
n
m
IV
1984: I
n
mr
IV ....
1
4.0
4.9
.6
3.8
2.9
5.5
-1.1
2.9
11.4
11.2
1.8
5.5
10.3
10.6
.7
5.2
7.2
6.0
1.2
1.6
7.2
4.8
1.8
2.2
Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
16
6.2
1.9
4.4
4.4
5
6.1
3.7
3.6
3.7
n
1.9
1.1
0
r
r
r
5.3
-.8
-2.0
r
o
r
.8
-1.8
T
.1
.8
r
r
.7
0
i
.2
8.0
7.7
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.4 percent in January following a rise of 0.5 percent in December. The index for
January was 5.1 percent above its year earlier level.
INDEX, 1967 = 100* (RATIO SCALE)
INDEX, 1967 = 100* (RATIO SCALE)
200
TOTAL INDUSTRIAL PRODUCTION
UTILITIES AND MINING PRODUCTION
180
160
140
140
120
120
/--•..
V
MINING
^!OU
MANUF <\CTURING PRODUCTI DN
NC NDURABLE-
180
xv
-•.-"•""S
\
*. ••
100
f"
PERCENT*
90 -MANUFA CTURING CAPACITY JTILIZATIO M RATE —
••
DURABLE .
\
^
70
/
Illllllilll ^
Hl|||il||l
1981
Illllllilll Illllllilll Illllllilll
1982
1983
1984
r^*"""!
80
60
~\"V_
J
IM|
1981
1985
1982
1
/~
Hiiiiinii
1984
1983
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE F
lilllllllll
1985
COUNCIL OF EC ONOMIC ADVISERS
[Monthly data seasonally adjusted]
Manufacturing
produ ction
Period
Index,
1967 = 100
1967 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 r
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Ocf
Dec r
1985: Jan"
1
Output as percent of capacity.
Percent
change
from year
earlier
Mining
Total
87.95
100.00
117.8
130.5
138.2
146.1
152.5
147.0
151.0
138.6
147.6
163.4
158.5
160.0
160.8
162.1
162.8
164.4
165.9
166.0
165.0
164.4
165.0
165.9
166.6
Capacity iitilization
rate, percei t (Federal
Reserve series) '
Industry proc uction indexes 1967 = 100
Tot al
-8.9
10.8
5.9
5.7
4.4
-3.6
2.7
-8.2
6.5
10.7
15.4
15.9
14.9
13.7
12.7
12.3
10.8
9.4
7.3
6.1
6.2
6.2
5.1
116.3
130.3
138.4
146.8
153.6
146.7
150.4
137.6
148.2
164.9
159.5
161.4
162.1
163.4
164.2
165.7
167.3
167.6
166.6
166.2
166.7
168.0
168.4
Durable
51.98
109.3
122.3
130.0
139.7
146.4
136.7
140.5
124.7
134.5
154.8
148.6
150.5
151.4
152.6
153.3
154.9
157.2
157.8
157.1
157.1
157.6
159.2
159.8
Utilities
Nondurable
35.97
6.36
126.4
141.8
150.5
156.9
164.0
161.2
164.8
156.2
168.1
179.5
175.2
177.2
177.6
179.1
179.9
181.3
181.8
181.7
180.3
179.4
179.9
180.7
180.8
112.8
114.2
118.2
124.0
125.5
132.7
142.2
126.1
116.6
125.7
124.8
124.1
123.8
123.3
125.0
127.0
129.9
128.3
128.7
123.6
124.8
124.6
125.2
5.69
146.0
151.7
156.5
161.4
166.0
168.3
169.1
168.7
172.4
181.2
181.0
176.5
180.0
182.7
182.3
184.3
181.8
180.6
180.9
180.6
184.7
181.2
184.9
Manufacturing
Industrial
materials
72.9
79.6
82.2
73.3
81.1
84.7
86.0
79.6
79.4
71.1
75.2
81.7
80.1
80.9
81.0
81.5
81.7
82.2
82.8
82.8
82.0
81.7
81.7
82.1
82.1
82.6
85.6
87.6
80.4
80.7
70.1
75.2
82.0
80.6
81.9
82.2
82.5
82.7
82.9
83.1
83.2
82.4
81.0
80.9
80.8
80.9
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100; monthly data seasonally adjusted]
Produc ts
Intern ediate proc ucts
^inal produc s
C<msumer go )ds
]Equipment
M
Period
Total
Durable
goods
Total
Nondurable goods
Total
Business
Defense
and
space
equipment
Total
Construction
supplies
Busi-
als
supplies
Supplementary
group:
Energy
total
1967 proportion
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 '
47.82
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5
147.1
162.8
27. SB
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
151.7
161.8
7.89
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.2
147.5
162.2
19.79
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
153.4
161.6
20.14
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
140.8
164.1
IS. 63
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9
153.3
181.1
7. SI
82.4
80.0
79.8
81.3
86.5
93.4
98.2
102.7
109.4
119.9
135.6
12.89
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
156.6
172.5
6.42
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
142.5
159.0
6.47
136.0
129.7
141.7
149.5
156.5
163.1
162.8
166.7
162.1
170.7
185.9
39.29
132.4
115.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7
145.2
161.2
12.23
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
135.9
142.3
1984:
157.5
158.0
158.6
160.2
161.1
163.1
165.2
165.1
164.6
165.2
166.4
167.7
159.5
159.4
160.2
161.4
161.7
163.0
163.8
162.5
161.6
161.6
162.9
163.6
163.4
162.5
163.1
162.2
161.4
163.6
163.7
162.6
159.6
158.7
162.1
163.7
157.9
158.2
159.1
161.1
161.8
162.7
163.9
162.4
162.4
162.7
163.2
163.5
154.9
156.1
156.4
158.5
160.3
163.3
167.0
168.7
168.9
170.1
171.2
173.4
170.7
171.9
172.1
173.5
176.5
181.1
185.5
187.6
186.4
187.3
188.4
190.9
128.3
129.5
130.1
133.2
133.1
133.5
135.9
136.8
139.5
141.1
142.3
144.1
167.8
169.0
170.2
171.0
171.6
173.5
175.8
175.1
173.0
173.4
173.2
174.6
155.5
156.6
159.1
159.6
159.5
160.9
161.9
160.9
158.2
158.6
157.2
158.9
180.1
181.3
181.3
182.3
183.5
186.1
189.5
189.1
187.6
188.0
189.1
190.2
156.6
159.4
160.4
161.5
162.0
162.9
163.5
164.0
162.8
160.4
160.5
160.7
141.6
141.4
141.9
142.8
143.3
144.5
144.0
143.0
142.8
139.8
142.5
141.2
168.8
164.7
166.9
163.8
174.3
191.4
145.7
175.0
159.3
161.3
143.5
1985:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct '
Nov '
Dec r.
Jan *
[1967=100; monthly data seasonally adjusted]
Nondurable rnanufactul es
Durable m mufactures
Primary metals
Iron and
steel
Nonelectrical
machinery
Electrical
machinery
6.57
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
85.4
95.3
4.21
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
71.5
80.0
5.93
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
120.2
137.6
9.15
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
150.6
181.7
8.05
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
185.5
217.4
9.27
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
117.8
137.6
4.50
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
137.1
165.7
1.64
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
137.2
149.1
93.2
98.4
97.5
99.3
98.2
97.9
94.5
94.4
94.1
92.7
91.4
90.5
80.7
86.0
84.4
84.0
83.5
83.5
76.5
77.7
77.5
74.6
73.9
75.0
131.7
132.8
134.9
135.5
136.5
138.7
140.6
140.0
139.5
140.7
138.7
141.5
169.5
170.9
171.9
174.9
178.8
182.0
186.9
189.1
187.9
187.7
188.7
190.8
206.2
209.9
212.0
214.6
214.5
216.0
221.5
221.5
222.8
222.3
222.1
225.2
134.9
135.2
135.8
134.5
135.0
137.2
140.6
141.0
137.6
137.2
141.3
142.8
166.3
164.4
165.8
161.9
163.0
165.3
169.0
169.6
162.4
161.7
170.8
171.7
146.0
145.6
149.3
151.2
146.3
148.5
146.0
148.8
149.2
152.6
152.2
155.5
141.5
190.7
226.1
145.3
177.1
Total
1967 proportion
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 '
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct '
Nov r
Dec '
1985:
Jan p.
91.0
Source: Board of Governors of the Federal Reserve System.
18
Transp >rtation
equipment
Fabricated
metal
products
Period
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
3.31
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
Printing and
publishing
Chemicals
and
products
4.72
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
144.1
152.5
169.7
7.74
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
215.0
228.3
8.75
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
156.4
163.7
163.4
164.8
165.2
166.3
167.5
169.0
172.6
173.1
170.5
172.3
174.0
175.0
221.5
224.8
225.0
228.3
227.9
231.0
232.0
231.6
230.8
228.0
230.0
230.7
159.4
160.0
161.2
163.1
164.2
165.1
164.9
164.7
164.3
164.0
163.4
175.5
Foods
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Private
Period
Total new
construction
expenditures
Constructio ft contracts
Resic ential
Total
Commercial
and industrial
New housing
Total !
Other
Federal,
State, and
local
Total value
index
(1977=100)
2
Commercial
and industrial
floor space
(millions of
square feet)
B illions of dollars
1977
1978
1979
1980
1981
1982
1983
1984
173.8
205.6
230.4
230.7
239.1
230.1
262.2
311.9
r
135.7
159.7
181.6
175.7
185.8
179.1
211.4
256.1
81.0
93.4
99.0
87.3
86.6
74.8
111.7
135.2
65.7
75.8
78.6
63.1
62.7
51.9
86.1
102.8
22.5
29.6
39.9
43.8
51.3
54.6
48.7
63.7
32.2
36.7
42.7
44.7
47.9
49.7
51.0
57.2
38.2
45.9
100.0
114.0
M21.0
48.8
55.0
53.3
51.0
50.8
55.8
* 108.0
r
l!2.0
Mll.O
r
137.0
149.0
Annual rates
1984:
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
Decr
Jan"
1985:
300.4
309.7
308.6
316.4
315.3
314.2
318.0
318.7
317.9
316.4
318.4
324.9
248.1
255.0
254.1
261.2
257.8
258.2
261.2
260.9
261.2
260.3
262.2
267.9
137.4
141.1
136.6
138.4
136.4
137.8
138.9
137.1
135.2
132.6
131.5
133.6
919
690
756
937
Annual rates
56.0
59.6
61.0
64.9
63.0
62.2
64.1
65.8
68.5
70.0
72.2
75.2
102.3
102.4
102.7
106.4
105.0
104.6
105.0
103.2
103.4
102.5
101.7
103.0
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
for floor space
'
'
739
977
1,059
904
54.7
54.2
56.5
57.9
58.4
58.2
58.1
58.0
57.5
57.7
58.6
59.1
r
52.3
54.8
54.5
55.2
57.5
56.0
56.9
57.8
56.7
56.2
56.2
57.0
!49
!45
r
!47
r
!63
r
!44
r
!50
r
!48
r
!46
r
!45
151
150
153
r
r
773
899
957
r
990
r
899
r
955
r
992
r
910
r
948
1,005
1,041
974
r
r
NOTE.—For construction contracts, total value index revised beginning 1979; seasonally adjusted
floor space revised beginning 1983.
