Full text of Economic Indicators : September 1986
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99th Congress, 2d Session
Economic Indicators
SEPTEMBER 1986
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1986
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
JAMES ABDNOR, South Dakota, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
CHALMERS P. WYLIE (Ohio)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
BOBBI FIEDLER (California)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
SCOTT LILLY, Executive Director
ROBERT J. TOSTERUD, Deputy Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
MICHAEL L. MUSSA, Member
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the second quarter, current-dollar gross national product (GNP) rose 2.6 percent
(annual rate) or $26.4 billion. Real GNP (GNP adjusted for price changes) rose 0.6 percent and the implicit price
deflator rose 1.8 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
4,400
BILLIONS OF DOLLARS (RATIO SCALE)
4,400
SEASONALLY ADJUSTED ANNUAL RATES
,4,000
4,000
GNP
' IN CURRENT DOLLARS
3,6001
3,600
GNP
• IN 1982 DOLLARS-
3,200
3,200
2,800
2,800
2,400
2,400
2,000
|2,000
\
1,6001
1978
1 1 1
\ \
1979
1980
1981
1982
1983
1
1 1
1984
1,600
1985
SOURCE: DEPARTMENT OF COMMERCE
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Exports imd imports of goods
iind services
Govern ment purch ases of
gOO( s and services
Federal
Net
exports
Exports
Imports
Total
National
defense
Nondefense
and
1978
1979
1980
1981
1982
1983
1984
1985
2,249.7
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,765.0
3,998.1
1,403.5
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
416.8
454.8
437.0
515.5
447.3
502.3
662.1
661.1
4.1
18.8
32.1
33.9
26.3
-6.1
-58.7
-78.9
227.5
291.2
351.0
382.8
361.9
352.5
382.7
369.8
223.4
272.5
318.9
348.9
335.6
358.7
441.4
448.6
425.2
467.8
530.3
588.1
641.7
675.0
733.4
815.4
161.8
178.0
208.1
242.2
272.7
283.5
311.3
354.1
108.9
121.9
142.7
167.5
193.8
214.4
235.0
259.4
52.9
56.1
65.4
74.8
78.9
69.1
76.2
94.7
263.4
289.9
322.2
345.9
369.0
391.5
422.2
461.3
2,221.0
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,700.9
3,987.0
1982: HI
IV
3,179.4
3,212.5
2,065.6
2,117.0
452.2
409.6
14.5
14.1
359.9
335.9
345.4
321.9
647.1
671.8
275.3
293.2
197.3
205.4
78.0
87.7
371.8
378.7
3,188.4
3,272.4
1983: I
11
Ill
IV
3,265.8
3,367.4
3,443.9
3,545.8
2,146.6
2,213.0
2,262.8
2,315.8
428.3
481.3
519.7
579.8
22.7
-2.1
-19.3
-25.8
343.6
344.1
357.7
364.7
320.9
346.2
376.9
390.5
668.1
675.2
680.7
676.1
285.5
287.7
284.9
276.1
208.5
213.3
214.3
221.5
77.0
74.4
70.6
54.6
382.7
387.5
395.8
400.0
3,308.4
3,378.6
3,449.4
3,514.8
1984: I
H
3,670.9
3,743.8
3,799.7
3,845.6
2,363.8
2,416.1
2,445.6
2,487.2
659.5
657.5
670.3
661.1
-45.6
-63.2
-60.0
-66.1
373.4
382.1
389.2
386.2
419.0
445.3
449.1
452.2
693.2
733.3
743.8
763.4
283.4
315.2
317.2
329.1
227.1
233.7
234.5
244.9
56.3
81.6
82.7
84.2
409.8
418.1
426.6
434.3
3,575.4
3,683.9
3,735.3
3,808.9
3,909.3
3,965.0
4,030.5
4,087.7
2,530.9
2,576.0
2,627.1
2,667.9
650.6
667.1
657.4
669.5
-49.4
-77.1
-83.7
-105.3
378.4
370.0
382.3
368.2
427.9
447.1
446.0
473.6
777.3
799.0
829.7
855.6
333.7
340.9
360.9
380.9
248.9
255.1
265.5
268.0
84.8
85.8
95.5
112.9
443.5
458.1
468.8
474.7
3,883.9
3,945.9
4,027.4
4,090.8
4,149.2
4,175.6
2,697.9
2,732.0
708.3
687.3
-93.7
- 104.5
374.8
363.0
468.5
467.5
836.7
860.8
355.7
367.6
266.4
278.4
89.3
89.2
480.9
493.3
4,105.4
4,161.2
m
IV
1985: I
n
in
IV
1986: I
II '
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
Personal
consump-
Gross
product
1978
1979
1980
1981
1982
1983
1984
1985
expenditures
Gross prival e
dome stic investirient
Ex ports of go ods
£ nd service s
Nonresidentiai
fixed
Residential
fixed
Change
in
business
inventories
Net
exports
Exports
Govern ment purcl ases of
goo s and senices
Federal
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
3,115.2
3,192.4
3,187.1
3,248.8
3,166.0
3,279.1
3,489.9
3,585.2
1,961.0
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,246.3
2,324.5
362.1
389.4
379.2
395.2
366.7
361.2
422.2
461.4
178.0
170.8
137.0
126.5
105.1
149.3
170.6
177.2
36.8
15.0
-6.9
23.9
-24.5
-6.4
59.2
9.0
— 26.8
3.6
57.0
49.4
26.3
-19.9
-83.6
-108.2
312.6
356.8
388.9
392.7
361.9
348.1
369.7
362.3
339.4
353.2
332.0
343.4
335.6
368.1
453.2
470.5
604.1
609.1
620.5
629.7
641.7
649.0
675.2
721.2
233.7
236.2
246.9
259.6
272.7
275.1
291.7
323.6
160.7
164.3
171.2
180.3
193.8
206.9
219.4
235.7
73.0
71.9
75.7
79.3
78.9
68.2
72.3
87.8
370.4
373.0
373.6
370.1
369.0
373.9
383.5
397.6
3,078.4
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,430.7
3,576.2
III
IV
3,154.5
3,159.3
2,051.8
2,078.7
358.0
352.3
100.1
115.8
-9.4
-59.3
11.7
11.7
359.5
336.0
347.8
324.3
642.5
660.1
273.8
289.5
197.0
201.4
76.9
88.2
368.6
370.6
3,164.0
3,218.6
1983: I
II
Ill
IV
3,186.6
3,258.3
3,306.4
3,365.1
2,094.2
2,135.1
2,163.0
2,191.9
341.6
348.8
363.9
390.4
127.8
147.4
161.9
159.9
-42.3
-9.3
-1.0
27.0
16.1
-14.6
-35.0
-46.2
342.5
341.7
352.8
355.5
326.4
356.3
387.8
401.6
649.2
650.9
653.6
642.2
278.2
278.5
277.6
266.0
203.2
206.3
206.5
211.6
75.1
72.2
71.1
54.4
371.0
372.4
376.0
376.2
3,228.9
3,267.6
3,307.4
3,338.1
1984:
I
II
Ill
IV
3,444.7
3,487.1
3,507.4
3,520.4
2,213.8
2,246.3
2,253.3
2,271.7
394.4
419.5
427.1
447.6
169.7
173.2
171.2
168.3
85.1
57.0
60.6
33.9
-68.6
-87.2
-85.7
-92.7
361.3
367.0
375.5
375.0
429.9
454.2
461.2
467.7
650.2
678.2
681.0
691.5
271.2
296.3
295.6
303.8
214.4
219.0
218.4
225.9
56.8
77.3
77.1
77.9
379.0
381.8
385.4
387.7
3,359.6
3,430.0
3,446.8
3,486.4
198S: I
II
Ill
IV
3,547.0
3,567.6
3,603.8
3,622.3
2,292.3
2,311.9
2,342.0
2,351.7
442.7
463.0
463.1
476.9
172.4
175.1
180.0
181.5
23.2
17.4
.7
-5.2
-78.8
-108.1
-113.8
-132.0
369.4
361.2
355.8
362.9
448.2
469.3
469.6
494.8
695.3
708.3
731.8
749.4
305.8
311.4
329.9
347.2
228.0
233.5
242.2
239.3
77.8
77.9
87.6
107.9
389.5
396.9
401.9
402.2
3,523.9
3,550.2
3,603.1
3,627.5
1986: I
II '
3,655.9
3,661.4
2,372.7
2,408.4
457.8
458.8
186.3
192.7
39.9
15.1
-125.9
-153.9
369.2
359.8
495.1
513.6
725.2
742.2
320.4
328.9
238.7
249.3
81.7
79.5
404.8
413.3
3,616.1
3,646.3
1982:
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982=100; quarterly data are seasonally adjusted]
Personal c consumption
expen ditures
Period
Gross
national
product
Total
Durable
goods
Nondurable goods
Gross rivate
domestic i ivestment
Services
Nonresidential
fixed
Exports an( imports of
goods anc services
Gove nment pure lases of goo ds and
ser rices
Federal
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
1978
1979
1980
1981
1982
1983
1984
1985
72.2
78.6
85.7
94.0
100.0
103.9
107.9
111.5
71.8
78.2
86.6
94.6
100.0
104.1
108.1
111.9
76.9
82.1
89.2
95.7
100.0
102.1
103.8
104.5
71.9
80.0
89.4
96.9
100.0
102.1
105.0
107.5
69.8
75.6
83.9
92.6
100.0
106.2
111.7
117.3
71.5
77.8
85.1
93.4
100.0
98.8
98.7
99.3
72.6
81.4
89.4
96.6
100.0
102.2
106.3
108.2
72.8
81.6
90.2
97.5
100.0
101.3
103.5
102.1
65.8
77.1
96.0
101.6
100.0
97.4
97.4
95.4
69.2
75.4
84.3
93.3
100.0
103.1
106.7
109.4
67.8
74.2
83.4
92.9
100.0
103.6
107.1
110.0
72.4
78.0
86.4
94.3
100.0
101.4
105.5
107.9
71.1
77.7
86.2
93.4
100.0
104.7
110.1
116.0
1982: III
IV
100.8
101.7
100.7
101.8
100.4
100.7
100.5
101.0
100.9
102.7
100.8
100.7
100.4
99.1
100.1
100.0
99.3
99.3
100.5
101.3
100.2
102.0
101.5
99.5
100.9
102.2
1983: I
II
Ill
IV
102.5
103.3
104.2
105.4
102.5
103.6
104.6
105.7
101.3
101.6
102.3
103.1
100.6
101.9
102.6
103.1
104.2
105.5
106.8
108.3
99.8
98.8
98.4
98.3
101.9
100.3
103.2
103.1
100.3
100.7
101.4
102.6
98.3
97.2
97.2
97.2
102.6
103.3
102.6
103.8
102.6
103.4
103.8
104.7
102.6
103.0
99.3
100.3
103.1
104.1
105.3
106.3
1984:
I
II
Ill
IV
106.6
107.4
108.3
109.2
106.8
107.6
108.5
109.5
103.3
103.9
104.1
104.1
104.4
104.5
105.1
106.0
109.6
110.9
112.4
113.6
98.4
98.5
98.8
99.0
103.6
106.4
107.5
107.8
103.4
104.1
103.6
103.0
97.5
98.0
97.4
96.7
104.5
106.4
107.3
108.3
105.9
106.7
107.3
108.4
99.2
105.5
107.3
108.2
108.1
109.5
110.7
112.0
1985: I
II
Ill
IV
110.2
111.1
111.8
112.8
110.4
111.4
112.2
113.4
104.6
104.5
104.5
104.3
106.5
107.2
107.5
108.9
115.0
116.6
118.0
119.5
99.4
99.2
99.3
99.4
107.6
107.8
108.1
109.4
102.4
102.4
101.8
101.5
95.5
95.3
95.0
95.7
109.1
109.5
109.4
109.7
109.2
109.3
109.6
112.0
109.0
110.2
108.9
104.6
113.9
115.4
116.6
118.0
1986: I
II '
113.5
114.0
113.7
113.4
104.5
104.7
108.0
105.8
120.6
121.8
100.3
100.2
110.2
111.7
101.5
100.9
94.6
91.0
111.0
111.8
111.6
111.7
109.2
112.1
118.8
119.4
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]
Ore ss
Period
1980
1981
8.9
11.7
1982
1983
1984
1985
1982: III
IV
1988: I
11
Ill
IV
3.7
7.6
10.5
6.2
2.5
1984:
-0.2
1.9
-2.5
3.6
6.4
2.7
-3.2
.6
3.5
9.3
6.0
7.3
9.8
5.0
2.3
1.5
3.1
2.3
4.1
2.1
3.8
.6
4.2
8.8
13.0
9.4
12.4
14.9
82
6.1
4.9
6.8
5.8
6.8
5.8
6.2
2.6
]
II
Ill
IV
1985:
Constant
(1982)
dollars
Current
dollars
I
II
Ill
IV
1986: I
II '.
national prc duct
Implicit
price
deflator
Personal consumption e Kpenditures
Chain price
index
9.0
9.7
6.4
6.3
4.1
4.0
3.6
5.6
4.1
8.7
3.6
4.1
3.9
4.8
3.6
3.6
3.5
3.9
3.5
2.5
3.9
1.9
1.5
3.8
3.3
5.8
3.6
3.2
3.2
3.5
4.7
4.6
3.0
3.4
3.4
3.7
3.3
2.5
3.6
2.5
1.8
Constant
(1982)
dollars
Current
dollars
9.3
9.3
6.2
9.0
9.4
3.9
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Fixedweighted
price index
(1982
weights)
4.1
4.0
3.7
5.5
4.0
3.6
3.8
4.2
4.0
4.7
3.6
3.5
.3.6
4.2
3.6
2.8
4.0
2.5
1.7
10.6
10.5
-0.2
1.2
7.1
9.0
1.3
4.6
8.7
7.1
8.5
10.3
5.7
13.0
9.3
9.7
8.6
9.1
5.0
7.0
7.2
7.3
8.2
4.7
6.4
4.6
5.2
3.5
2.1
5.3
3.0
8.0
5.3
5.5
4.1
6.0
1.3
3.3
3.7
3.5
5.3
1.7
3.6
6.2
Implicit
price
deflator
10.7
9.2
5.7
4.1
3.8
3.5
6.2
4.4
2.8
4.4
3.9
4.3
4.2
3.0
3.4
3.7
3.3
3.7
2.9
4.3
1.1
— 1.1
Chain price
index
Fixedweighted
price index
(1982
weights)
10.9
10.5
9.0
9.2
5.7
4.2
4.0
3.6
6.3
4.8
2.8
4.6
5.6
4.2
4.0
3.7
6.3
4.8
2.8
4.6
4.0
4.1
4.1
4.1
4.5
4.7
3.0
3.7
3.7
3.5
4.0
2.8
4.7
3.0
3.8
3.8
3.6
4.2
3.0
4.7
1.5
1.4
-.3
-.4
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Curren t-dollar cos and profit per unit o output (do liars) l
Gross d omestic
produ et of
nonfin ancial
corporate business
(billions o f dollars)
Period
Current
dollars
1982
dollars
Total
cost
and
profit 2
Capital
consumption
allowances
with
capital
consump-
Corpc rate profits •with
inventory valuation a nd capital
eonsurr ption adjus tments
Indirect
business
taxes 3
Compensation of
employees
Net
interest
Total
Profits
tax
Profits
after
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.867
18.224
18.436
17.374
17.383
17.634
17.865
17.936
18.027
18.172
18.275
18.201
18.250
18.285
18.384
18.604
18.472
18.449
18.344
9.939
10.861
11.699
12.124
12.574
13.060
11.804
11.915
12.031
12.073
12.126
12.259
12.406
12.498
12.630
12.758
12.878
13.011
13.121
13.229
13.294
13.344
adjustment
1980
1981
1982
1983
1984
1985
1982: HI
IV
1983: 1
II
Ill
IV
1984:
I
H
in
1985:
IV
I
1986:
I
n
in
IV
11
1
1,540.8
1,738.4
1,782.2
1,914.2
2,143.7
2,275.1
1,789.0
1,779.4
1,816.0
1,883.9
1,944.5
2,012.5
2,081.7
2,135.9
2,160.3
2,196.8
2,226.0
2,259.1
2,301.3
2,314.1
2,343.6
2,341.5
1,807.9
1,837.2
1,782.2
1,866.0
2,030.8
2,105.5
1,777.8
1,760.2
1,790.7
1,844.7
1,887.9
1,940.5
1,993.8
2,031.6
2,038.4
2,059.4
2,075.7
2,094.4
2,124.6
2,127.3
2,141.0
2,135.3
0.852
.946
1.000
1.026
1.056
1.081
1.006
1.011
1.014
1.021
1.030
1.037
1.044
1.051
1.060
1.067
1.072
1.079
1.083
1.088
1.095
1.097
0.095
.109
.125
.123
.118
.120
.127
.131
.127
.124
.12,3
.120
.118
.117
.118
.119
.119
,120
.119
.121
.121
.123
Output is measured by gross domestic product of nonfmancial corporate business in 1982 dol-
lars.
0.077
.090
.094
.098
.100
.103
.094
.096
.097
.099
.099
.098
.099
.100
.101
.101
.102
.104
.103
.104
.106
.103
3
4
0.581
.632
.676
.679
.690
.708
.679
.685
.682
.676
.676
.680
.683
.684
.694
.699
.704
.708
.705
.716
.721
.724
0.031
.037
.043
.037
.041
.043
.041
.042
.039
.037
.037
.037
.037
.039
.042
.043
.044
.043
.042
.042
.042
.041
0.068
.078
.063
.089
.107
.106
.065
.057
.069
.086
.095
.103
.107
.111
.104
.104
.103
.104
.113
.105
.105
.106
0.037
.035
.026
.032
.037
.032
.026
.023
.023
.031
.036
.036
.041
.040
.034
.032
.031
.029
.033
.033
.02,9
.031
0.031
.044
.037
.057
.070
.075
.038
.034
.046
.055
.059
.066
.067
.071
.070
.072
.073
.075
.080
.072
.076
.075
Indirect business tax and nontax liability plus business transfer paymen ts less subsidies.
With inventory valuation and capital consumption adjustments.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
~
Period
National
income
sation of
employ-
Proprietoi s' income
with in ventorv
valuation md capital
consulnption
adjust ments
Farm
1981
1982
1983
1984
1985
1982: III
IV
1983: I
II
Ill
IV
1984: I
II
in
IV
1985: I
II
ra
IV
1986: I
II '
1
Corpora ,e profits wi h inventory valuation an i capital
consulnption adjus ments
Kental
income of
persons
with
capital
Profits w th inventory valuation
adjustme it and witho ut capital
consu mption adjus :ment
Total
tion
adjustment
Nonfarm
2,443.5
2,518.4
2,719.5
3,032.0
3,222.3
2,528.4
2,548.2
2,599.1
2,685.5
2,741.8
2,851.5
2,963.2
3,010.3
3,052.3
3,102.0
3,157.0
3,201.4
3,243.4
3,287.3
1,807.4
1,907.0
2,020.7
2,214.7
2,368.2
1,918.4
1,931.1
1,958.8
1,995.0
2,036.3
2,092.7
2,153.7
2,195.4
2,234.7
2,275.0
2,316.3
2,352.1
2,380.9
2,423.6
30.7
24.6
12.4
31.5
29.2
22.9
28.5
18.1
15.9
-3.5
19.3
44.5
26.4
24.7
30.4
32.9
33.0
21.6
29.4
156.1
150.9
178.4
205.3
225.2
151.7
159.8
165.9
176.4
183.0
188.6
198.0
203.2
209.9
210.3
217.8
222.5
227.7
232.7
3,340.7
3,376.4
2,461.5
2,480.2
24.4
39.5
240.9
249.6
13.3
13.6
13.2
8.3
7.6
12.0
15.8
13.8
15.4
Inventory
valuation
adjustment
Net
interest
12.1
8.4
7.1
5.6
6.8
8.1
7.3
8.3
188.0
150.0
213.7
264.7
280.7
154.3
146.1
170.6
207.0
228.9
248.5
262.5
271.7
259.8
265.0
266.4
274.3
296.3
285.6
202.3
159.2
196.7
230.2
222.6
161.6
150.7
163.9
191.2
208.5
223.4
235.7
241.5
223.3
220.3
213.3
215.4
235.3
226.4
226.5
169.6
207.6
235.7
223.2
171.6
164.1
169.7
201.8
227.5
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
-24.2
-10.4
-10.9
-5.5
-.6
-10.0
-13.4
-5.9
-10.6
-19.0
-8.1
-13.6
-4.9
-1.8
-1.6
-.5
1.6
6.1
-9.4
— 14.4
-9.2
17.0
34.5
58.1
-7.3
-4.5
6.7
15.8
20.5
25.1
26.7
30.2
36.5
44.7
53.2
58.9
61.0
59.2
248.1
272.3
281.0
307.4
311.4
269.1
266.9
272.1
275.8
285.9
290.2
292.5
305.2
316.1
315.7
316.8
311.4
309.7
307.6
12.8
16.3
296.4
293.1
240.8
241.9
224.3
231.3
16.5
10.6
55.6
51.3
304.9
297.7
11.2
12.4
Includes employer contributions for social insurance. (See also p. 5.)
