Full text of Economic Indicators : June 1986
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99th Congress, 2d Session
Economic Indicators
JUNE 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
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the first quarter, current-dollar gross national product (GNP) rose 5.7 percent
(annual rate) or $56.4 billion. Real GNP (GNP adjusted for price changes) rose 2.9 percent and the implicit price
deflator rose 2.9 percent.
B LLIONS OF DO LLARS (RATIO !>CALE)
BILLIO »4S OF DOLLAR S (RATIO SCAL E)
4,400
4,400
SEASONA LLY ADJUSTED ANNU/ t RATES
*r*
4,000
4,000
1
""
~
Gr-IP
3,600
^^
s
— IN CURREN F DOLLARS -^
>-,.
^—«-~'*3
^
x —
_-x
3,600
•*
N/"^-'
<^*"\ •if
-
3,200
.-»—-
s^^
-
3,200
Of
IN 1982 3OLLARS
-
2,800
2,800
2,400
-^
^
2,400
^
2,000
2,000
1 1 I
1,600'
1978
1
1
|
1
1979
1
l ' '
1
1980
1981
1982
1
1983
|
1
f
1984
1
1
1985
OURCE: DEPARTMEN OE COMMERCE
1
1
1,600
1
1986
COUNCIL OF ECONOMIC ADVISER
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Government purch ases of
gooc s and services
Exports and imports of goods
ind services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
and
local
1978
1979
1980
1981
1982
1983
1984
1985
2,249.7
2,508.2
2,732.0
3,052.6
3,166.0
3,401.6
3,774.7
3,988.5
1,403.5
1,566.8
1,732.6
1,915.1
2,050.7
2,229.3
2,423.0
2,582.3
416.8
454.8
437.0
515.5
447.3
501.9
674.0
669.3
18.8
32.1
33.9
26.3
-5.3
-59.2
-78.5
227.5
291.2
351.0
382.8
361.9
354.1
384.6
369.9
223.4
272.5
318.9
348.9
335.6
359.4
443.8
448.4
425.2
467.8
530.3
588.1
641.7
675.7
736.8
815.4
161.8
178.0
208.1
242.2
272.7
284.8
312.9
355.4
108.9
121.9
142.7
167.5
193.8
215.7
237.0
261.9
52.9
56.1
65.4
74.8
78.9
69.2
76.0
93.6
263.4
289.9
322.2
345.9
369.0
390.9
423.9
460.0
2,221.0
2,495.2
2,740.3
3,028.6
3,190.5
3,408.0
3,707.6
3,981.1
1982: m
IV
1983: I
3,179.4
3,212.5
3,268.7
3,365.1
3,437.5
3,535.0
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
2,146.0
2,210.1
2,254.9
2,306.3
425.0
483.7
521.2
577.6
28.4
-2.6
-19.7
-27.4
316.2
347.5
377.6
396.2
669.3
673.8
681.1
678.6
287.1
287.0
286.0
279.2
209.4
214.5
215.8
222.9
77.8
72.5
70.2
56.2
382.2
386.9
395.1
399.4
3,311.4
3,370.6
3,440.3
3,509.5
3,676.5
3,757.5
3,812.2
3,852.5
2,358.6
2,414.4
2,439.0
2,480.1
658.8
673.3
687.9
676.2
-37.4
-65.3
-61.9
-72.2
344.6
345.0
358.0
368.8
375.4
382.3
391.4
389.5
412.8
447.6
453.3
461.7
696.5
735.1
747.3
768.4
285.6
314.8
318.5
332.9
228.3
235.8
236.2
247.5
57.3
79.0
82.2
85.4
410.9
420.3
428.8
435.5
n
m
IV
3,917.5
3,960.6
4,016.9
4,059.3
657.6
672.8
666.1
680.7
-42.3
-70.3
-87.8
-113.4
379.6
369.2
363.2
367.8
421.9
439.5
451.0
481.2
249.5
256.0
269.9
272.1
84.9
81.7
95.0
112.6
442.8
457.1
467.7
472.5
4,115.7
717.2
- 105.8
374.4
480.2
777.2
794.8
832.5
857.2
836.2
334.4
337.8
364.8
384.7
1986: I '
2,525.0
2,563.3
2,606.1
2,634.8
2,668.2
3,584.4
3,688.7
3,743.9
3,813.5
3,899.0
3,945.0
4,016.7
4,063.6
357.1
268.0
89.1
479.0
4,075.7
n
m
IV
1984: I
n
m
rv
1985: I
Source: Department of Commerce, Bureau of Economic Analysis.
4.1
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data, at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross privat e
dome stic investinent
Nonresidential
fixed
Residential
fixed
1978
1979
1980
1981
1982
1983
1984
1985
3,115.2
3,192.4
3,187.1
3,248.8
3,166.0
3,277.7
3,492.0
3,570.0
1,961.0
2,004.4
2,000.4
2,024.2
2,050.7
2,145.9
2,239.9
2,313.0
362.1
389.4
379.2
395.2
366.7
360.1
430.3
472.0
178.0
170.8
137.0
126.5
105.1
148.7
168.3
171.2
1982: m
3,154.5
3,159.3
2,051.8
2,078.7
358.0
352.3
100.1
115.8
1983: I
3,190.6
3,259.3
3,303.4
3,357.2
2,096.4
2,137.2
2,161.8
2,188.1
337.5
346.9
363.4
392.9
1984: I
3,449.4
3,492.6
3,510.4
3,515.6
2,210.9
2,243.0
2,243.4
2,262.0
1985: I
n
m
rv
3,547.8
3,557.4
3,584.1
3,590.8
1986: I '
3,616.9
rv
n
m
rv
n
m
rv
Ex ports of go ods
£ nd service s
Change
in
business
inventories
Net
exports
36.8
15.0
-26.8
Governitnent pure) ases of
goot s and senraces
Federal
Exports
Imports
Total
Total
National
Nondefense
State
and
local
Final
sales
5.7
-85.0
-108.4
312.6
356.8
388.9
392.7
361.9
349.4
370.9
359.9
339.4
353.2
332.0
343.4
335.6
368.8
455.9
468.3
604.1
609.1
620.5
629.7
641.7
647.8
675.9
716.4
233.7
236.2
246.9
259.6
272.7
275.5
292.5
322.6
160.7
164.3
171.2
180.3
193.8
207.3
220.3
235.7
73.0
71.9
75.7
79.3
78.9
68.3
72.3
86.9
370.4
373.0
373.6
370.1
369.0
372.2
383.3
393.8
3,078.4
3,177.4
3,194.0
3,225.0
3,190.5
3,283.1
3,429.3
3,564.3
-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
127.2
145.8
161.6
160.4
-42.2
-3.7
22.6
22.5
-15.0
-36.2
-48.9
342.8
342.4
353.1
359.1
320.3
357.4
389.3
408.0
649.1
648.2
651.5
642.2
279.2
277.6
277.4
267.9
203.8
206.9
206.5
211.8
75.4
70.6
70.9
56.1
369.9
370.6
374.1
374.3
3,232.8
3,263.0
3,302.1
3,334.6
398.8
426.8
437.6
457.8
166.6
170.0
170.8
166.0
83.6
66.0
64.9
36.1
-60.6
-90.4
-88.7
-100.2
362.7
366.6
376.9
377.3
423.3
457.0
465.6
477.5
650.1
677.1
682.4
693.9
271.4
294.8
296.7
307.3
214.1
219.6
219.6
227.9
57.3
75.2
77.1
79.5
378.6
382.4
385.7
386.6
3,365.7
3,426.6
3,445.5
3,479.5
2,288.6
2,303.5
2,329.6
2,330.4
457.2
470.9
473.7
486.5
166.7
169.6
173.1
175.5
15.8
15.1
-1.8
-6.3
-71.8
-101.1
-119.8
- 140.8
368.7
358.2
353.5
359.2
440.5
459.3
473.3
500.0
691.4
699.4
729.2
745.5
304.3
305.9
331.1
349.0
226.7
231.5
243.3
241.3
77.6
74.3
87.9
107.7
387.1
393.6
398.1
396.5
3,532.0
3,542.3
3,585.8
3,597.1
2,352.3
469.5
179.6
35.3
-138.1
365.0
503.0
718.3
319.1
238.0
81.1
399.2
3,581.6
3.6
6.9
23.9
24.5
-5.5
62.7
57.0
49.4
26.3
-19 A
1.4
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Personal c onsumption
espen ditures
Period
national
product
Gross ]mvate
domestic i]ivestment
Exports an I imports of
goods an 1 services
Go™mment pure jases of goo ds and
sernces
Federal
Total
Durable
goods
Nondurable goods
Services
dential
Residential fixed
Exports
Imports
National
defense
Nondefense
State
and local
72.2
78.6
85.7
94.0
100.0
103.8
108.1
111.7
71.6
78.2
86.6
94.6
100.0
103.9
108.2
111.6
76.9
82.1
89.2
95.7
100.0
102.1
103.9
104.7
71.9
80.0
89.4
96.9
100.0
102.0
105.4
107.7
69.8
75.6
83.9
92.6
100.0
105.7
111.5
116.8
71.5
77.8
85.1
93.4
100.0
98.9
99.4
100.9
72.6
81.4
89.4
96.6
100.0
102.2
106.4
108.4
72.8
81.6
90.2
97.5
100.0
101.4
103.7
102.8
65.8
77.1
96.0
101.6
100.0
97.5
97.4
95.8
69.2
75.4
84.3
93.3
100.0
103.4
107.0
110.2
67.8
74.2
83.4
92.9
100.0
104.0
107.6
111.1
72.4
78.0
86.4
94.3
100.0
101.3
105.1
107.7
71.1
77.7
86.2
93.4
100.0
105.0
110.6
116.8
1982: m
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
1988: I
102.4
103.2
104.1
105.3
102.4
103.4
104.3
105.4
101.3
101.6
102.4
103.1
100.7
101.9
102.4
103.1
103.9
105.0
106.2
107.8
100.1
98.9
98.3
98.4
102.0
100.3
103.2
103.1
100.5
100.8
101.4
102.7
98.7
97.2
97.0
97.1
102.8
103.4
103.1
104.2
102.7
103.7
104.5
105.3
103.1
102.6
99.0
100.1
103.3
104.4
105.6
106.7
1984: r
106.6
107.6
108.6
109.6
106.7
107.6
108.7
109.6
103.4
103.9
104.1
104.2
104.5
104.8
105.5
106.6
109.2
110.8
112.5
113.5
98.8
99.2
99.6
100.1
103.6
106.5
107.6
107.9
103.5
104.3
103.8
103.2
97.5
98.0
97.3
96.7
105.2
106.8
107.3
108.3
106.6
107.4
107.6
108.6
99.9
105.0
106.7
107.5
108.5
109.9
111.2
112.7
1985: I
n
m
rv
110.4
111.3
112.1
113.0
110.3
111.3
111.9
113.1
104.9
104.8
104.6
104.4
106.7
107.5
107.6
109.1
114.7
116.1
117.4
118.7
100.5
100.7
101.0
101.2
107.7
107.9
108.2
109.7
102.9
103.1
102.7
102.4
95.8
95.7
95.3
96.2
109.9
110.4
110.2
110.2
110.1
110.6
110.9
112.8
109.4
110.0
108.1
104.5
114.4
116.1
117.5
119.2
1986: I r.
113.8
113.4
104.9
108.2
120.0
102.0
110.4
102.6
95.5
111.9
112.6
109.9
120.0
1978
1979
1980
1981
1982
1983
1984
1985
rv
n
m
rv
n
m
rv
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]
Gr >ss national pr iduct
Period
1979
1980
1981
1982
1983
1984
1985
1982:
1983:
Constant
(1982)
dollars
Current
dollars
2.5
.2
1.9
2.5
3.5
6.5
2.2
3.2
.6
4.0
8.9
5.5
6.7
11.4
5.1
2.1
.6
3.7
1.1
3.0
.7
2.9
11.5
8.9
11.7
3.7
7.4
11.0
5.7
2.5
4.2
7.2
12.3
8.9
11.8
17.0
9.1
6.0
4.3
6.9
4.5
5.8
4.3
5.7
m
IV
I
n
m
1984:
IV
I
1985:
IV
I
n
m
n
m
IV
1986: lr
Implicit
price
deflator
Personal consumption e xpenditures
Chain price
index
8.9
9.0
9.7
11.6
10.6
10.5
7.1
8.7
8.7
6.6
8.5
10.3
5.6
12.5
8.4
9.4
9.4
9.8
4.1
6.9
7.4
6.2
6.8
4.5
5.2
8.5
9.3
9.3
6.2
4.0
4.3
3.6
5.5
4.0
3.2
3.8
4.0
4.3
5.1
4.3
3.7
3.5
3.5
3.6
2.7
3.9
2.5
4.0
4.3
3.5
5.6
4.1
3.3
3.5
4.0
4.1
5.2
4.4
3.8
3.4
3.5
3.5
2.6
3.7
2.1
Constant
(1982)
dollars
Current
dollars
(1982
weights)
8.7
9.0
9.4
6.3
6.4
3.8
4.1
3.3
5.8
3.6
2.8
3.2
3.5
4.7
5.0
3.8
3.8
3.7
3.0
3.3
2.9
3.3
2.9
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Fkedweighted
price index
Implicit
price
deflator
2.2
2
1.2
1.3
9.2
10.7
9.2
4.6
5.7
3.9
4.4
4.1
3.3
3.1
6.2
2.1
5.3
3.4
8.0
4.7
5.0
4.2
5.9
.1
3.4
4.8
2.6
4.6
.1
3.8
4.4
2.4
4.0
3.5
4.3
5.0
3.4
4.2
3.4
2.6
3.7
2.2
4.4
1.1
Cham price
index
9.2
10.9
9.2
5.7
4.0
4.3
3.4
6.3
4.8
4.2
3.7
Fixedweighted
price index
(1982
weights)
8.8
10.5
9.0
5.6
4.0
4.3
3.4
6.3
4.8
2.3
4.2
3.8
4.4
4.4
5.1
3.7
4.0
3.6
2.7
3.7
2.4
4.6
1.5
5.2
3.8
3.6
2.7
3.8
2.6
4.6
1.6
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Curren ,-dollar cos t and profit per unit of output (do liars) >
Gross d omestic
produ ct of
nonfin ancial
corporate business
(billions o f dollars)
Period
Current
1978
1979
1980
1981
1982
1983
1984
1985
1982: HI
IV
1983: I
n
m
1984:
1985:
IV
I
n
m
rv
I
n
m
IV
1986: I r
1
1,274.1
1,417.4
1,540.8
1,738.4
1,782.2
1,915.9
2,153.1
2,280.4
1,789.0
1,779.4
1,820.0
1,884.9
1,946.5
2,012.2
2,088.0
2,147.0
2,172.5
2,205.2
2,237.0
2,265.8
2,301.6
2,317.1
2,349.6
1982
1,789.8
1,840.4
1,807.9
1,837.2
1,782.2
1,866.9
2,039.3
2,095.8
1,777.8
1,760.2
1,793.1
1,842.5
1,891.2
1,940.8
2,005.0
2,043.0
2,048.2
2,061.0
2,077.3
2,087.2
2,106.9
2,111.7
2,127.9
Total
cost
and
profit 2
0.712
.770
.852
.946
1.000
1.026
1.056
1.088
1.006
1.011
1.015
1.023
1.029
1.037
1.041
1.051
1.061
1.070
1.077
1.086
1.092
1.097
1.104
Capital
consumption
allowances
with
capital
consumption
adjustment
0.073
.082
.095
.109
.125
.124
.119
.121
.127
.131
.128
.125
.124
.121
.119
.118
.119
.120
.120
.121
.121
.123
.123
Output is measured by gross domestic product of nonfinaneial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinaneial corporate business with
the decimal point shifted two places to the left.
