Full text of Economic Indicators : November 1986
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99tb Congress, 2d Session
Economic Indicators
NOVEMBER 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
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—BIST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. 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 third quarter, current-dollar gross national product (GNP) rose 6.4 percent
(annual rate) or $65.5 billion. Real GNP (GNP adjusted for price changes) rose 2.9 percent and the implicit price
deflator rose 3.6 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
4,400
BILLIONS OF DOLLARS (RATIO SCALE)
4,400
SEAS ONALLY ADJUSTED A *JNUAL RATES
4,000
GN P
3,600
IN CURRENT DOLLARS S
A
3,200
'-
,
=
.
— — "1
4,000
'
3,600
5^
3,200
^j
--1
— "'
-—-1
GNP
IN 1982 DOLLARS
,^^
J
2,800
2,800
^^
2,400
2,400
-^ ^
2,000
2,000
1,600
\
\
1
1978
OURCE: DEPARTMEN
\
\
1
1
1979
1
1
1980
1
1
1981
1
1
1
1
1
1982
1
L
1983
111
1
1
1
^985
1984
OF COMMERCE
1
1
1,600
1
1986
COUNCIL OF ECONOMIC ADVISER
s
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1978
1979
1980
1981
1982
1983
1984
1985
Personal
consumption
expenditures
Gross
private
domestic
investment
2,249.7
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,765.0
3,998.1
1,403.5
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
416.8
454.8
437.0
515.5
447.3
502.3
662.1
661.1
Gross
national
product
Govern]ment purch ases of
gooii s and services
Exports i nd imports of goods
e nd services
Federal
Net
exports
and
Exports
Imports
18.8
32.1
33.9
26.3
-6.1
-58.7
-78.9
227.5
291.2
351.0
382.8
361.9
352.5
382.7
369.8
223.4
272.5
318.9
348.9
335.6
358.7
441.4
448.6
425.2
467.8
530.3
588.1
641.7
675.0
733.4
815.4
161.8
178.0
208.1
242.2
272.7
283.5
311.3
354.1
108.9
121.9
142.7
167.5
193.8
214.4
235.0
259.4
52.9
56.1
65.4
74.8
78.9
69.1
76.2
94.7
263.4
289.9
322.2
345.9
369.0
391.5
422.2
461.3
2,221.0
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,700.9
3,987.0
4.1
Total
National
defense
Nondefense
1982:
IV
3,212.5
2,117.0
409.6
14.1
335.9
321.9
671.8
293.2
205.4
87.7
378.7
3,272.4
1983:
I
3,265.8
3,367.4
3,443.9
3,545.8
2,146.6
2,213.0
2,262.8
2,315.8
428.3
481.3
519.7
579.8
22.7
-2.1
— 19.3
-25.8
343.6
344.1
357.7
364.7
320.9
346.2
376.9
390.5
668.1
675.2
680.7
676.1
285.5
287.7
284.9
276.1
208.5
213.3
214.3
221.5
77.0
74.4
70.6
54.6
382.7
387.5
395.8
400.0
3,308.4
3,378.6
3,449.4
3,514.8
3,670.9
3,743.8
3,799.7
3,845.6
2,363.8
2,416.1
2,445.6
2,487.2
659.5
657.5
670.3
661.1
-45.6
63.2
-60.0
-66.1
373.4
382.1
389.2
386.2
419.0
445.3
449.1
452.2
693.2
733.3
743.8
763.4
283.4
315.2
317.2
329.1
227.1
233.7
234.5
244.9
56.3
81.6
82.7
84.2
409.8
418.1
426.6
434.3
3,575.4
3,683.9
3,735.3
3,808.9
3,909.3
3,965.0
4,030.5
4,087.7
2,530.9
2,576.0
2,627.1
2,667.9
650.6
667.1
657.4
669.5
-49.4
-77.1
-83.7
-105.3
378.4
370.0
362.3
368.2
427.9
447.1
446.0
473.6
777.3
799.0
829.7
855.6
333.7
340.9
360.9
380.9
248.9
255.1
265.5
268.0
84.8
85.8
95.5
112.9
443.5
458.1
468.8
474.7
3,883.9
3,945.9
4,027.4
4,090.8
4,149.2
4,175.6
4,241.1
2,697.9
2,732.0
2,795.9
708.3
687.3
674.8
-93.7
-104.5
-108.2
374.8
363.0
368.0
468.5
467.5
476.1
836.7
860.8
878.5
355.7
367.6
372.7
266.4
278.4
286.5
89.3
89.2
86.3
480.9
493.3
505.7
4,105.4
4,161.2
4,249.0
n
m
IV
1984:
I
n
m
rv
1985: I
II
m
IV
1986: I
nm r
Source: Department of Commerce, Bureau of Economic Analysis.
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 invest!nent
Govern nent purch ases of
good s and services
Exi orts of go ods
a nd service
Nonresidential
fixed
Residential
fixed
Change
in
business
invento-
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
1978
1979
1980
1981
1982
1983
1984
1985
3,115.2
3,192.4
3,187.1
3,248.8
3,166.0
3,279.1
3,489.9
3,585.2
1,961.0
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,246.3
2,324.5
362.1
389.4
379.2
395.2
366.7
361.2
422.2
461.4
178.0
170.8
137.0
126.5
105.1
149.3
170.6
177.2
36.8
15.0
-6.9
23.9
-24.5
-6.4
59.2
9.0
-26.8
3.6
57.0
49.4
26.3
-19.9
-83.6
-108.2
312.6
356.8
388.9
392.7
361.9
348.1
369.7
362.3
339.4
353.2
332.0
343.4
335.6
368.1
453.2
470.5
604.1
609.1
620.5
629.7
641.7
649.0
675.2
721.2
233.7
236.2
246.9
259.6
272.7
275.1
291.7
323.6
160.7
164.3
171.2
180.3
193.8
206.9
219.4
235.7
73.0
71.9
75.7
79.3
78.9
68.2
72.3
87.8
370.4
373.0
373.6
370.1
369.0
373.9
383.5
397.6
3,078.4
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,430.7
3,576.2
1982: IV
3,159.3
2,078.7
352.3
115.8
-59.3
11.7
336.0
324.3
660.1
289.5
201.4
88.2
370.6
3,218.6
1983: I
3,186.6
3,258.3
3,306.4
3,365.1
2,094.2
2,135.1
2,163.0
2,191.9
341.6
348.8
363.9
390.4
127.8
147.4
161.9
159.9
-42.3
9.3
-1.0
27.0
16.1
-14.6
-35.0
-46.2
342.5
341.7
352.8
355.5
326.4
356.3
387.8
401.6
649.2
650.9
653.6
642.2
278.2
278.5
277.6
266.0
203.2
206.3
206.5
211.6
75.1
72.2
71.1
54.4
371.0
372.4
376.0
376.2
3,228.9
3,267.6
3,307.4
3,338.1
3,444.7
3,487.1
3,507.4
3,520.4
2,213.8
2,246.3
2,253.3
2,271.7
394.4
419.5
427.1
447.6
169.7
173.2
171.2
168.3
85.1
57.0
60.6
33.9
-68.6
-87.2
-85.7
-92.7
361.3
367.0
375.5
375.0
429.9
454.2
461.2
467.7
650.2
678.2
681.0
691.5
271.2
296.3
295.6
303.8
214.4
219.0
218.4
225.9
56.8
77.3
77.1
77.9
379.0
381.8
385.4
387.7
3,359.6
3,430.0
3,446.8
3,486.4
3,547.0
3,567.6
3,603.8
3,622.3
2,292.3
2,311.9
2,342.0
2,351.7
442.7
463.0
463.1
476.9
172.4
175.1
180.0
181.5
23.2
17.4
.7
5.2
-78.8
-108.1
-113.8
-132.0
369.4
361.2
355.8
362.9
448.2
469.3
469.6
494.8
695.3
708.3
731.8
749.4
305.8
311.4
329.9
347.2
228.0
233.5
242.2
239.3
77.8
77.9
87.6
107.9
389.5
396.9
401.9
402.2
3,523.9
3,550.2
3,603.1
3,627.5
3,655.9
3,661.4
3,687.3
2,372.7
2,408.4
2,446.8
457.8
456.8
456.7
186.3
192.7
197.2
39.9
15.1
-5.7
-125.9
153.9
-163.6
369.2
359.8
367.9
495.1
513.6
531.5
725.2
742.2
756.0
320.4
328.9
335.4
238.7
249.3
258.8
81.7
79.5
76.6
404.8
413.3
420.6
3,616.1
3,646.3
3,693.1
n
m
IV
1984: I
n
m
IV
1985: I
n
m
IV
1986: I
nr
m
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Personal c onsumption
expenditures
Period
1978
1979
1980
1981
1982
1983
1984
1985
national
product
Total
Durable
goods
Gross i rivate
domestic urvestment
Services
76.9
82.1
89.2
95.7
100.0
102.1
103.8
104.5
71.9
80.0
89.4
96.9
100.0
102.1
105.0
107.5
69.8
75.6
83.9
92.6
100.0
106.2
111.7
117.3
71.5
77.8
85.1
93.4
100.0
98.8
98.7
99.3
72.2
78,6
85.7
94.0
100.0
103.9
107.9
111.5
71.6
78.2
86.6
94.6
100.0
104.1
108.1
111.9
1982: IV
101.7
101.8
100.7
101.0
102.7
1983: I
102.5
103.3
104.2
105.4
102.5
103.6
104.6
105.7
101.3
101.6
102.3
103.1
100.6
101.9
102.6
103.1
104.2
105.5
106.8
108.3
1984: I
106.6
107.4
108.3
109.2
106.8
107.6
108.5
109.5
103.3
103.9
104.1
104.1
104.4
104.5
105.1
106.0
1985: I
110.2
111.1
111.8
112.8
110.4
111.4
112.2
113.4
104.6
104.5
104.5
104.3
1986: I
113.5
114.0
115.0
113.7
113.4
114.3
104.5
104.7
105.8
n
rn
rv
n
m
rv
n
m
rv
n r
m
1
Source: Department of Commerce, Bureau of Economic Analysis.
Nonresidential
Nondurable goods
Exports an . imports of
goods an 1 services
Gove irment pure mses of goo ds and
sernces
Federal
Residential fixed
Exports
Imports
National
defense
Nondefense
72.4
78.0
86.4
94.3
100.0
101.4
105.5
107.9
State
and local
71.1
77.7
86.2
93.4
100.0
104.7
110.1
116.0
72.6
81.4
89.4
96.6
100.0
102.2
106.3
108.2
72.8
81.6
90.2
97.5
100.0
101.3
103.5
102.1
65.8
77.1
96.0
101.6
100.0
97.4
97.4
95.4
69.2
15.4
84.3
93.3
100.0
103.1
106.7
109.4
67.8
74.2
83.4
92.9
100.0
103.6
107.1
110.0
100.7
99.1
100.0
99.3
101.3
102.0
99.5
102.2
99.8
98.8
98.4
98.3
101.9
100.3
103.2
103.1
100.3
100.7
101.4
102.6
98.3
97.2
97.2
97.2
102.6
103.3
102.6
103.8
102.6
103.4
103.8
104.7
102.6
103.0
99.3
100.3
103.1
104.1
105.3
106.3
109.6
110.9
112.4
113.6
98.4
98.5
98.8
99.0
103.6
106.4
107.5
107.8
103.4
104.1
103.6
103.0
97.5
98.0
97.4
96.7
104.5
106.4
107.3
108.3
105.9
106.7
107.3
108.4
99.2
105.5
107.3
108.2
108.1
109.5
110.7
112.0
106.5
107.2
107.5
108.9
115.0
116.6
118.0
119.5
99.4
99.2
99.3
99.4
107.6
107.8
108.1
109.4
102.4
102.4
101.8
101.5
95.5
95.3
95.0
95.7
109.1
109.5
109.4
109.7
109.2
109.3
109.6
112.0
109.0
110.2
108.9
104.6
113.9
115.4
116.6
118.0
108.0
105.8
106.6
120.6
121.8
122.7
100.3
100.2
100.9
110.2
111.7
112.5
101.5
100.9
100.0
94.6
91.0
89.6
111.0
111.8
111.1
111.6
111.7
110.7
109.2
112.1
112.6
118.8
119.4
120.2
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Grt ss national prc duct
Period
Constant
(1982)
dollars
Current
dollars
-0.2
8.9
1980
1.9
11.7
1981
1982
1983
1984
1985
1982: IV
1983: I
3,7
7.6
-2.5
3.6
6.4
2.7
.6
3.5
9.3
6.0
7.3
9.8
5.0
2.3
1.5
3.1
2.3
4.1
2.1
3.8
.6
2.9
10.5
6.2
4.2
6.8
n
in
13.0
9.4
12.4
14.9
IV
1984: I
n
m
8.2
6.1
4.9
6.8
5.8
6.8
5.8
6.2
2.6
6.4
IV
1985: I
n
m
IV
1986: I
n r
m
Implicit
price
deflator
Personal consumption ej penditures
Chain price
index
9.0
9.7
9.0
6.4
3.9
3.8
3.3
3.6
3.2
3.2
3.5
4.7
4.6
3.0
3.4
3.4
3.7
3.3
2.5
3.6
2.5
1.8
3.6
6.3
4.1
4.0
3.6
4.1
3.7
3.6
4.1
3.9
4.8
3.6
3.6
3.5
3.9
3.5
2.5
3.9
1.9
1.5
2.4
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
9.4
Fixedweighted
price index
(1982
wsights)
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
4.1
4.0
3.7
4.0
3.6
3.8
4.2
4.0
4.7
3.6
3.5
3.6
4.2
3.6
2.8
4.0
2.5
1.7
2.4
10.6
10.5
7.1
9.0
8.7
7.1
10.3
5.7
13.0
9.3
9.7
8.6
9.1
5.0
7.0
7.2
7.3
8.2
6.4
4.6
5.2
9.7
Implicit
price
deflator
-0.2
1.2
1.3
4.6
4.7
3.5
5.3
3.0
8.0
5.3
5.5
4.1
6.0
1.3
3.3
3.7
3.5
5.3
1.7
3.6
6.2
6.5
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.5
4.4
2.8
4.4
3.9
4.3
4.2
3.0
3.4
3.7
3.3
3.7
2.9
4.3
1.1
— 1.1
3.2
10.9
9.2
5.7
4.2
4.0
3.6
4.8
2.8
4.6
4.0
4.1
4.5
3.0
3.7
3.7
3.5
4.0
2.8
4.7
1.4
-.3
3.2
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.7
4.8
2.8
4.6
4.1
4.1
4.7
3.0
3.8
3.8
3.6
4.2
3.0
4.7
1.5
— .4
3.1
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Curren t-dollar cos t and profit per unit o output (do liars) '
Gross <3 omestic
produ ct of
nonfin ancial
corporate business
(billions o f dollars)
Period
Current
1980
1981
1982
1983
1984
1985
1982: IV
1983: I
n
m
IV
1984: I
n
m
IV
1985: I
n
ffl
IV
1986: I
n
m"
1
1,540.8
1,738.4
1,782.2
1,914.2
2,143.7
2,275.1
1,779.4
1,816.0
1,883.9
1,944.5
2,012.5
2,081.7
2,135.9
2,160.3
2,196.8
2,226.0
2,259.1
2,301.3
2,314.1
2,343.6
2,341.5
2,368.1
1982
1,807.9
1,837.2
1,782.2
1,866.0
2,030.8
2,105.5
1,760.2
1,790.7
1,844.7
1,887.9
1,940.5
1,993.8
2,031.6
2,038.4
2,059.4
2,075.7
2,094.4
2,124.6
2,127.3
2,141.0
2,135.3
2,142.5
Total
cost
and
profit 2
0.852
.946
1.000
1.026
1.056
1.081
1.011
1.014
1.021
1.030
1.037
1.044
1.051
1.060
1.067
1.072
1.079
1.083
1.088
1.095
1.097
1.105
Indirect
business
taxes 3
0.095
.109
.125
.123
.118
.120
.131
.127
.124
.123
.120
.118
.117
.118
.119
.119
.120
.119
.121
.121
.123
.123
0.077
.090
.094
.098
.100
.103
.096
.097
.099
.099
.098
.099
.100
.101
.101
.102
.104
.103
.104
.106
.103
.107
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Corpc>rate profits with
inventory valuation a nd capital
consuniption adjustments
Capital
consumption
allowances
with
capital
consumption
adjustment
3
4
Compensation of
employees
0.581
.632
.676
.679
.690
.708
.685
.682
.676
.676
.680
.683
.684
.694
.699
.704
.708
.705
.716
.721
.724
.727
Net
interest
Total
0.031
.037
.043
.037
.041
.043
.042
.039
.037
.037
.037
.037
.039
.042
.043
.044
.043
.042
.042
.042
.041
.041
0.068
.078
.063
.089
.107
.106
.057
.069
.086
.095
.103
.107
.111
.104
.104
.103
.104
.113
.105
.105
.106
.107
Profits
tax
liability
0.037
.035
.026
.032
.037
.032
.023
.023
.031
.036
.036
.041
.040
.034
.032
.031
.029
.033
.033
.029
.031
.033
Profits
after
tax 4
0.031
.044
.037
.057
.070
.075
.034
.046
.055
.059
.066
.067
.071
.070
.072
.073
.075
.080
.072
.076
.075
.075
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.867
18.224
18.436
17.383
17.634
17.865
17.936
18.027
18.172
18.275
18.201
18.250
18.285
18.384
18.604
18.472
18.449
18.449
18.450
9.939
10.861
11.699
12.124
12.574
13.060
11.915
12.031
12.073
12.126
12.259
12.406
12.498
12.630
12.758
12.878
13.011
13.121
13.229
13.294
13.347
13.407
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capita! 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-
Proprietor s' income
with inirentory
valuation a nd capital
consuniption
adjust nents
Farm
1981
1982
1983
1984
1985
1982: IV
1983: I
n
ra
IV
1984: I
n
m
rv
1985: I
n
m
rv
1986: I
n
mr.
1
Profits wi .h inventory valuation
adjustmer t and withoiit capital
consulmption adjus ment
Total
tion
adjustment
Nonfarm
2,443.5
2,518.4
2,719.5
3,032.0
3,222.3
2,548.2
2,599.1
2,685.5
2,741.8
2,851.5
2,963.2
3,010.3
3,052.3
3,102.0
3,157.0
3,201.4
3,243.4
3,287.3
1,807.4
1,907.0
2,020.7
2,214.7
2,368.2
1,931.1
1,958.8
1,995.0
2,036.3
2,092.7
2,153.7
2,195.4
2,234.7
2,275.0
2,316.3
2,352.1
2,380.9
2,423.6
30.7
24.6
12.4
31.5
29.2
28.5
18.1
15.9
-3.5
19.3
44.5
26.4
24.7
30.4
32.9
33.0
21.6
29.4
156.1
150.9
178.4
205.3
225.2
159.8
165.9
176.4
183.0
188.6
198.0
203.2
209.9
210.3
217.8
222.5
227.7
232.7
13.3
13.6
13.2
8.3
7.6
15.8
13.8
15.4
11.2
12.4
12.1
8.4
7.1
5.6
6.8
8.1
7.3
8.3
3,340.7
3,376.4
3,396.7
2,461.5
2,480.2
2,507.3
24.4
39.5
21.4
240.9
249.6
258.0
12.8
16.3
15.9
Includes employer contributions for social insurance. {See also p. 5.)
