Full text of Economic Indicators : April 1980
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96th Congress, 2d Session Economic Indicators APRIL 1980 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1980 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) LLOYD BENTSEN, Texas, Chairman RICHARD BOLLING, Missouri, Vice Chairman SENATE WILLIAM PROXMIRE (Wisconsin) ABRAHAM RIBICOFF (Connecticut) EDWARD M. KENNEDY (Massachusetts) GEORGE McGOVERN (South Dakota) PAUL S. SARBANES (Maryland) JACOB K. JAVITS (New York) WILLIAM V. ROTH, JR. (Delaware) JAMES A. McCLURE (Idaho) ROGER W. JEPSEN (Iowa) HOUSE OF REPRESENTATIVES HENRY S. REUSS (Wisconsin) WILLIAM S. MOORHEAD (Pennsylvania) LEE H HAMILTON (Indiana) GILLIS W. LONG (Louisiana) PARREN J, MITCHELL (Maryland) CLARENCE J. BROWN (Ohio) MARGARET M. HECKLER (Massachusetts) JOHN H. ROUSSELOT (California) CHALMERS P. WYLIE (Ohio) JOHN M. ALBERTINE, Executive Director (XHJNCIL OF ECONOMIC ADVISERS CHARLES L. SCHUL1ZE, Chairman GEORGE C. EADS LYLE E. GRAMLEY [Pu^uc LAW 120—81sT CONGRESS; CHAPTER 237—1st SESSION] JOINT RESOLUTION [S.J. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and Home of Representatives of the United States of America in Congress assembled, That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk. Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23,1949. Charts draun by Art Production Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $1.30 a single copy or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 ii TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT According to preliminary estimates for the first quarter, gross national product rose $63.4 billion or 10.7 percent, both at annual rates. Real output (GNP adjusted for price changes) rose 1.1 percent from the fourth quarter level ana the implicit price deflator rose at a 9.5 percent annual rate. BILUONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 2,600 2,600 SEASONALLY ADJUSTED ANNUAL RATES 2,400 2,400 2,200 2,200 2,000 2,000 GNP IN CURRENT DOLLARS 1,800 1,800 1,600 1,600 1,400 1,400 1,200 1,200 GNP IN 1972 DOLLARS 1,000 1,000 1972 1973 1975 1974 1976 1978 1977 1979 SOURCE: DEPARTMENT OF COMMERCE 1980 COUNCIL OF ECONOMIC ADVISERS (Billions of current dollars; quarterly data at seasonally adjusted annual rates] Period Gross national product Personal consumption expenditures 935. 5 579. 7 1969 982. 4 618. 8 1970 1, 063. 4 668. 2 1971 1972 1, 171. 1 733. 0 1, 306. 6 809. 9 1973 1974 1, 412. 9 889.6 1975 1, 528. 8 979. 1 1, 702. 2 1, 089. 9 1976 1977 1, 899. 51, 210. 0 1978 2, 127. 61, 350. 8 1979 2, 368. 81 509 8 1978:III__ 2, 159. 61, 369. 3 IV___ 2, 235. 21, 415. 4 2, 292. 1 1, 454. 2 1979: I II-.. 2, 329. 81, 475. 9 III_. 2, 396. 51, 528. 6 IV._. 2, 456. 9 1, 580. 4 1980: 1 *___ 2, 520. 3 1, 634. 1 Gross private domestic investment 146. 2 140. 