Full text of Economic Indicators : July 1986
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
99th Congress, 2d Session
Economic Indicators
JULY 1986
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1986
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
JAMES ABDNOR, South Dakota, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
CHALMERS P. WYLIE (Ohio)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
BOBBI FIEDLER (California)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
SCOTT LILLY, Executive Director
ROBERT J. TOSTERUD, Deputy Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
[PUBLIC LAW 120—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 $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the second quarter, current-dollar gross national product (GNP) rose 3.2
percent (annual rate) or $33.1 billion. Real GNP (GNP adjusted for price changes) rose 1.1 percent and the
implicit price deflator rose 2.1 percent. (Series revised.)
BILLIONS OF DOLLARS (RATIO SCALE)
4,400
BILLIONS OF DOLLARS (RATIO SCALE)
4,400
SEASONALLY ADJUSTED ANNUAL RATES
4,000
4,000
GNP
- IN CURRENT DOLLARS
3,600
3,600
GNP
IN 1982 DOLLARS -
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
\
1,600
\
1978
1
1
1 1 1
1
1980
1979
1
1981
1
1
1983
1982
1
1
1
1
1984
1 1
1985
1,600
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
Period
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Government purch ases of
goo< .s and services
Exports ind imports of goods
ind service
Final
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
and
local
1978
1979
1980
1981
1982
1983 r
1984 *
1985r
2,249.7
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,765.0
3,998.1
1,403.5
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
416.8
454.8
437.0
515.5
447.3
502.3
662.1
661.1
4.1
18.8
32.1
33.9
26.3
-6.1
-58.7
-78.9
227.5
291.2
351.0
382.8
361.9
352.5
382.7
369.8
223.4
272.5
318.9
348.9
335.6
358.7
441.4
448.6
425.2
467.8
530.3
588.1
641.7
675.0
733.4
815.4
161.8
178.0
208.1
242.2
272.7
283.5
311.3
354.1
108.9
121.9
142.7
167.5
193.8
214.4
235.0
259.4
52.9
56.1
65.4
74.8
78.9
69.1
76.2
94.7
263.4
289.9
322.2
345.9
369.0
391.5
422.2
461.3
2,221.0
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,700.9
3,987.0
1982: HJ
IV
3,179.4
3,212.5
2,065.6
2,117.0
452.2
409.6
14.5
14.1
359.9
335.9
345.4
321.9
647.1
671.8
275.3
293.2
197.3
205.4
78.0
87.7
371.8
378.7
3,188.4
3,272.4
1983: I 'r
3,265.8
3,367.4
3,443.9
3,545.8
2,146.6
2,213.0
2,262.8
2,315.8
428.3
481.3
519.7
579.8
22.7
-2.1
j9 3
-25.8
343.6
344.1
357.7
364.7
320.9
346.2
376.9
390.5
668.1
675.2
680.7
676.1
285.5
287.7
284.9
276.1
208.5
213.3
214.3
221.5
77.0
74.4
70.6
54.6
382.7
387.5
395.8
400.0
3,308.4
3,378.6
3,449.4
3,514.8
3,670.9
3,743.8
3,799.7
3,845.6
2,363.8
2,416.1
2,445.6
2,487.2
659.5
657.5
670.3
661.1
45.6
-63.2
-60.0
-66.1
373.4
382.1
389.2
386.2
419.0
445.3
449.1
452.2
693.2
733.3
743.8
763.4
283.4
315.2
317.2
329.1
227.1
233.7
234.5
244.9
56.3
81.6
82.7
84.2
409.8
418.1
426.6
434.3
3,575.4
3,683.9
3,735.3
3,808.9
1985: I r r
3,909.3
3,965.0
4,030.5
4,087.7
2,530.9
2,576.0
2,627.1
2,667.9
650.6
667.1
657.4
669.5
49.4
-77.1
-83.7
-105.3
378.4
370.0
362.3
368.2
427.9
447.1
446.0
473.6
777.3
799.0
829.7
855.6
333.7
340.9
360.9
380.9
248.9
255.1
265.5
268.0
84.8
85.8
95.5
112.9
443.5
458.1
468.8
474.7
3,883.9
3,945.9
4,027.4
4,090.8
1986: I r
IP
4,149.2
4,182.3
2,697.9
2,730.1
708.3
691.4
-93.7
-96.4
374.8
375.6
468.5
472.0
836.7
857.2
355.7
364.8
266.4
277.5
89.3
87.3
480.9
492.4
4,105.4
4,162.8
n
\\\ r
IV '
1984: I 'r
n
Ul'
rv r
n r
m
rv r
NOTE. — Series revised beginning 1983. See & urvey of Cmrent Busines , July 1986.
Source : Departmen of Commerc e, Bureau of Economic Analyais.
GROSS NATIONAL PRODUCT IN 1932 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Personal
consump-
Gross
product
expenditures
Ex jorts of go ods
8 nd service s
Gross privat e
dome Stic invest vent
Nonresidential
fixed
Residential
fixed
Change
m
business
invento-
Govern ment purcl ases of
goot s and senaces
Federal
Net
exports
Exports
Imports
Total
Total
National
Non-
State
and
local
Final
sales
1978
1979
1980
1981
1982
1983 '
1984 '.
1985 r.
3,115.2
3,192.4
3,187.1
3,248.8
3,166.0
3,279.1
3,489.9
3,585.2
1,961.0
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,246.3
2,324.5
362.1
389.4
379.2
395.2
366.7
361.2
422.2
461.4
178.0
170.8
137.0
126.5
105.1
149.3
170.6
177.2
36.8
15.0
-6.9
23.9
-24.5
-6.4
59.2
9.0
-26.8
3.6
57.0
49.4
26.3
-19.9
-83.6
108.2
312.6
356.8
388.9
392.7
361.9
348.1
369.7
362.3
339.4
353.2
332.0
343.4
335.6
368.1
453.2
470.5
604.1
609.1
620.5
629.7
641.7
649.0
675.2
721.2
233.7
236.2
246.9
259.6
272.7
275.1
291.7
323.6
160.7
164.3
171.2
180.3
193.8
206.9
219.4
235.7
73.0
71.9
75.7
79.3
78.9
68.2
72.3
87.8
370.4
373.0
373.6
370.1
369.0
373.9
383.5
397.6
3,078.4
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,430.7
3,576.2
1982: m
IV
3,154.5
3,159.3
2,051.8
2,078.7
358.0
352.3
100.1
115.8
-9.4
-59.3
11.7
11.7
359.5
336.0
347.8
324.3
642.5
660.1
273.8
289.5
197.0
201.4
76.9
88.2
368.6
370.6
3,164.0
3,218.6
1983: I 'r
3,186.6
3,258.3
3,306.4
3,365.1
2,094.2
2,135.1
2,163.0
2,191.9
341.6
348.8
363.9
390.4
127.8
147.4
161.9
159.9
-42.3
-9.3
-1.0
27.0
16.1
-14.6
-35.0
-46.2
342.5
341.7
352.8
355.5
326.4
356.3
387.8
401.6
649.2
650.9
653.6
642.2
278.2
278.5
277.6
266.0
203.2
206.3
206.5
211.6
75.1
72.2
71.1
54.4
371.0
372.4
376.0
376.2
3,228.9
3,267.6
3,307.4
3,338.1
3,444.7
3,487.1
3,507.4
3,520.4
2,213.8
2,246.3
2,253.3
2,271.7
394.4
419.5
427.1
447.6
169.7
173.2
171.2
168.3
85.1
57.0
60.6
33.9
-68.6
-87.2
85.7
-92.7
361.3
367.0
375.5
375.0
429.9
454.2
461.2
467.7
650.2
678.2
681.0
691.5
271.2
296.3
295.6
303.8
214.4
219.0
218.4
225.9
56.8
77.3
77.1
77.9
379.0
381.8
385.4
387.7
3,359.6
3,430.0
3,446.8
3,486.4
ra
3,547.0
3,567.6
3,603.8
3,622.3
2,292.3
2,311.9
2,342.0
2,351.7
442.7
463.0
463.1
476.9
172.4
175.1
180.0
181.5
23.2
17.4
.7
-5.2
-78.8
-108.1
-113.8
-132.0
369.4
361.2
355.8
362.9
448.2
469.3
469.6
494.8
695.3
708.3
731.8
749.4
305.8
311.4
329.9
347.2
228.0
233.5
242.2
239.3
77.8
77.9
87.6
107.9
389.5
396.9
401.9
402.2
3,523.9
3,550.2
3,603.1
3,627.5
1986: I *
3,655.9
3,665.7
2,372.7
2,407.0
457.8
454.8
186.3
193.1
39.9
19.6
-125.9
-146.3
369.2
371.9
495.1
518.3
725.2
737.5
320.4
325.1
238.7
247.5
81.7
77.5
404.8
412.4
3,616.1
3,646.1
n .r
m
IV '.
1984:
I rr
n .r
TTT
rv '.
1985: I 'r
n r.
IV '.
n
"
Source: Department of Commerce, Bureau of Economic Analysis.
NOTE.—Series revised beginning 1983. See Survey of Current Business, July 1986.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 — 100; quarterly data are seasonally adjusted]
Gross I)rivate
domestic i ivestment
Personal c onsumption
expen ditures
Period
national
product
Exports an< imports of
goods am1 services
Gove nment pure lases of goo ds and
sernees
Federal
Total
Durable
goods
Nondurable goods
Services
dential
Residential fixed
Exports
Imports
Total
"
National
defense
Nondefense
State
and local
1978
1979
1980
1981
1982
1983 '
1984 '
1985 '
72.2
78.6
85.7
94.0
100.0
103.9
107.9
111.5
71.6
78.2
86.6
94.6
100.0
104.1
108.1
111.9
76.9
82.1
89.2
95.7
100.0
102.1
103.8
104.5
71.9
80.0
89.4
96.9
100.0
102.1
105.0
107.5
69.8
75.6
83.9
92.6
100.0
106.2
111.7
117.3
71.5
77.8
85.1
93.4
100.0
98.8
98.7
99.3
72.6
81.4
89.4
96.6
100.0
102.2
106.3
108.2
72.8
81.6
90.2
97.5
100.0
101.3
103.5
102.1
65.8
77.1
96.0
101.6
100.0
97.4
97.4
95.4
69.2
75.4
84.3
93.3
100.0
103.1
106.7
109.4
67.8
74.2
83.4
92.9
100.0
103.6
107.1
110.0
72.4
78.0
86.4
94.3
100.0
101.4
105.5
107.9
71.1
77.7
86.2
93.4
100.0
104.7
110.1
116.0
1982: HI
IV
100.8
101.7
100.7
101.8
100.4
100.7
100.5
101.0
100.9
102.7
100.8
100.7
100.4
99.1
100.1
100.0
99.3
99.3
100.5
101.3
100.2
102.0
101.5
99.5
100.9
102.2
1983: I *
H rr
102.5
103.3
104.2
105.4
102.5
103.6
104.6
105.7
101.3
101.6
102.3
103.1
100.6
101.9
102.6
103.1
104.2
105.5
106,8
108.3
99.8
98.8
98.4
98.3
101.9
100.3
103.2
103.1
100.3
100.7
101.4
102.6
98.3
97.2
97.2
97.2
102.6
103.3
102.6
103.8
102.6
103.4
103.8
104.7
102.6
103.0
99.3
100.3
103.1
104.1
105.3
106.3
106.6
107.4
108.3
109.2
106.8
107.6
108.5
109.5
103.3
103.9
104.1
104.1
104.4
104.5
105.1
106.0
109.6
110.9
112.4
113.6
98.4
98.5
98.8
99.0
103.6
106.4
107.5
107.8
103.4
104.1
103.6
103.0
97.5
98.0
97.4
96.7
104.5
106.4
107.3
108.3
105.9
106.7
107.3
108.4
99.2
105.5
107.3
108.2
108.1
109.5
110.7
112.0
110.2
111.1
111.8
112.8
110.4
111.4
112.2
113.4
104.6
104.5
104.5
104.3
106.5
107,2
107.5
108.9
115.0
116.6
118.0
119.5
99.4
99.2
99.3
99.4
107.6
107.8
108.1
109.4
102.4
102.4
101.8
101.5
95.5
95.3
95.0
95.7
109.1
109.5
109.4
109.7
109.2
109.3
109.6
112.0
109.0
110.2
108.9
104.6
113.9
115.4
116.6
118.0
113.5
114.1
113.7
113.4
104.5
104.8
108.0
105.8
120.6
121.8
100.3
100.5
110.2
111.1
101.5
101.0
94.6
91.1
111.0
112.2
111.6
112.1
109.2
112.7
118.8
119.4
in .
IT'
1984: I "r
nr
m
IV '
1985: I r r
n r
mr
IV
1986: I r.
n"
NOTE.—Series revised beginning 1983. See Survey of Current Business, July 1986.
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]
Or ss national pr duct
Period
Constant
(1982)
dollars
Current
dollars
1980
-0.2
8.9
1981
1982
1983 r.
1984 '.
1985 '.
1982: III
IV
1983: I r
II '.r
m
1984:
1985:
IV '.
Ir
II T.
HI'
IV.
I'
n r .r
m
1986:
1.9
11.7
3.7
7.6
10.5
6.2
2.5
4.2
6.8
13.0
9.4
12.4
14.9
8.2
6.1
4.9
6.8
5.8
6.8
5.8
6.2
3.2
IV.
I'
n"
-2.5
3.6
6.4
2.7
— 3.2
.6
3.5
9.3
6.0
7.3
9.8
5.0
2.3
1.5
3.1
2.3
4.1
2.1
3.8
1.1
Implicit
price
deflator
Personal consumption e Kpenditures
Chain price
index
9.0
9.7
6.4
3.6
5.6
4.1
3.7
3.6
4.1
3.9
4.8
3.6
3.6
3.5
3.9
3.5
2.5
3.9
1.9
1.5
4.7
4.6
3.0
3.4
3.4
3.7
3.3
2.5
3.6
2.5
2.1
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
4.1
4.0
3.7
5.5
4.0
3.6
3.8
4.2
4.0
9.0
9.4
6.3
4.1
4.0
3.9
3.8
3.3
5.8
3.6
3.2
3.2
3.5
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Series revised beginning 1983. See Survey of Current Business, July 1986.
Fixedweighted
price index
(1982
weights)
10.6
10.5
7.1
9.0
8.7
7.1
8.5
10.3
5.7
13.0
9.3
9.7
8.6
9.1
5.0
7.0
7.2
7.3
8.2
6.4
4.6
4.9
4.7
3.6
3.5
3.6
4.2
3.6
2.8
4.0
2.5
1.8
-0.2
1.2
1.3
4.6
4.7
3.5
2.1
5.3
3.0
8.0
5.3
5.5
4.1
6.0
1.3
3.3
3.7
3.5
5.3
1.7
3.6
5.9
Implicit
price
deflator
10.7
9.2
5.7
4.1
3.8
3.5
6.2
4.4
2.8
4.4
3.9
4.3
4.2
3.0
3.4
3.7
3.3
3.7
2.9
4.3
1.1
-1.1
Chain price
index
10.9
9.2
5.7
4.2
4.0
3.6
6.3
4.8
2.8
4.6
4.0
4.1
4.5
3.0
3.7
3.7
3.5
4.0
2.8
4.7
1.4
-.4
Fixed,
weighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.7
6.3
4.8
2.8
4.6
4.1
4.1
4.7
3.0
3.8
3.8
3.6
4.2
3.0
4,7
1.5
-.5
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Curren t-dollar cos and profit per unit o output (do liars) J
Gross d omestic
produ ct of
nonfin aneial
corporate business
(billions o f dollars)
Period
Current
1980
1981
1982
1983 '.
1984 '.
1985r.
1982: m
IV
1983: l rr
1,540.8
1,738.4
1,782.2
1,914.2
2,143.7
2,275.1
1,789.0
1,779.4
1,816.0
1,883.9
1,944.5
2,012.5
2,081.7
2,135.9
2,160.3
2,196.8
2,226.0
2,259.1
2,301.3
2,314.1
2,343.6
rr .r
m
rv
1984: I'
n'.r
m
1985:
IV
I'
n ir
m
1986:
1
IV
I'
Output i
1982
1,807.9
1,837.2
1,782.2
1,866.0
2,030.8
2,105.5
1,777.8
1,760.2
1,790.7
1,844.7
1,887.9
1,940.5
1,993.8
2,031.6
2,038.4
2,059.4
2,075.7
2,094.4
2,124.6
2,127.3
2,141.0
Total
cost
and
profit 2
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1.056
1.081
1.006
1.011
1.014
1.021
1.030
1.037
1.044
1.051
1.060
1.067
1.072
1.079
1.083
1.088
1.095
0.095
.109
.125
.123
.118
.120
.127
.131
.127
.124
.123
.120
.118
.117
.118
.119
.119
.120
.119
.121
.121
0.077
.090
.094
.098
.100
.103
.094
.096
.097
.099
.099
.098
.099
.100
.101
.101
.102
.104
.103
.104
.106
isured by gross domestic product of nonfinancial corporate business in 1982 dol-
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.
Corpf rate profits with
inventory valuation and capital
consun ption adjus tments
Capital
consumption
allowances
with
capital
consumption
adjustment
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.690
.708
.679
.685
.682
.676
.676
.680
.683
.684
.694
.699
.704
.708
.705
.716
.721
0.031
.037
.043
.037
.041
.043
.041
.042
.039
.037
.037
.037
.037
.039
.042
.043
.044
.043
.042
.042
.042
Total
0.068
.078
.063
.089
.107
.106
.065
.057
.069
.086
.095
.103
.107
.111
.104
.104
.103
.104
.113
.105
.105
Profits
tax
liability
0.037
.035
.026
.032
.037
.032
.026
.023
.023
.031
.036
.036
.041
.040
.034
.032
.031
.029
.033
.033
.029
Profits
after
tax 4
0.031
.044
.037
.057
.070
.075
.038
.034
.046
.055
.059
.066
.067
.071
.070
.072
.073
.075
.080
.072
.076
Output
per hour
of all
employees
(1982
dollars)
17.096
17.194
17.318
17.867
18.224
18.436
r
17.374
' 17.383
17.634
17.865
17.936
18.027
18.172
18.275
18.201
18.250
18.285
18.384
18.604
18.472
18.449
Compensation
per hour
of all
employees
(dollars)
9.939
10.861
11.699
12.124
12.574
13.060
11.804
r
!1.915
12.031
12.073
12.126
12.259
12.406
12.498
12.630
12.758
12.878
13.011
13.121
13.229
13.294
With inventory valuation and capital consumption adjustments.
NOTE.—Series revised beginning 1983. See Survey of Current Business, July 1986.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Laboi
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprieto •s' income
with in ventory
valuation ind capital
consu nption
adjust ments
Farm
1981
1982
1983 r
1984 '
1985 '
1982: III
IV
1983: I r.r
2,443.5
2,518.4
2,719.5
3,032.0
3,222.3
2,528.4
2,548.2
2,599.1
2,685.5
n
ni '.. . ..
2,741.8
2,851.5
IV
1984: 1'.
II 'r
2,963.2
3,010.3
3,052.3
3,102.0
3,157.0
3,201.4
ra .
IV
1985: I '-r
n
ni '.
1986:
1
3,243.4
IV
3,287.3
I '.
