Full text of Economic Indicators : January 1986
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99th Congress, 2d Session
Economic Indicators
JANUARY 1986
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1986
COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
JAMES ABDNOR, South Dakota, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
CHALMERS P. WYLIE (Ohio)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
BOBBI FIEDLER (California)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
SCOTT LILLY, Executive Director
ROBERT J. TOSTERUD, Deputy Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
[PUBLIC LAW 120—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
TOTAL OUTPUT, INCOME, AND
GROSS NATIONAL PRODUCT
According to preliminary estimates, current-dollar gross national product (GNP) rose 5.9 percent (annual rate) or
$58.2 billion in the fourth quarter of 1985. Real GNP (GNP adjusted for price changes) rose 2.4 percent and the
implicit price deflator rose 3.3 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
4,400
BILLIONS OF DOLLARS (RATIO SCALE)
4,400
SEASONALLY ADJUSTED ANNUAL RATES
4,000
4,000
3,600
3,600
GNP
IN 1982 DOLLARS
\.
3,200
2,800
3,200
2,800
^
GNP
IN CURRENT DOLLARS
2,400
2,400
2,000
2,000
I
1,6001
I
I
1980
1977
I I
1981
i
i I
1982
1,600
1983
1984
SOURCE, DEPARTMENT OF COMMERCE
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates}
Personal
Gross
Period
1977
1978
1979
1980
1981
1982
1983
1984
1985 »
national
product
1,990.5
2,249.7
2,508.2
2,732.0
3,052.6
3,166.0
3,401.6
r
3,774.7
Gross
consumption
expenditures
private
domestic
investment
1,257.2
1,403.5
1,566.8
1,732.6
1,915.1
2,050.7
2,229.3
2,423.0
2,581.9
344.1
416.8
454.8
437.0
515.5
447.3
501.9
674.0
670.4
2,065.6
2,117.0
452.2
2,480.1
425.0
483.7
521.2
577.6
658.8
873.3
687.9
676.2
2,525.0
2,563.3
2,606.1
2,633.3
657.6
672.8
666.1
685.2
IV
1982:
1983:
1984:
3,992. 5
3,179.4
3,212.5
I
II
Ill
IV
3,268.7
3,365.1
3,437.5
3,535.0
2,146.0
2,210.1
2 254.9
2,306.3
I
II
Ill
IV
3,676.5
3,757.5
3,812.2
3,852.5
3,917.5
3,960.6
4,016.9
r
4,075.1
2 358.6
III
1985: I
II
Ill
IV"
2,414.4
2,439.0
409.6
Exports ind imports of goods
xnd service
Government purcli ases of
goo Is and sen ices
Federal
Net
exports
1.9
Exports
Imports
Total
— 74.4
191,6
227.5
291.2
351.0
382.8
361.9
354.1
384.6
370.4
318.9
348.9
335.6
359.4
443.8
444.8
387.3
425.2
467.8
530.3
588.1
641.7
675.7
736.8
814.6
14.5
14.1
359.9
335.9
345.4
321.9
647.1
671.8
28.4
-2.6
344.6
4.1
18.8
32.1
33.9
26.3
-5.3
-59.2
189.7
223.4
272.5
National
defense
151.1
161.8
178.0
208.1
242.2
Nondefense
78.0
87.7
77.8
72.5
70.2
56.2
345.0
358.0
368.8
316.2
347.5
377.6
396.2
669.3
673.8
681.1
678.6
-37.4
-65.3
-61.9
375.4
382.3
,391.4
389.5
412.8
447.6
45.3.3
461.7
696.5
735.1
747.3
768.4
285.6
314.8
.318.5
332.9
197.3
205.4
209.4
214.5
215.8
222.9
228.3
235.8
238.2
247.5
379.6
369.2
363.2
369.7
421.9
439.5
451.0
466.9
777.2
794.8
832.5
853.7
334.4
337.8
364.8
378.6
249.5
256.0
269.9
272.5
— 72.2
-42.3
-70.3
-87.8
-97.2
•(•vision of the national income and product ;
, December 198,r>.
382.2
386.9
395.1
399.4
57.3
79.0
82.2
85.4
142.7
167.5
-19.7
-27.4
236.2
263.4
289.9
322.2
345.9
369.0
390.9
423.9
460.7
371.8
378.7
410.9
420.3
428.8
435.5
442.8
457. 1
467.7
475.2
50.3
52.9
56.1
65.4
74.8
78.9
69.2
76.0
91.9
100.9
108.9
121.9
272.7
284.8
312.9
353.9
275.3
29.3.2
287.1
287.0
286.0
279.2
St
and
oca
193.8
215.7
237.0
262.0
84.9
81.7
95.0
106.1
Source: Department of Commerce, Bureau of Economic Analysis.
1,969.2
2,221.0
2,495.2
2,740.3
3,028.6
3,190.5
3,408.0
3,707.6
3,983.4
3,188.4
3,272.4
3,311.4
3,370.6
3,440.3
3,509.5
3,584.4
3,688.7
3,743.9
3,813.5
3,899.0
3,945.0
4,016.7
4,073.0
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
1977
1978
1979
1980
1981
1982
1983
1984
1985"
Gross
national
product
Personal
consumption
expenditures
Gross privat e
dome stic investinent
Exi orts of go ods
a nd service
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
Govern relent purch ases of
gooc s and sen ices
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
2,958.6
3,115.2
3,192.4
3,187.1
3,248.8
3,166.0
r
3,277.7
3,492.0
r
3,573.5
1,883.8
1,961.0
2,004.4
2,000.4
2,024.2
2,050.7
2,145.9
2,239.9
2,312.6
324,0
362.1
389.4
379.2
395.2
366.7
360.1
430.3
471.8
168.1
178.0
170.8
137.0
126.5
105.1
148.7
168.3
171.5
29.1
36.8
15.0
-6.9
23.9
- 24.5
-5.5
62.7
7.3
- 35.5
-26.8
3.6
57.0
49.4
26.3
r
-19.4
-85.0
-105.1
281.6
312.6
356.8
388.9
392.7
361.9
r
349.4
370.9
360.2
317.1
339.4
353.2
332.0
343.4
335.6
•"368.8
455.9
465.3
589.1
604.1
609.1
620.5
629.7
641.7
647.8
675.9
715.4
231.8
233.7
236.2
246.9
259.6
272.7
275.5
292.5
321.3
159.2
160.7
164.3
171.2
180.3
193.8
207.3
220.3
236.0
72.7
73.0
71.9
75.7
79.3
78.9
68.3
72.3
85.2
357.2
370.4
373.0
373.6
370.1
369.0
372.2
383.3
394.2
2,929.5
3,078.4
3,177.4
3,194.0
3,225.0
3,190.5
' 3,283.1
3,429.3
3,566.2
1982: III
IV
3,154.5
3,159.3
2,051.8
2,078.7
358.0
352.3
100.1
115.8
-9.4
— 59.3
11.7
11.7
359.5
336.0
347.8
324.3
642.5
660.1
273.8
289.5
197.0
201.4
76.9
88.2
368.6
370.6
3,164.0
3,218.6
1983: I
II
Ill
IV
3,190.6
3,259.3
•"3,303.4
3,357.2
2,096.4
2,137.2
2,161.8
2,188.1
337.5
346.9
363.4
392.9
127.2
145.8
161.6
160.4
-42.2
-3.7
22.6
22.5
-15.0
-36.2
-48.9
342.8
342.4
•"353.1
359. 1
320.3
357.4
389.3
408.0
649.1
648.2
651.5
642.2
279.2
277.6
277.4
267.9
203.8
206.9
206.5
211.8
75.4
70.6
70.9
56.1
369.9
370.6
374.1
374.3
3,232.8
3,263.0
' 3,302.1
3,334.6
1984: I
II
Ill
IV
3,449.4
3,492.6
3,510.4
3,515.6
2,210.9
2.243.0
2,243.4
2,262.0
398.8
426.8
437.6
457.8
166.6
170.0
170.8
166.0
83.6
66.0
64.9
36.1
-60.6
-90.4
-88.7
- 100.2
362.7
366.6
376.9
377.3
423.3
457.0
465.6
477.5
650.1
677.1
682.4
693.9
271.4
294.8
296.7
307.3
214.1
219.6
219.6
227.9
57.3
75.2
77.1
79.5
378.6
382.4
385.7
386.6
3,365.7
3,426.6
3,445.5
3,479.5
3,547.8
3,557.4
3,584.1
' 3,605.0
2,288.6
2,303.5
2,329.6
2,328.7
457.2
470.9
473.7
485.4
166.7
169.6
173.1
176.7
15.8
15.1
-1.8
.1
-71.8
-101.1
-119.8
-127.6
368.7
358.2
353.5
360.4
440.5
459.3
473.3
488.0
691.4
699.4
729.2
741.7
304.3
305.9
331.1
343.7
226.7
231.5
243.3
242.6
77.6
74.3
87.9
101.1
387.1
393.6
398.1
398.0
3,532.0
3,542.3
3,585.8
3,604.8
1985: I
II
Ill
IV
1.4
r
NOTE.—Data reflect the recent comprehensive revision of the national income and product accounts. For details, see Survey of Current Business, December 1985.
r
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982—100; quarterly data are seasonally adjusted]
Personal c onsumption
expenditures
Period
national
product
Gross ]>rivate
domestic i Yvestment
Exports am imports of
goods an{ services
Gove nment pure lases of goo ds and
ser •ices
Federal
Total
Durable
goods
Nondurable goods
Services
dential
ixe
Residential fixed
Exports
Imports
National
defense
Nondefense
State
and local
67.3
72.2
78.6
85.7
94.0
100.0
f
!03.8
108.1
111.7
66.7
71.6
78.2
86.6
94.6
100.0
103.9
108.2
111.6
72.7
76.9
82.1
89.2
95.7
100.0
102.1
103.9
104.7
67.1
71.9
80.0
89.4
96.9
100.0
102.0
105.4
107.7
64.8
69.8
75.6
83.9
92.6
100.0
105.7
111.5
116.8
66.1
71.5
77.8
85.1
93.4
100.0
98.9
99.4
100.8
64.6
72.6
81.4
89.4
96.6
100.0
102.2
106.4
108.2
68.0
72.8
81.6
90.2
97.5
100.0
101.4
103.7
102.8
59.8
65.8
77.1
96.0
101.6
100.0
•"97.5
97.4
95.6
65.2
69.2
75.4
84.3
93.3
100.0
103.4
107.0
110.2
63.4
67.8
74.2
83.4
92.9
100.0
104.0
107.6
111.0
69.1
72.4
78.0
86.4
94.3
100.0
101.3
105.1
107.9
66.1
71.1
77.7
86.2
93.4
100.0
105.0
110.6
116.9
1982: III
IV
100.8
101.7
100.7
101.8
100.4
100.7
100.5
101.0
100.9
102.7
100.8
100.7
100.4
99.1
100.1
100.0
99.3
99.3
100.5
101.3
100.2
102.0
101.5
99.5
100.9
102.2
1983: I
II
Ill
IV
102.4
103.2
' 104.1
105.3
102.4
103.4
104.3
105.4
101.3
101.6
102.4
103.1
100.7
101.9
102.4
103.1
103.9
105.0
106.2
107.8
100.1
98.9
98.3
98.4
102.0
100.3
103.2
103.1
100.5
100.8
101.5
102.7
98.7
97.2
•"97.0
97.1
102.8
103.4
103.1
104,2
102.7
103.7
104.5
105.3
103.1
102.6
99.0
100.1
103.3
104.4
105.6
106.7
106.6
107.6
108.6
109.6
106.7
107.6
108.7
109.6
103.4
103.9
104.1
104.2
104.5
104.8
105.5
106.6
109.2
110.8
112.5
113.5
98.8
99.2
99.6
100.1
103.6
106.5
107.6
107.9
103.5
104.3
103.8
103.2
97.5
98.0
97.3
96.7
105.2
106,8
107.3
108.3
106.6
107.4
107.6
108.6
99.9
105.0
106.7
107.5
108.5
109.9
111.2
112.7
110.4
111.3
112.1
' 113.0
110.3
111.3
111.9
113.1
104.9
104.8
104.6
104.3
106.7
107.5
107.6
109.0
114.7
116.1
117.4
118.9
100.5
100.7
101.0
101.1
107.7
107.9
108.2
109.0
102.9
103.1
102.7
102.6
95.8
95.7
95.3
95.7
109.9
110.4
110.2
110.1
110.1
110.6
110.9
112.3
109.4
110.0
108.1
105.0
114.4
116.1
117.5
119.4
1977
1978
1979
1980
1981
1982
1983
1984
1985 p
1984:
I
II
Ill
IV
1985: I
II
Ill
IV
NOTE. — Data reflect t! e recent com arehensive r vision of the national inco me and produ ct at-counts. For details, see 8u rvey of Curre nt Bitumens, December IS 85.
S ource: Depart ment of Comm rce, Bureau of Economie A lalvsis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Oro ss national pro duct
Period
1978
1979
1980
1981
1982
1983
1984
1985"
1982: m
IV
1983: I
Constant
(1982)
dollars
Current
dollars
...
n
m
rv
1984: I
n
m
rv
1985: I
n
m
IV
5.3
2.5
-.2
1.9
-2.5
r
3.5
r
6.5
r
2.3
-3.2
.6
4.0
8.9
r
5.5
r
6.7
11.4
5.1
2.1
.6
3.7
1.1
3.0
r
2.4
13.0
11.5
8.9
11.7
3.7
7.4
11.0
5.8
2.5
4.2
7.2
12.3
8.9
11.8
17.0
9.1
6.0
4.3
6.9
4.5
5.8
'5.9
Implicit
price
deflator
7.3
8.9
9.0
9.7
6.4
r
3.8
r
4.1
3.3
5.8
3.6
2.8
3.2
r
3.5
r
4.7
5.0
3.8
3.8
3.7
3.0
3.3
2.9
r
3.3
NOTE.—Data reflect the recent comprehensive revision of the national income and product i
counts. For details, see Survey of Current Business, December 1985.
Personal consumption ej penditures
Chain price
index
6.9
8.0
9.1
9.5
6.4
4.0
4.2
3.5
5.7
3.8
3.2
2.8
4.7
2.9
4.8
6.1
3.8
3.9
3.5
3.6
2.5
3.9
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
11.6
11.6
10.6
10.5
7.1
8.7
8.7
6.6
8.5
10.3
5.6
12.5
8.4
6.2
8.5
9.3
9.3
6.2
r
4.0
r
3.6
r
3.6
5.5
4.0
3.2
3.8
r
4.0
r
4.3
5.1
4.3
3.7
3.5
3.5
3.6
2.7
'4.5
Implicit
price
deflator
4.1
2.2
2
1.2
1.3
4.6
4.4
3.2
2.1
5.3
3.4
8.0
4.7
5.0
9.4
9.4
9.8
4.1
6.9
7.4
4.2
5.9
.1
3.4
4.8
2.6
4.6
6.2
6.8
4.2
2
Chain price
index
Fixedweighted
price index
(1982
weights)
7.0
8.8
10.5
9.0
5.6
4.0
4.3
3.4
6.3
4.8
2.3
4.2
3.8
4.4
5.2
3.8
4.2
3.6
2.7
3.8
2.6
4.7
7.2
7.3
9.2
10.7
9.2
9.2
10.9
9.2
5.7
4.0
4.2
3.4
6.3
4.8
2.2
4.2
3.7
4.4
5.1
3.7
4.1
3.6
2.7
3.7
2.4
4.7
5.7
3.9
4.1
3.1
6.2
4.4
2.4
4.0
3.5
4.3
5.0
3.4
4.2
3.4
2.6
3.7
2.2
4.4
Annual changes are from previous year and quarterly changes are from previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross d omestic
produ ct of
nonfin ancial
corporate business
(billions o f dollars)
Period
Current
1982
Curren t-dollar cos and profit per unit o output (doliars) '
Corpc rate profits with
inventory valuation a nd capital
consult ption adjus tments
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Total
1978
1979
1980
1981
1982
1983
1984
1985"
1,274.1
1,417.4
1,540.8
1,738.4
1,782.2
1,915.9
2,153.1
2,283.3
1,789.8
1,840.4
1,807.9
1,837.2
1,782.2
1,866.9
2,039.3
2,098.4
0.712
.770
.852
.946
1.000
1.026
1.056
1.088
0.073
.082
.095
.109
.125
.124
.119
.121
0.064
.066
.077
.090
.094
.098
.099
.102
0.473
.523
.581
.632
.676
.679
.687
.709
0.020
.024
.031
.037
.043
.039
1982: m
IV
1983: I
1,789.0
1,779.4
1,820.0
1,884.9
1,946.5
2,012.2
1,777.8
1,760.2
1.006
1.011
1.015
1.023
1.029
1.037
1.041
1.051
1.061
1.070
1.077
1.086
1.092
.127
.131
.128
.125
.124
.121
.119
.118
.119
.120
.120
.121
.121
.094
.096
.096
.099
.099
.098
.098
.099
.100
.100
.100
.103
.102
.679
.685
.682
.678
.676
.680
.679
.682
.691
.697
.703
.709
.709
.041
.042
n
ra
rv
1984:
1985:
1
I
n
in
rv
I
n
m
2,088.0
2,147.0
2,172.5
2,205.2
2,237.0
2,265.8
2,301.6
1,793.1
1,842.5
1,891.2
1,940.8
2,005.0
2,043.0
2,048.2
2,061.0
2,077.3
2,087.2
2,106.9
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plua business transfer payments less subsidies.
.042
.041
.040
.039
.039
.039
.039
.041
.043
.044
.043
.042
.040
Profits
tax
liability
Profits
after
tax 4
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
r
0.082
.076
.068
.078
.063
.086
.108
.115
0.037
.038
.037
.035
.026
.031
.035
.030
0.044
.038
.031
.044
.037
.055
.073
.086
' 17.358
r
!7.221
' 17.096
r
17. 194
r
!7.318
' 17.934
r
!8.316
8.219
' 9.002
r
9.939
' 10.861
r
!1.699
' 12.175
' 12.588
.065
.057
.070
.082
.092
.099
.106
.111
.107
.109
.111
.111
.120
.026
.023
.023
.030
.035
.034
.038
.038
.032
.032
.029
.028
.030
.038
.034
.047
.053
.057
.065
.068
.073
.075
.077
.081
.083
.090
' 17.375
' 17. 402
r
17. 700
r
17. 887
' 18.036
' 18.109
' 11. 804
r
l 1.928
' 12.070
' 12.130
' 12.185
' 12.313
T
12.447
T
12.544
r
12.638
' 12. 730
' 12.835
' 12.942
'13.034
r
!8.319
' 18.405
r
18.298
' 18.255
r
18.260
' 18.244
' 18.372
4
With inventory valuation and capital consumption adjustments.
