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Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files of the FOMC Secretariat at the Board of Governors of the Federal Reserve System. This electronic document was created through a comprehensive digitization process which included identifying the bestpreserved paper copies, scanning those copies, 1 and then making the scanned versions text-searchable. 2 Though a stringent quality assurance process was employed, some imperfections may remain. Please note that this document may contain occasional gaps in the text. These gaps are the result of a redaction process that removed information obtained on a confidential basis. All redacted passages are exempt from disclosure under applicable provisions of the Freedom of Information Act. 1 In some cases, original copies needed to be photocopied before being scanned into electronic format. All scanned images were deskewed (to remove the effects of printer- and scanner-introduced tilting) and lightly cleaned (to remove dark spots caused by staple holes, hole punches, and other blemishes caused after initial printing). 2 A two-step process was used. An advanced optimal character recognition computer program (OCR) first created electronic text from the document image. Where the OCR results were inconclusive, staff checked and corrected the text as necessary. Please note that the numbers and text in charts and tables were not reliably recognized by the OCR process and were not checked or corrected by staff. CONFIDENTIAL (FR) CLASS III - FOMC November 1, 1985 SUPPLEMENT CURRENT ECONOMIC AND FINANCIAL CONDITIONS Prepared for the Federal Open Market Committee By the Staff Board of Governors of the Federal Reserve System TABLE OF CONTENTS THE DOMESTIC NONFINANCIAL ECONOMY Employment and unemployment. . .... Value of new construction put in place * . . . . . * . . . * . . . . . * @000 . 0@@0 . . . . . . . . . . . September S&L balance sheet .. New issue of farm credit securities. . . . . . . . . THE DOMESTIC FINANCIAL ECONOMY . .. . ... Tables Changes in employment. . . . . . . . . . . . .... Selected unemployment rates. . . . . . . . . . . . Hourly earnings index . . . ... . . . . . . ... New construction put in place. . . . . . . . .. Mortgage activity at all FSLIC-insured institutions. Monetary aggregates . . . . . . . . . . . . . . . . * . . . . . Commercial bank credit and short- and intermediate. . . . .. term business credit Selected financial market quotations . . . . . . INTERNATIONAL DEVELOPMENTS U.S. merchandise trade . . . . . . . . . . . . . . . . Table U. S. merchandise trade. . .................. * * * * * . . SUPPLEMENTAL NOTES THE DOMESTIC NONFINANCIAL ECONOMY Employment and Unemployment Nonfarm payroll employment rose 415,000 in October, substantially above the average monthly increase of 225,000 posted so far this year. The service industry led the October gain, with strong advances in business and health services. Job increases were also sizable in trade establishments and state and local government. The number of workers on manufacturing payrolls rose 60,000, with most industries reporting small gains. However, the BLS cautions that the rise in seasonally adjusted factory employment may be exaggerated; employment in most industries was already at relatively low