Consumer Installment Credit

Name: Consumer Installment Credit
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. 100th Congress 1st Sessio Economic Indicators JANUARY 1987 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 PAUL S SARBANES Maryland Chairman LEE H HAMILTON Indiana Vice Chairman SENATE WILLIAM PROXMIRE Wisconsin LLOYD BENTSEN Texas EDWARD M KENNEDY Massachusetts JOHN MELCHER Montana JEFF BINGAMAN New Mexico WILLIAM V ROTH JR Delaware STEVEN D SYMMS Idaho ALFONSE M D AMATO New York PETE WILSON California HOUSE OF REPRESENTATIVES AUGUSTUS F HAWKINS California DAVID R OBEY Wisconsin JAMES H SCHEUER New York FORTNEY H PETE STARK California CHALMERS P WYLIE Ohio OLYMPIA J SNOWE Maine HAMILTON FISH JR New York J ALEX McMILLAN HI North Carolina JUDITH DAVISON Executive 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 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 TOTAL OUTPUT INCOME AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the fourth quarter current dollar gross national product GNP rose 2 6 percent annual rate or 27 7 billion Real GNP GNP adjusted for price changes rose 1 7 percent and the implicit price deflator rose 1 0 percent BILLIONS OF DOLLARS RATIO SCALE 4 400 BILLIONS OF DOLLARS RATIO SCALE 4 400 SEASONALLY ADJUSTED ANNUAL RATES GNP IN 1982 DOLLARS I I I I 1980 I I 1984 I SOURCE DEPARTMENT OF COMMERCE Billions of current dollars quarterly data at seasonally adjusted annual rates Period Gross national product Personal consumption expenditures Gross private domestic ment Government purchases of goods and services Exports and imports of goods and services Federal Net exports Exports Imports Total Total National defense Nondefense State and local Final sales IT IV I IV I II Ill IV I n m n m IV Source Department of Commerce Bureau of Economic An GROSS NATIONAL PRODUCT IN 1982 DOLLARS Billions of 1982 dollars quarterly data at seasonally adjusted annual rates Period Gross national product Gross private domestic investment Government purchases of goods and services Exports of goods and services Personal consumption expenditures Nonresidential fixed Residential fixed Change in business inventories IV IV I JI III IV I II Ill IV I II Ill IV Federal Net exports Exports Imports Total Total National defense Nondefense State and local Final sales Source Department of Commerce Bureau of Economic Analys IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT quarterly data are seasonally adjusted Gross private domestic investment Personal consumption expenditures Period Gross national product Total Durable goods Nondurable goods Services Nonresidential fixed Exports and imports of goods and services Government purchases of goods and services Federal Residential fixed Exports Imports Total National defense Nondefense State and local IV IV I II III IV I n Ill IV 1986 I n m IV Source Department of Commerce Bureau of Economic Analysis CHANGES IN GNP PERSONAL CONSUMPTION EXPENDITURES AND RELATED PRICE MEASURES Percent change from previous period quarterly data at seasonally adjusted annual rates Gross national product Period Constant 1982 dollars Current dollars IV 1983 IV 1984 I II III IV 1985 I II m IV 1986 I II Ill IV Implicit price deflator Personal consumption expenditures Chain price index NOTE Annual changes are from previous year and quarterly changes are from previous quarter Fixedweighted price index 1982 weights Constant 1982 dollars Current dollars Implicit price deflator Chain price index Fixedweighted price index 1982 weights Q Source Department of Commerce Bureau of Economic Analysis NONFINANCIAL CORPORATE BUSINESS OUTPUT COSTS AND PROFITS Quarterly data at seasonally adjusted annual rates Current dollar cost and profit per unit of output dollars 1 Gross domestic product of nonfmancial corporate business billions of dollars Period Current dollars IV 1983 IV 1984 I II in IV 1985 I II in rv 1986 I n HI dollars Corporate profits with inventory valuation and capital consumption adjustments Total cost and profit 2 Capital consumption allowances with capital consumption adjustment Indirect business taxes Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol lars 3 4 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 r Indirect business tax and nontax liability plus business transfer payments less subsidies With inventon valuation and capital consumption adjustments 2 This is equai to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left 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 National income Period Compensation of employees1 Proprietors income with inventory valuation and capital consumption adjustments Farm Rental income of persons with capital consumption adjustment Nonfarm Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Total Profits before tax Inventory valuation adjustment Capital consumption adjustment Net interest IV 1983 IV 1984 I II Ill IV 1985 I II III IV I II III IV 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 Nondurable goods Durable goods Total personal consumption expenditures Total durable goods 1985 I II III IV I II HI IV Period p 1982 IV 1983 IV 1984 I II Ill rv Motor Source Department of Commerce Bureau of Economic Analysis cles and parts