Full text of Economic Indicators : January 1985
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99th Congress, 1st Session
Economic Indicators
JANUARY
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 [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the fourth quarter of 1984, gross national product (GNP) rose $57.9 billion
or 6.4 percent, both at annual rates. Real GNP (GNP adjusted for price changes) rose 3.9 percent (annual rate)
and the implicit price deflator, 2.4 percent (annual rate).
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,000
4,000
SEASONA LLV ADJUSTED ANNU \L RATES
^E
'E
^n
—
—
GNP
IN C URRENT DOLL/>>RS
2,800
—
-"
2,800
./
Ji^"
2 400
E
2 400
l
^
/]
2 000
:
^
GNP
1 si 1972 DOLLAR s
1,600
1,600
^
1,200
—
i
—
^
i I 1
1976
—
„--'""
\
\
\
1977
1
1
1
1
1978
1
1
1
1
1
1980
1979
1 1 1
1981
!
1 1
1982
SOURCE: DEPARTMENT OF COMMERCE
\
1
I I I
1
1,200
1984
1983
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"
1982: HI
rv
1983: I
II
Ill
IV
1984: I
n
in
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
r
3,661.3
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
r
3,752.5
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
2,342.3
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
2,398.6
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
637.3
415.9
376.2
405.0
449.6
491.9
540.0
623.8
627.0
662.8
635.5
Source: Department of Commerce, Bureau of Economic Analysis.
Exports a id imports o] goods and
services
Govennment purch ises of
goc ds and servi ces
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
-66.3
6.6
6.3
19.6
-6.5
-16.4
-29.8
-51.5
-58.7
-90.6
-64.3
Exports
109.6
146.2
154.9
170.9
182.7
218.7
281.4
338.8
369.9
348.4
336.2
363.7
346.3
321.7
328.5
328.1
342.0
346.1
358.9
362.4
368.6
364.7
Imports
95.4
132.8
128.1
157.1
186.7
219.8
268.1
314.8
341.9
329.4
344.4
429.9
339.7
315.4
308.9
334.5
358.4
375.9
410.4
421.1
459.3
429.0
Total
270.4
304.1
339.9
362.1
393.8
431.9
474.4
537.8
596.5
650.5
685.5
748.0
656.3
681.0
678.8
682.2
689.8
691.4
704.4
743.7
761.0
782.7
National
defense
102.0
111.0
122.7
129.2
143.4
153.6
168.3
197.0
228.9
258.9
269.7
295.5
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
302.0
316.1
72.8
77.0
83.0
86.0
92.8
100.3
111.8
131.2
153.7
179.5
200.5
221.5
183.3
191.0
194.7
199.3
200.9
207.2
213.4
220.8
220.3
231.4
Nondefense
29.1
33.9
39.7
43.2
50.6
53.3
56.5
65.9
75.2
79.4
69.3
74.0
78.2
88.4
78.3
71.3
68.3
59.1
54.2
75.6
81.7
84.6
State and
local
168.5
193.1
217.2
232.9
250.4
278.3
306.0
340.8
367.6
391.5
415.8
452.4
394.7
401.6
405.8
411.6
420.6
425.1
436.8
447.4
458.9
466.6
sales
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
3,604.4
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
3,721.4
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
dential
fixed
Net
exports
Imports
Exports
103.5
110.1
112.9
126.7
146.2
159.1
160.2
147.6
139.5
145.8
81.8
80.7
71.4
84.7
90.9
102.7
109.0
108.8
116.4
118.0
126.9
161.3
253.3
260.3
265.2
265.2
269.2
274.6
278.3
284.3
287.0
292.7
291.9
302.2
95.9
96.6
97.4
96.8
100.4
25.7
24.1
146.6
136.7
120.9
112.6
-16.5
-6.1
.9
7.2
22.9
13.6
11.9
2.0
138.2
137.0
141.6
141.0
31.6
20.3
30.6
14.2
-8.3
— 11.4
-27.0
-15.2
144.9
144.7
147.4
146.2
59.1
47.1
44.5
37.9
53.7
60.3
163.9
161.5
36.8
40.8
-6.4
-24.6
982.5
1,006.2
1,015.6
1,032.4
161.6
165.3
172.6
184.5
46.2
53.4
57.2
57.8
1,044.1
1,064.2
1,065.9
1,076.2
193.3
202.9
209.5
215.1
60.6
60.8
60.1
59.8
864.3
903.2
927.6
931.8
950.5
963.3
1,009.2
1,062.6
140.3
158.3
169.9
165.8
175.0
166.9
171.0
205.2
1982: m
IV
1,477.1
1,478.8
964.2
976.3
1983: I
1,491.0
1,524.8
1,550.2
1,572.7
1984: I
1,610.9
1,638.8
1,645.2
r
l,661.1
Total
Total
13.3
16.0
7.3
4.4
11.3
10.4
3.6
24.2
1,369.7
1,438.6
1,479.4
1,475.0
1,512.2
1,480.0
1,534.7
r
1,639.0
n
ni
rv
business
invento-
97.3
108.5
138.1
135.7
119.3
125.6
n
m
rv
Residential fixed
15.5
27.8
32.2
25.4
22.0
24.0
37.2
50.3
43.8
29.7
12.6
-15.5
767.9
762.8
779.4
823.1
1978
1979
1980
1981
1982
1983
1984"
Govern ment purch ases of
gooc s and services
a nd service
Final
Federal
M
1,254.3
1,246.3
1,231.6
1,298.2
1973
1974
1975
1976
1977
Ex,)orts of go ods
G ross privat e
dome stic invest Tient
17.2
11.6
6.7
7.8
62.3
48.2
42.2
51.2
60.7
62.4
National
Non-
100.3
102.1
106.4
110.3
117.0
116.2
122.4
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
292.8
300.6
117.2
124.8
115.3
123.4
129.7
139.1
294.3
292.4
292.0
288.8
153.2
156.2
174.4
161.4
289.5
302.1
306.1
311.0
State
and local
34.8
36.4
36.7
37.9
31.5
32.9
168.8
174.3
176.2
177.9
176.8
175.7
175.7
179.8
1,237.1
1,234.7
1,238.4
1,290.4
1,356.4
1,422.6
1,472.2
1,479.4
1,500.9
1,490.4
1,538.3
1,614.8
80.6
81.9
36.6
42.9
175.7
175.8
1,483.5
1,503.4
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
112.2
123.2
125.0
129.1
87.1
89.6
89.1
92.1
25.2
33.6
36.0
37.0
177.3
178.9
181.1
181.9
1,579.3
1,618.5
1,614.6
1,646.9
157.4
163.6
167.8
168.4
Source: Department of Commerce, Bureau of Economic Analysis,
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Gross private
domestic investment
Personal Consumption
exper ditures
Period
Gross
national
product
Durable
goods
175.5
175.6
209.6
210.5
210.7
212.8
214.8
216.0
176.6
176.8
178.0
179.3
218.0
219.2
221.5
222.9
179.0
179.5
179.2
178.3
1982: HI
IV
208.53
210.27
207.6
209.6
1983: I
212.87
214.25
215.89
218.21
220.58
222.40
224.57
r
225.90
IV
1984: I
n
m
IV "
101.7
108.2
117.3
123.9
Source: Department of Commerce, Bureau of Economic Analysi
Services
169.9
188.1
202.5
208.7
213.0
217.7
129.2
136.4
145.0
156.2
167.1
174.5
177.7
179.0
n
m
able
goods
104.7
113.0
121.6
129.6
139.3
150.0
162.3
178.8
196.8
213.6
226.0
237.6
105.7
116.4
125.3
131.7
139.3
149.1
162.5
179.0
194.5
206.0
213.6
220.4
1977
1978
1979
1980
1981
1982
1983
1984 "
Gove rnment pure bases of go )ds and
services
Federal
Total
105.75
115.08
125.79
132.34
140.05
150.42
163.42
178.42
195.60
207.38
215.34
r
223.38
1973
1974
1975
1976
Exports an d imports of
goods an d services
dential
fixed
Residential fixed
Exports
Total
172.6
192.5
212.9
230.9
236.0
241.0
249.4
116.7
164.6
179.6
185.6
205.5
214.1
246.1
289.4
293.8
279.3
271.5
266.6
142.8
153.1
164.8
185.2
207.6
221.4
232.1
241.4
241.8
240.0
236.2
235.3
280.9
280.1
207.1
205.2
205.1
208.1
245.2
243.0
248.7
248.3
237.7
239.4
241.5
245.4
206.3
207.4
208.0
208.8
249.4
255.9
258.6
259.8
247.7
250.4
250.1
249.4
138.6
146.3
157.2
170.8
186.2
202.2
209.5
206.4
207.6
109.1
120.3
131.0
140.7
158.0
112.7
134.8
149.6
155.3
161.9
178.3
200.5
218.5
234.1
241.3
246.4
255.9
215.6
219.4
208.8
210.1
210.2
212.6
214.5
214.8
221.9
224.9
227.3
229.7
217.4
216.4
217.8
219.4
232.6
236.0
239.7
242.0
108.5
123.4
132.5
137.2
143.6
153.4
Imports
103.8
115.4
132.2
National
defense
Nondefense
State
and local
152.7
166.0
187.5
209.1
227.0
236.6
247.6
105.6
114.2
128.2
135.7
144.6
153.8
162.5
180.8
204.7
209.8
220.0
224.8
107.0
118.0
129.4
138.3
148.4
159.7
173.7
191.5
208.0
222.8
236.7
251.6
223.2
223.8
227.4
233.1
213.9
206.2
224.7
228.4
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
267.9
269.6
263.3
265.8
238.5
240.6
241.5
244.8
245.1
246.4
247.4
251.2
215.5
225.1
227.1
228.7
246.4
250.0
253.5
256.5
106.3
114.9
126.0
133.5
106.6
115.1
124.9
132.4
141.9
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal Consumption e tpenditures
Gro ss national prc duct
Period
Current
dollars
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984"
1982: m
IV
1983: I
11.8
8.1
8.0
10.9
11.7
12.8
11.7
8.8
12.4
3.8
7.7
r
!0.8
2.5
3.9
8.5
12.3
10.1
10.6
14.9
10.7
5.6
r
6.4
n
m
1984:
Constant
(1972)
dollars
IV
I
n
m
IV.
5.8
-.6
-1.2
5.4
5.5
5.0
2.8
-.3
2.5
21
3.7
r
6.8
g
.5
3.3
9.4
6.8
5.9
10.1
7.1
1.6
r
3.9
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
r
3.7
3.4
3.4
5.0
2.6
3.1
4.4
4.4
3.3
3.9
r
2.4
Fixedweighted
price index
(1972
weights)
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
10.2
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
r
3.5
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
Implicit
price
deflator
Constant
(1972)
dollars
Current
dollars
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
2.5
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
9.4
9.9
11.0
11.1
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
6.5
Chain price
index
3.9
Fixedweighted
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
3.8
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
3.9
Source: Department of Commerce, Bureau of Economic Analysi
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross d omestic
product of ilonfinancial
corporate business
(billions o f dollars)
Period
Current
dollars
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984"
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
2,150.6
1982: m
IV
1983: I
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
n
m
1984:
1
IV
I
n
ni
1972
dollars
Cun ent-dollar co st and profit per unit of output (dollaiPS)'
Total
cost and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Indirect
business
taxes 3
876.1
859.5
883.3
857.4
896.4
976.5
0.114
.127
.140
.141
.141
.144
.149
.172
.201
.210
.219
.220
0.692
.786
.837
.878
.928
.998
1.094
1.218
1.307
1.397
1.409
1.426
0.031
.042
.343
.418
.508
.617
.793
1.969
2.074
2.139
2.202
0.093
.112
.137
.141
.145
.155
.171
.198
.217
.245
.243
.237
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
.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
731.9
708.2
694.2
745.5
795.8
846.3
.038
.156
.282
Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol-
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
lars.
2
Compensation of
employ-
Corporate profits with inventory
valuation £ind capital co nsumption
adjustments
3
.044
.040
.040
.044
.050
.065
.076
.084
.077
.082
Profits
tax
liability
Profits
after
tax 4
per hour
of all
employees (1972
dollars)
Compensation per
hour of
all
employees
(dollars)
.144
.163
.168
.154
.140
.167
.138
.191
.238
0.055
.059
.059
.071
.075
.079
.079
.078
.072
.052
.065
.072
0.053
.030
.065
.073
.088
.089
.075
.062
.095
.086
.126
.167
7.849
7.555
7.774
7.998
8.141
8.209
8.194
8.118
8.271
8.357
8.634
5.429
5.937
6.507
7.021
7.555
8.191
8.961
9.884
10.811
11.677
12.166
.141
.123
.151
.182
.206
.221
.233
.246
.236
.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
r
8.807
11.801
11.913
12.027
12.131
12.224
12.283
12.454
12.528
r
12.628
0.107
.090
.124
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Proprietors' income with
inventory v iluation and
capital co nsumption
adjust ments
Period
National
income
tion of
employees *
Farm
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984"
1982: m
TV
1983: I
n
ni
IV
1984: I
n
in
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
2,172.7
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
2,226.2
2,873.5
2,944.8
2,984.9
IV"
1
62.2
65.4
75.0
84.8
92.2
100.2
95.6
93.7
89.2
107.9
126.4
89.5
92.1
98.3
106.8
112.1
114.6
122.5
126.3
126.4
130.6
31.9
21.8
31.5
21.8
13.8
28.3
12.7
25.4
16.4
10.1
11.2
17.3
32.5
23.4
27.3
29.9
Profits vidth inventory valuation
adjustrm nt and withou t capital
cons jmption adjust rnent
Total
108.3
94.9
110.5
138.1
167.3
192.4
194.8
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
63.8
175.4
189.9
159.1
225.2
284.5
163.3
151.6
179.1
216.7
245.0
260.0
277.4
291.1
282.8
Inventory
valuation
adjustment
Profits
Total
22.6
23.5
23.0
23.5
24.8
26.6
61.0
32.8
26.5
24.6
19.1
19.1
26.3
801.3
877.5
1,086.2
1,160.7
1,239.4
1,379.2
1,550.5
1,760.3
1,966.7
2,116.6
2,363.8
2,446.8
2,646.7
2,959.4
2,452.4
2,468.6
2,527.0
2,609.0
2,684.4
2,766.5
Nonfarm
Corporate p rofits with inv 3ntory valuatio n and capital consumption
adjustments
Rental
income of
persons
with
capital
consumption
adjustment
105.6
96.7
120.6
125.6
136.7
132.1
166.3
194.7
151.6
178.5
205.1
229.1
209.6
252.7
234.6
191.7
197.6
156.0
192.0
221.2
165.5
203.2
234.3
228.6
158.8
143.2
157.3
186.1
208.1
216.3
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
224.8
229.8
238.7
224.5
-20.0
-40.0
-11.6
— 14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-5.7
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
-.2
-1.7
Capital
consump-
Net
interest
adjustment
2.7
-1.8
-10.1
-13.5
-11.3
-12.7
-14.8
-16.3
-7.6
3.1
33.2
55.9
4.5
8.4
21.7
30.6
36.9
43.6
47.6
52.3
58.3
65.5
60.2
76.1
84.5
87.2
102.5
121.7
153.8
192.6
241.0
260.9
256.6
285.0
257.7
253.8
254.2
254.2
259.2
258.9
266.8
282.8
293.5
297.1
Source: Department of Commerce, Bureau of Economic Analysis.