8 160. 0 188. 3 220. 0 214. 6 190. 9 243. 0 303. 3 351. 5 387 2 356.2 370.5 373.8 395.4 392.3 387.2 388.8 Exports and imports of goods and services Net exports 1. 8 3. 9 1. 6 — 3. 3 7. 1 6. 0 20. 4 8.0 — 9. 9 -10.3 —4. 6 -6.8 -4.5 4.0 -8. 1 -2.3 -11.9 -21.0 Exports Imports 54. 7 62. 5 65. 6 72. 7 101. 6 137. 9 147. 3 163. 3 175. 9 207. 2 257 5 213.8 224.9 238.5 243.7 267.3 280.4 299.4 52. 9 58. 5 64. 0 75. 9 94. 4 131. 9 126. 9 155.4 185. 8 217. 5 262 1 220.6 229.4 234.4 251.9 269. 5 292.4 320.4 1 This category corresponds closely with budget outlays for national defense, shown on p. 33. Government purchases of goods and services Federal State NaTotal Nonand tional Total delocnl de- ! fense fense 207. 9 218. 9 233. 7 253 1 269. 5 302. 7 338. 4 361. 3 396 2 435. 6 476 4 440.9 453.8 460. 1 466.6 477.8 501. 2 518. 3 97 5 95. 6 96. 2 102 1 102. 2 111. 1 123. 1 129. 7 144 4 152. 6 166 6 152.3 159. 0 163.6 161.7 162.9 178.4 187.3 76. 3 73. 5 70 2 73. 5 73. 5 77. 0 83. 7 86. 4 93. 7 99. 0 108 3 99. 0 101.2 103.4 106. 0 109.0 114.6 119.6 21. 2 22. 1 26. 0 28. 6 28. 7 34. 1 39. 4 43. 3 50. 6 53. 6 58 4 53. 3 57.8 60.2 55.7 53.9 63.8 67.7 110.4 123. 2 137. 5 151. 0 167. 3 191. 5 215. 4 231. 6 251. 8 283. 0 309 8 288. 6 294. 8 296. 5 304.9 314.9 322. 8 331.0 Source: Department of Commerce, Bureau of Economic Analysis. Final sales 926 2 978. 6 1, 057. 1 1 161 7 1 288. 6 1, 404. 0 1 539 6 1 692. 1 1 877. 6 2 105. 2 2 350 6 2, 139. 5 2, 214. 5 2, 272. 9 2, 296. 4 2, 381. 9 2, 451. 4 2, 515. 8 GROSS NATIONAL PRODUCT IN 1972 DOLLARS [Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates) Personal conGross national sumption product expenditures Period Gross private domestic investment Nonresidential fixed Residential fixed Exports of goods and services Government purchases of goods and services Change in business in- exports Exports Imports ventories Total Federal State and local Final sales 1, 078. 8 1, 075. 3 1, 107. 5 1, 171. 1 1, 235. 0 1, 217. 8 1, 202. 3 1, 273. 0 I, 340. 5 1, 399. 2 1, 431. 6 655.4 668. 9 691.9 733. 0 767.7 760.7 774.6 820. 6 861. 7 900. 8 924. 5 114. 3 110. 0 108. 0 116. 8 131. 0 130. 6 113. 6 119. 0 129. 3 140. 1 148.8 43.2 40. 4 52. 2 62.0 59. 7 45. 0 38.8 47. 8 57.7 60. 1 56.7 10.6 4. 3 6.6 9.4 16. 5 8.0 -9.8 6. 6 13. 1 14. 1 9.7 -1.3 1. 4 -.6 -3.3 7.6 15.9 22. 6 15.8 10.3 11.0 17.6 62.2 67. 1 67.9 72.7 87.4 93.0 90.0 96. 1 98.4 108.9 119.9 63.5 65. 7 68.5 75. 9 79. 9 77. 1 67. 5 80.4 88.2 97.9 102.3 256.7 250. 2 249. 4 253. 1 252. 5 257.7 262.6 263. 3 268.5 273.2 274.3 121.8 110.7 103.9 102. 1 96. 6 95.8 96. 5 96.4 100. 6 98.6 99.4 134.9 139. 5 145. 5 151. 0 155.9 161.8 166. 1 166.9 167.9 174.6 174. 9 1, 068. 2 1, 071. 0 1, 100. 9 1, 161. 7 1, 218. 5 1, 209. 9 1, 212. 1 1. 266. 4 1, 327. 4 1. 385. 1 1, 421. 9 III- 1, 407. 3 IV.. 1, 426. 6 905. 3 920.3 141. 6 145.5 60.2 60. 0 12.2 12. 