FEDERAL RESERVE OF CHICAGO Economic IndicatorsCharts drawn by Art Production Branch, Office of the Secretary, Department of Commerce, Economic Indicators, published monthly, is available

®8tb Congress, 2d Session

FEDERAL RESERVEOF CHICAGO

Economic Indicators

MAY 1984

Prepared for the Joint Economic Committee by the

Council of Economic Advisers

UNITED STATES

GOVERNMENT PRINTING OFFICE

WASHINGTON : 1984

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."1

ROGER W. JEPSEN, Iowa, ChairmanLEE H. HAMILTON, Indiana,'ffo Chairman

SENATEWILLIAM V. ROTH, JR. (Delaware)JAMES ABDNOR (South Dakota)STEVEN D. SYMMS (Idaho)MACK MATTINGLY (Georgia)ALFONSE M, D'AMATQ (New York)LLOYD BENTSEN (Texas)WILLIAM PROXMIRE (Wisconsin)EDWARD M, KENNEDY (Massachusetts)PAUL S. SARBANES (Maryland)

HOUSE OF REPRESENTATIVESGILLIS W. LONG (Louisiana)PARREN J. MITCHELL (Maryland)AUGUSTUS F. HAWKINS (California)DAVID R. OBEY (Wisconsin)JAMES H. SCHEUER (New York)CHALMERS P. WYLIE (Ohio)MARJORIE S. HOLT (Maryland)DAN LUNGREN (California)OLYMPIA J. SNOWE (Maine)

DAN C. ROBERTS, Executive Director

COUNCIL OF ECONOMIC ADVISERS

MARTIN FELDSTEIN, ChairmanWILLIAM A. NISKANEN, Member

WILLIAM POOLE, Member

[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]

JOINT RESOLUTION [SJ. Res. 55]

To print the monthly publication entitled "Economic Indicators"

Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That 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 $4.25 a single copy($5.35 foreign), or by subscription at $25.00 per year ($31.25 for foreignmailing) from:

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WASHINGTON, D.C 20402


tQTAL OUTPUT, INCOME, ANDGROSS NATIONAL PRODUCTAccording to revised estimates for the first quarter of 1984, gross national product rose $105.4 billion or 12.8percent, both at annual rates. Real output (GNP adjusted for price changes) rose 8.8 percent (annual rate) and theimplicit price deflator was up 3.7 percent (annual rate).

BILLIONS OF DOLLARS (RATIO SCALE)

4,000

3,600

3,200

2,800

2,400

2,000

1,600

1,200

SEASONALLY ADJUSTED ANNUAL RATES


4,000

GNPIN CURRENT DOLLARS

1976 1977 1978

GNPIN 1972 DOLLARS -

1979

\

1980 1981 1982

I I I

1983

3,600

3,200

2,800

2,400

2,000

1,600

1984

1,200

SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS

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

Period

19721973197419751976197719781979 ....1980198119821983 ..

1982- I.nmIV

1983- IninIV

1984- I r

Grossnationalproduct

1,185.91,326.41,434.21,549.21,718.01,918.32,163.92,417.82,631.72,954.13,073.03,310.5

3,021.43,070.23,090.73,109.6

3,171.53,272.03,362.23,436.2

3,541.6

Personalconsump-

tionexpendi-

tures

737.1812.0888.1976.4

1,084.31,204.41,346.51,507.21,668.11,857.21,991.92,158.0

1,938.91,972.82,008.82,046.9

2,073.02,147.02,181.12,230.9

2,287.8

Grossprivate

domesticinvest-ment

195.0229.8228.7206.1257.9324.1386.6423.0401.9474.9414.5471.9

422.9432.5425.3377.4

404.1450.1501.1532.5

600.9

Exports and imports of goods andservices

Netexports

0.714.213.426.813.8

-4.0— 1.113.223.926.317.4

-9.0

29.933.3

.95.6

17.085

-18.326 1

54.6

Exports

77.5109.6146.2154.9170.9182.7218.7281.4338.8368.8347.6335.4

358.4364.5346.0321.6

326.9327.1341.1346.5

355.8

Imports

76.795.4

132.8128.1157.1186.7219.8268.1314.8342.5330.2344.4

328.5331.2345.0316.1

309.9335.6359.4372.6

410.4

Government purchases ofgoods and services

Total

253.1270.4304.1339.9362.1393.8431.9474.4537.8595.7649.2689.5

629.8631.6655.7679.7

677.4683.4698.3699.0

707.5

Federal

Total

101.7102.0111.0122.7129.2143.4153.6168.3197.0229.2258.7274.8

249.7244.1261.7279.2

273.5273.7278.1274.1

272.4

Nationaldefense

73.172.877.083.086.092.8

100.3111.8131.2154.0179.4200.3

168.1175.2183.6190.8

194.4199.4201.2206.3

213.2

Non-defense

28.529.133.939.743.250.653.356.565.975,279.374.5

81.768.978.188.5

79.174.376.967.8

59.2

State andlocal

151.4168.5193.1217.2232.9250.4278.3306.0340.8366.5390.5414.7

380.0387.5394.0400.5

404.0409.7420.2424.9

435.1

Finalsales

1,175.71,307.91,420.11,556.11,706.21,895.32,137.42,403.52,641.52,935.63,097.53,316.9

3,047.13,081.43,095.63,165.9

3,210.93,286.63,353.73,416.6

3,472.3

Source: Department of Commerce, Bureau of Economic Analysis.


GROSS NATIONAL PRODUCT IN 1972 DOLLARS[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]

Period

1972.................1973...,.1974....,,..,,19751976.....19771978.. .. ..1979......1980. . .1981.................19821983.. ,

1982; I .ninIV

1983: I . .n..........inIV

1984: I r......


1,185.91,254.3,246.3,231.6,298.2,369.7,438.6,479.4

1,475.01,513.81,485,41,535.3

1,485.81,489.31,485.71,480.7

1,490.11,525.11,553.41,572.5

1,606.0

Personalconsump-

tionexpendi-

tures

737.1767.9762.8779.4823.1864.3903.2927.6931.8956.8970.2

1,011.4

961.4968.8971.0979.6

986.71,010.61,016.01,032.2

1,049.6

Gross privatedomestic investment

Nonresi-dentialfixed

121.0138.1

' 135.7119.3125.6140.3158.3169.9165.8174.4166.1168.4

173.6167.1163.3160.5

159.9163.0170.1180.7

187.0

Residen-tial fixed

63.862.3

' 48.242.251.260,762.459.147.144.7.37,8

• 52.7

36.337.836.540.6

45.552.656.855.8

59.1

Changein

businessinvento-

ries

10.217.211.6

-6.77.8

13.316.07.3

-4.48,5

-9.42 1'

-10.2-3.4-1.3

-22.7 .

-15.4-5.4

3.88.7

30.1

Ixports of goodsand services

Netexports

0.715.527.832.225.422.0

. 24.037.250.343.028.911.8

35.233.424.023.0

20.512.311.42.8

-10.3

Exports

77.597.3

108.5103.5110.1112.9126.7146.2159.1159.7147.3138.7

151.8154.5146.4136.5

137.3136.2140.7140.6

143.1

Imports

76.781.880.771.484.790.9

102.7109.0108.8116.7118.4126.9

116.6121.1122.4113.5

116.8123.9129.2137.8

153.5

Government purr, liases ofgoods and services

Total

253.1253.3260.3265.2265.2269.2274.6•278.3284.3

291.8293,1

289.4285.8

' 292.2299.7

292.9292.1295.2292.3

290.7

Federal

Total

101.795,996,697.496.8

100.4100.3102.1106.4110.4116.6117.8

114.5110.3116.9124.4

118.4117.6118.9116.4

113.6

Nationaldefense

. 73.168.366.966.464.965.465,767.470.073.678.884.3

75.577.880.481.4

82.784.284.2

' 85.8

87.0

Non-defense

28.527.629.731.031.835.034.734.836.436,8

• 37.833.6

39.132.536.543.0

35.733.434.730.5

26.6

State Iand loca-i •

!

151.4157.4163.6167.8168.4168.8,174.3176.2177.9176.1175.2175.3

174.9175.4175,3175.2

174.5174.5176.3175.9

177.0

Finalsales

1,175.71,237.11,234.71,238.41,290.4

. 1,356.41,422.61,472.21,479.4,505.3,494.8

• ,537.4

,495.9,492.7,487.0

1,503.4

1,505.51,530.51,549.71,563.7

1,575.9


IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT[1972 = 100; quarterly data are seasonally adjusted]

Period

19721973......19741975....19761977197819791980198119821983 .. . .

1982: I .n ..,ITTrv

1983: In .Mrv

1984- I r


100.00105.75115.08125.79132.34140.05150.42163.42178.42195.14206.88215.63

203.36206,15208.03210.00

212.83214.55216,44218.53

220.52

Personal consumptionexpenditures

Total

100.0105.7116.4125.3131.7139.3149.1162.5179.0194.1205.3213.4

201.7203.6206.9209.0

210.1212.5214.7216.1

218.0

Durablegoods

100.0101.7108.2117.3123.9129.2136.4145.0156.2167.3174.8178.7

172.9174.2176.1176.1

177.3177.5179.1180.7

181.1

Nondur-able

goods

100.0108.5123.4132.5137.2143.6153.4169,9188.1202.5209.0213.8

206.8207.6210.2211.2

210.6213.4215,5215.7

217.7

Services

100.0104.7113,0121.6129.6139.3150.0162.3178.8195.8211.6224.3

206.3209.4213.4217.2

219.8228.1

• 225.7'228.6

231.4

Gross privatedomestic investment

Nonresi-dentialfixed

100.0103.8115.4132.2138.6146.3157.2170.8186.2201.9209.7206.8

208.1211.1209.6209.9

207.7206.3206.3207.0

205.6

Residen-tial fixed

100.0109.1120.3131.0140.7158.0178.3200.5218.5233.5240.2246.8

240.8240.9240.9238.4

244.9243.9249.0248.7

249.2

Exports and imports ofgoods and

Exports

100.0112.7134.8149.6155.3161.9172.6192.5212.9230.8236.0241.8

236.1236.0236.3235.6

238.0240.2242.5246.4

248.6

Imports

100,0116.7164.6179.6185.6205.5214.1246.1289.4293.4278.9'271.3

281.8273.6281.8278.5

265.4•

278.1270.3

267.4

Government purchases of -goods andservices

Federal

Total

100.0106.3114.9126.0133.5142.8153.1164.8185.2207.7222.0233.3

218,0221.3223.8224.4

230.9•232.7233.8235.6

.

Nationaldefense

100.0106.8115.1124.9132.4141.9152.7166.0187.5209.3227.7237.7

222.7225.1228.3234.3

234.9236.7238.8240.3

244.9

Non-defense

100.0105.6114.2128.2135.7144.6153.8162.5180.8204.5210.0222.0

209.1212.3213.9205.7

221.7222.6221.7222.2

222.4

Stateand local

100.0107.0118.0129.4138.3148.4159.7173.7191.5208.1222.9236.6

217.3220.9224.7228.5

231.6234.8238.3241.5

245.8



CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, ANDRELATED PRICE MEASURES

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

Period

197219731974 . . .19751976197719781979198019811982 ,19831982- I

nTTTIV

1983: InmIV

1984- Ir

Gross national product

Currentdollars

10.111.88.18.0

10.911.712.811.78.8

12.24.07.7

-1.46.62.72.58.2

13.311.59.1

12.8

Constant(1972)dollars

5.75.8

6-1.2

5.45.55.02.8-.32.6

-1.93.4551.0

-1.01 32.69.77.65.08.8

Implicitprice

deflator

4.25.88.89.35.25.87.48.69.29.46.04.24.35.63.73.85.53.33.63.93.7

Chain priceindex

4.16.09.19.25.76.17.68.98.99.46.54.45.65.25.95.03.64.34.54.44.6

Fixed-weighted

price index(1972

weights)

4.06.09.49.15.86.37.89.59.89.56.44.35.34.75.94.73.44.34.74.24.8

Personal consumption expenditures

Currentdollars

9.610.29.49.9

11.01L111.811.910.711.37.38.37.57.27.57.85.2

15.16.59.4

10.6

Constant(1972)dollars

5.84.2

72.25.65.04.52.7.5

2.71.44.22.43.1

.93.62.9

10.02.26.56.9

Implicitprice

deflator

3.75.7

10.17.65.15.87.09.0

10.28.45.83.95.04.06.54.12.24.64.22.83.4

Chain priceindex

3.66.1

10.47.75.36.07.39.3

10.79.05.94.25.23.96.45.12.34.74.24.34.5

Fixed-weighted

price index(1972

weights)

3.56.1

10.47.85.36.27.49.7

11.19.25.74.14.83.56.75.11.64.94.44.24.5

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

1972197319741975197619771978...19791980198119821983

1982- I.. .n.....HI .IV....

1983: InIllIV

^984: Ip

Gross domesticproduct of nonfinancial

corporate business(billions of dollars)

Currentdollars

678.0759.4818.9890.0

1,001.31,128.41,276.21,416.81,540.71,739.91,776.71,921.7

1,764.91,780.21,786.81,775.0

1,817.61,892.41,957.82,019.0

2,075.8

1972dollars

678.0731.9708.2694.2745.5795.8846.3876.1859.5887.5857.7895.2

864.3860.5859.5846.4

856.0885.8909.4929.7

951.3

Current-dollar cost and profit per unit of output (dollars) l

Totalcost andprofit 2

.000

.038

.156

.282

.3431.4181.5081.6171.7931.9602.0722.147

2.0422.0692.0792.097

2.1232.1362.1532.172

2.182

Capitalconsump-

tionallowances

withcapital

consump-tion

adjustment

0.092.093.112.137.141.145.155.171.198.217.245.244

.236

.242

.247

.254

.252

.245

.241

.238

.236

Indirectbusinesstaxes 3

0.113.114.127.140.141.141.144.149.172.199.209.220

.204

.207

.209

.215

.218

.223

.221

.219

.217

Compen-sation ofemploy-

ees

0.659.692.786.837.878.928.998

1.0941.2181.3021.3971.418

1.3741.3941.4031.419

1.4281.4161.4121.416

1.425

Netinterest

0.028.031.042.044.040.040.044.050.065.074.076.066

.080

.079

.072

.073

.070

.066

.065

.065

.066

Corporate profits with inventoryvaluation and capital consumption

adjustments

Total

0.107.107.090.124.144.163.168.154.140.169.145.199

.148

.147

.148

.135

.156

.187

.214

.234

.239

Profitstax

liability

0.049.055.059.059.071.075.079.079.078.074.048.063

.053

.051

.049

.040

.049

.062

.070

.069

.074

Profitsaftertax4

0.058.053.030.065.073.088.089.075.062.095.097.136

.095

.096

.099

.095

.108

.125

.144

.165

.165

Outputper hour

of allemploy-

ees (1972dollars)

7.6647.8497.5557.7748.0028.1448.2168.2018.1268.3328.3728.649

8.3428.3328.4098.418

8.4848.6208.7088.781

8.824

Compen-sation per

hour ofall

employ-ees

(dollars)

5.0525.4295.9376.5077.0247.5588.1988.9699.894

10.85011.70012.260

11.46311.61611.79511.947

12.11412.20212.29312.433

12.570

1 Output is measured by gross domestic product of nonfinaneial corporate business in 1972 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

1972197319741975197619771978 ... .19791980198119821983

1982- InmIV .

1983: InmIV

1984: I r

Nationalincome

963.61,086.21,160.71,239.41,379.21,550.51,760.31,966.72,116.62,373.02,450.42,650.2

2,419.72,448.92,458.92,474.0

2,528.52,612.82,686.92,772.4

2,878.4

Compensa-tion of

employees 1

718.0801.3877.5931.4

1,036.31,152.11,301.11,458.11,599.61,769.21,865.71,990.2

1,834.21,859.91,879.51,889.0

1,923.71,968.72,011.82,056.6

2,113.4

Proprietors' income withinventory valuation and

capital consumptionadjustments

Farm

18.732.826.524.619.119.126.331.921.830.521.520.9

27.416.815.826.0

22.221.015.525.0

47.9

Nonfarm

58.161.062.265.475.084.892.2

100.295.689.787.4

107.6

83.788.187.890.2

98.4106.2111.2114.5

121.2

Bentalincome ofpersons

withcapital

consump-tion

adjustment

21.022.623.523.023.524.826.627.931.541.449.954.8

47.449.050.952.3

54.154.853.956.2

57.0

Corporate profits with inventory valuation and capital consumptionadjustments

Total

96.6108.394.9

110.5138.1167.3192.4194.8175.4192.3164.8229.1

162.0166.8168.5161.9

181.8218.2248.4268.2

277.5

Profits with inventory valuationadjustment and without capital

consumption adjustment

Total

94.0105.696.7

120.6151.6178.5205.1209.6191.7203.3165.9198.3

167.7170.3168.3157.2

168.0192.7210.8222.0

227.7

Profitsbefore tax

100.6125.6136.7132.1166.3194.7229.1252.7234.6227.0174.2207.5

173.2178.8177.3167.5

169.7203.3229.1228.2

240.6

Inventoryvaluation

adjustment

-6.6-20.0-40.0-11.6-14.7-16.2-24.0-43.1-42.9-23.6-8.4-9.2

5 5-S.5-9.0

-10.3

-1.7-10.6-18.3-6.3

-12.9

Capitalconsump-

tionadjustment

2.72.7

-1.8-10.1-13.5-11.3-12.7-14.8-16.3-11.0-1.130.8

5 6-3.5

.14.7

13.925.637.646.2

49.8

Netinterest

51.260.276.184.587.2

102.5121.7153.8192.6249.9261.1247.5

265.0268.3256.4254.7

248.3243.8246.1251.9

261.5

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

1972197319741975 ,197619771978.19791980198119821983 . ..

