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Economic Indicators
MAY
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
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i r U i , llNV^w>JYLl!i, AINU
GROSS NATIONAL PRODUCT
According to revised estimates for the first quarter of 1985, gross national product (GNP) rose $58.4 billion or 6.4
percent, both at annual rates. Real GNP (GNP adjusted for price changes) rose 0.7 percent (annual rate) and the
implicit price deflator, 5.6 percent (annual rate).
BILLIONS OF OOLIARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
4,000
SEASO NAllY ADJUSTED AN MUAl RATES
~~
^^\
3,600
-
—
—
^
C5NP
INCURRE NT DOLLARS -
3,200
r~~~~~~"
—
3,200
^^
—
2,800
—
—
r^S
2,400
^
^
—
_
/]
2,000
f^"
—
GNP
IN 1972 DOLLAR 5
1,600
-
l,200i
—
*•"•*"""""
1,600
\
__--'"
1 1 1
1977
1
1
1
1978
—
-*''"""
1
1
1979
1
1
1
1
! 1 1
1980
1
1
1
1982
1981
\
\
\
1983
1
1
1 ! 1
1
1,200
1985
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Gross
national
product
Personal
consumption
expenditures
1,434.2
1 ,549.2
1,718.0
1,918.3
2,163.9
2,417.8
2,631.7
2,957.8
3,069.3
3,304.8
3,662.8
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
2,341.8
1982:
111
IV
3,080.1
3,109.6
2,001.3
2,046.1
1983:
1
11
Ill
IV
3,173.8
3,267.0
3,346.6
3,431.7
2,070.4
2,141.6
2,181.4
2,230.2
1984:
I
11
Ill
IV
3,553.3
3,644.7
3,694.6
3,758.7
2,276.5
2,332.7
2,361.4
2,396.5
1985:
1'
3,817.1
2,446.1
Gross
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
651.2
Source: Dt'jmrtmciil of ('ommcrrr, liurcuu of Bcoiiomic Analysis,
Govenunent purchfi ses of
Exports an d imports of goods and
services
goo ds and services
Federal
Net
exports
13.4
26.8
13.8
-4.0
— 1.1
13.2
23.9
28.0
19.0
-8.3
-64.2
6.6
6.3
19.6
-6.5
-16.4
-29.8
-51.5
-58.7
-90.6
-56.0
69.1
Exports
146.2
154.9
170.9
182.7
218.7
281.4
338.8
369.9
348.4
336.2
364.3
346.3
321.7
328.5
328.1
342.0
346.1
358.9
362.4
368.6
367.2
363.5
Imports
132.8
128.1
157.1
186.7
219.8
268.1
314.8
341.9
329.4
344.4
428.5
339.7
315.4
308.9
334.5
358.4
375.9
410.4
421.1
459.3
423.2
432.6
Total
304.1
339.9
362.1
393.8
431.9
474.4
537.8
596.5
650.5
685.5
747.4
656.3
681.0
678.8
682.2
689.8
691.4
704.4
743.7
761.0
780.5
789.0
National
defense
111.0
122.7
129.2
USA
153.6
168.3
197.0
228.9
258.9
269.7
295.4
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
302.0
315.7
316.8
77.0
83.0
86.0
92.8
100.3
111.8
131.2
153.7
179.5
200.5
221.5
183.3
191.0
194.7
199.3
200.9
207.2
213.4
220.8
220.3
231.6
233.6
Nondefense
33.9
39.7
43.2
50.6
53.3
56.5
65.9
75.2
79.4
69.3
73.9
78.2
88.4
78.3
71.3
68.3
59.1
54.2
75.6
81.7
84.1
83.2
State and
local
193.1
217.2
232.9
250.4
278.3
306.0
340.8
367.6
391.5
415.8
452.0
394.7
401.6
405.8
411.6
420.6
425.1
436.8
447.4
458.9
464.8
472.2
1,420.1
1,556.1
1,706.2
1,895.3
2,137.4
2,403.5
2,641.5
2,931.7
3,095.4
3,318.3
3,604.6
3,095.5
3,170.8
3,216.8
3,286.4
3,350.9
3,419.0
3,479.5
3,594.1
3,622.8
3,722.1
3,776.6
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
—
Period
Gross
national
product
—i
Personal
consumption
expenditures
dential
fixed
business
invento-
11.6
-6.7
Total
National
Non-
-4.4
11.3
-10.4
-3.6
24.8
80.7
71.4
84.7
90.9
102.7
109.0
108.8
116.4
118.0
126.9
161.1
260.3
265.2
265.2
269.2
274.6
278.3
284.3
287.0
292.7
291.9
302.1
96.6
97.4
96.8
100.4
100.3
102.1
106.4
110.3
117.0
116.2
122.5
66.9
66.4
64.9
65.4
65.7
67.4
70.0
73.5
79.1
84.7
89.6
29.7
31.0
31.8
35.0
34.7
34.8
36.4
36.7
37.9
31.5
32.9
163.6
167.8
168.4
168.8
174.3
176.2
177.9
176.8
175.7
175.7
179.6
,234.7
,238.4
,290.4
,356.4
,422.6
,472.2
,479.4
1,500.9
1,490.4
1,538.3
1,614.5
36.8
40.8
-6.4
-24.6
25.7
24.1
146.6
136.7
120.9
112.6
292.8
300.6
117.2
124.8
80.6
81.9
36.6
42.9
175.7
175.8
1,483.5
1,503.4
161.6
165.3
172.6
184.5
46.2
53.4
57.2
57.8
-16.5
-6.1
22.9
13.6
11.9
138.2
137.0
141.6
141.0
115.3
123.4
129.7
139.1
294.3
292.4
292.0
288.8
119.0
117.2
115.6
113.0
83.3
84.8
84.4
86.3
35.7
32.3
31.2
26.7
175.3
175.2
176.4
175.8
1,507.5
1,530.9
1,549.3
1,565.4
1,044.1
1,064.2
1,065.9
1,075.4
193.3
202.9
209.5
213.8
60.6
60.8
60.1
59.2
31.6
20.3
30.6
16.8
-8.3
-11.4
-27.0
-13.4
144.9
144.7
147.4
147.1
153.2
156.2
174.4
160.5
289.5
302.1
306.1
310.5
112.2
123.2
125.0
129.6
87.1
89.6
89.1
92.7
25.2
33.6
36.0
36.8
177.3
178.9
181.1
180.9
1,579.3
1,618.5
1,614.6
1,645.6
1,089.2
215.2
59.4
19.6
-27.0
144.8
171.8
309.1
128.2
92.2
35.9
181.0
1,645.9
48.2
42.2
51.2
60.7
62.4
59.1
47.1
44.5
37.9
53.7
60.2
1982: HI
IV
1,477.1
1,478.8
964.2
976.3
163.9
161.5
" 1,491.0
1,524.8
1,550.2
1,572.7
982.5
1,006.2
1,015.6
1,032.4
n
ni
IV
1,610.9
1,638.8
1,645.2
1,662.4
1985: I r
1,665.4
1984: I
Total
Imports
Exports
State
and local
108.5
103.5
110.1
112.9
126.7
146.2
159.1
160.2
147.6
139.5
146.0
135.7
119.3
125.6
140.3
158.3
169.9
165.8
175.0
166.9
171.0
204.9
IV
Final
Federal
Net
exports
27.8
32.2
25.4
22.0
24.0
37.2
50.3
43.8
29.7 12.6
-15.0
762.8
779.4
823.1
864.3
903.2
927.6
931.8
950.5
963.3
1,009.2
1,062.4
ffl
Govern nent purch ases of
good s and sen ices
service
Change
1,246.3
1,231.6
1,298.2
1,369.7
1,438.6
1,479.4
1,475.0
1,512.2
1,480.0
1,534.7
1,639.3
n
B nd
Residential fixed
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1983: I
Ex sorts of goods
G ross privat e
dorm stie invest merit
7.8
13.3
16.0
7.3
.9
7.2
2.0
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]
Personal c onsumption
expenditures
Period
national
product
Total
Durable
goods
Gross arivate
domestic \ investment
Nondurable
goods
Services
Exports anc imports of
goods ant services
Gove •nment pure lases of goods and
ser>aces
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
115.08
125.79
132.34
140.05
150.42
163.42
178.42
195.60
207.38
215.34
223.43
116.4
125.3
131.7
139.3
149.1
162.5
179.0
194.5
206.0
213.6
220.4
108.2
117.3
123.9
129.2
136.4
145.0
156.2
167.1
174.5
177.7
179.0
123.4
132.5
137.2
143.6
153.4
169.9
188.1
202.5
208.7
213.0
217.7
113.0
121.6
129.6
139.3
150.0
162.3
178.8
196.8
213.6
226.0
237.6
115.4
132.2
138.6
146.3
157.2
170.8
186.2
202.2
209.5
206.4
207.8
120.3
131.0
140.7
158.0
178.3
200.5
218.5
234.1
241.3
246.4
255.7
134.8
149.6
155.3
161.9
172.6
192.5
212.9
230.9
236.0
241.0
249.4
164.6
179.6
185.6
205.5
214.1
246.1
289.4
293.8
279.3
271.5
266.0
114.9
126.0
133.5
142.8
153.1
164.8
185.2
207.6
221.4
232.1
241.2
115.1
124.9
132.4
141.9
152.7
166.0
187.5
209.1
227.0
236.6
247.2
114.2
128.2
135.7
144.6
153.8
162.5
180.8
204.7
209.8
220.0
224.7
118.0
129.4
138.3
148.4
159.7
173.7
191.5
208.0
222.8
236.7
251.7
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
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
n
in
IV
220.58
222.40
224.57
226.10
218.0
219.2
221.5
222.8
179.0
179.5
179.2
178.4
217.4
216.4
217.8
219.4
232.6
236.0
239.7
242.0
206.3
207.4
208.0
209.4
249.4
255.9
258.6
259.1
247.7
250.4
250.1
249.6
267.9
269.6
263.3
263.7
238.5
240.6
241.5
243.7
245.1
246.4
247.4
249.8
215.5
225.1
227.1
228.2
246.4
250.0
253.5
256.9
1985: I T.
229.20
224.6
179.1
220.1
245.0
211.6
261.5
251.0
251.7
247.2
253.3
231.7
260.9
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
IO
IV
1983: I
n
ru
IV
1984: I
Source: Department of Commerce, Bureau of Economic Analysi
1JM
V> \JSt Q U 1V11" 1 IU J*
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal c onsumption ex penditures
Gross national product
Period
8.1
8.0
10.9
11.7
12.8
11.7
8.8
12.4
3.8
7.7
10.8
2.5
3.9
8.5
12.3
10.1
10.6
14.9
10.7
5.6
7.1
6.4
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: HI
rv
n
m
1983: I
IV
1984: I
n
m
IV
1985: I r
Implicit
price
deflator
Constant
(1972)
dollars
Current
dollars
-0.6
-1.2
5.4
5.5
5.0
2.8
g
2.5
2.1
3.7
6.8
-.9
.5
3.3
9.4
6.8
5.9
10.1
7.1
1.6
4.3
.7
Chain price
index
8.8
9.3
5.2
5.8
7.4
8.6
9.2
9.6
6.0
3.8
3.8
3.4
3.4
5.0
2.6
3.1
4.4
4.4
3.3
3.9
2.8
5.6
Fixedweighted
price index
(1972
weights)
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
4.6
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
4.7
NOTE.-—Annual changes are from previous year and quarterly changes are from previous quarter.
9.4
9.9
11.0
11.1
9.4
9.1
9.1
9.2
5.7
6.1
7.6
8.9
Implicit
price
deflator
Constant
(1972)
dollars
Current
dollars
-0.7
2.2
5.6
5.0
4.5
2.7
.5
2.0
1.4
4.8
5.3
2.2
5.1
2.6
10.0
3.8
6.8
4.6
7.9
.7
3.6
5.2
11.8
11.9
10.7
10.9
7.3
8.6
8.6
8.5
9.3
4.8
14.5
7.6
9.2
8.6
10.2
5.0
6.1
8.5
Chain price
index
10.1
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
3.1
Fixedweighted
price index
(1972
weights)
10.4
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
3.4
10.4
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
3.2
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 (dollar s) 1
Gross d omestic
product of r onfinancial
corporate business
(billiomi a f dollars)
Period
Current
dollar*
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: III
IV
1983: 1
11
m
IV
1984:
1
11
Ill
IV
1985: 1 <•
818.il
890.0
1.001.8
1,128.4
1,276.2
1,416.8
1 ,540.7
1,789.2
1.77H.4
1,917.7
2.162.8
1,787.8
1,772.4
1,812.8
1,887.6
1.966.6
2,014.2
2,084.2
2,146.9
2,1B8.B
2,211.2
2,243.8
1872
dollar*
708.2
694.2
745.5
795.8
846.3
876.1
859.5
888.8
857.4
896.4
977.2
858.5
846.5
855.7
886.2
912.4
981.1
956.9
979.5
980.0
992.5
993.2
Total
cost and
profit "
1.156
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
2.259
Capital
consumption
allowances
with
capital
consumption
adjustment
0.112
.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
0.127
.140
.141
.141
.144
.149
.172
.201
.210
.219
.220
.211
.217
.218
.222
.220
.219
.217
.218
.221
.222
.227
1
Output i» mp««nrm! by gn><** domnlir product of mmfinancial corporate business in 1972 dollar*.
* Thin U fqtmi lo Itir deflator for grow dummlir product of nonfinancial corporate business with
thr oVi-im»l point Mhidtnt two plncKN to ihc left.
Compenemployees
0.786
.837
.878
.928
.998
.094
.218
.307
.397
.409
1.425
1.404
1.419
1.421
1.408
1.400
1.408
1.415
1.414
1.434
1.438
1.463
9
Corporate profits with inventory
valuation a nd capital consumption
adjustments
Output
Profits
tax
liability
ees (1972
interest
Total
0.042
.044
.040
.040
.044
.050
.065
.076
.084
.077
.081
.080
.081
.079
.076
.077
.077
.078
.081
.084
.083
.082
0.090
.124
.144
.163
.168
.154
.140
.167
.138
.191
.240
.141
.123
.151
.182
.206
.221
.233
.246
.236
.245
.244
0.059
.059
.071
.075
.079
.079
.078
.072
.052
.065
.073
.052
.043
.049
.064
.073
.072
.078
.079
.066
.069
.066
Profits
after
tax*
0.030
.065
.073
.088
.089
.075
.062
.095
.086
.126
.167
.089
.080
.102
.118
.133
.149
.155
.167
.171
.176
.178
of all
7.555
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)
5.937
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 tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
_
4
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Proprietors' income with
inventory v iluation and
capital co nsumption
adjust ments
„,
Period
National
income
tion of
employees1
Farm
1979
1980
1981
1982
1983
1984
1982: HI
IV
1983: I
n
m
IV
1984: I
n
m
IV
1985: I p
1
877.5
931.4
1,036.3
1,152.1
1,301.1
1,458.1
1,599.6
1,765.4
1,864.2
1,984.9
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
r
2,272.9
1,160.7
1,239.4
1,379.2
1,550.5
1974
1975
1976
1977
1978
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
3,075.4
Corporate p rofits with inv sntory valuatio n and capital consumption
adjustments
Kental
income of
persons
with
capital
consumption
adjustment
Nonfarm
26.5
24.6
19.1
19.1
26.3
31.9
21.8
62.2
65.4
75.0
84.8
92.2
100.2
95.6
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
r
!9.8
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
r
134.3
Profits w•ith inventory valuation
adjustme nt and withou t capital
consiimption adjust ment
94.9
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
294.0
Inventory
valuation
adjustment
Profits
Total
23.5
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
r
64.8
Includes employer contributions for social insurance. (See also p. 5.)
Capital
consump-
Total
96.7
120.6
151.6
178.5
205.1
136.7
132.1
166.3
194.7
229.1
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
224.7
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
224.2
Net
interest
adjustment
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-5.7
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
-.2
-1.6
r
.5
1.8
-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
r
69.3
76.1
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
r
289.5
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Durablf
Total
Period
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982: HI
IV
1983: I
II
m
IV
1984: I
n
in
IV
1985: I r.
personal
consumption
expenditures
888.1
976.4
,084.3
,204.4
,346.5
,507.2
,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
2,446.1
Total
durable
goods
121.5
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
334.5
Motor
vehicles
and
parts
50.4
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
155.6
Source: Department of Commerce, Bureau -of Economic Analysis.
goods
Furniture and
household
equipment
50.6
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
123.7
No ndurable go ods
Other
20.5
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
55.2
Total
nondurable
goods
373.4
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
877.0
Food
193.7
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
457.7
Clothing
and
shoes
64.8
69.6
75.3
82.6
92.4
99.1
104.6
114.3
118.8
127.0
140.2
119.0
120.0
121.6
127.1
126.8
132.5
136.1
142.2
139.3
143.2
145.0
Retail sal es of new
passeng er cars
(millions of units)
Gasoline
and oil
36.6
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
89.8
Services
Other
78.2
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
184.5
Domestics
393.2
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
1,234.6
7.4
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
1.4
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
Personal income increased $17.8 billion (annual rate) in April, following a rise of $16.8
and salaries rose $11.5 billion in April compared to a rise of $14.5 billion in March.
billion in March. Wages
BILLIONS OF DOLLARS*(RATIO SCALE)
3,600
3,200
BIUIONS OF DOLLARS*(RATIO SCALE)
3,600
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
.—-t—v
WAGE AND SALARY DISBURSEMENTS
1,200
1,200
1,000
1,000
800
800
600
600
OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
11
1977
1978
1979
1980
III
1981
1982
1983
1984
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1985
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: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan T.
Feb r.
