Full text of Economic Indicators : October 1986
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99tb Congress? 2d
OCTOBER
1986
Prepared for the Joint
Committee by the
Council of Economic
: 1986
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
JAMES ABDNOR, South Dakota, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
CHALMERS P. WYLIE (Ohio)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
BOBBI FIEDLER (California)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
SCOTT LILLY, Executive Director
ROBERT J. TOSTERUD, Deputy Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
n
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the third quarter, current-dollar gross national product (GNP) rose 5.7
percent (annual rate) or $58.7 billion. Real GNP (GNP adjusted for price changes) rose 2.4 percent and the implicit
price deflator rose 3.6 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
4,400
BILUONS OF DOLLARS (RATIO SCALE)
4,400
4,000
4,000
GNP
3,600
3,600
"IN CURRENT DOLLARS "
3,200
3,200
GNP
IN 1982 DOLLARS
2,800
2,800
2,400
2,400
2,000
2,000
1,600
I
I
1978
I
I
1979
I
L
1980
J
I L
J
1981
I
L
I
I I...
1983
1982
I
I__L
1984
!
I
1985
I
I
I
1,600
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Personal
consumption
expenditures
Gross
private
domestic
investment
2,249.7
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,765.0
3,998.1
1,403.5
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
416.8
454.8
437.0
515.5
447.3
502.3
662.1
661.1
3,212.5
2,117.0
3,265.8
3,367.4
3,443.9
3,545.8
2,146.6
2,213.0
2,262.8
2,315.8
HI
IV
3,670.9
3,743.8
3,799.7
3,845.6
I
II
Ill
IV
Period
1978
1979
1980
1981
1982
1983
1984
1985
1982:
IV
1983: I
n
in
IV
1984:
1985:
I
n
1986: 1
n
Ill"
Gross
national
product
Federal
Net
exports
Total
and
Exports
Imports
4.1
18.8
32.1
33.9
26.3
-6.1
-58.7
-78.9
227.5
291.2
351.0
382.8
361.9
352.5
382.7
369.8
223.4
272.5
318.9
348.9
335.6
358.7
441.4
448.6
425.2
467.8
530.3
588.1
641.7
675.0
733.4
815.4
161.8
178.0
208.1
242.2
272.7
283.5
311.3
354.1
108.9
121.9
142.7
167.5
193.8
214.4
235.0
259.4
52.9
56.1
65.4
74.8
78.9
69.1
76.2
94.7
263.4
289.9
322.2
345.9
369.0
391.5
422.2
461.3
2,221.0
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,700.9
3,987.0
409.6
14.1
335.9
321.9
671.8
293.2
205.4
87.7
378.7
3,272.4
428.3
481.3
519.7
579.8
22.7
-2.1
-19.3
-25.8
343.6
344.1
357.7
364.7
320.9
346.2
376.9
390.5
668.1
675.2
680.7
676.1
285.5
287.7
284.9
276.1
208.5
213.3
214.3
221.5
77.0
74.4
70.6
54.6
382.7
387.5
395.8
400.0
3,308.4
3,378.6
3,449.4
3,514.8
2,363.8
2,416.1
2,445.6
2,487.2
659.5
657.5
670.3
661.1
-45.6
-63.2
-60.0
-66.1
373.4
382.1
389.2
386.2
419.0
445.3
449.1
452.2
693.2
733.3
743.8
763.4
283.4
315.2
317.2
329.1
227.1
233.7
234.5
244.9
56.3
81.6
82.7
84.2
409.8
418.1
426.6
434.3
3,575.4
3,683.9
3,735.3
3,808.9
3,909.3
3,965.0
4,030.5
4,087.7
2,530.9
2,576.0
2,627.1
2,667.9
650.6
667.1
657.4
669.5
-49.4
-77.1
-83.7
-105.3
378.4
370.0
362.3
368.2
427.9
447.1
446.0
473.6
777.3
799.0
829.7
855.6
333.7
340.9
360.9
380.9
248.9
255.1
265.5
268.0
84.8
85.8
95.5
112.9
443.5
458.1
468.8
474.7
3,883.9
3,945.9
4,027.4
4,090.8
4,149.2
4,175.6
4,234.3
2,697.9
2,732.0
2,799.3
708.3
687.3
674.7
-93.7
-104.5
-110.1
374.8
363.0
373.5
468.5
467.5
483.7
836.7
860.8
870.4
355.7
367.6
365.7
266.4
278.4
277.0
89.3
89.2
88.8
480.9
493.3
504.7
4,105.4
4,161.2
4,241.8
Source: Department of Commerce, Bureau of Economic Analysis.
Govern raent purch ases of
gooe s and services
Exports ind imports of goods
ind services
National
defense
Nondefense
IN 1982
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross privat 3
dome stic invest!nent
Govern rient purch ases of
gooc s and sen ices
Ex sorts of go ods
a nd service
Federal
Final
sales
Nonresidential
fixed
Residential
fixed
Cbange
in
business
invento-
362.1
389.4
379.2
395.2
366.7
361.2
36.8
15.0
-6.9
23.9
-24.5
-6.4
59.2
9.0
-26.8
3.6
57.0
49.4
26.3
-19.9
-83.6
-108.2
312.6
356.8
388.9
392.7
361.9
348.1
369.7
362.3
339.4
353.2
332.0
343.4
335.6
368.1
453.2
470.5
604.1
609.1
620.5
629.7
641.7
649.0
675.2
721.2
233.7
236.2
246.9
259.6
272.7
275.1
291.7
323.6
160.7
164.3
171.2
180.3
193.8
206.9
219.4
235.7
73.0
71.9
75.7
79.3
78.9
68.2
72.3
87.8
370.4
373.0
373.6
370.1
369.0
373.9
383.5
397.6
3,078.4
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,430.7
3,576.2
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
1978
1979
1980
1981
1982
1983
1984
1985
3,115.2
3,192.4
3,187.1
3,248.8
3,166.0
3,279.1
3,489.9
3,585.2
1,961.0
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,246.3
2,324.5
461.4
178.0
170.8
137.0
126.5
105.1
149.3
170.6
177.2
1982: IV
3,159.3
2,078.7
352.3
115.8
-59.3
11.7
336.0
324.3
660.1
289.5
201.4
88.2
370.6
3,218.6
1983: I
II
Ill
IV
3,186.6
3,258.3
3,306.4
3,365.1
2,094.2
2,135.1
2,163.0
2,191.9
341.6
348.8
363.9
390.4
127.8
147.4
161.9
159.9
—42.3
-9.3
-1.0
27.0
16.1
-14.6
-35.0
-46.2
342.5
341.7
352.8
355.5
326.4
356.3
387.8
401.6
649.2
650.9
653.6
642.2
278.2
278.5
277.6
266.0
203.2
206.3
206.5
211.6
75.1
72.2
71.1
54.4
371.0
372.4
376.0
376.2
3,228.9
3,267.6
3,307.4
3,338.1
1984: I
3,444.7
3,487.1
3,507.4
3,520.4
2,213.8
2,246.3
2,253.3
2,271.7
394.4
419.5
427.1
447.6
169.7
173.2
171.2
168.3
85.1
57.0
60.6
33.9
-68.6
-87.2
-85.7
-92.7
361.3
367.0
375.5
375.0
429.9
454.2
461.2
467.7
650.2
678.2
681.0
691.5
271.2
296.3
295.6
303.8
214.4
218.4
225.9
56.8
77.3
77.1
77.9
379.0
381.8
385.4
,387.7
3,359.6
3,430.0
3,446.8
3,486.4
3,547.0
3,567.6
3,603.8
3,622.3
2,292.3
2,311.9
2,342.0
2,351.7
442.7
463.0
463.1
476.9
172.4
175.1
180.0
181.5
23.2
17.4
.7
-5.2
-78.8
-108.1
-113.8
-132.0
369.4
361.2
355.8
362.9
448.2
469.3
469.6
494.8
695.3
708.3
731.8
749.4
305.8
311.4
329.9
347.2
228.0
233.5
242.2
239.3
77.8
77.9
87.6
107.9
389.5
396.9
401.9
402.2
3,523.9
3,550.2
3,603.1
3,627.5
3,655.9
3,661.4
3,683.3
2,372.7
2,408.4
2,450.4
457.8
456.8
457.1
186.3
192.7
196.1
39.9
15.1
-4.5
-125.9
-153.9
- 164.4
369.2
359.8
372.9
495.1
513.6
537.5
725.2
742.2
748.8
320.4
328.9
329.3
238.7
249.3
249.8
81.7
79.5
79.6
404.8
413.3
419.5
3,616.1
3,646.3
3,687.8
n
in
rv
1985: I
n
in
rv
1986:
I
n
m
"
422.2
219.0
Source: Department of Commerce, Bureau of Economic Analysis.
[1982=100; quarterly data are seasonally adjusted]
Personal c onsumption
expen ditures
Period
Gross
national
product
Total
Durable
goods
Gross ]>rivate
domestic i ivestment
Services
76.9
82.1
89.2
95.7
100.0
102.1
103.8
104.5
71.9
80.0
89.4
96.9
100.0
102.1
105.0
107.5
69.8
75.6
83.9
92.6
100.0
106.2
111.7
117.3
71.5
77.8
85.1
93.4
100.0
98.8
98.7
99.3
1978
1979
1980
1981
1982
1983
1984
1985
72.2
78.6
85.7
94.0
100.0
103.9
107.9
111.5
71.6
78.2
86.6
94.6
100.0
104.1
108.1
111.9
1982: IV
101.7
101.8
100.7
101.0
102.7
1983: I
102.5
103.3
104.2
105.4
102.5
103.6
104.6
105.7
101.3
101.6
102.3
103.1
100.6
101.9
102.6
103.1
104.2
105.5
106.8
108.3
106.6
107.4
108.3
109.2
106.8
107.6
108.5
109.5
103.3
103.9
104.1
104.1
104.4
104.5
105.1
106.0
110.2
111.1
111.8
112.8
110.4
111.4
112.2
113.4
104.6
104.5
104.5
104.3
113.5
114.0
115.0
113.7
113.4
114.2
104.5
104.7
105.9
n
Ill
IV
1984:
I
n
m
IV
1985: I
n
m
IV
1986: I
n
mP
-
Source: Department of Commerce, Bureau of Economic Analysis.
Nonresidential
fixed
Nondurable goods
Exports anc imports of
goods anc services
Gove •nment pure mses of goo ds and
ser /ices
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
72.4
78.0
86.4
94.3
100.0
101.4
105.5
107.9
State
and local
71.1
77.7
86.2
93.4
100.0
104.7
110.1
116.0
65.8
77.1
96.0
101.6
100.0
97.4
97.4
95.4
69.2
75.4
84.3
93.3
100.0
103.1
106.7
109.4
67.8
74.2
83.4
92.9
100.0
103.6
107.1
110.0
100.0
99.3
101.3
102.0
99.5
102.2
100.3
100.7
101.4
102.6
98.3
97.2
97.2
97.2
102.6
103.3
102.6
103.8
102.6
103.4
103.8
104.7
102.6
103.0
99.3
100.3
103.1
104.1
105.3
106.3
103.6
106.4
107.5
107.8
103.4
104.1
103.6
103.0
97.5
98.0
97.4
96.7
104.5
106.4
107.3
108.3
105.9
106.7
107.3
108.4
99.2
105.5
107.3
108.2
108.1
109.5
110.7
112.0
99.4
99.2
99.3
99.4
107.6
107.8
108.1
109.4
102.4
102.4
101.8
101.5
95.5
95.3
95.0
95.7
109.1
109.5
109.4
109.7
109.2
109.3
109.6
112.0
109.0
110.2
108.9
104.6
113.9
115.4
116.6
118.0
100.3
100.2
100.9
110.2
111.7
112.8
101.5
100.9
100.2
94.6
91.0
90.0
111.0
111.8
111.1
111.6
111.7
110.9
109.2
112.1
111.6
118.8
119.4
120.3
72.6
81.4
89.4
96.6
100.0
102.2
106.3
108.2
72.8
81.6
90.2
97.5
100.0
101.3
103.5
102.1
100.7
99.1
99.8
98.8
98.4
98.3
101.9
100.3
103.2
103.1
109.6
110.9
112.4
113.6
98.4
98.5
98.8
99.0
106.5
107.2
107.5
108.9
115.0
116.6
118.0
119.5
108.0
105.8
106.4
120.6
121.8
122.8
IN
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal Consumption es penditures
Ore ss national prc duct
Period
1980
1981
1982
1983
1984
1985
1982:
1983:
1984:
8.9
1.9
-2.5
3.6
6.4
2.7
.6
3.5
9.3
6.0
7.3
9.8
5.0
2.3
1.5
3.1
2.3
4.1
3.7
7.6
10.5
6.2
4.2
6.8
13.0
9.4
12.4
14.9
8.2
6.1
4.9
6.8
5.8
6.8
5.8
6.2
2.6
5.7
IV
I
n
m
rv
I
n
m
I
n
m
1986:
-0.2
11.7
IV
1985:
Constant
(1982)
dollars
Current
dollars
IV
I
n p
m
2.1
3.8
.6
2.4
Implicit
price
deflator
9.0
9.7
9.4
6.3
4.1
4.0
3.6
4.1
3.2
3.2
3.7
3.6
3.5
4.1
4.7
3.9
4.8
3.6
3.6
3.5
3.9
3.5
2.5
3.9
1.9
1.5
2.3
4.6
3.0
3.4
3.4
3.7
3.3
2.5
3.6
2.5
1.8
3.6
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
4.1
4.0
3.7
4.0
3.6
3.8
4.2
4.0
4.7
3.6
3.5
3.6
4.2
3.6
2.8
4.0
9.0
6.4
3.9
3.8
33
3.6
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
NONFINANCIAL
Chain price
index
Fixedweighted
price index
(1982
weights)
10.6
10.5
7.1
-0.2
1.7
2.5
Chain price
index
10.7
1.2
1.3
4.6
4.7
3.5
5.3
3.0
8.0
5.3
5.5
4.1
6.0
1.3
3.3
3.7
3.5
5.3
9.0
8.7
7.1
10.3
5.7
13.0
9.3
9.7
8.6
9.1
5.0
7.0
7.2
7.3
8.2
6.4
4.6
5.2
10.2
2.5
Implicit
price
deflator
1.7
3.6
6.2
7.2
9.2
5.7
4.1
3.8
3.5
4.4
2.8
4.4
3.9
4.3
4.2
3.0
3.4
3.7
3.3
3.7
2.9
4.3
1.1
-1.1
2.9
10.9
Fixedweighted
price index
(1982
weights)
10.5
9.2
5.7
9.0
5.6
4.2
4.0
3.6
4.2
4.0
3.7
4.8
4.8
2.8
4.6
4.0
4.1
4.5
3.0
3.7
3.7
3.5
4.0
2.8
4.7
1.4
-.3
3.1
2.8
4.6
4.1
4.1
4.7
3.0
3.8
3.8
3.6
4.2
3.0
4.7
1.5
-.4
3.1
Source: Department of Commerce, Bureau of Economic Analysis.
BUSINESS—OUTPUT,
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Curren t-dollar cos and profit per unit o output (doliars) l
Gross d omestic
produ ct of
nonfin ancial
corporate business
(billions o f dollars)
Period
Current
1980
1981
1982
1983
1984
1985
1982:
1983:
1984:
IV
I
n
m
IV
I
II
m
1985:
1986:
1
IV
I
n
m
IV
I
II
1,540.8
1,738.4
1,782.2
1,914.2
2,143.7
2,275.1
1,779.4
1,816.0
1,883.9
1,944.5
2,012.5
2,081.7
2,135.9
2,160.3
2,196.8
2,226.0
2,259.1
2,301.3
2,314.1
2,343.6
2,341.5
1982
1,807.9
1,837.2
1,782.2
1,866.0
2,030.8
2,105.5
1,760.2
1,790.7
1,844.7
1,887.9
1,940.5
1,993.8
2,031.6
2,038.4
2,059.4
2,075.7
2,094.4
2,124.6
2,127.3
2,141.0
2,135.3
Total
cost
and
profit 2
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1.056
1.081
1.011
1.014
1.021
1.030
1.037
1.044
1.051
1.060
1.067
1.072
1.079
1.083
1.088
1.095
1.097
0.095
.109
.125
.123
.118
.120
.131
.127
.124
.123
.120
.118
.117
.118
.119
.119
.120
.119
.121
.121
.123
0.077
.090
.094
.098
.100
.103
.096
.097
.099
.099
.098
.099
.100
.101
.101
.102
.104
.103
.104
.106
.103
Output is measured by gross domestic product of nonfinaneial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinaneial corporate business with
the decimal point shifted two places to the left.