Furniture and household equipment Other Total nondurable goods Services Retail sales of new passenger cars millions of units Clothing and shoes Gasoline and oil Food Other Domestics Imports SOURCES OF PERSONAL INCOME Personal income rose 28 2 billion annual rate in December following a rise of 7 8 billion in November The increases were affected by two special factors large increases in subsidy payments to farmers in December and bonus payments to employees in the automobile industry in October Excluding the effect of these factors personal income rose 7 6 billion in December and 16 6 billion in November BILLIONS OF DOLLARS RATIO SCALE 3 800 BILLIONS OF DOLLARS RATIO SCALE WAGE AND SALARY DISBURSEMENTS OTHER INCOME TRANSFER PAYMENTS 200 L i Iii i 1984 i i i i i I i i in 1985 i i i i i I COUNCIL OF ECONOMIC ADVISERS Billions of dollars monthly data at seasonally adjusted annual rates Total personal income Period Wage and salary disbursements Proprietors income 3 Other labor income 2 Farm Nonfarm Rental income of persons 4 Personal dividend income Personal interest income Transfer payments 5 Less Personal contributions for social insurance Nonfarm personal income p Dec Jan Feb Mar Apr May June July Aug Sept Get T Nov Dec r p Source Department of Commerce Bureau of Economic Analysis DISPOSITION OF PERSONAL INCOME Real per capita disposable personal income fell again in the fourth quarter of 1986 BILLIONS OF DOLLARS RATIO SCALE BILLIONS Of DOLLARS RATIO SCALE DOLLARS RATIO SCALE DOLLARS RATIO SCALE PER CAPITA DISPOSABLE PERSONAL INCOME DOLLARS I 4 000 I I 1978 I I I I SEASONALLY ADJUSTED ANNUAL RATES SOURCE Period COUNCIL OF ECONOMIC ADVISERS DEPARTMENT OF COMMERCE Personal income Less Personal tax and nontax payments Equals Disposable personal income Less Personal outlays 1 Equals Persona saving Disposable persona income in 1982 dollars billions Current dollars Current dollars 1982 dollars 1982 dollars Saving as percent of disposable personal income Population including Armed Forces abroad thousands change in reai per capita disposable personal income Percent Dollars Billions of dollars Per capita personal consumption expenditures Per capita disposable personal income Seasonally adjusted annual rates 1982 IV IV I II Ill IV I II III IV 1986 I II m IV Includes personal consumption expenditures interest paid by consumers to business and personal transfer payments to foreigners net r r ll r FARM INCOME In the third quarter of 1986 according to current estimates gross farm income fell 23 4 billion annual rate and net farm income fell 21 7 billion as Government payments fell sharply from their second quarter level r r x V X i i X ET FARM INCOME N V s v y t l 1 i 1 I I i i I x ti ii i i1 1u1 u T C ROSS FARM IS COME I I SEASONALLY ADJUSTED ANNUAL RATES COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMENT OF AGRICULTURE Billions of dollars quarterly data at seasonally adjusted annual rates Income of farm operators from farming Net farm income Gross farm income Period Cash marketing receipts Total Total Livestock and products Crops I II Ill IV 1984 I II Ill IV 1985 I II HI IV 1986 I II in Value of inventory changes 2 Production expenses Current dollars dollars 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 third quarter of 1986 corporate profits before tax rose 12 7 billion annual rate and after tax profits rose 7 1 billion BILLIONS OF DOLLARS BILLIONS OF DOLLARS SEASONALLY ADJUSTED ANNUAL RATES PROFITS BEFORE TAX r I Z r N 120 N j A V K Nsx v PROF TS AFTER TAX fs v s x TAX LIABILITY Vt s V V X UNO STRIBUTED PR 3FITS i i I i i 1 1 I L I COUNCIL OF CONOMIC ADVISERS SOURCE DEPARTMEN OF COMMERCE Billions of dollars quarterly data at seasonally adjusted annual rates Profits before tax with inventory valuation adjustment 1 Profits after tax Domestic industries Total 2 Total Financial Total p 1982 IV 1983 IV 1984 I n m IV 1985 I II m rv 1986 I II mp rv Manufacturing Tax liability Wholesale and retail trade See p 4 for profits with inventory valuation and capital consumption adjustments Includes rest of the world not shown separately Includes industries not shown separately Profits before tax Nonfinancial Period Total Dividends Undistributed profits NOTE Corporate profits and related measures for the first 3 quartei ed to reflect retroactive provisions of the Tax Reform Act of 1986 Source Department of Commerce Bureau of Economic Analysis Inventory valuation adjustment of 1986 have been adjust GROSS PRIVATE DOMESTIC INVESTMENT According to preliminary estimates for the fourth quarter of 1986 nonresidential fixed investment fell 0 9 billion annual rate from its third quarter level while residential investment outlays rose 3 3 billion There was an 8 3 billion decrease in inventories following a decrease of 4 5 billion in the third quarter BILLIC3NS OF DOLLARS BILLIONS OF DDL ARS SEASONALLY ADJUSTED ANNUAL RATES GROSS PRIVATE DOMESTIC INVESTMENT r i 500 M nr OURCE DEPARTMEN NONRESIDE NTIAL FIXED INVES MENT RESIDENTIAL INVESTME MT FI ED CHf i NGE i i i 1979 IN BUSIK ESS INVENTORIES X N Y i i i I OF COMMERCE I I I COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Change in business inventories Fixed investment Period Gross private domestic