Economic Indicators: April 1986 - FRASER · APRIL 1986 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON

99th Congress, 2d Session

Economic Indicators

APRIL 1986

Prepared for the Joint Economic Committee by the

Council of Economic Advisers

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1986

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOINT ECONOMIC COMMITTEE(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)

DAVID R. OBEY, Wisconsin, ChairmanJAMES ABDNOR, South Dakota, Vice Chairman

HOUSE OF REPRESENTATIVESLEE H. HAMILTON (Indiana)PARREN J. MITCHELL (Maryland)AUGUSTUS F. HAWKINS (California)JAMES H. SCHEUER (New York)FORTNEY H. (PETE) STARK (California)CHALMERS P. WYLIE (Ohio)DAN LUNGREN (California)OLYMPIA J. SNOWE (Maine)BOBBI FIEDLER (California)

SENATEWILLIAM V. ROTH, JR. (Delaware)STEVEN D. SYMMS (Idaho)MACK MATTINGLY (Georgia)ALFONSE M. D'AMATO (New York)PETE WILSON (California)LLOYD BENTSEN (Texas)WILLIAM PROXMIRE (Wisconsin)EDWARD M. KENNEDY (Massachusetts)PAUL S. SARBANES (Maryland)

SCOTT LILLY, Executive Director

ROBERT J. TOSTERUD, Deputy Director

COUNCIL OF ECONOMIC ADVISERS

BERYL W. SPRINKEL, ChairmanTHOMAS G. MOORE, Member

[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—IST SESSION]

JOINT RESOLUTION [S.J. 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 theJoint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and thata sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeantat Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; twocopies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to theJoint Economic Committee; and the required numbers of copies to the Superintendent of Documents fordistribution to depository libraries; and that the Superintendent of Documents be authorized to have copiesprinted 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 foreignmailing) from:

SUPERINTENDENT OF DOCUMENTSGOVERNMENT PRINTING OFFICE

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TOTAL OUTPUT, INCOME, AND SPENDINGGROSS NATIONAL PRODUCTAccording to preliminary estimtes for the first quarter, current-dollar gross national product (GNP) rose 5.8 percent(annual rate) or $57.4 billion. Real GNP (GNP adjusted for price changes) rose 3.2 percent and the implicit pricedeflator rose 2.5 percent.

BILLIONS OF DOLLARS (RATIO SCALE)4,400

4,000

3,600

3,200

2,800

2,400

2,000

1,600

SEASONALLY ADJUSTED ANNUAL RATES

BILLIONS OF DOLLARS (RATIO SCALE)4,400

GNPIN CURRENT DOLLARS

\

I I I

1978

I I

1979

1 I1980 1981

I I I

1982

GNPIN 1982 DOLLARS

I I I

1983 1984

I I I

1985

4,000

3,600

3,200

2,800

2,400

2,000

1,6001986

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

19781979198019811982198319841985

1982: mrv

1983: InniIV

1984: Innirv

1985: Ininrv

1986: I *

Grossnationalproduct

2,249.72,508.22,732.03,052.63,166.03,401.63,774.73,988.5

3,179.43,212.5

3,268.73,365.13,437.53,535.0

3,676.53,757.53,812.23,852.5

3,917.53,960.64,016.94,059.3

4,116.7

Personalcon-

sumptionexpendi-

tures

1,403.51,566.81,732.61,915.12,050.72,229.32,423.02,582.3

2,065.62,117.0

2,146.02,210.12,254.92,306.3

2,358.62,414.42,439.02,480.1

2,525.02,563.32,606.12,634.8

2,670.6

Grossprivate

domesticinvest-ment

416.8454.8437.0515.5447.3501.9674.0669.3

452.2409.6

425.0483.7521.2577.6

658.8673.3687.9676.2

657.6672.8666.1680.7

708.0

Exports it

Netexports

4.118.832.133.926.3

-5.3-59.2-78.5

14.514.1

28.4-2.6

-19.7-27 .4

-37.465.3

-61.972.2

-42.3-70.3-87.8

-113.4

-95.1

uid importsmd services

Exports

227.5291.2351.0382.8361.9354.1384.6369.9

359.9335.9

344.6345.0358.0368.8

375.4382.3391.4389.5

379.6369.2363.2367.8

378.4

of goods

Imports

223.4272.5318.9348.9335.6359.4443.8448.4

345.4321.9

316.2347.5377.6396.2

412.8447.6453.3461.7

421.9439.5451.0481.2

473.6

Total

425.2467.8530.3588.1641.7675.7736.8815.4

647.1671.8

669.3673.8681.1678.6

696.5735.1747.3768.4

777.2794.8832.5857.2

833.1

Governgooc

161.8178.0208.1242.2272.7284.8312.9355.4

275.3293.2

287.1287.0286.0279.2

285.6314.8318.5332.9

334.4337.8364.8384.7

354.3

ment purchIs and sen

Federal

Nationaldefense

108.9121.9142.7167.5193.8215.7237.0261.9

197.3205.4

209.4214.5215.8222.9

228.3235.8236.2247.5

249.5256.0269.9272.1

266.6

ases ofices

Non-defense

52.956.165.474.878.969.276.093.6

78.087.7

77.872.570.256.2

57.379.082.285.4

84.981.795.0

112.6

87.7

~

and

263.4289.9322.2345.9369.0390.9423.9460.0

371.8378.7

382.2386.9395.1399.4

410.9420.3428.8435.5

442.8457.1467.7472.5

478.8

2,221.02,495.22,740.33,028.63,190.53,408.03,707.63,981.1

3,188.43,272.4

3,311.43,370.63,440.33,509.5

3,584.43,688.73,743.93,813.5

3,899.03,945.04,016.74,063.6

4,086.9

Source: Department of Commerce, Bureau of Economic Analysis.


GROSS NATIONAL PRODUCT IN 1982 DOLLARS[Billions of 1982 dollars; quarterly data at seasonally adjusted annual rates]

Period

19781979198019811982198319841985

1982: HIIV

1983: Inmrv

1984: Inmrv

1985: Inmrv

1986: I"

Grossnationalproduct

3,115.23,192.43,187.13,248.83,166.03,277.73,492.03,570.0

3,154.53,159.3

3,190.63,259.33,303.43,357.2

3,449.43,492.63,510.43,515.6

3,547.83,557.43,584.13,590.8

3,619.2

Personalconsump-

tionexpendi-

tures

1,961.02,004.42,000.42,024.22,050.72,145.92,239.92,313.0

2,051.82,078.7

2,096.42,137.22,161.82,188.1

2,210.92,243.02,243.42,262.0

2,288.62,303.52,329.62,330.4

2,354.8

Gdome

Nonresi-dentialfixed

362.1389.4379.2395.2366.7360.1430.3472.0

358.0352.3

337.5346.9363.4392.9

398.8426.8437.6457.8

457.2470.9473.7486.5

469.1

ross privatstic invest

Residen-tial

fixed

178.0170.8137.0126.5105.1148.7168.3171.2

100.1115.8

127.2145.8161.6160.4

166.6170.0170.8166.0

166.7169.6173.1175.5

179.6

enent

Changein

businessinvento-

36.815.0

-6.923.9

-24.5-5.562.75.7

-9.4-59.3

42.2-3.7

1.422.6

83.666.064.936.1

15.815.1

-1.86.3

26.0

Ex]a

Netexports

-26.83.6

57.049.426.3

-19.485.0

-108.4

11.711.7

22.5-15.0-36.2-48.9

-60.6-90.4-88.7

-100.2

-71.8-101.1-119.8

. -140.8

-126.0

>orts of gond service

Exports

312.6356.8388.9392.7361.9349.4370.9359.9

359.5336.0

342.8342.4353.1359.1

362.7366.6376.9377.3

368.7358.2353.5359.2

369.4

ods$

Imports

339.4353.2332.0343.4335.6368.8455.9468.3

347.8324.3

320.3357.4389.3408.0

423.3457.0465.6477.5

440.5459.3473.3500.0

495.4

Total

604.1609.1620.5629.7641.7647.8675.9716.4

642.5660.1

649.1648.2651.5642.2

650.1677.1682.4693.9

691.4699.4729.2745.5

715.6

Govermgooc

Total

233.7236.2246.9259.6272.7275.5292.5322.6

273.8289.5

279.2277.6277.4267.9

271.4294.8296.7307.3

304.3305.9331.1349.0

316.7

[nent purcbs and sen

Federal

National

160.7164.3171.2180.3193.8207.3220.3235.7

197.0201.4

203.8206.9206.5211.8

214.1219.6219.6227.9

226.7231.5243.3241.3

237.0

ases ofaces

Non-defense

73.071.975.779.378.968.372.386.9

76.988.2

75.470.670.956.1

57.375.277.179.5

77.674.387.9

107.7

79.7

Stateandlocal

370.4373.0373.6370.1369.0372.2383.3393.8

368.6370.6

369.9370.6374.1374.3

378.6382.4385.7386.6

387.1393.6398.1396.5

398.9

Finalsales

3,078.43,177.43,194.03,225.03,190.53,283.13,429.33,564.3

3,164.03,218.6

3,232.83,263.03,302.13,334.6

3,365.73,426.63,445.53,479.5

3,532.03,542.33,585.83,597.1

3,593.2


IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT[1982 — 100; quarterly data are seasonally adjusted]

Period

19781979198019811982198319841985

1982: IIIIV

1983: Inmrv

1984: InmIV

1985: Inmrv

1986: I"

nationalproduct

72.278.685.794.0

100.0103.8108.1111.7

100.8101.7

102.4103.2104.1105.3

106.6107.6108.6109.6

110.4111.3112.1113.0

113.7

Total

71.678.286.694.6

100.0103.9108.2111.6

100.7101.8

102.4103.4104.3105.4

106.7107.6108.7109.6

110.3111.3111.9113.1

113.4

Personal cexpen

Durablegoods

76.982.189.295.7

100.0102.1103.9104.7

100.4100.7

101.3101.6102.4103.1

103.4103.9104.1104.2

104.9104.8104.6104.4

104.9

onsumptionditures

Nondura-ble goods

71.980.089.496.9

100.0102.0105.4107.7

100.5101.0

100.7101.9102.4103.1

104.5104.8105.5106.6

106.7107.5107.6109.1

108.3

Services

69.875.683.992.6

100.0105.7111.5116.8

100.9102.7

103.9105.0106.2107.8

109.2110.8112.5113.5

114.7116.1117.4118.7

119.9

Gross jdomestic ii

Nonresi-dential

71.577.885.193.4

100.098.999.4

100.9

100.8100.7

100.198.998.398.4

98.899.299.6

100.1

100.5100.7101.0101.2

102.2

rivateivestment

Residen-tial fixed

72.681.489.496.6

100.0102.2106.4108.4

100.499.1

102.0100.3103.2103.1

103.6106.5107.6107.9

107.7107.9108.2109.7

110.6

Exports angoods am

Exports

72.881.690.297.5

100.0101.4103.7102.8

100.1100.0

100.5100.8101.4102.7

103.5104.3103.8103.2

102.9103.1102.7102.4

102.4

. imports of1 services

Imports

65.877.196.0

101.6100.097.597.495.8

99.399.3

98.797.297.097.1

97.598.097.396.7

95.895.795.396.2

95.6

Gove

Total

69.275.484.393.3

100.0103.4107.0110.2

100.5101.3

102.8103.4103.1104.2

105.2106.8107.3108.3

109.9110.4110.2110.2

111.9

•nment puresen

Federal

Nationaldefense

67.874.283.492.9

100.0104.0107.6111.1

100.2102.0

102.7103.7104.5105.3

106.6107.4107.6108.6

110.1110.6110.9112.8

112.5

lases of goonces

Non-defense

72.478.086.494.3

100.0101.3105.1107.7

101.599.5

103.1102.699.0

100.1

99.9105.0106.7107.5

109.4110.0108.1104.5

110.0

ds and

Stateand local

71.177.786.293.4

100.0105.0110.6116.8

100.9102.2

103.3104.4105.6106.7

108.5109.9111.2112.7

114.4116.1117.5119.2

120.0



CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, ANDRELATED PRICE MEASURES

[Percent change from previous period; quarterly data at seasonally adjusted annual rates]

Period

19791980198119821983198419851982: III

IV1983: I

nmIV

1984: Inmrv

1985: InmIV

1986: I"

Currentdollars

11.58.9

11.73.77.4

11.05.72.54.27.2

12.38.9

11.817.09.16.04.36.94.55.84.35.8

Ore

Constant(1982)dollars

2.52

1.9-2.5

3.56.52.2

-3.2.6

4.08.95.56.7

11.45.12.1.6

3.71.13.0

.73.2

ss national pro

Implicitprice

deflator

8.99.09.76.43.84.13.35.83.62.83.23.54.75.03.83.83.73.03.32.93.32.5

duct

Chain priceindex

C8.7C9.0C9.4C6.3H.O"4.33.5

C5.6C4.1C3.3C3.5C4.0C4.1C5.2C4.43.8

C3.43.5

C3.5C2.6C3.72.0

Fixed-weighted

price index(1982

W3ights)

8.59.39.36.24.04.33.65.54.03.23.84.04.35.14.33.73.53.53.62.73.92.2

Currentdollars

11.610.610.S7.18.78.76.68.5

10.35.6

12.58.49.49.49.84.16.97.46.26.84.55.5

Personal

Constant(1982)dollars

2.2.2

1.21.34.64.43.32.15.33.48.04.75.04.25.9

.13.44.82.64.6.1

4.3

consumption ej

Implicitprice

deflator

9.210.79.25.73.94.13.16.24.4

2.44.03.54.35.03.44,23.42.63.72.24.41.1

penditures

Chain priceindex

9.210.99.25.74.0

C4.33.46.34.82.24.23.74.45.13.7

C4.03.62.73.72.4

C4.61.5

Fixed-weighted

price index(1982

weights)

8.810.59.05.64.04.33.46.34.82.34.23.84.45.23.84.23.62.73.82.64.61.5

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, ANDPROFITS

[Quarterly data at seasonally adjusted annual rates]

Period

197819791980198119821983984985 '.

982: HIIV

383: Inmrv

984: IIIIllIV

1985: InmTVr

Gross cprodu

nonfincorporate(billions o

Currentdollars

1,274.11,417.41,540.81,738.41,782.21,915.92,153.12,280.4

1,789.01,779.4

1,820.01,884.91,946.52,012.2

2,088.02,147.02,172.52,205.2

2,237.02,265.82,301.62,317.1

omesticct ofancialbusiness

f dollars)

1982dollars

1,789.81,840.41,807.91,837.21,782.21,866.92,039.32,095.8

1,777.81,760.2

1,793.11,842.51,891.21,940.8

2,005.02,043.02,048.22,061.0

2,077.32,087.22,106.92,111.7

Totalcostand

profit 2

0.712.770.852.946

1.0001.0261.0561.088

1.0061.011

1.0151.0231.0291.037

1.0411.0511.0611.070

1.0771.0861.0921.097

Curren

Capitalconsump-

tionallow-anceswith

capitalconsump-

adjust-ment

0.073.082.095.109.125.124.119.121

.127

.131

.128

.125

.124

.121

.119

.118

.119

.120

.120

.121

.121

.123

i-dollar cos

Indirectbusinesstaxes 3

0.064.066.077.090.094.098.099.102

.094

.096

.096

.099

.099

.098

.098

.099

.100

.100

.100

.103

.102

.102

and profit

Compen-sation ofemploy-

ees

0.473.523.581.632.676.679.687.710

.679

.685

.682

.678

.676

.680

.679

.682

.691

.697

.703

.709

.709

.719

per unit o

Netinterest

0.020.024.031.037.043.039.042.041

.041

.042

.040

.039

.039

.039

.039

.041

.043

.044

.043

.042

.040

.039

' output (do

Corptinventory

consult

Total

0.082.076.068.078.063.086.108.114

.065

.057

.070

.082

.092

.099

.106

.111

.107

.109

.111

.111

.120

.114

liars) '

rate profitsvaluation aiption adjus

Profitstax

0.037.038.037.035.026.031.035.029

.026

.023

.023

.030

.035

.034

.038

.038

.032

.032

.029

.028

.030

.029

withnd capitaltments

Profitsafter

0.044.038.031.044.037.055.073.085

.038

.034

.047

.053

.057

.065

.068

.073

.075

.077

.081

.083

.090

.085

Outputper hour

of allemploy-

ees(1982

dollars)

17.35817.22117.09617.19417.31817.94018.323

r 18.283

17.37517.402

17.69917.89918.04618.113

18.32118.41618.30818.260

18.26618.25518.38218.272

Compen-sation

per hourof all

employ-ees

(dollars)

8.2199.0029.939

10.86111.69912.17912.593

r 12.985

11.80411.928

12.06912.13812.19112.315

12.44812.55212.64512.733

12.83912.95013.04013.138

1 Output is measured by gross domestic product of nonfinancial corporate business in 1982 dol-lars.

2 This is equal to the deflator for gross domestic product of nonfinancial corporate business withthe decimal point shifted two places to the left.

3 Indirect business tax and nontax liability plus business transfer payments less subsidies.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

198019811982198319841985 '

1982: mIV

1983: InHIIV

1984: InmIV

1985: Ininrv r

1986: I"

Nationalincome

2,203.52,443.52,518.42,718.33,039.33,211.3

2,528.42,548.2

2,603.62,678.92,747.42,843.5

2,967.73,021.13,064.23,104.4

3,155.33,192.23,228.03,269.9

Compen-sation ofemploy-

1,638.21,807.41,907.02,025.92,221.32,372.5

1,918.41,931.11,962.42,001.52,041.82,097.6

2,160.92,204.82,241.22,278.5

2,320.42,356.92,385.22,427.5

2,462.4

Proprietorwith in

valuation tconsuradjust

Farm

20.530.724.614.332.121.2

22.928.5

18.711.86.6

20.0

44.429.427.826.6

26.522.812.223.3

16.0

s' incomeventoryind capitalnptionments

Nonfarm

160.1156.1150.9178.0201.6221.0

151.7159.8

167.2175.5182.3187.1

195.9199.7204.5206.3

212.9218.1225.3227.6

236.4

Rentalincome ofpersons

withcapital

tionadjust-ment

6.613.313.612.810.813.8

12.015.8

13.314.811.911.0

11.611.910.09.7

11.013.814.515.9

17.8

Corpora

177.2188.0150.0213.8273.3295.5

154.3146.1

173.4205.9228.4247.6

268.0277.8271.2276.2

281.7288.1309.1303.1

e profits witconsun

Profits wiadjustmer

consu

194.0202.3159.2195.0232.3224.6

161.6150.7

163.7190.5207.3218.7

234.4241.8226.5226.3

220.6220.9233.2223.7

i inventorynption adjust

th inventoryt and witho

oiption adjus

Profitsbefore tax

237.1226.5169.6205.0237.6225.3

171.6164.1

167.1199.8225.4227.6

247.4247.4227.7228.0

220.0218.7228.6233.8

valuation ancments

valuationit capitaltment

Inventoryvaluationadjust-ment

-43.1-24.2-10.4-10.0

-5.4-.6

-10.0-13.4

-3.4-9.3

-18.1-8.9

-13.0-5.6-1.3-1.6

.72.24.7

-10.1

14.2

capital

Capitalconsump-

tion

men

-16.8-14.4-9.218.841.070.9

-7.3-4.5

9.715.521.028.9

33.536.044.849.8

61.167.275.979.4

81.7

Netinterest

200.9248.1272.3273.6300.2287.4

269.1266.9

268.5269.4276.4280.3

286.9297.6309.5307.0

302.9292.4281.8272.6

268.9

1 Includes employer contributions for social insurance. (See also p. 5.) Source: Department of Commerce, Bureau of Economic Analysis.