->-,..„
hources: LJepartment oi Commerce (.bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Units started, b} type of structur
Period
Total
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,747.2
1977
1978
1979
1980
1981
1982
1983
1984 *
1 unit
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,082.5
2-4 units
5 or more units
121.7
125.0
122.0
414.4
462.0
429.0
330.5
287.7
109.5
91.1
80.0
113.5
121.2
319.6
522.0
543.5
New prh ate homes
Units
authorized
Units
completed
Homes sold
Homes for
sale at end of
period 1
1,690.0
1,800.5
1,551.8
1,657.1
1,867.5
1,870.8
1,190.6
985.5
1,000.5
1,605.2
1,678.5
1,501.6
1,265.7
1,005.5
1,390.3
1,648.5
709
545
436
412
623
639
1,606
1,565
1,590
1,654
1,756
1,739
1,718
1,689
1,661
1,607
1,558
1,589
671
700
677
645
617
636
615
557
670
652
596
604
303
303
320
327
332
338
340
343
343
346
349
356
620
359
819
817
3
402
414
S98
336
272
251
300
356
Vacancy rate
for rental
housing units
(percent) 2
5.2
5.0
5.4
5.4
5.0
5.3
5.7
Seasonal y adjusted annu al rates
1984:
1985:
Jan '
Feb '
Mar '.
Apr r
May r
June T
Julv r
Aug r
Sept r
Oct r
Novr
Dec r.
Jan"
1,933
2,208
1,700
1,949
1,787
1,837
1,730
1,590
1,669
1,564
1,600
1,595
1,833
1,256
1,440
1,076
1,163
1,118
1,077
996
962
1,009
979
1,043
1,084
1,041
117
142
133
160
118
108
116
114
107
109
115
118
560
626
491
626
551
652
618
514
553
476
442
393
100
692
1,871
1,969
1,765
1,802
1,774
1,819
1,590
1,508
1,481
1,436
1,613
1,627
1,664
5.6
5.5
6.0
6.3
1
2
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
NOTE.—Seasonally adjusted housing starts and sales revised beginning 1982.
Source: Department of Commerce, Bureau of the Censu
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales rose 1.0 percent in December and inventories rose $1.1 billion. According to
advance data, retail sales rose 0.7 percent in January following a decline of 0.5 percent in December.
BILLKDNS OF DDL LARS* (RATKD SCALE)
BILLKDNS OF DDL LARS* (RATKD SCALE)
600
160
^^» _^!
550
^"^
500
140
130
.---•^
MANUF>\CTURING A 1ND
TRADE INVENTORY S
450 ^~
^
"
.,
ES
^
i^_\--«-i -^—-^
120
""
110 -*-
400
^^** • **^^
,f
RET, ML INVENTO
--
'
,**
f*** + *^
_„*•'
100
^
350
*"->
/*'
' — ~s- .X"
90
/
300
'--^
80 "s—+**
MANUF/\CTURING
ANDTR>\DE SALES
- RETAIL SALES
70 —
-
250 -
—
60
50
—
200
iimlimi
lllllilllll lllllilllll lllllilllll
1980
1982
lllllilllll
1983
1981
1984
RATK5*
—
150 -
1.80
_INVENTC)RY-SALES RATIO
MA NUFACTURI MG
1 60
1.40
100
lllllilllll lllllilllll |||||||||ll
1980
lllllilllll
1982
1981
iiiiiliuii
1983
1.20
AND TRADE
^X,p**^
lllllilllll
* /^RETAIL
K
'N->^
lllllilllll lll||llll||
1980
1984
"^-V-^*^
\ ._
1981
Manufact uring and
tra le 1
Period
lllllilllll
1982
1983
SEASONALLY ADJL STED
sOURCE: DEPARTME NT OF COMMERC
'""-^^*£
1984
COUNCIL OF ECC NOMIC ADVISERS
Who esale
Inventory- ales ratio 4
Re tail
Sales
Invento-
2
Inventories
Inventories 3
Sales 2
297,565
327,113
355,762
343,504
367,096
r
409 ,422
351,055
398,457
449,542
491,431
523,623
505,546
514,336
566,110
55,987
66,117
78,680
92,658
100,673
94,765
98,649
111,972
72,311
85,568
98,008
111,792
115,854
115,563
118,067
129,070
60,435
67,242
74,948
80,064
86,960
89,547
97,831
107,833
395,682
514,336
106,892
118,067
102,438
35,532
66,906
135,843
63,447
401,133
398,815
401,905
405,880
412,725
414,124
411,410
411,176
410,505
410,621
414,523
r
418,814
518,062
527,216
532,766
541,060
545,912
546,834
551,366
556,519
560,430
563,810
r
565,022
566,110
110,125
108,328
109,553
111,043
115,112
114,401
113,310
112,564
112,114
111,367
112,148
113,455
119,201
120,411
121,477
123,785
124,368
123,994
126,227
126,676
128,205
128,723
129,996
129,070
106,602
105,482
103,873
107,505
108,237
109,322
107,442
106,606
108,240
108,733
110,397
109,872
37,127
36,909
35,306
37,436
37,912
38,687
37,452
36,781
37,046
38,413
39,158
38,873
69,475
68,573
68,567
70,069
70,325
70,635
69,990
69,825
71,194
70,320
71,239
70,999
137,977
142,731
143,910
146,883
146,951
145,359
145,120
146,318
147,040
148,661
r
149,193
151,626
63,749
66,513
66,946
69,010
68,277
66,896
66,141
66,602
67,458
68,330
r
68,946
70,733
110,686
39,857
70,829
Durable
Total
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
3
Nondurable goods
stores
Manufacturing
Ketail
Millions of dollars, seasonally adjusted
1977
1978
1979
1980
1981
1982
1983
1984"
1983: Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov"
Dec"
1985: Jan 5
1
2
3
229,624
260,263
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20,724
23,211
25,179
24,365
26,306
27,041
32,095
37,614
39,711
44,031
49,770
55,699
60,654
62,506
65,735
70,220
89,530
102,504
110,592
115,550
125,710
125,384
135,843
151,626
43,135
49,858
53,413
53,952
58,559
56,748
63,447
70,733
46,395
52,646
57,179
61,598
67,151
68,636
72,396
80,893
1.46
1.44
1.43
1.45
1.43
1.50
1.37
1.33
1.40
1.43
1.44
1.41
1.39
1.39
1.33
1.35
72,396
1.30
1.33
74,228
76,218
76,964
77,873
78,674
78,463
78,979
79,716
79,582
80,331
r
80,247
80,893
1.29
1.32
1.33
1.33
1.32
1.32
1.34
1.35
1.37
1.37
1.36
1.35
1.29
1.35
1.39
1.37
1.36
1.33
1.35
1.37
1.36
1.37
1.35
1.38
4
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end of month to sales for month.
5
Preliminary; not charted.
Source: Department of Commerce, Bureau of the Census.
20
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In January,
manufacturers'
shipments,
inventories,
and
new
orders fell while
unfilled orders were
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
J60
320
200
INVENT ORIFS
280 _
160
unchanged.
=j
1
-^~~~
—^
240
TOTAL
120
— "~
..-"-"'
100
I
D JRABLE GOC DS
.
'""••
40
NON DURABLE GC 'ODS
BILLIONS OF DOLLARS* (RATIO SCALE)
200 _ N E W O RDERS
iiiiiliini Illiillllll Illiillllll
Illiillllll
40 Illiillllll Illiillllll Illiillllll
_-~~—^-
_-*--
160 =
^*-—
«=»
RATI D*
TOTAL
2.2
DURA 3LE GOODS,
INVENTC3RY-SHIPM ENTS RATIC3
PH
100
2.0
-,«^"l
80
yC.""^".'
lj
1.8
NONC URABLE GO ODS
/
""
r-N-^
1.6
"V
1.4
r^
Illiillllll nniiiiiii
^^
^x
60
40
Illiillllll
Illiillllll
1981
Illiillllll
iniihiiii
1983
1984
1982
uiiilnin
1.2
lllllll|l|l
1985
mttlimi
1981
1982
__--—x.
1984
1983
—
IIMlllll',1
1985
SEASONALLY ADJ JSTED
COUNCIL OF ECC3NOMIC ADVISERS
OURCE: DEPARTM NT OF COMMERC
Manufa cturers' ship Tients
l
1Manufacturers new orders 1
Manufa cturers' inver tories 2
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio "
Durabl e goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
defense
M llions of do liars, seaso lally adjust ?d
1977
1978
1979
1980
1981
1982
1983
1984
r
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r.
1985: Jan "
1
2
3
113,202
126,905
143,936
154,391
168,129
159,193
170,617
189,616
59,267
67,848
76,060
77,550
83,872
76,859
85,126
98,804
53,935
59,057
67,876
76,841
84,257
82,334
85,491
90,812
189,214
210,385
240,942
264,089
282,059
264,599
260,426
285,414
121,601
137,825
160,451
174,552
186,053
175,009
171,571
190,823
67,613
72,560
80,491
89,537
96,006
89,590
88,855
94,591
115,032
131,546
147,403
156,161
167,761
157,389
173,433
191,699
61,082
72,339
79,451
79,360
83,562
75,129
87,806
100,940
15,291
19,458
23,231
23,259
24,050
20,681
22,764
26,959
53,950
59,207
67,953
76,801
84,199
82,260
85,627
90,759
203,475
259,755
301,982
323,312
318,794
296,147
330,122
355,184
1.61
1.57
1.57
1.66
1.64
1.73
1.52
1.45
184,406
185,005
188,479
187,332
189,376
190,401
190,658
192,006
190,151
190,521
191,978
195,487
95,283
96,297
96,990
95,697
97,944
99,042
98,390
101,035
98,943
100,427
101,778
103,681
89,123
88,708
91,489
91,635
91,432
91,359
92,268
90,971
91,208
90,094
90,200
91,806
260,884
264,074
267,379
270,392
274,593
277,481
280,019
283,525
285,185
286,426
285,833
285,414
171,549
173,203
175,751
177,993
180,578
182,452
184,559
187,142
188,915
190,476
190,428
190,823
89,335
90,871
91,628
92,399
94,015
95,029
95,460
96,383
96,270
95,950
95,405
94,591
188,671
191,336
196,477
189,715
193,680
190,620
194,037
192,578
189,817
185,856
194,168
193,914
99,439
102,345
105,183
98,317
102,256
99,171
101,704
102,015
98,676
96,067
104,037
101,988
25,093
27,018
26,860
25,885
28,958
28,029
27,648
26,499
27,835
25,378
27,126
26,624
89,232
88,991
91,294
91,398
91,424
91,449
92,333
90,563
91,141
89,789
90,131
91,926
334,385
340,725
348,717
351,099
355,398
355,625
358,990
359,564
359,232
354,566
356,756
355,184
1.41
1.43
1.42
1.44
1.45
1.46
1.47
1.48
1.50
1.50
1.49
1.46
192,078
103,786
88,292
284,888
191,290
93,598
192,180
103,861
23,112
88,319
355,278
1.48
Monthiv average for ^ ear and total fo r month. ShipiT ents are the sa me as sales.