II"
3,340.7
Rental
income of
persons
with
capital
tion
adjustment
Nonfarm
1,807.4
1,907.0
2,020.7
2,214.7
2,368.2
1,918.4
1,931.1
1,958.8
1,995.0
2,036.3
2,092.7
2,153.7
2,195.4
2,234.7
2,275.0
2,316.3
2,352.1
2,380.9
2,423.6
30.7
24.6
12.4
31.5
29.2
22.9
28.5
18.1
15.9
-3.5
19.3
44.5
26.4
24.7
30.4
32.9
33.0
21.6
29.4
156.1
150.9
178.4
205.3
225.2
151.7
159.8
165.9
176.4
183.0
188.6
198.0
203.2
209.9
210.3
217.8
2,461.5
2,478.8
24.4
39.1
Corpora te profits wi h inventory valuation an I capital
consulription adjus ments
Profits wi th inventory valuation
adjus tme it and witho tit capital
consu mption adjus tment
Total
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consumption
Net
interest
ment
227.7
232.7
13.3
13.6
13.2
8.3
7.6
12.0
15.8
13.8
15.4
11.2
12.4
12.1
8.4
7.1
5.6
6.8
8.1
7.3
8.3
188.0
150.0
213.7
264.7
280.7
154.3
146.1
170.6
207.0
228.9
248.5
262.5
271.7
259.8
265.0
266.4
274.3
296.3
285.6
202.3
159.2
196.7
230.2
222.6
161.6
150.7
163.9
191.2
208.5
223.4
235.7
241.5
223.3
220.3
213.3
215.4
235.3
226.4
226.5
169.6
207.6
235.7
223.2
171.6
164.1
169.7
201.8
227.5
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
-24.2
— 10.4
-10.9
-5.5
-.6
-10.0
-13.4
-5.9
-10.6
-19.0
-8.1
-13.6
-4.9
-1.8
-1.6
-.5
1.6
6.1
-9.4
-14.4
-9.2
17.0
34.5
58.1
-7.3
—4.5
6.7
15.8
20.5
25.1
26.7
30.2
36.5
44.7
53.2
58.9
61.0
59.2
248.1
272.3
281.0
307.4
311.4
269.1
266.9
272.1
275.8
285.9
290.2
292.5
305.2
316.1
315.7
316.8
311.4
309.7
307.6
240.9
249.0
12.8
15.1
296.4
240.8
224.3
16.5
5.9
55.6
51.4
304.9
299.1
222.5
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
NOTE.—Series revised beginning 1983. See Survey of Current Business, July 1986.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
conexpenditures
Total
durable
Motor
vehicles
parts
Furniture
and
household
equipment
Food
Other
goods
1985: I *
II '
III '
IV.
2,487.2
2,530.9
2,576.0
2,627.1
2,667.9
239.9
252.7
289.1
331.2
359.3
252.8
263.8
266.7
284.5
295.2
310.0
321.2
331.3
331.8
340.4
347.7
354.0
373.3
362.0
100.5
108.9
130.4
154.5
169.2
108.3
115.7
115.0
128.5
133.7
144.4
150.4
155.8
154.4
157.6
162.3
165.3
182.8
166.4
92.7
95.7
107.1
118.9
126.8
96.4
99.1
101.6
105.3
109.2
112.4
115.6
118.3
119.2
122.3
123.5
125.9
126.8
130.9
46.6
48.1
51.6
57.8
63.3
48.1
49.0
50.2
50.6
52.3
53.2
55.2
57.2
58.3
60.4
61.9
62.8
63.7
64.7
740.6
771.0
816.7
870.1
905.1
776.7
786.6
791.0
810.9
827.0
837.9
855.7
870.3
873.9
880.3
888.2
902.3
907.4
922.6
376.5
398.8
421.9
449.9
469.3
402.7
407.0
411.1
418.8
426.8
430.8
440.4
447.9
454.3
456.9
461.2
468.3
470.4
477.4
1986: I '
II"
2,697.9
2,730.1
360.8
374.7
163.5
173.6
132.1
134.3
65.3
66.7
929.7
926.0
484.6
489.5
1981
1982
1983 r.
1984 T.
1985 '.
1982: IH
rv
1983: I '
11 T
III r
IV.
1984: I '
II rr
in
IV.
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
2,065.6
2,117.0
2,146.6
2,213.0
2,262.8
2,315.8
2,363.8
2,416.1
2,445.6
NOTE.—Series revised beginning 1983. See Survey of Current Business, July 1986.
Retail ales of
new pa ssenger
cars {mi lions of
un ts)
Non durable g 5ods
Durabl goods
Clothing and
shoes
Gasoline
and oil
119.9
124.4
135.1
151.6
158.7
169.5
182.2
188.7
160.4
163.4
164.3
168.2
171.7
174.0
178.8
182.5
183.6
183.8
185.8
186.2
189.1
193.5
934.7
1,027.0
151.7
155.0
155.4
158.7
92.7
89.1
90.2
90.7
91.9
88.6
89.8
87.0
89.4
92.5
91.9
92.0
91.7
89.4
89.9
89.6
92.8
92.4
93.0
161.3
163.8
87.6
77.0
196.2
195.8
147.2
155.2
125.0
126.5
128.7
134.5
136.0
141.1
144.4
148.2
146.6
149.7
Other
Domestics
Imports
1,336.1
1,036.1
1,066.5
1,088.9
1,117.6
1,140.6
1,167.9
1,186.9
1,214.5
1,239.9
1,266.5
1,294.9
1,319.7
1,346.4
1,383.2
6.2
5.8
6.8
8.0
8.2
5.6
6.0
6.0
6.9
6.9
7.4
8.1
8.1
7.9
7.7
8.3
8.1
9.4
7.0
2.3
2.2
2.4
2.4
2.8
2.2
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.4
2.6
2.4
2.7
3.0
3.2
1,407.4
1,429.4
7.8
8.1
2.8
3.1
1,128.7
1,227.0
Source: Department of Commerce, Bureau of Economic Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $3.5
billion (annual rate) in June, following a decline of $9.4
billion in May.
Decreases in
subsidy payments to farmers affected both the June and May changes; in addition, a strike in the communications
industry
affected the June change. Excluding subsidy payments and the effect of the strike, personal
increased $15.9 billion in June and $8.6
billion in May.
income
(Series revised.)
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,800
3,200
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
800
T
OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
1978
1983
1982
1981
1980
1979
1984
1985
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietor
Period
1978
1979
1980
1981
1982
1983 r
1984
1985
1985:
r
r
June r
July '.
Aug'
Sept
Oct
r
r
Novr
Dec
r
1986: Jan T.
Feb r.
Mar r
Apr
May r.
June p.
Total
personal
income
salary
Farm
ments
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
1,119.3
1,252.1
1,372.0
1,510.3
1,586.1
1,676.6
1,836.8
1,966.1
3,304.9
3,315.4
3,320.5
3,333.9
3,358.3
3,372.3
3,418.0
1,965.7
1,965.8
1,975.4
1,986.7
1,996.7
2,010.5
2,031.1
3,417.4
3,435.3
3,445.1
3,485.1
3,475.7
3,479.2
2,035.7
2,044.8
2,051.8
3,053.3
2,056.4
2,063.0
Nonfarm
Rental
income of
persons 4
Personal
dividend
income
Personal
interest
income
Transfer
payments 5
Less:
Persona]
contributions
for social
insurance
Nonfarm
persona]
income 6
27.0
31.7
20.5
30.7
24.6
12.4
31.5
29.2
149.2
160.1
160.1
156.1
150.9
178.4
205.3
225.2
9.3
5.6
6.6
13.3
13.6
13.2
8.3
7.6
43.0
48.1
52.9
61.3
63.9
68.7
74.7
76.4
182.5
221.4
271.9
335.4
369.7
393.1
446.9
476.2
244.0
273.1
324.7
368.1
410.6
442.6
455.6
487.1
69.8
81.0
88.6
104.5
112.3
120.1
133.5
150.2
1,769.3
1,983.1
2,215.8
2,465.6
2,618.7
2,799.0
3,052.2
3,261.0
223.6
225.6
227.3
230.2
230.8
232.4
234.9
484.4
493.1
489.0
491.2
492.7
493.5
494.5
3,256.2
3,268.6
3,277.2
3,287.5
3,311.0
3,323.2
3,356.9
23.4
26.9
22.8
54.2
36.5
26.4
237.9
241.0
243.8
246.9
248.3
251.8
76.3
76.3
76.3
76.2
76.4
76.8
76.9
78.0
79.2
80.0
80.8
81.1
81.5
475.0
474.4
474.7
476.4
478.7
481.0
482.2
203.6
204.5
205.5
206.4
207.3
208.2
8.7
9.6
10.5
1.7
10.4
2.9
11.7
12.2
12.7
13.5
14.3
15.1
15.9
149.9
149.9
202.6
24.3
22.6
19.3
22.8
24.0
26.0
38.2
481.4
480.7
480.4
480.4
480.5
480.7
503.4
504.2
506.5
507.9
510.3
511.0
107.7
122.7
138.4
150.3
163.6
173.6
184.5
196.9
196.6
197.8
198.9
199.9
200.8
201.7
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.
2
Consists of employer contributions to private pension, health, and welfare funds; workers' injury
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.
income 3
Other labor
150.9
151.3
152.1
152.7
154.0
158.0
158.7
159.1
159.1
159.8
159.3
5
3,371.1
3,385.6
3,399.5
3,408.1
3,416.4
3,430.2
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 1983. See Survey of Current Business, July 1986.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose again in the second quarter. (Series revised.)
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
1,000
1,000
DOLLARS * (RATIO SCALE)
14,000
— PER CAPITA DISPOSABLE PERSONAL INCOME
12,000
DOLLARS * (RATIO SCALE)
14,000
CURRENT DOLLARS
12,000
10,000
10,000
1982 DOLLARS
8,000
8,000
6,000
6,000
4,000
4,000
1980
1979
1978
1983
1982
1981
1984
1985
1986
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
TijeSS.
n oc-
Period
Personal
income
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
personal
income
Personal
tax and
nontax
payments
Less:
Personal
outlays *
Equals:
Personal
saving
Per c apita
disposable personal
incc me
Current
dollars
1982
dollars
Billions of doll ars
1978
1979
1980
1981
1982
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
1983 r.
1984 r.
1985 r.
261.1
304.7
340.5
393.3
409.3
410.5
439.6
486.5
1,551.2
1,729.3
1,917.9
2,127.6
2,261.4
2,428.1
2,670.6
2,828.0
Per capita personal
consul]nption
expenc itures
Current
dollars
1982
dollars
110.2
118.0
136.8
159.4
153.9
130.6
168.7
143.3
6,968
7,682
8,421
9,243
9,724
10,340
11,265
11,817
9,735
9,829
9,722
9,769
9,725
9,930
10,421
10,563
Q
real per
capita
disposable
personal
income
.
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Per cent
Do lars
1,441.1
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,501.9
2,684.7
ercen
6,304
6,960
7,607
8,320
8,818
9,515
10,243
10,866
8,808
8,904
8,783
8,794
8,818
9,139
9,475
9,713
7.1
6.8
7.1
7.5
6.8
5.4
6.3
5.1
222,629
225,106
227,754
230,182
232,549
234,829
237,067
239,317
6.8
6.2
232,851
233,466
5.9
5.1
4.8
5.8
6.9
6.0
6.4
6.0
233,981
234,509
235,117
235,707
236,222
236,742
237,347
237,953
1.5
5.2
6.5
4.2
4.4
238,469
238,985
239,605
240,201
5.6
6.3
5.0
5.2
240,70!
241.2K
3.8
1.0
— 1.1
.5
-.5
2.1
4.9
1.4
Seas mally adju sted annual rates
-0.7
1982: HI
IV
2,683.6
2,729.2
405.0
411.1
2,278.6
2,318.1
2,122.6
2,174.9
156.0
143.1
9,786
9,929
9,720
9,749
8,871
9,068
8,812
8,904
1983: I r r
2,753.1
2,812.6
2,846.8
2,941.8
407.4
417.1
403.6
413.9
2,345.7
2,395.4
2,443.2
2,527.9
2,206.2
2,274.4
2,326.7
2,382.5
139.5
121.1
116.4
145.4
10,025
10,215
10,391
10,725
9,780
9,855
9,933
10,151
9,174
9,437
9,624
9,825
8,950
9,105
9,200
9,299
1.3
3.1
3.2
9.1
1984: I r r
3,034.2
3,077.4
3,139.7
3,189.6
421.5
431.2
445.9
460.0
2,612.7
2,646.3
2,693.8
2,729.6
2,433.5
2,488.7
2,520.9
2,564.6
179.2
157.6
172.9
165.0
11,060
11,178
11,350
11,471
10,358
10,392
10,457
10,477
10,007
10,206
10,304
10,452
9,372
9,488
9,494
9,547
3,253.1
3,298.7
3,323.2
3,382.9
497.7
456.4
491.2
500.7
2,755.4
2,842.3
2,832.0
2,882.2
2,611.3
2,658.7
2,712.4
2,756.4
144.1
183.6
119.6
125.8
11,555
11,893
11,819
11,999
10,466
10,674
10,537
10,577
10,613
10,779
10,964
11,107
9,613
9,674
9,774
9,790
8.4
1.3
2.5
.8
-.4
8.2
3,432.6
3,480.0
497.5
500.8
2,935.1
2,979.2
2,789.4
2,823.5
145.6
155.7
12,193
12,351
10,723
10,889
11,208
11,318
9,857
9,979
n .r
m ....
rv r....
n .r
m ....
IV....
1985: I r
II r.r
m r ....
IV ....
1986: I r
II"
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
1.2
-5.0
NOTE.—Series revised beginning 1983. See Survey of Current Business, July 1986.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1986, according to preliminary estimates, gross farm income fell $20.9 billion (annual rate)
and net farm income fell $18.4 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
^4U
240
200
160
•
.--—
^_^^^
"
^~
r-^~
/-*-——"^1
1
^
"^^
^/
^^-—"^
\
%
GRC)SS FARM INCCDME
80
80
60
60
40
40
1 *
-" — -
/'"*•»..
V
^**
\\
/
i
'
"
t
\
f
\
»
i
\
\
»/
1
1
1
,
'
N
,'
\
f
\
i
1
t
1
\
/
**^
j
f
t
\
i
i
%
/
^%
\
f\
%/
*
20
*\
/ /\
i\ '
NET FARM 1 ^COME
\1
»"""
i
i i
\
\t
y
10
\
I !
1978
1
1
1
1979
\
i
10
1
i
i i i
1981
1980
1
1
ry i i
1
1982
1983
I
I
I
1984
1
SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1
1
1
1
1985
!
I
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm ope rators from farmi ng
(jross farm incom 3
Period
Cas h marketing rece ipts
Total *
Total
Livestock and
products
Crops
inventory
changes 2
Production
expenses
128.4
150.7
149.6
166.0
161.6
150.6
174.0
112.2
131.5
139,8
142.1
142,9
136,3
141.8
59.2
69.2
68.0
69.2
70.3
69.4
72.7
53.0
62.3
71.8
72.9
72.7
66.8
69.1
2.1
5.0
-5.9
5.8
— 1.4
-10.6
7.8
101.0
119.0
129.4
136.1
136.9
152.9
143.6
151.7
154.3
143,2
133,0
141.2
127.6
71.0
68.9
67.9
70.0
72.2
64.1
73.3
57.6
-10.6
-13.9
-12.9
-4.9
175.7
167.3
173.7
179.8
139,3
139,0
141.5
147.6
75.5
70.8
71.2
73.5
63.8
68.2
70.3
74.2
n
ni
TV
169.9
161.9
148.9
176.5
140,1
134,0
134.3
164,2
71.7
66.8
68.0
72.1
I"
155.6
132.6
69.5
1978
1979
1980
1981
1982
1983
1984
1983: I
n
m
IV
1984: I
n
m
IV
1985: I
1986:
Net farn income
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
Current
dollars
1982 dollars 3
27.4
31.7
20.2
29.8
24.6
15.0
34.5
38.0
40.3
23.6
31.8
24.6
14.5
31.9
135.1
134.9
135.5
136.9
17.8
8.7
16.2
17.3
17.4
8.5
15.5
16.4
2.0
8.7
10.3
10.2
139.2
140.2
140.0
138.5
36.5
27.0
33.6
41.2
34.2
25.1
30.9
37.6
68.4
67.2
66.3
92.1
2.8
-1.6
-4.1
-5.2
137.0
134.9
132.8
130.6
32.9
27.0
16.1
45.9
29.8
24.2
14.4
40.6
63.1
-4.2
128.2
27.5
24.2
135.6
139.5
Income in current dollars divided by the GNP implicit price deflator (1982= 100).
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the first quarter of 1986, according to revised estimates, corporate profits before tax fell $11.5 billion (annual
rate) and after-tax profits fell $4.2 billion. (Series revised.)
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
280
240
120
80
80
40
40
1986
1978
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
1
Pro fits (before t ix) with inve ntory valuati Dn adjustmen t
Profits after ta X
Dornestic indust •ies
Total
r
r
r
1985
1982: m
IV
1983: I T r
nr
ffl
IV
1984: I rr
nr
ni
IV
1985: I rr
nr
in
rv
1986:
1
2
3
Tax
liability
21.6
32.5
34.6
38.9
49.7
49.7
237.1
226.5
169.6
207.6
235.7
223.2
84.8
81.1
63.1
77.2
95.4
91.8
152.3
145.4
106.5
130.4
140.3
131.4
32.9
33.6
171.6
164.1
64.3
59.8
107.3
104.3
32.5
41.0
39.0
43.1
169.7
201.8
227.5
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
224.3
59.1
75.3
86.5
88.1
110.6
126.6
141.0
143.4
102.9
101.6
89.3
87.8
146.4
144.8
135.8
134.1
87.8
87.1
95.8
96.4
89.1
126.0
126.7
133.4
139.4
135.2
2
Total
1980
1981
1982
1983
1984
Profits
before tax
Nonfinancial
Period
Ir
II "
194.0
202.3
159.2
196.7
230.2
222.6
161.6
150.7
163.9
191.2
208.5
223.4
235.7
241.5
223.3
220.3
213.3
215.4
235.3
226.4
240.8
159.6
173.8
131.2
166.6
199.2
190.8
133.0
121.6
135.7
163.0
176.8
190.7
205.2
211.5
191.3
188.8
182.6
183.8
205.3
191.3
202.4
Financial
21.0
16.5
11.8
18.1
15.4
21.0
12.4
18.7
19.4
20.3
17.2
15.5
16.6
15.4
13.4
16.1
18.2
21.1
21.7
23.2
28.4
Total 3
138.6
157.3
119.4
148.5
183.8
169.7
120.6
102.9
116.3
142.7
159.6
175.2
188.6
196.1
177.8
172.6
164.4
162.7
183.6
168.1
174.0
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Includes industries not shown separately.
Manufacturing
77.1
88.5
58.0
70.1
87.4
73.0
64.3
46.8
51.2
63.2
77.7
88.6
95.0
94.6
81.3
78.9
70.4
68.2
79.0
74.5
67.1
Total
Dividends
sale and
retail
trade
46.2
51.1
51.0
50.7
48.8
51.1
54.2
45.0
52.5
54.7
63.6
66.9
71.5
78.3
81.6
66.6
68.5
69.8
70.4
72.0
73.9
76.0
78.1
79.0
80.1
80.9
81.4
81.6
82.5
85.2
87.5
Undistributed
profits
97.6
81.8
39.6
58.9
62.0
49.8
40.7
35.8
40.8
56.1
69.0
69.5
70.4
66.7
56.8
54.0
45.1
45.3
51.8
57.0
50.0
NOTE.—Series revised beginning 1983. See Survey of Current Business, July 19
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
-5.5
-.6
-10.0
-13.4
-5.9
-10.6
-19.0
-8.1
-13.6
-4.9
-1.8
-1.6
-.5
1.6
6.1
-9.4
16.5
5.9
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the second quarter, nonresidential fixed investment fell $1.9 billion (annual
rate) from its first quarter level while residential investment outlays rose $9.3 billion. There was a $19.5 billion
increase in inventories following an increase of $43.8 billion in the first quarter. (Series revised.)
BILLIC)NS OF DOLLA
800
*s
BIL IONS OF DOLl ARS
800
SEASON ALLY ADJUSTED ANN LJAL RATES
~~~^
GROSS> PRIVATE DOW ESTIC
INVESTMENT
600
700
rn
_
—
600
|
-—
—--'
~^
r^y
^\
rN
* —.
500
/
_,-'
/
•.'"'
"""" -—
--'
_
400
^.^"*
—
300
N ONRESIDENTI/\L
300
^.
Fl XED INVESTME •41
"'
200
RESIDENTIAL
Fl)<ED INVESTME •41
\
200
•\
1—v^
—
0
"-
"
-
'
__..—-"""""""~~* — •-
—-
^-"'
-''"
100
/\.
CHt \NGE IN BUSISJESS
INVENTORIES
S-
_
/
"~\
—
\,
r—^-^._ / r
,/
•
0
_^
1
-100
1
1
1978
1 1 1
1 1 1
1 1 1
1979
1980
1981
1
1
1
1982
^
1
1
1
1
1
1
1984
1983
OURCE: DEPARTMENT OF COMMERCE
i i i
i i i
1985
1986
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
]?ixed investmen
Change ir business
mven ones
Nonresidential
Period
1979
1980
1981
1982
domestic
investment
Total
454.8
437.0
515.5
1983 r.
