Gross National Product in 1982 Dollars

Name: Gross National Product in 1982 Dollars
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 JUNE 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 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 2 50 a single copy 3 13 foreign or by subscription at 27 00 per year 33 75 for foreign mailing from SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON D C 20402 TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the first quarter current dollar gross national product GNP rose 5 7 percent annual rate or 56 4 billion Real GNP GNP adjusted for price changes rose 2 9 percent and the implicit price deflator rose 2 9 percent CALE B LLIONS OF DO LLARS RATIO BILLIO 4S OF DOLLAR S RATIO SCAL E SEASONA LLY ADJUSTED ANNU t RATES r Gr IP s IN CURREN F DOLLARS x x N if s Of IN 1982 3OLLARS I l f OURCE DEPARTMEN OE COMMERCE COUNCIL OF ECONOMIC ADVISER Billions of current dollars quarterly data at seasonally adjusted annual rates Period Gross national product Personal consumption expenditures Gross private domestic investment Government purch ases of gooc s and services Exports and imports of goods ind services Federal Net exports Exports Imports Total Total National defense Nondefense and local m IV 1983 I n m IV I n m IV 1984 I n m rv 1985 I Source Department of Commerce Bureau of Economic Analysis 4 1 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 investinent Nonresidential fixed Residential fixed I I n m rv I Net exports I Change in business inventories m rv n m rv n m rv Ex ports of go ods nd service s Governitnent pure ases of goot s and senraces Federal Exports Imports Total Total National Nondefense State and local Final sales A 1 4 Source Department of Commerce Bureau of Economic Analysis IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Personal c onsumption espen ditures Period national product Gross mvate domestic i ivestment Exports an I imports of goods an 1 services Go mment pure jases of goo ds and sernces Federal Total Durable goods Nondurable goods Services dential Residential fixed Exports Imports National defense Nondefense State and local m I r I n m rv I r rv n m rv n m rv 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 Gr ss national pr iduct Period Constant 1982 dollars Current dollars m IV I n m 1984 IV I 1985 IV I n m n m IV 1986 lr Implicit price deflator Personal consumption e xpenditures Chain price index Constant 1982 dollars Current dollars 1982 weights NOTE Annual changes are from previous year and quarterly changes are from previous quarter Fkedweighted price index Implicit price deflator Cham price index Fixedweighted price index 1982 weights Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Curren dollar cos t and profit per unit of output do liars Gross d omestic produ ct of nonfin ancial corporate business billions o f dollars Period Current HI IV 1983 I n m IV I n m rv I n m IV 1986 I r Total cost and profit Capital consumption allowances with capital consumption adjustment Output is measured by gross domestic product of nonfinaneial corporate business in 1982 dol lars 2 This is equal to the deflator for gross domestic product of nonfinaneial corporate business with the decimal point shifted two places to the left Corpc rate profits with inventory valuation a nd capital consun iption adjus tments Indirect business Compensation of employees Net interest Total Profits tax liability Profits after tax Output per hour of all employees 1982 dollars Compensation per hour of all employees dollars 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 Proprietoi s income with in ventory valuation md capital consulnption adjust ments Farm ni IV 1983 I Kental income of persons with capital tion adjustment Nonfann Corpora te profits wi h inventory valuation an 1 capital consulnption adjus ments Profits wi th inventory valuation adjustme it and witho it capital consu mption adjus tment Total Profits before tax Capital consump Inventory valuation adjustment Net interest men IV I n m IV 1984 1 II in IV n m 1 Includes employer contributions for social insurance See also p 5 Source Department of Commerce Bureau of Economic Analysis PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Nor durable g ods Durabh goods Motor vehicles and parts Furniture and household equipment expendi Total durable goods IV I r Period HI rv 1983 I n m rv 1984 I n m rv 1985 I n m Source Department of Commerce Bureau of Economic Analysis Other durable Retail ales of new pa ssenger cars miilions of un ts Clothing and shoes Gasoline and oil Food Other Domestics Imports SOURCES OF PERSONAL INCOME Personal income fell 3 7 billion annual rate in May following a rise of 41 7 billion in April The decline in May was due to subsidy payments to farmers which were substantially larger in April than in May Excluding these subsidy payments personal income rose 12 6 billion in May and 9 6 billion in April BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE WAGE AND SALARY DISBURSEMENTS OTHER INCOME T TRANSFER PAYMENTS COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Proprietors income Period May June July Aug Sept Oct Nov Dec 1986 Jan r Feb r Mar r Apr r May Total personal