Farm Income

Name: Farm Income
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. 99tb Congress 2d OCTOBER 1986 Prepared for the Joint Committee by the Council of Economic JOINT ECONOMIC COMMITTEE Created pursuant to Sec 5 a of Public Law 304 79th Cong DAVID R OBEY Wisconsin Chairman JAMES ABDNOR South Dakota Vice Chairman HOUSE OF REPRESENTATIVES LEE H HAMILTON Indiana PARREN J MITCHELL Maryland AUGUSTUS F HAWKINS California JAMES H SCHEUER New York FORTNEY H PETE STARK California CHALMERS P WYLIE Ohio DAN LUNGREN California OLYMPIA J SNOWE Maine BOBBI FIEDLER California SENATE WILLIAM V ROTH JR Delaware STEVEN D SYMMS Idaho MACK MATTINGLY Georgia ALFONSE M D AMATO New York PETE WILSON California LLOYD BENTSEN Texas WILLIAM PROXMIRE Wisconsin EDWARD M KENNEDY Massachusetts PAUL S SARBANES Maryland SCOTT LILLY Executive Director ROBERT J TOSTERUD Deputy Director COUNCIL OF ECONOMIC ADVISERS BERYL W SPRINKEL Chairman THOMAS G MOORE Member MICHAEL L MUSSA Member PUBLIC LAW 120 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 n TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the third quarter current dollar gross national product GNP rose 5 7 percent annual rate or 58 7 billion Real GNP GNP adjusted for price changes rose 2 4 percent and the implicit price deflator rose 3 6 percent BILLIONS OF DOLLARS RATIO SCALE 4 400 BILUONS OF DOLLARS RATIO SCALE GNP IN CURRENT DOLLARS GNP IN 1982 DOLLARS I I 1978 I I 1979 I L 1980 J I L J 1981 I L I I I I I L I 1985 I I I COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of current dollars quarterly data at seasonally adjusted annual rates Personal consumption expenditures Gross private domestic investment HI IV I II Ill IV Period IV 1983 I n in IV I n n Ill Gross national product Federal Net exports Total and Exports Imports Source Department of Commerce Bureau of Economic Analysis Govern raent purch ases of gooe s and services Exports ind imports of goods ind services National defense Nondefense IN 1982 Billions of 1982 dollars quarterly data at seasonally adjusted annual rates Period Gross national product Personal consumption expenditures Gross privat 3 dome stic invest nent Govern rient purch ases of gooc s and sen ices Ex sorts of go ods a nd service Federal Final sales Nonresidential fixed Residential fixed Cbange in business invento Net exports Exports Imports Total Total National defense Nondefense State and local IV I II Ill IV I n in rv 1985 I n in rv 1986 I n m Source Department of Commerce Bureau of Economic Analysis quarterly data are seasonally adjusted Personal c onsumption expen ditures Period Gross national product Total Durable goods Gross rivate domestic i ivestment Services IV I n Ill IV 1984 I n m IV 1985 I n m IV 1986 I n mP Source Department of Commerce Bureau of Economic Analysis Nonresidential fixed Nondurable goods Exports anc imports of goods anc services Gove nment pure mses of goo ds and ser ices Federal Residential fixed Exports Imports Total National defense Nondefense State and local IN Percent change from previous period quarterly data at seasonally adjusted annual rates Personal Consumption es penditures Ore ss national prc duct Period IV I n m rv I n m I n m IV 1985 Constant 1982 dollars Current dollars IV I n p m Implicit price deflator Constant 1982 dollars Current dollars NOTE Annual changes are from previous year and quarterly changes are from previous quarter NONFINANCIAL Chain price index Fixedweighted price index 1982 weights Chain price index Implicit price deflator Fixedweighted price index 1982 weights Source Department of Commerce Bureau of Economic Analysis BUSINESS OUTPUT PROFITS Quarterly data at seasonally adjusted annual rates Curren t dollar cos and profit per unit o output doliars l Gross d omestic produ ct of nonfin ancial corporate business billions o f dollars Period Current IV I n m IV I II m IV I n m IV I II Total cost and profit 2 Indirect business taxes 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 ud capital consurr ption adjus ments Capital consumption allowances with capital consumption adjustment 3 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 pins 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 4 NATIONAL INCOME Billions of dollars quarterly data at seasonally adjusted annual rates Period National income Compensation of employ Proprietor s income with ini entorv valuation a nd capital consunoption adjust ments Farm Profits wi th inventory valuation adjustmer t and witho it capital consu uption adjus ment Total Profits before tax Capital consump Inventory valuation adjustment Net interest mem IV 1984 I n m IV 1985 I II Ill IV 1986 I n n in m Nonfarm Corpora e profits wit i inventory valuation anc capital consunnption adjust ments IV 1983 I 1 Rental income of persons with capital consump tion adjustment Includes employer contributions for social insurance See also p 5 Source Department of Commerce Bureau of Economic Analysi PERSONAL CONSUMPTION EXPENDITURES Billions of dollars except as noted quarterly data at seasonally adjusted annual rates Non durable g ods Durablf goods Total Period con Motor vehicles and parts Furniture Total expendiures IV 1983 I II m IV 1984 I n m IV 1985 I II m IV 1986 I II ni Total durable goods Source Department of Commerce Bureau of Economic Analysis household equipment Other durable goo s Serv Retail ales of new pa senger