Full text of Economic Indicators : October 1985
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99th Congress, 1st Session
Economic Indicators
OCTOBER 1985
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1985
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
JAMES ABDNOR, South Dakota, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
CHALMERS P. WYLIE (Ohio)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
BOBBI FIEDLER (California)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
SCOTT LILLY, Executive Director
ROBERT J. TOSTERUD, Deputy Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the third quarter, current-dollar gross national product (GNP) rose 6.7
percent (annual rate) or $63.0 billion. Real GNP (GNP adjusted for price changes) rose 3.3 percent and the
implicit price deflator, 3.3 percent.
B LLIONS OF DO LLARS ( RATIO 5CALE)
BILLIOI-•ISC)FD DLL ARS (RATIO SC ALE )
4,000
3,600
—
SEA SON/
4,000
LtV ADJUS TED ANNU At RATES
,^-—' - —
—
"
3,600
.^ -—"
—
GNP
^^^
^"^
cu (RENT [X5LLAR S
IN
3,200
—
—
\X
r-
3,200
—'
s^
2,800
2,800
X
—
—
X
s—
2,400
s* ^
r
2,000
,
./ X"
;»*
x-
2,400
'^
_
/
—
2,000
X
_. I
&-tP
Ir-) 1972
1,600
DOLLAR s
1,600
^**
^ **""*"
I
1,200
19 77
1
1978
1
19 79
1
1981
19 80
1 1 1
1982
1
1
1
1983
\
1
\
1,200
1
1985
1984
COUNGl OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Exports ar d imports of goods and
services
Goveniment purch*ises of
gooids and services
Federal
Net
exports
Exports
Imports
Total
National
defense
Nondefense
State and
local
sales
1,718.0
1,918.3
2,163.9
2,417.8
2,631.7
2,957.8
3,069.3
3,304.8
3,662.8
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
2,341.8
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
637.8
13.8
-4.0
-1.1
13.2
23.9
28.0
19.0
-8.3
-64.2
170.9
182.7
218.7
281.4
338.8
369.9
348.4
336.2
364,3
157.1
186.7
219.8
268.1
314.8
341.9
329.4
344.4
428.5
362.1
393.8
431.9
474.4
537.8
596.5
650.5
685.5
747.4
129.2
143.4
153.6
168.3
197.0
228.9
258.9
269.7
295.4
86.0
92.8
100.3
111.8
131.2
153.7
179.5
200.5
221.5
43.2
50.6
53.3
56.5
65.9
75.2
79.4
69.3
73.9
232.9
250.4
278.3
306.0
340.8
367.6
391.5
415.8
452.0
1,706.2
1,895.3
2,137.4
2,403.5
2,641.5
2,931.7
3,095.4
3,318.3
3,604.6
III
IV
3,080.1
3,109.6
2,001.3
2,046.1
415.9
376.2
6.6
6.3
346.3
321.7
339.7
315.4
656.3
681.0
261.6
279.4
183.3
191.0
78.2
88.4
394.7
401.6
3,095.5
3,170.8
1983: I
II
HI
IV
3,173.8
3,267.0
3,346.6
3,431.7
2,070.4
2,141.6
2,181.4
2,230,2
405.0
449.6
491.9
540.0
19.6
-6.5
-16.4
-29.8
328.5
328.1
342.0
346.1
308.9
334.5
358.4
375.9
678.8
682.2
689.8
691.4
273.0
270.5
269.2
266.3
194.7
199.3
200.9
207.2
78.3
71.3
68.3
59.1
405.8
411.6
420.6
425.1
3,216.8
3,286.4
3,350.9
3,419.0
1984: I
3,553.3
3,644.7
3,694.6
3,758.7
2,276.5
2,332.7
2,361.4
2,396.5
623.8
627.0
662.8
637.8
-51.5
-58.7
-90.6
-56.0
358.9
362.4
368.6
367.2
410.4
421.1
459.3
423.2
704.4
743.7
761.0
780.5
267.6
296.4
302.0
315.7
213.4
220.8
220.3
231.6
54.2
75.6
81.7
84.1
436.8
447.4
458.9
464.8
3,479.5
3,594.1
3,622.8
3,722.1
3,810.6
3,853.1
r
3,916.1
2,446.5
2,493.0
2,536.5
646.8
643.2
622.8
-74.5
-94.0
-89.2
360.7
347.7
347.6
435.2
441.6
436.7
791.9
810.9
845.9
319.9
324.2
347.0
233.9
241.1
253.1
85.9
83.2
93.9
472.0
486.7
498.9
3,770.0
3,835.2
3,924.2
1982:
n
m
IV
1985: I
II p
in . .
Source: Department of Commerce, Bureau of Economic Analvsi
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Gross
national
product
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
III
IV
1983: I
n
m
IV
1984: I
II
m
IV
1985: I
n
HI"
Personal
consumption
expenditures
Exj>orts of go ods
a nd service
G ross privat e
dome stic invest nent
Govern nent purch ases of
good s and serv ices
Ch . &
dential
fixed
Residential fixed
Final
business
invento-
Net
exports
Total
Imports
Exports
Total
25.4
22.0
24.0
37.2
50.3
43.8
29.7
12.6
-15.0
-6.4
-24.6
46.2
53.4
57.2
57.8
193.3
202.9
209.5
213.8
213.0
220.3
217.7
National
Nondefense
State
and local
64.9
126.7
146.2
159.1
160.2
147.6
139.5
146.0
265.2
269.2
274.6
278.3
284.3
287.0
292.7
291.9
302.1
96.8
90.9
102.7
109.0
108.8
116.4
118.0
126.9
161.1
100.4
100.3
102.1
106.4
110.3
117.0
116.2
122.5
65.4
65.7
67.4
70.0
73.5
79.1
84.7
89.6
31.8
35.0
34.7
34.8
36.4
36.7
37.9
31.5
32.9
168.4
168.8
174.3
176.2
177.9
1,290.4
1,356.4
1,422.6
1,472.2
1,479.4
176.8
175.7
175.7
179.6
1,500.9
1,490.4
1,538.3
1,614.5
25.7
24.1
146.6
136.7
120.9
112.6
292.8
300.6
117.2
124.8
80.6
81.9
36.6
42.9
175.7
175.8
1,483.5
1,503.4
-16.5
-6.1
.9
7.2
22.9
13.6
11.9
2.0
138.2
137.0
141.6
141.0
115.3
123.4
129.7
139.1
294.3
292.4
292.0
288.8
119.0
117.2
115.6
113.0
83.3
84.8
84.4
86.3
35.7
32.3
31.2
26.7
175.3
175.2
176.4
175.8
1,507.5
1,530.9
1,549.3
1,565.4
60.6
60.8
60.1
59.2
31.6
20.3
30.6
16.8
-8.3
-11.4
-27.0
-13.4
144.9
144.7
147.4
147.1
153.2
156.2
174.4
160.5
289.5
302.1
306.1
310.5
112.2
123.2
125.0
129.6
87.1
89.6
89.1
92.7
25.2
33.6
36.0
36.8
177.3
178.9
181.1
180.9
1,579.3
1,618.5
1,614.6
1,645.6
60.0
60.9
62.5
19.1
8.3
-2.1
-28.4
-33.8
-34.0
143.7
137.9
138.1
172.1
171.8
172.1
310.7
313.5
325.5
129.8
129.7
139.4
92.7
94.3
98.7
37.1
35.4
40.6
180.9
183.9
186.1
1,644.4
1,663.0
1,686.9
1,298.2
1,369.7
1,438.6
1,479.4
1,475.0
1,512.2
1,480.0
1,534.7
1,639.3
823.1
864.3
903.2
927.6
931.8
950.5
963.3
1,009.2
1,062.4
125.6
140.3
158.3
169.9
165.8
175.0
166.9
171.0
204.9
51.2
60.7
62.4
59.1
47.1
44.5
37.9
53.7
60.2
13.3
16.0
7.3
— 4.4
11.3
— 10.4
-3.6
24.8
1,477.1
1,478.8
964.2
976.3
163.9
161.5
36.8
40.8
1,491.0
1,524.8
1,550.2
1,572.7
982.5
1,006.2
1,015.6
1,032.4
161.6
165.3
172.6
184.5
1,610.9
1,638.8
1,645.2
1,662.4
1,044.1
1,064.2
1,065.9
1,075.4
1,663.5
1,671.3
1, 684.8
1,089.1
1,102.1
1,115.2
7.8
110.1
112.9
84.7
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972—100; quarterly data are seasonally adjusted]
Persona! c onsumption
expenditures
Period
national
product
Total
Durable
goods
163.42
178.42
195.60
207.38
215.34
223.43
131.7
139.3
149.1
162.5
179.0
194.5
206.0
213.6
220.4
123.9
129.2
136.4
. 145.0
156.2
167.1
174.5
177.7
179.0
1982: HI
IV
208.53
210.27
207.6
209.6
1983: I
212.87
214.25
215.89
218.21
1976
1977
1978
132.34
140.05
150.42
1979
1980
1981
1982
1983
1984
140.7
158.0
178.3
155.3
161.9
172.6
192.5
133.5
132.4
141.9
152.7
135.7
241.8
240.0
236.2
235.3
280.9
280.1
207.1
205.2
205.1
208.1
245.2
243.0
248.7
248.3
237.7
239.4
241.5
245.4
232.6
236.0
239.7
242.0
206.3
207.4
208.0
209.4
249.4
255.9
258.6
259.1
245.2
248.1
251.0
211.8
212.1
214.8
258.6
259.3
261.3
208.8
210.1
210.7
212.8
214.8
216.0
176.6
176.8
178.0
179.3
210.2
212.6
214.5
214.8
221.9
224.9
227.3
229.7
220.58
222.40
224.57
226.10
218.0
219.2
221.5
222.8
179.0
179.5
179.2
178.4
217.4
216.4
217.8
219.4
229.07
230.55
232.44
224.6
226.2
227.5
179.1
178.4
178.6
220.1
221.2
221.8
tartment of Commerce, Bureau of Economic Analvs:
Nondefense
212.9
230.9
236.0
241.0
249.4
215.6
219.4
r
Total
National
defense
142.8
153.1
164.8
185.2
207.6
221.4
232.1
241.2
209.6
210.5
IV
Imports
185.6
205.5
214.1
246.1
289.4
293.8
279.3
271.5
266.0
175.5
175.6
n
m
Gove rnment pure lases of goo ds and
ser vices
Federal
Exports
200.5
218.5
234.1
241.3
246.4
255.7
137.2
143.6
Exports am imports of
goods anc1 services
Residential fixed
153.4
169.9
188.1
202.5
208.7
213.0
217.7
1984: I
Nonresidential
fixed
138.6
146.3
157.2
170.8
186.2
202.2
209.5
206.4
207.8
IV
n
m*
Services
129.6
139.3
150.0
162.3
178.8
196.8
213.6
226.0
237.6
n
m
1985: I
able
goods
Gross private
domestic investment
State
and local
166.0
187.5
209.1
227.0
236.6
247.2
144.6
153.8
162.5
180.8
204.7
209.8
220.0
224.7
138.3
148.4
159.7
173.7
191.5
208.0
222.8
236.7
251.7
223.2
223.8
227.4
233.1
213.9
206.2
224.7
228.4
267.8
271.0
276.3
270.3
229.4
230.8
232.8
235.6
233.7
234.8
237.9
240.0
219.4
220.3
219.1
221.4
231.5
234.9
238.4
241.8
247.7
250.4
250.1
249.6
267.9
269:6
263.3
263.7
238.5
240.6
241.5
243.7
245.1
246.4
247.4
249.8
215.5
225.1
227.1
228.2
246.4
250.0
253.5
256.9
251.0
252.0
251.7
252.8
257.1
253.8
246.4
250.1
249.0
252.4
255.6
256.4
231.5
235.2
231.1
260.9
264.7
268.1
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 proiduct
Period
Current
dollars
10.9
11.7
12.8
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: III
IV
1983: I
II
Ill
IV
1984: I
II
Ill
IV
1985: I
II
Ill"
11.7
8.8
12.4
3.8
7.7
10.8
2.5
3.9
8.5
12.3
10.1
10.6
14.9
10.7
5.6
7.1
5.6
4.5
r
6.7
Constant
(1972)
dollars
Implicit
price
deflator
5.4
5.5
5.0
2.8
.3
2.5
— 2.1
3.7
6.8
-.9
.5
3.3
9.4
6.8
5.9
10.1
7.1
1.6
4.3
.3
1.9
3.3
r
Personal consumption e penditures
Chain price
index
5.2
5.7
5.8
7.4
8.6
9.2
9.6
6.0
3.8
3.8
3.4
3.4
5.0
2.6
3.1
4.4
4.4
3.3
3.9
2.8
5.4
2.6
r
3.3
6.1
7.6
8.9
8.9
9.5
6.6
4.3
4.2
5.8
5.0
3.4
4.3
4.4
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
4.1
4.9
4.1
3.9
3.6
4.6
3.8
2.9
Fixedweighted
price index
(1972
weights)
5.8
6.3
7.8
9.5
9.8
9.7
6.4
4.2
4.3
5.8
4.6
3.3
4.1
4.7
3.9
5.0
4.3
4.0
3.6
4.3
3.9
2.9
Current
dollars
Constant
(1972)
dollars
11.0
11.1
11.8
11.9
5.6
5.0
4.5
2.7
.5
2.0
1.4
4.8
5.3
2,2
5.1
2.6
10.0
3.8
6.8
4.6
7.9
.7
3.6
5.2
4.8
4.8
10.7
10.9
7.3
8.6
8.6
8.5
9.3
4.8
14.5
7.6
9.2
8.6
10.2
5.0
6.1
8.6
7.8
7.2
Implicit
price
deflator
Chain price
index
5.1
5.8
7.0
9.0
10.2
8.7
5.9
3.7
3.2
6.1
4.0
2.2
4.1
3.7
2.3
3.8
2.2
4.3
2.4
3.2
2.9
2.2
Fixedweighted
price index
(1972
weights)
5.3
6.0
5.3
6.2
7.4
7.3
9.3
10.7
9.2
6.1
4.1
3.9
6.3
5.0
2.5
4.4
3.7
3.6
4.7
3.3
3.9
3.8
3.6
4.0
2.5
9.7
11.1
9.4
5.9
4.0
3.9
6.6
4.9
1.9
4.5
3.9
3.4
4.9
3.1
4.0
3.9
3.3
4.1
2.3
Source: Department of Commerce, Bureau of Economic Analysis
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Cur rent-dollar co st and profit per unit of output (dolla rs) 1
Gross ( omestic
product of lonfinancial
corporate business
(billions c f dollars)
Period
Current
dollars
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: HI
IV
1983: I
II
ffl
IV
1984: I
II
m
IV
1985: I
II".
1
1972
Total
cost and
profit 2
dollars
1.343
1.418
1.508
1.617
1.793
1.969
1,001.3
1,128.4
1,276.2
1,416.8
1,540.7
1,739.2
1,778.4
1,917.7
2,152.8
745.5
795.8
846.3
1,787.8
1,772.4
858.5
846.5
2.083
2.094
1,812.3
1,887.6
1,956.6
2,014.2
855.7
886.2
2,084.2
2,146.9
2,168.9
2,211.2
956.9
979.5
980.0
992.5
2.118
2.130
2.144
2.163
2.178
2.192
2.213
2,242.6
2,268.2
994.0
998.7
876.1
859.5
883.3
857.4
896.4
977.2
912.4
931.1
2.074
2.139
2.203
2.228
2.256
2.271
Capital
consumption
allowances
with
capital
consumption
adjustment
0.141
.145
.155
.171
.198
.217
.245
.243
.237
.247
.254
.250
.243
.241
.239
.236
.234
.238
.239
.243
.245
Indirect
business
taxes 3
0.141
.141
.144
.149
.172
.201
.210
.219
.220
.211
.217
.218
.222
.220
.219
.217
.218
.221
.222
.226
.232
Output is measured by gross domestic product of nonfinaneial corporate business in 1972 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.
Compensation of
employ-
Corporate profits with inventory
valuation jmd capital ec nsumption
adjustments
Net
interest
ees
Total
0.878
0.040
.928
.040
.044
.050
.065
.076
.084
.077
.081
.080
.081
.079
.076
.077
.077
.078
.081
.084
.083
.082
.079
.998
1.094
1.218
1.307
1.397
1.409
1.425
1.404
1.419
1.421
1.408
1.400
1.408
1.415
1.414
1.434
1.438
1.462
1.473
3
4
Profits
0.144
.163
.168
.154
.140
.167
.138
.191
.240
.141
.123
.151
.182
.206
.221
.233
.246
.236
.245
.245
.242
tax
Profits
after
liability
tax *
0.071
.075
.079
.079
.078
.072
.052
.065
.073
.052
.043
.049
.064
.073
.072
.078
.079
.066
.069
.067
.064
Output
of all
employees (19"72
dollars)
Compensation per
hour of
all
employ-
ees
(dollars)
0.073
7.998
7.021
.088
.089
.075
.062
.095
.086
.126
.167
.089
.080
.102
.118
.133
.149
.155
.167
.171
.176
.178
.179
8.141
7.555
8.209
8.191
8.961
8.194
8.118
8.271
8.831
9.884
10.811
11.677
12.166
12.586
8.406
8.398
11.801
11.913
8.464
12.027
12.131
12.224
12.283
8.357
8.634
8.617
8.728
8.725
8.801
12.454
12.528
12.628
12.744
8.863
8.807
8.861
r
8.804
8.798
r
12.867
12.962
Indirect business tax and nontax Hahility plus business transfer payments less subsidies.
With inventory valuation and capita! consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Dcjiartmnil of luthor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees 1
Proprietors' ncome with
inventory va luation and
capital coiisumption
adjust ments
Farm
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
HI
IV
1983: I
II
Ill
IV
1984: I
n
m
IV
1985: I
II
HI".
1
1,379.2
1,550.5
1,760.3
1,966.7
2,116.6
2,363.8
2,446.8
2,646.7
2,959.9
2,452.4
2,468.6
2,527.0
2,609.0
2,684.4
2,766.5
2,873.5
2,944.8
2,984.9
3,036.3
3,076.5
3,106.5
1,036.3
1,152.1
1,301.1
1,458.1
1,599.6
1,765.4
1,864.2
1,984.9
2,173.2
1,876.3
1,888.7
1,921.3
1,962.4
2,000.7
2,055.4
2,113.4
2,159.2
2,191.9
2,228.1
2,272.7
2,305.9
2,337.2
Nonfarrn
75.0
84.8
92.2
100.2
95.6
93.7
89.2
107.9
126.2
89.5
92.1
98.3
106.8
112.1
114.6
122.5
126.3
126.4
129.7
134.0
137.3
141.9
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
28.2
12.7
25.4
16.4
10.1
11.2
17.3
32.5
23.4
27.3
29.4
25.7
23.4
12.5
Corporate p rofits with invt ntory valuatio n and capital ( onsumption
adjustments
Rental
income of
persons
with
capital
consumption
adjustment
Profits v,ith inventory A aluation
adjustme nt and withou capital
const mption adjust nent
Total
138.1
167.3
192.4
194.8
175.4
189.9
159.1
225.2
285.7
163.3
151.6
179.1
216.7
245.0
260.0
277.4
291.1
282.8
291.6
292.3
298.5
Inventory
valuation
adjustment
Profits
Total
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
62.5
52.9
57.0
57.7
59.0
56.2
60.4
61.0
62.0
63.0
64.1
64.8
66.7
67.7
Includes employer contributions for social insurance. (See also p. 5.)