income Oth disburse income Farm 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 2 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 3 1h Nonfarm Rental income of persons Personal dividend income 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 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 COUNCIL OF ECONOMIC ADVISERS Equals Disposable personal income Blilions Less Personal outlays Equals Personal saving Per e apita disposable personal inc me Current dollars 1982 dollars of dol ars Per capitai personal consulnption expen litures Current dollars 1982 dollars Do lars change in real per capita disposable personal Saving as percent of disposable personal Population including Armed Forces abroad thousands 2 Per cent Seas anally adju sted annual rates 1982 HI IV 1983 I n m rv 1984 I n in IV 1985 I n m IV 1986 I r Includes person consumption e spenditures inl erest paid by con sumers to business and person il al transfer payments to foreigners ne t Annu il data are ave ages of quarter y data which ire averages for the period Source Department o Commerce Biireau of Econonlie Analysis and Bureau of the Census FARM INCOME In the first quarter of 1986 according to preliminary estimates gross farm income fell 20 9 billion annual rate and net farm income fell 18 4 billion BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ip r GRC SS FARM INCC3ME X i s i NET FARM ItvICOME N I I l J v t V t i I X i t x t i l i u V i i i i t i i i SEASONALLY ADJUSTED ANNUAL RATES SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates In come of farm ope rators from farmi og rross farm uicoim Period Net farm income Cash marketing rece pts Total 1 Total Livestock and products Crops inventory changes 2 Production expenses Current dollars 1982 dollars I n m rv I n m IV 1984 I n m IV 1 Cash marketing receipts and inventory changes plus Government payments other farm cash income and nonmoney income furnished fey 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 hy 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 first quarter of 1986 according to revised estimates corporate profits before tax fell 17 2 billion annual rate and after tax profits fell 9 7 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES PROFITS BEFORE TAX PROFITS AFTERTAX V TAX LIABILITY UNDISTRIBUTED PROFITS 0 I I I I 1978 I I 1979 I I 1980 I I I I I I I I I J 1984 I I 1985 I I In 1986 COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Prc fits before tax with inve ntory valuati an adjustment 1 Profits after taX Doinestle industiies Total 2 Total UI IV I n m IV 1984 I n m IV 1985 I n m IV Ir Financial Total See p 4 for profits with inventory valuation and capital consumption adjustments Includes rest of the world not shown separately Profits before tax Nonfinancial Period Tax liability Manufacturing Total Dividends sale and retail trade a Includes industries not shown separately Source Department of Commerce Bureau of Economic Analysis Undistributed profits Inventory valuation adjustment GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the first quarter nonresidental fixed investment fell 13 4 billion annual rate from its fourth quarter level while residential investment outlays rose 5 7 billion There was a 39 9 billion increase in inventories following a decrease of 4 3 billion in the fourth quarter BILLIONS OF DOLLARS 800 BILLIONS OF DOLLARS 800 SEASONAUY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT NONRESIDENTIAL FIXED INVESTMENT 300 RESIDENTIAL FIXED INVESTMENT CHANGE IN BUSINESS INVENTORIES I 100 I 1978 I 1979 I I I 1 I I I I I I I I I I 1984 SOURCEi DEPARTMENT OF COMMERCE I 1 I 1985 I I I COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates IIxed investmen Gross Period domestic investment III IV 1983 I II HI IV 1984 I II Ill IV 1985 I II m IV I r 717 2 Source Department of Commerce Bureau of Economic Analysis Change ir business mven tories Nonresidential Total Total Structures Producers durable equipment Residential Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department April May 1986 survey business spending for new plant and equipment for the year 1986 is expected to be 0 2 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 SEASONAUV ADJUSTED ANNUAL RATES ALL INDUSTRIES r NONMANUFACTUR NG MANUFACTURING I I I I I I I I J SURVEYED QUARTERLY 1 SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE 1986 COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Addenda Industries surveyed quarterly Noiimanufactu ing M anufaeturi g All industries Total I II Ill IV I II Ill IV 1986 I T 4 II 4 Ill 4 IV Period Total nonfarm business 2 Manufacturing Non manufactu ring Surveyed quarterly Nondurable goods Total Mining Transportation Public utilities Commercial and other Surveyed annually Durable goods 1 Excludes forestry fisheries and agricultural services medical services professional services social services and membership organizations and real estate which effective with the April May 1984 survey are no longer surveyed quarterly See last column nonmamifacturing surveyed annually for data for these industries 2 AH industries plus the part of nonmamifacturing that is surveyed annually Total Consists of forestry fisheries