Full text of Economic Indicators : September 1984
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98th Congress, 2d Session
Economic Indicators
SEPTEMBER
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
TOTAL OUTPUT, INCOME, AND
GROSS NATIONAL PRODUCT
According to very preliminary ("flash") estimates for the third quarter of 1984, gross national product (GNP) is
expected to rise $58.9 billion or 6.6 percent, both at annual rates. Real GNP (GNP adjusted for price changes) is
expected to rise 3.6 percent (annual rate) and the implicit price deflator, 2.9 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
3,200
f
_
IKJ fi ir>
_
GNP
3,200
RENT DOLLARS
*^
V— I
E 2,800
^
2,800
2,400
2,000
1,600
E
3,60)
^
—
2,40)
E
y/
_
^
2,000
—
--^1^
GNP
1^
1972 DOLLAR 5
1,600
*•**"
•<^A-•."^^
^**
l l l
1,200
1976
1
1
I
1977
I
1
1
l l l
i i i
1979
1980
1978
i i i
1981
\
\
\
1982
SOURCE: DEPARTMENT OF COMMERCE
1
1
1 1 1
1
1983
1,200
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982:
I
n
m
IV
1983:
I
n
m
IV
1984: I
IF
m*
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
3,703.6
*Very preliminary ("flash") estimate.
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
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
Government purchases of
goods and services
Exports and imports of goods and
services
Federal
Net
exports
0.7
14.2
13.4
26.8
13.8
-4.0
11
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
Exports
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
Imports *
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
Total
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
Total
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
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
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
Source: Department of Commerce, Bureau of Economic Analysis.
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
Filial
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
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
inventories
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
n
m
IV
1983: I
n
m
IV
1984: I r
n.
m*
Government purchases of
goods and services
Exports of goods
and services
Gross private
domestic investment
Personal
consumpChange
tion
in
expendi- NonresiResidenbusiness
dential
tures
tial fixed
fixed
Federal
Net
exports
Exports
Total
Imports
Total
National
defense
Nondefense
State
and local
Final
sales
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
10.2
17.2
11.6
-6.7
7.8
13.3
16.0
7.3
-4.4
11.3
-10.4
36
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
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
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
1,491.0
1,524.8
1,550.2
1,572.7
982.5
1,006.2
1,015.6
1,032.4
161.6
165.3
172.6
184.5
46.2
53.4
57.2
57.8
-16.5
-6.1
.9
7.2
22.9
13.6
11.9
2.0
138.2
137.0
141.6
141.0
115.3
123.4
129.7
139.1
294.3
292.4
292.0
288.8
119.0
117.2
115.6
113.0
83.3
84.8
84.4
86.3
35.7
32.3
31.2
26.7
175.3
175.2
176.4
175.8
1,507.5
1,530.9
1,549.3
1,565.4
1,610.9
1,638.8
1,653.4
1,044.1
1,064.2
193.3
202.9
60.6
60.8
31.6
20.3
-8.3
-11.4
144.9
144.7
153.2
156.2
289.5
302.1
112.2
123.2
87.1
89.6
25.2
33.6
177.3
178.9
1,579.3
1,618.5
*Very preliminary ("flash") estimate.
Source: Department of Commerce, Bureau of Economic Analysis.
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
n
m
IV ..
1983- I
n
TIT . .
IV
1984: I r
n ..
in*
Gross
national
product
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
224.00
218.0
219.2
179.0
179.5
217.4
216.4
232.6
236.0
206.3
207.4
249.4
255.9
247.7
250.4
267.9
269.6
238.5
240.6
245.1
246.4
215.5
225.1
246.4
250.0
'Very preliminary ("flash") estimate.
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND
RELATED PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption expenditures
Gross national product
Period
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
6.6
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
n
in
1983:
Constant
(1972)
dollars
Current
dollars
IV..
I
n
in
IV
1984- I r
n
nr
5.7
5.8
-.6
12
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
3.6
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
2.9
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
*Very preliminary ("flash") estimates.
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
4.0
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
3.4
Implicit
price
deflator
Constant
(1972)
dollars
Current
dollars
Chain price
index
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
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
Fixedweighted
price index
(1972
weights)
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
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
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
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
n
m
1984:
IV
I
II r
1972
dollars
678.0
759.4
678.0
818.9
708.2
694.2
745.5
795.8
846.3
890.0
1,001.3
1,128.4
1,276.2
,416.8
,540.7
,739.2
,778.4
,917.7
,787.8
,772.4
1,812.3
1,887.6
1,956.6
2,014.2
2,084.2
2,146.9
731.9
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
Current-dollar cost and profit per unit of output (dollars) *
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
0.113
.114
.127
.140
.141
.141
.144
.149
.172
.201
.210
.219
.211
.217
.218
.222
.220
.219
.217
.218
is measured by gross domestic product of nenfinaneial corporate business in 1972 dollars.
2
This is equal te the deflator for gr&ss domestic product of noniaancial corporate business with
the decimal point shifted two places to the left.
Compensation of
employees
0.659
.692
.786
.837
.878
.928
.998
1.094
1.218
1.307
1.397
1.409
1.404
1.419
1.421
1.408
1.400
1.408
1.415
1.414
3
Corporate profits with inventory
valuation and capital consumption
adjustments
Net
interest
Total
0.028
.031
.042
.044
.040
.040
.044
.050
.065
.076
.084
.077
.080
.081
.079
.076
.077
.077
.078
.081
0.107
.107
.090
.124
.144
.163
.168
.154
.140
.167
.138
.191
.141
.123
.151
.182
.206
.221
.233
.246
Profits
tax
liability
Profits
after
tax 4
0.049
0.058
.055
.059
.059
.071
.075
.079
.079
.078
.072
.052
.065
.052
.043
.049
.064
.073
.072
.078
.079
.053
.030
.065
.073
.088
.089
.075
.062
.095
.086
.126
.089
.080
.102
.118
.133
.149
.155
.167
CompenOutput
sation per
per hour
hour of
of all
all
employemployees (1972
ees
dollars)
(dollars)
7.664
7.849
7.555
'^7.774
7.998
5.052
5.429
5.937
6.507
7.021
8.141
7.555
8.209
8.191
8.961
8.194
8.118
8.271
8.357
8.634
8.406
8.398
8.464
8.617
8.728
8.725
8.801
8.838
9.884
10.811
11.677
12.166
11.801
11.913
12.027
12.131
12.224
12.283
12.454
12.525
Indirect business tax and nontax liability plus business transfer payments less
4
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982:
I
II .
m
IV....
1983: I
II
ffl
IV
1984: I r
n
1
718.0
801.3
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
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
Nonfarm
Profits with inventory valuation
adjustment and without capital
consumption adjustment
Total
Includes employer contributions for social insurance, (See also p. 5.)
Profits
before tax
Inventory
valuation
adjustment
94.0
105.6
96.7
120.6
151.6
178.5
205.1
100.6
125.6
136.7
132.1
166.3
194.7
229.1
209.6
252.7
234.6
-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
Total
96.6
108.3
94.9
110.5
138.1
167.3
192.4
194.8
175.4
189.9
159.1
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
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
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
Corporate profits with inventory valuation and capital consumption
adjustments
Eental
income of
persons
with
capital
consumption
adjustment
225.2
159.9
161.7
163.3
151.6
179.1
216.7
245.0
260.0
277.4
291.1
191.7
197.6
156.0
192.0
161.3
160.9
158.8
143.2
157.3
186.1
208.1
216.3
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
229.8
238.7
Capital
consumption
adjustment
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
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
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
II
Ill
IV
1983: I
II
Ill
IV
1984- I
II r
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
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
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
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
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
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
Clothing
and
shoes
Gasoline
and oil
55.4
154.9
61.4
172.1
64.8
193.7
69.6
213.6
75.3
230.6
82.6
249.8
92.4
275.9
99.1
311.6
104.6
345.1
114.3
373.9
118.8
392.8
127.0
416.5
384.2
118.0
118.0
390.6
119.0
396.0
120.0
400.3
406.7
121.6
413.6 " 127.1
126.8
420.5
132.5
425.1
433.9
136.1
142.2
442.1
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
Food
Services
Other
64.9
325.3
355.2
71.2
78.2
393.2
83.7
437.0
485.7
91.9
98.2
547.4
108.8
618.0
122.8
693.7
134.3
784.5
147.9
883.0
155.6
982.2
1,074.4
168.2
150.8
945.4
153.4
968.6
157.6
994.2
160.6 1, 020.6
160.3 1,035.8
166.7
1,068.6
172.2 1,085.7
173.6
1,107.5
179.3 1,124.4
181.2
1,153.7
Domestics
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
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
SOURCES OF PERSONAL INCOME
Personal income increased $16.1 billion (annual rate) in August, following a rise of $20.2 billion in July. Wages
and salaries rose $3.9
billion in August compared to a rise of $8.7
billion in July.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONSJDF j>OLLARS*(RATOSCALE)
3,200
3,200
"
2,800
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
120
1978
1977
1976
1981
1980
1979
1982
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
TV*to1
Period
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983 . .
1983: Aug
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr r
May r
June T
July r
Augp.
personal
income
1 168 6
1 265 0
1 391 2
1 5404
....
1 732 7
1 951 2
2,165 3
2429 5
2,584 6
2 744 2
2 759 9
2 785 0
2,814 9
2 834 2
2 860.4
2,897.4
2 923 5
2,940.6
2,968 5
2 978 8
3,006 5
3 026 7
3,042.8
Wage and
salary
disbursements 1
Proprietors ' income 8
Other labor
income 12
765 7
55 8
8064
645
75 9
89 4
102 5
114 9
1280
1400
155 5
173 1
1759
178 0
180 1
182 1
184 3
186 3
188 1
1899
191 7
193 5
195 3
197 0
1984
889 9
983 2
1 1063
1 237 6
1 356 7
1 493 1
1 568 7
1 659 2
1 667 8
1 682 2
1 7060
1 712 2
1 727 9
1 747 6
1 755 1
1 764.6
1 785 3
1 789 8
1 804 3
1 813 0
1 8169
N
Farm
26 5
24 6
19 i
19 1
26 3
31 9
21 8
31 5
21 8
13 8
12 9
13 6
14 8
15 8
21 4
30 1
365
30 9
254
21 4
23 5
26 1
29 0
1
The total of wage and salary disbursements and other labor income differs from compensation of
employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of
wage accruals over wage disbursements.
* Consists of employer contributions to private pension, health, and welfare funds; workers' injury
compensation; directors' fees; and a few other minor items,
3
With inventory valuation and capital consumption adjustments.
Less:
Nonfarm
62 2
65 4
75 0
84 8
92 2
100 2
95 6
93 6
89 2
107 9
111 1
114 1
114 7
114 6
1145
120 7
122 9
123 8
125 7
126 2
127 1
126 9
127 3
income of
persons 4
23 5
23 0
23 5
24 8
26 6
27 9
31 5
42 3
51 5
58 3
54 5
56 8
58 9
60 9
61 3
61 1
60 8
61 2
61 6
62 0
62 4
62 7
63 0
dividend
income
interest
income
29 1
29 9
112 4
123 2
36 5
39 6
45 3
50 8
56 8
64 3
66 5
70 3
708
71 4
72 2
72 9
73 3
740
75 0
760
769
77 1
77 6
78 0
78 2
132 5
152 8
1794
218 7
2660
331 8
3666
376 3
383 I
386 7
387 5
387 8
3894
396 6
403 8
411 4
418 4
425 6
432 9
438 9
444 6
payments 5
141 2
178 3
1943
207 9
223 8
250 3
297 6
337 3
376 1
405 0
404 0
403 4
403 3
410 8
412 2
410 2
4109
412 8
414 9
414 8
415 9
417 2
418 6
4
contributions
for social
insurance
47 9
504
55 5
61 1
698
81 1
88 7
104 5
111 4
119 6
120 1
121 1
122 6
122 9
123 9
129 1
1295
130 1
131 3
131 5
132 5
133 0
133 3
fcuTY!
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
2 717 9
2 742 4
2 771 0
2 789 4
2 810 1
2 838 3
2 857 9
2 8805
2 913 8
2 928 1
2 953 5
2 971 0
2 9840
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 second quarter of 1984.
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
BILLIONS OF DOLLARS * (RATIO SCALE)
2,800
DISPOSABLE PERSONAL INCOME
PER CAPITA DISPOSABLE PERSONAL INCOME
4,000
4,000
3,000
3,000
1984
1976
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Personal
income
Period
Less:
Personal
tax and
nontax
payments
Equals:
Disposable
personal
income
Less:
Personall
outlays
Equals:
Personal
saving
Per capita
disposable personal
income
Current
dollars
1972
dollars
. ..
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
170.2
168.9
196.8
226.4
258.7
301.0
336.5
387.7
404.1
404.2
810.3
914.5
998.3
1,096.1
1,194.4
1,314.0
1,474.0
1,650.2
1,828.9
2,041.7
2,180.5
2,340.1
Current
dollars
1972
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
52.6
79.0
85.1
94.3
82.5
78.0
89.4
96.7
110.2
137.4
136.0
118.1
3,860
4,315
4,667
5,075
5,477
5,965
6,621
7,331
8,032
8,874
9,385
9,977
3,860
4,080
4,009
4,051
4,158
4,280
4,441
4,512
4,487
4,561
4,555
4,670
Percent
change in
real per
capita
disposable
personal
income
Saving as
percent of
disposable
personal
income
Population
(thousands) 2
Percent
Dollars
Billions of dollars
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
Per capita personal
consumption
expenditures
3,511
3,831
4,152
4,521
4,972
5,468
6,048
6,695
7,326
8,037
8,543
9,192
3,511
3,623
3,566
3,609
3,774
3,924
4,057
4,121
4,092
4,131
4,146
4,303
2.9
5.7
-1.7
1.0
2.6
2.9
3.8
1.6
-.6
1.6
— .1
2.5
6.5
8.6
8.5
8.6
6.9
5.9
6.1
5.9
6.0
6.7
6.2
5.0
209,924
211,939
213,898
215,981
218,086
220,289
222,629
225,106
227,694
230,068
232,351
234,542
Seasonally adjusted annual rates
2,536.5
2,568.2
2,594.3
2,639.5
404.4
411.4
398.5
402.0
2,132.0
2,156.8
2,195.8
2,237.5
1,989.5
2,020.1
2,061.3
2,107.3
142.6
136.7
134.5
130.2
9,209
9,295
9,439
9,593
4,548
4,546
4,548
4,578
8,342
8,451
8,603
8,773
4,119
4,133
4,145
4,186
-2.1
-.2
.2
2.7
6.7
6.3
6.1
5.8
231,513
232,027
232,634
233,230
n
m
2,662.8
2,714.4
2,763.3
2,836.5
401.4
411.6
395.8
407.9
2,261.4
2,302.9
2,367.4
2,428.6
2,133.4
2,206.1
2,248.4
2,300.0
128.0
96.7
119.0
128.7
9,675
9,832
10,082
10,318
4,591
4,619
4,694
4,776
8,858
9,143
9,290
9,475
4,203
4,296
4,325
4,386
1.1
2.5
6.7
7.2
5.7
4.2
5.0
5.3
233,742
234,230
234,811
235,385
1984- I r
2,920.5
2,984.6
418.3
430.3
2,502.2
2,554.3
2,349.6
2,409.5
152.5
144.8
10,608
10,806
4,865
4,930
9,651
9,869
4,426
4,502
7.7
5.5
6.1
5.7
235,875
236,369
1982: I
n
m
IV
1983- I
IV
n.
