Full text of Economic Indicators : December 1984
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98th Congress, 2d 5,
on
Economic Indicators
DECEMBER
1984
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1984
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
ROGER W. JEPSEN, Iowa, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
HOUSE OF REPRESENTATIVES
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
CHALMERS P. WYLIE (Ohio)
MARJORIE S. HOLT (Maryland)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
DAN C. ROBERTS, Executive Director
COUNCIL OF ECONOMIC ADVISERS
WILLIAM A. NISKANEN, Member
WILLIAM POOLE, Member
[PUBLIC LAW 120—81sr CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 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
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WASHINGTON, D.C. 20402
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to very preliminary ("flash") estimates for the fourth quarter of 1984, gross national product (GNP) is
expected to rise $52.6 billion or 5.8 percent, both at annual rates. Real GNP (GNP adjusted for price changes) is
expected to increase 2.8 percent (annual rate) and the implicit price deflator, 2.9 percent (annual rate). In the third
quarter, GNP rose 5.6 percent, real GNP rose 1.6 percent, and the deflator rose 3.9 percent.
BILLIONMS OF DOLLARS (RATIO SCALE)
4,000 —
BILLIONS OF DOLLARS (RATIO S CALE)
4,000
—-
SEASONALLY ADJUSTED ANNUAL RATES
3,600
3,200
^
E
r^~^
_
2,800
GNP
INC URRENT DOLLA RS
—
./
,.,
^
3,200
E
^n
E
_
/\
2,000
2,800
—
\^
2,400
3,600
2,400
2,000
—
GNP
1,600
\^
1,600
1 1972 DOLLAR
+~~~~*
L «*».JL—
\ -*J
+**'**
*.*"****""*
~~-* •**"
1,200
i l l
M l
1976
1977
I
i 1
1978
i
1
1 I
1979
1
1
1980
i i i
i ii
1981
1982
SOURCE: DEPARTMENT OF COMMERCE
1
1
I 1 1
1
1983
1,200
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984*
1982: HI
IV
1983: I
n
ni
IV
1984: I
JJ
JJIr
IV*
Gross
national
product
1,185.9
1,326.4
1,434.2
1,549.2
1,718.0
1,918.3
2,163.9
2,417.8
2,631.7
2,957.8
3,069.3
3,304.8
3,659.9
3,080.1
3,109.6
3,173.8
3,267.0
3,346.6
3,431.7
3,553.3
3,644.7
3,694.6
3,747.2
'Very preliminary ("flash") estimate.
Personal
consumption
expenditures
Gross
private
domestic
investment
Government purchases of
goods and services
Exports and imports of goods and
services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State and
local
Final
sales
737.1
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
0.7
14.2
13.4
26.8
13.8
-4.0
-1.1
13.2
23.9
28.0
19.0
-8.3
77.5
109.6
146.2
154.9
170.9
182.7
218.7
281.4
338.8
369.9
348.4
336.2
76.7
95.4
132.8
128.1
157.1
186.7
219.8
268.1
314.8
341.9
329.4
344.4
253.1
270.4
304.1
339.9
362.1
393.8
431.9
474.4
537.8
596.5
650.5
685.5
101.7
102.0
111.0
122.7
129.2
143.4
153.6
168.3
197.0
228.9
258.9
269.7
73.1
72.8
77.0
83.0
86.0
92.8
100.3
111.8
131.2
153.7
179.5
200.5
28.5
29.1
33.9
39.7
43.2
50.6
53.3
56.5
65.9
75.2
79.4
69.3
151.4
168.5
193.1
217.2
232.9
250.4
278.3
306.0
340.8
367.6
391.5
415.8
1,175.7
1,307.9
1,420.1
1,556.1
1,706.2
1,895.3
2,137.4
2,403.5
2,641.5
2,931.7
3,095.4
3,318.3
2,001.3
2,046.1
2,070.4
2,141.6
2,181.4
2,230.2
2,276.5
2,332.7
2,361.4
415.9
376.2
405.0
449.6
491.9
540.0
623.8
627.0
662.8
6.6
6.3
19.6
65
-16.4
-29.8
-51.5
-58.7
-90.6
346.3
321.7
328.5
328.1
342.0
346.1
358.9
362.4
368.6
339.7
315.4
308.9
334.5
358.4
375.9
410.4
421.1
459.3
656.3
681.0
678.8
682.2
689.8
691.4
704.4
743.7
761.0
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
302.0
183.3
191.0
194.7
199.3
200.9
207.2
213.4
220.8
220.3
78.2
88.4
78.3
71.3
68.3
59.1
54.2
75.6
81.7
394.7
401.6
405.8
411.6
420.6
425.1
436.8
447.4
458.9
3,095.5
3,170.8
3,216.8
3,286.4
3,350.9
3,419.0
3,479.5
3,594.1
3,622.8
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
IV*
Total
Total
National
defense
Nondefense
Final
sales
950.5
963.3
1,009.2
0.7
15.5
27.8
32.2
25.4
22.0
24.0
37.2
50.3
43.8
29.7
12.6
77.5
97.3
108.5
103.5
110.1
112.9
126.7
146.2
159.1
160.2
147.6
139.5
76.7
81.8
80.7
71.4
84.7
90.9
102.7
109.0
108.8
116.4
118.0
126.9
253.1
253.3
260.3
265.2
265.2
269.2
274.6
278.3
284.3
287.0
292.7
291.9
101.7
95.9
96.6
97.4
96.8
100.4
100.3
102.1
106.4
110.3
117.0
116.2
73.1
68.3
66.9
66.4
64.9
65.4
65.7
67.4
70.0
73.5
79.1
84.7
28.5
27.6
29.7
31.0
31.8
35.0
34.7
34.8
36.4
36.7
37.9
31.5
151.4
157.4
163.6
167.8
168.4
168.8
174.3
176.2
177.9
176.8
175.7
175.7
,175.7
,237.1
,234.7
,238.4
,290.4
,356.4
,422.6
,472.2
,479.4
,500.9
,490.4
,538.3
1,477.1
1,478.8
964.2
976.3
163.9
161.5
36.8
40.8
64
-24.6
25.7
24.1
146.6
136.7
120.9
112.6
292.8
300.6
117.2
124.8
80.6
81.9
36.6
42.9
175.7
175.8
1,483.5
1,503.4
1,491.0
1,524.8
1,550.2
1,572.7
982.5
1,006.2
1,015.6
1,032.4
161.6
165.3
172.6
184.5
46.2
53.4
57.2
57.8
-16.5
-6.1
.9
7.2
22.9
13.6
11.9
2.0
138.2
137.0
141.6
141.0
115.3
123.4
129.7
139.1
294.3
292.4
292.0
288.8
119.0
117.2
115.6
113.0
83.3
84.8
84.4
86.3
35.7
32.3
31.2
26.7
175.3
175.2
176.4
175.8
1,507.5
1,530.9
1,549.3
1,565.4
1,610.9
1,638.8
1,645.2
1,656.7
1,044.1
1,064.2
1,065.9
193.3
202.9
209.5
60.6
60.8
60.1
31.6
20.3
30.6
144.9
144.7
147.4
153.2
156.2
174.4
289.5
302.1
306.1
112.2
123.2
125.0
87.1
89.6
89.1
25.2
33.6
36.0
177.3
178.9
181.1
1,579.3
1,618.5
1,614.6
1983: I
n.r
m
Imports
Exports
State
and local
10.2
17.2
11.6
-6.7
7.8
13.3
16.0
7.3
-4.4
11.3
-10.4
-3.6
1 982- TTT
IV
1984: I
Federal
Net
exports
63.8
62.3
48.2
42.2
51.2
60.7
62.4
59.1
47.1
44.5
37.9
53.7
1,185.9
1,254.3
1,246.3
1,231.6
1,298.2
1,369.7
1,438.6
1,479.4
1,475.0
1,512.2
1,480.0
1,534.7
1 6379
IT
Government purchases of
goods and services
Exports of goods
and services
121.0
138.1
135.7
119.3
125.6
140.3
158.3
169.9
165.8
175.0
166.9
171.0
1972
1973
1974
1975
1976. . .
1977
1978
1979
1980...
1981
1982
1983
1984*
n
m
Gross private
domestic investment
Personal
consumpChange
tion
in
Residen- business
expendi- Nonresidential tial fixed
tures
inventofixed
ries
737.1
767.9
762.8
779.4
823.1
864.3
903.2
927.6
931.8
-8.3
-11.4
-27.0
'Very preliminary ("flash") estimate.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Personal consumption
expenditures
Period
Gross
national
product
Total
Durable
goods
Nondurable
goods
Gross private
domestic investment
Services
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Nonresidential
fixed
Residential fixed
100.0
109.1
120.3
131.0
140.7
158.0
178.3
200.5
218.5
234.1
241.3
246.4
100.0
112.7
134.8
149.6
155.3
161.9
172.6
192.5
212.9
230.9
236.0
241.0
100.0
116.7
164.6
179.6
185.6
205.5
214.1
246.1
289.4
293.8
279.3
271.5
100.0
106.3
114.9
126.0
133.5
142.8
153.1
164.8
185.2
207.6
221.4
232.1
100.0
106.6
115.1
124.9
132.4
141.9
152.7
166.0
187.5
209.1
227.0
236.6
100.0
105.6
114.2
128.2
135.7
144.6
153.8
162.5
180.8
204.7
209.8
220.0
100.0
107.0
118.0
129.4
138.3
148.4
159.7
173.7
191.5
208.0
222.8
236.7
Exports
Imports
Total
National
defense
Nondefense
State
and local
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984*
100.00
105.75
115.08
125.79
132.34
140.05
150.42
163.42
178.42
195.60
207.38
215.34
223.45
100.0
105.7
116.4
125.3
131.7
139.3
149.1
162.5
179.0
194.5
206.0
213.6
100.0
101.7
108.2
117.3
123.9
129.2
136.4
145.0
156.2
167.1
174.5
177.7
100.0
108.5
123.4
132.5
137.2
143.6
153.4
169.9
188.1
202.5
208.7
213.0
100.0
104.7
113.0
121.6
129.6
139.3
150.0
162.3
178.8
196.8
213.6
226.0
100.0
103.8
115.4
132.2
138.6
146.3
157.2
170.8
186.2
202.2
209.5
206.4
1982: TTT
IV
208.53
210.27
207.6
209.6
175.5
175.6
209.6
210.5
215.6
219.4
208.8
210.1
241.8
240.0
236.2
235.3
280.9
280.1
223.2
223.8
227.4
233.1
213.9
206.2
224.7
228.4
1983:
212.87
214.25
215.89
218.21
210.7
212.8
214.8
216.0
176.6
176.8
178.0
179.3
210.2
212.6
214.5
214.8
221.9
224.9
227.3
229.7
207.1
205.2
205.1
208.1
245.2
243.0
248.7
248.3
237.7
239.4
241.5
245.4
267.8
271.0
276.3
270.3
229.4
230.8
232.8
235.6
233.7
234.8
237.9
240.0
219.4
220.3
219.1
221.4
231.5
234.9
238.4
241.8
220.58
222.40
224.57
226.18
218.0
219.2
221.5
179.0
179.5
179.2
217.4
216.4
217.8
232.6
236.0
239.7
206.3
207.4
208.0
249.4
255.9
258.6
247.7
250.4
250.1
267.9
269.6
263.3
238.5
240.6
241.5
245.1
246.4
247.4
215.5
225.1
227.1
246.4
250.0
253.5
I
n.
m
IV
1984: I...
n
fflr
IV*
* Very prelimininary ("flash") estimate.
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
Current
dollars
1972
1973
1974
1975....
10.1
11.8
8.1
8.0
10.9
11.7
12.8
11.7
8.8
12.4
3.8
7.7
10.7
2.5
3.9
8.5
12.3
10.1
10.6
14.9
10.7
5.6
5.8
1976
1977
1978
1979
1980....
1981
1982
1983
1984 *
1982: HI
IV
1983- I
-.
n
ra
1984:
Constant
(1972)
dollars
IV
I
nr
m
IV *
5.7
5.8
6
-1.2
5.4
5.5
5.0
2.8
-.3
2.5
-2.1
3.7
6.7
-.9
.5
3.3
9.4
6.8
5.9
10.1
7.1
1.6
2.8
Implicit
price
deflator
Chain price
index
4.2
5.8
8.8
9.3
5.2
5.8
7.4
8.6
9.2
9.6
6.0
3.8
3.8
3.4
3.4
5.0
2.6
3.1
4.4
4.4
3.3
3.9
2.9
Fixedweighted
price index
(1972
weights)
4.0
6.0
9.4
9.1
5.8
6.3
7.8
9.5
9.8
9.7
6.4
4.2
4.2
5.8
4.6
3.3
4.1
4.7
3.9
5.0
4.3
4.0
3.6
4.1
6.0
9.1
9.2
5.7
6.1
7.6
8.9
8.9
9.5
6.6
4.3
5.8
5.0
3.4
4.3
4.4
4.1
4.9
4.1
3.9
* Very preliminary ("flash") estimates.
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Implicit
price
deflator
Constant
(1972)
dollars
Current
dollars
Chain price
index
Fixedweighted
price index
(1972
weights)
9.6
10.2
9.4
9.9
11.0
11.1
11.8
11.9
10.7
10.9
7.3
8.6
5.8
4.2
7
2.2
5.6
5.0
4.5
2.7
.5
2.0
1.4
4.8
3.7
5.7
10.1
7.6
5.1
5.8
7.0
9.0
10.2
8.7
5.9
3.7
3.6
6.1
10.4
7.7
5.3
6.0
7.3
9.3
10.7
9.2
6.1
4.1
3.5
6.1
10.4
7.8
5.3
6.2
7.4
9.7
11.1
9.4
5.9
4.0
8.5
9.3
4.8
14.5
7.6
9.2
8.6
10.2
5.0
2.2
5.1
2.6
10.0
3.8
6.8
4.6
7.9
.7
6.1
4.0
2.2
4.1
3.7
2.3
3.8
2.2
4.3
6.3
5.0
2.5
4.4
3.7
3.6
4.7
3.3
3.9
6.6
4.9
1.9
4.5
3.9
3.4
4.9
3.1
4.0
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) l
Gross domestic
product of nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1972
1973 ...
1974
1975
1976
1977
1978
1979 ....
1980
1981 ..
1982
1983
1982: III
IV
1983:
I
II
HI
IV
1984:
I
II
III r .
1
678.0
759.4
818.9
890.0
1,001.3
1,128.4
1,276.2
1,416.8
1,540.7
1,739.2
1,778.4
1,917.7
1,787.8
1,772.4
1,812.3
1,887.6
1,956.6
2,014.2
2,084.2
2,146.9
2,168.9
1972
dollars
678.0
731.9
708.2
694.2
745.5
795.8
846.3
876.1
859.5
883.3
857.4
896.4
858.5
846.5
855.7
886.2
912.4
931.1
956.9
979.5
980.0
Total
cost and
profit 2
1.000
1.038
1.156
1.282
1.343
1.418
1.508
1.617
1.793
1.969
2.074
2.139
2.083
2.094
2.118
2.130
2.144
2.163
2.178
2.192
2.213
Capital
consumption
allowances
with
capital
consumption
adjustment
0.092
.093
.112
.137
.141
.145
.155
.171
.198
.217
.245
.243
.247
.254
.250
.243
.241
.239
.236
.234
.238
Indirect
business
taxes 3
0.113
.114
.127
.140
.141
.141
.144
.149
.172
.201
.210
.219
.211
.217
.218
.222
.220
.219
.217
.218
.221
Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol-
lars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Compensation of
employees
0.659
.692
.786
.837
.878
.928
.998
1.094
1.218
1.307
1.397
1.409
1.404
1.419
1.421
1.408
1.400
1.408
1.415
1.414
1.434
3
Corporate profits with inventory
valuation and capital consumption
adjustments
Net
interest
Total
0.028
.031
.042
.044
.040
.040
.044
.050
.065
.076
.084
.077
.080
.081
.079
.076
.077
.077
.078
.081
.084
0.107
.107
.090
.124
.144
.163
.168
.154
.140
.167
.138
.191
.141
.123
.151
.182
.206
.221
.233
.246
.236
Profits
tax
liability
0.049
.055
.059
.059
.071
.075
.079
.079
.078
.072
.052
.065
.052
.043
.049
.064
.073
.072
.078
.079
.066
Profits
after
tax 4
0.058
.053
.030
.065
.073
.088
.089
.075
.062
.095
.086
.126
.089
.080
.102
.118
.133
.149
.155
.167
.171
Output
per hour
of all
employees (1972
dollars)
Compensation per
hour of
all
employees
(dollars)
7.664
7.849
7.555
7.774
7.998
8.141
8.209
8.194
8.118
8.271
8.357
8.634
8.406
8.398
8.464
8.617
8.728
8.725
8.801
8.863
8.817
5.052
5.429
5.937
6.507
7.021
7.555
8.191
8.961
9.884
10.811
11.677
12.166
11.801
11.913
12.027
12.131
12.224
12.283
12.454
12.528
12.630
Indirect business tax and nontax liability plus business transfer paymentss less subsidies.
4
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
employees1
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983 ....
1982: I
n
ffl
IV
1983- I
n
m
IV... .
1984: I
nr
in
1
718.0
801.3
877.5
931.4
1,036.3
1,152.1
1,301.1
1,458.1
1,599.6
1,765.4
1,864.2
1,984.9
1,834.2
1,857.7
1,876.3
1,888.7
1,921.3
1,962.4
2,000.7
2,055.4
2,113.4
2,159.2
2,191.9
963.6
1,086.2
1,160.7
1,239.4
1,379.2
1,550.5
1,760.3
1,966.7
2,116.6
2,363.8
2,446.8
2,646.7
2,422.3
2,443.9
2,452.4
2,468.6
2,527.0
2,609.0
2,684.4
2,766.5
2,873.5
2,944.8
2,984.9
Nonfarm
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Includes employer contributions for social insurance. (See also p. 5.)
96.6
108.3
94.9
110.5
138.1
167.3
192.4
194.8
175.4
189.9
159.1
225.2
159.9
161.7
163.3
151.6
179.1
216.7
245.0
260.0
277.4
291.1
282.8
Inventory
valuation
adjustment
Profits
before tax
Total
21.0
22.6
23.5
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
47.8
48.3
52.9
57.0
57.7
59.0
56.2
60.4
61.0
62.0
63.0
58.1
61.0
62.2
65.4
75.0
84.8
92.2
100.2
95.6
93.7
89.2
107.9
86.8
88.5
89.5
92.1
98.3
106.8
112.1
114.6
122.5
126.3
126.4
18.7
32.8
26.5
24.6
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
30.0
19.2
12.7
25.4
16.4
10.1
11.2
17.3
32.5
23.4
27.3
Corporate profits with inventory valuation and capital consumption
adjustments
Rental
income of
persons
with
capital
consumption
adjustment
-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-6.3
-8.9
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
-.2
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
167.6
169.8
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
224.8
94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
161.3
160.9
158.8
143.2
157.3
186.1
208.1
216.3
229.8
238.7
224.5
Capital
consumption
adjustment
2.7
2.7
-1.8
-10.1
-13.5
-11.3
-12.7
-14.8
-16.3
76
3.1
33.2
-1.4
.8
4.5
8.4
21.7
30.6
36.9
43.6
47.6
52.3
58.3
Net
interest
51.2
60.2
76.1
84.5
87.2
102.5
121.7
153.8
192.6
241.0
260.9
256.6
263.6
268.5
257.7
253.8
254.2
254.2
259.2
258.9
266.8
282.8
293.5
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1972
1973 . .
