Economic Indicators SEPTEMBER Prepared for the Joint Economic Committee by the Council of Economic Advisers. 98th Congress, 2d Session

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1 98th Congress, 2d Session Economic Indicators SEPTEMBER 1984 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1984

2 SENATE WILLIAM V. ROTH, JR. (Delaware) JAMES ABDNOR (South Dakota) STEVEN D. SYMMS (Idaho) MACK MATTINGLY (Georgia) ALFONSE M. D'AMATO (New York) LLOYD BENTSEN (Texas) WILLIAM PROXMIRE (Wisconsin) EDWARD M. KENNEDY (Massachusetts) PAUL S. SARBANES (Maryl) JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) ROGER W. JEPSEN, Iowa, Chairman LEE H. HAMILTON, Indiana, Vice Chairman DAN C. ROBERTS, Executive Director HOUSE OF REPRESENTATIVES GILLIS W. LONG (Louisiana) PARREN J. MITCHELL (Maryl) AUGUSTUS F. HAWKINS (California) DAVID R. OBEY (Wisconsin) JAMES H. SCHEUER (New York) CHALMERS P. WYLIE (Ohio) MARJORIE S. HOLT (Maryl) DAN LUNGREN (California) OLYMPIA J. SNOWE (Maine) WILLIAM A. NISKANEN, Member WILLIAM POOLE, Member [PUBLIC LAW 120SlsT CONGRESS; CHAPTER 237IST SESSION] JOINT RESOLUTION [SJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate House of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, Doorkeeper of the House of Representatives; two copies to the libraries of the Senate House, the Congressional Library; seven hundred copies to the Joint Economic Committee; the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $20 a single copy ($3.13 foreign), or by subscription at $27.00 per year ($35 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C

3 TOTAL OUTPUT, INCOME, AND GROSS NATIONAL PRODUCT According to very preliminary ("flash") estimates for the third quarter of 1984, gross national product (GNP) is expected to rise $58.9 billion or 6 percent, both at annual rates. Real GNP (GNP adjusted for price changes) is expected to rise 3 percent (annual rate) the implicit price deflator, 2.9 percent (annual rate). In the second quarter, GNP rose 10.7 percent, real GNP rose 7.1 percent, the deflator rose percent. BILLIONS OF DOLLARS (RATIO SCALE) 4,000 BILLIONS OF DOLLARS (RATIO SCALE) 4,000 SEASONALLY ADJUSTED ANNUAL RATES - 3,600 f 3,60) _ 3, 2,800 2,400 2,000 _ E E y/ ^ IKJ fi ir> ^ GNP RENT DOLLARS V I *^ ^ E _ 3, 2,800 2,40) 2,000 1,600 --^1 ^ GNP 1^ 1972 DOLLAR 5 <^A-- * **" 1,600."^^ ^** 1, l l l 1 1 I I 1 1 l l l i i i i i i \ \ \ , SOURCE: DEPARTMENT OF COMMERCE [Billions of current dollars; quarterly data at seasonally adjusted annual rates] Gross national product Personal consumption expenditures Exports imports of services Net exports Exports Imports * Government purchases of services Federal National defense Gross private domestic investment Nondefense State local Filial sales : I n m IV : I nmiv 1984: I IF m* 1, ,326 1,434 1,54 1, ,918 2, , , , ,069 3, , ,061 3, ,109 3, , ,346 3, ,55 3, , ,084 1,204 1,346 1,507 1, , , , ,931 1, ,001 2, ,070 2,141 2,181 2,230 2,276 2, ,17 1, , , ,706 1,895 2, ,403 2,641 2, ,095 3,318 3, , ,095 3, , ,286 3, , ,479 3,594.1 *Very preliminary ("flash") estimate. Source: Department of Commerce, Bureau of Economic Analysis.

4 GROSS NATIONAL PRODUCT IN 1972 DOLLARS [Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates] Gross national product Personal consumption expenditures Nonresidential fixed Gross private domestic investment Residential fixed Net exports Exports of services Exports Imports Government purchases of services Federal National defense Change in business inventories Nondefense State local Final sales , ,254 1,246 1,231 1,298 1, ,438 1,479 1,47 1,51 1, , , ,17 1, , ,238 1,290 1,356 1,422 1,47 1,479 1, ,490 1,538 : I nmiv 1,483 1,480 1, , ,490 1,484 1,483 1,503 : I nmiv 1, , ,550 1, ,006 1,015 1, ,507 1, ,549 1, : I n r. m* 1, , ,653 1, , ,579 1,618 *Very preliminary ("flash") estimate. Source: Department of Commerce, Bureau of Economic Analysis. IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1972 = ; quarterly data are seasonally adjusted] Gross national product Personal consumption expenditures Durable Nondurable Services Gross private domestic investment Nonresidential fixed Residential fixed Exports imports of services Exports Imports Government purchases of services Federal National defense Nondefense State local : I n m IV I ntit.. IV : I n r.. in* 'Very preliminary ("flash") estimate. Source: Department of Commerce, Bureau of Economic Analysis.

5 CHANGES IN GNP, PERSONAL CONSUMPTION EXPENDITURES, AND RELATED PRICE MEASURES [Percent change from previous period; quarterly data at seasonally adjusted annual rates] Gross national product Personal consumption expenditures Current dollars Constant (1972) dollars Implicit price deflator Chain price index Fixedweighted price index (1972 weights) Current dollars Constant (1972) dollars Implicit price deflator Chain price index Fixedweighted price index (1972 weights) : I nin IV.. : I nin IV I n r nr *Very preliminary ("flash") estimates. NOTE.Annual changes are from previous year quarterly changes are from previous quarter. Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESSOUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Gross domestic product of nonfinancial corporate business (billions of dollars) Current dollars 1972 dollars cost profit 2 Capital consumption allowances with capital consumption adjustment Current-dollar cost profit per unit of output (dollars) * Indirect business taxes 3 Compensation of employees Net interest Corporate profits with inventory valuation capital consumption adjustments Profits tax liability Profits after tax 4 Output per hour of all employees (1972 dollars) Compensation per hour of all employees (dollars) III IV - I nmiv 1984: I II r ,001 1,128 1,276,416.8,540.7,73,778,917.7,787.8,772 1,812 1,887 1,956 2,014 2,084 2, '^ is measured by gross domestic product of nenfinaneial corporate business in 1972 dollars. 2 This is equal te the deflator for gr&ss domestic product of noniaancial corporate business with the decimal point shifted two places to the left. 3 Indirect business tax nontax liability plus business transfer payments less 4 With inventory valuation capital consumption adjustments. Sources: Department of Commerce (Bureau of Economic Analysis) Department of Labor (Bureau of Labor Statistics).

6 NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] National income Compensation of employees 1 Proprietors' income with inventory valuation capital consumption adjustments Farm Nonfarm Eental income of persons with capital consumption adjustment Corporate profits with inventory valuation capital consumption adjustments Profits with inventory valuation adjustment without capital consumption adjustment Profits before tax Inventory valuation adjustment Capital consumption adjustment Net interest : I II. m IV... : I II ffl IV 1984: I n r 963 1,086 1,.7 1,239 1,37 1,550 1,760 1, ,116 2, , , ,422 2, ,452 2,468 2, , ,684 2,766 2,873 2, ,036 1, , , ,599 1,765 1,864 1, ,834 1, ,876 1, ,921 1,962 2, ,055 2,113 2, , 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] durable Durable Motor vehicles parts personal consumption expenditures Furniture household equipment Other nondurable Food Nondurable Clothing shoes Gasoline oil Other Services Retail sales of new passenger cars (millions of units) Domestics Imports : I II Ill IV : I II Ill IV I II r ,084 1,204 1,346 1,507 1, , , , ,931 1, ,001 2, ,070 2,141 2,181 2,230 2,276 2, " , , 020 1, ,068 1,08 1,107 1,124 1, Source: Department of Commerce, Bureau of Economic Analysis.

7 SOURCES OF PERSONAL INCOME Personal income increased $16.1 billion (annual rate) in August, following a rise of $20 billion in July. Wages salaries rose $3.9 billion in August compared to a rise of $8.7 billion in July. BILLIONSJDF j>ollars*(ratoscale) 3, " 2,800 2,400 2,000 1,600 TOTAL PERSONAL INCOME BILLIONS OF DOLLARS*(RATIO SCALE) 3, 2,800 2,400 2,000 1,600 1, 1, WAGE AND SALARY DISBURSEMENTS 1, 1, OTHER INCOME 400 TRANSFER PAYMENTS * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; monthly data at seasonally adjusted annual rates] TV*to1 personal income Wage salary disbursements 1 Other labor income 1 2 Proprietors ' income 8 Farm Nonfarm income of persons 4 dividend income interest income payments 5 Less: contributions for social insurance N fcuty! personal income : Aug Oct Dec 1984: Jan Feb Mar Apr r May r June T July r Aug p , , , , ,940 2, , , i I The total of wage salary disbursements other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance the excess of wage accruals over wage disbursements. * Consists of employer contributions to private pension, health, welfare funds; workers' injury compensation; directors' fees; a few other minor items, 3 With inventory valuation capital consumption adjustments. 4 With capital consumption adjustment. 5 Consists mainly of social insurance benefits, direct relief, veterans payments. 6 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, agricultural net interest. Source: Department of Commerce, Bureau of Economic Analysis.