Mar r
Apr"
Total
personal
income
Wage and
salary
disburse-
Proprietors ' income 3
Other labor
income l z
Farm
Nonfarm
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
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
2,968.5
2,978.8
3,006.5
3,027.7
3,045.8
3,068.3
3,079.3
3,097.5
3,111.8
1,785.3
1,789.8
1,804.3
1,812.4
1,816.9
1,829.1
1,830.9
1,847.2
1,864.9
191.7
193.5
195.3
196.7
198.1
199.5
201.0
202.5
203.9
25.4
21.4
23.5
26.5
27.4
28.0
29.1
28.0
31.0
125.7
126.2
127.1
126.0
126.1
127.1
129.3
129.6
130.2
3,127.2
3,139.6
3,156.4
3,174.2
1,872.5
1,880.9
1,895.4
1,906.9
205.1
206.3
207.5
208.7
22.6
18.8
18.1
21.0
132.4
134.5
136.1
137.1
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
^Consists of employer contributions to private pension, health, and welfare funds; workers' injury
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
Rental
income of
persons 4
Personal
dividend
income
Personal
interest
income
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
62.5
61.6
62.0
62.4
62.6
62.9
63.3
63.7
64.1
64.5
64.6
64.8
65.0
65.1
29.9
36.5
39.6
45.3
123.2
132.5
50.8
56.8
64.3
66.5
70.3
77.7
76.9
77.1
77.6
78.0
78.2
79.4
79.8
80.2
80.5
81.0
81.4
81.9
82.3
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
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
441.4
449.5
457.1
456.8
456.0
455.5
414.9
414.8
415.9
417.1
419.9
418.7
422.8
425.1
417.6
131.3
131.5
132.5
133.0
133.3
134.1
134.2
135.2
136.3
2,913.8
2,928.1
2,953.5
2,971.6
2,988.5
3,010.2
3,019.9
3,039.0
3,050.1
457.2
458.8
460.0
460.3
437.6
440.4
439.8
440.9
145.8
146.3
147.3
148.0
3,074.1
3,090.4
3,108.0
3,122.8
152.8
179.4
218.7
266.0
331.8
366.6
376.3
433.7
418.4
425.6
432.9
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.
6
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.
BIUIONS OF OOllARS * (RATIO SCAIE)
2,800
BIUIONS OF DOllARS * (RATIO SCAIE)
2,800
1,000
1,000
800
DOLLARS * (RATIO SCALE)
12,000
11,000 — PER CAPITA DISPOSABLE PERSONAL INCOME
10,000
9,000
8,000
800
DOLLARS * (RATIO SCALE)
12,000
11,000
10,000
9,000
- CURRENT DOLLARS -
8,000
7,000
7,000
6,000
6,000
1972 DOLLARS
\
5,000
5,000
4,000
4,000
3,000
3,000
1977
1979
1978
1980
1981
1982
1983
• SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
1,065.2
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
Equals:
Disposable
personal
income
150.7
170.2
168.9
196.8
226.4
258.7
301.0
336.5
387.7
404.1
404.2
435.3
1985
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays *
Equals:
Personal
saving
Per capita
disposable personal
incc me
Current
dollars
1972
dollars
Billions of dol ars
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984
914.5
998.3
1,096.1
1,194.4
1,314.0
1,474.0
1,650.2
1,828.9
2,041.7
2,180.5
2,340.1
2,576.8
Per capita personal
consulnption
expenc itures
Current
dollars
1972
dollars
79.0
85.1
94.3
82.5
78.0
89.4
96.7
110.2
137.4
136.0
118.1
156.1
4,315
4,667
5,075
5,477
5,965
6,621
7,331
8,032
8,874
9,385
9,977
10,887
4,080
4,009
4,051
4,158
4,280
4,441
4,512
4,487
4,561
4,555
4,670
4,939
Saving as
percent of
disposable
personal
Population
(thousands) 2
income
Per cent
Do lars
835.5
913.2
1,001.8
1,111.9
1,236.0
1,384.6
1,553.5
1,718.7
1,904.7
2,044.5
2,222.0
2,420.7
Percent
change in
real per
capita
disposable
2.5
5.8
8.6
8.5
8.6
6.9
5.9
6.1
5.9
6.0
6.7
6.2
5.0
6.1
211,939
213,898
215,981
218,086
220,289
222,629
225,106
227,694
230,068
232,351
234,542
236,685
4,145
4,186
0.2
2.7
6.1
5.8
232,634
233,230
4,203
4,296
4,325
4,386
1.1
2.5
6.7
7.2
7.7
5.5
2.9
2.5
5.7
4.2
5.0
5.3
233,742
234,230
234,811
235,385
6.1
5.7
6.3
6.2
235,875
236,369
236,950
237,544
4,575
4.5
238,068
3,831
4,152
4,521
4,972
5,468
6,048
6,695
7,326
8,037
8,543
9,192
9,894
3,623
3,566
3,609
3,774
3,924
4,057
4,121
4,092
4,131
4,146
4,303
4,489
8,603
8,773
5.7
-1.7
1.0
2.6
2.9
3.8
1.6
-.6
1.6
— .1
Seas Dually adju sted annual rates
1982:
m
IV
2,594.3
2,639.5
398.5
402.0
2,195.8
2,237.5
2,061.3
2,107.3
n
in
I
2,662.8
2,714.4
2,763.3
2,836.5
2,261.4
2,302.9
2,367.4
2,428.6
2,133.4
2,206.1
2,248.4
2,300.0
n
m
IV
2,920.5
2,984.6
3,047.3
3,096.2
2,502.2
2,554.3
2,606.4
2,644.5
2,349.6
2,409.5
2,442.3
2,481.5
1985: I r
3,141.1
401.4
411.6
395.8
407.9
418.3
430.3
440.9
451.7
487.7
2,653.4
2,535.0
1983:
1984:
IV
I
134.5
130.2
128.0
96.7
119.0
128.7
152.5
144.8
164.1
163.0
118.3
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
9,439
9,593
9,675
9,832
10,082
10,318
4,548
4,578
4,591
4,619
4,694
4,776
10,608
10,806
11,000
11,133
4,865
4,930
4,965
4,996
8,858
9,143
9,290
9,475
9,651
9,869
9,966
10,089
11,145
4,963
10,275
4,427
4,502
4,499
4,527
-2.6
2
Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages
for the period.
Source: Department of Commerce (Bureau of Economic Analysts 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)
160
r^-^—'
1
-"
i
1
-^
r-^~^i
^
160
G! OSS FARM INC:OME
^—-^
120
^^T~
80
80
f
\
/
/
XV
*'
K
*
/~-t
N
^
f <IET FARM INC<DME //
^ \
f*'
\
\
/
\ i
\ /
\l
V-'
t
\\
*
f'
iA \
i'
\ j
\ i
M
i
1 1 !
10
1977
\
\ I
1978
1
1 1
1979
i
J
1
1980
\
1
1
1
1
1982
1981
* \ /
1
\
t
t
1
\
\
\
20
i
!
'
i
\
\s
1
I i
1983
• SEASONAUY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
i ii
1984
i
I
1
10
1985
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
In some of farm ope rators from farmi]»g
Net farrr income
C TOSS farm income
Period
Cas ti marketing rece pts
Total1
1976
1977
1978
Total
Livestock and
products
Crops
Value of
inventory
changes a
11.8
10.9
14.2
14.9
8.6
11.4
7.7
5.4
9.9
-14.4
-1«.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
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
65.9
2.9
139.8
21.7
6.8
167.9
161.8
151.4
171.6
49.0
48.6
53.7
63.2
72.7
73.3
74.6
69.5
.8
4.9
-5.5
7.9
-2.6
-11.7
69.9
7.1
1983: 1
11
Ill
IV
153.3
147.3
148.5
156.6
144.6
138.3
143.7
128.3
70.4
68.7
67.6
70.1
74.2
69.6
76.1
58.2
1984: 1
II
Ill
IV
1-69.8
165.8
176.0
174.9
134.2
138.9
147.8
143.6
73.0
70.4
69.2
72.2
1985: 1 f
161.5
137.6
71.7
1979
1980
1981
1982
1983
1984"
1
Cash nrnrkcting receipts and inventory changes plus Government payments, other farm cash
income,
and nonmortey income furnished by farms.
3
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
3
1967 dollars 3
20.1
19.8
27.7
32.3
21.2
31.0
22.3
16.1
30.8
46.3
47.6
59.2
68.6
67.8
69.2
70.1
69.2
71.2
95.4
Current
dollars
82.7
88.9
99.5
118.1
128.9
136.9
139.5
135.3
140.8
96.2
112.9
131.8
140.5
142.6
144.8
138.7
141.1
102.9
108.7
127.2
150.4
150.2
Production
expenses
-1.5
1.1
-11.4
Income in current dollars divided by the consumer price index (Department of Labor).
Source: Department of Agriculture, except as noted.
6.9
CORPORATE PROFITS
In the first quarter of 1985, according to preliminary estimates, corporate profits before tax fell $4.5 billion
(annual rate) and after-tax profits fell $1.0 billion.
BILLIONS OF DOLLARS
—;—;
;—,320
BILLIONS OF DOLLARS
:
3201
SEASONAUY ADJUSTED ANNUAL RATES
280
280
PROFITS BEFORE TAX
240
240
200
200
160
160
\^~
120
120
*--•-—<.._
TAX LIABILITY
80
• IL1IIL- IT*
80
UNDISTRIBUTED PROFITS
40
I
1977
1980
1979
1978
40
I I
I
1982
1981
I
1985
1984
1983
SOURCE: DEPARTMENT Of COMMERCE
COUNCIL OF ECONOMIC ADVLSERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Prt fits (before fa»x) with inve rttory valuati H) adjustmen t 1
Pirofits after taX
Doinestic indust ies
Period
N'onfinancial
Total2
Total
1974
1975
1976
1977
1978
96.7
120.6
151.6
178.5
205.1
1979
1980
1981
1982
1983
1984
1982: HI
IV
1983: I
209.6
n
m
IV
1984: I
n
m
rv
1985:
1
2
I".
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
80.4
107.6
137.4
163.4
185.4
179.0
161.9
173.2
133.6
167.2
207.1
136.5
119.7
134.9
162.4
180.6
190.8
204.1
217.5
227.1
200.2
206.4
224.7
201.4
Financial
15.0
11.8
17.1
23.1
31.0
30.3
26.9
19.5
19.6
29.6
27.8
21.0
24.9
28.4
32.0
29.5
28.5
28.7
28.9
26.6
27.1
27.5
Tax
liability
Total
Dividends
Manufacturing
sale and
retail
trade
65.4
95.8
120.3
140.3
154.4
148.6
134.9
153.7
114.0
137.6
179.2
39.0
52.6
69.2
78.3
86.9
85.6
72.9
84.9
54.5
65.2
85.5
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
29.9
30.8
37.4
40.8
47.0
52.7
58.6
66.5
69.2
72.9
80.5
115.5
94.8
60.4
42.4
24.0
24.1
168.9
155.8
61,9
55.0
107.0
100.8
69.0
70.2
106.5
130.4
151.1
162.3
44.9
59.3
73.8
82.9
25.3
33.0
35.9
39.5
161.7
198.2
227.4
225.5
59.1
74.8
84.7
84.5
102.6
123.4
142.6
141.1
71.1
71.7
73.3
75.4
175.4
188.6
173.6
179.3
89.8
92.3
78.3
81.6
40.6
47.0
46.8
49.4
243.3
246.0
224.8
228.7
92.7
95.8
83.1
87.7
150.6
150.2
141.7
141.0
77.7
79.9
81.3
83.1
224.2
84.2
140.0
84.5
Total s
173.9
See p. 4 (or profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Profits
before tax
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
55.2
50.7
65.1
81.2
98.9
112.4
91.2
73.5
35.6
54.5
65.4
38.1
30.6
31.4
51.7
69.3
65.6
72.9
70.2
60.3
58.0
55.5
Inventory
valuation
adjustment
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-5.7
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
7.3
-.2
-1.6
r
.5
GROSS PRIVATE DOMESTIC INVESTMENT
According to revised estimates for the first quarter of 1985, business fixed investment rose $7.6 billion (annual
rate) and residential investment outlays rose $1.8 billion. There was a $40.6 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
SEASONAUY ADJUSTED ANNUAL RATES
700
700
600
600
" GROSS PRIVATE DOMESTIC"
INVESTMENT
\
500
500
400
400
NONRESIDENTIAL
FIXED INVESTMENT
L
300
200
300
200
RESIDENTIAL
FIXED INVESTMENT
100
100
CHANGE IN BUSINESS
INVENTORIES
I
-100
1977
I I
1979
1978
I
1980 1
1981
1982
I I
-100
1983
1985
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
private
domestic
investment
Total
Structures
Producers'
durable
equipment
Total
Nonfarm
structures
Farm
structures
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
637.8
143.3
156.6
157.7
174.1
205.2
248.9
290.2
308.8
353.9
349.6
352.9
425.7
51.0
55.9
55.4
58.8
64.4
78.7
98.3
110.9
135.3
142.1
129.7
150.4
92.3
100.7
102.3
115.3
140.8
170.2
191.9
197.9
218.6
207.5
223.2
275.3
68.0
57.9
55.3
72.0
95.8
111.2
118.6
102.9
104.3
91.4
132.2
153.9
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.1
99.8
86.6
127.6
148.8
III
IV
415.9
376.2
342.2
339.3
138.4
138.4
203.8
201.0
89.0
97.9
84.5
92.5
0.7
1.8
1.0
1.1
1.5
1.7
1.7
1.8
1.3
1.5
1.0
1.1
1.3
2.1
1983: I
11
405.0
449.6
491.9
540.0
334.6
339.3
353.9
383.9
130.4
125.6
126.2
136.6
204.2
213.6
227.8
247.3
113.3
129.8
142.3
143.4
108.9
125.3
137.7
138.7
1.0
.9
.9
.9
623.8
627.0
662.8
637.8
398.8
420.8
435.7
447.7
142.2
150.0
151.4
157.9
256.7
270.7
284.2
289.7
151.2
155.6
155.3
153.5
146.4
150.5
150.1
148.3
651.2
455.3
165.3
290.1
155.3
150.1
.9
1.0
1.2
1.0
1.0
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1982:
Ill
IV
1984: 1
II
Ill
IV
1985: I r
Source; Dqwrtmfmt of Commerce, Bureau of Economic Analysis.
•
Change iii business
inven tones
Eesidential fix ed investment
Nonresie ential fixed imvestment
Producers'
durable
equipment
Total
Nonfarm
1.7
1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.3
3.6
4.0
18.5
14.1
-6.9
11.8
23.0
26.5
14.3
-9.8
26.0
-26.1
-13.5
58.2
15.2
16.0
-10.5
13.9
21.9
25.4
3.3
3.3
3.4
3.5
3.7
3.8
-15.3
-61.1
-11.1
-54.3
-42.9
-19.4
12.7
-32.6
-5.4
11.6
14.1
3.9
4.1
4.0
4.1
73.8
50.6
71.8
36.6
60.6
47.0
63.7
27.2
4.2
40.6
33.5
4.3
8.6
-4.5
18.2
-24.0
3.1
49.6
t UK NEW PLANT AND EQUIPMENT
According to the Commerce Department January-March 1985 survey, business spending for new plant and
equipment for the year 1985 is expected to be 8.7 percent above the 1984 level. Spending in 1984 was up 16.0
percent over the 1983 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
300
200
200
NONMANUFACTURING -^
MANUFACTURING
100
100
80
80
60
60
40
40
1977
1978
1979
1980
1982
1981
1983
1984
_!/ SURVEYED QUARTERLY
_i/ SEE FOOTNOTE •* BELOW
SOURCE. DEPARTMENT OF COMMERCE
1985
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed (j uarterly
Id anufacturin g
Period
1977
1978
1979
1980
1981
1982
1983
All
industries
184.82
217.76
254.96
282.80
1984 4
1985
1983: I
n
m...
IV...
1984: I
n
m...
IV...
1985: I 44...
n ..
2nd
half 4 ...