Corpc rate profits with
inventory valuation a nd capital
consun iption adjus tments
Indirect
business
0.064
.066
.077
.090
.094
.098
.099
.102
.094
.096
.096
.099
.099
.098
.098
.099
.100
.100
.100
.103
.102
.102
.105
3
4
Compensation of
employees
Net
interest
0.473
.523
.581
.632
.676
.679
.687
.710
.679
.685
.682
.678
.676
.680
.679
.682
.691
.697
.703
.709
.709
.719
.722
0.020
.024
.031
.037
.043
.039
.042
.041
.041
.042
.040
.039
.039
.039
.039
.041
.043
.044
.043
.042
.040
.039
.038
Total
0.082
.076
.068
.078
.063
.086
.108
.114
.065
.057
.070
.082
.092
.099
.106
.111
.107
.109
.111
.111
.120
.114
.117
Profits
tax
liability
0.037
.038
.037
.035
.026
.031
.035
.029
.026
.023
.023
.030
.035
.034
.038
.038
.032
.032
.029
.028
.030
.029
.025
Profits
after
tax 4
0.044
.038
.031
.044
.037
.055
.073
.085
.038
.034
.047
.053
.057
.065
.068
.073
.075
.077
.081
.083
.090
.085
.093
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.358
17.221
17.096
17.194
17.318
17.940
18.323
18.283
17.375
17.402
17.699
17.899
18.046
18.113
18.321
18.416
18.308
18.260
18.266
18.255
18.382
18.272
18.260
8.219
9.002
9.939
10.861
11.699
12.179
12.593
12.985
11.804
11.928
12.069
12.138
12.191
12.315
12.448
12.552
12.645
12.733
12.839
12.950
13.040
13.138
13.180
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employ-
Proprietoi s' income
with in ventory
valuation md capital
consulnption
adjust ments
Farm
1980
1981
1982
1983
1984
1985
1982: ni
IV
1983: I
Kental
income of
persons
with
capital
tion
adjustment
Nonfann
Corpora te profits wi h inventory valuation an 1 capital
consulnption adjus ments
Profits wi th inventory valuation
adjustme it and witho it capital
consu.mption adjus tment
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consump-
Net
interest
men
IV
2,203.5
2,443.5
2,518.4
2,718.3
3,039.3
3,211.3
2,528.4
2,548.2
2,603.6
2,678.9
2,747.4
2,843,5
2,967.7
3,021.1
3,064.2
3,104.4
3,155.3
3,192.2
3,228.0
3,269.9
1,638.2
1,807.4
1,907.0
2,025.9
2,221.3
2,372.5
1,918.4
1,931.1
1,962.4
2,001.5
2,041.8
2,097.6
2,160.9
2,204.8
2,241.2
2,278.5
2,320.4
2,356.9
2,385.2
2,427.5
20.5
30.7
24.6
14.3
32.1
21.2
22.9
28.5
18.7
11.8
6.6
20.0
44.4
29.4
27.8
26.6
26.5
22.8
12.2
23.3
160.1
156.1
150.9
178.0
201.6
221.0
151.7
159.8
167.2
175.5
182.3
187.1
195.9
199.7
204.5
206.3
212.9
218.1
225.3
227.6
6.6
13.3
13.6
12.8
10.8
13.8
12.0
15.8
13.3
14.8
11.9
11.0
11.6
11.9
10.0
9.7
11.0
13.8
14.5
15.9
177.2
188.0
150.0
213.8
273.3
295.5
154.3
146.1
173.4
205.9
228.4
247.6
268.0
277.8
271.2
276.2
281.7
288.1
309.1
303.1
194.0
202.3
159.2
195.0
232.3
224.6
161.6
150.7
163.7
190.5
207.3
218.7
234.4
241.8
226.5
226.3
220.6
220.9
233.2
223.7
237.1
226.5
169.6
205.0
237.6
225.3
171.6
164.1
167.1
199.8
225.4
227.6
247.4
247.4
227.7
228.0
220.0
218.7
228.6
233.8
-43.1
-24.2
-10.4
10.0
5.4
-.6
10.0
-13.4
-3.4
9.3
-18.1
-8.9
13.0
-5.6
1.3
-1.6
.7
2.2
4.7
-10.1
-16.8
— 14.4
-9.2
18.8
41.0
70.9
-7.3
-4.5
9.7
15.5
21.0
28.9
33.5
36.0
44.8
49.8
61.1
67.2
75.9
79.4
200.9
248.1
272.3
273.6
300.2
287.4
269.1
266.9
268.5
269.4
276.4
280.3
286.9
297.6
309.5
307.0
302.9
292.4
281.8
272.6
1986: I '.
3,314.9
2,463.1
15.5
235.1
19.7
313.7
234.7
216.6
18.0
79.0
267.8
n
m
IV
1984: 1
II
in
IV
1985: 1
n
m
1
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nor durable g()ods
Durabh, goods
Motor
vehicles
and
parts
Furniture
and
household
equipment
expendi-
Total
durable
goods
IV
1,732.6
1,915.1
2,050.7
2,229.3
2,423.0
2,582.3
2,065.6
2,117.0
2,146.0
2,210.1
2,254.9
2,306.3
2,358.6
2,414.4
2,439.0
2,480.1
2,525.0
2,563.3
2,606.1
2,634.8
219.3
239.9
252.7
289.6
331.1
361.5
252.8
,263.8
268.5
285.3
295.3
309.4
321.6
330.2
331.1
341.5
351.5
356.5
376.0
362.0
90.3
100.5
108.9
130.6
153.8
168.4
108.3
115.7
115.9
129.2
134.0
143.1
150.1
154.1
153.6
157.4
163.1
165.4
183.0
162.2
86.2
92.7
95.7
107.4
119.4
129.0
96.4
99.1
102.1
105.4
109.0
113.0
116.1
118.8
119.3
123.5
125.7
127.6
128.6
134.1
42.8
46.6
48.1
51.7
57.9
64.1
48.1
49.0
50.4
50.7
52.2
53.3
55.4
57.3
58.2
60.6
62.7
63.4
64.4
65.7
681.4
740.6
771.0
817.0
872.4
912.2
776.7
786.6
792.4
811.7
826.5
837.2
856.6
873.2
876.6
883.1
895.7
910.2
914.5
928.3
1986: I r
2,668.2
363.1
162.0
134.8
66.3
935.6
Period
1980
1981
1982
1983
1984
1985
1982: HI
rv
1983: I
n
m
rv
1984: I
n
m
rv
1985: I
n
m
Source: Department of Commerce, Bureau of Economic Analysis.
Other
durable
*
Retail ales of
new pa ssenger
cars (miilions of
un] ts)
Clothing and
shoes
Gasoline
and oil
349.1
376.5
398.8
422.0
451.7
474.0
402.7
407.0
413.1
419.0
426.0
430.0
440.0
449.9
457.1
459.6
465.5
472.1
475.9
482.5
109.0
119.9
124.4
135.2
147.4
156.0
125.0
126.5
129.4
135.0
135.5
140.9
144.4
149.1
146.4
149.7
152.8
156.3
155.7
159.4
83.7
92.7
89.1
90.1
90.7
91.8
88.6
89.8
86.5
89.4
92.5
92.1
92.0
91.9
89.1
89.8
89.3
92.9
92.2
93.0
139.5
151.6
158.7
169.6
182.6
190.3
160.4
163.4
163.3
168.3
172.6
174.1
180.2
182.3
184.0
184.1
188.2
188.9
190.7
193.4
831.9
934.7
1,027.0
1,122.7
1,219.6
1,308.6
1,036.1
1,066.5
1,085.2
1,113.0
1,133.1
1,159.6
1,180.4
1,211.1
1,231.3
1,255.4
1,277.8
1,296.6
1,315.6
1,344.6
6.6
6.2
5.8
6.8
8.0
8.2
5.6
6.0
6.0
6.9
6.9
7.4
8.1
8.2
7.9
7.6
8.5
8.2
9.4
7.0
2.4
2.3
2.2
2.4
2.4
2.8
2.2
2.5
2.8
2.3
2.3
2.6
2.3
2.4
2.4
2.7
2.4
2.7
3.0
3.3
488.7
162.0
87.4
197.5
1,369.5
7.9
2.8
Food
Other
Domestics
Imports
SOURCES OF PERSONAL INCOME
Personal income fell $3.7 billion (annual rate) in May, following a rise of $41.7 billion in April. The decline in May
was due to subsidy payments to farmers, which were substantially larger in April than in May. Excluding these
subsidy payments, personal income rose $12.6 billion in May and $9.6 billion in April.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
800
OTHER INCOME
400
400
T
TRANSFER
PAYMENTS
200
200
1983
1982
1981
1980
1979
1978
1984
1985
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietors ' income
Period
1978
1979
1980
1981
1982
1983
1984
1985
1985: May
June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan r.
Feb r .
Mar r
Apr r
May"
Total
personal
income
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,836.4
3,111.9
3,293.5
3,271.2
3,280.5
3,290.0
3,295.5
3,309.9
3,330.8
3,347.9
3,384.3
3,385.4
3,400.2
3,406.8
3,448.5
3,444.8
Oth
disburse-
1,119.3
1,252.1
1,372.0
1,510.3
1,586.1
1,675.8
1,834.9
1,960.5
1,946.8
1,958.5
1,959.8
1,969.3
1,981.2
1,991.5
2,003.6
2,022.2
2,027.0
2,034.4
2,044.8
2,047.5
2,051.2
income *
2
107.7
122.7
138.4
150.3
163.6
179.5
193.4
206.4
204.8
206.1
207.3
208.5
209.5
210.5
211.5
212.4
213.3
214.3
215.3
216.2
217.1
Farm
27.0
31.7
20.5
30.7
24.6
14.3
32.1
21.2
14.4
13.8
12.2
11.6
12.9
17.5
21.0
31.4
15.7
19.1
11.7
45.4
33.9
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
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.
3
1h
Nonfarm
149.2
160.1
160.1
156.1
150.9
178.0
201.6
221.0
218.6
218.8
222.1
224.8
228.9
227.2
226.9
228.7
233.6
235.7
235.9
238.4
240.0
Rental
income of
persons 4
9.3
5.6
6.6
13.3
13.6
12.8
10.8
13.8
13.9
14.9
15.5
16.2
11.7
16.0
13.9
17.8
18.7
19.7
20.8
21.3
21.6
Personal
dividend
income
43.0
48.1
52.9
61.3
63.9
68.0
74.6
78.9
78.7
78.8
78.9
79.1
79.2
79.4
79.9
80.1
80.9
82.3
83.1
84.0
84.4
Personal
interest
income
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
369.7
385.7
442.2
456.3
461.0
457.9
453.3
449.8
448.6
450.1
451.7
452.4
244.0
273.1
324.7
368.1
410.6
442.2
454.7
484.5
69.8
81.0
88.6
104.5
112.3
119.8
132.4
149.1
481.2
480.9
490.0
486.0
488.4
489.8
491.4
492.5
148.1
149.1
149.1
149.7
150.4
151.1
151.9
153.1
451.3
450.1
449.2
448.5
448.0
501.8
502.1
504.0
505.2
507.4
157.0
157.4
158.0
158.1
158.7
182.5
221.4
271.9
335.4
4
Nonfarm
personal
income 6
1,769.3
1,983.1
2,215.8
2,465.6
2,618.7
2,795.3
3,053.3
3,246.1
3,230.5
3,240.5
3,251.9
3,258.1
3,271.2
3,287.5
3,301.0
3,326.9
3,343.6
3,354.9
3,368.9
3,376.7
3,384.4
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose again in the first quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
6,000
4,000
4,000
1986
1978
- SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
personal
income
Blilions
1978
1979
1980
1,812.4
2,033.9
2,258.4
2,520.9
1981
1982
1983
1984
1985
2,670.8
2,836.4
3,111.9
3,293.5
261.1
304.7
340.5
393.3
409.3
411.1
441.8
492.7
Less:
Personal
outlays *
Equals:
Personal
saving
Per e apita
disposable personal
inc( me
Current
dollars
1982
dollars
of dol ars
1,551.2
1,729.3
1,917.9
2,127.6
2,261.4
2,425.4
2,670.2
2,800.8
Per capitai personal
consulnption
.expen litures
Current
dollars
1982
dollars
Do lars
1,441.1
1,611.3
1,781.1
1,968.1
2,107.5
2,292.2
2,497.7
2,671.8
110.2
118.0
136.8
159.4
153.9
133.2
172.5
129.0
6,968
7,682
8,421
9,243
9,724
10,328
11,263
11,703
9,735
9,829
9,722
9,769
9,725
9,942
10,412
10,483
change in
real per
capita
disposable
personal
Saving as
percent of
disposable
personal
Population,
including
Armed
Forces
abroad
(thousands) 2
Per cent
6,304
6,960
7,607
8,320
8,818
9,493
10,221
10,790
8,808
8,904
8,783
8,794
8,818
9,138
9,448
9,665
3.8
1.0
-1.1
.5
— .5
2.2
4.7
.7
7.1
6.8
7.1
7.5
6.8
5.5
6.5
4.6
222,629
225,106
227,754
230,182
232,549
234,829
237,067
239,317
Seas anally adju sted annual rates
1982: HI
IV
1983: I
n
m
rv
1984: I
n
in
IV
1985: I
n
m
IV
1986: I r
2,683.6
2,729.2
2,752.8
2,805.7
2,852.4
2,934.8
3,033.8
3,083.5
3,144.2
3,186.2
3,240.9
3,280.1
3,298.5
3,354.3
3,397.5
1
405.0
411.1
407.4
418.0
404.4
414.4
423.6
433.6
447.5
462.4
501.7
462.4
498.2
508.5
504.1
2,278.6
2,318.1
2,345.5
2,387.7
2,447.9
2,520.4
2,610.2
2,649.9
2,696.7
2,723.8
2,739.2
2,817.7
2,800.2
2,845.9
2,893.4
2,122.6
2,174.9
2,205.2
2,271.3
2,319.0
2,373.3
2,428.7
2,487.4
2,515.2
2,559.4
2,608.4
2,650.6
2,697.6
2,730.6
2,767.4
156.0
143.1
140.3
116.4
129.0
147.1
181.6
162.6
181.5
164.5
130.9
167.2
102.6
115.2
126.0
Includes person!il consumption e spenditures, inl erest paid by con sumers to business, and person
al transfer payments to foreigners (ne t).
9,786
9,929
10,024
10,182
10,412
10,693
11,050
11,193
11,362
11,447
11,487
11,790
11,687
11,847
12,020
2
9,720
9,749
9,793
9,846
9,982
10,145
10,358
10,399
10,451
10,441
10,411
10,595
10,447
10,479
10,597
8,871
9,068
9,172
9,424
9,591
9,785
9,985
10,198
10,276
10,423
10,588
10,726
10,877
10,969
11,085
8,812
8,904
8,960
9,114
9,195
9,283
9,359
9,474
9,452
9,506
9,597
9,639
9,723
9,702
9,772
6.8
6.2
1.2
4.8
5.9
3.7
4.0
232,851
233,466
233,981
234,509
235,117
235,707
236,222
236,742
237,349
237,953
238,469
238,985
239,605
240,207
4.6
4.4
240,709
-0.7
1.2
1.8
2.2
5.6
6.7
8.7
1.6
2.0
— .4
-1.1
7.3
-5.5
6.0
4.9
5.3
5.8
7.0
6.1
6.7
6.0
Annu il data are ave ages of quarter y data, which ire averages for the period.
Source: Department o: Commerce (Biireau of Econonlie 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)
240
240
160
^^^^
-ip^/
r
^
"
/-—— -1--^
1
"^^-'
\
GRC)SS FARM INCC3ME
"
/\
^^
X
80
80
60
60
40
40
* 1
/"
/\
_ •"-—-.
/'"**•»-
\
s
ii * »''
%
20
NET FARM ItvICOME
,
\
1''
'
/
|
1
'
N
|
I
I
\
1
20
1
\
\l
|
\
\
1
1
(
%
*
»
""**J
v
t
*'
\
\
\
\
1
<
\ ''
V
\»
t
i
I
1
\
/
X
i
t
^*x *,. t/
i
\
l\
i
u
!
1 1
V
\ i i
1978
1
1 1
1979
1
1 1
\ i i
1980
1981
10
\t
1
1 1
1982
i*i i
1983
|
|
|
1984
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
1 1 1
1985
1
1 1
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farmi]og
(rross farm uicoim
Period
Net farm income
Cash marketing rece pts
Total 1
Total
Livestock and
products
Crops
inventory
changes 2
Production
expenses
Current
dollars
1982 dollars 3
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
135.6
139.5
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
152.9
143.6
151.7
154.3
143.2
133.0
141.2
127.6
71.0
68.9
67.9
70.0
72.2
64.1
73.3
57.6
-10.6
-13.9
-12.9
-4.9
135.1
134.9
135.5
136.9
17.8
8.7
16.2
17.3
17.4
8.5
15.5
16.4
175.7
167.3
173.7
179.8
139.3
139.0
141.5
147.6
75.5
70.8
71.2
73.5
63.8
68.2
70.3
74.2
2.0
8.7
10.3
10.2
139.2
140.2
140.0
138.5
36.5
27.0
33.6
41.2
34.2
25.1
30.9
37.6
1985: I
n
m
rv
169.9
161.9
148.9
176.5
140.1
134.0
134.3
164.2
71.7
66.8
68.0
72.1
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
1986: 1"
155.6
132.6
69.5
63.1
-4.2
128.2
27.5
24.2
1978
1979
1980
1981
1982
1983
1984
1983:
I
n
m
IV
1984: I
n
m
IV
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income,
and nonmoney income furnished fey farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
3
Income in current dollars divided hy 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 $17.2 billion (annual
rate) and after-tax profits fell $9.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
1320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
PROFITS BEFORE TAX
240
240
200
200
-PROFITS AFTERTAX.
160
160
..V
120
120
\
-TAX LIABILITY-
80
80
40
40
UNDISTRIBUTED PROFITS
0!