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
z
Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages
for the period.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the 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)
BILLIONS OF DOLLARS * (RATIO SCALE)
200
200
—
^S\
120
_iiir^
100
_
(
r
80
r^=
^^
^^|
**^—^
r—~-r
i
160
~"
—
r;R<DSS FARM INC OME
120
100
^
—
—
—
—
80
60
60
—
—
40
40
x
*""\
NET FARM IN COME/
\w
/****
%%
**\
20
/
i
1
I
1976
\
ft
i i i
1 1 1
1977
1978
1
1 1
1979
fl
|
v
%
i i I
1 1 1
1980
1981
i
§i
|
/ 'i
\%
\M/
10
%
%
*•
/
1 1 1
1982
%
V
1 1 1
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
/\ 20
1
1
1
10
1984
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Net farm income
Gross farm income
Period
Cash marketing receipts
Total 1
Total
1976
1977
1978
1979
1980
1981
1982
1983
1982- I
n
m
IV
1983: I
n
m
IV
1984: I rp
n.
Livestock and
products
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
83
140.0
141.4
140.1
136.4
29.9
19.5
13.2
26.8
10.6
6.8
4.5
9.1
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
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
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.
Crops
Value of
inventory
changes 2
3
Income hi 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 revised estimates, corporate profits before tax rose $2.7 billion (annual rate)
and after-tax profits fell $0.4 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
/n1
240
—
""^
\
/
200
<s
-
PRC 5FITS AFTER TA X
PROFITS BEFORE TAX
\
v- X
A
160
---*——
I1
''
1
1
i
1
1
1977
.—
^m<^
TAX LIABILITY,
^ /
UNDISTRIB JTED PROFITS '
1976
160
.*
***
40
1
—
120
*^~
\^^
UVianiriM
200
\
s
80
/I
_
,-->
9+
4
u^ /
V— • *"\
s
—
120
^~
\ \ \
i
1
1
1
1
1
1
1
1980
1979
1978
1
1981
V.
1
/
*****
/-.»*- '****
80
^
1
40
1
i
1982
1 1
1
1983
1
1
0
1984
COUNCIL OF E CONOMIC ADVISERS
SOURCE: DEPARTMEN r OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits (before tax) with inventory valuation adjustment l
Profits after tax
Domestic industries
Nonfinancial
Period
Total
2
Total
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982:
I
n.. .
m
IV
1983: I
...
n.
m
1984:
1
2
IV
I r
n
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
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
15.3
15.9
15.0
11.8
17.1
23.1
31.0
30.3
26.9
19.5
19.6
29.6
13.6
19.0
21.0
24.9
28.4
32.0
29.5
28.5
28.7
28.9
Total 3
70.0
76.0
65.4
95.8
120.3
140.3
154.4
148.6
134.9
153.7
114.0
137.6
126.2
119.6
115.5
94.8
106.5
130.4
151.1
162.3
175.4
188.6
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately,
Manufacturing
Wholesale and
retail
trade
40.7
45.5
39.0
52.6
69.2
78.3
86.9
85.6
72.9
84.9
54.5
65.2
58.0
57.4
60.4
42.4
44.9
59.3
73.8
82.9
89.8
92.3
13.4
13.9
12.5
21.3
22.4
26.6
26.9
27.1
23.6
31.8
25.9
33.4
30.2
25.3
24.0
24.1
25.3
33.0
35.9
39.5
40.6
47.0
3
Profits
before tax
Tax
liability
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
234.6
221.2
165.5
203.2
167.6
169.8
168.9
155.8
161.7
198.2
227.4
225.5
243.3
246.0
41.6
49.0
51.6
50.6
63.8
72.7
83.2
87.6
84.8
81.1
60.7
75.8
62.9
62.9
61.9
55.0
59.1
74.8
84.7
84.5
92.7
95.8
.
Total
58.9
76.6
85.1
81.5
102.5
122.0
145.9
165.1
149.8
140.0
104.8
127.4
104.7
106.9
107.0
100.8
102.6
123.4
142.6
141.1
150.6
150.2
Dividends
Undistributed
profits
24.4
27.0
29.9
30.8
37.4
40.8
47.0
52.7
58.6
66.5
69.2
72.9
69.2
68.6
69.0
70.2
71.1
71.7
73.3
75.4
77.7
79.9
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
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-6.6
-20.0
-40.0
-11.6
14 7
-16.2
240
-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
GROSS PRIVATE DOMESTIC INVESTMENT
According
to revised estimates for the second quarter, business fixed investment rose $22.0 billion (annual
rate)
and residential investment outlays rose $4.4 billion. There was a $50.6 billion increase in inventories following an
increase of $73.8 billion in the first quarter.
BILLIONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
SEASONALLY ADJUSTED ANNUAL RATES
J
600
f^&r}^^
500
400
/^~
t>DIVA TE
DOMESTIC
INVES TMENT
^\
-^-—-i^
ki ^^A
h4ONRESIDENTI
F XED INVESTME NT
1
r~
^ / s'
NX
600
—
500
^**
400
f
****
—
»•*'
300
300
S
-—'
^
«•»****
—
-**~
200
200
RESIDENTIAL
FIX ED INVESTMENT
_LT"
—
I-—*- J
100
"•**"
_--
^--""^^ _»»»*"»»
— «»»•»»
1
-100
1 1
1976
I
1
1
1977
\
1
1
1978
100
CHANGE 1 N BUSINESS , /X
INVEIs TORIES
/
\
\
\
I I I
l I I
"~x
i i i
1980
1981
1982
1979
_
\x*^
1
1
1
1
1
1
-100
1984
1983
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
Gross
private
domestic
investment
195.0
229.8
228.7
206.1
257.9
324.1
Nonresidential fixed investment
Total
121.0
143.3
156.6
157.7
174.1
414.9
471.6
205.2
248.9
290.2
308.8
353.9
349.6
352.9
1982: I
II
III
IV
436.2
365.7
431.2
415.9
351.2
1983- I..
II
HI
IV
405.0
449.6
1984- I r
II .
386.6
423.0
401.9
484.2
Producers'
durable
equipment
44.1
51.0
55.9
55.4
58.8
64.4
78.7
98.3
110.9
135.3
142.1
129.7
Producers'
durable
equipment
Total
Nonfarm
1.5
1.7
1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.3
3.6
10.2
18.5
14.1
-6.9
11.8
23.0
26.5
14.3
-9.8
26.0
-26.1
-13.5
9.6
15.2
16.0
10 5
13.9
21.9
25.4
8.6
45
18.2
24 0
-3.1
87.5
90.9
89.0
97.9
83.4
85.9
84.5
92.5
1.0
1.7
1.3
2.1
3.2
3.3
3.3
3.3
-17.0
10 9
-15.3
-61.1
-20.9
-9.5
-11.1
-54.3
227.8
247.3
113.3
129.8
142.3
143.4
108.9
125.3
137.7
138.7
1.0
.9
.9
.9
3.4
3.5
3.7
3.8
-42.9
-19.4
4.3
12.7
-32.6
54
11.6
14.1
256.7
270.7
151.2
155.6
146.4
150.5
.9
1.0
3.9
4.1
73.8
50.6
60.6
47.0
207.5
223.2
130.4
125.6
126.2
136.6
204.2
540.0
334.6
339.3
353.9
383.9
623.8
627.0
398.8
420.8
142.2
150.0
208.5
203.8
201.0
213.6
-
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
342.2
339.3
491.9
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
216.9
376.2
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
76.9
92.3
100.7
102.3
115.3
140.8
170.2
191.9
197.9
218.6
148.8
142.7
138.4
138.4
Source: Department of Commerce, Bureau of Economic Analysis.
Structures
Change in business
inventories
Residential fixed investment
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)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
200
200
NONMANUFACTURiNG
(Surveyed Quarterly)
MANUFACTURING
100
100
80
80
60
60
40
40
1976
1977
1978
1982
1981
1980
1979
1983
1984
2J SEE FOOTNOTE 4 BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCE.-DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data, at seasonally adjusted annual rates]
Addenda
Industries surveyed quarterly
Manufacturing
Period
1976.
1977
1978
1979
1980
1981
1982
1983
19844....
1982: III...
IV...
1983: I
II
in...
IV...
1984: I
II
III 44 .
IV .
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
Nonmanufacturing
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
8.89
9.40
10.68
12.35
12.09
12.05
11.95
11.20
12.46
14.57
13.41
12.03
10.91
11.93
12.43
13.95
12.13
13.24
13.14
11.29
12.33
11.04
10.88
11.00
11.86
11.46
12.95
12.86
12.58
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
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 x
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
Nonmanufacturing
Manufacturing
59.95
69.22
79.72
98.68
115.81
126.79
I 19.68
111.53
130.39
118.26
110.23
109 86
108.79
111.12
116.36
122 78
127.67
13446
136.67
Total
111.50
1.28.87
151.52
171.77
179.81
194.70
196.75
190.97
Surveyed
quarterly
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
Surveyed
annually a
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
Survey 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 fell 426,000 in August and unemployment was about unchanged.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
116
*16 YEARS OF AGE AND OVER
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted]
Period
Noninstitutional
population
including
resident
Armed
Forces
NSA
1978
1979
1980
1981
1982
1983
Unemployment
Civilian employment
Resident
Forces
NSA
T nhnr fnw
including
resident
Armed
Forces
Employment
including
resident
Armed
Forces
Nonagrieultural
Civilian
labor force
Total
Agricultural
Total
Part-time
for
economic
reasons 1
Total
15
weeks
and
over
Labor force
participation
rate (percent)
Total2
Civilian 3
163,541
166,460
169,349
171J75
173,939
175391
1,631
,597
304
^645
,668
^676
103,882
106,559
108*544
llo[315
111,872
113^226
97,679
100,421
100,907
102^042
101,194
102',510
102,251
104,962
106,940
108',670
110,204
11 1^550
96,048
98*824
99,303
10o',397
99,526
100334
3,387
3,347
3,364
3368
3,401
3*383
92,661
95,477
95,938
97^030
96,125
97*450
3,298
3,373
4,064
4^499
5,852
5^997
6,202
g'l37
7,637
8^273
10,678
10/717
1,414
1,241
1,871
2^285
3,485
4^210
63.5
64.0
64.1
64.2
64.3
64.4
63.2
63.7
63.8
63.9
64.0
64.0
1983:
Aug
Sept
Oct
Nov
Dec
176,122
176,297
176,474
176,636
176,809
,682
,695
,695
,685
,688
113,799
113,924
113,561
113,720
113,824
103,166
103,571
103,665
104,291
104,629
112,117
112,229
111,866
112,035
112,136
101,484
101,876
101,970
102,606
102,941
3,449
3,308
3,240
3,257
3,356
98,035
98,568
98,730
99,349
99,585
5,866
6,027
5,724
5,848
5,712
10,633
10,353
9,896
9,429
9,195
4,078
3,889
3,655
3,527
3,369
64.6
64.6
64.3
64.4
64.4
64.3
64.8
64.0
64.0
64.0
1984:
Jan
Feb
Mar
Apr
May
June
July
Aug
177,219
177,363
177,510
177,662
177,813
177,974
178,138
178,295
,686
,684
,686
,693
,690
,690
,698
1,712
113,901
114,377
114,598
114,938
115,493
115,567
115,636
115,206
104,876
105,576
105,826
106,095
106,978
107,438
107,093
106,681
112,215
112,693
112,912
113,245
113,803
113,877
113,938
113,494
103,190
103,892
104,140
104,402
105,288
105,748
105,395
104,969
3,271
3,395
3,281
3,393
3,389
3,403
3,345
3,224
99,918
100,496
100,859
101,009
101,899
102,344
102,050
101,744
5,943
5,808
5,463
5,593
5,353
5,491
5,300
5,324
9,026
8,801
8,772
8,843
8,514
8,130
8,543
8,526
3,201
2,984
2,873
2,855
2,851
2,619
2,689
2,606
64.3
64.5
64.6
64.7
65.0
64.9
64.9
64.6
63.9
64.1
64.2
64.4
64.6
64.6
64.6
64.3
1
Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.
2
Labor force as percent of noninstitutional population (both including resident Armed Forces).
3
Civilian labor force as percent of civilian noninstitutional population.
NOTE.—NSA indicates data are not seasonally adjusted.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force, was
unchanged in August at 7.4 percent. The unemployment rate for all civilian workers also was unchanged, at 7.5
percent.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
.X*
TEENAGERS
(16-19)
20
I
*
15
MEN 20 YEARS
AND OVER
10
—.*%*- WOMEN 20 YEARS
AND OVER
0 Illllllliill
1980
1980
1982
1981
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 l
*
All
civilian
workers
1978
1979
1980
1981
1982
1983
6.0
5.8
7.0
7.5
9.5
9.5
6.1
1983: Aug...
Sept ..
Oct....
Nov...
Dee...
9.3
9.1
8.7
8.3
8.1
9.5
9.2
8.8
8.4
8.2
1984: Jan...
7.9
7.7
7.7
7.7
7.4
7.0
7.4
7.4
8.0
7.8
7.8
7.8
7.5
7.1
7.5
7.5
Feb ...
Mar...
Apr ...
May...
June..
July ..
Aug...