Includes employer contributions for social insurance. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
No ndurable go ods
Durabl e goods
Period
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984"
1982: m
IV
1983: I
II
m
IV
1984: I
II
Ill
IV
Total
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
2,342.3
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
2,398.6
Total
durable
goods
123.3
121.5
132.2
156.8
178.2
200.2
213.4
214.7
235.4
245.1
279.8
318.4
244.5
255.0
259.4
276.1
284.1
299.8
310.9
320.7
317.2
324.7
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
149.5
108.1
115.3
115.3
128.4
132.0
141.7
147.7
152.3
148.6
149.4
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
117.1
94.5
96.6
99.1
102.4
105.2
109.8
113.0
116.6
116.8
122.0
Other
19.2
20.5
22.9
25.2
27.7
31.7
35.1
37.7
41.2
42.1
46.4
51.8
41.9
43.1
45.0
45.3
46.9
48.2
50.3
51.7
51.9
53.3
Total
nondurable
goods
333.4
373.4
407.3
441.7
Food
172.1
193.7
61.4
64.8
213.6
69.6
75.3
82.6
92.4
99.1
104.6
114.3
118.8
127.0
140.3
119.0
120.0
121.6
127.1
126.8
132.5
136.1
142.2
139.3
143.7
230.6
249.8
275.9
478.8
528.2
600.0
668.8
730.7
757.5
373.9
392.8
801.7
416.5
858.3
444.3
396.0
400.3
406.7
762.5
770.6
775.2
796.9
Clothing
and
shoes
311.6
345.1
413.6
811.7
420.5
823.0
425.1
841.3
433.9
858.3
442.1
861.4
872.1
448.6
452.6
Retail sa es of new
passen ^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
91.7
89.9
89.6
86.7
89.5
92.1
91.7
92.0
92.8
90.0
92.0
Services
Other
71.2
78.2
83.7
91.9
98.2
108.8
122.8
134.3
147.9
155.6
168.2
182.0
157.6
160.6
160.3
166.7
172.2
173.6
179.3
181.2
183.6
183.8
Domestics
355.2
393.2
437.0
485.7
547.4
618.0
693.7
784.5
883.0
982.2
1,074.4
1,165.7
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
1,201.8
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
Imports
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 $16.4 billion (annual rate) in December, following
Wages and salaries rose $18.3 billion in December compared to a rise of
payments fell $5.4 billion in December largely because of a shift in the
retirement benefits (which reduced transfers by $16.8 billion) and an increase
payments (which increased transfers by $9.2 billion).
a rise of $19.7 billion in November.
$13.8 billion in November. Transfer
timing of the payment of military
in retroactive social security benefits
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800
2,800
TOTAL PERSONAL INCOME
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
WAGE AND SALARY D SBURSEMENTS
1,000
1,000
800
800
600
600
OTHER INCOME
400
f
\
TRANSFER
PAYMENTS
200
200
160 —
160
Illllllllll Illllllllll
120 I l l l l l l l l l l
1977
1976
1978
1979
1980
120
1983
1981
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietors ' income 3
Period
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984"
1983: Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov r
Dec"
Total
personal
income
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
3,013.2
inco e
806.4
889.9
983.2
1,106.3
1,237.6
1,356.7
1,493.1
1,568.7
1,659.2
1,803.6
2,860.4
1,727.9
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
3,081.8
3,101.5
3,118.0
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
1,844.7
1,862.9
64.5
75.9
89.4
102.5
114.9
128.0
140.0
155.5
173.1
195.5
184.3
186.3
188.1
189.9
191.7
193.5
195.3
196.7
198.1
199.5
201.0
202.5
203.9
Farm
24.6
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
28.3
21.4
30.1
36.5
30.9
25.4
21.4
23.5
26.5
27.4
28.0
28.9
30.9
30.7
1
The total of wage and salary disbursements and other labor income differs from compensation of
:mployees {see p. 4) in that it excludes employer contributions for social insurance and the excess of
vage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare funds; workers' injury
ompensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
65.4
75.0
84.8
92.2
100.2
95.6
93.6
89.2
107.9
126.4
114.5
120.7
122.9
123.8
125.7
126.2
127.1
126.0
126.1
127.1
129.8
130.2
131.6
Eental
income of
persons 4
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
62.5
61.3
61.1
60.8
61.2
61.6
62.0
62.4
62.6
62.9
63.3
63.6
63.8
64.1
Personal
dividend
income
29.9
36.5
39.6
45.3
50.8
56.8
64.3
66.5
70.3
77.7
73.3
74.0
75.0
76.0
76.9
77.1
77.6
78.0
78.2
79.4
79.8
80.2
80.5
Personal
interest
income
123.2
132.5
152.8
179.4
218.7
266.0
331.8
366.6
376.3
434.8
389.4
396.6
403.8
411.4
418.4
425.6
432.9
441.4
449.5
457.1
459.2
460.3
460.9
Transfer
Payments 5
178.3
194.3
207.9
223.8
250.3
297.6
337.3
376.1
405.0
416.9
412.2
410.2
410.9
412.8
414.9
414.8
415.9
417.1
419.9
418.7
422.8
424.8
419.4
4
Less:
Personal
contributions
for social
insurance
50.4
55.5
61.1
69.8
81.1
88.7
104.5
111.4
119.6
132.5
123.9
129.1
129.5
130.1
131.3
131.5
132.5
133.0
133.3
134.1
134.2
135.0
136.2
Nonfarm
personal
income 6
1,229.1
1,359.3
1,506.5
1,689.7
1,899.3
2,119.5
2,371.2
2,532.1
2,701.1
2,955.2
2,810.1
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
3,022.6
3,041.0
3,056.6
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the fourth quarter of 1984.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
DISPOSABLE PERSONAL INCOME
DOLLARS * (RATIO SCALE)
12,000
DOLLARS * (RATIO SCALE)
12,000
PER CAPITA DISPOSABLE PERSONAL INCOME
4,000
4,000
3,000
1984
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
personal
income
Less:
Personal
outlays ]
Equals:
Personal
saving
Per ( apita
disposabl t personal
inc 3me
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
3,013.2
150.7
170.2
168.9
196.8
226.4
258.7
301.0
336.5
387.7
404.1
404.2
435.1
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
2,578.1
Current
dollars
1972
dollars
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
2,421.2
79.0
85.1
94.3
82.5
78.0
89.4
96.7
110.2
137.4
136.0
118.1
156.9
4,315
4,667
5,075
5,477
5,965
6,621
7,331
8,032
8,874
9,385
9,977
10,893
4,080
4,009
4,051
4,158
4,280
4,441
4,512
4,487
4,561
4,555
4,670
4,941
Percent
change in
real per
capita
disposable
Saving as
percent of
disposable
personal
Population
(thousands) 2
Per cent
Do lars
Billions of dol ars
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984"
Per capit a personal
consu mption
expen ditures
3,831
4,152
4,521
4,972
5,468
6,048
6,695
7,326
8,037
8,543
9,192
9,897
3,623
3,566
3,609
3,774
3,924
4,057
4,121
4,092
4,131
4,146
4,303
4,490
5.7
1.0
2.6
2.9
3.8
1.6
-.6
1.6
-.1
2.5
5.8
8.6
8.5
8.6
6.9
5.9
6.1
5.9
6.0
6.7
6.2
5.0
6.1
211,939
213,898
215,981
218,086
220,289
222,629
225,106
227,694
230,068
232,351
234,542
236,681
-1.7
Seas mally adju sted annual rates
1982: UI
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
.2
2.7
6.1
5.8
232,634
233,230
1983: I
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
2,920.5
2,984.6
3,047.3
3,100.4
418.3
430.3
440.9
451.0
2,502.2
2,554.3
2,606.4
2,649.4
2,349.6
2,409.5
2,442.3
2,483.2
152.5
144.8
164.1
166.2
10,608
10,806
11,000
11,154
4,865
4,930
4,965
5,004
9,651
9,869
9,966
10,098
4,427
4,502
r
4,499
4,531
7.7
5.5
2.9
3.2
6.1
5.7
6.3
6.3
235,875
236,369
236,950
237,531
n
m
IV
1984:
I
n
m
IV'....
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
r
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 third quarter of 1984, according to preliminary estimates, gross farm income rose $10.6 billion (annual rate)
and net farm income rose $8.9 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
200
BILLIONS OF DOLLARS * (RATIO SCALE)
200
,
rT
1 1
r
—
^-^j
120
-
1—>v^
"
I
"^
^
160
—
GRO SS FARM INCC iME
120
1i*
inn
—
—
—
—
60
_
—
40
/ \
\%
X*
X
\
\
X
*^^
^
^"* «.^
f
f \
\.^-
X
'"""
e
/
*
f
t
l\
\
\
\
\
\ 1
\ i
\l
i
v.
\
\
*
(\ >
i
7-
\
r-JET FARM INCC3ME /
t
i
,
.
,
'
i
\
\
l
\
\>'
/
1
.
/
*
I
U'
! 1 1
10
1976
1
1
1977
] ] 1
1978
1
1
1979
1
1
1
1
1
1
1981
1980
1
1
1
1
1982
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1
1983
1
1 1 1
10
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farmi ig
Net fanr income
C ross farm incom
Period
Cas i marketing rece pts
Total '
Total
Livestock and
products
59.2
68.6
67.8
69.2
70.1
69.2
-1.5
1.1
.8
4.9
-5.5
7.9
-2.6
-11.7
99.5
118.1
128.9
136.9
139.5
135.3
141.2
148.1
70.7
69.2
70.5
78.9
-5.2
-8.3
153.3
147.3
148.5
156.6
144.6
138.3
143.7
128.3
70.4
68.7
67.6
70.1
74.2
69.6
76.1
58.2
-11.4
-14.4
-16.8
-4.4
169.8
165.8
176.4
134.2
138.9
147.5
73.0
70.4
69.1
61.2
68.5
78.4
46.3
47.6
1978
1979
1980
1981
1982
1983
95.4
96.2
112.9
131.8
140.5
142.6
144.8
138.7
1982: JH
IV
153.3
163.2
1983: I
n
m
IV
1984: I
n
HI"
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
inventory
changes 2
49.0
48.6
53.7
63.2
72.7
73.3
74.6
69.5
102.9
108.7
127.2
150.4
150.2
167.9
161.8
151.4
1976
1977
Crops
Production
expenses
3
2.2
8.1
10.6
82.7
88.9
Current
dollars
1967 dollars 3
20.1
19.8
27.7
32.3
21.2
11.8
10.9
14.2
14.9
31.0
22.3
16.1
8.6
11.4
7.7
5.4
140.1
136.4
13.2
26.8
4.5
9.1
135.6
135.2
134.7
135.8
17.7
12.1
13.8
20.8
6.0
4.1
4.6
6.9
139.2
141.5
143.2
30.6
24.3
33.2
10.0
7.8
10.6
Income in current dollars divided by the consumer price index (Department of Labor).
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the third quarter of 1984, corporate profits before tax fell $21.2 billion (annual rate) and after-tax profits fell
$8.5 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
SEASON ALLY ADJUSTED ANN JAL RATES
—
—
280
PROFITS BE FORE
—
|
^XX
/I
240
—
f\
'
V
/""
200
X
—
\
"\
160
\
/
-*
x
s
*»^
80
1
\
..—••"""*"•-.,
m
-^ss~"
.—•••'.—
*"
"
X
I
,— — ^^
1 i i
\ i i
! i i
1977
l97(T
1979
!
"
f
1 i
1
1980
i
1
1981
—
—
s
~7^3
UNDISTRIB JTED PROFITS'
1976
—
TAX LIABILITY
*x*
40
\
f/
*•***.
\
++
£'-
'***'
\
*
-*»^ — — «-' t
-**"
k
_ _ _ . .%
x
120
s j in
/~~'
\_
^V
\
—
—
'
\
PR DFITS AFTER T/ X
V,
TAX
,
80
^
\
1 1 !
i i !
i
SOURCE: DEPARTMENT OF COMMERCE
i
I
n
1984
1983
1982
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr< fits (before t ix) with inve ntory valuati on adjustmen t 1
Profits after ta X
Doinestic indust •ies
Total
Tax
2
Total
Total
Financial
Total
3
Manufacturing
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-5.7
69.2
78.3
86.9
85.6
72.9
84.9
54.5
65.2
84.3
76.6
85.1
81.5
102.5
122.0
145.9
165.1
149.8
140.0
104.8
127.4
145.8
27.0
29.9
30.8
37.4
40.8
47.0
52.7
58.6
66.5
69.2
72.9
80.5
115.5
94.8
60.4
42.4
24.0
24.1
168.9
155.8
61.9
55.0
107.0
100.8
69.0
70.2
38.1
30.6
-10.1
-12.6
28.4
32.0
29.5
28.5
106.5
130.4
151.1
162.3
44.9
59.3
73.8
82.9
25.3
33.0
35.9
39.5
161.7
198.2
227.4
225.5
59.1
74.8
84.7
84.5
102.6
123.4
142.6
141.1
71.1
71.7
73.3
75.4
31.4
51.7
69.3
65.6
-4.3
-12.1
-19.3
-9.2
28.7
28.9
26.6
175.4
188.6
173.6
89.8
92.3
78.3
40.6
47.0
46.8
243.3
246.0
224.8
92.7
95.8
83.1
150.6
150.2
141.7
77.7
79.9
81.3
83.0
72.9
70.2
60.3
-13.5
-7.3
2
-1.7
15.9
15.0
11.8
17.1
23.1
31.0
30.3
26.9
19.5
19.6
29.6
27.3
76.0
65.4
95.8
120.3
140.3
154.4
148.6
134.9
153.7
114.0
137.6
177.0
45.5
39.0
52.6
1982: IH
IV
158.8
143.2
136.5
119.7
21.0
24.9
1983: I
n
m
157.3
186.1
208.1
216.3
134.9
162.4
180.6
190.8
n
m
229.8
238.7
224.5
204.1
217.5
200.2
IV
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
49.6
55.2
50.7
65.1
81.2
98.9
112.4
91.2
73.5
35.6
54.5
65.3
49.0
51.6
50.6
63.8
72.7
83.2
87.6
84.8
81.1
60.7
75.8
88.4
92.0
80.4
107.6
137.4
163.4
185.4
179.0
161.9
173.2
133.6
167.2
204.4
1
Dividends
sale and
retail
trade
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
234.3
105.6
96.7
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
228.6
2
Inventory
valuation
adjustment
Undistributed
profits
13.9
12.5
21.3
22.4
26.6
26.9
27.1
23.6
31.8
25.9
33.4
45.3
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 "
IV
1984: I
Profits
Nonfinancial
Period
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the fourth quarter of 1984, business fixed investment rose $13.2 billion
(annual rate) and residential investment outlays were unchanged. There was a $31.1 billion increase in inventories
following an increase of $71.8 billion in the third quarter.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
SEASON ALLY ADJUSTED ANNL Ai RATES
ry\-
—
600
600
GROSS PRIVATE DOAAESTIC
INVESTMENT
—
500
—
r"~"ir\ A
~~
Vi
NONRESIDENT AL ^^^
F IXED INVESTM ENT
/~~^
r/
/""
—
500
^^-
N-^
^—i
400
300
A
V
— -"
^*
ff"
400
'
300
^—^
S
^~-~'
^
—
200
200
*"*"
V ^ ^ ^ —' ** ""
RESIDENTIAL
FIX ED INVESTMEhJT
L
100
.. —
— '
100
~^"