1982: InmIV

1983- InmIV.;

1984: F.

Totalpersonalconsump-

tionexpendi-

tures

737.1812.0888.1976.4

1,084.31,204.41,346.51,507.21,668.11,857.21,991.92,158.0

1,938.91,972.82,008.82,046.9

2,073.02,147.02,181.12,230.9

2,287.8

Durable goods

Totaldurablegoods

111.1123.3121.5132.2156.8178.2200.2213.4214.7236.1244.5279.4

239.4242.9243.4252.1

258.5277.7§82.8298.6

314.9

Motorvehicles

andparts

52.457.150.455.872.684.895.796.690.7

101.6109.9133.4

106.4107.6109.4116.1

118.4133.9135.6145.6

155.9

Furni-ture andhouse-hold

equip-ment

41.747.150.653.559.165.772.881.886.393.393.5

102.2

91.793.993.594.9

97.3100.8102.9107.7

111.6

Other

1.6.919.220.522.925.227.731.735.137.741.241.143.9

41.341.440.541.0

42.943.144.345.4

47.4

Nondurable goods

Totalnondur-

ablegoods

300.6333.4373.4407.3441.7478.8528.2600.0668.8733.9761.0804.1

749.7754.7766.6773.0

777.1799.6814.8825.0

843.3

Food

154.9172.1193.7213.6230,6249.8275.9311.6345.1375.9396.9422.1

388.1394.7400.4404.5

411.7419.6426.4430.6

440.1

Clothingand

shoes

55.461.464.869.675.382.692.499.1

104.6115.3119.0125.6

118.4119.0119.2119.6

120.0126.4125.1130.7

134.1

Gasolineand oil

25.428.636.640.444.048.151.266.684.894.691.590.8

94.089.691.391.1

87.390.393.192.7

92.2

Other

64.971.278.283.791.998.2

108.8122.8134.3148.1153.5165.7

149.2151.5155.6157.9

158.1163.3170.2171.1

176.9

Services

325.3355.2393.2437.0485.7547.4618.0693.7784.5887.1966.4

1,074.5

949.7975.2998.9

1,021.8

1,037.41,069.71,083.51,107.3

1,129.6

Eetail sales of newpassenger cars

(millions of units)

Domes-tics

9.39.67.47.08.59.09.28.26.66.25.86.8

5.85.75.66.0

6.16.97.07.2

8.2

Imports

1.61.81.41.61.52.12.02.32.42.32.22.4

2.22.02.22.5

2.32.32.32.7

2.3



SOURCES OF PERSONAL INCOMEPersonal income increased $14.8 billion (annual rate) in April, following a rise of $14.9 billion in March. Wagesand salaries rose $20.8 billion in April compared to a rise of $6.1 billion in March.

TOTAL PERSONAL INCOME

BILLIONS OF DOLLARS*(RAT!O SCALE)3,2002,800

2,400

2,000

1,600

1,200

1,000

800

600

400

200

160

120

1976 1977

Minium1978

WAGE AND SALARY DISBURSEMENTS

OTHER INCOME

1979ILL

1980

TRANSFERPAYMENTS

nsnhmi1981

BILLIONS OF DOLLARS*(RAT!O SCALE)3,2002,800

2,400

2,000

1,600

1,200

1,000

800

600

400

200

160

1201982

iimlmii1983

I M I i l l l l i l

1984

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

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

Period

19741975...1976.....197719781979...,198019811982..1983

1983: AprMayJune...JulyAugSeptOctNovDec

1984: Janr

Feb r.Marr.Apr"

Totalpersonalincome

1,168.6If265.01,391.21,540.41,732.71,951.22,165.32,435,02,578.62,742.1

2,689.02,719.32,732.62,747.62,756.42,781.62,812.52,833.52,859.6

2,906.52,927.42,942.32,957.1

salary

ments 1

765.7806.4889.9983.2

1,106.31,237.61,356.71,493.2,568.1,664.6

,632.1,652.2,660.9,673.5,680.5,691.8

1,710.61,715.31,726.0

1,748.71,757.11,763.31,784.1

Other laborincome

55.864.575.989.4

102.5114.9128.0143.5156.6173.4

168.1170.1172.2174.3176.3178.4180.6182.6184.9

186.9189.0191.1193.0

Proprietors

Farm

26.524.619.119.126.331.921.830.521.520.9

22.121.419.416.614.915.020.723.830.4

47.649.546.531.0

' income 3

Nonfarm

62.265.475.084.892.2

100.295.689.787.4

107.6

103.1106.6109.0109.9110,9113.0114.2114.3115.0

119.9121.7121.8123.7

"Rentalincome ofpersons 4

23.523.023.524.826.627.931.541.449.954.8

54.654.855.055.350.855,856.056.256.5

56.757.057.257.4

Personaldividendincome

29.129.936.539.645.350.856.862.866.470.5

69.069.469.570.270.971.672.372.973.4

74.175.176.277.0

Personalinterestincome

112.4123.2132.5152.8179.4218.7266.0341.3366.2366.3

355.0356.9359.4364.4370.2375.2378.3380.9384.0

389.6395.6402.2406.2

Transferpay-

ments 5

141.2178.3194.3207.9223.8250.3297,6337.2374.5403.6

402.7406.7406.7403.5402.2401.9402.0409.8412.4

411.3411.1413.1414.9

Less:Personal

contributionsfor socialinsurance

47.950.455.561.169.881.188.7

104.6112.0119.5

117.6118.8119.5120.1120.3121.1122.2122.4122.9

128.3128.7129.0130.2

Nonfarmpersonalincome 6

1S131.81,229.11,359.31,506.51,689.71,899.32,119.52,377.02,527.62,691.5

2,637.52,668.52,683.82,701.42,711.82,736.72,761.82,779.72,799.2

2,828.82,847.72,865.42,895.4

1 The total of wage and salary disbursements and other labor income differs from compensation ofemployees (sec 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.

8 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 Persona] income exclusive of farm proprietors' income, farm wages, farm other labor income,

and agricultural net interest.



OF PERSONALReal per capita disposable income rose again in the first quarter of 1984.

BILLIONS OF DOLLARS * (RATIO SCALE)2,800

BILLIONS OF DOLLARS * (RATIO SCALE)2,8002,6002,4002,2002,0001,800

1,000

800DOLLARS * (RATIO SCALE)

12,00011,000 f— PER CAPITA DISPOSABLE PERSONAL INCOME10,000

1,000

3,000

1976

* SEASONALLY ADJUSTED ANNUAL RATES

SOURCE: DEPARTMENT OF COMMERCE

DOLIARS * (RATIO SCALE)12,000

-H 11,000.-J 10,000

9,000

8,000

7,000

6,000

5,000

4,000

j 3,0001984


Period

197219781974 .1975197619771978.... ,.197919801981..1982......1983

i

Less:

Personal ! Pcrson*1

income | lax fnd

nontaxpayments

F 1

Disposablepersonalincome

Less:Personaloutlays l

[Per capita

1 disposable .personalEqual?:Personal

saving

Billions of dollars

951 4 141 ft1 085 2 150 71 1886 17021 265 0 1 168 91 391 2 19« R1 5404

8103 7577 59 R914 5 ft.^P; R 7Q A

998 3 913 2 fl* 11 096 1 1 001 8 94 31 1 94 A 1 111 Q R9 K

9.9fi4 1 314O 1 93« n 78 A

1 732 7 i S«S 71 951 22 165 32,435.0257862,742.1

301 0336 5387.4402 1406.5

1 474 01 65021 828 92,047.62 176 52.335.6

1 384 61 553 5

89 4Qft 7

1*7187 110 9.1,912.42 051 1

135.319S 4.-

income

Current 1972dollars dollars

Per capita personal j Percentconsumption H change inexpenditures I I real per

r | j capitan A tor- ki i j disposableCurrent 1972 ~dollars dollars P.ersomu

income

Saving aspercent ofdisposablepersonalincome

Dollars | Percentr "

3 8604 3154 0075 0755 4775 96*>6 6217 3318 03"?8,906Q 577

2,222.0 113.6 |

Seasonally annualr

Iii........m ......IV.,

1983: III.m ......IV.......

1984: I r. ......

2,528,1 400.22,563.2 404.22.591.8 399.82,632.0

2 657 7

404.1

4.01 R

2,713.6 412.62,761.9 400,12,835.2 411.4

2,925.4 421.4

2,127.92,159.02,191.52,227.8

1,997.02,031.92,068,4

130.8127.1123.0

• 2,107.0 120,8

2 255 9 2 134 2 121 7 •2^301.0 ! 21209.5 91.52.361.7 2,245.9 115.82,423.9 | 2,298.3 125.6

2,504.01

9,1999,3159,4309,562

9 6619334

10,06910,308

10,6271 _,

3 8604 0804 0094 f)5i4 1584 9QO4 4414 5124 4874,5874 567

3 51 r 3 51 13 831

P !••tion

(thou-sands) 2

99 fi f> ! 900 99.4Q «9S R 7 R fi

4 1 52 34 591 -Q ftrtQ4 9725 4686 0486 695?' 3268,078

3 7743 "9944 0574 1214' 0924,162

1 71 02 62 93 81 6

62, -2

ft fiftl 4 ISO — J.

4,672 j 9,211

rates

4,5624,5744,5584,576

4 5994J294,6904,769

4,875

4,317 2.3

8.382 4,156 I -4.3. 8,511 4,180 | 1.1

8,644 • 4.1788,785

8 87ft9,1769,299

4,204

4 2264^19

-1.41.6

2 0

8 58 66 9596 15 9606.65 84.9

6.15.95.65.4

5 4

2,6 4.05.4 4.9

| 6.9 5 J •

, | 9.2 j 5.8

211 939213 898915 9«Q1218 086220 2899.22'699225 106227 694229,916232 118234,297

231,304231,790232,887232,990

233 501233,984234,564235,188

235,629

uiJ by j business, and person-1 iuc'iw!^ personal copsumptx-n ey^/iditun-fi. iral transfer paynserit? to foreigner? 1j:ct).

2 Includes Armed Forces abroad. Animal data ar» averages of quarterly Cata, which are averagesfor the period.

source: Department of Commerce 'Bureau oi Economic Analysis and Bureau of the Census)


FARM INCOMEIn the fourth quarter of 1983, according to current estimates, gross farm income rose $12.1 billion (annual rate)and net farm income rose $10.2 billion.

BILLIONS OF DOLLARS * (RATIO SCALE)

200

160

120

100

80

60

40

20

10

BILLIONS OF DOLLARS * (RATIO SCALE)

200

1976 1977

I I I

1978

-GROSS FARM INCOME -

1979

NET FARM INCOME /

I i1980 1981

1%I 1II

1982

I I

1983 1984

* SEASONALLY ADJUSTED ANNUAL RATES

SOURCE: DEPARTMENT OF AGRICULTURE

160

120

100

80

60

40

20

10


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

Period

1976197719781979 .1980198119821983

1982- Ininrv

1983: I. ,nin.IV

Income of farm operators from farming

Gross farm income

Total !

102.9108.7127.2150.4150.1167.1162.2156.2

168.4158.5155.9165.8

155.2152.3152.6164,7

Cash marketing receipts

Total

95.496.2

112.9131.8140.5142.3144.6142.6

147.6142.0142.3146.3

144.5141.7145.0139.3

Livestock andproducts

46.347.659.268.667.869.270.270.9

70.771.070.268.9

71.570.870.171.2

Crops

49.048.653.763.272.773.174.471.7

76.971.072.177.4

73.070.974.968.1

Value ofinventorychanges 2

— 1.51.1.8

4.9-5.3

7.6-1.9

96

2.0' -1.7

35-4.2

-9.8-11.1-12.3-5'.2

Productionexpenses

82.788.999.5

118.1128.6137,0140.1135.6

141.0141.5140.3137.6

136.0134.7134.9136.8

Net farm income

Currentdollars

20.119.827.732.321.530.122.120.6

27,417.015.628.2

19.217.617.727.9

1967 dollars 3

11.810.914.214.88.7

11.07.66.9

9.75.95.39.6

6.55.95.99.2

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.

3 Income in current dollars divided by the consumer price index (Department of Labor).

Source: Department of Agriculture, except as noted.


CORPORATE PROFITSIn the quarter, to rose $12.4 (annual rate)and after-tax profits rose $5.6 billion.

BILLIONS OF DOLLARS

320

280

240

200

160

120

80

40

SEASONALLY ADJUSTED 4NNUAL RATES

/~

- ^

~

— — -S

*&a**M*M*«{

1 1 1

1976

SOURCE: DEPARTMEN

f

**'<f

r+~~

^.*'***

1 1 1

1977

T OF COMMERCE

PR

"*'"'ss

-- -'*„/

i 1 11978

j — " M

OFITS AFTER T>

.--v-

«-«•****"'****' «»«»

! 1 11979

PROFITS BEFORE TAX

r\ \ :\7^

\X

-\A ' --V-

*\ TA

"%<HV»*"

1 ! 11980

v^ r• "'" •" "Tj

%V-* — •%

\

X LIABILITY

-sX^^

'

I 1 i

1981

^\

v *.% •x,-

--/---,/

5IBUTED PROFI

! I 11982

/,*""""" ""*

/

//

/

•*./

,_..*•*•

//--

rs

1 i 11983

COUNCIL OF

r __ ,

—

_

,**

—

1 11984

ECONOMIC ADVISERS

BILLIONS OF DOLLARS

280

240

200

160

120

80

40


Period

19721973 ,.197419751976 .19771978 .1979198019811982...,1983

1982: I « ..IIIII '. .IV

1983- III. . .IllIV . .

1984: lp. . . .

Profits (before tax) with inventory valuation adjustment 1

Total 2

94.0105.696.7

120.6151.6178.5205.1209.6191.7203.3165.9198.3

167.7170.3168.3157.2

168.0192.7210.8222.0

227.7

Domestic industriesi

Total

85.392.080.4

107.6137.4163.4185.4179.0161.9179.7144.1176.9

147.0148.5147.6133.1

147.8172.2187.4200.3

207.9

Financial

15.315.915.011.817.123.131.030.326.920.320.931.5

15.520.422.225.5

29.833.831.930.6

31.7

Nonfinancial

Total 3

70.076.065.495.8

120.3140.3154.4148.6134.9159.4123.2145.4

131.5128.1125.4107.6

118=0138.4155.5169.6

176.1

Manufac-turing

40.745.539.052.669.278.386.985.672.986.759.072.0

60.961.465.548.3

53.768.178.288.1

Whole-sale and

retailtrade

13.413.912.521.322.426.626.927.123.632.8 I27.634.7

30.227.425.227.5

27.833.936.740.2

Profitsbefore tax

100.6125.6136.7132.1166.3194.7229.1252.7234.6227.0174.2207.5

173.2178.8177.3167.5

169.7203.3229.1228.2

240.6

Taxliability

41.649.051.650.663.872.783.287.684.882.859.276.9

60.361.460.854.0

61.576.084.985.3

92.1

Profits after tax

Total

58.976.685.181.5

102.5122.0145.9165.1149.8144.1115.1130.6

112.9117.4116.5113.5

108.2127.2144.1142.9

148.5

Dividends

24.427.029.930.837.440.847.052.758.664.768.773.3

67,767.868.870.4

71.472.073.775.9

78.3

Undistrib-uted

profits

34.549.655.250.765.181.298.9

112.491.279.546.457.3

45.249.547.743.1

36.755.270.467.0

70.2

Inventoryvaluation

adjustment

-6.6-20.0-40.0-11,6- 14.7-16.2-24.0-43.1-42.9-23.6-8.4-9.2

-5.5-8,5-9.0

-10.3

-1,7-10.6-18.3-6.3

r-12.9

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.



GROSS PRIVATE DOMESTIC INVESTMENTAccording to revised estimates for the first quarter, business fixed investment rose $10.4 billion (annual rate) andresidential investment outlays rose $8.5 billion. There was a $69.3 billion increase in inventories following anincrease of $19.6 billion in the fourth quarter.

BILLIONS OF DOLLARS600

500

400

300

200

100

-100

BILLIONS OF DOLLARS600SEASONALLY ADJUSTED ANNUAL RATES

AGROSS PRIVATE DOMESTIC

_ INVESTMENT

^^-^^ A

'

-1

••'

1 1 I

1976

f

•»****

I I I1977

/^ 1

.*'"~*~*

1 1 1

1978

slONRESIDENTIIXED INVESTMI

\J**

1 1 1

1979

ALENT

^

REFIXED

X--'

I I I1980

f \+**"~+

SIDENTIALINVESTMENT

L__\

,--"'N

i i i1981

^/V

CHANGE 1INVEh

'•""\.l l l

1982

/'

^

N BUSINESSITORIES /\++~s* —

1 1 11983

/

—

—

__

—

/ ___

1 1 1

1984

500

400

300

200

100

-100



Period

197219731974197519761977197819791980198119821983

1982: IIIIIIIV

1983- IIIIllIV

1984- I r

Grossprivate

domesticinvestment

195.0229.8228.7206.1257.9324.1386.6423.0401.9474.9414.5471.9

422.9432.5425.3377.4

404.1450.1501.1532.5

600.9

Nonresidential fixed investment

Total

121.0143.3156.6157.7174.1205.2248.9290.2308.8352.2348.3348.4

361.3352.7342.3337.0

332.1336.3351.0374.0

384.4

Structures

44.151.055.955.458.864.478.798.3

110.9133.4141.9131.1

144.7144.2140.0138.6

132.9127.4130.9133.3

139.5

Producers'durable

equipment

76.992.3

100.7102.3115.3140.8170.2191.9197.9218.8206.4217.2

216.5208.5202.2198.4

199.3208.8220.2240.7

244.9

Residential fixed investment

Total

63.868.057.955.372.095.8

111.2118.6102.9104.390.8

130.0

87.391.087.996.8

111.3128.4141.5138.8

147.3

Nonfarmstructures

61.565.654.852.468.892.0

107.0114.098.199.886.0

124.9

83.286.183.491.2

106.7123.3136.3133.5

142.1

Farmstructures

0.7.7

1.31.01.11.51.71.71.81.31.51.5

.91.61.32.3

1.31.51.61.6

1.3

Producers'durable

equipment

1.51.71.81.92.12.32.52.93.03.23.23.6

3.23.33.33.3

3.43.53.63.7

3.8

Change in businessinventories

Total

10.218.514.1

-6.911.823.026.514.3

-9.818.5

-24.5-6.4

-25.7-11.2-4.9

-56.4

-39.4-14.5

8.519.6

69.3

Nonfarm

9.615.216.010.513.921.925.48.6

-4.510.9

-23.1-2.8

-27.68.8

-2.3-53.7

39.0-10.3

18.419.7

48.2



EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARMBUSINESSAccording to the Commerce Department January-February survey, nonfarm business spending for new plant andequipment for the year 1984 is expected to be 13.6 percent above the 1983 level; spending for 1983 was 4.4percent below the 1982 level.