I
I
I
I
1978
I
I
1979
I I
1980
I I I
I I I
1981
1
1
1
1983
1982
I
I I
J
1984
I
I
1985
I I In
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Prc fits (before tax) with inve ntory valuati an adjustment 1
Profits after taX
Doinestle industiies
Nonfinancial
Period
Total
2
Total
1979
1980
1981
1982
1983
1984
1985
1982:
1983:
UI
IV
I
n
m
IV
1984: I
n
m
IV
1985: I
n
m
1986:
1
2
IV
Ir
214.1
194.0
202.3
159.2
195.0
232.3
224.6
161.6
150.7
163.7
190.5
207.3
218.7
234.4
241.8
226.5
226.3
220.6
220.9
233.2
223.7
234.7
180.4
159.6
173.8
131.2
164.2
200.1
192.7
133.0
121.6
136.2
161.1
174.4
185.1
201.0
212.3
193.3
193.7
189.4
189.3
203.0
189.1
200.8
Financial
27.8
21.0
16.5
11.8
22.7
19.2
22.5
12.4
18.7
22.0
25.0
22.4
21.2
20.8
20.4
17.2
18.4
19.2
22.5
23.8
24.7
28.6
Total 3
152.6
138.6
157.3
119.4
141.6
180.9
170.1
120.6
102.9
114.2
136.1
152.0
163.9
180.2
191.9
176.1
175.3
170.2
166.7
179.2
164.5
172.2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Profits
before tax
Tax
liability
88.0
84.8
81.1
63.1
75.2
93.6
85.0
64.3
59.8
58.9
73.8
84.1
84.0
Manufacturing
sale and
retail
trade
87.5
77.1
88.5
58.0
71.3
88.5
76.6
64.3
46.8
52.3
64.6
78.9
89.2
94.2
94.9
82.2
82.7
77.3
73.4
79.7
76.1
69.8
28.7
21.6
32.5
34.6
39.1
50.7
49.4
257.2
237.1
226.5
169.6
205.0
237.6
225.3
32.9
33.6
32.6
40.8
39.9
43.1
46.8
52.7
51.5
51.8
48.7
50.6
53.6
44.6
50.5
171.6
164.1
167.1
199.8
225.4
227.6
247.4
247.4
227.7
228.0
220.0
218.7
228.6
233.8
216.6
99.1
100.6
87.4
87.4
83.4
82.3
87.4
87.1
79.7
Total
169.2
152.3
145.4
106.5
129.8
144.0
140.2
107.3
104.3
108.2
126.0
141.3
143.6
148.3
146.7
140.3
140.6
136.6
136.4
141.1
146.7
137.0
Dividends
50.1
54.7
63.6
66.9
70.8
78.1
83.5
66.6
68.5
69.3
69.6
71.1
73.1
75.3
77.5
78.9
80.7
82.0
83.1
83.9
85.0
87.6
a
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
119.1
97.6
81.8
39.6
59.0
65.9
56.7
40.7
35.8
38.9
56.4
70.3
70.6
73.1
69.2
61.3
60.0
54.6
53.3
57.3
61.7
49.4
Inventory
valuation
adjustment
-43.2
-43.1
-24.2
-10.4
-10.0
-5.4
-.6
-10.0
-13.4
-3.4
9.3
-18.1
-8.9
-13.0
-5.6
-1.3
-1.6
.7
2.2
4.7
-10.1
18.0
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter, nonresidental fixed investment fell $13.4 billion (annual rate)
from its fourth quarter level while residential investment outlays rose $5.7 billion. There was a $39.9 billion
increase in inventories following a decrease of $4.3 billion in the fourth quarter.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
SEASONAUY ADJUSTED ANNUAL RATES
700
700
GROSS PRIVATE DOMESTIC
INVESTMENT
600
600
500
500
400
400
300
NONRESIDENTIAL
FIXED INVESTMENT
300
RESIDENTIAL
FIXED INVESTMENT
200
200
100
100
CHANGE IN BUSINESS
INVENTORIES
\
I
-100
I
1978
I
1979
I
I
I
1
I
I
I
I
I
I
I
1983
1982
1981
1980
I
I
I
1984
SOURCEi DEPARTMENT OF COMMERCE
I
1 I
1985
I
I I
1986
-100
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
IIxed investmen
Gross
Period
domestic
investment
1979
1980
1981
1982
454.8
1983
1984
1985
1982: III
IV
1983: I
II
HI
IV
1984: I
II
Ill
IV
1985: I
II
437.0
515.5
447.3
501.9
674.0
669.3
452.2
409.6
425.0
483.7
521.2
577.6
658.8
673.3
687.9
676.2
m
IV
657.6
672.8
666.1
680.7
1986: I r
717.2
Source: Department of Commerce, Bureau of Economic Analysis.
Change ir business
mven tories
Nonresidential
Total
Total
441.9
445.3
491.5
471.8
508.3
607.0
661.8
461.2
469.5
467.7
489.2
524.0
552.1
566.7
604.5
619.5
637.2
639.1
657.3
665.9
685.0
677.3
302.8
322.8
369.2
366.7
356.3
427.9
476.2
360.7
354.9
338.0
343.0
357.3
386.8
394.1
423.4
435.9
458.1
459.6
474.2
478.5
492.5
479.1
Structures
99.5
113.9
138.5
143.3
126.1
147.6
170.2
140.2
137.6
127.6
121.5
124.7
130.5
135.0
147.0
151.3
157.2
166.1
169.7
170.4
174.5
169.1
Producers'
durable
equipment
203.3
208.9
230.7
223.4
230.2
280.2
306.0
220.5
217.3
210.4
221.5
232.6
256.3
259.1
276.5
284.5
300.9
293.5
304.5
308.1
318.0
309.9
Residential
139.1
122.5
122.3
105.1
152.0
179.1
185.6
100.5
114.7
129.7
146.2
166.7
165.4
172.6
181.0
183.7
179.1
179.4
183.1
187.4
192.5
198.2
Total
13.0
-8.3
24.0
24.5
-6.4
67.1
7.5
-9.0
-59.9
-42.7
-5.5
-2.8
25.5
92.1
68.9
68.3
39.0
18.5
15.5
.2
-4.3
39.9
Nonfarm
7.9
-2.4
18.3
-23.1
.8
58.0
11.8
-12.4
-51.1
-33.7
1.8
15.5
19.4
71.6
61.2
62.8
36.4
14.2
10.8
3.1
19.0
40.7
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
SEASONAUV ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
300
200
200
r
NONMANUFACTUR NG -^
100
MANUFACTURING
100
80
80
60
60
40
40
1978
...I
I. . I I
1980
1979
1
I
I
1982
1981
I
I
1984
1983
1985
J/.SURVEYED QUARTERLY
_1/'SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Noiimanufactu ing
M anufaeturi !g
All
industries
Total
1978....
1979
1980
1981
1982
1983
1984
1985 4
1986
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
1984: I
II
Ill
IV
337.95
349.97
361.48
368.29
1985: I
II
Ill
IV
1986: I T 4
II
Ill 44
IV
Period
Total
nonfarm
business 2
Manufacturing
Non manufactu ring
Surveyed
quarterly
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
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
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
129.91
135.96
142.44
146.96
61.23
64.03
68.26
71.43
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
371.16
387.83
388.90
397.74
145.65
154.33
154.04
158.57
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
376.08
387.42
388.87
396.61
143.06
148.01
148.47
157.16
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
11.76
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
Durable
goods
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 ("nonmamifacturing surveyed annually") for data for these industries.
2
"AH industries" plus the part of nonmamifacturing that is surveyed annually.
10
"
245.34
284.94
314.47
349.26
347.47
343.35
398.99
431.21
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
139.18
159.04
170.47
188.68
189.89
188.58
215.61
233.26
238.07
Surveyed
annually 3
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 May, seasonally adjusted civilian employment rose 218,000 and unemployment rose 212,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
120
1986
1978
"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: May
June....
July
Aug
Sept ....
Oct
Nov
Dec
1986: Jan *...
Feb
Mar
Apr
May
Noninstitutional
population
including
resident
Armed
Forces
NSA
166,460
169,349
171,775
173,939
175,891
178,080
179,912
179,649
179,798
179,967
180,131
180,304
180,470
180,642
180,810
181,361
181,512
181,678
181,843
181,998
liesident
Armed
Forces
NSA
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,705
1,702
1,704
1,726
1,732
1,700
1,702
1,698
1,691
1,691
1,693
1,695
1,687
,,
including
resident
Armed
Forces
Nonag ricultural
Civilian
labor force
Total
Agricultural
Total
Part-time
for
economic
reasons l
Total
15
weeks
and
over
106,559
108,544
110,315
111,872
113,226
115,241
117,167
117,044
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
104,962
106,940
108,670
110,204
111,550
113,544
115,461
98,824
99,303
100,397
99,526
100,834
105,005
107,150
3,347 95,477
3,364 95,938
3,368 97,030
3,401 96,125
3,383 97,450
3,321 101,685
3,179 103,971
3,373
4,064
4,499
5,852
5,997
5,512
5,334
6,137
7,637
8,273
10,678
10,717
8,539
8,312
1,241
1,871
2,285
3,485
4,210
2,737
2,305
108,644
108,303
108,575
108,936
109,251
109,513
109,671
109,904
115,339
115,024
115,272
115,343
115,790
116,114
116,130
116,229
106,939
106,601
106,871
107,210
107,519
107,813
107,969
108,206
103,655
103,461
103,751
104,115
104,502
104,755
104,899
105,055
5,550
5,278
5,328
5,413
5,299
5,241
5,295
5,294
8,400
8,423
8,401
8,133
8,271
8,301
8,161
8,023
118,477
118,779
118,900
118,929
119,351
110,646
110,252
110,481
110,587
110,797
116,786
117,088
117,207
117,234
117,664
108,955
108,561
108,788
108,892
109,110
3,284
3,140
3,120
3,095
3,017
3,058
3,070
3,151
3,299
3,096
3,285
3,222
3,160
105,655
105,465
105,503
105,670
105,950
5,275
5,158
5,301
5,621
5,673
7,831
8,527
8,419
8,342
8,554
2,274
2,328
2,329
2,274
2,307
2,277
2,205
2,188
2,056
2,340
2,258
2,135
2,209
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 noninstitutional population.
Unemplc yment
Civilian ernployment
Employment
including
resident
Armed
Forces
Labor :orce
partici] ation
rate (pe rcent)
Total 2
Civilian 3
64.0
63.7
63.8
63.9
64.0
64.0
64.4
64.8
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
64.1
64.2
64.3
64.4
64.7
65.1
65.2
64.9
65.0
65.0
65.2
65.3
65.2
65.2
65.3
65.4
65.4
65.4
65.6
* 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
SELECTED UNEMPLOYMENT RATES
In May, the seasonally adjusted overall unemployment rate rose to 7.2 percent and the civilian unemployment rate
rose to 7.3 percent. Both rates were 0.2 percentage points above their April levels.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
r
I
20
|V-"AV.
J
'
BLACK
*\ ^
\
\
~*
f
V
_
15
f
1\
/V-
.A
/%
BLACK
Al* 0 OTHER
s-
10
—
. v\» u*~-—
'«
'V'N.-'"
\.-
\
10
ALL CIVILI/s N WORKERS
„.'"'"'
1
'•v
•—-
' WHIIb
Minium
lllllllllll
1982
1983
1984
1985
1986
1982
1986
•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 , of civilia n labor force in group)
Unemployment
rate,
all
workers l
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
5.8
7.0
7.5
9.5
9.5
7.4
7.1
5.8
7.1
7.6
9.7
9.6
7.5
7.2
4.2
5.9
6.3
8.8
8.9
6.6
6.2
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
7.3
7.3
7.3
7.1
7.1
7.1
7.0
6.9
6.1
6.4
6.2
6.0
6.1
6.1
6.0
5.9
6.8
6.7
6.6
6.6
6.7
6.4
6.4
6.2
18.8
18.6
19.3
17.5
Oct
Nov
Dec
7.2
7.2
7.2
6.9
7.0
7.0
6.9
6.8
1986: Jan
Feb
Mar
Apr
May
6.6
7.2
7.1
7.0
7.2
6.7
7.3
7.2
7.1
7.3
5.7
6.2
6.2
6.0
6.4
6.1
6.7
6.6
6.4
6.5
Period
1979
1980
1981
1982
1983
1984
1985
1985: May
June ....
July
Aug
Sept
1
Both
sexes
16-19
years
12
Experienced
wage and
salary
workers
Black
and
other
Black
5.1
6.3
6.7
8.6
8.4
6.5
6.2
11.3
13.1
14.2
17.3
17.8
14.4
13.7
12.3
14.3
15.6
18.9
19.5
15.9
15.1
5.5
6.9
18.1
19.8
18.4
18.8
6.2
6.4
6.3
6.1
6.1
6.1
5.9
5.9
13.9
13.2
13.5
12.8
13.7
13.5
14.1
13.4
18.4
19.0
18.2
19.6
19.0
5.7
6.4
6.2
6.1
6.2
12.8
13.3
13.3
13.6
13.6
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic n
cent of potentially available labor force hours.
2
By s elected grou] s
By race
By sex and age
White
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
Labor
force
time lost
(percent) 2
6.3
7.9
8.5
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
15.4
14.4
15.0
14.1
15.2
14.9
15.6
14.9
6.8
6.9
6.9
6.7
6.8
6.7
6.6
6.5
4.0
4.6
4.4
4.1
4.3
4.2
4.3
4.3
10.8
9.9
10.3
10.8
11.3
10.4
10.0
9.4
6.9
6.9
7.0
6.8
6.8
6.8
6.7
6.6
10.0
9.5
9.4
9.0
9.3
9.6
8.8
9.0
8.3
8.2
8.2
8.1
8.1
7.9
7.9
7.8
14.4
14.8
14.7
14.8
14.8
6.3
6.8
6.7
6.7
6.9
4.3
4.5
4.5
4.2
4.5
9.9
9.9
10.1
9.4
10.2
6.4
6.9
6.9
6.7
7.0
8.4
9.4
9.1
9.6
9.2
7.6
8.1
8.1
8.1
8.3
Source: Department of Labor, Bureau of Labor Statistics.
11.0
10.9
8.6
8.1
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In May, the percentage of unemployed persons who had been out of work for less than 5 weeks, for 5-14 weeks
and for 27 weeks and over fell, while the percentage out of work for 15-26 weeks rose. The mean and the
median duration of unemployment rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
70
REASO si FOR UNEMPLOYMEr-)T
DURATION OF UNEMPLOYMENT
• \
60
60
A,/
^
\^
V"
50
\
—
50
\
LESS THAN
5 WEEKS
A.
40
'
JOB LOSERS
*^ «
u
V
V^
*
„*
*v,,
•v -
40
5-14
WEEKS
iEENTRANTS
30
30
\
, \'
^^•n.
/x
_ f* - »'
'\/' -'v'
20
20
*
Nl W
•^
10
10
1982
1984
1986
1985
IOB LEAVER:
Illllllllll ||lllll|llll iiiiilni|i Illllllllll
I l l l l l l l l l l Illllllllll
1983
K>*
"*
^-^
75 v
" ^~
lllllllllll
ENTRANT s
\
<L_^_
1982
1983
1984
1985
Illllllllll
1986
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Dur ation of iinemplojTnent
Period
Unemployment
(thousands)
I'ercent d stributior
Re ison for iinemployment:
percent [istributk n
Stat e
progra ms
Numb er of
ks
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
7,637
8,273
10,678
10,717
8,539
8,312
43.1
41.7
36.4
33.3
39.2
42.1
32.3
30.7
31.0
27.4
28.7
30.2
13.8
13.6
16.0
15.4
12.9
12.3
10.7
14.0
16.6
23.9
19.1
15.4
1985: May
June
July
Aug
Sept
Oct
Nov
Dec
8,400
8,423
8,401
8,133
8,271
8,301
8,161
8,023
42.6
41.6
42.1
41.7
42.0
41.6
42.7
42.1
30.6
30.4
30.0
30.6
30.2
30.8
30.2
30.7
12.5
12.4
12.9
12.8
12.5
12.8
11.0
12.1
1986: Jan
Feb
Mar
Apr....,
May
7,831
8,527
8,419
8,342
8,554
42.4
41.8
42.3
42.9
42.8
31.3
30.8
31.1
31.8
31.6
12.4
13.5
13.0
11.9
12.4
Medi-
Job
losers
11.9
13.7
15.6
20.0
18.2
15.6
6.5
6.9
8.7
10.1
7.9
6.8
51.7
51.6
58.7
58.4
51.8
49.8
14.3
15.5
14.9
15.0
15.3
14.8
16.1
15.1
15.0
15.5
15.5
15.5
15.5
15.4
15.7
15.4
6.7
6.8
7.1
7.2
6.9
7.0
6.9
6.9
13.9
14.0
13.7
13.4
13.1
14.9
15.3
14.4
14.3
14.4
6.8
6.9
6.8
6.5
6.6
Job
leavers
Insured
unemployment
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Reentrants
New
entrants
11.7
11.2
7.9
7.7
9.6
10.6
25.2
25.4
22.3
22.5
25.6
27.1
11.4
11.9
11.1
11.3
13.0
12.5
3,350
3,047
4,061
3,396
2,476
2,616
488
460
583
438
377
397
3,837
3,410
4,594
3,775
2,545
3,671
47.6
49.6
50.2
50.8
50.2
49.1
50.0
48.8
10.4
11.7
10.7
10.7
10.3
11.1
9.9
10.9
28.4
26.6
26.1
26.9
28.3
27.2
27.2
27.6
13.6
12.1
13.1
11.5
11.1
12.7
12.9
12.8
2,562
2,581
2,609
2,585
2,560
2,535
2,560
2,564
389
398
391
386
384
380
382
391
2,455
2,337
2,523
2,361
2,212
2,227
2,468
2,884
48.0
48.7
50.3
48.1
50.3
12.7
11.7
11.9
13.2
11.4
26.3
26.8
26.0
26.1
25.9
13.0
12.8
11.8
12.6
12.4
2,591
2,610
2,654
2,612
2,666
370
392
393
380
382
3,370
3,295
3,144
2,799
Initial
claims
Weekly average, tbousands
1980
1981
1982
1983
1984
1985
1
Includes State (50 States, District of Columbia, Puerto Eico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 149,000 in May.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS
24
100
90
—__ r—-^
r^C
NONAGRK:ULTURAL
AL L
ESTABLISH/V\ENTS
—
80
—
70
SER'/ICE-PRODU :ING
INDUSTRIES
—
60
—
50
18
—
40
—
CONSTRUCTION
GO DDS-PRODUC:ING
INDUSTRIES
30
N
——
l|l|illl|||
20 ,
1982
IIIHllMII iiiiillllll Illllllllllk
1983
1984
1985
Hllili
1986
1982
1983
1984
1985
1986
"SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OP IABOR
[Thousands of wage and salary workers; l seasonally adjusted]
Service-produ jing industr es
Goods-p reducing industries
Period
Total
nonagricultural
employment
M anufacturin g
Total 2
onC fln
struction
Total
Durable
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
5,159
5,242
2,773
2,866
2,772
2,739
2,774
2,807
2,875
72,389
72,545
72,797
73,010
73,285
73,525
73,735
73,933
5,241
5,238
5,241
5,219
5,257
5,260
5,272
5,277
5,721
5,736
5,740
5,762
5,777
5,796
5,796
5,809
17,329
17,379
17,404
17,464
17,489
17,543
17,589
17,622
5,913
5,939
5,964
5,988
6,014
6,038
6,070
6,095
21,838
21,893
21,998
22,115
22,212
22,313
22,415
22,501
16,347
16,360
16,450
16,462
16,536
16,575
16,593
16,629
2,869
2,872
2,879
2,886
2,899
2,895
2,904
2,913
74,195
74,391
74,539
74,759
74,958
5,286
5,277
5,280
5,244
5,240
5,830
5,843
5,841
5,857
5,868
17,734
17,795
17,828
17,853
17,897
6,123
6,157
6,184
6,231
6,259
22,585
22,638
22,707
22,854
22,953
16,637
16,681
16,699
16,720
16,741
2,918
2,918
2,923
2,921
2,923
8,280
8,098
8,061
7,741
7,702
7,873
7,798
63,363
64,748
65,659
65,753
c
66,866
69,769
72,684
5,136
5,146
5,165
5,082
4,954
1985: May r..