Corpora e profits wil i inventory valuation an( . capital
consufl flption adjust ments
Rental
income of
persons
with
capital
Total
'
Profits
before tax
Inventory
valuation
adjustment
Capital
eonsump-
Net
interest
adjust-
188.0
150.0
213.7
264.7
280.7
146.1
170.6
207.0
228.9
248.5
262.5
271.7
259.8
265.0
266.4
274.3
296.3
285.6
202.3
159.2
196.7
230.2
222.6
150.7
163.9
191.2
208.5
223.4
235.7
241.5
223.3
220.3
213.3
215.4
235.3
226.4
226.5
169.6
207.6
235.7
223.2
164.1
169.7
201.8
227.5
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
24.2
-10.4
-10.9
5.5
-.6
-13.4
-5.9
-10.6
19.0
-8.1
-13.6
4.9
-1.8
-1.6
-.5
1.6
6.1
9.4
-14.4
-9.2
17.0
34.5
58.1
-4.5
6.7
15.8
20.5
25.1
26.7
30.2
36.5
44.7
53.2
58.9
61.0
59.2
248.1
272.3
281.0
307.4
311.4
266.9
272.1
275.8
285.9
290.2
292.5
305.2
316.1
315.7
316.8
311.4
309.7
307.6
296.4
293.1
299.6
240.8
241.9
249.4
224.3
231.3
241.3
16.5
10.6
8.0
55.6
51.3
50.2
304.9
297.7
294.5
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable g< ods
Durablt goods
Period
1981
1982
1983
1984
1985
1982: IV
1983: I
n
ra
IV
1984: I
n
ra
IV
1985: I
n
m
IV
1986: I
n
mr
consumption
expendi-
Total
durable
goods
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
2,117.0
2,146.6
2,213.0
2,262.8
2,315.8
2,363.8
2,416.1
2,445.6
2,487.2
2,530.9
2,576.0
2,627.1
2,667.9
239.9
252.7
289.1
331.2
359.3
263.8
266.7
284.5
295.2
310.0
321.2
331.3
331.8
340.4
347.7
354.0
373.3
362.0
100.5
108.9
130.4
154.5
169.2
115.7
115.0
128.5
133.7
144.4
150.4
155.8
154.4
157.6
162.3
165.3
182.8
166.4
92.7
95.7
107.1
118.9
126.8
99.1
101.6
105.3
109.2
112 .4
115.6
118.3
119.2
122.3
123.5
125.9
126.8
130.9
46.6
48.1
51.6
57.8
63.3
49.0
50.2
50.6
52.3
53.2
55.2
57.2
58.3
60.4
61.9
62.8
63.7
64.7
740.6
771.0
816.7
870.1
905.1
786.6
791.0
810.9
827.0
837.9
855.7
870.3
873.9
880.3
888.2
902.3
907.4
922.6
2,697.9
2,732.0
2,795.9
360.8
373.9
410.7
163.5
172.0
201.7
132.1
135.8
140.2
65.3
66.0
68.9
929.7
928.4
932.2
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Furniture
and
household
equipment
Other
Total
nondurable
°
Serv-
Betail =ales of
new pa ssenger
cars (mi lions of
un ts)
Clothing and
shoes
Gasoline
and oil
376.5
398.8
421.9
449.9
469.3
407.0
411.1
418.8
426.8
430.8
440.4
447.9
454.3
456.9
461.2
468.3
470.4
477.4
119.9
124.4
135.1
147.2
155.2
126.5
128.7
134.5
136.0
141.1
144.4
148.2
146.6
149.7
151.7
155.0
155.4
158.7
92.7
89.1
90.2
90.7
91.9
89.8
87.0
89.4
92.5
91.9
92.0
91.7
89.4
89.9
89.6
92.8
92.4
93.0
934.7
151.6
158.7 1,027.0
169.5 1,128.7
182.2 1,227.0
188.7 1,336.1
163.4 1,066.5
164.3 1,088.9
168.2 1,117.6
171.7 1,140.6
174.0 1,167.9
178.8 1,186.9
182.5 1,214.5
183.6 1,239.9
183.8 1,266.5
185.8 1,294.9
186.2 1,319.7
189.1 1,346.4
193.5 1,383.2
6.2
5.8
6.8
8.0
8.2
6.0
6.0
6.9
6.9
7.4
8.1
8.1
7.9
7.7
8.3
8.1
9.4
7.0
2.3
2.2
2.4
2.4
2.8
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.4
2.6
2.4
2.7
3.0
3.2
484.6
490.3
493.2
161.3
165.0
166.6
87.6
78.1
74.3
196.2
194.9
198.1
1,407.4
1,429.8
1,453.0
7.8
8.1
9.7
2.8
3.1
3.5
Food
Other
Domestics
Imports
—
SOURCES OF PERSONAL INCOME
Personal income rose $12,7 billion (annual rate) in October, following a rise of $11.1 billion in September. The
increases were affected by two special factors: changes in subsidy payments to farmers (which fell in October and
rose in September) and bonus payments to auto industry employees in October. Excluding the effect of these
factors, personal income increased $10.3 billion in October and $6.6 billion in September.
BILLIONS OF DOUARS*(RATIO SCALE)
BILLIONS OF DOUARS*(RATIO SCALE)
3,800
3,800 ~
3,200
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
800
OTHER INCOME
400
400
\
TRANSFER
PAYMENTS
200 1 1 I 1 1 I 1 1 i i i
1978
i I 11 1 1 1
1979
in I ii i M 11 i 1 1 I i i i 1 1
1980
1981
'iiiiiiiiii
1983
1982
I i i i ii
1984
200
I I I 1 ! i I
1985
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1978
;
1979
1980
1981
1982
1983
1984
1985
Total
personal
income
Wage an
ments
n
Proprietors ' income 3
,
income
Farm
Nonfarm
Kental
income of
persons 4
Personal
dividend
income
Personal
interest
income
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
1,119.3
1,252.1
1,372.0
1,510.3
1,586.1
1,676.6
1,836.8
1,966.1
107.7
122.7
138.4
150.3
163.6
173.6
184.5
196.9
27.0
31.7
20.5
30.7
24.6
12.4
31.5
29.2
149.2
160.1
160.1
156.1
150.9
178.4
205.3
225.2
9.3
5.6
6.6
13.3
13.6
13.2
8.3
7.6
43.0
48.1
52.9
61.3
63.9
68.7
74.7
76.4
182.5
221.4
271.9
335.4
369.7
393.1
446.9
476.2
244.0
273.1
324.7
368.1
410.6
442.6
455.6
487.1
69.8
81.0
88.6
104.5
112.3
120.1
133.5
150.2
1,769.3
1,983.1
2,215.8
2,465.6
2,618.7
2,799.0
3,052.2
3,261.0
1985:
Get
Nov
Dec
3,358.3
3,372.3
3,418.0
1,996.7
2,010.5
2,031.1
200.8
201.7
202.6
24.0
26.0
38.2
230.8
232.4
234.9
10.4
2.9
11.7
76.4
76.8
76.9
478.7
481.0
482.2
492.7
493.5
494.5
152.1
152.7
154.0
3,311.0
3,323.2
3,356.9
1986:
Jan
Feb
Mar
Apr
May
June
July r.
Aug r
Sepf
Oct"
3,417.4
3,435.3
3,445.1
3,486.8
3,481.3
3,481.9
3,492.9
3,500.5
3,511.6
3,524.3
2,035.7
2,044.8
2,051.8
2,054.9
2,058.4
2,063.2
2,072.0
2,083.4
2,087.8
2,102.1
203.6
204.5
205.5
206.4
207.3
208.2
209.5
210.4
211.3
212.1
23.4
26.9
22.8
53.0
38.1
27.5
20.3
20.9
23.2
19.9
237.9
241.0
243.8
247.5
249.1
252.2
255.4
257.4
261.3
262.7
12.2
12.7
13.5
15.1
16.6
17.1
16.4
15.8
15.4
15.4
78.0
79.2
80.0
80.8
81.1
81.5
81.7
82.1
82.3
82.4
481.4
480.7
480.4
480.5
480.1
479.8
477.5
475.0
472.8
471.1
503.4
504.2
506.5
507.9
510.7
511.8
520.3
516.5
518.6
520.5
158.0
158.7
159.1
159.2
159.9
159.3
160.2
160.9
161.1
162.0
3,371.1
3,385.6
3,399.5
3,411.0
3,420.5
3,431.7
3,449.8
3,456.7
3,465.5
3,481.5
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..
—----- of
-t employer
- - -i
- contributions
—i-iu-.i:— .
:—i. -3
health, and welfare funds; workers' injury
ns j oni health,
^Consists
to private
pension,
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
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 income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Per capita disposable personal income fell in the third quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
1,000
DOLLARS * (RATIO SCALE)
14,000
—
PER CAPITA DISPOSABLE PERSONAL INCOME
12,000
DOLLARS * (RATIO SCALE)
14,000
12,000
10,000
10,000
1982'DOLLARS
8,000
8,000
6,000
6,000
I
4,000
1978
I
I
1979
I
I
I
1980
I
I
1981
I
I
I
1982
I
I
1983
I
I
I
I
1984
I
I
I
I
I
4,000
1985
' SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
.L ersonal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Equals:
Personal
saving
Less:
Personal
outlays *
Disposable
personal
mco e
in
1982
dollars
(billions)
Per CE pita
disposable personal
inco me
Current
dollars
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
261.1
304.7
340.5
393.3
409.3
410.5
439.6
486.5
1,551.2
1,729.3
1,917.9
2,127.6
2,261.4
2,428.1
2,670.6
2,828.0
Current
dollars
1982
dollars
110.2
118.0
136.8
159.4
153.9
130.6
168.7
143.3
1,441.1
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,501.9
2,684.7
2,167.4
2,212.6
2,214.3
2,248.6
2,261.5
2,331.9
2,470.6
2,528.0
6,968
7,682
8,421
9,243
9,724
10,340
11,265
11,817
9,735
9,829
9,722
9,769
9,725
9,930
10,421
10,563
6,304
6,960
7,607
8,320
8,818
9,515
10,243
10,866 [
Percent
change in
real per
capita
disposable
personal
income
Saving
as
percent
of
Population,
including
Armed
able
personal
income
abroad
(thousands) 2
Perct nt
Dol ars
Billi ons of dollars
1978
1979
1980
1981
1982
1983
1984
1985
1982
dollars
Per capita personal
consul!nption
expenc itures
8,808
8,904
8,783
8,794
8,818
9,139
9,475
9,713
3.8
1.0
-1.1
.5
-.5
2.1
4.9
1.4
6.8
7.1
7.5
6.8
5.4
6.3
5.1
222,629
225,106
227,754
230,182
232,549
234,829
237,067
239,317
7.1
Seasonally adjusted ann ual rates
1982:
IV
1983: I
n
m....
IV
1984: I
n
m....
IV
1985: I
n
m...
IV
1986: I
nr
m .
2,729.2
411.1
2,318.1
2,174.9
143.1
2,276.1
9,929
9,749
9,068
8,904
1.2
6.2
233,466
2,753.1
2,812.6
2,846.8
2,941.8
407.4
417.1
403.6
413.9
2,345.7
2,395.4
2,443.2
2,527.9
2,206.2
2,274.4
2,326.7
2,382.5
139.5
121.1
116.4
145.4
2,288.4
2,311.1
2,335.4
2,392.7
10,025
10,215
10,391
10,725
9,780
9,855
9,933
10,151
9,174
9,437
9,624
9,825
8,950
9,105
9,200
9,299
1.3
3.1
3.2
9.1
5.9
5.1
4.8
5.8
233,981
234,509
235,117
235,707
3,034.2
3,077.4
3,139.7
3,189.6
421.5
431.2
445.9
460.0
2,612.7
2,646.3
2,693.8
2,729.6
2,433.5
2,488.7
2,520.9
2,564.6
179.2
157.6
172.9
165.0
2,446.9
2,460.3
2,481.9
2,493.1
11,060
11,178
11,350
11,471
10,358
10,392
10,457
10,477
10,007
10,206
10,304
10,452
9,372
9,488
9,494
9,547
8.4
1.3
2.5
.8
6.9
6.0
6.4
6.0
236,222
236,742
237,347
237,953
3,253.1
3,298.7
3,323.2
3,382.9
497.7
456.4
491.2
500.7
2,755.4
2,842.3
2,832.0
2,882.2
2,611.3
2,658.7
2,712.4
2,756.4
144.1
183.6
119.6
125.8
2,495.7
2,550.8
2,524.7
2,540.7
11,555
11,893
11,819
11,999
10,466
10,674
10,537
10,577
10,613
10,779
10,964
11,107
9,613
9,674
9,774
9,790
— .4
8.2
-5.0
1.5
5.2
6.5
4.2
4.4
238,469
238,985
239,605
240,206
3,432.6
3,483.3
3,501.6
497.5
504.8
518.9
2,935.1
2,978.5
2,982.7
2,789.4
2,825.5
2,892.3
145.6
153.1
90.4
2,581.2
2,625.8
2,610.3
12,193
12,348
12,336
10,723
10,886
10,796
11,208
11,326
11,564
9,857
9,984
10,120
5.6
6.2
-3.3
5.0
5.1
3.0
240,709
241,215
241,782
1
Includes personal consumption expenditures, interest paid by consumers to busine: , and persort1 transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1986, according to preliminary estimates, gross farm income rose $19.4 billion (annual
rate) and net farm income rose $21.0 billion.
BILL ONS OF DOLL/\RS * (RATIO S CALE)
BILLIC)NS OF DOLLA ?S * (RATIO SC ALE)
240
200
240
160
x
^-^
120
r_^1CT~H
\
I
•=^_
160
^^ SX"
'
^=^
120
GR DSS FARM INC OWE
80
An
60
40
40
20
20
10
10
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income
of farm operators
from farming
(Jross farm incom
Period
Cas ti marketing rece pts
Total J
Total
1978
1979
1980
1981
1982
1983
1984
1985"
1983: I
n
m
1984:
IV
I
n
m
IV
1985: I
n
m
IV
1986: I
n"
128.4
150.7
149.3
166.3
163.4
152.4
174.4
166.6
154.9
148.3
155.5
151.1
174.4
168.0
173.8
181.4
170.7
164.7
157.4
173.5
146.1
165.5
112.4
131.5
139.7
141.6
142.6
136.5
142.2
142.1
143.1
137.1
142.9
122.8
136.5
141.2
144.1
146.8
137.3
135.1
139.8
156.2
131.4
129.6
Livestock and
products
Crops
59.2
69.2
53.2
62.3
71.7
68.0
69.2
70.2
69.5
72.9
69.4
70.9
69.2
68.2
69.5
75.6
71.4
71.6
73.1
69.2
67.8
68.0
72.6
68.5
68.2
1
Caah marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
Net farai
72.5
72.4
67.0
69.2
72.7
72.2
67.9
74.8
53.2
60.9
69.8
72.5
73.8
68.1
67.4
71.8
83.6
62.9
61.4
3
Value of
inventory
changes 2
1.9
5.0
-6.3
6.5
-1.8
10.9
6.3
-1.1
-11.6
— 13.5
-11.6
-6.8
1.7
7.0
9.0
7.5
3.0
.3
-2.6
-4.5
-4.2
3.7
Production
expenses
Current
dollars
103.2
123.3
133.1
139.4
140.7
139.5
141.7
136.1
139.3
139.0
139.3
140.2
141.6
142.2
142.0
140.9
139.0
137.1
135.2
133.2
131.2
129.6
income
1982 dollars 3
25.2
27.4
16.1
26.9
22.7
13.0
32.7
30.5
34.9
34.9
18.8
28.6
22.7
12.5
30.2
27.3
15.6
9.3
16.1
10.9
15.2
9.0
15.5
10.3
32.7
25.8
31.8
40.5
30.7
23.9
31.7
27.6
22.2
40.3
29.3
36.9
28.7
24.8
19.8
35.7
14.9
35.9
13.1
31.3
Income in current dollars divided by the GNP implicit price deflator (1982= 100).
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the third quarter of 1986, according to preliminary estimates, corporate profits before tax rose $10.0
(annual rate) and after-tax profits rose $6.0
billion
billion.
B1LLI DNS OF DOLLA RS
320
BIL IONS OF DOL ARS
320
SEASO NALLY ADJUSTED AN •JUAL RATES
-
—
280
280
PROFITS 5EFORE TAX
/n
—
-^-^^
240
V
/^\
\
/ —'
—-~-—
—
—
111
0
—\
/ — *""*
-~v.._
160
-''
—v
'
TAX LIABILH Y,
'N-te^.
—
120
\
\
' \ v--"~""^n
200
PRC5FITS AFTER TA X
[
^
*
K -
^
^
-\
160
40
r^"
/^
V
„„---"""--
80
240
\
s
\
\
80
S
/
\_
^.. —
.
X
.
—
•~
/
-•
UNC ISTRIBUTED PR OFITS
1
1
1
1079
1978
i i i
1980
1
1
1
1
1981
1
1
1
—
1
1
1983
1982
1 1 1
1 1 I
1984
1985
1
COUNCIL OF
DOURCE: DEPARTMEN OF COMMERCE
1 1
1986
0
CONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Prc fits (before t ix) with inve ntory valuati 3n adjustmen t 1
Profits after taX
Dornestic industiies
Total
2
Total
1980
1981
1982
1983
1984
1985
1982: IV
1983: I
n
m
IV
1984: I
n
m
rv
1985: I
n
m
rv
1986: I
n
mp
1
2
194.0
202.3
159.2
196.7
159.6
173.8
131.2
208.5
223.4
166.6
199.2
190.8
121.6
135.7
163.0
176.8
190.7
235.7
205.2
241.5
211.5
191.3
188.8
182.6
183.8
230.2
222.6
150.7
163.9
191.2
223.3
220.3
213.3
215.4
235.3
226.4
205.3
240.8
241.9
202.4
208.9
249.4
215.4
191.3
Financial
21.0
16.5
11.8
18.1
15.4
21.0
18.7
19.4
20.3
17.2
15.5
16.6
15.4
13.4
16.1
18.2
21.1
21.7
23.2
28.4
30.2
31.3
Total 3
138.6
157.3
119.4
148.5
183.8
169.7
102.9
116.3
142.7
159.6
175.2
188.6
196.1
177.8
172.6
164.4
162.7
183.6
168.1
174.0
178.7
184.1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Profits
before tax
Nonfinancial
Period
Manufacturing
sale and
retail
trade
77.1
88.5
21.6
32.5
34.6
237.1
38.9
49.7
49.7
33.6
32.5
41.0
39.0
43.1
46.2
51.1
51.0
50.7
48.8
51.1
54.2
45.0
52.5
47.1
207.6
235.7
223.2
58.0
70.1
87.4
73.0
46.8
51.2
63.2
77.7
88.6
95.0
94.6
81.3
78.9
70.4
68.2
79.0
74.5
67.1
77.6
226.5
169.6
164.1
169.7
201.8
227.5
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
224.3
231.3
241.3
Tax
liability
84.8
81.1
63.1
77.2
95.4
91.8
59.8
59.1
75.3
86.5
88.1
102.9
101.6
89.3
87.8
87.8
87.1
95.8
96.4
89.1
93.3
97.4
Total
152.3
145.4
106.5
130.4
140.3
131.4
104.3
110.6
126.6
141.0
143.4
146.4
144.8
135.8
134.1
126.0
126.7
133.4
139.4
135.2
138.0
144.0
Dividends
54.7
63.6
66.9
71.5
78.3
81.6
68.5
69.8
70.4
72.0
73.9
76.0
78.1
79.0
80.1
80.9
81.4
81.6
82.5
85.2
87.5
88.8
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
97.6
81.8
39.6
58.9
62.0
49.8
35.8
40.8
56.1
69.0
69.5
70.4
66.7
56.8
54.0
45.1
45.3
51.8
57.0
50.0
50.4
55.2
Inventory
valuation
adjustment
-43.1
-24.2
— 10.4
-10.9
-5.5
-.6
-13.4
-5.9
-10.6
-19.0
-8.1
-13.6
-4.9
-1.8
-1.6
-.5
1.6
6.1
-9.4
16.5
10.6
r
8.0
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter, nonresidential fixed investment rose $3.5 billion (annual rate)
from its second quarter level while residential investment outlays rose $6.6 billion. There was an $8.0 billion
decrease in inventories following an increase of $14.5 billion in the second quarter.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS PRIVATE DOMESTIC
INVESTMENT
600
600
500
500
400
400
-^.--'•r'\
NONRESIDENTIALFIXED INVESTMENT
300
300
RESIDENTIAL
. FIXED INVESTMENT .