Capital
eonsump-
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
235.7
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
224.8
228.7
222.3
221.0
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
230.0
158.8
143.2
157.3
186.1
208.1
216.3
229.8
238.7
224.5
227.1
223.2
223.5
Net
interest
adjustment
-14.7
— 16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-5.7
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
-.2
-1.6
.9
2.5
6.0
-13.5
-11.3
-12.7
^14.8
-16.3
-7.6
3.1
33.2
55.7
4.5
8.4
21.7
30.6
36.9
43.6
47.6
52.3
58.3
64.5
69.1
75.0
82.3
87.2
102.5
121.7
153.8
192.6
241.0
260.9
256.6
284.1
257.7
253.8
254.2
254.2
259.2
258.9
266.8
282.8
293.5
293.4
287.0
274.7
267.8
Source: Department of Commerce, Bureau of Economic Analy
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
No ndurable go ods
Durable goods
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: III
IV
1983: I
II
IH
IV
1984: I
n
m
IV
1985: I
n
Ill*1
Total
personal
consumption
expenditures
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
2,341.8
2,001.3
2,046.1
2,070.4
2,141.6
2,181.4
2,230.2
2,276.5
2,332.7
2,361.4
2,396.5
2,446.5
2,493.0
2,536.5
Total
durable
goods
156.8
178.2
200.2
213.4
214.7
235.4
245.1
279.8
318.8
244.5
255.0
259.4
276.1
284.1
299.8
310.9
320.7
317.2
326.3
334.8
339.2
355.6
Motor
vehicles
and
parts
72.6
84.8
95.7
96.6
90.7
101.9
108.7
129.3
149.8
108.1
115.3
115.3
128.4
132.0
141.7
147.7
152.3
148.6
150.7
155.7
157.6
173.8
Source: Department of Commerce, Bureau of Economic Analysis.
Furniture and
household
equipment
59.1
65.7
72.8
81.8
86.3
92.3
94.4
104.1
117.0
94.5
96.6
99.1
102.4
105.2
109.8
113.0
116.6
116.8
121.8
123.8
126.0
125.3
Other
25.2
27.7
31.7
35.1
37.7
41.2
42.1
46.4
51.9
41.9
43.1
45.0
45.3
46.9
48.2
50.3
51.7
51.9
53.8
55.3
55.6
56.5
Total
nondurable
goods
441.7
478.8
528.2
600.0
668.8
730.7
757.5
801.7
856.9
762.5
770.6
775.2
796.9
811.7
823.0
841.3
858.3
861.4
866.5
877.3
891.9
895.6
Food
230.6
249.8
275.9
311.6
345.1
373.9
392.8
416.5
443.6
396.0
400.3
406.7
413.6
420.5
425.1
433.9
442.1
448.6
449.8
457.3
463.9
466.9
Retail sal es of new
passeng er cars
{millions of units)
Clothing
and
shoes
Gasoline
and oil
75.3
82.6
92.4
44.0
48.1
51.2
99.1
104.6
114.3
118.8
127.0
140.2
119.0
120.0
121.6
127.1
126.8
132.5
136.1
142.2
139.3
143.2
145.5
149.2
147.1
66.6
84.8
94.6
90.4
90.0
91.4
89.9
89.6
86.7
89.5
92.1
91.7
92.0
92.8
90.0
90.8
89.9
93.6
93.8
Services
Other
91.9
98.2
108.8
122.8
134.3
147.9
155.6
168.2
181.7
157.6
160.6
160.3
166.7
172.2
173.6
179.3
181.2
183.6
182.7
184.6
185.3
187.8
Domestics
485.7
547.4
618.0
693.7
784.5
883.0
982.2
1,074.4
1,166.1
994.2
1,020.6
1,035.8
1,068.6
1,085.7
1,107.5
1,124.4
1,153.7
1,182.8
1,203.8
1,234.4
1,261.9
1,285.3
8.5
9.0
9.2
8.2
6.6
6.2
5.8
6.8
8.0
5.6
6.0
6.0
6.9
6.9
7.4
8.1
8.2
7.9
7.6
8.5
8.2
9.4
Imports
1.5
2.1
2.0
2.3
2,4
2.3
2.2
2.4
2.4
2.2
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.4
2.7
2.4
2.7
3.0
SOURCES OF PERSONAL INCOME
Personal income rose $10.1 billion (annual rate) in September following an increase of $10.4 billion in August.
Wage and salary disbursements rose $15.0 billion in September, following an increase of $10.7 billion in August.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,600
3,600
WAGE AND SALARY DISBURSEMENTS
200
200
1977
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
Total
personal
income
Proprietor. ' income 3
Wage and
disburse-
income 1 z
Farm
Nonfarm
1979
1980
1981
1982
1983
1984
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,429.5
2,584.6
2,744.2
3,012.1
889.9
983.2
1,106.3
1,237.6
1,356.7
1,493.1
1,568.7
1,659.2
1,804.0
75.9
89.4
102.5
114.9
128.0
140.0
155.5
173.1
195.5
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
28.2
75.0
84.8
92.2
100.2
95.6
93.6
89.2
107.9
126.2
1984: Sept
Oct
Nov
Dec
3,068.3
3,079.3
3,097.5
3,111.8
1,829.1
1,830.9
1,847.2
1,864.9
199.5
201.0
202.5
203.9
28.0
29.1
28.0
31.0
127.1
129.3
129.6
130.2
1985: Jan
Feb
Mar
Apr
May
June
July r.
Aug r
Sept"
3,129.2
3,146.0
3,156.2
3,184.7
3,163.7
3,175.7
3,188.8
3,199.3
3,209.4
1,872.5
1,880.9
1,894.7
1,903.1
1,908.0
1,920.7
1,923.0
1,933.8
1,948.8
205.1
206.3
207.5
208.8
210.2
211.5
212.6
213.7
214.7
26.4
28.2
22.6
42.1
14.1
14.1
13.6
12.4
11.5
132.0
134.2
135.9
136.6
137.5
137.7
138.3
142.5
144.7
1976
1977
1978
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare funds; workers' injury
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
Rental
income of
persons 4
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
62.5
63.3
63.7
64.1
64.5
64.6
64.7
64.9
65.6
67.0
67.5
68.8
70.3
64.2
Personal
dividend
income
36.5
39.6
45.3
50.8
56.8
64.3
66.5
70.3
77.7
79.4
79.8
80.2
80.5
81.0
81.4
81.9
82.3
82.5
82.7
82.9
83.2
83.4
Personal
interest
income
Transfer
payments s
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
132.5
152.8
179.4
218.7
266.0
331.8
366.6
376.3
433.7
194.3
207.9
223.8
250.3
297.6
337.3
376.1
405.0
416.7
55.5
61.1
69.8
81.1
88.7
104.5
111.4
119.6
132.5
1,359.3
1,506.5
1,689.7
1,899.3
2,119.5
2,371.2
2,532.1
2,701.1
2,954.3
457.1
456.8
456.0
455.5
418.7
422.8
425,1
417.6
3,010.2
3,019.9
3,039.0
3,050.1
455.8
456.1
456.2
454.4
453.0
451.6
451.5
450.0
448.6
437.6
440.4
439.6
439.6
439.7
439.1
447.4
443.5
444.7
134.1
134.2
135.2
136.3
145.8
146.3
147.2
147.8
148.3
149.2
149.3
150.2
151.3
3,073.2
3,085.1
3,104.4
3,112.1
3,119.1
3,131.1
3,144.8
3,156.5
3,167.5
onal income exclusive of farm proprietors income, farm wages, farm other labor income.
DEPOSITION OF PERSONAL INCOME
According to preliminary estimates, disposable personal income fefl $13.9 billion (annual rate) in the third quarter
compared with a rise of $71.7 billion in the second quarter. If there had been no delay in the payment of Federal
income tax refunds from the first quarter to the second quarter, disposable personal income would have increased
$13.7 billion in the third quarter and $16.6 billion in the second quarter.
BIlllONS OF DOLLARS * (RATIO SCALE)
2,800
BH.LIONS OF DOLLARS * (RATIO SCALE)
2,800
800
800
DOLLARS * (RATIO SCALE)
J2,000
11,000
PER CAPITA DISPOSABLE PERSONAL INCOME
10,000
9,000
DOLLARS * (RATIO SCALE)
12,000
11,000
10,000
9,000
8,000
8,000
7,000
7,000
6,000
6,000
972 DOLLARS
5,000
5,000
4,000
4,000
I
I I
I
I I
I
I I
I
1982
I I
I
I I
3,000
1983
COUNCIi OF ECONOMIC ADVISERS
Period
Persona!
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays *
Equals:
Personal
saving
Current
dollars
1972
dollars
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,429.5
2,584.6
2,744.2
3,012.1
196.8
226.4
258.7
301.0
336.5
387.7
404.1
404.2
435.3
1,194.4
1,314.0
1,474.0
1,650.2
1,828.9
2,041.7
2,180.5
2,340.1
2,576.8
Current
dollars
1972
dollars
Do Lars
B llions of doll ars
1976
1977
1978
1979
1980
1981
1982
1983
1984
Per capita personal
consur nption
expenc itures
Per c apita
disposable personal
incc me
1,111.9
1,236.0
1,384.6
1,553.5
1,718.7
1,904.7
2,044.5
2,222.0
2,420.7
82.5
78.0
89.4
96.7
110.2
137.4
136.0
118.1
156.1
5,477
5,965
6,621
7,331
8,032
8,874
9,385
9,977
10,887
4,158
4,280
4,441
4,512
4,487
4,561
4,555
4,670
4,939
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population
sands) 2
Per cent
4,972
5,468
6,048
6,695
7,326
8,037
8,543
9,192
9,894
3,774
3,924
4,057
4,121
4,092
4,131
4,146
4,303
4,489
2.6
2.9
3.8
1.6
-.6
1.6
-.1
2.5
5.8
6.9
5.9
6.1
5.9
6.0
6.7
6.2
5.0
6.1
218,086
220,289
222,629
225,106
227,694
230,068
232,351
234,542
236,685
Seas anally adju sted annual rates
1982:
III
IV
2,594.3
2,639.5
398.5
402.0
2,195.8
2,237.5
2,061.3
2,107.3
134.5
130.2
9,439
9,593
4,548
4,578
8,603
8,773
4,145
4,186
0,2
2.7
6.1
5.8
232,634
233,230
1983:
I
II
Ill
IV
2,662.8
2,714.4
2,763.3
2,836.5
401.4
411.6
395.8
407.9
2,261.4
2,302.9
2,367.4
2,428.6
2,133.4
2,206.1
2,248.4
2,300.0
128.0
96.7
119.0
128.7
9,675
9,832
10,082
10,318
4,591
4,619
4,694
4,776
8,858
9,143
9,290
9,475
4,203
4,296
4,325
4,386
1.1
2.5
6.7
7.2
5.7
4.2
5.0
5.3
233,742
234,230
234,811
235,385
1984:
I
II
Ill
IV
2,920.5
2,984.6
3,047.3
3,096.2
418.3
430.3
440.9
451.7
2,502.2
2,554.3
2,606.4
2,644.5
2,349.6
2,409.5
2,442.3
2,481.5
152.5
144.8
164.1
163.0
10,608
10,806
11,000
11,133
4,865
4,930
4,965
4,996
9,651
9,869
9,966
10,089
4,427
4,502
4,499
4,527
7.7
5.5
2.9
2.5
6.1
5.7
6.3
6.2
235,875
236,369
236,950
237,544
1985:
I
II
Ill "...
3,143.8
3,174.7
3,199.1
489.0
448.2
486.6
2,654.8
2,726.5
2,712.6
2,536.2
2,587.1
2,634.2
118.6
139.4
78.4
11,154
11,432
11,346
4,965
5,054
4,988
10,279
10,453
10,610
4,576
4,621
4,665
4.5
5.1
2.9
238,017
238,488
239,068
-2.5
7.4
-5.1
FARM INCOME
In the second quarter of 1985, according to preliminary estimates, gross farm income fell $8.5 billion (annual rate)
and net farm income fell $7.2 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
240
240
200
r^^—1["-»-
F^^l
160
120
x-
.
- ^
1
^^"^^ GRC SS FARM INCC)ME
^*~*^^^
160
^
120
80
60
60
N •T FARM INCO WE
40
/
>J
,—S^
/
\
*••**"
#>
/
20
1 1
1977
.«N- *N/
%
\
*
i ;
\
V*"'
1
/ ^\
\
\
i/\ * //
1
1 1
1978
1
1
1979
1
'*%
/ 11
I
I
"*
\!
»/t
i ii
40
•
/**
*
1
1 /
l/
1 1 1
1981
1980
1
1 1
1982
1*1 1
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
i i i
1984
1
1
1
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farmi "g
( rross
Period
Cas h
Total 1
marketing rece pts
Livestock and
products
166.0
161.6
150.6
174.0
95.4
96.2
112.2
131.5
139.8
142.1
142.9
136.3
141.8
46.3
47.6
59.2
69.2
68.0
69.2
70.3
69.4
72.7
152.9
143.6
151.7
' 154.3
143.2
133.0
141.2
127.6
nr
m
IV
175.7
167.3
173.7
179.8
I r.
U"
170.5
162.0
102.9
108.7
128.4
150.7
149.6
1976
1977
1978
1979r
1980
1981
1982
1983
1984
1983: I
n
m
IV
1984: I ".r
1985:
Total
T
Crops
Value of
inventory
changes z
Production
expenses
Current
dollars
71.8
72.9
72.7
66.8
r
69.1
— 1.5
1.1
2.1
5.0
-5.9
5.8
-1.4
-10.6
7.8
82.7
88.9
101.0
119.0
129.4
136.1
136.9
135.6
139.5
20.1
19.8
27.4
31.7
20.2
29.8
24.6
15.0
34.5
71.0
68.9
67.9
70.0
72.2
64.1
73.3
57.6
-10.6
-13.9
-12.9
-4.9
135.1
134.9
135.5
136.9
17.8
139.3
139.0
141.5
147.6
75.5
70.8
71.2
73.5
63.8
68.2
70.3
74.2
2.0
8.7
10.3
10.2
138.1
134.1
72.4
67.5
65.7
66.6
4.5
1.6
1
Cash marketing receipts and inventor)- changes plus Government payments, other farm cash
income, and nonmonev 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 fara income
farm incoim
49.0
48.6
53.0
62.3
3
1967 dollars 3
11.8
10.9
14.0
14.6
8.2
11.0
8.5
5.0
11.1
16.2
!7.3
6.1
2.9
5.4
5.7
139.2
140.2
140.0
138.5
36.5
27.0
33.6
41.2
11.9
8.7
10.7
13.1
136.2
134.7
34.4
27.2
10.8
8.6
8.7
r
Income in current dollars divided by the consumer price index (Department of Labor).
NOTE,—Data include net Commodity Corporation loans and farm households.
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the second quarter of 1985, corporate profits before tax fell $1.3 billion (annual rate) and after-tax profits rose
$0.4 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
280
280
240
240
200
200
160
120
40
40
1977
1978
1985
1979
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr<)fits (before t ax) with inve ntory valuati an adjustmen t
1
Profits after ta X
Doinestic indust ies
T
Total
151.6
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: ffl
IV
1983: I
II
m
IV
1984: I
II
Ill
IV
1985: I
II
HI"
1
178.5
205.1
209.6
191.7
197.6
156.0
192.0
230.0
158.8
143.2
157.3
186.1
208.1
216.3
229.8
238.7
224.5
227.1
223.2
223.5
137.4
163.4
185.4
179.0
161.9
173.2
133.6
167.2
207.1
136.5
119.7
134.9
162.4
180.6
190.8
204.1
217.5
200.2
206.4
202.5
200.8
Financial
17.1
23.1
31.0
30.3
26.9
19.5
19.6
29.6
27.8
21.0
24.9
28.4
32.0
29.5
28.5
28.7
28.9
26.6
27.1
28.0
33.2
Total 3
120.3
140.3
154.4
148.6
134.9
153.7
114.0
137.6
179.2
115.5
94.8
106.5
130.4
151.1
162.3
175.4
188.6
173.6
179.3
174.6
167.5
See p. 4 for profits with inventory valuation and capital consumption adjustments
Includes rest of the world, not shown separately.
Tax
z
Total
2
Profits
Nonfinancial
Period
turing
69.2
78.3
86.9
85.6
72.9
84.9
54.5
65.2
85.5
60.4
42.4
44.9
59.3
73.8
82.9
89.8
92.3
78.3
81.6
77.9
72.3
Total
Whole
sale and
retail
trade
22.4
26.6
26.9
27.1
23.6
31.8
25.9
33.4
45.9
24.0
24.1
25.3
33.0
35.9
39.5
40.6
47.0
46.8
49.4
45.5
46.8
3
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
235.7
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
224.8
228.7
222.3
221.0
63.8
72.7
83.2
87.6
84.8
81.1
60.7
75.8
89.8
61.9
55.0
59.1
74.8
84.7
84.5
92.7
95.8
83.1
87.7
85.3
83.6
Includes industries not shown separate!;
Source: Department of Commerce, Burcta
102.5
122.0
145.9
165.1
149.8
140.0
104.8
127.4
145.9
107.0
100.8
102.6
123.4
142.6
141.1
150.6
150.2
141.7
141.0
137.0
137.4
Dividends
37.4
40.8
47.0
52.7
58.6
66.5
69.2
72.9
80.5
69.0
70.2
71.1
71.7
73.3
75.4
77.7
79.9
81.3
83.1
84.5
85.6
86.4
Undistributed
profits
65.1
81.2
98.9
112.4
91.2
73.5
35.6
54.5
65.4
38.1
30.6
31.4
51.7
69.3
65.6
72.9
70.2
60.3
58.0
52.5
51.8
valuation
adjustment
-14.7
-16.2
-24.0
^43.1
-42.9
-23.6
-9.5
-11.2
-5.7
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
-.2
-1.6
.9
2.5
6.0
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the third quarter, business fixed investment was about unchanged from its
second quarter level while residential investment outlays rose $5.4 billion (annual rate). There was an $8.1 billion
decrease in inventories following an increase of $17.9 billion in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
600
- GROSS PRIVATE DOMESTIC INVESTMENT
600
\
500
500
400
400
3001
300
- NONRESIDENTIALFIXED INVESTMENT
200;
200
RESIDENTIAL
FIXED INVESTMENT
100
100
CHANGE IN BUSINESS
INVENTORIES
^/
-lOOi
1
1977
1978
1
1
1
1979
1
1981
1980
1982
1984
1985
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Residential fix ed investment
Nonresi( ential fixed in estment
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
III
TV
1983: I
II
in
1984:
IV
I
n
Ill
IV
1985: I
n
ni"
private
domestic
investment
Total
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
637.8
174.1
205.2
248.9
290.2
308.8
353.9
349.6
352.9
425.7
58.8
64.4
78.7
98.3
110.9
135.3
142.1
129.7
150.4
415.9
376.2
342.2
339.3
138.4
138.4
405.0
449.6
491.9
540.0
334.6
339.3
353.9
383.9
130.4
125.6
126.2
136.6
623.8
627.0
662.8
637.8
398.8
420.8
435.7
447.7
142.2
150.0
151.4
157.9
646.8
643.2
622.8
450.9
467.3
467.5
162.9
168.3
166.8
Source: Department of Commerce, Bureau of Economic Analysis.