investment p 1982 IV 1983 IV 1984 I II ni IV 1985 I II TJI rv 1986 I TJ Ill rv Source Department of Commerce Bureau of Economic Analysis Nonresidential Total Total Structures Producers durable equipment Residential Total Nonfarm EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department October November 1986 survey business spending for new plant and equipment for the year 1986 is expected to be 1 7 percent below the 1985 level while spending in 1987 is expected to be 0 9 percent above the 1986 level BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE 600 iOO r H1 Al J I INDUSTRIES rr NOWMNUFACTURi go x AANUFACTURI I I I I 1 I J J SURVEYED QUARTERLY 2 SEE FOOTNOTE 4 BELOW SOURCE DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Addenda Industries surveyed quarterly Nonmanufacturing Manufacturing All industries Total I 11 III IV I II Ill 4 1987 I 44 Period rv n Nonmanufacturing Nondurable goods Total 1 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 nonmanufacturing surveyed annually for data for these industries 2 All industries plus the part of nonmanufacturing that is surveyed annually 10 Total nonfarm business Manufacturing Total Surveyed quarterly Consists of forestry fisheries and agricultural services medical sen ices professional services social services and membership organizations and real estate 4 Planned capital expenditures as reported by business in October November 1986 corrected for biases Source Department of Commerce Bureau of Economic Analysis EMPLOYMENT UNEMPLOYMENT AND WAGES STATUS OF THE LABOR FORCE In December seasonally adjusted civilian employment rose 205 000 and unemployment fell MILLIONS OF PERSONS MILLIONS OF PERSONS YEARS OF AGE AND OVER COUNCIL OF ECONOMIC ADViSERS SOURCE DEPARTMENT OF LABOR Thousands of persons 16 years of age and over except as noted monthly data seasonally adjusted except as noted by NSA Period Noninstitutional population including resident Armed Forces Civilian employment Resident Armed Forces NSA T H r f including resident Armed Forces Employment including resident Armed Forces Nonagricultural Chilian labor force Total Agricultural Total NSA Dec r Jan r Feb r Mar Apr T May r June r July Aug Sept Oct Nov r Dec 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 Unemployment Part time for economic reasons Total weeks and over Labor force participation rate percent Total 2 Civilian Data beginning January 1986 not strictly comparable with earlier data because of change in estimation procedures Note Seasonally adjusted data revised beginning 1982 Source Department of Labor Bureau of Labor Statistics 11 SELECTED UNEMPLOYMENT RATES In December the seasonally adjusted overall unemployment rate fell 0 2 percentage point to 6 6 percent the civilian unemployment rate also fell 0 2 percentage point to 6 7 percent PERCENT SEASONALLY ADJUSTED PERCENT SEASONALLY ADJUSTED V N A 20 A 20 v v UL BLACK v v 7 v fN v TEENAGERS v v xA v A x v BLACK AND OTHER 10 10 ALL CIVILIAN WORKERS VVOME N 20 Y EARS AND OVE R L f x WHITE AAEN20YEAR s AND OVER Illllllllll Illllllllll Illllllllll llinllllll Illllllllll 1986 UNEMPLOYMENT AS PERCENT OF CiVIUAN LABOR FORCE IN GROUP SPECIFIED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Unemployment rate percent of civilian labor force in group Period Unemployment rate all workers By sex and age By selected groups By race Ail Experienced wage and salary workers Married men spouse present civilian workers Men 20 years and over Women 20 years and over Both sexes 16 19 years White Black and other Black Women who maintain families Labor force time lost percent 2 Fulltime workers Parttime workers Dec r Jan r Feb r Mar r Apr r May r June July r Aug Sept r Oct r Nov r Dec Note Seasonally adjusted data r Source Department of Labor Bu 12 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In December the percentage of unemployed persons who iad been out of work for less than 5 weeks for 15 26 weeks and for 27 weeks and over rose while the percentage out of work for 5 14 weeks fell The mean duration of unemployment and the median rose PERCENT DISTRIBUTION PERCENT DISTRIBUTION 70 REASON FOR UNEMPLOYMENT JOB LOSERS REENTRANTS NEW ENTRANTS JOB LEAVERS SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVfSERS SOURCE DEPARTMENT OF LABOR Monthly data seasonally adjusted except as noted Duration of unemployment Period Unemployment thousands 5 14 weeks 15 26 weeks State programs Number of weeks Percent distribution Less than 5 weeks Reason for unemployment percent distribution 27 weeks and over Average mean Median Job losers Job leavers Reentrants New entrants Insured unemployment Initial claims Insured unemployment all regular programs unadjusted 1 Weekly average thousands r r Dec r Jan Feb r Mar May r July Sept r Oct Nov r Dec Note Seasonally adjusted data revised beginning 1982 Souree I epartment of Labor Bureau of Labor Statistics and Employment and Trail ng Administralion 13 NONAGRICULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose 269 000 in December MILLIONS OF PERSONS ENLARGED SCALE 24 MILLIONS OF PERSONS ALL NONAGRICULTURAL ESTABLISHMENTS 80 70 SERVICE PRODUCING INDUSTRIES GOODS PRODUCING INDUSTRIES 30 20 ML SEASONALLY ADJUSTED SOURCE DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS Thousands of wage and salary workers l seasonally adjusted Service producing industries Goods producing industries Period Total nonagrieultural employment Manufacturing Total 2 C nn onstruction Total Durable goods Dec p 1986 Jan Feb Mar Apr May June July Aug Sept Oct r Novr Dec Nondurable goods Total Transportation and public utilities Wholesale trade Retail trade Services Federal bad weather etc even if thev are not paid for the time off and which are based on a sample of the working age population whereas the estimates in this tahie Source Department of Labor Bureau of Labor Statistic 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 nonagricultural employment of the 14 Government Finance insurance and real estate AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES For production or nonsupervisory workers monthly data seasonally adjusted except as noted Average weekly hours 1985 Total Dec 1986 Jan Feb Mar May July Sept Oct Nov r Dec p Adjusted hourly earnings index total private nonagricultural 2 Percent change 4from a year earlier 5 Ind ex Manufacturing dollars 3 Current dollars Current dollars Total private nonagrieultural Overtime p Manufacturing Total private nonagricultural l Period Average gross hourlv earnings r 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 nonagricultural5 Average gross weekly earnings Period Current dollars p Manufacturing Total private nonagricultural l Construction Retail trade Current dollars 1977 dollars 3 1977 dollars Current dollars Dec Jan Feb Mar r May July Sept Oct r Nov T Dec p Monthly changes based on indexes to two decimal places Based on seasonally unadjusted data Source Department of Labor Bureau of Labor Statistics PRODUCTIVITY AND RELATED DATA BUSINESS SECTOR Output per hour of al persons Period Business sector Nonfarm business seetor Output Business sector Hours of all persons Nonfarm business sector Business sector Nonfarm business sector Compens a ion per hm r 3 Business sector Nonfarm business sector Real compensation per lour 4 Business sector Nonfarm business sector Unit labor eosts Implic t price defla or 5 Business sector Nonfarm business sector Business sector Nonfarm business sector quarterly data seasonally adjusted IV IV I II III IV I II Ill IV I II III r IV Percent change quarterly data at seasonally adjusted annual rates p IV IV I II Ill IV I 11 Ill IV I II Ill r IV Output refers to gross domestic product originating in the sector in 1982 dollars Hours of a l 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 bv 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 thev 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 5 percent in December following a rise of 0 6 percent in November The index for December was 0 9 percent above its year earlier level INDEX RATIO SCALE 220 FINAL PRODUCTS 200 INDEX RATIO SCALE 140 TOTAL NDUSTRIA L PRODUCTION p uti CNSE AND SPACE S r in M 11 Mini Ml V 1 140 EQUIPMENT MANUFACTURING PRODUCTION DURABLE r NONDURAB X C E x f CONSUMER GOODS I II III 1 II II s jii 1 1 ILL II 1 1 1 1 f 1 s PEF II M 1 11111 I 90 MANUFACTURING CAPACITY UTILIZATION RATE UTILITIES AND MINING PRODUCTION 120 A A T3 M 100 f r MINING M n i l MI l i i n l i i i n i i M i i i i n iinii UIILMItb 70 m i M 1 1 II I M 1 1I M 1 I 1 1 1 I 1983 SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM 1 1 1 I 1 1 1 M I t 1 1 M 1f 1 1 M COUNCIL OF ECONOMIC ADVISERS Monthly data seasonally adjusted Period Index P 1985 Dec 1986 Jan Feb Mar May Julv Sept r Oct r Nov r Dcc p Capacity utilization rate percent 1 Industry production indexes To al indus trial produ ction Manufacturing Percent change from year earlier Mining Total Durable Utilities Nondurable Manufacturing Industrial materials Source Board of Governors of the Federal Reserve System 17 INDUSTRIAL PRODUCTION MAJOR MARKET GROUPS AND SELECTED MANUFACTURES monthly data seasonally adjusted Materials Products Final products Intermediate products Consumer goods Equipment Period Total Total Durable goods Nondurable goods Total Business Defense and space equipment Total Construction supplies Business supplies Total Energy 1977 proportion p Dec Jan Feb Mar Apr May June July Aug Sept r Oct r Nov r Dec p Includes rigs and prefabs not shown separately monthly data seasonally adjusted Nondurable manufactures Durable manufactures Transportation equipment Primary metals Period Total 1977 proportion p Iron and steel Fabricated metal products Nonelectrical machinery Electrical machinery Total Motor vehicles and parts Lumber and products Apparel products Printing and publishing cals and products Foods Dec Jan Feb Mar Apr June July Aue Sept r Oct Nov r Dec p Source Board of Governors of the Federal Reserve Svstem 18 NEW CONSTRUCTION Monthly data seasonally adjusted Construction contracts 3 Private Total new construction expenditures Period Residential Commercial Total and New housing units Total industrial z Other Federal State and local Total value index Commercial and industrial floor space millions of square feet Billions of dollars Dec Annual rates Jan Feb Mar Apr June July r Aug r Sept T Oct T Nov Dec 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 Annual rates 