Book value, end of pe iod.
End of period.
4
For an nual periods, r atio of weighte d average inv ntories to ave rage monthiv s n'pments; for
monthiv da a, ratio of inve ntories at end 0 f month to ship merits for mon h.
Source: " department of < Commerce, Bur eau of the Cen us.
21
PRICES
PRODUCER PRICES
In January, the producer price index for all finished goods was unchanged, seasonally adjusted. Prices of finished
consumer foods fell 0.6 percent, and prices of other finished consumer goods rose 0.1 percent. Prices of capital
equipment rose 0.4 percent.
INDEX, 1967= 100 (RATIO SCALE)
3VO
INDEX, 1967=100 (RATIO SCALE)
3i>0
— FINISHE D GOODS
—
CONSjUMER GOODS
Fxn JDING FOODS
300
TOT/ U FINISHED
3OODS
•"^1
—^.,/*^rf#
9RO
,^
\
fe?*
^,'2* '"' f\~~.. _^"
'-.'-* \
/'/*/***'
CAPITAL EQU PMENT
•sStS
300
^s*=zz=2 ?•*'
X"s~' — '"
—
—
CONSUMER F DODS
&J
<A
/
'
sp**
^^
/- ^r/
/•'"^fs /
f^*"^**l*
' ''y^
_
f^^ X
160
TOO
nn i Inn i 1 1 1 nhnn in 1 1 In in 1 III 1 1 1 1 ii 1
1977
1978
1980
1979
1 1 III ! I III 1 II 1 1 ill illl III Illl Illl
1981
liiiilnin ninlnin
1983
1982
1984
160
1985
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[1967 = 100; monthly data seasonally adjusted]
Fir shed goods
Period
1977
1978
1979
1980
1981
1982
1983
1984"
1984: Jan r.
Fcb r
Mar r
Apr r.
May r
Consumer
foods
Total
- Total
Nondurable
Capital
equipment
Total
finished
consumer
goods
Consumer g 3ods
Durable
Total
Foods
and
feeds '
Other
Total
Foodstuffs
and
feedstuffs
Other
189.9
207.2
226.2
239.5
253.6
259.3
261.8
273.5
177.7
190.7
213.3
247.8
273.3
285.8
290.8
294.8
174.3
186.7
211.5
250.8
276.5
287.8
291.4
294.1
152.8
166.9
183.2
206.2
2)8.6
226.7
233.1
236.6
189.3
200.0
231.3
283.9
319.6
333.6
335.3
337.4
J84.6
199.2
216.5
239.8
264.3
279.4
287.2
294.1
180.7
194.9
217.9
248.9
271.3
281.0
284.6
290.4
201.5
215.6
242.2
280.3
306.0
310.4
312.3
320.0
190.5
203.1
226.1
252.6
250.3
239.4
247.9
253.1
202.3
216.5
244.4
282.3
310.1
315.7
317.1
325.0
209.2
234.4
274.3
304.6
329.0
319.5
323.6
331.0
192.1
216.2
247.9
259.2
257.4
247.8
252.2
259.7
245.0
272.3
330.0
401.0
482.3
473.9
477.4
484.7
289.2
290.0
292.4
293.4
294.5
295.6
295.9
295.9
295.3
294.8
294.9
294.6
295.4
295.5
292.2
293.0
294.2
295.2
295.8
295.5
294.5
293.5
293.4
293.3
294.2
294.3
234.5
235.2
237.1
236.9
236.8
236.9
237.1
237.2
238.2
236.2
237.0
237.1
33,5.7
336.8
337.4
339.1
340.3
339.9
337.8
335.9
334.9
336.4
337.4
337.5
290.5
291.7
292.5
294.3
293.8
294.1
294.7
295.3
295.8
295.1
295.7
295.8
288.8
289.5
291.2
290.9
290.5
290.3
291.0
290.1
289.9
289.9
290.9
29!. 5
317.1
317.9
319.6
320.1
320.9
321.5
320.9
320.3
320.0
320.2
320.9
320.6
261.4
257.2
260.1
259.0
258.9
256.9
252.9
249.6
246,9
244.3
245.4
244.9
321.4
322.5
324.1
324.7
325.6
326.3
326.0
325.6
325.4
325.8
326.5
326.3
336.2
330.2
337.1
335.4
332.5
330.4
331.3
327.4
327.6
324.9
329.6
329.3
268.1
260.0
269.5
264.8
259.1
255.5
257.7
253.1
254.4
252.3
261.0
261.7
483.4
481.5
483.1
487.7
490.8
491.8
490.0
487.5
485.2
481.5
477.8
475.3
296.0
294.5
239.1
336.3
297.0
291.1
320.4
241.4
326.3
322.2
255.5
466.1
Oct r
Nov T
Dec T
292.0
292.5
Jan
292.4
274.8
291.5
291.6
291.2
291.2
291.8
291.2
291.2
291.1
Source: Department of Labor, Bureau of Labor Statistics.
22
Cr ude mater als
181.7
1 95.9
217.7
247.0
269.8
280.7
285.2
291.2
272.4
273.0
275.7
272.7
270.4
270.4
274.5
273.8
273.4
273.7
274.8
276.4
June r
July r
Augr
Sept r.
1985:
Total
finished
goods
Interr lediate mi terials
F nished go ods excluding consumer foo ds
CONSUMER PRICES
In January, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (also 0.2 percent
not seasonally adjusted). The index was 3.6 percent above its year earlier level.
INDE X, 1 967=1 00 RATIO
(
SCALE)
INDEX, 1967 == 100 (RATIOS CALE)
340
340
UNADJUSTED
300
•i
^
^-n
_--
^sf
ALL ITEMS
(^
220
/
^
"I
^
i| mil im
140
\ \\\\ \\ Ml ! 1 1 III ll III 1 mull ii || 1 1 II ll III! 1
1977
1978
1979
1980
ii M ii n n i i ii ill inn ii ii ih mi
1982
1981
1983
1984
SEE NOTE ON TABLE ELOW
SOURCE: DEPARTMEN T OF IA8OR
II II ill III 1
140
1985
COUNCIL OF ECONOMIC ADVISERS
[1967=100, except as noted; monthly data seasonally adjusted, except as noted]
T ransportati on
Hoi sing
Sh< Iter
Period
All
items 1
Food
Total '
Total
Renters'
costs 2
NSA
Rel. imp.5
1977
1978
1979
1980
1981
1982
1983
1984
100.0
18.7
181.5
195.4
217.4
246.8
272.4
289.1
298.4
311.1
192.2
211.4
234.5
254.6
274.6
285.7
291.7
302.9
37.7
186.5
202.8
227.6
263.3
293.5
314.7
323.1
336.5
191.1
210.4
239.7
281.7
314.7
337.0
344.8
361.7
103.0
108.6
1984: Jan r
Feb r
Mar '.....
Apr r
305.2
306.6
307.3
308.8
309.7
310.7
311.7
313.0
314.5
315.3
315.3
315.5
299.9
302.0
301.9
301.6
301.0
301.5
302.6
304.2
304.4
305.4
305.9
307.2
329.5
331.0
331.4
333.3
334.2
335.0
336.8
338.5
340.2
340.5
341.2
341.8
352.9
353.8
355.3
357.6
358.7
359.9
362.5
364.1
366.0
367.4
368.6
370.1
316.1
307.7
342.3
371.0
May r....
June r ...
July r....
Aug r....
Sept r....
Oct r
Nov r ....
Dec r.....
1985: Jan
1
21.8
Homeowners'
costs 2
Maintenance
and
repairs
NSA
NSA
Total '
New
cars
8.2
5.1
21.6
3.4
102.5
107.3
ft 5
214.7
233.0
256.4
285.7
314.4
334.1
346.3
359.2
202.2
216.0
239.3
278.6
319.2
350.8
370.3
387.3
154.2
159.6
166.6
178.4
186.9
191.8
196.5
200.2
177.2
185.5
212.0
249.7
280.0
291.5
298.4
311.7
142.9
153.8
166.0
179.3
190.2
197.6
202.6
208.5
105.7
106.0
106.5
107.3
107.7
108.2
108.8
109.4
109.9
110.4
110.9
111.4
104.9
105.1
105.6
106.2
106.5
106.8
107.6
108.1
108.7
109.1
109.4
109.8
356.7
353.5
355.3
356.3
357.3
358.9
360.3
360.1
362.7
361.6
362.9
364.4
378.0
384.2
381.5
384.3
385.2
385.8
389.0
391.1
392.6
390.3
390.4
389.4
198.9
198.6
198.8
198.7
198.8
198.4
198.9
200.5
201.5
203.0
202.7
202.4
307.1
307.0
309.8
311.8
312.4
312.5
311.8
311.8
312.8
313.9
314.5
315.0
111.8
110.0
366.0
389.1
202.4
315.8
7.1
14.1
Includes items not shown separately.
December 1982 = 100.
Includes direct pricing of diesel and gasohol beginning September 1981.
4
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
5
Relative importance, December 1984.
NOTE.—NSA indicates data are not seasonally adjusted.