"™™
f—
**«.
CHANGE IN BUSINESS
;
INVE NTORIES
\
^/
/XX\^
**\
%
——— v
—
i
-100
1976
1978
1977
1
1
1979
1
1
1 1 1
1
1981
1980
V
V-''
/
1 1
1 1 1
1983
1982
x
-100
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Nonresic ential fixed in vestment
Period
domestic
investment
Total
Structures
Producers'
durable
equipment
Residential fb ed investment
Total
Nonfarm
structures
Farm
structures
Producers'
durable
equipment
Change i i business
mver tories
Total
Nonfarm
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984"
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
637.3
143.3
156.6
157.7
174.1
205.2
248.9
290.2
308.8
353.9
349.6
352.9
426.0
51.0
55.9
55.4
58.8
64.4
78.7
98.3
110.9
135.3
142.1
129.7
150.3
92.3
100.7
102.3
115.3
140.8
170.2
191.9
197.9
218.6
207.5
223.2
275.7
68.0
57.9
55.3
72.0
95.8
111.2
118.6
102.9
104.3
91.4
132.2
154.4
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.1
99.8
86.6
127.6
149.3
0.7
1.3
1.0
1.1
1.5
1.7
1.7
1.8
1.3
1.5
1.0
1.1
1.7
1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.3
3.6
4.0
18.5
14.1
6.9
11.8
23.0
26.5
14.3
-9.8
26.0
-26.1
13.5
56.8
15.2
16.0
-10.5
13.9
21.9
25.4
8.6
-4.5
18.2
-24.0
-3.1
48.4
1982: HI
IV
1983: I
415.9
376.2
342.2
339.3
138.4
138.4
203.8
201.0
89.0
97.9
84.5
92.5
1.3
2.1
3.3
3.3
-15.3
61.1
-11.1
-54.3
n
m
405.0
449.6
491.9
540.0
334.6
339.3
353.9
383.9
130.4
125.6
126.2
136.6
204.2
213.6
227.8
247.3
113.3
129.8
142.3
143.4
108.9
125.3
137.7
138.7
1.0
.9
.9
.9
3.4
3.5
3.7
3.8
-42.9
-19.4
4.3
12.7
-32.6
-5.4
11.6
14.1
n
m
623.8
627.0
662.8
635.5
398.8
420.8
435.7
448.9
142.2
150.0
151.4
157.5
256.7
270.7
284.2
291.4
151.2
155.6
155.3
155.4
146.4
150.5
150.1
150.2
.9
1.0
1.2
1.1
3.9
4.1
4.0
4.1
73.8
50.6
71.8
31.1
60.6
47.0
63.7
22.1
IV
1984: I
IV"
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November survey, business spending for new plant and
equipment for the year 1985 is expected to be 8.4 percent above the 1984 level; spending for 1984 is expected
to be 14.3 percent more than in 1983.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
300
NONMANUFACTURING
(Surveyed Quarterly)
200
200
MANUFACTURING
100
100
80
80
60
60
40
40
-L/-L/
J
I
I L
1977
1978
I
I
1979
J
L
I
1980
I
I I
1981
1982
I
1983
I
I
I
I
1985
1984
-L/ SEE FOOTNOTE 4 BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE:DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed ( uarterly
M anufacturin e
Period
1977
1978
1979
1980
1981
1982
1983
1984 4
1985 4
1983:
1984:
Total
Durable
goods
No imanufactur ing
able
goo s
Total 1
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonbusi-
Noiimanufactur ing
Manufacturing
Total
Surveyed
quarter-
iy
174.68
203.54
240.22
264.44
289.37
282.71
269.22
307.59
333.40
69.22
79.72
98.68
115.81
126.79
119.68
111.53
131.01
146.25
34.04
40.43
51.07
58.91
61.84
56.44
51.78
63.02
71.79
35.18
39.29
47.61
56.90
64.95
63.23
59.75
67.99
74.46
105.46
123.82
141.54
148.63
162.58
163.03
157.69
176.58
187.15
9.24
10.21
11.38
13.51
16.86
15.45
11.83
12.90
13.54
10.68
12.35
12.09
12.05
11.95
11.20
12.91
13.52
26.79
29.95
33.96
35.44
38.40
41.95
42.00
44.17
44.82
60.03
72.99
83.85
87.59
95.27
93.68
92.67
106.61
115.28
m...
270.05
283.96
111.12
116.36
53.06
54.85
58.06
61.50
158.93
167.60
11.93
12.43
11.00
11.86
42.22
42.69
93.79
100.62
111.12
116.36
158.93
167.60
n
m...4
I
293.15
302.70
313.11
321.40
122.78
127.67
134.49
139.09
58.94
60.20
65.44
67.49
63.84
67.46
69.06
71.60
170.37
175.03
178.61
182.31
13.95
12.13
12.61
12.92
11.46
12.95
13.65
13.56
43.62
44.61
44.75
43.70
101.35
105.35
107.61
112.12
122.78
127.67
134.49
139.09
170.37
175.03
178.61
182.31
I*...
4
337.85
344.86
146.00
151.23
71.09
74.36
74.91
76.87
191.85
193.63
12.57
13.04
13.00
13.47
45.21
46.20
121.07
120.93
146.00
151.23
191.85
193.63
rv...
IV .
1985:
All
industries
n ..
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
10
9.40
198.08
231.24
270.46
295.63
321.49
316.43
302.50
69.22
79.72
98.68
115.81
126.79
119.68
111.53
131.01
146.25
128.87
151.52
171.77
179.81
194.70
196.75
190.97
105.46
123.82
141.54
148.63
162.58
163.03
157.69
" 176.58
187.15
Surveyed
annual-
ly"
23.40
27.70
30.24
31.18
32.12
33.72
33.28
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in late October and November 1984, corrected for biases.
NOTE.—For details about the reduced industry coverage of the plant and equipment survey, see
Survey of Current Business, January 1984.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment rose 118,000 in January and unemployment rose 293,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
116
116
SEASONALLY ADJUSTED
112
112
CIVILIAN LABOR FORCE
\
108
108
104
104
100
\
100
~
CIVILIAN
EMPLOYMENT
96
96
92
92
88
88
12
12
-
UNEMPLOYMENT
1977
1978
1979
1981
1980
1984
1983
1982
1985
•16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF £CONOMIC 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
Period
1979
1980
1981
1982
1983
1984
1984:
Jan r ...
Feb T...
r
Mar ...
Apr rT...
May ...
June r..
July r..
Aug r...
Sept '..
Oct r....
Nov '...
Dec r...
1985: Jan
1
Civilian ernployment
Resident
Labor force
including
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
15
weeks
and
over
3,373
4,064
4,499
5,852
5,997
5,512
6,137
7,637
8,273
10,678
10,717
8,539
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
3,320 103,071
5,389
Agricultural
Forces
NSA
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
106,702
104,962
106,940
108,670
110,204
111,550
113,544
98,824
99,303
100,397
99,526
100,834
105,005
3,347 95,477
3,364 95,938
3,368 97,030
3,401 96,125
3,383 97,450
3,321 101,685
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
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
179,081
1,697
116,572
108,088
114,875
106,391
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
TJnemplc>yment
Total
Total
Part- tune
for
economic
reasons 1
Labor force
partici] ation
rate (pe rcent)
Total 2
Civilian s
1,241
1,871
2,285
3,485
4,210
2,737
64.0
64.1
64.2
64.3
64.4
64.7
63.7
63.8
63.9
64.0
64.0
64.4
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
8,484
2,243
65.1
64.8
NOTE.—Seasonally adjusted data revised beginning 1980. 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.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
/*- > \1 ~J\*
-y.
rv-»\L
I
/
TEENAGERS
(16-19)
\
v- v
15
15
MEN 20 YEARS
AND OVER
10
10
\
WOMEN 20 YEARS
AND OVER
1985
1981
1981
1982
1984
1983
1985
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
TJnemp oyment ra te (percen t of civilian labor force in group)
Period
1979
1980
1981
1982
1983
1984
1984:
Jan r
Peb r
Mar r
Apr r
May '
June T
July r
Aug r
Sept '
Oct '
Nov r.
Dec r.
1985: Jan ...
Unemployment
rate, all
workers 1
By sex and age
civilian
workers
Both
sexes
16-19
years
Black a id other
Men
20 years
and over
Women
20 years
and
over
16.1
17.8
19.6
23.2
22.4
18.9
5.1
6.3
6.7
8.6
8.4
6.5
17.3
17.8
14.4
7.1
White
5.8
7.0
7.5
9.5
9.5
7.4
5.8
7.1
7.6
9.7
9.6
7.5
4.2
5.9
6.3
8.8
8.9
6.6
5.7
6.4
6.8
8.3
8.1
6.8
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
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
7.3
7.4
6.3
6.8
18.9
6.4
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours iost by the unemployed and persons on part time for economic reasons
cent of potentially available labor force hours.
12
By s elected grou s
By race
All
AH
Total
Black
11.3
13.1
14.2
12.3
14.3
15.6
18.9
19.5
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Labor
force
time lost
(percent) 2
Pulltime
workers
Parttime
workers
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
15.9
5.5
6.9
7.3
9.3
9.2
7.1
4.3
6.5
6.5
4.6
8.3
9.2
10.4
11.7
12.2
10.3
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
13.7
14.9
6.9
4.6
10.0
7.1
9.3
8.2
2.8
4.2
NOTE.—Seasonally adjusted data revised beginning 1980.
Source: Department of Labor, Bureau of Labor Statistics.
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 jover fell. Both the mean and
the median duration of unemployment fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
JOB LOSERS
>
-
50
40
-
30
REENTRANTS
20
20
NEW ENTRANTS
10 -
10 -
1981
1981
1985
1982
1985
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
11
Dur ation of L nemplo}rment
Period
Unemployment
(thousands)
Less
than
5
weeks
5-14
weeks
15-26
weeks
Re ison for tinemployment:
1
percent distributio i
Stat e
progra ms
Numb er of
P ercent di tribution
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
ployment
benefit
claims
(unad-
Weekly av srage, thousa nds
1980
1981
1982
1983
1984
1984:
1985:
7,637
8,273
10,678
10,717
8,539
43.1
41.7
36.4
33.3
39.2
32.3
30.7
31.0
27.4
28.7
13.8
13.6
16.0
15.4
12.9
10.7
14.0
16.6
23.9
19.1
11.9
13.7
15.6
20.0
18.2
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
'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
Jan
8,484
43.3
30.2
11.1
15.4
15.3
1
2
Detail may not add to 100 percent because of roundin gIncludes State (50 States District of Colu mbia, Pue rto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFB) and railroad (R 1) progra ms. Also ncludes F sderal an 3 State extended benefit programs. Does not include Peder al supplenlental com >ensation rogram.
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
488
460
583
438
3,837
3,410
4,594
3,775
7.9
51.7
51.6
58.7
58.4
51.8
'8.9
'8.4
'8.4
'8.1
'8.3
'7.5
'7.6
'7.6
'7.6
'7.3
'7.3
'7.4
'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
2,615
2,528
2,498
2,449
2,369
2,335
2,361
2,326
2,370
2,442
2,516
2,504
368
349
354
361
350
354
373
365
374
405
402
393
3,374
3,174
2,958
2,613
2,290
2,166
2,327
2,184
2,083
'2,149
2,441
6.7
50.8
10.4
26.4
12.4
6.5
6.9
8.7
10.1
584
489
444
401
374
352
342
322
307
289
295
305
3 J ederal
sup jlemental compensat on program,
No e: — Seasonal!y adjus ted unemp oyment data revised begin ning 1980
So rce: Depa rtment of -labor (Bur eau of Labor Statistics anc Employm ent and Traini ng Administratio n).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 348,000 in January.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
100
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
SERVICE-PRODUCING
INDUSTRIES
60
50
40
30
-GOODS-PRODUCING INDUSTRIES
20
1981
1982
1985
1981
1982
1983
1984
1985
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; 1 seasonally adjusted]
Service-produ eing industr es
Goods-i reducing in dus tries
Period
Total
nonagricultural
employment
Total
2
el
(Construction
i anufacturin g
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
-Tieiau
trade
"Rptni!
Finance,
insurance,
and real
estate
Services
Government
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 r...
Nov r..
Dee "..
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
1985: 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
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 gi oss hourly
earn ngs
\verage weekly
hours
Period
1984:
1985:
Overtime
Manufacturing
Percent change from a year
earlie r 4 5
Index,
1977 == 100
Current
dollars
1977
dollars 3
Current
dollars
$5.22
5.68
6.17
6.70
7.27
7.99
8.49
8.83
9.17
92.9
100.0
108.2
116.8
127.3
138.9
148.5
155.3
160.5
99.0
100.0
100.5
97.4
93.5
92.6
93.4
94.8
94.7
7.2
39.8
38.9
40.1
40.7
$4.86
5.25
5.69
6.16
6.66
7.25
7.68
8.02
8.33
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
95.1
95.4
94.9
95.2
95.2
94.1
94.2
93.9
94.3
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
35.2
40.6
3.3
8.44
9.35
162.7
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Octr.
Nov r
Dec".
Jan"
1978
1979
1980
1981
1982
1983
1984"
Total
Total
private
nonagricultural *
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3.0
3.4
36.1
36.0
35.8
35.7
35.3
35.2
34.8
35.0
35.3
1976
1977
Manufa during
Total
private
nonagricultural J
Adjuste d hourly earnin £S index2 — total nivate
nonagnc jltural
40.1
40.3
40.4
40.2
39.7
7.6
8.2
7.9
9.0
9.1
6.9
4.6
3.3
1977 dollars
1.4
1.0
.5
-3.1
-4.0
-1.0
.9
1.5
-^
-.0
-.6
.0
.6
.1
.3
.2
-.3
-.3
-.9
- .3
- .2
2.7
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 anagricultural 5
Avera,Efe gross weekly ea rmngs
Period
Current dollars
1976
1977
1978
1979
1980
1981
1982
1983
1984"
Current dollars
1977 dollars s
$283.73
295.65
318.69
342.99
367.78
399.26
426.82
443.42
454.73
$114.60
121.66
130.20
138.62
147.38
158.03
163.85
171.05
176.40
7.3
7.7
7.8
8.0
6.9
8.5
4.7
5.0
4.8
173.93
173.65
174.08
175.52
173.98
174.61
173.92
171.98
173.39
171.21
172.41
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
379.61
457.68
176.11
2.2
1985:
Jan".
297.09
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index on a 1977=100 base.
Revised index for urban wage earners and clerical workers used beginning 1978.
1977 dollars
Current dollars
$209.32
228.90
249.27
269.34
288.62
318.00
330.26
354.08
373.22
290.63
290.52
291.23
294.17
292.64
294.05
293.92
293.57
297.36
294.14
296.38
298.99
2
Retail trade
$186.85
189.00
189.31
183.41
172.74
170.13
168.09
171.26
173.48
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r .
Nov r .