8 DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose again in the second quarter of BILLIONS OF DOLLARS * (RATIO SCALE) 2,800 BILLIONS OF DOLLARS * (RATIO SCALE) 2,800 DISPOSABLE PERSONAL INCOME PER CAPITA DISPOSABLE PERSONAL INCOME 4,000 4,000 3, ,000 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Personal income Less: Personal tax nontax payments Equals: Disposable personal income Less: Personal outlays l Equals: Personal saving Per capita disposable personal income Current dollars 1972 dollars Per capita personal consumption expenditures Current dollars 1972 dollars Percent change in real per capita disposable personal income Saving as percent of disposable personal income Population (thouss) 2 Billions of dollars Dollars Percent ,065 1,168 1,26 1,391 1,540 1, ,951 2,165 2,429 2,584 2, , ,194 1, , ,650 1, , ,180 2, , , , ,384 1,553 1, , ,044 2, ,860 4,315 4,667 5,075 5,477 5,965 6,621 7,331 8,032 8,874 9,385 9,977 Seasonally adjusted annual rates 3,860 4,080 4,009 4,051 4,158 4,280 4,441 4,512 4,487 4,561 4,555 4,670 3,511 3,831 4,152 4,521 4,972 5,468 6,048 6,695 7,326 8,037 8,543 9,192 3,511 3,623 3,566 3,609 3,774 3,924 4,057 4,121 4,092 4,131 4,146 4, , , , , , , , , , , , ,542 : I nmiv 2,536 2,568 2,594 2, , , , ,237 1,989 2, ,061 2, ,209 9,295 9,439 9,593 4,548 4,546 4,548 4,578 8,342 8,451 8,603 8,773 4,119 4,133 4,145 4, , , , ,230 - I nmiv 2, ,714 2,76 2, ,261 2, ,367 2,428 2,133 2, ,248 2, ,675 9,832 10,082 10,318 4,591 4,619 4,694 4,776 8,858 9,143 9,290 9,475 4,203 4,296 4,325 4, , , , , I n r. 2,920 2, ,50 2,554 2,349 2, ,608 10,806 4,865 4,930 9,651 9,869 4,426 4, , ,369 1 Includes personal consumption expenditures, interest paid by consumers to business, personal transfer payments to foreigners (net). z Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages for the period. Source: Department of Commerce (Bureau of Economic Analysis Bureau of the Census).

9 FARM INCOME In the second quarter of 1984, according to preliminary estimates, gross farm income fell $1.9 billion (annual rate) net farm income fell $4 billion. BILLIONS OF DOLLARS * (RATIO SCALE) _ iiir^ _ ( r ^ ^S\ r i ~-r r;r< DSS FARM INCOME r^= BILLIONS OF DOLLARS * (RATIO SCALE) ^^ ~" ^^ **^ ^ **\ 1 I \ i i i * x *""\ NET FARM INCOME/ \ w % / % i \/ M /**** i i I % ft % fl \ / ' % v % / i i i % V /\ * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF AGRICULTURE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming 1 Gross farm income Cash marketing receipts Livestock products Crops Value of inventory changes 2 Production expenses Current dollars Net farm income 1967 dollars I nm IV : I nm IV : I r n p Cash marketing receipts inventory changes plus Government payments, other farm cash income, nonmoney income furnished by farms. 2 Physical changes in end-of-year inventory of crop livestock commodities valued at average prices during the year. 3 Income hi current dollars divided by the consumer price index (Department of Labor). Source: Department of Agriculture, except as noted.

10 CORPORATE PROFITS In the second quarter, according to revised estimates, corporate profits before tax rose $2.7 billion (annual rate) after-tax profits fell $0 billion. BILLIONS OF DOLLARS 320 SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DOLLARS A 120 s 4 80 UVianiriM I 1 40 / <s '' 9 +s ---* *** 280 PROFITS BEFORE TAX 1 ""^\ v-\ ^ ~ _ PRC5FITS AFTER TA X /n *^~ V \^^ X /I *"\ \ UNDISTRIB JTED PROFITS ' u^ / TAX LIABILITY, ^ / V. ^.*,--> ***** / /-.»*- ^m<^ '**** i \ \ \ i i SOURCE: DEPARTMEN r OF COMMERCE COUNCIL OF E CONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits (before tax) with inventory valuation adjustment l Profits after tax 2 Financial Domestic industries 3 Nonfinancial Manufacturing Wholesale retail trade Profits before tax Tax liability Dividends Undistributed profits Inventory valuation adjustment : I n... m IV... : I n. m IV 1984: I n r See p. 4 for profits with inventory valuation capital consumption adjustments. 2 Includes rest of the world, not shown separately, 3 Includes industries not shown separately. Source: Department of Commerce, Bureau of Economic Analysis.

11 GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the second quarter, business fixed investment rose $22.0 billion (annual rate) residential investment outlays rose $4 billion. There was a $50 billion increase in inventories following an increase of $73.8 billion in the first quarter. BILLIONS OF DOLLARS 700 SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DOLLARS S -' _LT" _ " **" ^--""^^ I f^&r}^^ t>diva TE DOMESTIC INVESTMENT -^--i /^~ h4onresidentiki ^^ XED INVESTMENT -**~ **** F _»»»*"»» »»» \ 1 1 ^ \ \ \ ^ A I I I» *' ^\ **** RESIDENTIAL FIX ED INVESTMENT I-*- J l I I ^/ NX J r~ CHANGE 1 N BUSINESS,/X _ INVEIs TORIES / "~x i i i \x*^ fs' ^** SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Gross private domestic investment Nonresidential fixed investment Structures Producers' durable equipment Residential fixed investment Nonfarm structures Farm structures Producers' durable equipment Change in business inventories Nonfarm : I II III IV I.. II HI IV I II r Source: Department of Commerce, Bureau of Economic Analysis.

12 EXPENDITURES FOR NEW PLANT AND EQUIPMENT According to the Commerce Department July-August survey, business spending for new plant equipment for the year 1984 is expected to be 14 percent above the level; spending for was 4.8 percent below the level. BILLIONS OF DOLLARS (RATIO SCALE) 500 SEASONALLY ADJUSTED ANNUAL RATES BILLIONS OF DOLLARS (RATIO SCALE) NONMANUFACTURiNG (Surveyed Quarterly) MANUFACTURING J SEE FOOTNOTE 4 BELOW SOURCE.-DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data, at seasonally adjusted annual rates] Industries surveyed quarterly Addenda All industries Manufacturing Durable Nondurable l Mining Nonmanufacturing Public utilities Transportation Commercial other x nonfarm business 2 Nonmanufacturing Manufacturing Surveyed quarterly Surveyed annually a : III... IV... : I II in... IV : I II III 4. IV , , , I Excludes forestry, fisheries, agricultural services; medical services; professional services; social services membership organizations; real estate, which, effective with the April-May 1984 survey, are no longer surveyed quarterly. See last column ("nonmanufacturing surveyed annually") for data for these industries. 2 "All industries" plus the part of nonmanufacturing that is surveyed annually. 3 Consists of forestry, fisheries, agricultural services; medical services; professional services; 10 social services membership organizations; real estate. 4 Planned capital expenditures as reported by business in late July August 1984, corrected for biases. NOTE.For details about the reduced industry coverage of the plant equipment survey, see Survey of Current Business, January Source: Department of Commerce, Bureau of Economic Analysis.

