Full text of Economic Indicators : June 1985
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99th Congress, 1st Sessi
Economic Indicators
JUNE
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
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to very preliminary ("flash") estimates current-dollar gross national product (GNP) is expected to rise 6.4
percent (annual rate) or $59.6 billion in the second quarter of 1985. Real GNP (GNP adjusted for price changes) is
expected to rise 3.1 percent and the implicit price deflator, 3.2 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
4.OOO
3600
SEASONAUY ADJUSTED ANN Ml
—
BILLIONS OF DOLLARS (RATIO SCALE)
4.OOO
RATES
—
^^.
—
^^
—
GNP
IN <~i 'R RENT DOLLARS
3,200
3,200
^^
^^
V-i
_-
—
— 3,600
~
^
'
—
S*^
2800
-
—
.
2,400
2 400
-
2000
XI
_
^
r^
^
2 000
—
GNP
IN 1972 DOLLARS
1,600
1,600
*••"
•"•
1,200
11i
1977
1 1 1
1978
\
\
1979
\
1
1
1
1
1
1
1
1981
1980
1
i
1
i
1
1983
1982
SOURCE: DEPARTMENT OF COMMERCE
\
\
\
1
1
i
1,200
1985
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Goven iment purch ises of
goods and serv ces
Bxports ar d imports of goods and
services
Net
exports
Federal
Exports
Imports
Total
National
defense
Nondefense
State and
local
sales
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
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
,084.3
,204.4
,346.5
,507.2
,668.1
,849.1
,984.9
2,155.9
2,341.8
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
637.8
26.0
13.8
-4.0
-1.1
13.2
23.9
28.0
19.0
-8.3
-64.2
154.9
170.9
182.7
218.7
281.4
338.8
369.9
348.4
336.2
364.3
128.1
157.1
186.7
219.8
268.1
314.8
341.9
329.4
344.4
428.5
339.9
362.1
393.8
431.9
474.4
537.8
596.5
650.5
685.5
747.4
122.7
129.2
143.4
153.6
168.3
197.0
228.9
258.9
269.7
295.4
83.0
86.0
92.8
100.3
111.8
131.2
153.7
179.5
200.5
221.5
39.7
43.2
50.6
53.3
56.5
65.9
75.2
79.4
69.3
73.9
217.2
232.9
250.4
278.3
306.0
340.8
367.6
391.5
415.8
452.0
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
1982: HI
IV
3,080.1
3,109.6
2,001.3
2,046.1
415.9
376.2
6.6
346.3
321.7
339.7
315.4
656.3
681.0
261.6
279.4
183.3
191.0
78.2
88.4
394.7
401.6
3,095.5
3,170.8
1983: I
II
m
3,173.8
3,267.0
3,346.6
3,431.7
2,070.4
2,141.6
2,181.4
2,230.2
405.0
449.6
491.9
540.0
346.1
308.9
334.5
358.4
375.9
678.8
682.2
689.8
691.4
273.0
270.5
269.2
266.3
194.7
199.3
200.9
207.2
78.3
71.3
68.3
59.1
405.8
411.6
420.6
425.1
3,216.8
3,286.4
3,350.9
3,419.0
n
ni
rv
3,553.3
3,644.7
3,694.6
3,758.7
2,276.5
2,332.7
2,361.4
2,396.5
623.8
627.0
662.8
637.8
358.9
362.4
368.6
367.2
410.4
421.1
459.3
423.2
704.4
743.7
761.0
780.5
267.6
296.4
302.0
315.7
213.4
220.8
220.3
231.6
54.2
75.6
81.7
84.1
436.8
447.4
458.9
464.8
3,479.5
3,594.1
3,622.8
3,722.1
3,810.6
3,870.2
2,446.5
646.8
6.3
19.6
6.5
-16.4
-29.8
-51.5
-58.7
90.6
-56.0
-74.5
360.7
435.2
791.9
319.9
233.9
85.9
472.0
3,770.0
1984:
IV
I
1985: I r
n*
"Very preliminary ("dash") estimate.
328.5
328.1
342.0
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
HI
IV
1983: I
n
m
IV
1984:
I
n
m
IV
1985:
lr
n*
Gross
national
product
Personal
eonsumption
expenditures
G ross priva: e
dome stic invest ment
Nonresidentiai
fixed
Residential fixed
Ex sorts of goods
& nd service >
Change
in
business
inventories
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
779.4
823.1
864.3
903.2
927.6
931.8
950.5
963.3
1,009.2
1,062.4
125.6
140.3
158.3
169.9
165.8
175.0
166.9
171.0
204.9
42.2
51.2
60.7
62.4
59.1
47.1
44.5
37.9
53.7
60.2
-4.4
11.3
-10.4
-3.6
24.8
1,477.1
1,478.8
964.2
976.3
163.9
161.5
36.8
40.8
-6.4
-24.6
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
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
1,663.5
1,676.2
1,089.1
213.0
60.0
19.1
119.3
6.7
7.8
13.3
16.0
7.3
Govern ment purcl ases of
gOO( is and sen ices
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and local
Final
sales
103.5
110.1
112.9
126.7
146.2
159.1
160.2
147.6
139.5
146.0
71.4
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
116.2
122.5
66.4
64.9
65.4
65.7
67.4
70.0
73.5
79.1
84.7
89.6
31.0
31.8
35.0
34.7
34.8
36.4
36.7
37.9
31.5
32.9
167.8
168.4
168.8
174.3
176.2
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
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
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
-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
-28.4
143.7
172.1
310.7
129.8
92.7
37.1
180.9
1,644.4
32.2
25.4
22.0
24.0
37.2
50.3
43.8
29.7
12.6
-15.0
.9
7.2
2.0
"Very preliminary ("flash") estimate.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Gross private
domestic i nvestment
Personal consumption
expenditures
Period
national
product
Total
Durable
goods
able
goods
Services
Exports am imports of
goods ami services
Gove mment pure rases of goc ds and
sernces
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
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
117.3
123.9
129.2
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
213.0
217.7
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
157.2
170.8
186.2
202.2
209.5
206.4
207.8
131.0
140.7
158.0
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
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
187.5
209.1
227.0
236.6
247.2
128.2
135.7
144.6
153.8
162.5
180.8
204.7
209.8
220.0
224.7
138.3
148.4
159.7
173.7
191.5
208.0
222.8
236.7
251.7
1982: ffl
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
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:
n
m
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 '.
229.07
23090
224.6
179.1
220.1
245.2
211.8
258.6
251.0
252.8
246.4
252.4
231.5
260.9
n
m
rv
I
IV
n*
* Very preliminary ("flash") estimate.
Source: Department of Commerce, Bureau of Economic Analysis.
129.4
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gro ss national prc duct
Period
8.0
10.9
11.7
12.8
11.7
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
1983:
1984:
1985:
Constant
(1972)
dollars
Current
dollars
8.8
12.4
3.8
7.7
10.8
2.5
3.9
8.5
HI
IV
I
n
m
12.3
10.1
10.6
14.9
10.7
IV
I
II
Ill
IV
I *
II'
5.6
7.1
5.6
6.4
-1.2
5.4
5.5
5.0
2.8
-.3
2.5
-2.1
3.7
6.8
g
.5
3.3
9.4
6.8
5.9
10.1
7.1
1.6
4.3
.3
3.1
Implicit
price
deflator
Personal 3onsumption e!tpenditures
Chain price
index
9.3
5.2
5.8
7.4
8.6
9.2
9.6
6.0
3.8
3.8
3.4
3.4
5.0
2.6
3.1
4.4
4.4
3.3
3.9
2.8
5.4
3.2
Fixedweighted
price index
(1972
weights)
9.2
9.1
5.7
6.1
7.6
8.9
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
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
3.9
"Very preliminary ("flash") estimates.
NOTK.—Annual changes are from previous year and quarterly changes are from previous quarter.
Implicit
price
deflator
Constant
(1972)
dollars
Current
dollars
9.9
2.2
5.6
5.0
4.5
2.7
.5
11.0
11.1
11.8
11.9
10.7
10.9
2.0
1.4
4.8
5.3
2.2
5.1
2.6
7.3
8.6
8.6
8.5
9.3
4.8
14.5
10.0
7.6
9.2
8.6
3.8
6.8
4.6
7.9
.7
3.6
5.2
10.2
5.0
6.1
8.6
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
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
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
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Cun ent-dollar co st and profit per unit of output (dolla s) 1
Gross <3 omestic
product of ilonfinancial
corporate business
(hillions o f dollars)
Period
Current
dollars
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
1983:
1984:
1985:
1
m
IV
I
II
Ill
IV
I
II
Ill
IV
Ir
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 z
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
0.140
.141
.141
.144
.149
.172
.201
.210
.219
.220
.211
.217
.218
.222
.220
.219
.217
.218
.221
.222
.226
Output is measured hy gross domestic product of nonfinaneial corporate business in 197^ dol-
This is equal to the deflator for gross domestic product of nonfinancinl corporate business with
the decimal point shifted two places to the left.
Net
interest
Total
lars.
2
Compensation of
employ-
Corporate profits with inventory
valuation s nd capital ca 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
Profits
tax
liability
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
Output
of all
employees (1972
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
8.797
Compensation per
hour of
all
employees
(dollars)
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
12.870
Indirect business tux and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor .Statistics).
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employeesl
Proprietors' income with
inventory v(dilation and
capital co isumption
adjust ments
Farm
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
III
IV
1983: I
II
Ill
IV
1984: I
II
Ill
IV
1985: I '
1
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
1,239.4
1,379.2
1,550.5
1,760.3
1,966.7
2,116.6
2,363.8
2,446.8
2,646.7
2,959.9
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
Corporate p rofits with inv •ntory valuation and capital < onsumption
adjustments
Rental
income of
persons
with
capital
consumption
adjustment
Nonfarm
24.6
65.4
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
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
Profits w ith inventory valuation
adjustme nt and withou t capital
consiimption adjust tient
Capital
consump-
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
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
Inventory
valuation
adjustment
Profits
Total
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
132.1
166.3
194.7
229.1
252.7
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
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
Net
interest
-7.3
-.2
-1.6
.9
-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
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
Source: Department of Commerce, Bureau of Kconomic Analysis.
Includes employer contributions for social insurance.. (See also p. 5.)
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
No ddurable go ads
Durable goods
Period
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
III
IV
1983: I
II
Ill
IV
1984: I
II
Ill
IV
1985: I r.
Total
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
Total
durable
goods
Motor
vehicles
and
parts
132.2
156.8
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
Source: Department of Commerce, Kureiut of Economic An
55.8
72.6
84.8
95.7
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
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
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
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
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
Retail sal es of new
passeng er cars
(millions of units)
Clothing
and
shoes
Gasoline
and oil
69.6
75.3
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
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
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
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
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
Imports
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
SOURCES OF PERSONAL INCOME
Persona! income declined $16.5 billion (annual rate) in May, following a rise of $32.6 billion in April. The May and
April changes were affected by two special factors in April—an unusually large increase in subsidy payments to
farmers (based on new data) and a retroactive wage payment to Postal Service employees. Excluding these special
factors, personal income increased $13.3 billion in May and $8.6 billion in April.
BILLIONS OF DOUARS*(RATIO SCALE)
BILLIONS Of DOLLARS*(RATIO SCALE)
3,600
3,600
WAGE AND SALARY DISBURSEMENTS
200 —=
200
* SEASONALLY 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: May
June
July
Aug
Sept
Oct
Nov
Dec
1985:
Jan '.
Feb r.
Mar r
Aprr
May"
1
Total
personal
income
Proprietor ' income 3
Wage and
ments
1
income
Farm
Personal
dividend
income
Personal
interest
income
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
,265.0
,391.2
,540.4
,732.7
,951.2
2,165.3
2,429.5
2,584.6
2,744.2
3,012.1
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
64.5
75.9
89.4
102.5
114.9
128.0
140.0
155.5
173.1
195.5
24.6
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
28.2
65.4
75.0
84.8
92.2
100.2
95.6
93.6
89.2
107.9
126.2
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
62.5
29.9
36.5
39.6
45.3
50.8
56.8
64.3
66.5
70.3
77.7
123.2
132.5
152.8
179.4
218.7
266.0
331.8
366.6
376.3
433.7
178.3
194.3
207.9
223.8
250.3
297.6
337.3
376.1
405.0
416.7
50.4
55.5
61.1
69.8
81.1
88.7
104.5
111.4
119.6
132.5
1,229.1
1,359.3
1,506.5
1,689.7
1,899.3
2,119.5
2,371.2
2,532.1
2,701.1
2,954.3
2,978.8
3,006.5
3,027.7
3,045.8
3,068.3
3,079.3
3,097.5
3,111.8
1,789.8
1,804.3
1,812.4
1,816.9
1,829.1
1,830.9
1,847.2
1,864.9
193.5
195.3
196.7
198.1
199.5
201.0
202.5
203.9
21.4
23.5
26.5
27.4
28.0
29.1
28.0
31.0
126.2
127.1
126.0
126.1
127.1
129.3
129.6
130.2
62.0
62.4
62.6
62.9
63.3
63.7
64.1
64.5
77.1
77.6
78.0
78.2
79.4
79.8
80.2
80.5
425.6
432.9
441.4
449.5
457.1
456.8
456.0
455.5
414.8
415.9
417.1
419.9
418.7
422.8
425.1
417.6
131.5
132.5
133.0
133.3
134.1
134.2
135.2
136.3
2,928.1
2,953.5
2,971.6
2,988.5
3,010.2
3,019.9
3,039.0
3,050.1
3,129.2
3,146.0
3,156.2
3,188.7
3,172.2
1,872.5
1,880.9
1,894.7
1,903.7
1,909.3
205.1
206.3
207.5
208.8
210.2
26.4
28.2
22.6
42.2
15.0
132.0
134.2
135.9
137.7
138.6
64.6
64.7
64.9
65.3
65.7
81.0
81.4
81.9
82.3
82.5
455.8
456.1
456.2
456.9
457.8
437.6
440.4
439.6
439.7
441.3
145.8
146.3
147.2
147.8
148.3
3,073.2
3,085.1
3,104.4
3,116.1
3,121.4
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
Rental
income of
persons 4
4
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income declined in the first quarter of 1985 because of delays in the refund payments
of Federal income taxes. Excluding the delays, real income rose.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
4,000
4,000
3,000
3,000
1977
• 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 '
Equals:
Personal
saving
Per c apita
disposable personal
incc me
Current
dollars
1972
dollars
1,168.6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,165.3
2,429.5
2,584.6
2,744.2
3,012.1
170.2
168.9
196.8
226.4
258.7
301.0
336.5
387.7
404.1
404.2
435.3
998.3
1,096.1
1,194.4
1,314.0
1,474.0
1,650.2
1,828.9
2,041.7
2,180.5
2,340.1
2,576.8
Current
dollars
1972
dollars
Do lars
B llions of dol ars
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Per capita personal
consuroption
expenc itures
913.2
1,001.8
1,111.9
1,236.0
1,384.6
1,553.5
1,718.7
1,904.7
2,044.5
2,222.0
2,420.7
85.1
94.3
82.5
78.0
89.4
96.7
110.2
137.4
136.0
118.1
156.1
4,667
5,075
5,477
5,965
6,621
7,331
8,032
8,874
9,385
9,977
10,887
4,009
4,051
4,158
4,280
4,441
4,512
4,487
4,561
4,555
4,670
4,939
Percent
change in
real per
capita
disposable
Saving as
percent of
disposable
personal
Population
(thousands) 2
Per cent
4,152
4,521
4,972
5,468
6,048
6,695
7,326
8,037
8,543
9,192
9,894
3,566
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
8.5
8.6
6.9
5.9
6.1
5.9
6.0
6.7
6.2
5.0
6.1
213,898
215,981
218,086
220,289
222,629
225,106
227,694
230,068
232,351
234,542
236,685
-1.7
Seas jnally adju sted annual rates
1982: HI
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
m
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
n
m
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
152.5
2,349.6
144.-8
2,409.5
164.1
2,442.3
2,481.5 ' 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
Ir
3,143.8
489.0
2,654.8
2,536.2
118.6
11,154
4,965
10,279
4,576
4.5
238,017
IV
1984: I
1985:
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
-2.5
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
160
GROSS FARM INCOME
120
120
80
80
60
60
40
40
NET FARM INCOME
/\
-*-i
\\ji \\
20
\l
1 1 1
10
1977
1 1
1978
1979
1 1 1
1980
1
1
20
1 1 1
I I I
1
1982
1981
1983
• SEASONALLY ADJUSTED ANNUAL DATES
SOURCE, DEPARTMENT OF AGRICULTURE
1984
10
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farmi "g
(iross farm incom s
Period
Net farn income
Cas h marketing receipts
Total 1
Total
Livestock and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1967 dollars *
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
67.8
69.2
70.1
69.2
71.2
49.0
48.6
53.7
63.2
72.7
73.3
74.6
69.5
69.9
-1.5
1.1
.8
4.9
-5.5
7.9
-2.6
-11.7
7.1
82.7
88.9
99.5
118.1
128.9
136.9
139.5
135.3
140.8
20.1
19.8
27.7
32.3
21.2
31.0
22.3
16.1
30.8
11.8
10.9
14.2
14.9
8.6
11.4
7.7
5.4
9.9
153.3
147.3
148.5
156.6
144.6
138.3
143.7
128.3
70.4
68.7
67.6
70.1
74.2
69.6
76.1
58.2
-11.4
-14.4
-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
1984: I
169.8
165.8
176.0
174.9
134.2
138.9
147.8
143.6
73.0
70.4
69.2
72.2
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
10.0
7.8
11.1
10.7
1985:1"
161.5
137.6
71.7
65.9
2.9
139.8
21.7
6.8
1976
1977
1978
1979
1980
1981
1982
1983
1984"
1983: I
II
m
IV
n
m
rv
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoncy income furnished by farms.