NOTE.—Data reflect the recent comprehensive revision of the national income and product accounts. For details, see Survey of Current Business, December 1985.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietor s' income
with in 'entorv
valuation t nd eapital
consurnption
adjust uents
Farm
1979
1980
1981
1982
1983
1984
1985"
1982: III
IV
1983: I
II
Ill
IV
3,155.3
3,192.2
3,228.0
IV"
Inventory
valuation
adjustment
13.3
13.6
12.8
10.8
14.0
— 43.2
-43.1
— 24.2
-10.4
-10.0
-5.4
— .4
151.7
159.8
12.0
15.8
154.3
146.1
161.6
150.7
171.6
164.1
-10.0
-13.4
-7.3
-4.5
6.6
20.0
167.2
175.5
182.3
187.1
13.3
14.8
11.9
11.0
173.4
205.9
228.4
247.6
163.7
190.5
207.3
218.7
167.1
199.8
225.4
227.6
-3.4
-9.3
-18.1
-8.9
15.5
21.0
28.9
44.4
29.4
27.8
26.6
195.9
199.7
204.5
206.3
11.6
11.9
10.0
268.0
277.8
271.2
276.2
234.4
241.8
226.5
226.3
247.4
247.4
227.7
228.0
-13.0
-5.6
-1.3
-1.6
33.5
36.0
44.8
49.8
26.5
22.8
12.2
212.9
218.1
225.3
229.1
11.0
13.8
14.5
16.5
281.7
288.1
309.1
220.6
220.9
233.2
220.0
218.7
228.6
Net
interest
-14.0
-16.8
-14.4
-9.2
18.8
41.0
71.8
22.9
I
11
Ill
Profits
before tax
257.2
237.1
226.5
169.6
205.0
237.6
227.6
1,918.4
1,931.1
1,962.4
2,001.5
2,041.8
2,097.6
2,160.9
2,204.8
2,241.2
2,278.5
2,320.4
2,356.9
2,385.2
2,428.1
1985:
Total
Capital
consumption
194.0
202.3
159.2
195.0
232.3
227.2
31.7
20.5
I
II
Ill
IV
Profits wi th inventory valuation
adjustmer it and witho it capital
consu mption adjus ment
214.1
1,491.4
1,638.2
1,807.4
1,907.0
2,025.9
2,221.3
2,372.7
1984:
tion
adjustment
Nonfarm
Corpora e profits wit i inventory -aluation an capital
eonsurnption adjus ments
200. 1
177.2
188.0
150.0
213.8
273.3
299.0
2,047.3
2,203.5
2,443.5
2,518.4
2,718.3
3,039.3
3,215.6
2,528.4
2,548.2
2,603.6
2,878.9
2,747.4
2,843.5
2,967.7
3,021.1
3,064.2
3,104.4
Rental
income ot
persons
with
capital
5.6
6.6
160.1
160.1
156.1
150.9
178.0
201.6
221.3
30.7
24.6
14.3
32.1
21.0
28.5
18.7
11.8
22.5
9.7
.7
2.2
4.7
-9.0
158.3
200.9
248.1
272.3
273.6
300.2
287.7
269.1
266.9
268.5
269.4
276.4
280.3
9.7
286.9
297.6
309.5
307.0
302.9
292.4
281.8
273.7
61.1
67.2
75.9
83.2
counts. For details, see Survey of Current Business, Dccembe r 1985.
and product ac-
Source: Department of Commerce, Bureau of Economic Am Ivsis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
1
Period
1979
1980
1981
1982
1983
1984
1985"
1982: III
IV
1983: I
II
Ill
IV
1984: I
II
Ill
IV
1985: I
II
Ill
IV
NOTE.—Data reflect the
ounls. For details, see Sun
personal
consumption
expend!ures
1,566.8
1,732.6
1,915.1
2,050.7
2 229 3
2,423.0
2,581.9
2,065.6
2,117.0
2,146.0
2,210.1
2,254.9
2,306.3
2,358.6
2,414.4
2,439.0
2,480.1
2,525.0
2,563.3
2,606.1
2,633.3
Motor
Total
durable
goods
cles
and
parts
Furniture
household
equipment
Other
Total
nondurable
goo s
Food
40.0
42.8
46.6
48.1
51.7
57.9
64.1
613.2
681.4
740.6
771.0
817.0
872.4
912.5
317.3
349.1
376.5
398.8
422.0
451.7
474.2
108.3
115.7
82.1
86.2
92.7
95.7
107.4
119.4
128.9
96.4
99.1
48.1
49.0
115.9
129.2
134.0
143.1
102.1
105.4
109.0
113.0
50.4
50.7
52.2
53.3
776.7
786.6
792.4
811.7
826.5
837.2
150.1
154.1
153.6
157.4
116.1
118.8
119.3
123.5
55.4
57.3
58.2
60.6
163.1
165.4
183.0
159.3
125.7
127.6
128.6
133.9
62.7
63.4
64.4
66.0
402.7
407.0
413.1
419.0
426.0
430.0
440.0
449.9
457.1
459.6
465.5
472.1
475.9
483.3
219.0
219.3
239.9
252.7
289.6
331.1
360.8
96.9
90.3
100.5
108.9
130.6
153.8
167.7
252.8
263.8
268.5
285.3
295.3
309.4
321.6
330.2
331.1
341.5
351.5
356.5
376.0
359.2
Retail ales of
new pa ssenger
cars (m lions of
Non durable gc ods
Durable goods
856.6
873.2
876.6
883.1
895.7
910.2
914.5
929.4
~>
Clothing and
shoes
Gasoline
and oil
102.2
109.0
119.9
ServOther
Domestics
127.6
139.5
151.6
158.7
169.6
182.6
190.1
160.4
163.4
734.6
831.9
934.7
1,027.0
1,122.7
1,219.6
1,308.6
156.1
66.1
83.7
92.7
89.1
90.1
90.7
92.0
125.0
126.5
88.6
89.8
129.4
135.0
135.5
140.9
86.5
89.4
92.5
92.1
92.0
91.9
89.1
89.8
163.3
168.3
172.6
174.1
180.2
182.3
184.0
184.1
1,036.1
1,066.5
1,085.2
1,113.0
1,133.1
1,159.6
1,180.4
1,211.1
1,231.3
1,255.4
89.3
92.9
92.2
93.7
188.2
188.9
190.7
192.6
1,277.8
1,296.6
1,315.6
1,344.6
124.4
135.2
147.4
144.4
149.1
146.4
149.7
152.8
156.3
155.7
159.8
un ts)
Source: Department of Commerce, Bureau of Economic Aiialy:
8.2
6.6
6.2
5.8
6.8
8.0
8.2
5.6
6.0
6.0
6.9
6.9
7.4
8.1
8.2
7.9
7.6
8.5
8.2
9.4
7.0
Imports
2.3
2.4
2.3
2.2
2.4
2.4
2.8
2.2
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.4
2.7
2.4
2.7
3.0
3.3
SOURCES OF
Personal income rose $46.6 billion (annual rate) in December following an increase of $16.7 billion in November.
Wage and salary disbursements rose $21.6 billion in December, following an increase of $11.8 billion in
November. Farm proprietors' income rose $13.2 billion in December because of subsidy payments.
BILLIONS OF DQLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,600
3,200
3,600
3,200
TOTAL PERSONAL INCOME
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
1,200
WAGE AND SALARY DISBURSEMENTS
1,200
1,000
1,000
800
800
600
OTHER INCOME
600
400
400
TRANSFER
PAYMENTS
200
200
Illllllllll
1977
1978
1979
iiinlmii
I l l l l l l l l l l Illllllllll
1980
1981
1982
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE- DEPARTMENT OF COMMERCE
1984
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietors ' income 3
Period
1977
1978
1979
1980
1981
1982
1983
1984
1985"
1984: Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct T
Nov r
Dec"
Total
persona]
income
1,607.5
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,836.4
3,111.9
3,294.2
3,207.4
3,217.3
3,247.2
3,258.2~
3,288.6
3,271.2
3,280.5
3,290.0
3,295.5
3,309.9
3,330.7
3,347.4
3,394.0
salary
Other labor
Farm
ments
993.9
1,119.3
1,252.1
1,372.0
1,510.3
1,586.1
1,675.8
1,834.9
1,960.7
1,901.5
1,905.4
1,916.5
1,930.9
1,940.5
1,946.8
1,958.5
1,959.8
1,969.3
1,981.2
1,991.4
2,003.2
2,024.8
94.1
107.7
122.7
138.4
150.3
163.6
179.5
193.4
206.4
198.4
199.7
200.9
202.2
203.5
204.8
206.1
207.3
208.5
209.5
210.5
211.5
212.4
Nonfarm
20.5
27.0
31.7
20.5
30.7
24.6
14.3
32.1
21.0
33.7
22.7
32.9
23.8
40.4
14.4
13.8
12.2
11.6
12.9
16.0
19.2
32.4
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (eee p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements,
^ Consists of employer contributions to private pension, health, and welfare funds; workers' injury
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
132.4
149.2
160.1
160.1
156.1
150.9
178.0
201.6
221.3
207.4
210.4
213.1
215.2
216.9
218.6
218.8
222.1
224.8
228.9
228.1
228.0
231.4
Rental
income of
persons 4
8.2
9.3
5.6
6.6
13.3
13.6
12.8
10.8
14.0
9.8
10.3
10.9
11.7
12.8
13.9
14.9
15.5
16.2
11.7
16.6
14.0
18.9
Personal
dividend
income
38.2
43.0
48.1
52.9
61.3
63.9
68.0
74.6
78.9
77.2
77.5
77.9
78.3
78.6
78.7
78.8
78.9
79.1
79.2
79.4
79.9
80.1
Personal
interest
income
155.4
182.5
221.4
271.9
335.4
369.7
385.7
442.2
456.5
459.9
461.7
463.0
463.8
462.7
461.0
457.9
453.3
449.8
448.6
450.0
452.1
454.3
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
226.1
244.0
273.1
324.7
61.2
69.8
81.0
88.6
368.1
410.6
442.2
454.7
484.5
455.4
475.1
478.2
479.5
480.9
481.2
480.9
490.0
486.0
488.4
489.8
491.4
493.0
104.5
112.3
119.8
132.4
149.1
135.9
145.5
146.2
147.2
147.6
148.1
149.1
149.1
149.7
150.4
151.1
151.9
153.3
Nonfarm
personal
income 6
1,572.6
1,769.3
1,983.1
2,215.8
2,465.6
2,618.7
2,795.3
3,053.3
3,247.1
3,146.7
3,168.0
3,188.0
3,208.2
3,221.9
3,230.5
3,240.5
3,251.9
3,258.1
3,271.2
3,288.9
3,302.3
3,335.6
5
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
NOTE.—Data reflect the recent comprehensive revision of the national income and product accounts. For details, see Survey of Current Business, December 1985.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose in the fourth quarter of 1985, after a decline in the third quarter.
The decline in the third quarter to a large extent reflected the delay and catchup in income tax refunds in the first
and second quarters.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
6,000
4,000
4,000
1985
1977
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
personal
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Per c apita
disposable personal
incc me
Per capita personal
consurnption
expenc itures
Current
dollars
Current
dollars
1982
dollars
Billions of doll ars
1977
1978
1979
1980
1981
1982
1983
1984
1985"
1,607.5
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,836.4
3,111.9
3,294.2
228.1
261.1
304.7
340.5
393.3
409.3
411.1
441.8
493.1
1,379.3
1,551.2
1,729.3
1,917.9
2,127.6
2,261.4
2,425.4
2,670.2
2,801.1
1982
dollars
Do lars
1,288.6
1,441.1
1,611.3
1,781.1
1,968.1
2,107.5
2,292.2
2,497.7
2,671.4
90.7
110.2
118.0
136.8
159.4
153.9
133.2
172.5
129.7
6,262
6,968
7,682
8,422
9,247
9,732
10,339
11,279
11,727
9,381
9,735
9,829
9,723
9,773
9,732
9,952
10,427
10,504
Percent
change in
real per
capita
disposable
Saving as
percent of
disposable
personal
Population
(thousands) z
Per cent
5,707
6,304
6,960
7,608
8,323
8,825
9,503
10,235
10,810
8,551
8,808
8,904
8,784
8,798
8,825
9,148
9,462
9,682
1.0
-1.1
.5
-.4
2.3
4.8
4.8
6.6
7.1
6.8
7.1
7.5
6.8
5.5
6.5
.7
220,289
222,629
225,106
227,732
230,087
232,376
234,579
236,731
238,849
2.2
3.8
Seas anally adju sted annual rates
1982: ffl
IV
2,683.6
2,729.2
405.0
411.1
2,278.6
2,318.1
2,122.6
2,174.9
156.0
143.1
9,793
9,937
9,728
9,758
8,878
9,075
8,819
8,911
-0.6
1.2
6.8
6.2
232,667
233,268
1983: I
2,752.8
2,805.7
2,852.4
2,934.8
407.4
418.0
404.4
414.4
2,345.5
2,387.7
2,447.9
2,520.4
2,205.2
2,271.3
2,319.0
2,373.3
140.3
116.4
129.0
147.1
10,033
10,192
10,423
10,706
9,802
9,856
9,993
10,157
9,180
9,434
9,601
9,796
8,968
9,123
9,205
9,294
1.8
2.2
5.7
6.7
6.0
4.9
5.3
5.8
233,772
234,268
234,850
235,425
3,033.8
3,083.5
3,144.2
3,186.2
423.6
433.6
447.5
462.4
2,610.2
2,649.9
2,696.7
2,723.8
2,428.7
2,487.4
2,515.2
2,559.4
181.6
162.6
181.5
164.5
11,064
11,209
11,379
11,465
10,371
10,413
10,466
10,457
9,997
10,212
10,291
10,439
9,371
9,487
9,466
9,521
8.7
1.6
2.1
-.3
7.0
6.1
6.7
6.0
235,924
236,419
236,998
237,584
3,240.9
3,280.1
3,298.5
3,357.4
501.7
462.4
498.2
510.1
2,739.2
2,817.7
2,800.2
2,847.2
2,608.4
2,650.6
2,697.6
2,729.2
130.9
167.2
102.6
118.1
11,506
11,814
11,710
11,878
10,429
10,617
10,468
10,504
10,606
10,747
10,898
10,986
9,613
9,658
9,742
9,715
-1.1
7.4
-5.5
1.4
4.8
5.9
3.7
4.1
238,065
238,503
239,126
239,703
n
m
IV
1984: I
n
m
IV
1985: I
n
m
IV "....
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages
for the period.
NOTE.—Date reflect the recent comprehensive revision of the national income and product accounts. For details, see Survey of Current Business, December 1985.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the third quarter of 1985, according to current estimates, gross farm income fell $11.1 billion (annual rate) and
net farm income fell $9.6 billion.
BILLIC NS OF DOLLA ?S * (RATIO SC ALE)
BILL ONS OF DOLL/i,RS * (RATIO S CALE)
240
240
!rt^P*
GROJ S FARM INCO WE
160
X^
r—~]
"1
^-—"^
^^
NE T FARM INCO/v\E
*
N
\
\
/
r^
j
\
\
*•*
t,\\ / /
V",,
/
,-- s^
„ , — ••'
*•*
'^.'
\
.
V
}
/
""
\!
1977
\
1
1 i
1978
1
1
1
1 ! 1
1980
1979
\
\
X
t
\
\
1
1
t
\
|
20
*
\ I
•
\
40
\1 //"
\ f
11
\
120
^
40
t
160
^
I
| |
1981
1 1 i
1982
\l
1*1
1
1983
i ii
1984
10
1
1
1
1985
COUNCIL OF CONOMIC ADVISERS
' SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMEN OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farmi "g
Net farni income
CTFOSS farm incom
Period
Cas n marketing rece pts
Total '
Total
Livestock and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1967 dollars 3
1976
1977
1978
1979
1980
1981
1982
1983
1984
102.9
108.7
128.4
150.7
149.6
166.0
161.6
150.6
174.0
95.4
96.2
112.2
131.5
139.8
142.1
142.9
136.3
141.8
46.3
47.6
59.2
69.2
68.0
69.2
70.3
69.4
72.7
49.0
48.6
53.0
62.3
71.8
72.9
72.7
66.8
69.1
-1.5
1.1
2.1
5.0
-5.9
5.8
-1.4
-10.6
7.8
82.7
88.9
101.0
119.0
129.4
136.1
136.9
135.6
139.5
20.1
19.8
27.4
31.7
20.2
29.8
24.6
15.0
34.5
11.8
10.9
14.0
14.6
8.2
11.0
8.5
5.0
11.1
1983: I
II
Ill
IV
152.9
143.6
151.7
154.3
143.2
133.0
141.2
127.6
71.0
68.9
67.9
70.0
72.2
64.1
73.3
57.6
-10.6
-13.9
-12.9
-4.9
135.1
134.9
135.5
136.9
17.8
8.7
16.2
17.3
6.1
2.9
5.4
5.7
1984: I
II
Ill
IV
175.7
167.3
173.7
179.8
139.3
139.0
141.5
147.6
75.5
70.8
71.2
73.5
63.8
68.2
70.3
74.2
2.0
8.7
10.3
10.2
139.2
140.2
140.0
138.5
36.5
27.0
33.6
41.2
11.9
8.7
10.7
13.1
1985: I r
II r
III".
168.0
161.7
150.6
137.6
131.3
132.6
72.3
67.3
68.5
65.3
64.0
64.1
3.3
.8
-.8
136.6
134.7
133.2
31.4
27.0
17.4
9.9
8.4
5.4
CORPORATE PROFITS
In the third quarter of 1985, corporate profits before tax rose $9.9 billion (annual rate) and after-tax profits rose
$4.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
280
280
40
40
SOURCE DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after ta X
Prc fits {before t ix) with inve ntory vaiuati jn adjustmen t '
Do nestic indust ies
Total
z
Total
1977
1978
1979
1980
1981
1982
1983
1984
1985"
1982: III
IV
1983: I
II
Ill
IV
1984: I
II
Ill
IV
1985: I
II
Ill p
Profits
before tax
Nonfinancial
Period
Financial
Total 3
Manufacturing
Tax
liability
T
Total
Dividends
Undistributed
profits
valuation
adjustment
sale and
retail
trade
183.8
208.2
214.1
194.0
202.3
159.2
195.0
232.3
227.2
165.5
186.0
180.4
159.6
173.8
131.2
164.2
200.1
195.8
21.6
29.1
27.8
21.0
16.5
11.8
22.7
19.2
23.5
H3.9
156.8
152.6
138.6
157.3
119.4
141.6
180.9
172.3
80.6
88.7
87.5
77.1
88.5
58.0
71.3
88.5
77.6
27.5
27.3
28.7
21.6
32.5
34.6
39.1
50.7
49.9
200.4
233.5
257.2
237.1
226.5
169.6
205.0
237.6
227.6
73.0
83.5
88.0
84.8
81.1
63.1
75.2
93.6
85.7
127.4
150.0
169.2
152.3
145.4
106.5
129.8
144.0
141.9
39.5
44.7
50.1
54.7
63.6
66.9
70.8
78.1
83.5
87.9
105.2
119.1
97.6
81.8
39.6
59.0
65.9
58.3
-16.6
-25.3
-43.2
-43.1
-24.2
-10.4
-10.0
-5.4
161.6
150.7
133.0
121.6
12.4
18.7
120.6
102.9
64.3
46.8
32.9
33.6
171.6
164.1
64.3
59.8
107.3
104.3
66.6
68.5
40.7
35.8
-10.0
-13.4
163.7
190.5
207.3
218.7
136.2
161.1
174.4
185.1
22.0
25.0
22.4
21.2
114.2
136.1
152.0
163.9
52.3
64.6
78.9
89.2
32.6
40.8
39.9
43.1
167.1
199.8
225.4
227.6
58.9
73.8
84.1
84.0
108.2
126.0
141.3
143.6
69.3
69.6
71.1
73.1
38.9
56.4
70.3
70.6
-3.4
-9.3
-18.1
-8.9
234.4
241.8
226.5
226.3
201.0
212.3
193.3
193.7
20.8
20.4
17.2
18.4
180.2
191.9
176.1
175.3
94.2
94.9
82.2
82.7
46.8
52.7
51.5
51.8
247.4
247.4
227.7
228.0
99.1
100.6
87.4
87.4
148.3
146.7
140.3
140.6
75.3
77.5
78.9
80.7
73.1
69.2
61.3
60.0
220.6
220.9
233.2
189.4
189.3
203.0
19.2
22.5
23.8
170.2
166.7
179.2
77.3
73.4
79.7
48.7
50.6
53.6
220.0
218.7
228.6
83.4
82.3
87.4
136.6
136.4
141.1
82.0
83.1
83.9
85 0
54.6
53.3
57.3
-13.0
-5.6
-1.3
-1.6
_7
2.2
4.7
— 9.0
IV
4
ami pr
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the fourth quarter of
1985, business fixed investment
rose $12.1 billion
(annual rate) from its third quarter level while residential
investment outlays rose $5.1 billion. There was a
billion increase in inventories following an increase of $0.2
billion in the third quarter.
