Nonagricultural Employment

Name: Nonagricultural Employment
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. 99th Congress 2d Session Economic Indicators APRIL 1986 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 DAVID R OBEY Wisconsin Chairman JAMES ABDNOR South Dakota Vice Chairman HOUSE OF REPRESENTATIVES LEE H HAMILTON Indiana PARREN J MITCHELL Maryland AUGUSTUS F HAWKINS California JAMES H SCHEUER New York FORTNEY H PETE STARK California CHALMERS P WYLIE Ohio DAN LUNGREN California OLYMPIA J SNOWE Maine BOBBI FIEDLER California SENATE WILLIAM V ROTH JR Delaware STEVEN D SYMMS Idaho MACK MATTINGLY Georgia ALFONSE M D AMATO New York PETE WILSON California LLOYD BENTSEN Texas WILLIAM PROXMIRE Wisconsin EDWARD M KENNEDY Massachusetts PAUL S SARBANES Maryland SCOTT LILLY Executive Director ROBERT J TOSTERUD Deputy Director COUNCIL OF ECONOMIC ADVISERS BERYL W SPRINKEL Chairman THOMAS G MOORE Member PUBLIC LAW 120 SlsT CONGRESS CHAPTER 237 IST SESSION JOINT RESOLUTION S J Res 55 To print the monthly publication entitled Economic Indicators Resolved by the Senate and House of Representatives of the United States of America in Congress assembled That the Joint Economic Committee be authorized to issue a monthly publication entitled Economic Indicators and that a sufficient quantity be printed to furnish one copy to each Member of Congress the Secretary and the Sergeant at Arms of the Senate the Clerk Sergeant at Arms and Doorkeeper of the House of Representatives two copies to the libraries of the Senate and House and the Congressional Library seven hundred copies to the Joint Economic Committee and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries and that the Superintendent of Documents be authorized to have copies printed for sale to the public Approved June Charts drawn by Art Production Branch Office of the Secretary Department of Commerce Economic Indicators published monthly is available at 2 50 a single copy 3 13 foreign or by subscription at 27 00 per year 33 75 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimtes for the first quarter current dollar gross national product GNP rose 5 8 percent annual rate or 57 4 billion Real GNP GNP adjusted for price changes rose 3 2 percent and the implicit price deflator rose 2 5 percent BILLIONS OF DOLLARS RATIO SCALE 4 400 BILLIONS OF DOLLARS RATIO SCALE 4 400 SEASONALLY ADJUSTED ANNUAL RATES GNP IN CURRENT DOLLARS GNP IN 1982 DOLLARS I 1 600 I 1978 I I 1 I 1979 I 1980 I 1981 I I I I I I 1984 I I 1985 SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of current dollars quarterly data at seasonally adjusted annual rates Personal consumption expenditures Gross private domestic investment m I I Period Gross national product Exports iuid imports of goods tmd services Government purch ases of goocIs and senices Federal Net exports Total and Exports Imports I n in rv I rv n ni IV n ni rv Source Department of Commerce Bureau of Economic Analysis 4 1 National defense Nondefense GROSS NATIONAL PRODUCT IN 1982 DOLLARS Billions of 1982 dollars quarterly data at seasonally adjusted annual rates Period Gross national product Personal consumption expenditures Gross privat e dome stic invest nent Goverm nent purcb ases of gooc s and senaces Ex orts of go ods a nd service Nonresidential fixed Residential fixed Change in business invento Federal Net exports Exports Imports Total Total National Nondefense State and local Final sales HI IV I I I n m rv I n m rv n m rv Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Gross j rivate domestic iiivestment Personal c onsumption expen ditures Period national product Total Durable goods Nondurable goods Services Nonresidential Exports an imports of goods am1 services Gove nment pure lases of goo ds and sennces Federal Residential fixed Exports Imports Total National defense Nondefense State and local III IV I I I n m rv I n m rv n m IV Source Department of Commerce Bureau of Economic Analysis CHANGES IN GNP PERSONAL CONSUMPTION EXPENDITURES AND RELATED PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted annual rates Ore ss national pro duct Period Constant 1982 dollars Current dollars III IV I 1984 IV I n m n m rv 1985 I 1986 IV I n m Implicit price deflator NOTE Annual changes are from previous year and quarterly changes are from previous quarter Personal consumption ej penditures Chain price index Fixedweighted price index 1982 W3ights C C 6 3 C H O C C C 4 0 C 4 1 C 5 2 C 4 4 3 8 C 3 4 3 5 C C C C C S C Implicit price deflator Constant 1982 dollars Current dollars Chain price index Fixedweighted price index 1982 weights C C C Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Curren i dollar cos and profit per unit o output do liars Gross c omestic produ ct of nonfin ancial corporate business billions o f dollars Period Current dollars 1982 dollars Total cost and profit 2 Capital consumption allowances with capital consump Corpt rate profits with inventory valuation and capital consultiption adjus tments Indirect business taxes 3 Compensation of employees Net interest Total Profits tax Profits after Output per hour of all employees 1982 dollars Compensation per hour of all employees dollars adjustment HI IV 383 I n m rv 984 I II Ill IV 1985 I n mr TV r r Output is measured by gross domestic product of nonfinancial corporate business in 1982 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 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 employ Proprietor s income with in ventory valuation tind capital consurnption adjust ments Farm m IV 1983 I HI IV 1984 I n m IV I n in r rv 1986 I 1 Corpora e profits wit i inventory valuation anc capital consunnption