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
II
III
IV
1983: I
II
III
IV
1984: I
II r
III
Total
personal
consumption
expenditures
737.1
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
1,931.3
1,960.9
2,001.3
2,046.1
2,070.4
2,141.6
2,181.4
2,230.2
2,276.5
2,332.7
2,361.4
Total
durable
goods
111.1
123.3
121.5
132.2
156.8
178.2
200.2
213.4
214.7
235.4
245.1
279.8
239.4
241.6
244.5
255.0
259.4
276.1
284.1
299.8
310.9
320.7
317.2
Motor
vehicles
and
parts
Furniture and
household
equipment
52.4
57.1
50.4
55.8
72.6
84.8
95.7
96.6
90.7
101.9
108.7
129.3
106.2
105.1
108.1
115.3
115.3
128.4
132.0
141.7
147.7
152.3
148.6
41.7
47.1
50.6
53.5
59.1
65.7
72.8
81.8
86.3
92.3
94.4
104.1
92.1
94.4
94.5
96.6
99.1
102.4
105.2
109.8
113.0
116.6
116.8
Source: Department of Commerce, Bureau of Economic Analysis.
Retail sales of new
passenger cars
(millions of units)
Nondurable goods
Durable goods
Other
16.9
19.2
20.5
22.9
25.2
27.7
31.7
35.1
37.7
41.2
42.1
46.4
41.2
42.1
41.9
43.1
45.0
45.3
46.9
48.2
50.3
51.7
51.9
Total
nondurable
goods
300.6
333.4
373.4
407.3
441.7
478.8
528.2
600.0
668.8
730.7
757.5
801.7
746.4
750.6
762.5
770.6
775.2
796.9
811.7
823.0
841.3
858.3
861.4
Food
154.9
172.1
193.7
213.6
230.6
249.8
275.9
311.6
345.1
373.9
392.8
416.5
384.2
390.6
396.0
400.3
406.7
413.6
420.5
425.1
433.9
442.1
448.6
Clothing
and
shoes
Gasoline
and oil
55.4
61.4
64.8
69.6
75.3
82.6
92.4
99.1
104.6
114.3
118.8
127.0
118.0
118.0
119.0
120.0
121.6
127.1
126.8
132.5
136.1
142.2
139.3
25.4
28.6
36.6
40.4
44.0
48.1
51.2
66.6
84.8
94.6
90.4
90.0
93.4
88.6
89.9
89.6
86.7
89.5
92.1
91.7
92.0
92.8
90.0
Services
Other
64.9
71.2
78.2
83.7
91.9
98.2
108.8
122.8
134.3
147.9
155.6
168.2
150.8
153.4
157.6
160.6
160.3
166.7
172.2
173.6
179.3
181.2
183.6
325.3
355.2
393.2
437.0
485.7
547.4
618.0
693.7
784.5
883.0
982.2
1,074.4
945.4
968.6
994.2
1,020.6
1,035.8
1,068.6
1,085.7
1,107.5
1,124.4
1,153.7
1,182.8
Domesties
Imports
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2
5.8
6.8
5.8
5.7
5.6
6.0
6.0
6.9
6.9
7.4
8.2
8.3
8.0
1.6
1.8
1.4
1.6
1.5
2.1
2.0
2.3
2.4
2.3
2.2
2.4
2.2
2.0
2.2
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.3
SOURCES OF PERSONAL INCOME
Personal income increased $20.7 billion (annual rate) in November, following a rise of $10.8 billion in October.
Wages and salaries rose $14.0 billion in November compared to a rise of $2.5 billion in October.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800
2,800
2,400
2,400
WAGE AND SALARY DISBURSEMENTS
120
1979
1976
1980
1984
1981
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income
Period
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983.....
1983: Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July r
Aug r
Sept1"
Get r
Nov*
,...
1,168.6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,429.5
2,584.6
2,744.2
2,834.2
2,860.4
2,897.4
2,923.5
2,940.6
2,968.5
2,978.8
3,006.5
3,027.7
3,045.8
3,068.3
3,079.1
3,099.8
Wage and
salary
disbursements *
765.7
806.4
889.9
983.2
1,106.3
1,237.6
1,356.7
1,493.1
1,568.7
1,659.2
1,712.2
1,727.9
,747.6
,755.1
,764.6
,785.3
,789.8
,804.3
,812.4
,816.9
,829.1
1,831.6
1,845.6
Proprietors' income 3
Other labor
income l 2
55.8
64.5
75.9
89.4
102.5
114.9
128.0
140.0
155.5
173.1
182.1
184.3
186.3
188.1
189.9
191.7
193.5
195.3
196.7
198.1
199.5
201.0
202.5
Farm
26.5
24.6
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
15.8
21.4
30.1
36.5
30.9
25.4
21.4
23.5
26.5
27.4
28.0
27.6
27.8
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
{&ee 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 inventor}' valuation and capital consumption adjustments.
Nonfarm
62.2
65.4
75.0
84.8
92.2
100.2
95.6
93.6
89.2
107.9
114.6
114.5
120.7
122.9
123.8
125.7
126.2
127.1
126.0
126.1
127.1
128.0
128.6
Rental
income of
persons 4
23.5
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
60.9
61.3
61.1
60.8
61.2
61.6
62.0
62.4
62.6
62.9
63.3
63.8
64.4
Personal
dividend
income
29.1
29.9
36.5
39.6
45.3
50.8
56.8
64.3
66.5
70.3
72.9
73.3
74.0
75.0
76.0
76.9
77.1
77.6
78.0
78.2
79.4
79.8
80.2
Personal
interest
income
112.4
123.2
132.5
152.8
179.4
218.7
266.0
331.8
366.6
376.3
387.8
389.4
396.6
403.8
411.4
418.4
425.6
432.9
441.4
449.5
457.1
459.3
460.9
Transfer
payments 5
141.2
178.3
194.3
207.9
223.8
250.3
297.6
337.3
376.1
405.0
410.8
412.2
410.2
410.9
412.8
414.9
414.8
415.9
417.1
419.9
418.7
422.2
424.7
4
5
6
Less:
Personal
contributions
for social
insurance
47.9
50.4
55.5
61.1
69.8
81.1
88.7
104.5
111.4
119.6
122.9
123.9
129.1
129.5
130.1
131.3
131.5
132.5
133.0
133.3
134.1
134.2
135.1
Nonfarm
personal
income 6
1,131.8
1,229.1
1,359.3
1,506.5
1,689.7
1,899.3
2,119.5
2,371.2
2,532.1
2,701.1
2,789.4
2,810.1
2,838.3
2,857.9
2,880.5
2,913.8
2,928.1
2,953.5
2,971.6
2,988.5
3,010.2
3S021.2
3,041.5
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments,
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest,
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the third quarter of 1984.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
DISPOSABLE PERSONAL INCOME
M
1,000
800
DOLLARS * (RATIO SCALE)
12,000
PER CAPITA DISPOSABLE PERSONAL INCOME
DOLLARS * (RATIO SCALE)
12,000
4,000
3,000
1984
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
personal
income
Less:
Personal
outlays l
Equals:
Personal
saving
Per capita
disposable personal
income
Current
dollars
1972
dollars
Billions of dollars
951.4
1,065.2
1,168.6
,265.0
,391.2
,540.4
,732.7
,951.2
2,165.3
2,429.5
2,584.6
2,744.2
1972
1973
1974
1975
1976
1977
1978
1979
1980 .
1981
1982
1983
141.0
150.7
170.2
168.9
196.8
226.4
258.7
301.0
336.5
387.7
404.1
404.2
810.3
914.5
998.3
1,096.1
1,194.4
1,314.0
1,474.0
1,650.2
1,828.9
2,041.7
2,180.5
2,340.1
Per capita personal
consumption
expenditures
Current
dollars
1972
dollars
52.6
79.0
85.1
94.3
82.5
78.0
89.4
96.7
110.2
137.4
136.0
118.1
3,860
4,315
4,667
5,075
5,477
5,965
6,621
7,331
8,032
8,874
9,385
9,977
3,860
4,080
4,009
4,051
4,158
4,280
4,441
4,512
4,487
4,561
4,555
4,670
Saving as
percent of
disposable
personal
income
Population
(thousands) 2
Percent
Dollars
757.7
835.5
913.2
1,001.8
1,111.9
1,236.0
1,384.6
1,553.5
1,718.7
1,904.7
2,044.5
2,222.0
Percent
change in
real per
capita
disposable
personal
income
3,511
3,831
4,152
4,521
4,972
5,468
6,048
6,695
7,326
8,037
8,543
9,192
3,511
3,623
3,566
3,609
3,774
3,924
4,057
4,121
4,092
4,131
4,146
4,303
2.9
5.7
-1.7
1.0
2.6
2.9
3.8
1.6
--.6
1.6
— .1
2.5
6.5
8.6
8.5
8.6
6.9
5.9
6.1
5.9
6.0
6.7
6.2
5.0
209,924
211,939
213,898
215,981
218,086
220,289
222,629
225,106
227,694
230,068
232,351
234,542
Seasonally adjusted annual rates
1982: I
n
in
IV
1983- I
n
m
IV
1984: I
n r
in ....
2,536.5
2,568.2
2,594.3
2,639.5
404.4
411.4
398.5
402.0
2,132.0
2,156.8
2,195.8
2,237.5
1,989.5
2,020.1
2,061.3
2,107.3
142.6
136.7
134.5
130.2
9,209
9,295
9,439
9,593
4,548
4,546
4,548
4,578
8,342
8,451
8,603
8,773
4,119
4,133
4,145
4,186
-2.1
-.2
.2
2.7
6.7
6.3
6.1
5.8
231,513
232,027
232,634
233,230
2,662.8
2,714.4
2,763.3
2,836.5
401.4
411.6
395.8
407.9
2,261.4
2,302.9
2,367.4
2,428.6
2,133.4
2,206.1
2,248.4
2,300.0
128.0
96.7
119.0
128.7
9,675
9,832
10,082
10,318
4,591
4,619
4,694
4,776
8,858
9,143
9,290
9,475
4,203
4,296
4,325
4,386
1.1
2.5
6.7
7.2
5.7
4.2
5.0
5.3
233,742
234,230
234,811
235,385
2,920.5
2,984.6
3,047.3
418.3
430.3
440.9
2,502.2
2,554.3
2,606.4
2,349.6
2,409.5
2,442.3
152.5
144.8
164.1
10,608
10,806
11,000
4,865
4,930
4,965
9,651
9,869
9,966
4,426
4,502
4,498
7.7
5.5
2.9
6.1
5.7
6.3
235,875
236,369
236,950
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages
for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the third quarter of 1984, according to preliminary estimates, gross farm income rose $10.6 billion (annual rate)
and net farm income rose $8.9 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
200
200
—
160
__X^
120
^
r—rr
i
160
—
GRO SS FARM INCC)ME
x^
^—- -— ^
—
100
^
120
100
80
80
_
—
60
60
—
40
40
/\
\%
s
^*
1* IET FARM INC< 5ME /
I
I
i
y *"*
/*"
V
20
^
%
\
I
*
\l
*
10
i 1 1
\ 1 1
1976
1977
\ \ \
1
1
1
1979
1978
*
l%
'. /'
\/
+*
u
i i i
1
1
1981
1980
1
1 1 1
1982
\J
I
1 1 1
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
/
20
1
1
1
10
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total
1
Total
Livestock and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1967 dollars 3
1976
1977
1978
1979
1980
1981
1982
1983
102.9
108.7
127.2
150.4
150.2
167.9
161.8
151.4
95.4
96.2
112.9
131.8
140.5
142.6
144.8
138.7
46.3
47.6
59.2
68.6
67.8
69.2
70.1
69.2
49.0
48.6
53.7
63.2
72.7
73.3
74.6
69.5
-1.5
1.1
.8
4.9
-5.5
7.9
-2.6
11 7
82.7
88.9
99.5
118.1
128.9
136.9
139.5
135.3
20.1
19.8
27.7
32.3
21.2
31.0
22.3
16.1
11.8
10.9
14.2
14.9
8.6
11.4
7.7
5.4
1982: III
IV
153.3
163.2
141.2
148.1
70.7
69.2
70.5
78.9
5.2
-8.3
140.1
136.4
13.2
26.8
4.5
9.1
1983- I
II
Ill .
IV
153.3
147.3
148.5
156.6
144.6
138.3
143.7
128.3
70.4
68.7
67.6
70.1
74.2
69.6
76.1
58.2
-11.4
— 14.4
168
—4.4
135.6
135.2
134.7
135.8
17.7
12.1
13.8
20.8
6.0
4.1
4.6
6.9
169.8
165.8
176.4
134.2
138.9
147.5
73.0
70.4
69.1
61.2
68.5
78.4
2.2
8.1
10.6
139.2
141.5
143.2
30.6
24.3
33.2
10.0
7.8
10.6
1984:
Ir
II r
P
IIL
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.
3
Income in current dollars divided by the consumer price index (Department of Labor).
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the third quarter, according to revised estimates, corporate profits before tax feH $21.2 bittion (annual rate) and
after-tax profits fell $8.5 billion.
BILLI ONS OF DOLLARS
320
BILLIONS OF DOLl ARS
320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
. PROFITS BEFORE TAX
|
/I
24Qi
—
*^^S
r\
/
200
(
-
PR< >FITS AFTER T^ X
\
^
x\
\
.s
120
80
•*t****m*»^
£"•**"*
x
\
». •***-«.
1
1
*>\,*-«'^sr^*
**"
v\ — \^ TAX LIABILITY
m
,
f*
80
X —
.//-'
1 i i
1 1 1
1 i i
1977
1978
1979
1976
1120
\
***'
40
1
* _
\
UNDISTRIB JTED
0
/""'
V
— •***
'
^— ... • •N
s
/:-::
'
—
—
160
\
—
240
200
L_^ /
A
160
n
^\ _"
1
1
1
1980
PROFITS' \
•-
40
^>.
1 1 1
i i 1
1981
1982
1
1
i i i
1
0
19S4
1983
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment l
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
1972.
1973
1974.
1975
1976.
1977
1978
1979
1980
1981
1982
1983
1982: I
n
m
rv
1983: I
n
m
IV
1984: I
nr
m
1
2
94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
161.3
160.9
158.8
143.2
157.3
186.1
208.1
216.3
229.8
238.7
224.5
85.3
92.0
80.4
107.6
137.4
163.4
185.4
179.0
161.9
173.2
133.6
167.2
139.8
138.6
136.5
119.7
134.9
162.4
180.6
190.8
204.1
217.5
200.2
Financial
15.3
15.9
15.0
11.8
17.1
23.1
31.0
30.3
26.9
19.5
19.6
29.6
13.6
19.0
21.0
24.9
28.4
32.0
29.5
28.5
28.7
28.9
26.6
Total 3
70.0
76.0
65.4
95.8
120.3
140.3
154.4
148.6
134.9
153.7
114.0
137.6
126.2
119.6
115.5
94.8
106.5
130.4
151.1
162.3
175.4
188.6
173.6
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
40.7
45.5
39.0
52.6
69.2
78.3
86.9
85.6
72.9
84.9
54.5
65.2
58.0
57.4
60.4
42.4
44.9
59.3
73.8
82.9
89.8
92.3
78.3
Profits
before tax
Tax
liability
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
167.6
169.8
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
224.8
41.6
49.0
51.6
50.6
63.8
72.7
83.2
87.6
84.8
81.1
60.7
75.8
62.9
62.9
61.9
55.0
59.1
74.8
84.7
84.5
92.7
95.8
83.1
Wholesale and
retail
trade
13.4
13.9
12.5
21.3
22.4
26.6
26.9
27.1
23.6
31.8
25.9
33.4
30.2
25.3
24.0
24.1
25.3
33.0
35.9
39.5
40.6
47.0
46.8
3
Total
58.9
76.6
85.1
81.5
102.5
122.0
145.9
165.1
149.8
140.0
104.8
127.4
104.7
106.9
107.0
100.8
102.6
123.4
142.6
141.1
150.6
150.2
141.7
Dividends
Undistributed
profits
24.4
27.0
29.9
30.8
37.4
40.8
47.0
52.7
58.6
66.5
69.2
72.9
69.2
68.6
69.0
70.2
71.1
71.7
73.3
75.4
77.7
79.9
81.3
34.5
49.6
55.2
50.7
65.1
81.2
98.9
112.4
91.2
73.5
35.6
54.5
35.5
38.2
38.1
30.6
31.4
51.7
69.3
65.6
72.9
70.2
60.3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-6.6
200
-40.0
11 6
-14.7
-16.2
-24.0
43 1
-42.9
-23.6
-9.5
-11.2
63
-8.9
10 1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
2
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the third quarter, business fixed investment rose $14.9 billion (annual rate) and
residential investment outlays fell $0.3 billion. There was a $71.8 billion increase in inventories following an
increase of $50.6 billion in the second quarter.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
SEASONALLY ADJUSTED ANNUAL RATES
600
600
GROSS PRIVATE DOMESTIC
INVESTMENT
—
/
/
V
500
^-—-r\
400
P/
300
\J
s
—'
200
A
NONRESIDENT AL ^^^
F IXED INVESTMIENT
*>*
*"***^
—
/
^^
^/
*
V*
+ — *"*^^
500
400
^
f,~
—
*~
300
**
—
.*'~~
200
•» »•*
RESIDENTIAL
Fl>,ED INVESTMEhIT
L---.L
100
,-»""^
*"""**""""•••.»•»'
-—
j
—
100
CHANGE IN BUSINESS r'\/ _
;
INVE NTORIES
\
^
"~~~\J
l l l
>'"
*+
-100
1 1 1
\ l I
1976
1977
\
\
\
1978
1
1
1
1979
1
1
1
\ \ \
1980
\
1982
1981
\
1
I
1983
1
1
-100
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1972
1973
1974
1975
1976
1977 .
1978
1979 .
1980
1981
1982
1983 .
1982: I .
II
m
IV
1983- I
II
m
IV
1984: I
II r
in
Gross
private
domestic
investment
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
436.2
431.2
415.9
376.2
405.0
449.6
491.9
540.0
623.8
627.0
662.8
Total
121.0
143.3
156.6
157.7
174.1
205.2
248.9
290.2
308.8
353.9
349.6
352.9
365.7
351.2
342.2
339.3
334.6
339.3
353.9
383.9
398.8
420.8
435.7
Source: Department of Commerce, Bureau of Economic Analysis.