1984 r.
1985 r
1982: HI
IV
1983: I r r
nr
mr
IV .
1984: lr r
H r
mr
IV .
1985: I rr
n
mrr
IV .
1986: I r
H"
447.3
502.3
662.1
661.1
452.2
409.6
428.3
481.3
519.7
579.8
659.5
657.5
670.3
661.1
650.6
667.1
657.4
669.5
708.3
691.4
NOTE.—Series revised beginning 1983. See Survey of Current Business, Ju]y 1986.
441.9
445.3
491.5
471.8
509.4
598.0
650.0
461.2
469.5
471.0
492.5
525.2
548.8
564.0
597.6
605.8
624.4
625.2
648.0
654.3
672.6
664.4
671.9
Total
302.8
322.8
369.2
366.7
356.9
416.5
458.2
360.7
354.9
340.8
344.7
358.1
383.9
388.2
413.3
421.8
442.9
439.8
459.2
459.8
474.0
459.2
457.3
Structures
99.5
113.9
138.5
143.3
124.0
139.3
154.8
140.2
137.6
126.4
119.8
122.7
127.4
129.7
139.1
141.4
146.7
150.7
156.1
155.0
157.2
154.6
142.1
Producers'
durable
equipment
203.3
208.9
230.7
223.4
232.8
277.3
303.4
220.5
217.3
214.4
224.9
235.5
256.5
258.4
274.1
280.4
296.2
289.1
303.1
304.7
316.8
304.6
315.2
Residential
Total
Nonfarm
139.1
122.5
122.3
105.1
152.5
181.4
191.8
13.0
-8.3
24.0
-24.5
7.1
64.1
11.1
7.9
2.4
18.3
-23.1
.4
56.6
12.2
100.5
114.7
130.2
147.8
167.1
164.9
175.8
184.4
184.0
181.5
185.4
188.8
194.5
198.6
205.3
214.6
9.0
-59.9
-42.6
11.2
-5.5
31.0
95.5
59.9
64.4
36.7
25.4
19.1
3.1
-3.1
43.8
19.5
-12.4
Source: Department of Commerce, Bureau of Economic Analysis.
-51.1
-33.2
23
15.8
21.3
71.5
56.8
62.1
35.9
18.5
10.4
3.2
16.7
41.2
12.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1986 survey, business spending for new plant and equipment
for the year 1986 is expected to be 0.2 percent above the 1985 level. Spending in 1985 was 9.0 percent above
the 1984 level.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
300
200
200
r
NONMANUFACTURING -^
100
MANUFACTURING
100
80
80
60
60
40
40
I
I
1978
I
I
I
1979
. 1 1 1
1981
J_.l.. I
1980
1982
1984
1983
1985
_V SURVEYED QUARTERLY
2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed quarterly
M inufacturii ig
1978
1979
1980
1981
1982
1983
1984
1985
19864
1984:
I
II
m
IV
1985: I
II
in
IV
1986:
I
n 44
in 4
IV
1
Norunanufactur ing
Non manufactu ring
Total
Mining
Transportation
Public
utilities
Commercial
and
other
139.18
159.04
170.47
188.68
189.89
188.58
215.61
233.26
238.07
11.22
12.81
15.99
21.39
20.05
15.19
16.86
15.88
12.35
13.36
16.05
16.60
15.84
14.79
13.97
16.52
17.97
18.16
31.50
35.63
37.74
41.21
45.43
44.96
47.48
48.74
46.40
83.09
94.56
100.14
110.24
109.63
114.45
134.75
150.67
161.16
68.68
71.93
74.18
75.53
208.04
214.01
219.04
221.33
17.24
16.38
16.82
17.00
15.29
17.01
17.49
16.28
47.08
47.94
47.92
46.92
128.42
132.67
136.80
141.13
129.91
135.96
142.44
146.96
208.04
214.01
219.04
221.33
69.87
73.96
72.85
75.87
75.78
80.36
81.19
82.70
225.51
233.51
234.86
239.16
15.66
16.51
15.94
15.40
16.22
17.50
19.09
19.06
48.46
48.47
48.14
49.89
145.17
151.02
151.69
154.81
145.65
154.33
154.04
158.57
225.51
233.51
234.86
239.16
67.74
72.20
71.42
76.98
75.32
75.80
77.04
80.19
233.02
239.41
240.40
239.45
12.85
12.61
12.49
11.43
17.76
17.99
19.21
17.68
47.15
47.59
44.98
45.89
155.27
161.22
163.73
164.45
143.06
148.01
148.47
157.16
233.02
239.41
240.40
239.45
Nondurable
industries
Total
217.76
254.96
282.80
315.22
310.58
304.78
354.44
386.41
387.25
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.15
149.17
39.46
48.50
55.36
59.81
55.35
53.08
66.24
73.14
72.09
39.13
47.42
56.96
66.73
65.33
63.12
72.58
80.01
77.09
337.95
349.97
361.48
368.29
129.91
135.96
142.44
146.96
61.23
64.03
68.26
71.43
371.16
387.83
388.90
397.74
145.65
154.33
154.04
158.57
376.08
387.42
388.87
396.61
143.06
148.01
148.47
157.16
Durable
Total 1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually")
for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Addenda
farm
busi-
245.34
284.94
314.47
349.26
347.47
343.35
398.99
431.21
Manufacturing
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.15
149.17
Total
166.76
189.02
202.15
222.72
226.79
227.15
260.16
278.07
Surveyed
quarterly
139.18
159.04
170.47
188.68
189.89
188.58
215.61
233.26
238.07
Surveyed
annually s
27.58
29.98
31.68
34.04
36.89
38.56
44.55
44.81
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in late April-May 1986, corrected for
biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In June, seasonally adjusted civilian employment rose 563,000 and unemployment fell 111,000.
MILLIONS OF PERSONS*
120
MILLIONS OF PERSONS*
1978
1986
* 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 by NSA]
Period
1979
1980
1981
1982
1983
1984
1985
1985: June....
JuJy ....
Aug
Sept ....
Oct
Nov
Dec
1986: Jan*...
Feb
Mar
Apr
May
June....
Noninstitutional
population
including
resident
Armed
Forces
NSA
166,460
169,349
171,775
173,939
175,891
178,080
179,912
179,798
179,967
180,131
180,304
180,470
180,642
180,810
181,361
181,512
181,678
181,843
181,998
182,183
Civilian ernployment
Resident
Armed
Forces
NSA
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,702
1,704
1,726
1,732
1,700
1,702
1,698
1,691
1,691
1,693
1,695
1,687
1,680
T h
f
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagri cultural
Civilian
labor force
104,962
106,940
108,670
110,204
111,550
113,544
115,461
116,726
116,976
117,069
117,522
117,814
117,832
117,927
100,421
100,907
102,042
101,194
102,510
106,702
108,856
108,303
108,575
108,936
109,251
109,513
109,671
109,904
118,477
118,779
118,900
118,929
119,351
119,796
110,646
110,252
110,481
110,587
110,797
111,353
116,786
117,088
117,207
117,234
117,664
118,116
106,559
108,544
110,315
111,872
113,226
115,241
117,167
Unempk)yment
115,024
115,272
115,343
115,790
116,114
116,130
116,229
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).
3
Civilian labor force as percent of civilian noninstitntional population.
Total
98,824
99,303
100,397
99,526
100,834
105,005
107,150
106,601
106,871
107,210
107,519
107,813
107,969
108,206
108,955
108,561
108,788
108,892
109,110
109,673
Agricultural
Total
Part-time
for
economic
reasons *
3,347
3,364
3,368
3,401
3,383
3,321
3,179
3,140
3,120
3,095
3,017
3,058
3,070
3,151
95,477
95,938
97,030
96,125
97,450
101,685
103,971
3,373
4,064
4,499
5,852
5,997
5,512
5,334
103,461
103,751
104,115
104,502
104,755
104,899
105,055
5,278
5,328
5,413
5,299
5,241
5,295
5,294
3,299
3,096
3,285
3,222
3,160
3,165
105,655
105,465
105,503
105,670
105,950
106,508
5,275
5,158
5,301
5,621
5,673
5,320
Total
15
weeks
and
over
6,137
7,637
8,273
10,678
10,717
8,539
8,312
8,423
8,401
8,133
8,271
8,301
8,161
8,023
7,831
8,527
8,419
8,342
8,554
8,443
1,241
1,871
2,285
3,485
4,210
2,737
2,305
2,328
2,329
2,274
2,307
2,277
2,205
2,188
2,056
2,340
2,258
2,135
2,209
2,320
Labor force
partici] ation
rate (pe rcent)
Total 2
Civilian 3
64.0
64.1
64.2
64.3
64.4
64.7
65.1
64.9
65.0
65.0
65.2
65.3
65.2
65.2
65.3
65.4
65.4
65.4
65.6
65.8
63.7
63.8
63.9
64.0
64.0
64.4
64.8
64.6
64.7
64.7
64.8
65.0
64.9
64.9
65.0
65.1
65.1
65.1
65.3
65.4
" Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
62-360 0 - 8 6 - 2
SELECTED UNEMPLOYMENT
RATES
In June, the seasonally adjusted overall unemployment rate fell 0.2 psrcentage point to 7.0 percent and the
civilian unemployment rate also fell 0.2 percentage point, to 7.1 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
* * **
A/
r
i
20
t
t/
M
20
V,
V-A \
BLACK
-, V
jj
\
.**
NV
"
/
15
w
/ v\^
\ / \
A-\ /
*
»
15
/'
»
BLACK
Ah4D OTHER
/,
10
TEENAGERS
(16-19)
10
^v^s
v
<^X>
-
•^
^"
,
/
<~ WHITE
iiiiilinii Illllllllll
1982
1983
WOMEN 20 YEARS
AND OVER
ALL CIVIL: AN WORKER S
—-,/
'
~~- /* —
MEN 20 YEARS
AND OVER
o Illinium Illllllllll Illllllllll
Illllllllll Illllllllll H l l l l l M M
1984
1985
1986
1982
1984
1983
1986
1985
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemp] oyment ra te (percen t of civilian labor force in group)
Period
1979
1980
1981
Unemployment
rate,
all
workers 1
Women
20 years
and
over
5.7
6.4
6.8
8.3
8.1
6.8
6.6
16.1
17.8
19.6
23.2
22.4
18.9
18.6
5.1
6.3
6.7
8.6
8.4
6.5
6.2
11.3
13.1
14.2
17.3
12.3
14.3
15.6
18.9
7.5
7.2
4.2
5.9
6.3
8.8
8.9
6.6
6.2
17.8
14.4
13.7
7.2
7.2
6.9
7.0
7.0
6.9
6.8
7.3
7.3
7.1
7.1
7.1
7.0
6.9
6.4
6.2
6.0
6.1
6.1
6.0
5.9
6.7
6.6
6.6
6.7
6.4
6.4
6.2
18.6
19.3
17.5
18.1
19.8
18.4
18.8
6.4
6.3
6.1
6.1
6.1
5.9
5.9
6.6
7.2
7.1
7.0
7.2
7.0
6.7
7.3
7.2
7.1
7.3
7.1
5.7
6.2
6.2
6.0
6.4
6.2
6.1
6.7
6.6
6.4
6.5
6.4
18.4
19.0
18.2
19.6
19.0
19.1
5.7
6.4
6.2
6.1
6.2
6.1
9.5
7.4
7.1
1985: June....
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June ....
By s elected grou )S
By race
All
Ail
Men
20 years
and over
5.8
7.0
7.5
9.5
1982
1983
1984
1985
B j sex and a Se
1
2
civilian
workers
5.8
7.1
7.6
9.7
9.6
Both
sexes
16-19
years
White
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 bours.
12
Black
and
other
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltune
workers
Parttime
workers
Labor
force
time lost
(percent) 2
19.5
15.9
15.1
5.5
6.9
7.3
9.3
9.2
7.1
6.8
2.8
4.2
4.3
6.5
6.5
4.6
4.3
8.3
9.2
10.4
11.7
12.2
10.3
10.4
5.3
6.9
7.3
9.6
9.5
7.2
6.8
8.8
8.8
9.4
10.5
10.4
9.3
9.3
6.3
7.9
8.5
11.0
10.9
8.6
8.1
13.2
13.5
12.8
13.7
13.5
14.1
13.4
14.4
15.0
14.1
15.2
14.9
15.6
14.9
6.9
6.9
6.7
6.8
6.7
6.6
6.5
4.6
4.4
4.1
4.3
4.2
4.3
4.3
9.9
10.3
10.8
11.3
10.4
10.0
9.4
6.9
7.0
6.8
6.8
6.8
6.7
6.6
9.5
9.4
9.0
9.3
9.6
8.8
9.0
8.2
8.2
8.1
8.1
7.9
7.9
7.8
12.8
13.3
13.3
13.6
13.6
13.7
14.4
14.8
14.7
14.8
14.8
15.1
6.3
6.8
6.7
6.7
6.9
6.7
4.3
4.5
4.5
4.2
4.5
4.5
9.9
9.9
10.1
9.4
10.2
10.1
6.4
6.9
6.9
6.7
7.0
6.7
8.4
9.4
9.1
9.6
9.2
9.1
7.6
8.1
8.1
8.1
8.3
8.1
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In June, the percentages of unemployed persons who had been out of work for less than 5 weeks, and for 15-26
weeks fell while the percentages out of work for 5-14 weeks and for 27 weeks and over rose. The mean and the
median duration of unemployment rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEAAPLOYMEN r
DURATION OF UNEMPLOYMENT
A,
* V
60
60
A
\^_
A/
\
V
"\ ^
50
50
__-.
\
LESS THAN
5 WEEKS
A
V
V
JOB LOSERS
40
40
•A.
5-14
WEEKS
REENTRANT!
30
30
.'-A,/ -'
f — -x ,
27 WEEKS
'AND OVER-
20
-/x»/
**
/""
'
'--,
NEW ENTRAN1 s
10 ~^~*J~~^ f-^A-^"
10
N
"
20
X'\\.'
i
l
l—~^\r— fctA-
15-26
IOB LEAVERS
WEEKS
0
~
1982
Illllllllll Illllllllll
Illllllllll
Illllllllll
1985
1984
1983
1982
1986
Illllllllll
Illllllllll
Illllllllll
1984
1985
1986
1983
"SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF IABOR
[Monthly data seasonally adjusted, except as noted]
Dur ation
I'ereent d stributioii
UnemployLess
than
5
weeks
5-14
weeks
7,637
8,273
10,678
10,717
8,539
8,312
43.1
41.7
36.4
33.3
39.2
42.1
1985: June
July
Aug
Sept
Oct
Nov
Dec
8,423
8,401
8,133
8,271
8,301
8,161
8,023
1986: Jan
Feb
Mar
Apr
May
June
7,831
8,527
8,419
8,342
8,554
8,443
(thousands)
Be ison for memployment:
percent iistributi 3n
of i nemplojmient
Stat e
progra ms
Numb er of
ks
15-26
weeks
27
weeks
and
over
Average
(mean)
32.3
30.7
31.0
27.4
28.7
30.2
13.8
13.6
16.0
15.4
12.9
12.3
10.7
14.0
16.6
23.9
19.1
15.4
11.9
13.7
15.6
20.0
18.2
15.6
41.6
42.1
41.7
42.0
41.6
42.7
42.1
30.4
30.0
30.6
30.2
30.8
30.2
30.7
12.4
12.9
12.8
12.5
12.8
11.0
12.1
15.5
14.9
15.0
15.3
14.8
16.1
15.1
42.4
41.8
42.3
42.9
42.8
40.2
31.3
30.8
31.1
31.8
31.6
32.2
12.4
13.5
13.0
11.9
12.4
12.3
13.9
14.0
13.7
13.4
13.1
15.3
Insured
unemployment
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Job
losers
Job
leavers
Reentrants
New
entrants
11.7
11.2
7.9
6.8
51.7
51.6
58.7
58.4
51.8
49.8
25.2
25.4
22.3
22.5
25.6
27.1
11.4
11.9
11.1
11.3
13.0
12.5
3,350
3,047
4,061
3,396
2,476
2,616
488
460
583
438
377
397
3,837
3,410
4,594
3,775
2,545
3,671
15.5
15.5
15.5
15.5
15.4
15.7
15.4
6.8
7.1
7.2
6.9
7.0
6.9
6.9
49.6
50.2
50.8
50.2
49.1
50.0
48.8
11.7
10.7
10.7
10.3
11.1
26.6
26.1
26.9
28.3
12.1
13.1
11.5
11.1
12.7
12.9
12.8
2,581
2,609
2,585
2,560
2,535
2,560
2,564
398
391
386
384
380
382
391
2,337
2,523
2,361
2,212
2,227
14.9
15.3
14.4
14.3
14.4
15.2
6.8
6.9
6.8
6.5
6.6
7.3
48.0
48.7
50.3
48.1
50.3
51.2
12.7
11.7
11.9
13.2
11.4
12.0
13.0
12.8
11.8
12.6
12.4
12.5
2,591
2,610
2,654
2,612
2,666
2,681
370
392
393
380
382
381
3,370
3,295
3,144
2,799
2,556
Medi-
Initial
claims
Weekly average, th ousands
1980
1981
1982
1983
1984
1985
6.5
6.9
8.7
10.1
7.9
7.7
9.6
10.6
9.9
10.9
27.2
27.2
27.6
26.3
26.8
26.0
26.1
25.9
24.4
2,468
2,884
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration),
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 89,000 in June.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
24
00
r^
—
I
~
_x-"
\
ALL NO NAGRICULT JRAL
EST 4.BLISHMENT S
^~-—_.
^
80 —
—
_ _ _ _ - - - - """"
70
SER\ 'ICE-PRODUC:ING
INDUSTRIES
~
60
14
20
18
40 —
CONSTRUCTION
GOC)DS-PRODUC ING
30
INDUSTRIES
N
__
20 tillllllllll
1982
yjTi 1 1 1 1 1 1 1 iiiniiiiii Illllllllll IIU|li|IH|
1983
1985
1984
1986
iiiiiliiii
IIMlllllll I l l l l l l l l l l
^
1982
1 983
1 984
1985
1986
"SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; 1 seasonally adjusted]
Se rvice-produ ing industr es
Goods-p reducing in dustries
Period
1979
1980
1981
1982
1983
1984
1985
Total
nonagricultural
employment
M anufaeturin g
Total 2
onC rtn
struction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Rptnil
jieian
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
89,823
90,406
91,156
89,566
90,200
94,496
97,614
26,461
25,658
25,497
23,813
23,334
24,727
24,930
4,463
4,346
4,188
3,905
3,948
4,383
4,687
21,040
20,285
20,170
18,781
18,434
19,378
19,314
12,760
12,187
12,109
11,039
10,732
11,505
11,516
8,280
8,098
8,061
7,741
7,702
7,873
7,798
63,363
64,748
65,659
65,753
66,866
69,769
72,684
5,136
5,146
5,165
5,082
4,954
5,159
5,242
5,204
5,275
5,358
5,278
5,268
5,555
5,740
14,989
15,035
15,189
15,179
15,613
16,545
17,360
4,975
5,160
5,298
5,341
5,468
5,689
5,953
17,112
17,890
18,619
19,036
19,694
20,797
21,974
15,947
16,241
16,031
15,837
15,869
16,024
16,415
2,773
2,866
2,772
2,739
2,774
2,807
2,875
1985:
June...
July....
Aug....
Sept....
Oct
Nov....
Dec
97,442
97,672
97,890
98,128
98,428
98,666
98,910
24,897
24,875
24,880
24,843
24,903
24,931
24,977
4,671
4,679
4,702
4,728
4,754
4,765
4,787
19,290
19,268
19,256
19,198
19,236
19,259
19,289
11,517
11,483
11,473
11,421
11,447
11,453
11,461
7,773
7,785
7,783
7,777
7,789
7,806
7,828
72,545
72,797
73,010
73,285
73,525
73,735
73,933
5,238
5,241
5,219
5,257
5,260
5,272
5,277
5,736
5,740
5,762
5,777
5,796
5,796
5,809
17,379
17,404
17,464
17,489
17,543
17,589
17,622
5,939
5,964
5,988
6,014
6,038
6,070
6,095
21,893
21,998
22,115
22,212
22,313
22,415
22,501
16,360
16,450
16,462
16,536
16,575
16,593
16,629
2,872
2,879
2,886
2,899
2,895
2,904
2,913
1986:
Jan
Feb
Mar
Apr r...
