Full text of Economic Indicators : September 1985
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99th Congress, 1st Session
Economic Indicators
SEPTEMBER 1985
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 198S
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
JAMES ABDNOR, South Dakota, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
CHALMERS P. WYLIE (Ohio)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
BOBBI FIEDLER (California)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
SCOTT LILLY, Executive Director
ROBERT J. TOSTERUD, Deputy Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
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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:
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WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to very preliminary ("flash") estimates for the third quarter, current-dollar gross national product (GNP)
is expected to rise 6.0 percent (annual rate) or $56.3 •billion. Real GNP (GNP adjusted for price changes) is
expected to rise 2.8 percent and the implicit price deflator, 3.1 percent. In the second quarter, revised data show,
GNP rose 4.5 percent, real GNP rose 1.9 percent, and the deflator rose 2.6 percent.
B LLIONS OF DO LLARS (RATIO iSCALE)
BILLIOI-JS OF DOLLARS> (RATIO SCALE )
4,000
3,600!
SEASON U.LY ADJUSTED ANNUAL
—
•4,000
RATES
-^ —
~~
-"
—
.s^
GNP
iKiru *RENT DOLLAR
3,200.
*
_-
2,800,
1
•s*^
V—
_,f*^
—
= 3,600
3,200
*~~
'
2,800
,—
—
—-
2,400
E
2,0001
-—^^—
H
»
-
2,400
^
—"
2,000
—
|r...
GNP
Ir-4 1972 DOLLAR s
1,600';
......
•»•"*"""*"
X
'1,600
,„»•"*
-'"""""
I 1 1
1,200
1977
1 1 1
1978
1
1
1
I
1
1
1 1 1
1 1 1
1980
'1979
1982
1981
1
1
1
1983.
! 1 1
1
1
•1,200
1
1985
1984
COUNCIL OF ECONOMIC ADVISERS
jOURCE: DEPARTMEN1 OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: m
IV
1983: I
II
Ill
IV
1984: I
II
Ill
IV
1985: I r
II
IIP
Gross
national
product
Gross
private
domestic
investment
1,718.0
1,918.3
2,163.9
2,417.8
2,631.7
2,957.8
3,069.3
3,304.8
3,662.8
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
2,341.8
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
637.8
3,080.1
3,109.6
2,001.3
2,046.1
3,173.8
3,267.0
3,346.6
3,431.7
2,070.4
2,141.6
2,181.4
2,230.2
3,553.3
3,644.7
3,694.6
3,758.7
2,276.5
2,332.7
2,361.4
2,396.5
3,810.6
3,853.1
3,909.4
2,446.5
2,493.0
415.9
376.2
405.0
449.6
491.9
540.0
623.8
627.0
662.8
637.8
646.8
643.2
"Very preliminary ("flush") estimate.
Personal
consumption
expenditures
Exports ar d imports of goods and
services
Goveriiment pureh ises of
goc ds and serv ces
Federal
Net
exports
13.8
-4.0
-1.1
13.2
23.9
28.0
19.0
-8.3
-64.2
6.6
6.3
19.6
-6.5
16.4
-29.8
-51.5
-58.7
-90.6
-56.0
-74.5
-94.0
Exports
Imports
Total
National
defense
Nondefense
State and
local
sales
170.9
182.7
218.7
281.4
338.8
369.9
348.4
336.2
364.3
157.1
186.7
219.8
268.1
314.8
341.9
329.4
344.4
428.5
362.1
393.8
431.9
474.4
537.8
596.5
650.5
685.5
747.4
129.2
143.4
153.6
168.3
197.0
228.9
258.9
269.7
295.4
86.0
92.8
100.3
111.8
131.2
153.7
179.5
200.5
221.5
43.2
50.6
53.3
56.5
65.9
75.2
79.4
69.3
73.9
232.9
250.4
278.3
306.0
340.8
367.6
391.5
415.8
452.0
1,706.2
1,895.3
2,137.4
2,403.5
2,641.5
2,931.7
3,095.4
3,318.3
3,604.6
346.3
321.7
339.7
315.4
656.3
681.0
261.6
279.4
183.3
191.0
78.2
88.4
3,095.5
3,170.8
328.5
328.1
342.0
346.1
308.9
334.5
358.4
375.9
678.8
682.2
689.8
691.4
273.0
270.5
269.2
266.3
194.7
199.3
200.9
207.2
78.3
71.3
68.3
59.1
358.9
362.4
368.6
367.2
410.4
421.1
459.3
423.2
704.4
743.7
761.0
780.5
267.6
296.4
302.0
315.7
213.4
220.8
220.3
231.6
54.2
75.6
81.7
84.1
360.7
347.7
435.2
441.6
791.9
810.9
319.9
324.2
233.9
241.1
85.9
83.2
394.7
401.6
405.8
411.6
420.6
425.1
436.8
447.4
458.9
464.8
472.0
486.7
Source: Department of Commerce, Bureau of Economic Analysis.
3,216.8
3,286.4
3,350.9
3,419.0
3,479.5
3,594.1
3,622.8
3,722.1
3,770.0
3,835.2
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions o! 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
1976
1977
1978.
1979
1980
1981
1982
1983
1984
1,298.2
1,369.7
G ross privat e
dome stic invest nent
Personal
conChange
sumption Nonresiin
expendi- dential Residen- business
tial fixed inventotures
fixed
n.
m*
265.2
269.2
274.6
278.3
284.3
287.0
292.7
291.9
302.1
96.8
100.4
100.3
102.1
106.4
110.3
117.0
116.2
122.5
65.7
67.4
70.0
73.5
79.1
84.7
89.6
31.8
35.0
34.7
34.8
36.4
36.7
37.9
31.5
32.9
168.4
168.8
174.3
176.2
177.9
176.8
175.7
175.7
179.6
1,290.4
,356.4
,422.6
,472.2
,479.4
,500.9
1,490.4
1,538.3
1,614.5
National
defense
Nondefense
163.9
161.5
36.8
40.8
-6.4
-24.6
25.7
24.1
146.6
136.7
120.9
112.6
292.8
300.6
117.2
124.8
80.6
81.9
36.6
42.9
175.7
175.8
1,483.5
1,503.4
982.5
1,006.2
1,015.6
1,032.4
161.6
165.3
172.6
184.5
46.2
53.4
57.2
57.8
-16.5
-6.1
.9
7.2
22.9
13.6
11.9
2.0
138.2
137.0
141.6
141.0
115.3
123.4
129.7
139.1
294.3
292.4
292.0
288.8
119.0
117.2
115.6
113.0
83.3
84.8
84.4
86.3
35.7
32.3
31.2
26.7
175.3
175.2
176.4
175.8
1,507.5
1,530.9
1,549.3
1,565.4
1,610.9 1,044.1
1,638.8 1,064.2
1,645.2 1,065.9
1,662.4 1,075.4
193.3
202.9
209.5
213.8
60.6
60.8
60.1
59.2
31.6
20.3
30.6
16.8
-8.3
-11.4
-27.0
-13.4
144.9
144.7
147.4
147.1
153.2
156.2
174.4
160.5
289.5
302.1
306.1
310.5
112.2
123.2
125.0
129.6
87.1
89.6
89.1
92.7
25.2
33.6
36.0
36.8
177.3
178.9
181.1
180.9
1,579.3
1,618.5
1,614.6
1,645.6
1,663.5 1,089.1
1,671.3 1,102.1
1 683.0
213.0
220.3
60.0
60.9
19.1
8.3
-28.4
-33.8
143.7
137.9
172.1
171.8
310.7
313.5
129.8
129.7
92.7
94.3
37.1
35.4
180.9
183.9
1,644.4
1,663.0
1,491.0
1,524.8
1,550.2
1,572.7
1985: I r
84.7
90.9
102.7
109.0
108.8
116.4
118.0
126.9
161.1
Total
964.2
976.3
1983: I
II
IV
110.1
112.9
126.7
146.2
159.1
160.2
147.6
139.5
146.0
Total
7.3
-4.4
11.3
-10.4
-3.6
24.8
1,477.1
1,478.8
n
m
Imports
158.3
169.9
165.8
175.0
166.9
171.0
204.9
1982: HI
IV
1984: I
Final
sales
State
and local
Exports
25.4
22.0
24.0
37.2
50.3
43.8
29.7
12.6
-15.0
1,438.6
1,479.4
1,475.0
1,512.2
1,480.0
1,534.7
1,639.3
IV
Federal
Net
exports
51.2
60.7
62.4
59.1
47.1
44.5
37.9
53.7
60.2
823.1
864.3
903.2
927.6
931.8
950.5
963.3
1,009.2
1,062.4
in
Govern •nent purchases of
good s and services
Bxi)orts of go ods
a nd service
125.6
140.3
7.8
13.3
16.0
64.9
65.4
Source: Department of Commerce, Bureau of Economic Analysis.
* Very preliminary ("flash") estimate-
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 — 100; quarterly data are seasonally adjusted]
Period
Gross
national
product
Gross private
domestic investment
Personal consumption
expenditures
Exports am imports of
goods am services
Gove rnment pure lases of goo ds and
sernces
Federal
XT
Total
Durable
goods
able
goo s
Services
dential
fixed
Residential fixed
Exports
Imports
National
defense
Nondefense
State
and local
131.7
1978
1979
1980
1981
1982
1983
1984
132.34
140.05
150.42
163.42
178.42
195.60
207.38
215.34
223.43
139.3
149.1
162.5
179.0
194.5
206.0
213.6
220.4
123.9
129.2
136.4
145.0
156.2
167.1
174.5
177.7
179.0
137.2
143.6
153.4
169.9
188.1
202.5
208.7
213.0
217.7
129.6
139.3
150.0
162.3
178.8
196.8
213.6
226.0
237.6
138.6
146.3
157.2
170.8
186.2
202.2
209.5
206.4
207.8
158.0
178.3
200.5
218.5
234.1
241.3
246.4
255.7
155.3
161.9
172.6
192.5
212.9
230.9
236.0
241.0
249.4
185.6
205.5
214.1
246.1
289.4
293.8
279.3
271.5
266.0
133.5
142.8
153.1
164.8
185.2
207.6
221.4
232.1
241.2
132.4
141.9
152.7
166.0
187.5
209.1
227.0
236.6
247.2
135.7
144.6
153.8
162.5
180.8
204.7
209.8
220.0
224.7
138.3
148.4
159.7
173.7
191.5
208.0
222.8
236.7
251.7
1982: HI
IV
208.53
210.27
207.6
209.6
175.5
175.6
209.6
210.5
215.6
219.4
208.8
210.1
241.8
240.0
236.2
235.3
"280.9
280.1
223.2
223.8
227.4
233.1
213.9
206.2
224.7
228.4
1983: I
212.87
214.25
215.89
218.21
210.7
212.8
214.8
216.0
176.6
176.8
178.0
179.3
210.2
212.6
214.5
214.8
221.9
224.9
227.3
229.7
207.1
205.2
205.1
208.1
245.2
243.0
248.7
248.3
237.7
239.4
241.5
245.4
237.8
271.0
276.3
270.3
229.4
230.8
232.8
235.6
233.7
234.8
237.9
240.0
219.4
220.3
219.1
221.4
231.5
234.9
238.4
241.8
220.58
222.40
224.57
226.10
218.0
219.2
221.5
222.8
179.0
179.5
179.2
178.4
217.4
216.4
217.8
219.4
232.6
236.0
239.7
242.0
206.3
207.4
208.0
209.4
249.4
255.9
258.6
259.1
247.7
250.4
250.1
249.6
267.9
269.6
263.3
263.7
238.5
240.6
241.5
243.7
245.1
246.4
247.4
249.8
215.5
225.1
227.1
228.2
246.4
250.0
253.5
256.9
229.07
230.55
232.29
224.6
226.2
179.1
178.4
220.1
221.2
245.2
248.1
211.8
212.1
258.6
259.3
251.0
252.0
252.8
257.1
246.4
250.1
252.4
255.6
231.5
235.2
260.9
264.7.
1976
1977
n
m
IV
1984: I
n
m
IV
1985: I T
n
m*
* Very preliminary {"flash") estimate.
140.7
Source: Department of Commerce, Bureau of Economic Analysis
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Grc ss national pre duct
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
1983:
1984:
1985:
Current
dollars
10.9
11.7
12.8
11.7
8.8
12.4
3.8
7.7
10.8
2.5
3.9
8.5
12.3
10.1
10.6
14.9
10.7
5.6
7.1
5.6
4.5
6.0
III
IV
I
II
Ill
IV
I
II
Ill
IV
I
II r .
IIP
Constant
(1972)
dollars
Implicit
price
deflator
5.4
5.5
5.0
2.8
-.3
2.5
-2.1
3.7
6.8
-.9
.5
3.3
9.4
6.8
5.9
10.1
7.1
1.6
4.3
.3
1.9
2.8
Personal consumption e penditures
Chain price
index
Fixedweighted
price index
(1972
weights)
5.2
5.7
5.8
5.8
7.4
8.6
9.2
9.6
6.0
3.8
3.8
3.4
3.4
5.0
2.6
3.1
4.4
4.4
3.3
3.9
2.8
5.4
2.6
3.1
6.1
7.6
8.9
8.9
9.5
6.6
4.3
4.2
5.8
5.0
3.4
4.3
4.4
4.1
4.9
4.1
3.9
3.6
4.6
3.8
6.3
7.8
9.5
9.8
9.7
6.4
4.2
4.3
5.8
4.6
3.3
4.1
4.7
3.9
5.0
4.3
4.0
3.6
4.3
3.9
2.9
"Very preliminary ("flash") estimates.
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Current
dollars
Constant
(1972)
dollars
5.6
5.0
4.5
2.7
.5
2.0
1.4
4.8
5.3
2.2
5.1
2.6
10.0
3.8
6.8
4.6
7.9
.7
3.6
5.2
4.8
11.0
11.1
11.8
11.9
10.7
10.9
7.3
8.6
8.6
8.5
9.3
4.8
14.5
7.6
9.2
8.6
10.2
5.0
6.1
8.6
7.8
Implicit
price
deflator
5.1
5.8
7.0
9.0
10.2
8.7
5.9
3.7
3.2
6.1
4.0
2.2
4.1
3.7
2.3
3.8
2.2
4.3
2.4
3.2
2.9
Chain price
index
5.3
6.0
7.3
9.3
10.7
9.2
6.1
4.1
3.9
6.3
5.0
2.5
4.4
3.7
3.6
4.7
3.3
3.9
3.8
3.6
4.0
Fixedweighted
price index
(1972
weights)
5.3
6.2
7.4
9.7
11.1
9.4
5.9
4.0
3.9
6.6
4.9
1.9
4.5
3.9
3.4
4.9
3.1
4.0
3.9
3.3
4.1
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Cur rent-dollar cost and profit per unit of output (dolla 'S) '
Gross c omestic
product of lonfinaneial
corporate business
(billions o f dollars)
Period
Current
dollars
1976
1977
1978
1,001.3
1,128.4
1,276.2
1979
1980
1981
1982
1983
1984
1982:
1,416.8
1,540.7
1,739.2
1,778.4
1,917.7
2,152.8
1,787.8
1,772.4
1,812.3
1,887.6
1,956.6
2,014.2
2,084.2
2,146.9
2,168.9
2,211.2
2,242.6
2,268.2
1983:
1984:
1985:
III
IV
I
II
Ill
IV
I
II
Ill
IV
I
ir
1972
dollars
745.5
795.8
846.3
876.1
859.5
883.3
857.4
896.4
977.2
858.5
846.5
855.7
886.2
912.4
931.1
956.9
979.5
980.0
992.5
994.0
998.7
Total
cost and
profit 2
1.343
1.418
1.508
1.617
1.793
1.969
2.074
2.139
2.203
2.083
2.094
2.118
2.130
2.144
2.163
2.178
2.192
2.213
2.228
2.256
2.271
Capital
consumption
allowances
with
capital
consumption
adjustment
0.141
.145
.155
.171
.198
.217
.245
.243
.237
.247
.254
.250
.243
.241
.239
.236
.234
.238
.239
.243
.245
Indirect
business
taxes 3
Net
interest
Total
0.141
.141
.144
.149
.172
.201
.210
.219
.220
.211
.217
.218
.222
.220
.219
.217
.218
.221
.222
.226
.232
P Output is measured by gross domestic product of no nfinancial cor lorate business n li)72 dolrs.
2
This is equal to the de lator for gross domestic prodt ct of nonfina icial corporate b usiness witb
Compensation of
employ-
Corporate profits with inventory
valuation £ nd capita! cc nsumption
adjustments
0.878
.928
.998
1.094
1.218
1.307
1.397
1.409
1.425
1.404
1.419
1.421
1.408
1.400
1.408
1.415
1.414
1.434
1.438
1.462
1.473
0.040
.040
.044
.050
.065
.076
.084
.077
.081
.080
.081
.079
.076
.077
.077
.078
.081
.084
.083
.082
.079
0.144
.163
.168
.154
.140
.167
.138
.191
.240
.141
.123
.151
.182
.206
.221
.233
.246
.236
.245
.245
.242
Profits
tax
liability
0.071
.075
.079
.079
.078
.072
.052
.065
.073
.052
.043
.049
.064
.073
.072
.078
.079
.066
.069
.067
.064
Profits
after
tax *
0.073
.088
.089
.075
.062
.095
.086
.126
.167
.089
.080
.102
.118
.133
.149
.155
.167
.171
.176
.178
.179
of all
employees (1972
dollars)
Compensation per
hour of
all
employees
(dollars)
7.998
8.141
8.209
7.021
7.555
8.191
8.194
8.118
8.271
8.357
8.634
8.831
8.406
8.398
8.464
8.617
8.728
8.725
8.801
8.863
8.807
8.861
8.804
8.797
8.961
9.884
10.811
11.677
12.166
12.586
11.801
11.913
12.027
12.131
12.224
12.283
12.454
12.528
12.628
12.744
12.867
12.960
4
With im entorv valuat on and capita! consumption at justments.
Sources: >epartment o Commerce ( lureau of Eco lomie Anatvsis and Dcpartin 'lit of Labor
(Bureau of Lahor Statistic ).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income with
inventory vstluation and
capital coiisumption
adjust ments
Farm
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
1983:
HI
rv
I
n
m
rv
1984: I
n
m
rv
1985: I
11
1
1,379.2
1,550.5
1,760.3
1,966.7
2,116.6
2,363.8
2,446.8
2,646.7
2,959.9
2,452.4
2,468.6
2,527.0
2,609.0
2,684.4
2,766.5
2,873.5
2,944.8
2,984.9
3,036.3
3,076.5
3,106.5
1,036.3
1,152.1
1,301.1
1,458.1
1,599.6
1,765.4
1,864.2
1,984.9
2,173.2
1,876.3
1,888.7
1,921.3
1,962.4
2,000.7
2,055.4
2,113.4
2,159.2
2,191.9
2,228.1
2,272.7
2,305.9
Nonfarm
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
28.2
12.7
25.4
16.4
10.1
11.2
17.3
32.5
23.4
27.3
29.4
25.7
23.4
Corporate p rofiis with invc ntory valuation and capital ( onsumption
adjustments
Kental
income of
persons
with
capital
consumption
adjustment
Profits with inventory ivaluation
adjustme nt and withou t capital
consi mption adjust]nent
Total
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
62.5
52.9
57.0
57.7
59.0
56.2
60.4
61.0
62.0
63.0
64.1
64.8
66.7
75.0
84.8
92.2
100.2
95.6
93.7
89.2
107.9
126.2
89.5
92.1
98.3
106.8
112.1
114.6
122.5
126.3
126.4
129.7
134.0
137.3
Includes employer contributions for social insurance. (See also p. 5.)