cars mi lions of umts Clothing and shoes Gasoline and oil Food Other Domestics Imports SOURCES OF PERSONAL INCOME Personal income rose 11 2 billion annual rate in September following a rise of 7 4 billion in August The changes were affected by two special factors a large increase in subsidy payments to farmers in August and a large increase in retroactive social security payments in July Excluding the effect of these factors personal income increased 6 1 billion in September and 9 7 billion in August BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE WAGE AND SALARY DISBURSEMENTS COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual Proprietors income 3 Period Total personal income Farm Sept Oct Nov Dec Jan Feb Mar Apr May June July r Aug r Sept Personal dividend income Personal interest income Less Personal contributions for social insurance Nonfarm personal income Transfer payments The totai 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 Nonfarm Kental income of persons 4 4 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 OF Per capita disposable personal income fell in the third quarter BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE DISPOSABLE PERSONAL INCOME I I I 1 000 I J I I 1 000 DOLLARS RATIO SCALE DOLLARS RATIO SCALE PER CAPITA DISPOSABLE PERSONAL INCOME SEASONALLY ADJUSTED ANNUAL RATES COUNCIL OF ECONOMIC ADVfSERS SOURCE DEPARTMENT OF COMMERCE Period Personal income Less Personal tax and nontax payments Equals Disposable personal income Less Personal outlays l Equals Personal saving Per c apita disposable personal inco me Per capita personal consulnption expenc itures Current dollars Current dollars 1982 dollars Saving as percent of disposable personal income Population including Armed Forces abroad thousands 2 Per cent Do lars Billions of dol ars dollars change in real per capita disposable personal income Seas anally adju sted annual rates 1982 IV I USA I I n m IV n m rv n m IV 1986 I n m Includes personal consumption expenditures interest paid by consumers to business and personal transfer payments to foreigners net Annual data are averages of quarterly data which are averages for the period Source Department of Commerce Bureau of Economic Analysis and Bureau of the Census FARM INCOME In the second quarter of 1986 according to preliminary estimates gross farm income rose 19 4 billion annual rate and net farm income rose 21 0 billion BILL ONS OF DOLL S RS RATIOS CALE BILLIC NS OF DOLLA RS RATIO SC ALE X x T J GR DSS FARM INC OME 120 An An 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 ng Net farni income C rross farm incom Period Cas i marketing rece pts Total 1 Total Livestock and products Crops n in n m IV 1985 I IV 1986 I p H 1 Cash marketing receipts and inventory changes plus Government payments other farm cash income and nonmoney income furnished by farms 2 Physical changes in end of year inventory of crop and livestock commodities valued at average prices during the year 1982 dollars IV 1984 I dollars I Value of inventory changes n m 1983 Production expenses 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 second quarter of 1986 corporate profits before tax rose 7 0 billion annual rote and after tax profits rose 2 3 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES PROFITS BEFORE TAX PROFITS AFTER TAX TAX LIABILITY T UNDISTRIBUTED PROFITS J 1978 I J L L J 1984 I L COUNCiLOE ECONOMIC ADVISERS SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Prc fits before t LX with inve titory valuati jn a djustmen t 1 P rofits after ta X Doinestic industiies Period Total IV 1983 I II m n m IV 1984 I 1985 IV I n in IV 1936 I n p m Financial Total See p 4 for profits with inventory valuation and capital consumption adjustments Includes rest of the world not shVvvn separately Profits before tax Nonfinancial Total 2 Manufacturing Total Dividends Undistributed profits sale and retail trade Tax liability Inventory valuation adjustment Includes industries not shown separately Source Department of Commerce Bureau of Economic Analvsis GROSS PRIVATE DOMESTIC INVESTMENT According to preliminary estimates for the third quarter nonresidential fixed investment rose 3 6 billion annual rate from its second quarter level while residential investment outlays rose 5 8 billion There was a 7 5 billion decrease in inventories following an increase of 14 5 billion in the second quarter BILLIC NS OF DOLLA s 800 BIL IONS OF DOL ARS 800 SEASONAL Y ADJUSTED ANNUAL RATES 700 r GROS S PRIVATE DOAAESTIC INVESTMENT f r A vy X NONRESIDENTIA L FIX ED INVESTMEt 4T RESIDENTIAL CH kNGE IN BUSlr JESS t I I 1 1 V f y INVENTORIES r Fl ED INVESTMEh JT I OURCE DEPARTMEN1 OF COMMERCE i i i COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates 1 ixed investmen Change ir business mven ones Nonresidential domestic investment IV 1983 I TL HI IV 1984 I U m IV 1985 I H m IV 1986 I II p m Source Department of Commerce Bureau of Economic Analysis Total Total Structures Producers durable equipment Residential Total Nonfarm According to the Commerce Department July August 1986 survey business spending for new plant and equipment for the year 1986 is expected to be 1 9 percent below the 1985 level Spending in 1985 was 9 2 percent above the 1984 level BILLIONS OF DOLLARS RATIO SCALE 500 BILLIONS OF DOLLARS RATIO SCALE 500 SEASONALLY ADJUSTED ANNUAL RATES ALL INDUSTRIES NONMANUFACTUR