500

400

300

200

100

80

60

40

SEASONALLY ADJUSTED ANNUAL RATES


500

TOTAL NEW PLANT AND EQUIPMENT

I I I

NONMANUFACTURING

1 I I

MANUFACTURING-

I I Vif

400

300

200

TOO

80

60

40

1976 1977

-i/ SEE FOOTNOTE 4 BELOW

SOURCE.-DEPARTMENT OF COMMERCE

1978 1979 1980 1981 1982 1983 1984



Period

19761977197819791980 ....19811982 ....19831984 4...

1982: DI..IV... '..

1983: I.IImIV

1984: I 4

n 4

2nd half 4 .

Total

171.45198.06231.24270.46295.63321.49316.43302.50343 57

313.76303.18

293.03293.46304.70318.83

332.66335.40353.12

Plant

71.1280.1992.63

105.75117.57133.35134.58128.99

134.43127.32

125.40125.60130.59134.38

Equip-ment

100.33117.89138.60164.68178.06188.14181.86173.51

179.33175.86

167.62167.86174.12184.45

Plant and equipment

Manufacturing

Total

59.9569.2279.7298.68

115.81126.79119.68111.53129.72

118.26110.23

109.86108.79111.12116.36

124.70126.26133.95

Durablegoods

28.4734.0440.4351.0758.9161.8456.4451.7862.78

56.6150.51

50.7448.4853.0654.85

59.2159.0166.46

Nondur-able

goods

31.4735.1839.2947.6156.9064.9563.2359.7566.93

61.6559.72

59.1260.3158.0661.50

65.4967.2567.50

Nonmanufaeturing

Total

111.50128.87151.52171.77179.81194.70196.75190.97213.86

195.51192.95

183.17184.67193.59202.47

207.96209.14219.17

Mining

7.449.24

10.2111.3813.5116.8615.4511.8814.34

14.5713.41

12.0310.9111.9312.43

13.5713.8714.96

Trans-portation

8.899.40

10.6812.3512.0912.0511.9511.2012.00

11.2912.33

11.0410.8811.0011.86

11.0811.9812.47

Publicutilities

22.3726.7929.9533.9635.4438.4041.9542.0044.79

43.0243.00

41.6141.4842.2242.69

43.7244.6745.38

Tradeand

serv-ices 1

49.3056.5468.6679.2681.7986.3386.9587.94

100.25

86.8884.36

82.3885.8591.0692.44

98.5697.93

102.26

Commu-nication

andother 2

23.5126.9032.0234.8336.9941.0640.4638.0242.47

39.7539.84

36.1135.5437.3843.05

41.0340.6844.09

Start! ofplant and

equip-ment

projects,manufac-turing 3

59.3977.7388.41

113.50123.58135.61104.35114.51

25.3123.62

23.3527.7129.9833.47

1 Wholesale and retail trade; finance, insurance, and real estate; and personal, business, and pro-fessional services.

2 "Other" consists of construction; social services and membership organizations; and forestry,fisheries, and agricultural services.

10

8 Starts are estimated by adding changes in carryover to expenditures4 Planned capital expenditures as reported by business in late January

rected for biases.


;iven period,'ebruary 1084, eoi


EMPLOYMENT, UNEMPLOYMENT, AND WAGESSTATUS OF THE LABOR FORCESeasonally adjusted civilian employment rose 262,000 in April and unemployment rose 71,000.

MILLIONS OF PERSONS*116

MILLIONS OF PERSONS*

*16 YEARS OF AGE AND OVER

SOURCE: DEPARTMENT OF LABOR

1984


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

Period

197819791980198119821983..

1983: AprMayJuneJulyAugSeptGetNovDee

1984: JanFebMarApr......

Noninstitu-tional

populationincludingresidentArmedForcesNSA

163,541166,460169,349171,775173,939175,891

175,465175,622175,793175,970176,122176,297176,474176,636176,809

177,219177,363177,510177,662

"DpeijLiesi-dent

Arrr«orlrmeuForcesNSA

1,6311,5971,6041,6451,6681,676

1,6711,6691,6681,6641,6821,6951,6951,6851,688

1,6861,6841,6861,693

T V, fjjaDor lorceincludingresidentArmedForces

103,882106,559108,544110,315111,872113,226

112,646112,619113,573113,489113,799113,924113,561113,720113,824

113,901114,377114,598114,938

Employ-ment

includingresidentArmedForces

97,679100,421100,907102,042101,194102,510

101,277101,431102,411102,889103,166103,571103,665104,291104,629

104,876105,576105,826106,095

Civilianlabor force

102,251104,962106,940108,670110,204111,550

110,975110,950111,905111,825112,117112,229111,866112,035112,136

112,215112,693112,912113,245

_Civilian employment

Total

96,04898,82499,303

100,39799,526

100,834

99,60699,762

100,743101,225101,484101,876101,970102,606102,941

103,190103,892104,140104,402

Agricul-tural

3,3873,3473,3643,3683,4013,383

3,3923,3743,4793,4993,4493,3083,2403,2573,356

3,2713,3953,2813,393

Nonagricultural

Total

92,66195,47795,93897,03096,12597,450

96,21496,38897,26497,72698,03598,56898,73099,34999,585

99,918100,496100,859101,009

Part-timefor

economicreasons *

3,2983,3734,0644,4995,8525,997

6,0775,9655,8865,7005,8666,0275,7245,8485,712

5,9435,8085,4635,593

Unemployment

Total

6,2026,1377,6378,273

10,67810,717

11,36911,18811,16210,60010,63310,3539,8969,4299,195

9,0268,8018,7728,843

15weeks

andover

1,4141,2411,8712,2853,4854,210

4,3964,5104,4864,3984,0783,8893,6553,5273,369

3,2012,9842,8732,855

Labor forceparticipationrate (percent)

Total 2

63.564.064.164.264.364.4

64.264.164.664.564.664.664.364.464.4

64.364.564.664.7

Civil-ian 3

63.263.763.863.964.064.0

63.963.864.364.264.364.364.064.064.0

63.964.164.264.4

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

2 Labor force as percent of noninstitutional population (both including resident Armed Forces).

3 Civilian labor force as percent of civilian noninstitutional population.NOTE.—NSA indicates data are not seasonally adjusted.Source: Department of Labor, Bureau of Labor Statistics.

11


SELECTED UNEMPLOYMENT RATESThe seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force, wasunchanged in April at 7.7 percent. The unemployment rate for all civilian workers also was unchanged at 7.8percent.

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

«;

o

0

BLACKAND OTHER /*

\ -'

./*"!

/^T*— *

i null nil1980

i*'

ALL

p -~/X

MMl l l l l l l1981

/

CIVILIAN WC

2^*

WHITE

illllliilll

1982

v ^*%

%-%

>RKERS1 — in,,

"%^Z\s

M f i i i i i i i i1983

s««

M M l i l i i l l

25

Of)

1 K

10

0

Arr>A,/•

^

f %^ntj

-N.1

^^^^V2^/

ninliitii1984 1980

\ 1 ^\ j |TEENAGERS \

(16-19)

MEN 20 YEARSAN^^VFi? _.

V^"" UA

IX^ WOMEN 20 YEARSAND OVER

IIHlllllM1981

Hiiiifiiii1982

M l f f l f D H1983

>*\

^^

lUii l l l l l !

1984

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

SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS

[Monthly data, seasonally adjusted]

Period

197819791980 „...198119821988

1983: Apr...May...June..July ..Aug...Sept ..Oct....Nov...Dec...

1984: Jan...Feb ...Mar...Apr ...

Unem-ploymentrate, allwork-ers l

6.05.87.07.59.59.5

10.19.99.89.39.39.18.78.38.1

7.97.77.77,7

Unemployment rate (percent of civilian labor force in group)

Allcivilianwork-

ers

6.15.87.17.69.79.6

10.210.110.09.59.59.28.88.48.2

8.07.87.87.8

By sex and age

Men20 yearsand over

4.34.25.96.38.88.9

9.79.59.18.88.78.68.27.87.4

7.37.06.86.9

Women20 years

andover

6.05.76.46.88.38.1

8.58.58.67.98.07.87.57.27.1

7.16.96.97.0

Bothsexes16-19years

16.416.117.819.623.222.4

23.423.023,622.722.821.821.620.220.1

19.419.319.919.4

By race

White

5.25.16.38.78.68.4

8.9B.88.68.28.28.07.77.37.1

6.96.76.76.7

• •

Black and other

Total

11.911.313.114.217.317.8

18.718.518.617.917.917,316.716.116.3

15.614,915.115.1

Black

12.812.314.315.618.919.5

20.720.320.319.619.818.918.317.717.8

16.716.216.616.8

By selected groups

Experi-enced

wage andsalary

workers

5.65.56.97.39.39.2

9.99.89.49.19.18.88.58.17.9

7.67.47.27.3

Marriedmen,

spousepresent

2.82.84.24.36.56.5

7.17.06.76.26.36.15.75.55.2

5.04.94.74.7

Womenwho

maintainfamilies

8.58.39.2

10.411,712.2

13.012.712.511.811.812.011.410.510.9

10.711.011.010.5

Pull-time

workers

5.65.36.97.39.69.5

10.210.09.79.49.39.18,78.28.0

7.87.57.57.6

Part-time

workers

9.08.88.89.4

10.510.4

10.510.911.810.210.210.110.09.89.8

9.29.39.29.1

Laborforce

time lost(per-

cent) 2

6.56.37.98.5

11.010.9

11.511.511.110.710.710.510.09,79.4

9.28.98.88.9

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.

Source: Department of Labor, Bureau of Labor Statistics.

12


SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENTINSURANCE PROGRAMSIn April, the percentage of unemployed persons who had been out of work for less than 5 weeks rose, and thepercentages out of work for 5-14 weeks, for 15-26 weeks, and for 27 weeks and over fell. Both measures ofaverage duration of unemployment—the mean and the median—fell in April.

PERCENT DISTRIBUTION

70

PERCENT DISTRIBUTION*

70

60

20

10 -

— 50 —

40

— 30 —

20

_ 10 —

1980

'SEASONALLY ADJUSTED


1984

REASON FOR UNEMPLOYMENT

A ..JC

_A]

-

•^Xc^

iimliiiii1980

DB LOSERS jV J

F

"" V

Nl

£>-

JOB

1981

J**

EENTRANTS

\f

:W ENTRANT

k_XJLEAVERS

Illllllllll

1982

N

S

Â^

iiiiilinii1983

\

*>*

^r

Illllllllll

1984


[Monthly data seasonally adjusted, except as noted]

Period

1979 . .1980198119821983

1983: Apr....MayT ^ 1JuneJulyAuirSeptOctNovDec

1984: JanFeb .MarApr

Unemploy-ment

(thousands)

6,1377,6378,273

10,67810,717

11,36911,18811,16210,60010,63310,3539,8969,4299,195

9,0268,8018,7728,843

Duration of unemployment

Percent distribution * 'j

Lessthan

5weeks

48.143.141.736.433.3

32.332.232.832.834.135.935.535.136.5

36.038.138.539.1

5-14weeks

31.732.330.731.027.4

28.227.226.726.427.726.727.627.627.1

28.428.128.928.4

15-26weeks

11.513.813.616.015.4

15.216.014.416.715.013.313.914.113.9

13.013.312.712.6

27?weeks

an<Jover

8.71Q-714.016.623.9

24.324.726.124.223.324.123.123.122.5

22.620.520.019.8

Number ofweeks

Aver-age

(mean)

10.811.913.715.620.0

19.220.221.421.319.920.220.120.219.6

20.518.818.818.5

Medi-an

5.46.56.98.7

10.1

10.811.910.810.19.49.49.59.49.0

9.28.38.38.1

Reason for unemployment:percent distribution *

Joblosers

42.951.751.658.758.4

59.860.258.458.657.757.156.555.054.1

53.654.152.551.3

Jobleav-ers

14.311.711.27.97.7

7.27.27.27.17.58.38.79.19.2

9.08.88.68.8

Reen-trants

29.425.225.422.322.5

22.021.421.822.723.322.723.423.724.2

24.424.625.126.1

Newentrants

13.311.411.911.111.3

11.011.112.611.611.411.911.412.112.4

13.112.513.813.8

Stateprograms

Insuredunem-

ployment

Initialclaims

Insuredunem-

ployment,all

regularprograms(unadjust-

ed)2

Specialunem-

ploymentbenefitclaims(unad-

justed)8

Weekly average, thousands

2,4343,3503,0474,0613,396

3,8263,6153,3893,1903,0252,8932,7972,7342,636

2,6152,5282,4982,449

388488460583438

488460424408410386389388389

368349354361

2,5923,8373,4104,5943,775

4,6423,9473,4813,2752,9172,5802,4782,6202,915

3,3743,1742,958

1,1171,4451,086

849737655522901731

584489444401

1 Detail may not add to 100 percent because of rounding.2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-service-

men (UCX), Federal (UCFE), and railroad (BE) programs. Also includes Federal «and State ex-tended benefit programs. Does not include Federal supplemental compensation program.

3 Federal supplemental compensation program.Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Adminis-

tration).

35-069 0 - 8 4 - 2 13


NONAGRICULTURAL EMPLOYMENTTotal nonagricultural employment as measured by the payroll survey rose 407,000 in April.

MILLIONS OF PERSONS*

90

80

70

60

50

40

30

20

-

-

-

L , , , l , ! l , ,M

1980

ALL N<ES

SERV

ao<

Illllllllll1981

n3NAGRICUL"'ABL1SHMEN

1CE-PRODUCINDUSTRIES

DDS-PRODUCINDUSTRIES

\"*-"*••*..Illllllllll

1982

rrURALTS

— «**"*"

:ING

:ING

Illllllllll1983

f**

-

-

-

i l l l l l l lMh1984 "

MILLIONS OF PEtSONS* (ENLARGED SCALE)

*SEASONALLY ADJUSTED


1980 1981 1982 1983 1984


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

•p • JJreriod

1978 .19791980198119821983

1983: AprMayJuneJulyAugSeptGetNovDec

1984: JanFeb r

Marr

Apr"

Totalnonagri-eulturalemploy-

ment

86,69789,82390,40691,15689,59689,978

89,09089,42189,84490,15289,74890,85191,08491,35591,599

91,93092,35792,50692,913

Goods-producing industries

Total 2

25,58526*,46125,65825*49723,90723*646

23,15923,34723,51823,72423,83023,93524,16824,31124,415

24,61724,78424,78324,966

Con-struction

4,2294,4634,34644883,9113^947

3,7863,8603,9333,9744,0144,0384,0604,0944,088

4,1774,2334,1704,244

Manufacturing

Total

20,50521,04020,2852047018,85318^678

18,37618,49318,58218,73318,79318,87119,06419,17219,280

19,38919,49919,56019,661

Durablegoods

12,27412J6012,1871240911,10010^932

10,68910,78810,84410,96111,02211,08111,23511,32011,406

11,47711,57211,62111,683

Nondur-able

goods

8,2318*2808,0988*,0617,7537*,747

7,6877,7057,7387,7727,7717,7907,8297,8527,874

7,9127,9277,9397,978

Service-producing industries

Total

61,1136336364,74865*,65965,68966332

65,93166,07466,32666,42865,91866,91666,91667,04467,184

67,31367,57367,72367,947

Transpor-tation and

publicutilities

4,92354365,14654655,0814*,941

4,9884,9934,9924,9844,3415,0315,0195,0195,015

5,0575,0635,0735,085

Whole-sale and

retailtrade

19,54220,19220,31020,*54720,40120*,513

20,32920,35620,49420,52920,58020,61220,66620,71820,781

20,86020,91820,97520,990

Finance,insurance,and realestate

4,7244,9755,1605,2985,3405,454

5,4235,4355,4515,4655,4885,4995,5035,5155,525

5,5535,5705,5805,599

Services

16,25217,11217,89018,61919,06419,680

19,47819,54619,66819,77019,83519,91319,95620,01620,093

20,10120,24920,33920,516

Government

Federal

2,7532,7732,8662,7722,7392,752

2,7382,7562,7422,7382,7462,7782,7612,7632,768

2,7622,7602,7612,765

Stateandlocal

12,91913,17413,37513,25913,06412,992

12,97512,98812,97912,94212,92813,08313,01113,01313,002

12,98013,01312,99512,992

1 Includes all full- and part-time wage and salary workers in nonagrieultural 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 nonagrieultural 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,

2 Include! mining, not shown separately.


14


AVERAGE WEEKLY HOURS AND HOURLY EARNINGSPRIVATE NONAGRICULTURAL INDUSTRIES

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

Period

197519761977197819791980198119821983

1983- AprMayJuneJuly .Auer .. ..SeptGetNovDec

1984- JanFeb...Mar r

Amp

Average weeklyhours

Totalprivate

nonagricul-tural l

36.136.136.035.835.735.335.234.835.0

34.935.135.135.035.035.235.335.235.3

35.535.435.235.6

Manufacturing

Total

39.540.140.340.440.239.739.838.940.1

40.140.040.140.240.340.840.640.640.5

41.041.040.641.2

Overtime

2.63.13.53.63.32.82.82.33.0

2.92.72.93.03.13.33.33.33.4

3.53.63.43.7

Average gross hourlyearnings

Totalprivate

nonagrieul-tural l

$4.534.865.255.696.166.667.257.678.01

7.957.978.008.037.988.088.138.138.16

8.238.238.258.30

Manufactur-ing

$4.835.225.686.176.707,277.998.508.84

8.788.798.828.858.848.878.949.009.01

9.059.099.129.14

Adjusted hourly earnings index — total privatenonagricultural 2

Ind1977 =

Currentdollars

86.792.9

100.0108.2116.8127.3138.9148.3155.1

154.0154.6154.8155.2155.0155.9156.8156.9157.6

158.3158.2158.8159.6

ex,— 100

1977dollars 3

97.699.0

100.0100.597.493.592.693.394.7

94.794.794.894.794.194.394.694.494.7

94.794.694.995.2

Percent change from a yearearlier 4 5

Currentdollars

8.47.27.68.27.99.09.16.84.6

5.24.84.64.33.63.94.13.93.7

3.63.23.53.6

1977 dollars

-0.71.41.0.5

3 1-4.0

1 0.8

1.5

1.21.42.12.11.21.21.41.0.4

0-.6__ i

J

AVERAGE WEEKLY EARNINGSPRIVATE NONAGRICULTURAL INDUSTRIES

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

Period

1975197619771978197919801981 .19821983

1983: Apr .. .MayJuneJulyAusfSept..OctNov. ..Dec

1984: JanFebMarr...Aprp ..