0 13.3 12.9 111.9 113.8 98.5 101. 0 274. 7 276.0 98.5 99.3 176.2 176.6 1, 395. 1 1, 414. 6 1979: !___. 1, 430. 6 II— 1, 422. 3 III 1, 433. 3 IV II 1, 440. 3 921.8 915.0 925.9 935.4 147.2 146.9 150.7 150.5 57.7 56.7 56.5 55.8 12. 3 18. 1 7. 1 1.4 17.0 13. 2 20. 1 20. 1 117.0 116.0 122. 2 124. 3 100.0 102.9 102. 1 104. 1 274.7 272.4 273. 1 277. 1 101. 1 98. 1 97.4 101. 1 173.6 174.3 175. 6 176.0 1, 418. 4 1, 404. 1 1, 426. 2 1, 439. 0 1980 :!*>___ 1, 444. 2 939.0 151.0 52.8 -.0 20.8 128.3 107.5 280.8 105.0 175.7 1, 444. 3 1969 1970 . 1971-. _ 1972 1973 ... 1974___ 1975 1976 1977__ _ 1978 1979 1978: IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1972 = 100; quarterly data are seasonally adjusted] Gross national product Period Personal consumption expenditures Total Gross private domestic investment NonresNonDurable durable Services idential goods fixed goods Residential fixed Exports and imports of goods and services Government purchases of goods and services Exports Imports Federal State and local 86. 72 91.36 96.02 100. 00 105. 80 116. 02 127. 15 133. 71 141. 70 152. 05 165. 46 88.5 92.5 96.6 100.0 105. 5 116.9 126. 4 132. 8 140.4 150. 0 163.3 93. 1 95. 5 99.0 100. 0 101.6 108. 4 117.7 124.3 129. 4 136.5 144.8 89. 4 93.6 96.6 100. 0 107. 9 123.8 133.4 138. 1 144. 7 154.6 171.0 86. 1 90. 5 95.8 100. 0 104.7 113.6 123.2 131.2 140.7 150.9 163.4 86.6 91.3 96.4 100.0 103. 8 115.3 132.2 138.5 146. 6 157. 8 171.3 87.7 90.6 94.9 100. 0 110.8 122. 3 132.8 142.5 159.3 179.7 201.4 87.9 93. 1 96.6 100. 0 116.2 148. 3 163. 6 169.9 178. 7 190.3 214.8 83.3 89. 1 93.5 100. 0 118.2 171.0 188.0 193. 3 210.7 222. 1 256.2 80.0 86.4 92.6 100.0 105.8 115.9 127. 5 134. 6 143.6 154. 8 167.6 81.9 88.3 94.5 100. 0 107.3 118.4 129.7 138.8 150.0 162. 1 177. 1 153. 45 156. 68 151. 3 153.8 137.9 139.4 155. 7 158.6 152. 3 155. 0 159. 6 162.3 183. 1 189.5 191. 1 197.6 223. 9 227.2 154.6 160. 1 163. 8 166.9 1979: I— II.. III IV _ 160. 22 163. 81 167. 20 170. 58 157. 8 161.3 165. 1 169.0 142.4 144. 1 145.3 147. 4 164. 1 168.9 173.2 177.6 158. 0 161.0 165.3 169.2 165.4 169.6 173. 8 176. 2 192. 6 199.2 205.5 208.7 203. 9 210. 1 218.7 225.7 234. 5 244.9 264.0 280.8 161.9 164.8 167.2 176.4 170.8 174.9 179.3 183.5 1980: I* 174. 51 174.0 151.6 184.2 173.3 179.9 213. 6 233. 4 298. 1 178.4 188.4 1969 19701971 1972 1973 _ 1974 1975 1976_ 1977.__ 1978_ __ 1979 1978: III. IV __ Source: Department of Commerce, Bureau of Economic Analysis. CHANGES IN GNP AND GNP PRICE MEASURES [Percent change from previous period; quarterly data at seasonally adjusted annual rates] Gross national product Period 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1978: III IV 1979: I II III. IV 1980: I P _ _~ Constant (1972) dollars Current dollars 4. 4 2.6 —. 3 3.0 5.7 5. 5 -1.4 -1.3 5. 9 5. 3 4.4 2.3 3.5 5.6 1. 1 -2.3 3. 1 2. 0 1. 1 9. 1 7.7 5.0 8.2 10. 