Full text of Economic Indicators : July 1985
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
99th Congress, 1st Session
Economic Indicators
JULY 1985
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1985
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
DAVID R. OBEY, Wisconsin, Chairman
JAMES ABDNOR, South Dakota, Vice Chairman
HOUSE OF REPRESENTATIVES
LEE H. HAMILTON (Indiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
JAMES H. SCHEUER (New York)
FORTNEY H. (PETE) STARK (California)
CHALMERS P. WYLIE (Ohio)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
BOBBI FIEDLER (California)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
PETE WILSON (California)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
SCOTT LILLY, Executive Director
ROBERT J. TOSTERUD, Deputy Director
COUNCIL OF ECONOMIC ADVISERS
BERYL W. SPRINKEL, Chairman
THOMAS G. MOORE, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S.J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to revised estimates for the second quarter, current-dollar gross national product (GNP) rose 4.6 percent
(annual rate) or $42.9 billion. Real GNP (GNP adjusted for price changes) rose 1.7 percent and the implicit price
deflator, 2.8 percent.
B LLKDNS OF DC LLARS RATIO SCALE)
BILLIOI--IS OF C OH ARi5 (RATICDSCAL :)
4,000
—
,
3.600
E—
3,200
E-
,
—
3,600
3,200
.—-
_.
'
/'
—
2,000'
t^~
X"
/
x-1
2,800
X
.X-
—
**" **
2,400
^
—
X
—
2,000
^_
GNP
Ih-1 19 72 DOLLAR S
1,600
,
S.
i
1
19 77
1
IS 78
1
"
1 1
1
19 80
1979
1,600
*•*""""*
_,_
1,200
^->
X"
^
^XX'
^*^
C;NP
-INCURRE NT DOLLAR S
2,800
2,400
4,000
SEASON AtLY ADJUSTED ANN JAL RATES
1 1
1982
1981
1
19 83
SOURCE: D EPAR MEN OF COM rtERCE
1
1
1
1984
1,200
19 85
COUNC L O F ECONOM! : ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: HI
IV
1983: I
n
Ill
IV
1984: I
II
HI
IV
1985: I
II"
Gross
national
product
Personal
consumption
expenditures
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
3,662.8
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
2,341.8
3,080.1
3,109.6
2,001.3
2,046.1
3,173.8
3,267.0
3,346.6
3,431.7
2,070.4
2,141.6
2,181.4
2,230.2
3,553.3
3,644.7
3,694.6
3,758.7
2,276.5
2,332.7
2,361.4
2,396.5
3,810.6
' 3,853.5
2,446.5
2,496.1
Gross
private
domestic
investment
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
637.8
415.9
376.2
405.0
449.6
491.9
540.0
623.8
627.0
662.8
637.8
646.8
638.7
Source: Department of Commerce, Bureau of Economic Analysis.
Exports aiid imports of goods and
services
Net
exports
26.8
13.8
-4.0
— 1.1
13.2
23.9
28.0
19.0
-8.3
-64.2
6.6
6.3
19.6
-6.5
-16.4
29.8
51.5
-58.7
90.6
-56.0
-74.5
-91.1
Gover flment purch ises of
got ds and serv ces
Federal
Exports
154.9
170.9
182.7
218.7
281.4
338.8
369.9
348.4
336.2
364.3
346.3
321.7
328.5
328.1
342.0
346.1
358.9
362.4
368.6
367.2
360.7
349.5
Imports
128.1
157.1
186.7
219.8
268.1
314.8
341.9
329.4
344.4
428.5
339.7
315.4
308.9
334.5
358.4
375.9
410.4
421.1
459.3
423.2
435.2
440.7
Total
339.9
362.1
393.8
431.9
474.4
537.8
596.5
650.5
685.5
747.4
656.3
681.0
678.8
682.2
689.8
691.4
704.4
743.7
761.0
780.5
791.9
809.8
National
defense
122.7
129.2
143.4
153.6
168.3
197.0
228.9
258.9
269.7
295.4
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
302.0
315.7
319.9
325.2
83.0
86.0
92.8
100.3
111.8
131.2
153.7
179.5
200.5
221.5
183.3
191.0
194.7
199.3
200.9
207.2
213.4
220.8
220.3
231.6
233.9
240.9
Nondefense
39.7
43.2
50.6
53.3
56.5
65.9
75.2
79.4
69.3
73.9
78.2
88.4
78.3
71.3
68.3
59.1
54.2
75.6
81.7
84.1
85.9
84.3
State and
local
217.2
232.9
250.4
278.3
306.0
340.8
367.6
391.5
415.8
452.0
394.7
401.6
405.8
411.6
420.6
425.1
436.8
447.4
458.9
464.8
472.0
484.6
sales
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
3,604.6
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
3,722.1
3,770.0
3,840.9
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Gross
national
product
Period
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
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
1,639.3
Personal
consumption
expenditures
Govern ment purch ases of
gooc s and sen ices
a nd service
Federal
Change
dential
fixed
Residential fixed
business
invento-
Net
exports
-6.7
Total
44.5
37.9
53.7
60.2
-4.4
11.3
-10.4
-3.6
24.8
-15.0
931.8
950.5
963.3
1,009.2
1,062.4
42.2
51.2
60.7
62.4
59.1
47.1
32.2
25.4
22.0
24.0
37.2
50.3
43.8
29.7
12.6
7.8
13.3
16.0
7.3
Total
Imports
Exports
103.5
110.1
112.9
126.7
146.2
159.1
160.2
147.6
139.5
146.0
119.3
125.6
140.3
158.3
169.9
165.8
175.0
166.9
171.0
204.9
779.4
823.1
864.3
903.2
927.6
Ex ports of go ods
G ross privat e
donif stic invest tnent
84.7
90.9
102.7
109.0
108.8
116.4
118.0
126.9
161.1
265.2
265.2
269.2
274.6
278.3
284.3
287.0
292.7
291.9
302.1
97.4
96.8
100.4
100.3
102.1
106.4
110.3
117.0
71.4
National
66.4
64.9
65.4
65.7
Final
Non-
31.0
State
and local
167.8
168.4
168.8
174.3
176.2
116.2
122.5
67.4
70.0
73.5
79.1
84.7
89.6
31.8
35.0
34.7
34.8
36.4
36.7
37.9
31.5
32.9
177.9
176.8
175.7
175.7
179.6
1,238.4
1,290.4
1,356.4
1,422.6
1,472.2
1,479.4
1,500.9
1,490.4
1,538.3
1,614.5
1982:
III
IV
1,477.1
1,478.8
964.2
976.3
163.9
161.5
36.8
40.8
-6.4
-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
1983:
I
II
Ill
IV
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
22.9
13.6
11.9
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
1984:
I
II
Ill
IV
1,610.9
1,638.8
1,645.2
1,662.4
1,044.1
1,064.2
1,065.9
1,075.4
193.3
202.9
209.5
213.8
60.6
60.8
60.1
59.2
31.6
20.3
30.6
16.8
-8.3
-11.4
-27.0
-13.4
144.9
144.7
147.4
147.1
153.2
156.2
174.4
160.5
289.5
302.1
306.1
310.5
112.2
123.2
125.0
129.6
87.1
89.6
89.1
92.7
25.2
33.6
36.0
36.8
177.3
178.9
181.1
180.9
1,579.3
1,618.5
1,614.6
1,645.6
1985:
I
II"
1,663.5
1,670.7
1,089.1
1,103.1
213.0
219.9
60.0
62.0
19.1
-28.4
-33.8
143.7
139.0
172.1
172.7
310.7
313.7
129.8
130.6
92.7
94.8
37.1
35.7
180.9
183.1
1,644.4
1,664.9
r
.9
7.2
2.0
5.8
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972—100; quarterly data are seasonally adjusted]
Gross private
domestic i nvestment
Personal c onsumption
expen ditures
Period
national
product
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Total
125.79
132.34
140.05
150.42
163.42
178.42
195.60
207.38
215.34
223.43
125.3
131.7
139.3
149.1
162.5
179.0
194.5
206.0
213.6
220.4
Durable
goods
Nondurable
Gove rnment pure lases of goo ds and
ser vices
Federal
Services
dential
Residential fixed
121.6
129.6
139.3
150.0
162.3
178.8
196.8
213.6
226.0
237.6
132.2
138.6
146.3
131.0
140.7
158.0
136.4
145.0
156.2
167.1
174.5
177.7
179.0
132.5
137.2
143.6
153.4
169.9
188.1
202.5
208.7
218.0
217.7
157.2
170.8
186.2
202.2
209.5
206.4
207.8
117.3
123.9
129.2
Exports an . imports of
goods an 1 services
Exports
Imports
178.3
200.5
218.5
234. 1
241.3
246.4
255.7
149.6
155.3
161.9
172.6
192.5
212.9
230.9
236.0
241.0
249.4
179.6
185.6
205.5
214.1
246.1
289.4
293.8
279.3
National
defense
271.5
266.0
126.0
133.5
142.8
153.1
164.8
185.2
207.6
221.4
232.1
241.2
124.9
132.4
141.9
152.7
166.0
Nondefense
128.2
135.7
144.6
153.8
State
and local
129.4
138.3
148.4
187.5
209.1
227.0
236.6
247.2
162.5
180.8
204.7
209.8
220.0
224.7
159.7
173.7
191.5
208.0
222.8
236.7
251.7
1982:
III
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:
I
II
Ill
IV
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
1984:
I
II
Ill
IV
220.58
222.40
224.57
226.10
218.0
219.2
221.5
222.8
179.0
179.5
179.2
178.4
217.4
216.4
217.8
219.4
232.6
236.0
239.7
242.0
206.3
207.4
208.0
209.4
249.4
255.9
258.6
259.1
247.7
250.4
250.1
249.6
267.9
269.6
263.3
263.7
238.5
240.6
241.5
243.7
245.1
246.4
247.4
249.8
215.5
225.1
227.1
228.2
246.4
250.0
253.5
256.9
1985:
I
II"
229.07
230. 65
224.6
226.3
179.1
178.8
220.1
221.2
245.2
248.1
211.8
212.2
258.6
257.2
251.0
251.5
252.8
255.1
246.4
249.0
252.4
254.0
231.5
235.8
260.9
264.7
r
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]
Grc ss national pr iduct
Period
Constant
(1972)
dollars
Current
dollars
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: III
IV
1983: I
II
Ill
IV
1984: I
II
8.0
10.9
11.7
12.8
11.7
8.8
12.4
3.8
7.7
10.8
2.5
3.9
8.5
12.3
10.1
10.6
14.9
10.7
5.6
7.1
5.6
r
4.6
m
IV
1985: I
II"
Implicit
price
deflator
-1.2
-.3
2.5
-2.1
3.7
6.8
-.9
.5
3.3
9.4
6.8
5.9
10.1
7.1
1.6
4.3
.3
r
1.7
Cham price
index
9.3
5.2
5.8
7.4
5.4
5.5
5.0
2.8
r
Personal consumption e spenditures
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
2.8
5.4
2.8
Fixedweighted
price index
(1972
weights)
9.2
5.7
6.1
7.6
8.9
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
9.9
9.1
8.9
9.5
6.6
4.3
4.2
5.8
5.0
3.4
4.3
4.4
4.1
4.9
4.1
3.9
3.6
4.6
3.7
r
Constant
(1972)
dollars
Current
dollars
5.8
6.3
7.8
9.5
9.8
9.7
6.4
4.2
4.3
5.8
4.6
3.3
4.1
4.7
3.9
5.0
4.3
4.0
3.6
4.3
2.2
11.0
11.1
11.8
11.9
5.6
5.0
4.5
2.7
.5
2.0
1.4
4.8
5.3
2.2
5.1
2.6
10.0
3.8
6.8
4.6
7.9
.7
3.6
5.2
5.2
10.7
10.9
7.3
8.6
8.6
8.5
9.3
4.8
14.5
7.6
9.2
8.6
10.2
5.0
6.1
8.6
8.4
3.8
Implicit
price
deflator
Chain price
index
7.6
5.1
5.8
7.0
9.0
10.2
8.7
5.9
3.7
3.2
6.1
4.0
2.2
4.1
3.7
2.3
3.8
2.2
4.3
2.4
3.2
3.0
Fixedweighted
price index
(1972
weights)
7.7
5.3
6.0
7.3
9.3
10.7
9.2
6.1
4.1
3.9
6.3
5.0
2.5
4.4
3.7
3.6
4.7
3.3
3.9
3.8
3.6
4.0
7.8
5.3
6.2
7.4
9.7
11.1
9.4
5.9
4.0
3.9
6.6
4.9
1.9
4.5
3.9
3.4
4.9
3.1
4.0
3.9
3.3
4.2
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Cur ent-dollar CO st and profit per unit of output (dolla rs) 1
Gross d omestic
product of r onfinancial
corporate business
(billions o f dollars)
Period
Current
dollars
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
HI
rv
1983: I
II
m
1984:
1985:
1
IV
I
n
m
rv
I"
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
2,152.8
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
2,211.2
2,242.6
1972
dollars
694.2
745.5
795.8
846.3
876.1
859.5
883.3
857.4
896.4
977.2
858.5
846.5
855.7
886.2
912.4
931.1
956.9
979.5
980.0
992.5
994.0
Total
cost and
profit 2
1.282
1.343
1.418
1.508
1.617
1.793
1.969
2.074
2.139
2.203
2.083
2.094
2.118
2.130
2.144
2.163
2.178
2.192
2.213
2.228
2.256
Capital
consumption
allowances
with
capital
consumption
adjustment
0.137
.141
.145
.155
.171
.198
.217
.245
.243
.237
.247
.254
.250
.243
.241
.239
.236
.234
.238
.239
.243
Indirect
business
taxes 3
Profits
tax
liability
0.140
.141
.141
.144
.149
.172
.201
.210
.219
.220
.211
.217
.218
.222
.220
.219
.217
.218
.221
.222
.226
This is equal to the deflator for gross domestic product of nonfinaneial corporate business with
the decimal point shifted two places to the left.
Net
interest
Total
Output is measured by gross domestic product of nonfinaneial corporate business in 1972 dol-
lars.
2
Compensation of
employ-
Corporate profits with inventory
valuation nd capital cc nsumption
adjustments
0.837
.878
.928
.998
1.094
1.218
1.307
1.397
1.409
1.425
1.404
1.419
1.421
1.408
1.400
1.408
1.415
1.414
1.434
1.438
1.462
3
0.044
.040
.040
.044
.050
.065
.076
.084
.077
.081
.080
.081
.079
.076
.077
.077
.078
.081
.084
.083
.082
0.124
.144
.163
.168
.154
.140
.167
.138
.191
.240
.141
.123
.151
.182
.206
.221
.233
.246
.236
.245
.245
0.059
.071
.075
.079
.079
.078
.072
.052
.065
.073
.052
.043
.049
.064
.073
.072
.078
.079
.066
.069
.067
Profits
after
tax 4
0.065
.073
.088
.089
.075
.062
.095
.086
.126
.167
.089
.080
.102
.118
.133
.149
.155
.167
.171
.176
.178
of all
employees (1972
Compensation per
hour of
all
employees
(dollars)
7.774
7.998
8.141
8.209
8.194
8.118
8.271
8.357
8.634
8.831
8.406
8.398
8.464
8.617
8.728
8.725
8.801
8.863
8.807
8.861
T
8.804
6.507
7.021
7.555
8.191
8.961
9.884
10.811
11.677
12.166
12.586
11.801
11.913
12.027
12.131
12.224
12.283
12.454
12.528
12.628
12.744
' 12.867
Output
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation arid capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Anatysis) and Department of Labor
(Bureau of Labor Statistics).
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Compensation of
employees1
National
income
Proprietors' income with
inventory v iluation and
capital co isumption
adjust ments
Farm
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: III
IV
1983: I
II
m
IV
1984: I
n
m
IV
1985: I
11
1
1,760.3
1,966.7
2,116.6
2,363.8
2,446.8
2,646.7
2,959.9
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
3,036.3
3,076.5
'
income of
persons
with
capital
consumption
adjustment
Nonfarm
Profits w ith inventory valuation
adjustmf nt and withou t capital
consiimption adjust ment
Total
Includes employer contributions for social insurance. (See also p. 5.)
110.5
138.1
167.3
192.4
194.8
175.4
189.9
159.1
225.2
285.7
163.3
151.6
179.1
216.7
245.0
260.0
277.4
291.1
282.8
291.6
292.3
Capital
consump-
Net
interest
Inventory
valuation
adjustment
Total
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
62.5
52.9
57.0
57.7
59.0
56.2
60.4
61.0
62.0
63.0
64.1
64.8
67.1
65.4
75.0
84.8
92.2
100.2
95.6
93.7
89.2
107.9
126.2
89.5
92.1
98.3
106.8
112.1
114.6
122.5
126.3
126.4
129.7
134.0
138.5
24.6
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
28.2
12.7
25.4
16.4
10.1
11.2
17.3
32.5
23.4
27.3
29.4
25.7
23.2
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
2,173.2
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
2,228.1
2,272.7
2,306.5
1,239.4
1,379.2
1,550.5
Corporate p rofits with inv ?ntory valuatio n and capital Consumption
adjustments
Rental
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-5.7
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
-.2
-1.6
.9
.1
132.1
166.3
194.7
229.1
252.7
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
230.0
158.8
143.2
157.3
186.1
208.1
216.3
229.8
238.7
224.5
227.1
223.2
234.6
221.2
165.5
203.2
235.7
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
224.8
228.7
222.3
-10.1
-13.5
-11.3
-12.7
-14.8
-16.3
-7.6
3.1
33.2
55.7
4.5
8.4
21.7
30.6
36.9
43.6
47.6
52.3
58.3
64.5
69.1
76.4
84.5
87.2
102.5
121.7
153.8
192.6
241.0
260.9
256.6
284.1
257.7
253.8
254.2
254.2
259.2
258.9
266.8
282.8
293.5
293.4
287.0
280.0
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durabl 3 goods
Total
Period
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: III
IV
1983: I
II
m
IV
1984: I
II
m
IV
1985: I
II"
personal
consumption
expenditures
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
2,341.8
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
2,396.5
2,446.5
2,496.1
Total
durable
Motor
vehicles
and
parts
132.2
156.8
55.8
72.6
84.8
95.7
178.2
200.2
213.4
214.7
235.4
245.1
279.8
318.8
244.5
255.0
259.4
276.1
284.1
299.8
310.9
320.7
317.2
326.3
334.8
340.7
96.6
90.7
101.9
108.7
129.3
149.8
108.1
115.3
115.3
128.4
132.0
141.7
147.7
152.3
148.6
150.7
155.7
159.1
Source: Department of Commerce, Bureau of Economic Analysis.