3 F W Dodge series Sources Department of Commerce Burcai of the Census and McGraw Hill Information Svstei Company F W Dodge Division NEW PRIVATE HOUSING AND VACANCY RATES Thousands of units or homes except as noted New private homes New private housing units Period Units started hy type of structure Total unit units or more units Units authorized Units completed Homes sold Homes for sale at end of period Vacancy rate for rental housing units percent Seasonally adjusted annual rates 1985 Nov Dec Jan Feb Mar r r r 352 r May June July Sept Oct r Nov r Dec 1 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 p Tmit 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 1 percent in November and inventories fell 1 1 billion According to advance data retail sales rose 4 4 percent in December after falling 0 6 percent in November BULK5NS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE UU S MANLJFACTURING AND TRADE INVENTORIES M NUFACTURI NG AN D TRADE SA LES 350 r f y RETAIL SAl ES X i g 1 1 1 1 ii i i RATIC RETAIL IMMI p p r X MANUFACTURING AND TRADE I 1 1I1 1 i 1t 11 1 1 1I INVENTORY SALES RATIO T s VE AIL INVENTC3RIES 130 f c XT t 1 11i 11 t 1t SEASONALLY ADJ STED c OURCE DEPARTM NT OF COMMERC Manufacturing and trade COUNCIL OF ECO NOMIC ADVISERS Wholesale Sales 2 Period Sales 2 Inventories 3 Inventory sales ratio 4 Retail Sales 2 Inventories 3 Total Durable goods stores Inventories 3 Nondurable goods stores Total Durable goods stores Nondurable goods stores Manufacturing and trade Retail Millions of dollars seasonally adjusted Nov r Dec 1986 Jan Feb Apr May July Aug Sept Oct r Nov Dec p r See page 21 for manufacturing Monthly average for year and total for month Book value end of period seasonally adjusted r T r r T r r MANUFACTURERS SHIPMENTS INVENTORIES AND ORDERS In December manufacturers shipments and new orders rose while inventories and unfilled orders fell BILLIC NS OF DOLLARS RATIO SCALE BILLICDNS OF DOLLARS RATIO SCALE 240 SHIPMENTS s TOTAL INVEN TORIF r TOTAL a N NO X DU RABLE GOO 3S DURABLE G OODS V M 1 M M 1111 1 M NO DURABLE C OODS 1 1 1 I1 11 1 M 1 60 BILLIC3NS OF DOLLARS RATIO SCALE 240 NEW OT P p T v 40 n 1 1 iln il ii II ii ii il 1 1 ii 1 1 1 III 1 M 1 RATI INVENTORY SHIPMENTS RATIO JRABLE GOC H NON DURABLE G DODS x h N SEASONALLY ADJU sOURCE DEPARTME H 1 1 1 1 II 1986 1t It X E I I I 1 i t I imil 1986 STED NT OF COMMERCE COUNCIL OF ECC Manufacturers shipments 1 Manufacturers inventories 2 Manufacturers new orders l Durable goods Period Total Durable goods Nondurable goods Durable goods Total Nondurable goods Total Total Capital goods industries NOMIC ADVISERS Nondurable goods Manufacturers unfilled orders 3 non Manufacturers inventory shipments ratio 4 defense Millions of dollars seasonally adjusted Dec 1986 Jan Feb Mar May July Aug Sept Oct Nov Dec p r r r Monthly average for year and total for month Shipments are the same as sates 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 Souree Department of Commerce Bureau of the Census 21 PRICES PRODUCER PRICES In December the producer price index for all finished goods was unchanged seasonally adjusted The index for finished consumer foods fell 0 4 percent while the index for other finished consumer goods rose 0 2 percent The index for capital equipment was unchanged INDEX RATIO SC ALEJ INDE RATIO SCALE SEASONALLY ADJUSTED FINISHED GOODS COr JSUMER GOOD S pyr LUDING FOOD5 300 TOTAL FINISHED GOODS r s l pC aP V DNSUMER FO vrjc CAPITAL EQ JIPMENT 240 W 220 t i 200 r A rf 200 t i i 1 1 1 i M 1 1 I t i it ii 1 11 ii i M I t M i l l I l III 1 1 i i t 1 1 1 I I l l COUNCIL OF ECONOMIC ADVISERS SOURCE DEPARTMEN F OF LABOR monthly data seasonally adjusted Intermediate materials Finished goods Finished goods excluding consumer foods Period Total finished goods Consumer foods Total Dec 1986 Jan Feb May J u ly Aug T Sept Oct Dec 1 Durable Capital equipment Crude materials Total Foods and feeds Other Total Foodstuffs and feedstuffs Other Intermediate materials for food manufacturing and feeds 22 Nondurable Consumer goods Total Total finished consumer goods Source Department of Labor Bureau of Labor Statistics CONSUMER PRICES ALL URBAN CONSUMERS In December the consumer price index for all urban consumers rose 0 2 percent seasonally adjusted 0 1 percent not seasonally adjusted The index was 1 1 percent above its year earlier level INDEX RATIO SCALE INDEX RATIO SCALE ALL ITEMS i M i ill m 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 Transportation Housing Shelter Period All items l Food Total Renters Total Homeowners costs Dec NSA Rel imp Dec 1986 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Maintenance and repairs Fuel and other utilities Apparupkeep Total J New cars Motor fuel Medical care Ener gy 2 All items less food energy and shelter NSA 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 Change from preceding period I eriod Change from 5 months earlier amu al rate Change from 6 months earlier annual rate Consumer goods Consumer goods Consumer goods Total finished goods Capital equipment Excluding foods Foods Total finished goods Capital equipment Excluding foods Foods Total finished goods Capital equipment Excluding foods Foods Change from year