and agricultural services medical services professional services social services and membership organizations and real estate 4 Planned capital expenditures as reported by business in late April May 1986 corrected for biases Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE In May seasonally adjusted civilian employment rose 218 000 and unemployment rose 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 by NSA Period May June July Aug Sept Oct Nov Dec 1986 Jan Feb Mar Apr May Noninstitutional population including resident Armed Forces NSA liesident Armed Forces NSA including resident Armed Forces Nonag ricultural Civilian labor force Total Agricultural Total Part time for economic reasons l Total 15 weeks and over Persons at work Economic reasons include slack work material shortages inability to find fulltime work etc 2 Labor force as percent of noninstitutional population both including resident Armed Forces 3 Civilian labor force as percent of civilian noninstitutional population Unemplc yment Civilian ernployment Employment including resident Armed Forces Labor orce partici ation rate pe rcent Total 2 Civilian Data beginning January 1986 not strictly comparable with earlier data because of change in estimation procedures Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In May the seasonally adjusted overall unemployment rate rose to 7 2 percent and the civilian unemployment rate rose to 7 3 percent Both rates were 0 2 percentage points above their April levels PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED 25 r I 20 V A V J BLACK f V 15 f 1 V A BLACK Al 0 OTHER s v u V N ALL CIVILI s N WORKERS v WHIIb Minium lllllllllll 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 of civilia n labor force in group Unemployment rate all workers l All civilian workers Men 20 years and over Women 20 years and over Oct Nov Dec Jan Feb Mar Apr May Period May June July Aug Sept 1 Both sexes 16 19 years 12 Experienced wage and salary workers Black and other Black Unemployed as percent of total labor force including resident Armed Forces Aggregate hours lost by the unemployed and persons on part time for economic n cent of potentially available labor force hours 2 By s elected grou s By race By sex and age White Married men spouse present 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 May the percentage of unemployed persons who had been out of work for less than 5 weeks for 5 14 weeks and for 27 weeks and over fell while the percentage out of work for 15 26 weeks rose The mean and the median duration of unemployment rose PERCENT DISTRIBUTION PERCENT DISTRIBUTION REASO si FOR UNEMPLOYMEr T DURATION OF UNEMPLOYMENT A V LESS THAN 5 WEEKS A JOB LOSERS u V V v v WEEKS iEENTRANTS n x f v Nl W IOB LEAVER Illllllllll lllll llll iiiiilni i Illllllllll I l l l l l l l l l l Illllllllll 1983 K v lllllllllll ENTRANT s L Illllllllll 1986 SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted except as noted Dur ation of iinemplojTnent Period Unemployment thousands I ercent d stributior Re ison for iinemployment percent istributk n Stat e progra ms Numb er of ks Less than 5 weeks 5 14 weeks 15 26 weeks 27 weeks and over Average mean May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May Medi Job losers Job leavers Insured unemployment Insured unemployment all regular programs unadjusted 1 Reentrants New entrants Initial claims Weekly average tbousands Includes State 50 States District of Columbia Puerto Eico 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 Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose 149 000 in May MILLIONS OF PERSONS ENLARGED SCALE MILLIONS OF PERSONS r r C ULTURAL NONAGRK AL L ESTABLISH V ENTS SER ICE PRODU ING INDUSTRIES CONSTRUCTION GO DDS PRODUC ING INDUSTRIES 30 N l l illl IIIHllMII iiiiillllll Illllllllllk Hllili SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OP IABOR Thousands of wage and salary workers l seasonally adjusted Service produ jing industr es Goods p reducing industries Period Total nonagricultural employment M anufacturin g Total 2 onC fln struction Total Durable goo s Nondurable goods Total Transportation and public utilities c May r June r July r Aug r Sept r Oct r Nov Dec Jan r Feb r Mar r Apr May Federal Total 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 nonagriculturai 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 Services Gover nment Finance insurance and real estate r 1985 r Rntail Retail trade c Wholesale trade of the working age population whereas the estimates in this table are based on reports from emploving establishments Includes mining not shown separately NOTE Data revised beginning April 1984 unadjusted and beginning January 1981 seasonally adjusted Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average gi oss hourly earn ings Vverage weekly hours Period Manufa cturing Total private nonagricultural 1 Total r r 1985 Mayrr June r July r Aug Sept Ocf Novrr Dec 1986 Jan rr Febr Mar r Apr May Overtime Total private nonagricultural Manufacturing Adjuste d hourly earninja s index total private nonagnc ultural2 Index Current dollars Percent chang e from a year earlie r dollars 3 Current dollars dollars AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Percent ehiange from a year earlier total private n Hiagriculturai 5 Averaj e gross weekly eatilings Period Current dollars r May TT June r July r Augr Sept Ocf Novrr Dec 1986 Jan Febrr Marr Apr May Manufacturing Total srivate nonagnc ultural Construction Retail trade Current dollars 1977 dollars s 1977 dollars Current dollars f Also includes other private industry groups shown on p 14 Adjusted for interindustry employment shifts and for overtime in manufacturing Current dollar index or earnings divided by the consumer price index for urban wage earners and clerical workers on a base 4 Monthly changes based on indexes to two decimal places 2 3 NOTE Data revised beginning April 1984 unadjusted and beginning January 1981 adjusted Source Department of Labor Bureau of L bor Statistics IS PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output per hour of allpe rsons Period Business sector Nonfarm business sector Outp ut 1 all Hours of 2 perso n s Nonfann Business business sector sector Business sector Compens ition per hour 3 Nonfann business sector Business sector Nonfann business sector Heal com ensation per h 3UT Business sector Nonfarm business sector Unit lab or costs Implicit price defia tor 5 Business sector Nonfann business sector Business sector Nonfann business sector c uarterly c ata seasoi ally adjus ted m rv 1 n m IV n in IV 1985 I n m 1986 IV I Pe rcent change quarterly data a seasonal y adjusted annual ra tes m IV 1983 I n m rv I n m IV 1985 I n m IV 1986 I gg 2 5 1 Output refers to gross domestic product originating in the sector in 1982 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 16 4 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 6 percent in May following a rise of 0 4 percent in April The index for May was 0 1 percent above its year earlier level INDEX RATIOSCAIE INDE X RATIOS CALE TOTAL 1 NDUSTRIA L PRODUCT ION FINAL PfJODUCTS iP DtHENSE AND SPACE M IIMlhllll iiiiilinii i 1 1 I 1 1Illllllllll 140 MANUFACTURING PRODUCT ON DURA BLE S MONDURABL E H iiiiiliiiii f f fS 1 M I I I II 1 1 M 1 M 1 1 Illllllllll MANUF ACTURING CAPACITY UTILIZATIO N RATE K X i j iMNING s s k In iiiiiliiiii PER CENT 1 uTILITIES iiiiiliiiii CONSUMER GOODS MISIING PROD UCTION Illllllllll UTILITIE SAND f n BUSINESS EQUIPMENT x IMIlllllM s EQ UIPMENT X M M M fc 1 Illllllllll XN iiniiinii 1983 iiiiilinii iiiiilinii SEASONALLY ADJ USTED SOURCE BOARD C F GOVERNORS OF THE FEDERAL RESE RVE SYSTEM COUNCIL OF EC 3NOMIC ADVISERS Monthly data seasonally adjusted To tal indus trial produ ction Period Index proportion May June July Aug Sept Oct NOT Dec 1986 Jan Feb r Mar r Apr r May 1 Output as percent of capacity Industry proe uction indexes Percent change from year earlier Mining Total Durable Utilities Nondurable Capacity utilization rate pe rcent l Manufacturing Industrial materials Manufacturing Source Board of Governors of the Federal Reserve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Mate rials Produc ts inal produc s Intern lediate pro ucts Squipment C Misumer go ods Period Total Durable goods Total Nondurable goods Total 1 Business Defense and space equipment Total Construction supplies Busi 1977 proportion May June July Aug Sept Oct Nov Dec 1986 Jan Feb rr Mar Apr May 1 Total Energy supplies Includes rigs and prefabs not shown separately monthly data seasonally adjusted Durable m mufaetures Period Total 1977 proportion Iron and steel Fabricated metal products Nonelectrical machinery No ndurable inanufactui es Transp station equipment Primary metals Electrical machinery Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing Chemicals and products Foods May June July Aug Sept Oct Nov Dec Jan Febr Mar r Apr T May Source Board of Governors of the Federal Reserve System 18 NEW CONSTRUCTION Monthly data seasonally adjusted Constructio n contracts 2 Private Period Total new construction expenditures H sic ential Total Commercial and industrial New housing Total1 Other Federal State and local Total value index Commercial and industrial floor space millions of square feet B illions of dollars Annual rates Annual rates 1985 Apr May June July Aug Sept Oct Nov Dec 1986 Jan Feb Mar Apr May Includes nonhousekeeping residential construction and additions and alterations not shown sepwately B F W Dodge aeries 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 prrv ate homes New private housing units Units started by type of structure Period Total unit units or more units Units authorized Units completed Homes sold Homes for sale at end of period r Vacancy rate for rental housing units percent Seasonal y adjusted annu al rates 1985 Apr May June July Aug Sept Oct Nov Dec 1986 Jan Feb Mar T Apr r May Seasonally adjusted 2 Quarterly data entered in last month of quarter Series beginning 1979 not strictly comparable with earlier data 3 New aeries 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 rose 1 7 percent in April and inventories rose 2 1 billion According to advance data retail sales fell 0 1 percent in May following a rise of 0 4 percent in April BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 65U x C 45U r MA NUFACTURIh4GAND TR ADE INVENr ORIES l T TAIL INVENT ORIES MANUFACTUR