2
3
Fuel
and
other
utilities
Apparel and
upkeep
Motor
fuel 3
Medical
care
Energy 4
All
items
less
food,
energy,
and
shelter
6.3
11.5
48.0
196.3
265.6
369.1
410.9
389.4
376.4
370.7
202.4
219.4
239.7
265.9
294.5
328.7
357.3
379.5
207.3
220.4
275.9
361.1
410.0
416.1
419.3
423.6
169.5
179.1
191.5
208.3
228.1
245.6
258.4
271.2
205.8
206.6
207.5
207.6
207.1
207.4
208.2
209.1
210.2
210.8
210.6
210.9
377.1
371.3
376.1
378.7
375.8
371.8
365.2
361.7
364.6
367.4
369.3
368.8
368.9
371.5
373.5
375.4
377.3
379.1
380.9
382.0
383.6
385.8
387.4
389.0
422.0
422.6
423.3
426.6
425.5
423.6
422.0
421.5
423.7
423.4
424.0
423.0
265.9
266.9
267.8
269.0
270.0
270.9
271.7
272.9
273.9
274.7
275.2
275.9
211.6
363.8
390.3
419.8
277.2
5.5
188.2
Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and
clerical workers.
Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and
therefore are not strictly comparable with figures for earlier periods.
Seasonally adjusted data revised beginning 1980.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Cha nge from pr seeding perk d
—
Change from 3 montl s earlier, aim tal rate
Consum r goods
Consumt r goods
Total
finished
goods
Period
Change from 6 month s earlier, ann ia] rate
i
—j
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Consunj r goods
Excluding
foods
Poods
Capital
equipment
Total
finished
goods
Capital
equipment
Exeluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., N 3A
1976
8.7
25
1977
1978
1979
1980
1981
1982
1983
1984"
6.9
9.2
6.9
6.0
6.7
8.5
11.7
7.4
7.5
1.4
2.1
2.3
3.8
12.8
11.8
7.1
3.7
.6
1.8
17.5
6.4
4.4
7.3
7.9
8.8
6.5
7.8
11.1
13.5
11.4
14.2
9.2
3.9
1.9
2.1
8.5
4.2
-.8
.8
9.2
4.0
1.6
2.1
Ct ange, mon th to mont h
1984:
Jan
0.7
.3
.5
.0
r
Feb '
Mar '.
Apr r
May '
June r
July '
Aug '
Sept r
Oct r
Nov '
Dec '.
-.6
.1
-1.1
-.8
0
1.5
-.3
1
0
2
-.2
0
-.0
.3
.2
— .1
-.0
1985: Jan
.1
.4
.6
0.1
.3
.4
.3
.2
-.1
-.3
-.3
-.0
-.0
.3
.0
2.4
.2
1.0
0.3
.4
.3
.6
.2
.0
3.0
5.1
6.1
3.4
1.7
-.4
.3
0
0
— 1.0
1.1
1.8
.4
1.8
2
.1
.2
.2
2
___2
-0.1
10.6
14.2
15.2
1.8
3.0
4.2
3.9
1.8
-.9
.4
-3.8
-7.5
2.7
5.1
4.5
-3.1
-2.8
— 1.6
2.8
3.5
3.9
5.3
2.9
2.2
.5
2.1
2.3
2.7
3.4
3.2
3.4
2.8
1.8
.8
.0
.7
3.3
— .5
-1.3
-I'.l
4.5
.2
O
1.5
4.5
1.0
.5
1.2
0
-.3
.6
.9
1.6
1.6
2.6
.4
-1.2
9.9
9.8
9.8
5.4
4.8
3.3
1.5
.6
2.1
0
-.1
2.2
2.0
-.8
2.3
2.9
3.7
3.2
3.1
2.9
2.5
2.3
.5
1.3
1.2
2.3
2.8
2.9
2.4
2.1
2.3
1.8
1.5
1.4
1.9
1.8
0
1.6
1.1
.9
2.0
2.8
2.4
1.6
.3
-1.7
Source: Department of Labor, Bureau of Labor Statistics.
NOTE.—NSA indicates data are not seasonally adjusted.
Seasonally adjusted data revised beginning 1980.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Tr ansportat on
Housing
Adder dum: All ite tns, percent change
(annu 1 rate)
Ap-
All
items '
Period
Food
Total '
Total '
Homeowners'
Renters'
costs
Fuel
and
other
utilities
parel
and
upkeep
Total '
New
cars
Motor
fuel 2
Medical
care
Bner-
gy
3
items
less
food,
energy,
and
shelter
From
previous
From
3
months
earlier
From
3
From
year
earlier
NSA
NSA
change, 11 ecembei to Dec Ember, 1 SA
4.8
6.8
9.0
1976
1977
1978
1979
1980
1981
1982
1983
1984
0.6
8.0
13.3
12.4
11.8
10.2
10.2
8.9
3.9
3.8
4.0
4.3
3.1
2.6
3.8
0.6
1.4
.7
-.0
5.4
4.2
7.6
9.9
8.7
15.2
13.7
10.2
9.0
8.1
5.9
11.5
17.4
15.1
3.6
3.5
4.2
9.9
2.4
4.7
5.2
0.3
.3
.4
.6
.3
.3
.7
.4
.5
.4
.3
.4
0.4
.5
.1
.6
.3
.2
.5
.5
.5
.1
2
.2
.4
.2
.1
2
16.0
13.6
14.5
9.7
1.8
4.2
5.1
5.9
4.5
5.1
0.4
.3
.5
.8
.4
.5
.6
.6
.5
.5
.5
0.4
.2
.5
.6
.3
.3
.7
.5
.6
.4
.3
.4
-.6
.0
-.3
.4
.2
-.1
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
4.8
7.2
6.2
7.4
7.5
6.8
1.6
3.4
2.4
2.6
4.9
8.5
52.2
18.9
9.4
-6.5
-1.7
-2.4
10.1
8.8
8.8
10.1
10.0
12.5
11.0
6.4
6.1
6.9
7.2
8.0
37.4
18.1
11.9
1.3
-.5
2
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
Chi nge, month to nlonth
1984: Jan r
Feb T
Mar r
Apr r
r
May .....
June r....
Julv r ....
Aug '.....
Sept r....
Oct '
Nov '
Dec '
1985: Jan
1
Includes
2
Includes
3
.4
.3
.4
.2
.2
.3
.4
.4
.3
.2
.3
_2
— .1
2
.2
.4
.5
.1
.3
.2
.0
1.1
1.6
-.7
.7
.2
.2
.8
.5
.4
0.2
-.2
.1
J
.1
-.2
.3
.8
.5
.7
1
-.1
0
items not shown separately.
direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
jtc., also included through 1982.
4
Quarterly changes are shown in the last month of the quarter.
v
*
NOTE.—NSA indicates data are not seasonally adjusted.
24
0.5
-.0
.9
.6
.2
.0
2
0
.3
.4
-0.0
.4
.4
.0
-.2
.1
.4
.4
.5
.3
-0.2
-1.5
1.3
.7
-.8
-1.1
-1.8
1.0
.8
.8
.5
0.6
.7
.5
.5
.5
.5
.5
.3
0
.1
.2
.8
3
— .4
-.4
-.1
0.6
.4
.3
5.2
.4
.4
.3
3.7
.3
.4
.4
.5
.4
3.7
.6
.4
1
3.6
2
.2
.1
— .1
.4
.1
-.2
.3
.2
.3
.3
.3
-1.4
.3
-.8
.5
1
4.1
4.6
4.7
5.1
4.7
5.4
5.4
4.5
3.6
3.2
2.7
3.8
4.5
4.3
3.4
3.0
4.8
4.6
4.8
4.5
4.3
3.6
3.7
3.8
3.5
3.6
3.7
4.2
4.2
4.1
4.2
4.2
4.2
4.0
4.0
2.6
3.4
3.6
4.5
Data beginning January 1978 are for ail urban consumers; earlier data are for urban wage earners and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with data for earlier periods.
,
• , i_ • • ,,,™
Seasonally adjusted
adiusted data revised beginning
beginning 1980.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Both prices received by farmers and prices paid by farmers were unchanged in February.
INDEX, 1977 =100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE)
180
I«U
PR CES PAID
160
_
y
120
-"C\
r
j
r "^
^
- PRICES RECE VED
X
160
^.«- — — — — — —
v
140
100
—
/s-^r*'
""—"N.
^»
140
—
120
'
-
—
80
60 MM i l l 1 IN 1 1 1 1 1 H I M MM 1 M i l l 1 1 M l l l l I I I M l l l l l l l l l
RATI Of
140
—
r—^~
-s
100
"
IIMlllllll
M11111M M
1 II 1 1 1 III 1 60
RA TIO^
140
—
—
RATIO
TOO
N_
p^
^—
—
—
M l l l l l l l l l Mill HIM MIIIIMIM HIMMIIM
1977
1978
1979
1980
M l l l M I M I I M l l H M I M i l l l M M I MM Ml MM 1 H 1 1 1 1 1 1
1985
1981
1983
1984
1982
60
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977=100]
Prices paid by farmer s
Pri es received by farmers
Period
Livestock and
products
All farm
products
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
155
162
163
163
163
162
161
161
160
159
159
159
156
157
158
157
157
156
155
154
153
153
153
88
88
88
88
87
88
87
85
84
84
82
160
160
154
82
82
100
124
147
144
143
145
141
146
100
108
123
138
150
157
160
164
100
109
125
1981
1982
1983
1984
100
105
116
125
134
121
127
139
1984: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
144
145
146
145
144
145
143
139
138
137
135
137
151
151
151
145
143
145
143
141
139
143
145
164
165
165
165
165
164
164
164
164
164
164
1985: Jan T
Feb
135
135
126
124
145
146
164
164
1
139
140
145
145
144
144
136
138
130
125
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates.
2
Ratio 2
100
106
107
97
93
85
84
87
100
115
132
134
139
133
134
142
1977
1978
1979
1980
Production
items
139
151
155
159
161
100
108
125
138
148
150
153
154
J.JOTE.—The official indexes are published on a 1910-14 base as required by Saw. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in Ml and the broader aggregates was little changed in January. (Since revised data for earlier months
are not available, chart shows old series through 1983 and revised series beginning 1984.)
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
400
300
19B5
• AVERAGES OF DAILY FIGURES; SEASON,
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
M2
Ml
M3
L
Debt
Percf nt change from vea r or 6
months earlier 2
Ml plus overnight
Period
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1984:
1985:
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
Jan '
Feb r
Marr
Apr r
Mavr
June r
Julv '.
Augr
Sept r
Ocf
Novr
Dec r
531.4
534.2
537.3
539.2
542.5
547.3
546.9
548.9
551.5
548.4
553.9
558.7
2,371.6
2,202.2
2,216.9
2,229.1
2,241.1
2,255.2
2,269.3
2,280.2
2,292.8
2,308.2
2,318.7
2,345.8
2,371.6
Jan »
562.9
2,399.4
558.7
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
NOTE.—Money stock series were revised in February 1985 to incorporate annual benchmark and
seasonal adjustment changes. Data are not yet available prior to October 1983.
