Full text of Economic Indicators : October 1984
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98th Congress, 2d Session
Economic Indicators
OCTOBER 1984
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1984
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
ROGER W. JEPSEN, Iowa, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
HOUSE OF REPRESENTATIVES
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
CHALMERS P. WYLIE (Ohio)
MARJORIE S. HOLT (Maryland)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
DAN C. ROBERTS, Executive Director
COUNCIL OF ECONOMIC ADVISERS
WILLIAM A. NISKANEN, Member
WILLIAM POOLE, Member
[PUBLIC LAW 120—SlST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the
Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that
a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two
copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the
Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for
distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies
printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce,
Economic Indicators, published monthly, is available at $2.50 a single copy
($3.13 foreign), or by subscription at $27.00 per year ($33.75 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the third quarter of 1984, gross national product (GNP) rose $56.5 billion or
6.3 percent, both at annual rates. Real GNP (GNP adjusted for price changes) rose 2.7 percent (annual rate) and
the implicit price deflator, 3.6 percent (annual rate). In the second quarter, GNP rose 10.7 percent, real GNP rose
7.1 percent, and the deflator rose 3.3 percent.
BILLIONS OF DOLLARS (RATIO SCALE)
4,000 __•
BILLIONS OF DOLLARS (RATIO SCALE)
4,000
SEASONALLY ADJUSTED ANNUAL RATES
3,600
3,600
3,200
^X"
E
^
2,800
3,200
-^
xGNP
__
2,800
IN CURRENT DOL .ARS
.X
^
V.
—
2,400
2,400
~-
/
2,000
2,000
—
1,600
~-^C
1
1,200
1
1
1976
1
1
1
1977
GNP
vl 1972 DOLLAR
U \
1
1
1
1978
1,600
^-'~~^
-I
i i i
1 1 1
1979
1980
1
1
1981
1
1
1
1982
SOURCE: DEPARTMENT OF COMMERCE
1
1
1
1
1983
1
1
1,200
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982- I
II
Ill
IV
1983- I
II
1984:
Ill ...
IV
I
II
IIP
Gross
national
product
1,185.9
1,326.4
1,434.2
1,549.2
1,718.0
1,918.3
2,163.9
2,417.8
2,631.7
2,957.8
3,069.3
3,304.8
3,026.0
3,061.2
3,080.1
3,109.6
3,173.8
3,267.0
3,346.6
3,431.7
3,553.3
3,644.7
r
3,701.2
Personal
consumption
expenditures
737.1
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
1,931.3
1,960.9
2,001.3
2,046.1
2,070.4
2,141.6
2,181.4
2,230.2
2,276.5
2,332.7
2,359.3
Gross
private
domestic
ment
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
436.2
431.2
415.9
376.2
405.0
449.6
491.9
540.0
623.8
627.0
660.5
Source: Department of Commerce, Bureau of Economic Analy
Exports and imports of goods and
services
Government purchases of
goods and services
Federal
Net
exports
0.7
14.2
13.4
26.8
13.8
-4.0
-1.1
13.2
23.9
28.0
19.0
-8.3
27.7
35.5
6.6
6.3
19.6
-6.5
-16.4
29 8
-51.5
58 7
-85.5
Exports
Imports
Total
Total
77.5
109.6
146.2
154.9
170.9
182.7
218.7
281.4
338.8
369.9
348.4
336.2
359.4
366.3
346.3
321.7
328.5
328.1
342.0
346.1
358.9
362.4
375.5
76.7
95.4
132.8
128.1
157.1
186.7
219.8
268.1
314.8
341.9
329.4
344.4
331.7
330.8
339.7
315.4
308.9
334.5
358.4
375.9
410.4
421.1
461.0
253.1
270.4
304.1
339.9
362.1
393.8
431.9
474.4
537.8
596.5
650.5
685.5
630.9
633.7
656.3
681.0
678.8
682.2
689.8
691.4
704.4
743.7
766.9
101.7
102.0
111.0
122.7
129.2
143.4
153.6
168.3
197.0
228.9
258.9
269.7
249.8
245.0
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
307.7
National
defense
73.1
72.8
77.0
83.0
86.0
92.8
100.3
111.8
131.2
153.7
179.5
200.5
168.4
175.3
183.3
191.0
194.7
199.3
200.9
207.2
213.4
220.8
225.4
Nondefense
28.5
29.1
33.9
39.7
43.2
50.6
53.3
56.5
65.9
75.2
79.4
69.3
81.4
69.7
78.2
88.4
78.3
71.3
68.3
59.1
54.2
75.6
82.3
State and
local
151.4
168.5
193.1
217.2
232.9
250.4
278.3
306.0
340.8
367.6
391.5
415.8
381.1
388.7
394.7
401.6
405.8
411.6
420.6
425.1
436.8
447.4
459.2
Final
sales
1,175.7
1,307.9
1,420.1
1,556.1
1,706.2
1,895.3
2,137.4
2,403.5
2,641.5
2,931.7
3,095.4
3,318.3
3,043.1
3,072.1
3,095.5
3,170.8
3,216.8
3,286.4
3,350.9
3,419.0
3,479.5
3,594.1
3,628.8
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
1972
1973
1974
1975
1976
1977..
1978
1979
1980
1981
1982
1983
1982: I
n
m
IV
1983: I
n
ni
IV
1984- I
n
m*
Gross
national
product
Gross private
domestic investment
Personal
consumpChange
tion
in
expendi- Nonresi- Residen- business
dential
tures
tial fixed inventofixed
ries
Government purchases of
goods and services
Exports of goods
and services
Federal
Net
exports
Exports
Total
Imports
Total
National
defense
Nondefense
Final
sales
State
and local
7.8
13.3
16.0
7.3
. 4^
11.3
-10.4
-3.6
0.7
15.5
27.8
32.2
25.4
22.0
24.0
37.2
50.3
43.8
29.7
12.6
77.5
97.3
108.5
103.5
110.1
112.9
126.7
146.2
159.1
160.2
147.6
139.5
76.7
81.8
80.7
71.4
84.7
90.9
102.7
109.0
108.8
116.4
118.0
126.9
253.1
253.3
260.3
265.2
265.2
269.2
274.6
278.3
284.3
287.0
292.7
291.9
101.7
95.9
96.6
97.4
96.8
100.4
100.3
102.1
106.4
110.3
117.0
116.2
73.1
68.3
66.9
66.4
64.9
65.4
65.7
67.4
70.0
73.5
79.1
84.7
28.5
27.6
29.7
31.0
31.8
35.0
34.7
34.8
36.4
36.7
37.9
31.5
151.4
157.4
163.6
167.8
168.4
168.8
174.3
176.2
177.9
176.8
175.7
175.7
1,175.7
1,237.1
1,234.7
1,238.4
1,290.4
1,356.4
1,422.6
1,472.2
1,479.4
1,500.9
1,490.4
1,538.3
36.2
37.6
36.8
40.8
-6.7
-4.0
-6.4
-24.6
34.9
34.1
25.7
24.1
152.2
155.1
146.6
136.7
117.3
121.0
120.9
112.6
290.2
287.0
292.8
300.6
114.8
111.0
117.2
124.8
75.7
78.1
80.6
81.9
39.1
32.9
36.6
42.9
175.4
176.0
175.7
175.8
1,490.3
1,484.5
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
.9
7.2
22.9
13.6
11.9
2.0
138.2
137.0
141.6
141.0
115.3
123.4
129.7
139.1
294.3
292.4
292.0
288.8
119.0
117.2
115.6
113.0
83.3
84.8
84.4
86.3
35.7
32.3
31.2
26.7
175.3
175.2
176.4
175.8
1,507.5
1,530.9
1,549.3
1,565.4
193.3
202.9
206.8
60.6
60.8
61.2
31.6
20.3
31.2
144.9
144.7
150.2
153.2
156.2
172.8
289.5
302.1
308.4
112.2
123.2
127.4
87.1
89.6
91.2
25.2
33.6
36.2
177.3
178.9
181.1
1,579.3
1,618.5
1,618.5
1,185.9
1,254.3
1,246.3
1,231.6
1,298.2
1,369.7
1,438.6
1,479.4
1,475.0
1,512.2
1,480.0
1,534.7
737.1
767.9
762.8
779.4
823.1
864.3
903.2
927.6
931.8
950.5
963.3
1,009.2
121.0
138.1
135.7
119.3
125.6
140.3
158.3
169.9
165.8
175.0
166.9
171.0
63.8
62.3
48.2
42.2
51.2
60.7
62.4
59.1
47.1
44.5
37.9
53.7
1,483.5
1,480.5
1,477.1
1,478.8
953.7
958.9
964.2
976.3
175.2
166.9
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
1,610.9
1,638.8
r
1,649.6
1,044.1
1,064.2
1,064.6
10.2
17.2
11.6
67
-8.3
-11.4
-22.7
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Period
Gross
national
product
1972
1973....
1974
1975...
1976
1977 ...
1978
1979 ..
1980
1981 .
1982
1983 ..
1982: I
n
in
IV
1983: I
II
III
IV ..
1984: I. .
II
III^
r
Personal consumption
expenditures
Total
Durable
goods
Nondurable
goods
Gross private
domestic investment
Services
Exports and imports of
goods and services
Government purchases of goods and
services
Federal
Nonresidential
fixed
Residential fixed
Exports
Imports
Total
National
defense
Nondefense
State
and local
100.00
105.75
115.08
125.79
132.34
140.05
150.42
163.42
178.42
195.60
207.38
215.34
100.0
105.7
116.4
125.3
131.7
139.3
149.1
162.5
179.0
194.5
206.0
213.6
100.0
101.7
108.2
117.3
123.9
129.2
136.4
145.0
156.2
167.1
174.5
177.7
100.0
108.5
123.4
132.5
137.2
143.6
153.4
169.9
188.1
202.5
208.7
213.0
100.0
104.7
113.0
121.6
129.6
139.3
150.0
162.3
178.8
196.8
213.6
226.0
100.0
103.8
115.4
132.2
138.6
146.3
157.2
170.8
186.2
202.2
209.5
206.4
100.0
109.1
120.3
131.0
140.7
158.0
178.3
200.5
218.5
234.1
241.3
246.4
100.0
112.7
134.8
149.6
155.3
161.9
172.6
192.5
212.9
230.9
236.0
241.0
100.0
116.7
164.6
179.6
185.6
205.5
214.1
246.1
289.4
293.8
279.3
271.5
100.0
106.3
114.9
126.0
133.5
142.8
153.1
164.8
185.2
207.6
221.4
232.1
100.0
106.6
115.1
124.9
132.4
141.9
152.7
166.0
187.5
209.1
227.0
236.6
100.0
105.6
114.2
128.2
135.7
144.6
153.8
162.5
180.8
204.7
209.8
220.0
100.0
107.0
118.0
129.4
138.3
148.4
159.7
173.7
191.5
208.0
222.8
236.7
203.98
206.77
208.53
210.27
202.5
204.5
207.6
209.6
172.8
174.0
175.5
175.6
207.1
207.4
209.6
210.5
207.9
211.4
215.6
219.4
208.7
210.4
208.8
210.1
241.7
241.8
241.8
240.0
236.2
236.2
236.2
235.3
282.9
273.3
280.9
280.1
217.6
220.7
223.2
223.8
222.5
224.5
227.4
233.1
208.2
211.7
213.9
206.2
217.2
220.8
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
220.58
222.40
224.36
218.0
219.2
221.6
179.0
179.5
179.2
217.4
216.4
217.9
232.6
236.0
239.8
206.3
207.4
208.6
249.4
255.9
255.7
247.7
250.4
250.1
267.9
269.6
266.8
238.5
240.6
241.5
245.1
246.4
247.3
215.5
225.1
227.2
246.4
250.0
253.6
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
1972
1973
1974
10.1
11.8
8.1
8.0
10.9
11.7
12.8
11.7
8.8
12.4
3.8
7.7
-.2
4.7
2.5
3.9
8.5
12.3
10.1
10.6
14.9
10.7
r
6.3
..
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982- I
H
Constant
(1972)
dollars
Current
dollars
..
m
IV
1983- I
n
in
IV
1984- I
II
IIP
5.7
5.8
-.6
-1.2
5.4
5.5
5.0
2.8
-.3
2.5
-2.1
3.7
-4.6
-.8
-.9
.5
3.3
9.4
6.8
5.9
10.1
7.1
r
2.7
Implicit
price
deflator
Chain price
index
4.2
5.8
8.8
9.3
5.2
5.8
7.4
8.6
9.2
9.6
6.0
3.8
4.6
5.6
3.4
3.4
5.0
2.6
3.1
4.4
4.4
3.3
r
3.6
Fixedweighted
price index
(1972
weights)
4.1
6.0
9.1
9.2
5.7
6.1
7.6
8.9
8.9
9.5
6.6
4.3
6.0
5.3
5.8
5.0
3.4
4.3
4.4
4.1
4.9
4.1
3.7
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Implicit
price
deflator
Constant
(1972)
dollars
Current
dollars
Chain price
index
Fixedweighted
price index
(1972
weights)
9.6
10.2
9.4
9.9
11.0
11.1
11.8
11.9
10.7
10.9
7.3
8.6
8.6
6.3
8.5
9.3
4.8
14.5
7.6
9.2
8.6
10.2
4.6
4.0
6.0
9.4
9.1
5.8
6.3
7.8
9.5
9.8
9.7
6.4
4.2
5.6
4.7
5.8
4.6
3.3
4.1
4.7
3.9
5.0
4.3
r
3.8
5.8
4.2
7
2.2
5.6
5.0
4.5
2.7
.5
2.0
1.4
4.8
2.9
2.2
2.2
5.1
2.6
10.0
3.8
6.8
4.6
7.9
.2
3.7
5.7
10.1
7.6
5.1
5.8
7.0
9.0
10.2
8.7
5.9
3.7
5.5
4.0
6.1
4.0
2.2
4.1
3.7
2.3
3.8
2.2
4.4
3.6
6.1
10.4
7.7
5.3
6.0
7.3
9.3
10.7
9.2
6.1
4.1
5.7
4.2
6.3
5.0
2.5
4.4
3.7
3.6
4.7
3.3
4.0
3.5
6.1
10.4
7.8
5.3
6.2
7.4
9.7
11.1
9.4
5.9
4.0
5.4
3.7
6.6
4.9
1.9
4.5
3.9
3.4
4.9
3.1
4.0
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) 1
Gross domestic
product of nonfinancial
corporate business
(billions of dollars)
Period
Current
dollars
1972
1973
1974
1975
1976
. .
1977
1978
1979
1980
1981
1982
1983
1982: III
IV
1983: I
II
III
IV
1984- I
II
1
678.0
759.4
818.9
890.0
1,001.3
1,128.4
1,276.2
1,416.8
1,540.7
1,739.2
1,778.4
1,917.7
1,787.8
1,772.4
1,812.3
1,887.6
1,956.6
2,014.2
2,084.2
2,146.9
1972
dollars
678.0
731.9
708.2
694.2
745.5
795.8
846.3
876.1
859.5
883.3
857.4
896.4
858.5
846.5
855.7
886.2
912.4
931.1
956.9
979.5
Total
cost and
profit 2
1.000
1.038
1.156
1.282
1.343
1.418
1.508
1.617
1.793
1.969
2.074
2.139
2.083
2.094
2.118
2.130
2.144
2.163
2.178
2.192
Capital
consumption
allowances
with
capital
consumption
adjustment
0.092
.093
.112
.137
.141
.145
.155
.171
.198
.217
.245
.243
.247
.254
.250
.243
.241
.239
.236
.234
Indirect
business
taxes 3
Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol-
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
Compensation of
employees
Net
interest
0.659
.692
.786
.837
.878
.928
.998
1.094
1.218
1.307
1.397
1.409
1.404
1.419
1.421
1.408
1.400
1.408
1.415
1.414
0.028
.031
.042
.044
.040
.040
.044
.050
.065
.076
.084
.077
.080
.081
.079
.076
.077
.077
.078
.081
0.113
.114
.127
.140
.141
.141
.144
.149
.172
.201
.210
.219
.211
.217
.218
.222
.220
.219
.217
.218
lars.
Corporate profits with inventory
valuation and capital consumption
adjustments
3
Total
0.107
.107
.090
.124
.144
.163
.168
.154
.140
.167
.138
.191
.141
.123
.151
.182
.206
.221
.233
.246
Profits
tax
liability
0.049
.055
.059
.059
.071
.075
.079
.079
.078
.072
.052
.065
.052
.043
.049
.064
.073
.072
.078
.079
Profits
after
tax 4
0.058
.053
.030
.065
.073
.088
.089
.075
.062
.095
.086
.126
.089
.080
.102
.118
.133
.149
.155
.167
CompenOutput
per
per hour sation
hour of
of all
all
employees (1972 employees
dollars)
(dollars)
7.664
7.849
7.555
7.774
7.998
8.141
8.209
8.194
8.118
8.271
8.357
8.634
8.406
8.398
8.464
8.617
8.728
8.725
8.801
r
8.863
5.052
5.429
5.937
6.507
7.021
7.555
8.191
8.961
9.884
10.811
11.677
12.166
11.801
11.913
12.027
12.131
12.224
12.283
12.454
r
12.528
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]
National
income
Period
Compensation of
employeesl
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982- I
n
Ill
IV
1983- I
n
in
1984:
1
718.0
801.3
877.5
931.4
1,036.3
1,152.1
1,301.1
1,458.1
1,599.6
1,765.4
1,864.2
1,984.9
1,834.2
1,857.7
1,876.3
1,888.7
1,921.3
1,962.4
2,000.7
2,055.4
2,113.4
2,159.2
2,191.2
963.6
1,086.2
1,160.7
1,239.4
1,379.2
1,550.5
1,760.3
1,966.7
2,116.6
2,363.8
2,446.8
2,646.7
2,422.3
2,443.9
2,452.4
2,468.6
2,527.0
2,609.0
2,684.4
2,766.5
2,873.5
2,944.8
IV
I
np
m
Nonfarm
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
96.6
108.3
94.9
110.5
138.1
167.3
192.4
194.8
175.4
189.9
159.1
225.2
159.9
161.7
163.3
151.6
179.1
216.7
245.0
260.0
277.4
291.1
Includes employer contributions for social insurance. (See also p. 5.)