Profits
before tax
Capital
consumption
lartmerit of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durabl< goods
Period
1981
1982
1983
1984
1985
1982: III
IV
1983: I
n
Ill
IT
1984: I
n
Ill
IV
1985: I
n
m
IT
1986: I r
n.
Furniture
and
household
equipment
Total
expendi-
Total
durable
goods
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
2,065.6
2,117.0
2,146.6
2,213.0
2,262.8
2,315.8
2,363.8
2,416.1
2,445.6
2,487.2
2,530.9
2,576.0
2,627.1
2,667.9
239.9
252.7
289.1
331.2
359.3
252.8
263.8
266.7
284.5
295.2
310.0
321.2
331.3
331.8
340.4
347.7
354.0
373.3
362.0
100.5
108.9
130.4
154.5
169.2
108.3
115.7
115.0
128.5
133.7
144.4
150.4
155.8
154.4
157.6
162.3
165.3
182.8
166.4
92.7
95.7
107.1
118.9
126.8
96.4
99.1
101.6
105.3
109.2
112.4
115.6
118.3
119.2
122.3
123.5
125.9
126.8
130.9
46.6
48.1
51.6
57.8
63.3
48.1
49.0
50.2
50.6
52.3
53.2
55.2
57.2
58.3
60.4
61.9
62.8
63.7
64.7
740.6
771.0
816.7
870.1
905.1
776.7
786.6
791.0
810.9
827.0
837.9
855.7
870.3
873.9
880.3
888.2
902.3
907.4
922.6
2,697.9
2,732.0
360.8
373.9
163.5
172.0
132.1
135.8
65.3
66.0
929.7
928.4
Source: Department of Commerce, Bureau of Economic Analysis.
Motor
vehicles
and
parts
Non durable g )ods
Other
durable
goo s
Serv-
Retail ales of
new pa ssenger
cars (mi lions of
ts)
Clothing and
shoes
Gasoline
and oil
376.5
398.8
421.9
449.9
469.3
402.7
407.0
411.1
418.8
426.8
430.8
440.4
447.9
454.3
456.9
461.2
468.3
470.4
477.4
119.9
124.4
135.1
147.2
155.2
125.0
126.5
128.7
134.5
136.0
141.1
144.4
148.2
146.6
149.7
151.7
155.0
155.4
158.7
92.7
89.1
90.2
90.7
91.9
88.6
89.8
87.0
89.4
92.5
91.9
92.0
91.7
89.4
89.9
89.6
92.8
92.4
93.0
151.6
158.7
169.5
182.2
188.7
160.4
163.4
164.3
168.2
171.7
174.0
178.8
182.5
183.6
183.8
185.8
186.2
189.1
193.5
934.7
1,027.0
1,128.7
1,227.0
1,336.1
1,036.1
1,066.5
1,088.9
1,117.6
1,140.6
1,167.9
1,186.9
1,214.5
1,239.9
1,266.5
1,294.9
1,319.7
1,346.4
1,383.2
6.2
5.8
6.8
8.0
8.2
5.6
6.0
6.0
6.9
6.9
7.4
8.1
8.1
7.9
7.7
8.3
8.1
9.4
7.0
2.3
2.2
2.4
2.4
2.8
2.2
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.4
2.6
2.4
2.7
3.0
3.2
484.6
490.3
161.3
165.0
87.6
78.1
196.2
194.9
1,407.4
1,429.8
7.8
8.1
2.8
3.1
Food
Other
Domestics
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $12.7 billion (annual rate) in August, following a rise of $10.7 billion in July. The changes
were affected by three special factors: a large increase in retroactive social security benefit payments in July,
changes in subsidy payments to farmers in July and August, and a strike in the communications industry in June.
Excluding the effect of these factors, personal income increased $16.0 billion in August and $6.9 billion in July.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
400
400
200,
1986
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietor, ' income 3
Period
1978
1979
1980
1981
1982
1983
1984
1985
1985: Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr r
May "
June r
July r.
Aug s
Total
personal
income
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
3,320.5
3,333.9
3,358.3
3,372.3
3,418.0
3,417.4
3,435.3
3,445.1
3,486.8
3,481.3
3,481.9
3,492.6
3,505.3
Farm
1,119.3
1,252.1
1,372.0
1,510.3
1,586.1
1,676.6
1,836.8
1,966.1
1,975.4
1,986.7
1,996.7
2,010.5
2,031.1
2,035.7
2,044.8
2,051.8
2,054.9
2,058.4
2,063.2
2,069.8
2,082.0
107.7
122.7
138.4
150.3
163.6
173.6
184.5
196.9
198.9
199.9
200.8
201.7
202.6
203.6
204.5
205.5
206.4
207.3
208.2
209.0
209.9
Nonfarm
27.0
31.7
20.5
30.7
24.6
12.4
31.5
29.2
19.3
22.8
24.0
26.0
38.2
23.4
26.9
22.8
53.0
38.1
27.5
20.8
23.5
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p, 4} in that it excludes employer contributions for sociai insurance and the excess of
wage accruals over wage disbursements.
^Consists of employer contributions to private pension, health, and welfare funds; workers' injury
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
149.2
160.1
160.1
156.1
150.9
178.4
205.3
225.2
227.3
230.2
230.8
232.4
234.9
237.9
241.0
243.8
247.5
249.1
252.2
254.9
257.3
Bental
income of
persons 4
9.3
5.6
6.6
13.3
13.6
13.2
8.3
7.6
10.5
1.7
10.4
2.9
11.7
12.2
12.7
13.5
15.1
16.6
17.1
17.2
17.3
Persona]
dividend
income
Personal
interest
income
43.0
48.1
52.9
61.3
63.9
182.5
221.4
271.9
335.4
369.7
68.7
74.7
76.4
76.3
76.2
76.4
76.8
76.9
78.0
79.2
80.0
80.8
81.1
81.5
81.7
82.1
393.1
446.9
476.2
474.7
476.4
478.7
481.0
482.2
481.4
480.7
480.4
480.5
480.1
479.8
479.1
478.3
Transfer
Payments 5
244.0
273.1
324.7
368.1
410.6
442.6
455.6
487.1
489.0
491.2
492.7
493.5
494.5
503.4
504.2
506.5
507.9
510.7
511.8
520.2
515.8
4
Less:
Personal
contributions
for social
insurance
69.8
81.0
88.6
104.5
112.3
120.1
133.5
150.2
150.9
151.3
152.1
152.7
154.0
158.0
158.7
159.1
159.2
159.9
159.3
160.0
160.8
Nonfarm
personal
income 6
1,769.3
1,983.1
2,215.8
2,465.6
2,618.7
2,799.0
3,052.2
3,261.0
3,277.2
3,287.5
3,311.0
3,323.2
3,356.9
3,371.1
3,385.6
3,399.5
3,411.0
3,420.5
3,431.7
3,449.0
3,458.8
With capital consumption adjustment.
Consists mainJv of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other lahor income,
and agricultural net interest.
5
5
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose again in the second quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
3,000
3,000
2,600
2,600
DISPOSABLE PERSONAL INCOME
:
2,200
x
2,200
SAVING
1,800
1,800
1,400
1,400
1,000
1,000
DOLLARS * (RATIO SCALE)
14,000
DOLLARS * (RATIO SCALE)
14,000
PER CAPITA DISPOSABLE PERSONAL INCOME
12,000
- CURRENT DOLLARS
12,000
10,000
10,000
1982 DOLLARS
8,000
8,000
6,000
6,000
4,000
4,000
1980
1979
1978
1982
1981
1983
1984
1985
1986
' SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
Less:
Personal
tax and
nontax
payments
Personal
income
Equals:
Disposable
personal
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Per c apita
disposable persona!
inec me
Current
dollars
1982
dollars
261.1
304.7
340.5
393.3
409.3
410.5
439.6
486.5
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
1981
1982
1983
1984
1985
2,838.6
3,110.2
3,314.5
1,551.2
1,729.3
1,917.9
2,127.6
2,261.4
2,428.1
2,670.6
2,828.0
1983: I
n
m
IV
1984: I
II
m
IV
1985: I
II
m
IV
1986: I
2,683.6
2,729.2
2,753.1
2,812.6
2,846.8
2,941.8
3,034.2
3,077.4
3,139.7
3,189.6
3,253.1
3,298.7
3,323.2
3,382.9
3,432.6
3,483.3
1,441.1
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,501.9
2,684.7
110.2
118.0
136.8
159.4
153.9
130.6
168.7
143.3
405.0
411.1
407.4
417.1
403.6
413.9
421.5
431.2
445.9
460.0
497.7
456.4
491.2
500.7
497.5
504.8
2,278.6
2,318.1
2,345.7
2,395.4
2,443.2
2,527.9
2,612.7
2,646.3
2,693.8
2,729.6
2,755.4
2,842.3
2,832.0
2,882.2
2,935.1
2,978.5
2,122.6
2,174.9
2,206.2
2,274.4
2,326.7
2,382.5
2,433.5
2,488.7
2,520.9
2,564.6
2,611.3
2,658.7
2,712.4
2,756.4
2,789.4
2,825.5
156.0
143.1
139.5
121.1
116.4
145.4
179.2
157.6
172.9
165.0
144.1
183.6
119.6
125.8
145.6
153.1
1
Includes persona] consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
1982
dollars
6,968
7,682
8,421
9,243
9,724
10,340
11,265
11,817
9,735
9,829
9,722
9,769
9,725
9,930
10,421
10,563
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population,
including
Armed
Forces
abroad
(thousands) 2
Per cent
6,304
6,960
7,607
8,320
8,818
9,515
10,243
10,866
8,808
8,904
8,783
8,871
9,068
9,174
9,437
9,624
9,825
10,007
10,206
10,304
10,452
10,613
10,779
10,964
11,107
11,208
11,326
7.1
6.8
8,794
8,818
9,139
9,475
9,713
3.8
1.0
-1.1
.5
-.5
2.1
4.9
1.4
8,812
8,904
8,950
9,105
9,200
9,299
9,372
9,488
9,494
9,547
9,613
9,674
9,774
9,790
9,857
9,984
-0.7
1.2
1.3
3.1
3.2
9.1
8.4
1.3
2.5
.8
-.4
8.2
-5.0
1.5
5.6
6.2
6.8
6.2
7.1
7.5
6.8
5.4
6.3
5.1
222,629
225,106
227,754
230,182
232,549
234,829
237,067
239,317
Seas anally adju sted annual rates
1
1982: III
IV
Current
dollars
Do lars
Billions of dol ars
1978
1979
1980
Per capita personal
consurnption
expen( itures
9,786
9,929
10,025
10,215
10,391
10,725
11,060
11,178
11,350
11,471
11,555
11,893
11,819
11,999
12,193
12,348
9,720
9,749
9,780
9,855
9,933
10,151
10,358
10,392
10,457
10,477
10,466
10,674
10,537
10,577
10,723
10,886
5.9
5.1
4.8
5.8
6.9
6.0
6.4
6.0
5.2
6.5
4.2
4.4
5.0
5.1
232,851
233,466
233,981
234,509
235,117
235,707
236,222
236,742
237,347
237,953
238,469
238,985
239,605
240,206
240,709
241,215
2
Annual data are averages of quarterly data, which are averages for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1986, according to preliminary estimates, gross farm income rose $19.4 billion (annual
rate) and net farm income rose $21.0 billion.
BILLIC NS OF DOUA ?S * (RATIO SC ALE)
BILL ONS OF DOLL *RS * (RATIO S CALE)
240
240
'onn
^
...
160
1
1
x-
160
1r-~^_^—^T
P"T
\
-s
_^^1
fc=» ^
OR OSS FARM INC OME
120
120
on
An
An
40
40
20
20
10
10
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
(jross
Period
Cas h
Total '
1978r
1979r
1980r
1981r
1982r
1983rr
1984
1985"
1983: I r
IT r
UI
IV
1984: Irr
n
r
TJI
IV
1985: I r
IF r
m
IV
1986: I r
IP
128.4
150.7
149.3
166.3
163.4
152.4
174.4
166.6
154.9
148.3
155.5
151.1
174.4
168.0
173.8
181.4
170.7
164.7
157.4
173.5
146.1
165.5
Total
112.4
131.5
139.7
141.6
142.6
136.5
142.2
142.1
143.1
137.1
142.9
122.8
136.5
141.2
144.1
146.8
137.3
135.1
139.8
156.2
131.4
129.6
Livestock and
products
59.2
69.2
68.0
69.2
70.2
69.5
72.9
69.4
70.9
69.2
68.2
69.5
75.6
71.4
71.6
73.1
69.2
67.8
68.0
72.6
68.5
68.2
1
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 GNP implicit price deflator (1982-100).
Net farni income
farm incom
marketing rece
pts
Crops
53.2
62.3
71.7
72.5
72.4
67.0
69.2
72.7
72.2
67.9
74.8
53.2
60.9
69.8
72.5
73.8
68.1
67.4
71.8
83.6
62.9
61.4
Value of
inventory
changes a
1.9
5.0
-6.3
6.5
-1.3
-10.9
6.3
-1.1
-11.6
-13.5
-11.6
-6.8
1.7
7.0
9.0
7.5
3.0
-.3
-2.6
-4.5
-4.2
-3.7
Production
expenses
Current
dollars
103.2
123.3
133.1
139.4
140.7
139.5
141.7
136.1
139.3
139.0
139.3
140.2
141.6
142.2
142.0
140.9
139.0
137.1
135.2
133.2
131.2
129.6
25.2
27.4
16.1
26.9
22.7
13.0
32.7
30.5
15.6
9.3
16.1
10.9
32.7
25.8
31.8
40.5
31.7
27.6
22.2
40.3
14.9
35.9
NOTE.—Data include net Commodity Corporation loans and operator households.
Series revised beginning 1978.
Sources: Department of Agriculture and Department of Commerce.
1982 dollars 3
34.9
34.9
18.8
28.6
22.7
12.5
30.2
27.3
15.2
9.0
15.5
10.3
30.7
23.9
29.3
36.9
28.7
24.8
19.8
35.7
13.1
31.3
CORPORATE PROFITS
In the second quarter of 1986, according to revised estimates, corporate profits before tax rose $7.0
(annual rate) and after-tax profits rose $2.8 billion.
BILLIONS OF DOLLARS
billion
BILLIONS OF DOLLARS
120
120
80
80
40
40
1978
1979
1986
SOURCE: DEPARTMENT OF COMMERCE
ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after ta X
Prc fits (before t ax) with inve ntory valuati an adjustmen t '
Doinestie indust ies
Period
Nonfinancial
Total 2
Total
Financial
Manufacturing
Profits
before tax
Tax
liability
237.1
226.5
169.6
207.6
235.7
223.2
84.8
81.1
63.1
77.2
95.4
91.8
152.3
145.4
106.5
130.4
140.3
131.4
54.7
63.6
66.9
71.5
78.3
81.6
81.8
39.6
58.9
62.0
49.8
Total
Dividends
sale and
retail
trade
Undistributed
profits
Inventory
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
-5.5
73.0
21.6
32.5
34.6
38.9
49.7
49.7
1982:
III
IV
161.6
150.7
133.0
121.6
12.4
18.7
120.6
102.9
64.3
46.8
32.9
33.6
171.6
164.1
64.3
59.8
107.3
104.3
66.6
68.5
40.7
35.8
-10.0
-13.4
1983:
I
II
Ill
IV
163.9
191.2
208.5
223.4
135.7
163.0
176.8
190.7
19.4
20.3
17.2
15.5
116.3
142.7
159.6
175.2
51.2
63.2
77.7
88.6
32.5
41.0
39.0
43.1
169.7
201.8
227.5
231.5
59.1
75.3
86.5
88.1
110.6
126.6
141.0
143.4
69.8
70.4
72.0
73.9
40.8
56.1
69.0
69.5
-5.9
-10.6
-19.0
-8.1
1984:
I
II
Ill
IV
235.7
241.5
223.3
220.3
205.2
211.5
191.3
188.8
16.6
15.4
13.4
16.1
188.6
196.1
177.8
172.6
95.0
94.6
81.3
78.9
46.2
51.1
51.0
50.7
249.3
246.5
225.1
221.9
102.9
101.6
89.3
87.8
146.4
144.8
135.8
134.1
76.0
78.1
79.0
80.1
70.4
66.7
56.8
54.0
- 13.6
-4.9
-1.8
-1.6
1985:
I
II
Ill
IV
I
213.3
215.4
235.3
226.4
240.8
241.9
182.6
183.8
205.3
191.3
202.4
208.9
18.2
21.1
21.7
23.2
28.4
30.2
164.4
162.7
183.6
168.1
174.0
178.7
70.4
68.2
79.0
74.5
67.1
77.6
48.8
51.1
54.2
45.0
52.5
47.1
213.8
213.8
229.2
235.8
224.3
231.3
87.8
87.1
95.8
96.4
89.1
93.3
126.0
126.7
133.4
139.4
135.2
138.0
80.9
81.4
81.6
82.5
85.2
87.5
45.1
45.3
51.8
57.0
50.0
50.4
— .5
1.6
6.1
-9.4
16.5
10.6
1980
1981
1982
1983
1984
1985
1986:
TT T
1
2
194.0
202.3
159.2
196.7
230.2
222.6
159.6
173.8
131.2
166.6
199.2
190.8
21.0
16.5
11.8
18.1
15.4
21.0
138.6
157.3
119.4
148.5
183.8
169.7
77.1
88.5
58.0
70.1
87.4
See p. 4 for profits with inventory valuation and capital consumption adjustments,
Includes rest of the world, not shown separately.
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
97.6
-.6
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter, nonresidential fixed investment fell $1.7 billion (annual rate)
from its first quarter level while residential investment outlays rose $10.0 billion. There was a $14.5 billion increase
in inventories following an increase of $43.8 billion in the first quarter.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
BOO
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS PRIVATE DOMESTIC
INVESTMENT
600
600
500
500
400
400
300
300
- NONRESIDENTIALFIXED INVESTMENT
200
RESIDENTIAL
FIXED INVESTMENT
200
100
100
CHANGE IN BUSINESS
INVENTORIES
I
-100
1978
1979
1983
1981
1980
1
I I
1984
SOURCE: DEPARTMENT OF COMMERCE
1985
1
1
-100
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
t>
• J
p
trross
private
domestic
investment
1979
1980
1981
1982
1983
1984
1985
1982: IH
IV
1983: I
II
Ill
IV
1984: I
n
ni
IV
1985: I
n
m
rv
1986: I r
H
Source: Department of Commerce, Bureau of Economic Analysis.