May r..
June p
99,296
99,429
99,484
99,783
99,908
99,819
25,101
25,038
24,945
25,038
24,964
24,859
4,901
4,864
4,838
4,972
4,976
4,946
19,303
19,294
19,255
19,245
19,200
19,144
11,466
11,455
11,418
11,415
11,378
11,317
7,837
7,839
7,837
7,830
7,822
7,827
74,195
74,391
74,539
74,745
74,944
74,960
5,286
5,277
5,280
5,266
5,262
5,170
5,830
5,843
5,841
5,864
5,868
5,824
17,734
17,795
17,828
17,851
17,903
17,919
6,123
6,157
6,184
6,228
6,256
6,275
22,585
22,638
22,707
22,825
22,912
23,057
16,637
16,681
16,699
16,711
16,743
16,715
2,918
2,918
2,923
2,914
2,923
2,931
1
Includes all full- and part-time wage and salary workers in nonagrieultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces,
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
putes, bad weather, etc., even if they are not paid for the tune off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
2 Includ
ncludes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthJy data seasonally adjusted, except as noted]
Average weekly
Average gi oss hourly
earn ings
hours
Period
Manufa £turing
Total
private
nonagricultural '
1978
35.8
1979
1980
1981
1982
1983
1984
1985
1985: June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr r
May '
June*
35.7
35.3
35.2
34.8
35.0
35.2
34.9
34.9
34.8
34.9
34.9
34.9
34.8
34.9
35.0
34.9
34.9
34.8
34.8
34.8
Total
Total
private
nonagricultural J
Overtime
3.6
3.3
2.8
2.8
2.3
3.0
3.4
3.3
3.2
3.2
3.3
3.3
3.4
3.4
3.6
40.4
40.2
39.7
39.8
38.9
40.1
40.7
40.5
40.5
40.4
40.6
40.7
40.7
40.7
40.9
40.8
40.7
40.7
40.7
40.7
40.6
3.5
3.4
3.4
3.4
3.4
3.3
Manufacturing
$5.69
6.16
6.66
$6.17
6.70
7.27
7.99
8.49
8.83
9.19
9.53
9.53
9.54
9.57
9.58
9.61
9.63
9.68
9.65
9.68
9.70
9.68
9.72
9.71
7.25
7.68
8.02
8.32
8.57
8.57
8.55
8.59
8.62
8.63
8.65
8.70
8.68
8.71
8.73
8.72
8.73
8.75
Adjuste d hourly earnin gs indexz — total private
nonagncultural
Ind ex,
-100
Current
dollars
Percent chang e from a year
earlie
Current
dollars
1977
dollars 3
108.2
116.8
127.3
138.9
148.5
155.4
160.3
165.2
165.2
165.0
165.5
166.4
166.2
166.8
167.7
167.3
168.2
168.5
168.4
168.6
169.4
100.5
97.4
93.5
92.6
93.4
94.9
94.6
94.1
94.2
93.9
94.1
94.4
94.0
93.9
94.0
93.5
94.4
95.1
95.4
95.4
95.3
1977 dollars
8.2
7.9
9,0
9.1
6.9
4.6
3.2
3.1
0.5
-3.1
-4.0
-1.0
.9
1.6
.3
-.5
3.2
2.8
3.1
3.1
3.0
3.0
3.1
-.8
-1.0
.1
.4
.1
_.4
-.5
.9
-.2
.9
1.4
1.4
1.1
2.8
2.8
2.9
2.6
2.6
2.5
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent eh ange from
a year earlier,
total private n onagricultural 5
Avera ge gross weekly esLrnmgs
Period
Current dollars
1978
1979
1980
1981
1982
1983
1984
1985
1985: June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr r
May r
June"
Retail trade
Current dollars
1977 dollars 3
$318.69
342.99
170.13
168.09
171.26
172.78
170.42
$249.27
269.34
288.62
318.00
330.26
354.08
374.03
385.97
367.78
399.26
426.82
442.97
458.51
464.09
$130.20
138.62
147.38
158.03
163.85
171.05
174.33
174.64
299,09
297.54
299.79
300.84
301.19
301.02
303.63
170.62
169.44
170.43
170.74
170.45
169.49
170.20
385.97
385.42
388.54
389.91
391.13
391.94
395.91
458.42
462.10
463.23
466.83
467.31
461.52
461.28
303.80
303.98
304.68
303.46
303.80
304.50
169.72
170.58
171.94
171.93
171.83
171.36
393.72
393.98
394.79
393.98
395.60
394.23
470.40
448.59
450.06
465.22
465.86
463.64
$203.70
219.91
235.10
$189.31
183.41
172.74
255.20
267.26
280.70
292.86
299.09
1
4
5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in raanufaeturing3
Current dollar index (or earnings) divided by the consumer price index for urban •
and clerical workers (on a 1977 = 100 base).
1977 dollars
Current dollars
2
Construction
Manufacturing
Total arivate
nonagnc ultural '
0.2
-3.1
5.8
-1.5
1.2
1.9
.9
-1.4
174.64
174.34
174.64
175.81
174.63
174.92
175.78
7.8
8.0
6.9
8.5
4.7
5.0
4.3
2.1
2.6
1.5
2.3
2.1
2.7
2.3
2.5
175.51
175.51
176.09
174.91
174.91
175.20
3.1
2.5
2.4
2.1
1.9
1.5
-.6
.5
.4
.9
.7
.2
-1.5
-2.2
.6
-.6
2
— 1.1
-1.1
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
a l l p e rsons
Period
Outp u t '
Compens ation per
hou r 3
of all
perse ns 2
Hours
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1978 '.
1979 r.
100.8
99.6
100.8
99.3
105.8
107.9
106.0
107.9
104.9
1980 r.
1981 r.
99.3
100.7
100.3
103.0
105.3
98.8
99.8
99.2
102.4
104.3
106.7
108.9
105.5
109.9
118.8
106.7
108.5
104.9
110.1
118.8
106.4
104.8
122.7
1982: III ....
IV r....
100.3
101.0
99.1
99.7
1983: I r T
101.9
103.5
103.0
103.8
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor costs
Real com sensation
per h our 4
Business
sector
Nonfarm
business
sector
Implic t price
defla tor 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
19'f7 = 100; [uarterly < ata seasoilally adjus ted
r
1982 .
1983 r.
1984 r.
1985 '.
r
n.
Ill "....
IV....
1984: I r
II r.
Ill r....
IV....
Ir
TT r7
1985:
m
....
IV ....
r
1986: I r
n»
105.1
108.7
108.5
119.1
108.6
118.9
100.8
99.4
100.9
99.2
107.6
119.5
107.7
119.7
107.3
117.0
107.0
116.5
107.5
108.2
105.2
106.7
112.8
108.0
108.7
131.3
143.6
154.8
161.5
167.9
96.7
95.7
97.3
98.2
98.1
96.6
95.7
97.2
98.2
98.0
132.5
142.7
154.5
156.8
159.7
132.9
144.0
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.1
156.0
157.7
161.0
127.6
139.8
148.1
153.0
158.5
127.8
140.3
149.2
154.3
159.3
122.5
115.3
116.9
175.3
174.6
98.8
98.4
164.8
166.7
163.0
164.6
105.1
105.0
104.5
104.2
104.8
103.9
105.4
104.5
156.6
158.3
156.3
158.2
97.2
97.9
97.0
97.8
156.2
156.8
157.7
158.7
149.3
150.2
150.3
151.4
100.9
102.7
102.9
103.3
106.2
109.2
110.8
113.6
105.8
109.2
111.4
114.1
104.2
105.5
107.5
109.4
104.8
106.3
108.3
110.5
159.9
160.9
161.5
163.6
159.9
160.9
161.7
163.4
98.8
98.4
97.7
98.0
98.8
98.4
97.8
97.9
156.8
155.5
156.8
157.7
158.5
156.6
157.1
158.2
151.2
152.3
153.4
155.2
152.5
153.6
155.0
156.2
104.9
105.6
105.5
105.5
103.9
104.6
104.4
104.3
116.9
119.0
119.5
120.2
116.9
119.1
119.5
120.2
111.4
112.7
113.3
114.0
112.5
113.8
114.5
115.2
165.9
167.1
169.0
170.6
165.6
166.9
168.7
170.4
98.1
97.9
98.1
98.2
97.9
97.8
98.0
98.1
158.2
158.3
160.2
161.7
159.4
159.5
161.5
163.3
156.7
157.7
159.0
160.3
157.2
158.4
160.0
161.4
105.7
106.4
107.3
106.4
104.4
104.9
105.4
104.5
121.3
122.3
123.5
123.8
121.1
122.1
123.3
123.6
114.8
115.0
115.2
116.4
116.0
116.4
116.9
118.2
172.3
174.5
176.4
178.0
172.1
174.0
175.4
177.0
98.4
98.7
99.1
99.0
98.2
98.4
98.5
98.4
163.1
164.0
164.4
167.3
164.8
165.9
166.3
169.3
161.4
162.6
163.4
164.6
162.7
164.1
165.2
166.2
107.3
107.7
105.6
106.1
125.3
125.7
125.1
125.6
116.8
116.7
118.5
118.4
179.1
180.3
178.3
179.3
99.2
100.3
98.8
99.7
167.0
167.4
168.8
169.1
165.3
165.9
167.1
167.6
108.3
Pe rcent change; quarte rly data a seasonal] y adjusted annual rates
r
1978 .
1979 r.
0.8
-1.6
5.8
2.0
6.0
1.9
4.9
3.2
5.1
3.5
8.5
9.7
8.6
9.5
0.8
-1.4
0.9
-1.6
7.6
11.1
7.7
11.2
7.3
9.0
7.0
8.9
-.4
1.0
-.6
3.3
1.8
— 1.1
2.1
-3.1
4.2
8.1
-1.2
1.7
-3.3
4.9
8.0
-.8
.7
2.8
1.5
5.7
-.7
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
4.0
-2.7
-1.0
1.6
1.0
-.1
-2.7
-.9
1.5
1.1
.3
10.9
7.7
8.3
1.5
1.8
11.0
8.3
8.4
1.1
2.1
9.0
9.6
5.9
3.3
3.5
9.7
9.7
6.3
3.5
3.2
2.6
4.3
4.0
.7
.4
3.2
3.5
2.9
3.3
7.5
4.5
7.5
5.1
.1
2.9
.2
3.4
7.2
1.5
7.6
2.6
5.6
2.4
5.7
3.0
1980 r.
1981 r.
1982 r.
1983 r.
1984 r.
0.8
-1.2
3
1.4
-.4
2.7
2.3
1985 r.
1.0
.5
3.3
1982: HI r....
.2
3.0
— .1
2.4
-3.1
-.5
3.9
6.1
-1.6
2.8
5.0
7.3
.8
1.3
4.9
11.7
5.9
10.4
6.3
13.4
8.5
9.8
1.0
5.3
7.7
7.3
1.2
5.7
7.6
8.4
3.9
2.6
1.6
5.3
4.4
2.3
2.0
4.4
3.7
-1.6
-2.6
1.1
4.1
-1.9
-2.2
.1
.1
-3.3
3.3
2.4
-.6
-4.7
1.2
3.0
2.5
3.1
2.8
4.8
2.9
2.8
3.7
3.1
1984: I r r
4.4
2.6
-.3
-.1
2.4
2.9
-.7
— .4
12.2
7.5
1.7
2.5
10.2
7.7
1.6
2.2
7.4
4.8
2.1
2.6
7.6
4.7
2.3
2.6
5.7
2.8
4.6
3.8
5.4
3.2
4.3
4.2
.5
-.8
.8
.1
.3
— .4
.4
.5
1.2
.2
5.0
3.9
3.0
.3
5.1
4.6
4.0
2.6
3.4
3.2
2.7
3.1
4.0
3.7
1985: I '
.9
2.7
3.4
-3.2
.3
3.6
3.3
4.1
1.0
3.2
3.0
4.0
1.0
2.6
.6
.7
4.3
2.9
1.2
1.8
4.6
4.2
5.1
4.4
3.8
3.9
4.6
3.2
3.7
1.0
1.0
1.8
-.5
.7
.5
.7
-.6
3.3
2.4
1.0
7.2
3.6
2.7
1.0
7.4
2.7
3.0
1.9
3.0
3.2
3.4
2.6
2.4
4.7
5.1
1.7
1.4
-.3
.8
-.0
2.5
2.7
3.1
2.2
1.0
4.5
1.6
3.9
-.7
1.1
-1.2
.5
1.8
1.4
2.3
1.1
IV....
1983: I r r
n .r
m ....
IV....
n .r
m ....
rv....
II
r
m '*"."..
IV....
r
1986: I
II"
3.3
1.6
1
1.8
2.2
-3.5
4.3
1.7
1.3
3.0
-3.5
-1.2
2.2
-3.4
-3.4
-3.4
-3.5
Output refers to gross domestic product originating in the sector in 1982 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
2
16
4
Hourly compensation divided by the consumer price index for at! urban consumers.
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.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0.5 percent in June, following a decline of 0.4 percent in May. The index for June was
0.2 percent below its year-earlier level.
INDEX, 1977 = 100* (RATIO SCALE)
zzu
FINAL P RODUCTS
INDEX, 1977=100* (RATIO SCALE)
140
_ TOTAL INDUSTRIAL PRODUCTION
120
160
DEFENSE AC-ID
SPACE
EQUIPMENT
1 40
^.3~i
180
100
/
_x^>—•
^--''
DURABLE
120
NONDURABLE
•
f
f"*
.MANUFACTURING PRODUCTION .
140
^-=|
^^'
^.X — BUSINESSEQUIPMENT
-.,-
CONSUMER
GOODS
,,,,„ ,
Ill III Ml II
100
PERCENT*
90 — MANUFACTURING CAPACITY UTILIZATIC)N RATE _
UTILITIES AND MINING PRODUCTION
-—•
80
1
• - • =""=;
70
1
60
1982
1986
1982
1 1983
,,, ,,!,,,,,
,
II Illll IIII
1984
"SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1985
1986
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
To tal
indu strial
prodi ction
Period
Index,
1977 = 100
1977 proportion
100.0
1978
1979
1980
1981
1982
1983
1984
1985
106.5
110.7
108.6
111.0
103.1
109.2
121.8
124.5
124.3
124.1
125.2
125.1
124.4
125.4
126.4
126.7
125.6
124.4
125.2
124.7
124.1
1985: June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Marr
Aprr
May r.
June"
1
Output as percent of capacity.
Industry pro Suction indexes , 1977=100
Capacity utilization
rate, p* rcent '
Manufacturing
Percent
change
from year
earlier
6.5
3.9
-1.9
2.2
-7.1
5.9
11.5
2.2
1.6
.7
1.3
1.5
1.4
1.6
2.5
2.5
1.5
.3
.9
.5
.2
Mining
Total
Durable
84.21
107.1
111.5
108.2
110.5
102.2
110.2
123.9
127.1
126.7
126.9
128.2
127.7
127.2
128.4
129.1
129.8
128.8
128.0
128.9
128.6
127.9
49.10
108.2
113.9
109.1
111.1
99.9
107.7
124.8
128.2
127.6
127.9
129.4
128.3
127.7
129.2
129.9
130.4
129.0
127.7
128.5
127.8
126.7
Utilities
Nondurable
35.11
105.5
108.2
107.0
109.7
105.5
113.7
122.5
125.6
125.5
125.6
126.6
126.9
126.4
127.3
128.0
129.1
128.5
128.3
129.3
129.7
129.6
9.83
103.6
106.4
112.4
117.5
109.3
102.9
110.9
109.0
110.6
108.7
108.3
108.4
108.4
106.9
107.4
107.4
105.3
102.7
102.1
100.4
98.9
5.96
103.1
105.9
107.3
107.1
104.8
105.2
110.9
113.4
113.4
110.7
110.3
113.2
112.4
112.2
116.5
114.6
112.4
112.2
112.8
111.6
112.0
Manufacturing
Industrial
materials
84.2
84.6
79.3
86.3
87.1
81.1
78.3
70.3
74.0
80.8
80.3
80.1
80.1
80.7
80.1
79.6
80.2
80.4
80.7
79.8
79.1
79.5
79.2
78.6
81.1
71.7
75.3
82.3
80.2
80.1
79.5
79.9
79.5
79.3
79.2
80.1
80.2
79.6
78.5
78.7
78.3
77.9
Source: Board of Governors of the Federal Reserve System,
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977—100; monthly data seasonally adjusted]
Produ -ts
Matf rials
?inal produc ts
Internlediate pro iucts
Equipment
C Dnsumer go ods
Period
Total
Total
Durable
goods
Nondurable goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Busi-
Total
Energy
supplies
1977 proportion
1978
1979
1980
1981
1982
1983
1984
1985
44.77
106.9
111.0
112.2
115.2
109.5
114.7
127.8
132.0
25. 52
6.89
18.63
19.25
14.34
3.67
12.94
104.3
103.9
102.7
104.1
101.4
109.3
118.2
120.7
103.7
99.9
88.4
89.7
82.9
98.5
112.6
112.9
104.5
105.4
108.1
109.3
108.3
113.3
120.2
123.6
110.3
120.4
124.7
129.9
120.2
121.7
140.5
147.0
112.2
124.7
125.1
127.6
113.6
115.4
134.9
141.2
101.2
105.6
115.4
119.8
133.0
143.1
157.9
173.6
106.9
110.8
106.9
107.3
101.7
111.2
124.9
130.6
,5.9,5
106.9
108.7
100.6
98.6
88.3
100.6
114.0
118.9
106.9
112.7
112.3
114.7
113.1
120.3
134.2
140.5
42.28
105.9
110.3
105.3
107.7
96.7
102.8
114.6
114.7
101.1
104.1
105.5
104.7
101.2
98.4
104.0
104.4
1985:
June
July
Aug...
Sept
Oct
Nov
Dec
131.6
131.8
133.3
133.3
131.9
133.7
134.4
120.4
120.1
121.5
121.8
120.8
122.7
124.2
112.0
111.3
114.0
112.9
111.4
1 15.5
116.8
123.5
123.4
124.2
125.1
124.3
125.4
127.0
146.6
147.3
149.0
148.6
146.6
148.3
147.9
140.7
141.3
143.0
142.2
139.6
141.7
141.4
173.4
173.9
175.5
177.5
178.7
180.7
180.7
131.4
130.7
132.0
132.3
131.5
132.7
132.9
119.2
119.4
121.5
121.3
120.0
120.9
120.7
141.7
140.3
140.9
141.7
141.2
142.7
143.3
114.3
113.8
114.5
114.2
114.2
114.3
115.9
105.1
103.5
102.7
103.4
104.2
102.5
105.8
1986:
Jan
Feb
Mar '
Apr r.
Mavr
June'
134.4
132.8
131.5
132.6
131.9
131.2
123.9
123.2
122.5
124.4
123.9
123.7
116.6
116.3
113.0
116.2
113.4
113.5
126.5
125.7
126.0
127.5
127.8
127.5
148.4
145.5
143.4
143.5
142.6
141.1
142.9
141.1
139.1
140.3
139.6
138.0
179.3
176.7
178.5
178.8
179.5
179.7
134.4
134.1
134.1
135.0
134.9
134.0
124.0
123.5
123.5
124.2
124.3
123.0
143.2
143.1
143.0
144.1
143.9
116.2
115.4
114.0
114.4
113.9
113.4
104.1
103.9
102.7
102.9
102.6
102.0
1
6.99
11.69
Includes rigs and prefabs, not shown separately.