5.8
7.1
7.6
9.7
9.6
By sex and age
Men
20 years
and over
Women
20 years
and
over
4.3
4.2
6.0
5.7
6.4
Both
sexes
16-19
years
Black and other
White
Experienced
wage and
salary
workers
8.5
11.0
10.9
19.8
18.9
18.3
17.7
17.8
9.1
8.8
8.5
8.1
7.9
6.3
6.1
5.7
5.5
5.2
11.8
12.0
11.4
10.5
10.9
9.3
9.1
8.7
8.2
8.0
10.2
10.1
10.0
9.8
9.8
10.7
10.5
10.0
9.7
9.4
16.7
16.2
16.6
16.8
15.8
15.0
16.9
16.0
7.6
7.4
7.2
7.3
6.9
6.6
7.1
7.1
5.0
4.9
4.7
4.7
4.5
4.5
4.6
4.4
10.7
11.0
11.0
10.5
9.8
9.6
9.6
10.5
7.8
7.5
7.5
7.6
7.2
6.7
7.2
7.2
9.2
9.3
9.2
9.1
9.3
10.3
9.6
9.6
9.2
8.9
8.8
8.9
8.5
8.3
8.7
8.5
8.2
8.0
7.7
7.3
7.1
17.9
17.3
16.7
16.1
16.3
19.4
19.3
19.9
19.4
19.0
17.6
18.3
18.4
6.9
6.7
6.7
6.7
6.4
6.1
6.4
6.4
15.6
14.9
15.1
15.1
14.2
13.4
15.1
14.4
7.3
7.0
6.8
6.9
6.5
6.3
6.5
6.4
7.1
6.9
6.9
7.0
6.8
6.4
6.9
7.1
9.0
7.3
9.3
9.2
22.8
21.8
21.6
20.2
20.1
8.0
7.8
7.5
7.2
7.1
Parttime
workers
8.8
8.8
9.4
10.5
10.4
6.3
6.7
8.6
8.4
8.7
8.6
8.2
7.8
7.4
Fulltune
workers
5.6
5.3
6.9
7.3
9.6
9.5
5.6
5.5
6.9
17.8
19.6
23.2
22.4
Women
who
maintain
families
8.3
9.2
10.4
11.7
12.2
12.8
12.3
14.3
15.6
18.9
19.5
6.8
8.3
8.1
Married
men,
spouse
present
Labor
force
time lost
(percent) 2
2.8
2.8
4.2
4.3
6.5
6.5
11.9
1L3
13.1
14.2
17.3
17.8
5.2
5^1
1
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
Black
Total
16.4
16.1
5.9
6.3
8.8
8.9
By selected groups
By race
••
8.5
Source: Department of Labor, Bureau of Labor Statistics.
6.5
6.3
7.9
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In August, the percentages of unemployed persons who had been out of work for less than 5 weeks and for 15-26
weeks rose. The percentages out of work for 5-14 weeks and for 27 weeks and over fell. Both the mean duration
of unemployment and the median duration fell.
PERCENT DISTRIBUTION
PERCENT DISTRIBUTION*
70
70
REASON FOR UNEMPLOYMENT
60
•\.*
—
.
JOB LOSERS
50
40
—
30
REENTRANTS
l-
20
20
NEW ENTRANTS
—
10 -
10
JOB LEAVERS
1980
1980
1984
1981
1982
1983
1984
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Reason for unemployment:
percent distribution l
Duration of unemployment
Period
Unemployment
(thousands)
Percent distribution
Less
than
5
weeks
5-14
weeks
15-26
weeks
1
State
programs
Number of
weeks
27
weeks
and
over
Average
(mean)
Median
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment,
all
regular
programs
(unadjusted) 2
Special
unemployment
benefit
claims
(unadjusted) 3
Weekly average, thousands
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
1983- Aug
Sept
Oct .
Nov
Dec
10,633
10,353
9,896
9,429
9,195
34.1
35.9
35.5
35.1
36.5
27.7
26.7
27.6
27.6
27.1
15.0
13.3
13.9
14.1
13.9
23.3
24.1
23.1
23.1
22.5
19.9
20.2
20.1
20.2
19.6
9.4
9.4
9.5
9.4
9.0
57.7
57.1
56.5
55.0
54.1
7.5
8.3
8.7
9.1
9.2
23.3
22.7
23.4
23.7
24.2
11.4
11.9
11.4
12.1
12.4
3,025
2,893
2,797
2,734
2,636
410
386
389
388
389
2,917
2,580
2,478
2,620
2,915
737
655
522
901
731
1984: Jan
Peb
Mar
Apr
May
June
July
Aug
9,026
8,801
8,772
8,843
8,514
8,130
8,543
8,526
36.0
38.1
38.5
39.1
38.0
39.2
40.1
41.9
28.4
28.1
28.9
28.4
28.6
28.4
28.8
27.5
13.0
13.3
12.7
12.6
13.9
12.5
12.7
13.1
22.6
20.5
20.0
19.8
19.5
19.9
18.4
17.6
20.5
18.8
18.8
18.5
18.4
18.6
18.1
17.3
9.2
8.3
8.3
8.1
8.7
7.2
7.6
7.5
53.6
54.1
52.5
51.3
50.9
51.9
52.7
49.8
9.0
8.8
8.6
8.8
9.5
9.8
10.1
9.9
24.4
24.6
25.1
26.1
25.6
24.2
24.4
27.4
13.1
12.5
13.8
13.8
14.0
14.0
12.8
12.9
2,615
2,528
2,498
2,449
2,369
2,335
2,361
2,326
368
349
354
361
350
354
373
365
3,374
3,174
2,958
2,613
2,290
2,166
2,327
584
489
444
401
374
352
342
322
1979
1980
1981
1982
1983
.
1
Detail may not add to 100 percent because of rounding.
2
Hf^i68 lta,te (50TTStates' District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
3
Federal supplemental compensation program.
Department of Labor (Bureau of Labor Statistics and Employment and Training Adminis-
Source.
tration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultura! employment as measured by the payroll survey rose 159,000 in August.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
22
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
SERVICE-PRODUCING
INDUSTRIES
60
50
- GOODS-PRODUCING INDUSTRIES
30
4
liTiinilin
20
1980
1981
1982
I
-
II Mill III h
1980
1984
1983
1984
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; l seasonally adjusted]
Sendee-producing industries
Goods-producing industries
Period
1978
1979
1980
Total
nonagriU
1
cultural
employment
86^697
Manufacturing
Total 2
Construction
Total
Durable
goods
Nondurable
goods
12,274
12,760
12487
12,109
ll',039
10,774
8,231
8,'280
4^346
4,188
3 ',905
3,940
21,040
20*,285
20,170
18/781
18,497
25,585
26,461
4,229
4,463
25,658
25,497
23,813
23,394
20,505
Total
Transportation
and
public
utilities
61,113
4,923
8*098
8,061
7*741
7,724
63^363
64J48
65,659
65*753
66,744
5,136
5*146
5,165
5*082
4,958
Wholesale
trade
4,969
5,204
Government
Finance,
insurance,
and real
estate
Services
15479
15,545
4,724
4,975
5,160
5,298
5,341
5,467
16,252
17,112
17,890
18,619
19,036
19,665
15,672
15,947
16,241
16,031
15,837
15,851
2,753
2,773
2,866
2,772
2,739
2,752
Retail
trade
14,573
14,989
15*X)35
15,189
Total
Federal
1981
1982
1983
89,823
90,406
91,156
89,566
90,138
1983: Aug....
Sept....
Oct
Nov ....
Dec
89,918
91,018
91,345
91,688
92,026
23,532
23,669
23,895
24,058
24,198
3,985
4,019
4,044
4,073
4,086
18,597
18,698
18,886
19,018
19,143
10,846
10,923
11,071
11,170
11,266
7,751
7,775
7,815
7,848
7,877
66,386
67,349
67,450
67,630
67,828
4,369
5,046
5,053
5,043
5,055
5,277
5,301
5,322
5,344
5,371
15,626
15,671
15,737
15,805
15,857
5,498
5,503
5,512
5,530
5,546
19,808
19,893
19,962
20,034
20,130
15,808
15,935
15,864
15,874
15,869
2,747
2,774
2,760
2,759
2,762
1984: Jan
92,391
Feb
92,846
Mar
93,058
Apr
93,449
May.... c 93,786
r
June . 94,135
July r.. 94,351
Aug P.. 94,510
24,383
24,577
24,595
24,760
24,851
24,974
25,068
25,112
4,154
4,226
4,151
4,246
4,286
4,343
4,350
4,357
19,254
19,373
19,466
19,530
19,570
19,629
19,711
19,740
11,343
11,440
11,513
11,551
11,598
11,652
11,709
11,763
7,911
7,933
7,953
7,979
7,972
7,977
8,002
7,977
68,008
68,269
68,463
68,689
c
68,935
69,161
69,283
69,398
5,095
5,105
5,112
5,129
5,144
5,163
5,173
5,182
5,406
5,438
5,457
5,473
5,492
5,502
5,527
5,559
15,914
15,980
16,030
16,095
16,166
16,245
16,278
16,298
5,573
5,593
5,613
5,640
5,662
5,676
5,679
5,692
20,162
20,278
20,378
20,449
20,549
20,681
20,686
20,732
15,858
15,875
15,873
15,903
c
15,922
15,894
15,940
15,935
2,760
2,763
2,770
2,771
C
2,785
2,777
2,779
2,780
1
Includes all full- and part-time wage and salary workers in nonagricultural establishments who
worked during or received pay for any part of the pay period which includes the 12th of the month.
Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces.
Total derived from this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic
servants; which count persons as employed when they are not at work because of industrial dis-
14
5*,275
5,358
5*278
5,259
putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
^ Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAli INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross hourly
earnings
Average weekly
hours
1975....
1976
1977
1978
1979
1980
1981.
.
1982
1983.
..... ....
1983:
Aug
Sept
Oct
Nov
Dec
1984:
Jan
Feb
Mar
Apr
May
June r.
July1" .
Augp
Manufacturing
Total
private
nonagrieultural l
Period
.
.. . .
..
Total
36.1
36.1
36.0
35.8
35.7
35.3
35.2
34.8
35.0
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
Total
private
nonagrieultural 1
Overtime
2.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3
3.0
3.0
3.2
3.3
3.3
3.4
39.5
40.1
40.3
40.4
40.2
39.7
39.8
38.9
40.1
40.3
40.7
40.6
40.6
40.6
40.9
40.9
40.7
41.1
40.6
40.6
40.5
40.4
3.5
3.5
3.5
3.7
3.3
3.3
3.3
3.2
Adjusted hourly earnings index2 — total private
nonagricultural
Percent change 4from
a year
earlier 5
Index,
1977 — 100
Manufacturing
14.53
4.86
5.25
5.69
6.16
6.66
7.25
7.68
8.02
8.00
8.09
8.13
8.14
8.17
8.21
8.23
8.25
8.31
8.29
8.33
8.35
8.35
$4.83
5.22
5.68
6.17
6.70
7.27
7.99
8.49
8.83
8.84
8.88
8.93
8.97
8.99
9.03
9.06
9.09
9.11
9.12
9.15
9.16
9.20
1977
dollars s
Current
dollars
Current
dollars
8.4
7.2
7.6
8.2
7.9
9.0
9.1
6.9
4.6
3.7
4.0
4.1
3.9
3.7
3.6
3.2
3.5
3.7
3.2
3.3
3.3
3.3
97.6
99.0
100.0
100.5
97.4
93.5
92.6
93.4
94.8
94.4
94.5
94.7
94.6
94.9
94.8
94.8
95.1
95.4
94.9
95.2
95.2
94.1
86.7
92.9
100.0
108.2
116.8
127.3
138.9
148.5
155,3
155.4
156.2
157.1
157.2
157.8
158.4
158.5
159.1
159.9
159.6
160.3
160.8
160.6
1977 dollars
-0.7
1.4
1.0
.5
-3.1
-4.0
1.0
.9
1.5
1.2
1.2
1.4
1.0
.4
-.0
-.6
.0
.6
.1
.3
.2
g
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
Average gross weekly earnings
Period
Current dollars
1975
1976
1977
1978
1979
1980...
1981 .
1982
1983
Manufacturing
Total private
nonagricultural l
Construction
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
$190.79
209.32
228.90
249.27
269.34
288.62
318.00
330.26
354.08
$266.08
283.73
295.65
318.69
342.99
367.78
399.26
426.82
443.42
$108.86
114.60
121.66
130.20
138.62
147.38
158.03
163.85
171.05
1983: Aug
Sept
Get
Nov
Dee.
280.00
284.77
286.18
286.53
287.58
170.01
172.27
172.61
172.40
172.93
356.25
361.42
362.56
364.18
364.99
443.50
448.13
440.59
441.41
441.32
171.95
172.54
174.00
174.60
176.65
1984- Jan
Feb
Mar .. .
Apr
May
June r.
July r
Aug p
290.63
290.52
291.23
294.17
292.64
294.05
293.92
293.92
173.93
173.65
174.08
175.52
173.98
174.61
173.92
172.19
369.33
370.55
369.96
374.42
370.27
371.49
370.98
371.68
451.27
456.49
442.89
453.53
455.04
457.45
450.75
454.29
175.78
175.20
176.69
176.70
176.69
177.88
176.11
175.81
1
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 1
Revised index for urban wage earners and clerical workers used beginning 1978,
2
1977 dollars
Current dollars
$163.53
175.45
189.00
203.70
219.91
235.10
255.20
267.26
280.70
3
5
5.7
7.3
7.7
7.8
8.0
6.9
8.5
4.7
5.0
3.5
6.0
6.4
5.6
5.7
5.5
6.3
5.4
6.2
4.7
4.8
4.8
5.0
-3.1
1.5
1.2
.2
-3.1
5.8
-1.5
-1.2
2.0
1.1
3.2
3.7
2.6
2.4
1.8
2.5
1.8
3.0
1.5
1.7
1.6
1.3
4
Monthly changes based on indexes to two decimal places.
5
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output per hour of
all persons
Period
Output l
Compensation per
hour 3
Hours of all
persons 2
Real compensation
per hour 4
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
151.4
153.9
156.7
158.4
151.0
153.2
156.0
157.9
96.9
97.2
97.3
98.0
96.7
96.8
96.9
97.7
150.0
153.4
155.3
155.9
151.4
154.2
155.6
157.1
145.9
147.9
148.7
149.3
146.5
148.6
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
166.7
167.5
166.5
168.0
98.6
98.2
98.5
98.5
157.7
156.9
158.3
158.0
155.6
156.7
156.3
157.2
Nonfarm
business
sector
Business
sector
Nonfarm
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
1975
1976
1977
1978
1979...