Dec"
3
Construction
$175.45
189.00
203.70
219.91
235.10
255.20
267.26
280.70
294.05
1984:
1
Manufacturing
Total irivate
nonagnc ultural '
1.5
1.2
.2
-3.1
-5.8
1.5
-1.2
r
1.9
1.3
1.8
2.5
1.8
3.0
1.5
1.7
1.6
1.3
.6
.9
-.1
.1
4
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
5
15
43-431 0 - 8 5 - 3
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output p€ r hour of
all pe rsons
Period
Outj ut
Hours of all
2
perse ns
'
Compens ation per
Nonfarm
business
sector
Nonfarm
business
sector
Nonfarm
business
sector
93.6
96.6
97.9
96.5
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
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
130.6
143.1
154.5
162.0
169.5
96.4
95.5
97.3
98.4
98.8
96.0
95.3
97.0
98.6
98.9
132.6
142.4
153.6
156.0
157.7
132.8
143.5
154.5
156.6
158.9
128.1
140.4
147.9
152.4
157.3
128.1
140.6
148.6
153.4
158.1
156.7
158.4
156.0
157.9
97.3
98.0
96.9
97.7
155.3
155.9
155.6
157.1
148.7
149.3
149.3
150.2
105.1
106.5
108.2
110.3
160.2
161.0
161.8
164.2
160.1
161.5
162.4
164.0
99.0
98.5
98.0
98.4
99.0
98.8
98.3
98.2
156.8
155.4
155.1
156.8
157.6
155.9
155.9
157.1
151.0
151.7
152.7
154.2
151.9
152.7
153.8
155.2
112.3
113.6
114.1
114.7
166.7
167.5
169.3
171.0
166.5
168.0
169.5
170.9
98.6
98.2
98.4
98.5
98.5
98.5
98.5
98.4
157.7
156.5
158.0
158.5
158.3
157.6
159.5
160.2
155.6
156.7
158.1
158.8
156.3
157.3
159.0
159.9
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
.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
10.3
9.6
8.0
4.9
4.6
-2.7
-.9
1.9
1.1
.4
-2.8
-.7
1.7
1.6
.3
11.0
7.3
7.9
1.6
1.1
11.1
8.0
7.7
1.4
1.5
9.3
9.6
5.3
3.0
3.2
10.0
9.8
5.7
3.2
3.1
7.5
4.5
7.5
5.1
.3
2.9
.3
3.5
5.0
1.7
3.7
4.0
2.3
1.8
2.0
2.4
1.5
5.7
6.5
8.0
4.4
2.2
2.0
6.1
5.7
3.5
2.2
4.1
4.1
-2.1
-2.1
1.6
5.4
-.8
-1.9
-.3
2.2
-3.5
-.8
4.6
1.3
-4.2
.1
3.0
4.6
1.9
2.5
4.1
4.6
2.2
2.7
3.7
7.2
4.8
1.8
2.2
6.2
1.9
4.4
4.1
6.1
3.7
3.6
3.5
1.2
-1.8
.8
.3
1.0
0
0
2.1
-2.9
3.7
1.5
3.1
-1.7
4.7
1.8
3.7
2.9
3.6
1.8
2.8
2.8
4.2
2.5
Nonfarm
business
sector
Business
sector
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
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
1980
1981
1982
1983
1984 "
98.8
100.7
100.9
103.7
107.4
98.3
99.8
100.0
103.4
106.6
106.5
109.2
106.3
111.0
120.8
106.5
108.7
105.9
111.2
120.7
107.8
108.4
105.4
107.1
112.5
108.3
109.0
106.0
107.5
113.2
131.1
143.4
155.0
161.7
169.3
m
IV
100.9
101.6
100.3
100.5
106.1
105.8
106.0
105.2
105.1
104.1
105.7
104.7
I
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
105.7
107.0
107.2
107.9
105.2
106.6
106.3
106.7
117.8
121.0
121.5
122.8
118.0
121.0
121.3
122.4
111.4
113.0
113.4
113.8
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
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
1.9
.2
2.7
3.6
-.7
1.5
.2
3.5
3.1
-1.2
2.5
-2.6
4.4
8.8
— 1.4
2.1
-2.6
5.0
8.5
-.7
.6
-2.8
r
-1.6
5.0
-.6
.6
-2.8
1.5
5.2
10.4
9.4
8.1
4.3
4.7
1982: m
IV
2.4
2.7
3.6
1.1
-1.3
-1.2
— .1
-3.0
-3.6
-3.8
-3.6
-4.0
1983: I
2.1
5.9
2.8
1.4
4.4
8.1
2.1
1.0
4.4
12.4
9.3
7.8
6.0
14.3
8.7
9.1
2.2
6.1
6.4
6.2
4.0
4.9
.6
2.6
2.9
5.5
-1.1
1.7
11.4
11.2
1.8
4.3
10.3
10.6
.7
3.9
7.2
6.0
1.2
1.6
19'f7 = 100;
HI
IV
1984:
I
n
mr....
IV"....
Pe rcent
1980
1981
1982
1983
1984"
n
m
IV
1984: I
nr
m ....
IV"....
1
16
Business
sector
Business
sector
[uarterly c ata seasoilally adjus ted
chan ;e; quarterly data a seasonal' y adjusted annual ra tes
Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
* Hourly compensation divided by the consumer price index for all urban consumers.
2
Nonfarm
business
sector
Business
sector
Business
sector
n
Implic t price
5
defla tor
CO StS
Nonfarm
business
sector
Nonfarm
business
sector
1983:
4
Business
sector
Business
sector
1982:
Unit labor
Real compensation
per h our
honI T 3
5
q
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 0.6 percent in December following a rise of 0.4 percent in November. The index for
December was 6.4 percent above its year earlier level.
INDEX, 1967 = 100* (RATIO SCALE)
INDEX, 1967 = 100* (RATIO SCALE)
180 -TOTAL INDUSTRIAL PRODUCTION
180 _ UTILITIES AND MINING PRODUCTION^/!
160
160
UTILITIES
140
140
120
120
imillim
1980
MINING \
U'llll'lll
1982
1981
1983
1984
100
180 _MANUF/\CTURING PRODUCTKDN
_
160 "N
.-' ""*•"
r•JONDURABL :
\
V
-'
140 -\
-V
J
""
\/
\
1980
PERCENT*
s
\
1982
1983
1984
90 ^MANUFACTURING CAPACITY UTILIZATION RATE .
"—'~- [
^S~
80
DUR^ BLE f
\
Y
120
1981
70
Illllllllll
iiiiiiinn
Illllllllll
iiinliiill
Illllllllll
1980
1981
1982
1983
1984
60
1983
1980
'SEASONALLY ADJUSTED
SOURCE-. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1984
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
To tal
indu 5 trial
prodi ction
Period
Index,
1967 = 100
1967 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984".
1983: Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sepf.
Ocf
Nov r
Dec"
1
Output as percent of capacity.
Industry pro .uction indexe , 1967=100
Percent
change
from year
earlier
100.00
117.8
130.5
138.2
146.1
152.5
147.0
151.0
138.6
147.6
163.5
156.2
158.5
160.0
160.8
162.1
162.8
164.4
165.9
166.0
165.0
164.5
165.2
166.2
Capacity utilization
rate, perce nt (Federal
Reserve series) *
Manufacturing
-8.9
10.8
5.9
5.7
4.4
3.6
2.7
8.2
6.5
10.8
15.5
15.4
15.9
14.9
13.7
12.7
12.3
10.8
9.4
7.3
6.1
6.4
6.4
Mining
Durable
Total
Utilities
Nondurable
87.95
51.98
35.97
116.3
130.3
138.4
146.8
153.6
146.7
150.4
137.6
148.2
165.0
156.8
159.5
161.4
162.1
163.4
164.2
165.7
167.3
167.6
166.6
166.4
167.1
168.1
109.3
122.3
130.0
139.7
146.4
136.7
140.5
124.7
134.5
154.7
145.0
148.6
150.5
151.4
152.6
153.3
154.9
157.2
157.8
157.1
157.0
157.6
158.3
126.4
141.8
150.5
156.9
164.0
161.2
164.8
156.2
168.1
179.8
173.9
175.2
177.2
177.6
179.1
179.9
181.3
181.8
181.7
180.3
180.0
180.7
182.3
6.36
112.8
114.2
118.2
124.0
125.5
132.7
142.2
126.1
116.6
125.9
123.7
124.8
124.1
123.8
123.3
125.0
127.0
129.9
128.3
128.7
123.8
125.4
126.7
5.69
146.0
151.7
156.5
161.4
166.0
168.3
169.1
168.7
172.4
180.7
182.5
181.0
176.5
180.0
182.7
182.3
184.3
181.8
180.6
180.9
180.5
180.5
178.8
Manufacturing
Industrial
materials
72.9
79.6
82.2
84.7
86.0
79.6
79.4
71.1
75.2
81.7
78.9
80.1
80.9
81.0
81.5
81.7
82.2
82.8
82.8
82.0
81.8
81.9
82.2
73.3
81.1
82.6
85.6
87.6
80.4
80.7
70.1
75.2
82.1
79.6
80.6
81.9
82.2
82.5
82.7
82.9
83.1
83.2
82.4
81.2
81.4
81.6
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100; monthly data seasonally adjusted]
Produ ts
Internlediate pro
?inal produc s
LUCtS
Equipment
C unsumer go ods
Period
Total
Total
Durable
goods
Nondurable goods
Total
Business
Defense
and
space
equipment
Total
Construction
supplies
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
162.7
27.68
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
151.7
161.8
7.89
19.79
20.14
12.63
7.51
12.89
6.42
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.2
147.5
162.2
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
153.4
161.7
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
140.8
163.8
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9
153.3
180.7
82.4
80.0
79.8
81.3
86.5
93.4
98.2
102.7
109.4
119.9
135.5
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
156.6
172.5
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
142.5
159.1
1983:
Dec
155.2
157.7
158.6
157.3
151.8
167.3
125.7
165.4
1984:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sepf
Ocf
Nov r
Dec"
157.5
158.0
158.6
160.2
161.1
163.1
165.2
165.1
164.6
165.2
166.0
167.0
159.5
159.4
160.2
161.4
161.7
163.0
163.8
162.5
161.6
161.8
162.8
163.7
163.4
162.5
163.1
162.2
161.4
163.6
163.7
162.6
159.6
158.5
162.4
163.7
157.9
158.2
159.1
161.1
161.8
162.7
163.9
162.4
162.4
163.1
163.0
163.8
154.9
156.1
156.4
158.5
160.3
163.3
167.0
168.7
168.9
170.0
170.2
171.6
170.7
171.9
172.1
173.5
176.5
181.1
185.5
187.6
186.4
187.1
187.1
188.5
128.3
129.5
130.1
133.2
133.1
133.5
135.9
136.8
139.5
141.1
141.8
143.1
167.8
169.0
170.2
171.0
171.6
173.5
175.8
175.1
173.0
173.7
173.7
174.7
als
supplies
Supplementary
group:
Energy
total
6.47
136.0
129.7
141.7
149.5
156.5
163.1
162.8
166.7
162.1
170.7
39.29
132.4
115.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7
145.2
161.5
12.23
151.5
179.3
154.5
141.1
155.5
156.6
159.1
159.6
159.5
160.9
161.9
160.9
158.2
158.7
158.3
159.6
180.1
181.3
181.3
182.3
183.5
186.1
189.5
189.1
187.6
188.6
189.0
156.6
159.4
160.4
161.5
162.0
162.9
163.5
164.0
162.8
160.7
161.5
162.3
141.6
141.4
141.9
142.8
143.3
144.5
144.0
143.0
142.8
140.3
140.9
140.9
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
135.9
142.2
[1967 = 100; monthly data seasonally adjusted]
No ndurable nanufactui res
Durable m inufactures
Primary metals
Period
Total
1967 proportion
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984"
Iron and
steel
Fabricated
metal
products
Nonelectrical
machinery
Transp ortation
equip ment
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Poods
8.75
6.57
4.21
5.93
9.15
4.50
1.64
3.31
4.72
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
71.5
79.7
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
120.2
137.6
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
150.6
181.2
8.05
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
185.5
217.5
9.27
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
85.4
95.1
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
117.8
137.7
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
137.1
165.9
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
137.2
149.2
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
144.1
152.5
169.6
7.74
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
215.0
229.0
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
156.4
163.7
1983:
Dec
90.4
74.1
129.2
164.3
201.5
130.8
158.9
143.8
161.7
221.1
157.7
1984:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sepf.
Ocf.
Nov r .
Dec"
93.2
98.4
97.5
99.3
98.2
97.9
94.5
94.4
94.1
93.0
90.5
88.9
80.7
86.0
84.4
84.0
83.5
83.5
76.5
77.7
77.5
75.6
72.9
131.7
132.8
134.9
135.5
136.5
138.7
140.6
140.0
139.5
140.7
139.6
140.9
169.5
170.9
171.9
174.9
178.8
182.0
186.9
189.1
187.9
187.2
186.4
187.1
206.2
209.9
212.0
214.6
214.5
216.0
221.5
221.5
222.8
221.9
224.0
224.7
134.9
135.2
135.8
134.5
135.0
137.2
140.6
141.0
137.6
137.1
141.8
142.8
166.3
164.4
165.8
161.9
163.0
165.3
169.0
169.6
162.4
161.6
171.4
172.6
146.0
145.6
149.3
151.2
146.3
148.5
146.0
148.8
149.2
152.6
152.4
163.4
164.8
165.2
166.3
167.5
169.0
172.6
173.1
170.5
172.2
173.9
173.5
221.5
224.8
225.0
228.3
227.9
231.0
232.0
231.6
230.8
229.5
230.5
159.4
160.0
161.2
163.1
164.2
165.1
164.9
164.7
164.3
165.0
:
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
2
Constructio n contracts
Private
Period
Total new
construction
expenditures
Resi .ential
Total
Commercial
and industrial
New housing
Total 1
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
1977
1978
1979
1980
1981
1982
1983
1984 *
173.8
205.6
230.4
230.7
239.1
230.1
262.2
311.9
135.7
159.7
181.6
175.7
185.8
179.1
211.4
256.2
81.0
93.4
99.0
87.3
86.6
74.8
111.7
135.1
22.5
29.6
39.9
43.8
51.3
54.6
48.7
63.9
65.7
75.8
78.6
63.1
62.7
51.9
86.1
102.8
32.2
36.7
42.7
44.7
47.9
49.7
51.0
57.2
38.2
45.9
48.8
55.0
53.3
51.0
50.8
55.8
100.0
114.0
122.0
107.0
110.0
112.0
138.0
150.0
280.9
300.4
309.7
308.6
316.4
315.3
314.2
318.0
318.7
317.9
316.0
318.7
230.0
248.1
255.0
254.1
261.2
257.8
258.2
261.2
260.9
261.2
259.8
262.8
121.9
137.4
141.1
136.6
138.4
136.4
137.8
138.9
137.1
135.2
132.2
130.4
r
919
690
756
937
Annual rates
Annual rates
1984: Jan
Feb
Mar
Apr
May
June
July r
Aug '
Sept '
Oct '
Nov"
Dec"
739
977
1,059
904
53.9
56.0
59.6
61.0
64.9
63.0
62.2
64.1
65.8
68.5
69.9
73.9
96.9
102.3
102.4
102.7
106.4
105.0
104.6
105.0
103.2
103.4
102.1
100.8
54.1
54.7
54.2
56.5
57.9
58.4
58.2
58.1
58.0
57.5
57.7
58.5
50.9
52.3
54.8
54.5
55.2
57.5
56.0
56.9
57.8
56.7
56.1
56.0
150
150
144
145
165
148
152
151
144
146
158
148
931
751
884
960
1,013
888
957
1,011
901
937
1,002
1,011
1
Includes nonhousekeeping residential construction and additions and alterations, not shown sep-
for floor space.
r&2
FJ'W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
°
°
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New prrv ate homes
New private housing units
Period
Units started, bj type of structure
Total
1977
1978
1979
1980
1981
1982
1983
1984"
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,744.7
1 unit
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,079.9
2-4 units
5 or more units
121.7
125.0
122.0
109.5
91.1
80.0
113.5
121.8
414.4
462.0
429.0
330.5
287.7
319.6
522.0
543.0
Units
authorized
1,690.0
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,645.4
Units
completed
Homes sold
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,648.5
819
817
709
545
436
412
623
639
1,489
1,606
1,565
1,590
1,654
1,756
1,739
1,718
1,689
r
l,661
1,607
1,558
1,589
755
681
712
682
649
616
635
615
r
562
r
662
652
588
606
Vacancy rate
Homes for
sale at end
of
period 1
3
402
414
398
336
272
251
300
357
housing units
(percent) 2
5.2
5.0
5.4
5.4
5.0
5.3
5.7
Seasonal y adjusted annu al rates
1983: Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov '
Dec"
1
1,694
1,980
2,262
1,662
2,015
1,794
1,877
1,754
1,554
1,683
1,535
1,554
1,587
1,021
1,301
1,463
1,071
1,196
1,131
1,084
990
932
1,016
964
1,009
1,064
133
114
148
137
169
116
107
118
113
109
106
124
122
540
565
651
454
650
547
686
646
509
558
465
421
401
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
1,602
1,799
1,902
1,727
1,758
1,745
1,768
1,565
1,506
1,440
1,418
1,591
1,586
300
302
303
320
328
333
339
341
r
344
r
343
347
350
357
5.5
5.6
5.5
6.0
6.3
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for
1973-77 are for 14,000 places.
Source; Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales rose 1.0 percent in November and inventories rose $1.1 billion. According to
advance data, retail sales rose 0.7 percent in January following a decrease of 0.5 percent in December.