Structures
Producers'
durable
equipment
115.3
140.8
170.2
191.9
197.9
218.6
207.5
223.2
275.3
203.8
201.0
204.2
213.6
227.8
247.3
256.7
270.7
284.2
289.7
288.0
299.0
300.6
Total
72.0
95.8
111.2
118.6
102.9
104.3
91.4
132.2
153.9
89.0
97.9
113.3
129.8
142.3
143.4
151.2
155.6
155.3
153.5
155.2
158.0
163.4
Nonfarm
structures
68.8
92.0
107.0
114.0
98.1
99.8
86.6
127.6
148.8
84.5
92.5
108.9
125.3
137.7
138.7
146.4
150.5
150.1
148.3
150.0
152.4
157.5
Farm
structures
Producers'
durable
equipment
1.5
1.7
1.7
1.8
1.3
1.5
1.0
1.1
2.1
2.3
2.5
2.9
3.0
3.2
3.3
3.6
4.0
1.3
2.1
3.3
3.3
1.0
.9
.9
.9
3.4
3.5
3.7
3.8
.9
1.0
1.2
1.0
3.9
4.1
4.0
4.1
1.0
1.3
1.7
4.2
4.3
4.3
1.1
Change ir business
mven .ones
Total
Nonfarm
11.8
23.0
26.5
14.3
-9.8
13.9
21.9
25.4
26.0
-26.1
-13.5
58.2
18.2
-24.0
-3.1
49.6
-15.3
-61.1
-42.9
— 19.4
4.3
12.7
73.8
50.6
71.8
36.6
40.7
17.9
-8.1
-11.1
-54.3
8.6
4.5
-32.6
-5.4
11.6
14.1
60.6
47.0
63.7
27.2
34.1
11.4
-8.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1985 survey, business spending for new plant and equipment
for the year 1985 is expected to be 8.3 percent above the 1984 level. Spending in 1984 was up 16.3 percent
over the 1983 level.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
J300
300
-r
200
200
NONMANUFACTURING _!/
MANUFACTURING
100
100
80
60
60
40
40
.1979
1978
1981
1980
1984
1983!
1982
J/ SURVEYED QUARTERLY
_i/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Industries surveyed ( uarterly
Period
1977
1978
1979
1980
1981
1982
1983
1984
1985 *
1983: I
II
III...
IV...
1984: I
II
III...
IV...
1985: I
II 4
Ill
IV*
All
industries
Total
Durable
goods
Addenda
No imanufactur ing
M anufacturin g
farm
business 2
Manufacturing
15.84
14.79
13.97
16.52
17.57
27.83
31.50
35.63
37.74
41.21
45.43
44.96
47.48
48.08
67.51
83.09
94.56
100.14
110.24
109.63
114.45
134.75
148.81
208.15
245.34
284.94
314.47
349.26
347.47
343.35
398.99
67.48
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.44
13.08
13.51
14.04
15.24
15.29
17.01
17.49
16.28
16.22
17.50
19.00
17.55
44.69
44.46
44.68
46.02
47.08
47.94
47.92
46.92
48.46
48.47
48.40
47.00
105.58
110.37
117.79
124.09
128,42
132.67
136.80
141.13
145.17
151.02
148.00
151.05
Total '
9.81
11.22
12.81
15.99
21.39
20.05
15.19
16.86
16.08
12.20
13.36
16.05
-16.60
14.69
14.17
15.59
16.34
17.24
16.38
16.82
17.00
15.66
16.51
16.32
15.81
184.82
217.76
254.96
282.80
315.22
310.58
304.78
354.44
383.98
67.48
78.58
95.92
112,33
126.54
120.68
116.20
138.82
153.44
32.77
39.46
48.50
55.36
59.81
55.35
53.08
66.24
73.58
34.71
39.13
47.42
56.96
66.73
65.33
63.12
72.58
79.86
117.34
139.18
159.04
170.47
188.68
189.89
188.58
215.61
230.54
289.36
295.24
308.79
325.75
337.95
349.97
361.48
368.29
371.16
387.83
389.54
387.40
111.32
112.73
116.70
124.05
129.91
135.96
142.44
146.96
145.65
154.33
157.82
155.98
50.67
50.12
53.96
57.58
61.23
64.03
68.26
71.43
69.87
73.96
75.81
74.68
60.65
62.61
62.74
66.48
68.68
71.93
74.18
75.53
75.78
80.36
82.02
81.30
178.04
182.51
192.09
201.70
208.04
214.01
219.04
221.33
225.51
233.51
231.71
231.42
non-
Commercial
and
other
Transportation
able
goods
Mining
Notimanufactur ing
Total
Public
utilities
Total
140.67
166.76
189.02
202.15
222.72
226.79
227.15
260.16
111.32
112.73
116.70
124.05
129.91
135.96
142.44
146.96
145.65
154.33
157.82
155.98
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column {"nonmanufacturing surveyed annually") for data for these industries.
2
"AH industries" plus the part of nonmanufaeturing that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
Source: Department of Co
10
?rce, Bureau of Economic Analvsis.
Surveyed
quarterly
117.34
139.18
159.04
170.47
188.68
189.89
188.58
215.61
230.54
178.04
182.51
192.09
201.70
208.04
214.01
219.04
221.33
225.51
233.51
231.71
231.42
Sur-
veyed
annually 3
23.33
27.58
29.98
31.68
34.04
36.89
38.56
44.55
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
pTATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment rose 372,000 in September and unemployment rose 147,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
1985
• 16 YEARS OF AGE AND OVER
SOURCE. DEPARTMENT OF 1A8OR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted]
Period
1979
1980
1981
1982
1983
1984
1984:
Sept....
Oot
Nov
Dec
1985:
Jan
Feb
Mar
Apr
May
June....
July
Aug
Sept ....
Noninstitutional
population
including
resident
Armed
Forces
NSA
Armed
Forces
NSA
166,460
169,349
171,775
173,939
175,891
178,080
1,597
1,604
1,645
Laho f
•
] ,.
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
Agricultural
Total
15
weeks
and
over
Total 2
Civilian 3
3,373
4,064
4,499
5,852
5,997
5,512
6,137
7,637
8,273
10,678
10,717
8,539
1,241
1,871
2,285
3,485
4,210
2,737
64.0
64.1
64.2
64.3
64.4
64.7
63.7
63.8
63.9
64.0
64.0
64.4
3,319
3,169
102,075
102,480
3,334 102,598
3,385 102,888
5,449
5,483
5,413
5,596
8,370
8,367
8,142
8,191
2,605
2,527
2,428
2,374
64.7
64.8
64.7
64.9
64.4
64.4
64.4
64.6
103,071
103,345
103,757
103,517
3,312 103,648
3,138 103,232
3,126 103,737
3,092 104,080
2,976 104,568
5,389
5,077
5,400
5,374
5,617
5,257
5,350
5,443
5,297
8,484
8,399
8,396
8,426
8,413
8,413
8,451
8,127
8,274
2,243
2,416
2,400
2,377
2,247
2,317
2,348
2,264
2,328
65.1
65.2
65.3
64.8
64.8
65.0
64.9
64.8
64.5
64.7
64.6
64.9
1,668
1,676
1,697
100,421
100,907
102,042
101,194
102,510
106,702
104,962
106,940
108,670
110,204
111,550
113,544
98,824
99,303
100,397
99,526
100,834
105,005
3,347
3,364
3,368
3,401
3,383
178,483
178,661
178,834
179,004
1,720
1,705
1,699
1,698
115,484
115,721
115,773
116,162
107,114
107,354
107,631
107,971
113,764
114,016
114,074
114,464
105,394
105,649
105,932
106,273
179,081
179,219
179,368
179,501
179,649
179,798
179,967
180,131
180,304
1,697
1,703
1,701
1,702
1,705
1,702
1,704
1,726
1,732
116,572
116,787
117,215
117,073
117,078
116,485
117,018
117,025
117,550
108,088
108,388
108,820
108,647
108,665
108,072
108,566
108,898
109,276
114,875
115,084
115,514
115,371
115,373
114,783
115,314
115,299
115,818
106,391
106,685
107,119
106,945
106,960
106,370
106,862
107,172
107,544
3,320
3,340
3,362
3,428
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fullhie work, etc.
' 2 Labor force as percent of noninstitutional population (both including resident Armed Forces).
Total
Part-time
for
economic
reasons l
Labor force
particif ation
rate (pe rcent)
95,477
95,938
97,030
96,125
97,450
101,685
106,559
108,544
110,315
111,872
113,226
115,241
Unemplc yment
Civilian ernployment
Resi-
3,321
65.2
65.2
64.8
65.0
65.0
65.2
3
Civilian labor force as percent of civilian noninstitutional population.
NOTE,—NSA indicates data are not seasonally adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In September the seasonally adjusted overall unemployment rate rose slightly, to 7.0 percent from 6.9 percent in
August. The civilian unemployment rate also rose slightly, to 7.1 percent from 7.0 percent in August.
I
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
10
1981
1985
'UNEMPLOYMENT AS PERCENT OF CIVtUAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
TJnemp oyment rate (percen t of civih'an labor force in group)
Byselected grou; )S
By race
By sex and age
Labor
force
time lost
(percent) *
Unemployment
rate, all
workers 1
civilian
workers
Men
20 years
and over
Women
20 years
and
over
1979
1980
1981
1982
1983
1984
5.8
7.0
7.5
9.5
9.5
7.4
5.8
7.1
7.6
9.7
9.6
7.5
4.2
5.9
6.3
8.8
8.9
6.6
5.7
6.4
6.8
8.3
8.1
6.8
16.1
17.8
19.6
23.2
22.4
18.9
5.1
6.3
6.7
8.6
8.4
6.5
11.3
13.1
14.2
17.3
17.8
14.4
12.3
14.3
15.6
18.9
19.5
15.9
5.5
6.9
7.3
9.3
9.2
7.1
2.8
4.2
4.3
6.5
6.5
4.6
8.3
9.2
10.4
11.7
12.2
10.3
5.3
6.9
7.3
9.6
9.5
7.2
8.8
8.8
9.4
10.5
10.4
9.3
6.3
7.9
8.5
11.0
10.9
8.6
1984: Sept..
Oct....
Nov...
Dec ...
7.2
7.2
7.0
7.1
7.4
7.3
7.1
7.2
6.4
6.2
6.2
6.3
6.6
6.9
6.5
6.4
19.0
18.7
17.8
18.8
6.3
6.3
6.1
6.2
13.8
13.8
13.7
13.6
15.1
15.3
15.1
15.0
7.0
6.9
6.8
6.8
4.6
4.5
4.4
4.4
10.1
10.4
10.8
9.6
7.1
7.1
6.9
6.9
9.3
9.1
8.6
8.8
8,5
8.4
8.2
8.3
1985: Jan...
7.3
7.2
7.2
7.2
7.2
7.2
7.2
6.9
7.0
7.4
7.3
7.3
7.3
7.3
7.3
7.3
7.0
7.1
6.3
6.3
6.2
6.3
6.1
6.5
6.3
6.0
6.0
6.8
6.7
6.7
6.8
6.9
6.7
6.6
6.7
6.8
18.9
18.4
18.2
17.7
18.9
18.3
19.5
17.3
17.8
6.4
6.2
6.2
6.3
6.2
6.5
6.4
6.2
6.1
13.7
14.6
13.9
13.9
14.1
12.8
13.5
12.7
13.9
14.9
16.3
15.2
15.3
15.6
14.0
15.0
14.0
15.3
6.9
6.8
6.8
6.8
6.8
6.9
6.9
6.7
6.9
4.6
4.4
4.2
4.3
4.0
4.6
4.4
4.1
4.3
10.0
11.0
10.2
10.8
10.9
9.8
10.2
11.1
11.6
7.1
7.1
6.9
6.9
6.8
6.8
7.0
6.7
6.8
9.3
8.7
9.6
9.7
10.3
9.9
9.5
9.0
9.2
8.2
8.2
8.2
8.2
8.3
8.2
8.3
8.1
8.1
Period
Peb ...
Mar...
Apr ...
May...
June..
July ..
Aug...
Sept. .
1
All
All
Both
sexes
16-19
years
Black a id other
White
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reas<
cent of potentially available labor force hours.
2
12
Black
Total
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Source: Department of Labor, Bureau of Labor Statistics.
Fulltime
workers
Parttime
workers
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In September, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 27
weeks and over rose, while the percentages for 5-14 weeks and for 15-26 weeks fell. Both the mean duration
and the median duration of unemployment fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
20
10 —
1985
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Dur ation of imemploi ment
Period
Unemployment
(thousands)
P ercent di tribution i
Less
than
5
weeks
5-14
weeks
15-26
weeks
Re ason for inemploy ment:
percent d istributio i '
Stat e
progrs ms
Insured
unemployment,
Number of
ks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
regular
programs
(unadjusted) 2
plovment
benefit
claims
(unadjusted) 3
W eekly av :rage, thousa nds
1980
1981
1982
1983
1984
7,637
8,273
10,678
10,717
8,539
43.1
41.7
36.4
33.3
39.2
32.3
30.7
31.0
27.4
28.7
13.8
13.6
16.0
15.4
12.9
10.7
14.0
16.6
23.9
19.1
11.9
13.7
15.6
20.0
18.2
6.5
6.9
8.7
10.1
7.9
51.7
51.6
58.7
58.4
51.8
11.7
11.2
7.9
7.7
9.6
25.2
25.4
22.3
22.5
25.6
11.4
11.9
11.1
11.3
13.0
3,350
3,047
4,061
3,396
2,480
488
460
583
438
378
3,837
3,410
4,594
3,775
2,565
1984:
Sept
Got
NOT
Dec
8,370
8,367
8,142
8,191
39.2
40.8
41.4
40.2
30.0
28.9
28.7
30.8
13.1
13.1
12.2
11.9
17.7
17.2
17.7
17.2
17.3
16.7
17.4
17.3
7.6
7.3
7.3
7.4
50.2
51.3
50.5
50.5
10.1
10.0
10.6
10.4
27.0
25.9
26.4
26.8
12.7
12.8
12.5
12.2
2,390
2,425
2,509
2,487
372
393
395
386
2,083
2,149
2,441
2,778
307
289
295
305
1985:
Jan
Feb
Mar
Apr
Mav
June
July
Aug
Sept
8,484
8,399
8,396
8,426
8,413
8,413
8,451
8,127
8,274
43.3
41.9
42.4
42.1
42.8
41.5
42.4
41.5
42.0
30.2
29.4
29.3
29.8
30.8
30.6
29.7
30.7
30.0
11.1
12.8
12.6
12.1
12.2
12.2
13.0
12.9
12.4
15.4
15.9
15.8
16.0
14.1
15.7
14.9
14.9
15.5
15.3
15.9
15.9
16.1
14.9
15.4
15.4
15.6
15.5
6.7
7.2
7.1
6.7
6.2
6.6
7.2
7.5
6.9
50.8
50.7
49.3
50.0
46.9
49.3
51.1
51.3
50.2
10.4
10.3
10.0
9.9
10.3
12.0
10.6
10.7
10.2
'26.4
26.6
27.7
27.4
28.9
26.5
25.3
26.7
28.7
12.4
12.3
12.9
12.7
13.8
12.2
12.9
11.3
11.0
2,607
2,681
2,639
2,587
2,575
2,548
2,597
2,533
2,530
394
406
392
390
386
396
390
382
381
3,361
3,339
3,113
2,766
2,455
2,337
T
2,523
2,361
326
327
339
243
100
28
l
Detail may not add to 100 percent because of rounding.
» 2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicefcen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State expended benefit programs. Does not include Federal supplemental compensation program.
3
Federal supplemental compensation program. The program expired .June HO, UIH").
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 128,000 in September.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS
100
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
SERVICE-PRODUCING
INDUSTRIES
60 —
20
50
18
40 —
CONSTRUCTION
-GOODS-PRODUCING INDUSTRIES
30
20
imilmii J I H J l l l l l l
1982
1981
nmliilii
I
1983
1984
Illlllllllll
1985
2 klllllllllll Illllllllll Illllllllll Illllllllll
1981
1982
1983
1984
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1985
COUNCIL OF ECONOMIC ADViSERS
[Thousands of wage and salary workers; l seasonally adjusted]
Se vice-produc ing industr es
Goods-p roducing in dustries
Period
Total
nonagricultural
employment
M anufaeturin g
Total
2
onC nn
struction
Total
goods
sale
trade
5,204
19,412
11,039
10,732
11,522
4,386
4,403
4,424
4,469
19,480
19,536
19,553
19,603
11,611
11,652
11,666
11,701
7,869
7,884
7,887
7,902
70,387
70,655
70,927
71,047
5,210
5,223
5,229
5,246
4,534
4,525
4,553
4,641
4,658
4,638
4,660
4,685
4,725
19,604
19,561
19,526
19,467
19,426
19,398
19,351
19,377
19,266
11,702
11,675
11,651
11,608
11,586
11,560
11,509
11,533
11,446
7,902
7,886
7,875
7,859
7,840
7,838
7,842
7,844
7,820
71,307
71,529
71,854
72,030
72,355
72,463
72,727
72,961
73,166
5,259
5,272
5,269
5,278
5,301
5,295
5,302
5,284
5,323
91,156
89,566
90,196
94,461
1984: Sept....
Got
Nov....
Dec
95,238
95,573
95,882
96,092
24,851
24,918
24,955
25,045
1985: Jan
Feb
Mar
Apr
May ...
June...
July r..
Aug '..
Sept ".
96,419
96,591
96,910
97,120
97,421
97,473
97,707
97,987
98,115
25,112
25,062
25,056
25,090
25,066
25,010
24,980
25,026
24,949
12,760
12,187
12,109
8,280
1
Includes all fu!l- arid 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 ihe 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-
and
public
utilities
5,136
5,146
5,165
5,082
4,954
5,171
21,040
20,285
20,170
18,781
18,434
14
Total
63,363
64,748
65,659
65,753
66,862
69,731
4,463
4,346
4,188
3,905
3,948
4,345
89,823
90,406
Nondurable
Whole-
8,098
8,061
7,741
7,702
7,890
26,461
25,658
25,497
23,813
23,334
24,730
1979
1980
1981
1982
1983
1984
Durable
goods
Transportation
5,275
5,358
5,278
5,268
5,550
Retail
trade
14,989
15,035
15,189
Finance,
insurance,
and real
estate
4,975
5,160
Gover nment
Services
Total
Federal
19,036
19,694
20,761
15,947
16,241
16,031
15,837
15,869
15,984
2,773
2,866
2,772
2,739
2,774
2,807
17,112
17,890
18,619
15,179
15,613
16,584
5,298
5,341
5,468
5,682
5,610
5,636
5,647
5,665
16,750
16,859
16,994
17,026
5,719
5,737
5,755
5,776
21,014
21,087
21,184
21,252
16,084
16,113
16,118
16,082
2,827
2,823
2,831
2,836
5,686
5,697
5,714
5,733
5,748
5,768
5,773
5,793
5,805
17,090
17,160
17,249
17,280
17,392
17,425
17,453
17,509
17,544
5,790
5,809
5,835
5,858
5,888
5,906
5,932
5,960
5,984
21,382
21,480
21,644
21,723
21,813
21,856
21,926
22,068
22,153
16,100
16,111
16,143
16,158
16,213
16,213
16,341
16,347
16,357
2,836
2,834
2,850
2,859
2,873
2,872
2,878
2,887
2,894
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 NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gi oss hourlv
earn ngs
\verage weekh
hmin;
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984: Sept
Oct
Nov
Dec
1985:
Jan
Peb
Mar
Apr
May
June
July1"
Aug '
Sept".