Furniture and
household
equipment
53.5
59.1
65.7
72.8
81.8
86.3
92.3
94.4
104.1
117.0
94.5
96.6
99.1
102.4
105.2
109.8
113.0
116.6
116.8
121.8
123.8
125.6
Retail sal es of new
passeng er cars
No ^durable go ods
i
(millions of units)
Other
22.9
25.2
27.7
31.7
35.1
37.7
41.2
42.1
46.4
51.9
41.9
43.1
45.0
45.3
46.9
48.2
50.3
51.7
51.9
53.8
55.3
56.1
Total
nondurable
goods
407.3
441.7
478.8
528.2
600.0
668.8
730.7
757.5
801.7
856.9
762.5
770.6
775.2
796.9
811.7
823.0
841.3
858.3
861.4
866.5
877.3
894.7
Food
213.6
230.6
249.8
275.9
311.6
345.1
373.9
392.8
416.5
443.6
396.0
400.3
406.7
413.6
420.5
425.1
433.9
442.1
448.6
449.8
457.3
465.1
Clothing
and
69.6
75.3
82.6
92.4
99.1
104.6
114.3
118.8
127.0
140.2
119.0
120.0
121.6
127.1
126.8
132.5
136.1
142.2
139.3
143.2
145.5
149.9
Gasoline
and oil
40.4
44.0
48.1
51.2
66.6
84.8
94.6
90.4
90.0
91.4
89.9
89.6
86.7
89.5
92.1
91.7
92.0
92.8
90.0
90.8
89.9
93.7
Services
Other
83.7
91.9
98.2
108.8
122.8
134.3
147.9
155.6
168.2
181.7
157.6
160.6
160.3
166.7
172.2
173.6
179.3
181.2
183.6
182.7
184.6
186.0
Domestics
437.0
485.7
547.4
618.0
693.7
784.5
883.0
982.2
1,074.4
1,166.1
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
1,203.8
1,234.4
1,260.7
7.0
8.5
9.0
9.2
8.2
6.6
6.2
5.8
6.8
8.0
5.6
6.0
6.0
6.9
6.9
7.4
8.1
8.2
7.9
7.6
8.5
8.2
1.6
1.5
2.1
2.0
2.3
2.4
2.3
2.2
2.4
2.4
2.2
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.4
2.7
2.4
2.7
SOURCES OF PERSONAL INCOME
Personal income rose $16.8 billion (annual rate) in June, following a decline of $17.3 billion in May. The May
decline was from an unusually high April level that was due to two special factors—an unusually large increase in
subsidy payments to farmers and a retroactive wage payment to Postal Service employees. Excluding these special
factors, personal income increased $15.6 billion in June, $12.8 billion in May, and $7.4 billion in April.
BILLIONS OF DOLIARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,600
3,200
3,600
3,200
2,800
2,800
TOTAL PERSONAL INCOME
2,400
2,400
2,000
1,600
1,200
—
1,000
_
1,200
WAGE AND SALARY DISBURSEMENTS
1,000
800
800
600 _
600
OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
1977
1978
1979
1980
1982
1981
1983
1985
1984
' SEASONAILY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIl OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984: June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Aprr
May r
June*".
Total
Wage and
personal
income
disbursements *
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
3,012.1
3,006.5
3,027.7
3,045.8
3,068.3
3,079.3
3,097.5
3,111.8
3,129.2
3,146.0
3,156.2
3,187.5
3,170.2
3,187.0
Proprietor ' income 3
Oth
806.4
889.9
983.2
1,106.3
1,237.6
1,356.7
1,493.1
1,568.7
1,659.2
1,804.0
1,804.3
1,812.4
1,816.9
1,829.1
1,830.9
1,847.2
1,864.9
1,872.5
1,880.9
1,894.7
1,903.1
1,909.1
1,921.6
1
income : 2
64.5
75.9
89.4
102.5
114.9
128.0
140.0
155.5
173.1
195.5
195.3
196.7
198.1
199.5
201.0
202.5
203.9
205.1
206.3
207.5
208.8
210.2
211.5
Farm
24.6
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
28.2
23.5
26.5
27.4
28.0
29.1
28.0
31.0
26.4
28.2
22.6
41.9
13.6
14.1
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
Wage accruals over wage disbursements.
* Consists of employer contributions to private pension, health, and welfare funds; workers' injury
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
65.4
75.0
84.8
92.2
100.2
95.6
93.6
89.2
107.9
126.2
127.1
126.0
126.1
127.1
129.3
129.6
130.2
132.0
134.2
135.9
137.4
138.4
139.8
Kental
income of
persons 4
Personal
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
62.5
62.4
62.6
62.9
63.3
63.7
64.1
64.5
64.6
64.7
64.9
65.8
67.4
68.0
29.9
36.5
dividend
income
39.6
45.3
50.8
56.8
64.3
66.5
70.3
77.7
77.6
78.0
78.2
79.4
79.8
80.2
80.5
81.0
81.4
81.9
82.3
82.5
82.7
Personal
interest
income
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
123.2
132.5
152.8
179.4
178.3
194.3
207.9
223.8
50.4
55.5
61.1
69.8
218.7
266.0
331.8
366.6
376.3
433.7
432.9
441 .4
449.5
457.1
456.8
456.0
455.5
455.8
456.1
456.2
456.5
457.0
457.5
250.3
297.6
337.3
376.1
405.0
416.7
415.9
417.1
419.9
418.7
422.8
425.1
417.6
437.6
440.4
439.6
439.6
440.3
440.9
81.1
88.7
104.5
111.4
119.6
132.5
132.5
133.0
133.3
134.1
134.2
135.2
136.3
145.8
146.3
147.2
147.8
148.2
149.1
4
Nonfarm
personal
income 6
1,229.
1,359.:
1,506.
1,689.'
1,899.
2,119,
2,371.
2,532.
2,701.
2,954.
2,953.
2,971.
2,988.
3,010.
3,019.
3,039.
3,050.
3,073,
3,085,
3,104,
3,115
3,126
3,142
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Disposable personal income rose $79.8 billion (annual rate) in the second quarter compared with a $10.3 billion
rise in the first quarter. If there had not been a delay in Federal income tax refunds (from the first quarter to the
second quarter), disposable income would have risen $24.6 billion in the second quarter and $37.9 billion in the
first quarter.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
1,000
800
DOLLARS * (RATIO SCALE)
12,000
11,000 L_ PER CAPITA DISPOSABLE PERSONAL INCOME
10,000
9,000
800
DOLLARS * (RATIO SCALE)
12,000
11,000
10,000
9,000
8,000
8,000
7,000
7,000
6,000
6,000
972 DOLLARS
5,000
5,000
4,000
4,000
3,000
3,000
1977
1979
1978
1980
1982
1981
1983
1984
1985
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
personal
income
Less:
Personal
outlays l
Equals:
Personal
saving
Per c apita
disposable personal
incc me
Per capita personal
consurnption
expenc itures
Current
dollars
Current
dollars
1972
dollars
Billions of do!' ars
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
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
3,012.1
168.9
196.8
226.4
258.7
301.0
336.5
387.7
404.1
404.2
435.3
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
2,576.8
1972
dollars
94.3
82.5
78.0
89.4
96.7
110.2
137.4
136.0
118.1
156.1
5,075
5,477
5,965
6,621
7,331
8,032
8,874
9,385
9,977
10,887
4,051
4,158
4,280
4,441
4,512
4,487
4,561
4,555
4,670
4,939
Saving as
percent of
disposable
personal
Population
(thousands) 2
income
Per cent
Do lars
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
2,420.7
Percent
change in
real per
capita
disposable
4,521
4,972
5,468
6,048
6,695
7,326
8,037
8,543
9,192
9,894
3,609
3,774
3,924
4,057
4,121
4,092
4,131
4,146
4,303
4,489
1.0
2.6
2.9
3.8
1.6
-.6
1.6
-.1
2.5
5.8
8.6
6.9
5.9
6.1
5.9
6.0
6.7
6.2
5.0
6.1
215,981
218,086
220,289
222,629
225,106
227,694
230,068
232,351
234,542
236,685
Seas anally adju sted annual rates
1982:
III
IV
2,594.3
2,639.5
398.5
402.0
2,195.8
2,237.5
2,061.3
2,107.3
134.5
130.2
9,439
9,593
4,548
4,578
8,603
8,773
4,145
4,186
0.2
2.7
6.1
5.8
232,634
233,230
1983: I
II
Ill
IV
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
1984: I
II
Ill
IV
2,920.5
2,984.6
3,047.3
3,096.2
418.3
430.3
440.9
451.7
2,502.2
2,554.3
2,606.4
2,644.5
2,349.6
2,409.5
2,442.3
2,481.5
152.5
144.8
164.1
163.0
10,608
10,806
11,000
11,133
4,865
4,930
4,965
4,996
9,651
9,869
9,966
10,089
4,427
4,502
4,499
4,527
7.7
5.5
2.9
2.5
6.1
5.7
6.3
6.2
235,875
236,369
236,950
237,544
1985: I
3,143.8
3,181.6
489.0
447.0
2,654.8
2,734.6
2,536.2
2,589.9
118.6
144.7
11,154
11,467
4,965
5,068
10,279
10,467
4,576
4,626
4.5
5.3
238,017
238,472
II <>
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
-2.5
8.6
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 first quarter of 1985, according to preliminary estimates, gross farm income fell $13.4 billion (annual rate)
and net farm income fell $12.0 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
200
200
'
160
120
x-
r^ —1
1
IS,
f^^T
^
"^
160
GF OSS FARM IN< :OME
120
^^
80
80
60
40
40
fs'
—
s
^""•^
•JET FARM INC<3ME
Vsj
f~~
X
**"
\\
/ -\
i
\ I
\ /
\/
1
/
s
\.-'
A
!i »
i
t
1 1 i
1977
\ \ \
1978
1
1
1979
1
1
1
1980
1
1 1 !
1
1981
\\'' /
L
\ /
\ i
\ j
M
10
\l \
'\
\*
\\
'|
t^
20
/ \
/ ^
1 1
1982
\
\
«
/
\
20
/
1 1 1
1983
i
1
1984
1
i i l
1985
• SEASONAILY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm ope rators from farmi"£
(iross farm incom
Net farni income
Cas ti marketing rece ipts
Total '
1976
1977
1978
1979
1980
1981
1982
1983
1984 "
1983:
I
n
m
IV.:
1984: I
n
in
IV
1985: 1"
1
Total
Livestock and
products
inventory
changes 2
102.9
108.7
127.2
150.4
150.2
167.9
161.8
151.4
171.6
95.4
96.2
112.9
131.8
140.5
142.6
144.8
138.7
141.1
46.3
47.6
59.2
68.6
49.0
48.6
53.7
63.2
-1.5
67.8
69.2
70.1
69.2
71.2
72.7
73.3
74.6
69.5
69.9
-5.5
153.3
147.3
148.5
156.6
144.6
138.3
143.7
128.3
70.4
68.7
67.6
70.1
169.8
165.8
176.0
174.9
134.2
138.9
147.8
143.6
73.0
70.4
69.2
72.2
161.5
137.6
71.7
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.
Value nf
Crops
3
1.1
.8
4.9
Production
expenses
82.7
88.9
Current
dollars
1967 dollars 3
20.1
19.8
27.7
32.3
21.2
11.8
10.9
14.2
14.9
31.0
22.3
16.1
30.8
11.4
7.1
99.5
118.1
128.9
136.9
139.5
135.3
140.8
74.2
69.6
76.1
58.2
-11.4
— 14.4
-16.8
-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
61.2
68.5
78.6
71.4
2.2
8.1
9.8
8.2
139.2
141.5
141.4
141.2
30.6
24.3
34.6
33.7
10.C
65.9
2.9
139.8
21.7
7.9
-2.6
-11.7
Income in current dollars divided by the consumer price index (Department of Labor).
NOTE.—Data include net Commodity Corporation loans and farm households.
Source: Department of Agriculture, except as noted.
8.6
7.7
5.4
9.9
7.?
11.1
10.7
6.6
CORPORATE PROFITS
In the first quarter of 1985, according to current estimates, corporate profits before tax fell $6.4 billion (annual
rate) and after-tax profits fell $4.0 billion.
BILLIONS OF DOLLARS
320
BILLIONS OF DOLLARS
320
280
280
240
240
200
160
120
40
40
1977
1985
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr jfits (before t ax) with mve ntory valuati on adjustmen t
Profits after ta X
;
Do nestic indust ries
Total
2
Total
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: HI
IV
1983: I
II
Ill
IV
1984: I
II
Ill
IV
1985: I
II"
1
2
Profits
Nonfinancial
Period
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
230.0
158.8
143.2
157.3
186.1
208.1
216.3
229.8
238.7
224.5
227.1
223.2
107.6
137.4
163.4
185.4
179.0
161.9
173.2
133.6
167.2
207.1
136.5
119.7
134.9
162.4
180.6
190.8
204.1
217.5
200.2
206.4
202.5
Financial
11.8
17.1
23.1
31.0
30.3
26.9
19.5
19.6
29.6
27.8
21.0
24.9
28.4
32.0
29.5
28.5
28.7
28.9
26.6
27.1
28.0
Total 3
95.8
120.3
140.3
154.4
148.6
134.9
153.7
114.0
137.6
179.2
115.5
94.8
106.5
130.4
151.1
162.3
175.4
188.6
173.6
179.3
174.6
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
Tax
liability
Total
Dividends
sale and
retail
trade
52.6
69.2
78.3
86.9
85.6
72.9
84.9
54.5
65.2
85.5
21.3
22.4
26.6
26.9
27.1
23.6
31.8
25.9
33.4
45.9
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
235.7
50.6
63.8
72.7
83.2
87.6
84.8
81.1
60.7
75.8
89.8
81.5
102.5
122.0
145.9
165.1
149.8
140.0
104.8
127.4
145.9
60.4
42.4
24.0
24.1
168.9
155.8
61.9
55.0
107.0
100.8
44.9
59.3
73.8
82.9
25.3
33.0
35.9
39.5
161.7
198.2
227.4
225.5
59.1
74.8
84.7
84.5
102.6
123.4
142.6
141.1
89.8
92.3
78.3
81.6
40.6
47.0
46.8
49.4
243.3
246.0
224.8
228.7
92.7
95.8
83.1
87.7
150.6
150.2
141.7
141.0
77.9
45.5
222.3
85.3
137.0
3
30.8
37.4
40.8
47.0
52.7
58.6
66.5
69.2
72.9
80.5
69.0
70.2
71.1
71.7
73.3
75.4
77.7
79.9
81.3
83.1
84.5
85.6
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
50.7
65.1
81.2
98.9
112.4
91.2
73.5
35.6
54.5
65.4
38.1
30.6
31.4
51.7
69.3
65.6
72.9
70.2
60.3
58.0
52.5
Inventory
valuation
adjustment
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-5.7
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
-.2
-1.6
.9
.1
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the second quarter of 1985,
(annual rate) and residential investment outlays rose $4.4
business fixed investment rose $15.6
billion. There was a $12.6
billion
billion increase in inventories
following an increase of $40.7 billion in the first quarter.
BIL LIONS OF DOL LARS
BULKDNS OF DOLL/IRS
800
SEASON ALLY ADJUSTED ANNL Al RATES
700
700
—
600
GROSS PRIVATE DC)MESTIC
INVESTMEN '
A
J
\
500
r^ ^h~^
r"~~^ir^
y
AL ^^^"^
h
-^-|
/"
f*
vIONRESIDENTI
F XED INVESTME NT
V
300
—
,-~^.
600
^
500
_
...-f*-~"
r
/
«•• ***•»
400
•>•..*. ^ -.—••"*
300
^xX
—
jW,,
200
••»**"
200
RESIDENTIAL
m ED INVESTME^ T
^•^~
—-",..
.
**—-'
1
-100
1
1977
1
1
1
1
1978
.--'•—
-4
,——^
_,_
inn
1 1 1
i ii
1979
1980
1981
100
CHANGE N BUSINESS /\-»*\
"^ \«
<
INVEr-JTORIES
S
1 1 1
_»—
—\
\»
1 1 1
o
"\
V"
1 1 1
1
1983
1982
1
1
1
1
1
-100
1985
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1975
1976
1977
1978
1979
1980
Total
Structures
Producers'
durable
equipment
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
637.8
157.7
174.1
205.2
248.9
290.2
308.8
353.9
349.6
352.9
425.7
55.4
58.8
64.4
78.7
98.3
110.9
135.3
142.1
129.7
150.4
102.3
115.3
140.8
170.2
191.9
197.9
218.6
207.5
223.2
275.3
415.9
376.2
342.2
339.3
138.4
138.4
203.8
201.0
n
m
405.0
449.6
491.9
540.0
334.6
339.3
353.9
383.9
130.4
125.6
126.2
136.6
204.2
213.6
227.8
247.3
n
m
623.8
627.0
662.8
637.8
398.8
420.8
435.7
447.7
142.2
150.0
151.4
157.9
256.7
270.7
284.2
289.7
646.8
638.7
450.9
466.5
162.9
171.5
288.0
295.0
1981
1982
1983
1984
1982: TH
IV
1983: I
IV
1984: I
IV
1985: I
II"
Source: Department of Commerce, Bureau of Economic Analysis.
Change hi business
inven anes
Residential fix ed investment
Nonresic ential fixed in vestment
private
domestic
investment
Tota!
55.3
72.0
95.8
111.2
118.6
102.9
104.3
91.4
132.2
153.9
89.0
97.9
113.3
129.8
142.3
143.4
151.2
155.6
155.3
153.5
155.2
159.6
Nonfarm
structures
52.4
68.8
92.0
107.0
114.0
98.1
99.8
86.6
127.6
148.8
84.5
92.5
108.9
125.3
137.7
138.7
146.4
150.5
150.1
148.3
150.0
153.8
Farm
structures
1.0
1.1
1.5
1.7
1.7
1.8
1.3
1.5
1.0
1.1
1.3
2.1
1.0
.9
.9
.9
.9
1.0
1.2
1.0
1.0
1.5
Producers'
durable
equipment
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.3
3.6
4.0
3.3
3.3
3.4
3.5
3.7
3.8
3.9
4.1
4.0
4.1
4.2
4.3
Total
-6.9
11.8
23.0
26.5
14.3
-9.8
26.0
-26.1
-13.5
58.2
-15.3
61.1
-42.9
-19.4
4.3
12.7
73.8
50.6
71.8
36.6
40.7
12.6
Nonfarm
-10.5
13.9
21.9
25.4
8.6
-4.5
18.2
-24.0
-3.1
49.6
-11.1
-54.3
-32.6
-5.4
11.6
14.1
60.6
47.0
63.7
27.2
34.1
8.8
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department April-May 1985 survey, business spending for new plant and equipment
for the year 1985 is expected to be 9.2 percent above the 1984 level. Spending in 1984 was up 16.0 percent
over the 1983 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
400
400
ALL INDUSTRIES
300
300
200
200
NONMANUFACTURING -^
MANUFACTURING
100
100
80
80
60
60
40
40
, J/. 2J. U
1978
1977
1979
1980
1985
1984
1983
1982
1981
_i/ SURVEYED QUARTERLY
_i/SE£ FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed (j uarterly
M anufacturin g
Period
All
industries
Total
Durable
goods
No nmanufactur ing
able
Total '
Mining
Transportation
Public
utilities
Commercial
and
other
Total
nonbusi-
Noiimanufactut ing
Manufacturing
67.48
78.58
95.92
112.33
126.54
120.68
116.20
138.38
155.98
Total
Surveyed
quarterly
Surveyed
annual-
117.34
139.18
159.04
170.47
188.68
189.89
188.58
215.15
230.12
23.33
27.58
29.98
31.68
34.04
36.89
38.56
44.55
1977
1978
1979
1980
1981
1982
1983
1984
1985 4
184.82
217.76
254.96
282.80
315.22
310.58
304.78
353.54
386.10
67.48
78.58
95.92
112.33
126.54
120.68
116.20
138.38
155.98
32.77
39.46
48.50
55.36
59.81
55.35
53.08
65.95
75.24
34.71
39.13
47.42
56.96
66.73
65.33
63.12
72.43
80.74
117.34
139.18
159.04
170.47
188.68
189.89
188.58
215.15
230.12
9.81
11.22
12.81
15.99
21.39
20.05
15.19
16.88
16.06
12.20
13.36
16.05
16.60
15.84
14.79
13.97
16.49
17.65
27.83
31.50
35.63
37.74
41.21
45.43
44.96
47.39
47.74
67.51
83.09
94.56
100.14
110.24
109.63
114.45
134.39
148.68
1983: I
II
III...