94.6
97.6
100.0
100.5
99.3
94.8
97.8
100.0
100.6
99.0
88.2
93.8
100.0
105.5
107.8
87.8
93.7
100.0
105.7
108.0
93.2
96.0
100.0
104.9
108.6
92.6
95.8
100.0
105.1
109.0
85.6
92.9
100.0
108.5
118.7
86.1
93.0
100.0
108.6
118.4
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
100.9
100.3
100.9
101.6
99.8
99.4
100.3
100.5
107.1
106.4
106.1
105.8
106.4
106.0
106.0
105.2
106.1
106.1
105.1
104.1
106.7
106.7
105.7
104.7
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
106.8
105.2
106.4
117.8
120.7
118.0
120.8
111.4
113.0
Business
sector
Nonfarm
business
sector
Business
sector
Implicit price
deflator 5
Unit labor
cost
Nonfarm
business
sector
Business
sector
Business
sector
Nonfarm
business
sector
1977 = 100; quarterly data seasonally adjusted
1970
1971
1972
1973
1974
1982- I .
n
m
IV
1983: I
n
M
IV
1984: I
n
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
-2.0
-1.0
2.9
6.9
6.8
-2.0
-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
-2.2
6.7
6.7
5.7
2.2
41
3.0
4.1
4.9
3.5
41
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
2.8
1.2
.8
-1.7
.4
2.2
1.0
.8
-2.0
7.3
5.1
5.1
8.0
10.7
7.5
4.7
5.2
8.0
10.7
9.8
4.7
5.6
7.5
9.0
10.3
5.1
5.7
7.1
8.8
1980...
1981
1982....
1983
__.5
1.9
.2
2.7
-.7
1.5
.2
3.5
-1.2
2.5
-2.6
4.4
-1.4
2.1
-2.6
5.0
-.7
.6
-2.8
1.7
6
.6
28
1.5
10.4
9.4
8.1
4.3
10.3
9.6
8.0
4.9
-2.7
-.9
1.9
1.1
-2.8
-.7
1.7
1.6
11.0
7.3
7.9
1.6
11.1
8.0
7.7
1.4
9.3
9.6
5.3
3.0
10.0
9.8
5.7
3.2
1982- I
2.5
-2.3
2.4
2.7
2.5
-1.6
3.6
1.1
36
-2.6
-1.3
-1.2
-3.8
-1.4
-3X)^
-5.9
-.3
-3.6
-3.8
-6.1
.2
-3.6
-4.0
10.7
6.8
7.5
4.5
10.5
5.9
7.5
5.1
6.7
1.3
.3
2.9
6.5
.4
.3
3.5
8.0
9.4
5.0
1.7
7.9
7.6
3.7
4.0
3.7
5.4
2.3
1.8
3.8
5.7
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
4.0
2.9
4.7
11.4
10.1
10.3
9.6
7.2
5.8
7.2
4.7
6.2
1.9
6.1
3.7
1.2
-1.7
1.0
0
2.1
-2.0
3.1
-.9
3.7
2.7
2.8
2.5
n
m
IV
.
1983: I
n
in
IV
1984: I
n
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.
4
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 rose 0.2 percent in August following an increase of 0.9 percent in July. The index for August
was 9.5 percent above its year earlier level.
INDEX, 1967 = 100* (RATIO SCALE)
INDEX, 1967 = 100* (RATIO SCALE)
180 —TOTAL INDUSTRIAL PRODUCTION
180 -UTILITIES AND MINING PRODUCTIOI
160
160
UTILITIES
140
140
\t
MINING
120
120
1980
1981 1982
1983
1984
1 3 I I I ! I l l 11
100
180 —MANUFACTURING PRODUCTION
~
160
N
,-.
\
,-»"
\/
140
V
--*
+~~
~~\
DURABLE
Illllllllll
/
1981
1983
1982
1984
90 r-MANUFACTURING CAPACITY UTILIZATION RATE —
»*"«»*JV"»«**
~->,/
s^-
80
—
70
I l l l l l l l l l l Illllllllll Illllllllll Illllllllll
1980
1981
PERCENT*
NONDURABL
\
•>
120
1980
1982
1983
60
1984
1980
1981
I
1982
*SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
1983
1984
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Period
Imlex,
1967^=100
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983:
,
Aug
Sept
Oct
Nov
Dec
1984- Jan
Feb
Mar
Apr
May r
June r
July r .
Aug p
1
Output as percent of capacity.
Manufacturing
Percent
change
from year
earlier
100.00
1967 pTopOTtion
129.3
117.8
130.5
138.2
146.1
152.5
147.0
151.0
138.6
147.6
151.8
153.8
155.0
155.3
156.2
158.5
160.0
160.8
162.1
162.8
164.3
165.8
166.2
Capacity utilization
rate, percent (Federal
Reserve series) l
Industry production indexes, 1967 = 100
Total
industrial
production
-0.4
8.9
10.8
5.9
5.7
4.4
-3.6
2.7
82
6.5
9.7
12.0
14.2
15.1
15.5
15.4
15.9
14.9
13.7
12.7
12.2
10.8
9.5
Mining
Durable
Total
87. 95
129.4
116.3
130.3
138.4
146.8
153.6
146.7
150.4
137.6
148.2
152.8
155.1
156.2
156.4
156.8
159.5
161.4
162.1
163.4
164.2
165.6
167.3
167.6
51.98
125.7
109.3
122.3
130.0
139.7
146.4
136.7
140.5
124.7
134.5
138.8
141.6
142.8
143.6
145.0
148.6
150.5
151.4
152.6
153.3
154.9
157.3
157.6
Utilities
Nondurable
35.97
134.6
126.4
141.8
150.5
156.9
164.0
161.2
164.8
156.2
168.1
172.9
174.6
175.6
174.8
173.9
175.2
177.2
177.6
179.1
179.9
180.9
181.8
182.2
6.36
115.3
112.8
114.2
118.2
124.0
125.5
132.7
142.2
126.1
116.6
116.1
117.1
118.3
121.1
123.7
124.8
124.1
123.8
123.3
125.0
126.8
129.5
129.1
5.69
143.7
146.0
151.7
156.5
161.4
166.0
168.3
169.1
168.7
172.4
179.3
179.3
176.5
176.3
182.5
181.0
176.5
180.0
182.7
182.3
184.4
182.3
183.3
Manufacturing
83.7
72.9
79.6
82.2
84.7
86.0
79.6
79.4
71.1
75.2
77.3
78.4
78.9
78.8
78.9
80.1
80.9
81.0
81.5
81.7
82.1
82.8
82.8
Industrial
materials
87.0
73.3
81.1
82.6
85.6
87.6
80.4
80.7
70.1
75.2
77.4
78.6
79.5
79.6
79.6
80.6
81.9
82.2
82.5
82.7
83.0
83.5
83.6
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
Period
Total
Durable
goods
.' Total
1967 proportion
1974
1975
1976
1977
1978 .
1979
1980
1981
1982
1983 ...
1983: Aug
..
Sept
Oct..
Nov
Dec
1984:
Jan.
Feb
Mar
Apr
May r
June r
July r.
Auff p
Equipment
Consumer goods
Nondurable
goods
Total
Business
Defense
and space
equipment
Total
Construction
supplies
Business
supplies
Materials
Supplementary
group:
Energy
total
47.82
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5
147.1
150.7
152.1
152.7
153.2
155.2
27.68
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
151.7
156.3
157.3
156.9
156.1
157.7
7.89
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
129.2
147.5
154.2
157.5
156.7
155.9
158.6
19.79
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
153.4
157.1
157.2
157.1
156.1
157.3
20.14
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
140.8
143.1
144.9
147.0
149.1
151.8
12.63
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9
153.3
156.6
158.7
161.3
164.1
167.3
7.51
82.4
80.0
79.8
81.3
86.5
93.4
98.2
102.7
109.4
119.9
120.2
121.8
122.9
124.0
125.7
12.89
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
156.6
162.2
165.4
166.5
165.5
165.4
6.42
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
142.5
149.0
151.4
152.3
151.6
151.5
6.47
136.0
129.7
141.7
149.5
156.5
163.1
162.8
166.7
162.1
170.7
175.3
179.3
180.6
179.4
179.3
39.29
132.4
115.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7
145.2
149.7
152.2
154.0
154.5
154.5
12.23
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
135.9
139.4
139.1
137.7
138.5
141.1
157.5
158.0
158.6
160.2
161.1
163.0
164.7
165.0
159.5
159.4
160.2
161.4
161.7
162.7
163.9
163.2
163.4
162.5
163.1
162.2
161.4
163.3
164.8
163.2
157.9
158.2
159.1
161.1
161.8
162.5
163.6
163.3
154.9
156.1
156.4
158.5
160.3
163.3
165.8
167.4
170.7
171.9
172.1
173.5
176.5
180.8
184.1
186.1
128.3
129.5
130.1
133.2
133.1
134.0
135.1
136.1
167.8
169.0
170.2
171.0
171.6
173.1
173.7
174.2
155.5
156.6
159.1
159.6
159.5
160.9
161.4
161.7
180.1
181.3
181.3
182.3
183.5
185.3
186.0
156.6
159.4
160.4
161.5
162.0
163.0
164.4
164.9
141.6
141.4
141.9
142.8
143.3
144.4
144.0
144.3
[1967 = 100; monthly data seasonally adjusted]
Nondurable manufactures
Durable manufactures
Primary metals
Period
Total
1967 proportion
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1983: Aug..
Sept
Oct...
Nov
Dec.
1984: Jan
Feb
Mar
Apr
May r....
June r
July r.
Augp.
Iron and
steel
Fabricated metal
products
Transportation
equipment
Electrical
machinery
Total
Motor
vehicles
and parts
Lumber
and
products
Apparel
products
3.31
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
6.57
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
85.4
87.5
90.6
95.3
92.2
90.4
4.21
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
71.5
75.1
78.2
84.3
79.2
74.1
5.93
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
120.2
126.0
127.4
126.9
128.5
129.2
9.15
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
150.6
157.3
158.3
159.2
161.8
164.3
8.05
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
185.5
189.2
195.8
198.4
200.1
201.5
9.27
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
117.8
121.1
124.7
125.5
127.3
130.8
4.50
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
137.1
144.3
150.9
150.9
152.9
158.9
1.64
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
137.2
141.6
142.3
141.7
141.0
143.8
93.2
98.4
97.5
99.3
98.2
97.6
96.9
94.0
80.7
86.0
84.4
84.0
83.5
83.5
80.7
131.7
132.8
134.9
135.5
136.5
138.7
139.5
140.3
169.5
170.9
171.9
174.9
178.8
182.1
185.7
187.7
206.2
209.9
212.0
214.6
214.5
216.6
222.4
223.8
134.9
135.2
135.8
134.5
135.0
137.2
140.6
140.0
166.3
164.4
165.8
161.9
163.0
165.3
169.1
167.6
146.0
145.6
149.3
151.2
146.3
148.5
147.5
Source: Board of Governors of the Federal Reserve System.
18
Nonelectrical
machinery
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
157.8
161.7
162.7
162.0
161.7
7.74
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
215.0
220.3
224.1
228.4
225.6
221.1
8.75
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
156.4
159.3
158.2
157.6
157.1
157.7
163.4
164.8
165.2
166.3
167.5
168.8
171.6
172.5
221.5
224.8
225.0
228.3
227.9
229.0
231.9
159.4
160.0
161.2
163.1
164.2
165.2
Foods
NEW CONSTRUCTION
[Monthly data seasonally adjusted]
Construction contracts 2
Private
Period
Total new
construction
expenditures
Residential
Total
Commercial
and industrial
New housing
units
Total 1
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
Billions of dollars
151.1
173.8
205.6
230.4
230.7
239.1
230.1
262.2
1976
1977
1978.
1979
1980
1981
1982
1983
112.0
135.7
159.7
181.6
175.7
185.8
179.1
211.4
60.5
81.0
93.4
99.0
87.3
86.6
74.8
111.7
19.9
22.5
29.6
39.9
43.8
51.3
54.6
48.7
47.3
65.7
75.8
78.6
63.1
62.7
51.9
86.1
31.5
32.2
36.7
42.7
44.7
47.9
49.7
51.0
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
Annual rates
Annual rates
1983:
July
Auir
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar.. ..
Apr r
May r
June r
July r ..
Aug*
1
272.3
278.0
281.7
267.9
267.0
263.9
280.9
300.4
309.7
308.6
316.4
315.3
311.2
311.7
220.2
224.7
229.6
219.2
217.4
213.3
230.0
248.1
255.0
254.1
261.2
257.8
255.0
255.5
120.9
126.8
128.6
118.6
113.5
109.7
121.9
137.4
141.1
136.6
138.4
136.4
135.3
135.4
91.2
93.9
93.8
94.2
94.9
95.0
96.9
102.3
102.4
102.7
106.4
105.0
105.1
106.8
Includes nonhousekeeping residential construction and additions and alterations, not shown sep-
ra e
2 /'W.
S series. Relates to 50 States beginning 1969 for value index and beginning 1971
Dodge
6
S
S
g
592
739
977
1,059
904
919
690
750
48.6
50.0
49.8
47.8
49.8
49.6
53.9
56.0
59.6
61.0
64.9
63.0
62.1
63.6
50.7
47.9
51.3
52.8
54.2
54.0
54.1
54.7
54.2
56.5
57.9
58.4
57.5
56.4
137
154
143
139
145
134
150
150
144
145
165
148
152
151
52.0
53.3
52.1
48.8
49.6
50.6
50.9
52.3
54.8
54.5
55.2
57.5
56.2
56.2
741
783
830
856
884
803
931
751
884
960
1,013
888
957
1,011
for floor space.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems
Company, P. 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
1 unit
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
1,162.4
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
1,067.6
1983:
1,873
1,679
1,672
1,730
1,694
1,980
2,262
1,662
2,015
1,794
1,877
1,763
1,537
1,124
1,038
1,017
1,074
1,021
1,301
1,463
1,071
1,196
1,131
1,084
1,001
904
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
Homes for
sale at end of
period 1
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
353
402
414
3
398
336
272
251
300
1,716
1,512
1,567
1,445
1,489
1,606
1,565
1,590
1,654
r
l,756
1,731
1,677
558
597
624
636
755
681
712
682
649
615
630
630
296
299
301
304
300
302
303
320
328
333
340
342
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
Aug
Sept
Oct
Nov
Dec.
1984- Jan
Feb
Mar
Apr
May
June r
July r
Aug p
109
115
96
130
133
114
148
137
169
116
107
120
116
640
526
559
526
540
565
651
454
650
547
686
642
517
1
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.
1,671
1,540
1,650
1,649
1,602
1,799
1,902
1,727
1,758
1,745
1,768
1,565
1,506
5.8
5.5
5.6
5.5
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-i suing 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 0.6 percent in July and inventories rose $4.4 billion. According to advance
data, retail sales fell 0.8 percent in August following a decline of 2.0 percent in July.