PERSONAL CONSUMPTION EXPENDITURES[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]

Period

198019811982198319841985

1982: IIIIV

1983: InIllIV

1984: InIllIV

1985: IIIIllIV

1986: I p

rp i 1

personal

sumptionexpendi-

1,732.61,915.12,050.72,229.32,423.02,582.3

2,065.62,117.0

2,146.02,210.12,254.92,306.3

2,358.62,414.42,439.02,480.1

2,525.02,563.32,606.12,634.8

2,670.6

Totaldurablegoods

219.3239.9252.7289.6331.1361.5

252.8263.8

268.5285.3295.3309.4

321.6330.2331.1341.5

351.5356.5376.0362.0

362.4

Durable

Motor

clesand

parts

90.3100.5108.9130.6153.8168.4

108.3115.7

115.9129.2134.0143.1

150.1154.1153.6157.4

163.1165.4183.0162.2

162.8

goods

Furni-tureand

house-hold

equip-ment

86.292.795.7

107.4119.4129.0

96.499.1

102.1105.4109.0113.0

116.1118.8119.3123.5

125.7127.6128.6134.1

134.2

Other

42.846.648.151.757.964.1

48.149.0

50.450.752.253.3

55.457.358.260.6

62.763.464.465.7

65.4

non-durable

681.4740.6771.0817.0872.4912.2

776.7786.6

792.4811.7826.5837.2

856.6873.2876.6883.1

895.7910.2914.5928.3

939.2

Non

Food

349.1376.5398.8422.0451.7474.0

402.7407.0

413.1419.0426.0430.0

440.0449.9457.1459.6

465.5472.1475.9482.5

491.5

durable gc

Cloth-ing and

shoes

109.0119.9124.4135.2147.4156.0

125.0126.5

129.4135.0135.5140.9

144.4149.1146.4

149.7

152.8156.3155.7159.4

161.3

ods

Gaso-line

and oil

83.792.789.190.190.791.8

88.689.8

86.589.492.592.1

92.091.989.189.8

89.392.992.293.0

89.2

Other

139.5151.6158.7169.6182.6190.3

160.4163.4

163.3168.3172.6174.1

180.2182.3184.0184.1

188.2188.9190.7193.4

197.1

831.9934.7

1,027.01,122.71,219.61,308.6

1,036.11,066.5

1,085.21,113.01,133.11,159.6

1,180.41,211.11,231.31,255.4

1,277.81,296.61,315.61,344.6

1,369.1

Ketailnew pacars (mi

un

Do-mestics

6.66.25.86.88.08.2

5.66.0

6.06.96.97.4

8.18.27.97.6

8.58.29.47.0

7.9

ales ofssengerlions ofts)

Im-ports

2.42.32.22.42.42.8

2.22.5

2.32.32.32.6

2.32.42.42.7

2.42.73.03.3

2.8



SOURCES OF PERSONAL INCOMEPersonal income rose $5.9. billion (annual rate) in March, following a rise of $14.1 billion in February. Theslowdown in March was due to subsidy payments to farmers, which declined in March following an increase inFebruary. Excluding these subsidy payments, personal income rose $11.8 billion in March and $7.8 billion inFebruary.

BILLIONS OF DOLLARS*(RATIO SCALE)3,8003,200

1,600

800

400

200

BILLIONS OF DOLLARS*(RATIO SCALE)3,800

3,200

1978 1979 1980

WAGE AND SALARY DISBURSEMENTS

— ,..„..**».••— •

OTHER INCOME

1981

'f \TRANSFERPAYMENTS

I l l l l i l l l l l

1982 1983 1984

" SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE

1985

1,600

800

400

2001986


[Billions of dollars; monthly data at seasonally adjusted annual rates]

Period

19781979198019811982198319841985

1985: MarAprMayJuneJulyAugSeptOctNovDec

1986: Jan r.Feb '.Mar"

Totalpersonalincome

1,812.42,033.92,258.42,520.92,670.82,836.43,111.93,293.5

3,258.23,288.63,271.23,280.53,290.03,295.53,309.93,330.83,347.93,384.3

3,386.53,400.63,406.5

age and

disburse-ments

1,119.31,252.11,372.01,510.31,586.11,675.81,834.91,960.5

1,930.91,940.51.946.81,958.51,959.81,969.31,981.21,991.52,003.62,022.2

2,027.02,033.92,043.5

„

income l z

107.7122.7138.4150.3163.6179.5193.4206.4

202.2203.5204.8206.1207.3208.5209.5210.5211.5212.4

213.3214.3215.3

Proprietors

Farm

27.031.720.530.724.614.332.121.2

23.840.414.413.812.211.612.917.521.031.4

16.219.612.1

income 3

Nonfarm

149.2160.1160.1156.1150.9178.0201.6221.0

215.2216.9218.6218.8222.1224.8228.9227.2226.9228.7

233.9236.4238.9

Rentalincome ofpersons 4

9.35.66.6

13.313.612.810.813.8

11.712.813.914.915.516.211.716.013.917.8

17.817.817.9

Personaldividendincome

43.048.152.961.363.968.074.678.9

78.378.678.778.878.979.179.279.479.980.1

80.982.383.1

Personalinterestincome

182.5221.4271.9335.4369.7385.7442.2456.3

463.8462.7461.0457.9453.3449.8448.6450.1451.7452.4

452.5451.7450.7

Transferpay-

ments 5

244.0273.1324.7368.1410.6442.2454.7484.5

479.5480.9481.2480.9490.0486.0488.4489.8491.4492.5

501.8502.0502.9

Less:Personal

contributionsfor socialinsurance

69.881.088.6

104.5112.3119.8132.4149.1

147.2147.6148.1149.1149.1149.7150.4151.1151.9153.1

157.0157.4157.9

Nonfarmpersonalincome 6

1,769.31,983.12,215.82,465.62,618.72,795.33,053.33,246.1

3,208.23,221.93,230.53,240.53,251.93,258.13,271.23,287.53,301.03,326.9

3,344.13,354.83,368.2

1 The total of wage and salary disbursements and other labor income differs from compensation ofemployees (see p. 4) in that it excludes employer contributions for social insurance and the excess ofwage accruals over wage disbursements.

^ Consists of employer contributions to private pension, health, and welfare funds; workers' injurycompensation; directors' fees; and a few other minor items.

3 With inventory valuation and capital consumption adjustments.

4 With capital consumption adjustment.5 Consists mainly of social insurance benefits, direct relief, and veterans payments.6 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,

and agricultural net interest.



DISPOSITION OF PERSONAL INCOMEReal per capita disposable personal income rose again in the first quarter.

BILLIONS OF DOLLARS * (RATIO SCALE) BILLIONS OF DOLLARS * (RATIO SCALE)

4,000

6,000

4,000

1978 1986

* SEASONALLY ADJUSTED ANNUAL RATESSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

Period

19781979198019811982198319841985

1982: mIV

1983: InmIV

1984: InmIV

1985: InmIV

1986: I"

Personalincome

1,812.42,033.92,258.42,520.92,670.82,836.43,111.93,293.5

2,683.62,729.2

2,752.82,805.72,852.42,934.8

3,033.83,083.53,144.23,186.2

3,240.93,280.13,298.53,354.3

3,397.9

Less:Personaltax andnontax

B

261.1304.7340.5393.3409.3411.1441.8492.7

405.0411.1

407.4418.0404.4414.4

423.6433.6447.5462.4

501.7462.4498.2508.5

503.8

Equals:Disposable

personalincome

illions of dol

1,551.21,729.31,917.92,127.62,261.42,425.42,670.22,800.8

2,278.62,318.1

2,345.52,387.72,447.92,520.4

2,610.22,649.92,696.72,723.8

2,739.22,817.72,800.22,845.9

2,894.1

Less:Personaloutlays *

ars

1,441.11,611.31,781.11,968.12,107.52,292.22,497.72,671.8

Seas

2,122.62,174.9

2,205.22,271.32,319.02,373.3

2,428.72,487.42,515.22,559.4

2,608.42,650.62,697.62,730.6

2,769.6

Equals:Personal

saving

110.2118.0136.8159.4153.9133.2172.5129.0

jnally adju

156.0143.1

140.3116.4129.0147.1

181.6162.6181.5164.5

130.9167.2102.6115.2

124.4

Peredisposable

inc(

Currentdollars

6,9687,6828,4219,2439,724

10,32811,26311,703

sted annual

9,7869,929

10,02410,18210,41210,693

11,05011,19311,36211,447

11,48711,79011,68711,847

12,023

apitapersonal

me

1982dollars

Do

9,7359,8299,7229,7699,7259,942

10,41210,483

rates

9,7209,749

9,7939,8469,982

10,145

10,35810,39910,45110,441

10,41110,59510,44710,479

10,601

Per capiticonsulexpen

Currentdollars

lars

6,3046,9607,6078,3208,8189,493

10,22110,790

8,8719,068

9,1729,4249,5919,785

9,98510,19810,27610,423

10,58810,72610,87710,969

11,095

i personalnptioniitures

1982dollars

8,8088,9048,7838,7948,8189,1389,4489,665

8,8128,904

8,9609,1149,1959,283

9,3599,4749,4529,506

9,5979,6399,7239,702

9,783

change inreal percapita

disposable

income

Per

3.81.0

-1.1.5

-.52.24.7

.7

-0.71.2

1.82.25.66.7

8.71.62.0

-.4

-1.17.3

-5.51.2

4.7

Saving aspercent ofdisposablepersonal

cent

7.16.87.17.56.85.56.54.6

6.86.2

6.04.95.35.8

7.06.16.76.0

4.85.93.74.0

4.3

Popula-tion,

includingArmedForcesabroad(thou-

sands) z

222,629225,106227,754230,182232,549234,829237,067239,317

232,851233,466

233,981234,509235,117235,707

236,222236,742237,349237,953

238,469238,985239,605240,207

240,701

1 Includes personal consumption expenditures, interest paid by consumers to businessai transfer payments to foreigners (net).

and person- 2 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 INCOMEIn the fourth quarter of 1985, according to preliminary estimates, gross farm income rose $27.8 billion (annualrate) and net farm income rose $30.0 billion.

BILLIC

240

9 (VI

160

80

60

40

)NS OF DOLLA

x^

/"*/

v---/

1 1 I1977

* SEASONALLY ADJUSSOURCE: DEPARTMEN

*S * (RATIO SC

^^^~**^

*>

s

*•""""**

1 1 11978

TED ANNUAL RATEST OF AGRICULTURE

ALE)

X

X \

'

1 I 11979

. /"--/ GRO

N

f\1 S-'1

1 /I /» ;

\ ;Mt

I 1 I1980

SS FARM INCO

ET FARM INCC

J

/ "-.

/

N '"

1 1 1

1981

ME

ME

' "\

\

\

\ f

1 1 1

1982

BILL

^^.

f

\ /I , '\ fI /\ /

MI'l 1

1983

ONS OF DOLL/

/ -*|

/ \* /

,'\ /

1 1 1

1984

COUNCIL OF

VRS * (RATIO S

' _ /

ff

\ I\ i

N |V '

\ 1

\ '

\ 1\J

1 i 1

1985

ECONOMIC ADVISERS

CALE)

240

200

160

120

fin

40

20

10

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

1978197919801981198219831984

1983: IIIIllIV

1984: InIllIV

1985: I r

n r

HI r

IV "

Total 1

128.4150.7149.6166.0161.6150.6174.0

152.9143.6151.7154.3

175.7167.3173.7179.8

169.5161.9149.0176.8

(

Cas

Total

112.2131.5139.8142.1142.9136.3141.8

143.2133.0141.2127.6

139.3139.0341.5147.6

140.1134.1134.3164.1

In

jross farm ineom

h marketing rece

Livestock andproducts

59.269,268.069.270.369.472.7

71.068.967.970.0

75.570.871.273.5

71.766.868.072.1

come of farm ope

pts

Crops

53.062.371.872.972.766.869.1

72.264.173.357.6

63.868.270.374.2

68.467.266.292.0

rators from farmi

Value ofinventorychanges 2

2.15.0

-5.95.8

-1.4-10.6

7.8

-10.6-13.9-12.9-4.9

2.08.7

10.310.2

2.4-1.7-4.0-4.8

"S

Productionexpenses

101.0119.0129.4136.1136.9135.6139.5

135.1134.9135.5136.9

139.2140.2140.0138.5

137.0134.9132.8130.6

Net farrr

Currentdollars

27.431.720.229.824.615.034.5

17.88.7

16.217.3

36.527.033.641.2

32.526.916.246.2

income

1982 dollars3

38.040.323.631.824.614.531.9

17.48.5

15.516.4

34.225.130.937.6

29.424.214.440.8

Income in current dollars divided by the GNP implicit price deflator (1982—100),

NOTE.—Data include net Commodity Corporation loans and operator households.

Sources: Department of Agriculture and Department of Commerce.

1 Cash marketing receipts and inventory changes plus Government payments, other farm cashincome, and nonmoney income furnished by farms.

2 Physical changes in end-of-year inventory of crop and livestock commodities valued at averageprices during the year.


CORPORATE PROFITSIn the fourth quarter of 1985, according to revised estimates, corporate profits before tax rose $5.2 billion (annualrate) and after-tax profits rose $5.6 billion.

BILLIONS OF DOLLARS3201

280

240

200

160

120'

80

40



1 1 1

. ./'

1977 1978 1979

SOURCE: DEPARTMENT OF COMMERCE

1980

TAX LIABILITY

UNDISTRIBUTED PROFITS

I I I I I I I I I I I1981 1982 1983

1 1 1

280

240

200

160

120

80

!40

1984 1985



Period

1979198019811982198319841985 r

1982: IIIIV

1983: IninIV

1984: IIImIV

1985: InmIV T

1986: I".

Pr

Total 2

214.1194.0202.3159.2195.0232.3224.6

161.6150.7

163.7190.5207.3218.7

234.4241.8226.5226.3

220.6220.9233.2223.7

)fits (before t

Total

180.4159.6173.8131.2164.2200.1192.7

133.0121.6

136.2161.1174.4185.1

201.0212.3193.3193.7

189.4189.3203.0189.1

ax) with inve

Doi

Financial

27.821.016.511.822.719.222.5

12.418.7

22.025.022.421.2

20.820.417.218.4

19.222.523.824.7

ntory valuati

nestic indust

Total 3

152.6138.6157.3119.4141.6180.9170.1

120.6102.9

114.2136.1152.0163.9

180.2191.9176.1175.3

170.2166.7179.2164.5

on adjustmen

ies

Nonfinaneial

turing

87.577.188.558.071.388.576.6

64.346.8

52.364.678.989.2

94.294.982.282.7

77.373.479.776.1

t '

retailtrade

28.721.632.534.639.150.749.4

32.933.6

32.640.839.943.1

46.852.751.551.8

48.750.653.644.6

Profitsbefore tax

257.2237.1226.5169.6205.0237.6225.3

171.6164.1

167.1199.8225.4227.6

247.4247.4227.7228.0

220.0218.7228.6233.8

Taxliability

88.084.881.163.175.293.685.0

64.359.8

58.973.884.184.0

99.1100.687.487.4

83.482.387.487.1

P

Total

169.2152.3145.4106.5129.8144.0140.2

107.3104.3

108.2126.0141.3143.6

148.3146.7140.3140.6

136.6136.4141.1146.7

rofits after ta

Dividends

50.154.763.666.970.878.183.5

66.668.5

69.369.671.173.1

75.377.578.980.7

82.083.183.985.087.6

X

Undistrib-uted

profits

119.197.681.839.659.065.956.7

40.735.8

38.956.470.370.6

73.169.261.360.0

54.653.357.361.7

ivaluation

adjustment

-43.2-43.1-24.2-10.4-10.0

-5.4-.6

-10.0-13.4

-3.4g g

-18.1-8.9

-13.0-5.6-1.3-1.6

.72.24.7

-10.1

14.2

1 See p. 4 for profits with inventory valuation and capital consumption adjustments.2 Includes rest of the world, not shown separately.

3 Includes industries not shown separately.

Source: DeDartment of Commerce. Bureau of Eeonoi


GROSS PRIVATE DOMESTIC INVESTMENTAccording to preliminary estimates for the first quarter, business fixed investment fell $12.9 billion (annual rate)from its fourth quarter level while residential investment outlays rose $6.2 billion. There was a $29.7 billionincrease in inventories following a decrease of $4.3 billion in the fourth quarter.


700


700

-100 -100

1978


1985 1986



1979198019811982198319841985

1982: mIV

1983: InmIV

1984: InmIV

1985: InUIIV

1986: I *

private

investment

454.8437.0515.5447.3501.9674.0669.3

452.2409.6

425.0483.7521.2577.6

658.8673.3687.9676.2

657.6672.8666.1680.7

708.0

Total

441.9445.3491.5471.8508.3607.0661.8

461.2469.5

467.7489.2524.0552.1

566.7604.5619.5637.2

639.1657.3665.9685.0

678.3

1

Total

302.8322.8369.2366.7356.3427.9476.2

360.7354.9

338.0343.0357.3386.8

394.1423.4435.9458.1

459.6474.2478.5492.5

479.6

îxed investmen

Nonresidential

Structures

99.5113.9138.5143.3126.1147.6170.2

140.2137.6

127.6121.5124.7130.5

135.0147.0151.3157.2

166.1169.7170.4174.5

174.2

t

Producers'durable

equipment

203.3208.9230.7223.4230.2280.2306.0

220.5217.3

210.4221.5232.6256.3

259.1276.5284.5300.9

293.5304.5308.1318.0

305.4

Residential

139.1122.5122.3105.1152.0179.1185.6

100.5114.7

129.7146.2166.7165.4

172.6181.0183.7179.1

179.4183.1187.4192.5

198.7

Change iimven

Total

13.0-8.324.0

-24.5-6.467.1

7.5

-9.059.9

-42.7-5.5

2.825.5

92.168.968.339.0

18.515.5

2-4.3

29.7

i business;ones

Nonfarm

7.9-2.418.3

-23.1.8

58.011.8

-12 A51.1

-33.71.8

15.519.4

71.661.262.836.4

14.210.83.1

19.0

30.4



EXPENDITURES FOR NEW PLANT AND EQUIPMENTAccording to the Commerce Department January-March 1986 survey, business spending for new plant andequipment for the year 1986 is expected to be 2.3 percent above the 1985 level. Spending in 1985 was 9.0percent above the 1984 level.