Total
67.48
315.22
310.58
304.78
353.54
384.40
289.68
294.76
309.25
325.45
337.48
348.34
361.12
367.21
380.05
388.86
78.58
95.92
112.33
126.54
120.68
116.20
138.38
153.63
111.62
112.70
116.75
123.74
129.97
135.33
142.03
146.20
151.01
157.00
384.34
153.27
1
Noiimanufactur ing
Durable
goods
Nondurable
goods
32.77
39.46
48.50
55.36
34.71
39.13
47.42
Total1
117.84
139.18
159.04
170.47
Mining
Transportation
9.81
11.22
12.20
13.36
16.05
16.60
15.84
14.79
59.81
55.35
53.08
65.95
75.01
50.88
49.73
54.15
57.56
61.26
63.12
68.31
71.13
74.01
76.84
56.96
66.73
65.33
63.12
72.43
.78.62
60.74
62.97
62.59
66.19
68.71
72.21
73.72
75.07
77.00
80.16
188.68
189.89
188.58
215.15
230.77
178.06
182.06
192.51
201.71
207.51
213.01
219.09
221.01
229.05
231.87
12.81
15.99
21.39
20.05
15.19
16.88
16.49
14.94
13.90
15.66
16.27
17.61
16.01
16.96
16.93
16.21
16.86
74.60
78.67
231.08
16.43
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 ("nonnranufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufactitring that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
10
Public
utilities
27.83
31.50
13.97
16.49
17.54
12.85
13.55
14.20
15.28
14.95
17.04
17.69
16.29
15.97
17.31
35.63
37.74
41.21
45.43
44.96
47.39
48.40
44.78
44.46
•44.77
45.86
47.13
47.89
47.89
46.67
48.70
48.59
18.43
48.15
Commercial
and
other
67.51
83.09
94.56
100.14
110.24
109.63
114.45
134.39
148.35
105.50
110.15
117.88
124.30
127.83
132.07
136.55
141.10
148.17
Total
nonfarm
business2
208.15
245.34
284.94
314.47
349.26
347.47
343.35
398.09
433.06
Norunanufactur ing
Manufacturing
67.48
78.58
95.92
149.10
112.33
126.54
120.68
116.20
138.38
153.63
111.62
112.70
116.75
123.74
129.97
135.33
142.03
146.20
151.01
157.00
148.06
153.27
Total
140.67
166.76
189.02
202.15
222.72
226.79
227.15
259.71
279.43
Surveyed
quarterly
117.34
139.18
159.04
170.47
188.68
189.89
188.58
215.15
230.77
178.06
182.06
192.51
201.71
207.51
213.01
219.09
221.01
229.05
231.87
Surveyed
annually"
23.33
27.58
29.98
31.68
34.04
36.89
38.56
44.55
48.66
231.08
social
services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in January through March 1985, corrected
for biases,
NOTE.—See Survey of Current Business, February 1985, for detaBs on revised series.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment fell 174,000 in April and unemployment was about unchanged.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
116
•16 TEARS 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
Resi-
Lahn
*ja™r torce
including
Arm d
Forces
Employment
including
resident
Armed
Forces
Civilian
labor force
Nonag ricultural
1981
1982
1983
1984
Labor :orce
particij ation
rate (pe rcent)
15
Total
Agricultural
Part-time
Total
NSA
Armed
Forces
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
Total
NSA
1979
1980
Unempk yment
Civilian einployment
for
economic
reasons 1
weeks
and
over
Total 2
Civil-
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
ian a
1984:
Apr
May
June....
July ....
Aug
Sept ....
Oct
Nov
Dec
177,662
177,813
177,974
178,138
178,295
178,483
178,661
178,834
179,004
1,693
1,690
1,690
1,698
1,712
1,720
1,705
1,699
1,698
114,895
115,412
115,309
115,566
115,341
115,484
115,721
115,773
116,162
106,095
106,852
107,081
107,075
106,860
107,114
107,354
107,631
107,971
113,202
113,722
113,619
113,868
113,629
113,764
114,016
114,074
114,464
104,402
105,162
105,391
105,377
105,148
105,394
105,649
105,932
106,273
3,379
3,367
3,368
3,333
3,264
3,319
3,169
3,334
3,385
101,023
101,795
102,023
102,044
101,884
102,075
102,480
102,598
102,888
5,520
5,377
5,549
5,482
5,384
5,449
5,483
5,413
5,596
8,800
8,560
8,228
8,491
8,481
8,370
8,367
8,142
8,191
2,842
2,833
2,630
2,672
2,621
2,605
2,527
2,428
2,374
64.7
64.9
64.8
64.9
64.7
64.7
64.8
64.7
64.9
64.3
64.6
64.5
64.5
64.3
64.4
64.4
64.4
64.6
1985:
Jan
Feb
Mar
Apr
179,081
179,219
179,368
179,501
1,697
1,703
1,701
1,702
116,572
116,787
117,215
117,073
108,088
108,388
108,820
108,647
114,875
115,084
115,514
115,371
106,391
106,685
107,119
106,945
3,320
3,340
3,362
3,428
103,071
103,345
103,757
103,517
5,389
5,077
5,400
5,374
8,484
8,399
8,396
8,426
2,243
2,416
2,400
2,377
65.1
64.8
64.8
65.0
64.9
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, Mr.
8
I*itbor forci- as pcrri-m of noninstttutional population {both including resident Armed Forces).
65.2
65.3
65.2
3
Civilian labor force as percent of civilian noninstitutional population.
NOTE.—NSA indicates data are not seasonally adjusted.
Source: Department of Labor, Bureau of liabor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force, was
7.2 percent in April, the same as in March and February. The unemployment rate for civilian workers was also
unchanged in April, remaining at the March and February level of 7.3 percent.
PERCENT* (SEASONALLY
PERCENT* (SEASONALLY ADJUSTED)
ADJUSTED)
25
25
..
BLACK
AND OTHE I!
i
20
***
_—.,£_
20
*•
f~
^+
f
\
f
•
15
TEE MAGERS \
V —_
( 6-19)
vf
\-*W
v
\__
\_
t \
f-7'S
A-'"
15
\ *
,v-'
Ai\EN 20 YEAR
AND OVER
ALICI VILIAN WOR (ERS
s~ kZ
10
"^^/
^''
I—
WHITE
Illllllllll Illllllllll
1981
10
1982
T^x
X^ 20 YEARSX3
'WOMEN
""•X^Vv.
AND OVER
""'
i
*"~'^—~..
^Vw
iiinliiiii Illllllllll
Illllllllll Illllllllll Illllllllll
1984
1983
1985
1981
1982
Illllllllll Illllllllll Illllllllll
1983
1984
1985
•UNEMPLOYMENT AS PCBCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
COUNCIl OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted]
TJnemp oyment ra te (percen of civilia n labor force in group)
Period
1979
1980
1981
1982
1983
1984
1984: Apr ...
May...
June ..
July..
Aug...
Sept ..
Oct....
Nov...
Dec ...
1985:
Jan...
Feb ...
Mar...
Apr ...
Unemployment
rate, all
workers J
B ! sex and a«e
civilian
workers
Men
20 years
and over
Women
20 years
and
over
5.7
6.4
6.8
8.3
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
5.9
6.3
7.7
7.4
7.1
7.3
7.4
7.2
7.2
7.0
7.1
7.8
7.5
7.2
7.5
7.5
7.4
7.3
7.1
7.2
7.3
7.2
7.2
7.2
7.4
7.3
7.3
7.3
1
Both
sexes
16-19
years
16.1
17.8
Black aiid other
White
12
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
Labor
force
time lost
(percent) *
5.1
6.3
6.7
8.6
8.4
6.5
11.3
13.1
14.2
17.3
17.8
14.4
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
8.3
9.2
10.4
11.7
12.2
10.3
5.3
6.9
7.3
9.6
9.5
7.2
8.8
8.8
9.4
10.5
10.4
9.3
6.7
6.5
15.1
14.3
13.7
14.8
14.3
13.8
13.8
13.7
16.7
16.0
15.2
16.6
15.8
13.6
15.1
15.3
15.1
15.0
7.3
7.0
6.7
7.1
7.0
7.0
6.9
6.8
6.8
4.7
4.6
4.6
4.5
4.5
4.6
4.5
4.4
4.4
10.5
10.0
9.8
9.8
10.3
10.1
10.4
10.8
9.6
7.5
7.2
6.7
7.2
7.1
7.1
7.1
6.9
6.9
9.3
9.4
10.0
9.6
9.6
9.3
9.1
8.6
8.8
8.8
8.6
8.4
8.5
8.5
8.5
8.4
8.2
8.3
13.7
14.6
13.9
13.9
14.9
16.3
15.2
15.3
6.9
6.8
6.8
6.8
4.6
4.4
4.2
4.3
10.0
11.0
10.2
10.8
7.1
7.1
6.9
6.9
9.3
8.7
9.6
9.7
8.2
8.2
8.2
8.2
8.1
6.8
6.9
6.6
6.4
6.5
6.4
6.4
6.2
6.2
6.3
6.9
6.8
6.5
6.8
7.0
6.6
6.9
6.5
6.4
19.3
19.0
18.1
18.4
18.4
19.0
18.7
17.8
18.8
6.3
6.3
6.4
6.3
6.3
6.1
6.2
6.3
6.3
6.2
6.3
6.8
6.7
6.7
6.8
18.9
18.4
18.2
17.7
6.4
6.2
6.2
6.3
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 oC potentially available tabor force hours.
z
Black
Total
19.6
23.2
22.4
18.9
8.8
8.9
6.6
By selected grou] s
By race
Alt
All
Source: Department of Labor, Bureau of Labor Statistics.
6.3
7.9
8.5
11.0
10.9
8.6
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In April, the percentage of unemployed persons who had been out of work for less than 5 weeks and for 15-26
weeks fell. The percentage unemployed for 5-14 weeks and for 27 weeks and over rose. The mean duration of
unemployment rose to 16.1 weeks from 15.9 weeks in March, while the median fell to 6.7 weeks from 7.1 weeks
in March.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
70
70
DURATIC)N OF UNE MPLOYMEN T
REASOh1 FOR UNE/ lAPLOYMENT
A
60
60
7\ A
^ j DB LOSERS^
t
1
50 -—
~v-vn\
40
•
f
f
<</
5 WEEKS
\ j*J
>A
^ •»**
V
'%A-
/
~
X^,
^
^v v
*• '
v,
—
30
—
-f""^^*^
27 WEE CS
ANDOV ER
^C
^
15-26
WEEKS
20
iEENTRANTS
r'^S
r-"-v ,-.^'V--I
•
NE N ENTRANTS
\ - *S~^
^s^-
V^^-_pf
.**•
r^
10
*«.«.^ '*«fc'l\«
'^^***^.•»•
1983
1982
lllllllllll
iiuilinii
0
lllllllllll
• -^
..
1982
1983
m^"*
>«MH**^
s
lllllllllll
lllllllllll lllllllllll
1981
1985
1984
^,
_/-
*
^ni-
JOB LEAVEI
iimlnm iiiiihiin niiihiin
1981
—
__
•' "
/v^- ""\ .. A
*«^
,~jy
"yV~. -»-A,—>•
•^^V-**^ !/
—
~'</
5-U
f
k
20
~\....
"*v
A
40
WEEKS
<*\J*
""^x
30 7~ ~~
%
•>.-
/** vH
LE.iS THAN
•\
10
50
—
1985
1984
•SEASONAUY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
{Monthly data seasonally adjusted, except as noted]
Re ison for memployment:
1
percent c stributio n
Dur ation of l nemplo; Tnent
Period
Unemployment
(thousands)
P ereent dis tribution i
Numb er of
ks
15-26
weeks
27
weeks
and
over
Average
(mean)
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
40.2
28.5
28.5
28.2
28.7
28.2
30.0
28.9
28.7
30.8
12.6
13.7
12.4
12.8
13.1
13.1
13.1
12.2
11.9
43.3
41.9
42.4
42.1
30.2
29.4
29.3
29.8
11.1
12.8
12.6
12.1
Less
than
5
weeks
5-14
weeks
7,637
8,273
10,678
10,717
8,539
43.1
41.7
36.4
38.8
39.2
11)84: Apr
Mar
June
.lulr
Auj;
St'pt
On
Nor
DCT
8,800
8,560
8,228
8,491
8,481
8,370
8,367
8.141'
8,191
39.0
38.3
39.6
40.0
41.1
89.2
40.8
I98f>: .Inn
I'Vb
Mnr
Apr
H.484
8,399
H,.'i9«
8,42(>
Insured
unemployment,
Stat e
progra ms
Job
leavers
Beentrants
New
entrants
Insured
unemployment
Initial
claims
regular
programs
(unadjusted) 2
Special
ployment
benefit
claims
(unad-
Medi-
Job
losers
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
19.9
19.4
19.8
18.6
17.6
17.7
17.2
17.7
17.2
18.7
18.5
18.1
18.0
17.6
17.3
16.7
!7.4
17.3
8.1
8.3
7.5
7.6
7.6
7.6
7.3
7.3
7.4
51.4
51.2
52.1
52.5
50.1
50.2
51.3
50.5
50.5
9.0
9.5
9.9
10.0
9.9
10.1
10.0
10.6
10.4
26.1
25.6
24.2
24.8
27.2
27.0
25.9
26.4
26.8
13.6
13.7
13.8
12.8
12.9
12.7
12.8
12.5
12.2
2,430
2,382
2,365
2,397
2,356
2,390
2,425
2,509
2,487
362
353
362
378
366
372
393
395
386
2,613
2,290
2,166
2,327
2,184
2,083
2,149
2,441
2,778
401
374
352
342
322
307
289
295
305
15.4
15.9
15.8
16.0
15.3
15.9
15.9
16.1
6.7
7.2
7.1
6.7
50.8
50.7
49.3
50.0
10.4
10.3
10.0
9.9
26.4
26.6
27.7
27.4
12.4
12.3
12.9
12.7
2,607
2,681
2,639
2,587
394
406
392
390
3,361
3,339
3,113
326
327
339
243
W eekly av ;rage, thousa nds
1980
1881
1982
1983
1984
41.4
1
Drtnil HIBV nut ndd to MfO urn-rut rHTrni*r of rmtmiiiig.
* ittriiidm Aialc IfiO Stair*, Uwlrici of (^ttiitnhin, l*i»irto Kiro, HIM! Virgin Islands), ex-serviceen (tff'X), frWrrnl {Wf'Ki. ami ntiinutd (RHj jiriigratm. Also includes Federal and State exirfil |)r*»KriiiJt» I'm-* not inrliidr Ffdcrnl supplemental compensation program.
3
Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
Total nonagricultural employment as measured by the payroll survey rose 217,000 in April.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
100
22
—•*•
90
!«•" -«^_
20
,^./^1
^
V
A L L N ONAGRICU
TURAl
18
4TS
EJtfABLISHMEl-
80 —
—
^
16
70
«
.
!
••»*
,«•>**
14
—r"
SER\ ICE-PRODUC ING
22
INDUSTRIES
60 —
—
20
50
18
_
40
—
6
30
20
GOC3DS-PRODUC ING
INDUSTRIES
ifimliim
4
HHllim" "llTTlllllli: Illllllllll
umlmih
.1983
1985
' .1981
1982
1984
2
1981
•SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; * seasonally adjusted]
Se rviee-produc ing industries
Goods-preducing in dustries
Period
Total
nonagricultural
employment
11 anufacturin g
__
Total
2
C onstmction
Total
Durable
goods
Nondurable
goods
Total
Transportation
and
public
utilities
Wholesale
trade
T!*>tail
xieuui
trade
Government
Finance,
insurance,
and real
estate
Services
Total
Federal
1983
1984
89,823
90,406
91,156
89,566
90,138
94,156
26,461
25,658
25,497
23,813
23,394
24,904
4,463
4,346
4,188
3,905
3,940
4,316
21,040
20,285
20,170
18,781
18,497
19,590
12,760
12,187
12,109
11,039
10,774
11,635
8,280
8,098
8,061
7,741
7,724
7,954
63,363
64,748
65,659
65,753
66,744
69,254
5,136
5,146
5,165
5,082
4,958
5,170
5,204
5,275
5,358
5,278
5,259
5,526
14,989
15,035
15,189
15,179
15,545
16,261
4,975
5,160
5,298
5,341
5,467
5,665
17,112
17,890
18,619
19,036
19,665
20,662
15,947
16,241
16,031
15,837
15,851
15,969
2,773
2,866
2,772
2,739
2,752
2,783
1984: Apr
May....
June ...
July....
Aug....
Sept....
Oct
Nov ....
Dec
93,449
93,786
94,135
94,350
94,523
94,807
95,157
95,497
95,681
24,760
24,851
24,974
25,059
25,098
25,010
25,080
25,123
25,258
4,246
4,286
4,343
4,356
4,356
4,374
4,382
4,396
4,457
19,530
19,570
19,629
19,696
19,725
19,616
19,686
19,718
19,801
11,551
11,598
11,652
11,702
11,758
11,696
11,752
11,776
11,834
7,979
7,972
7,977
7,994
7,967
7,920
7,934
7,942
7,967
68,689
68,935
69,161
69,291
69,425
69,797
70,077
70,374
70,423
5,129
5,144
5,163
5,175
5,202
5,213
5,225
5,226
5,249
5,473
5,492
5,502
5,528
5,544
5,588
5,612
5,623
5,641
16,095
16,166
16,245
16,283
16,295
16,342
16,468
16,644
16,626
5,640
5,662
5,676
5,676
5,679
5,684
5,705
5,725
5,749
20,449
20,549
20,681
20,701
20,748
20,861
20,964
21,030
21,095
15,903
15,922
15,894
15,928
15,957
16,109
16,103
16,126
16,063
2,771
2,785
2,777
2,779
2,785
2,804
2,793
2,804
2,809
1985: Jan
Peb r...
Mar r..
Apr"..
96,045
96,161
96,514
96,731
25,338
25,235
25,326
25,361
4,530
4,492
4,606
4,676
19,808
19,742
19,720
19,676
11,844
11,797
11,778
11,738
7,964
7,945
7,942
7,938
70,707
70,926
71,188
71,370
5,266
5,281
5,255
5,272
5,665
5,672
5,691
5,715
16,707
16,754
16,836
16,859
5,764
5,796
5,825
5,858
21,231
21,335
21,478
21,570
16,074
16,088
16,103
16,096
2,807
2,805
2,811
2,813
1979
1980
1981
1982
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay lor 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 nooagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
^ Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVEKAUE WEEKJjY HUUKS AND MUUKLiY EAKJM1JMUS
PRIVATE NONAGRICUIiTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gi oss hourly
earn ings
Average weekly
hours
J
Period
1976
1977
1978
1979
1980
Total
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb r
Mar r .
