Full text of Economic Indicators : August 1986
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99th Congress, 2d Sess
Economic Indicators
AUGUST
1986
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1986
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 23, 1949.
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
11
TOTAL OUTPUT, INCOME, AND SPENDING
PROSS NATIONAL PRODUCT
According to revised estimates for the second quarter, current-dollar gross national product (GNP) rose 3.0 percent
(annual rate) or $30.6 billion. Real GNP (GNP adjusted for price changes) rose 0.6 percent and the implicit price
deflator rose 2.5 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,40U
L RATES
SEASONA LY ADJUSTED ANNUA
^-1
4,000
GN P
3,6001
DOLLARS^/1
IN CURREN"
>
NX''"'
3,200
,
,„
••••__,--
„---'"
x^
__.
^ ^ — ~*
3,600
""\" I
It-J
^^^
^^-g*" "**3
4,000
—
GNP
3,200
1982DOLLAF!S
^~
/^
2,800
2,800
^
2,400
2,400
-^
^
i2,000
2,000
1,600
\
\
\
1978
SOURCE: DEPARTMEN
1
1
1
\
1979
\
\
1980
\
\
\
\
1981
1
1
1 1 1
1983
1982
1
1
1
1
1984
1
1
1985
1
1
1
1,600
1986
COUNCIL OF ECONOMIC ADVISER i
OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Govern ment purch ases of
gooc s and services
Exports s nd imports of goods
$ nd services
Federal
Net
exports
Exports
Imports
Total
National
defense
Nondefense
and
1978
1979
1980
1981
1982
1983
1984
1985
2,249.7
2,508.2
2,732.0
3,052.6
3,166.0
3,405.7
3,765.0
3,998.1
1,403.5
1,566.8
1,732.6
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
416.8
454.8
437.0
515.5
447.3
502.3
662.1
661.1
4.1
18.8
32.1
33.9
26.3
-6.1
-58.7
-78.9
227.5
291.2
351.0
382.8
361.9
352.5
382.7
369.8
223.4
272.5
318.9
348.9
335.6
358.7
441 .4
448.6
425.2
467.8
530.3
588.1
641.7
675.0
733.4
815.4
161.8
178.0
208.1
242.2
272.7
283.5
311.3
354.1
108.9
121.9
142.7
167.5
193.8
214.4
235.0
259.4
52.9
56.1
65.4
74.8
78.9
69.1
76.2
94.7
263.4
289.9
322.2
345.9
369.0
391.5
422.2
461.3
2,221.0
2,495.2
2,740.3
3,028.6
3,190.5
3,412.8
3,700.9
3,987.0
1982: III
IV
3,179.4
3,212.5
2,065.6
2,117.0
452.2
409.6
14.5
14.1
359.9
335.9
345.4
321.9
647.1
671.8
275.3
293.2
197.3
205.4
78.0
87.7
371.8
378.7
3,188.4
3,272.4
1983: I
II
Ill
IV
3,265.8
3,367.4
3,443.9
3,545.8
2,146.6
2,213.0
2,262.8
2,315.8
428.3
481.3
519.7
579.8
22.7
-2.1
-19.3
-25.8
343.6
344.1
357.7
364.7
320.9
346.2
376.9
390.5
668.1
675.2
680.7
676.1
285.5
287.7
284.9
276.1
208.5
213.3
214.3
221.5
77.0
74.4
70.6
54.6
382.7
387.5
395.8
400.0
3,308.4
3,378.6
3,449.4
3,514.8
1984: I
3,670.9
3,743.8
3,799.7
3,845.6
2,363.8
2,416.1
2,445.6
2,487.2
659.5
657.5
670.3
661.1
-45.6
-63.2
-60.0
-66.1
373.4
382.1
389.2
386.2
419.0
445.3
449.1
452.2
693.2
733.3
743.8
763.4
283.4
315.2
317.2
329.1
227.1
233.7
234.5
244.9
56.3
81.6
82.7
84.2
409.8
418.1
426.6
434.3
3,575.4
3,683.9
3,735.3
3,808.9
3,909.3
3,965.0
4,030.5
4,087.7
2,530.9
2,576.0
2,627.1
2,667.9
650.6
667.1
657.4
669.5
-49.4
-77.1
-83.7
-105.3
378.4
370.0
362.3
368.2
427.9
447.1
446.0
473.6
777.3
799.0
829.7
855.6
333.7
340.9
360.9
380.9
248.9
255.1
265.5
268.0
84.8
85.8
95.5
112.9
443.5
458.1
468.8
474.7
3,883.9
3,945.9
4,027.4
4,090.8
4,149.2
4,179.8
2,697.9
2,735.3
708.3
684.7
-93.7
- 100.2
374.8
367.9
468.5
468.1
836.7
860.0
355.7
367.1
266.4
278.0
89.3
89.1
480.9
492.9
4,105.4
4,167.3
n
Ill
IV
1985: I
II
HI
IV
1986: I
II '
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1982 DOLLARS
[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]
_
1 i* nod
1978
1979
980
981
982
983
984
1985
Personal
consumption
expenditures
Gross
national
product
Ex jorts of go ods
a nd service
G ross privat e
dome stic investrnent
Nonresidential
fixed
Residential
fixed
Change
in
business
inventories
3,115.2
3,192.4
3,187.1
3,248.8
3,166.0
3,279.1
3,489.9
3,585.2
2,004.4
2,000.4
2,024.2
2,050.7
2,146.0
2,246.3
2,324.5
362.1
389.4
379.2
395.2
366.7
361.2
422.2
461.4
178.0
170.8
137.0
126.5
105.1
149.3
170.6
177.2
36.8
15.0
-6.9
23.9
-24.5
-6.4
59.2
9.0
1,961.0
Govern nent purch ases of
good s and serv ices
Federal
Net
exports
Exports
Imports
Total
Total
-26.8
3.6
57.0
49.4
26.3
-19.9
-83.6
-108.2
National
defense
Nondefense
State
and
local
Final
sales
312.6
356.8
388.9
392.7
361.9
348.1
369.7
362.3
339.4
353.2
332.0
343.4
335.6
368.1
453.2
470.5
604.1
609.1
620.5
629.7
641.7
649.0
675.2
721.2
233.7
236.2
246.9
259.6
272.7
275.1
291.7
323.6
160.7
164.3
171.2
180.3
193.8
206.9
219.4
235.7
73.0
71.9
75.7
79.3
78.9
68.2
72.3
87.8
370.4
373.0
373.6
370.1
369.0
373.9
383.5
397.6
3,078.4
3,177.4
3,194.0
3,225.0
3,190.5
3,285.5
3,430.7
3,576.2
1982:
III..
IV
3,154.5
3,159.3
2,051.8
2,078.7
358.0
352.3
100.1
115.8
-9.4
-59.3
11.7
11.7
359.5
336.0
347.8
324.3
642.5
660.1
273.8
289.5
197.0
201.4
76.9
88.2
368.6
370.6
3,164.0
3,218.6
1983:
I
II
Ill
IV
3,186.6
3,258.3
3,306.4
3,365.1
2,094.2
2,135.1
2,163.0
2,191.9
341.6
348.8
363.9
390.4
127.8
147.4
161.9
159.9
-42.3
-9.3
-1.0
27.0
16.1
-14.6
-35.0
-46.2
342.5
341.7
352.8
355.5
326.4
356.3
387.8
401.6
649.2
650.9
653.6
642.2
278.2
278.5
277.6
266.0
203.2
206.3
206.5
211.6
75.1
72.2
71.1
54.4
371.0
372.4
376.0
376.2
3,228.9
3,267.6
3,307.4
3,338.1
1984:
I
II
Ill
IV
3,444.7
3,487.1
3,507.4
3,520.4
2,213.8
2,246.3
2,253.3
2,271.7
394.4
419.5
427.1
447.6
169.7
173.2
171.2
168.3
85.1
57.0
60.6
33.9
-68.6
-87.2
-85.7
-92.7
361.3
367.0
375.5
375.0
429.9
454.2
461.2
467.7
650.2
678.2
681.0
691.5
271.2
296.3
295.6
303.8
214.4
219.0
218.4
225.9
56.8
77.3
77.1
77.9
379.0
381.8
385.4
387.7
3,359.6
3,430.0
3,446.8
3,486.4
1985:
I
II
Ill
3,547.0
3,567.6
3,603.8
3,622.3
2,292.3
2,311.9
2,342.0
442.7
463.0
463.1
2,351.7
476.9
172.4
175.1
180.0
181.5
23.2
17.4
.7
-5.2
-78.8
-108.1
-113.8
-132.0
369.4
361.2
355.8
362.9
448.2
469.3
469.6
494.8
695.3
708.3
731.8
749.4
305.8
311.4
329.9
347.2
228.0
233.5
242.2
239.3
77.8
77.9
87.6
107.9
389.5
396.9
401.9
402.2
3,523.9
3,550.2
3,603.1
3,627.5
3,655.9
3,661.5
2,372.7
2,410.4
457.8
455.2
186.3
192.3
39.9
11.6
-125.9
-150.5
369.2
363.9
495.1
514.4
725.2
320.4
329.5
238.7
250.0
81.7
79.4
404.8
413.0
3,616.1
3,649.8
IV
1986: I
11 '
742.4
, Bureau of Economic Analys 1
Source: Department <
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1982 = 100; quarterly data are seasonally adjusted]
Personal c onsumption
expen ditures
Period
national
product
1978
1979
1980
1981
1982
1983
Total
Durable
goods
Gross Ijrivate
domestic i ivestment
Nondurable goods
Services
Nonresidential
Exports an , imports of
goods amI services
Gove nment pure lases of goo ds and
senaces
Federal
Residential fixed
Exports
Imports
National
defense
Nondefense
State
and local
72.2
78.6
85.7
94.0
100.0
103.9
107.9
111.5
71.6
78.2
86.6
94.6
100.0
104.1
108.1
111.9
76.9
82.1
89.2
95.7
100.0
102.1
103.8
104.5
71.9
80.0
89.4
96.9
100.0
102.1
105.0
107.5
69.8
75.6
83.9
92.6
100.0
106.2
111.7
117.3
71.5
77.8
85.1
93.4
100.0
98.8
98.7
99.3
72.6
81.4
89.4
96.6
100.0
102.2
106.3
108.2
72.8
81.6
90.2
97.5
100.0
101.3
103.5
102.1
65.8
77.1
96.0
101.6
100.0
97.4
97.4
95.4
69.2
75.4
84.3
93.3
100.0
103.1
106.7
109.4
67.8
74.2
83.4
92.9
100.0
103.6
107.1
110.0
72.4
78.0
86.4
94.3
100.0
101.4
105.5
107.9
71.1
77.7
86.2
93.4
100.0
104.7
110.1
116.0
III
IV
I
II
Ill
IV
100.8
101.7
100.7
101.8
100.4
100.7
100.5
101.0
100.9
102.7
100.8
100.7
100.4
99.1
100.1
100.0
99.3
99.3
100.5
101.3
100.2
102.0
101.5
99.5
100.9
102.2
102.5
103.3
104.2
105.4
102.5
103.6
104.6
105.7
101.3
101.6
102.3
103.1
100.6
101.9
102.6
103.1
104.2
105.5
106.8
108.3
99.8
98.8
98.4
98.3
101.9
100.3
103.2
103.1
100.3
100.7
101.4
102.6
98.3
97.2
97.2
97.2
102.6
103.3
102.6
103.8
102.6
103.4
103.8
104.7
102.6
103.0
99.3
100.3
103.1
104.1
105.3
106.3
1984:
I
II
Ill
IV
106.6
107.4
108.3
109.2
106.8
107.6
108.5
109.5
103.3
103.9
104.1
104.1
104.4
104.5
105.1
106.0
109.6
110.9
112.4
113.6
98.4
98.5
98.8
99.0
103.6
106.4
107.5
107.8
103.4
104.1
103.6
103.0
97.5
98.0
97.4
96.7
104.5
106.4
107.3
108.3
105.9
106.7
107.3
108.4
99.2
105.5
107.3
108.2
108.1
109.5
110.7
112.0
1985:
I
II
Ill
IV
110.2
111.1
111.8
112.8
110.4
111.4
112.2
113.4
104.6
104.5
104.5
104.3
106.5
107.2
107.5
108.9
115.0
116.6
118.0
119.5
99.4
99.2
99.3
99.4
107.6
107.8
108.1
109.4
102.4
102.4
101.8
101.5
95.5
95.3
95.0
95.7
109.1
109.5
109.4
109.7
109.2
109.3
109.6
112.0
109.0
110.2
108.9
104.6
113.9
115.4
116.6
118.0
1986:
I
II '
113.5
114.2
113.7
113.5
104.5
104.7
108.0
105.8
120.6
121.9
100.3
100.3
110.2
112.2
101.5
101.1
94.6
91.0
111.0
111.4
111.6
111.2
109.2
112.1
118.8
119.3
1984
1985
1982:
1983:
Source: Department of Ooi
:c, Bui
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Ore ss national prc duct
Period
1980
1981
1982
1983
1984
1985
1982:
m
IV
1983: I
n
ra
rv
1984:
1985:
1986:
Constant
(1982)
dollars
Current
dollars
I
n
in
rv
I
n
m
IV
I r
n.
8.9
11.7
-0.2
3.7
7.6
10.5
6.2
2.5
4.2
6.8
13.0
9.4
12.4
14.9
8.2
6.1
4.9
6.8
5.8
6.8
5.8
6.2
3.0
-2.5
NOTE.—Annual changes are from previous year and quarterly ch:
1.9
3.6
6.4
2.7
— 3.2
.6
3.5
9.3
6.0
7.3
9.8
5.0
2.3
1.5
3.1
2.3
4.1
2.1
3.8
.6
Implicit
price
deflator
Personal consumption e cpenditures
Chain price
index
9.0
9.0
9.7
6.4
3.9
3.8
3.3
5.8
3.6
3.2
3.2
3.5
4.7
4.6
3.0
3.4
3.4
3.7
3.3
2.5
3.6
2.5
2.5
9.4
6.3
4.1
4.0
3.6
5.6
4.1
3.7
3.6
4.1
3.9
3 are from previous quarter.
4.8
3.6
3.6
3.5
3.9
3.5
2.5
3.9
1.9
1.6
Fixedweighted
price index
(1982
weights)
Constant
(1982)
dollars
Current
dollars
10.6
10.5
7.1
9.0
8.7
7.1
8.5
10.3
5.7
13.0
9.3
9.7
8.6
9.1
5.0
7.0
7.2
7.3
8.2
6.4
4.6
5.7
9.3
9.3
6.2
4.1
4.0
3.7
5.5
4.0
3.6
3.8
4.2
4.0
4.7
3.6
3.5
3.6
4.2
3.6
2.8
4.0
2.5
1.9
-0.2
1.2
1.3
4.6
4.7
3.5
2.1
5.3
3.0
8.0
5.3
5.5
4.1
6.0
1.3
3.3
3.7
3.5
5.3
1.7
3.6
6.5
Implicit
price
deflator
Chain price
index
10.7
9.2
5.7
4.1
3.8
3.5
6.2
4.4
2.8
4.4
3.9
4.3
4.2
3.0
3.4
3.7
3.3
3.7
2.9
4.3
1.1
n
10.9
9.2
5.7
4.2
4.0
3.6
6.3
4.8
2.8
4.6
4.0
4.1
4.5
3.0
3.7
3.7
3.5
4.0
2.8
4.7
1.4
-.1
Fixedweighted
price index
(1982
weights)
10.5
9.0
5.6
4.2
4.0
3.7
6.3
4.8
2.8
4.6
4.1
4.1
4.7
3.0
3.8
3.8
3.6
4.2
3.0
4.7
1.5
___ g
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Curren t-do!lar cos t and profit per unit o ' output (do liars) >
Gross C omestic
prodl ct of
nonfin ancial
corporate business
(billions o f dollars)
Period
Current
1980
1981
1982
1983
1984
1985
1982:
1983:
III
IV
I
II
m
1984:
1985:
1986:
1
IV
I
II
Ill
IV
I
II
HI
IV
I
II"
1,540.8
1,738.4
1,782.2
1,914.2
2,143.7
2,275.1
1,789.0
1,779.4
1,816.0
1,883.9
1,944.5
2,012.5
2,081.7
2,135.9
2,160.3
2,196.8
2,226.0
2,259.1
2,301.3
2,314.1
2,343.6
2,334.1
1982
1,807.9
1,837.2
1,782.2
1,866.0
2,030.8
2,105.5
1,777.8
1,760.2
1,790.7
1,844.7
1,887.9
1,940.5
1,993.8
2,031.6
2,038.4
2,059.4
2,075.7
2,094.4
2,124.6
2,127.3
2,141.0
2,124.8
Total
cost
and
profit 2
Indirect
business
taxes 3
0.852
.946
1.000
1.026
1.056
1.081
1.006
1.011
1.014
1.021
1.030
1.037
1.044
1.051
1.060
1.067
1.072
1.079
1.083
1.088
1.095
1.099
0.095
.109
.125
.123
.118
.120
.127
.131
.127
.124
.123
.120
.118
.117
.118
.119
.119
.120
.119
.121
.121
.123
0.077
.090
.094
.098
.100
.103
.094
.096
.097
.099
.099
.098
.099
.100
.101
.101
.102
.104
.103
.104
.106
.104
Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfmancial corporate business with
the decimal point shifted two places to the left.