levels in September, and the usual October cutbacks were smaller than in previous years. The factory workweek remained at its high level of 40.7 hours, while factory overtime rose slightly. Wage rates, as measured by the hourly earnings index, edged up 0.1 percent in October. The October increase represents no change in the index for service-producing industries and a moderate 0.2 percent increase in manufacturing wages. Over the past twelve months, this measure of wage inflation has risen 3.2 percent for both the private nonfarm economy and manufacturing. Value of New Construction Put in Place The total value of new construction put in place increased 1.9 percent in September, according to preliminary estimates. With no change in the construction cost index, constant (1977) dollar activity also rose 1.9 percent. Residential building advanced 1.8 percent in September, attributable mainly to multifamily residences and, to a lesser extent, "other" residential outlays-chiefly additions and alterations, and hotels and motels; singlefamily activity was virtually unchanged. Nonresidential construction activity rose 3.0 percent in September, following a 1.1 percent increase a month earlier. All major components of building in this sector posted strong gains in September. THE DOMESTIC FINANCIAL ECONOMY September S&L Balance Sheet Growth of assets at FSLIC-insured institutions slowed somewhat in September, to 10 percent, from the 18 percent pace in the previous month. September's growth rate, however, is still noticeably above the slow pace of the first half of the year. brisk, rising $7.6 billion. Mortgage asset acquisition continued to be The September increase in mortgage assets reflected both additional holdings of mortgage loans and the largest one- New month increase in holdings of mortgage-backed securities since 1982. and outstanding mortgage commitments declined slightly in September, although both remain at relatively high levels. In contrast to the strength in mortgage asset acquisition, non-mortgage consumer lending slowed in September, and holdings of cash and investment securities fell $2.3 billion. Institutions apparently chose to draw down cash and securities rather than rely entirely on managed liabilitis to supplement weak total deposit growth. Other borrowings increased $937 million, and FHLB advances rose $700 million; both increases were markedly less than the gains recorded in August. New Issue of Farm Credit Securities The Farm Credit Banks priced $1,250 million of 6-month securities on Wednesday afternoon, October 30, at a spread of about 85 basis points over 6-month Treasury bills (coupon equivalent basis). sents a net paydown of about $450 million. This issue repre- Market participants were expecting a spread of about 100 basis points, but the issue benefitted from a news report that Treasury Secretary Baker and Agricultural Secretary Block reached an agreement on the form of financial assistance that should be made available to The Farm Credit System. On Thursday, the spread widened to about 100 basis points when a statement released by the administration gave no assistance that federal funds would be provided. The interest rate spread appears to have stabilized at about 100 basis points. CHANGES IN EMPLOYMENT 1 (Thousands of employees; based on