BILLIONS OF DOLLARS (RATIO SCALE)

500

400

300

200

100

80

60

40


ALL INDUSTRIES

1978 1979

I I I1980

NONMANUFACTURING -1

-MANUFACTURING

1981

r

1982I I I

1983

BILLIONS OF DOLLARS (RATIO SCALE)

500

400

300

200

1984

_!/ PURVEYED QUARTERLY_i/SEE FOOTNOTE 4 BELOWSOURCE: DEPARTMENT OF COMMERCE

1985

100

80

60

40

1986



Period

19781979198019811982198319841985 '1986"

1984: IIIIllIV

1985: IIIIllIV.

1986: I 4

I I 4

2nd ha l f 4

Allindus-tries

217.78254.96282.80315.22310.58304.78354.44386.41395.13

337.95349.97361.48368.29

371.16387.83388.90397.74

390.66400.68394.58

M

Total

78.5895.92

112.33126.54120.68116.20138.82153.15151.84

129.91135.96142.44146.96

145.65154.33154.04158.57

150.28153.76151.67

mufacturh

Dura-ble

goods

39.4648.5055.3659.8155.3553.0866.2473.1470.99

61.2364.0368.2671.43

69.8773.9672.8575.87

71.1172.7170.06

Industries

>g

Non-durablegoods

39.1347.4256.9666.7365.3363.1272.5880.0180.86

68.6871.9374.1875.53

75.7880.3681.1982.70

79.1781.0481.61

surveyed

Total >

139.18159.04170.47188.68189.89188.58215.61233.26243.28

208.04214.01219.04221.33

225.51233.51234.86239.16

240.38246.93242.92

quarterly

Nor

Mining

11.2212.8115.9921.3920.0515.1916.8615.8813.89

17.2416.3816.8217.00

15.6616.5115.9415.40

14.1114.3013.57

manufaotui

Trans-portation

13.3616.0516.6015.8414.7913.9716.5217.9719.02

15.2917.0117.4916.28

16.2217.5019.0919.06

18.9018.9519.11

ing

Publicutilities

31.5035.6337.7441.2145.4344.9647.4848.7448.50

47.0847.9447.9246.92

48.4648.4748.1449.89

48.6248.8048.29

Com-mercial

andother

83.0994.56

100.14110.24109.63114.45134.75150.67161.88

128.42132.67136.80141.13

145.17151.02151.69

.154.81

158.74164.88161.94

Totalnon-farmbusi-ness 2

245 .34284.94314.47349.26347.47343.35398.99

Manu-facturing

78.5895.92

112.33126.54120.68116.20138.82153.15151.84

129.91135.96142.44146.96

145.65154.33154.04158.57

150.28153.76151.67

Addenda

Non

Total

166.76189.02202.15222.72226.79227.15260.16

manufactu

Sur-veyedquar-terly

139.18159.04170.47188.68189.89188.58215.61233.26243.28

208.04214.01219.04221.33

225.51233.51234.86239.16

240.38246.93242.92

ring

Sur-veyed

annual-ly s

27.5829.9831.6834.0436.8938.5644.55

1 Excludes forestry, fisheries, and agricultural services; medical services; professional services;social services and membership organizations; and real estate, which, effective with the April-May1984 survey, arc no longer surveyed quarterly. See last column ("nomanufacturing surveyed annu-ally") for data for these industries.

'2 "All industries" plus the part of noiunaiiufacturing that is surveyed annually.Source: Department of Commerce, Bureau of Economic Analysis.

10Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCEIn March, seasonally adjusted civilian employment rose 227,000 and unemployment fell 108,000.

MILLIONS OF PERSONS* MILLIONS OF PERSONS*120

112

104

100

96

92

/

12

8

4

0

—

—

—

3x^^

—

x

—

-—

iniilnm1978

*16 YEARS OF AGE A

SOURCE: DEPARTMEN

XI

-^^r~^S^

--— '"""

Illllllllll

1979ND OVER

T OF LABOR

r~ — *~

**«-— •*

__/ .

i i inhnii1980

^^ - x~lCIV

X-v

X-L

i i i l l l l lH!1981

SfASONAUY ADJUS

f^\ÎLIAN LABOR F

CIVILIANEMPLOYMENT

-^-r^"^ ANEMPLOYMEN

Illllllllll1982

EC

r"ORCE

" .

^ —T.

Illllllllll1983

^

/•"*•"'"

" ~- .

Illllllllll1984

-^~^

^---'"'

— -

1 1|| ||| 1 1 (I1985

COUNCIL OF

_^_

—

—

—

—

—

^

—

<r-

—

|||||||||||1986

ECONOMIC ADVISERS

120

96

\

12

8

4

0

[Thousands of persons 16 years of age and over, except as noted; monthly data seasonally adjusted except as noted by NSA]

Period

19791980198119821983198419851985: Mar

AprMayJune....July ....AugSept....OctNovDec

1986: Jan *...FebMar

Noninstitu-tional

populationincludingresidentArmedForcesNSA

166,460169,349171,775173,939175,891178,080179,912

179,368179,501179,649179,798179,967180,131180,304180,470180,642180,810

181,361181,512181,678

Resi-Q U

Armed

NSA

1,5971,6041,6451,6681,6761,6971,7061,7011,7021,7051,7021,7041,7261,7321,7001,7021,6981,6911,6911,693

1 h. or Iprceincludingresident

Forces

106,559108,544110,315111,872113,226115,241117,167

117,036116,958117,044116,726116,976117,069117,522117,814117,832117,927

118,477118,779118,900

Employ-ment

includingresidentArmedForces

100,421100,907102,042101,194102,510106,702108,856

108,652108,574108,644108,303108,575108,936109,251109,513109,671109,904

110,646110,252110,481

Civilianlabor force

104,962106,940108,670110,204111,550113,544115,461

115,335115,256115,339115,024115,272115,343115,790116,114116,130116,229

116,786117,088117,207

Total

98,82499,303

100,39799,526

100,834105,005107,150

106,951106,872106,939106,601106,871107,210107,519107,813107,969108,206

108,955108,561108,788

Civilian er

Agricul-tural

3,3473,3643,3683,4013,3833,3213,1793,3143,3533,2843,1403,1203,0953,0173,0583,0703,1513,2993,0963,285

nployment

Nonag

Total

95,47795,93897,03096,12597,450

101,685103,971

103,637103,519103,655103,461103,751104,115104,502104,755104,899105,055

105,655105,465105,503

ricultural

Part-timefor

economicreasons 1

3,3734,0644,4995,8525,9975,5125,334

5,4215,4025,5505,2785,3285,4135,2995,2415,2955,294

5,2755,1585,301

Unempk

Total

6,1377,6378,273

10,67810,7178,5398,312

8,3848,3848,4008,4238,4018,1338,2718,3018,1618,023

7,8318,5278,419

>yment

15weeks

andover

1,2411,8712,2853,4854,2102,7372,305

2,4002,3742,2742,3282,3292,2742,3072,2772,2052,188

2,0562,3402,258

Laborparticirate (pe

Total 2

64.064.164.264.364.464.765.165.265.265.264.965.065.065.265.365.265.265.365.465.4

forceationrcent)

Civil-ian 3

63.763.863.964.064.064.464.864.964.864.864.664.764.764.865.064.964.9

65.065.165.1

1 Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.

2 Labor force as percent of noninstitiitional population (both including resident Armed forces).3 Civilian labor force as percent of civilian noninstitutional population.

* Data beginning January 1986 not strictly comparable with iestimation procedures.

Source: Department of Labor, Bureau of Labor Statistics.

irlier data because of change in

11


SELECTED UNEMPLOYMENT RATESIn March, the seasonally adjusted overall unemployment rate fell slightly to 7.1 percent and the civilianunemployment rate fell to 7.2 percent.

PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED)

15

10

25

20

15

10

/V

I l l l l l l l l l l1982

'UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.

SOURCE, DEPARTMENT OF LABOR

1986 1982

TEENAGERS(16-19)

1983

WOME N 20 YEARSAND OVER

Illllllllll1984

MEN 20 YEARSAND OVER

I l l l l l l l l l l

1985

Illllllllll1986


[Monthly data seasonally adjusted]

Period

1979198019811982198319841985

1985: MarAprMayJune ....JulyAugSeptOctNovDec

1986: JanFebMar

Unem-ploy-mentrate,all

work-ers 1

5.87.07.59.59.57.47.1

7.27.27.27.27.26.97.07.06.96.8

6.67.27.1

Allcivilianwork-

ers

5.87.17.69.79.67.57.2

7.37.37.37.37.37.17.17.17.06.9

6.77.37.2

B

Men20 yearsand over

4.25.96.38.88.96.66.2

6.26.36.16.46.26.06.16.16.05.9

5.76.26.2

y sex and a

Women20 years

andover

5.76.46.88.38.16.86.6

6.76.7.6.86.76.66.66.76.46.46.2

6.16.76.6

Unemp]

ge

Bothsexes16-19years

16.117.819.623.222.418.918.6

18.217.918.818.619.317.518.119.818.418.8

18.419.018.2

oyment ra

White

5.16.36.78.68.46.56.2

6.36.36.26.46.36.16.16.15.95.9

5.76.46.2

te (percen

By race

Blackand

other

11.313.114.217.317.814.413.7

13.813.813.913.213.512.813.713.514.113.4

12.813.313.3

t of civilia

Black

12.314.315.618.919.515.915.1

15.215.215.414.415.014.115.214.915.614.9

14.414.814.7

n labor force

Experi-enced

wage andsalary

workers

5.56.97.39.39.27.16.8

6.86.86.86.96.96.76.86.76.66.5

6.36.86.7

in group)

By s

Marriedmen,

spousepresent

2.84.24.36.56.54.64.3

4.34.34.04.64.44.14.34.24.34.3

4.34.54.5

elected grou

Womenwho

maintainfamilies

8.39.2

10.411.712.210.310.4

10.310.710.89.9

10.310.811.310.410.09.4

9.99.9

10.1

)S

Full-time

workers

5.36.97.39.69.57.26.8

6.96.96.96.97.06.86.86.86.76.6

6.46.96.9

Part-time

workers

8.88.89.4

10.510.49.39.3

9.59.7

10.09.59.49.09.39.68.89.0

8.49.49.1

Laborforce

time lost(per-

cent) 2

6.37.98.5

11.010.98.68.1

8.28.28.38.28.28.18.17.97.97.8

7.68.18.1

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 per-

cent of potentially available labor force hours.


12


SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENTINSURANCE PROGRAMSIn March, the percentages of unemployed persons who had been out of work for less than 5 weeks and for5-14 weeks rose, while the percentages out of work for 15-26 weeks and for 27 weeks and over fell. The meanand the median duration of unemployment fell.

PERCENT DISTRIBUTION*

70

PERCENT DISTRIBUTION*

60

50

40

30

20

10

DURATION OF UNEMPLOYMENT

LESS THAN. 5 WEEKS —^

: v*_N

I l l l l l l l l l l1982 1983

5-14WEEKS

Illllllllll

1984

27 WEEKSAND OVER'

,— 15-26WEEKS

I l l l l l l l l l l

1985

Illllllllll

1986

70

60

50

30

70

10

0

REASO

/ \A/

\'

—

—

W

2—v^v

•x--...

Illllllllll1982

M FOR UNE

— Av_\

••^ /"""'""

h

_^/^X

" '

Illllllllll1983

MPLOYMEI

"X~\ V'A"

JOB LOSERS

REENTRANTS

~'Sv'

EW ENTRAN\

~— 4 .

JOB LEAVER!

Illllllllll

1984

JT

*"»*» .X1'*• t V^V

* *

s

±x^c

Illllllllll1985

/ —

—

—

Illllllllll1986

•SEASONALLY ADJUSTED

SOURCE; DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]

Period

198019811982198319841985

1985: MarAprMayJuneJulyAugSeptGetNovDec

1986: JanFebMar

1 Includes State (50 States, District of Cmen (UCX), Federal (UCFE), and railroactended benefit programs. Does not include F

Unemploy-ment

(thousands)

7,6378,273

10,67810,7178,5398,312

8,3848,3848,4008,4238,4018,1338,2718,3018,1618,023

7,8318,5278,419

olumbia, Puerto(RR) programs.

ederal supplemen

I

Lessthan

5weeks

43.141.736.433.339.242.1

42.141.942.641.642.141.742.041.642.742.1

42.441.842.3

Eico, amAlso inc

a) comper

Dur

'ercent d

5-14weeks

32.330.731.027.428.730.2

29.529.930.630.430.030.630.230.830.230.7

31.330.831.1

Virgin Isudes Fedesation pro

ation of i

stributioi

15-26weeks

13.813.616.015.412.912.3

12.612.212.512.412.912.812.512.811.012.1

12.413.513.0

lands), ex-ral and Sjram.

nemplo}

i

27weeks

andover

10.714.016.623.919.115.4

15.916.014.315.514.915.015.314.816.115.1

13.914.013.7

service-ate ex-

onent

Numb

Aver-age

(mean)

11.913.715.620.018.215.6

15.916.115.015.515.515.515.515.415.715.4

14.915.314.4

Sourcetration).

er ofks

Medi-

6.56.98.7

10.17.96.8

7.06.86.76.87.17.26.97.06.96.9

6.86.96.8

: Departn

He

Joblosers

51.751.658.758.451.849.8

49.650.347.649.650.250.850.249.150.048.8

48.048.750.3

ent of Lafc

ison forpercent

Jobleav-ers

11.711.27.97.79.6

10.6

10.210.110.411.710.710.710.311.19.9

10.9

12.711.711.9

or (Bureai

anemploydistributi

Reen-trants

25.225.422.322.525.627.1

27.427.128.426.626.126.928.327.227.227.6

26.326.826.0

of Labor

ment:m

Newentrants

11.411.911.111.313.012.5

12.812.513.612.113.111.511.112.712.912.8

13.012.811.8

Statistics an

Statprogra

Insuredunem-

ployment

Weekly av

3,3503,0474,0613,396' 2,476

2,616

2,6202,5752,5622,5812,6092,5852,5602,5352,5602,564

2,5912,6102,654

d Employmen

ems

Initialclaims

erage, th

488460583438

'311397

394390389398391386384380382391

370392393

and Trail

Insuredunem-

ployment,all

regularprograms(unadjust-

ed)>

ousands

3,8373,4104,5943,775' 2,54:5

3,671

3,1132,7662,4552,3372,5232,3612,2122,2272,4682,884

3,3703,295

ling Adminis-

13


NONAGRICULTURAL EMPLOYMENTTotal nonagricultural employment as measured by the payroll survey rose 192,000 in March.

MILLIONS OF PERSONS

100

90

80

70

60

50

40

30

20

—

^—~_

—

—

—

kiiiiiim'iT1982

-y-11 "" A L L f

E

^^f~ '

SERV

GO(

liTfiliim1983

rd•4ONAGRICUSTABLISHME

\"\ 1ICE-PRODUCINDUSTRIES

DDS-PRODUCINDUSTRIES

\

Illllllllll1984

nLTURALNTS

ING

ING

l||llllllll1985

— —

—

—

_

Illlllllllh1986

MILLIONS OF PERSONS* (ENLARGED SCALE)24

16

14

20

18Li 111 lii ii il ii ml ii mlii ml ii ii ill mi li ii ii 1111 nh ii i|i

CONSTRUCTION

1982

Illllllllll1983

Illllllllll1984 1985 1986

•SEASONALLY ADJUSTED

"SOURCE: DEPARTMENT OF LABORCOUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers; 1 seasonally adjusted]

Period

1979198019811982198319841985

1985: Mar....AprMay ....June...July....Aug....Sept....OctNov....Dec

1986: Jan r...Feb r...Mar "..

Totalnonagri-culturalemploy-

ment

89,82390,40691,15689,56690,19694,46197,699

96,91097,12097,42197,47397,70797,97798,21798,55998,80199,086

99,49699,64999,841

Total 2

26,46125,65825,49723,81323,33424,73025,057

25,05625,09025,06625,01024,98025,01524,96225,05125,08925,155

25,30025,23725,158

Goods-]

PrtnCon-struction

4,4634,3464,1883,9053,9484,3454,662

4,5534,6414,6584,6384,6604,6884,7214,7534,7544,770

4,9064,8754,867

roducing in

11

Total

21,04020,28520,17018,78118,43419,41219,426

19,52619,46719,42619,39819,35119,36219,27919,33819,38119,433

19,44719,43419,392

dustries

anufacturin

Durablegoo s

12,76012,18712,10911,03910,73211,52211,566

11,65111,60811,58611,56011,50911,51911,44911,49311,51211,534

11,54111,52311,483

g

Nondur-able

goods

8,2808,0988,0617,7417,7027,8907,860

7,8757,8597,8407,8387,8427,8437,8307,8457,8697,899

7,9067,9117,909

Total

63,36364,74865,65965,75366,86269,73172,643

71,85472,03072,35572,46372,72772,96273,25573,50873,71273,931

74,19674,41274,683

Trans-portation

andpublic

utilities

5,1365,1465,1655,0824,9545,1715,300

5,2695,2785,3015,2955,3025,2825,3175,3275,3425,350

5,3575,3425,352

Se

Whole-saletrade

5,2045,2755,3585,2785,2685,5505,769

5,7145,7335,7485,7685,7735,7915,8055,8305,8335,848

5,8725,8875,900

rvice-produ(

trade

14,98915,03515,18915,17915,61316,58417,425

17,24917,28017,39217,42517,45317,51417,53917,61017,64017,702

17,82517,90517,982

ing industn

Finance,insur-ance,

and realestate

4,9755,1605,2985,3415,4685,6825,924

5,8355,8585,8885,9065,9325,9595,9876,0116,0486,068

6,0986,1306,151

es

Services

17,11217,89018,61919,03619,69420,76121,930

21,64421,72321,81321,85621,92622,07322,15522,24422,36522,450

22,54022,60022,749

Gover

Total

15,94716,24116,03115,83715,86915,98416,295

16,14316,15816,21316,21316,34116,34316,45216,48616,48416,513

16,50416,54816,549

nment

Federal

2,7732,8662,7722,7392,7742,8072,875

2,8502,8592,8732,8722,8782,8862,9042,8922,9042,914

2,9182,9142,917

1 Includes all full- and part-time wage and salary workers In nonagricultural establishments whoworked 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 thecivilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domesticservants; which count persons as employed when they are not at work because of industrial dis-

putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sampleof the working-age population, whereas the estimates in this table are based on reports from em-ploying establishments.