Corpt rate profits with
inventory valuation a nd capital
eonsuniption adjus tments
Capital
consumption
allowances
with
capital
consumption
adjustment
3
4
Compensation of
employees
Net
interest
0.581
.632
.676
.679
.690
.708
.679
.685
.682
.676
.676
.680
.683
.684
.694
.699
.704
.708
.705
.716
.721
.727
0.031
.037
.043
.037
.041
.043
.041
.042
.039
.037
.037
.037
.037
.039
.042
.043
.044
.043
.042
.042
.042
.042
Total
0.068
.078
.063
.089
.107
.106
.065
.057
.069
.086
.095
.103
.107
.111
.104
.104
.103
.104
.113
.105
.105
.103
Profits
tax
liability
0.037
.035
.026
.032
.037
.032
.026
.023
.023
.031
.036
.036
.041
.040
.034
.032
.031
.029
.033
.033
.029
.030
Profits
after
tax 4
0.031
.044
.037
.057
.070
.075
.038
.034
.046
.055
.059
.066
.067
.071
.070
.072
.073
.075
.080
.072
.076
.073
Output
per hour
of all
employees
(1982
dollars)
Compensation
per hour
of all
employees
(dollars)
17.096
17.194
17.318
17.867
18.224
18.436
17.374
17.383
17.634
17.865
17.936
18.027
18.172
18.275
18.201
18.250
18.285
18.384
18.604
18.472
18.449
18.344
9.939
10.861
11.699
12.124
12.574
13.060
11.804
11.915
12.031
12.073
12.126
12.259
12.406
12.498
12.630
12.758
12.878
13.011
13.121
13.229
13.294
13.344
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employ-
Proprietor s' income
with in ventory
valuation tmd capital
consurnption
adjust ments
Farm
1981
1982
1983
1984
1985
1982: III
IV
1983: I
II
Ill
IV
1984:
I
II
Ill
IV
1985:
I
II
Ill
IV
1986: I
"'
1
Corpora e profits wit i inventory valuation am capital
consunnption adjusl ments
Rental
income of
persons
with
capital
Profits wi th inventory valuation
adjustmer t and withoiit capital
consu nption adjus ment
tion
adjustment
Nonfarm
Total
Capital
consump-
Inventory
valuation
adjustment
Profits
before tax
Net
interest
adjustment
2,443.5
2,518.4
2,719.5
3,032.0
3,222.3
2,528.4
2,548.2
2,599.1
2,685.5
2,741.8
2,851.5
2,963.2
3,010.3
3,052.3
3,102.0
3,157.0
3,201.4
3,243.4
3,287.3
1,807.4
1,907.0
2,020.7
2,214.7
2,368.2
1,918.4
1,931.1
1,958.8
1,995.0
2,036.3
2,092.7
2,153.7
2,195.4
2,234.7
2,275.0
2,316.3
2,352.1
2,380.9
2,423.6
30.7
24.6
12.4
31.5
29.2
22.9
28.5
18.1
15.9
-3.5
19.3
44.5
26.4
24.7
30.4
32.9
33.0
21.6
29.4
156.1
150.9
178.4
205.3
225.2
151.7
159.8
165.9
176.4
183.0
188.6
198.0
203.2
209.9
210.3
217.8
222.5
227.7
232.7
13.3
13.6
13.2
8.3
7.6
12.0
15.8
13.8
15.4
11.2
12.4
12.1
8.4
7.1
5.6
6.8
8.1
7.3
8.3
188.0
150.0
213.7
264.7
280.7
154.3
146.1
170.6
207.0
228.9
248.5
262.5
271.7
259.8
265.0
266.4
274.3
296.3
285.6
202.3
159.2
196.7
230.2
222.6
161.6
150.7
163.9
191.2
208.5
223.4
235.7
241.5
223.3
220.3
213.3
215.4
235.3
226.4
226.5
169.6
207.6
235.7
223.2
171.6
164.1
169.7
201.8
227.5
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
-24.2
-10.4
-10.9
— 5.5
-.6
-10.0
-13.4
-5.9
-10.6
-19.0
-8.1
-13.6
-4.9
-1.8
-1.6
-.5
1.6
6.1
-9.4
-14.4
-9.2
17.0
34.5
58.1
-7.3
-4.5
6.7
15.8
20.5
25.1
26.7
30.2
36.5
44.7
53.2
58.9
61.0
59.2
248.1
272.3
281.0
307.4
311.4
269.1
266.9
272.1
275.8
285.9
290.2
292.5
305.2
316.1
315.7
316.8
311.4
309.7
307.6
3,340.7
3,379.5
2,461.5
2,480.1
24.4
40.9
240.9
249.8
12.8
16.6
296.4
291.2
240.8
239.8
224.3
231.9
16.5
7.9
55.6
51.4
304.9
300.8
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]
Non durable gc ods
Durablt goods
Period
con-
Motor
vehicles
and
parts
Furniture
and
household
equipment
Total
nondurable
"
expendi-
Total
durable
goods
1985: I
II
Ill
IV
1,915.1
2,050.7
2,234.5
2,428.2
2,600.5
2,065.6
2,117.0
2,146.6
2,213.0
2,262.8
2,315.8
2,363.8
2,416.1
2,445.6
2,487.2
2,530.9
2,576.0
2,627.1
2,667.9
239.9
252.7
289.1
331.2
359.3
252.8
263.8
266.7
284.5
295.2
310.0
321.2
331.3
331.8
340.4
347.7
354.0
373.3
362.0
100.5
108.9
130.4
154.5
169.2
108.3
115.7
115.0
128.5
133.7
144.4
150.4
155.8
154.4
157.6
162.3
165.3
182.8
166.4
92.7
95.7
107.1
118.9
126.8
96.4
99.1
101.6
105.3
109.2
112.4
115.6
118.3
119.2
122.3
123.5
125.9
126.8
130.9
46.6
48.1
51.6
57.8
63.3
48.1
49.0
50.2
50.6
52.3
53.2
55.2
57.2
58.3
60.4
61.9
62.8
63.7
64.7
740.6
771.0
816.7
870.1
905.1
776.7
786.6
791.0
810.9
827.0
837.9
855.7
870.3
873.9
880.3
888.2
902.3
907.4
922.6
1986: I
II r
2,697.9
2,735.3
360.8
375.7
163.5
173.3
132.1
136.2
65.3
66.2
929.7
929.1
1981
1982
1983
1984
1985
1982: III
IV
1983: I
II
Ill
IV
1984:
I
II
Ill
IV
Source: Department of Commerce, Bureau of Economic Analysis.
Other
Serv-
Retail s ales of
new pa senger
cars (mi lions of
un ts)
Clothing and
shoes
Gasoline
and oil
376.5
398.8
421.9
449.9
469.3
402.7
407.0
411.1
418.8
426.8
430.8
440.4
447.9
454.3
456.9
461.2
468.3
470.4
477.4
119.9
124.4
135.1
147.2
155.2
125.0
126.5
128.7
134.5
136.0
141.1
144.4
148.2
146.6
149.7
151.7
155.0
155.4
158.7
92.7
89.1
90.2
90.7
91.9
88.6
89.8
87.0
89.4
92.5
91.9
92.0
91.7
89.4
89.9
89.6
92.8
92.4
93.0
151.6
158.7
169.5
182.2
188.7
160.4
163.4
164.3
168.2
171.7
174.0
178.8
182.5
183.6
183.8
185.8
186.2
189.1
193.5
934.7
1,027.0
1,128.7
1,227.0
1,336.1
1,036.1
1,066.5
1,088.9
1,117.6
1,140.6
1,167.9
1,186.9
1,214.5
1,239.9
1,266.5
1,294.9
1,319.7
1,346.4
1,383.2
8.3
8.1
9.4
7.0
2.3
2.2
2.4
2.4
2.8
2.2
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.4
2.6
2.4
2.7
3.0
3.2
484.6
489.9
161.3
165.5
87.6
78.2
196.2
195.5
1,407.4
1,430.5
7.8
8.1
2.8
3.1
Food
Other
Domestics
6.2
5.8
6.8
8.0
8.2
5.6
6.0
6.0
6.9
6.9
7.4
8.1
8.1
7.9
7.7
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $15.9 billion (annual rate) in July, following a rise of $2.6 billion in June. The changes were
affected by three special factors: a large increase in retroactive social security benefit payments in July, decreases
in subsidy payments to farmers in July and June, and a strike in the communications industry in June. Excluding
the effects of these factors, personal income increased $9.5 billion in July and $16.6 billion in June.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,800
3,200
1,600
1,600
WAGE AND SALARY DISBURSEMENTS
800
800
OTHER INCOME
400
400
T
TRANSFER
PAYMENTS
i i i i I i i i ii
200
1978
1983
1982
1981
1980
1979
U l . l I I I-U
1984
i i i i h i i n I 200
1986
1985
- S E A S O N A L L Y ADJUSTED ANNUAL R A T E S
SOURCE DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Proprietors income 3
Period
Total
personal
income
salary
Other labor
income
Personal
dividend
income
9.3
5.6
6.6
13.3
13.6
13.2
8.3
7.6
43.0
48.1
52.9
61.3
63.9
182.5
221.4
271.9
335.4
369.7
31.5
29.2
160.1
160.1
156.1
150.9
178.4
205.3
225.2
68.7
74.7
76.4
Farm
iVonfarm
1978
1979
1980
1981
1982
1983
1984
1985
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
1,119.3
1,252.1
1,372.0
1,510.3
1,586.1
1,676.6
1,836.8
1,966.1
107.7
122.7
138.4
150.3
163.6
1985: July
Aug
Sept
Oct
Nov
Dec
3,315.4
3,320.5
3,333.9
3,358.3
3,372.3
3,418.0
1,965.8
1,975.4
1,986.7
1,996.7
2,010.5
2,031.1
197.8
198.9
199.9
200.8
201.7
202.6
22.6
19.3
22.8
24.0
26.0
38.2
225.6
227.3
230.2
230.8
232.4
234.9
9.6
10.5
1.7
10.4
2.9
11.7
1986: Jan
Feb
Mar
Apr r
Mav r
June r
Julvp
3,417.4
3,435.3
3,445.1
3,488.8
3,484.0
3,486.6
3,502.5
2,035.7
2,044.8
2,051.8
2,054.9
2,058.4
2,063.1
2,068.4
203.6
204.5
205.5
206.4
207.3
208.2
209.0
23.4
26.9
22.8
54.5
39.7
28.6
27.5
237.9
241.0
243.8
247.5
249.1
252.8
254.8
12.2
12.7
13.5
15.1
16.8
18.0
19.0
173.6
184.5
196.9
27.0
31.7
20.5
30.7
24.6
12.4
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
^Consists of employer contributions to private pension, health, and welfare funds; workers' injury
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capita! consumption adjustments.
Personal
interest
income
Rental
income of
persons 4
149.2
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
393.1
446.9
476.2
244.0
273.1
324.7
368.1
410.6
442.6
455.6
487.1
69.8
81.0
88.6
104.5
112.3
120.1
133.5
150.2
1,769.3
1,983.1
2,215.8
2,465.6
2,618.7
2,799.0
3,052.2
3,261.0
76.3
76.3
76.2
76.4
76.8
76.9
474.4
474.7
476.4
478.7
481.0
482.2
493.1
489.0
491.2
492.7
493.5
494.5
149.9
150.9
151.3
152.1
152.7
154.0
3,268.6
3,277.2
3,287.5
3,311.0
3,323.2
3,356.9
78.0
79.2
80.0
80.8
81.1
81.5
81.7
481.4
480.7
480.4
480.9
481.9
483.3
483.1
503.4
504.2
506.5
507.9
509.8
510.5
518.9
158.0
158.7
159.1
159.2
159.9
159.3
160.0
3,371.1
3,385.6
3,399.5
3,411.5
3,421.7
3,435.4
3,452.2
mrce: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable personal income rose again in the second quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
6,000
4,000
4,000
1978
1986
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT Of COMMERCE
Period
Personal
income
Less:
Personal
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
personal
income
tax and
nontax
payments
Less:
Personal
outlays l
Equals:
Personal
saving
Per c apita
disposable personal
inco me
Per capits personal
consulnption
expenc itures
Current
dollars
Current
dollars
1982
dollars
1,812.4
2,033.9
2,258.4
2,520.9
2,670.8
2,838.6
3,110.2
3,314.5
261.1
304.7
340.5
393.3
409.3
410.5
439.6
486.5
1,551.2
1,729.3
1,917.9
2,127.6
2,261.4
2,428.1
2,670.6
2,828.0
1,441.1
1,611.3
1,781.1
1,968.1
2,107.5
2,297.4
2,501.9
2,684.7
110.2
118.0
136.8
159.4
153.9
130.6
168.7
143.3
6,968
7,682
8,421
9,243
9,724
10,340
11,265
11,817
9,735
9,829
9,722
9,769
9,725
9,930
10,421
10,563
Saving as
percent of
disposable
personal
income
Population,
including
Armed
abroad
(thousands) 2
Per cent
Do lars
BJlions of dol! ars
1978
1979
1980
1981
1982
1983
1984
1985
1982
dollars
Percent
change in
real per
capita
disposable
personal
income
6,304
6,960
7,607
8,320
8,818
9,515
10,243
10,866
8,808
8,904
8,783
8,794
8,818
9,139
9,475
9,713
3.8
1.0
-1.1
.5
-.5
2.1
4.9
1.4
7.1
6.8
7.1
7.5
6.8
5.4
6.3
5.1
222,629
225,106
227,754
230,182
232,549
234,829
237,067
239,317
-0.7
1.2
6.8
6.2
5.9
5.1
4.8
5.8
6.9
6.0
6.4
6.0
5.2
6.5
4.2
4.4
5.0
5.1
232,851
233,466
233,981
234,509
235,117
235,707
236,222
236,742
237,347
237,953
238,469
238,985
239,605
240,206
240,709
241,216
Seas anally adju sted annual rates
1982:
m
IV
2,683.6
2,729.2
405.0
411.1
2,278.6
2,318.1
1983:
I
II
2,753.1
2,812.6
2,846.8
2,941.8
407.4
417.1
403.6
413.9
2,345.7
2,395.4
2,443.2
2,527.9
n
m
3,034.2
3,077.4
3,139.7
3,189.6
421.5
431.2
445.9
460.0
2,612.7
2,646.3
2,693.8
2,729.6
n
m
3,253.1
3,298.7
3,323.2
3,382.9
497.7
456.4
491.2
500.7
2,755.4
2,842.3
2,832.0
2,882.2
n .....
3,432.6
3,486.5
497.5
504.8
2,935.1
2,981.7
in
IV
1984:
I
IV
1985: I
IV
1986: I r
2,122.6
2,174.9
2,206.2
2,274.4
2,326.7
2,382.5
2,433.5
2,488.7
2,520.9
2,564.6
2,611.3
2,658.7
2,712.4
2,756.4
2,789.4
2,829.0
156.0
143.1
139.5
121.1
116.4
145.4
179.2
157.6
172.9
165.0
144.1
183.6
119.6
125.8
145.6
152.7
1
Includes personal consumption expenditures, interest paid by consumers to business, and person
a! transfer payments to foreigners (net).
2
Annual data are averages of quarterly data, which are averages for the period.
C
9,786
9,929
10,025
10,215
10,391
10,725
11,060
11,178
11,350
11,471
11,555
11,893
11,819
11,999
12,193
12,361
9,720
9,749
9,780
9,855
9,933
10,151
10,358
10,392
10,457
10,477
10,466
10,674
10,537
10,577
10,723
10,893
8,871
9,068
9,174
9,437
9,624
9,825
10,007
10,206
10,304
10,452
10,613
10,779
10,964
11,107
11,208
11,340
8,812
8,904
8,950
9,105
9,200
9,299
9,372
9,488
9,494
9,547
9,613
9,674
9,774
9,790
9,857
9,993
1.3
3.1
3.2
9.1
8.4
1.3
2.5
.8
8.2^
-5.0
1.5
5.6
6.5
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1986, according to preliminary estimates, gross farm income fell $20.9 billion (annual rate)
and net farm income fell $18.4 billion.
BILLIC)NS OF DOLLA *S * (RATIO SC ALE)
160
^— -
BILL IONS OF DOLL ARS * (RATIO S CALE)
-
r^/
^^
^
r~—^nr-*^ ^ ^ /N
1
s/
^^\
GRC3SS FARM INCCDME
^—
240
200
160
80
80
60
n
i\
i \
40
,-'
\
\
^'
i
f
i
i
/
\
;X, '"V
\
i
y\
\
%
/
1
\>
\
\
i
;
i i
!
1
1
1979
i
^%
/
N
1
40
t
\
\
\/
\
'
t
\
\
1
I
1
\
t
i
'
\
V
/
;
•
,
•'
<i
1978
/
I
', /
\ I
ii
!
i \
' x
\
V
i
\t
IV
^NET FARM IIvICOME
i
10
\ i
\t
I i i
i i i
1 1 1
i ' i i
1980
1981
1982
1983
1
I
!
1984
SEASONALLY ADJUS PED ANNUAL RATES
DEPARTMENT OF AGRICULTURE
I
!
i i i
1
1986
1985
COUNCIL OF ECONOMIC ADVISERS
c OURCE:
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In come of farm ope rators from farmi ng
C ross farm income
Period
Cas i marketing rece pts
Total '
Total
128.4
150.7
149.6
166.0
161.6
150.6
174.0
112.2
131.5
139.8
142.1
142.9
136.3
152.9
143.6
151.7
154.3
Livestock and
products
Crops
Value of
inventory
changes 2
135.1
134.9
135.5
136.9
17.8
16.2
17.3
17.4
8.5
15.5
16.4
2.0
8.7
10.3
10.2
139.2
140.2
140.0
138.5
36.5
27.0
33.6
41.2
34.2
25.1
30.9
37.6
68.4
67.2
66.3
92.1
2.8
1.6
-4.1
5.2
137.0
134.9
132.8
130.6
32.9
27.0
16.1
45.9
29.8
24.2
14.4
40.6
63.1
4.2
128.2
27.5
24.2
141.8
143.2
133.0
141.2
127.6
71.0
68.9
67.9
70.0
72.2
64.1
73.3
57.6
-10.6
13.9
-12.9
4.9
175.7
167.3
173.7
179.8
139.3
139.0
141.5
147.6
75.5
70.8
71.2
73.5
63.8
68.2
70.3
74.2
n
m
IV
169.9
161.9
148.9
176.5
140.1
134.0
134.3
164.2
71.7
66.8
68.0
72.1
I"
155.6
132.6
69.5
1983: I
n
m
IV
1984: I
n
m
IV
1985: I
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.
71.8
72.9
72.7
66.8
69.1
3
1982 dollars 3
38.0
40.3
23.6
31.8
53.0
62.3
1980
1981
1982
1983
1984
Current
dollars
27.4
31.7
20.2
29.8
24.6
15.0
34.5
59.2
69.2
68.0
69.2
70.3
69.4
72.7
1978
1979
1986:
Net farrr income
Production
expenses
2.1
5.0
-5.9
5.8
-1.4
10.6
7.8
101.0
119.0
129.4
136.1
136.9
135.6
139.5
8.7
Income in current dollars divided by the GNP implicit price deflator (1982=100).
NOTE.—Data include net Commodity Corporation loans and operator households.
Sources: Department of Agriculture and Department of Commerce.
24.6
14.5
31.9
CORPORATE PROFITS
In the second quarter of 1986, according to preliminary estimates, corporate profits before tax rose $7.6
(annual rate) and after-tax profits rose $5.6
billion
billion.
BIL1 IONS OF DOLL ARS
BULKDNS OF DOLLA RS
320
SEAS ONALLY ADJUSTED A
320
•JNUAL RATES
~
r""—^1
r
\
^^
-f
.-- -
^
\
160
,-•""
^
—-**"
**
-
—
"-
s
r-''
160
..-•*""
•
,„--"
TAX LIABILI TY.
,•\\^-—-~
X
'
J-*
\
S
"Sl».^
'\.J._.
s
.^
V.-
\
^
,,^
•s,,
_//—
T '--
,Oft
"~-\
/
\
\
^
40
^
\-^
f
~— -\
/*"
80
s
/
.-—•"''
~/
~\
,-l..^
\
190
/
PROF TS AFTER TAX
|
^^
-'
\
—-./
_•-—••*_
—
PROF TS BEFORE TA X,
/ —1
/^
*»
/
L.
-
_.
40
UN DISTRIBUTED P !OFITS
I
0
1
i i i
l
1978
1979
jOURCE: DEPARTMEN7
1 i 1
!
1 E
1
1981
1980
1
1
1
___
1
1
1983
1982
1
1
1
1
1
1
1
1985
1984
OF COMMERCE
1
I
:0
1986
COUNCIL OF
CONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Prc fits (before t fix) with inve ntory valuati on adjustmen t 1
Profits after ta X
Dotnestic indust •ies
Total
2
Total
Financial
Total
1980
1981
1982
1983
1984
1985
1982: in
IV
1983: I
II
m
IV
1984: I
n
m
IV
1985: I
II
ni
IV
1986: I
IT r
1
2
Profits
before tax
Nonfinaneial
Period
208.5
223.4
159.6
173.8
131.2
166.6
199.2
190.8
133.0
121.6
135.7
163.0
176.8
190.7
235.7
205.2
241.5
211.5
191.3
188.8
182.6
183.8
194.0
202.3
159.2
196.7
230.2
222.6
161.6
150.7
163.9
191.2
223.3
220.3
213.3
215.4
235.3
226.4
205.3
240.8
239.8
202.4
202.3
191.3
21.0
16.5
11.8
18.1
15.4
21.0
12.4
18.7
19.4
20.3
17.2
15.5
16.6
15.4
13.4
16.1
18.2
21.1
21.7
23.2
28.4
31.4
3
138.6
157.3
119.4
148.5
183.8
169.7
120.6
102.9
116.3
142.7
159.6
175.2
188.6
196.1
177.8
172.6
164.4
162.7
183.6
168.1
174.0
170.9
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
77.1
88.5
58.0
70.1
87.4
73.0
64.3
46.8
51.2
63.2
77.7
88.6
95.0
94.6
81.3
78.9
70.4
68.2
79.0
74.5
67.1
Tax
liability
Total
Dividends
sale and
retail
trade
21.6
32.5
34.6
38.9
49.7
49.7
237.1
226.5
169.6
207.6
235.7
223.2
32.9
171.6
164.1
169.7
201.8
33.6
32.5
41.0
39.0
43.1
46.2
51.1
51.0
50.7
48.8
51.1
54.2
45.0
52.5
227.5
231.5
249.3
246.5
225.1
221.9
213.8
213.8
229.2
235.8
224.3
231.9
3
84.8
81.1
63.1
77.2
95.4
91.8
64.3
59.8
59.1
75.3
86.5
88.1
102.9
101.6
89.3
87.8
87.8
87.1
95.8
96.4
89.1
91.2
152.3
145.4
106.5
130.4
140.3
131.4
107.3
104.3
110.6
126.6
141.0
143.4
146.4
144.8
135.8
134.1
126.0
126.7
133.4
139.4
135.2
140.8
54.7
63.6
66.9
71.5
78.3
81.6
66.6
68.5
69.8
70.4
72.0
73.9
76.0
78.1
79.0
80.1
80.9
81.4
81.6
82.5
85.2
87.5
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
97.6
81.8
39.6
58.9
62.0
49.8
40.7
35.8
40.8
56.1
69.0
69.5
70.4
66.7
56.8
54.0
45.1
45.3
51.8
57.0
50.0
53.2
Inventory
valuation
adjustment
-43.1
-24.2
-10.4
-10.9
-5.5
-.6
-10.0
-13.4
-5.9
-10.6
-19.0
-8.1
-13.6
-4.9
-1.8
-1.6
-.5
1.6
6.1
-9.4
16.5
r
7.9
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the second quarter, nonresidential fixed investment fell $2.7 billion (annual rate)
from its first quarter level while residential investment outlays rose $10.4 billion. There was a $12.5 billion increase
in inventories following an increase of $43.8 billion in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
SEASONALLY ADJUSTED ANNUAL RATES
700
700
GROSS PRIVATE DOMESTIC
INVESTMENT
600
600
500
500
400
400
300
300
" NONRESIDENTIAL"
FIXED INVESTMENT
?on
RESIDENTIAL
FIXED INVESTMENT
200
100
100
CHANGE IN BUSINESS
INVENTORIES
1
-100
1978
1979
1981
1980
I
i i
1
1983
1982
1984
SOURCE: DEPARTMENT OF COMMERCE
1985
I
I
I
1-100
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Change ii business
mven ones
]""ixed investmen
Gross
domestic
investment
1979
1980
1981
1982
1983
1984
1985
1982: HI
IV
1983: I
n
HI
IV
1984: I
n
m
IV
1985: I
302.8
322.8
369.2
366.7
356.9
416.5
458.2
452.2
409.6
461.2
469.5
471.0
492.5
525.2
548.8
564.0
597.6
605.8
624.4
625.2
648.0
654.3
672.6
664.4
672.2
360.7
354.9
428.3
481.3
519.7
579.8
659.5
657.5
670.3
661.1
1986: I r
708.3
684.7
Source: Department of Commerce, Bureau of Economic Analysis.