NG MANUFACTURING J LJL 1978 I I I I I 1 I i I I I 1982 I I I 1983 I I I I I I 1985 i 1986 V SURVEYED QUARTERLY 2 SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Addenda Industries surveyed quarterly NOT manufactur ing M mufacturii g industries Total Durable goods Nondurable goods Total Transportation Mining Public utilities Non manufactu ring Total Commercial and other farm business Manufacturing Total Surveyed quarterly I II m IV Surveyed annualIy I n m rv I II Ill 4 IV Excludes forestry fisheries arid 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 iast column nonmantifacturing surveyed annually for data for these industries 2 All industries plus the part of nomnanufaeturing that is surveyed annually 10 vices professional services Source Department of Commerce Bureau of Economic Analysis QTHTTTG OT TWP I S RO O PYYPf F SIAI US J 1 jnjts JjnCV JK JK sCi In September seasonally adjusted civilian employment fell 264 000 and unemployment rose MILLIONS OF PERSONS 120 MILLIONS OF PERSONS YEARS OF AGE AND OVER SOURCE DEPARTMENT Of IABOR COUNCIL OF ECONOMIC ADVISER Thousands of persons 16 years of age and over except as noted monthly data seasonally adjusted except as noted by NSA P ri d Sept Oct Nov Dec 1986 Jan Feb Mar Apr May June July Aug Sept Noninstitutional population including resident Armed Forces NSA en T h me 1 iT ng u Forces NSA Armed Forces Employment including resident Armed Forces Nonagricultural Civilian labor force Persons at work Economic reasons include slack work material shortages inability to find fu ltime 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 Unempl yment Civilian ernployment Resi Total Agricultural Total Part time for economic reasons Total weeks and over Labor force particli ation rate pe rcent 2 Civilian Total 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 September the seasonally adjusted overall unemployment rate rose 0 2 percentage point to 6 9 percent the civilian unemployment rate also rose 0 2 percentage point to 7 0 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED TEENAGERS WOME N 20 YEARS AND OVER MEN 20 YEARS AND OVER o imiliim lllllllHIl 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 Period Bv sex and age AH civilian workers Men 20 years and over Unemployment rate all workers 1 Sept Get Nov Dec 1986 Jan Feb Mar Apr May June July Aug Sept Women 20 years and over Both sexes 16 19 years White Black and other Black Married men spouse present Women who maintain families Experienced wage and salary workers Unemployed as percent of total labor force including resident Armed Forces Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours 12 By s elected rroui By race Source Department of Labor Bureau of Labor Statistics Labor force s Fulltime workers Parttime workers time lost percent SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In September the percentage of unemployed persons who had been out of work for less than 5 weeks fell the percentage out of work for 15 26 weeks was unchanged and the percentages out of work for 5 14 weeks and for 27 weeks and over rose The mean duration of unemployment fell and the median was unchanged PERCENT DISTRIBUTION PERCENT DISTRIBUTION 70 DURATI DN OF UNE MPLOYME JT REASON FOR UNEMPLOYMENT 60 5 WEEKS t JOB LOSERS s A M V X Y WEEKS V A X j K V v jy i V LESST HAN of 27 WEEKS AND OVER REENTRANTS 30 20 NEW ENTRANTS VyO N x J WEEKS miilmii muliim imilimi UlllHllH iiiiihini SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Monthly data seasonally adjusted except as noted Re ison for imemployment percent iistributicm Dur ition of i nemplo Tnent Period Unemployment thousands P ercent di stributioii Less than 5 weeks 5 14 weeks 15 26 weeks Stat e progra ms Insured unemployment Numb er of 27 weeks and over Average mean Medi Job losers Job leavers Reentrants New entrants Insured unemployment Initial claims regular programs unadjusted 1 Weekly a erage tb ousands Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Includes State 50 States District of Columbia Puerto Rico and Virgin Islands ex servicemen UCX Federal UCFE and railroad RR programs Also includes Federal and State extended benefit programs Does not include Federal supplemental compensation program Source Department of Labor Bureau of Labor Statistics and Employment and Training Administration 13 Total nonagricultural employment as measured by the payroll survey rose 107 000 in September MILLIONS OF PERSONS ENLARGED SCALE 24 MILLIONS OF PERSONS I A L L ONAGRICL LTURAL ESTABLISHMENTS SER ICE PRODUC ING INDUSTRIES r U l i I i JLiliilllli llll li JJUJjliliL iiill J liJ Il lliJl liliJ i ri COK STRUCTION GOC DS PRODUC ING INDUSTRIES 30 lilllllllll Ull li iiJli junjjuii i liil 1 1 i U II Ulili SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR Thousands of wage and salary workers l seasonally adjusted Se rvice produc ing industr es Goods p reducing in dustries Period Total nonagricultura employment M anufacturin Total 2 Construction T Nondurable goods Total Transportation and public utilities Wholesale trade Retail trade Gover nment Finance insurance and real estate Services Total Durable goods Total Federal Sept Oct Nov Dec 1986 Jan Feb Mar Apr May June July r Aug r Sept 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 14 putes bad weather etc even if they are not paid for the time off and which are based on a sample