Average gross weekly earnings

Total privatenonagricultural l

Current dollars

$163.53175.45189.00203.70219.91235.10255.20266.92280.35

277.46279.75280.80281.05279.30284.42286.99286.18288.05

292.17291.34290.40295.48

1977 dollars 3

$184.16186.85189.00189.31183.41172.74170.13167.87171.15

170.64171.42171.85171.48169.58172.06173.09172.19173.21

174.85174.14173.58176.30

Manufacturing Construction Wholesale andretail trade

Current dollars

$190,79209.32228.90249.27269.34288.62318.00330.65354.48

352.08351.60353.68355.77356.25361.90362.96365,40364.91

371.05372.69370.27376.57

$266.08283.73295.65318.69342,99367.78399.26426.45441.86

443.54441.19440.82440.89440.08448.50435.08435.17439.02

458.45457.25442.70456.32

$126.45133.79142.52153.64164.96176.46190.62198.10207.03

203.83205.76207.68207.67207.34207.97211.54210.88214.16

213.49212.82213.44216.06

Percent change froma year earlier,

total private nonagrieultural s

Current dollars

5.77.37.77.88.06.98.54.65.0

4.74.64.94.83.76.06.45,75.8

5.86.85.56.5

1977 dollars

3 11.51.2.2

Q J

-.is-1.5-1.3

2.0

.71.22.42.51.33.23.72.82.5

2.02.91.93.3

1 Also includes other private industry groups shown on p, 14. * Monthly changes based on indexes to two decimal places.2 Adjusted for interindustry employment shifts and for overtime in manufacturing. 5 Based on unadjusted data.3 Current dollar index (or earnings) divided by the consumer price index on a 1977

Revised index for urban wage earners and clerical workers used beginning 1978.Source: Department of Labor, Bureau of Labor Statistics.

15


PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR

Period

1970.19711972 . .. ... . .19731974 . .. ,

19751976 ,.197719781979

1980198119821983

1982- Inm ......IV

1983- IIIHIIV

1984: Ir........

19701971 . . ,19721973 ... . .1974......

19751976 .197719781979

1980.....198119821983

1982: I...n........mIV

1983- In........mrv.......

1984: F..

Output per hour ofall persons

Businesssector

Nonfarmbusinesssector

Output 1

Businesssector

Nonfarmbusiness

sector

Hours of allpersons 2

Businesssector


Compensation perhour 3

Businesssector


Keal compensationper hour 4

Businesssector


Unit laborcost

Businesssector


Implicit pricedeflator 5

Businesssector


1977 = 100; quarterly data seasonally adjusted

86.289.292,494.792.5

94.597.6

100.0100.699.4

98.9101.3101.2103.9

101.1.100.7101.1101.9

102.4103.9104.2105.3

106.3

86.889.793.095.392.9

94.797.8

100.0100.699.1

98.4100.3100.2103.4

100.099.9

100.5100.7

101.6103.4104.0104.7

105.6

78.480.786.191.789.9

88.293.8

100.0105.5107.8

106.5109.8106.7111.1

107.2106.9106.6106.0

107.1110.4112.4114.5

117.8

78.080.385,891,789.8

87,893.7

100.0105.7108.0

106.5109.3106.3111.1

106.5106.7106.5105.4

106.7110.2112.5114.8

117.8

91.090.593.296.897.3

93.396.0

100.0• 104.9

108.5

107.6108.4105.4107.0

106.0106.2105.4104.0

104.6106.2107.9108.8

110.7

89.889.592.396.296.7

92/795.8

100.0105.0109.0

108.2109.0106.0107.4

106.5106.8106.0104.6

105.0106.6108.2109.6

111.6

58.262.066.171.378.0

85.592.9

100.0108.6118.7

131.2143.9155.1163.0

151.6154.0156.5158.6

160,8162.0163.5166.2

168.6

58.762.566.771.778.5

86.093.0

100.0108.6118.4

130.7143.5154.7163.4

151.3153.5156.1158.3

160.8162.6164.1165.9

168.3

90.892.895.797.395.9

96.398.9

100.0100.999.1

96.595.997.499.2

97.197.397.298.1

99.399.199.099.5

99.8

9L593.596.697.896.4

96.899.0

100.0100.998.9

96.195.697.199,4

96.997,097.097.9

99,499.499.3

.. 99.3

99.6

67.569.571.575.384.4

90.595.1

100.0108.0119.5

132.7142.1153.3156.9

149.9152.9154.7155.6

156.9156.0156.9157.9

158.6

67.669.771.775.384.5

90.895.1

100.0108.0119.5

132,8143.0154.4157.9

151.3153.6155.4157.1

158.3157.2157.8158.4

159.4

66.069.071.375.382.4

90.494.7

100.0107.5117.2

128.1140.1147.7153.2

145.5147.5148.5149.4

151.5152.5153.8155.2

156.3

66.369.371.374.081.6

90.094.6

100.0107.1116.5

128.1140.4148.6154.2

146.4148.3149.1150.5

152.4153.4154.7156.1

156.9

Percent change; quarterly data at seasonally adjusted annual

0.83.63.52.6

-2.4

2.23.32.4

.6-1.2

-.52.4

— .12.7

q

-L61.63.2

1.95.91.24.2

4.1

0.33.33.72.4

-2.5

2.03.22.2

.6-1.5

__ 71.9

j3.2

.1g

2.31.2

3.57.12.32.7

3.5

-0.83.06.66.6

-2.0

-2.06.46.65.52.3

-1.33.1

-2.84.2

-6.3-1.0-1.1-2.3

4.212.77.87.6

11.8

-1.02,96.96.8

-2.0

-2.26.76.75.72.2

-1.42.7

-2.84.5

-6.2.8

-.6-4.1

4.913.78.98.1

11,1

-1.6g

3.03.9.4

-4.13.04.14.93.5

-.8.7

-2.71.4

-6.0.6

-2.7-5.3

2.36.56.53.3

7.3

1 3-.43.14.3.5

-4.13.44.45.03.7

-.7.7

-2.71.3

-6.31.1

-2.8-5.2

1.36.26.45.2

7.3

7.36.66.58.09.4

9.68.67.78.69.4

10.59.77.75.1

9.46.46.75.6

5,23.53.66.9

5.9

7.06.66.77.69.4

9.68.17.58.69.0

10.49.87.85.6

10.05.97.15.6

6.64.43.84.3

6,0

1.32.23.11.6

-1.4

.52.61.2.9

-1.7

-2.6-.61.51.9

5.5.9

— 54.0

4.9-.8-.62.3

.9

1.02.23.31.3

-1.4

.42.21.0.9

-2.0

-2.8-.61.62.3

6.0.4

-.14.0

6.3.0

-.3-.1

1.0

6.4^2.92.95.3

12.1

7.35.15.18.0

10.7

11.17.17.92.4

9.88.15.02.3

3.32 22.32.5 -

1.7

6.63.12.85.0

12.2

7.54.85.28.0

10.7

11.17.77.92.3

9.96.24.74.4

3.0-2.6

1.51.6

2.4

4.54.43.45.59.5

9.84.75.67.59.0

9.29.45.43.7

3.45.52.72.6

5.52.83 33^7

3.0

4.84.53.03.8

10.2

10.35.15.77.18.8

10.09.65.83.8

3.75.42.23.7

5.32.73.33.7

2.1

1 Output refers to gross domestic product originating in the sector in 1972 dollars.8 Haurs of all persons engaged in the sector, including hours of proprietors and unpaid family

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

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

* 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.


16


PRODUCTION AND BUSINESS ACTIVITYINDUSTRIAL PRODUCTION AND CAPACITY UTILIZATIONIndustrial production rose 1.4 percent in April, following an increase of 0.5 percent in March. The index for April

was 14.4 percent above its year earlier level.

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

180

160

140

120

-.TOTAL INDUSTRIAL PRODUCTION

II III)

1980

II III

1981 1982 1983 1984

180

160

140

120

-MANUFACTURING PRODUCTIC

p% -% NONDURABLI

w

-V/JIllllllllll

1980

DURABLE N

Illllllllll

1981

~Îllllllllll

1982

)N

^/

Illllllllll

1983

'

Illllllllll

1984

A-A

UTILITIES

180 -UTILITIES AND MINING PRODUCTIO

160

140

120

1001980

PERCENT*

MINING

1981 1982

I /

1983 1984

90

80

70

60

^MANUFACTURING CAPACITY UTILIZATION RATE_

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

1980 1981 1982 1983 1984COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]

Period

1967 "provoTtiofi1974 ..19751976197719781979198019811982 ..19831983' Apr

MayJuneJulyAufiT

SeptOctNovDec

1984" Janr

Feb r

Mar r

Apr p

Totalindustrialproduction

Index,1967 = 100

100.00

129.3117.8130.5138.2146.1152.5147.0151.0138.6147.6142.6144.4146.4149.7151.8153.8155.0155.3156.2158.5160.1160.9163.1

Percentchange

from yearearlier

-0.48.9

10.85.95.74.4

-3.62.7

-8.26.51.73.75.67.99.7

12.014.215.115.515.415.914.914.4

Industry production indexes, 1967 = 100

Manufacturing

Total

87.95129.4116.3130.3138.4146.8153.6146.7150.4137.6148.2143.1145.1147.4150.6152.8155.1156.2156.4156.8159.5161.6162.4164.9

Durable

51.98125.7109.3122.3130.0139.7146.4136.7140.5124.7134.5129.1131.0133.2136.8138.8141.6142.8143.6145.0148.6150.6151.7154.4

Nondurable

35.97134.6126.4141.8150.5156.9164.0161.2164.8156.2168.1163.3165.4167.8170.6172.9174.6175.6174.8173.9175.2177.4177.8179.9

Mining

6.36115.3112.8114.2118.2124.0125.5132.7142.2126.1116.6111.6112.8112.6115.0116.1117.1118.3121.1123.7124.8124.5123.5123.3

Utilities

5.69143.7146.0151.7156.5161.4166.0168.3169.1168.7172.4169.3169.7169.8176.0179.3179.3176.5176.3182.5181.0176.6178.3178.7

Capacity utilization rate, percent l

Manufacturing

FederalReserve

series

83.772.979.682.284.786.079.679.471.175.272.973.874.976.477.378.478.978.878.980.181.081.282.3

Com-merce

series 2

83.077.081.083.084.083.078.076.070.073.9

73.3

75.5

76.9

Industrialmaterials(FederalReserveseries)

87.073.381.182.685.687.680.480.770.175.272.573.574.476.577.478.679.579.679.680.682.082.383.3

1 Output as percent of capacity.2 Annual data are averages of the four monthly indexes.

Sources: Board of Governors of the Federal Reserve System and Department of Commerce(Bureau of Economic Analysis).

17


INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS ANDSELECTED MANUFACTURES

[1967 = 100; monthly data seasonally adjusted]

Period

1967 proportion1974 .1975197619771978197919801981... .1982.....19831983: Apr. ..

MayJuneJdyAugSeptOctNovDec

1984: Janr

Feb r

Mar r

Apr r .

Products

Final products

Total

47.82125.1118.2127.6135.9142.2147.2145.3149.5141.5147.1142.8144.5146.4149.0150.7152.1152.7153.2155.2

157.5158.2158.8160.7

Consumer goods

Total

27. 68128.9124.0137.1145.3149.1150.8145.4147.9142.6151.7147.7150.4152.4154.8156.3157.3156.9156.1157.7

159.5159.6159.9161.6

Durablegoods

7.89135.3121.4141.9154.0159.2155.8136.7140.5129.2147.5140.5145.5149.2152.9154.2157.5156.7155.9158.6

163.4162.7163.3164.0

Nondurablegoods

19.79126.3125.1135.2141.9145.1148.8148.9150.9148.0153.4150.5152.3153.6155.6157.1157.2157.1156.1157.3

157.9158.3158.6160.6

Equipment

Total

20.14120.0110.2114.6123.0132.8142.2145.2151.8139.8140.8136.2136.5138.2141.0143.1144.9147.0149.1151.8

154.9156.3157.2159.5

Business

12.63142.4128.2135.4147.8160.3171.3173.2181.1157.9153.3146.9147.7150.2153.3156.6158.7161.3164.1167.3

170.7172.2173.1175.4

Defenseand space

equip-ment

7.5182.480.079.881.386.593.498.2

102.7109.4119.9118.2117.6118.0120.4120.2121.8122.9124.0125.7

128.3129.5130.5132.7

Intermediate products

Total

12.89135.3123.1137.2145.1154.1160.5151.9154.4143.3156.6150.8152.2154.5158.1162.2165.4166.5165.5165.4

167.8169.1169.9172.3

Con-structionsupplies

6.42134.5116.3132.6140.6151.7158.0140.9141.9124.3142.5136.4138.4142.1145.8149.0151.4152.3151.6151.5

155.5157.1158.9161.3

Businesssupplies

6.47136.0129.7141.7149.5156.5163.1162.8166.7162.1170.7165.2166.0166.8170.4175.3179.3180.6179.4179.3

180.1181.0180.9

Materi-als

39.29132.4115.5131.7138.6148.3156.4147.6151.6133.7145.2139.7141.7143.7147.8149.7152.2154.0154.5154.5

156.6159.6160.6162.9

Supple-mentarygroup:Energy

total

12.23125.5125.5129.1132.9135.4137.9137.7137.4135.7135.9133.9133.8133.6138.5139.4139.1137.7138.5141.1

141.6141.5141.3142.2


Period

1967 proportion..19741975197619771978197919801981 ...19821983... .1983: Apr

MayT J

JuneJulyAufiT

SeptOctNovDec.. .

1984: Jan r

Febr

Mar r

Aprp

Durable manufactures

Primary metals

Total

6.57123.196.4

109.7111.1119.9121.3102.3107.975.385.483.184.984.885.587.590.695.392.290.4

93.298.497.799.8

Iron andsteel

4.21119.895.8

104.8103.8113.2113.292.499.861.771.568.569.569.771.875.178.284.379.274.1

80.786.084.5

Fabricat-ed metalproducts

5.93124.2109.9123.9131.0141.6148.5134.1136.4114.8120.2115.3115.5118.5122.7126.0127.4126.9128.5129.2

131.7132.6134.9137.5

Non-electrical

machinery

9.15140.1125.1134.5143.6153.6163.7162.8171.2149.0150.6143.1146.1149.5154.2157.3158.3159.2161.8164.3

169.5171.5173.1176.9

Electricalmachinery

8.05143.8116.5134.8145.4159.4175.0172.8178.4169.3185.5177.2180.1182.4188.3189.2195.8198.4200.1201.5

206.2209.9211.8217.8

Transportationequipment

Total

9.27108.797.4

111.1122.2132.5135.4116.9116.1104.9117.8111.4113.8116.6119.7121.1124.7125.5127.3130.8

134.9135.6136.0135.4

Motorvehicles

and parts

4.50128.2111.1142.0161.1169.9159.9119.0122.3109.8137.1125.5130.4136.2142.3144.3150.9150.9152.9158.9

166.3165.1166.1163.0

Lumberand

products

1.64116.2107.6123.2131.2136.3136.9119.3119.1112.6137.2132.1135.8137.4141.3141.6142.3141.7141.0143.8

146.0146.0147.7

Nondurable manufactures

Apparelproducts

3.31114.3107.6125.7134.2134.2134.4127.0120.4

Printingand

publish-ing

4.72118.2113.3122.5127.6131.5136.9139.6144.2144.1152.5145.7145.2147.4152.0157.8161.7162.7162.0161.7

163.4164.8165.1167 0

Chemi-cals andproducts

7.74159.4147.2170.9185.7197.4211.8207.1215.6196.1215.0208.5211.0214.7218.3220.3224.1228.4225.6221.1

221.5226.1227.0

Foods

8.75124.0123.4133.0138.8142.7147.5149.6152.1151.1156.4153.7155.6157.7159.9159.3158.2157.6157.1157.7

159.4160.0

Source: Board of Governors of the Federal Reserve System.