BULKDNS OF DOLLARS* (RATIO SCALE)
600
_
550
450
^* —
-—^n—r-*>-
500
*r^
^~~
*— i
/
MANlJFACTURINC»AND
TRA DE 1NVENTORIES
—
400
BULK DNS OF DOLLARS* (RATIO SCALE)
160
150
140
RETA1L INVENTOR E
V
130
t—JU-—i ^*^**^
120
i^»
^-**n
no
L-
^"
^«*
100
350 r-
,-
_
•»•»*"
/
^-
I^-^-x
•X
90
~-*l~"'~
80
R ETAIL SALES
-
MA NUFACTURIhsia
300
AN D TRADE SAl ES
70
250 —
—
-
—
60
50
200
Ilillllllll
Ilillllllll Ilillllllll llllllllill
Ilillllllll
1982
1984
1980
1981
1983
RATICy
1.80
150
_ INVENTORY-SALES RATIO
MAhsJUFACTURIN G
1.60
/^ND TRADE
1.40
iimlimi imilmii
MllllllMI iililllilil liMlllllii
TOO
1980
1983
1982
1981
1984
• ^"""'
" « r %-
%,.
.—
RETAIL
1.20 11 II ill M i l llilllillil H l l l l l l M l 1 1 1 1 1 1 1 i 1 1 Ml 1 1 1 1 1 1 11 1 1
1981
1982
1980
1983
I
1984
"SEASONALLY ADJ JSTED
5OURCE: DEPARTM ENT OF COMMERC E"
Manufacturing and
trade *
COUNCIL OF ECONOMIC ADVISERS
Wholesale
Sales
Period
Sales 2
Inventories 3
Sales
2
Invento-3
ries
Inventory-sales ratio 4
Retail
Total
2
Durable
goods
stores
Inventories
Nondurable goods
stores
Total
3
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: July
Aug
Sept
Oct
Nov
Dec
370,181
373,283
379,229
382,457
386,564
395,682
501,379
504,284
506,984
509,171
511,453
514,336
99,941
100,894
102,171
104,210
103,793
106,892
114,124
114,227
115,674
116,825
116,958
118,067
98,832
98,277
99,537
100,923
101,896
102,438
32,597
31,951
32,905
33,882
34,641
35,532
66,235
66,326
66,632
67,041
67,255
66,906
129,556
130,983
132,142
132,777
134,622
135,843
58,614
59,400
60,627
61,048
62,441
63,447
70,942
71,583
71,515
71,729
72,181
72,396
1.35
1.35
1.34
1.33
1.32
1.30
1.31
1.33
1.33
1.32
1.32
1.33
1984:
401,133
398,815
401,905
405,880
412,725
414,124
411,738
518,062
527,216
532,766
541,060
545,912
546,834
551,240
110,125
108,328
109,553
111,043
115,112
114,401
114,099
119,201
120,411
121,477
123,785
124,368
123,994
126,226
106,602
105,482
103,873
107,505
108,237
109,322
r
107,142
106,232
37,127
36,909
35,306
37,436
37,912
38,687
r
37,375
36,569
69,475
68,573
68,567
70,069
70,325.
70,635
r
69,767
69,663
137,977
142,731
143,910
146,883
146,951
145,359
145,053
63,749
66,513
66,946
69,010
68,277
66,896
66,014
74,228
76,218
76,964
77,873
78,674
78,463
79,039
1.29
1.32
1.33
1.33
1.32
1.32
1.34
1.29
1.35
1.39
1.37
1.36
1.33
1.35
1
2
3
Jan
Peb
Mar
ADF
May
June r
July"
Aug p
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 July, manufacturers1 shipments, inventories, and orders rose. According to advance data for August, durable
goods shipments rose and new orders fell.
BILLIONS OF DOLLARS* (RATIO SCALE)
240
BILLIONS OF DOLLARS* (RATIO SCALE)
360
320 - INVENTORIES
280
240
TOTAL"
200
160
DURABLE GOODS
120
100
80
60
BILLIONS OF DOLLARS* (RATIO SCALE)
DERS
200 - NEW OR
40
^..
•^7^
160
—r~
RATIO*
2.2
TOTAL
120
,-S1!
-v
80
^--'-v-
^*-.»^
^*%
-*"^-N~./
INVENTORY-SHIPMENTS RATIO
DURAE1LE GOODS-
>.. ^
100
- NONDURABLE GOODS •
(
NONDURAI IE GOODS
2.0
1.8
1.6
60
1.4
iimlimi Illllllllll
40
1980
Ilillilllll
1981
miiliim miihim
1982
1983
1.2
illilllMII
1984
1981
1980
1
1982
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF CO/AMERCE
1983 I
Manufacturers' shipments *
Manufacturers' inventories 2
Manufacturers' new orders *
Durable goods
Period
Total
Durable
goods
1984
COUNCIL OF ECONOMIC ADVISERS
Nondurable goods
Durable
goods
Total
Nondurable goods
Total
Total
Capital
goods
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 3
Manufacturers'
invento-
jy-~
shipments
ratio 4
Millions of dollars, seasonally adjusted
98,802
113,202
126,905
143,936
154,391
168,129
159,193
170,617
50,689
59,267
67,848
76,060
77,550
83,872
76,859
85,126
48,113
53,935
59,057
67,876
76,841
84,257
82,334
85,491
175,193
189,214
210,385
240,942
264,089
282,059
264,599
260,426
112,581
121,601
137,825
160,451
174,552
186,053
175,009
171,571
62,612
67,613
72,560
80,491
89,537
96,006
89,590
88,855
99,543
115,032
131,546
147,403
156,161
167,761
157,389
173,433
51,398
61,082
72,339
79,451
79,360
83,562
75,129
87,806
12,799
15,291
19,458
23,231
23,259
24,050
20,681
22,764
48,145
53,950
59,207
67,953
76,801
84,199
82,260
85,627
182,499
203,475
259,755
301,982
323,312
318,794
296,147
330,122
1.69
1.61
1.57
1.57
1.66
1.64
1.73
1.52
1983- July
AMS
Sept
Oct
Nov
Dec
171,408
174,112
177,521
177,324
180,875
186,352
85,076
86,730
88,963
89,181
92,311
96,351
86,332
87,382
88,558
88,143
88,564
90,001
257,699
259,074
259,168
259,569
259,873
260,426
169,679
170,283
170,084
170,219
170,656
171,571
88,020
88,791
89,084
89,350
89,217
88,855
174,451
176,360
180,336
182,911
186,606
188,374
87,878
88,820
91,509
94,776
97,991
98,444
22,060
22,887
25,295
25,499
24,680
24,893
86,573
87,540
88,827
88,135
88,615
89,930
311,718
313,967
316,782
322,369
328,099
330,122
1.50
1.49
1.46
1.46
1.44
1.40
1984: Jan
Feb
Mar
ADI*,
J
May
T
June
July r
Augp....
184,406
185,005
188,479
187,332
189,376
190,401
190,497
95,283
96,297
96,990
95,697
97,944
99,042
98,229
100 226
89,123
88,708
91,489
91,635
91,432
91,359
92,268
260,884
264,074
267,379
270,392
274,593
277,481
279,961
171,549
173,203
175,751
177,993
180,578
182,452
184,501
89,335
90,871
91,628
92,399
94,015
95,029
95,460
188,671
191,336
196,477
189,715
193,680
190,620
193,759
99,439
102,345
105,183
98,317
102,256
99,171
101,426
100,481
25,093
27,018
26,860
25,885
28,958
28,029
27,340
25,606
89,232
88,991
91,294
91,398
91,424
91,449
92,333
334,385
340,725
348,717
351,099
355,398
355,625
358,872
1.41
1.43
1.42
1.44
1.45
1.46
1.47
1976
1977
1978
1979
1980
1981
1982
1983
.
.. .
.. .
.
. .
1
Monthly average for year and
2
Book value, end of period.
3
End of period.
total for month. Shipments are the same as sales.
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 August, the producer price index for all finished goods fell 0.1 percent, seasonally adjusted. Prices of finished
consumer foods also fell 0.1 percent and prices of other finished consumer goods fell 0.2 percent. Prices of capital
equipment rose 0.3 percent.
INDEX, 1967=100 (RATIO SCALE)
320
INDEX, 1967= TOO (RATIO SCALE)
320
-
FINISHED GOODS
SEASONAL ADJUSTED
CQNSUMER GOODS
CV/^I I irMh.l'"*
300
300
IT/"N/"\rve
«,P*^
"**J5. saS*-8*""^
T OTAL
FINISHEC
GOODS
280
280
»^
r
^%^'~
^^>«
260
—
-$ £<-:;
,
220
*
CAPITAL EQ UIPMENT
~
»*^*
™"~
.<&* ^
240
__
p^B
260
CONSUMER f OODS
—
240
—
220
sy
—
200
200
—.
^'•"•^
—
^x**
180
180
^»»w«^^
^-"'~
—
160
160
140 JJI III IliiL 1 1 M 1 1 i 1 1 1 1 1 1 1 1 1 1 1 II II l l i i l h l l l l i l l l l l i MM i l l i l l l l l l l I M I l l l I M 1 1 1 1 i 1 ! 1 M II I M I l l l l l l l
1984
1982
1983
1981
1976
1980
1979
1978
1977
140
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; monthly data seasonally adjusted]
Intermediate materials
Finished goods
Period
Finished goods excluding consumer foods
Total
Con-
finished
sumer
foods
goods
Total
Total
1976......
1977 .
1978
1979 . .
1980
1981
1982
1983
.
1983: Aug
Sept
Oct
Nov
Dec
1984: Jan
Feb....
Mar
Apr r.. .
May
June
July
Aufir
1
170.6
181.7
195.9
217.7
247.0
269.8
280.7
285.2
286.3
286.6
287.1
286.9
287.4
289.1
290.2
291.4
291.4
291.5
291.4
292.2
291.9
180.4
189.9
207.2
226.2
239.5
253.6
259.3
261.8
260.2
262.1
264.8
263.9
265.8
272.8
274.5
276.4
274.4
271.9
270.3
274.1
273.7
166.1
177.7
190.7
213.3
247.8
273.3
285.8
290.8
292.8
292.6
292.3
292.5
292.4
292.3
293.1
294.0
294.8
295.7
296.2
295.9
295.7
Intermediate materials for food manufacturing and feeds.
22
Total
finished
Consumer goods
162.6
174.3
186.7
211.5
250.8
276.5
287.8
291.4
293.5
293.4
292.8
292.9
292.4
292.0
292.7
293.6
294.0
295.2
295.8
295.2
294.5
Durable
144.5
152.8
166.9
183.2
206.2
218.6
226.7
233.1
234.7
234.4
233.0
233.8
234.0
234.0
235.2
237.3
237.2
236.8
237.2
237.3
238.1
Nondurable
Capital
equipment
sumer
goods
174.8
189.3
200.0
231.3
283.9
319.6
333.6
335.3
337.9
337.9
338.1
337.5
336.5
335.7
336.1
336.0
336.7
339.3
339.9
338.8
336.9
173.4
184.6
199.2
216.5
239.8
264.3
279.4
287.2
288.8
288.5
288.6
289.0
289.8
290.5
291.7
292.5
294.3
294.4
294.5
295.2
296.2
169.7
180.7
194.9
217.9
248.9
271.3
281.0
284.6
285.5
286.1
286.6
286.3
286.7
288.7
289.8
291.0
290.6
290.6
290.4
291.3
290.7
con-
Total
189.1
201.5
215.6
242.2
280.3
306.0
310.4
312.3
313.4
315.3
316.2
316.6
317.1
317.0
317.6
319.3
319.5
320.2
321.6
321.0
320.5
Foods
and
feeds l
185.3
190.5
203.1
226.1
252.6
250.3
239.4
247.9
249.4
261.4
258.4
258.9
257.8
261.1
256.5
259.8
260.3
259.6
257.3
253.0
250.1
Crude materials
Other
Total
Foodstuffs
and
feedstuffs
Other
189.4
202.3
216.5
244.4
282.3
310.1
315.7
317.1
202.7
209.2
234.4
274.3
304.6
329.0
319.5
323.6
190.2
192.1
216.2
247.9
259.2
257.4
247.8
252.2
228.5
245.0
272.3
330.0
401.0
482.3
473.9
477.4
318.2
319.5
320.6
321.0
321.5
321.2
322.2
323.8
323.9
324.8
326.5
326.1
325.7
325.0
328.8
329.2
330.4
333.6
251.9
256.2
258.2
259.6
263.6
482.6
485.2
482.3
483.1
484.4
336.0
330.9
337.1
336.9
334.3
331.1
331.3
327.2
269.4
261.1
271.5
268.3
261.7
255.7
256.8
252.3
479.9
481.4
479.0
485.0
490.8
493.3
491.8
488.6
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In August, the consumer price index for all urban consumers rose 0.5 percent seasonally adjusted (0.4 percent not
seasonally adjusted). The index was 4.2 percent above its level in August 1983.
INDEX, 1967= 100 (RATIO SCALE)
320
INDEX, 1967^= 100 (RATIO.SCALE)
320
300
300
280
280
260
260
240
240
ALL ITEMS
220
220
200
200
180
180
160
160
140 LLH
140
1976
1977
1980
1979
1978
1981
1982
1983
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
1984
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Housing
Transportation
All
items
Shelter
Period
All
items l
Food
Total l
Total
Renters'
costs 2
NSA
5
Rel imp.
1976
1977
1978
1979
1980
1981
1982
1983
1983: Aug
Sept
Get
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
100.0
170.5
181.5
195.4
217.4
246.8
272.4
289.1
2984
300.3
301.8
302.6
303.1
303.5
305.2
306.6
307.3
308.8
309.7
310.7
311.7
313.0
18.7
180.8
192.2
211.4
2345
254.6
2746
285.7
291 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
1
Includes items not shown separately.
2
December 1982 = 100.
3
Includes direct pricing of diesel and gasohol
4
37.6
1746
186.5
202 8
227 6
263 3
293 5
314.7
323 1
324.1
325.3
326.0
327.4
328.1
329.6
331.1
331.2
333.3
334.1
334.9
336.7
338.7
21.5
1790
191.1
2104
239 7
281 7
314 7
337 0
344 8
346.3
348.0
349.3
350.7
351.8
353.0
353.8
355.3
357.6
358.7
360.0
362.5
364.3
7.0
103 0
103.6
104.2
104.6
105.0
105.3
105.7
106.0
106.5
107.4
107.8
108.2
108.9
109.5
Homeowners'
costs 2
Mainte-
NSA
NSA
14.0
102 5
103.0
103.5
103.9
104.3
104.5
104.9
105.1
105.6
106.2
106.5
106.8
107.6
108.1
nance
and
repairs
0.5
199 6
214 7
233 0
2564
285 7
314 4
334 1
346 3
347.9
346.6
351.1
353.4
354.7
356.7
353.5
355.3
356.3
357.3
358.9
360.3
360.1
beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc. also included through 1982.
5
Relative importance, December 1983.