1 11.6 8. 1 8.2 11.3 11. 6 12.0 11.3 10.9 14. 8 10. 6 6.7 11.9 10. 5 10.7 ___ - _ _ Implicit price deflator Gross domestic product Fixedweighted price index (1972 weights) Chain price index 4. 5 5.0 5. 4 5. 1 4. 1 5. 8 9.7 9.6 5.2 6.0 7.3 8.8 7.2 8.7 9.3 9.3 8.5 8.4 9.5 NOTE.—Annual changes from previous year and quarterly changes from previous quarter. 4. 4 5.0 5.3 5.0 4. 1 6.0 9. 9 9.4 5. 6 6. 3 7.4 8.9 8.2 8.6 9.7 8.8 8.9 8.5 10. 1 4.3 5.0 5.2 4.9 4.0 6.0 10.2 9.3 5. 6 6. 4 7.5 9.3 8. 3 8.9 9.9 9.5 . 10. 0 9.4 11.4 Constant (1972) dollars Current dollars 4.4 2.6 -.3 2.8 5.8 5.4 -1. 3 -1. 1 5.7 5.3 4.4 2.3 3.6 5.6 .9 -2. 1 3.2 2.4 1.5 9. 1 7.8 5.0 8. 1 10. 1 11.5 7.9 8.5 11.2 11.5 12.0 11.2 11. 1 14.8 10. 1 6.9 11.5 10.7 11.0 Implicit price deflator 4.5 5. 1 5.3 5.1 4. 1 5.7 9.3 9.7 5. 1 5.9 7. 3 8.7 7.2 8.7 9. 1 9.2 8.0 8. 1 9.3 Chain price index 4.4 5.0 5.3 5.0 4. 1 5.9 9.6 9.4 5.6 6.2 7. 4 8.8 8.2 8.7 9.6 8.7 8.4 8. 1 9.8 Fixedweighted price index (1972 weights) 4.4 5.0 5.2 4.9 4.0 5.9 9.9 9.3 5.6 6.4 7.5 9.3 8.3 8.9 9.9 9.4 9.6 9.1 11.1 Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS [Quarterly data at seasonally adjusted annual rates] Period Gross domestic product of nonfinancial corporate business (billions of dollars) Current dollars 1972 dollars 498. 4 1968 541. 8 1969 560. 6 1970 _ 602.5 1971. _ _ 671. 0 1972 752. 0 1973 _ _ _ 808.8 1974> _ 874. 1 1975.. _ 988.0 1976 1, 106. 3 1977_ 1, 246. 9 1978 _ 1979 *—_ 1, 387. 7 1978: I 1, 169. 1 !!___ 1, 236. 5 III__ 1, 267. 9 IV___ 1, 314. 1 1, 346. 4 1979:1 !!____ I , 370. 4 Ill __ 1, 401. 3 IV"-. 1, 432. 9 581.6 607.3 600.6 619. 3 671. 0 720.4 695. 0 680. 0 730.4 770.7 818.7 844. 1 789.8 817. 1 826. 3 841.4 846. 6 841. 0 842.4 846.3 Current-dollar cost and profit per unit of output (dollars) l Total cost and profit 2 0.857 .892 .933 .973 1. 000 1.044 1. 164 1. 285 1. 353 1.436 1. 523 1. 644 1.480 1.513 1.535 1. 562 1.590 1. 629 1. 664 1. 693 Capital consumption Compenallowances Indirect sation business with of capital taxes 3 employees consumption adjustment 0. 074 .079 .088 . 094 .093 .095 . 116 . 142 . 146 . 151 . 155 . 167 . 156 . 154 . 155 . 155 . 158 . 165 . 170 . 175 0. 089 .094 . 103 . 110 . 110 . 112 . 123 . 136 . 137 . 140 . 143 . 150 . 143 . 144 . 142 . 143 . 145 . 148 . 151 . 154 1 Output is measured by gross domestic product of nonfinancial corporate business in 1972 dollars. 2 This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left. 3 Indirect business tax and nontax liability plus business transfer payments less subsidies. 0.553 .589 . 628 . 645 . 661 .699 .796 . 848 .890 .951 1.020 1. 115 1. 002 1. 009 1. 024 1.042 1. 075 1. 104 1. 127 1. 152 4 Net interest Corporate profits with inventory valuation and capital consumption adjustments Total 0. 017 0. 124 . 022 . 109 .086 .028 .095 . 029 . 107 . 028 . 032 . 105 . 