BILLIONS OF DOLLARS* (RATIO SCALE)
600
BILLIONS OF DOLLARS* (RATIO SCALE)
160
150 —
140
RET A IL INVENTOR IES
\_^_^
130
550
^^_—
500
yTZ^5 r-
p"—'
_—-•—-1
450 S
-—'^^
MANU FACTURING AND
TRAD E INVENTOR ES
400
120
^-
•s^ /'
,'*.'•**
V
^ — ''^
„-„--'•- L.--V"
90 —
80
MA NUFACTURIh4G
AN D TRADE SAL ES
300
~~
100
-
,*''
'-'-?-/
,—'
110 *~
—• -'"""
350 ~~
_^^— .
-—= ,f
-
R ETAIL SALES
-^ ^*f —
70 —
250
—
60
50
_
200
1980
150 —
—
1981
1982
1.40
1982
1981
1983
_
Minium Illllllllll
1984
r^-x^—"v,
.
^fTfri/^^Xp.
_
1.20
MA NUFACTURI •-JG
AND TRADE
1980
1981
Nn
' 'T\
r^^^iiiiiliini
1982
1983
1984
COUNCIL OF ECC NOMIC ADVISERS
Inventory-s ales ratio 4
Ke tail
Whol esale
Sales 2
Period
Invento-3
ries
"A-^
-•^>**S
RETAIL
Illllllllll Illllllllll
SEASONALLY ADj JSTED
c OURCE: DEPARTM
NT OF COMMERC
Manufact iring and
tra( e 1
1984'
_ INVENT DRY-SALES RATIO
~/~\
1980
|
1983
RATK3*
1 80
1 60
100 I l l l l l l l l l l I l l l l l l l l l l I l l l l l l l l l l I l l l l l l l l l l I l l l l l l l l l l
|n|||
| | | ( | | Illllllllll
Illllllllll
Sales
2
InventoTotal
Durable
goods
stores
inventories 3
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
Retail
trade 1
Millions of dollars, seasonally iidjusted
1977
1978
1979
1980
1981
1982
1983
1984"
229,624
260,263
297,565
327,113
355,762
343,504
367,096
409,247
351,055
398,457
449,542
491,431
523,623
505,546
514,336
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
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
43,135
49,858
53,413
53,952
58,559
56,748
63,447
46,395
52,646
57,179
61,598
67,151
68,636
72,396
1.46
1.44
1.43
1.45
1.43
1.50
1.37
1.40
1.43
1.44
1.41
1.39
1.39
1.33
1983: Dec
395,682
514,336
106,892
118,067
102,438
35,532
66,906
135,843
63,447
72,396
1.30
1.33
137,977
142,731
143,910
146,883
146,951
145,359
145,120
146,318
147,040
148,661
149,095
63,749
66,513
66,946
69,010
68,277
66,896
66,141
66,602
67,458
68,330
68,870
74,228
76,218
76,964
77,873
78,674
78,463
78,979
79,716
79,582
80,331
80,225
1.29
1.32
1.33
1.33
1.32
1.32
1.34
1.35
1.37
1.37
1.36
1.29
1.35
1.39
1.37
1.36
1.33
1.35
1.37
1.36
1.37
1.35
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov"
Dec"
1985: Jan 5
.
1
2
3
401,133
398,815
401,905
405,880
412,725
414,124
411,410
411,176
410,505
410,621
414,523
416,876
518,062
527,216
532,766
541,060
545,912
546,834
551,366
556,519
560,430
563,810
564,924
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
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
r
110,397
109,872
110,686
37,127
36,909
35,306
37,436
37,912
38,687
37,452
36,781
37,046
38,413
r
39,158
38,873
39,857
69,475
68,573
68,567
70,069
70,325
70,635
69,990
69,825
71,194
70,320
r
71,239
70,999
70,829
4
For annual periods, ratio of weighted average inventories to avera; : 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 December, manufacturers' shipments rose, inventories were unchanged, and new and unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
240
BILLIONS OF DOLLARS* (RATIO SCALE)
360
320 -INVENTORIES
280
200 _ SHIPMENTS
160
240
/
TOTAL
120
200
DURABLE GOODS
100
160
"DURABLE GOODS
80
NONDURABLE GOODS
60
120
100
-NONDURABLE GOODS-
80
40
60
BILLIONS OF DOLLARS* (RATIO SCALE)
DERS
200 - NEW OR
,*** i—-
^
—
r
/—•
r
.x-^1
TOTAL
40
RATIO*
2.2
-DURABL '. GOODS—
120
INVENTC5RY-SHIPM ENTS RAT O
2.0
80
-.
.-s: _«-^
-----....
'"* "
y
N— -/'
•*"~\'
NONDURA iLE GOODS
1.8
1.6
TV
""^^
h\
1.4
40
iiiiiliini
lllllllMII
jliilllllll
1980
1981
1982
Mllllllll! Mllllillll
1983
1984
1.2 l l l l l l i m ! U l l i l m i l
1980
1981
niiiliini
IHIllllUl i|lliiil!!|
1982
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1983
1984
COUNCIL OF ECONOMIC ADVISERS
Manufa cturers' ship merits l
1Eanufacturers new orders i
Manufa cturers' inver tones 2
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
Durabl e goods
Period
Durable
goods
Durable
goods
Nondurable goods
Capital
Nondurable goods
Total
industries,
defense
Millions of do liars, seasoirally adjust ed
1983
1984"
113,202
126,905
143,936
154,391
168,129
159,193
170,617
189,442
59,267
67,848
76,060
77,550
83,872
76,859
85,126
98,639
53,935
59,057
67,876
76,841
84,257
82,334
85,491
90,802
189,214
210,385
240,942
264,089
282,059
264,599
260,426
285,008
121,601
137,825
160,451
174,552
186,053
175,009
171,571
191,168
67,613
72,560
80,491
89,537
96,006
89,590
88,855
94,640
115,032
131,546
147,403
156,161
167,761
157,389
173,433
191,599
61,082
72,339
79,451
79,360
83,562
75,129
87,806
100,849
15,291
19,458
23,231
23,259
24,050
20,681
22,764
26,854
53,950
59,207
67,953
76,801
84,199
82,260
85,627
90,750
203,475
259,755
301,982
323,312
318,794
296,147
330,122
356,059
1.61
1.57
1.57
1.66
1.64
1.73
1.52
1.46
1983: Dec
186,352
96,351
90,001
260,426
171,571
88,855
188,374
98,444
24,893
89,930
330,122
1.40
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec " ,
95,283
184,406
96,297
185,005
96,990
188,479
95,697
187,332
97,944
189,376
190,401
99,042
190,658
98,390
192,006 101,035
190,151
98,943
190,521
100,427
191,978 ' 101,778
193,549 101,826
89,123
88,708
91,489
91,635
91,432
91,359
92,268
90,971
91,208
90,094
90,200
91,723
260,884
264,074
267,379
270,392
274,593
277,481
280,019
283,525
285,185
286,426
285,833
285,808
171,549
173,203
175,751
177,993
180,578
182,452
184,559
187,142
188,915
190,476
190,428
191,168
89,335
90,871
91,628
92,399
94,015
95,029
95,460
96,383
96,270
95,950
95,405
94,640
188,671
191,336
196,477
189,715
193,680
190,620
194,037
192,578
189,817
185,856
194,168
192,845
99,439
102,345
105,183
98,317
102,256
99,171
101,704
102,015
98,676
96,067
r
104,037
101,002
25,093
27,018
26,860
25,885
28,958
28,029
27,648
26,499
27,835
25,378
r
27,126
25,501
89,232
88,991
91,294
91,398
91,424
91,449
92,333
90,563
91,141
89,789
90,131
91,843
334,385
340,725
348,717
351,099
355,398
355,625
358,990
359,564
359,232
354,566
356,756
356,059
1.41
1.43'
1.42
1.44
1.45
1.46
1.47
1.48
1.50
1.50
1.49
1.48
1977
1978
1979
1980
1981
1982
1
2
3
Monthly average for year and total for month. Shipments are the same as sales.
Book value, end of period.
End of period.
4
For annual periods, ratio of weighted average inventories to average monthly shipments; for
monthly data, ratio of inventories at end of month to shipments for month.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In December, the producer price index for all finished goods rose 0.1 percent, seasonally adjusted. Prices of
finished consumer foods rose 0.5 percent and prices of other finished consumer goods fell 0.2 percent. Prices of
capital equipment rose 0.2 percent.
INDEX, 1967= 100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
320
320
300
300
180
180
160 ^
160
1984
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100; monthly data seasonally adjusted]
Internlediate ma terials
Fim shed goods
Finished go )ds excluding consumer foo
Period
Total
finished
goods
Consumer
foods
Consumer gc ods
Total
Total
Other
Total
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
Other
180.7
218.6
226.7
233.1
236.6
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
292.4
234.0
336.5
289.8
286.7
317.1
257.8
321.5
333.6
263.6
484.4
292.0
292.7
293.6
294.0
295.0
295.5
294.8
293.9
294.0
293.8
295.3
294.7
234.0
235.2
237.3
237.2
236.8
237.1
237.3
237.7
237.7
235.5
236.7
236.9
335.7
336.1
336.0
336.7
338.9
339.5
338.2
336.2
336.2
337.7
339.8
338.6
290.5
291.7
292.5
294.3
293.9
294.2
294.9
295.7
296.3
294.6
295.3
295.9
288.7
289.8
291.0
290.6
290.3
290.2
291.0
290.3
290.0
289.9
291.6
291.7
317.0
317.6
319.3
319.5
320.3
321.6
321.0
320.5
320.1
320.5
321.6
321.1
261.1
256.5
259.8
260.3
259.8
257.7
252.9
249.8
246.2
243.8
245.6
244.3
321.2
322.2
323.8
323.9
324.9
326.4
326.1
325.8
325.6
326.2
327.3
326.8
336.0
330.9
337.1
336.9
333.8
330.9
331.0
326.8
327.0
324.0
330.4
329.0
269.4
261.1
271.5
268.3
260.9
255.4
256.4
251.9
252.2
249.4
261.6
261.1
479.9
481.4
479.0
485.0
490.8
493.5
491.6
488.1
488.0
484.3
479.0
475.7
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
186.7
211.5
250.8
276.5
287.8
291.4
294.1
1983: Dec
287.4
265.8
292.4
1984: Jan
Feb
Mar
Apr
May
June
July
Aug '
Sept
Oct
Nov
Dec
289.1
290.2
291.4
291.4
291.1
291.1
291.9
291.5
291.4
290.9
292.4
292.6
272.8
274.5
276.4
274.4
271.4
270.3
273.8
273.5
272.5
272.7
274.5
276.0
292.3
293.1
294.0
294.8
295.4
295.8
295.6
295.2
295.4
294.8
296.1
295.9
and
feeds '
199.2
216.5
239.8
264.3
279.4
287.2
294.1
195.9
217.7
247.0
269.8
280.7
285.2
291.2
22
Total
184.6
181.7
1978
1979
1980
1981
1982
1983
1984"
Intermediate materials for food manufacturing and feeds.
Capital
equipment
Foodstuffs
and
feedstuffs
Foods
189.3
200.0
231.3
283.9
319.6
333.6
335.3
337.4
1977
1
Durable
Nondurable
Total
finished
consumer
goods
Onude materi als
174.3
152.8
166.9
183.2
206.2
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In December, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (0.1 percent
not seasonally adjusted). The index was 4.0 percent above its level in December 1983.
INDEX, 1967 = 100 (RATIO SCALE)
320
INDEX, 1967= 100 (RATIO SCALE)
320
UNADJUSTED
300
300
280
280
260
260
7^\
240
240
ALL ITEMS
220
220
200
200
180
180
160
160
140 U
1977
1976
1978
1979
1980
1 III 1
1981
1 II
1982
140
1983
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
1984
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Hou sing
T ansportati m
She Iter
Period
All
items 1
Food
Total '
Total
Eentcosts 2
NSA
Bel. imp.s
1977
1978
1979
1980
1981
1982
1983
1984
100.0
181.5
195.4
217.4
246.8
272.4
289.1
298.4
311.1
18.7
192.2
211.4
234.5
254.6
274.6
285.7
291.7
302.9
37.6
186.5
202.8
227.6
263.3
293.5
314.7
323.1
336.5
21.5
191.1
210.4
239.7
281.7
314.7
337.0
344.8
361.7
351.8
353.0
353.8
355.3
357.6
358.7
360.0
362.5
364.3
366.1
367.4
368.7
370.2
1983:
Dec
303.5
295.4
328.1
1984:
Jan
Feb
Mar
Apr
May
June
July
305.2
306.6
307.3
308.8
309.7
310.7
311.7
313.0
314.5
315.3
315.3
315.5
300.2
302.2
301.8
301.7
300.9
301.3
302.2
304.1
303.8
304.9
305.6
306.6
329.6
331.1
331.2
333.3
334.1
334.9
336.7
338.7
340.2
340.5
341.4
341.9
Aug
Sept
Oct
Nov
Dec
1
2
7.0
Homeowners'
costs 2
Maintenance
and
repairs
NSA
NSA
14.0
0.5
103.0
108.6
102.5
107.3
214.7
233.0
256.4
285.7
314.4
334.1
346.3
359.2
105.3
104.5
354.7
105.7
106.0
106.5
107.4
107.8
108.2
108.9
109.5
110.0
110.5
110.9
111.5
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
Includes items not ahown 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.
8
Relative importance, December 1983.
a
Fuel
and
other
utilities
Appar-
All
items
less
food
energy,
and
shelter
Medical
care
Energy 4
369.1
410.9
389.4
376.4
370.7
6.1
202.4
219.4
239.7
265.9
294.5
328.7
357.3
379.5
11.9
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
205.7
379.8
366.0
423.3
264.2
205.6
206.4
207.4
207.6
207.2
207.3
208.3
209.4
210.5
210.9
210.3
210.7
375.9
370.5
374.0
375.4
376.1
370.4
364.0
361.2
365.2
371.6
373.2
370.9
368.6
371.5
373.5
375.3
377.3
379.0
381.1
382.2
383.4
385.4
387.1
388.2
421.7
422.7
421.8
424.7
425.4
422.6
421.2
421.8
424.4
425.6
426.5
424.2
265.8
266.7
267.8
269.1
270.0
270.7
271.6
272.7
273.9
274.8
275.3
275.9
upkeep
Total1
New
cars
8.2
202.2
216.0
239.3
278.6
319.2
350.8
370.3
387.3
5.3
154.2
159.6
166.6
178.4
186.9
191.8
196.5
200.2
21.8
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
373.8
378.2
384.8
380.9
383.9
384.6
385.4
388.6
391.7
392.9
389.9
390.7
389.2
198.5
306.1
199.0
198.5
198.6
198.5
198.6
198.1
199.0
200.8
202.1
203.2
203.0
202.4
306.7
306.6
309.4
311.2
312.7
312.1
311.1
311.2
312.7
314.9
315.2
315.5
3.5
Motor3
fuel
5.9
188.2
196.3
265.6
47.9
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and
clerical workers.
Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and
therefore are not strictly comparable with figures for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Chi nge from pr eceding peri
d
Change from 3 month s earlier, ann lal rate
Change from 6 mont] s earlier, ann ual rate
Consum r goods
Consum 3r goods
Consum r goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., N 3A
3.7
6.9
9.2
1976
1977
1978
1979
1980
1981
1982
1983
1984''
6.0
6.7
8.5
-2.5
6.9
11.7
7.4
7.5
1.4
2.1
2.3
3.8
12.8
11.8
7.1
3.7
.6
1.8
4.4
6.5
7.8
6.4
7.3
7.9
8.8
17.5
14.2
11.4
11.1
13.5
8.5
4.2
-.8
.8
9.2
3.9
1.9
2.1
9.2
4.0
1.6
2.1
Cl ange, mon ,h to mont h
1983:
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sepf
Oct
Nov '
Dec
0.2
0.7
.6
.4
.4
2.6
.6
.7
0
-.1
-.7
— 1.1
— .4
0
.3
-.0
i
— .4
.5
.1
.1
.7
.5
o
2.8
4.7
5.7
.2
.4
.3
.1
.3
.6
-.1
3.2
1.2
.2
.2
-.3
.0
.1
.2
.3
.2
-.6
.2
.2
-.4
.7
.6
.4
-j
.5
-.2
12.6
17.1
16.9
2.4
-4.4
-8.5
NOTE.—NSA indicates data are not seasonally adjusted.