Fuel
and
other
utilities
Appar-
8.2
182 7
202 2
216 0
239 3
278 6
319 2
350 8
370 3
371.9
372.9
372.2
374.4
373.8
378.2
384.8
380.9
383.9
384.6
385.4
388.6
391.7
5.2
147 6
154 2
159 6
166 6
1784
186 9
191 8
196 5
197.9
198.2
198.2
198.5
198.5
199.0
198.5
198.6
198.5
198.6
198.1
199.0
200.8
upkeep
Total
l
New
cars
Medical
Motor
fuel 3
care
Energy 4
less
food
energy,
and
shelter
21.8
165 5
177 2
185 5
212 0
249 7
2800
291 5
298 4
300.8
302.8
304.4
305.5
306.1
306.7
306.6
309.4
311.2.
312.7
312.1
311.1
311.2
3.5
135 7
142 9
153 8
166 0
179 3
190 2
197 6
202 6
203.3
204.9
205.5
205.3
205.7
205.6
206.4
207.4
207.6
207.2
207.3
208.3
209.4
5.9
177 9
188 2
196 3
265 6
369 1
410 9
3894
376 4
383.7
383.7
383.2
381.6
379.8
375.9
370.5
374.0
375.4
376.1
370.4
364.0
361.2
6.1
184 7
202 4
2194
239 7
265 9
294 5
328 7
357 3
360.3
361.7
362.9
364.7
366.0
368.6
371.5
373.5
375.3
377.3
379.0
381.1
382.2
11.9
189 3
207 3
2204
275 9
361 1
410 0
416 1
419 3
424.6
425.1
424.2
424.5
423.3
421.7
422.7
421.8
424.7
425.4
422.6
421.2
421.8
47.9
159 9
1695
179 1
191 5
208 3
228 1
245 6
258 4
259.7
260.9
262.2
263.5
264.2
265.8
266.7
267.8
269.1
270.0
270.7
271.6
272.7
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]
Change from preceding period
Change from 3 months earlier, annual rate
Change from 6 months earlier, annual rate
Consumer goods
Consumer goods
Consumer goods
Period
Total
finished
goods
Capital
equipment
Excluding foods
Foods
Total
finished
goods
Excluding
foods
Foods
Capital
equipment
Total
finished
goods
Capital
equipment
Excluding
foods
Foods
Change
from
year
earlier,
total
finished
goods
NSA
Change, Dec. to Dec., NSA
6.6
3.7
6.9
9.2
12.8
11.8
7,1
3.7
.6
1975 .. .
1976
1977
1978
1979
1980
1981 .
1982
1983
6.7
6.0
6.7
8.5
17.5
14.2
8.5
4.2
-.8
5.5
-2.5
6.9
11.7
7.4
7.5
1.4
2.1
2.3
10.8
4.4
6.5
7.8
11.1
13.5
9.2
4.0
1.6
8.2
6.4
7.3
7.9
8.8
11.4
9.2
3.9
1.9
Change, month to month
1983:
Aug
Sept
Oct
Nov
Dec
1984:
Jan ...
Feb
Mar
Apr r
-
r
May
J
T
June
r
July
J
k
AufiT
0.4
.1
.2
— .1
.2
0.3
.7
1.0
3
.7
0.3
0
-.2'
.0
-.2
0.5
I
.0
.1
.3
3.1
2.0
2.7
.8
1.1
27
2.5
8.8
5.8
5.8
5.6
1.8
.4
-.8
1.4
3.2
2.1
1.5
.3
1.8
1.8
2.3
2.7
2.0
1.5
-0.7
.8
1.3
1.5
4.1
2.5
3.1
3.6
2.4
.2
2.7
1.9
1.9
1.8
2.0
1.3
1.4
1.2
.7
.6
.6
.4
.4
0
.0
^.0
.3
-.1
2.6
.6
.7
7
-.9
6
1.4
— .1
-.1
.2
.3
.1
.4
.2
-.2
2
.2
.4
.3
.6
.0
.0
.2
.3
2.8
4.7
5.7
3.2
1.8
0
1.1
.6
12.6
17.1
16.9
2.4
37
-8.5
— .4
2.7
1.1
2.7
3.8
3.8
5.3
3.8
2.8
1.2
2.5
2.8
2.7
3.4
3.0
3.2
2.8
. 2.2
1.2
10.7
11.3
11.2
7.4
6.2
3.4
1.0
-.6
-.3
2.1
2.0
2.8
4.0
3.8
3.3
3.3
3.1
2.0
2.3
2.8
2.9
2.6
2.2
2.4
2.0
NOTE.—NSA indicates data are not seasonally adjusted.
o
1.1
2.8
3.5
3.0
1.6
-.9
.1
.8
1.6
2.3
2.2
1.2
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Housing
Transportation
Shelter
Period
All
items 1
Food
Total
1
Total 1
ApHomeowners'
costs
Renters'
costs
Fuel
and
other
utili-
parel
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
1975
1976
1977
1978
1979
1980
1981
1982
1983
7.0
4.8
6.8
9.0
13.3
12.4
8.9
3.9
3.8
6.5
.6
8.0
11.8
10.2
10.2
4.3
3.1
2.6
7.5
5.4
7.6
9.9
15.2
13.7
10.2
3.6
3.5
7.3
4.2
8.7
11.5
17.4
15.1
9.9
2.4
4.7
5.1
4.5
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
9.8
8.8
4.3
7.7
18.2
14.7
11.0
1.7
3.9
7.3
4.8
7.2
6.2
7.4
7.5
6.8
1.6
3.4
11.0
2.6
4.9
8.5
52.2
18.9
9.4
65
-1.7
9.9
10.1
8.8
8.8
10.1
10.0
12.5
11.0
6.4
11.6
6.9
7.2
8.0
37.4
18.1
11.9
1.3
.5
9.1
5.8
6.5
7.7
11.3
13.5
10.4
6.1
3.2
6.4
7.0
5.2
6.5
7.2
9.9
9.4
6.1
5.0
Change, month to month
1983:
Aug
Sept
Oct
Nov
Dec
1984:
Jan
Feb
Mar
Apr
May
June
July
Aug
0.4
.4
.4
.4
.2
0.2
.2
.4
.2
.4
0.3
.4
.2
.4
.2
0.3
.5
.4
.4
.3
0.5
.6
.4
.4
.3
0.3
.5
.4
.4
.2
0.3
.3
-.2
.6
-.2
0.3
.2
0
.2
0
0.7
.7
.5
.4
.2
0.8
.8
.3
1
.2
0.3
0
-.1
4
-.5
0.5
.4
.3
.5
.4
0.3
.1
2
.1
.6
.4
.2
.5
.2
.2
.3
.5
1.6
.7
-.1
-.0
-.3
.1
.3
.6
.5
.5
.0
.6
.2
.2
.5
.6
.3
.2
.4
.6
.3
.4
.7
.5
.4
.3
.5
.8
.4
.4
.6
.6
.4
.2
.5
.6
.3
.3
.7
.5
1.2
L7
-1.0
.8
.2
.2
.8
.8
.3
-.3
.1
-.1
.1
-.3
.5
.9
.2
-.0
.9
.6
.5
2
3
-.0
.4
.5
.1
2
.0
.5
.5
-1.0
-1.4
.9
.4
.2
-1.5
-1.7
8
.7
.8
.5
.5
.5
.5
.6.
.3
— .4
.2
-.2
.7
.2
-.7
-.3
.1
1
Includes items not shown separately.
Includes direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,
etc., also included through 1982.
4
Quarterly changes are shown in the last month of the quarter.
2
3
NOTE.—NSA indicates data are not seasonally adjusted.
24
lo
g
0.5
.5
.5
.5
.3
.6
.3
.4
.5
.3
.3
.3
.4
4.1
4.5
5.0
3.7
3.8
4.5
4.6
4.6
4.0
4.3
5.0
4.4
4.2
4.3
2.6
2.9
2.9
3.2
3.8
5.0
5.0
5.0
4.3
3.6
3.3
2.6
3.7
4.8
4.8
4.5
4.6
4.3
4.1
3.4
3.6
4.1
4.6
4.7
4.5
4.2
4.2
4.1
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.
_,
_
„ ,
„
, , „ . .
iSniirr'fr Dflnnrtnnfint. nf TLabor Knrft»n nf Tli»hnr htetistins
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 2.8 percent in September and prices paid by farmers were unchanged.
INDEX, 1977= 100 (RATIO SCALE)
INDEX, 1977= 100 (RATIO SCALE)
180
180
160
160
PRICES PAID
140
140
120
120
PRICES RECEIVED
100
100
80
80
1 Hi1
60
RATIO^
140
60
RATIO^
140
120
RATIO
120
100
100
80
80
60
1976
1977
UIJJJIXUIJIU
1978
UUJLLL UUJJJ11UL
1980
1979
1981
HliilUHL ilUUJLLLLlllillJilLI
1982
1983
1984
60
*J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977 = 100]
Prices paid by farmers
Prices received by farmers
Period
All farm
products
Livestock and
products
Crops
All commodities,
services,
interest, taxes,1
and wage rates
Production
items, interest,
taxes, and wage
rates
Production
items
Ratio 2
1978
1979
1980
1981
1982
1983
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
1983- Sept
Oct
Nov
Dec
136
134
135
140
135
133
134
136
137
135
136
143
162
161
162
163
160
159
160
161
154
153
154
155
84
83
83
86
1984:
144
144
145
146
144
144
144
143
139
138
137
139
140
144
145
142
144
138
150
151
151
151
145
143
145
143
140
164
165
165
166
166
166
165
165
165
162
163
164
164
164
163
162
162
161
156
156
157
158
157
157
156
155
155
88
87
88
88
87
87
87
87
84
1976
1977
Jan
Feb
Mar
Apr
May
June
July r
Aue
Sept
1
2
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,
and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
Ml rose slightly in August, following a small decline in July. Growth in M2 was little changed in August while
growth in M3 slowed a little.
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800
2,800
2,400
2,400
2,000
2,000
1,600
1,600
M2
1,200
1,200
1,000
1,000
7
Z
600
600
500
500
Ml
400
400
300
300
1976
1978
1977
1979
1984
1983
1982
1981
1980
* AVERAGES OF DAHY 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
19761977:
19781979:
1980:
19811982:
19831983:
Dec
Dec
Dec
Dec
Dec
Dec
Dec r
Dec
Aug
Sept...
Oct r
Novr
Dec
1984: Jan rr.
Febr
Mar r.
Apr r .
May
.
T
r
June
July pr
Aug .
,
J
Ml
M2
M3
L
Sum of currency,
demand deposits,
travelers' checks,
and other
checkable
deposits (OCDs)
Ml plus overnight
KPs and
Eurodollars,
MMMF balances
(general purpose
and broker/dealer),
MMDAs, and
savings and small
time deposits
M2 plus large
time deposits,
term KPs, term
Eurodollars, and
institution-only
MMMF balances
M3 plus
other liquid
assets
310.4
335.4
363.1
389.1
414.9
441,9
480.5
525.3
517.4
518.9
521.6
523.0
525.3
530.0
532.9
535.1
535.3
541.0
546.2
545.6
546.4
1,163.6
1,286.7
1,389.1
1,498.5
1,632.6
1,796.6
1,965.3
2,196.2
2,135.3
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
2,281.1
2,289.5
1,311.9
1,472.9
1,647.1
1,804.8
1,989.8
2,236.7
2,460.3
2,707.9
2,617.2
2,636.7
2,656.4
2,686.8
2,707.9
2,721.3
2,744.5
2,765.2
2,789.7
2,815.7
2,836.9
2,856.8
2,867.8
1
Consists of outstanding credit market debt of the U.S. Government, State and local governments,
and private nonfinancial sectors; data from flow of funds accounts.
2
Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate.
NOTE.—-The nontransactions portion of M2 is now being seasonally adjusted as a whole to reduce
26
1,516.6
1,704.7
1,910.6
2,117.1
2,326.0
2,598.4
2,868.7
3,178.0
3,075.1
3,097.9
3,114.0
3,144.8
3,178.0
3,197.0
3,227.1
3,268.7
3,295.1
3,326.9
3,367.6
Debt
Debt of
domestic
nonfinancial
sectors
(monthlyJ
average)
r
2,513.4
r
2,829.1
r
3,200.0
r
3,583.6
r
3,926.2
r
4,311.9
r
4,710.1
5,225.3
r
5,036.8
r
5,080.0
r
5,124.9
5,171.3
5,225.3
5,282.4
5,340.4
5,394.4
5,452.4
5,514.0
5,566.4
5,626.0
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
11.0
9.3
9.7
6.6
5.7
6.0
6.1
6.3
5.3
7.0
8.1
6.0
5.1
M2
13.7
10.6
8.0
7.9
8.9
10.0
9.4
11.7
8.1
7.9
8.4
7.7
7.6
7.7
8.3
7.8
7.1
7.1
7.0
6.9
6.1
M3
Debt
11.9
12.3
11.8
9.6
10.3
12.4
10.0
10.1
8.1
8.4
8.5
9.2
9.1
9.2
10.0
10.0
10.3
9.8
9.8
10.2
9.2
10.7
12.6
13.1
12.0
9.6
r
9.8
r
9.2
10.9
r
!1.2
r
!1.4
11.5
11.7
11.7
11.9
12.4
12.8
13.2
13.7
13.5
13.4
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]
Period
Demand
deposits
Currency
Other
checkable
deposits
(OODs)
Overnight
repurchase
agreements
(EPs),
net, plus
overnight
Eurodollars
Money market
mutua Ifund
balaiices
General
purpose
and
broker/
dealer
NSA
1976: Dec ....
1977: Dec....
1978: Dec ....
1979: Dec ...
1980: Dec ....
1981: Dec
1982: Dec....
1983: Dec ....
1983:
Aug
Sept
Oct
Nov .
Dec
1984:
Jan.. ....
Feb
Mar
Apr r .
Mav r
June r
July r ..
Auff p.