086 . 043 . 113 . 045 .042 .138 . 151 .043 . 157 . 048 .056 .157 . 132 . 047 .047 . 159 . 163 .049 . 050 . 171 . 161 . 052 . 054 . 159 .057 . 157 . 060 . 153 Profits tax liability 0. 058 . 055 . 045 .048 .050 . 055 . 061 . 060 .072 . 077 .084 .089 .071 . 085 . 086 .093 .088 .085 , 091 .092 Profits after4 tax 0.066 . 055 . 041 . 046 . 057 . 050 . 024 .053 .066 . 074 .073 .068 .061 .074 .077 .078 .072 . 074 . 066 .061 ComOutput pensation per hour per of all hour employ- of all employees (1972 ees dollars) (dollars) 7. 133 7. 154 7. 147 7. 389 7.631 7. 790 7.492 7.726 7.973 8.064 8. 142 8. 113 8.056 8. 138 8. 179 8.201 8. 159 8. 100 8.095 3. 944 4.207 4. 487 4.766 5.047 5.447 5.961 6.554 7.098 7.666 8.302 9.039 8.071 8.212 8.379 8.544 8.770 8.941 9. 127 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] National income Period Proprietors' income with inventory valuation and capital consumption adjustments Compensation of employees1 Farm Nonfarm Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments Profits with inventory valuation adjustment and without capital consumption adjustment Total Profits before tax Inventory valuation adjustment Total Capital consumption adjustment Net interest 1969 1970 1971 — 1972_ 1973 1974 _ 1975. 1976 1977. 1978 1979 _. 767.9 798.4 85a 1 951.9 1, 064. 6 1, 136. 0 1, 215. 0 1, 359. 8 1, 525. 8 1, 724. 3 1, 924, 8 571.4 609.2 650. 3 715.1 799.2 875.8 931. 1 1, 037. 8 1, 156. 9 1, 304. 5 1, 459. 2 13.9 13.9 14.3 18.0 32. 0 25.4 23.5 18. 3 19.6 27.7 32.8 52.3 51.2 53.4 58. 1 60.4 60. 9 63.5 71. 0 80.5 89. 1 98.0 18. 1 18.6 20. 1 21.5 21. 6 21.4 22.4 22. 1 24.7 25.9 26.9 81.4 67.9 77.2 92. 1 99. 1 83.6 95.9 126.8 150. 0 167.7 178.2 77.9 66.4 76.9 89.6 97.2 86.5 107.9 141.3 162.0 180.8 194. 9 83.4 71.5 82.0 96.2 115.8 126.9 120.4 156. 0 177.1 206. 0 236.6 -5.5 5. 1 -5.0 -6.6 -18.6 -40.4 -12.4 -14.6 -15. 2 — 25. 2 -41.8 3.5 1.5 .3 2.5 1.9 -2.9 -12.0 — 14. 5 -12.0 -13. 1 -16.7 30. 8 37.5 42. 8 47.0 52.3 69.0 78.6 83.8 94.0 109.5 129.7 1978: III IV .„ 1, 752. 5 1, 321. 1 1, 820. 0 1, 364. 8 26. 1 31.3 91.3 94.4 26.8 27. 1 175.2 184.8 189.0 198.6 212.0 227.4 -23.0 -28.8 -13.8 — 13. 8 111. 9 117.6 1, 411. 2 1, 43a 7 1, 472. 8 1, 513. 2 34.2 33.7 30. 9 32.5 94.8 95.5 99.4 102. 1 27. 3 26.8 26.6 27.0 178.9 176.6 180.8 176.4 193.3 191. 3 198.3 196.5 233.3 227.9 242.3 243.0 -39.9 — 36.6 -44. 0 —46. 5 - 14. 5 -14.7 -17.6 -20. 1 122.6 125. 6 131.5 139.2 1, 552. 4 28.4 102.9 27.0 -63.7 22 2 147. 2 1979: I II III . . IV 1, 869. 0 1, 897. 9 1, 941. 9 __ 1, 990. 4 1980: 1 9 * 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 Total personal consumption expenditures Total durablel goods Motor vehicles and parts Retail sales of new passenger cars (millions of units) Nondurable goods Durable goods Furniture and household equipment Total nondurable goods l Food Clothing and shoes Gasoline and oil Services Domestics Imports 579.7 618.8 668.2 733.0 809.9 889.6 979. 