13 EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted civilian employment fell 426,000 in August unemployment was about unchanged. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 116 *16 YEARS OF AGE AND OVER SOURCE: DEPARTMENT OF LABOR [Thouss of persons 16 years of age over, except as noted; monthly data seasonally adjusted except as noted] Noninstitutional population including resident Armed Forces NSA Forces NSA T nhnr fnw including resident Armed Forces Resident Employment including resident Armed Forces Civilian labor force Civilian employment Nonagrieultural Part-time for economic reasons 1 Unemployment 15 weeks over Labor force participation rate (percent) 2 Agricultural Civilian 3 : Aug Oct Dec 1984: Jan Feb Mar Apr May June July Aug 163, , , J75 173, , , , , , , , , , , , , ,295 1,631, ^645,668 ^676,682,695,695,685,688,686,684,686,693,690,690,698 1, , , *544 llo[ , ^ , , , , , , , , , , , , ,206 97,679,421, ^ , ', , , , , , , , , , , , , , , , , ', , ^ , , , , , , , , , , , , ,494 96,048 98*824 99,303 10o',397 99, , , , , , , , , , , , , ,969 3,387 3,347 3, ,401 3*383 3,449 3,308 3,240 3,257 3,356 3,271 3,395 3,281 3,393 3,389 3,403 3,345 3,224 92,661 95,477 95,938 97^030 96,125 97*450 98,035 98,568 98,730 99,349 99,585 99,918,496, , , , , ,744 3,298 3,373 4,064 4^499 5,852 5^997 5,866 6,027 5,724 5,848 5,712 5,943 5,808 5,463 5,593 5,353 5,491 5,300 5,324 6,202 g'l37 7,637 8^273 10,678 10/717 10,633 10,353 9,896 9,429 9,195 9,026 8,801 8,772 8,843 8,514 8,130 8,543 8,526 1,414 1,241 1,871 2^285 3,485 4^210 4,078 3,889 3,655 3,527 3,369 3,201 2,984 2,873 2,855 2,851 2,619 2,689 2, 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

14 SELECTED UNEMPLOYMENT RATES The seasonally adjusted overall unemployment rate, which includes resident Armed Forces in the labor force, was unchanged in August at 7 percent. The unemployment rate for all civilian workers also was unchanged, at 7 percent. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 25.X* 20 TEENAGERS I (16-19) * MEN 20 YEARS AND OVER.*%*- WOMEN 20 YEARS AND OVER 0 Illllllliill 1984 * UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED. SOURCE: DEPARTMENT OF LABOR [Monthly data seasonally adjusted] Unemployment rate (percent of civilian labor force in group) Unemployment rate, all workers l * Men 20 years over By sex age Women 20 years over Both sexes years White By race Black other Black All civilian workers Experienced wage salary workers Married men, spouse present By selected groups Women who maintain families Fulltune workers Parttime workers Labor force time lost (percent) ^ L : Aug..... Oct Dee : Jan... Feb... Mar... Apr... May... June.. July.. Aug Unemployed as percent of total labor force including resident Armed Forces. 2 Aggregate hours lost by the unemployed persons on part time for economic reasons as percent of potentially available labor force hours. Source: Department of Labor, Bureau of Labor Statistics. 12

15 SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In August, the percentages of unemployed persons who had been out of work for less than 5 weeks for weeks rose. The percentages out of work for 5-14 weeks for 27 weeks over fell. Both the mean duration of unemployment the median duration fell. PERCENT DISTRIBUTION 70 PERCENT DISTRIBUTION* 70 REASON FOR UNEMPLOYMENT \.* JOB LOSERS REENTRANTS l NEW ENTRANTS JOB LEAVERS *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR [Monthly data seasonally adjusted, except as noted] Unemployment (thouss) Less than 5 weeks Duration of unemployment Percent distribution weeks weeks 27 weeks over Number of weeks Average (mean) Median Job losers Reason for unemployment: percent distribution l Job leavers Reentrants New entrants State programs Insured unemployment Initial claims Insured unemployment, all regular programs (unadjusted) 2 Special unemployment benefit claims (unadjusted) 3 Weekly average, thouss. 6,137 7,637 8,273 10,678 10, ,434 3,350 3,047 4,061 3, ,592 3,837 3,410 4,594 3,775 - Aug Oct. Dec 10,633 10,353 9,896 9,429 9, ,025 2,893 2,797 2,734 2, ,917 2,580 2,478 2,620 2, : Jan Peb Mar Apr May June July Aug 9,026 8,801 8,772 8,843 8,514 8,130 8,543 8, ,615 2,528 2,498 2,449 2,369 2,335 2,361 2, ,374 3,174 2,958 2,613 2,290 2,166 2, Detail may not add to percent because of rounding. 3 Federal supplemental compensation program. 2 Hf^i 68 l ta, te (50 TT States ' District of Columbia, Puerto Rico, Virgin Isls), ex-service- Source. Department of Labor (Bureau of Labor Statistics Employment Training Adminismen (UCX), Federal (UCFE), railroad (RR) programs. Also includes Federal State ex- tration). tended benefit programs. Does not include Federal supplemental compensation program. 13

16 NONAGRICULTURAL EMPLOYMENT nonagricultura! employment as measured by the payroll survey rose 159,000 in August. MILLIONS OF PERSONS* MILLIONS OF PERSONS* (ENLARGED SCALE) ALL NONAGRICULTURAL ESTABLISHMENTS SERVICE-PRODUCING INDUSTRIES GOODS-PRODUCING - INDUSTRIES 4-20 litiinilin I II Mill III h *SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR [Thouss of wage salary workers; l seasonally adjusted] 2 Goods-producing industries Manufacturing Durable nonagricultural U 1 employment Construction Nondurable Transportation public utilities Wholesale trade Sendee-producing industries Retail trade Finance, insurance, real estate Services Government Federal 86^697 89,823 90,406 91,156 89,566 90,138 25,585 26,461 25,658 25,497 23,813 23,394 4,229 4,463 4^346 4,188 3 ',905 3,940 20,505 21,040 20*,285 20,170 18/781 18,497 12,274 12, ,109 ll',039 10,774 8,231 8,'280 8*098 8,061 7*741 7,724 61,113 63^363 64J48 65,659 65*753 66,744 4,923 5,136 5*146 5,165 5*082 4,958 4,969 5,204 5*,275 5,358 5*278 5,259 14,573 14,989 15*X)35 15, ,545 4,724 4,975 5, 5,298 5,341 5,467 16,252 17,112 17,890 18,619 19,036 19,665 15,672 15,947 16,241 16,031 15,837 15,851 2,753 2,773 2,866 2,772 2,739 2,752 : Aug Oct... Dec 89,918 91,018 91,345 91,688 92,026 23,532 23,669 23,895 24,058 24,198 3,985 4,019 4,044 4,073 4,086 18,597 18,698 18,886 19,018 19,143 10,846 10,923 11,071 11,170 11,266 7,751 7,775 7,815 7,848 7,877 66,386 67,349 67,450 67,630 67,828 4,369 5,046 5,053 5,043 5,055 5,277 5,301 5,322 5,344 5,371 15,626 15,671 15,737 15,805 15,857 5,498 5,503 5,512 5,530 5,546 19,808 19,893 19,962 20,034 20,130 15,808 15,935 15,864 15,874 15,869 2,747 2,774 2,760 2,759 2, : Jan Feb Mar Apr May... June r. July r.. Aug P.. 92,391 92,846 93,058 93,449 c 93,786 94,135 94,351 94,510 24,383 24,577 24,595 24,760 24,851 24,974 25,068 25,112 4,154 4,226 4,151 4,246 4,286 4,343 4,350 4,357 19,254 19,373 19,466 19,530 19,570 19,629 19,711 19,740 11,343 11,440 11,513 11,551 11,598 11,652 11,709 11,763 7,911 7,933 7,953 7,979 7,972 7,977 8,002 7,977 68,008 68,269 68,463 68,689 c 68,935 69,161 69,283 69,398 5,095 5,105 5,112 5,129 5,144 5,163 5,173 5,182 5,406 5,438 5,457 5,473 5,492 5,502 5,527 5,559 15,914 15,980 16,030 16,095 16,166 16,245 16,278 16,298 5,573 5,593 5,613 5,640 5,662 5,676 5,679 5,692 20,162 20,278 20,378 20,449 20,549 20,681 20,686 20,732 15,858 15,875 15,873 15,903 c 15,922 15,894 15,940 15,935 2,760 2,763 2,770 2,771 C 2,785 2,777 2,779 2,780 1 Includes all full- part-time wage salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, personnel of the Armed Forces. derived from this table not comparable with estimates of nonagricultural employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, domestic servants; which count persons as employed when they are not at work because of industrial disputes, bad weather, etc., even if they are not paid for the time off; which are based on a sample of the working-age population, whereas the estimates in this table are based on reports from employing establishments. ^ Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. 14