Apr*1
Total
private
nonagricultural 1
Overtime
Manufacturing
Percent change from a year
earlie r 4 5
Ind ex,
1977 == 100
Current
dollars
Current
dollars
1977
dollars a
1977 dollars
35.8
35.7
35.3
35.2
34.8
35.0
35.3
40.1
40.3
40.4
40.2
39.7
39.8
38.9
40.1
40.7
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3.0
3.4
$4.86
5.25
5.69
6.16
6.66
7.25
7.68
8.02
8.33
$5.22
5.68
6.17
6.70
7.27
7.99
8.49
8.83
9.17
92.9
100.0
108.2
116.8
127.3
138.9
148.5
155.3
160.5
99.0
100.0
100.5
97.4
93.5
92.6
93.4
94.8
94.7
7.2
7.6
8.2
7.9
9.0
9.1
6.9
4.6
3.3
1.4
1.0
.5
-3.1
-4.0
-1.0
.9
1.5
-.1
35.4
35.3
35.3
35.2
35.2
35.4
35.1
35.2
35.3
41.1
40.6
40.6
40.5
40.5
40.6
40.4
40.5
40.7
3.7
3.3
3.3
3.3
3.3
3.3
3.3
3.4
3.4
8.31
8.29
8.33
8.35
8.34
8.40
8.38
8.42
8.47
9.11
9.12
9.15
9.17
9.20
9.22
9.25
9.30
9.33
159.9
159.6
160.3
160.8
160.6
161.6
161.3
162.0
163.1
95.3
94.8
95.1
95.1
94.1
94.2
94.0
94.4
94.7
3.7
3.2
.6
.1
.3
.2
-.3
-.3
g
35.2
35.0
35.2
35.1
40.6
40.0
40.4
40.3
3.3
3.3
3.3
3.4
8.45
8.51
8.53
8.57
9.37
9.42
9.43
9.48
162.8
163.8
164.2
164.4
94.4
94.6
94.4
94.2
2.8
3.3
3.2
2.9
36.1
36.0
1981
1982
1983
1984
1984:
Manufa cturing
Total
private
nonagricultural '
Adjuste d hourly eaminf ;s index2 — total private
nonagnc ultural
3.3
3.3
3.3
3.4
2.7
3.1
3.4
-.3
J
-.5
-.1
-.7
-1.3
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private n magricultural 5
Averajje gross weekly earaings
Period
Total i rivate
nonagnc ultural '
Current dollars
1976
1977
1978
1979
1980
1981
1982
1983
1984
Manufacturing
Construction
Retail trade
Current dollars
1977 dollars 3
$175.45
189.00
203.70
219.91
235.10
255.20
267.26
280.70
294.05
$186.85
189.00
189.31
183.41
172.74
170.13
168.09
171.26
173.48
$209.32
228.90
249.27
269.34
288.62
318.00
330.26
354.08
373.22
$283.73
295.65
318.39
342.99
367.78
399.26
426.82
443.42
454.73
$114.60
121.66
130.20
138.62
147.38
158.03
163.85
171.05
176.70
1984: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
294.17
292.64
294,05
293.92
293.57
297.36
294.14
296.38
298.99
175.41
173.88
174.51
173.81
171.98
173.29
171.31
172.62
173.63
374.42
370.27
371.49
371.39
372.60
374.33
373.70
376.65
379.73
453.53
455.04
457.45
451.50
454.29
457.90
451.95
458.34
456.55
1985: Jan
Feb r
Mar '.
Apr"
297.44
297.85
300.26
300.81
172.43
172.07
172.66
172.29
380.42
376.80
380.97
382.04
457.76
461.92
462.08
465.03
1
Also includes olher private industry group!) shown on p. 14.
Adjusted for interindiiHtry employment shifts and for overtime in manufacturing.
Currcnl dollar indpx (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 prior index incorporates a rental equivalence measure for homeownership costs).
2
3
47-930 O - 85 - 2
1977 dollars
Current dollars
7.3
1.5
1.2
.2
-3.1
176.70
176.69
177.88
176.11
175.81
177.00
175.52
177.61
178.79
7.7
7.8
8.0
6.9
8.5
4.7
5.0
4.8
6.2
4.7
4.8
4.8
5.0
4.4
2.6
3.3
3.7
-5.8
-1.5
-1.2
1.9
1.3
3.0
1.5
1.7
1.6
1.3
.6
-.9
— .1
.1
177.01
177.01
178.20
177.30
2.3
2.6
3.4
2.0
.9
-.8
-.5
-2.1
4
Monthly changes based on indexes to two decimal places.
5
Based on seasonally unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pe r hour of
allpe rsons
Period
Business
sector
Nonfarm
business
sector
Outp u t
Business
sector
1
Hours of all
perse ns 2
Nonfarm
business
sector
Business
sector
Compens ation per
hou r 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Implici price
5
deflat or
Unit abor
Real com sensation
per h >ur 4
cos ts
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
19' 7 = 100; c uarterly ( ata season ally adjus ed
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
89.8
93.2
96.8
97.2
92.2
96.2
96.6
66.1
71.4
78.1
66.7
71.8
73.5
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
1975
1976
1977
1978
1979
94.6
97.6
100.0
100.5
99.3
94.8
97.8
100.0
100.6
99.0
88.2
93.8
100.0
105.5
107.8
87.8
93.7
100.0
105.7
108.0
93.2
96.0
100.0
104.9
108.6
92.6
95.8
100.0
105.1
109.0
85.6
92.9
100.0
108.5
118.7
86.1
93.0
100.0
108.6
118.4
96.4
98.9
100.0
100.8
99.1
96.9
99.0
100.0
100.8
98.8
90.5
95.1
100.0
108.0
119.5
90.8
95.1
100.0
108.0
119.5
90.4
94.7
100.0
107.5
117.2
90.0
94.6
100.0
107.1
116.5
1980
1981
1982
1983
1984
98.8
100.7
100.9
103.7
107.0
98.3
99.8
100.0
103.4
106.2
106.5
109.2
106.3
111.0
120.8
106.5
108.7
105.9
111.2
120.7
107.8
108.4
105.4
107.1
112.9
108.3
109.0
106.0
107.5
113.6
131.1
143.4
155.0
161.7
168.6
130.6
143.1
154.5
162.0
168.7
96.4
95.5
97.3
98.4
98.4
96.0
95.3
97.0
98.6
98.4
132.6
142.4
153.6
156.0
157.6
132.8
143.5
154.5
156.6
158.8
128.1
140.4
147.9
152.4
157.4
128.1
140.6
148.6
153.4
158.2
100.9
101.6
100.3
100.5
106.1
105.8
106.0
105.2
105.1
104.1
105.7
104.7
156.7
158.4
156.0
157.9
97.3
98.0
96.8
97.7
155.3
155.9
155.6
157.1
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
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
3.7
2.4
6.6
6.6
3.4
5.5
9.5
1982:
m
rv
1983: I
n
m
IV
1984: I
n
m
IV
1985:
I
r
Pe rcent change; quarte rly data a seasonal] y adjusted annual rates
1972
1973
1974
3.5
2.6
-2.4
-2.5
2.2
3.3
2.4
.5
1975
1976
1977
1978
1979
-1.2
2.0
3.2
2.2
.6
-1.5
5
-2.0
.4
-2.0
-2.2
— 4.1
6.4
6.6
5.5
2.3
-.7
1.5
.2
3.5
2.7
-1.2
1.9
.2
2.7
3.2
1982: HI
IV
2.4
2.7
3.6
1.1
-1.3
-1.2
1983: I
2.1
5.9
2.8
1.4
4.4
8.1
2.1
1.0
4.0
4.9
.6
3.1
IV
1984: I
n
m
IV
1985:
I *
-3.5
2.5
2.6
4.4
8.8
6.7
6.7
5.7
2.2
-1.4
2.1
-2.6
5.0
8.5
-.1
-3.0
-4.1
3.0
4.1
4.9
3.5
3.4
4.4
5.1
3.7
-.7
.6
-.6
.6
-2.8
1.6
5.4
-3.6
-3.8
-2.8
1.5
5.7
-3.6
-4.0
6.7
7.6
9.4
3.1
1.6
1.4
3.3
1.3
2.9
5.3
2.8
5.0
— 1.4
12.1
12.2
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
.4
2.2
1.0
.8
7.3
5.1
5.1
8.0
7.5
4.7
5.2
8.0
10.4
10.3
9.4
8.1
4.3
4.2
9.6
8.0
4.9
4.1
.9
1.9
1.1
0
-.7
1.7
1.6
-.1
7.5
4.5
7.5
5.1
.2
3.0
.2
3.6
4.0
5.3
-.8
4.4
2.2
2.0
6.1
5.7
3.5
2.2
4.1
.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
3.7
3.3
5.2
5.4
9.3
7.8
8.7
9.1
2.9
5.5
11.4
11.2
10.3
10.6
— 1.1
1.8
5.0
.1
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 cf wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index for all urban consumers.
16
6.5
8.0
9.4
1.5
5.7
6.5
8.0
6.0
14.3
-2.5
3.1
4.3
.5
2.2
6.1
6.4
6.2
4.4
12.4
2.2
3.0
3.9
-2.0
1980
1981
1982
1983
1984
n
m
6.9
6.8
5
3.0
3.8
10.2
9.8
4.7
5.6
7.5
9.0
10.3
5.1
5.7
7.1
8.8
— 1.7
-2.0
10.7
10.7
-2.7
-2.8
11.0
11.1
8.0
7.7
1.4
1.4
9.3
9.6
5.3
3.0
3.2
10.0
7.3
7.9
1.6
1.0
5.0
1.7
3.7
4.0
2.3
1.8
2.0
2.4
1.3
4.6
1.9
2.5
4.1
4.6
2.2
2.7
3.7
2.8
2.8
4.2
2.9
5.9
-2.1
-2.2
-2.0
1.9
0
.8
.7
.8
.7
0
-.1
.1
1.8
2.1
-1.8
2.2
-3.5
-.8
4.6
-4.2
.1
3.0
3.7
1.2
4.7
1.4
3.7
2.9
3.6
2.2
9.0
8.1
5.3
2.1
-2.9
3.1
-1.7
9.8
5.7
3.2
3.1
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 0.2 percent in April following a rise of 0.3 percent in March. The index for April was 2.0
percent above its year earlier level.
INDEX, 1967 = 100* <RATIO SCALE)
200
UTILITIES AND MIN NG PRODIJCTION
INDEX, 1967 = 100* (RATIO SCALE)
200
TOTAL INIDUSTRIAL PRODUCTKDN
/-
ion
180
^^\-j
160
""
—N
MiiiiiiMi
/*
^
/-140
\
\
\J
^-1
\
\
Illllllllllllllllllllll Illllllllll Illllllllll
"
^~>
— UTILITIES
160
1
S\-
MINING.
120
^
200
MANUF/skCTURING PRODUCTK 3N
Illllllllll Illllllllll
100 Illlllllll! Illllllllll Illllllllll
180
'"*
\
160
PER CENT*
NONDURABIE fS
\
t
^v
•»
'^— \
90 -MANUF/\CTURING CAPACITY UTILIZATIO N RATE —
^~
140
\
|w^i»
/
80
A
r"~""**"">"~~l
\
DURA BLE
70
120
60 lllllllllU
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll
1983
1982
1984
1981
1985
1981
r^—
iiiniiiiii
1982
/"
Illllllllll
||||ll|llll
1984
1983
*SEASONALIY ADJUSTED
Illllllllll
1985
COUNCIL OF K.ONOMIC ADVISERS
SOURCE; BOARD OF GOVERNORS Of THE FEDERAl RESERVE SYSTEM
[Monthly data seasonally adjusted]
To tal
indus trial
produ ction
Period
Index,
1967=100
1967 proportion
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1984: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985:
1
Jan '.
Feb r
Marr
Apr"
Output ax pi'rccnl of capacity.
Industry proi uction indexes 1967 = 100
Capacity itilization
rate, perce it (Federal
Reserve series) *
Manufacturing
Percent
change
from year
earlier
100.00
Mining
Total
Durable
Utilities
Nondurable
Manufacturing
Industrial
materials
87.95
51.98
35.97
6.36
5.69
117.8
130.5
138.2
146.1
152.5
147.0
151.0
138.6
147.6
163.3
162.1
162.8
164.4
165.9
166.0
165.0
164.4
164.8
164.8
-8.9
10.8
5.9
5.7
4.4
-3.6
2.7
-8.2
6.5
10.6
13.7
12.7
12.3
10.8
9.4
7.3
6.1
6.1
5.5
116.3
130.3
138.4
146.8
153.6
146.7
150.4
137.6
148.2
164.8
163.4
164.2
165.7
167.3
167.6
166.6
166.2
166.6
166.6
109.3
122.3
130.0
139.7
146.4
136.7
140.5
124.7
134.5
154.6
152.6
153.3
154.9
157.2
157.8
157.1
157.1
157.6
157.6
126.4
141.8
150.5
156.9
164.0
161.2
164.8
156.2
168.1
179.4
179.1
179.9
181.3
181.8
181.7
180.3
179.4
179.6
179.6
112.8
114.2
118.2
124.0
125.5
132.7
142.2
126.1
116.6
125.7
123.3
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
182.7
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
81.5
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
82.5
82.7
82.9
83.1
83.2
82.4
81.0
80.9
80.4
165.1
165.3
165.8
165.4
4.2
3.3
3.1
2.0
166.6
166.5
167.1
166.7
157.6
158.0
159.0
158.4
179.6
178.9
178.9
178.8
125.6
124.8
126.1
124.2
183.6
188.2
187.7
188.2
81.2
80.9
81.0
80.5
80.5
80.8
80.8
80.2
Source: Board of Governors of the Federal Reserve Svstem.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100; monthly data seasonally adjusted]
Produe ts
p
inal produe s
Intern ediate proc ucts
C snsumer go ods
13quipment
Period
Total
Total
Durable
goods
Nondurable goods
Total
Business
Supplementary
group:
Energy
total
M
Defense
and
space
equipment
Total
Construction
supplies
supplies
1967 proportion
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
47.82
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5
147.1
162.7
27.68
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
151.7
161.6
7.89
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.2
147.5
162.0
19.79
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
153.4
161.5
20.14
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
140.8
164.1
12.63
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9
153.3
181.0
7.51
82.4
80.0
79.8
81.3
86.5
93.4
98.2
102.7
109.4
119.9
135.6
12.89
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
156.6
172.3
6.42
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
142.5
158.9
6.47
136.0
129.7
141.7
149.5
156.5
163.1
162.8
166.7
162.1
170.7
185.7
39.29
132.4
115.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7
145.2
161.2
12.23
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
135.9
142.5
1984: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
160.2
161.1
163.1
165.2
165.1
164.6
165.2
166.2
166.7
161.4
161.7
163.0
163.8
162.5
161.6
161.6
162.6
162.2
162.2
161.4
163.6
163.7
162.6
159.6
158.7
161.5
161.0
161.1
161.8
162.7
163.9
162.4
162.4
162.7
163.0
162.7
158.5
160.3
163.3
167.0
168.7
168.9
170.1
171.2
172.8
173.5
176.5
181.1
185.5
187.6
186.4
187.3
188.4
189.6
133.2
133.1
133.5
135.9
136.8
139.5
141.1
142.2
144.7
171.0
171.6
173.5
175.8
175.1
173.0
173.4
173.1
173.2
159.6
159.5
160.9
161.9
160.9
158.2
158.6
156.9
157.5
182.3
183.5
186.1
189.5
189.1
187.6
188.0
189.2
188.8
161.5
162.0
162.9
163.5
164.0
162.8
160.4
160.4
159.8
142.8
143.3
144.5
144.0
143.0
142.8
139.8
142.7
142.3
1985: Jan '
Feb r
Mar r .
Apr"
166.7
166.4
166.9
166.6
162.1
162.0
162.5
161.9
160.5
162.4
164.5
162.9
162.8
161.8
161.7
161.5
173.0
172.5
173.1
173.1
189.2
188.4
188.1
187.5
145.8
145.9
147.8
148.8
172.7
173.7
174.1
173.9
156.9
157.6
157.9
158.0
188.4
189.6
190.0
160.5
161.3
161.8
161.1
143.1
146.0
146.6
146.6
[1967 = 100; monthly data seasonally adjusted]
Nondurable rnanufactui es
Durable immufaetures
Primary metals
Transpc rtation
equip ment
Apparel
products
Printing and
publishing
Chemicals
and
products
3.31
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
4.72
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
144.1
152.5
169.7
7.74
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
215.0
228.1
8.75
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
156.4
163.2
Iron and
steel
Fabricated
metal
products
6.57
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
85.4
95.1
4.21
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
71.5
79.8
5.93
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
120.2
137.5
9.15
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
150.6
181.5
8.05
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178,4
169.3
185.5
217.4
9.27
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
117.8
137.6
4.50
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
137.1
165.7
1.64
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
137.2
148.7
1984: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
99.3
98.2
97.9
94.5
94.4
94.1
92.7
91.5
87.8
84.0
83.5
83.5
76.5
77.7
77.5
74.6
73.9
72.1
135.5
136.5
138.7
140.6
140.0
139.5
140.7
139.0
140.2
174.9
178.8
182.0
186.9
189.1
187.9
187.7
188.9
188.3
214.6
214.5
216.0
221.5
221.5
222.8
222.3
222.5
224.5
134.5
135.0
137.2
140.6
141.0
137.6
137.2
141.3
143.3
161.9
163.0
165.3
169.0
169.6
162.4
161.7
170.8
171.8
151.2
146.3
148.5
146.0
148.8
149.2
152.6
152.2
150.4
166.3
167.5
169.0
172.6
173.1
170.5
172.3
174.0
174.1
228.3
227.9
231.0
232.0
231.6
230.8
228.0
230.2
228.1
163.1
164.2
165.1
164.9
164.7
164.3
164.0
162.9
164.1
1985: Jan T
Feb '
Marr
Apr"
89.7
91.8
94.5
93.2
72.2
74.3
79.3
139.4
141.7
142.7
143.0
189.2
188.4
188.6
188.4
220.3
219.8
221.3
218.8
145.8
144.7
145.6
145.4
176.3
172.3
172.5
171.7
150.4
148.5
149.5
174.5
173.7
174.4
175.1
227.8
227.5
226.9
164.9
163.2
Period
Total
1967 proportion
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
Source: Board of Governors of the Federal Reserve System.