Total
441.9
445.3
491.5
471.8
509.4
598.0
650.0
650.6
667.1
657.4
669.5
n
Total
454.8
437.0
515.5
447.3
502.3
662.1
661.1
n
m
IV
Nonresidential
340.8
344.7
358.1
383.9
388.2
413.3
421.8
442.9
439.8
459.2
459.8
474.0
459.2
456.5
Structures
99.5
113.9
138.5
143.3
124.0
139.3
154.8
140.2
137.6
126.4
119.8
122.7
127.4
129.7
139.1
141.4
146.7
150.7
156.1
155.0
157.2
154.6
140.3
Producers'
durable
equipment
203.3
208.9
230.7
223.4
232.8
277.3
303.4
220.5
217.3
214.4
224.9
235.5
256.5
258.4
274.1
280.4
296.2
289.1
303.1
304.7
316.8
304.6
316.1
Residential
139.1
122.5
122.3
105.1
152.5
181.4
191.8
100.5
114.7
130.2
147.8
167.1
164.9
175.8
184.4
184.0
181.5
185.4
188.8
194.5
198.6
205.3
215.7
Total
Nonfarm
13.0
-8.3
24.0
-24.5
7.9
2.4
18.3
-23.1
7.1
.4
64.1
11.1
-9.0
-59.9
-42.6
-11.2
56.6
12.2
-12.4
-51.1
-33.2
5.5
15.8
21.3
71.5
56.8
62.1
35.9
18.5
10.4
31.0
95.5
59.9
64.4
36.7
25.4
19.1
2.3
3.1
3.2
-3.1
43.8
12.5
16.7
41.2
9.2
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1986 survey, business spending for new plant and equipment
for the year 1986 is expected to be 0.2 percent above the 1985 level. Spending in 1985 was 9.0 percent above
the 1984 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
300
200
200
NONMANUFACTURING
100
MANUFACTURING
100
80
80
60
60
40
40
i i i
1978
1
1979
!
1 1
1980
I I
1981
1
! 1
1982
!
1 1
1983
1
1 1
1984
1
! !
1
1985
J/. SURVEYED QUARTERLY
J/SEE FOOTNOTE 4 BELOW
SOURCE; DEPARTMENT OF COMMERCE
1 1
1986
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
No unanufactui ing
M imifacturu ig
Period
All
industries
Total
217.76
254.96
282.80
315.22
310.58
304.78
354.44
386.41
387.25
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.15
149.17
337.95
349.97
361.48
368.29
1985: I
1986:
1978
1979
1980
1981
1982
1983
1984
1985
19864
1984: I
n
in
rv
n
m
rv
I
n 44
m4
rv
Nonmanufactu ring
Surveyed
quarterly
Nondurable
goods
Total '
Mining
Transportation
Public
utilities
39.46
48.50
55.36
59.81
55.35
53.08
66.24
73.14
72.09
39.13
47.42
56.96
66.73
65.33
63.12
72.58
80.01
77.09
139.18
159.04
170.47
188.68
189.89
188.58
215.61
233.26
238.07
11.22
12.81
15.99
21.39
20.05
15.19
16.86
15.88
12.35
13.36
16.05
16.60
15.84
14.79
13.97
16.52
17.97
18.16
31.50
35.63
37.74
41.21
45.43
44.96
47.48
48.74
46.40
83.09
94.56
100.14
110.24
109.63
114.45
134.75
150.67
161.16
129.91
135.96
142.44
146.96
61.23
64.03
68.26
71.43
68.68
71.93
74.18
75.53
208.04
214.01
219.04
221.33
17.24
16.38
16.82
17.00
15.29
17.01
17.49
16.28
47.08
128.42
47.94
47.92
46.92
132.67
136.80
141.13
129.91
135.96
142.44
146.96
208.04
214.01
219.04
221.33
371.16
387.83
388.90
397.74
145.65
154.33
154.04
158.57
69.87
73.96
72.85
75.87
75.78
80.36
81.19
82.70
225.51
233.51
234.86
239.16
15.66
16.51
15.94
15.40
16.22
17.50
19.09
19.06
48.46
48.47
48.14
49.89
145.17
151.02
151.69
154.81
145.65
154.33
154.04
158.57
225.51
233.51
234.86
239.16
376.08
387.42
388.87
396.61
143.06
148.01
148.47
157.16
67.74
72.20
71.42
76.98
75.32
75.80
77.04
80.19
233.02
239.41
240.40
239.45
12.85
12.61
12.49
11.43
17.76
17.99
19.21
17.68
47.15
47.59
44.98
45.89
155.27
161.22
163.73
164.45
143.06
148.01
148.47
157.16
233.02
239.41
240.40
239.45
Durable
goods
1
Excludes forestry, fisheries, and agricultural services; raedicaf 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 2
Commercial
and
other
245.34
284.94
314.47
349.26
347.47
343.35
398.99
431.21
Manufacturing
78.58
95.92
112.33
126.54
120.68
116.20
138.82
153.15
149.17
Total
166.76
189.02
202.15
222.72
226.79
227.15
260.16
278.07
139.18
159.04
170.47
188.68
189.89
188.58
215.61
233.26
238.07
Surveyed
annual-
27.58
29.98
31.68
34.04
36.89
38.56
44.55
44.81
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in late April-May 1986, corrected for
biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
In July, seasonally adjusted civilian employment rose 209,000 and unemployment fell 253,000.
MILLIONS OF PERSONS*
120
MILLIONS OF PERSONS
120
116
116
1986
*16 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
NSA
1979
1980
1981
1982
1983
1984
1985
1985: July....
Aug
Sept ....
Oct
Nov
Dec
1986: Jan *...
Feb
Mar
Apr
May
June....
July ....
166,460
169,349
171,775
173,939
175,891
178,080
179,912
179,967
180,131
180,304
180,470
180,642
180,810
181,361
181,512
181,678
181,843
181,998
182,183
182,354
T h
f
including
Forces
NSA
Armed
Forces
1,597
1,604
1,645
1,668
1,676
1,697
1,706
1,704
1,726
1,732
1,700
1,702
1,698
1,691
1,691
1,693
1,695
1,687
1,680
1,672
106,559
108,544
110,315
111,872
113,226
115,241
117,167
116,976
117,069
117,522
117,814
117,832
117,927
118,477
118,779
118,900
118,929
119,351
119,796
119,744
Employment
including
resident
Armed
Forces
100,421
100,907
102,042
101,194
102,510
106,702
108,856
108,575
108,936
109,251
109,513
109,671
109,904
110,646
110,252
110,481
110,587
110,797
111,353
111,554
Nonagricultural
Civilian
labor force
104,962
106,940
108,670
110,204
111,550
113,544
115,461
115,272
115,343
115,790
116,114
116,130
116,229
116,786
117,088
117,207
117,234
117,664
118,116
118,072
1
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.
Unempl )yment
Civilian einployment
Resident
Total
98,824
99,303
100,397
99,526
100,834
105,005
107,150
106,871
107,210
107,519
107,813
107,969
108,206
108,955
108,561
108,788
108,892
109,110
109,673
109,882
Agricultural
3,347
3,364
3,368
3,401
3,383
3,321
3,179
3,120
3,095
3,017
3,058
3,070
3,151
3,299
3,096
3,285
3,222
3,160
3,165
3,112
Total
95,477
95,938
97,030
96,125
97,450
101,685
103,971
103,751
104,115
104,502
104,755
104,899
105,055
105,655
105,465
105,503
105,670
105,950
106,508
106,769
Part-time
for
Total
economic
reasons l
3,373
4,064
4,499
5,852
5,997
5,512
5,334
5,328
5,413
5,299
5,241
5,295
5,294
5,275
5,158
5,301
5,621
5,673
5,320
5,191
6,137
7,637
8,273
10,678
10,717
8,539
8,312
8,401
8,133
8,271
8,301
8,161
8,023
7,831
8,527
8,419
8,342
8,554
8,443
8,190
15
weeks
and
over
1,241
1,871
2,285
3,485
4,210
2,737
2,305
2,329
2,274
2,307
2,277
2,205
2,188
2,056
2,340
2,258
2,135
2,209
2,320
2,256
Labor force
partici )ation
rate (pe rcent)
Total 2
Civilian 3
64.0
64.1
63.7
63.8
63.9
64.0
64.0
64.4
64.8
64.7
64.7
64.8
65.0
64.9
64.9
65.0
65.1
65.1
65.1
65.3
65.4
65.3
64.2
64.3
64.4
64.7
65.1
65.0
65.0
65.2
65.3
65.2
65.2
65.3
65.4
65.4
65.4
65.6
65.8
65.7
' 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 July, the seasonally adjusted overall unemployment rate fell 0.2 percentage point to 6.8 percent; the civilian
unemployment rate also fell 0.2 percentage point, to 6.9 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
20
\
'•.'-A
20
4 v\
/
V-'i \
-'"*"/'
',<-''
\
1
^
./
\
15
V
10
x
f
'^"\ . «-A
'
V
V .
15
«/""*"" \
f'~\
>BLACK
AND OTH ER
/.
-\X,
BLACK
V,
TEENAGERS
(16-19)
10
x<^x"
'" -X
WOMEN 20 YEARS
AND OVER
A L L C VILIAN WOR KERS
"N
—^-^
/^
^^~
WHITE
iiiiiliini
1982
lllllllllll
1983
MEN 20 YEARS
AND OVER .
lllllllllll lllllllllll
1984
1985
iiiiiliini
1982
1986
1983
1984
1985 1986
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Period
1979
1980
1981
1982
1983
1984
1985
1985:
1986:
Unempl oyment ra te (percent of civilian labor force in group)
Unemployment
rate,
all
workers 1
All
civilian
workers
5.8
7.0
7.5
9.5
9.5
7.4
7.1
7.2
By sex and age
By s elected grou] s
By race
Both
sexes
16-19
years
Men
20 years
and over
Women
20 years
and
over
5.8
7.1
7.6
9.7
9.6
7.5
7.2
4.2
5.9
6.3
8.8
8.9
6.6
6.2
5.7
6.4
6.8
8.3
8.1
6.8
6.6
16.1
17.8
19.6
23.2
22.4
18.9
18.6
Black
and
other
Black
Experienced
wage and
salary
workers
5.1
6.3
6.7
8.6
8.4
6.5
6.2
11.3
13.1
14.2
17.3
17.8
14.4
13.7
12.3
14.3
15.6
18.9
19.5
15.9
15.1
5.5
6.9
7.3
9.3
9.2
7.1
6.8
2.8
4.2
4.3
6.5
6.5
4.6
4.3
White
Married
men,
spouse
present
Women
who
maintain
families
Labor
force
time lost
(percent) 2
Fulltime
workers
Parttime
workers
8.3
9.2
10.4
11.7
12.2
10.3
10.4
5.3
6.9
7.3
9.6
9.5
7.2
6.8
8.8
8.8
9.4
10.5
10.4
9.3
9.3
6.3
7.9
8.5
11.0
10.9
8.6
8.1
July
Aug
Sept
Oct
Nov
Dec
6.9
7.0
7.0
6.9
6.8
7.3
7.1
7.1
7.1
7.0
6.9
6.2
6.0
6.1
6.1
6.0
5.9
6.6
6.6
6.7
6.4
6.4
6.2
19.3
17.5
18.1
19.8
18.4
18.8
6.3
6.1
6.1
6.1
5.9
5.9
13.5
12.8
13.7
13.5
14.1
13.4
15.0
14.1
15.2
14.9
15.6
14.9
6.9
6.7
6.8
6.7
6.6
6.5
4.4
4.1
4.3
4.2
4.3
4.3
10.3
10.8
11.3
10.4
10.0
9.4
7.0
6.8
6.8
6.8
6.7
6.6
9.4
9.0
9.3
9.6
8.8
9.0
8.2
8.1
8.1
7.9
7.9
7.8
Jan
Feb
Mar
Apr
May
June ....
July
6.6
7.2
7.1
7.0
7.2
7.0
6.8
6.7
7.3
7.2
7.1
7.3
7.1
6.9
5.7
6.2
6.2
6.0
6.4
6.2
6.2
6.1
6.7
6.6
6.4
6.5
6.4
6.1
18.4
19.0
18.2
19.6
19.0
19.1
17.5
5.7
6.4
6.2
6.1
6.2
6.1
6.0
12.8
13.3
13.3
13.6
13.6
13.7
12.6
14.4
14.8
14.7
14.8
14.8
15.1
14.0
6.3
6.8
6.7
6.7
6.9
6.7
6.7
4.3
4.5
4.5
4.2
4.5
4.5
4.4
9.9
9.9
10.1
9.4
10.2
10.1
9.2
6.4
6.9
6.9
6.7
7.0
6.7
6.6
8.4
9.4
9.1
9.6
9.2
9.1
9.0
7.6
8.1
8.1
8.1
8.3
8.1
7.7
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In July, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 15-26
weeks rose while the percentages out of work for 5-14 weeks and for 27 weeks and over fell. The mean and the
median duration of unemployment fell.
PERCENT DISTRIBUTION*
70
REASOI^J FOR UNE/ ^PLOYMENT
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
A,
.' \.
A./
60
— ^\
•^
>( /*"*
\
V
"\"~.
\ V
JOB LOSERS
50 —
40
40
30
30
^' V' \
REENTRANTS
f—
\
,*-•
s-\
-'V
•
~"
*
"*x
20
20
"'^ -* /
-'*.' ~
Ni W ENTRANT 5
r^~/>
10
—
-
10
IPs--/—>- _^T^~^
"""^•— — -
Illllllllll
1986
1982
1982
JTi
JOB LEAVER;
Illllllllll
1983
iiiiilniii
1984
Illllllllll Illllllllll
1985
1986
-SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVtSERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Be ason for memployment:
percent distributi )n
Dunition of i nemploj ment
Period
Unemployment
(thousands)
P ercent di stributiori
Less
than
5
weeks
5-14
weeks
15-26
weeks
Stat e
progra ms
Numb er of
ks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 1
Weekly av erage, th ousands
7,637
8,273
10,678
10,717
8,539
8,312
43.1
41.7
36.4
33.3
39.2
42.1
32.3
30.7
31.0
27.4
28.7
30.2
13.8
13.6
16.0
15.4
12.9
12.3
10.7
14.0
16.6
23.9
19.1
15.4
11.9
13.7
15.6
20.0
18.2
15.6
6.5
6.9
8.7
10.1
7.9
6.8
51.7
51.6
58.7
58.4
51.8
49.8
11.7
11.2
7.9
7.7
9.6
10.6
25.2
25.4
22.3
22.5
25.6
27.1
11.4
11.9
11.1
11.3
13.0
12.5
3,350
3,047
4,061
3,396
2,476
2,616
488
460
583
438
377
397
3,837
3,410
4,594
3,775
2,545
3,671
1985: July
Aug
Sept
Oct
Nov
Dec
8,401
8,133
8,271
8,301
8,161
8,023
42.1
41.7
42.0
41.6
42.7
42.1
30.0
30.6
30.2
30.8
30.2
30.7
12.9
12.8
12.5
12.8
11.0
12.1
14.9
15.0
15.3
14.8
16.1
15.1
15.5
15.5
15.5
15.4
15.7
15.4
7.1
7.2
6.9
6.9
6.9
50.2
50.8
50.2
49.1
50.0
48.8
10.7
10.7
10.3
11.1
9.9
10.9
26.1
26.9
28.3
27.2
27.2
27.6
13.1
11.5
11.1
12.7
12.9
12.8
2,609
2,585
2,560
2,535
2,560
2,564
391
386
384
380
382
391
2,523
2,361
2,212
2,227
2,468
2,884
1986: Jan
Feb
Mar
Apr
May
June
Julv
7,831
8,527
8,419
8,342
8,554
8,443
8,190
42.4
41.8
42.3
42.9
42.8
40.2
41.7
31.3
30.8
31.1
31.8
31.6
32.2
30.6
12.4
13.5
13.0
11.9
12.4
12.3
13.1
13.9
14.0
13.7
13.4
13.1
15.3
14.6
14.9
15.3
14.4
14.3
14.4
15.2
15.0
6.8
6.9
6.8
6.5
6.6
7.3
7.1
48.0
48.7
50.3
48.1
50.3
51.2
48.3
12.7
11.7
11.9
13.2
11.4
12.0
12.7
26.3
26.8
26.0
26.1
25.9
24.4
27.2
13.0
12.8
11.8
12.6
12.4
12.5
11.8
2,591
2,610
2,654
2,612
2,666
2,681
2,698
370
392
393
380
382
381
380
3,370
3,295
3,144
2,799
2,556
2,474
1980
1981
1982
1983
1984
1985
:
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-service(IICX), Federal (UCFE), and railroad (RR) programs. Also include? Federal and State exnefit programs. Does not include Federal supplemental compensation program.
7.0
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 389,000 in July.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS
24
100
ALL NONAGRICULTURAL
ESTABLISHMENTS
80 —
70
SERVICE-PRODUCING
INDUSTRIES
60 —
50
40 —
•GOODS-PRODUCING
INDUSTRIES
30
\
20 lynnlnilT
1982
1983
1984
1985
1986
1982
1983
1984
1985
1986
"SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; 1 seasonally adjusted]
Se rvice-produc ing industn es
Goods-p reducing in [ustries
Period
Total
nonagricultural
employment
M anufacturin g
Total
2
onC nn
struction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Federal
5,165
5,082
4,954
5,159
5,242
15,947
16,241
16,031
15,837
15,869
16,024
16,415
2,773
2,866
2,772
2,739
2,774
2,807
2,875
72,797
73,010
73,285
73,525
73,735
73,933
5,241
5,219
5,257
5,260
5,272
5,277
5,740
5,762
5,777
5,796
5,796
5,809
17,404
17,464
17,489
17,543
17,589
17,622
5,964
5,988
6,014
6,038
6,070
6,095
21,998
22,115
22,212
22,313
22,415
22,501
16,450
16,462
16,536
16,575
16,593
16,629
2,879
2,886
2,899
2,895
2,904
2,913
74,195
74,391
74,539
74,745
74,953
75,007
75,370
5,286
5,277
5,280
5,266
5,265
5,177
5,274
5,830
5,843
5,841
5,864
5,872
5,830
5,847
17,734
17,795
17,828
17,851
17,911
17,932
18,002
6,123
6,157
6,184
6,228
6,261
6,294
6,330
22,585
22,638
22,707
22,825
22,924
23,073
23,197
16,637
16,681
16,699
16,711
16,720
16,701
16,720
2,918
2,918
2,923
2,914
2,899
2,907
2,910
12,760
12,187
12,109
11,039
10,732
11,505
11,516
8,280
8,098
8,061
7,741
7,702
7,873
7,798
63,363
64,748
65,659
65,753
66,866
69,769
72,684
5,136
5,146
July....
Aug....
Sept....
Oct
Nov....