[1977 — 100; monthly data seasonally adjusted]
Nc ndurable nanufactu res
Durable rn inufactures
Primari metals
Period
Total
1977 proportion
1978
1979
1980
1981
1982
1983
1984
1985
Iron and
steel
Fabricated
metal
products
Nonelectrical
machinery
Transp artation
equip ment
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
5.33
107.0
108.5
90.4
95.0
65.8
73.0
82.4
80.6
3.49
6.46
9.54
7.15
9.13
5.25
2.30
2.79
4.54
8.05
7.96
107.5
108.0
86.3
92.5
57.5
66.1
73.5
70.6
105.7
109.4
101.8
101.6
86.6
89.1
102.8
107.9
111.7
122.6
123.3
129.8
115.6
118.3
142.0
146.4
112.9
125.7
130.3
134.1
128.4
143.8
172.4
169.3
106.3
108.3
96.9
95.1
87.6
99.2
113.6
123.2
104.6
95.9
71.1
71.6
66.8
85.8
105.6
112.8
102.4
102.0
92.9
90.1
82.8
100.2
109.1
112.9
103.1
98.3
97.3
96.1
87.3
95.3
102.8
101.8
107.8
112.7
115.1
118.6
120.2
129.8
147.9
155.2
106.8
111.4
106.4
112.6
103.8
114.0
121.7
127.1
104.3
106.7
111.4
113.7
114.9
120.4
127.1
131.0
1985:
June
July
Aug
Sept
Oct
Nov
Dec
78.3
79.0
82.0
80.3
83.1
83.6
81.7
67.6
68.7
71.6
69.7
74.4
75.3
72.0
107.4
107.3
107.8
107.5
108.4
107.9
108.8
145.6
147.5
149.2
146.5
143.0
145.6
146.0
169.5
165.7
166.1
165.1
165.1
168.9
171.9
121.8
123.7
126.8
126.2
124.5
126.5
126.8
110.5
112.8
116.8
115.3
111.7
114.5
115.4
113.5
113.0
114.8
115.9
116.5
115.6
116.5
99.2
100.6
100.4
101.8
102.6
103.9
105.0
156.7
154.3
156.3
156.2
157.0
159.0
158.4
126.4
126.4
128.2
129.0
127.9
128.0
128.5
131.8
132.2
132.6
132.5
130.7
131.4
132.6
1986:
Jan
Feb
Mar '
Apr r
May'
June p
84.9
80.7
77.4
78.1
76.9
72.2
75.5
69.9
64.9
65.6
63.4
109.3
109.4
108.5
108.6
107.8
107.2
146.2
144.6
143.2
141.6
142.5
141.5
167.9
165.5
165.6
167.1
166.4
163.6
128.9
128.1
124.3
127.9
125.6
126.8
117.8
117.8
110.4
114.8
110.8
112.8
119.9
118.2
118.5
119.0
105.8
103.6
104.0
104.3
103.6
158.9
155.4
158.1
160.0
161.1
160.5
130.5
130.9
131.1
132.0
132.0
133.2
133.8
133.0
134.0
135.2
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 3
Private
Period
Total new
construction
expenditures
Resi [ential
Total
Commercial
and
industrial 2
l\e\v nousing
Total '
Other
Federal,
State, and
iocal
Total value
index
(1977=100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
1978 r
1979 '
1980 *
1981 '
1982 r
1983 *
1984 r
1985 r
224.7
250.3
249.0
257.8
244.4
279.2
327.2
355.6
179.0
201.5
194.0
204.4
193.6
228.5
272.0
292.8
110.4
117.2
101.1
100.0
85.4
126.6
155.1
158.8
86.2
90.1
70.4
70.2
57.7
95.7
115.1
116.0
30.7
42.0
46.7
55.0
58.7
53.8
68.6
82.7
37.9
42.3
46.2
49.4
49.5
48.1
48.2
51.3
45.6
48.8
114.0
121.0
108.0
112.0
111.0
138.0
150.0
161.0
55.0
53.3
50.8
50.7
55.2
62.8
Annual rates
977
1,059
904
919
690
756
955
1,064
Annual rates
1985: Mayr
June T
July '
Aug r
Sept r
Oct r
Nov r
Dec r.
352.0
352.9
355.1
353.3
361.3
374.0
357.6
365.6
287.6
288.4
290.3
289.8
296.0
312.0
294.4
300.6
151.6
154.3
156.8
154.9
161.0
174.8
158.2
161.8
115.2
115.4
115.3
115.5
116.1
117.2
117.5
118.7
83.6
80.8
80.6
82.1
84.3
84.1
85.0
88.2
52.5
53.4
52.8
52.8
50.7
53.0
51.2
50.6
64.4
64.5
64.8
63.5
65.3
62.1
63.2
64.9
161
154
164
164
167
168
162
162
1,008
836
1,103
1,097
1,118
1,104
1,111
951
Jan r
Feb r
Mar r.
Apr r
May "
June"
373.4
373.9
368.0
371.6
374.7
305.4
305.7
298.9
301.2
300.3
163.4
164.7
165.6
167.8
169.8
122.8
124.7
126.5
129.3
131.9
88.4
87.5
81.4
82.1
79.3
53.5
53.5
51.8
51.3
51.2
68.0
68.3
69.2
70.5
74.4
146
162
149
176
160
161
848
941
840
1,011
921
911
1986:
1
Includes the following categories of private construction not shown separately: residential im-
railroads, electric light and power, gas, petroleum pipelines, and farm nonresidential.
Provements,
Includes hotels and motels, previously included in residential.
2
3
F. W. Dodge scries.
NOTE.—Scries for new construction expenditures revised beginning 1964.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
New prh ate homes
New private housing units
Units started, by type of structure
Period
Total
1978
1979
1980
1981
1982
1983
1984
1985
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1 unit
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
2-4 units
125.0
122.0
109.5
91.1
80.0
113.5
121.4
93.4
5 or more units
462.0
429.0
330.5
287.7
319.6
522.0
544.0
576.1
Units
authorized
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
Units
completed
Homes sold
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
817
709
545
436
412
623
639
688
Vacancy rate
Homes for
sale at end of
period 1
3
housing units
(percent) 2
414
5.0
398
5.4
5.4
5.0
5.3
5.7
5.9
6.5
336
272
251
300
356
349
Seasonal y adjusted annu al rates
1985: May
June
July
Aug
Sept
Oct
Nov
Dec
1,684
1,693
1,673
1,737
1,653
1,784
1,654
1,882
1,041
1,036
1,068
1,071
1,006
1,118
1,006
1,098
105
95
86
97
85
80
76
83
538
562
519
569
562
586
572
701
1,727
1,717
1,709
1,782
1,846
1,703
1,668
1,839
1,635
1,758
1,722
1,720
1,778
1,541
1,721
1,762
684
710
745
708
681
637
722
729
355
354
351
348
350
353
353
349
1986:
2,034
2,001
1,960
2,019
1,860
1,845
1,335
1,202
1,221
1,242
1,247
1,223
107
115
84
79
83
78
592
684
655
698
530
544
1,861
1,808
1,834
1,885
1,788
1,792
1,778
1,725
r
1,806
1,683
1,814
735
352
Jan
Feb
Mar
Apr r
May r
June p
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not striudy comparable
with earlier data.
3
New series beginning March 1979.
6.2
6.8
6.7
r
741
r
r
352
r
338
6.9
884
780
703
337
340
343
7.3
924
NOTE.— Beginning 1984, units authorized are for 17,000 per it-issuing places and for 1978-83
data are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales fell 1.9 percent in May and inventories fell $2.1 billion. According to advance data,
retail sales rose 0.2 percent in June following a rise of 0.7 percent in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
650
600
BILLIONS OF DOLLARS* (RATIO SCALE)
200
190
180
170
160
150
550
500
"MANUFACTURING AND'
TRADE INVENTORIES
450
140
130
400
RETAIL INVENTORIES
120
MANUFACTURING
AND TRADE SALES
350
110
X
100
300
"RETAIL SALES
90
80
250
70 linnli
RATIO*
200
1.80
_ INVENTCDRY-SALES RATIO
1.60
150
w^n
* \«iMi i iMi
-
RETAIL
^
'%--^><t^--^|
1 20
1 00
100
1982
1983
1985
1984
MANUFACTURING
AND TRADE
1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 n
1982
1986
1983
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Sales
2
Inventory-s ales ratio 4
Re tail
Sales
Inventories 3
\\\\\\\\\\\
19851986
1984
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
and
Manufact jring
tra< e 1
S ~*S
-x>sj--
InventoTotal
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
Retail
trade 1
Millions of dollars, seasonally iidjusted
260,805
298,334
328,058
356,919
344,656
368,724
410,737
424,091
399,608
451,460
494,105
528,105
509,555
520,328
575,098
583,148
66,669
79,472
93,704
102,013
96,290
100,424
113,404
114,494
86,405
99,262
113,478
118,259
118,149
120,265
131,544
135,940
424,379
418,416
421,524
428,015
427,691
425,689
431,326
432,797
577,813
580,137
580,318
578,635
578,742
581,516
582,381
583,148
115,749
111,073
113,301
115,146
114,344
113,675
115,762
116,852
133,485
134,931
134,949
134,869
134,410
134,810
134,831
135,940
431,713
426,854
420,230
428,455
420,361
584,968
585,176
588,178
588,599
586,532
115,648
113,380
112,495
114,608
108,778
136,624
136,561
137,056
137,083
137,361
1978
1979
1980
1981
1982
1983
1984
1985
1985: Mayr
June
July
Aug
Sept
Oct
Nov
Dec
1986:
1
2
3
Jan
Peb
Mar
Apr r
May "
June"
r
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
r
T
113,992
113,472
114,430
116,276
119,118
114,785
115,433
116,861
117,349
117,200
116,684
117,715
118,515
118,700
43,863
49,397
55,049
59,688
61,279
64,817
68,939
71,645
102,694
111,098
116,346
127,201
126,497
139,381
157,845
165,324
50,136
54,108
55,117
60,327
58,952
66,928
77,142
82,875
52,558
56,990
61,229
66,874
67,545
72,453
80,703
82,449
1.44
1.43
1.45
1.44
1.51
1.38
1.34
1.37
71,405
71,163
71,662
72,067
72,370
72,430
72,802
72,979
159,428
159,528
160,333
159,078
160,302
164,262
165,557
165,324
78,677
79,143
79,205
78,042
78,425
81,668
83,056
82,875
80,751
80,385
81,128
81,036
81,877
82,594
82,501
82,449
1.36
1.39
1.38
1.35
1.35
1.37
1.35
1.35
73,162
73,251
73,405
72,841
r
73,185
73,298
167,987
169,379
171,551
172,158
170,819
84,755
85,863
88,132
88,263
87,227
83,232
83,516
83,419
83,895
83,592
1.35
1.37
1.40
1.37
1.40
23,368
25,529
24,914
27,089
28,059
33,041
38,817
42,851
67,231
74,926
79,963
86,777
89,339
97,858
107,755
114,495
r
42,587
42,309
42,768
44,209
46,748
42,355
42,631
43,882
44,187
43,949
43,279
44,874
r
45,330
45,402
r
1.43
1.44
1.42
1.41
1.41
1.34
1.39
1.40
r
1.40
1.41
1.40
1.37
1.35
1.43
1.43
1.41
1.43
1.45
1.47
1.46
1.44
4
For annual periods, ratio of weighted average inventories to average i onthly 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 and inventories were unchanged from their May levels while new and unfilled
orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
360 —
320 —
SHIPME NTS
200
160
*_
.^ — v
. ~*^— — TOTAL
INVENT ORIES
240
120
DURAI LE GOODS
.1
,
80
— .— _„
—*.s*.*
--
""T""
—-
C URABLE GO 3DS
— -.
•—7
80
MM,|,,M|
T 1 1 11 ( 11 f 11
—
TOTAL
s
~- ,_ ^— NONDURABLE GC )ODS
40
—
r^r~
-
NON DURABLE G(DODS
1 1 1 1 1 ! 1 1 1 1 1 1 1 1 1 1 1 1 T 1 1 1 1 1 1 11 1 1 1 1 1 1
BILLIONS OF DOLLARS* (RATIO SCALE)
240
<10
200
I'M' 1 !""
1 1 1 1 1 1 1 1 1 1 1 iiiiihiin M i l l ) 1 ! ! ! ?
1 t 1 111 t t 1M
RATIO*
2.2
INVENT ORY-SHIPA/\ENTS RAT O
2.0
1.8 _-
—
K
1.4
40
12
1 1 11 11u11 (
rH
>1 1 1 1 1 1 1 1 1 1 1
\ 1 1\ 1 1M 11 1
1982
1986
1982
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1985
ft anufacturers new orders i
Manufa iturers' inver tories 2
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
Durabl 3 goods
Total
Durable
goods
1986
COUNCIL OF ECONOMIC ADVISERS
Manufa cturers' shiprnents l
Period
_
1 1 ] \ 1 1f 1 1 11 1 1 1 1 11 11 1 1 1
1984
1983
^-~S^~
Durable
goods
Nondurable goods
Capital
Nondurable goods
Total
industries,
defense
M llions of do liars, seasoilally adjust id
1978
1979
1980
1981
1982
1983
1984
1985
1985:
June
July
Aug
Sept
Oct
Nov
Dec
'986: Jan
Feb
Mar
Apr
May"
June p
1
2
3
126,905
143,936
154,391
168,129
159,027
170,441
189,578
195,102
67,848
76,060
77,550
83,872
76,693
84,951
98,502
103,649
59,057
67,876
76,841
84,257
82,334
85,491
91,076
91,452
210,509
241,100
264,281
282,645
264,909
260,682
285,709
281,884
137,891
160,533
174,620
186,347
175,103
171,629
191,109
189,164
72,618
80,567
89,661
96,298
89,806
89,053
94,600
92,720
131,546
147,403
156,161
167,752
157,255
173,259
191,634
195,803
72,339
79,451
79,360
83,553
74,996
87,631
100,611
104,305
19,458
23,231
23,259
24,050
20,681
22,764
27,017
27,215
59,207
67,953
76,801
84,199
82,260
85,627
91,024
91,499
259,770
302,145
323,393
319,094
296,918
330,924
355,640
363,809
1.57
1.57
1.66
1.64
1.73
1.52
1.45
1.46
193,871
193,793
196,593
194,229
197,229
200,131
199,084
102,657
102,478
105,311
103,656
106,479
107,007
105,777
91,214
91,315
91,282
90,573
90,750
93,124
93,307
285,678
285,036
284,688
284,030
282,444
281,993
281,884
192,239
192,163
192,037
191,930
190,508
190,284
189,164
93,439
92,873
92,651
92,100
91,936
91,709
92,720
198,261
195,793
198,782
197,332
195,381
196,865
201,213
106,780
104,370
107,661
106,641
104,495
103,796
107,531
27,984
26,685
27,554
29,240
27,092
25,788
30,566
91,481
91,423
91,121
90,691
90,886
93,069
93,682
359,502
361,502
363,691
366,794
364,946
361,680
363,809
1.47
1.47
1.45
1.46
1.43
1.41
1.42
198,716
196,274
191,051
196,132
193,068
193,121
105,631
105,545
102,693
106,592
r
103,672
104,218
93,085
90,729
88,358
89,540
89,396
88,903
280,357
279,236
279,571
279,358
278,352
278,259
188,518
187,644
188,333
188,031
187,637
187,169
91,839
91,592
91,238
91,327
90,715
91,090
201,133
198,559
192,996
193,151
192,122
191,536
108,194
107,545
104,682
103,747
r
102,624
102,677
24,288
28,637
26,540
26,179
r
26,145
26,476
92,939
91,014
88,314
89,404
89,498
88,859
366,226
368,511
370,456
367,475
366,529
364,944
1.41
1.42
1.46
1.42
1.44
1.44
Monthly average for year and total for month. Shipments are the same a
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 and for finished consumer foods were unchanged,
seasonally adjusted. Prices of finished consumer goods excluding food fell 0.1 percent. Prices of capital equipment
rose 0.1 percent.
INDEX, 1967= 100 (RATIO SCALE)
340
INDEX, 1967=100 (RATIO SCALE)
J4V
SE ASONALLY ADJUSTED
FINISHED GOODS
320
C ONSUMER GO DOS
E XCLUDING FOC3DS
300
TOTAL FINISHED
GOODS
.
/-\—
3-
.^
•z?*^
y^
260
*~1_»-•••
j- —— 'XN
^-\
300
&-^
280
^
v __/•
-'***'
260
CONSUMER FO< 3DS
"CAPITAL EQ JIPMENT
/•'/^T
^
t'S"^ r
240
W
y
/'
_ /
'
>
/"*
-'V '
^
* .^^
N
~2^''
220
//
200
«'
</^X'
X
V
200
,'
X/"''
180
i
IJ-ff 1 1 1 1 1 1 1 Illllllllll inillllli| iiiiiliini
1978
1979
1980
iiiiiiuiii
Illllllllll
Illllllllll Illllllllll Illllllllll 180
1984
1983
1982
1981
1986
1985
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967 = 100; monthly data seasonally adjusted]
Fini shed goods
Period
Total
finished
goods
Consumer
foods
F nished go )ds excluding consumer foo Is
Consumer gc ods
Total
Total
1978
1979
1980
1981
1982
1983
1984
1985
1985: June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb r.
Mar
Apr
May
June
1
195.9
217.7
247.0
207.2
226.2
239.5
269.8
280.7
285.2
291.1
293.7
293.6
294.3
293.4
291.8
294.4
296.4
298.3
296.1
291.3
288.6
286.8
288.6
288.5
253.6
259.3
261.8
273.3
271.2
268.4
270.9
269.0
266.4
270.8
273.7
276.5
274.9
270.3
271.2
271.6
274.7
274.7
Intermediate materials for food manufacturing am
22
190.7
213.3
247.8
273.3
285.8
290.8
294.8
299.0
299.7
299.8
299.3
298.0
300.1
301.7
303.3
300.9
296.1
292.1
289.5
290.8
290.7
186.7
211.5
250.8
276.5
287.8
291.4
294.1
297.3
298.4
298.4
297.5
296.3
298.0
300.0
301.9
298.8
291.8
285.8
281.7
283.5
283.2
Durable
166.9
183.2
206.2
218.6
226.7
233.1
236.8
241.5
242.1
242.1
242.3
239.8
243.0
243.8
243.6
242.3
242.9
243.9
245.6
245.8
246.0
Nondurable
200.0
231.3
283.9
319.6
333.6
335.3
337.3
339.3
340.7
340.7
339.0
338.9
339.3
342.3
346.0
341.3
328.7
317.5
308.9
312.0
311.4
Interrr ediate ma terials
Or,ide maten als
Foods
and
feeds '
Foodstuffs
and
feedstuffs
Total
finished
Capital
equipment
199.2
216.5
239.8
264.3
279.4
287.2
294.0
300.5
300.4
300.7
301.3
299.7
302.7
303.4
303.8
303.3
303.7
304.3
305.3
305.5
305.7
con-
Total
sumer
goods
194.9
217.9
248.9
271.3
281.0
284.6
290.3
291.8
291.6
292.5
291.2
289.6
292.1
294.5
296.7
294.1
287.8
284.1
281.5
283.8
283.6
215.6
242.2
280.3
306.0
310.4
312.3
320.0
318.7
318.5
317.8
317.4
317.2
317.5
318.6
319.9
318.4
313.8
310.0
307.0
306.3
306.4
203.1
226.1
252.6
250.3
239.4
247.9
253.1
232.8
230.7
229.7
226.5
224.9
229.4
232.3
233.9
232.8
229.5
228.8
226.9
228.6
228.3
Other
Total
216.5
244.4
282.3
310.1
234.4
274.3
304.6
329.0
319.5
323.6
330.8
306.1
303.8
303.0
296.1
293.1
302.2
308.0
307.0
302.9
286.6
279.9
269.7
275.9
273.0
315.7
317.1
325.0
325.0
325.0
324.3
324.1
323.9
324.0
325.0
326.2
324.7
320.0
316.0
312.9
312.1
312.2
Source: Department of Labor, Bureau of Labor Statistics.
216.2
247.9
259.2
257.4
247.8
252.2
259.5
235.0
230.6
229.5
221.6
217.7
231.0
240.8
239.7
233.8
225.4
222.9
216.1
224.9
223.2
Other
272.3
330.0
401.0
482.3
473.9
477.4
484.5
459.2
461.2
461.1
456.1
454.9
455.4
453.1
452.4
451.8
418.7
403.3
385.8
386.5
381.2
CONSUMER PRICES—ALL URBAN CONSUMERS
In June, the consumer price index for all urban consumers rose 0.5 percent, seasonally adjusted and not seasonally
adjusted. The index was 1.7 percent above its year-earlier level.