seasonally adjusted data) 1983 1984 Q1 1985 Q2 Q3 Aug. 1985 Sept. Oct. -Average monthly changes- Nonfarm payroll employment 2 Strike adjusted 293 293 327 329 273 267 188 182 214 220 270 303 138 133 414 410 Manufacturing Durable Nondurable Construction Trade Finance and services Total government Private nonfarm production workers Manufacturing production workers 79 61 18 25 85 103 4 52 45 7 29 106 106 17 -26 -17 -9 28 91 150 20 -43 -30 -12 28 77 94 23 -42 -39 -3 28 49 120 56 11 10 1 28 79 174 2 -90 -75 -15 35 34 90 37 60 38 22 32 109 166 53 260 253 182 130 136 241 64 324 73 33 -33 -47 -31 8 -68 64 331 338 270 266 282 290 -250 -175 310 343 372 488 323 273 Total employment 3 Nonagricultural 391 445 1. Average change from final month of preceding period to final month of period indicated. Strike-adjusted data noted. 2. Survey of establishments. 3. Survey of households. SELECTED UNEMPLOYMENT RATES (Percent; based on seasonally adjusted data) 1983 Civilian, 16 years and older Teenagers 20-24 years old Men, 25 years and older Women, 25 years and older White Black Fulltime workers 1984 Q1 1985 Q2 9.6 22.4 14.5 7.8 7.2 7.5 18.9 11.4 5.7 6.0 7.3 18.5 11.1 5.4 6.0 7.3 18.3 11.3 5.4 6.1 7.2 18.2 11.0 5.3 6.0 7.0 17.3 10.7 5.2 5.9 7.1 17.8 11.0 5.3 6.0 7.1 20.1 10.9 5.3 5.6 8.4 19.5 6.5 15.9 6.3 15.5 6.3 15.0 6.2 14.8 6.2 14.0 6.1 15.3 6.1 15.0 9.5 7.2 7.0 6.8 6.8 6.7 6.8 6.7 9.5 7.4 7.2 7.2 7.0 6.9 7.0 7.0 Q3 Aug. 1985 Sept. Oct. Memo: Total national1 1. Includes resident Armed Forces as employed. HOURLY EARNINGS INDEX 1 (Percentage change; based on seasonally adjusted data) 2 1983 1984 Q1 1985 Q2 -Annual Total private nonfarm Manufacturing Durable Nondurable Contract construction 4.0 3.1 3.5 3.2 2.8 2.2 3.9 2.0 3.3 3.1 3.7 1.3 5.2 5.9 4.0 5.2 4.3 2.9 5.9 4.8 4.8 3.6 2.6 4.0 Q3 rate1.9 Aug. 1985 Sept. -Monthly Oct. rate- .2 .5 .1 3.5 1.9 3.4 2.3 3.8 1.4 -.1 -1.3 .1 .2 .1 .2 -. 1 -. 1 -. 1 .3 .2 .1 .3 .1 2.7 2.9 2.0 .1 .5 .1 5.4 1.8 2.1 2.5 2.1 5.7 2.7 1.2 3.7 .4 -.1 .4 1.4 .9 1.0 -. 1 .0 .0 Transportation and public utilities Finance, Insurance, and Real Estate Total trade Services 1. Excludes the effect of interindustry shifts in employment and fluctua tions in overtime hours in manufacturing. 2. Changes over periods longer than one quarter are measured from final quarter of preceding period to final quarter of period indicated. Quarterly changes are compounded annual rates. NEW CONSTRUCTION PUT IN PLACE Billions of dollars, seasonally adjusted annual rates 1985 QII QIIIp July r Aug. r Sept.p Percent change from prior month 1985 Aug. r Sept.p Current dollars Total 341.9 Private Residential1 346.4 344.8 343.9 350.4 279.1 282.2 280.3 279.8 286.4 -. 2 145.3 148.8 84.0 30.1 149.2 83.6 29.5 147.3 84.2 29.6 149.9 84.1 31.3 -1.3 .8 .2 133.4 15.6 31.8 28.5 131.1 15.4 31.6 26.5 132.5 15.2 31.0 28.9 136.5 16.1 -1.5 32.8 30.2 -2.1 9.3 64.5 51.8 12.8 64.1 52.0 12.0 64.0 51.7 12.3 -. 7 Single family Multifamily 83.6 Nonresidential1 Industrial 133.8 16.3 Office Commercial 28.7 31.9 28.0 State & local 62.8 50.5 Federal 12.3 64.2 51.8 12.4 203.2 205.7 204.4 204.5 208.4 165.4 167.2 165.7 166.0 169.8 37.7 38.6 38.7 38.5 38.5 Public 1977 dollars Total Private Public 1. Contains components not shown separately. r-revised. p--preliminary. 