17 AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NONAGRICULTURAli INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average weekly hours Average gross hourly earnings Adjusted hourly earnings index total private nonagricultural 2 private nonagrieultural l Manufacturing Overtime private nonagrieultural 1 Manufacturing Current dollars Index, dollars s Percent change from a year earlier 4 5 Current dollars dollars $ , : Aug Oct Dec : Jan Feb Mar.. Apr May June r. July 1 ". Aug p g AVERAGE WEEKLY EARNINGS PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Current dollars private nonagricultural l dollars 3 Average gross weekly earnings Manufacturing Construction Retail trade Current dollars Percent change from a year earlier, total private nonagricultural 5 Current dollars dollars.... $ $ $ $ $ : Aug Get Dee Jan Feb Mar... Apr May June r. July r Aug p Also includes other private industry groups shown on p Adjusted for interindustry employment shifts for overtime in manufacturing. 3 Current dollar index (or earnings) divided by the consumer price index on a = 1 Revised index for urban wage earners clerical workers used beginning, 4 Monthly changes based on indexes to two decimal places. 5 Based on unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. 15

18 PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR Output per hour of all persons Business sector Nonfarm business sector Business sector Output l Nonfarm business sector Hours of all persons 2 Business sector Nonfarm business sector Compensation per hour 3 Business sector Nonfarm business sector Real compensation per hour 4 Business sector Nonfarm business sector Business sector Unit labor cost Nonfarm business sector Implicit price deflator 5 Business sector Nonfarm business sector = ; quarterly data seasonally adjusted , I. n miv : I nm IV : I n Percent change; quarterly data at seasonally adjusted annual rates I nmiv ^ -3X) : I nin IV : I n Output refers to gross domestic product originating in the sector in 1972 dollars. 2 Hours of all persons engaged in the sector, including hours of proprietors unpaid family workers. Estimates based primarily on establishment data. 3 Wages salaries of employees plus employers' contributions for social insurance private benefit plans. Also includes an estimate of wages, salaries, supplemental payments for the selfemployed. 4 Hourly compensation divided by the consumer price index for all urban consumers. 5 Current dollar gross domestic product divided by constant dollar gross domestic product. NOTE.Data relate to all persons engaged in the sector. Percent changes are from preceding period are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. Source: Department of Labor, Bureau of Labor Statistics. 16

19 PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 0 percent in August following an increase of 0.9 percent in July. The index for August was 9 percent above its year earlier level. INDEX, 1967 = * (RATIO SCALE) INDEX, 1967 = * (RATIO SCALE) 180 TOTAL INDUSTRIAL PRODUCTION 180 -UTILITIES AND MINING PRODUCTIOI UTILITIES \t MINING MANUFACTURING PRODUCTION --* +~~ ~ -,-. NONDURABL N,-»" \ / \»*"*JV"»«** \/ > V Illllllllll ~~\ DURABLE Illllllllll ~->, Illllllllll / s Illllllllll *SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ^ - Illllllllll 1984 PERCENT* 13 III! Ill r-manufacturing CAPACITY UTILIZATION RATE I 1984 [Monthly data seasonally adjusted] industrial production Industry production indexes, 1967 = Manufacturing Capacity utilization rate, percent (Federal Reserve series) l Imlex, 1967^= Percent change from year earlier Durable Nondurable Mining Utilities Manufacturing Industrial materials 1967 ptopottion 1974, : Aug Oct Dec Jan Feb Mar Apr May r June r July r. Aug p Output as percent of capacity. Source: Board of Governors of the Federal Reserve System. 17

20 INDUSTRIAL PRODUCTIONMAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1967 = ; monthly data seasonally adjusted] 1967 proportion : Aug.. Oct.. Dec 1984: Jan. Feb Mar Apr May r June r July r. Auff p Products Final products Consumer.' Durable Nondurable Equipment Business Defense space equipment Intermediate products Construction supplies Business supplies Materials Supplementary group: Energy total [1967 = ; monthly data seasonally adjusted] 1967 proportion 1974 : Aug.. Oct... Dec. 1984: Jan Feb Mar Apr May r... June r July r. Aug p. Durable manufactures Primary metals Iron steel Fabricated metal products Nonelectrical machinery Electrical machinery Transportation equipment Motor vehicles parts Lumber products Nondurable manufactures Apparel products Printing publishing Chemicals products Foods Source: Board of Governors of the Federal Reserve System. 18

21 NEW CONSTRUCTION [Monthly data seasonally adjusted] Private Construction contracts 2 new construction expenditures 1 Residential New housing units Commercial industrial Other Federal, State, local value index ( = ) Commercial industrial floor space (millions of square feet) Billions of dollars Annual rates , Annual rates : July Auir Oct Dec 1984: Jan Feb Mar.... Apr r May r June r July r.. Aug* , ,011 1 Includes nonhousekeeping residential construction additions alterations, not shown sep- for floor space. ra e 2 /'W. Dodge S series. Relates to 50 States beginning 6 S 1969 for value index beginning S g 1971 Sources: Department of Commerce (Bureau of the Census) McGraw-Hill Information Systems Company, P. W. Dodge Division. NEW PRIVATE HOUSING AND VACANCY RATES [Thouss of units or homes, except as noted] New private housing units Units started, by type of structure 1 unit 2-4 units 5 or more units Units authorized Units completed New private homes Homes sold Homes for sale at end of period 1 Vacancy rate for rental housing units (percent) 2 1,537 1, ,020 1, ,29 1,084 1,06 1, ,162 1, ,43 1, , Seasonally adjusted annual rates 1,296 1, ,800 1, , ,000 1,605 1,377 1, ,867 1, ,501 1,26 1,005 1, : Aug Oct Dec Jan Feb Mar Apr May June r July r Aug p 1,873 1,679 1,672 1,730 1,694 1,980 2,262 1,662 2,015 1,794 1,877 1,763 1,537 1,124 1,038 1,017 1,074 1,021 1,301 1,463 1,071 1,196 1,131 1,084 1, ,671 1,540 1,650 1,649 1,602 1,799 1,902 1,727 1,758 1,745 1,768 1,565 1,506 1,716 1,512 1,567 1,445 1,489 1,606 1,565 1,590 1,654 r l,756 1,731 1, Seasonally adjusted. 2 Quarterly data entered in last month of quarter. Series beginning not strictly comparable with earlier data. 3 New series beginning March. NOTE.Units authorized beginning relate to 16,000 permit-i are for 14,000 places. Source: Department of Commerce, Bureau of the Census. suing places; data for 19

22 BUSINESS SALES AND INVENTORIESManufacturing Trade Manufacturing trade sales fell 0 percent in July inventories rose $4 billion. According to advance data, retail sales fell 0.8 percent in August following a decline of 2.0 percent in July. BULKDNS OF DOLLARS* (RATIO SCALE) 600 _ ^~~ r-, ^ n r-*>- * i *r^ / MANlJFACTURINC»AND TRA DE 1NVENTORIES»»*" / MA NUFACTURIhsia AND TRADE SAlES ^* BULKDNS OF DOLLARS* (RATIO SCALE) RETA1L INVENTOR 130 V E 120 ^-**ntju- i I^-^- x ^*^**^ i^» no L- ^" ^«* _ - ~-*l~"'~ R ETAIL SALES X ^ Ilillllllll Ilillllllll Ilillllllll llllllllill Ilillllllll 150 TOO MllllllMI iililllilil limlllllii iimlimi imilmii RATICy 1.80 _ INVENTORY-SALES RATIO II ill Mil 1984 ^"""' llilllillil %,.. " «r %- RETAIL HllllllMl MAhsJUFACTURING / ^ND TRADE i 1 1 Ml I 1984 "SEASONALLY ADJ JSTED 5OURCE: DEPARTMENT OF COMMERC E" Manufacturing trade * Sales 2 Inventories 3 Sales 2 Wholesale Inventories 3 Sales 2 Durable stores Nondurable stores Retail Inventories 3 Durable stores Nondurable stores Inventory-sales ratio 4 Manufacturing trade l Retail Millions of dollars, seasonally adjusted. 204, , , , , , , , , , , , , , , ,336 50,694 55,987 66,117 78,680 92,658,673 94,765 98,649 64,078 72,311 85,568 98, , , , ,067 54,781 60,435 67,242 74,948 80,064 86,960 89,547 97,831 18,150 20,724 23,211 25,179 24,365 26,306 27,041 32,095 36,631 39,711 44,031 49,770 55,699 60,654 62,506 65,735 79,273 89, , , , , , ,843 37,841 43,135 49,858 53,413 53,952 58,559 56,748 63,447 41,432 46,395 52,646 57,179 61,598 67,151 68,636 72, : July Aug Oct Dec 370, , , , , , , , , , , ,336 99,941, , , , , , , , , , ,067 98,832 98,277 99,537, , ,438 32,597 31,951 32,905 33,882 34,641 35,532 66,235 66,326 66,632 67,041 67,255 66, , , , , , ,843 58,614 59,400 60,627 61,048 62,441 63,447 70,942 71,583 71,515 71,729 72,181 72, : Jan Peb Mar ADF May June r July" Aug p 401, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,322 r 107, ,232 37,127 36,909 35,306 37,436 37,912 38,687 r 37,375 36,569 69,475 68,573 68,567 70,069 70, ,635 r 69,767 69, , , , , , , ,053 63,749 66,513 66,946 69,010 68,277 66,896 66,014 74,228 76,218 76,964 77,873 78,674 78,463 79, See page 21 for manufacturing. 2 Monthly average for year 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. Source: Department of Commerce, Bureau of the Census. 20