138.1
167.3
192.4
194.8
175.4
189.9
159.1
225.2
285.7
163.3
151.6
179.1
216.7
245.0
260.0
277.4
291.1
282.8
291.6
292.3
298.5
Inventory
valuation
adjustment
Profits
Total
166.3
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
230.0
158.8
143.2
157.3
186.1
208.1
216.3
229.8
238.7
224.5
227.1
223.2
223.5
Capital
consumpadjustment
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
194.7
229.1
252.7
234.6
221.2
165.5
203.2
235.7
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
224.8
228.7
222.3
221.0
Net
interest
-11.2
-5.7
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
-.2
-1.6
.9
2.5
-13.5
-11.3
-12.7
-14.8
-16.3
-7.6
3.1
33.2
55.7
4.5
8.4
21.7
30.6
36.9
43.6
47.6
52.3
58.3
64.5
69.1
75.0
87.2
102.5
121.7
153.8
192.6
241.0
260.9
256.6
284.1
257.7
253.8
254.2
254.2
259.2
258.9
266.8
282.8
293.5
293.4
287.0
274.7
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
HI
rv
1983: I
1984:
1985:
n
in
rv
I
n
m
rv
I
nr
Total
persona!
consumption
expenditures
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
2,341.8
2,001.3
2,046.1
2,070.4
2,141.6
2,181.4
2,230.2
2,276.5
2,332.7
2,361.4
2,396.5
2,446.5
2,493.0
Total
durable
156.8
178.2
200.2
213.4
214.7
235.4
245.1
279.8
318.8
244.5
255.0
259.4
276.1
284.1
299.8
310.9
320.7
317.2
326.3
334.8
339.2
Motor
vehicles
and
parts
72.6
84.8
95.7
96.6
90.7
101.9
108.7
129.3
149.8
108.1
115.3
115.3
128.4
132.0
141.7
147.7
152.3
148.6
150.7
155.7
157.6
Source: Department of Commerce, Bureau of Economic Analysis.
Furniture and
household
eqmpment
59.1
65.7
72.8
81.8
86.3
92.3
94.4
104.1
117.0
94.5
96.6
99.1
102.4
105.2
109.8
113.0
116.6
116.8
121.8
123.8
126.0
Retail sal BS of new
passeng er cars
(millions of units)
No idurable go ods
Durabll goods
Other
25.2
27.7
31.7
35.1
37.7
41.2
42.1
46.4
51.9
41.9
43.1
45.0
45.3
46.9
48.2
50.3
51.7
51.9
53.8
55.3
55.6
Total
nondurable
goods
441.7
478.8
528.2
600.0
668.8
730.7
757.5
801.7
856.9
762.5
770.6
775.2
796.9
811.7
823.0
841.3
858.3
861.4
866.5
877.3
891.9
Food
230.6
249.8
275.9
311.6
345.1
373.9
392.8
416.5
443.6
396.0
400.3
406.7
413.6
420.5
425.1
433.9
442.1
448.6
449.8
457.3
463.9
Clothing
and
Gasoline
and oil
75.3
82.6
92.4
99.1
104.6
114.3
118.8
127.0
140.2
119.0
120.0
121.6
127.1
126.8
132.5
136.1
142.2
139.3
143.2
145.5
149.2
44.0
48.1
51.2
66.6
84.8
94.6
90.4
90.0
91.4
89.9
89.6
86.7
89.5
92.1
91.7
92.0
92.8
90.0
90.8
89.9
93.6
Services
Other
91.9
98.2
108.8
122.8
134.3
147.9
155.6
168.2
181.7
157.6
160.6
160.3
166.7
172.2
173.6
179.3
181.2
183.6
182.7
184.6
185.3
Domestics
485.7
547.4
618.0
693.7
784.5
883.0
982.2
1,074.4
1,166.1
994.2
1,020.6
1,035.8
1,068.6
1,085.7
1,107.5
1,124.4
1,153.7
1,182.8
1,203.8
1,234.4
1,261.9
8.5
9.0
9.2
8.2
6.6
6.2
5.8
6.8
8.0
5.6
6.0
6.0
6.9
6.9
7.4
8.1
8.2
7.9
7.6
8.5
8.2
1.5
2.1
2.0
2.3
2.4
2.3
2.2
2.4
2.4
2.2
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.4
2.7
2.4
2.7
SOURCES OF PERSONAL INCOME
Personal income rose $9.2 billion (annual rate) in August, following an increase of $14.0 billion in July. Wage and
salary disbursements rose $11.5 billion in August, following an increase of $2.2 billion in July.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,600
3,200
3,600
3,200
TOTAL PERSONAL INCOME
2,800
2,800
V
2,400
2,400
2,000
2,000
1,600
1,600
1,200
WAGE AND SALARY DISBURSEMENTS
1,200
1,000
1,000
800
800
600
600
OTHER INCOME
400
400
TRANSFER
PAYMENTS
f
200
200
Mill
1977
1978
1979
1980
1982
1981
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1984
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984: Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Aprr
May r
June r
July r.
Aug ".
;...
Proprietors ' income 3
salary
Other labor
i ome
Farm
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,429.5
2,584.6
2,744.2
3,012.1
889.9
983.2
1,106.3
1,237.6
1,356.7
1,493.1
1,568.7
1,659.2
1,804.0
75.9
89.4
102.5
114.9
128.0
140.0
155.5
173.1
195.5
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
28.2
75.0
84.8
92.2
100.2
95.6
93.6
89.2
107.9
126.2
3,045.8
3,068.3
3,079.3
3,097.5
3,111.8
1,816.9
1,829.1
1,830.9
1,847.2
1,864.9
198.1
199.5
201.0
202.5
203.9
27.4
28.0
29.1
28.0
31.0
126.1
127.1
129.3
129.6
130.2
3,129.2
3,146.0
3,156.2
3,184.7
3,163.7
3,175.7
3,189.7
3,198.9
1,872.5
1,880.9
1,894.7
1,903.1
1,908.0
1,920.7
1,923.0
1,934.5
205.1
206.3
207.5
208.8
210.2
211.5
212.8
214.1
26.4
28.2
22.6
42.1
14.1
14.1
13.6
12.4
132.0
134.2
135.9
136.6
137.5
137.7
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists of employer contributions to private pension, health, and welfare funds; workers'v injury
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
138.8
141.5
4
5
6
Rental
income of
persons 4
Personal
dividend
income
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
62.5
62.9
63.3
63.7
64.1
64.5
64.6
64.7
64.9
65.6
67.0
67.5
68.6
69.4
36.5
39.6
45.3
50.8
56.8
64.3
66.5
70.3
77.7
78.2
79.4
79.8
80.2
80.5
81.0
81.4
81.9
82.3
82.5
82.7
82.9
83.2
Personal
interest
income
Transfer
payments 5
132.5
152.8
179.4
218.7
266.0
331.8
366.6
376.3
433.7
194.3
207.9
223.8
250.3
297.6
337.3
376.1
405.0
416.7
449.5
457.1
456.8
456.0
455.5
419.9
418.7
422.8
425.1
417.6
455.8
456.1
456.2
454.4
453.0
451.6
452.1
451.2
437.6
440.4
439.6
439.6
439.7
439.1
447.3
442.9
Less:
Personal
contributions
for social
insurance
55.5
61.1
69.8
81.1
88.7
104.5
111.4
119.6
132.5
133.3
134.1
134.2
135.2
136.3
145.8
146.3
147.2
147.8
148.3
149.2
149.4
150.2
Nonfarm
personal
income 6
1,359.3
1,506.5
1,689.7
1,899.3
2,119.5
2,371.2
2,532.1
2,701.1
2,954.3
2,988.5
3,010.2
3,019.9
3,039.0
3,050.1
3,073.2
3,085.1
3,104.4
3,112.1
3,119.1
3,131.1
3,145.7
3,156.1
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Persona! income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest,
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to revised estimates, disposable personal income rose $71.7 biljion (annual rate) in the second quarter
compared with a $10.3 billion rise in the first quarter. The wide disparity in the quarterly changes largely reflects
a delay in Federal income tax refunds from the first quarter to the second quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
2,600
2,400
2,200
2,000"
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
1,800
1,000
800
DOLLARS * (RATIO SCALE)
12,000
11,000
10,000
9,000
DOLLARS * (RATIO SCALE)
i2,000
11,000 _ PER CAPITA DISPOSABLE PERSONAL INCOME
— CURRENT DOLLARS-
10,000
9,000
8,000
8,000
7,000
7,000
6,000
6,000
972 DOLLARS
5,000
5,000
4,000
4,000
3,000
3,000
1977
1980
1978
1982
1981
1983
1984
1985
• SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
Equals:
Disposable
personal
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Per c apita
disposable personal
inc<>me
Currant
dollars
1972
dollars
Billions of dol ars
1976
1977
1978
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,429.5
2,584.6
2,744.2
3,012.1
1979
1980
1981
1982
1983
1984
196.8
226.4
258.7
301.0
336.5
387.7
404.1
404.2
435.3
1,194.4
1,314.0
1,474.0
1,650.2
1,828.9
2,041.7
2,180.5
2,340.1
2,576.8
Per eapit i personal
consurnption
expen [itures
Current
dollars
1972
dollars
82.5
78.0
89.4
96.7
110.2
137.4
136.0
118.1
156.1
5,477
5,965
6,621
7,331
8,032
8,874 .
9,385
9,977
10,887
4,158
4,280
4,441
4,512
4,487
4,561
4,555
4,670
4,939
Saving as
percent of
disposable
personal
Population
(thousands) 2
income
Per cent
Bo lars
1,111.9
1,236.0
1,384.6
1,553.5
1,718.7
1,904.7
2,044.5
2,222.0
2,420.7
Percent
change in
real per
capita
disposable
4,972
5,468
6,048
6,695
7,326
8,037
8,543
9,192
9,894
3,774
3,924
4,057
4,121
4,092
4,131
4,146
4,303
4,489
2.6
2.9
3.8
1.6
g
1.6
— .1
2.5
5.8
6.9
5.9
6.1
5.9
6.0
6.7
6.2
5.0
6.1
218,086
220,289
222,629
225,106
227,694
230,068
232,351
234,542
236,685
6.1
5.8
5.7
4.2
5.0
5.3
6.1
5.7
6.3
6.2
232,634
233,230
235,875
236,369
236,950
237,544
4.5
5.1
238,017
238,488
Seas anally adju sted annual rates
1982: III
IV
1983: I
II
Ill
IV
1984: I
II
m
1985:
IV
I
II r.
2,594.3
2,639.5
398.5
402.0
2,195.8
2,237.5
2,061.3
2,107.3
134.5
130.2
9,439
9,593
4,548
4,578
8,603
8,773
4,145
4,186
0.2
2.7
2,662.8
2,714.4
2,763.3
2,836.5
401.4
411.6
395.8
407.9
2,261.4
2,302.9
2,367.4
2,428.6
2,133.4
2,206.1
2,248.4
2,300.0
128.0
96.7
119.0
128.7
9,675
9,832
10,082
10,318
4,591
4,619
4,694
4,776
8,858
9,143
9,290
9,475
4,203
4,296
4,325
4,386
1.1
2.5
6.7
7.2
2,920.5
2,984.6
3,047.3
3,096.2
418.3
430.3
440.9
451.7
2,502.2
2,554.3
2,606.4
2,644.5
2,349.6
2,409.5
2,442.3
2,481.5
152.5
144.8
164.1
163.0
10,608
10,806
11,000
11,133
4,865
4,930
4,965
4,996
9,651
9,869
9,966
10,089
4,427
4,502
4,499
4,527
7.7
5.5
2.9
2.5
3,143.8
3,174.7
489.0
448.2
2,654.8
2,726.5
2,536.2
2,587.1
118.6
139.4
11,154
11,432
4,965
5,054
10,279
10,453
4,576
4,621
-2.5
1
Includes persona! consumption expenditures, interest paid by
al transfer payments to foreigners {net).
7.4
233,742
234,230
234,811
235,385
FARM INCOME
In the first quarter of 1985, according to revised estimates, gross farm income fell $11.0 billion (annual rate) and
net farm income fell $8.2
billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
240
240
9flfl
r^
n
160
\
~" -^/
p*^'
r~-——^1
160
^^^^^"^
OF OSS FARM INC OME
*^
^^
120
1
*•*
120
^
80
Afl
NET FARM INCC
40
•f
x
s
~\V-'/
20
/
/
N
/
MF
/
'
^
1
V
\
^
-' 'N/
NN
\
%
i
1
'**
'
\
!
\ i
» i
*
1977
1
1978
1 1 1
1979
1 1
*
1980
|
\
|
1
1 I 1
1981
^*^
\ !
\\ :i
M
u
1
|
\
\l
1 1 1
40
*
/ /> \
i\
/
i
\ /
1
J»
>*"~VV
1
1 1
1982
IM 1
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
! 1 1
1984
1 1 1
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farming
(jrross farm incom e
Period
Total l
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1983:
Livestock and
products
Crops
inventory
changes 2
Production
expenses
Current
dollars
1967 dollars "
102.9
108.7
128.4
151.9
149.6
166.0
161.6
150.6
174.0
95.4
96.2
112.2
131.5
139.8
142.1
142.9
136.3
141.8
46.3
47.6
59.2
69.2
68.0
69.2
70.3
69.4
72.7
49.0
48.6
53.0
62.3
71.8
72.9
72.7
66.8
69.0
-1.5
1.1
2.1
5.0
5.9
5.8
1.4
-10.6
7.8
82.7
88.9
101.0
119.0
129.4
136.1
136.9
135.6
139.5
20.1
19.8
27.4
32.9
20.2
29.8
24.6
15.0
34.5
11.8
10.9
14.0
15.1
8.2
11.0
8.5
5.0
11.1
n rr
ni
152.9
143.7
151.7
154.2
143.2
133.0
141.2
127.6
71.0
68.9
67.9
70.0
72.2
64.1
73.3
57.6
10.6
-13.9
12.9
-4.9
135.1
134.9
135.5
136.9
17.8
8.7
16.2
17.2
6.1
2.9
5.4
5.7
Ir
175.6
167.2
173.5
179.7
139.3
138.9
141.3
147.6
75.5
70.8
71.2
73.5
63.7
68.1
70.2
74.1
2.0
8.7
10.3
10.2
139.2
140.2
140.0
138.5
36.3
26.9
33.4
41.0
11.9
8.7
10.7
13.0
168.7
136.6
72.1
64.5
4.2
135.9
32.8
10.3
Ir
IVr
1984:
Net farni income
Cas h marketing receipts
nr
III
r
IV
1985: I r
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
3
Income in current dollars divided by the consumer price index (Department of Labor).
NOTE.—Data include net Commodity Corporation loans and farm households.
Series revised beginning 1978,
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the second quarter of 1985, according to revised estimates, corporate profits before tax fell $1.3 billion (annual
rate) and after-tax profits rose $0.4 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
280
240
200
160
—y
120
40
40
1977
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr >fits (before t ax) with inve ntory valuati on adjustment 1
Profits after ta X
Do Tiestie indust ies
Period
Nonfinancial
Total
2
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
m
IV
1983: I
II
Ill
IV
1984: I
n
m
IV
1985: I
II r
1
2
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
230.0
158.8
143.2
157.3
186.1
208.1
216.3
229.8
238.7
224.5
227.1
223.2
223.5
137.4
163.4
185.4
179.0
161.9
173.2
133.6
167.2
207.1
136.5
119.7
134.9
162.4
180.6
190.8
204.1
217.5
200.2
206.4
202.5
200.8
Financial
17.1
23.1
31.0
30.3
26.9
19.5
19.6
29.6
27.8
21.0
24.9
28.4
32.0
29.5
28.5
28.7
28.9
26.6
27.1
28.0
33.2
Total 3
120.3
140.3
154.4
148.6
134.9
153.7
114.0
137.6
179.2
115.5
94.8
106.5
130.4
151.1
162.3
175.4
188.6
173.6
179.3
174.6
167.5
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
69.2
78.3
86.9
85.6
72.9
84.9
54.5
65.2
85.5
60.4
42.4
44.9
59.3
73.8
82.9
89.8
92.3
78.3
81.6
77.9
72.3
Profits
before tax
Tax
liability
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
235.7
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
224.8
228.7
222.3
221.0
63.8
72.7
83.2
87.6
84.8
81.1
60.7
75.8
89.8
61.9
55.0
59.1
74.8
84.7
84.5
92.7
95.8
83.1
87.7
85.3
83.6
Total
Dividends
sale and
retail
trade
22.4
26.6
26.9
27.1
23.6
31.8
25.9
33.4
45.9
24.0
24.1
25.3
33.0
35.9
39.5
40.6
47.0
46.8
49.4
45.5
46.8
3
102.5
122.0
145.9
165.1
149.8
140.0
104.8
127.4
145.9
107.0
100.8
102.6
123.4
142.6
141.1
150.6
150.2
141.7
141.0
137.0
137.4
37.4
40.8
47.0
52.7
58.6
66.5
69.2
72.9
80.5
69.0
70.2
71.1
71.7
73.3
75.4
77.7
79.9
81.3
83.1
84.5
85.6
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
65.1
81.2
98.9
112.4
91.2
73.5
35.6
54.5
65.4
38.1
30.6
31.4
51.7
69.3
65.6
72.9
70.2
60.3
58.0
52.5
51.8
Inventory
valuation
adjustment
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-5.7
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
-.2
-1.6
.9
2.5
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter of 1985, business fixed investment rose $16.4 billion (annual
rate) and residential investment outlays rose $2.8 billion. There was a $17.9 billion increase in inventories following
an increase of $40.7 billion in the first quarter.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800;
SEASON ULY ADJUSTED ANNl AL RATES
—
—
700
700
—
r —•
600
600
V
500
—
500
(^ ^
-•*
,--" •-•**
,
1•~^~~^~]
_ _ ,
/^
400
•"»**
—
/
400
>•
^^
'
300!
^
rr
300
NO NRESIDENTIAL
— «-"-~"
—
FIXE D INVESTMEN
--•""*"'
—
200
~~
r
GROSS PRIVATE DO/lAESTIC
INVESTMENT
^
200
*"~
RESIDENTIAL
FIX ED INVESTMEK T
"~~
>„
—
s
>>..
'
—
*""
.^-•*"*
CHANGE N BUSINESS /Xx^S.
»-.
INVEtSTORIES
i'
•x
***X
Q
\S"
-100
1 1 1
1977
'
1
1
1
1978
1
1
1
1979
1
1
1
1980
1 1 1
, 1981
^
1
1
1
1
1982
1
1
1 1 1
i i i
1984
1985
1983
-100
COUNCIL OF E CONOMIC ADVISERS
SOURCE: DEPARTMEH OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
domestic
investment
Total
Structures
Producers'
durable
equipment
Change i i business
mven xmes
Residential fix ed investment
Nonresic enEial fixed in vestment
Period
Total
Nonfarm
structures
Farm
structures
Producers'
durable
equipment
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
637.8
174.1
205.2
248.9
290.2
308.8
353.9
349.6
352.9
425.7
58.8
64.4
78.7
98.3
110.9
135.3
142.1
129.7
150.4
115.3
140.8
170.2
191.9
197.9
218.6
207.5
223.2
275.3
72.0
95.8
111.2
118.6
102.9
104.3
91.4
132.2
153.9
68.8
92.0
107.0
114.0
98.1
99.8
86.6
127.6
148.8
1.1
1.5
1.7
1.7
1.8
1.3
1.5
1.0
1.1
2.1
2.3
2.5
2.9
3.0
3.2
3.3
3.6
4.0
415.9
376.2
342.2
339.3
138.4
138.4
203.8
201.0
89.0
97.9
84.5
92.5
1.3
2.1
3.3
3.3
n
ni
405.0
449.6
491.9
540.0
334.6
339.3
353.9
383.9
130.4
125.6
126.2
136.6
204.2
213.6
227.8
247.3
113.3
129.8
142.3
143.4
108.9
125.3
137.7
138.7
1.0
.9
.9
.9
3.4
3.5
3.7
3.8
n
m
623.8
627.0
662.8
637.8
398.8
420.8
435.7
447.7
142.2
150.0
151.4
157.9
256.7
270.7
284.2
289.7
151.2
155.6
155.3
153.5
146.4
150.5
150.1
148.3
.9
1.0
1.2
1.0
3.9
4.1
4.0
4.1
646.8
643.2
450.9
467.3
162.9
168.3
288.0
299.0
155.2
158.0
150.0
152.4
1.0
1.3
4.2
4.3
III
IV
1983: I
IV
1984: I
IV
1985: I
IT.