2
Physical changes in end-of-ycar inventor}' of crop and livestock commodities valued at average
prices during the year.
3
Income in current dollars divided by the consumer price index (Department of Labor).
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the first quarter of 1985, according to revised estimates, corporate profits before tax fell $6.4 billion (annual
rate) and after-tax profits fell $4.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
280
240
200
40
1984
SOURCE- DEPARTMENT OF COMMERCE
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Pr >fits (before tiax) with inve ntory valuati MI adjustment >
Profits after taX
Doinestic industiies
Total
1983:
1
2
Total
Financial
Total 3
80.4
107.6
137.4
163.4
185.4
179.0
161.9
173.2
133.6
167.2
207.1
15.0
11.8
17.1
23.1
31.0
30.3
26.9
19.5
19.6
29.6
27.8
65.4
95.8
120.3
140.3
154.4
148.6
134.9
153.7
114.0
137.6
179.2
HI
IV
158.8
143.2
136.5
119.7
21.0
24.9
115.5
94.8
n
m
I
157.3
186.1
208.1
216.3
134.9
162.4
180.6
190.8
28.4
32.0
29.5
28.5
106.5
130.4
151.1
162.3
n
m
IV
229.8
238.7
224.5
227.1
204.1
217.5
200.2
206.4
28.7
28.9
26.6
27.1
175.4
188.6
173.6
179.3
Ir
223.2
202.5
28.0
174.6
IV
1984: I
1985:
Tax
liability
12.5
21.3
22.4
26.6
26.9
27.1
23.6
31.8
25.9
33.4
45.9
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
235.7
51.6
50.6
63.8
72.7
83.2
87.6
84.8
81.1
60.7
75.8
89.8
85.1
81.5
102.5
122.0
145.9
165.1
149.8
140.0
104.8
127.4
145.9
24.0
24.1
168.9
155.8
61.9
55.0
107.0
100.8
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
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
45.5
222.3
85.3
137.0
2
96.7
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
230.0
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
Profits
before tax
Nonfinancial
Period
See p. 4 for profits with inventor}* valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
39.0
52.6
69.2
78.3
86.9
85.6
72.9
84.9
54.5
65.2
85.5
60.4
42.4
44.9
59.3
73.8
82.9
89.8
92.3
78.3
81.6
77.9
Whole
sale and
retail
trade
3
Total
Dividends
29.9
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
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
Inventory
valuation
adjustment
55.2
50.7
65.1
81.2
98.9
112.4
91.2
73.5
35.6
54.5
65.4
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-5.7
38.1
30.6
-10.1
-12.6
31.4
51.7
69.3
65.6
72.9
70.2
60.3
58.0
52.5
4g
-12.1
-19.3
-9.2
-13.5
-7.3
-.2
-1.6
.9
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter of 1985, business fixed investment rose $3.2 billion (annual
rate) and residential investment outlays rose $1.7 billion. There was a $40.7 billion increase in inventories following
an increase of $36.6 billion in the fourth quarter of 1984.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
SEASONALLY ADJUSTED AN «JAL RATES
—
700
—
—
-^-
600
GRO<>S PRIVATE DO MESTIC
INVESTMENT
-
AOO
O
~~
\
500
500
r"—"nr^
^
^-i
400
^^
300
—
^^
1
•**"
400
^**
NONRESIDE NTIAL^
__„ — ""
FIXED INVES1FMENT
V . •••".^ M ••**** "
r-/
/
-^
** "
mf
—
""'"— — — — ,
^
300
—
.„..-"""
200
200
RE!5IDENTIAL
FIXED INVESTMENT
—
..— — — —
—
^-"X.
—
..-'•'*
100
CHANGE N BUSINESS
INVES(TORIES
-
—
'—-x y\ \ \
\
^
—^
1 1 1
-100
1977
1
i
1
1978
1
i
1
1979
1 i i
1980
1
1
1981
i
0
-•-'
! 1 1
1982
1 i !
! i 1
1984
1985
1983
-100
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: ELI
rv
1983: I
n
m
rv
1984: I
n
m
rv
1985: I r
private
domestic
investment
228.7
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
Total
156.6
157.7
174.1
205.2
248.9
290.2
308.8
353.9
349.6
352.9
425.7
342.2
339.3
334.6
339.3
353.9
383.9
398.8
420.8
435.7
447.7
450.9
Source: Department of Commerce, Bureau of Economic Analysis.
Structures
55.9
55.4
58.8
64.4
78.7
98.3
110.9
135.3
142.1
129.7
150.4
138.4
138.4
130.4
125.6
126.2
136.6
142.2
150.0
151.4
157.9
162.9
Producers'
durable
equipment
100.7
102.3
115.3
140.8
170.2
191.9
197.9
218.6
207.5
223.2
275.3
203.8
201.0
204.2
213.6
227.8
247.3
256.7
270.7
284.2
289.7
288.0
Change ii business
inven .ones
Residential fix ed investment
Nonresk ential fixed ini estment
Period
Total
57.9
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
Nonfarm
structures
54.8
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
Farm
structures
Producers
durable
equipment
1.3
1.0
1.1
1.5
1.7
1.7
1.8
1.3
1.5
1.0
1.1
1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.3
3.6
4.0
1.3
2.1
3.3
3.3
3.4
3.5
3.7
3.8
1.0
.9
.9
.9
.9
1.0
1.2
1.0
1.0
3.9
4.1
4.0
4.1
4.2
Total
14.1
-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
Nonfarm
16.0
-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
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)
BILLIONS OF DOLLARS (RATIO SCALE)
500
suu
5EA50 NALIY ADJUSTED AN ^UAL RATES
400
^—^y,-, ~——^_
300
^^
r"""H
^—'
"
""*"""*"*"••••»
"-""7" URING-^
TK
..— -
„.
-,
M> ^NUFACTURIN 3
—
,»**
^-->
--"^
"••*'"**' ""
•>oo
-.*-''*'
3NMANUFACT
*.-*••"""
»•****
60
».•••""•*
S"
^^1
.'
?no
—
r-^
200
400
"
-**-
ALL INDUST ^IES
^.'
100
.-"'""
—
RO
—
-•''^
—
-
40
I i i
\
\
\
1978
1977
\
\ \
1979
1
1
1
1
1980
1
1 1
1981
1 1
1982
\
\ \
1983
_t/ SURVEYED QUARTERLY
_£/SEE FOOTNOTE 4 BELOW
SOURCE: DEPARTMENT OF COMMERCE
i ii
1984
iVl"
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed < uarterly
n
M anufacturin g
Period
1977
1978
1979
1980
All
industries
Total
Durable
goods
No imanufactur g
able
goods
Total1
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
n
m...
289.68
294.76
309.25
325.45
111.62
112.70
116.75
123.74
50.88
49.73
57.56
60.74
62.97
62.59
66.19
178.06
182.06
192.51
201.71
n
m...
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
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
1981
1982
1983
1984
1985*
1983: I
IV...
1984: I
IV...
1985: I 4
n ..4
m4
IV
1
54.15
Mining
9.81
11.22
12.81
15.99
21.39
20.05
15.19
16.88
16.06
14.94
13.90
15.66
16.27
17.61
16.01
16.96
16.93
15.66
16.47
16.19
15.90
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
* "All industries" plus the part of nonmanufaeturing that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
10
Transportation
Public
utilities
Commercial
and
other
Total
nonbusiness2
208.15
245.34
284.94
314.47
349.26
347.47
343.35
398.09
No imanufactur ing
Manufacturing
Total
Surveyed
quarter-
iy
140.67
166.76
189.02
202.15
222.72
226.79
227.15
259.71
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
12.85
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
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
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
13.55
14.20
15.28
14.95
17.04
17.69
16.29
16.22
17.16
19.31
17.90
67.48
78.58
95.92
112.33
126.54
120.68
116.20
138.38
155.98
117.34
139.18
159.04
170.47
188.68
189.89
188.58
215.15
230.12
Surveyed
annually 3
23.33
27.58
29.98
31.68
34.04
36.89
38.56
44.55
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in April and May 1985, corrected for
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 and unemployment were little changed in May.
MILLIONS OF PERSONS*
116
MILLIONS OF PERSONS*
1977
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]
Period
Noninstitutional
population
including
resident
Armed
Forces
NSA
Unemplc yment
Civilian ennployment
Rf>ei
jvesi-
uent
Armed
Forces
NSA
T hn f
•
0rCe
, ,.
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
Total
Agricultural
Total
Part-time
for
economic
reasons *
Total
15
weeks
and
over
Labor bree
particip ation
rate (pe rcent)
Total 2
Civilian 3
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
102,510
106,702
104,962
106,940
108,670
110,204
111,550
113,544
98,824
99,303
100,397
99,526
100,834
105,005
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
5,852
5,997
5,512
6,137
7,637
8,273
10,678
10,717
8,539
1,241
1,871
2,285
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
1984: May
June....
July ....
Aug
Sept ....
Oct
Nov
Dec
177,813
177,974
178,138
178,295
178,483
178,661
178,834
179,004
1,690
1,690
1,698
1,712
1,720
1,705
1,699
1,698
115,412
115,309
115,566
115,341
115,484
115,721
115,773
116,162
106,852
107,081
107,075
106,860
107,114
107,354
107,631
107,971
113,722
113,619
113,868
113,629
113,764
114,016
114,074
114,464
105,162
105,391
105,377
105,148
105,394
105,649
105,932
106,273
3,367
3,368
3,333
3,264
3,319
3,169
3,334
3,385
101,795
102,023
102,044
101,884
102,075
102,480
102,598
102,888
5,377
5,549
5,482
5,384
5,449
5,483
5,413
5,596
8,560
8,228
8,491
8,481
8,370
8,367
8,142
8,191
2,833
2,630
2,672
2,621
2,605
2,527
2,428
2,374
64.9
64.8
64.9
64.7
64.7
64.8
64.7
64.9
64.6
64.5
64.5
64.3
64.4
64.4
64.4
64.6
1985: Jan
Feb
Mar
Apr
May
179,081
179,219
179,368
179,501
179,649
1,697
1,703
1,701
1,702
1,705
116,572
116,787
117,215
117,073
117,078
108,088
108,388
108,820
108,647
108,665
114,875
115,084
115,514
115,371
115,373
106,391
106,685
107,119
106,945
106,960
3,320
3,340
3,362
3,428
3,312
103,071
103,345
103,757
103,517
103,648
5,389
5,077
5,400
5,374
5,617
8,484
8,399
8,396
8,426
8,413
2,243
2,416
2,400
2,377
2,247
65.1
65.2
65.3
65.2
65.2
64.8
64.8
65.0
64.9
64.8
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
NOTE.—NSA indicates data are not .seasonally adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In May, the seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor
force, was 7.2 percent for the fourth month. The unemployment rate for civilian workers was also unchanged in
May, remaining at the February-April level of 7.3 percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
BLACK
AND OTHEI?
.
J
t" **"" \
**\
\
20
r'
*»
15
20
v
\
/-
'A
v-'"'~lAGERS
TEEN
0<•-1")
\
^.
•• \
»'
\,-/\/ \
•
i
15
\/\
N
F
1
,'V
*
*
'
1
AAEN 20 YEAR S
ALLC VILIAN WOR KERS
s*
10
^-x
AND OVER
Kv
10
s-'~'
•ww
WHITE
— -^/
"""^•— -•«,.
we MEN 20 YEA RS
*• ^~
AND OVER
lllllllllil lllllllllil
1981
1982
iniiliiiii
lllllllllil lllilllllli lllllllllil
1984
1983
1985
1981
lllllllllil lllllllllil lllllllllil lllllllllil
1982
1984
1983
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 (pereen , of civilian labor force in group)
Period
Unemployment
rate, all
workers 1
By sex and ag"
civilian
workers
Men
20 years
and over
Women
20 years
and
over
By s elected group s
By race
All
Both
sexes
16-19
years
Black aiid other
White
Experienced
wage and
salary
workers
Married
men,
spouse
present
Total
Black
12.3
14.3
15.6
18.9
19.5
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
Women
who
maintain
families
5.8
7.0
7.5
9.5
9.5
7.4
5.8
7.1
7.6
9.7
9.6
7.5
4.2
1980
1981
1982
1983
1984
5.9
6.3
8.8
8.9
6.6
5.7
6.4
6.8
8.3
8.1
6.8
16.1
17.8
19.6
23.2
22.4
18.9
5.1
6.3
6.7
8.6
8.4
6.5
11.3
13.1
14.2
17.3
17.8
14.4
1984: MayJune..
July ..
Aug...
Sept ..
Oct....
Nov...
Dec...
7.4
7.1
7.3
7.4
7.2
7.2
7.0
7.1
7.5
7.2
7.5
7.5
7.4
7.3
7.1
7.2
6.6
6.4
6.5
6.4
6.4
6.2
6.2
6.3
6.8
6.5
6.8
7.0
6.6
6.9
6.5
6.4
19.0
18.1
18.4
18.4
19.0
18.7
17.8
18.8
6.5
6.3
6.3
6.4
6.3
6.3
6.1
6.2
14.3
13.7
14.8
14.3
13.8
13.8
13.7
13.6
16.0
15.2
16.6
15.8
15.1
15.3
15.1
15.0
7.0
6.7
7.1
7.0
7.0
6.9
6.8
6.8
4.6
4.6
4.5
4.5
4.6
4.5
4.4
4.4
10.0
1985: Jan...