23 MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS In July, manufacturers 1 shipments, inventories, orders rose. According to advance data for August, durable shipments rose new orders fell. BILLIONS OF DOLLARS* (RATIO SCALE) 240 BILLIONS OF DOLLARS* (RATIO SCALE) INVENTORIES TOTAL" DURABLE GOODS NONDURABLE GOODS BILLIONS OF DOLLARS* (RATIO SCALE) - NEW ORDERS ^7^ -v,-s 1! iimlimi 'SEASONALLY ADJUSTED ^*-.»^ ^.. Illllllllll SOURCE: DEPARTMENT OF CO/AMERCE r~ TOTAL DURAE1LE GOODS- ^--'-v- ^*% ( -*"^-N~./ Ilillilllll >.. ^ NONDURAI IE GOODS miiliim miihim RATIO* INVENTORY-SHIPMENTS RATIO illilllmii 1 I 1984 Manufacturers' shipments * Durable Nondurable Manufacturers' inventories 2 Durable Nondurable Manufacturers' new orders * Durable Capital industries, nondefense Nondurable Manufacturers' unfilled orders 3 Manufacturers' inventojy-~ shipments ratio 4 Millions of dollars, seasonally adjusted July AMS Oct Dec 98, , , , , , , , , , , , , ,352 50,689 59,267 67,848 76,060 77,550 83,872 76,859 85,126 85,076 86,730 88,963 89,181 92,311 96,351 48,113 53,935 59,057 67,876 76,841 84,257 82,334 85,491 86,332 87,382 88,558 88,143 88,564 90, , , , , , , , , , , , , , , , , ,825, , , , , , , , , , ,571 62,612 67,613 72,560 80,491 89,537 96,006 89,590 88,855 88,020 88,791 89,084 89,350 89,217 88,855 99, , , , , , , , , , , , , ,374 51,398 61,082 72,339 79,451 79,360 83,562 75,129 87,806 87,878 88,820 91,509 94,776 97,991 98,444 12,799 15,291 19,458 23,231 23,259 24,050 20,681 22,764 22,060 22,887 25,295 25,499 24,680 24,893 48,145 53,950 59,207 67,953 76,801 84,199 82,260 85,627 86,573 87,540 88,827 88,135 88,615 89, , , , , , , , , , , , , , , : Jan Feb Mar ADI*, May T J June July r Aug p , , , , , , ,497 95,283 96,297 96,990 95,697 97,944 99,042 98, ,123 88,708 91,489 91,635 91,432 91,359 92, , , , , , , , , , , , , , ,501 89,335 90,871 91,628 92,399 94,015 95,029 95, , , , , , , ,759 99, , ,183 98, ,256 99, ,426,481 25,093 27,018 26,860 25,885 28,958 28,029 27,340 25,606 89,232 88,991 91,294 91,398 91,424 91,449 92, , , , , , , , Monthly average for year 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; for monthly data, ratio of inventories at end of month to shipments for month. Source: Department of Commerce, Bureau of the Census. 21

24 PRODUCER PRICES PRICES In August, the producer price index for all finished fell 0.1 percent, seasonally adjusted. Prices of finished consumer foods also fell 0.1 percent prices of other finished consumer fell 0 percent. Prices of capital equipment rose 0 percent. INDEX, 1967= TOO (RATIO SCALE) FINISHED GOODS SEASONAL ADJUSTED CQNSUMER GOODS, -$. ^»»w«^^ ^' " ^ ^x** ^-"'~ * sy TOTAL FINISHEC GOODS.<&* <-:; CV/^I I irmh.l'"* IT/"N/"\rve»^ ^^>«^CAPITAL EQUIPMENT "~ INDEX, 1967= (RATIO SCALE) "**J5. sas*- 8 *""^ «,P*^ p^b r^%^'~ ~ 280»*^* 260 CONSUMER f OODS JJI III IliiL 1 1 M 1 1 i II II lliilhllll illllli MM illilllllll IMIlllIM i 1! 1 M II IMIlllllll SOURCE: DEPARTMENT OF LABOR [1967 = ; monthly data seasonally adjusted] Finished Intermediate materials Crude materials finished Consumer foods Finished excluding consumer foods Consumer Durable Nondurable Capital equipment finished consumer Foods feeds l Other Foodstuffs feedstuffs Other : Aug Oct Dec 1984: Jan Feb... Mar Apr r... May June July Aufir Intermediate materials for food manufacturing feeds. Source: Department of Labor, Bureau of Labor Statistics. 22

25 CONSUMER PRICES In August, the consumer price index for all urban consumers rose 0 percent seasonally adjusted (0 percent not seasonally adjusted). The index was 4 percent above its level in August. INDEX, 1967= (RATIO SCALE) INDEX, 1967^= (RATIO.SCALE) ALL ITEMS LLH SEE NOTE ON TABLE BELOW SOURCE: DEPARTMENT OF LABOR [1967 =, except as noted; monthly data seasonally adjusted, except as noted] All items l NSA Food l Renters' costs 2 Housing Shelter Homeowners' costs 2 NSA Maintenance repairs NSA Fuel other utilities l Transportation New cars Motor fuel 3 Medical care Apparupkeep Energy 4 All items less food energy, shelter Rel imp. 5 : Aug Get Dec 1984: Jan Feb Mar Apr May June July Aug Includes items not shown separately. 2 December =. 3 Includes direct pricing of diesel gasohol beginning ember. 4 Fuel oil, coal, bottled gas; gas (piped) electricity; motor fuel. Motor oil, coolant, etc. also included through. 5 Relative importance, December. NOTE.NSA indicates data are not seasonally adjusted. Data beginning are for all urban consumers; earlier data are for urban wage earners clerical workers. Data beginning incorporate a rental equivalence measure for homeownership costs therefore are not strictly comparable with figures for earlier periods. Source: Department of Labor, Bureau of Labor Statistics. 23

26 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS [Percent change from preceding period; monthly data seasonally adjusted, except as noted] finished Change from preceding period Consumer Foods Excluding foods Capital equipment Change from 3 months earlier, annual rate finished Consumer Foods Excluding foods Capital equipment Change from 6 months earlier, annual rate finished Consumer Foods Excluding foods Capital equipment Change from year earlier, total finished NSA Change, Dec. to Dec., NSA , Change, month to month : Aug Oct Dec '.0-0 I : Jan... Feb Mar Apr r May r T J June July r k J AufiT ^ o 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] All items 1 Food 1 1 Housing Shelter Renters' costs Homeowners' costs NSA 1 Transportation New cars Motor fuel 2 Fuel other utili- Apparel upkeep Medical care Energy 3 All items less food, energy, shelter Addendum: All items, percent change (annual rate) From previous quarter 4 From 3 months earlier From 6 months earlier From year earlier NSA Change, December to December, NSA Change, month to month : Aug Oct Dec g : Jan Feb Mar Apr May June July Aug L lo Includes items not shown separately. Data beginning January are for all urban consumers; earlier data are for urban wage earn- 2 Includes direct pricing of diesel gasohol beginning ember. ers clerical workers. 3 Fuel oil, coal, bottled gas; gas (piped) electricity; motor fuel. Motor oil, coolant, Data beginning January incorporate a rental equivalence measure for homeownership costs etc., also included through. therefore are not strictly comparable with data for earlier periods. 4 Quarterly changes are shown in the last month of the quarter. _, _ T,, T,.. isniirr'fr Dflnnrtnnfint. nf Labor Knrft»n nf li»hnr htetistins NOTE.NSA indicates data are not seasonally adjusted. 24

27 PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 2.8 percent in ember prices paid by farmers were unchanged. INDEX, = (RATIO SCALE) 180 INDEX, = (RATIO SCALE) PRICES PAID PRICES RECEIVED RATIO^ Hi1 60 RATIO^ RATIO UIJJJIXUIJIU UUJLLLUUJJJ11UL HliilUHL iluujlllllllilljilli *J RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID. SOURCE: DEPARTMENT OF AGRICULTURE [ = ] Prices received by farmers Prices paid by farmers All farm products Crops Livestock products All commodities, services, interest, taxes, wage rates 1 Production items, interest, taxes, wage rates Production items Ratio Oct Dec : Jan Feb Mar Apr May June July r Aue Includes items not shown separately. 2 Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, wage rates. NOTE.The official indexes are published on a base as required by law. The indexes have been converted to a = base to facilitate comparison with other indexes. Source: Department of Agriculture. 25