Source: Department of Commerce, Bureau of Economic Analysis.
Total
11.8
23.0
26.5
14.3
9.8
26.0
26.1
-13.5
58.2
15.3
-61.1
-42.9
-19.4
4.3
12.7
73.8
50.6
71.8
36.6
40.7
17.9
Nonfarm
13.9
21.9
25.4
8.6
4.5
18.2
24.0
-3.1
49.6
-11.1
-54.3
32.6
-5.4
11.6
14.1
60.6
47.0
63.7
27.2
34.1
11.4
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1985 survey, business spending for new plant and equipment
for the year 1985 is expected to be 8.3 percent above the 1984 level. Spending in 1984 was up 16.3 percent
over the 1983 level.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
300
200
200
NONMANUFACTURING -
MANUFACTURING
100
100
80
80
60
60
40
40
I
1978
1977
1979
1980
12J\i-'
I I
1981
19831
1982
1984
d/ SURVEYED QUARTERLY
_i/SEE FOOTNOTE 4 BELOW
SOURCE; DEPARTMENT OF COMMERCE
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates^
Industries
M anufacturin g
Period
All
industries
Total
Durable
goods
Addenda
surveyed q uarterly
No vmanufactur ing
able
goo s
Total l
Mining
Transportation
Public
utilities
Commercial
and
other
67.48
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.44
32.77
39.46
48.50
55.36
59.81
55.35
53.08
66.24
73.58
34.71
39.13
47.42
56.96
66.73
65.33
63.12
72.58
79.86
117.34
139.18
159.04
170.47
188.68
189.89
188.58
215.61
230.54
9.81
11.22
12.81
15.99
21.39
20.05
15.19
16.86
16.08
12.20
217.76
254.96
282.80
315.22
310.58
304.78
354.44
383.98
13.36
16.05
16.60
15.84
14.79
13.97
16.52
17.57
37.74
41.21
45.43
44.96
47.48
48.08
67.51
83.09
94.56
100.14
110.24
109.63
114.45
134.75
148.81
1983: I '..., 289.36
II 'r .. 295.24
m . 308.79
IV. 325.75
1984: I r.... 337.95
11 r .. 349.97
Ill r. 361.48
IV. 368.29
1985: I r....
371.16
II r ..
387.83
4
Ill4 389.54
IV
387.40
111.32
112.73
116.70
124.05
129.91
135.96
142.44
146.96
145.65
154.33
157.82
155.98
50.67
50.12
53.96
57.58
61.23
64.03
68.26
71.43
69.87
73.96
75.81
74.68
60.65
62.61
62.74
66,48
68.68
71.93
74.18
75.53
75.78
80.36
82.02
81.30
178.04
182.51
192.09
201.70
208.04
214.01
219.04
221.33
225.51
233.51
231.71
231.42
14.69
14.17
15.59
16.34
17.24
16.38
16.82
17.00
15.66
16.51
16.32
15.81
13.08
13.51
14.04
15.24
15.29
17.01
17.49
16.28
16.22
17.50
19.00
17.55
44.69
44.46
44.68
46.02
47.08
47.94
47.92
46.92
48.46
48.47
48.40
47.00
105.58
110.37
117.79
124.09
128.42
132.67
136,80
141.13
145.17
151.02
148.00
151.05
1977
1978
1979
1980
1981
1982
1983
1984 r
1985*
184.82
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufaeturing that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and ff&\ estate.
10
Norimanufactur ing
Total
27.83
31.50
35.63
nonbusi-
Manufacturing
Total
Surveyed
quarter-
iy
208.15
245.34
284.94
314.47
349.26
347.47
343.35
398.99
67.48
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.44
140.67
166.76
189.02
202.15
222.72
226.79
227.15
260.16
111.32
112.73
116.70
124.05
129.91
135.96
142.44
146.96
145.65
154.33
157.82
155.98
117.34
139.18
159.04
170.47
188.68
189.89
188.58
215.61
230.54
Surveyed
annual-
ly 3
23.33
27.58
29.98
31.68
34.04
36.89
38.56
44.55
178.04
182.51
192.09
201.70
208.04
214.01
219.04
221.33
225.51
233.51
231.71
231.42
4
Planned capital expenditures as reported by business in July and August 1985, corrected for
biases.
NOTE .—-Seasonally adjusted data revised beginning 1982.
Souree: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment rose 310,000 in August and unemployment fell 324,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
1977
"16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted]
Period
Noninstitutional
population
including
resident
Armed
Forces
NSA
Unemplc>yment
Civilian einployment
Resident
i h r f Orce
? °
- j <*
Forces
NSA
Armed
Forces
Employment
including
resident
Armed
Forces
Nonag•ricultural
Civilian
labor force
Total
Agricultural
Total
Part-time
for
economic
reasons 1
Labor force
partici; ation
rate (pe rcent)
15
Total
weeks
and
over
Total 2
Civilian 3
1979
1980
1981
1982
1983
1984
166,460
169,349
171,775
173,939
175,891
178,080'
1,597
1,604
1,645
1,668
1,676
1,697
106,559
108,544
110,315
111,872
113,226
115,241
100,421
100,907
102,042
101,194
102,510
106,702
104,962
106,940
108,670
110,204
111,550
113,544
98,824
99,303
100,397
99,526
100,834
105,005
95,477
3,347
3,364
95,938
3,368
97,030
3,401
96,125
3,383
97,450
3,321 101,685
3,373
4,064
4,499
5,852
5,997
5,512
6,137
7,637
8,273
10,678
10,717
8,539
1,241
1,871
2,285
3,485
4,210
2,737
64.0
64.1
64.2
64.3
64.4
64.7
63.7
63.8
63.9
64.0
64.0
64.4
1984: Aug
Sept ....
Oct
Nov
Dec
178,295
178,483
178,661
178,834
179,004
1,712
1,720
1,705
1,699
1,698
115,341
115,484
115,721
115,773
116,162
106,860
107,114
107,354
107,631
107,971
113,629
113,764
114,016
114,074
114,464
105,148
105,394
105,649
105,932
106,273
3,264
3,319
3,169
3,334
3,385
101,884
102,075
102,480
102,598
102,888
5,384
5,449
5,483
5,413
5,596
8,481
8,370
8,367
8,142
8,191
2,621
2,605
2,527
2,428
2,374
64.7
64.7
64.8
64.7
64.9
64.3
64.4
64.4
64.4
64.6
1985: Jan
Feb
Mar
Apr
May
June....
July
Aug
179,081
179,219
179,368
179,501
179,649
179,798
179,967
180,131
1,697
1,703
1,701
1,702
1,705
1,702
1,704
1,726
116,572
116,787
117,215
117,073
117,078
116,485
117,018
117,025
108,088
108,388
108,820
108,647
108,665
108,072
108,566
108,898
114,875
115,084
115,514
115,371
115,373
114,783
115,314
115,299
106,391
106,685
107,119
106,945
106,960
106,370
106,862
107,172
3,320 103,071
3,340 103,345
3,362 103,757
3,428 103,517
3,312 103,648
3,138 103,232
3,126 103,737
3,092 104,080
5,389
5,077
5,400
5,374
5,617
5,257
5,350
5,443
8,484
8,399
8,396
8,426
8,413
8,413
8,451
8,127
2,243
2,416
2,400
2,377
2,247
2,317
2,348
2,264
65.1
65.2
65.3
65.2
65.2
64.8
65.0
65.0
64.8
64.8
65.0
64.9
64.8
64.5
64.7
64.6
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
NOTE.—NSA indicates data are not seasonally adjusted.
Source; Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In August, the seasonally adjusted overall unemployment rate and civilian unemployment rate fell to 6.9 percent
and 7.0 percent, respectively. The rates had been 7.2 percent and 7.3 percent, respectively, since February.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
*~s\
f
1
20
.
\'-' I7\
TEE NAGERSnt
( 16-19)
.S,
'-v'V/
'Vw
,%*>«
.A
» ii
15
15
A\EN 20 YEAR S
AND OVER
10
/
10
^IV
—^
r^
^>
S^
-«.^o»x
we>ME N 20 YE>kRS
^^
=^x
AND OVER
Illllllllll
1985
1981
1981
Illllllllll
1982
Illllllllll
1983
Illllllllll
1984
iniiiiiiii
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 rate (percent of civilian labor force in group)
Period
Unemployment
rate, all
workers 1
5.8
By sex and ago
All
j\n
civilian
workers
Men
20 years
and over
Women
20 years
and
over
By selected grou] s
By race
Both
sexes
16-19
years
Black a id other
White
Black
Total
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
Labor
force
tune lost
(percent) a
5.8
7.1
7.6
9.7
9.6
7.5
4.2
5.9
6.3
8.8
8.9
6.6
5.7
6.4
6.8
8.3
8.1
6.8
16.1
17.8
19.6
23.2
22.4
18.9
5.1
6.3
6.7
8.6
8.4
6.5
11.3
13.1
14.2
17.3
17.8
14.4
12.3
14.3
15.6
18.9
19.5
15.9
5.5
7.0
7.5
9.5
9.5
7.4
6.9
7.3
9.3
9.2
7.1
2.8
4.2
4.3
6.5
6.5
4.6
8.3
9.2
10.4
11.7
12.2
10.3
5.3
6.9
7.3
9.6
9.5
7.2
8.8
8.8
9.4
10.5
10.4
9.3
6.3
7.9
8.5
11.0
10.9
8.6
Aug...
Sept ..
Oct....
Nov...
Dec ...
7.4
7.2
7.2
7.0
7.1
7.5
7.4
7.3
7.1
7.2
6.4
6.4
6.2
6.2
6.3
7.0
6.6
6.9
6.5
6.4
18.4
18.7
17.8
18.8
6.4
6.3
6.3
6.1
6.2
14.3
13.8
13.8
13.7
13.6
15.8
15.1
15.3
15.1
15.0
7.0
7.0
6.9
6.8
6.8
4.5
4.6
4.5
4.4
4.4
10.3
10.1
10.4
10.8
9.6
7.1
7.1
7.1
6.9
6.9
9.6
9.3
9.1
8.6
8.8
8.5
8.5
8.4
8.2
8.3
1985: Jan...
Peb ...
Mar ...
Apr ...
May...
June..
July...
Aug...
7.3
7.2
7.2
7.2
7.2
7.2
7.2
6.9
7.4
7.3
7.3
7.3
7.3
7.3
7.3
7.0
6.3
6.3
6.2
6.3
6.1
6.5
6.3
6.0
6.8
6.7
6.7
6.8
6.9
6.7
6.6
6.7
18.9
18.4
18.2
17.7
18.9
18.3
19.5
17.3
6.4
6.2
6.2
6.3
6.2
6.5
6.4
6.2
13.7
14.6
13.9
13.9
14.1
12.8
13.5
12.7
14.9
16.3
15.2
15.3
15.6
14.0
15.0
14.0
6.9
6.8
6.8
6.8
6.8
6.9
6.9
6.7
4.6
4.4
4.2
4.3
4.0
4.6
4.4
4.1
10.0
11.0
10.2
10.8
10.9
9.8
10.2
11.1
7.1
7.1
6.9
6.9
6.8
6.8
7.0
6.7
9.3
8.7
9.6
9.7
10.3
9.9
9.5
9.0
8.2
8.2
8.2
8.2
8.3
8.2
8.3
8.1
1979
1980
1981
1982
1983
1984
1984:
1
19:0
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.
2
12
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In August, the percentage of unemployed persons who had been out of work for less than 5 weeks fell; the
percentage for 5-14 weeks rose; and the percentages for 15-26 weeks and for 27 weeks and over were about
unchanged. Both the mean duration and the median duration of unemployment rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
,\_
60
JOB LOSERS
—
N
50
40
30
-,''\
REENTRANTS
20
20
NEW ENTRANTS
10 —
1981
1981
1982
1983
1984
1985
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Dur ation of i nemploirment
Unemployment
(thousands)
Period
Less
than
5
weeks
5-14
weeks
15-26
weeks
Re ason for jnemplo\ ment:
1
percent c istributio i
P greent dis tribution i
Stat e
progrs ins
Numb er of
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Insured
unemployment,
"all
regular
programs
(unadjusted) 2
.
peci
]
ployment
benefit
claims
(unadjusted) 3
Reentrants
New
entrants
Insured
unemployment
25.2
25.4
22.3
22.5
25.6
11.4
11.9
11.1
11.3
13.0
3,350
3,047
4,061
3,396
2,480
488
460
583
438
378
3,837
3,410
4,594
3,775
2,565
27.2
27.0
25.9
26.4
26.8
12.9
12.7
12.8
12.5
12.2
2,356
2,390
2,425
2,509
2,487
366
372
393
395
386
2,184
2,083
2,149
2,441
2,778
322
307
289
295
305
26.4
26.6
27.7
27.4
28.9
26.5
25.3
26.7
12.4
12.3
12.9
12.7
13.8
12.2
12.9
11.3
2,607
2,681
2,639
2,587
2,575
2,548
2,597
2,533
394
406
392
390
386
396
390
382
3,361
3,339
3,113
2,766
2,455
2,337
2,522
326
327
339
243
100
28
Initial
claims
W eekly av rage, thousa nds
1980
1981
1982
1983
1984
1984:
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
,
,
7,637
8,273
10,678
10,717
8,539
43.1
41.7
36.4
33.3
39.2
32.3
30.7
31.0
27.4
28.7
13.8
13.6
16.0
15.4
12.9
10.7
14.0
16.6
23.9
19.1
11.9
13.7
15.6
20.0
18.2
8,481
8,370
8,367
8,142
8,191
41.1
39.2
40.8
41.4
40.2
28.2
30.0
28.9
28.7
30.8
13.1
13.1
13.1
12.2
11.9
17.6
17.7
17.2
17.7
17.2
8,484
8,399
8,896
8,426
8,413
8,413
8,451
8,127
43.3
41.9
42.4
42.1
42.8
41.5
42.4
41.5
30.2
29.4
29. S
29.8
30.8
30.6
29.7
30.7
11.1
12.8
12.6
12.1
12.2
12.2
13.0
12.9
15.4
15.9
15.8
16.0
14.1
15.7
14.9
14.9
6.5
6.9
8.7
7.9
51.7
51.6
58.7
58.4
51.8
17.6
17.3
16.7
17.4
17.3
7.6
7.6
7.3
7.3
7.4
50.1
50.2
51.3
50.5
50.5
15.3
15.9
15.9
16.1
14.9
15.4
15.4
15.6
6.7
7.2
7.1
6.7
6.2
6.6
7.2
7.5
50.8
50.7
49.3
50.0
46.9
49.3
51.1
51.3
10.1
3
11.7
11.2
7.9
7.7
9.6
9.9
10.1
10.0
10.6
10.4
10.4
10.3
10.0
9.9
10.3
12.0
10.6
10.7
Federal supplemental compensation program. The program expired June SO, 1985.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 288,000 in August.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
—
100
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80 —
70
-r
SERVICE-PRODUCING
INDUSTRIES
60
20
50
18
40 —
CONSTRUCTION
-GOODS-PRODUCING.
INDUSTRIES
30
Illllllllll
1981
1985
1981
1982
1983
19841
1985
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
"SOURCE: DEPARTMENT Of LABOR
[Thousands of wage and salary workers; l seasonally adjusted]
Period
TVitol
lotai
nonagricultural
employment
Se rvice-produ ing industr es
Goods-p roducing in dustries
M anufacturin g
Total
2
Construction
Total
Durable
goo s
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Hotoil
ivetaii
trade
Gover nment
Finance,
insurance,
and real
estate
Services
Total
Federal
89,823
90,406
91,156
89,566
90,196
94,461
26,461
25,658
25,497
23,813
23,334
24,730
4,463
4,346
4,188
3,905
3,948
4,345
21,040
20,285
20,170
18,781
18,434
19,412
12,760
12,187
12,109
11,039
10,732
11,522
8,280
8,098
8,061
7,741
7,702
7,890
63,363
64,748
65,659
65,753
66,862
69,731
5,136
5,146
5,165
5,082
4,954
5,171
5,204
5,275
5,358
5,278
5,268
5,550
14,989
15,035
15,189
15,179
15,613
16,584
4,975
5,160
5,298
5,341
5,468
5,682
17,112
17,890
18,619
19,036
19,694
20,761
15,947
16,241
16,031
15,837
15,869
15,984
2,773
2,866
2,772
2,739
2,774
2,807
Aug....
Sept....
Oct
Nov....
Dec
94,893
95,238
95,573
95,882
96,092
24,889
24,851
24,918
24,955
25,045
4,366
4,386
4,403
4,424
4,469
19,539
19,480
19,536
19,553
19,603
11,638
11,611
11,652
11,666
11,701
7,901
7,869
7,884
7,887
7,902
70,004
70,387
70,655
70,927
71,047
5,194
5,210
5,223
5,229
5,246
5,573
5,610
5,636
5,647
5,665
16,673
16,750
16,859
16,994
17,026
5,707
5,719
5,737
5,755
5,776
20,849
21,014
21,087
21,184
21,252
16,008
16,084
16,113
16,118
16,082
2,812
2,827
2,823
2,831
2,836
1985: Jan
Feb
Mar
Apr
May....
June r.
July r..
Aug "..
96,419
96,591
96,910
97,120
97,421
97,473
97,722
98,010
25,112
25,062
25,056
25,090
25,066
25,010
24,978
25,031
4,534
4,525
4,553
4,641
4,658
4,638
4,653
4,678
19,604
19,561
19,526
19,467
19,426
19,398
19,355
19,392
11,702
11,675
11,651
11,608
11,586
11,560
11,514
11,556
7,902
7,886
7,875
7,859
7,840
7,838
7,841
7,836
71,307
71,529
71,854
72,030
72,355
72,463
72,744
72,979
5,259
5,272
5,269
5,278
5,301
5,295
5,306
5,290
5,686
5,697
5,714
5,733
5,748
5,768
5,776
5,804
17,090
17,160
17,249
17,280
17,392
17,425
17,464
17,511
5,790
5,809
5,835
5,858
5,888
5,906
5,934
5,972
21,382
21,480
21,644
21,723
21,813
21,856
21,915
22,064
16,100
16,111
16,143
16,158
16,213
16,213
16,349
16,338
2,836
2,834
2,850
2,859
2,873
2,872
2,876
2,887
1979
1980
1981
1982
1983
1984
1984:
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this tahle are based on reports from employing establishments.
* Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gi oss hourly
earnrags
\verage weekly
hours
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984: Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June r
July r
Aug"
Manufa cturing
Total
private
nonagricultural *
Total
36.1
36.0
Total
private
nonagricultural *
Overtime
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3.0
3.4
40.1
Manufacturing
$4.86
5.25
5.69
35.8
35.7
35.3
35.2
34.8
35.0
35.3
35.2
35.3
35.2
35.2
35.2
40.3
40.4
40.2
39.7
39.8
38.9
40.1
40.7
40.5
40.6
40.5
40.5
40.6
3.3
3.3
3.3
3.4
3.4
6.16
6.66
7.25
7.68
8.02
8.33
8.35
8.40
8.38
8.42
8.47
35.1
35.1
35.2
35.0
35.1
35.1
35.0
35.1
40.6
40.1
40.4
40.2
40.4
40.4
40.3
40.5
3.4
3.3
3.2
3.4
3.1
3.2
3.2
3.3
8.44
8.49
8.53
8.54
8.54
8.59
8.57
8.60
Adjuste d hourly earnin gs index —total private
nonagnc ultural 2
Percent chang e from a year
earlie , 4 5
Ind ex,
1977 == 100
Current
dollars
Current
dollars
1977
dollars 3
1977 dollars
$5.22
5.68
6.17
6.70
7.27
7.99
8.49
8.83
9.18
92.9
100.0
108.2
116.8
127.3
138.9
148.5
155.4
160.7
99.0
100.0
100.5
97.4
93.5
92.6
93.4
94.9
94.8
7.2
7.6
8.2
7.9
9.0
9.1
6.9
4.6
3.4
1.4
1.0
.5
-3.1
-4.0
-1.0
.9
1.6
— .1
9.22
9.24
9.28
9.31
9.35
160.8
161.7
161.6
162.3
163.4
94.2
94.3
94.1
94.5
94.9
3.4
3.5
2.8
3.1
3.4
-.2
-.3
-.8
-.3
-.1
9.38
' 9.41
9.43
9.48
9.49
9.51
9.52
9.58
163.0
164.0
164.4
164.8
164.9
165.7
165.5
165.5
94.5
94.7
94.5
94.4
94.3
94.5
94.3
94.2
2.7
3.3
3.2
2.9
3.1
3.2
2.8
2.9
-.5
-.2
-.7
-1.2
-.9
-.8
-1.0
-.1
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent d ange from
a year earlier,
total private n onagricultural 5
Avera ge gross weekly ea rnmgs
Period
Current dollars
1976
1977
1978
$175.45
1979
1980
1981
1982
1983
1984
1984: Aug
Sept
Get
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June r
July '
Aug"
1
Manufacturing
Total private
nonagnc ultural 1
189.00
203.70
219.91
235.10
255.20
267.26
280.70
294.05
293.92
296.52
294.98
296.38
298.14
296.24
298.00
300.26
298.90
299.75
301.51
299.95
301.86
3
Retail trade
Current dollars
1977 dollars s
$186.85
189.00
189.31
183.41
172.74
170.13
168.09
171.26
173.48
172.19
172.80
171.80
172.62
173.14
171.73
172.15
172.66
171.19
171.38
172.00
171.01
171.80
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index on a 1977 = 100 base.
Revised index for urban wage earners and clerical workers used beginning 1978 (beginning January
2
Construction
1977 dollars
Current dollars
$209.32
228.90
249.27
269.34
288.62
318.00
330.26
354.08
373.63
373.41
375.14
375.84
377.06
379.61
380.83
377.34
380.97
381.10
383.40
384.20
383.66
387.99
$283.73
295.65
318.69
342.99
367.78
399.26
426.82
442.97
456.92
456.46
460.49
457.68
462.08
461.16
459.94
463.81
465.58
465.88
460.60
454.96
459.85
460.13
$114.60
121.66
130.20
138.62
147.38
158.03
163.85
171.05
176.40
175.51
176.11
175.82
177.31
177.31
176.42
177.01
177.31
176.42
178.20
177.61
177.01
177.31
7.3
7.7
7.8
8.0
6.9
8.5
4.7
5.0
4.8
4.9
4.4
2.8
3.3
4.0
2.0
2.1
3.3
2.1
2.4
2.8
1.8
2.6
1.5
1.2
.2
3j
-5.8
-1.5
-1.2
1.9
1.3
1.2
.6
-.8
— .1
.4
-1.2
-1.3
.6
-2.0
-1.5
-1.2
-1.9
— .4
1985, this price index incorporates a rental equivalence measure for homeownership costs).
4
Monthly changes based on indexes to two decimal places.
5
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pt r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Hours of 2all
perse ns
Outp ut *
Business
sector
Nonfarm
business
sector
Business
sector
per
Compens ation
hou r 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Implici t price
defla tor 5
Unit labor
CO sts
Real com pensation
per h our 4
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
19'F7 = 100; ( [uarterly ( ata seasoitally adjusted
1972
1973
1974
92.4
94.8
92.5
93.0
95.3
92.9
86.1
91.7
89.9
85.8
91.7
89.8
93.2
96.8
97.2
92.2
96.2
96.6
66.1
71.4
78.1
66.7
71.8
78.5
95.7
97.3
95.9
96.6
97.9
96.5
71.5
75.3
84.4
71.7
75.3
84.5
71.3
75.3
82.4
71.3
74.0
81.6
1975
1976
1977
1978
1979
94.6
97.6
100.0
100.5
99.3
94.8
97.8
100.0
100.6
99.0
88.2
93.8
100.0
105.5
107.8
87.8
93.7
100.0
105.7
108.0
93.2
96.0
100.0
104.9
108.6
92.6
95.8
100.0
105.1
109.0
85.6
92.9
100.0
108.5
118.7
86.1
93.0
100.0
108.6
118.4
96.4
98.9
100.0
100.8
99.1
96.9
99.0
100.0
100.8
98.8
90.5
95.1
100.0
108.0
119.5
90.8
95.1
100.0
108.0
119.5
90.4
94.7
100.0
107.5
117.2
90.0
94.6
100.0
107.1
116.5
1980
1981
1982
1983
1984
98.8
100.7
100.9
103.7
107.0
98.3
99.8
100.0
103.4
106.2
106.5
109.2
106.3
111.0
120.8
106.5
108.7
105.9
111.2
120.7
107.8
108.4
105.4
107.1
112.9
108.3
109.0
106.0
107.5
113.6
131.1
143.4
155.0
161.7
168.6
130.6
143.1
154.5
162.0
168.7
96.4
95.5
97.3
98.4
98.4
96.0
95.3
97.0
98.6
98.4
132.6
142.4
153.6
156.0
157.6
132.8
143.5
154.5
156.6
158.8
128.1
140.4
147.9
152.4
157.4
128.1
140.6
148.6
153.4
158.2
1982: m
IV
100.9
101.6
100.3
100.5
106.1
105.8
106.0
105.2
105.1
104.1
105.7
104.7
156.7
158.4
156.0
157.9
97.3
98.0
96.8
97.7
155.3
155.9
155.6
157.1
148.7
149.3
149.3
150.2
1983: I
102.2
103.6
104.3
104.7
101.6
103.6
104.1
104.4
106.9
110.1
112.5
114.7
106.7
110.4
112.7
115.2
104.7
106.2
107.9
109.5
105.1
106.5
108.2
110.3
160.2
161.0
161.8
164.2
160.1
161.5
162.4
164.0
99.0
98.5
97.9
98.4
99.0
98.8
98.3
98.3
156.8
155.4
155.1
156.8
157.6
155.9
155.9
157.1
151.0
151.7
152.7
154.2
151.9
152.7
153.8
155.2
105.7
107.0
107.2
108.0
105.2
106.6
106.3
106.9
117.8
121.0
121.5
123.0
118.0
121.0
121.3
122.7
111.4
113.0
113.4
113.9
112.3
113.6
114.1
114.8
166.7
167.5
169.3
171.1
166.5
168.0
169.5
171.0
98.6
98.2
98.3
98.5
98.4
98.4
98.4
98.5
157.7
156.5
158.0
158.4
158.3
157.6
159.5
160.0
155.6
156.7
158.1
159.0
156.3
157.3
159.0
160.1
106.9
107.3
106.0
106.3
123.0
123.7
122.8
123.5
115.0
115.3
115.8
116.2
173.1
174.5
173.1
174.5
98.9
98.6
98.9
98.7
161.9
162.7
163.3
164.2
160.9
161.7
162.3
163.4
2.9
5.3
12.1
2.8
5.0
12.2
3.4
5.5
9.5
3.0
3.8
10.2
7.3
5.1
5.1
8.0
10.7
7.5
4.7
5.2
8.0
10.7
9.8
4.7
5.6
7.5
9.0
10.3
5.1
5.7
7.1
8.8
11.0
7.3
7.9
1.6
1.0
11.1
8.0
7.7
1.4
1.4
9.3
9.6
5.3
3.0
3.2
10.0
9.8
5.7
3.2
3.1
n
in...:..
TV
1984: I
n
in
IV
1985: I
n
Pe rcent ehan »e; quarte rly data a seasonal] y adjusted annual ra tes
1972
1973
1974
3.5
2.6
-2.4
3.7
2.4
-2.5
6.6
6.6
-2.0
6.9
6.8
2.0
3.0
3.9
.4
1975
1976
1977
1978
1979
2.2
3.3
2.4
.5
— 1.2
2.0
3.2
2.2
.6
-1.5
-2.0
6.4
6.6
5.5
2.3
2.2
6.7
6.7
5.7
2.2
—4.1
3.0
4.1
4.9
3.5
1980
1981
1982
1983
1984
-.5
1.9
.2
2.7
3.2
-.7
1.5
-1.2
2.5
2.6
-1.4
2.1
-2.6
5.0
8.5
-.7
.6
-2.8
1.6
5.4
-2.8
1982: HI
IV
2.4
2.7
3.6
1.1
-.1
-3.0
-3.6
-3.8
-3.6
-4.0
1983: I
2.1
5.9
2.8
1.4
4.4
8.1
2.1
1.0
4.4
12.4
9.3
4.0
4.9
.6
3.1
2.9
5.5
n
in
IV
1984: I
n
in
IV
1985: I
II
-3.9
1.3
.2
3.5
2.7
-1.1
2.2
-3.1
1.0
4.4
8.8
-1.3
-1.2
3.1
4.3
.5
-4.1
3.4
4.4
5.1
3.7
-.6
.6
1.5
5.7
6.7
7.6
9.4
3.1
1.6
-1.4
9.6
8.5
7.7
8.5
9.4
9.6
8.1
7.5
8.6
9.0
.5
2.6
1.2
.8
-1.7
10.4
9.4
8.1
4.3
4.2
10.3
9.6
8.0
4.9
4.1
-2.7
-.9
1.9
1.1
0
-2.8
-.7
1.7
1.6
7.5
4.5
7.5
5.1
.2
3.0
.2
3.6
5.0
1.7
3.7
4.0
2.3
1.8
2.0
2.4
3.3
1.3
-1.4
.4
2.2
1.0
.8
-2.0
^
7.8
6.0
14.3
8.7
9.1
2.2
6.1
6.4
6.2
1.5
5.7
6.5
8.0
4.4
2.2
2.0
6.1
5.7
3.5
2.2
4.1
4.0
-2.1
-2.2
1.9
5.3
-.8
-2.0
0
2.2
-3.5
-.8
4.6
1.3
-4.2
.1
3.0
4.6
1.9
2.5
4.1
4.6
2.2
2.7
3.7
11.4
11.2
1.8
5.0
10.3
10.6
.7
4.7
7.2
6.0
1.2
1.8
7.2
4.8
1.8
2.4
6.2
1.9
4.4
4.4
6.1
3.7
3.6
3.7
.8
-1.8
.7
.8
.7
0
-.1
.1
2.1
-2.9
3.7
1.2
3.1
-1.7
4.7
1.4
3.7
2.9
3.6
2.2
2.8
2.8
4.2
2.9
0
2.4
.5
2.2
4.1
1.1
3.7
1.2
4.8
3.3
5.0
3.3
1.4
-.9
1.7
-.8
9.1
1.9
8.4
2.3
5.0
2.0
5.5
2.8
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
16
6.5
8.0
9.4
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 0.3 percent in August following no change in July and a 0.3 percent increase in June.
The index for August was 1.0 percent above its year earlier level.
INDE X, 1977=100* (RATIO SCALE)
140
_ TOTAL INDUSTRIAL PRODUCT ON
INDE X, 1977=100* (RATIOS CALE)
220
—
200
•
FINAL PRODUCTS
.-^^
120
•""\
^^Nxs^
100
^f
180
/"*>
DEF ENSE
AND—
SPACE
EG!UIPMENT —
160
'—'1
iiiiiliiiii iiiiihiiiiliiiiiluiii
Illllllllll
Illllllllll
140
^--"'" "
BUS NESS
.
""^^V-y'
jir*^
FQI II >MFNT
f
•~~*~~
^^^^
^
120
•.^—TjTS.
fc«***»V
NONDURABLE
w
120
[7.17.5*
^g£
^$^~^y\
^^is-
iiiiiliiiii iiiiiliiiiiliiiiiliuii
—"
"T~"
CONSUMER
-^TTna
r-. ,-fc"*
GOODS
-«.. ,«.«.»^.. -''
iiiiihiiii ||ii|liiin Uind Illllllllll LlllllllluJ
DURA 5LE
100
—^
^~<
100
-»*ff^
+*
-
S's^
^v
140 — MANUFACTURING PRODUCTION
/-"
>-—•1
PER CENT*
Illllllllll Illllllllll
90
140
— MANUF ACTURING CAPACITY UTILIZATIC )N RATE —
_ UTILITIES AND MINING PRODUCTION
80
120
^«M»M
70
100
60
1981
Illllll!!!! Illllllllll HIllhllH
1981
1985
1982
iiiiiliiiii
1983
1984
•SEASONAUY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Illllllllll
1985
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Industry proc uction indexes , 1977 = 100
Total
indu trial
produ ction
Period
Index,
1977=100
1977 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984: Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May r.
June r.
July r
Aug"
100.0
84.8
92.6
100.0
106.5
110.7
108.6
111.0
103.1
109.2
121.8
123.5
123.3
122.7
123.4
123.3
123.6
123.7
124.0
124.1
124.1
124.4
124.4
124.8
Capacity utilization
rate, pt rcent *
Manufacturing
Percent
change
from year
earlier
8.8
9.2
8.0
6.5
3.9
-1.9
2.2
-7.1
5.9
11.5
10.7
8.4
7.2
7.5
6.8
4.4
3.7
3.3
2.8
2.3
1.7
1.0
1.0
Mining
Total
84.21
83.4
91.9
100.0
107.1
111.5
108.2
110.5
102.2
110.2
123.9
125.9
125.6
125.5
126.0
125.8
125.9
125.8
126.3
126.6
126.6
126.7
126.8
127.5
Durable
49.10
82.6
91.1
100.0
108.2
113.9
109.1
111.1
99.9
107.7
124.8
127.7
127.2
127.0
127.5
127.4
127.8
127.2
128.0
128.2
127.9
127.7
127.5
128.4
Utilities
Nondurable
35.11
84.5
93.1
100.0
105.5
108.2
107.0
109.7
105.5
113.7
122.5
123.2
123.1
123.3
123.8
123.4
123.2
123.8
123.9
124.3
124.7
125.4
125.8
126.1
9.83
5.96
96.6
97.4
100.0
103.6
106.4
112.4
117.5
109.3
102.9
110.9
113.0
113.6
107.2
108.8
108.9
110.5
109.5
110.5
109.6
109.8
110.4
109.6
108.9
93.7
97.4
100.0
103.1
105.9
107.3
107.1
104.8
105.2
110.9
110.0
109.7
109.4
112.1
111.6
113.0
115.8
113.9
113.6
113.7
113.8
113.3
112.9
Manufacturing
Industrial
materials
72.3
73.4
80.3
77.4
81.4
84.2
84.6
79.3
78.3
70.3
74.0
80.8
81.8
81.3
81.1
81.2
80.9
80.7
80.4
80.5
80.5
80.3
80.2
80.0
80.2
84.1
86.3
87.1
81.1
81.1
71.7
75.3
82.3
83.1
82.7
81.3
81.5
81.3
81.7
81.5
81.4
80.9
80.1
80.2
79.9
79.8
Source: Board of Governors of the Federal Reserve System
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Mate rials
Produc ts
Intern lediate pro .ucts
''inal produc s
C msumer go sds
Period
Total
Total
]Equipment
Durable
goods
Nondurable goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Busi-
Total
Energy
supplies
1977 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
44.77
86.3
92.4
100.0
106.9
111.0
112.2
115.2
109.5
114.7
127..8
25.52
84.9
93.3
100.0
104.3
103.9
102.7
104.1
101.4
109.3
118.2
6.89
75.3
88.4
100.0
103.7
99.9
88.4
89.7
82.9
98.5
112.6
18.63
88.8
95.3
100.0
104.5
105.4
108.1
109.3
108.3
113.3
120.2
19.25
88.5
91.5
100.0
110.3
120.4
124.7
129.9
120.2
121.7
140.5
14.34
86.1
89.3
100.0
112.2
124.7
125.1
127.6
113.6
115.4
134.9
3.67
98.5
100.1
100.0
101.2
105.6
115.4
119.8
133.0
143.1
157.9
12,94
83.6
92.1
100.0
106.9
110.8
106.9
107.3
101.7
111.2
124.9
5.95
82.3
92.0
100.0
106.9
108.7
100.6
98.6
88.3
100.6
114.0
6.99
84.7
92.1
100.0
106.9
112.7
112.3
114.7
113.1
120.3
134.2
42.28
83.2
93.0
100.0
105.9
110.3
105.3
107.7
96.7
102.8
114.6
11.69
95.6
97.9
100.0
101.1
104.1
105.5
104.7
101.2
98.4
104.0
1984:
Aug
Sept
Oct
Nov
Dec
129.7
129.8
129.9
130.7
130.6
118.4
118.3
118.5
119.6
119.7
113.3
111.5
111.4
113.3
113.1
120.2
120.7
121.0
121.8
122.1
144.5
145.0
145.0
145.5
144.9
139.1
139.2
139.1
139.8
138.4
160.7
163.4
163.5
163.3
165.3
126.9
125.6
126.2
127.2
127.3
115.3
114.7
114.6
115.7
114.7
136.9
134.9
136.1
137.1
138.0
116.1
115.9
114.2
114.6
114.6
105.5
105.5
99.9
101.5
102.4
1985:
Jan
Feb
Mar
Apr
May r
June r
July r
Aug"
130.4
130.4
130.8
131.3
131.7
131.7
131.7
132.4
118.8
119.1
119.8
119.5
120.0
120.7
120.4
121.3
112.8
112.8
113.5
111.5
111.8
112.9
112.1
115.1
121.1
121.4
122.1
122.5
123.1
123.5
123.5
123.5
145.7
145.3
145.4
146.9
147.1
146.4
146.6
147.1
140.4
140.0
140.2
142.0
141.9
140.6
140.4
140.7
165.3
167.3
169.0
170.1
171.2
172.8
173.5
175.0
126.8
127.7
128.6
129.3
130.3
131.8
131.9
132.2
116.2
115.7
116.9
117.4
118.1
119.7
120.1
120.2
135.9
137.9
138.6
139.4
140.7
142.2
142.0
115.4
115.4
115.5
115.0
114.2
114.5
114.3
114.5
103.9
104.9
106.2
105.3
105.3
105.2
103.9
103.2
1
Includes rigs and prefabs, not shown separately.
[1977:= 100; monthly data seasonally adjusted]
No ndurable inanufactu es
Durable mjmufactures
Primary metals
Iron and
steel
Nonelectrical
machinery
Electrical
machinery
5.33
88.2
98.7
100.0
107.0
108.5
90.4
95.0
65.8
73.0
82.4
3.49
92.0
101.4
100.0
107.5
108.0
86.3
92.5
57.5
66.1
73.5
6.46
82.7
91.6
100.0
105.7
109.4
101.8
101.6
86.6
89.1
102.8
9.54
84.5
88.8
100.0
111.7
122.6
123.3
129.8
115.6
118.3
142.0
7.15
77.2
86.8
100.0
112.9
125.7
130.3
134.1
128.4
143.8
172.4
9.13
81.0
92.2
100.0
106.3
108.3
96.9
95.1
87.6
99.2
113.6
Total
1977 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Transp >rtation
equipment
Fabricated
metal
products
Period
Total
Lumber
and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
5.25
65.7
86.5
100.0
104.6
95.9
71.1
71.6
66.8
85.8
105.6
2.30
80.8
91.9
100.0
102.4
102.0
92.9
90.1
82.8
100.2
109.1
2.79
77.6
91.5
100.0
103.1
98.3
97.3
96.1
87.3
95.3
102.8
4.54
83.5
91.2
100.0
107.8
112.7
115.1
118.6
120.2
129.8
147.9
8.05
82.9
92.8
100.0
106.8
111.4
106.4
112.6
103.8
114.0
121.7
7.96
90.4
95.