Corpc rate profits with
inventory valuation a ud capital
consurr ption adjus ,ments
Capital
consumption
allowances
with
capital
consumption
adjustment
3
Compensation of
employees
Net
interest
0.581
.632
.676
.679
690
.708
.685
.682
.676
.676
.680
.683
.684
.694
.699
.704
.708
.705
.716
.721
.724
0.031
.037
.043
.037
.041
.043
.042
.039
.037
.037
.037
.037
.039
.042
.043
.044
.043
.042
.042
.042
.041
Total
0.068
.078
.063
.089
.107
.106
.057
.069
.086
.095
.103
.107
.111
.104
.104
.103
.104
.113
.105
.105
.106
Profits
tax
liability
0.037
.035
.026
.032
.037
.032
.023
.023
.031
.036
.036
.041
.040
.034
.032
.031
.029
.033
.033
.029
.031
Profits
after
tax 4
0.031
.044
.037
.057
.070
.075
.034
.046
.055
.059
.066
.067
.071
.070
.072
.073
.075
.080
.072
.076
.075
Output
per hour
of all
employees
(1982
dollars)
17.096
17.194
17.318
17.867
18.224
18.436
17.383
17.634
17.865
17.936
18.027
18.172
18.275
18.201
18.250
18.285
18.384
18.604
18.472
18.449
' 18.438
Compensation
per hour
of all
employees
(dollars)
9.939
10.861
11.699
12.124
12.574
13.060
11.915
12.031
12.073
12.126
12.259
12.406
12.498
12.630
12.758
12.878
13.011
13.121
13.229
13.294
'13.347
Indirect business tax and nontax liability pins business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employ-
Proprietor s' income
with ini 'entorv
valuation a nd capital
consunoption
adjust ments
Farm
1981
1982
1983
1984
1985
1982: IV
1983: I
n
in
IV
1984: I
n
m
IV
1985: I
II
Ill
IV
1986: I
n
m
1
Rental
income of
persons
with
capital
consump
tion
adjustment
Nonfarm
Corpora e profits wit i inventory valuation anc capital
consunnption adjust ments
Profits wi th inventory valuation
adjustmer t and witho it capital
consu uption adjus ment
Total
Profits
before tax
Inventory
valuation
adjustment
Capital
consump-
Net
interest
mem
2,443.5
2,518.4
2,719.5
3,032.0
3,222.3
2,548.2
2,599.1
2,685.5
2,741.8
2,851.5
2,963.2
3,010.3
3,052.3
3,102.0
3,157.0
3,201.4
3,243.4
3,287.3
1,807.4
1,907.0
2,020.7
2,214.7
2,368.2
1,931.1
1,958.8
1,995.0
2,036.3
2,092.7
2,153.7
2,195.4
2,234.7
2,275.0
2,316.3
2,352.1
2,380.9
2,423.6
30.7
24.6
12.4
31.5
29.2
28.5
18.1
15.9
-3.5
19.3
44.5
26.4
24.7
30.4
32.9
33.0
21.6
29.4
156.1
150.9
178.4
205.3
225.2
159.8
165.9
176.4
183.0
188.6
198.0
203.2
209.9
210.3
217.8
222.5
227.7
232.7
13.3
13.6
13.2
8.3
7.6
15.8
13.8
15.4
11.2
12.4
12.1
8.4
7.1
5.6
6.8
8.1
7.3
8.3
188.0
150.0
213.7
264.7
280.7
146.1
170.6
207.0
228.9
248.5
262.5
271.7
259.8
265.0
266.4
274.3
296.3
285.6
202.3
159.2
196.7
230.2
222.6
150.7
163.9
191.2
208.5
223.4
235.7
241.5
223.3
220.3
213.3
215.4
235.3
226.4
226.5
169.6
207.6
235.7
223.2
164.1
169.7
201.8
227.5
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
-24.2
-10.4
-10.9
-5.5
-.6
-13.4
-5.9
-10.6
-19.0
-8.1
-13.6
-4.9
-1.8
-1.6
-.5
1.6
6.1
-9.4
-14.4
-9.2
17.0
34.5
58.1
-4.5
6.7
15.8
20.5
25.1
26.7
30.2
36.5
44.7
53.2
58.9
61.0
59.2
248.1
272.3
281.0
307.4
311.4
266.9
272.1
275.8
285.9
290.2
292.5
305.2
316.1
315.7
316.8
311.4
309.7
307.6
3,340.7
3,376.4
2,461.5
2,480.2
2,507.8
24.4
39.5
21.4
240.9
249.6
257.9
12.8
16.3
16.3
296.4
293.1
240.8
241.9
224.3
231.3
16.5
10.6
7.1
55.6
51.3
50.4
304.9
297.7
292.5
"
Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysi
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Non durable g >ods
Durablf goods
Total
Period
1981
1982
1983
1984
1985
1982: IV
1983: I
II
m
IV
1984: I
n
m
IV
1985: I
II
m
IV
1986: I
II
ni"
con-
Total
expendiures
Total
durable
goods
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
2,117.0
2,146.6
2,213.0
2,262.8
2,315.8
2,363.8
2,416.1
2,445.6
2,487.2
2,530.9
2,576.0
2,627.1
2,667.9
239.9
252.7
289.1
331.2
359.3
263.8
266.7
284.5
295.2
310.0
321.2
331.3
331.8
340.4
347.7
354.0
373.3
362.0
100.5
108.9
130.4
154.5
169.2
115.7
115.0
128.5
133.7
144.4
150.4
155.8
154.4
157.6
162.3
165.3
182.8
166.4
92.7
95.7
107.1
118.9
126.8
99.1
101.6
105.3
109.2
112.4
115.6
118.3
119.2
122.3
123.5
125.9
126.8
130.9
46.6
48.1
51.6
57.8
63.3
49.0
50.2
50.6
52.3
53.2
55.2
57.2
58.3
60.4
61.9
62.8
63.7
64.7
740.6
771.0
816.7
870.1
905.1
786.6
791.0
810.9
827.0
837.9
855.7
870.3
873.9
880.3
888.2
902.3
907.4
922.6
2,697.9
2,732.0
360.8
373.9
2,799.3
410.2
163.5
172.0
200.9
132.1
135.8
140.4
65.3
66.0
68.9
929.7
928.4
935.5
Source: Department of Commerce, Bureau of Economic Analysis
Motor
vehicles
and
parts
Furniture
household
equipment
Other
durable
goo s
Serv-
Retail ales of
new pa >senger
cars (mi lions of
umts)
Clothing and
shoes
Gasoline
and oil
376.5
398.8
421.9
449.9
469.3
407.0
411.1
418.8
426.8
430.8
440.4
447.9
454.3
456.9
461.2
468.3
470.4
477.4
119.9
124.4
135.1
147.2
155.2
126.5
128.7
134.5
136.0
141.1
144.4
148.2
146.6
149.7
151.7
155.0
155.4
158.7
92.7
89.1
90.2
90.7
91.9
89.8
87.0
89.4
92.5
91.9
92.0
91.7
89.4
89.9
89.6
92.8
92.4
93.0
151.6
158.7
169.5
182.2
188.7
163.4
164.3
168.2
171.7
174.0
178.8
182.5
183.6
183.8
185.8
186.2
189.1
193.5
934.7
1,027.0
1,128.7
1,227.0
1,336.1
1,066.5
1,088.9
1,117.6
1,140.6
1,167.9
1,186.9
1,214.5
1,239.9
1,266.5
1,294.9
1,319.7
1,346.4
1,383.2
6.2
5.8
6.8
8.0
8.2
6.0
6.0
6.9
6.9
7.4
8.1
8.1
7.9
7.7
8.3
8.1
9.4
7.0
2.3
2.2
2.4
2.4
2.8
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.4
2.6
2.4
2.7
3.0
3.2
484.6
490.3
494.8
161.3
165.0
166.5
87.6
78.1
75.0
196.2
194.9
199.2
1,407.4
1,429.8
1,453.6
7.8
8.1
9.7
2.8
3.1
3.5
Food
Other
Domestics
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $11.2 billion (annual rate) in September, following
a rise of $7.4
billion in August. The
changes were affected by two special factors: a large increase in subsidy payments to farmers in August and a
large increase in retroactive social security payments in July. Excluding the effect of these factors, personal income
increased $6.1 billion in September and $9.7 billion in August.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
WAGE AND SALARY DISBURSEMENTS
400
1986
1978
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual
Proprietors ' income 3
Period
Total
personal
income
Farm
1978
1979
1980
1981
1982
1983
1984
1985
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
1,119.3
1,252.1
1,372.0
1,510.3
1,586.1
1,676.6
1,836.8
1,966.1
107.7
122.7
138.4
150.3
163.6
173.6
184.5
196.9
27.0
31.7
20.5
30.7
24.6
12.4
31.5
29.2
1985: Sept
Oct
Nov
Dec
3,333.9
3,358.3
3,372.3
3,418.0
1,986.7
1,996.7
2,010.5
2,031.1
199.9
200.8
201.7
202.6
1986:
3,417.4
3,435.3
3,445.1
3,486.8
3,481.3
3,481.9
3,492.9
3,500.3
3,511.5
2,035.7
2,044.8
2,051.8
2,054.9
2,058.4
2,063.2
2,072.0
2,083.0
2,089.6
203.6
204.5
205.5
206.4
207.3
208.2
209.5
210.4
211.3
Jan
Feb
Mar
Apr
May
June
July r.
Aug r
Sept "
Personal
dividend
income
Personal
interest
income
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
393.1
446.9
476.2
69.8
81.0
88.6
104.5
112.3
120.1
133.5
150.2
1,769.3
1,983.1
2,215.8
2,465.6
2,618.7
2,799.0
3,052.2
3,261.0
76.2
76.4
76.8
76.9
476.4
478.7
481.0
482.2
491.2
492.7
493.5
494.5
151.3
152.1
152.7
154.0
3,287.5
3,311.0
3,323.2
3,356.9
78.0
79.2
80.0
80.8
81.1
81.5
81.7
82.1
82.3
481.4
480.7
480.4
480.5
480.1
479.8
477.3
474.3
471.6
503.4
504.2
506.5
507.9
510.7
511.8
520.3
516.5
518.3
158.0
158.7
159.1
159.2
159.9
159.3
160.2
160.9
161.2
3,371.1
3,385.6
3,399.5
3,411.0
3,420.5
3,431.7
3,450.0
3,456.4
3,465.3
43.0
48.1
52.9
61.3
63.9
182.5
221.4
271.9
335.4
369.7
178.4
205.3
225.2
68.7
74.7
76.4
22.8
24.0
26.0
38.2
230.2
230.8
232.4
234.9
1.7
10.4
2.9
11.7
23.4
26.9
22.8
53.0
38.1
27.5
20.1
20.9
23.2
237.9
241.0
243.8
247.5
249.1
252.2
255.5
257.7
260.6
12.2
12.7
13.5
15.1
16.6
17.1
16.7
16.3
15.9
149.2
160.1
160.1
156.1
150.9
Transfer
payments 5
244.0
273.1
324.7
368.1
410.6
442.6
455.6
487.1
9.3
5.6
6.6
13.3
13.6
13.2
8.3
7.6
1
The totai of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists of employer contributions to private pension, health, and welfare funds; workers' injury
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
Kental
income of
persons 4
4
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
OF
Per capita disposable personal income fell in the third quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
3,000
3,000
2,600
2,600
.DISPOSABLE PERSONAL INCOME.
2,200
2,200
1,800
1,800
1,400
1,400
I I I
1,000
I
J . I
I 1,000
DOLLARS * (RATIO SCALE)
14,000
DOLLARS * (RATIO SCALE)
14,000
— PER CAPITA DISPOSABLE PERSONAL INCOME
12,000
12,000
10,000
10,000
8,000
8,000
6,000
6,000
4,000
4,000
1978
1979
1980
1982
1981
1984
1983
1985
1986
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVfSERS
SOURCE; DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personal
outlays l
Equals:
Personal
saving
Per c apita
disposable personal
inco me
Per capita personal
consulnption
expenc itures
Current
dollars
Current
dollars
1982
dollars
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
261.1
304.7
340.5
393.3
409.3
410.5
439.6
486.5
1,551.2
1,729.3
1,917.9
2,127.6
2,261.4
2,428.1
2,670.6
2,828.0
1,441.1
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,501.9
2,684.7
110.2
118.0
136.8
159.4
153.9
130.6
168.7
143.3
6,968
7,682
8,421
9,243
9,724
10,340
11,265
11,817
9,735
9,829
9,722
9,769
9,725
9,930
10,421
10,563
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Per cent
Do lars
Billions of dol' ars
1978
1979
1980
1981
1982
1983
1984
1985
1982
dollars
change in
real per
capita
disposable
personal
income
6,304
6,960
7,607
8,320
8,818
9,515
10,243
10,866
8,808
8,904
8,783
8,794
8,818
9,139
9,475
9,713
3.8
1.0
-1.1
.5
-.5
2.1
4.9
1.4
7.1
6.8
7.1
7.5
6.8
5.4
6.3
5.1
222,629
225,106
227,754
230,182
232,549
234,829
237,067
239,317
Seas anally adju sted annual rates
1982: IV
2,729.2
411.1
2,318.1
2,174.9
143.1
9,929
9,749
9,068
8,904
1.2
6.2
233,466
1983: I
2,753.1
2,812.6
2,846.8
2,941.8
407.4
417.1
403.6
413.9
2,345.7
2,395.4
2,443.2
2,527.9
2,206.2
2,274.4
2,326.7
2,382.5
139.5
121.1
116.4
USA
10,025
10,215
10,391
10,725
9,780
9,855
9,933
10,151
9,174
9,437
9,624
9,825
8,950
9,105
9,200
9,299
1.3
3.1
3.2
9.1
5.9
5.1
4.8
5.8
233,981
234,509
235,117
235,707
1984: I
3,034.2
3,077.4
3,139.7
3,189.6
421.5
431.2
445.9
460.0
2,612.7
2,646.3
2,693.8
2,729.6
2,433.5
2,488.7
2,520.9
2,564.6
179.2
157.6
172.9
165.0
11,060
11,178
11,350
11,471
10,358
10,392
10,457
10,477
10,007
10,206
10,304
10,452
9,372
9,488
9,494
9,547
8.4
1.3
2.5
.8
6.9
6.0
6.4
6.0
236,222
236,742
237,347
237,953
1985: I
3,253.1
3,298.7
3,323.2
3,382.9
497.7
456.4
491.2
500.7
2,755.4
2,842.3
2,832.0
2,882.2
2,611.3
2,658.7
2,712.4
2,756.4
144.1
183.6
119.6
125.8
11,555
11,893
11,819
11,999
10,466
10,674
10,537
10,577
10,613
10,779
10,964
11,107
9,613
9,674
9,774
9,790
-.4
8.2
5.2
6.5
4.2
4.4
238,469
238,985
239,605
240,206
3,432.6
3,483.3
3,501.6
497.5
504.8
518.6
2,935.1
2,978.5
2,983.0
2,789.4
2,825.5
2,895.4
145.6
153.1
87.5
12,193
12,348
12,338
10,723
10,886
10,800
11,208
11,326
11,578
9,857
9,984
10,135
5.0
5.1
2.9
240,709
241,215
241,771
n
m
IV
n
m
rv
n
m
IV
1986: I
n
m"....
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
-5.0
1.5
5.6
6.2
-3.1
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1986, according to preliminary estimates, gross farm income rose $19.4 billion (annual
rate) and net farm income rose $21.0 billion.
BILL ONS OF DOLL S.RS* (RATIOS CALE)
BILLIC)NS OF DOLLA RS * (RATIO SC ALE)
240
240
160
120
1—^=\
1
•—"
'—•—X"
^—- -***"1
x-
•^T-J.-—1
• —~~
^^.
160
\
GR DSS FARM INC OME
120
An
An
40
40
20
20
10
10
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farmi ng
Net farni income
C rross farm incom
Period
Cas :i marketing rece pts
Total 1
Total
1978
1979
1980
1981
1982
1983
1984
1985"
1983:
Livestock and
products
Crops
£
-11.6
-13.5
-11.6
6.8
139.3
139.0
139.3
140.2
15.6
9.3
16.1
10.9
15.2
9.0
15.5
10.3
60.9
69.8
72.5
73.8
1.7
7.0
9.0
7.5
141.6
142.2
142.0
140.9
32.7
25.8
31.8
40.5
30.7
23.9
29.3
36.9
69.2
67.8
68.0
72.6
68.1
67.4
71.8
83.6
3.0
-.3
-2.6
-4.5
139.0
137.1
135.2
133.2
31.7
27.6
22.2
40.3
28.7
24.8
19.8
35.7
68.5
68.2
62.9
61.4
4.2
-3.7
131.2
129.6
14.9
35.9
13.1
31.3
53.2
62.3
71.7
72.5
72.4
67.0
69.2
72.7
n
in
154.9
148.3
155.5
151.1
143.1
137.1
142.9
122.8
70.9
69.2
68.2
69.5
72.2
67.9
74.8
53.2
n
m
174.4
168.0
173.8
181.4
136.5
141.2
144.1
146.8
75.6
71.4
71.6
73.1
n
m
170.7
164.7
157.4
173.5
137.3
135.1
139.8
156.2
146.1
165.5
131.4
129.6
IV
1986: I p
H
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
1982 dollars 3
34.9
34.9
18.8
28.6
22.7
12.5
30.2
27.3
59.2
69.2
68.0
69.2
70.2
69.5
72.9
69.4
IV
1985: I
dollars
25.2
27.4
16.1
26.9
22.7
13.0
32.7
30.5
112.4
131.5
139.7
141.6
142.6
136.5
142.2
142.1
IV
1984: I
Value of
inventory2
changes
103.2
123.3
133.1
139.4
140.7
139.5
141.7
136.1
128.4
150.7
149.3
166.3
163.4
152.4
174.4
166.6
I
Production
expenses
3
1.9
5.0
-6.3
6.5
-1.3
-10.9
6.3
-^
Income in current dollars divided by the GNP implicit price deflator (1982= 100).
NOTE.-—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
CORPORATE PROFITS
In the second quarter of 1986, corporate profits before tax rose $7.0 billion (annual rote) and after-tax profits rose
$2.3 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
1320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
PROFITS BEFORE TAX
240
240
200
200
PROFITS AFTER TAX
160
160
120
120
TAX LIABILITY,
80
80
40
•
40
T"" -«^_.'
UNDISTRIBUTED PROFITS
J
1978
I
J
L
1979
1981
1980
1983
1982
\
L
J
1984
I
L
1986
1985
COUNCiLOE ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Prc fits (before t LX) with inve titory valuati jn a,djustmen t 1
P rofits after ta X
Doinestic industiies
Period
Total
1980
1981
1982
1983
1984
1985
1982: IV
1983: I
II
1985:
n
m
235.7
241.5
223.3
220.3
IV
I
n
in
n p
m
1
150.7
m
IV
1936: I
2
194.0
202.3
159.2
196.7
230.2
222.6
163.9
191.2
208.5
223.4
IV
1984: I
213.3
215.4
235.3
226.4
240.8
241.9
159.6
173.8
131.2
166.6
199.2
190.8
121.6
135.7
163.0
176.8
190.7
205.2
211.5
191.3
188.8
182.6
183.8
205.3
191.3
202.4
208.9
Financial
Total 3
21.0
16.5
11.8
18.1
15.4
21.0
138.6
157.3
119.4
148.5
183.8
169.7
18.7
102.9
19.4
20.3
17.2
15.5
116.3
142.7
159.6
175.2
16.6
15.4
13.4
16.1
188.6
196.1
177.8
172.6
18.2
21.1
21.7
23.2
28.4
30.2
164.4
162.7
183.6
168.1
174.0
178.7
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shVvvn separately.
Profits
before tax
Nonfinancial
Total 2
Manufacturing
sale and
retail
trade
77.1
88.5
58.0
70.1
21.6
32.5
34.6
38.9
49.7
49.7
33.6
32.5
41.0
39.0
43.1
46.2
51.1
51.0
50.7
48.8
51.1
54.2
45.0
52.5
47.1
87.4
73.0
46.8
51.2
63.2
77.7
88.6
95.0
94.6
81.3
78.9
70.4
68.2
79.0
74.5
67.1
77.6
Tax
liability
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
237.1
226.5
169.6
207.6
235.7
223.2
84.8
81.1
63.1
77.2
95.4
91.8
152.3
145.4
106.5
130.4
140.3
131.4
54.7
63.6
66.9
71.5
78.3
81.6
97.6
81.8
39.6
58.9
62.0
49.8
-43.1
-24.2
-10.4
-10.9
-5.5
164.1
59.8
59.1
75.3
86.5
88.1
102.9
101.6
89.3
87.8
87.8
87.1
95.8
96.4
89.1
93.3
104.3
68.5
35.8
-13.4
110.6
126.6
141.0
143.4
69.8
70.4
72.0
73.9
40.8
56.1
69.0
69.5
-5.9
-10.6
146.4
144.8
135.8
134.1
76.0
78.1
79.0
80.1
70.4
66.7
56.8
54.0
126.0
126.7
133.4
139.4
135.2
138.0
80.9
81.4
81.6
82.5
85.2
87.5
88.8
45.1
45.3
51.8
57.0
50.0
50.4
169.7
201.8
227.5
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
224.3
231.3
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analvsis.
-.6
-19.0
-8.1
-13.6
-4.9
-1.8
-1.6
-.5
1.6
6.1
-9.4
16.5
10.6
7.1
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the third quarter, nonresidential fixed investment rose $3.6 billion (annual
rate) from its second quarter level while residential investment outlays rose $5.8 billion. There was a $7.5 billion
decrease in inventories following an increase of $14.5 billion in the second quarter.
BILLIC NS OF DOLLA
*s
800
BIL .IONS OF DOL ARS
800
SEASONAL Y ADJUSTED ANNUAL RATES
700
r^\
GROS S PRIVATE DOAAESTIC
INVESTMENT
600
500
f
r\
^
•— 1
400
A
vy
^
—
'
600
1
^>\
\
\—-,
500
/
,---
/
X
400
/
_,''
—
—
"
300
300
NONRESIDENTIA L
FIX ED INVESTMEt-4T
'"?•'
RESIDENTIAL
_.
—.
\
-^
-•-•
100
CH/kNGE IN BUSlr-JESS
—— —
t'~~
-
1
1
1978
1
1 I 1
1979
!
1
I
1
1
V
\
1
1981
1
1
"—•— -^__
——f
\
\^~
1980
/\
\
*~\
\
-100
y
INVENTORIES
—
0
200
r
-
Fl> ED INVESTMEh•JT
200
/
—
' >,
0
•*
1
1
!
I
1
1
1
1984
1983
1982
OURCE: DEPARTMEN1 OF COMMERCE
1
1
1
1985
i i i
-100
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
1^ixed investmen
Change ir business
mven ones
Nonresidential
domestic
investment
1979
1980
1981
1982
1983
1984
1985
1982: IV
1983: I
TL
HI
IV
1984: I
U
m
IV
1985: I
H
m
IV
1986: I
II p
m
Source: Department of Commerce, Bureau of Economic Analysis.