ING A ND TRADE S LES ETAll SALE miilimi 70 RATIC Illllllllll i n n RETAIL rcn J S T MANUFACTURI 16 AND TRADE Illllllllll 1 00 iiiiiliiin iiiiiliini llllllllllL SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Manufact uring and trtu e imilmn mill INVENT DRY SALES RATIO iiiiiliiin 1986 COUNCIL OF ECONOMIC ADVISERS Wholesale Sales Invento Inventories 3 Sales Inventory s ales ratio 4 He bail Total 2 Durable goods stores Inventories Nondurable goods stores Total 3 Durable goods stores Nondurable goods stores Manufacturing Retail Millions of dollars seasonally tidjusted Apr r May June July Aug Sept Oct Nov Dec 1986 Jan Feb Mar Apr May 1 2 3 r See page 21 or manufacturing Monthly average for year and total for month Book value end of period seasonally adjusted 20 T r r T r For annual periods ratio of weighted average inventories to average monthly sales for monthly data ratio of inventories at end of month to sales for month Source Department of Commerce Bureau of the Census MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS n April manufacturers shipments rose inventories and new orders were little changed and unfilled orders fell In according to advance data durable goods shipments fell and new orders rose BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 24 J SHIPME NTS n r TOTAL INVENT DRIES Xl DUf ABLE GOOD s s t 80 IMIII 1 1 1M NON DURABLE G 3ODS M 1 II 1 It C URABLE GO ODS s NOh DURABLE G DODS TOTAL r 60 BILLKDNS OF DOL LARS RATKD SCALE NEWO DFRS iI T TOTAL 1 160 mill 2 2 D URABLE GO DOS 120 INVENT ORY SHIP V ENTS RAT s Y 40 M i n i Ill Illlll llill o 1 8 NOh DURABLE G OODS I Rfl iiiiiliiiii RATI D UMlllIM 1985 r i r X 1 2 i r I MM 1 11 l 1 I LJ J U l 1 I f SEASONALLY ADJ JSTEO OUSCE DEPARTM NT OF COMMERCE Manufa turers inven tones 2 It anufacturers new orders 1 Nondurable goods Manufacturers unfilled orders 3 Manufacturers inventory shipments ratio 4 Durabl 3 goods Durable goods 1986 COUNCIL OF ECC3NOMIC ADVISERS Manufa cturers shiprnents l Period MMlMlll Nondurable goods Durable goods M llions Capital Nondurable goods Total industries nondefense of do lars seasoilally adjust 3d May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr r May Monthly average for jear and total fc r month Shipnnents are the si me as sales Book value end of period End of period 4 For ar nual periods atio of weight ed average inv entories to ave rage monthly hipments for monthly da ta ratio of inve ntories at end of month to shi pments for mon h Source department of Commerce Bu eau of the Gen sus 21 PRICES PRODUCER PRICES In May the producer price index for all finished goods rose 0 6 percent seasonally adjusted Prices of finished consumer foods rose 1 1 percent while prices of other finished consumer goods rose 0 6 percent Prices of capital equipment rose 0 1 percent INDEX 1967 lOOi RATIO SCALE INDEX RATIO SCALE se 4SONAUY ADJUSTED FINISHED GOODS ccJNSUMER GOCJDS EV CLUDING FOO DS 300 TO FAL FINISHED GOODS x i n E ZEZ t J J y flr N c ONSUMER FOC DS CAPITAL EQL IPMENT is t N V V J fl l Illllllllll iiiiiiiiiu Illllllllll Illllllllll Illllllllll 1980 Illllllllll I I M t l l M M Illllllllll COUNCIL OF ECONOMIC ADVISERS SOURCEi DEPARTMENT OF UBOR monthly data seasonally adjusted Intent ediate ma te rials Fin shed goods Period May June July Aug Sept Oct Nov Dec 1986 Jan r Feb Mar Apr May 1 Total finished goods Consumer gc ods Total Intermediate materials for food manufacturing and feeds 22 Total finished F nished go ds excluding consumer foo is Con sumer foods Total Durable Nondurable Capital equipment con Total sumer goods Cnide maten als Foodstuffs Foods and feeds Other Source Department of Labor Bureau of Labor Statistics Total and Other feedstuffs CONSUMER PRICES ALL URBAN CONSUMERS In May the consumer price index for all urban consumers rose 0 2 percent seasonally adjusted 0 3 percent not seasonally adjusted The index was 1 6 percent above its year earlier level INDEX RATIO SCALE INDEX RATIO SCALE ALL ITEMS ilm SEE NOTE ON TABLE BELOW SOURCE DEPARTMENT OF LABOR 1986 COUNCIL OF ECONOMIC ADVISERS except as noted monthly data seasonally adjusted except as noted by NSA Tr ansportat on Hou sing SheHer Period All items 1 Pood Total Renters Homeowners costs Dec NSA Relimp May June July Aug Sept Get Nov Dec 1986 Jan Feb Mar Apr May Fuel and other utilities Apparel and Medical care Energy 2 Total New cars Motor fuel All items less food energy and shelter NSA Includes items not shown separately Fuel oO coal and bottled gas gas piped and electricity and motor fuel Motor oil coolant etc also included through 1982 3 Relative importance December Maintenance and repairs 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 23 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 seeding perio d Change from 3 month s earlier ann lal rate Change from 6 month s earlier ann jal rate Consum r goods Consum r goods Consum r goods Period Total finished goods Total finished goods Capital equipment Excluding foods Foods Capita equipment Excluding foods Foods Total finished goods Capita equipment Excluding foods Foods Change from year earlier total finished goods NSA Cha nge Dec o Dec Nf 3A Cb ange mon th to mont h 1985 May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr T May 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 an Shelter Period All items l Food Total Total Kenters costs Homeowners Fuel and other utilities Apparel and upkeep Total New sitrs Motor Medical care All items less food energy and shelter Ener gy2 Adden lum All itei ns percent hange annus rate From previous quar Prom 3 months earlier From 6 months earlier From year earlier NSA c tiange Deeember to Dece mber N SA Cha nge mo nth to nlonth 1985 May June Julv Aug Sept Oct Nov Dec i Jan Feb Mar Apr May Includes items not shown separately 2 Fuei oil coal and battled gas gas piped and electricity and motor fue Motor oil coolant etc also included through 1982 3 Quarterly changes are shown in the last month of the quarter 24 NOTE Data beginning January 1983 inc irporatc a rental equi valence measi ship costs and therefore are not strict v comps rahle with data for rlier periods Source Department of L ibor Bureau of L PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers in May were 2 5 percent above their April level Prices paid by farmers in April were il 8 percent below their February level INDEX RATIO SCALE INDEX RATIO SCALE PRICES PAID V PRICES RECEIVED inn Ill VRATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID SOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Pri ces Period May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May 1 P rices received by farm ers Allfarm products Livestock and products Includes items not shown separately Percentage ratio of index of prices received by farmers to index of prices and wage rates 3 Not available All commodities services interest taxes and wage rates paid by farmer s Production items interest taxes and wage rates Production items Katio Derived using prices paid index for April 2 NOTE The official indexes are published on a 1910 14 base as required by law The indexes have bf en converted to a base to facilitate comparison with otber indexes Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK LIQUID ASSETS AND DEBT MEASURES Growth in Ml accelerated in May while growth in M2 and M3 slowed BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLIARS RATIO SCALE M M AVERAGES Of DAILY FIGURES SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS 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 Dee Dec Dec Decr May June r Julyr Aug r Sept Ocf Nov r Dec r 1986 Jan Feb r Mar r Apr May M2 MS Sum of currency demand deposits travelers checks and other checkable deposits OCDs Ml plus overnight RPsand 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 MMOT balances Consists of outstanding credit market debt of the U S Government State and local governments and private nonfmancial Hectors 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 L M3 plus other liquid assets Debt Debt of domestic nonfmancial sectors monthly average 1 r r 4 269 7 r 4 661 3 r 5 192 0 r Percent change from year or 6 months earlier 2 Ml NOTE See p 27 for components Source Board of Governors of the Federal Reserve System M MS Debt r COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted except as noted by NSA Period Demand deposits Currency Other cheekable deposits OCDs Overnight repurchase agreements RPs net plus overnight Eurodollars NSA 8 5 Money market mutua 1 fund bala ices General purpose and broker dealer NSA Institution only NSA June July Aug Sept Oct Nov Dec Jan r Febr Mar r Apr r May Dec 1979 Dec 1980 Dec 1981 Dec 1982 Dec 1983 Dec 1984 Dec 1985 Dec Money market deposit accounts MMDAs Small denomination time deposits 1 Large denomination time deposits 1 NSA Term repurchase agreements KPs Term Eurodollars net NSA Savings deposits Shortterm Treasury securities NSA So avings bonds Bankers acceptances C i m ommercial paper r r r r r May 1 Small denomination and large denomination deposits are those issued in amounts of less than and more than respectively Travelers checks are a component of money stock but are not shown here Source Board of Governors of the Federal Reserve System NOTE See note p 26 CONSUMER INSTALLMENT CREDIT Millions of dollars seasonally adjusted Net change in in stallment ere dit outstandiiig 1 Installment credit outstanding end of perio d Period Total Automobile Revolving Mobile home Other Total Automobile Revolving Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Apr May June July Aug Sept Oct Nov Dec Jan Feb r Mar Apr 1 For year end data change from preceding year end for monthly data chanj from precei month Mobile home Other Source Board of Governors of the Federal Reserve System 27 BANK LOANS AND SECURITIES AND RESERVES Commercial and industrial loans rose 0 4 percent in April BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANKS BILLIONS OF DOLLARS RATIO SCALE TOTAL LOANS AND LEASES U S GOVERNMENT SECURITIES T OTHER SECURITIES imilimi Illllllllll SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1986 COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted Al commercial ban I S Depos itory institutio n s 3 1 K serves adjust d Loans a nd leases Period Dec Dec Dec Dec Dec Dec Dec Dec May June July Aug Sept Oct Nov Dec 1986 Jan Feb Mar Apr May p Total loans and securities Total Commercial and industrial loans U