454.8
437.0
515.5
447.3
502.3
662.1
661.1
452.2
409.6
428.3
481.3
519.7
579.8
659.5
657.5
670.3
661.1
650.6
667.1
657.4
669.5
708.3
687.3
1"ixed investmen t
Change i i business
mventories
Nonresidential
Total
Total
441.9
445.3
491.5
471.8
509.4
598.0
650.0
461.2
469.5
471.0
492.5
525.2
548.8
564.0
597.6
605.8
624.4
625.2
648.0
654.3
672.6
664.4
672.8
302.8
322.8
369.2
366.7
356.9
416.5
458.2
Structures
99.5
113.9
138.5
439.8
459.2
459.8
474.0
143.3
124.0
139.3
154.8
140.2
137.6
126.4
119.8
122.7
127.4
129.7
139.1
141.4
146.7
150.7
156.1
155.0
157.2
459.2
457.5
154.6
141.5
360.7
354.9
340.8
344.7
358.1
383.9
388.2
413.3
421.8
442.9
Producers'
durable
equipment
203.3
208.9
230.7
223.4
232.8
277.3
303.4
220.5
217.3
214.4
224.9
235.5
256.5
258.4
274.1
280.4
296.2
289.1
303.1
304.7
316.8
304.6
316.0
Residential
139.1
122.5
122.3
105.1
152.5
181.4
191.8
100.5
114.7
130.2
147.8
167.1
164.9
175.8
184.4
184.0
181.5
185.4
188.8
194.5
198.6
205.3
215.3
Total
13.0
-8.3
24.0
-24.5
-7.1
64.1
11.1
-9.0
-59.9
-42.6
-11.2
-5.5
31.0
95.5
59.9
64.4
36.7
25.4
19.1
3.1
-3.1
43.8
14.5
Nonfarm
7.9
-2.4
18.3
-23.1
.4
56.6
12.2
-12.4
-51.1
-33.2
-2.3
15.8
21.3
71.5
56.8
62.1
35.9
18.5
10.4
3.2
16.7
41.2
10.5
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August 1986 survey, business spending for new plant and equipment
for the year 1986 is expected to be 1.9 percent below the 1985 level. Spending in 1985 was 9.2 percent above
the 1984 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
300
200
,200
NONMANUFACTUR NG -^
-MANUFACTURING
100
100
80
80
60
60
40
40
I
I 1
1978
1
1 I
1979
I
jl
1980
l l
I
I l
I
1982
1981
l l
I
1983
l l
1984
I
l l
I
1985
_>/, SURVEYED QUARTERLY
_!/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
U
I
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nor manufactui ing
M mufacturii g
Period
All
industries
Total
1978
1979
1980
1981
1982
1983
1984
1985r
19864
217.76
254.96
282.80
315.22
310.58
304.78
354.44
387.13
379.59
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.48
144.01
1984: I r
II '
Ill'
IV '.
339.32
349.43
361.27
367.78
1985: l r
II r.r
III
IV '.
1986: 1'
Hr.
HI 4
TV 4
Total
nonfarm
busi-
Non manufactu ring
Manufacturing
166.76
189.02
202.15
222.72
226.79
227.15
260.16
278.46
139.18
159.04
170.47
188.68
189.89
188.58
215.61
233.65
235.58
Mining
Transportation
Public
utilities
39.46
48.50
55.36
59.81
55.35
53.08
66.24
73.27
68.23
39.13
47.42
56.96
66.73
65.33
63.12
72.58
80.21
75.78
139.18
159.04
170.47
188.68
189.89
188.58
215.61
233.65
235.58
11.22
12.81
15.99
21.39
20.05
15.19
16.86
15.88
11.29
13.36
16.05
16.60
15.84
14.79
13.97
16.52
18.02
18.35
31.50
35.63
37.74
41.21
45.43
44.96
47.48
48.81
46.22
83.09
94.56
100.14
110.24
109.63
114.45
134.75
150.94
159.72
130.64
135.66
142.46
146.52
61.49
64.18
68.26
71.01
69.15
71.48
74.21
75.51
208.69
213.76
218.81
221.25
17.41
16.41
16.81
16.84
15.67
16.91
17.22
16.29
47.01
47.98
48.17
46.77
128.61
132.46
136.61
141.36
130.64
135.66
142.46
146.52
208.69
213.76
218.81
221.25
373.56
387.86
389.23
397.88
146.94
154.25
154.47
158.26
70.29
74.34
72.99
75.47
76.64
79.91
81.48
82.79
226.62
233.61
234.76
239.61
15.81
16.56
15.89
15.25
16.70
17.45
18.81
19.15
48.44
48.61
48.44
49.79
145.68
150.99
151.62
155.42
146.94
154.25
154.47
158.26
226,62
233.61
234.76
239.61
377.94
375.92
380.52
383.99
144.03
141.68
142.72
147.60
68.01
68.33
66.30
70.28
76.02
73.35
76.43
77.32
233.90
234.24
237.79
236.39
12.99
11.23
10.80
10.16
18.22
18.28
18.74
18.15
47.03
46.55
46.08
45.24
155.67
158.18
162.18
162.84
144.03
141.68
142.72
147.60
233.90
234.24
237.79
236.39
245.34
284.94
314.47
349.26
347.47
343.35
398.99
431.94
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.48
144.01
Surveyed
annually 3
27.58
29.98
31.68
34.04
36.89
38.56
44.55
44.81
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in July-August 1986, corrected for biases.
NOTE.—Series revised beginning 1983.
Source: Department of Commerce, Bureau of Economic Analysis.
Surveyed
quarterly
Total '
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufaeturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufaeturing that is surveyed annually.
10
Total
Nondurable
Commercial
and
other
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In August, seasonally adjusted civilian employment rose 273,000 and unemployment fell 163,000.
MILLK3NS OF PERSO NS*
120
MILL ONS OF PERSCDNS*
120
SEASONALLY ADJUSTED
'
"
-"
—
—
r"~^~
^""'
—
r—'"""^
^, + — *~'~
—
96
"1
rTH
-^— s~~]
-«'•"'
,-
CIV LIAN LABOR F DRCE
'""
*"**
~
108
—
•-*.**"*"
—^\
-/-^
^
1 16
—
'
—
100
—
CIVILIAN
96
EMPLOYMENT
—
•E
12
—
8
—
4
—
0
iiinltim
Illllilllli
1978
1979
^-r-^
\ ~~~^^
X- ---•
UNEMPLOYME NT
_/
—-^
,
-.
.
—
12
_
8
—
mi ilinn Illlllll III i i n i l i i i n mult mi miilim i
1980
1983
1982
1981
1984
1 1 1 II li II 1 1 1 1 1 1 1 1 ! 1 1 1 1
1985
1986
4
0
* 16 YEARS OF AGE A ND OVER
COUNCIL OF CONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]
Period
Noninstitutional
population
including
resident
Armed
Forces
Labor force
Employment
resident
Armed
Forces
including
resident
Armed
Forces
Nonag ricultural
Civilian
labor force
Total
Agricultural
Total
NSA
1979
1980
1981
1982
1983
1984
1985
1985: Aug
Sept....
Oct
Nov
Dec
1986: Jan *..
Feb ....
Mar....
Apr ....
May....
June...
July....
Aug....
166,460
169,349
171,775
173,939
175,891
178,080
179,912
180,131
180,304
180,470
180,642
180,810
181,361
181,512
181,678
181,843
181,998
182,183
182,354
182,525
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,726
1,732
1,700
1,702
1,698
1,691
1,691
1,693
1,695
1,687
1,680
1,672
1,697
106,559
108,544
110,315
111,872
113,226
115,241
117,167
117,069
117,522
117,814
117,832
117,927
118,477
118,779
118,900
118,929
119,351
119,796
119,744
119,879
100,421
100,907
102,042
101,194
102,510
106,702
108,856
108,936
109,251
109,513
109,671
109,904
110,646
110,252
110,481
110,587
110,797
111,353
111,554
111,852
104,962
106,940
108,670
110,204
111,550
113,544
115,461
115,343
115,790
116,114
116,130
116,229
116,786
117,088
117,207
117,234
117,664
118,116
118,072
118,182
1
Persons at wort . Economic reasons include ack work, mate ial shortages, ina bility to find full
time work, etc.
2
Labor force as percent of nonii stitutiona] J opulation (both ncluding residen Armed Forces
3
Civilian labor force as percent o civilian non nstitutional popu ation.
llnempk yment
Civilian errtployment
Resident
Armed
Forces
NSA
98,824
99,303
100,397
99,526
100,834
105,005
107,150
107,210
107,519
107,813
107,969
108,206
108,955
108,561
108,788
108,892
109,110
109,673
109,882
110,155
3,347
3,364
3,368
3,401
3,383
3,321
3,179
3,095
3,017
3,058
3,070
3,151
3,299
3,096
3,285
3,222
3,160
3,165
3,112
3,048
95,477
95,938
97,030
96,125
97,450
101,685
103,971
104,115
104,502
104,755
104,899
105,055
105,655
105,465
105.503
105,670
105,950
106,508
106,769
107,107
Part-time
for
economic
reasons 1
3,373
4,064
4,499
5,852
5,997
5,512
5,334
5,413
5,299
5,241
5,295
5,294
5,275
5,158
5,301
5,621
5,673
5,320
5,191
5,259
Total
6,137
7,637
8,273
10,678
10,717
8,539
8,312
8,133
8,271
8,301
8,161
8,023
7,831
8,527
8,419
8,342
8,554
8,443
8,190
8,027
15
weeks
and
over
1,241
1,871
2,285
3,485
4,210
2,737
2,305
2,274
2,307
2,277
2,205
2,188
2,056
2,340
2,258
2,135
2,209
2,320
2,256
2,295
Labor force
partici] ation
rate (pe rcent)
Total 2
Civilian 3
64.0
64.1
64.2
64.3
64.4
64.7
65.1
63.7
63.8
63.9
64.0
64.0
64.4
64.8
64.7
64.8
65.0
64.9
64.9
65.0
65.1
65.1
65.1
65.3
65.4
65.3
65.4
65.0
65.2
65.3
65.2
65.2
65.3
65.4
65.4
65.4
65.6
65.8
65.7
65.7
• Data t eginning Jan nary 1986 n 3t strictlv compa rable with ea rlier data b ecause of c ange in
estimation )rocedures.
Source: department 0 Labor, Bure au of Labor Stat sties.
11
SELECTED UNEMPLOYMENT RATES
In August, the seasonally adjusted overall unemployment rate fell 0.1 percentage point to 6.7 percent; the civilian
unemployment rate also fell 0.1 percentage point, to 6.8 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
V
20
20
M'\
,-*"' '"
/ .'''
v-A
v*
15
^**
\
(16-.19)
\^
> A .A
VVN-V-Y^'
BLACK
\
/
TEENAGERS
\
/
t*
\ ^ ** V*. -J\.\
^,\
v\l
^ /"\
v — ^.-
15
»'
Y-A-\*V*./,v ."'V
BLACK
1
10
/,
<^-x ^v\
AND OTHER
10
ALl CIVILIAN W DRKERS
s ^"X
/—v.
--J
r —-
—^
• —-.
"WHITE
Illllllllll Illllllllll
1982
1983
MEN 20 YEARS
AND OVER
Illllllllll Illllllllll
1984
1985
iiiiiiiini
iiiiiiiini
1982
1986
1984
1983 ,
1985
Illllllllll
1986
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Period
,
Unem- —^
B V sex and ago
ployment
All
rate,
Women
civilian
all
work- 20Men
years
years 20 and
workers
:
and over
ers
over
1986:
By selected grou s
By race
Both
sexes
16-19
years
White
Black
and
other
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
Labor
force
time lost
(percent) 2
5.8
7.0
7.5
9.5
9.5
7.4
7.1
5.8
7.1
7.6
9.7
9.6
7.5
7.2
4.2
5.9
6.3
8.8
8.9
6.6
6.2
5.7
6.4
6.8
8.3
8.1
6.8
6.6
16.1
17.8
19.6
23.2
22.4
18.9
18.6
5.1
6.3
6.7
8.6
8.4
6.5
6.2
11.3
13.1
14.2
17.3
17.8
14.4
13.7
12.3
14.3
15.6
18.9
19.5
15.9
15.1
5.5
6.9
7.3
9.3
9.2
7.1
6.8
2.8
4.2
4.3
6.5
6.5
4.6
4.3
8.3
9.2
10.4
11.7
12.2
10.3
10.4
5.3
6.9
7.3
9.6
9.5
7.2
6.8
8.8
8.8
9.4
10.5
10.4
9.3
9.3
6.3
7.9
8.5
11.0
10.9
8.6
8.1
Aug
Sept
Oct
Nov
Dec
6.9
7.0
7.0
6.9
6.8
7.1
7.1
7.1
7.0
6.9
6.0
6.1
6.1
6.0
5.9
6.6
6.7
6.4
6.4
6.2
17.5
18.1
19.8
18.4
18.8
6.1
6.1
6.1
5.9
5.9
12.8
13.7
13.5
14.1
13.4
14.1
15.2
14.9
15.6
14.9
6.7
6.8
6.7
6.6
6.5
4.1
4.3
4.2
4.3
4.3
10.8
11.3
10.4
10.0
9.4
6.8
6.8
6.8
6.7
6.6
9.0
9.3
9.6
8.8
9.0
8.1
8.1
7.9
7.9
7.8
Jan
Feb
Mar
Apr
May
June ....
July
Aug
6.6
7.2
7.1
7.0
7.2
7.0
6.8
6.7
6.7
7.3
7.2
7.1
7.3
7.1
6.9
6.8
5.7
6.2
6.2
6.0
6.4
6.2
6.2
5.9
6.1
6.7
6.6
6.4
6.5
6.4
6.1
6.1
18.4
19.0
18.2
19.6
19.0
19.1
17.5
17.7
5.7
6.4
6.2
6.1
6.2
6.1
6.0
5.8
12.8
13.3
13.3
13.6
13.6
13.7
12.6
13.1
14.4
14.8
14.7
14.8
14.8
15.1
14.0
14.6
6.3
6.8
6.7
6.7
6.9
6.7
6.7
6.4
4.3
4.5
4.5
4.2
4.5
4.5
4.4
4.1
9.9
9.9
10.1
9.4
10.2
10.1
9.2
10.3
6.4
6.9
6.9
6.7
7.0
6.7
6.6
6.4
8.4
9.4
9.1
9.6
9.2
9.1
9.0
9.3
7.6
8.1
8.1
8.1
8.3
8.1
7.7
7.7
1979
1980
1981
1982
1983
1984
1985
1985:
Unemp] oyment ra te (percen of civilia n labor force in group)
i
1
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
cent 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, for 15-26
weeks and for 27 weeks and over rose, while the percentage out of work for 5-14 weeks fell. The mean and the
median duration of unemployment rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
60
__A_
\
—
50
A\
JOB LOSERS
40
REENTRANTS
30
20
NEW ENTRANTS
_
10
JOB LEAVERS
Illllllllll
1982
1983
1984
1985
1986
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Dur ition of i nemploirtnent
Period
Unemployment
(thousands)
Re ason for jnemployment:
percent distributi<>n
Sta e
progr ims
Insured
unemployment,
Numb er of
ks
P ereent di stributioii
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
7,637
8,273
10,678
10,717
8,539
8,312
43.1
41.7
36.4
33.3
39.2
42.1
32.3
30.7
31.0
27.4
28.7
30.2
13.8
13.6
16.0
15.4
12.9
12.3
10.7
14.0
16.6
23.9
19.1
15.4
11.9
13.7
15.6
20.0
18.2
15.6
6.5
6.9
8.7
10.1
7.9
6.8
51.7
51.6
58.7
58.4
51.8
49.8
1985: Aug
Sept
Oct
Nov
Dec
8,133
8,271
8,301
8,161
8,023
41.7
42.0
41.6
42.7
42.1
30.6
30.2
30.8
30.2
30.7
12.8
12.5
12.8
11.0
12.1
15.0
15.3
14.8
16.1
15.1
15.5
15.5
15.4
15.7
15.4
7.2
6.9
7.0
6.9
6.9
1986: Jan
Feb
Mar
Apr
Mav
June
July
Aug
7,831
8,527
8,419
8,342
8,554
8,443
8,190
8,027
42.4
41.8
42.3
42.9
42.8
40.2
41.7
42.3
31.3
30.8
31.1
31.8
31.6
32.2
30.6
29.4
12.4
13.5
13.0
11.9
12.4
12.3
13.1
13.4
13.9
14.0
13.7
13.4
13.1
15.3
14.6
14.9
14.9
15.3
14.4
14.3
14.4
15.2
15.0
15.8
6.8
6.9
6.8
6.5
6.6
7.3
7.1
7.2
Job
leavers
Insured
unemployment
regular
programs
(unadjusted) *
Reentrants
New
entrants
11.7
11.2
7.9
7.7
9.6
10.6
25.2
25.4
22.3
22.5
25.6
27.1
11.4
11.9
11.1
11.3
13.0
12.5
3,350
3,047
4,061
3,396
2,476
2,616
488
460
583
438
377
397
3,837
3,410
4,594
3,775
r
2,561
c
2,692
50.8
50.2
49.1
50.0
48.8
10.7
10.3
11.1
9.9
10.9
26.9
28.3
27.2
27.2
27.6
11.5
11.1
12.7
12.9
12.8
2,585
2,560
2,535
2,560
2,564
386
384
380
382
391
2,361
2,212
2,227
2,468
2,884
48.0
48.7
50.3
48.1
50.3
51.2
48.3
47.6
12.7
11.7
11.9
13.2
11.4
12.0
12.7
12.2
26.3
26.8
26.0
26.1
25.9
24.4
27.2
27.8
13.0
12.8
11.8
12.6
12.4
12.5
11.8
12.4
2,591
2,610
2,654
2,612
2,666
2,681
2,698
2,705
370
392
393
380
382
381
380
387
3,370
3,295
3,144
2,799
2,556
2,474
2,632
2,486
Initial
claims
Weekly av erage, th ousands
1980
1981
1982
1983
1984
1985
1
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-sen-icemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Adminis
tration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 202,000 in August.
MILLIONS OF PERSONS* (ENLARGED SCALE)
24
MILLIONS OF PERSONS
100
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
\
SERVICE-PRODUCING
INDUSTRIES
60
50
mil mm inn inn iimlimi iimlim
40
•GOODS-PRODUCING
INDUSTRIES
30
$
20
„
Liiiilnm
1982
1983
1984
1985
1986
1982
1983
1984
1985
1986
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
"SOURCE.. DEPARTMENT OF LABOR
[Thousands of wage and salary workers; 1 seasonally adjusted]
Se rvice-produ( ing industr es
Goods-p reducing in chistrieg
Period
Total
nonagricultural
employment
M anufacturin ?
Total
z
Construction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Gover nment
Finance,
Wholesale
trade
Retail
trade
insurance,
and real
estate
Services
Total
Federal
1979
1980
1981
1982
1983
1984
1985
89,823
90,406
91,156
89,566
90,200
94,496
97,614
26,461
25,658
25,497
23,813
23,334
24,727
24,930
4,463
4,346
4,188
3,905
3,948
4,383
4,687
21,040
20,285
20,170
18,781
18,434
19,378
19,314
12,760
12,187
12,109
11,039
10,732
11,505
11,516
8,280
8,098
8,061
7,741
7,702
7,873
7,798
63,363
64,748
65,659
65,753
66,866
69,769
72,684
5,136
5,146
5,165
5,082
4,954
5,159
5,242
5,204
5,275
5,358
5,278
5,268
5,555
5,740
14,989
15,035
15,189
15,179
15,613
16,545
17,360
4,975
5,160
5,298
5,341
5,468
5,689
5,953
17,112
17,890
18,619
19,036
19,694
20,797
21,974
15,947
16,241
16,031
15,837
15,869
16,024
16,415
2,773
2,866
2,772
2,739
2,774
2,807
2,875
1985: Aug....
Sept....
Oct
Nov....
Dec
97,890
98,128
98,428
98,666
98,910
24,880
24,843
24,903
24,931
24,977
4,702
4,728
4,754
4,765
4,787
19,256
19,198
19,236
19,259
19,289
11,473
11,421
11,447
11,453
11,461
7,783
7,777
7,789
7,806
7,828
73,010
73,285
73,525
73,735
73,933
5,219
5,257
5,260
5,272
5,277
5,762
5,777
5,796
5,796
5,809
17,464
17,489
17,543
17,589
17,622
5,988
6,014
6,038
6,070
6,095
22,115
22,212
22,313
22,415
22,501
16,462
16,536
16,575
16,593
16,629
2,886
2,899
2,895
2,904
2,913
1986: Jan
Feb
Mar
Apr
May....
June r.
July r..
Aug p..
