Bank Loans, Investments, and Reserves

Name: Bank Loans, Investments, and Reserves
Creator: FRASER
Keywords: Economic Data, Economic indicators, Economic conditions, United States

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The following is plain-text output generated by Optical Character Recognition. 98th Congress 2d Session Economic Indicators APRIL 1984 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong ROGER W JEPSEN Iowa Chairman LEE H HAMILTON Indiana Vice Chairman SENATE WILLIAM V ROTH JR Delaware JAMES ABDNOR South Dakota STEVEN D SYMMS Idaho MACK MATTINGLY Georgia ALFONSE M D AMATO New York LLOYD BENTSEN Texas WILLIAM PROXMIRE Wisconsin EDWARD M KENNEDY Massachusetts PAUL S SARBANES Maryland HOUSE OF REPRESENTATIVES GILLIS W LONG Louisiana PARREN J MITCHELL Maryland AUGUSTUS F HAWKINS California DAVID R OBEY Wisconsin JAMES H SCHEUER New York CHALMERS P WYLIE Ohio MARJORIE S HOLT Maryland DAN LUNGREN California OLYMPIA J SNOWE Maine DAN C ROBERTS Executive Director COUNCIL OF ECONOMIC ADVISERS MARTIN FELDSTEIN Chairman WILLIAM A NISKANEN Member WILLIAM POOLE 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 Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 4 25 a single copy 5 35 foreign or by subscription at 25 00 per year 31 25 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 u TOTAL OUTPUT INCOME NATIONAL PRODUCT According to preliminary estimates for the first quarter of 1984 gross national product rose 105 0 billion or 12 8 percent both at annual rates Real output GNP adjusted for price changes rose 8 3 percent annual rate and the implicit price deflator was up 4 1 percent annual rate BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES E GNP IN CURRENT DOLLARS 2 800 p f x XI GNP c N 1972DOLLA k a COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMEN r OF COMMERCE Billions of current dollars quarterly data at seasonally adjusted annual rates Period I n m IV 1983 I II Ill IV 1984 I p Gross national product r Personal consumption expenditures Gross private domestic investment Source Department of Commerce Bureau of Economic Analysis Government purchases of goods and services Exports and imports of goods and services Federal Net exports Exports Imports Total Total National defense Nondefense State and local Final sales GROSS NATIONAL PRODUCT IN 1972 DOLLARS Billions of 1972 dollars quarterly data at seasonally adjusted annual rates Gross national product Period Gross private domestic investment Personal consumpChange tion in expendi Nonresi Residen business dential tial fixed inventotures fixed Government purchases of goods and services Exports of goods and services Exports Total Imports ries I n M IV 1984 Ip r Nondefense IY National defense n ra Total State and local I Final sales Federal Net exports 6 5 Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Personal consumption expenditures Period Gross national product Total Gross private domestic investment Durable goods Nondurable goods Services Nonresidential fixed Exports and imports of goods and services Government purchases of goods and services Federal Besidential fixed Exports Imports Total National defense Nondefense State and local n m IY 1983 I n in IV 1984 lp r I 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 Personal consumption expenditures Gross national product Period Current dollars I Constant 1972 dollars r 2 8 n m IV 1983 I n m IV 1984 Ip r 8 3 Implicit price deflator Chain price index r 4 1 Fixedweighted price index 1972 weights r NOTE Annual changes are from previous year and quarterly changes are from previous quarter Implicit price deflator Constant 1972 dollars Current dollars Chain price index Fixedweighted price index 1972 weights Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Current dollar cost and profit per unit of output dollars 1 Gross domestic product of nonfinancial corporate business billions of dollars Period Current dollars I n ffl IV 1983 I n TTT p rv r l r dollars r r 929 7 Total cost and profit 2 Capital consumption allowances with capital consumption adjustment Indirect business taxes Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol lars 2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left Corporate profits with inventory valuation and capital consumption adjustments Compensation of employees Net interest Total Profits tax liability Profits after tax Output per hour of all employees 1972 dollars Compensation per hour of all employees dollars r 8 372 r r r 8 418 r 8 484 r 8 620 r r r r 2 114 r 2 202 r Indirect business tax and nontax liability plus business transfer payments less subsidies With inventory valuation and capital consumption adjustments Sources Department of Commerce Bureau of Economic Analysis and Department of Labor Bureau of Labor Statistics NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates Period National income Compensation of employees1 Proprietors income with inventory valuation and capital consumption adjustments Farm I n m IV 1983 I n m IY r r I p 1 Nonfarm Corporate profits with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment Profits with inventory valuation adjustment and without capital consumption adjustment Total Inventory valuation adjustment Profits before tax Total Capital consumption adjustment Net interest Source Department of Commerce Bureau of Economic Analysis Includes employer contributions for social insurance See also p 5 PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Period I n TTT IV 1983 I n TTT IV 1984 P Total durable goods Motor vehicles and parts Furniture and household equipment Source Department of Commerce Bureau of Economic Analysis Retail sales of new passenger ears millions of units Nondurable goods Durable goods Total personal consumption expenditures Other Total nondurable goods Food Clothing and shoes Gasoline and oil Other Services Domestics Imports SOURCES OF PERSONAL INCOME Personal income increased 13 9 billion annual rate in March following a rise of 20 0 billion in February Wages and salaries rose 5 4 billion in March compared to a rise of 8 4 billion in February BILLIONS OF