INDEX, 1967= 100 (RATIO SCALE)
340
INDEX, 1967 =100 (RATIO SCALE)
340
320
320
300
300
280
280
ALL ITEMS
260
260
240
240
220
220
200
200
180
180
1978
1979
1980
1982
1981
1986
1985
1984
1983
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABf
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Tr ansportati on
Hou sing
She Iter
Period
All
items 1
Food
Renters'
Total '
1982=100)
NSA
Bel. imp.3
1978
1979
1980
1981
1982
1983
1984
1985
1985: June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
1
100.0
195.4
217.4
246.8
272.4
289.1
298.4
311.1
322.2
322.3
322.8
323.5
324.5
325.5
326.6
327.4
328.4
327.5
326.0
325.3
326.3
327.9
Homeowners'
costs (Dec.
1982 = 100)
Medical
care
Energy 2
All items
less
food,
energy,
and
shelter
upkeep
Total '
New
cars
Motor
fuel
5.0
159.6
166.6
178.4
186.9
191.8
196.5
200.2
206.0
205.9
205.6
205.9
206.8
207.7
208.4
208.3
207.7
206.6
206.3
206.9
206.5
205.8
21.4
185.5
212.0
249.7
280.0
291.5
298.4
311.7
319.9
320.2
320.3
319.8
319.3
320.5
322.6
323.9
325.5
320.9
311.8
304.0
304.9
307.4
3.4
153.8
166.0
179.3
190.2
197.6
202.6
208.5
215.2
215.0
215.2
215.7
216.2
217.0
217.7
218.4
218.6
219.5
219.9
221.2
223.0
224.4
5.5
6.5
11.3
48.0
196.3
265.6
369.1
410.9
389.4
376.4
370.7
373.8
378.8
379.1
377.4
375.2
374.3
377.4
379.4
380.1
357.2
314.8
279.5
286.4
295.0
219.4
239.7
265.9
294.5
328.7
357.3
379.5
403.1
402.6
404.3
406.6
409.0
410.9
413.0
415.7
417.5
420.4
424.5
427.2
429.8
432.8
220.4
275.9
361.1
410.0
416.1
419.3
423.6
426.5
430.3
429.4
427.6
426.8
425.8
428.4
430.3
430.8
414.3
387.5
365.2
366.2
374.8
179.1
191.5
208.3
228.1
245.6
258.4
271.2
281.6
280.9
281.4
282.1
282.6
284.1
285.4
286.2
287.5
288.0
288.6
289.1
289.4
290.4
NSA
18.5
211.4
234.5
254.6
274.6
285.7
291.7
302.9
309.8
309.1
309.2
309.6
310.7
311.1
313.2
315.2
315.9
313.8
314.1
315.0
316.4
316.7
37.9
202.8
227.6
263.3
293.5
314.7
323.1
336.5
349.9
349.4
350.3
351.7
352.2
353.3
355.2
356.2
357.1
356.8
357.5
358.5
358.2
360.1
22.3
210.4
239.7
281.7
314.7
337.0
344.8
361.7
382.0
381.1
383.1
385.3
386.1
387.9
390.5
391.9
393.3
394.8
397.3
400.7
401.0
401.8
7.3
103.0
108.6
115.4
115.3
115.8
116.3
116.7
117.5
118.2
118.5
118.8
119.2
119.8
121.1
121.2
121.7
14.4
102.5
107.3
113.1
112.9
113.6
114.3
114.5
114.9
115.7
116.2
116.6
117.0
118.0
118.9
119.1
119.1
Includes items not shown separately.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
3
Relative importance, December 1985.
2
Fuel
Mainteand
nance
other
and
repairs utilities
Appar-
0.5
233.0
256.4
285.7
314.4
334.1
346.3
359.2
368.9
367.6
367.8
370.6
368.7
368.5
372.7
373.7
379.1
379.6
367.5
367.6
367.1
366.6
8.1
216.0
239.3
278.6
319.2
350.8
370.3
387.3
393.6
394.7
394.2
393.6
394.4
393.7
395.4
396.5
397.2
392.4
388.4
385.7
382.3
388.9
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Chi nge from pr Bceding peric d
Consum r goods
Period
Total
finished
goods
Consum r goods
Consum r goods
Capital
equipment
Excluding foods
Foods
Change from 6 month s earlier, ann jal rate
Change from 3 month s earlier, ann ml rate
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., N>3A
1978
9.2
11.7
8.5
1979
1980
1981
1982
1983
1984
1985
12.8
7.4
7.5
1.4
2.1
2.3
3,5
.5
17.5
14.2
11.8
7.1
3.7
.6
1.7
1.8
7.8
7.9
8.8
11.4
11.1
13.5
9.2
3.9
1.9
1.8
2.7
9.2
4.0
1.6
2,1
.9
8.5
4.2
-.8
.8
2.0
Ct] ange, month to mont h
-0.2
1985: June
July
Aug
Sept
Oct
Nov
Dec
-0.1
.2
-.3
1.0
— .2
— .4
1.7
1.1
1.0
.9
.7
.6
-.7
1986: Jan
Feb '
Mar '.
Apr
May r
June
.6
.7
.6
0
-.3
-1.0
— .5
0.1
.1
.2
-.5
1.0
.2
.1
-0.4
.9
-.7
-.6
-1.6
-1.7
-.9
-.6
.6
-.0
2.1
-1.4
.6
-.1
.1
.6
-2.9
-2.8
-2.9
.1
4.2
9.2
.5
3.4
7.8
.1
7.2
16.0
6.2
2.3
-6.7
-12.4
-12.0
-3.7
6.1
1.2
-5.7
— 1.1
-2.4
.1
.2
.3
.1
.1
-2.3
.3
.1
1.1
0
2.2
1.1
1.1
-4.9
-7.4
-10.5
-19.7
-21.0
-10.9
-3.6
4.7
6.7
5.3
i
1.5
1.5
1.7
-.9
2.7
2.8
5.6
.8
.4
.7
2.7
2.4
1.9
-4.5
-2.0
-3.3
1.0
1.7
1.0
2.6
2.9
— .1
—4.4
.6
0
3.8
6.1
1.5
3.2
1.2
2.8
1.6
.3
.2
2.4
3.0
1.0
3.6
.6
.7
-1.4
-2.2
-5.1
-5.2
-6.5
.3
-3.8
-7.0
— 10.6
-10.7
-12.0
-1.3
3.3
2.6
1.8
.3
2.1
2.3
2.3
1.1
.9
.8
.2
1.1
1.4
1.8
1.7
1.6
3.1
1.7
1.4
1.3
1.3
-.2
-1.4
-2.1
-1.7
-1.7
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Housing
Tr msportati M3
Shelter
Period
All
items l
Food
Total 1
Total 1
Renters'
Homeowners'
Fuel
and
other
utilities
parel
and
Total '
New
Adden dum: All ite us, percent hange
(annua rate)
All
Ap-
Motor
Medieal
care
Energy2
items
less
food,
energy,
From
previ-
and
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
C lange, D ecember to Dec mber, J> SA
1978
1979
1980
1981
1982
1983
1984
1985
9.0
11.8
9.9
13.3
12.4
10.2
10.2
8.9
3.9
3.8
4.0
3.8
4.3
3.1
2.6
3.8
2.7
15.2
13.7
10.2
3.6
3.5
4.2
4.3
11.5
17.4
15.1
9.9
2.4
4.7
5.2
6.0
5.1
5.9
6.3
4.5
5.1
5.9
5.9
3.2
7.7
6.2
8.5
8.8
8.0
16.0
13.6
14.5
5.5
6.8
3.6
1.6
2.9
2.0
2.9
18.2
14.7
11.0
7.4
7.5
6.8
1.6
3.4
2.4
3.5
52.2
18.9
10.1
10.0
12.5
11.0
37.4
9.7
1.8
4.2
1.9
1.7
3.9
3.1
2.6
9.4
-6.5
-1.7
-2.4
3.0
6.4
6.1
6.7
0.3
.1
-.4
-.6
-.2
.8
.5
0.7
.4
.6
.6
.5
.5
.7
.1
.2
.4
6.0
2 -11.9
.6 -11.2
.8
2.5
.6
3.0
.4
.7
1.0
.6
.6
.7
18.1
11.9
1.3
-.5
.2
1.8
7.7
6.5
7.2
9.9
9.4
6.1
5.0
4.4
3.7
11.3
13.5
10.4
6.1
3.2
4.3
3.6
Chainge, me nth to nlonth
1985:
June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
0.2
.2
.2
2
.4
.6
.4
0.2
.0
.1
.4
.1
.7
.6
0.3
.3
.4
.1
.3
.5
.3
0.4
.5
.6
.2
.5
.7
.3
.2
^.7
.1
.3
.4
.1
.3
-.1
.2
.3
-.1
.5
— .4
— .4
-.3
.2
.5
1
0.3
.6
.6
.2
.3
.7
.4
0.5
.4
.4
.3
.7
.6
.3
.4
.4
.6
.9
.1
.2
.3
.3
.5
1.1
.1
.4
.3
.3
.9
.8
.2
0
.4
0.5
.1
— .2
.2
O
.4
.3
.2
-1.2
-1.0
-.7
.9
1.7
0.3
.0
.1
.4
.4
.3
-.0
-.2
-.2
.4
.7
.4
-.3
.5
1
.3
-.2
-.3
Includes items not shown separately.
2
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc.,3 also included through 1982.
Quarterly changes are shown in the last month of the quarter.
24
0
— .1
.5
-1.4
-2.8
-2.5
.3
.8
0.2
.1
.2
.2
.4
.3
.3
0.1
-.2
-.4
n
-.2
.6
.4
.1
-3.8
-6.5
-5.8
.3
2.3
0.2
.2
.2
.2
.5
.5
.3
.5
.2
.2
.2
.1
.3
4.0
2.6
4.3
3.3
2.6
2.6
2.4
3.1
4.5
5.3
5.1
1.2
1.5
-1.7
-1.9
-4.3
-2.1
1.5
3.6
3.6
3.4
2.8
2.9
3.6
3.8
3.7
3.6
3.4
3.2
3.2
3.6
3.8
4.1
3.9
3.2
2.3
1.6
1.6
1.7
2.9
1.6
.3
— .4
-.2
NOTE.—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 in July were 2.5
percent
above their June level. Prices paid by farmers in July were
unchanged from their April level.
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE)
180
180
PRICES PAID
160
160
140
140
120
120
PRICES RECEIVED -
100
100
80
80
Illl
60
imiiiliiml 60
Illllllllll
RATI y-j
RA TIO!'
140
— 120
— 100
140
—
—^ — _
-|
100
80
r—^
iiiiiniiii
—
Illllllllll
1978
RATIO
.
1
i^^.
Illllllllll
Illllllllll
Illllllllll
1980
1981
1982
1979
r"~~- s
iiiiiniiii
,
^"•<—1
Illllllllll
1983
'"•"•»>_*-•*>•.
Illllllllll
1985
1984
--
80
Illllllllll
1986
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977-100]
Pri :es
Period
1978
1979
1980
1981
1982
1983
1984
1985
1985:
June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
r
June
July
1
All farm
products
115
132
134
139
133
135
142
r
!28
r
!29
r
!26
r
!21
r
!20
123
127
128
124
122
122
121
123
121
124
F rices
received by farm ers
Livestock and
products
105
116
125
134
121
128
139
!20
123
r
!21
r
l!4
112
111
r
l!4
118
113
111
111
114
114
109
105
r
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates.
3
Not available.
2
124
147
144
143
145
141
146
136
134
130
128
128
134
138
137
135
133
132
127
131
133
142
4
All commodities,
services,
interest, taxes,
and wage rates 1
paid by farmer s
Production
items, interest,
taxes, and wage
rates
108
123
138
r
!51
157
r
!61
164
163
164
163
162
162
162
162
162
163
163
(3)
r
!61
(3)
(3)
161
109
125
139
151
r
!56
159
161
157
158
156
156
155
154
155
155
156
155
(3)
r
!53
(3)
(3)
153
Production
items
108
125
138
148
150
153
155
151
r
!52
150
149
148
148
149
149
150
149
(3)
r
!46
(3)
(3)
145
Ratio
2
106
107
97
r
92
85
84
86
79
r
79
r77
75
74
76
78
79
76
75
75
75
4
76
4
75
77
r
Derived using prices paid index for April.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977—100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In June, growth in Ml and M2 slowed, while growth in M3 was about unchanged.
BILLIOh-IS OF DOLLAR 5*(RATIO SCA
3,400
3,200
B LLIONS OF DC LLARS*(RATIO SCALE)
3,400
3,200
^_^—— I
F-i
2,800
M3
2,400
-*-"•
2,000
-^
.^-
_,.
^-]
1,600
_
-'1
"'"
r"^
~,
2,800
|
2,400
,-— —
p-—""^
—
p-^-^^1
__^_---~
_
— — 'V
M2
"
2,000
1,600
.- — --'
1,200
1,200
1
800
800
700
700
_--^
600
^—-
600
500
_
.-—
\ 1
-^ -^^
'
500
Ml
400
400
_^-~
300
1 in ii m i l l
1978
Minium
1979
1 1 1 1 1 1 11 1 1 1
, ,
,,,,
1982
1981
1980
,,,,, ,,,
1983
1
1984
AVERAGES OF DAILY FIGURES; SEASONAL Y ADJUSTED
1985
,
,,,,
300
1986
COUNCIL OF ECONOMIC ADVISERS
OURCE BOARD OF G OVERNORS OF THE FE DERAL RESERVE SYSTE
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Aug
Sept
Oc?
Nov
Dec
1986: Jan
Feb
Mar
May
June p
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MATMF 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
363,0
388.7
414.2
441.1
479.9
527.1
558.5
626.6
590.9
596.2
604.8
611.5
614.2
620.1
626.6
627.2
631.0
638.4
646.1
658.7
666.7
1,388.9
1,497.5
1,630.3
1,792.8
1,952.6
2,186.0
2,373.8
2,565.8
2,479.0
2,496.1
2,515.4
2,529.5
2,538.4
2,550.8
2,565.8
2,569.0
2,576.6
2,591.1
2,620.9
2,647.9
2,668.9
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.
26
1,646.4
1,803.2
1,987.4
2,233.6
2,443.5
2,697.3
' 2,986.5
r
3,199.9
'3,097.0
r
3, 112.1
'3,130.1
T
3, 150.2
r
3, 164.9
r
3,180.2
T
S , 199.9
3,222.9
3,239.6
3,260.2
3,289.1
3,304.5
3,322.5
L
M3 plus
other liquid
assets
1,909.0
2,114.8
2,323.3
2,593.7
2,850.1
3,163.5
3,532.3
' 3,837.0
r
3,665.7
' 3,683.2
r
3,711.2
r
3,739.2
' 3,760.7
r
3,798.2
r
3,837.0
3,859.0
3,877.2
3,890.5
3,913.2
3,944.5
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
3,169.4
3,554.9
3,894.5
4,269.7
4,661.3
5,192.0
5,952.0
6,809.8
6,320.2
6,389.8
6,460.3
6,525.3
6,592.0
6,680.3
6,809.8
6,913.8
6,963.9
7,012.3
7,069.4
7,129.5
Perce nt change from year or 6
months earlier 2
Ml
8.3
7.1
6.6
6.5
8.8
9.8
6.0
12.2
11.9
12.2
12.9
14.2
13.8
13.3
12.4
10.7
8.9
9.0
10.7
12.8
13.2
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
8.0
7.8
8.9
10.0
8.9
12.0
8.6
8.1
9.1
8.2
7.9
8.4
8.7
8.2
7.1
5.9
4.9
4.9
6.6
7.8
8.2
M3
11.8
9.5
10.2
12.4
9.4
10.4
10.7
7.1
'7.5
6.7
r
6.4
r
6.9
r
7.5
7.4
r
6.8
7.2
7.1
7.1
8.0
8.0
7.8
Debt
13.3
12.2
9.6
9.6
9.2
11.4
14.6
14.4
12.8
12.7
13.1
13.3
13.3
14.0
16.1
17.1
16.2
15.5
15.0
13.9
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Demand
deposits
Currency
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(KPs),
net, plus
overnight
Eurodollars
NSA
1978: Dec
1979: Dee
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1985:
June
July
Aug
Sept
Oct
Nov
Dec
1986:
Jan
Feb
Mar
Aprr
May r
June ".
97.6
106.4
116.7
124.1
134.3
148.3
158.5
170.6
Money market
mutua 1 fund
bala rices
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
242.7
248.4
271.5
20.3
21.2
28.3
35.9
38.8
53.8
56.3
69.6
33.4
61.6
150.6
185.2
138.2
167.5
176.5
15.2
38.0
51.1
43.2
62.7
64.6
43.2
379.2
417.0
512.0
164.4
165.3
166.9
167.7
168.7
169.8
170.6
259.0
260.4
263.1
266.4
266.0
267.8
271.5
161.8
164.8
169.0
171.5
173.7
176.7
178.6
60.8
60.7
63.6
64.2
64.7
65.8
69.6
175.4
175.8
176.8
176.7
177.0
176.8
176.5
67.1
65.0
63.6
62.3
63.3
64.5
64.6
171.9
172.9
173.9
174.4
175.8
176.6
268.9
269.2
273.2
275.7
281.6
284.9
180.5
183.1
185,2
189.9
195.1
199.0
68.0
67.5
66.4
66.9
67.1
64.0
177.7
181.0
186.2
191.4
193.4
197.7
67.3
67.7
70.2
74.1
76.1
75.0
8.5
6.4
3.1
9.5
Small
denomination
time
deposits1
Large
denomination
time
deposits 1
NSA
17.4
28.0
78.0
103.4
131.3
146.3
178.6
253.5
261.1
265.3
234.6
237.9
Savings
deposits
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
306.6
289.7
303.6
852.8
785.2
887.5
880.3
195.1
222.1
259.0
301.8
327.8
329.9
413.9
436.5
478.1
487.2
495.2
499.8
504.1
509.5
512.0
293.6
296.7
299.7
300.3
302.3
303.7
303.6
890.3
888.0
880.9
878.3
875.7
876.0
880.3
422.7
418.3
421.0
425.6
429.7
432.9
436.5
57.1
55.7
57.1
58.4
59.4
62.8
65.5
r
515.7
516.3
520.5
525.2
530.8
540.4
304.0
304.9
306.9
311.4
318.5
325.0
885.9
891.0
894.7
896.2
891.2
885.9
447.9
451.2
450.5
452.1
446.3
445.4
68.2
69.8
70.6
68.7
67.7
65.2
'76.0
r
79.2
r
82.7
81.0
78.3
77.6
0.0
.0
.0
.0
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
482.0
423.9
401.4
344.8
357.9
521.5
635.3
730.2
825.1
r
Shortterm
Treasury
securities
Qa-ir
oavings
bonds
26.6
29.5
34.0
36.0
34.5
51.8
62.2
65.5
31.8
44.7
50.3
67.5
81.7
91.5
83.1
r
76.7
80.3
79.6
72.3
67.8
68.0
71.2
74.3
79.5
81.1
107.8
133.4
149.6
184.4
214.9
266.0
78.2
77.6
78.8
r
78.9
r
78.2
r
78.4
r
76.7
r
r
r
Bankers'
acceptances
C /irri
Onimercial
paper
22.0
79.2
97.0
307.1
27.2
32.1
39.9
44.3
44.5
43.6
41.1
98.1
102.8
109.9
135.6
161.8
209.5
76.5
76.7
77.2
78.0
78.5
79.0
79.5
281.9
279.2
277.3
280.6
280.9
299.5
307.1
44.5
43.7
43.6
43.2
43.9
43.1
41.1
165.7
171.6
182.9
187.2
192.5
196.4
209.5
79.9
80.5
81.1
81.8
82.6
304.1
305.9
298.0
298.3
310.6
41.5
42.1
41.6
41.0
40.1
210.6
209.2
209.5
203.0
206.7
Travelers checks are a component of money stock but are not shown here.
Source: Board of Governors of the Federal Reserve System.
