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 UBRARY AUS i 1984 JULY 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 Mainef DAN C ROBERTS Executive Director COUNCIL OF ECONOMIC ADVISERS 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 TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the second quarter of 1984 gross national product rose 93 1 billion or 10 9 percent both at annual rates Real output GNP adjusted for price changes rose 7 5 percent annual rate and the implicit price deflator rose 3 2 percent annual rate Note revised series BiuiorsIS OF DOLLARS RATIO SCALE 4 000 BILLIONS OF DOLLARS RATIO 5SCALE 4 000 SEASONALLY ADJUSTED ANNUAL RATES GNP JENT DOLLARS n x E U 1 GNP IN 1972 DOLLAR l l l i I 1 1 1 I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of current dollars quarterly data at seasonally adjusted annual rates Period r 1982 r 1983 r 1982 I rr II jjjr IV r 1983 I rr II r III jyr r 1984 I II Gross national product NOTE Series revised beginning 1981 Personal consumption expenditures Gross private domestic investment Exports and imports of goods and services Government purchases of goods and services Federal Net exports l l Exports Imports Total Total National defense Non State and local Final sales defense Source Department of Commerce Bureau of Economic Analysis GROSS NATIONAL PRODUCT IN 1972 DOLLARS Billions of 1972 dollars quarterly data at seasonally adjusted annual rates Period Gross national product Gross private domestic investment Personal consumpChange tion in expendi Nonresi Residen business dential tial fixed tures fixed inventories National defense Non Final sales defense IV r I r II in Total State and local I r II r r Total IV exports Imports n r in r Exports I r r Federal Net r 1982 r 1983 r Government purchases of goods and services Exports of goods and services Source Department of Commerce Bureau of Economic Analysis NOTE Series revised beginning 1981 IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Gross private domestic investment Personal consumption expenditures Period Gross national product Total Durable goods Nondurable goods Services Nonresidential fixed Residential fixed Exports and imports of goods and services Government purchases of goods and services Federal Exports Imports Total National defense Nondefense State and local n rr I r r II r m IV r I r HP r r r I r III IV r NOTE Series revised beginning 1981 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 Constant 1972 dollars Current dollars r 1981r 1982 r I rr II IIIrr IV 1983 I rr II IIIrr IV 1984 I rp II Implicit price deflator Chain price index Fixedweighted price index 1972 weights NOTE Annual changes are from previous year and quarterly changes are from previous quarter Series revised beginning Chain price index Implicit price deflator Constant 1972 dollars Current dollars 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 Gross domestic product of nonfinancial corporate business billions of dollars Period Current dollars 1972 dollars Current dollar cost and profit per unit of output dollars Total cost and profit 2 Capital consumption allowances with capital consumption adjustment Indirect business taxes 3 Compensation of employees Corporate profits with inventory valuation and capital consumption adjustments Net interest Total Profits tax liability Profits after tax 4 Output per hour of all emplovees 1972 dollars Compensation per hour of all employees dollars r 7 998 r 8 141 r 8 209 r 8 194 r r 7 021 r 7 555 r 8 191 r 8 961 r IIIr IV r P r II r III IV r 1984 I r r 1982 r r I l Output is measured by gross domestic product of nonfinancial corporate business in 1972 dollars 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 3 Indirect business tax and nontax liability plus business transfer payments less subsidies 4 With inventory valuation and capital consumption adjustments NOTE Series revised beginning 1981 except last two columns beginning 1976 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 Compensation of employees1 National income Period Proprietors income with inventory valuation and capital consumption adjustments Farm r 1982 r 1983 r 1982 I rr nr ni r jy 1983 I r r n HIrr IV 1984 I r ILP 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 Includes employer contributions for social insurance See also p 5 Profits before tax Inventory valuation adjustment Total Capital consumption adjustment Net interest Source Department of Commerce Bureau of Economic Analysis NOTE Series revised beginning 1981 PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Nondurable goods Durable goods Period r 1982 r 1983 r 1982 I r r nr in IV r 1983 I r n rr mr IV 1984 I r p n Total personal consumption expenditures Total durable goods Motor vehicles and parts Furniture and household equipment NOTE Series revised beginning 1981 Other Total nondurable goods Food Retail sales of new passenger cars millions of units Clothing and shoes Gasoline and oil Services Other Domestics Source Department of Commerce Bureau of Economic Analysis Imports SOURCES OF PERSONAL INCOME Personal income increased 23 9 billion annual rate in June following a rise of 11 8 billion in May Wages and salaries rose 12 6 billion in June compared to a rise of 3 8 billion in May Note revised series BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RAT