99,296
99,429
99,484
99,783
99,918
99,843
100,122
100,324
25,101
25,038
24,945
25,038
24,965
24,854
24,861
24,923
4,901
4,864
4,838
4,972
4,974
4,947
4,981
5,036
19,303
19,294
19,255
19,245
19,201
19,135
19,116
19,135
11,466
11,455
11,418
11,415
11,378
11,307
11,294
11,295
7,837
7,839
7,837
7,830
7,823
7,828
7,822
7,840
74,195
74,391
74,539
74,745
74,953
74,989
75,261
75,401
5,286
5,277
5,280
5,266
5,265
5,167
5,276
5,236
5,830
5,843
5,841
5,864
5,872
5,829
5,851
5,866
17,734
17,795
17,828
17,851
17,911
17,944
17,997
18,027
6,123
6,157
6,184
6,228
6,261
6,295
6,335
6,376
22,585
22,638
22,707
22,825
22,924
23,072
23,182
23,248
16,637
16,681
16,699
16,711
16,720
16,682
16,620
16,648
2,918
2,918
2,923
2,914
2,899
2,875
2,868
2,878
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
ked during or received pay for any part of the pay period which includes the. 12th of the month,
ludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces,
al derived from this table not comparable with estimates of nonagricultural employment of the
putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from emploving establishments.
2
Includes mining, not shown separately-.
Source: Department of Labor, Bureau of Labor Statistics.
14
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average g]ross hourly
earn ings
Vverage weekly
hours
1
Period
Manufa cturing
Total
private
nonagricultural '
Total
1983
1984
1985
1985: Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June r
July r
Aug"
Overtime
3.6
3.3
2.8
2.8
2.3
3.0
3.4
3.3
40.4
40.2
39.7
39.8
35.8
35.7
35.3
1978
1979
1980
1981
1982
35.2
34.8
35.0
35.2
34.9
34.9
34.9
34.9
34.8
34.9
35.0
34.9
34.9
34.8
34.8
34.7
34.7
34.8
Total
private
nonagricultural '
38.9
40.1
40.7
40.5
40.6
40.7
40.7
40.7
40.9
40.8
40.7
40.7
40.7
40.7
40.6
40.6
40.8
3.3
3.3
3.4
3.4
3.6
3.5
3.4
3.4
3.4
3.4
3.3
3.5
3.5
Manufacturing
$5.69
6.16
6.66
$6.17
6.70
7.27
7.25
7.68
8.02
8.32
8.57
8.59
8.62
8.63
8.65
8.70
8.68
8.71
8.73
8.72
8.73
8.74
8.72
8.76
7.99
8.49
8.83
9.19
9.53
9.57
9.58
9.61
9.63
9.68
9.65
9.68
9.70
9.68
9.72
9.71
9.72
9.76
Adjusts d hourlv earnin gs index2 — total private
nonagnc ultural
Ind ex,
1977 -100
Percent chang e from a vear
earlie r 4 5
1977
dollars 3
Current
dollars
108.2
116.8
127.3
138.9
148.5
155.4
160.3
165.2
165.5
166.4
166.2
166.8
167.7
167.3
168.2
168.5
168.4
168.7
169.2
168.8
169.2
Current
dollars
100.5
97.4
93.5
92.6
93.4
94.9
94.6
94.1
94.1
94.4
94.0
93.9
94.0
93.5
94.4
95.1
95.4
95.4
95.2
95.1
95.1
1977 dollars
8.2
7.9
9.0
9.1
6.9
4.6
3.2
3.1
0.5
-3.1
4.0
1.0
.9
1.6
3.1
.1
.4
.1
-.4
-.5
3.1
3.0
3.0
3.1
2.8
2.8
2.9
2.6
2.6
2.4
2.3
2.2
-.3
g
-.9
-.2
.9
1.4
1.4
1.0
1.1
1.0
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent d ange from
a vear earlier,
total private n onagricultural 5
Avera ^e gross weekly ea rnings
Period
Current dollars
1978
1979
1980
1981
1982
1983
1984
1985
1985: Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June rr
July
Aug"
Manufacturing
Total ijrivate
nonagric ultural '
$203.70
219.91
235.10
255.20
267.26
280.70
292.86
299.09
299.79
300.84
301.19
301.02
303.63
303.80
303.98
304.68
303.46
303.80
303.28
302.58
304.85
Retail trade
Current dollars
1977 dollars 3
$189.31
183.41
172.74
170.13
168.09
171.26
172.78
170.42
170.43
170.74
170.45
169.49
170.20
169.72
170.58
171.94
171.93
171.83
170.67
170.37
171.26
$249.27
269.34
288.62
$318.69
342.99
367.78
318.00
330.26
354.08
374.03
385.97
388.54
389.91
391.13
391.94
395.91
393.72
393.98
394.79
393.98
395.60
394.23
394.63
398.21
399.26
426.82
442.97
458.51
464.09
463.23
466.83
467.31
461.52
461.28
470.40
448.59
450.06
465.22
464.25
461.15
462.52
467.25
1
4
5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977=100 base).
1977 dollars
Current dollars
2
3
Construction
$130.20
138.62
147.38
158.03
163.85
171.05
174.33
174.64
174.64
175.81
174.63
174.92
175.78
175.51
175.51
176.09
174.91
174.91
174.60
175.20
175.49
7.8
8.0
6.9
8.5
4.7
5.0
4.3
2.1
0.2
-3.1
2.3
2.1
2.7
2.3
2.5
-.6
.6
-1.1
— 1.1
3.1
2.5
2.4
2.1
1.9
1.1
1.7
1.7
-.6
.5
.4
.9
.7
-.2
.5
.5
-5.8
-1.5
1.2
1.9
.9
— 1.4
2
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
64-201 0 - 8 6 - 2
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
Gulp ut '
Period
Business
sector
Nonfarm
business
sector
Business
sector
Compens ation per
hou r a
Hours of all
pers HIS 2
all pe rsons
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Real com lensation
per h our 4
Business
sector
Nonfarm
business
sector
Unit lab or costs
Business
sector
Nonfarm
business
sector
Implic t price
defla tor 5
Business
sector
Nonfarm
business
sector
19 ?7 = 100; juarterly ( ata seasoirally adjus ted
1978
1979
100.8
99.6
100.8
99.3
105.8
107.9
106.0
107.9
104.9
108.3
105.1
108.7
108.5
119.1
108.6
118.9
100.8
99.4
100.9
99.2
107.6
119.5
107.7
119.7
107.3
117.0
107.0
116.5
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.3
98.8
99.8
99.2
102.4
104.3
106.7
108.9
105.5
109.9
118.8
106.7
108.5
104.9
110.1
118.8
107.5
108.2
105.2
106.7
112.8
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.1
131.3
143.6
154.8
161.5
167.9
96.7
95.7
97.3
98.2
98.1
96.6
95.7
97.2
98.2
98.0
132.5
142.7
154.5
156.8
159.7
132.9
144.0
156.0
157.7
161.0
127.6
139.8
148.1
153.0
158.5
127.8
140.3
149.2
154.3
159.3
106.4
104.8
122.7
122.5
115.3
116.9
175.3
174.6
98.8
98.4
164.8
166.7
163.0
164.6
1982:
III
IV
100.3
101.0
99.1
99.7
105.1
105.0
104.5
104.2
104.8
103.9
105.4
104.5
156.6
158.3
156.3
158.2
97.2
97.9
97.0
97.8
156.2
156.8
157.7
158.7
149.3
150.2
150.3
151.4
1983:
I
II
Ill
IV
101.9
103.5
103.0
103.8
100.9
102.7
102.9
103.3
106.2
109.2
110.8
113.6
105.8
109.2
111.4
114.1
104.2
105.5
107.5
109.4
104.8
106.3
108.3
110.5
159.9
160.9
161.5
163.6
159.9
160.9
161.7
163.4
98.8
98.4
97.7
98.0
98.8
98.4
97.8
97.9
156.8
155.5
156.8
157.7
158.5
156.6
157.1
158.2
151.2
152.3
153.4
155.2
152.5
153.6
155.0
156.2
1984:
I
II
III
IV
104.9
105.6
105.5
105.5
103.9
104.6
104.4
104.3
116.9
119.0
119.5
120.2
116.9
119.1
119.5
120.2
111.4
112.7
113.3
114.0
112.5
113.8
114.5
115.2
165.9
167.1
169.0
170.6
165.6
166.9
168.7
170.4
98.1
97.9
98.1
98.2
97.9
97.8
98.0
98.1
158.2
158.3
160.2
161.7
159.4
159.5
161.5
163.3
156.7
157.7
159.0
160.3
157.2
158.4
160.0
161.4
1985: I
II
Ill
IV
105.7
106.4
107.3
106.4
104.4
104.9
105.4
104.5
121.3
122.3
123.5
123.8
121.1
122.1
123.3
123.6
114.8
115.0
115.2
116.4
116.0
116.4
116.9
118.2
172.3
174.5
176.4
178.0
172.1
174.0
175.4
177.0
98.4
98.7
99.1
99.0
98.2
98.4
98.5
98.4
163.1
164.0
164.4
167.3
164.8
165.9
166.3
169.3
161.4
162.6
163.4
164.6
162.7
164.1
165.2
166.2
1986: I
107.3
107.2
105.6
105.5
125.3
125.2
125.1
125.0
99.2
167.0
98.8
168.2
100.3 L__?£iL
Pe •cent chan *e; quarts rly data at seasonal] y adjusted annual ra tes
168.8
170.0
165.3
166.0
167.1
167.7
1978
1979
0.8
-1.2
0.8
-1.6
5.8
2.0
6.0
1.9
4.9
3.2
5.1
3.5
8.5
9.7
8.6
9.5
0.8
-1.4
0.9
-1.6
T^Tl
11.1
7.7
11.2
7.3
9.0
7.0
8.9
1980
1981
1982
1983
1984
-.3
1.4
-.4
2.7
2.3
— .4
1.0
-.6
3.3
1.8
-1.1
2.1
-3.1
4.2
8.1
-1.2
1.7
-3.3
4.9
8.0
-.8
.7
-.7
.7
-2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
4.0
-2.7
-1.0
1.6
1.0
-.1
— 2.7
-.9
1.5
1.1
-.3
10.9
7.7
8.3
1.5
1.8
11.0
8.3
8.4
1.1
2.1
9.0
9.6
5.9
3.3
3.5
9.7
9.7
6.3
3.5
3.2
1985
1.0
2.6
4.3
4.0
.7
.4
3.2
3.5
2.9
3.3
7.5
4.5
7.5
5.1
.1
2.9
.2
3.4
7.2
1.5
7.6
2.6
5.6
2.4
5.7
3.0
1985
II
118.5
116.8
116.8 ^J_18.5_
-2.8
1.5
5.7
2.2
179.1
180.4
178.3
179.3
.5
3.3
3.0
3.0
— 1
2.4
-3.1
-.5
-3.5
-1.2
III
IV
3.9
6.1
-1.6
2.8
5.0
7.3
.8
1.3
4.9
11.7
5.9
10.4
6.3
13.4
8.5
9.8
1.0
5.3
7.7
7.3
1.2
5.7
7.6
8.4
3.9
2.6
1.6
5.3
4.4
2.3
2.0
4.4
3.7
-1.6
-2.6
1.1
4.1
-1.9
-2.2
.1
.1
-3.3
3.3
2.4
-.6
-4.7
1.2
3.0
2.5
3.1
2.8
4.8
2.9
2.8
3.7
3.1
1984: I
II
Ill
IV
4.4
2.6
-.3
-.1
2.4
2.9
— .7
— .4
12.2
7.5
1.7
2.5
10.2
7.7
1.6
2.2
7.4
4.8
2.1
2.6
7.6
4.7
2.3
2.6
5.7
2.8
4.6
3.8
5.4
3.2
4.3
4.2
.5
-.8
.8
.1
.3
— .4
.4
.5
1.2
.2
5.0
3.9
3.0
.3
5.1
4.6
4.0
2.6
3.4
3.2
2.7
3.1
4.0
3.7
.9
2.7
3.4
-3.2
.3
1.8
2.2
3.6
3.3
4.1
1.0
3.2
3.0
4.0
1.0
2.6
.6
.7
4.3
2.9
1.2
1.8
4.6
4.2
5.1
4.4
3.8
3.9
4.6
3.2
3.7
1.0
1.0
1.8
-.5
.7
.5
.7
-.6
3.3
2.4
1.0
7.2
3.6
2J
1.0
7.4
2.7
3.0
1.9
3.0
3.2
3.4
2.6
2.4
4.7
-.4
5.1
-.3
1.4
— .1
.8
.2
2.5
2.7
3.1
2.2
1.0
4.5
1.6
3.9
-.7
3.0
-1.2
2.8
1.8
1.7
2.3
1.5
1982: III
IV
1983: I
II
1985: I
n
in
IV
1986: I
II
1
2
3.3
-.3
-3.5
4.3
5
-3.4
-3.4
-3.4
-3.5
Output refers to gross domestic product originating in the sector in 1982 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
2
16
4
Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.1 percent in August, following an increase of 0.3 percent in July. The index for August
was 0.3 percent above its year-earlier level. (Series revised.)
INDE X, 1977=100* (RATIOS CALE)
220
FINAL PI?ODUCTS
INDEX, 1977=100* (RATIO SCALE)
140
TOTAL INDUSTRIAL PRODUCTION
120
-DEFENSE/iND
SPACE
EQUIPME NT
1RO
100
160
140 ,— MANUFACTURING PRODUCTIONDURABLE
120
^~
120
_.,...«,
,
100
1 11 M 111 1 i I
^
^*S
f-.f. BUSINESS
EQUIPMENT
-A,c
^~
_^
.-,--
<^""" CONSUMER
-•'
GOODS
,,,,,,
,,,,,
M 1 1 1 1 1 1 1 1(
1 1 1 1 1 1 1 1 1 11
100
PERCENT*
90 -MANUF/iiCTURING CAPACITY UTILIZATIO N RATE
140
_ UTILITIES AND MINING PRODUCTION
- *^-~— .
80
"
—
^~=-
^1
70
60
1982
1983
1984
1985
>-s
S/
1 1 M 1 1 1 1 1 11
1982
1986
1 1 1 H 1 1 11 1 1
1983
1 1 M i h1 1 11 1 1 1 1 1 1 1 1 1 1 1 i it 1 1 ( 1 1 1 11
1984
1986
1985
•SEASONAL ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
i
Total
Industry pro< .uction indexe , 1977 = 100
indu trial
produ ction
Period
1977 proportion
100.0
1978
1979
1980
1981
1982
1983
1984 r
1985 r
106.5
110.7
108.6
111.0
103.1
109.2
121.4
123.8
124.4
124.3
123.6
124.8
125.6
126.2
125.3
123.6
124.7
124.2
124.2
124.6
124.8
1985: Augr.
Sept r
Oct r
Novr
1986:
Dee r
Jan r
Feb r
Marr
Apr r
May r.
June r.
July r
Aug"
1
Output as percent of capacity.
—
Manufacturing
Percent
1977 = 100
'
Capacity utilization
rate, pe rcent l
from year
earlier
6.5
3.9
-1.9
2.2
-7.1
5.9
11.2
2.0
1.1
1.6
1.2
1.7
2.3
2.9
1.7
.2
1.2
.5
.4
1.0
.3
Mining
Durable
Total
Utilities
Nondurable
84.31
49.10
35. 11
9.83
5.96
107.1
111.5
108.2
110.5
102.2
110.2
123.4
126.4
127.2
127.0
126.3
127.8
128.2
129.4
128.7
127.2
128.7
128.2
128.0
128.8
129.2
108.2
113.9
109.1
111.1
99.9
107.7
124.2
127.3
128.1
127.4
126.7
128.2
128.7
129.5
128.7
126.8
128.1
127.0
126.2
127.0
127.1
105.5
108.2
107.0
109.7
105.5
113.7
122.3
125.1
126.0
126.4
125.8
127.2
127.5
129.3
128.7
127.7
129.6
129.9
130.6
131.4
132.1
103,6
106.4
112.4
117.5
109.3
102.9
111.1
108.8
108.1
108.2
106.9
106.9
107.4
108.1
105.1
103.0
101.0
99.8
99.4
97.4
96.0
103.1
105.9
107.3
107.1
104.8
105.2
110.7
111.9
110.0
113.3
111.8
111.9
114.8
112.5
109.7
109.3
109.4
108.5
110.4
109.8
108.2
NOTE.-—Series revised beginning 1984.
Source: Board of Governors of the Federal Reserve System.
Manufacturing
Industrial
materials
84.2
84.6
86.3
87.1
81.1
81.1
71.7
75.3
82.0
80.2
79.8
79.5
79.1
79.4
80.3
80.1
79.6
78.5
78.7
78.1
78.2
78.1
77.9
79.3
78.3
70.3
74.0
80.5
80.1
80.3
80.0
79.4
80.1
80.2
80.8
80.2
79.1
79.9
79.4
79.1
79.5
79.6
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977=100; monthly data seasonally adjusted]
Produe ts
Mate rials
Internlediate proc ucts
Final produe s
C onsumer go ods
Equipment
Period
Total
Total
1977 proportion
1978
1979
1980
1981
1982
1983
1984 r
1985 r
,
Durable
goods
Nondurable goods
Total >
Business
Defense
and
space
equipment
Total
Construction
supplies
Total
gy
supplies
44.77
106.9
111.0
112.2
115.2
109.5
114.7
127.3
131.1
25,52
104.3
103.9
102.7
104.1
101.4
109.3
118.0
120.2
6.89
103.7
99.9
88.4
89.7
82.9
98.5
112.2
112.9
18.63
19.25
104.5
105.4
108.1
109.3
108.3
113.3
120.1
122.9
110.3
120.4
124.7
129.9
120.2
121.7
139.6
145.4
14.34
112.2
124.7
125.1
127.6
113.6
115.4
134.2
139.6
3.67
101.2
105.6
115.4
119.8
133.0
143.1
156.4
170.6
12.94
106.9
110.8
106.9
107.3
101.7
111.2
124.7
130.0
5.95
106.9
108.7
100.6
98.6
88.3
100.6
114.0
118.3
106.9
112.7
112.3
114.7
113.1
120.3
133.8
140.0
42.28
105.9
110.3
105.3
107.7
96.7
102.8
114.2
114.2
11.69
101.1
104.1
105.5
104.7
101.2
98.4
103.9
103.4
6.99
1985:
Augr
Sept r.
Oct r
Novr
Dec *
132.2
132.2
131.0
133.1
133.2
120.9
121.1
120.5
122.7
123.3
114.5
113.1
112.3
115.4
115.3
123.3
124.1
123.5
125.3
126.3
147.1
146.9
144.9
147.0
146.4
141.0
140.4
138.3
140.8
140.0
173.3
174.5
174.8
177.2
178.5
131.7
131.3
131.2
131.8
132.0
120.4
120.3
120.2
120.5
119.8
141.3
140.7
140.5
141.5
142.4
113.9
113.8
113.4
113.9
115.4
102.2
102.8
101.5
101.8
104.5
1986:
Jan r
Feb '
Mar r
Aprr
May r
June r
July r
Aug p
133.9
132.8
130.6
132.1
131.6
130.9
131.7
132.2
123.8
123.3
121.8
124.5
124.3
124.2
124.8
125.1
116.0
116.6
112.4
115.9
113.8
114.3
115.9
115.2
126.6
125.8
125.3
127.7
128.1
127.9
128.1
128.7
147.5
145.4
142.3
142.3
141.2
139.7
140.8
141.6
141.5
140.5
137.7
138.6
137.9
136.2
137.5
137.9
178.7
176.3
176.2
178.0
178.0
178.4
179.7
182.2
134.2
133.4
133.3
134.5
135.1
136.7
136.9
137.4
124.0
122.6
122.6
123.6
123.5
124.1
124.2
125.1
142.9
142.6
142.5
143.8
145.0
147.4
147.7
115.5
114.8
113.3
113.8
113.0
113.3
113.3
113.1
103.0
102.1
101.4
100.4
100.5
101.5
100.4
98.6
1
Includes rigs and prefabs, not shown separately.