26
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
2,995.4
2,719.3
2,741.7
2,765.4
2,788.0
2,815.2
2,839.0
2,862.1
2,879.0
2,901.3
2,925.4
2,960.1
2,995.4
3,027.1
M3 plus
other liquid
assets
3,196.6
3,227.8
3,269.2
3,295.8
3,329.3
3,370.5
3,406.0
3,433.6
3,462.9
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
2,829.1
3,200.0
3,583.5
3,926.1
4,311.8
r
4,709.2
r
5, 223.9
5,937.3
5,284.4
5,343.3
5,398.3
5,457.7
5,518.8
5,575.0
5,634.8
5,691.9
5,740.7
5,797.8
5,868.4
5,937.3
Ml
M2
M3
5.9
5.6
5.4
3.4
4.2
4.2
7.2
7.0
7.2
7.0
8.2
9.2
10.8
10.3
10.1
10.1
10.6
11.3
5.9
10.7
11.9
Debt
12.6
13.1
12.0
9.6
9.8
9.2
10.9
13.7
12.0
12.7
13.0
13.4
14.0
13.9
13.7
13.5
13.1
12.9
13.1
13.4
The nontransactions portion of M2 is seasonally adjusted as a whole to reduce distortions caused
by substantial portfolio shifts arising from regulatory and financial changes in recent years, especially shifts to MMDAs in 1983. A similar procedure is used to seasonally adjust the remaining nontransactions balances in M3.
See p. '21 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
(BPs),
net, plus
overnight
Eurodollars
NSA
Money market
mutua fund
bala ices
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 1
Large
denomination
time
deposits '
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
Shortterm
Treasury
securities
Savings
bonds
Bankers'
acceptances
Commercial
paper
1984:
Janr
Feb r
Mar r
Apr r
May r
June r
July r
Aug '
Sept r
Oct r
Nov r
Dec *
1985:
Jan"
138.3
139.0
139.4
141.0
142.2
141.9
144.1
146.2
56.1
57.3
56.6
56.3
58.3
55.9
56.3
58.4
56.7
56.8
58.0
57.4
137.8
142.1
144.8
145.9
146.5
148.9
150.5
150.6
152.0
155.7
162.2
168.1
43.5
44.6
45.0
45.0
45.3
45.7
46.1
46.2
46.9
52.2
58.3
62.7
384.0
390.0
396.9
401.0
399.4
397.8
394.2
388.9
388.7
392.1
402.5
415.1
305.1
303.8
302.9
301.9
301.5
149.2
62.6
172.8
65.0
433.7
244.3
245.2
245.5
245.9
246.3
248.9
247.3
246.8
247.5
244.5
246.8
248.6
132.7
133.8
135.6
136.1
159.4 249.1
149.4
150.2
151.2
152.1
152.8
154.3
155.0
155.9
156.8
157.1
157.9
158.7
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
369.8
379.5
389.3
392.6
396.2
405.7
411.3
416.7
50.1
51.4
53.5
57.3
59.5
59.2
60.0
64.1
66.6
69.3
70.0
69.7
89.0
89.4
93.2
93.1
93.6
89.5
88.4
86.7
85.9
81.0
417.2
69.9
81.2
336.1
343.0
349.7
357.7
300.8
299.1
296.4
294.5
292.4
290.4
288.2
790.3
796.2
802.3
811.2
822.6
834.0
843.7
855.0
864.4
872.1
877.9
885.1
288.2
881.7
71.4
71.8
72.1
72.5
72.7
73.0
73.1
73.3
73.6
227.7
234.1
244.7
243.7
243.5
253.8
262.3
271.9
282.9
43.3
42.9
44.0
44.7
46.5
134.9
137.3
142.9
146.9
151.4
157.1
47.7
48.2
47.8
46.8
160.2
161.4
158.2
819
83.2
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.—Money stock series revised; see note p. 26.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Ins tallment credi outstanding (end of perio d)
Period
Total
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
Automobile
Revolving
36,427
45,004
53,174
54,900
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
226,646
269,392
82,890
101,863
307,115
309,694
330,218
348,944
388,718
468,691
116,523
116,808
125,323
129,799
141,876
169,514
1983: Dec
388,718
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
393,187
399,795
405,665
412,073
422,306
430,131
437,237
443,235
447,518
453,793
461,743
468,691
14,897
15,199
Other
Total
131,573
147,818
178,914
35,921
42,746
37,723
2,579
20,524
18,726
39,774
79,973
92,432
107,326
120,575
120,684
126,707
Automobile
15,092
18,973
14,660
Revolving
19,922
Mobile
home
Other
367
302
1,644
459
540
14,894
13,249
109
6,023
8,515
4,476
12,077
27,638
8,577
8,170
1,726
5,409
5,144
10,111
19,053
577
4,240
1,341
2,186
4,866
16,245
31,096
1,690
1
2,623
505
02
-127
1,950
2,662
2,298
2,097
3,425
2,905
2,582
2,334
1,324
2,638
3,541
3,340
60,309
65,453
75,564
94,617
16,843
17,302
17,879
22,119
23,460
25,646
141,876
75,564
23,460
147,818
5,782
1,468
143,982
146,781
147,107
149,265
152,954
155,851
159,273
161,050
162,367
164,724
167,448
169,514
76,069
77,342
80,304
82,172
84,989
86,558
87,198
88,512
89,836
91,332
93,046
94,617
23,368
23,241
23,526
23.811
24,113
24,567
25,029
25,602
25,920
25,704
25,675
25,646
149,768
152,430
154,728
156,825
160,250
163,155
165,737
168,071
169,395
172,033
175,574
178,914
4,469
6,608
5,870
6,408
10,233
7,825
7,106
5,998
4,283
6,275
7,950
6,948
2,106
2,799
326
2,158
3,689
2,897
3,422
1,777
1,317
2,357
2,724
2,066
1
For year-end data, change from preceding year-end; for monthly data, chang< from preceding
month.
Mobile
home
Net change in in stallment ere dit outstandi "g 1
285
1,273
2,962
1,868
2,817
1,569
640
1,314
1,324
1,496
1,714
1,571
285
285
302
454
462
573
318
-216
-29
-29
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans were about unchanged in January.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
1,800 — ALL COMMERCIAL BANKS
1,600
1,400
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
1,800
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
T
OTHER SECURITIES
120
120
80
60
80
Illlll
1977
Illlll
Illlllll
iilLJ
1978
1980
1979
1981
1983
1982
LLU
60
1984
* SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Al
Loans a nd leases
Period
Total loans
securities
Total 2
Depo itory institute ns 3
l
commercial banks
Commercial
and industrial
loans
E eserves adjust id
for changes i i
res erve requirem ents
U.S.
Government
securities
Total
borrowed
Borr swings
(millions of dollars,
unad usted)
Required
Total
Seasonal
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
891.4
1,013.8
1,135.4
1,239.7
1,307.4
1,400.5
1,553.0
1,714.1
632.2
746.9
849.1
914.5
967.4
1,032.8
1,122.7
1,313.5
211.0
246.1
291.1
326.9
355.1
391.5
412.8
468.3
136.6
137.6
144.4
170.9
179.6
202.7
260.8
260.2
122.7
129.2
141.9
154.4
160.4
165.0
169.6
140.3
26.63
27.91
29.09
31.04
32.10
34.28
36.14
r
38.71
26.06
27.04
27.62
29.35
31.46
33.65
35.36
35.52
26.44
27.67
28.76
30.52
31.78
33.78
35.58
37.86
569
868
1,473
1,690
636
634
774
3,186
55
135
81
116
54
33
96
113
1984: Feb
Mar
Apr
May
June
Julv
Aug
Sept
Oct
Nov
Dec
1,584.1
1,599.6
1,612.9
1,629.8
1,636.6
1,652.6
1,662.1
1,674.9
1,682.8
1,700.7
1,714.1
1,181.2
1,196.3
1,213.2
r
1,232.0
1,243.2
1,256.7
1,264.2
4
1,275.0
1,284.3
1,299.7
1,313.5
421.7
432.2
438.5
448.0
452.2
455.0
458.1
4
460.0
463.0
467.9
468.3
260.7
261.0
257.6
257.3
253.7
256.4
257.1
258.0
257.0
259.4
260.2
142.2
142.3
142.1
140.5
139.7
139.5
140.8
141.9
141.5
141.6
140.3
37.03
37.10
37.11
37.45
r
38.29
r
38.24
r
38.39
38.14
r
37.76
r
38.11
r
38.71
36.46
36.15
35.88
34.46
r
34.99
r
32.32
r
30.37
r
30.90
r
31.74
r
33.50
35.52
36.08
36.39
36.62
36.87
37.52
37.63
37.70
37.52
37.14
37.42
37.86
567
952
1,234
2,988
3,300
5,924
8,017
7,242
6,017
4,617
3,186
103
133
139
196
264
308
346
319
299
212
113
1,723.8
1,320.9
469.1
260.0
142.9
39.71
38.32
38.97
1,395
62
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985: Jan"
4
1
Data are prorated averages of Wednesday 1 gures for domestic ally chartered banks and averages
of month-end data for foreign-related institutions
2
Excludes loans to commc rcial bants in the Jnited States,
3
Data are averages of dail f figures.
1984 a transfer of loans from Con tinental Illinois Nat onal Bant to
the FDIC reduced total loans and securities and total loans by $1. 9 billion, commercia and industri-
28
a loans by $1.4 bill on, and real esta e loans (not sho m here) by $0.4billion.
NOTE. —Series for all commercial rnnks beginning
d ata for earlier pen ods, largely beca use beginning J
alitical subdivisions are included in I J&ns rather than
^
Source: Board of Governors of the Federal Reserve
January 1984 ar e not strictly con parable with
nuary"l984 cer ain obligations ( f States and
n other securitie s.
System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Cr edit market fu nds
l
Total
Total
190.3
157.0
211.0
254.1
317.5
345.2
335.2
364.2
309.4
436.3
480.6
333.9
449.2
443.3
519.1
515.9
477.6
430.8
498.3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984"
1983: I
n
1984:
Ill
IV
Ir
II r
Ill r.