Structures
44.1
51.0
55.9
55.4
58.8
64.4
78.7
98.3
110.9
135.3
142.1
129.7
148.8
142.7
138.4
138.4
130.4
125.6
126.2
136.6
142.2
150.0
151.4
Producers'
durable
equipment
76.9
92.3
100.7
102.3
115.3
140.8
170.2
191.9
197.9
218.6
207.5
223.2
216.9
208.5
203.8
201.0
204.2
213.6
227.8
247.3
256.7
270.7
284.2
Change in business
inventories
Residential fixed investment
Nonresidential fixed investment
Total
63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
102.9
104.3
91.4
132.2
87.5
90.9
89.0
97.9
113.3
129.8
142.3
143.4
151.2
155.6
155.3
Nonfarm
structures
61.5
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.1
99.8
86.6
127.6
83.4
85.9
84.5
92.5
108.9
125.3
137.7
138.7
146.4
150.5
150.1
Farm
structures
0.7
.7
1.3
1.0
1.1
1.5
1.7
1.7
1.8
1.3
1.5
1.0
1.0
1.7
1.3
2.1
1.0
.9
.9
.9
.9
1.0
1.2
Producers'
durable
equipment
1.5
1.7
1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.3
3.6
3.2
3.3
3.3
3.3
3.4
3.5
3.7
3.8
3.9
4.1
4.0
Total
10.2
18.5
14.1
-6.9
11.8
23.0
26.5
14.3
98
26.0
26 1
-13.5
17 0
-10.9
15 3
-61.1
-42.9
194
4.3
12.7
73.8
50.6
71.8
Nonfarm
9.6
15.2
16.0
-10.5
13.9
21.9
25.4
8.6
-4.5
18.2
-24.0
3 I
209
-9.5
11 1
-54.3
-32.6
-5.4
11.6
14.1
60.6
47.0
63.7
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department October-November survey, business spending for new plant and
equipment for the year 1985 is expected to be 8.4 percent above the 1984 level; spending for 1984 is expected
to be 14.3 percent more than in 1983.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
-V
300
300
NONMANUFACTURING
(Surveyed Quarterly)
200
200
MANUFACTURING
TOO
100
80
80
60
60
40
40
J
1977
I
J
1978
1979
1980
1981
I
J
1982
J
I
1983
I
1984
1985
JV SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufaeturing
Manufacturing
Period
All
industries
1977
1978
1979
1980
1981
1982
1983
1984 4
1985 4
1983: III...
IV...
1984: I
II
IIP..
IV 4 .
1985: I 4 ...
II 4 ..
174.68
203.54
240.22
264.44
289.37
282.71
269.22
307.59
333.40
270.05
283.96
293.15
302.70
313.11
321.40
337.85
344.86
Total
69.22
79.72
98.68
115.81
126.79
119.68
111.53
131.01
146.25
111.12
116.36
122.78
127.67
134.49
139.09
146.00
151.23
Durable
goods
Nondurable
goods
34.04
40.43
51.07
58.91
61.84
56.44
51.78
63.02
71.79
53.06
54.85
58.94
60.20
65.44
67.49
71.09
74.36
35.18
39.29
47.61
56.90
64.95
63.23
59.75
67.99
74.46
58.06
61.50
63.84
67.46
69.06
71.60
74.91
76.87
Total l
105.46
123.82
141.54
148.63
162.58
163.03
157.69
176.58
187.15
158.93
167.60
170.37
175.03
178.61
182.31
191.85
193.63
Mining
9.24
10.21
11.38
13.51
16.86
15.45
11.83
12.90
13.54
11.93
12.43
13.95
12.13
12.61
12.92
12.57
13.04
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
10
Transportation
9.40
10.68
12.35
12.09
12.05
11.95
11.20
12.91
13.52
11.00
11.86
11.46
12.95
13.65
13.56
13.00
13.47
Nonmanufaeturing
Total
Public
utilities
26.79
29.95
33.96
35.44
38.40
41.95
42.00
44.17
44.82
42.22
42.69
43.62
44.61
44.75
43.70
45.21
46.20
Commercial
and
other l
60.03
72.99
83.85
87.59
95.27
93.68
92.67
106.61
115.28
93.79
100.62
101.35
105.35
107.61
112.12
121.07
120.93
nonfarm
business 2
198.08
231.24
270.46
295.63
321.49
316.43
302.50
Manufacturing
Total
Sur-
Sur-
veyed
quarter-
veyed
annual3
iy
69.22
79.72
98.68
115.81
126.79
119.68
111.53
131.01
146.25
111.12
116.36
122.78
127.67
13449
139.09
146.00
151.23
128.87
151.52
171.77
179.81
194.70
196.75
190.97
105.46
123.82
141.54
148.63
162.58
163.03
157.69
176.59
187.15
158.93
167.60
170.37
175.03
178.61
182.31
191.85
193.63
ly
23.40
27.70
30.24
31.18
32.12
33.72
33.28
social
services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in late October and November 1984, corrected for biases.
NOTE.—For details about the reduced industry coverage of the plant and equipment survey, see
Swrwy of Current Business, January 1984.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment rose 286,000 in November and unemployment fell 277,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
116
1976
1984
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted]
Period
Noninstitutional
population
including
resident
Armed
Forces
NSA
1978
1979
1980
1981
1982
1983
1983:
1984:
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Labor force
including
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
15
weeks
and
over
3,298
3,373
4,064
4,499
5,852
5,997
6,202
6,137
7,637
8,273
10,678
10,717
99,349
99,585
5,848
5,712
99,918
100,496
100,859
101,009
101,899
102,344
102,050
101,744
101,923
102,472
102,519
5,943
5,808
5,463
5,593
5353
5,491
5300
5,324
5,496
5,479
5,373
Armed
Forces
163,541
166,460
169,349
171,775
173,939
175,891
1,631
1^597
1,604
1*645
1,668
1376
103,882
106^559
108,544
110315
111,872
113,'226
97,679
100^421
100,907
102^042
101,194
102^510
102,251
104362
106340
108370
110,204
11 1^550
96,048
98324
99,303
100*397
99,526
100,'834
3,387
3347
3,364
3368
3,401
3383
92,661
95^477
95,938
97,'030
96,125
97^450
176,636
176,809
1,685
1,688
1,686
1,684
1,686
1,693
1,690
1,690
1,698
1,712
1,720
1,705
1,699
113,720
113,824
104,291
104,629
112,035
112,136
102,606
102,941
3,257
3,356
113,901
114,377
114,598
114,938
115,493
115,567
115,636
115,206
115,419
115,722
115,725
104,876
105,576
105,826
106,095
106,978
107,438
107,093
106,681
106,959
107,291
107,571
112,215
112,693
112,912
113,245
113,803
113,877
113,938
113,494
113,699
114,017
114,026
103,190
103,892
104,140
104,402
105,288
105,748
105,395
104,969
105,239
105,586
105,872
3,271
3,395
3,281
3,393
3,389
3,403
3345
3,224
3,315
3,114
3,353
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).
Agricultural
Forces
NSA
177,219
177,363
177,510
177,662
177,813
177,974
178,138
178,295
178,483
178,661
178,834
Unemployment
Civilian employment
Resident
Total
Total
Part-time
for
economic
reasons l
Labor force
participation
rate (percent)
Total 2
Civilian 3
1,414
1,241
1,871
2,285
3,485
4,210
63.5
64.0
64.1
64.2
64.3
64.4
63.2
63.7
63.8
63.9
64.0
64.0
9,429
9,195
3,527
3,369
9,026
8,801
8,772
8,843
8,514
8,130
8,543
8,526
8,460
8,431
8,154
3,201
2,984
2,873
2,855
2,851
2,619
2,689
2,606
2,600
2,530
2,438
64.4
64.4
64.3
64.5
64.6
64.7
65.0
64.9
64.9
64.6
64.7
64.8
64.7
64.0
64.0
63.9
64.1
64.2
64.4
64.6
64.6
64.6
64.3
64.3
64.4
64.4
3
Civilian labor force as percent of civilian noninstitutional population.
NOTI.—NSA indicates data are not seasonally adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force, fell to
7.0 percent in November, from 7.3 percent in October. The unemployment rate for all civilian workers fell to 7.2
percent from 7.4 percent in October.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
I***
*'\
BLACK
20
TEENAGERS
(16-19)
20
AND OTHER
W ~.
15
15
ALL CIVILIAN WORKERS
10
10
WHITE
—.*•%"-' WOMEN 20 YEARS
AND OVER
Illllllllll
Illllllllll
1980
1981
1982
1984
1983
1980
1981
1982
1983
1984
*UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate, all
workers 1
By sex and age
civilian
workers
Men
20 years
and over
Women
20 years
and
over
1978
6.0
6.1
1979
1980
1981
1982
1983
5.8
7.0
7.5
9.5
9.5
5.8
7.1
7.6
9.7
9.6
4.3
4.2
5.9
6.3
8.8
8.9
6.0
5.7
6.4
6.8
8J
8.1
8.3
8.1
8.4
8.2
7.8
7.4
7.9
7.7
7.7
7.7
7.4
7.0
7.4
7.4
7.3
7.3
7.0
8.0
7.8
7.8
7.8
7.5
7.1
7.5
7.5
7.4
7.4
7.2
7.3
7.0
6.8
6.9
6.5
6.3
6.5
6.4
6.5
6.3
6.3
1983: Nov...
Dec ...
1984: Jan...
Feb ...
Mar...
Apr ...
May...
June..
July ..
Aug...
Sept ..
Oct....
Nov...
Both
sexes
16-19
years
Black and other
White
Black
Total
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Labor
force
time lost
(percent) 2
Fulltime
workers
Parttime
workers
6.5
6.5
5.6
5.3
6.9
7.3
9.6
9.5
9.0
8.3
9.2
10.4
11.7
12.2
8.8
8.8
9.4
10.5
10.4
6.5
6.3
7.9
8.5
11.0
10.9
11.9
19.6
23.2
22.4
5.2
5.1
6.3
6.7
8.6
8.4
11.3
13.1
14.2
17.3
17.8
12.8
12.3
14.3
15.6
18.9
19.5
5.5
6.9
7.3
9.3
9.2
7.2
7.1
20.2
20.1
7.3
7.1
16.1
16.3
17.7
17.8
8.1
7.9
5.5
5.2
10.5
10.9
8.2
8.0
9.8
9.8
9.7
9.4
7.1
6.9
6.9
7.0
6.8
6.4
6.9
7.1
6.7
6.9
6.6
19.4
19.3
19.9
19.4
19.0
17.6
18.3
18.4
19.3
18.8
17.5
6.9
6.7
6.7
6.7
6.4
6.1
6.4
6.4
6.4
6.4
6.1
15.6
14.9
15.1
15.1
14.2
13.4
15.1
14.4
13.9
13.8
13.6
16.7
16.2
16.6
16.8
15.8
15.0
16.9
16.0
15.1
15.4
15.0
7.6
7.4
7.2
7.3
6.9
6.6
7.1
7.1
7.1
6.9
6.8
5.0
4.9
4.7
4.7
4.5
4.5
4.6
4.4
4.6
4.6
4.4
10.7
11.0
11.0
10.5
9.8
9.6
9.6
10.5
10.0
10.5
11.0
7.8
7.5
7.5
7.6
7.2
6.7
7.2
7.2
7.1
7.1
6.9
9.2
9.3
9.2
9.1
9.3
10.3
9.6
9.6
9.4
9.1
8.6
9.2
8.9
8.8
8.9
8.5
8.3
8.7
8.5
8.5
8.6
8.2
16.4
16.1
17.8
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.
By selected groups
By race
All
Ail
5.6
2.8
2.8
4.2
4.3
8.5
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In November, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 27
weeks and over rose, while the percentages out of work for 5-14 weeks and for 15-26 weeks fell. Both the mean
and the median duration of unemployment rose.
PERCENT DISTRIBUTION*
70
DURATION OF UNEMPLOYMENT
PERCENT DISTRIBUTION*
70
REASON FOR UNEMPLOYMENT
AH
Ow
60
A%
/ \
t
%X
\%
tv'-\
JOB LOSERS
50
\~~
\.*
V -\
A(\
4U
.X
~r*S'^
V *^
5-14
WEEKS
A
30
—
~~
LESS THAN
5 WEEKS
\
^
^*
*J
.
/-
v\
p' N.^-' XAN
•' ' r
^v' v
f*
—
.
p^, N. ^»A / vT"
27 WEEKS '^^-~
AND OVER
^^^
\ /
\ /
^^ ^l^_
i^f '*-
v
20
/y
sS**'/
10 — -—/
•^^o^
-Vv\
Cr
\ •'•'
^w
A
~J
''~
M,_
40
30
—
—
REENTRANTS
~'-~^,.
\
\s
20
NJEW ENTRAM TS
\
%< -v-^Ax»,
^^^
%
-^»/\»— \
15-26
WEEKS
>/*^
50
_ V**c»^
—
^
....----^
"^\N.
JOB LEAVE ?S
0
Illllllllll
IMMllllll
Illllllllll
Illllllllll
Illllllllll
Illllllllll
1980
1981
1982
1983
1984
1980
Illllllllll Illllllllll Illllllilll Illllllllll
1982
1981
1983
1984
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution 1
Duration of unemployment
Unemployment
(thousands)
Period
Percent distribution
l
State
programs
Number of
weeks
Less
than
5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Average
(mean)
Median
6,137
7,637
8,273
10,678
10,717
48.1
43.1
41.7
36.4
33.3
31.7
32.3
30.7
31.0
27.4
11.5
13.8
13.6
16.0
15.4
8.7
10.7
14.0
16.6
23.9
10.8
11.9
13.7
15.6
20.0
5.4
6.5
6.9
8.7
10.1
42.9
51.7
51.6
58.7
58.4
1983: Nov
Dee
9,429
9,195
35.1
36.5
27.6
27.1
14.1
13.9
23.1
22.5
20.2
19.6
9.4
9.0
1984: Jan
Feb
Mar
Apr
May
June
July
Auff
Sept
Oet
Nov
9,026
8,801
8,772
8,843
8,514
8,130
8,543
8,526
8,460
8,431
8,154
36.0
38.1
38.5
39.1
38.0
39.2
40.1
41.9
39.0
41.0
41.3
28.4
28.1
28.9
28.4
28.6
28.4
28.8
27.5
30.1
28.7
28.6
13.0
13.3
12.7
12.6
13.9
12.5
12.7
13.1
12.9
13.2
12.2
22.6
20.5
20.0
19.8
19.5
19.9
18.4
17.6
18.0
17.1
17.8
20.5
18.8
18.8
18.5
18.4
18.6
18.1
17.3
17.1
16.5
17.5
9.2
8.3
8.3
8.1
8.7
7.2
7.6
7.5
7.6
7.2
7.3
Job
leavers
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Special
unemployment
benefit
claims
(unadjusted) 3
Reentrants
New
entrants
Insured
unemployment
14.3
11.7
11.2
7.9
7.7
29.4
25.2
25.4
22.3
22.5
13.3
11.4
11.9
11.1
11.3
2,434
3,350
3,047
4,061
3,396
388
488
460
583
438
2,592
3,837
3,410
4,594
3,775
55.0
54.1
9.1
9.2
23.7
24.2
12.1
12.4
2,734
2,636
388
389
2,620
2,915
901
731
53.6
54.1
52.5
51.3
50.9
51.9
52.7
49.8
50.1
52.0
50.7
9.0
8.8
8.6
8.8
9.5
9.8
10.1
9.9
10.1
9.7
10.8
24.4
24.6
25.1
26.1
25.6
24.2
24.4
27.4
27.3
25.4
26.2
13.1
12.5
13.8
13.8
14.0
14.0
12.8
12.9
12.5
12.8
12.2
2,615
2,528
2,498
2,449
2,369
2,335
2,361
2,326
2,370
c
2,442
2,516
368
349
354
361
350
354
373
365
374
C
405
402
3,374
3,174
2,958
2,613
2,290
2,166
2,327
2,184
2,083
2,148
584
489
444
401
374
352
342
322
307
C
289
295
Job
losers
Initial
claims
Weekly average, thousands
1979
1980
1981
1982
1983
1
2
J
j
J
Detail may not add to 100 percent because of rounding.
k Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-serviceJnen (UCX), Federal (UCFE), and railroad (BE) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
3
Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 303,000 In November.
Mil LIONS OF PBRSONS* ('ENLARGED SCALE)
MILLIONS OF PERSONS*
22
^~
-^--*" ^|
\^"1
ALLNONAGRlCUl TURAL
ES TAillSBMEhITS
T
90
80
_
-
70
\
• •*•"—"•**'"*
SE ?VICE-PRODlJONG
INDUSTRIE S
60
.—
14
22
20
50
- MANUFACTURING -
18
40
-
A4iiUj.ua
—
Mil I Ll Jill Ulllljllil lillMlJII
CONSTRUCTION
30
GOC>DS-PRODUC ING
WDUSTtlES
20
miilimi
ujmljjuj. I l l l l l l l l l !
f
1980
1981
1983
1982
i i i i i l i i l i i Ji mill Hi
i lUlll Mil
illllhlllh
1984 ^
1980
1981
1982
1984
1983
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; 1 seasonally adjusted]
Service-producing industries
Goods-producing industries
« J
Penod
1978
1979
1980
1981
1982
1983
Total
nonagriU
1
cultural
employment
Manufacturing
Total 2
Construction
Total
Durable
goo s
Nondurable
goods
8,231
s',280
8,098
8,061
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
7J41
7,724
4,923
5436
5,146
5,165
5^082
4,958
4,969
5^204
5,275
5,358
5^278
5,259
14,573
14,989
15,035
15,189
15^179
15,545
4,724
4,975
5,160
5,298
5^341
5,467
16,252
17,112
17,890
18,619
19,036
19,665
15,672
15,947
16,241
16,031
15,837
15,851
2,753
2,773
2,866
2,772
2,739
2,752
11,170
11,266
7,848
7,877
67,630
67,828
5,043
5,055
5,344
5,371
15,805
15,857
5,530
5,546
20,034
20,130
15,874
15,869
2,759
2,762
11,343
11,440
11,513
11,551
11,598
11,652
11,702
11,758
11,696
11,748
11,772
7,911
7,933
7,953
7,979
7,972
7,977
7,994
7,967
7,920
7,933
7,932
68,008
68,269
68,463
68,689
68,935
69,161
69,291
69,425
69,797
70,072
70,322
5,095
5,105
5,112
5,129
5,144
5,163
5,175
5,202
5,213
5,225
5,250
5,406
5,438
5,457
5,473
5,492
5,502
5,528
5,544
5,588
5,613
5,628
15,914
15,980
16,030
16,095
16,166
16,245
16,283
16,295
16,342
16,479
16,596
5,573
5,593
5,613
5,640
5,662
5,676
5,676
5,679
5,684
5,708
5,725
20,162
20,278
20,378
20,449
20,549
20,681
20,701
20,748
20,861
20,964
21,053
15,858
15,875
15,873
15,903
15,922
15,894
15,928
15,957
16,109
16,083
16,070
2,760
2,763
2,770
2,771
2,785
2,777
2,779
2,785
2,804
2,772
2,780
25,585
26,461
25,658
25,497
23313
23,394
4,229
4,463
4,346
4,188
3^905
3,940
20,505
21^040
20,285
20,170
18J81
18,497
12,274
12J60
12,187
12,109
11^039
10,774
1983: Nov.... 91,688
Dec
92,026
24,058
24,198
4,073
4,086
19,018
19,143
1984: Jan
Feb
Mar
Apr
May....
June ...
July....
Aug....
Sept r..
Oct r...
Nov P..