BILLIONS OF DOLLARS
800
$2.1
BILLIONS OF DOLLARS
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
600
600
GROSS PRIVATE DOMESTIC
INVESTMENT
500
500
400
400
NONRESIDENTIAL
FIXED INVESTMENT"
300
300
RESIDENTIAL
FIXED INVESTMENT
200
200
100
100
CHANGE IN BUSINESS
INVENTORIES
>
! 1 1
> 1
-100
1977
1978
1 1
1 1 I
1979
1980
1981
! i I
1982
1983
SOURCE: DEPARTMENT OF COMMERCE
1984
-100
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
]n ixed investmen
,
Cross
private
domestic
investment
Change it business
niven ones
Nonresidential
Total
Total
Strnetures
Producers'
durable
equipment
Residential
Nont'arm
Total
1977
1978
1979
1980
1981
1982
1983
1984
1985"
344.1
416.8
454.8
437.0
515.5
447.3
501 .9
674.0
670.4
322.8
388.2
441.9
445.3
491.5
471.8
508.3
607.0
661.4
214.2
259.0
302.8
322.8
369.2
366.7
356.3
437.9
475.7
66.7
81.0
99.5
113.9
138.5
143.3
126.1
147.6
170.0
147.4
178.0
203.3
208.9
230.7
223.4
230.2
280.2
305.8
108.6
129.2
139.1
122.5
122.3
105.1
152.0
179.1
185.6
21.3
28.6
13.0
-8.3
24.0
— 24.5
-6.4
67.1
9.1
20.2
26.5
7.9
-2.4
18.3
-23.1
.8
58.0
11.4
1982: III
IV
452.2
409.6
461.2
469.5
360.7
354.9
140.2
137.6
220.5
217.3
100.5
114.7
-9.0
-59.9
-12.4
-51.1
1983:
I
II
Ill
IV
425.0
483.7
521.2
577.6
467.7
489.2
524.0
552.1
338.0
343.0
357.3
386.8
127.6
121.5
124.7
130.5
210.4
221.5
232.6
256.3
129.7
146.2
166.7
165.4
-42.7
-5.5
-2.8
25.5
-33.7
1.8
15.5
19.4
1984:
I
11
658.8
673.3
687.9
676.2
566.7
604.5
619.5
637.2
394.1
423.4
435.9
458.1
135.0
147.0
151.3
157.2
259.1
276.5
284.5
300.9
172.6
181.0
183.7
179.1
92.1
68.9
68.3
39.0
71.6
61.2
62.8
36.4
657.6
672.8
666.1
685.2
639.1
657.3
665.9
683.2
459.6
474.2
478.5
490.6
166.1
169.7
170.4
173.7
293.5
304.5
308.1
316.9
179.4
183.1
187.4
192.5
18.5
15.5
14.2
10.8
3.1
17.6
Ill
IV
1985: I
II
Ill
IV"
NOTK. —Diitii refle
9
2.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November 1985 survey, business spending for new plant and
equipment for the year 1986 is expected to be 2.4 percent above the 1985 level. Spending in 1985 is expected to
be 8.4 percent above the 1984 level.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
300
200
200
r
NONMANUFACTURING -
r H~~^
"I
100
-MANUFACTURING-
100
80
60
60
40
40
1978
1979
1982
1981
1980
1984
1983
1985
J//SURVEYED QUARTERLY
.i/'SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
M inufacturir g
All
industries
Total
1978
1979
1980
1981
1982
1983
1984
1985 4
19864
217.76
254.96
282.80
315.22
310.58
304.78
354.44
384.22
393.52
78.58
95.92
112.33
126.54
120.68
116.20
138.82
152.42
152.30
1983: I
II
Ill
IV
1984: I
II
Ill
IV
1985: 1
11
Ill4
IV4
1986: I 4
II4
289.36
295.24
308.79
325.75
337.95
349.97
361.48
368.29
371.16
387.83
388.90
388.98
402.13
405.99
111.32
112.73
116.70
124.05
129.91
135.96
142.44
146.96
145.65
154.33
154.04
155.68
154.74
159.16
Period
10
Addenda
Nor manufaetu ing
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
39.46
48.50
55.36
59.81
55.35
53.08
86.24
72.53
70.76
39.13
47.42
56.96
66.73
65.33
63.12
72.58
79.89
81.54
139.18
159.04
170.47
188.68
189.89
188.58
215.61
231.79
241.23
11.22
12.81
15.99
21.39
20.05
15.19
16.86
15.84
14.85
13.36
16.05
16.60
15.84
14.79
13.97
16.52
17.77
18.67
31.50
35.63
37.74
41.21
45.43
44.96
47.48
48.23
46.13
83.09
94.56
100.14
110.24
109.63
114.45
134.75
149.96
161.58
50.67
50.12
53.96
57.58
81.23
64.03
68.26
71.43
69.87
73.96
72.85
73.46
71.95
74.55
60.65
62.61
62.74
66.48
68.68
71.93
74.18
75.53
75.78
80.36
81.19
82.22
82.79
84.60
178.04
182.51
192.09
201.70
208.04
214.01
219.04
221.33
225.51
233.51
234.86
233.30
247.39
246.83
14.69
14.17
15.59
16.34
17.24
16.38
16.82
17.00
15.66
16.51
15.94
15.24
15.30
15.75
13.08
13.51
14.04
15.24
15.29
17.01
17.49
16.28
16.22
17.50
19.09
18.25
18.80
18.98
44.69
44.46
44.68
46.02
47.08
47.94
47.92
46.92
48.46
48.47
48.14
47.85
48.99
47.53
105.58
110.37
117.79
124.09
128.42
132.67
136.80
141.13
145.17
151.02
151.69
151.96
164.30
164.57
Durable
goods
Total
nonfarm
busi~
ness z
245.34
284.94
314.47
349.36
347.47
343.35
398.99
Non manufaetu ring
Manufacturing
78.58
95.92
112.33
126.54
120.68
116.20
138.82
152.42
152.30
111.32
112.73
116.70
124.05
129.91
135.96
142.44
146.96
145.65
154.33
154.04
155.68
154.74
159.16
Total
166.76
189.02
202.15
222.72
226.79
227.15
260.16
Surveyed
quarterly
139.18
159.04
170.47
188.68
189.89
188.58
215.61
231.79
241.23
178.04
182.51
192.09
201.70
208.04
214.01
219.04
221.33
225.51
233.51
234.86
233.30
247.39
246.83
Surveyed
annually"
27.58
29.98
31.68
34.04
36.89
38.56
44.55
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In January, seasonally adjusted civilian employment rose nearly 400,000 and unemployment fell 228,000, after
adjustment for a change in estimation procedures effective with January 1986 data.
MILLIONS OF PERSONS
120
4
MILLIONS OF PERSONS*
—
1978
1979
1985
1986
•16 YEARS OF AGE AND OVER
SOURCE; DEPARTMENT OF 1ABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted]
Period
1979
1980
1981
1982
1983
1984
1985
1985: Jan r ...
Feb r...
Mar r...
Apr T...
May r...
June r..
July r..
Aug r...
Sept r..
Oct r....
Nov r...
Dec
1986: Jan*...
1
Noninstitutional
population
including
resident
Armed
Forces
NSA
166,460
169,349
171,775
173,939
175,891
178,080
179,912
179,081
179,219
179,368
179,501
179,649
179,798
179,967
180,131
180,304
180,470
180,642
180,810
181,361
dent
Armed
F orces
NSA
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,697
1,703
1,701
1,702
1,705
1,702
1,704
1,726
1,732
1,700
1,702
1,698
1,691
T h
f
. , .OFCe
including
resident
Armed
r orces
106,559
108,544
110,315
111,872
113,226
115,241
117,167
116,451
116,685
117,036
116,958
117,044
116,726
116,976
117,069
117,522
117,814
117,832
117,927
118,477
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
100,421
100,907
102,042
101,194
104,962
106,940
108,670
110,204
102,510
106,702
108,856
108,012
108,290
108,652
108,574
108,644
108,303
108,575
108,936
109,251
109,513
109,671
109,904
110,646
111,550
113,544
115,461
114,754
114,982
115,335
115,256
115,339
115,024
115,272
115,343
115,790
116,114
116,130
116,229
116,786
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.
* Data beginning January 1986 not strictly comparable with earlier data because of change in
Unemplc yment
Civilian ernployment
i? '
Kesi-
Total
98,824
99,303
100,397
99,526
100,834
105,005
107,150
106,315
106,587
106,951
106,872
106,939
106,601
106,871
107,210
107,519
107,813
107,969
108,206
108,955
Agricultural
3,347
3,364
3,368
3,401
3,383
3,321
3,179
3,319
3,325
3,314
3,353
3,284
3,140
3,120
3,095
3,017
3,058
3,070
3,151
3,299
Total
95,477
95,938
97,030
96,125
97,450
101,685
103,971
102,996
103,262
103,637
103,519
103,655
103,461
103,751
104,115
104,502
104,755
104,899
105,055
105,655
Part-time
for
economic
reasons l
3,373
4,064
4,499
5,852
5,997
5,512
5,334
5,392
5,098
5,421
5,402
5,550
5,278
5,328
5,413
5,299
5,241
5,295
5,294
5,275
Total
6,137
7,637
8,273
10,678
10,717
8,539
8,312
8,439
8,395
8,384
8,384
8,400
8,423
8,401
8,133
8,271
8,301
8,161
8,023
-7,831
15
weeks
and
over
Labor brce
particip ation
rate (pe rcent)
„
Civilian 3
1,241
1,871
2,285
3,485
4,210
2,737
2,305
64.0
64.1
64.2
64.3
64.4
64.7
65.1
2,247
2,413
2,400
2,374
2,274
2,328
2,329
2,274
2,307
2,277
2,205
2,188
65.0
65.1
65.2
65.2
65.2
64.9
65.0
65.0
65.2
65.3
65.2
65.2
2,056
65.3
63.7
63.8
63.9
64.0
64.0
64.4
64.8
64.7
64.8
64.9
64.8
64.8
64.6
64.7
64.7
64.8
65.0
64.9
64.9
65.0
lotal
estimation procedures.
NOTE.—Seasonally adjusted data revised beginning 1981.
NSA indicates data are not seasonally adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In January, the seasonally adjusted overall unemployment rate fell to 6.6 percent (from 6.8 percent in December)
and the civilian unemployment rate fell to 6.7 percent (from 6.9 percent in December).
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1982
"UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVfSERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemp ovment ra te (percen t of civilian labor force in group)
Unemployment
rate,
all
workers 1
All
civilian
work-
5.8
7.0
7.5
9.5
9.5
7.4
7.1
5.8
7.1
7.6
9.7
9.6
7.5
7.2
4.2
5.9
Dec
7.2
7.2
7.2
7.2
7.2
7.2
7.2
6.9
7.0
7.0
6.9
6.8
7.4
7.3
7.3
7.3
7.3
7.3
7.3
7.1
7.1
7.1
7.0
6.9
1986: Jan
6.6
6.7
Period
1979
1980
1981
1982
1983
1984
1985
1985: Jan r
Febr
Mar r ....
Aprr.....
Mayr....
June r ...
Julyr....
Augr....
Sepf....
Ocf
Nov r ....
B y sex and a ge
ers
Men
20 years
and over
Women
20 years
and
over
Both
sexes
16-19
Black
Experienced
wage and
salary
workers
Black
White
and
other
years
Women
who
maintain
families
Fulltime
workers
Parttime
workers
11.0
10.9
5.3
6.9
7.3
9.6
6.8
8.3
9.2
10.4
11.7
12.2
10.3
10.4
9.5
7.2
6.8
8.8
8.8
9.4
10.5
10.4
9.3
9.3
15.1
16.0
15.2
15.2
15.4
14.4
15.0
14.1
15.2
14.9
15.6
14.9
6.9
6.9
6.8
6.8
6.8
6.9
6.9
6.7
6.8
6.7
6.6
6.5
4.5
4.4
4.3
4.3
4.0
4.6
4.4
4.1
4.3
4.2
4.3
4.3
10.2
10.9
10.3
10.7
10.8
9.9
10.3
10.8
11.3
10.4
10.0
9.4
7.0
7.0
6.9
6.9
6.9
6.9
7.0
6.8
6.8
6.8
6.7
6.6
9.3
8.8
9.5
9.7
10.0
9.5
9.4
9.0
9.3
9.6
8.8
9.0
8.3
8.2
8.2
8.2
8.3
8.2
8.2
8.1
8.1
7.9
7.9
7.8
14.4
6.3
4.3
9.9
6.4
8.4
7.6
11.3
13.1
14.2
17.3
17.8
14.4
13.7
12.3
14.3
15.6
18.9
19.5
15.9
5.5
6.9
7.3
9.3
9.2
7.1
6.6
5.1
6.3
6.7
8.6
8.4
6.5
6.2
15.1
6.3
6.3
6.2
6.3
6.1
6.4
6.2
6.0
6.1
6.1
6.0
5.9
6.8
6.7
6.7
6.7
6.8
6.7
6.6
6.6
6.7
6.4
6.4
6.2
18.9
18.4
18.2
17.9
18.8
18.6
19.3
17.5
18.1
19.8
18.4
18.8
6.4
6.2
6.3
6.3
6.2
6.4
6.3
6.1
6.1
6.1
5.9
5.9
13.7
14.4
13.8
13.8
13.9
13.2
13.5
12.8
13.7
13.5
14.1
13.4
5.7
6.1
18.4
5.7
12.8
6.3
8.8
8.9
6.6
6.2
Married
men,
spouse
present
Labor
force
time lost
(percent) 2
2.8
4.2
4.3
6.5
6.5
4.6
4.3
16.1
17.8
19.6
23.2
22.4
18.9
18.6
5.7
6.4
6.8
8.3
8.1
6.8
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons oa part time for economic reasons as percent of potentially available labor force hours.
12
Byselected grouf s
By race
Note.—Seasonally adjusted data revised beginning 1981.
Source: Department of Labor, Bureau of Labor Statistics.
6.3
7.9
8.5
8.6
8.1
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In January, the percentages of unemployed persons who had been out of work for less than 5 weeks, for 5-14
weeks, and for 15-26 weeks rose while the percentage out of work for 27 weeks and over fell. The mean and the
median duration of unemployment fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
A
60
- 50
JOB LOSERS
40
—
30
REENTRANTS
20
NEW ENTRANTS
—
10 —
10
JOB LEAVERS
ILLUllill MIUllMI!
1982
1986
1982
1983
1984
1985
1986
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Dur ation of Lmemplo}•ment
Period
Unemployment
(thousands)
P ercent du tribution i
Less
than
5
weeks
5-14
weeks
Re ason for memployment:
percent d istributio n 1
Stat e
progrs ms
Numb er of
15-26
weeks
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
pecia
ployment
benefit
claims
(unad-
W eekly av 3rage, thousa nds
1980
1981
1982
1983
1984
1985
7,637
8,273
10,678
10,717
8,539
8,312
43.1
41.7
36.4
33.3
39.2
42.1
32.3
30.7
31.0
27.4
28.7
30.2
13.8
13.6
16.0
15.4
12.9
12.3
10.7
14.0
16.6
23.9
19.1
15.4
11.9
13.7
15.6
20.0
18.2
15.6
6.5
6.9
8.7
10.1
7.9
6.8
51.7
51.6
58.7
58.4
51.8
49.8
11.7
11.2
7.9
7.7
9.6
10.6
25.2
25.4
22.3
22.5
25.6
27.1
11.4
11.9
11.1
11.3
13.0
12.5
3,350
3,047
4,061
3,396
2,480
488
460
583
438
378
3,837
3,410
4,594
3,775
2,565
1985: Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
'8,439
'8,395
'8,384
'8,384
'8,400
'8,423
'8,401
'8,133
'8,271
'8,301
'8,161
8,023
'43.1
'41.7
'42.1
'41.9
'42.6
'41.6
'42.1
'41.7
'42.0
'41.6
'42.7
42.1
'30.2
'29.6
'29.5
'29.9
'30.6
'30.4
'30.0
'30.6
'30.2
'30.8
'30.2
30.7
'11.1
'12.7
'12.6
'12.2
'12.5
'12.4
'12.9
'12.8
'12.5
'12.8
'11.0
12.1
'15.6
'16.0
'15.9
'16.0
'14.3
'15.5
'14.9
'15.0
'15.3
'14.8
'16.1
15.1
'15.9
'16.0
'15.9
'16.1
'15.0
'15.5
'15.5
'15.5
'15.5
'15.4
'15.7
15.4
'6.8
'7.1
'7.0
'6.8
'6.7
'6.8
'7.1
'7.2
'6.9
'7.0
'6.9
6.9
'50.6
'50.4
'49.6
'50.3
'47.6
'49.6
'50.2
'50.8
'50.2
'49.1
'50.0
48.8
'10.4
'10.3
'10.2
'10.1
'10.4
'11.7
'10.7
'10.7
'10.3
'11.1
'9.9
10.9
'26.6
'26.6
'27.4
'27.1
'28.4
'26.6
'26.1
'26.9
'28.3
'27.2
'27.2
27.6
'12.4
'12.6
'12.8
'12.5
r
!3.6
'12.1
'13.1
'11.5
'11.1
'12.7
r
!2.9
12.8
2,607
2,681
2,639
2,587
2,575
2,548
2,597
2,533
2,529
2,519
2,548
2,574
394
406
392
390
386
396
390
382
381
375
384
390
3,361
3,339
3,113
2,766
2,455
2,337
2,523
2,361
2,212
1,227
2,468
1986: Jan
7,831
42.4
31.3
12.4
13.9
14.9
6.8
48.0
12.7
26.3
13.0
1
2
Detail may not add to 100 percent because of roundin gIncludes State (50 States District of Coin mbia, Pue rto Rico, ind Virgil Islands), ex-servicemen (TJCX), Federal (UCFE) and railroad (B R) progra ms. Also ncludes Federal an d State fixtended benefit programs. Does not include Fedei al supplernental com pensation program.
3
Federal supplemental com ensation prograrr . The pro rram expir ed June 3 3, 1985.
326
327
339
243
100
28
No te. — Seasonally adjus :ed unemp oyment data revised begin ning 1981
So irce: Depa rtment of jabor (Bur eau of Labor Statistics am Employm ent and Traini ng Adminis-
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 566,000 in January.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS
100
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
SERVICE-PRODUCING
INDUSTRIES
60
50
40
GOODS-PRODUCING
INDUSTRIES
30
JV
MIMllllll I l l l l l l l l l l I l l l l l l l l l l
20
1982
1983
1985
1984
1986
1982
^SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
"SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; l seasonally adjusted]
Period
Total
nonagricultural
employment
Se rvice-produt ing industr es
Goods-p roducing in dustries
M anufacturin
Total
2
C fin
on-
struction
Total
Durable
goo s
Transportation
r
. Nondurable
goods
89,823
90,406
91,156
89,566
90,196
94,461
97,692
26,461
25,658
25,497
23,813
23,334
24,730
25,054
4,463
4,346
4,188
3,905
3,948
4,345
4,661
21,040
20,285
20,170
18,781
18,434
19,412
19,424
12,760
12,187
12,109
11,039
10,732
11,522
11,565
8,280
8,098
1985: Jan
Feb
Mar
Apr
May....
June ...
July....
Aug....
Sept....
Oct "...
r
96,419
96,591
96,910
97,120
97,421
97,473
97,707
97,977
98,217
98,559
Nov .. 98,801
Dec ".. 99,069
25,112
25,062
25,056
25,090
25,066
25,010
24,980
25,015
24,962
25,051
25,089
25,145
4,534
4,525
4,553
4,641
4,658
4,638
4,660
4,688
4,721
4,753
4,754
4,761
19,604
19,561
19,526
19,467
19,426
19,398
19,351
19,362
19,279
19,338
19,381
19,431
1986: Jan".. 99,635
25,335
4,918
19,466
1979
1980
1981
1982
1983
1984
1985P
Total
R ottlil
etan
trade
5,790
5,809
5,835
5,858
5,888
5,906
5,932
5,959
5,987
6,011
6,048
6,069
21,382
21,480
21,644
21,723
21,813
21,856
21,926
22,073
22,155
22,244
22,365
22,438
16,100
16,111
16,143
16,158
16,213
16,213
16,341
16,343
16,452
16,486
16,484
16,512
2,836
2,834
2,850
2,859
2,873
2,872
2,878
2,886
2,904
2,892
2,904
2,911
17,922
6,104
22,552
16,478
2,910
5,686
5,697
5,714
5,733
5,748
5,768
5,773
5,791
5,805
5,830
5,833
5,845
74,300
5,377
5,867
11,550
7,916
4,975
5,160
5,298
5,341
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 pav period which indudes the 12th of the month.