of the working age population whereas the estimates in this table are based on reports from employing establishments Includes mining not shown separately Source Department of Labor Bureau of Labor Statistics AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted iAverage weekly Average gr oss hourlv earn ngs hours Period Sept Oct Nov Dec 1986 Jan Feb Mar Apr May June July r Aug r Sept Manufa cturing Total pnvate nonagricultural Total Total private nonagricultural Overtime Manufacturing Adjuste d hourly earnin s index total private nonagnc ultural 2 Percent chang e from a year r 6 Ind ex Current dollars 1977 dollars 3 Current dollars dollars AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Percent change from a year earlier total private nc nagricultural 5 Avera e gross weekly ea rnings Period Total i rivate nonagnc idtural 1 Current dollars Sept Oct Nov Dec 1986 Jan Feb Mar Apr May June July r Aug r Sept Also includes other private industry groups shown on p 14 Adjusted for interindustry employment shifts and for overtime in manufacturing 3 Current dollar index or earnings divided by the consumer price index for urban wage earners and clerical workers on a base 1977 dollars Current dollars Retail trade Current dollars 1977 dollars 3 2 Construction Manufacturing Monthly 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 pt r hour of aH pe rsons Period Business sector Nonfarm business sector Outp u t Business sector 1 Compens ation per hou r 3 Hours of all persons 2 Nonfarm business sector Business sector Nonfarm business sector Business sector Nonfarm business sector Unit lab or costs Keal com pensation per h 3ur 4 Business sector Nonfarm business sector Implicit price defla or 5 Business sector Nonfarm business sector Business sector Nonfarm business sector uarterly ata season ally adjus ted IV IV 1984 I n m IV 1985 I n ni IV 1986 I r p HI n m I n Pe rcent change quarte rly data a seasonal y adjusted annual rates IV I n m IV 1984 I n ni IV 1985 I n in IV q 1986 I n m Output refers to gross domestic product originating in the sector in 1982 dollars Hours of ali persons engaged in the sector including hours of proprietors and unpaid family workers Estimates based primarily on establishment data 3 Wages and salaries of employees plus employers contributions for social insurance and private benefit plans Also includes an estimate of wages salaries and supplemental payments for the selfemployed 2 16 4 Hourly compensation divided by the consumer price index for all urban consumers 5 Current dollar gross domestic product divided by constant dollar gross domestic product NOTE Data relate to all persons engaged in the sector Percent changes are from preceding period and are based on original data they therefore may differ slightly from percent changes based on indexes shown here Source Department of Labor Bureau of Labor Statistics PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 0 1 percent in September following a similar increase in August The index for September was 0 8 percent above its year earlier level INDEX RATIO SCALE 140 TOTAL NDUSTRIA PRODUCT ION INDEX RATIO SCALE 20 220 r f M M Inn llMII MANU ACTURINC7 PRODUCT ION DURABLE r i 1 I 1 1 l i t BUSINESS EQUIPMENT GOODS X T fm X CONSUMER NONDU ABLE r r DEFENSE AN D SPACE EQUIPMEN E i i 1 1 1 u 1 a M i a g i r i I 1 1 i 1 E1s i i h 1 1 1 i EH B i i i a i i i PER ENT PEf iiiiilniii MANURE CTURING CAPACITY UTILIZATIO N RATE UTILITIE S ANDMIh4ING PROD UCTION UTILITIEs FINALP RODUCTS N w r x A i QI r MINING i mill mill i i i i g l m i i iiiiiliiili mill SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM iiiiiliini 1986 COUNCIL OF EC DNOM1C ADVISERS Monthly data seasonally adjusted Total Period 1977 proportion Sept Oct Nov Dec 1986 Jan Feb Mar Apr May June r July T Aug r Sept 1 Output as percent of capacity Manufacturing Percent Capacity utilization rate pc rcent l Industry proc uetion indexes indu trial prodii ction from year earlier Mining Durable Total Utilities Nondurable Source Board of Governors of the Federa Reserve System Manufacturing Industrial materials INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Produc ts Mate rials inal produc s Internlediate pro nets 1Equipment C Hisumer go Dds Period Total Total 1977 proportion Sept Oct NOT Dec 1986 Jan Peb Mar Apr May June r July Augr Sept 1 Durable goods Nondurable goods Total Business Defense and space equipment Total Construction supplies Busi Total Energy supplies Includes rigs and prefabs not shown separately monthly data seasonally adjusted No ndurable nanufactui es Durable numufactures Transp rtation equip ment Primary metals Period Total 1977 proportion Sept Oct Nov Dec 1986 Jan Feb Mar Apr May June r July r Augr Sept Source Board of Governors of the Federal Reserve System 18 Iron and steel Fabricated metal products Nonelectrical machinery Electrical machinery Total Motor vehicles and parts Lumber and products Apparproducts Printing and publishing Chemicals and products Foods NEW CONSTRUCTION Monthly data seasonally adjusted Constructio n contracts 3 Private Period Total new construction expenditures Resi ential Total Total Commercial and New housing 1 industrial 2 Other Federal State and local Total value index Commercial and industrial floor space millions of square feet I illions of dollars Annual rates Annual rates 1985 Aug Sept Get Nov Dec 1986 Jan