28 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES Ml rose slightly in August, following a small decline in July. Growth in M2 was little changed in August while growth in M3 slowed a little. BILLIONS OF DOLLARS*(RATIO SCALE) 3, 2,800 2,400 2,000 BILLIONS OF DOLLARS*(RATIO SCALE) 3, 2,800 2,400 2,000 1,600 1,600 M2 1, 1, 1, Z 1, Ml * AVERAGES OF DAHY FIGURES; SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Averages of daily figures, except as noted; billions of dollars, seasonally adjusted] Ml M2 M3 L Debt Percent change from year or 6 months earlier 2 Sum of currency, dem deposits, travelers' checks, other checkable deposits (OCDs) Ml plus overnight KPs Eurodollars, MMMF balances (general purpose broker/dealer), MMDAs, savings small time deposits M2 plus large time deposits, term KPs, term Eurodollars, institution-only MMMF balances M3 plus other liquid assets Debt of domestic nonfinancial sectors (monthly average) J Ml M2 M3 Debt - Dec : Dec - Dec : Dec : Dec - Dec : Dec - Dec r : Aug... Oct r Dec r 1984: Jan r. Feb r Mar r. Apr r. May r. T J r June July r Aug p., , ,163 1, , ,498 1,632 1,796 1,965 2,196 2,135 2, ,167 2, ,196 2, ,222 2, , ,258 2, , ,289 1, , , , , , ,460 2, ,617 2, ,656 2, , ,721 2,744 2,765 2, ,81 2, , , ,516 1, ,910 2, , ,598 2, , , , , , , , , , , , ,367 r 2,513 r 2,829.1 r 3,.0 r 3,583 r 3,926 r 4,311.9 r 4, ,225 r 5,036.8 r 5,080.0 r 5, ,171 5,225 5,282 5,340 5,394 5,452 5, ,566 5, r 9.8 r 10.9 r!1 r! Consists of outsting credit market debt of the U.S. Government, State local governments, private nonfinancial sectors; data from flow of funds accounts. 2 Annual changes are from December to December monthly changes are from 6 months earlier at a seasonally adjusted annual rate. NOTE.-The nontransactions portion of M2 is now being seasonally adjusted as a whole to reduce 26 distortions caused by substantial portfolio shifts arising from regulatory financial changes in recent years, especially shifts to MMDAs in. A similar procedure is being used to seasonally adjust the remaining nontransactions balances in M3. See p. 27 for components. Source: Board of Governors of the Federal Reserve System.

29 COMPONENTS OF MONEY STOCK AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted] Currency Dem deposits Other checkable deposits (OODs) Money market mutuaifund balaiices Overnight repurchase agreements (EPs), net, plus overnight Eurodollars General purpose broker/ dealer Institution only Money market deposit accounts (MMDAs) Savings deposits Small denomination time deposits l Large denomination time deposits * Term repurchase agreements (KPs) Term Eurodollars (net) Savings bonds Shortterm Treasury securities Bankers' acceptances Commercial paper NSA NSA NSA NSA NSA NSA : Dec... : Dec... : Dec... : Dec... : Dec... : Dec : Dec... : Dec... : Aug Oct. Dec 1984: Jan..... Feb Mar Apr r. Mav r June r July r.. Auff p r! r 90 7 r 909 r " Small denomination large denomination deposits are those issued in amounts of less than $,000 more than $,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. Source: Board of Governors of the Federal Reserve System. CONSUMER INSTALLMENT CREDIT [Millions of dollars; seasonally adjusted] Installment credit outsting (end of period) Automobile Kevolving Mobile home Other Net change in installment credit outsting * Automobile Revolving Mobile home Other : Dec : Dec : Dec : Dec : Dec : Dec : Dec.. - Dec 190, , , , , , , ,718 67,798 82, , , , , , ,876 16,505 36,427 45,004 53,174 54,900 60,309 65,453 75,564 14,530 14,897 15,199 16,843 17,302 17,879 22,119 23,460 91,892 92, , , , , , ,818 21,338 35,921 42,746 37,723 2,579 20,524 18,726 39,774 10,519 15,092 18,973 14, ,515 4,476 12,077 2,038 19,922 8,577 8,170 1,726 5,409 5,144 10, , ,240 1,341 8, ,894 13, ,023 4,866 16,245 - July Aufif Oct Dec 366, , , , , , , , , , , ,876 70,089 70,630 71,209 72,447 73,874 75,564 23,076 23,298 23,553 23,523 23,459 23, , , , , , ,818 3,706 4,093 2,553 5,093 4,819 5,782 1,849 2, ,709 1,268 1, ,238 1,427 1, , ,424 2,176 2,188 2, : Jan Peb Mar Apr May June.. July. 393, , , , , , , , , , , , , ,273 76,069 77,342 80,304 82,172 84,989 86,558 87,198 23,368 23,241 23,526 23,811 24,113 24,567 25, , , , ,825, , ,737 4,469 6,608 5,870 6,408 10,233 7,825 7,106 2,106 2, ,158 3,689 2,897 3, ,273 2,962 1,868 2,817 1, ,950 2,662 2,298 2,097 3,425 2,905 2,582 1 For year-end data, change from preceding year-end; for monthly data, change from preceding month. Source: Board of Governors of the Federal Reserve System. 27

30 BANK LOANS AND INVESTMENTS, AND RESERVES Growth in commercial industrial loans was little changed in August. BILLIONS OF DOLLARS* (RATIO SCALE) 1,800 1,600 -ALL COMMERCIAL BANKS 1,400 1, 1, LOANS AND LEASES BILLIONS OF DOLLARS* (RATIO SCALE) 1,800 1,600 1,400 1, 1, INVESTMENT IN OTHER SECURITIES \ INVESTMENT IN U.S. TREASURY SECURITIES i11ll11 H 1 MM ililili inn HI ill I Mil iliil nil ill i *SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Billions of dollars, seasonally adjusted, except as noted] All commercial banks * Depository institutions 3 loans investments Loans leases 2 Commercial industrial loans U.S. Treasury securities Investments Other securities Reserves adjusted for changes in reserve requirements Nonborrowed Required Borrowings (millions of dollars, unadjusted) Seasonal : Dec : Dec. : Dec : Dec.. : Dec : Dec : Dec : Dec r ,013 1, ,239 1,316 1, , , , ,473 1, : Aug r r. Oct r r Dec r. 1,513 1,520 1, , , , ,096 1, ,11 1, ,546 1, : Jan r. Feb r Mar r Apr r May r June r July r Aug p 1,585 1,604 1,621 1, ,649 1,652 1,664 1,675 1, , , ,193 1,21 1,222 1, , ,234 2,988 3,300 5,924 8, Data are averages of Wednesday Figures. 2 Excludes 10a«s to commercial banks in the United States. 3 Data are averages of daily figures. NOTE.Bata os loans investments revised beginning December. Reserves data revised beginning August ; revised data for earlier periods are not yet available. Beginning Dec., bank loans investments reserves aggregates have been reduced because of shifts from U.S. banking offices to International Banking Facilities (IBFs). Source: Board of Governors of the Federal Reserve System. 28

31 SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses Internal * External Credit market funds Securities mortgages Loans short-term paper Other 2 Capital expenditures 3 Increase in financial assets Discrepancy (sources less uses) 1974 r... r. r r r r r r r r - I r II r ffl r TV r : I r n r m r iv r 1984: I r ii" Undistributed profits (after inventory valuation capital consumption adjustments), capital msumption allowances, foreign branch profits, dividends, subsidiaries' earnings retained»ad. Consists of tax liabilities, trade debt, direct foreign investment in the U.S. 3 Plant equipment, residential structures, inventory investment, mineral rights from U.S. Government. NOTE.Series revised beginning Source: Board of Governors of the Federal Reserve System. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS [Billions of dollars, except as noted] End of period Cash U.S. Government securities Current assets Notes accounts receivable Inventories Other current assets Current liabilities Notes accounts payable Other current liabilities Net working capital Current ratio * SEC series: QFR-FRB series: r. r r. : I r II r III r IV r P ,04 1, , ,418 1, ,557 1,444 1, , ,557 1, , ,026 1, , 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, Trade Corporations, Effective mid-, responsibility for the Quarterly Financial Report was transferred to the Department of Commerce, Bureau of the Census from the Federal Trade Commission. NOTE.QFE-FRB series revised beginning. SEC series not available after See Federal Reserve Bulletin, July, for details regarding the series. Sources: Board of Governors of the Federal Reserve System, Department of Commerce (Bureau of the Census), Federal Trade Commission, Securities " Exchange Commission.