NOTE.—See note p. 26.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandiiig 1
Ins tallment credit outstanding (end of perio d)
Period
Total
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May
June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr r
May"
187,782
221,475
261,976
296,483
297,667
314,321
327,173
376,239
453,580
535,098
488,862
493,253
500,039
506,090
516,420
522,978
528,621
535,098
542,753
547,852
550,939
555,236
560,625
Revolving
66,821
80,948
98,739
112,475
112,255
120,020
16,595
36,689
45,202
15,738
16,362
16,921
53,357
54,894
60,750
66,007
78,369
98,514
118,296
108,372
109,260
110,904
112,373
113,850
115,218
117,050
118,296
119,682
120,724
122,131
123,442
124,367
18,207
19,119
20,382
20,998
22,194
24,184
25,461
24,670
24,768
25,015
25,173
25,341
25,320
25,315
25,461
25,371
25,573
25,584
25,513
25,505
125,369
145,908
173,122
206,482
187,533
189,459
191,201
192,923
198,656
201,994
203,766
206,482
210,661
213,342
214,361
215,239
218,058
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Mobile
home
Automobile
Other
88,628
87,476
101,114
112,444
111,399
113,169
114,799
129,768
157,760
184,859
168,287
169,766
172,919
175,621
178,573
180,446
182,490
184,859
187,039
188,212
188,863
191,041
192,694
Total
20,739
33,693
40,501
34,507
1,184
16,654
12,852
49,066
77,341
81,518
6,330
4,391
6,786
6,051
10,330
6,558
5,643
6,477
7,655
5,099
3,087
4,296
5,389
Automobile
9,832
14,127
17,791
13,736
-220
7,765
5,349
20,539
27,214
33,360
3,007
1,926
1,742
1,722
5,733
3,338
1,772
2,716
4,179
2,682
1,019
Revolving
Mobile
home
2,088
20,094
8,513
8,155
1,537
5,856
5,257
12,362
20,145
19,782
350
624
559
1,286
912
1,263
955
888
100
98
247
158
168
-21
5
146
878
1,644
1,469
1,477
1,368
1,832
1,246
1,386
1,042
1,407
1,311
2,819
925
616
1,196
1,990
1,277
-90
203
11
-71
8
Other
8,469
-1,152
13,638
11,330
1,045
1,770
1,630
14,969
27,992
27,099
2,268
1,479
3,153
2,702
2,952
1,873
2,044
2,369
2,180
1,173
651
2,178
1,653
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose 0.4 percent in June following a decline of 0.2 percent in May.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,200
2,000
1,800
1,600
BILLIONS OF DOLLARS * (RATIO SCALE)
2,200
2,000
1,800
1,600
ALL COM/AERCIAL BANK s
^_-—
-
TOTAL
—
1,400
_
rJL_—1
1,200
*.
•
1,200
•"*
•—
"I-—--
1,400
-——
^r**-
1,000
-
—
•.«—•" "~ "*
- 1,000
•
'
-
800
\
LO ANS AND LEAS ES
800
•
600 —
—
600
400
400
—
U.S. G0\ ERNMENT SEC URITIES
..
~
.
200
200
/
.
.
160
160
120
120
DTHER SECURI IES
m u l i i f i f miilmu mnlfim iimtnm mulnm
^978
\9T>
^98^
1982
}9SO
80
nmlmn
ItlllllUtl 1(11(1(11(1 ((Illllllll
1984
1983
1986
1985
* SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Al commercial ban is 1
Loans and leases
Period
Total loans
and
securities 2
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June r
July r
Aug r
Sept T.
Ocf
Nov r
Dec r
1986: Jan r.
Feb r
Mar r
Apr r.
May".
June "
1,014.4
1,136.2
1,240.5
1,308.2
1,401.1
1,553.5
1,722.6
1,900.4
1,808.6
1,822.2
1,833.9
1,847.2
1,855.5
1,876.0
1,900.4
1,930.0
1,935.5
1,944.6
1,947.9
1,957.5
1,963.8
Total *
747.5
849.9
915.4
968.4
1,033.9
1,123.7
1,319.7
1,449.7
1,388.2
1,398.2
1,408.0
1,418.0
1,424.0
1,436.8
1,449.7
1,469.3
1,473.7
1,491.8
1,495.8
1,501.5
1,505.4
Commercial
and industrial
loans
246.2
291.3
327.4
355.9
392.5
414.0
472.9
499.5
487.6
488.5
489.7
492.1
492.7
495.7
499.5
502.1
502.4
506.1
507.8
506.7
508.7
Depo itory institutio ns 3
U.S.
Government
securities
28
Total
129.3
142.0
154.5
160.6
165.3
170.1
142.1
177.6
147.2
148.5
150.7
153.6
157.3
163.3
177.6
192.5
188.1
183.3
182.1
181.9
183.6
137.6
144.4
170.6
179.2
201.9
259.7
260.9
273.1
273.1
275.4
275.1
275.5
274.2
276.0
273.1
268.2
273.6
269.5
270.0
274.1
274.9
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
2
Excludes loans to commercial banks in the United States.
Bom wings
(millions of dollars,
unad usted)
R eserves adjust 3d
for changes i i
res erve requirem ents
3
27.85
29.15
30.99
32.19
34.41
36.16
39.51
45.61
42.67
43.08
43.65
43.88
44.24
44.85
45.61
45.88
46.37
46.87
47.28
r
48.58
49.45
borrowed
26.99
27.67
29.30
31.55
33.78
35.38
36.32
44.29
41.46
41.98
42.58
42.59
43.06
43.11
44.29
45.11
45.49
46.10
46.38
47.70
48.64
Required
27.62
28.70
30.48
31.87
33.91
35.59
38.66
44.55
41.76
42.23
42.83
43.22
43.49
43.92
44.55
44.77
45.27
45.97
46.47
47.74
48.51
Data are averages of daily figures.
NOTE.—Series on bank loans and securities revised.
Source: Board of Governors of the Federal Reserve System.
Total
868
1,473
1,690
636
634
774
3,186
1,318
1,205
1,107
1,073
1,289
1,187
1,741
1,318
770
884
761
893
876
803
Seasonal
135
81
116
54
33
96
113
56
151
167
221
203
172
107
56
36
56
68
73
94
108
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Oredit market funds
Total
Internal '
Total
Total
1978
1979
1980
1981
1982
1983
1984
1985
Securities
and
mortgages
Loans and
short-term
paper
Other 2
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
324.5
354.0
348.6
380.8
329.4
435.1
511.3
489.8
182.3
197.6
200.1
239.5
242.3
288.1
338.1
371.3
142.2
156.5
148.5
141.3
87.1
147.0
173.1
118.5
81.0
88.2
93.0
92.2
83.5
84.7
115.4
84.5
33.3
21.0
52.1
21.8
44.0
57.3
-11.2
16.8
47.7
67.3
40.9
70.4
39.5
27.4
126.5
67.8
61.3
68.2
55.5
49.2
3.6
62.3
57.8
34.0
309.0
362.5
341.6
349.6
283.6
395.1
457.6
445.6
216.9
238.3
244.1
286.3
256.3
271.4
376.3
368.7
92.0
124.3
97.5
63.3
27.3
123.8
81.4
76.9
15.5
-8.5
7.0
31.2
45.8
40.0
53.6
44.2
532.6
521.1
462.7
528.7
324.8
334.4
343.9
349.6
207.8
186.7
118.8
179.1
113.9
92.5
85.2
169.8
27.8
-57.6
.5
40.3
141.7
150.1
84.7
129.5
93.8
94.3
33.6
9.4
491.9
468.1
394.5
476.0
356.6
381.8
385.5
381.1
135.3
86.3
9.0
94.9
40.7
53.0
68.2
52.6
n
m
IV
428.2
465.7
488.7
576.0
358.4
364.6
382.7
379.5
69.8
101.1
106.0
196.5
69.5
80.5
53.1
134.3
-9.5
35.5
15.3
24.3
79.0
45.0
37.8
110.0
.3
20.6
52.9
62.1
394.6
420.1
445.4
521.8
356.5
365.8
365.2
387.3
38.1
54.3
80.2
134.5
33.6
45.6
43.4
54.1
1986: I "
546.2
396.8
149.4
105.7
45.7
60.0
43.7
498.5
390.7
107.8
47.7
1984: I
n
m
IV
1985: I
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.
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board cf Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liahiliti s
Curren assets
End of period
Total
Cash
U.S.
Grovern-
securities
QFR-FRB series:
1978
1979
1980
1981
1982
1983
1984
1985"
1983: HI
IV
1984: I
n
m
TV
1985: I
n
m
IV
Notes and
accounts
receivable
Invento-
Total
Notes and
accounts
payable
Other
current
liabilities
383.0
460.8
514.4
547.1
550.7
595.7
647.8
683.1
571.0
595.7
601.9
623.4
642.2
647.8
636.4
649.8
668.1
683.1
286.5
346.5
376.2
424.1
435.3
463.9
515.8
549.7
469.2
463.9
491.2
502.9
512.9
515.8
536.8
529.7
541.0
549.7
Net
working
capital
Current
ratio *
2
,043.7
,214.8
,328.3
,419.6
,437.1
,575.9
,703.0
,778.5
1,537.3
1,575.9
1,619.5
1,650.0
1,685.9
1,703.0
1,718.4
1,729.8
1,756.7
1,778.5
105.5
118.0
127.0
135.6
147.8
171.8
173.6
188.0
155.0
171.8
167.6
164.9
161.3
173.6
166.7
168.0
174.6
188.0
17.2
16.7
18.7
17.7
23.0
31.0
36.2
32.3
27.5
31.0
35.4
37.2
33.0
36.2
35.0
34.8
31.9
32.3
388.0
459.0
507.5
532.5
517.4
583.0
633.1
671.2
567.5
583.0
606.4
622.6
639.1
633.1
649.5
652.4
658.6
671.2
1
Total current assets divided by total current liabilities.
2
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations. Effective mid-1982, responsibility for the Quarterly Finajtcial Report was transferred to
Other
current
assets
431.8
505.1
543.0
584.0
579.0
603.4
656.9
663.9
600.8
603.4
622.2
632.5
659.3
656.9
666.1
666.6
674.7
663.9
101.1
116.0
132.1
149.7
169.8
186.7
203.2
223.2
186.6
186.7
187.9
192.9
193.2
203.2
201.0
208.0
217.0
223.2
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,232.7
1,040.2
1,059.6
1,093.1
1,126.3
1,155.0
1,163.6
1,173.2
1,179.4
1,209.1
1,232.7
374.3
407.5
437.8
448.3
451.1
516.3
539.5
545.7
497.1
516.3
526.5
523.7
530.8
539.5
545.2
550.3
547.6
545.7
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.443
1.478
1.487
.482
.465
.460
.464
.465
.467
.453
1.443
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), and Federal Trade Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in July.
PERCENT PER ANNUM
PERCENT PER ANNUM
[Percent per annum]
U.S. 1 reasury security yields
Period
1980
1981
1982
1983
1984
1985
1985: July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June r
July"
Week ended:
1986: June 28
July 5
12
19
26
Aug 2P
1
3-month bills
(new issues) l
11.506
14.029
10.686
8.63
9.58
7.48
Constant nlaturities
3-year
11.55
14.44
12.92
10.45
11.89
9.64
7.05
7.18
7.08
7.17
7.20
7.07
7.04
7.03
6.59
6.06
6.12
6.21
5.84
9.18
9.31
9.37
9.25
8.88
8.40
8.41
8.10
7.30
6.86
7.27
7.41
6.86
6.09
5.99
5.85
5.78
5.72
5.86
7.14
6.99
6.92
6.73
6.82
6.91
2
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
30
Prime
commercial
paper,
6 months *
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged by
banks 5
13.79
12.04
12.71
11.37
12.29
14.76
11.89
8.89
10.16
8.01
11.77
13.41
11.02
8.50
8.80
7.69
8.90
9.18
9.37
9.24
8.64
8.51
8.06
7.44
7.07
7.32
7.67
7.98
7.62
10.97
11.05
11.07
11.02
10.55
10.16
10.05
9.67
9.00
8.79
9.09
9.13
8.88
7.57
7.74
7.86
7.79
7.69
7.62
7.62
7.54
7.08
6.47
6.53
6.63
6.24
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.00
7.00-6.50
6.50-6.50
6.50-6.50
6.50-6.00
9.50 9.50
9.50- 9.50
9.50- 9.50
9.50- 9.50
9.50- 9.50
9.50- 9.50
9.50- 9.50
9.50- 9.50
9.50- 9.00
9.00- 8.50
8.50- 8.50
8.50- 8.50
8.50- 8.00
7.69
7.63
7.58
7.55
7.70
7.65
9.02
8.93
8.89
8.84
8.86
6.51
6.41
6.32
6.19
6.17
6.17
6.50-6.50
6.50-6.50
6.50-6.00
6.00-6.00
6.00-6.00
6.00-
8.508.508.508.008.008.00-
11.46
13.91
13.00
11.10
12.44
10.62
8.51
11.23
11.57
9.47
10.15
8.18
10.31
10.33
10.37
10.24
9.78
9.26
9.19
8.70
7.78
7.30
7.71
7.80
7.30
7.45
7.35
7.33
7.19
7.26
7.43
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October I I , 1984 due to lack
of appropriate issues.
2
Corporate
Aaa bonds
(Moody's) 4
11.94
14.17
15.27
18.87
14.86
10.79
12.04
9.93
New-home
mortgage
yields
(PHLBB) 6
12.66
14.70
15.14
12.57
12.38
11.55
11.34
11.24
11.17
11.09
11.01
10.94
10.89
10.68
10.50
10.27
r
10.22
10.14
8.50
8.50
8.00
8.00
8.00
5
Average effective rate for year; opening and closing rate for month and week.
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.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in July.
INDEX, DEC. 31, 1965 = 50
INDEX, DEC. 31, 1965 = 50
140
140
130
130
120
120
COMPOSITE STOCK PRICE INDEX
(NYSE)
110
110
100
100
90
90
80
80
70
70
60
60
50
50
Illllllllll
40
1978
1979
HIM
inn
iiiiiliiiii
1980
1982
1981
1983
1984
1985
40
1986
PERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
10
10
5
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Co mmon stock price s 1
Period
Nevv York Stock Ext hange indexes (E ec. 31, 1965-5 O)
Composite
Industrial
T
tion
Utility
Common si ock 5yields
(perce nt)
2
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
1980
1981
1982
1983
1984
1985
68.10
74.02
68.93
92.63
92.46
108.09
78.70
85.44
78.18
107.45
108.01
123.79
60.61
72.61
60.41
89.36
85.63
104.11
37.35
38.91
39.75
47.00
46.44
56.75
64.25
73.52
71.99
95.34
89.28
114.21
891.41
932.92
884.36
1,190.34
1,178.48
1,328.23
118.78
128.05
119.71
160.41
160.46
186.84
5.26
5.20
5.81
4.40
4.64
4.25
1985: July
Aug
Sept
Oct
Nov
Dec
111.64
109.09
106.62
107.57
113.93
119.33
126.94
124.92
122.35
123.65
130.53
136.77
111.67
109.92
104.96
103.72
108.61
113.52
59.68
56.99
55.93
55.84
59.07
61.69
119.85
114.68
110.21
112.36
122.83
128.86
1,343.17
1,326.18
1,317.95
1,351.58
1,432.88
1,517.02
192.54
188.31
184.06
186.18
197.45
207.26
4.14
4.23
4.32
4.28
4.06
3.88
1986: Jan
Feb
Mar
Apr
May
June r
July*"
120.16
126.43
133.97
137.27
137.37
140.82
138.32
137.13
144.03
152.75
157.30
158.59
163.15
158.06
115.72
124.18
128.66
126.17
122.21
120.65
112.03
62.46
65.18
68.06
69.46
68.65
70.69
74.20
132.36
142.13
153.94
155.07
151.28
151.73
150.23
1,534.86
1,652.73
1,757.35
1,807.05
1,801.80
1,867.70
1,809.92
208.19
219.37
232.33
237.97
238.46
245.30
240.18
3.90
3.72
3.50
3.43
3.42
3.36
3.43
Week ended:
1986: June 21
28
July 5
12
19
26
Aug 2".
140.80
142.20
144.62
139.58
136.07
137.39
135.82
163.12
164.39
167.00
160.34
154.96
156.30
154.38
120.27
119.39
119.98
115.83
110.60
108.82
107.12
70.93
72.41
73.84
72.91
73.82
75.34
75.11
151.11
153.09
156.63
151.48
148.50
149.47
146.80
1,868.38
1,878.06
1,901.54
1,827.81
1,779.22
1,794.85
1,773.87
245.42
247.91
251.84
242.74
235.84
238.25
235.82
3.35
3.33
3.27
3.40
3.52
3.45
3.49
1
Average of daily closing prices.
Includes all the"stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
Earningsprice ratio
12.66
11.96
11.60
8.03
10.02
8.12
8.35
6.92
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 & Companv, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 9 months of fiscal 1986, there was a deficit of $166.8 billion compared with a deficit of $162.0 billion
a year earlier.
BILLIONS OF DOLLARS
1,000
BILLIONS OF DOLLARS
1,000
RECEIPTS AND OUTLAYSy
900
900
800
800
" OUTLAYS -
700
700
600
600
RECEIPTS y
500
500
400
400
-100
-100
-200
-200
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
FISCAL YEARS
!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Total
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
(-)
1975
1976
Transition quarter
1977
1978
1979
279.1
298.1
81.2
355.6
399.6
463.3
332.3
371.8
96.0
409.2
458.7
503.5
-53.2
-73.7
-14.7
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
1985
1986 1
1987 *
Cumulative total, first 9
months:
Fiscal year 1985
Fiscal year 1986
Receipts
Outlays
Surplus
of deficit
(-)
Receipts
-4.3
2.0
-72.7
-73.9
-120.0
-208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
-1.1
-5.0
-7.9
.2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
769.5
795.2
795.4
-221.6
-216.0
-159.3
186.2
197.9
214.3
176.8
184.7
198.6
9.4
13.2
15.7
1,827.5
2,112.0
2,320.6
1,509.9
1,714.0
1,855.7
574.8
603.0
-166.5
-183.1
138.5
151.7
134.1
135.4
4.5
16.2
1,779.0
2,063.6
1,463.8
1,688.2
476.6
543.0
594.3
661.2
686.0
-212.3
-202.8
-143.6
547.9
579.2
636.1
-162.0
166.8
408.3
419.9
734.1
777.1
850.4
946.3
979.9
994.0
546.8
571.6
708.9
738.4
Held by
the public
85.4
98.0
403.9
469.1
474.3
453.2
500.4
-73.8
-78.9
-127.9
-207.8
-185.3
Total
631.9
646.4
709.1
780.4
833.8
369.1
403.5
590.9
678.2
745.7
808.3
851.8
Surplus
or deficit
(-)
2.0
3.2
-1.4
3.9
62.5
66.4
18.0
76.8
-53.6
-59.2
-40.2
Outlays
Gross Fe leral debt
(end of period)
60.4
69.6
19.4
80.7
89.7
100.0
55.3
-70.5
-13.3
-49.7
-54.9
-38.2
216.6
231.7
63.2
278.7
314.2
365.3
1
Estimates.
NOTE.—Data from Budget of the United States Government, Fiscal Year 1987, Office of Management and Budget, except cumulative monthly totals from Monthly Treasury Statement.
32
Off-budget
On-budget
271.9
302.2
76.6
328.5
544.1
Sources: Department of the Treasury and Office of Management and Budget.
396.9
480.3
498.3
551.8
610.9
644.6
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 9 months of fiscal 1986, receipts were $24.8 billion higher than a year earlier and outlays were $29.5
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
INDIVIDUAL INCOME TAXES
— RECEIPTS!/
300
1
-- —
"""""
— «—•——""
100
—-}--•
0
!_
»JU..