adjust ments Profits wi th inventory valuation adjustmer t and witho it capital consu oiption adjus tment tion adjustment Nonfarm n 1985 Rental income of persons with capital Net interest Profits before tax Inventory valuation adjustment Includes employer contributions for social insurance See also p 5 Capital consumption men Source Department of Commerce Bureau of Economic Analysis PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Ketail ales of new pa ssenger cars mi lions of un ts Non durable gc ods Durable goods rp i 1 personal Motor Furniture and household equipment sumption expendi Total durable goods Ill IV 1985 I II Ill IV I p Period III IV 1983 I n Ill IV 1984 I n Source Department of Commerce Bureau of Economic Analysis cles and parts Other nondurable Clothing and shoes Gasoline and oil Food 146 4 Other Domestics Imports SOURCES OF PERSONAL INCOME Personal income rose 5 9 billion annual rate in March following a rise of 14 1 billion in February The slowdown in March was due to subsidy payments to farmers which declined in March following an increase in February Excluding these subsidy payments personal income rose 11 8 billion in March and 7 8 billion in February BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE WAGE AND SALARY DISBURSEMENTS OTHER INCOME f Illllilllll TRANSFER PAYMENTS SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE 1986 COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Period Total personal income age and disbursements Proprietors income 3 income l z Farm Nonfarm Rental income of persons 4 Personal dividend income Mar Apr May June July Aug Sept Oct Nov Dec Jan r Feb Mar 1 The total of wage and salary disbursements and other labor income differs from compensation of employees see p 4 in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements Consists of employer contributions to private pension health and welfare funds workers injury compensation directors fees and a few other minor items 3 With inventory valuation and capital consumption adjustments Personal interest income Transfer payments 5 Less Personal contributions for social insurance Nonfarm personal income With capital consumption adjustment Consists mainly of social insurance benefits direct relief and veterans payments Personal income exclusive of farm proprietors income farm wages farm other labor income and agricultural net interest 5 6 Source Department of Commerce Bureau of Economic Analysis DISPOSITION OF PERSONAL INCOME Real per capita disposable personal income rose again in the first quarter BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF COMMERCE Period Personal income Less Personal tax and nontax Equals Disposable personal income COUNCIL OF ECONOMIC ADVISERS Less Personal outlays Equals Personal saving Pere apita disposable personal inc me Current dollars 1982 dollars Billions of dol ars Per capitii personal consulnption expen iitures Current dollars 1982 dollars Do lars change in real per capita disposable Saving as percent of disposable personal income Population including Armed Forces abroad thousands z Per cent Seas jnally adju sted annual rates 1982 m IV I n m IV I n m IV 1984 I n m IV 1985 I 1 Includes personal consumption expenditures interest paid by consumers to business and personai transfer payments to foreigners net 2 Annual data are averages of quarterly data which are averages for the period Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the fourth quarter of 1985 according to preliminary estimates gross farm income rose 27 8 billion annual rate and net farm income rose 30 0 billion BILLIC NS OF DOLLA S RATIO SC ALE BILL ONS OF DOLL VRS RATIO S CALE VI GRO SS FARM INCOME x 160 fin 80 60 f f N ET FARM INCC ME 40 J X s X v S I N V f 40 I i N f f 20 I f I t 1 J M M I I1 I 1I I l i COUNCIL OF ECONOMIC ADVISERS SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMEN T OF AGRICULTURE Billions of dollars quarterly data at seasonally adjusted annual rates In come of farm ope rators from farmi S jross farm ineom Net farrr income Cas h marketing rece pts Total 1 Total r HI 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 1982 dollars I 1985 I r r Current dollars I II Ill IV Ill IV Production expenses n Value of inventory changes n Crops Livestock and products Income in current dollars divided by the GNP implicit price deflator NOTE Data include net Commodity Corporation loans and operator households Sources Department of Agriculture and Department of Commerce CORPORATE PROFITS In the fourth quarter of 1985 according to revised estimates corporate profits before tax rose 5 2 billion annual rate and after tax profits rose 5 6 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES TAX LIABILITY UNDISTRIBUTED PROFITS 1 1 1 I I I I I I I 1982 I I I 1 I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Pr fits Profits after ta X before t ax with inve ntory valuati on adjustmen t Doinestic indust ies Total 2 Total r 1982 III IV I n in IV 1984 I II m IV 1985 I n mT IV I i Profits before tax Nonfinaneial Period Financial Total See p 4 for profits with inventory valuation and capital consumption adjustments Includes rest of the world not shown separately turing Tax liability Total Dividends Undistributed profits valuation adjustment retail trade Includes industries not shown separately Source DeDartment of Commerce Bureau of Eeonoi gg GROSS PRIVATE DOMESTIC INVESTMENT According to preliminary estimates for the first quarter business fixed investment fell 12 9 billion annual rate from its fourth quarter level while residential investment outlays rose 6 2 billion There was a 29 7 billion increase in inventories following a decrease of 4 