Manufa cturing
Total
private
nonagricultural '
Total
36.1
36.0
35.8
40.1
40.3
40.4
35.7
35.3
35.2
34.8
35.0
35.3
35.3
35.2
35.2
35.2
40.2
39.7
39.8
38.9
40.1
40.7
40.6
40.5
40.5
40.6
35.1
35.1
35.2
35.0
35.1
35.1
35.0
35.1
35.2
40.6
40.1
40.4
40.2
40.4
40.4
40.3
40.6
40.7
Total
private
nonagrieultural '
Overtime
Manufacturing
Adjuste d hourly earnin gs index — total private
nonagnc ultural 2
1977
dollars •
Current
dollars
92.9
100.0
108.2
3.3
3.3
3.4
3.4
7.25
7.68
8.02
8.33
8.40
8.38
8.42
8.47
$5.22
5.68
6.17
6.70
7.27
7.99
8.49
8.83
9.18
9.24
9.28
9.31
9.35
3.4
3.3
3.2
3.4
3.1
3.2
3.2
3.3
3.3
8.44
8.49
8.53
8.54
8.54
8.59
8.57
8.59
8.64
9.38
9.41
9.43
9.48
9.49
9.51
9.53
9.56
9.55
163.0
164.0
164.4
164.8
164.9
165.7
165.4
165.6
165.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3.0
3.4
$4.86
5.25
5.69
6.16
6.66
Percent ehange from a vear
earlie r 4 5
Ind ex,
1977 == 100
116.8
127.3
138.9
148.5
155.4
160.7
161.7
161.6
162.3
163.4
Current
dollars
1977 dollars
7.2
7.6
8.2
7.9
9.0
9.1
6.9
4.6
3.4
99.0
100.0
100.5
97.4
93.5
92.6
93.4
94.9
94.8
94.3
94.1
94.5
94.9
94.5
94.7
94.5
94.4
94.3
94.5
94.3
94.2
94.1
1.4
1.0
.5
-3.1
-4.0
-1.0
.9
1.6
-.1
3.5
2.8
3.1
3.4
-.3
-.8
2.7
3.3
3.2
2.9
3.1
3.2
2.7
3.0
2.4
-.5
-.2
3
-.1
1
-1.2
-.9
-.8
-1.0
-.0
-.3
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent cl ange from
a year earlier,
total private n onagricultural 5
Avera,ge gross weekly ea rmngs
Period
Total |jrivate
nonagnc ultural '
Current dollars
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984:
1985:
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July T
Aug r
Sept"
1
Manufacturing
3
Retail trade
Current dollars
1977 dollars 3
$175.45
189.00
203.70
219.91
235.10
255.20
$186.85
189.00
189.31
183.41
172.74
170.13
267.26
280.70
294.05
296.52
294.98
296.38
298.14
296.24
298.00
300.26
298.90
299.75
301.51
299.95
301.51
304.13
168.09
171.26
173.48
172.80
171.80
172.62
173.14
171.73
172.15
172.66
171.19
171.38
172.00
171.01
171.61
172.80
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index on a 1977=100 base.
Revised index for urban wage earners and clerical workers used beginning 1978 (beginning January
2
Construction
1977 dollars
Current dollars
$209.32
228.90
249.27
269.34
288.62
318.00
330.26
354.08
373.63
375.14
375.84
377.06
379.61
380.83
377.34
380.97
381.10
383.40
384.20
384.06
388.14
388.69
$283.73
295.65
318.69
342.99
367.78
399.26
426.82
442.97
456.92
460.49
457.68
462.08
461.16
459.94
463.81
465.58
465.88
460.60
454.96
459.85
459.38
467.02
$114.60
121.66
130.20
138.62
147.38
158.03
163.85
171.05
176.40
176.11
175.82
177.31
177.31
176.42
177.01
177.31
176.42
178.20
177.61
176.72
176.42
177.60
7.3
7.7
7.8
8.0
6.9
8.5
4.7
5.0
4.8
4.4
2.8
3.3
4.0
2.0
2.1
3.3
2.1
2.4
2.8
1.8
2.6
2.7
1.5
1.2
.2
-3.1
-5.8
-1.5
-1.2
1.9
1.3
.6
-.8
-.1
.4
-1.2
-1.3
-.6
-2.0
-1.5
-1.2
-1.9
^
.0
1985, this price index incorporates a rental equivalence measure for homeownership costs).
4
Monthly changes based on indexes to two decimal places.
5
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
all pc sons
Period
Business
sector
Nonfarm
business
sector
Business
sector
per
Compensj tion
hou r 3
Hours of ail
persons 2
Outp ut '
Nontarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit abor
cos ts
Real com 3ensation
per h aur 4
Business
sector
Nonfarm
business
sector
Implici price
defla or 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
197 7 = 100; c uarterly c ata seasor ally adjus ted
1973
1974
94.8
92.5
95.3
92.9
91.7
89.9
91.7
89.8
96.8
97.2
96.2
96.6
71.4
78.1
71.8
78.5
97.3
95.9
97.9
96.5
75.3
84.4
75.3
84.5
75.3
82.4
74.0
81.6
1975
1976
1977
1978
1979
94.6
97.6
100.0
100.5
99.3
94.8
97.8
100.0
100.6
99.0
88.2
93.8
100.0
105.5
107.8
87.8
93.7
100.0
105.7
108.0
93.2
96.0
100.0
104.9
108.6
92.6
95.8
100.0
105.1
109.0
85.6
92.9
100.0
108.5
118.7
86.1
93.0
100.0
108.6
118.4
96.4
98.9
100.0
100.8
99.1
96.9
99.0
100.0
100.8
98.8
90.5
95.1
100.0
108.0
119.5
90.8
95.1
100.0
108.0
119.5
90.4
94.7
100.0
107.5
117.2
90.0
94.6
100.0
107.1
116.5
1980
1981
1982
1983
1984
98.8
100.7
100.9
103.7
107.0
98.3
99.8
100.0
103.4
106.2
106.5
109.2
106.3
111.0
120.8
106.5
108.7
105.9
111.2
120.7
107.8
108.4
105.4
107.1
112.9
108.3
109.0
106.0
107.5
113.6
131.1
143.4
155.0
161.7
168.6
130.6
143.1
154.5
162.0
168.7
96.4
95.5
97.3
98.4
98.4
96.0
95.3
97.0
98.6
98.4
132.6
142.4
153.6
156.0
157.6
132.8
143.5
154.5
156.6
158.8
128.1
140.4
147.9
152.4
157.4
128.1
140.6
148.6
153.4
158.2
1982: III
IV
100.9
101.6
100.3
100.5
106.1
105.8
106.0
105.2
105.1
104.1
105.7
104.7
156.7
158.4
156.0
157.9
97.3
98.0
96.8
97.7
155.3
155.9
155.6
157.1
148.7
149.3
149.3
150.2
1983: I
II
Ill
IV
102.2
103.6
104.3
104.7
101.6
103.6
104.1
104.4
106.9
110.1
112.5
114.7
106.7
110.4
112.7
115.2
104.7
106.2
107.9
109.5
105.1
106.5
108.2
110.3
160.2
161.0
161.8
164.2
160.1
161.5
162.4
164.0
99.0
98.5
97.9
98.4
99.0
98.8
98.3
98.3
156.8
155.4
155.1
156.8
157.6
155.9
155.9
157.1
151.0
151.7
152.7
154.2
151.9
152.7
153.8
155.2
1984: I
II
HI
IV
105.7
107.0
107.2
108.0
105.2
106.6
106.3
106.9
117.8
121.0
121.5
123.0
118.0
121.0
121.3
122.7
111.4
113.0
113.4
113.9
112.3
113.6
114.1
114.8
166.7
167.5
169.3
171.1
166.5
168.0
169.5
171.0
98.6
98.2
98.3
98.5
98.4
98.4
98.4
98.5
157.7
156.5
158.0
158.4
158.3
157.6
159.5
160.0
155.6
156.7
158.1
159.0
156.3
157.3
159.0
160.1
1985: I
IK
106.9
107.3
108.1
106.0
106.3
106.7
123.0
123.8
124.9
122.8
123.6
124.5
115.0
115.4
115.5
115.8
116.2
116.8
173.1
174.5
176.9
173.1
174.6
176.2
98.9
98.6
99.4
98.9
98.7
99.0
161.9
162.6
163.6
163.3
164.1
165.2
160.9
161.7
162.8
162.3
163.4
164.7
1973
1974
2.6
-2.4
2.4
-2.5
6.6
2.0
6.8
-2.0
3.9
.4
4.3
.5
8.0
9.4
7.6
9.4
1.6
-1.4
1.3
-1.4
5.3
12.1
5.0
12.2
5.5
9.5
3.8
10.2
1975
1976
1977
1978
1979
2.2
3.3
2.4
.5
— 1.2
2.0
3.2
2.2
.6
-1.5
-2.0
6.4
6.6
5.5
2.3
-2.2
6.7
6.7
5.7
2.2
-4.1
3.0
4.1
4.9
3.5
4.1
3.4
4.4
5.1
3.7
9.6
8.5
7.7
8.5
9.4
9.6
8.1
7.5
8.6
9.0
.5
2.6
1.2
.8
-1.7
.4
2.2
1.0
.8
-2.0
7.3
5.1
5.1
8.0
10.7
7.5
4.7
5.2
8.0
10.7
9.8
4.7
5.6
7.5
9.0
10.3
5.1
5.7
7.1
8.8
5
-1.2
2.5
-2.6
4.4
8.8
-1.4
2.1
-2.6
5.0
8.5
-.7
.6
-2.8
1.6
5.4
-.6
.6
-2.8
1.5
5.7
10.4
9.4
8.1
4.3
4.2
10.3
9.6
8.0
4.9
4.1
-2.7
-.9
1.9
1.1
0
-2.8
11.0
7.3
7.9
1.6
1.0
11.1
8.0
7.7
1.4
1.4
9.3
9.6
5.3
3.0
3.2
10.0
9.8
5.7
3.2
3.1
-1.3
-1.2
-.1
-3.0
-3.6
-3.8
-3.6
-4.0
7.5
4.5
7.5
5.1
.2
3.0
.2
3.6
5.0
1.7
3.7
. 4.0
2.3
1.8
2.0
2.4
IIP....
Pe rcent chan e;e; quarte rly data a seasonal y adjusted annual ra tes
1980
1981
1982
1983
1984
.2
2.7
3.2
-.7
1.5
.2
3.5
2.7
1982: III
IV
2.4
2.7
3.6
1.1
1983: I
2.1
5.9
2.8
1.4
4.4
8.1
2.1
1.0
4.4
12.4
9.3
7.8
6.0
14.3
8.7
9.1
2.2
6.1
6.4
6.2
1.5
5.7
6.5
8.0
4.4
2.2
2.0
6.1
5.7
3.5
2.2
4.1
4.0
-2.1
-2.2
1.9
5.3
-.8
-2.0
0
2.2
-3.5
-.8
4.6
1.3
-4.2
.1
3.0
4.6
1.9
2.5
4.1
4.6
2.2
2.7
3.7
4.0
4.9
.6
3.1
2.9
5.5
-1.1
2.2
11.4
11.2
1.8
5.0
10.3
10.6
.7
4.7
7.2
6.0
1.2
1.8
7.2
4.8
1.8
2.4
6.2
1.9
4.4
4.4
6.1
3.7
3.6
3.7
.8
-1.8
.7
.8
.7
0
-.1
.1
2.1
-2.9
3.7
1.2
3.1
-1.7
4.7
1.4
3.7
2.9
3.6
2.2
2.8
2.8
4.2
2.9
-3.9
1.5
3.0
-3.1
1.2
1.2
0
2.7
3.3
.5
2.5
3.2
4.1
1.2
.3
3.7
1.3
2.0
4.8
5.0
3.4
3.9
1.4
-.9
3.1
1.7
-.8
1.4
9.1
1.7
2.6
8.4
2.1
2.7
5.0
1.8
2.8
5.5
2.7
3.4
1.9
n
in
IV
1984: I
n
m
IV
1985:
I
nr.
HP....
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of alt persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Abo includes an estimate of wages, salaries, and supplemental payments for the self*
employed.
* Hourly compensation divided hy the consumer price index for al! urban consumers.
16
3.3
5.6
5
n
1.1
1.6
1
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to alt persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Uibor Statistics,
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0.1 percent in September following a 0.6 percent rise in August and a 0.2 percent
decrease in July. The index for September was 1.1 percent above its year earlier level.
INDEX, 1977=100* (RATIO SCALE)
220
INDEX, 1977=100* (RATIO SCALE)
— TOTAL INDUSTRIAL PRODUCTION
200
180
160
100
140
140
-MANUFACTURING PRODUCTION
NONDURABLE
120
100
PERCENT*
90
-MANUF/kCTURING CAPACITY UTILIZATION RATE —
— UTILITIES AND MINING PRODUCTION
80
taMMMMMta—
70
60
imiliim
1981
1981
Illllllllll Illllllllll Illllllllll
1984
1982
1983
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Hlllllllll
1985
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry pro( uction indexes , 1977 = 100
To tal
indu trial
produ ction
Period
Percent
1977 = 100
1977 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984: Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June r.
July r
Aug r .
Sept"
1
,
Output as percent of capacity.
from year
earlier
100.0
84.8
92.6
100.0
106.5
110.7
108.6
111.0
103.1
109.2
121.8
123.3
122.7
123.4
123.3
123.6
123.7
124.0
124.1
124.1
124.3
124.1
124.8
124.7
Capacity utilization
rate, pe rcent *
Manufacturing
-8.8
9.2
8.0
6.5
3.9
-1.9
2.2
-7.1
5.9
11.5
8.4
7.2
7.5
6.8
4.4
3.7
3.3
2.8
2.3
1.6
.7
1.0
1.1
Mining
Durable
Total
84.21
83.4
91.9
100.0
107.1
111.5
108.2
110.5
102.2
110.2
123.9
125.6
125.5
126.0
125.8
125.9
125.8
126.3
126.6
126.6
126.7
126.9
127.7
127.5
49.10
82.6
91.1
100.0
108.2
113.9
109.1
111.1
99.9
107.7
124.8
127.2
127.0
127.5
127.4
127.8
127.2
128.0
128.2
127.9
127.6
127.7
129.1
128.6
Utilities
Nondurable
35.11
84.5
93.1
100.0
105.5
108.2
107.0
109.7
105.5
113.7
122.5
123.1
123.3
123.8
123.4
123.2
123.8
123.9
124.3
124.7
125.5
125.7
125.7
125.9
9.83
96.6
97.4
100.0
103.6
106.4
112.4
117.5
109.3
102.9
110.9
113.6
107.2
108.8
108.9
110.5
109.5
110.5
109.6
109.8
110.6
108.7
108.0
107.2
5.96
93.7
97.4
100.0
103.1
105.9
107.3
107.1
104.8
105.2
110.9
109.7
109.4
112.1
111.6
113.0
115.8
113.9
113.6
113.7
113.4
112.0
112.3
113.4
Manufacturing
72.3
77.4
81.4
84.2
84.6
79.3
78.3
70.3
74.0
80.8
81.3
81.1
81.2
80.9
80.7
80.4
80.5
80.5
80.3
80.1
80.0
80.3
80.0
Industrial
materials
73.4
80.3
84.1
86.3
87.1
81.1
81.1
71.7
75.3
82.3
82.7
81.3
81.5
81.3
81.7
81.5
81.4
80.9
80.1
80.1
79.6
79.6
79.5
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Produc ts
Mate rials
]7inal product s
Interrr ediate proc ucts
1Equipment
C<msumer go jds
Period
Total
Durable
goods
Total
Sept
Oct
Noy
Dec
1985: Jan
Feb
Mar
Apr
May
June r
July':
Aug r
Sepf
1
Construction
supplies
Total
Energy
supplies
3.67
98.5
100.1
100.0
101.2
105.6
115.4
119.8
133.0
143.1
157.9
163.4
163.5
163.3
165.3
12.94
83.6
92.1
100.0
106.9
110.8
106.9
107.3
101.7
111.2
124.9
125.6
126.2
127.2
127.3
5.95
82.3
92.0
100.0
106.9
108.7
100.6
98.6
88.3
100.6
114.0
114.7
114.6
115.7
114.7
6.99
84.7
92.1
100.0
106.9
112.7
112.3
114.7
113.1
120.3
134.2
134.9
136.1
137.1
138.0
42.28
83.2
93.0
100.0
105.9
110.3
105.3
107.7
96.7
102.8
114.6
11.69
95.6
97.9
100.0
101.1
104.1
105.5
104.7
101.2
98.4
111.5
111.4
113.3
113.1
14.34
86.1
89.3
100.0
112.2
124.7
125.1
127.6
113.6
115.4
134.9
139.2
139.1
139.8
138.4
115.9
114.2
114.6
114.6
105.5
99.9
101.5
102.4
112.8
112.8
113.5
111.5
111.8
112.0
111.1
113.7
112.3
121.1
121.4
122.1
122.5
123.1
123.5
123.3
123.6
123.6
145.7
145.3
145.4
146.9
147.1
146.6
140.4
140.0
140.2
142.0
141.9
140.7
141.2
142.6
142.2
165.3
167.3
169.0
170.1
171.2
173.4
173.6
175.2
176.9
126.8
127.7
128.6
129.3
130.3
131.4
130.8
131.7
131.7
116.2
115.7
116.9
117.4
118.1
119.2
119.6
121.2
121.4
135.9
137.9
138.6
139.4
140.7
141.7
140.4
140.7
115.4
115.4
115.5
115.0
114.2
1 14.3
113.9
114.2
114.2
103.9
104.9
106.2
105.3
105.3
105.1
103.9
103.3
104.1
129.8
129.9
130.7
130.6
130.4
130.4
130.8
131.3
131.7
131.6
131.7
132.8
132.6
118.8
119.1
119.8
119.5
120.0
120.4
120.0
120.9
120.6
1984:
Business
Total
19.25
88.5
91.5
100.0
110.3
120.4
124.7
129.9
120.2
121.7
140.5
145.0
145.0
145.5
144.9
6.89
75.3
88.4
100.0
103.7
99.9
88.4
89.7
82.9
98.5
112.6
44.77
86.3
92.4
100.0
106.9
111.0
112.2
115.2
109.5
114.7
127.8
Total '
Defense
and
space
equipment
18.63
88.8
95.3
100.0
104.5
105.4
108.1
109.3
108.3
113.3
120.2
120.7
121.0
121.8
122.1
25. 5S
84.9
93.3
100.0
104.3
103.9
102.7
104.1
101.4
109.3
118.2
118.3
118.5
119.6
119.7
1977 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Nondurable goods
147.2
148.6
148.6
104.0
Includes rigs and prefabs, not shown separately.
[1977 — 100; monthly data seasonally adjusted]
Nc ndurable inanufactu es
Durable m mufactures
Transp jrtation
equipnient
Priman metals
1984:
Sept
Oct
Noy
Dec
1985: Jan
Feb
Mar
Apr
May
June r
July r .
Aug r
Sept"
Apparel
products
Printing and
publishing
Chemicals
and
products
5.33
88.2
98.7
100.0
107.0
108.5
90.4
95.0
65.8
73.0
82.4
82.9
81.3
80.9
78.4
3.49
92.0
101.4
100.0
107.5
108.0
86.3
92.5
57.5
66.1
73.5
73.6
71.0
71.1
68.9
6.46
82.7
91.6
100.0
105.7
109.4
101.8
101.6
86.6
89.1
102.8
104.8
104.8
105.4
105.9
9.54
84.5
88.8
100.0
111.7
122.6
123.3
129.8
115.6
118.3
142.0
146.5
146.6
145.8
144.6
7.15
77.2
86.8
100.0
112.9
125.7
130.3
134.1
128.4
143.8
172.4
176.8
178.4
17S.9
180.2
9. IS
81.0
92.2
100.0
106.3
108.3
96.9
95.1
87.6
99.2
113.6
114.3
113 .4
116.0
117.8
5.25
65.7
86.5
100.0
104.6
95.9
71.1
71.6
66.8
85.8
105.6
104.6
103.1
107.5
109.5
2.30
80.8
91.9
100.0
102.4
102.0
92.9
90.1
82.8
100.2
109.1
110.4
110.2
109.5
109.4
2.79
77.6
91.5
100.0
103.1
98.3
97.3
96.1
87.3
95.3
102.8
100.1
100.5
101.1
102.5
4.54
83.5
91.2
100.0
107.8
112.7
115.1
118.6
120.2
129.8
147.9
148.8
149.5
153.5
151.2
8.05
82.9
92.8
100.0
106.8
111.4
106.4
112.6
103.8
114.0
121.7
124.2
123.5
124.3
123.4
7.96
90.4
95.