Feb ...
Mar...
Apr ...
May...
7.3
7.2
7.2
7.2
7.2
7.4
7.3
7.3
7.3
7.3
6.3
6.3
6.2
6.3
6.1
6.8
6.7
6.7
6.8
6.9
18.9
18.4
18.2
17.7
18.9
6.4
6.2
6.2
6.3
6.2
13.7
14.6
13.9
13.9
14.1
14.9
16.3
15.2
15.3
15.6
6.9
6.8
6.8
6.8
6.8
4.6
4.4
4.2
4.3
4.0
10.0
11.0
10.2
10.8
10.9
1979
1
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
2
12
8.3
9.2
10.4
11.7
12.2
10.3
9.8
9.8
10.3
10.1
10.4
10.8
9.6
Source: Department of Labor, Bureau of Labor Statistics.
Fulltime
workers
Parttime
workers
5.3
6.9
7.3
8.8
8.8
Labor
force
time lost
(percent) 2
6.3
7.9
8.5
9.5
7.2
9.4
10.5
10.4
9.3
7.2
6.7
7.2
7.1
7.1
7.1
6.9
6.9
9.4
10.0
9.6
9.6
9.3
9.1
8.6
8.8
8.6
8.4
8.5
8.5
8.5
8.4
8.2
8.3
7.1
7.1
6.9
6.9
6.8
9.3
8.7
9.6
9.7
10.3
8.2
8.2
8.2
8.2
8.3
9:6
11.0
10.9
8.6
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In May, the percentage of unemployed persons who had been out of work for less than 5 weeks, for 5-14 weeks,
and for 15-26 weeks rose, while the percentage unemployed for 27 weeks and over fell. Both the mean and
median duration of unemployment fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
r
REASON FOR UNE/V\PLOYMEN1
/V
riO
*
\r
DB LOSERS^
50 £~~f
^ ^'"V^..
Pvt
\
40
30
*"~~~\l'
70
20
*
R EENTRANTS
,s-~\ •«
\
-''
--,)""
N! W ENTRANTs
\
Jh /
*r
10 — "'
10 —
/
?\.
^~ ' •*. -x^
>>^
V
i**N««j^
^^
JOB LEAVEI S
0 Jllllllltll H|l||||||l !|l|||lllll
1981
1982
1983
1984
llillllllll
1985
1981
llillllllll
1985
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Re ison for inemployment:
percent c :stributio i 1
Dur ation of i nemplo; incut
Period
Unemployment
(thousands)
P srcent dis tribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
progra ms
Insured
unemployment,
Number of
ks
27
weeks
and
over
Average
(mean)
Medi-
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
regular
programs
(unadjusted) 2
Special
ployment
benefit
claims
(unad-
Weekly av< rage, thousa nds
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
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
1984: May
June
July
Aug
Sept
Oct
Nov
Dec
8,560
8,228
8,491
8,48"!
8,370
8,367
8,142
8,191
38.3
39.6
40.0
41.1
39.2
40.8
41.4
40.2
28.5
28.2
28.7
28.2
30.0
28.9
28.7
30.8
13.7
12.4
12.8
13.1
13.1
13.1
12.2
11.9
19.4
19.8
18.6
17.6
17.7
17.2
17.7
17.2
18.5
18.1
18.0
17.6
17.3
16.7
17.4
17.3
8.3
7.5
7.6
7.6
7.6
7.3
7.3
7.4
51.2
52.1
52.5
50.1
50.2
51.3
50.5
50.5
9.5
9.9
10.0
9.9
10.1
10.0
10.6
10.4
25.6
24.2
24.8
27.2
27.0
25.9
26.4
26.8
13.7
13.8
12.8
12.9
12.7
12.8
12.5
12.2
2,382
2,365
2,397
2,356
2,390
2,425
2,509
2,487
353
362
378
366
372
393
395
386
2,290
2,166
2,327
2,184
2,083
2,149
2,441
2,778
374
352
342
322
307
289
295
305
1985: Jan
Feb
Mar
Apr
May
8,484
8,399
8,396
8,426
8,413
43.3
41.9
42.4
42.1
42.8
30.2
29.4
29.3
29.8
30.8,
11.1
12.8
12.6
12.1
12.2
15.4
15.9
15.8
16.0
14.1
15.3
15.9
15.9
16.1
14.9
6.7
7.2
7.1
6.7
6.2
50.8
50.7
49.3
50.0
46.9
10.4
10.3
10.0
9.9
10.3
26.4
26.6
27.7
27.4
28.9
12.4
12.3
12.9
12.7
13.8
2,607
2,681
2,639
2,587
2,569
394
406
392
390
386
3,361
3,339
3,113
2,766
326
327
339
243
100
1980
1981
1982
1983
1984
1
2
Detail may not add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
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 345,000 in May. (Data reflect revision in
series.)
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
100 —
p-—"
90
'
i
pr^
\
~-
— —•
ALLNONAGRICUl TURAL
ES TABLISHMEh ITS
^
80
GOVERNMENT
^^"""~
-r"1
mnlmiihimlmuliimlmi
SERV ICE-PRODUC ING
INDUSTRIES
60 —
-
40 —
inn inn iiuiliuii MiiiliiiM
—
cc5NSTRUCTION
30
GOC DS-PRODUC NG
NDUSTRIES
.
.
.
.
.
.
70 M l l l l l l t l i t IlllllllTiT
' 1981
1982
i
1
—
Miimlmii
mmmii
1983
IIIIlllllljJ
iHmliim
1985
1981
1984
r"
1
—•i_-*-
r==H
MMllMMI MM|lM|||
1982
1983
muliim
1984
MUllllllll
1985
•SEASONALLY ADJUSTED
COUNCIL OF EC DNOMIC ADVISERS
SOURCE: DEPARTMENT Of LABOR
[Thousands of wage and salary workers;1 seasonally adjusted]
Se rvice-produc ing industn es
Goods-p reducing in dustries
Period
Total
nonagricultural
employment
M anufacturin ?
Total
2
C nn
onstruction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
Retail
trade
Goveroment
Finance,
insurance,
and real
estate
Services
Total
Federal
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: May r ..
June ''.
July r..
Aug r ..
Sept r..
93,998
94,317
94,615
94,893
95,238
r
Oct r... 95,573
Nov .. 95,882
Dec '.. 96,092
24,670
24,767
24,842
24,889
24,851
24,918
24,955
25,045
4,307
4,344
4,354
4,366
4,386
4,403
4,424
4,469
19,390
19,445
19,509
19,539
19,480
19,536
19,553
19,603
11,485
11,538
11,589
11,638
11,611
11,652
11,666
11,701
7,905
7,907
7,920
7,901
7,869
7,884
7,887
7,902
69,328
69,550
69,773
70,004
70,387
70,655
70,927
71,047
5,145
5,164
5,174
5,194
5,210
5,223
5,229
5,246
5,516
16,443
16,534
16,623
16,673
16,750
16,859
16,994
17,026
5,653
5,680
5,693
5,707
5,719
5,737
5,755
5,776
20,628
20,707
20,766
20,849
21,014
21,087
21,184
21,252
15,943
15,933
15,960
16,008
16,084
16,113
16,118
16,082
2,806
2,802
2,805
2,812
2,827
2,823
2,831
2,836
1985: Janr... 96,419
Feb r... 96,591
Mar r.. 96,910
Apr r... 97,118
May ".. 97,463
25,112
25,062
25,056
25,098
25,098
4,534
4,525
4,553
4,648
4,680
19,604
19,561
19,526
19,469
19,441
11,702
11,675
11,651
11,611
11,608
7,902
7,886
7,875
7,858
7,833
71,307
71,529
71,854
72,020
72,365
5,259
5,272
5,269
5,286
5,307
5,686
5,697
17,090
17,160
17,249
17,278
17,389
5,790
5,809
5,835
5,858
5,891
21,382
21,480
21,644
21,723
21,834
16,100
16,111
16,143
16,140
16,188
2,836
2,834
2,850
2,848
2,840
1979
1980
1981
1982
1983 r
1984 r
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
14
5,532
5,557
5,573
5,610
5,636
5,647
5,665
5,714
5,735
5,756
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
* Includes mining, not shown separately.
NOTE.—Data revised beginning April 1983, unadjusted, and beginning January 1980, seasonally
adjusted.
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 giross hourly
earnmgs
Average weekly
hours
Period
Manufa during
Total
private
nonagricultural '
Total
1979
1980
1981
1982 r
1983r .
1984 .
1984: Mayrr
June
July rr
Aug
Sepf
Oct 'T
Nov r
Dec .
36.0
35.8
35.7
35.3
35.2
34.8
35.0
35.3
35.3
35.3
35.3
35.2
35.3
35.2
35.2
35.2
1985: Jan rr
Febr
Mar r.
Apr
May*
35.1
35.1
35.2
35.1
35.0
Overtime
$4.86
5.25
5.69
6.16
39.8
38.9
40.1
40.7
40.7
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
3.4
3.3
3.3
3.3
3.3
3.4
3.4
40.6
40.1
40.4
40.1
40.3
3.4
3.3
3.2
3.3
3.1
8.44
8.49
8.53
8.54
8.55
40.1
40.3
40.4
40.2
39.7
36.1
1976
1977
1978
Total
private
nonagricultural 1
Manufacturing
$5.22
5.68
6.17
6.70
7.27
7.99
8.49
8.83
9.18
6.66
7.25
7.68
8.02
8.33
8.29
8.32
8.35
8.35
8.40
8.38
8.42
8.47
Adjuste d hourly eamin,gs index—total private
nonagncultural2
Ind ex,
1977 == 100
a year
Percent chanj e 4from
5
earlie r
1977
dollars s
Current
dollars
92.9
100.0
108.2
116.8
127.3
138.9
9.13
9.16
9.19
9.22
9.24
9.28
9.31
9.35
148.5
155.4
160.7
159.9
160.5
161.0
160.8
161.7
161.6
162.3
163.4
9.38
9.41
9.43
9.48
9.49
163.0
164.0
164.4
164.7
164.9
Current
dollars
99.0
100.0
100.5
97.4
93.5
92.6
93.4
94.9
94.8
7.2
7.6
1977 dollars
1.4
1.0
.5
-3.1
-4.0
-1.0
.9
1.6
-.1
95.0
95.2
95.2
94.2
94.3
94.1
94.5
94.9
8.2
7.9
9.0
9.1
6.9
4.6
3.4
3.3
3.5
3.4
3.4
3.5
2.8
3.1
3.4
.6
-.1
-.0
-1.2
.5
-.2
.6
.5
94.5
94.7
94.5
94.3
94.3
2.7
3.3
3.2
2.9
3.1
.0
-.1
-.5
-.2
-.9
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent ch ange from
a year earlier,
total private n ^agricultural 5
Avera,ge gross weekly eairmngs
Period
Current dollars
1976
1977
1978
1979
1980
1981
1982
1983 rr
1984
1984: May 'T
June r
July
Aug'
Sepf.
Ocf
Nov r
Dec'.
1985: Jan rr
Feb
Mar r'.
Apr .
May"
1
Also
1
Manufacturing
Total private
nonagnc ultural '
Retail trade
Current dollars
1977 dollars 3
1977 dollars
Current dollars
$175.45
189.00
203.70
$186.85
189.00
189.31
$209.32
228.90
249.27
219.91
235.10
255.20
267.26
280.70
294.05
292.64
293.70
294.76
293.92
296.52
294.98
296.38
298.14
296.24
298.00
300.26
299.75
299.25
183.41
172.74
170.13
168.09
171.26
173.48
173.88
174.30
174.31
172.19
172.80
171.80
172.62
173.14
171.73
172.15
172.66
171.68
171.10
269.34
288.62
318.00
330.26
354.08
373.63
371.59
371.90
372.20
373.41
375.14
375.84
377.06
379.61
380.83
377.34
380.97
380.15
382.45
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 nomeownership costs).
3
Construction
$283.73
295.65
318.69
342.99
367.78
399.26
426.82
442.97
456.92
456.46
458.89
454.88
456.46
460.49
457.68
462.08
461.16
459.94
463.81
465.58
465.50
460.39
$114.60
121.66
130.20
138.62
147.38
158.03
163.85
171.05
176.40
176.39
176.69
176.40
175.51
176.11
175.82
177.31
177.31
176.42
177.01
177.31
176.12
177.31
7.3
7.7
7.8
8.0
6.9
8.5
4.7
5.0
4.8
1.5
1.2
.2
-3.1
-5.8
-1.5
-1.2
1.9
1.3
4.7
4.9
4.8
4.9
4.4
2.8
3.3
1.5
1.8
1.6
1.2
.6
-.8
-.1
4:0
.4
2.0
2.1
3.3
2.0
2.6
-1.2
-1.3
-.6
-2.1
-1.4
* Monthly changes based on indexes to two decimal places.
Based on seasonally unadjusted data.
8
Note.—Data revised beginning April 1983, unadjusted, and beginning January 1980, seasonally
adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
all pe sons
Period
Business
sector
Nonfarm
business
sector
Outp at
Business
sector
1
Hours of 2all
persons
Nonfarm
business
sector
Business
sector
Compensa tion per
hou
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Heal comj ensation
per he ur 4
Business
sector
Unit abor
cos ts
Nonfarm
business
sector
Implici price
defla or 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
197 7=100;q uarterly d ata season ally adjust ed
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
74.0
81.6
87.8
93.7
100.0
105.7
108.0
93.2
96.0
100.0
104.9
108.6
92.6
95.8
100.0
105.1
109.0
85.6
92.9
100.0
108.5
118.7
86.1
93.0
100.0
108.6
118.4
96.4
98.9
100.0
100.8
99.1
96.9
99.0
100.0
100.8
98.8
90.5
95.1
100.0
108.0
119.5
90.8
95.1
100.0
108.0
119.5
90.4
94.7
100.0
107.5
117.2
94.6
100.0
107.1
116.5
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
157.4
128.1
140.6
148.6
153.4
158.2
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
148.7
149.3
149.3
150.2
102.2
103.6
104.3
104.7
101.6
103.6
104.1
104.4
106.9
110.1
112.5
114.7
106.7
110.4
112.7
115.2
104.7
106.2
107.9
109.5
105.1
106.5
108.2
110.3
160.2
161.0
161.8
164.2
160.1
161.5
162.4
164.0
99.0
98.5
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
1985: I
107.1
106.2
123.1
122.9
114.9
115.7
173.3
173.3
99.0
99.0
161.9
163.2
161.1
162.4
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
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
7.3
5.1
5.1
8.0
10.7
9.8
4.7
5.6
7.5
9.0
10.3
5.1
5.7
7.1
8.8
1980
1981
1982
1983
1984
-.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
1982: HI
IV
2.4
2.7
3.6
1.1
-1.3
-1.2
-3.0
-3.6
-3.8
-3.6
-4.0
7.5
4.5
7.5
5.1
.2
3.0
1983: I
2.1
5.9
2.8
1.4
4.4
8.1
2.1
1.0
4.4
12.4
9.3
7.8
6.0
14.3
8.7
9.1
2.2
6.1
6.4
6.2
1.5
5.7
6.5
8.0
4.4
2.2
2.0
6.1
5.7
3.5
2.2
4.1
4.0
-2.1
-2.2
1.9
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
.1
.8
3:7
3.3
5.2
5.4
1.8
2.1
9.0
1972
1973
1974
92.4
94.8
92.5
93.0
95.3
92.9
86.1
91.7
89.9
85.8
91.7
93.2
96.8
89.8
1975
1976
1977
1978
1979
94.6
97.6
100.0
100.5
99.3
94.8
97.8
100.0
100.6
99.0
88.2
93.8
100.0
105.5
107.8
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
1982: HI
100.9
101.6
1983: I
rv
n
m
IV
1984: I
n
in......