IV
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.4
234.3
280.5
336.3
250.4
269.7
292.5
309.3
319.6
331.7
340.7
353.4
104.7
37.3
76.8
96.7
141.8
156.4
145.7
70.2
30.8
54.7
72.4
80.5
88.2
90.9
133.8
75.0
155.9
144.3
83,5
179.5
150.7
209.8
196.3
145.9
90.1
144.9
91.5
81.4
87.8
91.4
68.7
86.5
66.6
129.4
112.3
75.4
63.0
115.0
Securities
and
mortgages
Loans and
short-term
paper
26.3
38.7
38.2
35.8
32.8
20.9
52.4
21.8
43.9
-7.9
16.5
36.6
47.7
67.3
38.5
69.7
37.5
31.4
112.5
1.7
.6
29.6
93.6
135.9
152.2
70.1
91.7
43.9
56.4
-21.1
67.0
85.9
37.0
35.7
-23.6
-76.8
-7.1
23.3
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
ibroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Total
Other 2
34.5
6.5
22.1
24.3
61.3
68.2
54.8
42.3
-6.4
68.1
52.9
14.8
93.1
84.1
80.4
84.1
70.6
27.1
29.8
190.1
150.9
201.8
237.6
293.6
343.7
317.6
334.2
258.0
384.3
442.9
282.3
390.5
395.4
468.8
483.8
441.9
386.7
459.4
Capital
expenditures 3
Increase in
financial
assets
137.9
109.7
148.3
175.1
201.6
219.4
221.2
52.2
41.2
53.5
62.5
92.0
124.3
96.5
271.3
229.6
256.2
367.0
206.9
255.3
270.6
291.9
354.5
364.4
388.3
361.0
62.9
28.4
128.1
75.9
75.4
135.1
124.8
177.0
129.3
77.5
-1.6
98.4
Discrepancy
(sources less
uses)
0.2
6.0
9.2
16.5
23.8
1.5
17.6
30.0
51.3
52.1
37.7
51.5
58.7
47.8
50.3
32.1
35.7
44.1
38.9
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Curren : assets
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
1983: I
II
Ill
IV
1984: I
II
Ill"
1
Notes and
accounts
receivable
C urrent liabiliti 3S
Other
current
assets
Invento-
Total
492.3
529.6
599.3
697.8
790.7
50.2
53.3
59.0
66.3
71.1
7.7
11.0
10.6
12.8
12.3
206.1
221.1
248.2
288.5
322.1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
66.4
71.7
304.9
326.0
375.6
450.9
530.4
735.4
759.0
827.4
912.7
1,043.7
1,214.8
1,327.0
1,418.4
1,432.7
1,557.3
1,444.2
1,468.0
1,522.8
1,557.3
1,600.6
1,630.6
1,667.3
73.2
82.1
88.2
97.2
105.5
118.0
126.9
135.5
147.0
165.8
143.1
147.9
150.5
165.8
159.3
155.0
150.6
11.1
19.0
23.5
18.2
17.2
16.7
18.7
17.6
22.8
30.6
26.0
28.2
27.0
30.6
35.1
36.7
32.3
265.8
272.1
292.9
330.3
388.0
459.0
506.8
532.0
519.2
577.8
525.3
539.3
565.0
577.8
596.9
612.4
628.0
319.5
315.9
342.5
376.9
431.8
505.1
542.8
583.7
578.6
599.3
577.6
576.2
597.3
599.3
623.1
633.3
662.5
65.9
69.9
80.3
90.1
101.1
116.0
131.8
149.5
165.2
183.7
172.1
176.4
183.0
183.7
186.3
193.2
194.0
453.4
451.6
495.1
557.1
669.5
807.3
889.3
970.0
976.8
1,043.0
983.4
990.2
1,026.6
1,043.0
1,079.0
1,111.9
1,143.0
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.
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
ratio *
282.9
340.3
402.3
93.6
105.5
92.7
110.7
128.1
187.4
203.6
223.7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
269.8
264.2
282.1
317.6
383.0
460.8
513.6
546.3
543.0
577.9
530.9
536.6
559.4
577.9
584.1
604.6
624.7
183.6
187.4
213.0
239.6
286.5
346.5
375.7
423.7
433.8
465.2
452.6
453.6
467.2
465.2
495.0
507.3
518.4
282.0
307.4
332.4
355.5
374.3
407.5
437.8
448.4
455.9
514.3
460.8
477.8
496.3
514.3
521.6
518.6
524.3
1.622
1.681
1.671
1.638
1.559
1.505
1.492
1.462
1.467
1.493
1.469
1.483
1.483
1.493
1.483
1.466
1.459
211.3
220.5
SEC series not available after 1974. See Federal Reserve Bulletin, July 1978, for de-
2
3
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bure
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in February.
PERCENT PER ANNUM
PERCENT PER ANNUM
I
1985
rOUNCIl Of ECONOMIC ADVISERS
[Percent per annum]
U.S. 1\easury security yields
Constant nmaturities
Period
2
3-month bills *
3-year
1979
1980
1981
1982
10.041
11.506
14.029
10.686
1983
1984
8.63
9.58
10-year
9.72
11.55
14.44
12.92
10.45
11.89
9.44
11.46
13.91
13.00
11.10
12.44
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
Prime
6 months 5
Discount rate
(N.Y. P.K.
Bank) 6
Prime rate
charged by
banks 6
10.91
12.29
14.76
11.89
10.28
11.77
13.41
11.02
10.15
8.89
10.16
8.50
8.80
12.08
12.57
12.81
13.28
13.55
13.44
12.87
12.66
12.63
12.29
12.13
9.31
9.86
10.22
10.87
11.23
11.34
11.16
10.94
10.16
9.06
8.55
8.50-8.50
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.50
8.50-8.00
11.00-11.00
11.00-11.50
11.50-12.00
12.00-12.50
12.50-13.00
13.00-13.00
13.00-13.00
13.00-12.75
12.75-12.00
12.00-11.25
11.25-10.75
12.23
12.02
12.04
12.18
12.10
12.50
12.43
12.53
12.77
12.75
12.55
12.26
Open-close
12.67
15.27
18.87
14.86
10.79
12.04
11.05
11.84
11.59
11.98
12.75
13.18
13.08
12.50
12.34
11.85
10.90
10.56
12.32
12.63
13.41
13.56
13.36
12.72
12.52
12.16
11.57
11.50
9.63
9.92
9.98
10.55
10.71
10.50
10.03
10.17
10.34
10.27
10.04
1985: Jan
Feb
7.76
8.22
10.43
10.55
11.38
11.51
9.55
9.66
12.08
12.13
8.15
8.69
8.00-8.00
8.00-8.00
10.75-10.50
10.50-10.50
Week ended:
1985: Feb 2
9
16
23
Mar 2
9
7.76
8.16
8.20
8.15
8.36
8.73
10.34
10.42
10.40
10.56
10.91
11.15
11.37
11.37
11.57
11.83
9.30
9.52
9.66
9.68
9.78
11.85
11.95
12.01
12.21
12.47
8.22
8.48
8.63
8.74
9.05
8.00-8.00
8.00-8.00
8.00-8.00
8.00-8.00
8.00-8.00
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
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
Weeklv 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.
30
10.78
12.66
14.70
15.14
12.57
12.38
Open-close
9.03
9.44
9.69
9.90
9.94
10.13
10.49
10.41
9.97
8.79
8.16
1
(PHLBB) 7
9.63
11.94
14.17
13.79
12.04
12.71
6.39
8.51
11.23
11.57
9.47
1984: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
2
New-home
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 set new highs in February.
INDEX, DEC. 31, 1965 = 50
INDEX, DEC. 31, 1965 = 50
110
110
100
100
90
90
COMPOSITE STOCK PRICE INDEX
(NYSE)
80
80
70
70
60
60
50
50
40
Illllllllll
Illllllllll
1977
1978
Illllllllll I l l l l l l l l l l
Illllllllll
1979
1981
1980
1982
1983
Illllllllll
1984
40
1985
PERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
\
10
10
5
5
1977
1978
1985
1979 1980
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Co mmon stock price s 1
Ne^v York Stock Ex 3hange indexes (] >ec. 31, 1965-5O)
Common s ock 5yields
(perce nt)
2
Period
Composite
Industrial
Transportation
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
1983
1984
1984: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
58.32
68.10
74.02
68.93
92.63
92.46
64.76
78.70
85.44
78.18
107.45
108.01
47.34
60.61
72.61
60.41
89.36
85.63
38.20
37.35
38.91
39.75
47.00
46.44
61.42
64.25
73.52
71.99
95.34
89.28
844.40
891.41
932.92
884.36
1,190.34
1,178.48
103.01
118.78
128.05
119.71
160.41
160.46
5.47
5.26
5.20
5.81
4.40
4.64
90.60
90.66
90.67
90.07
88.28
87.08
94.49
95.68
95.09
95.85
94.85
105.44
105.92
106.56
105.94
104.04
102.29
111.20
112.18
110.44
110.91
109.05
86.33
86.10
83.61
81.62
79.29
76.72
86.86
86.88
86.82
87.37
88.00
45.67
44.83
43.86
44.22
43.65
44.17
46.49
47.47
49.02
49.93
50.58
89.95
89.50
88.22
85.06
80.75
79.03
87.92
91.59
92.94
95.28
95.29
1,164.46
1,161.97
1,152.71
1,143.42
1,121.14
1,113.27
1,212.82
1,213.51
1,199.30
1,211.30
1,188.96
157.25
157.44
157.60
156.55
153.12
151.08
164.42
166.11
164.82
166.27
164.48
4.59
4.63
4.64
4.72
4.86
4.93
4.62
4.54
4.62
4.61
4.68
1985: Jan
Feb
99.11
104.73
113.99
120.71
94.88
101.76
51.95
53.44
101.34
109.58
1,238.16
1,283.23
171.61
180.88
4.51
4.30
Week ended:
1985: Feb 2
9
16
23
Mar 2
103.32
104.71
105.22
104.69
104.85
119.24
120.77
121.21
120.47
121.00
100.60
101.78
102.13
102.15
101.36
52.72
53.15
53.71
53.76
53.45
106.72
109.84
110.61
109.72
108.88
1,284.56
1,287.19
1,284.10
1,279.65
1,285.60
178.85
181.08
181.69
180.52
181.10
4.31
4.31
4.25
4.30
4.32
1979
1980
1981
1982
1
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsorice ratios based on nricea at end of Quarter.