24,383
24,577
24,595
24,760
24,851
24,974
25,059
25,098
25,010
25,078
25,131
4,154
4,226
4,151
4,246
4,286
4,343
4,356
4,356
4,374
4,384
4,414
19,254
19,373
19,466
19,530
19,570
19,629
19,696
19,725
19,616
19,681
19,704
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-
Transportation
and
public
utilities
61,113
63^363
64,748
65,659
65J53
66,744
86,697
89,823
90,406
91,156
89,566
90,138
92,391
92,846
93,058
93,449
93,786
94,135
94,350
94,523
94,807
95,150
95,453
Total
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 gross hourly
earnings
Average weekly
hours
Manufacturing
Total
private
nonagrieultural l
Period
1975
1976
1977
Total
1978
1979
1980
1981
1982
1983
1983: Nov....
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept r..
Octr.....
Nov*..
Overtime
39.5
40.1
40.3
40.4
40.2
39.7
39.8
38.9
40.1
40.6
40.6
40.9
40.9
40.7
41.1
40.6
40.6
40.5
40.5
40.6
40.4
40.5
36.1
36.1
36.0
35.8
35.7
35.3
35.2
34.8
35.0
35.2
35.2
35.4
35.3
35.3
35.4
35.3
35.3
35.2
35.2
35.4
35.1
35.2
Total
private
nonagrieultural 1
Manufacturing
2.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3.0
$4.53
4.86
5.25
5.69
6.16
6.66
7.25
7.68
8.02
$4.83
5.22
5.68
6.17
6.70
7.27
7.99
8.49
8.83
3.3
3.4
3.5
3.5
3.5
3.7
3.3
3.3
3.3
3.3
3.3
3.3
3.4
8.14
8.17
8.21
8.23
8.25
8.31
8.29
8.33
8.35
8.34
8.40
8.38
8.43
8.97
8.99
9.03
9.06
9.09
9.11
9.12
9.15
9.17
9.20
9.22
9.25
9.30
Adjusted hourly earnings index2 — total private
nonagricultural
Percent change 4from
a year
earlier 5
Ind ex,
1977 =-100
Current
dollars
Current
dollars
1977
dollars 3
86.7
92.9
100.0
108.2
116.8
127.3
138.9
148.5
155.3
157.2
157.8
158.4
158.5
159.1
159.9
159.6
160.3
160.8
160.6
161.6
161.4
162.1
97.6
99.0
100.0
100.5
97.4
93.5
92.6
93.4
94.8
94.6
94.9
94.8
94.8
95.1
95.4
94.9
95.2
95.2
94.1
94.2
93.9
94.3
1977 dollars
8.4
7.2
7.6
8.2
7.9
9.0
9.1
6.9
4.6
-0.7
1.4
1.0
.5
-3.1
-4.0
1.0
.9
1.5
3.9
3.7
1.0
.4
3.6
3.2
3.5
3.7
3.2
3.3
3.3
3.3
3.4
2.8
3.1
-.0
-.6
,.o
.6
.1
.3
.2
-.3
-.3
-.8
-.3
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private nonagricultural 5
Average gross weekly earnings
Period
Total private
nonagricultural l
Current dollars
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983- Nov .
Dee
1984: Jan
Feb
Mar
Apr..
May
T *
June
July
Aufir
Sept r
Oet r .
Nov p
...
Manufacturing
-3.1
1.5
1.2
.2
-3.1
-5.8
-1.5
-1.2
2.0
174.60
176.65
5.7
7.3
7.7
7.8
8.0
6.9
8.5
4.7
5.0
5.6
5.7
175.78
175.20
176.69
176.70
176.69
177.88
176.11
175.81
177.00
175.82
177.01
5.5
6.3
5.4
6.2
4.7
4.8
4.8
5.0
4.4
2.8
3.4
1.8
2.5
1.8
3.0
1.5
1.7
1.6
1.3
.6
-.8
-.0
$163.53
175.45
189.00
203.70
219.91
235.10
255.20
267.26
280.70
$184.16
186.85
189.00
189.31
183.41
172.74
170.13
168.09
171.37
$190.79
209.32
228.90
249.27
269.34
288.62
318.00
330.26
354.08
$266.08
283.73
295.65
318.69
342.99
367.78
399.26
426.82
443.42
$108.86
114.60
121.66
130.20
138.62
147.38
158.03
163.85
171.05
286.53
287.58
172.40
172.93
364.18
364.99
441.41
441.32
290.63
290.52
291.23
294.17
292.64
294.05
293.92
293.57
297.36
294.14
296.74
173.93
173.65
174.08
175.52
173.98
174.61
173.92
171.98
173.39
171.21
172.62
369.33
370.55
369.96
374.42
370.27
371.49
371.39
372.60
374.33
373.70
376.65
451.27
456.49
442.89
453.53
455.04
457.45
451.50
454.29
457.90
451.95
459.11
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 on a 1977=100 base.
Eevised index for urban wage earners and clerical workers used beginning 1978.
1977 dollars
Current dollars
1
Retail trade
Current dollars
1977 dollars 3
2
3
Construction
2.6
2.4
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 per hour of
all persons
Period
Business
sector
Nonfarm
business
sector
Output *
Business
sector
Compensation per
hour 3
Hours of all
persons 2
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor
cost
Keal compensation
per hour 4
Business
sector
Nonfarm
business
sector
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1970
1971....
1972
1973
1974
86.2
89.3
92.4
94.8
92.5
86.8
89.7
93.0
95.3
92.9
78.4
80.7
86.1
91.7
89.9
78.0
80.3
85.8
91.7
89.8
90.9
90.4
93.2
96.8
97.2
89.8
89.4
92.2
96.2
96.6
58.2
62.0
66.1
71.4
78.1
58.7
62.5
66.7
71.8
78.5
90.8
92.8
95.7
97.3
95.9
91.5
93.6
96.6
97.9
96.5
67.5
69.5
71.5
75.3
84.4
67.6
69.7
71.7
75.3
84.5
66.0
69.0
71.3
75.3
82.4
66.3
69.3
71.3
74.0
81.6
1975
1976
1977
1978
1979..
94.6
97.6
100.0
100.5
99.3
94.8
97.8
100.0
100.6
99.0
88.2
93.8
100.0
105.5
107.8
87.8
93.7
100.0
105.7
108.0
93.2
96.0
100.0
104.9
108.6
92.6
95.8
100.0
105.1
109.0
85.6
92.9
100.0
108.5
118.7
86.1
93.0
100.0
108.6
118.4
96.4
98.9
100.0
100.8
99.1
96.9
99.0
100.0
100.8
98.8
90.5
95.1
100.0
108.0
119.5
90.8
95.1
100.0
108.0
119.5
90.4
94.7
100.0
107.5
117.2
90.0
94.6
100.0
107.1
116.5
1980
1981
1982
1983
98.8
100.7
100.9
103.7
98.3
99.8
100.0
103.4
106.5
109.2
106.3
111.0
106.5
108.7
105.9
111.2
107.8
108.4
105.4
107.1
108.3
109.0
106.0
107.5
131.1
143.4
155.0
161.7
130.6
143.1
154.5
162.0
96.4
95.5
97.3
98.4
96.0
95.3
97.0
98.6
132.6
142.4
153.6
156.0
132.8
143.5
154.5
156.6
128.1
140.4
147.9
152.4
128.1
140.6
148.6
153.4
100.9
101.6
100.3
100.5
106.1
105.8
106.0
105.2
105.1
104.1
105.7
104.7
156.7
158.4
156.0
157.9
97.3
98.0
96.9
97.7
155.3
155.9
155.6
157.1
148.7
149.3
149.3
150.2
102.2
103.6
104.3
104.7
101.6
103.6
104.1
104.4
106.9
110.1
112.5
114.7
106.7
110.4
112.7
115.2
104.7
106.2
107.9
109.5
105.1
106.5
108.2
110.3
160.2
161.0
161.8
164.2
160.1
161.5
162.4
164.0
99.0
98.5
98.0
98.4
99.0
98.8
98.3
98.2
156.8
155.4
155.1
156.8
157.6
155.9
155.9
157.1
151.0
151.7
152.7
154.2
151.9
152.7
153.8
155.2
1984- I
105.7
107.0
107.3
105.2
106.6
106.4
117.8
121.0
121.6
118.0
121.0
121.3
111.4
113.0
113.3
112.3
113.6
114.1
166.7
167.5
169.4
166.5
168.0
169.5
98.6
98.2
98.4
98.5
98.5
98.5
157.7
156.5
157.9
158.3
157.6
159.4
155.6
156.7
158.0
156.3
157.3
158.8
1970
1971
1972
1973
1974
0.8
3.6
3.5
2.6
-2.4
0.3
3.3
3.7
2.4
-2.5
-0.8
3.0
6.6
6.6
-2.0
-1.0
2.9
6.9
6.8
-2.0
16
-.5
3.0
3.9
.4
13
-.4
3.1
4.3
.5
7.3
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
1.3
2.2
3.1
1.6
-1.4
1.0
2.2
3.3
1.3
j^
6.4
2.9
2.9
5.3
12.1
6.6
3.1
2.8
5.0
12.2
4.5
4.4
3.4
5.5
9.5
4.8
4.5
3.0
3.8
10.2
1975
1976
1977
1978
1979
2.2
3.3
2.4
.5
-1.2
2.0
3.2
2.2
.6
15
20
6.4
6.6
5.5
2.3
-2.2
6.7
6.7
5.7
2.2
-4.1
3.0
4.1
4.9
3.5
-4.1
3.4
4.4
5.1
3.7
9.6
8.5
7.7
8.5
9.4
9.6
8.1
7.5
8.6
9.0
.5
2.6
1.2
.8
-1.7
.4
2.2
1.0
.8
-2.0
7.3
5.1
5.1
8.0
10.7
7.5
4.7
5.2
8.0
10.7
9.8
4.7
5.6
7.5
9.0
10.3
5.1
5.7
7.1
8.8
1980
1981
1982
1983
-.5
1.9
.2
2.7
-.7
1.5
.2
3.5
-1.2
2.5
-2.6
4.4
-1.4
2.1
-2.6
5.0
-.7
.6
28
1.7
-.6
.6
28
1.5
10.4
9.4
8.1
4.3
10.3
9.6
8.0
4.9
-2.7
-.9
1.9
1.1
-2.8
7
1.7
1.6
11.0
7.3
7.9
1.6
11.1
8.0
7.7
1.4
9.3
9.6
5.3
3.0
10.0
9.8
5.7
3.2
1982: m
IV
2.4
2.7
3.6
1.1
-1.3
-1.2
-.1
-3.0
7.5
4.5
7.5
5.1
.3
2.9
.3
3.5
5.0
1.7
3.7
4.0
2.3
1.8
2.0
2.4
1983: I
2.1
5.9
2.8
1.4
4.4
8.1
2.1
1.0
4.4
12.4
9.3
7.8
6.0
14.3
8.7
9.1
2.2
6.1
6.4
6.2
1.5
5.7
6.5
8.0
4.4
2.2
2.0
6.1
5.7
3.5
2.2
4.1
4.1
-2.1
-2.1
1.6
5.4
-.8
-1.9
-.3
2.2
-3.5
-.8
4.6
1.3
-4.2
.1
3.0
4.6
1.9
2.5
4.1
4.6
2.2
2.7
3.7
4.0
4.9
.9
2.9
5.5
-.7
11.4
11.2
2.0
10.3
10.6
1.0
7.2
6.0
1.1
7.2
4.8
1.7
6.2
1.9
4.5
6.1
3.7
3.8
1.2
-1.8
.9
1.0
0
.2
2.1
-2.9
3.6
3.1
-1.7
4.5
3.7
2.9
3.3
2.8
2.8
3.8
1982:
HI
IV
1983- I
n
in
IV
n
m
Percent change; quarterly data at seasonally adjusted annual rates
n
m
IV
1984: I
n
m
1
2
-3.6
-3.8
-3.6
-4.0
Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
* Hourly compensation divided by the consumer price index for all urban consumers.
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.4 percent in November following declines of 0.4 percent in October and 0.6 percent in
September. The index for November was 6.2 percent above its year earlier level.
INDEX, 1967= 100* (RATIO SCALE)
INDEX, 1967 = 100* (RATIO SCALE)
180
—TOTAL INDUSTRIAL PRODUCTION
180
160
UTILITIES AND MINING PRODUCTIO
160
UTILITIES
i-
140
140
MINING
— X
V
120
120
1981 1982
1980
1,984
1983
100
AA AMI IE/
180
160
140
^x
^CTURING PRODUCTKIN
-\
V
NONDURABI£
-N
s'
N
>
%./
/
,"~~
.A
120
1981
1983
1984
f^~80
^
_
^A,/
1982
1982
90 -MANUFACTURING CAPACITY UTILIZATION RATE
*"
I l l l l l l l l l l ll!!ll|||!l lilllllllll
1980
1981
—
S
-^—\
DURABLE
1980
PERCENT*
— ——-
\-v-. y^
\s
70
Illllllllll
1983
Illllllllll
60
1984
iiiiihiin
Illllllllll
iiiiiiniM
1980
1981
1982
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Illllllllll Illllllllll
1983
1984
COUNCIL OF ECONOMIC ADVISERS
(Monthly data seasonally adjusted]
Period
Index,
1967 = 100
1967 proportion
1974....
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983: Nov
Dec
1984: Jan ...
Feb
Mar...
Apr
May...
June
July
Aug r
Septr.
Oet r
Nov*
1
Output as percent of capacity.
Manufacturing
Percent
change
from year
earlier
100.00
129.3
117.8
130.5
138.2
146.1
152.5
147.0
151.0
138.6
147.6
155.3
156.2
158.5
160.0
160.8
162.1
162.8
164.4
165.9
166.0
165.0
164.3
165.0
Capacity utilization
rate, percent (Federal
Reserve series) l
Industry production indexes, 1967 = 100
Total
industrial
production
Mining
Total
Durable
87.95
04
-8.9
10.8
5.9
5.7
4.4
-3.6
2.7
-8.2
6.5
15.1
15.5
15.4
15.9
14.9
13.7
12.7
12.3
10.8
9.4
7.3
6.0
6.2
129.4
116.3
130.3
138.4
146.8
153.6
146.7
150.4
137.6
148.2
156.4
156.8
159.5
161.4
162.1
163.4
164.2
165.7
167.3
167.6
166.6
166.4
167.0
51.98
125.7
109.3
122.3
130.0
139.7
146.4
136.7
140.5
124.7
134.5
143.6
145.0
148.6
150.5
151.4
152.6
153.3
154.9
157.2
157.8
157.0
156.3
157.1
Utilities
Nondurable
35.97
134.6
126.4
141.8
150.5
156.9
164.0
161.2
164.8
156.2
168.1
174.8
173.9
175.2
177.2
177.6
179.1
179.9
181.3
181.8
181.7
180.5
181.0
181.4
6.36
115.3
112.8
114.2
118.2
124.0
125.5
132.7
142.2
126.1
116.6
121.1
123.7
124.8
124.1
123.8
123.3
125.0
127.0
129.9
128.3
128.4
123.4
124.4
5.69
143.7
146.0
151.7
156.5
161.4
166.0
168.3
169.1
168.7
172.4
176.3
182.5
181.0
176.5
180.0
182.7
182.3
184.3
181.8
180.6
180.8
180.7
181.1
Manufacturing
Industrial
materials
83.7
72.9
79.6
82.2
84.7
86.0
79.6
79.4
71.1
75.2
78.8
78.9
80.1
80.9
81.0
81.5
81.7
82.2
82.8
82.8
82.1
81.7
81.9
87.0
73.3
81.1
82.6
85.6
87.6
80.4
80.7
70.1
75.2
79.6
79.6
80.6
81.9
82.2
82.5
82.7
82.9
83.1
83.2
82.3
81.3
81.5
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100; monthly data seasonally adjusted]
Products
Final products
Period
Total
Durable
goods
Total
1967 proportion
1874
1975
1976
1977
1978
1979 .
1980
1981
1982
1983
1983: Nov
Dec
1984- Jan
Peb
Mar
Aur
May
June
July
Aiiff r.
Septr.
Oct r.
Nov P
Intermediate products
47.82
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5
147.1
153.2
155.2
157.5
158.0
158.6
160.2
161.1
163.1
165.2
165.1
164.5
164.5
165.5
7.89
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.2
147.5
155.9
158.6
163.4
162.5
163.1
162.2
161.4
163.6
163.7
162.6
159.6
158.1
162.1
27.68
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
151.7
156.1
157.7
159.5
159.4
160.2
161.4
161.7
163.0
163.8
162.5
161.6
161.7
163.3
Materials
Equipment
Consumer goods
Nondurable
goods
19.79
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
153.4
156.1
157.3
157.9
158.2
159.1
161.1
161.8
162.7
163.9
162.4
162.4
163.1
163.7
Total
20.14
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
140.8
149.1
151.8
154.9
156.1
156.4
158.5
160.3
163.3
167.0
168.7
168.5
168.4
168.5
Business
12.63
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9
153.3
164.1
167.3
170.7
171.9
172.1
173.5
176.5
181.1
185.5
187.6
186.4
185.0
184.4
Defense
and space
equipment
7.51
82.4
80.0
79.8
81.3
86.5
93.4
98.2
102.7
109.4
119.9
124.0
125.7
128.3
129.5
130.1
133.2
133.1
133.5
135.9
136.8
138.5
140.5
141.7
Total
12.89
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
156.6
165.5
165.4
167.8
169.0
170.2
171.0
171.6
173.5
175.8
175.1
173.5
173.8
173.4
Construction
supplies
6.42
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
142.5
151.6
151.5
155.5
156.6
159.1
159.6
159.5
160.9
161.9
160.9
159.2
158.5
158.1
Business
supplies
6.47
136.0
129.7
141.7
149.5
156.5
1-63.1
162.8
166.7
162.1
170.7
179.4
179.3
180.1
181.3
181.3
182.3
183.5
186.1
189.5
189.1
187.6
188.9
39.29
132.4
115.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7
145.2
154.5
154.5
156.6
159.4
160.4
161.5
162.0
162.9
163.5
164.0
162.7
161.0
161.8
Supplementary
group:
Energy
total
12.23
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
135.9
138.5
141.1
141.6
141.4
141.9
142.8
143.3
144.5
144.0
143.0
142.6
140.3
140.7
[1967 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
1967 proportion
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983 . .
1983: Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug r
Sept r
Oct r
Nov p
6.57
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
85.4
92.2
90.4
93.2
98.4
97.5
99.3
98.2
97.9
94.5
94.4
93.2
92.0
92.6
Iron and
steel
Fabricated metal
products
4.21
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
71.5
79.2
74.1
80.7
86.0
84.4
84.0
83.5
83.5
76.5
77.7
75.4
74.7
Source: Board of Governors of the Federal Reserve System.