18


NEW CONSTRUCTION[Monthly data seasonally adjusted]

Period

19761977197819791980198119821983

1983: MarAprMayJuneJulyAllfTSeptOctNovBee

1984- JanFeb*Mar"Apr

Total newconstructionexpenditures

Private

Total

Residential

Total l New housingunits

Commercialand industrial Other

Federal,State, and

local

Billions of dollars

151.1173.8205.6230.4230.7239.4232.0262.7

112.0135.7159.7181.6175.7186.1181.0212.3

60.581.093.499.087.386.674.8

110.7

47.365.775.878.663.162.751.985.2

19.922.529.639.943.851.354.649.4

31.532.236.742.744.748.251.552.2

39.138.245.948.855.053.351.150.4

Annual rates

241.9247.4254.8264.3274.2282.0285.4265.6265.8265.3275.7292.0295.6

194.9199.5206.0214.7222.8228.5232.6217.0214.9215.5225.0239.2243.5

96.1102.0107.5113.5122.3127.1129.1116.5110.4108.0116.9128.3131.9

72.377.382.287.992.794.895.092.191.992.695.2

100.3100.5

49.746.846.349.048.150.550.146.750.451.954.056.757.5

49.050.752.252.252.450.953.453.854.255.654.154.354.1

47.047.948.749.651.453.552.848.650.949.850.752.852.0

Construction contracts 2

Total valueindex

(1977 = 100)

79.0100.0114.0122.0107.0110.0112.0138.0

131129148151137154143139145134150150144145

Commercialand industrial

floor space(millions ofsquare feet)

592739977

1,059904919690750

Annual rates

632652734785741783830856884803931751884960

1 Includes nonhousekeeping residential construction and additions and alterations, not shown sep-arately.

2 F. W. Dodge series. Eelates to 50 States beginning 1969 for value index and beginning 1971for floor space.

Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information SystemsCompany, F. W. Dodge Division.

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

Period

19761977197819791980198119821983

1983- Apr .MayJuneJulyAugSeptOctNovDec

1984: Jan T

Febr

Mar r.Apr"

New private housing units

Units started, by type of structure

Total

1,537.51,987.12,020.31,745.11,292.21,084.21,062.21,703.0

1 unit

1,162.41,450.91,433.31,194.1

852.2705.4662.6

1,067.6

2-4 units

85.9121.7125.0122.0109.591.180.0

113.5

5 or more units

289.2414.4462.0429.0330.5287.7319.6522.0

Unitsauthorized

1,296.21,690.01,800.51,551.81,190.6

985.51,000.5

r 1,605.2

Unitscompleted

1,377.21,657.11,867.51,870.81,501.61,265.71,005.51,390.3

New private homes

Homes sold

646819817709545436412623

Seasonally adjusted annual rates

1,5491,7791,7431,7931,8731,6791,6721,7301,6941,9802,2621,6451,963

1,0301,1501,1241,0481,1241,0381,0171,0741,0211,3011,4631,0681,148

11310211812710911596

130133114148131187

406527501618640526559526540565651446628

r 1,556r 1,660r 1,764r 1,752r 1,671r 1,540T 1,650r 1,649r 1,602

1,7991,9021,7271,758

1,1801,3131,3681,4271,7161,5121,5671,4451,4891,6061,5621,558

634654655606558597624636755681697667634

Homes forsafe at end of

period l

353402414

3 398336272251300

266273283289296299301304300302304322329

Vacancy ratefor rental

housing units(percent) 2

5.65.25.05.45.45.05.35.7

5.5

5.8

5.5

5.6

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.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for

1973-77 are for 14,000 places.For units authorized, seasonally adjusted data for January 1982—March 1984 and unadjusted

data for January—December 1983 have been revised.Source: Department of Commerce, Bureau of the Census.

19


BUSINESS SALES AND INVENTORIES—Manufacturing and TradeManufacturing and trade sales rose 0.6 percent in March and inventories rose $4.8 billion. According to advancedata, retail sales rose 2.9 percent in April following a decline of 2.0 percent in March.

BULK600

550

500

450

400

350

300

250

200

150

100

DNS OF DOLLARS* (RATIO SCALE)

-

-x-^

- ^

illlllllHI1980

SEASONALLY AOJ1OURCE: DEPARTM

MANlTRA

MAIAN!

l l l l l l l l l l l1981

JSTEDNT OF COMMERC

JFACTURING>E INVENTO

"7-HJUFACTURIN) TRADE SAL


E

.^1

AND*IES

aES


X*

-

-

l l l l l l l l l l l

BULK160150140130

120

110

100

90

80

70

60

50

RATIC1.80

1.60

1.40

1 9ft

DNS OF DOLLARS* (RATIO SCALE)

DCT>

-• ^~

+ *'

-

lllllllllll

1980

y

^^ ""m^"**"

~**~- —

lllllllllll

1981

ML INVENTO

DETAIL SALE?

lllllllllll1982

INVENTORY-SALES RATIOMANU

^Tlt!lf1984 1980 | 1981

\^^^V- — i—*N / ^

RETAILlllllllllll

1982

DICC . . . f

* + '

lllllllllll

1983

FACTURINGD TRADE

-C

"*%'

—

miilimi1984

-

-

' ^y: _lllllllllll illlllllllll

1983 1 1984


Period

19761977197819791980198119821983

1983: MarAprMayJuneJulyAuirSeptOctNovDec

1984: JanFeb r . ..Marp

Apr p

Manufacturing andtrade1

Sales 2 Invento-ries 3

Wholesale

Sales2 Invento-ries 3

Retail

Sales 2

TotalDurablegoodsstores

Nondura-ble goods

stores

Inventories 3

TotalDurablegoodsstores

Nondura-ble goods

stores

Millions of dollars, seasonally adjusted

204,277229,624260,263297,565327,113355,762343,504367,096

348,227351,012360,488368,971370,181373,283379,229382,457386,564395,682

r401,133398,815401,020

318,544351,055398,457449,542491,431523,623505,546514,336

499,370500,263501,035500,615501,379504,284506,984509,171511,453514,336

518,062527,216531,988

50,69455,98766,11778,68092,658

100,67394,76598,640

92,61492,89096,64698,57799,941

100,894102,171104,210103,793106,892

r 110,125108,328109,164

64,07872,31185,56898,008

111,792115,854115,563118,067

114,569114,902113,557113,172114,124114,227115,674116,825116,958118,067

119,201120,411120,905

54,78160,43567,24274,94880,06486,96089,54797,831

93,80495,12597,23998,63898,83298,27799,537

100,923101,896102,438

106,602105,482

r 103,377106,382

18,15020,72423,21125,17924,36526,30627,04132,095

29,98630,67131,70532,79032,59731,95132,90533,88234,64135,532

37,12736,909

r 34,94536,750

36,63139,71144,03149,77055,69960,65462,50665,735

63,81864,45465,53465,84866,23566,32666,63267,04167,25566,906

69,47568,573

r 68,43269,632

79,27389,530

102,504110,592115,550125,710125,384135,843

126,998127,613129,197129,782129,556130,983132,142132,777134,622135,843

137,977142,731143,704

37,84143,13549,85853,41353,95258,55956,74863,447

57,77558,05758,79659,12058,61459,40060,62761,04862,44163,447

63,74966,51366,915

41,43246,39552,64657,17961,59867,15168,63672,396

69,22369,55670,40170,66270,94271,58371,51571,72972,18172,396

74,22876,21876,789

Inventory-sales ratio 4

Manufac-turing

andtrade l

1.481.461.441.431.451.431.501.37

1.431.431.391.361.351351.341.331.321.30

1.291.321.33

Retail

1.381.401.431.441.411.391.391.33

1.351.341.331.321.311.331.331.321.321.33

1.291.351.39

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.—Total and manufacturing sales are as revised for 1982 and 1983 in April issue of Eco-nomic Indicators; inventories are as revised in April issue beginning 1977. See also p. 21.

Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).


In April, manufacturers' shipments and new orders fell while inventories and unfilled orders rose.

BILLIONS OF DOLLARS* (RATIO SCALE)

240

40 iiiiiliiiii mnlmnliimlmii inniiiin

BILLIONS OF DOLLARS" (RATIO SCALE)

BILLIONS OF DOLLARS* (RATIO SCALE)

•«*u

200

160

120,

100

80

60

40

~^^

f~<t

-V

i i I ! 1 j ! ! ! ! i

1980

U«*-r

iiiiiliiiii1981

TOTAL

"****%»••/*

ilillhlill1982

DURABLE GOODS ' • "

J j;; :

NONDURAl

ii Hill 11 11

1983

LE GOODS

milllllll

40

RATIC2,2

2 Q

1.8

1.6

1.4

1.21984

320280

240

200

160

120

100

80

60

40

— INVENT*

^

^.— » — '

iiillllllli

DRIES

=*—— =

DUB

Nors

l l l j f i t i f f f

r-7^TOTAL

7ÂBLE GOOD

7 HDURABLE G(

lilliflliM

••* •

'*•*««««.»««««

5

DODS "" "

MI lMlMl f

... •"**

«••*

.-•

ntiiliiiii

INVENTORY-SHIPMENTS RATIO

Zîmihrni

1980

— x

JUiihilii1981

^-x-^x

nmmm1982

LVW

limlimi' Ul i f lMUl1983 1984

'SEASONALLY ADJUSTED


Period

1976197719781979 , .1980198119821983

1983- MarAprMay: . yJuneJuly . .AugrSeptOctNovDec

1984" JanFebMar r.Aprp

Manufacturers' shipments 1

TotalDurablegoods

Nondura-ble goods

Manufacturers^ inventories 2

Total Durablegoods

Nondura-ble goods

Manufacturers' new orders 1

Total

Durable goods

Total

Capitalgoods

industries,non-

defense

Nondura-ble goods

Manufac-turers'unfilledorders 8

Millions of dollars, seasonally adjusted

98,802113,202126,905143,936154,391168,129159,193170,617

161,809162,997166,603171,756171,408174,112177,521177,324180,875186,352

184306185,005188,479186,727

50,68959,26767,84876,06077,55083,87276,85985,126

79,65380,12482,01185,59485,07686,73088,96389,18192,31196,351

95,28396,29796,99094,995

48,11353,93559,05767,87676,84184,25782,33485,491

82,15682,87384,59286,16286,33287,38288,55888,14388,56490,001

89,12388,70891,48991,732

175,193189,214210,385240,942264,089282,059264,599260,426

257,803257,748258,281257,661257,699259,074259,168259,569259,873260,426

260,884264,074267,379270,434,

112,581121,601137,825160,451174,552186,053175,009171,571

170,144170,368171,065170,154169,679170,283170,084170,219170,656171,571

171,549173,203175,751178,374

62,61267,61372,56080,49189,53796,00689,59088,855

87,65987,38087,21687,50788,02088,79189,084-89,35089,21788,855

89,33590,87191,62892,060

99,543115,032131,546147.403156,161167,761157,389173,433

162,368165,869168,090175,877174,451176,360180,336182,911186,606188,374

188,671191,336196,144189,148

51,39861,08272,33979,45179,36083,56275,12987,806

79,80182,86583,28689,46087,87888,82091,50994,77697,99.198,444

99,439102,345104,85097,642

12,79915,29119,45823,23123,25924,05020,68122,764

20,13121,96021,84923,82722,06022,88725,29525,49924,68024,893

25,09327,01826,86025,829

48,14553,95059,20767,95376.80184,19982,26085,627

82,56783,00484,80486,41786,57387,54088,82788,13588,61589,930

89,28288,99191,29491,506

182,499203,475259,755301,982323,312318,794296,147330,122

300,195303,067304,554308,675311,718313,967316,782322,369328,099330,122

334,385340,725348,384350,811

Manufac-turers'

invento-ry-.

shipmentsratio 4

1.691.611.571.571.661.641.731.52

1.591.581.551.501.501.491.461.461.441.40

1.411.431.421.45

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; lor

monthly data, ratio of inventories at end of month to shipments for month.

Note.—Series are as revised beginning 1977 in April issue of Economic Indicators.Source: Department of Commerce, Bureau of the Census.

21


PRICESPRODUCER PRICESIn April, the producer price index for all finished goods was unchanged, seasonally adjusted. Prices of finishedconsumer foods fell 0.6 percent and prices of other finished consumer goods rose 0.1 percent. Prices of capitalequipment rose 0.3 percent.

INDE320

300

280

260

240

220

200

180

160

140

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

- FINISHED GOODS SEASONAL* ANUS™

_

TOTAL FINISHED"~~ GOODS

f-piKlcl IAAFD FfV^n^ *^f^ /*

^^^

M II 1 1 1 1 II 1

1976

SOURCE: DEPARTMEN

r'^S*

s^'~'

l l i l i l l iMi1977

r OF LABOR

^'"'cot-r ' £XC

HMl l i lM I

1978

_^^r

S

\sISUMER GOOCLUDING FOOD

l i M i l i l i i l

1979

£&

)Ss

M l i i l i l l l l

1980

//^^

CAPITAL EQU

Illliilllli

1981

— •***"'*

PMENT

IHlhlill

1982

- *. * ' ~"~-"i

Ilillllllli

1983

COUNCIL OF

&*z „

^ _

—

_

—

—

—

i i i i ih i i i i1984

ECONOMIC ADVISERS

:ALE)320

300

280

260

240

220

200

180

160

140


Period

197619771978 ..19791980198119821983 r

1983: AprMay, y

JuneJuly. yAufiT

SeptGet ,NovDec r.. .......

1984: JanFebMarAor

Finished goods

Totalfinishedgoods

170.6181.7195.9217.7247.0269.8280.7285.2

283.3284.1285.2285.2286.3286.6287.1286.9287.4

289.1290.2291.6291.6

Con-sumerfoods

180.4189.9207.2226.2239.5253.6259.3261.8

263.1262.0260.5259.3260.2262.1264.8263.9265.8

272.7274.5276.7275.1

Finished goods excluding consumer foods

Total

166.1177.7190.7213.3247.8273.3285.8290.8

287.9289.3291.3291.8292.8292.6292.3292.5292.4

292.3293.1294.3294.8

Consumer goods

Total

162.6174.3186.7211.5250.8276.5287.8291.4

287.7289.5292.1292.5293.5293.4292.8292.9292,4

292.0292.6293.8294.1

Durable

144.5152.8166.9183.2206.2218.6226.7233.1

232.7233.1233.8234.1234.7234.4233.0233.8234.0

234.0235.3237.3237.2

Nondurable

174.8189.3200.0231.3283.9319.6333.6335.3

329.0332.0336.0336.7337.9337.9338.1337.5336.5

335.7335.9336.3337.0

Capitalequip-ment

173.4184.6199.2216.5239.8264.3279.4287.2

285.9286.5287.0287.5288.8288.5288.6289.0289.8

290.4291.9292.ST293.8

Totalfinished

con-sumergoods

169.7180.7194.9217.9248.9271.3281.0284.6

282.6283.5284.7284.6285.5286.1286.6286.3286.7

288.7289.7291.3290.9

Intermediate materials

Total

189.1201.5215.6242.2280.3306.0310.4312.3

307.9309.1311.3312.2313.4315.3316.2316.6317.1

317.3317.4319.1319.3

Foodsand

feeds l

185.3190.5203.1226.1252.625032^9.4247.9

244.8243.3242.5242.1249.4261.4258.4258.9257.8

261.1256.2259.5260.3

Other

189.4202.3216,5244.4282.3310.1315.7317.1

312.6314.0316.4317.4318.2319.5320.6321.0321.5

321.5322.0323.6323.8

Crude materials

Total

202.7209.2234.4274.3304.6329.0319.5323.6

323.2321.6321.1317.9325.0328.8329.2330.4333.6

336.2331.1337.7337.5

Food-stuffsand

feed-stuffs

190.2192.1216.2247.9259.2257.4247.8252.2

255.3250.9247.1242.0251.9256.2258.2259.6263.6

269.6261.3272.2269.0

Other

228.5245.0272.3330.0401.0482.3473.9477.4

469.8474.0480.5481.3482.6485.2482.3483.1484.4

480.2481.6479.4485.4

1 Intermediate materials for food manufacturing and feeds. Source: Department of Labor, Bureau of Labor Statistics.

22


CONSUMER PRICESIn April, the consumer price index for all urban consumers rose 0.5 percent seasonally adjusted and not seasonallyadjusted. The index was 4.5 percent above its level in April 1983.