O SCALE TOTAL PERSONAL INCOME WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS minimi M M i l l I I I MM ill I I I I I i l l I l i I H I M ll M M I I SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period Total personal income Wage and salary disbursements l Proprietors income 3 Other labor income 1 2 Farm June r July r Auff r Sept r Oct r Nov r Dec r Jan r Feb r Mar r Apr r May r June p r 1982 r 1983 r Personal dividend income Transfer payments 5 Less Personal contributions for social insurance Nonfarm personal income Personal interest income The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements Consists of employer contributions to private pension health and welfare funds workers injury compensation directors fees and a few other minor items 3 With inventory valuation and capital consumption adjustments 4 With capital consumption adjustment Nonfarm Rental income of persons Consists mainly of social insurance benefits direct relief and veterans payments 6 Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest NOTE Series revised beginning 1981 Source Department of Commerce Bureau of Economic Analysis DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose again in the second quarter of 1984 Note revised series BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE DISPOSABLE PERSONAL INCOME PER CAPITA DISPOSABLE PERSONAL INCOME SEASONALLY ADJUSTED ANNUAL RATES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Period Personal income Less Personal tax and nontax Equals Disposable personal income Less Personal outlays l Equals Personal saving Per capita disposable personal income Current dollars 1972 dollars Billions of dollars r 1982 r 1983 r Per capita personal consumption expenditures Current dollars 1972 dollars gi Saving as percent of disposable personal income Population thousands 2 Percent Dollars Percent change in real per capita disposable personal income Seasonally adjusted annual rates 1982 I r r II r Ill r IV I rr II Ill rr IV I r II 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 NOTE Series revised beginning 1981 Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the first quarter of 1984 according to preliminary estimates gross farm income rose 14 5 billion annual rate and net farm income rose 9 2 billion Note revised series BILLIONS OF DOLLARS RATIO S CALE 200 BILLIC NS OF DOLLARS RATIO SCALE r r r GROSS FARM INCOME X i X i 20 A NET FARM IN COME A V i J I I w w I i w i i i V1 1 1 M 10 I 1 I i SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE 20 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 r 1980r rr r Ir IF IIP IVr F IF IIF IVr 1984 P 1 Cash marketing receipts and inventory changes plus Government payments other farm cash income and nonmoney income furnished by farms 2 Physical changes in end of year inventory of crop and livestock commodities valued at average prices during the year 3 Income in current dollars divided by the consumer price index Department of Labor 15 NOTE Series revised beginning 1980 Source Department of Agriculture except as noted CORPORATE PROFITS In the first quarter corporate profits before tax rose 17 8 billion annual rate and after tax profits rose 9 5 billion Note revised series BILLIONS OF DOLLARS 3201 BILLIONS OF DOLLARS 1320 SEASONALLY ADJUSTED ANNUAL RATES PROFITS BEFORE TAX PROFITS AFTER TAX TAX LIABILITY UNDISTRIBUTED PROFITS 40 I I 40 I I I I 1984 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 1 Profits after tax Domestic industries Nonfinancial Period Total Total r 1982 r 1983 r I rr nr ni r IV 1983 I rr n HIrr 1984 IV Ir UP 1 See p 4 2 Includes Financial Total for profits with inventory valuation and capital consumption adjustments rest of the world not shown separately Includes industries not shown separately Profits before tax 2 Manufacturing Wholesale and retail trade Tax liability Total Dividends NOTE Series revised beginning 1981 Source Department of Commerce Bureau of Economic Analysis Undistributed profits Inventory valuation adjustment GROSS PRIVATE DOMESTIC INVESTMENT According to preliminary estimates for the second quarter business fixed investment rose 22 4 billion annual rate and residential investment outlays rose 5 4 billion There was a 53 8 billion increase in inventories following an increase of 73 8 billion in the first quarter BILLIONS OF DOL LARS 700 BILLKDNS OF DOLLARS 700 i SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIV ME DOMESTIC INVEJ5TMENT i S iN Ar V RES DENTIAL FIXED 1 NVESTMENT x r s Vi N ONRESIDENTM Fl ED INVESTME MT 1 I 1977 I i s I CHANGE N BUSINESS INVEf MTORIES 1 T f jT I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Gross private domestic investment Period r 1982 r 1983 r Total J I r r TL r in r IV 376 2 r 1983 I r II Ill r IV r 1984 I rp n NOTE Series revised beginning Structures Producers durable equipment Change in business inventories Residential fixed investment Nonresidential fixed investment Total Nonfarm structures Farm structures Producers durable equipment Total Nonfarm Source Department of Commerce Bureau of Economic Analysis EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department April May survey business spending for new plant and equipment for the year 1984 is expected to be 14 8 percent above the 1983 level spending for 1983 was 