100.0
104.3
106.7
111.4
113.7
114.9
120.4
127.1
Motor
vehicles
and
parts
Foods
1984:
Aug
Sept
Oct
Nov
Dec
84.0
82.9
81.3
80.9
78.4
74.6
73.6
71.0
71.1
68.9
104.1
104.8
104.8
105.4
105.9
147.8
146.5
146.6
145.8
144.6
176.2
176.8
178.4
178.9
180.2
116.2
114.3
113.4
116.0
117.8
108.3
104.6
103.1
107.5
109.5
109.4
110.4
110.2
109.5
109.4
101.3
100.1
100.5
101.1
102.5
151.5
148.8
149.5
153.5
151.2
122.0
124.2
123.5
124.3
123.4
127.7
128.2
129.1
128.7
129.0
1985:
Jan
Feb
Mar
Apr
Mav r .
June r.
Julvr
Aug"
81.7
80.2
81.8
81.4
76.4
78.3
78.3
78.9
71.0
68.5
73.2
71.9
65.4
67.6
66.4
106.4
107.6
108.6
109.1
108.3
107.4
107.7
107.5
145.0
144.9
146.5
148.9
149.1
145.9
145.8
146.5
176.0
173.2
173.1
168.9
169.3
169.9
165.7
165.9
120.4
120.5
120.8
120.7
120.9
121.7
123.2
126.8
113.0
112.5
111.3
110.9
110.5
110.5
112.5
117.5
109.2
109.1
109.5
110.9
112.2
114.0
102.6
103.1
101.3
100.2
100.3
99.2
100.9
150.4
150.3
152.6
154.2
155.4
156.3
156.4
157.8
125.7
125.8
126.5
125.8
126.7
126.4
127.0
128.2
129.4
128.5
130.8
131.4
131.8
131.5
Source: Board of Governors of the Federal Reserve Svstem.
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 2
Private
Period
Total new
construction
expenditures
Federal,
Resk ential
Total
Commercial
and industrial
New housing
Total '
Other
State, and
local
Total value
index
(1977 = 100)
100.0
114.0
121.0
108.0
112.0
111.0
137.0
149.0
Commercial
and industrial
floor space
(millions of
square feet)
B illions of dollars
1977
1978
1979
1980
1981
1982
1983
1984
239.1
236.9
268.7
313.0
135.7
159.7
181.6
175.7
185.8
186.1
218.0
257.8
81.0
93.4
99.0
87.3
86.6
80.6
121.3
145.1
173.8
205.6
230.4
230.7
65.7
75.8
78.6
63.1
62.7
57.7
95.7
114.6
22.5
29.6
39.9
43.8
51.3
54.6
48.7
61.9
32.2
36.7
42.7
44.7
47.9
50.9
48.1
50.9
38.2
45.9
48.8
55.0
53.3
50.8
50.7
55.2
Annual rates
739
977
1,059
904
919
690
756
937
Annual rates
1984:
July
Aug
Sept
Oct
Nov
Dec
319.1
321.2
321.0
318.2
313.1
310.1
263.5
265.4
264.3
262.0
257.5
254.5
150.3
149.8
149.4
144.0
137.9
134.3
117.9
117.0
116.3
115.9
113.5
111.9
61.1
63.0
65.4
66.4
67.2
69.0
52.1
52.5
49.5
51.5
52.4
51.3
55.6
55.9
56.6
56.2
55.6
55.5
150
148
146
145
151
150
955
992
910
948
1,005
1,041
1985:
Jan
Feb
Mar
Apr
May r
June r
July "
Aug"
341.0
334.3
333.7
343.1
347.4
345.4
349.5
283.7
276.5
274.6
283.4
284.1
280.6
283.4
155.3
146.0
146.2
148.9
151.1
150.7
153.2
113.0
110.3
110.8
112.5
112.2
112.4
114.3
73.7
74.7
74.0
78.5
76.6
73.2
73.9
54.7
55.7
54.4
56.0
56.4
56.7
56.3
57.4
57.8
59.1
59.6
63.3
64.8
66.1
150
145
162
161
162
142
164
163
974
990
1,049
1,104
1,008
836
1,103
1,097
1
Includes nonhousekeeping residential construction and additions and alterations, not shown sep~
arately.
z
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
for floor space.
NOTE.—New construction expenditures data are not strictly comparable throughout the period
shown,
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 private housing units
Period
Units started, trj type of structure
Total
1977
1978
1979
1980
1981
1982
1983
1984
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1 unit
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
2-4 units
5 or more units
121.7
125.0
122.0
109.5
91.1
80.0
113.5
121.4
414.4
462.0
429.0
330.5
287.7
319.6
522.0
544.0
New pri\ ate homes
Units
authorized
1,690.0
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
Units
completed
Homes sold
Vacancy rate
Homes for
sale at end of
period 1
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
819
817
709
545
436
412
623
639
1,699
1,681
1,657
1,614
615
557
670
652
596
604
340
343
343
346
349
356
634
676
699
r
649
r
679
694
704
356
360
357
r
356
r
355
355
355
3
402
414
398
336
272
251
300
356
housing units
(percent) 2
5.2
5.0
5.4
5.4
5.0
5.3
5.7
5.9
Seasonal iy adjusted annu al rates
1984:
1985:
July
Aug
Sept
Oct
Nov
Dec
1,730
1,590
1,669
1,564
1,600
1,630
996
962
1,009
979
1,043
1,112
116
114
107
109
115
119
618
514
553
476
442
399
1,591
1,542
1,517
1,477
1,616
1,599
Jan
Feb
Mar
Apr
May
June r
July r
Aug"
1,849
1,647
1,889
1,933
1,681
1,701
1,647
1,749
1,060
1,135
1,168
1,155
1,039
1,031
1,062
1,073
105
96
106
113
109
92
77
684
416
615
665
533
578
508
571
1,635
1,624
1,741
1,704
1,778
1,712
1,694
1,784
105
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series 1 spnning 1979 not strictly comparable
vith earlier data.
3
New series beginning March 1979.
1,587
1,635
1,719
1,794
1,685
1,641
r
1,627
' 1,768
1,686
6.0
6.3
6.3
6.2
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places (in issues of Economic Indicators prior to February 1985, data for 1984 were for 16,000 places); for 1978-83 data
are for 16,000 places; and for 1973-77 data are for 14,000 places.
Source: Department of Commerce, Bureau of the Census,
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales rose 0.9 percent in July and inventories were unchanged. According to advance
data, retail sales rose 1.9 percent in August following a rise of 0.2 percent in July and a decline of 1.0 percent in
June.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
/U
600
•
150
550
^_^—""""
~s» — _
1
r
r
1f^
1
.^^""""""
400
350 ==•'
^-v
x-**-
,*""^
^s.
..'--*
110
~~*~*"
+.*
"'<''
90
;:..*'*«f'-~
70
—
W ANUFACTUR ING
A ND TRADE S «kLES
300
'
-
p
MAN UFACTURINl3 AND
TR/kDE INVENTC)RIES
450
-
RE TAIL INVEN1DRIES——^<
140
130
250 —
— X""
-''\
-
ETAIL SALE!
-
—
60
•if)
1,1,11,1
miilmii
,
(
Illllllllll
Illllllllll
RATIO*
INVENTORY-SALES RATIO
150 —
—
1,40
100 Illllllllll Illllllllll
1982
1981
imiliiiii IIIJlilMli
1984.
1983
Illllllllll
1.20
1985
1985
1981
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufact uring and
trac e 1
COUNCIL OF ECONOMIC ADVISERS
Who esale
Inventory-s ales ratio 4
Re tail
Enventories 3
Sales a
2
Inventories 3
Sales
351,459
399,561
451,354
493,958
527,739
509,213
520,281
573,434
557,168
561,715
565,475
568,750
571,239
573,434
575,802
578,940
578,768
580,201
577,781
579,665
579,637
56,364
66,674
79,481
93,721
102,021
96,290
100,448
114,071
114,774
114,749
114,573
113,994
114,337
114,913
114,654
114,310
114,619
117,612
118,753
110,777
114,538
InventoTotal
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
Retail
Millions of dollars, seasonally iadjusted
1977
1978
1979
1980
1981
1982
1983
1984
1984: July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June r
July ".
AugP
1
2
3
230,000
260,810
298,344
328,074
356,927
344,656
368,747
411,733
412,233
413,300
412,276
414,243
417,635
421,613
417,350
418,667
420,776
426,472
428,275
418,378
422,243
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
60,434
72,801
86,442
67,231
99,348
74,926
113,623
79,963
86,777
118,438
118,290
89,339
97,858
120,476
132,208 108,085
128,577 107,563
129,433 107,396
130,610 108,373
131,023 108,974
132,501 110,255
132,208 110,519
132,247 110,972
133,631 112,096
133,865 111,854
133,968 115,351
134,014 114,884
135,479 113,730
135,999 rl!3,912
116,102
20,720
23,368
25,529
24,914
27,089
28,059
33,041
38,691
38,465
38,071
38,301
39,281
39,934
40,295
40,622
41,073
40,765
42,932
42,789
42,064
r
42,218
43,906
39,715
43,863
49,397
55,049
59,688
61,279
64,817
69,394
69,098
69,325
70,072
69,693
70,321
70,224
70,350
71,023
71,089
72,419
72,095
71,666
r
7 1,694
72,196
89,444
102,610
110,906
116,054
126,656
126,014
139,123
155,517
148,817
149,508
150,334
152,130
153,070
155,517
157,770
159,163
158,732
160,184
158,867
158,508
158,602
43,071
50,136
54,108
55,117
60,327
58,952
66,845
74,582
70,012
70,201
70,801
71,896
72,839
74,582
76,393
76,838
77,401
78,312
77,001
77,344
76,497
46,373
52,474
56,798
60,937
66,329
67,062
72,278
80,935
78,805
79,307
79,533
80,234
80,231
80,935
81,377
82,325
81,331
81,872
81,866
81,164
82,105
4
For annual periods, ratio of weighted average inventories to avi
data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce, Bureau of the Census.
1.46
1.44
1.43
1.45
1.44
1.51
1.38
1.34
1.35
1.36
1.37
1.37
1.37
1.36
1.38
1.38
1.38
1.36
1.35
1.39
1.37
1.39
1.43
1.44
1.42
1.40
1.40
1.34
1.37
1.38
1.39
1.39
1.40
1.39
1.41
1.42
1.42
1.42
1.39
1.38
1.39
1.39
3 monthly sales; for monthly
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In July, manufacturers' shipments were unchanged, inventories and new orders fell, and unfilled orders rose. In
August, according to advance data, durable goods shipments and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
400
360
200 _ SHIPMENTS
—INVENTORIES •
300
160
240
TOTAL
- DURABLE GOODS-
120
100
200
160
80
" NONDURABLE GOODS"
DURABLE GOODS
120
100
60
80
-/-
Illllllllll Illllllllll
40
NONDURABLE GOODS
60
BILLIONS OF DOLLARS* (RATIO SCALE)
240
40
1985
198!
•SEASONALLY ADJUSTED
SOURCE-. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufa cturers' shipinents *
*anufacturers new orders i
Manufa( turers' inven tories 2
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory—
shipments
ratio 4
Durabl 3 goods
Period
Durable
goods
Nondurable goods
Durable
goods
Capital
Nondurable goods
Total
industries,
defense
M llions of do lars, seasoirally adjust 3d
1977
1978
1979
1980
1981
1982
1983
1984
113,202
126,905
143,936
154,391
168,129
159,027
170,441
189,578
59,267
67,848
76,060
77,550
83,872
76,693
84,951
98,502
53,935
59,057
67,876
76,841
84,257
82,334
85,491
91,076
189,214
210,509
241,100
264,281
282,645
264,909
260,682
285,709
121,601
137,891
160,533
174,620
186,347
175,103
171,629
191,109
67,613
72,618
80,567
89,661
96,298
89,806
89,053
94,600
115,032
131,546
147,403
156,161
167,752
157,255
173,259
191,634
61,082
72,339
79,451
79,360
83,553
74,996
87,631
100,611
15,291
19,458
23,231
23,259
24,050
20,681
22,764
27,017
53,950
59,207
67,953
76,801
84,199
82,260
85,627
91,024
203,475
259,770
302,145
323,393
319,094
296,918
330,924
355,640
1.61
1.57
1.57
1.66
1.64
1.73
1.52
1.45
1984: July
Aug
Sept
Oct
Nov
Dec
189,896
191,155
189,330
191,275
193,043
196,181
97,841
100,254
98,214
100,807
102,394
103,939
92,055
90,901
91,116
90,468
90,649
92,242
279,774
282,774
284,531
285,597
285,668
285,709
184,588
187,035
188,619
190,088
190,669
191,109
95,186
95,739
95,912
95,509
94,999
94,600
194,061
192,384
189,217
186,799
194,982
193,671
101,979
101,860
98,210
96,506
104,434
101,307
28,140
26,736
27,394
25,259
26,836
26,893
92,082
90,524
91,007
90,293
90,548
92,364
359,571
360,800
360,687
356,211
358,150
355,640
1.47
1.48
1.50
1.49
1.48
1.46
1985: Jan
Feb
Mar
Apr
May
June r
July ".
Aug"
191,724
192,261
194,303
193,509
194,638
193,871
193,793
101,966
101,724
102,116
102,068
102,718
102,657
r
102,478
105,047
89,758
90,537
92,187
91,441
91,920
91,214
91,315
285,785
286,146
286,171
286,049
284,900
285,678
285,036
192,153
192,030
192,355
192,475
191,546
192,239
192,163
93,632
94,116
93,816
93,574
93,354
93,439
92,873
195,210
193,057
191,532
191,081
195,019
198,261
195,793
105,447
102,467
99,544
99,839
102,971
106,780
r
104,370
107,916
23,633
29,493
27,206
25,461
25,594
27,984
r
26,685
27,205
89,763
90,590
91,988
91,242
92,048
91,481
91,423
359,125
359,926
357,151
354,731
355,112
359,502
361,502
1.49
1.49
1.47
1.48
1.46
1.47
1.47
1
2
3
Monthly average for year and total for month. Shipments are the same as sales.
Book value, end of period.
End of period.
* 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 August, the producer price index for all finished goods fell 0.3 percent, seasonally adjusted. Prices of finished
consumer foods fell 0,7 percent, while prices of other finished consumer goods fell 0.3 percent. Prices of capital
equipment rose 0.2 percent.
INDEX, 1967= 100 (RATIO SCALE)
320
INDEX, 1967 =100 (RATIO SCALE)
320
300
300
280
280
260
260
240
240
220
!220
200
180
1977
1984
1978
SOURCE: DEPARTMENT OF LABOR
1985
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
Fin shed goods
Period
Total
finished
goods
F nished go ids excluding consumer foo Is
Consumer
foods
Consumer gc ods
Nondurable
Capital
equipment
Total
Total
Durable
Internlediate ma terials
Onjde mater als
Total
Foods
and
feeds 1
Other
Total
Foodstuffs
and
feedstuffs
Other
Total
finished
consumer
goods
1977
1978
1979
1980
1981
1982
1983
1984
181.7
195.9
217.7
247.0
269.8
280.7
285.2
291.1
189.9
207.2
226.2
239.5
253.6
259.3
261.8
273.3
177.7
190.7
213.3
247.8
273.3
285.8
290.8
294.8
174.3
186.7
211.5
250.8
276.5
287.8
291.4
294.1
152.8
166.9
183.2
206.2
218.6
226.7
233.1
236.8
189.3
200.0
231.3
283.9
319.6
333.6
335.3
337.3
184.6
199.2
216.5
239.8
264.3
279.4
287.2
294.0
180.7
194.9
217.9
248.9
271.3
281.0
284.6
290.3
201.5
215.6
242.2
280.3
306.0
310.4
312.3
320.0
190.5
203.1
226.1
252.6
250.3
239.4
247.9
253.1
202.3
216.5
244.4
282.3
310.1
315.7
317.1
325.0
209.2
234.4
274.3
304.6
329.0
319.5
323.6
330.8
192.1
216.2
247.9
259.2
257.4
247.8
252.2
259.5
245.0
272.3
330.0
401.0
482.3
473.9
477.4
484.5
1984: Aug
Sept
Get
Nov
Dec
291.2
291.2
291.0
292.0
292.0
273.8
273.4
273.0
274.5
275.6
294.8
294.9
294.8
295.6
295.2
293.5
293.4
293.5
294.3
294.2
237.2
238.2
236.6
237.6
237.5
335.9
334.9
336.5
337.2
337.0
295.3
295.8
295.1
295.9
295.0
290.1
289.9
289.9
290.9
291.2
320.3
320.0
320.4
320.9
320.7
249.6
246.9
244.5
245.6
244.8
325.6
325.4
326.0
326.5
326.4
327.4
327.6
324.5
329.1
328.5
253.1
254.4
251.6
260.4
260.9
487.5
485.2
481.5
477.6
474.4
1985: Jan
Feb
Mar
Apr r.
May
June
July
Aug
291.9
292.1
292.4
293.6
294.2
293.5
294.4
293.5
274.3
274.6
273.5
271.0
268.1
267.7
271.1
269.2
295.5
295.6
296.5
298.9
300.7
299.9
299.9
299.4
294.0
293.4
294.2
297.5
300.0
298.4
298.4
297.5
238.8
239.9
240.9
240.9
241.7
242.4
242.2
242.0
335.6
333.4
334.1
340.1
344.0
340.6
340.7
339.2
296.3
298.6
299.5
299.6
299.7
300.9
300.9
301.6
290.6
290.3
290.5
291.9
292.6
291.4
292.6
291.3
320.4
319.0
318.5
319.1
320.0
318.8
317.8
317.3
241.6
241.1
239.0
235.5
230.7
231.6
229.7
225.5
326.2
324.7
324.3
325.3
326.5
325.2
324.2
324.0
321.7
316.0
311.0
307.4
305.1
303.3
301.6
294.4
254.9
249.8
242.9
235.6
230.4
229.8
227.2
218.6
466.0
459.0
457.9
462.1
465.7
461.4
461.4
456.8
1
Intermediate materials for food manufacturing and feeds.
22
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In August, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted and not
seasonally adjusted. The index was 3.4 percent above its year earlier level.
INDEX, 1967 = 100 (RATIO SCALE)
340
INDEX, 1967= 100 (RATIO SCALE)
340
320
320
300
300
280
280
260
260
ALL ITEMS
240
240
220
220
200
200
180
180
160
160
140
140
1978
1977
1980
1979
1982
1981
1985
1984
1983
SEE NOTE ON TABLE BEIOW
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Hou sing
Ti ansportati in
She Iter
Period
All
items 1
Food
Total '
Total
Renters'
costs 2
NSA
5
Homeowners'
costs 2
Maintenance
and
repairs
NSA
NSA
Appar-
Fuel
and
other
utilities
upkeep
8.2
202.2
216.0
239.3
278.6
319.2
350.8
370.3
387.3
5.1
154.2
159.6
166.6
178.4
186.9
191.8
196.5
200.2
Medical
care
Energy 4
All
items
less
food
energy,
and
shelter
New
cars
Motor
fuel 3
3.4
142.9
153.8
166.0
179.3
190.2
197.6
202.6
208.5
5.5
6.3
11.5
48.0
177.2
185.5
212.0
249.7
280.0
291.5
298.4
311.7
188.2
196.3
265.6
369.1
410.9
389.4
376.4
370.7
202.4
219.4
239.7
265.9
294.5
328.7
357.3
379.5
207.3
220.4
275.9
361.1
410.0
416.1
419.3
423.6
169.5
179.1
191.5
208.3
228.1
245.6
258.4
271.2
Total l
Rel. imp.