1.1 .5 -5.6 2.4 3.0 5.7 6.0 4.2 MORTGAGE ACTIVITY AT ALL FSLIC-INSURED INSTITUTIONS (Millions of dollars, seasonally adjusted) Mortgage Commitments New Outstanding Net Change in Mortgage Assets1 Mortgage Mortgage-backed Total Loans Securities (1) (2) 1982-High Low 9,453 4,344 29,472 22,111 2,678 -900 349 -4,804 5,554 1,800 1983-High Low 17,254 10,466 60,186 32,493 8,832 2,870 6,741 498 3,492 -39 19 8 4 18,249 18,747 18,240 18,340 20,079 18,771 18,127 16,595 15,915 16,901 16,923 17,487 63,242 64,642 67,021 67,585 70,086 71,206 72,316 71,426 70,559 69,193 69,575 69,779 6,815 6,690 10,535 10,329 10,913 10,934 8,808 9,030 6,412 5,467 4,549 3,396 5,495 6,509 6,555 7,799 8,425 8,286 8,179 6,551 5,914 5,170 5,933 2,765 1,320 181 3,980 2,531 2,489 2,648 630 2,479 498 297 -1,384 631 16,851 16,072 15,961 16,519 16,830 16,258 17,966 21,455 21,278 69,100 68,494 67,744 66,105 65,520 66,124 66,237 65,966 65,906 3,463 3,171 5,085 4,099 1,716 -2,221 2,152 7,977 7,642 4,349 2,522 5,021 4,907 2,943 2,733 4,923 4,732 3,552 -886 649 65 -808 -1,227 -4,954 -2,771 3,244 4,089 -Jan. Feb. Mar, Apr. May June July Aug. Sept. Oct. Nov. Dec. 1985-Jan. Feb. Mar. Apr. May June July r Aug. r Sept.p (3) (4) (5) 1. Net changes are adjusted to account for structural changes caused by mergers, acquisitions, liquidations, terminations, or de novo institutions. 2. Includes loans in process; entire series revised due to new seasonal adjustment procedures. p--preliminary. r--revised. Note: Data in colums (4) and (5) are based on revised reporting procedures beginning in August 1985 and are not strictly comparable with earlier periods. MONETARY AGGREGATES (Based on seasonally adjusted data unless otherwise noted)1 November 1, 1985 1983:Q4 to 1984:Q4 1. 2. 3. M1 M2 M3 Q2 Q3 1985 Aug. Percentage change at annual rate 5.2 7.7 10.4 10.2 5.3 5.2 15.0 10.2 7.8 20.3 11.1 9.1 Oct. Sept. 11.5 7.1 9.8 Growth from Q4 1984 to Oct. 1985Pe -1 2 6 11-1/2 (11-3/*)2 8-3/4 7-3/4 - Levels in billions a of dollars Sept. 1985 Se. Selected components 4. Currency 5. Demand deposits 6. Other checkable deposits 7. M2 minus M1 3 8. 9. 7.2 6.7 9.1 12.3 5.7 8 167.9 1.1 8.6 11.9 14.3 12.7 -13 266.8 10.5 16.1 25.9 38.1 16.4 10 171.1 8.6 3.8 8.7 8.2 5.7 3 1916.7 7.3 -28.7 19.3 69.1 9.1 5 66.6 17.0 8.1 -0.7 9.3 3.9 7.8 6.1 2.0 -2.0 3.8 2 4 176.4 828.6 5.2 11.1 7.3 11.8 6.5 6.5 19.2 -4.4 3.9 16.0 -13.3 1.0 10.6 -4.1 -0.6 11 -3 3 445.8 382.8 84.2 15. Overnight RPs and Eurodollars, NSA General purpose and broker/dealer money market mutual fund shares, NSA Commercial banks Savings deposits, SA, plus MMDAs, NSA4 Small time deposits Thrift institutions Savings deposits, SA, plusMMDAs,NSA4 Small time deposits -3.6 15.5 10.4 4.0 16. -4. 22.3 -13.7 6.5 -5.6 13 -4 352.1 492.1 16. M3 minus M25 22.1 4.8 -1.6 0.8 20.8 10 634.8 26.0 16.0 48.8 6.4 8.3 2.6 -3.3 -3.4 -2.8 3.7 8.1 -3.9 19.7 22.4 14.8 14 19 5 428.1 272.5 155.6 33.6 45.6 -8.3 7.7 16.2 -12.1 1.3 -11.0 -17.5 -25.8 46.2 -7.8 -24.5 41.0 11.1 17 -14 -13 62.3 69.7 76.7 10. 11. 12. 13. 14. 17. 18. 19. 20. 21. 