Full text of Economic Indicators : July 1984
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98th Congress, 2d Session
Economic Indicators
UBRARY
AUS«i>1984
JULY
1984
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1984
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
ROGER W. JEPSEN, Iowa, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
HOUSE OF REPRESENTATIVES
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
CHALMERS P. WYLIE (Ohio)
MARJORIE S. HOLT (Maryland)
DAN LUNGREN (California^* ~, ..?
OLYMPIA J. SNOWE (Mainef ^
DAN C. ROBERTS, Executive Director
• >*
COUNCIL OF ECONOMIC ADVISERS
WILLIAM A. NISKANEN, Member
WILLIAM POOLE, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce,
Economic Indicators, published monthly, is available at $4.25 a single copy
($5.35 foreign), or by subscription at $25.00 per year ($31.25 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the second quarter of 1984, gross national product rose $93.1 billion or
10.9 percent, both at annual rates. Real output (GNP adjusted for price changes) rose 7.5 percent (annual rate)
and the implicit price deflator rose 3.2 percent (annual rate). (Note revised series.)
BiuiorsIS OF DOLLARS (RATIO SCALE)
4,000
BILLIONS OF DOLLARS (RATIO 5SCALE)
4,000
SEASONALLY ADJUSTED ANNUAL RATES
3,600
3,600
—
GNP
JENT DOLLARS
3,200
3,200
^^
>n
x
E
^
—
2,800
2,400
2,800
—•
^
—
^
/\
2,000
2,400
—
^
2,000
—
U-1
GNP
IN 1972 DOLLAR,
'
1,600
1,600
~~~~~
_„'
1
1,200
1 1
\
1976
1
1
1977
l l l
1978
\
\
\
i
I 1
1
1 I
1981
1980
1979
1
1
1
1982
\
\
1 1 1
\
1,200
1984
1983
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1972... .
1973
1974
1975
1976
1977
1978
1979
1980
1981 r.
1982 r.
1983 r
1982: I rr ..
II
jjjr
IV r.
1983: I rr
II r .
III
jyr
r
1984: I
II"
Gross
national
product
1,185.9
1,326.4
1,434.2
1,549.2
1,718.0
1,918.3
2,163.9
2,417.8
2,631.7
2,957.8
3,069.3
3,304.8
3,026.0
3,061.2
3,080.1
3,109.6
3,173.8
3,267.0
3,346.6
3,431.7
3,553.3
3,646.4
NOTE.—Series revised beginning 1981.
Personal
consumption
expenditures
737.1
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
1,931.3
1,960.9
2,001.3
2,046.1
2,070.4
2,141.6
2,181.4
2,230.2
2,276.5
2,326.7
Gross
private
domestic
investment
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
436.2
431.2
415.9
376.2
405.0
449.6
491.9
540.0
623.8
631.5
Exports and imports of goods and
services
Government purchases of
goods and services
Federal
Net
exports
0.7
14.2
13.4
26.8
13.8
-4.0
— l.l
13.2
23.9
28.0
19.0
-8,3
27.7
35.5
6.6
6.3
19.6
65
-16.4
29 8
-51.5
-58.0
Exports
77.5
109.6
146.2
154.9
170.9
182.7
218.7
281.4
338.8
369.9
348.4
336.2
359.4
366.3
346.3
321.7
328.5
328.1
342.0
346.1
358.9
371.4
Imports
76.7
95.4
132.8
128.1
157.1
186.7
219.8
268.1
314.8
341.9
329.4
344.4
331.7
330.8
339.7
315.4
308.9
334.5
358.4
375.9
410.4
429.4
Total
253.1
270.4
304.1
339.9
362.1
393.8
431.9
474.4
537.8
596.5
650.5
685.5
630.9
633.7
656.3
681.0
678.8
682.2
689.8
691.4
704.4
746.1
Total
101.7
102.0
111.0
122.7
129.2
143.4
153.6
168.3
197.0
228.9
258.9
269.7
249.8
245.0
261.6
279.4
273.0
270.5
269.2
266.3
267.6
299.3
National
defense
73.1
72.8
77.0
83.0
86.0
92.8
100.3
111.8
131.2
153.7
179.5
200.5
168.4
175.3
183.3
191.0
194.7
199.3
200.9
207.2
213.4
221.3
Non-
State and
local
Final
sales
defense
28.5
29.1
33.9
39.7
43.2
50.6
53.3
56.5
65.9
75.2
79.4
69.3
81.4
69.7
78.2
88.4
78.3
71.3
68.3
59.1
54.2
78.0
Source: Department of Commerce, Bureau of Economic Analysis.
151.4
168.5
193.1
217.2
232.9
250.4
278.3
306.0
340.8
367.6
391.5
415.8
381.1
388.7
394.7
401.6
405.8
411.6
420.6
425.1
436.8
446.7
1,175.7
1,307.9
1,420.1
1,556.1
1,706.2
1,895.3
2,137.4
2,403.5
2,641.5
2,931.7
3,095.4
3,318.3
3,043.1
3,072.1
3,095.5
3,170.8
3,216.8
3,286.4
3,350.9
3,419.0
3,479.5
3,592.5
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Gross private
domestic investment
Personal
consumpChange
tion
in
Residen- business
expendi- Nonresidential
tial fixed inventotures
fixed
ries
National
defense
Non-
Final
sales
defense
67
7.8
13.3
16.0
7.3
-4.4
11.3
-10.4
-3.6
28.5
27.6
29.7
31.0
31.8
35.0
34.7
34.8
36.4
36.7
37.9
31.5
151.4
157.4
163.6
167.8
168.4
168.8
174.3
176.2
177.9
176.8
175.7
175.7
1,175.7
1,237.1
1,234.7
1,238.4
1,290.4
1,356.4
1,422.6
1,472.2
1,479.4
1,500.9
1,490.4
1,538.3
36.2
37.6
36.8
40.8
-6.7
-4.0
-6.4
-24.6
34.9
34.1
25.7
24.1
152.2
155.1
146.6
136.7
117.3
121.0
120.9
112.6
290.2
287.0
292.8
300.6
114.8
111.0
117.2
124.8
75.7
78.1
80.6
81.9
39.1
32.9
36.6
42.9
175.4
176.0
175.7
175.8
1,490.3
1,484.5
1,483.5
1,503.4
161.6
165.3
172.6
184.5
46.2
53.4
57.2
57.8
-16.5
-6.1
.9
7.2
22.9
13.6
11.9
2.0
138.2
137.0
141.6
141.0
115.3
123.4
129.7
139.1
294.3
292.4
292.0
288.8
119.0
117.2
115.6
113.0
83.3
84.8
84.4
86.3
35.7
32.3
31.2
26.7
175.3
175.2
176.4
175.8
1,507.5
1,530.9
1,549.3
1,565.4
193.3
202.6
60.6
62.0
31.6
21.5
144.9
148.8
153.2
158.8
289.5
302.4
112.2
123.7
87.1
89.8
25.2
34.0
177.3
178.7
1,579.3
1,618.7
175.2
166.9
163.9
161.5
IV r
1,491.0
1,524.8
1,550.2
1,572.7
982.5
1,006.2
1,015.6
1,032.4
1984: I r
II*
1,610.9
1,640.2
1,044.1
1,061.7
in
Total
State
and local
73.1
68.3
66.9
66.4
64.9
65.4
65.7
67.4
70.0
73.5
79.1
84.7
953.7
958.9
964.2
976.3
1983: I r
II r.r
Total
101.7
95.9
96.6
97.4
96.8
100.4
100.3
102.1
106.4
110.3
117.0
116.2
1,483.5
1,480.5
1,477.1
1,478.8
IV
exports
Imports
253.1
253.3
260.3
265.2
265.2
269.2
274.6
278.3
284.3
287.0
292.7
291.9
63.8
62.3
48.2
42.2
51.2
60.7
62.4
59.1
47.1
44.5
37.9
53.7
n .r
in r
Exports
76.7
81.8
80.7
71.4
84.7
90.9
102.7
109.0
108.8
116.4
118.0
126.9
121.0
138.1
135.7
119.3
125.6
140.3
158.3
169.9
165.8
175.0
166.9
171.0
1982: I r r
Federal
Net
77.5
97.3
108.5
103.5
110.1
112.9
126.7
146.2
159.1
160.2
147.6
139.5
737.1
767.9
762.8
779.4
823.1
864.3
903.2
927.6
931.8
950.5
963.3
1,009.2
1976
1977
1978
1979
1980.
1981r
1982 r
1983 r
Government purchases of
goods and services
0.7
15.5
27.8
32.2
25.4
22.0
24.0
37.2
50.3
43.8
29.7
12.6
1,185.9
1,254.3
1,246.3
1,231.6
1,298.2
1,369.7
1,438.6
1,479.4
1,475.0
1,512.2
1,480.0
1,534.7
1972
1973
1974
1975
Exports of goods
and services
10.2
17.2
11.6
-8.3
-10.0
Source: Department of Commerce, Bureau of Economic Analysis.
NOTE.—Series revised beginning 1981.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Gross private
domestic investment
Personal consumption
expenditures
Period
Gross
national
product
Total
Durable
goods
Nondurable
goods
Services
Nonresidential
fixed
Residential fixed
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Exports
Imports
Total
National
defense
Nondefense
State
and local
100.00
105.75
115.08
125.79
132.34
140.05
150.42
163.42
178.42
195.60
207.38
215.34
100.0
105.7
116.4
125.3
131.7
139.3
149.1
162.5
179.0
194.5
206.0
213.6
100.0
101.7
108.2
117.3
123.9
129.2
136.4
145.0
156.2
167.1
174.5
177.7
100.0
108.5
123.4
132.5
137.2
143.6
153.4
169.9
188.1
202.5
208.7
213.0
100.0
104.7
113.0
121.6
129.6
139.3
150.0
162.3
178.8
196.8
213.6
226.0
100.0
103.8
115.4
132.2
138.6
146.3
157.2
170.8
186.2
202.2
209.5
206.4
100.0
109.1
120.3
131.0
140.7
158.0
178.3
200.5
218.5
234.1
241.3
246.4
100.0
112.7
134.8
149.6
155.3
161.9
172.6
192.5
212.9
230.9
236.0
241.0
100.0
116.7
164.6
179.6
185.6
205.5
214.1
246.1
289.4
293.8
279.3
271.5
100.0
106.3
114.9
126.0
133.5
142.8
153.1
164.8
185.2
207.6
221.4
232.1
100.0
106.6
115.1
124.9
132.4
141.9
152.7
166.0
187.5
209.1
227.0
236.6
100.0
105.6
114.2
128.2
135.7
144.6
153.8
162.5
180.8
204.7
209.8
220.0
100.0
107.0
118.0
129.4
138.3
148.4
159.7
173.7
191.5
208.0
222.8
236.7
n rr
203.98
206.77
208.53
210.27
202.5
204.5
207.6
209.6
172.8
174.0
175.5
175.6
207.1
207.4
209.6
210.5
207.9
211.4
215.6
219.4
208.7
210.4
208.8
210.1
241.7
241.8
241.8
240.0
236.2
236.2
236.2
235.3
282.9
273.3
280.9
280.1
217.6
220.7
223.2
223.8
222.5
224.5
227.4
233.1
208.2
211.7
213.9
206.2
217.2
220.8
224.7
228.4
1983: I r.r
II r
m
IV r
212.87
214.25
215.89
218.21
210.7
212.8
214.8
216.0
176.6
176.8
178.0
179.3
210.2
212.6
214.5
214.8
221.9
224.9
227.3
229.7
207.1
205.2
205.1
208.1
245.2
243.0
248.7
248.3
237.7
239.4
241.5
245.4
267.8
271.0
276.3
270.3
229.4
230.8
232.8
235.6
233.7
234.8
237.9
240.0
219.4
220.3
219.1
221.4
231.5
234.9
238.4
241.8
1984- I r
HP
220.58
222.31
218.0
219.2
179.0
179.4
217.4
216.6
232.6
235.7
206.3
207.8
249.4
252.6
247.7
249.6
267.9
270.3
238.5
241.9
245.1
246.6
215.5
229.5
246.4
250.0
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982:
r
r
r
..
I r.
III ,
IV r
NOTE.—Series revised beginning 1981.
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
Constant
(1972)
dollars
Current
dollars
10.1
11.8
8.1
8.0
10.9
11.7
12.8
11.7
8.8
12.4
3.8
7.7
-.2
4.7
2.5
3.9
8.5
12.3
10.1
10.6
14.9
10.9
1972
1973
1974
1975
1976
1977
1978
1979
1980 r
1981r
1982 r
1983
1982: I rr
II
IIIrr
IV
1983- I rr
II .
IIIrr
IV
1984: I rp
II
5.7
5.8
-.6
12
5.4
5.5
5.0
2.8
-.3
2.5
-2.1
3.7
-4.6
-.8
9
.5
3.3
9.4
6.8
5.9
10.1
7.5
Implicit
price
deflator
Chain price
index
4.2
5.8
8.8
9.3
5.2
5.8
7.4
8.6
9.2
9.6
6.0
3.8
4.6
5.6
3.4
3.4
5.0
2.6
3.1
4.4
4.4
3.2
Fixedweighted
price index
(1972
weights)
4.1
6.0
9.1
9.2
5.7
6.1
7.6
8.9
8.9
9.5
6.6
4.3
6.0
5.3
5.8
5.0
3.4
4.3
4.4
4.1
4.9
3.4
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Series revised beginning 1981.
5.8
6.3
7.8
9.5
9.8
9.7
6.4
4.2
5.6
4.7
5.8
4.6
3.3
4.1
4.7
3.9
5.0
3.5
Chain price
index
3.7
5.7
10.1
7.6
5.1
5.8
7.0
9.0
10.2
8.7
5.9
3.7
5.5
4.0
6.1
4.0
2.2
4.1
3.7
2.3
3.8
2.1
5.8
4.2
— .7
2.2
5.6
5.0
4.5
2.7
.5
2.0
1.4
4.8
2.9
2.2
2.2
5.1
2.6
10.0
3.8
6.8
4.6
6.9
9.6
10.2
9.4
9.9
11.0
11.1
11.8
11.9
10.7
10.9
7.3
8.6
8.6
6.3
8.5
9.3
4.8
14.5
7.6
9.2
8.6
9.1
4.0
6.0
9.4
9.1
Implicit
price
deflator
Constant
(1972)
dollars
Current
dollars
Fixedweighted
price index
(1972
weights)
3.6
6.1
10.4
7.7
5.3
6.0
7.3
9.3
10.7
9.2
6.1
4.1
5.7
4.2
6.3
5.0
2.5
4.4
3.7
3.6
4.7
3.1
3.5
6.1
10.4
7.8
5.3
6.2
7.4
9.7
11.1
9.4
5.9
4.0
5.4
3.7
6.6
4.9
1.9
4.5
3.9
3.4
4.9
2.9
Source; Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Gross domestic
product of nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1972
dollars
Current-dollar cost and profit per unit of output (dollars) *
Total
cost and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Indirect
business
taxes 3
Compensation of
employees
Corporate profits with inventory
valuation and capital consumption
adjustments
Net
interest
Total
Profits
tax
liability
Profits
after
tax 4
Output
per hour
of all
emplovees (1972
dollars)
Compensation per
hour of
all
employees
(dollars)
678.0
759.4
818.9
890.0
1,001.3
1,128.4
1,276.2
1,416.8
1,540.7
1,739.2
1,778.4
1,917.7
678.0
731.9
708.2
694.2
745.5
795.8
846.3
876.1
859.5
883.3
857.4
896.4
1.000
1.038
1.156
1.282
1.343
1.418
1.508
1.617
1.793
1.969
2.074
2.139
0.092
.093
.112
.137
.141
.145
.155
.171
.198
.217
.245
.243
0.113
.114
.127
.140
.141
.141
.144
.149
.172
.201
.210
.219
0.659
.692
.786
.837
.878
.928
.998
1.094
1.218
1.307
1.397
1.409
0.028
.031
.042
.044
.040
.040
.044
.050
.065
.076
.084
.077
0.107
.107
.090
.124
.144
.163
.168
.154
.140
.167
.138
.191
0.049
.055
.059
.059
.071
.075
.079
.079
.078
.072
.052
.065
0.058
.053
.030
.065
.073
.088
.089
.075
.062
.095
.086
.126
7.664
7.849
7.555
7.774
r
7.998
r
8.141
r
8.209
r
8.194
r
8.118
8.271
8.357
8.634
5.052
5.429
5.937
6.507
r
7.021
r
7.555
r
8.191
r
8.961
r
9.884
10.811
11.677
12.166
1982: IIIr
IV r
1,787.8
1,772.4
858.5
846.5
2.083
2.094
• .247
.254
.211
.217
1.404
1.419
.080
.081
.141
.123
.052
.043
.089
.080
8.406
8.398
11.801
11.913
1983: P r
II r
III
IV r
1984" I r
1,812.3
1,887.6
1,956.6
2,014.2
855.7
886.2
912.4
931.1
2.118
2.130
2.144
2.163
.250
.243
.241
.239
.218
.222
.220
.219
1.421
1.408
1.400
1.408
.079
.076
.077
.077
.151
.182
.206
.221
.049
.064
.073
.072
.102
.118
.133
.149
8.464
8.617
8.728
8.725
12.027
12.131
12.224
12.283
2,084.2
956.9
2.178
.236
.217
1.415
.078
.233
.078
.155
8.801
12.454
1972
1973
1974
.'
1975
1976
1977 .....
1978
1979
1980....
1981 r
1982 r.....
1983 r ....
...
I l Output is measured by gross domestic product of nonfinancial corporate business in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments less subsidies.
4
With inventory valuation and capital consumption adjustments.
NOTE.—Series revised beginning 1981, except last two columns beginning 1976.
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]
Compensation of
employees1
National
income
Period
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
963.6
1,086.2
1,160.7
1,239.4
1,379.2
1,550.5
1,760.3
1,966.7
2,116.6
2,363.8
2,446.8
2,646.7
2,422.3
2,443.9
2,452.4
2,468.6
2,527.0
2,609.0
2,684.4
2,766.5
2,873.5
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981 r
1982 r
1983 r
1982- I rr
nr
ni
jy r
1983- I r r
n
HIrr
IV
1984: I r
ILP
1
718.0
801.3
877.5
931.4
1,036.3
1,152.1
1,301.1
1,458.1
1,599.6
1,765.4
,864.2
,984.9
,834.2
,857.7
,876.3
,888.7
,921.3
,962.4
2,000.7
2,055.4
2,113.4
2,157.9
.
Nonfarm
58.1
61.0
62.2
65.4
75.0
84.8
92.2
100.2
95.6
93.7
89.2
107.9
86.8
88.5
89.5
92.1
98.3
106.8
112.1
114.6
122.5
126.8
18.7
32.8
26.5
24.6
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
30.0
19.2
12.7
25.4
16.4
10.1
11.2
17.3
32.5
26.1
Corporate profits with inventory valuation and capital consumption
adjustments
Rental
income of
persons
with
capital
consumption
adjustment
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Total
96.6
108.3
94.9
110.5
138.1
167.3
192.4
194.8
175.4
189.9
159.1
225.2
159.9
161.7
163.3
151.6
179.1
216.7
245.0
260.0
277.4
21.0
22.6
23.5
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
47.8
48.3
52.9
57.0
57.7
59.0
56.2
60.4
61.0
62.4
Includes employer contributions for social insurance. (See also p. 5.)