1977
1978
1979
1980
1981
1982
1983
1984
100.0
18.7
181.5
195.4
217.4
246.8
272.4
289.1
298.4
311.1
192.2
211.4
234.5
254.6
274.6
285.7
291.7
302.9
37.7
186.5
202.8
227.6
263.3
293.5
314.7
323.1
336.5
21.8
191.1
210.4
239.7
281.7
314.7
337.0
344.8
361.7
103.0
108.6
102.5
107.3
0.5
214.7
233.0
256.4
285.7
314.4
334.1
346.3
359.2
1984: Aug
Sept
Oct
Nov
Dec
313.0
314.5
315.3
315.3
315.5
304.2
304.4
305.4
305.9
307.2
338.5
340.2
340.5
341.2
341.8
364.1
366.0
367.4
368.6
370.1
109.4
109.9
110.4
110.9
111.4
108.1
108.7
109.1
109.4
109.8
360.1
362.7
361.6
362.9
364.4
391.1
392.6
390.3
390.4
389.4
200.5
201.5
203.0
202.7
202.4
311.8
312.8
313.9
314.5
315.0
209.1
210.2
210.8
210.6
210.9
361.7
364.6
367.4
369.3
368.8
382.0
383.6
385.8
387.4
389.0
421.5
423.7
423.4
424.0
423.0
272.9
273.9
274.7
275.2
275.9
1985: Jan
Feb
Mar
Apr
May
June
July
Aug
316.1
317.4
318.8
320.1
321.3
322.3
322.8
323.5
307.7
309.3
309.2
308.7
308.3
308.5
308.8
308.9
342.3
343.7
344.6
345.9
348.1
349.2
350.2
351.9
371.0
373.2
374.2
375.7
379.4
380.9
383.0
385.6
111.8
112.4
112.9
113.5
114.6
115.1
115.8
116.5
110.0
110.7
110.8
111.3
112.4
112.8
113.5
114.3
366.0
366.8
370.0
368.0
366.2
367.6
367.8
370.6
389.1
388.1
389.8
392.0
392.7
395.0
394.9
394.4
202.4
204.3
205.3
205.4
205.2
205.8
205.3
205.9
315.8
315.6
319.7
322.3
321.6
321.2
320.7
319.5
211.6
213.3
214.3
214.3
213.9
214.5
214.9
215.7
363.8
354.2
367.6
378.7
380.5
381.3
380.2
376.6
390.3
392.0
395.3
397.5
399.9
402.6
404.5
406.5
419.8
414.1
422.1
429.9
431.2
431.9
430.6
427.9
277.2
278.7
279.9
280.4
280.5
281.1
281.5
282.1
1
7.1
14.1
Includes items not shown separately.
December 1982=100.
Includes direct pricing of dieael and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor ft*lei. Motor oil, coolant,
etc. also included through 1982.
5
Relative importance, December 1984.
2
3
4
31.6
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and
clerical workers.
Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and
therefore are not strictly comparable with figures for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Period
Oh nge from pr eceding perk d
Change from 3 mont] s earlier, aim ual rate
Change from 6 mont s earlier, ann ua] rate
OoHsum •r goods
Consum r goods
Consum ",T goods
Total
finished
goods
Capita]
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
1976
1977
1978
1979
1980
1981
1982
1983
1984
3.7
6.9
9.2
6.0
6.7
8.5
-2.5
6.9
11.7
7.4
7.5
1.4
2.1
2.3
3.5
12.8
11.8
7.1
3.7
.6
1.7
6,4
7.3
7.9
8.8
17.5
14.2
4.4
6.5
7.8
11.1
13.5
11.4
8.5
4.2
-.8
.8
9.2
4.0
1.6
2.1
9.2
3.9
1.9
1.8
a ange, month to mont h.
1984:
1985:
Aug
Sept..
Oet
Nov
Dec
-0.2
Jan
Feb
Mar
Apr
-0.3
-.1
-.1
.5
.4
-.0
-.5
.1
-.4
-.9
.1
.1
>•
.4
Mav r
June
Julv '
Aug
2
-.2
.3
-.3
0.2
-0.3
0
-.1
.3
0
-.0
.0
.3
-.0
2
— .2
.3
— .3
-.1
.4
.8
.3
.0
.0
.4
0
.2
— .2
.3
1.1
.8
-1.1
-.1
1.3
-.7
— .5
0
Q
.3
0
0
-1.1
1.1
1.1
-2.8
— 1.4
-2.2
1.1
1.1
1.0
3.3
1.9
.1
1.2
.1
.5
2.3
2.9
1.5
1.1
NOTE.—NSA indicates data are not seasonally adjusted.
-1.1
.7
o o
0.3
g
-1.1
-1.0
-.9
0.6
— 1.7
.2
3.1
3.9
.1
.6
.8
1.8
1.5
1.0
1.7
1.0
1.6
3.7
6.2
4.5
1.5
1.9
1.7
2.6
0
4.8
9.3
5.8
1.2
.1
1.7
g
.8
-1.2
-3.0
-4.7
-9.1
-8.2
0.8
-.2
— .4
.6
.6
2.1
2.3
.5
-3.1
5.1
4.5
g
-.1
.6
.1
-.1
.5
2.7
3.9
2.9
3.0
2.8
— 1.5
-4.6
— 5.7
O Q
-3.9
2.5
2.3
.5
1.4
.6
1.1
2.2
2.5
3.1
2.6
4.0
3.1
2.0
1.8
1.5
1.4
1.9
1.7
.9
.7
_2
_7
1.1
1.0
.9
.8
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Housing
Period
All
Food
Total '
Homeowners'
RenlTotal '
Adden dum: All ite us, percent hange
(annua 1 rate)
Tr ansportat on
Shelter
Fuel
and
other
utilities
Apparel
and
upkeep
Total '
New
Motor
fuel2
Medical
care
items
less
food,
energy,
and
shelter
Energy 3
From
previous
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
NSA
c hange, D eeember to Dee imber, ^ SA
4.8
6.8
9.0
1976
1977
1978
1979
1980
1981
1982
1983
1984
13.3
12.4
8.9
3.9
3.8
4.0
0.6
8.0
11.8
10.2
10.2
4.3
3.1
2.6
3.8
5.4
7.6
4.2
9.9
11.5
17.4
15.1
15.2
13.7
10.2
3.6
3.5
4.2
9.0
8.1
5.9
8.7
9.9
2.4
4.7
5.2
16.0
13.6
14.5
5.1
5.9
4.5
5.1
9.7
1.8
4.2
4.5
4.2
3.2
5.5
6.8
3.6
1.6
n Q
2.0
8.8
4.3
7.7
18.2
14.7
11.0
1.7
3.9
3.1
4.8
7.2
6.2
7.4
7.5
6.8
1.6
3.4
2.4
2.6
4.9
8.5
52.2
18.9
9.4
-6.5
-1.7
-2.4
10.1
8.8
8.8
10.1
10.0
12.5
11.0
6.4
6.1
6.9
7.2
8.0
37.4
18.1
11.9
1.3
-.5
_2
5.8
7.0
5.2
6.5
6.5
7.7
7.2
9.9
9.4
6.1
5.0
4.4
11.3
13.5
10.4
6.1
3.2
4.3
Cha nge, mo nth to nlonth
1984:
1985:
Aug
Sept
Oct
Nov
Dec
0.4
Jan
Peb
Mar
Apr
Mav
June
Julv
Aug
.2
.3
.5
.4
.3
_2
.3
.4
2
.2
9
2
0.5
.1
.3
.2
.4
0.5
.5
.1
_2
.2
0.4
.5
.4
.3
2
.5
-.0
„2
— 1
.1
.1
.0
.1
.4
.3
.4
.6
.3
.3
.5
.2
.6
.3
.4
0.6
.5
.5
.5
.5
0.5
.6
.4
.3
.4
0.5
.4
-.6
.0
-.3
.4
2
.6
.1
.5
1.0
.4
.6
.7
-.1
-.3
.5
.4
1.0
.5
1.0
.4
.4
.6
.7
.6
.6
.4
1
.4
.6
.2
.6
-.0
-.1
0.8
.5
.7
.4
0.4
.5
.3
— .1
— .1
.2
_2
.1
0
.9
.5
.0
-.1
.3
-.2
.3
.3
Includes items not shown separately.
2
Includes direct pricing of diesel and' gasoho! beginning September 1981.
3
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
4
Quarterly changes are shown in the last month of the quarter.
NOTE.—NSA indicates data are not seasonally adjusted.
24
0
.3
— .1
1.3
.8
2
— .1
2
-.4
I
.3
.8
.5
0
-.2
.3
_2
.4
-1.0
.8
.8
.5
-.1
-1.4
-2.6
3.8
3.0
.5
2
-.3
Cj
0.3
.4
.6
-0.1
.5
1
.4
.4
.1
-.2
.3
.4
-.8
.8
.6
.6
.7
.5
.5
— 1.4
1.9
1.8
.3
2
o
-.6
0.4
.4
.3
.2
.3
.5
.5
.4
2
.0
2
.1
.2
3.7
3.8
4.5
3.6
4.3
3.4
3.0
3.8
3.5
3.6
3.7
4.2
4.2
4.2
4.0
4.0
2.6
3.2
4.1
4.9
4.3
3.3
2.5
2.4
3.4
3.3
3.5
3.7
3.8
3.7
3.7
3.4
3.6
3.5
3.7
3.7
3.7
3.7
3.6
3.4
3.2
4.2
3.7
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and elerieal workers.
Data beginning .January 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with data for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 0.8
percent in September, while prices paid by farmers fell 0.6
percent.
INDEX, 1977= 100 (RATIO SCALE)
;
lgo
INDEX, 1977= 100 (RATIO SCALE)
180
PRICES PAID
160
160
'140
140
120
120
PRICES RECEIVED -
ilOO
100
80
80
i i i i i i l i i i n ii
60 IIHlllllll
RATION
140
i iiiiiliiin
Illllllllll
160
120
100
100
80
60
60
1985
1977
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Pri res
Period
1977
1978
1979
1980
1981
1982
1983
1984
P rices paid by farmer s
received by farm ers
Livestock and
products
AH farm
products
All commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
100
106
107
97
93
159
161
100
108
125
138
148
150
153
155
100
115
132
134
139
133
134
142
100
105
116
125
134
121
127
138
100
124
147
144
143
145
141
146
100
108
123
138
150
157
160
164
100
109
125
139
151
155
85
84
87
1984:
Sept
Oct
Nov
Dec
138
138
136
135
135
137
129
125
141
138
143
145
164
163
164
163
160
159
159
159
154
152
153
152
84
85
83
83
1985:
Jan
Feb
Mar
Apr
May
June
Julyr
Aug
Sept
135
135
134
131
129
128
126
121
120
126
125
127
125
124
122
121
114
112
145
145
141
136
134
134
130
128
127
164
164
164
165
165
164
163
163
162
160
160
160
160
160
159
157
157
155
154
154
153
82
82
82
79
78
78
77
74
74
1
2
Includes items not shown separately.
separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
nd wage rates.
153
152
151
150
150
147
NOTE,—The official indexes are published on a 1910-14 base as required by taw. The inde
have been converted to a 1977 = 100 bsse to facilitate comparison with other indexes,
Source: Department of AgricuUu
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Growth in Ml and the broader aggregates accelerated in August.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
300
300
1985
1977
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
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
L
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
M3 plus
other liquid
assets
r
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
335.3
363.0
389.0
414.8
441.8
480.8
528.0
558.5
1,286.6
1,388.9
1,497.9
1,631.4
1,794.4
1,954.9
2,188.8
2,371.7
1,472.5
1,646.4
1,803.6
1,988.5
2,235.8
2,446.8
2,701.7
r
2,995.0
1,704.3
1,909.7
2,115.8
2,324.8
2,596.6
2,854.8
3,168.9
r
3,539.4
2, 784.1
3,157.1
' 3,543.5
'3,881.8
r
4,255.7
r
4,649.7
'5,177.3
' 5,927.0
1984: Aug
Sept
Oct
Nov
Dec
548.9
551.5
548.3
553.8
558.5
2,292.8
2,308.4
2,319.3
2,346.3
2,371.7
2,878.8
2,901.0
2,925.1
2,959.9
r
2,995.0
3,421.6
3,452.1
3,473.5
r
3,501.8
' 3,539.4
' 5,656.1
'5,711.2
r
5,773.7
' 5,850.6
'5,927.0
1985: Jan
Feb
Mar
Apr
Mav
June r
July 1 :
Aug"
582.7
569.4
572.1
574.9
581.6
591.2
595.8
606.0
2,398.9
2,421.0
2,429.3
2,427.3
2,444.6
2,472.7
2,490.6
2,513.8
r
3,562.0
3,593.4
3,621.4
r
3,624.3
r
3,642.3
'5,993.7
r
6,049.2
r
6,102.8
' 6, 163.4
'6,226.5
6,287.5
6,349.9
3,020.5
3,041.0
' 3,055.6
r
3,056.3
r
3,075.7
3,102.7
3,113.7
3,136.0
r
Perce nt change from vea or 6
months earlier 2
Ml
8.1
8.3
7.2
6.6
6.5
8.8
9.8
5.8
5.6
5.4
3.4
4.2
4.1
5.9
7.6
7.6
9.9
10.3
12.1
12.1
13.3
1
Consists of outstanding credit market debt of the U.S. G
ments, and private nonfinancial sectors; data from flow of funds accounts.
nnual changes are from December to December and monthly changes are from 6 months earliat a seasonally adjusted annual ral
f the Federal Reserve Svsfem.
26
M2
10.G
8.0
7.8
8.9
10.0
m
12.3
11.8
9.5
10.3
12.4
8.9
9.4
12.0
11.3
10.9
8.4
7.0
7.2
7.1
8.2
9.2
10.3
10.0
10.2
10.5
11.3
10.7
11.5
10.7
11.4
11.6
10.9
9.5
8.6
8.7
7.8
7.8
9.2
8.0
7.3
6.3
6.3
Debt
r
!3.4
!2.2
'9.5
r
9.6
r
9.3
'11.3
r
14.5
r
r
!4.1
'14.0
r
!4.0
!4.3
'14.9
r
'14.8
'14.4
'14.2
r
!4.0
r
!3.3
12.5
12.2
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Demand
deposits
Currency
Period
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(BPs),
net, plus
overnight
Eurodollars
NSA
1977: Dec ....
1978: Dec ....
1979: Dec ....
1980: Dec ....
1981: Dee ....
1982: Dec ....
1983: Dec ....
1984: Dec ....
1984:
Aug
Sept
Oct
Nov
Dec
1985:
Jan
Feb
Mar
Apr
May
June r
July r
Aug "
Money market
mutua fund
bala ices
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 1
Large
denomination
time
deposits 1
NSA
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
Sav,m^!
Donas
Shortterm
Treasury
securities
„
Bankers'
acceptances
")",
paper
88.6
97.6
106.4
116.4
124.0
134.3
148.4
158.7
239.4
253.4
261.3
265.7
235.2
238.6
243.5
248.6
4.2
8.5
17.5
28.2
78.2
103.5
131.3
146.0
14.7
20.3
21.2
28.3
35.9
38.8
53.8
57.6
2.4
6.4
33.4
61.6
150.6
185.2
138.2
167.5
0.9
3.1
9.5
15.2
38.0
51.1
43.2
62.7
0.0
.0
.0
.0
.0
43.2
379.2
415.1
492.1
481.7
423.3
400.8
344.4
357.8
307.0
288.6
445.6
521.2
634.6
729.0
823.6
851.5
784.6
885.6
195.1
222.0
258.9
302.1
328.3
330.8
416.2
19.1
26.6
29.5
34.0
36.0
34.5
51.8
69.7
31.8
44.7
50.3
67.5
81.7
91.5
r
83.1
76.4
80.3
79.6
72.3
67.8
67.9
71.1
74.1
133.9
150.4
186.2
216.3
267.2
39.7
43.9
44.1
41.3
62.9
79.2
97.0
98.1
102.8
107.0
135.2
161.8
155.9
156.8
157.1
157.9
158.7
246.8
247.5
244.5
246.8
248.6
141.0
142.2
141.8
143.9
146.0
58.5
56.7
56.8
58.0
57.6
150.6
152.1
155.6
162.0
167.5
46.2
46.9
52.2
58.3
62.7
388.9
388.6
392.0
402.4
415.1
296.5
294.6
292.6
290.7
288.6
855.0
864.5
872.7
878.5
885.6
392.6
396.0
405.2
410.7
416.2
64.1
66.6
69.3
70.7
69.7
86.5
85.6
80.6
81.9
r
83.1
73.3
73.6
73.7
73.9
74.1
261.1
273.5
273.1
268.0
267.2
47.8
46.8
44.8
42.5
41.3
160.5
157.2
156.7
157.6
161.8
159.4
160.5
161.3
161.7
163.1
164.5
165.4
167.1
249.1
251.7
251.9
252.5
255.8
260.7
260.9
264.0
149.0
151.8
153.6
155.3
157.3
160.3
163.6
168.9
62.9
69.6
67.8
59.1
63.7
62.6
62.6
66.1
171.9
175.1
177.6
176.2
172.2
175.4
175.8
176.7
65.0
62.2
59.5
59.6
63.5
67.1
64.8
62.9
433.7
448.3
457.9
460.3
463.8
475.1
483.9
491.8
288.6
289.4
288.6
287.8
289.3
292.1
296.0
300.3
881.9
877.6
878.6
r
885.3
892.0
894.2
888.6
878.5
416.9
419.3
423.6
427.3
428.2
424.2
419.9
421.2
65.0
65.7
68.9
71.9
68.8
66.9
64.9
66.5
r
74.4
74.9
75.3
75.8
76.2
266.7
270.3
276.5
279.4
279.2
40.8
42.5
44.3
44.0
42.5
159.6
164.8
169.8
168.9
168.6
1
Small denomination and large denomination deposits are those issued i i amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—See note p. 26.
145.0
20.2
81.1
81.3
84.7
r
80,7
r
80.8
78.3
76.2
75.5
78.3
81.9
108.4
14.1
22.0
27.2
32.0
Travelers checks are a component of money stock but are not shown here.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Ins tallment credit outstanding (end of perio i)
Period
Total
1980:
1981:
1982:
1983:
1984:
Automobile
Revolving
Mobile
home
Net change in installment ere dit outstandir g 1
Other
Total
Automobile
Revolving
Mobile
home
Other
Dec
Dec
Dec
Dee
Dec
296,290
312,907
328,275
376,006
452,372
112,134
119,796
124,938
142,497
172,461
54,900
60,309
65,019
76,453
94,940
18,783
19,890
22,491
23,773
24,552
110,473
112,912
115,827
133,283
160,419
16,617
15,368
47,731
76,366
7,662
5,142
17,559
29,964
5,409
4,710
11,434
18,487
1,107
2,601
1,282
779
2,439
2,915
17,456
27,136
1984: July
Aug
Sept
Oct
Nov
Dec
422,838
428,860
433,842
439,473
445,553
452,372
160,726
163,208
164,721
167,225
189,774
172,461
87,646
88,909
90,393
91,881
93,495
94,940
24,574
24,791
24,918
24,526
24,435
24,552
149,892
151,952
153,810
155,841
157,849
160,419
6,481
6,022
4,982
5,631
6,080
6,819
3,087
2,482
1,513
2,504
2,549
2,687
772
1,263
1,484
1,488
1,614
1,445
334
217
127
-392
-91
117
2,288
2,060
1,858
2,031
2,008
2,570
1985: Jan
Feb
Mar
Apr
Mav
June
Julv
459,595
468,636
476,978
485,248
494,290
499,517
505,764
175,348
178,546
181,937
185,425
189,217
191,903
194,268
96,897
99,424
102,055
104,181
106,610
106,537
107,393
24,393
24,675
24,664
24,882
25,068
25,264
25,588
162,957
165,991
168,322
170,760
173,395
175,813
178,515
7,223
9,041
8,342
8,270
9,042
5,227
6,247
2,887
3,198
3,391
3,488
3,792
2,686
2,365
1,957
2,527
2,631
2,126
2,429
-73
856
-159
282
— 11
218
186
2,538
3,034
2.331
2,438
2,635
2,418
2,702
T
1
For vear-end data, change from preceding vear-end; for monthh data, change fr om preceding
month.