100.0
104.3
106.7
111.4
81.7
80.2
81.8
81.4
76.4
78.3
78.9
81.1
80.9
71.0
68.5
73.2
71.9
65.4
67.6
68.4
71.0
106.4
107.6
108.6
109.1
108.3
107.4
107.3
108.3
108.1
145.0
144.9
146.5
148.9
176.0
173.2
173.1
168.9
169.3
169.5
165.7
166.0
164.9
120.4
120.5
120.8
120.7
120.9
121.8
123.7
126.5
126.2
113.0
112.5
111.3
110.9
110.5
110.5
112.8
116.7
115.2
109.2
109.1
109.5
110.9
112.2
113.5
113.0
102.6
103.1
101.3
100.2
100.3
99.2
100.6
100.3
150.4
150.3
152.6
154.2
155.4
156.7
155.0
155.1
154.5
125.7
125.8
126.5
125.8
126.7
126.4
126.3
126.1
128.2
129.4
128.5
130.8
131.4
131.8
132.1
132.3
Source: Board of Governors of the Federal Reserve Svstem.
18
Lumber
and
products
Iron and
steel
Total
1977 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Nonelectrical
machinery
Fabricated
metal
products
Period
149.1
145.6
147.0
148.6
147.2
Electrical
machinery
Total
Motor
vehicles
and
parts
Foods
113.7
114.9
120.4
127.1
128.2
129.1
128.7
129.0
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construetio i contracts 2
Private
Period
Total new
construction
expenditures
Resit ential
Total
Commercial
and industrial
New housing
Total '
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
E illions of dollars
1977
1978
173.8
205.6
230.4
230.7
1979
1980
1981
1982
1983
1984
239.1
236.9
268.7
313.0
135.7
159.7
181.6
175.7
185.8
186.1
218.0
257.8
81.0
93.4
99.0
87.3
86.6
80.6
121.3
145.1
65.7
75.8
78.6
63.1
62.7
57.7
95.7
114.6
22.5
29.6
39.9
43.8
51.3
54.6
48.7
61.9
32.2
36.7
42.7
44.7
47.9
50.9
48.1
50.9
38.2
45.9
48.8
55.0
53.3
50.8
50.7
55.2
100.0
114.0
121.0
108.0
112.0
111.0
137.0
149.0
Annual rates
1984:
Aug
Sept
Oct
Nov
Dec
1985: Jan
Peb
Mar
Apr r
May r .
June r
Julyr.
Aug"
Sept"
321.2
321.0
318.2
313.1
310.1
341.0
334.3
333.7
341.9
339.9
343.8
340.2
344.0
265.4
264.3
262.0
257.5
254.5
283.7
276.5
274.6
282.0
276.4
278.9
275.6
279.5
149.8
149.4
144.0
137.9
134.3
155.3
146.0
146.2
146.5
142.3
147.2
144.5
147.2
Annual rates
63.0
65.4
66.4
67.2
69.0
73.7
74.7
74.0
78.5
76.5
73.5
73.5
74.9
117.0
116.3
115.9
113.5
111.9
113.0
110.3
110.8
112.6
112.0
112.2
113.1
114.7
araieiy.
2
F. W, Dodge series. Relates to 50 States beginning 1969 for value index and
nd beginning 1971
for floor space.
739
977
1,059
904
919
690
756
937
52.5
49.5
51.5
52.4
51.3
54.7
55.7
54.4
56.9
57.7
58.3
57.5
57.5
55.9
56.6
56.2
55.6
55.5
57.4
57.8
59.1
59.9
63.5
64.9
64.7
64.4
148
146
145
151
150
150
145
162
161
162
142
164
163
166
992
910
948
1,005
1,041
974
990
1,049
1,104
1,008
836
1,103
1,097
1,118
NOTE.—New construction expenditures data are not strictly comparable throughout the periot
shown,
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information System?
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Units started, by type of structure
Period
Total
1977
1978
1979
1980
1981
1982
1983
1984
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1 unit
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
2-4 units
121.7
125.0
122.0
109.5
91.1
80.0
113.5
121.4
5 or more units
414.4
462.0
429.0
330.5
287.7
319.6
522.0
544.0
New private homes
Units
authorized
1,690.0
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
Units
completed
Homes sold
Vacancy rate
Homes for
sale at end of
period *
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
819
817
709
545
436
412
623
639
251
300
356
1,681
1,657
1,614
1,587
1,635
1,719
1,794
1,685
1,641
1,627
1,789
1,720
1,709
557
670
652
596
604
343
343
346
349
356
634
676
699
649
r
682
356
360
357
356
r
356
r
354
353
352
353
402
414
3
398
336
272
for rental
housing units
(percent) 2
5.2
5.0
5.4
5.4
5.0
5.3
5.7
5.9
Seasonal ,y adjusted annu al rates
1984: Aug
Sept
Get
Nov
Dee
1985: Jan
Feb
Mar
Apr
May
June
Julyr.
Aug r
Sept"
1,590
1,669
1,564
1,600
1,630
1,849
1,647
1,889
1,933
1,681
1,701
1,663
1,746
1,583
962
1,009
979
1,043
1,112
1,060
1,135
1,168
1,155
1,039
1,031
1,062
1,074
962
1
Seasonally adjusted,
2
Quarterly data entered in last month of quarter. Series begin:
with earlier data.
3
New series beginning March 1979.
114
107
109
115
119
105
96
106
113
109
92
86
94
80
514
553
476
442
399
684
416
615
665
533
578
515
578
541
1,542
1,517
1,477
1,616
1,599
1,635
1,624
1,741
1,704
1,778
1,712
1,694
1,784
1,804
r
710
739
699
681
6.0
6.3
6.3
6.2
6.8
[-issuing places (in issues of Eco16,000 places); for 1978-83 data
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales rose 1.7 percent in August and inventories fell $2.1 billion. According to advance
data, retail sales rose 2.7 percent in September following a rise of 2.3 percent in August.
BILLIC)NS OF DOLl ARS* (RATIC> SCALE)
BILLIC)NS OF DOLL ARS* (RATIC SCALE)
650
170
160
150
600
••"'• • ii I'" ii
550
.,
J-**'H
_ .—'~^
500
140
130
X^
—^
MAN UFACTURINC3 AND
TR/siDE INVENTC)RIES
450
120
,'
90 —
M 6.NUFACTUR NG
A^•4D TRADE SA LES
300
^X
f"f-"
k\
—
^^
r^^
.S-^" ^~-•***" ^
^x""^
^^
100
-A
350
RETA IL INVENTOI !ES
|—^^
.—.—.—
^,/
110
*******
*-**~
400
X1 •"""-»
.— ,
^
^t —
i ETA1L SALES
80
—
70 —
250 —
—
60
200
50 IIHlllllll Illlllllllt Illllllllll
RATIC)*
||l|lllllll
MIlilHIH
1.80 •——
,
150
100
Illllllllll
Illllllllll Illllllllll Illllllllll Illllllllll
1984
1983
1982
1981
1.60
_ INVENT ORY-SALES RATIO
MA NUFACTURIhJG
AND TRADE
*^^s*,.
-~*~
—
^x*
1.40
*&*&' ^
1.20
V
V\.
Illllllllll
RETAIL
Illllllllll
1981
1982
1985
K/
iiiiiiiiiii
Illllllllll
1984
1983
1985
COUNCIL OF ECO NOMIC ADVISERS
Sales
Sales
2
Inventory-s ales ratio 4
Re ail
Who esale
Period
Inventories 3
—
^"^ -»g]r 11^^—
•S~*
Illllllllll
SEASONAUY ADjl STED
5 OURCE: DEPARTME NT OF COMMERC
Manufaet iring and
trac e 1
—
InventoTotal
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
taring
Retail
Millions of dollars, seasonally iidjusted
1977
1978
1979
1980
1981
1982
1983
1984
1984:
Aug
Sept
Get
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July r
Aug"
Sept"
1
2
3
230,000
260,810
298,344
328,074
356,927
344,656
368,747
411,733
413,300
412,276
414,243
417,635
421,613
417,350
418,667
420,776
426,472
428,275
418,378
422,483
429,841
351,459
399,561
451,354
493,958
527,739
509,213
520,281
573,434
561,715
565,475
568,750
571,239
573,434
575,802
578,940
578,768
580,201
577,781
579,665
580,116
578,029
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
56,364
66,674
79,481
93,721
102,021
96,290
100,448
114,071
114,749
114,573
113,994
114,337
114,913
114,654
114,310
114,619
117,612
118,753
110,777
114,273
116,208
60,434
72,801
86,442
67,231
74,926
99,348
113,623
79,963
86,777
118,438
89,339
118,290
97,858
120,476
132,208 108,085
129,433 107,396
130,610 108,373
108,974
131,023
110,255
132,501
132,208
110,519
132,247 110,972
133,631 112,096
133,865 111,854
133,968 115,351
134,014 114,884
113,730
135,479
135,841 114,417
135,515 1 17,040
120,227
20,720
23,368
25,529
24,914
27,089
28,059
33,041
38,691
38,071
38,301
39,281
39,934
40,295
40,622
41,073
40,765
42,932
42,789
42,064
42,341
r
44,270
47,003
39,715
43,863
49,397
55,049
59,688
61,279
64,817
69,394
69,325
70,072
69,693
70,321
70,224
70,350
71,023
71,089
72,419
72,095
71,666
72,076
r
72,770
73,224
89,444
102,610
110,906
116,054
126,656
126,014
139,123
155,517
149,508
150,334
152,130
153,070
155,517
157,770
159,163
158,732
160,184
158,867
158,508
159,239
157,826
43,071
50,136
54,108
55,117
60,327
58,952
66,845
74,582
70,201
70,801
71,896
72,839
74,582
76,393
76,838
77,401
78,312
77,001
77,344
76,894
75,569
46,373
52,474
56,798
60,937
66,329
67,062
72,278
80,935
79,307
79,533
80,234
80,231
80,935
81,377
82,325
81,331
81,872
81,866
81,164
82,345
82,257
1.46
1.44
1.43
1.45
1.44
1.51
1.38
1.34
1.36
1.37
1.37
1.37
1.36
1.38
1.38
1.38
1.36
1.35
1.39
1.37
1.34
1.39
1.43
1.44
1.42
1.40
1.40
1.34
1.37
1.39
1.39
1.40
1.39
1.41
1.42
1.42
1.42
1.39
1.38
1.39
1.39
1.35
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 monthSource: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In August, manufacturers' shipments and orders rose while inventories fell slightly. In September, according to
advance data, durable goods shipments and new orders fell.
BILLK>NS OF DOL -ARS* (RATIC) SCALE)
BULK DNS OF DOL LARS* (RATIC) SCALE)
240
200 — SHIPME MTS
160 —^'-""" ~—^».,
_ i
f
i-
'
_^
INVENTDRIES
300
• »».—,
—-"""""""
-~C
*•
240
TOTAL
C URABLE GO ^D*"
120
>—*
*-
?***
TOTAL
200
(:=^x—r~
100
80
400
360
.--•""*""*
160
J
NOh DURABLE GC3ODS
DL RABLE GOC DS
120
100
60
7
80
40 Illllllllll Illllllllll |l||lllllll Illllllllll Illllllllll
NOI>•(DURABLE GOODS
60
BILLKDNS OF DOL LARS* (RATIC) SCALE)
240
40
200 -NEWO *DERS
160 -*
->-.,[•
•••^w'l
Illllllllll Illllllllll ll||l||HII Illllllllll
RATi 0*
2.2
TOTAL
DURABLE GOODS
10A
INVENT ORY-SHIPAi\ENTS RAT
Illllllllll
o
2.0
100
80
^-J
>< Mw
^
^i
^••V«./
^
^Z
NON DURABLE GCODS
1.8
1.6
—
*>
i , i r -*
60
1.4
40
iiiiiliini
|l||||||||| Illllllllll lllll|||lll 1 1 1 1 ij 1 1 1 1 1
1981
1982
1983
1.2
^-v
Illllllllll
—
Illllllllll Illllllllll IIIMllllll Illllllllll
1981
1985
1984
^-^•^wr-^iu.
r^
^N,
—
1982
1984
1983
SEASONALLY ADJ JSTED
OUBCE: DEPARTMI-NT OF COMMEROE
Manufa cturers' shiprnents l
H anufacturers new orders i
Manufat 'turers' inven lories 2
Durablii goods
Period
Durable
goods
Total
1985
COUNCIL OF ECC)NOMIC ADVISERS
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventoryshipments
ratio 4
Miffions of do liars, seaso iially adjustted
1977
1978
1979
1980
1981
1982
1983
1984
1984: Aug
Sept
Oct
Nov
Dee
1985:
Jan
Feb
Mar
Apr
May
June
July
Aug "
Sept"
1
2
3
i.
113,202
126,905
143,936
154,391
168,129
159,027
170,441
189,578
59,267
67,848
76,060
77,550
83,872
76,693
84,951
98,502
53,935
59,057
67,876
76,841
84,257
82,334
85,491
91,076
189,214
210,509
241,100
264,281
282,645
264,909
260,682
285,709
121,601
137,891
160,533
174,620
186,347
175,103
171,629
191,109
67,613
72,618
80,567
89,661
96,298
89,806
89,053
94,600
115,032
131,546
147,403
156,161
167,752
157,255
173,259
191,634
61,082
72,339
79,451
79,360
83,553
74,996
87,631
100,611
15,291
19,458
23,231
23,259
24,050
20,681
22,764
27,017
53,950
59,207
67,953
76,801
84,199
82,260
85,627
91,024
203,475
259,770
302,145
323,393
319,094
296,918
330,924
355,640
1.61
1.57
1.57
1.66
1.64
1.73
1.52
1.45
191,155
189,330
191,275
193,043
196,181
100,254
98,214
100,807
102,394
103,939
90,901
91,116
90,468
90,649
92,242
282,774
284,531
285,597
285,668
285,709
187,035
188,619
190,088
190,669
191,109
95,739
95,912
95,509
94,999
94,600
192,384
189,217
186,799
194,982
193,671
101,860
98,210
96,506
104,434
101,307
26,736
27,394
25,259
26,836
26,893
90,524
91,007
90,293
90,548
92,364
360,800
360,687
356,211
358,150
355,640
1.48
1.50
1.49
1.48
1.46
191,724
192,261
194,303
193,509
194,638
193,871
193,793
196,593
101,966
101,724
102,116
102,068
102,718
102,657
102,478
89,758
90,537
92,187
91,441
91,920
91,214
91,315
91,282
285,785
286,146
286,171
286,049
284,900
285,678
285,036
284,688
192,153
192,030
192,355
192,475
191,546
192,239
192,163
192,037
93,632
94,116
93,816
93,574
93,354
93,439
92,873
92,651
195,210
193,057
191,532
191,081
195,019
198,261
195,793
198,454
105,447
23,633
102,467 i 29,493
99,544 1 27,206
99,839 \ 25,461
102,971
25,594
106,780
27,984
104,370
26,685
r
r
107,333
27,554
106,105
28,852
89,763
90,590
91,988
91,242
92,048
91,481
91,423
91,121
359,125
359,926
357,151
354,731
355,112
359,502
361,502
363,363
1.49
1.49
1.47
1.48
1.46
1.47
1.47
1.45
r
105,3 11
102,778
Monthly average for vear and total for month. Shipments are the same as sales.
Book value, end of period.
Km) 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 September, the producer price index for all finished goods fell 0.6 percent, seasonally adjusted. Prices of
finished consumer foods fell 0.9 percent, while prices of other finished consumer goods fell 0.4 percent. Prices of
capital equipment fell 0.6 percent.
INDEX, 1967= 100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
320
320!
CONSUMER GOODS
EXCLUDING FOODS
200
180
1977
1984!
1978
SOURCE: DEPARTMENT OF LABOR
1985
COUNCIl OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
Fin shed goods
Period
Total
finished
goods
Consumer
foods
F nished got)ds excluding consumer fooiis
Consumer gclods
Total
Total
1977
1978
1979
1980
1981
1982
1983
1984
1984: Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May r.
June
July
Aug
Sept
1
181.7
195.9
217.7
247.0
269.8
280.7
285.2
291.1
291.2
291.0
292.0
292.0
291.9
292.1
292.4
293.6
294.1
293.5
294.4
293.5
291.8
Nondurable
Capital
equipment
Total
finished
consumer
goods
Durable
189.9
207.2
226.2
239.5
253.6
259.3
261.8
273.3
177.7
190.7
213.3
247.8
273.3
285.8
290.8
294.8
174.3
186.7
211.5
250.8
276.5
287.8
291.4
294.1
152.8
166.9
183.2
206.2
218.6
226.7
233.1
236.8
189.3
200.0
231.3
283.9
319.6
333.6
335.3
337.3
184.6
199.2
216.5
239.8
264.3
279.4
287.2
294.0
180.7
194.9
217.9
248.9
271.3
281.0
284.6
290.3
273.4
273.0
274.5
275.6
294.9
294.8
295.6
295.2
293.4
293.5
294.3
294.2
238.2
236.6
237.6
237.5
334.9
336.5
337.2
337.0
295.8
295.1
295.9
295.0
289.9
289.9
290.9
291.2
274.3
274.6
273.5
271.0
267.9
267.7
271.1
269.2
266.7
295.5
295.6
296.5
298.9
300.7
299.9
299.9
299.4
298.1
294.0
293.4
294.2
297.5
299.8
298.4
298.4
297.5
296.3
238.8
239.9
240.9
240.9
241.6
242.4
242.2
242.0
239.7
335.6
333.4
334.1
340.1
343.8
340.6
340.7
339.2
338.9
296.3
298.6
299.5
299.6
300.3
300.9
300.9
301.6
299.8
290.6
290.3
290.5
291.9
292.4
291.4
292.6
291.3
289.7
Intent ediate ma terials
Cnide maten als
Foods
and
feeds '
Other
Total
Foodstuffs
and
feedstuffs
Other
190.5
203.1
226.1
252.6
250.3
239.4
247.9
253.1
202.3
216.5
244.4
282.3
310.1
315.7
317.1
325.0
209.2
234.4
274.3
304.6
329.0
319.5
323.6
330.8
192.1
216.2
247.9
259.2
257.4
247.8
252.2
259.5
245.0
272.3
330.0
401.0
482.3
473.9
477.4
484.5
246.9
244.5
245.6
244.8
325.4
326.0
326.5
326.4
327.6
324.5
329.1
328.5
254.4
251.6
260.4
260.9
485.2
481.5
477.6
474.4
241.6
241.1
239.0
235.5
230.9
231.6
229.7
225.5
224.4
326.2
324.7
324.3
325.3
326.5
325.2
324.2
324.0
324.2
321.7
316.0
311.0
307.4
304.3
303.3
301.6
294.4
293.4
254.9
249.8
242.9
235.6
229.8
229.8
227.2
218.6
217.0
466.0
459.0
457.9
462.1
464.6
461.4
461.4
456.8
457.0
Total
201.5
215.6
242.2
280.3
306.0
310.4
312.3
320.0
320.0
320.4
320.9
320.7
320.4
319.0
318.5
319.1
320.0
318.8
317.8
317.3
317.4
-
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In September, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (0.3 percent
not seasonally adjusted). The index was 3.2 percent above its year earlier level.
INDE X, 1967= 100 ( RATIO SCALE)
INDEX, 1967 == 100 (RATIOS CALE)
340
340
UNADJUSTED
320
300
>*—'
280
-„...-...,.
-
•»ir-*
r^^
320
-^"
1
^.i •-[,—•
300
_^-—
1
280
S^\
260
.S
260
ALL ITEMS
240
240
f
220
220
—7^~
/L —
200
200
~^\
180
180
•T^
160
160
140
i iinhn ii
1 | 1 1 1 ll i i i !
l ll 1 1 hill!