Inventory
valuation
adjustment
Profits
before tax
Total
21.0
22.6
23.5
23.0
23.5
24.8
26.6
27.9
31.5
42.3
51.5
58.3
47.8
48.3
52.9
57.0
57.7
59.0
56.2
60.4
61.0
62.0
63.0
58.1
61.0
62.2
65.4
75.0
84.8
92.2
100.2
95.6
93.7
89.2
107.9
86.8
88.5
89.5
92.1
98.3
106.8
112.1
114.6
122.5
126.3
127.5
18.7
32.8
26.5
24.6
19.1
19.1
26.3
31.9
21.8
31.5
21.8
13.8
30.0
19.2
12.7
25.4
16.4
10.1
11.2
17.3
32.5
23.4
28.4
Corporate profits with inventory valuation and capital consumption
adjustments
Rental
income of
persons
with
capital
consumption
adjustment
94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
161.3
160.9
158.8
143.2
157.3
186.1
208.1
216.3
229.8
238.7
Capital
consumption
adjustment
-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-42.9
-23.6
-9.5
-11.2
-6.3
-8.9
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
-.5
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
167.6
169.8
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
2.7
2.7
-1.8
-10.1
-13.5
-11.3
-12.7
-14.8
-16.3
-7.6
3.1
33.2
-1.4
.8
4.5
8.4
21.7
30.6
36.9
43.6
47.6
52.3
58.9
Net
interest
51.2
60.2
76.1
84.5
87.2
102.5
121.7
153.8
192.6
241.0
260.9
256.6
263.6
268.5
257.7
253.8
254.2
254.2
259.2
258.9
266.8
282.8
292.5
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
n
m
IV
1983: I
n .
in
1984:
IV
I
..
n
TTTP
737.1
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,668.1
1,849.1
1,984.9
2,155.9
1,931.3
1,960.9
2,001.3
2,046.1
2,070.4
2,141.6
2,181.4
2,230.2
2,276.5
2,332.7
2,359.3
Total
durable
goods
111.1
123.3
121.5
132.2
156.8
178.2
200.2
213.4
214.7
235.4
245.1
279.8
239.4
241.6
244.5
255.0
259.4
276.1
284.1
299.8
310.9
320.7
317.3
Motor
vehicles
and
parts
Furniture and
household
equipment
52.4
57.1
50.4
55.8
72.6
84.8
95.7
96.6
90.7
101.9
108.7
129.3
106.2
105.1
108.1
115.3
115.3
128.4
132.0
141.7
147.7
152.3
150.8
41.7
47.1
50.6
53.5
59.1
65.7
72.8
81.8
86.3
92.3
94.4
104.1
92.1
94.4
94.5
96.6
99.1
102.4
105.2
109.8
113.0
116.6
115.1
Source: Department of Commerce, Bureau of Economic Analysis.
Retail sales of new
passenger cars
(millions of units)
Nondurable goods
Durable goods
Total
personal
consumption
expenditures
Other
16.9
19.2
20.5
22.9
25.2
27.7
31.7
35.1
37.7
41.2
42.1
46.4
41.2
42.1
41.9
43.1
45.0
45.3
46.9
48.2
50.3
51.7
51.4
Total
nondurable
goods
300.6
333.4
373.4
407.3
441.7
478.8
528.2
600.0
668.8
730.7
757.5
801.7
746.4
750.6
762.5
770,6
775.2
796.9
811.7
823.0
841.3
858.3
863.3
Food
154.9
172.1
193.7
213.6
230.6
249.8
275.9
311.6
345.1
373.9
392.8
416.5
384.2
390.6
396.0
400.3
406.7
413.6
420.5
425.1
433.9
442.1
449.4
Clothing
and
shoes
Gasoline
and oil
55.4
61.4
64.8
69.6
75.3
82.6
92.4
99.1
104.6
114.3
118.8
127.0
118.0
118.0
119.0
120.0
121.6
127.1
126.8
132.5
136.1
142.2
139.1
25.4
28.6
36.6
40.4
44.0
48.1
51.2
66.6
84.8
94.6
90.4
90.0
93.4
88.6
89.9
89.6
86.7
89.5
92.1
91.7
92.0
92.8
91.1
Services
Other
64.9
71.2
78.2
83.7
91.9
98.2
108.8
122.8
134.3
147.9
155.6
168.2
150.8
153.4
157.6
160.6
160.3
166.7
172.2
173.6
179.3
181.2
183.7
Domestics
325.3
355.2
393.2
437.0
485.7
547.4
618.0
693.7
784.5
883.0
982.2
1,074.4
945.4
968.6
994.2
1,020.6
1,035.8
1,068.6
1,085.7
1,107.5
1,124.4
1,153.7
1,178.7
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2
5.8
6.8
5.8
5.7
5.6
6.0
6.0
6.9
6.9
7.4
8.2
8.3
8.0
Imports
1.6
1.8
1.4
1.6
1.5
2.1
2.0
2.3
2.4
2.3
2.2
2.4
2.2
2.0
2.2
2.5
2.3
2.3
2.3
2.6
2.3
2.4
2.3
SOURCES OF PERSONAL INCOME
Personal income increased $26.1 billion (annual rate) in September, following a rise of $18.2 billion in August.
Wages and salaries rose $11.7 billion in September compared to a rise of $3.8 billion in August.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800
TOTAL PERSONAL INCOME
2,400
2,400
2,000
2,000
1,600
1,600
1,200
1,200
WAGE AND SALARY DISBURSEMENTS
1,000
1,000
800
800
600
600
OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
160
160
120
I 111111 1111 11111111111 I l l l l l l l l l l 1111
1976
1978
1977
M i l l i l l l l l 120
1984
Illll
1980
1979
1981
1982
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Total
personal
income
Period
1974
1975
1976
1977..
1978
1979
1980
1981
1982
1983
1983: Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July r
Aug r
Sept p
1
.
..
1,168.6
1 265 0
1,391.2
1 5404
1,732.7
1 951 2
2,165.3
24295
2,584.6
2 744 2
2 7850
2,814.9
2 8342
2 8604
2 897 4
2,923.5
2 940 6
2,968.5
2 978 8
3,006.5
3 0268
3,045.1
3 071 1
Wage and
salary
disbursements 1
765.7
806 4
889.9
983 2
1,106.3
1 237 6
1,356.7
1 493 1
1,568.7
1 659 2
1 682 2
1,706.0
1 712 2
1 727 9
1 747 6
1,755.1
1 764 6
1,785.3
1 789 8
1,804.3
1 812 4
1,816.2
1 827 9
Proprietors ' income 3
Other labor
income 1 2
55.8
64 5
759
89 4
102 5
114 9
1280
1400
1555
173 1
1780
180.1
182 1
184 3
1863
188.1
189 9
191.7
193 5
195.3
196 7
198.1
199 5
Farm
265
24 6
19 1
19 1
263
31 9
21 8
31 5
21 8
13 8
13 6
14.8
15 8
21 4
30 1
365
309
25.4
21 4
23.5
25 9
28.4
31 0
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.
2
Consists of employer contributions to private pension, health, and welfare funds; workers' injury
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
Nonfarm
62.2
65 4
75.0
84 8
92.2
100 2
95.6
93 6
89.2
107 9
114 1
114.7
114 6
114 5
120 7
122.9
123 8
125.7
126 2
127.1
126 9
127.1
1284
Less:
Rental
income of
persons 4
23.5
23 0
23.5
24 8
26.6
27 9
31.5
42 3
51.5
58 3
568
58.9
60.9
61 3
61 1
60.8
61 2
61.6
620
62.4
62 7
63.0
63 3
Personal
dividend
income
29.1
299
36.5
396
45.3
508
56.8
643
66.5
703
71 4
72.2
729
73 3
740
75.0
760
76.9
77 1
77.6
780
78.2
794
Personal
interest
income
112.4
123 2
132.5
1528
179.4
218 7
266.0
331 8
366.6
3763
386 7
387.5
387.8
389 4
3966
403.8
411 4
418.4
425 6
432.9
440 2
447.3
4540
N
payments 5
141.2
178.3
194.3
207.9
223.8
250.3
297.6
337.3
376.1
405.0
403.4
403.3
410.8
412 2
410.2
410.9
412.8
414.9
414.8
415.9
417.1
419.9
421.5
4
contributions
for social
insurance
47.9
50.4
55.5
61.1
69.8
81.1
88.7
104.5
111.4
119.6
121.1
122.6
122.9
123 9
129.1
129.5
130.1
131.3
131.5
132.5
133.0
133.2
134.1
fnt~m
personal
income 6
1,131.8
1,229.1
1,359.3
1,506.5
1,689.7
1,899.3
2,119.5
2,371.2
2,532.1
2,701.1
2,742.4
2,771.0
2,789.4
2,810.1
2,838.3
2,857.9
2,880.5
2,913.8
2,928.1
2,953.5
2,971.3
2,986.8
3,010.1
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the third quarter of 1984.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
2,600
2,400
2,200
2,000
1,800
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
DISPOSABLE PERSONAL INCOME
PER CAPITA DISPOSABLE PERSONAL INCOME
3,000
3,000
1984
1976
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Personal
income
Period
Less:
Personal
tax and
nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
personal
income
Less:
Personal
outlays 1
Equals:
Personal
saving
Per capita
disposable personal
income
Current
dollars
1972
dollars
Billions of dollars
1972.
1973
.
.
1974
1975
1976
1977
1978 .
1979
1980
1981
1982
1983
951 4
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
141 0
150.7
1702
168.9
1968
226.4
258 7
301.0
3365
387.7
404 1
404.2
810 3
914.5
998 3
1,096.1
1 194 4
1,314.0
1 474 0
1,650.2
1 828 9
2,041.7
2 1805
2,340.1
Per capita personal
consumption
expenditures
Current
dollars
1972
dollars
52 6
79.0
85 1
94.3
82 5
78.0
89 4
96.7
110 2
137.4
1360
118.1
3 860
4,315
4667
5,075
5477
5,965
6621
7,331
8,032
8,874
9,385
9,977
3,860
4,080
4,009
4,051
4,158
4,280
4,441
4,512
4,487
4,561
4,555
4,670
Saving as
percent of
disposable
personal
Population
(thousands) 2
income
Percent
Dollars
757 7
835.5
913 2
1,001.8
1 111 9
1,236.0
1 384 6
1,553.5
1 718 7
1,904.7
2 044 5
2,222.0
Percent
change in
real per
capita
disposable
3,511
3,623
3,566
2.9
5.7
3 511
3,831
4 152
4,521
4,972
5,468
6,048
6,695
7,326
8,037
8,543
9,192
3,609
3,774
3,924
4,057
4,121
4,092
4,131
4,146
4,303
1.0
2.6
2.9
3.8
1.6
-.6
1.6
— 1.7
-^
2.5
6.5
8.6
8.5
8.6
6.9
5.9
6.1
5.9
6.0
6.7
6.2
5.0
209,924
211,939
213,898
215,981
218,086
220,289
222,629
225,106
227,694
230,068
232,351
234,542
Seasonally adjusted annual rates
.2
2.7
6.7
6.3
6.1
5.8
231,513
232,027
232,634
233,230
4,203
4,296
4,325
4,386
1.1
2.5
6.7
7.2
5.7
4.2
5.0
5.3
233,742
234,230
234,811
235,385
4,426
4,502
4,493
7.7
5.5
2.5
6.1
5.7
6.3
235,875
236,369
236,940
1982: I
II
Ill
IV
2,536.5
2,568.2
2,594.3
2,639.5
404.4
411.4
398.5
402.0
2,132.0
2,156.8
2,195.8
2,237.5
1,989.5
2,020.1
2,061.3
2,107.3
142.6
136.7
134.5
130.2
9,209
9,295
9,439
9,593
4,548
4,546
4,548
4,578
8,342
8,451
8,603
8,773
4,119
4,133
4,145
4,186
-2.1
_2
1983: I
II
Ill
IV
2,662.8
2,714.4
2,763.3
2,836.5
401.4
411.6
395.8
407.9
2,261.4
2,302.9
2,367.4
2,428.6
2,133.4
2,206.1
2,248.4
2,300.0
128.0
96.7
119.0
128.7
9,675
9,832
10,082
10,318
4,591
4,619
4,694
4,776
8,858
9,143
9,290
9,475
1984: I
II
IIP
2,920.5
2,984.6
3,047.7
418.3
430.3
442.9
2,502.2
2,554.3
2,604.8
2,349.6
2,409.5
2,440.1
152.5
144.8
164.7
10,608
10,806
10,993
4,865
4,930
4,961
9,651
9,869
9,957
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages
for the period.
Source: Department of Commerce (Bureau of Economic Ana lysis and Bureau of the Census).
FARM INCOME
In the second quarter of 1984, according to preliminary estimates, gross farm income fell $1.9 billion (annual rate)
and net farm income fell $4.6 billion.
BILLIONS OF DOLLARS * (RATIO SCALE)
200
BILLIONS OF DOLLARS * (RATIO SCALE)
200
^—
i An
—
— —fiROSS FARM INrnME
i on
inn
,
^*~
120
^
^
160
—
100
—
cm
80
—
t(\
60
60
—
40
Aft
„- ^
s
NET FARM IN COME/ \^
%
,~~'
%
-
f
\
•m
/**
^^
20
\
+.
x"***
\
%
*
t
1
**
\
I
\
i
\ l
\ l
\l
i
1
1976
I 1
|
1977
i
t
i
i
\
i
1979
1978
I
\
% f
If
t
10
/ \
»
l\
1 %
f '%
|
I
i
! 1
1981
1980
20
;
\
\
/
'
\
I
\s'
l l l
1 i I
1982
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
I
i 1
10
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally ac justed annual rates]
Income of farm operators from farming
Gross farm income
Period
Net farm income
Cash marketing receipts
Total l
Total
Livestock and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1967 dollars 3
102.9
108.7
127.2
150.4
150.2
167.9
161.8
151.4
95.4
96.2
112.9
131.8
140.5
142.6
144.8
138.7
46.3
47.6
59.2
68.6
67.8
69.2
70.1
69.2
49.0
48.6
53.7
63.2
72.7
73.3
74.6
69.5
-1.5
1.1
.8
4.9
-5.5
7.9
-2.6
11 7
82.7
88.9
99.5
118.1
128.9
136.9
139.5
135.3
20.1
19.8
27.7
32.3
21.2
31.0
22.3
16.1
11.8
10.9
14.2
14.9
8.6
11.4
7.7
5.4
169.9
160.9
153.3
163.2
146.7
143.0
141.2
148.1
69.8
70.8
70.7
69.2
76.9
72.2
70.5
78.9
4.0
7
-5.2
-8.3
140.0
141.4
140.1
136.4
29.9
19.5
13.2
26.8
10.6
6.8
4.5
9.1
n
m
153.3
147.3
148.5
156.6
144.6
138.3
143.7
128.3
70.4
68.7
67.6
70.1
74.2
69.6
76.1
58.2
-11.4
14 4
-16.8
-4.4
135.6
135.2
134.7
135.8
17.7
12.1
13.8
20.8
6.0
4.1
4.6
6.9
1984: I p
171.3
169.4
134.1
141.7
73.3
71.4
60.8
70.3
3.8
8.9
140.5
143.2
30.8
26.2
10.0
8.5
1976
1977
1978
1979
1980
1981
1982
1983
1982- I..
n
m
IV
1983: I
IV
n..,
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
3
Income in current dollars divided by the consumer price index (Department of Labor).
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the second quarter, according to current estimates, corporate profits before tax rose $2.7 billion (annual rate)
and after-tax profits fell $0.4 billion.
BILLIONS OF DOLLARS
320
BILLIONS OF DOLLARS
320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
PROFITS BEFORE TAX
/n
—
^^
/
200
.S
160
x
f\
•
240
PRC5FITS AFTER TA X
V :H
vi
v_^ /
•\\
—
»*''
^,«***
\
/—
'
80
s^-
•-\ ^-^
**•*••—
vx»«»*-*»%
...
1 1
1
1
I
1977
I
1
1
1978
80
1
1
1
1
1
1
1
1980
1979
I
1
1981
*•*«••
/
%
1976
—
—
UNDISTRIB JTED PROFITS
1
'
120
/
40
160
TAX LIABILITY
" *+'
£.-~"
—
/
V
—
200
^^*
\ -.«»^
120
240
_
1 1 1
1
40
1
1982
1
1
1983
1
1
1984
COUNCIL OF E CONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment 1
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982:
94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
191.7
197.6
156.0
192.0
I
II
Ill
IV
1983- I
II
IV
157.3
186.1
208.1
216.3
I
II
229.8
238.7
Ill
1984:
HIP
1
2
161.3
160.9
158.8
143.2
85.3
92.0
80.4
107.6
137.4
163.4
185.4
179.0
161.9
173.2
133.6
167.2
139.8
138.6
136.5
119.7
134.9
162.4
180.6
190.8
204.1
217.5
Financial
Total 3
Wholesale and
retail
trade
Tax
liability
Total
15.3
15.9
15.0
11.8
17.1
23.1
31.0
30.3
26.9
19.5
19.6
29.6
70.0
76.0
65.4
95.8
120.3
140.3
154.4
148.6
134.9
153.7
114.0
137.6
40.7
45.5
39.0
52.6
69.2
78.3
86.9
85.6
72.9
84.9
54.5
65.2
13.4
13.9
12.5
21.3
22.4
26.6
26.9
27.1
23.6
31.8
25.9
33.4
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
41.6
49.0
51.6
50.6
63.8
72.7
83.2
87.6
84.8
81.1
60.7
75.8
58.9
76.6
85.1
81.5
102.5
122.0
145.9
165.1
149.8
140.0
104.8
127.4
13.6
19.0
21.0
24.9
126.2
119.6
115.5
94.8
58.0
57.4
60.4
42.4
30.2
25.3
24.0
24.1
167.6
169.8
168.9
155.8
62.9
62.9
61,9
55.0
104.7
106.9
107.0
100.8
28.4
32.0
29.5
28.5
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
28.7
28.9
175.4
188.6
89.8
92.3
40.6
47.0
243.3
246.0
92.7
95.8
150.6
150.2
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
Manufacturing
Profits
before tax
3
Dividends
24.4
27.0
29.9
30.8
37.4
40.8
47.0
52.7
58.6
66.5
69.2
72.9
69.2
68.6
69.0
70.2
71.1
71.7
73.3
75.4
77.7
79.9
81.3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
34.5
49.6
55.2
50.7
65.1
81.2
98.9
112.4
91.2
73.5
35.6
54.5
35.5
38.2
38.1
30.6
31.4
51.7
69.3
65.6
72.9
70.2
Inventory
valuation
adjustment
-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
— 42.9
-23.6
-9.5
-11.2
-6.3
-8.9
-10.1
-12.6
-4.3
-12.1
-19.3
-9.2
-13.5
-7.3
-.5
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the third quarter, business fixed investment rose $10.7 billion (annual rate)
and residential investment outlays rose $1.0 billion. There was a $72.4 billion increase in inventories following an
increase of $50.6 billion in the second quarter.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
SEASONALLY ADJUSTED ANNUAL RATES
600
600
GROSS PRIVATE DOMESTIC
INVESTMENT
—
J
/
V
500
/
r^/
r
^r-
400
h slONRESlDENTI AL
/~~
F
I
300
^^
1 H
^ ^ ^. _ f **
S
'
+*
V-
,-'""
XED INVESTME NT
500
i
/
--TX
__
400
s*
"~^***-^
300
—
******
200
200
RESIDENTIAL
FIX ED INVESTMEhJT
.IT
100
.---•
m^.~»—— —
»••»•»*»••,«••
1 1 i
-100
1976
1
.
,-"**"*
,—H^^,*"-— 1— X ~*- -k^,
! 1
1977
%%%<h
-»
1 i 1
i i I
1978
1979
mi~^ "k.
it
,--""X
\.-''
i
1
i
l I i
1980
CHANGE 1 >l BUSINESS
INVEh TORIES
/
\
^_
>--
1
1981
1
i
I
i
i i i
i
1983
1982
100
-100
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
II
Ill
IV
1983: I
II
Ill
IV
1984: I
II
III P
Gross
private
domestic
investment
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
401.9
484.2
414.9
471.6
436.2
431.2
415.9
376.2
405.0
449.6
491.9
540.0
623.8
627.0
660.5
Total
121.0
143.3
156.6
157.7
174.1
205.2
248.9
290.2
308.8
353.9
349.6
352.9
365.7
351.2
342.2
339.3
334.6
339.3
353.9
383.9
398.8
420.8
431.5
Source: Department of Commerce, Bureau of Economic Analysis.