DOLLARS RAT1O SCALE 3 200 BILLIONS OF DOLLARS RATIO SCALE 3 200 WAGE AND SALARY DISBURSEMENTS SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period Mar Apr May June July Aug Sept Oct Nov Dec 1984 Janr Feb r Mar Total personal income Wage and salary disbursements Proprietors income 3 Other labor income Farm employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements Consists of employer contributions to private pension health and welfare funds workers injury compensation directors fees and a few other minor items 3 With inventory valuation and capital consumption adjustments Nonfarm Rental income of persons 4 Personal dividend income Personal interest income Transfer payments With capital consumption adjustment 5 Consists mainly of social insurance benefits 8 Less Personal contributions for social insurance Nonfarm personal income direct relief and veterans payments Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest Source Department of Commerce Bureau of Iconomic Analysis DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose again in the first quarter of 1984 BILLIONS OF DOLLARS RATIO SCALE 2 800 BILLIONS OF DOLLARS RATIO SCALE DOLLARS RATIO SCALE PER CAPITA DISPOSABLE PERSONAL INCOME DOLLARS RATIO SCALE CURRENT DOLLARS DOLLARS I I I 1976 I I I I 1977 I I I I I I 1981 I I I SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Period Personal income Less Personal tax and nontax payments I 3 000 COUNCIL OF ECONOMIC ADVISERS Equals Disposable personal income Less Personal outlays l Equals Personal saving Per capita disposable personal income Current dollars 1972 dollars Per capita personal consumption expenditures Current dollars 1972 dollars Dollars Billions of dollars I Percent change in real per capita disposable personal Saving as percent of disposable personal income Popula tion thousands 2 income Percent Seasonally adjusted annual rates 1982 I IV Ip n m IV 1983 I n m 1 Includes personal consumption expenditures interest paid by consumers to business and personal transfer payments to foreigners net 2 Includes Armed Forces abroad 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 fourth quarter of 1983 according to current estimates gross farm income rose 12 1 billion annual rate and net farm income rose 10 2 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE NET FARM INCOME M 20 1 I I I I I I 1977 I 1978 I 1979 I I I I I I I I 1982 I 1983 SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE I I COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Income of farm operators from farming Net farm income Gross farm income Period Cash marketing receipts Total Total Livestock and products Crops Value of inventory changes 2 Production expenses Current dollars 1967 dollars I n in IY 1983 I n m IV 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 Income in current dollars divided by the consumer price index Department of Labor Source Department of Agriculture except as noted CORPORATE PROFITS In the fourth quarter of 1983 according to revised estimates corporate profits before tax fell 0 9 billion annual rate from their third quarter level and after tax profits fell 1 2 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS 3201 SEASONALLY ADJUSTED ANNUAL RATES PROFITS BEFORE TAX PROFITS AFTER TAX L TAX LIABILITY UNDISTRIBUTED PROFITS I I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Profits before tax with inventory valuation adjustment l Profits after tax Domestic industries Period r I n m IV n m jyr 1984 Nonfinancial Total 2 Total Financial Total3 Manufacturing Wholesale and retail trade Profits before tax liability Tax Total See p 4 for profits with inventory valuation and capital consumption adjustments Includes rest of the world not shown separately Inventory valuation adjustment Ip I Dividends Undistributed profits Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis GROSS PRIVATE DOMESTIC INVESTMENT According to preliminary estimates for the first quarter business fixed investment rose 10 2 billion annual rate and residential investment outlays rose 10 1 billion There was a 62 2 billion increase in inventories following an increase of 19 6 billion in the fourth quarter BULKDNS OF DOLLARS BILLIONS OF DOL LARS SEASONALLY ADJUSTED ANNUAL RATES h r NONRESIDE MTIAL FIXED INVEST MENT V h V x A GROSS PRIVATE DOMESTIC INVESTMENT R ESIDENTIAL IT FIXE INVESTMENT CHANG IN BUSINESS M INV ENTORIES I I V I 1 i i i i i i I SOURCE DEPARTMENT OF COMMERCE 1 I COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Period Gross private domestic investment Residential fixed investment Nonresidential fixed investment Total Structures Producers durable equipment Total Nonfarm structures Farm structures Change in business inventories Producers durable equipment Total Nonfarm IV Ip I n m IV 1983 I n m Source Department of Commerce Bureau of Economic Analysis EXPENDITURES FOR NEW PLANT AND EQUIPMENT NONFARM BUSINESS According to the Commerce Department January February survey nonfarm business spending for new plant and equipment for the year 1984 is expected to be 13 6 percent above the 1983 level spending for 1983 was 4 4 percent below the 1982 level BILLIONS OF DOLLARS RATIO SCALE 500 BILLIONS OF DOLLARS RATIO SCALE 500 SEASONALLY ADJUSTED ANNUAL RATES TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURING MANUFACTURING TOO TOO I 1976 I I 1977 I I L SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Plant and equipment Period Total Plant Nonmanufaeturing Manufacturing Equipment Total Durable goods Nondurable goods Total Mining Transportation Public utilities Trade and services Communication and other 2 Starts of plant and equipment projects manufacturing r TTT IV I n in r IV 1984 I 44 n 4 2nd half Wholesale and retail trade finance insurance and real estate and personal business and professional services 2 Other consists of construction social services and membership organizations and forestry fisheries and agricultural services 10 Starts are estimated by adding changes in carryover to expenditures during given period 4 Planned capital expenditures as reported by business in late January and