* Includes mining, not shown separately.



AVERAGE WEEKLY HOURS AND HOURLY EARNINGSPRIVATE NONAGRICULTURAIj INDUSTRIES

[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]

Period

19781979198019811982198319841985


1986: Jan r

Febr

Mar'1

i

Totalprivate

nonagricul-tural '

35.835.735.335.234.835.035.335.1

35.235.035.135.135.035.135.135.135.035.1

35.234.935.0

Vverage weeklyhours

Manufa

Total

40.440.239.739.838.940.140.740.5

40.440.240.440.440.340.640.740.740.741.0

41.040.640.7

cturing

Overtime

3.63.32.82.82.33.03.43.3

3.23.43.13.23.23.33.33.43.43.6

3.63.43.5

Average giearn

Totalprivate

nonagricul-tural *

$5.696.166.667.257.688.028.338.58

8.528.548.558.598.578.608.658.648.678.74

8.678.718.74

oss hourlyings

Manufactur-ing

$6.176.707.277.998.498.839.189.52

9.439.489.499.519.539.569.569.589.619.66

9.629.669.69

Adjuste

Ind1977 =

Currentdollars

108.2116.8127.3138.9148.5155.4160.7

r 165.6

164.4164.8164.9165.7165.4165.7166.7166.4167.1168.4

167.4168.4168.8

d hourly earninnonagric

ex,= 100

1977dollars 3

100.597.493.592.693.494.994.894.3

94.594.494.394.594.294.294.694.194.194.4

93.594.595.3

rs index — totaliltural 2

Percent changearlie

Currentdollars

8.27.99.09.16.94.63.43.0

3.22.93.13.22.73.03.03.03.03.1

2.72.72.7

private

e from a yearr 4 5

1977 dollars

0.5-3.1

4.0-1.0

.91.6

-.1.5

-.7-1.2-.9-.8

-1.0.0.4.1

-.4-.5

-1.03

.7

AVERAGE WEEKLY EARNINGSPRIVATE NONAGRICULTURAL INDUSTRIES

[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted!

Period

19781979198019811982198319841985


1986: Jan 'Feb r

Mar"

Total inonagnc

Current dollars

$203.70219.91235.10255.20267.26280.70294.05301.16

299.90298.90300.11301.51299.95301.86303.62303.26303.45306.77

305.18303.98305.90

Avera

rivatealtural 1

1977 dollars 3

$189.31183.41172.74170.13168.09171.26173.48171.60

172.46171.19171.69172.00170.81171.61172.32171.62170.86171.96

170.49170.58172.63

2;e gross weekly ea

Manufacturing

$249.27269.34288.62318.00330.26354.08373.63385.56

380.97381.10383.40384.20384.06388.14389.09389.91391.13396.06

394.42392.20394.38

rmngs

Construction

Current dollars

$318.69342.99367.78399.26426.82442.97456.92462.20

465.58465.88460.60454.96459.85459.75466.17464.65459.27458.56

469.32444.31448.96

Retail trade

$130.20138.62147.38158.03163.85171.05176.40177.31

177.31176.42178.20177.61176.72176.42177.60176.71177.00177.56

177.00176.69177.28

Percent cha year

total private n<

Current dollars

7.88.06.98.54.75.04.82.4

3.32.12.42.81.82.62.43.02.42.6

3.02.32.0

ange fromearlier,magricultural 5

1977 dollars

0.2-3.1

5.8-1.5

1.21.91.3

— 1.1

-.6-2.0

1.5-1.2

1.9-.4

.3

.1-1.0-1.0

<y

-.7.0

1 Also includes other private industry groups shown on p. 14.2 Adjusted for interindustry employment shifts and for overtime in manufacturing.3 Current dollar index (or earnings) divided by the consumer price index for urban waj

and clerical workers (on a 1977 — 100 base).

4 Monthlv changes based on indexes to two decimal places,5 Based on seasonally unadjusted data.


15


PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR

Period

197819791980198119821983 r.19841985 r.1982: m

IV1983: I

nmIV

1984: InmIV

1985: Inmrvr....

1986: I"

197819791980198119821983 r.1984 r.1985 '.1982: m

IV1983: I

nm '....IV '....

1984: InmIV

1985: InmIV '....

1986: I"

Output peallpe

Businesssector

100.899.699.2

100.7100.3103.2105.2105.3100.3101.0102.3103.5103.5103.6104.9105.5105.3105.0105.3105.5105.9104.9105.5

0.8-1.2-.31.5

— .42.92.0.1.3

3.05.14.9.0.4

5.12.5-.8

-1.31.0.8

1.6-3.9

2.3

r hour ofrsons

Nonfarmbusiness

100.899.298.899.899.2

102.6104.1103.999.199.7

101.3102.8103.3103.0104.0104.5104.2103.8104.1104.2104.3103.2104.1

0.8-1.6-.41.0

-.63.41.5

-.3.0

2.46.56.12.0

-1.13.62.2

-1.3-1.3

1.0.2.4

-4.13.4

Outp

Businesssector

105.8107.8106.6108.9105.5110.1119.0122.1105.1105.0106.6109.3111.3113.4117.1119.2119.6120.1121.2121.9122.6122.8123.9

5.81.9

-1.12.13.14.48.12.6

-3.1-.46.3

10.57.47.9

13.67.51.31.73.62.32.5

.43.8

u t 1

Nonfarmbusiness

sector

105.9107.9106.7108.5104.9110.3118.9122.0104.5104.2106.2109.3111.8113.8117.1119.2119.5120.0121.1121.8122.6122.7123.9

Pe

5.91.8

-1.11.7

-3.35.17.92.6

-3.4-1.2

7.612.29.67.3

12.17.21.21.83.62.32.6

.64.0

Hoursperse

Businesssector

19"

104.9108.3107.5108.2105.2106.8113.1115.9104.8103.9104.2105.6107.5109.5111.6113.0113.6114.4115.1115.6115.8117.1117.5

rcent chan

4.93.2-.8

.72.71.56.02.5

-3.4-3.3

1.15.37.47.58.14.92.13.12.51.5.9

4.51.4

of allns 2

Nonfarmbusinesssector

7 = 100; (

105.1108.7108.0108.7105.8107.5114.2117.5105.5104.5104.8106.3108.2110.5112.6114.0114.7115.6116.3116.9117.5118.9119.1

je; quarte

5.13.5

-.7.7

-2.71.66.32.9

-3.4-3.5

1.15.87.58.68.24.92.53.12.62.12.14.8

.6

Compenshou

Businesssector

uarterly (

108.5119.1131.5143.7154.9161.9168.2175.0156.6158.3160.1161.5162.1164.1166.1167.5169.1170.4172.4174.3176.1177.6178.3

rly data at

8.59.7

10.59.27.84.53.94.07.54.54.73.41.55.14.93.34.13.14.84.44.23.41.7

ation perr 3


ata seasor

108.6118.9131.3143.6154.8162.1168.0174.2156.3158.2160.4161.6162.3164.0165.9167.4168.8170.1172.1173.7175.0176.4177.4

seasonal]

8.69.5

10.59.47.74.73.73.77.55.05.63.11.84.04.93.63.43.24.73.82.83.22.4

Real comper h

Businesssector

ally adjus

100.899.496.795.797.398.598.298.697.297.999.098.798.198.398.398.298.298.198.598.598.998.798.8

y adjusted

0.8-1.4-2.7

1.01.61.3

-.3.4.1

2.94.4-.9

-2.6.8

-.2-.3

.2-.61.5.4

1.6-.9

.2

pensationour4


ted

100.999.296.695.797.298.698.098.197.097.899.198.898.298.298.198.198.097.998.398.298.398.098.3

annual ra

0.91.6

-2.7-.91.51.5

-.6.1.2

3.45.3

-1.1-2.3-.2-.2

.0— .4-.41.4

-.2.3

-1.0.9

Unit lab

Businesssector

107.7119.6132.6142.7154.5157.0159.9166.2156.2156.7156.6156.0156.6158.4158.4158.7160.6162.3163.8165.2166.3169.3169.1

tes

7.711.110.87.78.21.61.93.97.21.5

-.3-1.4

1.54.7-•2

.84.94.53.73.52.57.5-.6

or costs


107.7119.8132.9144.0156.0158.0161.4167.7157.6158.6158.3157.2157.1159.1159.6160.1162.0163.9165.3166.8167.8170.9170.5

7.711.211.08.38.41.22.23.97.62.6-.9

-2.8-.25.21.21.34.84.63.63.62.47.6

-1.0

Implicdefla

Businesssector

107.3117.0127.6139.8148.1152.8158.7163.1149.3150.2151.1152.0153.1154.9156.6158.0159.4160.8161.6162.7163.5164.6165.4

7.39.19.09.65.93.23.92.85.62.42.32.62.84.94.43.73.63.52.12.82.02.72.0

t pricetor5


107.0116.5127.8140.3149.2154.1159.6164.8150.3151.4152.3153.6154.2156.1157.1158.8160.5161.9163.0164.5165.5166.3167.4

7.08.99.79.76.33.33.63.35.73.02.43.31.75.12.44.44.43.62.73.72.61.82.8

1 Output refers to gross domestic product originating in the sector in 1982 dollars.2 Hours of all persona engaged in the sector, including hours of proprietors and unpaid family

workers. Estimates based primarily on establishment data.3 Wages and salaries of employees plus employers' contributions for social insurance and private

benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the self-employed.

4 Hourly compensation divided by the consumer price index for all urban consumers.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 ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production fell 0.5 percent in March, following a decline of 0.7 percent in February. The index for March

was 0.9 percent above its year-earlier level.

INDEX, 1977=100* (RATIO SCALE)140

120

100

140

120

100

TOTAL INDUSTRIAL PRODUCTION

I l l l l l l l l l l I l l l l l l l l l l l l l l l l l l l l l I l l l l l l l l l l

— MANUFACTURING

— DUR

''/*^-' — fs/

1 1 1 1 1 1 1 1 1 111 1 1 1 1 1 1 1 1 1 1 1

• PRODUCT

ABLE

\^^

N(

Illllllllll

ION

, _ «M-— M--fltl™^1**

\DNDURABLE

Illllllllll „

100

1982•SEASONALLY ADJUSTEDSOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1986

INDEX, 1977=100* (RATIO SCALE)MU

200

180

160

140

120

_ FINAL P

r

/

^V-

Illllllllll

RODUCTS

)EFENSE ANCSPACE

EQUIPMENT

\ .

-<X""

Illllllllll

)

.W

X"

x^,^---"

Illllllllll

r^-'BUSINESS

EQUIPMENT

-*°^*~*v~l

' \CONSUMER

GOODS

Hll|llllll

"

^^

Illllllllll

PERCENT*

90

80

70

60

_MANUF/

Illllllllll1982

\CTURING

Illllll l l l l

1983

CAPACITY

,-*

Illllllllll1984

UTILIZATIO

« • -

Illllllllll

1985

N RATE _

•

Illllllllll1986


[Monthly data seasonally adjusted]

Period

1977 proportion

197819791980198119821983198419851985: Mar

AprMayJuneJulyAugSeptOctNovDee r

1986: Jan r

Feb r

Mar"

ToIndusprodu

Index,1977 = 100

100.0106.5110.7108.6111.0103.1109.2121.8124.5124.0124.1124.1124.3124.1125.2125.1124.4125.4126.4126.6125.7125.1

taltrialction

Percentchange

from yearearlier

6.53.9

-1.92.2

-7.15.9

11.52.23.32.82.31.6.7

1.31.51.41.62.52.41.6.9

Total

84.21107.1111.5108.2110.5102.2110.2123.9127.1126.3126.6126.6126.7126.9128.2127.7127.2128.4129.1129.9128.9128.3

Industry prod

Manufacturing

Durable

49.10108.2113.9109.1111.199.9

107.7124.8128.2128.0128.2127.9127.6127.9129.4128.3127.7129.2129.9130.6129.0127.8

uction indexes

Nondurable

35.11105.5108.2107.0109.7105.5113.7122.5125.6123.9124.3124.7125.5125.6126.6126.9126.4127.3128.0129.0128.7128.9

, 1977 = 100

Mining

9.83103.6106.4112.4117.5109.3102.9110.9109.0110.5109.6109.8110.6108.7108.3108.4108.4106.9107.4107.4104.2103.0

Utilities

5.96103.1105.9107.3107.1104.8105.2110.9113.4113.9113.6113.7113.4110.7110.3113.2112.4112.2116.5113.3115.3115.1

Capacityrate, pe

Manufac-turing

84.284.679.378.370.374.080.880.380.580.580.380.180.180.780.179.680.280.480.779.979.3

itilizationrcent *

Industrialmaterials

86.387.181.181.171.775.382.380.281.480.980.180.179.579.979.579.379.280.180.079.679.2

1 Output as percent of capacity. Source: Board of Governors of the Federal Reserve System.

17


INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES

[1977 = 100; monthly data seasonally adjusted]

Period

1977 proportion19781979198019811982198319841985

1985: MarAprMayJuneJulyAugSeptOctNovDec r

1986: Jan '.Febr.Mar'1

Total

44.77106.9111.0112.2115.2109.5114.7127.8132.0

130.8131.3131.7131.6131.8133.3133.3131.9133.7134.4

134.5133.1131.9

C

Total

25.52104.3103.9102.7104.1101.4109.3118.2120.7

119.8119.5120.0120.4120.1121.5121.8120.8122.7124.2

123.8123.5122.7

ansumer go

Durablegoods

6.89103.799.988.489.782.998.5

112.6112.9

113.5111.5111.8112.0111.3114.0112.9111.4115.5116.8

116.6116.4113.0

înal produc

ods

Nondura-ble goods

18.63104.5105.4108.1109.3108.3113.3120.2123.6

122.1122.5123.1123.5123.4124.2125.1124.3125.4127.0

126.4126.2126.3

Produ

s

Total '

19.25110.3120.4124.7129.9120.2121.7140.5147.0

145.4146.9147.1146.6147.3149.0148.6146.6148.3147.9

148.7145.7144.2

ts

Equipment

Business

14.34112.2124.7125.1127.6113.6115.4134.9141.2

140.2142.0141.9140.7141.3143.0142.2139.6141.7141.4

143.3141.5140.2

Defenseand

spaceequip-ment

3.67101.2105.6115.4119.8133.0143.1157.9173.6

169.0170.1171.2173.4173.9175.5177.5178.7180.7180.7

179.3176.3177.4

Intern

Total

12.94106.9110.8106.9107.3101.7111.2124.9130.6

128.6129.3130.3131.4130.7132.0132.3131.5132.7132.9

134.4133.7134.4

lediate pro

Con-structionsupplies

5.95106.9108.7100.698.688.3

100.6114.0118.9

116.9117.4118.1119.2119.4121.5121.3120.0120.9120.7

123.9122.8123.5

[ucts

Busi-

sup-plies

6.99106.9112.7112.3114.7113.1120.3134.2' 140.5

138.6139.4140.7141.7140.3140.9141.7141.2142.7143.3

143.3143.0

Mate

Total

42.28105.9110.3105.3107.796.7

102.8114.6114.7

115.5115.0114.2114.3113.8114.5114.2114.2114.3115.9

115.9115.4115.0

rials

Energy

11.69101.1104.1105.5104.7101.298.4

104.0104.4

106.2105.3105.3105.1103.5102.7103.4104.2102.5105.8

103.2103.8103.4

1 Includes rigs and prefabs, not shown separately.

[1977 = 100; monthly data seasonally adjusted]

Period

1977 proportion19781979198019811982198319841985

1985: MarAprMayJuneJulyAugSeptOctNoyDecr.

1986: Janr

Febr

Mar"

Primary

Total

5.3,9107.0108.590.495.065.873.082.480.6

81.881.476.478.379.082.080.383.183.681.7

84.782.879.9

metals

Iron andsteel

3.49107.5108.086.392.557.566.173.5

r70.6

73.271.965.467.668.771.669.774.475.372.0

75.572.6

Fabri-catedmetal

products

6.46105.7109.4101.8101.686.689.1

102.8107.9

108.6109.1108.3107.4107.3107.8107.5108.4107.9108.8

109.3108.3107.7

Durable me

Non-electricalmachin-

ery

9.54111.7122.6123.3129.8115.6118.3142.0146.4

146.5148.9149.1145.6147.5149.2146.5143.0145.6146.0

146.2145.0145.0

nufactures

Electricalmachin-

ery

7.15112.9125.7130.3134.1128.4143.8172.4169.3

173.1168.9169.3169.5165.7166.1165.1165.1168.9171.9

168.3165.0165.0

Transpequip

Total

9.13106.3108.396.995.187.699.2

113.6123.2

120.8120.7120.9121.8123.7126.8126.2124.5126.5126.8

128.9127.8122.9

>rtationment

Motorvehicles

andparts

5.25104.695.971.171.666.885.8

105.6112.8

111.3110.9110.5110.5112.8116.8115.3111.7114.5115.4

117.9117.9109.3

Lumberand

products

2. 301024102.092.990.182.8

100.2109.1112.9

109.5110.9112.2113.5113.0114.8115.9116.5115.6116.5

119.7

No

Appar-el

prod-ucts

2.79103.198.397.396.187.395.3

102.8'101.8

101.3100.2100.399.2

100.6100.4101.8102.6103.9105.0

105.8104.0

ndurable I

Print-ing and

pub-lishing

4.54107.8112.7115.1118.6120.2129.8147.9

' 155.2

152.6154.2155.4156.7154.3156.3156.2157.0159.0158.4

158.7158.2158.7

nanufactui

Chemi-calsand

prod-ucts

8.05106.8111.4106.4112.6103.8114.0121.7127.1

126.5125.8126.7126.4126.4128.2129.0127.9128.0128.5

130.6131.7

es

Foods

7.96104.3106.7111.4113.7114.9120.4127.1131.0

128.5130.8131.4131.8132.2132.6132.5130.7131.4132.6

133.2133.0

Source: Board of Governors of the Federal Reserve System.