18
5.93
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
120.2
128.5
129.2
131.7
132.8
134.9
135.5
136.5
138.7
140.6
140.0
139.6
140.0
139.2
Nonelectrical
machinery
9.15
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
150.6
161.8
164.3
169.5
170.9
171.9
174.9
178.8
182.0
186.9
189.1
187.9
185.5
183.8
Transportation
equipment
Electrical
machinery
Total
8.05
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
185.5
200.1
201.5
206.2
209.9
212.0
214.6
214.5
216.0
221.5
221.5
223.0
220.8
221.1
9.27
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
117.8
127.3
130.8
134.9
135.2
135.8
134.5
135.0
137.2
140.6
141.0
137.6
137.6
142.9
Motor
vehicles
and parts
4.50
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
137.1
152.9
158.9
166.3
164.4
165.8
161.9
163.0
165.3
169.0
169.6
162.4
161.7
173.3
Lumber
and
products
1.64
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
137.2
141.0
143.8
146.0
145.6
149.3
151.2
146.3
148.5
146.0
148.8
149.2
148.8
Apparel
products
3.31
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
Printing
and
publishing
4.72
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
144.1
152.5
162.0
161.7
163.4
164.8
165.2
166.3
167.5
169.0
172.6
173.1
171.3
172.0
172.6
Chemicals and
products
7.74
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
215.0
225.6
221.1
221.5
224.8
225.0
228.3
227.9
231.0
232.0
231.6
230.8
232.7
Foods
8.75
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
156.4
157.1
157.7
159.4
160.0
161.2
163.1
164.2
165.1
164.9
164.7
164.5
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 2
Private
Period
Total new
construction
expenditures
Residential
Total
Commercial
and industrial
New housing
units
Total 1
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billons of dollars
1976
1977
1978
1979 .
1980
1981.
1982
1983
151.1
173.8
205.6
230.4
230.7
239.1
230.1
262.2
112.0
135.7
159.7
181.6
175.7
185.8
179.1
211.4
60.5
81.0
93.4
99.0
87.3
86.6
74.8
111.7
19.9
22.5
29.6
39.9
43.8
51.3
54.6
48.7
47.3
65.7
75.8
78.6
63.1
62.7
51.9
86.1
31.5
32.2
36.7
42.7
44.7
47.9
49.7
51.0
79.0
100.0
114.0
122.0
107.0
110.0
112.0
138.0
39.1
38.2
45.9
48.8
55.0
53.3
51.0
50.8
Annual rates
Annual rates
1983:
Get
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June . .
July
Auf r
Sept r
Oct p
Nov p
1
267.9
267.0
263.9
280.9
300.4
309.7
308.6
316.4
315.3
311.0
311.0
310.5
315.8
219.2
217.4
213.3
230.0
248.1
255.0
254.1
261.2
257.8
254.8
254.5
253.2
258.0
118.6
113.5
109.7
121.9
137.4
141.1
136.6
138.4
136.4
135.3
133.8
131.3
134.0
592
739
977
1,059
904
919
690
750
94.2
94.9
95.0
96.9
102.3
102.4
102.7
106.4
105.0
105.0
104.9
103.5
105.3
47.8
49.8
49.6
53.9
56.0
59.6
61.0
64.9
63.0
61.8
64.0
65.6
67.0
52.8
54.2
54.0
54.1
54.7
54.2
56.5
57.9
58.4
57.6
56.7
56.3
57.0
137
145
134
150
150
144
145
165
148
152
151
144
146
158
48.8
49.6
50.6
50.9
52.3
54.8
54.5
55.2
57.5
56.2
56.5
57.4
57.8
856
884
803
931
751
884
960
1,013
888
957
1,011
901
937
1,002
Includes nonhousekeeping residential construction and additions and alterations, not shown sep-
for floor space.
FJ'W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
Sources: Department of Commerce (Sureau 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 private homes
New private housing units
Period
Units started, hy type of structure
Total
1976
1977.
1978
1979
1980
1981.
1982
1983...
,537.5
,987.1
2,020.3
,745.1
,292.2
,084.2
,062.2
,703.0
1 unit
1,162.4
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
2-4 units
85.9
121.7
125.0
122.0
109.5
91.1
80.0
113.5
5 or more units
Units
authorized
289.2
414.4
462.0
429.0
330.5
287.7
319.6
522.0
Units
completed
Homes sold
Homes for
sale at end of
period *
,296.2
,690.0
,800.5
,551.8
,190.6
985.5
,000.5
,605.2
1,377.2
1,657.1
,867.5
,870.8
,501.6
,265.7
,005.5
,390.3
646
819
817
709
545
436
412
623
353
402
414
3
398
336
272
251
300
,649
,602
,799
,902
,727
,758
,745
,768
,565
,506
,440
1,418
1,591
1,445
1,489
1,606
1,565
1,590
1,654
1,756
1,739
1,718
r
1,689
r
l,649
1,579
636
755
681
712
682
649
616
635
r
615
r
563
r
666
680
304
300
302
303
320
328
333
339
r
341
r
345
345
348
Vacancy rate
for rental
housing units
(percent) 2
5.6
5.2
5.0
5.4
5.4
5.0
5.3
5.7
Seasonally adjusted annual rates
1983- Nov
Dec
1984' Jan
Feb
Mar
Apr
May
June
July
Auff ..
Sept r
Get r
Nov p
1
1,730
1,694
1,980
2,262
1,662
2,015
1,794
1,877
1,754
1,554
1,683
1,538
1,528
1,074
1,021
1,301
1,463
1,071
1,196
1,131
1,084
990
932
1,016
974
966
130
133
114
148
137
169
116
107
118
113
109
106
134
526
540
565
651
454
650
547
686
646
509
558
458
428
Seasonally adjusted.
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
2
5.5
5.6
5.5
6.0
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for
1973-77 are for 14,000 places.
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales rose 0.2 percent in October and inventories rose $4.7 billion. According to advance
data, retail sales rose 1.8 percent in November following an increase of 0.1 percent in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
ouu
iOU
550 —
^s*^~~
500
/
^^
450
• '***->
--^r-
^****~
MAN UFACTURIN<3 AND
TR^^DE INVENTC)RIES
_
400
150
140
130
120
110
nr-T- * i
' -"
L INVENTOR r^*
^s—
^
—
^~~~* h-^—l
*~-
w-x~-"~
***
100
~''
~, .,'
90
350 —
+ ~*
80
DETAIL SALE;>
N
*.*'
MA slUFACTURIh I.G
AN!) TRADE SALES
300
70
—
250 —
—
60
50
200
Illllllllll
Illllllllll Illllllllll
1981
1980
Illllllllll
Illllllllll
1983
1984
1982
RATIO*
150 —
—
1.80
_ INVENTORY-SALES RATIO
MANUFACTURING AND TRADE
1.60
100 Illllllllll M l l l l l l l M ll|lllll||l Illllllllll Illllllllll
1980
1982
1981
1983
1.20
1980
1984
1981
1982
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade 1
Sales
Invento-3
ries
I
1984
COUNCIL OF ECONOMIC ADVISERS
Inventory-sales ratio 4
Retail
Wholesale
Inventories 3
Sales 2
Period
2
1983
Sales
2
Invento-3
ries
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade l
Retail
Millions of dollars, seasonally adjusted
1976
1977
1978
1979
1980
1981
1982
1983
204,277
229,624
260,263
297,565
327,113
355,762
343,504
367,096
318,544
351,055
398,457
449,542
491,431
523,623
505,546
514,336
50,694
55,987
66,117
78,680
92,658
100,673
94,765
98,649
64,078
72,311
85,568
98,008
111,792
115,854
115,563
118,067
54,781
60,435
67,242
74,948
80,064
86,960
89,547
97,831
18,150
20,724
23,211
25,179
24,365
26,306
27,041
32,095
36,631
39,711
44,031
49,770
55,699
60,654
62,506
65,735
79,273
89,530
102,504
110,592
115,550
125,710
125,384
135,843
37,841
43,135
49,858
53,413
53,952
58,559
56,748
63,447
41,432
46,395
52,646
57,179
61,598
67,151
68,636
72,396
1.48
1.46
1.44
1.43
1.45
1.43
1.50
1.37
1.38
1.40
1.43
1.44
1.41
1.39
1.39
1.33
1983- Oct
Nov
Dec.
382,457
386,564
395,682
509,171
511,453
514,336
104,210
103,793
106,892
116,825
116,958
118,067
100,923
101,896
102,438
33,882
34,641
35,532
67,041
67,255
66,906
132,777
134,622
135,843
61,048
62,441
63,447
71,729
72,181
72,396
1.33
1.32
1.30
1.32
1.32
1.33
1984: Jan
Feb
Mar
Apr
May ....
June
July
Aug
Sept r
Oet p
Nov p
401,133
398,815
401,905
405,880
412,725
414,124
411,410
411,176
410,505
411,280
518,062
527,216
532,766
541,060
545,912
546,834
551,366
556,519
560,430
565,165
110,125
108,328
109,553
111,043
115,112
114,401
113,310
112,564
112,114
112,364
119,201
120,411
121,477
123,785
124,368
123,994
126,227
126,676
128,205
129,835
106,602
105,482
103,873
107,505
108,237
109,322
107,442
106,606
108,240
r
108,395
110,349
37,127
36,909
35,306
37,436
37,912
38,687
37,452
36,781
37,046
r
38,427
39,094
69,475
68,573
68,567
70,069
70,325
70,635
69,990
69,825
71,194
r
69,968
71,255
137,977
142,731
143,910
146,883
146,951
145,359
145,120
146,318
147,040
148,904
63,749
66,513
66,946
69,010
68,277
66,896
66,141
66,602
67,458
68,485
74,228
76,218
76,964
77,873
78,674
78,463
78,979
79,716
79,582
80,419
1.29
1.32
1.33
1.33
1.32
1.32
1.34
1.35
1.37
1.37
1.29
1.35
1.39
1.37
1.36
1.33
1.35
1.37
1.36
1.37
1
2
3
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
4
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In October, manufacturers' shipments and inventories rose and orders fell. In November, according to advance
data, durable goods shipments and new orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
oou
I M\/C kJTpkB 1 C C
320
-=
280
BILLIONS OF DOLLARS* (RATIO SCALE)
200 — onlrMtmp
^^ _
•—
y ^-
I>—
240
TOTAL
120
80
1 rH
% % ^ '*'
/
NONDURA \\L GOODS
60
160
DURABLE GOO IS
120
100
40 I I M l l M M I Illllllllll Illllllllll Illllllllll Illllllllll
—"""
^
-„ — .«—•
r,r-4----~-
.-
•^n^
1
200
DURABLE GOODb
\|
100
^
J^****"
~^~^i
TOTAL
_-,.
160
*•-*"
*••""***"
V—i
DURABLE GC"v^ni
80
60
BILLIONS OF DOLLARS* (RATIO SCALE)
Z4U
DERS
200 - NEW OR
160
r^^l
f~~
1
TOTAL
-"^
120
80
"
PURARIF GOODS
L\_ ,
100
mm
-rur*
-:v~
|i|m
40 I I I M l l l l M MlllllMll Illllllllll
-x^ _
./-"""I[—•
^-4"-Z
k^«»-v..
"*"**-\»»«/* NONDURABLE GOODS
lllllllMil
RATIO*
2.2
INVENTORY-SHIPMENTS RATIO
2.0
1.8
1.6
60
1.4
40 Illllllllll Illllllllil Illllllllll Illllllllll Illllllllll
1980
1981
1982
1.2
1984
1983
1980
1981
1982
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1983
Manufacturers' shipments *
Manufacturers' inventories
2
Manufacturers' new orders *
Durable goods
Period
Total
Durable
goods
1984
COUNCIL OF ECONOMIC ADVISERS
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled3
orders
Manufacturers'
inventoryshipments
ratio 4
Millions of dollars, seasonally adjusted
1976
1977
1978
1979
1980
1981
1982.
1983
98,802
113,202
126,905
143,936
154,391
168,129
159,193
170,617
50,689
59,267
67,848
76,060
77,550
83,872
76,859
85,126
48,113
53,935
59,057
67,876
76,841
84,257
82,334
85,491
175,193
189,214
210,385
240,942
264,089
282,059
264,599
260,426
112,581
121,601
137,825
160,451
174,552
186,053
175,009
171,571
62,612
67,613
72,560
80,491
89,537
96,006
89,590
88,855
99,543
115,032
131,546
147,403
156,161
167,761
157,389
173,433
51,398
61,082
72,339
79,451
79,360
83,562
75,129
87,806
12,799
15,291
19,458
23,231
23,259
24,050
20,681
22,764
48,145
53,950
59,207
67,953
76,801
84,199
82,260
85,627
182,499
203,475
259,755
301,982
323,312
318,794
296,147
330,122
1.69
1.61
1.57
.57
.66
.64
.73
.52
1983: Oct
Nov
Dec
177,324
180,875
186,352
89,181
92,311
96,351
88,143
88,564
90,001
259,569
259,873
260,426
170,219
170,656
171,571
89,350
89,217
88,855
182,911
186,606
188,374
94,776
97,991
98,444
25,499
24,680
24,893
88,135
88,615
89,930
322,369
328,099
330,122
.46
.44
.40
1984: Jan
Feb
Mar
Apr... .
May•>
T
June
July
184,406
185,005
188,479
187,332
189,376
190,401
190,658
192,006
190,151
190,521
95,283
96,297
96,990
95,697
97,944
99,042
98,390
101,035
98,943
r
100,427
102,081
89,123
88,708
91,489
91,635
91,432
91,359
92,268
90,971
91,208
90,094
260,884
264,074
267,379
270,392
274,593
277,481
280,019
283,525
r
285, 185
286,426
171,549
173,203
175,751
177,993
180,578
182,452
184,559
187,142
188,915
190,476
89,335
90,871
91,628
92,399
94,015
95,029
95,460
96,383
7
96,270
95,950
188,671
191,336
196,477
189,715
193,680
190,620
194,037
192,578
189,817
185,856
99,439
102,345
105,183
98,317
102,256
99,171
101,704
102,015
98,676
r
96,067
103,997
25,093
27,018
26,860
25,885
28,958
28,029
27,648
26,499
27,835
r
25,378
27,849
89,232
88,991
91,294
91,398
91,424
91,449
92,333
90,563
91,141
89,789
334,385
340,725
348,717
351,099
355,398
355,625
358,990
359,564
359,232
354,566
.41
.43
.42
.44
.45
.46
.47
.48
.50
.50
AufiT
Sept
Oct r
Nov '
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.
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 November, the producer price index for all finished goods rose 0.5 percent, seasonally adjusted. Prices of
finished consumer foods rose 0.7 percent and prices of other finished consumer goods rose 0.5 percent. Prices of
capital equipment rose 0.2 percent.
INDEX, 1967= 100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
320
— FINISHED GOODS
300
320
CONSUMER GOODS
NVJ rwwuo
'~'* h" **
\
—
240
.^r-****"5*-*
TOTAL FINISHED
*S*^^'
GOODS
JS -*<"
280
"*"*"*
r-*X,'--±.
X&\--\~\
p
,-x.,^
,-'•£ /?'
[
L— "^
260
"'**'
' . X
cONSUMER FOC
~~
)DS
CAPITAL EQUIP MENT
220
200
240
_
220
—
200
s
s- — •& ^-"
t>-^
'^ ,'-'
,--'
—
,1
180 \_/ X.-^--l*
180
—
160
140
300
s~ __J~j
f&.^s'e^a
280
260
—
160
imilim i
iiiiiiiiiii
1976
1977
lilllllllll
lilllllllll
1978
1979
lilllllllll lilllllllll l i l l l l l l l l l i l l l l l l M I I lilllllllll
1 980
1982
1981
1983
140
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967 = 100; monthly data seasonally adjusted]
Finished goods
Period
Total
finished
goods
1976
1977
1978
1979
1980
1981 .. .
1982
1983 .. .
1983: Nov
Dec
1984- Jan
Feb
Mar
Apr
J
May
T
June
r
July
. J .
Auer
Sept
Get
Nov
1
170.6
181.7
195.9
217.7
247.0
269.8
280.7
285.2
286.9
287.4
289.1
290.2
291.4
291.4
291.1
291.1
291.9
291.9
291.4
290.9
292.4
Finished goods excluding consumer foods
Consumer
foods
Total
180.4
189.9
207.2
226.2
239.5
253.6
259.3
261.8
263.9
265.8
272.8
274.5
276.4
274.4
271.4
270.3
273.8
273.7
272.5
272.7
274.5
166.1
177.7
190.7
213.3
247.8
273.3
285.8
290.8
292.5
292.4
292.3
293.1
294.0
294.8
295.4
295.8
295.6
295.7
295.4
294.8
296.1
Intermediate materials for food manufacturing and feeds.
22
Consumer goods
Total
162.6
174.3
186.7
211.5
250.8
276.5
287.8
291.4
292.9
292.4
292.0
292.7
293.6
294.0
295.0
295.5
294.8
294.5
294.0
293.8
295.3
Durable
144.5
152.8
166.9
183.2
206.2
218.6
226.7
233.1
233.8
234.0
234.0
235.2
237.3
237.2
236.8
237.1
237.3
238.1
237.7
235.5
236.7
Nondurable
Capital
equipment
174.8
189.3
200.0
231.3
283.9
319.6
333.6
335.3
337.5
336.5
335.7
336.1
336.0
336.7
338.9
339.5
338.2
336.9
336.2
337.7
339.8
173.4
184.6
199.2
216.5
239.8
264.3
279.4
287.2
289.0
289.8
290.5
291.7
292.5
294.3
293.9
294.2
294.9
296.2
296.3
294.6
295.3
Total
finished
consumer
goods
169.7
180.7
194.9
217.9
248.9
271.3
281.0
284.6
286.3
286.7
288.7
289.8
291.0
290.6
290.3
290.2
291.0
290.7
290.0
289.9
291.6
Intermediate materials
Crude materials
Total
Foods
and
feeds l
Other
Total
Foodstuffs
and
feedstuffs
Other
189.1
201.5
215.6
242.2
280.3
306.0
310.4
312.3
316.6
317.1
317.0
317.6
319.3
319.5
320.3
321.6
321.0
320.5
320.1
320.5
321.6
185.3
190.5
203.1
226.1
252.6
250.3
239.4
247.9
258.9
257.8
261.1
256.5
259.8
260.3
259.8
257.7
252.9
250.1
246.2
243.8
245.6
189.4
202.3
216.5
244.4
282.3
310.1
315.7
317.1
321.0
321.5
321.2
322.2
323.8
323.9
324.9
326.4
326.1
325.7
325.6
326.2
327.3
202.7
209.2
234.4
274.3
304.6
329.0
319.5
323.6
330.4
333.6
336.0
330.9
337.1
336.9
333.8
330.9
331.0
327.2
327.0
324.0
330.4
190.2
192.1
216.2
247.9
259.2
257.4
247.8
252.2
259.6
263.6
269.4
261.1
271.5
268.3
260.9
255.4
256.4
252.3
252.2
249.4
261.6
228.5
245.0
272.3
330.0
401.0
482.3
473.9
477.4
483.1
484.4
479.9
481.4
479.0
485.0
490.8
493.5
491.6
488.6
488.0
484.3
479.0
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In November, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted {il was
unchanged not seasonally adjusted). The Index was 4.0 percent above its level in November 1983.
HMDEX, 1967= 100 (RATIO SCALE)
IMDEX, 1967= 100 (RATIO SCALE)
32©
320
UNADJUSTED
300
300
280
280
260
260
240
240
ALL ITEMS
220
220
200
200
180
160
160
140
140
1977
1976
1979
1978
1981
1980
1982
1983
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
1984
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
Shelter
Period
AH
items *
Food
HomeTotal
l
Total
Renters' 2
costs
NSA
5
Rel. imp.
1976
1977
1978
1979
1980
1981
1982
1983.