200
200
100
100
CHANGE IN BUSINESS
INVENTORIES
j_
-100
1978
1979
J_J
L
1981
1980
I I I
J
1982
1983
L
J
I
L
1984
SOURCE: DEPARTMENT OF COMMERCE
J_J
1985
I
1-100
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
]nixed Investmen t
Change iii business
mven tories
Nonresidential
Period
domestic
investment
1979
1980
1981
1982
1983
1984
1985
1982: IV
1983: I
n
in
IV
1984: I
n
m
IT
1985: I
n
rn
rv
1986: I
n r
m
Source: Department of Commerce, Bureau of Economic Analysis,
454.8
437.0
515.5
447.3
502.3
662.1
661.1
409.6
428.3
481.3
519.7
579.8
659.5
657.5
670.3
661.1
650.6
667.1
657.4
669.5
708.3
687.3
674.8
Total
Total
441.9
445.3
491.5
471.8
509.4
598.0
650.0
469.5
471.0
492.5
525.2
548.8
564.0
597.6
605.8
624.4
625.2
648.0
654.3
672.6
664.4
672.8
682.8
302.8
322.8
369.2
366.7
356.9
416.5
458.2
354.9
340.8
344.7
358.1
383.9
388.2
413.3
421.8
442.9
439.8
459.2
459.8
474.0
459.2
457.5
461.0
Structures
99.5
113.9
138.5
143.3
124.0
139.3
154.8
137.6
126.4
119.8
122.7
127.4
129.7
139.1
141.4
146.7
150.7
156.1
155.0
157.2
154.6
141.5
140.0
Producers'
durable
equipment
Residential
203.3
208.9
230.7
223.4
139.1
122.5
122.3
105.1
232.8
277.3
303.4
217.3
214.4
224.9
235.5
256.5
258.4
274.1
280.4
296.2
289.1
303.1
304.7
316.8
304.6
316.0
321.0
152.5
181.4
191.8
114.7
130.2
147.8
167.1
164.9
175.8
184.4
184.0
181.5
185.4
188.8
194.5
198.6
205.3
215.3
221.9
Total
13.0
8.3
24.0
-24.5
-7.1
64.1
11.1
-59.9
-42.6
-11.2
5.5
31.0
95.5
59.9
64.4
36.7
25.4
19.1
3.1
3.1
43.8
14.5
-8.0
Nonfarm
7.9
-2.4
18.3
-23.1
.4
56.6
12.2
-51.1
33.2
-2.3
15.8
21.3
71.5
56.8
62.1
35.9
18.5
10.4
3.2
16.7
41.2
10.5
10.1
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1986 survey, business spending for new plant and equipment
for the year 1986 is expected to be 1.9 percent below the 1985 level. Spending in 1985 was 9.2 percent above
the 1984 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
300
200
200
NONMANUFACTUR NG -^
100
-MANUFACTURING
100
80
60
60
40
40
1
I
1978
I
I
I
I I
1979
1
I
1
I
I
1982
1981
1980
I
1
I
I
1983
I I
1984
I
I
I
I
1985
_l/jSURVEYED QUARTERLY
2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
I
.£/ .£/
I
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
M inufacturii ie
Period
1978
1979
1980
1981
1982
1983
1984
1985 4
1986
1984: I
n
m
IV
1985: I
n
m
IV
1986: I
n4
m
IV
1
All
industries
Total
Durable
goods
NOTunanufactui ing
Nondurable
goods
Total '
Mining
Public
utilities
Commercial
and
other
245.34
284.94
314.47
349.26
347.47
343.35
398.99
431.94
Nonmanufactu ring
Manufacturing
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.48
144.01
Total
166.76
189.02
202.15
222.72
226.79
227.15
260.16
278.46
Surveyed
quarterly
139.18
159.04
170.47
188.68
189.89
188.58
215.61
233.65
235.58
217.76
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.59
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.48
144.01
39.46
48.50
55.36
59.81
55.35
53.08
66.24
73.27
68.23
39.13
47.42
56.96
66.73
65.33
63.12
72.58
80.21
75.78
139.18
159.04
170.47
188.68
189.89
188.58
215.61
233.65
235.58
11.22
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.29
13.36
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.35
31.50
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.22
83.09
94.56
100.14
110.24
109.63
114.45
134.75
150.94
159.72
339.32
349.43
361.27
367.78
130.64
135.66
142.46
146.52
61.49
64.18
68.26
71.01
69.15
71.48
74.21
75.51
208.69
213.76
218.81
221.25
17.41
16.41
16.81
16.84
15.67
16.91
17.22
16.29
47.01
47.98
48.17
46.77
128.61
132.46
136.61
141.36
130.64
135.66
142.46
146.52
208.69
213.76
218.81
221.25
373.56
387.86
389.23
397.88
146.94
154.25
154.47
158.26
70.29
74.34
72.99
75.47
76.64
79.91
81.48
82.79
226.62
233.61
234.76
239.61
15.81
16.56
15.89
15.25
16.70
17.45
18.81
19.15
48.44
48.61
48.44
49.79
145.68
150.99
151.62
155.42
146.94
154.25
154.47
158.26
226.62
233.61
234.76
239.61
377.94
375.92
380.52
383.99
144.03
141.68
142.72
147.60
68.01
68.33
66.30
70.28
76.02
73.35
76.43
77.32
233.90
234.24
237.79
236.39
12.99
11.23
10.80
10.16
18.22
18.28
18.74
18.15
47.03
46.55
46.08
45.24
155.67
158.18
162.18
162.84
144.03
141.68
142.72
147.60
233.90
234.24
237.79
236.39
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
10
Transportation
Total
nonfarm
busi-2
ness
Surveyed
annual-
ly"
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 July-August 1986, corrected for biases.
Source: Department of Commerce, Bureau of Economic Analysis,
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In October, seasonally adjusted civilian employment rose 349,000 and unemployment fell 87,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
120
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Noninstitutional
population
Period
1979
1980
1981
1982
1983
1984
1985
1985: Oct
Nov
Dec
1986: Jan*...
Feb
Mar
Apr
May
June....
July
Aug
Sept....
Oct
including
resident
Armed
Forces
NSA
166,460
169,349
171,775
173,939
175,891
178,080
179,912
180,470
180,642
180,810
181,361
181,512
181,678
181,843
181,998
182,183
182,354
182,525
182,713
182,935
T
h
f
|F|1
Armed
Forces
NSA
resident
Armed
Forces
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,700
1,702
1,698
1,691
1,691
1,693
1,695
1,687
1,680
1,672
1,697
1,716
1,749
106,559
108,544
110,315
111,872
113,226
115,241
117,167
117,814
117,832
117,927
118,477
118,779
118,900
118,929
119,351
119,796
119,744
119,879
119,936
120,231
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
100,421
100,907
102,042
101,194
104,962
106,940
108,670
110,204
102,510
106,702
108,856
109,513
109,671
109,904
110,646
110,252
110,481
110,587
110,797
111,353
111,554
111,852
111,607
111,989
111,550
113,544
115,461
116,114
116,130
116,229
116,786
117,088
117,207
117,234
117,664
118,116
118,072
118,182
118,220
118,482
1
Persons at work. Economic reasons include slack work, material shortages, inability to find full, time work, etc.
2
Labor
aor force
orce as percent o
oi nonnsttutona
noninstitutional popuaton
population (both
ot including
n c u n resident Armed Forces).
3
Civilian labor force as percent
ercent of civilian noninstitutional poulation.
population.
Unempl syment
Civilian ernployment
Resident
Total
98,824
99,303
100,397
99,526
100,834
105,005
107,150
107,813
107,969
108,206
108,955
108,561
108,788
108,892
109,110
109,673
109,882
110,155
109,891
110,240
Agricultural
3,347
3,364
3,368
3,401
3,383
3,321
3,179
3,058
3,070
3,151
3,299
3,096
3,285
3,222
3,160
3,165
3,112
3,048
3,121
3,149
Total
95,477
95,938
97,030
96,125
97,450
101,685
103,971
104,755
104,899
105,055
105,655
105,465
105,503
105,670
105,950
106,508
106,769
107,107
106,770
107,091
Part-time
for
economic
reasons 1
3,373
4,064
4,499
5,852
5,997
5,512
5,334
5,241
5,295
5,294
5,275
5,158
5,301
5,621
5,673
5,320
5,191
5,259
5,298
5,501
Total
6,137
7,637
8,273
10,678
10,717
8,539
8,312
8,301
8,161
8,023
7,831
8,527
8,419
8,342
8,554
8,443
8,190
8,027
8,329
8,242
15
weeks
and
over
1,241
1,871
2,285
3,485
4,210
2,737
2,305
2,277
2,205
2,188
2,056
2,340
2,258
2,135
2,209
2,320
2,256
2,295
2,405
2,167
Labor force
partici] ation
rate (pe rcent)
Total 2
64.0
64.1
64.2
64.3
64.4
64.7
65.1
65.3
65.2
65.2
65.3
65.4
65.4
65.4
65.6
65.8
65.7
65.7
65.6
65.7
Civilian 3
63.7
63.8
63.9
64.0
64.0
64.4
64.8
65.0
64.9
64.9
65.0
65.1
65.1
65.1
65.3
65.4
65.3
65.4
65.3
65.4
'Data beginning January 1986 not strictly comparable with earlier data because of
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In October, the seasonally adjusted overall unemployment rate was 6.9 percent, unchanged from its September
level; the civilian unemployment rate was also unchanged at 7.0 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
A
/*""•"'
/v
i- n
*
" V
\
TEENAGERS
\
\
(16-19)
v
20
*
~\\,
*
.~'« ( »o
" V
^A
15
10
10
;=;
<^_/"
w OME N 20 YEA R S '
AND OVER
^A^i
\
^cxn=>£*%-
\ •
/AEN 20 YEAR s
AND OVER
iniilniii Minium liinhiiii
1982
1986
||||!llllll
IIMlllllil
1985
1986
1984
1983
'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 (percent of civilia n labor force in group)
Period
Unemployment
rate,
all
workers 1
By sex and a ge
civilian
workers
By s elected grou )S
By race
Black
Experienced
wage and
salary
workers
5.5
6.9
7.3
9.3
9.2
7.1
6.8
2.8
4.2
4.3
6.5
17.8
14.4
13.7
12.3
14.3
15.6
18.9
19.5
15.9
15.1
6.5
4.6
4.3
Men
20 years
and over
Women
20 years
and
over
5.7
6.4
6.8
8.3
8.1
6.8
6.6
17.8
19.6
23.2
22.4
18.9
18.6
5.1
6.3
6.7
8.6
8.4
6.5
6.2
11.3
13.1
14.2
17.3
7.5
7.2
4.2
5.9
6.3
8.8
8.9
6.6
6.2
Both
sexes
16-19
years
White
Black
and
other
Married
men,
spouse
present
Women
who
maintain
families
Labor
force
time lost
(percent) 2
Fulltime
workers
Parttime
workers
8.8
8.8
9.4
6.3
7.9
8.5
10.5
10.4
11.0
10.9
10.3
10.4
5.3
6.9
7.3
9.6
9.5
7.2
6.8
9.3
9.3
8.6
8.1
1979
1980
1981
1982
1983
1984
1985
5.8
7.0
7.5
1985: Oct
Nov
Dec
7.0
6.9
6.8
7.1
7.0
6.9
6.1
6.0
5.9
6.4
6.4
6.2
19.8
18.4
18.8
6.1
5.9
5.9
13.5
14.1
13.4
14.9
15.6
14.9
6.7
6.6
6.5
4.2
4.3
4.3
10.4
10.0
9.4
6.8
6.7
6.6
9.6
8.8
9.0
7.9
7.9
7.8
1986: Jan
Feb
Mar
Apr
May
6.6
7.2
7.1
7.0
7.2
7.0
6.8
6.7
6.9
6.9
6.7
7.3
7.2
7.1
7.3
7.1
6.9
6.8
7.0
7.0
5.7
6.2
6.2
6.0
6.4
6.2
6.2
5.9
6.2
6.2
6.1
6.7
6.6
6.4
6.5
6.4
6.1
6.1
6.2
6.1
18.4
19.0
18.2
19.6
19.0
19.1
17.5
17.7
18.7
17.6
5.7
6.4
6.2
6.1
6.2
6.1
6.0
5.8
6.0
6.0
12.8
13.3
13.3
13.6
13.6
13.7
12.6
13.1
13.3
12.8
14.4
14.8
14.7
14.8
14.8
15.1
14.0
14.6
14.8
14.4
6.3
6.8
6.7
6.7
6.9
6.7
6.7
6.4
6.5
6.6
4.3
4.5
4.5
4.2
4.5
4.5
4.4
4.1
4.2
4.6
9.9
9.9
10.1
9.4
10.2
10.1
9.2
10.3
10.1
8.8
6.4
6.9
6.9
6.7
7.0
6.7
6.6
6.4
6.7
6.6
8.4
9.4
9.1
9.6
9.2
9.1
9.0
9.3
9.3
9.2
7.6
8.1
8.1
8.1
8.3
8.1
7.7
7.7
8.0
7.9
9.5
9.5
7.4
7.1
June....
July
Aug
Sept
Oct
5.8
7.1
7.6
9.7
9.6
16.1
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic rea:
cent of potentially available labor force hours.
12
8.3
9.2
10.4
11.7
12.2
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In October, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 5-14
weeks rose, and the percentages out of work for 15-26 weeks and for 27 weeks and over fell. The mean and the
median duration of unemployment fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
70
DURATIC>N OF UNE WLOYMEfs T
REASON FOR UNEA\PLOYMEN
r
A4
60
60
*~'
v
\
V
•\^
50
—
\ V'^-i—
50
LESST HAN
\
k__ . „
'
A -V
40 *
"V,
X
*
30 —
./•/
r--
A ,A
>,- V'
V
.-\
\'*^
40
5-14
WEEKS
V /
""
v
REENTRANTS
30
*--«. />>-.^—-A'
PCj
-'V ^'
27 WEEKS
-AND OVER-
20
tf^
\/
20
"V-s/~-^-
^J^sf--
15-26
WEEKS
iiillilllU IiillilllU iillilUlli llUtltllil iiillilllU
1985
1984
t
NEW ENTRAN1 s
\
1983
•'-'-'"•
•-'v' "
,^~
^~VJ-~A
A
—
1982
/*
V
JOB LOSERS
5 WE EKS
ItlllllllU
mniiini
—AA /—
JOB LEAVERS
lUiilmtl
1983
1982
1986
''""
k^
1984
ntnltiiii
mulmu
1985
1986
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Dur ition of tmemplo}™ent
Period
Unemployment
(thousands)
F ercent di stributio i
Less
than
5
weeks
5-14
weeks
15-26
weeks
Be as on for memployment:
percent distributi >n
Stat e
progra ms
Number of
ks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Eeentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly av erage, th ousands
1980
1981
1982
1983
1984
1985
7.9
6.8
51.7
51.6
58.7
58.4
51.8
49.8
11.7
11.2
7.9
7.7
9.6
10.6
25.2
25.4
22.3
22.5
25.6
27.1
11.4
11.9
11.1
11.3
13.0
12.5
3,350
3,047
4,061
3,396
2,476
2,616
488
460
583
438
377
397
3,837
3,410
4,594
3,775
2,561
2,692
15.4
15.7
15.4
7.0
6.9
6.9
49.1
50.0
48.8
11.1
9.9
10.9
27.2
27.2
27.6
12.7
12.9
12.8
2,535
2,560
2,564
380
382
391
2,227
2,468
2,884
14.9
15.3
14.4
14.3
14.4
15.2
15.0
15.8
15.6
15.2
6.8
6.9
6.8
6.5
6.6
7.3
7.1
7.2
7.2
7.0
48.0
48.7
50.3
48.1
50.3
51.2
48.3
47.6
49.0
48.8
12.7
11.7
11.9
13.2
11.4
12.0
12.7
12.2
12.6
12.2
26.3
26.8
26.0
26.1
25.9
24.4
27.2
27.8
25.7
27.3
13.0
12.8
11.8
12.6
12.4
12.5
11.8
12.4
12.7
11.7
2,591
2,610
2,654
2,612
2,666
2,681
2,698
2,705
2,691
2,596
370
392
393
380
382
381
380
387
370
354
3,370
3,295
3,144
2,799
2,556
2,474
2,632
2,486
2,334
7,637
8,273
10,678
10,717
8,539
8,312
43.1
41.7
36.4
33.3
39.2
42 .1
32.3
30.7
31.0
27.4
28.7
30.2
13.8
13.6
16.0
15.4
12.9
12.3
10.7
14.0
16.6
23.9
19.1
15.4
11.9
13.7
15.6
20.0
18.2
15.6
1985: Oct
Nov
Dec
8,301
8,161
8,023
41.6
42.7
42.1
30.8
30.2
30.7
12.8
11.0
12.1
14.8
16.1
15.1
1986: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
7,831
8,527
8,419
8,342
8,554
8,443
8,190
8,027
8,329
8,242
42.4
41.8
42.3
42.9
42.8
40.2
41.7
42.3
40.8
31.3
30.8
31.1
31.8
31.6
32.2
30.6
29.4
30.4
31.6
12.4
13.5
13.0
11.9
12.4
12.3
13.1
13.9
14.0
13.7
13.4
13.1
15.3
14.6
14.9
15.5
15.2
1
41.8
13.4
13.4
11.4
Includes State (50 States, District of Coiumbia, Puerto Rico, anc Virgin Is ands), ex servicemen (UCX), Federal (UCFE), and railroad (RR) programs Also inC' udes Fede ral and S ate extended benefit programs. Does not include F deral supplemen ,al compen sation pro Tarn.
6.5
6.9
8.7
10.1
Source : Departir ent of Lai or (Bureai of Labor Statistics anc Employment and Trair ing Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 298,000 in October.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
24
100
.-"'-
^-——•_-——""
.**"
22
SERVICES
.---^
-_--|r"\
~s^~ —\
90
, ^•'
—
\--"
..--
20
ALL NONAGRICUL TURAL
ES TABLISHMEr> TS
^ __.