Structures
44.1
51.0
55.9
55.4
58.8
64.4
78.7
98.3
110.9
135.3
142.1
129.7
148.8
142.7
138.4
138.4
130.4
125.6
126.2
136.6
142.2
150.0
151.6
Producers'
durable
equipment
76.9
92.3
100.7
102.3
115.3
140.8
170.2
191.9
197.9
218.6
207.5
223.2
216.9
208.5
203.8
201.0
204.2
213.6
227.8
247.3
256.7
270.7
279.9
Change in business
inventories
Residential fixed investment
Nonresidential fixed investment
Total
63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
102.9
104.3
91.4
132.2
87.5
90.9
89.0
97.9
113.3
129.8
142.3
143.4
151.2
155.6
156.6
Nonfarm
structures
61.5
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.1
99.8
86.6
127.6
83.4
85.9
84.5
92.5
108.9
125.3
137.7
138.7
146.4
150.5
151.3
Farm
structures
0.7
.7
1.3
1.0
1.1
1.5
1.7
1.7
1.8
1.3
1.5
1.0
1.0
1.7
1.3
2.1
1.0
.9
.9
.9
.9
1.0
1.3
Producers'
durable
equipment
1.5
1.7
1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.3
3.6
3.2
3.3
3.3
3.3
3.4
3.5
3.7
3.8
3.9
4.1
4.0
Total
10.2
18.5
14.1
69
11.8
23.0
26.5
14.3
-9.8
26.0
-26.1
-13.5
-17.0
-10.9
-15.3
61 1
-42.9
-19.4
4.3
12.7
73.8
50.6
72.4
Nonfarm
9.6
15.2
16.0
105
13.9
21.9
25.4
8.6
-4.5
18.2
-24.0
-3.1
-20.9
-9.5
-11.1
-54.3
-32.6
54
11.6
14.1
60.6
47.0
63.2
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the Commerce Department July-August survey, business spending for new plant and equipment for
the year 1984 is expected to be 14.3 percent above the 1983 level; spending for 1983 was 4.8 percent below the
1982 level.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
ALL INDUSTRIES
300
200
300
200
NONMANUFACTURING
(Surveyed Quarterly)
>»*»^ --^*
MANUFACTUR NG
TOO
100
80
80
60
60
40
40
in
I I
I I
1976
1977
1978
1979
1982
1981
1980
1984
1983
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Nonmanufaeturing
Manufacturing
Period
1976
1977
1978
1979..
1980 ... .
1981
1982
1983
1984 4
1982: HI...
IV...
1983: I
n
m...
IV...
1984: I
n4
m .
IV 4 .
All
industries
150.91
174.68
203.54
240.22
264.44
289.37
282.71
269.22
307.60
279.61
269.80
261.71
261.16
270.05
283.96
293.15
302.70
316.22
318.33
Total
59.95
69.22
79.72
98.68
115.81
126.79
119.68
111.53
130.39
118.26
110.23
109.86
108.79
111.12
116.36
122.78
127.67
134.46
136.67
Durable
goods
28.47
34.04
40.43
51.07
58.91
61.84
56.44
51.78
62.73
56.61
50.51
50.74
48.48
53.06
54.85
58.94
60.20
64.82
66.98
Nondurable
goods
31.47
35.18
39.29
47.61
56.90
64.95
63.23
59.75
67.66
61.65
59.72
59.12
60.31
58.06
61.50
63.84
67.46
69.64
69.69
Total l
90.96
105.46
123.82
141.54
148.63
162.58
163.03
157.69
177.21
161.36
159.58
151.85
152.38
158.93
167.60
170.37
175.03
181.76
181.66
Mining
7.44
9.24
10.21
11.38
13.51
16.86
15.45
11.83
13.11
14.57
13.41
12.03
10.91
11.93
12.43
13.95
12.13
13.24
13.14
1
Excludes forestry, fisheries, and agricultural services; medical services; professional services;
social services and membership organizations; and real estate, which, effective with the April-May
1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries.
2
"All industries" plus the part of nonmanufacturing that is surveyed annually.
3
Consists of forestry, fisheries, and agricultural services; medical services; professional services;
10
Transportation
8.89
9.40
10.68
12.35
12.09
12.05
11.95
11.20
12.46
11.29
12.33
11.04
10.88
11.00
11.86
11.46
12.95
12.86
12.58
Public
utilities
22.37
26.79
29.95
33.96
35.44
38.40
41.95
42.00
44.33
43.02
43.00
41.61
41.48
42.22
42.69
43.62
44.61
44.06
45.02
Commercial
and
other 1
52.27
60.03
72.99
83.85
87.59
95.27
93.68
92.67
107.30
92.48
90.83
87.17
89.10
93.79
100.62
101.35
105.35
111.60
110.92
Total
nonfarm
business 2
171.45
198.08
231.24
270.46
295.63
321.49
316.43
302.50
Nonmanufaeturing
Manufacturing
Total
Surveyed
quarter-
iy
59.95
69.22
79.72
98.68
115.81
126.79
119.68
111.53
130.39
118 26
11023
109.86
108.79
111 12
116.36
122.78
127.67
134.46
13667
111.50
128.87
151.52
171.77
179.81
194.70
196.75
190.97
90.96
105.46
123.82
141.54
148.63
162.58
163.03
157.69
177.21
161 36
159.58
151.85
152.38
15893
167.60
170.37
175.03
181.76
181 66
Surveyed
annually 8
20.54
23,40
27.70
30.24
31.18
32.12
33.72
33.28
social services and membership organizations; and real estate.
4
Planned capital expenditures as reported by business in late July and August 1984, corrected
for biases.
NOTE.—For details about the reduced industry coverage of the plant and equipment survey, see
Surt'ey of Current Business, January 1984.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment rose 270,000 in September and unemployment fell 66,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
116
1984
1976
* 16 YEARS OF AGE AND OVER
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted]
Period
1978
1979 .
1980
1981
1982
1983
1983:
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Noninstitutional
population
including
resident
Armed
Forces
NSA
163,541
166,460
169,349
171,775
173,939
175,891
176,297
176,474
176,636
176,809
177,219
177,363
177,510
177,662
177,813
177,974
178,138
178,295
178,483
Civilian employment
T?<3«;
nesident
Armed
including
resident
NSA
Forces
1,631
1,597
1,604
1,645
1,668
1,676
1,695
1,695
1,685
1,688
1,686
1,684
1,686
1,693
1,690
1,690
1,698
1,712
1,720
106,559
108,544
110,315
111,872
113,226
113,924
113,561
113,720
113,824
113,901
114,377
114,598
114,938
115,493
115,567
115,636
115,206
115,419
103,882
Employment
including
resident
Armed
Forces
Nonagricultural
Civilian
labor force
97,679
100,421
102,251
104,962
100,907
102,042
101,194
102,510
103,571
103,665
104,291
104,629
104,876
105,576
105,826
106,095
106,978
107,438
107,093
106,681
106,959
106,940
108,670
110,204
111,550
112,229
111,866
112,035
112,136
112,215
112,693
112,912
113,245
113,803
113,877
113,938
113,494
113,699
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fulltime work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
Unemployment
Total
96,048
98,824
99,303
100,397
99,526
100,834
101,876
101,970
102,606
102,941
103,190
103,892
104,140
104,402
105,288
105,748
105,395
104,969
105,239
Agricultural
3,387
3,347
3,364
3,368
3,401
3,383
3,308
3,240
3,257
3,356
3,271
3,395
3,281
3,393
3,389
3,403
3,345
3,224
3,315
Total
92,661
95,477
95,938
97,030
96,125
97,450
98,568
98,730
99,349
99,585
99,918
100,496
100,859
101,009
101,899
102,344
102,050
101,744
101,923
Part-time
for
economic
reasons l
3,298
3,373
4,064
4,499
5,852
5,997
6,027
5,724
5,848
5,712
5,943
5,808
5,463
5,593
5,353
5,491
5,300
5,324
5,496
Total
6,202
6,137
7,637
8,273
10,678
10,717
10,353
9,896
9,429
9,195
9,026
8,801
8,772
8,843
8,514
8,130
8,543
8,526
8,460
15
weeks
and
over
1,414
1,241
1,871
2,285
3,485
4,210
3,889
3,655
3,527
3,369
3,201
2,984
2,873
2,855
2,851
2,619
2,689
2,606
2,600
Labor force
participation
rate (percent)
Total 2
Civilian 3
63.5
64.0
64.1
64.2
64.3
64.4
64.6
64.3
64.4
64.4
64.3
64.5
64.6
64.7
65.0
64.9
64.9
64.6
64.7
63.2
63.7
63.8
63.9
64.0
64.0
64.3
64.0
64.0
64.0
63.9
64.1
64.2
64.4
64.6
64.6
64.6
64.3
64.3
3
Civilian labor force as percent of civilian noninstitutional population.
NOTE.—NSA indicates data are not seasonally adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force, fell in
September to 7.3 percent from 7.4 percent in August. The unemployment rate for all civilian workers fell to 7.4
percent from 7.5 percent in August.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
TEENAGERS
(16-19)
20
20
BLACK
AND OTHER S*
,-n\-- %
_^_
15
15
MEN 20 YEARS
AND OVER
ALL CIVILIAN WORKERS
10
10
WHITE
1980
1981
WOMEN 20 YEARS
AND OVER
1982
1984
1983
1980
1981
1982
1983
1984
UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE-. DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Period
Unemployment
rate, all
workers 1
By sex and age
All
civilian
workers
Men
20 years
and over
Women
20 years
and
over
By selected groups
By race
Both
sexes
16-19
years
Black and other
White
Total
Black
Experienced
wage and
salary
workers
Married
men,
spouse
present
Women
who
maintain
families
Fulltime
workers
Parttime
workers
Labor
force
time lost
(percent) 2
1978
1979...,
1980
1981
1982.
1983
6.0
5.8
7.0
7.5
9.5
9.5
6.1
5.8
7.1
7.6
9.7
9.6
4.3
4.2
5.9
6.3
8.8
8.9
6.0
5.7
6.4
6.8
8.3
s!i
16.4
16.1
17.8
19.6
23.2
22.4
5.2
5.1
6.3
6.7
8.6
8.4
11.9
11.3
13.1
14.2
17.3
17.8
12.8
12.3
14.3
15.6
18.9
19.5
5.6
5.5
6.9
7.3
9.3
9.2
2.8
2.8
4.2
4.3
6.5
6.5
8.5
8.3
9.2
10.4
11.7
12.2
5.6
5.3
6.9
7.3
9.6
9.5
9.0
8.8
8.8
9.4
10.5
10.4
6.5
6.3
7.9
8.5
11.0
10.9
1983:
Sept ..
Oct....
Nov...
Dec...
9.1
8.7
8.3
8.1
9.2
8.8
8.4
8.2
8.6
8.2
7.8
7.4
7.8
7.5
7.2
7.1
21.8
21.6
20.2
20.1
8.0
7.7
7.3
7.1
17.3
16.7
16.1
16.3
18.9
18.3
17.7
17.8
8.8
8.5
8.1
7.9
6.1
5.7
5.5
5.2
12.0
11.4
10.5
10.9
9.1
8.7
8.2
8.0
10.1
10.0
9.8
9.8
10.5
10.0
9.7
9.4
1984:
Jan...
Feb ...
Mar...
Apr ...
May...
June..
July ..
Aug...
Sept ..
7.9
7.7
7.7
7.7
7.4
7.0
7.4
7.4
7.3
8.0
7.8
7.8
7.8
7.5
7.1
7.5
7.5
7.4
7.3
7.0
6.8
6.9
6.5
6.3
6.5
6.4
6.5
7.1
6.9
6.9
7.0
6.8
6.4
6.9
7.1
6.7
19.4
19.3
19.9
19.4
19.0
17.6
18.3
18.4
19.3
6.9
6.7
6.7
6.7
6.4
6.1
6.4
6.4
6.4
15.6
14.9
15.1
15.1
14.2
13.4
15.1
14.4
13.9
16.7
16.2
16.6
16.8
15.8
15.0
16.9
16.0
15.1
7.6
7.4
7.2
7.3
6.9
6.6
7.1
7.1
7.1
5.0
4.9
4.7
4.7
4.5
4.5
4.6
4.4
4.6
10.7
11.0
11.0
10.5
9.8
9.6
9.6
10.5
10.0
7.8
7.5
7.5
7.6
7.2
6.7
7.2
7.2
7.1
9.2
9.3
9.2
9.1
9.3
10.3
9.6
9.6
9.4
9.2
8.9
8.8
8.9
8.5
8.3
8.7
8.5
8.5
1
Unemployed as percent of total labor force including resident Armed Forces.
Aggregate hours lost by the unemployed and persons on part time for economic reasons as \
cent of potentially available labor force hours.
2
12
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In September, the percentages of unemployed persons who had been out of work for less than 5 weeks and for
15-26 weeks fell, while the percentages out of work for 5-14 weeks and for 27 weeks and over rose. The mean
duration of unemployment fell and the median rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
/u
REASON FOR UNEMPLOYMENT
70
DURATION OF UNEMPLOYMENT
An
ou
A
/ \ •—
-\
60
%
Av
/ X^i
50
7
\4
LESS THAN
5 WEEKS
"\
*"\
v*«^ P"^'
Af\
4U
30
L.XI S
\
-\
»
Vx
«
,'-^''
^%
/-i
A
^^
+f"
N%*VN"">'•***•
20
v/
f
Xw V
r'
A^v^'
^V*^
J>- "vv\
iT
40
__
30
"N^ ^
"* ^\-»N
^
N/
!-
s'
*•+<++'*'
•«*••%
—,
.^'v
9
Nl W ENTRANT
15-26
WEEKS
*r*
_
REENTRANTS'
20
^V
\ V'*" -»-A.-.
"" ~~~/
.
.-^
*\x****
*x
i**^+*
10
""/
\/
/
27 WEEKS
AND OVER
.-, - ,
50
\
V..
*
\
5-14
WEEKS
l\
~"
X
X
(V
/ ^JOB LOSERS
10
%
%
"*"*
J^
^v^x/^^x^,
-O-v,*~-s*
**
^^
,^
"V-
*****"* ~~"
JOB LEAVERS
0
iiiiiiiiin
Illllllllll Illllllllll
1981
1980
1982
|lllll|l|ll
1983
Illllllllll
0
1984
Illllllllll Illllllllll Illllllllll Illllllllll Illlllllili
1981
1980
1982
1983
1984
*SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution l
Duration of unemployment
Unemployment
(thousands)
Period
Percent distribution 1
Less
than
5
weeks
5-14
weeks
15-26
weeks
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemplovment,
*all
regular
programs
(unadjusted) 2
Special
unemplo3rment
benefit
claims
(unadjusted) 3
Weekly average, thousands
1979
1980
1981
1982
1983
1983:
Sept
Get
Nov
Dee....
1984- Jan....
Feb
Mar
Apr
May
June ..
July
Aug
Sept
. .
J
6,137
7,637
8,273
10,678
10,717
48.1
43.1
41.7
36.4
33.3
31.7
32.3
30.7
31.0
27.4
11.5
13.8
13.6
16.0
15.4
8.7
10.7
14.0
16.6
23.9
10.8
11.9
13.7
15.6
20.0
5.4
6.5
6.9
8.7
10.1
42.9
51.7
51.6
58.7
58.4
14.3
11.7
11.2
7.9
7.7
29.4
25.2
25.4
22.3
22.5
13.3
11.4
11.9
11.1
11.3
2,434
3,350
3,047
4,061
3,396
388
488
460
583
438
2,592
3,837
3,410
4,594
3,775
10,353
9,896
9,429
9,195
35.9
35.5
35.1
36.5
26.7
27.6
27.6
27.1
13.3
13.9
14.1
13.9
24.1
23.1
23.1
22.5
20.2
20.1
20.2
19.6
9.4
9.5
9.4
9.0
57.1
56.5
55.0
54.1
8.3
8.7
9.1
9.2
22.7
23.4
23.7
24.2
11.9
11.4
12.1
12.4
2,893
2,797
2,734
2,636
386
389
388
389
2,580
2,478
2,620
2,915
655
522
901
731
9,026
8,801
8,772
8,843
8,514
8,130
8,543
8,526
8,460
36.0
38.1
38.5
39.1
38.0
39.2
40.1
41.9
39.0
28.4
28.1
28.9
28.4
28.6
28.4
28.8
27.5
30.1
13.0
13.3
12.7
12.6
13.9
12.5
12.7
13.1
12.9
22.6
20.5
20.0
19.8
19.5
19.9
18.4
17.6
18.0
20.5
18.8
18.8
18.5
18.4
18.6
18.1
17.3
17.1
9.2
8.3
8.3
8.1
8.7
7.2
7.6
7.5
7.6
53.6
54.1
52.5
51.3
50.9
51.9
52.7
49.8
50.1
9.0
8.8
8.6
8.8
9.5
9.8
10.1
9.9
10.1
24.4
24.6
25.1
26.1
25.6
24.2
24.4
27.4
27.3
13.1
12.5
13.8
13.8
14.0
14.0
12.8
12.9
12.5
2,615
2,528
2,498
2,449
2,369
2,335
2,361
2,326
2,370
368
349
354
361
350
354
373
365
374
3,374
3,174
2,958
2,613
2,290
2,166
2,327
2,184
584
489
444
401
374
352
342
322
307
1
Detail may not add to 100 percent because of rounding.
2
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCPE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
3
Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricuitura! employment as measured by the payroll survey rose 139,000 in September.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
22
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
RETAIL TRADE
—\
i i i 1 i i 1 1 1 1 1 i i i i J i i i 1 1 1 1 1 i i i 11 i i i |J
SERVICE-PRODUCING
INDUSTRIES
60
50
40
30
-GOODS-PRODUCING'
INDUSTRIES
20
1980
1981
1983
1982
1984
1980
I
1981
1982
1983
1984
*SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; l seasonally adjusted]
Service-producing industries
Goods-producing industries
Period
Total
nonagrii, i
cultural
employment
Manufacturing
Total
2
Construction
1978
1979
1980
1981
1982
1983
86,697
25,585
4,229
89,823
90,406
91,156
89,566
90,138
26,461
25,658
25,497
23,813
23,394
4,463
4,346
4,188
3,905
3,940
1983: Sept....
Oct
Nov ....
Dec
91,018
91,345
91,688
92,026
23,669
23,895
24,058
24,198
4,019
4,044
4,073
4,086
1984: Jan
Feb
Mar
Apr
May....
June...
July r..
Aug r..
Sept".