Peb Mar Apr May June July Aug Sept Includes the following categories of private construction not shown separately residential improvements railroads electric light and power gas petroleum pipelines and farm nonresidential 2 Includes hotels and motels r 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 pri ate homes New private housing units Period Units started by type of structure Total unit units or more units Units authorized Units completed Homes sold Vacancy rate Homes for sale at end of period r r housing units percent Seasonal y adjusted annu al rates 1985 Aug Sept Oct Nov Dec 1986 Jan Feb Mar Apr May June July Aug Sept Seasonally adjusted 2 Quarterly data entered in last month of quarter Series beginning 1979 not strictly comparable with earlier data 3 New series beginning March 1979 NOTE Beginning 1984 units authorized are for 17 000 permit issuing places and for 1978 83 data are for 16 000 places Source Department of Commerce Bureau of the Census 19 BUSINESS SALES AND INVENTORIES Manufacturing and Trade Manufacturing and trade sales rose 0 5 percent in August and inventories fell 0 7 billion According to advance data retail sales rose 4 6 percent in September following an increase of 1 5 percent in August BILLIONS OF DOLLARS RATIO SCALE 200 Ii BILLIONS OF DOLLARS RATIO SCALE ODU 600 ISO r IS MA NUFACTURIr JG AND TR ADE INVENT ORIES RETAIL INVENTORIES M WUFACTUR NG Ah ID TRADE SA LES RETAIL SALES In mil RATIO INVENT DRY SALES RATIO RETAIL x MANUFACTURING AND TRADE 1 20 inn M II E J L S ASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE Manufact iring and trac e J 1 1 E I COUNCIL OF ECONOMIC ADVISERS Wholesale Sales Period 2 Inventory sales ratio 4 Re ail Invento Inventories 3 Sales Total 2 Durable goods stores Inventories Nondurable goods stores Total 3 Durable goods stores Nondurable goods stores Manufacturing Retail Millions of dollars seasonally iidjusted Aug r Sept Oct Nov Dec Jan Feb Mar Apr May June July r Aug Sept r See page 21 for manufacturing Monthly average for year and total for month Book value end of period seasonally adjusted 20 r r T r r r 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 In August manufacturers shipments were unchanged and inventories and orders fell In September according to advance data durable goods shipments and new orders rose BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE INVENT ORIES r i TOTAL r DL RABLE GOC OS NOr DURABLE G DODS 40 BILLIONS OF DOLLARS RATIO SCALE I n n ii h SEASONALLY ADJUSTED SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Manufa cturers shiprnents 1 Manufac turers inven tones Manufacturers new orders i 1 2 Durabl 5 goods Period Total Durable goods Nondurable goods Durable goods Total Nondurable goods Total Total Capital goods industries nondefense Nondurable goods Manufacturers unfilled orders 3 Manufacturers inventory shipments ratio 4 M llions of do Jars seasoilally adjust 3d Sept Oct Nov Dec 1986 Jan Feb Mar Apr May June July Aug r Sept Monthly average for year and total for month Shipments are the same as sales Book value end of period End of period 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 September the producer price index for all finished goods rose 0 4 percent seasonally adjusted The index for finished consumer foods fell 0 2 percent while the index for finished consumer goods excluding foods was up 0 8 percent The index for capital equipment rose 0 4 percent INDEX RATIO SCALE 340 s INDEX RATIO SCALE 340 ASONALLV ADJUSTEC FINISHEC GOODS 320 COhvISUMER GOOC S EXC LUDING FOOD S v j 5ii TOT i FINISHED J GOODS e B rii S Z 300 V V fS t tf f Sf f f s CONSUME R FOODS i CAPITAL EQU PMENT t f NV x u Ti Illllllllll Illllllllll Illllllllll Illlllllll l Hl ll l llllll ll I l l l l l l l l l l COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF LABOR monthly data seasonally adjusted Fin shed goods Period Total finished goods Pi nished goc ds excluding consumer foo Is Consumer foods Total finished Consumer gc ods Capital equipment consumer goods Total Total Total Sept Oct Nov Dec 1986 Jan Feb Mar Apr May June July Aug Sept Intermediate materials for food manufacturing and feeds 22 Internlediate ma terials Durable Nondurable Cnide maten als Poods and feeds Other Total Source Department of Labor Bureau of Labor Statistics Foodstuffs and feedstuffs Other CONSUMER PRICES ALL URBAN CONSUMERS In September the consumer price index for all urban consumers rose 0 3 percent seasonally adjusted 0 5 percent not seasonally adjusted The index was 1 8 percent above its year earlier level INDEX RATIO SCALE 340 INDEX RATIO SCALE ALL ITEMS I I II I II I II II LLLL LLLLiiiiilJ I II I 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 Iter All items Food Renters Total Homeowners costs Dec NSA Sept Oct Nov Dec 1986 Jan Feb Mar Apr May June July Aug Sept 1 repairs Appar Medical care Energy2 utilities upkeep Total Includes items not shown separately 2 Fuel oil coal and bottled gas gas piped and electricity and motor fuel Motor oil coolant etc also included through 1982 3 Relative importance December 1985 Fuel and New ears Motor fuel All items less food energy and shelter NSA Bel imp Maintenance NOTE Data beginning 1983 incorporate a rental equivalence measure tor horn 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 Chi ng from pr jceding peric d Change from 3 mont s earlier ann ill rate Change