earlier total finished goods NSA Change Dec to Dec NSA Change month to month 1985 Dec May July Aug r Septr Oct Nov Dec Jan Feb Mar j Source Department of Labor Bui CHANGES IN CONSUMER PRICES ALL URBAN CONSUMERS Percent change from preceding period monthly data seasonally adjusted except as noted by NSA Housing Transportation Shelter Period All items 1 Food Total Total Renters eosts Homeowners costs Fuel and other utilities Appare and upkeep Total New cars Motor fuel Medical care All items less food energy and shelter Energy2 Addendum All iterns percent change annua rate From previous quarter 3 From 3 earlier From 6 months earlier From year earlier NSA Change December to December NSA Change month to month 1985 Dec 1986 Jan Feb Mar Apr May June July Ang Sept Oct Nov Dec j A o Source Department of Labor Bui 24 of Labor Statistics PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers in January fell 1 7 percent from their December level Prices paid by farmers in January rose 0 6 percent from their October level INDEX RATIO SCALE INDEX RATIO SCALE PRICES PAID PRICES RECEIVED inn mil 60 RATIO 140 linn iniiliiiii I II I I I I II I II I I I l l l l l l l l l l 60 RATION J RATiO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAIDSOURCE DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices paid by farmers Prices received by farmers Period r 1983r 1984r 1985r Jan r Feb r Mar r Mav r July r Aug r Sept Oct r Nov r Dec 1987 Jan All farm products Livestock and products Crops All commodities services interest taxes and wage rates l Production items interest taxes and wage rates Production items Ratio Source Department of Agriculture 25 MONEY CREDIT AND SECURITY MARKETS MONEY STOCK LIQUID ASSETS AND DEBT MEASURES In December growth accelerated in Ml and the broader aggregates BILLIONS OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS 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 Dec Dec Dec Dec Dec Dec Dec 1986 Jan Feb Mar Mav Julv Sept T Oct Nov r Dec MS Sum of currency demand deposits travelers checks and other checkable deposits OCDs Period M2 Ml plus overnight RPs and Eurodollars MMMF balances general purpose and broker dealer MMDAs and savings and small time deposits M2 plus large time deposits term RPs term Eurodollars and institution only MMMF balances Consists of outstanding credit market debt of the U S Government State and local govei ments and private nonfinancial sectors data from flow of funds accounts 2 Annual changes are from December to December and monthly changes are from 6 months cr at a seasonally adjusted annual rate 26 L M3 plus other liquid assets Debt Debt of domestic nonfinancial sectors monthly average r 3 918 6 r r 4 003 5 T 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 M r Debt r r COMPONENTS OF MONEY STOCK AND LIQUID ASSETS Averages of daily figures billions of dollars seasonally adjusted exeept as noted hv XSA Other Demand deposits Currencv Period checkable deposits OCDs Overnight repurchase agreements RPs net plus overnight Eurodollars NSA 1979 Dec 1980 Dec 1981 Dec 1982 Dec 1983 Dec 1984 Dec 1985 Dec 1986 Dec Jan Feb Mar Apr May June July Aue Sept r Oct r Nov r Dec p Money market mutual fund balances General purpose and broker dealer NSA Institution only NSA Money market deposit accounts MMDAs denomination time deposits Large denomination time deposits 1 NSA Small 1 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 NSA Shortterm Treasury securities Bankers acceptances Commercial paper r 299 1 r 306 2 r 300 2 r 292 5 r r Savings bonds r r r Travelers checks are a component of money stock but are not shown hei Source Board of Governors of the Federal Reserve Svstern NOTE See note p 26 CONSUMER INSTALLMENT CREDIT Millions of dollars seasonally adjusted Net change in installment credit outstanding 1 Installment credit outstanding end of period Period Total Dec Dec Dec Dec Dec Dec Dec Dec Dec Nov Dec 1986 Jan Feb Mar May June July Sept Oct r Nov p r r Automobile Revolving Mobile home Other r r 25 560 r r r 226 234 r 228 814 r For year end data change from preceding vear end for monthly data change from preceding month Total Automobile Revolving Mobile home Other Source Board of Governors of the Federal Reserve Svstem 27 BANK LOANS AND SECURITIES AND RESERVES Commercial and industrial loans rose 3 2 percent in December BILLION S OF DOLLARS RATIO SCALE BILLIONS OF DOLLARS RATIO SCALE ALL COMMERCIAL BANK S I r r JANS AND LEA U S GC VERNMENT SE CURITIES r x C JTHER SECURIT ES iiiniiiiii miilmn 1980 i i m l i n i i i illlillllil 1982 nmlmii umlinii I l l l l l l l l l l SEASONALLY ADJUSTED SOURCE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEW illllllllll COUNCIL OF ECONOMIC ADVISERS Billions of dollars seasonally adjusted except as noted All commercial banks Depository institutions 3 1 Reserves adjusted for changes in reserve requirements Loans and leases Period Total loans and securities 2 Total Dec Dec Dec Dec Dec Dec Dec Dec p Jan Feb Mar Apr Mav July Aug Sept r Oct Nov Dec p z Commercial and industrial loans U S Government securities securities Total related institutions Data beginning January 1984 are not strict 28 Other Borrowings millions of dollars unadjusted r Nonborrowed