92,391
92,846
93,058
93,449
93,786
94,135
94,350
94,532
94,671
24,383
24,577
24,595
24,760
24,851
24,974
25,059
25,086
24,996
4,154
4,226
4,151
4,246
4,286
4,343
4,356
4,344
4,371
Total
Durable
goo s
Nondurable
goods
Wholesale
trade
Retail
trade
Government
Finance,
insurance,
and real
estate
Services
4,724
4,975
5,160
5,298
5,341
5,467
16,252
17,112
17,890
18,619
19,036
19,665
15,947
16,241
16,031
15,837
15,851
2,753
2,773
2,866
2,772
2,739
2,752
Total
Federal
61,113
63^363
64,748
65^659
65,753
66J44
4,923
5,136
5,146
5,165
5,082
4,958
4,969
5,204
11,039
10,774
8^280
8,098
8^061
7,741
7,724
5,275
5,358
5,278
5,259
14,989
15,035
15,189
15,179
15,545
18,698
18,886
19,018
19,143
10,923
11,071
11,170
11,266
7,775
7,815
7,848
7,877
67,349
67,450
67,630
67,828
5,046
5,053
5,043
5,055
5,301
5,322
5,344
5,371
15,671
15,737
15,805
15,857
5,503
5,512
5,530
5,546
19,893
19,962
20,034
20,130
15,935
15,864
15,874
15,869
2,774
2,760
2,759
2,762
19,254
19,373
19,466
19,530
19,570
19,629
19,696
19,725
19,601
11,343
11,440
11,513
11,551
11,598
11,652
11,702
11,754
11,680
7,911
7,933
7,953
7,979
7,972
7,977
7,994
7,971
7,921
68,008
68,269
68,463
68,689
68,935
69,161
69,291
69,446
69,675
5,095
5,105
5,112
5,129
5,144
5,163
5,175
5,196
5,175
5,406
5,438
5,457
5,473
5,492
5,502
5,528
5,554
5,590
15,914
15,980
16,030
16,095
16,166
16,245
16,283
16,302
16,366
5,573
5,593
5,613
5,640
5,662
5,676
5,676
5,682
5,682
20,162
20,278
20,378
20,449
20,549
20,681
20,701
20,746
20,829
15,858
15,875
15,873
15,903
15,922
15,894
15,928
15,966
16,033
2,760
2,763
2,770
2,771
2,785
2,777
2,779
2,780
2,785
20,505
21^040
20,285
20,170
18,781
18,497
12,274
12J60
12,187
12,109
8,231
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which inc ude proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
Total
Transportation
and
public
utilities
14,573
15,672
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.
*T u
T»
*T u a • •
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly
earnings
Average weekly
hours
Period
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983- Sept
Oct
Nov .
Dec
1984- Jan
Feb
Mar
Apr
May
June .
July r
Aug r
Septp
Manufacturing
Total
private
nonagricultural l
Total
Overtime
2.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3.0
3.2
3.3
3.3
3.4
3.5
3.5
3.5
3.7
3.3
3.3
3.3
3.2
3.3
39.5
40.1
40.3
40.4
40.2
39.7
39.8
38.9
40.1
40.7
40.6
40.6
40.6
40.9
40.9
40.7
41.1
40.6
40.6
40.5
40.4
40.5
36.1
36.1
36.0
35.8
35.7
35.3
35.2
34.8
35.0
35.2
35.2
35.2
35.2
35.4
35.3
35.3
35.4
35.3
35.3
35.2
35.2
35.3
Total
private
nonagricultural l
Adjusted hourly earnings index — total private
nonagricultural 2
Index,
Manufacturing
$4.53
4.86
5.25
5.69
6.16
6.66
7.25
7.68
8.02
8.09
8.13
8.14
8.17
8.21
8.23
8.25
8.31
8.29
8.33
8.35
8.34
8.40
$4.83
5.22
5.68
6.17
6.70
7.27
7.99
8.49
8.83
8.88
8.93
8.97
8.99
9.03
9.06
9.09
9.11
9.12
9.15
9.17
9.20
9.21
Percent change from a year
earlier 4 5
1977
dollars 3
Current
dollars
86.7
92.9
100.0
108.2
116.8
127.3
138.9
148.5
155.3
156.2
157.1
157.2
157.8
158.4
158.5
159.1
159.9
159.6
160.3
160.8
160.6
161.7
Current
dollars
8.4
7.2
7.6
8.2
7.9
9.0
9.1
6.9
4.6
97.6
99.0
100.0
100.5
97.4
93.5
92.6
93.4
94.8
94.5
94.7
94.6
94.9
94.8
94.8
95.1
95.4
94.9
95.2
95.2
94.1
94.3
4.0
4.1
3.9
3.7
3.6
3.2
3.5
3.7
3.2
3.3
3.3
3.3
3.5
1977 dollars
-0.7
1.4
1.0
.5
-3.1
40
-1.0
.9
1.5
1.2
1.4
1.0
.4
-.0
-.6
.0
.6
.1
.3
.2
-.3
-.3
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent change from
a year earlier,
total private nonagricultural 5
Average gross weekly earnings
Period
Current dollars
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983: Sept
Oct
Nov
Dec .
1984: Jan
Feb
Mar ..
Apr
May . .
June
July r
Auff r .
Sept p
1
Manufacturing
Total private
nonagricultural 1
$163.53
175.45
189.00
203.70
219.91
235.10
255.20
267.26
280.70
284.77
286.18
286.53
287.58
290.63
290.52
291.23
294.17
292.64
294.05
293.92
293.57
296.52
3
Retail trade
Current dollars
1977 dollars 3
$184.16
186.85
189.00
189.31
183.41
172.74
170.13
168.09
171.37
172.27
172.61
172.40
172.93
173.93
173.65
174.08
175.52
173.98
174.61
173.92
171.98
172.90
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index on a 1977 = 100 has
Revised index for urban wage earners and clerical workers used beginning 1978.
2
Construction
1977 dollars
Current dollars
$190.79
209.32
228.90
249.27
269.34
288.62
318.00
330.26
354.08
361.42
362.56
364.18
364.99
369.33
370.55
369.96
374.42
370.27
371.49
371.39
371.68
373.01
$266.08
283.73
295.65
318.69
342.99
367.78
399.26
426.82
443.42
448.13
440.59
441.41
441.32
451.27
456.49
442.89
453.53
455.04
457.45
451.50
453.91
459.16
$108.86
114.60
121.66
130.20
138.62
147.38
158.03
163.85
171.05
172.54
174.00
174.60
176.65
175.78
175.20
176.69
176.70
176.69
177.88
176.11
175.51
177.30
5.7
7.3
7.7
7.8
8.0
6.9
8.5
4.7
5.0
6.0
6.4
5.6
5.7
5.5
6.3
5.4
6.2
4.7
4.8
4.8
5.0
4.4
-3.1
1.5
1.2
.2
-3.1
-5.8
-1.5
-1.2
2.0
3.2
3.7
2.6
2.4
1.8
2.5
1.8
3.0
1.5
1.7
1.6
1.3
.6
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
39-609 0 - 8 4 - 2
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Compensation per
hour 3
Hours of all
persons 2
Output *
Nonfarm
business
sector
Nonfarm
business
sector
Real compensation
per hour 4
Nonfarm
business
sector
Unit labor
cost
Implicit price
deflator 5
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
91.5
93.6
96.6
97.9
96.5
67.5
69.5
71.5
75.3
84.4
67.6
69.7
71.7
75.3
84.5
66.0
69.0
71.3
75.3
82.4
66.3
69.3
71.3
74.0
81.6
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
130.6
143.1
154.5
162.0
96.4
95.5
97.3
98.4
96.0
95.3
97.0
98.6
132.6
142.4
153.6
156.0
132.8
143.5
154.5
156.6
128.1
140.4
147.9
152.4
128.1
140.6
148.6
153.4
156.7
158.4
156.0
157.9
97.3
98.0
96.9
97.7
155.3
155.9
155.6
157.1
148.7
149.3
149.3
150.2
105.1
106.5
108.2
110.3
160.2
161.0
161.8
164.2
160.1
161.5
162.4
164.0
99.0
98.5
98.0
98.4
99.0
98.8
98.3
98.2
156.8
155.4
155.1
156.8
157.6
155.9
155.9
157.1
151.0
151.7
152.7
154.2
151.9
152.7
153.8
155.2
112.3
113.6
114.0
166.7
167.5
169.3
166.5
168.0
169.5
98.6
98.2
98.4
98.5
98.5
98.5
157.7
156.5
157.6
158.3
157.6
159.1
155.6
156.7
157.9
156.3
157.3
158.7
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Business
sector
86.2
89.3
92.4
94.8
92.5
86.8
89.7
93.0
95.3
92.9
78.4
80.7
86.1
91.7
89.9
78.0
80.3
85.8
91.7
89.8
90.9
90.4
93.2
96.8
97.2
89.8
89.4
92.2
96.2
96.6
58.2
62.0
66.1
71.4
78.1
58.7
62.5
66.7
71.8
78.5
90.8
92.8
95.7
97.3
95.9
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
1980
1981
1982
1983
98.8
100.7
100.9
103.7
98.3
99.8
100.0
103.4
106.5
109.2
106.3
111.0
106.5
108.7
105.9
111.2
107.8
108.4
105.4
107.1
108.3
109.0
106.0
107.5
131.1
143.4
155.0
161.7
1982: HI
IV
100.9
101.6
100.3
100.5
106.1
105.8
106.0
105.2
105.1
104.1
105.7
104.7
1983:
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
105.7
107.0
107.5
105.2
106.6
106.6
117.8
121.0
121.8
118.0
121.0
121.5
111.4
113.0
113.3
Business
sector
Business
sector
1977 = 100; quarterly data seasonally adjusted
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
. ..
. ...
I
n .
m
IV
1984- I .r .
n.
mp....
Percent change; quarterly data at seasonally adjusted annual rates
1970
1971
1972
1973
1974
0.8
3.6
3.5
2.6
-2.4
0.3
3.3
3.7
2.4
-2.5
-0.8
3.0
6.6
6.6
20
-1.0
2.9
6.9
6.8
20
-1.6
-.5
3.0
3.9
.4
-1.3
-.4
3.1
4.3
.5
7.3
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
1.3
2.2
3.1
1.6
__1.4
1.0
2.2
3.3
1.3
-1.4
6.4
2.9
2.9
5.3
12.1
6.6
3.1
2.8
5.0
12.2
4.5
4.4
3.4
5.5
9.5
4.8
4.5
3.0
3.8
10.2
1975
1976
1977
1978
1979 .
2.2
3.3
2.4
.5
-1.2
2.0
3.2
2.2
.6
-1.5
-2.0
6.4
6.6
5.5
2.3
22
6.7
6.7
5.7
2.2
41
3.0
4.1
4.9
3.5
-4.1
3.4
4.4
5.1
3.7
9.6
8.5
7.7
8.5
9.4
9.6
8.1
7.5
8.6
9.0
.5
2.6
1.2
.8
-1.7
.4
2.2
1.0
.8
-2.0
7.3
5.1
5.1
8.0
10.7
7.5
4.7
5.2
8.0
10.7
9.8
4.7
5.6
7.5
9.0
10.3
5.1
5.7
7.1
8.8
-.5
1.9
.2
2.7
-.7
1.5
.2
3.5
-1.2
2.5
-2.6
4.4
-1.4
2.1
-2.6
5.0
.6
-2.8
1.7
-.6
.6
-2.8
1.5
10.4
9.4
8.1
4.3
10.3
9.6
8.0
4.9
-2.7
-.9
1.9
1.1
-2.8
7
1.7
1.6
11.0
7.3
7.9
1.6
11.1
8.0
7.7
1.4
9.3
9.6
5.3
3.0
10.0
9.8
5.7
3.2
2.4
2.7
3.6
1.1
-1.3
-1.2
-.1
-3.0
-3.6
-3.8
-3.6
-4.0
7.5
4.5
7.5
5.1
.3
2.9
.3
3.5
5.0
1.7
3.7
4.0
2.3
1.8
2.0
2.4
2.1
5.9
2.8
1.4
4.4
8.1
2.1
1.0
4.4
12.4
9.3
7.8
6.0
14.3
8.7
9.1
2.2
6.1
6.4
6.2
1.5
5.7
6.5
8.0
4.4
2.2
2.0
6.1
5.7
3.5
2.2
4.1
4.1
-2.1
-2.1
1.6
5.4
-.8
-1.9
-.3
2.2
-3.5
-.8
4.6
1.3
-4.2
.1
3.0
4.6
1.9
2.5
4.1
4.6
2.2
2.7
3.7
4.0
4.9
1.7
2.9
5.5
0
11.4
11.2
2.7
10.3
10.6
1.6
7.2
6.0
1.0
7.2
4.8
1.6
6.2
1.9
4.5
6.1
3.7
3.7
1.2
-1.8
.9
1.0
0
.1
2.1
-2.9
2.7
3.1
-1.7
3.7
3.7
2.9
3.1
2.8
2.8
3.6
1980
1981
1982
1983
1982:
ffl
IV
1983:
I
n
m
IV
1984: I r
n .p
m ....
H
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons engaged in the sector, including hours of proprietors and unpaid family
workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
* Hourly compensation divided by the consumer price index for all urban consumers.
16
5
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
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 0.6 percent in September following an increase of 0.1 percent in August. The index for
September was 7.3 percent above its year earlier level.
INDEX, 1967 = 100* (RATIO SCALE)
INDEX, 1967 = 100* (RATIO SCALE)
180 —TOTAL INDUSTRIAL PRODUCTION
180 -UTILITIES AND MINING PRODUCT I ON^^^/j^
160
160
UTILITIES
140
140
MINING
120
120
1980
1982
1981
1984
1983
100 Illlllmil
180 — MANUFACTURING PRODUCT
—
160
140
^
N ,-1
\x
V
^
NONDURAB LE
/
^-»
X*^1
1980
/
s ^-
/
iiiiilmii
Illlillllll Illlillllll
-x-~~\
Illlillllll M M l i l l i l l
1980
1981
1982
'SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE 'FD
1983
1982
1984
90 -MANUFACTURING CAPACITY UTILIZATION RATE
-V X^-v
"\
1981
PERCENT*
-
x^Z~-_
DURABLE
120
ON
80
—
70
60
1980
1984
1983
1981
1982 I
1983
1984
COUNCIL OF ECONOMIC ADVISERS
AL RESERVE SYSTEM
[Monthly data seasonally adjusted]
Period
Index,
1967 = 100
1967 proportion ...
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983- Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June r
July r
Aue: r
Sept p .
1
Output as percent of Capacity.
Manufacturing
Percent
change
from year
earlier
100.00
129.3
117.8
130.5
138.2
146.1
152.5
147.0
151.0
138.6
147.6
153.8
155.0
155.3
156.2
158.5
160.0
160.8
162.1
162.8
164.4
165.9
166.1
165.1
Capacity utilization
rate, percent (Federal
Reserve series) l
Industry production indexes, 1967 = 100
Total
industrial
production
-0.4
89
10.8
5.9
5.7
4.4
-3.6
2.7
-8.2
6.5
12.0
14.2
15.1
15.5
15.4
15.9
14.9
13.7
12.7
12.3
10.8
9.4
7.3
Mining
Durable
Total
87. £5
129.4
116.3
130.3
138.4
146.8
153.6
146.7
150.4
137.6
148.2
155.1
156.2
156.4
156.8
159.5
161.4
162.1
163.4
164.2
165.7
167.4
167.8
166.7
51.98
125.7
109.3
122.3
130.0
139.7
146.4
136.7
140.5
124.7
134.5
141.6
142.8
143.6
145.0
148.6
150.5
151.4
152.6
153.3
154.9
157.0
157.8
156.5
Utilities
Nondurable
35. 97
134.6
126.4
141.8
150.5
156.9
164.0
161.2
164.8
156.2
168.1
174.6
175.6
174.8
173.9
175.2
177.2
177.6
179.1
179.9
181.3
182.4
182.2
181.5
6.36
115.3
112.8
114.2
118.2
124.0
125.5
132.7
142.2
126.1
116.6
117.1
118.3
121.1
123.7
124.8
124.1
123.8
123.3
125.0
127.0
129.6
128.7
128.7
5.69
143.7
146.0
151.7
156.5
161.4
166.0
168.3
169.1
168.7
172.4
179.3
176.5
176.3
182.5
181.0
176.5
180.0
182.7
182.3
184.3
181.9
182.3
181.7
Manufacturing
Industrial
materials
83.7
72.9
79.6
82.2
84.7
86.0
79.6
79.4
71.1
75.2
78.4
78.9
78.8
78.9
80.1
80.9
81.0
81.5
81.7
82.2
82.9
82.8
82.1
87.0
73.3
81.1
82.6
85.6
87.6
80.4
80.7
70.1
75.2
78.6
79.5
79.6
79.6
80.6
81.9
82.2
82.5
82.7
82.9
83.1
83.1
82.0
Source: Board of Governors of the Federal Reserve System.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100; monthly data seasonally adjusted]
Products
Intermediate products
Final products
Consumer goods
Period
Total
Total
1967 proportion
47.82
27.68
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5
147.1
152.1
152.7
153.2
155.2
157.5
158.0
158.6
160.2
161.1
163.1
165.2
165.6
164.9
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
151.7
157.3
156.9
156.1
157.7
1983- Sept
1984:
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
June r
July r
Auff r
Sept"
159.5
159.4
160.2
161.4
161.7
163.0
164.0
163.2
161.6
Durable
goods
7.89
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.2
147.5
157.5
156.7
155.9
158.6
163.4
162.5
163.1
162.2
161.4
163.6
163.8
162.6
159.0
Materials
Equipment
Nondurable
goods
19.79
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
153.4
157.2
157.1
156.1
157.3
157.9
158.2
159.1
161.1
161.8
162.7
164.1
163.5
162.6
Total
20.14
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
140.8
144.9
147.0
149.1
151.8
154.9
156.1
156.4
158.5
160.3
163.3
166.8
168.8
169.5
Business
12.63
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9
153.3
158.7
161.3
164.1
167.3
170.7
171.9
172.1
173.5
176.5
181.1
185.2
188.0
188.5
Defense
and space
equipment
7.51
82.4
80.0
79.8
81.3
86.5
93.4
98.2
102.7
109.4
119.9
121.8
122.9
124.0
125.7
128.3
129.5
130.1
133.2
133.1
133.5
135.9
136.4
137.7
Total
12.89
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
156.6
165.4
166.5
165.5
165.4
167.8
169.0
170.2
171.0
171.6
173.5
175.6
174.9
174.7
Construction
supplies
6.42
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
142.5
151.4
152.3
151.6
151.5
155.5
156.6
159.1
159.6
159.5
160.9
161.4
161.3
160.7
Business
supplies
6.47
136.0
129.7
141.7
149.5
156.5
163.1
162.8
166.7
162.1
170.7
179.3
180.6
179.4
179.3
180.1
181.3
181.3
182.3
183.5
186.1
189.6
188.4
39.29
132.4
115.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7
145.2
152.2
154.0
154.5
154.5
156.6
159.4
160.4
161.5
162.0
162.9
163.6
163.9
162.1
Supplementary
group:
Energy
total"
12.23
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
135.9
139.1
137.7
138.5
141.1
141.6
141.4
141.9
142.8
143.3
144.5
143.9
143.7
143.2
[1967=100; monthly dUa seasonally adjusted]
Nondurable manufactures
Durable manufactures
Transportation
equipment
Primary metals
Period
Total
1967 pTOportion
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983:
Sept
Get
Nov
Dec . ..
1984: Jan
Feb
Mar
Apr
May
June r
July r.
Aug
r
Sept p
6.57
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
85.4
90.6
95.3
92.2
90.4
93.2
98.4
97.5
99.3
98.2
97.9
94.5
92.6
89.5
Iron and
steel
4.21
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
71.5
78.2
84.3
79.2
74.1
80.7
86.0
84.4
84.0
83.5
83.5
76.5
75.3
Source: Board of Governors of the Federal Reserve System.