454.8
437.0
515.5
447.3
502.3
662.1
661.1
409.6
428.3
481.3
519.7
579.8
659.5
657.5
670.3
661.1
650.6
667.1
657.4
669.5
708.3
687.3
674.7
Total
Total
441.9
445.3
491.5
471.8
509.4
598.0
650.0
469.5
471.0
492.5
525.2
548.8
564.0
597.6
605.8
624.4
625.2
648.0
654.3
672.6
664.4
672.8
682.3
302.8
322.8
369.2
366.7
356.9
416.5
458.2
354.9
340.8
344.7
358.1
383.9
388.2
413.3
421.8
442.9
439.8
459.2
459.8
474.0
459.2
457.5
461.1
Structures
99.5
113.9
138.5
143.3
124.0
139.3
154.8
137.6
126.4
119.8
122.7
127.4
129.7
139.1
141.4
146.7
150.7
156.1
155.0
157.2
154.6
141.5
139.6
Producers'
durable
equipment
203.3
208.9
230.7
223.4
232.8
277.3
303.4
217.3
214.4
224.9
235.5
256.5
258.4
274.1
280.4
296.2
289.1
303.1
304.7
316.8
304.6
316.0
321.5
Residential
139.1
122.5
122.3
105.1
152.5
181.4
191.8
114.7
130.2
147.8
167.1
164.9
175.8
184.4
184.0
181.5
185.4
188.8
194.5
198.6
205.3
215.3
221.1
Total
13.0
8.3
24.0
-24.5
-7.1
64.1
11.1
-59.9
-42.6
-11.2
5.5
31.0
95.5
59.9
64.4
36.7
25.4
19.1
3.1
3.1
43.8
14.5
-7.5
Nonfarm
7.9
-2.4
18.3
-23.1
.4
56.6
12.2
51.1
-33.2
2.3
15.8
21.3
71.5
56.8
62.1
35.9
18.5
10.4
3.2
16.7
41.2
10.5
-7.4
According to the Commerce Department July-August 1986 survey, business spending for new plant and equipment
for the year 1986 is expected to be 1.9 percent below the 1985 level. Spending in 1985 was 9.2 percent above
the 1984 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
300
200
200
NONMANUFACTUR NG -^
-MANUFACTURING
100
100
80
80
60
60
40
40
J
LJL
1978
I
I I
1979
1
I
I
1
I
i
I
1981
1980
I I
1982
I
I I
1983
I
1
1
1984
I
I
I
I
I
1985
i
1986
_V, SURVEYED QUARTERLY
2/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
NOT manufactur ing
M mufacturii g
industries
1978
1979
1980
1981
1982
1983
1984
1985
19864
1984:
I
II
m
IV
Total
Durable
goods
Nondurable
goods
Total '-
Transportation
Mining
Public
utilities
Non manufactu ring
Total
Commercial
and
other
farm
business 2
245.34
284.94
314.47
349.26
347.47
343.35
398.99
431.94
Manufacturing
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.48
144.01
Total
166.76
189.02
202.15
222.72
226.79
227.15
260.16
278.46
Surveyed
quarterly
139.18
159.04
170.47
188.68
189.89
188.58
215.61
233.65
235.58
217.76
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.59
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.48
144.01
39.46
48.50
55.36
59.81
55.35
53.08
66.24
73.27
68.23
39.13
47.42
56.96
66.73
65.33
63.12
72.58
80.21
75.78
139.18
159.04
170.47
188.68
189.89
188.58
215.61
233.65
235.58
11.22
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.29
13.36
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.35
31.50
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.22
83.09
94.56
100.14
110.24
109.63
114.45
134.75
150.94
159.72
339.32
349.43
361.27
367.78
130.64
135.66
142.46
146.52
61.49
64.18
68.26
71.01
69.15
71.48
74.21
75.51
208.69
213.76
218.81
221.25
17.41
16.41
16.81
16.84
15.67
16.91
17.22
16.29
47.01
47.98
48.17
46.77
128.61
132.46
136.61
141.36
130.64
135.66
142.46
146.52
208.69
213.76
218.81
221.25
1985:
I
n
m
rv
373.56
387.86
389.23
397.88
146.94
154.25
154.47
158.26
70.29
74.34
72.99
75.47
76.64
79.91
81.48
82.79
226.62
233.61
234.76
239.61
15.81
16.56
15.89
15.25
16.70
17.45
18.81
19.15
48.44
48.61
48.44
49.79
145.68
150.99
151.62
155.42
146.94
154.25
154.47
158.26
226.62
233.61
234.76
239.61
1986:
I
II
Ill 4
IV4
377.94
375.92
380.52
383.99
144.03
141.68
142.72
147.60
68.01
68.33
66.30
70.28
76.02
73.35
76.43
77.32
233.90
234.24
237.79
236.39
12.99
11.23
10.80
10.16
18.22
18.28
18.74
18.15
47.03
46.55
46.08
45.24
155.67
158.18
162.18
162.84
144.03
141.68
142.72
147.60
233.90
234.24
237.79
236.39
1
Excludes forestry, fisheries, arid 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 iast column ("nonmantifacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nomnanufaeturing that is surveyed annually.
10
Surveyed
annualIy3
27.58
29.98
31.68
34.04
36.89
38.56
44.55
44.81
vices; professional services;
Source: Department of Commerce, Bureau of Economic Analysis.
QTHTTTG
SIAI US OT
\J£ TWP
1 jnjts I.S'RO'O
JjnCV/JK PYYPf'F
£ \JK\sCi
In September, seasonally adjusted civilian employment fell 264,000 and unemployment rose 302,000.
MILLIONS OF PERSONS*
120
MILLIONS OF PERSONS*
120
4 —
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT Of IABOR
COUNCIL OF ECONOMIC ADVISER:
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
P ri d
1979
1980
1981
1982
1983
1984
1985
1985: Sept....
Oct
Nov
Dec
1986: Jan*...
Feb
Mar
Apr
May
June....
July
Aug
Sept ....
Noninstitutional
population
including
resident
Armed
Forces
NSA
166,460
169,349
171,775
173,939
175,891
178,080
179,912
180,304
180,470
180,642
180,810
181,361
181,512
181,678
181,843
181,998
182,183
182,354
182,525
182,713
,
en
,
T h
' 1u iT ng
me
Forces
NSA
Armed
Forces
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,732
1,700
1,702
1,698
1,691
1,691
1,693
1,695
1,687
1,680
1,672
1,697
1,716
106,559
108,544
110,315
111,872
113,226
115,241
117,167
117,522
117,814
117,832
117,927
118,477
118,779
118,900
118,929
119,351
119,796
119,744
119,879
119,936
Employment
including
resident
Armed
Forces
100,421
100,907
102,042
101,194
102,510
106,702
108,856
109,251
109,513
109,671
109,904
110,646
110,252
110,481
110,587
110,797
111,353
111,554
111,852
111,607
Nonagricultural
Civilian
labor force
104,962
106,940
108,670
110,204
111,550
113,544
115,461
115,790
116,114
116,130
116,229
116,786
117,088
117,207
117,234
117,664
118,116
118,072
118,182
118,220
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fu!ltime work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
Unempl )yment
Civilian ernployment
Resi-
Total
98,824
99,303
100,397
99,526
100,834
105,005
107,150
107,519
107,813
107,969
108,206
108,955
108,561
108,788
108,892
109,110
109,673
109,882
110,155
109,891
Agricultural
3,347
3,364
3,368
3,401
3,383
3,321
3,179
3,017
3,058
3,070
3,151
3,299
3,096
3,285
3,222
3,160
3,165
3,112
3,048
3,121
Total
Part-time
for
economic
reasons *
95,477
3,373
95,938
97,030
96,125
97,450
101,685
103,971
104,502
104,755
104,899
105,055
105,655
105,465
105,503
105,670
105,950
106,508
106,769
107,107
106,770
4,064
4,499
5,852
5,997
5,512
5,334
5,299
5,241
5,295
5,294
5,275
5,158
5,301
5,621
5,673
5,320
5,191
5,259
5,298
Total
6,137
7,637
8,273
10,678
10,717
8,539
8,312
8,271
8,301
8,161
8,023
7,831
8,527
8,419
8,342
8,554
8,443
8,190
8,027
8,329
15
weeks
and
over
Labor force
particli ation
rate (pe rcent)
2
Civilian 3
1,241
1,871
2,285
3,485
64.0
64.1
64.2
64.3
4,210
2,737
2,305
2,307
2,277
2,205
2,188
2,056
2,340
2,258
2,135
2,209
2,320
2,256
2,295
2,405
64.4
64.7
65.1
65.2
65.3
65.2
65.2
65.3
65.4
65.4
65.4
65.6
65.8
65.7
65.7
65.6
63.7
63.8
63.9
64.0
64.0
64.4
64.8
64.8
65.0
64.9
64.9
65.0
65.1
65.1
65.1
65.3
65.4
65.3
65.4
65.3
Total
* Data beginning January 1986 not strictly comparable with earlier data because of change in
estimation procedures.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In September, the seasonally adjusted overall unemployment rate rose 0.2 percentage point to 6.9 percent; the
civilian unemployment rate also rose 0.2 percentage point, to 7.0 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
\
\
TEENAGERS
(16-19)
20
15
15
10
10
• WOME N 20 YEARS AND OVER
MEN 20 YEARS
AND OVER ,
o imiliim
1982
1982
lllllllHIl
1984
1983
1986
1985
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemp^ oyment ra te (-percen t of civilian labor force in group)
Period
1979
1980
1981
1982
1983
1984
1985
1985:
Sept
Get
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June....
July
Aug
Sept
Unemployment
rate,
all
workers 1
Bv sex and age
AH
civilian
workers
Men
20 years
and over
5.8
7.0
7.5
9.5
9.5
7.4
7.1
5.8
7.1
7.6
9.7
9.6
7.5
7.2
4.2
5.9
6.3
7.0
7.0
6.9
6.8
7.1
7.1
7.0
6.9
6.6
7.2
7.1
7.0
7.2
7.0
6.8
6.7
6.9
6.7
7.3
7.2
7.1
7.3
7.1
6.9
6.8
7.0
1
2
Women
20 years
and
over
Both
sexes
16-19
years
White
Black
and
other
Black
Married
men,
spouse
present
Women
who
maintain
families
2.8
4.2
4.3
19.5
15.9
15.1
6.5
6.5
4.6
4.3
8.3
9.2
10.4
11.7
12.2
10.3
10.4
13.7
13.5
14.1
13.4
15.2
14.9
15.6
14.9
6.8
6.7
6.6
6.5
4.3
4.2
4.3
4.3
11.3
10.4
10.0
9.4
12.8
13.3
13.3
13.6
13.6
13.7
12.6
13.1
13.3
14.4
14.8
14.7
14.8
14.8
15.1
14.0
14.6
14.8
6.3
6.8
6.7
6.7
6.9
6.7
6.7
6.4
6.5
4.3
4.5
4.5
4.2
4.5
4.5
4.4
4.1
4.2
9.9
9.9
10.1
9.4
10.2
10.1
9.2
10.3
10.1
11.3
13.1
14.2
17.3
17.8
14.4
13.7
12.3
14.3
15.6
18.9
6.6
5.1
6.3
6.7
8.6
8.4
6.5
6.2
6.1
6.1
6.0
5.9
6.7
6.4
6.4
6.2
18.1
19.8
18.4
18.8
6.1
6.1
5.9
5.9
5.7
6.2
6.2
6.0
6.4
6.2
6.2
5.9
6.2
6.1
6.7
6.6
6.4
6.5
6.4
6.1
6.1
6.2
18.4
19.0
18.2
19.6
19.0
19.1
17.5
17.7
18.7
5.7
6.4
6.2
6.1
6.2
6.1
6.0
5.8
6.0
8.8
8.9
6.6
6.2
Experienced
wage and
salary
workers
5.5
6.9
7.3
9.3
9.2
7.1
6.8
16.1
17.8
19.6
23.2
22.4
18.9
18.6
5.7
6.4
6.8
8.3
8.1
6.8
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
By s elected {rroui
By race
Source: Department of Labor, Bureau of Labor Statistics.
Labor
force
s
Fulltime
workers
Parttime
workers
5.3
6.9
7.3
9.6
9.5
7.2
6.8
8.8
8.8
9.4
time lost
(percent) 2
6.3
7.9
9.3
9.3
8.5
11.0
10.9
8.6
8.1
6.8
6.8
6.7
6.6
9.3
9.6
8.8
9.0
8.1
7.9
7.9
7.8
6.4
6.9
6.9
6.7
7.0
6.7
6.6
6.4
6.7
8.4
9.4
9.1
9.6
9.2
9.1
9.0
9.3
9.3
7.6
8.1
8.1
8.1
8.3
8.1
7.7
7.7
8.0
10.5
10.4
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In September, the percentage of unemployed persons who had been out of work for less than 5 weeks fell, the
percentage out of work for 15-26 weeks was unchanged and the percentages out of work for 5-14 weeks and for
27 weeks and over rose. The mean duration of unemployment fell and the median was unchanged.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
DURATI DN OF UNE MPLOYME •JT
REASON FOR UNEMPLOYMENT
60
5 WEEKS
\
t ,
\
JOB LOSERS
/s
'
A/M
V,
X*
*
Y^-'~'
\
WEEKS
~~V,A
«-•»
,— X''
j K^V v
,^jy£'*
i/^
_
^\'\
5-14
"••1
V,
\ ^
50
LESST HAN
^—>
*
\ ^
^- of
^~
27 WEEKS
"AND OVER-
REENTRANTS
30
20
NEW ENTRANTS
" —VyO-^N
"-x~J^-
.'
\'
10
15-26
WEEKS
miilmii muliim imilimi UlllHllH iiiiihini
1982
1983
1985
1984
1982
1986
1983
1984
1985
1986
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Re ison for imemployment:
percent iistributicm
Dur ition of i nemplo}Tnent
Period
Unemployment
(thousands)
P ercent di stributioii
Less
than
5
weeks
5-14
weeks
15-26
weeks
Stat e
progra ms
Insured
unemployment,
Numb er of
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
regular
programs
(unadjusted) 1
Weekly a\ erage, tb ousands
7,637
8,273
10,678
10,717
8,539
8,312
43.1
41.7
36.4
33.3
39.2
42.1
32.3
30.7
31.0
27.4
28.7
30.2
13.8
13.6
16.0
15.4
12.9
12.3
10.7
14.0
16.6
23.9
19.1
15.4
11.9
13.7
15.6
20.0
18.2
15.6
6.5
6.9
8.7
10.1
7.9
6.8
51.7
51.6
58.7
58.4
51.8
49.8
11.7
11.2
7.9
7.7
9.6
10.6
25.2
25.4
22.3
22.5
25.6
27.1
11.4
11.9
11.1
11.3
13.0
12.5
3,350
3,047
4,061
3,396
2,476
2,616
488
460
583
438
377
397
3,837
3,410
4,594
3,775
2,561
2,692
1985: Sept
Oct
Nov
Dec
8,271
8,301
8,161
8,023
42.0
41.6
42.7
42.1
30.2
30.8
30.2
30.7
12.5
12.8
11.0
12.1
15.3
14.8
16.1
15.1
15.5
15.4
15.7
15.4
6.9
7.0
6.9
6.9
50.2
49.1
50.0
48.8
10.3
11.1
9.9
10.9
28.3
27.2
27.2
27.6
11.1
12.7
12.9
12.8
2,560
2,535
2,560
2,564
384
380
382
391
2,212
2,227
2,468
2,884
)86: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
7,831
8,527
8,419
8,342
8,554
8,443
8,190
8,027
8,329
42.4
41.8
42.3
42.9
42.8
40.2
41.7
42.3
40.8
31.3
30.8
31.1
31.8
31.6
32.2
30.6
29.4
30.4
12.4
13.5
13.0
11.9
12.4
12.3
13.1
13.4
13.4
13.9
14.0
13.7
13.4
13.1
15.3
14.6
14.9
15.5
14.9
15.3
14.4
14.3
14.4
15.2
15.0
15.8
15.6
6.8
6.9
6.8
6.5
6.6
7.3
7.1
7.2
7.2
48.0
48.7
50.3
48.1
50.3
51.2
48.3
47.6
49.0
12.7
11.7
11.9
13.2
11.4
12.0
12.7
12.2
12.6
26.3
26.8
26.0
26.1
25.9
24.4
27.2
27.8
25.7
13.0
12.8
11.8
12.6
12.4
12.5
11.8
12.4
12.7
2,591
2,610
2,654
2,612
2,666
2,681
2,698
2,705
2,691
370
392
393
380
382
381
380
387
370
3,370
3,295
3,144
2,799
2,556
2,474
2,632
2,486
2,334
1980
1981
1982
1983
1984
1985
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
Total nonagricultural employment as measured by the payroll survey rose 107,000 in September.
MILLIONS OF PERSONS* (ENLARGED SCALE)
24
MILLIONS OF PERSONS*
100
^-~-"
-^}
"—I
~*~ A L L (^ONAGRICL LTURAL
ESTABLISHMENTS
80
—
*>**•**" "\
SER\'ICE-PRODUC:ING
INDUSTRIES
60
—
18
—
40
-—=3
'
r~"
~
. „„,
\
UlliiJIIil JLiliilllli lllllilJlli JJUJjliliL iliiillilJJi
1982
1983
1984
1985
1986
70
ri^
COK STRUCTION
•GOC)DS-PRODUC ING
INDUSTRIES
30
lilllllllll! UililJllii
1982
1983
junjjuii iUlliiilli 1 1 i U 1 1 1 1 1 II
1984
1985
1986
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
"SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers;
l
seasonally adjusted]
Se rvice-produc ing industr es
Goods-p reducing in dustries
Period
1979
1980
1981
1982
1983
1984
1985
1985:
Total
nonagricultura!
employment
M anufacturin
Total
2
Construction
T
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Gover nment
Finance,
insurance,
and real
estate
Services
Total
Durable
goods
12,760
12,187
12,109
11,039
10,732
11,505
11,516
8,280
8,098
8,061
7,741
7,702
7,873
7,798
63,363
64,748
65,659
65,753
66,866
69,769
72,684
5,136
5,146
5,165
5,082
4,954
5,159
5,242
5,204
5,275
5,358
5,278
5,268
5,555
5,740
14,989
15,035
15,189
15,179
15,613
16,545
17,360
4,975
5,160
5,298
5,341
5,468
5,689
5,953
17,112
17,890
18,619
19,036
19,694
20,797
21,974
15,947
16,241
16,031
15,837
15,869
16,024
16,415
2,773
2,866
2,772
2,739
2,774
2,807
2,875
Total
Federal
89,823
90,406
91,156
89,566
90,200
94,496
97,614
26,461
25,658
25,497
23,813
23,334
24,727
24,930
4,463
4,346
3,905
3,948
4,383
4,687
21,040
20,285
20,170
18,781
18,434
19,378
19,314
Sept.... 98,128
24,843
24,903
24,931
24,977
4,728
4,754
4,765
4,787
19,198
19,236
19,259
19,289
11,421
11,447
11,453
11,461
7,777
7,789
7,806
7,828
73,285
73,525
73,735
73,933
5,257
5,260
5,272
5,277
5,777
5,796
5,796
5,809
17,489
17,543
17,589
17,622
6,014
6,038
6,070
6,095
22,212
22,313
22,415
22,501
16,536
16,575
16,593
16,629
2,899
2,895
2,904
25,101
25,038
24,945
25,038
24,965
24,854
24,869
24,886
24,843
4,901
19,303
19,294
19,255
19,245
19,201
19,135
19,121
19,122
19,084
11,466
11,455
11,418
11,415
11,378
11,307
11,294
11,296
11,258
7,837
7,839
7,837
7,830
7,823
7,828
7,827
7,826
7,826
74,195
74,391
74,539
74,745
74,953
74,989
75,236
75,375
75,525
5,286
5,277
5,280
5,266
5,265
5,167
5,288
5,250
5,279
5,830
5,843
17,734
17,795
17,828
17,851
17,911
17,944
17,992
18,026
18,069
6,123
6,157
6,184
6,228
6,261
6,295
6,334
6,365
6,385
22,585
22,638
22,707
22,825
22,924
23,072
23,176
23,242
23,296
16,637
16,681
16,699
16,711
16,720
16,682
16,597
16,620
16,622
2,918
2,918
98,428
Oct
Nov .... 98,666
98,910
Dec
1986: Jan
Feb
Mar
Apr
May....