.6
-.3
-.5
.1
2.1
2.0
2.8
2.0
2.3
2.8
2.8
2.7
3.4
10.7
11.3
11.2
2.8
3.2
5.3
3.1
3.0
2.9
7.4
5.8
.8
1.4
4.0
3.4
2.9
2.4
2.6
1.1
2.3
.8
2.5
2.9
2.6
1.9
.9
0
-.3
.9
1.0
3.4
.7
-.7
2.1
1.9
.8
.3
3.1
3.1
2.8
2.6
.2
1.0
1.2
2.1
2.3
1.8
1.6
1.4
1.9
1.8
— 1.5
-2.0
— .4
1.3
1.9
1.0
1.5
5.2
1.2
1.7
2.0
2.7
3.8
3.8
-.3
-1.6
0.2
4.1
1.5
1.7
-1.1
-.9
3.1
3.3
-1.4
1.8
1.4
5.8
1.1
.2
.3
1
1.3
1
0.3
-0.2
-.5
-.5
-2.8
-1.2
— .1
.2
-.5
2.3
4.3
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Housing
Period
All
items
L
Food
Total '
Ap-
Homeowners'
RentTotal '
Adden dum: All ite ns, percent hange
(annua 1 rate)
Tr msportati on
Shelter
Fuel
and
other
utilities
parel
and
up-
Total '
New
cars
Motor
fuel 2
Medical
care
Ener-
gy
3
items
less
food,
energy,
From
previous
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
NSA
C liange, D ecember to Dec ;mber, N SA
4.8
6.8
9.0
1976
1977
1978
1979
1980
1981
1982
1983
1984
13.3
12.4
8.9
3.9
3.8
4.0
0.6
8.0
11.8
10.2
10.2
4.3
3.1
2.6
3.8
5.4
4.2
7.6
9.9
8.7
15.2
13.7
10.2
3.6
3.5
4.2
9.0
8.1
5.9
11.5
17.4
15.1
9.9
2.4
4.7
5.2
16.0
13.6
14.5
5.1
5.9
4.5
5.1
9.7
1.8
4.2
4.5
4.2
3.2
5.5
6.8
3.6
1.6
2.9
2.0
8.8
4.3
7.7
18.2
14.7
11.0
1.7
3.9
3.1
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
10.1
8.8
8.8
10.1
10.0
12.5
11.0
-2.4
6.4
6.1
-0.5
0.4
.7
.8
.5
.5
.5
.5
.6
.3
.3
.5
.4
.3
1.7
6.9
7.2
8.0
37.4
18.1
11.9
1.3
-.5
2
5.8
7.0
6.5
7.7
5.2
6.5
7.2
9.9
9.4
6.1
5.0
4.4
11.3
13.5
10.4
6.1
3.2
4.3
Cha nge, mo nth to nlonth
1983: Dec
1984:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
0.2
0.4
0.2
0.3
.6
.4
.2
.5
.2
.2
.3
.5
.4
.4
.2
.2
1.6
.7
-.1
-.0
-.3
.1
.3
.6
.5
.5
.0
.6
.2
.2
.5
.6
.4
.1
.3
.1
.3
.2
.4
.6
.3
.4
.7
.5
.5
.4
.4
.4
— .1
.4
.2
.3
1
Includes
2
Includes
3
0.3
.4
.3
.5
.8
.4
.4
.6
.6
.5
.5
.4
.5
0.2
.4
.2
.5
.6
.3
.3
.7
.5
.6
.4
.3
.4
-0.2
1.2
1.7
-1.0
.8
.2
.2
.8
.8
.3
-.8
.2
— .4
0
0.2
0.2
.3
-.3
.1
-.1
.1
.2
-.0
.9
.6
.5
-.2
-.3
.0
.5
.7
.1
.1
-.0
.4
.5
.1
-1.0
-1.4
.0
.5
.5
.5
.2
-.3
.2
-1.5
-1.7
g
.5
.9
.6
.5
— .1
-.3
items not shown separately.
direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
4
Quarterly changes are shown in the last month of the quarter.
NOTE.—NSA indicates data are not seasonally adjusted.
24
2
.9
.4
.2
-.8
1.1
1.8
.4
-.6
-0.3
A
.2
O
.7
.2
-.7
-.3
.1
.6
.3
.2
-.5
0.3
.6
.3
.4
.5
.3
.3
.3
.4
.4
.3
.2
.2
4.5
4.0
5.0
5.0
3.7
3.5
3.9
5.0
5.0
4.3
3.6
3.3
2.6
3.7
4.5
4.7
3.8
3.1
4.3
3.8
4.8
4.8
4.5
4.6
4.3
4.1
3.4
3.6
3.9
3.7
3.7
3.8
4.1
4.6
4.7
4.5
4.2
4.2
4.1
4.2
4.2
4.2
4.0
4.0
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with data for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 0.7 percent in January and prices paid by farmers were unchanged.
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE)
180
RATIO^
140
—
—
120
——x
100
_
80
I
120
r—^n~^-^
^
1
^~
—
; i ; iihi i ; ; ii i h| i i ; n i ii iiinm 1 1 1 1 i 1 1 1 i i 1
60
1977
1979
1978
(ATIO
V__^ \
1
—
100
—
-—
1
*"~^~-ir-——1
80
—
1 i 11i 1i 1i 1i
i i; i i 1i i 111
1981
1982
1980
11i 1111 1 1 11 1 1 11111 11i i i i 11i 1 i 1i 1i
1985
1984
1983
60
-J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCK OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF AGRICULTURE
[1977 = 100]
Pri
Period
All farm
products
1977
1978
1979
1984:
Jan
Feb
Mar
Apr
May
r
100
105
116
125
134
121
127
139
r
100
124
147
144
143
145
141
146
Dec
143
139
138
137
135
!39
137
139
140
r
!45
145
r
!44
144
136
138
r
!30
125
150
151
151
151
145
143
145
143
141
139
r
!43
145
Jan
134
125
143
June
July
Aug
Sept
Oct
Nov
1985:
Livestock and
products
100
115
132
134
139
133
134
142
1980
1981
1982
1983
1984"
Prices
es received by farm ers
1
2
!45
r
144
145
146
!45
r
144
!45
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates.
All commodities,
services,
interest, taxes,
and wage rates 1
paid by farmer s
Production
items, interest,
taxes, and wage
rates
!60
164
r
!63
!64
r
r
164
164
164
!61
!62
r
!63
r
!63
r
!63
r
!62
r
!61
r
!61
r
!60
r
!59
r
!59
159
164
160
r
165
!65
!65
r
!65
r
!64
r
!64
r
!64
r
100
108
125
138
148
150
153
155
100
109
125
139
151
155
159
161
100
108
123
138
150
157
r
Production
items
r
r
!55
156
157
158
157
157
156
155
154
153
153
153
154
Katio 2
100
106
107
97
93
85
84
87
r
89
88
88
88
r
88
87
r
88
87
r
85
84
84
82
r
82
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in Ml
accelerated in December while growth in the broader monetary aggregates was little changed.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
3,200
2,800
2,400
2,000
300
300
1984
" AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
Period
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1983:
1984:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec "
Dec r
Jan r
Feb r
Mar r
Apr r.
May r
June r
July r
Aug r
Septr.
Ocf
Nov r
Dec"
M2
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
335.4
363.1
389.1
414.9
441.9
480.5
525.4
554.5
525.4
530.1
533.0
535.3
535.5
541.2
546.3
545.8
546.6
548.9
545.5
549.4
554.5
M3
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
savings and small
time deposits
1,286.7
1,389.1
1,498.5
1,632.6
1,796.6
1,965.4
2,196.3
2,376.3
2,196.3
2,206.8
2,222.6
2,230.0
2,242.9
2,258.6
2,272.1
2,281.9
2,291.0
2,305.6
2,317.2
2,346.4
2,376.3
1
Consists of outstanding credit market debt of the U.S. Governme it, State and local govern
ments, and private nonfinancial sectors; data from flow of funds accounts
2
Annual changes are from December to Decernber and monthly chanj es are from 6 months ear!
er at a seasonally adjusted annual rate.
NOTE. — The nontransactions portion of M2 is now being seasonally ai justed as a whole to reduce
26
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
1,472.9
1,647.1
1,804.8
1,990.0
2,238.2
2,462.5
r
2,709.7
2,989.3
2,709.7
2,723.1
2,746.2
2,767.1
2,792.1
2,819.1
2,841.6
2,862.6
2,873.6
2,891.4
2,915.7
2,952.9
2,989.3
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
1,704.7
1,910.6
2,117.1
2,326.2
2,599.8
2,870.8
r
3, 182.4
2,829.1
3,200.0
3,583.5
3,926.1
4,311.8
4,710.0
5,224.6
3,182.4
3,198.2
3,227.9
3,269.8
3,296.1
3,328.5
3,372.9
3,410.7
3,432.5
3,455.7
5,224.6
5,282.8
5,341.7
5,396.7
5,455.9
5,517.7
5,571.7
5,632.4
5,694.5
5,743.1
5,798.9
5,871.6
Perce nt change from year or 6
months earlier 2
Ml
8.1
8.3
7.2
6.6
6.5
8.7
9.3
5.5
5.7
6.0
6.1
6.4
5.4
7.0
8.1
6.0
5.2
5.1
3.8
3.1
3.0
M2
10.6
8.0
7.9
8.9
10.0
9.4
11.7
8.2
7.6
7.7
8.3
7.8
7.1
7.1
7.0
6.9
6.2
6.9
6.7
7.9
9.4
M3
Debt
12.3
11.8
9.6
10.3
12.5
r 10.0
12.6
13.1
12.0
9.6
9.8
9.2
10.9
10.3
9.1
9.2
9.9
9.9
10.3
9.9
10.0
10.5
9.5
9.2
9.0
9.7
10.7
11.7
11.9
12.5
12.9
13.3
13.9
13.7
13.7
13.6
13.2
13.0
13.2
io.o
distortions cause by substantial J ortfolio shifts arisu g from regulatory and financial c hanges in
recent years, esp eeially shifts to MMDAs in 1983. A similar proc sdure is bei ng used to easonally
adjust the remain ng nontransaction s balances in M3.
See p. 27 for components.
Source: Board of Governors of rl e Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
DePeriod
Currency
mand
de-
posits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPa),
net, plus
overnight
Eurodollars
NSA
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
Dec....
Dec....
Dec ....
Dec ....
Dec....
Dec ....
Dec ....
Dec "..
88.5
97.4
106.3
116.7
124.0
134.1
148.0
158.0
239.6
253.8
261.9
266.5
236.2
239.7
243.7
248.3
Money market
mutua [fund
bala ices
General
purpose
and
broker/
dealer
NSA
14.7
2.4
6.4
77.4
102.4
128.9
142.9
20.3
21.2
28.3
35.9
44.1
56.2
57.6
33.4
61.6
150.6
185.2
138.2
168.1
1983: Dec .... 148.0 243.7
128.9
56.2
138.2
1984: Jan
149.9
Feb
150.2
Mar
150.9
Apr
151.8
May.... 152.9
June ... 154.2
July.... 155.0
Aug.... 156.0
Sept r.. 156.7
Oct T... 157.2
Nov '.. 157.5
Dec ".. 158.0
130.8
134.0
135.4
133.3
138.0
138.8
138.5
139.9
140.7
139.6
141.1
142.9
58.6
59.5
58.3
57.5
59.1
56.5
56.958.7
56.8
56.8
58.2
57.6
137.8
142.1
144.8
145.9
146.5
148.9
150.5
r
150.6
152.0
155.7
162.2
168.1
244.5
243.8
244.0
245.3
245.2
248.2
247.1
245.5
246.4
243.8
245.7
248.3
4.2
8.5
17.1
27.6
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 1
Large
denomination
time
deposits J
NSA
0.9
3.1
9.5
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
ov
Sav-
m
,bonds
^f
43.0
376.0
410.0
491.3
480.8
423.1
401.4
345.7
362.1
312.9
294.3
446.0
521.9
635.8
731.4
827.3
856.9
793.1
897.1
145.1
195.2
222.1
258.4
301.3
327.4
325.4
409.7
19.4
27.0
30.1
34.7
37.0
40.2
56.0
66.6
20.2
31.8
44.7
50.3
67.5
81.7
r
92.7
81.4
76.4
80.3
79.5
72.3
67.7
67.9
71.0
43.2
376.0
312.9
793.1
325.4
56.0
r
92.7
71.0
43.5
44.6
45.0
45.0
45.3
45.7
46.1
46.2
46.9
52.2
58.3
62.7
380.3 309.9
386.0 306.6
392.5 305.5
396.4
305.5
305.5
394.6
392.9 305.1
389.2 303.0
383.8 " 299.7
383.4 298.8
386.8 297.3
397.3 296.1
410.0 294.3
797.0
800.9
803.4
808.3
816.7
829.0
845.2
862.0
874.3
884.9
891.5
897.1
333.0
339.9
347.9
355.5
367.3
378.8
389.0
391.9
392.8
401.0
404.3
409.7
53.3
54.5
55.9
59.8
61.6
59.6
59.6
63.4
64.7
66.4
68.2
66.6
r
89.9
r
89.9
r
93.2
r
93.0
r
94.1
r
90.2
r
88.8
r
86.1
r
84.4
r
79.0
r
80.1
81.4
71.2
71.7
72.2
72.5
72.8
73.0
73.2
73.4
73.6
15.2
38.0
51.1
43.2
62.7
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—See note p. 26.
Shortterm
Treasury
securities
Bankers'
acceptances
Comercia
paper
78.4
82.0
108.6
133.8
149.9
187.8
223.3
62.9
14.1
79.2
22.0
97.0
27.1
98.1
32.0
39.8 104.2
43.8 108.8
43.3 * 135.2
223.3
43.3
r
226.3
r
231.2
r
245.2
r
241.4
r
239.9
* 254.4
267.4
r
276.8
286.3
42.7
41.6
42.4
43.1
45.3
46.9
47.3
47.3
46.2
T
r
135.2
134.9
r
137.3
r
142.9
r
146.9
r
151.4
r
157.1
r
160.2
r
161.4
158.2
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.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandir g 1
Ins tallment credit outstanding (end of perio J)
Period
Total
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
190,725
226,646
269,392
307,115
309,694
330,218
348,944
388,718
67,798
82,890
101,863
116,523
116,808
125,323
129,799
141,876
16,505
36,427
45,004
53,174
54,900
60,309
65,453
75,564
14,530
14,897
15,199
16,843
17,302
17,879
22,119
23,460
91,892
92,432
107,326
120,575
120,684
126,707
131,573
147,818
21,338
35,921
42,746
37,723
2,579
20,524
18,726
39,774
10,519
15,092
18,973
14,660
1983: Nov
Dec
382,936
388,718
140,408
141,876
73,874
75,564
23,459
23,460
145,195
147,818
1984:
393,187
399,795
405,665
412,073
422,306
430,131
437,237
443,235
447,518
453,793
461,743
143,982
146,781
147,107
149,265
152,954
155,851
159,273
161,050
162,367
164,724
167,448
76,069
77,342
80,304
82,172
84,989
86,558
87,198
88,512
89,836
91,332
93,046
23,368
23,241
23,526
23,811
24,113
24,567
25,029
25,602
25,920
25,704
25,675
149,768
152,430
154,728
156,825
160,250
163,155
165,737
168,071
169,395
172,033
175,574
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Revolving
Mobile
home
148
367
302
Other
8,633
8,515
4,476
12,077
2,038
19,922
8,577
8,170
1,726
5,409
5,144
10,111
4,240
1,341
6,023
4,866
16,245
4,819
5,782
1,268
1,468
1,427
1,690
-64
1
2,188
2,623
4,469
6,608
5,870
6,408
10,233
7,825
7,106
5,998
4,283
6,275
7,950
2,106
2,799
505
-92
127
285
285
302
454
462
573
318
1,950
2,662
2,298
2,097
3,425
2,905
2,582
2,334
1,324
2,638
3,541
285
326
2,158
3,689
2,897
3,422
1,777
1,317
2,357
2,724
1,273
2,962
1,868
2,817
1,569
640
1,314
1,324
1,496
1,714
1,644
459
577
-216
-29
540
14,894
13,249
109
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Growth in commercial and industrial loans slowed in December.