18
Fabricated metal
products
5.93
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
120.2
127.4
126.9
128.5
129.2
131.7
132.8
134.9
135.5
136.5
138.7
140.6
140.0
138.7
Nonelectrical
machinery
9.15
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
150.6
158.3
159.2
161.8
164.3
169.5
170.9
171.9
174.9
178.8
182.0
186.1
189.5
188.0
Electrical
machinery
Total
8.05
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
185.5
195.8
198.4
200.1
201.5
206.2
209.9
212.0
214.6
214.5
216.0
221.5
222.4
223.5
9.27
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
117.8
124.7
125.5
127.3
130.8
134.9
135.2
135.8
134.5
135.0
137.2
140.6
141.0
136.7
Motor
vehicles
and parts
4.50
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
137.1
150.9
150.9
152.9
158.9
166.3
164.4
165.8
161.9
163.0
165.3
169.0
170.3
160.3
Lumber
and
products
1.64
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
137.2
142.3
141.7
141.0
143.8
146.0
145.6
149.3
151.2
146.3
148.5
146.0
148.5
Apparel
products
3.31
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
Printing
and
publishing
Chemicals and
products
4.72
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
144.1
152.5
161.7
162.7
162.0
161.7
163.4
164.8
165.2
166.3
167.5
169.0
173.6
174.2
1754
7.74
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
215.0
224.1
228.4
225.6
221.1
221.5
224.8
225.0
228.3
227.9
231.0
233.0
233.6
Foods
8.75
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
156.4
158.2
157.6
157.1
157.7
159.4
160.0
161.2
163.1
164.2
165.1
166.1
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 2
Private
Period
Total new
construction
expenditures
Residential
Total
Total
Commercial
and industrial
New housing
units
1
Other
Federal,
State, and
local
Total value
index
(1977=100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
1976
1977
1978
1979
1980
1981
1982
1983
151.1
173.8
205.6
230.4
230.7
239.1
230.1
262.2
112.0
135.7
159.7
181.6
175.7
185.8
179.1
211.4
87.3
86.6
74.8
111.7
278.0
281.7
267.9
267.0
263.9
280.9
300.4
309.7
308.6
316.4
315.3
311.0
311.9
315.3
224.7
229.6
219.2
217.4
213.3
230.0
248.1
255.0
254.1
261.2
257.8
254.8
255.3
257.8
126.8
128.6
118.6
113.5
109.7
121.9
137.4
141.1
136.6
138.4
136.4
135.3
134.0
132.8
60.5
81.0
93.4
99.0
47.3
65.7
75.8
78.6
63.1
62.7
51.9
86.1
19.9
22.5
29.6
39.9
43.8
51.3
54.6
48.7
50.0
49.8
47.8
49.8
49.6
53.9
56.0
59.6
61.0
64.9
63.0
61.8
64.6
68.2
42.7
44.7
47.9
49.7
51.0
39.1
38.2
45.9
48.8
55.0
53.3
51.0
50,8
79.0
100.0
114.0
122.0
107.0
110.0
112.0
138.0
47.9
51.3
52.8
54.2
54.0
54.1
54.7
54.2
56.5
57.9
58.4
57.6
56.7
56.8
53.3
52.1
48.8
49.6
50.6
50.9
52.3
54.8
54.5
55.2
57.5
56.2
56.6
57.5
154
143
139
145
134
150
150
144
145
165
148
152
151
144
31.5
32.2
36.7
Annual rates
Annual rates
1983:
Aug
Sept
Oct
Nov
Dec. ..
1984: Jan
Feb
Mar
Apr
May
June
July
592
739
977
1,059
904
919
690
750
93.9
93.8
94.2
94.9
95.0
96.9
102.3
102.4
102.7
106.4
105.0
105.0
105.2
104.7
783
830
856
884
803
931
751
884
960
1,013
888
957
1,011
901
1
Includes nonhousekeeping residential construction and additions and alterations, not shown sep-
for floor space.
2
F/W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private homes
New private housing units
Period
Units started, by type of structure
Total
1976
1977
1978
1979
1980
1981
1982
1983
. ...
1,537.5
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1,703.0
1 unit
1,162.4
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
2-4 units
85.9
121.7
125.0
122.0
109.5
91.1
80.0
113.5
5 or more units
289.2
414.4
462.0
429.0
330.5
287.7
319.6
522.0
Units
authorized
1,296.2
1,690.0
1,800.5
1,551.8
1,190.6
985.5
1,000.5
1,605.2
Units
completed
Homes sold
1,377.2
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
1,390.3
646
819
817
709
545
436
412
623
1,512
1,567
1,445
1,489
1,606
1,565
1,590
1,654
1,756
1,739
1,720
1,681
597
624
636
755
681
712
682
649
r
616
635
611
557
679
Homes for
sale at end of
period l
353
402
3
414
398
336
272
251
300
Vacancy rate
for rental
housing units
(percent) 2
5.6
5.2
5.0
5.4
5.4
5.0
5.3
5.7
Seasonally adjusted annual rates
1983:
Sept
Oct
Nov
Dec
1984: Jan. .
Feb
Mar.. ..
Apr
May ....
June r
July r
Aug r
Sept p
1
1,679
1,672
1,730
1,694
1,980
2,262
1,662
2,015
1,794
1,877
1,754
1,539
1,676
1,038
1,017
1,074
1,021
1,301
1,463
1,071
1,196
1,131
1,084
990
932
1,009
115
96
130
133
114
148
137
169
116
107
118
110
114
526
559
526
540
565
651
454
650
547
686
646
497
553
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comparable
with earlier data.
3
New series beginning March 1979.
1,540
1,650
1,649
1,602
1,799
1,902
1,727
1,758
1,745
1,768
1,565
1,506
1,440
299
301
304
300
302
303
320
328
333
339
342
346
345
5.8
5.5
5.6
5.5
6.0
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for
1973-77 are for 14,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Manufacturing and Trade
Manufacturing and trade sales fell 0.2 percent in August and inventories rose $4.6 billion. According to advance
data, retail sales rose 1.6 percent in September following a decline of 0.6 percent in August.
BILLIONS OF DOLLARS* (RATIO SCALE)
ouu
550
^--"
500
"*^*^__
•^T
MAN UFACTURINC3 AND
<^
450
r
/
__*——-
^^ -
—
IRA DE INVENTC)RIES
BILLIONS OF DOLLARS* (RATIO SCALE)
160
150
140
130
120
110
400
100
/***
350 —
90
*
80
MA ^UFACTURIhJG
AN D TRADE SALES
300
RETAIL SALES
70
250 —
—
60
50
200
1981
1980
1982
1983
1984
RATIO*
1.80
150 >_
1.60
1.40
1 i i i i 1 i i 1 11 i 1 i i i 1i ii i i
Nliihihi
100
1980
1981
1982
1983
1984
_ INVENTORY-SALES RATIO
MANUFACTURING
~S^ ^
RETAIL
1.20 i l i l i l i i i i ! i i i i i l i i i l i i i i i i l i i i l i iiiiiliiili iiiiiliiili
1981
1982
1983
1984
1980
COUNCIL OF ECONOMIC ADVISERS
Inventories 3
Inventory-sales ratio 4
Ketail
Wholesale
Sales 2
Period
Sales 2
~"
^\y
~ *f ^
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Manufacturing and
trade l
—
ArslU IKAUt
Sales
2
Inventories 3
Total
Durable
goods
stores
Inventories 3
Nondurable goods
stores
Total
Durable
goods
stores
Nondurable goods
stores
Manufacturing
and
trade l
Retail
Millions of dollars, seasonally adjusted
1976
1977
1978
1979
1980
1981
1982
1983
204,277
229,624
260,263
297,565
327,113
355,762
343,504
367,096
318,544
351,055
398,457
449,542
491,431
523,623
505,546
514,336
50,694
55,987
66,117
78,680
92,658
100,673
94,765
98,649
64,078
72,311
85,568
98,008
111,792
115,854
115,563
118,067
54,781
60,435
67,242
74,948
80,064
86,960
89,547
97,831
18,150
20,724
23,211
25,179
24,365
26,306
27,041
32,095
36,631
39,711
44,031
49,770
55,699
60,654
62,506
65,735
79,273
89,530
102,504
110,592
115,550
125,710
125,384
135,843
37,841
43,135
49,858
53,413
53,952
58,559
56,748
63,447
41,432
46,395
52,646
57,179
61,598
67,151
68,636
72,396
1.48
1.46
1.44
1.43
1.45
1.43
1.50
1.37
1.38
1.40
1.43
1.44
1.41
1.39
1.39
1.33
1983: Aug
Sept
Oct
Nov
Dec
373,283
379,229
382,457
386,564
395,682
504,284
506,984
509,171
511,453
514,336
100,894
102,171
104,210
103,793
106,892
114,227
115,674
116,825
116,958
118,067
98,277
99,537
100,923
101,896
102,438
31,951
32,905
33,882
34,641
35,532
66,326
66,632
67,041
67,255
66,906
130,983
132,142
132,777
134,622
135,843
59,400
60,627
61,048
62,441
63,447
71,583
71,515
71,729
72,181
72,396
1.35
1.34
1.33
1.32
1.30
1.33
1.33
1.32
1.32
1.33
1984- Jan
Feb
Mar
Apr
May .
June
July r
Aug p
Sept"
401,133
398,815
401,905
405,880
412,725
414,124
411,410
410,750
518,062
527,216
532,766
541,060
545,912
546,834
551,366
555,957
110,125
108,328
109,553
111,043
115,112
114,401
113,310
111,936
119,201
120,411
121,477
123,785
124,368
123,994
126,227
126,259
106,602
105,482
103,873
107,505
108,237
109,322
107,442
r
!06,808
108,520
37,127
36,909
35,306
37,436
37,912
38,687
37,452
r
36,655
36,877
69,475
68,573
68,567
70,069
70,325
70,635
69,990
r
70,153
71,643
137,977
142,731
143,910
146,883
146,951
145,359
145,120
146,173
63,749
66,513
66,946
69,010
68,277
66,896
66,141
66,467
74,228
76,218
76,964
77,873
78,674
78,463
78,979
79,706
1.29
1.32
1.33
1.33
1.32
1.32
1.34
1.35
1.29
1.35
1.39
1.37
1.36
1.33
1.35
1.37
1
2
3
See page 21 for manufacturing.
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
20
4
For annual periods, ratio of weighted average inventories to average monthly sales; for monthly
data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce, Bureau of the Census.
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In September, manufacturers' shipments and orders fell while inventories rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
240
BILLIONS OF DOLLARS* (RATIO SCALE)
IKIVFKITORIF^
320
280
_
~7~ -
240 ^
1
TOTAL
200
160 --
-.•"•"•"'^
— -— — ;--,
——
DU RABLE GOO DS
'
.—
.^--"""
120
100
^ ----' .*•-
80
40
60
BILLIONS OF DOLLARS* (RATIO SCALE)
200 -NEW OR DERS
y^l1— '
160
40
1
—J—
TOTAL
DURABL E GOODS
; p-
100
%
*_T"*" ^<r--^
"V
miiliim
iiiiiliiui
llllllliiii
imiliim i M i i l i i i M
_
-S_
120
80 r"
f H
NON DURABLE GC>ODS
^—^J
v^- 'j?-"y
—
NONDURA BLE GOODS
RATIO*
2.2
INVENTORY-SHIPMENTS RATIO
2.0
1.8
1.6
7\
60
1.4
40
iniihiiii
1980
iilllllllll llillhllil
1982
1981
1983
Iilllllllll
1984
1.2
1980
1981
1982
*SEASONAUY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1983
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments l
Manufacturers' new orders 1
Manufacturers' inventories 2
Durable goods
Period
Durable
goods
Total
1984
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
inventoryshipments
ratio 4
Millions of dollars, seasonally adjusted
1976
1977
1978
1979
1980... .
1981
1982
1983
98,802
113,202
126,905
143,936
154,391
168,129
159,193
170,617
50,689
59,267
67,848
76,060
77,550
83,872
76,859
85,126
48,113
53,935
59,057
67,876
76,841
84,257
82,334
85,491
175,193
189,214
210,385
240,942
264,089
282,059
264,599
260,426
112,581
121,601
137,825
160,451
174,552
186,053
175,009
171,571
62,612
67,613
72,560
80,491
89,537
96,006
89,590
88,855
99,543
115,032
131,546
147,403
156,161
167,761
157,389
173,433
51,398
61,082
72,339
79,451
79,360
83,562
75,129
87,806
12,799
15,291
19,458
23,231
23,259
24,050
20,681
22,764
48,145
53,950
59,207
67,953
76,801
84,199
82,260
85,627
182,499
203,475
259,755
301,982
323,312
318,794
296,147
330,122
1.69
1.61
.57
.57
.66
.64
.73
.52
1983: Aug
Sept
Oct
Nov
Dec
174,112
177,521
177,324
180,875
186,352
86,730
88,963
89,181
92,311
96,351
87,382
88,558
88,143
88,564
90,001
259,074
259,168
259,569
259,873
260,426
170,283
170,084
170,219
170,656
171,571
88,791
89,084
89,350
89,217
88,855
176,360
180,336
182,911
186,606
188,374
88,820
91,509
94,776
97,991
98,444
22,887
25,295
25,499
24,680
24,893
87,540
88,827
88,135
88,615
89,930
313,967
316,782
322,369
328,099
330,122
1.49
1.46
1.46
1.44
1.40
1984: Jan
Feb
Mar
Apr
Mav
June
July 7 "
Aug
Sept p
184,406
185,005
188,479
187,332
189,376
190,401
190,658
192,006
189,606
95,283
96,297
96,990
95,697
97,944
99,042
98,390
101,035
98,651
89,123
88,708
91,489
91,635
91,432
91,359
92,268
90,971
90,955
260,884
264,074
267,379
270,392
274,593
277,481
280,019
283,525
285,184
171,549
173,203
175,751
177,993
180,578
182,452
184,559
187,142
188,725
89,335
90,871
91,628
92,399
94,015
95,029
95,460
96,383
96,459
188,671
191,336
196,477
189,715
193,680
190,620
194,037
192,578
189,016
99,439
102,345
105,183
98,317
102,256
99,171
101,704
102,015
98,111
25,093
27,018
26,860
25,885
28,958
28,029
27,648
r
26,499
27,560
89,232
88,991
91,294
91,398
91,424
91,449
92,333
90,563
90,905
334,385
340,725
348,717
351,099
355,398
355,625
358,990
359,564
358,975
1.41
1.43
1.42
1.44
1.45
1.46
1.47
1.48
1.50
1
2
3
r
Monthly average for year and total for month. Shipments are the same
Book value, end of period.
End of period.
4
For annual periods, ratio of weighted average inventories to average monthly shipments; for
monthly data, ratio of inventories at end of month to shipments for month.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In September, the producer price index for all finished goods fell 0.2 percent, seasonally adjusted. Prices of
finished consumer foods fell 0.4 percent and prices of other finished consumer goods fell 0.2 percent. Prices of
capital equipment were unchanged.
INDEX, 1967= 100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
320
— FINISHED GOODS
300
•
320
SEASONALLY ADJUSTED
CONSUMER GOODS
EXCLUDIN o rwwuo
-
—
300
\g&Z£££ __
b^j
^££**^
280
—
TOTAL FINISHED
aoops
*
260
^<^'
.^^
•:'^'\~
CAPITAL EQ UIPMENT
240
280
S'^S~- _
/-'
\
CONSUMER F(DODS
260
—
240
-# <c>
z/^ -' •
—
.
S ^-'%''
220
*»*'
—
/-**»'
—
220
</
—
S ^s
200
200
—
180 \v'\.
_,*
,1
^"^'
180
^
^
'^ -.-'"'
.-
s
160
140
1 1 1 1 lllllll
Iillillilil
1 1 1 ! 1 ! 1i 1 1 1
1976
1977
1978
160
lilllllllll 1 i i i 1 1 i i 1 i i iillillilil
I l l i l l i i l i l I l l l l l l l l l l i i 1 1 1 1 i i i 1 i 140
1981
1980
1979
1982
1983
1984
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Finished goods excluding consumer foods
Period
1976
1977..
1978
1979 . .
1980
1981 . .
1982
1983
1983: Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar. ..
Apr
May r
June
July
Auff
Sept
1
Total
finished
goods
170.6
181.7
195.9
217.7
247.0
269.8
280.7
285.2
286.6
287.1
286.9
287.4
289.1
290.2
291.4
291.4
291.1
291.4
292.2
291.9
291.4
Consumer
foods
180.4
189.9
207.2
226.2
239.5
253.6
259.3
261.8
262.1
264.8
263.9
265.8
272.8
274.5
276.4
274.4
271.4
270.3
274.1
273.7
272.5
Capital
equipment
174.8
189.3
200.0
231.3
283.9
319.6
333.6
335.3
337.9
338.1
337.5
336.5
335.7
336.1
336.0
336.7
338.9
339.9
338.8
336.9
336.2
173.4
184.6
199.2
216.5
239.8
264.3
279.4
287.2
288.5
288.6
289.0
289.8
290.5
291.7
292.5
294.3
293.9
294.5
295.2
296.2
296.3
169.7
180.7
194.9
217.9
248.9
271.3
281.0
284.6
286.1
286.6
286.3
286.7
288.7
289.8
291.0
290.6
290.3
290.4
291.3
290.7
290.0
Consumer goods
Total
166.1
177.7
190.7
213.3
247.8
273.3
285.8
290.8
292.6
292.3
292.5
292.4
292.3
293.1
294.0
294.8
295.4
296.2
295.9
295.7
295.4
Intermediate materials for food manufacturing and feeds.
22
Nondurable
Total
finished
consumer
goods
Total
162.6
174.3
186.7
211.5
250.8
276.5
287.8
291.4
293.4
292.8
292.9
292.4
292.0
292.7
293.6
294.0
295.0
295.8
295.2
294.5
294.0
Durable
144.5
152.8
166.9
183.2
206.2
218.6
226.7
233.1
234.4
233.0
233.8
234.0
234.0
235.2
237.3
237.2
236.8
237.2
237.3
238.1
237.7
Total
189.1
201.5
215.6
242.2
280.3
306.0
310.4
312.3
315.3
316.2
316.6
317.1
317.0
317.6
319.3
319.5
320.3
321.6
321.0
320.5
320.1
Foods
and
feeds l
Other
185.3
190.5
203.1
226.1
252.6
250.3
239.4
247.9
261.4
258.4
258.9
257.8
261.1
256.5
259.8
260.3
259.8
257.3
253.0
250.1
246.2
189.4
202.3
216.5
244.4
282.3
310.1
315.7
317.1
319.5
320.6
321.0
321.5
321.2
322.2
323.8
323.9
324.9
326.5
326.1
325.7
325.6
Crude materials
Total
Foodstuffs
and
Other
feedstuffs
Source: Department of Labor, Bureau of Labor Statistics.
202.7
209.2
234.4
274.3
304.6
329.0
319.5
323.6
328.8
329.2
330.4
333.6
336.0
330.9
337.1
336.9
333.8
331.1
331.3
327.2
327.0
190.2
192.1
216.2
247.9
259.2
257.4
247.8
252.2
256.2
258.2
259.6
263.6
269.4
261.1
271.5
268.3
260.9
255.7
256.8
252.3
252.2
228.5
245.0
272.3
330.0
401.0
482.3
473.9
477.4
485.2
482.3
483.1
484.4
479.9
481.4
479.0
485.0
490.8
493.3
491.8
488.6
488.0
CONSUMER PRICES
In September, the consumer price index for all urban consumers rose 0.4 percent seasonally adjusted (0.5 percent
not seasonally adjusted). The index was 4.2 percent above its level in September 1983.