94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
161.3
160.9
158.8
143.2
157.3
186.1
208.1
216.3
229.8
Profits
before tax
Inventory
valuation
adjustment
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
167.6
169.8
168.9
155.8
161.7
198.2
227.4
225.5
243.3
-6.6
-20.0
-40.0
-11.6
14 7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-6.3
-8.9
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.9
Capital
consumption
adjustment
2.7
2.7
18
-10.1
13 5
-11.3
12 7
-14.8
-16.3
76
3.1
33.2
-1.4
.8
4.5
8.4
21.7
30.6
36.9
43.6
47.6
52.9
Net
interest
51.2
60.2
76.1
84.5
87.2
102.5
121.7
153.8
192.6
241.0
260.9
256.6
263.6
268.5
257.7
253.8
254.2
254.2
259.2
258.9
266.8
280.6
Source: Department of Commerce, Bureau of Economic Analysis.
NOTE.—Series revised beginning 1981.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goods
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981 r
1982 r
1983 r
1982- I r.r
nr
in
IV r
1983: I r,r
nr
mr.
IV
1984- I r p
n
Total
personal
consumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
Furniture and
household
equipment
737,1
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
1,931.3
1,960.9
2,001.3
2,046.1
2,070.4
2,141.6
2,181.4
2,230.2
2,276.5
2,326.7
111.1
123.3
121.5
132.2
156.8
178.2
200.2
213.4
214.7
235.4
245.1
279.8
239.4
241.6
244.5
255.0
259.4
276.1
284.1
299.8
310.9
318.7
52.4
57.1
50.4
55.8
72.6
84.8
95.7
96.6
90.7
101.9
108.7
129.3
106.2
105.1
108.1
115.3
115.3
128.4
132.0
141.7
147.7
152.0
41.7
47.1
50.6
53.5
59.1
65.7
72.8
81.8
86.3
92.3
94.4
104.1
92.1
94.4
94.5
96.6
99.1
102.4
105.2
109.8
113.0
115.3
NOTE.—Series revised beginning 1981.
Other
16.9
19.2
20.5
22.9
25.2
27.7
31.7
35.1
37.7
41.2
42.1
46.4
41.2
42.1
41.9
43.1
45.0
45.3
46.9
48.2
50.3
51.4
Total
nondurable
goods
300.6
333.4
373.4
407.3
441.7
478.8
528.2
600.0
668.8
730.7
757.5
801.7
746.4
750.6
762.5
770.6
775.2
796.9
811.7
823.0
841.3
857.8
Food
154.9
172.1
193.7
213.6
230.6
249.8
275.9
311.6
345.1
373.9
392.8
416.5
384.2
390.6
396.0
400.3
406.7
413.6
420.5
425.1
433.9
441.6
Retail sales of new
passenger cars
(millions of units)
Clothing
and
shoes
Gasoline
and oil
55.4
61.4
64.8
69.6
75.3
82.6
92.4
99.1
104.6
114.3
118.8
127.0
118.0
118.0
119.0
120.0
121.6
127.1
126.8
132.5
136.1
142.0
25.4
28.6
36.6
40.4
44.0
48.1
51.2
66.6
84.8
94.6
90.4
90.0
93.4
88.6
89.9
89.6
86.7
89.5
92.1
91.7
92.0
93.4
Services
Other
64.9
71.2
78.2
83.7
91.9
98.2
108.8
122.8
134.3
147.9
155.6
168.2
150.8
153.4
157.6
160.6
160.3
166.7
172.2
173.6
179.3
180.8
325.3
355.2
393.2
437.0
485.7
547.4
618.0
693.7
784.5
883.0
982.2
1,074.4
945.4
968.6
994.2
1,020.6
1,035.8
1,068.6
1,085.7
1,107.5
1,124.4
1,150.2
Source: Department of Commerce, Bureau of Economic Analysis.
Domestics
Imports
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2
5.8
6.8
5.8
5.7
5.6
6.0
6.0
6.9
6.9
7.4
8.2
8.3
1.6
1.8
1.4
1.6
1.5
2.1
2.0
2.3
2.4
2.3
2.2
2.4
2.2
2.0
2.2
2.5
2.3
2.3
2.3
2.6
\
SOURCES OF PERSONAL INCOME
Personal income increased $23.9 billion (annual rate) in June, following a rise of $11.8 billion in May. Wages and
salaries rose $12.6 billion in June compared to a rise of $3.8 billion in May. (Note revised series.)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800
2,400
BILLIONS OF DOLLARS*(RAT!O SCALE)
3,200
2,800
TOTAL PERSONAL INCOME
2,400
2,000
2,000
1,600
1,600
1,200
1,200
WAGE AND SALARY DISBURSEMENTS
1,000
1,000
800
800
600
600
OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
160
160
minimi
120
1976
1977
M M i l l ! I I I MM ill! I 11
1978
1979
1981
1980
I I I I i l l I l i I H I M ll M M 1 1 1 1 1 1 1 I I 1 1 120
1982
1984
1983
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
Total
personal
income
Wage and
salary
disbursements l
Proprietors ' income 3
Other labor
income 1 2
Farm
1,168.6
1,265.0
1,391.2
1 540.4
1,732.7
1 951 2
2,165.3
2,429.5
2 584.6
2,744.2
765.7
8064
889.9
983 2
1,106.3
1 237 6
1,356.7
1,493.1
1,568 7
1,659.2
55.8
64.5
75.9
89.4
102.5
114 9
128.0
140.0
155.5
173.1
26.5
24.6
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
June r
July r
Auff r
Sept r
Oct r
Nov r
Dec r
2,734.4
2 744.9
2,759.9
2 785.0
2,814.9
2 834.2
2,860.4
1,653.5
1,663.8
1,667.8
1 682 2
1,706.0
1 712 2
1,727.9
171.9
173.9
175.9
178.0
180.1
182 1
184.3
11.4
1984- Jan r
Feb r.
Mar r
Apr r
May r
June p
2,897.4
2,923.5
2,940.6
2,969.0
2 980.7
3,004.6
1,747.6
1,755.1
1,764.6
1,785.3
1,789 1
1,801.7
186.3
188.1
189.9
191.7
193.5
195.3
1974
1975
1976
1977
1978
1979
1980
1981 r
1982 r
1983 r , ,
1983:
62.2
Personal
dividend
income
23.5
23.0
23.5
24.8
29.1
29.9
36.5
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
39.6
45.3
50.8
56.8
64.3
66.5
70.3
141.2
178.3
194.3
207.9
223.8
250.3
297.6
337.3
376.1
405.0
61.1
69.8
81.1
88.7
104.5
111.4
119.6
1,131.8
1,229.1
1,359.3
1,506.5
1,689.7
1,899.3
2,119.5
2,371.2
2,532.1
2,701.1
58.9
57.4
54.5
56.8
58.9
60.9
61.3
69.3
70.0
70.8
71.4
72.2
72.9
73.3
371.2
377.1
383.1
386.7
387.5
387.8
389.4
407.7
404.4
404.0
403.4
403.3
410.8
412.2
119.3
120.0
120.1
121.1
122.6
122.9
123.9
2,693.8
2,708.5
2,717.9
2,742.4
2,771.0
2,789.4
2,810.1
61.1
60.8
61.2
61.7
62.3
63.0
74.0
75.0
76.0
76.9
77.1
77.6
396.6
403.8
411.4
417.0
422.6
428.1
410.2
410.9
412.8
414.9
416.1
416.9
129.1
129.5
130.1
131.3
131.5
132.2
2,838.3
2,857.9
2,880.5
2,912.7
2,926.3
2,948.9
26.6
27 9
31.5
42.3
51.5
58.3
12.9
13.6
14.8
15.8
21.4
109.9
110,9
111.1
114.1
114.7
114.6
114.5
30.1
36.5
30.9
27.0
25.0
26.3
120.7
122.9
123.8
125.9
126.5
128.0
7.3
Personal
interest
income
112.4
123.2
132.5
152.8
179.4
218.7
266.0
331.8
366.6
376.3
65.4
75.0
84.8
92.2
100.2
95.6
93.6
89.2
107.9
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists of employer contributions to private pension, health, and welfare funds; workers' injury
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
Nonfarm
Rental
income of
persons 4
5
47.9
50.4
55.5
Consists mainly of social insurance benefits, direct relief, and veterans payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
NOTE.—Series revised beginning 1981.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the second quarter of 1984. (Note revised series.)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
2,600
2,400
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
2,600
2,400
DISPOSABLE PERSONAL INCOME
12,000
11,000
10,000
9,000
8,000
PER CAPITA DISPOSABLE PERSONAL INCOME
7,000
6,000
5,000
4,000
4,000
3,000
3,000
1984
1976
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
-
Period
Personal
income
Less:
Personal
tax and
nontax
Equals:
Disposable
personal
income
Less:
Personal
outlays l
Equals:
Personal
saving
Per capita
disposable personal
income
Current
dollars
1972
dollars
Billions of dollars
1972
1973
1974
1975
1976.
1977
1978
1979
1980
1981 rr
1982 .
1983 r
951 4
1 065 2
1 1686
1,265.0
1 391 2
1 540 4
1 732 7
1 951 2
2,165.3
2 429 5
2,584 6
2 7442
141 0
150 7
170 2
168 9
1968
2264
258 7
301 0
336.5
387 7
404 1
404 2
810 3
914 5
998 3
1 096 1
1 194 4
1 3140
1 474 0
1 650 2
1,828.9
2 041 7
2*1805
2 340 1
Per capita personal
consumption
expenditures
Current
dollars
1972
dollars
52 6
79 0
85 1
94 3
82 5
78 0
89 4
96 7
110.2
137 4
1360
118 1
3 860
4 315
4 667
5 075
5 477
5 965
6 621
7 331
8,032
8 874
9 385
9 977
3 860
4 080
4 009
4 051
4 158
4 280
4 441
4 512
4,487
4 5gi
4 555
4 670
Saving as
percent of
disposable
personal
income
Population
(thousands) 2
Percent
Dollars
757 7
835 5
913 2
1 001 8
1 111 9
1 2360
1 384 6
1 553 5
1,718.7
1 904 7
2 044 5
2 222 0
Percent
change in
real per
capita
disposable
personal
income
3 511
3 831
4 152
4 521
4 972
5 468
6 048
6 695
7,326
8 037
8 543
9 192
3 623
3 566
3 609
3 774
3 924
4 057
4 121
4,092
4 131
4 146
4 303
29
57
17
10
26
29
38
16
-.6
16
— 1
25
86
85
86
69
59
61
59
6.0
67
62
50
213 898
215 981
218 086
220 289
222 629
225 106
227,694
230 068
232 351
234 542
3 511
65
209 924
211 939
Seasonally adjusted annual rates
1982: I r r
II .r
Ill r ....
IV ....
2,536.5
2,568.2
2,594.3
2,639.5
404.4
411.4
398.5
402.0
2,132.0
2,156.8
2,195.8
2,237.5
1,989.5
2,020.1
2,061.3
2,107.3
142.6
136.7
134.5
130.2
9,209
9,295
9,439
9,593
4,548
4,546
4,548
4,578
8,342
8,451
8,603
8,773
4,119
4,133
4,145
4,186
-2.1
-.2
.2
2.7
6.7
6.3
6.1
5.8
231,513
232,027
232,634
233,230
1983: I rr
II .
Ill rr....
IV ....
2,662.8
2,714.4
2,763.3
2,836.5
401.4
411.6
395.8
407.9
2,261.4
2,302.9
2,367.4
2,428.6
2,133.4
2,206.1
2,248.4
2,300.0
128.0
96.7
119.0
128.7
9,675
9,832
10,082
10,318
4,591
4,619
4,694
4,776
8,858
9,143
9,290
9,475
4,203
4,296
4,325
4,386
1.1
2.5
6.7
7.2
5.7
4.2
5.0
5.3
233,742
234,230
234,811
235,385
1984: I r
II"
2,920.5
2,984.8
418.3
427.2
2,502.2
2,557.6
2,349.6
2,403.6
152.5
154.0
10,608
10,821
4,865
4,937
9,651
9,844
4,426
4,492
7.7
6.1
6.1
6.0
235,875
236,363
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net),
2
Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages
for the period.
NOTE.—Series revised beginning 1981.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1984, according to preliminary estimates, gross farm income rose $14.5 billion (annual rate)
and net farm income rose $9.2 billion. (Note revised series.)
BILLIONS OF DOLLARS * (RATIO S CALE)
200
BILLIC)NS OF DOLLARS * (RATIO SCALE)
200
*~1
^
160
r—r-r 1
^
—
GROSS FARM INCOME
^ *- '
100
120
—X~
~~ i.
160
—
100
—
—
—
—
80
80
60
60
—
—
40
40
^X
^***"
i~
\
20
A
* \
NET FARM IN COME A
/
V
/
"
\
'**
\
*
\
1"''
%
i
J
1
%
%
*
%
I
\% /•
% I
w
% '
w
1976
\
I
i
1977
\ \ \
1978
1
1
1979
1
1
1
1
1
1
1981
1980
1
\ 7/
1 1 !
1982
1983
w
i i i
/
/
V1 1 1
M
10
I
§
1%
I*
• '
i ^
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
20
I
1
10
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total *
Total
Livestock and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1967 dollars 3
1978
1979 r
1980r . .
1981
1982rr
1983
102.9
108.7
127.2
150.4
150.2
167.9
161.8
151.4
95.4
96.2
112.9
131.8
140.5
142.6
144.8
138.7
46.3
47.6
59.2
68.6
67.8
69.2
70.1
69.2
49.0
48.6
53.7
63.2
72.7
73.3
74.6
69.5
1.1
.8
4.9
55
7.9
-2.6
-11.7
82.7
88.9
99.5
118.1
128.9
136.9
139.5
135.3
20.1
19.8
27.7
32.3
21.2
31.0
22.3
16.1
11.8
10.9
14.2
r
!4.9
8.6
11.4
7.7
5.4
1982: Ir.
IF
IIP..
IVr
169.9
160.9
153.3
163.2
146.7
143.0
141.2
148.1
69.8
70.8
70.7
69.2
76.9
72.2
70.5
78.9
4.0
-.7
-5.2
-8.3
140.0
141.4
140.1
136.4
29.9
19.5
13.2
26.8
10.6
6.8
4.5
9.1
1983: F
153.3
147.3
148.5
156.6
144.6
138.3
143.7
128.3
70.4
68.7
67.6
70.1
74.2
69.6
76.1
58.2
-11.4
14 4
-16.8
-4.4
135.6
135.2
134.7
135.8
17.7
12.1
13.8
20.8
6.0
4.1
4.6
6.9
171.1
132.0
73.0
59.0
5.9
141.2
30.0
9.8
1976
1977
IF
IIF.
IVr
1984: P
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
3
Income in current dollars divided by the consumer price index (Department of Labor).
15
NOTE.—Series revised beginning 1980.
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the first quarter, corporate profits before tax rose $17.8 billion (annual rate) and after-tax profits rose $9.5
billion. (Note revised series.)
BILLIONS OF DOLLARS
3201
BILLIONS OF DOLLARS
1320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
PROFITS BEFORE TAX
240
240
200
200
PROFITS AFTER TAX
"\
160
160
120
120
TAX LIABILITY
80
80
.UNDISTRIBUTED PROFITS^
40
I
1976
1977
1979
1978
I
40
I
I
1981
1980
1983
1982
I I
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment
1
Profits after tax
Domestic industries
Nonfinancial
Period
Total
Total
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981 r
1982 r
1983 r
1982:
94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
I rr
nr
ni r....
IV .
1983: I rr
n
HIrr
1984:
IV
Ir
UP
.
1
See p. 4
2
Includes
3
191.7
197.6
156.0
192.0
161.3
160.9
158.8
143.2
157.3
186.1
208.1
216.3
229.8
85.3
92.0
80.4
107.6
137.4
163.4
185.4
179.0
161.9
173.2
133.6
167.2
139.8
138.6
136.5
119.7
134.9
162.4
180.6
190.8
204.1
Financial
15.3
15.9
15.0
11.8
17.1
23.1
31.0
30.3
26.9
19.5
19.6
29.6
13.6
19.0
21.0
24.9
28.4
32.0
29.5
28.5
28.7
Total 3
70.0
76.0
65.4
95.8
120.3
140.3
154.4
148.6
134.9
153.7
114.0
137.6
126.2
119.6
115.5
94.8
106.5
130.4
151.1
162.3
175.4
for profits with inventory valuation and capital consumption adjustments.
rest of the world, not shown separately.
Includes industries not shown separately.
Profits
before tax
2
Manufacturing
Wholesale and
retail
trade
40.7
45.5
39.0
52.6
69.2
78.3
86.9
85.6
72.9
84.9
54.5
65.2
58.0
57.4
60.4
42.4
44.9
59.3
73.8
82.9
89.8
13.4
13.9
12.5
21.3
22.4
26.6
26.9
27.1
23.6
31.8
25.9
33.4
30.2
25.3
24.0
24.1
25.3
33.0
35.9
39.5
40.6
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
167.6
169.8
168.9
155.8
161.7
198.2
227.4
225.5
243.3
Tax
liability
41.6
49.0
51.6
50.6
63.8
72.7
83.2
87.6
84.8
81.1
60.7
75.8
62.9
62.9
61.9
55.0
59.1
74.8
84.7
84.5
92.7
Total
58.9
76.6
85.1
81.5
102.5
122.0
145.9
165.1
149.8
140.0
104.8
127.4
104.7
106.9
107.0
100.8
102.6
123.4
142.6
141.1
150.6
Dividends
24.4
27.0
29.9
30.8
37.4
40.8
47.0
52.7
58.6
66.5
69.2
72.9
69.2
68.6
69.0
70.2
71.1
71.7
73.3
75.4
77.7
79.9
NOTE.—Series revised beginning 1981.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
34.5
49.6
55.2
50.7
65.1
81.2
98.9
112.4
91.2
73.5
35.6
54.5
35.5
38.2
38.1
30.6
31.4
51.7
69.3
65.6
72.9
Inventory
valuation
adjustment
-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
43 1
-42.9
-23.6
-9.5
-11.2
-6.3
-8.9
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.9
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the second quarter, business fixed investment rose $22.4 billion (annual rate)
and residential investment outlays rose $5.4 billion. There was a $53.8 billion increase in inventories following an
increase of $73.8 billion in the first quarter.
BILLIONS OF DOL LARS
700
BILLKDNS OF DOLLARS
700 i
SEASONALLY ADJUSTED ANNUAL RATES
600
600
—
~
500
500
GROSS PRIV ME DOMESTIC
INVEJ5TMENT
400
/*~^
/i
S
300
—'
r^^ V^
^--—-iN
A
\\.
*•'*
—
300
„«••••
—
+'~~~~~
200
RES DENTIAL
FIXED 1 NVESTMENT
~x_
r-^
—
100
.--'
0
1
1 1
1976
400
s
"""**«»
^'*~~
200
-100
/
Vi
N ONRESIDENTM
Fl)(ED INVESTME MT
1 I
1977
I
1
1978
1979
1
i
\ \
1
^
\ s~
I
«
'
CHANGE N BUSINESS
INVEf MTORIES
/
1 T'
1982
1981
1980
,,
,--. _
0
f
jT**
1
100
1
I
-100
1984
1983
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Gross
private
domestic
investment
Period
195.0
1972
1973
1974....;.