INDL

320

300

280

260

240

220

9flft

180

160

140

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

UNADJUSTED

^——1

Â

^^^^

1 1 1 1 1 1 1 1 1 1 11976

SEE NOTE ON TABLE BSOURCE: DEPARTMEN

A

1977

ELOW

F OF LABOR

S

Illllllllll

1978

/

Illllllllll

1979

ALL ITEMS

Illllllllll

1980

./

1981

r n

Illllllllll1982

- "

Illllllllll

1983

COUNCIL OF

f*

Illllllllll

1984

ECONOMIC ADVISERS

CALE)320

300

280

260

240

220

200

180

160

140

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

Period

Eel. imp.5

1976197719781979..19801981198219831983: Apr

MayJuneJulyAugSeptGetNovDec

1984: JanFebMarApr

Allitems 1

NSA

100.0170.5181.51954217.42468272.4289 12984295.5297.1298.1299.3300.3301.8302.6303.1303.5

305.2306.6307.3308.8

Food

18.7180.8192.2211 4234.52546274.6285 7291 7291.5292.1291.5291.2291.7292.3293.5294.1295.4

300.2302.2301.8301.7

Housing

Total *

37.6174.61865202 82276263 32935314 7323 1320.3321.1321.9323.2324.1325.3326.0327.4328.1

329.6331.1331.2333.3

Shelter

Total

21.5179.0191 12104239 7281 7314 7337 0344 8341.4342.3343.3345.1346.3348.0349.3350.7351.8

353.0353.8355.3357.6

Eent-ers'

costs 2

7.0

103 0101.7102.2102.5103.1103.6104.2104.6105.0105.3

105.7106.0106.5107.4

Home-own-ers'

costs 2

NSA

14.0

102 5101.7102.0102.2102.7103.0103.5103.9104.3104.5

104.9105.1105.6106.2

Mainte-nanceand

repairs

NSA

0.5199 6214 7233 02564285 7314 4334 1346 3343.6344.3345.1346.1347.9346.6351.1353.4354.7

356.7353.5355.3356.3

Fueland

otherutilities

8.2182 7202 2216 0239 3278 6319 2350 8370 3366.6368.4369.3370.7371.9372.9372.2374.4373.8

378.2384.S380.9383.9

Appar-

upkeep

5.2147 6154 2159 6166 6178 4186 9191 8196 5194.7195.7196.3197.3197.9198.2198.2188.5198.5

199.0198.5198.6198.5

Transportation

Total *

21.8165 5177 2185 5212 0249 72800291 5298 4293.7296.4297.3298.7300.8302.8304.4305.5306.1

306.7306.6309.4311.2

Newcars

3.5135 7142 9153 81660179 3190 2197 6202 6201.4201.1201.3201.7203.3204.9205.5205.3:205.7

205.6206.4207.4207.6

Motorfuel3

5.9177 9188 2196 3265 6369 14109389 4376 4368.7379.8381.0382.5883.7383.7383.2381.6379.8

375.9370.5374.0375.4

Medicalcare

6.1184 72024219 4239 7265 9294 5328 7357 3353.1354.8356.5358.5360.3361.7362.9364.7366.0

368.6371.5373.5375.3

Ener-gy4

11.91893207 32204275 9361 14100416 1419 3413.3420.5421.6423.2424.6425.1424.2424.5423.3

421.7422.7421.8424.7

Allitemsless

foodenergy,

andshelter

47.9159.9169 5179 1191 5208 3228 1245 6258 4255.7256.3257.1258.4259.7260.9262.2263.5264.2

265.8266.7267.8269.1

1 Includes items not shown separately.2 December 1982=100.3 Includes direct pricing of diesel and gasohol beginning September 1981.4 Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,

etc. also included through 1982.5 Relative importance, December 1983.

NOTE.—NSA indicates data are not seasonally adjusted.Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and

clerical workers.Data beginning 1983 incorporate a rental equivalence measure for homeownership costs and

therefore are not strictly comparable with figures for earlier periods.Source: Department of Labor, Bureau of Labor Statistics.

23


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

Period

197519761977197819791980198119821983 r

1983: AprMavf& yJuneJulyAllfiT

SeptOctNovDec r

1984- Jan r.FebMar r.Apr

Change from preceding period

Totalfinishedgoods

Consumer goods

Foods Exclud-ing foods

Capitalequip-ment

Change, Dec. to Dec., NSA

6.63.76.99.2

12.811.87.13.7.6

5.52.56.9

11.77.47.51.42.12.3

6.76.06.78.5

17.514.28.54.2.8

8.26.47.37.98.8

11.49.23.91.9

Change, month to month

-0.0.3.4

0.4.1.2

-.1.2

.6

.4

.50

0.8— .4-.6

!s.7

1.0-.3

.7

2.6.7.8

-.6

-0.4.6.9.1.3

-.0-.2

.0_.2

.1

.2

.4

.1

0.0.2.2.2.5

-.1.0.1.3

.2

.5

.3

.3

Change from 3 months earlier, annual rate

Totalfinishedgoods

-0.4.4

2.62.73.12.02.7.8

1.1

2.84.76.03.5

Consumer goods

Foods

6.51.4

-.95.7

-2.72.58.85.85.8

12.517.117.43.6

Excludingfoods

-4.36

4.56.85.61.8.4

-.8— 1.4

-1.1-.41.92.9

Capitalequipment

2.62.11.72.33.22.11.5.3

1.8

2.54.14.34.8

Change from 6 months earlier, annual rate

Totalfinishedgoods

-0.1-.6-.31.11.82.32.72.01.5

2.82.73.53.2

Consumer goods

Foods

3.72.1.7.2

_.7.8

1.31.54.1

10.611.311.57.9

Excludingfoods

-3.134

-2.01.12.53.13.62.4

.2

g

-!e.3.9

Capitalequipment

2.92.61.92.42.71.91.91.82.0

2.02.23.13.6

Changefromyear

earlier,total

finishedgoods

NSA

10.84.46.57.8

11.113.59.24.01.6

2.12.31.81.41.31.41.2.7.6

1.92.32.92.9

NOTE.—NSA indicates data are not seasonally adjusted. Source: Department of Labor, Bureau of Labor Statistics.

CHANGES IN CONSUMER PRICES[Percent change from preceding period; monthly data seasonally adjusted, except as noted]

Period

197519761977197819791980198119821983

1983: AprMayJuneJulyAugSeptOctNovDec

1984: JanPebMarApr

Allitems 1 Food

Housing

Total »

Shelter

Total1Rent-ers'costs

Home-owners'

costs

NSA

Fueland

otherutili-ties

Ap-parelandup-

keep

Transportation

Total1 Newcars

Motorfuel2

Medi-cal

careEner-gy3

Allitemslessfood,

energy,

shelter

Change, December to December, NSA

7.04.86 89.0

13 312.4893.93.8

6.5.6

8011.810 210.24 33.12.6

7.55.47 69.9

15 213 7102363.5

7.34.28 7

11.517415.1992.44.7 5.1 4.5

11.29.08.15.9

16.013.614.59.71.8

2.34.54.23.25.56.83.61.62.9

9.88.84.37.7

18.214.711.0

1.73.9

7.34.87.26.27.47.56.81.63.4

11.02.64.98.5

52.218.99.46.5

-1.7

9.910.18.88.8

10.110.012.511.06.4

11.66.97.28.0

37.418.111.91.3

6.47.05.26.57.29.99.46.15.0

Change, month to month

0.7.4.2.4.4.4.4.4.2

.6

.4

.2

.5

0.4.2

-.2i

.2

.2

.4

.2

.4

1.6.7

-.1o

0.6.2.2.4.3.4.2.4.2

.5

.5

.0

.6

0.8.3.3.5.3.5.4.4.3

.3

.2

.4

.6

0.4.5.3.6.5.6.4.4.3

.4

.3

.5

.8

0.8.3.2.5.3.5.4.4.2

.4

.2

.5

.6

0.5.5.2.4.3.3

-.2.6

-.2

1.21.7

-1.0.8

0.3.5.3.5.3.2

0.2

0

.3-.3

.1-.1

1.4.9.3.5.7

• .7.5.4.2

.2_.o

.9

.6

0— .1

.1

.2

.8

.8

.3-.1

.2

-.0.4.5.1

4.33.0.3.4.3

0-.1— .4-.5

-1.0-1.4

.9

.4

0.5.5.5.6.5.4.3.5.4

.7

.8

.5

.5

2.41.7.3.4.3.1o

.1

.3

— .4.2

-.2.7

0.4.2.3.5.5.5.5.5.3

.6

.3

.4

.5

Addendum: All items, percent change(annual rate)

Fromprevi-ous

quar-ter4

4.4

4.1

4.5

5.0

From3

monthsearlier

2.84.95.44.13.84.54.64.64.0

5.05.05.04.3

From6

monthsearlier

1.42.33.33.44.35.04.44.24.3

4.84.84.54.6

Fromyear

earlier

NSA

9.15.86.57.7

11.313.510.46.13.2

3.93.52.62.42.62.92.93.23.8

4.14.64.74.5

1 Includes items not shown separately.2 Includes direct pricing of diesel and gasohol beginning September 1981.3 Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel. Motor oil, coolant,

etc., also included through 1982.4 Changes are shown in the middle month of the quarter.

NOTE.—NSA indicates data are not seasonally adjusted.

Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earn-ers and clerical workers.

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


24


BYPrices received by farmers fell 1.4 percent in May and prices paid by farmers were unchanged.

INDEX, 1977= 100 (RATIO SCALE) INDEX, 1977= TOO (RATIO SCALE)

180

160

140

120

100

80

60

—

— PRICES PAID\ *»l

y

>\ s*......

mi i l i i i i i

* NX'

I ! II I ! 1 1 1 1 1

/^

O fv^PRIC

I l l l l i l l i l l

r:S RECEIVED

1 i ! ! ! ! ! i i ! !

£*•«» — **«*-

V

ILLULlLLU

**

~~v.

1 1 1 1 ill I I I !

/^T^

LJj i 1 1 1 1 i I !

,•»*"•*'*

^^x ~~

— •

__

—

i t inhnn

IBU

160

140

120

100

'80

60RATIO^140

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

SOURCE: DEPARTMENT OF AGRICULTURE

1984


[1977 = 100]

Period

197619771978 ,1979 ... . . .1980 .,...1981 ...19821983 ...

1983: MavJuneJulyAusSeptOctNovDec

1984: JanFebMarAprMav

Prices received by farmers

All farmproducts

102100115132134189133135

137134132139136134135140

144144145146144

Crops

102100105116125134121129

129127126139135134134137

138137139140144

Livestockproducts

101100124147144143145141

144141137139137135135143

150151151151145

Prices paid by fanners

All commodities,services,

interest, taxes,and wage rates *

95100108123138150157161

161161160161162161162163

164165165166166

ProductionItems, interest,

taxes, and wagerates

95100109125139151155159

160159159159160159160161

162163164164164

Productionitems

97100108125138148150153

153153152153154153154155

156156157158157

j

2

10710010610797938584

8583838684838386

8887888887

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

and wage rates.

NOTE,—The official indexes are published on a 1910-14 base as required by law. The 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 slowed in April while growth in the broader aggregates accelerated.

BILLIONS OF DOLLARS*(RATIO SCALE)3,200

2,800

BILLIONS OF DOLLARS*(RATIO SCALE)3,200

2,800

2,400

2,000

300 300

1976* AVERAGES OF DAILY FIGURES; SEASONALLY ADJUSTED

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

1983 1984COUNCIL OF ECONOMIC ADVISERS

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

Period

1976: Dee1977- Dee1978: Dee1979- Dee1980: Dee .'1981- Dee1982: Dee1983- Dec r . ,1983: Apr

MayT ^JuneJuly.AugSeptr

Get r.Nov r

Decr.1984- Janr

Febr.Mar r

Apr r

Ml

Sum of currency,demand deposits,travelers' checks,

and othercheckable

deposits (OCDs)

310.4335.4363.1389.1414.9441.9480.5525.3497.9506.6510.9514.9517.4518.9521.6523.0525.3530.0532.9535.1535.3

M2

Ml plus overnightRPs and

Eurodollars,MMMF balances(general purpose

and broker/dealer),MMDAs, and

savings and smalltime deposits

1,163.61,286.71,389,11,498.51,632.61,796.61,965.32,196.12,081.82,102.22,117.02,126.62,135.32,147.92,167.22,182.12,196.12,206.52,221.82,229.32,242.5

M3

M2 plus largetime deposits,

term RPs, termEurodollars, andinstitution-only

MMMF balances

1,311.91,472.91,647.11,804.81,989.82,236.72,460.32,706.72,550.62,571.02,593.02,604.02,617.22,636.32,656.32,688.42,706.72,721.62,744.02,765.32,790.8

L

M3 plusother liquid

assets

1,516.61,704.71,910.62,117.12,326.02,598.42,868.73,176.92,980.03,003.33,033.13,059.73,075.13,097.53,113.93,146.43,176.93,198.23,227.53,265.6

Debt

Debt ofdomestic

nonfinancialsectors 1 (end

of month)

2,532.62,854.13,218.13,604.23,946.94,323.84,710.15,244.8

r4,864.9r4,911.4r4,973.8r5,017.0r5,056.15,099.35,141.75,185.25,244.85,298.05,358.35,406.0

Percent change from year or 6months earlier 2

Ml

6.68.18.37.26.66.58.79.3

12.113.113.112.711.09.39.76.65.76.06.16.35.3

M2

13.710.68.07.98.9

10.09.4

11.716.516.716.011.18.17.98.4

• 7.77.67.78.37.77.1

M3

11.912.311.89.6

•10.312.410.010.09.9

10.211.19.48.18.48.59.39.09.29.9

10.010.4

Debt

10.712.712.812.09.59.58.9

11.4r!0.3r!0.4r!1.5r!1.4r!1.911.611.711.511.211.512.312.4

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

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

NOTE.—The nontransactions portion of M2 is now being seasonally adjusted as a whole to reduce

distortions caused by substantial portfolio shifts arising from regulatory and financial changes inrecent years, especially shifts to MMDAs in 1983. A similar procedure is being used to seasonallyadjust the remaining nontransactions balances in M3.

See p. 27 for components.


26


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

Period

1976: Dec ....1977: Dec....1978: Dec....1979: Dec ....1980: Dec ....1981: Dec ....1982: Dec ....1983: Dec r..

1983:AprMayJune ..JulyAiis"SeptOctNOYDec r

1984:Janr

Feb r

Mar r

Apr*3

Cur-rency

80.588.597.4

106.3116.7124.0134.1148.0

139.1140.5141.6142.4143.5144.8146.0147.2148.0

149.9150.2150.9151.8

De-mandde-

posits

224.4239.6253.8261.9266.5236.2239.7243.7

239.5241.5243.0244.5243.7243.0243.6242.8243.7

244.5243.8244.0245.2

Othercheck-

abledepos-

its(OCDs)

2.74.28.5

17.127.677.4

102.4128.8

114.7120.0121.7123.4125.6126.4127.2128.2128.8

130.7133.8135.3133.1

Over-nightrepur-chaseagree-ments(RPs),

net, plusover-nightEuro-dollars

NSA

10.614.720.32L228.335.944.156.1

50.855.456.153.152.453.557.055.256.1

58.358.857.756.3

Money marketmutual fund

balances

Gener-al

pur-poseand

broker/dealer

NSA

2.42.46.4

33.461.6

150.6185.2138.2

148.2141.4140.2138.7139.1137.9137.5138.8138.2

137.9142.1144.8146.1

Insti-tutiononly

NSA

0.6.9

3.19.5

15.036.248.440.3

41.340.539.538.638.438.839.840.640.3

40.641.641.841.8

Moneymarketdeposit

accounts(MMDAs)

NSA

43.0376.0

341.4357.4368.6370.5368.6369.5370.5372.9376.0

380.3386.0392.5396.3

Sav-ings

depos-its

452.8491.3480.8423.1401.4345.7362.1312.9

321.9323.1322.8320.7319.3317.9317.1815.4312.9

309.9306.6305.5305.4

Smalldenom-ination

timedepos-its *

391.0446.0521.9635.8731.4827.3856.9793.1

727.4722.6724.8737.0749.0759.0773.0785.5793.1

797.0800.9803.4809.2

Largedenom-ination

timedepos-its 1

118.1145.1195.2222.1258.5301.6327.9325.9

298.3298.0303.0304.2308.6313.2315.6320.8325.9

333.4340.3348.3355.7

Termrepur-chaseagree-ments(RPs)

NSA

14.119.427.030.134.737.040.256.0

42.945.645.544.346.948.047.353.456.0

53.354.455.959.4

TermEuro-dollars(net)

NSA

14.820.231.844.750.367.581.792.3

91.492.391.992.191.9

r90.4r86.7r93.392.3

91.291.394.895.5

Sav-ings

bends

71.876.480.379.572.367.767.971.0

69.269.569.870.170.370.570.770.871.0

71.271.772.2

Short-term

Treas-ury

securi-ties

70.478.482.0

108.6133.8149.9187.8223.4

196.4198.5206.8219.6222.9221.6

r218.5r217.3223.4

227.4232.8242.6

Bank-ers'

accept-ances

10.814.122.027.132.039.843.943.4

41.341.040.641.643.643.842.843.043.4

42.841.742.6

Com-mercialpaper

51.762.979.297.098.1

104.2108.8132.4

122.5123.4122.9124.4121.0125.3125.7126.9132.4

135.0137.2142.9

1 Small denomination and large denomination deposits are those issued in amounts of less than$100,000 and more than $100,000, respectively.

NOTE.—See note p. 26.

Travelers checks are a component of money stock but are not shown here.NSA indicates data are not seasonally adjusted.


CONSUMER INSTALLMENT CREDIT[Millions of dollars; seasonally adjusted]

Period

1976- Dec1977- Dec1978- Dec1979- Dec1980' Dec1981* Dec1982- Dec1983' Dec

1983: MarAprMayJuneJulyAus1• "eSeptOctNovDec

1984- JanFeb.Mar

Installment credit outstanding (end of period)

Total

190,725226,646269,392307,115309,694330,218348,944388,718

354,498356,539358,811362,672366,378370,471373,024378,117382,936388,718

393,187399,795405,665

Automobile

67,79882,890

101,863116,523116,808125,323129,799141,876

130,328130,769131,475132,915134,764137,136137,431139,140140,408141,876

143,982146,781147,107

Eevolving

16,50536,42745,00453,17454,90060,30965,45375,564

66,81467,78568,36969,47370,08970,63071,20972,44773,87475,564

76,06977,34280,304

Mobilehome

14,53014,89715,19916,84317,30217,87922,11923,460

22,52522,57622,67622,83923,07623,29823,55323,52323,45923,460

23,36823,24123,526

Other

91,89292,432

107,326120,575120,684126,70t131,573147,818

134,831135,409136,291137,445138,449139,407140,831143,007145,195147,818

149,768152,430154,728

Net change in installment credit outstanding l

Total

21,33835,92142,74637,7232,579

20,52418,72639,774

2,9372,0412,2723,8613,7064,0932,5535,0934,8195,782

4,4696,6085,870

Automo-bile

10,51915,09218,97314,660

2858,5154,476

12,077

763441706

1,4401,8492,372

2951,7091,2681,468

2,1062,799

326

Eevolving

2,03819,9228,5778,1701,7265,4095,144

10,111

1,047971584

1,104616541579

1,2381,4271,690

5051,2732,962

Mobilehome

148367302

1,644459577

4,2401,341

17451

10016323722225530

-641

-92-127

285

Other

8,633540

14,89413,249

1096,0234,866

16,245

953578882

1,1541,004

9581,4242,1762,1882,623

1,9502,6622,298

1 For year-end data, change from preceding year-end; for monthly data, change from precedingmonth.


27


BANK LOANS AND INVESTMENTS, AND RESERVESGrowth in commercial and industrial loans slowed in April.