from montl s earlier ann jal rate Consum r goods Consum r goods Oonsurn r goods Period Total finished goods Capital equipment Excluding foods Foods Total finished goods equipment Excluding foods Foods Total finished goods equipment Excluding foods Foods Change from year earlier total finished goods NSA Cha nge Dec o Dec N 3A Or ange mon th to mont h 1985 Sept Oct Nov Dec Jan Peb Mar Apr May r June r July Aug r Sept 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 Adden dum All ite ns percent hange annua rite Tr insportati Dn Housing All Shelter Period All items Food Total Total Homeowners costs Renters costs Fuel and other utilities c mnge December Apparel and upkeep MediTotal New curs Motor cal care Energy2 items less food energy and shelter From previ ous From 3 months earlier From 6 months earlier From year earlier NSA to Dee mber Is SA K Oha nge mo nth to nlonth Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Includes items not shown separately 2 Fuel oil coal and bottled gas gas piped and electricity and motor fuel Motor oil coolant etc also included through 1982 3 Quarterly changes are shown in the last month of the quarter 24 NOTE Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs and therefore are not strictly comparable with data for earlier periods Source Department of Labor Bureau of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers in September fell 2 4 percent from their August level Prices paid by farmers in July the latest data available were unchanged from their April level INDEX RATIO SCALE INDEX RATIO SCALE PRICES PAID PRICES RECEIVED an UJIlliUJJJjJLIllliiJLlli llii Li 60 III RATI DV RA a flaa r n RATIO r Htllimil muinm U l U U HliL JlLUlLLLLLl minim i UU J mulim J ili I f l l l l l l l l Illllllllll 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 es received by farm ers Period Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept All farm products Livestock and products Includes items not shown separately 2 Percentage ratio of index of prices received hy fai tiers to index of prices paid interest taxes and wage rates 3 Not available All commodities services interest taxes and wage rates 1 Production items interest taxes and wage rates Production items Ratio Derived using prices paid index for April NOTE The official indexes are published on a 1910 14 base as required by law The indexes have been converted to a base to facilitate comparison with other indexes Source Department of Agriculture 25 AND STOCK LIQUID In September growth in Ml and M2 slowed growth in M3 was unchanged BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE V M AVERAGES OF DAILY FIGURES SEASONALLY ADJUSTED i In in in 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 Dec Dec Dec Dec Sept Oct Nov Dec 1986 Jan Feb Mar Apr May June July Aug Sept M2 M3 Sum of currency demand deposits travelers checks and other checkable deposits OCDs Ml plus overnight RPs and Eurodollars MMMF balances general purpose and broker dealer MMDAs and savings and small time deposits M2 plus large time deposits term RPs term Eurodollars and institution only MMMF balances r Consists of outstanding credit market debt of the U S Government State and local governments and private nonfinaneial sectors data from flow of funds accounts Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate r 3 165 8 r 3 181 3 r r L M3 plus other liquid assets r r 3 762 8 T 3 800 5 r 3 839 5 r 3 862 2 r r 3 918 3 r r Debt Debt of domestic nonfinancial sectors monthly average r Perce nt change from yeai or 6 months earlier 2 Ml NOTE See p 27 for components Source Board of Governors of the Federal Reserve System M r M Debt OF LIQUID Averages of daily figures billions of dollars seasonally adjusted except as noted by NSA DePeriod mand Currency deposits Other checkable deposits OCDs Overnight repurchase agreements RPs net plus overnight Eurodollars NSA 1978 Dec 1979 Dec 1980 Dec 1981 Dec 1982 Dee 1983 Dec 1984 Dec 1985 Dec 8 5 Money market mutua fund bala ices General purpose and broker dealer NSA Institution only NSA Dec 1986 Jan Feb Mar Apr May June July Aug Sept Large denomination time deposits i NSA Sept Oct Nov Small denomination time deposits r r r Small denomination and large denomination deposits are those issued in amounts of less than and more than respectively Term repurchase agreements RPs Term Eurodollars net NSA Savings deposits Money market deposit accounts MMDAs NSA Shortterm Treasury securities ov Sav m s on s r r r r iin Commercial paper r Bankers acceptances r 308 4 r r r r r r r r r r r Travelers checks are a component of money stock but are not shown here Source Board of Governors of the Federal Reserve System NOTE See note p 26 Millions of dollars seasonally adjusted Net change in in stallment ere dit outstandii g Ins tallment 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 Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July r Aug For year end data change from preceding year end for monthly data change from preceding 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 1 percent in September BILLION S OF DOLLARS RATIO SCA LE Bl LIONS OF DOl LARS RATIO SCALE 2 000 ALL COM rtERCIAL BANK s TOTAL i V LOA NS AND LEAS ES r x U S GC WERNMENT SE CURSTIES r i T C THER SECURIT ES 120 Mill 1 Mill iihini iimhii ii 1979 Illllllllll IlliltillU 1 1 1 II 1 i i 1 1 1 nuijnm iniiliiin timlnm 1985 SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted Depos itory institutio ns 3 Al commercial ban iS 1 R sserves adjust sd for changes i i res erve requirem snts Loans a nd leases Period Total loans and securities 2 Total Dec Dec Dec Dec Dec Dec Dec Dec Sept Oct Nov Dec 1986 Jan Feb Mar Apr May June July Aug r Sept a Commercial and industrial loans U S Government securities 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 28 borrowed Borrc wings millions of dollars unadj usted Required Total Excludes loans to commercial banks in the United States Data are averages of daily figures Source Board of Governors of the Federal Reserve Svstem 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 Ci edit market fu nds 1 Total Total Securities and mortgages Loans and short term paper I n m TV 1986 I n Discrepancy sources less uses Increase in financial assets Total Other 2 Capital expenditures a Plant and equipment resident al structures ir ventory investm 3nt and mineral rights from U S Go eminent i ouree Board of jovernors of t e Federal Rest rve System 1 Undistributed profits after inventory val lation and cap tal consumptio n adjustments capital consumption allowances and f reign branch jrofits dividen s and subsidi tries earnings retained abroad 2 Consists of tax liabilities tr ade debt and jrect foreign in vestment in the U S CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars except as noted Current liabilitie s Curren assets Net End of period Total Cash Governsecurities QFR FEB series IV 1984 I n m IV 1985 I rr n HIr TV r 1986 I p Notes and accounts receivable Invento Total current assets divided by total current liabilities Baaed on data from Quarterly Financial Report for Manufacturijig Mining and Trade Corpons Effective mid 1982 responsibility for the Quarterly Financial Report was transferred to Other current assets Total Notes and accounts payable Other current liabilities working capital ratio l 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 Interest rates were unchanged in October PERCENT PER ANNUM PERCENT PER ANNUM INCH OF ECONOi Percent per annum U S T reasury security yields Period 3 month bills new issues l Constant rr aturities 2 3 year 10 year High grade municipal bonds Standard Poor s 3 Corporate Aaa bonds Moody s Get Nov Dec 1986 Jan Feb Mar Apr May June July Aug Sept Oct p Prime commercial paper 6 months Discount rate N Y F E Bank 5 Prime rate charged by banks New home mortgage yields FHLBB r Week ended 1986 Oct Nov 1 1 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 30 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 fell slightly in October INDEX DEC INDEX DEC COMPOSITE STOCK PRICE INDEX NYSE V I 40 I PERCENT PERCENT 20 20 EARNINGS PRICE RATIO ON COMMON STOCKS S P J I 1978 I I 1979 I I I I I I 1984 I I COUNCIL OF ECONOMIC ADVISERS SOURCES NEW YORK STOCK EXCHANGE AND STANDARD S POOR S CORPORATION Co Tunon stock price s 1 Period Common st ock 5yields perce nt Nevi York Stock Ex hange indexes E ec O 2 Composite Industrial Transporta Utility Finance Dow Jones industrial average 3 Standard Poor s composite index Dividendprice ratio Earningsprice ratio Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Ocf Week ended 1986 Sept 27 Oct Average of daily closing prices Includes all the stocks more than 1 500 listed on the NYSE Includes 30 stocks 4 Includes 500 stocks 5 Standard Poor s series Dividend price ratios based on Wednesday closing prices Earnings2 3 r price ratios based on prices at end of quarter NOTE AH 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 fiscal 1986 there was a deficit of 220 7 billion compared with a deficit of 212 3 billion in fisca 1985 BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS AND OUTLAYS OUTLAYS RECEIPTS SURPLUS OR DEFICIT 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 On budget Total Fiscal year or period Receipts Outlays Surplus or deficit Receipts Outlays Gross Fe eral debt end of period Off budget Surplus of deficit Receipts Outlays Surplus or deficit Total Held by the public Transition quarter estimates Estimates from Mid Ses August i Review of the 1987 Budget Office of Management and Budget C Sources Department of the Treasury and Office of Management and Budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In fiscal 1986 receipts were 35 0 billion higher than in fiscal 1985 and outlays were 43 5 billion higher BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS INDIVIDUAL INCOME TAXES SOCIAL INSURANCE TAXES AND CONTRIBUTIONS 200 CORPORATION INCOME TAXES BOTHER RECEIPTS OUTLAYS NONDEFENSE NATIONAL DEFENSE FISCAL YEARS O 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 buc jet receip Fiscal year Total Individual taxes Corporation taxes On bud yet and of budget 01 tlays s Nationa defense Social insurance Other Depart Total Total and butions estimates Estimates from Mid Session R tf the 1987 Budget Office of Management and Budget August NOTE Data shown here exclude the transition quarter est Net inter ty Social securi Medi Defense military Health affairs Income securi v Inter Other Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 1986 Federal receipts rose 7 7 billion annual rate and expenditures rose 44 2 billion yielding a deficit of 238 1 billion In the third quarter according to preliminary estimates expenditures fell 21 7 billion receipts data are incomplete BILLIONS OF DOLLARS