18


NEW CONSTRUCTION[Monthly data seasonally adjusted]

Period

19781979198019811982198319841985 *

1985: FebMarAprMayJuneJulyAugSeptOct r

Nov r

Dec r.

1986: Jan r

Feb "Mar"

Total newconstructionexpenditures

215.9241.9238.0246.7236.9268.7313.0342.4

334.3333.7341.9339.9343.8344.2343.2346.1344.5343.8351.7

356.1360.5

Total

170.0193.1183.0193.3186.1218.0257.8280.0

276.5274.6282.0276.4278.9279.5279.4282.5282.1281.3286.9

288.0293.6

Eesi

Total '

I

103.8110.594.594.180.6

121.3145.1148.2

146.0146.2146.5142.3147.2148.7146.9148.9150.9149.7150.7

152.6155.8

Private

lential

New housingunits

illions of dollars

86.290.170.470.257.795.7

114.6113.4

Annual rates

110.3110.8112.6112.0112.2112.8113.4113.8115.6115.2116.6

119.1122.3

Commercialand industrial

29.639.943.851.354.648.761.975.8

74.774.078.576.573.573.375.076.876.477.481.9

80.582.4

Other

36.742.744.747.950.948.150.956.0

55.754.456.957.758.357.557.556.854.954.254.4

54.955.4

Federal,State, and

local

45.948.855.053.350.850.755.262.3

57.859.159.963.564.964.763.963.662.462.664.8

68.166.9

Constructio

Total valueindex

(1977=100)

114.0121.0108.0112.0111.0138.0150.0161.0

152167163161154164164167168162162

146162149

n contracts 2


floor space(millions ofsquare feet)

9771,059

904919690756955

1,064

Annual rates

9901,0491,1041,008

8361,1031,0971,1181,1041,111

951

848941840

1 Includes nonhousekeeping residential construction and additions and alterations, not shown sep- Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systemsarateiy. Company, F. W. Dodge Division.

2 F. W. Dodge series.

NEW PRIVATE HOUSING AND VACANCY RATES[Thousands of units or homes, except as noted]

Period

19781979198019811982198319841985

1985: FebMarAprMayJuneJulyAugSeptOctNovDec

1986: Jan r

Feb T

Mar"

Total

2,020.31,745.11,292.21,084.21,062.21,703.01,749.51,741.8

1,6321,8491,8511,6841,6931,6731,7371,6531,7841,6541,882

2,0341,9971,949

Units started, by

1 unit

1,433.31,194.1

852.2705.4662.6

1,067.61,084.21,072.4

1,1111,1471,1291,0411,0361,0681,0711,0061,1181,0061,098

1,3351,2041,212

New private

type of structun

2-4 units

125.0122.0109.591.180.0

113.5121.493.4

Seasonal

9610310610595869785807683

10711588

housing units

5 or more units

462.0429.0330.5287.7319.6522.0544.0576.1

ly adjusted annu

425599616538562519569562586572701

592678649

Unitsauthorized

1,800.51,551.81,190.6

985.51,000.51,605.21,681.81,740.8

al rates

1,6241,7411,7041,7781,7121,6941,7841,8081,6881,6611,873

1,9071,8031,856

Unitscompleted

1,867.51,870.81,501.61,265.71,005.51,390.31,652.2

T 1,703.3

1,7711,6911,6591,6351,7581,7221,7201,7781,5411,721

r 1,762

1,7741,725

New priv

Homes sold

817709545436412623639

r688

676698648684710745708681637

r722r729

736709903

ate homes

Homes forsale at end of

period 1

4143 398

336272251300356

r349

359356355355354351348350353

r353r349

353356339

Vacancy ratefor rental

housing units(percent) 2

5.05.45.45.05.35.75.96.5

6.3

6.2

6.8

6.7

6.9

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.

NOTE. — Beginning 1984, units authorized are for 17,000 permit-issuing places and for 1978-83data are for 16,000 places.

Source: Department of Commerce, Bureau of the Census.

19


BUSINESS SALES AND INVENTORIES—Manufacturing and TradeManufacturing and trade sales fell 1.1 percent in February and inventories were about unchanged. According toadvance data, retail sales fell 0.8 percent in March following a rise of 0.1 percent in February.

BILLIONS OF DOLLARS* (RATIO SCALE)650

550

500

450

350

300

250

150

.

y— •«•->...

—

—

iiiiiliiin1982

= =^MANUF/TRADE

,',"' M/

-- AN

Illllllllll1983

iCTURING AINVENTORY

--"V"~

kNUFACTURD TRADE SA

Illllllllll1984

NDS

NGLES

Illllllllll1985

—

—*

^~

—

—

Illllllllll1986

BILLIONS OF DOLLARS* (RATIO SCALE)200190

170160150

130

120

110

100

90

70

—

—

—

"•T^x*"**^

Illllllllll

s^' RETAI

^-•'"'

l|lllllllll

^— A\L INVENTOR

\RETAIL SA

Illllllllll

r~nES

A

LES

Illllllllll

—

^- —

—

—

Illllllllll

RATIO*1.80

1.60

1.40

1.20

1.00

_ INVEN1

v^n* V*

Illllllllll1982

FORY-SALEJ

RE

MAtt

Illllllllll1983

5 RATIO

TAIL

\ ....

^T"•JUFACTURIhUMD TRADE

Illllllllll1984

G

Illllllllll1985

—

—

^

Illllllllll1986

•SEASONALLY ADJUSTEDSOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

1978 r

1979 r

1980 T

1981 r

1982 T

1983 r

1984 '1985 T

1985: Peb r

Mar r.Apr r.May r

June r

July 'Aug r

Sept r.Oct r

Nov r

Decr

1986: Janr

Febp

Mar"

Manufacttra<

Sales 2

260,805298,334328,058356,919344,656368,724410,737424,091

418,218420,003424,616425,582418,543421,524428,015427,691425,689431,326432,797

431,957427,261

oring ande '

Invento-ries 3

399,608451,460494,105528,105509,555520,328575,098583,148

578,541579,123579,256578,037580,137580,318578,635578,742581,516582,381583,148

584,968584,853

Whol

Sales 2

66,66979,47293,704

102,01396,290

100,424113,404114,494

114,022113,759116,588116,712111,073113,301115,146114,344113,675115,762116,852

115,648113,235

esale

Invento-

Millions

86,40599,262

113,478118,259118,149120,265131,544135,940

132,917133,267133,203133,667134,931134,949134,869134,410134,810134,831135,940

136,624136,551

Total

of dollars,

67,23174,92679,96386,77789,33997,858

107,755114,495

111,935111,941114,519114,232113,599114,430116,276119,118114,785115,433116,861

117,349r 117,454

116,556

Sales *•

Durablegoodsstores

seasonally i

23,36825,52924,91427,08928,05933,04138,81742,851

41,34141,40042,98042,78742,44442,76844,20946,74842,35542,63143,882

44,187r43,88043,095

He

Nondura-ble goods

stores

idjusted

43,86349,39755,04959,68861,27964,81768,93971,645

70,59470,54171,53971,44571,15571,66272,06772,37072,43072,80272,979

73,162r 73,57473,461

tail

Total

102,694111,098116,346127,201126,497139,381157,845165,324

159,478159,685160,004159,470159,528160,333159,078160,302164,262165,557165,324

167,987169,066

Inventories 3

Durablegoodsstores

50,13654,10855,11760,32758,95266,92877,14282,875

78,27579,03379,07178,67979,14379,20578,04278,42581,66883,05682,875

84,75585,508

Nondura-ble goods

stores

52,55856,99061,22966,87467,54572,45380,70382,449

81,20380,65280,93380,79180,38581,12881,03681,87782,59482,50182,449

83,23283,558

Inventory-s

Manufac-turing

and

1.441.431.451.441.511.381.341.37

1.381.381.361.361.391.381.351.351.371.351.35

1.351.37

ales ratio 4

Retail

1.431.441.421.411.411.341.391.40

1.421.431.401.401.401.401.371.351.431.431.41

1.431.44

1 See page 21 for manufacturing.2 Monthly average for year and total for month.3 Book value, end of period, seasonally adjusted.4 For annual periods, ratio of weighted average inventories to average monthly sales; for monthly

data, ratio of inventories at end of month to sales for month.

20

Note.—Wholesale trade data revised beginning 1976; therefore, total manufacturing and tra<data revised beginning 1976.



MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERSIn February, manufacturers' shipments, inventories, and new orders fell, and unfilled orders rose. In March,according to advance data, durable goods shipments and new orders fell.

BULK

200j

160

120

80

60

40

BILLIC240

200

160

120

80

60

40

s

)NS OF DOL

— SHIPME

• ""«=a

— f

'"""**-»^

Illllllllll

3NS OF DOL

_NEWO

H i _i

~^^ *•x--'

lllllilllll1982

SEASONALLY ADJOURCE: DEPARTM

ARS* (RATIC

NTS

r— ••*

,

d** ""-*"'

Illllllllll

LARS* (RATIC

?DERS

Illllllllll1983

STEDNT OF COMMERC

) SCALE)

1 5 n

- TOTAL -

D

*—•-*"'*'*~

NONC

Illllllllll

) SCALE)

.^.«

TOTAL"

DU

,NOh

Illllllllll

1984

~^~ 1

URABLE GOC

3

" \"~URABLE GO

Illllllllll

RABLE GOOC

X>~~ '

—r-— \ —JDURABLE G

Illllllllll

1985

)DS

?DOS

Illllllllll

)S

-«

OODS

Illllllllll

1986

BILLK

360320280

24ft

200

160

120

80

60

40

RATI2.2

2.0

1.8

1.6

1.4

1.2

3NS OF DOL

— INVEN1

• ,

Illllllllll

O*

INVEN1

^""^^^J*^

—

||lll||||ll1982

LARS* (RATIC

FORIES

—

•-..—._.D

NOI-

iiiiiliiiu

"ORY-SHIPA

•x^^v

>

Illllllllll

1983

) SCALE)

r~r^TOTAL

-7 .....JRABLE GOC

DURABLE GC

llllllll|l|

ÊNTS RAT

_-ie~'*~^JL

f

Illllllllll

1984

)DS

DODS

Illllllllll

O

•îimliini

1985

COUNCIL OF ECC

•«

—

lllllllllH

r ~~iiiiiiiiiM1986

JNOMIC ADVISERS

Period

19781979198019811982198319841985

1985: FebMarAprMayJuneJulyAugSeptOctNovDee

1986: JanFeb"Mar"

Manufa

126,905143,936154,391168,129159,027170,441189,578195,102

192,261194,303193,509194,638193,871193,793196,593194,229197,229200,131199,084

198,960196,572

cturers' shipr

Durablegoods

67,84876,06077,55083,87276,69384,95198,502

103,649

101,724102,116102,068102,718102,657102,478105,311103,656106,479107,007105,777

105,874r 105,843103,656

nents 1

Nondura-ble goods

59,05767,87676,84184,25782,33485,49191,07691,452

90,53792,18791,44191,92091,21491,31591,28290,57390,75093,12493,307

93,08690,729

Manufa<

M.

210,509241,100264,281282,645264,909260,682285,709281,884

286,146286,171286,049284,900285,678285,036284,688284,030282,444281,993281,884

280,357279,236

turers' inven

Durablegoods

Jlions of do

137,891160,533174,620186,347175,103171,629191,109189,164

192,030192,355192,475191,546192,239192,163192,037191,930190,508190,284189,164

188,518187,644

tones2

Nondura-ble goods

lars, seasoi

72,61880,56789,66196,29889,80689,05394,60092,720

94,11693,81693,57493,35493,43992,87392,65192,10091,93691,70992,720

91,83991,592

M

rally adjust)

131,546147,403156,161167,752157,255173,259191,634195,803

193,057191,532191,081195,019198,261195,793198,782197,332195,381196,865201,213

201,399198,833

anufacturers

Durable

Total

3d

72,33979,45179,36083,55374,99687,631

100,611104,305

102,46799,54499,839

102,971106,780104,370107,661106,641104,495103,796107,531

108,459r 107,819105,073

new orders

goods

Capitalgoods

industries,non-

defense

19,45823,23123,25924,05020,68122,76427,01727,215

29,49327,20625,46125,59427,98426,68527,55429,24027,09225,78830,566

24,553r 28,91127,020

i

Nondura-ble goods

59,20767,95376,80184,19982,26085,62791,02491,499

90,59091,98891,24292,04891,48191,42391,12190,69190,88693,06993,682

92,94091,014

Manufac-turers'unfilledorders 3

259,770302,145323,393319,094296,918330,924355,640363,809

359,926357,151354,731355,112359,502361,502363,691366,794364,946361,680363,809

366,248368,509

Manufac-turers'inven-tory —

shipmentsratio 4

1.571.571.661.641.731.521.451.46

1.491.471.481.461.471.471.451.461.431.411.42

1.411.42

1 Monthly average for year and total for month. Shipments are the same as sales.2 Book value, end of period.3 End of period.

4 For annual periods, ratio of weighted average inventories to average monthly shipments; formonthly data, ratio of inventories at end of month to shipments for month.



PRICESPRODUCER PRICESIn March, the producer price index for all finished goods fell 1.1 percent, seasonally adjusted. Prices of finishedconsumer foods rose 0.3 percent, while prices of other finished consumer goods fell 2.3 percent. Prices of capitalequipment rose 0.3 percent.

INDEX, 1967=100 (RATIO SCALE)

340

320

300

280

260

240

220

200

180

INDEX, 1967=100 (RATIO SCALE)

340FINISHED

/"'''-;

i M"fi 1 1 1 1 1 11978

GOODS

*

'//

llillllllll

1979

T01

4

s'/S

•ft?

£c?

liinli mi1980

s

FAL FINISHEDGOODS ^

/" V~*"^*x

/ s"^~'s'>'/ »'*

''' x\~-CAPITAL EQL

llillllllll

1981

EASONALLY ADJUSTE

ccFY

•— ./ -^*f

L^fU*f^

r—f

IPMENT

llillllllll

1982

)

)NSUMER GOCCLUDING FOO

^^5

'%'

'

llillllllll

1983

)DSn<;

,g»iHS£££S

"X>>"'/\CONSUMER F

llillllllll

1984

— '"""1

"

_ ^

OODS *

llillllllll

1985

\

\.

llillllllll

1986

320

300

280

260

240

220

200

180

SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

[1967 — 100; monthly data seasonally adjusted]

Period

19781979198019811982198319841985"

1985: MarAprMayJuneJulyAugSeptOctNov r

Dec

1986: JanFebMar

Totalfinishedgoods

195.9217.7247.0269.8280.7285.2291.1293.8

292.0293.5294.2293.6294.3293.4291.8294.4296.4298.3

296.3291.7288.6

Con-sumerfoods

207.2226.2239.5253.6259.3261.8273.3271.2

272.4270.8268.6268.4270.9269.0266.4270.8273.7275.9

274.8270.5271.2

P

Total

190.7213.3247.8273.3285.8290.8294.8299.1

296.3298.9300.6299.7299.8299.3298.0300.1301.7303.4

301.2296.5292.1

Fin

nished go

Total

186.7211.5250.8276.5287.8291.4294.1297.4

294.0297.5299.7298.4298.4297.5296.3298.0300.0302.3

299.2292.4285.8

shed goods

ids excluding

Consumer gc

Durable

166.9183.2206.2218.6226.7233.1236.8241.5

240.4240.9241.4242.1242.1242.3239.8243.0243.8243.7

242.4242.6243.9

consumer foo

ods

Nondurable

200.0231.3283.9319.6333.6335.3337.3339.4

334.1340.1343.8340.7340.7339.0338.9339.3342.3346.5

342.0330.0317.5

Is

Capitalequip-ment

199.2216.5239.8264.3279.4287.2294.0300.5

299.3299.6300.0300.4300.7301.3299.7302.7303.4303.6

303.3303.5304.3

Totalfinished

con-sumergoods

194.9217.9248.9271.3281.0284.6290.3291.9

289.9291.9292.6291.6292.5291.2289.6292.1294.5296.7

294.3288.3284.1

Intern

Total

215.6242.2280.3306.0310.4312.3320.0318.7

318.6319.3320.0318.5317.8317.4317.2317.5318.6319.7

318.3313.8310.0

icdiate ma

Foodsand

feeds *

203.1226.1252.6250.3239.4247.9253.1232.7

238.4235.4231.5230.7229.7226.5224.9229.4232.3232.9

232.6229.2228.8

terials

Other

216.5244.4282.3310.1315.7317.1325.0325.0

324.5325.4326.5325.0324.3324.1323.9324.0325.0326.1

324.6320.0316.0

Cr

Total

234.4274.3304.6329.0319.5323.6330.8306.2

311.0307.3305.6303.8303.0296.1293.1302.2308.0307.4

303.2288.1279.9

jde mater

Food-stuffsand

feed-stuffs

216.2247.9259.2257.4247.8252.2259.5235.0

241.4235.1231.6230.6229.5221.6217.7231.0240.8239.7

233.5225.1222.9

als

Other

272.3330.0401.0482.3473.9477.4484.5459.7

461.0462.9464.9461.2461.1456.1454.9455.4453.1453.7

453.4424.1403.3

1 Intermediate materials for food manufacturing and feeds. jartment of Labor, Bureau of Labor Statistics.

22


CONSUMER PRICES—ALL URBAN CONSUMERSIn March, the consumer price index for all urban consumers fell 0.4 percent, seasonally adjusted (it fell 0.5 percentnot seasonally adjusted). The index was 2.3 percent above its year-earlier level.