32 INTEREST RATES AND BOND YIELDS Interest rates fell in ember. PERCENT PER ANNUM SOURCE: SEE TABLE BELOW 1984 [Percent per annum] U.S. Treasury security yields Constant maturities 2 3-month bills l 3-year 10-year High-grade municipal bonds (Stard & Poor's) 3 Corporate Aaa bonds (Moody 's) Prime commercial paper, 6 months 4 Discount rate (N.Y. P.E. Bank) 5 Prime rate charged by banks 5 New-home mortgage yields (FHLBB) Open-close Open-close : Oct Dec 1984: Jan Feb Mar Apr May June July Aug r r c r Week ended: 1984: Aug Rate on new issues within period; bank-discount basis. 2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department. 3 Weekly data are Wednesday figures. 4 Bank-discount basis. Prior to ember 1,, data are for 4-6 months paper. 5 Average effective rate for year; opening closing rate for month week. 6 Effective rate (in the primary market) on conventional mortgages, reflecting fees charges as well as contract rate assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, Stard & Poor's Corporation. 30

33 COMMON STOCK PRICES AND YIELDS (Stock prices rose in ember. INDEX, DEC 1, 1965 =50 ( INDEX, DEC 31,1965= COMPOSITE STOCK PRICE INDEX (NYSE) PERCENT 20 EARNINGS-PRICE RATIO ON COMMON STOCKS (S&P) PERCENT SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION Composite Common stock prices * New York Stock Exchange indexes (I ec. 31, O) 2 Industrial Transportation Utility Finance Dow-Jones industrial average 3 Stard & Poor's composite index ( =10) 4 Common stock yields (percent) 5 Dividendprice ratio Earningsprice ratio : Oct Dec 1984: Jan Feb Mar... Apr May \ J June July Aug r Week ended: 1984: ,1904 1, ,250 1, ,2574 1, ,1646 1, , ,1432 1, ,1137 1, ,2131 1, , ,212 1, , , I Average of daily closing prices. 1 Includes all the stocks (more than 1,500) listed on the NYSE. 3 Includes 30 stocks. 4 Includes 500 stocks. 5 Stard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter. NOTE.All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., Stard & Poor's Corporation. 31

34 FEDERAL FINANCE FEDERAL RECEIPTS, OUTLAYS, AND DEBT In the first 11 months of fiscal year 1984, there was a budget deficit of $192.1 billion, compared to a budget deficit of $197 billion a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 900 _ BUDGET RECEIPTS AND OUTLAYS BUDGET OUTLAYS \ BUDGET RECEIPTS BUDGET SURPLUS OR DEFICIT (-) SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET FISCAL YEARS [Billions of dollars] Budget receipts Budget outlays Budget surplus or deficit ( ) Off-budget surplus or deficit ( ) surplus or deficit ( ) Federal debt (end of period) Gross Held by the public Fiscal year or period: Transition Quarter (estimates) (estimates) 1 207, , , , ,575 1, , , ,480.8 Cumulative total first 11 months: Fiscal year Fiscal year , , ,126 1,308 1 Estimates from Mid-Session Review of the 1985 Budget, Office of Management Budget, August 15, Sources: Department of the Treasury Office of Management Budget. 32

35 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 11 months of fiscal year 1984, budget receipts were $61 budget outlays were $56 billion higher. billion higher than a year earlier BILLIONS OF DOLLARS BILLIONS OF DOLLARS 300 _ BUDGET RECEIPTS '*** OTHER RECEIPTS. CORPORATION INCOME TAXES BUDGET OUTLAYS NONDEFENSE V., FISCAL YEARS AND OFFICE OF MANAGEMENT AND BUDGET [Billions of dollars] Budget receipts Budget outlays Individual income taxes Corporation income taxes Other National defense Department of Defense, military International affairs Social security medicare Health income security Net interest Other Fiscal year or period: 1984 (estimates) (estimates) Cumulative total first 11 months: Fiscal year Fiscal year Estimates from Mid-Session Review of the 1985 Budget, Office of Management Biidget, August 15, Note,Starting in 1985 military retired pay will be financed from a trust fund in the income security function. The national defense function will include accrual charges to pay for retirement benefits earned by currently active duty personnel, these will be offset in the undistributed offsetting receipts (employer share, employee retirement). The Social Security Amendments of require that social security medicare be shown in the budget as a separate function. In previous budgets social security" was in the income security function 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 Office of Management Budget. 33

36 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the second quarter of 1984, according to revised estimates, Federal receipts rose $17.9 billion (annual rate) expenditures rose $20 billion, yielding a deficit of $16 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 900 SEASONALLY ADJUSTED ANNUAL RATES EXPENDITURES RECEIPTS TOO SOURCE: DEPARTMENT OF COMMERCE CALENDAR YEARS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government receipts Personal tax nontax receipts Corporate profits tax accruals Indirect business tax nontax accruals Contributions for social insurance Purchases of services Federal Government expenditures Transfer Payments Grantsin-aid to State local governments Net interest paid Subsidies less current surplus of Government enterprises Less: Wage accruals less disbursements Surplus or deficit (-), national income product accounts Fiscal year: Calendar year: : I nm.. IV : I. n m IV 1984: I H r ^ o Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, Office of Management Budget. 34

37 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICESMAJOR INDUSTRIAL COUNTRIES [1967 = ] United States Industrial production (seasonally adjusted) Canada Japan Prance Germany Italy United Kingdom United States 1 Canada Consumer prices (unadjusted) Japan France Germany Italy United Kingdom.... p : Aug Oct Dec Jan Feb Mar Apr... May T J June.. July Aug p r r 164 r! r r 167 r r r!24 r! Beginning January data relate to all urban consumers. Source: National sources as reported by Department of Commerce, International Trade Administration, Office of Trade Industry Information, Trade Statistics Division, in International Economic Indicators. U.S. MERCHANDISE EXPORTS AND IMPORTS [Millions of dollars; monthly data seasonally adjusted] Merchise exports 1 Merchise imports Merchise trade balance domestic foreign exports 2 Domestic exports Food, beverages, tobacco Crude materials fuels Manufactured 2 Food, beverages, tobacco General imports 3 Grade materials fuels Manufactured (c.lf. value) Exports (f.a.s.) less imports (customs value) Exports (f.a.s.) less imports (f.a.s.) Exports (f.a.s.) less imports (c.i.f.) F.a.s. value Monthly average: *... * *... * *... 8,971 9,602 10,103 11,973 15,155 18,386 8,847 9,462 9,919 11,762 14,886 18,043 1,399 1,436 1,330 1,717 2,049 2,534 1,266 1,341 1,548 1,746 2,352 2,810 5,913 6,437 6,679 7,873 9,716 11,991 8,209 10,290 12,533 14,563 17,455 20, ,186 1,312 1,478 1,546 2,716 3,457 4,463 4,325 5,949 7,831 4,257 5,398 6,379 8,360 9,352 10,427 8,823 11,042 13,368 15,504 18,519 21, ,430-2,590-2,300-2, ,440-3,265-3,530-3,364-3,030 Customs value : Aug Oct Dec 1984: Jan Feb Mar Apr May June July Aug 19,473 17,683 16,707 16,582 17,257 17,033 17,063 17,298 18,327 17,212 17,727 17,522 17,950 17,633 19,442 18,036 19,075 17,256 16,326 16,195 16,892 16,580 16,664 16,895 17,848 16,786 17,212 17,072 17,464 17,178 18,963 17,578 2,767 2,248 2,248 2,046 2,314 2,452 2,605 2,449 2,402 2,103 2,457 2,184 2,162 1,847 2,195 2, 2,752 2,793 2,463 2,745 2,691 2,345 2,270 2,532 2,664 2,532 2,791 2,523 2,833 2,603 2,740 2,642 12,857 11,643 11,034 10,882 11,147 11,241 11,277 11,407 12,097 11,372 11,147 11,560 11,628 11,837 12,988 11,766 21,748 20,329 21,504 22,714 22,451 24,333 23,115 22,976 26,586 26,147 26,771 28,368 25,569 25,356 31,883 1,529 1,485 1,568 1,480 1,466 1,747 1,565 1,591 1,759 1,773 1,865 2,028 1,761 1,576 2,002 7,739 6, 5,670 6,581 6,465 6,855 5,891 5,360 6,063 6,039 6,308 6,636 5,618 6,071 6,494 11,873 12,002 13,621 13,912 13,754 15,107 15,124 15,478 17,948 17,652 17,827 18,766 17,402 16,889 22,376 22,779 21,240 22,490 23,746 23,477 25,465 24,185 24,033 27,794 27,305 27,992 29,711 26,789 26,543 33, , ,132-5,195-7,300-6,052-5,678-8, ,044-10,847-7, ,440-3,306-3,558-5,783-7,164-6,221-8,432-7,122-6,735-9, ,264-12, ,910-14,061-9,859 1 Department of Defense shipments of grant-aid military supplies equipment under the Mili- Data beginning include trade of the U.S. Virgin Isls, except that for Virgin Istary Assistance Program are excluded from totals for all periods from monthly detail beginning ls exports are reflected in the figures for domestic foreign exports combined trade bal- January. ance. includes commodities transactions not classified according to kind. *Data for -79 for domestic foreign exports combined, total general imports, trade arrivals of imported other than intransit shipments. balance include trade of the Virgin Isls. NOTE. Imports on c.i.f. basis beginning not strictly comparable with earlier periods. Source: Department of Commerce, Bureau of the Census. 35