IV
90.0
Pe rcent chan ge; quarte rly data a seasonal] y adjusted annual ra tes
n
ra
IV
1984: I
n
Ill
IV
1985: I
-3.5
-2.5
J
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-
" • Hourly compensation divided by the consumer price index for all urban consumers.
16
5
-2.0
12.2
7.5
4.7
5.2
8.0
10.7
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
3.6
5.0
1.7
3.7
4.0
2.3
1.8
2.0
2.4
5.3
2.2
-3.5
-.8
4.6
1.3
4.6
1.9
2.5
4.1
4.6
2.2
2.7
3.7
4.7
1.4
3.7
2.9
3.6
2.2
2.8
2.8
4.2
2.9
8.1
5.3
5.9
-1
-.8
-2.0
0
-4.2
.1
3.0
3.1
-1.7
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 ah
g"".v «om percent changes based on indexes shown here.
Source:
Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0.1 percent in May following a decline of 0.2 percent in April. The index for May was
1.5 percent above its year earlier level.
INDEX, 1967 = 100* (RATIO SCALE)
INDEX, 1967 = 100* (RATIO SCALE)
200
200
TOTAL IN DUSTRIAL PRODUCTIC>N
UTILITIES ANDMIN NG PRODLJCTION
180
180
^
160
i
S mf
./r~*
—7^
.•"•/^v—
•^••H
160
^l
UTILITIES
^
140
140
-'* /""*- •%
\J
\
'
IlllllllIM lllllllllll lllllllllll lllllllllll
l|||lllllll
\
\
\
120
**'''
200
MANUFA OURING ('RODUCTIC)N
lllllllllll
100
1
\
MINING, ***»S
\
j\**
*\
V*
lllllll||l| lllllllllll ...Ml,,,,,
*
iiiii|iim
•*"
\
160
NONDURAB LE /
,..-,.
/
V.
lllllllllll
1982
1981
3>«
90 -MAIMUFX^TURING CAPACITY UTILIZATIO N RATE —
^~
\
Im,
PER CENT*
/
A
DURAB .E
70
lllllllllll lllllllllll
1983
r*^^~n*•*-«•.
80
1984
60 lllllllllll lllllllllll lllllllllll lllllllllll lllllllllll
lllllllllll
1981
1985
1982
1983
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1984
1985
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Index,
1967 = 100
1967 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984: May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb r
Mar r
Apr r
May"
1
Output as percent of capacity.
Capacity itilization
rate, perceiit (Federal
Reserve series) *
Industry proc uction indexes , 1967 = 100
To tal
Indus trial
produ ction
Manufacturing
Percent
change
from year
earlier
Mining
Total
Durable
Nondurable
Utilities
Manufacturing
Industrial
materials
100.00
117.8
130.5
138.2
146.1
152.5
147.0
151.0
138.6
147.6
163.3
162.8
164.4
165.9
166.0
165.0
164.4
164.8
164.8
87.95
116.3
130.3
138.4
146.8
153.6
146.7
150.4
137.6
148.2
164.8
164.2
165.7
167.3
167.6
166.6
166.2
166.6
166.6
51.98
5.69
109.3
122.3
130.0
139.7
146.4
136.7
140.5
124.7
134.5
154.6
153.3
154.9
157.2
157.8
157.1
157.1
157.6
157.6
35.97
126.4
141.8
150.5
156.9
164.0
161.2
164.8
156.2
168.1
179.4
179.9
181.3
181.8
181.7
180.3
179.4
179.6
179.6
6.36
-8.9
10.8
5.9
5.7
4.4
-3.6
2.7
-8.2
6.5
10.6
12.7
12.3
10.8
9.4
7.3
6.1
6.1
5.5
112.8
114.2
118.2
124.0
125.5
132.7
142.2
126.1
116.6
125.7
125.0
127.0
129.9
128.3
128.7
123.6
124.8
124.4
146.0
151.7
156.5
161.4
166.0
168.3
169.1
168.7
172.4
181.5
182.3
184.3
181.8
180.6
180.9
180.6
184.7
183.7
72.9
79.6
82.2
84.7
86.0
79.6
79.4
71.1
75.2
81.6
81.7
82.2
82.8
82.8
82.0
81.7
81.6
81.4
73.3
81.1
82.6
85.6
87.6
80.4
80.7
70.1
75.2
82.0
82.7
82.9
83.1
83.2
82.4
81.0
80.9
80.4
165.1
165.4
165.9
165.5
165.3
4.2
3.4
3.2
2.1
1.5
166.6
166.6
167.3
167.0
166.9
157.6
158.0
158.9
158.2
158.0
179.6
179.1
179.4
179.8
179.7
125.6
125.5
127.2
123.7
122.9
183.6
188.2
187.3
188.1
189.6
81.2
81.0
81.1
80.7
80.4
80.5
80.9
80.8
80.1
79.7
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100; monthly data seasonally adjusted]
Produc ts
7
Interir ediate prot ucts
inal product s
C Misumer go ids
1Equipment
Materi-
Period
Total
Total
1967 proportion
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984:
May
June
July
Aug
Sept
Oct
Nov
Dec
47.82
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5
147.1
162.7
161.1
163.1
165.2
165.1
164.6
165.2
166.2
166.7
1985:
Jan
Peb '
Mar-;
Apr'.
May".
166.7
166.4
167.0
167.1
166.9
Durable
goods
Nondurable goods
Total
Business
Defense
and
space
equipment
Total
Construction
supplies
supplies
37.68
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
151.7
161.6
7.89
19.79
20.14
12.63
7.51
12.89
6.42
6.47
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.2
147.5
162.0
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
153.4
161.5
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
140.8
164.1
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9
153.3
181.0
82.4
80.0
79.8
81.3
86.5
93.4
98.2
102.7
109.4
119.9
135.6
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
156.6
172.3
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
142.5
158.9
136.0
129.7
141.7
149.5
156.5
163.1
162.8
166.7
162.1
170.7
185.7
161.7
163.0
163.8
162.5
161.6
161.6
162.6
162.2
161.4
163.6
163.7
162.6
159.6
158.7
161.5
161.0
161.8
162.7
163.9
162.4
162.4
162.7
163.0
162.7
160.3
163.3
167.0
168.7
168.9
170.1
171.2
172.8
176.5
181.1
185.5
187.6
186.4
187.3
188.4
189.6
133.1
133.5
135.9
136.8
139.5
141.1
142.2
144.7
171.6
173.5
175.8
175.1
173.0
173.4
173.1
173.2
159.5
160.9
161.9
160.9
158.2
158.6
156.9
157.5
183.5
186.1
189.5
189.1
187.6
188.0
189.2
188.8
162.1
162.1
162.6
162.4
162.4
160.5
162,5
164.6
161.9
161.6
162.8
162.0
161.9
162.6
162.7
173.0
172.3
173.0
173.5
173.2
189.2
188.4
188.0
187.8
187.1
145.8
145.4
147.8
149.5
149.9
172.7
173.1
174.0
173.9
174.5
156.9
156.8
157.8
158.7
159.1
188,4
189.3
190.1
189.0
Supplementary
group:
Energy
total
12.23
39.29
132.4
1 15.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7
145.2
161.2
162.0
162.9
163.5
164.0
162.8
160.4
160.4
159.8
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
135.9
142.5
143.3
144.5
144.0
143.0
142.8
139.8
142.7
142.3
160.5
161.6
161.8
160.9
160.4
143.1
146.3
146.4
146.1
147.1
[1967 = 100; monthly data seasonally adjusted]
Durable m inufactures
Transp >rtation
equipment
Primary metals
Period
Total
1967 proportion
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Iron and
steel
Fabricated
metal
products
Nonelectrical
machinery
No ndurable nanufactu res
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Printing and
publishing
Chemicals
and
products
Foods
6.57
4.21
5.93
9.15
8. OS
9.27
4.50
1.64
3.31
4.72
7.74
8.75
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
85.4
95.1
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
71.5
79.8
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
120.2
137.5
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149,0
150.6
181.5
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
185.5
217.4
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
117.8
137.6
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
137.1
165.7
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
137.2
148.7
1 14.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
144.1
152.3
169.7
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
215.0
228.1
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
156.4
163.2
1984:
Mav
June
July
Aug
Sept
Oct
Nov
Dec
98.2
97.9
94.5
94.4
94.1
92.7
91.5
87.8
83.5
83.5
76.5
77.7
77.5
74.6
73.9
72.1
136.5
138.7
140.6
140.0
139.5
140.7
139.0
140.2
178.8
182.0
186.9
189.1
187.9
187.7
188.9
188.3
214.5
216.0
221.5
221.5
222.8
222.3
222.5
224.5
135.0
137.2
140.6
141.0
137.6
137.2
141.3
143.3
163.0
165.3
169.0
169.6
162.4
161.7
170.8
171.8
146.3
148.5
146.0
148.8
149.2
152.6
152.2
150.4
167.5
169.0
172.6
173.1
170.5
172.3
174.0
174.1
227.9
231.0
232.0
231.6
230.8
228.0
230.2
228.1
164.2
165.1
164.9
164.7
164.3
164,0
162,9
164.1
1985:
Jan
Feb r
M a rrr
Apr
May"
89.7
92.3
95.2
93.7
93.6
72.2
74.6
81.3
78.2
139.4
141.6
142.1
141.6
141.1
189.2
188.6
188.6
189.2
189.3
220.3
219.9
221.1
217.7
215.8
145.8
144.6
145.3
144.6
145.5
176.3
172.3
172.2
171.0
172.4
150.4
148.5
151.2
151.7
174.5
173.9
175.3
176.3
176.4
227.8
227.4
228.1
228.9
164.9
163.5
163.7
Source1: Board of Governors of the Federal Reserve System,
18
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Constructio n contracts 2
Private
Total new
construction
expenditures
Period
Resi lential
Total
Commercial
and industrial
New housing
Total1
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
1977
1978
1979
1980
173.8
205.6
230.4
230.7
239.1
230.1
262.2
309.7
135.7
159.7
181.6
175.7
185.8
179.1
211.4
253.9
81.0
93.4
99.0
87.3
86.6
74.8
111.7
133.5
Apr
May
June
July
Aug.
Sept
Get
Nov
Dec
308.6
316.4
315.3
314.2
318.0
318.7
312.8
308.1
307.6
254.1
261.2
257.8
258.2
261.2
260.9
256.1
251.6
251.3
136.6
138.4
136.4
137.8
138.9
137.1
131.1
125.9
122.7
Jan
Feb r
Mar r.
Apr"
May"
316.4
322.7
322.4
325.7
258.6
264.5
263.9
267.1
128.4
133.2
134.7
134.0
1981
1982
1983
1984
100.0
114.0
121.0
108.0
112.0
111.0
137.0
149.0
22.5
29.6
39.9
43.8
51.3
54.6
48.7
63.7
32.2
36.7
42.7
44.7
47.9
49.7
51.0
56.7
38.2
45.9
48.8
55.0
53.3
51.0
50.8
55.8
102.7
106.4
105.0
104.6
105.0
103.2
103.4
102.5
101.9
61.0
64.9
63.0
62.2
64.1
65.8
68.4
69.9
72.0
56.5
57.9
58.4
54.5
55.2
57.5
56.0
56.9
57.8
56.7
56.5
56.3
147
163
144
150
148
146
145
151
150
957
990
899
955
992
910
948
1,005
1,041
102.3
102.0
102.0
102.8
73.5
74.6
74.0
76.1
57.8
58.2
58.4
58.7
150
145
162
161
162
974
990
1,049
1,104
1,008
65.7
75.8
78.6
63.1
62.7
51.9
86.1
102.8
Annual rates
Annual rales
1984:
1985:
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
for floor space.
739
977
1,059
904
919
690
756
937
58.2
58.1
58.0
56.6
55.8
56.5
56.6
56.7
55.2
57.0
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New pri\ ate homes
New private housing units
Period
Units started, by type of structure
•
1977
1978
1979
1980
1981
1982
1983
1984
Total
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
5 or more units
121.7
125.0
122.0
109.5
91.1
80.0
113.5
121.4
414.4
462.0
429.0
330.5
287.7
319.6
522.0
544.0
Units
authorized
1,690.0
,800.5
,551.8
,190.6
985.5
,000.5
,605.2
,681.8
Units
completed
Homes sold
Homes for
sale at end of
period *
402
414
398
336
272
251
300
356
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
1,652.2
819
817
709
545
436
412
623
639
1,731
1,718
1,699
1,681
1,657
1,614
1,587
1,635
617
636
615
557
670
652
596
604
332
338
340
343
343
346
349
356
l,719
1,794
1,686
1,635
634
659
695
612
356
360
360
3
Vacancy rate
for rental
housing units
(percent) 2
5.2
5.0
5.4
5.4
5.0
5.3
5.7
5.9
Seasonal iy adjusted annu al rates
1984:
1985:
May
June
July
Aug
Sept
Oct
Nov
Dec
1,787
1,837
1,730
1,590
1,669
1,564
1,600
1,630
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
1,765
1,805
1,591
1,542
1,517
1,477
1,616
1,599
Jan
Feb '
Mar T.
Apr r.
May "
1,849
1,647
1,889
1,927
1,663
1,060
1,135
1,168
1,159
1,042
105
96
106
110
111
684
416
615
658
510
1,635
1,624
1,741
1,704
1,755
1
Seasonally adjusted.
z
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
r
5.5
6.0
6.3
6.3
362
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.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales rose 1.2 percent in April and inventories rose $2.1 billion. According to advance
data, retail sales fell 0.8 percent in May, following a rise of 2.4 percent in April.
BILLIC)NS OF DDL ARS* (RATIC> SCALE)
650
600
P**'"*
550 -
_
,^—*^
_^^^* r*
—
-••ir""*""
500
S^
=MAN
^UFACTURIN GAND
TR/^DE INVENTC3RIES
—
•»W«"
—
•»•*
110
^x**
^
»'X'\
M/\NUFACTUR NG
AhJD TRADE SA LES
300
r**—
^
J-,
I*—-^"^^
S
120
400
350 if """""•.,
^rj—< *f~~^^
RE FAIL INVENT DRIES-—^£.
140
130
!
450
BILLK3NS OF DDL ARS* (RATIC5 SCALE)
170
160
150 —
^^
^
—
,*• *"
"**"
100
x.
on
.,^'~— f— "•'"
f
- '\
DETAIL SALES
80
_
—
250 I—
70
60
200
50 lllllllllll lllllllllll
imilmii
lilllllllll llllllll||l
RATIC)*
1.80
_ INVENT<DRY-SALES RATIO
_.