INDE X, 1967 =100 (RATIO SCALE)
320
INDEX, 1967=100 (RATIO S CALE)
320
UNADJUSTED
^-
300
r-""
1
^~n
300
^^^^
280
280
/
260
260
s\
240
'
220
240
ALL ITEMS
220
^/
200
200
S
180
160
140
-^
f
^
160
miilmii
1976
180
innlnni
M 1 1 1 1 1 1 1 1 I I i M ll 1 1 1 II
1978
1977
i null mi 1111 Hi mi
1980
1979
1981
11 1 i 1 1 1 1 1 i 1 I i i ! il I 1 i 1 1
1982
1983
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
140
1984
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Transportation
Housing
Shelter
Period
All
items l
Food
Total l
Total
Renters'
costs 2
NSA
Rel. imp.5
1976
1977
1978
1979
1980
1981
1982
1983
1983: Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
1
2
100.0
170.5
181.5
195.4
217.4
246.8
272.4
289 1
298 4
301.8
302.6
303.1
303.5
305.2
306.6
307.3
308.8
309.7
310.7
311.7
313.0
314.5
18.7
1808
192.2
211 4
234.5
2546
274.6
285 7
291 7
292.3
293.5
294.1
295.4
300.2
302.2
301.8
301.7
300.9
301.3
302.2
304.1
303.8
37.6
174 6
186.5
202 8
227.6
263 3
293.5
314 7
323 1
325.3
326.0
327.4
328.1
329.6
331.1
331.2
333.3
334.1
334.9
336.7
338.7
340.2
21.5
179 0
191 1
2104
239 7
281 7
314.7
337 0
344 8
348.0
349.3
350.7
351.8
353.0
353.8
355.3
357.6
358.7
360.0
362.5
364.3
366.1
7.0
103 0
104.2
104.6
105.0
105.3
105.7
106.0
106.5
107.4
107.8
108.2
108.9
109.5
110.0
Homeowners'
costs 2
Maintenance
and
repairs
NSA
NSA
14.0
102 5
103.5
103.9
104.3
104.5
104.9
105.1
105.6
106.2
106.5
106.8
107.6
108.1
108.7
0.5
199 6
214 7
233 0
2564
285 7
3144
334 1
346 3
346.6
351.1
353.4
354.7
356.7
353.5
355.3
356.3
357.3
358.9
360.3
360.1
362.7
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.5 also included through 1982.
Relative importance, December 1983.
3
4
Fuel
and
other
utilities
8.2
182 7
202 2
216 0
239 3
278 6
319 2
350 8
370 3
372.9
372.2
374.4
373.8
378.2
384.8
380.9
383.9
384.6
385.4
388.6
391.7
392.9
Apparel and
upkeep
5.2
147 6
154.2
159 6
166.6
178 4
186.9
191 8
196 5
198.2
198.2
198.5
198.5
199.0
198.5
198.6
198.5
198.6
198.1
199.0
200.8
202.1
Total
l
21.8
165.5
177.2
185 5
212.0
249.7
280.0
291.5
2984
302.8
304.4
305.5
306.1
306.7
306.6
309.4
311.2
312.7
312.1
311.1
311.2
312.7
New
cars
Motor
fuel 3
3.5
135.7
142.9
153.8
166.0
179.3
190.2
197.6
202 6
204.9
205.5
205.3
205.7
205.6
206.4
207.4
207.6
207.2
207.3
208.3
209.4
210.5
5.9
177.9
188.2
196.3
265.6
369.1
410.9
389.4
376.4
383.7
383.2
381.6
379.8
375.9
370.5
374.0
375.4
376.1
370.4
364.0
361.2
365.2
Medical
care
6.1
184.7
202.4
219.4
239.7
265.9
294.5
328.7
357.3
361.7
362.9
364.7
366.0
368.6
371.5
373.5
375.3
377.3
379.0
381.1
382.2
383.4
Energy 4
11.9
189.3
207.3
220.4
275.9
361.1
410.0
416.1
419.3
425.1
424.2
424.5
423.3
421.7
422.7
421.8
424.7
425.4
422.6
421.2
421.8
424.4
All
items
less
food,
energy,
and*
shelter
47.9
159.9
169.5
179.1
191.5
208.3
228.1
245.6
258.4
260.9
262.2
263.5
264.2
265.8
266.7
267.8
269.1
270.0
270.7
271.6
272.7
273.9
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and
clerical workers.
Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and
therefore are not strictly comparable with figures for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Period
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
Foods
Total
finished
goods
Capital
equipment
Excluding foods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
10.8
4.4
6.5
7.8
11.1
13.5
9.2
4.0
1.6
1975
1976
1977
1978
1979
1980
1981
1982
1983
6.6
3.7
6.9
9.2
12.8
11.8
7.1
3.7
.6
1983- Sept
Oct
0.1
.2
-.1
.2
0.7
1.0
-,3
.7
-0.1
.0
.1
.3
2.0
2.5
2.7
.8
1.1
8.8
5.8
5.8
1.8
.4
8
— 1.4
2.1
1.5
.3
1.8
2.3
— .2
.0
-.2
2.7
2.0
1.5
0.8
1.3
1.5
4.1
3.1
3.6
1.9
1.9
2.4
2
1.8
2.0
1.4
1.2
.7
.6
.6
.4
.4
0
— .1
.1
.3
1
2.6
.6
.7
-.7
1i
-.4
1.4
-.1
-.4
— .1
.2
.3
.1
.3
.3
-.2
-.2
2
.2
.4
.3
.6
1
.2
.2
.3
.0
2.8
4.7
5.7
3.2
1.2
0
1.1
1.1
0
12.6
17.1
16.9
2.4
-4.4
-8.5
-.4
3.4
3.3
-1.1
-3
1.7
2.8
3.2
3.0
1.6
7
-2.4
2.7
3.8
3.8
.5.3
3.1
2.8
1.2
3.2
2.5
2.8
2.7
3.4
3.0
2.9
2.8
2.2
1.2
0
10.7
11.3
11.2
7.4
5.8
3.4
1.0
-.6
-2.8
-.3
-.5
.1
.8
1.4
2.3
2.2
1.2
.3
2.1
2.0
2.8
4.0
3.4
3.3
3.3
3.1
2.6
2.0
2.3
2.8
2.9
2.4
2.2
2.4
2.0
1.6
8.2
6.4
7.3
7.9
8.8
11.4
9.2
3.9
1.9
6.7
6.0
6.7
8.5
17.5
14.2
8.5
4.2
-.8
5.5
-2.5
6.9
11.7
7.4
7.5
1.4
2.1
2.3
Change, month to month
Nov
Dec
1984: Jan
Feb
Mar
Apr
May r
June •
July
Aug r
Sept
,. y ;
-.2
00
NOTE.—NSA indicates data are not seasonally adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Transportation
Housing
Shelter
Period
All
items 1
Food
Total l
Total
l
Homeowners'
costs
Renters'
costs
Fuel
and
other
utilities
Apparel
and
upkeep
Total 1
New
cars
Motor
fuel 2
Medical
care
Energy 3
All
items
less
food,
energy,
and
shelter
Addendum: All items, percent change
(annual rate)
From
previous
quarter 4
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
NSA
Change, December to December, NSA
7.0
4.8
6.8
9.0
13.3
12.4
8.9
3.9
3.8
6.5
.6
8.0
11.8
10.2
10.2
4.3
3.1
2.6
7.5
5.4
7.6
9.9
15.2
13.7
10.2
3.6
3.5
7.3
4.2
8.7
11.5
17.4
15.1
9.9
2.4
4.7
5.1
4.5
Sept
Oct
Nov
Dec
0.4
.4
.4
.2
0.2
.4
.2
.4
0.4
.2
.4
.2
0.5
.4
.4
.3
0.6
.4
.4
.3
0.5
.4
.4
.2
0.3
-.2
.6
— .2
0.2
0
.2
0
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
.6
.4
.2
.5
.2
.2
.3
.5
.4
1.6
.7
— .1
-.0
-.3
.1
.3
.6
I
.5
.5
.0
.6
.2
.2
.5
.6
.4
.3
.2
.4
.6
.3
.4
.7
.5
.5
.4
.3
.5
.8
.4
.4
.6
.6
.5
.4
.2
.5
.6
.3
.3
.7
.5
.6
1.2
1.7
-1.0
.8
.2
.2
.8
.8
.3
.3
-.3
.1
i
.1
-.3
.5
.9
.6
1975
1976
1977
1978
1979
1980
1981
1982
1983
11.2
9.0
8.1
5.9
16.0
13.6
14.5
9.7
1.8
2.3
4.5
4.2
3.2
5.5
6.8
3.6
1.6
2.9
7.3
4.8
7.2
6.2
7.4
7.5
6.8
1.6
3.4
11.0
2.6
4.9
8.5
52.2
18.9
9.4
-6.5
-1.7
9.9
10.1
8.8
8.8
10.1
10.0
12.5
11.0
6.4
11.6
6.9
7.2
8.0
37.4
18.1
11.9
1.3
-.5
6.4
7.0
5.2
6.5
7.2
9.9
9.4
6.1
5.0
0.7
.5
.4
.2
0.8
.3
i
.2
0
-.1
4
-.5
0.4
.3
.5
.4
0.1
-.2
.1
-.3
0.5
.5
.5
.3
.2
-.0
.9
.6
.5
-.2
-.3
.0
.5
o
.4
.5
.1
-.2
.0
.5
.5
.5
10
-1.4
.9
.4
.2
-1.5
_1.7
-.8
1.1
.7
.8
.5
.5
.5
.5
.6
.3
.3
-.4
.2
-.2
.7
.2
-.7
-.3
.1
.6
.6
.3
.4
.5
.3
.3
.3
.4
.4
9.8
8.8
4.3
7.7
18.2
14.7
11.0
1.7
3.9
9.1
5.8
6.5
7.7
11.3
13.5
10.4
6.1
3.2
Change, month to month
1983:
1
Includes
2
Includes
3
items not shown separately.
direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
4
Quarterly changes are shown in the last month of the quarter.
NOTE.—NSA indicates data are not seasonally adjusted.
24
4.1
4.5
5.0
3.7
3.5
4.5
4.6
4.6
4.0
5.0
4.4
4.2
4.3
2.9
2.9
3.2
3.8
5.0
5.0
5.0
4.3
3.6
3.3
2.6
3.7
4.5
4.8
4.8
4.5
4.6
4.3
4.1
3.4
3.6
3.9
4.1
4.6
4.7
4.5
4.2
4.2
4.1
4.2
4.2
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs
and therefore are not strictly comparable with data for earlier periods.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 0.7 percent in October and prices paid by farmers fell 0.6 percent.
INDEX, 1977=100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
IbU
180
_
160
-
•• — ••
160
«•- —
PRICES PAID
\
^**lr*
140
>
120
~/\ sz±.X
...^
100
**""
s**"
.
/
/-'
o*f\y
/
PRIC ES RECEIVED
— *»'
-
V -^\ ^J^
140
^^
r^%
—
120
—
100
_
80
80
60 1 1 1 1 1 ll 1 1 1 1
RATHDI/
i ll i ll i ll 1 1 i 1 11 1 h 1 11 1
1 1 1 1 1 1 1 1 1 1 1 1 1 II 1 li II 1 1
1 II 1 ll 1 1 1 1 1 1 1 1 1 1 ll 1 1 1 1
1 I l l l l l l l l l I l l l l l l l l l ! 60
RATIO^
I4U
120
140
O A TI/*\
120
100
100
"X^^
-
^
"
"
"
^
^
80
80
~
60
1 1 M M ! II 1 1 i 1 1 1 1 I I I 1 1 1
1 1 1 1 1 I | | I i |
1976
1977
1978
1 1 11 1 11 1 11 1 1 1 1 1 11 1 1 111 IIIMIMIII 1 1 111i i i111 M l l l l M l l l
1983
1981
1982
1979
1980
— 60
MIHIIIMI
1984
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Prices received by farmers
Period
All farm
products
Prices paid by farmers
Livestock and
products
Crops
All commodities,
services,
interest, taxes,
and wage rates 1
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
102
100
115
132
134
139
133
134
102
100
105
116
125
134
121
127
101
100
124
147
144
143
145
141
95
100
108
123
138
150
157
161
95
100
109
125
139
151
155
159
97
100
108
125
138
148
150
153
107
100
106
107
97
93
85
84
Oct .
Nov
Dec
134
135
140
133
134
136
135
136
143
161
162
163
159
160
161
153
154
155
83
83
86
1984- Jan .
Feb
Mar
Apr
May
144
144
145
146
144
144
144
143
139
138
138
137
139
140
144
145
142
144
r
!36
138
150
151
151
151
145
143
145
143
r
!41
138
164
165
165
166
166
166
165
165
165
164
162
163
164
164
164
163
162
162
161
160
156
156
157
158
157
157
156
155
r
!54
153
88
87
88
88
87
87
87
87
84
84
1976
1977
1978
1979
1980
1981
1982
1983
1983:
June
July
Ausr
Sept
Oct .. ..
1
Includes items not shown separately.
2
Percentage ratio of index of prices" received by farmers to index of prices paid, interest, taxes,
and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
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
Growth in the monetary aggregates accelerated a little in September.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
BILLIONS OF DOLLARS*(RATIO SCALE)
300
1984
1976
* AVERAGES Of DAILY FIGURES; SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]
Period
1976:
1977:
1978:
19791980:
1981:
19821983:
1983-
Dec
Dec
Dec
Dec
Dec
Dec .
Dec
Dec
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept p
.. .
. .
. . . .
1
Ml
M2
M3
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
RPs and
Eurodollars,
MMMF balances
(general purpose
and broker /dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term RPs, term
Eurodollars, and
institution-only
MMMF balances
310.4
335.4
363.1
389.1
414.9
441.9
480.5
525.3
518.9
521.6
523.0
525.3
530.0
532.9
535.1
535.3
541.0
546.2
545.6
r
546.3
549.0
1,163.6
1,286.7
1,389.1
1,498.5
1,632.6
1,796.6
1,965.3
2,196.2
2,147.9
2,167.2
2,182.1
2,196.2
2,206.7
2,222.5
2,229.9
2,242.7
2,258.4
2,272.0
r
2,281.3
r
2,290.2
2,305.3
Consists of outstanding credit market debt of the U.S. Government, State and local governments, and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
NOTE.—The nontransactions portion of M2 is now being seasonally adjusted as a whole to reduce
26
1,311.9
1,472.9
1,647.1
1,804.8
1,989.8
2,236.7
2,460.3
2,707.9
2,636.7
2,656.4
2,686.8
2,707.9
2,721.3
r
2,744.3
r
2,765.0
r
2,789.4
r
2,815.3
r
2,836.5
r
2,856.4
r
2,867.4
2,885.8
L
M3 plus
other liquid
assets
1,516.6
1,704.7
1,910.6
2,117.1
2,326.0
2,598.4
2,868-7
r
3,176.3
3,097.9
3,114.0
3,144.8
r
3,176.3
r
3,199.0
r
3,229.1
r
3,270.9
r
3,296.5
r
3,327.5
r
3,368.5
3,403.2
Debt
Debt of
domestic
nonfinancial
sectors
(monthly
average) l
2,513.4
2,829.1
3,200.0
3,583.6
3,926.2
4,311.9
r
4,710.0
r
5,224.8
r
5,080.1
r
5,124.7
r
5,170.6
r
5,224.8
r
5,282.7
r
5,340.5
r
5,394.2
r
5,452.3
r
5,513.9
r
5,566.4
r
5,628.0
5,693.3
Percent change from year or 6
months earlier 2
Ml
6.6
8.1
8.3
7.2
6.6
6.5
8.7
9.3
9.3
9.7
6.6
5.7
6.0
6.1
6.3
5.3
7.0
8.1
6.0
5.1
5.3
M2
13.7
10.6
8.0
7.9
8.9
10.0
9.4
11.7
7.9
8.4
7.7
7.6
7.7
8.3
7.8
7.1
7.1
7.0
6.9
r
6.2
6.9
M3
11.9
12.3
11.8
9.6
10.3
12.4
10.0
10.1
8.4
8.5
9.2
9.1
9.2
r
9.9
10.0
10.3
9.8
r
9.7
10.2
9.2
8.9
Debt
10.7
12.6
13.1
12.0
9.6
9.8
9.2
10.9
11.4
11.5
11.7
11.7
11.9
12.4
r
!2.7
13.2
13.7
13.5
r
!3.5
13.6
distortions caused by substantial portfolio shifts arising from regulatory and financial changes in
recent years, especially shifts to MMDAs in 1983. A similar procedure is being used to seasonally
adjust the remaining nontransactions balances in M3.
See p. 27 for components.
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]
Demand
deposits
Currency
Period
Other
checkable
deposits
(OCDs)
Overnight
repurchase
agreements
(EPs),
net, plus
overnight
Eurodollars
NSA
1976: Dec ....
1977: Dec ....
1978: Dec..,.
1979: Dec ....
1980: Dec ....
1981: Dec....
1982: Dec ....
1983: Dec ....
1983:
Sept
Oct
Nov
Dec
1984:
Jan
Feb
Mar
Apr
May
June
July
Aue
Septp
Money market
mutua fund
balaiices
General
purpose
and
broker/
dealer
NSA
Institution
only
NSA
88.5
97.4
1063
116.7
1240
134.1
148.0
224.4
239.6
253.8
261 9
266.5
2362
239.7
243.7
2.7
4.2
8.5
17 1
27.6
77 4
102.4
128.8
10.6
14.7
20.3
21 2
28.3
359
44.1
56.2
2.4
6.4
33 4
61.6
150 6
185.2
138.2
0.6
.9
3.1
95
15.0
36 2
48.4
40.3
144 8
1460
147 2
1480
243 0
2436
242 8
243 7
1264
127 2
128 2
128 8
53 5
570
55 2
56 2
137 9
137 5
138 8
138 2
149 9
1502
1509
151.8
152 9
1542
155 0
1560
156 6
2445
243 8
2440
2453
245 2
248 2
247 1
245 5
246 5
130 7
133 8
135 2
133 2
137 8
138 6
138 3
r
!39 6
140 7
58 6
595
58 3
57 5
59 1
56 5
r
56 5
r
58 5
56 9
137 8
142 1
144 8
145 9
146 5
148 9
150 5
r
!50 5
151 9
80.5
2.4
1
Small denomination and large denomination deposits are those
$100,000 and more than $100,000, respectively.
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits 1
Large
denomination
time
deposits *
NSA
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
51.7
62.9
79.2
97.0
98.1
104.2
14.8
71.8
70.4
6358
731.4
827 3
856.9
793.1
14.1
19.4
27.0
30.1
34.7
37 0
40.2
56.0
20.2
31.8
44.7
50.3
67.5
81.7
93.4
76.4
80.3
79.5
72.3
67 7
67.9
71.0
78.4
82.0
108.6
133.8
149.9
187.8
223.3
10.8
14.1
22.0
27.1
32.0
39.8
43.9
43.4
317 9
317 1
315 4
312 9
759 0
7730
785 5
793 1
313 2
3156
320 8
325 9
48 0
47 3
53 4
560
90 7
868
91 7
934
70 5
707
70 8
71 0
221 6
218.5
217 2
223.3
43 8
42.8
430
43.4
125.3
125.7
126.9
r
130.8
309 9
3066
305 5
305 5
305 5
305 2
303 3
300 5
299 8
797 0
8009
803 4
8083
816 7
r
8290
845 0
r
861 7
8744
333 4
340 3
348 3
355 9
367 6
379 1
389 1
r
391 8
393 0
53 3
545
55 9
598
61 6
r
596
r
59 6
634
64 6
906
90.7
r
93 9
r
93 3
r
93 3
r
883
r
86 5
r
842
82 9
71 2
71 7
72 2
72.5
72 8
73 0
73 2
2266
231.8
245 8
241.8
2400
252.1
262 8
42 8
41.7
42 6
43.3
454
47.1
47 5
r
391.0
446.0
521.9
43.0
376.0
38 8
39 8
40 6
40 3
369 5
3705
372 9
376 0
40 6
41 6
41 8
41 8
42 0
42 3
42 6
42 7
43 2
380 3
3860
392 5
3964
394 6
392 9
388 9
383 1
382 1
NOTE.—See note p. 26.