Kxcludesj proprietors, .self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparahle with estimates of nonagrieiiitnral employment of the
civilian lahor force, show:: on p. 11, which include proprietors, self-employed persons, and domestic
servants; which fount persons as employed when thev are not at work because of industrial dis-
14
Federal
17,090
17,160
17,249
17,280
17,392
17,425
17,453
17,514
17,539
17,610
17,640
17,715
5,259
5,272
5,269
5,278
5,301
5,295
5,302
5,282
5,317
5,327
5,342
5,345
7,902
7,886
7,875
7,859
7,840
7,838
7,842
7,843
7,830
7,845
7,869
7,895
Total
5,468
5,682
5,924
71,307
71,529
71,854
72,030
72,355
72,463
72,727
72,962
73,255
73,508
73,712
73,924
11,702
11,675
11,651
11,608
11,586
11,560
11,509
11,519
11,449
11,493
11,512
11,536
Services
2,773
2,866
2,772
2,739
2,774
2,807
2,873
5,082
4,954
5,171
5,301
7,702
7,890
7,859
Gover nment
15,947
16,241
16,031
15,837
15,869
15,984
16,294
14,989
15,035
15,189
15,179
15,613
16,584
17,418
5,136
5,146
5,165
Finance,
insurance,
and real
estate
17,112
17,890
18,619
19,036
19,694
20,761
21,931
5,204
5,275
5,358
5,278
5,268
5,550
5,770
63,363
64,748
65,659
65,753
66,862
69,731
72,638
8,061
7,741
and
public
utilities
Wholesale
trade
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average g OSS hourly
earn ngs
Average weekly
hours
Period
Total
39.8
38.9
40.1
40.7
40.5
35.7
35.3
35.2
34.8
35.0
35.3
35.1
1980
1981
1982
1983
1984
1985"
Total
private
nonagricultural J
Overtime
3.5
3.6
3.3
2.8
2.8
2.3
3.0
3.4
3.3
40.3
40.4
40.2
39.7
36.0
35.8
1977
1978
1979
1985:
Manufa cturing
Total
private
nonagrieultural 1
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
Dee"
35.1
35.1
35.2
35.0
35.1
35.1
35.0
35.1
35.1
35.1
35.0
35.1
40.6
40.1
40.4
40.2
40.4
40.4
40.3
40.6
40.7
40.7
40.7
41.0
3.4
3.3
3.2
3.4
3.1
3.2
3.2
3.3
3.3
r
3.4
3.4
3.6
p
35.1
40.9
3.5
1986: Jan
Manufacturing
Adjuste d hourly earnin gs index^— total private
nonagnc ultural z
Ind ex,
-100
1977 =
Percent chang e from a vear
earlie r 4 5
Current
dollars
1977
dollars 3
Current
dollars
$5.25
5.69
6.16
6.66
7.25
7.68
8.02
8.33
8.58
$5.68
6.17
6.70
7.27
7.99
8.49
8.83
9.18
9.52
100.0
108.2
116.8
127.3
8.44
8.49
8.52
8.54
r
8.55
8.59
8.57
8.60
8.65
8.64
8.67
8.74
9.38
9.41
9.43
9.48
9.49
9.51
9.53
9.56
9.56
9.58
9.61
9.66
163.0
164.0
164.4
164.8
164.9
165.7
165.4
165.7
166.7
166.4
167.1
168.3
8.68
9.63
167.7
r
1.0
.5
-3.1
-4.0
1.0
.9
1.6
-.1
.5
7.6
8.2
100.0
100.5
97.4
93.5
92.6
93.4
94.9
94.8
94.3
7.9
9.0
9.1
6.9
4.6
3.4
3.0
94.5
94.7
94.5
94.4
94.3
94.5
94.3
94.3
94.7
94.3
94.2
94.3
138.9
148.5
155.4
160.7
165.5
1977 dollars
2.7
3.3
3.2
2.9
3.1
3.2
2.7
3.0
3.0
3.0
3.0
3.0
-.5
2
— .7
-1.2
-.9
-.8
-1.0
.0
.4
.1
— .4
-.5
2.9
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent cl ange from
a year earlier,
total private n onagricultural 5
Avera ^e gross weekly ea rnmgs
Period
Current dollars
1977
1978
1979
1980
1981
1982
1983
1984
1985p
1985:
$189.00
203.70
219.91
235.10
255.20
267.26
280.70
294.05
301.16
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
Dec"
1986: Jan".
1
Manufacturing
Total j>rivate
nonagnc ultural '
296.24
298.00
299.90
298.90
r
300. 11
301.51
299.95
301.86
303.62
303.26
303.45
306.77
r
3
Retail trade
Current dollars
1977 dollars 3
$189.00
189.31
183.41
172.74
170.13
168.09
171.26
173.48
171.60
171.73
172.15
172.46
171.19
r
!71.59
172.00
171.01
171.80
172.51
171.82
170.96
171.96
r
304.67
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index on a 1977—100 base.
Revised index for urban wage earners and clerical workers used beginning 1978 (beginning January
2
Construction
1977 dollars
Current dollars
$228.90
249.27
269.34
288.62
318.00
330.26
354.08
373.63
385.56
380.83
377.34
380.97
381.10
383.40
384.20
384.06
388.14
389.09
389.91
391.13
396.06
393.87
$121.66
130.20
138.62
147.38
158.03
163.85
171.05
176.40
177.31
7.7
7.8
8.0
6.9
8.5
4.7
5.0
4.8
2.4
1.2
.2
-3.1
-5.8
-1.5
-1.2
1.9
1.3
— 1.1
459.94
463.81
465.58
465.88
460.60
454.96
459.85
459.75
466.17
' 464.65
459.27
460.16
176.42
177.01
177.31
176.42
178.20
177.61
176.72
176.42
177.60
176.71
177.00
176.68
2.0
2.1
3.3
2.1
2.4
2.8
1.8
2.6
2.4
3.0
2.4
2.5
-1.2
-1.3
-.6
-2.0
-1.5
-1.2
-1.9
-.4
-.3
.1
-1.0
-1.1
470.09
176.40
2.8
$295.65
318.69
342.99
367.78
399.26
426.82
442.97
456.92
462.20
1985, this price index incorporates a rental equivalence measure for homeowncrship costs).
4
Monthly changes based on indexes to two decimal places.
5
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output f er hour
of all p ersons
Period
Business
sector
Nonfarm
business
sector
Business
sector
Compe isation
per h our 3
Hours of all
perse ns 2
Outp ut '
Non
farm
business
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
ness
sector
Re al
coinpens ition per
hou r 4
Business
Nonfarm
busi-
Unit lab or costs
Business
sector
farm
business
ImpUci t price
defla or 5
Busisector
sector
Nonfarm
business
sector
19" 7 = 100; uarterly < ata seasor ally adjus ted
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985"
1982: I
II
Ill
IV
1983: I
II
Ill
IV
1984: I
II
Ill
IV
1985: I
n
Ill
IV
95.9
93.9
95.7
98.3
100.0
100.8
99.6
99.2
100.7
100.3
102.9
105.0
105.3
99.8
100.2
100.3
101.1
102.1
103.2
102.9
103.5
104.7
105.2
105.1
104.9
105.0
105.2
105.7
105.3
96.4
94.3
96.0
98.5
100.0
100.8
99.2
98.8
99.8
99.2
102.6
104.3
104.2
98.8
99.1
99.1
99.8
101.3
102.9
103.1
103.1
103.9
104.6
104.3
104.0
104.1
104.3
104.4
103.9
93.0
91.3
89.4
94.6
100.0
105.8
107.8
106.6
108.9
105.5
110.0
119.0
122.3
106.0
105.9
105.1
105.0
106.6
109.3
110.8
113.4
117.1
119.2
119.6
120.1
121.2
121.9
122.6
123.4
92.9
91.2
89.1
94.4
100.0
105.9
107.9
106.7
108.5
104.9
110.2
118.9
122.2
105.4
105.5
104.5
104.2
106.2
109.3
111.4
113.8
117.1
119.2
119.5
120.0
121.1
121.8
122.6
123.3
2.0
-2.1
2.0
2.8
1.7
.8
-1.2
-.3
1.5
-.4
2.6
1.8
-2.2
1.8
2.6
1.5
.8
-1.6
-.4
1.0
-.6
2.1
1.6
-.0
0
6.0
-1.8
-2.1
5.8
5.8
5.8
1.9
-1.1
2.1
-3.1
4.3
8.2
2.8
-5.5
__2
-3.1
6.2
-1.8
-2.3
6.0
5.9
5.9
1.8
-1.1
1.7
-3.3
5.0
8.0
2.8
-5.3
.2
-3.4
-1.2
7.6
12.2
7.9
9.0
12.1
7.2
1.2
1.8
3.6
2.3
2.6
2.6
96.9
97.3
93.4
96.1
100.0
104.9
108.3
107.5
108.2
105.2
106.9
113.4
116.1
106.2
105.8
104.8
103.9
104.4
105.9
107.7
109.5
1 1 1.8
113.3
113.8
114.5
115.5
115.9
116.0
117.2
96.3
96.7
92.8
95.9
100.0
105.1
108.7
108.0
108.7
105.8
107.4
114.1
117.3
106.7
106.4
105.4
104.5
104.8
106.2
108.1
110.3
112.7
113.9
114.5
115.4
116.3
116.7
117.4
118.7
70.9
77.6
85.2
92.8
100.0
108.5
119.1
131.5
143.7
154.9
161.5
167.8
174.5
151.2
153.8
156.6
158.3
160.0
160.8
161.5
163.8
165.9
166.8
168.5
170.0
171.9
173.5
175.4
177.2
71.2
78.0
85.6
92.8
100.0
108.6
118.9
131.3
143.6
154.8
162.1
168.1
174.3
151.2
153.5
156.3
158.2
160.4
161.6
162.4
163.9
165.9
167.4
168.8
170.1
172.1
173.7
174.9
176.5
96.7
95.4
95.9
98.7
100.0
100.8
99.4
96.7
95.7
97.3
98.2
97.9
98.3
96.8
97.2
97.2
97.9
98.9
98.3
97.7
98.2
98.1
97.7
97.8
97.9
98.2
98.1
98.6
98.6
97.1
95.9
96.4
98.8
100.0
100.9
99.2
96.6
95.7
97.2
98.6
98.1
98.2
96.8
97.0
97.0
97.9
99.1
98.8
98.3
98.2
98.1
98.1
98.0
97.9
98.3
98.2
98.3
98.2
73.9
82.7
89.0
94.3
100.0
107.7
119.6
132.6
142.7
154.5
157.0
159.8
165.7
151.6
153.5
156.1
156.6
156.7
155.9
157.0
158.3
158.5
158.5
160.3
162.1
163.8
164.9
166.0
168.2
73.9
82.7
89.2
94.2
100.0
107.7
119.8
132.9
144.0
156.0
158.0
161.2
167.2
153.1
154.8
157.6
158.5
158.3
157.1
157.6
158.9
159.7
160.0
161.8
163.6
165.3
166.5
167.6
169.8
73.4
80.5
88.7
94.0
100.0
107.3
117.0
127.6
139.8
148.1
153.0
158.7
163.0
145.7
147.3
149.3
150.2
151.1
152.0
153.7
154.9
156.6
158.0
159.4
160.8
161.6
162.7
163.5
164.6
72.3
79.7
88.3
93.8
100.0
107.0
116.5
127.8
140.3
149.2
154.2
159.6
164.8
146.8
148.2
150.3
151.4
152.3
153.6
154.8
156.1
157.1
158.8
160.5
161.9
163.0
164.5
165.5
166.4
6.2
11.9
7.6
5.9
6.0
7.7
11.1
10.8
7.7
8.2
1.6
1.8
3.7
10.8
5.3
7.0
1.3
2
-2.1
2.9
3.2
.6
0
4.6
4.5
6.0
12.0
7.8
5.7
6.1
7.7
11.2
11.0
8.3
8.4
1.3
2.0
3.7
10.5
4.6
7.4
2.4
7
-2.9
1.2
3.5
1.9
.8
4.7
4.4
2.8
2.5
4.3
3.1
2.5
5.4
6.4
9.6
10.3
5.9
6.4
7.3
9.1
9.0
9.6
5.9
3.3
3.8
2.7
5.5
4.6
5.6
2.4
2.3
2.6
4.4
3.3
4.4
3.7
3.6
3.5
2.1
2.8
2.0
2.7
4.8
10.2
10.8
6.3
6.6
7.0
8.9
9.7
9.7
6.3
3.4
3.5
3.3
5.4
4.1
5.7
3.0
2.4
3.3
3.3
3.4
2.4
4.4
4.4
3.6
2.7
3.7
2.6
2.0
Pe cent chan ;e; quarte rly data a seasonall y adjusted annual ra tes
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985"
1982: I
II
Ill
IV
1983: I
II
Ill
IV
1984: I
II
Ill
IV
1985: I
II
Ill
IV
1
.3
-.3
1.5
.4
3.2
4.2
4.4
-1.2
2.5
4.6
2.1
-.5
-.7
.1
.9
1.9
-1.3
3.4
1.4
.1
2.6
6.3
6.3
.6
.4
3.0
2.9
— 1.2
-1.2
.5
.7
.3
-1.8
-.4
6.3
10.5
5.8
9.5
13.6
7.5
1.3
1.7
3.6
2.3
2.5
2.5
3.9
.3
-4.0
2.9
4.0
4.9
3.2
-.8
.7
-2.7
1.7
6.0
.4
-4.0
3.4
4.3
5.1
3.5
-.7
8.7
5.4
.7
-2.7
1.5
6.3
2.8
-5.3
-1.2
-3.5
-3.7
1.2
5.5
7.3
8.6
8.8
4.2
1.8
2.4
2.4
3.1
3.4
1.4
..6
3.0
1.6
2.2
4.5
2.4
-5.2
-1.6
-3.5
-3.5
2.0
5.9
7.1
6.8
3.9
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
16
4.3
5
8.3
9.5
9.7
8.9
7.8
8.5
9.7
10.5
9.2
7.8
4.3
3.9
4.0
10.4
6.8
7.5
4.5
4.4
2.1
1.7
5.8
5.2
2.1
4.2
3.7
4.5
3.8
4.5
4.1
7.9
9.6
9.7
8.4
7.7
8.6
9.5
10.5
9.4
7.7
4.7
3.7
3.7
10.5
6.1
7.5
5.0
5.6
3.2
1.8
3.8
5.0
3.7
3.4
3.1
4.8
3.8
2.8
3.5
1.9
-1.3
.5
2.9
1.3
.8
-1.4
-2.7
-1.0
1.6
1.0
-.4
.5
6.5
1.3
.2
3.0
4.0
-2.2
-2.4
1.7
-.1
-1.6
.5
.2
1.2
-.4
2.0
.0
1.6
-1.3
.5
2.5
1.2
.9
-1.6
-2.7
-.9
1.5
1.5
-.5
.1
6.5
.6
.2
3.6
5.2
-1.1
-2.3
-.3
-.3
— .1
-.3
-.5
1.5
g
.4
-.5
5.5
4.4
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data reflect the comprehensive revision of the national income and product accounts.
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 0.7 percent in December, following a rise of 0.6 percent in November. The index for
December was 2.1 percent above its year earlier level.
INDEX, 1977=100* (RATIO SCALE)
-^
INDEX, 1977=100* (RATIO SCALE)
220
FINAL PRODUCTS
200
180
- DEFENSE ANDSPACE
- EQUIPMENT
160
140
120
100
100
PERCENT*
90 — MANU FACTURINC3 CAPACIT V UTILIZATI ON RATE -
140
— UTILITIES AND MINING PRODUCTION
120
•i i
80
UTILITIES
\ ,
*\_^
70
100
' ~
-> /-'
MINING
lllllllllll
1981
lllllllllll lllllllllll lllllllllll
1982
1983
1984
60
1985
lll||||llll lllllllllll lllllllllll lllllllllll lllllllllll
1981
1982
1983
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1984
1985
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
To al
indus trial
produ ction
Period
Index,
1977 = 100
1977 proportion
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985"
1984: Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
r
Oct r
Nov r
Dee"
100.0
92.6
100.0
106.5
110.7
108.6
111.0
103.1
109.2
121.8
124.5
123.3
123.6
123.7
124.0
124.1
124.1
124.3
124.1
125.2
125.1
124.4
125.1
126.0
Capacity utilization
rate, pe rcent l
Industry proi uction indexes 1977 = 100
Manufacturing
Percent
change
from year
earlier
9.2
8.0
6.5
3.9
-1.9
2.2
-7.1
5.9
11.5
2.2
6.8
4.4
3.7
3.3
2.8
2.3
1.6
.7
1.3
1.5
1.4
1.4
2.1
Mining
Total
84.21
91.9
100.0
107.1
111.5
108.2
110.5
102.2
110.2
123.9
127.1
125.8
125.9
125.8
126.3
126.6
126.6
126.7
126.9
128.2
127.7
127.1
128.0
129.0
Durable
49.10
91.1
100.0
108.2
113.9
109.1
111.1
99.9
107.7
124.8
128.2
127.4
127.8
127.2
128.0
128.2
127.9
127.6
127.9
129.4
128.3
127.8
129.2
130.0
Utilities
Nondurable
35.11
93.1
100.0
105.5
108.2
107.0
109.7
105.5
113.7
122.5
125.4
123.4
123.2
123.8
123.9
124.3
124.7
125.5
125.6
126.6
126.9
126.1
126.4
127.6
9. 83
97.4
100.0
103.6
106.4
112.4
117.5
109.3
102.9
110.9
108.9
108.9
110.5
109.5
110.5
109.6
109.8
110.6
108.7
108.3
108.4
108.0
106.3
106.6
5.96
97.4
100.0
103.1
105.9
107.3
107.1
104.8
105.2
110.9
113.2
111.6
113.0
115.8
113.9
113.6
113.7
113.4
110.7
110.3
113.2
112.6
113.2
114.7
Manufacturing
Industrial
materials
77.4
81.4
84.2
84.6
79.3
80.3
84.1
86.3
87.1
81.1
81.1
71.7
75.3
82.3
80.2
81.3
81.7
81.5
81.4
80.9
80.1
80.1
79.5
79.9
79.5
79.2
79.1
79.6
78.3
70.3
74.0
80.8
80.3
80.9
80.7
80.4
80.5
80.5
80.3
80.1
80.1
80.7
80.1
79.5
79.9
80.3
Sourer: Hoard of Governors of tile Fedci
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977=100; monthly data seasonally adjusted]
Prouu ts
?
Mate rials
inal produc s
Intern lediate pro iucts
C ansumer go ods
Equipment
Period
Total
Durable
goods
Total
1977 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985 p
....
Nondurable goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Total
Energy
supplies
44.77
86.3
92.4
100.0
106.9
111.0
112.2
115.2
109.5
114.7
127.8
132.0
25.52
84.9
93.3
100.0
104.3
103.9
102.7
104.1
101.4
109.3
118.2
120.5
6.89
75.3
88.4
100.0
103.7
99.9
88.4
89.7
82.9
98.5
112.6
112.8
18.63
88.8
95.3
100.0
104.5
105.4
108.1
109.3
108.3
113.3
120.2
123.4
19.25
88.5
91.5
100.0
110.3
120.4
124.7
129.9
120.2
121.7
140.5
147.2
14.34
86.1
89.3
100.0
112.2
124.7
125.1
127.6
113.6
115.4
134.9
141.3
3.67
98.5
100.1
100.0
101.2
105.6
115.4
119.8
133.0
143.1
157.9
173.7
12.94
83.6
92.1
100.0
106.9
110.8
106.9
107.3
101.7
111.2
124.9
130.6
S.95
82.3
92.0
100.0
106.9
108.7
100.6
98.6
88.3
100.6
114.0
119.2
6.99
84.7
92.1
100.0
106.9
112.7
112.3
114.7
113.1
120.3
134.2
42.28
83.2
93.0
100.0
105.9
110.3
105.3
107.7
96.7
102.8
114.6
114.6
11.69
95.6
97.9
100.0
101.1
104.1
105.5
104.7
101.2
98.4
104.0
104.2
1984:
Dec
130.6
119.7
113.1
122.1
144.9
138.4
165.3
127.3
114.7
138.0
114.6
102.4
1985:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sepf
Oct '
Nov '
Dec*
130.4
130.4
130.8
131.3
131.7
131.6
131.8
133.3
133.3
132.0
133.4
134.2
118.8
119.1
119.8
119.5
120.0
120.4
120.1
121.5
121.8
120,7
122.0
123.0
112.8
112.8
113.5
111.5
111.8
112.0
111.3
114.0
112.9
111.3
114.6
115.5
121.1
121.4
122.1
122.5
123.1
123.5
123.4
124.2
125.1
124.1
124.8
125.8
145.7
145.3
145.4
146.9
147.1
146.6
147.3
149.0
148.6
147.1
148.5
148.9
140.4
140.0
140.2
142.0
141.9
140.7
141.3
143.0
142.2
140.2
141.9
142.1
165.3
167.3
169.0
170.1
171.2
173.4
173.9
175.5
177.5
178.9
181.1
182.0
126.8
127.7
128.6
129.3
130.3
131.4
130.7
132.0
132.3
132.0
132.3
133.2
116.2
115.7
116.9
117.4
118.1
119.2
119.4
121.5
121.3
120.7
121.2
121.9
135.9
137.9
138.6
139.4
140.7
141.7
140.3
140.9
141.7
141.6
141.8
115.4
115.4
115.5
115.0
114.2
114.3
113.8
114.5
114.2
114.0
114.2
115.1
103.9
104.9
106.2
105.3
105.3
105.1
103.5
102.7
103.4
103.9
102.3
103.5
1
Includes rigs and prefabs, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Nc ndurable nanufactu res
Durable m mufactures
Primary metals
Period
Total
1977 proportion
1975
1976
1977
1978
1979
1,980
1981
1982
1983
1984
1985"
1984:
Dee
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r .