r Required r 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 Credit market funds Total Internal Total Total Securities and mortgages Loans and short term paper Total Other 2 Capital expenditures 3 Increase in financial assets Discrepancy sources less uses r r r 48 5 r r r r r I II HI IV 1986 I n p m T r 33 3 r Undistributed profits after inventory valuation and capital consumption adjustments capital consumption allowances and foreign branch profits dividends and subsidiaries earnings retained abroad Consists of tax liabilities trade debt and direct foreign investment m the L S r r r r 3 Plant and equipment residential structures inventory investment Government Source Board of Governors of the Federal Reserve Svstem leral rights from U S CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS Billions of dollars except as noted Current liabilities Current assets End of period Total QFR FRB series IV 1984 I II m IV 1985 I n m IV 1986 I p Cash U S Government securities Notes and accounts receivable Inventories Other current assets Total Notes and accounts payable Other current liabilities Net working capital Current ratio 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 fell in January PERCENT PER ANNUM 16 T PERCENT PER ANNUM COUNCIL OF ECONOMIC Percent per annum U S Treasury security yields Period 3 month hills new issues l Constant maturities 2 3 year 10 year High grade municipal bonds Standards Poor s Corporate Aaa bonds Moody s 4 Prime commercial paper 6 months Discount rate N Y F E Bank 5 Prime rate charged 5bv banks Ne v home mortgage yields FHLBB C r Jan Feb Mar Apr May July Sept Oct Nov Dec 1987 Jan Week ended 1987 Jan Feb 7 1 Bank discount basis Yields on the more actively traded issues adjusted to constant i laturities bv the Treasurv Depart men t 3 Weekly data are Wednesday figures 4 Series excludes public utility issues for January through October due to lack of appropriate issues 2 30 5 Average effective rate for year opening and closing rate for month and week 6 Effective rate in the primary market on conventional mortgages reflecting fees and charges as well as contract rate and assumed on the average repayment at end of 10 years Sources Department of the Treasury Board of Governors of the Federal Reserve System Federal Home Loan Bank Board Moody s Investors Service and Standard Poor s Corporation COMMON STOCK PRICES AND YIELDS Stock prices rose in January INDEX DEC INDEX DEC COMPOSITE STOCK PRICE INDEX NYSE V Illlll PERCENT 1987 PERCENT EARNINGS PRICE RATIO ON COMMON STOCKS S P J I SOURCES NEW YORK STOCK EXCHANGE AND STANDARD POOR S CORPORATION COUNCIL OF ECONOMIC ADVISERS Common stock prices 1 New York Stock Exchange indexes E 3 Common stock5 yields percent z Period Composite Industrial Transportation Finance Utility Dow Jones industrial average 3 Standard Poor s composite index Dividendprice ratio Sept Oct Nov Dee Tan Week ended 1987 Jan Earningsprice ratio Jan Feb Mar Apr June July r 5 87 rice ratios based on prices at end of quarter NOTE All data relate to stoeks listed on the New York Stock Exchange NYSE York Stock Exchange Dow Jones Company Inc and Standard Poor s Corprices Earnings 31 FEDERAL FINANCE FEDERAL RECEIPTS OUTLAYS AND DEBT In the first 3 months of fiscal 1987 there was a deficit of 64 3 billion compared with a deficit of 75 1 billion a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS SURPLUS OF DEFICIT L FISCAL YEARS 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 Federal debt end of period Off budget On budget Total Surplus or deficit Receipts Outlays Surplus or deficit Total Held by the public i Cumulative total first 3 months Fiscal year 1986 Fiscal year Estimates from Budget of Ikr United States Gorernmeat Fiscal Year 1988 January Sources Department o the Treasury and Office of Management and Budget FEDERAL RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 3 months of fiscal 1987 receipts were 12 8 billion higher than a year earlier and outlays were 2 0 billion higher BILLIC NS OF DOLLARS BILLIONS OF DO LLARS 400 RECEIPTS SOCIAL INSURANCE 200 TAXES AND CONTRIBUTIONS CORPORATION INCOME TAXES I INDIVIDUAL INCOME TAXES r r OTHER RECEIPTS j OUTLAYS NONDEFENSE NATIONAL DEFENSE FISCAL YEARS L 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 On budget and off budget outlays On budget and off budget receipts Social insurance taxes National defense Individual income taxes Corporation income taxes Fiscal year Total Cumulative total first 3 months Fiscal year 1986 Department of Defense military International affairs Other Total Total and contributions Health Medicare Income security Social security Net interest Other Sources Department of the Treasury and Office of Management and Budget 33 FEDERAL SECTOR NATIONAL INCOME ACCOUNTS BASIS In the third quarter of 1986 Federal receipts rose 19 6 billion annual rate and expenditures fell 15 2 billion yielding a deficit of 197 4 billion In the fourth quarter according to preliminary estimates expenditures rose 12 5 billion receipts data are incomplete BILLIO JS OF DOLLARS 1 200 BILLIONS OF DOLLARS 1 200 SEASONALLY ADJUSTED ANNUAL RATES EXPENDITURES V RECEIPTS S 600 s lr I JS OR DEFICIT K i i i 0 H i I I I CALENDAR YEARS SOURCE