IV...
289.68
294.76
309.25
325.45
111.62
112.70
116.75
123.74
50.88
49.73
54.15
57.56
60.74
62.97
62.59
66.19
178.06
182.06
192.51
201.71
14.94
13.90
15.66
16.27
12.85
13.55
14.20
15.28
44.78
44.46
44.77
45.86
105.50
110.15
117.88
124.30
111.62
112.70
116.75
123.74
178.06
182.06
192.51
201.71
1984: I
337.48
348.34
361.12
367.21
129.97
135.33
142.03
146.20
61.26
63.12
68.31
71.13
68.71
72.21
73.72
75.07
207.51
213.01
219.09
221.01
17.61
16.01
16.96
16.93
14.95
17.04
17.69
16.29
47.13
47.89
47.89
46.67
127.83
132.07
136.55
141.10
129.97
135.33
142.03
146.20
207.51
213.01
219.09
221.01
371.16
385.31
392.61
395.33
145.65
155.55
160.79
161.93
69.87
75.72
77.83
77.52
75.78
79.83
82.96
84.41
225.51
229.76
231.82
233.40
15.66
16.47
16.19
15.90
16.22
17.16
19.31
17.90
48.46
47.71
46.76
48.03
145.17
148.42
149.56
151.57
145.65
155.55
160.79
161.93
225.51
229.76
231.82
233.40
n
III...
IV...
1985:
I
n 4 ..
ni 44
IV
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 ("nonmanufacturiug 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
208.15
245.34
284.94
314.47
349.26
347.47
343.35
398.09
140.67
166.76
189.02
202.15
222.72
226.79
227.15
259.71
]y3
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in April and May 1985, corrected for
biases.
NOTE.—See Survey of Current Business, February 1985, for details on revised series.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment fell 590,000 in June and unemployment was unchanged.
MILLIONS OF PERSONS*
116
MILLIONS OF PERSONS*
1985
*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]
.
Noninstitutional
population
including
resident
Armed
Forces
NSA
dent
T
Labor lorce
including
Forces
NSA
Armed
Forces
Employment
including
resident
Armed
Forces
1979
1980
1981
1982
1983
1984
166,460
169,349
171,775
173,939
175,891
178,080
1,597
1,604
1,645
1,668
1,676
1,697
106,559
108,544
110,315
111,872
113,226
115,241
100,421
100,907
102,042
101,194
1984: June....
July
Aug
Sept ....
Oct
Nov
Dec
177,974
178,138
178,295
178,483
178,661
178,834
179,004
1,690
1,698
1,712
1,720
1,705
1,699
1,698
1985: Jan
Feb
Mar
Apr
May
June....
179,081
179,219
179,368
179,501
179,649
179,798
1,697
1,703
1,701
1,702
1,705
1,702
Nonagricultural
Civilian
labor force
Total
Agricultural
Total
Part-time
for
economic
reasons 1
Total
15
weeks
and
over
Labor force
particil ation
rate (pe rcent)
Total 2
Civilian 3
3,485
4,210
2,737
64.0
64.1
64.2
64.3
64.4
64.7
63.7
63.8
63.9
64.0
64.0
64.4
3,347 95,477
3,364 95,938
3,368 97,030
3,401 96,125
3,383 97,450
3,321 101,685
3,373
4,064
4,499
102,510
106,702
108,670
110,204
111,550
113,544
98,824
99,303
100,397
99,526
100,834
105,005
5,852
5,997
5,512
8,273
10,678
10,717
8,539
115,309
115,566
115,341
115,484
115,721
115,773
116,162
107,081
107,075
106,860
107,114
107,354
107,631
107,971
113,619
113,868
113,629
113,764
114,016
114,074
114,464
105,391
105,377
105,148
105,394
105,649
105,932
106,273
3,368
3,333
3,264
3,319
3,169
3,334
3,385
102,023
102,044
101,884
102,075
102,480
102,598
102,888
5,549
5,482
5,384
5,449
5,483
5,413
5,596
8,228
8,491
8,481
8,370
8,367
8,142
8,191
2,630
2,672
2,621
2,605
2,527
2,428
2,374
64.8
64.9
64.7
64.7
64.8
64.7
64.9
64.5
64.5
64.3
64.4
64.4
64.4
64.6
116,572
116,787
117,215
117,073
117,078
116,485
108,088
108,388
108,820
108,647
108,665
108,072
114,875
115,084
115,514
115,371
115,373
114,783
106,391
106,685
107,119
106,945
106,960
106,370
3,320
3,340
3,362
3,428
3,312
3,138
103,071
103,345
103,757
103,517
103,648
103,232
5,389
5,077
5,400
5,374
5,617
5,257
8,484
8,399
8,396
8,426
8,413
8,413
2,243
2,416
2,400
2,377
2,247
2,317
65.1
65.2
65.3
65.2
65.2
64.8
64.8
64.8
65.0
64.9
64.8
64.5
104,962
106,940
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).
Unempk yment
Civilian ernployment
flpci
liesi-
6,137
7,637
1,241
1,871
2,285
3
Civilian labor force as percent of civilian noninstitutional population.
NOTE.—NSA indicates data are not seasonally adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In June, the seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor
force, was 7.2 percent for the fifth straight month. The unemployment rate for civilian workers was also unchanged
in June, remaining at the February-May level of 7.3 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
v'"V/ A
20
15
15
10
10
1981
1985
'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
Unemp oyment ra te (percen , of eivilian labor force in group)
Period
Unemployment
rate, all
workers 1
BV sex and age
All
fill
civilian
workers
Men
20 years
and over
White
11.3
13.1
14.2
17.3
12.3
14.3
15.6
18.9
19.5
6.4
6.5
6.4
6.4
6.2
6.2
6.3
6.5
6.8
7.0
6.6
6.9
6.5
6.4
18.1
18.4
18.4
19.0
18.7
17.8
18.8
6.3
6.3
6.4
6.3
6.3
6.1
6.2
6.3
6.3
6.2
6.3
6.1
6.5
6.8
6.7
6.7
6.8
6.9
6.7
18.9
18.4
18.2
17.7
18.9
18.3
6.4
6.2
6.2
6.3
6.2
6.5
7.1
7.3
7.4
7.2
7.2
7.0
7.1
7.2
7.5
7.5
7.4
7.3
7.1
7.2
1985:
7.3
7.2
7.2
7.2
7.2
7.2
7.4
7.3
7.3
7.3
7.3
7.3
5.7
6.4
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percen! of potentially available labor force hours.
Black
17.8
14.4
1984: June..
July...
Aug...
Sept ..
Oct....
Nov...
Dec...
12
Total
6.8
8.3
8.1
6.8
1984
1
2
Black a id other
5.1
6.3
6.7
8.6
8.4
6.5
5.9
6.3
8.8
8.9
6.6
Jan ...
Feb ...
Mar...
Apr ...
May...
June..
Both
sexes
16-19
years
16.1
17.8
19.6
23.2
22.4
18.9
5.8
7.1
7.6
9.7
9.6
7.5
4.2
7.0
7.5
9.5
9.5
7.4
5.8
1979
1980
1981
1982
1983
Women
20 years
and
over
Labor
B y s elected grouj s
By race
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
force
time lost
(percent) z
15.9
5.5
6.9
7.3
9.3
9.2
7.1
2.8
4.2
4.3
6.5
6.5
4.6
8.3
9.2
10.4
11.7
12.2
10.3
5.3
6.9
7.3
9.6
9.5
7.2
10.5
10.4
9.3
8.5
11.0
10.9
8.6
13.7
14.8
14.3
13.8
13.8
13.7
13.6
15.2
16.6
15.8
15.1
15.3
15.1
15.0
6.7
7.1
7.0
7.0
6.9
6.8
6.8
4.6
4.5
4.5
4.6
4.5
4.4
4.4
9.8
9.8
10.3
10.1
10.4
10.8
9.6
6.7
7.2
7.1
7.1
7.1
6.9
6.9
10.0
9.6
9.6
9.3
9.1
8.6
8.8
8.4
8.5
8.5
8.5
8.4
8.2
8.3
13.7
14.6
13.9
13.9
14.1
12.8
14.9
16.3
15.2
15.3
15.6
14.0
6.9
6.8
6.8
6.8
6.8
6.9
4.6
4.4
4.2
4.3
4.0
4.6
10.0
11.0
10.2
10.8
10.9
9.8
7.1
7.1
6.9
6.9
6.8
6.8
9.3
8.7
9.6
9.7
10.3
9.9
8.2
8.2
8.2
8.2
8.3
8.2
Source: Department of Labor, Bureau of Labor Statistics.
8.8
8.8
9.4
6.3
7.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In June, the percentage of unemployed persons who had been out of work for less than 5 weeks and for 5-14
weeks fell, the percentage unemployed for 15-26 weeks was unchanged, and the percentage unemployed for 27
weeks and over rose. Both the mean and median duration of unemployment rose.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
A
60
JOB LOSERS
—
50
40
30 r*
—
-
30
REENTRANTS
20
20
ENTRANTS
—
10 —
10
1981
1985
1981
1982
1985
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF LABOR
[Monthly &&ta seasonally adjusted, except as noted]
Unemployment
(thousands)
Period
Sta e
prognims
Re ason for memployment:
percent d istributio n 1
Dur ation of imemploi^ment
P ereent di tribution i
Numb er of
ks
Job
leavers
Insured
unem•lovment
Insured
unemployment,
all
regular
programs
(unadjusted) 2
pecia
ployment
benefit
claims
(unad-
27
weeks
and
over
Average
(mean)
13.8
13.6
16.0
15.4
12.9
10.7
14.0
16.6
23.9
19.1
11.9
13.7
15.6
20.0
18.2
6.5
6.9
8.7
10.1
7.9
51.7
51.6
58.7
58.4
51.8
11.7
11.2
7.9
7.7
9.6
25.2
25.4
22.3
22.5
25.6
11,4
11.9
11.1
11.3
13.0
3,350
3,047
4,061
3,396
2,480
488
460
583
438
378
3,837
3,410
4,594
3,775
2,565
28.2
28.7
28.2
30.0
28.9
28.7
30.8
12.4
12.8
13.1
13.1
13.1
12.2
11.9
19.8
18.6
17.6
17.7
17.2
17.7
17.2
18.1
18.0
17.6
17.3
16.7
17.4
17.3
7.5
7.6
7.6
7.6
7.3
7.3
7.4
52.1
52.5
50.1
50.2
51.3
50.5
50.5
9.9
10.0
9.9
10.1
10.0
10.6
10.4
24.2
24.8
27.2
27.0
25.9
26.4
26.8
13.8
12.8
12.9
12.7
12.8
12.5
12.2
2,365
2,397
2,356
2,390
2,425
2,509
2,487
362
378
366
372
393
395
386
2,166
2,327
2,184
2,083
2,149
2,441
2,778
352
342
322
307
289
295
305
30.2
29.4
29.3
29.8
30.8
30.6
11.1
12.8
12.6
12.1
12.2
12.2
15.4
15.9
15.8
16.0
14.1
15.7
15.3
15.9
15.9
16.1
14.9
15.4
6.7
7.2
7.1
6.7
6.2
6.6
50.8
50.7
49.3
50.0
46.9
49.3
10.4
10.3
10.0
9.9
10.3
12.0
26.4
26.6
27.7
27.4
28.9
26.5
12.4
12.3
12.9
12.7
13.8
12.2
2,607
2,681
2,639
2,587
r
2,575
2,548
394
406
392
390
386
396
3,361
3,339
3,113
2,766
2,455
326
327
339
243
100
28
Less
than
5
weeks
5-14
weeks
7,637
8,273
10,678
10,717
8,539
43.1
41.7
36.4
33.3
39.2
32.3
30.7
31.0
27.4
28.7
8,228
8,491
8,481
8,370
8,367
8,142
8,191
39.6
40.0
41.1
39.2
40.8
41.4
40.2
8,484
8,399
8,396
8,426
8,413
8,413
43.3
41.9
42.4
42.1
42.8
41.5
15-26
weeks
Medi-
Job
losers
Reentrants
New
entrants
Initial
claims
1
W eekly av srage, thousa nds
1980
1981
1982
1983
1984
1984:
1985:
June
July
Aug
Sept
Get
Nov
Dec
Jan
Feb
Mar
Apr
May
June
1
2
,
,
Detail mav not add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFJ3), and railroad (RR) 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 80,000 in June.
MILL IONS OF PEF(SONS* (ENL ARGED SCALE)
MILL IONS OF PEF SONS*
22
100
f'""
-»-*-
^^*l
^_»^^
***•
90
"•—••—_
r^T\
-A*'*
»""••**"""
^
A L L NONAGRICU1TURAL
ES TABLISHMEr*JTS
_
80
SE RVICES^,----"""
20
18
RETAIL TRADE
"~~
16
^^»m
70
-..^ .
\
_^*^\
—
GOVERNMEN T
14 ijjiml|ml lllll||ll|| |||||lll||||lllllllllll Minium
""K""
SERV ICE-PRODUC ING
INDUSTRIES
60 ~~
^r^—
J^~^~ ----
22
•—
20
MAN UFACTURING
—*—"""^
50
^
18
40
"\.
\S<^~~~
>^,
r^~\
Illinium utiijiini iimliimlimilmii
||l!llllll|t
6
ccINSTRUCTION
GOO DS-PRODUC NG
30
A —r—~—1
—_—•*•
NDUSTRIES
}|
20
IIIIllllTiT
7fmli||ii
1982
1983
1981
nmlmih
1984
1985
2
'
flMMllliil iimiinn iimlmn ini|lu|i|
' 1981
1982
1983
||lllll|||y
1984
1985
'
'SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; 1 seasonally adjusted]
1
1
Period
Total
nonagricultural
employment
Se rvice-produ ing industn es
Goods-] reducing in dus tries
y armfacturin g
Total 2
onC nn
struction
Transportation
Total
Durable
goods
Nondurable
goods
Total
and
public
utilities
Wholesale
trade
trade
Gover nment
Finance,
insurance,
and real
estate
Services
Total
Federal
1983
1984
89,823
90,406
91,156
89,566
90,196
94,461
26,461
25,658
25,497
23,813
23,334
24,730
4,463
4,346
4,188
3,905
3,948
4,345
21,040
20,285
20,170
18,781
18,434
19,412
12,760
12,187
12,109
11,039
10,732
11,522
8,280
8,098
8,061
7,741
7,702
7,890
63,363
64,748
65,659
65,753
66,862
69,731
5,136
5,146
5,165
5,082
4,954
5,171
5,204
5,275
5,358
5,278
5,268
5,550
14,989
15,035
15,189
15,179
15,613
16,584
4,975
5,160
5,298
5,341
5,468
5,682
17,112
17,890
18,619
19,036
19,694
20,761
15,947
16,241
16,031
15,837
15,869
15,984
2,773
2,866
2,772
2,739
2,774
2,807
1984: June...
July....
Aug ....
Sept....
Oct
Nov ....
Dee
94,317
94,615
94,893
95,238
95,573
95,882
96,092
24,767
24,842
24,889
24,851
24,918
24,955
25,045
4,344
4,354
4,366
4,386
4,403
4,424
4,469
19,445
19,509
19,539
19,480
19,536
19,553
19,603
11,538
11,589
11,638
11,611
11,652
11,666
11,701
7,907
7,920
7,901
7,869
7,884
7,887
7,902
69,550
69,773
70,004
70,387
70,655
70,927
71,047
5,164
5,174
5,194
5,210
5,223
5,229
5,246
5,532
5,557
5,573
5,610
5,636
5,647
5,665
16,534
16,623
16,673
16,750
16,859
16,994
17,026
5,680
5,693
5,707
5,719
5,737
5,755
5,776
20,707
20,766
20,849
21,014
21,087
21,184
21,252
15,933
15,960
16,008
16,084
16,113
16,118
16,082
2,802
2,805
2,812
2,827
2,823
2,831
2,836
1985: Jan
Feb
Mar
Apr '...
May r..
June "
96,419
96,591
96,910
97,120
97,386
97,466
25,112
25,062
25,056
25,090
25,063
25,007
4,534
4,525
4,553
4,641
4,655
4,649
19,604
19,561
19,526
19,467
19,427
19,382
11,702
11,675
11,651
11,608
11,590
11,546
7,902
7,886
7,875
7,859
7,837
7,836
71,307
71,529
71,854
72,030
72,323
72,459
5,259
5,272
5,269
5,278
5,305
5,318
5,686
5,697
5,714
5,733
5,744
5,766
17,090
17,160
17,249
17,280
17,393
17,435
5,790
5,809
5,835
5,858
5,890
5,909
21,382
21,480
21,644
21,723
21,808
21,891
16,100
16,111
16,143
16,158
16,183
16,140
2,836
2,834
2,850
2,859
2,848
2,846
1979
1980
1981
1982
3
Includes nil full- and part-time wage and salary workers in nonagricultura! establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-emploved 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. I I , which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
14
of the working-age population, whereas the estimates in this table are based on reports from cmploying establishments.
^ Includes mining, not shown separately.
NOTE.—Data beginning April 1983, unadjusted, and beginning January 1980, seasonally adjusted are as revised in June issue of Kconomic Indicators.
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 g oss hourly
earn ings
Average weekly
hours
Period
Manufa cturing
Total
private
nonagricultural '
Total
Total
private
nonagricultural '
Overtime
1980
1981
1982
1983
1984
35.8
35.7
35.3
35.2
34.8
35.0
35.3
1984: June
July
A»g
Sept
Oct
Nov
Dec
35.3
35.3
35.2
35.3
35.2
35.2
35.2
40.6
40.5
40.5
40.6
40.5
40.5
40.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3.0
3.4
3.4
3.3
3.3
3.3
3.3
3.4
3.4
1985: Jan
Feb
Mar
Apr r
May r
June p
35.1
35.1
35.2
35.0
35.1
35.2
40.6
40.1
40.4
40.2
40.3
40.4
3.4
3.3
3.2
3.4
3.1
3.2
36.1
36.0
1976
1977
1978
1979
40.1
40.3
40.4
40.2
39.7
39.8
38.9
40.1
40.7
Manufacturing
Adjustt d hourly earnin gs index — total private
nonagnc ultural z
Percent chang e from a year
earlic r 4 5
Ind ex,
1977 -100
Current
dollars
1977
dollars 3
Current
dollars
116.8
127.3
138.9
148.5
155.4
160.7
99.0
100.0
100.5
97.4
93.5
92.6
93.4
94.9
94.8
7.6
8.2
7.9
9.0
9.1
6.9
4.6
3.4
9.16
9.19
9.22
9.24
9.28
9.31
9.35
160.5
161.0
160.8
161.7
161.6
162.3
163.4
95.2
95.2
94.2
94.3
94.1
94.5
94.9
3.5
3.4
3.4
3.5
2.8
3.1
3.4
9.38
9.41
9.43
9.48
9.49
9.51
163.0
164.0
164.4
164.8
165.0
165.4
94.5
94.7
94.5
94.4
94.3
94.4
2.7
3.3
3.2
2.9
3.2
3.1
$4.86
5.25
5.69
6.16
6.66
7.25
7.68
8.02
8.33
$5.22
5.68
6.17
6.70
7.27
7,99
8.49
8.83
9.18
8.32
8.35
8.35
8.40
8.38
8.42
8.47
8.44
8.49
8.53
8.54
8.55
8.57
92.9
100.0
108.2
1977 dollars
1.4
7.2
•
1;0
. ,5
-3.1
-4.0.