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
143.5
1448
146.0
147 2
148.0
1499
150.2
1509
151.8
152 9
154.2
1550
156.0
80.5
NSA
Institution
only
NSA
17.1
27.6
774
102.4
128.8
10.6
147
20.3
21 2
28.3
359
44.1
56.2
2.4
24
6.4
334
61.6
1506
185.2
138.2
0.6
9
3.1
95
15.0
36 2
48.4
40.3
243.7
2430
243.6
242 8
243.7
125.6
1264
127.2
128 2
128.8
52.4
535
57.0
552
56.2
139.1
137 9
137.5
138 8
138.2
244 5
243.8
2440
245.3
245 2
248.2
247 1
245.5
1307
133.8
1352
133.2
137 8
138.6
138 3
139.7
586
59.5
583
57.5
59 1
56.5
56 3
579
!37 8
142.1
144 8
145.9
1465
148.9
1505
150 6
2.7
4.2
8.5
r
Money
market
deposit
accounts
(MMDAs)
Savings
deposits
Small
denomination
time
deposits l
Large
denomination
time
deposits *
NSA
NSA
NSA
Savings
bonds
Shortterm
Treasury
securities
Bankers'
acceptances
Commercial
paper
10.8
14.1
6358
731.4
827 3
856.9
793.1
14.1
194
27.0
30 1
34.7
37 0
40.2
56.0
14.8
202
31.8
44 7
50.3
67 5
81.7
93.4
71.8
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
22.0
27.1
32.0
39.8
43.9
43.4
51.7
62.9
79.2
97.0
98.1
104.2
108.8
132.4
319.3
317 9
317.1
3154
312.9
749.0
7590
773.0
785 5
793.1
308.6
313 2
315.6
320 8
3259
46.9
48 0
47.3
53 4
56.0
91.9
90 7
868
91 7
934
70.3
705
70.7
708
71.0
222.9
221.6
218.5
217 2
223.3
43.6
43.8
42.8 "
430
43.4
121.0
125.3
125.7
126.9
132.4
309 9
306.6
305 5
3055
305 5
305.2
303 3
3005
797 0
800.9
803 4
8083
816 7
829.1
845 0
861 5
333 4
3403
348 3
3559
367 6
379.1
389 1
391 9
53 3
54.5
55 9
59 8
61 6
59.8
59 7
63 4
71 2
71.7
72 2
72.5
72 8
73.0
226 6
231.8
245 8
241.8
2400
252.1
42 8
41.7
42 6
43.3
454
47.1
135.0
137.4
1430
147.7
152 9
158.5
391.0
446.0
521.9
43.0
376.0
38.4
388
39.8
406
40.3
368.6
369 5
3705
372 9
3760
406
41.6
41 8
41 8
42 0
42.3
42 6
42 7
380 3
3860
392 5
3964
394 6
392.9
388 9
383 1
NOTE.—See note p. 26.
Term
Eurodollars
(net)
118.1
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
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
Term
repurchase
agreements
(KPs)
r
90
r
7
909
r
94 1
93 6
93 8
88.6
87 1
85 1
70.4
Travelers checks are a component of money stock but are not shown here.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; seasonally adjusted]
Net change in installment credit outstanding *
Installment credit outstanding (end of period)
Period
Total
Mobile
home
Revolving
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
138,449
139,407
140,831
143,007
145,195
147,818
3,706
4,093
2,553
5,093
4,819
5,782
1,849
2,372
295
1,709
1,268
1,468
616
541
579
1,238
1,427
1,690
237
222
255
-30
-64
1
1,004
958
1,424
2,176
2,188
2,623
149,768
152,430
154,728
156,825
160,250
163,155
165,737
4,469
6,608
5,870
6,408
10,233
7,825
7,106
2,106
2,799
326
2,158
3,689
2,897
3,422
505
1,273
2,962
1,868
2,817
1,569
640
-92
127
285
285
302
454
462
1,950
2,662
2,298
2,097
3,425
2,905
2,582
Kevolving
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
1983- July
Aufif
Sept
Oct
Nov
Dec
366,378
370,471
373,024
378,117
382,936
388,718
134,764
137,136
137,431
139,140
140,408
141,876
70,089
70,630
71,209
72,447
73,874
75,564
23,076
23,298
23,553
23,523
23,459
23,460
1984: Jan
Peb
Mar
Apr
May
June..
July .
393,187
399,795
405,665
412,073
422,306
430,131
437,237
143,982
146,781
147,107
149,265
152,954
155,851
159,273
76,069
77,342
80,304
82,172
84,989
86,558
87,198
23,368
23,241
23,526
23,811
24,113
24,567
25,029
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983-
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
. .
1
For year-end data, change from preceding year-end; for monthly data, change from preceding
month.
Mobile
home
Automobile
Other
Automobile
Total
Other
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 August.
1,400
1,200
BILLIONS OF DOLLARS* (RATIO SCALE)
1,800
1,600
1,400
1,200
1,000
1,000
BILLIONS OF DOLLARS* (RATIO SCALE)
1,800
1,600
-ALL COMMERCIAL BANKS
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
inn
1 i 1 1 l l 1 1 H 1 MM i l i l i l i
40
1976
1977
1978
1980
1979
HI i l l I M i l
iliil
1981
1982
n i l i l l i 40
1984
1983
*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 *
Loans and leases
Period
1976:
1977:
1978:
1979:
1980:
1981:
1982:
1983:
Total loans
and
investments
Total 2
Commercial
and industrial
loans
U.S. Treasury
securities
Borrowings
(millions of dollars,
unadjusted)
Reserves adjusted
for changes in
reserve requirements
Investments
Other
securities
Total
Nonborrowed
Required
Total
Seasonal
Dec
Dec .
Dec
Dec..
Dec
Dec
Dec
Dec r
804.6
891.5
1,013.5
1,135.9
1,239.6
1,316.3
1,412.0
1,568.1
555.0
632.5
747.0
849.9
915.1
973.9
1,042.0
1,132.6
190.9
210.9
245.9
291.2
326.8
358.0
392.3
413.7
100.8
99.8
93.8
94.5
110.0
111.0
130.9
188.0
148.8
159.3
172.8
191.5
214.4
231.4
239.2
247.5
25.28
26.29
27.55
28.72
30.64
31.51
33.63
36.22
25.22
25.72
26.68
27.25
28.95
30.88
32.99
35.44
25.00
26.10
27.32
28.39
30.13
31.20
33.13
35.65
53
569
868
1,473
1,690
636
634
774
13
55
135
81
116
54
33
96
1983: Aug r
Sept r.
Oct r
Nov r
Dec r .
1,513.2
1,520.3
1,532.9
1,548.9
1,568.1
1,091.0
1,096.3
1,104.1
1,115.7
1,132.6
402.5
402.6
404.7
407.8
413.7
174.4
176.9
182.3
186.2
188.0
247.8
247.1
246.5
247.1
247.5
36.12
36.21
36.23
36.18
36.22
34.57
34.77
35.39
35.27
35.44
35.67
35.72
35.73
35.65
35.65
1,546
1,441
844
906
774
198
190
142
121
96
1984: Jan r.
Feb r
Mar r
Apr r
May r
June r
July pr
1,585.3
1,604.6
1,621.2
1,630.0
1,649.4
1,652.5
1,664.4
1,675.4
1,144.7
1,164.1
1,181.0
1,193.5
1,213.3
1,222.6
1,233.9
1,241.1
418.4
423.9
434.1
437.2
447.6
453.2
456.6
459.7
188.7
188.2
186.9
185.6
186.1
181.7
182.8
184.8
252.0
252.2
253.2
250.8
250.0
248.2
247.7
249.6
36.43
37.09
37.16
37.18
37.52
38.35
38.30
38.45
35.72
36.52
36.21
35.94
34.53
35.05
32.38
30.44
35.82
36.15
36.46
36.69
36.94
37.59
37.70
37.77
715
567
952
1,234
2,988
3,300
5,924
8,017
86
103
133
139
196
264
308
346
Aug
1
2
3
Data are averages of Wednesday Figures.
Excludes 10a«s to commercial banks in the United States.
Data are averages of daily figures.
NOTE.—Bata os loans and investments revised beginning December 1983.
Reserves data revised beginning August 1983; revised data for earlier periods are not yet avail-
28
able.
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
Credit market funds
Total
Internal *
Total
Total
1974 r.....
1975 r .
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
1976 rr
1977 r
1978 r
1979 r
1980
1981 rr
1982 r
1983
1982- I r
II rr
ffl
TVr
1983: I rr
1984:
nr
mr
iv
Ir
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
Securities
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
msumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained
»ad.
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
22
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 revised beginning 1971.
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
End of period
Total
SEC series: 2
1970
1971 ..
1972
1973 ....
1974
QFR-FRB series: 3
1974
1975 ...
1976
1977
1978
1979
1980
1981 rr.
1982 r
1983 .
1983: I rr
II
IIIrr
IV .
1984- P
1
Cash
U.S.
Government
securities
Notes and
accounts
receivable
Inventories
3
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio *
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.—QFE-FRB series revised beginning 1981.
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.
INTEREST RATES AND BOND YIELDS
Interest rates fell in September.
PERCENT PER ANNUM
1983
1976
SOURCE: SEE TABLE BELOW
1984
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
Period
3-month bills
l
Constant maturities 2
3-year
1978
7.221
1979
1980
1981
1982
1983
10.041
11.506
14.029
10.686
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
Corporate
Aaa bonds
(Moody 's)
Prime
commercial
paper,
6 months 4
4
8.63
8.29
9.72
11.55
14.44
12.92
10.45
8.41
9.44
11.46
13.91
13.00
11.10
5.90
6.39
8.51
11.23
11.57
9.47
8.73
9.63
11.94
14.17
13.79
12.04
9.05
8.71
8.71
8.96
8.93
9.03
9.44
9.69
9.90
9.94
10.13
10.49
10.41
11.07
10.87
10.96
11.13
10.93
11.05
11.59
11.98
12.75
13.18
13.08
r
12.50
12.34
11.65
11.54
11.69
11.83
11.67
11.84
12.32
12.63
13.41
13.56
13.36
r
12.72
12.52
9.57
9.64
9.79
9.90
9.61
9.63
9.92
9.98
10.55
10.71
10.50
10.03
10.17
12.37
12.25
12.41
12.57
12.20
12.08
12.57
12.81
13.28
13.55
13.44
12.87
12.66
9.28
8.98
9.09
9.50
9.18
9.31
9.86
10.22
10.87
11.23
11.34
11.16
10.94
10.40
10.60
10.63
10.39
10.33
10.27
12.46
12.60
12.63
12.34
12.19
12.27
12.66
12.82
12.83
12.51
12.35
12.46
10.05
10.19
10.32
10.12
10.00
10.24
12.84
12.88
12.87
12.72
12.52
12.56
11.16
11.17
11.24
11.05
10.84
10.70
7.99
10.91
12.29
14.76
11.89
8.89
Discount rate
(N.Y. P.E.
Bank)
5
7.46
10.28
11.77
13.41
11.02
8.50
Open-close
1983:
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Prime rate
charged by
banks 5
9.06
12.67
15.27
18.87
14.86
10.79
11 00 11 00
8.50-8.50
8.50-8.50
8.50-8.50
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
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
13.00-13.00
13.00-13.00
13.00-13.00
13.00-13.00
13.00-12.75
9.00-9.00
9 00 9 00
9.56
10.78
12.66
14.70
15.14
12.57
Open-close
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8 50 9 00
New-home
mortgage
yields
(FHLBB) 6
11.00-11.00
11 00 11 00
11.00-11.00
12.54
12.25
12.34
12.42
12.29
12.23
12.02
12.04
12.18
c
12.10
r
12.50
12.42
Week ended:
1984: Aug 25
Sept 1
8
15
22
29
1
Rate on new issues within period; bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.
5
Average effective rate for year; opening and closing rate for month and week.
30
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning
January 1973 not strictly comparable with prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
(Stock prices rose in September.
INDEX, DEC 31,1965=50
—1100
INDEX, DEC .31, 1965 =50
100 (
90
90
COMPOSITE STOCK PRICE INDEX
(NYSE)
80
70
70
60
60
50
50
40
40
1977
1976
1978
1981
1980
1979
1982
1983
1984
PERCENT
20
PERCENT
20
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
1984
1976
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stock5yields
(percent)
Common stock prices *
New York Stock Exchange indexes (I ec. 31, 1965 — 5O)
Period
Composite
1978
1979
1980
1981
1982
1983
1983: Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
\J
June
July
Aug r
Sept
Week ended:
1984: Sept 1
8
15
22
29
...
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
96.70
96.78
95.36
94.92
96.16
90.60
90.66
90.67
90.07
88.28
87.08
94.49
95.68
58.23
64.76
78.70
85.44
78.18
107.45
112.76
112.87
110.77
110.65
112.16
105.44
105.92
106.56
105.94
104.04
102.29
111.20
112.18
43.50
47.34
60.61
72.61
60.41
89.36
94.56
95.41
97.68
98.79
97.98
86.33
86.10
83.61
81.62
79.29
76.72
86.86
86.88
39.22
38.20
37.35
38.91
39.75
47.00
48.16
48.73
48.50
47.00
47.43
45.67
44.83
43.86
44.22
43.65
44.17
46.49
47.47
56.65
61.42
64.25
73.52
71.99
95.34
97.00
94.79
94.48
94.25
95.79
89.95
89.50
88.22
85.06
80.75
79.03
87.92
91.59
820.23
844.40
891.41
932.92
884.36
1,190.34
1,237.04
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
96.02
103.01
118.78
128.05
119.71
160.41
167.16
167.65
165.23
164.36
166.39
157.25
157.44
157.60
156.55
153.12
151.08
164.42
166.11
5.28
5.47
5.26
5.20
5.81
4.40
4.24
4,25
4.31
4.32
4.27
4.59
4.63
4.64
4.72
4.86
4.93
4.62
4.54
95.91
94.89
95.54
96.41
95.73
112.99
111.71
112.30
112.85
111.75
87.32
85.99
86.86
87.76
86.73
46.91
46.66
46.86
47.89
48.31
89.48
88.48
90.94
93.55
92.77
1,226.92
1,211.91
1,213.32
1,218.93
1,209.56
166.84
164.80
166.02
167.32
166.05
4.50
4.58
4.56
4.50
4.53
I Average of daily closing prices.
1
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. Earnings3
2
Earningsprice ratio
12.03
13.46
12.66
11.96
11.60
8.03
8.01
8.51
9.57
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 the first 11 months of fiscal year 1984, there was a budget deficit of $192.1 billion, compared to a budget
deficit of $197.3 billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
_ BUDGET RECEIPTS AND OUTLAYS
900
800
800
. BUDGET OUTLAYS
700
700
\
600
600
BUDGET RECEIPTS
500
500
400
400
BUDGET SURPLUS OR DEFICIT (-)
0
0
-100
-100
-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
Budget
receipts
Budget
outlays
Budget
surplus or
deficit (— )
Fiscal year or period:
1972
1973
1974
1975
1976
Transition Quarter
1977
1978
.
1979
1980.
1981
1982
1983
1984 (estimates)11
1985 (estimates)
207,3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
600.6
670.7
763.8
230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
796.0
845.0
930.6
-14.8
-4.7
-45.2
664
-13.0
44.9
-48.8
-27.7
-59.6
-57.9
1106
- 195.4
1743
-166.9
Cumulative total first 11 months:
Fiscal year 1983
Fiscal year 1984
537.0
598.4
734.3
790.6
-197.3
192 1
1
Estimates from Mid-Session Review of the 1985 Budget, Office of Management and Budget,
August 15, 1984.