February 1984 corrected for biases n Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted civilian employment rose 248 000 in March and unemployment fell 29 000 MILLIONS OF PERSONS 116 MILLIONS OF PERSONS YEARS OF AGE AND OVER SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of persons 16 years of age and over except as noted monthly data seasonally adjusted exicept as noted Period Noninstitutional population including resident Armed Forces Labor torce including resident Armed Forces lll NSA Mar Apr May June July Aug Sept Oct Nov Dec 1984 Jan Feb Mar Employment including resident Armed Forces Nonagricultural Civilian labor force Persons at work Economic reasons include slack work material shortages inability to find fulltime work etc 2 Labor force as percent of noninstitutional population both including resident Armed Forces Unemployment Civilian employment Jtte sident Armed Forces NSA Total Agricultural Total Part time for economic reasons Total weeks and over Labor force participation rate percent Total 2 Civilian Civilian labor force as percent of civilian noninstitutional population NOTE NSA indicates data are not seasonally adjusted Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES The seasonally adjusted overall unemployment rate which includes resident Armed Forces in the labor force was unchanged in March at 7 7 percent The unemployment rate for all civilian workers also was unchanged at 7 8 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED v 20 t 20 BLACK AND OTHER rx r V A H TEENAGER s ALL CIVILIAN WORKERS 10 MEJs 20 YEARS AHsID OVER 10 x WHITE 5 f r WOMEN 20 YEARS ANDC VER S IIMlhlMI illMJIIIlJ 1983 Hlllilllll I l l f l l l l l f l U f l l l l H H UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group Period Unemployment rate all workers Mar Apr May June July Aug Sept Oct Nov Dee civilian workers Jan Feb Mar Men 20 years and over Women 20 years and over Both sexes 16 19 years Black and other White Total Black Experienced wage and salary workers Married men spouse present Women who maintain families Fulltime workers Parttime workers Labor force time lost percent Unemployed as percent of total labor force including resident Armed Forces 2 Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours po nt 12 By selected groups By race By sex and age Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS in March the percentages of unemployed persons who had been out of work for less than 5 weeks and for 5 14 weeks rose and the percentages out of work for 15 26 weeks and for 27 weeks and over fell Both measures of average duration of unemployment the mean and the median were unchanged in March at 18 8 weeks and 8 3 weeks respectively PERCENT DISTRIBUTION PERCENT DISTRIBUTION REASON FOR UNEMPLOYMENT DURATION OF UNEMPLOYMENT A 60 A J B LOSERS N 7V A REENTRANT NE w V ENTRANT kZvj A rV s EAVERS JOB I Illlllllll Illllllilll SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Monthly data seasonally adjusted except as noted Reason for unemployment percent distribution Duration of unemployment Unemployment thousands Period Percent distribution Less than 5 weeks 5 14 weeks 15 26 weeks State programs Number of weeks 27 weeks and over Average mean Median Job losers Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment all regular programs unadjusted 2 Special unemployment benefit claims unadjusted 3 Weekly average thousands Mar Apr May T y June July y Aug Sept Oct Nov Dec 1984 Jan Feb Mar L C 1 Detail may not add to 100 percent because of rounding 2 Includes State 50 States District of Columbia Puerto Rico and Virgin Islands ex servicemen UCX Federal UCFE and railroad RR programs Also includes Federal and State extended benefit programs Does not include Federal supplemental compensation program 3 Federal supplemental compensation program Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose 143 000 in March MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS WHOLESALE AND r RETAIL TRADE JL l ir C OVERNMEN r t ifc Ulllilllll lllllllliil lllllllliil SERVICE PRODUCING INDUSTRIES 60 m I SERVICES ALL NONAGRICULTURAL ESTABLISHMENTS 18 iiiiilinii jMillIlllllllUllllllllIlllllIII lIlllllllllllllllllllllH 40 6 CONSTRUCTION GOODS PRODUCING INDUSTRIES Ullllllll lllllllliil lllllllliil iimilimi Minium u u i l i m i i m i l i i m innlimi niniini SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Thousands of wage and salary workers seasonally adjusted Goods producing industries Period Total nonagricultural employment Service producing industries Manufacturing Total 2 Construction Total Durable goods Nondurable goods Total Transportation and public utilities Wholesale and retail trade Government Finance insurance and real estate Services J J J Federal State and local Mar Apr May June July Aug Sept Oct Nov Dec Jan r Feb r Mar Includes all full and part time wage and salary workers in nonagrieultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial dis 14 putes bad weather etc even if they are not paid for the time off and which are based on a sample of the working age population whereas the estimates in this table are based on reports from em ying establishments 2 Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gross hourly earnings Average weekly hours Period Mar Apr May T June July J y Aug Sept 1984 Oct Nov Dee Jan r Feb r Mar Manufacturing Total private nonagricultural 1 Total Overtime Total private nonagrieultural Manufacturing Adjusted hourly earnings index total private nonagricultural 2 Percent change 4from a year earlier 5 Index Current dollars Current dollars 1977 dollars dollars AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Percent change from a year earlier total private nonagricultural s Average gross weekly earnings Period Total private nonagricultural 1 Current dollars Manufacturing 1977 dollars 3 Construction Wholesale and retail trade Current dollars Mar Apr May June July Aufir Sent Get Nov Dee Jan r Feb r Mar p Also includes other private industry groups shown on p 14 Adjusted for interindustry employment shifts and for overtime in manufacturing Current dollar index or earnings