38 U.S. INTERNATIONAL TRANSACTIONS In the second quarter the current account deficit rose to $24 billion from $19.7 billion in the first quarter. The merchise trade deficit fell slightly, to $2 billion from $25.9 billion in the first quarter. BILLIONS OF DOLLARS* 10 BILLIONS OF DOLLARS* 10 BALANCE ON GOODS AND SERVICES MERCHANDISE TRADE \ ^- BALANCE I 1 1 I I I * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ()] Exports Merchise 1 2 Imports Net balance Investment income 3 Receipts Payments Net Net military transactions Net travel transportation receipts Other services, net 3 Balance on services * Remittances, pensions, other unilateral transfers * Balance on current account 107, , , , , , , ,198,257-98, , , , , , , ,312 8,903-9, ,966-27,555-25,512-28,001-36,469-61,055 25,351 29,286 32,179 42,245 64,132 72,506 86,411 83,862 77,003-12,564-13,311-14,217-21, , , ,787 15,975 17,962 20,565 31,218 30,443 34,052 27,803 23, , , , ,573-2, ,008-4,584 4,598 4,711 5,272 6,013 5,735 7,277 8,048 8,339 8,704 22,749 9,205-9,894-10,340 4,686 8,975 13,128-1,141-32,912-4, , , , ^651 18,136 4,207-14,511-15, ,898 6,294-9,199-41,563 : I nttt IV 55,482 55,118 52,079 48,519-62,546-60,921-64,442-59,758-7, , ,889 22,307 21,505 19,162-13,653-14,772-14, ,236 7,535 7,115 5, , 2,005 2,118 2,054 2,270 3,729-3, ,105-1,802-1,745-2, , ,314 - I nitt IV 49,246 48,745 50,437 51,829-58,523-63,615-67,938-71, ,870-17,501-19,407 17,618 18,973 20,802 19, , ,490 5,238 5,978 7,172 5, ,131-1,426-1,764 2,142 2,258 2,107 2,198-1,370-7,712-9,703-14,127-1,573-1,848-2, ,943-9,560-11,846-17, I r n *... 53,935 r 54,597-79,790 r - 80, r - 25,736 23,330 20, ,956 7,748 3, ,238 2,351 2, , , ,402 1 Excludes military grants. 2 Adjusted from Census data for differences in timing coverage. 3 Fees royalties from U.S. direct investments abroad or from foreign direct investments in the United States are excluded from investment income included in other services, net. Source: Department of Commerce, Bureau of Economic Analysis. 36

39 U.S. INTERNATIONAL TRANSACTIONSContinued iln the capital accounts, U.S. claims on foreigners reported by U.S. banks increased $24 billion in the second quarter compared with a $2.0 billion decrease in the first quarter. Liabilities to foreigners international financial institutions reported by U.S. banks (including U.S. Treasury securities) increased $28 billion in the second quarter compared with a $10.1 billion increase in the first quarter. BILLIONS OF DOLLARS 60 BILLIONS OF DOLLARS* 60 CHANGE IN FOREIGN ASSETS IN THE U.S.,NET CHANGE IN U.S. ASSETS A BROAD, NET *SEASONALLY ADJUSTED SOURCE; DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted, except as noted] U.S. assets abroad, net [increase /capital outflow ( )] U.S. official reserve assets l 2 Other U.S. Government assets U.S. private assets Foreign assets in the U.S., net [increase /capital inflow (+)] 2 Foreign official assets Other foreign assets Allocations of special drawing rights (SDKs) Statistical discrepancy (sum of the items with sign reversed) Of which: Seasonal adjustment discrepancy U.S. official reserve assets, net 1 (unadjusted, end of period) -39,703-51,269-34,785-61,130-64,331-86, , ,898-49, , , , , , , , ,380-44,498-30,717-57,202-59,453-72, , ,670 36,518 51,319 64,036 38,752 58,086 81,313 95,181 81,722 7,027 17,693 36,816 33,678-13,665 15,497 5,003 3,318 5,339 8,643 18,826 14,503 30,358 52,416 42,589 76,310 91,863 76,383 1,139 1,152 1,093 5,897 10, ,540 25,404 24,982 22,275 32,916 9,331 16,226 18,747 19,312 18,650 18,956 26,756 30,074 33,958 33,747 : I n Ill IV -31,960-41,409-26,216-19,314-1,089-1, , ,700-2,555-1, ^577-22,867-16,279 28,344 33,772 18,384 14,680-3,221 1,399 2,477 2,664 31,565 32,373 15,907 12,017 3,450 5,710 12,808 10, ,276 2,752 29,944 30,671 30,993 33,958 : I nmiv -24,364-1,060-9,223-14, , ,429-22, ,548-12,461 15,888 12,452 19,578 33, ,739-2,703. 6,555 16,139 10,714 22,281 27,249 11,420-1,833 1,491-1, ,657 34,261 33,876 33,066 33, : I r -1,989-24, ,037-1, ,073 15,660 35,934-2, ,444 36,505 6,002 13, ,975 34,547 1 Consists of gold, special drawing rights (SDRs), convertible currencies, the U.S. reserve position in the IMF. 2 Quarterly data are not seasonally adjusted. Sources: Department of Commerce (Bureau of Economic Analysis) Department of the Treasury. 37

40 Contents TOTAL OUTPUT, INCOME, AND SPENDING Page Gross National Product 1 Gross National Product in 1972 Dollars 2 Implicit Price Deflators for Gross National Product. 2 Changes in GNP, Personal Consumption Expenditures, Related Price Measures 3 Nonfinancial Corporate BusinessOutput, Costs, Profits 3 National Income. 4 Personal Consumption Expenditures 4 Sources of Personal Income 5 Disposition of Personal Income 6 Farm Income 7 Corporate Profits 8 Gross Private Domestic Investment.. 9 Expenditures for New Plant Equipment 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force 11 Selected Unemployment Rates Selected Measures of Unemployment Unemployment Insurance Programs 13 Nonagricultural Employment.. 14 Average Weekly Hours Hourly EarningsPrivate Nonagricultural Industries 15 Average Weekly EarningsPrivate Nonagricultural Industries 15 Productivity Related Data, Business Sector '. 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production Capacity Utili2ation 17 Industrial ProductionMajor Market Groups Selected Manufactures 18 New Construction 19 New Private Housing Vacancy Rates 19 Business Sales InventoriesManufacturing Trade 20 Manufacturers' Shipments, Inventories, Orders 21 PRICES Producer Prices, 22 Consumer Prices.. 23 Changes in Producer Prices for Finished Goods..' 24 Changes in Consumer Prices Prices Received Paid by Farmers MONEY, CREDIT, AND SECURITY MARKETS Money Stock, Liquid Assets, Debt Measures. 26 Components of Money Stock Liquid Assets 27 Consumer Installment Credit 27 Bank Loans Investments, Reserves. 28 Sources Uses of Funds, Nonfarm Nonfinancial Corporate Business 29 Current Assets Liabilities of Nonfinancial Corporations 29 Interest Rates Bond Yields 30 Common Stock Prices Yields 31 FEDERAL FINANCE Federal Receipts, Outlays, Debt.. 32 Federal Budget Receipts by Source Outlays by Function 33 Federal Sector, National Income Accounts Basis 34 INTERNATIONAL STATISTICS Industrial Production Consumer PricesMajor Industrial Countries 35 U.S. Merchise Exports Imports 35 U.S. International Transactions 36 General Notes Detail in these tables may not add to totals because of rounding. Unless otherwise noted, all dollar figures are in current dollars. Symbols used: p Preliminary. r Revised. c Corrected.... Not available (also, not applicable). For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C, Price $20 (single copy) ($3.13 foreign). Subscription price: $27.00 per year; $35 for foreign mailing. 38 U.S. GOVERNMENT PRINTING OFFICE :