1! II 1 1 ! 1! 1 1
1977
1978
1979
1980
ii nilimi in nil mi M l l l l l l l l l M l l l l l l l l l I l l l l l l l l l l
1984
1983
1982
1981
SEE NOTE ON TA81E SEIOW
SOURCE: DEPARTMEIv T OF LABOR
140
1985
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Hou sing
Tr ansportati m
She Iter
Period
AH
items *
Food
Total '
Renters
costs z
NSA
Rel. imp.5
1977
1978
1979
1980
1981
1982
1983
1984
100.0
181.5
195.4
217.4
246.8
272.4
289.1
298.4
311.1
18.7
192.2
211.4
234.5
254.6
274.6
285.7
291.7
302.9
37.7
186.5
202.8
227.6
263.3
293.5
314.7
323.1
336.5
21.8
191.1
210.4
239.7
281.7
314.7
337.0
344.8
361.7
103.0
108.6
1984: Sept
Oct
Nov
Dee
314.5
315.3
315.3
315.5
304.4
305.4
305.9
307.2
340.2
340.5
341.2
341.8
366.0
367.4
368.6
370.1
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
316.1
317.4
318.8
320.1
321.3
322.3
322.8
323.5
324.5
307.7
309.3
309.2
308.7
308.3
308.5
308.8
308.9
309.9
342.3
343.7
344.6
345.9
348.1
349.2
350.2
351.9
352.6
371.0
373.2
374.2
375.7
379.4
380.9
383.0
385.6
386.5
1
Homeowners'
costs 2
Maintenance
and
repairs
NSA
NSA
14.1
3
Total t
New
cars
Motor
fuel 3
Medical
care
6.3
Ener-
gy 4
All
items
less
food,
energy,
and
shelter
102.5
107.3
0.5
214.7
233.0
256.4
285.7
314.4
334.1
346.3
359.2
8.2
202.2
216.0
239.3
278,6
319.2
350.8
370.3
387.3
5.1
154.2
159.6
166.6
178.4
186.9
191.8
196.5
200.2
21.6
177.2
185.5
212.0
249.7
280.0
291.5
298.4
311.7
3.4
142.9
153.8
166.0
179.3
190.2
197.6
202.6
208.5
5.5
188.2
196.3
265.6
369.1
410.9
389.4
376.4
370.7
202.4
219.4
239.7
265.9
294.5
328.7
357.3
379.5
11.5
207.3
220.4
275.9
361.1
410.0
416.1
419.3
423.6
48.0
169.5
179.1
191.5
208.3
228.1
245.6
258.4
271.2
109.9
110.4
110.9
111.4
108.7
109.1
109.4
109.8
362.7
361.6
362.9
364.4
392.6
390.3
390.4
389.4
201.5
203.0
202.7
202.4
312.8
313.9
314.5
315.0
210.2
210.8
210.6
210.9
364.6
367.4
369.3
368.8
383.6
385.8
387.4
389.0
423.7
423.4
424.0
423.0
273,9
274.7
275.2
275.9
111.8
112.4
112.9
113.5
114.6
115.1
115.8
116.5
116.8
110.0
110.7
110.8
111.3
112.4
112.8
113.5
114.3
114.6
366.0
366.8
370.0
368.0
366.2
367.6
367.8
370.6
368.7
389.1
388.1
389.8
392.0
392.7
395.0
394.9
394.4
395.9
202.4
204.3
205.3
205.4
205.2
205.8
205.3
205.9
207.0
315.8
315.6
319.7
322.3
321.6
321.2
320.7
319.5
318.8
211.6
213.3
214.3
214.3
213.9
214.5
214.9
215.7
216.4
363.8
354.2
367.6
378.7
380.5
381.3
380.2
376.6
373.6
390.3
392.0
395.3
397.5
399.9
402.6
404.5
406.5
408.6
419.8
414.1
422.1
429.9
431.2
431.9
430.6
427.9
427.2
277.2
278.7
279.9
280.4
280.5
281.1
281.5
282.1
282.6
7.1
Includes items not shown separately.
December 1982=100.
Includes direct pricing of diesel and gasohol beginning September 1981.
4
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
5
Relative importance, December 1984.
a
Fuel
and
other
utilities
Apparel and
upkeep
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for ail urban consumers; earlier data i
eleriea! workers.
Data beginning 1983 incorporate a rental equivalence measure for horn
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
Oh, nge from pr •ceding perif
d
Change from 3 month s earlier ami lal rate
Change from <i month , earlier, ami lal rate
Consume r goods
Consume r goods
Consnm r goods
Period
Total
finished
goods
Capital
equip-
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Tolal
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
fr in
v ir
ea ler,
t< al
fin hed
goods
NSA
Cha nge, Dec. o Dec., N.5A
3.7
6.9
9.2
1976
1977
1978
1979
1980
1981
1982
1983
1984
6.0
6.7
8.5
-2.5
6.9
11.7
7.4
7.5
1.4
2.1
2.3
3.5
12.8
11.8
7.1
3.7
.6
1.7
6.4
7.3
7.9
8.8
17.5
14.2
4.4
6.5
7.8
11.4
11.1
13.5
9.2
3.9
1.9
1.8
9.2
4.0
1.6
2.1
8.5
4.2
— .8
.8
Cl ange, mon th to mont h
1984:
0
Sept
Oct
Nov
Dec
1985:
Jan
Feb
Mar
Apr
May r
June r
July
Aug r
Sept
0.1
1
1
.3
0
.5
.4
-.0
.1
.1
.4
.2
-.5
.1
0.0
.0
.3
-.9
— 1.1
-.1
1.3
.3
O
<7
-.6
.9
0
— 1.1
— 2.2
-2.8
— 1.4
2.3
.5
.3
1.1
1.1
1.0
3.3
1.1
1.1
.8
1.2
.1
.5
2.3
2.8
1.5
1.1
-.8
-3.0
-4.7
-9.4
-8.2
— .0
g
— .1
.4
.8
.3
.0
.2
2
0
.2
.6
-.2
.3
1.1
.8
-.5
0
-.3
4
O
0.2
— .2
— .4
4.5
0
4.8
9.0
5.8
1.2
-3.0
-2.8
j5
-2.3
3.1
3.9
.2
.1
.6
.8
1.8
1.4
1.0
1.7
1.0
-.4
1.6
3.7
6.2
4.5
2.3
1.9
1.7
1.7
-1.2
.1
2.0
— 1.7
— .4
.6
.6
— 1.1
.7
1.9
.1
— 0.2
-1.5
— .1
-0.5
— 1.1
2.3
.5
1.5
-1.0
1.4
.6
1.9
1.7
-.3
1.1
2.2
2.5
3.1
3.0
4.0
3.1
2.0
.2
.9
.7
.2
.7
1.0
1.0
.9
.8
.2
1
.6
.1
.5
2.7
3.8
2.9
3.0
2.8
-1.5
-4.8
-5.7
-2.3
-3.9
4g
1.4
-.9
-1.4
Source: Department of Labor, Bureau of Labor Statistics.
NOTE.—NSA indicates data are not seasonally adjusted.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Tr tnsportati m
Housing
Shelter
Period
items "
Food
Total '
Keirt-
items
Ap-
Homeowners
Total '
Adden dum: All iter is, percent hange
(annua rate)
Fuel
and
other
utilities
and
up-
Total >
New
Motor
ears
Medical
care
gy
3
food,
energy,
and
previous
From
3
From
6
From
year
shelter
NSA
NSA
c lange, December to Dec* mber, £ SA
0.6
8.0
5.4
7.6
4.2
9.9
13.3
12 .4
11.8
10.2
10.2
11.5
17.4
15.1
8.9
3.9
3.8
4.0
4.3
3.1
2.6
3.8
4.8
6.8
9.0
1976
1977
1978
1979
1980
1981
1982
1983
1984
15.2
13.7
10.2
3.6
3.5
4.2
9.0
8.1
5.9
8.7
9.9
2.4
4.7
5.2
16.0
13.6
14.5
5.1
5.9
4.5
5.1
9.7
1.8
4.2
4.5
4.2
3.2
5.5
6.8
3.6
1.6
2.9
2.0
8.8
4.3
7.7
18.2
14.7
11.0
1.7
3.9
3.1
4.8
7.2
6.2
7.4
7.5
6.8
1.6
3.4
2.6
4.9
8.5
52.2
18.9
9.4
2.4
-6.5
-1.7
-2.4
0.3
.4
.2
.2
0.5
.3
— .1
.1
0.8
.8
.5
-.1
.3
.3
.8
.5
0
-.2
.3
.2
.4
.3
10.1
8.8
8.8
10.1
10.0
12.5
11.0
6.9
7.2
8.0
37.4
18.1
11.9
6.4
6.1
1.3
-.5
.2
0.4
.6
— .1
.4
.1
.4
— .2
5.8
6.5
7.7
7.0
5.2
6.5
7.2
9.9
9.4
6.1
5.0
4.4
11.3
13.5
10.4
6.1
3.2
4.3
Cha nge, mo nth to nlonth
1984:
1985:
Sept
Oct
Nov
Dec
0.4
.3
.2
.3
0.1
.3
.2
.4
0.5
.1
.2
.2
0.5
.4
.3
.4
0.5
.5
.5
.5
0.6
.4
.3
.4
0.4
-.6
.0
-.3
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
.2
.3
.5
.4
2
.2
.2
.2
.2
.2
.5
-.0
.1
.4
.3
.4
.6
.3
.3
,o
.2
.2
.6
.3
.4
1.0
.4
.6
.7
.2
.4
.5
.4
.5
1.0
.4
.6
.6
.3
.2
.6
.1
.5
1.0
.4
.6
.7
.3
-.1
-.3
— .2
— .1
.1
.1
.0
.3
1
Includes
2
Includes
3
.4
.6
.2
.6
-.0
— .1
.4
0.5
.7
1
— .1
0
.9
.5
.0
-.1
.3
-.2
.3
.5
items not shown separately.
direct pricing of diese! and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
4
Quarterly changes are shown in the last month of the quarter.
NOTE,—NSA indicates data are not seasonally adjusted.
24
— .1
1.3
.8
-.2
1
-.2
— .4
-.2
-1.4
2.6
3.8
3.0
.5
.2
-.3
Q
-.8
.3
.4
.8
.6
.6
.7
.5
.5
.5
0.5
-.8
— 1.4
1.9
1.8
.3
.2
-.3
-.6
-.2
0.4
.3
.2
.3
.5
.5
.4
.2
.0
.2
.1
.2
.2
3.7
3.6
3.2
4.2
2.4
4.5
4.3
3.4
3.0
2.6
3.2
4.1
4.9
4.3
3.3
2.5
2.4
2.3
3.7
4.2
4.2
4.0
4.0
3.4
3.3
3.5
3.7
3.8
3.7
3.7
3.4
2.8
3.6
3.5
3.7
3.7
3.7
3.7
3.6
3.4
3.2
3.8
3.5
3.6
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with data for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 0.8 percent in September, while prices paid by farmers fell 0.6 percent.
INDEX, 1977=100 (RATIO SCALE)
180
INDEX, 1977= 100 (RATIO SCALE)
PRICES PAID
160
160
140
140
J
120
..—
120
PRICES RECEIVED -
100
100
80
80
mi
60.
RATIO!/
140
Illllllllll
11JI60
RATIO"/
1977
1985
VSATIO Of INDEX OF PRICES RECEIVED TO INDEX Of PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF AGRICULTURE
[1977 = 100]
Prices paid by farmer s
Pri<;es received by farmers
Period
1985:
Livestock and
products
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
100
115
132
134
139
133
134
142
100
105
116
125
134
121
127
138
100
124
147
144
143
145
141
146
100
108
123
138
150
157
160
164
100
109
125
139
151
155
159
161
100
108
125
138
148
150
153
155
100
106
107
97
93
85
84
87
Sept
Oct
Nov
Dee
138
138
136
135
135
137
129
125
141
138
143
145
164
163
164
163
160
159
159
159
154
152
153
152
84
85
83
83
Jan
Peb
Mar
Apr
May
June
July
Aug
Sept
135
135
134
131
129
128
126
121
120
126
125
127
125
124
122
121
114
112
145
145
141
136
134
134
130
128
127
164
164
164
165
165
164
163
163
162
160
160
160
160
160
159
157
157
155
154
154
153
153
152
151
150
150
147
82
82
82
79
78
78
77
74
74
1977
1978
1979
1980
1981
1982
1983
1984
1984:
All farm
products
AH commodities,
services,
interest, taxes,
and wage rates l
1
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates.
2
NOTE.—The official indexes arc 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
Growth in Ml and M2 slowed in September while growth in M3 was little changed.
BIUIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
M2
1,200
1,200
1,000
1,000
r
z
/
600
600
500
500
400
400
3°° l l l l l l l l l l l
1977
llllllll lllllllllll lllllllllll
lllllllllll
1978
1979
1982
1981
1980
* AVERAGES OF DAILY FIGURES: SEASONAUY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
300
mill
1985
1984
1983
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Ml
Period
M3
M2
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
L
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfmancial
sectors
(monthly
average) l
Perce nt change from yeai or 6
months earlier 2
Ml
M2
MS
Debt
time deposits
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1984:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar r .
Apr r
May r
June'
July'
Aug'
Sept".
1,472.5
1,646.4
1,803.6
1,988.5
2,235.8
2,446.8
2,701.7
2,995.0
1,704.3
1,909.7
2,115.8
2,324.8
2,596.6
2,854.8
3,168.9
3,539.4
2,784.1
'3,157.0
3,543.5
3,881.8
'4,255.8
'4,649.8
'5,177.2
'5,927.1
551.5
548.3
553.8
558.5
1,286.6
1,388.9
1,497.9
1,631.4
1,794.4
1,954.9
2,188.8
2,371.7
2,308.4
2,319.3
2,346.3
2,371.7
2,901.0
2,925.1
2,959.9
2,995.0
3,452.1
3,473.5
3,501.8
3,539.4
'5,711. 1
'5,773.8
'5,850.9
'5,927.1
562.7
569.4
572.1
574.9
581.6
591.2
595.8
605.9
611.6
2,398.9
2,421.0
2,429.6
2,427.7
2,444.9
2,472.9
2,490.5
2,513.6
2,528.2
3,020.5
3,041.0
3,055.9
3,056.6
3,076.0
3,103.0
3,114.2
3,138.0
3,163.4
3,562.0
3,593.4
3,621.2
3,623.1
3,640.2
3,669.1
3,686.5
'5,994.0
'6,049.8
6,103.1
6,163.4
6,226.2
6,287.3
6,349.7
6,410.3
335.3
363.0
389.0
414.8
441.8
480.8
528.0
558.5
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinaneial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from G months earlier at a seasonally adjusted annual rate.
NOTE.—The nontransactions portion of M2 is seasonally adjusted as a whole to reduce distortions
26
8.1
8.3
7.2
6.6
6.5
8.8
9.8
5.8
5.4
3.4
4.2
4.1
10.6
5.9
7.6
7.6
9.9
10.3
12.1
12.1
13.2
14.3
8.0
7.8
8.9
12.3
11.8
12.8
13.4
12.2
9.5
10.0
10.3
12.4
8.9
9.4
9.5
9.6
9.3
12.0
8.4
7.2
7.1
8.2
9.2
11.3
10.9
10.0
10.2
10.5
11.3
11.3
14.5
14.0
14.0
14.3
14.9
10.7
11.5
10.8
11.4
11.6
11.0
9.6
8.6
8.7
7.8
7.8
8.3
9.2
8.0
7.3
6.3
6.5
7.2
r
!4.9
14.4
14.2
14.0
13.2
12.5
12.2
12.3
caused by substantial portfolio shifts arising from regulatory and financial changes in recent years,
especially shifts to MMDAs in 1983. A similar procedure is used to seasonally adjust the remaining
nontransaetions balances in M3.
See p, 27 for components.
Source: Board of Governors of the Federal Reserve Svstem.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Period
Demand
deposits
Currency
Other
checkable
depos-
its
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
Dec....
Dec ....
Dec ....
Dec ....
Dec....
Dec ....
Dec ....
Dec ....
1984:
Sept
Oct
Nov
Dec
1985:
Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept"
88.6
97.6
106.4
116.4
124.0
134.3
148.4
158.7
239.4
253.4
261.3
265.7
235.2
238.6
243.5
248.6
156.8
157.1
157.9
158.7
159.4
160.5
161.3
161.7
163.1
164.5
165.4
167.1
167.9
4.2
8,5
Money market
mutua fund
balar ces
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Savings
deposits
Small
denomination
time
deposits '
Large
denomination
time
deposits '
NSA
0.0
.0
.0
.0
.0
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
Shortterm
Treasury
securities
Savings
non
Bankers'
acceptances
Cornpaper
43.2
379.2
415.1
492.1
481.7
423.3
400.8
344.4
357.8
307.0
288.6
445.6
521.2
634.6
729.0
823.6
851.5
784.6
885.6
145.0
195.1
222.0
258.9
302.1
328.3
330.8
416.2
19.1
26.6
29.5
34.0
36.0
34.5
51.8
69.7
20.2
31.8
44.7
50.3
67.5
81.7
91.5
83.1
76.4
80.3
79.6
72.3
67.8
67.9
71.1
74.1
78.3
81.9
108.4
133.9
150.4
186.2
216.3
267.2
32.0
39.7
43.9
44.1
41.3
62.9
79.2
97.0
98.1
102.8
107.0
135.2
161.8
46.9
52.2
58.3
62.7
388.6
392.0
402.4
415.1
294.6
292.6
290.7
288.6
864.5
872.7
878.5
885.6
396.0
405.2
410.7
416.2
66.6
69.3
70.7
69.7
85.6
80.6
81.9
83.1
73.6
73.7
73.9
74.1
273.5
273.1
268.0
267.2
46.8
44.8
42.5
41.3
157.2
156.7
157.6
161.8
65.0
62.2
59.5
59.6
63.5
67.1
r
65.0
r
63.6
62.3
433.7
448.3
457.9
460.3
463.8
475.1
483.9
491.8
496.2
288.6
289.4
288.6
287.8
289.3
r
292.0
296.0
300.3
301.6
881.9
877.6
878.6
885.3
892.0
894.2
r
888.5
r
878.6
874.9
416.9
419.3
423.6
427.3
428.2
424.2
419.9
421.2
428.2
65.0
65.7
68.9
71.9
68.8
66.9
64.9
67.3
69.2
81.1
81.3
84.7
80.7
80.8
78.3
r
76.5
76.2
77.1
74.4
74,9
75.3
75.8
76.2
76.6
76.7
266.7
270.3
275.9
r
277.8
T
276.8
284.6
284.8
40.8
42.5
44.3
44.0
42.5
40.2
39.7
159.6
164.8
169.8
168.9
168.6
164.7
171.1
0.9
3.1
9.5
14.7
2.4
6.4
17,5
28.2
78.2
103.5
131,3
146,0
20.3
21.2
28.3
35.9
38.8
53.8
57.6
33.4
61.6
150.6
185.2
138.2
167.5
15.2
38.0
51.1
43.2
62.7
247.5
244.5
246.8
248.6
142,2
141,8
143,9
146.0
56.7
56.8
58.0
57.6
152.1
155.6
162.0
167.5
249.1
251.7
251.9
252.5
255.8
260.7
260.9
264.0
266.8
149.0
151.8
153.6
155.3
157.3
160.3
163.6
168.9
171.0
62.9
69.6
68.1
r
59.4
r
64.1
r
63.0
62.6
66.0
66.6
171.9
175.1
177.6
176.2
172.2
175.4
175.8
176.7
176.4
r
Moneymarket
deposit
accounts
(MMDAs)
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—See note p. 26.
r
14.1
22.0
27.2
Travelers checks are a component of money stock but are not shown here.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve Svstem.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandin g 1
Ins Bailment credii outstanding (end of perio 1)
Period
Total
1980:
1981:
1982:
1983:
1984:
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
Dec
Dec
Dec
Dec
Dec
296,290
312,907
328,275
376,006
452,372
112,134
119,796
124,938
142,497
172,461
54,900
60,309
65,019
76,453
94,940
18,783
19,890
22,491
23,773
24,552
110,473
112,912
115,827
133,283
160,419
16,617
15,368
47,731
76,366
7,662
5,142
17,559
29,964
5,409
4,710
11,434
18,487
1,107
2,601
1984: Aug
Sept
Oct
Nov
Dec
428,860
433,842
439,473
445,553
452,372
163,208
164,721
167,225
169,774
172,461
88,909
90,393
91,881
93,495
94,940
24,791
24,918
24,526
24,435
24,552
151,952
153,810
155,841
157,849
160,419
6,022
4,982
5,631
6,080
6,819
2,482
1,513
2,504
2,549
2,687
1,263
1,484
1,488
1,614
1,445
217
127
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
459,595
468,636
476,978
485,248
494,290
499,517
505,764
512,076
175,348
178,546
181,937
185,425
189,217
191,903
194,268
196,754
96,897
99,424
102,055
104,181
106,610
106,537
107,393
108,329
24,393
24,675
24,664
24,882
25,068
25,264
25,588
25,794
162,957
165,991
168,322
170,760
173,395
175,813
178,515
181,199
7,223
9,041
8,342
8,270
9,042
5,227
6,247
6,312
2,887
3,198
3,391
3,488
3,792
2,686
2,365
2,486
1,957
2,527
2,631
2,126
2,429
1
For year-end data, change from preceding vear-end; for monthly data, change from preceding
pon th.