Dec
97,672
97,890
98,128
98,428
98,666
98,910
24,875
24,880
24,843
24,903
24,931
24,977
4,679
4,702
4,728
4,754
4,765
4,787
19,268
19,256
19,198
19,236
19,259
19,289
11,483
11,473
11,421
11,447
11,453
11,461
7,785
7,783
7,777
7,789
7,806
7,828
1986: Jan
Feb
Mar
Apr
May '..
June r.
July".
99,296
99,429
99,484
99,783
99,918
99,864
100,253
25,101
25,038
24,945
25,038
24,965
24,857
24,883
4,901
4,864
4,838
4,972
4,974
4,939
4,992
19,303
19,294
19,255
19,245
19,201
19,145
19,122
11,466
11,455
11,418
11,415
11,378
11,313
11,302
7,837
7,839
7,837
7,830
7,823
7,832
7,820
Total
17,112
17,890
18,619
19,036
19,694
20,797
21,974
21,040
20,285
20,170
18,781
18,434
19,378
19,314
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
Services
4,975
5,160
5,298
5,341
5,468
5,689
5,953
4,463
4,346
4,188
3,905
3,948
4,383
4,687
1985:
Government
Finance,
insurance,
and real
estate
14,989
15,035
15,189
15,179
15,613
16,545
17,360
26,461
25,658
25,497
23,813
23,334
24,727
24,930
1983
1984
1985
Retail
trade
5,204
5,275
5,358
5,278
5,268
5,555
5,740
89,823
90,406
91,156
89,566
90,200
94,496
97,614
1979
1980
1981
1982
Wholesale
trade
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]
Average gi oss hourly
earnings
\verage weekly
hours
Period
1978
1979
1980
1981
1982
1983
1984
1985
1985: July
Aug
Sept
Get
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June '
July"
Manufa £turing
Total
private
nonagricultural '
Total
Overtime
3.6
3.3
2.8
2.8
2.3
3.0
3.4
3.3
40.4
40.2
35.8
35.7
35.3
35.2
34.8
35.0
35.2
34.9
39.7
39.8
38.9
40.1
40.7
40.5
40.4
40.6
40.7
40.7
40.7
40.9
40.8
40.7
40.7
40.7
40.7
40.6
40.6
34.8
34.9
34.9
34.9
34.8
34.9
35.0
34.9
34.9
34.8
34.8
34.7
34.6
Total
private
nonagricultural 1
3.2
3.3
3.3
3.4
3.4
3.6
3.5
3.4
3.4
3.4
3.4
3.4
3.4
Manufacturing
$6.17
6.70
7.27
7.99
$5.69
6.16
6.66
7.25
7.68
8.02
8.32
8.57
8.55
8.59
8.62
8.63
8.65
8.70
8.68
8.71
8.73
8.72
8.73
8.75
8.73
8.49
8.83
9.19
9.53
9.54
9.57
9.58
9.61
9.63
9.68
9.65
9.68
9.70
9.68
9.72
9.71
9.71
Adjuste d hourly earnin £s index2 — total private
nonagnc ultural
Ind ex,
1977 =-100
Percent chang e from a year
earlie r 4 5
1977
dollars 3
Current
dollars
Current
dollars
108.2
116.8
100.5
97.4
8.2
7.9
127.3
138.9
148.5
155.4
160.3
165.2
165.0
165.5
166.4
166.2
166.8
167.7
167.3
168.2
168.5
168.4
168.7
169.2
169.0
93.5
92.6
93.4
94.9
94.6
94.1
93.9
94.1
94.4
94.0
93.9
94.0
93.5
94.4
95.1
95.4
95.4
95.2
95.1
9.0
9.1
6.9
4.6
3.2
3.1
2.8
3.1
3.1
3.0
3.0
3.1
2.8
2.8
2.9
2.6
2.6
2.4
2.4
1977 dollars
0.5
3.1
-4.0
-1.0
.9
1.6
.3
-.5
-1.0
.1
.4
.1
-.4
-.5
-.9
-.2
.9
1.4
1.4
1.0
1.2
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent cl ange from
a year earlier,
Avera ge gross weekly earmngs
Period
Total mvate
nonagncultural *
Current dollars
1978
1979
1980
1981
1982
1983
1984
1985
1985: July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June r
July".
$203.70
219.91
235.10
255.20
267.26
280.70
292.86
299.09
297.54
299.79
300.84
301.19
301.02
303.63
303.80
303.98
304.68
303.46
303.80
303.63
302.06
Manufacturing
Retail trade
$189.31
183.41
172.74
170.13
168.09
171.26
172.78
170.42
169.44
170.43
170.74
170.45
169.49
170.20
169.72
170.58
171.94
171.93
171.83
170.87
170.08
$249.27
269.34
288.62
318.00
330.26
354.08
374.03
385.97
385.42
388.54
389.91
391.13
391.94
395.91
393.72
393.98
394.79
393.98
395.60
394.23
394.23
4
5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index for urban wage earners
and clerical workers (on a 1977 = 100 base).
1977 dollars
Current dollars
1
Construction
Current dollars
1977 dollars 3
2
3
total private n onagricultural 5
$318.69
342.99
367.78
399.26
426.82
442.97
458.51
464.09
462.10
463.23
466.83
467.31
461.52
461.28
470.40
448.59
450.06
465.22
464.25
462.40
462.02
$130.20
138.62
147.38
158.03
163.85
171.05
174.33
174.64
174.34
174.64
175.81
174.63
174.92
175.78
175.51
175.51
176.09
174.91
174.91
174.60
174.60
7.8
8.0
6.9
8.5
4.7
5.0
4.3
2.1
1.5
2.3
2.1
2.7
2.3
2.5
3.1
2.5
2.4
2.1
1.9
1.1
1.5
0.2
-3.1
-5.8
-1.5
-1.2
1.9
.9
-1.4
-2.2
-.6
-.6
.2
-1.1
-1.1
-.6
-.5
.4
.9
.7
-.2
.3
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 pe r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Outp u t
Business
sector
1
Compens ation per
Hours of all
perse ns 2
Nonfarm
business
sector
Business
sector
hou r 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit lab or costs
Real com pensation
per h our 4
Business
sector
Nonfarm
business
sector
Business
sector
Implic t price
defla t o r 5
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
19r 7 = 100;(niarterly < ata seasorlally adjus ted
1978
1979
100.8
99.6
100.8
99.3
105.8
107.9
106.0
107.9
104.9
108.3
105.1
108.7
108.5
119.1
108.6
118.9
100.8
99.4
100.9
99.2
107.6
119.5
107.7
119.7
107.3
117.0
107.0
116.5
1980
1981
1982
1983
1984
99.3
100.7
100.3
103.0
105.3
98.8
99.8
99.2
102.4
104.3
106.7
108.9
105.5
109.9
118.8
106.7
108.5
104.9
110.1
118.8
107.5
108.2
105.2
106.7
112.8
108.0
108.7
105.7
107.5
114.0
131.5
143.7
154.9
161.5
168.1
131.3
143.6
154.8
161.5
167.9
96.7
95.7
97.3
98.2
98.1
96.6
95.7
97.2
98.2
98.0
132.5
142.7
154.5
156.8
159.7
132.9
144.0
156.0
157.7
161.0
127.6
139.8
148.1
153.0
158.5
127.8
140.3
149.2
154.3
159.3
1985
106.4
104.8
122.7
122.5
115.3
116.9
175.3
174.6
98.8
98.4
164.8
166.7
163.0
164.6
1982: El
IV
100.3
101.0
99.1
99.7
105.1
105.0
104.5
104.2
104.8
103.9
105.4
104.5
156.6
158.3
156.3
158.2
97.2
97.9
97.0
97.8
156.2
156.8
157.7
158.7
149.3
150.2
150.3
151.4
1983:
101.9
103.5
103.0
103.8
100.9
102.7
102.9
103.3
106.2
109.2
110.8
113.6
105.8
109.2
111.4
114.1
104.2
105.5
107.5
109.4
104.8
106.3
108.3
110.5
159.9
160.9
161.5
163.6
159.9
160.9
161.7
163.4
98.8
98.4
97.7
98.0
98.8
98.4
97.8
97.9
156.8
155.5
156.8
157.7
158.5
156.6
157.1
158.2
151.2
152.3
153.4
155.2
152.5
153.6
155.0
156.2
104.9
105.6
105.5
105.5
103.9
104.6
104.4
104.3
116.9
119.0
119.5
120.2
116.9
119.1
119.5
120.2
111.4
112.7
113.3
114.0
112.5
113.8
114.5
115.2
165.9
167.1
169.0
170.6
165.6
166.9
168.7
170.4
98.1
97.9
98.1
98.2
97.9
97.8
98.0
98.1
158.2
158.3
160.2
161.7
159.4
159.5
161.5
163.3
156.7
157.7
159.0
160.3
157.2
158.4
160.0
161.4
105.7
106.4
107.3
106.4
104.4
104.9
105.4
104.5
121.3
122.3
123.5
123.8
121.1
122.1
123.3
123.6
114.8
115.0
115.2
116.4
116.0
116.4
116.9
118.2
172.3
174.5
176.4
178.0
172.1
174.0
175.4
177.0
98.4
98.7
99.1
99.0
98.2
98.4
98.5
98.4
163.1
164.0
164.4
167.3
164.8
165.9
166.3
169.3
161.4
162.6
163.4
164.6
162.7
164.1
165.2
166.2
107.3
107.2
105.6
105.5
125.3
125.2
125.1
125.0
116.8
116.8
118.5
118.5
179.1
180.4
178.3
179.3
99.2
100.3
98.8
99.7
167.0
168.2
168.8
170.0
165.3
166.0
167.1
167.7
I
n
m
IV
1984: I
n
m
IV
1985:
I
n
m
IV
1986:
I
n r.
Pe rcent chan »e; quarte rly data a seasonal] y adjusted annual rates
1978
1979
0.8
-1.2
0.8
-1.6
5.8
2.0
6.0
1.9
4.9
3.2
5.1
3.5
8.5
9.7
8.6
9.5
0.8
-1.4
0.9
-1.6
7.6
11.1
7.7
11.2
7.3
9.0
7.0
8.9
1980
1981
1982
1983
1984
-.3
1.4
-.4
2.7
2.3
-.4
1.0
-.6
3.3
1.8
-1.1
2.1
3.1
4.2
8.1
-1.2
1.7
4.9
8.0
-.8
.7
-2.8
1.5
5.7
.7
.7
2.7
1.6
6.0
10.5
9.2
7.8
4.2
4.1
10.5
9.4
7.8
4.3
4.0
-2.7
-1.0
1.6
1.0
-.1
-2.7
-.9
1.5
1.1
-.3
10.9
7.7
8.3
1.5
1.8
11.0
8.3
8.4
1.1
2.1
9.0
9.6
5.9
3.3
3.5
9.7
9.7
6.3
3.5
3.2
1985
1.0
.5
3.3
3.0
2.2
2.6
4.3
4.0
.7
.4
3.2
3.5
2.9
3.3
5.7
3.0
1982: HI
IV
1983:
I
n
m
IV
1984:
I
n
m
IV
1985:
I
n
m
IV
1986: I r
n .....
Q O
7.5
4.5
7.5
5.1
.1
2.9
.2
3.4
7.2
1.5
7.6
2.6
5.6
2.4
1.2
5.7
7.6
8.4
3.9
2.6
1.6
5.3
4.4
2.3
2.0
4.4
3.7
-1.6
-2.6
1.1
4.1
-1.9
-2.2
.1
.1
-3.3
3.3
2.4
-.6
-4.7
1.2
3.0
2.5
3.1
2.8
4.8
2.9
2.8
3.7
3.1
7.4
4.8
2.1
2.6
7.6
4.7
2.3
2.6
5.7
2.8
4.6
3.8
5.4
3.2
4.3
4.2
.5
-.8
.8
.1
.3
-.4
.4
.5
1.2
.2
5.0
3.9
3.0
.3
5.1
4.6
4.0
2.6
3.4
3.2
2.7
3.1
4.0
3.7
3.2
3.0
4.0
1.0
2.6
.6
.7
4.3
2.9
1.2
1.8
4.6
4.2
5.1
4.4
3.8
3.9
4.6
3.2
3.7
1.0
1.0
1.8
-.5
.7
.5
.7
-.6
3.3
2.4
1.0
7.2
3.6
2.7
1.0
7.4
2.7
3.0
1.9
3.0
3.2
3.4
2.6
2.4
5.1
-.3
1.4
— .1
.8
.2
2.5
2.7
3.1
2.2
1.0
4.5
1.6
3.9
-.7
3.0
-1.2
2.8
1.8
1.7
2.3
1.5
.2
3.0
-.1
2.4
q ^
3.9
6.1
-1.6
2.8
5.0
7.3
.8
1.3
4.9
11.7
5.9
10.4
6.3
13.4
8.5
9.8
1.0
5.3
7.7
7.3
4.4
2.6
g
-.1
2.4
2.9
-.7
— .4
12.2
7.5
1.7
2.5
10.2
7.7
1.6
2.2
.9
2.7
3.4
-3.2
.3
1.8
2.2
-3.5
3.6
3.3
4.1
1.0
3.3
-.3
4.3
-.5
4.7
4
1
2
g
-3.5
-1.2
-3.4
-3.4
-3.4
-3.5
Output refers to gross domestic product originating in the sector in 1982 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates baaed primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
16
4
8
Hourly compensation divided by the consumer price index for all urban consumers.
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0.1 percent in July, following declines of 0.3 percent in June and 0.5 percent in May. The
index for July was 0.1 percent above its year-earlier level.
INDEX, 1977=100* (RATIO SCALE)
140
TOTAL INDUSTRIE L PRODUC
120
riON
INDEX, 1977=100* (RATIO SCALE)
220
FINAL P RODUCTS
200
_—-ir^-'—-—
^--
s—'
^•x^^
^~~"100
.^
•f
160
1
ll 1
'"" " "
'
MANU FACTURINC3 PRODUC1riON
I""' ""' '
140
l
"" 1
I"1"1"1"
140
'"'"
120
^
—JK^ •%.-v_
•—
iiiiiil
Illllll
Hllllllllll
i M 1 1 11 11 n
| 1 || ||1t M 1
[ | ( 1 1t 1t M I
90 _MANUF>\CTURING CAPACITY UTILIZATIC N
140
UTILITIE SAND
MlhMING
PROC)UCTION
i-=-\.
~*N~-\_—
1982
80
~— •
i ^•^^CrvjF~~-^' '
/ " -X
'''/^
^•~—-/ —
IMIlhllM
him
1983
'—
1984
| | M111111 1
s'
70 ^^—
^"
1 1 1 n h 1 1 11
60
1 1 M 1 1t 1 1 H
1982
1986
1985
r^—
1
/~^
-MINING-
1 1 1 1 1 1 1 1 1 11
RAIL
^
UTILITIES
120
100
BUSINESS^
EQUIPMENT
PER CENT*
1
niiiliiin
—
^~*"
CONSUMER
GOODS
'lllilliiiiJIllllllllllll
/
100
/
100
_
__^= ~^.
-
/=~~=
S'
^\_
^^
NONDU (ABLE
,'-''''/
~.
120
DI JRABLE
—
DEFEN!5E AND
SP/\tt
EQUIP MENT
\
~^7*
J-"'
180
M 11 1 11 H 11
1983
1 11 11 1 1t 1 M
1984
'SEASONALLY ADJ USTED
SOURCE: BOARD C>F GOVERNORS OF THE FEDERAL RESE RVE SYSTEM
M 1 II 1 1 II I 1 t
1985
| M 1| | t M t
1986
COUNCIL OF EC 3NOMIC ADVISERS
[Monthly data seasonally adjusted]
To tal
indus trial
produ ction
Period
Index,
1977 = 100
1977 proportion
100.0
1978
1979
1980
106.5
110.7
108.6
111.0
103.1
109.2
121.8
124.5
124.1
125.2
125.1
124.4
125.4
126.4
126.7
125.6
124.4
125.3
124.6
124.2
124.1
1981
1982
1983
1984
1985
1985:
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr '
May r.
June r.
July"
1
Output as percent of capacity.
Capacity utilization
rate, pe rcent *
Industry proc uction indexes , 1977 = 100
Manufacturing
Percent
change
from year
earlier
6.5
3.9
1.9
2.2
-7.1
5.9
11.5
2.2
.7
1.3
1.5
1.4
1.6
2.5
2.5
1.5
.3
.9
.4
i
.1
Mining
Durable
Total
Utilities
Nondurable
84.21
49.10
35.11
107.1
111.5
108.2
110.5
102.2
110.2
123.9
127.1
126.9
128.2
127.7
127.2
128.4
129.1
129.8
128.8
128.0
129.0
128.7
128.0
128.0
108.2
113.9
109.1
111.1
99.9
107.7
124.8
128.2
127.9
129.4
128.3
127.7
129.2
129.9
130.4
129.0
127.7
128.4
127.5
126.4
126.3
105.5
108.2
107.0
109.7
105.5
113.7
122.5
125.6
125.6
126.6
126.9
126.4
127.3
128.0
129.1
128.5
128.3
129.7
130.4
130.3
130.2
9.83
103.6
106.4
112.4
117.5
109.3
102.9
110.9
109.0
108.7
108.3
108.4
108.4
106.9
107.4
107.4
105.3
102.7
101.5
99.8
99.6
99.2
Manufacturing
Industrial
materials
84.2
84.6
79.3
78.3
86.3
87.1
81.1
81.1
71.7
75.3
82.3
80.2
79.5
79.9
79.5
79.3
79.2
80.1
80.2
79.6
78.5
78.6
78.0
77.9
77.9
5.96
103.1
105.9
107.3
107.1
104.8
105.2
110.9
113.4
110.7
110.3
113.2
112.4
112.2
116.5
114.6
112.4
112.2
112.4
111.4
111.6
111.4
70.3
74.0
80.8
80.3
80.1
80.7
80.1
79.6
80.2
80.4
80.7
79.8
79.1
79.6
79.3
78.7
78.5
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Produc ts
Mate rials
Final produc s
Internlediate pro< ucts
C ansumer go :ids
1Equipment
Period
Total
1977 proportion
1978
1979..
1980
1981
1982
1983
1984
1985
1985: July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr r.
May r
June r
July"
1
44.77
106.9
111.0
112.2
115.2
109.5
114.7
127.8
132.0
131.8
133.3
133.3
131.9
133.7
134.4
134.4
132.8
131.5
132.8
131.9
131.0
130.9
Total
35.52
104.3
103.9
102.7
104.1
101.4
109.3
118.2
120.7
120.1
121.5
121.8
120.8
122.7
124.2
123.9
123.2
122.5
124.7
124.6
124.2
123.9
Durable
goods
Nondurable goods
6.89
18.63
103.7
99.9
88.4
89.7
82.9
98.5
112.6
112.9
111.3
114.0
112.9
111.4
115.5
116.8
116.6
116.3
113.0
116.2
113.2
113.7
113.6
104.5
105.4
108.1
109.3
108.3
113.3
120.2
123.6
123.4
124.2
125.1
124.3
125.4
127.0
126.5
125.7
126.0
127.8
128.8
128.1
127.7
Total '
19.25
110.3
120.4
124.7
129.9
120.2
121.7
140.5
147.0
147.3
149.0
148.6
146.6
148.3
147.9
148.4
145.5
143.4
143.5
141.7
140.1
140.1
Business
Defense
and
space
equipment
ConTotal
struction
supplies
Total
gy
42.28
105.9
110.3
105.3
107.7
96.7
102.8
114.6
114.7
113.8
114.5
114.2
114.2
114.3
115.9
116.2
115.4
114.0
114.3
113.5
113.5
113.6
11.69
supplies
14.34
3.67
12.94
5.95
6.99
112.2
124.7
125.1
127.6
113.6
115.4
134.9
141.2
141.3
143.0
142.2
139.6
141.7
141.4
142.9
141.1
139.1
140.3
138.5
136.8
136.9
101.2
105.6
115.4
119.8
133.0
143.1
157.9
173.6
173.9
175.5
177.5
178.7
180.7
180.7
179.3
176.7
178.5
178.6
179.1
179.3
179.5
106.9
110.8
106.9
107.3
101.7
111.2
124.9
130.6
130.7
132.0
132.3
131.5
132.7
132.9
134.4
134.1
134.1
135.2
135.8
135.4
135.4
106.9
108.7
100.6
98.6
88.3
100.6
114.0
118.9
119.4
121.5
121.3
120.0
120.9
120.7
124.0
123.5
123.5
124.5
124.7
122.7
123.2
106.9
112.7
112.3
114.7
113.1
120.3
134.2
140.5
140.3
140.9
141.7
141.2
142.7
143.3
143.2
143.1
143.0
144.3
145.2
146.2
101.1
104.1
105.5
104.7
101.2
98.4
104.0
104.4
103.5
102.7
103.4
104.2
102.5
105.8
104.1
103.9
102.7
102.1
101.9
102.4
102.9
Includes rigs and prefabs, not shown separately.