divided by the consumer price index on a I Revised index for urban wage earners and clerical workers used beginning 1977 dollars Current dollars Monthly changes based on indexes to two decimal places 5 Based on unadjusted data Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output per hour of all persons Period Business sector Nonfarm business sector Hours of 2all persons Output Business sector Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Unit labor cost Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector quarterly data seasonally adjusted r I II r r Pr P L ni IV n nr ivr r Percent change quarterly data at seasonally adjusted annual rates r 1982 P IF r nir IV 1983 Ir IP m IVr 1984 P 1 Output refers to gross domestic product originating in the sector in 1972 dollars 2 Hours of all persons engaged in the sector including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 3 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the selfemployed Hour compensation divided by the consumer price index for all urban consumers ourly 16 5 g 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 4 percent in March following increases of 1 0 percent in February and 1 4 percent in January The index for March was 14 8 percent above its year earlier level INDEX RATIO SCALE INDEX RATIO SCALE iso UTOTAL INDUSTRIAL PRODUCTION 180 UTILITIES AND MINING PRODUCTION UTILITIES MINING T X V i k DURABLE 120 NONDURAB LE MANUFACTURING CAPACITY UTILIZATION RATE r X 70 Ilillliilll Ilillliilll Ilillliilll Ilillliilll Ilillliilll 1980 Ilillliilll PERCENT Illlllllill MANUFACTURING PRODUCTH N SEASONAUY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Total industrial production Period Index proportion r 1983 Mar Apr May June July Aug Sept Oct Nov Dec r Janr Feb r Mar Output as percent of capacity Annual data are averages of the four monthly indexes Percent change from year earlier Capacity utilization rate percent Industry production indexes Manufacturing Manufacturing Mining Total Durable Utilities Nondurable Federal Reserve series Commerce series Industrial materials Federal Reserve series Sources Board of Governors of the Federal Reserve System and Department of Commerce Bureau of Economic Analysis 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Products Final products Consumer goods Period Total 1967 proportion r 1983 Mar Apr May T J June July Aue Sept Oct Nov r Dee 1984 Jan r r Febp Mar Intermediate products Durable goods Total J Materials Equipment Nondurable goods Total Business Defense and space equipment Total Construction supplies Business supplies Supplementary group Energy total monthly data seasonally adjusted Nondurable manufactures Durable manufactures Primary metals Period Total 1967 proportion r Mar Apr May June July Aucr Sept Get Nov r Dee r 1984 Jan r Feb Mar Iron and steel Fabricated metal products Source Board of Governors of the Federal Keserve System 18 Nonelectrical machinery Electrical machinery Transportation equipment Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods NEW CONSTRUCTION Monthly data seasonally adjusted Construction contracts 2 Private Period Total new construction expenditures Residential Total Commercial and industrial New housing units Total1 Other Federal State and local Total value index Commercial and industrial floor space millions of square feet Billions of dollars r Annual rates 1983 Jan Feb Mar Apr May June July Aug Sept Oct r Nov r Dec r 1984 Jan r Feb p Mar p Annual rates Includes nonhousekeeping residential construction and additions and alterations not shown separately 2 F W Dodge series Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space 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 homes New private housing units Period Units started by type of structure Total unit units 5 or more units Units authorized Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent r Seasonally adjusted annual rates 1983 Mar Apr May June July Aug Sept Oct Nov Dec r 1984 Jan r Feb r Mar Seasonally adjusted Quarterly data entered in last month of quarter Series beginning 1979 not strictly comparable with earlier data 3 New series beginning March 1979 NOTE Units authorized beginning 1978 relate to 16 000 permit issuing places data for are for 14 000 places Seasonally adjusted housing completions and sales are as revised beginning 1981 in March issue of Economic Indicators Source Department of Commerce Bureau of the Census BUSINESS SALES AND INVENTORIES Manufacturing and Trade Manufacturing and trade sales fell 0 5 percent in February and inventories rose 9 2 billion According to advance data retail sales fell 2 2 percent in March following a decline of 0 8 percent in February BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 6UU 16U rv n S X MANUFACTURING AND TRAC E INVENTOR IES 400 DPT y AIL INVENTC RIES MA NUFACTURK AND TRADE SAI ES i l F ETAIL SALES Illllllllll 1980 Illllllllll Illllllllll Illllllllll 1981 imiliim RATIO INVENTORY SALES RATIO MANUFACTURING AND TRADE 1 60 IHIflHIil 100 f I I Illllllllli Illllllllll Illllllllll SEASONALIY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Manufacturing and trade COUNCIL OF ECONOMIC ADVISERS Sales Period Sales 2 Invento 3 ries Sales 2 Inventory sales ratio 4 Retail Wholesale Inventories 3 Total 2 Durable goods stores Inventories Nondurable goods stores Total 3 Durable goods stores Nondurable goods stores Manufacturing and trade l Retail Millions of dollars seasonally adjusted r r r r r 523 623 r 343 504 r 505 546 r 367 096 r Feb Mar Apr May J une July Aucr t o Sept Oct Nov Dec T 1984 J Jan r Feb Mar p L 38 r r r499 370 r 351 012 r 500 263 r 360 488 r 501 035 r 368 971 r 500 615 r 370 181 r501 379 r 373 283 r 504 284 r 379 229 r 506 984 r 382 457 r509 171 r 386 564 r r 395 682 r r 39 r r 1 33 r r r r r r 1 See page 21 for manufacturing Monthly average for year and total for month Book value end of period seasonally adjusted 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 NOTE Total and manufacturing sales revised for 1982 and 1983 inventories revised beginning 1977 See also p 21 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In