4 8 percent below the 1982 level BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES ALL INDUSTRIES V NONMANUFACTURING Surveyed Quarterly MANUFACTURING L SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Addenda Industries surveyed quarterly Nonmanufaeturing Manufacturing Period III IV I II III IV I 4 II 4 III4 IV All industries Total Durable goods Nondurable goods Total l Mining 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 surveved quarterly See last column nonmanufaeturing surveyed annually for data for these industries 2 All industries plus the part of nonmanufacturing that is surveyed annually 3 Consists of forestry fisheries and agricultural services medical services professional services 10 Transportation Public utilities Commercial and other l Total nonfarm business Nonmanufaeturing Manufacturing Total Surveyed quarter iy Surveyed annually a social services and membership organisations and real estate 4 Planned capital expenditures as reported by business in late April and May 1984 corrected for biases NOTE For details about the reduced industry coverage of the plant and equipment survey see Survey of Current Business January 1984 Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted civilian employment rose 460 000 in June and unemployment fell MILLIONS OF PERSONS MILLIONS OF PERSONS YEARS OF AGE AND OVER COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Thousands of persons 16 years of age and over except as noted monthly data seasonally adjusted except as noted Period June July Aug Sept Oct Nov Dec 1984 Jan Feb Mar Apr May June Noninstitutional population including resident Armed Forces NSA Resident Armed T hnr fnrr p including resident Employment including resident Armed Forces Civilian labor force Nonagricultural Total Agricultural Part time for economic reasons 1 Total 15 weeks and over Labor force participation rate percent 2 NSA Forces 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 Total Total 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 fell 0 4 percentage point in June to 7 0 percent The unemployment rate for all civilian workers also fell 0 4 percentage point to 7 1 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED UNEMPIOYMENT 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 Unemployment rate all workers l Period By sex and age All civilian workers J June July Aug Sept Oct Nov Dec Jan Peb Mar Apr May June Men 20 years and over Women 20 years and over Both sexes 16 19 years Black and other White 12 Black Total Experienced wage and salary workers Married men spouse present Women who maintain families Labor force time lost percent 2 Fulltime workers Parttime workers Unemployed as percent of total labor force including resident Armed Forces Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 2 By selected groups By race Source Department of Labor Bureau of Labor Statistics SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT JISURANCE PROGRAMS In June the percentages of unemployed persons who had been out of work for less than 5 weeks and for 27 weeks and over rose and the percentages out of work for 5 14 weeks and for 15 26 weeks fell The mean duration of unemployment rose while the median fell PERCENT DISTRIBUTION PERCENT DISTRIBUTION 70 REASON FOR UNEMPLOYMENT DURATION OF UNEMPLOYMENT r 60 JOB LOSERS REENTRANTS NEW ENTRANTS SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Monthly data seasonally adjusted except as noted Duration of unemployment Period Unemployment thousands Percent distribution l Reason for unemployment percent distribution Number of weeks Less than 5 weeks 5 14 weeks 15 26 weeks 27 weeks and over Average mean Median State programs Job losers Job leavers Reentrants New entrants Insured unemployment Initial claims Insured Special unemunemployment ployment all benefit regular claims programs unad unadjust justed 3 2 ed Weekly average thousands June July Auer Sept Oct Nov Dee Jan Feb Mar Apr J May T June r c Hl Detail may not add to 100 percent because of rounding V 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 Adminis 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose 301 000 in June MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS ALL NONAGRICULTURAL ESTABLISHMENTS SERVICE PRODUCING INDUSTRIES CONSTRUCTION 30 GOODS PRODUCING INDUSTRIES 20 Ll I I SEASONALLY ADJUSTED 1 M T1 I 1982 I SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers seasonally adjusted Service producing industries Goods producing industries Period Total nonagrieultural employment Manufacturing Total 2 onC rm struction Total Durable goods Nondurable goods Total Transportation and public utilities Wholesale trade Government Finance insurance and real estate Services Retail trade Total Federal June July Aug Sept Oct Nov Dec r Apr r May June p Jan Feb Mar 1 Includes all full and part time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial disputes bad weather etc even if they are not paid for the time off and which are based on a sample 14 of the working age population whereas the estimates in this table are based on reports from employing establishments Includes mining not shown separately NOTE Seasonally adjusted data are as revised beginning January 1979 and unadjusted bj ning April 1982 in June issue of Economic