June r.
July r..
Aug r..
Sept r..
Oct r...
Nov '..
Dec ''..
97,338
97,442
97,672
97,890
98,128
98,428
98,666
98,910
24,949
24,897
24,875
24,880
24,843
24,903
24,931
24,977
4,682
4,671
4,679
4,702
4,728
4,754
4,765
4,787
19,323
19,290
19,268
19,256
19,198
19,236
19,259
19,289
11,542
11,517
11,483
11,473
11,421
11,447
11,453
11,461
7,781
7,773
7,785
7,783
7,777
7,789
7,806
7,828
Jan r...
Feb r...
Mar r ..
Apr '...
May "..
99,296
99,429
99,484
99,797
99,946
25,101
25,038
24,945
25,038
24,988
4,901
4,864
4,838
4,970
4,991
19,303
19,294
19,255
19,247
19,208
11,466
11,455
11,418
11,416
11,385
7,837
7,839
7,837
7,831
7,823
Federal
15,947
16,241
16,031
15,837
15,869
16,024
16,415
12,760
12,187
12,109
11,039
10,732
11,505
11,516
14
Total
17,112
17,890
18,619
19,036
19,694
20,797
21,974
21,040
20,285
20,170
18,781
18,434
19,378
19,314
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagriculturai employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
Services
4,975
5,160
5,298
5,341
5,468
5,689
5,953
4,463
4,346
4,188
3,905
3,948
4,383
4,687
1986:
trade
Gover nment
Finance,
insurance,
and real
estate
14,989
15,035
15,189
15,179
15,613
16,545
17,360
26,461
25,658
25,497
23,813
23,334
24,727
24,930
1981
1982
1983
1984 r
1985 r
"Rntail
-Retail
5,204
5,275
5,358
5,278
5,268
5,555
5,740
89,823
90,406
91,156
89,566
c
90,200
94,496
97,614
1979
1980
Wholesale
trade
of the working-age population, whereas the estimates in this table are based on reports from emploving establishments.
^ Includes mining, not shown separately.
NOTE.—Data revised beginning April 1984, unadjusted, and beginning January 1981, seasonally
adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gi oss hourly
earn ings
Vverage weekly
hours
Period
Manufa cturing
Total
private
nonagricultural 1
Total
1981
1982
1983 r
1984 .
1985 r.
1985: Mayrr
June r
July r
Aug
Sept '
Ocf
Novrr
Dec .
1986: Jan rr
Febr
Mar r.
Apr
May"
Overtime
35.0
34.9
34.8
34.9
34.9
34.9
34.8
34.9
40.4
40.5
40.4
40.6
40.7
40.7
40.7
40.9
3.6
3.3
2.8
2.8
2.3
3.0
3.4
3.3
3.2
3.2
3.2
3.3
3.3
3.4
3.4
3.6
35.0
34.9
34.9
34.8
34.7
40.8
40.7
40.7
40.7
40.6
3.5
3.4
3.4
3.4
3.4
40.4
40.2
39.7
35.8
35.7
1978
1979
1980
Total
private
nonagricultural *•
35.3
35.2
34.8
35.0
35.2
34.9
39.8
38.9
40.1
40.7
40.5
Manufacturing
Adjuste d hourly earninja;s index — total private
nonagnc ultural2
Index,
1977 =-100
Current
dollars
Percent chang e from a year
earlie r < 5
1977
dollars 3
Current
dollars
138.9
148.5
155.4
160.3
165.2
93.5
92.6
93.4
94.9
94.6
94.1
8.2
7.9
9.0
9.1
6.9
4.6
3.2
3.1
9.50
9.53
9.54
9.57
9.58
9.61
9.63
9.68
164.4
165.2
165.0
165.5
166.4
166.2
166.8
167.7
94.1
94.2
93.9
94.1
94.4
94.0
93.9
94.0
3.1
3.2
2.8
3.1
3.1
3.0
3.0
3.1
9.65
9.68
9.70
9.68
9.72
167.3
168.2
168.5
168.4
168.8
93.5
94.4
95.1
95.4
95.4
2.8
2.8
2.9
2.6
2.6
$5.69
6.16
6.66
7.25
7.68
8.02
8.32
8.57
$6.17
6.70
7.27
7.99
8.49
8.83
9.19
9.53
108.2
116.8
127.3
8.53
8.57
8.55
8.59
8.62
8.63
8.65
8.70
8.68
8.71
8.73
8.71
8.74
100.5
97.4
1977 dollars
0.5
31
-4.0
— 1.0
.9
1.6
-.3
-.5
-.9
-.8
-1.0
.1
.4
.1
-.4
5
9
-.2
.9
1.4
1.5
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent ehiange from
a year earlier,
total private n Hiagriculturai 5
Averaj£e gross weekly eatilings
Period
Current dollars
1978
1979
1980
1981
1982
1983
1984 r"
1985
1985: May TT
June r
July r
Augr
Sept
Ocf
Novrr
Dec .
1986: Jan 'r
Febr
Marr .
Apr .
May"
Manufacturing
Total]srivate
nonagnc ultural *
Construction
Retail trade
Current dollars
1977 dollars s
1977 dollars
Current dollars
$203.70
219.91
235.10
255.20
267.26
280.70
292.86
299.09
$189.31
183.41
172.74
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
$318.69
342.99
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
7.8
8.0
6.9
8.5
4.7
5.0
4.3
2.1
298.55
299.09
297.54
299.79
300.84
301.19
301.02
303.63
170.80
170.62
169.44
170.43
170.74
170.45
169.49
170.20
383.80
385.97
385.42
388.54
389.91
391.13
391.94
395.91
463.33
458.42
462.10
463.23
466.83
467.31
461.52
461.28
175.23
174.64
174.34
174.64
175.81
174.63
174.92
175.78
2.4
2.6
1.5
2.3
2.1
2.7
2.3
2.5
303.80
303.98
304.68
303.11
303.28
169.72
170.58
171.94
171.73
171.54
393.72
393.98
394.79
393.98
394.63
470.40
448.59
450.06
463.61
465.38
175.51
175.51
176.09
174.91
174.60
3.1
2.5
2.4
2.3
1.9
0.2
-3.1
-5.8
1.5
— 1.2
1.
-1.
— 1.
— 1.
-2.
—.
—.
_.
-1.
— 1.
f
—.
1.
1
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977= 100 base).
4
Monthly changes based on indexes to two decimal places.
2
3
NOTE.—Data revised beginning April 1984, unadjusted, and beginning January 1981,
adjusted.
Source: Department of Labor, Bureau of L&bor Statistics.
IS
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
allpe rsons
Period
Business
sector
Nonfarm
business
sector
Outp ut 1
Hours of 2all
perso n s
Nonfann
Business - business
sector
sector
Business
sector
per
Compens ition
hour 3
Nonfann
business
sector
Business
sector
Nonfann
business
sector
Heal com [)ensation
per h 3UT *
Business
sector
Nonfarm
business
sector
Unit lab or costs
Implicit price
defia tor 5
Business
sector
Nonfann
business
sector
Business
sector
Nonfann
business
sector
197 7 = 100; c uarterly c ata seasoi ally adjus ted
1978
1979
100.8
99.6
100.8
99.2
105.8
107.8
105.9
107.9
104.9
108.3
105.1
108.7
108.5
119.1
108.6
118.9
100.8
99.4
100.9
99.2
107.7
119.6
107.7
119.8
107.3
117.0
107.0
116.5
1980
1981
1982
1983
1984
99.2
100.7
100.3
103.2
105.2
98.8
99.8
99.2
102.6
104.1
106.6
108.9
105.5
110.1
119.0
106.7
108.5
104.9
110.3
118.9
107.5
108.2
105.2
106.8
113.1
108.0
108.7
105.8
107.5
114.2
131.5
143.7
154.9
161.9
168.2
131.3
143.6
154.8
162.1
168.0
96.7
95.7
97.3
98.5
98.2
96.6
95.7
97.2
98.6
98.0
132.6
142.7
154.5
157.0
159.9
132.9
144.0
156.0
158.0
161.4
127.6
139.8
148.1
152.8
158.7
127.8
140.3
149.2
154.1
159.6
1985
1982: m
105.3
100.3
101.0
102.3
103.5
103.5
103.6
104.9
105.5
105.3
105.0
105.3
105.5
105.9
104.9
105.5
103.9
99.1
99.7
101.3
102.8
103.3
103.0
104.0
104.5
104.2
103.8
104.1
104.2
104.3
103.2
104.1
122.1
105.1
105.0
106.6
109.3
111.3
113.4
117.1
119.2
119.6
120.1
121.2
121.9
122.6
122.8
124.0
122.0
104.5
104.2
106.2
109.3
111.8
113.8
117.1
119.2
119.5
120.0
121.1
121.8
122.6
122.7
124.1
115.9
104.8
103.9
104.2
105.6
107.5
109.5
111.6
113.0
113.6
114.4
115.1
115.6
115.8
117.1
117.6
117.5
105.5
104.5
104.8
106.3
108.2
110.5
112.6
114.0
114.7
115.6
116.3
116.9
117.5
118.9
119.2
175.0
156.6
158.3
160.1
161.5
162.1
164.1
166.1
167.5
169.1
170.4
172.4
174.3
176.1
177.6
178.2
174.2
156.3
158.2
160.4
161.6
162.3
164.0
165.9
167.4
168.8
170.1
172.1
173.7
175.0
176.4
177.3
98.6
97.2
97.9
99.0
98.7
98.1
98.3
98.3
98.2
98.2
98.1
98.5
98.5
98.9
98.7
98.7
98.1
97.0
97.8
99.1
98.8
98.2
98.2
98.1
98.1
98.0
97.9
98.3
98.2
98.3
98.0
98.2
166.2
156.2
156.7
156.6
156.0
156.6
158.4
158.4
158.7
160.6
162.3
163.8
165.2
166.3
169.3
168.9
167.7
157.6
158.6
158.3
157.2
157.1
159.1
159.6
160.1
162.0
163.9
165.3
166.8
167.8
170.9
170.3
163.1
149.3
150.2
151.1
152.0
153.1
154.9
156.6
158.0
159.4
160.8
161.6
162.7
163.5
164.6
165.4
164.8
150.3
151.4
152.3
153.6
154.2
156.1
157.1
158.8
160.5
161.9
163.0
164.5
165.5
166.3
167.4
1983:
rv
1
n
m
IV
1984: 1
n
in
IV
1985: I
n
m
1986:
IV
I
Pe rcent change; quarterly data a seasonal! y adjusted annual ra tes
1978
1979
0.8
-1.2
0.8
-1.6
5.8
1.9
5.9
1.8
4.9
3.2
5.1
3.5
8.5
9.7
8.6
9.5
0.8
-1.4
0.9
-1.6
7.7
11.1
7.7
11.2
7.3
9.1
7.0
8.9
1980
1981
1982
1983
1984
-.3
1.5
-.4
2.9
2.0
-.4
1.0
-.6
3.4
1.5
-1.1
2.1
-3.1
4.4
8.1
1.1
1.7
-3.3
5.1
7.9
-.8
.7
-2.7
1.5
6.0
-.7
.7
-2.7
1.6
6.3
10.5
9.2
7.8
4.5
3.9
10.5
9.4
7.7
4.7
3.7
-2.7
-1.0
1.6
1.3
-.3
-2.7
-.9
1.5
1.5
-.6
10.8
7.7
8.2
1.6
1.9
11.0
8.3
8.4
1.2
2.2
9.0
9.6
5.9
3.2
3.9
9.7
9.7
6.3
3.3
3.6
.1
.3
3.0
5.1
4.9
.0
.4
5.1
2.5
-.3
.0
2.4
6.5
6.1
2.0
-1.1
3.6
2.2
-1.3
-1.3
1.0
.2
.4
-4.1
3.6
2.6
-3.1
-.4
6.3
10.5
7.4
7.9
13.6
7.5
1.3
1.7
3.6
2.3
2.5
.4
4.2
2.6
-3.4
-1.2
7.6
12.2
9.6
7.3
12.1
7.2
1.2
1.8
3.6
2.3
2.6
.6
4.5
2.5
-3.4
-3.3
1.1
5.3
7.4
7.5
8.1
4.9
2.1
3.1
2.5
1.5
.9
4.5
1.7
2.9
-3.4
-3.5
1.1
5.8
7.5
8.6
8.2
4.9
2.5
3.1
2.6
2.1
2.1
4.8
.9
4.0
7.5
4.5
4.7
3.4
1.5
5.1
4.9
3.3
4.1
3.1
4.8
4.4
4.2
3.4
1.4
3.7
7.5
5.0
5.6
3.1
1.8
4.0
4.9
3.6
3.4
3.2
4.7
3.8
2.8
3.2
2.2
.4
.1
2.9
4.4
-.9
-2.6
.8
-.2
-.3
.2
-.6
1.5
.4
1.6
-.9
.0
.1
.2
3.4
5.3
— 1.1
-2.3
-.2
-.2
.0
-.4
-.4
1.4
-.2
.3
-1.0
.7
3.9
7.2
1.5
-.3
-1.4
1.5
4.7
-.2
.8
4.9
4.5
3.7
3.5
2.5
7.5
-1.0
3.9
7.6
2.6
-.9
-2.8
-.2
5.2
1.2
1.3
4.8
4.6
3.6
3.6
2.4
7.6
-1.4
2.8
5.6
2.4
2.3
2.6
2.8
4.9
4.4
3.7
3.6
3.5
2.1
2.8
2.0
2.7
1.9
3.3
5.7
3.0
2.4
3.3
1.7
5.1
2.4
4.4
4.4
3.6
2.7
3.7
2.6
1.8
2.6
1985
1982: m
IV
1983: I
.1984:
n
m
rv
I
n
m
IV
1985: I
n
m
IV
1986: I
-.8
-1.3
1.0
.8
1.6
gg
2.5
1
Output refers to gross domestic product originating in the sector in 1982 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
16
4
Hourly compensation divided by the consumer price index for all urban consumers.
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.
5
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0.6 percent in May, following a rise of 0.4 percent in April. The index for May was 0.1
percent above its year-earlier level.
INDEX, 1977=10 0* (RATIOSCAIE)
INDE X, 1977=100* (RATIOS CALE)
140
220
TOTAL 1 NDUSTRIA L PRODUCT ION
^-*-"*~
120
FINAL PfJODUCTS
-*iP^~~
200
180
DtHENSE AND—
—
100
SPACE
160
^
^
1.1, M
IIMlhllll
iiiiilinii
1 ( 1 1 1 i 1 1 I 1 1Illllllllll
140
MANUFACTURING PRODUCT ON
140
120
•'-. — .
100
•
120
DURA BLE
\ .*#£:--- ^-\—
,S'/^ MONDURABL E
1 1 11 1 1 1 H ''
iiiiiliiiii
-^
,.,„„„,^/
f
f
fS
1 M I.I.I. II
1 1 M 1 M 1 1( Illllllllll
_MANUF/ACTURING CAPACITY UTILIZATIO N RATE _
80
/^ ~"
^^^/
'K-X-.
„ /
- _ — i j—,*••
"*" ^^~iMNING
s"s**
k-- ^—
1982
In... iiiiiliiiii
PER CENT*
1
uTILITIES
\.
iiiiiliiiii
CONSUMER
GOODS
MISIING PROD UCTION
120
——
,
^- =5-
—*
Illllllllll
UTILITIE SAND
100
1
*—^ ^*f*
90
140
\
—^n
//~"
^-^—
^BUSINESS
EQUIPMENT
__,«*•"
100
^~~*x—
^IMIlllllM
s
EQ UIPMENT
),,,,, ,,,,,1
1983
1984
X
70
,, |M |
60
\
M|M|
^fc
1
*-
Illllllllll
1982
1986
1985
XN
.,--"
!iiniiinii
1983
iiiiilinii iiiiilinii ,,,,,1
1984
'SEASONALLY ADJ USTED
SOURCE: BOARD C F GOVERNORS OF THE FEDERAL RESE RVE SYSTEM
1985
1986
COUNCIL OF EC 3NOMIC ADVISERS
[Monthly data seasonally adjusted]
To tal
indus trial
produ ction
Period
Index,
1977 = 100
1977 proportion
1978
1979
1980
1981
1982
1983
1984
1985
1985: May
June
July
Aug
Sept
Oct
NOT
Dec
1986: Jan
Feb r
Mar r
Apr r
May"
1
Output as percent of capacity.