1983: Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
100.0
1705
181.5
1954
217.4
2468
272.4
289 1
2984
303.1
303.5
305.2
306.6
307.3
308.8
309.7
310.7
311.7
313.0
314.5
315.3
315.3
owners' 2
costs
NSA
18.7
1808
192.2
211 4
234.5
2546
274.6
285 7
291 7
294.1
295.4
300.2
302.2
301.8
301.7
300.9
301.3
302.2
304.1
303.8
304.9
305.6
1
Includes items not shown separately.
2
December 1982=100.
3
Includes direct pricing of diesel and gasohol
4
37.6
174 6
1865
202 8
227.6
263 3
293.5
314 7
323 1
327.4
328.1
329.6
331.1
331.2
333.3
334.1
334.9
336.7
338.7
340.2
340.5
341.4
21.5
1790
191 1
2104
239 7
281 7
314.7
337 0
344 8
350.7
351.8
353.0
353.8
355.3
357.6
358.7
360.0
362.5
364.3
366.1
367.4
368.7
7.0
103 0
105.0
105.3
105.7
106.0
106.5
107.4
107.8
108.2
108.9
109.5
110.0
110.5
110.9
Maintenance
and
repairs
0.5
199 6
214 7
233 0
2564
285 7
3144
334 1
346 3
353.4
354.7
356.7
353.5
355.3
356.3
357.3
358.9
360.3
360.1
362.7
361.6
362.9
beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc.5 also included through 1982.
Relative importance, December 1983.
and
Apparel and
other
utilities
upkeep
8.2
182 7
202 2
2160
239 3
2786
319 2
3508
3703
374.4
373.8
378.2
384.8
380.9
383.9
384.6
385.4
388.6
391.7
392.9
389.9
390.7
5.2
147 6
154 2
159 6
1666
1784
1869
191 8
1965
198.5
198.5
199.0
198.5
198.6
198.5
198.6
198.1
199.0
200.8
202.1
203.2
203.0
Total *
New
cars
Motor3
fuel
Medical
care
Energy 4
and
shelter
NSA
14.0
102 5
104.3
104.5
104.9
105.1
105.6
106.2
106.5
106.8
107.6
108.1
108.7
109.1
109.4
Fuel
All
items
less
food,
energy,
21.8
165 5
177 2
185 5
212.0
249 7
280.0
291 5
2984
305.5
306.1
306.7
306.6
309.4
311.2
312.7
312.1
311.1
311.2
312.7
314.9
315.2
3.5
135 7
142.9
153 8
166.0
1793
190.2
197 6
202 6
205.3
205.7
205.6
206.4
207.4
207.6
207.2
207.3
208.3
209.4
210.5
210.9
210.3
5.9
111 9
188.2
196.3
265.6
369.1
410.9
389.4
3764
381.6
379.8
375.9
370.5
374.0
375.4
376.1
370.4
364.0
361.2
365.2
371.6
373.2
6.1
184.7
202.4
219.4
239.7
265.9
294.5
328.7
357 3
364.7
366.0
368.6
371.5
373.5
375.3
377.3
379.0
381.1
382.2
383.4
385.4
387.1
11.9
189.3
207.3
220.4
275.9
361.1
410.0
416.1
4193
424.5
423.3
421.7
422.7
421.8
424.7
425.4
422.6
421.2
421.8
424.4
425.6
426.5
47.9
159.9
169.5
179.1
191.5
208.3
228.1
245.6
258.4
263.5
264.2
265.8
266.7
267.8
269.1
270.0
270.7
271.6
272.7
273.9
274.8
275.3
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and
clerical workers.
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]
Change from preceding period
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Consumer goods
Consumer goods
Consumer goods
Period
Change from 6 months earlier, annual rate
Change from 3 months earlier, annual rate
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
1975
1976
1977
1978
1979
1980
1981
1982
1983
6.6
3.7
6.9
9.2
12.8
11.8
7.1
3.7
.6
6.7
6.0
6.7
8.5
17.5
14.2
8.5
4.2
-.8
5.5
-2.5
6.9
11.7
7.4
7.5
1.4
2.1
2.3
10.8
4.4
6.5
7.8
11.1
13.5
9.2
4.0
1.6
8.2
6.4
7.3
7.9
8.8
11.4
9.2
3.9
1.9
Change, month to month
1983:
Nov
Dec
-0.1
1984- Jan
Feb
Mar
Apr
May
T
June
July r
Aug r
Sept
Oct T
Nov ...
J
-0.3
.2
.7
.6
.4
.4
0
-.1
0
.3
0
-.2
2
.5
2.6
.6
.7
-1.1 ^
4
1.3
o
— .4
.1
.7
0.0
-.2
0.1
.3
0.8
1.1
5.8
5.8
08
-1.4
0.3
1.8
2.0
1.5
1.5
4.1
2.4
.2
1.8
2.0
0.7
.6
-.1
.2
.3
.1
.3
.2
-.2
1
-.2
1
.5
.2
.4
.3
.6
-.1
.1
.2
.4
.0
6
.2
2.8
4.7
5.7
3.2
1.2
12.6
17.1
16.9
2.4
-4.4
-8.5
-.9
3.4
3.3
16
1.2
-1.1
-.3
1.7
2.8
3.2
2.6
1.1
-.7
-2.0
-1.3
1.1
2.7
3.8
3.8
5.3
3.1
2.3
.8
3.2
2.9
-.4
-1.2
2.8
2.7
3.4
3.0
2.9
2.6
1.9
1.2
0
-.3
.9
10.7
11.3
11.2
7.4
-.3
-.5
.1
.8
1.4
2.1
1.9
1.2
.3
-.1
.2
2.1
2.0
2.8
4.0
3.4
3.1
3.1
3.1
2.6
.2
1.0
2.0
2.3
2.8
2.9
2.4
2.1
2.3
2.0
1.6
1.4
1.9
A
.1
1.1
.4
14
.7
NOTE.—NSA indicates data are not seasonally adjusted.
5.8
3.4
.7
__.e
-2.8
-1.2
2.3
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Housing
Transportation
Shelter
Period
All
items l
Food
Total l
Homeowners'
costs
RentTotal ! ers'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total »
New
cars
Motor
fuel 2
Medical
care
Energy 3
All
items
less
food,
"ST
shelter
Addendum: All items, percent change
(annual rate)
From
previous
quarter 4
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
NSA
Change, December to December, NSA
1975
1976
1977
1978
1979
1980
1981
1982
1983
7.0
4.8
6.8
9.0
13.3
12.4
8.9
3.9
3.8
6.5
.6
8.0
11.8
10.2
10.2
4.3
3.1
2.6
7.5
5.4
7.6
9.9
15.2
13.7
10.2
3.6
3.5
7.3
4.2
8.7
11.5
17.4
15.1
9.9
2.4
4.7
5.1
4.5
Nov
Dec
0.4
.2
0.2
.4
0.4
.2
0.4
.3
0.4
.3
0.4
.2
0.6
2
0.2
0
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
.6
.4
.2
.5
.2
2
.3
.5
.4
.4
.2
1.6
.7
— .1
-.0
-.3
.1
.3
.6
— .1
.4
.2
.5
.5
.0
.6
.2
.2
.5
.6
.4
.1
.3
.3
.2
.4
.6
.3
.4
.7
.5
.5
.4
.4
.4
.3
.5
.8
.4
.4
.6
.6
.5
.5
.4
.4
.2
.5
.6
.3
.3
.7
.5
.6
.4
.3
1.2
1.7
-1.0
.8
.2
.2
.8
.8
.3
-.8
.2
.3
-.3
.1
-.1
.1
g
.5
.9
.6
.5
— .1
11.2
9.0
8.1
5.9
16.0
13.6
14.5
9.7
1.8
2.3
4.5
4.2
3.2
5.5
6.8
3.6
1.6
2.9
7.3
4.8
7.2
6.2
7.4
7.5
6.8
1.6
3.4
11.0
2.6
4.9
8.5
52.2
18.9
9.4
65
-1.7
9.9
10.1
8.8
8.8
10.1
10.0
12.5
11.0
6.4
11.6
6.9
7.2
8.0
37.4
18.1
11.9
1.3
6.4
7.0
5.2
6.5
7.2
9.9
9.4
6.1
5.0
0.4
.2
0i
.2
04
0.5
.4
0.1
-.3
0.5
.3
.2
-.0
.9
.6
.5
-.2
-.3
.0
.5
.7
.1
Q
.4
.5
.1
-.2
.0
.5
.5
.5
.2
3
10
-1.4
.9
.4
.2
-1.5
-1.7
8
1.1
1.8
.4
.7
.8
.5
.5
.5
.5
.6
.3
.3
.5
.4
-.4
.2
2
.6
.3
.4
.5
.3
.3
.3
.4
.4
.3
.2
9.8
8.8
4.3
7.7
18.2
14.7
11.0
1.7
3.9
9.1
5.8
6.5
7.7
11.3
13.5
10.4
6.1
3.2
Change, month to month
1983:
1984:
1
Includes items
2
Includes direct
3
not shown separately.
pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
4
Quarterly changes are shown in the last month of the quarter.
NOTE.—NSA indicates data are not seasonally adjusted.
24
^7
.2
-.7
-.3
.1
.6
.3
.2
4.5
5.0
3.7
3.5
4.6
4.0
4.2
4.3
3.2
3.8
5.0
5.0
5.0
4.3
3.6
3.3
2.6
3.7
4.5
4.7
3.8
4.8
4.8
4.5
4.6
4.3
4.1
3.4
3.6
3.9
3.7
3.7
4.1
4.6
4.7
4.5
4.2
4.2
4.1
4.2
4.2
4.2
4.0
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with data for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 0.7 percent in November and prices paid by farmers were unchanged.
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
60
60
1984
1976
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Prices paid by farmers
Prices received by farmers
Period
1976
1977
1978
1979
1980
1981
1982
1983
1983:
All farm
products
Livestock and
products
Crops
All commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
.
102
100
115
132
134
139
133
134
102
100
105
116
125
134
121
127
101
100
124
147
144
143
145
141
95
100
108
123
138
150
157
161
95
100
109
125
139
151
155
159
97
100
108
125
138
148
150
153
107
100
106
107
97
93
85
84
Nov .. .
Dec
135
140
134
136
136
143
162
163
160
161
154
155
83
86
144
144
145
146
144
144
144
143
139
138
137
138
137
139
140
144
145
142
144
136
138
131
150
151
151
151
145
143
145
143
141
139
142
164
165
165
166
166
166
165
165
165
164
164
162
163
164
164
164
163
162
162
161
160
160
156
156
157
158
157
157
156
155
154
153
153
88
87
88
88
87
87
87
87
84
84
84
1984- Jan
Feb
Mar
Anr..
May
, y
June
July
Ausr .
Sept
Oct ...
Nov
1
Includes items not shown separately.
2
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
lave been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml rose in November after declining in October. Growth in the broader monetary aggregates accelerated in
November.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
\
M2
1,200
1,200
1,000
1,000
r
I
600
600
500
500
400
400
300
I I 1 1 1 ITT
lllllll
1976
1977
1978
1982
1981
1980
1979
1983
* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
30
°
1984
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1976:
19771978:
1979:
19801981:
19821983:
1983-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Nov
Dec
1984- Jan
Feb
Mar
Apr r
May r
June r..
July r
Aug r
Sept r
Oct r
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
EPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term EPs, term
Eurodollars, and
institution-only
MMMF balances
310.4
335.4
363.1
389.1
414.9
441.9
480.5
525.4
523.1
525.4
530.1
533.0
535.3
535.5
541.2
546.3
545.8
546.7
548.9
545.5
549.4
1,163.6
1,286.7
1,389.1
1,498.5
1,632.6
1,796.6
1,965.4
2,196.3
2,182.2
2,196.3
2,206.8
2,222.6
2,230.0
2,242.9
2,258.6
2,272.1
2,281.9
2,291.1
2,305.8
2,317.5
2,346.4
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.
NOTE. — The nontransactions rportion of M2 is now being seasonally adjusted as a whole to reduce
&
,
j
1,311.9
1,472.9
1,647.1
1,804.8
1,990.0
2,238.2
2,462.5
2,710.4
2,689.3
2,710.4
2,723.8
2,747.0
2,767.8
2,792.9
2,819.9
2,842.1
2,863.2
2,873.7
2,891.0
2,916.2
2,955.1
L
M3 plus
other liquid
assets
1,516.6
1,704.7
1,910.6
2,117.1
2,326.2
2,599.8
2370.8
3,178.7
3,147.2
3,178.7
3,201.4
3,231.6
3,273.6
3,299.8
3,332.2
3,376.3
3,414.0
3,435.3
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 1
r
2,513.3
2,829.1
3,200.0
r
3,583.5
r
3,926.1
r
4,311.8
4,710.0
5,224.6
5,170.5
5,224.6
5,282.8
5,341.7
5,396.7
5,455.9
5,517.7
5,571.7
5,632.4
5,694.5
5,743.1
5,797.7
Percent change from year or 6
months earlier 2
Ml
6.6
8.1
8.3
7.2
6.6
6.5
8.7
9.3
6.6
5.7
6.0
6.1
6.4
5.4
7.0
8.1
6.0
5.2
5.1
3.8
3.1
M2
13.7
10.6
8.0
7.9
8.9
10.0
9.4
11.7
7.7
7.6
7.7
8.3
7.8
7.1
7.1
7.0
6.9
6.3
6.9
6.8
7.9
M3
11.9
12.3
11.8
9.6
10.3
12.5
10.0
10.1
9.2
9.1
9.2
10.0
10.0
10.3
9.9
10.0
10.5
9.4
9.1
9.0
9.8
Debt
10.7
12.6
13.1
12.0
9.6
9.8
9.2
10.9
11.7
11.7
11.9
12.5
12.9
13.3
13.9
13.7
13.7
13.6
13.2
12.9
distortions caused by substantial portfolio shifts arising from regulatory and financial changes in
recent years, especially shifts to MMDAs in 1983. A similar procedure is being used to seasonally
adjust the remaining nontransactions balances in M3.
See p. 27 for components.
_.
T»
i /-,
r i_ TI j i r.
a
Source: Board off Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
De-
Period
mand
Cur-
rency
de-
posits
Other
checkable
deposits
(OCDs)
1976: Dec ....
1977: Dec ....
1978: Dec ....
1979: Dec ....
1980: Dec ....
1981: Dec ....
1982: Dec ....
1983: Dec ....
1983: Nov....
Dec
1984: Jan
Feb
Mar
Apr
May....
June ...
July....
Aug....
Sept....
80.5
88.5
97.4
106.3
116.7
124.0
134.1
148.0
147.2
148.0
149.9
150.2
150.9
151.8
152.9
154.2
155.0
156.0
156.7
r
Oct ... 157.2
Nov P.. 157.5
224.4
239.6
253.8
261.9
266.5
236.2
239.7
243.7
242.8
243.7
244.5
243.8
244.0
245.3
245.2
248.2
247.1
245.5
246.4
243.8
245.7
2.7
4.2
8.5
17.1
27.6
77.4
102.4
128.9
128.3
128.9
130.8
134.0
135.4
133.3
138.0
138.8
138.5
139.9
140.8
139.6
141.1
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
Money market
mutual fund
balances
General
pur-
pose
and
broker/
dealer
Institution
only
Money
market
deposit
accounts
(MMDAs)
Sav-
ings
deposits
Large
denomination
time
depos-
its
NSA
NSA
10.6
14.7
20.3
21.2
28.3
35.9
44.1
56.2
55.2
56.2
58.6
59.5
58.3
57.5
59,1
56.5
56.9
r
58.7
56.8
56.8
58.0
2.4
2.4
6.4
33.4
61.6
150.6
185.2
138.2
0.6
.9
3.1
9.5
15.2
38.0
51.1
43.2
452.8
491.3
. 480.8
423.1
401.4
345.7
43.0 362.1
376.0 312.9
138.8
138.2
137.8
142.1
144.8
145.9
146.5
148.9
150.5
150.5
151.9
155.5
162.1
43.5
43.2
372.9
376.0
43.5
44.6
45.0
45.0
45.3
45.7
46.1
46.2
46.9
52.2
58.3
380.3
386.0
392.5
396.4
394.6
392.9
389.2
383.8
383.4
386.8
397.3
NSA
Small
denomination
time
depos1
its 1
NSA
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—See note p. 26.
Term
repurchase
agreements
315.4
312.9
309.9
306.6
305.5
305.5
305.5
305.1
r
303.0
299.8
298.9
297.4
296.2
391.0
521.9
635.8
731.4
827.3
856.9
793.1
785.5
793.1
797.0
800.9
803.4
808.3
816.7
829.0
845.2
862.0
874.5
885.1
891.7
118.1
145.1
195.2
222.1
258.4
301.3
327.4
325.4
320.3
325.4
333.0
339.9
347.9
355.5
367.3
378.8
389.0
391.9
392.9
401.1
404.8
(net)
ings
Donas
(RPs)
NSA
446.0
Term
Eurodollars
14.1
19.4
27.0
30.1
34.7
37.0
40.2
56.0
53.4
56.0
53.3
54.5
55.9
59.8
61.6
59.6
59.6
63.4
64.7
66.4
68.9
Shortterm
Treasury
securities
Bankers'
acceptances
Cnm
ommercial
paper
NSA
14.8
20.2
31.8
44.7
50.3
67.5
81.7
93.4
91.7
93.4
90.6
90.7
93.9
r
93.8
r
94.8
r
90.8
r
89.3
r
86.1
r
83.8
79.3
81.1
71.8
76.4
80.3
79.5
72.3
67.7
67.9
71.0
70.8
71.0
71.2
71.7
72.2
72.5
72.8
73.0
73.2
73.4
70.4
78.4
82.0
108.6
133.8
149.9
187.8
223.3
217.2
223.3
226.6
231.7
245.8
241.8
r
240.3
r
254.6
r
267.4
276.7
10.8
14.1
22.0
27.1
32.0
39.8
43.8
43.3
42.9
43.3
42.7
41.6
42.4
43.1
45.3
46.9
47.3
47.3
51.7
62.9
79.2
97.0
98.1
104.2
108.8
130.8
126.9
130.8
137.1
139.6
145.4
149.5
154.0
r
159.7
r
162.9
164.2
Travelers cheeks are a component of money stock but are not shown here.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding l
Installment credit outstanding (end of period)
Period
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
Dec
Dec.....
Dec
Dec
Dec
Dec
Dec
Dec
1983:
Oct
Nov
Dec
1984:
. ...
Jan
Feb .