INDEX, 1967 =100 (RATIO SCALE) INDEX, 1967= 100 (RATIO SCALE)

220

200

180

SEE NOTE ON TABLE BELOW

SOURCE^ DEPARTMENT OF LABOR

1986

COUNCiL OF ECONOMIC ADVISERS

[1967=100, except as noted; monthly data seasonally adjusted, except as noted by NSA]

Rel. imp.3

197819791980198119821983198419851985: Mar

AprMayJuneJulyAugSeptOctNovDec

1986: JanFebMar

Allitems 1

NSA

wo.o195.4217.4246.8272.4289.1298.4311.1322.2318.8320.1321.3322.3322.8323.5324.5325.5326.6327.4328.4327.5326.0

18.5211.4234.5254.6274.6285.7291.7302.9309.8308.6308.7308.4309.1309.2309.6310.7311.1313.2315.2315.9313.8314.1

Total '

37,9202.8227.6263.3293.5314.7323.1336.5349.9345.3346.5348.4349.4350.3351.7352.2353.3355.2356.2357.1356.8357.5

22.3210.4239.7281.7314.7337.0344.8361.7382.0374.7376.4379.7381.1383.1385.3386.1387.9390.5391.9393.3394.8397.3

Hou

She

Renters'

1982=100)

7.3

103.0108.6115.4113.2113.7114.7115.3115.8116.3116.7117.5118.2118.5118.8119.2119.8

sing

Her

Home-owners'

costs (Dec.1982 = 100)

14.4

102.5107.3113.1111.0111.5112.6112.9113.6114.3114.5114.9115.7116.2116.6117.0118.0

Mainte-nanceand

repairs

NSA

0.5233.0256.4285.7314.4334.1346.3359.2368.9370.0368.0366.2367.6367.8370.6368.7368.5372.7373.7379.1379.6367.5

Fueland

otherutilities

8.1216.0239.3278.6319.2350.8370.3387.3393.6391.2392.8392.8394.7394.2393.6394.4393.7395.4396.5397.2392.4388.4

Appar-

upkeep

5.0

159.6166.6178.4186.9191.8196.5200.2206.0205.1205.4205.3205.9205.6205.9206.8207.7208.4208.3207.7206.6206.3

Tr

Total '

21.4185.5212.0249.7280.0291.5298.4311.7319.9319.0320.9320.2320.2320.3319.8319.3320.5322.6323.9325.5320.9311.8

ansportati

New-cars

3.4153.8166.0179.3190.2197.6202.6208.5215.2213.7214.1214.5215.0215.2215.7216.2217.0217.7218.4218.6219.5219.9

on

Motorfuel

5.5

196.3265.6369.1410.9389.4376.4370.7373.8367.9374.3377.7378.8379.1377.4375.2374.3377.4379.4380.1357.2314.8

Medicalcare

6.5219.4239.7265.9294.5328.7357.3379.5403.1395.4397.5399.8402.6404.3406.6409.0410.9413.0415.7417.5420.4424.5

Ener-gy 2

11.3220.4275.9361.1410.0416.1419.3423.6426.5423.2428.0429.7430.3429.4427.6426.8425.8428.4430.3430.8414.3387.5

All itemsless

food,energy,

andshelter

48.0179.1191.5208.3228.1245.6258.4271.2281.6279.6280.3280.2280.9281.4282.1282.6284.1285.4286.2287.5288.0288.6

1 Includes items not shown separately.2 Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,

etc. also included through 1982.3 Relative importance, December 1985.

NOTE.—Data beginning 1983 incorporate a rental equivalence measure for homeownership costsand therefore are not strictly comparable with figures for earlier periods.



CHANGES IN PRODUCER PRICES FOR FINISHED GOODS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]

Period

19781979198019811982198319841985"

1985: MarAprMayJuneJulyAugSeptOctNov 'Decr

1986: JanFeb '.Mar

Cha

Totalfinishedgoods

Cha

9.212.811.87.13.7.6

1.71.8

Cl

0.0.5.2

-.2.2

-.3— .5

.9

.7

.6

-.7— 1.6-1.1

nge from pr

Consum

Foods

nge, Dec.

11.77.47.51.42.12.33.5.3

ange, mon

-0.4-.6-.8— .1

.9-.7

-1.01.71.1.8

-.4-1.6

.3

eceding peru

r goods

Exclud-ing foods

o Dec., N

8.517.514.28.54.2-.8

.82.1

th to mont

0.21.2.7.4

0.3

-.4.6.7.8

-1.02.3

-2.3

d

Capitolequip-ment

3A

7.98.8

11.49.23.91.91.82.7

h

0.2.1.1.1.1.2

-.51.0.2.1

_ !.1.3

Change

Totalfinishedgoods

0.12.23.22.21.1

-1.1-2.4

.14.29.2

2.6-6.212.4

from 3 month

Consum

Foods

-3.3-4.2-7.1-5.7

.1

.6-2.9

.17.2

15.0

6.0-4.6-6.6

s earlier, aim

r goods

Excludingfoods

0.84.78.96.11.2

-2.92.8-.53.48.3

1.6-9.820.1

ial rate

Capitalequipment

5.13.81.91.51.51.7

-.92.72.85.3

.8

.1

.9

Change

Totalfinishedgoods

0.51.71.61.01.71.0

— .1.6

1.53.2

1.4-1.2-2.2

from 6 mont]

Consum

Foods

-1.2-2.1-3.8-4.5-2.0-3.3-4.4

03.85.7

2.91.13.6

s earlier, aim

r goods

Excludingfoods

0.52.83.62.62.92.81.6.3.2

2.6

.5-3.4-7.0

ual rate

Capitalequipment

2.43.12.83.32.61.8.3

2.12.32.1

1.71.53.1

Changefromyear

earlier,total

finishedgoods

NSA

7.811.113.59.24.01.62.1

.9

.2

.71.01.1.9.8.2

1.11.41.8

1.4-.1

-1.4


CHANGES IN CONSUMER PRICES—ALL URBAN CONSUMERS[Percent change from preceding period; monthly data seasonally adjusted, except as noted by NSA]

Period

19781979198019811982198319841985


1886: JanPebMar

Allitems *

9.013.312.48.93.93.84.03.8

0.5.3.2.2.2.2.2.4.6.4

.3— .4-.4

Food

11.810.210.24.33.12.63.82.7

0.1.01

.2

.0.1.4.1.7.6

.2Y.1

Total1

9.915.213.710.23.63.54.24.3

0.4.3.5.3.3.4.1.3.5.3

.3— .1

.2

Total'

11.517.415.19.92.44.75.26.0

0.4.5.9.4.5.6.2.5.7.4

.4

.4

.6

Housing

Shelter

Rent-

costs

0

5.15.96.3

0.5.4.9.5.4.4.3.7.6.3

.3

.3

.5

Home-

costs

lange, D

4.55.15.9

Cha

0.3.5

1.0.3.6.6.2.3.7.4

.3

.3

.9

Fueland

otherutili-ties

ecember

5.916.013.614.59.71.84.21.9

nge, mo

0.6.4

0.5

-.1.2.2

-.2.4.3

.2-1.2-1.0

Ap-parelandup-keep

to Dec

3.2 n

5.56.83.61.62.92.02.9

nth to n

0.4.1.0.3

— .1.1.4.4.3

-.0

.3-.5— .1

Tr

Total '

?mber, ft

7.718.214.711.01.73.93.12.6

lonth

0.9.6

-.20

.0.2

-.2.4.7.4

.51.4

-2.8

msportati

Newcars

SA

6.27.47.56.81.63.42.43.5

0.3.2.2.2.1.2.2.4.3.3

.1

.4

.2

on

Motorfuel

8.552.218.99.46.5

-1.72.43.0

2.71.7.9.3.1

— .4-.6-.2

.8

.5

.2-6.0

-11.9

Medi-calcare

8.810.110.012.511.06.46.16.7

0.8.5.6.7.4.6.6.5.5.7

.4

.71.0

Ener-gy2

8.037.418.111.91.3

-.5.2

1.8

1.51.1.4.1.2

-.4-.2-.2

.6

.4

.1-3.8-6.5

Allitemsless

food,energy,

andshelter

6.57.29.99.46.15.04.43.7

0.4.3

-.0.2.2.2.2.5.5.3

.5

.2

.2

Adden

Fromprevi-

ous

3.2

4.0

2.6

4.3

1.5

dum: All ite(annul

From3

monthsearlier

4.04.64.23.32.62.62.43.14.55.3

5.11.2

-1.9

us, percentIrate)

From6

monthsearlier

3.53.63.63.63.63.42.82.93.63.8

4.12.91.6

hange

Fromyear

earlier

NSA

7.711.313.510.46.13.24.33.6

3.73.73.73.73.63.43.23.23.63.8

3.93.22.3

1 Includes items not shown separately.2 Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,

etc., also included through 1982.3 Quarterly changes are shown in the last month o! the quarter.

NOTE.—Data beginning January 1983 incorporate a rental equivalence measure for homeowner-ship costs and therefore are not strictly comparable with data for earlier periods.


24


PRICES RECEIVED AND PAID BY FARMERSPrices received by farmers fell 0.8 percent in March. Prices paid by farmers were unchanged in February (the latestmonth for which data are available).

INDEX, 1977= 100 (RATIO SCALE)

180

160

140

120

100

80

60

PRICES PAID

PRICES RECEIVED -

I l l l l l l l l l l I l l l l l l l l l l

INDEX, 1977= 100 (RATIO SCALE)

180

160

140

120

100

80

60I l l l l l l l l l l

60 60

1978 1986

i/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.

SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS

[1977 = 100]

Period

197819791980198119821983198419851985: Mar


1986: JanFeb r

Mar

Pri

All farmproducts

115132134139133135142129134132130128127122121123127128124122121

ses received by farm

ps

105116125134121128139121128126126123123115112111116118113111111

ers

Livestock andproducts

124147144143145141146136141136134134130128128134138137135133131

rAll commodities,

services,interest, taxes,

and wage rates '

108123138150157160164163164164164164163162162162162162163163(a)

rices paid by farmer

Productionitems, interest,

taxes, and wagerates

109125139151155159161157159159159158156156155154155155156155(3)

s

Productionitems

108125138148150153155151153153152151150149148148149149150149(3)

Ratio2

106107979385848679828079787875757678797675

"74

1 Includes items not shown separately.2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes,

and wage rates.3 Not available.

4 Derived using prices paid index for February.

NOTE.—The official indexes are published on a 1910-14 base as required by taw. The indexeshave been converted to a 1977= 100 base to facilitate comparison with other indexes.

Source: Department of Agriculture.

25


MONEY, CREDIT, AND SECURITY MARKETSMONEY STOCK, LIQUID ASSETS, AND DEBT MEASURESGrowth in Ml accelerated in March, while growth in M2 and M3 was little changed.

BILUONS OF DOLLARS*(RATIO SCALE)3,400

BILLIONS Of DOLLARS*(RATIO SCALE)3,400

300 300

• AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED

SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1985 1986


[Averages of daily figures, except as noted; billions of dollars, seasonally adjusted]

Period

1978: Dec1979: Dec1980: Dec1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec '

1985: MarAprMayJuneJulyAugSeptOcfNov r

Dec'

1986: Jan 'Febr

Mar"

Ml

Sum of currency,demand deposits,travelers' checks,

and othercheckable

deposits (OCDs)

363.0388.7414.2441.1479.9527.1558.5626.6

572.2575.7582.5590.9596.2604.8611.5614.2620.1626.6

627.2631.0638.4

M2

Ml plus overnightHPs and

Eurodollars,MMMF balances(general purpose

and broker/dealer),MMDAs, and

savings and smalltime deposits

1,388.91,497.51,630.31,792.81,952.62,186.02,373.82,565.8

2,429.42,434.42,451.92,479.02,496.12,515.42,529.52,538.32,550.72,565.8

2,569.02,576.62,590.3

M3

M2 plus largetime deposits,

term RPs, termEurodollars, andinstitution-only

MMMF balances

1,646.41,803.21,987.42,233.62,443.52,697.32,986.63,200.9

3,046.63,052.03,069.93,098.03,113.33,131.43,151.53,166.23,181.33,200.93,224.73,240.83,258.6

L

M3 plusother liquid

assets

1,909.02,114.82,323.32,593.72,850.13,163.53,532.33,837.6

r3,611.9r3,617.4r3,636.4r3,665.7r3,683.8r3,711.7r3,740.53,762.43,799.33,837.6

3,860.63,879.4

Debt

Debt ofdomestic

nonfinancialsectors

(montnlyaverage) l

3,169.53,554.53,894.64,269.64,661.15,191.95,951.96,802.1

6,131.76,194.56,259.06,323.56,392.5

r6,461.9'6,526.86,594.06,680.76,802.1

6,905.96,965.0

Perce

Ml

8.37.16.66.58.89.86.0

12.2

8.09.7

10.511.912.212.914.213.813.312.4

10.78.99.0

nt changemonths

M2

8.07.88.9

10.08.9

12.08.68.1

10.69.89.09.18.27.98.48.78.27.1

5.94.94.9

from yearearlier 2

M3

11.89.5

10.212.49.4

10.410.77.2

10.28.87.97.66.76.57.07.67.46.8

7.37.16.9

or 6

Debt

13.312.19.69.69.2

11.414.614.3

14.414.213.512.912.813.113.313.313.915.7

16.716.2

I M_

NOTE.—See p. 27 for components.

Source: Board of Governors of the Federal Reserve System

1 Consists of outstanding credit market debt of the U.S. Government, State and local govern-ments, and private nonfmancial sectors; data from flow of funds accounts.

2 Annual changes are from December to December and monthly changes are from 6 months earli-er at a seasonally adjusted annual rate.

26


COMPONENTS OF MONEY STOCK AND LIQUID ASSETS[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted by NSA]

Period

1978: Dec1979: Dec1980: Dec1981: Dec1982: Dec1983: Dec1984: Dec1985: Dec

1985:MarAprMavJuneJulyAugSeptOctNovDec

1986:Jan *Feb r.Mar "

Cur-rcncv

97.6106.4116.7124.1134.3148.3158.5170.6

161.3161.9163.2164.4165.3166.9167.7168.7169.8170.6

171.9172.9173.9

De-mand

de-posits

253.5261.1265.3234.6237.9242.7248.4271.5

251.4251.8255.4259.0260.4263.1266.4266.0267.8271.5

268.9269.1273.1

Othercheck-

abledepos-

its(OCDs)

8.517.428.078.0

103.4131.3146.3178.6

154.1156.5158.4161.8164.8169.0171.5

r!73.7r 176.7r 178.6

180.5183.1185.2

Over-nightrepur-chaseagree-ments(RI's),

net, plusover-nightEuro-dollars

NSA

20.321.228.335.938.853.856.369.4

63.357.861.360.860.763.664.164.6

r65.8r69.4

67.967.765.6

Moneymutua

baia

Gener-al

pur-poseand

broker/dealer

NSA

6.433.461.6

150.6185.2138.2167.5176.5

177.6176.2172.2175.4175.8176.8176.7177.0176.8176.5

177.7180.9185.8

market1 fundaces

Insti-tutiononly

NSA

3.19.5

15.238.051.143.262.764.6

59.559.663.567.165.063.662.363.364.564.6

67.367.770.3

Moneymarketdeposit

accounts(MMDAs)

NSA

0.0.0.0.0

43.2379.2417.0512.0

460.2462.5466.4478.1487.2495.2499.8

r 504.1r 509.5r512.0

515.7516.3520.4

Sav-ings

depos-its

482.0423.9401.4344.8357.9306.6289.7303.6

289.7289.0290.8293.6296.7299.7300.3302.3303.7303.6

304.0304.9306.9

Smalldenom-ination

timedepos-i t s '

521.5635.3730.2825.1852.8785.2887.5880.3

885.0887.6889.5890.3888.0880.9878.3875.7876.0880.3

886.0890.9895.1

Largedenom-ination

timedepos-

itS '

195.1222.1259.0301.8327.8329.9413.9436.5

421.0425.9425.0422.7418.3421.0425.6429.7432.9

r436.5

447.8451.1450.3

Termrepur-chaseagree-ments(RPs)

SSA

26.629.534.036.034.551.862.265.7

58.759.857.757.155.757.158.559.563.065.7

68.570.371.4

TermEuro-dollars(net)

NSA

31.844.750.367.581.791.583.177.6

84.780.981.479.278.880.080.279.4

r79.5r77.6

77.580.081.4

Sav-ings

oonds

80.379.672.367.868.071.274.379.5

75.375.776.176.576.777.278.078.579.079.5

79.980.5

Short-term

Treas-ury

securi-ties

81.1107.8133.4149.6184.4214.9266.0306.7

274.8276.0277.4282.6279.9278.1281.3281.4299.5

r 306.7

303.9307.1

Bank-ers'

accept-ances

22.027.232.139.944.344.543.641.1

46.345.944.542.842.242.242.543.943.141.1

41.542.1

rCom-mercialpaper

79.297.098.1

102.8109.9135.6161.8209.5

r 169.0r 167.7

168.6r 165.7r!71.6' 182.9r 187.2' 192.5r 196.4r 209.5

210.6208.9

CONSUMER INSTALLMENT CREDIT[Millions of dollars; seasonally adjusted]

Period

1976:Dec r

1977:Dec '1978:Dec r

1979:Dec r

1980:Dec r

1981:Dec r

1982:Dec r

1983:Decr

1984:Dec r

1985:Dec r

1985: Jan r

Feb r

Mar T

Apr r

Mav r

June r

July r

Aug r

Sept r

Oct r

Nov r

Decr

1986: Jan 'Feb"«

Ins

Total

187,782221,475261,976296,483297,667314,321327,173376,239453,580535,098

459,843466,690474,989482,532488,862403,253500,039506,090516,420522,978528,621535,098

542,753547,727

tallment credit

Automobile

66,82180,94898,739

112,475112,255120,020125,369145,908173,122206,482

175,845178,251181,514184,526187,533189,459191,201192,923198,656201,994203,766206,482

210,661213,196

outstanding

Revolving

16,59536,68945,20253,35754,89460,75066,00778,36998,514

118,296

100,263102,373105,297107,417108,372109,260110,904112,373113,850115,218117,050118,296

119,682120,722

(end of perio

Mobilehome

15,73816,36216,92118,20719,11920,38220,99822,19424,18425,461

24,13924,36024,46824,57024,67024,76825,01525,17325,34125,32025,31525,461

25,37125,564

d)

Other

88,62887,476

101,114112,444111,399113,169114,799129,768157,760184,859

159,596161,706163,710166,019168,287169,766172,919175,621178,573180,446182,490184,859

187,039188,245

Net

Total

20,73933,69340,50134,507

1,18416,65412,85249,06677,34181,518

6,2636,8478,2997,5436,3304,3916,7866,051

10,3306,5585,6436,477

7,6554,974

change in in

Automo-bile

9,83214,12717,79113,736-2207,7655,349

20,53927,21433,360

2,7232,4063,2633,0123,0071,9261,7421,7225,7333,3381,7722,716

4,1792,535

stallment ere

Revolving

2,08820,0948,5138,1551,5375,8565,257

12,36220,14519,782

1,7492,1102,9242,120

955888

1,6441,4691,4771,3681,8321,246

1,3861,040

dit outstandir

Mobilehome

350624559

1,286912

1,263616

1,1961,9901,277

-4522110810210098

247158168

-21-5146

-90193

g1

Other

8,469-1,15213,63811,330

-1,0451,7701,630

14,96927,99227,099

1,8362,1102,0042,3092,2681,4793,1532,7022,9521,8732,0442,369

2,1801,206

1 For year-end data, change from preceding year-( id; for monthly data, change from preceding


BANK LOANS AND SECURITIES, AND RESERVESCommercial and industrial loans rose 1.4 percent in March.