June ..
July r..
Aug r..
Sept".
99,296
99,429
99,484
99,783
99,918
99,843
100,105
100,261
100,368
4,188
4,864
4,838
4,972
4,974
4,947
4,980
5,012
5,014
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
5,841
5,864
5,872
5,829
5,849
5,872
5,874
2,913
2,923
2,914
2,899
2,875
2,866
2,876
2,911
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]
iAverage weekly
Average gr oss hourlv
earn ngs
hours
Period
1978
1979
1980
1981
1982
1983
1984
1985
1985: Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July r
Aug r
Sept".
Manufa cturing
Total
pnvate
nonagricultural '
Total
35.8
35.7
35.3
35.2
34.8
35.0
35.2
34.9
34.9
34.9
34.8
34.9
35.0
34.9
34.9
34.8
34.8
34.7
34.7
34.8
34.7
Total
private
nonagricultural !
Overtime
40.4
40.2
39.7
39.8
3.6
3.3
2.8
2.8
2.3
3.0
3.4
3.3
38.9
40.1
40.7
40.5
40.7
40.7
40.7
40.9
40.8
40.7
40.7
40.7
40.7
40.6
40.6
40.8
40.8
3.3
3.4
3.4
3.6
3.5
3.4
3.4
3.4
3.4
3.3
3.4
3.5
3.5
Manufacturing
$6.17
6.70
7.27
7.99
8.49
8.83
9.19
9.53
9.58
9.61
9.63
9.68
9.65
9.68
9.70
9.68
9.72
9.71
9.73
9.75
9.76
$5.69
6.16
6.66
7.25
7.68
8.02
8.32
8.57
8.62
8.63
8.65
8.70
8.68
8.71
8.73
8.72
8.73
8.74
8.73
8.75
8.77
Adjuste d hourly earnin ;s index — total private
nonagnc ultural 2
Percent chang e from a year
r*6
Ind ex,
1977 =-100
Current
dollars
1977
dollars 3
Current
dollars
108.2
116.8
127.3
138.9
148.5
155.4
160.3
165.2
166.4
166.2
166.8
167.7
167.3
168.2
168.5
168.4
168.7
169.2
168.9
169.2
169.7
100.5
97.4
93.5
92.6
93.4
94.9
94.6
94.1
94.4
94.0
93.9
94.0
93.5
94.4
95.1
95.4
95.4
95.2
95.1
95.1
95.0
8.2
7.9
9.0
9.1
6.9
4.6
3.2
3.1
3.1
3.0
3.0
3.1
2.8
2.8
2.9
2.6
2.6
2.4
2.4
2.2
2.0
1977 dollars
0.5
-3.1
-4.0
-1.0
.9
1.6
-.3
-.5
.4
.1
-.4
-.5
-.9
-.2
.9
1.4
1.4
1.0
1.2
1.0
.6
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private nc nagricultural 5
Avera *e gross weekly ea rnings
Period
Total i rivate
nonagnc idtural 1
Current dollars
1978
1979
1980
1981
1982
1983
1984
1985
1985: Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July r
Aug r
Sept"
399.26
426.82
442.97
458.51
464.09
$130.20
138.62
147.38
158.03
163.85
171.05
174.33
174.64
7.8
8.0
6.9
8.5
4.7
5.0
4.3
2.1
389.91
391.13
391.94
395.91
466.83
467.31
461.52
461.28
175.81
174.63
174.92
175.78
2.1
2.7
2.3
2.5
393.72
393.98
394.79
393.98
395.60
394.23
395.04
397.80
398.21
470.40
448.59
450.06
465.22
464.25
461.15
463.76
466.50
471.48
175.51
175.51
176.09
174.91
174.91
174.60
175.20
176.09
176.37
3.1
2.5
2.4
2.1
1.9
1.1
1.7
1.7
1.3
$249.27
269.34
280.70
292.86
299.09
300.84
301.19
301.02
303.63
170.74
170.45
169.49
170.20
303.80
303.98
304.68
303.46
303.80
303.28
302.93
304.50
304.32
169.72
170.58
171.94
171.93
171.83
170.67
170.57
171.07
170.49
288.62
318.00
330.26
354.08
374.03
385.97
1
4
5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
3
Current dollar index (or earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977= 100 base).
1977 dollars
Current dollars
$189.31
183.41
172.74
170.13
168.09
171.26
172.78
170.42
$203.70
219.91
235.10
255.20
267.26
Retail trade
Current dollars
1977 dollars 3
2
Construction
Manufacturing
$318.69
342.99
367.78
0.2
-3.1
-5.8
-1.5
-1.2
1.9
.9
-1.4
-.6
-.2
— 1.1
-1.1
-.6
5
.4
.9
.7
2
.5
.5
-.0
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output, pt r hour of
aH pe rsons
Period
Business
sector
Nonfarm
business
sector
Outp u t
Business
sector
1
Compens ation per
hou r 3
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit lab or costs
Keal com pensation
per h 3ur 4
Business
sector
Nonfarm
business
sector
Implicit price
defla or 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
197 7 = 100; ( uarterly ( ata season ally adjus ted
1978
1979
100.8
99.6
100.8
99.3
105.8
107.9
106.0
107.9
104.9
108.3
105.1
108.7
108.5
119.1
108.6
118.9
100.8
99.4
100.9
99.2
107.6
119.5
107.7
119.7
107.3
117.0
107.0
116.5
1980
99.3
100.7
100.3
103.0
105.3
98.8
99.8
99.2
102.4
104.3
106.7
108.9
105.5
106.7
108.5
104.9
110.1
107.5
108.2
105.2
118.8
131.5
143.7
154.9
161.5
168.1
131.3
143.6
154.8
161.5
167.9
96.7
95.7
97.3
98.2
98.1
95.7
97.2
98.2
98.0
132.5
142.7
154.5
156.8
159.7
132.9
144.0
106.7
112.8
108.0
108.7
105.7
107.5
114.0
96.6
1981
1982
1983
1984
156.0
157.7
161.0
127.6
139.8
148.1
153.0
158.5
127.8
140.3
149.2
154.3
159.3
1985
106.4
104.8
122.7
122.5
115.3
116.9
175.3
174.6
98.8
98.4
164.8
166.7
163.0
164.6
1982: IV
101.0
99.7
105.0
104.2
103.9
104.5
158.3
158.2
97.9
97.8
156.8
158.7
150.2
151.4
152.5
153.6
155.0
156.2
1983: I
n
m
IV
1984: I
n
m
IV
1985: I
n
ni
IV
1986: I r
n
p
HI ....
109.9
118.8
101.9
103.5
103.0
103.8
100.9
102.7
102.9
103.3
106.2
109.2
110.8
113.6
105.8
109.2
111.4
114.1
104.2
105.5
107.5
109.4
104.8
106.3
108.3
110.5
159.9
160.9
161.5
163.6
159.9
160.9
161.7
163.4
98.8
98.4
97.7
98.0
98.8
98.4
97.8
97.9
156.8
155.5
156.8
157.7
158.5
156.6
157.1
158.2
151.2
152.3
153.4
155.2
104.9
105.6
105.5
105.5
103.9
104.6
104.4
104.3
116.9
119.0
119.5
120.2
116.9
119.1
119.5
120.2
111.4
112.7
113.3
114.0
112.5
113.8
114.5
115.2
165.9
167.1
169.0
170.6
165.6
166.9
168.7
170.4
98.1
97.9
98.1
98.2
97.9
97.8
98.0
98.1
158.2
158.3
160.2
161.7
159.4
159.5
161.5
163.3
156.7
157.7
159.0
160.3
157.2
158.4
160.0
161.4
105.7
106.4
107.3
106.4
104.4
104.9
105.4
104.5
121.3
122.3
123.5
123.8
121.1
122.1
123.3
123.6
114.8
115.0
115.2
116.4
116.0
116.4
116.9
118.2
172.3
174.5
176.4
178.0
172.1
174.0
175.4
177.0
98.4
98.7
99.1
99.0
98.2
98.4
98.5
98.4
163.1
164.0
164.4
167.3
164.8
165.9
166.3
169.3
161.4
162.6
163.4
164.6
162.7
164.1
165.2
166.2
107.3
107.4
107.4
105.6
105.7
105.8
125.3
125.4
126.2
125.1
125.3
126.3
116.8
116.7
117.5
118.5
118.5
119.4
179.1
180.4
181.7
178.3
179.3
180.4
99.2
100.3
100.4
98.8
99.8
99.7
167.0
168.0
169.1
168.8
169.6
170.5
165.3
165.8
167.1
167.1
167.5
168.8
Pe rcent change; quarte rly data a seasonal] y adjusted annual rates
1978
1979
0.8
-1.2
0.8
-1.6
5.8
2.0
6.0
1.9
4.9
3.2
5.1
3.5
1980
1981
1982
1983
1984
-.3
1.4
-.4
2.7
2.3
4_
1.0
-.6
3.3
1.8
— 1.1
2.1
3.1
4.2
8.1
-1.2
1.7
-3.3
4.9
8.0
.8
.7
2.8
1.5
5.7
8.5
9.7
8.6
9.5
0.8
— 1.4
0.9
-1.6
7.6
11.1
7.7
11.2
7.3
9.0
7.0
8.9
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
4.0
2.7
-1.0
1.6
1.0
-.1
2.7
-.9
1.5
1.1
-.3
10.9
7.7
8.3
1.5
1.8
11.0
8.3
8.4
1.1
2.1
9.0
9.6
5.9
3.3
3.5
9.7
9.7
6.3
3.5
3.2
2.6
4.3
4.0
.7
.4
3.2
3.5
2.9
3.3
4.5
5.1
2.9
3.4
1.5
2.6
2.4
3.0
7
1985
1.0
.5
3.3
1982: IV
3.0
2.4
-.5
3.9
6.1
-1.6
2.8
5.0
7.3
.8
1.3
4.9
11.7
5.9
10.4
6.3
13.4
8.5
9.8
1.0
5.3
7.7
7.3
1.2
5.7
7.6
8.4
3.9
2.6
1.6
5.3
4.4
2.3
2.0
4.4
3.7
-1.6
-2.6
1.1
4.1
-1.9
-2.2
.1
.1
-3.3
3.3
2.4
-.6
-4.7
1.2
3.0
2.5
3.1
2.8
4.8
2.9
2.8
3.7
3.1
4.4
2.6
— .1
2.4
2.9
-.7
-.4
12.2
7.5
1.7
2.5
10.2
7.7
1.6
2.2
7.4
4.8
2.1
2.6
7.6
4.7
2.3
2.6
5.7
2.8
4.6
3.8
5.4
3.2
4.3
4.2
.5
-.8
.8
.1
.3
-.4
.4
.5
1.2
.2
5.0
3.9
3.0
.3
5.1
4.6
4.0
2.6
3.4
3.2
2.7
3.1
4.0
3.7
.9
2.7
3.4
-3.2
.3
1.8
2.2
-3.5
3.6
3.3
4.1
1.0
3.2
3.0
4.0
1.0
2.6
.6
.7
4.3
2.9
1.2
1.8
4.6
4.2
5.1
4.4
3.8
3.9
4.6
3.2
3.7
1.0
1.0
1.8
5
.7
.5
.7
-.6
3.3
2.4
1.0
7.2
3.6
2.7
1.0
7.4
2.7
3.0
1.9
3.0
3.2
3.4
2.6
2.4
3.3
.5
.1
4.3
.5
2
4.7
.3
2.5
5.1
.6
3.2
1.4
-.2
2.4
.8
.1
3.0
2.5
2.8
2.9
3.1
2.3
2.3
1.0
4.5
.3
1.6
4.0
2
2.3^
2.8
-1.2
1.8
2.1
1.8
1.2
3.1
2.3
1.0
3.1
1983: I
n
m
IV
1984: I
n
ni
IV
1985:
I
n
in
IV
q
1986: I
n '.....
m*
1
3.0
-1.2
2.2
-3.4
-3.5
Output refers to gross domestic product originating in the sector in 1982 dollars.
Hours of ali persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
2
16
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.1 percent in September, following a similar increase in August. The index for September
was 0.8 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
140
_ TOTAL NDUSTRIA . PRODUCT ION
INDEX, 1977=100* (RATIO SCALE)
20
220
r^
00
200
80
180
/-"
^^^-^^^
f^
M M , Inn.
llMII
MANU ACTURINC7 PRODUCT ION
DURABLE
/"
20
120
—
r**<^ —
[
1 i 1 I 1 1 l i t 1!
^-^
1
,/— —•*
BUSINESS
EQUIPMENT
GOODS
100
—
X/^
T—fm~~~«''
_^-"X"~' CONSUMER
^^\
\
NONDU (ABLE
—r
^.^•"
^3— r"
,•^"
40
140
:
140
DEFENSE AN D
SPACE
EQUIPMEN1
60
160
1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 1 1 1 1 E i 1 1 1 1 1 1 1 1 1 1 1
1 1 1 u 1 a M i ai g i r i I 1 1 i 1 E1s ; i i h 1 1 1 i EH B i i i a i i i
PER
PEf :ENT*
iiiiilniii 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
-MANURE\CTURING CAPACITY UTILIZATIO N RATE —
140
_ UTILITIE S ANDMIh4ING PROD UCTION
—
UTILITIEs
120
100
_FINALP RODUCTS
^
120
^—
N
^^-w
/r
«^*"^~\ *
,_ x/-5^
80
A-
« i QI^ r
70 ^^
^—-^
^MINING
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 mill
mill
1982
1983
1984
60
1986
1985
^
i i i i g l m i i iiiiiliiili 1 1 1 1 1 ! 1 1 1 1 1 mill
1985
1 984
1983
1982
"SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
iiiiiliini
1986
COUNCIL OF EC DNOM1C ADVISERS
[Monthly data seasonally adjusted]
Total
Period
1977 proportion
1978
1979
1980
1981
1982
1983
1984
1985
1985: Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June r.
July T
Aug r .
Sept"
1
Output as percent of capacity.
Manufacturing
Percent
1977=100
100.0
106.5
110.7
108.6
111.0
103.1
109.2
121.4
123.8
124.3
123.6
124.8
125.6
126.2
125.3
123.6
124.7
124.2
124.2
124.9
125.1
125.3
Capacity utilization
rate, pc rcent l
Industry proc uetion indexes , 1977=100
indu trial
prodii ction
from year
earlier
6.5
3.9
1.9
2.2
-7.1
5.9
11.2
2.0
1.6
1.2
1.7
2.3
2.9
1.7
.2
1.2
.5
.5
1.2
.5
.8
Mining
Durable
Total
84.21
49.10
107.1
111.5
108.2
110.5
102.2
110.2
123.4
126.4
127.0
126.3
127.8
128.2
129.4
128.7
127.2
128.7
128.2
128.3
129.3
129.4
129.8
108.2
113.9
109.1
111.1
99.9
107.7
124.2
127.3
127.4
126.7
128.2
128.7
129.5
128.7
126.8
128.1
127.0
126.2
127.4
127.6
128.0
Utilities
Nondurable
35.11
105.5
108.2
107.0
109.7
105.5
113.7
122.3
125.1
126.4
125.8
127.2
127.5
129.3
128.7
127.7
129.6
129.9
131.2
132.1
132.0
132.2
5.83
103.6
106.4
112.4
117.5
109.3
102.9
111.1
108.8
108.2
106.9
106.9
107.4
108.1
105.1
103.0
101.0
99.8
98.9
97.1
96.5
96.1
5.96
103.1
105.9
107.3
107.1
104.8
105.2
110.7
111.9
113.3
111.8
111.9
114.8
112.5
109.7
109.3
109.4
108.5
108.6
110.8
110.1
111.0
Source: Board of Governors of the Federa! Reserve System.
Manufacturing
Industrial
materials
84.2
86.3
87.1
81.1
81.1
71.7
75.3
82.0
80.2
79.5
79.1
79.4
80.3
80.1
79.6
78.5
78.7
78.1
78.0
78.3
78.1
78.0
84.6
79.3
78.3
70.3
74.0
80.5
80.1
80.0
79.4
80.1
80.2
80.8
80.2
79.1
79.9
79.4
79.3
79.8
79.7
79.8
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Produc ts
Mate rials
?inal produc s
Internlediate pro( nets
1Equipment
C Hisumer go Dds
Period
Total
Total
1977 proportion
44.77
35.52
1978
1979
1980
1981
1982
1983
1984
1985
106.9
111.0
112.2
115.2
109.5
114.7
127.3
131.1
132.2
131.0
133.1
133.2
133.9
132.8
130.6
132.1
131.6
131.1
132.1
132.5
132.9
104.3
103.9
102.7
104.1
101.4
109.3
118.0
120.2
121.1
120.5
122.7
123.3
123.8
123.3
121.8
124.5
124.3
124.4
125.1
124.9
125.2
1985:
Sept
Oct
NOT
Dec
1986: Jan
Peb
Mar
Apr
May
June r
July '.
Augr
Sept"
1
Durable
goods
Nondurable goods
6.89
103.7
99.9
88.4
89.7
82.9
98.5
112.2
112.9
113.1
112.3
115.4
115.3
116.0
116.6
112.4
115.9
113.8
114.3
116.0
115.3
116.9
18.63
104.5
105.4
108.1
109.3
108.3
113.3
120.1
122.9
124.1
123.5
125.3
126.3
126.6
125.8
125.3
127.7
128.1
128.1
128.4
128.5
128.3
Total '
Business
19.25
110.3
120.4
124.7
129.9
120.2
121.7
139.6
145.4
14.34
112.2
124.7
125.1
127.6
113.6
115.4
134.2
139.6
146.9
144.9
147.0
146.4
147.5
145.4
142.3
142.3
141.2
140.0
141.3
142.5
143.0
140.4
138.3
140.8
140.0
141.5
140.5
137.7
138.6
137.9
136.6
138.3
139.2
139.7
Defense
and
space
equipment
3.67
101.2
105.6
115.4
119.8
133.0
143.1
156.4
170.6
174.5
174.8
177.2
178.5
178.7
176.3
176.2
178.0
178.0
178.4
179.5
181.5
181.9
Total
12.94
106.9
110.8
106.9
107.3
101.7
111.2
124.7
130.0
131.3
131.2
131.8
132.0
134.2
133.4
133.3
134.5
135.1
137.0
137.3
137.7
137.7
Construction
supplies
5.95
106.9
108.7
100.6
98.6
88.3
100.6
114.0
118.3
120.3
120.2
120.5
119.8
124.0
122.6
122.6
123.6
123.5
124.1
124.0
125.5
126.0
Busi-
Total
Energy
42.28
11.69
105.9
110.3
105.3
107.7
96.7
102.8
114.2
114.2
113.8
113.4
113.9
115.4
115.5
114.8
113.3
113.8
113.0
113.1
113.5
113.4
113.4
101.1
supplies
6. 99
106.9
112.7
112.3
114.7
113.1
120.3
133.8
140.0
140.7
140.5
141.5
142.4
142.9
142.6
142.5
143.8
145.0
147.9
148.7
148.2
104.1
105.5
104.7
101.2
98.4
103.9
103.4
102.8
101.5
101.8
104.5
103.0
102.1
101.4
100.4
100.5
100.8
100.2
99.2
98.8
Includes rigs and prefabs, not shown separately.