[1977—100; monthly data seasonally adjusted]
No ndurable rnanufactm es
Durable m mufactures
Transp )rtation
equipment
Primary metals
Apparel
products
Printing
and
publishing
Chemicals
and
products
Foods
2.79
87.3
95.3
102.7
100.9
4.54
107.8
112.7
115.1
118.6
120.2
129.8
146.5
153.9
8.05
106.8
111.4
106.4
112.6
103.8
114.0
121.6
127.1
7.96
104.3
106.7
111.4
113.7
114.9
120.4
126.9
130.2
Iron and
steel
Fabricated
metal
products
65.8
73.0
82.3
80.5
3.49
107.5
108.0
86.3
92.5
57.5
66.1
73.4
70.4
6.46
105.7
109.4
101.8
101.6
86.6
89.1
102.6
107.3
9.54
111.7
122.6
123.3
129.8
115.6
118.3
141.8
145.3
7.15
112.9
125.7
130.3
134.1
128.4
143.8
170.5
168.4
9.13
106.3
108.3
96.9
95.1
87.6
99.2
112.2
121.4
5.25
104.6
95.9
71.1
71.6
66.8
85.8
104.4
111.5
2.30
102.4
102.0
92.9
90.1
82.8
100.2
109.1
113.4
1985: A u g r
Sept r
Oct T
Nov r
Dec r
82.3
80.8
81.9
82.9
81.7
72.3
70.3
72.4
73.9
71.6
107.4
106.7
107.9
107.6
108.2
145.4
144.2
141.7
144.8
146.2
165.8
164.5
164.2
166.9
168.7
125.0
124.5
123.3
124.8
124.0
115.6
113.7
111.4
112.6
111.4
115.3
116.0
116.2
115.0
116.1
100.0
101.8
102.1
103.8
104.5
155.8
153.4
154.5
156.8
157.6
127.9
129.1
127.3
128.2
128.1
131.5
132.2
129.4
131.5
132.1
1986: Jan r.
Feb r.
Mar r
Aprr
May T
June r
July '.
Aug".
82.4
80.3
76.3
78.1
74.8
71.3
73.1
73.3
72.2
69.5
64.3
65.6
60.2
58.3
61.3
109.2
108.5
107.6
108.2
106.5
106.6
105.7
106.5
144.9
143.9
141.7
140.8
141.3
140.4
142.0
140.5
166.1
164.8
165.2
166.8
166.0
163.2
167.2
167.7
128.2
127.5
122.6
126.2
124.1
125.1
125.2
124.8
116.5
116.4
108.1
112.6
108.7
110.6
110.5
108.0
120.5
120.3
120.7
121.3
121.6
120.9
105.5
102.8
102.8
103.1
102.6
101.7
102.1
160.9
156.7
157.8
161.6
161.9
163.2
165.0
165.7
131.7
132.0
130.2
132.8
131.5
133.1
134.2
132.0
132.9
132.2
133.1
133.7
134.0
134.1
Period
Total
1977 proportion
1978
1979
1980
1981
1982
1983
1984 r
1985 r
5.33
107.0
108.5
90.4
95.0
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber
and
products
103.1
98.3
97.3
96.1
L_
NOTE.—Series revised beginning 1984.
18
Source: Board of Governors of the Federal Reserve Svstem.
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 3
Private
Period
Total new
construction
expenditures
Resi lential
Total
Commercial
and
industrial 2
New housing
units
Total '
Other
Federal,
State, and
local
Total value
index
(1977=100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
1978
1979
1980
1981
1982
1983
1984
1985
224.7
250.3
249.0
257.8
244.4
279.2
327.2
355.6
179.0
201.5
194.0
204.4
193.6
228.5
272.0
292.8
110.4
117.2
101.1
100.0
85.4
126.6
155.1
158.8
86.2
90.1
70.4
70.2
57.7
95.7
115.1
116.0
30.7
42.0
46.7
55.0
58.7
53.8
68.6
82.7
37.9
42.3
46.2
49.4
49.5
48.1
48.2
51.3
45.6
48.8
55.0
53.3
50.8
50.7
55.2
62.8
114.0
121.0
108.0
112.0
111.0
138.0
150.0
161.0
Annual rates
977
1,059
904
919
690
756
955
1,064
Annual rates
1985:
July
Aug
Sept
Got
Nov
Dec
355.1
353.3
361.3
374.0
357.6
365.6
290.3
289.8
296.0
312.0
294.4
300.6
156.8
154.9
161.0
174.8
158.2
161.8
115.3
115.5
116.1
117.2
117.5
118.7
80.6
82.1
84.3
84.1
85.0
88.2
52.8
52.8
50.7
53.0
51.2
50.6
64.8
63.5
65.3
62.1
63.2
64.9
164
164
167
168
162
162
1,103
1,097
1,118
1,104
1,111
951
1986:
Jan
Feb
Mar
Apr r
May '
June r
July "
Aug"
373.4
373.9
368.0
373.9
374.5
375.4
378.1
382.2
305.4
305.7
298.9
303.3
302.6
304.6
305.7
308.6
163.4
164.7
165.6
170.5
172.5
174.5
175.9
176.7
122.8
124.7
126.5
129.4
132.4
135.2
137.3
138.7
88.4
87.5
81.4
81.8
78.7
78.3
79.0
80.3
53.5
53.5
51.8
51.0
51.3
51.8
50.8
51.6
68.0
68.3
69.2
70.6
71.9
70.8
72.5
73.6
r
!54
r
!74
r
848
941
840
1,011
921
911
877
949
1
Includes the following categories of private construction not shown separately: residential improvements, railroads, electric light and pow-er, gas, petroleum pipelines, and farm nonresidential.
Includes hotels and motels.
!63
186
171
169
163
168
3
F. W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Period
Units started, by type of structure
Total
1978
1979
1980
1981
1982
1983
1984
1985
1 unit
2-4 units
125.0
122.0
109.5
91.1
80.0
113.5
121.4
93.4
5 or more units
462.0
429.0
330.5
287.7
319.6
522.0
544.0
576.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
July
Aug
Sept
Get
Nov
Dec
1,673
1,737
1,653
1,784
1,654
1,882
1,068
1,071
1,006
1,118
1,006
1,098
86
97
85
80
76
83
519
569
562
586
572
701
Jan
Feb
Mar
Apr
May
June *
July r
Aug"
2,034
2,001
1,960
2,019
1,853
1,852
1,815
1,822
1,335
1,202
1,221
1,242
1,241
1,230
1,162
1,197
107
115
84
79
83
80
74
91
592
684
655
698
529
542
579
534
New priv ate homes
Units
authorized
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733,3
Units
completed
Homes sold
Homes for
sale at end of
period 1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
817
1,709
1,782
1,846
1,703
1,668
1,839
1,722
1,720
1,778
1,541
1,721
1,762
745
708
681
637
722
729
351
348
350
353
353
349
1,861
1,808
1,834
1,885
1,788
1,792
1,759
1,673
1,778
1,725
1,806
1,693
r
l,829
1,613
1,732
735
741
924
r
880
r
787
717
686
594
352
352
338
r
336
r
336
342
351
356
709
545
436
412
623
639
688
414
3
398
336
272
251
300
356
349
Vacancy rate
for rental
housing units
(percent) 2
5.0
5.4
5.4
5.0
5.3
5.7
5.9
6.5
Seasonal .y adjusted annu al rates
1985:
1986:
1
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
6.8
6.7
6.9
7.3
NOTE. — Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83
data are for 16,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales rose 0.5 percent in July and inventories rose $2.8 billion. According to advance
data, retail sales rose 0.8 percent in August following an increase of 0.3 percent in July.
BILLIONS OF DOLLARS* (RATIQ SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
650
zoo
190 -
600
550
500
450
-•
1
^
_
170
S
_
130 —
^ R E T A 11 INVENTOf IES
120
110
-
-'"
,--
100
300
250
' ~
~2?\
—
y
350 -^
:*"•
<
160
150 —
•— ^1
MANL FACTURING AND
TRAC>E INVENTOf ilES
..L-'—-'""'"
_»•'""
\
/"'"M/kNUFACTUR NG
AhJD TRADE SA IES
400
—
90
RETAIL SALES
-— '""
-
-
70
P'Hl'M"
llllllllMI
n 1 1 1 li 1 1 1 11 1 1 1 il 1 1 1 11 11 1 11 1 I I I t l
RATIO)*
1.80
200
-
INVENTORY-SALES RATIO
150
- MANUFACTURINGAND TRADE
1.20
100
Miiiiiiin
1 1 | ( 11 1I 11 1
1983
1982
IMiiliMU ( 1 1 1 1 1 1 1 \ \ \
1985
1984
|IM,I,,|,I
1.00 liniilin
1986
1983
1982
1984
•SEASONAllY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufact jring
and
1
tra< e
Sales
2
Inventories 3
1985
1986
COUNCIL OF ECONOMIC ADVISERS
Inventory-s ales ratio 4
Re tail
Wholesale
Sales 2
Sales
2
InventoTotal
Durable
goods
stores
Inventories 3
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
Retail
trade *
Millions of dollars, seasonally iidjusted
1978
1979
1980
1981
1982
1983
1984
1985
1985: July r
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June T
July '.
Aug"
r
260,805
298,334
328,058
356,919
344,656
368,724
410,737
424,091
399,608
451,460
494,105
528,105
509,555
520,328
575,098
583,148
66,669
79,472
93,704
102,013
96,290
100,424
113,404
114,494
86,405
99,262
113,478
118,259
118,149
120,265
131,544
135,940
421,565
427,963
427,691
425,689
431,326
432,797
580,372
578,635
578,742
581,516
582,381
583,148
113,152
115,146
114,344
113,675
115,762
116,852
134,762
134,869
134,410
134,810
134,831
135,940
431,713
426,854
420,230
428,455
421,613
425,475
427,392
584,968
585,176
588,178
588,599
586,727
588,908
591,658
115,648
113,380
112,495
114,608
109,870
112,873
114,840
136,624
136,561
137,056
137,083
137,506
138,793
139,489
1
See page 21 for manufacturing.
2
Monthly average for year and total
3
for month.
Book value, end of period, seasonally adjusted.
20
67,231
74,926
79,963
86,777
89,339
97,858
107,755
114,495
r
114,620
116,224
119,118
114,785
115,433
116,861
117,349
117,200
116,684
117,715
118,675
118,960
r
119,258
120,178
43,863
49,397
55,049
59,688
61,279
64,817
68,939
71,645
102,694
111,098
116,346
127,201
126,497
139,381
157,845
165,324
50,136
54,108
55,117
60,327
58,952
66,928
77,142
82,875
52,558
56,990
61,229
66,874
67,545
72,453
80,703
82,449
1.44
1.43
1.45
1.44
1.51
1.38
1.34
1.37
1.43
1.44
1.42
1.41
1.41
1.34
1.39
1.40
71,733
72,037
72,370
72,430
72,802
72,979
160,574
159,078
160,302
164,262
165,557
165,324
79,370
78,042
78,425
81,668
83,056
82,875
81,204
81,036
81,877
82,594
82,501
82,449
1.38
1.35
1.35
1.37
1.35
1.35
1.40
1.37
1.35
1.43
1.43
1.41
73,162
73,251
73,405
72,841
73,121
73,364
r
73,375
73,480
167,987
169,379
171,551
172,158
170,869
171,705
173,556
84,755
85,863
88,132
88,263
87,198
88,281
90,297
83,232
83,516
83,419
83,895
83,671
83,424
83,259
1.35
1.37
1.40
1.37
1.39
1.38
1.38
1.43
1.45
1.47
1.46
1.44
1.44
1.46
23,368
25,529
24,914
27,089
28,059
33,041
38,817
42,851
r
42,887
44,187
46,748
42,355
42,631
43,882
44,187
43,949
43,279
44,874
45,554
45,596
r
45,883
46,698
r
4
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In August, manufacturers' shipments, inventories, and new and unfilled orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
SHIPME NTS
00
^-^
-x^l
60
20
— -^»—•^^^
1 '
A
TOTAL
_
360
320
INVENTC3RIES
280 =-—-==-
^--i--
240
DU RABLE GOO 35
'•
—
TOTAL
—c~~
.^ ^
1
80
•
DL RABLE GOO OS
-'
•
NOt•JDURABLE C OODS
"--N
60
40
Minium
"" \
NON DURABLE GC30DS
1
Minium
BILLIONS OF DOLLARS* (RATIO SCALE)
240
200 _ NEW ORDERS
40
I|M|]MIII
160
TOTAL
120
.DURABLE GOODS.
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ii
1 1 1 1 1 1 1 M 11
1 M 1 I 1 1 1 II 1
RATIO*
INVENTORY-SHIPMENTS RATIO
80
NONDURABLE GOODS
60
40
1983
1982
1984
1985
1986
1986
•SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manufa cturers' shiprinents l
M anufacturers new orders i
Manufac turers' inven tones 2
Durabl ; goods
Period
Durable
goods
Durable
goods
Nondurable goods
Capital
Nondurable goods
Total
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
M llions of do .lars, seasoilally adjust 3d
1978
1979
1980
1981
1982
1983
1984
1985
1985: Aug
Sept
Get
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug"
1
2
3
126,905
143,936
154,391
168,129
159,027
170,441
189,578
195,102
196,593
194,229
197,229
200,131
199,084
198,716
196,274
191,051
196,132
193,068
193,642
193,294
192,998
67,848
76,060
77,550
83,872
76,693
84,951
98,502
103,649
105,311
103,656
106,479
107,007
105,777
105,631
105,545
102,693
106,592
103,672
104,553
T
104,980
103,967
59,057
67,876
76,841
84,257
82,334
85,491
91,076
91,452
91,282
90,573
90,750
93,124
93,307
93,085
90,729
88,358
89,540
89,396
89,089
88,314
89,031
210,509
241,100
264,281
282,645
264,909
260,682
285,709
281,884
284,688
284,030
282,444
281,993
281,884
280,357
279,236
279,571
279,358
278,352
278,410
278,613
278,125
Monthly average for year and total (or month. Shipments are the same as s
Book value, end of period.
End of period.
137,891
160,533
174,620
186,347
175,103
171,629
191,109
189,164
72,618
80,567
89,661
96,298
89,806
89,053
94,600
92,720
131,546
147,403
156,161
167,752
157,255
173,259
191,634
195,803
72,339
79,451
79,360
83,553
74,996
87,631
100,611
104,305
192,037
191,930
190,508
190,284
189,164
92,651
92,100
91,936
91,709
92,720
198,782
197,332
195,381
196,865
201,213
107,661
106,641
104,495
103,796
107,531
188,518
187,644
188,333
188,031
187,637
187,148
186,858
186,564
91,839
91,592
91,238
91,327
90,715
91,262
91,755
91,561
201,133
198,559
192,996
193,151
192,122
191,795
194,560
191,776
108,194
107,545
104,682
103,747
102,624
102,730
r
106,220
102,885
19,458
23,231
23,259
24,050
20,681
22,764
27,017
27,215
27,554
29,240
27,092
25,788
30,566
24,288
28,637
26,540
26,179
26,145
26,421
r
27,387
26,287
59,207
67,953
76,801
84,199
82,260
85,627
91,024
91,499
91,121
90,691
90,886
93,069
93,682
92,939
91,014
88,314
89,404
89,498
89,065
88,340
88,891
259,770
302,145
323,393
319,094
296,918
330,924
355,640
363,809
363,691
366,794
364,946
361,680
363,809
366,226
368,511
370,456
367,475
366,529
364,682
365,948
364,726
1.57
1.57
1.66
1.64
1.73
1.52
1.45
1.46
1.45
1.46
1.43
1.41
1.42
1.41
1.42
1.46
1.42
1.44
1.44
1.44
1.44
4
For annual periods, ratio of weighted average inventories to average monthly shipments; for
monthly data, ratio of inventories at end of month to shipments for month.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In August, the producer price index for all finished goods rose 0.3 percent, seasonally adjusted. The index for
finished consumer foods rose 1.3 percent while the index for finished consumer goods excluding foods fell 0.1
percent. The index for capital equipment rose 0.1 percent.
INDEX, 1967= 100 (RATIO SCALE)
340
INDEX, 1967=100 (RATIO SCALE)
340
SEASONALLY ADJUST 0
FINISHED GOODS
320
320
c DNSUMER GO<3DS
E KCLUDING FOCDOS
300
TOT AL FINISHED
GOODS
..r-./^
280
\
*"
r^^*^
/ *^"*~*^ *
f -' \--
3no
\~
*^
>^
280
""
,
,
(/s\
»-3
-^~^
f
260
r~""~
_„
^*r>.^-.«
***'•* '
/*>'
\
.-/
260
CONSUMER FOODS
/s*
^^ CAPITAL EQU PMENT
&
240
''^-'$
220
r
200
i~
*****
+
^-'V
***^^
180
240
fS7
//
/
s
200
*
s
\M\ 1 1 1 1 1 1 1
iiiiiiiuii
lllllllllll
1978
1979
1980
lllllllllll l l l l l l l l l l l l l l l l l l l l l l lllllllllll l l l l l l l l l l l l l l l l l l l l l l
1981
1983
1982
180
1986
1985
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967=100; monthly data seasonally adjusted]
Fim shed goods
Period
Total
finished
goods
Consumer
foods
Consumer gc ods
Total
Total
1978
1979
1980
1981
1982
1983
1984
1985
1985:
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr r.
May
June
July
Aug
1
195.9
217.7
247.0
269.8
280.7
285.2
291.1
293.7
293.4
291.8
294.4
296.4
298.3
296.1
291.3
288.5
287.0
288.6
288.5
287.3
288.2
207.2
226.2
239.5
190.7
213.3
247.8
253.6 273.3
259.3 •285.8
261.8 290.8
273.3 294.8
271.2 299.0
269.0 299.3
266.4 298.0
270.8 300.1
273.7 301.7
276.5 303.3
274.9 300.9
270.3 296.1
270.7 292.2
271.1 290.0
274.7 290.8
274.7 290.7
279.9 287.2
283.6 287.0
Intermediate materials for food manufacturing and feeds.
22
Interm ediate ma terials
P nished goc ds excluding consumer footIs
186.7
211.5
250.8
276.5
287.8
291.4
294.1
297.3
297.5
296.3
298.0
300.0
301.9
298.8
291.8
286.0
282.5
283.5
283.2
278.1
277.7
Durable
Nondurable
166.9
183.2
200.0
231.3
283.9
319.6
206.2
218.6
226.7
233.1
236.8
241.5
242.3
239.8
243.0
243.8
243.6
242.3
242.9
243.7
245.9
245.8
246.0
246.5
246.7
333.6
335.3
337.3
339.3
339.0
338.9
339.3
342.3
346.0
341.3
328.7
317.9
310.1
312.0
311.4
301.9
301.1
Capital
equipment
199.2
216.5
239.8
264.3
279.4
287.2
294.0
300.5
301.3
299.7
302.7
303.4
303.8
303.3
303.7
304.3
305.3
305.5
305.7
306.3
306.6
Total
finished
consumer
goods
194.9
217.9
248.9
271.3
281.0
284.6
290.3
291.8
291.2
289.6
292.1
294.5
296.7
294.1
287.8
284.1
281.9
283.8
283.6
281.9
282.9
Total
215.6
242.2
280.3
306.0
310.4
312.3
320.0
318.7
317.4
317.2
317.5
318.6
319.9
318.4
313.8
310.1
307.1
306.3
306.4
304.4
304.2
Foods
and
feeds l
203.1
226.1
252.6
250.3
239.4
247.9
253.1
232.8
226.5
224.9
229.4
232.3
233.9
232.8
229.5
229.0
227.1
228.6
228.3
228.9
231.9
Cnide mater als
Other
Total
216.5
244.4
282.3
310.1
315.7
234.4
274.3
304.6
329.0
319.5
323.6
330.8
306.1
296.1
293.1
302.2
308.0
307.0
302.9
286.6
280.2
270.7
275.9
273.0
276.4
275.9
317.1
325.0
325.0
324.1
323.9
324.0
325.0
326.2
324.7
320.0
316.1
312.9
312.1
312.2
310.0
309.5
Source: Department of Labor, Bureau of Labor Statistics.
Foodstuffs
and
feedstuffs
Other
216.2
247.9
259.2
257.4
247.8
252.2
259.5
235.0
221.6
217.7
231.0
240.8
239.7
233.8
225.4
223.3
216.3
224.9
223.2
230.8
236.5
272.3
330.0
401.0
482.3
473.9
477.4
484.5
459.2
456.1
454.9
455.4
453.1
452.4
451.8
418.7
403.1
388.4
386.5
381.2
375.1
360.9
CONSUMER PRICES—ALL URBAN CONSUMERS
In August, the consumer price index for all urban consumers rose 0.2 percent, both seasonally adjusted and not
seasonally adjusted. The index was 1.6 percent above its year-earlier level.
INDEX, 1967= 100 (RATIO SCALE)
INDEX, 1967 =100 (RATIO SCALE)
340
"340
320
320
300
300
280
280
- ALL ITEMS --
260
260
240
240
220
220
200
200
III
180
1978
IIIIIIIIIII
1979
Illl
1980
1981
1982
1983
I I I I I ll I I I I
1986
1985
1984
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
180
COUNCIL OF ECONOMIC ADVISERS
[1967—100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Tr ansportati on
Hou sing
She ter
.