1 1, 089. 9 1, 210. 0 1, 350. 8 1, 509. 8 85.5 849 97.1 111.2 123.7 122.0 132.6 157.4 178.8 200.3 213.0 37.7 349 43.8 50.6 55.2 48.0 53.4 70.0 81.6 91. 2 91.5 35.0 36.7 39.4 448 50.7 549 58.0 64. 0 70.9 77.6 85.6 247. 0 2647 277.7 299.3 333.8 376.3 408. 9 443. 9 481.3 530. 6 596.9 126. 1 136.3 140. 6 150.4 168. 1 189.8 209. 6 227. 1 246.7 271.7 302.0 45. 1 46.6 50.5 55. 1 61.3 65. 3 70. 1 75.9 82. 4 91.2 99. 2 20.4 22.0 23.4 249 27.8 36.4 39. 5 42.9 46.7 50.9 65. 1 247.2 269. 1 293.4 322.4 352.3 391.3 437.5 488.5 549. 8 619.8 699.8 8.5 7. 1 8.7 9.3 9.7 7.5 7. 1 8.6 9. 1 9.3 8.3 1. 1 1.3 1.6 1.6 1.8 1.4 1.6 1. 5 2. 1 2.0 2.3 1978: III 1, 369. 3 IV.___ 1, 415. 4 203.5 212. 1 92.4 94.9 78.9 82.7 536. 7 558. 1 274.5 283.9 92.7 96.8 51.5 55.0 629. 1 645. 1 9.4 9.3 2.0 1.9 1979: I II-_._ III ..__ IV __.. 1, 454. 2 1, 475. 9 1, 528. 6 1, 580. 4 213.8 208.7 213.4 216.2 97.7 89. 1 89.8 89.4 82. 1 84.2 87.3 88.9 571. 1 581. 2 604. 7 630.7 292. 9 296.7 303. 1 315.6 95. 5 96.9 101.0 103.6 58. 4 60.2 68.3 73.4 669.3 686.0 710.6 733. 5 9.3 8. 1 8.6 7.5 2.3 2.5 2. 2 2.4 1980:1* 1, 634. 1 221.8 943 89.0 653.0 324.3 103.0 83.7 759.4 7.9 2.8 1969 1970 1971 1972 1973 1974. 1975 1976 1977 1978 1979 1 Total includes other items not shown separately. Source: Department of Commerce, Bureau of Economic Analysis. SOURCES OF PERSONAL INCOME Personal income rose $15.6 billion (annual rate) in March, following increases of $7.4 billion in February and $18.1 billion in January. Excluding special factors—special energy allowances paid to SSI recipients in January, flood damage in California in February, and a March refund by California of employee contributions to the State cash sickness program—personal income would have risen $13.5 billion in January, $12.6 billion in February, and $13.1 billion in March. BILLIONS OF DOLLARS*(RATIO SCALE) 2,400 BILLIONS OF DOLLARS*(RATIO SCALE) 2,400 2,000 1,800 1,600 2,000 1,800 1,600 1,400 1,400 1,200 1,200 1,000 - 1,000 800 800 600 600 „.,«...••»'"• „»•••••"* OTHER INCOME 400 400 ......»»*•*"" TRANSFER PAYMENTS ,4— 200 200 ^-.' 160 160 120 120 100 100 80 80 60 I I I I I I I I I I I I I I I I I I I I I I 1973 1972 1974 1975 I 1 I I < I I I ) !....(.. I I I I I I I I III 1977 1978 1976 *SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period 1979 633.8 701.3 7646 805. 9 890.0 984.0 1, 103. 3 1, 227. 6 1, 202. 3 1, 205. 9 1, 210. 8 1, 220. 5 1, 229. 8 1, 236. 5 1, 247. 9 1, 257. 4 1, 271. 3 1, 282. 9 1, 292. 6 1, 301. 0 1, 309. 8 60 1980 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Wage 3 Rental Other Proprietors' income income Transfer Total and Divi- Personal paylabor 12 interest personal salary dends of income disburseincome ments 5 income Nonfarm persons 4 Farm 1 ments 1972 942. 5 1973 1, 052. 