80
—
. —.--"
_
18
RETAIL TRADE
1
— ""
70
16
1--T""
SER\'ICE-PRODUC:ING
INDUSTRIES
60
—
14 |i|lllllllll
40
GOVERNMEr- T
Illllllllll 1 1 1 1 1 1 1 1 1 1 h
1
^^-
^r^~~
r^~\
iii mini ii HIM|ll||||||||||ii|ll llllll||l|| 1 1 1 1 1 1 1 1 1 1 i(
III Illllll^
lyiUUIIIII
—1
6
CONSTRUCTIO •4
V
~
—
GOC5DS-PRODUC ING
INDUSTRIES
30
*" "~
MANHFATTIIRI sir,
""X.
18
^~ ^
iiiii!iiiii|iiiiilinii
20
50
\
'T*~**^
4
—1—^—"
2
ylWllWL Illllllllll Illllllllll
—
.—.
1
—•—
\
Imilmii
20
1982
1983
Illllllllll Illllllllll l l l l l l l M I U
1985
1984
1982
1986
1983
1984
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
Illllllllll
1985
1986
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; 1 seasonally adjusted]
Period
1979
1980
1981
1982
1983
1984
1985
f i
T otal
nonagricultural
employment
Se rvice-produ ring industn es
Goods-] reducing in dus tries
M anufacturin g
Total
2
C rtn
onstruction
Total
Durable
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Ketau
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
89,823
90,406
91,156
89,566
90,200
94,496
97,614
26,461
25,658
25,497
23,813
23,334
24,727
24,930
4,463
4,346
4,188
3,905
3,948
4,383
4,687
21,040
20,285
20,170
18,781
18,434
19,378
19,314
12,760
12,187
12,109
11,039
10,732
11,505
11,516
8,280
8,098
8,061
7,741
7,702
7,873
7,798
63,363
64,748
65,659
65,753
66,866
69,769
72,684
5,136
5,146
5,165
5,082
4,954
5,159
5,242
5,204
5,275
5,358
5,278
5,268
5,555
5,740
14,989
15,035
15,189
15,179
15,613
16,545
17,360
4,975
5,160
5,298
5,341
5,468
5,689
5,953
17,112
17,890
18,619
19,036
19,694
20,797
21,974
15,947
16,241
16,031
15,837
15,869
16,024
16,415
2,773
2,866
2,772
2,739
2,774
2,807
2,875
1985: Oct
98,428
Nov .... 98,666
Dec
98,910
24,903
24,931
24,977
4,754
4,765
4,787
19,236
19,259
19,289
11,447
11,453
11,461
7,789
7,806
7,828
73,525
73,735
73,933
5,260
5,272
5,277
5,796
5,796
5,809
17,543
17,589
17,622
6,038
6,070
6,095
22,313
22,415
22,501
16,575
16,593
16,629
2,895
2,904
2,913
1986: Jan
Feb
Mar
Apr
May....
June ..
July....
Aug r..
Sept r..
Oct "...
25,101
25,038
24,945
25,038
24,965
24,854
24,869
24,888
24,850
24,882
4,901
4,864
4,838
4,972
4,974
4,947
4,980
5,012
5,008
5,010
19,303
19,294
19,255
19,245
19,201
19,135
19,121
19,123
19,099
19,126
11,466
11,455
11,418
11,415
11,378
11,307
11,294
11,302
11,275
11,290
7,837
7,839
7,837
7,830
7,823
7,828
7,827
7,821
7,824
7,836
74,195
74,391
74,539
74,745
74,953
74,989
75,236
75,395
75,598
75,864
5,286
5,277
5,280
5,266
5,265
5,167
5,288
5,255
5,309
5,314
5,830
5,843
5,841
5,864
5,872
5,829
5,849
5,863
5,858
5,871
17,734
17,795
17,828
17,851
17,911
17,944
17,992
18,030
18,030
18,109
6,123
6,157
6,184
6,228
6,261
6,295
6,334
6,364
6,383
6,399
22,585
22,638
22,707
22,825
22,924
23,072
23,176
23,255
23,275
23,368
16,637
16,681
16,699
16,711
16,720
16,682
16,597
16,628
16,743
16,803
2,918
2,918
2,923
2,914
2,899
2,875
2,866
2,875
2,899
2,895
99,296
99,429
99,484
99,783
99,918
99,843
100,105
100,283
100,448
100,746
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
* Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAli INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
iAverage weekly
Average gr oss hourly
earn ings
hours
Period
Manufa cturing
Total
private
nonagricultural '
Total
1978
1979
1980
1981
35.8
35.7
35.3
35.2
1982
1983
1984
1985
1985: Got
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sepf
Oct"
34.8
35.0
35.2
34.9
34.9
34.8
34.9
35.0
34.9
34.9
34.8
34.8
34.7
34.7
34.8
34.7
34.6
Total
private
nonagncultural '
Overtime
40.4
40.2
3.6
3.3
2.8
2.8
2.3
3.0
3.4
3.3
3.4
3.4
3.6
39.7
39.8
38.9
40.1
40.7
40.5
40.7
40.7
40.9
40.8
40.7
40.7
40.7
40.7
40.6
40.6
40.8
40.8
40.6
3.5
3.4
3.4
3.4
3.4
3.3
3.4
3.5
3.5
3.4
Manufacturing
$6.17
6.70
7.27
7.99
8.49
8.83
9.19
9.53
9.61
9.63
9.68
9.65
9.68
9.70
9.68
9.72
9.71
9.73
9.76
9.74
9.78
$5.69
6.16
6.66
7.25
7.68
8.02
8.32
8.57
8.63
8.65
8.70
8.68
8.71
8.73
8.72
8.73
8.74
8.73
8.77
8.77
8.82
Adjuste d hourly earnin ;s index — total private
nonagnc altural 2
Percent chang e from a year
earlie r 4 5
Ind ex,
1977 == 100
1977
dollars 3
Current
dollars
108.2
116.8
127.3
138.9
148.5
155.4
160.3
165.2
166.2
166.8
167.7
167.3
168.2
168.5
168.4
168.7
169.2
168.9
169.3
169.6
170.3
Current
dollars
100.5
97.4
93.5
92.6
93.4
94.9
94.6
94.1
94.0
93.9
94.0
93.5
94.4
95.1
95.4
95.4
95.2
95.1
95.1
95.0
95.3
8.2
7.9
9.0
9.1
6.9
4.6
3.2
3.1
3.0
3.0
3.1
2.8
2.8
2.9
2.6
2.6
2.4
2.4
2.3
2.0
2.5
1977 dollars
0.5
-3.1
-4.0
1.0
.9
1.6
-.3
.5
.1
^
-.5
g
-.2
.9
1.4
1.4
1.0
1.2
1.1
.6
1.3
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private n<magricultural 5
Avera *e gross weekly ea rnings
Period
Total ]mvate
nonagnc ultural '
Current dollars
1978
1979
1980
1981
1982
1983
1984
1985
1985: Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept r
Oct"
$203.70
219.91
235.10
255.20
267.26
280.70
292.86
299.09
301.19
301.02
303.63
303.80
303.98
304.68
303.46
303.80
303.28
302.93
305.20
304.32
305.17
Manufacturing
Construction
Retail trade
Current dollars
1977 dollars 3
$189.31
183.41
172.74
170.13
168.09
171.26
172.78
170.42
170.45
169.49
170.20
169.72
170.58
171.94
171.93
171.83
170.67
170.57
171.46
170.49
170.68
$249.27
269.34
288.62
318.00
330.26
354.08
374.03
385.97
391.13
391.94
395.91
393.72
393.98
394.79
393.98
395.60
394.23
395.04
398.21
397.39
397.07
1
4
2
8
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
Lnd clerical workers (on a 1977 = 100 base).
1977 dollars
Current dollars
$318.69
342.99
367.78
399.26
426.82
442.97
458.51
464.09
467.31
461.52
461.28
470.40
448.59
450.06
465.22
464.25
461.15
463.76
467.37
468.61
470.25
$130.20
138.62
147.38
158.03
163.85
171.05
174.33
174.64
174.63
174.92
175.78
175.51
175.51
176.09
174.91
174.91
174.60
175.20
176.08
176.95
176.64
7.8
8.0
6.9
8.5
4.7
5.0
4.3
2.1
2.7
2.3
2.5
3.1
2.5
2.4
2.1
1.9
1.1
1.7
1.8
1.3
1.6
0.2
-3.1
-5.8
1.5
-1.2
1.9
.9
1.4
-.2
-1.1
-1.1
-.6
.5
.4
.9
.7
-.2
.5
.6
-.0
.4
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
3
65-498 0 - 8 6 - 2
Source; Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
all pe rsons
Outp u t 1
Compens ation per
hou r 3
Hours of all
perso ns 2
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
1978
1979
100.8
99.6
100.8
99.3
105.8
107.9
106.0
107.9
104.9
108.3
105.1
108.7
108.5
119.1
108.6
118.9
100.8
99.4
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.3
98.8
99.8
99.2
102.4
104.3
106.7
108.9
105.5
109.9
118.8
106.7
108.5
104.9
110.1
118.8
107.5
108.2
105.2
106.7
112.8
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.1
131.3
143.6
154.8
161.5
167.9
1985
106.4
104.8
122.7
122.5
115.3
116.9
175.3
1982: TV
101.0
99.7
105.0
104.2
103.9
104.5
1983: I
101.9
103.5
103.0
103.8
100.9
102.7
102.9
103.3
106.2
109.2
110.8
113.6
105.8
109.2
111.4
114.1
104.2
105.5
107.5
109.4
104.8
106.3
108.3
110.5
1984: I
104.9
105.6
105.5
105.5
103.9
104.6
104.4
104.3
116.9
119.0
119.5
120.2
116.9
119.1
119.5
120.2
111.4
112.7
113.3
114.0
1985: I
105.7
106.4
107.3
106.4
104.4
104.9
105.4
104.5
121.3
122.3
123.5
123.8
121.1
122.1
123.3
123.6
107.3
107.4
107.4
105.6
105.7
105.8
125.3
125.4
126.2
125.1
125.3
126.2
Period
Unit labor costs
Real com pensation
4
per h our
Implic t price
defla tor 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
100.9
99.2
107.6
119.5
107.7
119.7
107.3
117.0
107.0
116.5
96.7
95.7
97.3
98.2
98.1
96.6
95.7
97.2
98.2
98.0
132.5
142.7
154.5
156.8
159.7
132.9
144.0
156.0
157.7
161.0
127.6
139.8
127.8
148.1
153.0
158.5
140.3
149.2
154.3
159.3
174.6
98.8
98.4
164.8
166.7
163.0
164.6
158.3
158.2
97.9
97.8
156.8
158.7
150.2
151.4
159.9
160.9
161.5
163.6
159.9
160.9
161.7
163.4
98.8
98.4
97.7
98.0
98.8
98.4
97.8
97.9
156.8
155.5
156.8
157.7
158.5
156.6
157.1
158.2
151.2
152.3
153.4
155.2
152.5
153.6
155.0
156.2
112.5
113.8
114.5
115.2
165.9
167.1
169.0
170.6
165.6
166.9
168.7
170.4
98.1
97.9
98.1
98.2
97.9
97.8
98.0
98.1
158.2
158.3
160.2
161.7
159.4
159.5
161.5
163.3
156.7
157.7
159.0
160.3
157.2
158.4
160.0
161.4
114.8
115.0
115.2
116.4
116.0
116.4
116.9
118.2
172.3
174.5
176.4
178.0
172.1
174.0
175.4
177.0
98.4
98.7
99.1
99.0
98.2
98.4
98.5
98.4
163.1
164.0
164.4
167.3
164.8
165.9
166.3
169.3
161.4
162.6
163.4
164.6
162.7
164.1
165.2
166.2
116.8
116.7
117.4
118.5
118.5
119.3
179.1
180.4
181.7
178.3
179.3
180.4
99.2
100.3
100.4
98.8
99.8
99.7
167.0
168.0
169.1
168.8
169.6
170.5
165.3
165.8
167.2
167.1
167.5
168.9
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
197 7 = 100; ( uarterly c ata seasor ally adjus ted
n
m
IV
n
m
rv
n
m
IV
1986: I
n
mr....
Pe •cent chan ge; quarte rly data at seasonal] y adjusted annual rates
1978
1979
0.8
-1.2
1980
1981
1982
1983
1984
1.4
-.4
2.7
2.3
£
0.8
-1.6
5.8
2.0
6.0
1.9
4.9
3.2
5.1
3.5
8.5
9.7
8.6
9.5
0.8
-1.4
0.9
-1.6
7.6
11.1
7.7
11.2
7.3
9.0
7.0
8.9
-.4
1.0
-.6
3.3
1.8
-1.1
2.1
-3.1
4.2
8.1
-1.2
1.7
-3.3
4.9
8.0
-.8
.7
-2.8
1.5
5.7
-.7
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
4.0
-2.7
-1.0
1.6
1.0
-.1
2.7
-.9
1.5
1.1
-.3
10.9
7.7
8.3
1.5
1.8
11.0
8.3
8.4
1.1
2.1
9.0
9.6
5.9
3.3
3.5
9.7
9.7
6.3
3.5
3.2
2.6
4.3
4.0
.7
.4
3.2
3.5
2.9
3.3
4.5
5.1
2.9
3.4
1.5
2.6
2.4
3.0
1985
1.0
.5
3.3
1982: IV
3.0
2.4
5
39
6.1
-1.6
2.8
5.0
7.3
.8
1.3
4.9
11.7
5.9
10.4
6.3
13.4
8.5
9.8
1.0
5.3
7.7
7.3
1.2
5.7
7.6
8.4
3.9
2.6
1.6
5.3
4.4
2.3
2.0
4.4
3.7
-1.6
-2.6
1.1
4.1
1.9
-2.2
.1
.1
-3.3
3.3
2.4
-.6
-4.7
1.2
3.0
2.5
3.1
2.8
4.8
2.9
2.8
3.7
3.1
4.4
2.6
-.3
-.1
2.4
2.9
-.7
— .4
12.2
7.5
1.7
2.5
10.2
7.7
1.6
2.2
7.4
4.8
2.1
2.6
7.6
4.7
2.3
2.6
5.7
2.8
4.6
3.8
5.4
3.2
4.3
4.2
.5
-.8
.8
.1
.3
-.4
.4
.5
1.2
.2
5.0
3.9
3.0
.3
5.1
4.6
4.0
2.6
3.4
3.2
2.7
3.1
4.0
3.7
.9
2.7
3.4
-3.2
.3
1.8
2.2
-3.5
3.6
3.3
4.1
1.0
3.2
3.0
4.0
1.0
2.6
.6
.7
4.3
2.9
1.2
1.8
4.6
4.2
5.1
4.4
3.8
3.9
4.6
3.2
3.7
1.0
1.0
1.8
-.5
.7
.5
.7
3.3
2.4
1.0
7.2
3.6
2.7
1.0
7.4
2.7
3.0
1.9
3.0
3.2
3.4
2.6
2.4
3.3
.5
.2
4.3
.5
.2
4.7
.3
2.5
5.1
.6
3.0
1.4
-.2
2.3
.8
.1
2.8
2.5
2.8
2.9
3.1
2.3
2.3
1.0
4.5
.3
-.7
2.3
2.7
-1.2
1.8
2.2
1.8
1.2
3.4
2.3
1.0
3.3
1983: I
n
in
IV
1984: I
n
m
IV
1985: I
n
m
IV
1986: I
nr
m ....
1
3.0
-1.2
2.2
-3.4
-3.5
Output refers to gross domestic product originating in the sector in 1982 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plhm. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
2
16
4
-.6
1.6
4.0
2
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are hased on original data; they therefore may
differ slightly from percent changes hased on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production was unchanged in October, following a rise of 0.1 percent in September. The index for
October was 1.3 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
220
INDEX, 1977=100* (RATIO SCALE)
140
TOTAL INDUSTRIA L PRODUC riON
FINAL P RODUCTS
200
rx_~—
.,"—'
120
s*''
180
,^^
100
—
160
<
^
V
1 1 M i i 1 1 1 1 11 1 1 1 1 1 1 1 M
1 | | | | 1 1 1 1 T IM
1
M 1 1| 1 1 I 1 11
M 1 1M 1 M
r^\—
120
''~~J\
,''' /
-i'
-'-
100 ^^^^^^^^—
-^
120
,--—c
^^._^>'"" CONSUMER
_
GOODS
100
//
Illllllllll
t t 111 1111 M
1
iiiiihiiii
1 1 1 1 I 1i I 1M
,S
PER CENT*
^-| | 1 1 \ 1 1 t I 1 1l l l l l l l l l l 1
| | | II 1 M 1 I E1
M 1 1 1 1 1 1 11
1 I! 1 1 1 1 1 1 1 1
90 -MANUF/\CTURING CAPACITY UTILIZATIC N RATE
140
_ UTILITIE S ANDMINJING PROD UCTION
120
.~~. ^"^•^ ~"^^^
. |
„--
NONDURA 3LE
"^
BUSINESS
EQUIPMENT
s
.-'
X
ION
.
.-•- '"-
140
MANU ACTURINC; PRODUCT
DURABLE
-- — —— -^^faf ~x-C_
.3: ~
:
^—•j^j»i»-«^
DE FENSE AND
SPACE
EQUIPMENT -
.s^
UTILITIES
"X
,
"*~NO\_^
~^
100
in nllllll iiiiiliin i
1982
1983
•—-
80
s~*
\
f^"^^" Y<** A
>-'—^*y_
•''/^
\~'-Z/
|
—
70 ""^
\ "
^
— M1N1NGJ
| | ( 1111t M1
1 M 11 11 1 111
II 1 II 1 1 M 1 1
1984
1985
1986
60
| f t M 1 1 1 1 11
1982
Illllllllll
1983
M 1 M 1 1 II
t 1
1 f 1 1 1 1 1 1! 1 I
1985
1984
•SEASONALLY AD USTED
SOURCE: BOARD C}F GOVERNORS O THE FEDERAL RES RVE SYSTEM
1 I 1 E 11 11 M 1
1986
COUNCIL OF EC 3NOMIC ADVISERS
[Monthly data seasonally adjusted]
Total
indu trial
produ ction
Period
Index,
1977 = 100
1977'proportion
1978
1979
1980
1981
1982
1983
1984
1985
1985: Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July r
Aug r .
Sepf
Oct"
1
Output as percent of capacity.