-73
856
936
1,282
779
-392
-91
117
-159
282
-11
218
186
196
324
206
Other
2,439
2,915
17,456
27,136
2,060
1,858
2,031
2,008
2,570
2,538
3,034
2,331
2,438
2,635
2,418
2,702
2,684
Source: Board of Governors of the Federal Reserve Svstem.
27
BANK LOANS AND SECURITIES, AND RESERVES
In September, commercial and industrial loans rose a little.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
1,800
— ALL COMMERCIAL BANKS
1,600
1,400
2,000
1,800
1,600
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
120
120
80
80
60
60
1977
1984
1979
1978
* SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1985
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depo itory institutiu ns 3
Al commercial ban ts '
R eserves adjust 3d
for changes i i
reserve requirem snts
Loans a nd leases
Period
Total loans
and
securities
Total
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1984:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
Ju!v
Aug
Sept"
891.4
1,013.8
1,135.4
1,239.7
1,307.4
1,400.5
1,553.0
1,714.8
4
1,674.8
1,682.8
1,701.0
1,714.8
1,724.0
1,742.3
1,758.9
1,765.8
1,785.3
1,799.1
1,814.3
r
1,824.8
1,838.5
2
632.2
746.9
849.1
914.5
967.4
1,032.8
1,122.7
1,314.7
4
1,274.9
1,284.3
1,300.6
1,314.7
1,321.5
1,335.6
1,353.3
1,364.6
1,377.3
1,388.0
1,397.8
r
1,405.7
1,414.4
Commercial
and industrial
loans
4
211.0
246.1
291.1
326.9
355.1
391.5
412.8
468.1
460.0
463.0
467.1
468.1
468.4
473.6
480.8
481.3
483.7
483.9
484.4
485.7
487.4
U.S.
Government
securities
1
Data are prorated averages of Wednesday figures for domestically chartered hanks and averages
of month-end data for foreign-related institutions.
2
Excludes loans to commercial hanks in the United States.
3
Data are averages of daily figures.
4
Beginning September 26, 1984 a transfer of loans from Continental Illinois National Bank to
the FDJC reduced total loans and securities and total loans by $1.9 billion, commercial and industrial loans by $1.4 billion, and real estate loans (not shown here) by $0.4 billion.
28
1
securities
Total
136.6
137.6
144.4
170.9
179.6
202.7
260.8
260.2
258.0
257.0
259.4
260.2
260.1
265.8
266.9
261.1
265.9
266.6
271.0
270.9
273.3
Borr > wings
(millions of dollars,
unad usted)
122.7
129.2
141.9
154.4
160.4
165.0
169.6
139.9
141.9
141.5
141.1
139.9
142.4
140.8
138.7
140.1
142.1
144.5
145.5
148.2
150.9
26.63
27.91
29.20
31.04
32.10
34.28
36.14
39.08
38.09
37.96
38.47
39.08
39.64
40.43
40.47
40.71
41.32
42.18
42.61
43.19
43.51
borrowed
26.06
27.04
27.73
29.35
31.46
33.65
35.36
35.90
30.84
31.94
33.85
35.90
38.24
39.14
38.88
39.39
39.99
40.97
41.50
42.12
42.22
Required
26.44
27.67
28.76
30.52
31.78
33.78
35.58
38.23
37.46
37.34
37.77
38.23
38.89
39.53
39.71
39.97
40.52
41.27
41.75
42.37
42.84
Total
569
868
1,473
1,690
636
634
774
3,186
7,242
6,017
4,617
3,186
1,395
1,289
1,593
1,323
1,334
1,205
1,107
1,073
1,289
NOTE.—-Series for all commercial banks beginning January 1984 arc not strietlv
data for earlier periods, largely because beginning January 1984 certain obligatu:
political subdivisions are included in loan;; rather than in other securities.
Source: Board of Go
s of the Federal Reserve System.
Seasonal
55
135
81
116
54
33
96
113
319
299
212
113
62
71
88
135
165
151
167
221
203
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal
Or edit market fu nds
1
Total
Total
Securities
and
mortgages
Loans and
short-term
paper
Other 2
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
190.3
157.0
211.0
254.1
317.5
345.2
337.6
371.6
312.8
416.9
487.4
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.4
234.3
280.5
334.8
104.7
37.3
76.8
96.7
141.8
156.4
148.1
141.3
78.5
136.4
152.6
70.2
30.8
54.7
72.4
80.5
88.2
93.3
92.0
83.3
82.9
104.7
26.3
38.7
38.2
35.8
32.8
20.9
52.4
21.8
43.9
56.7
-15.9
43.9
-7.9
16.5
36.6
47.7
67.3
40.9
70.2
39.4
26.2
120.6
34.5
6.5
22.1
24.3
61.3
68.2
54.8
49.3
-4.9
53.5
47.9
190.1
150.9
201.8
237.6
293.6
343.7
317.7
334.6
253.8
369.6
444.0
137.9
109.7
148.3
175.1
201.6
219.5
221.2
271.2
229.6
256.3
367.8
52.2
41.2
53.5
62.5
92.0
124.3
96.5
63.4
24.2
113.3
76.2
20.0
37.0
58.9
47.3
43.4
1984: I
II
Ill
IV
511.1
490.7
442.8
505.1
319.6
331.7
340.7
347.1
191.5
159.0
102.1
158.0
106.2
78.0
76.2
158.6
-33.2
-66.6
-5.6
42.1
139.4
144.6
81.8
116.5
85.3
81.0
26.0
-.5
480.6
450.0
395.7
449.9
355.6
364.1
387.9
363.8
125.0
85.9
7.8
86.1
30.4
40.7
47.1
55.3
1985: I
II"
414.2
415.9
351.5
356.2
62.7
59.7
52.5
44.9
-16.0
16.2
68.5
28.7
10.3
14.8
393.4
378.0
369.4
360.3
24.0
17.7
20.8
37.8
0.2
6.0
9.2
16.5
23.8
1.4
3
Plant and equipment, residential structures, inventory investment, and i linf.ral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve Svstem.
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.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilitie s
Current assets
End of period
Total
Cash
Governseeurities
SEC series: 2
1970
1971
1972
1973
1974
QFR-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1983: I
n
in
IV
1984: I
n
HI
IV
1985: I"
1
Notes and
accounts
receivable
Invento-
3
Total
Notes and
accounts
payable
288.5
322.1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
66.4
71.7
304.9
326.0
375.6
450.9
530.4
282.9
340.3
402.3
265.8
272.1
292.9
330.3
388.0
4S9.0
506.8
532.0
519.2
577.8
622.3
525.3
539.3
565.0
577.8
599.7
615.4
630.6
622.3
634.8
319.5
315.9
342.5
376.9
431.8
505.1
542.8
583.7
578.6
599.3
655.6
577.6
576.2
597.3
599.3
619.6
629.8
656.9
655.6
664.6
65.9
69.9
80.3
90.1
101.1
116.0
131.8
149.5
165.2
183.7
206.6
172.1
176.4
183.0
183.7
186.3
193.4
195.4
206.6
205.7
453.4
451.6
495.1
557.1
669.5
807.3
889.3
970.0
976.8
1,043.0
1,150.7
983.4
990.2
1,026.6
1,043.0
1,077.0
1,111.9
1,142.2
1,150.7
1,159.1
269.8
264.2
282.1
317.6
383.0
460.8
513.6
546.3
543.0
577.8
627.4
530.9
536.5
559.3
577.8
584.0
605.1
623.9
627.4
614.7
492.3
529.6
599.3
697.8
790.7
50.2
53.3
59.0
66.3
71.1
7.7
11.0
10.6
12.8
12.3
206.1
221.1
248.2
735.4
759.0
827.4
912.7
1,043.7
1,214.8
1,327.0
1,418.4
1,432.7
1,557.3
1,682.0
1,444.2
1,468.0
1,522.8
1,557.3
1,599.6
1,630.1
1,666.1
1,682.0
1,694.2
73.2
82.1
88.2
97.2
105.5
118.0
126.9
135.5
147.0
165.8
160.9
143.1
147.9
150.5
165.8
159.0
154.7
150.0
160.9
153.8
11.1
19.0
23.5
18.2
17.2
16.7
18.7
17.6
22.8
30.6
36.6
26.0
28.2
27.0
30.6
35.0
36.9
33.2
36.6
35.3
Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
2
Other
current
assets
211.3
220.5
Other
current
liabilities
Net
working
capital
ratio l
128.1
223.7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
183.6
187.4
213.0
239.6
286.5
346.5
375.7
423.7
433.8
465.3
523.3
452.6
453.7
467.3
465.3
493.0
506.9
518.2
523.3
544.4
282.0
307.4
332.4
355.5
374.3
407.5
437.8
448.4
455.9
514.3
531.3
460.8
477.8
496.3
514.3
522.6
518.1
523.9
531.3
535.1
1.622
1.681
1.671
1.638
1.559
1.505
1.492
1.462
1.467
1.493
1.462
1.469
1.483
1.483
1.493
1.485
1.466
1.459
1.462
1.462
93.6
105.5
92.7
110.7
187.4
203.6
NOTE.—SEC series not available after 1974. See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), Federal Trade Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Treasury bill rates rose a little in October. Most other rates fell.
PERCENT PER ANNUM
PERCENT PER ANNUM
I CORPORATE Aaa
TREASURY
BILLS
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
LU
I I I i II
I I I II
JJJ
1977
1982
1978
1984
1983
1985
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. T reasury
security 'ields
Constant nr aturities 2
Period
3-month bills *
3-year
1979
1980
1981
1982
1983
1984
10-year
10.041
11.506
14.029
10.686
8.63
9.58
9.72
11.55
14.44
12.92
10.45
11.89
9.44
11.46
9.97
8.79
8.16
7.76
8.22
8.57
8.00
7.56
7.01
7.05
7.18
7.08
7.17
11.85
10.90
10.56
10.43
10.55
11.05
10.49
9.75
9.05
9.18
9.31
9.37
9.26
7.17
6.81
7.07
7.14
7.20
7.18
7.24
9.43
9.17
9.25
9.35
9.25
9.21
High-grade
municipal
bonds
(Standard3&
Poor's)
Corporate
Aaa bonds
(Moody's) 4
Prime
commercial
paper,
6 months 5
Discount rate
(N.Y. F.E.
Bank)6
10.28
11.77
13.41
11.02
8.50
8.80
6.39
8.51
11.23
11.57
9.47
10.15
9.63
11.94
14.17
13.79
12.04
12.71
10.91
12.29
14.76
11.89
8.89
12.16
11.57
11.50
11.38
11.51
11.86
11.43
10.85
10.16
10.31
10.33
10.37
10.25
10.34
10.27
10.04
9.55
9.66
9.79
9.48
9.08
8.78
8.90
9.18
9.37
12.63
12.29
12.13
12.08
12.13
12.56
12.23
11.72
10.94
10.97
11.05
11.07
11.03
10.16
9.06
8.55
8.15
8.69
9.23
8.47
7.88
7.38
7.57
7.74
7.86
7.79
9.00-9.00
9.00-8.50
8.50-8.00
8.00-8.00
8.00-8.00
8.00-8.00
8.00-8.00
8.00-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-
10.40
10.30
10.32
10.37
10.23
10.16
9.44
9.53
9.52
9.46
9.30
9.10
11.11
11.05
11.07
11.12
11.03
10.94
7.96
7.73
7.73
7.81
7.85
7.82
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-
13.91
13.00
11.10
12.44
10.16
Open-close
1984: Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct"
Week ended:
1985: Sept 21
28
Oct 5
12
19
26
Nov 2
1
Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
5
Bank-discount basis. Prior to November I, 1979, data are for 4-6 months paper.
2
30
Prime rate
charged by
banks 6
12.67
15.27
18.87
14.86
10.79
12.04
New-home
mortgage
yields
(FHLBB) '
10.78
12.66
14.70
15.14
12.57
12.38
Open-close
12.75-12.00
12.00-11.25
11.25-10.75
10.75-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.00
10.00- 9.50
9.50- 9.50
9.50- 9.50
9.50- 9.50
9.50-
9.509.509.509.509.509.509.50-
12.77
12.75
12.55
12.27
12.21
11.92
12.05
12.01
11.75
11.34
11.24
11.15
9.50
9.50
9.50
9.50
9.50
9.50
6
Average effective rate for year; opening and closing rate for month and week.
1
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges
well as contract rate and assumed, on the average, repayment at end of 10 years. Hates beginnii
•January 1973 not strictly comparable with prior rates.
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 October.
INDEX, DEC. 3], 1965 = 50
INDEX, DEC. 31, 1965 = 50
110
110
100
100
90
90
COMPOSITE STOCK PRICE INDEX
(NYSE)
80
80
70
70
60
60
50
50
1977
1978
1979
uu
Illllllll
IIIIIMIIII
40
1982
1981
1980
19«3
1984
40
1985
^ERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
\
15
15
10
10
1977
1978
1979
1980
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Co Timon stock price s »
Common st ack 5yields
(perce »t)
Nevv York Stock Ex( hange indexes (TJ ec. 31, 1965-5 3) 2
Period
Composite
1979
1980
1981
1982
1983
1984
1984: Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oof
Week ended:
1985: Sept 21
28
Oct 5
12
19
26
Industrial
tion
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
58.32
68.10
74.02
68.93
92.63
92.46
95.09
95.85
94.85
99.11
104.73
103.92
104.66
107.00
109.52
111.64
109.09
106.62
107.48
64.76
78.70
85.44
78.18
107.45
108.01
110.44
110.91
109.05
113.99
120.71
119.64
119.93
121.88
124.11
126.94
124.92
122.35
123.56
47.34
60.61
72.61
60.41
89.36
85.63
86.82
87.37
88.00
94.88
101.76
98.30
96.47
99.66
105.79
111.67
109.92
104.96
103.72
38.20
37.35
38.91
39.75
47.00
46.44
49.02
49.93
50.58
51.95
53.44
53.91
55.51
57.32
59.61
59.68
56.99
55.93
55.79
61.42
64.25
73.52
71.99
95.34
89.28
92.94
95.28
95.29
101.34
109.58
107.59
109.39
115.31
118.47
119.85
114.68
110.21
112.15
844.40
891.41
932.92
884.36
1,190.34
1,178.48
1,199.30
1,211.30
1,188.96
1,238.16
1,283.23
1,268.83
1,266.36
1,279.40
1,314.00
1,343.17
1,326.18
1,317.95
1,350.55
103.01
118.78
128.05
119.71
160.41
160.46
164.82
166.27
164.48
171.61
180.88
179.42
180.62
184.90
188.89
192.54
188.31
184.06
186.02
5.47
5.26
5.20
5.81
4.40
4.64
4.62
4.61
4.68
4.51
4.30
4.37
4.37
4.31
4.21
4.14
4.23
4.32
105.41
105.37
106.16
105.66
108.04
108.62
121.00
121.10
122.29
121.45
124.27
124.81
103.41
103.26
103.43
102.63
104.66
104.37
55.33
55.09
55.10
55.16
55.70
56.25
108.79
108.40
108.66
109.13
113.40
114.41
1,302.49
1,317.57
1,333.02
1,328.92
1,362.43
1,362.90
182.28
182.03
183.76
182.66
187.03
188.02
4.36
4.41
4.33
4.37
4.26
4.23
Earningsprice ratio
13.46
12.66
11.96
11.60
8.03
10.00
9.93
r
9.07
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, I)o\v-.Io:ics & Company, Inc., and Standard & Poor's Cor•s. Barnings-
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS, AND DEBT
In fiscal year 1985 there was a budget deficit (including off-budget outlays) of $211.9 billion, compared to a
deficit of $185.3 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
_
BUDGET RECEIPTS AND OUTLAYS V
900
900
.BUDGET OUTLAYS ]L.
800
800
700
700
600
600
BUDGET RECEIPTS
500
500
400
400
0
—
BUDGET SURPLUS OR DEFICIT (-) -
-100
-100
-200
-200
1977
1978
1979
1981
1980
1982
1984
1983
-1985
1986
FISCAL YEARS
\J INCLUDES OUTLAYS OFF-BUDGET UNDER CURRENT LAW, PROPOSED TO BE ON-BUDGET.
COUNCIL OF ECONOMIC ADVISERS
SOURCES. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
me luded on-budg st)
Period
Outlays
Receipts
Fiscal year or period:
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985 "
1986 (estimates):Mid-Session Review 1
First Concurrent Resolution 2
230.8
263.2
279.1
298.1
81.2
355.6
399.7
463.3
517.1
599.3
617.8
600.6
666.5
734.0
-
779.8
795.7
1
Estimates from Mid-Session Review of the 1986 Budget, Office of Management and
August 30, 1985.
32
Gross Feder al debt (end
of pe riod)
Coit ponents of buc get
Budget totals
{Including outlays off-buc get under
current law, which are pro posed to be
Surplus or
deficit (— )
245.7
269.4
332.3
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
945.9
-14.9
-6.1
-53.2
-73.7
-14.7
-53.6
-59.0
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
957.7
967.6
-177.8
-171.9
211.9
Outlays
Off-budget
under
current
law;
proposed to
be included
on~budget
On-budget u nder current
la w
Outlays
Held by
the public
Surplus or
deficit (-)
0.1
1.4
8.1
7.3
1.8
8.7
10.4
12.5
14.2
21.0
17.3
12.4
10.0
9.1
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
796.0
841.8
936.8
-59.6
-57.9
-110.6
- 195.4
-175.4
-202.8
2.4
955.3
-175.5
14.8
-4.7
-45.2
66.4
-13.0
-44.9
48.6
-27.7
468.4
486.2
544.1
631.9
646.4
709.1
780.4
833.8
914.3
1,003.9
1,147.0
1,381.9
1,576.7
1,827.5
343.0
346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
929.4
1,141.8
1,312.6
1,509.9
2,076.9
2,078.7
1,694.7
2
First Concurrent Resolution on the 1986 budget, August 1, 1985.
Sources: Department of the Treasury and Office of Management and Budget,
FEDERAL BUDGET RECEIPTS BY SOURCE AND
, OUTLAYS BY FUNCTION
In fiscal year 1985 budget receipts were $67.5 billion higher than a year earlier and budget outlays (including offbudget items) were $94.1 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
_
400
BUDGET RECEIPTS
INDIVIDUAL Ih-ICOME TAXES
.«»••"*""*
_/
300
—
»**"*'
200
7
—
-
.-------•""""
roppoBATinw iKirnMF TAXFS
......j.......__-.j— —
i -y QTHER RECE|pTS
—i
|
0
300
200
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
100
700
Z
._— —
100
r
1
1
0
• BUDGET OUTLAYS^/ -
700
.NONDEFENSE
600
600
500
500
400
400
300
300
NATIONAL DEFENSE
200
200
100
100
1977
1978
1979
1980
1981
1982
1984
1983
1985
1986
FISCAL YEARS
• _!/ INCLUDES OUTLAYS OFF-BUDGET UNDER CURRENT LAW, PROPOSED TO BE ON-BUDGET.