18
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber
and
products
Foods
[Monthly data seasonally adjusted]
Construe tio i contracts 2
Private
I'criwl
Tola! new
oontitruction
expenditure*
Resitlential
Total
Commercial
and industrial
New housing
Total '
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
I illions of dollars
173.8
205.6
230.4
230.7
239.1
230.1
262.2
309.7
1977
1978
1979
1980
1981
1982
1983
1984
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
22.5
29.6
39.9
43.8
51.3
54.6
48.7
63.7
65.7
75.8
78.6
63.1
62.7
51.9
86.1
102.8
32.2
36.7
42.7
44.7
47.9
49.7
51.0
56.7
100.0
114.0
121.0
108.0
112.0
111.0
137.0
149.0
38.2
45.9
48.8
55.0
53.3
51.0
50.8
55.8
1985:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb ".
Mar"
Apr"
309.7
308.6
316.4
315.3
314.2
318.0
318.7
312.8
308.1
307.6
255.0
254.1
261.2
257.8
258.2
261.2
260.9
256.1
251.6
251.3
316.4
323.8
324.2
258.6
265.7
265.6
141.1
136.6
138.4
136.4
137.8
138.9
137.1
131.1
125.9
122.7
128.4
133.1
134.8
59.6
61.0
64.9
63.0
62.2
64.1
65.8
68.4
69.9
72.0
73.5
74.8
75.0
102.4
102.7
106.4
105.0
104.6
105.0
103.2
103.4
102.5
101.9
102.3
102.0
102.3
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
for floor space.
756
937
Annual rates
Annual rates
1984:
739
977
1,059
904
919
690
54.2
56.5
57.9
58.4
58.2
58.1
58.0
56.6
55.8
56.5
56.6
57.8
55.7
54.8
54.5
55.2
57.5
56.0
56.9
57.8
56.7
56.5
56.3
57.8
58.1
58.6
145
147
163
144
150
148
146
145
151
150
150
145
162
161
899
957
990
899
955
992
910
948
1,005
1,041
974
990
1,049
1,104
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information System
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Units started, b' type of structure
Period
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
1977
1978
1979
1980
1981
1982
1983
1984
1 unit
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1,084.2
2-4 units
121.7
125.0
122.0
109.5
91.1
80.0
113.5
121.4
5 or more units
414.4
462.0
429.0
330.5
287.7
319.6
522.0
544.0
New private homes
Units
authorized
1,690.0
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
r
1,681.8
Units
completed
Homes sold
Homes for
sale at end of
period *
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
1,661
1,731
1,718
1,699
1,681
1,657
1,614
1,587
1,635
r
l,717
1,754
1,679
645
617
636
615
557
670
652
596
604
327
332
338
340
343
343
346
349
356
634
659
695
612
356
360
360
362
3
402
414
398
336
272
251
300
356
Vacancy rate
for rental
housing units
(percent) z
5.2
5.0
5.4
5.4
5.0
5.3
5.7
5.9
Seasonal y adjusted annu al rates
1984:
1985:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb r
Mar r.
Apr"
1
1,949
1,787
1,837
1,730
1,590
1,669
1,564
1,600
1,630
1,849
1,647
1,883
1,913
1,163
1,118
1,077
996
962
1,009
979
1,043
1,112
1,060
1,135
1,171
1,159
160
118
108
116
114
107
109
115
119
626
551
652
618
514
553
476
442
399
105
96
106
109
684
416
606
645
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
NOTE.—Beginning 1984, units authorized are for 17,000 permit-issuing places (in issues of Eco-
r
1,788
1,765
1,805
T
1,591
T
1,542
r
l,517
' 1,477
r
l,616
r
1,599
r
1,635
1,624
1,741
1,704
r
r
r
5.5
6.0
6.3
6.3
nomic 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.
Units authorized revised beginning 1984 for unadjusted data and beginning 1983 for seasonally
adjusted data.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales rose 0.4 percent in March and inventories fell $1.5 billion. According to advance
data, retail sales rose 0.9 percent in April, following a decline of 0.7 percent in March.
BULK 3NS OF DDL ARS* (RATIC) SCALE)
BILLIC)NS OF DOL ARS* (RATIC) SCALE)
170
160
150 —
650
600
j-in
550
^^^
500
450
..-^^
,
_
MAN UFACTURINCSAND
^ RIES
DE INVENTC
^
TR/ ^
«fc««^^
350
ir *•—«•«.
i»»
,x
400
^X"""
110
—
90
M>\NUFACTUR NO
Ah•ID TRADE SA tES
300
120
—
•^
^"••••^'
.^^
—
*»*•
*>,
„ — ,*•'•*— /-»^-
•'"N
.
JETAIL SALES
80
70
250
i—^^
<-—^*^~~ ^^
100
•**\
—^«.
f—
RETAIL INVE MTORIES-^si£.
140
130 —
S^
^^! l«"1
_
.
-
—
—
60
200
Illllllllll imilimi
50
llllllHH,
iiniiiiiii
Illllllllll
RATIC)*
1.80
_ INVENTORY-SALES RATIO
150
MAN UFACTURIN
A ND TRADE
1.60
1.40
Illllllllll Illllllllll illililllll Illllllllll lllll|ll|||
1981
1982
.SEASONALLY ADJUSTED
1984
1983
" f^~ ***v f*t
__
RETAIL *
1.20 llllllll|ll Illllllllll
1985
1982
1981
fm^fm—*
Sales
Inventories 3
2
ELS
*""**'**^s
—
Illllllllll Illllllllll Illllllllll
1984
1983
1985
COUNCIL OF ECCiNOMtC ADVISERS
5OURCE: DEPARTME NT OF COMMERCE
Manufact iring and
tnu e*
_
K/
^^
n^1
Inventory-sales ratio 4
Re tail
Wholesale
inventories 3
Sales 2
Sales
2
Inventories 3
Total
Durable
goods
stores
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
Retail
trade i
Millions of dollars, seasonally adjusted
1977
1978
1979
1980
1981
1982
1983
1984
1984: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
1985: Jan
Feb '
Mar"
Apr"
1
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
104,525
107,443
107,941
109,085
107,563
107,396
108,373
108,974
110,255
110,519
132,247 110,972
133,631 112,096
132,828 r 111,266
112,225
36,635
38,302
38,667
39,434
38,465
38,071
38,301
39,281
39,934
40,295
67,890
69,141
69,274
69,651
69,098
69,325
70,072
69,693
70,321
70,224
146,606
149,627
149,493
148,469
148,817
149,508
150,334
152,130
153,070
155,517
70,153
72,232
71,356
70,504
70,012
70,201
70,801
71,896
72,839
74,582
76,453
77,395
78,137
77,965
78,805
79,307
79,533
80,234
80,231
80,935
1.33
1.34
1.33
1.33
1.35
1.40
1.39
1.38
1.36
1.38
1.39
40,622
41,073
r
40,576
40,822
70,350
71,023
r
70,690
71,403
157,770
159,163
158,455
76,393
76,838
77,255
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
404,612
408,342
412,524
413,976
412,233
413,300
412,276
414,243
417,635
421,613
538,817
545,926
550,503
552,421
557,168
561,715
565,475
568,750
571,239
573,434
112,147
113,230
116,186
115,636
114,774
114,749
114,573
113,994
114,337
114,913
123,977
125,659
126,742
126,745
128,577
129,433
130,610
131,023
132,501
132,208
575,802
578,940
577,454
114,654
114,310
114,620
417,350
418,667
420,240
r
See page 21 for manufacturing.
2
Monthly average for year and total for month.
3
Book value, end of period, seasonally adjusted.
4
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end of month to sates for month.
20
r
r
81,377
82,325
81,200
1.36
1.37
1.37
1.37
1.36
1.38
1.38
1.37
1.39
1.40
1.39
1.41
1.42
1.42
1.42
NOTE.—Data for manufacturing and for manufacturing and trade beginning 1978 are as revised
in April issue of Economic Indicators.
Source: Department of Commerce, Bureau of the Census.
onir mur* 10, iw v r,n ixmits, AJMJJ UKUtKS
In March, manufacturers' shipments rose, new and unfilled orders fell, and inventories were unchanged. In April,
according to advance data, durable goods orders rose and shipments were unchanged.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
160
400
360
SHIPME NTS
200
"
—
^f*
170
DlJRABLE GOCIDS
\ ,~.-''-"
200
NOh DURABLE G( X5DS
120
„-
—r'
/ -
100
^~~,^
•~*
^-
——1 —
—1r
240
TOTAL
80
— INVENT DRIES
300
-"
_^— •^^__
TOTAL
—"—_.., M.
_„-"
,._
160
Dl RABLE GOC DS
100
4
f
NOK DURABLE GC3ODS
80
iiuitinn ninluui ninlinii
40 lllllllllH Illllllllll
60
BULK3IMS OF DOL LARS* (RATKD SCALE)
200
_NEWORDERS
160
s"
. ^'\f
^-.1
40
^^»-r-^—~-r- —
.
^-i
RATIO*
2.2
1OTAl
1
170
DLIRABLE GOO DS
««««-
~^~s
Illllllllll Illllllllll Illllllllll Illllllllll
INVENT.ORY-SHIPMtf NTS RATIO
2.0
'V ^...
8U
Illllllllll
-T--
1.8
"**' NON DURABLE GCXIDS
1.6
*"v
X-
1.4
40
innliint Illllllllll
1981
Illllllllll Illllllllll
1982
1983
iiiiilnni
1.2
Illllllllll
niiilnni
1981
1982
1985
1984
—
r^i
/]
Illllllllll Illll
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Manillacturers' shipcnents
l
Manufac turers'
M.anufacturers new orders i
inven tones2
Durable
Period
Total
Durable
goods
inn mn|imi
1984 1985
1983
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
goods
Capital
goods
industries,
ManufacNondurable goods
turers
unfilled
orders 8
non-
Manufacturers'
IDV6O-
tory—
shipments
ratio4
defense
Mlillions of do Ian, seasoilally adjust)sd
154,391
168,129
159,027
170,441
189,578
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
72,339
79,451
79,360
83,553
74,996
87,631
100,611
187,940
187,669
188,397
189,255
189,896
191,155
189,330
191,275
193,043
196,181
96,313
95,460
96,895
97,732
97,841
100,254
98,214
100,807
102,394
103,939
91,627
92,209
91,502
91,523
92,055
90,901
91,116
90,468
90,649
92,242
268,234
270,640
274,268
277,207
279,774
282,774
284,531
285,597
285,668
285,709
176,475
178,381
180,543
182,474
184,588
187,035
188,619
190,088
190,669
191,109
91,759
92,259
93,725
94,783
95,186
95,739
95,912
95,509
94,999
94,600
195,792
189,360
192,384
189,911
194,061
192,384
189,217
186,799
194,982
193,671
104,454
97,307
100,950
98,340
101,979
101,860
98,210
96,506
104,434
101,307
191,724
192,261
194,354
101,966
101,724
102,167
102,176
89,758
90,537
92,187
285,785
286,146
286,171
192,153
192,030
192,355
93,632 195,210
94,116 " 193,057
93,816 191,716
1977
1978
1979
1980
1981
1982
1983
1984
113,202
126,905
143,936
1984: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Peb
Mar r.
Apr"
1
Monthly average for year and
8
Boot value, end of period.
3
59,267
total for month. Shipments are the same as sales.
End of period.
* For annual periods, ratio of weighted average inventories to average monthly shipments; for
monthly data, ratio of inventories at end of month to shipments for month.
T
105,447
102,467
99,728
100,702
203,475
259,770
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
302,145
323,393
319,094
296,918
330,924
355,640
1.61
1.57
1.57
1.66
1.64
1.73
1.52
1.45
26,760
26,332
28,562
27,721
28,140
26,736
27,394
25,259
26,836
26,893
91,338
92,053
91,434
91,571
92,082
90,524
91,007
90,293
90,548
92,364
349,072
350,763
354,750
355,406
359,571
360,800
360,687
356,211
358,150
355,640
1.43
1.44
1.46
1.46
1.47
1.48
1.50
1.49
1.48
1.46
23,633
29,493
27,206
25,320
89,763 359,125
90,590 •"359,926
91,988 357,285
1.49
1.49
1.47
15,291
19,458
23,231
61,082
r
Note.—Series beginning 1978 are as revised STApril issue of EconomiiTlw&catan.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In April, the producer price index for all finished goods rose 0.3 percent, seasonally adjusted. Prices of finished
consumer foods fell 1.0 percent, and prices of other consumer goods rose 1.1 percent. Prices of capital equipment
were unchanged.
INDEX, 1967= 100 (RATIO SC:ALE>
320
.
CO ^SUMER GOOI)S
EXC:LUDING FOOC)S
300
INDE,<, 1967= 100 ( *ATIO SCALE)
320
—
FINISHE D GOODS
300'
1TOTAL FINISHE D
GOODS
\ __„•
280
** X
-•^—i«*•
K=»^^
j ^f^''\
/^^
260
^,^*
—
•'*
ftfj*
240
*^v
^^
^%
~~
"•*" ^~*
280
^*»
'* "\
9AA
CONSUMER F 3ODS
—
CAPITAL EQ UIPMENT
240
tc'f
f.
99ft
^$
'
*f
1
200
^'
/"" X^*
180 • ^<^^
160
Illllllllll
1977
''
99O
s**/
/"*
*Jr
/
'""fT
f
r
%
200
\s^ /
s'"
_^
180
iiiiiliini iiiiiliini
Illllllllll
1979
1978
1980
Illllllllll Illllllllll Illllllllll Illllllllll Illllllllll 160
I?i4~
1985
1981
1982
1983
aOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
Fin shed goods
Period
1977
1978
181.7
1979
1980
1981
1982
1983 r
1984
1984: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r
1985: Jan
Feb
Mar
Apr
1
Total
finished
goods
195.9
217.7
247.0
269.8
280.7
285.2
291.1
291.6
291.2
291.2
291.8
291.2
291.2
291.0
292.0
292.0
292.4
292.1
292.7
293.6
Consumer
foods
189.9
207.2
226.2
239.5
253.6
259.3
261.8
273.3
272.7
270.4
270.4
274.5
273.8
273.4
273.0
274.5
275.6
274.8
274.4
273.9
271.1
Firoished got)ds excluding consumer fooiIs
Consumer gcrods
Total
177.7
190.7
213.3
247.8
273.3
285.8
290.8
294.8
295.6
295.9
295.9
295.3
294.8
294.9
294.8
295.6
295.2
296.0
295.7
296.7
298.8
Intermediate materials for food manufacturing and feeds.
Source; Department of Labor, Bureau of Labor Statistics.
22
Intern ediate materials
Total
174.3
186.7
211.5
250.8
276.5
287.8
291.4
294.1
295.2
295.8
295.5
294.5
293.5
293.4
293.5
294.3
294.2
294.5
293.5
294.3
297.4
Durable
Nondurable
152.8
166.9
183.2
189.3
200.0
231.3
283.9
319.6
333.6
335.3
337.3
339.1
340.3
339.9
337.8
335.9
334.9
336.5
337.2
337.0
336.3
333.5
334.1
339.6
206.2
218.6
226.7
233.1
236.8
236.9
236.8
236.9
237.1
237.2
238.2
236.6
237.6
237.5
239.1
240.1
241.3
241.3
Cnide materials
Total
Capital
equipment
184.6
199.2
216.5
239.8
264.3
279.4
287.2
294.0
294.3
293.8
294.1
294.7
295.3
295.8
295.1
295.9
295.0
297.0
298.4
299.7
299.7
finished
consumer
goods
180.7
194.9
217.9
248.9
271.3
281.0
284.6
290.3
290.9
290.5
290.3
291.0
290.1
289.9
289.9
290.9
291.2
291.1
290.3
290.7
291.9
Total
201.5
215.6
242.2
280.3
306.0
310.4
312.3
320.0
320.1
320.9
321.5
320.9
320.3
320.0
320.4
320.9
320.7
320.4
318.9
318.4
319.1
Foods
and
feeds1
190.5
203.1
226.1
252.6
250.3
239.4
247.9
253.1
259.0
258.9
256.9
252.9
249.6
246.9
244.5
245.6
244.8
241.4
240.3
238.6
234.9
Other
Total
Foodstuffs
and
feedstuffs
202.3
216.5
244.4
282.3
209.2
234.4
274.3
192.1
216.2
247.9
304.6
329.0
319.5
323.6
330.8
335.4
332.5
330.4
331.3
327.4
327.6
324.5
329.1
328.5
322.2
316.1
311.5
307.7
259.2
257.4
247.8
252.2
259.5
264.8
259.1
255.5
257.7
253.1
254.4
251.6
260.4
260.9
255.5
250.4
243.5
236.1
310.1
315.7
317.1
325.0
324.7
325.6
326.3
326.0
325.6
325.4
326.0
326.5
326.4
326.3
324.7
324.3
325.4
Other
245.0
272.3
330.0
401.0
482.3
473.9
477.4
484.5
487.7
490.8
491.8
490.0
487.5
485.2
481.5
477.6
474.4
466.1
458.1
458.2
461.9
CONSUMER PRICES
In April, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted (also 0.4 percent
not seasonally adjusted). The index was 3.7 percent above its year earlier level.