-1.0
.9
' 1,6
.1
C
'A
.S
-.2
c
-.3
c
-.8
c
-.3
c
-.l
C
c
c
'
-.5
'-.2
c
— .7
-1.2
-.9
-1.0
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent cl ange from
a year earlier,
total private n DnagriculturaJ 5
Avera ge gross weeklv es rnings
Period
Manufacturing
Total ;jrivate
nonagnc ultural 1
Current dollars
Construction
Retail trade
Current dollars
1977 dollars 3
$175.45
189.00
203.70
219.91
235.10
255.20
267.26
280.70
294.05
$186.85
189.00
189.31
183.41
172.74
170,13
168.09
171.26
173.48
$209.32
228.90
249.27
269.34
288.62
318.00
330.26
354.08
373.63
$283.73
295.65
318.69
342.99
367.78
399.26
426.82
442.97
456.92
$114.60
121.66
130.20
138.62
147.38
158.03
163.85
171.05
176.40
7.3
7.7
7.8
8.0
6.9
8.5
4.7
5.0
4.8
1984: June
July
Aug
Sept
Oct
Nov
Dec
293.70
294.76
293.92
296.52
294.98
296.38
298.14
174.30
174.31
172.19
172.80
171.80
172.62
173.14
371.90
372.20
373.41
375.14
375.84
377.06
379.61
458.89
454.88
456.46
460.49
457.68
462.08
461.16
176.69
176.40
175.51
176.11
175.82
177.31
177.31
4.9
4.8
4.9
4.4
2.8
3.3
4.0
1985: Jan
Feb
Mar
Aprr
May '
June"
296.24
298.00
300.26
298.90
300.11
301.66
171.73
172.15
172.66
171.19
171.59
172.08
380.83
377.34
380.97
381.10
382.45
384.20
459.94
463.81
465.58
465.88
462.10
457.56
176.42
177.01
177.31
176.42
178.20
177.61
2.0
2.1
3.3
2.1
2.8
2.7
1976
1977
1978
1979
1980
1981
1982
1983
1984
1
4
2
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.
Revised index for urban wage earners and clerical workers used beginning 1978 (beginning January
1985, this price index incorporates a rental equivalence measure for homeownership costs).
3
1977 dollars
Current dollars
1.5
1.2
.2
-3.1
-5.8
-1.5
-1.2
1.9
1.3
1.8
1.6
1.2
.6
.8
-.1
.4
-1.2
-1.3
.6
-2.0
-1.1
-1.3
Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
Note.—Data beginning April 1983, unadjusted, and beginning January 1980, seasonally adjusted,
are as revised in June issue of Economic Indicators.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
all pe rsons
Period
Business
sector
Nonfarm
business
sector
Outp u t
Business
sector
1
Hours of all
perso n s 2
Nonfarm
business
sector
Business
sector
Compens ition per
hou r 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Implici t price
defla or 5
Unit abor
cos ts
Real com]jensation
per b )ur "
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
197 7 = 100; c uarterly ( ata seasor ally adjus ed
92.4
94.8
92.5
93.0
95.3
92.9
86.1
91.7
89.9
85.8
91.7
89.8
93.2
96.8
97.2
92.2
96.2
96.6
66.1
71.4
78.1
66.7
71.8
78.5
95.7
97.3
95.9
96.6
97.9
96.5
71.5
75.3
84.4
71.7
75.3
84.5
71.3
75.3
82.4
71.3
1^73
1974
1»75...
94.6
90.8
95.1
100.0
90.0
94.6
100.0
107.1
116.5
1972
74.0
81.6
1976
1977
1978
1979
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
108.0
119.5
90.4
94.7
100.0
107.5
117.2
1980
1981
1982
1983
1984
98.8
100.7
100.9
103.7
107.0
98.3
99.8
100.0
103.4
106.2
106.5
109.2
106.3
111.0
120.8
106.5
108.7
105.9
111.2
120.7
107.8
108.4
105.4
107.1
112.9
108.3
109.0
106.0
107.5
113.6
131.1
143.4
155.0
161.7
168.6
130.6
143.1
154.5
162.0
168.7
96.4
95.5
97.3
98.4
98.4
96.0
95.3
97.0
98.6
98.4
132.6
142.4
153.6
156.0
157.6
132.8
143.5
154.5
156.6
158.8
128.1
140.4
147.9
152.4
15" '
128.1
140.6
148.6
153.4
158.2
1982: m
IV
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
96.8
97.7
155.3
155.9
155.6
157.1
^4(3.7
149.3
149.3
150.2
1983: I
11
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
97.9
98.4
99.0
98.8
98.3
98.3
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
105.7
107.0
107.2
108.0
105.2
106.6
106.3
106.9
117.8
121.0
121.5
123.0
118.0
121.0
121.3
122.7
111.4
113.0
113.4
113.9
112.3
113.6
114.1
114.8
166.7
167.5
169.3
171.1
166.5
168.0
169.5
171.0
98.6
98.2
98.3
98.5
98.4
98.4
98.4
98.5
157.7
156.5
158.0
158.4
158.3
157.6
159.5
160.0
155.6
156.7
158.1
159.0
156.3
157.3
159.0
160.1
106.9
107.1
106.0
106.2
123.0
123.6
122.8
123.4
115.0
115.4
115.8
116.2
173.1
174.6
173.1
174.6
98.9
98.7
98.9
98.7
161.9
163.0
163.3
164.5
160.9
161.8
162.3
163.4
1972
1973
1974
3.5
2.6
-2.4
3.7
2.4
-2.5
6.6
6.6
2.0
6.9
6.8
-2.0
3.0
3.9
.4
3.1
4.3
.5
6.5
8.0
9.4
6.7
7.6
9.4
3.1
1.6
-1.4
3.3
1.3
1.4
2.9
5.3
12.1
2.8
5.0
12.2
3.4
5.5
9.5
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
-1.5
2.0
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
-.5
1.9
.2
2.7
3.2
— .7
1.5
.2
3.5
2.7
-1.2
2.5
-2.6
4.4
8.8
— 1.4
2.1
-2.6
5.0
8.5
.7
.6
2.8
1.6
5.4
-.6
.6
-2.8
1.5
5.7
10.4
9.4
8.1
4.3
4.2
10.3
9.6
8.0
4.9
4.1
-2.7
-.9
1.9
1.1
0
-2.8
— .7
1.7
1.6
.1
11.0
7.3
7.9
1.6
1.0
11.1
8.0
7.7
1.4
1.4
9.3
9.6
5.3
3.0
3.2
10.0
9.8
5.7
3.2
3.1
2.4
2.7
3.6
1.1
-1.3
-1.2
-.1
-3.0
-3.6
-3.8
-3.6
-4.0
7.5
4.5
7.5
5.1
.2
3.0
3.6
5.0
1.7
3.7
4.0
2.3
1.8
2.0
2.4
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
4.0
-2.1
-2.2
1.9
5.3
-.8
-2.0
0
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
.6
3.1
2.9
5.5
-1.1
2.2
11.4
11.2
1.8
5.0
10.3
10.6
.7
4.7
7.2
6.0
1.2
1.8
7.2
4.8
1.8
2.4
6.2
1.9
4.4
4.4
6.1
3.7
3.6
3.7
.8
-1.8
.7
.8
.7
0
-.1
.1
2.1
-2.9
3.7
1.2
3.1
-1.7
4.7
1.4
3.7
2.9
3.6
2.2
2.8
2.8
4.2
2.9
-3.9
.5
-3.1
.5
0
1.8
.5
1.9
4.1
1.3
3.7
1.4
4.8
3.3
5.0
3.4
1.4
-.8
1.7
-.7
9.1
2.8
8.4
2.9
5.0
2.1
5.5
2.7
in
IV
1984: I
II
m
IV
1985: I r
H"....
Pe rcent chan *e; quarterly data a seasonal] y adjusted annual rates
...
1980
1981
:
1982
1.983
1984
1982:
III.!...
IV
1983: I
II
Ill
IV
1984: I
II....L.
Ill
IV
1985: I '
II *....
1
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.
' Wages and salaries of employees plus employers' contributions tor social insurance and private
benefit plans. Also includes an estimate of wages", salaries, and supplemental payments for the selfemployed.
1* Hourly
If™, compensation divided by the consumer price index for all urban consumers.
2
16
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
dlffer
s'W1"'}' <"><« percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.1 percent in June following a similar rise in May. The index for June was 1.8 percent
above its year earlier level. (The series have been revised beginning 1967.)
INDEX, 1977=100* (RATIO SCALE)
140
INDEX, 1977=100* (RATIO SCALE)
220
_FINAL PFJODUCTS
200
180'
DEF ENSE AND
SPACE
EQ UIPMENT
I6U
100
^-*.
.S"~ BUS
INESS
"~~^^
120 ....— ^
^
120
—*+
>"-'"'
140
140 I—MANUFACTURING PRODUCTION
^
.--*
«.^^*» ^^
EQU
PMENT -**
S
-•"••
DNSUMER
^^ ^Z'-l
GOODS
-_-_.._ ."*'
hmi ||||||||||| llllll||||l MHlhiiii
100
""•M'flf
PERCENT*
90
140
_
— MANUFACTURING CAPACITY UTILIZATION RATI.,
UTILITIES AND MINING PRODUCTION
120
80
UTILITIES
100
60
1981
iiiini
1981
1985
||||l
1982
I
Illlll
1984
1983
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
198$
COUNCIL OF ECONOMIC «DV13BW
[Monthly data seasonally adjusted]
To tal
indus trial
produ ction
Period
Index,
1977 = 100
1977 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984: June
July
Aug
Sept
1985:
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June"
1
:
100.0
84.8
92.6
100.0
106.5
110.7
108.6
111.0
103.1
109.2
121.8
122.3
123.2
123.5
123.3
122.7
123.4
123.3
123.6
123.7
124.0
124.3
124.4
124.6
Manufacturing
Percent
change
from year
earlier
8.8
9.2
8.0
6.5
3.9
1.9
2.2
-7.1
5.9
11.5
13.5
12.2
10.7
8.4
7.2
7.5
6.8
4.4
3.7
3.3
2.9
2.5
1.8
Output as percent of capacity.
NOTE.—Series revised beginning 1967. See Federal Reserve Bulletin, July 1985.
Capacity utilization
rate, p«reent '
Industry pro( uction indexes , 1977 = 100
Mining
Total
84.21
83.4
91.9
100.0
107.1
111.5
108.2
110.5
102.2
110.2
123.9
124.1
125.4
125.9
125.6
125.5
126.0
125.8
125.9
125.8
126.3
126.7
126.7
126.9
Durable
49.10
82.6
91.1
100.0
108.2
113.9
109.1
111.1
99.9
107.7
124.8
124.7
126.4
127.7
127.2
127.0
127.5
127.4
127.8
127.2
128.0
128.4
128.0
128.1
Utilities
Nondurable
35.11
84.5
93.1
100.0
105.5
108.2
107.0
109.7
105.5
113.7
122.5
123.2
123.9
123.2
123.1
123.3
123.8
123.4
123.2
123.8
123.9
124.3
124.9
125.3
9.83
96.6
97.4
100.0
103.6
106.4
112.4
117.5
109.3
102.9
110.9
113.5
114.8
113.0
113.6
107.2
108.8
108.9
110.5
109.5
110.5
110.7
110.6
110.4
5.96
93.7
97.4
100.0
103.1
105.9
107.3
107.1
104.8
105.2
110.9
111.4
109.8
110.0
109.7
109.4
112.1
111.6
113.0
115.8
113.9
113.6
113.0
112.8
Manufacturing
72.3
77.4
81,4
84.2
84.6
79.3
78.3
7Q.3
74.0
80.8
81.1
81.7
81.8
81.3
81.1
81.2
80.9
80.7
80.4
80.5
80.5
80.8
80.3
Industrial
73.4
eo.s
84.1
86.3
87.1
81.1
81.1
71.7
75.3
82.3
82.8
83.0
83.1
82.7
81.3
81.5
81.3
81.7
81.5
81.4
81.0
80.3
80.0
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1977 = 100; monthly data seasonally adjusted]
Mate rials
Produc ts
Intern lediate proc ucts
i'inal produc s
C ansumer go ods
Equipment
Period
Total
Durable
goods
Total
1977 proportion
1975 i...:........
1976 f.
1977 S
1978..
1979 i
1980 A
1981'i
1982 |.
1983 f.
1984 »„,*,.,•,.,
1984: June
July
Aug.....
-*Sept,
VOct
VNov
fDec
*- - ~
1985:S Jan
Feb
,,Mar
•- Apr
? ! May
June"
P~ ; .-.*~,
1
,
Nondurable goods
Total '
Business
Defense
and
space
equipment
Total
Construction
supplies
Busi-
Total
Energy
supplies
44.77
86.3
92.4
100.0
106.9
111.0
112.2
115.2
109.5
114.7
127.8
128.2
129.2
129.7
129.8
129.9
130.7
130.6
25.52
84.9
93.3
100.0
104.3
103.9
102.7
104.1
101.4
109.3
118.2
118.5
119.1
118.4
118.3
118.5
119.6
119.7
6.89
75.3
88.4
100.0
103.7
99.9
88.4
89.7
82.9
98.5
112.6
111.7
113.8
113.3
111.5
111.4
113.3
113.1
18.63
88.8
95.3
100.0
104.5
105.4
108.1
109.3
108.3
113.3
120.2
120.9
120.9
120.2
120.7
121.0
121.8
122.1
19.25
88.5
91.5
100.0
110.3
120.4
124.7
129.9
120.2
121.7
140.5
141.0
142.5
144.5
145.0
145.0
145.5
144.9
14.34
86.1
89.3
100.0
112.2
124.7
125.1
127.6
113.6
115.4
134.9
135.5
137.0
139.1
139.2
139.1
139.8
138.4
3.67
98.5
100.1
100.0
101.2
105.6
115.4
119.8
133.0
143.1
157.9
157.2
158.5
160.7
163.4
163.5
163.3
165.3
12.94
83.6
92.1
100.0
106.9
110.8
106.9
107.3
101.7
111.2
124.9
125.4
127.0
126.9
125.6
126.2
127.2
127.3
5.95
82.3
92.0
100.0
106.9
108.7
100.6
98.6
88.3
100.6
114.0
114.3
114.3
115.3
114.7
114.6
115.7
114.7
6.99
84.7
92.1
100.0
106.9
112.7
112.3
114.7
113.1
120.3
134.2
134.9
137.8
136.9
134.9
136.1
137.1
138.0
42.28
83.2
93.0
100.0
105.9
110.3
105.3
107.7
96.7
102.8
114.6
115.2
115.8
116.1
115.9
114.2
114.6
114.6
11.69
95.6
97.9
100.0
101.1
104.1
105.5
104.7
101.2
98.4
104.0
106.0
106.0
105.5
105.5
99.9
101.5
102.4
130.4
130.4
130.8
131.5
132.1
132.6
118.8
119.1
119.8
119.9
120.6
120.8
112.8
112.8
113.5
112.9
112.3
112.4
121.1
121.4
122.1
122.5
123.6
123.9
145.7
145.3
145.4
146.9
147.5
148.2
140.4
140.0
140.2
142.0
142.1
142.6
165.3
167.3
169.0
170.1
172.6
174.3
126.8
127.7
128.6
129.1
130.0
130.6
116.2
115.7
116.9
117.1
118.3
118.8
135.9
137.9
138.6
139.3
139.9
115.4
115.4
115.5
115.1
114.5
114.2
103.9
104.9
106.2
106.4
106.0
106.0
Includes rigs and prefabs, not shown separately.
[1977=100; monthly data seasonally adjusted]
(psfe*-* •••
No ndurable nanufactu es
Durable m mufactures
Transp n-tation
equipment
Primary metals
1985: Jan
Feb
Mar
Apr
May
June'
Apparel
products
Printing and
publishing
Chemicals
and
products
8.05
82.9
92.8
100.0
106.8
111.4
106.4
112.6
103.8
114.0
121.7
5.33
88.2
98.7
100.0
107.0
108.5
90.4
95.0
65.8
73.0
82.4
80.4
80.6
84,0
82.9
81.3
80.9
78.4
3.49
92.0
101.4
100.0
107.5
108.0
86.3
92.5
57.5
66.1
73.5
71.0
69.0
74.6
73.6
71.0
71.1
68.9
6.46
82.7
91.6
100.0
105.7
109.4
101.8
101.6
86.6
89.1
102.8
103.3
103.7
104.1
104.8
104.8
105.4
105.9
9.54
84.5
88.8
100.0
111.7
122.6
123.3
129.8
115.6
118.3
142.0
143.7
146.1
147.8
146.5
146.6
145.8
144.6
7.15
77.2
86.8
100.0
112.9
125.7
130.3
134.1
128.4
143.8
172.4
171.4
175.3
176.2
176.8
178.4
178.9
180.2
9.13
81.0
92.2
100.0
106.3
108.3
96.9
95.1
87.6
99.2
113.6
112.4
114.2
116.2
114.3
113.4
116.0
117.8
5.25
65.7
86.5
100.0
104.6
95.9
71.1
71.6
66.8
85.8
105.6
104.3
105.4
108.3
104.6
103.1
107.5
109.5
2.30
80.8
91.9
100.0
102.4
102.0
92.9
90.1
82.8
100.2
109.1
109.8
107.9
109.4
110.4
110.2
109.5
109.4
2.79
77.6
91.5
100.0
103.1
98.3
97.3
96.1
87.3
95.3
102.8
102.9
102.3
101.3
100.1
100.5
101.1
102.5
4.54
83.5
91.2
100.0
107.8
112.7
115.1
118.6
120.2
129.8
147.9
149.4
152.3
151.5
148.8
149.5
153.5
151.2
81.7
80.2
81.8
81.5
77.1
76.7
71.0
68.5
73.2
71.9
67.3
106.4
107.6
108.6
109.1
108.5
108.6
145.0
144.9
146.5
148.9
149.2
150.4
176.0
173.2
173.1
168.9
168.9
168.0
120.4
120.5
120.8
121.9
121.2
121.5
113.0
112.5
111.3
112.9
110.6
110.3
109.2
109.1
109.5
110.9
102.6
103.1
101.3
100.2
100.0
150.4
150.3
152.6
153.9
156.8
157.7
Note. — Series revised beginning 1967. See Note, page 17.
18
Lumber
and
products
Iron and
steel
Total
2977 proportion
1975
1976
1977
1978
1979
1980
-.
1981
,
1982
1983
1984
1984: June
July
Aug
Sept
Oct
Nov
Dec
Nonelectrical
machinery
Fabricated
metal
products
Period
Electrical
machinery
Total
Motor
vehicles
and
parts
Source: Boar d o[ Governo s of the Fede ral Reserve ..System.
Foods
122.1
122.9
122.0
124.2
123.5
124.3
123.4
7.96
90.4
95.6
100.0
104.3
106.7
111.4
113.7
114.9
120.4
127.1
127.4
127.8
127.7
128.2
129.1
128.7
129.0
125.7
125.8
126.5
125.6
126.3
128.2
129.4
128.5
130.8
131.2
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts *"•'??