4 1974 1, 154. 9 1975 — 1, 255. 5 1976 1, 381. 6 1977 1, 531. 6 1978 1, 717. 4 1, 924. 2 1979. 1979: M a r _ _ _ 1, 872. 1 Apr 1, 880. 7 May 1, 891. 6 June 1, 905. 1 July____ 1, 933. 2 Aug 1, 946. 5 Sept... 1, 960. 1 Oct 1, 981. 2 Nov 2, 005. 5 Dec 2, 028. 3 2, 046. 5 1980: Jan Feb »... 2, 053. 8 Mar *>__ 2, 069. 4 42.0 48.7 55.6 65. 1 77.4 91.8 106.5 122.7 117.4 118.9 120.3 121.8 123.3 124.9 126.4 128.0 129. 6 131.2 132.8 134.4 136.0 18.0 32.0 25.4 23. 5 18.3 19.6 27.7 32.8 35.3 34.3 33.5 33.4 32.8 31.0 28.8 31. 0 33.0 33.4 31.3 28. 3 25.7 58. 1 60.4 60.9 63.5 71. 0 80.5 89. 1 98.0 94.9 95.2 95.5 95.8 97.9 99.5 100.9 101. 1 102. 1 103.0 103.9 102. 3 102.4 i The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. 8 Consists of employer contributions to private pension, health, and welfare lTlrts* workmen's WnrlrTnATI'S omnnAncft-lirYn' funds; compensation;rHrantftro' directors' femefees; oriH and aa four fewfvt-liar other rmrinr minoritomo items. *With inventory valuation and capital consumption adjustments. 4 With capital consumption adjustment. 1 I II I 1 I 1 I 1 I I I I I I I I I I I 21.5 21.6 21.4 22.4 22. 1 24.7 25.9 26.9 27.4 26. 0 27. 1 27.2 27. 3 27.3 25.0 26.8 27. 0 27.2 27.2 26.6 27. 2 24. 6 27.8 31. 0 31.9 37.5 42. 1 47.2 52.7 51.7 51. 9 52.5 52.6 52. 5 52.7 53.0 53*6 54.2 55.2 55.8 56. 6 57.5 74.6 84. 1 103.0 115. 5 127.0 141.7 163.3 192. 1 183.3 185.8 187.5 189.4 191.8 194.4 197. 1 200.7 205.4 210.3 214.5 218.0 221.2 104. 1 118.9 140.8 178. 2 193. 8 208.4 224. 1 252. 0 239.2 242.3 243.9 244.7 258.5 261.2 262.7 264.8 265.9 268.8 275.0 273.5 275.2 Less: Per- Nonsonal confarm tributions personal for social income * insurance 34. 2 42.2 47.7 50. 5 55.6 61. 3 69.6 80.7 79.4 79.5 79.7 80.2 80.8 81.0 81.7 82. 2 83.0 83.6 86.7 86. 9 85. 7 917.3 1,011.9 1, 119. 3 1, 220. 8 1, 350. 6 1, 498. 1 1, 674. 2 1, 873. 4 1, 819. 5 1, 828. 8 1, 840. 3 1, 853. 7 1, 882. 3 1, 897. 3 1, 913. 1 1, 931. 8 1, 953. 9 1, 976. 1 1, 995. 9 2, 006. 0 2, 023. 9 ' Consists mainly of social insurance benefits, direct relief, and veterans payments. 6 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest. _ _ Source: Department of Commerce, Bureau of Economic Analysis. DISPOSITION OF PERSONAL INCOME Real per capita disposable income declined slightly in the first quarter. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 2,000 3,000 3,000 1980 1972 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS T Period Personal tax Personal and income nontax payments Equals : Disposable personal income Less : Personal outlays 1 Per capita disposable personal income Equals : Personal saving Current dollars Billions of dollars 1971 1972 1973__ . 1974 1975 _ _ 1976— 1977_ 1978_ ___ 1979 859. 1 942. 5 1, 052. 4 1, 154. 9 1, 255. 5 1, 381. 6 1, 531. 6 1, 717. 4 1, 924. 2 116.3 141. 2 150.8 170.3 168.8 197. 1 226. 4 259.0 299. 