INOE X, 1967= 100 (RATIO SCALE)
INDEX, 1967== 100
340
(RATIO S<
:ALE)
340
UNADJUSTED
320
'
320
^^*^
1
.—*-
_ n«*
300
300
—^^
^- '—1
—/
280
280
——^—|
—,
260
^/^
260
\
All ITEMS
7^-—
240
240
220
—7^-
220
200
-—
200
-^
180
180
^^
160
160
140
,,,„ ,....!.„.. Illllllllll Mil, 1,11,1 Illllllllll
Illllllllll imiliim Illllllllll
1977
1980
1979
1978
I1IM
SEE NOTE ON TABLE JEtOW
SOURCE: DEPARTMEN
rr OF LABOR
140
1985
1984
1983
1982
1981
COUNCIl OF ECONOMIC ADVISER!
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Tr ansportatk n
Housing
All
SheHer
Period
All
items *
Food
HomeTotal1
Total
Rentcosts z
NSA
costs
NSA
Rel. imp.5
1977
1978
1979
1980
1981
1982
1983
1984
100.0
18.7
37.7
181.5
195.4
217.4
246.8
272.4
289.1
298.4
311.1
192.2
211.4
234.5
254.6
274.6
285.7
291.7
302.9
186.5
202.8
227.6
263.3
293.5
314.7
323.1
336.5
21.8
191.1
210.4
239.7
281.7
314.7
337.0
344.8
361.7
103.0
108.6
1984: Apr
May
June
July
Aug
Sept
Get
Nov
Dec
308.8
309.7
310.7
311.7
313.0
314.5
315.3
315.3
315.5
301.6
301.0
301.5
302.6
304.2
304.4
305.4
305.9
307.2
333.3
334.2
335.0
336.8
338.5
340.2
340.5
341.2
341.8
357.6
358.7
359.9
362.5
364.1
366.0
367.4
368.6
370.1
1985: Jan
Feb
Mar
Apr
316.1
317.4
318.8
320.1
307.7
309.3
309.2
308.7
342.3
343.7
344.6
345.9
371.0
373.2
374.2
375.7
1
owners' 2
Maintenance
and
other
utilities
and
repairs
Apparupkeep
Total1
New
cars
Motor3
fuel
Medical
care
Energy 4
and
shelter
NSA
8.2
202.2
216.0
239.3
278.6
319.2
350.8
370.3
387.3
5.1
21.6
3.4
154.2
159.6
166.6
178.4
186.9
191.8
196.5
200.2
177.2
185.5
212.0
249.7
280.0
291.5
298.4
311.7
142.9
153.8
166.0
179.3
190.2
197.6
202.6
208.5
5.5
188.2
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
11.5
207.3
220.4
275.9
102.5
107.3
0.5
214.7
233.0
256.4
285.7
314.4
334.1
346.3
359.2
107.3
107.7
108.2
108.8
109.4
109.9
110.4
110.9
111.4
106.2
106.5
106.8
107.6
108.1
108.7
109.1
109.4
109.8
356.3
357.3
358.9
360.3
360.1
362.7
361.6
362.9
364.4
384.3
385.2
385.8
389.0
391.1
392.6
390.3
390.4
389.4
198.7
198.8
198.4
198.9
200.5
201.5
203.0
202.7
202.4
311.8
312.4
312.5
311.8
311.8
312.8
313.9
314.5
315.0
207.6
207.1
207.4
208.2
209.1
210.2
210.8
210.6
210.9
378.7
375.8
371.8
365.2
361.7
364.6
367.4
369.3
368.8
375.4
377.3
379.1
380.9
382.0
383.6
385.8
387.4
389.0
426.6
425.5
423.6
422.0
111.8
112.4
112.9
113.5
110.0
110.7
110.8
111.3
366.0
366.8
370.0
368.0
389.1
388.1
389.8
392.0
202.4
204.3
205.3
205.4
315.8
315.6
319.7
322.3
211.6
213.3
214.3
214.3
363.8
354.2
367.6
378.7
390.3
392.0
395.3
397.5
419.8
414.1
422.1
7.1
14.1
Includes items not shown separately.
December 1982= 100.
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.
0
Relative importance, December 1984.
2
3
4
Fuel
items
less
food,
energy,
361.1
410.0
416.1
419.3
423.6
421.5
423.7
423.4
424.0
423.0
429.9
48.0
169.5
179.1
191.5
208.3
228.1
245.6
258.4
271.2
269.0
270.0
270.9
271.7
272.9
273.9
274.7
275.2
275.9
277.2
278.7
279.9
280.4
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]
Che nge from pr seeding perkKJ
Change from 3 month s earlier, ann lal rate
Change from 6 month s earlier, ann al rate
Consume r goods
Consume r goods
Consume r goods
Total
finished
goods
Period
Capital
equipment
Excluding foods
Food!
Total
finished
goods
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Capital
equipment
Excluding
foods
Foods
Change
from
vear
earlier.
total
finished
goods
NSA
Cha nge, Bee. a Dec., N 3A
3.7
6.9
9.2
1976
1977
1978
1979
1980
1981
1982
1983
1984 '
2.5
6.9
11.7
7.4
7.5
1.4
2.1
2.3
3.5
12.8
11.8
7.1
3.7
.6
1.7
6.4
7.3
7.9
8.8
6.0
6.7
8.5
4.4
6.5
7.8
17.5
14.2
11.4
11.1
13.5
8.5
4.2
-.8
.8
9.2
3.9
1.9
1.8
9.2
4.0
1.6
2.1
CJ ange, month to mont h
0.0
1984: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec '.
— 1.1
-.1
.3
0
-.8
0
1.5
-.3
-.1
-.1
.5
.4
.1
g
1
-.1
.2
.3
-.2
-1.0
0
.2
— .2
,
0
— .1
r
185: Jan
Feb
Urn'
Apr;
0.3
.2
-.1
-.3
-.3
-.0
.0
.3
-.0
0.6
.2
.1
.2
.2
.2
-.2
.3
-.?
3.4
0.4
1.7
— .4
.3
0
0
-1.1
1.1
1.1
-3.8
-7.5
.1
-.3
.3
1.1
.7
.5
.4
0
1.9
.1
1.0
1.7
2.7
5.1
4.5
2.2
1.0
3.3
-2.8
— 1.4
1.1
1.1
-1.1
-1.1
.1
4.0
.2
3.1
3.9
— 1.1
-1.0
-.9
3.7
3.2
3.1
2.9
2.5
2.3
.5
1.4
.6
.2
.4
.4
0
0
.6
2.7
1.6
2.1
2.7
3.1
3.2
3.4
5.4
4.8
2.0
2.8
2.8
1.8
.8
-.2
-.4
.6
.6
3.3
1.5
.6
2.4
1.6
.3
-.5
2.6
3.4
6.5
3.7
1.4
2.7
-.1
-2.4
-5.3
NOTE.—NSA indicates data are not seasonally adjusted.
5.3
2.9
2.2
.5
2.1
2.3
.5
.8
4.2
3.9
1.8
-.9
-3.1
-1.7
.4
.6
1.0
1.8
— 1.4
2.9
2.4
2.1
2.3
1.8
1.5
1.4
1.9
1.7
1.1
.7
.3
.7
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Shelter
All
items '
Period
Food
Total"
Total
1
Homeowners'
Rent-
Adden him: All itenus, percent c hange
(annua rate)
Tri nsportati an
Housing
Fuel
and
other
utilities
Apparel
and
upkeep
Total
1
New
cars
Motor
fuel 2
Medical
care
items
less
food,
energy,
and
shelter
Energy 8
From
previous
From
3
months
From
6
From
year
earlier
NSA
NSA
c tiange, I ecember to Dec smber, N SA
4.8
1976
1977
6.8
9.0
1978
1979
1980
1981
1982
1983
1984
0.6
8.0
13.3
12.4
11.8
10.2
10.2
8.9
3.9
3.8
4.0
4.3
3.1
2.6
3.8
5.4
7.6
9.9
15.2
13.7
10.2
3.6
3.5
4.2
9.0
8.1
5.9
4.2
8.7
11.5
17.4
15.1
9.9
2.4
4.7
5.2
16.0
13.6
14.5
5.1
5.9
4.5
5.1
9.7
1.8
4.2
4.5
4.2
3.2
5.5
6.8
3.6
1.6
2.9
2.0
8.8
4.3
7.7
18.2
14.7
11.0
1.7
3.9
3.1
2.6
4.9
7.2
8.5
6.2
7.4 52.2
7.5 18.9
9.4
6.8
1.6 -6.5
3.4 -1.7
2.4 -2.4
4.8
10.1
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
7.0
5.8
5.2
6.5
7.2
9.9
9.4
6.1
5.0
4.4
6.5
7.7
11.3
13.5
10.4
6.1
3.2
4.3
Ch«inge, mo nth to nlontb
1984: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
,
0.4
.2
.2
.3
.4
.4
.3
.2
.3
.2
.3
.5
.4
.2
.4
.5
.1
.3
.2
.4
0.6
.3
.2
.5
.5
.5
.1
.2
.2
0.6
.3
.3
.7
.4
.5
.4
.3
.4
0.8
.4
.5
.6
.6
.5
.5
.5
.5
0.6
.3
.3
.7
.5
.6
.4
.3
,4
.2
.5
-.0
-.2
.1
.4
.3
.4
.2
.6
.3
.4
.4
.2
.6
.1
.5
-0.1
2
1
2
3
.5
.4
.5
0.7 -0.1
.2
.1
.2 -.2
.8
.3
.5
.8
.4
.5
.6
.7
.0 — .1
-.3 -.1
— .1
-.3
.4
.6
0
.9
.5
.0
Includes items not shown separately.
Includes direct pricing of diesel and gasoho) beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
4
Quarterly changes are shown in the last month of the quarter.
NOTE.—NSA indicates data are not seasonally adjusted.
24
0.6
.2
.0
2
0
.3
.4
,2
.2
.3
— .1
1.3
.8
0.0
o
.1
.4
.4
.5
.3
-.1
.1
.3
.8
.5
0
0.7
.8
-1.1
-1.8
-1.0
.8
.8
.5
— .1
— 1.4
-2.6
3.8
3.0
0.5
.5
.5
.5
.3
.4
.6
.4
.4
.3
.4
.8
.6
0.8
-.3
-.4
A
.
-.1
.5
— .1
.1
-.2
-.8
-1.4
1.9
1.8
0.4
.4
.3
.3
.4
.4
.3
.2
.3
.5
.5
.4
.2
3.7
3.7
3.6
3.2
4.5
4.8
3.6
3.2
2.7
3.8
4.5
4.3
3.4
3.0
4.5
4.3
3.6
3.7
3.8
3.5
3.6
3.7
2.6
3.2
4.1
4.9
3.4
3.3
3.5
3.7
4.5
4.2
4.2
4.1
4.2
4.2
4.2
4.0
4.0
3.6
3.5
3.7
3.7
Data beginning January 1978 are for ail 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 April while prices paid by farmers were unchanged.
INDEX, 1977-100 (RATIO SCAtE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
PRICES PAID
160
160
140
140
120
120
PRICES RECEIVED -
100
100
80
80
Illllllllll
Illlll 1
60
RATIO"
140
Illlll
60
RATIO"
140
120
120
100
100
80
80
60
ill
1977
1978
1979
60
Illllllllll
1980
1981
1983
1982
1984
1985
I/RATIO Of WOK Of PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL Of ECONOMIC ADVISERS
, DEPARTMENT Of AGRICULTURE
[1977 = 100]
Prices paid by farmer 8
Pric es received by farmers
Period
1977
1978
1979
1980
1981
1982
1983
1984
Livestock and
products
All farm
products
All commodities,
services,
interest, taxes,
and wage rates l
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio2
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
100
109
125
139
151
155
159
161
100
108
125
138
148
150
153
155
100
106
107
97
93
85
84
87
1984:
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
146
145
144
145
143
139
138
137
135
140
145
145
144
144
136
138
130
125
151
145
143
145
143
141
139
143
145
165
165
165
164
164
164
163
164
163
163
162
162
161
161
160
159
159
159
157
157
156
155
154
154
152
153
152
88
88
87
88
87
85
84
84
82
1985:
Jan
Feb
Mar
Apr
135
135
134
132
126
125
127
126
145
145
141
137
164
164
164
164
160
160
160
159
154
154
153
153
82
82
82
80
1
2
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
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 April, growth in Ml was unchanged from its March rate. M2 declined slightly, and growth in M3 slowed.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
BILLIONS OF DOLLARS*(RATIO SCALE)
400
400
300
1977
• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
HI
Period
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1984:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec '
Apr
May
June
July
Aug
Sept
Oct r .r
Nov
Dec r
,
1985: Jan '
Feb r
Mar'
Apr*
M2
Sum of currency.
demand deposits,
travelers' checks,
and other
checkable
deposits (OGDs)
Ml plus overnight
KPsand
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M3
L
M2 plus large
time deposits,
term BPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
335.3
363.0
389.0
414.8
441.8
480.8
528.0
558.5
539.2
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
2,241.1
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
2,788.0
2,815.2
2,839.0
r
2,862.0
r
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
3,544.0
3,293.3
3,328.0
3,366.7
3,402.7
' 3,429.7
' 3,459.0
3,480.2
3,508.9
3,544.0
562.7
569.4
572.1
575.0
2,398.9
2,420.9
2,429.0
2,427.6
3,020.6
3,041.0
3,055.4
3,057.4
3,568.1
3,591.3
3,611.1
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.
8
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
NOTE.—The nontr&osactions portion of M2 is seasonally adjusted as a whole to reduce distortions
26
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) '
2,829.1
3,200.0
3,583.5
3,926.1
4,311.8
4,709.7
5,224.4 .
5,936.6
5,458.0
5,519.7
5,575.5
5,635.0
'r 5,692.6
5,741.1
5,796.9
5,866.8
5,936.6
6,001.0
6,062.1
6,121.5
Perce nt change from year
or 6
months earlier 2
Ml
M2
M3
8.1
8.3
7.2
6.6
6.5
8.8
10.6
8.9
9.4
9.8
12.0
5.8
5.9
6.3
7.4
5.9
5.6
5.4
3.4
4.2
4.1
8.4
7.2
7.2
7.5
7.2
7.0
7.2
7.1
8.2
9.2
11.3
10.9
10.2
10.1
10.4
10.8
r 10.3
5.9
7.6
7.6
10.7
11.5
10.7
10.0
8.0
7.8
8.9
10.0
9.6
12.3
11.8
9.5
10.3
12.4
io.o
10.1
10.5
11.3
11.4
11.6
10.9
9.3
Debt
12.6
13.1
12.0
9.6
9.8
9.2
10.9
13.6
13.4
14.0
13.9
13.7
13.5
13.1
12.8
13.0
13.4
13.4
13.4
13.7
caused by substantial portfolio shifts arising from regulatory and financial changes in recent years,
especially shifts to MMDAa in 1983. A similar procedure is used to seasonally adjust the remaining
nontnms&ctions 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
Currency
Demand
deposits
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
Money market
mutua hind
balai ces
General
purpose
and
broker/
dealer
NSA
1977: Dec....
1978: Dec ....
1979: Dec....
1980: Dec ....
1981: Dec ....
1982: Dec ....
1983: Dec ....
1984: Decr..
1984:
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985:
Jan r
Feb '.
Mar •:
Apr *
88.6
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
17.5
28.2
78.2
14.7
20.3
21.2
28.3
35.9
103.5
131.3
146.0
38.8
53.8
57.5
152.1
152.8
154.3
155.0
155.9
156.8
157.1
157.9
158.7
245.9
246.3
248.9
247.3
246.8
247.5
244.5
246.8
248.6
136.1
138.3
139.0
139.4
141.0
142.2
141.8
143.9
146.0
159.4
160.5
161.3
161.7
249.1
251.7
251.9
252.5
149.0
151.8
153.6
155.3
4.2
8.5
Institution
only
NSA
NSA
2.4
6.4
33.4
61.6
150.6
185.2
0.9
3.1
9.5
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits '
Large
denomination
time
deposits'
NSA
0.0
.0
.0
.0
.0
492.1
481.7
423.3
400.8
344.4
357.8
138.2
167.5
15.2
38.0
51.1
43.2
62.7
43.2
379.2
415.1
56.3
58.3
55.9
56.3
'58.5
56.7
56.8
58.0
r
57.5
145.9
146.5
148.9
150.5
150.6
152.1
155.6
162.0
T
167.5
45.0
45.3
45.7
46.1
46.2
46.9
52.2
58.3
62.7
401.0
399.4
397.8
394.2
388.9
388.6
392.0
402.4
415.1
301.9
301.5
300.8
299.1
296.5
294.6
292.6
290.7
288.6
62.8
69.6
67.8
59.2
171.9
175.0
177.4
176.1
65.0
62.2
59.5
59.6
433.7
448.4
457.9
460.3
288.6
289.4
288.6
287.8
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.