100.0
106.5
110.7
108.6
111.0
103.1
109.2
121.4
123.8
123.6
124.8
125.6
126.2
125.3
123.6
124.7
124.2
124.2
124.9
125.1
125.2
125.2
Industry pro .uction indexe. , 1977 = 100
Capacity utilization
rate, p ?rcent *
Manufacturing
Percent
change
from year
earlier
6.5
3.9
1.9
2.2
-7.1
5.9
11.2
2.0
1.2
1.7
2.3
2.9
1.7
.2
1.2
.5
.5
1.2
.5
.8
1.3
Muling
Durable
Total
84.21
107.1
111.5
108.2
110.5
102.2
110.2
123.4
126.4
126.3
127.8
128.2
129.4
128.7
127.2
128.7
128.2
128.3
129.2
129.5
129.5
129.5
49.10
108.2
113.9
109.1
111.1
99.9
107.7
124.2
127.3
126.7
128.2
128.7
129.5
128.7
126.8
128.1
127.0
126.2
127.4
127.5
127.6
127.4
Utilities
Nondurable
35.11
105.5
108.2
107.0
109.7
105.5
113.7
122.3
125.1
125.8
127.2
127.5
129.3
128.7
127.7
129.6
129.9
131.2
131.7
132.4
132.2
132.4
9.83
103.6
106.4
112.4
117.5
109.3
102.9
111.1
108.8
106.9
106.9
107.4
108.1
105.1
103.0
101.0
99.8
98.9
97.1
96.8
95.8
95.6
5.96
103.1
105.9
107.3
107.1
104.8
105.2
110.7
111.9
111.8
111.9
114.8
112.5
109.7
109.3
109.4
108.5
108.6
109.7
108.3
111.1
112.1
Manufacturing
Industrial
materials
84.2
84.6
79.3
86.3
87.1
81.1
81.1
71.7
75.3
82.0
80.2
79.1
79.4
80.3
80.1
79.6
78.5
78.7
78.1
78.0
78.3
78.0
78.1
77.9
78.3
70.3
74.0
80.5
80.1
79.4
80.1
80.2
80.8
80.2
79.1
79.9
79.4
79.3
79.7
79.8
79.6
79.4
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
Internlediate pro( ucts
Final product s
G itnsumer go ads
]Equipment
Period
Defense
Total
Total
Durable
goods
Nondurable goods
18.63
104.5
105.4
108.1
109.3
108.3
113.3
120.1
122.9
19.25
110.3
120.4
124.7
129.9
120.2
121.7
139.6
145.4
14.34
112.2
124.7
125.1
127.6
113.6
115.4
134.2
139.6
123.5
125.3
126.3
126.6
125.8
125.3
127.7
128.1
128.1
128.4
128.6
128.1
128.1
144.9
147.0
146.4
138.3
140.8
140.0
141.5
140.5
137.7
138.6
137.9
136.6
137.9
139.2
139.7
139.6
1977 proportion
44.77
26.52
6.89
1978
1979
1980
1981
1982
1983
1984
1985
1985:
106.9
111.0
112.2
115.2
109.5
114.7
127.3
131.1
131.0
133.1
133.2
133.9
132.8
130.6
132.1
131.6
131.1
132.0
132.5
132.9
132.7
104.3
103.9
102.7
104.1
101.4
109.3
118.0
120.2
103.7
99.9
88.4
89.7
82.9
98.5
112.2
112.9
112.3
115.4
115.3
116.0
116.6
112.4
115.9
113.8
114.3
116.3
115.5
117.0
115.1
1986:
Get
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July r
Aug r
Sept r.
Oct"
1
120.5
122.7
123.3
123.8
123.3
121.8
124.5
124.3
124.4
125.2
125.1
125.1
124.6
and
Total '
147.5
145.4
142.3
142.3
141.2
140.0
141.0
142.4
143.1
143.5
Business
Total
space
equipment
3.67
101.2
105.6
115.4
119.8
133.0
143.1
156.4
170.6
174.8
177.2
178.5
178.7
176.3
176.2
178.0
178.0
178.4
179.5
181.0
182.4
183.6
12.94
106.9
110.8
106.9
107.3
101.7
111.2
124.7
130.0
131.2
131.8
132.0
134.2
133.4
133.3
134.5
135.1
137.0
137.3
137.8
137.2
137.7
Construction
supplies
5.95
106.9
108.7
100.6
98.6
88.3
100.6
114.0
118.3
120.2
120.5
119.8
124.0
122.6
122.6
123.6
123.5
124.1
124.0
125.1
124.8
125.2
Busi-
Total
Energy
42.28
11.69
105.9
110.3
105.3
107.7
96.7
102.8
114.2
114.2
113.4
113.9
115.4
101.1
104.1
105.5
104.7
101.2
98.4
103.9
103.4
supplies
6.99
106.9
112.7
112.3
114.7
113.1
120.3
133.8
140.0
140.5
141.5
142.4
142.9
142.6
142.5
143.8
145.0
147.9
148.6
148.7
147.7
115.5
114.8
113.3
113.8
113.0
113.1
113.6
113.2
113.5
113.5
101.5
101.8
104.5
103.0
102.1
101.4
100.4
100.5
100.8
99.9
98.3
98.9
98.5
Includes rigs and prefabs, not shown separately.
[1977=100; monthly data seasonally adjusted]
No ndurable inanufactui es
Durable ma nufactures
Transp*>rtation
equipment
Primary metals
Period
Total
1977 proportion
1978
1979
1980
1981
1982
1983
1984
1985
1985:
1986:
Oct
Nov
Dee
Jan
Feb
Mar
Apr
May
June
July r.
Aug r
Sept r
Oct"
5.33
107.0
108.5
90.4
95.0
65.8
73.0
82.3
80.5
81.9
82.9
81.7
82.4
80.3
76.3
78.1
74.8
71.4
73.6
73.4
72.8
73.7
Source: Board of Governors of the Federal Reserve System.
18
Iron and
steel
3.49
107.5
108.0
86.3
92.5
57.5
66.1
73.4
70.4
72.4
73.9
71.6
72.2
69.5
64.3
65.6
60.2
58.3
61.7
60.8
59.2
Fabricated
metal
products
6.46
105.7
109.4
101.8
101.6
86.6
89.1
102.6
107.3
107.9
107.6
108.2
109.2
108.5
107.6
108.2
106.5
106.6
105.7
105.8
105.9
106.0
Nonelectrical
machinery
9.54
111.7
122.6
123.3
129.8
115.6
118.3
141.8
145.3
141.7
144.8
146.2
144.9
143.9
141.7
140.8
141.3
140.4
142.6
143.0
141.3
142.0
Electrical
machinery
7.15
112.9
125.7
130.3
134.1
128.4
143.8
170.5
168.4
164.2
166.9
168.7
166.1
164.8
165.2
166.8
166.0
163.2
166.8
167.1
166.8
167.3
Total
9.13
106.3
108.3
96.9
95.1
87.6
99.2
112.2
121.4
123.3
124.8
124.0
128.2
127.5
122.6
126.2
124.1
125.1
125.6
125.1
127.8
125.2
Motor
vehicles
and
parts
5.25
104.6
95.9
71.1
71.6
66.8
85.8
104.4
111.5
111.4
112.6
111.4
116.5
116.4
108.1
112.6
108.7
110.6
111.2
108.2
112.3
107.2
Lumber
and
products
Appar-
el
products
3.30
2.79
102.4
102.0
92.9
90.1
82.8
100.2
109.1
113.4
116.2
115.0
116.1
120.5
120.3
120.7
121.3
121.6
120.9
120.8
123.1
103.1
98.3
97.3
96.1
87.3
95.3
102.7
100.9
102.1
103.8
104.5
105.5
102.8
102.8
103.1
102.6
101.7
102.5
102.2
103.0
Printing
and
publishing
Chemicals
and
products
4.54
107.8
112.7
115.1
118.6
120.2
129.8
146.5
153.9
154.5
156.8
157.6
160.9
156.7
157.8
161.6
161.9
164.0
165.4
165.0
164.0
164.5
106.8
111.4
106.4
112.6
103.8
114.0
121.6
127.1
127.3
128.2
128.1
131.7
132.0
130.2
132.8
131.5
134.2
134.1
134.4
134.7
8.05
Foods
7.96
104.3
106.7
111.4
113.7
114.9
120.4
126.9
130.2
129.4
131.5
132.1
132.0
132.9
132.2
133.1
133.7
134.6
134.3
135.4
134.8
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 3 /
Private
Total new
Period
construction
expenditures
Resi .ential
Total
Commercial
and
industrial z
New housing
Total i
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
1978
244.4
279.2
327.2
355.6
179.0
201.5
194.0
204.4
193.6
228.5
272.0
292.8
110.4
117.2
101.1
100.0
85.4
126.6
155.1
158.8
374.0
357.6
365.6
373.4
373.9
368.0
373.9
374.5
375.4
376.6
381.4
380.3
386.5
312.0
294.4
300.6
305.4
305.7
298.9
303.3
302.6
304.6
304.2
308.8
306.9
312.8
174.8
158.2
161.8
163.4
164.7
165.6
170.5
172.5
174.5
174.3
176.5
176.4
178.7
224.7
250.3
249.0
257.8
1979
1980
1981
1982
1983
1984
1985
1985: Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug '
Sept r
Oct"
86.2
90.1
70.4
70.2
57.7
95.7
115.1
116.0
30.7
42.0
46.7
55.0
58.7
53.8
68.6
82.7
37.9
42.3
46.2
49.4
49.5
48.1
48.2
51.3
45.6
48.8
55.0
84.1
85.0
88.2
88.4
87.5
81.4
81.8
78.7
78,3
79.2
81.2
79.6
81.2
53.0
51.2
50.6
53.5
53.5
51.8
51.0
51.3
51.8
50.8
51.1
50.9
52.9
62.1
63.2
64.9
68.0
68.3
69.2
70.6
71.9
70.8
72.4
72.5
73.3
73.7
114.0
121.0
108.0
112.0
111.0
138.0
53.3
50.8
50.7
55.2
62.8
150.0
161.0
690
756
955
1,064
Annual rates
Annual rates
117.2
117.5
118.7
122.8
124.7
126.5
129.4
132.4
135.2
137.0
138.0
138.4
141.2
1
Includes the following categories of private construction not shown separately; residential improvements, railroads, electric light and power, gas, petroleum pipelines, and farm nonresidential.
2
Includes hotels and motels.
977
1,059
904
919
168
162
162
154
174
163
186
171
169
171
168
158
170
1,104
1,111
951
848
941
840
1,011
921
911
877
949
970
861
3
F, W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, P. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New priv ate homes
New private housing units
Period
Units started, by type of structure
Total
1978
1979
1980
1981
1982
1983
1984
1985
1 unit
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
1,653
1,784
1,654
1,882
2,034
2,001
1,960
2,019
1,853
1,852
1,782
1,795
1,652
1,648
1,006
1,118
1,006
1,098
1,335
1,202
1,221
1,242
1,241
1,230
1,137
1,186
1,100
1,106
2-4 units
5 or more units
125.0
122.0
109.5
91.1
80.0
113.5
121.4
462.0
429.0
93.4
330.5
287.7
319.6
522.0
544.0
576.1
Units
authorized
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
Units
completed
Homes sold
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
817
709
545
436
412
623
1,778
1,541
1,721
1,762
1,778
1,725
1,806
1,693
1,829
1,620
r
1,761
1,769
1,730
681
637
722
729
639
688
Vacancy rate
Homes for
sale at end of
period *
3
414
398
336
272
251
300
356
349
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: Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug '
Sept '
Oct*
85
80
76
83
107
115
84
79
83
80
81
89
56
80
562
586
572
701
1,846
1,703
1,668
1,839
592
684
655
698
529
542
564
520
496
462
1,861
1,808
1,834
1,885
1,788
1,792
1,759
1,673
1,603
1,565
1
Seasonally adjusted.
Quarterly data entered in last month of quarter. I
with earlier data.
3
New series beginning March 1979.
2
tginning 1979 not strictly comparable
735
741
924
880
787
722
695
624
690
350
353
353
349
352
352
338
336
336
340
349
354
357
6.8
6.7
6.9
7.3
7.5
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 2.9 percent in September and inventories fell $2.0 billion. According to
advance data, retail sales fell 5.0 percent in October following an increase of 5.3 percent in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
600
200
190 —
_
500 "
^C
"
400
ff*
170 160
150 —
. -
^'
130
-'-r"
\
W ANUFACTUF ING
A ND TRADE S ALES
:*-—-->,.,
-
•
—_—
1
"~1
MA NUFACTURIr-4G AND
Tl ADE INVENT ORIES
450
350
.
300
—
\
-~
•\
-- '""'\ "'
— N./
90 -.'^--'"
250
/-r
,"•
/-^ R ETAIL INVEN TORIES
•
110
-
-n
RETAIL SAL
;s
-•'''
—
70
1 1111 | 11 1 ! 1
1 1M 1 111 ! t 1
1 [ 1 It 1 1 1 1 I I
1 1 1M 111 1 11
1 1 111 1!i: M
RATIC *
200
1.80
- INVENTORY-SALES RATIO
1.60
150 -
-
1.40
^^,
\—.
RETA L
^
r--. .
1 I1 I 11 M 1 1 1 M 1 1 1 t 1 1 1 11
1 M 111111t 1
1 1 1 1 1 1 1 M 11
1984
1985
1983
1982
1.00
M I 1 | | 1 M II
<KU||MM
Mlllllllll
1986
1983
1982
1984
Sales
Inventories 3
1985
1 1 1 1 1 1 1 1 1 17
1986
COUNCIL OF ECONOMIC ADVISERS
Inventory-s ales ratio 4
Re tail
Wholesaie
Inventories 3
Sales 2
Period
2
_
MANUFACTURI MG
AND TRADE
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufact iring and
trax e 1
/-* ,'~*^—^
-•«... ,'—^
1.20
100.,
-
Sales
2
Inventories
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
Retail
Millions of dollars, seasonally idjusted
1978
1979
1980
1981
1982
1983
1984
1985
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
Sept r
Oct
Nov
Dec
427,201
""425,834
431,326
432,797
579,519
581,516
582,381
583,148
114,473
113,675
115,762
116,852
134,496
134,810
134,831
135,940
1986: Jan
Feb
Mar
Apr
May
June
July
Aug '
Sept"
Get"
431,713
426,854
420,230
428,455
421,613
425,475
427,473
429,310
441,584
584,968
585,176
588,178
588,599
586,727
588,908
591,895
590,141
588,137
115,648
113,380
112,495
114,608
109,870
112,873
114,375
114,482
117,300
136,624
136,561
137,056
137,083
137,506
138,793
139,753
139,742
139,907
1985:
1
2
3
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
r
118,499
114,930
115,433
116,861
117,349
117,200
116,684
117,715
118,675
118,960
119,804
121,523
r
128,003
121,587
43,863
49,397
55,049
59,688
61,279
64,817
68,939
71,645
102,694
111,098
116,346
127,201
126,497
139,381
157,845
165,324
50,136
54,108
55,117
60,327
58,952
66,928
77,142
82,875
52,558
56,990
61,229
66,874
67,545
72,453
80,703
82,449
1.44
1.43
1.45
1.44
1.51
1.38
1.34
1.37
1.43
1.44
1.42
1.41
1.41
1.34
1.39
1.40
72,381
72,398
72,802
72,979
160,993
164,262
165,557
165,324
79,274
81,668
83,056
82,875
81,719
82,594
82,501
82,449
1.36
1.37
1.35
1.35
1.36
1.43
1.43
1.41
73,162
73,251
73,405
72,841
73,121
73,364
73,492
73,611
r
73, 487
73,679
167,987
169,379
171,551
172,158
170,869
171,705
173,529
172,926
171,656
84,755
85,863
88,132
88,263
87,198
88,281
90,271
89,380
86,810
83,232
83,516
83,419
83,895
83,671
83,424
83,258
83,546
84,846
1.35
1.37
1.40
1.37
1.39
1.38
1.38
1.37
' 1.33
1.43
1.45
1.47
1.46
1.44
1.44
1.45
1.42
1.34
23,368
25,529
24,914
27,089
28,059
33,041
38,817
42,851
67,231
74,926
79,963
86,777
89,339
97,858
107,755
114,495
r
46,118
42,532
42,631
43,882
44,187
43,949
43,279
44,874
45,554
45,596
46,312
47,912
r
54,516
47,908
r
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
In September, manufacturers' shipments and orders rose and inventories fell. In October, according to advance
data, durable goods shipments rose and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200 ,
SHIPME NTS
•*^_—
-^
_^o
160
120
—
1
360
320 —
740
—
TOTAL
200
-_..
i~ - .-'-..s_.["-•'
—
^-^\—"^i
•——
280
DU RABLE GOOC>S
80- ,
INVENlTORIES
-
_-'~':
NOh>(DURABLE G JODS
•—
•
~"\" "
.
DU (ABLE GOO 35
^
- - - _ . . _ - -,_
"V"
NONDURABLE GC3ODS
U i n l i i in
40
BILLIONS OF DOLLARS* (RATIO SCALE)
r~^~
NEWO RDERS
00
----r--'"
^ ^-'
60
n ,i,l,,,,,
_,=»•*•—"
'~~-j
-~-
-\-
.. .V--..
"
,,,,,,
,,,,,!,,,,,
-
-,
NON )URABLE GC ODS
1 ! I I 1 1 t 1 ! 1 1 I [ 1 | ! 1 1 ! ! MM
40
::iiilii,n
INVENTORY-SHIPMENTS RATIO
DU RABLE GOO IS
s~
*
, l t t t l ! f , t
— TOTAL —
1983
1982
1984
1 1 ;1 : 1 Mi
M 1 Tt 1 ! 1 1 M
1986
1986
1985
"SEASONALLY ADJUSTED
COUNOL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Manufa cturers' shiprnents l
It Manufacturers new orders i
Manufa*3turers' inven tones 2
Durabl l goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
M llions of do lars, seaso lally 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: Oct
Nov
Dec
197,229
200,131
199,084
106,479
107,007
105,777
90,750
93,124
93,307
282,444
281,993
281,884
190,508
190,284
189,164
91,936
91,709
92,720
195,381
196,865
201,213
104,495
103,796
107,531
27,092
25,788
30,566
90,886
93,069
93,682
364,946
361,680
363,809
1.43
1.41
1.42
1986: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept"
Oct"
198,716
196,274
191,051
196,132
193,068
193,642
193,294
193,305
196,281
105,631
105,545
102,693
106,592
103,672
104,553
104,980
104,154
r
106,027
106,740
93,085
90,729
88,358
89,540
89,396
89,089
88,314
89,151
90,254
280,357
279,236
279,571
279,358
278,352
278,410
278,613
277,473
276,574
188,518
187,644
188,333
188,031
187,637
187,148
186,858
186,045
186,102
91,839
91,592
91,238
91,327
90,715
91,262
91,755
91,428
90,472
201,133
198,559
192,996
193,151
192,122
191,795
194,560
192,836
199,399
108,194
107,545
104,682
103,747
102,624
102,730
106,220
103,845
r
108,723
102,233
24,288
28,637
26,540
26,179
26,145
26,421
27,387
26,325
r
28,222
26,130
92,939
91,014
88,314
89,404
89,498
89,065
88,340
88,991
90,676
366,226
368,511
370,456
367,475
366,529
364,682
365,948
365,479
368,597
1.41
1.42
1.46
1.42
1.44
1.44
1.44
1.44
1.41
1
2
3
Monthly average for year and total for month. Shipments are the same as sal
Book value, end of period.
End of period.
4
For annual periods, ratio of weighted average inventories to average monthly shipments; for
monthly data, ratio of inventories at end of month to shipments for month.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In October, the producer price index for all finished goods rose 0.3 percent, seasonally adjusted. The index for
finished consumer foods rose 0.9 percent while the index for other finished consumer goods was unchanged. The
index for capital equipment rose 0.5 percent.
INDEX, 1967=100 (RATIO SCALE)
J40
INDEX, 1967 =100 (RATIO SCALE)
340
bEASONAUV ADJUSTS D
FINISHED GOODS
320
C<.3NSUMER GOCDOS
E)(CLUDING FOC)DS
300
280
\
'^
/
^
I-^l^-—'
"^" ^f***^
r7
^
_'•>
t'
N
\
180
wn
240
L>''~!