— ALL COMMERCIAL BANKS

BILLIONS OF DOLLARS * (RATIO SCALE)2,0001,8001,6001,400

1,200

1,000

800

600

400

200

160

120

601978 1979 1980

-LOANS AND LEASES

BILLIONS OF DOLLARS * (RATIO SCALE)

2,0001,8001,6001,400

1,200

1,000

800

U.S. GOVERNMENT SECURITIES

OTHER SECURITIES

1981 1982 1983 1984 1985

600

400

200

160

120

80

601986

' SEASONALLY ADJUSTED.SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars, seasonally adjusted, except as noted]

Period

1978: Dec1979: Dec1980: Dec1981: Dec1982: Dec1983: Dec1984: Dec1985: Dee1985: Mar


1986: JanFeb"Mar"

Total loansand

securities

1,013.81,135.41,239.71,307.41,400.51,553.01,716.81,895.51,761.61,768.81,788.51,802.71,819.01,828.81,841.31,844.41,869.61,895.51,919.61,926.21,941.5

Al

Loans a

Total 2

746.9849.1914.5967;4

1,032.81,122.71,316.51,450.31,355.61,367.11,380.01,391.01,402.11,409.21,416.91,419.71,433.91,450.3

r 1,465.41,470.51,493.0

commercial ban

nd leases


loans

246.1291.1326.9355.1391.5412.8469.0493.9481.2481.9484.3484.3484.1485.7487.2487.0490.6493.9

r 494.2495.3502.1

L S 1

U.S.Government

securities

137.6144.4170.9179.6202.7260.8260.3270.7267.1261.4266.3267.1271.6271.4273.1270.0275.0270.7264.6270.8268.0

129.2141.9154.4160.4165.0169.6140.0174.5138.9140.2142.2144.5145.4148.2151.3154.8160.7174.5189.6184.9180.5

R

res

Total

27.9129.2031.0432.1034.2836.1439.0845.1940.4740.7141.3242.1842.6143.1943.5143.6544.3845.1945.3745.8246.33

Depo

jserves adjustfor changes ierve reqmrem

borrowed

27.0427.7329.3531.4633.6535.3635.9043.8738.8839.3939.9940.9741.5042.1242.2242.4642.6443.8744.5944.9345.57

itory institutio

3dients

Required

27.6728.7630.5231.7833.7835.5838.2344.1339.7139.9740.5241.2741.7542.3742.8442.9043.4544.1344.2544.7245.43

ns 3

Borrc(millions

unad

Total

8681,4731,690

636634774

3,1861,3181,5931,3231,3341,2051,1071,0731,2891,1871,7411,318

770884761

wingsof dollars,usted)

Seasonal

13581

116543396

1135688

13516515116722120317210756365668

1 Data are prorated averages of Wednesday figures for domestically chartered banks and averag>of month-end data for foreign-related institutions.

2 Excludes loans to commercial banks in the United States.3 Data are averages of daily figures.

NOTE.—Data beginning January 1984 are not strictly comparable with data for earlier periods,rgely because beginning January 1984 certain obligations of States and political subdivisions arecluded in loans rather than in other securities.


28


SOURCES AND USES OF FUNDS, NONFARM NONFINANCIALCORPORATE BUSINESS


Period

19781979198019811982198319841S85"

1984: InmIV

1985: InmIV

Total

324.5354.0348.6380.8329.4435.1511.3473.5

532.6521.1462.7528.7

423.9462.9481.5525.5

Internal l

182.3197.6200.1239.5242.3288.1338.1370.4

324.8334.4343.9349.6

358.3364.6382.7376.1

Total

142.2156.5148.5141.387.1

147.0173.1103.1

207.8186.7118.8179.1

65.698.398.8

149.4

Sources

Cr

Total

81.088.293.092.283.584.7

115.475.3

113.992.585.2

169.8

64.874.256.0

106.3

External

edit market fu

Securitiesand

mortgages

33.321.052.121.844.057.3

-11.211.7

-27.8-57.6

.540.3

-13.431.611.217.5

nds

Loans andshort-term

paper

47.767.340.970.439.527.4

126.563.6

141.7150.184.7

129.5

78.242.644.888.8

Other 2

61.368.255.549.2

3.662.357.827.8

93.894.333.6

9.4

.724.042.943.1

Total

309.0362.5341.6349.6283.6395.1457.6430.9

491.9468.1394.5476.0

390.5418.8441.8472.2

Uses

Capitalexpendi-tures 3

216.9238.3244.1286.3256.3271.4376.3367.2

356.6381.8385.5381.1

356.7366.0365.5380.8

Increase infinancial

assets

92.0124.397.563.327.3

123.881.463.7

135.386.39.0

94.9

33.852.876.391.4

Discrepancy(sources less

uses)

15.5-8.5

7.031.245.840.053.642.6

40.753.068.252.6

33.544.039.753.3

1 Undistributed profits {after inventory valuation and capital consumption adjustments), capita!consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retainedabroad.

2 Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.

3 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.Government.


CURRENT ASSETS AND LIABILITIES OF NONFINANCIALCORPORATIONS

[Billions of dollars, except as noted]

End of period

QFR-FRB series: 2

19781979198019811982198319841983: m

IV1984: I

nmIV

1985: Inm"

Total

1,043.71,214.81,328.31,419.61,437.11,575.91,703.0

1,537.31,575.91,619.51,650.01,685.91,703.01,715.91,725.21,750.5

Cash

105.5118.0127.0135.6147.8171.8173.6155.0171.8167.6164.9161.3173.6167.9170.6178.6

Curren

Govern-

securities

17.216.718.717.723.031.036.227.531.035.437.233.036.234.734.131.1

assets

Notes andaccounts

receivable

388.0459.0507.5532.5517.4583.0633.1567.5583.0606.4622.6639.1633.1647.4648.5653.2

Invento-

431.8505.1543.0584.0579.0603.4656.9600.8603.4622.2632.5659.3656.9664.7663.7670.1

Othercurrentassets

101.1116.0132.1149.7169.8186.7203.2

186.6186.7187.9192.9193.2203.2201.1208.3217.4

C

Total

669.5807.3890.6971.3986.0

1,059.61,163.6

1,040.21,059.6

1,093.11,126.31,155.01,163.6

1,171.51,176.01,203.8

urrent liabilitie

Notes andaccountspayable

383.0460.8514.4547.1550.7595.7647.8

571.0595.7601.9623.4642.2647.8

635.3647.3664.2

s

Othercurrent

liabilities

286.5346.5376.2424.1435.3463.9515.8469.2463.9491.2502.9512.9515.8536.2528.7539.5

Networkingcapital

374.3407.5437.8448.3451.1516.3539.5497.1516.3526.5523.7530.8539.5544.4549.3546.7

ratio l

1.5591.5051.4921.4621,4581.4871.4641.4781.4871.4821.4651.4601.4641.4651,4671.454

1 Total current assets divided by total current liabilities.2 Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corpo-

•ations, 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.

Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureauof the Census), and Federal Trade Commission.


INTEREST RATES AND BOND YIELDSInterest rates fell in April.

PERCENT PER ANNUM PERCENT PER ANNUM

SOURCE' SEE TABLE BELOW COUNCIL OF ECONOMIC ADVISERS

[Percent per annum]

Period

198019811982198319841985


1986: JanFebMar r

Apr"

Week ended:1986: Apr 5

121926

May 3

U.S. T

3-month bills(new issues) l

11.50614.02910.6868.639.587.48

8.578.007.567.017.057.187.087.177.207.07

7.047.036.596.06

6.356.195.845.866.08

reasury security

Constant ir

3-year

11.5514.4412.9210.4511.899.64

11.0510.499.759.059.189.319.379.258.888.40

8.418.107.306.86

7.036.826.596.94

yields

aturities 2

10-year

11.4613.9113.0011.1012.4410.62

11.8611.4310.8510.1610.3110.3310.3710.249.789.26

9.198.707.787.30

7.397.317.107.35

High-grademunicipal

bonds(Standard &

Poor's) 3

8.5111.2311.579.47

10.158.18

9.799.489.088.788.909.189.379.248.648.51

8.067.447.07

7.217.337.287.34

CorporateAaa bonds(Moody's) 4

11.9414.1713.7912.0412.7111.37

12.5612.2311.7210.9410.9711.0511.0711.0210.5510.16

10.059.679.008.77

8.748.758.668.90

Primecommercial

paper,6 months 1

12.2914.7611.898.89

10.168.01

9.238.477.887.387.577.747.867.797.697.62

7.627.547.086.47

6.826.536.306.34

Discount rate(N.Y. F.K.

Bank)5

11.7713.4111.028.508.807.69

8.00-8.008.00-8.008.00-7.507.50-7.507.50 7.507.50-7.507.50-7.507.50-7.507.50-7.507.50-7.50

7.50-7.507.50 7.507.50-7.007.00-6.50

7.00-7.007.00 7.007.00-7.007.00-6.506.50-

Prime ratecharged by

hanks 5

15.2718.8714.8610.7912.049.93

10.50-10.5010.50-10.5010.50-10.0010.00- 9.509.50- 9.509.50- 9.509.50- 9.509.50- 9.509.50 9.509.50- 9.50

9.50- 9.509.50- 9.509.50- 9.009.00 8.50

9.00- 9.009.00- 9.009.00- 9.009.00- 8.508.50-

New-homemortgage

yields(FHLBB) «

12.6614.7015.1412.5712.38

11.9212.0512.0111.7511.3411.2411.1711.0911.0110.94

10.89r 10.68

10.48

1 Bank-discount basis.2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury De-

partment.3 Weekly data are Wednesday figures.4 Series excludes public utility issues for January 17, 1984 through October 11, 1984 due to lack

of appropriate issues.

5 Average effective rate for year; opening and closing rate for month and week.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.

Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Feder-al Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.


COMMON STOCK PRICES AND YIELDSStock prices rose in April.

INDEX, DEC. 31, 1965 = 50

140

130 I—

INDEX, DEC. 31, 1965=50

1978

PERCENT

20

15

10

— 70

60

— 50

40

PERCENT

20

— /•

1 1 11978

SOURCES: NEW YORK

r "

i ' i1979

STOCK EXCHANGE A

EARNINC

'V_^1 1 '

1980^D STANDARD & POO

3S-PRICE RATIC(S

~^1

1 ' 11981

R'S CORPORATION

) ON COMMO&P)

K'V

1 1 11982

N STOCKS

• ^ "

1 ' '1983

^^»^~ ~-

| | |

1984

^

I I I 1 1 11985 1986COUNCIL OF ECONOMIC ADVISERS

15

10

Period

198019811982198319841985


1986: JanFebMar *Apr"

Week ended:1986: Mar 22

29Apr 5

121926

NCT

Composite

68.1074.0268.9392.6392.46

108.09

103.92104.66107.00109.52111.64109.09106.62107.57113.93119.33

120.16126.43133.97137.34

135.45136.29135.27134.90138.72139.85

p York Stock EM

Industrial

78.7085.4478.18

107.45108.01123.79

119.64119.93121.88124.11126.94124.92122.35123.65130.53136.77

137.13144.03152.75157.34

154.76155.93154.38154.27158.91160.59

Co

hange indexes (TJ

tion

60.6172.6160.4189.3685.63

104.11

98.3096.4799.66

105.79111.67109.92104.96103.72108.61113.52

115.72124.18128.66126.30

129.26130.52127.72124.98126.49127.19

nmon stock price

ec. 31, 1965 = 5

Utility

37.3538.9139.7547.0046.4456.75

53.9155.5157.3259.6159.6856.9955.9355.8459.0761.69

62.4665.1868.0669.48

68.1168.3968.9868.4470.2070.31

s 1

O ) 2

Finance

64.2573.5271.9995.3489.28

114.21

107.59109.39115.31118.47119.85114.68110.21112.36122.83128.86

132.36142.13153.94155.30

156.02155.82154.30153.56157.37156.89

Dow-Jonesindustrialaverage 3

891.41932.92884.36

1,190.341,178.481,328.23

1,268.831,266.361,279.401,314.001,343.171,326.181,317.951,351.581,432.881,517.02

1,534.861,652.731,757.351,808.15

1,785.491,798.461,781.921,773.671,831.671,836.76

Standard &Poor's

compositeindex (1941-

43 = 10)4

118.78128.05119.71160.41160.46186.84

179.42180.62184.90188.89192.54188.31184.06186.18197.45207.26

208.19219.37232.33238.05

235.19236.58234.18233.67240.53242.64

Common sti(perce

Dividend-price ratio

5.265.205.814.404.644.25

4.374.374.314.214.144.234.324.284.063.88

3.903.723.50

3.453.433.463.493.373.38

jck yieldsat)5

Earnings-price ratio

12.6611.9611.608.03

10.02

9.07

8.12

8.03

1 Average of daily closing prices.2 Includes all the stocks (more than 1,500) listed on the NYSE.3 Includes 30 stocks.4 Includes 500 stocks.6 Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnings-

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 Cor-poration.


FEDERAL FINANCEFEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 6 months of fiscal 1986, there was a deficit of $136.3 billion compared with a deficit of $130.0 billiona year earlier.

BILLIONS OF DOLLARS1,000

900

800

700

600

500

400

RECEIPTS AND OUTLAYS y

BILLIONS OF DOLLARS

1,000

" OUTLAYS

RECEIPTS

900

800

700

600

500

400

-200

-100

-200

1978 1979 1980 1981 1982 1983 1984 1985 1986 1987

!/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.

SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

FISCAL YEARS


[Billions of dollars]

Fiscal year or period

19751976Transition quarter197719781979

19801981198219831984

19851986 1

1987 1

Cumulative total, first 6months:

Fiscal year 1985Fiscal year 1986

Receipts

279.1298.1

81.2355.6399.6463.3

517.1599.3617.8600.6666.5

734.1777.1850.4

340.3356.9

Total

Outlays

332.3371.8

96.0409.2458.7503.5

590.9678.2745.7808.3851.8

946.3979.9994.0

470.3493.2

Surplusor deficit

(-)

-53.2-73.7

14.7-53.6

59.2-40.2

-73.8-78.9

-127.9-207.8-185.3

-212.3-202.8-143.6

-130.0-136.3

Receipts

216.6231.7

63.2278.7314.2365.3

403.9469.1474.3453.2500.4

547.9579.2636.1

252.1262.4

On-budget

Outlays

271.9302.2

76.6328.5369.1403.5

476.6543.0594.3661.2686.0

769.5795.2795.4

382.2405.1

Surplusof deficit

(-)

-55.3-70.5

13.3-49.7

54.9-38.2

-72.7-73.9

120.0-208.0

185.6

-221.6-216.0-159.3

-130.1- 142.7

Receipts

62.566.418.076.885.498.0

113.2130.2143.5147.3166.1

186.2197.9214.3

88.194.5

Off-budget

Outlays

60.469.619.480.789.7

100.0

114.3135.2151.4147.1165.8

176.8184.7198.6

88.188.1

Surplusor deficit

(-)

2.0-3.2-1.4-3.9-4.3-2.0

-1.15.0

-7.9.2.3

9.413.215.7

.16.4

Gross Fee(end of

Total

544.1631.9646.4709.1780.4833.8

914.31,003.91,147.01,381.91,576.7

1,827.52,112.02,320.6

1,715.11,991.1

eral debtperiod)

Held bythe public

396.9480.3498.3551.8610.9644.6

715.1794.4929.4

1,141.81,312.6

1,509.91,714.01,855.7

1,418.61,637.5

1 Estimates.NOTE.—Data from Budget of the United States Government, Fiscal Year 1987, Office of Man-

agement and Budget, except cumulative monthly totals from Monthly Treasury Statement.

Sources: Department of the Treasury and Office of Management and Budget.

32


FEDERAL RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first 6 months of fiscal 1986, receipts were $16.6 billion higher than a year earlier and outlays were $22.9billion higher.

BILLIONS OF DOLLARS

400_ RECEIPTS!/

300

200

100

0

700

600

500

400

300

200

100

INDIVIDUAL INCOME TAXES „.-•—•

BILLIONS OF DOLLARS

400

SOCIAL INSURANCETAXES AND CONTRIBUTIONS

CORPORATION INCOME TAXES_

-OUTLAYS^ -

NONDEFENSE

NATIONAL DEFENSE

A'

300

200

100

0

700

600

500

400

300

200

100

1978 1979 1980 1981 1982 1983 1984

FISCAL YEARSJ/ INCLUDES ON-BUDGET AND OFF-BUDGET ITEMS.

SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

1985 1986 1987


[Billions of dollars]

Fiscal year

1976197719781979

19801981198219831984

19851986 '1987 '

Cumulative total, first 6 months:Fiscal year 1985Fiscal year 1986

0

Total

298.1355.6399.6463.3

517.1599.3617.8600.6666.5

734.1777.1850.4

340.3356.9

n-budget a

Indi-vidual

taxes

131.6157.6181.0217.8

244.1285.9297.7288.9298.4

334.5353.7386.0

156.1163.3

nd off-bud

Corpo-ration

taxes

41.454.960.065.7

64.661.149.237.056.9

61.370.986.7

26.526.4

*et receip

Socialinsur-ance

an

butions

90.8106.5121.0138.9

157.8182.7201.5209.0239.4

265.2280.4302.8

122.0130.2

s

Other

34.336.637.740.8

50.669.569.365.671.8

73.072.174.9

35.637.0

Total

371.8409.2458.7503.5

590.9678.2745.7808.3851.8

946.3979.9994.0

470.3493.2

Nationa

89.697.2

104.5116.3

134.0157.5185.3209.9227.4

252.7265.8282.2

122.1134.2

defense

Depart-

Defense,military

88.195.3

102.3113.7

131.0153.8180.7204.4220.8

245.4258.4274.3

118.4130.3

On-bud

Inter-national

6.46.47.57.5

12.713.112.311.815.9

16.217.118.6

8.86.8

*et and of

Health

15.717.318.520.5

23.226.927.428.630.4

33.535.735.0

16.417.1

-budget 01

Medi-

15.819.322.826.5

32.139.146.652.657.5

65.868.770.2

32.334.2

tlays

Incomesecuri-

60.861.061.566.4

86.599.7

107.7122.6112.7

128.2118.1118.4

67.862.3

Socialsecuri-

73.985.193.9

104.1

118.5139.6156.0170.7178.2

188.6200.1212.2

92.096.5

Netinter-

26.729.935.442.6

52.568.785.089.8

111.1

129.4142.7148.0

64.470.7

Other

82.893.0

114.7119.6

131.4133.5125.4122.3118.6

131.8131.7109.3

66.671.3

1 Estimates.

NOTE.—Data shown here exclude the transition quarter.All data from Budget of the United States Government, Fiscal Year 1987, Office of Management

and Budget.