[1977 — 100; monthly data seasonally adjusted]
No ndurable nanufactui es
Durable m mufactures
Transp Drtation
Primary metals
Period
Total
1977 proportion
1978
1979
1980
1981
1982
1983
1984
1985
1985: July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr r
May r
June r
July"
5.33
107.0
108.5
90.4
95.0
65.8
73.0
82.4
80.6
79.0
82.0
80.3
83.1
83.6
81.7
84.9
80.7
77.4
78.1
75.7
72.5
73.3
Source: Board of Governors of the Federal Reserve System.
18
Iron and
steel
3.49
107.5
108.0
86.3
92.5
57.5
66.1
73.5
70.6
68.7
71.6
69.7
74.4
75.3
72.0
75.5
69.9
64.9
65.6
61.7
59.1
Fabricated
metal
products
6.46
105.7
109.4
101.8
101.6
86.6
89.1
102.8
107.9
107.3
107.8
107.5
108.4
107.9
108.8
109.3
109.4
108.5
107.6
107.3
107.0
106.5
NonElectrical
electrical , machinmachinery
ery
9.54
7.15
111.7
122.6
123.3
129.8
115.6
118.3
142.0
146.4
147.5
149.2
146.5
143.0
145.6
146.0
146.2
144.6
143.2
142.0
141.6
139.8
139.5
112.9
125.7
130.3
134.1
128.4
143.8
172.4
169.3
165.7
166.1
165.1
165.1
168.9
171.9
167.9
165.5
165.6
166.7
166.0
162.6
164.4
equip ment
Total
9.13
106.3
108.3
96.9
95.1
87.6
99.2
113.6
123.2
123.7
126.8
126.2
124.5
126.5
126.8
128.9
128.1
124.3
127.9
125.4
126.7
126.1
Motor
vehicles
and
parts
5.25
104.6
95.9
71.1
71.6
66.8
85.8
105.6
112.8
112.8
116.8
115.3
111.7
114.5
115.4
117.8
117.8
110.4
114.8
110.7
112.7
112.2
Lumber
and
products
2.30
102.4
102.0
92.9
90.1
82.8
100.2
109.1
112.9
113.0
114.8
115.9
116.5
115.6
116.5
119.9
118.2
118.5
119.4
119.8
Apparel
products
Printing
and
publishing
Chemicals
and
products
2.79
4.54
107.8
112.7
115.1
118.6
120.2
129.8
147.9
155.2
154.3
156.3
156.2
157.0
159.0
158.4
158.9
155.4
158.1
162.0
163.0
163.9
163.8
8.05
106.8
111.4
106.4
112.6
103.8
114.0
121.7
127.1
126.4
128.2
129.0
127.9
128.0
128.5
130.5
130.9
131.1
132.1
132.0
131.7
103.1
98.3
97.3
96.1
87.3
95.3
102.8
101.8
100.6
100.4
101.8
102.6
103.9
105.0
105.8
103.6
104.0
104.3
103.7
103.1
Foods
7.96
104.3
106.7
111.4
113.7
114.9
120.4
127.1
131.0
132.2
132.6
132.5
130.7
131.4
132.6
133.2
133.8
133.0
134.0
135.1
134.3
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 3
Private
Period
Total new
construction
expenditures
Kesie ential
Total
Commercial
and
industrial 2
New housing
Total !
Other
Federal,
State, and
local
Total value
index
(1977=100)
Commercial
and industrial
floor space
(millions of
square feet)
B illions of dollars
1978
1979
1980
1981
1982
1983
1984
1985
224.7
250.3
249.0
257.8
244.4
279.2
327.2
355.6
179.0
201.5
194.0
204.4
193.6
228.5
272.0
292.8
110.4
117.2
101.1
100.0
85.4
126.6
155.1
158.8
86.2
90.1
70.4
70.2
57.7
95.7
115.1
116.0
30.7
42.0
46.7
55.0
58.7
53.8
68.6
82.7
37.9
42.3
46.2
49.4
49.5
48.1
48.2
51.3
114.0
121.0
108.0
112.0
111.0
138.0
150.0
161.0
45.6
48.8
55.0
53.3
50.8
50.7
55.2
62.8
Annual rates
Annual rates
1985: June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May r
June p
July"
352.9
355.1
353.3
361.3
374.0
357.6
365.6
373.4
373.9
368.0
374.1
374.9
375.1
288.4
290.3
289.8
296.0
312.0
294.4
300.6
305.4
305.7
298.9
303.8
302.2
303.9
154.3
156.8
154.9
161.0
174.8
158.2
161.8
163.4
164.7
165.6
170.5
172.6
175.6
80.8
80.6
82.1
84.3
84.1
85.0
88.2
88.4
87.5
81.4
82.0
78.5
77.2
115.4
115.3
115.5
116.1
117.2
117.5
118.7
122.8
124.7
126.5
129.4
132.5
136.3
1
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.
977
1,059
904
919
690
756
955
1,064
53.4
52.8
52.8
50.7
53.0
51.2
50.6
53.5
53.5
51.8
51.3
51.1
51.1
154
164
164
167
168
162
162
64.5
64.8
63.5
65.3
62.1
63.2
64.9
68.0
68.3
69.2
70.3
72.7
71.2
146
162
149
176
160
161
163
836
1,103
1,097
1,118
1,104
1,111
951
848
941
840
1,011
921
911
877
3
F. W. Dodge series.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New priv ate homes
New private housing units
Units started, by type of structure
Period
Total
1978
1979
1980
1981
1982
1983
1984
1985
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1,741.8
1 unit
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
1,072.4
2-4 units
125.0
122.0
109.5
91,1
80.0
113.5
121.4
93.4
5 or more units
462.0
429.0
330.5
287.7
319.6
522.0
544.0
576.1
Units
authorized
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
1,733.3
Units
completed
Homes sold
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
1,703.3
817
709
545
436
412
623
639
1,758
1,722
1,720
1,778
1,541
1,721
1,762
1,778
1,725
1,806
' 1,693
1,817
1,588
710
745
708
681
637
722
729
735
741
924
884
780
703
688
Vacancy rate
Homes for
sale at end of
period '
3
414
398
336
272
251
300
356
349
housing units
(percent) 2
5.0
5.4
5.4
5.0
5.3
5.7
5.9
6.5
Seasonal ly adjusted annu al rates
1985: June
July
Aug
Sept
Oct
Nov
Dee
1986: Jan
Feb
Mar
Apr
May '
June r
July ".
1,693
1,673
1,737
1,653
1,784
1,654
1,882
2,034
2,001
1,960
2,019
1,853
1,852
1,818
1,036
1,068
1,071
1,006
1,118
1,006
1,098
1,335
1,202
1,221
1,242
1,241
1,229
1,181
95
86
97
85
80
76
83
107
115
84
79
83
81
77
562
519
569
562
586
572
701
592
684
655
698
529
542
560
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
1,717
1,709
1,782
1,846
1,703
1,668
1,839
1,861
1,808
1,834
1,885
1,788
1,792
1,754
354
351
348
350
353
353
349
352
352
338
337
340
343
6.2
6.8
6.7
6.9
7.3
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 0.6 percent in June and inventories rose $2.4 billion. According to advance
data, retail sales rose 0.1 percent in July following a decline of 0.1 percent in June.
BILLIC3NS OF DDL LARS* (RATK3 SCALE)
BILLIC)NS OF DOLl ARS* (RATIC> SCALE)
650
200
190 _
180 _
170
600
500
-—•" '- •" •
•
550
r-——^,—
450
"—1
.--'
~
130 ,
^—^-—
\
/
.-' M ANUFACTUR NG
vJD
TRADE
S/UES
A
.»
350
•«-
,-•**'
110 —
300
70
,
—
-''
-
•~
\ \ 1 1 1 1 ' ' ' ' ' \\ \\ \ 1 1 1 ( 1 1
1 1M I 11M M
1 M 1 1 1 11 11 1 M 1 M 1 1 1 1 M
RATIC)*
1 80
1.60
150
**"'
80
_
200
—1
A
.--•'' — RETAILS/aes
90 —
,
""
'
100
250
\
r-'-^RE TAIL INVENT ORIES
120
_
_
~^
/\
140
f — *"' "*-**—
^
V
-,
160
150
-—- 1
" MA NUFACTURIC4G AND
Tl ADE INVEN- ORIES
*• —
400
_
_ INVENT DRY-SALES RATIO
.
_
"
> •••
1.40
-
R ETAIL
~1'-^^
\.
\
-'-...
>— ^,'~ —
^^
^HV \
MA NUFACTURI vIG
AND TRADE
100
II M i l l 1 III
nuilum iniiliitii ,,,,,1
1982
1984
1983
i,,m
1.00
1985
II M l l l l III
1982
1986
1983
Inn, , , , , , 1
1984
1985
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
and
Manufaet jring
trac e 1
Sales
Inventories 3
1986
COUNCIL OF ECONOMIC ADVISERS
Sales 2
Inventory-s ales ratio 4
Be ail
WM esale
Sales
2
I.UlhllM
InventoTotal
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
Durable
goods
stores
Nondurable goods
stores
Manufacturing
Retail
Millions of dollars, seasonally <idjusted
1978
1979
1980
1981
1982
1983
1984
1985
1985: June r
Julv
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May r
June p
July"
1
2
3
r
260,805
298,334
328,058
356,919
344,656
368,724
410,737
424,091
399,608
451,460
494,105
528,105
509,555
520,328
575,098
583,148
66,669
79,472
93,704
102,013
96,290
100,424
113,404
114,494
86,405
99,262
113,478
118,259
118,149
120,265
131,544
135,940
418,219
42 1,692
428,015
427,691
425,689
431,326
432,797
580,107
580,318
578,635
578,742
581,516
582,381
583,148
110,880
113,301
115,146
114,344
113,675
115,762
116,852
134,696
134,949
134,869
134,410
134,810
134,831
135,940
431,713
426,854
420,230
428,455
421,613
424,123
584,968
585,176
588,178
588,599
586,727
589,165
115,648
113,380
112,495
114,608
109,870
111,879
136,624 117,349
136,561 117,200
137,056 116,684
137,083 117,715
137,506
118,675
138,909 ' 11 8,602
118,690
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
T
113,468
114,598
116,276
119,118
114,785
115,433
116,861
43,863
49,397
55,049
59,688
61,279
64,817
68,939
71,645
102,694
111,098
116,346
127,201
126,497
139,381
157,845
165,324
50,136
54,108
55,117
60,327
58,952
66,928
77,142
82,875
52,558
56,990
61,229
66,874
67,545
72,453
80,703
82,449
1.44
1.43
1.45
1.44
1.51
1.38
1.34
1.37
1.43
1.44
1.42
1.41
1.41
1.34
1.39
1.40
71,133
71,674
72,067
72,370
72,430
72,802
72,979
159,733
160,333
159,078
160,302
164,262
165,557
165,324
79,185
79,205
78,042
78,425
81,668
83,056
82,875
80,548
81,128
81,036
81,877
82,594
82,501
82,449
1.39
1.38
1.35
1.35
1.37
1.35
1.35
1.41
1.40
73,162
73,251
73,405
72,841
73,121
' 73,365
73,498
167,987
169,379
171,551
172,158
170,869
171,846
84,755
85,863
88,132
88,263
87,198
88,445
83,232
83,516
83,419
83,895
83,671
83,401
1.35
1.37
1.40
1.37
1.39
1.39
1.43
1.45
1.47
1.46
1.44
1.45
23,368
25,529
24,914
27,089
28,059
33,041
38,817
42,851
67,231
74,926
79,963
86,777
89,339
97,858
107,755
114,495
r
42,335
42,924
44,209
46,748
42,355
42,631
43,882
44,187
43,949
43,279
44,874
45,554
r
45,237
45,192
r
1.37
1.35
1.43
1.43
1.41
4
For annual periods, ratio of weighted average inventories to £ ver&ge monthly sales; for monthly
data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In June, manufacturers' shipments rose, inventories were about unchanged, and new and unfilled orders fell. In
July, according to advance data, durable goods shipments and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
360
320
SHIPME NTS
200
1
r^-
160
=
120
[
280
-TOTAL
—
*
240
DU ?ABLE GOOC)S
80
"
r
160
\~\
DURABLE GOODS
NO NDURABLE C3OODS
"^"N.^
TOTAL
200
L-.W-1
J
.-r*~"
INVENTORIES -
120
60
80
40
1 1 1 1 I 11 1 1 11
iiiiilimi 1 11 1 1 1 1 1 1 1 1
NONDURABLE GOODS
MMlllllll
t M 111M M 1
60
BULK3NS OF DOL LARS* (RATIC3 SCALE)
NEWO RDERS
200
160
._
r^~C~-^"
\
•=^
RATIO*
TOTAL
DU RABLE GOO DS
120
s~~
-•—*•— ,_^_ /
--•--::
NC iNDURABLE 3OODS
^
40
40
1
> ' 1 1 1 M H1
him mill, mi
1983
1982
1984
1
1.4 —
iimlmii
1985
1.2
1982
1986
1985
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1986
COUNCIL OF ECONOMIC ADVISERS
Manufa cturers' shiprnents *
M anufacturers new orders i
Manuffu turers' inven tories 2
Durabli goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondura,ble goods
Total
Total
Capital
goods
industries,
Nondurable goods
Manufacturers'
unfilled3
orders
non-
Manufacturers'
inventory—
shipments
ratio 4
defense
M] llions of do lars, seasoilally adjust 3d
1978
1979
1980
1981
1982
1983
1984
1985
126,905
143,936
154,391
168,129
159,027
170,441
189,578
195,102
67,848
76,060
77,550
83,872
76,693
84,951
98,502
103,649
59,057
67,876
76,841
84,257
82,334
85,491
91,076
91,452
210,509
241,100
264,281
282,645
264,909
260,682
285,709
281,884
137,891
160,533
174,620
186,347
175,103
171,629
191,109
189,164
72,618
80,567
89,661
96,298
89,806
89,053
94,600
92,720
131,546
147,403
156,161
167,752
157,255
173,259
191,634
195,803
72,339
79,451
79,360
83,553
74,996
87,631
100,611
104,305
19,458
23,231
23,259
24,050
20,681
22,764
27,017
27,215
59,207
67,953
76,801
84,199
82,260
85,627
91,024
91,499
259,770
302,145
323,393
319,094
296,918
330,924
355,640
363,809
1985: July
Aug
Sept
Oct
Nov
Dec
193,793
196,593
194,229
197,229
200,131
199,084
102,478
105,311
103,656
106,479
107,007
105,777
91,315
91,282
90,573
90,750
93,124
93,307
285,036
284,688
284,030
282,444
281,993
281,884
192,163
192,037
191,930
190,508
190,284
189,164
92,873
92,651
92,100
91,936
91,709
92,720
195,793
198,782
197,332
195,381
196,865
201,213
104,370
107,661
106,641
104,495
103,796
107,531
26,685
27,554
29,240
27,092
25,788
30,566
91,423
91,121
90,691
90,886
93,069
93,682
361,502
363,691
366,794
364,946
361,680
363,809
1986: Jan
Feb
Mar
Apr
May
June r
July"
198,716
196,274
191,051
196,132
193,068
193,642
105,631
105,545
102,693
106,592
103,672
104,553
105,635
93,085
90,729
88,358
89,540
89,396
89,089
280,357
279,236
279,571
279,358
278,352
278,410
188,518
187,644
188,333
188,031
187,637
187,148
91,839
91,592
91,238
91,327
90,715
91,262
201,133
198,559
192,996
193,151
192,122
191,795
108,194
107,545
104,682
103,747
102,624
102,730
107,165
24,288
28,637
26,540
26,179
26,145
26,421
27,427
92,939
91,014
88,314
89,404
89,498
89,065
366,226
368,511
370,456
367,475
366,529
364,682
1
2
3
Monthly average for year and total for month. Shipments are the same as sales.
Book value, end of period.
End of period.
1.57
1.57
1.66
1.64
1.73
1.52
1.45
1.46
1.47
1.45
1.46
1.43
1.41
1.42
1.41
1.42
1.46
1.42
1.44
1.44
4
For annual periods, ratio of weighted average inventories to average monthly shipments; for
monthly data, ratio of inventories at end of month to shipments for month.
Source: Department of Commerce, Bureau of the Census.
PRICES
PRODUCER PRICES
In July, the producer price index for all finished goods fell 0.4 percent, seasonally adjusted. The index for finished
consumer foods rose 1.9 percent while the index for finished consumer goods excluding foods fell 1.8 percent.
Prices of capital equipment rose 0.2 percent.
INDEX, 1967= 100 (RATIO SCALE)
340
INDEX, 1967=100 (RATIO SCALE)
340
SEASONALLY ADJUST ED
FINISHED GOODS
320
320
cONSUMER
GOODS
EXCLUDING FO ODS
300
P"^*-*"1*"
280
i
i\~'^
//""—x'
260
^x*^-/
:^N
^~* ** —• <••>•'
^,--J
2&Z21 ^~^\
TO FAL FINISHED
GOODS
^- ^ V— _ /
x
-
300
V
s*
'•* *• ,
N
_'v /
280
*.'
^—
\ "
260
:ONSUMER FO ODS
•/••'** ""CAPITAL ECJUIPMENT
/s* s'
240
r\
240
!
b><'
t'~~^-' '//*''
220
/-v /
220
./I
f
/
*jr
t
200
200
' '''S^
180
'
[J-fi'l 1 1 1 1 1 1
Illlllllill
1978
1979
Illlllllill
Illlllllill
Illlllllill
1980
1981
1982
iiiiiiinii
iiiiiiinii
I l l l l l l l i l l Illlllllill
1985
1984
1983
180
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMEN T OF LABOR
[1967 = 100; monthly data seasonally adjusted]
Fin shed goods
Period
Total
finished
goods
1978
1979
1980
1981
1982
1983
1984
1985
1985: July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar r
Apr
May
June
July
1
195.9
217.7
247.0
269.8
280.7
285.2
291.1
293.7
294.3
293.4
291.8
294.4
296.4
298.3
296.1
291.3
288.5
286.8
288.6
288.5
287.3
Consumer
foods
207.2
226.2
239.5
253.6
259.3
261.8
273.3
271.2
270.9
269.0
266.4
270.8
273.7
276.5
274.9
270.3
270.7
271.6
274.7
274.7
279.9
Total
finished
Consumer gc ods
consumer
goods
194.9
217.9
248.9
271.3
281.0
284.6
290.3
291.8
292.5
291.2
289.6
292.1
294.5
296.7
294.1
287.8
284.1
281.5
283.8
283.6
281.9
Total
190.7
213.3
247.8
273.3
285.8
290.8
294.8
299.0
299.8
299.3
298.0
300.1
301.7
303.3
300.9
296.1
292.2
289.5
290.8
290.7
287.2
Intermediate materials for food manufacturing and feeds.