March manufacturers shipments inventories and orders rose BULKDNS OF DOLLARS RATIO SCALE 360 INVFNTORIFS 320 BULKDNS OF DOLLARS RATIO SCALE 240 ITC 200 SHIPMENU5 r QDS L J T r m m r lllllllilli millmil 200 NEW OFJDFRS Hllllillll TOTAL V Illlillllll miiliim INVENTORY SHIPMENTS RATIO DURABLE GC tr nc 80 iiiiihni RATI O 2 2 s r l v NOND JRABLE GOC DS BULKDNS OF DOLLARS RATIO SCALE L hH 1 6 x K Dl IRABLE GOODS iniihiin i m i l i M M lllllllilli I t f l l h S M I HHltllHl HIUliHH mniiim DU RABLE GOO s DURABLE GOODS 60 r i TOTAL 200 NONDURABLE GC 80 r TOTAL i n imihim llllillMII niiihini imihmi hmiliiffi I 1984 SEASONALLY ADJ USTED OURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufacturers shipments l Manufacturers inventories2 Manufacturers new orders J Durable goods Period Total Durable goods Nondurable goods Durable goods Total Nondurable goods Total Total Capital goods industries nondefense Nondurable goods Manufacturers unfilled orders 3 Manufacturers inventor y l shipments ratio4 Millions of dollars seasonally adjusted Janr 184 406 Feb r p Mar r 1978 r 1979 r 1980 r 1981 r 1982 r 1983 r 1983 Feb r Marr Apr r May r June r July r Aue r Sept1 Oct r Novr Dec r 1 Monthly average for year and 2 Book value end of period 3 End of period 4 total for month Shipments are the same as sales 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 Note Series revised beginning 1977 Source Department of Commerce Bureau of the Census 21 PRICES PRODUCER PRICES In March the producer price index for all finished goods rose 0 5 percent seasonally adjusted Prices of finished consumer foods rose 0 8 percent and prices of other finished consumer goods rose 0 4 percent Prices of capital equipment rose 0 3 percent INDEX RATIO SCALE INDEX RATIO SCALE 320 FINISHED GOODS 320 SEASONALLY A D TOTAL FINISHED GOODS Ilii Z V y x r PkKJ I IAAFI Ff On f S j V AH CAPITAL EQL t X s fc IPMENT s S r S VN f sr V CON SUMER GOOD 180 EXCl UDING FOODSj iiiiiliini M M i h M M llllillllll MM i l l M 1977 MM MI ii ii II 1 III 1 1 II I l l l l i l l l l l l M M i l i l l l l l l l l i l l l l l l SOURCE DEPARTMENT OP LABOR 1984 COUNCIL OF ECONOMIC ADVISERS monthly data seasonally adjusted Intermediate materials Finished goods Period Total finished goods Consumer foods Finished goods excluding consumer foods Total Total p 1983 Mar ATM May T June July J Aw Sept Get Novr Dec 1984 Jan Peb Mar Intermediate materials for food manufacturing and feeds 22 Total finished consumer goods Total Foods and feeds 1 Nondurable Capital equipment Consumer goods Durable Crude materials Other Total Source Department of Labor Bureau of Labor Statistics Foodstuffs and feedstuffs Other CONSUMER PRICES In March the consumer price index for all urban consumers rose 0 2 percent seasonally adjusted and not seasonally adjusted The index was 4 7 percent above its level in March 1983 INDEX RATIO SCAIE INDEX RATIO SCAIE ALL ITEMS SEE NOTE ON TABLE BEIOW COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR except as noted monthly data seasonally adjusted except as noted Transportation Housing All Shelter Period All items Food HomeTotal1 Total Renters costs2 NSA Rel imp Mar Apr May June July Aug Sept Oct Nov Dec 1984 Jan Feb Mar owners 2 costs NSA Includes items not shown separately 2 December Includes direct pricing of diesel and gasohol Maintenance and repairs Total1 New cars Motor fuel 3 Medical care Energy 4 shelter beginning September 1981 Fuel oil coal and bottled gas gas piped and electricity and motor fuel Motor oil coolant etc also included through 1982 5 Relative importance December 1983 el and upkeep items less food energy NSA Fuel and other utilities Appar NOTE NSA indicates data are not seasonally adjusted Data beginning 1978 are for all urban consumers earlier data are for urban wage earners and clerical workers Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparable with figures for earlier periods Source Department of Labor Bureau of Labor Statistics CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percent change from preceding period monthly data seasonally adjusted except as noted Change from preceding period Period Change from 3 months earlier annual rate Change from 6 months earlier annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Foods Total finished goods Excluding foods Foods Capital equipment Total finished goods Capital equipment Excluding foods Foods Change from year earlier total finished goods NSA Change Dec to Dec NSA Change month to month T June July J A Aug Sept Oct Nov r Dec r 1984 Jan Pebr Mar Apr May j Mar NOTE NSA indicates data are not seasonally adjusted e 1 1 A L M l l Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES Percent change from preceding period monthly data seasonally adjusted except as noted Housing Transportation Shelter Period All items l Food Total 1 Total 1 Homeowners costs Renters costs Fuel and other utilities Apparel and upkeep Total1 New cars Motor fuel 2 Medical care Energy 3 All items less food energy and shelter Addendum All items percent change annual rate From previous quarter 4 From 3 months earlier From 6 months earlier From year earlier NSA NSA Change December to December NSA Change month to month 1983 Mar Apr Oct Nov Dec j Jan Feb Mar i June July Aug Sept Includes items not shown separately Includes direct pricing of diesel and gasohol beginning September 1981 Fuel oil coal and bottled gas gas piped and electricity and motor fuel Motor oil coolant etc also included through 1982 4 Changes are shown in the middle month of the quarter 2 3 NOTE NSA indicates data are not seasonally adjusted 24 A Data beginning January 1978 are for all urban consumers earlier data are for urban wage earners and clerical workers Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparable with data for earlier periods Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers rose 0 7 percent in April and prices paid by farmers rose 0 6 percent INDEX RATIO SCALE 180 INDEX RATIO SCALE J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE Prices paid by farmers Prices received by farmers Period All farm products Livestock and