3 billion in the fourth quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS SOURCE DEPARTMENT OF COMMERCE 1986 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates 1 ixed investmen t private investment Change iii business mven ones Nonresidential Total Total Structures Producers durable equipment Residential Total Nonfarm A UI IV I m IV 1983 I n m IV 1984 I n m IV 1985 I n Source Department of Commerce Bureau of Economic Analysis EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department January March 1986 survey business spending for new plant and equipment for the year 1986 is expected to be 2 3 percent above the 1985 level Spending in 1985 was 9 0 percent above the 1984 level BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE SEASONALLY ADJUSTED ANNUAL RATES ALL INDUSTRIES r NONMANUFACTURING 1 MANUFACTURING I I I I I I PURVEYED QUARTERLY i SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE 1986 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Industries surveyed quarterly All industries Total I II Ill IV I II Ill IV 1986 I 4 II4 2nd h a l f 4 Period Total nonfarm business 2 Non manufactu ring Surveyed quarterly Nondurable goods Total Mining Transportation Public utilities Commercial and other Durable goods 1 Excludes forestry fisheries and agricultural services medical services professional services social services and membership organizations and real estate which effective with the April May 1984 survey arc no longer surveyed quarterly See last column nomanufacturing surveyed annually for data for these industries 2 All industries plus the part of noiunaiiufacturing that is surveyed annually 10 Addenda Nor manufaotui ing M mufacturh g Manufacturing Source Department of Commerce Bureau of Economic Analysis Total Surveyed annually s EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE In March seasonally adjusted civilian employment rose 227 000 and unemployment fell MILLIONS OF PERSONS MILLIONS OF PERSONS SfASONAUY ADJUS EC r x lf 3x X v r CIV ILIAN LABOR FORCE XI r S CIVILIAN EMPLOYMENT x iniilnm L NEMPLOYMEN T r Illllllllll 1978 i i i n h n i i i i i l l l l l H I l l l l l l l l l l Illllllllll Illllllllll X r A I YEARS OF AGE A ND OVER SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of persons 16 years of age and over except as noted monthly data seasonally adjusted except as noted by NSA Period Noninstitutional population including resident Armed Forces Civilian ernployment Resi 1 h Armed or Iprce including resident NSA Forces Q U Employment including resident Armed Forces Civilian labor force Mar Apr May June July Aug Sept Oct Nov Dec 1986 Jan Feb Mar Persons at work Economic reasons include slack work material shortages inability to find fulltime work etc 2 Labor force as percent of noninstitiitional population both including resident Armed forces 3 Civilian labor force as percent of civilian noninstitutional population Labor force partici ation rate pe rcent 15 Total Agricultural Part time Total NSA Unempk yment Nonagricultural for Total and over economic reasons weeks Total 2 Civil ian Data beginning January 1986 not strictly comparable with i irlier data because of change in estimation procedures Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In March the seasonally adjusted overall unemployment rate fell slightly to 7 1 percent and the civilian unemployment rate fell to 7 2 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED 25 V TEENAGERS WOME N 20 YEARS AND OVER MEN 20 YEARS AND OVER Illllllllll Illllllllll I l l l l l l l l l l Illllllllll UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Monthly data seasonally adjusted Unemp oyment ra te percen t of civilian labor force in group Mar Apr May June July Aug Sept Oct Nov Dec 1986 Jan Feb Mar All civilian workers Period Unemployment rate all workers By sex and age Men 20 years and over Women 20 years and over Both sexes 16 19 years White Black and other Black Experienced wage and salary workers Married men spouse present 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 12 By selected grou S By race Women who maintain families Fulltime workers Parttime workers Labor force time lost percent 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 while the percentages out of work for 15 26 weeks and for 27 weeks and over fell The mean and the median duration of unemployment fell PERCENT DISTRIBUTION PERCENT DISTRIBUTION DURATION OF UNEMPLOYMENT REASO M FOR UNEMPLOYMEI JT A v A X X1 t V VA V JOB LOSERS LESS THAN 5 WEEKS v 5 14 WEEKS N REENTRANTS WEEKS AND OVER 20 W Sv h EW ENTRAN s v v 1982 Illllllllll 1983 Illllllllll Illllllllll JOB LEAVER Illllllllll Illllllllll x c X x WEEKS Illllllllll Illllllllll Illllllllll Illllllllll SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted He ison for anemployment percent distributi m Dur ation of i nemplo onent Period Unemployment thousands I ercent d stributioii Stat e progra ms Numb er of ks Less than 5 weeks 5 14 weeks 15 26 weeks 27 weeks and over Average mean Medi Job losers Mar Apr May June July Aug Sept Get Nov Dec Jan Feb Mar Job leavers Insured unemployment Initial claims Insured unemployment all regular programs unadjusted Reentrants New entrants Weekly average th ousands Includes State 50 States District of C olumbia Puerto Eico am Virgin Is lands ex servicemen UCX Federal UCFE and railroac RR programs Also inc udes Fede ral and S ate extended benefit programs Does not include F ederal supplemen a comper sation pro jram Source Departn ent of Lafc or Bureai of Labor Statistics an d Employmen and Trailling Administration 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose 192 000 in March MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS n rd y A L L f 4ONAGRICU LTURAL ESTABLISHME NTS f 1 SERV ICE PRODUC ING INDUSTRIES Li 111 lii ii il ii ml ii mlii ml ii ii ill mi li ii ii 1111 nh ii i i CONSTRUCTION GO DDS PRODUC ING 30 INDUSTRIES kiiiiiim iT liTfiliim Illllllllll Illllllllll Illllllllll l llllllll Illlllllllh SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers 1 seasonally adjusted Se rvice produ ing industn es Goods roducing in dustries Period Total nonagricultural employment 11 anufacturin g Total 2 Prtn Construction Total Durable goo s Nondurable goods Total Transportation and public utilities Wholesale trade trade Gover nment Finance insurance and real estate Services Total Federal Jan r Feb r Mar Mar Apr May June July Aug Sept Oct Nov Dec 1 Includes all full and part time wage and salary workers In nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month Excludes proprietors self employed persons domestic servants and personnel of the Armed Forces Total derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force shown on p 11 which include proprietors self employed persons and domestic servants which count persons as employed when they are not at work because of industrial dis putes bad weather etc even if they are not paid for the time off and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAIj INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted iVverage weekly Average gi oss hourly earnings hours Period Manufa cturing Total private nonagricultural Total Total private nonagricultural Overtime Manufacturing Jan r Feb r Mar 1 1977 dollars r Mar Apr May June July Aug Sept Oct Nov Dec Current dollars dollars 3 Current dollars Percent chang e from a year earlie r nonagric iltural Ind ex Adjuste d hourly earnin rs index total private 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 n magricultural 5 Avera 2 e gross weekly ea rmngs Period Current dollars Mar Apr May June July Aug Sept Oct Nov Dec 1986 Jan Feb r Mar Also includes other private industry groups shown on p 14 Adjusted for interindustry employment shifts and for overtime in manufacturing Current dollar index or earnings divided by the consumer price index for urban waj and clerical workers on a base 1977 dollars Current dollars 1 Retail trade Current dollars 1977 dollars Construction Manufacturing Total i rivate nonagnc altural y Monthlv changes based on indexes to two decimal places Based on seasonally unadjusted data Source Department of Labor Bureau of Labor Statistics 15 PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output pe r hour of allpe rsons Period Business sector Outp u t 1 Nonfarm business Business sector Hours of all 2 perse ns Nonfarm business sector Business sector Nonfarm business sector Compens ation per hou r 3 Business sector Nonfarm business sector Real com pensation per hour 4 Business sector Nonfarm business sector Unit lab or costs Business sector Nonfarm business sector Implic t price defla tor 5 Business sector Nonfarm business sector uarterly ata seasor ally adjus ted r 1984 r m IV 1983 I n m IV 1984 I n m IV 1985 I n mr rv I Pe rcent chan je quarte rly data at seasonal y adjusted annual rates r 1983 r m IV 1983 I n m IV I n m IV 1985 I n m IV I Output refers to gross domestic product originating in the sector in 1982 dollars 2 Hours of all persona 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 16 Hourly compensation divided by the consumer price index for all urban consumers 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 5 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production fell 0 5 percent in March following a decline of 0 7 percent in February The index for March was 0 9 percent above its year earlier level INDEX RATIO SCALE 140 TOTAL INDUSTRIAL PRODUCTION INDEX RATIO SCALE MU 200 FINAL P RODUCTS r EFENSE ANC SPACE EQUIPMENT Illllllllll Illllllllll lllllllllll Illllllllll MANUFACTURING PRODUCT ION DUR ABLE BUSINESS EQUIPMENT v l CONSUMER GOODS X N DNDURABLE fs V X r x M M fl tl W Illllllllll Illllllllll Illllllllll Hll llllll Illllllllll PERCENT Illllllllll Illllllllll MANUF CTURING CAPACITY UTILIZATIO N RATE Illllllllll I l l l l l l l l l l Illllllllll Illllllllll Illllllllll SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Period Index proportion Mar Apr May June July Aug Sept Oct Nov Dee r 1986 Jan r Feb r Mar 1 Output as percent of capacity Capacity itilization rate pe rcent Industry prod uction indexes To tal Indus trial produ ction Manufacturing Percent change from year earlier Mining Total Durable 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 Produ ts Mate rials inal produc s Intern lediate pro ucts Equipment C ansumer go ods Period Total Durable goods Total Nondurable goods Total Business Defense and space equipment Total Construction supplies Busi Total Energy supplies 1977 proportion Mar Apr May June July Aug Sept Oct Nov Dec r Jan Feb r Mar Includes rigs and prefabs not shown separately monthly data seasonally adjusted No ndurable Inanufactui es Durable me nufactures Transp rtation equipment Primary metals Lumber and products Apparel products Printing and publishing Chemicals and products Iron and steel Fabricated metal products Nonelectrical machinery r Mar Apr May June July Aug Sept Oct Noy Dec r Jan r Feb r Mar Period Total 1977 proportion Source Board of Governors of the Federal Reserve System 18 Electrical machinery Total Motor vehicles and parts Foods NEW CONSTRUCTION Monthly data seasonally adjusted Constructio n contracts 2 Private Period Total new construction expenditures Eesi lential Total Commercial and industrial New housing units Total Other Federal State and local Total value