22
Fi nished go ads excluding consumer foo is
Total
186.7
211.5
250.8
276.5
287.8
291.4
294.1
297.3
298.4
297.5
296.3
298.0
300.0
301.9
2.98.8
291.8
286.0
281.7
283.5
283.2
278.1
Durable
Nondurable
166.9
200.0
231.3
183.2
206.2
218.6
226.7
233.1
236.8
241.5
242.1
242.3
239.8
243.0
243.8
243.6
242.3
242.9
243.7
245.6
245.8
246.0
246.5
283.9
319.6
333.6
335.3
337.3
339.3
340.7
339.0
338.9
339.3
342.3
346.0
341.3
328.7
317.9
308.9
312.0
311.4
301.9
Capital
equipment
199.2
216.5
239.8
264.3
279.4
287.2
294.0
300.5
300.7
301.3
299.7
302.7
303.4
303.8
303.3
303.7
304.3
305.3
305.5
305.7
306.3
Intern lediate ma terials
Cnade maten als
Total
Foods
and
feeds 1
Other
Total
Foodstuffs
and
feedstuffs
Other
215.6
242.2
280.3
306.0
310.4
312.3
320.0
318.7
317.8
317.4
317.2
317.5
318.6
319.9
318.4
313.8
310.1
307.0
306.3
306.4
304.4
203.1
226.1
252.6
250.3
239.4
247.9
253.1
232.8
229.7
226.5
224.9
229.4
232.3
233.9
232.8
229.5
229.0
226.9
228.6
228.3
228.9
216.5
244.4
282.3
310.1
315.7
317.1
325.0
325.0
324.3
324.1
323.9
324.0
325.0
326.2
324.7
320.0
316.1
312.9
312.1
312.2
310.0
234.4
274.3
304.6
329.0
319.5
323.6
330.8
306.1
303.0
296.1
293.1
302.2
308.0
307.0
302.9
286.6
280.2
269.7
275.9
273.0
276.4
216.2
247.9
259.2
257.4
247.8
252.2
259.5
235.0
229.5
221.6
217.7
231.0
240.8
239.7
233.8
225.4
223.3
216.1
224.9
223.2
230.8
272.3
330.0
401.0
482.3
473.9
477.4
484.5
459.2
461.1
456.1
454.9
455.4
453.1
452.4
451.8
418.7
403.1
385.8
386.5
381.2
375.1
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES—ALL URBAN CONSUMERS
In July, the consumer price index for all urban consumers was unchanged, seasonally adjusted and not seasonally
adjusted. The index was 1.6 percent above its year-earlier level.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
340
340
320
320
300
300
\
280
280
"ALL ITEMS
260
260
240
240
220
220
200
200
180
180
1979
1978
1980
1982
1981
1986
1985
1984
1983
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
COUNCILOR ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted by NSA]
Tr ansportati on
Hou sing
She Her
Period
All
items 1
Food
Total *
Renters'
1982=100)
NSA
Rel. imp.3
1978
1979
1980
1981
1982
1983
1984
1985
1985: July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June
July
100.0
195.4
217.4
246.8
272.4
289.1
298.4
311.1
322.2
322.8
323.5
324.5
325.5
326.6
327.4
328.4
327.5
326.0
325.3
326.3
327.9
328.0
Homeowners'
costs (Dec.
1982=100)
Fuel
and
other
utilities
Total '
New
cars
Motor
fuel
21.4
185.5
212.0
249.7
280.0
291.5
298.4
311.7
319.9
320.3
319.8
319.3
320.5
322.6
323.9
325.5
320.9
311.8
304.0
304.9
307.4
303.6
3.4
153.8
166.0
179.3
190.2
197.6
202.6
208.5
215.2
215.2
215.7
216.2
217.0
217.7
218.4
218.6
219.5
219.9
221.2
223.0
224.4
225.2
5.5
196.3
265.6
369.1
410.9
389.4
376.4
370.7
373.8
379.1
377.4
375.2
374.3
377.4
379.4
380.1
357.2
314.8
279.5
286.4
295.0
275.5
Medical
care
Ener-
6.5
219.4
239.7
265.9
294.5
328.7
357.3
379.5
403.1
404.3
406.6
409.0
410.9
413.0
415.7
417.5
420.4
424.5
427.2
429.8
432.8
435.0
11.3
220.4
275.9
361.1
410.0
416.1
419.3
423.6
426.5
429.4
427.6
426.8
425.8
428.4
430.3
430.8
414.3
387.5
365.2
366.2
374.8
359.6
gy 2
All items
less
food,
energy,
and
shelter
NSA
18.5
211.4
234.5
254.6
274.6
285.7
291.7
302.9
309.8
309.2
309.6
310.7
311.1
313.2
315.2
315.9
313.8
314.1
315.0
316.4
316.7
319.5
37.9
202.8
227.6
263.3
293.5
314.7
323.1
336.5
349.9
350.3
351.7
352.2
353.3
355.2
356.2
357.1
356.8
357.5
358.5
358.2
360.1
360.2
22.3
210.4
239.7
281.7
314.7
337.0
344.8
361.7
382.0
383.1
385.3
386.1
387.9
390.5
391.9
393.3
394.8
397.3
400.7
401.0
401.8
403.6
7.3
103.0
108.6
115.4
115.8
116.3
116.7
117.5
118.2
118.5
118.8
119.2
119.8
121.1
121.2
121.7
122.5
14.4
102.5
107.3
113.1
113.6
114.3
114.5
114.9
115.7
116.2
116.6
117.0
118.0
118.9
119.1
119.1
119.6
1
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.
nance
and
repairs
Apparel and
upkeep
0.5
233.0
256.4
285.7
314.4
334.1
346.3
359.2
368.9
367.8
370.6
368.7
368.5
372.7
373.7
379.1
379.6
367.5
367.6
367.1
366.6
369.2
8.1
5.0
216.0
239.3
278.6
319.2
350.8
370.3
387.3
393.6
394.2
393.6
394.4
393.7
395.4
396.5
397.2
392.4
388.4
385.7
382.3
388.9
383.4
159.6
166.6
178.4
186.9
191.8
196.5
200.2
206.0
205.6
205.9
206.8
207.7
208.4
208.3
207.7
206.6
206.3
206.9
206.5
205.8
206.2
48.0
179.1
191.5
208.3
228.1
245.6
258.4
271.2
281.6
281.4
282.1
282.6
284.1
285.4
286.2
287.5
288.0
288.6
289.1
289.4
290.4
291.3
NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with figures for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Ch» nge from pr seeding peru d
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Conaum r goods
Consume r goods
Consum r goods
Period
Change from 6 montl s earlier, ann ual rate
Change from 3 montl s earlier, ann ual rate
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
Capital
equipment
Excluding
foods
Foods
goods
Change
from
year
earlier.
total
finished
goods
NSA
Cha nge, Dec. o Dec., N 3A
1978
1979
1980
12.8
11.8
1981
1982
1983
1984
1985
7.1
3.7
.6
1.7
1.8
9.2
7.8
11.7
8.5
7.4
7.5
1.4
2.1
2.3
3.5
.5
17.5
14.2
11.4
11.1
13.5
8.5
4.2
-.8
.8
2.0
9.2
3.9
1.9
1.8
2.7
9.2
4.0
1.6
2.1
.9
7.9
8.8
Cr ange, mon ;h to moril h
0.2
.3
.5
.9
.7
.6
1985: July
Aug
Sept
Oct
Nov
Dec
0.9
1.0
1.7
1.1
1.0
-.7
1986: Jan
Feb
Mar r.
Apr '
May
June T
July
0
n
— .4
.6
.7
.6
-.6
-1.6
.1
.3
1.1
0
1.9
1.1
-1.1
.6
-.1
-1.8
0.1
.6
-2.9
— .1
7.2
-2.4
.1
4.2
9.2
-.2
.1
.2
.3
.1
.1
.2
-1.0
-2.3
-2.0
-1.5
-1.7
1.0
-.6
.6
-.0
-.4
0.1
.2
-.5
1.0
.2
.1
3
1.2
-2.9
-2.8
-.5
3.4
7.8
16.0
6.2
2.3
6.7
1.1
-4.9
-8.1
-12.5
12.0
-3.7
-10.5
— 19.5
-21.0
— 10.9
4.7
6.7
6.0
0
.7
3g
12.8
-5.0
1.5
1.7
-.9
2.7
2.8
5.6
.8
.4
.7
2.7
2.4
1.9
1.3
-2.0
-3.3
—4.4
0
3.8
6.1
1.7
1.0
1
.6
1.5
3.2
3.0
1.0
3.3
.6
.7
1.2
-1.4
-2.2
-5.1
-5.2
-6.5
-5.9
2.9
2.8
2.6
1.8
1.6
.3
2
2.4
.3
2.1
2.3
2.3
.9
.8
.2
1.1
1.4
1.8
.3
1.7
1.6
3.1
1.7
1.4
1.3
2.0
-1.4
— 2.1
-1.7
-1.7
-2.3
-3.8
-6.8
-10.6
-10.7
-12.0
-13.4
-1.3
3.7
1.3
-.2
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]
Tr insportati 3n
Housing
Shelter
Period
All
items l
Food
Rent-
Total '
Home-
Total '
Fuel
and
other
utilities
Apparel
and
upkeep
Total '
New
cars
Adden dum: All ite ns, percent hange
(annua 1 rate)
All
Motor
fuel
Medical
care
Energy2
items
less
food,
energy,
and
shelter
From
previous
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
C lange, I ecember to Dec jmber, ^ SA
1978
1979
1980
1981
1982
1983
1984
1985
9.0
13.3
12.4
11.8
10.2
10.2
8.9
3.9
3.8
4.0
3.8
4.3
3.1
2.6
3.8
2.7
9.9
15.2
13.7
10.2
3.6
3.5
4.2
4.3
5.9
11.5
17.4
15.1
9.9
2.4
4.7
5.2
6.0
16.0
13.6
14.5
5.1
5.9
6.3
4.5
5.1
5.9
9.7
1.8
4.2
1.9
7.7
3.2
5.5
6.8
3.6
1.6
2.9
2.0
2.9
18.2
14.7
11.0
1.7
3.9
3.1
2.6
6.2
7.4
7.5
6.8
1.6
3.4
2.4
3.5
8.5
52.2
18.9
9.4
-6.5
-1.7
-2.4
8.8
8.0
10.1
10.0
12.5
11.0
37.4
18.1
11.9
3.0
6.4
6.1
6.7
0.1
.4
-.6
-.2
.8
.5
0.4
.6
.6
.5
.5
.7
.1
.2
.4 -6.0
.2 -11.9
.6 -11.2
.8
2.5
.6
3.0
.4 -6.6
.4
1.3
5
.2
1.8
7.7
6.5
7.2
11.3
13.5
10.4
9.9
9.4
6.1
5.0
4.4
3.7
6.1
3.2
4.3
3.6
Cha nge, month to nlonth
1985: July
Aug
Sept
Oct
Nov
Dec
0.2
.2
.2
.4
.6
.4
0.0
.1
.4
.1
.7
.6
0.3
.4
.1
.3
.5
.3
0.5
.6
.2
.5
.7
.4
0.4
1986: Jan
Feb
Mar
Apr
May
June
July
.3
-.4
-.4
-.3
.2
.5
.0
.2
.3
-.1
.2
.3
.4
.4
.6
.9
.1
.2
.4
.3
.3
.5
1.1
.1
.4
.7
— .7
1
.1
.3
.4
.1
.9
— .1
.5
.0
.4
.3
.7
.6
.3
0.6
.6
.2
.3
.7
.4
.3
.3
.9
.8
.2
0
.4
.2
.2
-.2
.4
.3
.1
.4
.4
.3
-.0
0.0
.2
-.2
.4
.7
.4
.2
.3
.5
— .5
— 1.4
-2.8
-2.5
-0.1
-0.1
-1.2
-1.0
n
.9
1.7
J £
-.1
.3
2
-.3
.2
.3
.8
-1.2
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
0.1
.2
.2
.4
.3
.3
.7
1.0
.6
.6
.7
.5
-0.2
.4
2
2
.6
.4
.1
-3.8
-6.5
-5.8
.3
2.3
-4.1
0.2
.2
.2
.5
.5
.3
.5
.2
.2
.2
.1
.3
.3
2.6
4.3
1.5
-1.7
2.6
2.6
2.4
3.1
4.5
5.3
3.6
3.4
2.8
2.9
3.6
3.8
3.6
3.4
3.2
3.2
3.6
3.8
5.1
1.2
4.1
2.9
1.6
.3
3.9
3.2
2.3
1.6
1.6
1.7
1.6
-1.9
-4.3
-2.1
1.5
2.7
-.4
-.2
-.8
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 July were 2.5
percent above
their June level.
Prices
paid by farmers in July were
unchanged from their April level.
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SCALE)
180
180
PRICES PAID
160
160
140
140
120
120
PRICES RECEIVED -
100
100
80
80
Illllllllll
60
Illllllllll
M i l l 60
RA TIO!/
RAT! OLf
—
—
120
— — _
-i
1
100
"^—
ir-~v^
r\-/
80
—
Illllllllll
imimm
IIIIIIIIMI
IHMHUn
1978
1979
1980
1981
—
RATIO
_,
'
----,
~^~^->^
•
_
100
80
nm|iim iimiimi iimmm miilimi iimiimi
1983
1982
1985
1984
1986
J/RATtO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF AGRICULTURE
[1977 = 100]
Pri ces
Period
1978
1979
1980
1981
1982
1983
1984
1985
1985:
July
Aug
Sept
1986:
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July
Livestock and
products
All farm
products
115
132
134
139
133
135
142
128
126
121
120
123
127
128
124
122
122
121
123
121
124
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices
and wage rates.
3
Not available.
P rices
received by farm ers
105
116
125
134
121
128
139
120
121
114
112
111
114
118
113
111
111
114
114
109
105
124
147
144
143
145
141
146
136
130
128
128
134
138
137
135
133
132
127
131
133
142
4
All commodities,
services,
interest, taxes,
and wage rates *
paid by farmer s
Production
items, interest,
taxes, and wage
rates
108
123
138
151
157
161
164
163
163
162
162
162
162
162
163
163
(3)
161
(3)
(3)
161
109
125
139
151
156
159
161
157
156
156
155
154
155
155
156
155
(3)
153
(3)
(3)
153
Ratio
Production
items
108
125
138
148
150
153
155
151
150
149
148
148
149
149
150
149
(3)
146
(3)
(3)
145
2
106
107
97
92
85
84
86
79
77
75
74
76
78
79
76
75
75
75
4
76
4
75
77
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 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In July, growth in the money aggregates accelerated.
BILLIONS Of DOLLARS*(RATIO SCALE)
3,400
3,200
BILLIONS OF DOLLARS"(RATIO SCALE)
3,400
3,200
2,800
2,800
2,400
2,400
2,000
2,000
—r
M2
1,600
1,600
1,200
1,200
800
800
700
700
600
600
500
500
400
300
III n 11
1978
1981
1980
1985
1983
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
1986
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]
Period
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
1986: Jan '
Feb r
Mar '
Apr r
May '.
June r
July"
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
HMD As, and
savings and small
time deposits
M2 plus large
time deposits,
term EPs, term
Eurodollars, and
institution-only
MMMF balances
363.0
388.7
414.2
441.1
479.9
527.1
558.5
626.6
596.2
604.8
611.5
614.2
620.1
626.6
627.2
631.0
638.4
646.1
658.7
666.7
676.2
1,388.9
1,497.5
1,630.3
1,792.8
1,952.6
2,186.0
2,373.8
r
2,566.5
r
2,496.2
r
2,515.6
r
2,529.9
r
2,538.9
r
2,551.4
'2,566.5
2,569.9
2,577.6
2,592.3
2,622.4
2,649.7
2,670.9
2,698.9
1,646.4
1,803.2
1,987.4
2,233.6
2,443.5
2,697.3
2,986.5
r
3,201.1
r
3, 112.2
••3,130.5
r
3, 150.8
r
3,165.7
r
3,181.2
r
3,201.1
3,224.4
3,241.3
3,262.2
3,293.2
3,311.6
3,332.9
3,369.0
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
26
L
M3 plus
other liquid
assets
1,909.0
2,114.8
2,323.3
2,593.7
2,850.1
3,163.5
3,532.3
r
3,838.2
r
3,683.3
r
3,711.5
r
3,739.7
r
3,761.6
r
3,799.2
r
3,838.2
3,860.5
3,878.9
3,892.4
3,916.2
3,949.3
3,967.1
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
3,169.4
3,554.9
3,894.5
4,269.7
4,661.3
5,192.0
5,952.0
r
6,810.0
6,389.8
6,460.3
6,525.3
6,592.0
' 6,680.5
r
6,810.0
6,913.9
6,964.1
7,012.4
7,070.5
7,133.3
7,194.6
Perce nt change from yeai or 6
months earlier 2
Ml
8.3
7.1
6.6
6.5
8.8
9.8
6.0
12.2
12.2
12.9
14.2
13.8
13.3
12.4
10.7
8.9
9.0
10.7
12.8
13.2
16.2
NOTE.—See p. 27 for components.
Source: Board of Governors of the Federal Reserve System.
M2
8.0
7.8
8.9
10.0
8.9
12.0
8.6
8.1
8.2
7.9
8.4
r
8.8
r
8.3
r
7.2
6.0
5.0
5.0
6.7
7.9
8.3
10.3
M3
11.8
9.5
10.2
12.4
9.4
10.4
10.7
r
7.2
6.7
r
6.5
r
7.0
r
7.6
7.4
6.8
7.3
7.2
7.2
8.2
8.4
8.4
9.2
Debt
13.3
12.2
9.6
9.6
9.2
11.4
14.6
14.4
12.7
13.1
13.3
13.3
14.0
16.1
17.1
16.2
15.5
15.0
14.0
11.6
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]
Other
Period
1978: Dec
1979: Dec
1980: Dec
1981: Dec
1982: Dec
1983: Dec
1984: Dec
1985: Dec
1985:
July
Aug
Sept
Oct
Nov
Dec
1986:
Jan
Feb
Mar
Apr
May r
June r
July"
Demand
deposits
Currency
checkable
deposits
(OCDs)
97.6
106.4
116.7
124.1
253.5
261.1
265.3
234.6
8.5
17.4
28.0
78.0
134.3
148.3
158.5
170.6
237.9
242.7
248.4
271.5
103.4
131.3
146.3
178.6
165.3
166.9
167.7
168.7
169.8
170.6
260.4
263.1
266.4
266.0
267.8
271.5
164.8
169.0
171.5
173.7
176.7
178.6
171.9
172.9
173.9
174.4
175.8
176.7
177.6
268.9
269.2
273.2
275.7
281.6
284.9
288.3
180.5
183.1
185.2
189.9
195.1
199.0
203.9
Overnight
repurchase
agreements
(KPs),
net, plus
overnight
Eurodollars
Money market
mutua fund
bala ices
General
purpose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits '
Large
denomination
time
deposits '
NSA
NSA
20.3
21.2
28.3
35.9
38.8
53.8
56.3
r
70.3
6.4
33.4
61.6
150.6
185.2
138.2
167.5
176.5
3.1
9.5
15.2
38.0
51.1
43.2
62.7
64.6
0.0
.0
.0
.0
43.2
379.2
417.0
512.0
482.0
423.9
401.4
344.8
357.9
306.6
289.7
303.6
521.5
635.3
730.2
825.1
852.8
785.2
887.5
880.3
r
60.8
63.8
r
64.5
r
65.2
r
66.4
r
70.3
175.8
176.8
176.7
177.0
176.8
176.5
65.0
63.6
62.3
63.3
64.5
64.6
487.2
495.2
499.8
504.1
509.5
512.0
296.7
299.7
300.3
302.3
303.7
303.6
888.0 r418.2
880.9 421.0
878.3 425.6
875.7 429.7
876.0 432.9
880.3 436.5
r
177.7
181.0
186.2
191.4
193.2
197.2
199.4
67.3
67.7
70.2
74.1
76.1
75.0
77.5
515.7
516.3
520.5
525.2
530.8
540.4
546.2
304.0
304.9
306.9
311.4
318.5
325.0
331.2
885.9
891.0
894.7
896.2
891.2
885.9
883.3
r
68.9
68.5
r
67.5
r
68.4
69.1
66.4
71.9
r
NSA
NSA
1
Small denomination and large denomination deposits are those issued in amounts of less than
$1<>0,(XX) and more than $100,000, respectively.
195.1
222.1
259.0
301.8
327.8
329.9
413.9
436.5
447.9
451.2
450.5
452.1
446.3
445.6
446.5
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
O
0 ..
oav-
ings
on s
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
79.2
97.0
98.1
102.8
109.9
135.6
161.8
209.5
26.6
29.5
34.0
36.0
34.5
51.8
62.2
r
66.0
31.8
44.7
50.3
67.5
81.7
91.5
83.1
76.7
80.3
79.6
72.3
67.8
68.0
71.2
74.3
79.5
81.1
107.8
133.4
149.6
184.4
214.9
266.0
307.1
22.0
27.2
32.1
39.9
44.3
44.5
43.6
41.1
r
55.8
57.3
58.6
r
59.8
r
63.3
r
66.0
77.6
78.8
78.9
78.2
78.4
76.7
76.7
77.2
279.2
277.3
280.6
280.9
299.5
307.1
43.7
43.6
43.2
43.9
43.1
41.1
171.6
182.9
187.2
192.5
196.4
209.5
r
76.0
79.2
82.7
81.0
78.3
77.6
76.1
79.9 304.1
80.5 r 305.8
81.1 298.0
81.8 ' 297.2
82.6 308.3
83.4 304.4
41.5
42.1
41.6
41.0
40.1
40.0
210.6
209.2
209.5
203.0
206.7
206.3
r
r
68.8
70.5
71.4
r
71.2
73.0
73.4
73.6
r
r
78.0
78.5
79.0
79.5
Travelers checks an; a component of money Rtock hut are not shown here.