229.8
228.7
1975
1976
1977
1978
1979
1980
1981 r.
1982 r
1983 r.
206.1
257.9
324.1
.
414.9
471.6
436.2
365.7
431.2
415.9
351.2
484.2
in r ... .......
IV
376.2
r
1983- I r
II .
Ill r
IV r.
1984- I rp
n
44.1
51.0
55.9
55.4
58.8
64.4
78.7
98.3
110.9
135.3
142.1
129.7
76.9
92.3
100.7
102.3
115.3
140.8
170.2
191.9
197.9
218.6
148.8
142.7
138.4
216.9
138=4
201.0
207.5
223.2
208.5
203.8
130.4
125.6
126.2
136.6
213.6
623.8
398.8
631.5
421.2
142.2
152.1
269.1
491.9
540.0
NOTE.—Series revised beginning 1981.
342.2
339.3
Structures
334.6
339.3
353.9
383.9
405.0
449.6
,..
121.0
143 J
156.6
157.7
174.1
205.2
248.9
290.2
308.8
353.9
349.6
352.9
386.6
423.0
401.9
1982- I r r
TL .r
Total
Producers'
durable
equipment
204.2
227.8
247.3
256.7
Change in business
inventories
Residential fixed investment
Nonresidential fixed investment
Total
Nonfarm
structures
Farm
structures
Producers'
durable
equipment
Total
Nonfarm
63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
102.9
104.3
91.4
132.2
61.5
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.1
99.8
86.6
127.6
0.7
.7
1.3
1.0
1.1
1.5
1.7
1.7
1.8
1.3
1.5
1.0
1.5
1.7
1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.3
3.6
10.2
18.5
14.1
-6.9
11.8
23.0
26.5
14.3
-9.8
26.0
-26.1
13 5
9.6
15.2
16.0
-10.5
13.9
21.9
25.4
8.6
4.5
18.2
240
3.1
87.5
90.9
89.0
97.9
83.4
85.9
84.5
92.5
1.0
1.7
1.3
2.1
3.2
3.3
3.3
3.3
-17.0
109
-15.3
-61.1
-20.9
-9.5
-11.1
-54.3
113.3
129.8
142.3
143.4
108.9
125.3
137.7
138.7
1.0
.9
.9
.9
3.4
3.5
3.7
3.8
-42.9
194
4.3
12.7
-32.6
-5.4
11.6
14.1
151.2
156.6
146.4
151.4
.9
1.2
3.9
4.0
73.8
53.8
60.6
51.2
Source: Department of Commerce, Bureau of Economic Analysis.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May survey, business spending for new plant and equipment for the
year 1984 is expected to be 14.8 percent above the 1983 level; spending for 1983 was 4.8 percent below the'
1982 level.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
300
V
200
200
NONMANUFACTURING
(Surveyed Quarterly)
\
.MANUFACTURING-
100
100
80
80
60
60
40
40
1976
1977
1978
1981
1980
1979
1982
1984
1983
_L/ SEE FOOTNOTE 4 BELOW
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufaeturing
Manufacturing
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984 4
1982: III...
IV...
1983: I
II
III...
IV...
1984: I 4
II ..
III44 .
IV .
All
industries
150.91
174.68
203.54
240.22
264.44
289.37
282.71
269.22
308.98
279.61
269.80
261.71
261.16
270.05
283.96
293.15
303.79
314.52
324.45
Total
59.95
69.22
79.72
98.68
115.81
126.79
119.68
111.53
128.76
118.26
110.23
109.86
108.79
111.12
116.36
122.78
126.00
130.41
135.86
Durable
goods
Nondurable
goods
28.47
34.04
40.43
51.07
58.91
61.84
56.44
51.78
61.40
56.61
50.51
50.74
48.48
53.06
54.85
58.94
58.28
63.39
65.00
31.47
35.18
39.29
47.61
56.90
64.95
63.23
59.75
67.36
61.65
59.72
59.12
60.31
58.06
61.50
63.84
67.72
67.02
70.86
Total
l
90.96
105.46
123.82
141.54
148.63
162.58
163.03
157.69
180.22
161.36
159.58
151.85
152.38
158.93
167.60
170.37
177.79
184.11
188.59
Mining
7.44
9.24
10.21
11.38
13.51
16.86
15.45
11.83
13.97
14.57
13.41
12.03
10.91
11.93
12.43
13.95
13.32
14.14
14.47
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveved quarterly. See last column ("nonmanufaeturing surveyed annually")
for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
10
Transportation
8.89
9.40
10.68
12.35
12.09
12.05
11.95
11.20
11.97
11.29
12.33
11.04
10.88
11.00
11.86
11.46
12.13
12.32
11.96
Public
utilities
22.37
26.79
29.95
33.96
35.44
38.40
41.95
42.00
44.98
43.02
43.00
41.61
41.48
42.22
42.69
43.62
44.43
45.13
46.74
Commercial
and
other l
52.27
60.03
72.99
83.85
87.59
95.27
93.68
92.67
109.30
92.48
90.83
87.17
89.10
93.79
100.62
101.35
107.92
112.52
115.42
Total
nonfarm
business 2
171.45
198.08
231.24
270.46
295.63
321.49
316.43
302.50
Nonmanufaeturing
Manufacturing
Total
Surveyed
quarter-
iy
59.95
69.22
79.72
98.68
115.81
126.79
119.68
111.53
128 76
118 26
110.23
109.86
108.79
111.12
116.36
122 78
126.00
13041
135.86
111.50
128.87
151.52
171.77
179.81
194.70
196.75
190.97
90.96
105.46
123.82
141.54
148.63
162.58
163.03
157.69
18022
161 36
159.58
151.85
152.38
158.93
167 60
17037
177.79
184 11
188.59
Surveyed
annually a
20.54
23.40
27.70
30.24
31.18
32.12
33.72
33.28
social
services and membership organisations; and real estate.
4
Planned capital expenditures as reported by business in late April and May 1984, corrected for
biases.
NOTE.—For details about the reduced industry coverage of the plant and equipment survey, see
Survey of Current Business, January 1984.
Source: Department of Commerce, Bureau of Economic Analysis,
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment rose 460,000 in June and unemployment fell 384,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
1976
1984
* 16 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE-. DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted]
Period
1978
1979
1980
1981
1982
1983
1983: June ....
July
Aug
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar.
Apr
May
June
Noninstitutional
population
including
resident
Armed
Forces
NSA
163,541
166,460
169,349
171,775
173,939
175,891
175,793
175,970
176,122
176,297
176,474
176,636
176,809
177,219
177,363
177,510
177,662
177,813
177,974
Resident
Armed
T »hnr fnrr>p
including
resident
Employment
including
resident
Armed
Forces
Civilian
labor force
Nonagricultural
Total
Agricultural
Part-time
for
economic
reasons 1
Total
15
weeks
and
over
Labor force
participation
rate (percent)
2
NSA
Forces
1,631
1,597
1,604
1,645
1,668
1,676
1,668
1,664
1,682
1,695
1,695
1,685
1,688
1,686
1,684
1,686
1,693
1,690
1,690
103,882
106,559
108,544
110,315
111,872
113,226
97,679
100,421
100,907
102,042
101,194
102,510
102,251
104,962
106,940
108,670
110,204
111,550
96,048
98,824
99,303
100,397
99,526
100,834
3,387
3,347
3,364
3,368
3,401
3,383
92,661
95,477
95,938
97,030
96,125
97,450
3,298
3,373
4,064
4,499
5,852
5,997
6,202
6,137
7,637
8,273
10,678
10,717
1,414
1,241
1,871
2,285
3,485
4,210
63.5
64.0
64.1
64.2
64.3
64.4
113,573
113,489
113,799
113,924
113,561
113,720
113,824
102,411
102,889
103,166
103,571
103,665
104,291
104,629
111,905
111,825
112,117
112,229
111,866
112,035
112,136
100,743
101,225
101,484
101,876
101,970
102,606
102,941
3,479
3,499
3,449
3,308
3,240
3,257
3,356
97,264
97,726
98,035
98,568
98,730
99,349
99,585
5,886
5,700
5,866
6,027
5,724
5,848
5,712
11,162
10,600
10,633
10,353
9,896
9,429
9,195
4,486
4,398
4,078
3,889
3,655
3,527
3,369
64.6
64.5
64.6
64.6
64.3
64.4
64.4
113,901
114,377
114,598
114,938
115,493
115,567
104,876
105,576
105,826
106,095
106,978
107,438
112,215
112,693
112,912
113,245
113,803
113,877
103,190
103,892
104,140
104,402
105,288
105,748
3,271
3,395
3,281
3,393
3,389
3,403
99,918
100,496
100,859
101,009
101,899
102,344
5,943
5,808
5,463
5,593
5,353
5,491
9,026
8,801
8,772
8,843
8,514
8,130
3,201
2,984
2,873
2,855
2,851
2,619
64.3
64.5
64.6
64.7
65.0
64.9
1
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).
Unemployment
Civilian employment
Total
Total
Civilian 3
63.2
63.7
63.8
63.9
64.0
64.0
64.3
64.2
64.3
64.3
64.0
64.0
64.0
63.9
64.1
64.2
64.4
64.6
64.6
3
Civilian labor force as percent of civilian noninstitutional population.
NOTE.—NSA indicates data are not seasonally adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted overall unemployment rate/ which includes resident Armed Forces in the labor force, fell
0.4 percentage point in June to 7,0 percent. The unemployment rate for all civilian workers also fell 0.4
percentage point, to 7.1 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
15
10
*UNEMPIOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED,
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Unemployment
rate, all
workers l
Period
1978..
1979
.
By sex and age
All
civilian
workers
6.0
6.1
1980
1981
1982
1983
5.8
7.0
7.5
9.5
9.5
5^8
7.1
7J
9.7
9.6
1983: June..
July ..
Aug...
Sept ..
Oct....
Nov...
Dec ...
9.8
9.3
9.3
9.1
8.7
8.3
8.1
1984: Jan...
Peb ...
Mar...
Apr ...
May...
June..
7.9
7.7
7.7
7.7
7.4
7.0
1
Men
20 years
and over
Women
20 years
and
over
4.3
4.2
5.9
6.3
6.0
Both
sexes
16-19
years
Black and other
White
12
Black
Total
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Labor
force
time lost
(percent) 2
Fulltime
workers
Parttime
workers
9.0
6.5
8.8
8.8
9.4
10.5
10.4
6.3
7.9
8.5
11.0
10.9
6.3
6.7
8.6
8.4
11.9
11.3
13.1
14.2
17.3
17.8
12.8
12.3
14.3
15.6
18.9
19.5
5.6
5.5
6.9
7.3
9.3
9.2
4.2
4.3
6.5
6.5
10.4
11.7
12.2
5.6
5.3
6.9
7.3
9.6
9.5
23.6
22.7
22.8
21.8
21.6
20.2
20.1
8.6
8.2
8.2
8.0
7.7
7.3
7.1
18.6
17.9
17.9
17.3
16.7
16.1
16.3
20.3
19.6
19.8
18.9
18.3
17.7
17.8
9.4
9.1
9.1
8.8
8.5
8.1
7.9
6.7
6.2
6.3
6.1
5.7
5.5
5.2
12.5
11.8
11.8
12.0
11.4
10.5
10.9
9.7
9.4
9.3
9.1
8.7
8.2
8.0
11.8
10.2
10.2
10.1
10.0
9.8
9.8
11.1
10.7
10.7
10.5
10.0
9.7
9.4
19.4
19.3
19.9
19.4
19.0
17.6
6.9
6.7
6.7
6.7
6.4
6.1
15.6
14.9
15.1
15.1
14.2
13.4
16.7
16.2
16.6
16.8
15.8
15.0
7.6
7.4
7.2
7.3
6.9
6.6
5.0
4.9
4.7
4.7
4.5
4.5
10.7
11.0
11.0
10.5
9.8
9.6
7.8
7.5
7.5
7.6
7.2
6.7
9.2
9.3
9.2
9.1
9.3
10.3
9.2
8.9
8.8
8.9
8.5
8.3
16.4
16.1
5.2
5.1
8.8
8.9
5.7
6.4
6.8
8.3
8.1
17.8
19.6
23.2
22.4
10.0
9.5
9.5
9.2
8.8
8.4
8.2
9.1
8.8
8.7
8.6
8.2
7.8
7.4
8.6
7.9
8.0
7.8
7.5
7.2
7.1
8.0
7.8
7.8
7.8
7.5
7.1
7.3
7.0
6.8
6.9
6.5
6.3
7.1
6.9
6.9
7.0
6.8
6.4
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
2
By selected groups
By race
2.8
2.8
8.5
8.3
9.2
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
JISURANCE PROGRAMS
In June, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 27
weeks and over rose, and the percentages out of work for 5-14 weeks and for 15-26 weeks fell. The mean
duration of unemployment rose while the median fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
*^r
60
JOB LOSERS
—
50
40
40
- 30
30 ~
REENTRANTS
20
20
NEW ENTRANTS
—
10 —
10
1984
1980
1981
1980
1982
1983
1984
*SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution l
Reason for unemployment:
percent distribution *
Number of
weeks
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
State
programs
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
Special
unemunemployment, ployment
all
benefit
regular
claims
programs
(unad-3
(unadjustjusted)
2
ed)
Weekly average, thousands
1979
1980
1981
1982
1983
6,137
7,637
8,273
10,678
10,717
48.1
43.1
41.7
36.4
33.3
31.7
32.3
30.7
31.0
27.4
11.5
13.8
13.6
16.0
15.4
8.7
10.7
14.0
16.6
23.9
10.8
11.9
13.7
15.6
20.0
5.4
6.5
6.9
8.7
10.1
42.9
51.7
51.6
58.7
58.4
14.3
11.7
11.2
7.9
7.7
29.4
25.2
25.4
22.3
22.5
13.3
11.4
11.9
11.1
11.3
2,434
3,350
3,047
4,061
3,396
388
488
460
583
438
2,592
3,837
3,410
4,594
3,775
1983; June
July
Auer
Sept
Oct
Nov
Dee
11,162
10,600
10,633
10,353
9,896
9,429
9,195
32.8
32.8
34.1
35.9
35.5
35.1
36.5
26.7
26.4
27.7
26.7
27.6
27.6
27.1
14.4
16.7
15.0
13.3
13.9
14.1
13.9
26.1
24.2
23.3
24.1
23.1
23.1
22.5
21.4
21.3
19.9
20.2
20.1
20.2
19.6
10.8
10.1
9.4
9.4
9.5
9.4
9.0
58.4
58.6
57.7
57.1
56.5
55.0
54.1
7.2
7.1
7.5
8.3
8.7
9.1
9.2
21.8
22.7
23.3
22.7
23.4
23.7
• 24.2
12.6
11.6
11.4
11.9
11.4
12.1
12.4
3,389
3,190
3,025
2,893
2,797
2,734
2,636
424
408
410
386
389
388
389
3,481
3,275
2,917
2,580
2,478
2,620
2,915
1,086
849
737
655
522
901
731
1984: Jan
Feb
Mar
Apr
MayJ
T
June
9,026
8,801
8,772
8,843
8,514
8,130
36.0
38.1
38.5
39.1
38.0
39.2
28.4
28.1
28.9
28.4
28.6
28.4
13.0
13.3
12.7
12.6
13.9
12.5
22.6
20.5
20.0
19.8
19.5
19.9
20.5
18.8
18.8
18.5
18.4
18.6
9.2
8.3
8.3
8.1
8.7
7.2
53.6
54.1
52.5
51.3
50.9
51.9
9.0
8.8
8.6
8.8
9.5
9.8
24.4
24.6
25.1
26.1
25.6
24.2
13.1
12.5
13.8
13.8
14.0
14.0
2,615
2,528
2,498
2,449
2,369
2,335
368
349
354
361
350
354
3,374
3,174
2,958
r
2,613
2,290
584
489
444
401
374
352
^c
^Hl Detail may not add to 100 percent because of rounding.
^V Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
3
Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Adminis-
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 301,000 in June.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
22
20
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
SERVICE-PRODUCING
INDUSTRIES
60
20
50
18
40
6
CONSTRUCTION
30
-GOODS-PRODUCING INDUSTRIES
20 Ll 1 1 1 1 1 1 1 1 I I
1980
1981
*SEASONALLY ADJUSTED
1--M
"
T1
I
1982
I
1983
1984
1980
1981
1982
SOURCE: DEPARTMENT OF LABOR
1983
1984
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
Total
nonagrieultural
employment
Manufacturing
Total
2
onC rm
struction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
4,923
5,136
5,146
5,165
5,082
4,958
4,969
5,204
5,275
5,358
5,278
5,259
Government
Finance,
insurance,
and real
estate
Services
14,573
14,989
15,035
15,189
15,179
15,545
4,724
4,975
5,160
5,298
5,341
5,467
16,252
17,112
17,890
18,619
19,036
19,665
15,672
15,947
16,241
16,031
15,837
15,851
2,753
2,773
2,866
2,772
2,739
2,752
Retail
trade
Total
Federal
1978
1979
1980
1981
1982
1983
86,697
89,823
90,406
91,156
89,566
90,138
25,585
26*461
25,658
25,497
23,813
23,394
4,229
4463
4,346
4,188
3,905
3,940
20,505
21,040
20,285
20,170
18,781
18,497
12,274
12,760
12,187
12,109
11,039
10,774
8,231
8,280
8,098
8,061
7,741
7,724
61,113
63,363
64,748
65,659
65,753
66,744
1983: June...
July....
Aug....
Sept....
Oct
Nov....
Dec.....
89,927
90,274
89,918
91,018
91,345
91,688
92,026
23,241
23,414
23,532
23,669
23,895
24,058
24,198
3,911
3,947
3,985
4,019
4,044
4,073
4,086
18,391
18,521
18,597
18,698
18,886
19,018
19,143
10,686
10,781
10,846
10,923
11,071
11,170
11,266
7,705
7,740
7,751
7,775
7,815
7,848
7,877
66,686
66,860
66,386
67,349
67,450
67,630
67,828
5,005
5,001
4,369
5,046
5,053
5,043
5,055
5,241
5,256
5,277
5,301
5,322
5,344
5,371
15,514
15,580
15,626
15,671
15,737
15,805
15,857
5,464
5,478
5,498
5,503
5,512
5,530
5,546
19,626
19,723
19,808
19,893
19,962
20,034
20,130
15,836
15,822
15,808
15,935
15,864
15,874
15,869
2,744
2,744
2,747
2,774
2,760
2,759
2,762
92,391
92,846
93,058
r
Apr ... 93,449
r
May .. 93,718
June p. 94,019
24,383
24,577
24,595
24,760
24,850
24,990
4,154
4,226
4,151
4,246
4,288
4,363
19,254
19,373
19,466
19,530
19,569
19,630
11,343
11,440
11,513
11,551
11,597
11,665
7,911
7,933
7,953
7,979
7,972
7,965
68,008
68,269
68,463
68,689
68,868
69,029
5,095
5,105
5,112
5,129
5,142
5,160
5,406
5,438
5,457
5,473
5,496
5,511
15,914
15,980
16,030
16,095
16,139
16,193
5,573
5,593
5,613
5,640
5,661
5,665
20,162
20,278
20,378
20,449
20,534
20,664
15,858
15,875
15,873
15,903
15,896
15,836
2,760
2,763
2,770
2,771
2,767
2,765
1984: Jan
Feb
Mar
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
14
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
* Includes mining, not shown separately.