Oct r
Nov r
Dee"
Source: Board of Governors of the Federal He:
18
Iron and
steel
Transp jrtation
equip ment
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber
and
products
2. BO
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
5.35
88.2
98.7
100.0
107.0
108.5
90.4
95.0
65.8
73.0
82.4
80.8
3.49
92.0
101.4
100.0
107.5
108.0
86.3
92.5
57.5
66.1
73.5
6.46
82.7
91,6
100.0
105.7
109.4
101.8
101.6
86.6
89.1
102.8
108.0
9.54
84.5
88.8
100.0
111.7
122.6
123.3
129.8
115.6
118.3
142.0
146.4
7.15
77.2
86.8
100.0
112.9
125.7
130.3
134.1
128.4
143.8
172.4
168.9
9.13
81.092.2
100.0
106.3
108.3
96.9
95.1
87.6
99.2
113.6
123.4
5.25
65.7
86.5
100.0
104.6
95.9
71.1
71.6
66.8
85.8
105.6
112.3
80.8
91.9
100.0
102.4
102.0
92.9
90.1
82.8
100.2
109.1
2.79
77.6
91.5
100.0
103.1
98.3
97.3
96.1
87.3
95.3
102.8
4.54
83.5
91.2
100.0
107.8
112.7
115.1
118.6
120.2
129.8
147.9
155.1
8.05
82.9
92.8
100.0
106.8
111.4
106.4
112.6
103.8
114.0
121.7
7.96
90.4
95.
100.0
104.3
106.7
111.4
113.7
114.9
120.4
127.1
78.4
68.9
105.9
144.6
180.2
117.8
109.5
109.4
102.5
151.2
123.4
129.0
81.7
80.2
81.8
81.4
76.4
78.3
79.0
82.0
80.3
83.0
84.4
83.0
71.0
68.5
73.2
71.9
65.4
67.6
68.7
71.6
69.7
74.4
75.8
106.4
107.6
108.6
109.1
108.3
107.4
107.3
107.8
107.5
108.4
108.8
109.9
145.0
144.9
146.5
148.9
149.1
145.6
147.5
149.2
146.5
143.5
144.9
145.9
176.0
173.2
173.1
168.9
169.3
169.5
165.7
166.1
165.1
164.8
167.3
168.7
120.4
120.5
120.8
120.7
120.9
121.8
123.7
126.8
126.2
124.6
126.8
127.7
113.0
112.5
111.3
110.9
110.5
110.5
112.8
116.8
115.3
111.7
114.5
115.6
109.2
109.1
109.5
110.9
112.2
113.5
113.0
114.8
115.9
116.5
102.6
103.1
101.3
100.2
100.3
99.2
100.6
100.4
101.8
102.6
103.6
150.4
150.3
152.6
154.2
155.4
156.7
154.3
156.3
156.2
156.1
158.3
160.0
125.7
125.8
126.5
125.8
126.7
126.4
126.4
128.2
129.0
127.5
126.9
128.2
129.4
128.5
130.8
131.4
131.8
132.2
1.32.6
132.5
131.0
130.6
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 2
Private
Period
Total new
construction
expenditures
Resi .ential
Total
Total
New housing
J
and industrial
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
E illions of dollars
1978 r
1979r
1980r
1981 r
215.9
241.9
238.0
246.7
236.9
268.7
313.0
343.0
1982
1983
1984
1985"
170.0
193.1
183.0
193.3
186.1
218.0
257.8
280.7
103.8
110.5
94.5
94.1
80.6
121.3
145.1
148.3
86.2
90.1
70.4
70.2
57.7
95.7
114.6
113.5
36.7
42.7
44.7
47.9
50.9
48.1
50.9
56.5
29.6
39.9
43.8
51.3
54.6
48.7
61.9
75.9
45.9
48.8
55.0
53.3
50.8
50.7
55.2
62.3
114.0
121.0
108.0
112.0
111.0
137.0
149.0
158.0
June
July r .
Aug r
Sepf
Ocf
NovP
Dec"
310.1
254.5
134.3
341.0
334.3
333.7
341.9
339.9
343.8
344.2
343.2
346.1
346.1
344.8
354.6
283.7
276.5
274.6
282.0
276.4
278.9
279.5
279.4
282.5
283.3
282.4
291.2
155.3
146.0
146.2
146.5
142.3
147.2
148.7
146.9
148.9
151.1
149.4
151.3
111.9
113.0
110.3
110.8
112.6
112.0
112.2
112.8
113.4
113.8
115.8
114.9
117.2
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separateiy.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
for floor space.
r
690
756
955
1,064
Annual rates
Annual rates
1984: Dec
1985: Jan
Feb
Mar
Apr
May
977
1,059
904
919
69.0
51.3
55.5
150
73.7
74.7
74.0
78.5
76.5
73.5
73.3
75.0
76.8
76.4
77.3
83.0
54.7
55.7
54.4
56.9
57.7
58.3
57.5
57.5
56.8
55.8
55.7
56.9
57.4
57.8
150
145
162
161
162
142
164
163
166
169
160
157
59.1
59.9
63.5
64.9
64.7
63.9
63.6
62.8
62.4
63.5
1,041
974
990
1,049
1,104
1,008
836
1,103
1,097
1,118
1,104
1,111
951
NOTE.—New construction expenditures data are not strictly comparable throughout the period
shown.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New prrv ate homes
New private housing units
Period
Units started, b\ type of structure
Total
1978
1979
1980
1981
1982
1983
1984
1985"
1 unit
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,732.8
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,070.2
2-4 units
125.0
122.0
109.5
91.1
80.0
113.5
121.4
93.7
5 or more units
462.0
429.0
330.5
287.7
319.6
522.0
544.0
568.9
Units
authorized
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,740.8
Units
completed
Homes sold
Homes for
sale at end of
period 1
414
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,700.0
817
709
545
436
412
623
639
686
1,635
1,719
1,794
1,685
1,641
1,627
1,789
1,725
1,721
604
356
634
676
699
649
682
710
748
708
356
360
357
356
356
354
351
348
350
354
355
354
3
398
336
272
251
300
356
354
Vacancy rate
for rental
housing units
(percent) 2
5.0
5.4
5.4
5.0
5.3
5.7
5.9
Seasonal y adjusted annu al rates
1984:
Dec
1,630
1,112
119
1985:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Ocf
Novr
Dec*
1,849
1,647
1,889
1,933
1,681
1,701
1,663
1,740
1,616
1,772
1,566
1,840
1,060
1,135
1,168
1,155
1,039
1,031
1,062
1,059
105
96
106
113
109
92
86
97
83
77
80
91
975
1,120
961
1,113
399
684
416
615
665
533
578
515
584
558
575
525
636
1,599
1,635
1,624
1,741
1,704
1,778
1,712
1,694
1,784
1,808
1,688
1,661
1,873
r
l,793
1,529
1,702
1,712
r
681
634
709
721
6.3
6.3
6.2
6.8
6.7
1
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.
19
BUSINESS SALES AND INVETORIES—Manufacturing and Trade
Manufacturing and trade sales rose 1.4 percent in November and inventories rose $0.9 billion; in December sales
rose 1.0 percent. According to advance data, retail sales rose 1.9 percent in December following a rise of 0.7
percent in November.
BILLIONS OF DOLLARS* (RATIO SCALE)
I/O
BILLIONS OF DOLLARS* (RATIO SCALE)
650
600
-.
»•
550
500
"—•""""""I—
450
400
350
/
*****'**'
110
—
—
^
—
90
, — ^.x*..s-**~
70
-
^
^—^ S__^-^**»lUL INVENTO ?IES
-RET/
^
,-—» ...,
«..,
-<
.
AW NUFACTURI NG
AN D TRADE SA LES
X
130
120
=— ..
300
250
r l
^
V
MANlJFACTURINC AND
TRA 3E INVENTO
"ES
150
-
—
f<
r^"-'""
^ f*^f
~
•A"
-
DETAIL SALEJ
-
—
60
200
SO Illllllllll
RATIO*
Illllllllll
Illllllllll Illllllllll Illllllllll
1.80 !
150
1.60 .
_ INVENTORY-SALES RATIO
- MANUFACTURING AND TRADE
1.40
Minium
100
1981
Illllllllll Illllllllll Illllllllll Illllllllll
1984
1985
1983
1982
1.20 minium
1982
1981
1983
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1984
1985
COUNCIL OF ECONOMIC ADVISERS
Manufact iring and
tra< e 1
Inventory-s ales ratio 4
Re tail
Whol esale
Inventories 3
Sales 2
2
Inventories 3
Sales
351,459
399,561
451,354
493,958
527,739
509,213
520,281
573,434
56,364
66,674
79,481
93,721
102,021
96,290
100,448
114,071
115,423
114,337
114,913
114,654
114,310
114,619
117,612
118,753
110,777
114,273
116,847
115,231
113,944
116,425
118,616
InventoTotal
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
Retail
Millions of dollars, seasonally iadjusted
1977
1978
1979
1980
1981
1982
1983
1984
1985"
1984: Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov''
Dec"
1
2
3
230,000
260,810
298,344
328,074
356,927
344,656
368,747
411,733
425,485
417,635
421,613
417,350
418,667
420,776
426,472
428,275
418,378
422,483
430,417
428,998
426,033
432,176
436,672
571,239
573,434
575,802
578,940
578,768
580,201
577,781
579,665
580,116
578,182
578,918
582,173
583,119
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
60,434
72,801
86,442
67,231
74,926
99,348
79,963
113,623
118,438
86,777
89,339
118,290
97,858
120,476
132,208 108,085
135,970 114,884
110,255
132,501
132,208 110,519
132,247 110,972
112,096
133,631
111,854
133,865
133,968 115,351
134,014 114,884
135,479 113,730
114,417
135,841
116,977
135,500
134,967 119,538
135,531 114,860
135,115 115,620
135,970 117,862
20,720
23,368
25,529
24,914
27,089
28,059
33,041
38,691
42,646
39,934
40,295
40,622
41,073
40,765
42,932
42,789
42,064
42,341
44,277
46,592
41,923
r
42,219
44,034
39,715
43,863
49,397
55,049
59,688
61,279
64,817
69,394
72,238
70,321
70,224
70,350
71,023
71,089
72,419
72,095
71,666
72,076
72,700
72,946
72,937
r
73,401
73,828
89,444
102,610
110,906
116,054
126,656
126,014
139,123
155,517
43,071
50,136
54,108
55,117
60,327
58,952
66,845
74,582
46,373
52,474
56,798
60,937
66,329
67,062
72,278
80,935
1.46
1.44
1.43
1.45
1.44
1.51
1.38
1.34
1.39
1.43
1.44
1.42
1.40
1.40
1.34
1.37
153,070
155,517
157,770
159,163
158,732
160,184
158,867
158,508
159,239
157,994
159,921
164,198
166,011
72,839
74,582
76,393
76,838
77,401
78,312
77,001
77,344
76,894
75,823
76,770
79,990
81,948
80,231
80,935
81,377
82,325
81,331
81,872
81,866
81,164
82,345
82,171
83,151
84,208
84,063
1.37
1.36
1.38
1.38
1.38
1.36
1.35
1.39
1.37
1.34
1.35
1.37
1.35
1.39
1.41
1.42
1.42
1.42
1.39
1.38
1.39
1.39
1.35
1.34
1.43
1.44
4
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end of month to sales for month.
Source: 1
irtment of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In December, manufacturers' shipments were unchanged, inventories fell, and new orders and unfilled orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
200 — SHIPM ENTS
11
r—"^r*""
.x^
_-^<^
TOTAL
i(sn ———-^
"" I**^il*
360 — INVEN1
FORIES
——
.—
240
170
DU RABLE GOO 5S
80
—
~i
1
•~~-r
••••~»^""
'——— —..
.
,
^^
«~—.w*
*~
trSP^
' "
TOTAL
DURABL E GOODS
+** ONDURABLE GOODS
N
*--.../ ^
100
F
40
Illllllllll
NONDURA BLE GOODS
Illllllllll Illllllllll |l||||l|l|l lllllll|l||
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200 — NEWC RDERS
160
'" -*'
—..
^-f^l
^-^7—
TOTAL
120
100
80
«*«^r^
.w*- =
'•--v.y **"
40
IIIII|IHII llllllUMl
Illllllllll Illllllllll Illllllllll
RATIO*
2.2
[5URABLE GO ODS
-•, r» ,-£ A- •V X-**-'
INVEN1ORY-SHIP/v\ENTS RAT O
1.8
NON DURABLE G( )ODS
xlr-^wv.
, ~
^
1.6 , ,
60
1.4
40
Illllllllll
1981
iiiiiliiin Illllllllll Illllllllll
1982
1983
1984
Illllllllll
1985
1?
Ulllllllll
Illllllllll
1981
r"—*"
Illllllllll iiiiiliiin Illllllllll
1982_
1984
1983
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufat turers' inven tories 2
V anufacturers new orders l
Durabl i goods
Durable
goods
1985
COUNCIL OF ECONOMIC ADVISERS
Manufa cturers' shiprnents *
Period
*~^_
^
N
.
r-
Nondurable goods
Durable
goods
,
Capital
Nondurable goods
Total
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
M llions of do Jars, seasoirally adjust 3d
1977
1978
1979
1980
1981
1982
1983
1984
1985p.
113.202
126,905
143,936
154,391
168,129
159,027
170,441
189,578
195,178
59,267
67,848
76,060
77,550
83,872
76,693
84,951
98,502
103,719
53,935
59,057
1984: Nov
Dec
193,043
196,181
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov"
Dec"
1
2
3
323,393
319,094
296,918
330,924
355,640
363,588
1.73
1.52
1.45
1.46
104,434
101,307
26,836
26,893
90,548
92,364
358,150
355,640
1.48
1.46
195,210
105,447
193,057 102,467
99,544
191,532
191,081
99,839
195,019
102,971
198,261
106,780
195,793 104,370
198,782 107,661
197,332 106,641
195,381 104,495
196,865 103,796
202,102 108,230
23,633
29,493
27,206
25,461
25,594
27,984
26,685
27,554
29,240
27,092
r
25,788
30,584
89,763
90,590
91,988
91,242
92,048
91,481
91,423
91,121
90,691
90,886
93,069
93,872
359,125
359,926
357,151
354,731
355,112
359,502
361,502
363,691
366,794
364,946
361,680
363,588
1.49
1.49
1.47
1.48
1.46
1.47
1.47
1.45
1.46
1.43
1.41
1.40
67,876
76,841
84,257
82,334
85,491
91,076
91,459
121,601
137,891
160,533
174,620
186,347
175,103
171,629
191,109
188,802
67,613
72,618
80,567
89,661
96,298
89,806
89,053
94,600
91,805
115,032
131,546
147,403
156,161
167,752
157,255
173,259
191,634
195,858
61,082
72,339
79,451
79,360
83,553
74,996
87,631
100,611
104,355
102,394
103,939
90,649
92,242
285,668
285,709
190,669
191,109
94,999
94,600
194,982
193,671
191,724 101,966
192,261 101,724
102,116
194,303
193,509 102,068
194,638 102,718
193,871 102,657
193,793 102,478
196,593
105,311
194,229 103,656
197,229 106,479
200,131 107,007
200,194 106,657
89,758
90,537
92,187
91,441
91,920
91,214
91,315
91,282
90,573
90,750
93,124
93,537
285,785
286,146
286,171
286,049
284,900
285,678
285,036
284,688
284,030
282,444
281,993
280,607
192,153
192,030
192,355
192,475
191,546
192,239
192,163
192,037
191,930
190,508
190,284
188,802
93,632
94,116
93,816
93,574
93,354
93,439
92,873
92,651
92,100
91,936
91,709
91,805
Monthly average for \ ear and total f r month. Shiprnents are the s ime as sales.
Book value, end of pe riod.
End of period.
203,475
259,770
302,145
23,259
24,050
20,681
22,764
27,017
27,217
53,950
59,207
67,953
76,801
84,199
82,260
85,627
91,024
91,502
189,214
210,509
241,100
264,281
282,645
264,909
260,682
285,709
280,607
15,291
19,458
23,231
1.61
1.57
1.57
1.66
1.64
4
For ar nual periods, atio of weight 3d average inv entories to ave rage monthly s hipments; for
monthly da :a, ratio of inv€ ntories at end af month to shi pments for mon th.
Source: )epartment of Commerce, Bur eau of the Cen sus.
21
PRICES
PRODUCER PRICES
In December, the producer price index for all finished goods rose 0.4 percent, seasonally adjusted. Prices of
finished consumer foods rose 0.8 percent, while prices of other finished consumer goods rose 0.4 percent. Prices of
capital equipment fell 0.1 percent.
INDEX, 1967 =100 (RATIO SCALE)
320
INDEX, 1967=100 (RATIO SCALE)
320
300
280
260
240
200
180
160
1977
1985
1978
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 — 100; monthly data seasonally adjusted]
Intern: ediate ma terials
Fin shed goods
Fi nished go( ds excluding consumer foo Is
Period
Total
finished
goods
Consumer
foods
Consumer gc ods
Total
Total
1977
1978
1979
1980
1981
1982
1983
1984
1985"
1984: Dec
1985: Jan
Feb
Mar
Apr
May
June
July r
Aug
Sept
Oct
Nov
Dec
1
181.7
195.9
217.7
247.0
269.8
280.7
285.2
291.1
293.8
292.0
291.9
292.1
292.4
293.6
294.1
293.6
294.4
293.5
291.8
294.3
296.7
297.8
189.9
207.2
226.2
239.5
253.6
259.3
261.8
273.3
271.2
275.6
274.3
274.6
273.5
271.0
267.9
267.8
270.6
268.5
266.7
270.5
274.7
276.8
Intermediate materials for food manufacturing and fee
22
177.7
190.7
213.3
247.8
273.3
285.8
290.8
294.8
299.1
295.2
295.5
295.6
296.5
298.9
300.7
300.0
300.1
299.6
298.1
300.0
301.7
302.5
174.3
186.7
211.5
250.8
276.5
287.8
291.4
294.1
297.4
294.2
294.0
293.4
294.2
297.5
299.8
298.7
298.7
297.7
296.3
297.8
300.1
301.3
Durable
152.8
166.9
183.2
206.2
218.6
226.7
233.1
236.8
241.5
237.5
238.8
239.9
240.9
240.9
241.6
242.4
242.4
242.3
239.7
243.2
243.5
242.7
Nondurable
189.3
200.0
231.3
283.9
319.6
333.6
335.3
337.3
339.4
337.0
335.6
333.4
334.1
340.1
343.8
341.1
341.0
339.3
338.9
338.8
342.6
345.4
Capital
equipment
184.6
199.2
216.5
239.8
264.3
279.4
287.2
294.0
300.5
295.0
296.3
298.6
299.5
299.6
300.3
300.7
300.9
301.7
299.8
302.9
303.2
302.9
Total
finished
consumer
goods
180.7
194.9
217.9
248.9
271.3
281.0
284.6
290.3
291.9
291.2
290.6
290.3
290.5
291.9
292.4
291.6
292.5
291.2
289.7
292.0
294.9
296.4
Cri de materi als
Foods
and
feeds 1
P'oodstuffs
and
feedstuffs
Other
192.1
216.2
247.9
259.2
257.4
247.8
252.2
259.5
235.0
245.0
272.3
330.0
401.0
482.3
473.9
477.4
484.5
459.7
260.9
474.4
254.9
249.8
242.9
235.6
229.8
229.4
226.8
218.2
217.0
230.6
244.0
244.6
466.0
Total
201.5
215.6
242.2
280.3
306.0
310.4
312.3
320.0
318.7
320.7
320.4
319.0
318.5
319.1
320.0
318.8
317.8
317.4
317.4
317.7
318.6
319.9
190.5
203.1
226.1
252.6
250.3
239.4
247.9
253.1
232.7
244.8
241.6
241.1
239.0
235.5
230.9
231.3
229.5
225.6
224.4
229.2
232.5
233.3
Other
Total
202.3
216.5
244.4
282.3
310.1
315.7
317.1
325.0
325.0
209.2
234.4
274.3
304.6
329.0
319.5
323.6
330.8
326.4
326.2
324.7
324.3
325.3
326.5
325.2
324.2
324.1
324.2
324.2
325.0
326.3
Source: Department of Labor, Bureau of Labor Statistics.