Mar
ADF
May
June
July
AufiT
Sept
Oct
,
Other
Total
Automobile
Revolving
Mobile
home
Other
Revolving
190,725
226,646
269,392
307,115
309,694
330,218
348,944
388,718
67,798
82,890
101,863
116,523
116,808
125,323
129,799
141,876
16,505
36,427
45,004
53,174
54,900
60,309
65,453
75,564
14,530
14,897
15,199
16,843
17,302
17,879
22,119
23,460
91,892
92,432
107,326
120,575
120,684
126,707
131,573
147,818
21,338
35,921
42,746
37,723
2,579
20,524
18,726
39,774
10,519
15,092
18,973
14,660
285
8,515
4,476
12,077
2,038
19,922
8,577
8,170
1,726
5,409
5,144
10,111
148
367
302
1,644
459
577
4,240
1,341
8,633
540
14,894
13,249
109
6,023
4,866
16,245
378,117
382,936
388,718
139,140
140,408
141,876
72,447
73,874
75,564
23,523
23,459
23,460
143,007
145,195
147,818
5,093
4,819
5,782
1,709
1,268
1,468
1,238
1,427
1,690
-30
64
1
2,176
2,188
2,623
393,187
399,795
405,665
412,073
422,306
430,131
437,237
443,235
447,518
453,793
143,982
146,781
147,107
149,265
152,954
155,851
159,273
161,050
162,367
164,724
76,069
77,342
80,304
82,172
84,989
86,558
87,198
88,512
89,836
91,332
23,368
23,241
23,526
23,811
24,113
24,567
25,029
25,602
25,920
25,704
149,768
152,430
154,728
156,825
160,250
163,155
165,737
168,071
169,395
172,033
4,469
6,608
5,870
6,408
10,233
7,825
7,106
5,998
4,283
6,275
2,106
2,799
326
2,158
3,689
2,897
3,422
1,777
1,317
2,357
505
1,273
2,962
1,868
2,817
1,569
640
1,314
1,324
1,496
-92
127
285
285
302
454
462
573
318
-216
1,950
2,662
2,298
2,097
3,425
2,905
2,582
2,334
1,324
2,638
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Mobile
home
Automobile
Total
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND INVESTMENTS, AND RESERVES
Commercial and industrial loans rose in November at about the same rate as in October.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,800
1,600
1,400
1,200
BILLIONS OF DOLLARS* (RATIO SCALE)
1,800
1,600 ! —ALL COMMERCIAL BANKS
1,400
1,200
1,000
1,000
800
800
LOANS AND LEASES
600i
600
400
400
INVESTMENT IN OTHER SECURITIES
200
200
160
160
120
120
INVESTMENT IN
U.S. TREASURY SECURITIES
80
I I I i I I I I 1 1 1 I 1 1 1 1 1 1 I I I I 1 1 1 1 1 ll 1 1 1 1 I M l I I I 1 1 I I
IIII
40;
80
1976
1977
1979
1978
1980
40
1981
1982
1983
1984
*SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depository institutions 3
All commercial banks l
Loans and leases
Period
Total loans
and
investments
Total
2
Commercial
and industrial
loans
U.S. Treasury
securities
Borrowings
(millions of dollars,
unadjusted)
Reserves adjusted
for changes in
reserve requirements
Investments
Other
securities
Total
Nonborrowed
Required
Total
Seasonal
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
804.6
891.5
1,013.5
1,135.9
1,239.6
1,316.3
1,412.0
1,568.1
555.0
632.5
747.0
849.9
915.1
973.9
1,042.0
1,132.6
190.9
210.9
245.9
291.2
326.8
358.0
392.3
413.7
100.8
99.8
93.8
94.5
110.0
111.0
130.9
188.0
148.8
159.3
172.8
191.5
214.4
231.4
239.2
247.5
25.62
26.65
27.93
29.12
31.07
32.14
34.34
36.14
25.57
26.08
27.07
27.64
29.38
31.51
33.70
35.36
25.35
26.46
27.70
28.79
30.55
31.82
33.84
35.58
53
569
868
1,473
1,690
636
634
774
13
55
135
81
116
54
33
96
1983: Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
1,548.9
1,568.1
1,585.3
1,604.6
,621.2
,630.0
,649.5
,652.6
,664.7
1,675.5
1,685.6
1,693.9
1,709.6
1,115.7
1,132.6
1,144.7
1,164.1
1,181.0
1,193.5
1,213.4
1,222.7
1,234.2
1,241.1
1,251.0
1,260.3
1,274.8
407.8
413.7
418.4
423.9
434.1
437.2
447.6
453.2
456.6
459.7
4
461.2
464.7
468.2
186.2
188.0
188.7
188.2
186.9
185.6
186.1
181.7
182.8
184.8
183.7
182.8
183.4
247.1
247.5
252.0
252.2
253.2
250.8
250.0
248.2
247.7
249.6
250.9
250.8
251.4
36.10
36.14
36.36
37.03
37.10
37.11
37.45
38.28
38.23
38.38
38.14
37.75
38.10
35.20
35.36
35.64
36.46
36.15
35.88
34.46
34.98
32.31
30.36
30.89
31.73
33.48
35.57
35.58
35.74
36.08
36.39
36.62
36.87
37.52
37.63
37.70
37.52
37.14
37.42
906
774
121
96
86
103
133
139
196
264
308
346
319
299
212
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
Sept
Oct r
Nov p
1
4
4
Data are averages of Wednesday figures.
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
4
Beginning September 26, 1984 a transfer of loans from Continental Illinois National Bank to
the FDIC reduced total loans and investments and total loans by $1.9 billion, commercial and industrial loans by $1.4 billion, and real estate loans (not shown here) by $0.4 billion.
2
3
28
715
567
952
1,234
2,988
3,300
5,924
8,017
7,242
6,017
4,617
NOTE.—Beginning Dec. 1981, bank loans and investments and reserves aggregates have been
reduced because of shifts from U.S. banking offices to International Banking Facilities (IBFs).
Reserves data beginning November 1983 are as revised in Economic Indicators, November 1984;
revised data for earlier periods are not yet available.
Source: Board of Governors of the Federal Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Credit market funds
Internal 1
Total
Total
1974
1975
1976
190.3
157.0
211.0
254.1
317.5
345.2
335.2
364.2
309.3
436.4
333.9
449.2
443.2
519.1
516.2
500.6
448.8
1977
1978
1979
1980
1981
1982
1983
1983: I
n
in
IV
1984: I
n
m*
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.4
234.3
280.5
250.4
269.7
292.5
309.3
319.6
331.7
337.5
104.7
37.3
76.8
96.7
141.8
156.4
145.7
133.8
75.0
155.9
83.5
179.5
150.7
209.8
196.6
168.9
111.3
70.2
30.8
54.7
72.4
80.5
88.2
90.9
91.5
81.4
87.8
68.7
86.5
66.6
129.4
112.6
81.3
65.0
Securities
and
mortgages
Loans and
short-term
paper
26.3
38.7
38.2
35.8
32.8
20.9
52.4
21.8
43.9
56.4
67.0
85.9
37.0
35.8
-23.7
-76.9
-7.4
43.9
79
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
16.5
36.6
47.7
67.3
38.5
69.7
37.5
31.4
1.7
.6
29.6
93.6
136.3
158.2
72.4
Total
Other 2
34.6
6.5
22.1
24.3
61.3
68.2
54.8
42.3
6.4
68.1
14.8
93.1
84.1
80.5
84.0
87.6
46.3
190.1
150.9
201.8
237.6
293.6
343.7
317.7
334.2
258.0
384.3
282.3
390.4
395.4
468.9
483.5
458.3
443.0
Capital
expenditures 8
137.9
109.7
148.3
175.1
201.6
219.4
221.2
271.3
229.6
256.2
206.9
255.3
270.6
291.9
354.5
364.3
386.8
Increase in
financial
assets
52.2
41.2
53.5
62.5
92.0
124.3
96.5
62.9
28.4
128.1
75.4
135.1
124.8
177.0
129.0
94.0
56.2
Discrepancy
(sources less
uses)
0.2
6.0
9.2
16.5
23.8
1.5
17.6
30.0
51.3
52.1
51.5
58.7
47.8
50.3
32.7
42.2
5.8
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 liabilities
Current assets
Ind of period
Total
SEC series: 2
1970
1971
1972
1973
1974
QFE-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983- I ... .
n
in
IV
1984- I
II p
1
Cash
U.S.
Government
securities
Notes and
accounts
receivable
Inventories
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio *
492.3
529.6
599.3
697.8
790.7
50.2
53.3
59.0
66.3
71.1
7.7
11.0
10.6
12.8
12.3
206.1
221.1
248.2
288.5
322.1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
66.4
71.7
304.9
326.0
375.6
450.9
530.4
211.3
220.5
282.9
340.3
402.3
93.6
105.5
92.7
110.7
128.1
187.4
203.6
223.7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
735.4
759.0
827.4
912.7
1,043.7
1,214.8
1,327.0
1,418.4
1,432.7
1,557.3
1,444.2
1,468.0
1,522.8
1,557.3
1,600.6
1,630.8
73.2
82.1
88.2
97.2
105.5
118.0
126.9
135.5
147.0
165.8
143.1
147.9
150.5
165.8
159.3
155.5
11.1
19.0
23.5
18.2
17.2
16.7
18.7
17.6
22.8
30.6
26.0
28.2
27.0
30.6
35.1
36.8
265.8
272.1
292.9
330.3
388.0
459.0
506.8
532.0
519.2
577.8
525.3
539.3
565.0
577.8
596.9
612.6
319.5
315.9
342.5
376.9
431.8
505.1
542.8
583.7
578.6
599.3
577.6
576.2
597.3
599.3
623.1
633.3
65.9
69.9
80.3
90.1
101.1
116.0
131.8
149.5
165.2
183.7
172.1
176.4
183.0
183.7
186.3
192.5
453.4
451.6
495.1
557.1
669.5
807.3
889.3
970.0
976.8
1,043.0
983.4
990.2
1,026.6
1,043.0
1,079.0
1,111.5
269.8
264.2
282.1
317.6
383.0
460.8
513.6
546.3
543.0
577.9
530.9
536.6
559.4
577.9
584.1
606.0
183.6
187.4
213.0
239.6
286.5
346.5
375.7
423.7
433.8
465.2
452.6
453.6
467.2
465.2
495.0
505.5
282.0
307.4
332.4
355.5
374.3
407.5
437.8
448.4
455.9
514.3
460.8
477.8
496.3
514.3
521.6
519.3
1.622
1.681
1.671
.638
.559
.505
.492
.462
1.467
1.493
1.469
1.483
1.483
1.493
1.483
1.467
Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
2
3
Other
current
assets
NOTE.—SEC series not available after 1974. See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), Federal Trade Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell again in December.
PERCENT PER ANNUM
.
16
16
;:
14
I
:
I
l ••A
|
:
\
• i
i
•'
.i' 1 ;
11
DISCOUNT
RATE
[/
FEDERAL
f
RESERVE XjJ
BANK OF
If f
NEW YORK p/
12
L
: // : \
/\ /
i//
H
1
1f
/ •
CORPORATE Aaa BONDS [~~
(MOODY'S) ^ J/
^'
^^^
*~
**^
-1
_T
u
r1/
14
\
^
\
^
/':
• :
/
)
\
•-.
/
.•
•••:
iN
\
\
s
K/
«
12
aI !
1
i
11
/ \
\\
/
x</
'
1 •'
TREASURY BILLS
J
^"
*-•"«»
^
-' \
! «1 1
|
\
y IL A
< 1 / •'!
/
/ >I'.y/ H
-f
!
\ ,.'/ \'J
j
fI "I
\IT\ fi
\ ...
v"
/""
,...--/
A,
/
10
\
\
\
••*
g
1;"
i
K
6
/-""
\-
4
t'i i i i i 1
i 1 i i i i i 1 i 1 i i i i 11i
l 1 1 l 1I ! I I
1977
1976
1 i i 1 1 I l i 1 1i i 1 1 1 i 1 1 1
1979
1978
1 i M 1 1 Ii 1
1980
1981
|
1 i 1 1 i 1 11 1 11
I 1 1I t I 11 1 M
1982
1983
SOURCE: SEE TABLE BELOW
1 l 1 l 1 I 1 i i 1 IK4
M
1984
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills 1
Constant maturities 2
3-year
1978
1979
1980
1981
1982
1983
7.221
10.041
11.506
14.029
10.686
8.63
8.29
9.72
11.55
14.44
12.92
10.45
10-year
8.41
9.44
11.46
13.91
13.00
11.10
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
8.73
9.63
11.94
14.17
13.79
12.04
5.90
6.39
8.51
11.23
11.57
9.47
Prime
commercial
paper,
6 months 5
5
7.99
10.91
12.29
14.76
11.89
8.89
Discount rate
(N.Y. F.K.
Bank) 6
7.46
10.28
11.77
13.41
11.02
8.50
Open-close
1984:
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec p
Week ended:
1984: Dec 1
8
15
22
29 p
8.93
9.03
9.44
9.69
9.90
9.94
10.13
10.49
10.41
9.97
8.79
8.16
10.93
11.05
11.59
11.98
12.75
13.18
13.08
12.50
12.34
11.85
10.90
10.56
11.67
11.84
12.32
12.63
13.41
13.56
13.36
12.72
12.52
12.16
11.57
11.50
9.61
9.63
9.92
9.98
10.55
10.71
10.50
10.03
10.17
10.34
10.27
10.04
12.20
12.08
12.57
12.81
13.28
13.55
13.44
12.87
12.66
12.63
r
12.29
12.13
8.43
8.52
8.38
7.97
7.75
10.67
10.80
10.71
10.32
10.39
11.39
11.58
11.61
11.37
11.42
10.11
10.08
10.08
10.02
9.99
r
1
Rate on new issues within period; bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
5
Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
30
12.05
12.20
12.21
12.04
12.04
Prime rate
charged by
banks 6
9.06
12.67
15.27
18.87
14.86
10.79
New-home
mortgage
yields
(FHLBB)7
9.56
10.78
12.66
14.70
15.14
12.57
Open-close
9.18
9.31
9.86
10.22
10.87
11.23
11.34
11.16
10.94
10.16
9.06
8.56
8.50-8.50
8.50-8.50
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.50
8.50-
11.00-11.00
11.00-11.00
11.00-11.50
11.50-12.00
12.00-12.50
12.50-13.00
13.00-13.00
13.00-13.00
13.00-12.75
12 75 12 00
12.00-11.25
11.25-
8.69
8.83
8.82
8.31
8.23
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.00
11.75-11.25
11.25-11.25
11.25-11.25
11.25-10.75
10.75-10.75
12.29
12.23
12.02
12.04
12.18
12.10
12.50
12.43
12.53
12.77
12.80
6
Average effective rate for year; opening and closing rate forr rmonth and week.
7
lortgages, reflecting fees and charges as
Effective rate (in the primary market) on conventional mortgi
well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning
January 1973 not strictly comparable with prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in early December but rose after mid-month.
INDEX, DEC 31,1965=50
INDEX, DEC 31, 1965=50
1100
1001
90
90
COMPOSITE STOCK PRICE INDEX
JNYSE).
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
10
1984
1976
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stock prices l
Period
New York Stock Exchange indexes (Dec. 31, 1965=50)
Composite
1978.
1979
1980
1981
1982
1983
1983: Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept ... .
Get
Nov
Dec p
Week ended:
1984: Dec 1
8
15
22
29 p
1
2
3
4
Industrial
Finance
Utility
Dow-Jones
industrial
average 8
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
53.70
58.32
68.10
74.02
68.93
92.63
94.92
96.16
90.60
90.66
90.67
90.07
88.28
87.08
94.49
95.68
95.09
95.85
94.77
58.23
64.76
78.70
85.44
78.18
107.45
110.65
112.16
105.44
105.92
106.56
105.94
104.04
102.29
111.20
112.18
110.44
110.91
108.97
43.50
47.34
60.61
72.61
60.41
89.36
98.79
97.98
86.33
86.10
83.61
81.62
79.29
76.72
86.86
86.88
86.82
87.37
87.87
39.22
38.20
37.35
38.91
39.75
47.00
47.00
47.43
45.67
44.83
43.86
44.22
43.65
44.17
46.49
47.47
49.02
49.93
50.53
56.65
61.42
64.25
73.52
71.99
95.34
94.25
95.79
89.95
89.50
88.22
85.06
80.75
79.03
87.92
91.59
92.94
95.28
95.17
820.23
844.40
891.41
932.92
884.36
1,190.34
1,257.64
1,258.89
1,164.46
1,161.97
1,152.71
1,143.42
1,121.14
1,113.27
1,212.82
1,213.51
1,199.30
1,211.30
1,187.77
96.02
103.01
118.78
128.05
119.71
160.41
164.36
166.39
157.25
157.44
157.60
156.55
153.12
151.08
164.42
166.11
164.82
166.27
164.33
5.28
5.47
5.26
5.20
5.81
4.40
4.32
4.27
4.59
4.63
4.64
4.72
4.86
4.93
4.62
4.54
4.62
4.61
4.68
95.04
93.75
93.79
95.83
95.94
109.64
107.98
107.89
110.02
110.23
86.84
85.67
86.63
89.61
89.98
50.19
49.99
50.00
51.22
51.02
94.67
93.13
93.88
96.94
97.12
,204.07
,174.56
,174.09
,199.73
,206.44
164.87
162.66
162.61
166.15
166.31
4.66
4.74
4.72
4.61
4.64
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
Transportation
Common stock5 yields
(percent)
2
Earningsprice ratio
12.03
13.46
12.66
11.96
11.60
8.03
8.51
9.58
r
10.57
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 2 months of fiscal year 1985 there was a budget deficit of $57.2 billion, compared to a budget deficit
of $46.7 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
-
900
BUDGET RECEIPTS AND OUTLAYS
800
800
700
700
- BUDGET OUTLAYS
600
600
500
500
400
400
BUDGET SURPLUS OR DEFICIT (-)
0
— — ~-"^—-^_
""
-100
——^^
-100
""^X^^-——
OATS
I
1976
I
1977
i
1978
i
1979
1
1980
i
I
1982
1981
1
1983
~
-200
I
1984
1985
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Fiscal year or period:
1972
1973 .
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984P
1985 (estimates):
Mid-Session Review 1
First Concurrent Resolution ^
Cumulative total, first 2 months:
Fiscal year 1984
Fiscal year 1985
1
2
Budget
receipts
Budget
surplus or
deficit (— )
Off-budget
surplus or
deficit (-)
Total
surplus or
deficit (-)
Federal debt (end of period)
Gross
Held by the
public
01
-1.4
8.1
-7.3
1.8
-8.7
104
-12.5
14.2
-21.0
17.3
-12.4
10.0
— 2^.4
-14.9
-6.1
-53.2
-73.7
-14.7
-53.6
-59.2
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
437.3
468.4
486.2
544.1
631.9
646.4
709.1
780.4
833.8
914.3
1,003.9
1,147.0
1,381.9
1,576.7
323.8
343.0
346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
929.4
1,141.8
1,312.6
1669
-181.2
13.3
- 180.2
1,806.9
1 823.8
1,480.8
-46.7
-57.2
.8
.3
-45.9
56.9
1,393.8
1,635.5
1,162.4
1,352.7
207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
796.0
841.8
-23.4
-14.8
-4.7
-45.2
-66.4
-13.0
-44.9
-48.8
-27.7
-59.6
-57.9
-110.6
-195.4
-175.3
763.8
750.9
930.6
932.1
91.4
103.7
138.0
161.0
Mid-Session Review of the 1985 Budget, Office of Management and Budget, August 15, 1984.
First Concurrent Resolution on the 1985 budget, October 1, 1984.
32
Budget
outlays
Sources: Department of the Treasury and Office of Management and Budget, except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 2 months of fiscal year 1985 budget receipts were $12.3 billion higher than a year earlier and budget
outlays were $23.0 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
BUDGET RECEIPTS
300
•
INDIVIDUAL INCOME TAXFS
—-—-^rr^-^
200
"~
«*ssS=SSZ^---—
—
^-^z******
OTHFR RFCFIPTS
200
CORPORATION 1 NCOME TAXES
100
300
~"
100
.