Indicators Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAORICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gross hourly earnings Average weekly hours Manufacturing Total private nonagrieultural Period June July Ausr Sept Get Nov Dec 1984 Jan Feb Mar Apr r May 7 June p Total Overtime Total private nonagricultural l Manufacturing Adjusted hourly earnings index total private nonagricultural 2 Ind ex Current dollars Current dollars 1977 dollars Percent change 4from a year earlier s 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 5 Average gross weekly earnings Period Current dollars June July Aufi Sept Oct Nov Dec 1984 Jan Feb Mar Apr r May r June p 1 Manufacturing Total private nonagricultural Retail trade Current dollars 1977 dollars 3 1977 dollars Current dollars Also includes other private industry groups shown on p 14 r n u s r y employment shifts and for overtime in i manufacturing or vr n Adjusted for interindustry empoymen s Current dollar index or earnings divided by the consumer price index on a base Revised index for urban wage earners and clerical workers used beginning 1978 4 Monthly changes based on indexes to two decimal places 2 Construction Based on unadjusted data NOTE Seasonally adjusted data are as revised beginning January 1979 and unadjusted beginning April 1982 in June issue of Economic Indicators 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 Output 1 Business sector Hours of all persons 2 Nonfarm business sector Business sector Compensation per hour 3 Nonfarm business sector Business sector Nonfarm business sector Unit labor cost Real compensation per hour 4 Business sector Nonfarm business sector Implicit price deflator 5 Business sector Nonfarm business sector Business sector Nonfarm business sector quarterly data seasonally adjusted r r 1976 r 1977 r 1978 r 1979 r r r 1982 r r Ir II r r in I r II r HI r IY r Ir HP r 1972 r 1973 r 1974 r IV r Percent change quarterly data at seasonally adjusted annual rates r 1977 r 1978 r 1979 r r 1981 r 1982 r 1983 r I r II r Ill r IV r g I r II r IIIr IV r I r II Output refers to gross domestic product originating in the sector in 1972 dollars 2 Hours of all persons engaged in the sector including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 3 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the selfemployed 4 Hourly compensation divided by the consumer price index for all urban consumers 16 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 Series revised Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 0 5 percent in June following an increase of 0 4 percent in May The index for June was 11 7 percent above its year earlier level INDEX RATIO SCALE INDEX RATIO SCALE TOTAL INDUSTRIAL PRODUCTION 180 UTILITIES AND MINING PRODUCTION yK UTILITIES MINING MANUFACTURING PRODUCTK3N N T A DURABLE 120 Minium A s MANUFACTURING CAPACITY UTILIZATION RATE r S 70 iimliiiii ilMlllilii 1983 l l M i l i l l l i illllllllll PERCENT s y V 140 NONDURABl E i mnlnm mnlnm I l l l l l l l l l l 1980 imilimi 1981 iiiiiiiuii Illllllllll Illllllllll SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Period Index proportion June July AufiT Sept Get Nov Dec 1984 Jan Feb Mar r Apr T May r June p 1 Output as percent of capacity Manufacturing Percent change from year earlier Capacity utilization rate percent Federal Reserve series Industry production indexes Total industrial production Mining Durable Total Utilities Nondurable Manufacturing Industrial materials Source Board of Governors of the Federal Reserve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Products Final products Period Total Total 1967 proportion June July Aug Sept Oct Nov Dec 1984 Jan Feb Mar r Apr r May r June p Intermediate products Consumer goods Durable goods Equipment Nondurable goods Total Business Defense and space equipment Total Construction supplies Materials Business supplies Supplementary group Energy total monthly data seasonally adjusted Nondurable manufactures Durable manufactures Transportation equipment Primary metals Period Total 1967 proportion June July AllfiT Sept Oct Nov Dec 1984 Jan Feb Mar r Apr r May r June p Iron and steel Source Board of Governors of the Federal Reserve System 18 Fabricated metal products Nonelectrical machinery Electrical machinery Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods a t NEW CONSTRUCTION Monthly data seasonally adjusted Construction contracts 2 Private Period Total new construction expenditures Residential Total Commercial and industrial New housing units Total 1 Other Federal State and local Total value index Commercial and industrial floor space millions of square feet Billions of dollars r r r Annual rates May r June r July r Aug r Sept r Oct r Nov r Dee r Jan r Feb r Mar r Apr r May P June 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 r NOTE Series on new construction expenditures revised beginning 1981 Sources Department of Commerce Bureau of the Census and McGraw Hill Information J 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 or more units Units authorized Units completed Homes sold Homes for sale at end of period 1 Vacancy rate for rental housing units percent Seasonally adjusted annual rates 1983 June July Auff Sept Oct Nov Dec 1984 Jan Feb r Mar r Apr r May r June p 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 