Private
Period
Total new
construction
expenditures
Resi lential
Total
Total
Federal,
and industrial
New housing
1
Other
Total value
index
(1977=100)
local
Commercial
and industrial
floor space
(millions of
square feet)
I 'illions of dollars
1977
1978
1979
1980
1981
1982
1983
1984
173.8
205.6
230.4
230.7
239.1
236.9
268.7
313.0
135.7
159.7
181.6
175.7
185.8
186.1
218.0
257.8
81.0
93.4
99.0
87.3
86.6
80.6
121.3
145.1
315.7
317.8
319.1
321.2
321.0
318.2
313.1
310.1
341.0
334.3
333.7
338.3
343.5
261.5
260.8
263.5
265.4
264.3
262.0
257.5
254.5
283.7
276.5
274.6
279.0
282.6
148.4
147.7
150.3
149.8
149.4
144.0
137.9
134.3
155.3
146.0
146.2
144.5
146.8
65.7
75.8
78.6
63.1
62.7
57.7
95.7
114.6
22.5
29.6
39.9
43.8
51.3
54.6
48.7
61.9
32.2
36.7
42.7
44.7
47.9
50.9
48.1
50.9
38.2
45.9
48.8
55.0
53.3
50.8
50.7
55.2
100.0
114.0
121.0
108.0
112.0
111.0
137.0
149.0
61.4
61.0
61.1
63.0
65.4
66.4
67.2
69.0
51.8
52.2
52.1
52.5
49.5
51.5
52.4
51.3
163
144
73.7
74.7
74.0
78.4
79.0
54.7
55.7
54.4
56.1
56.7
54.2
56.9
55.6
55.9
56.6
56.2
55.6
55.5
57.4
57.8
59.1
59.3
61.0
May
June
July
Aug
Sept
Oct
Noy
Dec
1985: Jan
Feb
Mar
Apr
May
June "
117.0
116.8
117.9
117.0
116.3
115.9
113.5
111.9
113.0
110.3
110.8
111.4
113.3
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
r rt
a
&
&
6
lor iloor space.
1,059
904
919
690
756
937
Annual rates
Annual rates
1984:
739
977
150
148
146
145
151
150
150
145
162
161
162
142
990
899
955
992
910
948
1,005
1,041
974
990
1,049
1,104
1,008
836
Note.—New construction expenditures data revised beginning 1982; data are not strictly comparable throughout the period shown.
y,
, „.
,»,
, . ,,
,,•.«/-<
TT-H T c
o
c
Sources: Department o f Commerce (Bureau o f t h e Census) a n d McGraw-Hill Information Systems
Company, F. W. Dodge Division.
. "^ ,,.
NEW PRIVATE HOUSING AND VACANCY RATES
L AnuLioa 1113 VI UillLb Ul 11UI
New priv ate homes
New private housing units
Units started, bj type of structure
Period
Total
1977
1978
1979
1980
1981
1982
1983
1984
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1,749.5
1 unit
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
2-4 units
121.7
125.0
122.0
109.5
91.1
80.0
113.5
121.4
5 or more units
414.4
462.0
429.0
330.5
287.7
319.6
522.0
544.0
Units
authorized
1,690.0
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
1,681.8
Units
completed
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
Homes sold
819
817
709
545
436
412
623
639
Vacancy rate
Homes for
sale at endl of
period
3
402
414
398
336
272
251
300
356
housing units
(percent) 2
5.2
5.0
5.4
5.4
5.0
5.3
5.7
5.9
Seasonal .y adjusted annu al rates
1984: May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar r.
Apr r
May r
June p
1
1,787
1,837
1,730
1,590
1,669
1,564
1,600
1,630
1,849
1,647
1,889
1,933
1,673
1,705
1,118
1,077
996
962
1,009
979
1,043
1,112
118
108
116
114
107
109
115
119
551
652
618
514
553
476
442
399
1,060
1,135
1,168
1,155
1,041
1,027
105
96
106
113
108
99
684
416
615
665
524
579
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
1,765
1,805
1,591
1,542
1,517
1,477
1,616
1,599
1,635
1,624
1,741
1,704
1,778
1,712
1,731
1,718
1,699
1,681
1,657
1,614
1,587
1,635
1,719
1,794
1,685
1,630
1,627
617
636
615
557
670
652
596
604
332
338
340
343
343
346
349
356
634
r
676
699
634
670
669
356
360
357
359
359
359
5.5
6.0
6.3
6.3
6.2
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places (in issues of Economic Indicators prior to February 1985, data for 1984 were for 16,000 places); for 1978-83 data
are for 16,000 places; and for 1973-77 data 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 May and inventories fell $2.4 billion. According to advance
data, retail sales fell 0.8 percent in June, following a decline of 0.5 percent in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
I/U
650
600
^
—
550
150
*
500
" ^—*^
MANU FACTURING AND
TRAC E INVENTOf IES
450
^..X
—
^^
1
no
-••••
„ *.'
400
""""-••.,
350
—
,~ •"">
-\
MA NUFACTURI MG
AN D TRADE SA .ES
300
^^_,*»"
,.-'"""
~
*• A"
90
'-'"
(ETAIL SALE!
fin
—
70
—
250
—
^
R[ TAIL INVEN1ORIES—•* <£—
140
130
^
1
—
60
200
•>n
Illllllllll
Illllllllll
l||lll||lll Illllllllll Illllllllll
RATIO*
150
1.40
Illllllllll Illllllllll
1981
l||llllllll Illllllllll Illllllllll
1982
1984
1983
1.20
1985
1981
1985
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
and
Manufact iiring
tra( e 1
COUNCIL OF ECONOMIC ADVISERS
Whol esale
Sales
Invento-3
ries
Sales
2
Inventory-s ales ratio 4
Re ail
InventoTotal
2
Durable
goods
stores
[nventories
Nondurable goods
stores
Total
Durable
goods
stores
3
Nondurable goods
stores
Manufacturing
Retail
Millions of dollars, seasonally iidjusted
1977
1978
1979
1980
1981
1982
1983
1984
1984: May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr r
May "
June p
1
2
3
230,000
260,810
298,344
328,074
356,927
344,656
368,747
411,733
351,459
399,561
451,354
493,958
527,739
509,213
520,281
573,434
56,364
66,674
79,481
93,721
102,021
96,290
100,448
114,071
72,801
86,442
99,348
113,623
118,438
118,290
120,476
132,208
60,434
67,231
74,926
79,963
86,777
89,339
97,858
108,085
412,524
413,976
412,233
413,300
412,276
414,243
417,635
421,613
550,503
552,421
557,168
561,715
565,475
568,750
571,239
573,434
116,186
115,636
114,774
114,749
114,573
113,994
114,337
114,913
126,742
126,745
128,577
129,433
130,610
131,023
132,501
132,208
417,350
418,667
420,776
426,718
426,472
427,477
575,802
578,940
578,768
580,201
577,779
114,654
114,310
114,619
117,612
118,031
132,247
133,631
133,865
133,968
134,099
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
39,715
43,863
49,397
55,049
59,688
61,279
64,817
69,394
89,444
102,610
110,906
116,054
126,656
126,014
139,123
155,517
43,071
50,136
54,108
55,117
60,327
58,952
66,845
74,582
46,373
52,474
56,798
60,937
66,329
67,062
72,278
80,935
1.46
1.44
1.43
1.45
1.44
1.51
1.38
1.34
1.39
1.43
1.44
1.42
1.40
1.40
1.34
1.37
107,941
109,085
107,563
107,396
108,373
108,974
110,255
110,519
20,720
23,368
25,529
24,914
27,089
28,059
33,041
38,691
38,667
39,434
38,465
38,071
38,301
39,281
39,934
40,295
69,274
69,651
69,098
69,325
70,072
69,693
70,321
70,224
149,493
148,469
148,817
149,508
150,334
152,130
153,070
155,517
71,356
70,504
70,012
70,201
70,801
71,896
72,839
74,582
78,137
77,965
78,805
79,307
79,533
80,234
80,231
80,935
1.33
1.33
1.35
1.36
1.37
1.37
1.37
1.36
1.38
1.36
1.38
1.39
1.39
1.40
1.39
1.41
110,972
112,096
111,854
115,351
r
114,808
113,935
40,622
41,073
40,765
42,932
' 42,482
41,578
70,350
71,023
71,089
72,419
r
72,326
72,357
157,770
159,163
158,732
160,184
158,780
76,393
76,838
77,401
78,312
76,908
81,377
82,325
81,331
81,872
81,872
1.38
1.38
1.38
1.36
1.35
1.42
1.42
1.42
1.39
1.38
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 June, manufacturers' shipments were unchanged while inventories and orders rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
240
400
360 — INVENTORIES •
200
.SHIPMENTS
300
160
240
TOTAL
DURABLE GOODS-
120
100
TOTAL
200
160
80
DURABLE GOODS
-A
120
NONDURABLE GOODS
60
100
80
NONDURABLE GOODS
Illllllllll Illllllllll Illllllllll
40
60
BILLIONS OF DOLLARS* (RATIO SCALE)
240
40
200 — NEW ORDERS 160
Illllllllll
RATIO*
TOTAL
- DURABLE GOODS-
120
j*t v. *
100
80
NONDURABLE GOODS"
60
lllflllllH
40
1981
1983
1982
1985
1984
1984
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1985
COUNCIL OF ECONOMIC ADVISERS
Manufa cturers' shipraents 1
1! amifac turers new orders l
Manufax turers' inven tones 2
Durabl 3 goods
Period
Total
Durable
goods
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventory —
shipments
ratio *
defense
M llions of do .lars, seasoilally adjust 3d
1977
1978
1979
1980
1981
1982
1983
1984
113,202
126,905
148,936
154,391
168,129
159,027
170,441
189,578
59,267
67,848
76,060
77,550
83,872
76,693
84,951
98,502
53,935
59,057
67,876
76,841
84,257
82,334
85,491
91,076
189,214
210,509
241,100
264,281
282,645
264,909
260,682
285,709
121,601
137,891
160,533
174,620
186,347
175,103
171,629
191,109
67,613
72,618
80,567
89,661
96,298
89,806
89,053
94,600
115,032
131,546
147,403
156,161
167,752
157,255
173,259
191,634
61,082
72,339
79,451
79,360
83,553
74,996
87,631
100,611
15,291
19,458
23,231
23,259
24,050
20,681
22,764
27,017
53,950
59,207
67,953
76,801
84,199
82,260
85,627
91,024
203,475
259,770
302,145
323,393
319,094
296,918
330,924
355,640
1.61
1.57
1.57
1.66
1.64
1.73
1.52
1.45
91,502
91,523
92,055
90,901
91,116
90,468
90,649
92,242
274,268
277,207
279,774
282,774
284,531
285,597
285,668
285,709
180,543
182,474
184,588
187,035
188,619
190,088
190,669
191,109
93,725
94,733
95,186
95,739
95,912
95,509
94,999
94,600
192,384
189,911
194,061
192,384
189,217
186,799
194,982
193,671
100,950
98,340
101,979
101,860
98,210
96,506
104,434
101,307
28,562
27,721
28,140
26,736
27,394
25,259
26,836
26,893
91,434
91,571
92,082
90,524
91,007
90,293
90,548
92,364
354,750
355,406
359,571
360,800
360,687
356,211
358,150
355,640
1.46
1.46
1.47
1.48
1.50
1.49
1.48
1.46
192,153
192,030
192,355
T
192,475
191,546
192,474
93,632
94,116
93,816
93,574
93,354
93,485
195,210
193,057
191,532
191,081
195,019
198,810
105,447
102,467
99,544
99,839
r
102,971
106,698
23,633
29,493
27,206
25,461
r
25,594
28,312
89,763
90,590
91,988
91,242
92,048
92,112
359,125
359,926
357,151
354,731
355,112
359,381
1.49
1.49
1.47
1.48
1.46
1.47
1984:
Mav
June
July
Aug
Sept
Oct
Nov
Dec
188,397
189,255
189,896
191,155
189,330
191,275
193,043
196,181
96,895
97,732
97,841
100,254
98,214
100,807
102,394
103,939
1985:
Jan
Feb
Mar
Apr r
May
June"
191,724
192,261
194,303
193,509
194,638
194,541
101,966
101,724
102,116
102,068
r
!02,718
102,761
1
2
3
89,758 285,785
90,537
286,146
92,187 286,171
91,441 ' 286,049
91,920 284,900
91,780 285,959
Monthlv average for i ear and total f r month. Shiprnents are the s me as sales.
Book value, end of pe riod.
End of period.
4
For ar nual periods, atio of weight ed average inv entories to ave rage monthlv hipments; for
monthlv d»ta, ratio of inve ntories at end af month to shi tments for mon th.
Source: department of Commerce, Bu eau of the Cen sus.
21
PRICES
PRODUCER PRICES
In June, the producer price index for all finished goods showed no change, seasonally adjusted. Prices of finished
consumer foods fell 0.1 percent, as did prices of other finished consumer goods. Prices of capital equipment rose
0.4 percent.
INDEX, 1967=100 (RATIO SCALE)
320
INDEX, 1967= 100 (RATIO SCALE)
200
200
'„
180
180
160
160,
1977
1978
1984
SOURCE: DEPARTMENT OF LABOR
1985
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
Fin shed goods
Period
Total
finished
goods
Consumer
foods
F nished go ads excluding consumer foo Js
Consumer g<)ods
Nondurable
Capital
equipment
Total
Total
Durable
Total
finished
consumer
goods
Internlediate ma te rials
Cnide mater als
Total
Foods
and
feeds »
Other
Total
Foodstuffs
and
feedstuffs
Other
1977
1978
1979
1980
1981
1982
1983
1984
181.7
195.9
217.7
247.0
269.8
280.7
285.2
291.1
189.9
207.2
226.2
239.5
253.6
259.3
261.8
273.3
177.7
190.7
213.3
247.8
273.3
285.8
290.8
294.8
174.3
186.7
211.5
250.8
276.5
287.8
291.4
294.1
152.8
166.9
183.2
206.2
218.6
226.7
233.1
236.8
189.3
200.0
231.3
283.9
319.6
333.6
335.3
337.3
184.6
199.2
216.5
239.8
264.3
279.4
287.2
294.0
180.7
194.9
217.9
248.9
271.3
281.0
284.6
290.3
201.5
215.6
242.2
280.3
306.0
310.4
312.3
320.0
190.5
203.1
226.1
252.6
250.3
239.4
247.9
253.1
202.3
216.5
244.4
282.3
310.1
315.7
317.1
325.0
209.2
234.4
274.3
304.6
329.0
319.5
323.6
330.8
192.1
216.2
247.9
259.2
257.4
247.8
252.2
259.5
245.0
272.3
330.0
401.0
482.3
473.9
477.4
484.5
1984: June
July
Aug
Sept
Oct
Nov
Dec
291.2
291.8
291.2
291.2
291.0
292.0
292.0
270.4
274.5
273.8
273.4
273.0
274.5
275.6
295.9
295.3
294.8
294.9
294.8
295.6
295.2
295.5
294.5
293.5
293.4
293.5
294.3
294.2
236.9
237.1
237.2
238.2
236.6
237.6
237.5
339.9
337.8
335.9
334.9
336.5
337.2
337.0
294.1
294.7
295.3
295.8
295.1
295.9
295.0
290.3
291.0
290.1
289.9
289.9
290.9
291.2
321.5
320.9
320.3
320.0
320.4
320.9
320.7
256.9
252.9
249.6
246.9
244.5
245.6
244.8
326.3
326.0
325.6
325.4
326.0
326.5
326.4
330.4
331.3
327.4
327.6
324.5
329.1
328.5
255.5
257.7
253.1
254.4
251.6
260.4
260.9
491.8
490.0
487.5
485.2
481.5
477.6
474.4
1985: Jan r.
Feb r.
Mar
Apr
May
June
291.9
292.1
292.7
293.6
294.2
294.1
274.3
274.6
273.9
271.1
268.1
267.7
295.5
295.6
296.7
298.8
300.7
300.8
294.0
293.4
294.3
297.4
300.0
299.6
238.8
239.9
241.3
241.3
241.7
242.4
335.6
333.4
334.1
339.6
344.0
342.7
296.3
298.6
299.7
299.7
299.7
300.9
290.6
290.3
290.7
291.9
292.6
292.2
320.4
319.0
318.4
319.1
320.0
320.0
241.6
241.1
238.6
234.9
230.7
231.6
326.2
324.7
324.3
325.4
326.5
326.5
321.7
316.0
311.5
307.7
305.1
303.3
254.9
249.8
243.5
236.1
230.4
229.8
466.0
459.0
458.2
461.9
465.7
461.4
1
Intermediate materials for food manufacturing and feeds.
Source: Department of Labor, Bureau of Labor Statistics.
22
CONSUMER PRICES
In June, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (0.3 percent nol
seasonally adjusted). The index was 3.7 percent above its year earlier level.
INDEX, 1967== 100 (RATIOS :ALE>
INDEX, 1967= 100 ( RATIO SCALE)
340
340
UNADJUSTED
320
_--
300
..—•
*-S
280
-i_--•
300
280
r ^ALLxITEMS
260
260
./—
240
240
f "
220
220
~7^
__^ t~—
200
180
320
P^"
1
^—
200
180
•T^
160
160
140
,
m,
„
1977
1978
IMII
,,,,„ I l l l l l l l l l l Illllllllll Illllllllll Illllllllll I l l l l l l l l l l
1980
1979
1981
1984
1983
1982
SEE NOTE ON TABLE ELOW
SOURCE: DEPARTMENT OF LABOR
140
1985
COUNCIL OF ECONOMIC ADVISERS
[1967 — 100, except as noted; monthly data seasonally adjusted, except as noted]
Hou sing
T ansportati 3n
She Iter
Period
All
items 1
Food
Total J
KentTotal
costs
2
NSA
Rel. imp.5
1977
1978
1979
1980
1981
1982
1983
1984
100.0
18.7
181.5
195.4
217.4
246.8
272.4
289.1
298.4
311.1
192.2
211.4
234.5
254.6
274.6
285.7
291.7
302.9
37.7
186.5
202.8
227.6
263.3
293.5
314.7
323.1
336.5
191.1
210.4
239.7
281.7
314.7
337.0
344.8
361.7
1984: June
July
Aug
Sept
Oct
Nov
Dec
310.7
311.7
313.0
314.5
315.3
315.3
315.5
301.5
302.6
304.2
304.4
305.4
305.9
307.2
335.0
336.8
338.5
340.2
340.5
341.2
341.8
1985: Jan
Feb
Mar
Apr
May
June
316.1
317.4
318.8
320.1
321.3
322.3
307.7
309.3
309.2
308.7
308.3
308.5
342.3
343.7
344.6
345.9
348.1
349.2
1
Includes items not shown
2
December 1982 = 100.
3
Homeowners'
costs 2
Maintenance
and
repairs
NSA
NSA
Apparel and
upkeep
Total !