2
3
Earningsprice ratio
13.46
12.66
11.96
11.60
8.03
9.57
10.56
9.96
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS, AND DEBT
In the first 4 months of fiscal year 1985 there was a budget deficit (including off-budget outlays) of $79.5 billion,
compared to a deficit of $68.2 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
BUDGET RECEIPTS AND OUTLAYS ^
900
900
800
"BUDGET OUTLAYS17
800
„*•
""
700
700
600
600
BUDGET RECEIPTS
500
500
400
400
_
BUDGET SURPLUS OR DEFICIT (-)
-100
-100
-200
-200
1977
1978
1979
1980
1982
1981
1984
1983
1985
1986
FISCAL YEARS
I/
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]
(Including outlays off-but get under
current law, which are prc posed to be
me [uded on-budg Bt)
Period
Receipts
Outlays
Gross Feder al debt (end
of pe riod)
Con- ponents of bu Iget
Budget totals
Surplus or
deficit ( — )
On-budget under current
la w
Outlays
Off-budget
under
current
law;
proposed to
be included
on-budget
Outlays
Held by
the public
Surplus or
deficit (— )
Fiscal year or period:
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985 (estimates) 1
1986 (estimates) l
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
736.9
793.7
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
959.1
973.7
6.1
-53.2
73.7
-14.7
53.6
-59.0
-40.2
-73.8
78.9
-127.9
-207.8
-185.3
222.2
-180.0
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
12.5
1.5
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
796.0
841.8
946.6
972.2
4.7
-45.2
66.4
-13.0
-44.9
-48.6
27.7
-59.6
57.9
-110.6
195.4
-175.4
209.8
-178.5
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
1,850.2
2,092.0
551.8
610.9
644.6
715.1
794.4
929.4
1,141.8
1,312.6
1,523.1
1,704.4
Cumulative total, first 4 months:
Fiscal vear 1984
Fiscal vear 1985
211.9
236.6
280.2
316.1
-68.2
79 5
.6
.7
280.8
315.4
-68.8
78.8
1,442.0
1,684.4
1,201.6
1,389.4
1
Estimates from Budget of the United States Government, Fiscal Year 1986, Office of Management and Budget, February 4, 1985.
32
-14.9
-14.8
Sources: Department of the Treasury and Office of Management and Budget.
343.0
346.1
396.9
480.3
498.3
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 4 months of fiscal year 1985 budget receipts were $24.7 billion higher than a year earlier and budget
outlays (including off-budget items) were $35.9 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
_
INDIVIDUAL INCOME TAXES
BUDGET RECEIPTS
300
300
200
200
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
. CORPORATION INCOME TAXES -
100
100
OTHER RECEIPTS
0
0
700
- BUDGET OUTLAYS-!/ -
700
.NONDEFENSE
600
600
500
500
400
400
300
300
NATIONAL DEFENSE
200
200
100
100
1977
1978
1979
1980
1981
1982
1984
1983
1985
1986
FISCAL YEARS
J/ 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 receii
n
Period
Total
ts
Budget jutlays
Social
insurance
taxes
and
contributions
To tal
National defense 1
Ot ler
Healt h and
Intern ational
aff
vidual
income
taxes
ration
income
taxes
131.6
157.6
181.0
217.8
244.1
41.4
90.8
34.3
371.8
285.9
297.7
288.9
296.2
329.7
358.9
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
66.4
74.1
106.5
121.0
138.9
157.8
182.7
201.5
36.6
37.8
40.8
50.6
69.5
69.3
65.8
71.7
409.2
458.7
503.5
590.9
678.2
745.7
808.3
268.4
289.4
72.4
851.8
959.1
71.3
973.7
946.6
972.2
105.4
115.3
13.5
16.4
70.1
80.2
23.0
24.8
280.2
280.8
316.1
315.4
Other
Including offbudget
items
Onbudget
items
Total
Department of
Defense,
military
Including offbudget
items
Onbudget
items
security and
medicare 1
Including offbudget
items
Onbudget
items
Net
interest '
Including offbudget
items
Onbudget
items
Fiscal year or period:
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985 (estimates) 2
1986 (estimates) 2
Cumulative total, first 4
months:
Fiscal year 1984
Fiscal year 1985
298.1
355.6
399.7
463.3
517.1
599.3
617.8
600.6
666.5
736.9
793.7
211.9
236.6
209.0
241.7
364.5
400.5
448.4
491.0
576.7
657.2
728.7
796.0
841.8
1
There are no outlays off-budget under current law in this function.
Estimates from Budget of the United States Government, Fiscal Year 1986, Office of Management and Budget, February 4, 1985.
3
Not available.
2
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
89.6
88.1
6.4
5.6
89.7
76.5
82.8
209.9
227.4
253.8
285.7
204.4
220.8
246.3
277.5
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
19.6
18.3
4.9
6.0
6.2
10.8
11.2
10.0
9.0
13.1
17.2
18.1
104.4
116.3
134.0
157.5
185.3
95.3
102.3
113.7
131.0
153.8
180.7
202.5
223.3
235.8
257.4
269.4
78.3
80.0
86.9
109.7
126.6
135.2
151.2
143.1
161.1
150.7
76.5
78.3
80.0
86.9
109.6
125.8
134.5
150.8
143.0
161.2
150.7
26.7
97.2
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
130.4
142.6
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
136.8
107.1
76.3
85.8
105.8
108.5
119.2
115.3
111.1
113.2
111.5
126.6
105.8
73.0
79.8
70.9
77.4
(3)
(3)
4.8
6.0
77.2
82.7
(3)
(3)
48.1
57.0
34.2
42.0
(3)
(3)
43.6
48.0
104.5
116.6
130.6
150.6
178.7
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 the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1984, Federal receipts rose $1.9 billion (annual rate) and expenditures rose $18.8 billion,
yielding a deficit of $180.6 billion. In the fourth quarter, according to revised estimates, expenditures rose $30.4
billion; receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
800
800
700
700
600
600
500
500
400
400
SURPLUS OR DEFICIT (-)
m
-100
-100
-200
-200
1976
1977
1979
1978
1980
1982
1981
1983
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (government expenditur 3S
Federal Governme it receipts
Period
Total
Fiscal year:
1980
1981
1982
1983
1984
Calendar year:
1980
1981
1982
1983
1984 r
1982: HI
IV
1983: I
n
m
1984:
IV
I
n
m
IV *
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Transfer
pay-
Grantsin-aid to
State
and
local
governments
or deficit
Subsidies
Net
interest
paid
current
surplus of
Government
enter-
LessWage
accruals
less
disbursements
national
income
and
product
accounts
525.9
609.2
626.4
627.1
687.6
250.4
289.4
311.4
294.1
303.2
69.9
69.3
50.9
53.8
70.1
35.5
53.5
50.3
51.0
55.2
170.0
197.0
213.9
228.3
259.1
576.5
668.2
740.0
816.4
857.9
189.3
218.4
250.6
273.2
285.2
239.4
279.5
310.6
344.6
348.4
86.7
90.1
83.4
85.7
90.8
50.7
67.7
82.3
90.3
109.7
10.4
12.5
13.0
22.2
23.9
0.0
.1
-.0
-.4
.1
-50.7
-58.9
-113.6
-189.3
-170.3
540.9
624.8
616.7
641.1
704.7
609.9
608.3
619.8
649.3
640.2
655.0
686.4
704.3
706.2
257.7
298.7
306.2
295.2
314.8
298.8
300.9
298.2
304.7
284.6
293.3
301.6
310.7
319.7
327.4
70.3
65.7
46.6
59.8
70.9
47.5
42.0
46.9
59.2
66.7
66.5
73.0
75.6
65.3
39.0
56.4
48.4
52.4
55.5
47.5
48.2
47.1
53.8
54.0
54.5
54.1
55.9
56.1
55.9
173.9
204.1
215.5
233.7
263.4
216.1
217.1
227.6
231.7
234.9
240.7
257.6
262.0
265.2
268.9
602.1
689.1
764.9
819.7
879.9
773.6
818.9
805.6
816.7
821.1
835.5
847.6
868.0
886.8
917.2
197.0
228.9
258.9
269.7
295.6
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
302.0
316.3
251.5
286.8
321.6
345.6
352.3
327.0
344.4
340.9
348.1
343.4
350.1
347.7
350.1
353.8
357.8
88.7
87.9
83.9
86.3
93.2
83.0
84.6
85.5
86.3
86.7
86.5
90.6
93.2
92.1
97.0
53.4
73.3
84.4
94.2
116.7
87.5
87.0
87.7
90.0
97.3
102.0
107.6
110.9
122.0
126.3
11.5
12.3
16.1
23.4
22.1
14.5
23.5
18.5
20.5
24.1
30.6
34.4
17.7
16.5
19.9
.0
.1
-61.2
-64.3
-148.2
-178.6
-175.2
-163.7
-210.6
-185.7
-167.3
-180.9
-180.5
-161.3
-163.7
-180.6
Sources: Department of Commerce {Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
34
Purchases
of goods
and
services
-.0
— .4
.0
• .0
.0
.0
-1.3
-.4
.0
.2
.2
-.4
.2
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Indu stria! proc action (sea sonally adju ted)
Period
United
States
Canada
146.1
152.5
147.0
151.0
138.6
147.6
' 163.4
1978
1979
1980
1981
1982
1983
1984"
1984:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec?
158.5
160.0
160.8
162.1
162.8
164.3
165.9
166.0
165.0
r
164.4
T
165.0
r
165.9
1985:
Jan"
166.6
1
Japan
France
215.3
225.2
227.5
228.4
236.5
155
163
161
160
158
159
170.2 250.2
257.0
165.0
167.1
254.1
255.4
167.4
261.5
168.9
169.9
262.8
175.9
264.0
r
175.0 266.0
r
!71.4 262.8
r
!71.3 270.7
175.1 r271.8
270.9
161
160
162
157
162
159
166
166
160
163
161
157
157.8
167.6
165.1
165.9
149.5
157.6
201.1
Germany
Consurm r prices (i nadjusted)
Italy
United
Kingdom
United
States '
Canada
Japan
France
252.3
Germany
Italy
United
Kingdom
161.5
162.0
159.1
154.5
155.7
147.9
157.6
166.5
163.8
158.8
153.7
127.8
132.9
124.1
119.6
121.7
125.7
195.4
217.4
246.8
272.4
289.1
298.4
311.1
202.5
221.0
243.5
273.9
303.5
321.0
335.0
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
166.9
175.8
186.9
196.8
203.3
208.2
286.2
328.5
398.0
472.4
549.4
631.8
698.8
316.6
359.0
423.6
473.9
514.7
538.3
565.1
160.9
'163.4
159.4
' 158.1
r
160.2
r
144.0
' 164.3
r
162.6
' 163.6
r
166.2
T
166.7
166.4
156.5
154.3
159.8
153.5
159.1
160.5
158.5
160.8
162.6
158.6
156.8
' 128.3
127.8
' 126.8
r
125.7
124.3
' 125.1
r
124.4
r
124.6
T
126.4
'128.0
127.8
305.2
306.6
307.3
308.8
309.7
310.7
311.7
313.0
314.5
315.3
315.3
315.5
329.2
331.1
331.9
332.7
333.3
334.7
336.6
336.6
336.9
337.5
339.7
339.9
312.3
314.2
315.1
315.9
318.2
315.6
316.2
313.4
318.5
321.0
319.0
319.6
425.4
428.0
431.0
433.6
436.2
438.4
441.5
443.7
445.9
449.0
450.3
451.2
206.6
207.1
207.3
207.7
207.8
208.6
208.2
207.8
208.0
209.2
209.6
209.8
678.3
685.8
690.6
695.4
699.6
703.8
705.9
708.0
713.0
720.1
724.4
729.5
550.4
552.6
554.4
561.8
563.9
565.3
564.7
570.0
571.1
574.6
576.4
575.9
316.1
341.3
736.8
578.0
154.1
r
Beginning January 1978 data relate to all urban consumers.