BILLIONS OF DOLLARS* (RATIO SCALE)1,800

ALL COMMERCIAL BANKS -

600

400

200

160

120

80

40!

1976

nmlmn1977

nn1978

LOANS AND LEASES

INVESTMENT IN OTHER SECURITIES

""**

INVESTMENT INU.S. TREASURY SECURITIES

1979

MINI

1980

I l l l l l l l l l l

1981

BILLIONS OF DOLLARS* (RATIO SCALE)1,8001,6001,4001,200

1,000

800

600

I l l l l l l l l l l

1982 1983

M I N I M I

400

200

160

120

80

40

1984*SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS

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

Period

1976: Dec1977: Dec1978- Dec1979: Dec1980- Dec1981: Dec.1982- Dec1983: Dec r

1983: FebMarAwMayJuneJulyAuir...,SeptOct.NovDec r

1984: Jan r.Febr

Marp..Apr*

All commercial banks l

Total loansand

investments

804.6891.5

1,013.51,135.91,239.61,316.31,412.01,568.1

1,436.31,450.11,460.61,474.41,488.01,499.91,513.21,520.31,532.91,548.91,568.1

1,585.21,604.81,621.61,630.8

Loans and leases

Total 2

555.0632.5747.0849.9915.1973.9

1,042.01,132.6

1,048.71,056.31,059.51,063.31,070.61,080.91,091.01,096.31,104.11,115.71,132.6

1,144.51,164.31,181.41,194.2

Commercialand industrial

loans

190.9210.9245.9291.2326.8358.0392.3413.4

394.9396.2392.9392.9395.0399.2402.5402.6404.7407.8413.4

418.1423.6433.8436.5

Investments

U.S. Treasurysecurities

100.899.893.894.5

110.0111.0130.9188.0

144.5151.0157.8166.1171.2172.9174.4176.9182.3186.2188.0

188.7188.3187.1185.9

Othersecurities

148.8159.3172.8191.5214.4231.4239.2247.5

243.1242.8243.4245.0246.2246.1247.8247.1246.5247.1247.5

252.0252.2253.2250.7

Depository institutions 3

Reserves adjustedfor changes in

reserve requirements

Total

25.2826.2927.5528.7230.6431.5133.6335.28

33.6734.2034.5134.6035.0535.1935.2235.31

i 35.3235.2535.28

35.5036.0736.1036.11

Non-borrowed

25.2225.7226.6827.2528.9530.8832.9934.51

33.0933.4133.5033.6433.4233.7433.6733.8734.4734.3434.51

34.7935.5035.1534.87

Required

25.0026.1027.3228.3930.1331.2033.1334.72

33.2433.7734.0334.1534.5734.6934.7734.8134.8134.7234.72

34.8935.12

r 35.4035.62

Borrowings(millions of dollars,

unadjusted)

Total

53569868

1,4731,690

636634774^

582792

1,009952

1,6361,4531,5461,441

844906774

715567952

1,234

Seasonal

1355

13581

116543396

40538299

12217119819014212196

86103133139

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

28

NOTE.—Beginning Dec. 1981, bank loans and investments and reserves aggregates have beenreduced because of shifts from U.S. banking offices to International Banking Facilities (IBFs).



SOURCES AND USES OF FUNDS, NONFARM NONFINANCIALCORPORATE BUSINESS

[Billions of dollars; quarterly at annual rates]

Period

19741975197619771978197919801981 . . . .19821983 r

1982: I.... ,nmjy

1983- I r ...n r

in r..IV r

1984- I p

Sources

Total

190.1156.9210.8254.1317.5345.7333.2365.8308.6434.4302.8329.9327.4274,5340.0457.3430.4509.9517.1

*

85.6119.7134.2157.4175.7188.8189.5230.6240.5282.4233.5240.2244.0244.3250.7 '270.3294.1314.4316.6

External

Total

104.4: 37.2 '

76.696,7

' 141.8156.9143.7135.268.1

152.069.389.783.430.289.3

187.0136.3195.5

Ci

Total

69.930.754.572.480.588.290.992.284.185.8

102.889.989.054.6

68.981.961.0

131.6

101.7

edit

Securitiesand

mortgages

26.338.7

• 38.235.832.820,952.422.545.255.324.838.639.677,863.485.835.836.2

-23.8

Loans andshort-term

paper

43.6-8.016.336.647.767.338.569.738.930.578.051.349.4

-23.25.2

-3.925.295.4

125.5

2

34.56.5

22.124.361.368.852.843.0

-16.066.2

-33.4-.2

-5.6-24.4

20.3105.175.464.098.9

Total

190.1150.9201.8237.6293,6346.7320.1324.3250.9391.0232.1279:3270.4222.0280.0410.0403.6470.6495.4

Uses

Capitalexpendi-tures s

137.9109.7148.3175.1201.6219.4221.2261.6231.2259.7242.4242.2240.1200.2202.4252.9282.6301.1347.5

infinancialassets

52.241.2

- 53.562,592.0

127.398.962.719.7

131.8-10.3

37.130.321.877.6

157.1121.0169.5147.9

Discrepancy

0.06.09.0

16.523.8

-1.013.141.657.743.370.850.556.952.560.047.227.039.221.7

1 Undistributed profits (after inventory valuation and capital consumption adjustments), capitalconsumption allowances, and foreign branch profits, dividends, and subsidiaries*' earnings retainedabroad.

2 Consists of tax liabilities, trade debt, 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., as noted]

End of period

SEC series: 2

19701971197219731974

QFE-FRB series: 3

1974197519761977197819791980198119821982: I

n.in..IV

1983: Inm p,..,...,...

Current assets

Total

492.3529.6599.3697.8790.7

735.4759.0827.4912.7

1,043.71,214.81,327.01,419.31,425.41,418.01,417.21,441.81,425.41,436.51,464.21,522.4

Cash

50.253.359.066.371.1

73.282.188.297.2

105.5118.0126.9131.8144.0121.8124.1126.9144.0139.7145.7148.4

U.S.Govern-

mentsecurities

7.711.010.612.812.3

11.119.023.518.217.216.718.717.422.416.516.518.922.425.827.526.3

Notes andaccounts

receivable

206.1221.1248.2288.5322.1

265.8272.1292.9330.3388.0459.0506.8530.3511.0533.4531.2534.2511.0517.9534.3562.7

Invento-ries

r

193.3200.4225.7263.9313.6

319.5315.9342.5376.9431.8505.1542.8585.1575.2591.6587.6596.5575.2

• =573.2570.5591.1

Other•currentassets

35.043.855.866.471.7

65.969.980.390.1

101.1116.0131.8154.6172.6154.7157.9165.3172.6179.9186.2193.8

Current liabilities

Total

304.9326.0375.6450.9530.4

453.4451.6495.1557.1669.5807.3889.3976.3977.8987.0988.7

1,007.6977.8986.3997.7

1,038.6

Notes andaccountspayable

211.3220.5282.9340.3402.3

269.8264.2282.1317.6383.0460.8513.6558.8552.8552.9554.9562.7552.8543.2551.6578.8

Ottercurrent

liabilities

93.6105.592.7

110.7128.1

183.6187.4213.0239.6286.5346.5375,7417.5425.0434.0.433.8444.9'425.0443.1446.1459.9

Networkingcapital

187.4203.6223.7246.9260.3

282.0307.4332.4355.5374.3407.5437.8442.9447.43431.0428.5434.2447.6450.2466.5483.7

Currentratio l

1.6151.625.1.595

1 1.5481.491

j

1.6221.6811.6711.6381,5591.5051.4921.4541.4581.4371.4331.4311.4581.4561.4681.466

1 Total current assets divided by total current liabilities.2 Based on data from Statistics of Income, Department of the Treasury.3 Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corpo-

rations, Effective mid-1982, responsibility for the Quarterly Financial Report was transferred tothe Department of Commerce, Bureau of the Census from the Federal Trade Commission.

NOTE.—SEC series not available alter 1974.See Federal Reserve Bulletin, July 1978, for details regarding the series.

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


INTEREST RATES AND BOND YIELDSInterest rates rose in May.

PERCENT PER ANNUM

1976

SOURCE: SEE TABLE BELOW

1983 1984


[Percent per annum]

Period

197819791980198119821983

1983: May ........June .1 . ... ...JulyAufTSeptOctNovDec

1984: JanFebMarAprMay"

Week ended:1984: Apr 28

May 5121926

June 2

U.S. Treasury security yields

3-month bills J

7.22110.04111.50614.02910.6868.63

8.198.829.129.399.058.718.718.968.939.039.449.699.90

9.649.689.99

10.079.959.83

Constant maturities 2

3-year

8,299.72

11.5514.4412.9210.45

9.6610.3210.9011.3011.0710.8710.9611.1310.9311.0511.5911.9812.75

12.0812.2612.5912.7812.93

10-year

8.419.44

11.4613.9113.0011.10

10.3810.8511.3811.8511.6511.5411.6911.8311.6711.8412.3212.6313.41

12.7412.8913.2313.4913.59

High-grademunicipal

honds(Standard &

Poor's) 3

5.906.398.51

11.2311.579.47

9.039.519.469.729.579.649.799.909.619.639.929.98

10.55

9.9810,0510.3210.4510.8011.14

CorporateAaa bonds(Moody 's)

8.739.63

11.9414.1713.7912.04

11.4611.7412.1512.5112.3712.2512.4112.5712.2012.0812.5712.8113.27

12.9513.0013.1513.3313.42

Primecommercial

paper,8 months 4

4 7.9910.9112.2914.7611.898,89

8.319.039.369.689.288.989.099.509.189.319.86

10.2210.87

10.2710.3710.8611.0510,96

Discount rate(N.Y. F.R.

Bank)5

7.4610.2811.7713.4111.028.50

High-low

8.50-8.508.50-8.508.50-8.508.50-8.508.50-8.508,50-8.508.50-8.508.50-8.508.50-8.508.50-8.508.50-8.509.00-8.509.00-9.00

9.00-9.009.00-9.009 00 9 009.00-9 009 00 9 00

Prime ratecharged by

banks 5

9.0612.6715.2718.8714=8610.79

High-low

10.50-10.5010.50-10.5010.50-10.5011.00-10.5011.00-11.0011.00-11.0011.00-11.0011.00-11.0011.00-11.0011.00-11.0011.50-11.0012.00-11.5012.50-12.00

12.00-12.0012.00-12.0012.50-12.0012 50-12 5012.50-12.50

New-homemortgage

yields(FHLBB) 6

9.5610.7812.6614.7015.1412.57

12.6712.3612.5012.3812.5412.2512.3412.4212.2912.23

r 12.0212.09

1 Rate on new issues within period; bank-discount basis.2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury De-

partment.3 Weekly data are Wednesday figures.4 Bank-discount basis. Prior to November 1, 1979, data are for 4-6 months paper.5 Average effective rate for year; high and low rate for month and week.

6 Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges aswell as contract rate and assumed, on the average, repayment at end of 10 years. Bates beginningJanuary 1973 not strictly comparable with prior rates.

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 fell in May.

INDEX, DEC 31, 1965=50100

INDEX, DEC. 31,1965=50100

- 90

60

50 -

40

1976

Un

1 ! . 1 i ! 1

rm

W

I 1 1 1 1 1 I S 1 i I

1982i i i 1 . 1 i . i . i j i

1983

PERCENT20 I

EARNINGS- PRICE RATIO ON COMMON STOCKS(S&P)

-V

1976

SOURCES; NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION

1983 1984


Period

1978..1979 , ,1980 ...198119821983 . .1983: May

JuneJulyA.USSeptOctNov......Dec..............

1984: Jan ,.Feb.MarApr....May p. ..........

Week ended:1984: Apr 28.........

May 5.........12 .........i«7 ...

26..,.....,

Common stock prints l

New York Stock Exchange indexes (Dee. 31, 1985 = 50) 2

Composite

53.7058,3268.1074.0268.9392.6394.6196.4396.7493.9696.7096.7895.3694.9296.1690.6090.6690.6790.07

91.2692.5091.9490.4287.91

Industrial

58.2364.7678.7085.4478.18

107.45109.43112.52113.21109.50112.76112.87110.77110.65112.16105.44105.92106.56105.94

107.51108.95'

106.31103.39

Transporta-tion

43.5047.3460.6172.6160.4189.3689.0792.2292.9188.0694.5695.4197.6898,7997.9886.3386.1083.6181.62

83.2284.8384,6781.7178.18

Utility

39.2238.2037.3538.9139.7547.0047.6246.7646.6146.9448,1648.7348.5047.0047.4345.6744.. 8343.8644.21

43.9144.5744,9044.4643.64

Finance

56.6561.4264.2573.5271.9995.34

102.45101.22

.95.7697.0094.7994.4894.2595.7989.9589.5088.2285.06

87,7088.8087.7985.5781.95

Dow-Jonesindustrialaverage 3

820.23844.40891.41932.92884.36

1,190.341,212.861,221.471,213.931,189.211,237.041,252.201,250.011,257.641,258.891,164.461,161.971,152.711,143.42

1,164.051,177.431,166.541.146.231.113.25

Standard & IPoor's

composite Diindex (1941- pri

43 = 10)4

96.02103.01118.78128.05119.71 !160.41 j164.10 I166.39166.96162.42167.16167.65165.23164,36166.39157.25157.44157.60156.55

158.74160.79 i159.72 j157.17 j152.92

Common stock yields(percent) 5

vidend- Earnings-ce ratio I price ratio

i

5.28 12.035.47 13.465.26 12.665,20 11.965.81 11.604.40 8.04427 ,4.26 7.494.214.35 ...................4.24 1 8.014 25 i431 | , . .,4.32 8.52427 j4.59 L4- 63 14 64472 .

4 6i I '4.544 .MI •4. f»9 '4 88

i1 Average of daily closing prices. price on prices at end of quarter.2 Includes all the (more mm 1,500) listed OR tee NOTE.— All" data to stocks listed 01 the New York SUM* Bxchanr« (NTS!',}.

304 Includes 500 stock*5 Standard & Poor's series. Di ratios based on Wednesday closing prices. Earnings-

Sources: New York Stock Exchange, Dow-Jones & Company, Inc.. and Jbiaimarporaaon.

& Poors ('or-

31


FEDERAL RECEIPTS, OUTLAYS, AND DEBTIn the first 7 months of fiscal year 1984, there was a budget deficit of $106.3 billion, compared to a budgetdeficit of $132.5 billion a year earlier.

BILLIONS OF DOLLARS

900

BILLIONS OF DOLLARS

900

600

500

400

500

400

inn

-200

BUDGET SURPLUS OR DEFICIT (-)

__ __~— — ^_

• "~~"" - " ^^^ ' •

^\i I l I I i I I I

0

-TOO

OAA

1976 1977 1978 1979 1980 1981

FISCAL YEARS

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

1982 1983 1984 1985


[Billions of dollars]

Period

Fiscal year or period:19721973 .. .197419751976 ,.Transition Quarter1977 ..19781979...19801981198219831984 (estimates)1

1985 (estimates)1 . . .

Cumulative total first 7 months:Fiscal year 1983 .. ...Fiscal year 1984

Budgetreceipts

207.3230.8

" 263.2279.1298.1

81.2355.6399.6463.3517.1599.3617.8600.6672.7753.1

343.1384.5

Budgetoutlays

230.7245.6267.9324.2364.5

94.2400.5448.4491.0576.7657.2728,4796.0850.5932.0

475.6490.8

Budgetsurplus ordeficit (— )

-23.4-14.8-4.745.2

-66.413.0

-44.9-48.8-27.7

59.6-57,91106

- 195.4-177,8-179.0

-106J

Off-budgetsurplus ordeficit (-)

0.1-1.4

8.1-7.3-1.8-8.7

-10.412.5

— 14.2-21.0-17.3-12.4-15.2-14.8

-3.9-2.0

Totalsurplus ordeficit (— .)

-23.4-14.9-6.1

-53.2-73.7-14.7-53.6

59.2-40.2

73.8-78.9

-127.9-207.8-193.0-193.8

-136.4-108.3

Federal debt (end of period)

Gross

437.3468.4486.2544.1631.9646.4709.1780.4833.8914.3

1,003.91,147.01,381.91,587.81,827.8

1,252.71,490.7

Held by thepublic

323.8343.0346.1396.9480.3498.3551.8610.9644.6715.1794.4929.4

1,141.81,317.81,509.8

1,049.71,244.4

1 Estimates from Current Budget Estimates, April 1984. Sources: Department of the Treasury and Office of Management and Budget.

32


FEDERAL BUDGET RECEIPTS BY SOURCE ANDOUTLAYS BY FUNCTIONIn the first 7 months of fiscal year 1984, budget receipts were $41.4 billion higher than a year earlier and budgetoutlays were $15.2 billion higher.