-• ' //''
/*
220
tf''
7 /
'"'
J
t'"'^ /
i s\S
,•
/
300
260
~ CONSUMER HOOUb
/' )\CAPITALEQ JIPMENT
^
''
f's
/
"
""
ip. <«^'
.-/
x/cx
r j
/
'\J
//^_,-''
260
r"
\
\ *^ /~t
s ^ / ~>
. .y«-~£J3
--,.•_,
^/
v
_^'^
TO "AL FINISHED
GOODS
ff
200
.'~'
[j-rmiini
1978
IMI ,
I l l l l l l l II
Illllll III I l l l l l l l l l
1980
1979
1982
1981
I l l l l l l l II
1 Illllllll
1983
1984
180
Ill M i l 1
1985
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF IABOR
[1967 = 100; monthly data seasonally adjusted]
Intern ediate ma terials
Pirn shed goods
Pinished goc ds excluding consumer foo(Is
Period
Total
finished
goods
Consumer
foods
Total
Foods
and
feeds '
Other
Total
Foodstuffs
and
feedstuffs
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
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
Total
finished
Consumer gc ods
Nondurable
Capital
equipment
Total
Total
Durable
Cnide matenals
consumer
goods
1978
1979
1980
1981
1982
1983
1984
1985
195.9
217.7
247.0
269.8
280.7
285.2
291.1
293.7
207.2
226.2
239.5
253.6
259.3
261.8
273.3
271.2
190.7
213.3
247.8
273.3
285.8
290.8
294.8
299.0
186.7
211.5
250.8
276.5
287.8
291.4
294.1
297.3
166.9
183.2
206.2
218.6
226.7
233.1
236.8
241.5
200.0
231.3
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
194.9
217.9
248.9
271.3
281.0
284.6
290.3
291.8
215.6
242.2
280.3
306.0
310.4
312.3
320.0
318.7
1985: Get
Nov
Dec
294.4
296.4
298.3
270.8
273.7
276.5
300.1
301.7
303.3
298.0
300.0
301.9
243.0
243.8
243.6
339.3
342.3
346.0
302.7
303.4
303.8
292.1
294.5
296.7
317.5
318.6
319.9
229.4
232.3
233.9
324.0
325.0
326.2
302.2
308.0
307.0
231.0
240.8
239.7
455.4
453.1
452.4
1986: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
296.1
291.3
288.5
287.0
288.5
288.8
287.3
288.2
289.3
290.3
274.9
270.3
270.7
271.1
274.7
274.6
279.9
283.6
283.1
285.7
300.9
296.1
292.2
290.0
290.7
291.2
287.2
287.0
288.8
289.2
298.8
291.8
286.0
282.5
283.4
283.8
278.1
277.7
279.8
279.7
242.3
242.9
243.7
245.9
245.5
246.1
246.5
246.7
248.2
251.6
341.3
328.7
317.9
310.1
312.1
312.3
301.9
301.1
303.6
301.0
303.3
303.7
304.3
305.3
305.4
306.0
306.3
306.6
307.7
309.2
294.1
287.8
284.1
281.9
283.7
283.9
281.9
282.9
284.1
285.0
318.4
313.8
310.1
307.1
306.2
306.1
304.4
304.2
305.8
304.9
232.8
229.5
229.0
227.1
228.6
228.4
228.9
231.9
232.8
231.0
324.7
320.0
316.1
312.9
311.9
311.8
310.0
309.5
311.2
310.4
302.9
286.6
280.2
270.7
276.4
275.0
276.4
275.9
277.3
281.8
233.8
225.4
223.3
216.3
225.8
224.2
230.8
236.5
234.7
240.8
451.8
418.7
403.1
388.4
386.0
385.2
375.1
360.9
369.3
370.0
1
r
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In October, the consumer price index for all urban consumers rose 0.2 percent, seasonally adjusted (0.1 percent not
seasonally adjusted). The index was 1.5 percent above its year-earlier level.
INDEX, 1967= 100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
340
340
320
320
300
300
280
280
260
260
240
240
220
220
200
200
I I II I I
180
1979
1978
II I I I I I I I
1980
I I II
HIM 180
1983
1982
1981
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]
Hou sing
Tr ansportation
She Her
Period
All
items 1
Total a
Renters'
1982 = 100)
Homeowners'
costs (Dec.
1982=100)
NSA
Rel. imp.3
1978
1979
1980
1981
1982
1983
1984
1985
1985: Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
1
100.0
195.4
217.4
246.8
272.4
289.1
298.4
311.1
322.2
325.5
326.6
327.4
328.4
327.5
326.0
325.3
326.3
327.9
328.0
328.6
330.2
330.5
Apparupkeep
Total '
New
cars
Motor
fuel
5.0
159.6
166.6
178.4
186.9
191.8
196.5
200.2
206.0
207.7
208.4
208.3
207.7
206.6
206.3
206.9
206.5
205.8
206.2
207.7
209.4
209.9
21.4
185.5
212.0
249.7
280.0
291.5
298.4
311.7
319.9
320.5
322.6
323.9
325.5
320.9
311.8
304.0
304.9
307.4
303.6
300.8
302.0
302.3
3.4
153.8
166.0
179.3
190.2
197.6
202.6
208.5
215.2
217.0
217.7
218.4
218.6
219.5
219.9
221.2
223.0
224.4
225.2
225.8
226.3
228.0
5.5
196.3
265.6
Medical
care
Ener-
gy 2
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
311.1
313.2
315.2
315.9
313.8
314.1
315.0
316.4
316.7
319.5
322.5
323.9
325.0
37.9
202.8
227.6
263.3
293.5
314.7
323.1
336.5
349.9
353.3
355.2
356.2
357.1
356.8
357.5
358.5
358.2
360.1
360.2
361.1
361.9
361.8
22.3
210.4
239.7
281.7
314.7
337.0
344.8
361.7
382.0
387.9
390.5
391.9
393.3
394.8
397.3
400.7
401.0
401.8
403.6
404.8
406.7
408.3
7.3
103.0
108.6
115.4
117.5
118.2
118.5
118.8
119.2
119.8
121.1
121.2
121.7
122.5
122.7
123.2
123.6
14.4
102.5
107.3
113.1
114.9
115.7
116.2
116.6
117.0
118.0
118.9
119.1
119.1
119.6
119.9
120.6
121.1
Includes items not shown separately.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
3
Relative importance, December 1985.
2
Fuel
Mainteand
nance
other
and
repairs utilities
0.5
233.0
256.4
285.7
314.4
334.1
346.3
359.2
368.9
368.5
372.7
373.7
379.1
379.6
367.5
367.6
367.1
366.6
369.2
376.4
376.2
379.0
8.1
216.0
239.3
278.6
319.2
350.8
370.3
387.3
393.6
393.7
395.4
396.5
397.2
392.4
388.4
385.7
382.3
388.9
383.4
383.6
381.8
377.1
369.1
410.9
389.4
376.4
370.7
373.8
374.3
377.4
379.4
380.1
357.2
314.8
279.5
286.4
295.0
275.5
262.7
269.2
262.9
6.5
219.4
239.7
265.9
294.5
328.7
357.3
379.5
403.1
410.9
413.0
415.7
417.5
420.4
424.5
427.2
429.8
432.8
435.0
437.4
440.1
442.6
11.3
220.4
275.9
361.1
410.0
416.1
419.3
423.6
426.5
425.8
428.4
430.3
430.8
414.3
387.5
365.2
366.2
374.8
359.6
352.7
355.0
347.3
48.0
179.1
191.5
208.3
228.1
245.6
258.4
271.2
281.6
284.1
285.4
286.2
287.5
288.0
288.6
289.1
289.4
290.4
291.3
292.1
292.7
293.9
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Chs nge from pr seeding perk d
Change from 3 month s earlier, ann aal rate
Change from 6 month s earlier, ann lal rate
Constim r goods
Consume r goods
Consum r goods
r
Period
Total
finished
goods
Excluding foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha ige, Dec. o Dec., N 3A
1978
1979
1980
1981
1982
1983
1984
1985
9.2
12.8
11.8
7.1
3.7
.6
1.7
1.8
11.7
7.4
7.5
8.5
17.5
1.4
8.5
4.2
-.8
.8
2.0
2.1
2.3
3.5
.5
7.8
7.9
11.1
8.8
11.4
9.2
3.9
1.9
1.8
2.7
14.2
13.5
9.2
4.0
1.6
2.1
.9
Oh ange, mon th to mont b
1985:
Oct
NOT
Dec
1988:
Jan
Fob
Mar
Apr
May
June r
July '
Aug
Sept '
Oct
0.9
.7
.6
1.7
1.1
1.0
0.6
1.0
0.1
.7
2
.1
4.2
9.2
-0.1
7.2
16.0
— .7
-1.6
-1.0
-.5
.5
.1
-.5
.3
-.6
-1.7
.1
.1
1.3
-.0
1.9
1.3
-.2
.9
-1.0
-2.3
-2.0
— 1.2
.3
.1
o
2.3
-6.7
-12.5
-11.7
-3.8
.4
.4
-.4
.7
4.2
6.2
-4.9
-8.1
-5.4
6.7
5.9
13.6
13.6
13.0
8.5
.4
.3
.6
.1
.2
.3
.0
_2
.1
.1
-2.0
1
.8
-.0
.4
.5
2.8
5.6
0.6
1.5
3.2
0
3.8
6.1
0.3
3.4
7.8
1.1
-10.5
-19.5
-20.1
-11.0
-3.0
-6.1
-7.8
-5.5
2.3
.8
.4
.7
2.7
2.3
2.3
1.3
1.6
2.2
3.8
1.2
-1.4
-2.2
-5.0
-5.3
-6.3
-5.9
-2.1
•
.6
2.3
3.0
1.0
3.3
.2
.7
— 1.4
3.7
10.1
9.4
11.1
.3
-0.5
2.7
2.1
2.3
2
2.4
2.3
1.7
1.6
3.1
1.7
1.3
1.5
2.0
1.9
2.2
2.6
-3.8
-6.8
-10.1
-10.8
-11.6
-13.4
-9.4
-4.3
-2.0
1.1
1.4
1.8
1.3
-.2
-1.4
-2.0
-1.8
-1.6
-2.3
-1.8
-.9
-1.4
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]
Tr nsportati an
Housing
Period
All
items *
Fuel
and
Food
Total '
Total '
pare!
and
Total '
Renters'
costs
costs
utilities
New
Adden [um: All iterns, percent hange
(annw rate)
All
Ap-
Shelter
Motor
Medical
cars
Energy2
items
less
food,
From
previ-
and
shelter
From
3
months
earlier
6
months
earlier
From
year
earlier
NSA
c lange, December
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
:o.2
10.2
4.3
3.1
2.6
3.8
2.7
9.9
15,2
13.7
10.2
3.6
3.5
4.2
4.3
11.5
17.4
15.1
9.9
2.4
4.7
5.2
6.0
5.1
5.9
6.3
4.5
5.1
5.9
5.9
16.0
13.6
14.5
9.7
1.8
4.2
1.9
to Dec mber, Is SA
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
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
0.4
.3
.3
-0.2
8.8
10.1
10.0
12.5
11.0
6.4
6.1
6.7
8.0
37.4
18.1
11.9
1.3
— .5
.2
1.8
6.5
7.7
7.2
9.9
9.4
6.1
5.0
4.4
3.7
11.3
13.5
10.4
6.1
3.2
4.3
3.6
Cha nge, mo nth to nlonth
1885:
198S:
Oct
Nov
Dec
0.4
.6
.4
0.1
.7
.6
0.3
.5
.3
0.5
.7
.4
0.7
.6
.3
0.3
.7
.4
Jan
Feb
Mar
.3
-.4
2
-.7
.1
.3
.4
.1
.9
.9
.4
.3
.3
-.1
.4
.4
.6
.9
,1
.3
.3
.5
1.1
.1
.4
_7
2
.4
.3
.3
.3
.9
.8
_2
Apr
May
June
July
Aug
Sent
Oct
-.4
-.3
.2
.0
.0
.2
.3
_2
1
.2
.3
-.1
.5
.0
2
2
-.0
2
.4
.3
.5
.4
0
.4
.3
.6
.4
-0.2
.4
.3
.2
-1.2
-1.0
— .7
-.9
1.7
-1.4
.1
-.5
-1.2
0.4
.3
-.0
24
.4
.5
-.3
-.5
-.1
.3
-1.4
-2.8
-.3
.3
.8
-1.2
-.9
2
.2
.7
.8
.2
Includes items not shown separately.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
3
Quarterly changes are shown in the last month of the quarter.
2
0.4
.7
-2.5
.4
.1
.8
.5
0.5
.5
.7
2
.1
.4 -6.0
.2 -11.9
.6 -11.2
2.5
.8
3.0
.6
.4 -6.6
.3 -4.6
2
2.5
.8 -2.3
.4
.7
1.0
.6
.6
.7
.5
.6
.6
.6
-0.2
.6
.4
.1
-3.8
-6.5
-5.8
.3
2.3
-4.1
-1.9
.7
— 2.2
0.5
.5
.3
.5
.2
.2
.2
.1
.3
.3
.3
.2
.4
4.3
1.5
-1.7
2.6
3.1
4.5
5.3
2.9
3.6
3.8
3.2
3.6
3.8
5.1
1.2
-1.9
-4.3
-2.1
1.5
2.7
2.7
2.2
2.7
4.1
2.9
1.6
.3
-.4
-.2
-.8
.3
1.8
2.7
3.9
3.2
2.3
1.6
1.6
1.7
1.6
1.6
1.8
1.5
NOTE.—Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparab.e with data for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in November rose 3.3 percent from their October level. Prices paid by farmers in
October (the latest data available) fell 0.6 percent from their July level.
INDEX, 1977 =100 (RATIO SCALE)
INDEX, 1977 = 100 (RATIO SCALE)
180
—
PRIC ES PAID
160
i
\
^
140
A
120
kvl
V.
/•"""Vx^,
.---''""'
—
_~^
,
180
---.
140
\_
^\/-^-^AV/
-^F'RICES RECEIVE D
120
—
—
80
1 11 11i 11 1n
60
II 1 II 1 II I II I l l l l l l l 1 II H I M | H I M 1 1 II 1 1 1 II 1 1 |l 1 1 1 1 1 1 1 1 1
1 1 11 1111111 11111111111
1 II 1 1 1 1 1 1 1 1
60
RA TIO^
RATI D^
140
140
120
120
. RATIO .
100
100
80
80
60
11 mm in
1978
1979
mm
1981
1980
1982
1985
1984
1983
60
1986
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Pri
Period
1978
1979
1980
1981
1982
1983
1984
1985
1985:
1986:
All farm
products
Nov
Dec
Jan
Peb
Mar
Apr
May
June
July
Aug
Sept r.
Oct
Nov
1
Livestock and
products
Crops
115
132
134
139
133
135
142
128
127
128
124
122
122
121
123
121
125
125
122
121
125
P rices
es received by farm ers
105
116
125
134
121
128
139
120
114
118
113
111
111
114
114
109
105
101
97
97
103
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
ind wage rates.
3
Not available.
2
124
147
144
143
145
141
146
136
138
137
135
133
132
127
131
133
143
149
146
145
145
4
paid by farmer s
All commodities,
sen-ices,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
108
123
109
138
151
157
161
164
163
162
162
163
163
(3)
161
(3)
(3)
161
(3)
(3)
160
(3)
125
139
151
156
159
161
157
155
155
156
155
(3)
153
(3)
(3)
153
(3)
(3)
152
(3)
Ratio
Production
Hems
108
125
138
148
150
153
155
151
149
149
150
149
(3)
146
(3)
(3)
145
(3)
(3)
143
(3)
z
106
107
97
92
85
84
86
79
78
79
76
75
75
75
76
75
78
78
76
76
*78
Derived using prices paid index for October.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In October, growth in Ml and M2 accelerated, while growth in M3 slowed a little.
BILLIO ^IS OF DOLLAR S'fRATIO SCA E)
B LLIONS OF DC LLARS*(RATIO SCALE)
3,600
— 3,600
3,200
.
2,800
•
T
^---^~~—
I^=j
2,400
_____^
2,000
_—--""
^_ - -
1
_
2,400
~-~~~
2,000
M2
1,600
[.'-'"\
1,200
1,200
800
800
700 —
^—
600
—-^~
400
Illllllllll [ i i n h n i !
1978
700
600
^-—'
500 —
300
3,200
~"
-~~
1,600
-"--"
•"""
-_,.,--
'- """I
Z
^~-^" — 2,800
r^^"
Ml
— 500
k^-"""" 1
400
iiiiiiiiiii
300
1979
I I M l l l l l l l Illllllllll I I M l l l l l l l Illllllllll I l l l l l l l l l l IIMlllllll
1982
1983
1986
1984
1985
1981
1
1980
AVERAGES OF DAILY FIGURES: SEASONAL V ADJUSTED
OURCE BOARD OF G OVERNORS OF THE FE DERAL RESERVE SYSTE
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
Period
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July 7 ;
Aug r
Sept r
Oct".
M2
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
EPs and
Eurodollars,
MMMP balances
(general purpose
and broker/dealer),
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMP balances
363.0
388.7
414.2
441.1
479.9
527.1
558.5
626.6
614.2
620.1
626.6
1,388.9
1,497.5
1,630.3
1,792.8
1,952.6
2,186.0
2,373.8
2,566.5
2,538.9
2,551.4
2,566.5
1,646.4
1,803.2
1,987.4
2,233.6
2,443.5
2,697.3
2,986.5
3,201.2
627.2
631.0
638.4
646.1
658.7
666.8
676.0
687.6
693.1
701.2
2,569.9
2,577.7
2,592.4
2,622.1
2,649.6
2,670.6
2,698.9
2,723.8
2,740.2
2,764.8
3,224.5
3,241.5
3,262.5
3,293.7
3,315.3
3,338.9
3,375.2
3,400.2
3,424.8
3,444.2
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
26
L
M3
3,165.8
3,181.3
3,201.2
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
3,839.5
3,762.8
3,800.5
3,839.5
3,862.2
3,881.2
3,895.0
3,918.3
3,950.5
' 3,972.9
4,003.1
4,031.2
4,061.9
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
3,172.6
3,556.6
3,898.6
4,278.1
4,662.3
5,197.6
5,950.3
6,769.0
' 6,560.9
6,643.5
6,769.0
r
6,867.6
6,911.2
6,954.7
r
7,012.0
r
7,078.9
r
7, 145.1
7,209.3
7,284.5
7,353.9
r
r
Perce nt change from year or 6
months aarlier 2
Ml
8.3
7.1
6.6
6.5
8.8
9.8
6.0
12.2
13.8
13.3
12.4
10.7
8.9
9.0
10.7
12.8
13.2
16.2
18.7
17.9
17.8
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
8.8
8.3
7.2
6.0
5.0
5.0
6.7
7.8
8.3
10.3
11.7
11.7
11.2
M3
11.8
9.5
10.2
12.4
9.4
10.4
10.7
7.2
7.6
7.4
6.8
7.3
7.2
7.2
8.3
8.6
8.8
9.6
10.0
10.2
9.3
Debt
13.3
12.1
9.6
9.7
9.0
11.5
14.5
13.8
12.8
13.1
14.9
15.8
14.9
14.4
14.2
r
!3.5
11.4
10.2
11.1
11.8
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Period
Demand
deposits
Currency
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1978: Dec
1979: Dec
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1985:
Oct
Nov
Dec
1986:
Jan
Feb
Mar
Apr
May
June
July r
Aug r
Sepf
Oct"
Money market
mutua fund
bala nces
General
purpose
and
broker/
dealer
NSA
Institution
only
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits '
NSA
NSA
265.3
234.6
237.9
148.3 242.7
158.5 248.4
170.6 271.5
8.5
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
70.3
6.4
33.4
61.6
150.6
185.2
138.2
167.5
176.5
3.1
9.5
15.2
38.0
51.1
43.2
62.7
64.6
0.0
.0
.0
.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
168.7 266.0
169.8 267.8
170.6 271.5
173.7
176.7
178.6
65.2
66.4
70.3
177.0
176.8
176.5
63.3
64.5
64.6
504.1
509.5
512.0
302.3
303.7
303.6
268.9
269.2
273.2
275.7
281.6
284.9
288.3
291.8
292.2
293.2
180.5
183.1
185.3
189.9
195.1
199.0
203.8
210.4
214.8
220.4
68.9
68.5
67.6
68.5
69.0
66.2
71.7
74.0
72.1
76.5
177.7
181.0
186.2
191.4
193.2
197.3
199.7
200.5
202.2
206.7
67.3
67.7
70.2
74.1
76.1
75.0
77.5
80.8
84.4
84.5
515.7
516.3
520.5
525.2
530.8
540.4
546.1
553.1
558.3
563.8
304.0
304.9
306.9
311.4
318.5
325.0
331.2
337.6
344.4
353.8
97.6
106.4
116.7
124.1
134.3
171.9
172.9
173.9
174.4
175.8
176.7
177.5
179.0
179.7
181.2
253.5
261.1
Large
denomination
time
deposits 1
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
Term
repurchase
agreements
(EPs)
Term
Eurodollars
(net)
NSA
NSA
av
Sav-
, m £?