index Commercial and industrial floor space millions of square feet I illions of dollars Annual rates Feb Mar Apr May June July Aug Sept Oct r Nov r Dec r Jan r Feb Mar Annual rates Includes nonhousekeeping residential construction and additions and alterations not shown separateiy 2 F W Dodge series Sources Department of Commerce Bureau of the Census and McGraw Hill Information Systems Company F W Dodge Division NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted New priv ate homes New private housing units Units started by type of structun Period Total unit units or more units Units authorized Units completed Homes sold Homes for sale at end of period T r r r 722 r r 353 r r 349 Vacancy rate for rental housing units percent Seasonal ly adjusted annu al rates Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan r Feb T 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 Beginning 1984 units authorized are for 17 000 permit issuing places and for 1978 83 data are for 16 000 places Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES Manufacturing and Trade Manufacturing and trade sales fell 1 1 percent in February and inventories were about unchanged According to advance data retail sales fell 0 8 percent in March following a rise of 0 1 percent in February BILLIONS OF DOLLARS RATIO SCALE 650 BILLIONS OF DOLLARS RATIO SCALE MANUF iCTURING A ND TRADE INVENTORY S y RETAI A r n 120 AN D TRADE SA LES A s L INVENTOR ES V M kNUFACTUR NG RETAIL SA LES T x Illllllllll l lllllllll Illllllllll Illllllllll Illllllllll RATIO INVEN1FORY SALEJ5 RATIO v n RE TAIL V Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Manufact oring and tra e Sales 2 Inventories 3 T MAt JUFACTURIh G tUMD TRADE 1 20 iiiiiliiin COUNCIL OF ECONOMIC ADVISERS Wholesale Inventory s ales ratio 4 He tail Sales Sales 2 InventoTotal Durable goods stores Inventories Nondurable goods stores Total 3 Durable goods stores Nondurable goods stores Manufacturing and Retail Millions of dollars seasonally iidjusted r r 1980 T 1981 r 1982 T 1983 r T Peb r Mar r Apr r May r June r July Aug r Sept r Oct rr Nov Dec r 1986 Jan r Febp Mar 1 r 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 r r Note Wholesale trade data revised beginning 1976 therefore total manufacturing and tra data revised beginning Source Department of Commerce Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In February manufacturers shipments inventories and new orders fell and unfilled orders rose In March according to advance data durable goods shipments and new orders fell BILLK3NS OF DOL LARS RATIC SCALE BULK NS OF DOL ARS RATIC SCALE 200j SHIPME NTS ar INVEN1 FORIES ft 1 n 1 5 TOTAL DURABLE GOC DS TOTAL d NONC URABLE GO DOS f r r D JRABLE GOC DS NOI DURABLE GCDODS Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll 40 60 BILLIC3NS OF DOL LARS RATIC SCALE 240 N E W O DERS 200 i i 160 H Illllllllll DU RABLE GOOC S INVEN1 ORY SHIPA ENTS RAT O 2 0 X r J NOhJDURABLE G OODS x llllllll l Illllllllll lllllllllH RATI O 2 2 TOTAL 120 iiiiiliiiu x 60 v lllllilllll Illllllllll Illllllllll Illllllllll Illllllllll lll ll riiiiiiiiiM ie JL f Illllllllll 1982 Illllllllll 1983 iimliini 1984 SEASONALLY ADJ STED s OURCE DEPARTM NT OF COMMERC 1985 COUNCIL OF ECCJNOMIC ADVISERS Manufa cturers shiprnents 1 Manufa turers M anufacturers new orders i inven tones 2 Durable goods Period Durable goods 1986 Durable goods Nondurable goods Nondurable goods Total Capital goods industries nondefense Nondurable goods Manufacturers unfilled orders 3 Manufacturers inventory shipments ratio 4 M Jlions of do lars seasoirally adjust 3d Feb Mar Apr May June July Aug Sept Oct Nov Dee Jan Feb Mar r Monthly average for year and total for month Shipments are the same as sales Book value end of period End of period r r 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 March the producer price index for all finished goods fell 1 1 percent seasonally adjusted Prices of finished consumer foods rose 0 3 percent while prices of other finished consumer goods fell 2 3 percent Prices of capital equipment rose 0 3 percent INDEX RATIO SCALE INDEX RATIO SCALE sEASONALLY ADJUSTE FINISHED GOODS cc NSUMER GOC DS FY CLUDING FOO n 300 FAL FINISHED T01 GOODS f V x L fU s S X CONSUMER F OODS x s s f g iHS S r f CAPITAL EQL IPMENT ft c i M fi llillllllll liinli mi llillllllll llillllllll llillllllll llillllllll llillllllll llillllllll COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR monthly data seasonally adjusted Fin shed goods Internicdiate ma terials P nished go ids excluding consumer foo Is Period Total finished goods Consumer foods Consumer gc ods Total Total Mar Apr May June July Aug Sept Oct Nov r Dec 1986 Jan Feb Mar Intermediate materials for food manufacturing and feeds 22 Durable Nondurable Cr jde mater als Foods and feeds Foodstuffs and feedstuffs Total Capital equipment finished consumer goods Total Other Total jartment of Labor Bureau of Labor Statistics Other CONSUMER PRICES ALL URBAN CONSUMERS In March the consumer price index for all urban consumers fell 0 4 percent seasonally adjusted it fell 0 5 percent not seasonally adjusted The index was 2 3 percent above its year earlier level INDEX RATIO SCALE INDEX RATIO SCALE SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF LABOR COUNCiL OF ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted by NSA Tr ansportati on Hou sing She Her All items 1 Total Renters Homeowners costs Dec 1 wo o utilities upkeep Total Newcars Motor fuel Medical care Ener gy 2 All items less food energy and shelter NSA Includes items not shown separately Fuel oil coal and bottled gas gas piped and electricity and motor fuel Motor oil coolant