NOTE.—Seasonally adjusted data are as revised beginning January 1979, and unadjusted bj
ning April 1982 in June issue of Economic Indicators.
\
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAORICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly
earnings
Average weekly
hours
1975
1976.
1977
Manufacturing
Total
private
nonagrieultural *
Period
-..
.
1978
1979
1980
1981
1982
1983
1983: June
July
Ausr
Sept
Get
Nov
Dec
1984- Jan
Feb
Mar
Apr r
May 7 "
June p
Total
Overtime
39.5
40.1
40.3
40.4
40.2
39.7
39.8
38.9
40.1
40.1
40.2
40.3
40.7
40.6
40.6
40.6
40.9
40.9
40.7
41.1
40.6
40.6
36.1
36.1
36.0
35.8
35.7
35.3
35.2
34.8
35.0
35.0
35.0
35.0
35.2
35.2
35.2
35.2
35.4
35.3
35.3
35.4
35.3
35.3
Total
private
nonagricultural l
Manufacturing
Adjusted hourly earnings index2 — total private
nonagricultural
Ind ex,
1977 =-100
Current
dollars
Current
dollars
1977
dollars 3
2.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3.0
$4.53
4.86
5.25
5.69
6.16
6.66
7.25
7.68
8.02
$4.83
5.22
5.68
6.17
6.70
7.27
7.99
8.49
8.83
86.7
92.9
100.0
108.2
116.8
127.3
138.9
148.5
155.3
2.9
3.0
3.0
3.2
3.3
3.3
3.4
8.01
8.04
8.00
8.09
8.13
8.14
8.17
8.21
8.23
8.25
8.31
8.28
8.31
8.80
8.83
8.84
8.88
8.93
8.97
8.99
9.03
9.06
9.09
9.11
9.11
9.14
155.1
155.6
155.4
156.2
157.1
157.2
157.8
158.4
158.5
159.1
159.9
159.6
160.0
3.5
3.5
3.5
3.7
3.3
3.3
Percent change 4from
a year
earlier s
97.6
99.0
100.0
100.5
97.4
93.5
92.6
93.4
94.8
94.9
94.9
94.4
94.5
94.7
94.6
94.9
94.8
94.8
95.1
95.4
94.9
95.0
8.4
7.2
7.6
8.2
7.9
9.0
9.1
6.9
4.6
4.7
4.4
3.7
4.0
4.1
3.9
3.7
3.6
3.2
3.5
3.7
3.1
3.2
1977 dollars
07
1.4
1.0
.5
-3.1
-4.0
-1.0
.9
1.5
2.2
2.2
1.2
1.2
1,4
1.0
.4
-.0
-.6
.0
.6
.1
.1
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private nonagricultural 5
Average gross weekly earnings
Period
Current dollars
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983' June
July
Aufi"
Sept
Oct
Nov
Dec
1984' Jan
Feb
Mar
Apr r .
May r
June p
1
Manufacturing
Total private
nonagricultural 1
....
3
Retail trade
Current dollars
1977 dollars 3
1977 dollars
Current dollars
171.63
171.35
171.95
172.54
174.00
174.60
176.65
7.7
7.8
8.0
6.9
8.5
4.7
5.0
4.9
4.6
3.5
6.0
6.4
5.6
5.7
-3.1
1.5
1.2
.2
-3.1
-5.8
-1.5
-1.2
2.0
2.4
2.4
1.1
3.2
3.7
2.6
2.4
175.78
175.20
176.69
176.70
176.69
177.29
5.5
6.3
5.4
6.2
4.8
5.1
1.8
2.5
1.8
3.0
1.7
2.0
$163.53
175.45
189.00
203.70
219.91
235.10
255.20
267.26
280.70
$184.16
186.85
189.00
189.31
183.41
172.74
170.13
168.09
171.37
$190.79
209.32
228.90
249.27
269.34
288.62
318.00
330.26
354.08
$266.08
283.73
295.65
318.69
342.99
367.78
399.26
426.82
443.42
$108.86
114.60
121.66
130.20
138.62
147.38
158.03
163.85
171.05
280.35
281.40
280.00
284.77
286.18
286.53
287.58
171.57
171.69
170.01
172.27
172.61
172.40
172.93
352.88
354.97
356.25
361.42
362.56
364.18
364.99
442.68
440.38
443.50
448.13
440.59
441.41
441.32
290.63
290.52
291.23
294.17
292.28
293.34
173.93
173.65
174.08
175.52
173.77
174.19
369.33
370.55
369.96
374.42
369.87
371.08
451.27
456.49
442.89
453.53
453.08
457.45
Also includes other private industry groups shown on p. 14.
r n u s r y empoymen
or overtime
vr
Adjusted for interindustry
employment sshifts and for
inn i 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.
4
Monthly changes based on indexes to two decimal places.
2
Construction
5.7
7.3
5
Based on unadjusted data.
NOTE.—Seasonally adjusted data are as revised beginning January 1979, and unadjusted beginning April 1982 in June issue of Economic Indicators.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output 1
Business
sector
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Compensation per
hour 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor
cost
Real compensation
per hour 4
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
r
86.2
89.3
92.4
94.8
92.5
86.8
89.7
93.0
95.3
92.9
78.4
80.7
86.1
91.7
89.9
78.0
80.3
85.8
91.7
89.8
90.9
90.4
93.2
96.8
97.2
89.8
89.4
92.2
96.2
96.6
58.2
62.0
66.1
71.4
78.1
58.7
62.5
66.7
71.8
78.5
90.8
92.8
95.7
97.3
95.9
91.5
93.6
96.6
97.9
96.5
67.5
69.5
71.5
75.3
84.4
67.6
69.7
71.7
75.3
84.5
66.0
69.0
71.3
75.3
82.4
66.3
69.3
71.3
74.0
81.6
1975 r
1976 r
1977 r
1978 r
1979 r
94.6
97.6
100.0
100.5
99.3
94.8
97.8
100.0
100.6
99.0
88.2
93.8
100.0
105.5
107.8
87.8
93.7
100.0
105.7
108.0
93.2
96.0
100.0
104.9
108.6
92.6
95.8
100.0
105.1
109.0
85.6
92.9
100.0
108.5
118.7
86.1
93.0
100.0
108.6
118.4
96.4
98.9
100.0
100.8
99.1
96.9
99.0
100.0
100.8
98.8
90.5
95.1
100.0
108.0
119.5
90.8
95.1
100.0
108.0
119.5
90.4
94.7
100.0
107.5
117.2
90.0
94.6
100.0
107.1
116.5
1980 r....
1981 r ..
1982 r......
1983 r
98.8
100.7
100.9
103.7
98.3
99.8
100.0
103.4
106.5
109.2
106.3
111.0
106.5
108.7
105.9
111.2
107.8
108.4
105.4
107.1
108.3
109.0
106.0
107.5
131.1
143.4
155.0
161.7
130.6
143.1
154.5
162.0
96.4
95.5
97.3
98.4
96.0
95,3
97.0
98.6
132.6
142.4
153.6
156.0
132.8
143.5
154.5
156.6
128.1
140.4
147.9
152.4
128.1
140.6
148.6
153.4
1982: Ir.......
II r.r
in ....
100.9
100.3
100.9
101.6
99.8
99.4
100.3
100.5
107.1
106.4
106.1
105.8
106.4
106.0
106.0
105.2
106.1
106.1
105.1
104.1
106.7
106.7
105.7
104.7
151.4
153.9
156.7
158.4
151.0
153.2
156.0
157.9
96.9
97.2
97.3
98.0
96.7
96.8
96.9
97.7
150.0
153.4
155.3
155.9
151.4
154.2
155.6
157.1
145.9
147.9
148.7
149.3
146.5
148.6
149.3
150.2
1983: I r
II r.
HI r....
IY r ....
102.2
103.6
104.3
104.7
101.6
103.6
104.1
104.4
106.9
110.1
112.5
114.7
106.7
110.4
112.7
115.2
104.7
106.2
107.9
109.5
105.1
106.5
108.2
110.3
160.2
161.0
161.8
164.2
160.1
161.5
162.4
164.0
99.0
98.5
98.0
98.4
99.0
98.8
98.3
98.2
156.8
155.4
155.1
156.8
157.6
155.9
155.9
157.1
151.0
151.7
152.7
154.2
151.9
152.7
153.8
155.2
1984: Ir.......
HP
105.7
106.5
105.2
106.0
117.8
120.3
118.0
120.4
111.4
113.0
112.3
113.5
166.7
167.5
166.5
167.9
98.6
98.2
98.5
98.5
157.7
157.3
158.3
158.4
155.6
156.7
156.3
157.1
1970
1971 r
1972 r .
1973 r
1974 r
IV r
Percent change; quarterly data at seasonally adjusted annual rates
1970
1971
1972
1973
1974
0.8
3.6
3.5
2.6
-2.4
0.3
3.3
3.7
2.4
-2.5
-0.8
3.0
6.6
6.6
-2.0
-1.0
2.9
6.9
6.8
-2.0
-1.6
__.5
3.0
3.9
.4
-1.3
-.4
3.1
4.3
.5
7.3
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
1.3
2.2
3.1
1.6
-1.4
1.0
2.2
3.3
1.3
-1.4
6.4
2.9
2.9
5.3
12.1
6.6
3.1
2.8
5.0
12.2
4.5
4.4
3.4
5.5
9.5
4.8
4.5
3.0
3.8
10.2
1975
1976 r
1977 r
1978 r..
1979 r
2.2
3.3
2.4
.5
1.2
2.0
3.2
2.2
.6
-1.5
20
6.4
6.6
5.5
2.3
-2.2
6.7
6.7
5.7
2.2
-4.1
3.0
4.1
4.9
3.5
-4.1
3.4
4.4
5.1
3.7
9.6
8.5
7.7
8.5
9.4
9.6
8.1
7.5
8.6
9.0
.5
2.6
1.2
.8
-1.7
.4
2.2
1.0
.8
-2.0
7.3
5.1
5.1
8.0
10.7
7.5
4.7
5.2
8.0
10.7
9.8
4.7
5.6
7.5
9.0
10.3
5.1
5.7
7.1
8.8
1980 r
1981 r
1982 r
1983 r
5
1.9
.2
2.7
-.7
1.5
.2
3.5
-1.2
2.5
-2.6
4.4
14
2.1
26
5.0
7
.6
28
1.7
-.6
.6
-2.8
1.5
10.4
9.4
8.1
4.3
10.3
9.6
8.0
4.9
-2.7
9
1.9
1.1
-2.8
-.7
1.7
1.6
11.0
7.3
7.9
1.6
11.1
8.0
7.7
1.4
9.3
9.6
5.3
3.0
10.0
9.8
5.7
3.2
1982: I r
II r.
Ill r....
IV r....
2.5
-2.3
2.4
2.7
2.5
-1.6
3.6
1.1
-3.6
-2.6
-1.3
-1.2
-3.8
-1.4
— .1
-3.0
-5.9
g
-3^6
-3.8
-6.1
.2
-3.6
-4.0
10.7
6.8
7.5
4.5
10.5
5.9
7.5
5.1
6.7
1.3
.3
2.9
6.5
.4
.3
3.5
8.0
9.4
5.0
1.7
7.9
7.6
3.7
4.0
3.7
5.4
2.3
1.8
3.8
5.7
2.0
2.4
1983: I r
II r
IIIr....
IV r.....
2.1
5.9
2.8
1.4
4.4
8.1
2.1
1.0
4.4
12.4
9.3
7.8
6.0
14.3
8.7
9.1
2.2
6.1
6.4
6.2
1.5
5.7
6.5
8.0
4.4
2.2
2.0
6.1
5.7
3.5
2.2
4.1
4.1
-2.1
-2.1
1.6
5.4
-.8
-1.9
-.3
2.2
-3.5
-.8
4.6
1.3
-4.2
.1
3.0
4.6
1.9
2.5
4.1
4.6
2.2
2.7
3.7
1984: I r
II"
4.0
2.8
2.9
3.3
11.4
8.7
10.3
8.0
7.2
5.7
7.2
4.6
6.2
1.8
6.1
3.6
1.2
-1.8
1.0
-.1
2.1
-1.0
3.1
.3
3.7
2.7
2.8
2.2
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
16
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Series revised.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.5 percent in June following an increase of 0.4 percent in May. The index for June was
11.7 percent above its year earlier level.
INDEX, 1967 = 100* (RATIO SCALE)
INDEX, 1967 = 100* (RATIO SCALE)
180 —TOTAL INDUSTRIAL PRODUCTION
180 - UTILITIES AND MINING PRODUCTION^yK^
160
160
UTILITIES
140
140
MINING
%
120
120
1980
1981
1982
1983
1984
100
^MANUFACTURING PRODUCTK3N
180
"~
^ ~+->%
"N ,"T
\./
160
>
A
DURABLE
120
Minium
^A
l l M i l i l l l i illllllllll
1981
1980
1982
1981
1982
1983
1984
PERCENT*
/
s
90
y
_^—\
-V
140
NONDURABl E
^ \ *-«*£^-«.«
/
1980
^*"«i ^•"
mnlnm
mnlnm
s^ -
80
_
.MANUFACTURING CAPACITY UTILIZATION RATE
\r— /~
\S
70
iimliiiii
ilMlllilii
1983
1984
60 I l l l l l l l l l l
1980
imilimi
1981
iiiiiiiuii
Illllllllll Illllllllll
1982
1984
1983
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1967 = 100
1967 proportion
1974 .
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983: June..
July
AufiT
Sept
Get
Nov
Dec
1984: Jan
Feb
Mar r
Apr T
May r
June p
1
Output as percent of capacity.
Manufacturing
Percent
change
from year
earlier
100.00
129.3
117.8
130.5
138.2
146.1
152.5
147.0
151.0
138.6
147.6
146.4
149.7
151.8
153.8
155.0
155.3
156.2
158.5
160.0
160.8
162.2
162.8
163.6
Capacity utilization
rate, percent (Federal
Reserve series) *
Industry production indexes, 1967 = 100
Total
industrial
production
Mining
Durable
Total
87.95
04
-8.9
10.8
5.9
5.7
4.4
36
2.7
82
6.5
5.6
7.9
9.7
12.0
14.2
15.1
15.5
15.4
15.9
14.9
13.7
12.7
11.7
129.4
116.3
130.3
138.4
146.8
153.6
146.7
150.4
137.6
148.2
147.4
150.6
152.8
155.1
156.2
156.4
156.8
159.5
161.4
162.1
163.6
164.2
164.8
51.98
125.7
109.3
122.3
130.0
139.7
146.4
136.7
140.5
124.7
134.5
133.2
136.8
138.8
141.6
142.8
143.6
145.0
148.6
150.5
151.4
152.8
153.3
154.1
Utilities
Nondurable
35. 97
134.6
126.4
141.8
150.5
156.9
164.0
161.2
164.8
156.2
168.1
167.8
170.6
172.9
174.6
175.6
174.8
173.9
175.2
177.2
177.6
179.2
179.9
180.2
6.36
115.3
112.8
114.2
118.2
124.0
125.5
132.7
142.2
126.1
116.6
112.6
115.0
116.1
117.1
118.3
121.1
123.7
124.8
124.1
123.8
123.1
124.6
126.0
5.69
143.7
146.0
151.7
156.5
161.4
166.0
168.3
169.1
168.7
172.4
169.8
176.0
179.3
179.3
176.5
176.3
182.5
181.0
176.5
180.0
182.9
182.5
185.1
Manufacturing
Industrial
materials
83.7
72.9
79.6
82.2
84.7
86.0
79.6
79.4
71.1
75.2
74.9
76.4
77.3
78.4
78.9
78.8
78.9
80.1
80.9
81.0
81.6
81.7
81.8
87.0
73.3
81.1
82.6
85.6
87.6
80.4
80.7
70.1
75.2
74.4
76.5
77.4
78.6
79.5
79.6
79.6
80.6
81.9
82.2
82.7
82.7
82.9
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100; monthly data seasonally adjusted]
Products
Final products
Period
Total
Total
1967 proportion..
47.82
27.68
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5
147.1
146.4
149.0
150.7
152.1
152.7
153.2
155.2
157.5
158.0
158.6
160.2
161.1
162.1
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
151.7
152.4
154.8
156.3
157.3
156.9
156.1
157.7
159.5
159.4
160.2
161.5
162.1
162.7
1983' June
July
Aug
Sept
Oct
Nov
Dec
1984- Jan
Feb
Mar r
Apr r
May r
June p
Intermediate products
Consumer goods
Durable
goods
7.89
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.2
147.5
149.2
152.9
154.2
157.5
156.7
155.9
158.6
163.4
162.5
163.1
162.5
162.2
163.2
Equipment
Nondurable
goods
19.79
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
153.4
153.6
155.6
157.1
157.2
157.1
156.1
157.3
157.9
158.2
159.1
161.1
162.0
162.6
Total
20.14
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
140.8
138.2
141.0
143.1
144.9
147.0
149.1
151.8
154.9
156.1
156.4
158.3
159.8
161.2
Business
12.63
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9
153.3
150.2
153.3
156.6
158.7
161.3
164.1
167.3
170.7
171.9
172.1
173.5
175.4
177.0
Defense
and space
equipment
7.51
82.4
80.0
79.8
81.3
86.5
93.4
98.2
102.7
109.4
119.9
118.0
120.4
120.2
121.8
122.9
124.0
125.7
128.3
129.5
130.1
132.8
133.6
134.7
Total
12.89
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
156.6
154.5
158.1
162.2
165.4
166.5
165.5
165.4
167.8
169.0
170.2
171.1
171.3
171.6
Construction
supplies
6.42
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
142.5
142.1
145.8
149.0
151.4
152.3
151.6
151.5
155.5
156.6
159.1
159.9
159.7
159.2
Materials
Business
supplies
6.47
136.0
129.7
141.7
149.5
156.5
163.1
162.8
166.7
162.1
170.7
166.8
170.4
175.3
179.3
180.6
179.4
179.3
180.1
181.3
181.3
182.2
182.8
39.29
132.4
115.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7
145.2
143.7
147.8
149.7
152.2
154.0
154.5
154.5
156.6
159.4
160.4
161.8
162.0
162.9
Supplementary
group:
Energy
total
12.23
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
135.9
133.6
138.5
139.4
139.1
137.7
138.5
141.1
141.6
141.4
141.9
143.0
143.2
144.9
[1967 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
1967 proportion
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983' June
July
AllfiT
Sept
Oct
Nov
Dec
1984' Jan
Feb
Mar r
Apr r
May r
June p
6.57
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
85.4
84.8
85.5
87.5
90.6
95.3
92.2
90.4
93.2
98.4
97.5
99.3
97.6
96.1
Iron and
steel
4.21
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
71.5
69.7
71.8
75.1
78.2
84.3
79.2
74.1
.80.7
86.0
84.4
84.0
82.9
Source: Board of Governors of the Federal Reserve System.