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
BILLIONS OF DOLLARS* (RATIO SCALE)
2,000
1,800 — ALL COMMERCIAL BANKS
1,600
1,400
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
OTHER SECURIT ES
120
120
80
80
60 I I I l l l l l l l I I I I I l l l l I I I
1977
1978
ii mhiiii I l l l l l l l l l l M i n i m i i
1979
1981
1980
inn i i i i i l i i n i iiiiilinii
1982
1983
1984
60
1985
'SEASONALLY ADJUSTED,
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
1
Al commercial ban b
Depo itory institutions 3
R sserves adjust •A
Period
Total loans
and
securities
Total *
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
Commercial
and industrial
loans
Total
291.1
326.9
355.1
391.5
412.8
468.3
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
414.1
421.7
432.2
438.5
448.0
452.2
455.0
458.1
4
460.0
463.0
467.9
468.3
260.4
260.7
261.0
257.6
257.3
253.7
256.4
257.1
258.0
257.0
259.4
260.2
143.7
142.2
142.3
142.1
140.5
139.7
139.5
140.8
141.9
141.5
141.6
140.3
36.36
37.03
37.10
37.11
37.45
38.28
38.23
38.38
38.14
37.75
38.10
38.70
35.64
36.46
36.15
35.88
34.46
34.98
32.31
30.36
30.89
31.73
33.48
35.52
35.74
36.08
36.39
36.62
36.87
37.52
37.63
37.70
37.52
37.14
37.42
37.86
211.0
246.1
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec p
1,563.0
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
1,160.8
1,181.2
1,196.3
1,213.2
1,231.9
1,243.2
1,256.7
1,264.2
1,275.0
1,284.3
1,299.7
1,313.5
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions.
a
Excludes loans to commercial banks in the United States.
3
Data are averages of daily figures.
4
Beginning September 26, 1984 a transfer of loans from Continental Illinois National Bank to
the FDIC reduced total loans and securities and total loans by $1.9 billion, commercial and industri-
Required
26.63
27.91
29.09
31.04
32.10
34.28
36.14
38.70
632.2
746.9
849.1
914.5
967.4
1,032.8
1,122.7
1,313.5
28
borrowed
122.7
129.2
141.9
154.4
160.4
165.0
169.6
140.3
891.4
1,013.8
1,135.4
1,239.7
1,307.4
1,400.5
1,553.0
1,714.1
4
U.S.
Government
securities
136.6
137.6
144.4
170.9
179.6
202.7
260.8
260.2
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec"
4
Borrt wings
(millions of dollars,
unad usted)
for changes ui
res erve requirem 3nts
Loans and leases
Total
569
868
1,473
1,690
636
634
774
3,186
715
567
952
1,234
2,988
3,300
5,924
8,017
7,242
6,017
4,617
3,186
Seasonal
55
135
81
116
54
33
96
113
86
103
133
139
196
264
308
346
319
299
212
113
al loans by $1.4 billion, and real estate loans (not shown here) by $0.4 billion.
NOTE.—Series for all commercial banks have been revised beginning December 1972; data beginning January 1984 are not strictly comparable with data for earlier periods, largely because beginning January 1984 certain obligations of States and political subdivisions are included in loans
rather than in other securities.
Source: Board of Governors of the Federal Keserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
C edit market fu nds
Internal '
Total
Total
190.3
157.0
211.0
254.1
317.5
345.2
335.2
364.2
r
309.4
r
436.3
333.9
449.2
r
443.3
519.1
r
516.1
500.6
448.8
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983: I
n
m
IV
1984: I
np
m
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.4
234.3
280.5
250.4
269.7
292.5
309.3
319.6
331.7
337.5
104.7
37.3
76.8
96.7
141.8
156.4
145.7
133.8
75.0
155.9
83.5
179.5
150.7
209.8
196.6
168.9
111.3
70.2
30.8
54.7
72.4
80.5
88.2
90.9
91.5
81.4
87.8
68.7
86.5
66.6
129.4
112.6
81.3
65.0
Securities
and
mortgages
Loans and
short- term
paper
26.3
38.7
38.2
43.9
-7.9
16.5
36.6
47.7
67.3
38.5
69.7
37.5
31.4
1.7
.6
29.6
93.6
136.3
158.2
72.4
35.8
32.8
20.9
52.4
21.8
43.9
56.4
67.0
85.9
37.0
r
35.7
OO r?
-76.9
-7.4
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
,
, ,,
, ,.
. . .
. , __ 0
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Total
Other 2
r
34.5
6.5
22.1
24.3
61.3
68.2
54.8
42.3
6.4
68.1
14.8
93.1
84.1
r
80.4
r
83.9
87.6
46.3
190.1
150.9
201.8
237.6
293.6
343.7
r
317.6
334.2
258.0
384.3
282.3
r
390.5
395.4
* 468.8
483.5
458.3
443.0
Capital
expenditures 3
Increase in
financial
assets
137.9
109.7
148.3
52.2
41.2
53.5
175.1
201.6
219.4
221.2
271.3
229.6
256.2
206.9
255.3
270.6
291.9
354.5
364.3
386.8
62.5
92.0
124.3
96.5
62.9
28.4
128.1
75.4
135.1
124.8
177.0
129.0
94.0
56.2
Discrepancy
(sources less
uses)
0.2
6.0
9.2
16.5
23.8
1.5
17.6
30.0
51.3
52.1
51.5
58.7
47.8
50.3
32.7
42.2
5.8
a
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]
C urrent liabiliti 3S
Curren t assets
End of period
Total
Cash
U.S.
Govern-
securities
SEC series: 2
1970
1971
1972
1973
1974
QFE-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983: I
n
m
IV
1984: I r
n
mp.
1
492.3
529.6
599.3
697.8
790.7
50.2
53.3
59.0
66.3
71.1
7.7
11.0
10.6
12.8
12.3
735.4
759.0
827.4
912.7
1,043.7
1,214.8
1,327.0
1,418.4
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
Notes and
accounts
receivable
Invento-
3
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio 1
288.5
322.1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
66.4
71.7
304.9
326.0
375.6
450.9
530.4
211.3
220.5
282.9
340.3
402.3
93.6
105.5
92.7
110.7
128.1
223.7
246.9
260.3
1.625
1.595
1.548
1.491
265.8
272.1
292.9
330.3
388.0
459.0
506.8
532.0
519.2
577.8
525.3
539.3
565.0
577.8
596.9
612.4
628.0
319.5
315.9
342.5
376.9
431.8
505.1
542.8
583.7
578.6
599.3
577.6
576.2
597.3
599.3
623.1
633.3
662.5
65.9
69.9
80.3
90.1
101.1
116.0
131.8
149.5
165.2
183.7
172.1
176.4
183.0
183.7
186.3
193.2
194.0
453.4
451.6
495.1
557.1
669.5
807.3
889.3
970.0
976.8
1,043.0
983.4
990.2
1,026.6
1,043.0
1,079.0
1,111.9
1,143.0
269.8
264.2
282.1
317.6
383.0
460.8
513.6
546.3
543.0
577.9
530.9
536.6
559.4
577.9
584.1
604.6
624.7
183.6
187.4
213.0
239.6
286.5
346.5
375.7
423.7
433.8
465.2
452.6
453.6
467.2
465.2
495.0
507.3
518.4
282.0
307.4
332.4
355.5
374.3
407.5
437.8
448.4
455.9
514.3
460.8
477.8
496.3
514.3
521.6
518.6
524.3
1.622
1.681
1.671
1.638
1.559
1.505
1.492
1.462
1.467
1.493
1.469
1.483
1.483
1.493
1.483
1.466
1.459
206.1
221.1
248.2
Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
2
Other
current
assets
187.4
203.6
1.615
NOTE.—SEC series not available after 1974. See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), Federal Trade Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell again in January.
PERCENT PER ANNUM
PERCENT PER ANNUM
1984
1985
COUNCIL OF ECONOMIC
ADVISERS
[Percent per annum]
U.S. T reasury security yields
Period
3-month bills *
Constant ir aturities
3-year
1979
1980
1981
1982
1983
1984
2
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Corporate
Aaa bonds
(Moody's) *
Prime
commercial
paper,
6 months 5
Discount rate
(N.Y. F.K.
Bank)6
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985:
Jan
Week ended:
1985: Jan 12
19
26
Feb 2
9
16
10.78
12.66
14.70
15.14
12.57
12.38
9.72
11.55
14.44
12.92
10.45
11.89
9.44
11.46
13.91
13.00
11.10
12.44
6.39
8.51
11.23
11.57
9.47
10.15
9.63
11.94
14.17
13.79
12.04
12.71
10.91
12.29
14.76
11.89
8.89
10.16
8.93
9.03
9.44
9.69
9.90
9.94
10.13
10.49
10.41
9.97
8.79
8.16
10.93
11.05
11.59
11.98
12.75
13.18
13.08
12.50
12.34
11.85
10.90
10.56
11.67
11.84
12.32
12.63
13.41
13.56
13.36
12.72
12.52
12.16
11.57
11.50
9.61
9.63
9.92
9.98
10.55
10.71
10.50
10.03
10.17
10.34
10.27
10.04
12.20
12.08
12.57
12.81
13.28
13.55
13.44
12.87
12.66
12.63
12.29
12.13
9.18
9.31
9.86
10.22
10.87
11.23
11.34
11.16
10.94
10.16
9.06
r
8.55
8.50-8.50
8.50-8.50
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.50
8.50-8.00
11.00-11.00
11.00-11.00
11.00-11.50
11.50-12.00
12.00-12.50
12.50-13.00
13.00-13.00
13.00-13.00
13.00-12.75
12.75-12.00
12.00-11.25
11.25-10.75
12.29
12.23
12.02
12.04
12.18
12.10
12.50
12.43
12.53
12.77
' 12.75
12.55
7.76
10.43
11.38
9.55
12.08
8.15
8.00-8.00
10.75-10.50
12.26
7.78
7.74
7.68
7.76
8.16
8.20
10.51
10.49
10.25
10.34
10.42
11.50
11.49
11.16
11.15
11.37
9.66
9.57
9.28
9.30
9.52
12.16
12.20
11.97
11.85
11.95
8.14
8.16
8.05
8.22
8.48
8.00-8.00
8.00-8.00
8.00-8.00
10.75-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-
1
Rate on new issues within period; bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
6
Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
30
12.67
15.27
18.87
14.86
10.79
12.04
New-home
mortgage
yields
(FHLBB)'
10.041
11.506
14.029
10.686
8.63
9.58
10.28
11.77
13.41
11.02
8.50
8.80
Open-close
1984:
Prime rate
charged 6by
banks
8.00-8.00
8.00-8.00
8.00-
Open-close
8
7
Average effective rate for year; opening and closing rate for month and wee_k.
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning
January 1973 not strictly comparable with prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in January and early February.
INDEX, DEC. 31, 1965 = 50
INDEX, DEC. 31, 1965 = 50
100
100
90
90
COMPOSITE STOCK PRICE INDEX
(NYSE)
80
80
70
70
60
60
50
50
40
40
1984
1977
1985
PERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
\
10
10
5
5
1977
1978
1979
1981
1980
1982
1983
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1984
COUNCIL OF ECONOMIC ADVISERS
Co nmon stock price s 1
Nevi York Stock Exc hange indexes (I ec. 31, 1965 = 5 O)
Period
Composite
Industrial
Transportation
1985
Common st ock yields
(perce nt) 5
2
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
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
5.26
5.20
5.81
4.40
4.64
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r
96.16
90.60
90.66
90.67
90.07
88.28
87.08
94.49
95.68
95.09
95.85
94.85
112.16
105.44
105.92
106.56
105.94
104.04
102.29
111.20
112.18
110.44
110.91
109.05
97.98
86.33
86.10
83.61
81.62
79.29
76.72
86.86
86.88
86.82
87.37
88.00
47.43
45.67
44.83
43.86
44.22
43.65
44.17
46.49
47.47
49.02
49.93
50.58
95.79
89.95
89.50
88.22
85.06
80.75
79.03
87.92
91.59
92.94
95.28
95.29
1,258.89
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
166.39
157.25
157.44
157.60
156.55
153.12
151.08
164.42
166.11
164.82
166.27
164.48
4.27
4.59
4.63
4.64
4.72
4.86
4.93
4.62
4.54
4.62
4.61
4.68
1985: Jan
99.11
113.99
94.88
51.95
101.34
1,238.16
171.61
4.51
95.85
98.73
101.82
103.32
104.71
109.85
113.47
117.49
119.24
120.77
90.63
94.95
97.82
100.60
101.78
51.44
51.95
52.34
52.72
53.15
97.33
100.78
104.54
106.72
109.84
1,205.32
1,230.41
1,268.42
1,284.56
1,287.19
165.93
170.91
176.41
178.85
181.08
4.67
4.52
4.37
4.31
4.31
1
Average
2
Includes
3
Includes
4
Includes
5
of daily closing prices.
all the stocks (more than 1,500) listed on the NYSE.
30 stocks.
500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
13.46
12.66
11.96
11.60
8.03
5.47
1979
1980
1981
1982
1983
1984
Week ended:
1984: Jan 12
19
26
Feb 2
9
Earningsprice ratio
r
r
9.57
10.56
9.96
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS, AND DEBT
In the first 3 months of fiscal year 1985 there was a budget deficit (including off-budget outlays) of $71.5 billion,
compared to a deficit of $62.5 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
BUDGET RECEIPTS AND OUTLAYS ^
900
900
800
800
'BUDGET OUTLAYS^ ~^*
""
700
700
600
600
BUDGET RECEIPTS
500
500
400
400
BUDGET SURPLUS OR DEFICIT (-) —
-100
-100
-200
-200
1977
1978
1979
1980
1982
1981
1983
1985
1984
1986
FISCAL YEARS
V
INCLUDES OUTLAYS OFF-BUDGET UNDER CURRENT LAW, PROPOSED TO BE ON-BUDGET.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Receipts
Outlays
Surplus or
On-budget u nder current
la w
Outlays
Off-budget
under
current
law;
proposed to
be included
on-budget
Fiscal year or period:
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985 (estimates) 1
1986 (estimates) 1
230.8
263.2
279.1
298.1
81.2
355.6
399.7
463.3
517.1
599.3
617.8
600.6
666.5
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
-14.9
-6.1
-53.2
-73.7
— 14.7
-53.6
-59.0
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
-222.2
- 180.0
1.8
8.7
10.4
12.5
14.2
21.0
17.3
12.4
10.0
12.5
1.5
Cumulative total, first 3 months:
Fiscal year 1984
Fiscal year 1985
149.4
166.1
211.9
237.6
-62.5
-71.5
-.9
1
Estimates from Budget of the United States Goi
ment and Budget, February 4, 1985.