150
MAN(UFACTURING
A ND TRADE
1 60
1.40
- ^X"N-V -"^^y
r^f ^T^
__,
lllllllllll lllllllllll lllllllllll HlUlltlll
1982
1981
iiiiiliiin
1984
1983
1.20
iiiiiliiin
RETAIL
ll|||||||ll
1981
1982
1985
Sales
Invento-3
ries
1984
1983
__
lllllllllll
1985
COUNCIL OF ECO NOMIC ADVISERS
Inventory-s ales ratio4
Be tail
Who esale
Inventories 3
Sales2
Period
2
xrzs^*
lllllllllll
iiiiiliiin s^^
SEASONALLY ADJUSTED
s OURCE: DEPARTME NT OF COMMERCE
and
Manufact oring
tra< e 1
—
1 •*^s
Sales
2
InventoTotal
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
Retail
trade l
Millions of dollars, seasonally idjusted
1977
1978
1979
1980
1981
1982
1983
1984
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
20,720
23,368
25,529
24,914
27,089
28,059
33,041
38,691
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
1984: Apr
May
June
July
408,342
412,524
413,976
412,233
413,300
412,276
414,243
417,635
421,613
545,926
550,503
552,421
557,168
561,715
565,475
568,750
571,239
573,434
113,230
116,186
115,636
114,774
114,749
114,573
113,994
114,337
114,913
125,659
126,742
126,745
128,577
129,433
130,610
131,023
132,501
132,208
107,443
107,941
109,085
107,563
107,396
108,373
108,974
110,255
110,519
38,302
38,667
39,434
38,465
38,071
38,301
39,281
39,934
40,295
69,141
69,274
69,651
69,098
69,325
70,072
69,693
70,321
70,224
149,627
149,493
148,469
148,817
149,508
150,334
152,130
153,070
155,517
72,232
71,356
70,504
70,012
70,201
70,801
71,896
72,839
74,582
77,395
78,137
77,965
78,805
79,307
79,533
80,234
80,231
80,935
1.34
1.33
.33
.35
1.39
1.38
1.36
1.38
1.39
1.39
1.40
1.39
1.41
417,350
418,667
420,776
425,805
575,802
578,940
578,768
580,846
114,654
114,310
114,619
117,466
132,247
133,631
133,865
134,168
110,972
112,096
111,854
r
114,584
113,678
40,622
41,073
40,765
r
42,566
41,638
70,350
71,023
71,089
r
72,018
72,040
157,770
159,163
158,732
160,645
76,393
76,838
77,401
78,739
81,377
82,325
81,331
81,906
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar '.
Apr"
May"
1
See page 21 for
2
Monthly average
3
manufacturing.
for year and total for month.
Book value, end of period, seasonally adjusted.
20
.36
.37
.37
.37
1.36
1.38
1.38
1.38
1.36
1.42
1.42
1.42
1.40
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 April, manufacturers' shipments, inventories, and orders fell. In May, according to advance data, durable goods
shipments and new orders rose.
BILLIC )NS OF DOL ARS* (RATIC) SCALE)
BILLIC3NS OF DOL LARS* (RATIC) SCALE)
240
400
360
SHIPME NTS
200
160 —
^5-T
300
TOTAL
240
r^r-\
— "^
DURABLE GO LIDS
200
100
5t=^-=
160
"
\-—/
s&*
-
NONDURABLE GO DOS
*^"
h/H
DU RABLE GOO )S
120
100
60
80
40
r
i
TOTAL
120
80 «~—~
INVENT ORIES
7
Ulllllllll lllllllllll lllllllllll lllllllllll lllll|ll|||
NONC)URABLE GO ODS
60
BILLIC)NS OF DOL LARS* (RATIC) SCALE)
240
200 _NEWO RDERS
160 ,-
-w.
r ^"
*^-j— "V""
^™»
"•"^••v. ™
INVENT ORY-SHIPM ENTS
••*""
18
r^~~^
s\
''S'^NONDURABLE GOOL)S
^s
1.6
RATI D
••v
_^-*^*-^)^_
60
N,—"—^^
^^
1.4 —
40
lllllllllll lllllllllll lllll|l|||| lllllllllll lllllllllll
1982
1981
1983
1.2
lllllllllll
1985
1984
iiiiiiiini iiiiilniii
1981
1982
1984
Manufa( turers' inven tones
1'anufacturers new orders i
2
Durabl 3 goods
Durable
goods
1985
COUNCIL OF ECC NOMIC ADVISERS
Manufa cturers' shiptnents 1
Total
—
Illlltlllll lllllllllll
1983
SEASONAUY AOJ JSTED
OURCE: OEPARTM NT OF COMMERC E
Period
lllllllllll
2.0
^•r*VM**x<f*
±JKU*>
iiiiihiiii
2.2
|
DURABLE GOCJDS
100
lllllllllll ll|||llllll lllllll|ll|
RATI
—"~^
1OTAL
120
80
40
—.^~r~-~^1
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventoryshipments
ratio 4
defense
M illions of do lars, seasoilally adjust 3d
1977
1978
1979
1980
1981
1982
1983
1984
113,202
126,905
143,936
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
1.57
1.57
1.66
1.64
1.73
1.52
1.45
1.61
1984:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
187,669
188,397
189,255
189,896
191,155
189,330
191,275
193,043
196,181
95,460
96,895
97,732
97,841
100,254
98,214
100,807
102,394
103,939
92,209
91,502
91,523
92,055
90,901
91,116
90,468
90,649
92,242
270,640
274,268
277,207
279,774
282,774
284,531
285,597
285,668
285,709
178,381
180,543
182,474
184,588
187,035
188,619
190,088
190,669
191,109
92,259
93,725
94,733
95,186
95,739
95,912
95,509
94,999
94,600
189,360
192,384
189,911
194,061
192,384
189,217
186,799
194,982
193,671
97,307
100,950
98,340
101,979
101,860
98,210
96,506
104,434
101,307
26,332
28,562
27,721
28,140
26,736
27,394
25,259
26,836
26,893
92,053
91,434
91,571
92,082
90,524
91,007
90,293
90,548
92,364
350,763
354,750
355,406
359,571
360,800
360,687
356,211
358,150
355,640
1.44
1.46
1.46
1.47
1.48
1.50
1.49
1.48
1.46
1985:
Jan
Feb
Mar
Apr*
May"
191,724
192,261
r
194,303
193,755
101,966
101,724
r
102,116
T
102,266
102,775
89,758
90,537
92,187
91,489
285,785
286,146
286,171
286,033
192,153
192,030
192,355
192,459
93,632
94,116
93,816
93,574
195,210
193,057
r
191,532
191,015
105,447
102,467
T
99,544
r
99,725
103,807
23,633
29,493
27,206
r
25,409
25,637
89,763
90,590
91,988
91,290
359,125
359,926
r
357,151
354,416
1.49
1.49
1.47
1.48
1
2
3
Monthly average for year and total for month. Shipments are the s
Book value, end of period.
End of period.
4
For annual periods, ratio of weighted average inventories to average monthly shipments; for
monthly data, ratio of inventories at end of month to shipments for month.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In May, the producer price index for all finished goods rose 0.2 percent, seasonally adjusted. Prices of finished
consumer foods fell 1.1 percent, and prices of other finished consumer goods rose 0.9 percent. Prices of capital
equipment were unchanged.
INDEX, 1967= 100 (RATIO SCALE)
320
-
INDEX, 1967= 100 (RATIO SCALE)
320
—•
CO NSUMER GOO DS
EXC:LUDING FOOC3S
300
FINISHE D GOODS
300
s
TOTAL FINISHED
GOODS
\
280
^1
v^-^*
r^*"?
260
x^
fsC?
240
.x'-l
^*<
iu—— —|cs^C2—£2S £«*i~
280
—
"X
xs
-.— ^_x
•—
O/tA
CONSUMER FC5ODS
&S^~
CAPITAL EQlJIPMENT
&3
—
—
,&
oon
oon
180
— ^^
'
•Z***^
_
9OO
,
t
/ ~s^
x/
''
&S
-x--^
/ ^sZ/*
' ^^^
—
^"*
h-*'
160 Illllllllll Illllllllll
1977
/
Illllllllll
1979
1978
Illllllllll Illllllllll Illllllllll |ll|lll|Ill
1984
1983
1981
1982
1980
SOURCE, DEPARTMENT OF IABOR
Illllllllll
160
1985
COUNCIL OF ECONOMIC ADVISERS
[1967 — 100; monthly data seasonally adjusted]
Fin shed goods
Period
Total
finished
goods
Consumer
foods
Finished go<9ds excluding consumer fooiis
Consumer g<xxls
Total
Total
1977
1978
1979
1980
1981
1982
1983
1984
1984: May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan '.
Feb
Mar
Apr
May
1
181.7
195.9
217.7
247.0
269.8
280.7
285.2
291.1
291.2
291.2
291.8
291.2
291.2
291.0
292.0
292.0
292.1
292.1
292.7
293.6
294.2
189.9
207.2
226.2
239.5
253.6
259.3
261.8
273.3
270.4
270.4
274.5
273.8
273.4
273.0
274.5
275.6
274.3
274.4
273.9
271.1
268.1
177.7
190.7
213.3
247.8
273.3
285.8
290.8
294.8
295.9
295.9
295.3
294.8
294.9
294.8
295.6
295.2
295.8
295.7
296.7
298.8
300.7
Intermediate materials for food manufacturing and feeds.
Source: Department of Labor, Bureau of Labor Statistics.
22
Durable
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
295.8
295.5
294.5
293.5
293.4
293.5
294.3
294.2
236.8
236.9
237.1
237.2
238.2
236.6
237.6
237.5
238.8
240.1
241.3
241.3
241.7
294.0
293.5
294.3
297.4
300.0
Nondurable
189.3
200.0
231.3
283.9
319.6
333.6
335.3
337.3
340.3
339.9
337.8
335.9
334.9
336.5
337.2
337.0
335.6
333.5
334.1
339.6
344.0
Capital
equipment
Total
finished
consumer
goods
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
293.8
294.1
294.7
295.3
295.8
295.1
295.9
295.0
290.5
290.3
291.0
290.1
289.9
289.9
290.9
291.2
290.6
290.3
290.7
291.9
292.6
297.4
298.4
299.7
299.7
299.7
Internmediate ma terials
Cr,jde raaten als
Foods
and
feeds l
Other
Total
Foodstuffs
and
feedstuffs
Other
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
258.9
256.9
252.9
249.6
246.9
244.5
245.6
244.8
325.6
332.5
330.4
331.3
327.4
327.6
324.5
329.1
328.5
321.7
316.1
311.5
307.7
305.1
259.1
255.5
257.7
253.1
254.4
251.6
260.4
260.9
490.8
491.8
490.0
487.5
485.2
481.5
477.6
474.4
254.9
250.4
243.5
236.1
230.4
466.0
458.1
458.2
461.9
465.7
Total
201.5
215.6
242.2
280.3
306.0
310.4
312.3
320.0
320.9
321.5
320.9
320.3
320.0
320.4
320.9
320.7
320.4
318.9
318.4
319.1
320.0
241.6
240.3
238.6
234.9
230.7
326.3
326.0
325.6
325.4
326.0
326.5
326.4
326.2
324.7
324.3
325.4
326.5
CONSUMER PRICES
In May, the consumer price index for all urban consumers rose 0.2 percent seasonally adjusted (0.4
seasonally adjusted). The index was 3.7 percent above its year earlier level.
INDEX, 1967= 100 (RATIO SCALE)
percent not
INDEX, 1967 = 100 (RATIO SCALE)
340
340
320
320
300
300
280
280
A-
260
260
ALL ITEMS
240
240
220
220
200
200
180
180
160
160
Illllllllll
1982
140
1977
1978
1981
1980
1979
140
1984
1983
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
1985
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Ti ansportati >n
Hou sing
She Her
Period
All
items '
Food
Kent-
Total *
costs
2
NSA
Rel. imp.5
1977
1978
1979
1980
1981
1982
1983
1984
100.0
18.7
37.7
21.8
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
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: May
June
July
Aug
Sept
Oct
Nov
Dec
309.7
310.7
311.7
313.0
314.5
315.3
315.3
315.5
301.0
301.5
302.6
304.2
304.4
305.4
305.9
307.2
334.2
335.0
336.8
338.5
340.2
340.5
341.2
341.8
1985: Jan
Peb
Mar
Apr
May
316.1
317.4
318.8
320.1
321.3
307.7
309.3
309.2
308.7
308.3
342.3
343.7
344.6
345.9
348.1
1
2
Homeowners'
costs 2
Maintenance
NSA
NSA
and
repairs
and
el and
other
utilities
upkeep
Total '
New
cars
Motor3
fuel
Medical
care
Ener4
gy
All
items
less
food,
energy,
shelter
11.5
48.0
196.3
265.6
369.1
410.9
389.4
376.4
370.7
6.3
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
169.5
179.1
191.5
208.3
228.1
245.6
258.4
271.2
207.1
207.4
208.2
209.1
210.2
210.8
210.6
210.9
375.8
371.8
365.2
361.7
364.6
367.4
369.3
368.8
377.3
379.1
380.9
382.0
383.6
385.8
387.4
389.0
425.5
423.6
422.0
421.5
423.7
423.4
424.0
423.0
270.0
270.9
271.7
272.9
273.9
274.7
275.2
275.9
211.6
213.3
214.3
214.3
213.9
363.8
354.2
367.6
378.7
380.5
390.3
392.0
395.3
397.5
399.9
419.8
414.1
422.1
429.9
431.2
277.2
278.7
279.9
280.4
280.5
14.1
0.5
102.5
107.3
5.1
154.2
159.6
166.6
178.4
186.9
191.8
196.5
200.2
3.4
103.0
108.6
8.2
202.2
216.0
239.3
278.6
319.2
350.8
370.3
387.3
21.6
214.7
233.0
256.4
285.7
314.4
334.1
346.3
359.2
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
358.7
359.9
362.5
364.1
366.0
367.4
368.6
370.1
107.7
108.2
108.8
109.4
109.9
110.4
110.9
111.4
106.5
106.8
107.6
108.1
108.7
109.1
109.4
109.8
357.3
358.9
360.3
360.1
362.7
361.6
362.9
364.4
385.2
385.8
389.0
391.1
392.6
390.3
390.4
389.4
198.8
198.4
198.9
200.5
201.5
203.0
202.7
202.4
312.4
312.5
311.8
311.8
312.8
313.9
314.5
315.0
371.0
373.2
374.2
375.7
379.4
111.8
112.4
112.9
113.5
114.6
110.0
110.7
110.8
111.3
112.4
366.0
366.8
370.0
368.0
366.2
389.1
388.1
389.8
392.0
392.7
202.4
204.3
205.3
205.4
205.2
315.8
315.6
319.7
322.3
321.6
7.1
Includes items not shown separately.
December 1982=100.
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. also included through 1982.
8
Relative importance, December 1984.