S Government securities 28 securi ies Total Data are prorated averages of Wednesday figures for domestically chartered banks and averages of month end data for foreign related institutions Data beginning January 1984 are not strictly comparable with data for earlier periods largely because beginning January 1984 certain obligations of States and political subdivisions are included in loans rather than in other securities Born wings millions of dollars unad usted for changes hi res erve requirem ints 2 3 borrowed Required r r r r r r r 30 99 r 32 19 r 34 41 r 36 16 r r r 29 30 r 31 55 r 33 78 r 35 38 r r 31 87 r 33 91 r 35 59 r r Excludes loans to commercial banks in the United States Data are averages of daily figures Source Board of Governors of the Federal Reserve System Total Seasonal 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 Cr edit market fu nds 1 Total Total Securities and mortgages Loans and short term paper Other 2 Total Capital expenditures 3 Increase in financial assets Discrepancy sources less uses I II HI IV r Ir n r m IV 1986 I 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 Plant and equipment residential structures inventory investment and mineral rights from U S Government Source Board of Governors of the Federal Reserve Systen CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars except as noted Current liahilitie s Current assets Net End of period Total Cash Governseeurities Notes and accounts receivable Invento Other current assets Total Notes and accounts payable Other current liabilities working capital ratio QFE FRB series in IV 1984 I II in IV 1985 I II Ill IV Total current assets divided by total current liabilities 2 Based on data from Quarterly Financial Report for Manufacturing Mining and Trade Corporations Effective mid 1982 responsibility for the Quarterly Financial Report was transferred to the Department of Commerce Bureau of the Census from the Federal Trade Commission Sources Board of Governors of the Federal Reserve System Department of Commerce Bureau of the Census and Federal Trade Commission 29 INTEREST RATES AND BOND YIELDS Most interest rates rose in June PERCENT PER ANNUM PERCENT PER ANNUM Percent per annum U S T reasury security yields Period June July Aug Sept Get Nov Dec 1986 Jan Feb Mar Apr May June p Week ended 1986 May 24 31 June month bills new issues 1 Constant nmturities 2 3 year 10 year High grade municipal bonds Standard3 Poor s 30 Prime commercial paper 6 months Discount rate N Y F R Bank 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 Prime rate charged 5by banks 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 tbe Federal Reserve System Feder al Home Loan Bank Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices rose in June INDEX DEC INDEX DEC PERCENT PERCENT 20 20 EARNINGS PRICE RATIO ON COMMON STOCKS S8 P J I I I J I 1984 I I I 1985 COUNCIL OF ECONOMIC ADVISERS SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION Co iimon stock price s Nev York Stock Ex hange indexes E ec O Period Composite Finance Utility Dow Jones industrial average 3 Standard Poor s composite index Dividendprice ratio May June July Aug Sept Oct Nov Dec 1986 Transporta Common st ock yields perce nt Jan Feb Mar Apr May June Earningsprice ratio r Industrial r 6 92 Week ended 1986 May 24 31 June p 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 Earnings price ratios based on prices at end of quarter Sources New York Stock Exchange Dow Fones Company Inc and Standard Poor s Cor FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first 8 months of fiscal 1986 there was a deficit of 165 8 billion compared with a deficit of 160 6 billion a year earlier BILLIONS Of DOLLARS BILLIONS OF DOLLARS 1 000 RECEIPTS AND OUTLAYS OUTLAYS RECEIPTS FISCAL YEARS V 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 Fiscal year or period Receipts Outlays Surplus or deficit Receipts Outlays Gross Fee era debt end of period Off budget On budget Total Surplus of deficit Receipts Outlays Surplus or deficit Total Held by the public Transition quarter Cumulative total first 8 months Fiscal year 1985 Fiscal year 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 2 0 Sources Department of the Treasury and Office of Management and Budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 8 months of fiscal 1986 receipts were 19 9 billion higher than a year earlier and outlays were 25 1 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS INDIVIDUAL INCOME TAXES RECEIPTS L SOCIAL INSURANCE TAXES AND CONTRIBUTIONS CORPORATION INCOME TAXES OUTLAYS NONDEFENSE NATIONAL DEFENSE FISCAL YEARS J INCLUDES ON BUDGET AND OFF BUDGET ITEMS SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS Billions of dollars 0n budget fl nd off buc et receip s Fiscal year Total Individual income Corporation income Social insurance taxes and On bud jet and of budget o itlays Nationa defense Other Total Total J Cumulative total first 8 months Fiscal year 1985 Fiscal year International Health Medicare Income security Social securi ty Net intereat Other military butions Department of Estimates Sources Department of the Treasury and Office of Management and Budget NOTE Data shown here exclude the transition