DEPARTMEN T OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Billions of dollars quarterly data at seasonally adjusted annual rates Federal Government receipts Period Total Fiscal year V1 Calendar year p 1982 IV 1983 IV 1984 IV 1985 I II Ill IV 1986 I II Ill IV Personal tax and nontax receipts Corporate profits tax accruals Indirect business tax and nontax accruals Federal Government expenditures Contributions for social Lnsurance Purchases of goods and services Total Transfer payments Grantsin aid to State and local governments Less Wage accruals less disbursements Sources Department of Commerce Bum Budget 34 Net interest paid Subsidies less current surplus of Government enterprises Surplus or deficit national income and product accounts INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES MAJOR INDUSTRIAL COUNTRIES Industrial production seasonally adjusted Period United States Canada Japan France Germany Consumer prices United Kingdom Italy United States 1 Canada Japan France Germany Italy United Kingdom Dec Jan Feb Mar r l r l r l r l p May July Sept Oct Nov Dec Source National source as reported by Department of Commerce Bureau of Economic Analysis and International Trade Administration U S MERCHANDISE EXPORTS AND IMPORTS Millions of dollars monthly data for statistical month not seasonally adjusted Merchandise exports Period Total domestic and foreign exports Merchandise imports Total 2 Food beverages and tobacco Crude materials and fuels Merchandise trade balance General imports3 Domestic exports Manufactured goods Total Exports f a s less imports customs value Exports f a s less imports f a s Exports f a s less imports c i f Food beverages and tobacco z Crude materials and fuels Manufactured goods Total c i f value F a s value Customs value Jan Feb Mar Apr May June July Get Noy Dec Department of Defense shipments of grant aid military supplies and equipment under the Military Assistance Program are excluded through 1984 and included beginning 1985 z 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 t he U S Virgin Islands except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade balance For further information and for details regarding revised Source Department of Commerce Bureau of the Census 35 U S INTERNATIONAL TRANSACTIONS In the third quarter of 1986 the current account deficit was 36 3 billion up from 34 4 billion in the second quarter The merchandise trade deficit rose to 37 7 billion from 35 7 billion in the second quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS BALANCE ON GOODS AND SERVICES 5 5 YC s A 0 I BALANCE ON CURRENT ACCOUNT S Vi I MER ff e f n HANDISE TRA BALANCE 10 A i A I I i i M l I I I i l l SEASONALLY ADJUS TED SOURCE DEPARTMEN T OF COMMERCE COUNCIL OF ECONOMIC ADVISER Millions of dollars quarterly data seasonally adjusted Credits debits Merchandise 2 Investment income 3 Net Period Exports I II Imports Net balance Receipts Payments Net military transactions Net travel and transportation receipts Other services net 3 Balance on goods and services Remittances pensions and other unilateral transfers Balance on current account 991 i Q n rn IV I II HI IV I Ill IV 1984 I n III 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 Source Department of Commerce Bureau of Economic Analysis Q KQK Q OOf U S INTERNATIONAL TRANSACTIONS Continued In the capital accounts claims on foreigners reported by U S banks increased 20 5 billion in the third quarter of 1986 compared with a rise of 14 4 billion in the second quarter Liabilities to foreigners and international financial institutions reported by U S banks increased 32 2 billion in the third quarter of 1986 compared to an increase of 3 6 billion in the second quarter BILLIONS OF DOLLARS BILLIONS OF DOLLARS CHANGE IN FOREIGN ASSETS IN THE U S NET i CHANGE IN U S ASSETS ABROAD NET V 20 V I I I 1979 I 1980 I I I 1981 I I J 1 LJ I I 1985 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 U S net increase capital inflow U S assets abroad net increase capit Period Total U S official reserve assets Other U S Government assets U S private assets Total Foreign official assets Other foreign assets Statistical discrepancy Allocations of special drawing rights SDKs Total sum of the items with sign reversed Of which Seasonal adjustment discrepancy U S official reserve assets net1 unadjusted end of period I II Ill IV I II Ill IV I II Ill IV I n in its SDKs convertible currencies arid the U S reserve Sources Department of Commerce Bureau of Economic Analysis and Department of the Treasurv 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 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 13 foreign Subscription price 27 00 per year 33 75 for foreign mailing 38 U S GOVERNMENT PRINTING OFFICE

Consumer Installment Credit

DATE: January 1987

PART OF:

Economic Indicators : January 1987

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-. "Consumer Installment Credit," 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-. "January 1987," Economic Indicators (January 1987) : 29-29. https://fraser.stlouisfed.org/title/1/item/543/toc/133342 , accessed on December 7, 2019.

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Economic Data