32
Off-budget
surplus or
deficit (— )
Total
surplus or
deficit (— )
Federal debt (end of period)
Gross
Held by the
public
-8.1
7.3
-1.8
-8.7
-10.4
-12.5
142
-21.0
17.3
-12.4
13.0
-13.3
23.4
-14.9
-6.1
-53.2
-73.7
14.7
-53.6
59.2
-40.2
-73.8
-78.9
-127.9
-207.8
-187.3
1802
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
1,575.6
1,806.9
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
1,302.8
1,480.8
-9.7
-8.0
-207.0
200.2
1,353.1
1,565.1
1,126.3
1,308.4
234
-0.1
14
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 11 months of fiscal year 1984, budget receipts were $61.4
budget outlays were $56.3 billion higher.
billion higher than a year earlier and
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
300 _ BUDGET RECEIPTS
300
-'***
200
OTHER RECEIPTS .
200
CORPORATION INCOME TAXES
100
100
0
0
700
700
BUDGET OUTLAYS
600
600
NONDEFENSE
V.,.
500
500
400
400
300
300
200
200
100
100
1976
1977
1978
1979
1980
1981
FISCAL YEARS
1984
1983
1982
1985
COUNCIL OF ECONOMIC ADVISERS
AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Budget outlays
Budget receipts
National defense
Period
Total
Individual
income
taxes
Corporation
income
taxes
Other
Total
Total
Department of
Defense,
military
Fiscal year or period:
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984 (estimates) 1
1985 (estimates)1..
279.1
298.1
355.6
399.6
463.3
517.1
599.3
617.8
600.6
670.7
763.8
122.4
131.6
157.6
181.0
217.8
244.1
285.9
297.7
288.9
299.5
341.8
40.6
41.4
54.9
60.0
65.7
64.6
61.1
49.2
37.0
59.0
74.3
116.1
125.0
143.0
158.6
179.8
208.4
252.2
270.8
274.6
312.2
347.7
324.2
364.5
400.5
448.4
491.0
576.7
657.2
728.4
796.0
845.0
930.6
134.0
157.5
185.3
209.9
233.6
266.2
85.9
88.1
95.3
102.3
113.7
131.0
153.8
180.7
204.4
227.0
258.6
Cumulative total first 11 months:
Fiscal year 1983
Fiscal year 1984
537.0
598.4
258.0
264.4
28.0
45.0
251.1
289.0
734.3
790.6
192.4
208.5
187.5
202.5
1
Estimates from Mid-Session Review of the 1985 Budget, Office of Management and Biidget,
August 15, 1984.
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).
86.5
89.6
97.2
104.5
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
12.6
17.2
77.5
89.7
104.4
116.6
130.6
150.6
178.7
202.5
223.3
237.8
258.1
63.0
76.5
78.3
80.0
86.8
109.6
126.1
134.5
150.8
142.3
144.1
23.2
26.7
29.9
35.4
42.6
52.5
68.7
85.0
89.8
109.4
130.2
66.9
76.2
85.7
105.7
108.4
119.1
114.9
111.0
113.2
109.3
114.8
8.2
11.6
205.7
231.7
138.6
131.5
83.3
101.3
106.2
106.0
Net
interest
Other
The Social Security Amendments of 1983 require that social security and medicare be shown in
the budget as a separate function. In previous budgets social security" was in the income security
function and medicare was in the health function.
Data for all periods in this table are 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 of 1984, according to revised estimates, Federal receipts rose $17.9 billion (annual rate) and
expenditures rose $20.4 billion, yielding a deficit of $163.7 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
900
900
800
800
700
700
EXPENDITURES
600
600
500
500
RECEIPTS
400
400
-TOO
-200
1979
1984
1980
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts
Period
Fiscal year:
1979
1980
1981
1982
1983
Calendar year:
1979
1980
1981
1982
1983
1982: I
n
m. .
IV
1983: I.
n
m
IV
1984: I
Hr
Personal
Total
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Federal Government expenditures
Contributions for
social
insurance
Pur-
Total
and
services
Transfer
Pay-
ments
and
local
governments
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
Net
480.8
525.9
609.2
626.4
627.1
222.6
250.4
289.4
311.4
294.1
76.1
69.9
69.3
50.9
53.8
29.1
35.5
53.5
50.3
51.0
153.1
170.0
197.0
213.9
228.3
495.6
576.5
668.2
740.0
816.4
164.1
189.3
218.4
250.6
273.2
201.8
239.4
279.5
310.6
344.6
79.1
86.7
90.1
83.4
85.7
40.6
50.7
67.7
82.3
90.3
9.9
10.4
12.5
13.0
22.2
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
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
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
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
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
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
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
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
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
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
34
chases
of goods
Grantsin-aid to
State
Less:
Wage
accruals
less
disbursements
-0.0
.0
.1
-.0
^
o
.0
.1
-.0
4
— .1
.0
.0
.0
.0
-1.3
-.4
.0
.2
.2
Surplus
or deficit
(-),
national
income
and
product
accounts
-14.8
-50.7
58 9
-113.6
189 3
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
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Consumer prices (unadjusted)
Industrial production (seasonally adjusted)
Period
United
States 1
United
States
Canada
Japan
Prance
Germany
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
152
155
163
161
160
158
159
152.0
154.1
161.5
162.0
159.1
154.5
155.5
145.1
147.9
157.6
166.5
162.7
159.1
150.7
124.2
127.8
132.9
124.1
119.6
121.7
125.6
181.5
195.4
217.4
246.8
272.4
289.1
298.4
1983:
151.8
153.8
155.0
155.3
156.2
160.5
163.3
164.5
165.9
169.0
241.2
160
157
155
161
160
155.2
157.1
157.5
160.2
161.0
134.9
151.1
148.6
152.8
146.0
126.1
127.0
127.7
128.0
129.0
300.3
301.8
302.6
303.1
303.5
158.5
160.0
160.8
162.1
r
162.8
r
164.3
r
!65 8
166 2
170.2
165.0
r
167.1
r
167.4
r
168.2
168.8
250.2
257.0
161
160
162
157
162
160
161.0
164.4
158.9
157.8
160.1
144.8
128.4
128.0
126.7
r
!24.4
r
!23.6
123.9
305.2
306.6
307.3
308.8
309.7
310.7
311.7
3130
Aug
Sept
Oct
Nov
Dec
1984- Jan
Feb
Mar
Apr...
J
May
T
June..
July
Aug p
1
225.2
227.5
228.4
236.5
244.8
241.4
246.4
248.2
254.1
255.4
261.5
261.5
Beginning January 1978 data relate to all urban consumers.
United
Kingdom
Italy
r
Canada
Italy
United
Kingdom
Japan
France
Germany
185.9
202.5
221.0
243.5
273.9
303.5
321.0
243.0
252.3
261.3
282.3
296.2
304.1
309.7
214.5
233.9
259.1
294.2
332.7
373.1
407.9
156.0
160.2
166.9
175.8
186.9
196.8
203.3
255.2
286.2
328.5
398.0
472.4
549.4
631.8
292.4
316.6
359.0
423.6
473.9
514.7
538.3
324.5
324.5
326.5
326.5
327.5
329.2
331.1
331.9
332.7
333.3
334.7
336.6
3366
307.4
311.4
314.2
312.2
311.4
412.8
416.0
419.2
420.9
422.4
204.3
204.9
204.9
205.2
205.7
641.1
649.4
660.4
667.0
670.3
543.0
545.4
547.3
549.2
550.7
312.3
314.2
315.1
315.9
318.2
315.6
316.2
425.4
428.0
431.0
433.6
436.2
438.4
206.6
207 1
207.3
207.7
207.8
208.6
208.2
678.3
685.8
690.6
695.4
699.6
703.8
705.9
708.0
550.4
552.6
554.4
561.8
563.9
565.3
564.7
570.0
Source: National sources as reported by Department of Commerce, International Trade Administration, Office of Trade and Industry Information, Trade Statistics Division, in International Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merchandise exports 1
Period
Total
domestic
and
foreign
exports
General imports
Domestic exports
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Merchandise trade balance
Merchandise imports
Manufactured
goods
Total 2
3
Exports
(f.a.s.)
less
imports
(customs
value)
Exports
(f.a.s.)
less
imports
(f.a.s.)
Exports
(f.a.s.)
less
imports
(c.i.f.)
Food,
beverages, and
tobacco
Grade
materials and
fuels
Manufactured
goods
Total
(c.Lf.
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
7,739
6,200
5,670
11,873
12,002
13,621
22,779
21,240
22,490
-2,647
4 797
-3,306
-3,558
-5,783
6,581
6,465
6,855
5,891
5,360
13,912
13,754
15,107
15,124
15,478
23,746
23,477
25,465
24,185
24,033
-6,132
-5,195
-7,300
-6,052
-5,678
-7,164
-6,221
-8,432
-7,122
-6,735
6,063
6,039
6,308
6,636
5,618
6,071
6,494
17,948
17,652
17,827
18,766
17,402
16,889
22,376
27,794
-8,260
8 935
27,305
-9,044
27,992
29,711 -10,847
-7,619
26,789
7 723
26,543
33,503 -12,440
27 895
-9,468
10093
- 10,264
-12,190
8839
-8,910
-14,061
-9,859
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
762
-688
-2,430
-2,590
-2,300
-2,020
148
— 1,440
-3,265
-3,530
-3,364
-3,030
Customs value
1981
1982
1983
1983:
Aug
Sept
Oct
Nov
Dec
1984: Jan
Feb
Mar
Apr
May
June
July
Aug
19,473
17,683
16,707
19,075
17,256
16,326
2,767
2,248
2,248
2,752
2,793
2,463
12,857
11,643
11,034
21,748
20,329
21,504
16,582
17,257
17,033
17,063
17,298
16,195
16,892
16,580
16,664
16,895
2,046
2,314
2,452
2,605
2,449
2,745
2,691
2,345
2,270
2,532
10,882
11,147
11,241
11,277
11,407
22,714
22,451
24,333
23,115
22,976
18,327
17,212
17,727
17,522
17,950
17,633
19,442
18,036
17,848
16,786
17,212
17,072
17,464
17,178
18,963
17,578
2,402
2,103
2,457
2,184
2,162
1,847
2,195
2,100
2,664
2,532
2,791
2,523
2,833
2,603
2,740
2,642
12,097
11,372
11,147
11,560
11,628
11,837
12,988
11,766
26,586
26,147
26,771
28,368
25,569
25,356
31,883
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January 1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
NOTE. — Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
1,529
1,485
1,568
1,480
1,466
1,747
1,565
1,591
1,759
1,773
1,865
2,028
1,761
1,576
2,002
2 275
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*
BILLIONS OF DOLLARS*
10
10
BALANCE ON GOODS
AND SERVICES
-5
-5
-10
-10
-15
-MERCHANDISE TRADE \
BALANCE
-15
^-
-20
-20
-25
-25
I
-30
1976
1
I I I
1
1978
1977
1979
1980
1981
1
1
1
1982
1
1
1
1983
-30
1984
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
Merchandise
12
Investment income 3
Period
1975
1976
1977
1978
1979
1980
1981
1982
1983
Other
services,
net 3
Balance
on goods
and
services *
Remittances,
pensions,
and other
unilateral
transfers *
Balance
on
current
account
Exports
Imports
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
-746
559
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
55,482
55,118
52,079
48,519
-62,546
-60,921
-64,442
-59,758
-7,064
5 803
-12,363
11 239
20,889
22,307
21,505
19,162
-13,653
-14,772
-14,390
13 243
7,236
7,535
7,115
5,919
52
239
-2
-94
-114
-247
-99
548
49,246
48,745
50,437
51,829
-58,523
-63,615
-67,938
-71,236
9 277
-14,870
-17,501
-19,407
17,618
18,973
20,802
19,609
12 380
-12,995
13 630
-14,490
5,238
5,978
7,172
5,119
790
53
55
-273
263
-1,131
-1,426
-1,764
-1,370
2,142
2,258 -7,712
2,107 -9,703
2,198 -14,127
-1,573 -2,943
-1,848 -9,560
-2,143 -11,846
3086 -17,213
25 855
- 25,736
23,330
20,618
15 552
- 16,956
7,748
3,662
370
-282
1 400
-2,238
17 526
2,351
2,293 -22,301
19 673
2 147
-2,101 -24,402
n
TTT
IV
1983- I
n
ITT
IV
n *.........
Net
travel and
transportation
receipts
Net
balance
1982: I
1984- I r
Net
military
transactions
r
53,935
54,597
1
Excludes
2
Adjusted
3
r
-79,790
- 80,333
r
Receipts
Payments
military grants.
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
36
Net
22,749
4,598
9,205
4,711
5,272 -9,894
6,013 - 10,340
4,686
5,735
8,975
7,277
13,128
8,048
8,339 -1,141
8,704 -32,912
2,160
2,005
2,118
2,054
2,270
3,729
-3,231
3 908
18,136
-4,613
4,207
4998
-4,617 -14,511
5 106 -15,446
-964
-5,649
1,898
7 077
6,294
-6,833
8058 -9,199
-8^651 -41,563
-2,105
-1,802
-1,745
-2,406
United States are excluded from investment income and included in other services, net.
Source: Department of Commerce, Bureau of Economic Analysis.
165
1,927
4 976
-6,314
U.S. INTERNATIONAL TRANSACTIONS—Continued
iln 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*
BILLIONS OF DOLLARS
60
60
CHANGE IN
FOREIGN ASSETS
IN THE U.S.,NET
-20
CHANGE IN
U.S. ASSETS
-40
-40
A BROAD, NET
-60
-60
1984
1976
*SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase /capital outflow (— )]
Period
Total
1975
1976
1977
1978
1979
1980
1981
1982
1983
1982: I
n
Ill
IV
1983: I
n
m
IV
1984: I r
U.S.
official
reserve
assets l 2
Other U.S.
Government
assets
Foreign assets in the U.S., net
[increase /capital inflow (+)] 2
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
Statistical discrepancy
Allocations
of special
drawing
rights
(SDKs)
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
U.S. official
reserve
assets, net 1
(unadjusted,
end of
period)
16,226
18,747
19,312
18,650
18,956
26,756
30,074
33,958
33,747
-39,703
-51,269
-34,785
-61,130
-64,331
-86,118
-110,976
-118,898
-49,490
-849
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
5 107
100 694
-6,143 -107,790
43 281
5013
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
30068
-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
-2,037
-1,222
705
-23,073
15,660
35,934
-2,784
-571
18,444
36,505
6,002
13,328
154
-91
34,975
34,547
1
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
5,897
10,544
1,139
1,152
1,093
2 023
12,540
25,404
24,982
22,275
32,916
9,331
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 Utili2ation
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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