" " 1
0
700
I
I
I
I
1
1
0
700
BUDGET OUTLAYS
600
600
NONDEFENSE
V,
500
"
500
400
400
300
300
200
200
100
100
1976
1977
1978
1979
1980
1981
1983
1982
1984
1985
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Budget outlays
Budget receipts
National defense
Period
Total
Individual
income
taxes
Corporation
income
taxes
122.4
131.6
157.6
181.0
217.8
244.1
341.8
40.6
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
74.3
45.9
50.4
.9
2.1
Other
Total
Total
Department of
Defense,
military
International
affairs
Social
securi-
ty and
medicare
Health
and
income
security
Net
inter-
Fiscal year or period:
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
279.1
298.1
355.6
399.6
463.3
517.1
599.3
617.8
p
1985 (estimates) 1
Cumulative total, first 2 months:
Fiscal year 1984
Fiscal year 1985
600.6
666.5
763.8
91.4
103.7
285.9
297.7
288.9
296.0
85.9
88.1
95.3
102.3
113.7
131.0
153.8
180.7
930.6
209.9
227.4
266.2
204.4
220.8
258.6
138.0
161.0
35.2
42.7
34.3
40.0
324.2
364.5
400.5
448.4
208.4
252.2
270.8
274.6
576.7
657.2
728.4
796.0
313.6
841.8
347.7
44.5
51.3
1
Estimates from Mirf-Sesston Review of the 1985 Budget, Office of Management and Budget,
August 15, 1984.
Note.—Starting in fiscal 1985 military retired pay is financed from a trust fund in the income
security function. The national defense function includes accrual charges to pay for retirement benefits earned by currently active duty personnel, and these are offset in the undistributed offsetting
receipts (employer share, employee retirement).
86.5
89.6
97.2
104.5
116.3
134.0
157.5
185.3
116.1
125.0
143.0
158.6
179.8
491.0
7.1
5.7
5.0
6.1
6.3
10.9
11.3
10.1
9.0
13.3
17.2
1.4
3.4
Other
est
258.1
63.0
76.5
78.3
80.0
86.8
109.6
126.1
134.5
150.8
142.8
144.1
23.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.0
130.2
66.9
76.2
85.7
105.7
108.4
119.1
114.9
111.0
113.2
111.5
114.8
38.7
41.1
22.5
26.8
17.3
21.5
22.9
25.5
77.5
89.7
104.4
116.6
130.6
150.6
178.7
202.5
223.3
235.8
The Social Security Amendments of 1983 require that social security and medicare be shown in
the budget as a separate function. In previous budgets social security was in the income security
function and medicare was in the health function.
Data for all periods in this table are shoum on as comparable a basis as is feasible.
Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, according to revised estimates, Federal receipts rose $1.9 billion (annual rate) and expenditures rose $18.8 billion, yielding a deficit of $180.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
900
900
800
800
700
- EXPENDITURES-
700
600
600
500
500
" RECEIPTS
400
400
SURPLUS OR DEFICIT (-,)
"
-100
-100
-200
-200
1976
1977
1978
1979
1981
1980
1982
1984
1983
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Total
Fiscal year:
1979
1980 ..
1981
1982 ..
1983
Calendar year:
1979
1980
1981
1982
1983
1982: III
IY
1983: I.
II
Ill .
IV
1984: I.
II
IIIr
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Federal Government expenditures
Contributions for
social
insurance
Total
Transfer
payments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
480.8
525.9
609.2
626.4
627.1
222.6
250.4
289.4
311.4
294.1
76.1
69.9
69.3
50.9
53.8
29.1
35.5
53.5
50.3
51.0
153.1
170.0
197.0
213.9
228.3
495.6
576.5
668.2
740.0
816.4
164.1
189.3
218.4
250.6
273.2
201.8
239.4
279.5
310.6
344.6
79.1
86.7
90.1
83.4
85.7
40.6
50.7
67.7
82.3
90.3
9.9
10.4
12.5
13.0
22.2
-0.0
.0
.1
-.0
_.4
-14.8
-50.7
-58.9
-113.6
-189.3
493.6
540.9
624.8
616.7
641.1
609.9
608.3
619.8
649.3
640.2
655.0
686.4
704.3
706.2
230.6
257.7
298.7
306.2
295.2
298.8
300.9
298.2
304.7
284.6
293.3
301.6
310.7
319.7
74.2
70.3
65.7
46.6
59.8
47.5
42.0
46.9
59.2
66.7
66.5
73.0
75.6
65.3
29.4
39.0
56.4
48.4
52.4
47.5
48.2
47.1
53.8
54.0
54.5
54.1
55.9
56.1
159.5
173.9
204.1
215.5
233.7
216.1
217.1
227.6
231.7
234.9
240.7
257.6
262.0
265.2
509.7
602.1
689.1
764.9
819.7
773.6
818.9
805.6
816.7
821.1
835.5
847.6
868.0
886.8
168.3
197.0
228.9
258.9
269.7
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
302.0
209.2
251.5
286.8
321.6
345.6
327.0
344.4
340.9
348.1
343.4
350.1
347.7
350.1
353.8
80.5
88.7
87.9
83.9
86.3
83.0
84.6
85.5
86.3
86.7
86.5
90.6
93.2
92.1
42.4
53.4
73.3
84.4
94.2
87.5
87.0
87.7
90.0
97.3
102.0
107.6
110.9
122.0
9.2
11.5
12.3
16.1
23.4
14.5
23.5
18.5
20.5
24.1
30.6
34.4
17.7
16.5
__.o
-16.1
-61.2
64 3
-148.2
-178.6
163 7
-210.6
185 7
-167.3
1809
- 180.5
161 3
-163.7
180 6
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
34
Purchases
of goods
and
services
Grantsin-aid to
State
and
local
governments
.0
.1
-.0
__.4
.0
.0
.0
-1.3
-.4
.0
.2
.2
-.4
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Consumer prices (unadjusted)
Industrial production (seasonally adjusted)
Period
1977
1978
1979
1980
1981
1982
1983 p
1983- Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Auer
Sept
Oct"
Nov p
1
United
States
Canada
Japan
138.2
146.1
152.5
147.0
151.0
138.6
147.6
155.3
156.2
158.5
160.0
160.8
162.1
162.8
164.3
165.9
r
166.0
r
165.0
r
164.3
1650
152.7
157.8
167.6
165.1
165.9
149.5
157.6
165.9
169.0
170.2
165.0
167.1
167.4
168.9
r
169.9
176.1
r
!75.1
171.8
United
Kingdom
United
States 1
France
Germany
185.9
202.5
221.0
243.5
273.9
303.5
321.0
243.0
252.3
261.3
282.3
296.2
304.1
309.7
214.5
233.9
259.1
294.2
332.7
373.1
407.9
156.0
160.2
166.9
175.8
186.9
196.8
203.3
255.2
286.2
328.5
398.0
472.4
549.4
631.8
292.4
316.6
359.0
423.6
473.9
514.7
538.3
303.1
303.5
326.5
327.5
312.2
311.4
420.9
422.4
205.2
205.7
667.0
670.3
549.2
550.7
305.2
306.6
307.3
308.8
309.7
310.7
311.7
313.0
314.5
315.3
315.3
329.2
331.1
331.9
332.7
333.3
334.7
336.6
336.6
336.9
337.5
339.7
312.3
314.2
315.1
315.9
318.2
315.6
316.2
313.4
318.5
321.0
425.4
428.0
431.0
433.6
436.2
438.4
441.5
443.7
445.9
449.0
206.6
207.1
207.3
207.7
207.8
208.6
208.2
207.8
208.0
209.2
678.3
685.8
690.6
695.4
699.6
703.8
705.9
708.0
713.0
720.1
724.4
550.4
552.6
554.4
561.8
563.9
565.3
564.7
570.0
571.1
574.6
576.4
Germany
189.7
201.1
215.3
225.2
227.5
228.4
236.5
152
155
163
161
160
158
159
152.0
154.1
161.5
162.0
159.1
154.5
155.7
145.1
147.9
157.6
166.5
162.7
159.1
150.7
124.2
127.8
132.9
124.1
119.6
121.7
125.7
181.5
195.4
217.4
246.8
272.4
289.1
298.4
246.4
248.2
161
160
160.1
161.2
152.8
146.0
128.2
129.3
250.2
257.0
254.1
255.4
261.5
262.8
264.0
266.0
r
262.8
269.8
161
160
162
157
162
159
166
166
160
162
161.2
163.8
159.4
158.0
160.0
143.9
164.6
162.3
162.5
164.7
128.2
127.7
126.6
125.6
124.2
124.9
123.3
123.4
125.1
Beginning January 1978 data relate to all urban consumers.
Italy
United
Kingdom
Japan
France
Canada
Italy
Source: National sources as reported by Department of Commerce, International Trade Administration, Office of Trade and Industry Information, Trade Statistics Division, in International Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merchandise exports
Period
Total
domestic
and
foreign
exports
l
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Merchandise trade balance
Merchandise imports
General imports
Domestic exports
Manufactured
goods
Food,
beverages, and
tobacco
Total 2
Crude
materials and
fuels
3
Exports
(f.a.8.)
less
imports
(customs
value)
Exports
(f.a.8.)
less
imports
(f.a.8.)
Exports
(f.a.s.)
less
imports
(c.Lf.)
762
-688
2 430
-2,590
-2,300
-2,020
148
-1,440
-3,265
-3,530
-3,364
-3,030
Manufactured
goods
Total
(c.Lf.
value)
4,257
5,398
6,379
8,360
9,352
10,427
8,823
11,042
13,368
15,504
18,519
21,415
7,739
6,200
5,670
11,873
12,002
13,621
22,779
21,240
22,490
-2,275
-2,647
-4,797
-3,306
-3,558
-5,783
6,855
5,891
5,360
6,063
6,039
6,308
6,636
5,618
6,071
6,494
5,788
5,809
6,094
15,107
15,124
15,478
25,465
24,185
24,033
-7,300
-6,052
-5,678
-8,432
-7,122
-6,735
17,948
17,652
17,827
18,766
17,402
16,889
22,376
18,326
20,994
17,579
27,794 -8,260
27,305 -8,935
27,992 -9,044
29,711 -10,847
26,789 -7,619
26,543 -7,723
33,503 -12,440
27,895 -8,531
30,824 -11,253
7927
27,567
28,310
-9,468
-10,093
-10,264
-12,190
-8,839
-8,910
-14,061
-9,859
-12,647
-9,180
-9,937
F.a.s. value
Monthly average:
1975*
1976*
1977*
1978*...
1979*
1980
8,971
9,602
10,103
11,973
15,155
18,386
8,847
9,462
9,919
11,762
14,886
18,043
1,399
1,436
1,330
1,717
2,049
2,534
1,266
1,341
1,548
1,746
2,352
2,810
5,913
6,437
6,679
7,873
9,716
11,991
8,209
10,290
12,533
14,563
17,455
20,406
19,473
17,683
16,707
19,075
17,256
16,326
2,767
2,248
2,248
2,752
2,793
2,463
12,857
11,643
11,034
21,748
20,329
21,504
17,033
17,063
17,298
16,580
16,664
16,895
2,452
2,605
2,449
2,345
2,270
2,532
11,241
11,277
11,407
24,333
23,115
22,976
18,327
17,212
17,727
17,522
17,950
17,633
19,442
18,036
18,177
18,387
18,373
17,848
16,786
17,212
17,072
17,464
17,178
18,963
17,578
17,676
17,862
17,835
2,402
2,103
2,457
2,184
2,162
1,847
2,195
2,100
2,637
2,315
2,493
2,664
2,532
2,791
2,523
2,833
2,603
2,740
2,642
2,378
2,243
2,485
12,097
11,372
11,147
11,560
11,628
11,837
12,988
11,766
11,924
12,436
12,108
26,586
26,147
26,771
28,368
25,569
25,356
31,883
26,567
29,430
26,313
827
991
1,186
1,312
1,478
1,546
2,716
3,457
4,463
4,325
5,949
7,831
Customs value
1981
1982
1983
1983: Get
Nov
Dee
1984: Jan
Feb
Mar
Apr
May
T *
June
July
Sept
Get
Nov
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.
1,529
1,485
1,568
1,747
1,565
1,591
1,759
1,773
1,865
2,028
1,761
1,576
2,002
1,711
1,803
1,924
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 balance.
'Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The current account deficit was a record $32.9 billion in the third quarter of 1984, up from $24.7 billion in the
second quarter. The $8.2 billion increase was mostly accounted for by an increase in the merchandise trade deficit
to $33.1 billion from $25.8 billion. In the third quarter, imports surged $8.2 billion while exports increased $0.9
billion.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
BALANCE ON GOODS
AND SERVICES
-5
-5
-10
-10
f\*'
MERCHANDISE TRADE
-15
-15
BALANCE
-20
-25
-25
-30
-30
-35
-35
1
-40
1
1
1
1977
1976
1
I I I
1
1978
1979
1980
1
1
1
1981
1
1
1
1982
1 1 1
-40
1983
1984
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise * 2
Investment income 3
Net
Period
1975
1976
1977
1978
1979
1980
1981
1982
1983
balance
Receipts
Payments
Net
travel and
transportation
receipts
Other
services,
net 3
Balance
on goods
and
services l
4,598 c 22,729
9,205
4,711
5,272 -9,894
6,013 -10,340
4,686
5,735
8,975
7,277
13,128
8,048
8,339 -1,141
8,704 -32,912
Remittances,
pensions,
and other
unilateral
transfers *
Balance
on
current
account
l
18,116
-4,613
4,207
-4,998
-4,617 -14,511
-5,106 -15,446
-964
-5,649
1,898
-7,077
6,294
-6,833
-8,058 -9,199
-8,651 -41,563
107,088
114,745
120,816
142,054
184,473
224,269
237,085
211,198
200,257
-98,185
-124,228
-151,907
-176,020
-212,028
-249,781
-265,086
-247,667
-261,312
8,903
-9,483
-31,091
-33,966
27555
-25,512
28001
-36,469
61 055
25,351
29,286
32,179
42,245
64,132
72,506
86,411
83,862
77,003
-12,564
-13,311
-14,217
-21,680
-32,914
-42,063
-52,359
-56,059
-53,495
12,787
15,975
17,962
20,565
31,218
30,443
34,052
27,803
23,508
-746
559
1,528
621
-1,778
-2,237
-1,115
195
515
-2,812
-2,558
-3,565
-3,573
-2,935
-997
144
-1,008
-4,584
55,482
55,118
52,079
48,519
-62,546
-60,921
— 64,442
59 758
7 064
-5,803
-12,363
-11,239
20,889
22,307
21,505
19,162
-13,653
-14,772
- 14,390
-13,243
7,236
7,535
7,115
5,919
52
239
-2
-94
-114
-247
-99
-548
49,246
48,745
50,437
51,829
58523
-63^615
67 938
-71,236
-9,277
-14,870
17 501
- 19,407
17,618
18,973
20,802
19,609
-12,380
-12,995
-13,630
- 14,490
5,238
5,978
7,172
5,119
790
53
-55
-273
-263
-1,131
-1,426
-1,764
-1,370
2,142
2,258 -7,712
2,107 -9,703
2,198 -14,127
-1,573 -2,943
-1,848 -9,560
-2,143 -11,846
-3,086 -17,213
-25,855
25 845
-33,134
23,300
20,822
22,501
-15,552
-17,363
-18,823
7,748
3,459
3,678
-370
-404
-241
-1,400
-2,112
-2,590
2,351 -17,526
2,355 -22,547
2,205 -30,082
-2,147 -19,673
-2,157 -24,704
-2,818 -32,900
1982- I
II
m
IV
1983- I
II
Ill
IV
1984: I r
II
III P.
Net
Imports
Exports
military
transactions
Net
r
53,935
54,563
55,497
1
r
-79,790
-80,408
-88,631
r
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
2,160
2,005
2,118
2,054
2,270
3,729
-3,231
-3,908
Source: Department of Commerce, Bureau of Economic Analysis.
-2,105
-1,802
-1,745
-2,406
165
1,927
-4,976
-6,314
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks decreased $18.4 billion in the third quarter of
1984 compared with an increase of $20.6 billion in the second quarter. Liabilities to foreigners and international
financial institutions reported by U.S. banks (excluding U.S. Treasury securities) decreased $3.9 billion, compared
to an increase of $20.8 billion in the second quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS*
60
60
-20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-40
-60
1976
1984
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase /capital inflow (+)] 2
U.S. assets abroad, net
[increase /capitail outflow (— )]
Period
U.S.
Total
Total
Foreign
official
assets
Other
foreign
assets
rights
(SDRs)
U.S. official
reserve
assets, net l
(unadjusted,
end of
period)
16,226
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
5,917
10,544
-2,023
12,540
25,404
24,982
22,275
32,916
9,331
-3,474 -35,380
-4,214
44 498
-3,693 -30,717
57 202
4660
-3,746 -59,453
5 162
72 802
-5,107 -100,694
107 790
6 143
-5,013 -43,281
15,670
36,518
51,319
64,036
38,752
58,086
81,313
95,181
81,722
7,027
17,693 .
36,816
33,678
-13,665
15,497
5,003
3,318
5,339
8,643
18,826
14,503
30,358
52,416
42,589
76,310
91,863
76,383
-31,960
-41,409
-26,216
-19,314
-1,089
-1,132
-794
1 950
-803
1 700
-2,555
-1,086
-30,068
-38,577
-22,867
- 16,279
28,344
33,772
18,384
14,680
-3,221
1,399
2,477
2,664
31,565
32,373
15,907
12,017
3,450
5,710
12,808
10,947
-964
487
-2,276
2,752
29,944
30,671
30,993
33,958
I
-24,364
-1,060
-9,223
-14,843
787
16
529
-953
-1,130
-1,251
-1,204
-1,429
-22,447
175
-8,548
12 461
15,888
12,452
19,578
33,804
-252
1,739
-2,703
6,555
16,139
10,714
22,281
27,249
11,420
-1,833
1,491
-1,748
579
439
2,518
2,657
34,261
33,876
33,066
33,747
I
1 989
-19,037
16,024
-657
-566
-799
2 037
-1,235
1 474
705
-17,237
18,297
15,660
40,405
6,234
-2,784
-345
-1,022
18,444
40,750
7,256
6,002
3,336
10,642
-154
-104
-2,386
34,975
34,547
34,306
I
n
m
IV
1984:
U.S.
private
assets
Of which:
Seasonal
adjustment
discrepancy
-849
-2,558
-375
73?
-1,133
-8,155
-5,175
4 965
-1,196
1978
1979
1980
1981
1982
1983
1983:
Other U.S.
Government
assets
Total (sum
of the items
with sign
reversed)
-39,703
51 269
-34,785
61 130
-64,331
86 118
-110,976
118 898
-49,490
1975
1976
1977
1982:
official
reserve
assets l 2
Statistical discrepancy
Allocations
of special
drawing
n
m
rv
n rp
m
1
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.
1,139
1,152
1,093
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 1972 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
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices
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 Investments, 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 Budget 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.
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