18
Fabricated metal
products
Nonelectrical
machinery
Electrical
machinery
5.93
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
120.2
118.5
122.7
126.0
127.4
126.9
128.5
129.2
131.7
132.8
134.9
135.8
137.5
138.7
9.15
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
150.6
149.5
154.2
157.3
158.3
159.2
161.8
164.3
169.5
170.9
171.9
175.2
176.5
178.5
8.05
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
185.5
182.4
188.3
189.2
195.8
198.4
200.1
201.5
Total
206.2
209.9
212.0
214.2
215.3
216.4
9.27
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
117.8
116.6
119.7
121.1
124.7
125.5
127.3
130.8
134.9
135.2
135.8
134.6
135.4
137.3
Motor
vehicles
and parts
4.50
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
137.1
136.2
142.3
144.3
150.9
150.9
152.9
158.9
166.3
164.4
165.8
161.9
163.0
165.3
Lumber
and
products
1.64
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
137.2
137.4
141.3
141.6
142.3
141.7
141.0
143.8
146.0
145.6
149.3
151.2
149.5
Apparel
products
3.31
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
Printing
and
publishing
Chemicals and
products
4.72
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
144.1
152.5
147.4
152.0
157.8
161.7
162.7
162.0
161.7
163.4
164.8
165.2
165.4
166.5
1664
7.74
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
215.0
214.7
218.3
220.3
224.1
228.4
225.6
221.1
221.5
224.8
225.0
228.6
228.9
Foods
8.75
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
156.4
157.7
159.9
159.3
158.2
157.6
157.1
157.7
159.4
160.0
161.2
163.a
"t
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 2
Private
Period
Total new
construction
expenditures
Residential
Total
Commercial
and industrial
New housing
units
Total 1
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1976
1977
1978
1979
1980
1981
1982
1983
r
r
r
151.1
173.8
205.6
230.4
230.7
239.1
230.1
262.2
112.0
135.7
159.7
181.6
175.7
185.8
179.1
211.4
60.5
81.0
93.4
99.0
87.3
86.6
74.8
111.7
254.9
264.1
272.3
278.0
281.7
267.9
267.0
263.9
280.9
300.4
309.7
305.3
311.3
310.6
205.2
213.1
220.2
224.7
229.6
219.2
217.4
213.3
230.0
248.1
255.0
250.7
255.8
253.6
108.5
113.7
120.9
126.8
128.6
118.6
113.5
109.7
121.9
137.4
141.1
133.7
134.2
131.2
47.3
65.7
75.8
78.6
63.1
62.7
51.9
86.1
19.9
22.5
29.6
39.9
43.8
51.3
54.6
48.7
31.5
32.2
36.7
42.7
44.7
47.9
49.7
51.0
39.1
38.2
45.9
48.8
55.0
53.3
51.0
50.8
46.3
48.1
48.6
50.0
49.8
47.8
49.8
49.6
53.9
56.0
59,6
61.2
64.7
65.2
50.3
51.4
50.7
47.9
51.3
52.8
54.2
54.0
54.1
54.7
54.2
55.8
56.9
57.2
49.7
51.0
52.0
53.3
52.1
48.8
49.6
50.6
50.9
52.3
54.8
54.6
55.5
57.0
Annual rates
1983:
1984:
May r
June r
July r
Aug r
Sept r
Oct r
Nov r
Dee r
Jan r
Feb r
Mar r
Apr r
May P
June p
Annual rates
83.2
88.2
91.2
93.9
93.8
94.2
94.9
95.0
96.9
102.3
102.4
102.8
106.7
105.1
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
for floor space.
592
739
977
1,059
904
919
690
750
79.0
100.0
114.0
122.0
107.0
110.0
112.0
138.0
734
785
741
783
830
856
884
803
931
751
884
960
1,013
888
150
151
137
154
143
139
145
134
150
150
144
145
r
!65
148
NOTE.—Series on new construction expenditures revised beginning 1981.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information J
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1976
1977
1978
1979
1980
1981
1982
1983
1,537.5
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1 unit
1,162.4
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
2-4 units
85.9
121.7
125.0
122.0
109.5
91.1
80.0
113.5
5 or more units
289.2
414.4
462.0
429.0
330.5
287.7
319.6
522.0
Units
authorized
1,296.2
1,690.0
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
Units
completed
Homes sold
Homes for
sale at end of
period 1
Vacancy rate
for rental
housing units
(percent) 2
1,377.2
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
646
819
817
709
545
436
412
623
353
402
414
3
398
336
272
251
300
5.6
5.2
5.0
5.4
5.4
5.0
5.3
5.7
1,368
1,427
1,716
1,512
1,567
1,445
1,489
1,606
1,565
1,590
1,631
1,705
655
606
558
597
624
636
755
681
712
682
645
616
620
283
289
296
299
301
304
300
302
303
320
329
335
341
5.5
Seasonally adjusted annual rates
1983:
June
July
Auff
Sept
Oct
Nov
Dec
1984' Jan
Feb r
Mar r.
Apr r
May r
June p
1
2
1,743
1,793
1,873
1,679
1,672
1,730
1,694
1,980
2,262
1,662
2,015
1,805
1,900
1,124
1,048
1,124
1,038
1,017
1,074
1,021
1,301
1,463
1,071
1,196
1,151
1,068
118
127
109
115
96
130
133
114
148
137
169
118
122
501
618
640
526
559
526
540
565
651
454
650
536
710
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
1,764
1,752
1,671
1,540
1,650
1,649
1,602
1,799
1,902
1,727
1,758
1,745
1,768
5.8
5.5
5.6
5.5
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for
1973-77 are for 14,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales rose 1.6 percent in May and inventories rose $4.9 billion. According to advance
data, retail sales rose 0.8 percent in June following an increase of 0.5 percent in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
600
550
_^-^—r—-5—*—
500
^^
450
BILLIONS OF DOLLARS* (RATIO SCALE)
lou _
150
140
KtIA L INVENTOR 'ES
130 —
^S"
120
^™
110 ^—^-
-—-1
/
MANlJFACTUR1NG AND
TRAI )E INVENTO ?IES
*
<»
400
S~
-
^-x*
—
t
<
**^*"*
100
350
"***%
/
-^.' "
300
/
* ^
-T-
80
MAf ^UFACTURIh A
ANC) TRADE SALES
—
DETAIL SALE*
_
—
70
-
250
-."
90 —
-
60
50
200
Ilililliill
Illllllllll
1980
1981
I l l l l l l l l l l I l l l l l l l l l l Ilililliill
1984
1983
1982
RATIO*
1.80
150
INVENTORY-SALES RATIO
MANUFACTURING.
AND TRADE
1.60
iiiiiiiiiii
100
llliillllll I l l l l l l l l l l
1980
iimlmii
liiillilll!
1983
1984
1982
1981
1.20
1980
1981
1982
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade l
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Sales
Inventories 3
Inventories 3
Sales 2
Period
2
Inventory-sales ratio 4
Retail
Sales
2
Inventories 3
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade l
Retail
Millions of dollars, seasonally adjusted
1976
1977
1978
1979
1980
1981
1982
1983
1983: May
June
July
AllfiT
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr 7 "
May p
Jime p
1
2
3
204,277
229,624
260,263
297,565
327,113
355,762
343,504
367,096
318,544
351,055
398,457
449,542
491,431
523,623
505,546
514,336
50,694
55,987
66,117
78,680
92,658
100,673
94,765
98,649
64,078
72,311
85,568
98,008
111,792
115,854
115,563
118,067
54,781
60,435
67,242
74,948
80,064
86,960
89,547
97,831
18,150
20,724
23,211
25,179
24,365
26,306
27,041
32,095
36,631
39,711
44,031
49,770
55,699
60,654
62,506
65,735
79,273
89,530
102,504
110,592
115,550
125,710
125,384
135,843
37,841
43,135
49,858
53,413
53,952
58,559
56,748
63,447
41,432
46,395
52,646
57,179
61,598
67,151
68,636
72,396
1.48
1.46
1.44
1.43
1.45
1.43
1.50
1.37
1.38
1.40
1.43
1.44
1.41
1.39
1.39
1.33
360,488
368,971
370,181
373,283
379,229
382,457
386,564
395,682
501,035
500,615
501,379
504,284
506,984
509,171
511,453
514,336
96,646
98,577
99,941
100,894
102,171
104,210
103,793
106,892
113,557
113,172
114,124
114,227
115,674
116,825
116,958
118,067
97,239
98,638
98,832
98,277
99,537
100,923
101,896
102,438
31,705
32,790
32,597
31,951
32,905
33,882
34,641
35,532
65,534
65,848
66,235
66,326
66,632
67,041
67,255
66,906
129,197
129,782
129,556
130,983
132,142
132,777
134,622
135,843
58,796
59,120
58,614
59,400
60,627
61,048
62,441
63,447
70,401
70,662
70,942
71,583
71,515
71,729
72,181
72,396
1.39
1.36
1.35
1.35
1.34
1.33
1.32
1.30
1.33
1.32
1.31
1.33
1.33
1.32
1.32
1.33
401,133
398,815
401,905
405,880
412,499
518,062
527,216
532,766
541,060
546,000
110,125
108,328
109,553
111,043
115,029
119,201 106,602
120,411 105,482
121,477 103,873
123,785 107,505
124,479 108,094
108,969
37,127
36,909
35,306
37,436
r
37,781
38,565
69,475
68,573
68,567
70,069
r
70,313
70,404
137,977
142,731
143,910
146,883
146,928
63,749
66,513
66,946
69,010
68,246
74,228
76,218
76,964
77,873
78,682
1.29
1.32
1.33
1.33
1.32
1.29
1.35
1.39
1.37
1.36
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
4
For annual periods, ratio of weighted average inventories to avera; ; monthly sales; for monthly
data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In June, manufacturers" shipments, inventories, and unfilled orders rose and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
240
BILLIONS OF DOLLARS* (RATIO SCALE)
360
320 -INVENTORIES
280
200 — SHIPMENTS
160
-TOTAL-
240
TOTAL
120
DURABLE GOODS"
V
100
200
160
DURABLE GOODS
80
NONDURABLE GOODS
60
120
100
80
40
60
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200 — NEW ORDERS
40 l i l l i l l i l l l i M I M i l i l l l l
160
TOTAL
120
"NONDURABLE GOODS
RATIO*
2.2
INVENTORY-SHIPMENTS RATIO
DURABLE GOODS2.0
100
1.8
80
NONDURABLE GOODS
1.6
60
1.4
imihmi
40
1981
1980
1982
1.2
1984
1983
1980
1981
1982
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1983
Manufacturers' shipments 1
Manufacturers' new orders 1
Manufacturers' inventories 2
Durable goods
Period
Total
Durable
goods
1984
COUNCIL OF ECONOMIC ADVISERS
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 8
Manufacturers'
inventory
L- ~
shipments
ratio 4
Millions. of dollars, seasonally adjusted
1976 ...
1977
1978
1979
1980
1981
1982
1983 ....
98,802
113,202
126,905
143,936
154,391
168,129
159,193
170,617
50,689
59,267
67,848
76,060
77,550
83,872
76,859
85,126
48,113
53,935
59,057
67,876
78,841
84,257
82,334
85,491
175,193
189,214
210,385
240,942
264,089
282,059
264,599
260,426
112,581
121,601
137,825
160,451
174,552
186,053
175,009
171,571
62,612
67,613
72,560
80,491
89,537
96,006
89,590
88,855
99,543
115,032
131,546
147,403
156,161
167,761
157,389
173,433
51,398
61,082
72,339
79,451
79,360
83,562
75,129
87,806
12,799
15,291
19,458
23,231
23,259
24,050
20,681
22,764
48,145
53,950
59,207
67,953
76,801
84,199
82,260
85,627
182,499
203,475
259,755
301,982
323,312
318,794
296,147
330,122
1.69
1.61
1.57
1.57
1.66
1.64
1.73
1.52
1983- May
June
July
. J
Auff
Sept
Get
Nov
Dec
166,603
171,756
171,408
174,112
177,521
177,324
180,875
186,352
82,011
85,594
85,076
86,730
88,963
89,181
92,311
96,351
84,592
86,162
86,332
87,382
88,558
88,143
88,564
90,001
258,281
257,661
257,699
259,074
259,168
259,569
259,873
260,426
171,065
170,154
169,679
170,283
170,084
170,219
170,656
171,571
87,216
87,507
88,020
88,791
89,084
89,350
89,217
88,855
168,090
175,877
174,451
176,360
180,336
182,911
186,606
188,374
83,286
89,460
87,878
88,820
91,509
94,776
97,991
98,444
21,849
23,827
22,060
22,887
25,295
25,499
24,680
24,893
84,804
86,417
86,573
87,540
88,827
88,135
88,615
89,930
304,554
308,675
311,718
313,967
316,782
322,369
328,099
330,122
1.55
1.50
1.50
1.49
1.46
1.46
1.44
1.40
1984- Jan
Feb
Mar
Apr
May
June p
184,406
185,005
188,479
187,332
189,376
190,252
95,283
96,297
96,990
95,697
r
97, 944
99,171
89,123
88,708
91,489
91,635
91,432
91,081
260,884
264,074
267,379
270,392
274,593
277,315
171,549
173,203
175,751
177,993
180,578
182,272
89,335
90,871
91,628
92,399
94,015
95,043
188,671
191,336
196,477
189,715
193,680
191,025
99,439
102,345
105,183
98,317
r
!02,256
99,831
25,093
27,018
26,860
25,885
r
28,958
28,082
89,232
88,991
91,294
91,398
91,424
91,194
334,385
340,725
348,717
351,099
355,398
356,169
1.41
1.43
1.42
1.44
1.45
1.46
1
2
3
Monthly average for year and total for month. Shipments are the same as sales
Book value, end of period.
End of period.
4
For annual periods, ratio of weighted average inventories to average monthly shipments; for
monthly data, ratio of inventories at end of month to shipments for month.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In June, the producer price index for all finished goods was unchanged, seasonally adjusted. Prices of finished
consumer foods fell 0.6 percent and prices of other finished consumer goods rose 0.2 percent. Prices of capital
equipment were unchanged.
INDEX, 1967= TOO (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
320
OkllCLJCnk r*r\r\T\C
SEASONALLY ADJUSTED
— FINISHED GOODS
300
•
'
280
-t<^\
s^-\
260
—
^
^
300
• »,
^ -•'— — •«
^.^^sS^asi 2&ZZ
—
r^
-
Z^^
.^^ S-*
\
CAPITAL E 3UIPMENT
.^&
.//,f<-'J
240
"~"
280
TOTAL FINISHED
GOODS
~~
320
CONSUMER GOODS
EXCLUDING? ruuuo
260
\
CONSUMER FC ODS
"~
240
—
S ^-'%''
220
/*"''
""
.s*' ,J S-&
200
220
*4?^/
</
_
200
' -'^ '
^>-'
\y\.*v.-^
,1
180
_
180
^7-'-''
-^^
—
s
160
140
160
M l i l l l l l l l Illllllllll H M i l l mi i 1 1 1 1 1 1 1 1 1 1 1 i 1 1 ll 1 ! 1 ! ! 1 1 i 1 1 ! I 1 1 i ! I l l l l l l l l l l M l l i h l l l i M l i l l l l l l l 140
1976
1977
1979
1978
1980
1984
1983
1982
1981
SOURCE-. DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
Finished goods
Period
1976
1977
1978...
1979
1980
1981
1982
1983
1983: June
July
AufiT
Sept
Oct
Nov
Dec
1984: Jan
Feb r
Mar
Apr
May
June
1
Total
finished
goods
170.6
181.7
195.9
217.7
247.0
269.8
280.7
285.2
285.2
285.2
286.3
286.6
287.1
286.9
287.4
289.1
290.2
291.6
291.6
291.5
291.4
Finished goods excluding consumer foods
Con-
sumer
foods
180.4
189.9
207.2
226.2
239.5
253.6
259.3
261.8
260.5
259.3
260.2
262.1
264.8
263.9
265.8
272.8
274.5
276.7
275.1
271.9
270.3
Total
166.1
177.7
190.7
213.3
247.8
273.3
285.8
290.8
291.3
291.8
292.8
292.6
292.3
292.5
292.4
292.3
293.1
294.3
294.8
295.7
296.2
Intermediate materials for food manufacturing and feeds.
22
Consumer goods
Total
162.6
174.3
186.7
211.5
250.8
276.5
287.8
291.4
292.1
292.5
293.5
293.4
292.8
292.9
292.4
292.0
292.7
293.8
294.1
295.2
295.8
Durable
144.5
152.8
166.9
183.2
206.2
218.6
226.7
233.1
233.8
234.1
234.7
234.4
233.0
233.8
234.0
234.0
235.2
237.3
237.2
236.8
237.2
Nondurable
Capital
equipment
174.8
189.3
200.0
231.3
283.9
319.6
333.6
335.3
336.0
336.7
337.9
337.9
338.1
337.5
336.5
335.7
336.1
336.3
337.0
339.3
339.9
173.4
184.6
199.2
216.5
239.8
264.3
279.4
287.2
287.0
287.5
288.8
288.5
288.6
289.0
289.8
290.5
291.7
292.9
293.8
294.4
294.5
Total
finished
Intermediate materials
Crude materials
Foods
Foodstuffs
con-
Total
169.7
180.7
194.9
217.9
248.9
271.3
281.0
284.6
284.7
284.6
285.5
286.1
286.6
286.3
286.7
288.7
289.8
291.3
290.9
290.6
290.4
189.1
201.5
215.6
242.2
280.3
306.0
310.4
312.3
311.3
312.2
313.4
315.3
316.2
316.6
317.1
317.0
317.6
319.1
319.3
320.2
321.6
sumer
goods
and
Other
Total
185.3
190.5
203.1
226.1
252.6
250.3
239.4
247.9
242.5
242.1
249.4
261.4
258.4
258.9
257.8
261.1
256.5
259.5
260.3
259.6
257.3
189.4
202.3
216.5
244.4
282.3
310.1
315.7
317.1
316.4
317.4
318.2
319.5
320.6
321.0
321.5
321.2
322.2
323.6
323.8
324.8
326.5
202.7
209.2
234.4
274.3
304.6
329.0
feeds 1
Source: Department of Labor, Bureau of Labor Statistics.
319.5
323.6
and
Other
190.2
192.1
216.2
228.5
245.0
272.3
330.0
401.0
482.3
473.9
477.4
480.5
481.3
482.6
485.2
482.3
483.1
484.4
479.9
481.4
479.4
485.4
490.8
493.3
feedstuffs
247.9
259.2
257.4
247.8
252.2
321.1
317.9
247.1
325.0
328.8
329.2
330.4
333.6
336.0
330.9
337.7
337.5
334.3
251.9
331.1
242.0
256.2
258.2
259.6
263.6
269.4
261.1
272.2
269.0
261.7
255.7
CONSUMER PRICES
In June, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (0.3 percent not
seasonally adjusted). The index was 4.2 percent above its level in June 1983.