306.2
328.5
321.7
316.0
311.0
307.4
304.3
303.4
301.8
294.1
293.4
302.5
311.2
310.6
459.0
457.9
462.1
464.6
462.4
462.9
457.1
457.0
457.0
456.5
453.6
CONSUMER PRICES
In December, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted (0.2 percent
not seasonally adjusted). The index was 3.8 percent above its year-earlier level.
INDE X, 1 967=1 00 RATIO SCALE)
(
340;
INDEX, 1967 == 100 (RATIOS :ALE)
340
UNADJUSTED
320
_-^— ^
300
.—•
_-/
280
320
^^~
1
300
_^—
1
280
^-1
260
260
I ^ X
^S
240
ALL ITEMS
240
-7^-
220
200
220
—?^-
~
180
200
180
•7^=^ ^^
160
160
i ii i ih in i
1978
,„
1 M i l l 1 Mil
1977
140
|i|m
mill 1 1 ii i mill i ii ii
1982
1981
1980
1979
II II ll 1 III 1 I l l l l l l l l l l
1984
1983
SEE NOTE ON TABLE £ ELOW
SOURCE: DEPARTMEN T OF LABOR
140
1985
COUNCIL OF ECONOMIC ADVISERS
[1967 — 100, except as noted; monthly data seasonally adjusted, except as noted]
Ti ansportati Dn
Hou sing
All
items
She Iter
Period
All
Total >
RentTotal
costs 2
NSA
Rel. imp.5
1977
1978
1979
1980
1981
1982
1983
1984
1985
1984: Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1
100.0
181.5
195.4
217.4
246.8
272.4
289.1
298.4
311.1
322.2
315.5
316.1
317.4
318.8
320.1
321.3
322.3
322.8
323.5
324.5
325.5
326.6
327.4
18.7
192.2
211.4
234.5
254.6
274.6
285.7
291.7
302.9
309.8
307.2
307.7
309.3
309.2
308.7
308.3
308.5
308.8
308.9
309.9
310.6
312.7
315.2
37.7
186.5
202.8
227.6
263.3
293.5
314.7
323.1
336.5
349.9
341.8
342.3
343.7
344.6
345.9
348.1
349.2
350.2
351.9
352.6
353.6
355.4
356.4
21.8
191.1
210.4
239.7
281.7
314.7
337.0
344.8
361.7
382.0
370.1
371.0
373.2
374.2
375.7
379.4
380.9
383.0
385.6
386.5
388.8
391.2
392.4
7.1
103.0
108.6
115.4
111.4
111.8
112 .4
112.9
113.5
114.6
115.1
115.8
116.5
116.8
117.7
118.5
118.6
Homeowners'
costs 2
Maintenance
and
repairs
NSA
Food
3
Appar-
Medical
care
Energy"
less
NSA
14.1
102.5
107.3
113.1
109.8
110.0
110.7
110.8
111.3
112.4
112.8
113.5
114.3
114.6
115.1
115.8
116.3
0.5
214.7
233.0
256.4
285.7
314.4
334.1
346.3
359.2
368.9
364.4
366.0
366.8
370.0
368.0
366.2
367.6
367.8
370.6
368.7
368.5
372.7
373.7
Includes items not shown separately.
December 1982^100.
Includes direct pricing of dicsel and gasohol beginning September 1981.
4
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel Motor oil, coolant,
etc. also included through 1982.
5
Relative importance, December 1984.
2
Fuel
and
other
utilities
8.2
202.2
216.0
239.3
278.6
319.2
350.8
370.3
387.3
393.6
389.4
389.1
388.1
389.8
392.0
392.7
395.0
394.9
394.4
395.9
393.5
394.9
396.6
upkeep
Total !
Newcars
Motor
fuel 3
energy,
shelter
5.1
154.2
159.6
166.6
178.4
186.9
191.8
196.5
200.2
206.0
202.4
202.4
204.3
205.3
205.4
205.2
205.8
205.3
205.9
207.0
208.3
208.8
208.3
21.6
177.2
185.5
212.0
249.7
280.0
291.5
298.4
311.7
319.9
315.0
315.8
315.6
319.7
322.3
321.6
321.2
320.7
319.5
318.8
319.3
321.6
323.1
3.4
142.9
153.8
166.0
179.3
190.2
197.6
202.6
208.5
215.2
210.9
211.6
213.3
214.3
214.3
213.9
214.5
214.9
215.7
216.4
217.5
217.5
218.3
5.5
188.2
196.3
265.6
369.1
410.9
389.4
376.4
370.7
373.8
368.8
363.8
354.2
367.6
378.7
380.5
381.3
380.2
376.6
373.6
370.9
376.3
379.8
6.3
202.4
219.4
239.7
265.9
294.5
328.7
357.3
379.5
403.1
389.0
390.3
392.0
395.3
397.5
399.9
402.6
404.5
406.5
408.6
410.7
412.8
415.2
11.5
207.3
220.4
275.9
361.1
410.0
416.1
419.3
423.6
426.5
423.0
419.8
414.1
422.1
429.9
431.2
431.9
430.6
427.9
427.2
423.8
427.5
430.7
48.0
169.5
179.1
191.5
208.3
228.1
245.6
258.4
271.2
281.6
275.9
277.2
278.7
279.9
280.4
280.5
281.1
281.5
282.1
282.6
284.1
285.2
285.9
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban wa 0 _ __
clerical workers.
Data beginning 1983 incorporate a rental equivalence measure for homeowners hip 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]
Cli nge from pr •ceding peric d
Change from :i mont! s earlier, aim ia] rate
Change from (! montl s earlier, aim al rate
Consum r goods
Consnm r goods
Consum r goods
Period
Total
finished
goods
Total
finished
goods
Capital
equipment
Excluding loods
Foods
Excluding
foods
Foods
equipment
Total
finished
goods
equipment
Excluding
foods
Foods
Change
from
year
total
finished
goods
NKA
Cha nge, Dec. o Dec., N 5A
3.7
6.9
9.2
12.8
11.8
7.1
3.7
.6
1.7
1.8
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
Cr ange,
1984:
Dec
1985:
Jan
Feb
Mar
Apr
May
June
July
r
A u gr
Sept
Oct
Nov '
Dec
6.0
6.7
8.5
17.5
14.2
8.5
-2.5
6.9
11.7
7.4
7.5
1.4
2.1
2.3
3.5
3
11.4
9.2
3.9
1.9
1.8
2.7
-.8
.8
2.1
mon th to mont h.
-0.0
0.4
— .5
.1
.4
9
-.3
-.9
-1.1
-.0
1.0
-.8
-.6
.9
.8
— .7
1.4
1.6
0
-.3
— .5
.0
.8
.4
.8
.4
i
.3
1.1
.8
-.4
3.3
1.1
1.2
.4
.8
.3
.0
.2
.1
.1
.3
-.6
1.0
.1
-.1
__2
-.4
1.1
-0.3
0
.3
6.5
7.8
11.1
13.5
9.2
4.0
1.6
2.1
.9
7.9
8.8
4.2
-.0
.1
.1
_ 2
4.4
6.4
7.3
1.9
.1
-3.0
-4.7
-9.4
-8.1
— .6
.9
-1.6
-.1
9.6
16.0
.7
.1
.5
2.3
2.8
1.7
1.1
-.8
-2.4
— .1
4.4
8.5
NOTE.—NSA indicates data are not seasonally adjusted.
0.6
3.9
.1
-1.1
-.1
.6
.1
-1.5
-4.8
-5.6
-2.7
-4.4
-4.9
-.4
5.1
6.8
1.6
3.7
-1.2
0
4.8
9.0
6.3
1.6
-2.8
-3.2
-1.2
3.3
6.9
6.2
4.5
.6
.8
1.8
2.3
1.6
1.4
1.1
1.7
1.7
1.0
1.9
-1.2
2.7
-.4
.5
1.8
2.9
2.0
4.2
0.6
-0.9
-.3
-.1
.5
2.7
3.8
3.1
3.2
3.0
1.4
2
.2
1.7
1.7
1.1
2.2
2.5
3.1
3.0
3.9
3.1
2.1
.2
.9
2,2
1.9
1.5
.7
.2
.<
1.0
1.1
.9
.8
.2
1.1
1.5
1.8
Source: Department of Labor, Bureau of Labor Statistics
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Shelter
Period
All
items '
Food
Fuel
and
other
utilities
Home-
Rcnt-
Total '
Adden dtim: All ite,rns, percent hange
(annua 1 rate)
Tr msportati on
Housing
Total '
eosts
Apparel
and
up-
Total '
Newcars
Motor
Medical
Energy'
items
less
food,
From
previ-
and
shelter
From
3
months
earlier
From
6
months
earlier
NSA
NSA
C tange,
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
4.8
6.8
9.0
13.3
12.4
0.6
8.0
11.8
10.2
10.2
8.9
3.9
3.8
4.0
3.8
4.3
3.1
2.6
3.8
27
5.4
7.6
9.9
15.2
13.7
10.2
3.6
3.5
D ecember to Decf mher, ^ SA
4.2
8.7
11.5
17.4
15.1
9.9
4.2
4.3
2.4
4.7
5.2
6.0
5.9
6.3
4.5
5.1
5.9
5.1
From
year
earlier
9.0
8.1
5.9
16.0
13.6
14.5
9.7
1.8
4.2
1.9
4.5
4.2
3.2
5.5
6.8
3.6
1.6
2.9
2.0
2.9
8.8
4.3
7.7
18.2
14.7
11.0
1.7
3.9
3.1
2.6
4.8
7.2
6.2
7.4
7.5
6.8
1.6
3.4
2.4
3.5
2.6
4.9
8.5
52.2
18.9
9.4
-6.5
-1.7
-0.1
-2.4
3.0
10.1
8.8
8.8
10.1
10.0
12.5
11.0
6.4
6.1
6.7
6.9
7.2
8.0
37.4
18.1
11.9
1.3
5
2
1.8
5.8
6.5
7.0
5.2
6.5
7.2
9.9
9.4
6.1
5.0
4.4
3.7
7.7
11.3
13.5
10.4
6.1
3.2
4.3
3.6
Cha nge, mo nth to IT onth
1984:
Dec
0.3
0.4
0.2
0.4
0.5
0.4
1985:
Jan
Feb
Mar
Apr
Mav
June
2
.3
.5
9
.1
.4
.3
.4
.6
9
.4
.5
2
.6
.1
.5
1.0
.4
.6
.7
-.1
-.3
.3
.4
A
_2
.2
.5
-.0
9
-.1
.1
.1
July
2
Aug
Sept
Oct
Nov
Dec
9
.0
9
.3
.2
.7
.8
.3
.6
A
1
.8
.3
.3
.3
.5
.4
1.0
.4
.6
_7
2
9
.3
.5
.3
.6
.6
.3
.4
.5
1.0
.4
.6
.6
.3
.8
.7
.1
.6
.4
-0.3
-0.1
0.2
0.1
0
.3
.8
.5
0
-.2
.3
.2
.4
.3
.5
0
.4
.9
.5
.6
.0
.3
-.1
1.3
.8
2
1
9
.6
-.0
-.1
.3
-.1
.4
9
_ 2
.3
-A
.D
„9
-.6
.6
.4
.4
2
— .2
.2
.7
.5
Includes items no! shown separately.
Includes direct pricing of diese! 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 198:2.
4
Quarterly changes are shown in the last month of the quarter.
2
3
NOTK.—NSA indicates d a t a are not se.
24
.4
0.4
-1.4
-2.6
3.8
3.0
.0
.2
-.3
-.9
-.8
— .7
1.5
.9
3
.4
.8
.6
.6
.7
.5
.5
.5
.0
.5
.6
0.3
-0.2
-.8
-1.4
1.9
1.8
.3
.5
.5
j.
3.6
3.2
2
.0
.2
.1
2
4.2
2
9
2.4
-.8
9
.5
•"'
•-'
2
3
-.6
3.0
3.7
4.0
2.6
3.2
4.1
4.9
4.3
3.3
2.5
3.4
3.6
3.5
3.7
3.7
3.7
3.7
3.6
3.4
3.2
3.2
3.6
3.8
2.4
2.3
2.8
4.3
.4
4.1
5.3
3.3
3.5
3.7
3.8
3.7
3.7
3.4
2.8
2.6
3.3
3.8
Data beginning Januarv 1978 are for ail urban consumers; earlier data are tor tirba
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 3.1 percent in January, while prices paid by farmers rose 0.6 percent.
INDEX '077=100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SCALE)
180
180
PRICES PAID
160
160
140
140
120
120
100
100
80
80
mi mi
60 U
RATIO^
140
n iimliim
1 1 1 i | i i 1 1 1 1 1 I I ! ! 1 1 1 1 1 i I 60
RATIO!/
140
120
120
RATIO
100
100
80
80
60
60
mri MI
1978
1979
1980
1982
1981
1984
1983
1985
19bo
X/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977=100]
Pri ces received by farm ers
Period
1977
1978
1979
1980
1981
1982
1983
1984
1985
Livestock and
products
All farm
products
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
r
r
r
r
Jan
Feb r
Mar r .
Apr r
May r
June r
July r
Aug '
Sept r
Ocf
Novr
Dec r .
1986: Jan
Production
items
Ratio
2
159
161
157
100
108
125
138
148
150
153
155
151
100
106
107
97
93
85
84
86
79
164
159
152
82
164
164
164
164
164
164
163
162
162
162
162
162
160
159
159
159
159
158
156
156
155
154
155
155
154
154
153
126
126
123
123
115
112
111
116
118
145
145
141
136
134
134
130
128
128
134
138
137
153
152
151
150
149
148
148
149
149
83
82
82
80
79
78
78
75
75
76
78
79
114
134
163
156
150
76
100
115
132
134
139
133
135
142
129
1984: Dec r
1985:
1rices paid by farmer
100
105
116
125
134
121
128
139
121
100
124
147
144
143
145
141
146
136
100
108
123
138
150
157
160
164
163
100
109
125
139
151
155
135
126
145
136
135
134
132
130
128
127
122
121
123
127
128
126
124
128
124
inparisou wild other inde:
NOTE.—Till- official indexes are published on !i 1910-14 bast- as required by law. The indexes
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in Ml and the broader aggregates was little changed in December.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
300
300
1984
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1985
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
M2
M3
L
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OODs)
Ml plus overnight
EPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec'
363.0
389.0
414.8
441.8
480.8
528.0
558.5
624.7
1,388.9
1,497.9
1,631.4
1,794.4
1,954.9
2,188.8
2,371.7
2,563.6
1,646.4
1,803.6
1,988.5
2,235.8
2,446.8
2,701.7
2,995.0
3,213.1
1,909.7
2,115.8
2,324.8
2,596.6
2,854.8
3,168.9
3,541.3
1985: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept r
Oct r
Nov r
Dec"
562.7
569.4
572.1
574.9
581.6
591.2
595.8
605.9
611.9
611.1
617.9
624.7
2,398.9
2,421.0
2,429.6
2,427.7
2,444.9
2,472.9
2,490.6
2,514.0
2,528.8
2,533.0
2,547.0
2,563.6
3,020.5
3,041.0
3,055.9
3,056.9
3,076.9
3,104.5
3,117.2
3,142.6
3,168.5
3,178.3
3,194.0
3,213.1
3,564.0
3,595.5
3,623.3
' 3,625.9
' 3,644.5
r
3,675.1
* 3,694.6
3,732.9
3,765.9
3,780.3
3,815.5
Period
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
:..
1
Consists of outstanding credit market debt of the U.S. Government, State and loca! governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annua! rate,
NOTE.—The nontransactions portion of M2 is seasonally adjusted as a whole to reduce distortions
26
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
Perce nt change from year or 6
months earlier 2
Ml
M2
MS
3,151.0
3,543.5
3,881.8
4,255.8
4,649.8
5,177.2
'5,927.0
8.3
7.2
6.6
6.5
8.8
9.8
5.8
11.9
8.0
7.8
8.9
10.0
8.9
12.0
8.4
8.1
5.9
7.6
7.6
9.9
10.3
12.1
12.1
13.2
14.4
13.0
12.9
11.7
10.7
11.5
10.8
9.6
8.6
8.7
7.8
7.8
8.3
8.9
8.5
7.5
11.4
11.6
11.0
9.2
8.1
7.4
6.5
6.8
7.5
8.1
7.8
7.1
13.4
12.2
9.5
9.6
9.3
11.3
14.5
11.8
9.5
10.3
12.4
9.4
10.4
10.9
7.3
r
Debt
5,992.6
' 6,048.2
r
6,103.8
r
6,165.4
'6,228.6
r
6,290.8
r
6,356.0
6,419.7
6,479.2
6,542.1
6,626.0
r
!4.8
!4.3
14.2
14.0
13.3
r
!2.7
12.5
12.7
12.7
12.6
13.2
r
caused by substantial portfolio shifts arising from regulatory and financial changes in recent years,
especially shifts to MMDAs in 1983. A similar procedure is used to seasonally adjust the remaining
non transactions balances in M3.
See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
'A
renoa
Demand
deposits
Currency
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1978: Dec.... 97.6
1979: Dec.... 106,4
1980: Dec .... 116.4
1981: Dec.... 124.0
1982: Dec.... 134.3
1983: Dec.... 148.4
1984: Dec.... 158.7
1985: Dec".. 170.8
1985:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sepf
Oct r
Nov r
Dec"
159.4
160.5
161.3
161.7
163.1
164.5
165.4
167.1
167.9
168.8
170.0
170.8
8.5
Monev market
mutua fund
bala ices
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
3.1
9.5
253.4
261.3
265.7
235.2
238.6
243.5
248.6
270.8
17.5
28.2
78.2
103.5
131.3
146.0
177.2
20.3
21.2
28.3
35.9
38.8
53.8
57.6
72.9
33.4
61.6
150.6
185.2
138.2
167.5
175.8
15.2
38.0
51.1
43.2
62.7
64.5
249.1
251.7
251.9
252.5
255.8
260.7
260.9
264.1
266.8
264.0
266.3
270.8
149.0
151.8
153.6
155.3
157.3
160.3
163.6
168.9
171.3
172.4
175.7
177.2
62.9
69.6
68.1
59.4
64.1
63.0
62.6
66.1
66.6
67.1
68.8
72.9
171.9
175.1
177.6
176.2
172.2
175.4
175.8
176.8
176.7
177.0
176.5
175.8
65.0
62.2
59.5
59.6
63.5
67.1
65.0
63.6
62.3
63.3
64.5
64.5
6.4
Monev
market
Deposit
accounts
(MMDAs)
Small
denomination
time
deposits *
Large
denomination
time
deposits >
NSA
0.0
.0
.0
.0
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
Savings
deposits
NSA
Savings
bonds
CQ,.