etc also included through 1982 3 Relative importance December repairs Appar NSA Rel imp Mar Apr May June July Aug Sept Oct Nov Dec 1986 Jan Feb Mar and Fuel and other Maintenance NOTE 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 by NSA Cha nge from pr eceding peru d Change from 3 month s earlier aim ial rate Change from 6 mont s earlier aim ual rate Consum r goods Consum r goods Consum r goods Period Total finished goods Capitol equipment Excluding foods Foods Total finished goods Capital equipment Excluding foods Foods Total finished Capital equipment Excluding foods Foods goods Change from year earlier total finished goods NSA Change Dec o Dec N 3A Cl ange month to mont h Mar Apr May June July Aug Sept Oct Nov Dec r Jan Feb Mar Source Department of Labor Bureau of Labor Statistics CHANGES IN CONSUMER PRICES ALL URBAN CONSUMERS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Housing Tr msportati on Period All items Food Total1 Rent Home costs costs Total Fuel and other utilities parel and upkeep Total New cars Adden dum All ite us percent hange All Ap Shelter Motor fuel Medical care Energy2 annul Irate items less food energy and shelter From previous From 3 months earlier From 6 months earlier From year earlier NSA 0 lange December to Dec mber ft SA n Cha nge mo nth to nlonth 1985 Mar Apr May June July Aug Sept Oct Nov Dec 1886 Jan Peb Mar Y Includes items not shown separately Fuel oil coal and bottled gas gas piped and electricity and motor fuel Motor oil coolant etc also included through 1982 3 Quarterly changes are shown in the last month o the quarter 24 NOTE Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparable with data for earlier periods Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 0 8 percent in March Prices paid by farmers were unchanged in February the latest month for which data are available INDEX RATIO SCALE INDEX RATIO SCALE PRICES PAID PRICES RECEIVED Illllllllll 60 Illllllllll Illllllllll i RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE r rices paid by farmer s Pri ses received by farm ers Period Mar Apr May Aug Sept Oct Nov Dec Jan Febr Mar Livestock and products ps 115 June July 1986 All farm products 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 3 Not available All commodities services interest taxes and wage rates Production items interest taxes and wage rates a Production items Ratio Derived using prices paid index for February NOTE The official indexes are published on a 1910 14 base as required by taw The indexes have 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 accelerated in March while growth in M2 and M3 was little changed BILLIONS Of DOLLARS RATIO SCALE 3 400 BILUONS OF DOLLARS RATIO SCALE COUNCIL OF ECONOMIC ADVISERS AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Averages of daily figures except as noted billions of dollars seasonally adjusted Ml Period Dec Dec Dec Dec Dec Dec Dec Dec Mar Apr May June July Aug Sept Ocf Nov r Dec 1986 Jan Feb r Mar M2 Sum of currency demand deposits travelers checks and other checkable deposits OCDs Ml plus overnight HPs 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 nonfmancial sectors data from flow of funds accounts 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate 26 Debt of domestic nonfinancial sectors montnly average l M3 plus other liquid assets r 3 611 9 r 3 617 4 r 3 636 4 r 3 665 7 r 3 683 8 r 3 711 7 r I 1 Debt L M r Perce nt change from year or 6 months earlier 2 Ml M NOTE See p 27 for components Source Board of Governors of the Federal Reserve System M M Debt COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted by NSA Other Period Demand deposits Currcncv checkable deposits OCDs Overnight repurchase agreements RI s net plus overnight Eurodollars NSA 1978 Dec 1979 Dec 1980 Dec 1981 Dec 1982 Dec 1983 Dec 1984 Dec 1985 Dec 1985 Mar Apr Mav June July Aug Sept Oct Nov Dec 1986 Jan Feb r Mar Money market mutua 1 fund baia aces General purpose and broker dealer NSA Institution only NSA Money market deposit accounts MMDAs Large denomination time depositS NSA Term repurchase agreements RPs Term Eurodollars net SSA Small denomination time deposits Savings deposits NSA Shortterm Treasury securities Bankers acceptances r omC mercial paper Savings oonds r 504 1 r 509 5 r r r 79 5 r r r 73 7 r 176 7 r r 65 8 r r r r r r r r CONSUMER INSTALLMENT CREDIT Millions of dollars seasonally adjusted Net change in in stallment ere dit outstandir g1 Ins tallment credit outstanding end of perio d Period Total 1976 Dec r 1977 Dec 1978 Dec r 1979 Dec r 1980 Dec r 1981 Dec r 1982 Dec r 1983 Decr 1984 Dec r 1985 Dec r 1985 Jan r Feb r Mar T Aprr Mavr June r July r Aug r Sept r Oct r Nov r Dec r 1986 Jan Feb Automobile Revolving For year end data change from preceding year id for monthly data change from preceding Mobile home Other Total Automobile Revolving Mobile home Other BANK LOANS AND SECURITIES AND RESERVES Commercial and industrial loans rose 1 4 percent in March BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS BILLIONS OF DOLLARS RATIO SCALE LOANS AND LEASES U S GOVERNMENT SECURITIES OTHER SECURITIES SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted Al commercial ban L S Depo itory institutio n s 3 1 Borrc wings millions of dollars unad usted R jserves adjust 3d Period Total loans U S Government and securities Dec Dec Dec Dec Dec Dec Dec Dee Mar Apr May June July Aug Sept Oct Nov Dec 1986 Jan Feb Mar Total r Commercial and industrial loans r securities Total Data are prorated averages of Wednesday figures for domestically chartered banks and averag of month end data for foreign related institutions 2 Excludes loans to commercial