Shortterm
Treasury
securities
Bankers'
Commercia
acceptances
P r
301.8
327.8
329.9
413.9
436.5
26.6
29.5
34.0
36.0
34.5
51.8
62.2
66.0
31.8
44.7
50.3
67.5
81.7
91.5
83.1
76.7
80.3
79.6
72.3
67.8
68.0
71.2
74.3
79.5
133.4
149.6
184.4
214.9
266.0
308.4
44.3
44.5
43.6
41.1
79.2
97.0
98.1
102.8
109.9
135.6
161.8
209.5
875.7
876.0
880.3
429.8
432.9
436.5
59.8
63.3
66.0
78.2
78.4
76.7
78.5
79.0
79.5
282.1
300.7
308.4
43.9
43.1
41.1
192.5
196.4
209.5
885.9
891.0
894.7
895.9
891.2
885.6
883.7
877.2
871.3
862.1
447.9
451.3
450.5
452.1
446.4
445.1
445.9
448.0
447.3
443.4
68.8
70.6
71.6
71.5
74.2
75.5
75.2
75.8
78.4
78.5
76.0
79.2
82.7
81.5
79.8
80.1
78.8
78.2
80.7
77.5
79.9 305.5
80.5 307.7
81.1 300.2
81.8 298.8
82.6 305.7
83.4 '299.6
84.3 292.0
85.3 289.1
86.4 290.8
41.6
42.4
41.7
41.0
40.1
40.3
39.4
37.2
37.2
210.6
209.2
209.5
203.0
206.7
210.6
212.3
219.3
222.7
195.1
222.1
259.0
81.1
107.8
22.0
27.2
32.1
39.9
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 outstandir> g '
Ins tallment credit onts landing (end of perio »
Period
Total
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept"
187,782
221,475
261,976
296,483
297,667
314,321
327,173
376,239
453,580
535,098
516,420
522,978
528,621
535,098
542,753
547,852
550,939
555,810
562,267
567,652
573,216
576,610
584,977
1
For year-end data, change from preceding year-end; for monthly
month.
Automobile
Revolving
66,821
80,948
16,595
36,689
45,202
53,357
54,894
60,750
66,007
78,369
98,514
118,296
113,850
115,218
117,050
118,296
119,682
120,724
122,131
123,442
124,545
124,721
125,577
125,915
126,426
98,739
112,475
112,255
120,020
125,369
145,908
173,122
206,482
198,656
201,994
203,766
206,482
210,661
213,342
214,361
215,814
218,965
222,606
226,235
228,813
236,551
data, change fr- om
preceding
Mobile
home
15,738
16,362
16,921
18,207
19,119
20,382
20,998
22,194
24,184
25,461
25,341
25,320
25,315
25,461
25,371
25,573
25,584
25,513
25,561
25,480
25,398
25,215
24,949
Other
88,628
87,476
101,114
112,444
111,399
113,169
114,799
129,768
157,760
184,859
178,573
180,446
182,490
184,859
187,039
188,212
188,863
191,041
193,196
194,847
196,007
196,665
197,050
Total
20,739
33,693
40,501
34,507
1,184
16,654
12,852
49,066
77,341
81,518
10,330
6,558
5,643
6,477
7,655
5,099
3,087
4,871
6,457
5,386
5,564
3,393
8,367
Automobile
9,832
14,127
17,791
13,736
-220
7,765
5,349
20,539
27,214
33,360
5,733
3,338
1,772
2,716
4,179
2,682
1,019
1,452
3,151
3,642
3,628
2,579
7,738
Revolving
2,088
20,094
8,513
8,155
1,537
5,856
5,257
12,362
20,145
19,782
1,477
1,368
1,832
1,246
1,386
1,042
1,407
1,311
1,103
175
857
338
511
Mobile
home
350
624
559
1,286
912
1,263
616
1,196
1,990
1,277
168
-21
5
146
-90
203
11
-71
48
-81
-81
-183
266
Other
8,469
-1,152
13,638
11,330
-1,045
1,770
1,630
14,969
27,992
27,099
2,952
1,873
2,044
2,369
2,180
1,173
651
2,178
2,155
1,650
1,160
659
385
Source: ] oard of Goverr ors of the Fedt ral Reserve Sv stem.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose 0.4 percent in October.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,200
2,000
1,800
1,600
2,200
2,000
1,800
1,600
-ALL COMMERCIAL BANKS -
1,400
1,400
1,200
1,200
1,000
1,000
800
800
-LOANS AND LEASES-
600
600
400
400
U.S. GOVERNMENT SECURITIES
-v
200
200
160
160
"V
120
120
OTHER SECURITIES -
Illllllllll
80
1978
1979
1982
1981
1980
80
1986
1985
1984
1983
' SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depo itory institutio n s 3
Al commercial ban k s 1
Period
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
1986:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Oct
Nov
Dee
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct"
Total loans
and
securities 2
1,014.4
1,136.2
1,240.5
1,308.2
1,401.1
1,553.5
1,722.6
1,900.4
1,855.5
1,876.0
1,900.4
1,930.0
1,935.5
1,944.6
1,947.9
1,957.5
1,963.7
1,985.0
2,007.7
2,027.1
2,031.6
Total 2
747.5
849.9
915.4
968.4
1,033.9
1,123.7
1,319.7
1,449.7
1,424.0
1,436.8
1,449.7
1,469.3
1,473.7
1,491.8
1,495.8
1,501.5
1,505.3
1,513.4
1,524.5
r
1,532.5
1,535.6
Commercial
and industrial
loans
246.2
291.3
327.4
355.9
392.5
414.0
472.9
499.5
492.7
495.7
499.5
502.1
502.4
506.1
507.8
506.7
508.7
508.7
510.4
r
510.7
512.8
U.S.
Government
securities
Total
137.6
144.4
170.6
179.2
201.9
259.7
260.9
273.1
274.2
276.0
273.1
268.2
273.6
269.5
270.0
274.1
274.8
285.4
290.9
294.1
299.4
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.
28
Borr swings
(millions of dollars,
unad usted)
E sserves adjust 3d
for changes iii
res erve reqmrem 3nts
Loans and leases
129.3
142.0
154.5
160.6
165.3
170.1
142.1
177.6
157.3
163.3
177.6
192.5
188.1
183.3
182.1
181.9
183.6
186.1
192.3
200.5
196.5
2
3
27.85
29.15
30.99
32.19
34.41
36.16
39.51
45.61
44.24
44.85
45.61
45.88
46.37
46.87
47.28
48.58
49.45
50.49
51.32
51.81
52.40
borrowed
26.99
27.67
29.30
31.55
33.78
35.38
36.32
44.29
43.06
43.11
44.29
45.11
45.49
46.10
46.38
47.70
48.64
49.75
50.45
50.80
51.56
Required
27.62
28.70
30.48
31.87
33.91
35.59
38.66
44.55
43.49
43.92
44.55
44.77
45.27
45.97
46.47
47.74
48.51
49.58
50.58
51.08
51.66
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
1,187
1,741
1,318
770
884
761
893
876
803
741
872
1,008
841
Seasonal
135
81
116
54
33
96
113
56
172
107
56
36
56
68
73
94
108
116
144
137
99
SOURCES AND
ES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Ci edit market funds
Internal 1
Total
Total
1978
1979
1980
1981
1982
1983
1984..
1985
1985: I
n
ffl
IV
1986: I
n*
Securities
and
mortgages
Other 2
Capital
expenditures 3
Increase in
financial
Discrepancy
(sources less
uses)
assets
70.9
36.6
30.3
126.5
63.2
61.3
67.2
53.2
49.3
4.7
58.1
60.7
48.4
309.3
362.8
343.2
349.1
292.0
399.1
469.1
448.0
216.9
238.3
244.1
286.3
256.3
274.8
371.2
362.6
92.4
124.5
99.1
62.8
35.7
124.3
97.9
85.4
19.2
-10.1
4.4
33.3
35.6
32.2
34.3
31.5
-10.2
29.7
16.9
24.8
74.3
42.7
23.5
112.3
25.8
29.5
73.4
65.2
421.3
409.0
431.3
530.1
351.3
359.8
359.7
379.3
70.0
49.2
71.6
150.8
7.9
43.1
47.8
27.3
51.2
50.5
44.6
__2.0
-34.5
49.7
404.0
419.7
390.0
361.8
14.0
57.9
25.0
39.5
328.6
352.7
347.6
382.5
327.6
431.3
503.4
479.5
197.6
200.1
239.5
242.3
285.7
326.3
352.5
146.3
155.1
147.5
143.0
85.3
145.6
177.1
127.0
85.0
87.8
94.3
93.7
80.6
87.6
116.4
78.5
33.2
20.9
53.1
22.8
44.0
57.3
10.1
15.3
429.3
452.1
479.0
557.4
339.4
350.3
365.2
355.1
89.9
101.8
113.8
202.3
64.1
72.4
40.4
137.1
429.1
459.3
367.7
361.1
61.4
98.2
95.8
48.5
182.3
Loans and
short-term
paper
Total
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.
51.8
66.9
41.2
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Curren assets
TT Q
End of period
Total
Cash
Governsecurities
QFR-PEB series: 2
1978
1979
1980
1981
1982
1983
1984
1985
1983: IV
1984: I
n
ra
IV
1985: I
n
ra
IV
1986: I"
1
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,784.6
1,575.9
1,619.5
1,650.0
1,685.9
1,703.0
1,722.7
1,734.6
1,763.0
1,784.6
1,795.7
105.5
118.0
127.0
135.6
147.8
171.8
173.6
189.2
171.8
167.6
164.9
161.3
173.6
167.5
167.1
176.3
189.2
195.3
17.2
16.7
18.7
17.7
23.0
31.0
36.2
33.0
31.0
35.4
37.2
33.0
36.2
35.7
35.4
32.6
33.0
31.0
Notes and
accounts
receivable
Current liahiliti€ s
Invento-
388.0
459.0
507.5
532.5
517.4
583.0
633.1
671.5
583.0
606.4
622.6
639.1
633.1
650.3
654.1
661.0
671.5
663.4
Total current assets divided by total current liabilities.
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
2
431.8
505.1
543.0
584.0
579.0
603.4
656.9
666.0
603.4
622.2
632.5
659.3
656.9
665.7
666.7
675.0
666.0
679.6
Other
current
assets
101.1
116.0
132.1
149.7
169.8
186.7
203.2
224.9
186.7
187.9
192.9
193.2
203.2
203.5
211.2
218.2
224.9
226.3
Total
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,233.6
1,059.6
1,093.1
1,126.3
1,155.0
1,163.6
1,174.1
1,182.9
1,211:9
1,233.6
1,222.3
Notes and
accounts
payable
383.0
460.8
514.4
547.1
550.7
595.7
647.8
682.7
595.7
601.9
623.4
642.2
647.8
636.9
651.7
670.4
682.7
668.4
Other
current
liabilities
286.5
346.5
376.2
424.1
435.3
463.9
515.8
550.9
463.9
491.2
502.9
512.9
515.8
537.1
531.2
541.5
550.9
553.9
Net
working
capital
374.3
407.5
437.8
448.3
451.1
516.3
539.5
551.0
516.3
526.5
523.7
530.8
539.5
548.6
551.7
551.1
551.0
573.4
ratio 1
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.447
1.487
1.482
1.465
1.460
1.464
1.467
1.466
1.455
1.447
1.469
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Sources: Board of Governors of the Federal Eeserve System, Department of Commerce (Bureau
of the Census), and Federal Trade Commission.
29
INTEREST RATES AND BOND YIELDS
Short-term interest rates rose a little in November, while longer-term rates fell slightly.
PERCENT PER ANNUM
16
PERCENT PER ANNUM
[Percent per annum]
U.S. T reasury security yields
Period
1980
1981
1982
1983
1984
1985
1985: Nov
Dec
1986: Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov
Week ended:
1986: Nov 8
15
22
29
Dec 6
3-month bills
(new issues) *
11.506
14.029
10.686
8.63
9.58
7.48
Constant rr aturities
3-year
11.55
14.44
12.92
10.45
11.89
9.64
2
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
11.46
13.91
13.00
11.10
12.44
8.51
11.23
11.57
9.47
10.15
10.62
Prime
commercial
paper,
6 months 1
Discount rate
(N.Y. P.E.
Bank) 5
11.77
13.41
11.02
8.50
Prime rate
charged by
banks 5
15.27
12.29
14.76
11.89
8.89
10.16
8.18
11.94
14.17
13.79
12.04
12.71
11.37
8.01
8.80
7.69
18.87
14.86
10.79
12.04
9.93
7.20
7.07
7.04
7.03
6.59
6.06
6.12
6.21
5.84
5.57
5.19
5.18
5.35
8.88
8.40
8.41
8.10
7.30
6.86
7.27
7.41
6.86
6.49
6.62
6.56
6.46
9.78
9.26
9.19
8.70
7.78
7.30
7.71
7.80
7.30
7.17
7.45
7.43
7.25
8.64
8.51
8.06
7.44
7.07
7.32
7.67
7.98
7.62
7.31
7.14
7.12
6.86
10.55
10.16
10.05
9.67
9.00
8.79
9.09
9.13
8.88
8.72
8.89
8.86
8.68
7.69
7.62
7.62
7.54
7.08
6.47
6.53
6.63
6.24
5.83
5.61
5.61
5.69
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.00
7.00-6.50
6.50-6.50
6.50-6.50
6.50-6.00
6.00-5.50
5.50-5.50
5.50-5.50
5.50-5.50
9.50- 9.50
9.50- 9.50
9.50- 9.50
9.50- 9.50
9.50- 9.00
9.00- 8.50
8.50- 8.50
8.50- 8.50
8.50- 8.00
8.00- 7.50
7.50- 7.50
7.50- 7.50
7.50- 7.50
5.23
5.41
5.39
5.35
5.40
6.48
6.55
6.44
6.39
7.31
7.34
7.21
7.14
6.96
6.91
6.82
6.73
8.73
8.77
8.65
8.55
5.62
5.71
5.72
5.72
5.50-5.50
5.50-5.50
5.50-5.50
5.50-5.50
5.50
7.50- 7.50
7.50- 7.50
7.50- 7.50
7.50- 7.50
7.50
1
Bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
30
Corporate
Aaa bonds
(Moody's) 4
New-home
mortgage
yields
(FHLBB) 6
12.66
14.70
15.14
12.57
12.38
11.55
11.01
10.94
10.89
10.68
10.50
10.27
10.22
10.15
10.30
10.26
r
10.17
10.03
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in November.
INDEX, DEC. 31, 1965 = 50
INDEX, DEC. 31, 1965 = 50
160
160
140
140
120
120
COMPOSITE STOCK PRICE INDEX
(NYSE)
100
100
80
80
60
60
HIM
40
1978
1979
1980
40
1981
1982
1983
1984
1985
1986
PERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
10
10
5
1982
1983
1984
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
1985
COUNCIL OF ECONOMIC ADVISERS
Cmnmon stock price s 1
Nevi York Stock Exc hange indexes (E ec. 31, 1965-5 3)
Common st ock yields
(perce n t ) 5
2
Period
Composite
68.10
1980
1981
1982
1983
1984
1985
1985: Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Nov
Industrial
Transportation
1986
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
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
130.53
136.77
108.61
113.52
59.07
61.69
122.83
128.86
1,432.88
1,517.02
197.45
207.26
4.06
3.88
120.16
126.43
133.97
137.27
137.37
140.82
138.32
140.91
137.06
136.74
140.84
137.13
144.03
152.75
157.30
158.59
163.15
158.06
160.10
156.52
156.56
162.10
115.72
124.18
128.66
126.17
122.21
120.65
112.03
111.24
114.06
120.04
122.27
62.46
65.18
68.06
69.46
68.65
70.69
74.20
77.84
74.56
73.38
75.77
132.36
142.13
153.94
155.07
151.28
151.73
150.23
152.90
145.56
143.89
142.97
1,534.86
1,652.73
1,757.35
1,807.05
1,801.80
1,867.70
1,809.92
1,843.45
1,813.47
1,817.04
1,883.65
208.19
219.37
232.33
237.97
238.46
245.30
240.18
245.00
238.27
237.36
245.09
3.90
3.72
3.50
3.43
3.42
3.36
3.43
3.36
3.43
3.49
3.40
138.99
141.59
141.30
138.59
142.16
159.32
162.71
162.71
159.49
163.83
121.90
123.64
122.63
120.43
122.42
74.61
75.99
75.82
74.82
76.60
145.14
145.46
143.46
139.99
142.94
1,859.05
1,892.77
1,883.55
1,851.72
1,912.30
241.33
246.04
245.47
241.11
248.40
3.44
3.36
3.37
3.50
74.02
68.93
92.63
92.46
108.09
78.70
85.44
78.18
107.45
108.01
123.79
113.93
119.33
60.61
72.61
60.41
Earningsprice ratio
12.66
11.96
11.60
8.03
10.02
8.12
6.91
6.08
5.88
Week ended:
1986: Nov 1
8
15
22
29
1
Average of dailv closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
2
3
4
3.35
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation,
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first month of fiscal 1987, there was a deficit of $25.3 billion compared with a deficit of $27.1 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
RECEIPTS AND OUTLAYS ^
1,000
900
900
-OUTLAYS:
800
800
700
700
600
600
RECEIPTS
500
500
400
400
SURPLUS OR DEFICIT (-)!/
-100
-100
-200
-200
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
FISCAL YEARS
i/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
On-budget
Total
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
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
176.8
183.5
193.6
9.4
16.7
22.3
1,827.5
2,129.5
2,354.9
1,509.9
1,745.6
1,888.1
15.4
15.5
-1.3
-.3
1,836.2
2,143.0
1,521.2
1,751.5
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
-212.3
-220.7
-143.9
547.9
568.9
615.2
769.5
806.3
781.4
-221.6
-237.4
-166.2
186.2
200.2
216.0
-27.1
-25.3
43.8
43.9
69.6
68.8
25.8
-24.9
14.1
15.1
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
1985
1986p
1987 (estimates) *
734.1
769.1
831.2
57.9
59.0
271.9
302.2
76.6
328.5
314.2
365.3
73.8
-78.9
-127.9
-207.8
185.3
946.3
989.8
975.1
85.0
84.3
53.6
-59.2
40.2
1
Estimates from Mid-Session Review of the 1987 Budget, Office of Management and Budget,
August 6, 1986.