products Crops All commodities services interest taxes and wage rates l Production items interest taxes and wage rates Production items Eatio Apr May T June July Aug Sent Oct Noy Dec Jan Feb Mar r AIM y Includes items not shown separately Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates 2 NOTE The official indexes are published on a 1910 14 base as required by law The indexes lave been converted to a base to facilitate comparison with other indexes Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK LIQUID ASSETS AND DEBT MEASURES Growth in Ml and the broader aggregates slowed in March BILLIONS OF DOLLARS RAT 0 SCALE BILLIONS OF DOLLARS RATIO SCALE AVERAGES OF GAILY FIGURES SEASONALLY AWUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures except as noted billions of dollars seasonally adjust Ml Period Dec Dec Dec Dec Dec Dec Dec Dec Mar Apr Mav June July Auff Sept Oct Nov r Dec r 1984 Jan r Feb r Mar p M2 M3 Sum of currency demand deposits travelers checks and other checkable deposits OCD Ml plus overnight RPs and Eurodollars MMMF balances general purpose and broker dealer HMD As and savings and small time deposits M2 plus large time deposits term RPs term Eurodollars and institution only MMMF balances Consists of outstanding credit market debt of the U S Government State and local governments and private nonfinancial sectors data from flow of funds accounts 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate NOTE The nontransactions portion of M2 is no v being seasonally adjusted as a whole to reduce 26 L Debt M3 plus other liquid assets Debt of domestic nonfinancial sectors 1 end of month r r Percent change from year or 6 months earlier 2 Ml M M Debt distortions caused by substantial portfolio shifts arising from regulatory and financial changes in recent years especially shifts to MMDAs in 1983 A similar procedure is being used to seasonally adjust the remaining nontransactions balances in M3 See p 27 for components Source Board of Governors of the Federal Reserve Svstems COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted Period Currency Demand deposits Other checkable deposits OCD Overnight repurchase agreements RPs net plus overnight Eurodollars NSA 1976 Dec 1977 Dec 1978 Dec 1979 Dec 1980 Dec 1981 Dec 1982 Dec 1983 Dec 1983 Mar Apr May T J June July J Auff Sept Oct Nov Dec 1984 Jan r Feb r Mar p Money market mutual fund balances General purpose and broker dealer NSA Institution only NSA Money market deposit accounts MMDAs Small denomination time deposits 1 Large denomination time deposits NSA Term repurchase agreements EPs Term Eurodollars net NSA Savings deposits Shortterm Treasury securities Bankers acceptances Commercial paper NSA Savings bonds T r r r r 126 9 r Small denomination and large denomination deposits are those issued in amounts of less than and more than respectively NOTE See note p 26 Travelers cheeks are a component of money stock but are not shown here NSA indicates data are not seasonally adjusted Source Board of Governors of the Federal Eeserve System CONSUMER INSTALLMENT CREDIT Millions of dollars monthly data seasonally adjusted Installment credit extended Period Feb Mar Apr May June July Augr Sept Oct Nov Revised series 3 Dec 1984 Jan Feb Total Installment credit liquidated Automobile Revolving Total Automobile Revolving Through 1982 calculated as the difference between credit extensions and credit liquidations Beginning 1983 calculated as change in amount outstanding 2 Includes mobile home and other not shown separately 3 Series revised beginning July 1980 data prior to December 1983 not yet available Amount outstanding end of period seasonally adjusted Net change in amount outstanding Total 2 Automobile Revolving Total2 Automobile Revolving NOTE Extensions and liquidations not available after December 1982 Source Board of Governors of the Federal Reserve System BANK LOANS AND INVESTMENTS AND RESERVES Commercial and industrial loans rose again in February BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS LOANS AND LEASES INVESTMENT IN OTHER SECURITIES INVESTMENT IN U S TREASURY SECURITIES Hum inn LllI 11 j linn SEASONALLY ADJUSTED AVERAGES OF WEDNESDAY FIGURES SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted Depository institutions 3 All commercial banks 1 Loans and leases Total loans and investments Period Total 2 Commercial and industrial loans U S Treasury securities Borrowings millions of dollars unadjusted Eeserves adjusted for changes in reserve requirements Investments Other securities Total Nonborrowed Required Total Seasonal Dec Dec Dec Dee Dec Dec Dec Dec Feb Mar AJDT May June July l AllfiT Sept Oct Nov Dec Jan Feb p Mar 1 2 3 r Data are averages of Wednesday figures Excludes loans to commercial hanks in the United States Data are averages of daily figures 28 NOTE Beginning Dec 1981 hank loans and investments and reserves aggregates have heen reduced because of shifts from U S hanking offices to International Banking Facilities IBFs Source Board of Governors of the Federal Reserve Svstem SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Uses Sources External Period Total Internal Credit market funds 1 Total Total Securities and mortgages Loans and short term paper 43 6 Total Other 2 Capital expenditures 3 Increase in financial assets Discrepancy sources less uses I n m IV 1983 I n M jyp p Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits dividends and subsidiaries earnings retained abroad 2 Consists of tax liabilities trade debt and direct foreign investment in the U S 3 Plant and equipment residential structures inventory investment and mineral rights from U S G rovernment Source Board of Governors of the Federal Reserve System CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars except as noted Current liabilities Current assets End of period Total SIC series QFB FRB series I n m IV 1983 I n TTTP 1 Cash U S Government securities Notes and accounts receivable 3 Total Notes and accounts payable Other current liabilities Net working capital Current ratio Total current assets divided by total current liabilities Based on data from