307.0
288.6
Term
repurchase
agreements
(KPs)
Term
Eurodollars
(net)
NSA
NSA
avS alt
ings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
L-ommercial
paper
_,
222.0
258.9
302.1
328.3
330.8
416.2
19.1
26.6
29.5
34.0
36.0
34.5
51.8
69.7
20.2
31.8
44.7
50.3
67.5
81.7
91.5
83.2
76.4
80.3
79.6
72.3
67.8
67.9
71.1
74.1
78.3
81.9
108.4
133.8
150.3
188.8
223.8
271.8
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
811.2 357.7
822.6 369.8
834.0 379.5
843.6 389.3
855.0 392.6
r
864.5 * 396.0
r
872.7 r405.1
r
878.5 r 410.7
r
885.6 r416.2
57.3
59.5
59.2
60.0
64.1
66.6
69.3
70.7
69.7
93.1
93.6
89.5
r
88.3
r
86.5
r
85.6
r
80.6
r
81.9
r
83.2
72.5
72.7
73.0
73.1
73.3
73.6
73.7
73.9
r
74.1
242.0
241.5
251.6
259.9
269.2
280.4
279.9
275.0
271.8
44.7
46.5
47.7
48.2
47.8
46.8
44.8
42.5
41.3
146.1
152.0
155.5
159.4
160.5
157.2
156.7
157.6
161.8
65.0
65.7
69.1
73.1
81.2
81.3
84.6
80.6
74.4
74.9
75.3
272.7
268.2
266.9
40.8
42.5
44.3
159.6
164.8
169.1
445.6
521.2
634.6
729.0
823.6
851.5
784.6
885.6
881.9
877.6
878.6
885.6
145.0
195.1
416.9
419.4
423.7
427.1
107.0
135.2
161.8
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 BtaUment eredit outstandin*'
Ins tollmen! credit outstanding (end of perim1)
Period
Total
1980:
1981:
1982:
1983:
1984:
Dec
Dec
Dec
Dec
Dec
1984: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1985: Jan
Feb r
Mar
1
:
Automobile
Revolving
76,366
7,662
5,142
17,559
29,964
5,409
4,710
11,434
18,487
5,929
6,792
9,093
7,082
6,481
6,022
4,982
5,631
6,080
6,819
1,048
2,340
3,641
2,725
3,087
2,482
1,513
2,504
2,549
2,687
2,960
1,851
2,638
1,356
24,435
24,552
139,660
142,118
144,794
147,604
149,892
151,952
153,810
155,841
157,849
160,419
24,393
24,675
24,664
162,957
165,991
168,322
7,223
9,041
8,342
2,887
3,198
3,391
1,957
2,527
2,631
Total
Revolving
296,290
312,907
328,275
376,006
452,372
112,134
119,796
124,938
142,497
18,783
19,890
22,491
23,773
24,552
110,473
112,912
115,827
133,283
160,419
16,617
15,368
47,731
172,461
54,900
60,309
65,019
76,453
94,940
393,390
400,182
409,275
416,357
422,838
428,860
433,842
439,473
445,553
452,372
148,933
151,273
154,914
157,639
160,726
163,208
164,721
167,225
169,774
172,461
81,029
82,880
85,518
86,874
87,646
88,909
90,393
91,881
93,495
94,940
23,768
23,911
24,049
24,240
24,574
24,791
24,918
24,526
459,595
468,636
476,978
175,348
178,546
181,937
96,897
99,424
102,055
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Mobile
home
Automobile
Other
772
1,263
1,484
1,488
1,614
1,445
Mobile
home
1,107
2,601
1,282
779
23
143
138
191
334
217
127
-392
-91
117
-159
282
-11
Other
2,439
2,915
17,456
27,136
1,898
2,458
2,676
2,810
2,288
2,060
1,858
2,031
2,008
2,570
2,538
3,034
2,331
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.
BIUIONS OF DOLLARS * (RATIO SCALE)
BILLIONS OF DOLLARS * (RATIO SCALE)
2,000
1,800
1,600
1,400
—
2,000
1,800
1,600
1,400
All COMMERCIAL BANKS
1,200
1,200
1,000
1,000
800
800
LOANS AND LEASES
600
600
400
400
U.S. GOVERNMENT SECURITIES
200
200
160
160
OTHER SECURITIES
120
120
80
80
60
Illllllllll
60
1977
1979
1978
1980
1981
1982
1984
1983
• SEASONALLY ADJUSTED.
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1985
COUNCIL OF ECONOMIC ADVISERS
{Billions of dollars, seasonally adjusted, except as noted]
3
Depos itory institutions
Al commercial ban I S 1
IU serves adjust id
for changes iti
res srve requirem snts
Loans and leases
Period
Total loans
and
securities
1977:
1978:
1979:
1980:
1981:
1982:
1983:
1984:
1984:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1985: Jan r.
Feb r.
Marr
Apr'
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
Total2
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
355.1
391.5
412.8
468.1
438.5
448.0
452.2
455.0
458.1
4
460.0
463.0
467.1
468.1
468.4
473.4
480.4
480.9
U.S.
Government
securities
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, 1964 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
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
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
39.60
Borrc wings
(millions of dollars,
unad usted)
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
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
Seasonal
55
135
81
116
54
33
96
113
139
196
264
308
346
319
299
212
113
62
71
88
135
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 System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
Ci edit market fu nds
Internal 1
Total
Total
1974
1975
190.3
1976
1977
1978
1979
1980
1981
1982
1983
1984 ".
1983: I
n
:.
m
IV
1984: I
n
m
IV ».
157.0
211.0
254.1
317.5
345.2
335.2
364.2
309.4
436.3
480.6
333.9
449.2
443.3
519.1
515.9
477.6
430.8
498.3
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.4
234.3
280.5
336.3
250.4
269.7
292.5
309.3
319.6
331.7
340.7
353.4
104.7
37.3
76.8
96.7
141.8
156.4
145.7
133.8
75.0
155.9
144.3
83.5
179.5
150.7
209.8
196.3
145.9
90.1
144.9
70.2
30.8
54.7
72.4
80.5
88.2
90.9
91.5
81.4
87.8
91.4
68.7
86.5
66.6
129.4
112.3
75.4
63.0
115.0
Securities
and
mortgages
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
-23.6
-76.8
-7.1
23.3
1
Undistributed profits {after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
ab
™??'
.
,
,. . „. .
, , , , , . , .
.„
2
Consists of tax liabilities, trade debt, and direct foreign investment in the TU.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
112.5
1.7
.6
29.6
93.6
135.9
152.2
70.1
91.7
Total
Other 2
34.5
6.5
22.1
24.3
61.3
68.2
54.8
42.3
-6.4
68.1
52.9
14.8
93.1
84.1
80.4
84.1
70.6
27.1
29.8
190.1
150.9
201.8
237.6
293.6
343.7
317.6
334.2
258.0
384.3
442.9
282.3
390.5
395.4
468.8
483.8
441.9
386.7
459.4
Capital
expenditures 3
137.9
109.7
148.3
175.1
201.6
219.4
221.2
271.3
229.6
256.2
367.0
206.9
255.3
270.6
291.9
354.5
364.4
388.3
361.0
Increase in
financial
assets
Discrepancy
(sources less
uses)
52.2
41.2
53.5
0.2
6.0
9.2
62.5
92.0
124.3
96.5
62.9
28.4
128.1
75.9
75.4
135.1
124.8
177.0
129.3
77.5
-1.6
98.4
16.5
23.8
1.5
17.6
30.0
51.3
52.1
37.7
51.5
58.7
47.8
50.3
32.1
35.7
44.1
38.9
a
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
[BiHions of dollars, except as noted]
Current liabilitiE s
Curren assets
End of period
Total
Cash
U.S.
Govern-
securities
SEC series: 2
1970
1971
1972
1973
1974
QFE-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983: I
n
m
rv
1984: I
n
TTTP
1
2
492.3
529.6
599.3
697.8
790.7
50.2
53.3
59.0
66.3
735.4
759.0
827.4
912.7
1,043.7
1,214.8
1,327.0
1,418.4
1,432.7
1,557.3
1,444.2
1,468.0
1,522.8
1,557.3
1,600.6
1,630.6
1,667.3
Notes and
accounts
receivable
Invento-
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio '
322.1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
66.4
71.7
304.9
326.0
375.6
450.9
530.4
211.3
220.5
282.9
340.3
402.3
93.6
105.5
92.7
110.7
128.1
187.4
203.6
223.7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
265.8
272.1
292.9
330.3
388.0
459.0
506.8
532.0
519.2
577.8
525.3
539.3
565.0
577.8
596.9
612.4
628.0
319.5
315.9
342.5
376.9
431.8
505.1
542.8
583.7
578.6
599.3
577.6
576.2
597.3
599.3
623.1
633.3
662.5
65.9
69.9
80.3
90.1
101.1
116.0
131.8
149.5
165.2
183.7
172.1
176.4
183.0
183.7
186.3
193.2
194.0
453.4
451.6
495.1
557.1
669.5
807.3
889.3
970.0
976.8
1,043.0
983.4
990.2
1,026.6
1,043.0
1,079.0
1,111.9
1,143.0
269.8
264.2
282.1
317.6
383.0
460.8
513.6
546.3
543.0
577.9
530.9
536.6
559.4
577.9
584.1
604.6
624.7
183.6
187.4
213.0
239.6
286.5
346.5
375.7
423.7
433.8
465.2
452.6
453.6
467.2
465.2
495.0
507.3
518.4
282.0
307.4
332.4
355.5
374.3
407.5
437.8
448.4
455.9
514.3
460.8
477.8
496.3
514.3
521.6
518.6
524.3
1.622
1.681
1.671
1.638
.559
.505
.492
.462
.467
.493
.469
.483
.483
.493
1.483
1.466
1.459
206.1
221.1
248.2
288.5
71.1
7.7
11.0
10.6
12.8
12.3
73.2
82.1
88.2
97.2
105.5
118.0
126.9
135.5
147.0
165.8
143.1
147.9
150.5
165.8
159.3
155.0
150.6
11.1
19.0
23.5
18.2
17.2
16.7
18.7
17.6
22.8
30.6
26.0
28.2
27.0
30.6
35.1
36.7
32.3
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 Corporation!, 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.
3
Other
current
assets
NOTE.—SEC series not available after 1974. See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Department of Commerce {Bureau
of the Census), Federal Trade Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates fell in May.
PERCENT PER ANNUM
PERCENT PER ANNUM
1984
1985
COUNCtt OF ECONOMIC ADVISERS
SOURCE; SEE TAKE BEtOW
[Percent per annum]
TJ.S. Ttaasury security yields
Period
Constant ITlabilities
2
3-month bills '
3-year
10-year
High-grade
municipal
bonds
(Standard3&
Poor's)
Corporate
Aaa bonds
(Moody's) *
Prime
conuQcrci&l
paper, E
6 months
Discount rate
(N.Y. F.R.
Bank)*
9.72
11.55
14.44
12.92
10.45
11.89
9.44
11.46
13.91
13.00
11.10
12.44
6.39
8.51
11.23
11.57
9.47
10.15
9.63
11.94
14.17
13.79
12.04
12.71
10.91
12.29
14.76
11.89
8.89
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
12.75
13.41
13.56
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
13.28
13.55
13.44
12.87
12.66
12.63
12.29
12.13
12.08
12.13
12.56
12.23
11.77
10.87
11.23
11.34
11.16
10.94
10.16
9.06
8.55
8.15
8.69
9.23
8.47
7.90
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-
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-
7.62
7.87
7.76
7.69
7.28
7.22
10.29
10.32
10.06
9.75
9.43
9.48
9.43
9.23
8.90
9.03
8.83
12.09
12.15
12.03
11.77
11.50
8.20
8.31
8.11
7.96
7.60
8.00-8.00
8.00-8.00
8.00-8.00
8.00-8.00
8.00-7.50
7.50-
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.00
10.00-
1979
1980
1981
10.041
11.506
14.029
1982
1983
1984
10.686
8.63
9.58
1984: May
June
July
10.16
10.28
11.77
13.41
11.02
8.50
8.80
Open-close
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May"
Week ended:
1985: Apr 27
May 4
11
18
25
June 1
13.18
13.08
12.50
12.34
11.85
10.90
10.56
10.43
10.55
11.05
10.49
9.77
13.36
12.72
12.52
12.16
11.57
11.50
11.38
11.51
11.86
11.43
10.87
11.27
11.33
11.17
10.89
10.60
1
Rate on new issues within period; bank-discount basis.
* Yields on the more actively traded issues adjusted to constant maturitiea by the Treasury Department
* Weekly data are Wednesday figures.
* Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate
issues.
8
Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
30
Prime rate
charged by
banks'
12.67
15.27
18.87
14.86
10.79
12.04
Open-close
New-home
mortgage
yields
(FHLBB)7
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
r
11.92
12.05
8
7
Average e0ective rate for year; opening and closing rate for month and week.
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 tile Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose in May.
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
imlmn
niilllllll
1977
1978
1979
I l l l l l l l l l l Illllllllll Illllllllll Illllllllll
1980
1981
1982
1983
1984
40
1985
PERCENT
PERCENT
20
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
COUNCIt Of ECONOMIC ADVISERS
Co ounon stock price i 1
Period
NCTi York Stock Exe hange indexes (I ec. 31, 1965=51))
Composite
1979
1980
1981
1982
1983
1984
1984:
May
June....:
July
Aug
Sept
Oct
Nov
Dec
1985: Jan
Feb
Mar
Apr
May"
Industrial
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
106.88
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
121.74
105.01
105.50
103.98
105.06
107.24
109.14
120.35
120.74
118.84
119.74
121.92
124.26
Transportation
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
99.39
Utility
2
Finance
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
57.25
55.70
56.02
55.52
56.23
57.60
58.43
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143=10)4
Common stiock 5yields
(perce nt)
Dividendprice ratio
92.94
95.28
95.29
101.34
109.58
107.59
109.39
115.22
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
1,277.68
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
184.68
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
109.58
111.66
110.25
112.99
116.88
118.03
,268.07
,276.74
,249.87
,256.96
,277.54
,303.40
181.15
182.09
179.58
181.51
185.22
188.76
4.35
4.33
4.43
4.40
4.30
4.20
61.42
64.25
73.52
71.99
95.34
89.28
85.06
80.75
79.03
87.92
91.59
Earningsprice ratio
13.46
12.66
11.96
11.60
8.03
10.56
9.96
Week ended:
1985: Apr 20
27
May 4
11
18
25
1
2
3
4
Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
96.76
96.20
94.53
97.19
99.68
101.92
6
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Cor. poration.
31
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
BILUONS OF DOLLARS
1,000
_ BUDGET RECEIPTS AND OUTLAYSy
1,000
900
900
- BUDGET OUTLAYS =£-
800
800
700
700
600
600
BUDGET RECEIPTS
500
500
400
400
_
BUDGET SURPLUS OR DEFICIT (-)
-100
-100
-200
-200
1978
1977
1979
1980
1981
1982
1984
1983
1985
1986
FISCAL YEARS
\J INCLUDES OUTLAYS OFF-BUDGET UNDER CURRENT LAW, PROPOSED TO BE ON-BUDGET.
COUNCIl OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
(Including outlays off-buo get under
current law, which are pro posed to be
U1C luded on-budg 5t)
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
1
Outlays
-14.9
-6.1
-53.2
0.1
1.4
8.1
355.6
399.7
463.3
517.1
599.3
617.8
600.6
666.5
740.6
794.3
371.8
96.0
409.2
458.7
503.5
590.9
678.2
745.7
808.3
851.8
953.9
971.7
-73.7
14.7
-53.6
-59.0
-40.2
-73.8
-78.9
-127.9
207.8
-185.3
213.3
-177.4
7.3
1.8
8.7
10.4
12.5
14.2
21.0
17.3
12.4
10.0
10.3
.5
384.5
434.8
492.7
553.5
-108.3
-118.7
2.0
2.9
Estimates from Current Budget Estimates, Office of Management and Budget, April 15, 1985.
32
Surplus or
deficit (— )
Outlays
Off-budget
under
current
law;
proposed to
be included
on-hudget
245.7
269.4
332.3
230,8
263.2
279.1
298.1
81.2
Gross Feder al debt (end
of pe riod)
Coir ponents of bu(Iget
Budget totals
On-budget u.nder current
la w
Outlays
Held by
the public
Surplus or
deficit (— )
468.4
486.2
544.1
631.9
646.4
709.1
780.4
343.0
346.1
396.9
480.3
498.3
551.8
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
833.8
914.3
1,003.9
1,147.0
1,381.9
1,576.7
1,841.9
2,073.9
610.9
644.6
715.1
794.4
929.4
1,141.8
1,312.6
1,513.9
1,692.5
490.8
550.6
-106.3
-115.7
1,490.7
1,737.1
1,244.4
1,435.6
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
Sources: Department of the Treasury and Office of Management and Budget.
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 DOLLARS
BILLIONS OF DOLLARS
400
400
—
BUDGET RECEIPTS
INDIVIDUAL INCC ME TAXES
__.,
_-—
—
300
300
~
-/•
200
rnppnuATinN INCOME TAXFS
100
200
SOCIAL INSURANCE
TAXES AND CONTRIBUTIONS
—
100
0
0
700
BUDGET OUTLAYS-^ •
700
NONDEFENSE
600
600
500
500
400
400
300
300
NATIONAL DEFENSE
-V
200
200
100
100
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
FISCAL YEARS
±/ 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]
B» dget receif ts
Period
Total
Individual
income
taxes
Corporation
income
taxes
131.6
157.6
41.4
54.9
60.0
Budget sutlays
To tal
Social
insurance
taxes
and
contributions
Other
90.8
34.3
106.5
121.0
138.9
157.8
182.7
201.5
288.7
36.6
37.8
40.8
50.6
69.5
69.3
65.6
71.7
72.9
71.0
133.8
151.9
40.5
41.7
Including offbudget
items
Onbudgc!
items
371.8
409.2
458.7
503.5
590.9
678.2
745.7
808.3
364.5
400.5
448.4
National defense 1
Total
Department of
Defense,
military
Intern itional
affi irs
Including offbudget
items
Onbudget
items
6.4
6.4
5.6
Social
security and
medicare 1
Ot ier
Healt h and
income security
Including offbudget
items
Onbudget
items
76.5
76.5
78.3
Net
interest'
Including offbudget
items
26.7
82.8
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
(3)
(s)
68.6
78.5
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
181.0
217.8
244.1
285.9
297.7
288.9
296.2
331.1
358.4
179.7
205.9
65.7
64.6
61.1
49.2
37.0
56.9
69.5
76.2
30.5
35.4
209.0
241.7
267.1
491.0
576.7
657.2
728.7
796.0
157.5
185.3
95.3
102.3
113.7
331.0
153.8
180.7
851.8
841.8
227 .4
953.9
943.6
971.7
971.2
253.8
285.7
492.7
553.5
490.8
550.6
129.7
141.6
125.9
137.2
no outlays off-budget under current law in this function.
from Current Budget Estimates, Office of Management and Budget, April 15, 1985.