Sources: Department of the Treasury and Office of Management and Budget.


FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASISIn the fourth quarter of 1985, according to revised estimates, Federal receipts rose $12.8 billion (annual rate) andexpenditures rose $38.4 billion, yielding a deficit of $226.9 billion. In the first quarter of 1986, expenditures fell$21.8 billion; receipts data are incomplete.

BILLIONS OF DOLLARS

1,200

1,000

800

600

400

200

-200


BILLIONS OF DOLLARS

1 1,200

EXPENDITURES

1978 1979 1980 1981

RECEIPTS

1982

CALENDAR YEARS1984 1985

1,000

800

600

400

200

-200

1986



Period

Fiscal year:198319841985

Calendar year:198319841985 r.

1982: HIIV

1983: IninIV

1984: InmIV

1985: InniIV '

1986: 1"

Total

644.6710.1773.1

658.1725.1784.7

630.3633.1

636.3665.2659.7671.1

709.4721.8727.1742.1

789.7754.9790.7803.5

Federal

Personaltax andnontaxreceipts

292.9304.0345.2

295.0311.3350.7

298.1303.0

297.1304.2286.2292.5

297.8303.9315.7327.8

363.9321.3355.4362.1

355.9

Governmei

Corpo-rate

profitstax

accruals

54.573.667.6

59.374.467.1

50.146.4

46.558.266.466.1

78.980.169.469.2

65.965.068.968.5

it receipts

Indirectbusinesstax andnontaxaccruals

50.254.956.4

51.655.857.0

47.147.6

46.352.853.753.6

54.655.856.756.2

55.560.255.456.9

61.8

Contribu-tions for

socialinsurance

247.0277.6304.0

252.2283.6309.9

235.0236.1

246.5250.1253.4258.8

278.1282.0285.4288.9

304.4308.4311.0315.9

323.4

Total

833.5875.6963.2

837.5898.0984.7

789.1835.7

824.2835.8839.4850.6

867.2884.9905.2934.7

952.4964.0992.0

1,030.4

1,008.6

Pur-chases

of goodsand

services

288.2299.5342.2

284.8312.9355.4

275.3293.2

287.1287.0286.0279.2

285.6314.8318.5332.9

334.4337.8364.8384.7

354.3

Federal G

Transferpay-

ments

347.4352.2373.0

348.5355.1379.8

329.1347.4

344.4350.8346.6352.3

350.5351.9356.2361.9

374.1376.7383.5384.8

388.4

overnment

Grants-in-aid to

Stateand

localgovern-

85.790.797.8

86.293.699.0

83.384.5

85.885.887.186.2

91.393.093.097.3

95.797.6

100.6102.0

109.6

expenditure

Netinterest

paid

90.6109.7128.7

94.3115.5129.2

87.187.2

88.091.196.8

101.2

107.2110.4119.5124.8

126.4130.1127.1133.0

134.7

s

Subsidies

currentsurplus ofGovern-

mententer-prises

21.223.521.4

23.221.121.1

14.323.4

18.819.822.531.6

32.715.118.018.5

21.920.915.925.9

21.5

Wageaccruals

lessdisburse-

ments

0.4-.1

.1

-.4.2

-.2

.0

.0

.0-1.3-.4

.0

.2

.2

.0

.6

.1-1.0

.0

.0

.0

or deficit

nationalincome

andproductaccounts

-188.9-165.5-190.1

-179.4-172.9-200.0

- 158.8-202.6

-187.9-170.6-179.7-179.5

-157.8-163.0-178.1-192.7

-162.6-209.1-201.3-226.9

Source: Department of Commerce, Bureau of Economic Analysi

34


INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR

INDUSTRIAL COUNTRIES

Period

1979198019811982198319841985"


1986: JanPebMar*

UnitedStates

110.7108.6111.0103.1109.2121.8124.5

124.0124.1124.1124.3124.1125.2125.1124.4125.4' 126.4

' 126.6125.7125.1

Industrial

Canada

109.8108.1109.097.4

102.9112.0116.8

114.2115.0115.0116.4118.1118.1118.0119.1

' 119.9' 120.0

120.1

reduction

Japan

113.7118.9120.1120.6124.7138.4144.8

140.8144.5148.2145.1147.8146.0144.6145.7144.1

r 145.1

144.4

(1977 = 1

France

107106103101102105106

107104105104108108105107109104

103

X); seasonal

Germany

107107105102103106112

110110111113116112112116117rno

113

f adjusted

Italy

108.7114.7112.1109.6103.9107.1108.4

112.0107.2108.3111.3107.2107.6110.1106.5110.4

* 106.4

108.5

UnitedKingdom

1071009698

101103108

108109109108108108110109110108

109

UnitedStates '

217.4246.8272.4289.1298.4311.1322.2

318.8320.1321.3322.3322.8323.5324.5325.5326.6327.4

328.4327.5326.0

Canada

221.0243.5273.9303.5321.0335.0348.3

344.3345.7346.5348.3349.5350.1350.5351.7353.1354.7

356.3357.7358.5

Consume

Japan

261.3282.3296.2304.1309.7316.6323.0

320.2321.9323.3323.5323.8320.7323.8328.4325.0325.2

325.8324.4

r prices (1

France

259.1294.2332.7373.1407.9439.5465.1

459.0462.2464.5466.4468.2468.7469.2470.6471.5472.1

472.6471.7

967=100)

Germany

166.9175.8186.9196.8203.3208.2212.7

212.6212.9213.1213.3212.9212.2212.6212.9213.3213.5

213.8213.3

Italy

328.5398.0472.4549.4631.8698.8764.7

749.4756.1760.6764.4766.7768.2771.3780.6786.1791.6

795.6

UnitedKingdom

359.0423.6473.9514.7538.3565.1599.4

588.1600.6603.4604.7603.5605.1604.8605.8607.9608.7

610.0612.2613.0

1 Data relate to all urban consumers. Source: National sources as reported by Department of Commerce (Bureau of Economic Analysisand International Trade Administration).

U.S. MERCHANDISE EXPORTS AND IMPORTS[Millions of dollars; monthly data for statistical month, not seasonally adjusted']

Monthly average:1977197819791980

19811982198319841985

1985: Jan'Peb'Mar'Apr*May'June*July*Aug*Sept*Oct*Nov*Dec*

1986: Jan*Feb*

Total

foreignexports

10,10311,97315,15518,386

19,47317,68316,70718,15517,762

18,67317,14320,33017,97318,33718,01216,72716,58417,03417,61817,72116,994

17,00617,735

Merc

Total 2

9,91911,76214,88618,043

19,07517,25616,32617,67017,244

18,12416,64819,76517,49217,81617,43316,17216,10616,54317,12217,22716,479

16,50117,164

handise expo

Domestic

Food,bever-

ages, andtobacco

1,3301,7172,0492,534

2,7672,2482,2482,2761,852

2,1611,9951,9731,9131,6031,6141,6041,7831,7091,8362,1281,907

1,7971,689

ts J

exports

Crudemateri-als and

fuels

I

1,5481,7462,3522,810

2,7522,7932,4632,6242,362

2,6712,5802,5622,4412,2612,1222,0332,2582,1152,2852,5592,459

2,4672,367

Manufacturedgoods

.a.s. valu

6,6797,8739,716

11,991

12,85711,64311,03411,92912,115

12,44511,21814,24512,22812,99212,75911,55611,23311,70012,10211,68811,221

11,39312,182

Total 2

e

12,53314,56317,45520,406

21,74820,32921,50427,14428,773

28,83625,94128,72528,57229,30230,13627,00026,24731,34928,42930,01030,728

32,00528,895

Merc

Ger

Food,bever-

ages, andtobacco

1,1861,3121,4781,546

Customs

1,5291,4851,5681,8021,865

1,9321,8172,1281,8041,9191,9121,6411,7191,9031,5981,8652,138

2,2151,908

randise im]

eral import

Crudemateri-als and

fuels

4,4634,3255,9497,831

value

7,7396,2005,6706,0635,415

5,3444,9064,3835,7725,7006,0545,0854,8515,5625,6565,6576,011

6,2344,741

orts

s 3

facturedgoods

6,3798,3609,352

10,427

11,87312,00213,62118,46020,565

20,44818,38521,30120,08020,72521,26819,28618,91622,88720,27121,55721,654

22,47721,289

Total(c.i.f.

value)

13,36815,50418,51921,415

22,77921,24022,49028,43130,136

30,24527,16930,10729,90730,71231,59628,31227,51232,86029,69531,37132,141

33,46530,225

Mercha

Exports

lessimports

{customsvalue)

-2,275-2,647-4,797-8,988

-11,011

-10,1638,798

-8,39510,599

-10,965— 12,124-10,274

9,663-14,315— 10,811-12,290-13,734

14,999-11,161

ndise trade

Exports

lessimports(f.a.s.)

-2,430-2,590-2,300-2,020

balance

Exports

lessimports(c.i.f.)

-3,265-3,530-3,364-3,030

-3,306-3,558-5,783

-10,27612,373

11,572- 10,026

9,777-11,935

12,375-13,584

11,585-10,927-15,826-12,077-13,651-15,146

16,459-12,491

1 Department of Defense shipments of grant-aid military supplies and equipment under the Mili-tary Assistance Program are excluded from totals for all periods and from monthly detail beginningJanuary 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.Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Is-

lands exports are reflected in the figures for domestic and foreign exports combined and trade bal-ance.

'Beginning with data for January 1986, the Bureau of the Census no longer publishes these dataon a seasonally adjusted basis. For further information and for details regarding revised statisticalmonth and monthly carryover data, see Bureau of the Census release FT 900,



U.S. INTERNATIONAL TRANSACTIONSIn the fourth quarter of 1985 the current account deficit rose to $36.6 billion from $29.3 billion in the thirdquarter. The merchandise trade deficit rose to $39.5 billion from $33.0 billion in the third quarter.

BILLIONS OF DOLLARS*

10

-5

-10

-15

-20

-25

-30

-35

-40

BALANCE ON GOODSAND SERVICES

BILLIONS OF DOLLARS*

10

1977 1978 1979

BALANCE ON .CURRENT ACCOUNT V1-- /

.rH.

MERCHANDISE TRADE \BALANCE

1980 1981 1982

\\\

1983 1985

• SEASONALLY ADJUSTED


-5

-10

-15

-20

-25

-30

-35

-40


[Millions of dollars; quarterly data seasonally adjusted. Credits (+}, debits (—).

Period

1979198019811982198319841985"

1983: InmIV

1984: InrnIV

1985: InmIV....

Exports

184,473224,269237,085211,198201,712219,916213,990

49,53549,04849,99253,137

53,46954,55655,64956,242

55,19853,53052,27652,986

Merchandise 1 ''

Imports

-212,009-249.749-265,063-247,642-268,928-334,023-338,279

-58,418-64,928-70,689-74,893

-78,091-84,181-84.626-87,127

-78,563-82,017-85,231-92,468

-27,53625,480

-27,978-36,444-67,216

-114,107-124,289

-8,883-15,880-20,697-21,756

-24,622-29,625-28,977-30,885

-23,365-28,487-32,955-39,482

Im

Receipts

64,13272,50686,41184,76878,02387,60990,456

17,93519,17220,98519,932

23,50220,89521,76921,445

18,86122,27024,89624,428

/estment incon

Payments

-32,960-42,120-52,329-55,273-52,621-68,500-65,772

-12,283-12,856-13,588-13,893

-15,268-17,277-18,513— 17,442

-16,331-16,892-16,245- 16,304

ie3

Net

31,17230,38634,08229,49525,40219,10924,684

5,6526,3167,3976,039

8,2343,6183,2564,003

2,5305,3788,6518,124

-1,778-2,237-1,183

-318-162

-1,765-2,045

703-71

-126-669

-346-593-250-575

-212-586-429-818

Nettravel andtranspor-

tationreceipts

-2,935-997

144-992

-4,721-8,974

— 11,741

—448-1,116-1,422-1,735

-1,753-2,050-2,574-2,597

-2,389-3,090-3,112-3,150

Otherservices,

net3

5,7357,2778,1218,3459,5579,791

10,512

2,2602,4622,2902,544

2,5822,4122,4522,344

2,4252,5872,5412,956

Balance ongoods andservices 1

4,6598,950

13,18684

-37,141-95,945- 102,880

-716-8,289

-12,558-15,577

-15,905-26,238-26,093-27,710

-21,011-24,198-25,304-32,370

Remit-tances,

pensions,and otherunilateral

trans-fers '

-5,649-7,077-6,847-8,135-8,852

— 11,413-14,784

-1,606-1,875-2,204-3,166

-2,212-2,232-2,876-4,095

-3,172-3,428-3,996-4,189

Balanceon current

account

-9911,8736,339

-8,051-45,994

-107,358-117,664

-2,322-10,164-14,762-18,743

-18,117-28,470-28,969-31,805

-24,183-27,626-29,300-36,559

1 Excludes military grants,2 Adjusted from Census data for differences in timing and coverage.3 Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the

United States are excluded from investment income and included in other services, net.

Source; Department of Commerce, Bureau of Economic Analysis.

36


U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, claims on foreigners reported by U.S. banks increased $8.6 billion in the fourth quarter of1985 compared with an increase of $1.5 billion in the third quarter. Liabilities to private foreigners reported byU.S. banks increased $20.5 billion, compared to an increase of $6.5 billion in the third quarter.

BILLIONS OF DOLLARS*60

BILLIONS OF DOLLARS*60

40

20

CHANGE INFOREIGN ASSETSIN THE U.S..NET

40

20

/\I \

I \

\ I\ IM

-20

-40

-60

r\CHANGE INU.S. ASSETS

ABROAD, NET

-20

-40

-60

V V

i i i1977 1978 1979 1980 1981 1982 1983 1984 1985

'SEASONALLY ADJUSTED


[Millions of dollars; quarterly data seasonally adjusted, except as noted]

Period

1979198019811982198319841985 "

1983: InmIV

1984: InmIV

1985: Inmrv"...

i

Total

-64,331-86,118

-111,031-119,218-55,045-20,447-38,183

-26,127-1,128-9,814

-17,976

-4,976-18,988

18,364-14,846

-462-2,551

-12,748-22,421

U.S. assetsincrease /capit

U.S.officialreserve

assets 1 2

-1,133-8,155-5,175-4,965-1,196

3,131-3,858

-78716

529-953

-657-566-799

-1,110

-233-356-121

-3,148

abroad, netil outflow (— ]

Other U.S.Govern-

mentassets

-3,746-5,162-5,097-6,131-5,006-5,516-2,628

1,135-1,263-1,171-1,436

-2,059-1,353-1,369

-734

-850853

-392532

U.S.privateassets

-59,453-72,802100,758

-108,12248,843

-11,80031,697

-24,205119

-9,172-15,587

2,260-17,070

20,532- 13,003

621-1,342

-12,235-18,742

Foreign[increast

Total

38,75258,11283,32294,44784,32297,319

123,108

15,15815,60819,53934,017

19,27741,592

3,14033,310

13,71126,31334,54848,536

assets in the 1/capital inflov

Foreignofficialassets

-13,66515,4974,9603,6725,7953,4241,908

1611,706

-2,6666,916

-2,786-224-6867,119

-11,2048,4652,435

-1,604

J.S., neto (+)] 2

Otherforeignassets

52,41642,61578,36290,77578,52693,895

125,016

15,31913,90222,20527,101

22,06341,816

3,82526,191

24,91517,84932,11350,140

Allocationsof specialdrawingrights

(SDfis)

1,1391,1521,093

Statistical d

Total (sumof the items

with signreversed)

25,43124,98220,27632,82116,71730,48632,739

13,291-4,316

5,0372,702

3,8165,8667,466

13,341

10,9343,8637,500

10,444

iscrepancy

Of which:Seasonal

adjustmentdiscrepancy

68083

-2,9533,547

-455-5733,2744,305

-425597

-3,6504,674

U S official

assets, net 1

(unadjusted,end ofperiod)

18,95626,75630,07433,95833,74734,93443,186

34,26133,87633,06633,747

34,97534,54734,30634,934

35,49336,08838,29543,186

1 Consists of gold, special drawing rights (SDKs), convertible currencies, and the U.S. reserveposition in the IMF.

2 Quarterly data are not seasonally adjusted.

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of theTreasury,

37


ContentsTOTAL OUTPUT, INCOME, AND SPENDING page

Gross National Product 1Gross National Product in 1982 Dollars 2Implicit Price Deflators for Gross National Product 2Changes in GNP, Personal Consumption Expenditures, and Related Price Measures 3Nonfinancial Corporate Business—Output, Costs, and Profits 3National Income 4Personal Consumption Expenditures 4Sources of Personal Income 5Disposition of Personal Income 6Farm Income 7Corporate Profits 8Gross Private Domestic Investment 9Expenditures for New Plant and Equipment 10

EMPLOYMENT, UNEMPLOYMENT, AND WAGESStatus of the Labor Force 11Selected Unemployment Rates 12Selected Measures of Unemployment and Unemployment Insurance Programs 13Nonagricultural Employment 14Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries 15Average Weekly Earnings—Private Nonagricultural Industries 15Productivity and Related Data, Business Sector 16

PRODUCTION AND BUSINESS ACTIVITYIndustrial Production and Capacity Utilization 17Industrial Production—Major Market Groups and Selected Manufactures 18New Construction 19New Private Housing and Vacancy Rates 19Business Sales and Inventories—Manufacturing and Trade 20Manufacturers' Shipments, Inventories, and Orders 21

PRICESProducer Prices 22Consumer Prices—All Urban Consumers 23Changes in Producer Prices for Finished Goods 24Changes in Consumer Prices—All Urban Consumers 24Prices Received and Paid by Farmers 25

MONEY, CREDIT, AND SECURITY MARKETSMoney Stock, Liquid Assets, and Debt Measures 26Components of Money Stock and Liquid Assets 27Consumer Installment Credit 27Bank Loans and Securities, and Reserves 28Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business 29Current Assets and Liabilities of Nonfinancial Corporations 29Interest Rates and Bond Yields 30Common Stock Prices and Yields 31

FEDERAL FINANCEFederal Receipts, Outlays, and Debt 32Federal Receipts by Source and Outlays by Function 33Federal Sector, National Income Accounts Basis 34

INTERNATIONAL STATISTICSIndustrial Production and Consumer Prices—Major Industrial Countries 35U.S. Merchandise Exports and Imports 35U.S. International Transactions 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).NSA not seasonally adjusted.

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