INDEX, 1967= 100 (RATIO SCALE)
320
INDEX, 1967= 100 (RATIO SCALE)
320
300
300
280
280
260
260
240
240
ALL ITEMS
220
220
200
200
180
180
160
160
140
Mill
Ll 140
1976
1977
1980
1979
1978
1981
1983
1982
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
1984
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Housing
Transportation
Shelter
Period
All
items l
Food
Total l
Total
Renters'
costs 2
NSA
Rel. imp.5
1976
1977
1978
1979
1980
1981
1982
1983
1983: June
July
Aug
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
100.0
18.7
170.5
181.5
195.4
217.4
246.8
272.4
289.1
2984
298.1
299.3
300.3
301.8
302.6
303.1
303.5
305.2
306.6
307.3
308.8
309.7
310.7
180.8
192 2
211.4
2345
254.6
274.6
285.7
291 7
291.5
291.2
291.7
292.3
293.5
294.1
295.4
300.2
302.2
301.8
301.7
300.9
301.3
1
Includes items not shown separately.
2
December 1982=100.
3
Includes direct pricing of diesel and gasohol
4
37.6
174.6
1865
202.8
227.6
263.3
293.5
314.7
323 1
321.9
323.2
324.1
325.3
326.0
327.4
328.1
329.6
331.1
331.2
333.3
334.1
334.9
21.5
179.0
191 1
210.4
239 7
281.7
314 7
337.0
3448
343.3
345.1
346.3
348.0
349.3
350.7
351.8
353.0
353.8
355.3
357.6
358.7
360.0
7.0
1030
102.5
103.1
103.6
104.2
104.6
105.0
105.3
105.7
106.0
106.5
107.4
107.8
108.2
Homeowners'
costs 2
Mainte-
NSA
NSA
14.0
102.5
102.2
102.7
103.0
103.5
103.9
104.3
104.5
104.9
105.1
105.6
106.2
106.5
106.8
nance
and
repairs
0.5
199.6
2147
233.0
256.4
285.7
314.4
334.1
346.3
345.1
346.1
347.9
346.6
351.1
353.4
354.7
356.7
353.5
355.3
356.3
357.3
358.9
beginning September 1981.
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 1983.
Fuel
and
other
utilities
Apparel and
upkeep
8.2
5.2
147.6
1542
159.6
1666
178.4
186.9
191.8
196.5
196.3
197.3
197.9
198.2
198.2
198.5
198.5
199.0
198.5
198.6
198.5
198.6
198.1
182.7
202 2
216.0
239.3
278.6
3192
350.8
370.3
369.3
370.7
371.9
372.9
372.2
374.4
373.8
378.2
384.8
380.9
383.9
384.6
385.4
Medical
Total l
New
cars
Motor
fuel 3
care
Energy 4
All
items
less
food,
energy,
and
shelter
21.8
165.5
177 2
185.5
2120
249.7
280.0
291.5
298.4
297.3
298.7
300.8
302.8
304.4
305.5
306.1
306.7
306.6
309.4
311.2
312.7
312.1
3.5
135.7
142 9
153.8
1660
179.3
1902
197.6
2026
201.3
201.7
203.3
204.9
205.5
205.3
205.7
205.6
206.4
207.4
207.6
207.2
207.3
5.9
177.9
188 2
196.3
265 6
369.1
4109
389.4
3764
381.0
382.5
383.7
383.7
383.2
381.6
379.8
375.9
370.5
374.0
375.4
376.1
370.4
6.1
184.7
202.4
219.4
239.7
265.9
294.5
328.7
357.3
356.5
358.5
360.3
361.7
362.9
364.7
366.0
368.6
371.5
373.5
375.3
377.3
379.0
11.9
189.3
207.3
220.4
275.9
361.1
410.0
416.1
419.3
421.6
423.2
424.6
425.1
424.2
424.5
423.3
421.7
422.7
421.8
424.7
425.4
422.6
47.9
159.9
1695
179.1
191.5
208.3
228.1
245.6
258.4
257.1
258.4
259.7
260.9
262.2
263.5
264.2
265.8
266.7
267.8
269.1
270.0
270.7
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and
clerical workers.
Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and
therefore are not strictly comparable with figures for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly datt seasonally adjusted, except as noted]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Capital
equipment
Total
finished
goods
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Poods
Capital
equipment
Total
finished
Excluding
foods
Foods
goods
Capital
equipment
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1975
1976...
1977
1978
1979
1980
1981
1982
1983
6.6
3.7
6.9
9.2
12.8
11.8
7.1
3.7
.6
1983' June
July
0.4
0
.4
.1
.2
— .1
.2
5.5
-2.5
6.9
11.7
7.4
7.5
1.4
2.1
2.3
6.7
6.0
6.7
8.5
17.5
14.2
8.5
4.2
-.8
8.2
6.4
7.3
7.9
8.8
11.4
9.2
3.9
1.9
10.8
4.4
6.5
7.8
11,1
13.5
9.2
4.0
1.6
Change, month to month
Aug
Sept
Oct
Nov
Dec
1984- Jan
Feb r
Mar r
Apr
May r
June
5
.3
.71.0
.3
.7
0.9
.1
.3
-.0
2
.0
2
0.2
.2
.5
— .1
.0
.1
.3
2.6
2.7
3.1
2.0
2.7
.8
1.1
-5.7
2.7
2.5
8.8
5.8
5,8
4.5
6.8
5.6
1.8
.4
-.8
14
1.7
2.3
3.2
2.1
1.5
.3
1.8
-0.3
1.1
1.8
2.3
2.7
2.0
1.5
0.7
.2
— .7
.8
1.3
1.5
4.1
-2.0
1.1
2.5
3.1
3.6
2.4
.2
2.6
r
.6
.8
.6
-1.2
.6
-j
.2
A
.1
.4
.2
.2
.4
.4
.3
.2
.0
2.8
4.7
6.0
3.5
1.8
-.3
12.6
17.1
17.4
3.4
37
-8.9
11
-.3,
1.9
2.9
3.5
2.8
2.7
3.8
4.3
4.6
3.8
2.2
2.8
2.7
3.5
3.2
3.2
2.8
10.7
11.3
11.5
7.9
6.2
3.4
-.3
-0.6
.6
.4
.5
0
__,o
-.0
0.9
NOTE.—NSA indicates data are not seasonally adjusted.
-.5
.3
.9
1.6
2.3
2.7
1.9
1.9
1.8
2.0
1.8
1.4
1.3
1.4
1.2
.7
.6
2.1
2.0
3.1
3.6
3.8
3.3
2.0
2.3
2.9
2.9
2.6
2.2
1.9
2.4
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Housing
Period
All
items 1
Food
Total l
Total *
Homeowners'
costs
Renters'
costs
Addendum: All items, percent change
(annual rate)
Transportation
Shelter
Fuel
and
other
utilities
Apparel
and
upkeep
Total 1
New
cars
Motor
fuel 2
Medical
care
Ener-
gy 3
All
items
less
food,
energy,
and
shelter
From
previous
quar-4
ter
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
NSA
Change, December to December, NSA
7.0
4.8
6.8
9.0
13 3
12.4
89
3.9
3.8
1975
1976
1977
1978
1979
1980
1981
1982
1983
6.5
.6
8.0
11.8
10 2
10.2
43
3.1
2.6
7.5
5.4
7.6
9.9
15 2
13.7
102
3.6
3.5
7.3
4.2
8.7
11.5
174
15.1
99
2.4
4.7
5.1
4.5
11.2
9.0
8.1
5.9
16.0
13.6
14.5
9.7
1.8
2.3
4.5
4.2
3.2
5.5
6.8
3.6
1.6
2.9
9.8
8.8
4.3
7.7
18.2
14.7
11.0
1.7
3.9
4.8
7.2
6.2
7.4
7.5
6.8
1.6
3.4
11.0
2.6
4.9
8.5
52.2
18.9
9.4
-6.5
-1.7
9.9
10.1
8.8
8.8
10.1
10.0
12.5
11.0
6.4
11.6
6.9
7.2
8.0
37.4
18.1
11.9
1.3
-.5
6.4
7.0
5.2
6.5
7.2
9.9
9.4
6.1
5.0
7.3
9.1
5.8
6.5
7.7
11.3
13.5
10.4
6.1
3.2
Change, month to month
1983:
1984:
June
July
Aug
Sept ......
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
0.2
.4
.4
.4
.4
.4
.2
02
i
.2
.2
.4
.2
.4
0.2
.4
.3
.4
.2
.4
.2
0.3
.5
.3
.5
.4
.4
.3
0.3
.6
.5
.6
.4
.4
.3
0.2
.5
.3
.5
.4
.4
.2
0.2
.4
.3
.3
-.2
.6
-.2
0.3
.5
.3
.2
0
.2
0
0.3
.5
.7
.7
.5
.4
.2
0.1
.2
.8
.8
.3
— .1
.2
0.3
.4
.3
0
1
— .4
-.5
0.5
.6
.5
.4
.3
.5
.4
0.3
.4
.3
.1
— .2
.1
-.3
0.3
.5
.5
.5
.5
.5
.3
.6
.4
.2
.5
.2
.2
1.6
.7
1
-.0
-.3
.1
.5
.5
.0
.6
.2
.2
.3
.2
.4
.6
.3
.4
.4
.3
.5
.8
.4
.4
.4
.2
.5
.6
.3
.3
1.2
1.7
-1.0
.8
.2
.2
.3
-.3
.1
— .1
.1
-.3
.2
-.0
.9
.6
.5
— .2
-.0
.4
.5
.1
2
.0
10
-1.4
.9
.4
.2
-1.5
.7
.8
.5
.5
.5
.5
— .4
.2
— .2
.7
.2
-.7
.6
.3
.4
.5
.3
.3
1
Includes
2
Includes
3
items not shown separately.
direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc.,
also included through 1982.
4
Changes are shown in the middle month of the quarter.
NOTE.—NSA indicates data are not seasonally adjusted.
24
4.1
4.5
5.0
3.7
5.4
4,1
3.8
4.5
4.6
4.6
4.0
3.3
3.4
4.3
5.0
4.4
4.2
4.3
2.6
2.4
2.6
2.9
2.9
3.2
3.8
5.0
5.0
5.0
4.3
3.6
3.3
4.8
4.8
4.5
4.6
4.3
4.1
4.1
4.6
4.7
4.5
4.2
4.2
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with data for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 0.7 percent in July and prices paid by farmers were unchanged.
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
iOU
180
_
160
_*•«•».
—— «*
160
*••*"•*
PRICES PAID
^^
\
^**\
x
140
r
V -^-x
A~" >^f\7
J\
120
-~/V ^a
100
._.^>^
s
/
PRICE S RECEIVED
r
r-*-N-*
140
—
^
120
—
100
—
80
80
I l l l l l l l l l i I M I l l l l M I Ml M !l MM 60
RA TIO^
140
60 I M l l f l H H I l l l l l l l l l i I l l l l l l l l l i I l i l l l l i l l l I l l l l l l l l l i
RATHDiy
140
DATIO
120
^^.
100
,~^_
^~
^—
80
—
60
l||llillill
1976
l l l l l l i lM l I M I l l l l M I I M I l l l l M I
1977
1978
120
r^~
iiiiiiiiin
1979
—
100
^-\_
(•.^...^j,*
_ HO
Ilillllilll M M I M I M I Illlillllll M M I I I M M
1980
1981
1982
1983
60
1984
.!/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Prices paid by farmers
Prices received by farmers
Period
1976
1977
1978
1979 ...
1980
1981
1982
1983
1983:
July
AllfiT
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
All farm
products
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
101
100
124
147
144
143
145
141
95
100
108
123
138
150
157
161
95
100
109
125
139
151
155
159
97
100
108
125
138
148
150
153
107
100
106
107
97
93
85
84
!24
139
135
133
134
r
!36
!38
139
137
135
r
!36
143
160
161
162
161
162
163
159
159
160
159
160
161
152
153
154
153
154
155
r
138
137
139
140
144
145
140
150
151
151
151
145
143
145
164
165
165
166
166
166
166
162
163
164
164
164
163
163
156
156
157
158
157
157
156
Livestock and
products
Crops
102
100
115
132
134
139
133
r
!34
102
100
105
116
125
134
121
r
!27
r
r
!31
139
136
134
135
140
144
144
145
146
144
144
143
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
r
Production
items
Ratio 2
82
86
84
83
83
86
88
87
88
88
87
87
86
have been converted to a 1977=100 base to facilitate comparison with other indexes.
Series revised.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in the monetary aggregates slowed in June.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RAT10 SCALE)
3,200
3,200
2,800
2,800
300
1984
1976
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
, '
Period
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1983:
Dec
Dec ..
Dec.....
Dec
Dec
Dec...
Dec
Dec r .
June
July
. J
Aug
Sept .
Oct r
Nov r .
Decr.
1984- Jan r
Feb r
Mar r
Apr r.
May r.
June p
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs 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
310.4
335.4
363.1
389.1
414.9
441.9
480.5
525.3
510.9
514.9
517.4
518.9
521.6
523.0
525.3
530.0
532.9
535.1
535.3
541.0
546.1
1,163.6
1,286.7
1,389.1
1,498.5
1,632.6
1,796.6
1,965.3
2,196.2
2,117.0
2,126.6
2,135.3
2,147.9
2,167.2
2,182.1
2,196.2
2,206.8
2,222.5
2,230.0
2,242.7
2,258.4
2,271.5
1,311.9
1,472.9
1,647.1
1,804.8
1,989.8
2,236.7
2,460.3
2,707.8
2,593.0
2,604.0
2,617.2
2,636.4
2,656.1
2,686.9
2,707.8
2,721.4
2,744.3
2,765.3
2,789.8
2,815.6
2,835.4
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
NOTE.—The nontransactions portion of M2 is now being seasonally adjusted as a whole to reduce
26
L
M3 plus
other liquid
assets
1,516.6
1,704.7
1,910.6
2,117.1
2,326.0
2,598.4
2,868.7
3,178.0
3,033.1
3,059.7
3,075.1
3,097.6
3,113.8
3,144.8
3,178.0
3,197.1
3,226.8
3,268.8
3,295.1
3,326.5
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
2,507.5
2,823.1
3,194.2
3,578.1
3,920.8
r
4,301.7
r
4,691.6
5,204.3
r
4,931.3
r
4,983.9
r
5,025.0
r
5,066.3
5,109.4
5,153.0
5,204.3
5,260.0
5,317.0
5,371.4
5,431.8
5,497.2
Percent change from year or 6
months earlier 2
Ml
6.6
8.1
8.3
7.2
6.6
6.5
8.7
9.3
13.1
12.7
11.0
9.3
9.7
6.6
5.7
6.0
6.1
6.3
5.3
7.0
8.1
M2
13.7
10.6
8.0
7.9
8.9
10.0
9.4
11.7
16.0
11.1
8.1
7.9
8.4
7.7
7.6
7.7
8.3
7.8
7.1
7.1
7.0
M3
11.9
12.3
11.8
9.6
10.3
12.4
10.0
10.1
11.1
9.4
8.1
8.4
8.4
9.2
9.1
9.2
9.9
10.0
10.3
9.8
9.6
Debt
10.7
12.6
13.1
12.0
9.6
9.7
9.1
10.9
10.5
11.2
11.7
11.8
11.7
11.6
11.4
11.4
12.0
12.4
13.0
13.8
distortions caused by substantial portfolio shifts arising from regulatory and financial changes in
recent years, especially shifts to MMDAs in 1983. A similar procedure is being used to seasonally
adjust the remaining nontransactions balances in MS.
See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Period
Demand
deposits
Currency
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1976: Dec ....
1977: Dec....
1978: Dec ....
1979: Dec ....
1980: Dec ....
1981: Dec....
1982: Dec ....
1983: Dec ....
1983:
June
July
Aug
Sept
Oct
Nov
Dec
1984:
Jan
Feb..
Mar
Apr r
May r
June p.
80.5
88.5
97.4
106.3
116.7
124.0
134.1
148.0
224.4
239.6
253.8
261.9
266.5
236.2
239.7
243.7
141.6
142.4
143.5
144.8
146.0
147.2
148.0
149.9
150.2
150.9
151.8
152.9
154.2
Money market
mutual fund
balances
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Savings
deposits
Small
denomination
time
deposits l
Large
denomination
time
deposits l
NSA
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
43.0
376.0
452.8
491.3
480.8
423.1
401.4
345.7
362.1
312.9
391.0
446.0
521.9
635.8
731.4
827.3
856.9
793.1
118.1
145.1
195.2
222.1
258.5
301.6
327.9
325.9
14.1
19.4
27.0
30.1
34.7
37.0
40.2
56.0
14.8
20.2
31.8
44.7
50.3
67.5
81.7
r
93.4
71.8
76.4
80.3
79.5
72.3
67.7
67.9
71.0
70.4
78.4
82.0
108.6
133.8
149.9
187.8
223.3
10.8
14.1
22.0
27.1
32.0
39.8
43.9
43.4
51.7
62.9
79.2
97.0
98.1
104.2
108.8
132.4
39.5
38.6
38.4
38.8
39.8
40.6
40.3
368.6
370.5
368.6
369.5
370.5
372.9
376.0
322.8
320.7
319.3
317.9
317.1
315.4
B12.9
724.8
737.0
749.0
759.0
773.0
785.5
793.1
303.0
304.2
308.6
313.2
315.6
320.8
325.9
45.5
44.3
46.9
48.0
47.3
53.4
56.0
91.9
92.1
91.9
90.4
r
86.6
r
91.7
r
93.4
69.8
70.1
70.3
70.5
70.7
70.8
71.0
206.8
219.6
222.9
221.6
218.5
217.2
223.3
40.6
41.6
43.6
43.8
42.8
43.0
43.4
122.9
124.4
121.0
125.3
125.7
126.9
132.4
40.6
41.6
41.8
41.8
42.0
42.3
380.3
386.0
392.5
396.4
394.7
393.1
309.9
306.6
305.5
305.4
305.2
304.7
797.0
600.9
803.4
808.3
816.9
829.2
333.4
340.3
348.3
355.7
367.1
378.1
r
71.2
71.7
226.6
231.8
245.8
241.8
240.0
42.8
41.7
42.6
43.3
45.4
135.0
137.2
142.9
147.7
152.7
8.5
17.1
27.6
77.4
102.4
128.8
10.6
14.7
20.3
21.2
28.3
35.9
44.1
56.2
2.4
2.4
6.4
33.4
61.6
150.6
185.2
138.2
0.6
.9
3.1
9.5
15.0
36.2
48.4
40.3
243.0
244.5
243.7
243.0
243.6
242.8
243.7
121.7
123.4
125.6
126.4
127.2
128.2
128.8
56.1
55.1
52.4
53.5
57.0
55.2
56.2
140.2
138.7
139.1
137.9
137.5
138.8
138.2
244.5
243.8
244.0
245.3
245.2
248.2
130.7
133.8
135.3
133.1
137.7
138.6
58.6
59.5
58.3
57.5
59.2
56.5
137.9
142.1
144.8
146.0
146.4
148.7
2.7
4.2
Money
market
deposit
accounts
(MMDAs)
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—See note p. 26.
53.3
54.5
55.9
59.8
61.4
58.3
r
90.7
90.7
r
94.2
93.9
94.3
90.0
r
, 72.2
72.5
72.8
Travelers checks are a component of money stock but are not shown here.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Installment credit outstanding (end of period)
Period
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
-..
.
1983- May
June.....
July
AufiT
Sept
Oct
Nov
Dec
.
1984- Jan
Feb
Mar
Apr
May
.. .