1973 77 are for 14 000 places Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES Manufacturing and Trade Manufacturing and trade sales rose 1 6 percent in May and inventories rose 4 9 billion According to advance data retail sales rose 0 8 percent in June following an increase of 0 5 percent in May BILLIONS OF DOLLARS RATIO SCALE r BILLIONS OF DOLLARS RATIO SCALE lou KtIA L INVENTOR ES S MANlJFACTUR1NG AND TRAI E INVENTO IES S x t T 80 MAf UFACTURIh A ANC TRADE SALES DETAIL SALE Ilililliill Illllllllll I l l l l l l l l l l I l l l l l l l l l l Ilililliill RATIO INVENTORY SALES RATIO MANUFACTURING AND TRADE 1 60 iiiiiiiiiii 100 iimlmii liiillilll 1983 llliillllll I l l l l l l l l l l SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Manufacturing and trade l COUNCIL OF ECONOMIC ADVISERS Wholesale Sales Inventories 3 Inventories 3 Sales 2 Period 2 Inventory sales ratio 4 Retail Sales 2 Inventories 3 Total Durable goods stores Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade l Retail Millions of dollars seasonally adjusted May June July AllfiT Sept Oct Nov Dec 1984 Jan Feb Mar Apr 7 May p Jime p r r See page 21 for manufacturing Monthly average for year and total for month Book value end of period seasonally adjusted 20 4 For annual periods ratio of weighted average inventories to avera 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 June manufacturers shipments inventories and unfilled orders rose and new orders fell BILLIONS OF DOLLARS RATIO SCALE 240 BILLIONS OF DOLLARS RATIO SCALE INVENTORIES SHIPMENTS 160 TOTAL 240 TOTAL 120 DURABLE GOODS V DURABLE GOODS 80 NONDURABLE GOODS BILLIONS OF DOLLARS RATIO SCALE NEW ORDERS 40 l i l l i l l i l l l i M I M i l i l l l l 160 TOTAL 120 NONDURABLE GOODS RATIO 2 2 INVENTORY SHIPMENTS RATIO DURABLE GOODS NONDURABLE GOODS imihmi SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE 1983 Manufacturers shipments 1 Manufacturers new orders 1 Manufacturers inventories 2 Durable goods Period Total Durable goods 1984 COUNCIL OF ECONOMIC ADVISERS Nondurable goods Durable goods Total Nondurable goods Total Total Capital goods industries nondefense Nondurable goods Manufacturers unfilled orders 8 Manufacturers inventory L shipments ratio 4 Millions of dollars seasonally adjusted May June July J Auff Sept Get Nov Dec Jan Feb Mar Apr May June p r r r Monthly average for year and total for month Shipments are the same as sales Book value end of period End of period 4 For annual periods ratio of weighted average inventories to average monthly shipments for monthly data ratio of inventories at end of month to shipments for month Source Department of Commerce Bureau of the Census 21 PRICES PRODUCER PRICES In June the producer price index for all finished goods was unchanged seasonally adjusted Prices of finished consumer foods fell 0 6 percent and prices of other finished consumer goods rose 0 2 percent Prices of capital equipment were unchanged INDEX 1967 TOO RATIO SCALE INDEX RATIO SCALE 320 OkllCLJCnk r r r T C SEASONALLY ADJUSTED FINISHED GOODS t s sS asi 2 ZZ r Z S CAPITAL E 3UIPMENT f J TOTAL FINISHED GOODS CONSUMER GOODS EXCLUDING ruuuo CONSUMER FC ODS S s J S y 1 v s M l i l l l l l l l Illllllllll H M i l l mi i i 1 1 ll i 1 1 I 1 1 i I l l l l l l l l l l M l l i h l l l i M l i l l l l l l l SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS monthly data seasonally adjusted Finished goods Period June July AufiT Sept Oct Nov Dec 1984 Jan Feb r Mar Apr May June 1 Total finished goods Con sumer foods Total Intermediate materials for food manufacturing and feeds 22 Intermediate materials Finished goods excluding consumer foods Consumer goods Total Durable Nondurable Capital equipment Total finished Crude materials Foods Foodstuffs con Total sumer goods and Other Total feeds 1 Source Department of Labor Bureau of Labor Statistics and Other feedstuffs CONSUMER PRICES In June the consumer price index for all urban consumers rose 0 2 percent seasonally adjusted 0 3 percent not seasonally adjusted The index was 4 2 percent above its level in June 1983 INDEX RATIO SCALE 320 INDEX RATIO SCALE ALL ITEMS Mill Ll SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF LABOR 1984 COUNCIL OF ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted Housing Transportation Shelter Period All items l Total l Total Renters costs 2 NSA Rel imp June July Aug Sept Oct Nov Dec 1984 Jan Feb Mar Apr May June Includes items not shown separately 2 December Includes direct pricing of diesel and gasohol Homeowners costs 2 Apparel and upkeep Energy 4 NSA nance and repairs 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 Fuel and other utilities Mainte NSA Food All items less food Medical Total l New cars Motor fuel 3 care energy and shelter NOTE NSA indicates data are not seasonally adjusted Data beginning 1978 are for all urban consumers earlier data are for urban wage earners and clerical workers Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparable with figures for earlier periods Source Department of Labor Bureau of Labor Statistics 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Percent change from preceding period monthly datt 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 Capital equipment Total finished goods Excluding foods Foods Total finished goods Excluding foods