Held by
the public
5.0
-7.9
.2
.3
369.1
403.5
216.6
231.7
63.2
278.7
Total
396.9
480.3
498.3
551.8
610.9
644.6
18.0
76.8
85.4
98.0
-53.2
73.7
-14.7
Surplus
or deficit
544.1
631.9
646.4
709.1
780.4
833.8
60.4
69.6
19.4
80.7
89.7
100.0
332.3
371.8
96.0
409.2
458.7
503.5
Surplus
of deficit
62.5
66.4
279.1
298.1
81.2
355.6
399.6
463.3
32
Outlays
55.3
-70.5
13.3
-49.7
54.9
-38.2
1975
1976
Transition quarter
1977
1978
1979
First month:
Fiscal year 1986
Fiscal year 1987
Receipts
Gross Fe eral debt
(end of period)
Off-budget
2.0
3.2
-1.4
3.9
-4.3
2.0
-1.1
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first month of fiscal 1987, receipts were $1.1 billion higher than a year earlier and outlays were $0.7 billion
lower.
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
400
400
RECEIPTS!/
INDIVIDUAL INCOME TAXES
300
300
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
200
200
CORPORATION INCOME TAXES
100
100
BOTHER RECEIPTS |
0
0
OUTLAYS-^
700
700
.NONDEFENSE
600
600
500
500
400
400
NATIONAL DEFENSE-
300
300
200
200
100
100
1978
1979
1981
1980
1982
1984
1983
1985
1987
1986
FISCAL YEARS
2j 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
Fiscal year
Total
Individual
taxes
On-bud ^et and oi -budget o tlays
a nd off-bu( £et receip s
Corporation
taxes
Social
insurance
Nationa 1 defense
Other
Depart-
Total
and
Inter-
Health
Income
1976
1977
1978
1979
298.1
S55.6
399.6
463.3
131.6
157.6
181.0
217.8
41.4
54.9
60.0
65.7
90.8
106.5
121.0
138.9
34.3
371.8
36.6
37.7
40.8
409.2
458.7
503.5
89.6
97.2
104.5
116.3
88.1
95.3
102.3
113.7
6.4
6.4
7.5
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
244.1
285.9
297.7
288.9
298.4
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
209.0
239.4
50.6
69.5
69.3
65.6
71.8
590.9
678.2
745.7
808.3
851.8
134.0
157.5
185.3
209.9
227.4
1985
1986"
1987 (estimates) l
734.1
769.1
831.2
334.5
349.0
381.7
61.3
63.1
75.0
265.2
283.9
304.6
73.0
73.1
69.9
946.3
989.8
975.1
57.9
59.0
30.6
31.1
1.2
.5
19.6
21.2
6.5
6.2
85.0
84.3
1
Estimates from Mid-Session Review of the 1987 Budget, Office of Management and Budget,
August 6, 1986.
Social
Net
Other
ty
Deferse,
military
butions
First month:
Fiscal year 1986
Fiscal year 1987
Medi-
66.4
73.9
85.1
93.9
104.1
26.7
29.9
35.4
42.6
82.8
93.0
114.7
119.6
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
33.5
35.9
35.9
65.8
70.2
67.1
128.2
120.7
120.7
188.6
198.8
207.5
129.4
135.3
139.1
131.8
3.1
4.3
6.1
7.0
9.3
9.4
15.7
16.7
11.4
10.0
14.9
12.5
15.8
19.3
7.5
15.7
17.3
18.5
20.5
22.8
26.5
131.0
153.8
180.7
204.4
220.8
12.7
13.1
12.3
11.8
15.9
23.2
26.9
27.4
28.6
30.4
252.7
273.4
282.2
245.4
265.6
274.4
16.2
14.5
15.8
21.9
23.2
21.2
22.5
2.4
1.3
60.8
61.0
61.5
141.1
106.8
Sources: Department of the Treasury and Office of Management and Budget.
NOTE.—Data shown here exclude the transition quarter.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter of 1986, according to preliminary estimates. Federal receipts rose $18.4 billion (annual rate)
and expenditures fell $13.8 billion, yielding a deficit of $205.8 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
-200
" 1,200
SEASONALLY ADJUSTED ANNUAL RATES
i-
-200
1982
CALENDAR YEARS
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal G overnment expenditure s
Federal Governmeiit receipts
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
Transfer
payments
Grantsin-aid to
State
and
local
govern-
Subsidies
Net
interest
paid
current
surplus of
Government
or deficit
Wage
accruals
less
disburse-
national
income
and
product
pnses
1983
1984
1985
1982:
IV
1983: I
n
m
IV
1984:
I
n
rn
IV
1985: I
n
m
IV
1986: I
n
mr
659.9
726.5
786.8
633.1
636.5
666.0
661.6
675.5
711.2
721.7
729.2
743.9
793.3
755.8
792.6
805.8
800.0
807.7
826.1
294.5
309.3
345.6
303.0
297.1
303.3
285.4
291.9
295.9
301.7
314.3
325.5
360.7
316.6
349.6
355.6
350.3
355.5
365.8
61.3
75.9
73.6
46.4
46.7
59.7
68.8
70.2
81.9
80.9
71.0
69.9
70.5
69.9
76.8
77.2
71.2
74.3
77.4
Source: Department of Commerce, Bureau of Economic Analysis.
34
51.6
55.7
56.1
47.6
46.3
52.9
53.7
53.6
54.6
55.8
56.3
55.9
55.1
59.3
53.9
56.0
52.7
50.7
53.4
252.5
285.5
311.5
236.1
246.4
250.1
253.7
259.8
278.8
283.3
287.6
292.6
306.9
310.0
312.2
317.0
325.8
327.2
329.5
835.9
896.5
984.9
835.7
822.7
837.4
838.9
844.7
865.2
885.6
901.1
934.0
955.4
970.6
990.1
1,023.4
1,001.5
1,045.7
1,031.9
283.5
311.3
354.1
293.2
285.5
287.7
284.9
276.1
283.4
315.2
317.2
329.1
333.7
340.9
360.9
380.9
355.7
367.6
372.7
348.6
355.0
380.3
347.4
344.2
351.1
346.6
352.5
350.1
351.7
356.0
362.1
374.2
377.2
384.1
385.9
389.3
396.7
399.9
86.2
93.6
99.0
84.5
86.0
86.1
86.8
86.0
91.5
93.4
92.6
96.9
95.7
98.3
100.2
101.6
103.5
106.9
108.0
94.3
115.6
130.5
87.2
88.1
91.1
96.8
101.0
107.3
110.4
119.7
124.9
127.6
130.9
129.8
133.9
135.0
138.1
134.4
22.9
21.3
20.7
23.4
18.9
20.2
23.4
29.1
32.9
15.0
15.6
21.5
24.4
22.3
15.1
21.1
18.0
36.5
16.9
-0.4
.2
-176.0
-170.0
-.2
-198.0
-202.6
-186.2
-171.4
-177.3
-169.2
-154.0
-163.9
-171.9
-190.1
-162.2
-214.8
-197.5
-217.6
-201.6
-238.1
-205.8
.0
.0
-1.3
— .4
.0
.2
.2
.0
.6
.1
-1.0
.0
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial Jroduction (1977=1 X); seasonal] V adjusted
Period
United
States
Canada
Japan
France
109.8
108.1
113.7
118.9
120.1
1979
110.7
1980
1981
1982
1983
1984
1985".
108.6
111.0
103.1
109.2
121.4
123.8
108.6
98.9
104.1
112.7
118.2
120.6
124.7
138.4
144.8
1985: Oct
Nov
Dec
123.6
124.8
125.6
119.9
119.3
121.2
144.8
144.2
144.6
126.2
125.3
123.6
124.7
124.2
124.2
124.9
125.1
r
!25.2
125.2
120.3
120.3
117.1
r
120.2
117.7
r
l!6.6
' 118.0
r
116.3
115.8
144.6
145.2
144.5
144.6
145.1
145.3
144.7
141.6
145.3
1986: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct".
1
Germany
Italy
107
106
103
101
107
107
105
102
108.7
114.7
112.1
107
100
96
102
105
106
103
106
112
109.6
103.9
107.1
108.4
116
116
lll
113
113
l!3
117
112
116
117
117
112
107
109
104
r
104
r
!07
r
!04
r
Consumer prices (J 967=100)
United
Kingdom
110
103
!08
109
109
r
United
States '
Canada
Japan
France
Germany
Italy
United
Kingdom
259.1
98
101
103
108
221.0
243.5
273.9
303.5
321.0
335.0
348.3
261.3
246.8
272.4
289.1
298.4
311.1
322.2
282.3
296.2
304.1
309.7
316.6
323.0
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
106.9
110.9
106.6
108
110
107
325.5
326.6
327.4
351.7
353.1
354.7
328.4
325.0
325.2
470.6
471.5
472.1
212.9
213.3
213.5
780.6
786.1
791.6
605.8
607.9
608.7
108.0
111.0
114.5
116.2
108.5
113.7
r
110.6
105.6
108
110
110
r
lll
108
107
110
110
328.4
327.5
326.0
325.3
326.3
327.9
328.0
328.6
330.2
330.5
356.3
357.7
358.5
359.1
360.7
361.3
363.9
365.1
365.1
366.9
325.8
324.4
323.5
324.7
326.9
325.2
324.4
323.8
325.4
472.6
471.7
472.9
474.7
475.6
477.0
477.5
478.0
479.9
213.8
213.3
212.8
212.6
212.6
212.9
211.9
211.4
211.7
211.0
795.6
801.2
804.4
806.8
809.9
813.1
813.1
814.7
817.1
822.0
610.0
612.2
613.0
619.0
620.1
619.8
618.0
619.9
623.0
623.9
Data relate to all urban consumers.
217.4
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data for statistical month, not seasonally adjusted*]
Mer handise expo rts 1
Me chandise imp orts
Food,
2
foreign
exports
Total
121,232
119,024
141,142
tobacco
Crude
materials
and fuels
Merch andise trade b ilance
G eneral import s 3
Domesti exports
Food,
tured
goods
Total
2
tobacco
Crude
materials
and fueis
tured
goods
Total
(c.i.f.
value)
Exports
(f.a.s.) less
Exports
{f.a.s.) less
-29,158
-31,076
-27,599
— 24,241
— 39,179
-42,364
-40,368
-36,354
(customs
value)
<\a.s. value
1977
1978
1979
1980
143,681
181,860
220,630
178,633
216,515
15,963
20,604
24,587
30,407
18,579
20.957
28,222
33,719
80,151
94,473
116,587
143,891
150,390
174,757
209,458
244,871
14,227
15,743
17,735
18,551
53,554
51,901
71,390
93,973
76,554
100,317
112,226
125,122
186,045
222,228
256,984
273,352 -27,305
254,885 -31,759
269,878 -57,562
341,177 -107,861
361,626 — 132,129
160,411
Customs v alue
1981
1982
1983
1984
1985
-39,675
-42,691
-69,392
-123,312
- 148,480
233,677
212,193
200,486
217,865
213,146
228,899
207,076
195,917
212,034
206,925
33,206
26,977
26,979
27,312
22,226
33,022
33,518
29,555
31,482
28,344
154,283
139,716
132,409
143,142
145,384
260,982
243,952
258,048
325,726
345,276
18,350
17,817
18,819
21,626
22,376
92,873
74,404
68,037
72,758
64,981
142,475
144,022
163,449
221,515
246,778
1985: Oct*
Nov'
Dec*
17,618
17,721
16,994
17,122
17,227
16,479
1,836
2,128
1,907
2,285
2,559
2,459
12,102
11,688
11,221
28,429
30,010
30,728
1,598
1,865
2,138
5,656
5,657
6,011
20,271
21,557
21,654
29,695
31,371
32,141
— 10,811
-12,290
-13,734
-12,077
-13,651
-15,146
1986: Jan*
Feb*
Mar*
Apr*
May*
June**
July**
Aug*
Sept*
Oct*
17,006
17,735
18,913
17,965
17,431
19,070
17,707
17,604
17,518
19,330
16,501
17,164
18,349
17,376
16,691
16,427
15,911
16,831
16,860
18,594
1,797
1,689
1,706
1,475
1,395
1,438
1,648
2,467
2,367
2,349
2,436
2,228
1,776
1,764
2,035
1,988
2,287
11,393
12,182
13,325
12,615
12,274
12,298
11,623
12,042
12,253
13,367
32,005
28,895
31,972
28,762
30,272
31,764
34,121
29,476
28,695
30,018
2,215
1,908
2,100
2,018
2,329
1,886
2,143
1,931
1,963
1,935
6,234
4,741
4,284
3,176
3,659
4,163
3,963
3,413
3,874
3,514
22,477
21,289
24,261
22,226
23,001
23,971
26,609
23,106
21,849
23,537
33,465
30,225
33,435
30,036
31,638
33,240
35,745
30,925
30,078
31,389
- 14,999
-11,161
-13,059
-10,797
-12,842
-12,694
— 16,414
-11,871
-11,177
-10,688
-16,459
-12,491
-14,522
-12,071
- 14,208
-14,170
-18,037
-13,321
— 12,560
-12,059
1,814
1,672
1,866
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded through 1984 and included beginning 1985.
£
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade bal-
* Beginning with data released in March 1986, the Bureau of the Census no longer publishes
these data on a seasonally adjusted basis. For further information and for details regarding revised
statistical mouth and monthly carryover data, see Bureau of the Census release FT 900.
"Foreign exports (not shown separately) include $2,050 million of nonmonetary gold bullion for
June and $1,250 million for July.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1986 the current account deficit was $34.7 billion, up from $34.0 billion in the first
quarter. The merchandise trade deficit fell to $36.0 billion from $36.5 billion in the first quarter.
BILL ONS OF DOLL/\RS*
BILL ONS OF DOLL/\RS*
BALANCE ON G OODS
AND SERVIC ES
5
/'--_•
x
Auxxl --,_
\/ ^^
^,/y
/'./
Q
5
f
'
/f^s
--—'
S
\
f
/
\
x
--^"*
5
*"\
>K'
E ALANCE ON
CUR RENT ACCOUN IT
^
*»
\
o
\\
V--.X ^'.
v
/ \\
\
^^
''\
\
5
\\
%
10
*
15
MFR CHANDISE TRA HF \
.
' \
/""
10
\\
^ V\ \
\ Vi
\ \
BALANCE
-15
\
\
.
20
\\
A
\\
% \\
\ \
\\
A' \ *
'A. ^ \
\
\
V^^A
-:~***^/
25
V
30
^•A **—*""
\ ^~
\ —-
OK
V•
-40
1
1
I 1 1
1
1978
\
1979
\
\
1980
1
1
1
!
1981
1
1
1
1
1
1983
1982
\
1
j
1
1984
i I
19«5
1
I
1
40
1986
'SEASONALLY ADJUS TED
SOURCE; OEPARTMEN T OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits ( —)]
Merchandise
Period
Exports
1979
1980
1981
1982
1983
1984
1985
184,473
224,269
237,085
211,198
201,820
219,900
214,424
1983: I
II
In vestment inconie 3
1 f
Imports
'
Net
-212,009
-27,536
-249,749
-25,480
-265,063 -27,978
-247,642
-36,444
-268,900 -67,080
-332,422 -112,522
-338,863 - 124,439
Net
Net
Net
travel and
transac-
tation
receipts
Receipts
Payments
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
-1,778
-2,237
-1,183
-274
-369
-1,827
-2,917
-2,935
997
144
-992
-4,227
-8,593
11,128
Other
services,
net 3
Balance on
goods and
services *
Remittances,
pensions,
and other
unilateral
transfers 1
Balance
on current
account
6,128
991
5,138
6,214
1,873
-7,593
9,466
7,793
7,425
6,339
13,764
8,699
8,829
-214
-8,917
-9,131
9,711 -37,123 -9,481 -46,604
9,881
94,308 -12,157 - 106,466
10,603 - 102,694 -14,983 -117,677
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
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
n
m
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
-2,201
-2,863
-3,030
-3,034
2,442
2,552
2,609
2,999
-22,831
-25,958
-24,453
-29,454
-3,280
-3,458
-4,001
—4,244
-26,111
-29,416
-28,454
-33,698
1986: I p
53,661
54,795
-90,120
-90,818
-36,459
-36,023
24,216
22,198
-17,699
-16,908
6,517
5,290
-1,066
-704
-2,701
-2,324
2,694
3,077
-31,015
-30,684
-3,023
-4,047
-34,038
-34,731
in
IV
1984: I
n
m
IV
1985: I
IV
n
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
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 increased $10.7 billion in the second quarter
compared to a decrease of $6.3 billion in the first quarter. Liabilities to foreigners and international financial
institutions reported by U.S. banks increased $5.0 billion in the second quarter compared to an increase of $8.4
billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
CHANGE IN
U.S. ASSETS
ABROAD.NET
-20
-20
-40
-40
-60
-60
1986
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
Foreign assets in the 1 J.S., net
[increase /capital inflov' (+)]2
[ ncrease/capit il outflow ( — ) ]
Period
Total
1979
1980
1981
1982
1983
1984
1985
U.S.
official
reserve
assets l 2
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
38,752
58,112
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
Statistical < iscrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
assets, net -1
(unadjusted,
end of
period)
-64,331
-86,118
-111,031
-121,273
-50,022
-23,639
-32,436
-1,133
-8,155
-5,175
-4,965
-1,196
-3,131
-3,858
-23,691
-523
-8,621
-17,186
-787
16
529
-953
-1,134
-1,263
— 1,171
-1,436
-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
-88
-176
-3,155
3,417
34,261
33,876
33,066
33,747
-3,571
-20,171
16,443
-16,338
-657
-566
799
-1,110
-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
n
m
-510
-2,793
-5,867
-23,266
-233
-356
-121
-3,148
-807
-1,055
-422
-540
530
-1,382
-5,324
-19,579
14,247
25,358
35,665
51,837
-11,066
8,486
2,577
-1,322
25,313
16,872
33,088
53,158
12,374
6,851
— 1,344
5,128
1,093
-1,175
-3,688
3,774
35,493
36,088
38,295
43,186
1986: I p
-12,898
-17,749
-115
16
-250
181
-12,533
-17,584
36,620
46,504
2,469
13,766
34,151
32,738
10,316
5,976
1,216
-1,464
44,919
46,595
1983: I
n
m
IV
1984: I
n
in
IV
1985: I
IV
n ....
-3,746 -59,453
-5,162
-72,802
-5,097 -100,758
-6,131 -110,177
-43,821
-5,005
-5,523
-14,986
-2,824
25,754
1
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. resen
position in the IMF.
2
Quarterly data are not seasonally adjusted.
1,139
1,152
1,093
25,431
24,982
20,276
36,325
11,130
27,338
23,006
18,956
26,756
30,074
33,958
33,747
34,934
43,186
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity 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:
" Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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