[1977 = 100; monthly data seasonally adjusted]
No ndurable nanufactui es
Durable numufactures
Transp >rtation
equip ment
Primary metals
Period
Total
1977 proportion
1978
1979
1980
1981
1982
1983
1984
1985
1985:
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June r
July r.
Augr
Sept"
5.33
107.0
108.5
90.4
95.0
65.8
73.0
82.3
80.5
80.8
81.9
82.9
81.7
82.4
80.3
76.3
78.1
74.8
71.4
73.5
72.6
72.6
Source: Board of Governors of the Federal Reserve System.
18
Iron and
steel
3.49
107.5
108.0
86.3
92.5
57.5
66.1
73.4
70.4
70.3
72.4
73.9
71.6
72.2
69.5
64.3
65.6
60.2
58.3
61.4
59.9
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
6.46
105.7
109.4
101.8
101.6
86.6
89.1
102.6
107.3
106.7
107.9
107.6
108.2
109.2
108.5
107.6
108.2
106.5
106.6
105.5
106.5
107.1
9.54
111.7
122.6
123.3
129.8
115.6
118.3
141.8
145.3
144.2
141.7
144.8
146.2
144.9
143.9
141.7
140.8
141.3
140.4
142.6
142.9
141.5
7.15
112.9
125.7
130.3
134.1
128.4
143.8
170.5
168.4
164.5
164.2
166.9
168.7
166.1
164.8
165.2
166.8
166.0
163.2
166.8
167.0
167.5
Total
9.13
106.3
108.3
96.9
95.1
87.6
99.2
112.2
121.4
124.5
123.3
124.8
124.0
128.2
127.5
122.6
126.2
124.1
125.1
125.6
125.3
127.4
Motor
vehicles
and
parts
5.35
104.6
95.9
71.1
71.6
66.8
85.8
104.4
111.5
113.7
111.4
112.6
111.4
116.5
116.4
108.1
112.6
108.7
110.6
111.2
108.3
112.8
Lumber
and
products
2.30
102.4
102.0
92.9
90.1
82.8
100.2
109.1
113.4
116.0
116.2
115.0
116.1
120.5
120.3
120.7
121.3
121.6
120.9
119.7
Apparproducts
2.79
103.1
98.3
97.3
96.1
87.3
95.3
102.7
100.9
101.8
102.1
103.8
104.5
105.5
102.8
102.8
103.1
102.6
101.7
103.3
101.5
Printing
and
publishing
Chemicals
and
products
Foods
4.54
107.8
112.7
115.1
118.6
120.2
129.8
146.5
153.9
153.4
154.5
156.8
157.6
160.9
156.7
157.8
161.6
161.9
164.0
166.0
163.5
164.0
8.05
106.8
111.4
106.4
112.6
103.8
114.0
121.6
127.1
129.1
127.3
128.2
128.1
131.7
132.0
130.2
132.8
131.5
134.2
134.8
135.1
7.96
104.3
106.7
111.4
113.7
114.9
120.4
126.9
130.2
132.2
129.4
131.5
132.1
132.0
132.9
132.2
133.1
133.7
134.6
133.9
134.9
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 3
Private
Period
Total new
construction
expenditures
Resi ential
Total
Total
Commercial
and
New housing
1
industrial
2
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
224.7
250.3
249.0
257.8
244.4
279.2
327.2
355.6
1978
1979
1980
1981
1982
1983
1984
1985
179.0
201.5
194.0
204.4
193.6
228.5
272.0
292.8
110.4
117.2
101.1
100.0
85.4
126.6
155.1
158.8
86.2
90.1
70.4
70.2
57.7
95.7
115.1
116.0
30.7
42.0
46.7
55.0
58.7
53.8
68.6
82.7
37.9
42.3
46.2
49.4
49.5
48.1
48.2
51.3
45.6
48.8
55.0
53.3
50.8
50.7
55.2
62.8
114.0
121.0
108.0
112.0
111.0
977
1,059
904
919
690
138.0
150.0
161.0
756
955
1,064
Annual rates
Annual rates
1985: Aug
Sept
Get
Nov
Dec
1986: Jan
Peb
Mar
Apr
May
June
July
Aug »
Sept"
353.3
361.3
374.0
357.6
365.6
289.8
296.0
312.0
294.4
300.6
373.4
373.9
368.0
373.9
374.5
375.4
378.1
382.2
305.4
305.7
298.9
303.3
302.6
304.6
305.7
308.6
154.9
161.0
174.8
158.2
161.8
163.4
164.7
165.6
170.5
172.5
174.5
175.9
176.7
82.1
84.3
84.1
85.0
88.2
88.4
87.5
81.4
81.8
78.7
78.3
79.0
80.3
115.5
116.1
117.2
117.5
118.7
122.8
124.7
126.5
129.4
132.4
135.2
137.3
138.7
1
Includes the following categories of private construction not shown separately: residential improvements, railroads, electric light and power, gas, petroleum pipelines, and farm nonresidential.
2
Includes hotels and motels.
52.8
50.7
53.0
51.2
50.6
53.5
53.5
51.8
51.0
51.3
51.8
50.8
51.6
164
167
168
162
162
154
174
163
186
171
169
r
!71
168
158
63.5
65.3
62.1
63.2
64.9
68.0
68.3
69.2
70.6
71.9
70.8
72.5
73.6
1,097
1,118
1,104
1,111
951
848
941
840
1,011
921
911
877
949
970
3
F. W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New pri\ ate homes
New private housing units
Period
Units started, by type of structure
Total
1978
1979
1980
1981
1982
1983
1984
1985
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1 unit
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
2-4 units
125.0
122.0
109.5
91.1
80.0
113.5
121.4
93.4
5 or more units
462.0
429.0
330.5
287.7
319.6
522.0
544.0
576.1
Units
authorized
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
Units
completed
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
Homes sold
817
709
545
Vacancy rate
Homes for
sale at end of
period *
3
414
398
436
412
623
639
688
336
272
251
300
356
349
708
681
637
722
729
348
350
353
353
349
735
741
924
880
787
r
722
695
624
690
352
352
338
336
336
r
340
349
354
357
housing units
(percent) 2
5.0
5.4
5.4
5.0
5.3
5.7
5.9
6.5
Seasonal y adjusted annu al rates
1985: Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July '
Aug '
Sept"
1
1,737
1,653
1,784
1,654
1,882
2,034
2,001
1,960
2,019
1,853
1,852
1,782
1,818
1,680
1,071
1,006
1,118
1,006
1,098
1,335
1,202
1,221
1,242
1,241
1,230
1,137
1,199
1,116
97
85
80
76
83
107
115
84
79
83
80
81
88
62
569
562
586
572
701
592
684
655
698
529
542
564
531
502
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
1,782
1,846
1,703
1,668
1,839
1,861
1,808
1,834
1,885
1,788
1,792
1,759
1,673
1,603
1,720
1,778
1,541
1,721
1,762
1,778
1,725
1,806
1,693
1,829
1,620
1,764
1,765
6.8
6.7
6.9
7.3
7.5
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83
data are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales rose 0.5 percent in August and inventories fell $0.7 billion. According to advance
data, retail sales rose 4.6 percent in September following an increase of 1.5 percent in August.
BILLIONS OF DOLLARS* (RATIO SCALE)
200
Ii90 —
180
170 —
160
150
BILLIONS OF DOLLARS* (RATIO SCALE)
ODU
600
ISO
500
~
-^r—_——-"IS
\
MA NUFACTURIr-JG AND
TR ADE INVENT ORIES
450
1
400
—
RETAIL INVENTORIES
130
„-'
\
/-' M>WUFACTUR NG
-,-'
Ah•ID TRADE SA LES
350 7^——
140
—
"'
120
110
—
RETAIL SALES
100
300
250
90
80
—
-
70 In mil
RATIO*
1.80
-
200
1.60
150
—
-
INVENT DRY-SALES RATIO
,
\
1.40
-
RETAIL
-''" — \
\
-x^
-
-
MANUFACTURING
AND TRADE
1.20
inn
1.00
1983
1982
1985
1984
1 M 1 1 1 1 ! II 1
1986
E ] 111 11 1 1 1 !
1983
1982
1 ! 1 1 111 1
1J_L
1984
1985
*S£ASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufact iring and
trac e J
1 [ 1 E1 1 1 1 1 1 I
1 1 ! 1 1 1 1 1 1 11
1986
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Sales
Period
2
Inventory-sales ratio 4
Re ail
Invento-
Inventories 3
Sales
260,805
298,334
328,058
356,919
344,656
368,724
410,737
424,091
399,608
451,460
494,105
528,105
509,555
520,328
575,098
583,148
66,669
79,472
93,704
102,013
96,290
100,424
113,404
114,494
86,405
99,262
113,478
118,259
118,149
120,265
131,544
135,940
428,205
426,868
425,689
431,326
432,797
579,486
578,742
581,516
582,381
583,148
115,263
114,344
113,675
115,762
116,852
134,732
134,410
134,810
134,831
135,940
431,713
426,854
420,230
428,455
421,613
425,475
427,473
429,397
584,968
585,176
588,178
588,599
586,727
588,908
591,895
591,236
115,648
113,380
112,495
114,608
109,870
112,873
114,375
114,518
136,624
117,349
136,561
117,200
137,056
116,684
137,083
117,715
137,506
118,675
138,793
118,960
139,753
119,804
140,735 ' 121,574
127,180
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
Retail
Millions of dollars, seasonally iidjusted
1978
1979
1980
1981
1982
1983
1984
1985
1985:
1986:
1
2
3
Aug r
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July r
Aug"
Sept"
r
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
r
116,349
118,295
114,785
115,433
116,861
43,863
49,397
55,049
59,688
61,279
64,817
68,939
71,645
102,694
111,098
116,346
127,201
126,497
139,381
157,845
165,324
50,136
54,108
55,117
60,327
58,952
66,928
77,142
82,875
52,558
56,990
61,229
66,874
67,545
72,453
80,703
82,449
72,031
72,288
72,430
72,802
72,979
160,066
160,302
164,262
165,557
165,324
78,995
78,425
81,668
83,056
82,875
81,071
81,877
82,594
82,501
82,449
73,162
73,251
73,405
72,841
73,121
73,364
73,492
r
73,878
73,827
167,987
169,379
171,551
172,158
170,869
171,705
173,529
173,028
84,755
85,863
88,132
88,263
87,198
88,281
90,271
89,686
83,232
83,516
83,419
83,895
83,671
83,424
83,258
83,342
23,368
25,529
24,914
27,089
28,059
33,041
38,817
42,851
67,231
74,926
79,963
86,777
89,339
97,858
107,755
114,495
r
44,318
46,007
42,355
42,631
43,882
44,187
43,949
43,279
44,874
45,554
45,596
46,312
T
47, 696
53,353
r
1.43
1.44
1.42
1.41
1.41
1.34
1.39
1.40
1.44
1.43
1.45
1.44
1.51
1.38
1.34
1.37
1.35
1.36
1.37
1.35
1.35
r
1.35
1.37
1.40
1.37
1.39
1.38
1.38
1.38
1.38
1.36
1.43
1.43
1.41
r
1.43
1.45
1.47
1.46
1.44
1.44
1.45
1.42
4
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In August, manufacturers' shipments were unchanged and inventories and orders fell. In September, according to
advance data, durable goods shipments and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
360
INVENT ORIES
320 —
280
====
240
"
—
—
r
~i
'
1
—
TOTAL
—— ——,
— -r—
DL RABLE GOC OS
""\
NOr-^DURABLE G DODS
40
BILLIONS OF DOLLARS* (RATIO SCALE)
240
1 1 1 1 1 1 1 1 1! I
1 1 1 1 1 1 n 1 1 1 1 1 1 1 1 1 n 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ii h 1 1 1 1
40
1986
1982
1982
"SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS :
Manufa cturers' shiprnents 1
Manufac turers' inven tones
1Manufacturers new orders i
2
Durabl 5 goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio 4
M llions of do Jars, seasoilally adjust 3d
1978
1979
1980
1981
1982
1983
1984
1985
1985: Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept"
1
2
3
126,905
67,848
143,936
154,391
168,129
159,027
170,441
189,578
195,102
76,060
77,550
83,872
76,693
84,951
98,502
103,649
59,057
67,876
76,841
84,257
82,334
85,491
91,076
91,452
210,509
241,100
264,281
282,645
264,909
260,682
285,709
281,884
137,891
160,533
174,620
186,347
175,103
171,629
191,109
189,164
72,618
80,567
89,661
96,298
89,806
89,053
94,600
92,720
131,546
147,403
156,161
167,752
157,255
173,259
191,634
195,803
72,339
79,451
19,458
23,231
59,207
67,953
79,360
83,553
74,996
87,631
100,611
104,305
23,259
24,050
20,681
22,764
27,017
27,215
76,801
84,199
82,260
85,627
91,024
91,499
194,229
197,229
200,131
199,084
103,656
106,479
107,007
105,777
90,573
90,750
93,124
93,307
284,030
282,444
281,993
281,884
191,930
190,508
190,284
189,164
92,100
91,936
91,709
92,720
197,332
195,381
196,865
201,213
106,641
104,495
103,796
107,531
29,240
27,092
25,788
30,566
90,691
90,886
93,069
93,682
366,794
364,946
361,680
363,809
198,716
196,274
191,051
196,132
193,068
193,642
193,294
193,305
105,631
105,545
102,693
106,592
103,672
104,553
104,980
104,154
105,993
93,085
90,729
88,358
89,540
89,396
89,089
88,314
89,151
280,357
279,236
279,571
279,358
278,352
278,410
278,613
277,473
188,518
187,644
188,333
188,031
187,637
187,148
186,858
186,045
91,839
91,592
91,238
91,327
90,715
91,262
91,755
91,428
201,133
198,559
192,996
193,151
192,122
191,795
194,560
192,836
108,194
107,545
104,682
103,747
102,624
102,730
106,220
103,845
108,985
24,288
28,637
26,540
26,179
26,145
26,421
27,387
26,325
28,630
92,939
91,014
88,314
89,404
89,498
89,065
88,340
88,991
366,226
368,511
370,456
367,475
366,529
364,682
365,948
365,479
Monthly average for year and total for month. Shipments are the same as sales.
Book value, end of period.
End of period.
259,770
302,145
323,393
319,094
296,918
330,924
355,640
363,809
1.57
1.57
1.66
1.64
1.73
1.52
1.45
1.46
1.46
1.43
1.41
1.42
1.41
1.42
1.46
1.42
1.44
1.44
1.44
1.44
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 rose 0.4 percent, seasonally adjusted. The index for
finished consumer foods fell 0.2 percent while the index for finished consumer goods excluding foods was up 0.8
percent. The index for capital equipment rose 0.4 percent.
INDEX, 1967= 100 (RATIO SCALE)
340
s
INDEX, 1967 = 100 (RATIO SCALE)
340
ASONALLV ADJUSTEC
FINISHEC) GOODS
320
COhvISUMER GOOC)S
EXC LUDING FOOD S
300
^•^' v^,_?--~-j -*5ii—
TOT \i FINISHED
^^^^J^^*"' *•"•'"*
GOODS
,.
e
\
~"""'^*»*
**
<
^B>-,^
\*""""* ^-^
280
,-—^ —'*^' ""
=rii
-^S
^^Z--
300
V^—~-V' """
\^
fS"
_
-'**' ^
/
->
//^
260
*
t'tf-f*
Sf^ f
f s
280
/ *'
\-'
^^
/\'
,+**
7^\-._
~\
CONSUME R FOODS
i
.-/
260
CAPITAL EQU PMENT
240
/£?•
t*
/
f
/*"
„-'/
'NV
x'^
" /£''
220
/?
/
200
/
180
u-Ti 1 1 1 1 1 1 1
|||||||||||
Illllllllll
1978
1979
1980
Illllllllll Illllllllll
| Illlllllll l|Hl|ll||l
1982
1981
llllll|||ll I l l l l l l l l l l
1984
1983
1985
180
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967— 100; monthly data seasonally adjusted]
Fin shed goods
Period
Total
finished
goods
Consumer
foods
Pi nished goc ds excluding consumer foo Is
Total
finished
Consumer gc ods
Capital
equipment
consumer
goods
Total
199.2
216.5
239.8
264.3
279.4
194.9
217.9
248.9
271.3
281.0
215.6
242.2
280.3
306.0
310.4
287.2
294.0
300.5
299.7
302.7
303.4
303.8
303.3
303.7
304.3
305.3
305.4
305.7
306.3
306.6
307.7
284.6
290.3
291.8
289.6
292.1
294.5
296.7
294.1
287.8
284.1
281.9
283.7
283.6
281.9
282.9
284.1
312.3
320.0
318.7
317.2
317.5
318.6
319.9
318.4
313.8
310.1
307.1
306.2
306.4
304.4
304.2
305.8
Total
Total
1978
1979
1980
1981
1982
1983
1984
1985
1985: Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May '
June
July
Aug
Sept
1
195.9
217.7
247.0
269.8
280.7
285.2
291.1
293.7
291.8
294.4
296.4
298.3
296.1
291.3
288.5
287.0
288.5
288.5
287.3
288.2
289.3
207.2
2262
239.5
253.6
259.3
261.8
273.3
271.2
266.4
270.8
273.7
276.5
274.9
270.3
270.7
271.1
274.7
274.7
279.9
283.6
283.1
190.7
213.3
247.8
273.3
285.8
290.8
294.8
299.0
298.0
300.1
301.7
303.3
300.9
296.1
292.2
290.0
290.7
290.7
287.2
287.0
288.8
Intermediate materials for food manufacturing and feeds.
22
Internlediate ma terials
186.7
211.5
250.8
276.5
287.8
291.4
294.1
297.3
296.3
298.0
300.0
301.9
298.8
291.8
286.0
282.5
283.4
283.2
278.1
277.7
279.8
Durable
166.9
183.2
206.2
218.6
226.7
233.1
236.8
241.5
239.8
243.0
243.8
243.6
242.3
242.9
243.7
245.9
245.5
246.0
246.5
246.7
248.2
Nondurable
200.0
231.3
283.9
319.6
333.6
335.3
337.3
339.3
338.9
339.3
342.3
346.0
341.3
328.7
317.9
310.1
312.1
311.4
301.9
301.1
303.6
Cnide maten als
Poods
and
feeds '
Other
Total
203.1
226.1
216.5
244.4
252.6
250.3
239.4
247.9
253.1
232.8
224.9
229.4
232.3
233.9
232.8
229.5
229.0
227.1
228.6
228.3
228.9
231.9
232.8
282.3
310.1
315.7
317.1
325.0
325.0
323.9
324.0
325.0
326.2
324.7
320.0
316.1
312.9
311.9
312.2
310.0
309.5
311.2
234.4
274.3
304.6
329.0
319.5
323.6
330.8
306.1
293.1
302.2
308.0
307.0
302.9
286.6
280.2
270.7
276.4
273.0
276.4
275.9
277.3
Source: Department of Labor, Bureau of Labor Statistics.
Foodstuffs
and
feedstuffs
216.2
247.9
259.2
257.4
247.8
252.2
259.5
235.0
217.7
231.0
240.8
239.7
233.8
225.4
223.3
216.3
225.8
223.2
230.8
236.5
234.7
Other
272.3
330.0
401.0
482.3
473.9
477.4
484.5
459.2
454.9
455.4
453.1
452.4
451.8
418.7
403.1
388.4
386.0
381.2
375.1
360.9
369.3
CONSUMER PRICES—ALL URBAN CONSUMERS
In September, the consumer price index for all urban consumers rose 0.3 percent, seasonally adjusted (0.5
percent
not seasonally adjusted). The index was 1.8 percent above its year-earlier level.