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

300

9fift

inn

0

Rl IDfiFT RFrFIPTS iKinivim i A i iKirnAAP TA YPQ ^^^•'^^^^

, . l— -— —•»•*** , , , ryri-iFD pcr-pip-rc

— .ggs&XZS^Z^"-- — CORPORATION INCOME TAXES ~~

\

1 I i 1 1

300

onn

100

0

700

600

500

400

300

200

100

BUDGET OUTLAYS

NONDEFENSE

700

600

500

400

300

200

100

1976 1977 1978 1979 1980 1981

FISCAL YEARS

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

1982 1983 1984 1985


[BillioBS of dollars]

Period

Fiscal year or period:1975197619771978197919801981198219831984 (estimates) *..1985 (estimates) 1

Cuaiulative total first 7 months:Fiscal year 1&83Fiscal year 1984

Budget receipts

Total

279.1298.1355.6399.6463.3517.1599.3617.8600.6672.7753.1

343.1384.5

Indi-vidualincometaxes

122.4131.6157.6181.0217.8244.1285.9297.7288.9296.0331.9

173.6179.7

Corpo-rationincometaxes

40.641.454.960.065.764.661.149.237.065.777.0

17.130.5

Other

116.1125.0143.0158.6179.8208.4252.2270.8274.6311.0344.2

152.4174.3

Budget outlays

Total

324.2364.5400.5448.4491.0576.7657.2728.4796.0850.5932.0

475.6490.8

National defense

Total

86.589.697.2

104J116.3134.0157.5185.3209.9237.6272.0

120.8129.9

Depart-ment ofDefense,military

85.988.195.3

102.3113.7131.0153.8180.7204.4231.0264.4

117.7126.2

Inter-nationalaffairs

7.15.75.06.16.3

10.911.310.19.0

13.117.6

5.67.5

Socialsecuri-ty andmedi-care

77.589.7

104.4116.6130.6150.6178.7202.5223.3239.6259.6

128.4136.0

Healthand

incomesecurity

63.076.578.380.086.8

109.6126.1134.5150.8125.6145.4

92.185.7

Netinter-

est

23.226.729.935.442.652.568.785.089.8

109.5123.0

51.6§2.3

Other

66.976.285.7

105.7108.4119.1114.9111.0113.2125.1114.4

77.169.3

1 Estimates from Current Budget Estimates, April 1984.Note.—Starting in 1965 military retired pay will be financed from a trust fund in the income

security function. The national defense function will include accrual charges to pay for retirementbenefits earned by currently active duty personnel, and these will be offset in the undistributed off-setting receipts (employer share, employee retirement).

The Social Security Amendments of 1983 require that social security and medicare be shown in

the budget as a separate function. In previous budgets social security was in the income securityfunction and medicare was in the health function.

Data for all periods in this table are shown on as comparable a basis as is feasible.Data shown here exclude the transition quarter.

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

33


FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASISIn the first quarter of 1984, according to current estimates, Federal receipts rose $29.9 billion (annual rate) andexpenditures rose $11.0 billion.

BILLIONS OF DOLLARS

900

800

700

600

500

400

-100

-200

BILLIONS OF DOLLARS

900

800

700

600

500

400

1976

SOURCE; DEPARTMENT OF COMMERCE

-100

-200

1977 1978 1979 1980 I 1981

CALENDAR YEARS

1984



Period

Fiscal year:19791980 .19811982 .1983 a

Calendar year:19791980 . .19811982 .1983

1982: I.........'.nmIV . . . . . .

1983: In.m.....IV

1984- I r...

Federal Government receipts

Total

480.8525.9610.3627.8630.7

493.6540.9627.0617.4644.7

619.5622.2615.2612.6

623.3652.6645.2657.5

687.4

Personaltax andnontaxreceipts

222.6250.4289.3310.4295.3

230.6257.7298.6304.7295.9

306.5308.5300.6303.0

297.7304.2286.9295.0

302.5

Corpo-rate

profitstax

accruals

76.169.970.551.354.3

74,270.367.546.560.3

47.648.447.842.1

48.659.866.666.4

72.0

Indirectbusinesstax andnontax

accruals

29.135.553.650.350.7

29.439.056.448.354.0

49.547.747.948.3

48.656.055.555.8

56.0

Contribu-tions for

socialinsurance

153.1170.0196.9215.7230.4

159.5173.9204.5217.9234.4

215.8217.6218.9219.3

228.5232.6236.2240.3

256.9

Federal Government expenditures

Total

495.6576.5668.1740.0816.4

509.7602.1689.2764.4826.3

728.0735.4773.5820.9

806.6818.7832.5847.3

858.3

Pur-chases

of goodsand

services

164.1189.3218.5251.0274.7

168.3197.0229.2258.7274.8

249.7244.1261.7279.2

273.5273.7278.1274.1

272.4

TransferPay-

ments

201.8239.4279.3310.2344.7

209.2251.5286.6321.1345.4

302.5311.2325.9344.8

340.3347.0343.5350.9

348.0

Grants-in-aid to

Stateandlocal

govern-ments

79.186.790.183.485.7

80.588.787.983.986.5

82.585.183.085.0

85.886.787.286.4

90.4

Netinterest

paid

40.650.767.782.290.6

42.453.473.284.996.5

79.782.388.689.1

88.491.8

101.0104.6

108.0

Subsidiesless

currentsurplus ofGovern-

mententer-prises

9.910.412.513.220.3

9.211.512.415.822.6

13.412.714.222.8

18.618.222.331.3

39.9

Less:Wage

accrualsless

disburse-ments

00.0.1

-.0-.4

-.0.0.1

-.0-.4

— .1.0.0.0

.0-1.3

— .4.0

.2

Surplusor deficit

(-),nationalincome

andproductaccounts

148-50.7

57 8-112.2-185.7

-16.1-61.2-62.2

-147.1181 6

-108.5-113.2-158.3-208.2

-183.3-166.1-187.3-189.8

-170.9

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,and Office of Management and Budget.

34


INTERNATIONAL STATISTICSINDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR

INDUSTRIAL COUNTRIES[1967 = 100]

Period

197719781979 , ... .1980198119821983 p , .

1983: AprMay" y *JuneJulyAug. .......SentOctNovDec

1984: JanFebMar....Apr p

Industrial production (seasonally adjusted)

UnitedStates

138.2146.1152.5147.0151.0138.61 47.6

142.6144.4146.4149.7151.8153.8155.0155,3156.2

r 158.5r!60.1r 160.9

163 1

Canada

152.7157.8167,6165.1166.6148.8157.6

151.8153.5157.1157.8160.8163.8164.4165.9

r 167.3r 171.2165J

Japan

189.7201.1215.3225.2227.5228.4236.5

230.6231.1233.3234.0241.2244.8241.4246.4248.2

250.2r 257.0254.5

France

152155163161160158159

156160157160160157155161160

161159162

Germany

152.0154.1161.5162.0159.1154.5155.5

153.7153.7159.2154.5155.2157.1157.5

161.0

161.0r 164.4158.4

Italy

145.1147.9157.6166.5162.7159.1150.7

141.5148.5145.1146.9134.9151.1148.6152.8146.0

UnitedKingdom

124.21-27.8132.9124.1119.5121.6

' 125.1

123.8124.2122.3125.7125.7-

• 126.4126.8

• 127,2 '129.0

129.7127.5

. 1 .r

Consumer price.? i'ii:--.;cjusted)

UnitedStates *

181.5195.4

• 217.4246.8272.4289.1298.4

'

297.1298.1299.3300.3301.8302.6303.1303.5

305.2306.6307.3308.8

Canada

185.9202.5221,0243.5273.9303.5

• 821.0

317.1317.9321.5322.9324.5324.5326.5326.5327.5

329.2331.1831.9332.7

Japan

.252.3261.3282.3296.2304.1309.7

308.6312.0309.7308.3307.4311.4314.2312.2311.4

312.3314.2314.2

Prance

214.5233.9259.1294.2332,7373.1407.9

401.8404.5406,9410.4412.8416.0419.2420.9422.4

425.4428.0

-431.0

i

Germany

155.9

166.8175.9186,3196,2202.1

200,3'201.1201.8202.6203.2

203.6204.1204.5

205.6206.2206.3

Italr

255.2286.2328,5398.04-72.4549.4631.8

622.2628.2832.2638.5641.1640,4660.4667.0670,3

678.3685.8

695.4

UnitedKingdom '.

292.4316,6359.0423.6473.9514.7538.3

534.1536.4587.7540.6543.0545.4547,8549.2550.7

550.4552.6554,4561.8

1 Beginning January 1978 data relate to all urban consumers. Source: National as reported by Department of Commerce, International Trade Adminis-tration, Office of Trade Information and Analysis, Trade Performance Division, in InternationalEconomic Indicators,

U.S. MERCHANDISE EXPORTS AND IMPORTS[Millions of dollars; monthly data seasonally adjusted]

Period

Monthly average:1975*1976*1977*1978*1979*1980

198119821983

1983- MarAprMayJuneJulyAm?SeptGet ..NovDec.

1984- JanFebMarApr

Merchandise exports l

Totaldomestic

andforeignexports

Domestic exports

Total2

Food,bever-

ages, andtobacco

Crudemateri-als and

fuels

Manu-facturedgoods

Merchandise imports

General imports s

Total 2Food,bever-

ages, andtobacco

Grademateri-als and

fuels

Manu-facturedgoods

F.a.s. value

8,9719,602

10,10311,97315,15518,386

19,47317,68316,707

16,69016,09515,65516,95916,48616,58217,25717,03317,06317,298

18,32617,21317,72717,522

8,8479,4629,919

11,76214,88618,043

19,07517,25616,326

16,27315,74315,27516,60216,15816,19516,89216,58016,66416,895

17,84716,78717,21217,072

1,3991,4361,3301,7172,0492,534

2,7672,2482,248

2,3362,0792,0032,1422,0632,0462,3142,4522,6052,449

2,4022,1032,4572,184

1,2661,3411,5481,7462,3522,810

2,7522,7932,463

2,3732?4832,3322,4252,3882,7452,6912,3452,2702,532

2,6642,5322,7912,523

5,9136,4376,6797,8739,716

11,991

12,85711,64311,034

10,97310,63210,37511,51511,02810,88211,14711,24111,27711,407

12,09711,37211,14711,560

8,20910,29012,53314,56317,45520,406

21,74820,32921,504

19,55819,91421,44620,91621,82822,71422,45124,33323,11522,976

26,58626,14726,771

827991

1,1861,3121,4781,546

Customs

1,5291,4851,568

1,5581,593

' 1,7121,4901,4861,4801,4661,7471,5651,591

1,7591,7731,865

2,7163,4574,4634,3255,9497,831

value

7,7396,2005,670

4,6484,5175,8295,5676,0116,5816,4656,8555,8915,860

6,0636,0396,308

4,2575,3986,3798,3609,352

• 10,427

11,87312,00213,621

12,60213,01213,23913,10113,79613,91213,75415,10715,12415,478

17,94817,65217,827

™-"T """

Total(c.i.f.value)

8,82311,04213,36815,504.18,51921,415 ,

22,77921,24022,490

20,38720,82122?40621,85222,85823,74623,47725,46524,18524,033

27,79427,30527,99229,711

Merchandise trade balancei_

Exports<f.a.s.)

lessimports(customs

value)

-2,275-2,647-4,797

-2,837-3,819-5,791-3,957-5,341-6,132-5,195-7,300-6,052-5,678

-8,260-8,935-9,044

Exports(la.s.)less

imports(f.a.s.)

762-688

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

Exports(f.a.8.)-

lessimports(c.i.f.)

148— 1,440-3,265-3,530-3,364-3,030

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

-3,696-4,726-6,751-4,893-6,371-7,164-6,221-8,432-7,122-6,735

-9,468- 10,092

10264-12,190

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 1380 Virgin Is-lands exports are reflected in the figures for domestic and foreign exports combined and trade bal-ance.

'Data for 1975-79 for domestic and foreign exports combined, total general imports, and tradebalance include trade of the Virgin Islands.

Source: Department of Commerce, Bureau of the Census.


U.S. INTERNATIONAL TRANSACTIONSIn the first quarter of 1984, the merchandise trade deficit rose to $25.8 billion/ from $19,4 billion in the fourthquarter of 1983.

BILLIONS OF DOLLARS

10BILLIONS OF DOLLARS*

-15

-20

-25 -251976

* SEASONALLY ADJUSTED

SOURCE: DEPARTMENT OF COMMERCE

1984


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

Period

1975197619771978 . . .19791980198119821983 p

1982- InmIV

1983: I.....nniIV P

1984: I p.

Merchandise l 2

Exports

107,088114,745120,816142,054184,473224,237237,019211,217200,203

55,63654,99652,24148,344

r 49,249r48,715r 50,440r51,799

54,118

Imports

-98,185-124,228-151,907

176 020-212,028-249,781-265,086-247,606

r- 261, 257

-61,73960 850

-65,319-59,698

r- 58,523r- 63,575r- 67,937r-71,222

79 895

Netbalance

8,903-9,48331 091

-33,96627 555

-25,54428 067

-36,389r 6i 054

6 103-5,85413 078

-11,354

r -9,274r 14 QQQr- 17,497r- 19,423

25 777

Investment income 3

Eeceipts

25,35129,28632,17942,24564,13272,44586,24384,14678,035

20,76122,31621,56919,499

17,64418,95720,89020,544

Payments

12564-13,311

14 217-21^680

32 914-42,875

52 760-56,842

54 454

-13,824-14,779-14,748-13,491

-12,608-13,326- 14,009-14,512

Net

12,78715,97517,96220,56531,21829,57033,48327,30423,581

6,9377,5376,8216,008

5,0365,6316,8816,032

Netmilitarytransac-

tions

-746559

1,528621

-1,7782 286

-1,355179483

-5120154

-26

516117

-132-17

Nettravel andtranspor-

tationreceipts

-2,792-2,558-3,565-3,573-2,935-1,434

-598-2,095-4,243

-208-561-557-769

-920-1,206

-694-1,423

Otherservices,

net3

4,5984,7115,2726,0135,7357,1728,0607,8228,550

2,0501,9141,9061,951

2,1202,2402,1642,027

Balanceon goods

andservices l

22,7499,205

-9,894-10,340

4,6867,477

11,523-3,177

-32,177

2,6253,236

-4,854-4,190

-2,104-7,924-9,959

-12,192

Remit-tances,

pensions,and otherunilateral

trans-fers 1

-4,613-4,998-4,617-5,106-5,649-7,056-6,931-8,034-8,599

-2,061-1,802-1,742-2,431

-1,561-1,823-2,115-3,099

Balanceon

currentaccount

18,1364,207

-14,511- 15,446

-964421

4,592-11,211-40,776

5641,434

-6,596-6,621

-3,665-9,747

-12,074-15,291

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.

Note.—Merchandise data revised for 1983; other data to be revised later.



U.S. INTERNATIONAL TRANSACTIONS—ContinuedIn the capital accounts, claims on foreigners reported by U.S. banks increased $12.2 billion in the fourth quarter of1983 compared with a $2.0 billion increase in the third quarter. Liabilities to private foreigners reported by U.S.banks increased $26.3 billion compared with a $16.1 billion increase in the third quarter.

BILLIONS OF DOLLARS60

BILLIONS OF DOLLARS*

60

-60

-40

j -60T976 1984

*S£ASONAUY ADJUSTED

SOURCE- DEPARTMENT OF COMMERCE COUNCR OF fiCONCWJC ADVISERS

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

Period

197519761977197819791980198119821983 p

1982; InmIV

1983: IIImIV*....

U.S. assets abroad, net[increase /capital outflow (—)]

Total

-39,703-51.269-34,785-61,130-64,331-86.052

-110,601-118.045-49,297

-31,456-40,934-26,099- 19,553

-21,633-576

'-9,126-17.961

U.S.officialreserve

assets * 2

-849-2,558

-375700«^*

-1.133-8,155-5,175-4,965

1 196

-1,089-1,132

-704-1,950

-78716

529-953

Other U.S.Govern-

mentassets

-3,4744 214

-3,693-4,660-3,746-5,140

5078-5*732

-4,897

-807-1,489-2,502

-934

- 1,053— 1.162-1?206-1.476

U.S.privateassets

-35,380-44,498-30,717

57 202-59,453

•72 757-100,348-107,348-43,204

-29,560-38,313-22,803-16,670

~ 19,793570

-8,449-15,532

Foreign assets in the U.S., net[increase/capital inflow (-f-)j 2

For«i#nTotal official

assets

15,67036,51851.31964,03638,75254,92280.67887,86683.018

27.12431,61217,61311.017

16,4521.0,95619.44736,164

7,02717.693a«,81633,678J 3 6«515,5665,4303,1726,083

-3,0611,930.2,6421.661

401.973

-2,5816,642

Otherforeignassets

8,64318,82614,50330,35852,41689,36675,24884.69470,935

30 ^529,(>8214,972a 855

16,4038,983

22,02829,521

Allocationsof specialdrawingrights

CSI>Ils;

1,1391,1521,093

Statistical d

Total (sumof the items

with signreversed)

| n

5,89710,544

-2,02312,54025,40429,55624,23841,390

7.055

3,7687,887

15,08214,657

8.84.5--6341,753

-2,911

iscrepancy

Of which:Seasonal

adjustmentdiscrepancy

*" """"

. .

-729881

-1,1901 ,042

-200802

-1.361758

L_ I

U.S. officialreserve

assets, net l

(unadjusted,end ofperiod)

16,2261.8,74719,31218,65018,95626,75630,074355,95633,747

29,944S0.67I?>(im?>3 ;>>#.:-:

34,26133,87633,06633,747

1 Consists of gold, special <lrawmg rights (SDEs), ifunvorti! U: currencies, and the C.S. res'position in the IMF.

2 Quarterly data are not seasonally adjusted.Treasurv.

3?


ContentsTOTAL OUTPUT, INCOME, AND SPENDING page

Gross National Product ,. 1Gross National Product in 1972 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—Nonfarm Business 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 23Changes in Producer Prices for Finished Goods 24Changes in Consumer Prices 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 Investments, 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 Budget 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 NotesDetail in these tables may not add to totals because of rounding.Unless otherwise noted* all dollar figures are in current dollars.Symbols used:

p Preliminary.r Revised.c Corrected.... Not available (also, not applicable).

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