196
324
Source: 1 oard of Goveri ors of the Fed ral Reserve S\ stem.
27
BANK LOANS AND SECURITIES, AND RESERVES
In August, commercial and industrial loans were little changed from their July level.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
2,000
1,800
1,600
1,400
1
—
1,800
1,600
1,400
ALL COMMERCIAL BANKS
1,200
1,200
1,000
1,000
800
800
LOANS AND LEASES
600
600
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
120
120
80
80
60
60
1977
1978
1979
1981
1980
1982
1984
1983
' SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depo itory institutio ns a
Al commercial ban k s 1
Period
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1984:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July r.
Aug"
1
Total loans
and
securities
4
891.4
1,013.8
1,135.4
1,239.7
1,307.4
1,400.5
1,553.0
1,714.8
1,662.1
1,674.8
1,682.8
1,701.0
1,714.8
1,724.0
1,742.3
1,758.9
1,765.8
1,785.3
1,799.1
1,814.3
1,824.9
Total 2
4
632.2
746.9
849.1
914.5
967.4
1,032.8
1,122.7
1,314.7
1,264.2
1,274.9
1,284.3
1,300.6
1,314.7
1,321.5
1,335.6
1,353.3
1,364.6
1,377.3
1,388.0
1,397.8
1,405.8
Commercial
and industrial
loans
211.0
246.1
291.1
326.9
355.1
391.5
412.8
468.1
458.1
4
460.0
463.0
467.1
468.1
468.4
r
473.6
r
480.8
r
481.3
r
483.7
r
483.9
484.4
485.7
U.S.
Government
securities
261.1
265.9
266.6
271.0
270.9
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions.
2
Excludes loans to commercial banks in the United States.
3
Data are averages of daily figures.
4
Beginning September 26, 1984 a transfer of loans from Continental Illinois National Bank to
the PDIC reduced total loans and securities and total loans by $1.9 billion, commercial and industrial loans by $1.4 billion, and real estate loans (not shown here) bv $0.4 billion.
28
securities
Total
136.6
137.6
144.4
170.9
179.6
202.7
260.8
260.2
257.1
258.0
257.0
259.4
260.2
260.1
265.8
266.9
Borr swings
(millions of dollars,
unad usted)
Reserves adjust sd
for changes i n
res erve requirem ents
Loans a nd leases
122.7
129.2
141.9
154.4
160.4
165.0
169.6
139.9
140.8
141.9
141.5
141.1
139.9
142.4
140.8
138.7
140.1
142.1
144.5
145.5
148.2
26.63
27.91
29.20
31.04
32.10
34.28
36.14
39.08
38.28
38.09
37.96
38.47
39.08
39.64
40.43
40.47
40.71
41.32
42.18
42.61
43.19
borrowed
26.06
27.04
27.73
29.35
31.46
33.65
35.36
35.90
30.27
30.84
31.94
33.85
35.90
38.24
39.14
38.88
39.39
39.99
40.97
41.50
42.12
Required
26.44
27.67
28.76
30.52
31.78
33.78
35.58
38.23
37.60
37.46
37.34
37.77
38.23
38.89
39.53
39.71
39.97
40.52
41.27
41.75
42.37
Total
569
868
1,473
1,690
636
634
774
3,186
8,017
7,242
6,017
4,617
3,186
1,395
1,289
1,593
1,323
1,334
1,205
1,107
1,073
Seasonal
55
135
81
116
54
33
96
113
346
319
299
212
113
62
71
88
135
165
151
167
221
NOTE.—Series for alt commercial hanks beginning January 1984 are not strictly comparable with
ata for earlier
ea
data
periods, largely because beginning January 1984 certain obligations of States and
political su!
subdivisions are included in loans rather than in other securities.
Source: Board of Governors of the Federal Reserve Svstem.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Cr edit market fu nds
1
Total
Total
Securities
and
mortgages
Loans and
short-term
paper
Other
2
Total
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
(sources less
uses)
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
190.3
157.0
211.0
254.1
317.5
345.2
337.6
371.6
312.8
416.9
487.4
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.4
234.3
280.5
334.8
104.7
37.3
76.8
96.7
141.8
156.4
148.1
141.3
78.5
136.4
152.6
70.2
30.8
54.7
72.4
80.5
88.2
93.3
92.0
83.3
82.9
104.7
26.3
38.7
38.2
35.8
32.8
20.9
52.4
21.8
43.9
56.7
-15.9
43.9
7.9
16.5
36.6
47.7
67.3
40.9
70.2
39.4
26.2
120.6
34.5
6.5
22.1
24.3
61.3
68.2
54.8
49.3
-4.9
53.5
47.9
190.1
150.9
201.8
237.6
293.6
343.7
317.7
334,6
253,8
369.6
444.0
137.9
109.7
148.3
175.1
201.6
r
219.5
221.2
271.2
229.6
256.3
367.8
52.2
41.2
53.5
62.5
92.0
124.3
96.5
63.4
24.2
113.3
76.2
0.2
6.0
9.2
16.5
23.8
r
1.4
20.0
37.0
58.9
47.3
43.4
1984: I r
II r.
III r
IV.
511.1
490.7
442.8
505.1
319.6
331.7
340.7
347.1
191.5
159.0
102.1
158.0
106.2
78.0
76.2
158.6
-33.2
66.6
-5.6
42.1
139.4
144.6
81.8
116.5
85.3
81.0
26.0
-.5
480.6
450.0
395.7
449.9
355.6
364.1
387.9
363.8
125.0
85.9
7.8
86.1
30.4
40.7
47.1
55.3
414.2
415.9
351.5
356.2
62.7
59.7
52.5
44.9
-16.0
16.2
68.5
28.7
10.3
14.8
393.4
378.0
369.4
360.3
24.0
17.7
20.8
37.8
1985:
Ir
II"
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
.
, ,.
„
* Consists of tax liabilities, trade debt, and direct foreign investment in the ¥TU.o,
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
NOTE.— Series revised beginning 1978.
„
„
_
„
oource: Board of Governors of the rederal .Reserve System,
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilitit s
Curren assets
End of period
Total
Cash
Crovernsecurities
SEC series: 2
1970
1971
1972
1973
1974
QFR-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1983: I
II
in
1984:
1985:
IV
I
II
Ill
IV
1"
1
2
3
Notes and
accounts
receivable
Invento-
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
ratio l
322.1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
66.4
71.7
304.9
326.0
375.6
450.9
530.4
211.3
220.5
282.9
340.3
402.3
93.6
105.5
92.7
110.7
128.1
187.4
203.6
223.7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
265.8
272.1
292.9
330.3
388.0
459.0
506.8
532.0
519.2
577.8
622.3
525.3
539.3
565.0
577.8
599.7
615.4
630.6
622.3
634.8
319.5
315.9
342.5
376.9
431.8
505.1
542.8
583.7
578.6
599.3
655.6
577.6
576.2
597.3
599.3
619.6
629.8
656.9
655.6
664.6
65.9
69.9
80.3
90.1
101.1
116.0
131.8
149.5
165.2
183.7
206.6
172.1
176.4
183.0
183.7
186.3
193.4
195.4
206.6
205.7
453.4
451.6
495.1
557.1
669.5
807.3
889.3
970.0
976.8
1,043.0
1,150.7
983.4
990.2
1,026.6
1,043.0
1,077.0
1,111.9
1,142.2
1,150.7
1,159.1
269.8
264.2
282.1
317.6
383.0
460.8
513.6
546.3
543.0
577.8
627.4
530.9
536.5
559.3
577.8
584.0
605.1
623.9
627.4
614.7
183.6
187.4
213.0
239.6
286.5
346.5
375.7
423.7
433.8
465.3
523.3
452.6
453.7
467.3
465.3
493.0
506.9
518.2
523.3
544.4
282.0
307.4
332.4
355.5
374.3
407.5
437.8
448.4
455.9
514.3
531.3
460.8
477.8
496.3
514.3
522.6
518.1
523.9
531.3
535.1
1.622
1.681
1.671
1.638
1.559
1.505
1.492
1.462
1.467
1.493
1.462
1.469
1.483
1.483
1.493
1.485
1.466
1.459
1.462
1.462
492.3
529.6
599.3
697.8
790.7
50.2
53.3
59.0
66.3
71.1
7.7
11.0
10.6
12.8
12.3
206.1
221.1
248.2
288.5
735.4
759.0
827.4
912.7
1,043.7
1,214.8
1,327.0
1,418.4
1,432.7
1,557.3
1,682.0
1,444.2
1,468.0
1,522.8
1,557.3
1,599.6
1,630.1
1,666.1
1,682.0
1,694.2
73.2
82.1
88.2
97.2
105.5
118.0
126.9
135.5
147.0
165.8
160.9
143.1
147.9
150.5
165.8
159.0
154.7
150.0
160.9
153.8
11.1
19.0
23.5
18.2
17.2
16.7
18.7
17.6
22.8
30.6
36.6
26.0
28.2
27.0
30.6
35.0
36.9
33.2
36.6
35.3
Tota! current assets divided by totai current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Other
current
assets
NOTE.—-SEC series not available after 1974. See Federal Reseme Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), Federal Trade Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Treasury bill rates fell a little in September. Most other rates rose a little.
PERCENT PER ANNDM
16
PER CENT PER ANNUtd
16
1
f
An
u.
|
i
14
•-'/
/ \ '-'
—Mr?—si—
•f
;
r)y r
P''
• '•
f
/ i
/
\
A
\
/ -*j
L
s. '
f\
^
~
'l
'••:•
A|Y
"uI
'"
!
n\\ '•
,-'^j
Si
10
/
\
.•' \
/
":../
/
8
1-—
TRE ASURY
e ILLS
\
:•••»'- \^'
' 12
\
\
fV
< ^ l / l
10
1 CO TORATE Aaa BC)NDS /N
\
(MOODY'S)
A
\
14
1
I
:/y
/1^ :1
12
,,
; (
rt \
-DISCOUNT—'
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
"•'
J
P'"
pr-l/
....
A
' W
'-" * !
8
6
6
/
4
4} 1 1 ii
J II 1 i 1
i i i If 1 i l l i!
1
1978
1979
1977
SOURCE; SEE TABIE BELO
1 1 1 M
11
1 M
1 ! 1
1980
i
i i ni
M
M
Illl
1 ! 1 1 1 I i
1982
1981
1 M I M|
1984
1983
w
4
1985
COUNQl OF ECONOMIC ADVISERS
[Percent per annum]
U.S. T reasury security yields
Period
3-month bills "
Constant nlaturities
3-year
2
10-year
1979
1980
1981
1982
1983
1984
10.041
11.506
14.029
10.686
8.63
9.58
9.72
11.55
14.44
12.92
10.45
11.89
9.44
11.46
1984:
10.49
10.41
9.97
8.79
8.16
7.76
8.22
8.57
8.00
7.56
7.01
7.05
7.18
7.08
7.14
7.07
7.12
7.22
7.17
6.81
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
Prime
paper,
6 months 5
Discount rate
(N.Y. F.E.
Bank) "
13.91
13.00
11.10
12.44
6.39
8.51
11.23
11.57
9.47
10.15
9.63
11.94
14.17
13.79
12.04
12.71
10.91
12.29
14.76
11.89
8.89
10.16
12.50
12.34
11.85
10.90
10.56
10.43
10.55
11.05
10.49
9.75
9.05
9.18
9.31
9.37
12.72
12.52
12.16
11.57
11.50
11.38
11.51
11.86
11.43
10.85
10.16
10.31
10.33
10.37
10.03
10.17
10.34
10.27
10.04
9.55
9.66
9.79
9.48
9.08
8.78
8.90
9.18
9.37
12.87
12.66
12.63
12.29
12.13
12.08
12.13
12.56
12.23
11.72
10.94
10.97
11.05
11.06
11.16
10.94
10.16
9.06
8.55
8.15
8.69
9.23
8.47
7.88
7.38
7.57
7.74
7.86
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.50
8.50-8.00
8.00-8.00
8.00-8.00
8.00-8.00
8.00-8.00
8.00-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
9.18
9.22
9.36
9.51
9.43
9.17
10.16
10.17
10.29
10.48
10.40
10.30
r
10.95
10.90
10.94
11.13
11.11
11.05
7.68
7.68
7.76
7.98
7.96
7.73
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
10.28
11.77
13.41
11.02
8.50
8.80
Open-close
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept"
Week ended:
1985: Aug 24
31
Sept 7
14
21
28
1
Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October I I , 1984 due to lack
of appropriate issues.
5
Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
2
30
9.22
9.17
9.18
9.34
9.44
9.53
Prime rate
charged by
banks 6
New-home
yields
(FHLBB) '
12.67
10.78
15.27
18.87
14.86
10.79
12.04
12.66
14.70
15.14
12.57
12.38
Open-close
13.00-13.00
13.00-12.75
12.75-12.00
12.00 11.25
11.25-10.75
10.75-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.00
10.00- 9.50
9.50- 9.50
9.50- 9.50
9.50- 9.50
9.509.509.509.509.509.50-
12.43
12.53
12.77
12.75
12.55
12.27
12.21
11.92
12.05
12.01
11.75
r
!1.34
11.24
9.50
9.50
9.50
9.50
9.50
9.50
6
Average effective rate for year; opening and closing rate for month and week,
7
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. Rates beginning
January 1973 not strictly comparable with prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moodv's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in September.
INDEX, DEC. 31, 1965=50
INDEX, DEC. 31, 1965=50
110
110
100
100
90
90
COMPOSITE STOCK PRICE INDEX
(NYSE)
80
80
70
70
A
60
50
60
—
50
40 i l l i n i u m
1977
M l I i l l III I
1978
II M! Ill I I I I l l l l l l l l l l
1979
1980
Illllllllll Illllllllll
1982
1983
1981
Illllllllll
1984
40
1985
PERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
\
10
10
1977
1978
1979
1980
1981
1984
1982
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Common st ock 5yields
(perce nt)
Co mmon stock price s >
Period
Nei ' York Stock Ex( hange indexes (E ee. 31, 1985 — 5O )
Composite
1970
1980
1981
1982
1983
1984
1984: Sept
Get
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept"
Week ended:
1985: Aug 24
31
Sept 7
14
21
28
Industrial
Transportation
1985
Utility
58.32
68.10
74.02
68.93
92.63
92.46
95.68
95.09
95.85
94.85
99.11
104.73
103.92
104.66
107.00
109.52
111.64
109.09
106.62
64.76
78.70
85.44
78.18
107.45
108.01
112.18
110.44
1 10.91
109.05
113.99
120.71
119.64
119.93
121.88
124.11
126.94
124.92
122.35
47.34
60.61
72.61
60.41
89.36
85.63
86.88
86.82
87.37
88.00
94.88
101.76
98.30
96.47
99.66
105.79
111.67
109.92
104.96
38.20
37.35
38.91
39.75
47.00
46.44
47.47
49.02
49.93
50.58
51.95
53.44
53.91
55.51
57.32
59.61
59.68
56.99
55.93
108.71
109.17
108.78
107.37
105.41
105.37
124.30
124.90
124.52
123.21
121.00
121.10
109.47
109.09
107.72
106.22
103.41
103.26
57.31
57.57
57.49
56.22
55.33
55.09
1
2
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143=10) 4
Dividendprice ratio
95.34
89.28
91.59
92.94
95.28
95.29
101.34
109.58
107.59
109.39
115.31
118.47
119.85
114.68
110.21
844.40
891.41
932.92
884.36
1,190.34
1,178.48
1,213.51
1,199.30
1,211.30
1,188.96
1,238.16
1,283.23
1,268.83
1,266.36
1,279.40
1,314.00
1,343.17
1,326.18
1,317.95
103.01
118.78
128.05
119.71
160.41
160.46
166.11
164.82
166.27
164.48
171.61
180.88
179.42
180.62
184.90
188.89
192.54
188.31
184.21
5.47
5.26
5.20
5.81
4.40
4.64
4.54
4.62
4.61
4.68
4.51
4.30
4.37
4.37
4.31
4.21
4.14
4.23
4.32
113.99
114.13
113.13
111.28
108.79
108.40
1.320.43
1,328.07
1,329.36
1,322.45
1,302.49
1,317.57
187.63
188.36
187.70
185.36
182.28
182.22
4.21
4.22
4.23
4.28
4.36
4.41
61.42
64.25
73.52
71.99
Earningsprice ratio
13.46
12.66
11.96
11.60
r
8.03
10.00
9.95
r
9.93
9.09
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS, AND DEBT
In the first 11 months of fiscal year 1985 there was a budget deficit (including off-budget outlays) of $211.2
billion, compared to a deficit of $200.2 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
_
BUDGET RECEIPTS AND OUTLAYS ^
900
900
BUDGET OUTLAYS
800
800
700
700
600
600
BUDGET RECEIPTS
500
500
400
400
V
0
BUDGET SURPLUS OR DEFICIT (-)•
-100
-100
-200
-200
1977
1978
I
I
I
I
1979
1982
1981
FISCAL YEARS
1980
1984
1983
1985
1986
\J INCLUDES OUTLAYS OFF-BUDGET UNDER CURRENT LAW, PROPOSED TO BE ON-BUDGET.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Receipts
Fiscal year or period:
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985 (estimates) *
1986 (estimates):
Mid-Session Review 1
First Concurrent Resolution z
Cumulative total, first 11 months:
Fiscal year 1984
Fiscal year 1985
230.8
263.2
279.1
298.1
81.2
Outlays
245.7
32
Surplus or
deficit (-)
Outlays
On-budget u nder current
la w
Off-budget
under
current
law;
proposed to
be included
on-budget
Outlays
Held by
the public
Surplus or
deficit (-)
0.1
1.4
8.1
7.3
1.8
8.7
10.4
12.5
14.2
21.0
17.3
12.4
10.0
10.0
245.6
267.9
324.2
-14.8
-4.7
— 45.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
796.0
841.8
937.3
-66.4
-13.0
-44.9
-48.6
-27.7
-59.6
-57.9
-110.6
-195.4
-175.4
-201.3
177.8
-171.9
2.4
955.3
-175.5
2,076.9
2,078.7
1,694.7
-200.2
211.2
8.0
7.7
790.6
863.6
-192.1
-203.4
1,565.1
1,822.4
1,308.4
1,503.9
-14.9
-6.1
355.6
399.7
463.3
517.1
599.3
617.8
600.6
666.5
736.0
269.4
332.3
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
947.3
-53.2
-73.7
-14.7
-53.6
-59.0
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
-211.3
779.8
795.7
957.7
967.6
598.4
660.2
798.6
871.4
1
Estimates from Mid-Session ftepieu- of the 1986 Budget, Office of Management and ! udget,
August 30, 19S'>.
Gross Fedei al debt (end
of pe riod)
Coniponents of bu iget
Budget totals
(Including outlays off-bu .get under
current law which are prc posed to be
me luded on-budg et)
468.4
486.2
544.1
631.9
646.4
709.1
780.4
833.8
914.3
1,003.9
1,147.0
1,381.9
1,576.7
1,844.3
2
First Concurrent Resolution on the 1986 budget, August 1, 1985.
Sources: Department of the Treasury and Office of Management and Budget.