Not available.
NOTE.—Outlays off-budget under current law are proposed to be on-budget.
Starting in fiscal 1985 military retired pay is financed from a trust fund in the income security
function. The national defense function includes accrual charges to pay for retirement benefits
209.9
88.1
204.4
220.8
246.3
277.5
1
There are
2
Estimates
3
89.6
97.2
104.5
116.3
134.0
7.5
7.5
4.9
6.0
6.2
89.7
104.4
116.6
130.6
150.6
178.7
12.7
13.1
12.3
11.8
15.9
19.0
18.0
10.8
11.2
10.0
13.1
16.6
17.7
202.5
223.3
235.8
256.0
268.6
(3)
(3)
7.6
9.2
136.4
145.6
9.0
78.3
80.0
86.9
109.7
126.6
135.2
151.2
143.1
162.1
151.2
80.0
86.9
109.6
125.8
134.5
150.8
143.0
162.1
151.2
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.1
129.6
141.3
m
m
86.5
100.4
61. »
75.2
76.3
earned by currently active duty personnel, and these are offset in (he undistribuird offsetting receipts (employer share, employee retirement).
Data for all periods in this table are shown on as comparable a basis n* is- frusihic.
Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Managrmrnl and Biid#ri
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter of 1985, according to preliminary data, Federal receipts rose $47.4 billion (annual rate) and
expenditures rose $10.8 billion, yielding a deficit of $161.1 billion.
BILLIONS OF DOLLARS
1,000
BILLIONS OF DOLLARS
1,000
SEASONALLY ADJUSTED ANNUAL RATES
900
900
800
800
EXPENDITURES
\
700
.f~\~"
700
600
600
RECEIPTS
500
500
400
400
I
I I
I I
-100
-200
-200
1977
1985
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jovernment expenditur ;s
Federal Governme it receipts
Period
Total
Fiscal year:
1980
1981
1982
1983
1984
Calendar year:
1980
1981
1982
1983
1984
1982: HI
IV
1983: I
n
m
IV
1984: I
II
Ill
IV
1985: I r.
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
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
213.9
228.3
259.1
576.5
668.2
740.0
816.4
857.9
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
769.3
257.7
298.7
306.2
295.2
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
66.5
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
56.6
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
930.5
315.0
298.8
300.9
298.2
304.7
284.6
293.3
301.6
310.7
319.7
327.9
360.9
170.0
197.0
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
34
Grantsin-aid to
State
and
local
govern-
Subsidies
LessWage
accruals
less
disbursements
Purchases
of goods
and
services
Transfer
payments
189.3
218.4
250.6
273.2
285.2
239.4
279.5
310.6
344.6
348.4
90.1
83.4
85.7
90.8
50.7
67.7
82.3
90.3
109.7
10.4
12.5
13.0
22.2
23.9
0.0
.1
-.0
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
316.8
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
371.7
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
53.4
73.3
84.4
94.2
116.7
87.5
87.0
87.7
90.0
97.3
102.0
107.6
110.9
122.0
126.4
128.5
11.5
12.3
16.1
23.4
22.3
14.5
23.5
.0
86.7
Net
interest
paid
current
surplus of
Government
enter-
18.5
20.5
24.1
30.6
34.4
17.7
16.5
20.7
18.4
^
.1
.1
-.0
-.4
.1
.0
.0
.0
-1.3
-.4
.0
.2
.2
-.4
.5
.1
or deficit
( )
national
income
and
product
accounts
-50.7
-58.9
-113.6
-189.3
-170.3
-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
-161.1
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Indu Btrial prod uction (seaaonally adju ted)
Period
United
States
Canada
Japan
France
Germany
201.1
215.3
225.2
227.5
228.4
236.5
155
163
161
160
158
159
161.5
162.0
159.1
154.5
155.7
162
157
162
159
166
166
160
163
161
157
155
r
146.1
157.8
1980
1981
1982
1983
1984 '.
152.5
147.0
151.0
138.6
147.6
163.3
167.6
165.1
165.9
149.5
157.6
171.1
1984: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
160.8
162.1
162.8
164.3
165.9
166.0
165.0
164.4
164.8
164.8
167.1
168.0
169.4
170.5
176.9
175.0
172.1
' 173.0
' 175.7
'176.7
254.1
255.4
261.5
262.8
264.0
266.0
262.8
270.7
271.8
270.3
165.1
' 165.3
' 165.8
165.4
175.1
174.5
271.8
271.6
1978
1979
,
r
1985: Jan
Feb
Mar
Apr"
1
!61
154.1
159.4
158.3
160.4
144.0
164.8
162.5
163.3
165.9
166.5
166.0
r
162
ttmniinr I prim (• nuiljiiMnl)
United
Kingdom
Italy
Canada
.lepan
Pruni-r
Ucmunr
lli.lv
United
Kingdom
132.9
124.1
119.7
122.3
126.4
127.5
195.4
217.4
246.8
272.4
289.1
298.4
811.1
202.5
166.5
163.8
158.8
153.7
158.5
221.0
243.5
273.9
303.5
321.0
835.0
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
175.8
186.9
196.8
203.3
208.2
286.2
328.5
398.0
472.4
549.4
631.8
698.8
316.6
359.0
423.6
473.9
514.7
538.3
565.1
159.8
153.5
159.1
160.5
158.5
160.8
162.6
158.6
156.8
161.0
128.0
126.7
125.7
126.4
126.1
126.4
127.4
127.5
128.2
128.8
307.3
308.8
309.7
310.7
311.7
313.0
314.5
315.3
315.3
315.5
331.9
332.7
333.3
334.7
336.6
836.6
336.9
337.5
339.7
339.9
315.1
315.9
318.2
315.6
316.2
313.4
318.5
321.0
319.0
319.6
431.0
433.6
436.2
438.4
441.5
443.7
445.9
449.0
450,3
451.2
207.3
207.7
207.8
208.6
208.2
207.8
208.0
209.2
209.6
209.8
690.6
695.4
699.6
703.8
705.9
708.0
713.0
720.1
724.4
729.5
554.4
561.8
563.9
565.3
564.7
570.0
571.1
574.6
576.4
575.9
130.5
130.3
316.1
317.4
318.8
320.1
341.3
348.5
344.3
345.7
321.3
318.7
320.2
453.5
455.8
459.0
211.0
211.9
212.6
736.8
744.2
749.4
756.1
578.0
582.7
588.1
600.6
147.9
157.6
127.8
166.5
166.0
166.2
Beginning January 1978 data relate to all urban consumers.
United
States >
160.2
166.9
Source: National sources as reported by Department of Commerce, International Trade Administration, Office of Trade and Industry Information, Trade Statistics Division, in International Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Here landise exports *
Total
Period
domestic
and
foreign
exports
Total
2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Mercha ndise trade jalance
Merc utndise imparts
Domestic exports
Gen era! import
Manufactured
goods
Total
2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Exports
3
factured
goods
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 e
Monthly average:
1975'
1976'
1977*
1978*
1979'
1980
8,971
9,602
10,103
11,973
15,155
18,386
8,847
9,462
9,919
11,762
14,886
18,043
1,399
1,436
1,330
1,717
2,049
2,534
1,266
1,341
1,548
1,746
2,352
2,810
5,913
6,437
6,679
7,873
9,716
11,991
8,209
10,290
12,533
14,563
17,455
20,406
827
991
1,186
1,312
1,478
1,546
2,716
3,457
4,463
4,325
5,949
7,831
4,257
5,398
6,379
8,360
9,352
10,427
8,823
11,042
762
688
148
-1,440
13,368
15,504
18,519
21,415
-2,430
-2,590
-2,300
-2,020
3,265
-3,530
-3,364
-3,030
Customs value
1981
1982
1983
1984
19,473
17,683
16,707
18,155
19,075
17,256
16,326
17,670
2,767
2,248
2,248
2,276
2,752
2,793
2,463
2,624
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
1984: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
17,208
17,906
17,520
17,978
17,705
19,154
18,123
18,210
18,411
18,395
19,142
16,782
17,390
17,071
17,493
17,250
18,675
17,665
17,709
17,886
17,857
18,623
2,170
2,477
2,151
2,150
1,880
2,155
2,131
2,586
2,336
2,506
2,413
2,427
2,806
2,575
2,818
2,644
2,733
2,609
2,440
2,352
2,454
2,988
11,407
11,290
11,541
11,684
11,834
12,746
11,854
11,946
12,329
12,148
12,409
26,420
26,948
28,074
26,012
25,276
31,334
26,866
28,409
26,783
27,331
25,933
1,773
1,865
2,028
1,761
1,576
2,002
1,711
1,803
1,924
1,705
1,719
6,106
6,291
6,618
5,648
6,049
6,497
5,815
5,755
6,106
6,158
5,689
17,857
18,022
18,489
17,815
16,831
21,824
18,598
20,027
18,037
18,499
17,777
27,587 —9,212
28,178 -9,043
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
10,379
-10,272
-11,880
-9,284
8,755
-13,771
-10,090
-11,543
-9,653
- 10,222
8,033
1985: Jan
Feb
Mar
19,401
17,853
18,446
18,852
17,358
17,881
2,161
1,995
1,973
2,562
2,542
2,386
13,282
11,967
12,538
28,297
27,985
28,129
1,932
1,817
2,128
5,373
4,988
4,372
19,879
20,347
20,716
29,687 -8,896
29,299 -10,131
29,492 -9,683
-10,285
— 11,446
-11,046
1
Department of Defense shipments of grant-aid military supplies and equipment under the Miiitary Assistance Program are excluded from totals for all periods and from monthlv detail beginning
January 1978.
2
Total includes commodities and transactions not classified according to kind.
9
Total arrivals of imported goods other than mtransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade balance.
*Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S.
In the first quarter of 1985, the merchandise trade deficit rose to $28.3 billion from $24.4 billion in the fourth
quarter of 1984.
BILLI ONS OF DOLLA RS*
BILL! ONS OF DOLL/kRS*
10
10
BALANCE ON GOODS
AND SERV ICES
5
/V.
,N. /X
V
rr\
x%
S
^
/
^^^
\_
' \
\
^
\
-10
f
^^T*
/
/
^—'
^
**^
5
^V
0
BALANCE DN
V
CURRENT ACC OUNT \—~.AA\
\
W
r*
*
\
MERCHIANDISE TRAD
JALANCE
\*'
AN
\ \\
-10
\ \\
\ \ i\
-15
X
15
\y
X
\
\\
\
20
*
•
\ \\
IL
v\\i/In
1 1 1
-40
1977
\
\
1
1978
1
1
1
1979
1
1
1
1980
1
1
1
1
1981
1
1
1982
1 1 1
1983
i i I
25
\
%
30
1
1
1
-40
1985
1984
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIl OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits < + ), debits (—)]
Inivestment incoir e 3
Merchandise l s
Period
Exports
1976
1977
1978
1979
114,745
120,816
142,054
184,473
1980
1981
1982
1983
1984 "
224,269
237,085
211,198
200,257
220,343
Net
balance
Receipts
Payments
-9,483
-31,091
-33,966
-27,555
29,286
32,179
42,245
64,132
-265,086
-247,667
-261,312
-327,778
-25,512
-28,001
-36,469
-61,055
-107,435
72,506
86,411
83,862
77,003
87,620
-13,311
-14,217
-21,680
-32,914
-42,063
Imports
- 124,228
-151,907
-176,020
-212,028
-249,781
Net
-52,359
-56,059
-53,495
-69,505
15,975
17,962
20,565
31,218
30,443
34,052
27,803
23,508
18,115
Net
military
transactions
Remittances,
pensions,
and other
unilateral
transfers •
on
current
account
8,975
7,277
13,128
8,048
8,339 -1,141
8,704 -32,912
9,311 -90,449
-4,998
-4,617
-5,106
-5,649
-7,077
-6,833
-8,058
-8,651
-11,199
4,207
-14,511
-15,446
-964
1,898
6,294
-9,199
-41,563
-101,647
-3,231
-3,908
-1,745
-2,406
-4,976
-6,314
Net
travel and
transportation
receipts
559
1,528
621
-1,778
-2,237
-1,115
195
515
-1,635
-2,558
-3,565
-3,573
-2,935
-997
144
-1,008
-4,584
-8,806
Other
services,
net 3
on goods
and
services '
9,205
4,711
-9,894
5,272
6,013 -10,340
4,686
5,735
2,118
2,054
1982: m
IV
52,079
48,519
-64,442
-59,758
-12,363
-11,239
21,505
19,162
-14,390
-13,243
7,115
5,919
-2
-94
-99
-548
1983: I
49,246
48,745
50,437
51,829
-58,523
-63,615
-67,938
-71,236
-9,277
-14,870
-17,501
-19,407
17,618
18,973
20,802
19,609
-12,380
-12,995
-13,630
-14,490
5,238
5,978
7,172
5,119
790
53
-55
-273
-263
-1,131
- 1,426
-1,764
2,142 -1,370
2,258 -7,712
2,107 -9,703
2,198 -14,127
n
m
r
53,752
r
54,678
r
55,559
r
r
- 78,986
r
- 80,077
r
- 87 ,969
r
T
- 25,234
r
- 25,399
r
23,296
20,818
21,658
21,848
-15,552
-17,363
-18,782
-17,809
7,744
3,455
2,876
4,039
-370
-404
-320
-542
-1,435
-2,151
-2,700
-2,520
2,352
2,355
2,348
2,257
1985: I".
56,067
-84,398
-28,331
n
m
IV
1984: I
IV
56,354
1
8
3
- 32,410
- 80,746 '- 24,392
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
36
-17,522
-22,547
-30,737
- 19,645
-1,573 -2,943
-1,848 -9,560
-2,143 -11,846
-3,086 -17,213
-2,147
-2,157
-2,862
-4,034
Note.—Merchandise data revised for 1984; other data to be revised later.
Source: Department of Commerce, Bureau of Economic Analysis,
-19,669
-24,704
-33,599
-23,679
i\jiv AJJ i KAIM D AV> j. J.VJIM £3—w/ontmueo.
In the capital accounts, claims on foreigners reported by U.S. banks increased $5.5 billion in the fourth quarter of
1984 compared with a decrease of $16.9 billion in the third quarter. Liabilities to private foreigners reported by
U.S. banks (excluding U.S. Treasury securities) increased $3.4 billion, compared to a decrease of $5.4 billion in the
third quarter.
BILLIONS OF DOLLARS*
60
BILLIONS OF DOLLARS
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S..NET
-20
-20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-40
-40
-60
1984
1976
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCil OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
Foreign assets in the 1 J.S., net
[increase /capital inflow> (+)] 2
1 increase/capititl outflow (— )
Period
Total
1976
1977
1978
1979
1980
1981
1982
1983
1984"
1982: I
n
m
IV
1983: I
n
m
IV
1984: I
n
ni
IV...
U.S.
official
Other U.S.
Govern-
assets ' 2
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
Allocations
of special
drawing
rights
(SDKs)
Statistical d screpancy
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
assets, net l
(unadjusted,
end of
period)
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
34,934
-51,269
-34,785
-61,130
-64,331
-86,118
-110,976
-118,898
-49,490
-21,166
-2,558
-375
732
-1,133
-8,155
-5,175
-4,965
-1,196
-3,131
— 44,498
-4,214
-3,693 -30,717
-57,202
-4,660
-3,746 -59,453
72,802
-5,162
-5,107 - 100,694
-6,143 -107,790
-5,013 -43,281
- 12,575
-5,460
36,518
51,319
64,036
38,752
58,086
81,313
95,181
81,722
92,798
17,693
36,816
33,678
-13,665
15,497
5,003
3,318
5,339
2,998
18,826
14,503
30,358
52,416
42,589
76,310
91,863
76,383
89,801
-31,960
-41,409
-26,216
-19,314
-1,089
-1,132
-794
-1,950
-803
-1,700
-2,555
-1,086
30,068
-38,577
-22,867
-16,279
28,344
33,772
18,384
14,680
-3,221
1,399
2,477
2,664
31,565
32,373
15,907
12,017
3,450
5,710
12,808
10,947
-964
487
-2,276
2,752
29,944
30,671
30,993
33,958
-24,364
-1,060
-9,223
- 14,843
-787
-953
-1,130
-1,251
-1,204
-1,429
-22,447
175
-8,548
-12,461
15,888
12,452
19,578
33,804
-252
1,739
-2,703
6,555
16,139
10,714
22,281
27,249
11,420
-1,833
1,491
-1,748
-579
439
-2,518
2,657
34,261
33,876
33,066
33,747
-1,952
- 19,000
17,006
-17,219
-657
-566
-799
— 1,110
-2,037
-1,235
-1,440
-748
742
-17,200
19,245
-15,362
15,660
40,405
2,832
33,902
-2,784
-345
-830
6,956
18,444
40,750
3,662
26,945
5,961
3,299
13,761
6,997
-195
-140
-2,410
2,748
34,975
34,547
34,306
34,934
16
529
' Consists of gold, special drawing rights (SDEs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
1,139
1,152
1,093
10,544
2,023
12,540
25,404
24,982
22,275
32,916
9,331
30,015
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 Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays, and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
' Revised.
c
Corrected.
... Not available (also, not applicable).
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