Statistics of Income Department of the Treasury Based on data from Quarterly Financial Report for Manufacturing Mining and Trade Corporations Effective mid 1982 responsibility for the Quarterly Financial Report was transferred to the Department of Commerce Bureau of the Census from the Federal Trade Commission 2 Other current assets Inventories NOTE SEC series not available after 1974 See Federal Reserve Bulletin July 1978 for details regarding the series Sources Board of Governors of the Federal Reserve System Department of Commerce Bureau of the Census Federal Trade Commission and Securities and Exchange Commission 9Q INTEREST RATES AND BOND YIELDS Interest rates rose in April PERCENT PER ANNUM COUNCIL OF ECONOMIC ADVISERS SOURCE SEE TABIE BELOW Percent per annum U S Treasury security yields Constant maturities 2 Period 3 month bills 3 year 10 year High grade municipal bonds Standard Poor s 3 Corporate Aaa bonds Moody s Prime commercial paper 4 6 months 4 Discount rate N Y F E Bank 5 Prime rate charged 5 by banks r r High low 1983 Apr May June y July AUK Sept Oct Nov Dec 1984 Jan Feb Mar Apr Week ended 1984 Mar 31 Apr May r Rate on new issues within period bank discount basis Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department 3 Weekly data are Wednesday figures 4 Bank discount basis Prior to November data are for 4 6 months paper 5 Average effective rate for year high and low rate for month and week 2 30 New home mortgage yields FHLBB High low r Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Rates beginning January 1973 not strictly comparable with prior rates Sources Department of the Treasury Board of Governors of the Federal Reserve System Federal Home Loan Bank Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS In April the broadest stock price indexes were about unchanged from their March levels INDEX DEC INDEX DEC COMPOSITE STOCK PRICE INDEX NYSE I IIi II i i i Ii PERCENT PERCENT EARNINGS PRICE RATIO ON COMMON STOCKS S P COUNCIL OF ECONOMIC ADVISERS SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION Common stock prices Period Composite Apr May June July Aug Sent Oct Nov Dec 1984 Jan Feb Mar Apr Week ended 1984 Mar 31 Apr Industrial Transportation Utility 3 4 Finance Dow Jones industrial average 3 Standard Poor s composite index Dividendprice ratio r Earningsprice ratio Average of daily closing prices Includes all the stocks more than 1 500 listed on the NYSE Includes 30 stocks Includes 500 stocks 5 Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings2 Common stock yields percent 5 New York Stock Ixchange indexes I ec O price ratios based on prices at end of quarter NOTE All data relate to stocks listed on the New York Stock Exchange NYSE Sources New York Stock Exchange Dow Jones Company Inc and Standard Poor s Corporation 31 FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first 6 months of fiscal year 1984 there was a budget deficit of 117 8 billion compared to a budget deficit of 129 2 billion a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS BUDGET RECEIPTS AND OUTLAYS BUDGET OUTLAYS BUDGET RECEIPTS BUDGET SURPLUS OR DEFICIT V FISCAL YEARS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars Period Fiscal year or period Transition quarter estimates 1 1985 estimates 1 Cumulative total first 6 months Fiscal year 1983 Fiscal year 1984 1 Estimates from Current Budget Estimates April Budget receipts Budget outlays Budget surplus or deficit Off budget surplus or deficit Total surplus or deficit Federal debt end of period Gross Held by the public Sources Department of the Treasury and Office of Management and Budget FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 6 months of fiscal year 1984 budget receipts were 27 4 billion higher than a year earlier and budget outlays were 16 0 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS m inru T RPrPiPTQ 300 ikiniviniiAi ikir nxAc TAYCC s Ofifl S SSSSZ mT Z onn OTHER RECEIPTS CORPORATION INCOME TAXES inn I I 1 1 I BUDGET OUTLAYS NONDEFENSE FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Budget receipts Budget outlays National defense Period Total Individual income taxes Corporation income taxes Other Total Total Department of Defense military International affairs Social securi ty and medicare Health and income security Net inter Other est Fiscal year or period estimates 1985 estimates Cumulative total first 6 months Fiscal year 1983 Fiscal year Estimates from Current Budget Estimates April 1984 Note Starting in 1985 military retired pay will be financed from a trust fund in the income security function The national defense function will include accrual charges to pay for retirement benefits earned by currently active duty personnel and these will be offset in the undistributed offsetting receipts employer share employee retirement The Social Security Amendments of 1983 require that social security and medicare be shown in the budget as a separate function In previous budgets social security was in the income security function and medicare was in the health function Data for all periods in this table are shown on as comparable a basis as is feasible Data shown here exclude the transition quarter Sources Department of the Treasury and Office of Management and Budget FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 1983 Federal receipts rose 12 3 billion annual rate and expenditures rose 14 8 billion yielding a deficit of 189 8 billion In the first quarter of 1984 according to preliminary estimates expenditures rose 13 3 billion receipts data are incomplete BILLIONS OF DOLLARS BILLIONS OF DOLLARS CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government receipts Period Fiscal year Calendar year I II m IV 1983 I II ni IV Personal Total tax and Corporate profits nontax tax receipts accruals Indirect business tax and nontax accruals Federal Government expenditures Contributions for social insurance Pur Total chases of goods and services Transfer pay ments Grantsin aid to State and local governments Net interest paid Subsidies less current surplus of Government enterprises Less Wage accruals less disbursements