SOURCES; DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Bi dget recei[ Is
Budget outlays
Total
vidual
income
taxes
ration
income
taxes
taxes
and
National defense!
To tal
Social
Other
Including offbudget
Onbudget
Total
364.5
400.5
448.4
89.6
97.2
Department of
Defense,
Intern itional
affij
Including off-
Onbudget
Ot er
Healt ! and
ty and
medi-
Including off-
Onbudget
interest 1
Including offbudget
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
129.1
138.1
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
Onbudget
buttons
Fiscal year or period:
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985''
1986 (estimates) 2
4
298.1
355.6
399.7
463.3
517.1
599.3
617.8
600.6
666.5
734.0
779.8
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
296.2
330.9
356.2
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
61.3
68.0
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
241.7
268.8
287.2
34.3
36.6
37.8
40.8
50.6
69.5
69.3
65.6
71.7
72.9
68.4
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
945.9
957.7
491.0
576.7
657.2
728.7
796.0
104.5
116.3
134.0
157.5
185.3
209.9
841.8 227.4
936.8 "252.8
955.3 267.1
88.1
95.3
102.3
113.7
131.0
153.8
180.7
204.4
220.8
244.1
259.4
6.4
6.4
7.5
7.5
12.7
13.1
12.3
11.8
15.9
(3)
21.3
5.6
4.9
6.0
6.2
10.8
11.2
10.0
9.0
13.1
15.4
20.1
89.7
104.4
116.6
130.6
150.6
178.7
202.5
223.3
235.8
254.4
268.4
76.5
78.3
80.0
86.9
109.7
126.6
135.2
151.2
143.1
(3)
149.9
76.5
78.3
80.0
86.9
109.6
125.8
134.5
150.8
143.0
162.6
149.9
(s)
112.9
76.3
85.8
105.8
108.5
119.2
115.3
111.1
113.2
111.5
123.8
111.6
includes ofl-budgei: outlays of $1.3 billion
NOTE.—Outlays off-budget under current law are proposed to be on-hudgeE.
of Management and Budget,
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1985, Federal receipts fell $37.5 billion (annual rate) and expenditures rose $11.5 billion,
yielding a deficit of $214.1 billion. In the third quarter, according to preliminary estimates, expenditures rose
$21.9 billion; receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
400
400
SURPLUS OR DEFICITJ-)
^m
-100
-100
-200
-200
1977
1978
1981
1980
1979
1982
1983
1984
1985
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Governme it receipts
Period
Total
Fiscal year:
1980
1981
1982
1983
1984
Calendar year:
1980
1981
1982
1983
1984
1982: HI
IV
1983: I
n
Ill
IV
1984:
I
n
in
IV
1985: I
n
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
35.5
170.0
197.0
525.9
609.2
626.4
627.1
687.6
250.4
289.4
311.4
294.1
303.2
69.9
69.3
50.9
53.8
70.1
540.9
624.8
616.7
641.1
704.7
609.9
608.3
619.8
649.3
640.2
655.0
686.4
704.3
706.2
721.9
771.4
733.9
257.7
298.7
306.2
295.2
315.0
298.8
300.9
298.2
304.7
284.6
293.3
301.6
310.7
319.7
327.9
362.2
318.3
354.6
70.3
65.7
46.6
59.8
70.8
47.5
42.0
46.9
59.2
66.7
66.5
73.0
75.6
65.3
69.1
67.4
66.1
Ill''
Federal jrovernment expenditur es
Total
53.5
50.3
51.0
55.2
213.9
228.3
259.1
576.5
668.2
740.0
816.4
857.9
39.0
56.4
48.4
52.4
55.5
47.5
48.2
47.1
53.8
54.0
54.5
54.1
55.9
56.1
55.9
56.4
60.7
55.7
173.9
204.1
215.5
233.7
263.4
216.1
217.1
227.6
231.7
234.9
240.7
257.6
262.0
265.2
269.0
285.3
288.9
292.1
602.1
689.1
764.9
819.7
880.5
773.6
818.9
805.6
816.7
821.1
835.5
847.6
868.0
886.8
919.7
936.5
948.0
969.9
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget,
34
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
189.3
218.4
250.6
273.2
285.2
239.4
279.5
310.6
344.6
348.4
86.7
90.1
83.4
85.7
90.8
197.0
228.9
258.9
269.7
295.4
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
302.0
315.7
319.9
324.2
347.0
251.5
286.8
321.6
345.6
353.0
327.0
344.4
340.9
348.1
343.4
350.1
347.7
350.1
353.8
360.4
370.3
369.8
372.9
88.7
87.9
83.9
86.3
93.2
83.0
84.6
85.5
86.3
86.7
86.5
90.6
93.2
92.1
97.0
95.1
98.1
100.4
Subsidies
or deficit
Wage
accruals
less
disbursements
Net
interest
paid
current
surplus of
Government
enterprises
50.7
67.7
82.3
10.4
12.5
13.0
90.3
109.7
22.2
23.9
-.0
.4
.1
53.4
73.3
84.4
94.2
116.7
87.5
87.0
87.7
90.0
97.3
102.0
107.6
110.9
122.0
126.4
128.2
132.8
133.7
11.5
12.3
16.1
23.4
22.3
14.5
23.5
18.5
20.5
24.1
30.6
34.4
17.7
16.5
20.7
23.1
22.1
15.8
.0
.1
-.0
.4
.1
.0
.0
.0
-1.3
-.4
.0
.2
.2
.4
.5
.1
-1.0
.0
0.0
.1
national
income
and
product
accounts
-50.7
58.9
-113.6
-189.3
-170.3
-61.2
-64.3
-148.2
-178.6
-175.8
-163.7
-210.6
-185.7
-167.3
- 180.9
- 180.5
— 161.3
-163.7
-180.6
-197.8
-165.1
-214.1
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
ConsuiiH r
prices (i nadjnstcd)
Japan
France
Germany
202.5
221.0
243.5
273.9
303.5
321.0
335.0
252.3
282.3
296.2
304.1
309.7
316.6
233.9
259.1
294.2
332.7
373.1
407.9
439.5
160.2
166.9
175.8
186.9
196.8
203.3
208.2
286.2
328.5
398.0
472.4
549.4
631.8
698.8
316.6
359.0
423.6
473.9
514.7
538.3
565.1
315.3
315.3
315.5
336.9
337.5
339.7
339.9
318.5
321.0
319.0
319.6
445.9
449.0
450.3
451.2
208.0
209.2
209.6
209.8
713.0
720.1
724.4
729.5
571.1
574.6
576.4
575.9
316.1
317.4
318.8
320.1
321.3
322.3
322.8
323.5
324.5
341.3
343.5
344.3
345.7
346.5
348.3
349.5
350.1
350.5
321.3
318.7
320.2
321.9
323.3
323.5
323.8
320.7
453.5
455.8
459.0
462.2
464.5
466.4
468.2
468.7
211.0
211.9
212.6
212.9
213.1
213.3
212.9
212.2
736.8
744.2
749.4
756.1
760.6
764.4
766.7
768.2
771.3
578.0
582.7
588.1
600.6
603.4
604.7
603.5
605.1
604.8
Indu stria] pro! iction (se; sonally adjn ted)
Period
Japan
France
201.1
165.1
165.9
149.5
157.0
170.7
215.3
225.2
227.5
228.4
236.5
261.7
155
163
161
160
158
159
161
171.3
171.3
174.2
175.7
262.8
270.7
271.8
270.3
160
163
161
157
174.4
173.9
174.0
r
174.8
r
174.6
r
177.3
180.7
271.8
271.6
266.7
273.6
280.6
276.8
280.0
277.7
154
161
163
160
162
160
O'anada
1978
157.8
167.6
1979
1980
1981
1982
1983
1984 *
1984: Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept"
Germany
Canada
Italy
Kingdom
154.1
147.9
127.8
195.4
161.5
162.0
159.1
154.5
155.7
' 160.7
157.6
166.5
163.8
158.8
153.7
158.5
132.9
124.1
119.9
122.1
126.4
127.9
217.4
246.8
272.4
289.1
298.4
311.1
163.3
165.9
166.4
165.2
162.6
158.6
156.8
161.0
128.2
127.9
128.2
129.0
314.5
166.4 151.8
165.7 165.1
167.2 165.6
167.0 158.5
168.5 160.5
171.2 ' 165.0
' 175.0 158.8
170.6
"Her page 17 for revised series on 1977=100 base.
1
Beginning January 1978 data relate to all urban co
r
r
r
States '
r
!31.1
r
130.6
r
132.9
r
133.7
r
!34.2
r
133.9
r
!31.9
132.5
261.3
Italy
Kingdom
Sonrce: National sources as reported by Department of Commerce, International Trat
tration, Office of Trade and Investment Analysis,
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc landise expo ts 1
Period
Ger eral import
Domestic exports
Total
domestic
and
foreign
exports
Merc landise imports
Total 2
Food,
bever-
Crude
materi-
tobaeco
fuels
Manufactured
goods
I .a.s.
Monthly average:
1975"
1976*
1977*
1978*
1979*
1980
8,971
9,602
10,103
11,973
15,155
18,386
8,847
9,462
9,919
11,762
14,886
18,043
1,399
1,436
1,330
1,717
2,049
2,534
1,266
1,341
1,548
1,746
2,352
2,810
Total z
Pood,
bever-
Crude
maten-
tobacco
fuels
Mercha idise trade lalance
3
Manu
factured
goods
Exports
Total
(c.i.f.
less
imports
Exports
(f.a.s.)
less
imports
value)
Exports
(f.a.s.)
less
imports
(c.i.f.)
valu e
5,913
6,437
6,679
7,873
9,716
11,991
8,209
10,290
12,533
14,563
17,455
20,406
827
991
1,186
1,312
1,478
1,546
2,716
3,457
4,463
4,325
5,949
7,831
4,257
5,398
6,379
8,360
9,352
10,427
13,368
15,504
18,519
21,415
762
-688
-2,430
— 2,590
-2,300
— 2,020
8,823
11,042
148
-1,440
-3,265
-3,530
-3,364
-3,030
Customs value
1981
1982
1983
1984
19,473
17,683
16,707
18,155
19,075
17,256
16,326
17,670
2,767
2,248
2,248
2,276
2,752
2,793
2,463
2,624
12,857
11,643
11,034
11,929
21,748
20,329
21,504
27,144
1,529
1,485
1,568
1,802
7,739
6,200
5,670
6,063
11,873
12,002
13,621
18,460
22,779
21,240
22,490
28,431
-2,275
-2,647
-4,797
-8,988
-3,306
— 3,558
-5,783
-10,276
1984: Aug
Sept
Oct
Nov
Dec
18,123
18,210
18,411
18,395
19,142
17,665
17,709
17,886
17,857
18,623
2,131
2,586
2,336
2,506
2,413
2,609
2,440
2,352
2,454
2,988
11,854
11,946
12,329
12,148
12,409
26,866
28,409
26,783
27,331
25,933
1,711
1,803
1,924
1,705
1,719
5,815
5,755
6,106
6,158
5,689
18,598
20,027
18,037
18,499
17,777
28,213 — 8,743
29,753 - 10,200
28,064 — 8,372
28,617 -8,937
27,176 -6,791
-10,090
-11,543
-9,653
-10,222
-8,033
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
19,401
17,853
18,852
17,358
17,881
17,298
16,893
16,858
16,857
16,945
2,161
1,995
1,973
1,913
1,603
1,614
1,604
1,783
2,562
2,542
2,386
2,336
2,164
2,181
2,265
2,436
13,282
11,967
12,538
12,141
12,166
12,127
12,010
11,894
28,297
27,985
28,129
28,295
28,685
29,425
26,630
26,083
1,932
1,817
2,128
1,804
1,919
1,912
1,641
1,719
5,373
4,988
4,372
5,764
5,609
5,958
5,100
4,842
19,879
20,347
20,716
19,812
20,198
20,653
18,901
18,761
29,687
29,299
29,492
29,629
30,080
30,853
27,920
27,327
-10,285
— 11,446
— 11,046
-11,850
-12,666
-13,415
- 10,509
-9,904
18,446
17,779
17,414
17,438
17,412
17,423
1
Department of Defense shipments of grant-aid militan supplies an d equipment under the I filitarv Assistance Program are excluded from tota s for all p€ riods and fr om monthly < etail beginr mg
anuary i»*o.
January
1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
-8,896
— 10,131
-9,683
— 10,516
-11,271
-11,987
-9,219
-8,660
)ata beginn ng 1980 inc ude trade )f the U.S. Virgin Islar ds, except tl at for 198( Virgin IsIan ds exports re reflected n the figur s for dome tie and fore gn exports combined an d trade balance.
e.
an
*Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter the current account deficit rose to $31.8 billion from $30.3 billion in the first quarter. The
merchandise trade deficit rose to $33.0 billion from $29.5 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
BALANCE ON GOODS
AND SERVICES
-5
-5
-10
MERCHANDISE TRADE
BALANCE
\ „'
*
-15
-10
iA
-15
-20
-20
-25
-25
-30
-30
-35
-35
-40
1
1977
1 11
1
1979
1978
1
1980
1
1
1
1981
1 1 1
1
1982
1983
-40
1984
1985
* SEASONAUY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (4-), debits (~~)3
In vestment inconle 3
Merchandise * *'
Period
Exports
114,745
120,816
142,054
184,473
224,269
237,085
211,198
200,745
220,316
1976
1977
1978
1979
1980
1981
1982
1983
1984
1983: I
n
m
IV
1984: I
n
m
IV
1985: I p
n
1
2
Net
balance
Net
Net
transactions
transportation
receipts
Balance
services,
net 3
and
Balance
current
account
Payments
-9,483
-124,228
-151,907 -31,091
-176,001 -33,947
-212,009 -27,536
-249,749 -25,480
-265,063 -27,978
-247,642 -36,444
-262,757 -62,012
-328,597 - 108,281
29,286
32,179
42,245
64,132
72,506
86,411
84,768
78,023
87,609
-13,311
-14,217
-21,680
-32,960
-42,120
-52,329
-55,273
-52,621
-68,500
15,975
17,962
20,565
31,172
30,386
34,082
29,495
25,402
19,109
559
1,528
621
-1,778
-2,237
-1,183
-2,558
-3,565
-3,573
-2,935
-997
-318
-162
-1,765
-992
-4,721
-8,974
9,205 -4,998
4,711
5,272 -9,894 -4,617
6,013 -10,321 -5,106
5,735
4,659 -5,649
8,950 -7,077
7,277
13,186 -6,847
8,121
8,345
84 -8,135
8,852
31,937
9,557
9,791 -90,119 -11,413
703
-71
1 454
2,260
2,462 -7,163
2,290 -9,091
2,544 -14,228
-1,606 -3,060
- 1,875 -9,038
-2,204 -11,295
-3,166 -17,394
-2,212
-2,232
-2,876
-4,095
Net
144
services *
58,848
-63,616
-67,629
-72,664
-9,621
- 14,754
-17,230
-20,407
17,935
19,172
20,985
19,932
-12,283
-12,856
-13,588
- 13,893
5,652
6,316
7,397
6,039
-126
-669
-448
-1,116
-1,422
-1,735
53,753
54,677
55,530
56,355
-79,322
-80,326
-88,037
-80,912
-25,569
-25,649
-32,507
-24,557
23,502
20,895
21,769
21,445
-15,268
-17,277
-18,513
-17,442
8,234
3,618
3,256
4,003
-346
-593
-250
-575
-1,753
-2,049
-2,575
-2,597
2,582
2,412
2,452
2,344
55,707
53,245
-85,239
-86,246
-29,532
-33,001
18,868
22,104
-16,331
- 16,522
2,537
5,582
-212
-566
-2,357
-3,000
2,411 -27,153
2,526 -28,459
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
-16,852
-22,261
-29,624
-21,382
4,207
-14,511
- 15,427
-991
1,873
6,339
-8,051
-40,790
-101,532
-19,064
-24,493
-32,500
-25,477
-3,172 -30,325
-3,352 -31,811
3
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.
Source: Department of Commerce, Bureau of Economic Analysis.
and other
unilateral
trans-1
fers
Receipts
Imports
49,227
48,862
50,399
52,257
36
Remittances,
U.S. INTERNATONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $4.4 billion in the second quarter
of 1985 compared with a decrease of $0.1 biUion in the first quarter. Liabilities to foreigners and international
financial institutions reported by U.S. banks (excluding U.S. Treasury securities) increased $0.3 billion, compared to
an increase of $13.3 billion "m the first quarter.
BILLIONS OF DOLLARS*
60
BILLIONS OF DOLLARS*
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
-X;I \
40
40
I
I
I
I
I
20
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
-60
1977
1980
1982
1981
1983
1984
1985
•SEASONAUY ADJUSTED
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
Imcrease/capit il outflow (— )
Period
Total
U.S.
official
assets
1984: I
n
in
IV
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
assets, net l
(unadjusted,
end of
period)
30,358
52,416
42,615
78,362
90,775
78,526
93,895
-24,205
119
-9,172
-15,587
15,158
15,608
19,539
34,017
-161
1,706
2,666
6,916
15,319
13,902
22,205
27,101
14,029
-5,442
1,570
1,353
733
73
-2,867
3,524
34,261
33,876
33,066
33,747
-2,059
1,353
-1,369
-734
-2,260
-17,070
20,532
-13,003
19,277
41,592
3,140
33,310
-2,786
-224
-686
7,119
22,063
41,816
3,825
26,191
4,763
1,889
10,997
7,013
-422
-606
-3,170
4,200
34,975
34,547
34,306
34,934
-850
-849
718
-1,657
13,711
25,789
— 11,204
8,154
24,915
17,636
16,979
8,883
-305
578
35,493
36,088
-26,127
-1,128
-9,814
-17,976
-787
16
529
-953
1,135
-1,263
-1,171
1,436
-4,976
-18,988
18,364
- 14,846
-657
-566
-799
— 1,110
-365
-2,862
-233
-356
1
Consists of goid, special drawing rights (SDSs), convertible currencies, and the U.S. reservi
position in the IMF,
2
Quarterly data are not seasonally adjusted.
Other
foreign
assets
Statistical d screpancv
38,752
58,112
83,322
94,447
84,322
97,319
-61,130
-64,331
-86,118
— 111,031
-119,218
-55,045
-20,447
36,518
51,319
64,036
1985: I
HP....
Foreign
official
assets
Allocations
of special
drawing
rights
(SDRs)
17,693
36,816
33,678
-13,665
15,497
4,960
3,672
5,795
3,424
44,498
-3,693 -30,717
-4,660 -57,202
-3,746 -59,453
-5,162 -72,802
-5,097 -100,758
-6,131 — 108,122
-5,006 -48,843
-5,516 -11,800
1978
1979
1980
1981
1982
1983
1984
IV
Total
-4,214
-51,269
-34,785
n
m
assets
U.S.
private
assets
2,558
-375
732
-1,133
-8,155
-5,175
-4,965
-1,196
-3,131
1976
1977
1983: I
12
Other U.S.
Govern-
Foreign assets in the 1 '.S., net
[increase /capital inflovv ( + )] 2
18,826
14,503
Sources: Department of Commert
Treasury.
1,139
1,152
1,093
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
34,934
10,544
-2,023
12,521
25,431
24,982
20,276
32,821
11,513
24,660
(Bureau of Economic Analysis) and Department of the
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
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
Nonagriculrural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays, and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
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