Poods Capital equipment Total finished Excluding foods Foods goods Capital equipment Change from year earlier total finished goods NSA Change Dec to Dec NSA June July Change month to month Aug Sept Oct Nov Dec 1984 Jan Feb r Mar r Apr May r June r j 2 A o NOTE NSA indicates data are not seasonally adjusted Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES Percent change from preceding period monthly data seasonally adjusted except as noted Housing Period All items 1 Food Total l Total Homeowners costs Renters costs Addendum All items percent change annual rate Transportation Shelter Fuel and other utilities Apparel and upkeep Total 1 New cars Motor fuel 2 Medical care Ener gy 3 All items less food energy and shelter 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 June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June i Includes 2 Includes 3 items not shown separately 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 NOTE NSA indicates data are not seasonally adjusted 24 Data beginning January 1978 are for all urban consumers earlier data are for urban wage earners and clerical workers Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparable with data for earlier periods Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 0 7 percent in July and prices paid by farmers were unchanged INDEX RATIO SCALE INDEX RATIO SCALE iOU PRICES PAID x 140 r V x A f 7 J V a s PRICE S RECEIVED r r N I l l l l l l l l l i I M I l l l l M I Ml M l MM 60 RA TIO I M l l f l H H I l l l l l l l l l i I l l l l l l l l l i I l i l l l l i l l l I l l l l l l l l l i RATHDiy 140 DATIO l llillill 1976 l l l l l l i lM l I M I l l l l M I I M I l l l l M I r iiiiiiiiin j HO Ilillllilll M M I M I M I Illlillllll M M I I I M M 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 July AllfiT Sept Oct Nov Dec 1984 Jan Feb Mar Apr May June July All farm products All commodities services interest taxes and wage rates 1 Production items interest taxes and wage rates r r r Livestock and products Crops r r 27 r r Includes items not shown separately 2 Percentage ratio of index of prices received by farmers to index of prices paid interest taxes and wage rates NOTE The official indexes are published on a 1910 14 base as required by law The indexes r Production items Ratio have been converted to a base to facilitate comparison with other indexes Series revised Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK LIQUID ASSETS AND DEBT MEASURES Growth in the monetary aggregates slowed in June BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RAT10 SCALE AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Averages of daily figures except as noted billions of dollars seasonally adjusted Period Dec Dec Dec Dec Dec Dec Dec Dec r June July J Aug Sept Oct r Nov r Decr 1984 Jan r Feb r Mar r Apr r May r June p Ml M2 M3 Sum of currency demand deposits travelers checks and other checkable deposits OCDs Ml plus overnight RPs and Eurodollars MMMF balances general purpose and broker dealer MMDAs and savings and small time deposits M2 plus large time deposits term RPs term Eurodollars and institution only MMMF balances 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 now being seasonally adjusted as a whole to reduce 26 L M3 plus other liquid assets Debt Debt of domestic nonfinancial sectors monthly average r 4 301 7 r r 4 931 3 r 4 983 9 r 5 025 0 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 MS See p 27 for components Source Board of Governors of the Federal Reserve System COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted Period Demand deposits Currency Other checkable deposits OCDs Overnight repurchase agreements RPs net plus overnight Eurodollars NSA 1976 Dec Dec Dec Dec Dec Dec Dec Dec June July Aug Sept Oct Nov Dec 1984 Jan Feb Mar Apr r May r June p Money market mutual fund balances General purpose and broker dealer NSA Institution only NSA Small denomination time deposits l Large denomination time deposits l NSA Term repurchase agreements RPs Term Eurodollars net NSA Savings deposits NSA Savings bonds Shortterm Treasury securities Bankers acceptances Commercial paper r B r 86 6 r 91 7 r r Money market deposit accounts MMDAs 1 Small denomination and large denomination deposits are those issued in amounts of less than and more than respectively NOTE See note p r r r Travelers checks are a component of money stock but are not shown here NSA indicates data are not seasonally adjusted Source Board of Governors of the Federal Reserve System CONSUMER INSTALLMENT CREDIT Millions of dollars seasonally adjusted Installment credit outstanding end of period Period Dec Dec Dec Dec Dec Dec Dec Dec May June July AufiT Sept Oct Nov Dec Jan Feb Mar Apr May Mobile home Automobile Revolving Other Revolving For year end data change from preceding year end for monthly data change from preceding month Net change in installment credit outstanding Automobile Total Mobile home Total Other Source Board of Governors of the Federal Reserve System 27 BANK LOANS AND INVESTMENTS AND RESERVES Growth in commercial and industrial loans slowed in June 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 llh 11 j I ll j II i iiiiililll 1977 l i i i l l l l i l l l i l i l l l i l l i I 11 i 11 I i I I M i l l SEASONALLY ADJUSTED AVERAGES OF WEDNESDAY