Source: Board of Governors of the Federal Reserve System.
NOTE.—See note p. 26.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Ins tallment credit outstanding (end of perio J)
Period
Total
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Aprr
May r.
June p
187,782
221,475
261,976
296,483
297,667
314,321
327,173
376,239
453,580
535,098
493,253
500,039
506,090
516,420
522,978
528,621
535,098
542,753
547,852
550,939
555,810
562,267
567,339
Automobile
Revolving
66,821
80,948
98,739
112,475
112,255
120,020
125,369
16,595
36,689
45,202
53,357
54,894
60,750
66,007
78,369
98,514
118,296
109,260
110,904
112,373
113,850
115,218
117,050
118,296
119,682
120,724
122,131
123,442
124,545
124,825
145,908
173,122
206,482
189,459
191,201
192,923
198,656
201,994
203,766
206,482
210,661
213,342
214,361
215,814
218,965
222,695
1
For year-end data, change from preceding year-end; for nonthly data, change from preceding
month.
Mobile
home
15,738
16,362
16,921
18,207
19,119
20,382
20,998
22,194
24,184
25,461
24,768
25,015
25,173
25,341
25,320
25,315
25,461
25,371
25,573
25,584
25,513
25,561
25,486
Net
Other
Total
88,628
87,476
101,114
112,444
111,399
20,739
33,693
40,501
34,507
1,184
113,169
114,799
129,768
157,760
184,859
169,766
172,919
175,621
178,573
180,446
182,490
184,859
187,039
188,212
188,863
191,041
193,196
194,334
16,654
12,852
49,066
77,341
81,518
4,391
6,786
6,051
10,330
6,558
5,643
6,477
7,655
5,099
3,087
4,871
6,457
5,072
change in in stallment crt.dit outstandii'g 1
Automobile
Revolving
9,832
14,127
17,791
13,736
-220
7,765
5,349
20,539
27,214
33,360
1,926
1,742
1,722
5,733
3,338
1,772
2,716
4,179
2,682
1,019
1,452
3,151
3,730
2,088
20,094
8,513
8,155
1,537
5,856
5,257
12,362
20,145
19,782
888
1,644
1,469
1,477
1,368
1,832
1,246
1,386
1,042
1,407
1,311
1,103
280
Mobile
home
350
624
559
1,286
912
1,263
616
1,196
1,990
1,277
98
247
158
168
21
146^
90
203
11
-71
48
-75
Other
8,469
— 1,152
13,638
11,330
-1,045
1,770
1,630
14,969
27,992
27,099
1,479
3,153
2,702
2,952
1,873
2,044
2,369
2,180
1,173
651
2,178
2,155
1,138
Source: Board of Governors of the Federal Reserve Systei
27
BANK LOANS AND SECURITIES, AND RESERVES
Commercial and industrial loans rose 0.4 percent in June following a decline of 0.2 percent in May.
BIL LIONS OF DOL LARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCA E)
2,200
2,000
1,800
1,600
—
1,400
—
'
,__•
TOTAL
'
\
•1,000
—
2,200
2,000
1,800
1,600
1,400
—
1,000
ALL COM/ rtERCIAL BANK s
~~J—~-
800
^.
—
'
—
"
^^_^-
—'
_•—
r*——
.--•
— -r—
---"
LO ANS AND LEAS ES
800
—
600 —
600
400
U.S. GOV ERNMENT SEC URITIES
—
—
,.
•
/'
..
-.
„— «~
"
/
._
„.•
.- — "'
\
OTHER SECURI IES
120
Illllllllll Illllllllll
80
1978
miiliim
1979
Illllllllll Illllllllll I l l l l l l l l l l I l l l l l l l l l l
1981
1980
1982
l l l l l l l | | l | Illllllllll
1984
1983
120
' SEASONALLY ADJUSTED.
SOURCE: 8OARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
80
1986
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Al commercial ban I S
3
Depo itory institutio ns
1
Borr wings
(millions of dollars,
unad usted)
K sserves adjust 3d
for changes i i
Loans a nd leases
Period
Total
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1985:
1985:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
July
Aug
Sept
Oct
Nov
Dec
1986: Jan
Feb
Mar
Apr
May
June "
July"
1,014.4
1,136.2
1,240.5
1,308.2
1,401.1
1,553.5
1,722.6
1,900.4
1,822.2
1,833.9
1,847.2
1,855.5
1,876.0
1,900.4
1,930.0
1,935.5
1,944.6
1,947.9
1,957.5
1,963.8
2
747.5
849.9
915.4
968.4
1,033.9
1,123.7
1,319.7
1,449.7
1,398.2
1,408.0
1,418.0
1,424.0
1,436.8
1,449.7
1,469.3
1,473.7
1,491.8
1,495.8
1,501.5
1,505.4
Commercial
and industrial
loans
246.2
291.3
327.4
355.9
392.5
414.0
472.9
499.5
488.5
489.7
492.1
492.7
495.7
499.5
502.1
502.4
506.1
507.8
506.7
508.7
Government
securities
Total
129.3
142.0
154.5
160.6
165.3
170.1
142.1
177.6
148.5
150.7
153.6
157.3
163.3
177.6
192.5
188.1
183.3
182.1
181.9
183.6
137.6
144.4
170.6
179.2
201.9
259.7
260.9
273.1
275.4
275.1
275.5
274.2
276.0
273.1
268.2
273.6
269.5
270.0
274.1
274.9
1
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
res erve recunrem ents
U.S.
Total loans
and
securities 2
2
3
27.85
29.15
30.99
32.19
34.41
36.16
39.51
45.61
43.08
43.65
43.88
44.24
44.85
45.61
45.88
46.37
46.87
47.28
48.58
49.45
50.49
borrowed
26.99
27.67
29.30
31.55
33.78
35.38
36.32
44.29
41.98
42.58
42.59
43.06
43.11
44.29
45.11
45.49
46.10
46.38
47.70
48.64
49.75
Required
27.62
28.70
30.48
31.87
33.91
35.59
38.66
44.55
42.23
42.83
43.22
43.49
43.92
44.55
44.77
45.27
45.97
46.47
47.74
48.51
49.59
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
Source: Board of Governors of the Federal Reserve System.
Total
868
1,473
1,690
636
634
774
3,186
1,318
1,107
1,073
1,289
1,187
1,741
1,318
770
884
761
893
876
803
741
Seasonal
135
81
116
54
33
96
113
56
167
221
203
172
107
56
36
56
68
73
94
108
116
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Internal
Cr edit market fu nds
J
Total
Total
1978
1979
1980
1981
1982
1983
1984
1985
1984:
39.5
27.4
126.5
67.8
92.0
124.3
97.5
63.3
27.3
123.8
81.4
76.9
15.5
-8.5
7.0
31.2
45.8
40.0
53.6
44.2
-27.8
-57.6
.5
40.3
141.7
150.1
84.7
129.5
93.8
94.3
33.6
9.4
491.9
468.1
394.5
476.0
356.6
381.8
385.5
381.1
135.3
86.3
9.0
94.9
40.7
53.0
68.2
52.6
69.5
80.5
53.1
134.3
-9.5
35.5
15.3
24.3
79.0
45.0
37.8
110.0
.3
20.6
52.9
62.1
394.6
420.1
445.4
521.8
356.5
365.8
365.2
387.3
38.1
54.3
80.2
134.5
33.6
45.6
43.4
54.1
105.7
45.7
60.0
43.7
498.5
390.7
107.8
47.7
81.0
88.2
93.0
92.2
83.5
84.7
115.4
84.5
33.3
21.0
52.1
21.8
44.0
57.3
-11.2
16.8
532.6
521.1
462.7
528.7
324.8
334.4
343.9
349.6
207.8
186.7
118.8
179.1
113.9
92.5
85.2
169.8
IV
428.2
465.7
488.7
576.0
358.4
364.6
382.7
379.5
69.8
101.1
106.0
196.5
I"
546.2
396.8
149.4
1985: I
n
m
Discrepancy
(sources less
uses)
216.9
238.3
244.1
286.3
256.3
271.4
376.3
368.7
142.2
156.5
148.5
141.3
87.1
147.0
173.1
118.5
IV
Increase in
financial
assets
309.0
362.5
341.6
349.6
283.6
395.1
457.6
445.6
182.3
197.6
200.1
239.5
242.3
288.1
338.1
371.3
m
Other 2
Capital
expenditures 3
61.3
68.2
55.5
49.2
3.6
62.3
57.8
34.0
324.5
354.0
348.6
380.8
329.4
435.1
511.3
489.8
I
II
1986:
Loans and
short-term
paper
Securities
and
mortgages
Total
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroa
f .
.......
, , ,
, ,.
, . .
• , TT «
" Consists olr tax liabilities, trade debt, and direct foreign investment in the U.h.
47.7
67.3
40.9
70.4
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilitie s
Current assets
End of period
Total
Cash
U.S.
Governsecurities
QFR-FRB series: 2
1978
1979
1980
1981
1982
1983
1984
1985"
1983: m
rv
1984:
1985:
I
n
in
rv
I
n
m
IV "
1
1,043.7
1,214.8
1,328.3
1,419.6
1,437.1
1,575.9
1,703.0
1,778.5
1,537.3
1,575.9
1,619.5
1,650.0
1,685.9
1,703.0
1,718.4
1,729.8
1,756.7
1,778.5
105.5
118.0
127.0
135.6
147.8
171.8
173.6
188.0
155.0
171.8
167.6
164.9
161.3
173.6
166.7
168.0
174.6
188.0
17.2
16.7
18.7
17.7
23.0
31.0
36.2
32.3
27.5
31.0
35.4
37.2
33.0
36.2
35.0
34.8
31.9
32.3
Notes and
accounts
receivable
Inventories
388.0
459.0
507.5
532.5
517.4
583.0
633.1
671.2
567.5
583.0
606.4
622.6
639.1
633.1
649.5
652.4
658.6
671.2
Total current assets divided by total current liabilities.
2
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations. Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
431.8
505.1
543.0
584.0
579.0
603.4
656.9
663.9
600.8
603.4
622.2
632.5
659.3
656.9
666.1
666.6
674.7
663.9
Other
current
assets
101.1
116.0
132.1
149.7
169.8
186.7
203.2
223.2
186.6
186.7
187.9
192.9
193.2
203.2
201.0
208.0
217.0
223.2
Total
669.5
807.3
890.6
971.3
986.0
1,059.6
1,163.6
1,232.7
1,040.2
1,059.6
1,093.1
1,126.3
1,155.0
1,163.6
1,173.2
1,179.4
1,209.1
1,232.7
Notes and
accounts
payable
383.0
460.8
514.4
547.1
550.7
595.7
647.8
683.1
571.0
595.7
601.9
623.4
642.2
647.8
636.4
649.8
668.1
683.1
Other
current
liabilities
286.5
346.5
376.2
424.1
435.3
463.9
515.8
549.7
469.2
463.9
491.2
502.9
512.9
515.8
536.8
529.7
541.0
549.7
Net
working
capital
374.3
407.5
437.8
448.3
451.1
516.3
539.5
545.7
497.1
516.3
526.5
523.7
530.8
539.5
545.2
550.3
547.6
545.7
Current
ratio 1
1.559
1.505
1.492
1.462
1.458
1.487
1.464
1.443
1.478
1.487
1.482
1.465
1.460
1.464
1.465
1.467
1.453
1.443
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), and Federal Trade Commission.
INTEREST RATES AND BOND YIELDS
Interest rates fell in August.
PERCENT PER ANNUM
PERCENT PER ANNUM
[Percent per annum]
U.S. T reasury security yields
Period
IJ-month hills
(new issues) 1
1980
1981
1982
1983
1984
1985
198.r>:
Oct
Nov
Dec
1986: Jan
Fob
Mar
Apr
May
June
July
Aug*
Week ended:
1986: July 26
Aug V
9
16
23
30
3-ycar
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) "
commercial
paper,
6 months l
Discount rate
(N.Y. F.R.
Bank)
5
Prime rate
charged by
banks 5
mortgage
yields
(FHLBB) '
8.63
9.58
7.48
11.55
14.44
12.92
10.45
11.89
9.64
11.46
13.91
13.00
11.10
12.44
10.62
8.51
11.23
11.57
9.47
10.15
8.18
11.94
14.17
13.79
12.04
12.71
1 1 .37
12.29
14.76
11.89
8.89
10.16
8.01
11.77
13.41
11.02
8.50
8.80
7.69
15.27
18.87
14.86
10.79
12.04
9.93
12.66
14.70
15.14
12.57
12.38
11.55
7.18
7.08
7.17
7.20
7.07
9.31
9.37
9.25
8.88
8.40
10.33
10.37
10.24
9.78
9.26
9.18
9.37
9.24
8.64
8.51
11.05
11.07
11.02
10.55
10.16
7.74
7.86
7.79
7.69
7.62
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
9.50- 9.50
9.50- 9.50
9.50- 9.50
9.50- 9.50
9.50- 9.50
11.24
11.17
11.09
11.01
10.94
7.04
7.03
6.59
6.06
6.12
6.21
5.84
5.57
8.41
8.10
7.30
6.86
7.27
7.41
6.86
6.52
9.19
8.70
7.78
7.30
7.71
7.80
7.30
7.18
8.06
7.44
7.07
7.32
7.67
7.98
7.62
10.05
9.67
9.00
8.79
9.09
9.13
8.88
8.74
7.62
7.54
7.08
6.47
6.53
6.63
6.24
5.87
7.50-7.50
7.50-7.50
7.50-7.00
7.00-6.50
6.50-6.50
6.50-6.50
6.50-6.00
6.00-5.50
9.50- 9.50
9.50- 9.50
9.50- 9.00
9.00- 8.50
8.50- 8.50
8.50- 8.50
8.50- 8.00
8.00- 7.50
10.89
10.68
10.50
10.27
10.22
5.72
5.86
5.70
5.60
5.64
5 3'
6.82
6.89
6.75
6.55
6.35
7.26
7.41
7.39
7.19
7.04
7.70
7.65
7.67
7.41
7.13
8.86
8.88
8.85
8.74
8.66
6.17
6.16
6.13
5.93
5.73
6.00-6.00
6.00-6.00
6.00-6.00
6.00-6.00
6.00-5.50
8.008.008.008.008.008.00-
11.506
14.029
10.686
Aug
Sept
Constant n atunties
2
5.50-
r
!0.15
10.32
8.00
8.00
8.00
8.00
8.00
5
2 y
uore actively traded issues adjusted to constant maturities by the Treasury De-
|wrl,m(
is Wednesday figures,
des public utility issues for January 17, 1»H4 through Oefober I I , li)84 due to lack
Average effective rate for year; opening and closing rate for month and week.
6
Kffoctive 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.
'Preliminary; based on data through August 27, lilBti.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Hank Board, Moody's Investors Service, and Standard & Poor's Corporation.
30
COMMON STOCK PRICES AND YIELDS
Stock prices rose in August.
INDEX, DEC. 31, 1965 = 50
INDEX, DEC. 31, 1965 = 50
PERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
15
10
10
5
1986
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Co mmon stock price s 1
2
Nevv York Stock Exi hangc indexes (F ec. 31, 1965-5
Common st ock yields
(perce nt) 6
I)
Period
Composite
Industrial
tion
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143=10) 4
1980
1981
1982
1983
1984
198.r»
68.10
74.02
68.93
92.63
92.46
108.09
78.70
85.44
78.18
107.45
108.01
123.79
60.61
72.61
60.41
89.36
85.63
104.11
37.35
38.91
39.75
47.00
46.44
56.75
64.25
73.52
71.99
95.34
89.28
114.21
891.41
932.92
884.36
1,190.34
1,178.48
1,328.23
118.78
128.05
119.71
160.41
160.46
186.84
1985: Aug
Sept
Oct
Nov
Dec
109.09
106.62
107.57
113.93
119.33
124.92
122.35
123.65
130.53
136.77
109.92
104.96
103.72
108.61
113.52
56.99
55.93
55.84
59.07
61.69
114.68
110.21
112.36
122.83
128.86
1,326.18
1,317.95
1,351.58
1,432.88
1,517.02
188.31
184.06
186.18
197.45
207.26
1986: Jan
Feb
Mar
Apr
Mav
June
July
Aug'
120.16
126.43
133.97
137.27
137.37
140.82
138.32
140.46
137.13
144.03
152.75
157.30
158.59
163.15
158.06
159.62
115.72
124.18
128.66
126.17
122.21
120.65
112.03
110.80
62.46
65.18
68.06
69.46
68.65
70.69
74.20
77.54
132.36
142.13
153.94
155.07
151.28
151.73
150.23
152.33
1,534.86
1,652.73
1,757.35
1,807.05
1,801.80
1,867.70
1,809.92
1,837.58
208.19
219.37
232.33
237.97
238.46
245.30
240.18
244.17
Week ended:
1986: July 12
19
26
Aug 2 r
9
16
23
139.58
136.07
137.39
135.71
136.19
140.76
143.07
160.34
154.96
156.30
154.23
155.00
160.19
162.31
115.83
110.60
108.82
106.98
106.67
111.27
112.60
72.91
73.82
75.34
75.12
75.06
76.92
79.60
151.48
148.50
149.47
146.63
146.92
153.64
155.15
1,827.81
1,779.22
1,794.85
1,771.82
1,779.08
1,838.33
1,876.55
242.74
235.84
238.25
235.64
236.76
244.62
248.70
1
Avenge of daily closing prices.
Include* all the stocks (more than 1,500) listed on the NYSE.
Includes :i() slocks.
4
Includes f><X) stocks.
B
Standard & Poor's series. Dividend-price ratios based on Wednesday closing price
price ratios based on prices at cud of quarter.
5.26
5.20
5.81
4.40
4.64
4.25
4.23
4.32
4.28
4.06
3.88
3.90
3.72
3.50
3.43
3.42
3.36
3.43
Earningsprice ratio
12.66
11.96
11.60
8.03
10.02
8.12
8.35
r
6.91
7.19
3.40
3.52
3.45
3.49
3.49
3.66
3.31
NOTK.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
2
3
Dividendprice ratio
Earnings-
"Preliminary; based on data through August 27, 1986.
York Stock Exchange, I)ow-,!ones & Company, Inc., and Standard & Poor's CorSources: N,
poration.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 10 months of fiscal 1986, there was a deficit of $189.1 billion compared with a deficit of $183.6
billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
RECEIPTS AND OUTLAYS^
1,000
900
900
-OUTLAYS:
800
800
700
700
600
600
RECEIPTS-
500
500
400
400
SURPLUS OR DEFICIT (-
-100
-100
-200
-200
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
FISCAL YEARS
L/ 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]
Fiscal vear or period
Receipts
Outlavs
Surplus
or deficit
(-)
Receipts
Outlavs
Gross Fe( eral debt
(end of period)
Off-budget
On-budget
Total
Surplus
of deficit
(-)
Receipts
Outlavs
Surplus
or deficit
(-)
Held bv
the public
1975
1976
Transition quarter
1977
1978
1979
279.1
298.1
81.2
355.6
399.6
463.3
332.3
371.8
96.0
409.2
458.7
503.5
-53.2
-73.7
— 14.7
-53.6
-59.2
-40.2
216.6
231.7
63.2
278.7
314.2
365.3
271.9
302.2
76.6
328.5
369.1
403.5
— 55.3
-70.5
-13.3
-49.7
-54.9
-38.2
62.5
66.4
18.0
76.8
85.4
98.0
60.4
69.6
19.4
80.7
89.7
100.0
2.0
-3.2
-1.4
-3.9
-4.3
-2.0
544.1
631.9
646.4
709.1
780.4
833.8
396.9
480.3
498.3
551.8
610.9
644.6
1980
1981
1982
1983
1984
517.1
599.3
617.8
600.6
666.5
590.9
678.2
745.7
808.3
851.8
-73.8
-78.9
-127.9
-207.8
-185.3
403.9
469.1
474.3
453.2
500.4
476.6
543.0
594.3
661.2
686.0
-72.7
-73.9
-120.0
-208.0
-185.6
113.2
130.2
143.5
147.3
166.1
114.3
135.2
151.4
147.1
165.8
— 1.1
-5.0
-7.9
.2
.3
914.3
1,003.9
1,147.0
1,381.9
1,576.7
715.1
794.4
929.4
1,141.8
1,312.6
734.1
765.2
831.2
946.3
995.4
975.1
-212.3
-230.2
-143.9
547.9
564.3
615.2
769.5
811.3
781.4
-221.6
-247.0
-166.2
186.2
200.9
216.0
176.8
184.2
193.6
9.4
16.7
22.4
1,827.5
2,140.6
2,354.9
1,509.9
1,744.6
1,888.1
604.5
634.6
788.0
823.6
-183.6
-189.1
450.0
467.5
638.3
672.6
-188.4
-205.1
154.5
167.1
149.7
151.0
4.8
16.0
1,805.3
2,078.7
1,487.7
1,703.1
1985
1986 (estimates)
1987 (estimates)
1
1
Cumulative total, first 10
months:
Fiscal vear 1985
Fiscal vear 1986
1
Estimates from Mid-Session Review of the 1987 i tudget. Office of Management and Budget,
August 6. 1986.