&
Fuel
Appar-
5.5
188.2
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]
Period
Chi nge from pr eceding peri id
Change from 3 mont s earlier, ann ual rate
Change from 6 mont s earlier, annual rate
Consum sr goods
Consum er goods
Consum er goods
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Cha nge, Dec. o Dec., N 3A
3.7
6.9
9.2
12.8
11.8
7.1
3.7
.6
1.7
1976
1977
1978
1979
1980
1981
1982
1983
1984
6.0
6.7
8.5
17.5
14.2
8.5
4.2
-.8
.8
-2.5
6.9
11.7
7.4
7.5
1.4
2.1
2.3
3.5
4.4
6.5
7.8
11.1
13.5
9.2
4.0
1.6
2.1
6.4
7.3
7.9
8.8
11.4
9.2
3.9
1.9
1.8
Cli ange, month to mont h
1984: May
June
July
Aug
Sept
Oct
Nov
Dec
-0.1
0
.2
-.2
0
-.1
.3
0
-0.8
0
1.5
.3
-.1
.1
.5
.4
0.2
j
-.3
-.3
.0
.0
.3
-.0
-0.2
.1
.2
.2
.2
.3
-.3
1985: Janrr
Feb
Mar r
Apr
May
.0
0
.2
.3
.2
-.5
.0
-.2
-1.0
-1.1
-.1
2
.3
1.1
.9
.8
.3
.4
0
0
0
-1.1
1.1
1.1
-3.8
-7.5
2.7
5.1
4.5
-2.2
1.0
3.3
3.9
1.8
.9
-3.1
-2.8
-1.4
1.1
1.1
2.9
2.2
.5
2.1
2.3
.5
.8
-1.1
3.4
2.8
1.8
.8
-.2
-.4
.6
.6
3.3
1.5
.6
-1.7
.2
3.1
3.9
1.5
.1
1.0
2.1
2.9
1.9
-.1
-2.4
-4.6
-8.9
.7
-1.1
.1
4.7
9.2
3.2
3.4
6.5
3.1
1.8
.2
.6
1.0
1.8
1.5
.4
.4
-1.4
-4.6
1.7
-.4
.3
0
o
4.8
1
2.8
2.4
1.6
.3
-.5
-1.1
-1.0
-.9
3.2
3.1
2.9
2.5
2.3
.5
1.4
.6
2.4
2.1
2.3
1.8
1.5
1.4
1.9
1.7
-.3
0
.6
2.7
3.9
1.8
2.1
2.7
3.1
2.6
1.0
.7
.3
.7
1.1
Source: Department of Labor, Bureau of Labor Statistics.
NOTE.—NSA indicates data are not seasonally adjusted.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Housing
Period
All
items l
Food
Total'
Total '
Homeowners'
Renters'
Adden dum: All ite us, percent hange
(annua 1 rate)
Tr insportati on
Shelter
Fuel
and
other
utilities
Apparel
and
upkeep
Total1
New
cars
Motor
fuel 2
Medical
care
Ener3
«y
items
less
food,
energy,
and
shelter
From
previous
From
3
months
earlier
From
6
months
earlier
NSA
NSA
C dange,
4.8
6.8
9.0
13.3
12.4
8.9
3.9
3.8
4.0
0.6
8.0
11.8
10.2
10.2
4.3
3.1
2.6
3.8
9.9
15.2
13.7
10.2
3.6
3.5
4.2
May
June
July
Aug
Sept
Oct
Nov
Dec
0.2
.2
.3
.4
.4
.3
.2
.3
-0.2
.2
.4
.5
.1
.3
.2
.4
0.3
.2
.5
.5
.5
.1
.2
.2
1985: Jan
Feb
Mar
Apr
May
.2
.3
.5
.4
.2
.2
.5
-.0
.2
-.1
.1
.4
.3
.4
.6
1976
1977
1978
1979
1980
1981
1982
1983
1984
5.4
7.6
4.2
8.7
11.5
17.4
15.1
9.9
2.4
4.7
5.2
D ecember to Dec ;mber, }i SA
9.0
8.1
5.9
16.0
13.6
14.5
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
18.2
14.7
11.0
1.7
3.9
3.1
5.9
4.5
5.1
0.3
.3
.7
.4
.5
.4
.3
.4
0.4
.5
.6
.6
.5
.5
.5
.5
0.3
.3
.7
.5
.6
.4
.3
.4
0.2
.2
.8
.5
.4
-.6
.0
-.3
0.1
-.2
.3
.8
.5
.7
-.1
-.1
0.2
.0
-.2
0
.3
.4
.2
.2
.2
.6
.3
.4
1.0
.4
.5
.4
.5
1.0
.2
.6
.1
.5
1.0
-.1
-.3
.4
.6
.2
0
.9
.5
.0
-.1
.3
5.1
From
year
earlier
8.5
52.2
18.9
9.4
-6.5
1.7
-2.4
8.8
8.8
10.1
10.0
12.5
11.0
6.4
6.1
6.9
7.2
8.0
37.4
18.1
11.9
1.3
-.5
.2
7.2
9.9
9.4
6.1
5.0
4.4
0.8
-0.2
.1 -1.1
.4
1.8
.4 -1.0
.5
.8
.8
.3
.1
.5
-.1
.1
0.5
.5
.5
.3
.4
.6
.4
.4
-0.3
-.4
-.4
-.1
.5
-.1
.1
-.2
0.4
.3
.3
.4
.4
.3
.2
.3
-1.4
2.6
3.8
3.0
.5
.3
.4
.8
.6
.6
-.8
-1.4
1.9
1.8
.3
.5
.5
.4
.2
.0
4.8
7.2
2.6
4.9
6.2
7.4
7.5
6.8
1.6
3.4
2.4
10.1
7.0
5.2
6.5
5.8
6.5
7.7
11.3
13.5
10.4
6.1
3.2
4.3
Cha nge, me nth to nlonth
1984:
1
Includes items not shown separately.
Includes direct pricing of diesel and gasohol beginning September 1981.
'
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
4
Quarterly changes are shown in the last month of the quarter.
2
3
NOTE.—NSA indicates data are not seasonally adjusted.
24
J
1.3
.8
-.2
.3
.8
.5
0
-.2
4.3
3.4
3.0
3.6
3.7
3.8
3.5
3.6
3.7
4.2
4.2
4.1
4.2
4.2
4.2
4.0
4.0
2.6
3.2
4.1
4.9
4.3
3.4
3.3
3.5
3.7
3.8
3.6
3.5
3.7
3.7
3.7
3.7
3.6
3.2
2.7
3.8
4.5
3.6
3.7
3.2
4.5
4.3
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with data for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 1.5 percent in May, 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
1111
Illllllllll
60
I l l l l l l l l l l I l l l l l l l l l l 60
RA TIO^
140
— 120
RATKy
—
120
r
C~^
80
100
^
~^i
iiiiiiinii
RATIO
1
60 I l l l l l l l l l l
Illllllllll
1977 .
1978
I l l l l l l l l l l
1979
— 100
~—•_ —»>.
r — ' —1
i i i i i i i n i i 1 1 1 1 1 1 1 1 1 11 i i i i i i i n i i I l l l l l l l l l l
*•">—|
1980
1981
1982
1983
1984
80
— 60
|
|
|
|
|
|
|
|
|
|
|
1985
I/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE- DEPARTMENT OF AGRICULTURE
[1977 = 100]
FVices paid by farmer s
Pri es received by farm era
Period
1977
All farm
products
:
1978
1979
1980
1981
1982
1983
1984
Livestock and
products
All commodities,
services,
interest, taxes,
and wage rates *
taxes, and wage
rates
100
109
125
139
151
155
159
161
100
108
125
138
148
150
153
155
100
106
107
97
93
85
84
87
100
115
132
134
139
133
134
142
100
105
116
125
134
121
127
139
100
124
147
144
143
145
141
146
100
108
123
138
150
157
160
164
Production
items, interest,
Production
items
Ratio 2
1984:
May
June
July
Aug
Sept
Oct
Nov
Dec
145
144
145
143
139
138
137
135
145
145
144
144
136
138
130
125
145
143
145
143
141
139
143
145
165
165
164
164
164
163
164
163
162
162
161
161
160
159
159
159
157
156
155
154
154
152
153
152
88
87
88
87
85
84
84
82
1985:
Jan
Feb
Mar
Apr r.
May
135
135
134
131
129
126
125
127
125
124
145
145
141
136
134
164
164
164
165
165
160
160
160
160
160
154
154
153
153
152
82
82
82
79
78
1
2
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices j id, interest, taxes,
and wage rates.
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 May, growth of Ml and M3 accelerated. M2 rose following a decline in April.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
M2
1,200
1,200
1,000
1,000
r
i
600
600
500
500
400
400
300
Illllllllll
1977
1978
1980
1979
300
Illllllllll Illllllllll
1983
1982
198)
1984
* AVERAGES OF DAILY FIGURES,- SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1985
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
L
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPsand
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RFs, term
Eurodollars, and
institution-only
MMMF balances
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
May
June
July
Aug
Sept
Oct
Nov r
Dec r
335.3
363.0
389.0
414.8
441.8
480.8
528.0
558.5
542.5
547.3
546.9
548.9
551.5
548.3
553.8
558.5
1,286.6
1,388.9
1,497.9
1,631.4
1,794.4
1,954.9
2,188.8
2,371.7
2,255.2
2,269.3
2,280.2
2,292.8
2,308.4
2,319.3
2,346.3
2,371.7
1,472.5
1,646.4
1,803.6
1,988.5
2,235.8
2,446.8
2,701.7
2,995.0
T
2,814.6
' 2,838.8
2,862.0
2,878.8
2,901.0
2,925.0
2,959.9
2,995.0
1,704.2
1,909.7
2,115.8
2,324.7
2,596.5
2,854.5
3,175.9
3,543.8
' 3,327.4
' 3,366.5
3,402.7
3,429.7
3,459.0
3,480.2
3,508.8
3,543.8
2,829.1
3,200.0
3,583.5
3,926.1
4,311.8
4,709.7
r
5,224.6
5,953.2
r
5,515.7
r
5,571.0
r
5,631.0
r
5,690.3
r
5,742.1
r
5,802.5
5,877.9
5,953.2
8.1
8.3
7.2
6.6
6.5
8.8
9.8
5.8
6.3
7.4
5.9
5.6
5.4
3.4
4.2
4.1
1985: Jan '
Feb r
Mar'
Apr'
May*
562.7
569.4
572.1
575.0
581.6
2,398.9
2,421.0
2,429.2
2,428.1
2,445.0
3,020.6
3,041.1
3,055.6
3,057.5
3,077.7
3,568.0
3,598.1
3,624.4
3,628.8
6,018.7
6,074.7
6,130.2
6,191.7
Period
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1984:
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.
3
Aimual 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
M3 plus
other liquid
assets
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) *
Peroe nt change from yeai or 6
months earlier 2
Ml
M2
10.6
8.0
7.8
8.9
M3
12.3
11.8
9.5
Debt
12.6
13.1
12.0
10.0
10.3
12.4
8.9
9.4
9.6
9.8
9.2
12.0
8.4
7.2
7.5
7.2
7.0
7.2
7.1
8.2
9.2
11.3
10.9
10.1
10.4
10.8
10.3
10.0
10.1
10.5
11.3
10.9
13.9
'13.8
r
!3.7
M3.5
13.5
r
!3.3
'13.2
13.6
14.2
5.9
7.6
7.6
10.7
11.5
10.7
11.4
11.6
10.9
10.0
10.3
9.6
8.6
9.3
8.1
14.2
14.0
14.0
13.9
caused by substantial portfolio shifts arising from regulatory and financial changes in recent years,
especially shifts to HMD As in 1983. A similar procedure is used to seasonally adjust'the remaining
nontransactiona balances in M3.
See p. 27 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
De-
Currency
mand
deposits
Other
checkable
depos-
its
(OCDs)
Overnight
repurchase
agreements
(KPs),
net, plus
overnight
Eurodollars
NSA
1977: Dec .... 88.6
1978: Dec ....
1979: Dec ....
1980: Dec ....
1981: Dec ....
1982: Dec ....
1983: Dec ....
1984: Dec ....
1984:
May
June
July
Aug
Sept
Oct
Nov
Dec
1985:
Jan
Feb r
Mar r
Apr T
May"
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
152.8
154.3
155.0
155.9
156.8
157.1
157.9
158.7
246.3
248.9
247.3
246.8
247.5
244.5
246.8
248.6
159.4 249.1
160.5 251.7
161.3 251.9
161.7 252.5
163.0 255.7
103.5
131.3
146.0
14.7
20.3
21.2
28.3
35.9
38.8
53.8
57.5
138.3
139.0
139.4
141.0
142.2
141.8
143.9
146.0
149.0
151.8
153.6
155.3
157.3
4.2
8.5
17.5
28.2
78.2
Money market
mutuaIfund
hala nces
Gener-
al
purpose
and
broker/
dealer
NSA
Institution
only
NSA
Money
market
deposit
accounts
(MMDAs)
Large
denomination
time
deposits '
Term
repurchase
agreements
(RPs)
Term
Eurodollars
(net)
NSA
NSA
307.0
288.6
851.5
784.6
885.6
330.8
416.2
19.1
26.6
29.5
34.0
36.0
34.5
51.8
69.7
399.4
397.8
394.2
388.9
388.6
392.0
402.4
415.1
301.5
300.8
299.1
296.5
294.6
292.6
290.7
288.6
822.6
834.0
843.6
855.0
864.5
872.7
878.5
885.6
369.8
379.5
389.3
392.6
396.0
405.1
410.7
416.2
59.5
59.2
60.0
64.1
66.6
69.3
70.7
69.7
433.7
448.4
457.9
460.3
463.8
288.6
289.4
288.6
287.9
289.5
881.9
877.6
878.6
885.4
891.8
416.9
419.3
423.7
427.2
427.7
65.0
65.7
69.1
73.1
72.2
185.2
138.2
167.5
43.2
379.2
415.1
58.3
55.9
56.3
58.5
56.7
56.8
58.0
57.5
146.5
148.9
150.5
150.6
152.1
155.6
162.0
167.5
45.3
45.7
46.1
46.2
46.9
52.2
58.3
62.7
62.8
69.6
67.7
59.7
64.3
171.9
175.1
177.6
176.3
172.2
65.0
62.2
59.5
59.6
63.5
33.4
61.6
150.6
its
Small
denomination
time
deposits 1
NSA
0.9
3.1
9.5
15.2
38.0
51.1
43.2
62.7
2.4
6.4
Savings
depos-
0.0
.0
.0
.0
.0
1
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
NOTE.—See note p. 26.