43.2
379.2
415.1
509.0
481.7
423.3
400.8
344.4
357.8
307.0
288.6
305.0
521.2
634.6
729.0
823.6
851.5
784.6
885.6
878.3
195.1
222.0
258.9
302.1
328.3
330.8
416.2
441.0
26.6
29.5
34.0
36.0
34.5
51.8
69.7
76.4
31.8
44.7
50.3
67.5
81.7
91.5
83.2
76.4
288.6
289.4
288.6
287.8
289.3
292.1
296.0
300.3
301.7
304.3
305.8
305.0
881.9
877.6
878.6
885.3
892.0
894.2
888.5
878.4
874.4
871.6
871.7
878.3
416.9
419.3
423.6
427.3
428.2
424.1
420.0
r
421.4
428.6
433.3
437.7
441.0
65.0
65.7
68.9
71.9
68.8
66.9
65.0
67.6
70.7
70.6
74.3
76.4
81.1
81.3
84.7
81.0
81.8
79.9
79.4
80.2
80.0
78.9
79.0
76.4
74.4
74.9
75.3
75.8
76.2
76.6
76.7
77.2
78.1
78.5
78.9
Bankers'
acceptances
mercia
paper
22.0
79.2
133.9
150.4
186.2
216.3
267.2
27.2
32.0
39.7
43.9
44.1
43.2
97.0
98.1
102.8
107.0
135.2
161.8
266.6
270.2
275.9
r
278.2
r
277.9
r
286.5
r
286.9
r
288.1
289.9
288.2
303.3
42.8
44.6
46.4
46.1
44.8
42.8
42.7
42.9
42.9
43.6
42.5
159.6
164.8
169.8
168.9
168.6
164.7
171.1
182.0
186.6
191.7
196.8
80.3
79.6
72.3
67.8
67.9
71.1
74.1
433.7
448.3
457.9
460.3
463.8
475.1
484.1
492.1
496.7
501.1
506.5
509.0
Shortterm
Treasury
securities
1
Small denomination and large denomination deposits are those issued in amounts
$100,000 and more than $100,000, respectively.
81.9
108.4
r
r
OoiTi-
Travelers checks are a component of money stock but are not shown here.
NSA indicates data are not seasonally adjusted.
NOTE.—See note p. 26.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandiiig 1
Ins tallment credit outstanding (end of perio d)
Period
Mobile
home
Revolving
16,617
15,368
47,731
76,366
7,662
5,142
17,559
29,964
5,409
4,710
11,434
18,487
1,107
2,601
1,282
779
2,439
2,915
17,456
27,136
188,629
89,000
37,523
21,343
1,924
28,210
162,957
165,991
168,322
170,760
173,395
175,813
178,515
180,900
183,085
185,485
186,545
188,629
7,223
9,041
8,342
8,270
9,042
5,227
6,247
5,726
11,531
8,417
4,792
5,142
2,887
3,198
3,391
3,488
3,792
2,686
2,365
2,206
7,204
3,794
1,116
1,396
1,957
2,527
2,631
2,126
2,429
Revolving
296,290
312,907
328,275
376,006
452,372
112,134
119,796
124,938
142,497
172,461
54,900
60,309
65,019
76,453
94,940
18,783
19,890
22,491
23,773
24,552
110,473
112,912
115,827
133,283
160,419
1985: Dec
541,372
209,984
116,283
26,476
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov
Dec
459,595
468,636
476,978
485,248
494,290
499,517
505,764
511,490
523,021
531,438
536,230
541,372
175,348
178,546
181,937
185,425
189,217
191,903
194,268
196,474
203,678
207,472
208,588
209,984
96,897
99,424
102,055
104,181
106,610
106,537
107,393
108,329
110,303
112,345
114,960
116,283
24,393
24,675
24,664
24,882
25,068
25,264
25,588
25,787
25,955
26,136
26,137
26,476
1980:
1981:
1982:
1983:
1984:
Dec
Dec
Dec
Dec
Dec
1
For year-end data, change from preceding year-end; for moiithK data, change fr om preceding
month.
Mobile
home
Automobile
Automobile
Total
Other
Total
-73
856
936
1,974
2,042
2,615
1,323
-159
282
— 11
218
186
196
324
199
168
181
1
339
Other
2,538
3,034
2,331
2,438
2,635
2,418
2,702
2,385
2,185
2,400
1,060
2,084
Source: J oard of Goven ors of the Fed ral Reserve S\ stem.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose in December.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
1,800
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
1,800
1,600
1,400
— ALL COMMERCIAL BANKS
1,600
1,400
1,200
1,200
1,000
T--T
800
-LOANS AND LEASES
600
600
400
400
U.S. GOVERNMENT SECURITIES
200
200
7
160
OTHER SECURITIES
120
160
120
80
80
LUILL
Illllllllll
60
1977
1979
1978
1980
1981
60
1982
1984
1983
' SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depo itory institutio ns 3
Al commercial ban is 1
Period
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1984:
1985;
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Dec"
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec"
Total loans
and
securities
1,013.8
1,135.4
1,239.7
1,307.4
1,400.5
1,553.0
1,716.8
1,895.5
1,716.8
1,726.3
1,744.8
1,761.6
1,768.8
1,788.5
1,802.7
1,819.0
1,828.8
1,841.3
1,844.4
1,869.6
1,895.5
Total 2
746.9
849.1
914.5
967.4
1,032.8
1,122.7
1,316.5
1,450.3
1,316.5
1,323.4
1,337.7
1,355.6
1,367.1
1,380.0
1,391.0
1,402.1
1,409.2
1,416.9
1,419.7
1,433.9
1,450.3
Commercial
and industrial
loans
U.S.
Government
securities
246.1
291.1
326.9
355.1
391.5
412.8
469.0
493.9
469.0
469.2
474.2
481.2
481.9
484.3
484.3
484.1
485.7
487.2
487.0
490.6
493.9
1
Data are prorated averages of Wednesday figures for domestically chartered banks and t
of month-end data for foreign-related institutions.
2
Excludes loans to commercial banks in the United States.
3
Data are averages of daily figures.
28
Total
137.6
144.4
170.9
179.6
202.7
260.8
260.3
270.7
260.3
260.3
266.0
267.1
261.4
266.3
267.1
271.6
271.4
273.1
270.0
275.0
270.7
Borr swings
(millions of dollars,
unad usted)
R eserves adjust ed
for changes i i
res erve requirem ents
Loans a nd leases
129.2
141.9
154.4
160.4
165.0
169.6
140.0
174.5
140.0
142.6
141.1
138.9
140.2
142.2
144.5
145.4
148.2
151.3
154.8
160.7
174.5
27.91
29.20
31.04
32.10
34.28
36.14
39.08
45.19
39.08
39.64
40.43
40.47
40.71
41.32
42.18
42.61
43.19
43.51
43.65
r
44.38
45.19
borrowed
27.04
27.73
29.35
31.46
33.65
35.36
35.90
43.87
35.90
38.24
39.14
38.88
39.39
39.99
40.97
41.50
42.12
42.22
42.46
r
42.64
43.87
Required
27.67
28.76
30.52
31.78
33.78
35.58
38.23
44.13
38.23
38.89
39.53
39.71
39.97
40.52
41.27
41.75
42.37
42.84
42.90
43.45
44.13
Total
868
1,473
1,690
636
634
774
3,186
1,318
3,186
1,395
1,289
1,593
1,323
1,334
1,205
1,107
1,073
1,289
1,187
1,741
1,318
Seasonal
135
81
116
54
33
96
113
56
113
62
71
88
135
165
151
167
221
203
172
107
56
»le
NOTE.—Data beginning January 1984 are not strictly comparable with data for earlier periods,,
largely because beginning January 1984 certain obligations of States and politic subdivisions are
included in loans rather than in other securities.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND
OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Cr edit market fu nds
Period
Total
Internal '
Total
Total
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Loans and
short-term
paper
190.3
157.0
211.0
254.1
317.5
345.2
337.6
371.6
312.8
416.9
487.4
r
m
IV
1985: I
n
rnp
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.4
234.3
280.5
334.8
104.7
37.3
76.8
96.7
141.8
156.4
148.1
141.3
78.5
136.4
152.6
70.2
30.8
54.7
72.4
80.5
88.2
93.3
92.0
83.3
82.9
104.7
26.3
38.7
38.2
35.8
32.8
20.9
52.4
21.8
43.9
56.7
-15.9
43.9
-7.9
16.5
36.6
47.7
67.3
40.9
70.2
39.4
26.2
120.6
511.1
490.6
442.8
505.1
319.6
331.7
340.7
347.1
191.5
159.0
102.1
158.0
106.2
78.0
76.2
158.6
-33.2
-66.6
-5.6
r
42.0
139.4
144.6
81.8
116.5
419.9
428.7
412.3
1984: I
II
2
Securities
and
mortgages
351.5
357.9
379.5
68.4
70.8
32.8
59.7
55.0
23.5
-16.5
22.5
76.2
32.5
18.9
4.6
Other 2
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
190.1
150.9
201.8
237.6
'293.7
343.7
317.7
334.6
253.8
369.6
444.0
137.9
109.7
148.3
175.1
r
201.7
219.5
221.2
271.2
229.6
256.3
367.8
52.2
41.2
53.5
62.5
92.0
124.3
96.5
63.4
24.2
113.3
76.2
0.2
6.0
9.2
16.5
23.8
1.4
20.0
37.0
58.9
47.3
43.4
25.9
r
-.6
480.6
449.9
395.7
449.9
355.6
364.1
387.9
363.8
125.0
85.9
7.8
86.1
30.4
40.7
47.1
55.3
8.7
!5.8
9.3
399.7
392.3
368.8
371.5
363.5
359.0
28.2
28.8
9.8
20.1
36.4
43.5
34.5
6.5
22.1
24.3
61.3
68.2
54.8
49.3
-4.9
53.5
47.9
85.3
r
80.9
r
r
r
Source: Board of Governors of the Federal Reserve System.
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilitie s
Curren assets
End of period
Total
Cash
Governsecurities
SEC series: 2
1970
1971
1972
1973
1974
QFR-FKB series:
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1983: HI
IV
1984: I
n
m
IV
1985: I
H"
1
492.3
529.6
599.3
697.8
790.7
50.2
7.7
53.3
59.0
66.3
71.1
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
1,682.0
1,522.8
1,557.3
1,599.6
1,630.1
1,666.1
1,682.0
1,694.7
1,704.0
73.2
82.1
88.2
97.2
105.5
118.0
126.9
135.5
147.0
165.8
160.9
150.5
165.8
159.0
154.7
150.0
160.9
153.5
154.6
11.1
19.0
23.5
18.2
17.2
16.7
18.7
17.6
22.8
30.6
36.6
27.0
30.6
35.0
36.9
33.2
36.6
35.2
35.1
Notes and
accounts
receivable
Invento-
3
Total
Notes and
accounts
payable
Other
current
liabilities
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
340.3
402.3
105.5
92.7
110.7
128.1
265.8
272.1
292.9
330.3
388.0
459.0
506.8
532.0
519.2
577.8
622.3
565.0
577.8
599.7
615.4
630.6
622.3
635.2
636.0
319.5
315.9
342.5
376.9
431.8
505.1
542.8
583.7
578.6
599.3
655.6
597.3
599.3
619.6
629.8
656.9
655.6
664.6
663.7
65.9
69.9
80.3
90.1
101.1
116.0
131.8
149.5
165.2
183.7
206.6
183.0
183.7
186.3
193.4
195.4
206.6
206.2
214.7
453.4
451.6
495.1
557.1
669.5
807.3
889.3
970.0
976.8
1,043.0
1,150.7
1,026.6
1,043.0
1,077.0
1,111.9
1,142.2
1,150.7
1,159.5
1,163.9
269.8
264.2
282.1
317.6
383.0
460.8
513.6
546.3
543.0
577.8
627.4
559.3
577.8
584.0
605.1
623.9
627.4
615.6
625.9
183.6
187.4
213.0
239.6
286.5
346.5
375.7
423.7
433.8
465.3
523.3
467.3
465.3
493.0
506.9
518.2
523.3
543.9
538.1
206.1
221.1
248.2
211.3
220.5
282.9
93.6
Net
working
capital
ratio l
246.9
260.3
1.615
1.625
1.595
1.548
1.491
282.0
307.4
332.4
355.5
374.3
407.5
437.8
448.4
455.9
514.3
531.3
496.3
514.3
522.6
518.1
523.9
531.3
535.2
540.1
1.622
1.681
1.671
1.638
1.559
1.505
1.492
1.462
1.467
1.493
1.462
1.483
1.493
1.485
1.466
1.459
1.462
1.462
1.464
187.4
203.6
223.7
3
Total current assets divided by total current liabilities.
Based on data [rom 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
NOTE.—SEC series not available after 1974. See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), Federal Trade Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in January.
PERCENT PER ANNUM
PERCENT PER ANNUM
[Percent per annum]
U.S. 1reasury security yields
Constant IT aturities 2
Period
3-month bills '
3-year
1980
1981
1982
1983
1984
1985
11.506
14.029
10.686
8.63
9.58
7.48
11.55
14.44
12.92
10.45
11.89
9.64
10-year
11.46
13.91
13.00
11.10
12.44
10.62
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) "
8.51
11.23
11.57
9.47
10.15
11.94
14.17
13.79
12.04
12.71
11.37
8.18
Prime
commercial
6 months 5
Discount rate
(N.Y. F.K.
Bank) 6
12.29
14.76
11.89
8.89
8.80
7.69
Open-close
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
1986: Jan
Week ended:
1986: Jan 4
11
18
25
Feb 1
8
15
15.27
18.87
14.86
10.79
12.04
9.93
11.77
13.41
11.02
8.50
10.16
8.01
Prime rate
charged by
banis 8
New-home
mortgage
(FHLBB)7
12.66
14.70
15.14
12.57
12.38
Open-close
7.76
8.22
8.57
8.00
7.56
7.01
7.05
7.18
7.08
7.17
7.20
7.07
7.04
10.43
10.55
11.05
10.49
9.75
9.05
9.18
9.31
9.37
9.25
8.88
r
8.40
8.41
11.38
11.51
11.86
11.43
10.85
10.16
10.31
10.33
10.37
10.24
9.78
r
9.26
9.19
9.55
9.66
9.79
9.48
9.08
8.78
8.90
9.18
9.37
9.24
8.64
r
8.51
8.06
12.08
12.13
12.56
12.23
11.72
10.94
10.97
11.05
11.07
11.02
10.55
r
!0.16
10.05
8.15
8.69
9.23
8.47
7.88
7.38
7.57
7.74
7.86
7.79
7.69
7.62
7.62
8.00 8.00 10.75-10.50
8.00-8.00 10.50-10.50
8.00 8.00 10.50-10.50
8.00-8.00 10.50-10.50
8.00 7.50 10.50-10.00
7.50-7.50 10.00- 9.50
7.50 7.50 9.50- 9.50
9.50- 9.50
7.50-7.50
7.50 7.50 9.50- 9.50
7.50-7.50 9.50- 9.50
9.50- 9.50
7.50-7.50
7.50-7.50 9.50- 9.50
9.50- 9.50
7.50 7.50
7.04
7.05
7.23
6.98
6.92
6.99
7.18
8.25
8.39
8.57
8.46
8.29
8.21
9.03
9.16
9.35
9.24
9.09
9.02
8.41
8.05
8.10
8.10
7.99
7.81
9.92
9.95
10.18
10.13
10.00
9.90
7.59
7.58
7.71
7.64
7.59
7.55
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-
9.509.509.509.509.509.509.50-
12.27
12.21
11.92
12.05
12.01
11.75
11.34
11.24
11.17
11.09
r
11.01
10.94
10.87
9.50
9.50
9.50
9.50
9.50
9.50
—
1
Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
5
Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
2
30
6
Average effective rate for year; opening and closing rate for month and week.
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.
7
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 again in January.
INDEX, DEC. 31, 1965 = 50
INDEX, DEC. 31, 1965 = 50
140
140
130
130
120
120
COMPOSITE STOCK PRICE INDEX
(NYSE)
110
110
100
100
90
90
80
80
70
70
60
50
nnilnm
lilllllllll
1980
1979
Illllllllll
1981
40
1983
1982
1984
1985
1986
PERCENT
PERCENT
20
20
EARNIN<3S-PRICE RATK) ON COMMO N STOCKS
(S&P)
15
-— ^
10
1 1 1
1978
rONX
15
\
'
\
1
1979
1
1
1
1980
1
1
1 1
1981
1
10
N».
1 \
1982
'
1
1
1
1983
1
| \
1984
^
I I I
1985
Co tnmon stock price s 1
Common st ock 5yields
(perce nt)
Nevi York Stock Ex hange indexes (L ec. 31, 1965-5 O) 2
Composite
Industrial
Transportation
1986
COUNCIL OF ECONOMIC ADVISERS
OURCES: NEW YORK £ TOCK EXCHANGE AN D STANDARD & POOF 'S CORPORATION
Period
I I I
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
1980
1981
1982
1983
1984
1985
68.10
74.02
68,93
92.63
92.46
108.09
78.70
85.44
78.18
107.45
108.01
123.79
60.61
72.61
60.41
89.36
85.63
104.11
37.35
38.91
39.75
47.00
46.44
56.75
64.25
73.52
71.99
95.34
89.28
114.21
891.41
932.92
884.36
1,190.34
1,178.48
1,328.23
118.78
128.05
119.71
160.41
160.46
186.84
5.26
5.20
5.81
4.40
4.64
4.25
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Decr
99.11
104.73
103.92
104.66
107.00
109.52
111.64
109.09
106.62
107.57
113.93
119.33
113.99
120.71
119.64
119.93
121.88
124.11
126.94
124.92
122.35
123.65
130.53
136.77
94.88
101.76
98.30
96.47
99.66
105.79
111.67
109.92
104.96
103.72
108.61
113.52
51.95
53.44
53.91
55.51
57.32
59.61
59.68
56.99
55.93
55.84
59.07
61.69
101.34
109.58
107.59
109.39
115.31
118.47
119.85
114.68
110.21
112.36
122.83
128.86
1,238.16
1,283.23
1,268.83
1,266.36
1,279.40
1,314.00
1,343.17
1,326.18
1,317.95
1,351.58
1,432.88
1,517.02
171.61
180.88
179.42
180.62
184.90
188.89
192.54
188.31
184.06
186.18
197.45
207.26
4.51
4.30
4.37
4.37
4.31
4.21
4.14
4.23
4.32
4.28
4.06
3.88
1986: Jan
120.16
137.13
115.72
62.46
132.36
1,534.86
208.19
3.90
121.25
120.48
119.90
118.80
121.05
123.12
138.91
137.72
137.09
135.50
137.57
140.16
113.65
112.90
114.05
116.44
120.49
121.71
62.96
62.71
61.97
61.71
63.20
63.80
131.05
131.86
131.90
130.94
135.25
137.81
1,546.02
1,534.33
1,529.04
1,517.41
1,555.23
1,598.95
210.61
208.90
207.84
205.50
209.72
213.55
Earningsprice ratio
3.82
3.89
3.88
3.97
3.84
3.80
Week ended:
1986: Jan 4
11
18
25
Feb 1
8
1
2
3
4
5
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
12.66
11.96
11.60
8.03
10.02
9.07
8.12
8.03
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 RECEIPTS, OUTLAYS, AND DEBT
According to the budget submitted in early February, the Federal deficit (including on-budget and off-budget items)
is estimated at $202.8 billion for fiscal 1986 and at $143.6 for fiscal 1987.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
RECEIPTS AND OUTLAYS ^
900
900
800
800
" OUTLAYS -
700
700
600
600
RECEIPTS
500
500
400
400
0
.SURPLUS OR DEFICIT (-)!/
-100
-100
-200
-200
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
FISCAL YEARS
!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
Gross Fe .era! debt
(end of period)
Off-budget
On-budget
Total
Surplus
of deficit
Receipts
Outlays
Surplus
or deficit
Total
Held by
the public
1973
1974
230.8
263.2
245.7
269.4
14.9
-6.1
184.7
209.3
200.1
217.3
15.4
-8.0
46.1
53.9
45.6
52.1
0.5
1.8
468.4
486.2
343.0
346.1
1975
1976
Transition quarter
1977
1978
1979
279.1
298.1
81.2
355.6
399.6
463.3
332.3
371.8
96.0
409.2
458.7
503.5
-53.2
-73.7
-14.7
53.6
-59.2
-40.2
216.6
231.7
63.2
278.7
314.2
365.3
271.9
302.2
76.6
328.5
369.1
403.5
-55.3
70.5
-13.3
-49.7
-54.9
-38.2
62.5
66.4
18.0
76.8
85.4
98.0
60.4
69.6
19.4
80.7
89.7
100.0
2.0
-3.2
— 1.4
-3.9
-4.3
-2.0
544.1
631.9
646.4
709.1
780.4
833.8
396.9
480.3
498.3
551.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
73.8
-78.9
127.9
-207.8
185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
-73.9
- 120.0
-208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
-1.1
5.0
-7.9
,2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
1985
1986 *
1987 l
734.1
777.1
850.4
946.3
979.9
994.0
212.3
-202.8
143.6
547.9
579.2
636.1
769.5
795.2
795.4
-221.6
-216.0
-159.3
186.2
197.9
214.3
176.8
184.7
198.6
9.4
13.2
15.7
1,827.5
2,112.0
2,320.6
1,509.9
1,714.0
1,855.7
1
Estimates.