32
•nt, Fiscal Year 1986, Office of Manage-
Gross Feder al debt (end
of pe riod)
Coniponents of bu Iget
Budget totals
(Including outlays off-bu .get under
current law which are prc posed to be
me luded on-budg et)
0.1
1.4
8.1
7.3
n
Outlays
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
212.7
238.6
Held bv
the public
Surplus or
deficit ( — )
-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
343.0
346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
929.4
1,141.8
1,312.6
1,523.1
1,704.4
-63.3
-72.4
1,415.3
1,667.4
1,177.9
1,376.8
-14.8
-4.7
-45.2
-66.4
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 3 months of fiscal year 1985 budget receipts were $16.7 billion higher than a year earlier and budget
outlays (including off-budget items) were $25.8 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
— BUDGET RECEIPTS
400
INDIVIDUAL INCOME TAXES
\
300
200
300
200
"OTHER RECEIPTSCORPORATION INCOME TAXES
it:
100
100
0
0
700
BUDGET OUTLAYS
v
700
600
600
NONDEFENSE-
500
500
400
400
300
200
100
1977
1978
1979
1981
1980
1983
1982
1984
1985
1986
FISCAL YEARS
I/ INCLUDES OUTLAYS OFF-BUDGET UNDER CURRENT LAW, PROPOSED TO BE ON-BUDGET.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars
Budget receipts
Budget }utlays
Total
Total
Individual
income
taxes
Corporation
income
taxes
131.6
157.6
181.0
217.8
244.1
41.4
54.9
60.0
Other
Including offbudget
items
Onbudget
items
Nationa defense '
Total
Intern ational
affi ITS
Department of
Defense,
military
Including offbudget
items
88.1
6.4
6.4
Onbudget
items
Social
Ot ler
Healt h and
income security
interest 1
Including offbudget
items
Onbudget
items
ty and
medicare 1
Including offbudget
items
Onbudget
items
89.7
104.4
116.6
130.6
150.6
178.7
202.5
223.3
235.8
257.4
269.4
76.5
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
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
57.8
61.7
(3)
(3)
35.8
42.5
26.2
31.6
(3)
(3)
34.2
37.6
Fiscal year or period:
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985 (estimates) 2
1986 (estimates) 2
Cumulative total, first 3 months:
Fiscal year 1984
Fiscal year 1985
298.1
355.6
399.7
463.3
600.6
666.5
736.9
793.7
285.9
297.7
288.9
296.2
329.7
358.9
65.7
64.6
61.1
49.2
37.0
56.9
66.4
74.1
149.4
166.1
71.5
77.5
11.9
13.6
517.1
599.3
617.8
125.0
143.0
158.8
179.8
208.4
252.2
270.8
274.6
313.4
340.8
360.8
66.0
75.1
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
959.1
364.5
400.5
448.4
491.0
576.7
657.2
728.7
796.0
841.8
973.7
946.6
972.2
211.9
212.7
237.6
238.6
1
There are no outlays off-budget under current law in this function.
2
Estimates from Budget of the United States Government, Fiscal Year 1986, Office of Management
and Budget, February 4, 1985.
3
Not available.
NOTE.—Outlays off-budget under current law are proposed to be on-budget.
Starting in fiscal 1985 military retired pay is financed from a trust fund in the income security
89.6
97.2
104.5
116.3
134,0
157.5
185.3
95.3
102.3
113.7
131.0
153.8
180.7
209.9
227.4
253.8
285.7
204.4
220.8
246.3
277.5
54.7
60.4
53.1
58.5
7.5
7.5
12.7
13.1
12.3
11.8
15.9
19.6
18.3
(3)
(3)
5.6
4.9
6.0
6.2
10.8
11.2
10.0
9.0
13.1
17.2
18.1
4.1
4.7
82.8
function. The national defense function includes accrual charges to pay for retirement benefits
earned by currently active duty personnel, and these are offset in the undistributed offsetting receipts (employer share, employee retirement).
Data for all periods in this table are shown on as comparable a basis as is feasible.
Data shown here exclude the transition quarter.
Sources: Department of 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 preliminary estimates, expenditures rose
$30.5 billion; receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
800
700
600
500
400
400
-100
-100
-200
-200
1976
1984
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jovernment expenditur ss
Federal Govermneiit receipts
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
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
540.9
624.8
616.7
641.1
703.5
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
327.3
70.3
65.7
46.6
59.8
69.7
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
55.7
47.5
48.2
47.1
53.8
54.0
54.5
54.1
55.9
56.1
56.5
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
268.8
Period
Total
Fiscal year:
1980
1981
1982
1983
1984
Calendar year:
1980
1981
1982
1983
1984"
1982: m
IV
1983: I
n
m
IV
1984: I
n
m
IV
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Transfer
payments
Grantsin-aid to
State
and
local
govern-
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
12.5
13.0
22.2
23.9
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
917.3
197.0
228.9
258.9
269.7
295.5
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
302.0
316.1
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
357.6
88.7
87.9
83.9
86.3
92.9
83.0
84.6
85.5
86.3
86.7
86.5
90.6
93.2
92.1
95.8
53.4
73.3
84.4
94.2
116.8
87.5
87.0
87.7
90.0
97.3
102.0
107.6
110.9
122.0
126.6
11.5
12.3
16.1
23.4
22.5
14.5
23.5
18.5
20.5
24.1
30.6
34.4
17.7
16.5
21.5
Total
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
34
Subsidies
less
current
surplus of
Government
enterprises
Purchases
of goods
and
services
Net
interest
paid
10.4
Wage
accruals
less
disbursements
or deficit
( )
national
income
and
product
accounts
0.0
.1
-.0
-.4
.1
-50.7
-58.9
-113.6
-189.3
-170.3
.0
.1
-61.2
-64.3
-148.2
-178.6
-176.4
-163.7
-210.6
-185.7
-167.3
- 180.9
- 180.5
-161.3
-163.7
-180.6
-.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 strial proc uction (se sonally adju sled)
Period
United
States
Canada
Japan
France
Germany
146.1
152.5
147.0
151.0
138.6
147.6
163.5
157.8
167.6
165.1
165.9
149.5
157.6
201.1
155
215.3
225.2
227.5
228.4
236.5
163
161
160
158
159
154.1
161.5
156.2
169.0
248.2
160
161.2
158.5
160.0
160.8
162.1
162.8
164.3
165.9
166.0
165.0
r
164.5
'165.2
166.2
170.2
165.0
167.1
167.4
168.9
169.9
' 175.9
' 175.2
r
!71.1
171.0
250.2
257.0
254.1
255.4
261.5
262.8
264.0
266.0
262.8
T
270.7
271.4
161
160
162
157
162
159
166
166
160
r
161.2
163.8
159.4
158.0
160.0
143.9
164.6
162.3
162.5
' 166.7
167.2
1978
1979
1980
1981
1982
1983
1984"
1983:
Dec
1984:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov*.
Dec"
1
,
!63
161
Consume r prices (i nadjusted)
Italy
147.9
157.6
162.0 166.5
159.1 * 163.8
154.5 r 158.8
155.7 ' 153.7
r
!53.7
156.5
154.3
159.8
153.5
159.1
160.5
158.5
160.8
162.6
158.6
Beginning January 1978 data relate to all urban consumers.
United
Kingdom
United
States '
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
' 129.4
303.5
305.2
306.6
307.3
308.8
309.7
310.7
311.7
313.0
314.5
315.3
315.3
315.5
128.2
r
127.8
r
126.7
125.6
' 124.3
124.9
' 123.9
' 124.1
' 125.9
126.9
Canada
202.5
221.0
243.5
273.9
303.5
321.0
335.0
327.5
329.2
331.1
331.9
332.7
333.3
334.7
336.6
336.6
336.9
337.5
339.7
339.9
United
Kingdom
Japan
France
Germany
252.3
233.9
261.3
282.3
296.2
304.1
309.7
259.1
294.2
332.7
373.1
407.9
160.2
166.9
175.8
186.9
196.8
203.3
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
311.4
422.4
205.7
312.3
314.2
315.1
315.9
318.2
315.6
316.2
313.4
318.5
321.0
319.0
425.4
428.0
431.0
433.6
436.2
438.4
441.5
443.7
445.9
449.0
450.3
206.6
207.1
207.3
207.7
207.8
208.6
208.2
207.8
208.0
209.2
209.6
670.3
678.3
685.8
690.6
695.4
699.6
703.8
705.9
708.0
713.0
720.1
724.4
729.5
550.7
550.4
552.6
554.4
561.8
563.9
565.3
564.7
570.0
571.1
574.6
576.4
575.9
Italy
Source: National sources aa 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]
Men handise exports 1
Period
Total
domestic
and
foreign
exports
Total *
Food,
beverages, and
tobacco
Crude
materials and
fuels
Merchaiidise trade >alance
Merc landlse imp orts
Domestic exports
Manufactured
goods
Total
2
Get eral import s 3
Exports
Food,
beverages, and
tobacco
Crude
materials and
fuels
less
imports
(customs
value)
827
2,716
3,457
4,463
4,325
5,949
Manufactured
goods
Total
(e.i.f.
value)
4,257
5,398
6,379
8,360
9,352
10,427
8,823
11,042
13,368
15,504
18,519
21,415
11,873
12,002
13,621
18,460
22,779
21,240
22,490
28,431
-2,275
-2,647
-4,797
-8,988
Exports
(f.a.s.)
less
imports
(f.a.s.)
Exports
(f.a.s.)
less
imports
(c.i.f.)
]\a.s. valu
Monthly average:
1975*
1976*
1977*
1978*
1979*
1980
8,971
9,602
10,103
11,973
15,155
18,386
8,847
9,462
9,919
11,762
14,886
18,043
1,399
1,436
1,330
1,717
2,049
2,534
1,266
1,341
1,548
1,746
2,352
2,810
5,913
6,437
6,679
7,873
9,716
11,991
8,209
10,290
12,533
14,563
17,455
20,406
991
1,186
1,312
1,478
1,546
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
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
-3,306
-3,558
-5,783
-10,276
1983:
Dec
17,298
16,895
2,449
2,532
11,407
22,976
1,591
5,360
15,478
24,033
-5,678
-6,735
1984:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
18,327
17,212
17,727
17,522
17,950
17,633
19,442
18,036
18,177
18,387
18,373
19,230
17,848
16,786
17,212
17,072
17,464
17,178
18,963
17,578
17,676
17,862
17,835
18,710
2,402
2,103
2,457
2,184
2,162
1,847
2,195
2,100
2,637
2,315
2,493
2,440
2,664
2,532
2,791
2,523
2,833
2,603
2,740
2,642
2,378
2,243
2,485
2,966
12,097
11,372
11,147
11,560
11,628
11,837
12,988
11,766
11,924
12,436
12,108
12,491
26,586
26,147
26,771
28,368
25,569
25,356
31,883
26,567
29,430
26,313
27,033
26,169
1,759
1,773
1,865
2,028
1,761
1,576
2,002
1,711
1,803
1,924
1,705
1,719
6,063
6,039
6,308
6,636
5,618
6,071
6,494
5,788
5,809
6,094
6,148
5,738
17,948
17,652
17,827
18,766
17,402
16,889
22,376
18,326
20,994
17,579
18,211
17,965
-8,260
27,794
-8,935
27,305
-9,044
27,992
29,711 -10,847
-7,619
26,789
26,543 -7,723
33,503 - 12,440
27,895 -8,531
30,824 -11,253
-7,927
27,567
28,310 -8,661
27,430 -6,940
-9,468
-10,093
-10,264
-12,190
-8,839
-8,910
-14,061
-9,859
-12,647
-9,180
-9,937
-8,200
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 third
quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
MERCHANDISE TRADE
BALANCE
\
-20
-25
-30
-35
-40
1984
1976
• 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
1 2
Investment incorne
3
Net
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984"
Exports
Imports
114,745
120,816
142,054
184,473
224,269
237,085
211,198
200,257
220,270
-124,228
-151,907
-176,020
-212,028
1982: I
n
m
IV
1983: I
n
m
IV
1984: I
n
HI".
r
Receipts
Payments
29,286
32,179
42,245
-13,311
14,217
-249,781
-265,086
-247,667
-261,312
-327,867
-9,483
-31,091
-33,966
-27,555
-25,512
-28,001
-36,469
-61,055
107,597
55,482
55,118
52,079
48,519
-62,546
-60,921
-64,442
-59,758
49,246
48,745
50,437
51,829
53,920
r
54,548
r
IV
1
Net
balance
55,482
56,320
Net
transactions
Net
travel and
transportation
receipts
Other
services,
net 3
Kemittances,
on goods
and
services 1
64,132
72,506
86,411
83,862
77,003
15,975
17,962
20,565
31,218
30,443
34,052
27,803
23,508
621
-1,778
-2,237
— 1,115
195
515
-2,558
-3,565
-3,573
-2,935
-997
144
-1,008
-4,584
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
-58,523
-63,615
-67,938
-71,236
-9,277
-14,870
-17,501
-19,407
17,618
18,973
20,802
19,609
-12,380
— 12,995
-13,630
- 14,490
5,238
5,978
7,172
5,119
790
53
-55
-273
-263
-1,131
-1,426
-1,764
2,142 -1,370
2,258 -7,712
2,107 -9,703
2,198 -14,127
-1,573 -2,943
-1,848 -9,560
-2,143 -11,846
-3,086 -17,213
-79,735
- 80,352
r
- 88,573
-79,207
r
- 25,815
r
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
r
r
r
- 25,804
-33,091
-22,887
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.
36
on
current
account
-21,680
32,914
-42,063
-52,359
-56,059
-53,495
559
1,528
4,711
9,205
5,272
-9,894
6,013 - 10,340
5,735
4,686
-4,998
4,207
-4,617 -14,511
-5,106 -15,446
7,277
8,975
8,048
13,128
8,339 -1,141
8,704 -32,912
-964
-5,649
-7,077
1,898
-6,833
6,294
-8,058 -9,199
-8,651 -41,563
2,160
2,005
2,118
2,054
-2,105
-1,802
-1,745
-2,406
2,270
3,729
-3,231
-3,908
Note.—Merchandise data revised for 1984; other data to be revised later.
2
3
pensions,
and other
unilateral
transfers 1
Source: Department of Commerce, Bureau of Economic Analysis.
165
1,927
-4,976
-6,314
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
-20
-20
CHANGE IN
U.S. ASSETS
-40
-40
ABROAD, NET
-60
-60
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increas e/capital inflow" (+)] 2
TJ.S. assets abroad, net
[increase /capit al outflow (— ', ]
Period
U.S.
Total
Total
Foreign
official
assets
Other
foreign
assets
Of which:
Seasonal
adjustment
discrepancy
U.S. official
assets, net 1
(unadjusted,
end of
period)
-4,214 -44,498
-3,693 -30,717
57,202
-4,660
-3,746 -59,453
72,802
-5,162
-5,107 - 100,694
107,790
-6,143
-5,013 -43,281
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
-31,960
-41,409
-26,216
-19,314
-1,089
-1,132
-794
-1,950
-803
-1,700
-2,555
-1,086
-30,068
38,577
-22,867
-16,279
28,344
33,772
18,384
14,680
-3,221
1,399
2,477
2,664
31,565
32,373
15,907
12,017
3,450
5,710
12,808
10,947
-964
487
-2,276
2,752
29,944
30,671
30,993
33,958
-24,364
-1,060
-9,223
- 14,843
-787
16
529
-953
1,130
-1,251
1,204
-1,429
-22,447
175
8,548
-12,461
15,888
12,452
19,578
33,804
-252
1,739
-2,703
6,555
16,139
10,714
22,281
27,249
11,420
-1,833
1,491
-1,748
-579
439
-2,518
2,657
34,261
33,876
33,066
33,747
-1,989
-19,037
16,024
JH"...
-657
-566
-799
-2,037
1,235
-1,474
705
-17,237
18,297
15,660
40,405
6,234
-2,784
-345
-1,022
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
IV
I
n
m
IV
1984:
U.S.
private
assets
Total (sum
of the items
with sign
reversed)
-2,558
-375
732
-1,133
-8,155
-5,175
4,965
-1,196
1980
1981
1982
1983
1983:
Other U.S.
Government
assets
Statistical c iscrepancy
-51,269
-34,785
-61,130
-64,331
-86,118
-110,976
-118,898
-49,490
1976
1977
1978
1979
1982:
official
reserve
assets i 2
Allocations
of special
drawing
rights
(SDRs)
I
n
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
1,139
1,152
1,093
10,544
-2,023
12,540
25,404
24,982
22,275
32,916
9,331
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
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 Siock 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:
33
Preliminary.
r
Revised.
c
Corrected.
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