Mobile
home
Automobile
Revolving
21,338
35,921
42,746
37,723
2,579
20,524
18,726
39,774
10,519
15,092
18,973
14,660
285
8,515
4,476
12,077
2,038
19,922
8,577
8,170
1,726
5,409
5,144
10,111
148
367
302
1,644
459
577
4,240
1,341
8,633
540
14,894
13,249
109
6,023
4,866
16,245
136,291
137,445
138,449
139,407
140,831
143,007
145,195
147,818
2,272
3,861
3,706
4,093
2,553
5,093
4,819
5,782
706
1,440
1,849
2,372
295
1,709
1,268
1,468
584
1,104
616
541
579
1,238
1,427
1,690
100
163
237
222
255
-30
-64
1
882
1,154
1,004
958
1,424
2,176
2,188
2,623
149,768
152,430
154,728
156,825
160,250
4,469
6,608
5,870
6,408
10,233
2,106
2,799
326
2,158
3,689
505
1,273
2,962
1,868
2,817
-92
-127
285
285
302
1,950
2,662
2,298
2,097
3,425
Other
Revolving
190,725
226,646
269,392
307,115
309,694
330,218
348,944
388,718
67,798
82,890
101,863
116,523
116,808
125,323
129,799
141,876
16,505
36,427
45,004
53,174
54,900
60,309
65,453
75,564
14,530
14,897
15,199
16,843
17,302
17,879
22,119
23,460
91,892
92,432
107,326
120,575
120,684
126,707
131,573
147,818
358,811
362,672
366,378
370,471
373,024
378,117
382,936
388,718
131,475
132,915
134,764
137,136
137,431
139,140
140,408
141,876
68,369
69,473
70,089
70,630
71,209
72,447
73,874
75,564
22,676
22,839
23,076
23,298
23,553
23,523
23,459
23,460
393,187
399,795
405,665
412,073
422,306
143,982
146,781
147,107
149,265
152,954
76,069
77,342
80,304
82,172
84,989
23,368
23,241
23,526
23,811
24,113
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Net change in installment credit outstanding *
Automobile
Total
19761977:
19781979:
19801981:
1982:
1983-
Mobile
home
Total
Other
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND INVESTMENTS, AND RESERVES
Growth in commercial and industrial loans slowed in June.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,800
1,600
1,400
1,200
BILLIONS OF DOLLARS* (RATIO SCALE)
1,800
1,600 — ALL COMMERCIAL BANKS —
1,400
1,200
1,000
1,000
800
800
LOANS AND LEASES
600
600
400
400
INVESTMENT IN OTHER SECURITIES
200
200
160
160
120
120
80
80
INVESTMENT IN
U.S. TREASURY SECURITIES
|llh 11 j I
40
1976
1 1 1 1 1 ll j II i iiiiililll
1977
l i i i l l l l i l l l i l i l l l i l l i I 11 i 11 I i I
I
1979
1978
1981
1980
1983
1982
M i l l 40
1984
•SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted, except as noted]
Depository institutions 3
All commercial banks 1
Loans and leases
Period
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
Dec
Dec .
Dec
Dec
Dec
Dec
Dec
Dec r
Total loans
and
investments
,
1983: June
July
AufiT .
Sept
Oct
Nov
Dec r
1984: Jan
Feb r.
Mar r
Apr r.
May r
June p
1
2
3
...
Total 2
U.S. Treasury
securities
Other
securities
Total
Nonborrowed
Eequired
Total
Seasonal
804.6
891.5
1,013.5
1,135.9
1,239.6
1,316.3
1,412.0
1,566.5
555.0
632.5
747.0
849.9
915.1
973.9
1,042.0
1,131.0
190.9
210.9
245.9
291.2
326.8
358.0
392.3
413.8
100.8
99.8
93.8
94.5
110.0
111.0
130.9
188.0
148.8
159.3
172.8
191.5
214.4
231.4
239.2
247.5
25.28
26.29
27.55
28.72 ••
30.64
31.51
33.63
35.28
25.22
25.72
26.68
27.25
28.95
30.88
32.99
34.51
25.00
26.10
27.32
28.39
30.13
31.20
33.13
34.72
53
569
868
1,473
1,690
636
634
774
13
55
135
81
116
54
33
96
1,488.0
1,499.9
1,513.2
1,520.3
1,532.9
1,548.9
1,566.5
1,070.6
1,080.9
1,091.0
1,096.3
1,104.1
1,115.7
1,131.0
395.0
399.2
402.5
402.6
404.7
407.8
413.8
171.2
172.9
174.4
176.9
182.3
186.2
188.0
246.2
246.1
247.8
247.1
246.5
247.1
247.5
35.05
35.19
35.22
35.31
35.32
35.25
35.28
33.42
33.74
33.67
33.87
34.47
34.34
34.51
34.57
34.69
34.77
34.81
34.81
34.72
34.72
1,636
1,453
1,546
1,441
844
906
774,
122
171
198
190
142
121
96
1,585.2
1,604.9
1,621.8
1,630.6
1,651.4
1,655.7
1,144.6
1,164.4
1,181.7
1,194.3
1,214.2
1,224.1
418.2
424.0
434.1
437.2
447.6
453.2
188.7
188.3
187.1
185.9
187.5
183.3
252.0
252.2
253.1
250.5
249.7
248.3
35.50
36.07
36.10
36.10
36.43
37.23
34.79
35.50
35.15
34.87
33.44
33.93
34.89
35.12
35.40
35.61
35.85
36.47
715
567
952
1,234
2,988
3,300
86
103
133
139
196
264
Data are averages of Wednesday figures.
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
28
Commercial
and industrial
loans
Borrowings
(millions of dollars,
unadjusted)
Reserves adjusted
for changes in
reserve requirements
Investments
NOTE.—Beginning Dec. 1981, bank loans and investments and reserves aggregates have been
reduced because of shifts from U.S. banking offices to International Banking Facilities (IBFs).
Source; Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal
Credit market funds
1
Securities
Total
Total
190.1
156.9
210.8
254.1
317.5
345.7
333.2
365.8
308.6
434.4
302.8
329.9
327.4
274.5
340.0
457.3
430.4
509.9
517.1
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
H
m.
IV
1983- I.
n
TTT
IV
1984: Ip
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.6
240.5
282.4
233.5
240.2
244.0
244.3
250.7
270.3
294.1
314.4
316.6
104.4
37.2
76.6
96.7
141.8
156.9
143.7
135.2
68.1
152.0
69.3
89.7
83.4
30.2
89.3
187.0
136.3
195.5
200.5
69.9
30.7
54.5
72.4
80.5
88.2
90.9
92.2
84.1
85.8
102.8
89.9
89.0
54.6
68.9
81.9
61.0
131.6
101.7
mortgages
Loans and
short-term
paper
26.3
38.7
38.2
35.8
32.8
20.9
52.4
22.5
45.2
55.3
24.8
38.6
39.6
77.8
63.4
85.8
35.8
36.2
-23.8
43.6
-8.0
16.3
36.6
47.7
67.3
38.5
69.7
38.9
30.5
78.0
51.3
49.4
23 2
5.2
-3.9
25.2
95.4
125.5
and
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Total
Other 2
34.5
6.5
22.1
24.3
61.3
68.8
52.8
43.0
- 16.0
66.2
-33.4
2
-5.6
24 4
20.3
105.1
75.4
64.0
98.9
190.1
150.9
201.8
237.6
293.6
346.7
320.1
324.3
250.9
391.0
232.1
279.3
270.4
222.0
280.0
410.0
403.6
470.6
495.4
Capital
expenditures 3
137.9
109.7
148.3
175.1
201.6
219.4
221.2
261.6
231.2
259.7
242.4
242.2
240.1
200.2
202.4
252.9
282.6
301.1
347.5
Increase in
financial
assets
52.2
41.2
53.5
62.5
92.0
127.3
98.9
62.7
19.7
131.3'
103
37.1
30.3
21.8
77.6
157.1
121.0
169.5
147.9
Discrepancy
(sources less
uses)
0.0
6.0
9.0
16.5
23.8
-1.0
13.1
41.6
57.7
43.3
70.8
50.5
56.9
52.5
60.0
47.2
27.0
39.2
21.7
. 3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilities
Current assets
End of period
Total
SEC series: 2
1970 ..
1971
1972
1973
1974
QFR-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981 . . .
1982
1983 p
1982- I
....... .
n
ni
IV
1983- I
n
m
rv p
1
Cash
U.S.
Government
securities
Net
Notes and
accounts
receivable
3
Total
Notes and
accounts
payable
Other
current
liabilities
working
capital
Current
ratio 1
492.3
529.6
599.3
697.8
790.7
50.2
53.3
59.0
66.3
71.1
7.7
11.0
10.6
12.8
12.3
206.1
221.1
248.2
288.5
322.1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
66.4
71.7
304.9
326.0
375.6
450.9
530.4
211.3
220.5
282.9
340.3
402.3
93.6
105.5
92.7
110.7
128.1
187.4
203.6
223.7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
735.4
759.0
827.4
912.7
1,043.7
1,214.8
1,327.0
1,419.3
1,425.4
1,561.2
1,418.0
1,417.2
1,441.8
1,425.4
1,437.3
1,465.1
1,522.5
1,561.2
73.2
82.1
88.2
97.2
105.5
118.0
126.9
131.8
144.0
164.9
121.8
124.1
126.9
144.0
138.7
145.0
148.1
164.9
11.1
19.0
23.5
18.2
17.2
16.7
18.7
17.4
22.4
30.2
16.5
16.5
18.9
22.4
26.0
27.9
26.6
30.2
265.8
272.1
292.9
330.3
388.0
459.0
506.8
530.3
511.0
579.0
533.4
531.2
534.2
511.0
518.4
535.0
563.4
579.0
319.5
315.9
342.5
376.9
431.8
505.1
542.8
585.1
575.2
591.9
591.6
587.6
596.5
575.2
573.4
571.0
590.7
591.9
65.9
69.9
80.3
90.1
101.1
116.0
131.8
154.6
172.6
195.3
154.7
157.9
165.3
172.6
180.7
186.2
193.7
195.3
453.4
451.6
495.1
557.1
669.5
807.3
889.3
976.3
977.8
1,056.7
987.0
988.7
1,007.6
977.8
987.1
996.4
1,037.1
1,056.7
269.8
264.2
282.1
317.6
383.0
460.8
513.6
558.8
552.8
598.8
552.9
554.9
562.7
552.8
542.7
550.8
577.3
598.8
183.6
187.4
213.0
239.6
286.5
346.5
375.7
417.5
425.0
457.9
434.0
433.8
444.9
425.0
444.4
445.6
459.9
457.9
282.0
307.4
332.4
355.5
374.3
407.5
437.8
442.9
447.6
504.6
431.0
428.5
434.2
447.6
450.2
468.6
485.4
504.6
1.622
1.681
1.671
1.638
1.559
1.505
1.492
1.454
1.458
1.477
1.437
1.433
1.431
1.458
1.456
1.470
1.468
1.477
Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
2
Other
current
assets
Inventories
NOTE.—SIC 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
Longer-term interest rates fell in July.
PERCENT PER ANNUM
1983
1976
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BEIOW
[Percent per annum]
U.S. Treasury security yields
Period
Constant maturities
3-year
2
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
Corporate
Aaa bonds
(Moody's)
1978
1979
1980 .
1981
1982
1983 ....
7.221
10.041
11.506
14.029
10.686
8.63
1983: July
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May.
June r
July
9.12
9.39
9.05
8.71
8.71
8.96
8.93
9.03
9.44
9.69
9.90
9.94
10.13
10.90
11.30
11.07
10.87
10.96
11.13
10.93
11.05
11.59
11.98
12.75
13.18
13.08
11.38
11.85
11.65
11.54
11.69
11.83
11.67
11.84
12.32
12.63
13.41
13.56
13.36
9.46
9.72
9.57
9.64
9.79
9.90
9.61
9.63
9.92
9.98
10.55
10.71
10.50
12.15
12.51
12.37
12.25
12.41
12.57
12.20
12.08
12.57
12.81
r
13.28
13.55
13.44
Week ended:
1984: June 23
30
July 7 ........
14........
21
28
Aug 4
10.01
9.77
10.01
10.04
10.17
10.30
10.40
13.24
13.46
13.38
13.19
13.06
12.86
13.55
13.79
13.80
13.46
13.32
13.11
10.63
10.73
10.69
10.57
10.46
10.28
13.55
13.71
13.69
13.53
13.36
13.32
8.29
9.72
11.55
14.44
12.92
10.45
8.41
9,44
11.46
13.91
13.00
11.10
5.90
6.39
8.51
11.23
11.57
9.47
8.73
9.63
11.94
14.17
13.79
12.04
Prime
commercial
paper,
6 months 4
4
7.99
10.91
12.29
14.76
11.89
8.89
Discount rate
(N.Y. F.R.
Bank) 5
7.46
10.28
11.77
13.41
11.02
8.50
Open-close
Aufif
1984:
Prime rate
charged 5by
banks *
9.06
12.67
15.27
18.87
14.86
10.79
New-home
mortgage
yields
(FHLBB) 6
9.56
10.78
12.66
14.70
15.14
12.57
Open-close
9.36
9.68
9.28
8.98
9.09
9.50
9.18
9.31
9.86
10.22
10.87
11.23
11.34
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8 50 8 50
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
10.50-10.50
10.50-11.00
11.00-11.00
11.00-11.00
11.00-11.00
11.00-11.00
11.00-11.00
1 1 00 1 1 00
11.00-11.50
11 50 1200
12.00-12.50
12.50-13.00
13.00-13.00
11.24
11.37
11.42
11.41
11.34
11.26
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
12.50-12.50
12.50-13.00
13.00-13.00
13.00-13.00
13.00-13.00
13.00-13.00
12.50
12.38
12.54
12.25
12.34
12.42
12.29
12.23
12.02
12.04
r
!2.18
12.13
i
1
Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
5
Average effective rate for year; opening and closing rate for month and week.
2
30
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as*
well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning
January 1973 not strict y comparable with prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Feder- Mood.v s Investors Service, and Standard & Poor s Corporation.
al Home Loan Bank Board
COMMON STOCK PRICES AND YIELDS
Stock prices fell in July.
INDEX, DEC. 31, 1965=50
INDEX, DEC 31,1965=50
1001
)100
90
90
COMPOSITE STOCK PRICE INDEX
JNYSE) .
80
80
70
70
60
60
50
50
40
40
1976
1984
PERCENT
20 i
PERCENT
20
—
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10
1984
SOURCES; NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stock prices l
Period
Composite
1978
1979
1980 ..
1981
1982
1983
1983: July
Ausr
Sept
Oct....
Nov .
Dec
1984- Jan
Feb
Mar
Apr
May
June r
July
Week ended:
1984: June 30
July 7
" 14
21
28
1
Industrial
Transportation
3
4
Finance
Utility
Dow- Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
53.70
58.32
68.10
74.02
68.93
92.63
96.74
93.96
96.70
96.78
95.36
94.92
96.16
90.60
90.66
90.67
90.07
88.28
87.08
58.23
64.76
78.70
85.44
78.18
107.45
113.21
109.50
112.76
112.87
110.77
110.65
112.16
105.44
105.92
106.56
105.94
104.04
102.29
43.50
47.34
60.61
72.61
60.41
89.36
92.91
88.06
94.56
95.41
97.68
98.79
97.98
86.33
86.10
83.61
81.62
79.29
76.72
39.22
38.20
37.35
38.91
39.75
47.00
46.61
46.94
48.16
48.73
48.50
47.00
47.43
45.67
44.83
43.86
44.22
43.65
44.17
56.65
61.42
64.25
73.52
71.99
95.34
99.60
95.76
97.00
94.79
94.48
94.25
95.79
89.95
89.50
88.22
85.06
80.75
79.03
820.23
844.40
891.41
932.92
884.36
1,190.34
1,213.93
1,189.21
1,237.04
1,252.20
1,250.01
1,257.64
1,258.89
1,164.46
1,161.97
1,152.71
1,143.42
1,121.14
1,113.27
96.02
103.01
118.78
128.05
119.71
160.41
166.96
162,42
167.16
167.65
165.23
164.36
166.39
157.25
157.44
157.60
156.55
153.12
151.08
5.28
5.47
5.26
5.20
5.81
4.40
4.21
4.35
4.24
4.25
4.31
4.32
4.27
4.59
4.63
4.64
4.72
4.86
4.93
88.22
88.26
87.46
87.05
85.97
104.04
104.05
102.82
102.26
100.73
79.14
79.14
77.74
75.64
74.48
43.47
43.63
44.07
44.33
44.43
80.67
80.44
79.49
78.65
77.68
1,125.80
1,127.87
1,116.78
1,111.13
1,100.46
152.87
152.98
151.54
151.06
149.37
4.92
4.86
4.97
4.91
4.99
Average of dailv closing prices.
Includes all the* stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices
2
Common stock yields
(percent) 5
New York Stock Exchange indexes (I)ec. 31, 1965 — 5'D ) 2
Earningsprice ratio
12.03
13.46
12.66
11.96
11.60
r
8.03
8.01
r
8.51
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
In the first 9 months of fiscal year 1984, there was a budget deficit of $142.2 billion, compared to a budget
deficit of $158.4 billion a year earlier.
BILLIONS OF DOLLARS
BILLiONS OF DOLLARS
900
900
800
700
600
- 600
500
500
400
400
BUDGET SURPLUS OR DEFICIT (-)
—---^^^--^^
TOO
~~"~~
~~
'^"^^
-100
^\
-200
-200
1
1976
1
1977
1
1978
!
1979
i
1980
I
1981
1
1982
1
1983
1
1984
1985
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
j
Period
Budget
receipts
Budget
outlays
Budget
surplus or
deficit (— )
Off-budget
surplus or
deficit (— )
Total
surplus or
deficit (-)
Federal debt (end of period)
Gross
Held by the
public
Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983 ...
1984 (estimates)1
1985 (estimates)1
207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
672.7
753.1
230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
796.0
850.5
932.0
-23.4
148
-4.7
45 2
-66.4
-13.0
—44.9
-48.8
-27.7
-59.6
-57.9
-110.6
195 4
-177.8
179 0
-0.1
14
-8.1
-7.3
-1.8
-8.7
104
-12.5
14 2
-21.0
17.3
-12.4
-15.2
-14.8
-23.4
-14.9
61
-53.2
73.7
— 14.7
-53.6
-59.2
-40.2
-73.8
-78.9
127.9
-207.8
193.0
-193.8
437.3
468.4
486.2
544.1
631.9
646.4
709.1
780.4
833.8
914.3
1,003.9
1,147.0
1,381.9
1,587.8
1,827.8
323.8
343.0
346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
929.4
1,141.8
1,317.8
1,509.8
Cumulative total first 9 months:
Fiscal vear 1983
Fiscal year 1984
443.4
491.2
601.8
633.4
-158.4
142 2
-7.1
-5.1
165.5
-147.3
1,324.3
1,517.2
1,093.9
1,258.5
1
Estimates from Current Budget Estimates, April 1984.
32
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 9 months of fiscal year 1984, budget receipts were $47.8 billion higher than a year earlier and budget
outlays were $31.6 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300
300
\
^~~*^~~*~*~^~*
_^——'^^**~~~"~*~
200
~~
^sseZZZZZZ^"*^
.