FIGURES COUNCIL OF ECONOMIC ADVISERS SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Billions of dollars seasonally adjusted except as noted Depository institutions 3 All commercial banks 1 Loans and leases Period Dec Dec Dec Dec Dec Dec Dec Dec r Total loans and investments AufiT Sept Oct Nov Dec r 1 2 3 Commercial and industrial loans U S Treasury securities Other securities Total Nonborrowed Eequired Total Seasonal June July 1984 Jan Feb r Mar r Apr r May r June p Total 2 Borrowings millions of dollars unadjusted Reserves adjusted for changes in reserve requirements Investments Data are averages of Wednesday figures Excludes loans to commercial banks in the United States Data are averages of daily figures 28 NOTE Beginning Dec 1981 bank loans and investments and reserves aggregates have been reduced because of shifts from U S banking offices to International Banking Facilities IBFs Source Board of Governors of the Federal Reserve System SOURCES AND USES OF FUNDS NONFARM NONFINANCIAL CORPORATE BUSINESS Billions of dollars quarterly data at seasonally adjusted annual rates Sources Uses External Period Total Internal Credit market funds 1 Securities Total mortgages Total I H m IV 1983 I n TTT IV 1984 Ip Loans and short term paper and 1 Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits dividends and subsidiaries earnings retained abroad 2 Consists of tax liabilities trade debt and direct foreign investment in the U S Total Other Capital expenditures Increase in financial assets Discrepancy sources less uses Plant and equipment residential structures inventory investment and mineral rights from U S Government 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 SEC series QFR FRB series p 1982 I n ni IV 1983 I n m rv p 1 Cash U S Government securities Net Notes and accounts receivable 3 Total Notes and accounts payable Other current liabilities 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 SIC series not available after 1974 See Federal Reserve Bulletin July 1978 for details regarding the series Sources Board of Governors of the Federal Reserve System Department of Commerce Bureau of the Census Federal Trade Commission and Securities and Exchange Commission 29 INTEREST RATES AND BOND YIELDS Longer term interest rates fell in July PERCENT PER ANNUM COUNCIL OF ECONOMIC ADVISERS SOURCE SEE TABLE BEIOW Percent per annum U S Treasury security yields Period Constant maturities 3 year 2 10 year High grade municipal bonds Standard3 Poor s Corporate Aaa bonds Moody s July Sept Oct Nov Dec Jan Feb Mar Apr May June r July r Week ended 1984 June 23 30 July Aug Prime commercial paper 6 months Discount rate N Y F R Bank Open close Aufif 1984 Prime rate charged 5by banks New home mortgage yields FHLBB Open close r i 1 Rate on new issues within period bank discount basis Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department 3 Weekly data are Wednesday figures 4 Bank discount basis Prior to November data are for 4 6 months paper 5 Average effective rate for year opening and closing rate for month and week 2 30 6 Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Rates beginning January 1973 not strict y comparable with prior rates Sources Department of the Treasury Board of Governors of the Federal Reserve System Feder Mood v s Investors Service and Standard Poor s Corporation al Home Loan Bank Board COMMON STOCK PRICES AND YIELDS Stock prices fell in July INDEX DEC INDEX DEC COMPOSITE STOCK PRICE INDEX JNYSE PERCENT 20 i PERCENT 20 EARNINGS PRICE RATIO ON COMMON STOCKS S P SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION COUNCIL OF ECONOMIC ADVISERS Common stock prices l Period Composite July Ausr Sept Oct Nov Dec 1984 Jan Feb Mar Apr May June r July Week ended 1984 June 30 July Industrial Transportation 3 4 Finance Utility Dow Jones industrial average 3 Standard Poor s composite index Dividendprice ratio Earningsprice ratio Average of dailv 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 2 Common stock yields percent 5 New York Stock Exchange indexes I ec D r r 8 51 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 9 months of fiscal year 1984 there was a budget deficit of 142 2 billion compared to a budget deficit of 158 4 billion a year earlier BILLIONS OF DOLLARS BILLiONS OF DOLLARS BUDGET SURPLUS OR DEFICIT TOO i 1980 I FISCAL YEARS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars j Period 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 Fiscal year or period Transition quarter estimates 1 1985 estimates Cumulative total first 9 months Fiscal vear 1983 Fiscal year Estimates from Current Budget Estimates April Sources Department of the Treasury and Office of Management and Budget FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 9 months of fiscal year 1984 budget receipts were 47 8 billion higher than a year earlier and budget outlays were 31 6 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS sseZZZZZZ CORPORATION INCOME TAXES rVTUCD DC CIDTC 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 9 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 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 1984 according to current estimates Federal receipts rose 31 4 billion annual rate and expenditures rose 12 1 billion In the second quarter expenditures rose 19 3 billion