Industry proe uction indexes , 1977 = 100
Percent
change
from year
earlier
100.0
106.5
110.7
108.6
111.0
103.1
109.2
121.8
124.5
124.1
124.3
124.1
125.2
125.1
124.4
125.4
126.4
126.7
125.6
124.4
125.0
124.2
Capacity utilization
rate, pe rcent l
Manufacturing
6.5
3.9
1.9
2.2
-7.1
5.9
11.5
2.2
2.3
1.6
.7
1.3
1.5
1.4
1.6
2.5
2.5
1.5
.3
.7
.1
Mining
Total
Durable
Utilities
Nondurable
84.21
49.10
35.11
9.83
5.96
107.1
111.5
108.2
110.5
102.2
110.2
123.9
127.1
126.6
126.7
126.9
128.2
127.7
127.2
128.4
129.1
129.8
128.8
127.8
128.6
127.9
108.2
113.9
109.1
111.1
99.9
107.7
124.8
128.2
127.9
127.6
127.9
129.4
128.3
127.7
129.2
129.9
130.4
129.0
127.6
128.4
127.2
105.5
108.2
107.0
109.7
105.5
113.7
122.5
125.6
124.7
125.5
125.6
126.6
126.9
126.4
127.3
128.0
129.1
128.5
128.0
128.8
128.9
103.6
106.4
112.4
117.5
109.3
102.9
110.9
109.0
109.8
110.6
108.7
108.3
108.4
108.4
106.9
107.4
107.4
105.3
102.7
101.8
99.6
103.1
105.9
107.3
107.1
104.8
105.2
110.9
113.4
113.7
113.4
110.7
110.3
113.2
112.4
112.2
116.5
114.6
112.4
113.6
114.1
114.5
Manufacturing
Industrial
materials
84.2
86.3
84.6
79.3
78.3
70.3
74.0
80.8
80.3
80.3
80.1
80.1
80.7
80.1
79.6
80.2
80.4
80.7
79.8
78.9
79.4
78.8
87.1
81.1
81.1
71.7
75.3
82.3
80.2
80.1
80.1
79.5
79.9
79.5
79.3
79.2
80.1
80.2
79.6
78.8
78.9
78.3
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Mate rials
Produc ts
?inal produc s
Intern lediate pro .ucts
Squipment
C Misumer go ods
Period
Total
Total
Durable
goods
Nondurable goods
Total
1
Business
Defense
and
space
equipment
Total
Construction
supplies
Busi-
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
104.3
103.9
102.7
104.1
101.4
109.3
118.2
120.7
6.89
18.63
19.25
14.34
3.67
12.94
5.95
6.99
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
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
1985:
131.7
131.6
131.8
133.3
133.3
131.9
133.7
134.4
120.0
120.4
120.1
121.5
121.8
120.8
122.7
124.2
111.8
112.0
111.3
114.0
112.9
111.4
115.5
116.8
123.1
123.5
123.4
124.2
125.1
124.3
125.4
127.0
147.1
146.6
147.3
149.0
148.6
146.6
148.3
147.9
141.9
140.7
141.3
143.0
142.2
139.6
141.7
141.4
171.2
173.4
173.9
175.5
177.5
178.7
180.7
180.7
130.3
131.4
130.7
132.0
132.3
131.5
132.7
132.9
118.1
119.2
119.4
121.5
121.3
120.0
120.9
120.7
140.7
141.7
140.3
140.9
141.7
141.2
142.7
143.3
134.4
132.8
131.3
132.2
131.2
123.9
123.2
122.1
123.6
123.0
116.6
116.3
113.0
116.0
113.7
126.5
125.7
125.5
126.4
126.4
148.4
145.5
143.4
143.6
142.1
142.9
141.1
139.1
140.3
138.8
179.3
176.7
178.5
179.0
179.3
134.4
134.1
133.7
134.0
133.8
124.0
123.5
123.4
123.5
123.3
143.2
143.1
142.6
142.9
May
June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb rr.
Mar
Apr '.
May".
1
Total
Energy
supplies
11.69
42.28
105.9
110.3
105.3
107.7
96.7
102.8
114.6
114.7
114.2
114.3
113.8
114.5
114.2
114.2
114.3
115.9
116.2
115.4
114.3
114.6
113.9
101.1
104.1
105.5
104.7
101.2
98.4
104.0
104.4
105.3
105.1
103.5
102.7
103.4
104.2
102.5
105.8
104.1
103.9
103.7
104.2
103.2
Includes rigs and prefabs, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
Durable m mufaetures
Period
Total
1977 proportion
1978
1979
1980
1981
1982
1983
1984
1985
Iron and
steel
Fabricated
metal
products
Nonelectrical
machinery
No ndurable inanufactui es
Transp station
equipment
Primary metals
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
5.35
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:
May
June
July
Aug
Sept
Oct
Nov
Dec
76.4
78.3
79.0
82.0
80.3
83.1
83.6
81.7
65.4
67.6
68.7
71.6
69.7
74.4
75.3
72.0
108.3
107.4
107.3
107.8
107.5
108.4
107.9
108.8
149.1
145.6
147.5
149.2
146.5
143.0
145.6
146.0
169.3
169.5
165.7
166.1
165.1
165.1
168.9
171.9
120.9
121.8
123.7
126.8
126.2
124.5
126.5
126.8
110.5
110.5
112.8
116.8
115.3
111.7
114.5
115.4
112.2
113.5
113.0
114.8
115.9
116.5
115.6
116.5
100.3
99.2
100.6
100.4
101.8
102.6
103.9
105.0
155.4
156.7
154.3
156.3
156.2
157.0
159.0
158.4
126.7
126.4
126.4
128.2
129.0
127.9
128.0
128.5
131.4
131.8
132.2
132.6
132.5
130.7
131.4
132.6
1986:
Jan
Febr.
Mar r
Apr T
May"
84.9
80.7
77.3
77.9
77.3
75.5
69.9
65.0
65.7
109.3
109.4
108.0
108.6
107.1
146.2
144.6
143.4
142.6
141.5
167.9
165.5
165.6
167.1
165.5
128.9
128.1
124.2
127.0
125.1
117.8
117.8
110.4
114.7
110.4
119.9
118.2
118.5
105.8
103.6
104.0
104.6
158.9
155.4
156.7
157.7
158.3
130.5
130.9
130.7
131.2
133.2
133.8
133.0
134.2
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 2
Private
Period
Total new
construction
expenditures
H«sic ential
Total
Commercial
and industrial
New housing
Total1
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
B illions of dollars
1978
1979
1980
1981
1982
1983
1984
1985
215.9
241.9
238.0
246.7
236.9
268.7
313.0
342.4
170.0
193.1
183.0
193.3
186.1
218.0
257.8
280-.0
103.8
110.5
94.5
94.1
80.6
121.3
145.1
148.2
29.6
39.9
43.8
51.3
54.6
48.7
61.9
75.8
86.2
90.1
70.4
70.2
57.7
95.7
114.6
113.4
36.7
42.7
44.7
47.9
50.9
48.1
50.9
56.0
114.0
121.0
108.0
112.0
111.0
138.0
150.0
161.0
45.9
48.8
55.0
53.3
50.8
50.7
55.2
62.3
Annual rates
Annual rates
1985: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar"
Apr"
May"
341.9
339.9
343.8
344.2
343.2
346.1
344.5
343.8
351.7
355.1
358.8
353.9
356.7
282.0
276.4
278.9
279.5
279.4
282.5
282.1
281.3
286.9
286.7
290.2
284.8
287.3
146.5
142.3
147.2
148.7
146.9
148.9
150.9
149.7
150.7
151.7
155.2
155.5
159.6
78.5
76.5
73.5
73.3
75.0
76.8
76.4
77.4
81.9
80.1
79.5
74.7
73.6
112.6
112.0
112.2
112.8
113.4
113.8
115.6
115.2
116.6
118.7
121.9
122.9
127.0
1
Includes nonhousekeeping residential construction and additions and alterations, not shown sepwately.
B
F. W. Dodge aeries.
977
1,059
904
919
690
756
955
1,064
56.9
57.7
58.3
57.5
57.5
56.8
54.9
54.2
54.4
54.9
55.5
54.6
54.1
59.9
63.5
64.9
64.7
63.9
63.6
62.4
62.6
64.8
68.4
68.6
69.0
69,4
163
161
154
164
164
167
168
162
162
146
162
149
176
160
1,104
1,008
836
1,103
1,097
1,118
1,104
1,111
951
848
941
840
1,011
921
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New prrv ate homes
New private housing units
Units started, by type of structure
Period
Total
1978
1979
1980
1981
1982
1983
1984
1985
1 unit
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,851
1,684
1,693
1,673
1,737
1,653
1,784
1,654
1,882
2,034
2,001
1,960
2,039
1,888
1,129
1,041
1,036
1,068
1,071
1,006
1,118
1,006
1,098
1,335
1,202
1,221
1,262
1,262
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
Homes for
sale at end
of
period 1
414
398
336
272
251
300
356
349
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
1,659
1,635
1,758
1,722
1,720
1,778
1,541
1,721
1,762
648
684
710
745
708
681
637
722
729
355
355
354
351
348
350
353
353
349
1,778
r
1,725
1,813
1,688
735
740
893
862
352
354
340
336
3
Vacancy rate
for rental
housing units
(percent) 2
5.0
5.4
5.4
5.0
5.3
5.7
5.9
6.5
Seasonal y adjusted annu al rates
1985: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar T.
Apr r
May "
106
105
95
86
97
85
80
76
83
616
538
562
519
569
562
586
572
701
107
115
84
83
84
592
684
655
694
542
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New aeries beginning March 1979.
1,694
1,727
1,717
1,709
1,782
1,846
1,703
1,668
1,839
1,861
1,808
1,834
1,885
1,788
6.2
6.8
6.7
6.9
NOTE.—Beginning 1984, units authorized are for 17,000 permit-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 rose 1.7 percent in April and inventories rose $2.1 billion. According to advance
data, retail sales fell 0.1 percent in May following a rise of 0.4 percent in April.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
65U
600
200
190
550
_
500
—
x""C—
45U —
^
170
\
.^—-1r
MA NUFACTURIh4GAND
TR ADE INVENr ORIES
.__
—
160
150
—
130
— **~\
120
\
/-'
350 :•"•
.
,
^—/^"l
-
/T
TAIL INVENT ORIES
-
^-~^^-\
..''"""''' "
MANUFACTUR ING
A ND TRADE S/\LES
110
—
,-'"-'
300
90
250 -
—
.'-..-'"
100
ETAll SALE!
7— "•'-'''
-
miilimi
70
RATIC *
1.80
1.60
150 -
-
1.40
Illllllllll
1982
1 1 1 1 11 1 1 11 1
i n n 1' ' ' ' '1 1 1 1 1 1 1 1 11 1 1 1 11 1 11 1 1 11
1983
1984
1985
-
RETAIL
^rcn
,,''
'
^J~~ S^~
^
_ ^
^ T ^ \
MANUFACTURI ^16
AND TRADE
Illllllllll
1.00
iiiiiliiin iiiiiliini
1 983
1982
1986
llllllllllL
1985
1 984
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
and
Manufact uring
trtu! e 1
,„,,,
imilmn
mill
INVENT DRY-SALES RATIO
1.20
100
-
^
iiiiiliiin
1986
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Sales
Invento-
Invento-3
ries
Sales2
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
423,215
425,376
418,543
421,524
428,015
427,691
425,689
431,326
432,797
578,533
578,037
580,137
580,318
578,635
578,742
581,516
582,381
583,148
115,450
116,712
111,073
113,301
115,146
114,344
113,675
115,762
116,852
132,984
133,667
134,931
134,949
134,869
134,410
134,810
134,831
135,940
431,713
426,854
420,230
427,511
584,968
585,176
588,178
590,317
115,648
113,380
112,495
114,240
136,624
136,561
137,056
138,013
Inventory-s ales ratio 4
He bail
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
Retail
Millions of dollars, seasonally tidjusted
1978
1979
1980
1981
1982
1983
1984
1985
1985: Apr r .
May
June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar *
Apr"
May"
1
2
3
r
See page 21 (or manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
67,231
74,926
79,963
86,777
89,339
97,858
107,755
114,495
T
114,256
114,026
113,599
114,430
116,276
119,118
114,785
115,433
116,861
117,349
117,200
116,684
r
117,139
117,053
23,368
25,529
24,914
27,089
28,059
33,041
38,817
42,851
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
1.44
1.51
1.38
1.34
1.37
1.43
1.44
1.42
1.41
1.41
1.34
1.39
1.40
42,764
42,592
42,444
42,768
44,209
46,748
42,355
42,631
43,882
71,492
* 71,434
71,155
71,662
72,067
72,370
72,430
72,802
72,979
159,500
159,470
159,528
160,333
159,078
160,302
164,262
165,557
165,324
78,699
78,679
79,143
79,205
78,042
78,425
81,668
83,056
82,875
80,801
80,791
80,385
81,128
81,036
81,877
82,594
82,501
82,449
1.37
1.36
1.39
1.38
1.35
1.35
1.37
1.35
1.35
1.40
1.40
1.40
1.40
1.37
1.35
1.43
1.43
1.41
44,187
43,949
43,279
r
44,604
44,709
73,162
73,251
73,405
T
72,535
72,344
167,987
169,379
171,551
172,946
84,755
85,863
88,132
89,017
83,232
83,516
83,419
83,929
1.35
1.37
1.40
1.38
1.43
1.45
1.47
1.48
r
1:45
4
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
n April, manufacturers' shipments rose, inventories and new orders were little changed, and unfilled orders fell. In
, according to advance data, durable goods shipments fell and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
24(J
SHIPME NTS
200
._
-
—*——'
^n_ r-TOTAL
360
INVENT DRIES
320
-==
280 =-
^_
*—
_Xl
•
160
<=.
240
120
DUf ABLE GOOD s
> ~--
,.
s
80 £•— • —" ^__;
120
"""**"•---« ,
"t
80
IMIII
1 1 1M 11 1 1 11
'
NON DURABLE G< 3ODS
1 1 1 1 1 1 \\ 1 1 1 1 1 1 1 1 1 1 1 1 1 1
M 1 II 1 It 1 1 1
—
.
/
C URABLE GO ODS
160
60
40
'
•— ^, —*»„._„.
—•s*
NOh(DURABLE G DODS
;"_
TOTAL
200
\
1
^r^
60
BILLKDNS OF DOL LARS* (RATKD SCALE)
240
40
NEWO ?DFRS
700
T^"
^•—""iI—TOTAL
1
160
mill
'
2.2
D URABLE GO DOS
120
INVENT ORY-SHIP/V\ENTS RAT
^s~ -Y-
40
^
M i n i . .Ill
•\
1.6
60
Illllilllll
1983
1982
o
1.8*
NOh-(DURABLE G OODS
--•—/
1 1 1 I 1 11 1 1 11
2.0
^
Rfl
^ 1 1 1 1 1 ( ( 1 1 1 1 1 1 1 1 1 1 1 1 1 1 iiiiiliiiii
RATI D*
),,,,,
1984
1,,,,,
^-^
1.4 -
UMlllIM,
1985
^—'—~ir^——-^
r X
1.2
^-i
r^
-^
I,MM
11 U ll 1 I 1 11 11 1 1 1 f 1 1 1 1 1
1 I LJ 1 1 1 1 1 1 J_
1982
1986
1983
^
1985
1984
SEASONALLY ADJ JSTEO
OUSCE: DEPARTM NT OF COMMERCE
Manufa turers' inven tones 2
It
anufacturers new orders 1
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
Durabl 3 goods
Durable
goods
1986
COUNCIL OF ECC3NOMIC ADVISERS
Manufa cturers' shiprnents l
Period
—
|MMlMlll
Nondurable goods
Durable
goods
M llions
Capital
Nondurable goods
Total
industries,
nondefense
of do lars, seasoilally adjust*3d
1978
1979
1980
1981
1982
1983
1984
1985
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
1985: May
June
194,638
193,871
193,793
196,593
194,229
197,229
200,131
199,084
102,718
102,657
102,478
105,311
103,656
106,479
107,007
105,777
91,920
91,214
91,315
91,282
90,573
90,750
93,124
93,307
284,900
285,678
285,036
284,688
284,030
282,444
281,993
281,884
191,546
192,239
192,163
192,037
191,930
190,508
190,284
189,164
93,354
93,439
92,873
92,651
92,100
91,936
91,709
92,720
195,019
198,261
195,793
198,782
197,332
195,381
196,865
201,213
102,971
106,780
104,370
107,661
106,641
104,495
103,796
107,531
25,594
27,984
26,685
27,554
29,240
27,092
25,788
30,566
92,048
91,481
91,423
91,121
90,691
90,886
93,069
93,682
355,112
359,502
361,502
363,691
366,794
364,946
361,680
363,809
1.46
1.47
1.47
1.45
1.46
1.43
1.41
1.42
198,716
196,274
191,051
196,132
105,631
105,545
102,693
106,592
104,771
93,085
90,729
88,358
89,540
280,357
279,236
279,571
279,358
188,518
187,644
188,333
188,031
91,839
91,592
91,238
91,327
201,133
198,559
192,996
193,151
108,194
107,545
104,682
103,747
104,126
24,288
28,637
26,540
26,179
26,173
92,939
91,014
88,314
89,404
366,226
368,511
370,456
367,475
1.41
1.42
1.46
1.42
July
Aug
Sept
Oct
Nov
Dec
1986:
1
2
3
Jan
Feb
Mar
Apr r
May"
Monthly average for jear and total fc r month. Shipnnents are the si me as sales.
Book value, end of period.
End of period.
4
For ar nual periods, atio of weight ed average inv entories to ave rage monthly hipments; for
monthly da ta, ratio of inve ntories at end of month to shi pments for mon ;h.
Source: department of Commerce, Bu eau of the Gen sus.
21
PRICES
PRODUCER PRICES
In May, the producer price index for all finished goods rose 0.6 percent, seasonally adjusted. Prices of finished
consumer foods rose 1.1 percent, while prices of other finished consumer goods rose 0.6 percent. Prices of capital
equipment rose 0.1 percent.
INDEX, 1967= lOOi (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
340
340
se 4SONAUY ADJUSTED
FINISHED> GOODS
320
320
ccJNSUMER GOCJDS
»*•*
EV, CLUDING FOO DS
300
TO FAL FINISHED
GOODS
280
•"\""^^-x
.ni"'""
*££E:ZEZ£?.