"
1
200
CORPORATION INCOME TAXES
100
0
\
•rVTUCD DC/-CIDTC
1
1
""
100
\
1
1
1
1
1
1
0
700
700
BUDGET OUTLAYS
600
600
NONDEFENSE
500
500
400
400
300
300
200
200
100
100
1977
1976
1978
1979
1980
1981
1984
1983
1982
1985
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Budget receipts
Budget outlays
National defense
Period
Total
Individual
income
taxes
Corporation
income
taxes
122.4
131.6
157.6
181.0
217.8
244.1
Other
Total
Total
Department of
Defense,
military
International
affairs
Social
securi-
ty and
medicare
Health
and
income
security
Net
inter-
Other
est
Fiscal year or period:
279.1
298.1
1975
1976
1977
1978
1979
1980
1981
1982
1983
600.6
672.7
285.9
297.7
288.9
296.0
753.1
331.9
40.6
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
65.7
77.0
443.4
212.8
216.2
26.7
42.1
355.6
399.6
463.3
517.1
599.3
617.8
.
1
1984 (estimates)
1985 (estimates) *
Cumulative total first 9 months:
Fiscal year 1983
Fiscal year 1984
491.2
116.1
125.0
143.0
158.6
179.8
324.2
364.5
400.5
448.4
208.4
252.2
270.8
274.6
344.2
576.7
657.2
728.4
796.0
850.5
932.0
203.9
232.9
633.4
311.0
1
Estimates from Current Budget Estimates, April 1984.
Note;—Starting in 1985 military retired pay will be financed from a trust fund in the income
security function. The national defense function will include accrual charges to pay for retirement
benefits earned by currently active duty personnel, and these will be offset in the undistributed offsetting receipts (employer share, employee retirement).
The Social Security Amendments of 1983 require that social security and medicare be shown in
491.0
601.8
86.5
89.6
97.2
104.5
116.3
134.0
157.5
185.3
85.9
88.1
95.3
102.3
113.7
131.0
153.8
180.7
209.9
237.6
272.0
204.4
231.0
156.4
169.5
264.4
7.1
5.7
5.0
6.1
6.3
10.9
11.3
10.1
9.0
13.1
17.6
152.4
164.7
7.0
9.5
202.5
223.3
239.6
259.6
63.0
76.5
78.3
80.0
86.8
109.6
126.1
134.5
150.8
125.6
145.4
23.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
109.5
123.0
66.9
76.2
85.7
105.7
108.4
119.1
114.9
111.0
113.2
125.1
114.4
168.3
177.9
114.5
108.3
67.0
81.4
88.5
86.8
77.5
89.7
104.4
116.6
130.6
150.6
178.7
the budget as a separate function. In previous budgets social security was in the income security
function and medicare was in the health function.
Data for all periods in this table are shown on as comparable a basis as is feasible.
Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1984, according to current estimates, Federal receipts rose $31.4 billion (annual rate) and
expenditures rose $12.1 billion. In the second quarter, expenditures rose $19.3 billion; receipts data are
incomplete. (Note revised series.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
800
700
-100
-200
1976
1984
1980
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Personal
tax and
nontax
receipts
Fiscal year:
1979
. ... 480.8
525.9
1980
r
609.2
1981
r
626.4
1982
r
627.1
1983
Calendar year:
493.6
1979
540.9
1980 r
1981
624.8
r
616.7
1982 r
1983
641.1
1982- I r
622.9
Hr
625.9
r
609.9
r
608.3
IV
1983- I rr
.619.8
649.3
II r
640.2
r
IV
. ... 655.0
686.4
1984- I rp
m
m
n
NOTE.—Series revised beginning 1981.
34
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
222.6
250.4
289.4
311.4
294.1
76.1
69.9
69.3
50.9
53.8
29.1
35.5
53.5
50.3
51.0
153.1
170.0
197.0
213.9
228.3
495.6
576.5
668.2
740.0
816.4
164.1
189.3
218.4
250.6
273.2
201.8
239.4
279.5
310.6
344.6
86.7
90.1
83.4
85.7
40.6
50.7
67.7
82.3
90.3
9.9
10.4
12.5
13.0
22.2
-0.0
.0
.1
230.6
257.7
298.7
306.2
295.2
310.1
315.2
298.8
300.9
298.2
304.7
284.6
293.3
301.6
307.6
74.2
70.3
65.7
46.6
59.8
48.6
48.4
47.5
42.0
46.9
59.2
66.7
66.5
73.0
29.4
39.0
56.4
48.4
52.4
50.6
47.3
47.5
48.2
47.1
53.8
54.0
54.5
54.1
54.9
159.5
173.9
204.1
215.5
233.7
213.7
214.9
216.1
217.1
227.6
231.7
234.9
240.7
257.6
261.7
509.7
602.1
689.1
764.9
819.7
729.3
737.9
773.6
818.9
805.6
816.7
821.1
835.5
847.6
866.9
168.3
197.0
228.9
258.9
269.7
249.8
245.0
261.6
279.4
273.0
270.5
269.2
266.3
267.6
299.3
209.2
251.5
286.8
321.6
345.6
303.0
311.8
327.0
344.4
340.9
348.1
343.4
350.1
347.7
349.6
80.5
88.7
87.9
83.9
86.3
82.7
85.1
83.0
84.6
85.5
86.3
86.7
86.5
90.6
91.3
42.4
53.4
73.3
84.4
94.2
80.1
83.0
87.5
87.0
87.7
90.0
97.3
102.0
107.6
110.3
9.2
11.5
12.3
16.1
23.4
13.5
12.9
14.5
23.5
18.5
20.5
24.1
30.6
34.4
16.6
-.0
.0
.1
-.0
-.4
— .1
.0
.0
.0
.0
-1.3
-.4.
.0
.2
.2
79.1
-.0
-.4
Surplus
or deficit
(-),
national
income
and
product
accounts
-14.8
-50.7
-58.9
-113.6
-189.3
-16.1
-61.2
-64.3
-148.2
-178.6
-106.3
-112.0
-163.7
-210.6
-185.7
-167.3
-180.9
-180.5
-161.3
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Industrial production (seasonally adjusted)
Period
1977
1978
1979
1980
1981
1982
1983"
1983- JuneJuly...
Augr. .
Sept
Oct
Nov
Dec..
1984: Jan
Peb
Mar
Apr p
May
June p
1
.. .
United
States
Canada
Japan
138.2
146.1
152.5
147.0
151.0
138.6
147.6
146.4
149.7
151.8
153.8
155.0
155.3
156.2
158.5
160.0
160.8
r
162.2
r
162.8
1636
152.7
157.8
167.6
165.1
r
165.9
r
149.5
157.6
r
157.0
r
158.0
r
160.5
r
163.3
r
164.5
165.9
r
169.0
r
170.2
r
165.5
r
166.3
167.0
189.7
201.1
215.3
225.2
227.5
228.4
236.5
233.3
234.0
241.2
244.8
241.4
246.4
248.2
250.2
257.0
254.1
r
255.4
259.7
France
Germany
152
155
163
161
160
158
159
157
160
160
157
155
161
160
161
r
!60
162
157
162
152.0
154.1
161.5
162.0
159.1
154.5
155.5
159.2
154.5
155.2
157.1
157.5
160.2
161.0
161.0
164.4
158.9
r
157.8
157.5
Beginning January 1978 data relate to all urban consumers.
Consumer prices (unadjusted)
United
Kingdom
Italy
145.1
147.9
157.6
166.5
162.7
159.1
150.7
145.1
146.9
134.9
151.1
148.6
152.8
146.0
United
States l
124.2
127.8
132.9
124.1
r
119.6
r
!21.7
r
125.6
r
123.0
r
126.1
r
126.1
r
127.0
r
127.7
r
128.0
129.0
r
128.5
r
128.0
r
127.0
125.7
124.1
Canada
181.5
195.4
217.4
246.8
272.4
289.1
298.4
298.1
299.3
300.3
301.8
302.6
303.1
303.5
305.2
306.6
307.3
308.8
309.7
310.7
185.9
202.5
221.0
243.5
273.9
303.5
321.0
321.5
322.9
324.5
324.5
326.5
326.5
327.5
329.2
331.1
331.9
332.7
333.3
334.7
Japan
Prance
243.0
252.3
261.3
282.3
296.2
304.1
309.7
309.7
308.3
307.4
311.4
314.2
312.2
311.4
312.3
314.2
315.1
315.9
318.2
214.5
233.9
259.1
294.2
332.7
373.1
407.9
406.9
410.4
412.8
416.0
419.2
420.9
422.4
425.4
428.0
431.0
433.6
436.2
Germany
r
156.0
160.2
166.9
175.8
186.9
196.8
203.3
r
202.9
r
203.6
r
204.3
r
204.9
r
204.9
r
205.2
r
205.7
r
206.6
r
207.1
r
207.3
r
207.7
207.8
r
r
r
r
r
United
Kingdom
Italy
255.2
286.2
328.5
398.0
472.4
549.4
631.8
632.2
638.5
641.1
649.4
660.4
667.0
670.3
678.3
685.8
690.6
695.4
699.6
703.8
292.4
316.6
359.0
423.6
473.9
514.7
538.3
537.7
540.6
543.0
545.4
547.3
549.2
550.7
550.4
552.6
554.4
561.8
563.9
565.3
Source: National sources as reported by Department of Commerce, International Trade Administration, Office of Trade and Industry Information, Trade Statistics Division, in International Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merchandise exports 1
Total
domestic
and
foreign
exports
Period
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Merchandise trade balance
Merchandise imports
General imports 3
Domestic exports
Manufactured
goods
Total 2
Exports
(f.a.s.)
less
imports
(customs
value)
Exports
(f.a.s.)
less
imports
(f.a.s.)
Exports
(f.a.s.)
less
imports
(c.i.f.)
762
-688
-2,430
-2,590
-2,300
-2,020
148
-1,440
-3,265
-3,530
-3,364
-3,030
Food,
beverages, and
tobacco
Crude
materials and
fuels
Manufactured
goods
Total
(c.i.f.
value)
827
991
1,186
1,312
1,478
1,546
2,716
3,457
4,463
4,325
5,949
7,831
4,257
5,398
6,379
8,360
9,352
10,427
8,823
11,042
13,368
15,504
18,519
21,415
7,739
6,200
5,670
11,873
12,002
13,621
22,779 -2,275
21,240 -2,647
22,490 -4,797
-3,306
-3,558
-5,783
5,567
6,011
6,581
6,465
6,855
5,891
5,360
13,101
13,796
13,912
13,754
15,107
15,124
15,478
21,852
22,858
23,746
23,477
25,465
24,185
24,033
-3,957
-5,341
-6,132
-5,195
-7,300
-6,052
-5,678
-4,893
-6,371
-7,164
-6,221
-8,432
-7,122
-6,735
6,063
6,039
6,308
6,636
5,618
6,071
17,948
17,652
17,827
18,766
17,402
16,889
27,794
27,305
27,992
29,711
26,789
26,543
-8,260
-8,935
-9,044
-10,847
-7,619
-7,723
F.a.s. value
Monthly average:
1975*
1976*
1977*
1978* . . .
1979*
1980
8,971
9,602
10,103
11,973
15,155
18,386
8,847
9,462
9,919
11,762
14,886
18,043
1,399
1,436
1,330
1,717
2,049
2,534
1,266
1,341
1,548
1,746
2,352
2,810
5,913
6,437
6,679
7,873
9,716
11,991
8,209
10,290
12,533
14,563
17,455
20,406
19,473
17,683
16,707
19,075
17,256
16,326
2,767
2,248
2,248
2,752
2,793
2,463
12,857
11,643
11,034
21,748
20,329
21,504
16,959
16,486
16,582
17,257
17,033
17,063
17,298
16,602
16,158
16,195
16,892
16,580
16,664
16,895
2,142
2,063
2,046
2,314
2,452
2,605
2,449
2,402
2,103
2,457
2,184
2,162
1,847
2,425
2,388
2,745
2,691
2,345
2,270
2,532
11,515
11,028
10,882
11,147
11,241
11,277
11,407
20,916
21,828
22,714
22,451
24,333
23,115
22,976
2,664
2,532
2,791
2,523
2,833
2,603
12,097
11,372
11,147
11,560
11,628
11,837
26,586
26,147
26,771
28,368
25,569
25,356
Customs value
1981
1982
1983
1983* June
July
Aug
Sept
Oct
Nov
Dec
1984' Jan
Feb
Mar
Apr
May
June
r
r
r
r
18,327
!7,212
17,727
17,522
17,950
17,633
17,848
16,786
17,212
17,072
17,464
17,178
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January
1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
1,529
1,485
1,568
1,490
1,486
1,480
1,466
1,747
1,565
1,591
1,759
1,773
1,865
2,028
1,761
1,576
-9,468
- 10,093
- 10,264
-12,190
-8,839
-8,910
r
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade balance.
'Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter, the current account deficit increased to a record $19.4 billion, from $17.2 billion in the fourth
quarter of 1983. The increase in the deficit was more than accounted for by a rise in the merchandise trade deficit
to $25.6 billion, from $19.4 billion in the fourth quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
10
10
-25
-30
1984
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise *
Period
2
Investment income 3
Net
military
transactions
Net
travel and
transportation
receipts
Other
services,
net 3
Balance
on goods
Remittances,
pensions,
and other
unilateral
trans-1
fers
Balance
on
current
account
Exports
Imports
Net
balance
107,088
114,745
120,816
142,054
184,473
224,269
237,085
211,198
200,257
-98,185
-124,228
-151,907
-176,020
212 028
-249,781
265 086
-247,667
-261,312
8,903
-9,483
31 091
-33,966
27 555
-25,512
-28,001
-36,469
-61,055
25,351
29,286
32,179
42,245
64,132
72,506
86,411
83,862
77,003
-12,564
-13,311
-14,217
-21,680
-32,914
-42,063
-52,359
-56,059
-53,495
12,787
15,975
17,962
20,565
31,218
30,443
34,052
27,803
23,508
-746
559
1,528
621
-1,778
-2,237
1 115
195
515
-2,792
-2,558
-3,565
-3,573
2 935
-997
144
-1,008
-4,584
55,482
55,118
52,079
48,519
62 546
-60,921
-64,442
-59,758
-7,064
5 803
- 12,363
-11,239
20,889
22,307
21,505
19,162
-13,653
-14,772
- 14,390
-13,243
7,236
7,535
7,115
5,919
52
239
o
-94
-114
-247
99
-548
1983: I
II. . ..
Ill
IV
49,246
48,745
50,437
51,829
-58,523
-63,615
-67,938
-71,236
-9,277
-14,870
17 501
-19,407
17,618
18,973
20,802
19,609
-12,380
-12,995
-13,630
- 14,490
5,238
5,978
7,172
5,119
790
53
-55
-273
-263
-1,131
-1,426
-1,764
-1,370
2,142
2,258 -7,712
2,107
-9,703
2,198 -14,127
-1,573 -2,943
-1,848 -9,560
-2,143 -11,846
-3,086 -17,213
1984- I p
54,164
-79,805
-25,641
22,791
-15,172
7,619
284
-1,299
2,349
17 256
-2,152 -19,408
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982- I
II
in
IV
1
Receipts
Payments
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
2
3
36
Net
and
services 1
22,749
4,598
9,205
4,711
5,272 -9,894
6,013 -10,340
4,686
5,735
8,975
7,277
13,128
8,048
8,339 -1,141
8,704 -32,912
18,136
-4,613
4,207
-4,998
-4,617 -14,511
-5,106 -15,446
-964
-5,649
1,898
-7,077
6,294
-6,833
-8,058 -9,199
-8,651 -41,563
2,160
2,005
2,118
2,054
-2,105
-1,802
-1,745
-2,406
2,270
3,729
-3,231
-3,908
NOTE.—Data are as revised beginning 1980 in June issue of Economic Indicators.
Source: Department of Commerce, Bureau of Economic Analysis.
165
1,927
-4,976
-6,314
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $0.3 billion in the first quarter
compared with an $8.2 billion increase in the fourth quarter of 1983. Liabilities to foreigners and international
financial institutions reported by U.S. banks (including U.S. Treasury securities) increased $11.3 billion compared
with a $24.0 billion increase in the fourth quarter.
BILL ONS OF DOLLARS*
BILLIONS OF DOLLA RS*
60
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S.,NET
\
40
l
I
A
20
\
L
\/
0
OA
*
1
I
1
|
*
1
1
1
I
\
i
—jVA ^/
V
V
1
1
1
1977
1976
1
1
1
*
'' t
20
1
1
**
A
A,
Y\
c HANGE IN
u.S. ASSETS
f
20
S/
^\
l l I
I 1 l
1979
1980
1978
t
/
0
AtSROAD,NET
1 1 I
*
v'\
y"
/
\s ^
-40
-60
%
l
%
*
II
11
t
/
40
i
1 1
1981
-40
^
I
1
1
1982
1
1 i
1983
i
i
i
-60
1984
'SEASONALLY ADJUS FED
SOURCE: DEPARTMEN f OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capitiil outflow (— ) )
Period
U.S.
Total
official
reserve
assets * 2
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow (+)] 2
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 1
(unadjusted,
end of
period)
16,226
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
5,897
10,544
-2,023
12,540
25,404
24,982
22,275
32,916
9,331
-39,703
-51,269
-34,785
-61,130
64 331
-86,118
-110,976
-118,898
-49,490
2 558
-375
732
-1,133
-8,155
-5,175
-4,965
1 196
-3,474 -35,380
44 498
4 214
-3,693 -30,717
-4,660 -57,202
3 746 -59,453
-5,162 -72,802
5 107 -100,694
-6,143 -107,790
43 281
5013
15,670
36,518
51,319
64,036
38,752
58,086
81,313
95,181
81,722
7,027
17,693
36,816
33,678
13 665
15,497
5,003
3,318
5,339
8,643
18,826
14,503
30,358
52,416
42,589
76,310
91,863
76,383
I
II
Ill
IV
-31,960
-41,409
-26,216
-19,314
-1,089
-1,132
-794
-1,950
803
-1,700
-2,555
-1,086
30068
-38,577
-22,867
-16,279
28,344
33,772
18,384
14,680
-3,221
1,399
2,477
2,664
31,565
32,373
15,907
12,017
3,450
5,710
12,808
10,947
487
-2,276
2,752
29,944
30,671
30,993
33,958
1983: I
II
Ill
IV
-24,364
-1,060
-9,223
- 14,843
787
16
529
-953
1 130
-1,251
1 204
-1,429
-22,447
175
-8,548
-12,461
15,888
12,452
19,578
33,804
252
1,739
2 703
6,555
16,139
10,714
22,281
27,249
11,420
-1,833
1,491
-1,748
-579
439
-2,518
2,657
34,261
33,876
33,066
33,747
lp
-5,927
-657
-1,989
-3,281
11,803
-2,859
14,662
13,532
-172
34,978
1975
1976
1977
1978
1979.
1980
1981
1982
1983
1982:
1984:
1
-849
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position
in the IMF.
2
Quarterly data are not seasonally adjusted.
1,139
1,152
1,093
964
NOTE.—Data are as revised beginning 1980 in June issue of Economic Indicators.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product..
Gross National Product in 1972 Dollars
.."
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfmancial Corporate Business—Output, Costs, and Profits...,
National Income
Personal Consumption Expenditures
Sources of Personal Income......
.
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
>.
,.
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade...........
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices.
Prices Received and Paid by Farmers...
,
.'
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
,
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
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