receipts data are incomplete Note revised series 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 expenditures Federal Government receipts Period Total Personal tax and nontax receipts Fiscal year r r r Calendar year r r r I r 622 9 Hr 625 9 r 609 9 r 608 3 IV 1983 I rr II r 640 2 r IV I rp m m n NOTE Series revised beginning Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance Total Purchases of goods and services Transfer payments Grantsin aid to State and local governments Net interest paid Subsidies less current surplus of Government enterprises Less Wage accruals less disbursements Surplus or deficit national income and product accounts Sources Department of Commerce Bureau of Economic Analysis Department of the Treasury and Office of Management and Budget INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industrial production seasonally adjusted Period United States JuneJuly Augr Sept Oct Nov Dec 1984 Jan Peb Mar Apr p May June p Japan r 162 2 r Canada r 165 9 r r 157 0 r 158 0 r 160 5 r 163 3 r r 169 0 r 170 2 r 165 5 r r France Germany r r Beginning January 1978 data relate to all urban consumers Consumer prices unadjusted United Kingdom Italy United States l r 119 6 r 21 7 r 125 6 r 123 0 r 126 1 r 126 1 r 127 0 r 127 7 r r 128 5 r 128 0 r Canada Japan Prance Germany r r 202 9 r 203 6 r 204 3 r 204 9 r 204 9 r 205 2 r 205 7 r 206 6 r 207 1 r 207 3 r r r r r r United Kingdom Italy Source National sources as reported by Department of Commerce International Trade Administration Office of Trade and Industry Information Trade Statistics Division in International Economic Indicators U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data seasonally adjusted Merchandise exports 1 Total domestic and foreign exports Period Total 2 Food beverages and tobacco Crude materials and fuels Merchandise trade balance Merchandise imports General imports 3 Domestic exports Manufactured goods Exports f a s less imports customs value Exports f a s less imports f a s Exports f a s less imports c i f Food beverages and tobacco Total 2 Crude materials and fuels Manufactured goods Total c i f value F a s value Monthly average Customs value June July Aug Sept Oct Nov Dec 1984 Jan Feb Mar Apr May June r r r r 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 r Data beginning 1980 include trade of the U S Virgin Islands except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade balance Data for 1975 79 for domestic and foreign exports combined total general imports and trade balance include trade of the Virgin Islands Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the first quarter the current account deficit increased to a record 19 4 billion from 17 2 billion in the fourth quarter of 1983 The increase in the deficit was more than accounted for by a rise in the merchandise trade deficit to 25 6 billion from 19 4 billion in the fourth quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted Credits debits Merchandise Period 2 Investment income 3 Net military transactions Net travel and transportation receipts Other services net 3 Balance on goods Remittances pensions and other unilateral transfers 1 Balance on current account Exports Imports Net balance o I II Ill IV I p I II in IV 1 Receipts Payments Excludes military grants Adjusted from Census data for differences in timing and coverage Fees and royalties from U S direct investments abroad or from foreign direct investments in the United States are excluded from investment income and included in other services net Net and services NOTE Data are as revised beginning 1980 in June issue of Economic Indicators 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 0 3 billion in the first quarter compared with an 8 2 billion increase in the fourth quarter of 1983 Liabilities to foreigners and international financial institutions reported by U S banks including U S Treasury securities increased 11 3 billion compared with a 24 0 billion increase in the fourth quarter BILL ONS OF DOLLARS BILLIONS OF DOLLA RS CHANGE IN FOREIGN ASSETS IN THE U S NET 40 l I A 20 L 0 OA 1 I I i jVA V V t A A Y c HANGE IN u S ASSETS f 20 S l l I I 1 l t 0 AtSROAD NET 1 1 I v y s l I I 1 1 t 40 i I i 1983 i i i SEASONALLY ADJUS FED SOURCE DEPARTMEN f OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad net increase capitiil outflow Period U S Total official reserve assets 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 SDKs Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy U S official reserve assets net 1 unadjusted end of period I II Ill IV I II Ill IV lp 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 NOTE Data are as revised beginning 1980 in June issue of Economic Indicators 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 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP Personal Consumption Expenditures and Related Price Measures Nonfmancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment 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: July 1984

PART OF:

Economic Indicators : July 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-. "July 1984," Economic Indicators (July 1984) : 30-30. https://fraser.stlouisfed.org/title/1/item/453/toc/219429 , accessed on December 12, 2019.

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Economic Data