.^^'
^-^
5
/^J^t
/ J^~"*'
/' y\-~
flr
280
\
'%•"
,_/'
N
"
c ONSUMER FOC)DS
- - ' **--~'
260
"CAPITAL EQL IPMENT
is*
<t* ^
240
220
240
220
/N-'^
/"'-^
200
*
200
/
'/^>/
180
'^
V
V-'
//^*'"'
260
300
1 J-fl'l 1 1 1 1 1 1 Illllllllll
1978
1979
iiiiiiiiiu
Illllllllll Illllllllll Illllllllll
1980
Illllllllll I I M t l l M M Illllllllll
1984
1983
1982
1981
1985
180
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF UBOR
[1967 = 100; monthly data seasonally adjusted]
Intent ediate ma te rials
Fin shed goods
Period
1978
1979
1980
1981
1982
1983
1984
1985
1985: May
June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan r.
Feb
Mar
Apr
May
1
Total
finished
goods
195.9
217.7
247.0
269.8
280.7
285.2
291.1
293.7
294.2
293.6
294.3
293.4
291.8
294.4
296.4
298.3
296.1
291.7
288.6
286.8
288.6
207.2
226.2
239.5
253.6
259.3
261.8
273.3
271.2
268.6
268.4
270.9
269.0
266.4
270.8
273.7
276.5
274.9
270.5
271.2
271.6
274.7
Consumer gc ods
Total
190.7
213.3
247.8
273.3
285.8
290.8
294.8
299.0
300.6
299.7
299.8
299.3
298.0
300.1
301.7
303.3
300.9
296.5
292.1
289.5
290.8
Intermediate materials for food manufacturing and feeds.
22
Total
finished
F nished go )ds excluding consumer foo is
Con-
sumer
foods
Total
186.7
211.5
250.8
276.5
287.8
291.4
294.1
297.3
299.7
298.4
298.4
297.5
296.3
298.0
300.0
301.9
298.8
292.4
285.8
281.7
283.5
Durable
166.9
183.2
206.2
218.6
226.7
233.1
236.8
241.5
241.4
242.1
242.1
242.3
239.8
243.0
243.8
243.6
242.3
242.6
243.9
245.6
245.8
Nondurable
Capital
equipment
con-
Total
194.9
217.9
215.6
242.2
280.3
306.0
310.4
sumer
goods
283.9
319.6
333.6
335.3
337.3
339.3
199.2
216.5
239.8
264.3
279.4
287.2
294.0
300.5
248.9
271.3
281.0
284.6
290.3
291.8
343.8
340.7
340.7
339.0
338.9
339.3
342.3
346.0
300.0
300.4
300.7
301.3
299.7
302.7
303.4
303.8
292.6
291.6
292.5
291.2
289.6
292.1
294.5
296.7
341.3
330.0
317.5
308.9
312.0
303.3
303.5
304.3
305.3
305.5
294.1
288.3
284.1
281.5
283.8
200.0
231.3
312.3
320.0
318.7
320.0
318.5
317.8
317.4
317.2
317.5
318.6
319.9
318.4
313.8
310.0
307.0
306.3
Cnide maten als
Foodstuffs
Foods
and
feeds '
Other
203.1
226.1
252.6
250.3
239.4
247.9
253.1
232.8
216.5
244.4
282.3
310.1
315.7
317.1
325.0
325.0
234.4
274.3
304.6
329.0
319.5
323.6
330.8
306.1
216.2
231.5
230.7
229.7
226.5
224.9
229.4
232.3
233.9
232.8
229.2
228.8
226.9
228.6
326.5
325.0
324.3
324.1
323.9
324.0
325.0
326.2
305.6
303.8
303.0
296.1
293.1
302.2
308.0
307.0
324.7
320.0
316.0
312.9
312.1
302.9
288.1
279.9
269.7
275.9
231.6
230.6
229.5
221.6
217.7
231.0
240.8
239.7
233.8
225.1
222.9
216.1
224.9
Source: Department of Labor, Bureau of Labor Statistics.
Total
and
Other
feedstuffs
247.9
259.2
257.4
247.8
252.2
259.5
235.0
272.3
330.0
401.0
482.3
473.9
477.4
484.5
459.2
464.9
461.2
461.1
456.1
454.9
455.4
453.1
452.4
451.8
424.1
403.3
385.8
386.5,,
CONSUMER PRICES—ALL URBAN CONSUMERS
In May, the consumer price index for all urban consumers rose 0.2 percent, seasonally adjusted (0.3 percent not
seasonally adjusted). The index was 1.6 percent above its year-earlier level.
INDEX, 1967= 100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
340
340
320
320
300
300
280
280
ALL ITEMS
260
260
240
240
220
220
200
200
ilm
180
1978
1980
1979
1983
1982
1981
180
1985
1984
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
1986
COUNCIL OF ECONOMIC ADVISERS
[1967 ~ 100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Tr ansportat on
Hou sing
SheHer
Period
All
items 1
Pood
Total '
Renters'
1982 = 100)
Homeowners
costs (Dec.
1982 = 100)
NSA
Relimp.3
1978
1979
1980
1981
1982
1983
1984
1985
1985: May
June
July
Aug
Sept
Get
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
1
100.0
195.4
217.4
246.8
272.4
289.1
298.4
311.1
322.2
321.3
322.3
322.8
323.5
324.5
325.5
326.6
327.4
328.4
327.5
326.0
325.3
326.3
Fuel
and
other
utilities
Apparel and
Medical
care
Energy 2
Total '
New
21.4
185.5
212.0
249.7
280.0
291.5
298.4
311.7
319.9
320.2
320.2
320.3
319.8
319.3
320.5
322.6
323.9
325.5
320.9
311.8
304.0
304.9
3.4
5.5
6.5
11.3
153.8
166.0
179.3
190.2
197.6
202.6
208.5
215.2
214.5
215.0
215.2
215.7
216.2
217.0
217.7
218.4
218.6
219.5
219.9
221.2
223.0
196.3
265.6
369.1
410.9
389.4
376.4
370.7
373.8
377.7
378.8
379.1
377.4
375.2
374.3
377.4
379.4
380.1
357.2
314.8
279.5
286.4
219.4
239.7
265.9
294.5
328.7
357.3
379.5
403.1
399.8
402.6
404.3
406.6
409.0
410.9
413.0
415.7
417.5
420.4
424.5
427.2
429.8
220.4
275.9
361.1
410.0
416.1
419.3
423.6
426.5
429.7
430.3
429.4
427.6
426.8
425.8
428.4
430.3
430.8
414.3
387.5
365.2
366.2
cars
Motor
fuel
All items
less
food,
energy,
and
shelter
NSA
18.5
211.4
234.5
254.6
274.6
285.7
291.7
302.9
309.8
308.4
309.1
309.2
309.6
310.7
311.1
313.2
315.2
315.9
313.8
314.1
315.0
316.4
37.9
202.8
227.6
263.3
293.5
314.7
323.1
336.5
349.9
348.4
349.4
350.3
351.7
352.2
353.3
355.2
356.2
357.1
356.8
357.5
358.5
358.2
22.3
210.4
239.7
281.7
314.7
337.0
344.8
361.7
382.0
379.7
381.1
383.1
385.3
386.1
387.9
390.5
391.9
393.3
394.8
397.3
400.7
401.0
7.3
103.0
108.6
115.4
114.7
115.3
115.8
116.3
116.7
117.5
118.2
118.5
118.8
119.2
119.8
121.1
121.2
14.4
0.5
8.1
5.0
102.5
107.3
113.1
112.6
112.9
113.6
114.3
114.5
114.9
115.7
116.2
116.6
117.0
118.0
118.9
119.1
233.0
256.4
285.7
314.4
334.1
346.3
359.2
368.9
366.2
367.6
367.8
370.6
368.7
368.5
372.7
373.7
379.1
379.6
367.5
367.6
367.1
216.0
239.3
278.6
319.2
350.8
370.3
387.3
393.6
392.8
394.7
394.2
393.6
394.4
393.7
395.4
396.5
397.2
392.4
388.4
385.7
382.3
159.6
166.6
178.4
186.9
191.8
196.5
200.2
206.0
205.3
205.9
205.6
205.9
206.8
207.7
208.4
208.3
207.7
206.6
206.3
206.9
206.5
Includes items not shown separately.
Fuel oO, 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
Maintenance
and
repairs
48.0
179.1
191.5
208.3
228.1
245.6
258.4
271.2
281.6
280.2
280.9
281.4
282.1
282.6
284.1
285.4
286.2
287.5
288.0
288.6
289.1
289.4
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]
Cha nge
from pr seeding perio d
Change from 3 month s earlier, ann lal rate
Change from 6 month s earlier, ann jal rate
Consum r goods
Consum r goods
Consum r goods
Period
Total
finished
goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Capita!
equipment
Excluding
foods
Foods
Total
finished
goods
Capita]
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., Nf 3A
9.2
1978
1979
11.7
7.4
7.5
1.4
2.1
2.3
3.5
.5
12.8
11.8
1980
1981
1982
1983
1984
1985
7.1
3.7
.6
1.7
1.8
,
8.5
17.5
14.2
8.5
4.2
.8
.8
2.0
7.9
8.8
7.8
11.1
11.4
9.2
13.5
9.2
4.0
1.6
2.1
.9
3.9
1.9
1.8
2.7
Cb ange, mon th to mont h
1985:
May
June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan '
Feb '
Mar
Apr T
May
0.2
-.2
.2
-.3
-.5
.9
.7
.6
-0.8
-.1
.9
-.7
1.0
1.7
1.1
1.0
0.7
-.4
0
-.3
— .4
.6
.7
.6
0.1
.1
.1
.2
-.5
1.0
.2
.1
3.2
2.2
1.1
-1.1
-2.4
.1
4.2
9.2
-7.1
-5.7
.1
7
-.6
-1.6
.3
.1
1.1
-1.0
-2.1
2.3
-1.4
.6
-.2
.1
.3
.3
.1
2.3
-6.2
-12.4
-1.5
-1.1
-.6
.6
-12.0
-4.2
3.6
.6
-2.9
-.1
7.2
16.0
1.9
1.5
1.5
1.7
-.9
2.7
2.8
5.6
-3.8
6.1
1.2
-2.9
-2.8
-.5
3.4
7.8
1.7
1.0
-.1
.6
1.5
3,2
-4.5
-2.0
-3.3
-4.4
0
3.8
6.1
2.6
2.9
2.8
1.6
.3
.2
2.4
6.2
-4.6
7.4
-4.7
6.4
1.1
-9.8
19.7
-21.0
-11.6
.8
.1
.7
27
2.7
1.2
— 1.2
-2.2
-5.1
-5.2
3.0
1.1
3.6
.6
.7
.3
-3.4
-7.0
-10.6
-10.7
8.9
1.6
1.0
2.8
3.3
2.6
1.8
.3
2.1
2.3
2.3
1.7
1.5
3.1
1.7
1.4
1.0
1.1
.9
.8
.2
1.1
1.4
1.8
1.3
-.1
-1.4
-2.1
-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 an
Shelter
Period
All
items
l
Food
Total '
Total '
Kenters'
costs
Homeowners'
Fuel
and
other
utilities
Apparel
and
upkeep
Total '
New
sitrs
Motor
Medical
care
All
items
less
food,
energy,
and
shelter
Ener-
gy2
Adden lum: All itei ns, percent ( hange
(annus rate)
From
previous
quar
Prom
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
c tiange, Deeember to Dece mber, N SA
9.0
13.3
12.4
8.9
3.9
3.8
4.0
3.8
1978
1979
1980
1981
1982
1983
1984
1985
11.8
9.9
10.2
10.2
4.3
3.1
2.6
3.8
2.7
15.2
13.7
10.2
3.6
3.5
4.2
4.3
0.5
.3
.3
.4
.1
.3
.5
.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
0.9
.4
.5
.6
.2
.5
.7
.4
0.9
.5
.4
.4
.3
.7
.6
.3
1.0
.3
.6
.6
_2
.3
.7
.4
.4
.4
.3
.3
.5
1.1
.1
.3
.3
.9
.8
.2
5.9
16.0
13.6
14.5
9.7
1.8
4.2
1.9
3.2
5.5
6.8
3.6
1.6
2.9
2.0
2.9
7.7
18.2
14.7
11.0
1.7
3.9
3.1
2.6
8.0
6.2
7.4
7.5
6.8
1.6
3.4
2.4
3.5
8.5
52.2
18.9
9.4
-6.5
1.7
-2.4
3.0
8.8
10.1
10.0
12.5
11.0
6.4
6.1
6.7
37.4
18.1
11.9
1.3
-.5
.2
1.8
0.9
.3
.1
0.6
.7
0.4
.1
.4
-.4
.6
.6
.5
.5
.7
2
-.4
6.5
7.2
9.9
9.4
6.1
5.0
4.4
3.7
7.7
11.3
13.5
10.4
6.!
3.2
4.3
3.6
Cha nge, mo nth to nlonth
1985:
May
June
Julv
Aug
Sept
Oct
Nov
Dec
0.2
.2
2
2
i
.4
.6
.4
-0.1
.2
.0
.1
.4
.1
.7
.6
1986: Jan
Feb
Mar
Apr
May
.3
2
.3
-.4
-.4
.2
-.3
-.7
.1
.3
.2
.4
1
1
.3
— .1
.6
.9
.1
0
.5
-.1
2
_2
-.2
.4
.3
0
-1.2
-1.0
— _7
-.9
-0.0
.3
— .1
.1
.4
-0.2
0 •
.0
-.2
-.2
0.2
.2
.1
2
.2
.4
.4
.3
-.0
.7
.4
.3
.4
.8
-.6
2
.8
.5
-.3
— .5
— .1
.3
2
.5
.1
9
-1.4
.4
Includes items not shown separately.
2
Fuei oil, coal, and battled gas; gas (piped/ and electricity; and motor fue). Motor oil, coolant,
etc., also included through 1982.
3
Quarterly changes are shown in the last month of the quarter.
24
-2.8
-2.5
.3
-6.0
2 -11.9
.6 -11.2
2.5
.8
.4
.7
1.0
.6
.6
2
-.2
-0.0
.2
.2
.2
.2
.5
.6
.0
.4
.3
.1
.5
-3.8
-6.5
-5.8
.3
4.0
2.6
4.3
>7
.2
.2
.1
1.5
4.2
3.6
3.3
2.6
2.8
2.4
3.1
4.5
5.3
3.6
3.6
3.4
2.8
2.9
3.6
3.8
5.1
1.2
-1.9
-4.3
— 2.1
4.1
2.9
NOTE.—Data beginning January 1983 inc irporatc a rental equi valence measi
ship costs and therefore are not strict'v comps rahle with data for <;: .rlier periods.
Source: Department of L ibor. Bureau of L:
1.6
.3
-.4
3.7
3.7
3.6
3.4
3.2
3.2
3.6
3.8
3.9
3.2
2.3
1.6
1.6
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in May were 2.5 percent above their April level. Prices paid by farmers in April were
il.8 percent below their February level.
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977 =100 (RATIO SCALE)
180
180
PRICES PAID
.
.V
160
160
140
140
120
120
PRICES RECEIVED -
100
100
80
80
1111
60
inn
Ill
60
60
1978
1986
VRATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977=100]
Pri ces
Period
1978
1979
1980
1981
1982
1983
1984
1985
1985:
1986:
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
1
P rices
received by farm ers
Allfarm
products
Livestock and
products
115
132
134
139
133
135
142
129
130
128
127
122
121
123
127
128
124
122
122
121
124
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices
and wage rates.
3
Not available.
105
116
125
134
121
128
139
121
126
123
123
115
112
111
116
118
113
111
111
114
116
124
147
144
143
145
141
146
138
134
134
130
128
128
134
138
137
135
133
132
127
131
4
All commodities,
services,
interest, taxes,
and wage rates *
paid by farmer s
Production
items, interest,
taxes, and wage
rates
108
123
138
150
157
160
164
163
164
164
163
162
162
162
162
162
163
163
(3)
160
(3)
109
125
139
151
155
159
161
157
159
158
156
156
155
154
155
155
156
155
(3)
152
(3)
Production
items
108
125
138
148
150
153
155
151
152
151
150
149
148
148
149
149
150
149
(3)
145
(3)
Katio
2
106
107
97
93
85
84
86
79
79
78
78
75
75
76
78
79
76
75
75
76
4
78
Derived using prices paid index for April.
2
NOTE.—-The official indexes are published on a 1910-14 base as required by law. The indexes
have bf,en converted to a 1977 = 100 base to facilitate comparison with otber indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in Ml accelerated in May, while growth in M2 and M3 slowed.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,400
3,200
BILLIONS OF DOLIARS*(RATIO SCALE)
3,400
3,200
-M3-
2,800
2,800
\
2,400
2,400
2,000
2,000
M2-
1,600
1,600
1,200
1,200
800
800
700
700
600
600
500
500
400
300
1978
1979
1982
1980
1983
1984
• AVERAGES Of DAILY FIGURES; SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[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
Dee
Dec
Dec
Decr
May '.
June r .
Julyr.