T r Ip 302 4 Sources Department of Commerce Bureau of Economic Analysis Department of the Treasury and Office of Management and Budget 34 and product accounts national income oo Surplus or deficit o INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industrial production seasonally adjusted Period United States Japan France Germany Italy United States l Canada Japan France Germany Italy United Kingdom r r r r r r 164 4 r 165 9 r r r r 122 3 r 125 7 r 125 7 r 126 4 r 126 8 r 127 2 r r p 1983 Mar Apr May a June July Aug Sept Oct Nov Dec r Jan Feb Mar 1 Canada Consumer prices unadjusted United Kingdom r r Beginning January 1978 data relate to all urban consumers r Source National sources as reported by Department of Commerce International Trade Administration Office of Trade Information and Analysis Trade Performance Division in International Economic Indicators U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Period Total domestic and foreign exports General imports Domestic exports Total 2 Food beverages and tobacco Crude materials and fuels Merchandise trade balance Merchandise imports Merchandise exports Manufactured goods Total Food beverages and tobacco 2 Crude materials and fuels 3 Manufactured goods Total c i f value Exports f a s less imports f a 8 Exports f a s less imports c i f Exports f a s less imports customs value F a s value Monthly average Customs value Feb Mar Apr J May T June July Ausr Sept Get Nov Dec 1984 Jan Feb Mar Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning January 1978 2 Total includes commodities and transactions not classified according to kind 3 Total arrivals of imported goods other than intransit shipments NOTE Imports on c i f basis beginning 1982 not strictly comparable with earlier periods Data beginning 1980 include trade of the U S Virgin Islands except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade balance Data for 1975 79 for domestic and foreign exports combined total general imports and trade balance include trade of the Virgin Islands Source Department of Commerce Bureau of the Census 35 US INTERNATIONAL The current account deficit increased to a record 15 3 billion in the fourth quarter of 1983 All major components contributed to the increase BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS 10 BALANCE ON GOODS AND SERVICES A MERCHANDISE TRADE BALANCE i I I SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted Credits debits Merchandise 2 Period Exports p I n m IV 1983 I n m IV Imports Investment income 3 Net balance Receipts Payments Net Net military transactions Net travel and transportation receipts Excludes nulitary grants 2 Adjusted from Census data 3 for differences in timing and coverage Fees and royalties from U S direct investments abroad or from foreign direct investments in the 36 Other services net 3 Balance on goods and services l Remittances pensions and other unilateral transfers 1 Balance on current account United States are excluded from investment income and included in other services net Source Department of Commerce Bureau of Economic Analysis U S INTERNATIONAL TRANSACTIONS Continued In the capital accounts claims on foreigners reported by U S banks increased 12 2 billion in the fourth quarter of 1983 compared with a 2 0 billion increase in the third quarter Liabilities to private foreigners reported by U S banks increased 26 3 billion compared with a 16 1 billion increase in the third quarter BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS CHANGE IN FOREIGN ASSETS IN THE U S NET V 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 increase capit al outflow Period Total U S official reserve assets l 2 Other U S Government assets Foreign assets in the U S net increase capital inflow 2 U S private assets Total Foreign official assets Other foreign assets Statistical discrepancy Allocations of special drawing rights SDEs Total sum of the items with sign reversed n m p 1982 I IV 1983 I n m rv Consists of gold special drawing rights SDRs convertible currencies and the U S position in the IMP 2 Quarterly data are not seasonally adjusted Of which Seasonal adjustment discrepancy U S official reserve assets net 1 unadjusted end of period Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 37 Contents TOTAL OUTPUT INCOME AND SPENDING Pa e Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP Personal Consumption Expenditures and Related Price Measures Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment Nonfarm Business 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 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 PRICES Producer Prices Consumer Prices Changes in Producer Prices for Finished Goods Changes in Consumer Prices Prices Received and Paid by Farmers 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 Investments 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 FEDERAL FINANCE Federal Receipts Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector National Income Accounts Basis INTERNATIONAL STATISTICS Industrial Production and Consumer Prices Major Industrial Countries U S Merchandise Exports and Imports U S International Transactions 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 For sale by the Superintendent of Documents U S Government Printing Office Washington B C 20402 Price 4 25 single copy 5 35 foreign Subscription price 25 00 per year 31 25 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

Bank Loans, Investments, and Reserves

DATE: April 1984

PART OF:

Economic Indicators : April 1984

AUTHOR:

Council of Economic Advisers (U.S.)

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Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "Bank Loans, Investments, and Reserves," in Council of Economic Advisers (U.S.) , United States. Congress. Joint Committee on the Economic Report, 1946-1956 and United States. Congress. Joint Economic Committee, 1956-. "April 1984," Economic Indicators (April 1984) : 30-30. https://fraser.stlouisfed.org/title/1/item/444/toc/281634 , accessed on December 9, 2019.

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Economic Data