343.0
346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
929.4
1,141.8
1,312.6
1,515.2
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 11 months of fiscal year 1985 budget receipts were $61.8 billion higher than a year earlier and budget
outlays (including off-budget items) were $72.8 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
400
_
BUDGET RECEIPTS
INDIVIDUAL INCOME TAXES
_..
/
^.~-*"~"*~
300
~
200
—
100
.—--—— —*"""""'
__..-*-1— *B
__..__—<—•"•—•"*""
-•—*
„...•— •-—••"""""
.__—•———"•
CORPORATION INCOME TAXFS
— p" — •-«•— f
n
^ OTHER RECEIPTS
—
„.—•-—••"
J~
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
~
200
—
100
|
|
0
BUDGET OUTLAYS-!/ -
700
700
600
-NONDEFENSE
600
500
500
400
400
300
200
100
100
1978
1977
1980
1979
1981
1983
1982
1984
1985
1986
FISCAL YEARS
i INCLUDES OUTLAYS OFF-BUDGET UNDER CURRENT LAW, PROPOSED TO BE ON-BUDGET.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Bu dget recei
Budget jutlavs
ts
Social
Total
income
taxes
income
taxes
41.4
54.9
60.0
taxes
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
296.2
333.4
356.2
65.7
64.6
61.1
49.2
37.0
56.9
61.9
68.0
90.8
106.5
121.0
138.9
157.8
182.7
201.5
209.0
241.7
268.3
287.2
Cumulative total, first
1 1 months:
Fiscal year 1984
Fiscal year 1985
598.4
660.2
264.4
296.3
45.0
50.4
223.3
246.8
To.tal
Including off-
budget
contributions
298.1
355.6
399.7
463.3
517.1
599.3
617.8
600.6
666.5
736.0
779.8
Other
and
Fiscal year or period:
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985 (estimates) 2
1986 (estimates) 2
Starting in fiscal 1985 military retired pav is fi
,
Onbudget
items
National defense *
Total
Department of
Defense,
Includbudget
items
budget
6.4
6.4
7.5
7.5
5.6
4.9
6.0
6.2
12.7
13.1
12.3
11.8
15.9
17.3
21.3
10.8
11.2
10.0
13.1
16.1
20.1
104.4
116.6
130.6
150.6
178.7
202.5
223.3
235.8
255.1
268.4
(3)
11.5
13.4
231.7
233.3
34.3
371.8
36.6
37.8
40.8
50.6
69.5
69.3
65.6
71.7
68.4
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
947.3
957.7
364.5
400.5
448.4
491.0
576.7
657.2
728.7
796.0
841.8
937.3
955.3
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
248.7
267.1
88.1
95.3
102.3
113.7
131.0
153.8
180.7
204.4
220.8
241.0
259.4
65.8
66.7
798.6
871.4
790.6
863.6
208.5
230.0
202.4
223.0
72.4
89.6
ing off-
(3)
On-
9.0
Ot
Healt I and
income security
Intern itlona]
affi irs
ty and
Includ-
medicare '
ing off-
89.7
On-
inter:
est
budget
items
budget
76.5
78.3
80.0
86.9
109.7
126.6
135.2
151.2
143.1
162.2
149.9
76.5
78.3
80.0
86.9
109.6
125.8
134.5
150.8
143.0
162.3
149.9
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
129.6
138.1
(3)
132.3
151.3
101.3
119.4
(3)
Including off-
budget
items
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
134.4
112.9
('•>)
(a)
er
On-
badget
items
76.3
85.8
105.8
108.5
119.2
115.3
111.1
113.2
111.5
125.6
111.6
105.3
116.3
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1985, according to revised estimates. Federal receipts fell $37.5 billion (annual rate) and
expenditures rose $11.5 billion, yielding a deficit of $214.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000'
1,000
900
900
800
700
600
500
-100
-200
-200
1977
1980
I
1981
1982
1985
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Governme it receipts
Period
Total
Fiscal year:
1980
1981
1982
1983
1984
Calendar year:
1980
1981
1982
1983
1984
1982: HI
IV
1983: I
n
m
1984:
IV
I
n
in
IV
1985: I
11
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Federal (jJovernmen! expenditur es
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Subsidies
or deficit
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
current
surplus of
Government
enter-
Wage
accruals
less
disbursements
'
L
525.9
609.2
626.4
627.1
687.6
250.4
289.4
311.4
294.1
303.2
69.9
69.3
50.9
53.8
70.1
35.5
53.5
50.3
51.0
55.2
170.0
197.0
213.9
228.3
259.1
576.5
668.2
740.0
816.4
857.9
189.3
218.4
250.6
273.2
285.2
239.4
279.5
310.6
344.6
348.4
86.7
90.1
83.4
85.7
90.8
50.7
67.7
82.3
90.3
109.7
10.4
12.5
13.0
22.2
23.9
0.0
.1
.0
-.4
.1
540.9
624.8
616.7
641.1
704.7
609.9
608.3
619.8
649.3
640.2
655.0
686.4
704.3
706.2
721.9
771.4
733.9
257.7
298.7
306.2
295.2
315.0
298.8
300.9
298.2
304.7
284.6
293.3
301.6
310.7
319.7
327.9
362.2
318.3
70.3
65.7
46.6
59.8
70.8
47.5
42.0
46.9
59.2
66.7
66.5
73.0
75.6
65.3
69.1
67.4
66.1
39.0
56.4
48.4
52.4
55.5
47.5
48.2
47.1
53.8
54.0
54.5
54.1
55.9
56.1
55.9
56.4
60.7
173.9
204.1
215.5
233.7
263.4
216.1
217.1
227.6
231.7
234.9
240.7
257.6
262.0
265.2
269.0
285.3
288.9
602.1
689.1
764.9
819.7
880.5
773.6
818.9
805.6
816.7
821.1
835.5
847.6
868.0
886.8
197.0
228.9
258.9
269.7
295.4
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
302.0
315.7
319.9
324.2
251.5
286.8
321.6
345.6
353.0
327.0
344.4
340.9
348.1
343.4
350.1
347.7
350.1
353.8
360.4
370.3
369.8
88.7
87.9
83.9
86.3
93.2
83.0
84.6
85.5
53.4
73.3
84.4
94.2
116.7
87.5
87.0
87.7
90.0
•97.3
102.0
107.6
110.9
122.0
126.4
128.2
132.8
11.5
12.3
16.1
23.4
22.3
14.5
23.5
18.5
20.5
24.1
30.6
34.4
17.7
16.5
20.7
23.1
22.1
.0
.1
.0
— .4
.1
.0
919.7
936.5
948.0
Sources: Department of Commerce (Bureau of Economic Analysis), Department < the Treasury,
and Office of Management and Budget.
34
86.3
86.7
86.5
90.6
93.2
92.1
97.0
95.1
98.1
.0
.0
-1.3
.4
.0
.2
.2
-.4
.5
.1
1.0
national
income
and
product
accounts
-50.7
-58.9
-113.6
- 189.3
-170.3
61.2
-64.3
148.2
-178.6
175.8
-163.7
-210.6
185.7
-167.3
180.9
-180.5
-161.3
-163.7
- 180.6
-197.8
-165.1
— 214.1
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Indu stria! proc uction (sea sonally adju ted)
Period
United
States"
Canada
Japan
France
Germany
157.8
167.6
165.1
165.9
149.5
157.0
170.7
201.1
155
154.1
1980
1981
1982
1983
1984"
215.3
225.2
227.5
228.4
236.5
261.7
163
161
160
158
159
161
161.5
162.0
159.1
154.5
155.7
161.0
1984: July
Aug
Sept
Oct
Nov
Dec
175.8
174.8
171.3
171.3
174.2
175.7
264.0
266.0
262.8
270.7
271.8
270.3
166
166
160
163
161
157
r
174.4
173.9
174.0
r
175.0
r
174.4
177.0
271.8
271.6
266.7
273.6
280.6
276.8
154
161
163
160
162
160
r
1978
1979
1985: Jan
Feb
Mar
Apr
May
June
July
Aug".
r
164.7
163.4
163.3
165.9
r
166.4
r
165.2
r
Consume r prices (u nadjusted)
United
Kingdom
Italy
Canada
Japan
France
Germany
Italy
United
Kingdom
221.0
243.5
273.9
303.5
321.0
335.0
252.3
261.3
282.3
296.2
304.1
309.7
316.6
233.9
259.1
294.2
332.7
373.1
407.9
439.5
160.2
166.9
175.8
186.9
196.8
203.3
208.2
286.2
163.8
158.8
153.7
158.5
195.4
217.4
246.8
272.4
289.1
298.4
311.1
202.5
132.9
124.1
119.9
122.1
126.4
127.9
328.5
398.0
472.4
549.4
631.8
698.8
316.6
359.0
423.6
473.9
514.7
538.3
565.1
158.5
160.8
162.6
158.6
156.8
161.0
126.3
126.6
128.0
127.9
128.0
128.8
311.7
313.0
314.5
315.3
315.3
315.5
336.6
336.6
336.9
337.5
339.7
339.9
316.2
313.4
318.5
321.0
319.0
319.6
441.5
443.7
445.9
449.0
450.3
451.2
208.2
207.8
208.0
209.2
209.6
209.8
705.9
708.0
713.0
720.1
724.4
729.5
564.7
570.0
571.1
574.6
576.4
575.9
130.5
130.3
132.5
T
133.6
' 133.9
' 133.4
132.0
316.1
317.4
318.8
320.1
321.3
322.3
322.8
323.5
341.3
343.5
344.3
345.7
346.5
348.3
349.5
350.1
321.3
318.7
320.2
321.9
323.3
323.5
453.5
455.8
459.0
462.2
464.5
466.4
468.2
211.0
211.9
212.6
212.9
213.1
213.3
212.9
736.8
744.2
749.4
756.1
760.6
764.4
766.7
768.2
578.0
582.7
588.1
600.6
603.4
604.7
603.5
605.1
147.9
157.6
166.5
166.4 151.8
165.7 165.1
' 167.2 165.6
r
167.0 158.5
r
168.5 ' 160.5
r
!71.2 165.1
173.2
r
"See page 17 for revised series on 1977=100 base.
1
Beginning January 1978 data relate to all urban consumers.
United
States 1
127.8
r
r
Source: National sources as reported bv Department of Commerce, Internationa! Trade Administration, Office of Trade and Investment Analysis.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc landise expo t s >
Period
foreign
exports
Total 2
Food,
Crude
ages, and
tobacco
als and
fuels
Ger era! import
Food,
factured
goods
P .a.s.
Monthly average:
1975*
1976*
1977*
1978*
1979*
1980
8,971
8,847
9,602
10,103
11,973
15,155
18,386
9,462
9,919
11,762
14,886
18,043
1,399
1,436
1,330
1,717
2,049
2,534
1,266
1,341
1,548
1,746
2,352
2,810
Mercha ndise trade lalance
Merc landise imports
Domestic exports
Total
domestic
Total 2
ages, and
tobacco
Crude
mate rials and
fuels
3
Exports
less
imports
(customs
value)
Exports
(f.a.s.)
Exports
(f.a.s.)
imports
(f.a.s.)
imports
(c.i.f.)
factored
goods
Total
(c.i.f.
value)
4,257
5,398
6,379
8,360
9,352
10,427
8,823
762
148
11,042
13,368
15,504
18,519
21,415
-688
-2,430
-2,590
-2,300
-2,020
-1,440
valu e
5,913
6,437
6,679
7,873
9,716
11,991
8,209
10,290
12,533
14,563
17,455
20,406
827
991
1,186
1,312
1,478
1,546
2,716
3,457
4,463
4,325
5,949
7,831
-3,265
-3,530
-3,364
-3,030
Customs value
1981
1982
1983
1984
1984: July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr........
Mav
June
July
Aug
19,473
17,683
16,707
18,155
19,075
17,256
16,326
17,670
2,767
2,248
2,248
2,276
2,752
2,793
2,463
2,624
12,857
11,643
11,034
11,929
21,748
20,329
21,504
27,144
1,529
1,485
1,568
1,802
7,739
6,200
5,670
6,063
11,873
12,002
13,621
18,460
22,779
21,240
22,490
28,431
-2,275
-2,647
-4,797
-8,988
-3,306
-3,558
— 5,783
-10,276
19,154
., 18,123
18,210
18,411
18,395
19,142
18,675
17,665
17,709
17,886
17,857
18,623
2,155
2,131
2,586
2,336
2,506
2,413
2,733
2,609
2,440
2,352
2,454
2,988
12,746
11,854
11,946
12,329
12,148
12,409
31,334
26,866
28,409
26,783
27,331
25,933
2,002
1,711
1,803
1,924
1,705
1,719
6,497
5,815
5,755
6,106
6,158
5,689
21,824
18,598
20,027
18,037
18,499
17,777
32,925 -12,180
28,213 -8,743
29,753 - 10,200
28,064 -8,372
-8,937
28,617
27,176 -6,791
-13,771
- 10,090
-11,543
-9,653
-10,222
-8,033
19,401
17,853
18,446
17,779
17,414
17,438
17,412
17,423
18,852
17,358
17,881
17,298
16,893
16,858
16,857
16,945
2,161
1,995
1,973
1,913
1,603
1,614
1,604
1,783
2,562
2,542
2,386
2,336
2,164
2,181
2,265
2,436
13,282
11,967
12,538
12,141
12,166
12,127
12,010
11,894
28,297
27,985
28,129
28,295
28,685
29,425
26,630
1,932
1,817
2,128
1,804
1,919
1,912
1,641
5,373
4,988
4,372
5,764
5,609
5,958
5,100
19,879
20,347
20,716
19,812
20,198
20,653
18,901
29,687
29,299
29,492
29,629
30,080
30,853
27,920
27 327
- 10,285
-11,446
-11,046
-11,850
-12,666
-13,415
- 10,509
— 9,904
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.
-8,896
-10,131
-9,683
-10,516
-11,271
-11,987
-9,219
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 balance.
"Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter the current account deficit rose to $31.8 billion from $30.3 billion in the first quarter. The
merchandise trade deficit rose to $33.0 billion from $29.5 billion in the first quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
1977
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( — )]
Merchandise l ''
In vestment inconle 3
Period
1976
1977
1978
1979
1980
1981
1982
1983
1984
1983:
Exports
Imports
114,745
120,816
142,054
184,473
224,269
237,085
211,198
200,745
' 220,316
-124,228
-151,907
-176,001
— 212,009
-249,749
-265,063
-247,642
-262,757
-328,597
I
n
m
rv
Payments
-9,483
-31,091
33,947
-27,536
25,480
-27,978
36,444
-62,012
108,281
29,286
32,179
42,245
64,132
72,506
86,411
84,768
78,023
87,609
-13,311
-14,217
— 21,680
-32,960
—42,120
-52,329
-55,273
-52,621
-68,500
15,975
17,962
20,565
31,172
30,386
34,082
29,495
25,402
19,109
Net
transportation
receipts
services,
net 3
Balance
on goods
and
services 1
621
-1,778
2,237
-1,183
-318
-162
-1,765
17,935
19,172
20,985
19,932
-12,283
-12,856
-13,588
-13,893
5,652
6,316
7,397
6,039
703
-71
-126
-669
-448
— 1,116
-1,422
-1,735
2,260 -1,454
2,462 -7,163
2,290 -9,091
2,544 -14,228
-79,322
-80,326
-88,037
-80,912
-25,569
-25,649
-32,507
-24,557
23,502
20,895
21,769
21,445
-15,268
-17,277
-18,513
-17,442
8,234
3,618
3,256
4,003
-346
-593
-250
-575
-1,753
-2,049
-2,575
-2,597
2,582
2,412
2,452
2,344
-29,532
- 33,001
18,868
22,104
-16,331
-16,522
2,537
5,582
-212
-566
-2,357
-3,000
2,411 -27,153
2,526 -28,459
1985: lr
TL"
r
55,707
53,245
r
-85,239
— 86,246
r
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
-16,852
-22,261
F- 29,624
-21,382
Balance
on
current
account
4,207
-14,511
-15,427
-991
1,873
6,339
-8,051
-40,790
-101,532
-1,606 -3,060
-1,875 -9,038
-2,204 -11,295
-3,166 -17,394
-2,212
-2,232
-2,876
-4,095
- 19,064
-24,493
-32,500
-25,477
-3,172 -30,325
-3,352 -31,811
3
Pees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis,
36
and other
unilateral
trans-1
fers
9,205 -4,998
4,711
-4,617
5,272 -9,894
6,013 -10,321 -5,106
4,659 -5,649
5,735
8,950 -7,077
7,277
13,186 -6,847
8,121
84 -8,135
8,345
-8,852
9,557 -31,937
9,791 -90,119 — 11,413
9,621
-14,754
-17,230
-20,407
53,753
54,677
55,530
56,355
Remittances,
-2,558
-3,565
-3,573
-2,935
-997
144
-992
-4,721
-8,974
559
1,528
-58,848
-63,616
-67,629
-72,664
c
1
r
Receipts
Net
49,227
48,862
50,399
52,257
1984: I
II
Ill
IV
2
Net
balance
Net
military
transactions
U.S. INTERNATONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $4.4 billion in the second quarter
of 1985 compared with a decrease of $0.1 billion in the first quarter. Liabilities to foreigners and international
financial institutions reported by U.S. banks (excluding U.S. Treasury securities) increased $0.3 billion, compared to
an increase of $13.3 billion in the first quarter.
BILLIONS OF DOLLARS*
60
BILLIONS OF DOLLARS
60
-20
-40
-40
-60
-60
1985
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the 1 J.S., net
[increas /capital mflo\ ' ( + )]2
U.S. assets abroad, net
Iincrease /capit il outflow ( — ) ]
Period
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984
U.S.
official
reserve
assets 1 2
-51,269
-34,785
-61,130
-64,331
-86,118
-111,031
— 119,218
-55,045
— 20,447
-2,558
-375
732
-1,133
-8,155
-5,175
-4,965
-1,196
-3,131
1983: I
II
Ill
IV
— 26,127
-1,128
-9,814
-17,976
-787
16
529
-953
1984: I
II
Ill
IV
-4,976
-18,988
18,364
-14,846
-365
-2,862
1985: I r
II"....
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
assets, net J
(unadjusted,
end of
period)
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
34,934
10,544
-2.023
12,521
25,431
24,982
20,276
32,821
11,513
24,660
-4,214 -44,498
-3,693 -30,717
-4,660 -57,202
-3,746 -59,453
-72,802
-5,162
-5,097 -100,758
-6,131 -108,122
-48,843
-5,006
-5,516 -11,800
36,518
51,319
64,036
38,752
58,112
83,322
94,447
84,322
97,319
17,693
36,816
33,678
13,665
15,497
4,960
3,672
5,795
3,424
18,826
14,503
30,358
52,416
42,615
78,362
90,775
78,526
93,895
-1,135
1,263
— 1,171
-1,436
-24,205
119
-9,172
-15,587
15,158
15,608
19,539
34,017
-161
1,706
-2,666
6,916
15,319
13,902
22,205
27,101
14,029
-5,442
1,570
1,353
-733
73
-2,867
3,524
34,261
33,876
33,066
33,747
-657
-566
-799
-1,110
-2,059
-1,353
-1,369
-734
-2,260
-17,070
20,532
-13,003
19,277
41,592
3,140
33,310
-2,786
-224
-686
7,119
22,063
41,816
3,825
26,191
4,763
1,889
10,997
7,013
-422
-606
-3,170
4,200
34,975
34,547
34,306
34,934
-233
-356
-850
— 849
718
-1,657
13,711
25,789
-11,204
8,154
24,915
17,636
16,979
8,883
-305
-578
35,493
36,088
1,139
1,152
1,093
Sources: Department 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 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
,
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
'.
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
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
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
,
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays, and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
T
Revised.
c
Corrected.
... Not available (also, not applicable).
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