160.2
Source: National sources as reported by Department of Commerce, International Trade Administration, Office of Trade and Industry Information, Trade Statistics Division, in International Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
1
Merc handise expo rts
Period
foreign
exports
Ger eral import s
Domestic exports
Total
domestic
Total 2
Food,
beverages, and
tobacco
Mercha adise trade >afance
Merc landise imp orts
Crude
materials and
fuels
factured
goods
Food,
beverages, and
tobacco
Total 2
Crude
materials and
fuels
3
Exports
factured
goods
Total
(c.i.f.
value)
4,257
5,398
6,379
8,360
9,352
10,427
8,823
11,042
13,368
15,504
18,519
21,415
less
imports
(customs
value)
Exports
(f.a.s.)
Exports
(f.a.s.)
imports
(U.s.)
imports
(c.i.f.)
I\a.s. valu
Monthly average:
1975*
1976'
1977*
1978*
1979*
1980
8,971
9,602
10,103
11,973
15,155
18,386
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
-8,988
-3,306
3,558
-5,783
-10,276
8,847
9,462
9,919
11,762
14,886
18,043
1,399
1,436
1,330
1,717
2,049
2,534
1,266
1,341
1,548
1,746
2,352
2,810
5,913
6,437
6,679
7,873
9,716
11,991
8,209
10,290
12,533
14,563
17,455
20,406
827
991
1,186
1,312
1,478
1,546
2,716
3,457
4,463
4,325
5,949
7,831
762
148
-688
-2,430
-2,590
-2,300
-2,020
-1,440
-3,265
-3,530
-3,364
-3,030
Customs value
1984:
Jan '
Feb r
Mar r.
Apr r.
May r
June r
July '
Aug r
Sept r
Oct r
Nov r
Dec r.
17,889
17,208
17,906
17,520
17,978
17,705
19,154
18,123
18,210
18,411
18,395
19,142
17,410
16,782
17,390
17,071
17,493
17,250
18,675
17,665
17,709
17,886
17,857
18,623
2,358
2,170
2,477
2,151
2,150
1,880
2,155
2,131
2,586
2,336
2,506
2,413
2,541
2,427
2,806
2,575
2,818
2,644
2,733
2,609
2,440
2,352
2,454
2,988
11,826
11,407
11,290
11,541
11,684
11,834
12,746
11,854
11,946
12,329
12,148
12,409
26,205
26,420
26,948
28,074
26,012
25,276
31,334
26,866
28,409
26,783
27,331
25,933
1,759
1,773
1,865
2,028
1,761
1,576
2,002
1,711
1,803
1,924
1,705
1,719
6,060
6,106
6,291
6,618
5,648
6,049
6,497
5,815
5,755
6,106
6,158
5,689
17,569
17,857
18,022
18,489
17,815
16,831
21,824
18,598
20,027
18,037
18,499
17,777
27,397
27,587
28,178
29,401
27,262
26,461
32,925
28,213
29,753
28,064
28,617
27,176
-8,316
-9,212
-9,043
- 10,553
-8,034
-7,571
-12,180
-8,743
- 10,200
-8,372
-8,937
-6,791
-9,508
— 10,379
-10,272
-11,880
-9,284
-8,755
— 13,771
- 10,090
-11,543
-9,653
-10,222
-8,033
1985:
Jan
19,401
18,852
2,161
2,562
13,282
28,297
1,932
5,373
19,879
29,687
-8,896
-10,285
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January 1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade balance.
"Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the fourth quarter of 1984, the merchandise trade deficit fell to $22.9 billion, from $33.1 billion in the thi.-d
quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
-30
-35
-35
-40
-40
1984
• S E A S O N A L L Y ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits {+), debits (—)]
Merchandise
3
In vestment incorae
1
transactions
Net
travel and
transportation
receipts
15,975
17,962
20,565
31,218
30,443
34,052
27,803
23,508
559
1,528
621
-1,778
-2,237
-1,115
195
515
-2,558
3,565
-3,573
-2,935
-997
144
-1,008
—4,584
Net
Period
Exports
114,745
120,816
142,054
184,473
224,269
237,085
211,198
200,257
220,270
1976
1977
1978
1979
1980
1981
1982
1983
1984"
1982:
I
n
m
IV
1983:
I
n
m
IV
1984:
I
n
m"
IV »
Imports
Net
balance
-124,228
-9,483
-151,907 -31,091
- 176,020 -33,966
27,555
212,028
-249,781 -25,512
28,001
265,086
-247,667 -36,469
261,312
61,055
-327,867 -107,597
Receipts
Payments
29,286
32,179
42,245
64,132
72,506
86,411
83,862
77,003
-13,311
14,217
-21,680
32,914
-42,063
-52,359
-56,059
-53,495
Net
Other
services,
net 3
and
services 1
9,205
4,711
5,272 -9,894
10,340
6,013
4,686
5,735
7,277
8,975
13,128
8,048
8,339 — 1,141
8,704 -32,912
2,270
3,729
-3,231
-3,908
Remittances,
pensions,
and other
unilateral
transfers 1
current
account
4,207
-4,998
-4,617 — 14,511
-5,106 -15,446
-964
-5,649
1,898
-7,077
6,294
-6,833
-8,058 -9,199
-8,651 -41,563
-2,105
-1,802
-1,745
-2,406
165
1,927
-4,976
-6,314
55,482
55,118
52,079
48,519
-62,546
-60,921
-64,442
-59,758
7,064
-5,803
-12,363
-11,239
20,889
22,307
21,505
19,162
-13,653
-14,772
- 14,390
-13,243
7,236
7,535
7,115
5,919
52
239
-2
-94
-114
-247
-99
-548
49,246
48,745
50,437
51,829
-58,523
63,615
-67,938
71,236
-9,277
14,870
-17,501
19,407
17,618
18,973
20,802
19,609
-12,380
-12,995
-13,630
-14,490
5,238
5,978
7,172
5,119
790
53
-55
-273
-263
-1,131
-1,426
-1,764
-1,370
2,142
2,258 -7,712
2,107 -9,703
2,198 -14,127
-1,573 -2,943
-1,848 -9,560
-2,143 -11,846
-3,086 -17,213
53,920
54,548
55,482
56,320
79,735
-80,352
-88,573
-79,207
-25,815
25,804
-33,091
22,887
23,300
20,822
22,501
-15,552
17,363
-18,823
7,748
3,459
3,678
-370
-404
-241
-1,400
-2,112
-2,590
2,351 -17,526
2,355 -22,547
2,205 -30,082
-2,147 -19,673
-2,157 -24,704
-2,818 -32,900
1
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
2
3
36
2,160
2,005
2,118
2,054
Note.—Merchandise data for 1984 are as revised in Economic Indicators, January 1985; other
data to be revised later.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $18.4 billion in the third quarter of
1984 compared with an increase of $20.6 billion in the second quarter. Liabilities to foreigners and international
financial institutions reported by U.S. banks (excluding U.S. Treasury securities) decreased $3.9 billion, compared
to an increase of $20.8 billion in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
60
60
CHANGE-IN
FOREIGN ASSETS
IN THE U.S..NET
-20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-40
-40
-60
-60
1976
1984
•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
[increase/capit il outflow ( — }
Period
U.S.
Total
1976
1977
1978
1979
Other
foreign
assets
Total
Foreign
official
assets
36,518
51,319
64,036
38,752
58,086
81,313
95,181
81,722
17,693
36,816
33,678
-13,665
15,497
5,003
3,318
5,339
18,826
14,503
30,358
52,416
42,589
76,310
91,863
76,383
U S official
assets, net1
(unadjusted,
end of
period)
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
10,544
-2,023
12,540
25,404
24,982
22,275
32,916
9,331
-1,133
-8,155
-5,175
-4,965
-1,196
-4,214 -44,498
-3,693 -30,717
-4,660 -57,202
-3,746 -59,453
-5,162 -72,802
-5,107 - 100,694
-6,143 -107,790
-5,013 -43,281
-31,960
— 41,409
-26,216
-19,314
-1,089
-1,132
-794
-1,950
-803
-1,700
-2,555
-1,086
-30,068
-38,577
-22,867
-16,279
28,344
33,772
18,384
14,680
-3,221
1,399
2,477
2,664
31,565
32,373
15,907
12,017
3,450
5,710
12,808
10,947
-24,364
-1,060
-9,223
- 14,843
-787
16
529
-953
-1,130
-1,251
-1,204
-1,429
-22,447
15,888
12,452
19,578
33,804
-252
1,739
-2,703
6,555
16,139
10,714
22,281
27,249
11,420
-1,833
1,491
-1,748
-579
439
2,518
2,657
34,261
33,876
33,066
33,747
-1,989
-19,037
16,024
TJI"...
-657
-566
-799
-2,037
-1,235
-1,474
15,660
40,405
6,234
-2,784
18,444
40,750
7,256
6,002
3,336
10,642
-154
— 104
2,386
34,975
34,547
34,306
I
n
m
I
n
m
IV
1984:
U.S.
private
assets
Of which:
Seasonal
adjustment
discrepancy
-2,558
IV
1983:
Other U.S.
Government
assets
Total (sum
of the items
with sign
reversed)
-51,269
-34,785
-61,130
-64,331
-86,118
-110,976
-118,898
-49,490
1980
1981
1982
1983
1982:
official
reserve
assets 1 2
Statistical ( iscrepancv
Allocations
of special
drawing
rights
(SDKs)
I
n
-375
732
175
-8,548
— 12,461
705
-17,237
18,297
1
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
345
-1,022
1,139
1,152
1,093
-964
487
-2,276
2,752
29,944
30,671
30,993
33,958
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury,
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays, and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
v
Preliminary.
r
Revised.
c
Corrected.
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