INDEX, 1967=100 (RATIO SCALE)
340
INDEX, 1967 =100 (RATIO SCALE)
"340
320
320
300
300
280
280
-ALL ITEMS
260
260
240
240
220
220
200
200
180
1978
1979
1111111 I I II
1980
1981
I II I II II
1982
1983
LLLL LLLLiiiiilJ
I II I
1984
1985
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
180
1986
COUNCIL OF ECONOMIC ADVISERS
[1967 — 100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Tr ansportati on
Hou sing
She Iter
All
items *
Food
Renters'
Total >
1982=100)
Homeowners'
costs (Dec.
1982 = 100)
NSA
100.0
18.5
37.9
22.3
1978
195.4
217.4
246.8
272.4
289.1
298.4
311.1
322.2
324.5
325.5
326.6
327.4
328.4
327.5
326.0
325.3
326.3
327.9
328.0
328.6
330.2
211.4
234.5
254.6
274.6
285.7
291.7
302.9
309.8
310.7
311.1
313.2
315.2
315.9
313.8
314.1
315.0
316.4
316.7
319.5
322.5
323.9
202.8
227.6
263.3
293.5
314.7
323.1
336.5
349.9
210.4
239.7
281.7
314.7
337.0
344.8
361.7
382.0
386.1
387.9
390.5
391.9
393.3
394.8
397.3
400.7
401.0
401.8
403.6
404.8
406.7
1985:
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
1
352.2
353.3
355.2
356.2
357.1
356.8
357.5
358.5
358.2
360.1
360.2
361.1
361.9
7.3
103.0
108.6
115.4
116.7
117.5
118.2
118.5
118.8
119.2
119.8
121.1
121.2
121.7
122.5
122.7
123.2
14.4
102.5
107.3
113.1
114.5
114.9
115.7
116.2
116.6
117.0
118.0
118.9
119.1
139.1
119.6
119.9
120.6
Includes items not shown separately.
2
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
3
Relative importance, December 1985.
Fuel
and
repairs
utilities
Apparupkeep
Total '-
21.4
185.5
212.0
Medical
care
Energy2
New
ears
Motor
fuel
3.4
153.8
166.0
179.3
190.2
197.6
202.6
208.5
215.2
216.2
217.0
217.7
218.4
218.6
219.5
219.9
221.2
223.0
224.4
225.2
225.8
226.3
5.5
6.5
11.3
196.3
265.6
369.1
410.9
389.4
376.4
370.7
373.8
375.2
374.3
377.4
379.4
380.1
357.2
314.8
279.5
286.4
295.0
275.5
262.7
269.2
219.4
239.7
265.9
294.5
328.7
357.3
379.5
403.1
409.0
410.9
413.0
415.7
417.5
420.4
424.5
427.2
429.8
432.8
435.0
437.4
440.1
220.4
275.9
361.1
410.0
416.1
419.3
423.6
426.5
All items
less
food,
energy,
and
shelter
NSA
Bel. imp.3
1979
1980
1981
1982
1983
1984
1985
Maintenance
0.5
8.1
5.0
233.0
256.4
285.7
216.0
314.4
334.1
319.2
159.6
166.6
178.4
186.9
191.8
196.5
200.2
206.0
206.8
207.7
208.4
208.3
207.7
206.6
206.3
206.9
206.5
205.8
206.2
207.7
209.4
346.3
359.2
368.9
368.7
368.5
372.7
373.7
379.1
379.6
367.5
367.6
367.1
366.6
369.2
376.4
376.2
239.3
278.6
350.8
370.3
387.3
393.6
394.4
393.7
395.4
396.5
397.2
392.4
388.4
385.7
382.3
388.9
383.4
383.6
381.8
249.7
280.0
291.5
298.4
311.7
319.9
319.3
320.5
322.6
323.9
325.5
320.9
311.8
304.0
304.9
307.4
303.6
300.8
302.0
426.8
425.8
428.4
430.3
430.8
414.3
387.5
365.2
366.2
374.8
359.6
352.7
355.0
48.0
179.1
191.5
208.3
228.1
245.6
258.4
271.2
281.6
282.6
284.1
285.4
286.2
287.5
288.0
288.6
289.1
289.4
290.4
291.3
292.1
292.7
NOTE.—Data beginning 1983 incorporate a rental equivalence measure tor horn
and therefore are not strictly comparable with figures for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Chi ng<< from pr jceding peric d
Change from 3 mont! s earlier, ann ill rate
Change from (> montl s earlier, ann jal rate
Consum r goods
Consum r goods
Oonsurn r goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
equipment
Excluding
foods
Foods
Total
finished
goods
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., N,.3A
9.2
12.8
11.8
7.1
3.7
.6
1.7
1.8
1978
1979
1980
1981
1982
1983
1984
1985
8.5
17.5
14.2
8.5
4.2
-.8
.8
2.0
11.7
7.4
7.5
1.4
2.1
2.3
3.5
.5
7.8
11.1
7.9
8.8
11.4
13.5
9.2
4.0
1.6
2.1
.9
9.2
3.9
1.9
1.8
2.7
Or ange, mon th to mont h
1985:
Sept
Oct
Nov
Dec
-0.5
.9
.7
.6
-1.0
1.7
1.1
1.0
-0.4
.6
.7
.6
-0.5
1.0
.2
.1
1986: Jan
Peb
Mar
-.7
-1.6
-1.0
— .5
.5
0
-.4
.3
-.6
— 1.7
.1
.1
1.3
0
1.9
1.3
-.2
.1
2.3
-6.7
.2
.4
-.2
-1.0
-2.3
-2.0
-1.2
.3
-.1
-1.8
-.1
.8
-12.5
-11.7
-3.8
0
.4
— .4
1.1
Apr
May r
June r
July
Aug r
Sept
-2.9
-.1
7.2
16.0
-2.4
.1
4.2
9.2
.3
.0
.1
2
.1
.4
-0.9
2.7
2.8
5.6
-2.8
5
3.4
7.8
1.1
-10.5
-19.5
-20.1
-11.0
-3.9
-6.1
-7.8
-4.7
6.2
-4.9
-8.1
-5.4
6.7
6.0
13.6
13.6
12.8
.8
.4
.7
2.7
2.3
1.9
1.3
1.6
2.6
6.1
1.6
.3
_2
2.4
3.0
1.0
3.3
.2
.7
-1.3
3.7
10.1
9.4
.3
-3.8
-6.8
-10.1
— 10.8
-12.0
-13.4
-9.4
—4.3
-4.4
0
3.8
-0.1
.6
1.5
3.2
1.2
-1.4
-2.2
-5.0
-5.3
-6.5
-5.9
-2.1
.6
0.3
2.1
2.3
2.3
1.7
1.6
3.1
1.7
1.3
1.3
2.0
1.9
2.2
2
1.1
1.4
1.8
1.3
-.2
— 1.4
-2.0
-1.8
— 1.7
-2.3
-1.8
-.9
: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Adden dum: All ite ns, percent hange
(annua rite)
Tr insportati Dn
Housing
All
Shelter
Period
All
items '
Food
Total >
Total '
Homeowners
costs
Renters'
costs
Fuel
and
other
utilities
c mnge, December
1978
1979
1980
1981
1982
1983
1984
1985
9.0
13.3
12.4
8.9
3.9
3.8
4.0
3.8
11.8
10.2
10.2
4.3
3.1
2.6
3.8
27
9.9
15.2
13.7
10.2
3.6
3.5
4.2
4.3
11.5
17.4
15.1
9.9
2.4
4.7
5.2
6.0
5.1
5.9
6.3
4.5
5.1
5.9
5.9
16.0
13.6
14.5
9.7
1.8
4.2
1.9
Apparel
and
upkeep
MediTotal '
New
curs
Motor
cal
care
Energy2
items
less
food,
energy,
and
shelter
From
previ-
ous
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
to Dee< mber,
3.2
5.5
6.8
3.6
1.6
2.9
2.0
2.9
Is SA
7.7
18.2
14.7
11.0
1.7
3.9
3.1
2.6
6.2
7.4
7.5
6.8
1.6
3.4
2.4
3.5
8.5
52.2
18.9
9.4
-6.5
-1.7
-2.4
3.0
8.8
10.1
10.0
12.5
11.0
6.4
6.1
6.7
8.0
37.4
18.1
11.9
1.3
K
.2
1.8
9.9
7.7
11.3
13.5
9.4
10.4
6.5
7.2
6.1
6.1
5.0
4.4
3.7
3.2
4.3
3.6
Oha nge, mo nth to nlonth
Sept
Oct
Nov
Dec
0.2
.4
.6
1986: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
.3
-.4
— .4
1985:
.4
0
.2
.5
.0
.2
.3
1
0.4
.1
0.1
.3
0.2
.5
.7
.6
.5
.3
7
.4
/2
.3
-.1
2
.3
-.1
.5
.0
_2
.2
.4
.4
-.7
.1
.3
.4
.1
.9
.9
.4
.6
.9
.1
2
.4
.3
.5
0.3
.7
.6
3
0.2
.3
.7
.3
.3
.5
1.1
.1
.3
.3
.9
.8
_2
0
.4
.3
.6
.4
.7
2
.4
.4
0.2
_ 2
.4
.3
2
-1.2
-1.0
— .7
-.9
1.7
— 1.4
.1
-.5
0.4
.4
.3
-.0
-0.2
.4
.7
.4
0.2
.4
.3
.3
-.3
-.5
.5
.1
1
.3
-.2
-.3
.2
.7
.8
Includes items not shown separately.
2
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant:,
etc., also included through 1982.
3
Quarterly changes are shown in the last month of the quarter.
24
— 1.4
-2.8
-2.5
.3
.8
-1.2
-.9
.4
-0.6
-.2
.8
.5
.2
.4 -6.0
2 — 11.9
.6 -11.2
2.5
.8
.6
3.0
.4 -6.6
.3 -4.6
.2
2,5
0.6
.5
.5
.7
.4
.7
1.0
.6
.6
.7
.5
.6
.6
.4
0.2
.5
.5
.3
.1
.5
-0.2
_ 9
.6
-3.8
-6.5
-5.8
.3
2.3
-4.1
-1.9
.7
2
.2
2
.1
.3
.3
.3
.2
2.6
2.4
2.8
4.3
3.1
4.5
5.3
2.9
3.6
3.8
5.1
1.2
-1.9
-4.3
-2.1
1.5
2.7
2.7
2.2
4.1
2.9
1.6
.3
1.5
— 1.7
2.6
-.4
2
-.8
.3
1.8
3.2
3.2
3.6
3.8
3.9
3.2
2.3
1.6
1.6
1.7
1.6
1.6
1.8
NOTE.—Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparable with data for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in September fell 2.4 percent from their August level. Prices paid by farmers in July (the
latest data available) were unchanged from their April level.
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
PRICES PAID
160
160
140
140
120
120
PRICES RECEIVED -
100
100
80
80
an UJIlliUJJJjJLIllliiJLlli
llii
Li 60
III
RATI DV
140
—
120
""""
RA
—
__
•a^****flaa,•=»«*"
100
60
^_
—
r^n
RATIO
^r-
1980
1979
^-~
1982
1981
120
100
UJHilliiL JlLUlLLLLLl minim! iUUlUUJ. mulim;
1978
140
Htllimil
muinm
1983
1984
1
-^ _
[ I f l l l l l l l l Illllllllll
1985
80
60
1986
1/RATiO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
r rices paid by farmer s
Pri es received by farm ers
Period
1978
1979
1980
1981
1982
1983
1984
1985
1985:
1986:
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
All farm
products
Livestock and
products
115
132
134
139
133
135
142
128
120
123
127
128
124
122
122
121
123
121
125
125
122
105
116
125
134
121
128
139
120
112
111
114
118
113
111
111
114
114
109
105
101
96
1
Includes items not shown separately.
2
Percentage ratio of index of prices received hy fai tiers to index of prices paid, interest, taxes,
and wage rates.
3
Not available.
124
147
144
143
145
141
146
136
128
134
138
137
135
133
132
127
131
133
143
149
147
4
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
108
123
138
151
157
161
164
163
162
162
162
162
163
163
(3)
161
(3)
(3)
161
(3)
(3)
109
125
139
151
156
159
161
157
155
154
155
155
156
155
(3)
153
(3)
(3)
153
(3)
(3)
Production
items
108
125
138
148
150
153
155
151
148
148
149
149
150
149
(3)
146
(3)
(3)
145
(3)
(3)
Ratio 2
106
107
97
92
85
84
86
79
74
76
78
79
76
75
75
75
76
75
78
4
4
78
76
Derived using prices paid index for April.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
AND
STOCK, LIQUID
In September, growth in Ml and M2 slowed; growth in M3 was unchanged.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,400
3,200
3,400
3,200
2,800
2,800
2,400
2,400
2,000
2,000
V
M2
1,600
1,600
~
1,200
1,200
800
800
700 —
700
600
600
500 —
500
400
300
1980
1984
1981
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
i In in in 11
1985
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCE, BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept'
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
363.0
388.7
414.2
441.1
479.9
527.1
558.5
626.6
611.5
614.2
620.1
626.6
627.2
631.0
638.4
646.1
r
658.7
666.8
676.1
687.8
693.5
1,388.9
1,497.5
1,630.3
1,792.8
1,952.6
2,186.0
2,373.8
2,566.5
2,529.9
2,538.9
2,551.4
2,566.5
2,569.9
2,577.7
2,592.4
2,622.1
2,649.6
2,670.6
2,699.1
2,724.1
2,741.0
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.
* Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
1,646.4
1,803.2
1,987.4
2,233.6
2,443.5
2,697.3
2,986.5
'3,201.2
3,150.8
r
3,165.8
r
3,181.3
r
3,201.2
3,224.5
3,241.5
3,262.5
3,293.7
3,315.3
3,338.9
3,375.1
r
3,400.1
3,424.9
L
M3 plus
other liquid
assets
1,909.0
2,114.8
2,323.3
2,593.7
2,850.1
3,163.5
3,532.3
r
3,839.5
'3,740.8
r
3,762.8
T
3,800.5
r
3,839.5
r
3,862.2
r
3,881.2
' 3,895.0
r
3,918.3
r
3,950.5
' 3,973.8
r
4,007.0
4,037.7
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
3,172.6
3,556.6
3,898.6
4,278.1
4,662.3
5,197.6
5,950.3
6,769.0
6,502.0
6,560.8
6,643.5
6,769.0
6,867.5
6,911.0
6,954.6
7,012.1
7,079.5
7,145.5
r
7, 208.4
7,282.9
Perce nt change from yeai or 6
months earlier 2
Ml
8.3
7.1
6.6
6.5
8.8
9.8
6.0
12.2
14.2
13.8
13.3
12.4
10.7
8.9
9.0
10.7
12.8
13.2
16.2
18.8
18.0
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System
M2
8.0
7.8
8.9
10.0
8.9
12.0
8.6
8.1
8.4
8.8
8.3
7.2
6.0
5.0
5.0
6.7
7.8
8.3
10.3
r
!1.7
11.8
M3
11.8
9.5
10.2
12.4
9.4
10.4
10.7
7.2
7.0
7.6
7.4
6.8
7.3
7.2
7.2
8.3
8.6
8.8
9.6
10.0
10.2
Debt
13.3
12.1
9.6
9.7
9.0
11.5
14.5
13.8
13.1
12.8
13.1
14.9
15.8
14.9
14.4
14.2
13.6
11.4
10.2
11.1
OF
LIQUID
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
DePeriod
mand
Currency
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1978: Dec
1979: Dec
1980: Dec
1981: Dec
1982: Dee
1983: Dec
1984: Dec
1985: Dec
1985:
Sept
Oct
Nov
Dec
1986:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept "
8.5
Money market
mutua fund
bala ices
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
3.1
9.5
Savings
deposits
Small
denomination
time
deposits '
0.0
.0
.0
.0
43.2
379.2
417.0
512.0
521.5
635.3
730.2
825.1
852.8
785.2
887.5
880.3
62.3
63.3
64.5
64.6
499.8
504.1
509.5
512.0
300.3
302.3
303.7
303.6
878.3
875.7
876.0
880.3
67.3
67.7
70.2
74.1
76.1
75.0
77.5
80.8
84.4
515.7
516.3
520.5
525.2
530.8
540.4
546.2
553.3
558.7
304.0
304.9
306.9
311.4
318.5
325.0
331.1
337.3
343.9
885.9
891.0
894.7
895.9
891.2
885.6
883.7
877.3
871.5
253.5
261.1
265.3
234.6
237.9
242.7
248.4
271.5
17.4
28.0
78.0
103.4
131.3
146.3
178.6
20.3
21.2
28.3
35.9
38.8
53.8
56.3
70.3
33.4
61.6
150.6
185.2
138.2
167.5
176.5
15.2
38.0
51.1
43.2
62.7
64.6
167.7
168.7
169.8
170.6
266.4
266.0
267.8
271.5
171.5
173.7
176.7
178.6
64.5
65.2
66.4
70.3
176.7
177.0
176.8
176.5
171.9
172.9
173.9
174.4
175.8
176.7
177.5
179.0
179.8
268.9
269.2
273.2
275.7
281.6
284.9
288.3
291.8
292.2
180.5
183.1
r
185.3
189.9
195.1
199.0
203.9
r
210.6
215.1
68.9
68.5
67.6
68.5
69.0
66.2
71.7
r
74.2
72.3
177.7
181.0
186.2
191.4
193.2
197.3
199.7
200.3
202.2
Large
denomination
time
deposits i
NSA
482.0
423.9
401.4
344.8
357.9
306.6
289.7
303.6
97.6
106.4
116.7
124.1
134.3
148.3
158.5
170.6
6.4
Money
market
deposit
accounts
(MMDAs)
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
r
r
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
Shortterm
Treasury
securities
ov
Sav,m£s
on s
195.1
222.1
259.0
301.8
327.8
329.9
413.9
436.5
26.6
29.5
34.0
36.0
34.5
51.8
62.2
66.0
31.8
44.7
50.3
67.5
81.7
91.5
83.1
76.7
80.3
79.6
72.3
67.8
68.0
71.2
74.3
79.5
81.1
107.8
133.4
149.6
184.4
214.9
266.0
r
308.4
425.7
429.8
432.9
436.5
58.6
59.8
63.3
66.0
78.9
78.2
78.4
76.7
78.0
78.5
79.0
79.5
r
447.9
451.3
450.5
452.1
446.4
445.1
445.7
447.6
446.8
68.8
70.6
71.6
71.5
74.2
75.5
75.2
75.8
78.4
76.0
79.2
82.7
81.5
79.8
80.1
78.8
r
78.2
80.6
Bankers'
acceptances
-iin
Commercial
paper
22.0
27.2
32.1
39.9
44.3
44.5
43.6
41.1
79.2
97.0
98.1
102.8
109.9
135.6
161.8
209.5
43.2
43.9
43.1
41.1
187.2
192.5
196.4
209.5
41.6
42.4
41.7
41.0
40.1
40.3
39.4
37.2
210.6
209.2
209.5
203.0
206.7
210.6
212.3
219.3
281.6
282.1
300.7
r
308.4
r
r
79.9 * 305.5
80.5 r307.7
81.1 r 300.2
81.8 r 298.8
82.6 r 305.7
83.4 r 300.5
84.3 r 296.0
85.3 295.8
r
r
r
Travelers checks are a component of money stock but are not shown here.
Source: Board of Governors of the Federal Reserve System.
NOTE.—See note p. 26.