Term
Eurodollars
(net)
145.1
195.2
222.1
258.5
301 6
327.9
325.9
452.8
491.3
480.8
423 1
401.4
345 7
362.1
312.9
1 in amounts of less than
Term
repurchase
agreements
(RPs)
118.1
r
r
r
108.8
130.8
137.1
r
139.6
r
145.4
149.5
154.0
r
159.9
163.2
r
r
Travelers cheeks are a component of money stock but are not shown here.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding 1
Installment credit outstanding (end of period)
Period
Total
Automobile
Revolving
Mobile
home
Other
Total
Automobile
Revolving
Mobile
home
Other
Dec...
Dec
Dec
Dec
Dec
Dec
Dec
Dec
190,725
226,646
269,392
307,115
309,694
330,218
348,944
388,718
67,798
82,890
101,863
116,523
116,808
125,323
129,799
141,876
16,505
36,427
45,004
53,174
54,900
60,309
65,453
75,564
14,530
14,897
15,199
16,843
17,302
17,879
22,119
23,460
91,892
92,432
107,326
120,575
120,684
126,707
131,573
147,818
21,338
35,921
42,746
37,723
2,579
20,524
18,726
39,774
10,519
15,092
18,973
14,660
285
8,515
4,476
12,077
2,038
19,922
8,577
8,170
1,726
5,409
5,144
10,111
148
367
302
1,644
459
577
4,240
1,341
8,633
540
14,894
13,249
109
6,023
4,866
16,245
1983- Aug.
Sept
Oct
Nov
Dec....
370,471
373,024
378,117
382,936
388,718
137,136
137,431
139,140
140,408
141,876
70,630
71,209
72,447
73,874
75,564
23,298
23,553
23,523
23,459
23,460
139,407
140,831
143,007
145,195
147,818
4,093
2,553
5,093
4,819
5,782
2,372
295
1,709
1,268
1,468
541
579
1,238
1,427
1,690
222
255
30
64
1
958
1,424
2,176
2,188
2,623
1984: Jan
Feb
Mar
Apr
May
June
July
Ausr ...
393,187
399,795
405,665
412,073
422,306
430,131
437,237
443,235
143,982
146,781
147,107
149,265
152,954
155,851
159,273
161,050
76,069
77,342
80,304
82,172
84,989
86,558
87,198
88,512
23,368
23,241
23,526
23,811
24,113
24,567
25,029
25,602
149,768
152,430
154,728
156,825
160,250
163,155
165,737
168,071
4,469
6,608
5,870
6,408
10,233
7,825
7,106
5,998
2,106
2,799
326
2,158
3,689
2,897
3,422
1,777
505
1,273
2,962
1,868
2,817
1,569
640
1,314
-92
127
285
285
302
454
462
573
1,950
2,662
2,298
2,097
3,425
2,905
2,582
2,334
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983-
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND INVESTMENTS, AND RESERVES
Growth in commercial and industrial loans was little changed in September.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,800
1,600
1,400
1,200
BILLIONS OF DOLLARS* (RATIO SCALE)
1,800
-ALL COMMERCIAL BANKS
1,600
1,400
1,200
1,000
1,000
800
800
LOANS AND LEASES
600
600
400
400
INVESTMENT IN OTHER SECURITIES
200
200
160
160
120
120
80
80
INVESTMENT IN
U.S. TREASURY SECURITIES
mill l i l i i
40
1976
Illliili
1977
nun
lllilllilil
1978
1980
1979
i l l l i l l l i i i liiiilillli
1981
MillI
1983
1982
40
1984
*SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjusted, except as noted]
Depository institutions 3
All commercial banks l
Loans and leases
Period
Total loans
and
investments
1976:
19771978:
19791980:
19811982:
19831983:
Dec
Dec
Dec
Dec ..
Dec
Dec
Dec
Dec
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May r
June r
July r .
Aug r
Sept p
1
4
Total 2
804.6
891.5
1,013.5
1,135.9
1,239.6
1,316.3
1,412.0
1,568.1
555.0
632.5
747.0
849.9
915.1
973.9
1,042.0
1,132.6
1,520.3
1,532.9
1,548.9
1,568.1
1,096.3
1,104.1
1,115.7
1,132.6
1,585.3
1,604.6
1,621.2
1,630.0
1,649.5
1,652.6
1,664.7
1,675.5
1,685.8
1,144.7
1,164.1
1,181.0
1,193.5
1,213.4
1,222.7
1,234.2
1,241.1
1,251.1
4
Commercial
and industrial
loans
190.9
210.9
245.9
291.2
326.8
358.0
392.3
413.7
402.6
404.7
407.8
413.7
418.4
423.9
434.1
437.2
447.6
453.2
456.6
459.7
4
462.4
U.S. Treasury
securities
100.8
99.8
93.8
94.5
110.0
111.0
130.9
188.0
176.9
182.3
186.2
188.0
188.7
188.2
186.9
185.6
186.1
181.7
182.8
184.8
183.7
Data are averages of Wednesday figures.
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
4
Beginning September 26, 1984 a transfer of loans from Continental Illinois National Bank to
the FDIC reduced total loans and investments and total loans by $1.9 billion, commercial and industrial loans by $1.4 billion, and real estate loans (not shown here) by $0.4 billion.
2
3
28
Borrowings
(millions of dollars,
unadjusted)
Reserves adjusted
for changes in
reserve requirements
Investments
Other
securities
148.8
159.3
172.8
191.5
214.4
231.4
239.2
247.5
247.1
246.5
247.1
247.5
252.0
252.2
253.2
250.8
250.0
248.2
247.7
249.6
251.0
Total
Nonborrowed
Required
r
r
r
r
r
r
25.62
26.65
r
27.93
r
29.12
r
31.07
r
32.14
r
34.34
36.22
25.57
26.08
r
27.07
r
27.64
r
29.38
r
31.51
r
33.70
35.44
25.35
26.46
27.70
r
28.79
r
30.55
r
31.82
r
33.84
35.65
r
36.21
36.23
36.18
36.22
34.77
35.39
35.27
35.44
35.72
35.73
35.65
35.65
36.43
37.09
37.16
37.18
37.52
38.35
38.30
38.45
38.17
35.72
36.52
36.21
35.94
34.53
35.05
32.38
30.43
30.93
35.82
36.15
36.46
36.69
36.94
37.59
37.70
37.77
37.55
Total
53
569
868
1,473
1,690
636
634
774
1,441
844
906
774
715
567
952
1,234
2,988
3,300
5,924
8,017
7,242
Seasonal
13
55
135
81
116
54
33
96
190
142
121
96
86
103
133
139
196
264
308
346
319
NOTE.—Reserves data revised beginning 1976; data beginning August 1983 were revised in September issue of Economic Indicators.
Beginning Dec. 1981, bank loans and investments and reserves aggregates have been reduced
because of shifts from U.S. banking offices to International Banking Facilities (IBFs).
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
Internal
Credit market funds
1
Securities
Total
Total
190.3
157.0
211.0
254.1
317.5
345.2
335.2
364.2
309.3
436.4
309.4
324.4
328.8
274.8
333.9
449.2
443.2
519.1
516.6
482.6
1974
1975
1976 ...
1977
1978
1979
1980
1981
1982
1983
1982- I
II
Ill
IV
1983: I
II
III.
IV
1984- I p
II
85.6
119.7
134.2
157.4
175.7
188.8
189.5
230.4
234.3
280.5
229.9
234.6
238.8
234.0
250.4
269.7
292.5
309.3
319.6
331.8
104.7
37.3
76.8
96.7
141.8
156.4
145.7
133.8
75.0
155.9
79.5
89.8
90.0
40.8
83.5
179.5
150.7
209.8
197.0
150.8
70.2
30.8
54.7
72.4
80.5
88.2
90.9
91.5
81.4
87.8
98.0
94.0
89.1
44.6
68.7
86.5
66.6
129.4
92.6
55.7
and
mortgages
26.3
38.7
38.2
35.8
32.8
20.9
52.4
21.8
43.9
56.4
24.4
38.0
38.6
74.6
67.0
85.9
37.0
35.8
23 7
-76.8
1
Undistributed profits (after inventory valuation and capital consumption adjustments), capital
consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Loans and
short-term
paper
43.9
79
16.5
36.6
47.7
67.3
38.5
69.7
37.5
31.4
73.7
56.0
50.5
-30.1
1.7
.6
29.6
93.6
116.3
132.5
Total
Other 2
34.6
6.5
22.1
24.3
61.3
68.2
54.8
42.3
-6.4
68.1
-18.5
-4.1
.9
-3.8
14.8
93.1
84.1
80.5
104.3
95.1
190.1
150.9
201.8
237.6
293.6
343.7
317.7
334.2
258.0
'384.3
249.9
281.2
274.3
226.8
282.3
390.4
395.4
468.9
496.6
474.1
Capital
expenditures 3
137.9
109.7
148.3
175.1
201.6
219.4
221.2
271.3
229.6
256.2
252.1
238.0
229.4
199.1
206.9
255.3
270.6
291.9
354.5
363.4
Increase in
financial
assets
52.2
41.2
53.5
62.5
92.0
124.3
96.5
62.9
28.4
128.1
-2.2
43.2
44.9
27.7
75.4
135.1
124.8
177.0
142.1
110.7
Discrepancy
(sources less
uses)
0.2
6.0
9.2
16.5
23.8
1.5
17.6
30.0
51.3
52.1
59.6
43.3
54.5
48.0
51.5
58.7
47.8
50.3
20.0
8.6
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
NOTE.—Series beginning 1971 are as revised in September issue of Economic Indicators.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilities
Current assets
U.S.
End of period
Total
SEC series: 2
1970
1971
1972
1973 .
1974
QFR-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983- I
II
Ill
IV
1984- P
1
Cash
Government
securities
Notes and
accounts
receivable
Inventories
3
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio 1
248.2
288.5
322.1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
66.4
71.7
304.9
326.0
375.6
450.9
530.4
211.3
220.5
282.9
340.3
402.3
93.6
105.5
92.7
110.7
128.1
187.4
203.6
223.7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
265.8
272.1
292.9
330.3
388.0
459.0
506.8
532.0
519.2
577.8
525.3
539.2
565.0
577.8
597.7
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
622.8
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
188.8
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
1,077.7
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
581.4
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
496.3
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
526.7
1.622
1.681
1.671
1.638
1.559
1.505
1.492
1.462
1.467
1.493
1.469
1.483
1.483
1.493
1.489
492.3
529.6
599.3
697.8
790.7
50.2
53.3
59.0
66.3
71.1
7.7
11.0
10.6
12.8
12.3
206.1
221.1
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
1,604.4
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
158.8
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
36.3
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 Corporations, Effective mid-1982, responsibility for the Quarterly Financial Report was transferred to
the Department of Commerce, Bureau of the Census from the Federal Trade Commission.
2
Other
current
assets
NOTE.—QFR-FRB beginning 1981 are as revised in September issue of Economic Indicators.
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 October.
PERCENT PER ANNUM
16
NOMIC ADVISERS
SOURCE: SEE TABLE 8EIOW
[Percent per annum]
U.S. Treasury security yields
Period
Constant maturities
2
3-month bills 1
3-year
7.221
1978
1979
10.041
11.506
14.029
10.686
1980
1981
1982
1983
8.63
8.29
9.72
11.55
14.44
12.92
10.45
10-year
8.41
9.44
11.46
13.91
13.00
11.10
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody's) 4
8.73
9.63
11.94
14.17
13.79
12.04
5.90
6.39
8.51
11.23
11.57
9.47
Prime
commercial
paper,
6 months 5
Discount rate
(N.Y. F.R.
Bank) 6
5
Oct
Nov. .
Dec
1984- Jan
Feb
Mar
Apr
May
June
July...
Aug
Sept
Get
Week ended:
1984: Sept 22
29
Oet 6
13
20
27
Nov 3
1
New-home
mortgage
yields
(FHLBB) 7
9.56
10.78
12.66
14.70
15.14
12.57
Open-close
8.71
8.71
8.96
8.93
9.03
9.44
9.69
9.90
9.94
10.13
10.49
10.41
9.97
10.87
10.96
11.13
10.93
11.05
11.59
11.98
12.75
13.18
13.08
12.50
12.34
11.85
11.54
11.69
11.83
11.67
11.84
12.32
12.63
13.41
13.56
13.36
12.72
12.52
12.16
9.64
9.79
9.90
9.61
9.63
9.92
9.98
10.55
10.71
10.50
10.03
10.17
10.34
12.25
12.41
12.57
12.20
12.08
12.57
12.81
13.28
13.55
13.44
12.87
12.66
12.63
8.98
9.09
9.50
9.18
9.31
9.86
10.22
10.87
11.23
11.34
11.16
10.94
10.16
8.50-8.50
8.50-8.50
8.50-8.50
11.00-11.00
11.00-11.00
11.00-11.00
8.50-8.50
8.50-8.50
8.50-8.50
8.50-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
11.00-11.00
11.00-11.00
11.00-11.50
11.50-12.00
12.00-12.50
12.50-13.00
13.00-13.00
13.00-13.00
13.00-12.75
12.75-12.00
10.33
10.27
10.23
10.11
9.98
9.54
9 38
12.19
12.27
12.26
12.06
11.88
11.48
12.35
12.46
12.51
12.33
12.19
11.85
10.00
10.24
10.47
10.53
10.35
10.13
10.22
12.52
12.56
12.62
12.60
12.82
12.54
10.84
10.70
10.71
10.49
10.18
9.63
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
9.00-9.00
13.00-13.00
13.00-12.75
12.75-12.75
12 50 12 50
9.00
12.50-
Rate on new issues within period; bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack
of appropriate issues.
5
Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
30
9.06
12.67
15.27
18.87
14.86
10.79
7.46
10.28
11.77
13.41
11.02
8.50
7.99
10.91
12.29
14.76
11.89
8.89
Open-close
1983:
Prime rate
charged by
banks 6
12.25
12.34
12.42
12.29
12.23
12.02
12.04
12.18
12.10
12.50
r
12.43
12.53
12.77
12 75 12 75
12.75-12.50
6
Average effective rate for year; opening and closing rate for month and week.
7
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning
January 1973 not strictly comparable with prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
On average, most stock price indexes fell in October.
INDEX, DEC. 31,1965=50
INDEX, DEC. 31, 1965=50
100 f
90
90
COMPOSITE STOCK PRICE INDEX
JNYSE).
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
1984
1976
COUNCIL OF ECONOMIC ADVISERS
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD 8, POOR'S CORPORATION
Common stock prices l
Period
New York Stock Exchange indexes (I)ec. 31, 1965 — 5O)
Composite
1978
1979
1980
1981
1982
1983
1983: Oct
Nov
Dec ...
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Week ended:
1984: Sept 29
Oct 6
13
20
27
1
Industrial
Transportation
Utility
Finance
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
53.70
58.32
68.10
74.02
68.93
92.63
96.78
95.36
94.92
96.16
90.60
90.66
90.67
90.07
88.28
87.08
94.49
95.68
95.09
58.23
64.76
78.70
85.44
78.18
107.45
112.87
110.77
110.65
112.16
105.44
105.92
106.56
105.94
104.04
102.29
111.20
112.18
110.44
43.50
47.34
60.61
72.61
60.41
89.36
95.41
97.68
98.79
97.98
86.33
86.10
83.61
81.62
79.29
76.72
86.86
86.88
86.82
39.22
38.20
37.35
38.91
39.75
47.00
48.73
48.50
47.00
47.43
45.67
44.83
43.86
44.22
43.65
44.17
46.49
47.47
49.02
56.65
61.42
64.25
73.52
71.99
95.34
94.79
94.48
94.25
95.79
89.95
89.50
88.22
85.06
80.75
79.03
87.92
91.59
92.94
820.23
844.40
891.41
932.92
884.36
1,190.34
1,252.20
1,250.01
1,257.64
1,258.89
1,164.46
1,161.97
1,152.71
1,143.42
1,121.14
1,113.27
1,212.82
1,213.51
1,199.30
96.02
103.01
118.78
128.05
119.71
160.41
167.65
165.23
164.36
166.39
157.25
157.44
157.60
156.55
153.12
151.08
164.42
166.11
164.82
5.28
5.47
5.26
5.20
5.81
4.40
4.25
4.31
4.32
4.27
4.59
4.63
4.64
4.72
4.86
4.93
4.62
4.54
4.62
95.73
94.18
93.87
95.85
96.12
111.75
109.74
109.15
111.07
111.47
86.73
85.74
85.40
87.61
88.32
48.31
48.19
48.33
49.76
49.63
92.77
90.58
91.02
94.60
94.77
1,209.56
1,188.62
1,180.81
1,209.59
1,212.52
166.05
163.25
162.57
166.15
166.65
4.53
4.67
4.68
4.62
4.54
Average of daily closing prices.
Includes all the"stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
4
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings2
3
Common stock5yields
(percent)
2
Earningsprice ratio
12.03
13.46
12.66
11.96
11.60
8.03
8.51
r
9.61
price ratios based on prices at end of quarter.
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In fiscal year 1984, there was a budget deficit of $175.3 billion, compared to a budget deficit of $195.4 billion a
year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
_- BUDGET RECEIPTS AND OUTLAYS
900
800
800
. BUDGET OUTLAYS
700
700
600
600
500
500
400
400
BUDGET SURPLUS OR DEFICIT (-
-200
-200
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Fiscal year or period:
1972
1973
..
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983
1984p
1985 (estimates):
Mid-Session Review 1
First Concurrent Resolution 2
_—_
,
1
2
Budget
receipts
Budget
outlays
207 3
2308
263 2
279 1
298 1
81 2
355 6
399 6
463 3
517.1
599 3
617.8
600 6
666.5
230 7
245 6
267 9
324 2
364 5
94 2
400 5
448.4
491 0
576 7
657 2
728.4
7960
841.8
— 664
— 13.0
—44 9
— 48.8
— 27 7
— 59.6
— 57 9
— 110.6
— 195 4
— 175.3
763.8
750 9
930.6
932 1
— 166.9
181 2
Mid-Session Review of ine 1985 Budget, Office of Management and Budget, August 15, 1984.
First Concurrent Resolution on the 1985 budget, October 1, 1984.
32
Budget
surplus or
deficit ( — )
— 23 4
— 148
—4 7
— 45.2
Off-budget
surplus or
deficit ( — )
— 0.1
—14
Total
surplus or
deficit (-)
— 23.4
-14.9
— 6.1
— 53.2
— 8.1
—7 3
— 1.8
—8 7
— 10.4
— 12 5
— 14.2
— 21.0
-17.3
— 12.4
— 10.0
— 73.7
14.7
— 53.6
-59.2
— 40.2
-73.8
— 78.9
-127.9
— 207.8
-185.3
— 13.3
— 180.2
Federal debt ( end of period)
Gross
Held by the
public
437.3
468.4
486.2
544.1
631.9
646.4
709.1
780.4
833.8
914.3
1,003.9
1,147.0
1,381.9
1,576.7
323.8
343.0
346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
929.4
1,141.8
1,312.6
1,806.9
1,823.8
1,480.8
Sources: Department of the Treasury and Office of Management and Budget, except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal year 1984, budget receipts were $65.9 billion higher than a year earlier and budget outlays were $45.8
billion higher.