22. Large time deposits At commercial banks, net 6 At thrift institutions Institution-only money market mutual fund shares, NSA TermRPs, NSA Term Eurodollars, NSA - MEMORANDA: 23. Managed liabilities at commercial banks (24+25) 24. Large time deposits, gross 25. Nondeposit funds 26. Net due to related foreign institutions, NSA 27. Other Average monthly change in billions of dollars - 4.7 3.2 1.5 -2.4 -1.0 -1.4 2.3 1.1 1.2 6.1 1.8 4.3 8.5 3.2 3.3 1 4 -3 446.6 330.2 116.2 0.9 0.5 -1.3 -0.2 1.3 -0.1 7.2 -2.8 1.0 2.2 -1 -2 -30.2 146.3 28. U.S. government deposits at commercial banks 0.2 1.9 -0.7 -8.2 -1.6 -11 1. Quarterly growth a on computerd are rates quarterly average basis. Dollar amounts shown under memoranda for terly changes are calculated on an end-month-of-quarter basis. 2. Figure in parentheses Q2 from calculated 1985 base. 3. M2 Nontransactions seasonally adjusted as a whole. is 15.3 quar- adjusted, seasonally deposits, plus money market deposit accounts savings for are rates Growth 4. including MMDAs increased during September and October 1985 at rates of 3.9 percent and 7 percent respectively. At thrift institutions, savings deposits excluding MMDAs increased during September October and 1985 at rates of 6.1 percent and 16 percent respectively. 3. The non-M2component of M3 is seasonallyadjusted a as whole. 6. Net of large-denomination time deposits held by money markett mutual funds and thrift institutions. 7. Consists of borrowings from other than commercial banks in the form of federal funds purchased, securities sold under agreements to repurchase, and other liabilities for borrowed money (including borrowings from the Federal Reserve and unaffiltated foreign banks, loan RPs and other minor items). Dataare partially estimated. 8. Consists of Treasury demand deposits and note balances at commercial banks. pe-prelinary estimate 9 COMMERCIAL BANK CREDIT AND SHORT- AND INTERMEDIATE-TERM BUSINESS CREDIT (Percentage changes at annual rates, based on seasonally adjusted data) 1 1985 Q1 Q2 Q3 Aug. Sept. O Levels in bil. of dollars ct. t. Commercial Bank Credit 1. 2. Total loans and securities at banks 10.2 3. U.S. 4. 5. 3.0 1842.5 5.3 12.1 7.5 12.6 0.8 423.8 -0.4 8.9 -0.4 7.1 -10.1 270.2 16.4 18.0 22.3 22.7 20.7 153.6 11.7 Total loans 8.6 -3.1 Other securities 6.9 10.3 government securities 8.6 5.6 Securities 9.1 10.2 7.6 6.8 7.4 3.7 1418.7 6. Business loans 10.1 2.6 2.9 3.2 4.2 -3.0 486.2 7. Security loans 17.8 87.8 -19.0 -107.2 45.8 0.0 38.1 8. Real estate loans 10.9 12.0 11.0 11.7 8.9 13.5 412.9 9. Consumer loans 17.4 14.7 11.5 10.9 8.2 3.4 280.1 Short- and Intermediate-Ter 10. Business loans net of bankers acceptances 9.2 13. 16. Bankers acceptances: related4 *5 U.S. -49.0 4.1 2.6 1.4 33.8 8.0 2.0 6.6 -0.6 4.7 -12.2 -12.6 -7.0 -3.5 na.. 33.9 (Sept) 4.4 Sums of lines 12 & 13 -4.1 -5.5 Commercial paper issued by 3 nonfinancial firms 17.0 -6.0 Sua of lines 10 & 11 3.5 5.0 12. 2.8 6.8 Loans at foreign branches 3.7 -46.9 2 11. 15. Business Credit 6.8 1.2 6.3 -1.0 na.. 615.3 (Sept) 21.4 8.0 n.a. 7.5 n.a. n.a. 144.1 (Aug.) 7.5 7.0 n.a. 6.4 n.a. n.S. 759.9 (Aug.) -1.5 43.0 5.2 38.3 6.5 -45.9 -3.2 482.4 -12.4 19.2 -3.8 58.5 501.9 81.7 583.7 trade Line 14 plus bankers acceptances: U.S. trade related 17. Finance company loans to business 18. Total short- and intermediateterm business credit (sua of lines 16 & 17) 4 n.a.-not available. p-prelilinary 1. Average of Wednesdays for doestically chartered banks and average of current and preceding ends of months for foreign-related institutiloe. 2. Loans at foreign braeadw are loan made to U.8. firms by foreign branches of domestically chartered banks. 3. Average of Wednesdays. and preceding ends of month. 