Aug r
Sept *
Ocf
Nov r
Dec r
1986: Jan '
Feb r
Mar r
Apr'
May"
Ml
M2
MS
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPsand
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMOT balances
363.0
388.7
414.2
441.1
479.9
527.1
558.5
626.6
582.5
590.9
596.2
604.8
611.5
614.2
620.1
626.6
627.2
631.0
638.4
646.1
658.6
1,388.9
1,497.5
1,630.3
1,792.8
1,952.6
2,186.0
2,373.8
2,565.8
2,452.0
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
2,591.2
2,620.9
2,646.9
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfmancial Hectors; 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
2,986.6
3,200.1
3,069.9
3,098.0
3,113.3
3,131.4
3,151.5
3,166.0
3,180.9
3,200.1
3,222.8
3,239.3
3,259.1
3,288.3
3,306.7
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
3,837.2
3,637.7
3,666.7
3,684.4
3,712.4
3,740.4
3,761.8
3,798.9
3,837.2
3,858.9
3,877.0
3,889.3
3,915.1
Debt
Debt of
domestic
nonfmancial
sectors
(monthly
average) 1
r
3,169.4
' 3,554.9
' 3,894.5
r
4,269.7
r
4,661.3
r
5,192.0
r
5,952.0
6,809.8
6,256.5
6,320.2
6,389.8
6,460.3
6,525.3
6,592.0
6,680.3
6,809.8
6,914.1
6,964.5
7,012.6
7,069.5
Percent 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
10.5
11.9
12.2
12.9
14.2
13.8
13.3
12.4
10.7
8.9
9.0
10.7
12.8
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
9.0
9.1
8.2
7.9
8.4
8.7
8.2
7.1
5.9
4.9
4.9
6.6
7.7
MS
11.8
9.5
10.2
12.4
9.4
10.4
10.7
7.1
7.9
7.6
6.7
6.5
7.0
7.6
7.4
6.7
7.2
7.0
6.9
7.9
8.1
Debt
13.3
!2.2
9.6
9.6
9.2
11.4
14.6
14.4
13.4
12.8
12.7
13.1
13.3
13.3
14.0
16.1
17.1
16.2
15.5
15.0
r
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
cheekable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
8.5
Money market
mutua 1 fund
bala ices
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
3.1
9.5
253.5
261.1
265.3
234.6
237.9
242.7
158.5 248.4
170.6 271.5
17.4
28.0
78.0
103.4
131.3
146.3
178.6
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
June
July.
Aug
Sept
Oct..
Nov
Dec
163.2
164.4
165.3
166.9
167.7
168.7
169.8
170.6
255.4
259.0
260.4
263.1
266.4
266.0
267.8
271.5
158.4
161.8
164.8
169.0
171.5
173.7
176.7
178.6
61.3
60.8
60.7
63.6
64.2
64.7
65.8
69.6
172.2
175.4
175.8
176.8
176.7
177.0
176.8
176.5
1986:
Jan r
Febr
Mar r
Apr r
May"
171.9
172.9
173.9
174.4
175.8
268.9
269.2
273.2
275.7
281.6
180.5
183.1
185.2
189.9
195.1
68.0
67.5
66.4
67.0
66.4
177.7
181.0
186.2
191.4
193.4
1978: Dec
1979: Dec
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
97.6
106.4
116.7
124.1
134.3
148.3
6.4
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 1
Large
denomination
time
deposits 1
NSA
0.0
.0
.0
.0
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
Shortterm
Treasury
securities
So,,
avings
bonds
Bankers'
acceptances
C i\m
ommercial
paper
22.0
27.2
32.1
39.9
413.9
436.5
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
77.0
81.1
80.3
107.8
79.6
133.4
72.3
149.6
67.8
184.4
68.0
214.9
71.2
74.3 266.0
79.5 ' 307.1
44.3
44.5
43.6
41.1
79.2
97.0
98.1
102.8
109.9
135.6
161.8
209.5
889.5
890.3
888.0
880.9
878.3
875.7
876.0
880.3
425.0
422.7
418.3
421.0
425.6
429.7
432.9
436.5
57.7
57.1
55.7
57.1
58.4
59.4
62.8
65.5
81.4
79.2
78.8
80.0
80.2
79.3
79.1
77.0
76.1 r276.8
76.5 r 281.9
76.7 r 279.2
77.2 r 277.3
78.0 '280.6
78.5 ' 280.9
299.5
79.0
r
307.1
79.5
46.3
44.5
43.7
43.6
43.2
43.9
43.1
41.1
168.6
165.7
171.6
182.9
187.2
192.5
196.4
209.5
885.9
891.0
894.7
896.2
890.9
447.9
451.2
450.4
452.0
446.2
68.2
69.8
70.6
68.7
68.4
75.9
78.9
81.6
80.3
79.4
79.9
80.5
81.1
81.8
304.1
305.9
298.0
301.0
41.5
42.1
41.6
41.0
210.6
209.2
209.5
203.0
43.2
379.2
417.0
512.0
482.0
423.9
401.4
344.8
357.9
306.6
289.7
303.6
521.5
635.3
730.2
825.1
852.8
785.2
887.5
880.3
63.5
67.1
65.0
63.6
62.3
63.3
64.5
64.6
466.4
478.1
487.2
495.2
499.8
504.1
509.5
512.0
290.8
293.6
296.7
299.7
300.3
302.3
303.7
303.6
67.3
67.7
70.2
74.1
76.1
515.7
516.3
520.5
525.1
530.6
304.0
304.9
306.9
311.5
318.6
195.1
222.1
259.0
301.8
327.8
329.9
1985:
May
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
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
Installment credit outstanding (end of perio d)
Period
Total
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
187,782
221,475
261,976
296,483
297,667
314,321
327,173
376,239
453,580
535,098
66,821
80,948
98,739
112,475
112,255
120,020
125,369
145,908
173,122
206,482
16,595
36,689
45,202
53,357
54,894
60,750
66,007
78,369
98,514
118,296
15,738
16,362
16,921
18,207
19,119
20,382
20,998
22,194
24,184
25,461
88,628
87,476
101,114
112,444
111,399
113,169
114,799
129,768
157,760
184,859
20,739
33,693
40,501
34,507
1,184
16,654
12,852
49,066
77,341
81,518
9,832
14,127
17,791
13,736
-220
7,765
5,349
20,539
27,214
33,360
2,088
20,094
8,513
8,155
1,537
5,856
5,257
12,362
20,145
19,782
1985: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
482,532
488,862
493,253
500,039
506,090
516,420
522,978
528,621
535,098
184,526
187,533
189,459
191,201
192,923
198,656
201,994
203,766
206,482
107,417
108,372
109,260
110,904
112,373
113,850
115,218
117,050
118,296
24,570
24,670
24,768
25,015
25,173
25,341
25,320
25,315
25,461
166,019
168,287
169,766
172,919
175,621
178,573
180,446
182,490
184,859
7,543
6,330
4,391
6,786
6,051
10,330
6,558
5,643
6,477
3,012
3,007
1,926
1,742
1,722
5,733
3,338
1,772
2,716
2,120
1986:
542,753
547,852
550,939
555,094
210,661
213,342
214,361
215,028
119,682
120,724
122,131
123,445
25,371
25,573
25,584
25,521
187,039
188,212
188,863
191,100
7,655
5,099
3,087
4,155
4,179
2,682
1,019
1,386
1,042
1,407
1,314
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
Jan
Feb r
Mar"
Apr
1
For year-end data, change from preceding year-end; for monthly data, chanj : from precei
month.
667
955
888
1,644
1,469
1,477
1,368
1,832
1,246
Mobile
home
350
624
559
1,286
912
1,263
616
1,196
1,990
1,277
102
100
98
247
158
168
-21
—5
146
-90
203
11
-63
Other
8,469
-1,152
13,638
11,330
-1,045
1,770
1,630
14,969
27,992
27,099
2,309
2,268
1,479
3,153
2,702
2,952
1,873
2,044
2,369
2,180
1,173
651
2,237
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 April.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
1,800 — ALL COMMERCIAL BANKS
1,600
1,400
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
1,800
1,600
1,400
TOTAL
1,200
1,200
1,000
1,000
800
-LOANS AND LEASES
800
600
600
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
—T"
OTHER SECURITIES
120
120
80
80
60
imilimi
1978
1979
1980
1981
1982
1983
Illllllllll
1984
60
1985
- SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Al commercial ban I S
Depos itory institutio n s 3
1
K ^serves adjust d
Loans a nd leases
Period
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May
June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May p
Total loans
and
securities
1,013.8
1,135.4
1,239.7
1,307.4
1,400.5
1,553.0
1,716.8
1,895.5
1,788.5
1,802.7
1,819.0
1,828.8
1,841.3
1,844.4
1,869.6
1,895.5
1,919.6
1,926.2
1,941.5
1,944.1
Total 2
746.9
849.1
914.5
967.4
1,032.8
1,122.7
1,316.5
1,450.3
1,380.0
1,391.0
1,402.1
1,409.2
1,416.9
1,419.7
1,433.9
1,450.3
1,465.4
1,470.5
1,493.0
1,500.2
Commercial
and industrial
loans
246.1
291.1
326.9
355.1
391.5
412.8
469.0
493.9
484.3
484.3
484.1
485.7
487.2
487.0
490.6
493.9
494.2
495.3
502.1
504.3
U.S.
Government
securities
28
securi ies
Total
129.2
141.9
154.4
160.4
165.0
169.6
140.0
174.5
142.2
144.5
145.4
148.2
151.3
154.8
160.7
174.5
189.6
184.9
180.5
179.2
137.6
144.4
170.9
179.6
202.7
260.8
260.3
270.7
266.3
267.1
271.6
271.4
273.1
270.0
275.0
270.7
264.6
270.8
268.0
264.7
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.
Born wings
(millions of dollars,
unad usted)
for changes hi
res erve requirem ints
2
3
borrowed
Required
r
r
r
r
r
r
27.85
29.15
r
30.99
r
32.19
r
34.41
r
36.16
r
39.51
45.61
41.86
42.67
43.08
43.65
43.88
44.24
44.85
45.61
45.88
46.37
46.87
r
47.28
48.57
26.99
27.67
r
29.30
r
31.55
r
33.78
r
35.38
r
36.32
44.29
40.52
41.46
41.98
42.58
42.59
43.06
43.11
44.29
45.11
45.49
46.10
46.38
47.70
27.62
28.70
30.48
r
31.87
r
33.91
r
35.59
r
38.66
44.55
41.05
41.76
42.23
42.83
43.22
43.49
43.92
44.55
44.77
45.27
45.97
46.47
47.74
r
Excludes loans to commercial banks in the United States,
Data are averages of daily figures.
Source; Board of Governors of the Federal Reserve System.
Total
868
1,473
1,690
636
634
774
3,186
1,318
1,334
1,205
1,107
1,073
1,289
1,187
1,741
1,318
770
884
761
893
876
Seasonal
133
81
116
54
33
96
113
56
165
151
167
221
203
172
107
56
36
56
68
73
94
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal
Cr edit market fu nds
1
Total
Total
Securities
and
mortgages
Loans and
short-term
paper
Other
2
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
1978
1979
1980
1981
1982
1983
1984
1985 '.
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
1984: I
II
HI
IV
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
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
546.2
396.8
149.4
105.7
45.7
60.0
43.7
498.5
390.7
107.8
47.7
1985:
:
r
Ir
n .r
m
IV.
1986: 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.
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve Systen
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liahilitie s
Current assets
Net
End of period
Total
Cash
Governseeurities
Notes and
accounts
receivable
Invento-
Other
current
assets
Total
Notes and
accounts
payable
Other
current
liabilities
working
capital
ratio '
QFE-FRB series: 2
1978
1979
1980
1981
1982
1983
1984
1985"
1983: in
IV
1984: I
II
in
IV
1985: I
II
Ill
IV"
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,778.5
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 Financial Report was transferred to
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
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
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
1.482
1.465
1.460
1.464
1.465
1.467
1.453
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
Most interest rates rose in June.
PERCENT PER ANNUM
PERCENT PER ANNUM
[Percent per annum]
U.S. T reasury security yields
Period
1980
1981
1982
1983
1984
1985
1985: June
July
Aug
Sept
Get
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June p.
Week ended:
1986: May 24
31
June 1
14
21
28"
1
3-month bills
(new issues) 1
Constant nmturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard3 &
Poor's)
30
Prime
commercial
paper,
6 months '
Discount rate
(N.Y. F.R.
Bank) 5
12.29
14.76
11.89
8.89
10.16
8.01
11.77
13.41
11.02
8.50
8.80
7.69
11.506
14.029
10.686
8.63
9.58
7.48
11.55
14.44
12.92
10.45
11.89
9.64
11.46
13.91
13.00
11.10
12.44
10.62
8.51
11.23
11.57
9.47
10.15
8.18
11.94
14.17
13.79
12.04
12.71
11.37
7.01
7.05
7.18
7.08
7.17
7.20
7.07
7.04
7.03
6.59
6.06
6.12
6.21
9.05
9.18
9.31
9.37
9.25
8.88
8.40
8.41
8.10
7.30
6.86
7.27
7.43
10.16
10.31
10.33
10.37
10.24
9.78
9.26
9.19
8.70
7.78
7.30
7.71
7.82
8.78
8.90
9.18
9.37
9.24
8.64
8.51
8.06
7.44
7.07
7.32
7.67
7.98
10.94
10.97
11.05
11.07
11.02
10.55
10.16
10.05
9.67
9.00
8.79
9.09
9.15
7.38
7.57
7.74
7.86
7.79
7.69
7.62
7.62
7.54
7.08
6.47
6.53
6.64
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
7.50-7.50
7.50 7.00
7.00-6.50
6.50-6.50
6.50-
6.22
6.15
6.33
6.31
6.11
6.09
7.45
7.47
7.74
7.57
7.25
7.14
7.90
7.88
8.23
7.98
7.62
7.45
7.90
7.74
8.12
8.21
7.90
7.69
9.17
9.14
9.29
9.19
9.08
9.02
6.63
6.61
6.75
6.71
6.59
6.51
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
6.50-6.50
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
Corporate
Aaa bonds
(Moody's) *
Prime rate
charged 5by
banks
New-home
mortgage
yields
(FHLBB) '
15.27
18.87
14.86
10.79
12.04
9.93
12.66
14.70
15.14
12.57
12.38
11.55
10.009.509.509.509.509.509.509.50
9.509.509.008.508.50-
9.50
9.50
9.50
9.50
9.50
9.50
9.50
9.50
9.50
9.00
8.50
8.50
11.75
11.34
11.24
11.17
11.09
11.01
10.94
10.89
10.68
10.50
r
10.27
10.19
8.508.508.508.508.508.50
8.50
8.50
8.50
8.50
8.50
8.50
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 tbe Federal Reserve System, Feder
al Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in June.
INDEX, DEC. 31, 1965 = 50
INDEX, DEC. 31, 1965 = 50
140
140
PERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S8.P)
15
15
10
10
J I
1978
1979
1
1980
1981
I
I
1983
1982
J
I
1984
I
I I
1985
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Co iimon stock price s >
Nev • York Stock Ex< hange indexes (E ec. 31, 1965 — 5O )
Period
Composite
1980
1981
1982
1983
1984
1985
1985:
May
June
July
Aug
Sept
Oct
Nov
Dec
1986:
Jan
Feb
Mar
Apr
May
June ".
Industrial
Transporta-
5
1986
Common st ock yields
(perce nt) 5
2
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
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
107.00
109.52
111.64
109.09
106.62
107.57
113.93
119.33
121.88
124.11
126.94
124.92
122.35
123.65
130.53
136.77
99.66
105.79
111.67
109.92
104.96
103.72
108.61
113.52
57.32
59.61
59.68
56.99
55.93
55.84
59.07
61.69
115.31
118.47
119.85
114.68
110.21
112.36
122.83
128.86
1,279.40
1,314.00
1,343.17
1,326.18
1,317.95
1,351.58
1,432.88
1,517.02
184.90
188;89
192.54
188.31
184.06
186.18
197.45
207.26
4.31
4.21
4.14
4.23
4.32
4.28
4.06
3.88
120.16
126.43
133.97
137.27
137.37
140.66
137.13
144.03
152.75
157.30
158.59
163.00
115.72
124.18
128.66
126.17
122.21
120.68
62.46
65.18
68.06
69.46
68.65
70.54
132.36
142.13
153.94
155.07
151.28
151.52
1,534.86
1,652.73
1,757.35
1,807.05
1,801.80
1,866.45
208.19
219.37
232.33
237.97
238.46
245.02
3.90
3.72
3.50
3.43
3.42
3.36
136.69
141.72
140.81
138.82
140.80
142.20
157.88
163.84
163.23
161.25
163.12
164.39
121.39
124.48
123.16
119.91
120.27
119.39
68.28
70.16
69.82
68.98
70.93
72.41
150.21
157.13
153.04
148.84
151.11
153.09
1,789.38
1,872.50
1,872.20
1,847.15
1,868.38
1,878.06
237.25
246.68
245.16
241.58
245.42
247.91
3.47
3.32
3.36
3.40
3.35
3.33
68.10
74.02
68.93
92.63
92.46
108.09
78.70
85.44
78.18
Earningsprice ratio
12.66
11.96
11.60
' 8.03
10.02
r
8.12
8.12
8.35
r
6.92
Week ended:
1986: May 24
31
June 1
14
21
28 p
1
2
3
4
5
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
price ratios based on prices at end of quarter.
Sources: New York Stock Exchange, Dow-.Fones & Company, Inc., and Standard & Poor's Cor
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 8 months of fiscal 1986, there was a deficit of $165.8 billion compared with a deficit of $160.6 billion
a year earlier.