New
cars
Motor
fuel 3
Medical
care
Bner-
gy"
shelter
14.1
0.5
21.6
3.4
5.5
6.3
11.5
103.0
108.6
102.5
107.3
8.2
202.2
216.0
239.3
278.6
319.2
350.8
370.3
387.3
5.1
214.7
233.0
256.4
285.7
314.4
334.1
346.3
359.2
154.2
159.6
166.6
178.4
186.9
191.8
196.5
200.2
177.2
185.5
212.0
249.7
280.0
291.5
298.4
311.7
142.9
153.8
166.0
179.3
190.2
197.6
202.6
208.5
188.2
196.3
265.6
369.1
410.9
389.4
376.4
370.7
202.4
219.4
239.7
265.9
294.5
328.7
357.3
379.5
207.3
220.4
275.9
361.1
410.0
416.1
419.3
423.6
48.0
169.5
179.1
191.5
208.3
228.1
245.6
258.4
271.2
359.9
362.5
364.1
366.0
367.4
368.6
370.1
108.2
108.8
109.4
109.9
110.4
110.9
111.4
106.8
107.6
108.1
108.7
109.1
109.4
109.8
358.9
360.3
360.1
362.7
361.6
362.9
364.4
385.8
389.0
391.1
392.6
390.3
390.4
389.4
198.4
198.9
200.5
201.5
203.0
202.7
202.4
312.5
311.8
311.8
312.8
313.9
314.5
315.0
207.4
208.2
209.1
210.2
210.8
210.6
210.9
371.8
365.2
361.7
364.6
367.4
369.3
368.8
379.1
380.9
382.0
383.6
385.8
387.4
389.0
423.6
422.0
421.5
423.7
423.4
424.0
423.0
270.9
271.7
272.9
273.9
274.7
275.2
275.9
371.0
373.2
374.2
375.7
379.4
380.9
111.8
112.4
112.9
113.5
114.6
115.1
110.0
110.7
110.8
111.3
112.4
112.8
366.0
366.8
370.0
368.0
366.2
367.6
389.1
388.1
389.8
392.0
392.7
395.0
202.4
204.3
205.3
205.4
205.2
205.8
315.8
315.6
319.7
322.3
321.6
321.2
211.6
213.3
214.3
214.3
213.9
214.5
363.8
354.2
367.6
378.7
380.5
381.3
390.3
392.0
395.3
397.5
399.9
402.6
419.8
414.1
422.1
429.9
431.2
431.9
277.2
278.7
279.9
280.4
280.5
281.1
31.8
7.1
separately.
Includes direct pricing of diesel and gasohol beginning September 1981.
4
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 1984.
Fuel
and
other
utilities
All
items
less
food,
energy,
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.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Chs ngf from pr eceding perk d
Change from 3 inontl s earlier, aim Jal rate
Change from 6 month s earlier, ann jal rate
Consuin r goods
Consum r goods
CoHsum =r goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
Poods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Total
finished
goods
Capital
equipment
Excluding
foods
Poods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., N 3A
1976
3.7
6.9
9.2
,
1977
1978
1879
1980
1981
1982
1.983
1984
6.9
11.7
7.4
7.5
1.4
12.8
11.8
7.1
3.7
.6
1.7
.'
6.0
6.7
8.5
-2.5
2.1
2.3
3.5
6.4
7.3
7.9
8.8
4.4
6.5
7.8
17.5
14.2
11.4
11.1
13.5
8.5
4.2
-.8
.8
9.2
3.9
1.9
1.8
9.2
4.0
1.6
2.1
Cr ange, mon th to mont h
1984:
June
July
0
.2
,
Aag
0
Sept
1985:
0
1.5
-.3
9
___
Oct
NOT
Dec
-.1
Jan r
Febr
-.0
.1
.2
.3
.2
-.0
0
Apr r
May '
June
-.3
3
-.0
.0
.3
.0
1
.1
.5
.4
.3
Mar '.
-0.1
-1.0
— 1.1
-.1
-.2
.3
1.1
.9
-.1
— .1
— .5
.1
.3
0.1
.2
_2
.2
2
.3
-.3
.3
0
0
— 1.1
1.1
1.1
.4
.8
.4
0
0
.4
1.2
.1
1.0
2.3
2.9
1.9
0.4
7.5
2.7
5.1
4.5
— 2.2
1.0
3.3
2.2
2.8
.5
2.1
2.3
.5
.8
1.8
.8
-.2
-.4
.6
.6
-2.8
-1.4
1.1
1.1
-1.1
.7
1.2
.1
4.7
9.3
7.4
1.9
.1
-2.4
-4.6
-9.1
8.8
NOTE.—NSA indicates data are not seasonally adjusted.
1.8
-.9
3.1
-1.7
2
3.1
3.9
.1
.6
1.0
1.8
1.5
1.4
1.6
3.7
6.5
4.7
1.5
1.6
2.4
1.6
.3
-.5
3.3
1.5
.6
3.1
2.9
2.5
2.3
.5
1.4
.6
-1.1
-1.0
-.9
— .1
-.3
1.1
.6
— .1
.4
-1.4
-4.6
.6
2.7
3.9
3.7
2.2
2.7
3.1
2.6
4.0
— 5.7
2.1
2.3
1.8
1.5
1.4
1.9
1.7
.9
.7
.3
.7
1.1
1.1
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
Period
All
items *
Food
Total
1
Homeowners'
RentTotal '
Adden dum: Ail iterns, percent ( hange
(annua rate)
Tr msportati an
costs
Fuel
and
other
utilities
Apparel
and
up-
MediTotal '
Newcars
cal
care
Motor
fuel2
items
less
food,
energy,
Ener-
gy
3
From
previous
From
3
earlier
shelter
From
6
months
earlier
From
year
earlier
NSA
NSA
C iange, D ecember to Dect mber, IS SA
1976
4.8
0.6
5.4
4.2
1977
1978
1979
1980
1981
1982
1983
1984
6.8
9.0
8.0
7.6
9.9
8.7
13.3
12.4
11.8
10.2
10.2
8.9
3.9
3.8
4.0
4.3
3.1
2.6
3.8
1984: June
July
0.2
Aug
.4
Sept
.4
.3
0.2
.4
.5
.1
.3
15.2
13.7
10.2
9.0
8.1
5.9
11.5
17.4
15.1
16.0
13.6
14.5
9.9
3.6
3.5
4.2
2.4
4.7
5.1
5.2
5.9
0.2
.5
.5
.5
.1
.2
2
0.3
.7
0.5
.6
.6
.5
.5
.5
.5
0.3
.7
.5
.6
.4
.3
.4
.5
4.5
5.1
9.7
1.8
4.2
4.5
4.2
3.2
5.5
6.8
3.6
1.6
2.9
2.0
8.8
4.3
7.7
11.0
1.7
3.9
3.1
1.6
3.4
2.4
-6.5
0.1
-1.1
-1.8
-1.0
18.2
14.7
10.1
2.6
4.9
4.8
7.2
6.2
7.4
7.5
6.8
8.8
8.8
8.5
10.1
10.0
12.5
11.0
52.2
18.9
9.4
|
-2.4
H
6.4
6.1
6.9
7.2
8.0
37.4
18.1
11.9
1.3
5
_2
5.8
6.5
7.7
7.0
5.2
6.5
7.2
9.9
9.4
6.1
5.0
4.4
11.3
13.5
10.4
6.1
3.2
4.3
Cha nge, mo nth to nlonth
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
Mav
June
.3
.4
.0
.4
.3
.4
9
2
.3
.4
9
.2
.5
-.0
.1
.2
.4
— .2
— .1
.4
.8
.6
.3
.4
1.0
-1
.S
.4
.3
.5
.4
2
2
.3
1
.4
.5
1.0
.4
-0.2
.4
0.2
.8
.5
.4
-.6
.0
-.3
.2
— .1
0
.6
.1
.5
1.0
.4
-.3
,8
.4
.5
.0
-.1
.3
.6
.2
.6
Includes items not shown separately.
2
Includes direc! pricing of diesel and gasoho! beginning September 1981.
3
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor
etc., also included through 1982.
4
Quarterly changes arc shown in the last month of ihe quarter,
NOTE.—NSA indicates data are not seasonally adjusted.
24
.3
.8
.5
_7
-.1
-.1
0.0
-.2
0
.3
.4
.2
.2
.3
-.1
1.3
.8
— 2
i
.4
.4
.5
.3
-.1
.1
.3
g
.5
0
2
.3
.8
.8
.5
-.1
-1.4
-2.8
3.8
3.0
.5
2
0.5
.5
.3
.4
.6
-0.4
-.4
-.1
0.3
.3
3.7
.4
.4
.1
2
.4
.4
.3
.2
.3
.3
.4
.8
.6
.6
.7
-.8
.5
-1.4
1.9
.5
.4
3.2
1.8
.3
.2
.2
.0
.2
4.2
.5
]
3.7
3.6
3.2
2.7
3.8
4.5
4.3
3.4
3.0
4.3
2.6
3.2
4.1
4.9
4.3
3.3
3.4
3.3
3.5
3.7
3.8
3.7
3.6
3.7
3.8
3.5
3.6
3.7
4.2
4.1
4.2
4.2
4.2
4.0
4.0
3.6
3.5
3.7
3.7
3.7
3.7
Data beginning January 1978 are for all urban consumers; earlier data lire for urban wage earners and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeowuership 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 0.8 percent in July, while prices paid by farmers were unchanged.
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977=100 (RATIO SCALE)
180
180
.PRICES PAID
160
160
140
140
120
120
PRICES RECEIVED -
100
100
80
80
60 1 i l l i l i | | I i i
60
RATIO*'
RATION
140
60
60
1977
1985
1AAT1O OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100]
Prices paid by farmer s
Pri es received by farmers
Period
All farm
products
100
115
132
134
139
133
134
142
1977
1978
1979
1980
1981
1982
1983
1984
1984:
June
July
Aug
Sept
Get
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June
July
165
164
164
164
163
164
163
162
161
161
160
159
159
159
156
155
154
154
152
153
152
87
88
87
r
84
'85
r
83
r
83
164
164
164
165
165
164
164
160
160
160
160
160
159
158
154
154
153
153
152
151
150
82
82
82
79
78
78
77
135
135
135
134
131
129
128
127
126
125
127
125
124
122
122
145
145
141
136
134
134
132
!38
138
!36
!44
r
Katio z
155
159
161
!44
145
143
141
r
!38
143
145
!38
r
Production
items
100
106
144
r
!43
r
!35
r
!37
r
!29
125
r
Production
items, interest,
taxes, and wage
rates
100
108
125
138
148
150
153
155
100
108
123
100
105
116
125
134
121
127
!
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.
All commodities,
services,
interest, taxes,
and wage rates 1
100
124
147
144
143
145
141
146
144
145
143
r
r
Livestock and
products
Crops
138
150
157
160
164
100
109
125
139
151
107
97
93
85
84
87
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977—100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
In June, growth accelerated in Ml and the broader aggregates.
BILLIONS OF DOLLARS*(RATIO SCALE)
' 3,200
BILLIONS OF DOLLARS*(RATIO SCALE)
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
600
7
600
500
500
400
400
300 h-
300
1977
1978
1980
1979
1981
1983
1982
1985
1984
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1984:
1985:
Ml
M2
MS
L
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
June
July
Aug
Sept
Oct
Nov
Dec
335.3
363.0
389.0
414.8
441.8
480.8
528.0
558.5
r
Jan
Feb r
Mar '
Apr r
May '.
June"
547.3
546.9
548.9
551.5
548.3
553.8
558.5
2,838.8
2,862.0
2,878.8
2,901.0
r
2,925.1
2,959.9
2,995.0
562.7
569.4
572.1
574.9
581.6
591.2
2,398.9
2,421.0
2,429.2
2,427.3
2,444.6
2,473.1
3,020.5
3,041.0
3,055.3
3,055.9
3,075.7
3,103.7
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.
z
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
NOTE.—-The nontransactions portion of M2 is seasonally adjusted as a whole to reduce distortions
26
1,472.5
1,646.4
1,803.6
1,988.5
2,235.8
2,446.8
2,701.7
2,995.0
1,286.6
1,388.9
1,497.9
1,631.4
1,794.4
1,954.9
2,188.8
2,371.7
2,269.3
2,280.2
2,292.8
2,308.4
2,319.3
2,346.3
2,371.7
1,704.2
1,909.7
2,115.8
2,324.7
2,596.5
2,854.5
3,175.9
3,543.8
3,366.5
3,402.7
'3,427.7
'3,457.0
3,480.2
3,508.8
3,543.8
3,568.0
3,598.0
3,624.1
3,626.3
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) 3
2,829.1
3,200.0
3,583.5
3,926.1
4,311.8
4,709.7
5,224.6
5,953.2
5,571.0
5,631.1
5,690.3
5,742.1
r
5,802.4
' 5,878.0
5,953.2
r
6,019.2
6,074.7
6,129.6
6,191.4
6,251.9
Perce nt change from veai or 6
months earlier 2
Ml
8.1
8.3
7.2
6.6
6.5
8.8
9.8
5.8
7.4
5.9
5.6
5.4
3.4
4.2
4.1
5.9
7.6
7.6
9.9
10.3
12.1
M2
10.6
8.0
7.8
8.9
M3
12.3
11.8
9.5
Debt
12.6
13.1
12.0
8.9
9.4
9.6
9.8
9.2
12.0
8.4
7.5
7.2
7.0
7.2
7.1
8.2
9.2
11.3
10.9
10.4
10.8
10.3
10.0
r
!0.2
10.5
11.3
10.9
13.9
13.7
r
!3.6
13.5
13.3
13.2
13.6
14.2
10.7
11.5
10.7
11.4
11.6
10.9
9.5
8.6
8.7
9.1
8.0
7.4
14.3
14.0
14.0
13.9
13.1
10.0
10.3
12.4
caused by substantial portfolio shifts arising from regulatory and financial changes in recent years,
especially shifts to MMDAs in 1983. A similar procedure is used to seasonally adjust the remaining
nontransactions balances in M.3.
See p. '21 for components.
Source: Board of 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]
Period
Demand
deposits
Currency
Other
checkable
depos-
its
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
NSA
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
Dec....
Dec ....
Dec....
Dec ....
Dec....
Dec ....
Dec....
Dec ....
97.6
106.4
116.4
124.0
134.3
148.4
158.7
239.4
253.4
261.3
265.7
235.2
238.6
243.5
248.6
Dec
154.3
155.0
155.9
156.8
157.1
157.9
158.7
1985:
Jan
Feb
Mar r
Aprr
May r
June ".
159.4
160.5
161.3
161.7
163.1
164.5
1984:
June
July
Aug
Sept
Oct
Nov
88.6
4.2
8.5
Money market
mutua fund
balaiices
General
purpose
and
broker/
dealer
NSA
14.7
2.4
6.4
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
17.5
28.2
78.2
103.5
131.3
146.0
33.4
61.6
150.6
185.2
138.2
167.5
15.2
38.0
51.1
43.2
62.7
248.9
247.3
246.8
247.5
244.5
246.8
248.6
139.0
139.4
141.0
142.2
141.8
143.9
146.0
55.9
56.3
58.5
56.7
56.8
58.0
57.5
148.9
150.5
150.6
152.1
155.6
162.0
167.5
45.7
46.1
46.2
46.9
52.2
58.3
62.7
249.1
251.7
251.9
252.5
255.7
260.7
149.0
151.8
153.6
155.3
157.3
160.3
62.8
69.6
67.8
59.1
63.7
62.7
171.9
175.1
177.6
176.2
172.2
175.4
65.0
62.2
59.5
59.6
63.5
67.1
Small
denomination
time
deposits 1
Large
denomination
time
deposits 1
NSA
0.9
3.1
9.5
20.3
21.2
28.3
35.9
38.8
53.8
57.5
Savings
deposits
0.0
.0
.0
.0
.0
r
NSA
NSA
416.2
76.4
80.3
79.6
72.3
67.8
67.9
71.1
74.1
834.0
843.6
855.0
864.5
872.7
878.5
885.6
379.5
389.3
392.6
396.0
r
405.2
410.7
416.2
59.2
60.0
64.1
66.6
69.3
70.7
69.7
89.3
88.3
86.5
85.6
80.6
81.9
83.2
73.0
73.1
73.3
73.6
73.7
73.9
74.1
881.9
877.6
878.6
885.4
892.2
894.9
416.9
419.3
423.6
427.3
428.0
423.9
65.0
65.7
68.9
71.9
68.7
67.3
81.2
81.3
84.5
80.5
81.1
78.7
74.4
74.9
75.3
75.8
43.2
379.2
415.1
145.0
195.1
222.0
258.9
302.1
328.3
330.8
397.8
394.2
388.9
388.6
392.0
402.4
415,1
300.8
299.1
296.5
294.6
292.6
290.7
288.6
433.7
448.3
457.9
460.3
463.7
474.9
288.6
289.4
288.6
287.8
289.4
292.1
Shortterm
Treasury
securities
Bankers'
acceptances
78.3
81.9
108.4
133.8
150.3
188.8
223.8
271.6
14.1
22.0
27.2
32.0
39.7
43.9
44.1
41.3
62.9
79.2
97.0
98.1
102.8
107.0
135.2
161.8
251.6
259.9
267.2
r
278.4
279.8
274.9
271.6
47.7
48.2
47.8
46.8
44.8
42.5
41.3
155.5
159.4
160.5
157.2
156.7
157.6
161.8
272.7
275.0
279.5
281.7
40.8
42.5
44.3
44.0
159.6
164.8
169.8
168.9
avS ttv
,m£s
on s
20.2
31.8
44.7
50.3
67.5
81.7
91.5
83.2
445.6
521.2
634.6
729.0
823.6
851.5
784.6
885.6
NOTE.—See note p. 26.
Term
Eurodollars
(net)
19.1
26.6
29.5
34.0
36.0
34.5
51.8
69.7
492.1
481.7
423.3
400.8
344.4
357.8
307.0
288.6
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
Term
repurchase
agreements
(RPs)
r
Commercia
paper
Travelers checks 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 in stallment ere dit outstandir g 1
Ins tallment credit outstanding (end of perio I)
Period
Total
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
1980:
1981:
1982:
1983:
1984:
Dec
Dec
Dec
Dec
Dec
296,290
312,907
328,275
376,006
452,372
112,134
119,796
124,938
142,497
172,461
54,900
60,309
65,019
76,453
94,940
18,783
19,890
22,491
23,773
24,552
110,473
112,912
115,827
133,283
160,419
16,617
15,368
47,731
76,366
7,662
5,142
17,559
29,964
5,409
4,710
11,434
18,487
1,107
2,601
1,282
1984:
May
June
July
Aug
Sept
Oct
Nov
Dec
409,275
416,357
422,838
428,860
433,842
439,473
445,553
452,372
154,914
157,639
160,726
163,208
164,721
167,225
169,774
172,461
85,518
86,874
87,646
88,909
90,393
91,881
93,495
94,940
24,049
24,240
24,574
24,791
24,918
24,526
24,435
24,552
144,794
147,604
149,892
151,952
153,810
155,841
157,849
160,419
9,093
7,082
6,481
6,022
4,982
5,631
6,080
6,819
3,641
2,725
3,087
2,482
1,513
2,504
2,549
2,687
2,638
1,356
138
191
334
217
127
1985: Jan
Feb
Mar
Apr
May
459,595
468,636
476,978
485,248
494,290
175,348
178,546
181,937
185,425
189,217
96,897
99,424
102,055
104,181
106,610
24,393
24,675
24,664
24,882
25,068
162,957
165,991
168,322
170,760
173,395
7,223
9,041
8,342
8,270
9,042
2,887
3,198
3,391
3,488
3,792
1,957
2,527
2,631
2,126
2,429
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
772
1,263
1,484
1,488
1,614
1,445
779
-392
-91
117
-159
282
— 11
218
186
Other
2,439
2,915
17,456
27,136
2,676
2,810
2,288
2,060
1,858
2,031
2,008
2,570
2,538
3,034
2,331
2,438
2,635
Source: Board of Governors of the Federal Reserve Svstem.