BILLIONS OF DOLLARS
300 _
BILLIONS OF DOLLARS
BUDGET RECEIPTS
300
"*H
200
OTHER RECEIPTS .
200
CORPORATION INCOME TAXES
100
—
100
\
0
700
700
BUDGET OUTLAYS
600
600
NONDEFENSE
500
500
400
400
300
300
200
200
100
100
1976
1977
1978
1979
1980
1981
1982
1984
1983
1985
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Budget outlays
Budget receipts
National defense
Period
Total
Fiscal year or period:
1975
1976
1977
1978
1979
1980
1981..
1982
1983
1984 p
1985 (estimates) l
1
Estimates from Mid-Session Rei
August 15, 1984.
279.1
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
666.5
763.8
Individual
income
taxes
Corporation
income
taxes
122.4
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
296.0
341.8
40.6
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
56.9
74.3
Other
Total
116.1
125.0
143.0
158.6
179.8
208.4
252.2
270.8
274.6
313.6
347.7
i of the 1985 Budget, Office of Management and Budget,
Note.—Starting in 1985 military retired pay will be financed from a trust fund in the income
security function. The national defense function will include accrual charges to pay for retirement
benefits earned by currently active duty personnel, and these will be offset in the undistributed offsetting receipts (employer share, employee retirement).
Total
324.2
364.5
400.5
448.4
491.0
576.7
657.2
728.4
796.0
841.8
930.6
86.5
89.6
97.2
104.5
116.3
134.0
157.5
185.3
209.9
227.4
266.2
Department of
Defense,
military
85.9
88.1
95.3
102.3
113.7
131.0
153.8
180.7
204.4
220.8
258.6
International
affairs
Social
security and
medicare
Health
and
income
security
7.1
5.7
5.0
6.1
6.3
10.9
11.3
10.1
9.0
13.3
17.2
77.5
89.7
104.4
116.6
130.6
150.6
178.7
202.5
223.3
235.8
258.1
63.0
76.5
78.3
80.0
86.8
109.6
126.1
134.5
150.8
142.8
144.1
Net
interest
23.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
111.0
130.2
Other
66.9
76.2
85.7
105.7
108.4
119.1
114.9
111.0
113.2
111.5
114.8
shown in
The Social Security Amendments of 1983 require that social security and medicare
ts social security was in the iiincome security
the budget as a separate function. In previous budgets
function and medicare was in the health function.
Data for all periods in this table are shown on as comparable a basis as is feasible.
Data shown here exclude the transition quarter.
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter, Federal receipts rose $17.9 billion (annual rate) and expenditures rose $20.4 billion, yielding
a deficit of $163.7 billion. In the third quarter of 1984, according to preliminary estimates, Federal expenditures
rose $20.8 billion; receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
800
800
700
700
600
600
500
500
400
SURPLUS OR DEFICIT (-)
'1
-100
-200
1976
1978
1977
1979
1980
1981
1982
1983
1984
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1979 ...
1980
1981 ...
1982
1983 ...
Calendar year:
1979 .
1980
1981 .
1982
1983 ...
1982: I
II
III
IV
1983: I
II
III
IV
1984: I
II
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Less:
Wage
accruals
less
disbursements
Surplus
or deficit
(-),
national
income
and
product
accounts
480.8
525.9
609.2
626.4
627.1
222.6
250.4
289.4
311.4
294.1
76.1
69.9
69.3
50.9
53.8
29.1
35.5
53.5
50.3
51.0
153.1
170.0
197.0
213.9
228.3
495.6
576.5
668.2
740.0
816.4
164.1
189.3
218.4
250.6
273.2
201.8
239.4
279.5
310.6
344.6
86.7
90.1
83.4
85.7
40.6
50.7
67.7
82.3
90.3
9.9
10.4
12.5
13.0
22.2
-0.0
.0
.1
-.0
-.4
-14.8
-50.7
-58.9
-113.6
-189.3
493.6
540.9
624.8
616.7
641.1
622.9
625.9
609.9
608.3
619.8
649.3
640.2
655.0
686.4
704.3
230.6
257.7
298.7
306.2
295.2
310.1
315.2
298.8
300.9
298.2
304.7
284.6
293.3
301.6
310.7
321.9
74.2
70.3
65.7
46.6
59.8
48.6
48.4
47.5
42.0
46.9
59.2
66.7
66.5
73.0
75.6
29.4
39.0
56.4
48.4
52.4
50.6
47.3
47.5
48.2
47.1
53.8
54.0
54.5
54.1
55.9
57.1
159.5
173.9
204.1
215.5
233.7
213.7
214.9
216.1
217.1
227.6
231.7
234.9
240.7
257.6
262.0
265.1
509.7
602.1
689.1
764.9
819.7
729.3
737.9
773.6
818.9
805.6
816.7
821.1
835.5
847.6
868.0
888.8
168.3
197.0
228.9
258.9
269.7
249.8
245.0
261.6
279.4
273.0
270.5
269.2
266.3
267.6
296.4
307.7
209.2
251.5
286.8
321.6
345.6
303.0
311.8
327.0
344.4
340.9
348.1
343.4
350.1
347.7
350.1
352.6
80.5
88.7
87.9
83.9
86.3
82.7
85.1
83.0
84.6
85.5
86.3
86.7
86.5
90.6
93.2
92.4
42.4
53.4
73.3
84.4
94.2
80.1
83.0
87.5
87.0
87.7
90.0
97.3
102.0
107.6
110.9
120.6
9.2
11.5
12.3
16.1
23.4
13.5
12.9
14.5
23.5
18.5
20.5
24.1
30.6
34.4
17.7
15.1
-.0
.0
— 16.1
-61.2
-64.3
-148.2
-178.6
-106.3
-112.0
-163.7
-210.6
-185.7
-167.3
-180.9
-180.5
-161.3
-163.7
III"
Sources: Department of Commerce (Bureau of Economic Analysis), De] artment of the Treasury,
and Office of Management and Budget.
34
79.1
.1
-.0
— .4
— .1
.0
.0
.0
.0
-1.3
— .4
.0
2
.2
-.4
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Consumer prices (unadjusted)
Industrial production (seasonally adjusted)
Period
United
States
Canada
Japan
France
Germany
Italy
United
Kingdom
United
States 1
Canada
Japan
Prance
Germany
Italy
United
Kingdom
1977
1978
1979
1980
1981
1982
1983 p
138.2
146.1
152.5
147.0
151.0
138.6
147.6
152.7
157.8
167.6
165.1
165.9
149.5
157.6
189.7
201.1
215.3
225.2
227.5
228.4
236.5
152
155
163
161
160
158
159
152.0
154.1
161.5
162.0
159.1
154.5
r
155.7
145.1
147.9
157.6
166.5
162.7
159.1
150.7
124.2
127.8
132.9
124.1
119.6
121.7
r
125.7
181.5
195.4
217.4
246.8
272.4
289.1
298.4
185.9
202.5
221.0
243.5
273.9
303.5
321.0
243.0
252.3
261.3
282.3
296.2
304,1
309.7
214.5
233.9
259.1
294.2
332.7
373.1
407.9
156.0
160.2
166.9
175.8
186.9
196.8
203.3
255.2
286.2
328.5
398.0
472.4
549.4
631.8
292.4
316.6
359.0
423.6
473.9
514.7
538.3
1983: Sept
Oct
Nov
Dec.
153.8
155.0
155.3
156.2
163.3
164.5
165.9
169.0
244.8
241.4
246.4
248.2
157
155
161
160
r
151.1
148.6
152.8
146.0
r
127.3
127.7
128.2
r
129.3
301.8
302.6
303.1
303.5
324.5
326.5
326.5
327.5
311.4
314.2
312.2
311.4
416.0
419.2
420.9
422.4
204.9
204.9
205.2
205.7
649.4
660.4
667.0
670.3
545.4
547.3
549.2
550.7
1984: Jan
Peb
Mar
Apr
May
June
July
158.5
160.0
160.8
162.1
162.8
r
164.4
165.9
r
166.1
165 1
170.2
165.0
167.1
167.4
168.2
r
169.7
176.5
250.2
257.0
254.1
255.4
261.5
r
262.8
264.0
266.0
161
160
162
157
162
r
!59
166
166
r
r
305.2
306.6
307.3
308.8
309.7
310.7
311.7
313.0
314.5
329.2
331.1
331.9
332.7
333.3
334.7
336.6
336.6
336.9
312.3
314.2
315.1
315.9
318.2
315.6
316.2
313.4
425.4
428.0
431.0
433.6
436.2
438.4
441.5
443.7
206.6
207.1
207.3
207.7
207.8
208.6
208.2
207.8
208.0
678.3
685.8
690.6
695.4
699.6
703.8
705.9
708.0
713.0
550.4
552.6
554.4
561.8
563.9
565.3
564.7
570.0
571.1
Aujy
Sept p ..
1
. ...
157.3
158.0
r
160.1
r
!61.2
r
r
128.0
127.7
126.6
r
125.1
r
123.8
r
124.6
123.2
123.0
!61.2
163.8
r
159.4
r
158.0
r
160.0
r
143.9
164.6
162.5
r
r
r
Source: National sources as reported by Department of Commerce, International Trade Administration, Office of Trade and Industry Information, Trade Statistics Division, in International Economic Indicators.
Beginning January 1978 data relate to all urban consumers.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Period
Total
domestic
and
foreign
exports
General imports 3
Domestic exports
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Merchandise trade balance
Merchandise imports
Merchandise exports *
Manufactured
goods
Total 2
Exports
(f.a.s.)
less
imports
(customs
value)
Food,
beverages, and
tobacco
Crude
materials and
fuels
Manufactured
goods
Total
(c.i.f.
value)
827
991
1,186
1,312
1,478
1,546
2,716
3,457
4,463
4,325
5,949
7,831
4,257
5,398
6,379
8,360
9,352
10,427
8,823
11,042
13,368
15,504
18,519
21,415
11,873
12,002
13,621
13,912
13,754
15,107
15,124
15,478
17,948
17,652
17,827
18,766
17,402
16,889
22,376
18,326
22,779 -2,275
21,240 -2,647
22,490 -4,797
23,746 -6,132
23,477 -5,195
25,465 -7,300
-6,052
24,185
24,033 -5,678
27,794 -8,260
27,305 -8,935
27,992 -9,044
29,711 -10,847
26,789 -7,619
26,543 -7,723
33,503 -12,440
27,895 -8,531
30,824
Exports
(f.a.s.)
less
imports
(f.a.s.)
Exports
(f.a.s.)
less
imports
(c.i.f.)
762
-688
-2,430
-2,590
-2,300
-2,020
148
-1,440
-3,265
-3,530
-3,364
-3,030
F.a.s. value
Monthly average:
1975*
1976*
1977*
1978*
1979*
1980
8,971
9,602
10,103
11,973
15,155
18,386
8,847
9,462
9,919
11,762
14,886
18,043
1,399
1,436
1,330
1,717
2,049
2,534
1,266
1,341
1,548
1,746
2,352
2,810
5,913
6,437
6,679
7,873
9,716
11,991
8,209
10,290
12,533
14,563
17,455
20,406
1981
1982....
1983
1983: Aug
Sept.
Oct
Nov ...
Dee
1984: Jan
Feb
Mar
Apr
Mav
June
July
Auff
Sept
19,473
17,683
16,707
16,582
17,257
17,033
17,063
17,298
18,327
17,212
17,727
17,522
17,950
17,633
19,442
18,036
18,177
19,075
17,256
16,326
16,195
16,892
16,580
16,664
16,895
17,848
16,786
17,212
17,072
17,464
17,178
18,963
17,578
17,676
2,767
2,248
2,248
2,046
2,314
2,452
2,605
2,449
2,402
2,103
2,457
2,184
2,162
1,847
2,195
2,100
2,637
2,752
2,793
2,463
2,745
2,691
2,345
2,270
2,532
2,664
2,532
2,791
2,523
2,833
2,603
2,740
2,642
2,378
12,857
11,643
11,034
10,882
11,147
11,241
11,277
11,407
12,097
11,372
11,147
11,560
11,628
11,837
12,988
11,766
11,924
21,748
20,329
21,504
22,714
22,451
24,333
23,115
22,976
26,586
26,147
26,771
28,368
25,569
25,356
31,883
26,567
Customs value
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January 1978.
?
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments,
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
1,529
1,485
1,568
1,480
1,466
1,747
1,565
1,591
1,759
1,773
1,865
2,028
1,761
1,576
2,002
1,711
7,739
6,200
5,670
6,581
6,465
6,855
5,891
5,360
6,063
6,039
6,308
6,636
5,618
6,071
6,494
5,788
-3,306
-3,558
-5,783
-7,164
-6,221
-8,432
-7,122
-6,735
-9,468
- 10,093
- 10,264
-12,190
-8,839
-8,910
— 14,061
-9,859
-12,647
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected in the figures for domestic and foreign exports combined and trade balance.
'Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the second quarter the current account deficit rose to $24.4 billion from $19.7 billion in the first quarter. The
merchandise trade deficit fell slightly, to $25.7 billion from $25.9 billion in the first quarter.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS*
10
-10
-15
-20
-25
-30
1976
1984
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise
l 2
Period
Exports
Imports
Investment income 3
Net
balance
Receipts
Payments
Net
Net
military
transactions
Net
travel and
transportation
receipts
Other
services,
net 3
Balance
on goods
and
services l
Remittances,
pensions,
and other
unilateral
transfers 1
Balance
on
current
account
107,088
114,745
120,816
142,054
184,473
224,269
237,085
211,198
200,257
-98,185
-124,228
-151,907
-176,020
-212,028
-249,781
-265,086
-247,667
-261,312
8,903
-9,483
-31,091
33 966
-27,555
25 512
-28,001
36 469
-61,055
25,351
29,286
32,179
42,245
64,132
72,506
86,411
83,862
77,003
-12,564
13 311
-14,217
21 680
-32,914
42 063
-52,359
56 059
-53,495
12,787
15,975
17,962
20,565
31,218
30,443
34,052
27,803
23,508
1,528
621
1 778
-2,237
1 115
195
515
-2,792
-2,558
3 565
-3,573
2 935
-997
144
-1,008
-4,584
1982- I
II
HI
IV
55,482
55,118
52,079
48,519
-62,546
-60,921
-64,442
59 758
-7,064
5 803
-12,363
-11,239
20,889
22,307
21,505
19,162
-13,653
-14,772
- 14,390
-13,243
7,236
7,535
7,115
5,919
52
239
-2
94
114
_247
-99
-548
1983- I
II
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
9
63
-1,131
1 426
-1,764
2,142
1 370
2,258 -7,712
2,107
9 703
2,198 -14,127
2 943
-1,573
-1,848 -9,560
-2,143
11 846
-3,086 -17,213
53,935
54,597
-79,790
80,333
25 855
-25,736
23,330
20,618
-15,552
-16,956
7,748
3,662
-370
-282
-1,400
-2,238
2,351 -17,526
2,293 -22,301
-2,147 -19,673
-2,101 -24,402
1975
1976
1977
1978
1979
1980
1981
1982
1983
in
IV
1984- I
II"
1
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the
United States are excluded from investment income and included in other services, net.
2
3
36
-746
559
4,598
22,749
9,205
4,711
5,272 -9,894
6,013 - 10,340
5,735
4,686
7,277
8,975
8,048
13,128
8,339 -1,141
8,704 -32,912
-4,613
18,136
4,207
-4,998
-4,617
14 511
5 106 -15,446
-5,649
964
-7,077
1,898
6,294
6 833
-8,058 -9,199
-8,651 -41,563
2,160
2,005
2,118
2,054
2 105
-1,802
-1,745
-2,406
2,270
3,729
-3,231
-3,908
Source: Department of Commerce, Bureau of Economic Analysis.
165
1,927
-4,976
-6,314
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $24.2 billion in the second
quarter compared with a $2.0 billion decrease in the first quarter. Liabilities to foreigners and international
financial institutions reported by U.S. banks (including U.S. Treasury securities) increased $28.2 billion in the
second quarter compared with a $10.1 billion increase in the first quarter.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS*
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S.,NET
40
20
-20
/
CHANGE IN
U.S. ASSETS
ABROAD, NET
-40
I
-60
1976
I
I
-60
1980
1984
1981
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the U.S., net
[increase /capital inflow (+)] 2
U.S. assets abroad, net
[increase /capital outflow (—•)]
Period
Total
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
II
in
IV
1983: I
II
m
IV
1984: I
n"....
U.S.
official
reserve
assets l 2
Other U.S.
Government
assets
U.S.
private
assets
Total
Other
foreign
assets
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, netl
(unadjusted,
end of
period)
16,226
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
5,897
10,544
-2,023
12,540
25,404
24,982
22,275
32,916
9,331
-39,703
-51,269
-34,785
-61,130
-64,331
-86,118
110976
-118,898
-49,490
-2,558
375
732
1 133
-8,155
5 175
-4,965
1 196
3 474 -35,380
-4,214 -44,498
3 693 -30,717
-4,660 -57,202
3 746 -59,453
-5,162 -72,802
100 694
5 107
-6,143 -107,790
5 013 -43,281
15,670
36,518
51,319
64,036
38,752
58,086
81,313
95,181
81,722
7,027
17,693
36,816
33,678
13 665
15,497
5,003
3,318
5,339
8,643
18,826
14,503
30,358
52,416
42,589
76,310
91,863
76,383
-31,960
-41,409
-26,216
-19,314
-1,089
-1,132
-794
-1,950
803
-1,700
-2,555
-1,086
-30,068
-38,577
-22,867
-16,279
28,344
33,772
18,384
14,680
-3,221
1,399
2,477
2,664
31,565
32,373
15,907
12,017
3,450
5,710
12,808
10,947
-964
487
-2,276
2,752
29,944
30,671
30,993
33,958
-24,364
-1,060
-9,223
- 14,843
-787
16
529
-953
-1,130
-1,251
-1,204
-1,429
-22,447
175
-8,548
-12,461
15,888
12,452
19,578
33,804
-252
1,739
-2,703
6,555
16,139
10,714
22,281
27,249
11,420
-1,833
1,491
-1,748
579
439
2 518
2,657
34,261
33,876
33,066
33,747
-1,989
-24,860
-657
-566
705
2 037
-1,222 --23,073
15,660
35,934
-2,784
571
18,444
36,505
6,002
13,328
-154
_91
34,975
34,547
849
1
Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserve
position
in the IMF.
2
Quarterly data are not seasonally adjusted.
Foreign
official
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDEs)
1,139
1,152
1,093
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP, Personal Consumption Expenditures, and Related Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
.
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
•
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Manufacturing and Trade
Manufacturers' Shipments, Inventories, and Orders,,
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices for Finished Goods
Changes in Consumer Prices
,
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock, Liquid Assets, and Debt Measures
Components of Money Stock and Liquid Assets
Consumer Installment Credit
Bank Loans and Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Receipts, Outlays, and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
c
Corrected.
... Not available (also, not applicable).
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