banks in the United States 3 Data are averages of daily figures 28 for changes i i res erve reqmrem ents Loans a nd leases borrowed Required Total Seasonal NOTE Data beginning January 1984 are not strictly comparable with data for earlier periods rgely because beginning January 1984 certain obligations of States and political subdivisions are cluded in loans rather than in other securities 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 Cr edit market fu nds Internal l Total Total S85 Securities and mortgages Loans and short term paper Other 2 Total Capital expenditures 3 Increase in financial assets Discrepancy sources less uses IV 1985 I n m IV n m I Undistributed profits after inventory valuation and capital consumption adjustments capita 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 Government Source Board of Governors of the Federal Reserve System CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars except as noted C urrent liabilitie s Curren assets End of period Total Cash Governsecurities QFR FRB series Notes and accounts receivable Invento Other current assets Total Notes and accounts payable Other current liabilities Net working capital ratio l m IV 1984 I n m IV 1985 I n m Total current assets divided by total current liabilities 2 Based on data from Quarterly Financial Report for Manufacturing Mining and Trade Corpo ations 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 Sources Board of Governors of the Federal Reserve System Department of Commerce Bureau of the Census and Federal Trade Commission INTEREST RATES AND BOND YIELDS Interest rates fell in April PERCENT PER ANNUM PERCENT PER ANNUM SOURCE SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS Percent per annum U S T reasury security yields Period Mar Apr May June July Aug Sept Oct Nov Dec 1986 Jan Feb Mar r Apr Week ended 1986 Apr May 3 1 3 month bills new issues l Constant ir aturities 2 3 year 10 year High grade municipal bonds Standard Poor s 3 Prime commercial paper 6 months 1 Discount rate N Y F K Bank Prime rate charged by hanks Bank discount basis Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department 3 Weekly data are Wednesday figures 4 Series excludes public utility issues for January through October due to lack of appropriate issues 2 Corporate Aaa bonds Moody s New home mortgage yields FHLBB r Average effective rate for year opening and closing rate for month and week 6 Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Sources Department of the Treasury Board of Governors of the Federal Reserve System Federal Home Loan Bank Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices rose in April INDEX DEC INDEX DEC I PERCENT PERCENT 20 20 EARNINC3S PRICE RATIC ON COMMON STOCKS S P 15 V r K V i i I I I 1985 Co nmon stock prices 1 NCTp York Stock EM hange indexes TJ ec O Composite Industrial tion 1986 COUNCIL OF ECONOMIC ADVISERS SOURCES NEW YORK STOCK EXCHANGE A D STANDARD POOR S CORPORATION Period 1 1 1 Common stijck yields perce at 5 2 Finance Utility Dow Jones industrial average 3 Standard Poor s composite index Dividendprice ratio Earningsprice ratio Oct Nov Dec Jan Feb Mar Apr Mar Apr May June July Aug Sept Week ended 1986 Mar 22 29 Apr Average of daily closing prices Includes all the stocks more than 1 500 listed on the NYSE Includes 30 stocks Includes 500 stocks Standard Poor s series Dividend price ratios based on Wednesday closing prices Earningsprice ratios based on prices at end of quarter 3 4 6 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 1986 there was a deficit of 136 3 billion compared with a deficit of 130 0 billion a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS 1 000 RECEIPTS AND OUTLAYS y OUTLAYS RECEIPTS FISCAL YEARS INCLUDES ON BUDGET AND OFF BUDGET ITEMS COUNCIL OF ECONOMIC ADVISERS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET Billions of dollars Total Fiscal year or period Receipts Outlays Receipts Outlays Gross Fee eral debt end of period Off budget On budget Surplus or deficit Surplus of deficit Receipts Outlays Surplus or deficit Total Held by the public Transition quarter Cumulative total first 6 months Fiscal year 1985 Fiscal year 1986 1 Estimates NOTE Data from Budget of the United States Government Fiscal Year 1987 Office of Management and Budget except cumulative monthly totals from Monthly Treasury Statement 32 Sources Department of the Treasury and Office of Management and Budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 6 months of fiscal 1986 receipts were 16 6 billion higher than a year earlier and outlays were 22 9 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS 400 INDIVIDUAL INCOME TAXES RECEIPTS SOCIAL INSURANCE TAXES AND CONTRIBUTIONS CORPORATION INCOME TAXES OUTLAYS NONDEFENSE NATIONAL DEFENSE A FISCAL YEARS J INCLUDES ON BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars 0 n budget a nd off bud et receip s Fiscal year Total Individual taxes Corporation taxes On bud et and of budget 01 tlays Nationa defense Social insurance an Other Depart Total Cumulative total first 6 months Fiscal year 1985 Fiscal year Net inter Other Medi Estimates NOTE Data shown here exclude the transition quarter All data from Budget of the United States Government Fiscal Year 1987 Office of Management and Budget Social securi Health Defense military butions 1976 Income securi International Sources Department of the Treasury and Office of Management and Budget FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 1985 according to revised estimates Federal receipts rose 12 8 billion annual rate and expenditures rose 38 4 billion yielding a deficit of 226 9 billion In the first quarter of 