27
BANK LOANS AND SECURITIES, AND RESERVES
In June, commercial and industrial loans were about unchanged from their May level.
BILLIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
1,800
1,600
1,400
2,000
—
1,800
1,600
1,400
ALL COMMERCIAL BANKS
1,200
1,200
1,000
1,000
800
800
LOANS AND LEASES
600
600
—
400
400
U.S. GOVERNMENT SECURITIES
200
-V
200
160
160
OTHER SECURITIES
120
120
80
80
60
60
1977
1978
1980
1979
1981
1983
1982
1984
* SEASONAUV ADJUSTED.
SOURCE: BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depo itory institutio ns 3
Al commercial ban I S 1
Period
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1984:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
May
June
July
Aug
Sept r.
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May »
June p
Total loans
and
securities
891.4
1,013.8
1,135.4
1,239.7
1,307.4
1,400.5
1,553.0
1,714.8
1,629.8
1,636.6
1,652.6
1,662.1
4
1,674.8
1,682.8
r
l,701.0
1,714.8
1,724.0
1,742.3
1,758.9
' 1,765.8
1,785.3
1,799.1
Total 2
632.2
746.9
849.1
914.5
967.4
1,032.8
1,122.7
1,314.7
1,232.0
1,243.2
1,256.7
1,264.2
4
1,274.9
1,284.3
1,300.6
1,314.7
1,321.5
1,335.6
1,353.3
r
1,364.6
1,377.3
1,388.0
Commercial
and industrial
loans
4
211.0
246.1
291.1
326.9
355.1
391.5
412.8
468.1
448.0
452.2
455.0
458.1
460.0
463.0
467.1
468.1
468.4
473.4
480.4
480.9
483.3
483.6
U.S.
Government
securities
Total
136.6
137.6
144.4
170.9
179.6
202.7
260.8
260.2
257.3
253.7
256.4
257.1
258.0
257.0
259.4
260.2
260.1
265.8
266.9
261.1
265.9
266.6
1
Data are prorated averages of Wednesday figures for domestically chartered hanks and averages
of month-end data for foreign-related institutions,
2
Excludes loans to commercial banks in the United States.
3
Data arc averages of daily figures.
4
Beginning September 26, 1984 a transfer of loans from Continental Illinois National Bank to
the FDIO reduced total loans and securities and total loans by $1.9 billion, commercial and industrial loans by $1.4 billion, and real estate loans (not shown here) hy $0.4 billion.
28
Borr > wings
(millions of dollars,
unad usted)
K gserves adjust 3d
for changes i i
res erve requirem ents
Loans and leases
122.7
129.2
141.9
154.4
160.4
165.0
169.6
139.9
140.5
139.7
139.5
140.8
141.9
141.5
141.1
139.9
142.4
140.8
138.7
140.1
142.1
144.5
26.63
27.91
29.20
31.04
32.10
34.28
36.14
r
39.08
r
37.40
r
37.99
' 38.05
r
38.28
r
38.09
r
37.96
r
38.47
r
39.08
r
39.64
r
40.43
r
40.47
r
40.71
r
41.32
42.18
r
borrowed
26.06
27.04
27.73
29.35
31.46
33.65
35.36
r
35.90
r
34.41
T
34.69
r
32.13
r
30.27
r
30.84
r
3l.94
r
33.85
T
35.90
r
38.24
r
39.14
r
38.88
r
39.39
r
39.99
40.97
r
Required
26.44
27.67
28.76
30.52
31.78
33.78
35.58
r
38.23
r
36.82
r
37.21
r
37.44
r
37.60
r
37.46
r
37.34
r
37.77
r
38.23
r
38.89
r
39.53
r
39.71
r
39.97
r
40.52
41.27
Total
569
868
1,473
1,690
636
634
774
3,186
2,988
3,300
5,924
8,017
7,242
6,017
4,617
3,186
1,395
1,289
1,593
1,323
1,334
1,205
Seasonal
55
135
81
116
54
33
96
113
196
264
30£
346
319
299
212
113
62
71
88
135
165
151
NOTE.—Series for a!l commercial banks beginning January 1984 are not strictly comparable with
data for earlier periods, largely because beginning January 1984 certain obligations of States and
political subdivisions are included in loans rather than in other securities.
Reserves data revised beginning February 1984.
Source: Board of Governors of the Federal Reserve Svstem.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Total
Internal
_
1
Total
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1983:
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.4
234.3
280.5
334.8
250.4
269.7
292.5
309.3
319.6
331.7
340.7
347.1
355.0
190.3
157.0
211.0
254.1
317.5
345.2
335.2
364.2
309.4
436.3
482.6
333.9
449.2
443.3
519.1
520.8
483.4
430.9
495.3
449.6
I
II
in
IV
1984: I
n
Ill
IV
1985: lp
Or edit market fu nds
.
Securities
Loans and
Total
and
short-term
paper
mortgages
70.2
30.8
54.7
72.4
80.5
88.2
90.9
91.5
81.4
87.8
98.8
68.7
86.5
66.6
129.4
117.2
81.2
59.2
137.7
57.8
104.7
37.3
76.8
96.7
141.8
156.4
145.7
133.8
75.0
155.9
147.8
83.5
179.5
150.7
209.8
201.2
151.7
90.2
148.2
94.6
26.3
38.7
38.2
35.8
32.8
20.9
52.4
21.8
43.9
56.4
-21.1
67.0
85.9
37.0
35.7
-18.8
-72.0
-14.3
20.7
-15.7
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
aDr
°af
, „
. .
A
Consists of tax liabilities, trade dent, ana direct foreign investment in the u.o.
43.9
-7.9
16.5
36.6
47.7
67.3
38.5
69.7
37.5
31.4
119.9
1.7
.6
29.6
93.6
136.0
153.2
73.5
117.0
73.5
Other
2
34.5
6.5
22.1
24.3
61.3
68.2
54.8
42.3
-6.4
68.1
49.1
14.8
93.1
84.1
80.4
84.1
70.6
31.0
10.5
36.7
Total
190.1
150.9
201.8
237.6
293.6
343.7
317.6
334.2
258.0
384.3
439.4
282.3
390.5
395.4
468.8
483.8
441.9
383.9
448.0
413.6
Capital
expenditures 3
137.9
109.7
148.3
175.1
201.6
219.4
221.2
271.3
229.6
256.2
367.8
206.9
255.3
270.6
291.9
354.5
364.4
388.3
364.1
371.7
Increase in
financial
assets
52.2
41.2
53.5
62.5
92.0
124.3
96.5
62.9
28.4
128.1
71.6
75.4
135.1
124.8
m.o
129.3
77.5
-4.4
83.9
41.9
Discrepancy
(sources less
uses)
0.2
6.0
9.2
16.5
23.8
1.5
17.6
30.0
51.3
52.1
43.2
51.5
58.7
47.8
50.3
37.0
41.6
46.9
47.4
35.9
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilitie s
Current assets
End of period
Total
Cash
U.S.
Governsecurities
SEC series: 2
1970
1971
1972
1973
1974
QFR-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 '
1983: I
n
1984:
Ill
IV
I
II
Ill
IV
1
599.3
697.8
790.7
50.2
53.3
59.0
66.3
71.1
11.0
10.6
12.8
12.3
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
1,680.9
1,444.2
1,468.0
1,522.8
1,557.3
1,600.6
1,630.6
1,667.2
1,680.9
73.2
82.1
88.2
97.2
105.5
118.0
126.9
135.5
147.0
165.8
161.6
143.1
147.9
150.5
165.8
159.3
155.0
150.6
161.6
11.1
19.0
23.5
18.2
17.2
16.7
18.7
17.6
22.8
30.6
36.4
26.0
28.2
27.0
30.6
35.1
36.7
32.3
36.4
492.3
529.6
7.7
Notes and
accounts
receivable
Invento-
Total
Notes and
accounts
payable
35.0
43.8
55.8
66.4
71.7
304.9
326.0
375.6
450.9
530.4
211.3
220.5
288.5
322.1
193.3
200.4
225.7
263.9
313.6
265.8
272.1
292.9
330.3
388.0
459.0
506.8
532.0
519.2
577.8
617.7
525.3
539.3
565.0
577.8
596.9
612.4
628.1
617.7
319.5
315.9
342.5
376.9
431.8
505.1
542.8
583.7
578.6
599.3
659.0
577.6
576.2
597.3
599.3
623.1
633.3
662.2
659.0
65.9
69.9
80.3
90.1
101.1
116.0
131.8
149.5
165.2
183.7
206.3
172.1
176.4
183.0
183.7
186.3
193.2
194.0
206.3
453.4
451.6
495.1
557.1
669.5
807.3
889.3
970.0
976.8
1,043.0
1,149.6
983.4
990.2
1,026.6
1,043.0
1,079.0
1,111.9
1,143.3
1,149.6
269.8
264.2
282.1
317.6
383.0
460.8
513.6
546.3
543.0
577.9
627.7
530.9
536.6
559.4
577.9
584.1
604.6
624.8
627.7
206.1
221.1
248.2
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
a
Other
current
assets
282.9
340.3
402.3
Other
current
liabilities
Net
working
capital
Current
ratio '
1.615
128.1
187.4
203.6
223.7
246.9
260.3
183.6
187.4
213.0
239.6
286.5
346.5
375.7
423.7
433.8
465.2
521.9
452.6
453.6
467.2
465.2
495.0
507.3
518.5
521.9
282.0
307.4
332.4
355.5
374.3
407.5
437.8
448.4
455.9
514.3
531.4
460.8
477.8
496.3
514.3
521.6
518.6
523.9
531.4
1.622
1.681
1.671
1.638
1.559
1.505
1.492
1.462
1.467
1.493
1.462
1.469
1.483
1.483
1.493
1.483
1.466
1.458
1.462
93.6
105.5
92.7
110.7
1.625
1.595
1.548
1.491
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 rose a little in July.
PERCENT PER ANNUy
PERCENT PER ANNUM
1985
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. T reasury
Period
3-month bills
l
security yields
Constant rrmturities
3-year
1979
1980
1981
1982
1983
1984
2
10-year
High-grade
municipal
bonds
(Standard &
Poor's) a
Corporate
Aaa bonds
(Moody's) 4
10.041
11.506
14.029
10.686
9.72
11.55
14.44
12.92
8.63
9.58
10.45
11.89
9.44
11.46
13.91
13.00
11.10
12.44
9.94
10.13
10.49
10.41
9.97
8.79
8.16
7.76
8.22
8.57
8.00
7.56
7.01
7.05
13.18
13.08
12.50
12.34
11.85
10.90
10.56
10.43
10.55
11.05
10.49
9.75
9.05
9.18
13.56
13.36
12.72
12.52
12.16
11.57
11.50
11.38
11.51
11.86
11.43
10.85
10.16
10.31
10.71
10.50
10.03
10.17
10.34
10.27
10.04
9.55
9.66
9.79
9.48
9.08
8.78
6.73
7.06
7.00
6.92
7.06
7.23
7.23
8.90
9.27
8.98
8.96
9.13
9.41
10.08
10.43
10.14
10.12
10.23
10.51
8.76
8.92
8.91
8.88
8.79
8.91
6.39
8.51
11.23
11.57
9.47
10.15
Prime
commercial
6 months 5
Discount rate
(N.Y. F.R.
Bank) 6
9.63
11.94
14.17
13.79
12.04
12.71
10.91
12.29
14.76
11.89
8.89
10.16
13.55
13.44
12.87
12.66
12.63
12.29
12.13
12.08
12.13
12.56
12.23
11.72
10.94
10.95
11.23
11.34
11.16
10.94
10.16
9.06
8.55
8.15
8.69
9.23
8.47
7.88
7.38
7.57
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.50
8.50-8.00
12.50-13.00
13.00-13.00
13.00-13.00
13.00-12.75
12.75-12.00
12.00-11.25
11.25-10.75
8.00-8.00
8.00-8.00
8.00-8.00
8.00-8.00
8.00-7.50
7.50-7.50
7.50-7.50
10.75-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.00
10.00- 9.50
10.86
11.09
10.91
10.85
10.87
11.07
7.21
7.60
7.41
7.40
7.53
7.76
7.50-7.50
7.50-7.50
10.00- 9.50
10.28
11.77
13.41
11.02
8.50
8.80
Open-close
1984:
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Peb
Mar
Apr
May
June '
July p
Week ended:
1985: June 22
29
July
6
13
20
27
Aug 3
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.
ik-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
30
Prime rate
charged by
banks "
7.50 7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50
New-home
mortgage
(FHLBB) 7
12.67
15.27
18.87
14.86
10.78
12.66
14.70
15.14
10.79
12.04
12.57
12.38
Open-close
12.10
12.50
12.43
12.53
12.77
12.75
12.55
12.27
12.21
11.92
12.05
' 12.01
11.75
9.50 9.50
9.509.509.509.509.509.50-
9,50
9.50
9.50
9.50
9.50
6
Average effective rate for year; opening and closing rate for month and week.
7
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years. 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 rose again in July.
INDEX, DEC. 31, 1965=50
INDEX, DEC. 31, 1965 = 50
110
110
100
100
90
90
COMPOSITE STOCK PRICE INDEX
(NYSE)
80
80
70
70
60
60
50
50
40
1977
1978
llHlllllll Illllllllll
Illllllllll
Illllllllll Illllllllll
1979
1980
1981
1982
1983
iiiiilnin
1984
Illllllllll
40
1985
PERCENT
PERCENT
20
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
\
1977
1978
1979
1980
1985
. 1982
1981
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Co rnnon stock price s 1
Period
Nev • York Stock Exc hange indexes (E ec. 31, 1965 — 53)
Composite
1979
1980
1981
1982
1983
1984
1984:
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May
June '
July
Week ended:
1985: June 22
29
July 6
13
20
27
1
Industrial
58.32
68.10
74.02
68.93
92.63
92.46
88.28
87.08
94.49
95.68
95.09
95.85
94.85
99.11
104.73
103.92
104.66
107.00
109.52
111.64
78.70
85.44
78.18
107.45
108.01
104.04
102.29
111.20
112.18
110.44
110.91
109.05
113.99
120.71
119.64
119.93
121.88
124.11
126.94
108.76
110.32
111.36
111.57
112.91
111.62
122.89
125.02
126.11
126.07
127.93
127.86
64.76
Transportation
3
Standard &
Finance
Utility
Dow-Jones
industrial
average 3
Poor's
composite
index (194143 = 10)4
89.36
85.63
79.29
76.72
86.86
86.88
86.82
87.37
88.00
94.88
101.76
98.30
96.47
99.66
105.79
111.67
38.20
37.35
38.91
39.75
47.00
46.44
43.65
44.17
46.49
47.47
49.02
49.93
50.58
51.95
53.44
53.91
55.51
57.32
59.61
59.68
61.42
64.25
73.52
71.99
95.34
89.28
80.75
79.03
87.92
91.59
92.94
95.28
95.29
101.34
109.58
107.59
109.39
115.31
118.47
119.85
884.36
1,190.34
1,178.48
1,121.14
1,113.27
1,212.82
1,213.51
1,199.30
1,211.30
1,188.96
1,238.16
1,283.23
1,268.83
1,266.36
1,279.40
1,314.00
1,343.17
118.78
128.05
119.71
160.41
160.46
153.12
151.08
164.42
166.11
164.82
166.27
164.48
171.61
180.88
179.42
180.62
184.90
188.89
192.54
104.74
107.33
110.30
110.64
113.49
112.48
59.91
59.99
60.45
61.02
61.10
58.03
117.93
119.11
120.66
121.39
121.95
118.11
1,304.95
1,327.01
1,333.00
1,331.90
1,350.36
1,353.81
187.37
190.41
192.10
192.32
194.52
192.59
47.34
60.61
72.61
60.41
Average of daily closing prices.
Includes all the" stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks,
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
Common st ock yields
5
(perce nt)
2
844.40
891.41
932.92
103.01
Dividendprice ratio
5.47
5.26
5.20
5.81
4.40
4.64
4.86
4.93
4.62
4.54
4.62
4.61
4.68
4.51
4.30
4.37
4.37
4.31
4.21
Earningsprice ratio
13.46
12.66
11.96
11.60
8.03
10.02
10.56
9.95
10.00
4.26
4.19
4.16
4.14
4.07
4.15
price 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.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS, AND DEBT
In the first 9 months of fiscal year 1985 there was a budget deficit (including off-budget outlays) of $162.0 billion,
compared to a deficit of $147.3 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
_ BUDGET RECEIPTS AND OUTLAYS ^
1,000
900
900
- BUDGET OUTLAYS
800
800
700
700
600
600
BUDGET RECEIPTS
500
500
400
400
•v_
BUDGET SURPLUS OR DEFICIT (-).
-100
-100
-200
-200
1977
1978
1979
1982
1981
1980
1984
1983
1985
1986
FISCAL YEARS
]_/ INCLUDES OUTLAYS OFF-BUDGET UNDER CURRENT LAW, PROPOSED TO BE ON-BUDGET.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
(Including outlays off-buc get under
current law, which are pro posed to be
me luded on-budg 3t)
Period
Receipts
Outlays
Surplus or
deficit (— )
Outlays
Off-budget
under
current
law;
proposed to
be included
on-budget
On-budget u nder current
la w
Outlays
Fiscal year or period:
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985 (estimates) 1
1986 (estimates) l
230.8
263.2
279.1
298.1
81.2
355.6
399.7
463.3
517.1
599.3
617.8
600.6
666.5
740.6
794.3
245.7
269.4
332.3
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
953.9
971.7
-14.9
-6.1
-53.2
-73.7
14.7
-53.6
-59.0
-40.2
-73.8
-78.9
-127.9
-207.8
-185.3
-213.3
-177.4
0.1
1.4
8.1
7.3
1.8
8.7
10.4
12.5
14.2
21.0
17.3
12.4
10.0
10.3
.5
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
943.6
971.2
Cumulative total, first 9 months:
Fiscal year 1984
Fiscal year 1985
491.2
546.8
638.6
708.8
-147.3
-162.0
5.1
6.5
633.4
702.3
1
Estimate from Current Budget Estimates, Office of Management and Budget, April 15, 1985.
32
Gross Federal debt (end
of period)
Coir ponents of bu(iget
Budget totals
Held by
the public
Surplus or
deficit (-)
-66.4
-13.0
-44.9
-48.6
-27.7
-59.6
-57.9
110.6
-195.4
-175.4
203.0
-176.9
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
1,841.9
2,073.9
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
1,513.9
1,692.5
-142.2
155.5
1,517.2
1,779.0
1,258.5
1,463.8
-14.8
-4.7
-45.2
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 9 months of fiscal year 1985 budget receipts were $55.6 billion higher than a year earlier and budget
outlays (including off-budget items) were $70.2 billion higher.