All
items 1
r ood
Total '
Total
Renters'
costs (Dec.
19g2
—
100)
Homeowners'
costs (Dec.
1982=100)
NSA
Rel. imp.3
1978
1979
1980
1981
1982
1983
1984
1985
1985: Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug
1
100.0
195.4
217.4
246.8
272.4
289.1
298.4
311.1
322.2
323.5
324.5
325.5
326.6
327.4
328.4
327.5
326.0
325.3
326.3
327.9
328.0
328.6
Fuel
and
other
utilities
upkeep
Total '
21.4
185.5
212.0
249.7
280.0
291.5
298.4
311.7
319.9
319.8
319.3
320.5
322.6
323.9
325.5
320.9
311.8
304.0
304.9
307.4
303.6
300.8
New
cars
Motor
fuel
Medical
care
Ener-
gy 2
All items
less
food,
energy,
and
shelter
NSA
18.5
211.4
234.5
254.6
274.6
285.7
291.7
302.9
309.8
309.6
310.7
311.1
313.2
315.2
315.9
313.8
314.1
315.0
316.4
316.7
319.5
322.5
37.9
202.8
227.6
263.3
293.5
314.7
323.1
336.5
349.9
351.7
352.2
353.3
355.2
356.2
357.1
356.8
357.5
358.5
358.2
360.1
360.2
361.1
22.3
210.4
239.7
281.7
314.7
337.0
344.8
361.7
382.0
385.3
386.1
387.9
390.5
391.9
393.3
394.8
397.3
400.7
401.0
401.8
403.6
404.8
7.3
103.0
108.6
115.4
116.3
116.7
117.5
118.2
118.5
118.8
119.2
119.8
121.1
121.2
121.7
122.5
122.7
14.4
0.5
8.1
5.0
102.5
107.3
113.1
114.3
114.5
114.9
115.7
116.2
116.6
117.0
118.0
118.9
119.1
119.1
119.6
119.9
233.0
256.4
285.7
314.4
334.1
346.3
359.2
368.9
370.6
368.7
368.5
372.7
373.7
379.1
379.6
367.5
367.6
367.1
366.6
369.2
376.4
216.0
239.3
278.6
319.2
350.8
370.3
387.3
393.6
393.6
394.4
393.7
395.4
396.5
397.2
392.4
388.4
385.7
382.3
388.9
383.4
383.6
159.6
166.6
178.4
186.9
191.8
196.5
200.2
206.0
205.9
206.8
207.7
208.4
208.3
207.7
206.6
206.3
206.9
206.5
205.8
206.2
207.7
Includes items not shown separately.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
3
Relative importance, December 1985.
2
Maintenance
and
repairs
Appar-
3.4
5.5
6.5
11.3
153.8
166.0
179.3
190.2
197.6
202.6
208.5
215.2
215.7
216.2
217.0
217.7
218.4
218.6
219.5
219.9
221.2
223.0
224.4
225.2
225.8
196.3
265.6
369.1
410.9
389.4
376.4
370.7
373.8
377.4
375.2
374.3
377.4
379.4
380.1
357.2
314.8
279.5
286.4
295.0
275.5
262.7
219.4
239.7
265.9
294.5
328.7
357.3
379.5
403.1
406.6
409.0
410.9
413.0
415.7
417.5
420.4
424.5
427.2
429.8
432.8
435.0
437.4
220.4
275.9
361.1
410.0
416.1
419.3
423.6
426.5
427.6
426.8
425.8
428.4
430.3
430.8
414.3
387.5
365.2
366.2
374.8
359.6
352.7
48.0
179.1
191.5
208.3
228.1
245.6
258.4
271.2
281.6
282.1
282.6
284.1
285.4
286.2
287.5
288.0
288.6
289.1
289.4
290.4
291.3
292.1
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homei
and therefore are not strictly comparable with figures for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSAJ
Period
Chs nge from pr seeding perk d
Change from 3 month s earlier, ann lal rate
Change from 6 month s earlier, ann ja! rate
Consum r goods
Consum r goods
Consurm r goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., N.5A
9.2
1978
1979
1980
1981
1982
1983
1984
1985
7.4
7.5
1.4
2.1
2.3
3.5
.5
7.1
3.7
.6
1.7
1.8
17.5
14.2
7.9
8.8
11.1
11.4
13.5
8.5
4.2
-.8
.8
2.0
9.2
3.9
1.9
1.8
2.7
9.2
4.0
1.6
2.1
.9
8.5
11.7
12.8
11.8
7.8
01lange, mon th to mont h
-0.3
.5
.9
1985: Aug
Sept
Oct
Nov
Dec
-0.7
-1.0
.7
.6
_^
1986: Jan
Feb
Mar
Apr r
May '
June
July r
Aug
-,4
.6
.7
.6
-.6
-1.6
-1.0
-1.1
-2.4
-.2
.1
2
.3
.1
.1
.1
.1
1.3
0
1.9
1.3
.4
— .1
-1.8
-.5
3.4
7.8
1
7.2
16.0
6.2
2.3
1.1
-4.9
-8.1
-5.4
-6.7
-12.5
-11.7
-3.7
13.6
13.6
2.8
1.6
.3
.2
2.4
-3.3
-4.4
1.7
1.0
-.9
2.7
2.8
5.6
.6
1.5
3.2
0
1.2
3.0
1.0
3.3
.2
.7
.8
.4
.7
2.7
2.4
1.9
1.3
1.4
-10.5
-19.5
-20.1
-10.9
-3.9
-6.1
-7.9
6.7
6.0
0
.4
-.6
.2
.1
1
-2.9
-2.8
0.6
-2.9
.1
4.2
9.2
1.0
.2
.1
-1.0
-2.3
-2.0
-1.2
-1.7
-.5
.6
-.0
-.4
.3
0.2
-.5
-0.3
1.7
1.1
1.0
1
3.8
6.1
-1.4
-2.2
-5.0
-5.2
-6.5
-5.9
-2.1
1.8
.3
2.1
2.3
2.3
.3
1.7
1.6
3.1
1.7
1.4
1.3
2.0
1.9
-3.8
-6.8
-10.1
-10.7
-12.0
-13.4
-9.4
-1.3
3.7
10.1
.8
.2
1.1
1.4
1.8
1.3
-.2
-1.4
-2.0
-1.7
-1.7
-2.3
-1.8
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Tr Lnsportati )n
Housing
All
Shelter
Period
All
items l
Ap-
Fuel
and
other
utili-
Food
Total '
Total
1
Bent-
Home-
parel
and
up-
Total '
New
cars
Motor
fuel
Medical
care
Energy2
c flange,
9.0
13.3
12.4
8.9
3.9
3.8
4.0
3.8
11.8
10.2
10.2
4.3
3.1
2.6
3.8
2.7
11.5
5.9
15.2
13.7
10.2
17.4
16.0
13.6
14.5
15.1
9.9
2.4
4.7
5.2
6.0
5.1
5.9
6.3
From
previous
Prom
3
From
6
earlier
earlier
From
year
earlier
NSA
D ecember to Dec mber, N SA
9.9
3.6
3.5
4.2
4.3
Adden dum: AH iteins, percent hange
(annua rate)
|
shelter
COStS
1978
1979
1980
1981
1982
1983
1984
1985
items
less
food,
energy,
4.5
5.1
5.9
9.7
1.8
4.2
1.9
7.7
3.2
5.5
6.8
3.6
1.6
2.9
2.0
2.9
18.2
14.7
11.0
1.7
3.9
3.1
2.6
6.2
7.4
7.5
6.8
1.6
3.4
2.4
3.5
8.5
8.8
8.0
52.2
18.9
10.1
10.0
12.5
11.0
37.4
18.1
11.9
9.4
-6.5
-1.7
-2.4
3.0
6.4
6.1
6.7
0.4
-.6
-.2
.8
.5
0.6
.6
.5
.5
.7
.2
.4
.7
1.0
.6
.6
.7
.5
.6
1.3
-.5
.2
1.8
6.5
7.2
9.9
9.4
6.1
5.0
4.4
3.7
7.7
11.3
13.5
10.4
6.1
3.2
4.3
3.6
Cha nge, mo nth to nmnth
1985: Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug
1
2
0.2
.2
.4
.6
.4
.3
-.4
-.4
-.3
.2
.5
.0
.2
0.1
.4
.1
.7
.6
0.4
.1
.3
.5
.3
0.6
.2
-.7
.1
.3
.4
.1
.9
.9
.3
-.1
.2
.3
.1
.5
.0
.2
.4
.4
.6
.9
.1
.2
.2
.5
.7
.4
.4
.3
0.4
.3
.7
.6
,3
0.6
.2
.3
.7
.4
.3
.3
.5
1.1
.1
.4
.7
2
.3
.3
.9
.8
.2
0
.4
.3
0.2
.2
.2
,4
.3
0.1
.4
.4
.3
-.0
.2
-.3
-.5
-.1
.3
-.2
-.3
.2
.7
-1.2
-1.0
7
g
1.7
-1.4
.1
.5
.1
-.2
.4
-1.4
-2.8
-2.5
.4
.3
.8
-1.2
Includes items not shown separately.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
3
Quarterly changes are shown in the last month of the quarter.
24
.7
.4
0.2
.2
.4
.3
.3
-0.2
.9
-6.0
.2 -11.9
.6 -11.2
.8
2.5
.6
3.0
.4 -6.6
.3 -4.6
0.4
O
-.2
.6
.4
.1
-3.8
-6.5
-5.8
.3
2.3
-4.1
1.9
0.2
.2
.5
.5
.3
.5
.2
.2
.2
.1
.3
.3
2.6
2.6
4.3
2.4
3.1
4.5
5.3
5.1
1.2
1.5
-1.7
.3
-1.9
-4.3
-2.1
1.5
2.7
2.7
3.4
2.8
2.9
3.6
3.8
3.4
3.2
3.2
3.6
3.8
4.1
2.9
1.6
.3
— .4
-.2
-.8
.3
'• 3.9
3.2
2.3
1.6
1.6
1.7
1.6
1.6
NOTE.—Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparable with data for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers in September fell 2.4 percent from their August level. Prices paid by farmers in July (the
latest data available) were unchanged from their April level.
INDEX, 1977 = 100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SCALE)
180
180
PRICES PAID
160
160
140
140
120
120
PRICES RECEIVED -
100
100
80
80
Mill
60
RATf y-J
LI 60
RA
140
—
120
—
100
—
100
7^
1^~~~^H
80
—
60
minimi
1978
r\-/
RATIO
r—^
M I I | M I I M IINI||II|| M I M I I I I M |lll||lll|!
1982
1979
1981
1980
1
,
r—~ _
80
mimmi mimmi mi||ii|ii mimm;
60
«=^
:=:
'-
1983
1984
==^"
1985
1986
1AATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Prices paid by farmer s
Pri es received by farm ers
Period
1978
1979
1980
1981
1982
1983
1984
1985
1985: Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July T
Aug
Sept
1
Livestock and
products
All farm
products
115
132
134
139
133
135
142
128
120
123
127
128
124
122
122
121
123
121
125
125
122
Includes items not shown separately,
Percentage ratio of index of prices received by farmers to index of prices ]
and wage rates.
3
Not available.
105
116
125
134
121
128
139
120
112
111
114
118
113
111
111
114
114
109
105
101
96
124
147
144
143
145
141
146
136
128
134
138
137
135
133
132
127
131
133
143
149
147
4
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
108
123
138
151
157
161
164
109
125
139
151
156
159
161
163
162
162
162
162
163
163
(3)
161
(3)
(3)
161
(3)
(3)
157
155
154
155
155
156
155
(3)
153
(3)
(3)
153
(3)
(3)
Production
items
108
125
138
148
150
153
155
151
148
148
149
149
150
149
(3)
146
(3)
(3)
145
(3)
(3)
Ratio 2
106
107
4
4
97
92
85
84
86
79
74
76
78
79
76
75
75
75
76
75
78
78
76
Derived using prices paid index for April.
2
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977—100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In August, growth in Ml accelerated, while growth in the broader aggregates slowed.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,400
3,200
BILLIONS OF DOLLARS"(RATIO SCALE)
3,400
3,200
2,800
2,800
2,400
2,400
2,000
2,000
—-v
M2
1,600
1,600
1,200
1,200
800
800
700
700
600
600
500
500
400
1978
1981
1979
1 1 1 1 1 1 1 1 1 11 1 1 1 1 1
1983
1982
300
mil 'M
1985
1986
1984
COUNCIL Of ECONOMIC ADVtSERS
• AVERAGES OF DAILY FIGURES; SEASONALLY At iUSTED
SOURCE- BOARD OF GOVERNORS OF THE FEDER; . RESERVE SYSTEM
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dee
1985:
Aug
Sept
Oct
Nov
Dec
1986: Jan 1 "
Feb'
Mar r
Apr r
May r .
June r
July'.
Aug"
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OODs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
363.0
388.7
414.2
441.1
479.9
527.1
558.5
626.6
604.8
611.5
614.2
620.1
626.6
627.2
631.0
638.4
646.1
658.6
666.7
676.1
687.8
1,388.9
1,497.5
1,630.3
1,792.8
1,952.6
2,186.0
2,373.8
2,566.5
2,515.6
2,529.9
2,538.9
2,551.4
2,566.5
2,569.9
2,577.7
2,592.4
2,622.1
2,649.6
2,670.6
2,699.1
2,723.7
1
Consists of outstanding credit market debt of the U.S. Government, State and loca] governments, and private nonfinaneial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
26
1,646.4
1,803.2
1,987.4
2,233.6
2,443.5
2,697.3
2,986.5
3,201.1
3,130.5
3,150.8
3,165.7
3,181.2
3,201.1
3,224.5
3,241.5
3,262.5
3,293.7
3,315.3
3,338.9
3,375.1
3,399.8
Debt
L
M3 plus
other liquid
assets
1,909.0
2,114.8
2,323.3
2,593.7
2,850.1
3,163.5
3,532.3
r
3,838.3
3,711.5
3,739.8
3,761.6
' 3,799.3
r
3, 838.3
3,860.7
3,879.1
3,892.8
3,916.7
3,949.9
3,974.4
4,008.2
r
Deht of
domestic
nonfinaneial
sectors
(monthly
average) 1
'3,172.6
r
3,556.6
r
3,898.6
%278.1
r
4,662.3
r
5,197.6
' 5,950.3
r
6,769.0
' 6, 446. 5
r
6,502.0
6,560.8
' 6,643.5
r
6,769.0
6,867.5
6,911.0
6,954.6
7,012.1
7,079.5
7,145.5
7,208.1
r
Perce nt change from yea or 6
months earlier 2
Ml
8.3
7.1
6.6
6.5
8.8
9.8
6.0
12.2
12.9
14,2
13.8
13.3
12.4
10.7
8.9
9.0
10.7
12.8
13.2
16.2
18.8
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
8.0
7.8
8.9
10.0
8.9
12.0
8.6
8.1
7.9
8.4
8.8
8.3
7.2
6.0
5.0
5.0
6.7
7.8
8.3
10.3
11.6
M3
11.8
9.5
10.2
12.4
9.4
10.4
10.7
7.2
6.5
7.0
7.6
7.4
6.8
7.3
7.2
7.2
8.3
8.6
8.8
9.6
10.0
Debt
13.3
!2.1
9.6
r
9.7
r
9.0
r
!1.5
r
!4.5
r
!3.8
13.1
r
!3.1
r
!2.8
r
!3.1
r
!4.9
15.8
14.9
14.4
14.2
13.6
11.4
10.2
r
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Other
Demand
deposits
Currency
Peno
' d
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1978: Dec
1979: Dec
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1985:
Aug
Sept
Oct
Nov
Dec
1986:
Jan
Feb
Mar
Apr
May
June r
July r
Aug "
Money market
mutua fund
balarices
General
purpose
and
broker/
dealer
Institution
only
NSA
NSA
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Large
denomination
time
deposits 1
NSA
195.1
222.1
259.0
301.8
357.9
306.6
289.7
303.6
521.5
635.3
730.2
825.1
852.8
785.2
887.5
880.3
495.2
499.8
504.1
509.5
512.0
299.7
300.3
302.3
303.7
303.6
880.9
878.3
875.7
876.0
880.3
515.7
516.3
520.5
525.2
530.8
540.4
546.2
553.3
304.0
304.9
306.9
311.4
318.5
325.0
331.1
337.3
97.6
106.4
116.7
124.1
134.3
148.3
158.5
170.6
253.5
261.1
265.3
234.6
237.9
242.7
248.4
271.5
8.5
17.4
28.0
78.0
103.4
131.3
146.3
178.6
20.3
21.2
28.3
35.9
38.8
53.8
56.3
70.3
33.4
61.6
150.6
185.2
138.2
167.5
176.5
3.1
9.5
15.2
38.0
51.1
43.2
62.7
64.6
0.0
.0
.0
.0
43.2
379.2
417.0
512.0
482.0
423.9
401.4
344.8
166.9
167.7
168.7
169.8
170.6
263.1
266.4
266.0
267.8
271.5
169.0
171.5
173.7
176.7
178.6
63.8
64.5
65.2
66.4
70.3
176.8
176.7
177.0
176.8
176.5
63.6
62.3
63.3
64.5
64.6
171.9
172.9
173.9
174.4
175.8
176.7
177.5
179.0
268.9
269.2
273.2
275.7
281.6
284.9
288.3
291.8
180.5
183.1
185.2
189.9
195.1
199.0
203.9
210.5
68.9
68.5
r
67.6
r
68.5
r
69.0
66.2
71.7
73.8
177.7
181.0
186.2
191.4
193.2
197.3
199.7
200.3
67.3
67.7
70.2
74.1
76.1
75.0
77.5
80.8
6.4
Small
denomination
time
deposits >
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
Savings
on s
Shortterm
Treasury
securities
Bankers'
acceptances
Commercia
P P
31.8
44.7
50.3
67.5
81.7
91.5
83.1
76.7
80.3
79.6
72.3
67.8
68.0
71.2
74.3
79.5
81.1
107.8
133.4
149.6
184.4
214.9
266.0
r
307.2
22.0
27.2
32.1
39.9
79.2
97.0
98.1
102.8
327.8
329.9
413.9
436.5
26.6
29.5
34.0
36.0
34.5
51.8
62.2
66.0
44.3
44.5
43.6
41.1
109.9
135.6
161.8
209.5
421.0
425.6
429.7
432.9
436.5
57.3
58.6
59.8
63.3
66.0
78.8
78.9
78.2
78.4
76.7
77.2 277.3
280.6
78.0
r
78.5 281.0
79.0 * 299.6
79.5 r307.2
43.6
43.2
43.9
43.1
41.1
182.9
187.2
192.5
196.4
209.5
68.8
70.6
r
71.6
r
71.5
r
74.2
75.5
75.2
75.8
76.0
79.2
82.7
r
81.5
r
79.8
80.1
78.8
78.7
r
41.5
42.1
41.6
41.0
40.1
40.3
39.4
210.6
209.2
209.5
203.0
206.7
210.6
212.3
885.9 447.9
891.0 r451.3
894.7 450.5
r
895.9 452.1
891.2 r446.4
885.6 445.1
883.7 445.7
877.3 447.6
r
79.9
80.5
81.1
81.8
82.6
83.4
84.3
304.2
305.9
r
298.1
r
297.1
r
305.2
301.1
297.2
r
Travelers checks are a component of money stock but are not shown here.