[Millions of dollars; seasonally adjusted]
Net change in in stallment ere dit outstandii> g '
Ins tallment credit outstanding (end of perio d)
Period
Total
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
187,782
221,475
261,976
296,483
297,667
314,321
327,173
376,239
453,580
535,098
66,821
80,948
98,739
112,475
112,255
120,020
125,369
145,908
173,122
206,482
16,595
36,689
45,202
53,357
54,894
60,750
66,007
78,369
98,514
118,296
15,738
16,362
16,921
18,207
19,119
20,382
20,998
22,194
24,184
25,461
88,628
87,476
101,114
112,444
111,399
113,169
114,799
129,768
157,760
184,859
20,739
33,693
40,501
34,507
1,184
16,654
12,852
49,066
77,341
81,518
9,832
14,127
17,791
13,736
-220
7,765
5,349
20,539
27,214
33,360
2,088
20,094
8,513
8,155
1,537
5,856
5,257
12,362
20,145
19,782
1985: Aug
Sept
Oct
Nov
Dec
506,090
516,420
522,978
528,621
535,098
192,923
198,656
201,994
203,766
206,482
112,373
113,850
115,218
117,050
118,296
25,173
25,341
25,320
25,315
25,461
175,621
178,573
180,446
182,490
184,859
6,051
10,330
6,558
5,643
6,477
1,722
5,733
3,338
1,772
2,716
1,469
1,477
1,368
1,832
1,246
1986: Jan
Feb
Mar
Apr
May
June
July r
Aug"
542,753
547,852
550,939
555,810
562,267
567,652
573,216
576,959
210,661
213,342
214,361
215,814
218,965
222,606
226,235
228,744
119,682
120,724
122,131
123,442
124,545
124,721
125,577
125,767
25,371
25,573
25,584
25,513
25,561
25,480
25,398
25,236
187,039
188,212
188,863
191,041
193,196
194,847
196,007
197,212
7,655
5,099
3,087
4,871
6,457
5,386
5,564
3,743
4,179
2,682
1,019
1,452
3,151
3,642
3,628
2,509
1,386
1,042
1,407
1,311
1,103
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
175
857
190
Mobile
home
350
624
559
1,286
912
1,263
616
1,196
1,990
1,277
158
168
21
-5
146
-90
203
11
-71
48
81
-81
162
Other
8,469
1,152
13,638
11,330
-1,045
1,770
1,630
14,969
27,992
27,099
2,702
2,952
1,873
2,044
2,369
2,180
1,173
651
2,178
2,155
1,650
1,160
1,205
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose 0.1 percent in September.
BILLION S OF DOLLARS * (RATIO SCA LE)
Bl LIONS OF DOl LARS * (RATIO SCALE)
2,000
ALL COM rtERCIAL BANK s
1,800 —
1,600
1,400 —
1 200
1,000
800
.
- TOTAL
_—
— __^__—-
—~
^—i
^_-—
_ _ —
1
2,000
~*^'
"
— —-"""
—
1,800
1,600
—
1,400
^ ^, —• ""
1 200
---'
^-— '
^ __ , . — .
—
"V"""
1,000
800
LOA NS AND LEAS ES
r~"*~~ ~ *
'
_——•
-— *~
•—
-"
—
600 —
- 600
400
——x'"
_„„
__.^-U.S. GC WERNMENT SE CURSTIES
\
\
__.-
=•
-—•*
r
---
i
_,
***»^
" "*
-__ T~~-*--*-~~*
C)THER SECURIT ES
120
Mill 1 Mill
1978
80
111 iihini iimhii ii
1979
Illllllllll IlliltillU 1 1 1 II 1 i i 1 1 1
nuijnm
1982
1984
1980
1981
1983
120
iniiliiin timlnm
1985
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
80
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depos itory institutio ns 3
Al commercial ban iS 1
R sserves adjust sd
for changes i i
res erve requirem snts
Loans a nd leases
Period
Total loans
and
securities 2
Total
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept"
1,014.4
1,136.2
1,240.5
1,308.2
1,401.1
1,553.5
1,722.6
1,900.4
1,847.2
1,855.5
1,876.0
1,900.4
1,930.0
1,935.5
1,944.6
1,947.9
1,957.5
1,963.7
1,985.0
2,007.7
2,027.1
a
747.5
849.9
915.4
968.4
1,033.9
1,123.7
1,319.7
1,449.7
1,418.0
1,424.0
1,436.8
1,449.7
1,469.3
1,473.7
1,491.8
1,495.8
1,501.5
1,505.3
1,513.4
1,524.5
1,532.6
Commercial
and industrial
loans
246.2
291.3
327.4
355.9
392.5
414.0
472.9
499.5
492.1
492.7
495.7
499.5
502.1
502.4
506.1
507.8
506.7
508.7
508.7
510.4
510.8
U.S.
Government
securities
Total
201.9
259.7
260.9
273.1
275.5
274.2
276.0
273.1
268.2
273.6
269.5
270.0
274.1
274.8
285.4
290.9
294.1
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
28
129.3
142.0
154.5
160.6
165.3
170.1
142.1
177.6
153.6
157.3
163.3
177.6
192.5
188.1
183.3
182.1
181.9
183.6
186.1
192.3
200.5
137.6
144.4
170.6
179.2
2
3
27.85
29.15
30.99
32.19
34.41
36.16
39.51
45.61
43.88
44.24
44.85
45.61
45.88
46.37
46.87
47.28
48.58
49.45
50.49
51.32
51.81
borrowed
Borrc wings
(millions of dollars,
unadj usted)
Required
Total
26.99
27.67
29.30
31.55
27.62
28.70
30.48
31.87
1,473
1,690
33.78
35.38
36.32
44.29
42.59
43.06
43.11
44.29
45.11
45.49
46.10
46.38
47.70
48.64
49.75
50.45
50.80
33.91
35.59
38.66
44.55
43.22
43.49
43.92
44.55
44.77
45.27
45.97
46.47
47.74
48.51
49.58
50.58
51.08
634
774
3,186
1,318
1,289
1,187
1,741
1,318
770
884
761
893
876
803
741
872
1,008
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
Source: Board of Governors of the Federal Reserve Svstem.
868
636
Seasonal
135
81
116
54
33
96
113
56
203
172
107
56
36
56
68
73
94
108
116
144
137
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
Ci edit market fu nds
1
Total
Total
1978
1979
1980
1981
1982
1983
1984
1985
1985: I
n
m
TV
1986: I
n
"
Securities
and
mortgages
Loans and
short-term
paper
51.8
66.9
41.2
70.9
Discrepancy
(sources less
uses)
92.4
124.5
36.6
30.3
126.5
63.2
53.2
49.3
4.7
58.1
60.7
48.4
216.9
238.3
244.1
286.3
256.3
274.8
371.2
362.6
99.1
62.8
35.7
124.3
97.9
85.4
19.2
-10.1
4.4
33.3
35.6
32.2
34.3
31.5
-10.2
29.7
16.9
24.8
74.3
42.7
23.5
112.3
25.8
29.5
73.4
65.2
421.3
409.0
431.3
530.1
351.3
359.8
359.7
379.3
70.0
49.2
71.6
150.8
7.9
43.1
47.8
27.3
51.2
50.5
44.6
-2.0
-34.5
49.7
404.0
419.7
390.0
361.8
14.0
57.9
25.0
39.5
242.3
285.7
326.3
352.5
87.8
94.3
93.7
80.6
87.6
116.4
78.5
33.2
20.9
53.1
22.8
44.0
57.3
10.1
15.3
429.3
452.1
479.0
557.4
339.4
350.3
365.2
355.1
89.9
101.8
113.8
202.3
64.1
72.4
40.4
137.1
429.1
459.3
367.7
361.1
61.4
98.2
95.8
48.5
182.3
197.6
200.1
239.5
Increase in
financial
assets
309.3
362.8
343.2
349.1
292.0
399.1
469.1
448.0
146.3
155.1
147.5
143.0
85.3
145.6
177.1
127.0
328.6
352.7
347.6
382.5
327.6
431.3
503.4
479.5
Total
Other 2
Capital
expenditures 3
85.0
61.3
67.2
a
Plant and equipment, resident!al structures, ir ventory investm 3nt, and mineral rights from U.S.
Go .'eminent.
i ouree: Board of jovernors of t e Federal Rest rve System.
1
Undistributed profits (after inventory val lation and cap tal consumptio n adjustments! capital
consumption allowances, and f( reign branch jrofits, dividen s, and subsidi tries' earnings retained
abroad.
2
Consists of tax liabilities, tr ade debt, and ( jrect foreign in vestment in the U.S.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilitie s
Curren assets
Net
End of period
Total
Cash
Governsecurities
QFR-FEB series: 2
1978
1979
1980
1981
1982
1983
1984
1985 '
1983: IV
1984: I
n
m
IV
1985: I rr
n
HIr
TV
r
1986: I p
1
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,784.6
1,575.9
1,619.5
1,650.0
1,685.9
1,703.0
1,722.7
1,734.6
1,763.0
1,784.6
1,795.7
105.5
118.0
127.0
135.6
147.8
171.8
173.6
189.2
171.8
167.6
164.9
161.3
173.6
167.5
167.1
176.3
189.2
195.3
17.2
16.7
18.7
17.7
23.0
31.0
36.2
33.0
31.0
35.4
37.2
33.0
36.2
35.7
35.4
32.6
33.0
31.0
Notes and
accounts
receivable
388.0
459.0
507.5
532.5
517.4
583.0
633.1
671.5
583.0
606.4
622.6
639.1
633.1
650.3
654.1
681.0
671.5
663.4
Invento-
431.8
505.1
543.0
584.0
579.0
Total current assets divided by total current liabilities.
' Baaed on data from Quarterly Financial Report for Manufacturijig, Mining, and Trade Corpons. Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
603.4
656.9
666.0
603.4
622.2
632.5
659.3
656.9
665.7
666.7
675.0
666.0
679.6
Other
current
assets
101.1
116.0
132.1
149.7
169.8
186.7
203.2
224.9
186.7
187.9
192.9
193.2
203.2
203.5
211.2
218.2
224.9
226.3
Total
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,233.6
1,059.6
1,093.1
1,126.3
1,155.0
1,163.6
1,174.1
1,182.9
1,211.9
1,233.6
1,222.3
Notes and
accounts
payable
383.0
460.8
514.4
547.1
550.7
595.7
647.8
682.7
595.7
601.9
623.4
642.2
647.8
636.9
651.7
670.4
682.7
668.4
Other
current
liabilities
working
capital
286.5
346.5
376.2
424.1
374.3
407.5
437.8
448.3
435.3
463.9
515.8
550.9
463.9
491.2
502.9
512.9
515.8
537.1
531.2
541.5
550.9
553.9
451.1
516.3
539.5
551.0
516.3
526.5
523.7
530.8
539.5
548.6
551.7
551.1
551.0
573.4
ratio l
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.447
1.487
1.482
1.465
1.460
1.464
1.467
1.466
1.455
1.447
1.469
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), and Federal Trade Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates were unchanged in October.
PERCENT PER ANNUM
PERCENT PER ANNUM
INCH OF ECONOi
[Percent per annum]
U.S. T reasury security yields
Period
3-month bills
(new issues) l
12.29
14.76
11.89
9.24
8.64
8.51
8.06
7.44
7.07
7.32
7.67
7.98
7.62
7.31
7.14
7.12
11.02
10.55
10.16
10.05
9.67
9.00
8.79
9.09
9.13
8.88
8.72
8.89
8.87
7.79
7.69
7.62
7.62
7.54
7.08
6.47
6.53
6.63
6.24
5.83
5.61
5.62
7.27
7.12
7.13
7.12
6.97
8.90
8.86
8.88
8.89
5.70
5.53
5.59
5.68
8.63
9.58
7.48
10.62
8.18
7.17
7.20
7.07
7.04
7.03
6.59
6.06
6.12
6.21
5.84
5.57
5.19
5.18
9.25
8.88
8.40
8.41
8.10
7.30
6.86
7.27
7.41
6.86
6.49
6.62
6.57
10.24
9.78
9.26
9.19
8.70
7.78
7.30
7.71
7.80
7.30
7.17
7.45
7.43
5.20
5.08
5.13
5.30
5.18
6.65
6.43
6.59
6.66
7.43
7.31
7.53
7.52
1985: Get
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
Prime
commercial
paper,
6 months 1
11.94
14.17
13.79
12.04
12.71
11.37
8.51
11.23
11.57
9.47
10.15
1983
1984
1985
Sept
Oct p
10-year
Corporate
Aaa bonds
(Moody's) 4
11.46
13.91
13.00
11.10
12.44
11.506
14.029
10.686
Aug
3-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
11.55
14.44
12.92
10.45
11.89
9.64
1980
1981
1982
June
July
Constant rr aturities 2
8.89
10.16
8.01
Discount rate
(N.Y. F.E.
Bank) 5
Prime rate
charged by
banks 5
11.77
13.41
11.02
8.50
8.80
15.27
18.87
14.86
10.79
12.04
9.93
7.69
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.00
7.00-6.50
6.50-6.50
6.50-6.50
6.50-6.00
6.00-5.50
5.50-5.50
5.50 5.50
9.509.509.509.509.509.509.008.508.508.508.007.507.50-
9.50
9.50
9.50
9.50
9.50
9.00
8.50
8.50
8.50
8.00
7.50
7.50
7.50
7.507.507.507.50
7.50-
7.50
7.50
7.50
7.50
New-home
mortgage
yields
(FHLBB)6
12.66
14.70
15.14
12.57
12.38
11.55
11.09
11.01
10.94
10.89
10.68
10.50
10.27
10.22
10.15
10.30
r
10.26
10.22
Week ended:
1986: Oct 4
11
18
25
Nov 1
1
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
30
5.50-5.50
5.50-5.50
5.50-5.50
5.50 5.50
5.50-
5
Average effective rate for year; opening and closing rate for month and week.
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation,
COMMON STOCK PRICES AND YIELDS
Stock prices fell slightly in October.
INDEX, DEC. 31, 1965 = 50
INDEX, DEC. 31, 1965 = 50
160
160
140
140
120
120
COMPOSITE STOCK PRICE INDEX
(NYSE)
-V
100
100
80
80
60
60
II 40
40
1979
1978
1980
1982
1981
1983
1984
1985
1986
PERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
10
10
J
I
1978
I
I
1979
I
I
1980
1981
I
I
1982
1983
I
I
1984
I I
1986
1985
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD S. POOR'S CORPORATION
Co Tunon stock price s 1
Period
Common st ock 5yields
(perce nt)
Nevi York Stock Ex( hange indexes (E ec. 31, 1965 = 5O) 2
Composite
Industrial
Transporta-
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
Earningsprice ratio
1980
1981
1982
1983
1984
1985
68.10
74.02
68.93
92.63
92.46
108.09
78.70
85.44
78.18
107.45
108.01
123.79
60.61
72.61
60.41
89.36
85.63
104.11
37.35
38.91
39.75
47.00
46.44
56.75
64.25
73.52
71.99
95.34
89.28
114.21
891.41
932.92
884.36
1,190.34
1,178.48
1,328.23
118.78
128.05
119.71
160.41
160.46
186.84
5.26
5.20
5.81
4.40
4.64
4.25
12.66
11.96
11.60
8.03
10.02
8.12
1985: Oct
Nov
Dec
107.57
113.93
119.33
123.65
130.53
136.77
103.72
108.61
113.52
55.84
59.07
61.69
112.36
122.83
128.86
1,351.58
1,432.88
1,517.02
186.18
197.45
207.26
4.28
4.06
3.88
6.91
1986: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Ocf
120.16
126.43
133.97
137.27
137.37
140.82
138.32
140.91
137.06
136.57
137.13
144.03
152.75
157.30
158.59
163.15
158.06
160.10
156.52
156.35
115.72
124.18
128.66
126.17
122.21
120.65
112.03
111.24
114.06
119.93
62.46
65.18
68.06
69.46
68.65
70.69
74.20
77.84
74.56
73.29
132.36
142.13
153.94
155.07
151.28
151.73
150.23
152.90
145.56
143.82
1,534.86
1,652.73
1,757.35
1,807.05
1,801.80
1,867.70
1,809.92
1,843.45
1,813.47
1,814.28
208.19
219.37
232.33
237.97
238.46
245.30
240.18
245.00
238.27
237.06
3.90
3.72
3.50
3.43
3.42
3.36
3.43
3.36
3.43
3.49
Week ended:
1986: Sept 27
Oct 4
11
18
25
134.88
134.09
135.67
136.82
136.65
154.06
153.23
155.11
156.62
156.69
114.87
116.75
119.67
120.48
119.41
73.42
72.54
73.02
73.25
73.01
142.19
141.46
143.38
144.57
143.44
1,786.56
1,772.21
1,792.55
1,820.70
1,818.45
234.19
232.49
235.44
237.69
237.13
3.49
3.53
3.49
3.47
3.50
1
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
r
6.08
5.88
price ratios based on prices at end of quarter.
NOTE.—AH data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In fiscal 1986, there was a deficit of $220.7 billion compared with a deficit of $212.3 billion in fisca! 1985.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
RECEIPTS AND OUTLAYS ^
900
900
800
800
-OUTLAYS^
\ ,---'
700
700
600
600
RECEIPTS1
500
500
400
400
SURPLUS OR DEFICIT (-)!
-100
-100
-200
-200
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
FISCAL YEARS
!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
On-budget
Total
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
(-)
Receipts
Outlays
Gross Fe eral debt
(end of period)
Off-budget
Surplus
of deficit
(-)
Receipts
Outlays
Surplus
or deficit
(-)
Total
Held by
the public
1975
1976
Transition quarter
1977
1978
1979
279.1
298.1
81.2
355.6
399.6
463.3
332.3
371.8
96.0
409.2
458.7
503.5
-53.2
73.7
-14.7
53.6
-59.2
-40.2
216.6
231.7
63.2
278.7
314.2
365.3
271.9
302.2
76.6
328.5
369.1
403.5
55.3
-70.5
-13.3
-49.7
54.9
-38.2
62.5
66.4
18.0
76.8
85.4
98.0
60.4
69.6
19.4
80.7
89.7
100.0
2.0
-3.2
-1.4
-3.9
-4.3
-2.0
544.1
631.9
646.4
709.1
780.4
833.8
396.9
480.3
498.3
551.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
73.8
-78.9
-127.9
-207.8
-185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
73.9
-120.0
208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
— 1.1
-5.0
-7.9
.2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
1985
1986"
1987 (estimates) '
734.1
769.1
831.2
946.3
989.8
975.1
-212.3
-220.7
-143.9
547.9
568.9
615.2
769.5
806.3
781.4
-221.6
237.4
-166.2
186.2
200.2
216.0
176.8
183.5
193.6
9.4
16.7
22.3
1,827.5
2,129.5
2,354.9
1,509.9
1,745.6
1,888.1
1
Estimates from Mid-Ses
August 6, 1986.
32
i Review of the 1987 Budget, Office of Management and Budget,
C
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1986,
receipts were $35.0 billion higher than in fiscal 1985
and outlays were $43.5 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
RECEIPTS!/
INDIVIDUAL INCOME TAXES
300
300
SOCIAL INSURANCE TAXES AND CONTRIBUTIONS
200
"CORPORATION INCOME TAXES
100
/
100
„.
BOTHER RECEIPTS
0
700
200
0
.OUTLAYS-!/ _
700
.NONDEFENSE
600
600
500
500
400
400
NATIONAL DEFENSE-
300
300
200
200
100
100
1978
1979
1982
1981
1980
1983
1984
1985
1986
1987
FISCAL YEARS
O/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
0 n-budget a nd off-buc jet receip
Fiscal year
Total
Individual
taxes
Corporation
taxes
On-bud yet and of -budget 01 tlays
s
Nationa defense
Social
insurance
Other
Depart-
Total
Total
and
butions
1976
1977
1978
1979
298.1
131.6
355.6
399.6
463.3
157.6
181.0
217.8
1980
1981
1982
1983
1984
517.1
244.1
599.3
285.9
297.7
288.9
298.4
617.8
600.6
666.5
1985
1986 "
1987 (estimates)
]
1
734.1
769.1
831.2
334.5
349.0
381.7
118.5
139.6
156.0
170.7
178.2
33.5
35.9
35.9
65.8
70.2
67.1
128.2
120.7
120.7
188.6
198.8
590.9
678.2
745.7
808.3
134.0
157.5
185.3
131.0
153.8
180.7
209.0
239.4
50.6
69.5
69.3
65.6
71.8
209.9
227.4
204.4
220.8
12.7
13.1
12.3
11.8
15.9
265.2
283.9
304.6
73.0
73.1
69.9
946.3
989.8
252.7
273.4
282.2
245.4
265.6
274.4
16.2
14.5
15.8
Estimates from Mid-Session R>
tf the 1987 Budget, Office of Management and Budget,
August 6, 1986.