492.1
481.7
423.3
400.8
344.4
357.8
445.6
521.2
634.6
729.0
823.6
145.0
195.1
222.0
258.9
302.1
328.3
a0-.
oav-
Shortterm
Treas-
t»*d
n s
ury
securities
Bankers'
acceptances
Conimercia
paper
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
91.5
83.2
76.4
80.3
79.6
72.3
67.8
67.9
71.1
74.1
93.0
89.3
88.3
86.5
85.6
80.6
81.9
83.2
72.7
241.5
73.0 251.6
73.1 259.9
73.3
269.2
73.6 280.4
73.7 * 279.8
73.9 ' 274.9
74.1 r271.6
46.5
47.7
48.2
47.8
46.8
44.8
42.5
41.3
152.0
155.5
159.4
160.5
157.2
156.7
157.6
161.8
74.4
74.9
75.3
75.8
40.8
42.5
44.3
44.0
159.6
164.8
169.8
168.9
20.2
31.8
44.7
50.3
67.5
81.7
r
r
81.2
81.3
84.6
80.3
80.0
78.3
81.9
108.4
133.8
150.3
188.8
223.8
r
271.6
272.7
275.0
279.5
282.6
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«'
Ins tallment credi! outstanding (end of perio d)
Period
Total
1980:
1981:
1982:
1983:
1984:
Automobile
Revolving
Mobile
home
Other
Revolving
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
779
2,439
2,915
17,456
27,136
1,851
2,638
1,356
143
138
191
334
217
127
392
-91
117
2,458
2,676
2,810
2,288
2,060
1,858
2,031
2,008
2,570
1,957
2,527
2,631
2,126
159
282
2,538
3,034
2,331
2,438
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
1984: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
400,182
409,275
416,357
422,838
428,860
433,842
439,473
445,553
452,372
151,273
154,914
157,639
160,726
163,208
164,721
167,225
169,774
172,461
82,880
85,518
86,874
87,646
88,909
90,393
91,881
93,495
94,940
23,911
24,049
24,240
24,574
24,791
24,918
24,526
24,435
24,552
142,118
144,794
147,604
149,892
151,952
153,810
155,841
157,849
160,419
6,792
9,093
7,082
6,481
6,022
4,982
5,631
6,080
6,819
2,340
3,641
2,725
3,087
2,482
1,513
2,504
2,549
2,687
1985:
459,595
468,636
476,978
485,248
175,348
178,546
181,937
185,425
96,897
99,424
102,055
104,181
24,393
24,675
24,664
24,882
162,957
165,991
168,322
170,760
7,223
9,041
8,342
8,270
2,887
3,198
3,391
3,488
Jan
Feb
Mar
Apr
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Mobile
home
Automobile
Total
772
1,263
1,484
1,488
1,614
1,445
— 11
218
Other
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND SECURITIES, AND RESERVES
In April, commercial and industrial loans were about unchanged from their March level.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
1,800 i— ALL COMMERCIAL BANKS
1,600
1,400
1,800
1,600
1,400
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
120
120
80
80
Illllllllll
60
1977
60
1979
1978
1980
1981
1982
1983
1984
• SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Al commercial ban k s 1
Depo itory jnstitutio ns
R eserves adjust 3d
Loans a nd leases
Period
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1984:
1985:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mar
Apr"
May"
Total loans
and
securities
4
891.4
1,013.8
1,135.4
1,239.7
1,307.4
1,400.5
1,553.0
1,714.8
1,612.9
1,629.8
1,636.6
1,652.6
1,662.1
1,674.9
1,682.8
1,701.1
1,714.8
1,724.0
1,742.3
1,758.9
1,765.7
Total 2
4
632.2
746.9
849.1
914.5
967.4
1,032.8
1,122.7
1,314.7
1,213.2
1,232.0
1,243.2
1,256.7
1,264.2
1,275.0
1,284.3
1,300.6
1,314.7
1,321.5
1,335.6
1,353.3
1,364.5
Commercial
and industrial
loans
211.0
246.1
291.1
326.9
4
355.1
391.5
412.8
468.1
438.5
448.0
452.2
455.0
458.1
460.0
463.0
467.1
468.1
468.4
473.4
480.4
480.9
Total
136.6
137.6
144.4
170.9
179.6
202.7
260.8
260.2
257.6
257.3
253.7
256.4
257.1
258.0
257.0
259.4
260.2
260.1
265.8
266.9
261.1
1
Data are prorated averages of Wednesday figures for domestically chartered banks and averages
of month-end data for foreign-related institutions.
2
Excludes loans to commercial banks in the United States.
3
Data are averages of daily figures.
4
Beginning September 26^ 1984 a transfer of loans from Continental Illinois National Bank to
the FDIC reduced total loans and securities and total loans by $1.9 billion, commercial and industri-
28
Borr swings
(millions of dollars,
unad usted)
for changes i n
res erve requirem ents
U.S.
Government
securities
122.7
129.2
141.9
154.4
160.4
165.0
169.6
139.9
142.1
140.5
139.7
139.5
140.8
141.9
141.5
141.1
139.9
142.4
140.8
138.7
140.1
26.63
27.91
29.09
31.04
32.10
34.28
36.14
38.71
37.11
37.45
38.29
38.24
38.39
38.14
37.76
38.11
38.71
39.71
40.37
40.57
40.92
41.39
borrowed
26.06
27.04
27.62
29.35
31.46
33.65
35.36
35.52
35.88
34.46
34.99
32.32
30.37
30.90
31.74
33.50
35.52
38.32
39.08
38.97
r
39.59
40.06
3
Required
26.44
27.67
28.76
30.52
31.78
33.78
35.58
37.86
36.62
36.87
37.52
37.63
37.70
37.52
37.14
37.42
37.86
38.97
39.46
39.80
40.18
40.59
Total
569
868
1,473
1,690
636
634
774
3,186
1,234
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
Seasonal
55
135
81
116
54
33
96
113
139
196
264
308
346
319
299
212
113
62
71
88
135
165
al loans by $1.4 billion, and real estate loans (not shown here) by $0.4 billion.
NOTE.—Series for all 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.
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
Credit market fu nds
Total
Internal '
Securities
Total
Total
and
mortgages
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 '.
1983: I
II
HI
IV
1984: I 'r
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
n.
Hi"
TV.
1985:
I*
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
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
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Loans and
short-term
paper
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
177.0
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]
C urrent liabiliti JS
Curren assets
End of period
Total
Cash
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
II
ni
IV
1984: I
n
m*
TV
1
492.3
529.6
599.3
697.8
790.7
50.2
53.3
59.0
66.3
71.1
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
7.7
11.0
10.6
12.8
12.3
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
Notes and
accounts
receivable
Invento-
206.1
221.1
248.2
288.5
322.1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
265.8
319.5
315.9
342.5
376.9
65.9
69.9
80.3
90.1
101.1
116.0
131.8
149.5
165.2
183.7
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
Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
2
3
Other
current
assets
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
66.4
71.7
206.3
172.1
176.4
183.0
183.7
186.3
193.2
194.0
206.3
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
ratio '
304.9
326.0
375.6
450.9
530.4
211.3
220.5
282.9
340.3
402.3
105.5
92.7
110.7
128.1
187.4
203.6
223.7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
453.4
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
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
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
93.6
NOTE.—SEC series not available after 1974. See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau
of the Census), Federal Trade Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell again in June.
PER CENT PER ANNU V\
16
PERCENT PER ANNUM
16
i
14
n\i
J
i\
!
/
i
rf
12
I-'
i
frH
*»'
>y
/f\i| /
'
if
'i/ft
V ^u
: f
«•"*/
1
y
f
(,
' \V
IRE.USURY
1 ILLS
A/
V
6
12
1
,
10
X \
A
'\
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
^
"
......
/\
\
1
\ y\
\ _.
J
V
"
;l
I/
...
x
!
j ;
r~? -
^J
_x \
'•'
h
\/
j /
•;
'-'-f\
\/'
\
1
!
-A
/
*•>
(wooors)
\
/\.
T"
14
\ CORPORATE AM BC
l] / ' \
I/ j
r^
f'^
' 1
A
V 1 1
1: /
10
i.*
•
0
/
4
-;
i i I II 1 iI IiI
1977
1978
M
|
1 1 1 i 1 1 1 1 1
II
1 1 1 1 1 M 1
1980
1979
I 11
1 1
1 1 1 1 1 1 1 1 1
1982
1981
M
1 1 1 1 1 1 M
1 1 1
1 i 1 i 1 1 M 1 1 \k 4
1984
1983
1985
COUNCK O ECONOMIC ADVISERS
SOURCE; SEE TABIE KLO
[Percent per annum]
U.S. T reasuiy security rields
Period
:
3-month Mils 1
Constant nlaturities
3-year
1979
1980
1981
1982
1983
1984
10.041
11.506
14.029
10.686
8.63
9.58
9.72
11.55
14.44
12.92
10-year
High-grade
municipal
bonds
(Standard &
Poor's) '
Corporate
Aaa bonds4
(Moody's)
6.39
10.45
11.89
9.44
11.46
13.91
13.00
11.10
12.44
9.90
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
12.75
13.18
13.08
12.50
12.34
11.85
10.90
10.56
10.43
10.55
11.05
10.49
9.75
9.04
13.41
13.56
13.36
12.72
12.52
12.16
11.57
11.50
11.38
11.51
11.86
11.43
10.85
10.14
10.55
10.71
10.50
10.03
10.17
10.34
10.27
10.04
9.55
9.66
9.79
9.48
9.08
7.69
7.28
7.22
7.03
7.21
6.73
7.06
9.75
9.43
9.36
8.97
9.06
8.90
10.89
10.60
10.39
10.00
10.12
10.08
8.90
9.03
8.83
8.68
8.75
8.76
8.51
11.23
11.57
9.47
10.15
Prime
commercial
paper,
Discount rate
(N.Y. F.R.
Bank)8
9.63
11.94
14.17
13.79
12.04
12.71
10.91
12.29
14.76
11.89
8.89
10.16
13.28
13.55
13.44
12.87
12.66
12.63
12.29
12.13
12.08
12.13
12.56
12.23
11.72
10.92
10.87
11.23
11.34
11.16
10.94
10.16
9.06
8.55
8.15
8.69
9.23
8.47
7.88
7.36
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-8.50
8.50-8.00
8.00-8.00
8.00-8.00
8.00-8.00
8.00-8.00
8.00-7.50
7.50
12.00-12.50
12.50-13.00
13.00-13.00
13.00-13.00
13.00-12.75
12.75-12.00
12.00-11.25
11.25-10.75
10.75-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.00
10.00
11.77
11.50
11.27
10.93
10.88
10.86
7.96
7.60
7.54
7.31
7.40
7.21
8.00-8.00
8.00-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-7.50
7.50-
10.50-10.50
10.50-10.00
10.00-10.00
10.00-10.00
10.00-10.00
10.00- 9.50
9.50-
10.28
11.77
13.41
11.02
8.50
8.80
Open-close
1984: May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May r.
June p.
Week ended:
1985: May 18
25
June 1
8
15
22
29
1
Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figure!.
* Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
* Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
1
30
Prime rate
charged by
banks'
New-home
mortgage
(FHLBB)'
12.67
15.27
18.87
14.86
10.79
12.04
Open-close
10.78
12.66
14.70
15.14
12.57
12.38
,
12.18
12.10
12.50
12.43
12.53
12.77
12.75
12.55
12.27
12.21
11.92
12.05
12.06
8
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, Federat Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose again in June.
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
Minium i i i i i l n i i i
40
1977
1978
iiiiilniii
1979
1982
1981
1980
l l l l l l l l l l l lllllllllll lllllllllll
1983
1984
40
1985
PERCENT
PERCENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
15
\
10
5
1977
1978
1979
1980
1985
SOURCES; NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common st ock 5yields
(perce nt)
Co mmon stock price s '
Period
NCTf York Stock Ex 'hange indexes (I ec. 31, 1965 — 5 O) 2
Composite
1979
1980
1981
1982
1983
1984
1984: May
June
July
Aug
Sept
Oct
Nov
Dec
1985:
Jan
Feb
Mar
Apr
May r
June ".
Week ended:
1985:
May 18
25
June 1
8
15
22
1
2
3
4
5
Industrial
Transportation
Utility
Dow-Jones
industrial
average 3
Dividendprice ratio
58.32
68.10
74.02
68.93
92.63
92.46
90.07
88.28
87.08
94.49
95.68
95.09
95.85
94.85
99.11
104.73
103.92
104.66
107.00
109.37
64.76
78.70
85.44
78.18
107.45
108.01
105.94
104.04
102.29
111.20
112.18
110.44
110.91
109.05
113.99
120.71
119.64
119.93
121.88
123.93
47.34
60.61
72.61
60.41
89.36
85.63
81.62
79.29
76.72
86.86
86.88
86.82
87.37
88.00
94.88
101.76
98.30
96.47
99.66
105.48
38.20
37.35
38.91
39.75
47.00
46.44
44.22
43.65
44.17
46.49
47.47
49.02
49.93
50.58
51.95
53.44
53.91
55.51
57.32
59.56
61.42
64.25
73.52
71.99
95.34
89.28
85.06
80.75
79.03
87.92
91.59
92.94
95.28
95.29
101.34
109.58
107.59
109.39
115.31
118.32
844.40
891.41
932.92
884.36
1,190.34
1,178.48
1,143.42
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
1,311.80
103.01
118.78
128.05
119.71
160.41
160.46
156.55
153.12
151.08
164.42
166.11
164.82
166.27
164.48
171.61
180.88
179.42
180.62
184.90
188.59
5.47
5.26
5.20
5.81
4.40
4.64
4.72
4.86
4.93
4.62
4.54
4.62
4.61
4.68
4.51
4.30
4.37
4.37
4.31
107.24
109.14
108.94
110.11
108.91
108.76
121.92
124.26
124.07
125.04
123.49
122.89
99.68
101.92
103.66
106.40
104.68
104.74
57.60
58.43
58.33
59.41
59.14
59.91
116.88
118.03
116.82
118.91
117.91
117.93
1,277.54
1,303.40
1,306.42
1,318.10
1,305.94
1,304.95
185.22
188.76
188.21
190.05
187.72
187.37
4.30
4.20
4.23
4.17
4.23
4.26
Average of daily closing prices.
Includes all the stocks (more than 1,500) fisted on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-
Finance
Standard &
Poor's
composite
index (194143 = 10)4
Earningsprice ratio
13.46
12.66
11.96
11.60
8.03
10.02
10.56
r
9.95
10.00
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 7 months of fiscal year 1985 there was a budget deficit (including off-budget outlays) of $118.7 billion,
compared to a deficit of $108.3 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
_
BUDGET RECEIPTS AND OUTLAYS ^
900
900
-BUDGET OUTLAYS^-
800
800
700
700
600
600
BUDGET RECEIPTS
500
500
400
400
_
BUDGET SURPLUS OR DEFICIT (-) -
-100
-100
-200
-200
1977
1978
1979
1980
1981
1982
1984
1983
1985
1986
FISCAL YEARS
\J 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]
Coir ponents of bu iget
Budget totals
(Including outlays off-bu( get under
current law which are prc posed to be
me luded on-budg ot)
Period
Receipts
Fiscal year or period:
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984
1985 (estimates) *
1986 (estimates) 1
Cumulative total, first 7 months:
Fiscal year 1984
Fiscal year 1985
Outlays
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
384.5
434.8
492.7
553.5
230.8
263.2
279.1
298.1
81.2
355.6
399.7
463.3
517.1
599.3
617.8
•i from Currenl Rutlyrt Kntimatr», Office of Management mid Budget, April 15, 1985.
32
Surplus or
deficit ( — )
Outlays
Off-budget
under
current
law;
proposed to
be included
on-hudget
Gross Fedei al debt (end
of pe riod)
On-budget u nder current
la w
Outlays
Held by
the public
Surplus or
deficit (-)
343.0
346.1
396.9
480.3
498.3
-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
-14.8
-4.7
-45.2
-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
794.4
929.4
1,141.8
1,312.6
1,513.9
1,692.5
-108.3
-118.7
2.0
2.9
490.8
550.6
106.3
-115.7
1,490.7
1,737.1
1,244.4
1,435.6
-14.9
-6.1
-53.2
.Sources: Department of ihe Treasury and Office of Management and Budget.
551.8
610.9
644.6
715.1
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 7 months of fiscal year 1985 budget receipts were $50.3 billion higher than a year earlier and budget
outlays (including off-budget items) were $60.8 billion higher.