4. Based on average of crret 5. Consists of acceptances that finance 0.S. imports, U.S. exports and domestic shipment and storage of goods. 10 SELECTED FINANCIAL MARKET QUOTATIONS 1 (Percent) 1982/1983 Cyclical --1984 ---1985 June lows FOMC 1985 Oct. Oct. 31 Change from: 1984 FOMC highs Oct. low Hi2hs Y March highs Federal funds 2 8.46 11.63 8.58 7.38 7.91 8.08 -3.55 .17 Treasury bills 3 3-month 6-month 1-year 7.08 7.62 7.73 10.67 10.77 11.13 8.80 9.13 9.25 6.66 6.81 6.98 7.03 7.19 7.39 7.19 7.29 7.37 -3.48 -3.48 -3.76 .16 .10 -. 02 Commercial paper 1-month 3-month 8.00 7.97 11.42 11.35 8.94 9.12 6.95 7.01 7.80 7.78 7.72 7.70 -3.70 -3.65 -. 08 -. 08 8.08 8.12 8.20 11.52 11.79 12.30 8.89 9.29 9.92 7.09 7.18 7.30 7.84 7.87 7.97 7.73 7.75 7.76 -3.79 -4.04 -4.54 -. 11 -.12 -. 21 8.68 8.71 11.89 12.20 8.89 9.58 7.45 7.50 7.90 8.01 7.99 8.09 -3.90 -4.11 .09 .08 10.50 13.00 10.50 9.50 9.50 9.50 -3.50 - 10.30 10.58 7.12 7.47 7.06 8.41 7.00 8.16 - -. 06 -. 25 U.S. Treasury (constant maturity) 9.33 13.49 3-year 10.12 13.99 l0-year 10.27 13.94 30-year 11.22 12.02 11.97 8.73 9.83 10.23 9.25 10.29 10.55 9.06 10.01 10.28 -4.43 -3.98 -3.66 -.19 Municipal revenue (Bond Buyer index) 9.21 11.44 10.25 9.10 9.745 9.40 5 -2.04 -. 34 Corporate-A utility Recently offered 11.64 15.30 13.23 11.50 11.86e 11.55e -3.75 31 -. 12.55 n.a. 1983 14.68 12.31 13.29 11.14 12.05 9.83 12.176 9.496 Short-term rates Large negotiable CDs 1-aonth 3-month 3 6-month Eurodollar deposits 4 1-month 3-month Bank prime rate Treasury bill futures Dec. 1985 contract Mar. 1986 contract Intermediate- and long-term rates Home mortgage rates S&L fixed-rate S&L ARM. 1-vr. 1984 Highs Lows Highs Stock prices Dow-Jones Industrial 1287.20 1086.57 1369.29 113.49 NYSE Composite 99.63 85.13 AMEX Composite 237.49 249.03 187.16 93_*5 07_77 ASDAQ (OTC) 328.91 . 225 One-day quotes except as noted. 2. Averages for two-week reserve maintenance period closest to date shown. Last observation is the average for the maintenance period ending October 23, 1985. 3. Secondary market. 1985 FOMC Oct. -. 28 -. 27 -. 10 -2.61 12.07 -2.83 -. 01 9.48 Percent change from: FOMC 1984 Oct. lows Oct. 31 2.5 26.5 1340.95 1374.31 2.7 28.8 106.77 109.65 2.0 22.1 224.23 228.61 3.8 731 .77 Q2 5.2 29.8 29 -A 28;7 4. Averages for statement week closest to date shown. 5. One-day quotes for preceding Thursday. 6. One-day quotes for preceding Friday. e--estimated INTERNATIONAL DEVELOPMENTS U.S. merchandise trade U.S. merchandise trade data released on October 31 showed a deficit for September of record proportions, demonstrating again the volatility of monthly export and import statistics. For the third quarter as a whole, the published deficit was substantially smaller than the September rate and less than the deficit reported for the second quarter. However, these data must be interpreted with an extra amount of caution. Preliminary calculations of revisions anticipated in the monthly trade data suggest that the level of the deficit shown for July and August will be much larger than currently published figures imply. Revisions for September data will be available with the release of October trade figures on November 27. An estimate for the effect of the revisions is shown in column 5 of the table below. For July-August combined, the revised