BILLIONS OF DOLLARS CALENDAR YEARS SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal 0 overnment expenditure s Federal Governmeiit receipts Period Total Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Contributions for social insurance IV I n m n in n in IV 1984 I IV 1985 I IV 1986 I n p ni Source Department of Commerce Bureau of Economic Analysis 34 Total Net interest paid current surplus of Government enterprises Transfer payments or deficit Subsidies Grantsin aid to State and local govern Purchases of goods and services Wage accruals less disbursements national income and product accounts INTERNATIONAL INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Consume r prices Industrial reduction seasonal V adjusted Period United States Italy Japan Prance r 98 9 r 04 1 r l r United Kingdom Germany Canada United States Canada Japan France Germany Sept Oct Nov Dec Jan Feb Mar r r l r Apr May June Julv Aug Sept r r l r l 7 7 r l 6 7 r l 7 7 r l no Italy United Kingdom 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 landisc expor t s Period foreign exports Total z Food beverages and tobacco Crude materials and fuels Exports Ger enl import s Maim factured goods I a s Monthly average Mercha ndise trade a ance Merc landise imp orts Domestic exports Total domestic Total 2 Food beverages and tobacco Crude materials and fuels Manu factured goods Total c i f value Exports f a s less imports f a s Exports f a s less imports customs value imports c i f valu e X Customs value Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning January 1978 2 Total includes commodities and transactions not classified according to kind 3 Total arrivals of imported goods other than intransit shipments NOTE Imports on c i f basis beginning 1982 not strictly comparable with earlier periods Data beginning 1980 include trade of the U S Virgin Islands except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade bal 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 Foreign exports not shown separately include 2 050 million of nonmonetary gold bullion for June and 1 250 million for July Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the second quarter of 1986 the current account deficit was 34 7 billion up from 34 0 billion in the first quarter The merchandise trade deficit fell to 36 0 billion from 36 5 billion in the first quarter BILLI ONS OF DOLL RS BILL ONS OF DOLL vRS BALANCE ON G OODS AND SERVIC ES K XS Hr V V Axv X x o 1 N 5 s E1ALANCE ON RENT ACCOUr CUR s V v f o s Y A S V MFR CHANDISE TRA RF 15 N BALANCE v A A X W oc K Vv u SEASONALLY ADJUS TED SOURCE DEPARTMEN OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Millions of dollars quarterly data seasonally adjusted Credits debits In vestment inconie 3 Merchandise Net travel and transportation receipts Period Exports I n m TV 1984 I n m TV 1985 I n in TV 1986 I n Receipts Payments Imports Net 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 3 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 2 36 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 10 7 billion in the second quarter compared to a decrease of 6 3 billion in the first quarter Liabilities to foreigners and international financial institutions reported by U S banks increased 5 0 billion in the second quarter compared to an increase of 8 4 billion in the first quarter BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS 60 CHANGE IN FOREIGN ASSETS IN THE U S NET l I I I 20 v CHANGE IN U S ASSETS ABROAD NET I 1979 I 1980 I I I I I Millions of dollars quarterly data seasonally adjusted except as noted U S assets abroad net mcrease capit il outflow Period Total U S official reserve assets 1 2 Other U S Government assets Statistical d iscrepancy Foreign assets in the 1 J S net inereas capital inflov U S private assets Foreign official assets Other foreign assets Total Allocations of special drawing rights SDKs Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy reserve assets net unadjusted end of period I n ni IV 1984 I n m IV 1985 I n m IV 1986 I HP 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 Sources Treasury rariment of Commerce Bureau of Economic Analysis and Department of the 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 Nonfmancial Corporate Business Output Costs and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment EMPLOYMENT UNEMPLOYMENT AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings Private Nonagricultural Industries Average Weekly Earnings Private Nonagricultural Industries Productivity and Related Data Business Sector PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories Manufacturing and Trade Manufacturers Shipments Inventories and Orders PRICES Producer Prices Consumer Prices 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 Nonfmancial 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 3 18 foreign Subscription price 27 00 per year 33 75 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

Farm Income

DATE: October 1986

PART OF:

Economic Indicators : October 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-. "Farm Income," 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-. "October 1986," Economic Indicators (October 1986) : 9-9. https://fraser.stlouisfed.org/title/1/item/534/toc/385050 , accessed on December 8, 2019.

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Economic Data