1
-•»••" *
BOTHER RECEIPTS)
300
.snriAi iNSiiRANirp
200
TAXES AND CONTRIBUTIONS
—- •.———"""""""
CORPORATION INCOME TAXES
1
,
•- —— __—--"
•—"•"**""'
200
700
"~~
400
_.__.— ——-—""""
100
~1
—~~~\
1
1
1
0
-OUTLAYS^/ -
700
NONDEFENSE
600
600
500
500
400
400
300
300
NATIONAL DEFENSE
200
200
100
100
1978
1979
1981
1980
1982
1983
1984
1985
1986
1987
FISCAL YEARS
_!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
0n-budget 8tnd off-bm ret reeeip s
Fiscal year
Total
Individual
income
Corporation
Social
insurance
On-bud [jet and of -budget o itlays
Nationa 1 defense
Other
Total
and
Total
Department of
Interaffairs
Medi-
Income
Social
Net
ty
ty
est
Other
military
butions
1976
1977
1978
1979
298.1
131.6
90.8
106.5
121.0
138.9
34.3
36.6
37.7
40.8
89.6
88.1
157.6
181.0
217.8
41.4
54.9
60.0
65.7
371.8
355.6
399.6
463.3
409.2
458.7
503.5
97.2
104.5
116.3
95.3
102.3
113.7
6.4
6.4
7.5
7.5
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
244.1
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
209.0
239.4
50.6
69.5
69.3
65.6
71.8
590.9
678.2
745.7
808.3
851.8
134.0
157.5
185.3
209.9
227.4
131.0
153.8
180.7
204.4
220.8
1985
1986 '
1987 '
734.1
777.1
850.4
334.5
353.7
386.0
61.3
70.9
86.7
265.2
280.4
302.8
73.0
72.1
74.9
946.3
979.9
994.0
252.7
265.8
282.2
Cumulative total, first 9 months:
Fiscal year 1985
Fiscal year 1986
546.8
571.6
247.0
254.6
47.4
47.2
198.6
215.1
53.8
54.6
708.9
738.4
185.7
203.3
1
Estimates.
NOTE.—Data shown here exclude the transition quarter.
Data from Budget of the United States Government, Fiscal Year 1987, Offiei of Management
and Budget, except cumulative monthly totals from Monthly Treasury Statement.
Health
20.5
19.3
22.8
26.5
60.8
61.0
61.5
66.4
73.9
85.1
93.9
104.1
26.7
29.9
35.4
42.6
82.8
93.0
114.7
119.6
12.7
13.1
12.3
11.8
15.9
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
245.4
258.4
274.3
16.2
17.1
18.6
33.5
35.7
35.0
65.8
68.7
70.2
128.2
118.1
118.4
188.6
200.1
212.2
129.4
142.7
148.0
131.8
131.7
109.3
180.0
197.5
12.3
10.0
25.0
26.6
49.0
51.4
99.7
91.2
141.1
148.5
96.7
102.8
99.4
104.7
15.7
17.3
18.5
15.8
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1986, according to revised estimates, Federal receipts fell $5.8 billion (annual rate) and
expenditures fell $21.9 billion, yielding a deficit of $201.6 billion. In the second quarter, according to preliminary
estimates, Federal expenditures rose $38.1 billion; receipts data are incomplete. (Series revised.)
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
EXPENDITURES
Vr—
800
800
600
600
RECEIPTS
400
400
200
200
SURPLUS OR DEFICIT (-)
-200
-200
i i i
1978
I
I
I
I
1979
I
I
I
I
I
I
1981
1980
I
I
I
1983
1982
I
I
1984
I
I
I
1985
I
I
I
1986
CALENDAR VEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Crovernment expenditure s
Federal Govemme it receipts
Subsidies
Period
Total
1983
1984
1985
r
659.9
726.5
786.8
r
r
1982: m
IT
1983: I rr
nr
mr
rv
1984:
Ir
TT r r
in r
IV
1985: I rr
630.3
633.1
636.5
666.0
661.6
675.5
711.2
721.7
729.2
743.9
nr
nj r
IV
1986: I T
n
"
793.3
755.8
792.6
805.8
800.0
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
294.5
309.3
345.6
61.3
75.9
73.6
51.6
298.1
50.1
46.4
Personal
tax and
nontax
receipts
303.0
297.1
303.3
285.4
291.9
295.9
301.7
314.3
325.5
360.7
316.6
349.6
355.6
350.3
351.5
46.7
59.7
68.8
70.2
81.9
80.9
71.0
69.9
70.5
69.9
76.8
77.2
71.2
55.7
56.1
47.1
47.6
46.3
52.9
53.7
53.6
54.6
55.8
56.3
55.9
55.1
59.3
53.9
56.0
52.7
50.5
Contributions for
social
insurance
252.5
285.5
311.5
235.0
236.1
246.4
250.1
253.7
259.8
278.8
283.3
287.6
292.6
306.9
310.0
312.2
317.0
325.8
327.0
NOTE.—Series revised beginning 1983. See Survey of Current Business, July 1986.
34
Total
835.9
896.5
984.9
789.1
835.7
822.7
837.4
838.9
844.7
865.2
885.6
901.1
934.0
955.4
970.6
990.1
1,023.4
1,001.5
1,039.6
Purchases
of goods
and
services
283.5
311.3
354.1
275.3
293.2
285.5
287.7
284.9
276.1
283.4
315.2
317.2
329.1
333.7
340.9
360.9
380.9
355.7
364.8
Transfer
payments
348.6
355.0
380.3
329.1
347.4
344.2
351.1
346.6
352.5
350.1
351.7
356.0
362.1
374.2
377.2
384.1
385.9
389.3
394.6
in-aid to
State
and
local
governments
Surplus
or deficit
j
Net
interest
paid
current
surplus of
Government
enter-
Wage
accruals
less
disbursements
86.2
93.6
99.0
94.3
115.6
130.5
22.9
21.3
20.7
-0.4
.2
— .2
-176.0
-170.0
-198.0
83.3
87.1
84.5
86.0
86.1
86.8
86.0
91.5
93.4
92.6
96.9
95.7
98.3
100.2
101.6
103.5
106.1
87.2
88.1
91.1
96.8
101.0
107.3
110.4
119.7
124.9
127.6
130.9
129.8
133.9
14.3
23.4
.0
.0
-158.8
-202.6
18.9
20.2
23.4
29.1
.0
-1.3
-.4
.0
32.9
2
.2
.0
.6
-186.2
-171.4
-177.3
-169.2
-154.0
-163.9
-171.9
-190.1
-162.2
-214.8
-197.5
-217.6
-201.6
135.0
138.2
15.0
15.6
21.5
24.4
22.3
15.1
21.1
18.0
35.9
Source: Department of Commerce, Bureau of Economic Analysis.
.1
-1.0
.0
.0
.0
.0
national
income
and
product
accounts
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial J reduction (1977 = 1 30; seasonal y adjusted
Period
United
States
1979
1980
1981
1982
1983
1984
1985"
1985:
June
July
Aug
Sept
Oct
Nov
Dec
Japan
France
110.7
108.6
111.0
103.1
109.2
121.8
124.5
109.8
108.1
109.0
97.4
102.9
112.0
116.8
113.7
107
106
103
101
102
105
106
107
105
102
103
106
112
124.3
124.1
125.2
125.1
124.4
125.4
126.4
116.4
118.1
118.1
118.0
119.1
120.1
120.0
144.9
147.2
145.5
144.5
144.8
144.2
144.6
104
108
108
105
107
109
104
120.0
144.6
145.2
144.5
144.6
104
105
105
109
126.7
125.6
124.4
' 125.2
r
124.7
124.1
1986: Jan
Feb
Mar
Apr
May
June"
1
Canada
r
!21.0
l!7.2
r
120.8
118.4
118.9
120.1
120.6
124.7
138.4
144.8
Consume r prices (] 967=100)
United
Kingdom
Germany
Italy
107
108.7
114.7
112.1
109.6
107
United
States '
United
Kingdom
Japan
France
Germany
261.3
282.3
296.2
304.1
309.7
316.6
323.0
259.1
294.2
332.7
289.1
298.4
311.1
322.2
221.0
243.5
273.9
303.5
321.0
335.0
348.3
373.1
407.9
439.5
465.1
166.9
175.8
186.9
196.8
203.3
208.2
212.7
328.5
3SS.O
472.4
549.4
631.8
698.8
764.7
359.0
423.6
473.9
514.7
538.3
565.1
599.4
Canada
217.4
246.8
272.4
Italy
103.9
107.1
108.4
100
96
98
101
103
108
112
116
112
112
116
116
110
111.1
107.3
105.8
110.6
106.9
110.9
106.6
108
108
108
109
108
110
107
322.3
322.8
323.5
324.5
325.5
326.6
327.4
348.3
349.5
350.1
350.5
351.7
353.1
354.7
323.5
323.8
320.7
323.8
328.4
325.0
325.2
466.4
468.2
468.7
469.2
470.6
471.5
472.1
213.3
212.9
212.2
212.6
212.9
213.3
213.5
764.4
766.7
768.2
771.3
780.6
786.1
791.6
604.7
603.5
605.1
604.8
605.8
607.9
608.7
113
113
112
113
' 108.0
108
l!0
109
111
328.4
327.5
326.0
325.3
326.3
327.9
356.3
357.7
358.5
359.1
360.7
361.3
325.8
324.4
323.5
324.7
326.9
472.6
471.7
472.9
474.7
475.6
213.8
213.3
212.8
212.6
212.6
212.9
795.6
801.2
804.4
806.8
809.9
813.1
610.0
612.2
613.0
619.0
620.1
619.8
'lll.O
' 114.5
116.0
r
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
Data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data for statistical month, not seasonally adjusted*]
1
Merc landise expo ts
Period
Total
domestic
foreign
exports
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Mercha ndise trade lalance
Merc landise imports
Domestic exports
Gen eral import
M
faetured
goods
Total s
Food,
beverages, and
tobacco
Crude
materials and
fuels
3
Exports
faetured
poods
(c.i.f.
value)
6,379
8,360
9,352
10,427
13,368
15,504
18,519
21,415
less
imports
(customs
value)
Exports
(f.a.s.)
Exports
(f.a.s.)
imports
(f.a.s.)
imports
(c.i.f.)
— 2,430
-2,590
-2,300
-2,020
-3,265
-3,530
— 3,364
-3,030
I .a.s. vaJu B
Monthly average:
1977
1978
1979
1980
10,103
11,973
15,155
18,386
9,919
11,762
14,886
18,043
1,330
1,717
2,049
2,534
1,548
1,746
2,352
2,810
6,679
7,873
9,716
11,991
12,533
14,563
17,455
20,406
1981
1982
1983
1984
1985
19,473
17,683
16,707
18,155
17,762
19,075
17,256
16,326
17,670
17,244
2,767
2,248
2,248
2,276
1,852
2,752
2,793
2,463
2,624
2,362
12,857
11,643
11,034
11,929
12,115
21,748
20,329
21,504
27,144
28,773
1,529
1,485
1,568
1,802
1,865
7,739
6,200
5,670
6,063
5,415
11,873
12,002
13,621
18,460
20,565
-2,275
22,779
21,240 -2,647
-4,797
22,490
28,431
-8,988
30,136 -11,011
— 3,306
-3,558
-5,783
-10,276
-12,373
18,012
16,727
16,584
17,034
17,618
17,721
16,994
17,433
16,172
16,106
16,543
17,122
17,227
16,479
1,614
1,604
1,783
1,709
1,836
2,128
1,907
2,122
2,033
2,258
2,115
2,285
2,559
2,459
12,759
11,556
11,233
11,700
12,102
11,688
11,221
30,136
27,000
26,247
31,349
28,429
30,010
30,728
1,912
1,641
1,719
1,903
1,598
1,865
2,138
6,054
5,085
4,851
5,562
5,656
5,657
6,011
21,268
19,286
18,916
22,887
20,271
21,557
21,654
31,596
28,312
27,512
32,860
29,695
31,371
32,141
-12,124
-10,274
-9,663
— 14,315
-10,811
-12,290
-13,734
-13,584
-11,585
-10,927
— 15,826
-12,077
— 13,651
-15,146
17,006
17,735
18,913
17,965
17,431
19,070
16,501
17,164
18,349
17,376
16,691
16,427
1,797
1,689
1,706
1,475
1,395
1,438
2,467
2,367
2,349
2,436
2,228
1,776
11,393
12,182
13,325
12,615
12,274
12,298
32,005
28,895
31,972
28,762
30,272
2,215
1,908
2,100
2,018
2,329
6,234
4,741
4,284
3,176
3,659
22,477
21,289
24,261
22,226
23,001
33,465
30,225
33,435
30,036
31,638
33,240
-14,999
-11,161
-13,059
-10,797
-12,842
- 16,459
-12,491
-14,522
-12,071
- 14,208
-14,170
1,186
1,312
1,478
1,546
4,463
4,325
5,949
7,831
Customs value
1985:
June*
July*
Aug*
Sept*
Oct*
Nov*
Dec*
1986: Jan*
Feb*
Mar*
Apr*
May*
June**
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January
1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade bal-
'Beginning with data released in March 1986, the Bureau of the Census no longer publishes
these data on a seasonally adjusted basis. For further information and for details regarding revised
statistical month and monthly carryover data, see Bureau of the Census release FT 900.
"June foreign exports (not shown separately) includes $2,050 million of nonmonetary gold bullion.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1986 the current account deficit was $33.7 billion, unchanged from its fourth quarter level.
The merchandise trade deficit fell to $36.6 billion from $37.4 billion in the fourth quarter.
BILL
ONS OF DOi.lt ^RS*
BILLIONS OF DOLL *RS*
10
10
BALANCE ON <3OODS
AND SERVI CES
5
/
5
'\
*""*
W\\
"-•^ \ /
vl ysN//\x..,.J/
NX \~.
//
0
N%
/ '* ^
SsS
f
^—T*
^
^J
/
%
**K
/""**
/
/
'•*/
BALANCE ON \\
CURRENT AC(:OUNT v~->
A\
,.-''"',
^^ \\
~
\
1
\
\\
\
- \\
'\ \\
MERi :HANDISE TRA 5E \
BALANCE
-15
\\
-15
i ^\ V\i\
\
N \
-20
*^
\\
V
^ VL
f
V
-
25
v— / \
\
'— ^^y *^^A v-
x
-.v^
*
35
-40
|
|
j
1
1978
1
i i i
1
1980
1979
30
35
t
V-*"
1
1
1
1 1 1
i i i
1982
1983
1981
I I I
I I I
1984
1985
I I I
-40
1986
'SEASONALLY ADJUS TED
COUNCIL OF ECONOMIC ADVISER
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( —)]
Inivestment inconle 3
1
Merchandise '
Net
military
Period
Exports
184,473
224,269
237,085
211,198
201,820
219,900
214,424
1979
1980
1981
1982
1983
1984
1985
1983:
1986:
Payments
-27,536
-212,009
-25,480
-249,749
-265,063 -27,978
-36,444
-247,642
-67,080
-268,900
-332,422 -112,522
-338,863 — 124,439
64,132
72,506
86,411
83,549
77,251
86,221
89,991
-32,960
-42,120
-52,329
-54,883
-52,410
-67,469
-64,803
31,172
30,386
34,082
28,666
24,841
18,752
25,188
Net
-131
-762
7,414
3,896
3,405
4,038
-281
-615
-234
-696
-1,834
-2,052
-2,332
-2,375
2,630
2,471
2,448
2,333
-17,872
-25,394
-25,166
-25,874
-2,368
-2,439
-3,107
-4,243
-20,240
-27,833
-28,273
-30,117
-16,507
-16,804
-16,240
-15,254
2,219
5,449
8,262
9,255
-246
-729
-619
-1,322
-2,202
-2,864
-3,031
-3,031
2,442
2,552
2,609
2,999
— 22,832
-25,959
-24,454
-29,451
-3,280
-3,458
-4,001
-4,244
-26,112
-29.417
-28,455
-33,695
— 17,421
6,820
-945
-2,586
2,659
-30,637
-3,031
-33,668
53,614
54,590
55,691
56,005
-79,415
-83,684
— 84,144
-85,179
-25,801
— 29,094
-28,453
— 29,174
22,860
21,104
21,396
20,861
— 15,446
-17,208
-17,991
-16,823
n
in
IV
55,324
53,875
52,498
52,727
-80,369
-84,242
-84,173
-90,079
-25,045
-30,367
-31,675
-37,352
18,726
22,253
24,502
24,509
I"
53,548
-90,133
-36,585
24,241
1
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
3
36
-991
-6,128
6,214
5,138
1,873
-7,593
7,793
9,466
6,339
-7,425
8,699
13,764
-9,131
8,829
-214
-8,917
9,711
-37,123 -9,481 — 46,604
9,881 -94,308 -12,157 - 106,466
10,603 - 102,694 -14,983 -117,677
-3,595
-10,076
-14,537
-18,396
5,849
5,925
7,148
5,919
2
Balance
on current
account
-1,752
-2,021
-2,375
-3,333
-12,228
-12,807
-13,536
-13,839
I
Kemittances,
pensions,
and other
unilateral
transfers 1
-1,843
-8,055
— 12,162
- 15,063
18,077
18,732
20,684
19,758
I
-1,778
-2,935
-2,237
-997
-1,183
144
-274
-992
-369
-4,227
-1,827
-8,593
-2,917 — 11,128
Balance on
goods and
services l
2,238
2,486
2,436
2,552
-9,834
-15,582
-20,389
-21,275
n
ni
tions
Other
services,
net 3
-588
-916
— 1,226
-1,497
-59,476
-64,798
-70,740
-73,886
IV
1985:
Receipts
Imports
49,642
49,216
50,351
52,611
I
n
in
IV
1984:
Net
balance
Net
travel and
transportation
receipts
492
32
Source: Department of Coi
arce, Bureau of Economic Analysis
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $7.8 billion in the first quarter
:ompared to an increase of $8.5 billion in the fourth quarter of 1985. Liabilities to foreigners reported by U.S.
banks increased $8.6 billion in the first quarter compared to an increase of $20.4 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
60
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
40
40
A
/'
20
20
-20
V
CHANGE IN
U.S. ASSETS
ABROAD, NET
\/
-20
-40
-40
I
-60
1978
1979
1980
I
I
1982
1981
I
I
1984
1983
I
I
I
1985
I
I
I
-60
1986
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
1 increase /capit il outflow ( — )
Period
Total
1979
1980
1981
1982
1983
1984
1985
1983:
Other U.S.
Government
assets
-64,331
-86,118
-111,031
-121,273
-50,022
-23,639
-32,436
-1,133
-8,155
-5,175
-4,965
-1,196
-3,131
-3,858
-23,691
-523
-8,621
-17,186
-787
16
529
-953
-1,134
-1,263
-1,171
-1,436
-3,571
-20,171
16,443
-16,338
-657
-566
-799
-1,110
n
m
IV
-510
-2,793
-5,867
-23,266
I"
-8,677
I
n
m
rv
1984: I
n
m
IV
1985: I
1986:
U.S.
official
reserve
assets J 2
1
Foreign assets in the 1 J.S., net
[increase /capital inflow" (+)] 2
U.S.
private
assets
Total
Other
foreign
assets
1,139
1,152
1,093
Total (sum
of the items
with sign
reversed)
-13,665
15,497
4,960
3,593
5,968
3,037
-1,324
52,416
42,615
78,362
90,486
79,527
99,730
128,430
-21,770
724
-7,979
14,797
16,200
15,756
19,531
34,009
38
1,591
-2,662
7,002
16,162
14,165
22,194
27,007
-2,029
-1,386
-1,388
-717
885
-18,220
18,630
-14,512
22,251
41,963
2,668
35,885
2,947
-157
765
6,906
25,198
42,120
3,433
28,979
-233
-356
-121
-3,148
-807
-1,055
-422
540
530
-1,382
-5,324
19,579
14,247
25,358
35,665
51,837
-11,066
8,486
2,577
1,322
25,313
16,872
33,088
53,158
12,375
6,852
-1,343
-115
146
8,416
39,484
36,974
2,510
Of which:
Seasonal
adjustment
discrepancy
assets, net *
(unadjusted,
end of
period)
18,956
26,756
30,074
33,958
33,747
34,934
43,186
25,431
24,982
20,276
36,325
11,130
27,338
23,006
38,752
58,112
83,322
94,078
85,496
102,767
127,106
-59,453
-3,746
-72,802
-5,162
-5,097 - 100,758
110,177
-6,131
-43,821
-5,005
-5,523
-14,986
-25,754
-2,824
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.
Foreign
official
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDEs)
-88
-176
-3,155
3,417
34,261
33,876
33,066
33,747
940
-962
-3,561
3,577
34,975
34,547
34,306
34,934
5,125
1,094
-1,174
-3,687
3,771
35,493
36,088
38,295
43,186
2,861
1,535
44,919
11,086
-5,157
3,626
1,573
1,560
6,040
9,162
10,570
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 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates...
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity UtiliEation
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—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
T
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $2.50 (single copy) ($3.13 foreign).
Subscription price: $27.00 per year; $33.75 for foreign mailing.
38
U.S. GOVERNMENT PRINTING OFFICE
:
1986
0—62-360
@FedFRASER