32
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 1986, receipts were $30.1 billion higher than a year earlier and outlays were $35.6
billion higher.
BILLIO NS OF DOLLARS
BILLIONS OF DO LLARS
400
_
RECEIPTS!/
INDIVIDUAL INCOME TAXES
— — ••
200
•-
~~
—
^nriA[ |tJ<;iiBAN<"F
TAXES AND CONTRIBUTIONS
200
:
"CORPORATION INCOME TAXES
100
100
-BOTHER RECEIPTS
0
'
|
0
OUTLAYS^
700
700
NONDEFENSE
600
600
500
500
400
400
300
NATIONAL DEFENSE-
300
200
200
100
100
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
FISCAL YEARS
J/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
On-budget a nd off-buc jet receip
Fiscal year
Total
Individual
taxes
Corporation
taxes
On-bud jet and ol -budget 01 tlays
s
Social
insurance
Nationa defense
Otber
Depart-
Total
Total
and
butiona
1976
1977
1978
1979
90.8
106.5
121.0
138.9
118.5
139.6
156.0
170.7
178.2
52.5
68.7
85.0
89.8
111.1
131.4
133.5
125.4
122.3
118.6
16.2
16.3
15.8
33.5
36.4
35.9
65.8
69.0
67.1
128.2
119.7
120.7
188.6
199.5
207.5
129.4
138.9
139.1
131.8
144.2
106.8
12.9
10.9
28.0
29.7
54.7
57.8
110.2
101.4
157.2
165.5
107.1
114.0
110.2
117.4
131.0
153.8
180.7
209.0
239.4
209.9
227.4
204.4
220.8
13.1
12.3
11.8
15.9
61.3
61.6
75.0
265.2
284.2
304.6
73.0
70.3
69.9
946.3
995.4
252.7
975.1
282.2
245.4
263.5
274.4
49.3
50.6
220.3
236.7
60.8
61.2
788.0
823.6
207.8
226.9
201.5
64.6
61.1
49.2
37.0
56.9
157.8
182.7
201.5
600.6
666.5
285.9
297.7
288.9
298.4
1985
734.1
334.5
1986 (estimate) '
1987 (estimate) 1
765.2
831.2
349.1
381.7
604.5
634.6
274.1
286.1
1
Estimates from Mid-Session Review of the 1887 Budget, Office of Management and Budget,
August 8, 1986.
NOTE.—Data shown here exclude the transition quarter.
28.6
30.4
86.5
99.7
107.7
122.6
112.7
134.0
157.5
185.3
244.1
599.3
851.8
271.4
220.5
Other
32.1
39.1
46.6
52.6
57.5
590.9
678.2
745.7
808.3
517.1
est
26.5
50.6
69.5
69.3
65.6
71.8
1980
1981
1982
1983
1984
37.7
40.8
Net
inter-
tv
82.8
93.0
114.7
119.6
95.3
102.3
113.7
65.7
Social
securi-
ty
26.7
29.9
35.4
42.6
88.1
97.2
104.5
116.3
34.3
36.6
Income
securi-
73.9
85.1
93.9
104.1
89.6
41.4
54.9
60.0
Medi-
60.8
61.0
61.5
66.4
371.8
131.6
157.6
181.0
217.8
617.8
Health
409.2
458.7
503.5
355.6
399.6
463.3
Cumulative total, first 10 months:
Fiscal vear 1985
Fiscal year 1986
298.1
Defense,
military
Interaffairs
6.4
6.4
7.5
7.5
12.7
15.7
17.3
18.5
20.5
23.2
26.9
27.4
15.8
19.3
22.8
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter of 1986, according to preliminary estimates, Federal receipts rose $5.9 billion (annual rate)
and expenditures rose $41.2 billion, yielding a deficit of $236.9 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,200
1,200
1,000
1,000
800
800
600
600
400
400
200
200
-200
-200
1986
1982
1978
CALENDAR YEARS
COUNCIL OF ECONOMIC ADViSERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal G overnment expenditure s
Federal Govemme it receipts
Period
Total
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
Contributions for
social
insurance
Total
Purchases
of goods
and
Transfer
payments
in-aid to
State
and
local
Net
interest
paid
ments
Subsidies
less
current
surplus of
Government
enter-
Less:
Wage
accruals
less
disbursements
or deficit
(-),
national
income
and
product
accounts
1983
1984
1985
659.9
726.5
786.8
294.5
309.3
345.6
61.3
75.9
73.6
51.6
55.7
56.1
252.5
285.5
311.5
835.9
896.5
984.9
283.5
311.3
354.1
348.6
355.0
380.3
86.2
93.6
99.0
94.3
115.6
130.5
22.9
21.3
20.7
0.4
.2
2
176.0
-170.0
198.0
1982: m
IV
630.3
633.1
298.1
303.0
50.1
46.4
47.1
47.6
235.0
236.1
789.1
835.7
275.3
293.2
329.1
347.4
83.3
84.5
87.1
87.2
14.3
23.4
.0
.0
158.8
-202.6
1983: I
636.5
666.0
661.6
675.5
297.1
303.3
285.4
291.9
46.7
59.7
68.8
70.2
46.3
52.9
53.7
53.6
246.4
250.1
253.7
259.8
822.7
837.4
838.9
844.7
285.5
287.7
284.9
276.1
344.2
351.1
346.6
352.5
86.0
86.1
86.8
86.0
88.1
91.1
96.8
101.0
18.9
20.2
.0
1.3
23.4
29.1
— .4
-186.2
-171.4
-177.3
169.2
1984: I
711.2
721.7
729.2
743.9
295.9
301.7
314.3
325.5
81.9
80.9
71.0
69.9
54.6
55.8
56.3
55.9
278.8
283.3
287.6
292.6
865.2
885.6
901.1
934.0
283.4
315.2
317.2
329.1
350.1
351.7
356.0
362.1
91.5
93.4
92.6
96.9
107.3
110.4
119.7
124.9
32.9
15.0
15.6
21.5
1985: I
793.3
755.8
792.6
805.8
360.7
316.6
349.6
355.6
70.5
69.9
76.8
77.2
55.1
59.3
53.9
56.0
306.9
310.0
-312.2
317.0
955.4
970.6
990.1
1,023.4
333.7
340.9
360.9
380.9
374.2
377.2
384.1
385.9
95.7
98.3
100.2
101.6
127.6
130.9
129.8
133.9
24.4
22.3
15.1
21.1
800.0
805.9
350.3
355,5
71.2
72.6
52.7
50.6
325.8
327.2
1,001.5
l,0<fc.7
355.7
367.1
389.3
394.4
103.5
106.9
135.0
137.9
18.0
36.4
n
m
IV
n
m
rv
n
ni
IV
1986: I r
n
Source: Department of Commerce, Bureau of Economic Analysis.
34
.0
.2
.2
.0
.6
.1
-1.0
.0
.0
.0
.0
-154.0
163.9
-171.9
-190.1
-162.2
-214.8
197.5
-217.6
-201.6
236.9
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
Industrial reduction (1977=1 X); seasonal y adjusted
Period
1979
1980
1981
1982
1983
1984
1985
p
United
States
Canada
110.7
108.6
111.0
103.1
109.2
121.8
124.5
109.8
108.1
109.0
97.4
102.9
Japan
France
United
States '
107
109.6
103.9
107.1
108.4
100
96
98
101
103
108
217.4
246.8
272.4
289.1
298.4
311.1
322.2
Germany
Italy
108.7
114.7
112.1
113.7
107
107
112.0
116.8
118.9
120.1
120.6
124.7
138.4
144.8
106
103
101
102
105
106
107
105
102
103
106
112
Consumer prices (1967=100)
United
Kingdom
Canada
Germany
Italy
United
Kingdom
Japan
France
221.0
243.5
273.9
303.5
321.0
335.0
348.3
261.3
259.1
282.3
296.2
304.1
309.7
316.6
323.0
294.2
332.7
373.1
407.9
439.5
465.1
166.9
175.8
186.9
196.8
203.3
208.2
212.7
328.5
398.0
472.4
549.4
631.8
698.8
764.7
359.0
423.6
473.9
514.7
538.3
565.1
599.4
1985:
July
Aug
Sept
Oct
Nov
Dec
124.1
125.2
125.1
124.4
125.4
126.4
118.1
118.1
118.0
119.1
120.1
120.0
147.2
145.5
144.5
144.8
144.2
144.6
108
108
105
107
109
104
116
112
112
116
116
110
107.3
105.8
110.6
106.9
110.9
106.6
108
108
109
108
110
107
322.8
323.5
324.5
325.5
326.6
327.4
349.5
350.1
350.5
351.7
353.1
354.7
323.8
320.7
323.8
328.4
325.0
325.2
468.2
468.7
469.2
470.6
471.5
472.1
212.9
212.2
212.6
212.9
213.3
213.5
766.7
768.2
771.3
780.6
786.1
791.6
603.5
605.1
604.8
605.8
607.9
608.7
1986:
Jan
Feb
Mar
126.7
125.6
124.4
' 125.3
r
124.6
' 124.2
124.1
120.0
121.0
117.2
120.8
118.4
144.6
145.2
104
105
105
109
113
113
112
113
108.0
111.0
114.5
116.0
108
110
109
111
328.4
327.5
326.0
325.3
326.3
327.9
328.0
356.3
357.7
358.5
359.1
360.7
361.3
363.9
325.8
324.4
323.5
324.7
326.9
325.2
472.6
471.7
472.9
474.7
475.6
477.0
213.8
213.3
212.8
212.6
212.6
212.9
211.9
795.6
801.2
804.4
806.8
809.9
813.1
813.1
610.0
612.2
613.0
619.0
620.1
619.8
618.0
Apr
May
June p
July"
1
144.5
144.6
Data relate to all urban consumers.
Source: National sources as reported by Department of Commerce (Bureau of Economic Analysis
and International Trade Administration).
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data for statistical month, not seasonally adjusted*]
Merc landise expo t s 1
Total
foreign
exports
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Mercha idise trade Balance
Merc landise imports
Domestic exports
Ger eral import
Manu
factured
goods
Total z
Food,
beverages, and
tobacco
Crude
materials and
fuels
3
Manu
factured
goods
Total
(c.i.f.
value)
Exports
Exports
Exports
less
imports
(customs
value)
less
imports
(f.a.s.)
less
imports
(c.i.f.)
-2,430
-2,590
-2,300
-2,020
-3,265
-3,530
-3,364
-3,030
I .a.s. valu e
Monthly average:
1977
1978
1979
1980
10,103
11,973
15,155
18,386
9,919
11,762
14,886
18,043
1,330
1,717
2,049
2,534
1,548
1,746
2,352
2,810
6,679
7,873
9,716
11,991
12,533
14,563
17,455
20,406
1,186
1,312
1,478
1,546
4,463
6,379
4,325
5,949
7,831
8,360
9,352
10,427
13,368
15,504
18,519
21,415
Customs value
1981
1982
1983
1984
1985
19,473
17,683
16,707
18,155
17,762
19,075
17,256
16,326
17,670
17,244
2,767
2,248
2,248
2,276
1,852
2,752
2,793
2,463
2,624
2,362
12,857
11,643
11,034
11,929
12,115
21,748
20,329
21,504
27,144
28,773
1,529
1,485
1,568
1,802
1,865
7,739
6,200
5,670
6,063
5,415
11,873
12,002
13,621
18,460
20,565
22,779 -2,275
21,240 -2,647
22,490 -4,797
28,431 -8,988
30,136 -11,011
-3,306
-3,558
-5,783
-10,276
-12,373
1985:
June*
July'
Aug*
Sept*
Oct*
Nov*
Dec*
18,012
16,727
16,584
17,034
17,618
17,721
16,994
17,433
16.172
16,106
16,543
17,122
17,227
16,479
1,614
1,604
1,783
1,709
1,836
2,128
1,907
2,122
2,033
2,258
2,115
2,285
2,559
2,459
12,759
11,556
11,233
11,700
12,102
11,688
11,221
30,136
27,000
26,247
31,349
28,429
30,010
30,728
1,912
1,641
1,719
1,903
1,598
1,865
2,138
6,054
5,085
4,851
5,562
5,656
5,657
6,011
21,268
19,286
18,916
22,887
20,271
21,557
21,654
31,596
28,312
27,512
32,860
29,695
31,371
32,141
-12,124
10,274
-9,663
— 14,315
-10,811
-12,290
-13,734
- 13,584
11,585
- 10,927
-15,826
-12,077
-13,651
-15,146
1986:
Jan*
Feb*
Mar*
Apr*....
May*
June**
17,006
17,735
18,913
17,965
17,431
19,070
16,501
17,164
18,349
17,376
16,691
16,427
1,797
1,689
1,706
1,475
1,395
1,438
2,467
2,367
2,349
2,436
2,228
1,776
11,393
12,182
13,325
12,615
12,274
12,298
32,005
28,895
31,972
28,762
30,272
31,764
2,215
1,908
2,100
2,018
2,329
1,886
6,234
4,741
4,284
3,176
3,659
4,163
22,477
21,289
24,261
22,226
23,001
23,971
33,465
30,225
33,435
30,036
31,638
33,240
14,999
-11,161
-13,059
- 10,797
-12,842
12,694
16,459
-12,491
-14,522
-12,071
-14,208
— 14,170
1
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.
"June foreign exports (not shown separately) includes $2,050 million of nonmonetary gold bullion.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the first quarter of 1986 the current account deficit was $33.7 billion, unchanged from its fourth quarter level.
The merchandise trade deficit fell to $36.6 billion from $37.4 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
1978
1986
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits ( + }, debits ( —)]
Merchandise 1
In vestment inconie
3
Net
travel and
transportation
receipts
Period
Exports
Imports
Receipts
Payments
Net
-1,778 -2,935
-997
-2,237
-1,183
144
-274
-992
-369
-4,227
-1,827 -8,593
-2,917 — 11,128
Other
services,
net3
Balance on
goods and
services l
Remittances,
pensions,
and other
unilateral
transfers '
Balance
on current
account
-991
-6,128
5,138
6,214
1,873
9,466 -7,593
7,793
13,764 -7,425
6,339
8,699
-9,131
-214
-8,917
8,829
-37,123 -9,481 -46,604
9,711
-94,308 -12,157 - 106,466
9,881
10,603 - 102,694 -14,983 -117,677
184,473
224,269
237,085
211,198
201,820
219,900
214,424
— 212,009
-249,749
-265,063
-247,642
— 268,900
-332,422
— 338,863
-27,536
-25,480
-27,978
-36,444
-67,080
112,522
-124,439
64,132
72,506
86,411
83,549
77,251
86,221
89,991
-32,960
-42,120
-52,329
-54,883
-52,410
-67,469
-64,803
31,172
30,386
34,082
28,666
24,841
18,752
25,188
49,642
49,216
50,351
52,611
-59,476
-64,798
— 70,740
-73,886
-9,834
-15,582
-20,389
-21,275
18,077
18,732
20,684
19,758
-12,228
-12,807
-13,536
-13,839
5,849
5,925
7,148
5,919
492
32
-131
-762
-588
-916
-1,226
-1,497
2,238
2,486
2,436
2,552
-1,843
-8,055
-12,162
-15,063
-1,752
-2,021
-2,375
-3,333
-3,595
-10,076
-14,537
-18,396
53,614
54,590
55,691
56,005
-79,415
-83,684
— 84,144
-85,179
25,801
-29,094
-28,453
-29,174
22,860
21,104
21,396
20,861
— 15,446
-17,208
-17,991
-16,823
7,414
3,896
3,405
4,038
-281
-615
-234
-696
-1,834
-2,052
-2,332
-2,375
2,630
2,471
2,448
2,333
-17,872
-25,394
-25,166
-25,874
-2,368
-2,439
-3,107
-4,243
-20,240
-27,833
-28,273
-30,117
n
in
IV
55,324
53,875
52,498
52,727
-80,369
-84,242
-84,173
-90,079
-25,045
-30,367
-31,675
-37,352
18,726
22,253
24,502
24,509
-16,507
-16,804
-16,240
-15,254
2,219
5,449
8,262
9,255
-246
-729
-619
-1,322
-2,202
-2,864
-3,031
-3,031
2,442
2,552
2,609
2,999
-22,832
-25,959
-24,454
-29,451
-3,280
-3,458
-4,001
-4,244
-26,112
-29,417
-28,455
-33,695
1986: I"
53,548
-90,133
-36,585
24,241
-17,421
6,820
-945
-2,586
2,659
-30,637
-3,031
-33,668
1979
1980
1981
1982
1983
1984
1985
1983: I
n
m
IV
1984: I
n
m
IV
1985: I
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.
2
3
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 decreased $7.8 billion in the first quarter
compared to an increase of $8.5 billion in the fourth quarter of 1985. Liabilities to foreigners reported by U.S.
banks increased $8.6 billion in the first quarter compared to an increase of $20.4 billion in the fourth quarter.
BILLIONS OF DOLLARS*
JJILLIONS OF DOLLARS*
60
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
40
40
20
20
-20
CHANGE IN
U.S. ASSETS
ABROAD,NET
V
-20
-40
-40
-60
I I I
I
1979
1978
1980
-60
I I
1981
1982
1983
1984
1985
1986
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[ ncrease/capits 1 outflow ( — )
Period
U.S.
Total
1979
1980
1981
1982
1983
1984
1985
official
reserve
assets 1 2
-64,331
-86,118
-111,031
-121,273
-50,022
-23,639
-32,436
-1,133
8,155
-5,175
4,965
-1,196
3,131
-3,858
-23,691
-523
-8,621
-17,186
-787
16
529
-953
in
IV
-3,571
-20,171
16,443
-16,338
1985: I
II
Ill
IV
1986: I"
1983:
I
II
Ill
IV
1984: I
II
1
Other U.S.
Government
assets
Foreign assets in the 1 J.S., net
[increase /capital inflov" ( + ) ] 2
U.S.
private
assets
Total
Other
foreign
assets
Total (sum
of the items
with sign
reversed)
38,752
58,112
83,322
94,078
85,496
102,767
127,106
-13,665
15,497
4,960
3,593
5,968
3,037
-1,324
52,416
42,615
78,362
90,486
79,527
99,730
128,430
-1,134
1,263
-1,171
1,436
21,770
724
7,979
-14,797
16,200
15,756
19,531
34,009
38
1,591
-2,662
7,002
16,162
14,165
22,194
27,007
11,086
-5,157
3,626
1,573
-657
-566
-799
-1,110
2,029
-1,386
1,388
-717
-885
-18,220
18,630
-14,512
22,251
41,963
2,668
35,885
-2,947
-157
765
6,906
25,198
42,120
3,433
28,979
-510
-2,793
-5,867
-23,266
-233
-356
-121
-3,148
-807
1,055
-422
-540
530
-1,382
-5,324
-19,579
14,247
25,358
35,665
51,837
-11,066
8,486
2,577
-1,322
25,313
16,872
33,088
53,158
-8,677
-115
-146
-8,416
39,484
2,510
36,974
1,139
1,152
1,093
Of which:
Seasonal
adjustment
discrepancy
U S official
reserve
assets, netl
(unadjusted,
end of
period)
18,956
26,756
30,074
33,958
33,747
34,934
43,186
25,431
24,982
20,276
36,325
11,130
27,338
23,006
59,453
-3,746
-72,802
5,162
-100,758
-5,097
6,131 — 110,177
-5,005 -43,821
5,523 -14,986
25,754
-2,824
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Foreign
official
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
3,417
34,261
33,876
33,066
33,747
1,560
6,040
9,162
10,570
940
-962
3,561
3,577
34,975
34,547
34,306
34,934
12,375
6,852
-1,343
5,125
1,094
1,174
-3,687
3,771
35,493
36,088
38,295
43,186
1,535
44,919
2,861
88
-176
-3,155
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1982 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
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
11
12
13
14
15
15
16
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
17
18
19
19
20
21
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
22
23
24
24
25
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
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
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.
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