deficit is slightly larger than in the second quarter. A similar comparison is made for trade data on a balance-of-payments (BOP) and GNP basis (columns 6 and 7). Exports in the third quarter were somewhat less than in the second quarter; this appears to be true whether published data or revised data are used. The current value of exports is somewhat lower than the level recorded a year ago dispite a small increase in export prices and continued growth of economic activity abroad. An important factor in this weakness in exports is the continuing lagged effects of the dollar's sharp appreciation through early 1985. Developments in imports are very difficult to assess. Published data (see the table below) indicate that imports in the third quarter were less than in the second quarter. However, preliminary 12 revised data for July and August suggest that imports may be substantially stronger than originally published and therefore the third quarter may well have increased a bit from the revised second-quarter level. October 31, 1985 (In U.S. Merchandise Trade billions of dollars, seasonally adjusted annual rates) Census Basis 1/--CIF Value Exports Imports 2/ Balance 2/ Net Revision 37 (1) (2) (34 BOP and GNP Bases 4/ Balance Old Est. Rev. T6T -s-- Years: 233.7 212.2 200.5 217.9 273.4 254.9 269.9 341.2 -39.7 -42.7 -69.4 -123.3 200.9 194.8 201.3 205.6 244.6 260.3 280.3 294.7 -43.6 -65.5 -79.0 -89.2 1984 - 212.0 212.8 221.9 223.8 332.6 332.5 363.6 335.4 -120.6 -119.7 -141.7 -111.6 +4.8 -12.8 +13.4 -22.8 1985 - 1 2 3 222.8 210.5 210.3 353.9 362.2 354.1 -131.1 -151.7 -143.8 July Aug. Sept. 229.8 217.5 218.5 395.1 338.6 357.0 -165.3 Oct. Nov. Dec. 220.9 220.7 229.7 Jan. Feb. Mar. 1981 1982 1983 n.a. n.a. n.a. -127.6 -28.0 -36.5 -61.1 -108.3 n.a. n.a. n.a. -112.4 n.a. na.S. n.a. n.a. -38.5 -59.0 -68.9 -81.6 n.a. n.a. n.a. -115.8 -132.5 -128.3 -134.4 -102.3 -102.6 -103.0 -98.2 -97.9 -114.6 -117.2 -119.7 +7.6 +11.2 -23.7* -123.3 -140.5 -146.2* -118.1 -132.0 -110.0* -111.1 -121.3 -132.4* -138.5 +29.0 -5.4 +16.7 -136.3 -126.5 -121.8 -165.9 -102.4 -121.7 -138.8 -106.9 -106.0 336.8 343.4 326.1 -115.9 -122.7 -96.4 -35.4 -16.0 -16.9 -151.3 -138.7 -113.3 -104.0 -111.0 -79.7 -137.6 -125.9 -95.6 232.8 214.2 221.4 356.2 351.6 353.9 -123.4 -137.4 -132.5 +8.7 +18.3 -4.3 -114.7 -119.1 -136.8 -131.8 -98.3 -124.7 -124.3 -80.4 -129.2 Apr. May June 213.3 209.0 209.3 355.5 361.0 370.2 -142.2 -152.0 -161.0 -2.1 -1.5 +37.0 -144.3 -153.5 -124.0 -120.3 -132.7 -143.1 -122.3 -133.8 -107.9 July 208.9 209.1 212.8 335.0 327.9 399.4 -126.1 -118.8 -186.6 -24.0 -23.5 -150.1 -142.3 -115.5 -104.0 -138.3 -126.4 n.a. 1984 n.a. U. a. n.a. -4.3 Quarters: 1983 - 1 2 3 4 4 1985 Aug. Sept. 1/ / 3/ 4/ */ -121.1 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Published monthly by the Census Bureau. CIF value includes insurance and freight charges for imports only. This is the estimated net value of the carry-over of documents received too late for inclusion in the appropriate month. These data are not seasonally adjusted. Data as defined and used in the Balance of Payents Account and in the GNP Account - does not include insurance and freight charges for imports. In addition, different seasonal factors are used than in Census basis data. Average of July and August .
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