NOTE.— All data from Budget of the United States Governm ent, Fiscal Year 1987, Office of
Management and Budget.
32
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
According to the budget submitted in early February, total Federal receipts are estimated at $777.1 billion for
fiscal 1986 and at $850.4 billion for fiscal 1987. Outlays are estimated at $979.9 billion for fiscal 1986 and at
$994.0 billion for fiscal 1987.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
—
400
INDIVIDUAL INCOME TAXES
RECEIPTS!/
—u:
300
-=±
200
300
TAXES AND
200
CONTRIBUTIONS
CORPORATION INCOME TAXES
100
100
0
0
-OUTLAYS^/ •
700
700
NONDEFENSE
600
600
500
500
400
400
300
300
NATIONAL DEFENSE
200
200
100
100
1978
1979
1981
1980
1982
1984
1983
1985
1986
1987
FISCAL YEARS
_L/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
0n-budget a nd off-hue get receip
Fiscal year
Total
Individual
income
taxes
Corporation
income
taxes
On-bud ;et and of -budget 01 tlays
s
Nationa 1 defense
Social
insurance
Other
Department of
Defense,
Total
InterHealth
Medi-
Income
Social
securi-
Net
60.8
73.9
85.1
93.9
104.1
26.7
29.9
35.4
42.6
82.8
93.0
114.7
119.6
Other
butions
1976
1977
1978
1979
298.1
355.6
399.6
463.3
131.6
157.6
181.0
217.8
41.4
54.9
60.0
1980
1981
1982
1983
1984
517.1
244.1
599.3
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
1985
1986 !
1987 '
734.1
777.1
334.5
353.7
386.0
61.3
70.9
86.7
1
617.8
600.6
666.5
850.4
65.7
371.8
409.2
458.7
503.5
89.6
97.2
104.5
116.3
88.1
95.3
102.3
113.7
6.4
6.4
7.5
7.5
15.7
17.3
15.8
19.3
18.5
20.5
22.8
26.5
61.0
61.5
66.4
590.9
678.2
745.7
808.3
134.0
157.5
185.3
131.0
153.8
180.7
209.0
239.4
50.6
69.5
69.3
65.6
71.8
851.8
209.9
227.4
204.4
220.8
12.7
13.1
12.3
11.8
15.9
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
265.2
280.4
302.8
73.0
72.1
74.9
946.3
979.9
994.0
252.7
265.8
282.2
245.4
258.4
274.3
16.2
17.1
18.6
33.5
35.7
35.0
65.8
68.7
70.2
128.2
118.1
118.4
188.6
200.1
212.2
129.4
142.7
148.0
131.8
131.7
109.3
90.8
106.5
121.0
138.9
34.3
36.6
37.7
40.8
Estimates.
Sources: Department of the Treasury and Office of Management and Budget.
NOTE.—Data shown here exclude the transition quarter.
All data from Budget of the United States Government, Fiscal Year 1987, Office of Management
and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1985, Federal receipts rose $35.8 billion (annual rate) and expenditures rose $28.0 billion,
yielding a deficit of $201.3 billion. In the fourth quarter, according to preliminary data, expenditures rose $31.4
billion; receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
400
-100
-100
-200
-200
1977
1985
CALENDAR YEARS
COUNCIL OF ECONOMiC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jovernmen! expenditur S3
Federal Goverume it receipts
Persona]
Period
Total
1977
1978
1979
1980
1981
1982
1983
1984
1985
f
1982: III
IV
1983:
I
II
Ill
IV
1984:
I
II
Ill
IV
1985:
I
II
Ill
IV
NOTK.—Data relied the
ounts. For detail*, see A'wi
34
384.1
441.4
505.0
553.8
639.5
635.3
658.1
725.1
785.7
630.3
633.1
636.3
665.2
659.7
671.1
709.4
721.8
727.1
742.1
789.7
754.9
790.7
tax and
nontax
receipts
169.8
194.9
231.0
257.9
298.9
304.5
295.0
311.3
351.1
298.1
303.0
297.1
304.2
286.2
292.5
297.8
303.9
315.7
327.8
363.9
321.3
355.4
363.8
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
61.6
71.4
74.4
70.3
65.7
49.0
59.3
74.4
87.6
50.1
46.4
46.5
58.2
66.4
66.1
78.9
80.1
69.4
69.2
65.9
65.0
68.9
in of the nil
emhcr 198;")
25.0
28.0
29.3
38.8
56.2
48.1
51.6
55.8
57.0
47.1
47.6
46.3
52.8
53.7
53.6
54.6
55.8
56.7
56.2
55.5
60.2
55.4
57.0
Contributions for
social
insurance
127.7
147.0
170.3
Total
430.1
470.7
521.1
615.1
703.3
781.2
837.5
898.0
983.0
186.8
218.8
233.7
252.2
283.6
309.9
235.0 789.1
835.7
236.1
246.5 824.2
250.1 835.8
253.4 839.4
258.8 850.6
867.2
278.1
282.0 884.9
285.4 905.2
288.9 934.7
304.4 952.4
308.4 964.0
311.0 992.0
315.9 1,023.4
Purchases
of goods
and
services
151.1
161.8
178.0
208.1
242.2
272.7
284.8
312.9
353.9
275.3
293.2
287.1
287.0
286.0
279.2
285.6
314.8
318.5
332.9
334.4
337.8
364.8
378.6
Transfer
payments
174.3
187.1
210.9
253.5
288.6
324.1
348.5
355.1
379.7
329.1
347.4
344.4
350.8
346.6
352.3
350.5
351.9
356.2
361.9
374.1
376.7
383.5
384.3
Source: Department <
Grantsin-aid to
State
and
local
govern-
67.5
77.3
80.5
88.7
87.9
83.9
86.2
93.6
98.9
83.3
84.5
85.8
85.8
87.1
86.2
91.3
93.0
93.0
97.3
95.7
97.6
100.6
101.5
Net
interest
paid
29.1
35.2
42.5
53.3
72.4
84.6
94.3
115.5
129.0
87.1
87.2
88.0
91.1
96.8
101.2
107.2
110.4
119.5
124.8
126.4
130.1
127.1
132.5
Subsidies
less
current
surplus of
Government
enter-
8.2
9.5
9.2
11.5
12.3
16.0
23.2
21.1
21.3
14.3
23.4
18.8
19.8
22.5
31.6
32.7
15.1
18.0
18.5
21.9
20.9
15.9
26.6
•sWage
accruals
less
disbursements
or deficit
( )
national
income
and
product
accounts
.2
-.2
-46.0
-29.3
-16.1
-61.3
-63.8
-145.9
-179.4
-172.9
-197.3
.0
.0
-158.8
-202.6
.0
-187.9
-170.6
-179.7
-179.5
0.1
.1
.0
.0
.1
.0
— .4
-1.3
— .4
.0
2
2
.0
.6
.1
-1.0
.0
.0
-157.8
-163.0
-178.1
-192.7
-162.6
-209.1
-201.3
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial reduction (1977= 1( 0; seasonal. V adjusted
Period
United
States
1979
1980
110.7
108.6
111.0
103.1
1981
1982
1983
1984
1985"
109.2
121.8
124.5
Japan
Canada
France
Germany
108.7
114.7
112.1
107
106
103
101
102
105
United
States '
Japan
Canada
France
Germany
259.1
Italy
United
Kingdom
107
105
102
103
106
107
217.4
109.6
103.9
107.0
107
109.0
97.4
102.9
112.0
113.7
118.9
120.1
120.6
124.7
138.4
109.8
108.1
Consume r prices 0 967 = 100)
United
Kingdom
Italy
100
96
98
101
103
246.8
272.4
289.1
298.4
311.1
322.2
221.0
243.5
273.9
303.5
321.0
335.0
348.3
261.3
282.3
296.2
304.1
309.7
316.6
294.2
332.7
373.1
407.9
439.5
166.9
175.8
186.9
196.8
203.3
208.2
328.5
398.0
472.4
549.4
631.8
698.8
359.0
423.6
473.9
514.7
538.3
565.1
Dec
123.3
115.0
142.7
103
109
106.6
104
315.5
339.9
319.6
451.2
209.8
729.5
575.9
1985: Jan
Feb
Mar
123.6
123.7
124.0
124.1
124.1
124.3
124.1
125.2
125.1
' 124.4
125.1
1260
114.2
113.8
113.9
114.5
114.3
116.5
' 118.5
r
l!8.1
r
l!7.9
r
l!8.9
119.8
143.0
142.8
101
105
107
r
!04
105
•"104
108
108
105
107
110
109
110
110
111
113
116
r
l!2
112
114
102.5
111.5
111.8
107.0
108.3
111.3
107.1
107.5
r
109.9
105.7
106
105
107
108
108
108
107
107
109
109
316.1
317.4
318.8
320.1
321.3
322.3
322.8
323.5
324.5
325.5
326.6
327.4
341.3
343.5
344.3
345.7
346.5
348.3
349.5
350.1
350.5
351.7
353.1
354.7
321.3
318.7
320.2
321.9
323.3
323.5
323.8
320.7
323.8
328.4
453.5
4S5.8
459.0
462.2
464.5
466.4
468.2
468.7
469.2
470.6
211.0
211.9
212.6
212.9
213.1
213.3
212.9
212.2
212.6
212.9
213.3
736.8
744.2
749.4
756.1
760.6
764.4
766.7
768.2
771.3
780.6
786.1
578.0
582.7
588.1
600.6
603.4
604.7
603.5
605.1
604.8
605.8
607.9
1984:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec"...
1
,
140.8
144.5
148.2
145.1
147.8
146.0
144.6
145.7
Data relate to all urban consumers.
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc landise expo ts 1
Period
Total
2
Food,
ueverages, and
tobacco
Crude
materials and
fuels
Mercha ndise trade mlance
Ger eral import s 3
Domestic exports
Total
domestic
foreign
Merc landise imp orts
factured
Total 2
Exports
Crude
materials and
fuels
less
imports
(customs
value)
Food,
leverages, and
tobacco
M
factured
goo s
(c.i.f.
vaue)
Exports
(f.a.s.)
Exports
((.a.s.)
imports
imports
F .a.s. valu e
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
1981
1982
1983
1984
1985
19,473
17,683
16,707
18,155
17,761
19,075
17,256
16,326
17,670
17,243
2,767
2,248
2,248
2,276
1,852
2,752
2,793
2,463
2,624
2,362
12,857
11,643
11,034
11,929
12,115
21,748
20,329
21,504
27,144
28,773
1,529
1,485
1,568
1,802
1,865
1984: Dec
19,142
18,623
2,413
2,988
12,409
25,933
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
19,401
17,853
18,446
17,779
17,414
17,438
17,412
17,423
17,732
17,368
17,976
17,024
18,852
17,358
17,881
17,298
16,893
16,858
16,857
16,945
17,241
16,872
17,482
16,508
2,161
1,995
1,973
1,913
1,603
1,614
1,604
1,783
1,709
1,836
2,128
1,907
2,562
2,542
2,386
2,336
2,164
2,181
2,265
2,436
2,369
2,338
2,368
2,406
13,282
11,967
12,538
12,141
12,166
12,127
12,010
11,894
12,145
11,799
12,134
28,297
27,985
28,129
28,295
28,685
29,425
26,630
26,083
31,764
27,594
30,285
32,888
2,716
3,457
4,463
4,325
5,949
7,831
148
-1,440
-3,265
-3,530
-3,364
-3,030
5,398
6,379
8,360
9,352
10,427
8,823
11,042
13,368
15,504
18,519
21,415
7,739
6,200
5,670
6,063
5,415
11,873
12,002
13,621
18,460
20,564
22,779 -2,275
21,240 -2,647
22,490 -4,797
28,431
-8,988
30,136 -11,012
1,719
5,689
17,777
27,176
-6,791
-8,033
1,932
1,817
2,128
1,804
1,919
1,912
1,641
1,719
1,903
1,598
1,865
2,138
5,373
4,988
4,372
5,764
5,609
5,958
5,100
4,842
5.S73
5,659
5,656
6,103
19,879
20,347
20,716
19,812
20,198
20,653
18,901
18,761
23,291
19,432
21,833
23,723
29,687
29,299
29,492
29,629
30,080
30,853
27,920
27,327
33,282
28,821
31,657
34,397
-8,896
-10,131
-9,68.3
-10,516
-11,271
-11,987
-9,219
-8,660
-14,032
-10,226
-12,310
-15,864
-10,285
-11,446
-11,046
-11,850
-12,666
-13,415
- 10,509
-9,904
- 15,550
-11,453
-13,682
-17,374
827
991
1,186
1,312
1,478
1,546
4,257
762
-688
-2,430
-2,590
-2,300
-2,020
Customs value
1
11,304
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.
-3,306
-3,558
-5,783
-10,276
-12,374
Data beginning 1980 include trade of the U.S. Virgin Isiands, 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 third quarter of 1985 the current account deficit rose to $30.5 billion from $27.7 billion in the second
quarter. The merchandise trade deficit rose to $33.1 billion from $28.6 billion in the second quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
BALANCE ON GOODS
AND SERVICES
1985
1977
-SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits (—)]
In "estrnent inconle 3
Merchandise ' '
Net
Period
Exports
114,745
120,816
142,054
184,473
224,269
1976
1977
1978
1979
1980
1981
1982
1983
1984
Net
balance
Imports
-124,228
— 151,907
— 176,001
-212,009
Receipts
Payments
-9,483
-31,091
-33,947
-27,536
-25,480
-27,978
— 36,444
-67,216
— 114,107
29,286
32,179
42,245
64,132
72,506
86,411
84,768
78,023
87,609
-13,311
— 14,217
-21,680
-32,960
-42,120
-52,329
-55,273
-52,621
-68,500
15,975
17,962
20,565
31,172
30,386
34,082
29,495
25,402
19,109
Net
transactions
Net
travel and
transportation
receipts
Other
services,
net3
and
services '
Remittances,
pensions,
and other
unilateral
transfers 1
9,205 -4,998
-9,894 -4,617
-10,321 -5,106
4,659 -5,649
8,950 -7,077
8,121
13,186 -6,847
84 -8,135
8,345
9,557 -37,141 -8,852
9,791 -95,945 — 11,413
-1,778
-2,237
-1,183
-318
-162
-1,765
-2,558
-3,565
-3,573
-2,935
-997
144
-992
-4,721
-8,974
4,711
5,272
6,013
5,735
7,277
559
1,528
621
Balance
current
account
4,207
— 14,511
-15,427
-991
1,873
6,339
-8,051
-45,994
-107,358
237,085
211,198
201,712
r
219,916
— 249,749
-265,063
— 247,642
-268,928
r
- 334,023
IV
49,535
49,048
49,992
53,137
-58,418
-64,928
-70,689
-74,893
-8,883
-15,880
-20,697
-21,756
17,935
19,172
20,985
19,932
-12,283
-12,856
- 13,588
-13,893
5,652
6,316
7,397
6,039
703
-71
-126
-669
-448
— 1,116
-1,422
-1,735
-716
2,260
2,462 -8,289
2,290 -12,558
2,544 -15,577
-1,606 -2,322
-1,875 -10,164
-2,204 -14,762
-3,166 -18,743
1984: I
II
Ill
IV
53,469
54,556
55,649
r
56,242
-78,091
-84,181
-84,626
-87,127
-24,622
-29,625
-28,977
r
- 30,885
23,502
20,895
21,769
21,445
-15,268
-17,277
— 18,513
-17,442
8,234
3,618
3,256
4,003
-346
-593
-250
— 575
-1,753
-2,050
-2,574
-2,597
2,582
2,412
2,452
2,344
-2,212
-2,232
-2,876
-4,095
1985: I
II
Ill
55,302
53,624
52,310
-23,454
-28,587
-33,142
18,868
22,279
24,039
-16,331
-16,892
- 16,490
2,537
5,387
7,549
-212
-586
-487
-2,357
-3,054
-3,026
2,411 -21,075
2,572 -24,268
2,623 -26,483
1983: I
II
Ill
1
2
3
r
r
-78,756
-82,211
-85,452
Excludes military grants.
Adjusted from fcnsus data for diffcrcnc
Fees and royalties from U.S. direct invi
36
r
r
-15,905
-26,238
-26,093
-27,710
-18,117
-28,470
-28,969
-31,805
-3,172 -24,247
-3,428 -27,696
-3,968 -30,451
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $1.4 billion in the third quarter of
1985 compared with a decrease of $4.1 billion in the second quarter. Liabilities to private foreigners and
international financial institutions reported by U.S. banks (excluding U.S. Treasury securities) increased $6.5 billion,
compared to an increase of $0.2 billion in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
60
60
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
-60
1977
1985
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the J.S., net
[increasi /capital inflow ' ( + )] 2
U.S. assets abroad, net
[mcrease/eapit a! outflow ( — ] ]
Period
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
U.S.
official
reserve
assets : 2
Other U.S.
Government
assets
Of which:
Seasonal
adjustment
discrepancy
reserve
assets, net 1
(unadjusted,
end of
period)
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
34,934
10,544
— 2,023
12,521
25,431
24,982
20,276
32,821
16,717
30,486
17,693
36,816
33,678
-13,665
15,497
4,960
3,672
5,795
3,424
18,826
14,503
30,358
52,416
42,615
78,362
90,775
78,526
93,895
-787
16
529
-953
— 1,135
-1,263
— 1,171
-1,436
-24,205
119
-9,172
-15,587
15,158
15,608
19,539
34,017
-161
1,706
-2,666
6,916
15,319
13,902
22,205
27,101
13,291
-4,316
5,037
2,702
-680
83
-2,953
3,547
34,261
33,876
33,066
33,747
-4,976
— 18,988
18,364
— 14,846
-657
-566
-799
-1,110
-2,059
-1,353
-1,369
-734
-2,260
— 17,070
20,532
-13,003
19,277
41,592
3,140
33,310
— 2,786
— 224
-686
7,119
22,063
41,816
3,825
26,191
3,816
5,866
7,466
13,341
-455
-573
-3,274
4,305
34,975
34,547
34,306
34,934
-365
-2,455
-9,999
-233
-356
-121
-850
-853
-420
718
— 1,246
-9,458
13,711
26,313
33,909
-11,204
8,465
2,415
24,915
17,849
31,494
10,901
3,837
6,541
-384
-570
-3,487
35,493
36,088
38,295
1983: I
II
Ill
IV
— 26,127
-1,128
-9,814
-17,976
1984: I
II
Ill
IV
-1,133
-8,155
-5,175
-4,965
-1,196
-3,131
1
Consists of gold, special dra ng rights (SDKs), eo
position in the IMF.
2
Quarterly data an- not seasonall; idjusted.
Other
foreign
assets
Foreign
official
assets
Total (sum
of the items
with sign
reversed)
36,518
51,319
64,036
38,752
58,112
83,322
94,447
84,322
97,319
-2,558
-375
732
I
II
Ill "...
Total
drawing
rights
(SDKs)
— 4,214
-44,498
-30,717
-3,693
-4,660
-57,202
-3,746
-59,453
— 5,162
-72,802
-5,097 -100,758
-6,131 — 108,122
-48,843
-5,006
-5,516
-11,800
-51,269
— 34,785
-61,130
-64,331
-86,118
— 111,031
-119,218
-55,045
-20,447
1985:
U.S.
private
assets
Statistical d iscrepancv
Allocations
irrencies, and the l',S, reservi
1,139
1,152
1,093
Department of Commerce (Bureau of Economic Analysis) and Dcpa
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
pagc
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
:
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
38
U . S . GOVERNMENT PRINTING OFFICE
:
1986 0—57-493
@FedFRASER