quarter Data from Budget of the United States Government Fiscal Year 1987 Office of Management and Budget except cumulative monthly totals from Monthly Treasury Statement 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the first quarter of 1986 according to revised estimates Federal receipts rose 0 6 billion annual rate and expenditures fell 17 5 billion yielding a deficit of 208 8 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES EXPENDITURES v 800 r CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Federal Governmeiit receipts Period Total Fiscal year Calendar year III IV Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals I r n m rv I n m IV 1984 I n TTT IV 1985 I Source Department of Commerce Bureau of Economic Analysis 34 x 62 1 Federal G overnment expenditure s Contributions for social insurance Total Purchases of goods and services Transfer payments Grantsin aid to State and local governments Subsidies or deficit national income and product accounts Net interest paid current surplus of Government enter Wage accruals less disbursements INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Consume r prices Industrial reduction X seasonal adjusted Period United States Italy France r r r r r r r Canada Japan France Germany Italy United Kingdom M r r Jan Feb Mar Apr May United States Japan May June July Aug Sept Oct Nov Dec 1 Germany Canada United Kingdom l r r Source National sources as reported by Department of Commerce Bureau of Economic Analysis and International Trade Administration Data relate to all urban consumers U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data for statistical month not seasonally adjusted Merc riandise expo ts 1 Period Total domestic foreign Merc landise imports Gei eral import Domestic exports Total 2 Food beverages and tobacco Crude materials and fuels factured Total 2 Food beverages and tobacco Crude materials and fuels Mercha ndise trade talance 3 Exports factured goods Total c i f customs value Exports f a s less imports Exports f a s less imports less F a s valu e Monthly average Customs value May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May 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 released in March 1986 the Bureau of the Census no longer publishes these data on a seasonally adjusted basis For further information and for details regarding revised statistical month and monthly carryover data see Bureau of the Census release FT 900 Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the first quarter of 1986 the current account deficit was 33 7 billion unchanged from its fourth quarter level The merchandise trade deficit fell to 36 6 billion from 37 4 billion in the fourth quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON GOODS AND SERVICES MERCHANDISE TRADE BALANCE A SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Millions of dollars quarterly data seasonally adjusted Credits debits Merchandise l In restment inconie 3 2 Net military Period Exports r 1983 r 1984 r 1985 r I r II r Ill r Imports Net Receipts Payments balance Net sac Net travel and transportation receipts Other services net 3 Balance on goods and services 1 Remittances pensions and other unilateral transfers Balance on current account r r 6 128 r r r r r r r Ill IV T I r II r IH r IV I IV r Ir II r T 1 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 NOTE Series revised 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 decreased 7 8 billion in the first quarter compared to an increase of 8 5 billion in the fourth quarter of 1985 Liabilities to foreigners reported by U S banks increased 8 6 billion in the first quarter compared to an increase of 20 4 billion in the fourth quarter BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS 60 CHANGE IN FOREIGN ASSETS IN THE U S NET i i CHANGE IN U S ASSETS ABROAD NET 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 J S net increase capital inflovM P U S assets abroad net mcrease capit il outflow Period Total r 1982 r 1983 r U S official reserve assets l 2 Other U S Government assets I rr II 523 r Ill r IV I r 3 571 II T r 20 171 Ill r IV I II r Ill r IV I U S private assets Total Other foreign assets of special drawing rights SDEs Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy 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 Statistical discrepancy Allocations NOT E Series revised Sou ces 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 Revised Corrected Not available also not applicable NSA not seasonally adjusted For sale by the Superintendent of Documents U S Government Printing Office Washington B C 20402 Price 2 50 single copy 3 13 foreign Subscription price 27 00 per year 33 75 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

Gross National Product in 1982 Dollars

DATE: June 1986

PART OF:

Economic Indicators : June 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-. "Gross National Product in 1982 Dollars," 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-. "June 1986," Economic Indicators (June 1986) : 4-4. https://fraser.stlouisfed.org/title/1/item/516/toc/300176 , accessed on December 12, 2019.

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Economic Data