Source: Board of Governors of the Federal Reserve System,
NOTE.—See note p. 26.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment ere lit outstandiri g 1
Ins tallment credit outstanding ^end of perio 1)
Period
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
Dec
Dec
Dee
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June r
July"
Revolving
187,782
221,475
66,821
80,948
261,976
296,483
297,667
314,321
327,173
376,239
453,580
535,098
500,039
506,090
516,420
522,978
528,621
535,098
542,753
547,852
550,939
555,810
562,267
567,652
573,029
98,739
112,475
112,255
120,020
125,369
145,908
173,122
206,482
191,201
192,923
198,656
201,994
203,766
206,482
210,661
213,342
214,361
215,814
218,965
222,606
226,232
16,595
36,689
45,202
15,738
16,362
16,921
53,357
54,894
60,750
66,007
78,369
98,514
118,296
110,904
112,373
113,850
115,218
117,050
118,296
119,682
120,724
122,131
123,442
124,545
124,721
125,347
18,207
19,119
20,382
20,998
22,194
24,184
25,461
25,015
25,173
25,341
25,320
25,315
25,461
25,371
25,573
25,584
25,513
25,561
25,480
25,398
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Mobile
home
Automobile
Total
Other
88,628
87,476
101,114
112,444
111,399
113,169
114,799
129,768
157,760
184,859
172,919
175,621
178,573
180,446
182,490
184,859
187,039
188,212
188,863
191,041
193,196
194,847
196,053
Total
20,739
33,693
40,501
34,507
1,184
16,654
12,852
49,066
77,341
81,518
6,786
6,051
10,330
6,558
5,643
6,477
7,655
5,099
3,087
4,871
6,457
5,386
5,377
Automobile
Revolving
9,832
14,127
17,791
2,088
20,094
8,513
13,736
-220
7,765
5,349
20,539
27,214
33,360
1,742
1,722
5,733
3,338
1,772
2,716
4,179
2,682
1,019
1,452
3,151
3,642
3,626
8,155
1,537
5,856
5,257
12,362
20,145
19,782
1,644
1,469
1,477
1,368
1,832
1,246
1,386
1,042
1,407
1,311
1,103
175
626
Mobile
home
350
624
559
1,286
912
1,263
616
1,196
1,990
1,277
247
158
168
-21
5
146
-90
203
11
-71
48
-81
-82
Other
8,469
-1,152
13,638
11,330
1,045
1,770
1,630
14,969
27,992
27,099
3,153
2,702
2,952
1,873
2,044
2,369
2,180
1,173
651
2,178
2,155
1,650
1,206
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose 0.3 percent in August following no change in July.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,200
BILLIONS OF DOLLARS * (RATIO SCALE)
2,200
80
80
1978
1986
' SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depo itory institutio n s
Al commercial ban is '
Period
Total loans
U.S.
and
securities 2
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
Dec
Dec
Dec
Dec
Dec
Dee
Dec
Dec
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June r
July r.
Aug"
1,014.4
1,136.2
1,240.5
1,308.2
1,401.1
1,553.5
1,722.6
1,900.4
1,833.9
1,847.2
1,855.5
1,876.0
1,900.4
1,930.0
1,935.5
1,944.6
1,947.9
1,957.5
1,963.7
1,985.0
2,007.4
Total 2
747.5
849.9
915.4
968.4
1,033.9
1,123.7
1,319.7
1,449.7
1,408.0
1,418.0
1,424.0
1,436.8
1,449.7
1,469.3
1,473.7
1,491.8
1,495.8
1,501.5
1,505.3
1,513.4
1,524.2
Commercial
and industrial
loans
246.2
291.3
327.4
355.9
392.5
414.0
472.9
499.5
489.7
492.1
492.7
495.7
499.5
502.1
502.4
506.1
507.8
506.7
508.7
508.7
510.4
Government
securities
28
1
securities
TIT
Total
137.6
144.4
170.6
179.2
201.9
259.7
260.9
273.1
275.1
275.5
274.2
276.0
273.1
268.2
273.6
269.5
270.0
274.1
274.8
285.4
290.8
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions. Data beginning January 1984 are not strictly
comparable with data for earlier periods, largely because beginning January 1984 certain obligations
of States and political subdivisions are included in loans rather than in other securities.
Borr swings
(millions of dollars,
unad usted)
E eserves adjust ed
for changes iii
res erve requirem ents
Loans and leases
3
129.3
142.0
154.5
160.6
165.3
170.1
142.1
177.6
150.7
153,6
157.3
163.3
177.6
192.5
188.1
183.3
182.1
181.9
183.6
186.1
192.4
2
3
27.85
29.15
30.99
32.19
34.41
36.16
39.51
45.61
43.65
43.88
44.24
44.85
45.61
45.88
46.37
46.87
47.28
48.58
49.45
50.49
51.32
borrowed
26.99
27.67
29.30
31.55
33.78
35.38
36.32
44.29
42.58
42.59
43.06
43.11
44.29
45.11
45.49
46.10
46.38
47.70
48.64
49.75
50.45
Required
27.62
28.70
30.48
31.87
33.91
35.59
38.66
44.55
42.83
43.22
43.49
43.92
44.55
44.77
45.27
45.97
46.47
47.74
48.51
49.58
50.58
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
Total
Seasonal
868
1,473
135
1,690
116
54
33
96
113
56
221
203
172
107
56
36
56
68
73
94
108
116
144
636
634
774
3,186
1,318
1,073
1,289
1,187
1,741
1,318
770
884
761
893
876
803
741
872
81
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
ft edit market fu nds
L
Total
Total
Securities
and
mortgages
Loans and
short-term
paper
Total
Other 2
Capital
expenditures 3
Increase in
financial
assets
Discrepancy
{sources less
uses)
87.8
94.3
93.7
80.6
87.6
116.4
78.5
33.2
20.9
53.1
22.8
44.0
57.3
10.1
15.3
66.9
41.2
70.9
36.6
30.3
126.5
63.2
61.3
67.2
53.2
49.3
4.7
58.1
60.7
48.4
309.3
362.8
343.2
349.1
292.0
399.1
469.1
448.0
216.9
238.3
244.1
286.3
256.3
274.8
371.2
362.6
92.4
124.5
99.1
242.3
285.7
326.3
352.5
146.3
155.1
147.5
143.0
85.3
145.6
177.1
127.0
62.8
35.7
124.3
97.9
85.4
19.2
-10.1
4.4
33.3
35.6
32.2
34.3
31.5
IV
429.3
452.1
479.0
557.4
339.4
350.3
365.2
355.1
89.9
101.8
113.8
202.3
64.1
72.4
40.4
137.1
-10.2
29.7
16.9
24.8
74.3
42.7
23.5
112.3
25.8
29.5
73.4
65.2
421.3
409.0
431.3
530.1
351.3
359.8
359.7
379.3
70.0
49.2
71.6
150.8
7.9
43.1
47.8
27.3
1986: I r
np
429.1
459.3
367.7
361.1
61.4
98.2
95.8
48.5
51.2
50.5
44.6
-2.0
-34.5
49.7
404.0
419.7
390.0
361.8
14.0
57.9
25.0
39.5
1978
1979
1980
328.6
352.7
347.6
382.5
327.6
431.3
503.4
479.5
1981
1982
1983
1984
1985
1985: I rr
n r
m.
182.3
197.6
200.1
239.5
85.0
1
Undistributed profits (after inventory val iation and cap tal consumptio n adjustments! capital
consumption allowances, and f jreign branch wofits, dividen s, and subsidi tries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and ( irect foreign in vestment in the U.S.
51.8
* Plant and equipment, residenti a! structures, ii ventory investm snt,
Go ^eminent.
J^OTE Series re vised
i ource: Board of Governors of t e Federal Res rve System.
and mineral rights from U.S.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilitit s
Current assets
Net
End of period
Total
Cash
Governsecurities
QFR-FKB series: 2
1978
1979
1980
1981
1982
1983
1984
1985"
1983: m
IV
1984: I
n
m
IV
1985: I
n
m
IV"
1
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,778.5
1,537.3
1,575.9
1,619.5
1,650.0
1,685.9
1,703.0
1,718.4
1,729.8
1,756.7
1,778.5
105.5
118.0
127.0
135.6
147.8
171.8
173.6
188.0
155.0
171.8
167.6
164.9
161.3
173.6
166.7
168.0
174.6
188.0
17.2
16.7
18.7
17.7
23.0
31.0
36.2
32.3
27.5
31.0
35.4
37.2
33.0
36.2
35.0
34.8
31.9
32.3
Notes and
accounts
receivable
388.0
459.0
507.5
532.5
517.4
583.0
633.1
671.2
567.5
583.0
606.4
622.6
639.1
633.1
649.5
652.4
658.6
671.2
Invento-
431.8
505.1
543.0
584.0
579.0
603.4
656.9
663.9
600.8
603.4
622.2
632.5
659.3
656.9
666.1
666.6
674.7
663.9
Total current assets divided by total current liabilities.
2
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations. Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
Other
current
assets
101.1
116.0
132.1
149.7
169.8
186.7
203.2
223.2
186.6
186.7
187.9
192.9
193.2
203.2
201.0
208.0
217.0
223.2
Total
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,232.7
1,040.2
1,059.6
1,093.1
1,126.3
1,155.0
1,163.6
1,173.2
1,179.4
1,209.1
1,232.7
Notes and
accounts
payable
383.0
460.8
514.4
547.1
550.7
595.7
647.8
683.1
571.0
595.7
601.9
623.4
642.2
647.8
636.4
649.8
668.1
683.1
Other
current
liabilities
286.5
346.5
376.2
424.1
435.3
463.9
515.8
549.7
469.2
463.9
491.2
502.9
512.9
515.8
536.8
529.7
541.0
549.7
working
capital
374.3
407.5
437.8
448.3
451.1
516.3
539.5
545.7
497.1
516.3
526.5
523.7
530.8
539.5
545.2
550.3
547.6
545.7
ratio 1
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.443
1.478
1.487
1.482
1.465
1.460
1.464
1.465
1.467
1.453
1.443
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce {Bureau
of the Census), and Federal Trade Commission.
29
INTEREST RATES AND BOND YIELDS
Most long-term interest rates rose in September; short-term rates fell.
PERCENT PER ANNUM
PERCENT PER ANNUM
[Percent per annum]
U.S. T reasury security yields
Period
3-month bills
(new issues) [
11.506
14.029
10.686
8.63
9.58
7.48
1980
1981
1982
1983
1984
1985
1985:
Sept
Oct
Nov
Dec
1986:
Jan
Feb
Mar
Apr
May
June
July
Aug '
Sept
Week ended:
1986: Aug 30
Sept 6
13
20
27
Oct 4
1
Constant JTlaturities
3 -year
11.55
14.44
12.92
10.45
2
10-year
11.46
11.89
9.64
13.91
13.00
11.10
12.44
10.62
7.08
7.17
7.20
7.07
7.04
7.03
6.59
6.06
6.12
6.21
5.84
5.57
5.19
9.37
9.25
8.88
8.40
8.41
8.10
7.30
6.86
7.27
7.41
6.86
6.49
6.62
10.37
10.24
9.78
9.26
9.19
8.70
7.78
7.30
7.71
7.80
7.30
7.17
7.45
5.32
5.12
5.24
5.16
5.25
5.20
6.25
6.35
6.64
6.71
6.71
7.02
7.18
7.46
7.56
7.52
High-grade
municipal
bonds
(Standard &
Poor's) 3
30
11.94
14.17
13.79
12.04
8.51
11.23
Prime
commercial
paper,
6 months1
12.29
14.76
Discount rate
(N.Y. F.R.
Bank) 5
Prime rate
charged5by
banks
11.77
13.41
11.02
8.50
12.66
14.70
15.14
12.57
12.38
11.55
11.17
11.09
11.01
10.94
10.89
10.68
10.50
10.27
10.22
10.15
r
10.30
10.27
12.71
11.37
9.37
9.24
8.64
8.51
8.06
7.44
7.07
7.32
7.67
7.98
7.62
7.31
7.14
11.07
11.02
10.55
10.16
10.05
9.67
9.00
8.79
9.09
9.13
8.88
8.72
8.89
7.86
7.79
7.69
7.62
7.62
7.54
7.08
6.47
6.53
6.63
6.24
5.83
5.61
7.50-7.50
7.50-7.50
7.50-7.50
7.50 7.50
7.50-7.50
7.50-7.50
7.50 7.00
7.00-6.50
6.50-6.50
6.50-6.50
6.50-6.00
6.00-5.50
5.50 5.50
9.509.509.509.509.509.509.509.008.508.508.508.007.50-
9.50
9.50
9.50
9.50
9.50
9.50
9.00
8.50
8.50
8.50
8.00
7.50
7.50
7.01
7.05
7.16
7.18
7.17
7.27
8.62
8.74
8.85
8.95
8.97
5.49
5.39
5.60
5.66
5.69
5.50-5.50
5.50-5.50
5.50-5.50
5.50 5.50
5.50-5.50
5.50
8.00
7.507.507.507.50
7.50-
7.50
7.50
7.50
7.50
7.50
8.80
7.69
New-home
mortgage
yields
(PHLBB) 6
15.27
18.87
14.86
10.79
12.04
9.93
11.89
8.89
10.16
8.01
11.57
9.47
10.15
8.18
Bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
2
Corporate
Aaa bonds
(Moody's) 4
5
Average effective rate for year; opening anil closing rate for month and week.
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.
6
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in September.
INDEX, DEC. 31, 1965 = 50
INDEX, DEC. 31, 1965 = 50
160
160
140
140
120
120
COMPOSITE STOCK PRICE INDEX
(NYSE)
100
100
80
80
60
60
40 111
40
1978
1980
1981
1983
1982
1985
1984
1986
PERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
10
10
I
I 1
I
1978
I I
I
1979
I I
1980
I
I
I
1981
I
1
1
I
1982
1983
I
1
L
1984
1985
Co nmon stock price s 1
Nevp York Stock Exc hange indexes (I ec. 31, 1965 = 5 D )
Composite
1980
1981
1982
1983
1984
1985
1985: Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept
Week ended:
1986: Aug 16
23
30
Sept 6
13
20
27
1
Industrial
Transportation
3
Common st ock 5yields
(perce nt)
2
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
Earningsprice ratio
64.25
73.52
71.99
95.34
89.28
114.21
891.41
932.92
884.36
1,190.34
1,178.48
1,328.23
118.78
128.05
119.71
160.41
160.46
186.84
5.26
5.20
5.81
4.40
4.64
4.25
12.66
11.96
11.60
8.03
10.02
8.12
110.21
112.36
122.83
128.86
1,317.95
1,351.58
1,432.88
1,517.02
184.06
186.18
197.45
207.26
4.32
4.28
r
115.72
124.18
128.66
126.17
122.21
120.65
112.03
111.24
114.06
37.35
38.91
39.75
47.00
46.44
56.75
55.93
55.84
59.07
61.69
62.46
65.18
68.06
69.46
68.65
70.69
74.20
77.84
74.56
132.36
142.13
153.94
155.07
151.28
151.73
150.23
152.90
145.56
1,534.86
1,652.73
1,757.35
1,807.05
1,801.80
1,867.70
1,809.92
1,843.45
1,813.47
208.19
219.37
232.33
237.97
238.46
245.30
240.18
245.00
238.27
111.27
112.60
115.40
115.33
114.31
111.56
114.87
76.92
79.60
80.31
79.43
74.92
72.40
73.42
153.64
155.15
157.30
156.08
147.39
140.83
142.19
1,838.33
1,876.55
1,895.81
1,892.79
1,840.78
1,770.47
1,786.56
244.62
248.70
251.94
250.73
241.74
231.97
234.19
68.10
74.02
68.93
92.63
92.46
108.09
78.70
85.44
78.18
107.45
108.01
123.79
60.61
72.61
60.41
89.36
85.63
104.11
106.62
107.57
113.93
119.33
122.35
123.65
130.53
136.77
104.96
103.72
108.61
113.52
120.16
126.43
133.97
137.27
137.37
140.82
138.32
140.91
137.06
137.13
144.03
152.75
157.30
158.59
163.15
158.06
160.10
156.52
140.76
143.07
144.76
144.13
138.83
133.44
134.88
160.19
162.31
164.21
163.82
158.91
152.59
154.06
Average of daily closing prices.
Includes all the stocks (more than 1,500} listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
I
COUNCIL OF ECONOMIC ADVISERS
SOURCES; NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Period
1
1986
4.06
3.88
3.90
3.72
3.50
3.43
3.42
3.36
3.43
3.36
3.43
C
8.36
6.91
r
7.13
3.36
3.31
3.26
3.30
3.34
3.57
3.49
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Cor*
poration.
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 11 months of fiscal 1986, there was a deficit of $217.1 billion compared with a deficit of $211.2
billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
RECEIPTS AND OUTLAYS y
1,000
900
900
-OUTLAYS
800
I/
800
700
700
\—;
600
600
RECEIPTS -
500
500
400
. 400
SURPLUS OR DEFICIT (-)
-100
-100
-200
-200
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
FISCAL YEARS
V
INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Fiscal year or period
Receipts
Outlays
Surplus
or deficit
Receipts
Outlays
Outlays
Surplus
or deficit
Total
Held by
the public
369.1
403.5
60.4
69.6
19.4
80.7
89.7
100.0
2.0
-3.2
-1.4
-3.9
-4.3
2.0
544.1
631.9
646.4
709.1
780.4
833.8
396.9
480.3
498.3
551.8
610.9
644.6
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
73.9
-120.0
-208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
-1.1
-5.0
-7.9
.2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
-212.3
-230.2
-143.9
547.9
564.3
615.2
769.5
811.3
781.4
221.6
-247.0
-166.2
186.2
200.9
216.0
176.8
184.2
193.6
9.4
16.7
22.4
1,827.5
2,140.6
2,354.9
1,509.9
1,744.6
1,888.1
-211.2
-217.0
491.2
508.9
706.2
740.7
-215.0
-231.8
169.0
182.2
165.2
167.4
3.9
14.8
1,822.4
2,098.6
1,503.9
1,723.4
332.3
371.8
96.0
409.2
458.7
503.5
-53.2
-73.7
-14.7
-53.6
-59.2
-40.2
216.6
231.7
63.2
278.7
314.2
365.3
271.9
302.2
76.6
328.5
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808,3
851.8
-73.8
-78.9
-127.9
-207.8
-185.3
1985
1986 (estimates) l
1987 (estimates) 1
734.1
765.2
831.2
946.3
995.4
975.1
Cumulative total, first 11
months:
Fiscal year 1985
Fiscal year 1986
660.2
691.1
871.4
908.0
Receipts
62.5
66.4
18.0
76.8
85.4
98.0
279.1
298.1
81.2
355.6
399.6
463.3
32
Surplus
of deficit
Gross Fe< eral debt
(end of period)
-55.3
-70.5
-13.3
-49.7
-54.9
-38.2
1975
1976
Transition quarter
1977
1978
1979
1
Estimates from Mid-Session Review of the
August 6, 1986.
Off-budget
On-budget
Total
',t, Office of Management and Budget,
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 11 months of fiscal 1986, receipts were $30.9 billion higher than a year earlier and outlays were $36.6
billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
4UU
_
RECEIPTS!/
INDIVIDUAL INCOME TAXES
•
'
400
_
300
_^. «——~~
200
..,_
_,,„,
.-, —
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
,
200
" " CORPORATION INCOME TAXES
100
1-
n
""BOTHER RECEIPTS
100
|
1
"
1
1
|
1
0
OUTLAYS-!/
700
700
NONDEFENSE
600
600
500
500
400
400
300
NATIONAL DEFENSE-
300
200
200
100
100
1978
1979
1980
1982
1981
1984
1983
1986
1985
1987
FISCAL YEARS
J/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES. DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
0n-budget a nd off-bud *et receip s
Fiscal year
Total
Individual
Corporation
Social
insurance
taxes
On-bud ;et and of -budget o itlays
Nationa 1 defense
Other
Depart-
Total
Total
and
298.1
1980
1981
1982
1983
1984
517.1
355.6
399.6
463.3
131.6
157.6
181.0
217.8
41.4
54.9
60.0
65.7
90.8
106.5
121.0
138.9
34.3
36.6
37.7
40.8
371.8
89.6
409.2
458.7
503.5
97.2
104.5
116.3
88.1
95.3
102.3
113.7
6.4
6.4
590.9
678.2
745.7
808.3
134.0
157.5
185.3
131.0
153.8
180.7
209.9
227.4 .
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
600.6
666.5
244.1
285.9
297.7
288.9
298.4
209.0
239.4
50.6
69.5
69.3
65.6
71.8
1985
734.1
334.5
765.2
265.2
284.2
304.6
73.0
70.3
69.9
946.3
995.4
831.2
349.1
381.7
61.3
61.6
75.0
252.7
1986 (estimate) l
1987 (estimate) '
975.1
282.2
660.2
299.9
243.2
260.4
66.8
67.2
231.0
311.8
50.4
51.7
871.4
691.1
908.0
249.4
Cumulative total, first 11 months:
Fiscal year 1985
Fiscal year 1986
599.3
617.8
1
Estimates from Mid-Session Review of the 1887 Budget, Office of Management and ]
August 6, 1986.