BILLIONS OF DO LLARS
BILL1O NS OF DOLLARS
—
BUDGET RECEIPTS
INDIVIDUAL INCOME TAXES
-
/
200
— -""
-----
—
—
^^^- »«•**•""**
-
300
200
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
—
—
rOPPOPATIOM IKirOMP TAXFS
100
_
0
—
-
100
^ OTHER RECEIPTS
0
700
• BUDGET OUTLAYS-!/ -
700
"
600
NONDEFENSE
600
500
500
400
400
300
300
NATIONAL DEFENSE
-V
200
200
-J 100
100
1977
1979
1978
1980
1981
1983
1982
1984
1986
1985
FISCAL YEARS
V INCLUDES OUTLAYS OFF-BUDGET UNDER CURRENT LAW, PROPOSED TO BE ON-BUDGET.
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Bi dget recei] ts
Period
Total
vidual
income
taxes
ration
income
taxes
Budget nitlays
Social
insurance
taxes
Total
National
Other
and
Includ-
ing offbudget
items
contributions
Onbudget
items
Total
298.1
355.6
399.7
463.3
517.1
599.3
617.8
600.6
666.5
740.6
794.3
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
296.2
331.1
358.4
41.4
90.8
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
69.5
76.2
106.5
121.0
138.9
157.8
182.7
201.5
209.0
241.7
267.1
288.7
34.3
36.6
37.8
40.8
50.6
69.5
69.3
65.6
71.7
72.9
71.0
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
953.9
971.7
364.5
400.5
89.6
97.2
448.4
Cumulative total, first 9
months:
Fiscal year 1984
Fiscal year 1985
491.2
546.8
216.2
244.3
42.1
47.4
180.0
201.4
52.9
53.7
638.6
708.8
1
3
Intern ational
Department of
Defense,
military
Includ-
ing offbudget
items
576.7
657.2
728.7
796.0
841.8
943.6
971.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
253.8
285.7
88.1
95.3
102.3
113.7
131.0
153.8
180.7
204.4
220.8
246.3
277.5
12.7
13.1
12.3
11.8
15.9
19.0
18.0
633.4
702.3
169.4
184.6
164.5
179.0
(3)
(3)
491.0
There are no outlays off-budget under current law in this function.
Estimates from Current Budget Estimates, Office of Management and Budget, April 15, 1985,
Not available.
NOTE.—Outlays off-budget under current law are proposed to be on-budget.
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
J
aff; irs
Fiscal year or period:
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985 (estimates) 2
1986 (estimates) 2
2
defense
6.4
6.4
7.5
7.5
Social
securi-
Onbudget
items
5.6
4.9
6.0
6.2
10.8
11.2
10.0
9.0
13.1
16.6
17.7
9.4
11.4
Ot ler
Healt h and
income security
Net
Includ-
ty and
Includ-
medicare J
ing off-
89.7
104.4
116.6
130.6
150.6
178.7
202.5
223.3
235.8
256.0
268.6
76.5
78.3
80.0
86.9
109.7
126.6
135.2
151.2
143.1
162.1
151.2
76.5
78.3
80.0
86.9
109.6
125.8
134.5
150.8
143.0
162.1
151.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
129.6
141.3
82.8
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
133.4
106.9
76.3
85.8
105.8
108.5
119.2
115.3
111.1
113.2
111.5
125.5
106.7
177.9
190.1
(3)
<3)
108.9
124.7
81.4
96.7
(3)
(3)
86.4
94.8
budget
items
Onbudget
items
inter-
est '
ing offbudget
items
Onbudget
items
earned by currently active duty personnel, and these are offset in the undistributed offsetting receipts (employer share, employee retirement).
Data for all periods in this table are shown 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 first quarter of 1985, Federal receipts rose $49.5 billion (annual rate) and expenditures rose $16.8 billion,
yielding a deficit of $165.1 billion. In the second quarter, according to preliminary estimates, outlays rose $10.0
billion; receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
900
900
-100
-200
-200
1977
1985
1981
CALENDAR YEARS
OUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jovernment expenditur es
Federal Governme it receipts
Period
Total
Fiscal year:
1980
1981
1982
1983
1984
Calendar year:
1980
1981
1982
1983
1984
1982: III
IV
1983: I
II
Ill
IV
1984: I
II
Ill
IV
1985: I
II"
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
525.9
609.2
626.4
627.1
687.6
250.4
289.4
311.4
294.1
303.2
69.9
69.3
50.9
53.8
70.1
35.5
53.5
50.3
51.0
55.2
170.0
197.0
213.9
228.3
259.1
576.5
668.2
740.0
816.4
857.9
189.3
218.4
250.6
273.2
285.2
239.4
279.5
310.6
344.6
348.4
86.7
90.1
83.4
85.7
90.8
82.3
90.3
109.7
540.9
624.8
616.7
641.1
704.7
609.9
608.3
619.8
649.3
640.2
655.0
. 686.4
704.3
706.2
721.9
771.4
257.7
298.7
306.2
295.2
315.0
298.8
300.9
298.2
304.7
284.6
293.3
301.6
310.7
319.7
327.9
362.2
317.2
70.3
65.7
46.6
59.8
70.8
47.5
42.0
46.9
59.2
66.7
66.5
73.0
75.6
65.3
69.1
67.4
39.0
56.4
48.4
52.4
55.5
47.5
48.2
47.1
53.8
54.0
54.5
54.1
55.9
56.1
55.9
56.4
58.0
173.9
204.1
215.5
233.7
263.4
216.1
217.1
227.6
231.7
234.9
240.7
257.6
262.0
265.2
269.0
285.3
288.8
602.1
689.1
764.9
819.7
880.5
773.6
818.9
805.6
816.7
821.1
835.5
847.6
868.0
886.8
919.7
936.5
946.5
197.0
228.9
258.9
269.7
295.4
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
302.0
315.7
319.9
325.2
251.5
286.8
321.6
345.6
353.0
327.0
344.4
340.9
348.1
343.4
350.1
347.7
350.1
353.8
360.4
370.3
367.6
88.7
87.9
83.9
86.3
93.2
83.0
84.6
85.5
86.3
86.7
86.5
90.6
93.2
92.1
97.0
95.1
98.4
53.4
73.3
84.4
94.2
116.7
87.5
87.0
87.7
90.0
97.3
102.0
107.6
110.9
122.0
126.4
128.2
130.9
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
34
or deficit
Subsidies
50.7
67.7
current
surplus of
Government
enter-
10.4
12.5
13.0
22.2
23.9
11.5
12.3
16.1
23.4
22.3
14.5
23.5
18.5
20.5
24.1
30.6
34.4
17.7
16.5
20.7
23.1
23.4
Wage
accruals
less
disbursements
national
income
and
product
accounts
0.0
.1
-.0
_ .4
.1
-50.7
-58.9
-113.6
- 189.3
-170.3
.0
.1
-.0
-.4
.1
.0
.0
.0
-61.2
-64.3
-148.2
-178.6
-175.8
163.7
-210.6
-185.7
-167.3
-180.9
-180.5
-161.3
-163.7
— 180.6
-197.8
-165.1
-1.3
— .4
.0
.2
.2
— .4
.5
.1
-1.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Consurm r prices {u nadjusted)
Indu strial prod uction (sea sonally adju ted)
Period
1978
1979
1980
1981
1982
1983
1984"
1984:
May
June
July
Aug
Sept
Oct
Nov
Dec
,
1985: Jan
Feb
Mar
Apr
May"
June
United
States*
Canada
162.0
159.1
154.5
155.7
161.0
127.8
132.9
124.1
119.7
122.3
126.4
r
!27.7
195.4
157.6
166.5
163.8
158.8
153.7
158.5
217.4
246.8
272.4
289.1
298.4
311.1
160.4
144.0
164.8
162.5
163.3
165.9
166.5
166.0
159.1
160.5
158.5
160.8
162.6
158.6
156.8
161.0
'125.9
T
126.7
'126.3
'126.7
'128.0
127.5
'127.9
'128.5
309.7
310.7
311.7
313.0
314.5
315.3
315.3
315.5
'129.2
'129.7
'132.5
133.3
316.1
317.4
318.8
320.1
321.3
322.3
France
Germany
155
163
161
160
158
159
161
162
159
166
166
160
163
161
157
155
161
162
154.1
161.5
157.8
167.6
165.1
165.9
149.5
151.6
171.1
201.1
162.8
164.3
165.9
166.0
165.0
164.4
164.8
164,8
169.4
170.5
176.9
175.0
172.1
173.0
175.7
176.5
261.5
262.8
264.0
266.0
262.8
270,7
271.8
270.3
175.2
' 174.5
'174.1
175.6
271.8
271.6
266.7
273.6
r
United
States '
Japan
146.1
152,5
147.0
151.0
138.6
147.6
163.3
165.1
165.4
165.9
165.5
165.3
United
Kingdom
215.3
225.2
227.5
228.4
236.5
261.7
Italy
147.9
166.5
166.0
167.5
' 166.7
167.3
Canada
Italy
United
Kingdom
Japan
France
Germany
202.5
252.3
221.0
243.5
273.9
303.5
321.0
335.0
261.3
282.3
296.2
304.1
309.7
316.6
233.9
259.1
294.2
332.7
373.1
407.9
439.5
160.2
166.9
175.8
186.9
196.8
203.3
208.2
286.2
328.5
398.0
472.4
549.4
631.8
698.8
316.6
359.0
423.6
473.9
514.7
538.3
565.1
333.3
334.7
336.6
336.6
336.9
337.5
339.7
339.9
341.3
343.5
344.3
345.7
346.5
348.3
318.2
315.6
316.2
313.4
318.5
321.0
319.0
319.6
436.2
438.4
441.5
443.7
445.9
449.0
450.3
451.2
207.8
208.6
208.2
207.8
208.0
209.2
209.6
209.8
563.9
565.3
564.7
570.0
571.1
574.6
576.4
575.9
321.3
318.7
320.2
321.9
323.3
453.5
455.8
459.0
462.2
464.5
211.0
211.9
212.6
212.9
213.1
699.6
703.8
705.9
708.0
713.0
720.1
724.4
729.5
736.8
744.2
749.4
756.1
760.6
764.4
578.0
582.7
588.1
600.6
603.4
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.
"See page 17 for revised series on 1977 = 100 base.
1
Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merc handise expo ts 1
Period
Total
domestic
foreign
exports
Total 2
Food,
bever-
Crude
materi-
tobacco
fuels
Merchaindise trade lalance
Merc landise imp orts
Domestic exports
Ger eral import
Mann
factured
goods
Total 2
Food,
bever-
Crude
materi-
tobacco
fuels
3
factured
Exports
(c.i.f.
less
imports
Exports
(f.a.s.)
less
imports
Exports
(f.a.s.)
imports
value)
F .a.s. valu
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
827
991
1,186
1,312
1,478
1,546
2,716
3,457
4,463
4,325
5,949
7,831
4,257
5,398
6,379
8,360
9,352
10,427
8,823
11,042
13,368
15,504
18,519
21,415
11,873
12,002
13,621
18,460
22,779
21,240
22,490
28,431
27,262
26,461
32,925
28,213
29,753
28,064
28,617
27,176
29,687
29,299
29,492
29,629
30,080
30,853
762
148
-688
-2,430
-2,590
-2,300
-2,020
-1,440
-3,265
-3,530
-3,364
-3,030
Customs value
1981
1982
1983
1984
19,473
17,683
16,707
18,155
19,075
17,256
16,326
17,670
2,767
2,248
2,248
2,276
2,752
2,793
2,463
2,624
1984: May
June
July
Aug
Sept
Oct
Nov
Dec
17,978
17,705
19,154
18,123
18,210
18,411
18,395
19,142
2,150
1,880
2,155
2,131
2,586
2,336
2,506
2,413
1985: Jan
Feb
Mar
19,401
17,853
18,446
17,779
17,414
17,438
17,493
17,250
18,675
17,665
17,709
17,886
17,857
18,623
18,852
17,358
17,881
17,298
16,893
16,858
2,161
1,995
1,973
1,913
1,603
1,614
Apr
May
June
21,748
20,329
21,504
27,144
1,529
1,485
1,568
1,802
2,818
2,644
2,733
2,609
2,440
2,352
2,454
2,988
12,857
11,643
11,034
11,929
11,684
11,834
12,746
11,854
11,946
12,329
12,148
12,409
26,012
25,276
31,334
26,866
28,409
26,783
27,331
25,933
1,761
1,576
2,002
1,711
1,803
1,924
1,705
1,719
7,739
6,200
5,670
6,063
5,648
6,049
6,497
5,815
5,755
6,106
6,158
5,689
2,562
2,542
2,386
2,336
2,164
2,181
13,282
11,967
12,538
12,141
12,166
12,127
28,297
27,985
28,129
28,295
28,685
1,932
1,817
2,128
1,804
1,919
5,373
4,988
4,372
5,764
5,609
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.
17,815
16,831
21,824
18,598
20,027
18,037
18,499
17,777
19,879
20,347
20,716
19,812
20,198
-2,275
-2,647
-4,797
-8,988
-8,034
-7,571
-12,180
-8,743
- 10,200
-8,372
-8,937
-6,791
-8,896
-10,131
-9,683
-10,516
-11,271
-3,306
-3,558
-5,783
-10,276
-9,284
-8,755
-13,771
-10,090
-11,543
-9,653
— 10,222
-8,033
-10,285
— 11,446
-11,046
— 11,850
-12,666
-13,415
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 increased to $30.0 billion in the first quarter of 1985 from $25.5 billion in the fourth
quarter of 1984. The merchandise trade deficit rose to $29.4 billion from $24.6 billion in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise 1 s
Period
Inivestment inconie 3
Net
Net
military
transactions
transportation
receipts
services,
net 3
Balance
on goods
and
services 1
Remittances,
and other
unilateral
trans-1
fers
Balance
on
current
account
Exports
Imports
Net
balance
Receipts
Payments
114,745
120,816
142,054
184,473
224,269
237,085
211,198
200,745
220,316
-124,228
-151,907
-176,001
-212,009
-249,749
-265,063
-247,642
-262,757
-328,597
-9,483
-31,091
-33,947
-27,536
-25,480
-27,978
-36,444
-62,012
108,281
29,286
32,179
42,245
64,132
72,506
86,411
84,768
78,023
87,609
-13,311
-14,217
-21,680
-32,960
-42,120
-52,329
-55,273
-52,621
68,500
15,975
17,962
20,565
31,172
30,386
34,082
29,495
25,402
19,109
559
1,528
621
-1,778
-2,237
1,183
318
-162
-1,765
-2,558
-3,565
-3,573
-2,935
-997
144
-992
-4,721
-8,974
4,711
9,205
5,272 -9,894
6,013 -10,321
5,735
4,659
7,277
8,950
8,121
13,186
8,345
84
9,557 -31,937
9,791 -90,119
-4,998
4,617
-5,106
-5,649
-7,077
-6,847
-8,135
-8,852
11,413
49,227
48,862
50,399
52,257
-58,848
63,616
-67,629
-72,664
-9,621
-14,754
-17,230
-20,407
17,935
19,172
20,985
19,932
-12,283
-12,856
- 13,588
-13,893
5,652
6,316
7,397
6,039
703
-71
-126
-669
-448
-1,116
-1,422
-1,735
2,260 -1,454
2,462 -7,163
2,290 -9,091
2,544 -14,228
-1,606 -3,060
-1,875 -9,038
-2,204 -11,295
-3,166 -17,394
n
m
53,753
54,677
55,530
56,355
-79,322
-80,326
-88,037
-80,912
-25,569
-25,649
-32,507
-24,557
23,502
20,895
21,769
21,445
-15,268
-17,277
-18,513
-17,442
8,234
3,618
3,256
4,003
-346
-593
-250
-575
-1,753
-2,049
-2,575
-2,597
2,582
2,412
2,452
2,344
-2,212
-2,232
-2,876
-4,095
1985: I".
55,811
-85,248
29,437
19,154
-16,528
2,626
-89
-2,386
2,464 -26,822
1976
1977
1978
1979
1980
1981
1982
1983
1984
1983:
I
n
ffl
IV
1984: I
IV
1
Excludes military grants.
2
Adjusted from Census data
3
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.
36
Net
- 16,852
-22,261
-29,624
-21,382
4,207
-14,511
-15,427
-991
1,873
6,339
-8,051
-40,790
-101,532
-19,064
-24,493
-32,500
-25,477
-3,175 -29,997
NOTE.—Data beginning 1978 are as revised in June issue of Economic Indicators.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, claims on foreigners reported by U.S. banks increased $0.3 billion in the first quarter of
1985 compared with an increase of $4.9 billion in the fourth quarter of 1984. Liabilities to foreigners and
international financial institutions reported by U.S. banks (excluding U.S. Treasury securities) increased $13.0
billion, compared to an increase of $4.5 billion in the fourth quarter.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS*
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-40
-60
-60
1977
1985
•SEASONAUY ADJUSTED
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the 1 J.S., net
[increase /capital inflovf ( + )] 2
U.S. assets abroad, net
[ nerease/capit<ll outflow ( — )
Period
Total
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
drawing
rights
(SDRs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U S official
reserve
assets, net *
(unadjusted,
end of
period)
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
34,934
10,544
-2,023
12,521
25,431
24,982
20,276
32,821
11,513
24,660
-44,498
4,214
-3,693 -30,717
4,660 -57,202
-3,746 -59,453
5,162 -72,802
-5,097
100,758
-6,131 -108,122
-5,006 -48,843
-5,516 -11,800
36,518
51,319
64,036
38,752
58,112
83,322
94,447
84,322
97,319
17,693
36,816
33,678
13,665
15,497
4,960
3,672
5,795
3,424
18,826
14,503
30,358
52,416
42,615
78,362
90,775
78,526
93,895
-787
16
529
-953
-1,135
1,263
-1,171
-1,436
-24,205
119
9,172
-15,587
15,158
15,608
19,539
34,017
-161
1,706
-2,666
6,916
15,319
13,902
22,205
27,101
14,029
-5,442
1,570
1,353
-733
73
-2,867
3,524
34,261
33,876
33,066
33,747
IV
-4,976
-18,988
18,364
-14,846
-657
-566
799
-1,110
-2,059
-1,353
1,369
-734
2 260
-17,070
20,532
- 13,003
19,277
41,592
3,140
33,310
-2,786
-224
686
7,119
22,063
41,816
3,825
26,191
4,763
1,889
10,997
7,013
-422
-606
-3,170
4,200
34,975
34,547
34,306
34,934
1"
-3,193
233
-795
2,165
16,521
-11,402
27,923
16,669
-343
35,493
1976
1977
1978
1979
1980
1981
1982
1983
1984
-51,269
-34,785
-61,130
-64,331
86,118
111,031
-119,218
-55,045
-20,447
-2,558
-375
732
-1,133
-8,155
-5,175
-4,965
-1,196
-3,131
-26,127
-1,128
9,814
-17,976
n
m
1983: I
n
in
IV
1984: I
1985:
U.S.
official
reserve
assets 1 z
Statistical discrepancy
Allocations
1
Consists of gold, special drawing rights (SDRs), convertible currencies and the U.S. reser
position in the IMF.
2
Quarterly data are not seasonally adjusted.
1,139
1,152
1,093
NOTE.— Data beginning 1978 are as revised in June issue of Economic Indicators.
Sources: Department of Commerce {Bureau of Economic Analysis} and Department of the
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 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
v
,
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 Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
'.
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and 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.
' Revised.
c
Corrected.
... Not available (also, not applicable).
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, B.C. 20402. Price $2.50 (single copy) ($3.13 foreign).
Subscription price: $27.00 per year; $33.75 for foreign mailing.
38
U.S. GOVERNMENT PRINTING OFFICE : 1985
0—50-610
@FedFRASER