NOTE.—Data shown here exclude the transition quarter.
86.5
99.7
107.7
122.6
112.7
18.5
20.5
61.3
63.1
75.0
975.1
est
32.1
39.1
46.6
52.6
57.5
7.5
7.5
851.8
Net
inter-
ty
23.2
26.9
27.4
28.6
30.4
15.7
17.3
157.8
182.7
201.5
Social
securi-
'.v
26.5
6.4
6.4
64.6
61.1
49.2
37.0
56.9
Income
securi-
73.9
85.1
93.9
104.1
88.1
95.3
102.3
113.7
36.6
37.7
40.8
Medi-
60.8
61.0
61.5
66.4
89.6
97.2
104.5
116.3
34.3
60.0
65.7
Health
affairs
371.8
409.2
458.7
503.5
90.8
106.5
121.0
138.9
41.4
54.9
Defense,
military
Inter-
15.8
19.3
22.8
207.5
26.7
29.9
35.4
42.6
Other
82.8
93.0
114.7
119.6
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
129.4
135.3
139.1
131.8
141.1
106.8
52.5
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1986, Federal receipts rose $7.7 billion (annual rate) and expenditures rose $44.2 billion,
yielding a deficit of $238.1 billion. In the third quarter, according to preliminary estimates, expenditures fell $21.7
billion; receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
1,000
1,000
800
800
600
400
200
-200
1986
1982
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal 0 overnment expenditure s
Federal Governmeiit receipts
Period
Total
1983
1984
1985
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
659.9
726.5
786.8
294.5
309.3
345.6
61.3
75.9
73.6
51.6
55.7
56.1
252.5
285.5
311.5
1982:
IV
633.1
303.0
46.4
47.6
236.1
1983:
I
636.5
666.0
661.6
675.5
297.1
303.3
285.4
291.9
46.7
59.7
68.8
70.2
46.3
52.9
53.7
53.6
246.4
250.1
253.7
259.8
n
m
711.2
721.7
729.2
743.9
81.9
80.9
71.0
69.9
54.6
55.8
56.3
55.9
278.8
283.3
287.6
292.6
n
in
793.3
755.8
792.6
805.8
295.9
301.7
314.3
325.5
360.7
316.6
349.6
355.6
350.3
355.5
365.7
70.5
69.9
76.8
77.2
55.1
59.3
53.9
56.0
306.9
310.0
312.2
317.0
71.2
74.3
52.7
50.7
52.3
325.8
327.2
329.6
n
in
IV
1984: I
IV
1985: I
IV
1986: I
n p
ni
800.0
807.7
Source: Department of Commerce, Bureau of Economic Analysis.
34
Total
835.9
896.5
984.9
835.7
822.7
837.4
838.9
844.7
865.2
885.6
901.1
934.0
955.4
970.6
990.1
1,023.4
1,001.5
1,045.7
1,024.0
Net
interest
paid
current
surplus of
Government
enterprises
348.6
355.0
380.3
86.2
93.6
99.0
94.3
115.6
130.5
22.9
21.3
293.2
347.4
84.5
87.2
285.5
287.7
284.9
276.1
283.4
315.2
317.2
329.1
333.7
340.9
360.9
380.9
355.7
367.6
365.7
344.2
351.1
86.0
86.1
86.8
86.0
88.1
91.1
96.8
101.0
91.5
93.4
92.6
96.9
107.3
110.4
119.7
124.9
95.7
98.3
100.2
101.6
127.6
130.9
129.8
133.9
103.5
106.9
106.1
135.0
138.1
136.0
Transfer
payments
283.5
311.3
354.1
346.6
352.5
350.1
351.7
356.0
362.1
374.2
377.2
384.1
385.9
389.3
396.7
398.1
or deficit
Subsidies
Grantsin-aid to
State
and
local
govern-
Purchases
of goods
and
services
20.7
23.4
18.9
20.2
23.4
29.1
32.9
15.0
15.6
21.5
24.4
22.3
15.1
21.1
18.0
36.5
18.0
Wage
accruals
less
disbursements
national
income
and
product
accounts
-0.4
.2
-.2
-176.0
-170.0
-198.0
.0
-202.6
.0
-1.3
-.4
.0
-186.2
-171.4
.2
.2
.0
.6
.1
-1.0
.0
.0
.0
.0
.0
-177.3
-169.2
-154.0
-163.9
-171.9
-190.1
-162.2
-214.8
-197.5
-217.6
-201.6
-238.1
INTERNATIONAL
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Consume r prices ( 967 = 300)
Industrial ; reduction (1977 — 1)0; seasonal V adjusted
Period
United
States
1979
1980
110.7
108.6
111.0
1981
1982
1983
1984
1985"
103.1
109.2
121.4
123.8
Italy
107
106
107
107
108.7
114.7
103
101
105
102
103
106
112
112.1
109.6
103.9
107.1
108.4
Japan
Prance
109.8
108.1
!08.6
r
98.9
r
!04.1
r
l!2.7
' 118.2
113.7
118.9
120.1
120.6
124.7
138.4
144.8
r
United
Kingdom
Germany
Canada
102
105
106
107
100
96
98
101
103
108
United
States *'
Canada
217.4
246.8
272.4
289.1
298.4
311.1
322.2
221.0
243.5
273.9
303.5
321.0
335.0
348.3
Japan
France
Germany
261.3
282.3
296.2
304.1
309.7
316.6
323.0
259.1
294.2
332.7
373.1
407.9
439.5
465.1
166.9
175.8
186.9
196.8
203.3
208.2
1985: Sept
Oct
Nov
Dec
124.3
123.6
124.8
125.6
* 120.0 144.5
' 119.9 144.8
' 119.3 144.2
' 121.2 144.6
105
107
109
104
112
116
116
110
110.6
106.9
110.9
106.6
109
108
110
107
324.5
325.5
326.6
327.4
350.5
351.7
353.1
354.7
323.8
328.4
325.0
325.2
469.2
470.6
471.5
472.1
1986:
Jan
Feb
Mar
126.2
125.3
123.6
r
124.7
124.2
113
113
112
117
112
r
l!6
117
108.0
111.0
114.5
116.2
r
108.5
113.7
110.7
108
110
110
Apr
104
105
105
110
103
107
328.4
327.5
326.0
325.3
326.3
327.9
328.0
328.6
330.2
356.3
357.7
358.5
359.1
360.7
361.3
363.9
365.1
365.1
325.8
324.4
323.5
324.7
326.9
325.2
324.4
323.8
472.6
471.7
472.9
474.7
May
June
Julv
Aug
Sept"
1
124.2
r
124.9
' 125.1
125.3
!20.3
' 120.3
r
l!7.1
' 120.4
r
l!7.7
r
l!6.7
r
l!7.7
r
l!6.6
144.6
145.2
144.5
144.6
145.1
145.3
144.7
no
108
107
110
475.6
477.0
477.5
478.0
Italy
United
Kingdom
212.7
328.5
398.0
472.4
549.4
631.8
698.8
764.7
359.0
423.6
473.9
514.7
538.3
565.1
599.4
212.6
212.9
213.3
213.5
771.3
780.6
786.1
791.6
604.8
605.8
607.9
608.7
213.8
213.3
212.8
212.6
212.6
212.9
211.9
211.4
211.7
795.6
801.2
804.4
806.8
809.9
813.1
813.1
610.0
612.2
613.0
619.0
620.1
619.8
618.0
619.9
623.0
814.7
817.1
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
Data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data for statistical month, not seasonally adjusted*]
Merc landisc expor t s >
Period
foreign
exports
Total z
Food,
beverages, and
tobacco
Crude
materials and
fuels
10,103
11,973
15,155
18,386
Exports
Ger enl import s "
Maim
factured
goods
I .a.s.
Monthly average:
1977
1978
1979
1980
Mercha ndise trade >a!ance
Merc landise imp orts
Domestic exports
Total
domestic
Total
2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Manu
factured
goods
Total
(c.i.f.
value)
6,379
8,360
9,352
10,427
13,368
15,504
18,519
21,415
less
imports
(customs
value)
Exports
(f.a.s.)
less
imports
(f.a.s.)
Exports
(f.a.s.)
-2,430
-2,590
-3,265
-3,530
-3,364
-3,030
imports
(c.i.f.)
valu e
9,919
11,762
14,886
18,043
1,330
1,717
2,049
2,534
1,548
1,746
2,352
2,810
6,679
7,873
9,716
11,991
12,533
14,563
17,455
20,406
2,752
2,793
2,463
2,624
2,362
12,857
11,643
11,034
11,929
12,115
21,748
20,329
21,504
27,144
28,773
1,529
1,485
1,568
1,802
1,865
7,739
6,£;X>
5,670
6,063
5,415
11,873
12,002
13,621
18,460
20,565
22,779
-2,275
21,240
-2,647
22,490 -4,797
28,431
-8,988
30,136 -11,011
-3,306
-3,558
-5,783
-10,276
-12,373
4,851
5,562
5,656
5,657
6,011
18,916
22,887
20,271
21,557
21,654
27,512
32,860
29,695
31,371
32,141
— 9,663
-14,315
-10,811
-12,290
-13,734
-10,927
-15,826
— 12,077
-13,651
-15,146
6,234
22,477
21,289
24,261
22,226
23,001
23,971
26,609
23,106
33,465
30,225
33,435
30,036
31,638
33,240
35,745
30,925
30,078
-14,999
-11,161
- 13,059
-10,797
-12,842
-12,694
-16,414
-16,459
-12,491
-14,522
-12,071
- 14,208
-14,170
-18,037
— 13,321
-12,560
1,186
1,312
1,478
1,546
4,463
4,325
5,949
7,831
-2,300
-2,020
Customs value
1981
1982
1983
1984
1985
19,473
17,683
16,707
18,155
17,762
19,075
17,256
16,326
17,670
17,244
2,767
2,248
2,248
2,276
1,852
1985: Aug*
Sept*
Oct*
Nov*
Dec*
16,584
17,034
17,618
17,721
16,994
16,106
16,543
17,122
17,227
16,479
1,783
1,709
1,836
2,128
1,907
2,258
2,115
2,285
2,559
2,459
11,233
11,700
12,102
11,688
11,221
26,247
31,349
28,429
30,010
30,728
1,719
1,903
1,598
1,865
2,138
1986: Jan*
Feb*
Mar*
17,006
17,735
18,913
17,965
17,431
19,070
17,707
17,604
17,518
16,501
17,164
18,349
17,376
16,691
1,797
1,689
1,706
1,475
1,395
1,438
1,648
1,814
1,672
2,467
2,367
2,349
2,436
2,228
1,776
1,764
2,035
1,988
11,393
12,182
13,325
12,615
12,274
12,298
11,623
12,042
12,253
32,005
28,895
31,972
28,762
30,272
31,764
34,121
29,476
2,215
1,908
2,100
2,018
2,329
1,886
2,143
1,931
Apr*
May*
June**
July"
Aug*
Sept*
16,427
15,911
16,831
16,860
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January 1978,
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade bal-
4,741
4,284
3,176
3,659
4,163
3,963
3,413
-11,871
"Beginning with data released in March 1986, the Bureau of the Census no longer publishes
these data on a seasonally adjusted basis. For further information and for details regarding revised
statistical month and monthly carryover data, see Bureau of the Census release FT 900.
"Foreign exports (not shown separately) include $2,050 million of nonmonetary gold bullion for
June and $1,250 million for July.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1986 the current account deficit was $34.7 billion, up from $34.0 billion in the first
quarter. The merchandise trade deficit fell to $36.0 billion from $36.5 billion in the first quarter.
BILLI ONS OF DOLL/^RS*
BILL ONS OF DOLL^vRS*
BALANCE ON G OODS
AND SERVIC ES
5
5
r-''V
._.//K,
^XS--H
V^
/
/
Axv.X-/^x'—
o
1
N/
5
'
s
\
\,
-~
E1ALANCE ON
„ CURRENT ACCOUrs
/
\
V
-v_-~
/
f
o
^
"
s"
10
/
Y--'A\
*~ ^^S \\
\
*
.' ,\\
^ \\
/"'
^ V-
MFR CHANDISE TRA RF
-15
N
\
\
BALANCE
\
\
\
\v
5
10
\
\
\
\
15
\
^.
20
\\
\
A
\
\\
A'
X
W
oc
-40
\
\
1
1
1978
1
1
1979
\
\
1
1980
1
1
1
1
1
1
1
1982
1981
1
1
1983
1
1
1
1984
\
-\
K^\
Vv
\\
111
25
30
u
~-~~-
.1985
1
1
1
: 40
1986
•SEASONALLY ADJUS TED
SOURCE: DEPARTMEN -
OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits {+), debits (—)]
In vestment inconie 3
Merchandise * '
Net
travel and
transportation
receipts
Period
Exports
1979
1980
1981
1982
1983
1984
1985
184,473
224,269
237,085
211,198
201,820
219,900
214,424
1983: I
n
m
TV
1984: I
n
m
TV
1985: I
n
in
TV
1986: I
n
"
Receipts
Payments
27,536
-212,009
-25,480
-249,749
27,978
-265,063
-36,444
-247,642
-67,080
-268,900
-332,422 -112,522
-338,863 -124,439
64,132
72,506
86,411
83,549
77,251
86,221
89,991
32,960
-42,120
-52,329
54,883
-52,410
67,469
-64,803
31,172
30,386
34,082
28,666
24,841
18,752
25,188
Imports
Net
-2,935
-1,778
997
-2,237
144
-1,183
-274
992
-4,227
-369
8,593
-1,827
-2,917 -11,128
Other
services,
net 3
Balance on
goods and
services 1
Remittances,
pensions,
and other
unilateral
transfers '
Balance
on current
account
-991
-6,128
6,214
5,138
-7,593
7,793
1,873
9,466
-7,425
8,699
6,339
13,764
-8,917
214
-9,131
8,829
9,711
9,481 -46,604
-37,123
9,881
94,308 -12,157 - 106,466
10,603 -102,694 -14,983 -117,677
49,642
49,216
50,351
52,611
-59,476
-64,798
-70,740
-73,886
-9,834
-15,582
-20,389
-21,275
18,077
18,732
20,684
19,758
-12,228
-12,807
-13,536
-13,839
5,849
5,925
7,148
5,919
492
32
-131
-762
-588
-916
-1,226
-1,497
2,238
2,486
2,436
2,552
-1,843
-8,055
-12,162
-15,063
-1,752
-2,021
-2,375
-3,333
-3,595
-10,076
-14,537
-18,396
53,614
54,590
55,691
56,005
-79,415
-83,684
— 84,144
-85,179
25,801
-29,094
-28,453
-29,174
22,860
21,104
21,396
20,861
15,446
-17,208
-17,991
-16,823
7,414
3,896
3,405
4,038
-281
-615
-234
-696
1,834
-2,052
-2,332
-2,375
2,630
2,471
2,448
2,333
-17,872
-25,394
-25,166
-25,874
-2,368
-2,439
-3,107
-4,243
-20,240
-27,833
-28,273
— 30,117
55,324
53,875
52,498
52,727
-80,369
-84,242
-84,173
-90,079
-25,045
-30,367
-31,675
-37,352
18,726
22,253
24,502
24,509
- 16,507
- 16,804
-16,240
-15,254
2,219
5,449
8,262
9,255
-246
-729
-619
-1,322
-2,201
-2,863
-3,030
-3,034
2,442
2,552
2,609
2,999
-22,831
-25,958
-24,453
-29,454
-3,280
-3,458
-4,001
-4,244
-26,111
-29,416
-28,454
-33,698
53,661
54,795
-90,120
-90,818
-36,459
-36,023
24,216
22,198
-17,699
- 16,908
6,517
5,290
-1,066
-704
— 2,701
-2,324
2,694
3,077
-31,015
-30,684
-3,023
-4,047
-34,038
-34,731
1
Excludes military grants.
Adjusted from Census data for differences in timing and coverage,
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.
2
36
Source: Department of Commerce, Bureau of Economic Analysis
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $10.7 billion in the second quarter
compared to a decrease of $6.3 billion in the first quarter. Liabilities to foreigners and international financial
institutions reported by U.S. banks increased $5.0 billion in the second quarter compared to an increase of $8.4
billion in the first quarter.
BILLIONS OF DOLLARS*
60
BILLIONS OF DOLLARS*
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S.,NET
l\
'
40
I \
/\
40
\/
I I
20
v /
.' 1
20
\
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
1
1978
1
I
1979
I
1980
I I
1981
1
I
I
1
1982
I
1984
1983
1985
1986
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[mcrease/capit il outflow ( — ) ]
Period
Total
1979
1980
1981
1982
1983
1984
1985
U.S.
official
reserve
assets 1 2
Other U.S.
Government
assets
Statistical d iscrepancy
Foreign assets in the 1 J.S., net
[inereas /capital inflov<( + )}*
U.S.
private
assets
Foreign
official
assets
Other
foreign
assets
38,752
58,112
83,322
94,078
85,496
102,767
127,106
13,665
15,497
4,960
3,593
5,968
3,037
-1,324
52,416
42,615
78,362
90,486
79,527
99,730
128,430
Total
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
reserve
assets, net *
(unadjusted,
end of
period)
-64,331
-86,118
-111,031
-121,273
-50,022
-23,639
-32,436
-1,133
8,155
-5,175
4,965
-1,196
3,131
-3,858
-23,691
-523
-8,621
-17,186
-787
16
529
-953
-1,134
-1,263
-1,171
-1,436
21,770
724
7,979
-14,797
16,200
15,756
19,531
34,009
38
1,591
2,662
7,002
16,162
14,165
22,194
27,007
11,086
-5,157
3,626
1,573
-88
176
-3,155
3,417
34,261
33,876
33,066
33,747
-3,571
-20,171
16,443
-16,338
-657
-566
-799
— 1,110
-2,029
-1,386
-1,388
-717
-885
18,220
18,630
14,512
22,251
41,963
2,668
35,885
-2,947
-157
-765
6,906
25,198
42,120
3,433
28,979
1,560
6,040
9,162
10,570
940
-962
-3,561
3,577
34,975
34,547
34,306
34,934
-510
-2,793
-5,867
-23,266
-233
-356
-121
-3,148
807
-1,055
-422
-540
530
-1,382
-5,324
-19,579
14,247
25,358
35,665
51,837
11,066
8,486
2,577
-1,322
25,313
16,872
33,088
53,158
12,374
6,851
— 1,344
5,128
1,093
-1,175
-3,688
3,774
35,493
36,088
38,295
43,186
-12,898
-17,749
-115
16
-250
181
-12,533
17,584
36,620
46,504
2,469
13,766
34,151
32,738
10,316
5,976
1,216
-1,464
44,919
46,595
1983: I
n
ni
IV
1984: I
n
m
IV
1985: I
n
m
IV
1986: I
HP....
59,453
-3,746
-5,162
-72,802
100,758
-5,097
-6,131 -110,177
43,821
-5,005
-5,523 -14,986
25,754
-2,824
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Sources:
Treasury.
rariment
1,139
1,152
1,093
25,431
24,982
20,276
36,325
11,130
27,338
23,006
18,956
26,756
30,074
33,958
33,747
34,934
43,186
of Commerce (Bureau of Economic Analysis) and Department of the
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfmancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfmancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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