1986 expenditures fell 21 8 billion receipts data are incomplete BILLIONS OF DOLLARS 1 200 BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES EXPENDITURES RECEIPTS CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal G overnment expenditure s Federal Governmeiit receipts Period Total Fiscal year Calendar year r 1982 HI IV 1983 I n in IV 1984 I n m IV 1985 I n ni IV Personal tax and nontax receipts Corporate profits tax accruals Contributions for social insurance Total Purchases of goods and services Transfer payments Grantsin aid to State and local govern Net interest paid current surplus of Government enterprises or deficit Subsidies Source Department of Commerce Bureau of Economic Analysi 34 Indirect business tax and nontax accruals Wage accruals less disbursements national income and product accounts INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industrial reduction X seasonal f adjusted Period United States Germany Italy r r 117 no France Mar Apr May June July Aug Sept Oct Nov Dec Jan Peb Mar Canada Consume r prices United Kingdom Japan Data relate to all urban consumers United States Canada United Kingdom Japan France Germany Italy Source National sources as reported by Department of Commerce Bureau of Economic Analysis and International Trade Administration U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data for statistical month not seasonally adjusted Merc handise expo ts J Total foreign exports Total 2 Food beverages and tobacco Crude materials and fuels Mercha ndise trade balance Merc randise im orts Ger eral import s 3 Domestic exports Manu factured goods Total 2 Exports Exports Exports Crude materials and fuels less imports customs value less imports f a s less imports c i f Food beverages and tobacco factured goods Total c i f value I a s valu e Monthly average Customs value Jan Peb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb 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 Is lands exports are reflected in the figures for domestic and foreign exports combined and trade balance Beginning with data for January 1986 the Bureau of the Census no longer publishes these data on a seasonally adjusted basis For further information and for details regarding revised statistical month and monthly carryover data see Bureau of the Census release FT 900 Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the fourth quarter of 1985 the current account deficit rose to 36 6 billion from 29 3 billion in the third quarter The merchandise trade deficit rose to 39 5 billion from 33 0 billion in the third quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON GOODS AND SERVICES BALANCE ON CURRENT ACCOUNT V r 10 MERCHANDISE TRADE BALANCE H SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted Credits debits Im estment inconie 3 Merchandise Net travel and transportation receipts Period Exports I n m IV 1984 I n rn IV 1985 I n m IV Imports Net Receipts Payments Other services net 3 Balance on goods and services 1 Remittances pensions and other unilateral transfers Balance on current account 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 36 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 8 6 billion in the fourth quarter of 1985 compared with an increase of 1 5 billion in the third quarter Liabilities to private foreigners reported by U S banks increased 20 5 billion compared to an increase of 6 5 billion in the third quarter BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS 60 CHANGE IN FOREIGN ASSETS IN THE U S NET I I I I M 20 V CHANGE IN U S ASSETS ABROAD NET r 20 V i i i SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted except as noted Foreign assets in the 1 J S net increast capital inflovo 2 U S assets abroad net i increase capit il outflow Period Total U S official reserve assets 1 2 Other U S Government assets I n m IV 1984 I n m IV 1985 I n m rv U S private assets Total Other foreign assets of special drawing rights SDfis Statistical discrepancy Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy U S official assets net 1 unadjusted end of period 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 Foreign official assets Allocations Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasury 37 Contents TOTAL OUTPUT INCOME AND SPENDING page Gross National Product Gross National Product in 1982 Dollars Implicit Price Deflators for Gross National Product Changes in GNP Personal Consumption Expenditures and Related Price Measures Nonfinancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment 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 All Urban Consumers Changes in Producer Prices for Finished Goods Changes in Consumer Prices All Urban Consumers 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 Securities and Reserves Sources and Uses of Funds Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields FEDERAL FINANCE Federal Receipts Outlays and Debt Federal 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 NSA not seasonally adjusted For sale by the Superintendent of Documents U S Government Printing Office Washington D C 20402 Price 2 50 single copy 8 13 foreign Subscription price 27 00 per year 33 75 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

Nonagricultural Employment

DATE: April 1986

PART OF:

Economic Indicators : April 1986

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-. "Nonagricultural Employment," 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 1986," Economic Indicators (April 1986) : 16-16. https://fraser.stlouisfed.org/title/1/item/514/toc/105493 , accessed on December 8, 2019.

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Economic Data