NOTE.—Data shown here exclude the transition quarter.
Health
Medi-
Income
security
Social
Net
ty
est
Other
military
butions
1976
1977
1978
1979
International
affairs
851.8
271.4
22.8
26.5
61.0
61.5
66.4
73.9
85.1
93.9
104.1
26.7
29.9
35.4
42.6
82.8
93.0
114.7
119.6
23.2
26.9
27.4
28.6
30.4
32.1
39.1
46.6
52.6
57.5
86.5
99.7
107.7
122.6
112.7
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
16.2
16.3
15.8
33.5
36.4
35.9
65.8
69.0
67.1
128.2
119.7
120.7
188.6
199.5
207.5
129.4
138.9
139.1
131.8
144.2
106.8
14.4
11.9
30.9
32.9
60.4
64.0
120.4
112.1
172.9
182.1
119.4
126.6
122.1
128.9
15.7
7.5
7.5
17.3
18.5
20.5
204.4
220.8
12.7
13.1
12.3
11.8
15.9
245.4
263.5
274.4
224.0
242.3
15.8
19.3
60.8
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1986, according to revised estimates, Federal receipts rose $7.7 billion {annual rate) and
expenditures rose $44.2 billion, yielding a deficit of $238.1 billion.
BILLIONS OF DOLLARS
1,200
BILLIONS OF DOLLARS
1,200
SEASONALIY ADJUSTED ANNUAL RATES
1,000
1,000
EXPENDITURES
800
800
600
600
RECEIPTS
400
400
200
200
SURPLUS OR DEFICIT (-)
\
-200
-200
I
1978
1979
I
I
I I
I
1983
1982
1981
1980
I
I I
1984
1985
1986
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADViSERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal G overnment expenditure s
Federal Governme it receipts
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
or deficit
Subsidies
Transfer
payments
Grantsin-aid to
State
and
local
govern-
Net
interest
paid
current
surplus of
Government
enterprises
Wage
accruals
less
disbursements
national
income
and
product
accounts
1983
1984
1985
659.9
726.5
786.8
294.5
309.3
345.6
61.3
75.9
73.6
51.6
55.7
56.1
252.5
285.5
311.5
835.9
896.5
984.9
283.5
311.3
354.1
348.6
355.0
380.3
86.2
93.6
99.0
94.3
115.6
130.5
22.9
21.3
20.7
-0.4
.2
-176.0
-170.0
-198.0
1982: HI
IV
630.3
633.1
298.1
303.0
50.1
46.4
47.1
47.6
235.0
236.1
789.1
835.7
275.3
293.2
329.1
347.4
83.3
84.5
87.1
87.2
14.3
23.4
-158.8
-202.6
1983: I
636.5
666.0
661.6
675.5
297.1
303.3
285.4
291.9
46.7
59.7
68.8
70.2
46.3
52,9
53.7
53.6
246.4
250.1
253.7
259.8
822.7
837.4
838.9
844.7
285.5
287.7
284.9
276.1
344.2
351.1
346.6
352.5
86.0
86.1
86.8
86.0
88.1
91.1
96.8
101.0
18.9
20.2
23.4
29.1
.0
.0
.0
n
m
711.2
721.7
729.2
743.9
295.9
301.7
314.3
325.5
81.9
80.9
71.0
69.9
54.6
55.8
56.3
55.9
278.8
283.3
287.6
292.6
865.2
885.6
901.1
934.0
283.4
315.2
317.2
329.1
350.1
351.7
356.0
362.1
91.5
93.4
92.6
96.9
107.3
110.4
119.7
124.9
32.9
15.0
15.6
21.5
n
in
793.3
755.8
792.6
805.8
360.7
316.6
349.6
355.6
70.5
69.9
76.8
77.2
55.1
59.3
53.9
56.0
306.9
310.0
312.2
317.0
955.4
970.6
990.1
1,023.4
333.7
340.9
360.9
380.9
374.2
377.2
384.1
385.9
95.7
98.3
100.2
101.6
127.6
130.9
129.8
133.9
24.4
22.3
15.1
21.1
800.0
807.7
350.3
355.5
71.2
74.3
52.7
50.7
325.8
327.2
1,001.5
1,045.7
355.7
367.6
389.3
396.7
103.5
106.9
135.0
138.1
18.0
36.5
n
m
IV
1984:
I
IV
1985: I
IV
1986:
I
IT r
Source: Department of Commerce, Bureau of Eeonomic Analysis,
34
2
-1.3
-.4
.0
.2
.2
.0
.6
.1
-1.0
.0
.0
.0
.0
-186.2
-171.4
-177.3
-169.2
- 154.0
-163.9
-171.9
-190.1
-162.2
-214.8
-197.5
-217.6
-201.6
-238.1
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial reduction (1977 = 1( 0; seasonal] ' adjusted
Period
United
States
1979
1980
1981
1982
1983
1984
1985"
Canada
110.7
108.6
111.0
r
r
103.1
109.2
!21.4
!23.8
r
Japan
Italy
United
Kingdom
107
108.7
107
217.4
114.7
112.1
109.6
103.9
107.1
108.4
100
96
98
101
103
108
246.8
272.4
289.1
298.4
311.1
322.2
221.0
243.5
273.9
303.5
321.0
335.0
348.3
261.3
282.3
296.2
304.1
309.7
316.6
323.0
259.1
294.2
332.7
373.1
407.9
439.5
465.1
166.9
175.8
186.9
196.8
203.3
208.2
212.7
328.5
398.0
472.4
549.4
631.8
698.8
764.7
359.0
423.6
473.9
514.7
538.3
565.1
599.4
108
105
107
109
104
112
112
116
116
110
105.8
110.6
106.9
110.9
106.6
108
109
108
110
107
323.5
324.5
325.5
326.6
327.4
350.1
350.5
351.7
353.1
354.7
320.7
323.8
328.4
325.0
325.2
468.7
469.2
470.6
471.5
472.1
212.2
212.6
212.9
213.3
213.5
768.2
771.3
780.6
786.1
791.6
605.1
604.8
605.8
607.9
608.7
104
105
r 105
113
113
112
r
l!7
112
114
108.0
111.0
114.5
r
l!6.2
108.4
108
328.4
327.5
326.0
325.3
326.3
327.9
328.0
328.6
356.3
357.7
358.5
359.1
360.7
361.3
363.9
365.1
325.8
324.4
323.5
324.7
326.9
325.2
324.4
472.6
471.7
472.9
474.7
475.6
477.0
477.5
213.8
213.3
212.8
212.6
212.6
212.9
211.9
211.4
795.6
801.2
804.4
806.8
809.9
813.1
813.1
814.7
610.0
612.2
613.0
619.0
620.1
619.8
618.0
619.9
120.6
124.7
138.4
144.8
120.0
121.0
117.2
120.8
118.4
144.6
145.2
144.5
144.6
145.1
1
Germany
107
105
102
103
106
112
1986: Jan
Feb
Mar
Apr
May
June
July"
Aug".
124.7
124.2
' 124.2
' 124.6
124.8
France
107
r
r
Japan
106
103
101
102
105
106
120.1
145.5
144.5
144.8
144.2
r
Canada
118.9
118.1
118.0
119.1
120.1
120.0
126.2
' 125.3
' 123.6
Italy
113.7
124.4
!24.3
!23.6
r
124.8
r
125.6
r
Germany
United
States '
109.8
108.1
109.0
97.4
102.9
112.0
116.8
1985: Aug
Sept
Oct
Nov
Dec
r
France
Consume r prices (1 967 = 100)
United
Kingdom
144.6
145.3
no
103
107
Data relate to all urban consumers.
r 110
no
r
l!0
108
107
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data for statistical month, not seasonally adjusted*]
Mere landise expo ts 1
Period
Total
domestic
foreign
exports
Total
2
Food,
beverages, and
tobacco
Ger eral import s 3
Crude
materials and
fuels
Manu
factured
goods
F .a.s.
Monthly average:
1977
1978
1979
1980
10,103
11,973
15,155
18,386
9,919
11,762
14,886
18,043
Mercha rcdise trade lalanee
Merc landise imp orts
Domestic exports
1,330
1,548
1,717
2,049
2,534
1,746
2,352
2,810
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Exports
Manufactured
goods
Total
(c.i.f.
value)
6,379
8,360
9,352
10,427
13,368
15,504
18,519
21,415
less
imports
(customs
value)
Exports
(f.a.s.)
less
imports
(f.a.s.)
Exports
(f.a.s.)
less
imports
(c.i.f.)
-2,430
-2,590
-2,300
-2,020
-3,265
-3,530
-3,364
-3,030
valu B
6,679
7,873
9,716
11,991
12,533
14,563
17,455
20,406
1,186
1,312
1,478
1,546
4,463
4,325
5,949
7,831
Customs value
1981
1982
1983
1984
1985
19,473
17,683
16,707
18,155
17,762
19,075
17,256
16,326
17,670
17,244
2,767
2,752
2,793
2,463
2,624
2,362
12,857
11,643
11,034
11,929
12,115
21,748
20,329
21,504
27,144
28,773
1,529
2,248
2,248
2,276
1,852
1,485
1,568
1,802
1,865
7,739
6,200
5,670
6,063
5,415
11,873
12,002
13,621
18,460
20,565
22,779 — 2,275
21,240 -2,647
22,490 — 4,797
28,431 -8,988
30,136 — 11,011
-3,306
-3,558
-5,783
-10,276
-12,373
1985: July*
Aug*
Sept*
Oct*
Nov*
Dec*
16,727
16,584
17,034
17,618
17,721
16,994
16,172
16,106
16,543
17,122
17,227
16,479
1,604
1,783
1,709
1,836
2,128
1,907
2,033
2,258
2,115
2,285
2,559
2,459
11,556
11,233
11,700
12,102
11,688
11,221
27,000
26,247
31,349
28,429
30,010
30,728
1,641
1,719
1,903
1,598
1,865
2,138
5,085
4,851
5,562
5,656
5,657
6,011
19,286
18,916
22,887
20,271
21,557
21,654
28,312
27,512
32,860
29,695
31,371
32,141
-10,274
-9,663
-14,315
-10,811
-12,290
-13,734
-11,585
-10,927
-15,826
-12,077
-13,651
— 15,146
1986: Jan*
Feb* ..
Mar*
Apr*
May*
June**
July"
Aug*
17,006
17,735
18,913
17,965
17,431
19,070
17,707
17,604
16,501
17,164
18,349
17,376
16,691
16,427
15,911
16,831
1,797
1,689
1,706
1,475
1,395
1,438
1,648
1,814
2,467
2,367
2,349
11,393
12,182
13,325
12,615
12,274
12,298
11,623
12,042
32,005
28,895
31,972
28,762
30,272
31,764
34,121
29,476
2,215
1,908
2,100
2,018
2,329
1,886
2,143
1,931
6,234
22,477
21,289
24,261
22,226
23,001
23,971
26,609
23,106
33,465
30,225
33,435
30,036
31,638
33,240
35,745
30,925
-14,999
-11,161
-13,059
-10,797
-12,842
-12,694
— 16,414
-11,871
-16,459
-12,491
-14,522
-12,071
-14,208
-14,170
— 18,037
-13,321
2,436
2,228
1,776
1,764
2,035
1
Department of Defense shipments of grant-aid military supplies and equipmen
ent under the Military Assistance Program are excluded from totals for all periods and from monthly
ly detail beginning
January
1978.
anuary
2
Total
includes
commodities
and
transactions
not
classified
according
to
kind.
3
Total arrivals of imported goods other than intransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Is-
4,741
4,284
3,176
3,659
4,163
3,963
3,413
lands exports are reflected in the figures for domestic and foreign exports combined and trade balance.
'Beginning with data released in March 1986, the Bureau of the Census no longer publishes
these data on a seasonally adjusted basis. For further information and for details regarding revised
statistical month and monthly carryover data, see Bureau of the Census release JT 900.
"Foreign exports {not shown separately) include $2,050 million of nonmonrtary gold bullion for
June and $1,250 million for July.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter of 1986 the current account deficit was $34.7 billion, up from $34.0 billion in the first
quarter. The merchandise trade deficit fell to $36.0 billion from $36.5 billion in the first quarter.
BILLI ONS OF DOLU^RS*
BILLI ONS OF DOLL/kRS*
BALANCE ON G OODS
AND SERVIC ES
5
5
ir^'.XX.^0f'*S
A x\.X- ^'— ._.// ^
7^ ~^\\
/y \/ \.
E ALANCE ON
/
o
o
f
5
s'^S
s s^
*
' S
X
N
'
/
\
ft
\
.'
\
r
5
r \ *
\
\
*'\ ^^
\
"-V
,-'""
^
V^-.^l' \
CUR RENT ACCOUh4T
N,
^.S
\ \
MFR CHANDISE TRA r*\
-15
10
' ^\ \\\N
\
BALANCE
\
-15
\ \
\ *
\
\ N
\
v\
*• ^
\\
\ \\
\\
\
20
A
\\
A
NWv;
\
^
25
*^_-—
^ ^ \\
\ \
\ ^~
oc
V•
-40
30
\^\\
\
\
1
\
1978
1
1 I !
1
1979
1980
1
1
1
1
1
1
1
1
1
1983
1982
1981
i i i
!
1 i
oc
—
i i i
,1?85
1984
i-40
1986
•SEASONALLY ADJUSTED
SOURCE, DEPARTMEN T OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + ), debits ( —)]
In vestment incorr e 3
l
Merchandise *'
EemitNet
military
Period
Exports
1979
1980
1981
1982
1983
1984
1985
184,473
224,269
237,085
211,198
201,820
219,900
214,424
Imports
Net
balance
-212,009 -27,536
-249,749 -25,480
-265,063 -27,978
-247,642 -36,444
-268,900 -67,080
-332,422 -112,522
-338,863 -124,439
Net
Receipts
Payments
64,132
72,506
86,411
83,549
77,251
86,221
89,991
-32,960
-42,120
-52,329
-54,883
-52,410
-67,469
-64,803
31,172
30,386
34,082
28,666
24,841
18,752
25,188
font "
Net
travel and
transportation
receipts
-1,778 -2,935
-997
-2,237
144
-1,183
-992
-274
-369 -4,227
-1,827 -8,593
-2,917 -11,128
Other
services,
net 3
Balance on
goods and
services
:
tances,
pensions,
and other
unilateral
transfers '
Balance
on current
account
-991
5,138
-6,128
1,873
9,466 -7,593
13,764 -7,425
6,339
-9,131
-214 -8,917
9,711 -37,123 -9,481 -46,604
9,881 -94,308 -12,157 -106,466
10,603 - 102,694 -14,983 -117,677
6,214
7,793
8,699
8,829
49,642
49,216
50,351
52,611
-59,476
-64,798
-70,740
-73,886
-9,834
-15,582
-20,389
-21,275
18,077
18,732
20,684
19,758
-12,228
-12,807
-13,536
-13,839
5,849
5,925
7,148
5,919
492
32
-131
-762
-588
-916
-1,226
-1,497
2,238
2,486
2,436
2,552
-1,843
-8,055
-12,162
-15,063
-1,752
-2,021
-2,375
-3,333
-3,595
-10,076
-14,537
-18,396
53,614
54,590
55,691
56,005
-79,415
-83,684
-84,144
-85,179
-25,801
-29,094
-28,453
— 29,174
22,860
21,104
21,396
20,861
-15,446
-17,208
-17,991
-16,823
7,414
3,896
3,405
4,038
-281
-615
-234
-696
-1,834
-2,052
-2,332
-2,375
2,630
2,471
2,448
2,333
-17,872
-25,394
-25,166
-25,874
-2,368
-2,439
-3,107
-4,243
-20,240
-27,833
-28,273
-30,117
n
m
55,324
53,875
52,498
52,727
-80,369
-84,242
-84,173
-90,079
-25,045
-30,367
-31,675
-37,352
18,726
22,253
24,502
24,509
-16,507
-16,804
- 16,240
-15,254
2,219
5,449
8,262
9,255
-246 r -2,201
-729 r - 2,863
-619 * - 3,030
-1,322 r - 3,034
2,442
2,552
2,609
2,999
1986: I r
IP
53,661
54,795
-90,120
-90,818
-36,459
-36,023
24,216
22,198
-17,699
- 16,908
6,517
5,290
-1,066
-704
2,694
3,077
1983: I
II
m
TV
1984: I
n
m
IV
1985: I
IV
1
Excludes military grant
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreiign direct investments in the
s, net.
United States are excluded from investment income and included in othei
2
3
-2,701
-2,324
r
-22,831
- 25,958
r
- 24,453
r
- 29,454
T
-31,015
-30,684
Source: Department of Commerce, Bureau of Economic Analysis.
-3,280 r -26,111
-3,458 r - 29,416
-4,001 ' - 28,454
—4,244 T - 33,698
-3,023
-4,047
-34,038
-34,731
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $10.7 billion in the second quarter
Compared to a decrease of $6.3 billion in the first quarter. Liabilities to foreigners and international financial
institutions reported by U.S. banks increased $5.0 billion in the second quarter compared to an increase of $8.4
billion in the first quarter.
BILLIONS OF DOLLARS*
60
BILLIONS OF DOLLARS*
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
/\
40
40
/^
,»
/\
L
/ .
\ ' *
V \
i\
I \
20
M
/
II
i V
'I
i
i
/ I
/ I
i l
\;
I
i
20
\
/
\
;
/
/
(
\
\
w
CHANGE IN
U.S. ASSETS
ABROAD, NET
r\
V v
-20
-20
-40
-40
I I
-60
1978
I
I
I
1980
1979
I
I
I
1981
I
J
I
1983
1982
1984
| -60
1986
1985
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
Foreign assets in the 1 J.S., net
[increase /capital inflov.i (+)] 2
[increase /capiti 1 outflow ( — )
Period
Total
1979
1980
1981
1982
1983
1984
1985
-64,331
-86,118
— 111,031
-121,273
-50,022
-23,639
-32,436
1983: I
n
m
IV
1984: I
n
m
IV
1985: I
n
m
IV
1986: I rp
n ....
U.S.
official
reserve
assets T 2
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
Statistical d iscrepancy
Allocations
of special
drawing
rights
(SDKs)
1,139
1,152
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U S official
assets, net *
(unadjusted,
end of
period)
18,956
26,756
30,074
33,958
33,747
34,934
43,186
-1,133
-8,155
-5,175
-4,965
-1,196
-3,131
-3,858
-3,746
-5,162
-5,097
-6,131
-5,005
-5,523
-2,824
-59,453
-72,802
- 100,758
-110,177
-43,821
-14,986
-25,754
38,752
58,112
83,322
94,078
85,496
102,767
127,106
-13,665
15,497
4,960
3,593
5,968
3,037
-1,324
52,416
42,615
78,362
90,486
79,527
99,730
128,430
-23,691
-523
-8,621
-17,186
-787
-21,770
-7,979
-14,797
16,200
15,756
19,531
34,009
38
-953
-1,134
-1,263
-1,171
-1,436
1,591
2,662
7,002
16,162
14,165
22,194
27,007
11,086
-5,157
3,626
1,573
-176
-3,155
3,417
-3,571
-20,171
16,443
-16,338
-657
-566
-799
— 1,110
-2,029
-1,386
-1,388
-717
-885
-18,220
18,630
-14,512
22,251
41,963
2,668
35,885
-2,947
-157
6,906
25,198
42,120
3,433
28,979
1,560
6,040
9,162
10,570
-962
-3,561
3,577
34,975
34,547
34,306
34,934
-510
-2,793
-5,867
-23,266
-233
-356
-121
-3,148
-807
-1,055
-422
-540
530
-1,382
-5,324
-19,579
14,247
25,358
35,665
51,837
-11,066
8,486
2,577
-1,322
25,313
16,872
33,088
53,158
* 12,374
r
6,851
* - 1,344
r
5,128
r
1,093
- 1,175
- 3,688
r
3,774
35,493
36,088
38,295
43,186
-12,898
-17,749
-115
-250
-181
-12,533
-17,584
36,620
46,504
2,469
13,766
34,151
32,738
10,316
5,976
1,216
-1,464
44,919
46,595
16
529
16
724
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
765
25,431
24,982
20,276
36,325
11,130
27,338
23,006
-88
940
r
r
34,261
33,876
33,066
33,747
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices—All Urban Consumers
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices—All Urban Consumers
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
NSA not seasonally adjusted.
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