BILLIONS Of DOLLARS
BILLIONS OF DOLLARS
1,000
_
RECEIPTS AND OUTLAYS^
1,000
900
900
800
800
"OUTLAYS^
700
700
600
600
RECEIPTS
500
500
400
400
-100
-200
-200
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
FISCAL YEARS
V INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
Gross Fee era! debt
(end of period)
Off-budget
On-budget
Total
Surplus
of deficit
Receipts
Outlays
Surplus
or deficit
Total
Held by
the public
1975
1976
Transition quarter
1977
1978
1979
279.1
298.1
81.2
355.6
399.6
463.3
332.3
371.8
96.0
409.2
458.7
503.5
-53.2
-73.7
-14.7
-53.6
-59.2
-40.2
216.6
231.7
63.2
278.7
314.2
365.3
271.9
302.2
76.6
328.5
369.1
403.5
-55.3
70.5
-13.3
-49.7
54.9
-38.2
62.5
66.4
18.0
76.8
85.4
98.0
60.4
69.6
19.4
80.7
89.7
100.0
-3.2
-1.4
3.9
-4.3
2.0
544.1
631.9
646.4
709.1
780.4
833.8
396.9
480.3
498.3
551.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
-73.8
-78.9
-127.9
-207.8
-185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
73.9
-120.0
-208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
-1.1
5.0
-7.9
.2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
1985
1986 *
1987 '
734.1
777.1
850.4
946.3
979.9
994.0
-212.3
-202.8
-143.6
547.9
579.2
636.1
769.5
795.2
795.4
-221.6
-216.0
-159.3
186.2
197.9
214.3
176.8
184.7
198.6
9.4
13.2
15.7
1,827.5
2,112.0
2,320.6
1,509.9
1,714.0
1,855.7
Cumulative total, first 8
months:
Fiscal year 1985
Fiscal year 1986
474.7
494.6
635.3
660.4
-160.6
-165.8
351.9
361.5
517.7
542.0
-165.8
- 180.5
122.8
133.0
117.6
118.4
5.2
14.7
1,758.3
2,035.6
1,451.9
1,669.7
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
2.0
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 8 months of fiscal 1986, receipts were $19.9 billion higher than a year earlier and outlays were $25.1
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
—
400
INDIVIDUAL INCOME TAXES
RECEIPTS!/
L
..
300
300
SOCIAL INSURANCE .
TAXES AND CONTRIBUTIONS
200
200
CORPORATION INCOME TAXES
100
100
0
0
OUTLAYS-!/ -
700
700
NONDEFENSE
600
600
500
500
400
400
300
300
NATIONAL DEFENSE
200
200
100
100
1978
1979
1982
1981
1980
1984
1983
1986
1985
1987
FISCAL YEARS
J/ 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 fl nd off-buc *et receip s
Fiscal year
Total
Individual
income
Corporation
income
Social
insurance
taxes
and
On-bud jet and of -budget o itlays
Nationa ! defense
Other
Total
Total
298.1
355.6
399.6
463.3
157.6
181.0
217.8
1980
1981
1982
1983
1984
517.1
244.1
599.3
1985
1986
1987
90.8
106.5
121.0
138.9
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
850.4
334.5
353.7
386.0
474.7
494.6
212.2
218.2
617.8
600.6
666.5
1
J
Cumulative total, first 8 months:
Fiscal year 1985
Fiscal year 1986
1
41.4
54.9
60.0
65.7
734.1
777.1
131.6
International
Health
Medicare
Income
security
Social
securi-
15.8
19.3
60.8
61.0
61.5
66.4
73.9
85.1
93.9
104.1
26.7
29.9
35.4
42.6
93.0
114.7
119.6
ty
Net
intereat
Other
military
butions
1976
1977
1978
1979
Department of
34.3
371.8
89.6
88.1
36.6
37.7
40.8
409.2
458.7
503.5
97.2
104.5
116.3
95.3
102.3
113.7
590.9
678.2
745.7
808.3
134.0
157.5
185.3
131.0
153.8
180.7
209.0
239.4
50.6
69.5
69.3
65.6
71.8
851.8
209.9
227.4
61.3
70.9
86.7
265.2
280.4
302.8
73.0
72.1
74.9
946.3
979.9
994.0
36.6
36.6
177.6
190.7
48.2
49.1
635.3
660.4
Estimates.
6.4
6.4
7.5
15.7
17.3
18.5
7.5
20.5
22.8
26.5
204.4
220.8
12.7
13.1
12.3
11.8
15.9
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85,0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
252.7
265.8
282.2
245.4
258.4
274.3
16.2
17.1
18.6
33.5
35.7
35.0
65.8
68.7
70.2
128.2
118.1
118.4
188.6
200.1
212.2
129.4
142.7
148.0
131.8
131.7
109.3
164.7
180.8
159.7
175.6
11.1
22.3
23.4
43.9
45.8
91.8
84.3
123.1
129.4
86.8
92.9
91.6
94.6
9.2
82.8
Sources: Department of the Treasury and Office of Management and Budget.
NOTE.—Data shown here exclude the transition quarter.
Data from Budget of the United States Government, Fiscal Year 1987, Office of Management
and Budget, except cumulative monthly totals from Monthly Treasury Statement.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1986, according to revised estimates, Federal receipts rose $0.6 billion (annual rate) and
expenditures fell $17.5 billion, yielding a deficit of $208.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
SEASONALLY ADJUSTED ANNUAL RATES
1,000
1,000
EXPENDITURES
v
800
r
800
600
600
400
400
200
200
-200
-200
1978
1986
1982
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Governmeiit receipts
Period
Total
Fiscal year:
1983
1984
1985
Calendar year:
1983
1984
1985
1982: III
IV
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
644.6
710.1
773.1
292.9
304.0
345.2
54.5
73.6
67.6
50.2
54.9
56.4
295.0
1986: I r
804.1
59.3
74.4
67.1
50.1
46.4
46.5
58.2
66.4
66.1
78.9
80.1
69.4
69.2
65.9
65.0
68.9
68.5
62.4
51.6
55.8
57.0
47.1
47.6
46.3
52.8
53.7
53.6
54.6
55.8
56.7
56.2
n
m
rv
658.1
725.1
784.7
630.3
633.1
636.3
665.2
659.7
671.1
709.4
721.8
727.1
742.1
789.7
754.9
790.7
803.5
1983: I
n
m
IV
1984: I
nTTT
IV
1985: I
311.3
350.7
298.1
303.0
297.1
304.2
286.2
292.5
297.8
303.9
315.7
327.8
363.9
321.3
355.4
362.1
356.1
Source: Department of Commerce, Bureau of Economic Analysis.
34
55.5
60.2
55.4
56.9 x
62.1
Federal G overnment expenditure s
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
85.7
90.7
97.8
247.0
277.6
304.0
833.5
875.6
963.2
288.2
299.5
342.2
347.4
352.2
252.2
837.5
898.0
984.7
789.1
835.7
824.2
835.8
839.4
850.6
867.2
884.9
905.2
934.7
952.4
964.0
992.0
1,030.4
1,012.9
284.8
348.5
355.1
379.8
329.1
347.4
344.4
350.8
346.6
352.3
350.5
351.9
356.2
361.9
374.1
376.7
383.5
384.8
283.6
309.9
235.0
236.1
246.5
250.1
253.4
258.8
278.1
282.0
285.4
288.9
304.4
308.4
311.0
315.9
323.6
312.9
355.4
275.3
293.2
287.1
287.0
286.0
279.2
285.6
314.8
318.5
332.9
334.4
337.8
364.8
384.7
357.1
373.0
389.0
86.2
93.6
99.0
83.3
84.5
85.8
85.8
87.1
86.2
91.3
93.0
93.0
97.3
95.7
97.6
100.6
102.0
111.0
Subsidies
or deficit
national
income
and
product
accounts
Net
interest
paid
current
surplus of
Government
enter-
Wage
accruals
less
disbursements
90.6
21.2
23.5
21.4
0.4
— .1
.1
-188.9
-165.5
-190.1
23.2
21.1
21.1
-.4
.2
-179.4
14.3
23.4
18.8
19.8
22.5
31.6
32.7
15.1
18.0
18.5
21.9
20.9
15.9
25.9
20.7
.0
.0
109.7
128.7
94.3
115.5
129.2
87.1
87.2
88.0
91.1
96.8
101.2
107.2
110.4
119.5
124.8
126.4
130.1
127.1
133.0
135.1
.0
.0
-172.9
-200.0
-158.8
-202.6
-187.9
-170.6
-179.7
-179.5
-157.8
-163.0
-178.1
-192.7
-162.6
-209.1
-201.3
-226.9
.0
-208.8
-.2
.0
-1.3
-.4
.0
.2
.2
.0
.6
.1
-1.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consume r prices (] 967=100)
Industrial reduction (1977 = 1 X); seasonal] • adjusted
Period
United
States
110.7
108.6
111.0
103.1
1979
1980
1981
1982
1983
1984
19851"
109.2
121.8
124.5
1
Italy
108.7
114.7
112.1
105
106
107
107
105
102
103
106
112
Japan
France
109.8
108.1
109.0
97.4
102.9
112.0
116.8
113.7
107
106
103
101
102
118.9
120.1
120.6
124.7
138.4
144.8
124.1
124.3
124.1
125.2
125.1
124.4
125.4
126.4
115.0 r 147.4
116.4 r 144.9
118.1 * 147.2
118.1 r 145.5
118.0 ' 144.5
119.1 r 144.8
120.1 ' 144.2
' 120.0 r 144.6
105
104
108
108
105
107
109
104
111
M12
116
112
112
116
r
116
110
126.7
125.6
124.4
r
125.0
124.2
' 120.0 * 144.6
' 120.8 ' 145.2
118.3
144.5
104
105
105
113
113
112
1985: May
June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May"
Germany
Canada
r
r
United
Kingdom
United
States '
Canada
Japan
France
Germany
107
100
Italy
United
Kingdom
217.4
221.0
261.3
109.6
103.9
107.1
108.4
96
98
101
103
108
246.8
272.4
289.1
298.4
311.1
322.2
243.5
273.9
303.5
321.0
335.0
348.3
282.3
296.2
304.1
309.7
316.6
323.0
259.1
294.2
332.7
373.1
407.9
439.5
465.1
166.9
175.8
186.9
196.8
203.3
208.2
212.7
328.5
398.0
472.4
549.4
631.8
698.8
764.7
359.0
423.6
473.9
514.7
538.3
565.1
599.4
108.5
111.1
107.3
105.8
110.6
106.9
110.9
106.6
109
108
108
108
109
108
110
'107
321.3
322.3
322.8
323.5
324.5
325.5
326.6
327.4
346.5
348.3
349.5
350.1
350.5
351.7
353.1
354.7
323.3
323.5
323.8
320.7
323.8
328.4
325.0
325.2
464.5
466.4
468.2
468.7
469.2
470.6
471.5
472.1
213.1
213.3
212.9
212.2
212.6
212.9
213.3
213.5
760.6
764.4
766.7
768.2
771.3
780.6
786.1
791.6
603.4
604.7
603.5
605.1
604.8
605.8
607.9
608.7
108
328.4
327.5
326.0
325.3
326.3
356.3
357.7
358.5
359.1
360.7
325.8
324.4
323.5
324.7
472.6
471.7
472.9
474.7
213.8
213.3
212.8
212.6
212.6
795.6
801.2
804.4
806.8
809.9
610.0
612.2
613.0
619.0
620.1
108.3
l!1.3
114.6
r
r
!09
109
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*]
Merc riandise expo ts 1
Period
Total
domestic
foreign
Merc landise imports
Gei eral import
Domestic exports
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
factured
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Mercha ndise trade talance
3
Exports
factured
goods
Total
(c.i.f.
less
(customs
value)
Exports
(f.a.s.)
less
imports
Exports
(f.a.s.)
less
imports
-2,430
-3,265
-3,530
-3,364
-3,030
F .a.s. valu e
Monthly average:
1977
1978
1979
1980
10,103
9,919
11,973
15,155
18,386
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
1,186
1,312
1,478
1,546
4,463
4,325
5,949
7,831
8,360
9,352
10,427
13,368
15,504
18,519
21,415
6,379
-2,590
-2,300
-2,020
Customs value
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
22,779 -2,275
21,240 -2,647
22,490 -4,797
28,431 -8,988
30,136 -11,011
-3,306
-3,558
-5,783
-10,276
-12,373
1985: May*
June*
July*
Aug*
Sept*
Oct.*
Nov*
Dec*
18,337
18,012
16,727
16,584
17,034
17,618
17,721
16,994
17,816
17,433
16,172
16,106
16,543
17,122
17,227
16,479
1,603
1,614
1,604
1,783
1,709
1,836
2,128
1,907
2,261
2,122
2,033
2,258
2,115
2,285
2,559
2,459
12,992
12,759
11,556
11,233
11,700
12,102
11,688
11,221
29,302
30,136
27,000
26,247
31,349
28,429
30,010
30,728
1,919
1,912
1,641
1,719
1,903
1,598
1,865
2,138
5,700
6,054
5,085
4,851
5,562
5,656
5,657
6,011
20,725
21,268
19,286
18,916
22,887
20,271
21,557
21,654
30,712
31,596
28,312
27,512
32,860
29,695
31,371
32,141
-10,965
-12,124
-10,274
-9,663
-14,315
-10,811
-12,290
-13,734
-12,375
-13,584
-11,585
- 10,927
-15,826
12,077
-13,651
— 15,146
1986: Jan*
Feb*
Mar*
Apr*
May*
17,006
17,735
18,913
17,965
17,431
16,501
17,164
18,349
17,376
16,691
1,797
1,689
1,706
1,475
1,395
2,467
2,367
2,349
2,436
11,393
12,182
13,325
12,615
12,274
32,005
28,895
31,972
28,762
2,215
1,908
2,100
2,018
6,234
4,741
4,284
3,176
22,477
21,289
24,261
22,226
33,465 - 14,999
30,225 -11,161
33,435 -13,059
30,036 -10,797
31,638
-16,459
12,491
-14,522
-12,071
- 14,208
1
2,228
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 Is-
lands exports are reflected in the figures for domestic and foreign exports combined and trade balance.
'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.
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.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
BALANCE ON GOODS
AND SERVICES
0
-5
-5
-10
-10
'.-'MERCHANDISE TRADE
BALANCE
-15
-15
-20
-20
A .
-25
-25
-30
-30
-35
-35
1 1 1
-40
1978
1979
1980
1981
1982
-40
1984
1983
1985
1986
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE, DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits (—)]
Merchandise l
In restment inconie 3
2
Net,
military
Period
Exports
1979
1980
1981
1982 r.
1983 r.
1984 r.
1985 r.
184,473
224,269
237,085
211,198
201,820
219,900
214,424
1983: I r
II r.
Ill r....
Imports
Net
Receipts
Payments
-212,009 -27,536
25,480
-249,749
-265,063 -27,978
-247,642 -36,444
-268,900 -67,080
-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
balance
Net
.
sac
"
Net
travel and
transportation
receipts
2,935
-1,778
-997
-2,237
144
1,183
-274
-992
-369 -4,227
-1,827 -8,593
-2,917 -11,128
Other
services,
net 3
Balance on
goods and1
services
Remittances,
pensions,
and other
unilateral
transfers '
Balance
on current
account
r
-991
6,214
5,138 r-6,128
r
1,873
9,466 r- 7,593
7,793
r
r
r
6,339
- 7,425
13,764
8,699
-9,131
-214 -8,917
8,829
9,711 -37,123 -9,481 -46,604
9,881 -94,308 -12,157 - 106,466
10,603 - 102,694 - 14,983 -117,677
r
r
49,642
49,216
50,351
52,611
-59,476
-64,798
-70,740
-73,886
-9,834
-15,582
-20,389
-21,275
18,077
18,732
20,684
19,758
-12,228
-12,807
-13,536
-13,839
5,849
5,925
7,148
5,919
492
32
-131
-762
-588
-916
-1,226
-1,497
2,238
2,486
2,436
2,552
-1,843
-8,055
-12,162
- 15,063
-1,752
-2,021
-2,375
-3,333
-3,595
-10,076
-14,537
-18,396
Ill ....
IV T ....
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
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
1985: I r
II r.
IH r ....
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
- 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
1986: I"
53,548
-90,133
-36,585
24,241
-17,421
6,820
-945
-2,586
2,659
-30,637
-3,031
-33,668
IV r ....
1984:
Ir
II r.
T
1
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
2
3
36
NOTE.—Series revised.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $7.8 billion in the first quarter
compared 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*
60
BILLIONS OF DOLLARS*
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S.,NET
40
40
\i
i
;
20
20
-20
CHANGE IN
U.S. ASSETS
ABROAD, NET
V
-20
-40
-40
I I I
-60
1978
1979
-60
1980
1981
1983
1982
1985
1984
1986
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the ' J.S., net
[increase /capital inflovM + )P
U.S. assets abroad, net
[mcrease/capit il outflow ( — ) ]
Period
Total
1979
1980
1981 r
1982 r
1983 r
1984
1985 '
U.S.
official
reserve
assets l 2
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
-23,691
1983: I rr
II
-523
r
Ill r ... -8,621
IV .... -17,186
-787
16
529
-953
1,134
-1,263
-1,171
-1,436
1984: I r
-3,571
II T r
-20,171
Ill r ...
16,443
IV .... -16,338
-657
-566
-799
— 1,110
1985: I 7 "
-510
II '
-2,793
r
Ill r ... -5,867
IV .... -23,266
1986: I "
1
-8,677
U.S.
private
assets
Total
Other
foreign
assets
of special
drawing
rights
(SDEs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
assets, net 1
(unadjusted,
end of
period)
83,322
94,078
85,496
102,767
127,106
-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
11,086
-5,157
3,626
1,573
-3,155
3,417
34,261
33,876
33,066
33,747
— 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
1,560
6,040
9,162
10,570
940
-962
-3,561
3,577
34,975
34,547
34,306
34,934
-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
6,486
2,577
-1,322
25,313
16,872
33,088
53,158
12,375
6,852
-1,343
5,125
1,094
-1,174
-3,687
3,771
35,493
36,088
38,295
43,186
-115
-146
-8,416
39,484
36,974
2,861
1,535
44,919
4,965
-1,196
-3,131
-3,858
-59,453
-5,162 -72,802
-5,097 - 100,758
-6,131 — 110,177
-5,005 -43,821
-14,986
-5,523
2,824 -25,754
-3,746
38,752
58,112
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
2,510
1,139
1,152
1,093
18,956
26,756
30,074
25,431
24,982
20,276
36,325
11,130
27,338
23,006
33,958
33,747
34,934
43,186
-88
-176
NOT E.—Series revised.
Sou ces: 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 Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—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.
' Revised.
' Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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