BILLIONS OF DO LLARS
BILLIO NS OF DOLLARS
—
BUDGET RECEIPTS
INDIVIDUAL INCOME TAXES
u-
•-""
200
._.—-—
—
~~
r
100
—
300
J-
— »" ""™
y
„
_-. — - — • — ——rdRPOBATinw IKirOMF TAXFS
___
_.—•—"
-
^
_
200
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
—
100
0
0
700
700
BUDGET OUTLAYS-!/ •
NONDEFENSE
600
600
_^,
500
^~"
400
500
_^^
400
300
300
NATIONAL DEFENSE
-V
200
200
100
100
1978
1977
1979
1981
1980
1983
1982
1984
1985
1986
FISCAL YEARS
_i/ 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^
Bu dget
Budget
rec-ei] ts
To tal
Social
Period
Total
vidual
income
taxes
Corporation
income
taxes
ance
taxes
and
contri-
Other
Including offbudget
Onbudget
items
National defense '
Total
Department of
Defense,
Intern tional
affn
Including offbudget
Onhudget
6.4
6.4
7.5
7.5
5.6
4.9
6.0
6.2
10.8
11.2
10.0
7.6
9.2
utlays
Ot
llealt h a n d
Social
security and
medicare!
Including offbudget
Onbudget
Net
interest '
Including offbudget
er
Onbudget
items
Fiscal year or period:
1976
1977
1978
1979
1980
1981
1982
1983
1984
298.1
355.6
399.7
463.3
517.1
599.3
617.8
1985 (estimates) 2
1986 (estimates) 2
600.6
666.5
740.6
794.3
Cumulative total, first 7
months:
Fiscal year 1984
Fiscal year 1985
384.5
434.8
1
2
3
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
296.2
331.1
358.4
179.7
205.9
90.8
106.5
121.0
138.9
157.8
182.7
201.5
37.0
56.9
69.5
76.2
209.0
288.7
34.3
36.6
37.8
40.8
50.6
69.5
69.3
65.6
71.7
72.9
71.0
30.5
35.4
133.8
151.9
40.5
41.7
41.4
54.9
60.0
65.7
64.6
61.1
49.2
241.7
267.1
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
364.5
400.5
448.4
491.0
576.7
657.2
728.7
796.0
88.1
97.2
104.5
116.3
134.0
157.5
185.3
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
125.9
137.2
(3>
(3>
851.8
841.8
953.9
943.6
971.7
971.2
209.9
227.4
253.8
285.7
492.7
553.5
490.8
550.6
129.7
141.6
There are no outlays off-budget under current law in this function.
Estimates from Currt'iit Hiidgfl Kstlmuteif, Office of Manngeincnt , nd Budget, April 15, 1985.
Not available.
NOTK.—Outlays off-budget under eurrent law arc proposed to be on-budget.
Starting in fiseal 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
89.6
9.0
13.1
16.6
17.7
89.7
104.4
116.6
130.6
150.6
178.7
202.5
223.3
235.8
256.0
268.6
136.4
145.6
76.5
78.3
80.0
86.9
109.7
126.6
135.2
151.2
143.1
162.1
151.2
(3)
(3>
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
93.0
114.7
119.6
131.4
133.5
125.4
122.3
118.6
133.4
106.9
85.8
105.8
108.5
119.2
115.3
111.1
113.2
111.5
125.5
106.7
86.5
100.4
61.9
75.2
(3)
(3)
68.6
78.5
82.8
76.3
earned by currently active duty personnel, and these are offset in the undistributed offsetting receipts (employer share, employee retirement).
t)ata for all periods hi 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, according to revised data, Federal receipts rose $49.5 billion (annual rate) and
expenditures rose $16.8 billion, yielding a deficit of $165.1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1,000
1,000
900
900
400
400
SURPLUS OR C>EFICIT(-)
feg3£2l22£2 i"j—~u&v,n
£3
I'I i
\
I I I I I \1 I I
^A
%\\ I I
I
I
I
I|
i
—
-200
1977
1978
1980
1979
19 93
19f 92
1981
—
100
-200
1985
19 84
CALENDAR YEAR!
:OUNCIIO F
SOURCE: DEPARTMENT OF COMMERCE
ECONOMIC ADVISER •3
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (government expenditur es
Federal Governmeiit receipts
Period
Total
Fiscal year:
1980
1981
1982
1983
1984
Calendar year:
1980
1981
1982
1983
1984
1982: m
IV
1983: I
n
m
1984:
IV
I
1985:
IV
I r.
n
in
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
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
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
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
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
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
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
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
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
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
34
83.4
85.7
90.8
or deficit
Subsidies
Wage
accruals
less
disbursements
national
income
and
product
accounts
Net
interest
paid
current
surplus of
Government
enter-
50.7
67.7
82.3
90.3
109.7
10.4
12.5
13.0
22.2
23.9
0.0
.1
-.0
-.4
.1
-50.7
-58.9
-113.6
-189.3
-170.3
53.4
73.3
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
.0
.1
-.0
-.4
.1
.0
.0
.0
-1.3
-.4
.0
.2
.2
-.4
.5
.1
-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
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
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Consum r prices (\uiadjusted)
Indu stria! prod uction (seaLSonatly adju led)
Period
United
Stales
1978
1979
1980
1981
1982
1983
1984 ».
„...
1984: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1
Japan
146.1
152.5
147.0
151.0
138.6
147.6
163.3
157.8
167.6
165.1
165.9
149.5
157.6
171.1
201.1
162.1
162.8
164.3
165.9
166.0
165.0
164.4
164.8
164.8
168.0
169.4
170.5
176.9
175.0
172.1
173.0
175.7
T
176.5
255.4
261.5
262.8
264.0
266.0
262.8
270.7
271.8
270.3
165.1
' 165.4
' 165.9
T
165.5
165.3
1985: Jan
Feb
Mar
Apr
May"
Canada
Germany
France
215.3
225.2
227.5
228.4
236.5
' 175.5 271.8
* 174.8 271.6
266.7
173.8
155
163
161
154.1
161.5
162.0
160
158
159
159.1
154.5
155.7
157
162
159
166
166
160
163
161
157
155
161
162
158.3
160.4
144.0
164.8
162.5
163.3
165.9
166.5
166.0
United
Kingdom
United
States1
147.9
127.8
157.6
166.5
163.8
158.8
153.7
158.5
132.9
124.1
119.7
122.3
126.4
127.5
195.4
217.4
246.8
272.4
289.1
298.4
311.1
153.5
159.1
160.5
158.5
160.8
162.6
158.6
156.8
161.0
126.7
125.7
126.4
126.1
126.4
127.4
127.5
128.2
128.8
130.5
130.3
132.8
Italy
166.5
166.0
167.5
166.5
United
Kingdom
Japan
France
Germany
202.5
221.0
243.5
273.9
303.5
321.0
335.0
252.3
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
359.0
423.6
473.9
514.7
538.3
565.1
308.8
309.7
310.7
311.7
313.0
314.5
315.3
315.3
315.5
332.7
333.3
334.7
336.6
336.6
336.9
337.5
339.7
339.9
315.9
318.2
315.6
316.2
313.4
318.5
321.0
319.0
319.6
433.6
436.2
438.4
441.5
443.7
445.9
449.0
450.3
451.2
207.7
207.8
208.6
208.2
207.8
208.0
209.2
209.6
209.8
695.4
699.6
703.8
705.9
708.0
713.0
720.1
724.4
729.5
561.8
563.9
565.3
564.7
570.0
571.1
574.6
576.4
575.9
316.1
317.4
318.8
320.1
321.3
341.3
343.5
344.3
345.7
346.5
321.3
318.7
320.2
321.9
453.5
455.8
459.0
462.2
211.0
211.9
212.6
212.9
736.8
744.2
749.4
756.1
760.6
578.0
582.7
588.1
600.6
603.4
Canada
Italy
316.6
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.
Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Here landise expo rts 1
Period
Total
domestic
and
foreign
exports
Merc landise imports
Total'
Food,
beverages, and
tobacco
Crude
materials and
fuels
Mercbandise trade )alance
Get eral import >'
Domestic exports
Manufactured
goods
Total'
Food,
beverages, and
tobacco
Exports
Crude
materials and
fuels
Manufactured
goods
2,716
4,257
3,457
4,463
4,325
5,949
7,831
5,398
6,379
8,360
9,352
10,427
13,368
15,504
18,519
21,415
Total
(c.i.f.
value)
less
imports
(customs
value)
Exports
(f.a.s.)
less
imports
(f.a.s.)
Exports
(f.a.s.)
less
imports
(c.i.f.)
I .a.s. valu B
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
8,823
11,042
762
-688
2,430
-2,590
-2,300
-2,020
148
-1,440
-3,265
-3,530
-3,364
-3,030
Customs value
1981
1982
1983
1984
1984:
Apr
May
June
July
Ai4
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
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
12,857
11,643
11,034
11,929
21,748
20,329
21,504
27,144
1,529
1,485
1,568
1,802
7,739
6,200
5,670
6,063
11,873
12,002
13,621
18,460
22,779
21,240
22,490
28,431
-2,275
2,647
-4,797
8,988
-3,306
-3,558
-5,783
-10,276
17,520
17,978
17,705
19,154
18,123
18,210
18,411
18,395
19,142
17,071
17,493
17,250
18,675
17,665
17,709
17,886
17,857
18,623
2,151
2,150
1,880
2,155
2,131
2,586
2,336
2,506
2,413
2,575
2,818
2,644
2,733
2,609
2,440
2,352
2,454
2,988
11,541
11,684
11,834
12,746
11,854
11,946
12,329
12,148
12,409
28,074
26,012
25,276
31,334
26,866
28,409
26,783
27,331
25,933
2,028
1,761
1,576
2,002
1,711
1,803
1,924
1,705
1,719
6,618
5,648
6,049
6,497
5,815
5,755
6,106
6,158
5,689
18,489
17,815
16,831
21,824
18,598
20,027
18,037
18,499
17,777
29,401 - 10,553
27,262 -8,034
26,461 -7,571
32,925 -12,180
28,213 -8,743
29,753 - 10,200
28,064 -8,372
28,617 -8,937
27,176 -6,791
-11,880
-9,284
-8,755
-13,771
-10,090
-11,543
-9,653
-10,222
-8,033
19,401
17,853
18,446
17,779
18,852
17,358
17,881
17,298
2,161
1,995
1,973
1,913
2,562
2,542
2,386
2,336
13,282
11,967
12,538
12,141
28,297
27,985
28,129
28,295
1,932
1,817
2,128
1,804
5,373
4,988
4,372
5,764
19,879
20,347
20,716
19,812
29,687
8,896
29,299 -10,131
29,492
9,683
29,629 -10,516
-10,285
-11,446
-11,046
-11,850
1
Department of Defense shipments of grant-aid military supplies and equipment under the Milltary 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.
Nom—-Imports on c.Lf. basis beginning 1982 not strictly comparable with earlier periods.
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade bal"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 of
1984. (Series revised.)
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS*
10
10
BALANCE ON GOODS
AND SERVICES
0
-5
-5
-10
-10
MERCHANDISE TRADE
BALANCE
\
-15
\\
-15
-20
-20
-25
-25
-30
-30
-35
-35
1 1 1
-40
1977
1
1978
1979
1
1980
I
1
1
1 1
1981
1 I
1982
1
1
-40
1
1983
1984
1985
* SEASONALLY ADJUSTED
SOURCE, DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise '
!
In restment inconae>
Period
1976
1977
114,745
120,816
142,054
184,473
224,269
237,085
211,198
200,745
220,316
r
1978
1979 r
1980 T
1981 r
1982 r
1983 '
1984 r
1983: I rr
n r
mr
IV
1984: I rr
nr
mr
rv
1985: I'.
Net
balance
Receipts
Payments
-9,483
-124,228
-151,907
-31,091
-176,001 -33,947
-212,009 -27,536
-249,749 -25,480
-265,063 -27,978
-247,642 -36,444
-262,757 -62,012
-328,597 -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
Imports
Exports
Nel
Net
military
transactions
559
1,528
621
-1,778
-2,237
-1,183
-318
-162
-1,765
703
-71
Net
travel and
transportation
receipts
Other
services,
net'
Balance
on goods
and
services '
-992
-4,721
-8,974
9,205 -4,998
4,711
5,272 -9,894 -4,617
6,013 -10,321 -5,106
5,735
4,659 -5,649
7,277
8,950 -7,077
8,121
13,186 -6,847
84 -8,135
8,345
-8,852
9,557 -31,937
9,791 -90,119 -11,413
j 454
2,260
2,462 -7,163
2,290 -9,091
2,544 - 14,228
-2,558
-3,565
-3,573
-2,935
-997
144
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
-126
-669
-448
-1,116
-1,422
-1,735
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
19,154
-16,528
2,626
-89
-2,386
2,464 -26,822
r
55,811
1
Excludes military grants.
2
Adjusted from Census data
3
r
- 85,248
T
- 29,437
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
Remittances,
pensions,
and other
unilateral
trans-1
fers
-16,852
-22,261
-29,624
-21,382
Note.—Data revised beginning 1978.
Source: Department of Commerce, Bureau of Economic Analysis.
Balance
on
current
account
4,207
-14,511
-15,427
-991
1,873
6,339
-8,051
-40,790
-101,532
-1,606 -3,060
-1,875 -9,038
-2,204 -11,295
-3,166 -17,394
-2,212
-2,232
-2,876
-4,095
-19,064
-24,493
-32,500
-25,477
-3,175 -29,997
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 of 1984. (Series revised.)
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS*
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
40
20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-20
-20
-40
-40
-60
-60
1977
1985
'SEASONALLY 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
[increast /capital inflovr (+)] 2
U.S. assets abroad, net
[increase /capit il outflow (— )
Period
Total
Other U.S.
Government
assets
-4,660
3,746
-5,162
5,097
-6,131
5,006
-5,516
-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
73
-2,867
3,524
34,261
33,876
33,066
33,747
-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
-233
-795
-2,165
16,521
-11,402
27,923
16,669
-343
35,493
-26,127
-1,128
-9,814
17,976
-4,976
18,988
18,364
IV '.... - 14,846
IV ....
Ir
n rr
m ...
1985: Ip
1
-3,193
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position
in the IMF.
2
Quarterly data are not seasonally adjusted.
Other
foreign
assets
reserve
assets, net 1
(unadjusted,
end of
period)
18,826
14,503
30,358
52,416
42,615
78,362
90,775
78,526
93,895
732
1,133
-8,155
-5,175
-4,965
-1,196
-3,131
n r
m r ...
Foreign
official
assets
Of which:
Seasonal
adjustment
discrepancy
17,693
36,816
33,678
-13,665
15,497
4,960
3,672
5,795
3,424
-4,214
3,693
1983: I r r
Total
Total (sum
of the items
with sign
reversed)
36,518
51,319
64,036
38,752
58,112
83,322
94,447
84,322
97,319
-2,558
375
1978
1979
1980
1981
1982
1983
1984
U.S.
private
assets
drawing
rights
(SDKs)
-44,498
-30,717
57,202
-59,453
72,802
-100,758
108,122
-48,843
11,800
-51,269
-34,785
-61,130
-64,331
-86,118
-111,031
-119,218
-55,045
-20,447
1976
1977
1984:
U.S.
official
reserve
assets * 2
Statistical discrepancy
Allocations
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
34,934
10,544
-2,023
12,521
1,139
1,152
1,093
25,431
24,982
20,276
32,821
11,513
24,660
-733
Note.—Data revised beginning 1978.
Sources: Department of Commerce {Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Securities, and Reserves
Sources and Uses of Funds, Nonfarm Nonfmancial Corporate Business
Current Assets and Liabilities of Nonfmancial 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:
* Preliminary.
r
Revised.
' Corrected.
... Not available (also, not applicable).
For sale by the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402. Price $2.50 (single copy) ($3.13 foreign).
Subscription price: $27.00 per year; $33.75 for foreign mailing.
38
U.S. GOVERNMENT PRINTING OFFICE
:
1985
0—49-040