9 742.8 801. 3 901.7 984.6 1, 086. 7 1, 184. 5 1, 305. 1 1, 458. 4 1, 624. 3 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 (thou-2 sands) Dollars 685.5 751. 9 831.3 913.0 1, 003. 0 1, 115. 9 1, 240. 2 1, 386. 4 1, 550. 5 57.3 49.4 70.3 71. 7 83. 6 68.6 65. 0 72.0 73.8 3,588 3,837 4,285 4,646 5,088 5,504 6, 017 6,672 7,367 3,714 3,837 4,062 3,973 4,025 4, 144 4,285 4,449 4, 512 3,227 3,510 3,849 4, 197 4,584 5,064 5, 579 6, 179 6, 848 3,342 3, 510 3, 648 3, 589 3, 627 3,813 3, 973 4, 121 4, 193 6 3 9 2 3 0 4 8 4 7 7 6 2 7. 8 7 3 7 7 5 8 5 0 4 9 4 5 207 053 208 846 210, 41C 211 945 213 566 215 20^ 216 89£ 218 594 220 464 4, 137 4, 197 3. 3 5. 6 4. 8 4.7 218, 814 219, 286 4, 196 4, 156 4, 195 4,227 1. 2 -2. 3 .1 5. 0 5. 4 4 3 3. 5 219, 69C 220, 166 220 715 221, 285 4, 234 -. 3 3.4 221, 781 2 3 5 —2 1 3 3 3 1 Seasonally adjusted annual rates 1978: III__ 1, 742. 5 266. 0 1, 476. 5 IV__ 1, 803. 1 278.2 1, 524. 8 1979: !____ 1, 852. 6 280. 4 1, 572. 2 II. __ 1, 892. 5 290.7 1, 601. 7 III— 1, 946. 6 306. 6 1, 640. 0 IV___ 2, 005. 0 321.9 1, 683. 1 1980: !*>__ 2, 056. 6 320.0 1, 736. 5 1, 405. 6 1, 453. 4 70. 9 71.5 6,748 6,954 4,461 4,522 1, 493. 0 1, 515. 8 1, 569. 7 1, 623. 4 79.2 85.9 70. 3 59.7 7, 157 7,275 7,430 7,606 4, 536 4,510 4,501 4,502 6, 258 6,455 6, 619 6, 704 6,926 7, 142 1, 677. 6 58. 9 7,830 4,499 7,368 Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net). 2 Includes Armed Forces abroad. Annual data are for Julir 1 through 1973 and are averages of quarterly data beginning 1974. Quarterly data are average for the period. o Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the first quarter, according to preliminary estimates, net farm income before inventory adjustment fell $0.5 billion (annual rate), while income after inventory adjustment fell $4.0 billion. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 200 (200 100 100 _GROSS FARM INCOME_ BEFORE INVENTORY ADJUSTMENT 80 80 60 60 40 40 NET FARM INCOME AFTER INVENTORY ADJUSTMENT v^ ^ 20 20 10 1972 1973 1974 1975 1977 1976 1978 1979 1980 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS [Quarterly data at seasonally adjusted annual rates] Personal income received by total farm population Income received from farming Gross income before inventory adjustment Period 1972 1973_ 1974 1975 1976 1977. . 1978. _ 1979- > 1978: III-_IV 1979: I _ II III IV- _ 1980: I v From From From all farm nonfarm sources sources sources Total i 34.6 48. 9 45. 2 44.5 40. 3 42. 9 54. 0 60.5 16.9 29. 2 23. 4 21.9 16.8 18.0 25.2 29.9 17.8 19. 7 21.8 22.7 23.5 24.9 28.8 30.5 Cash receipts from marketings Livestock Crops Total and products Billions of dollars Production expenses Before inventory adjustment Net income per farm after inventory adjustment 3 After . invenCurrent 1967 4 tory adjust-2 dollars dollars ment Dollars 70. 1 95.5 100. 0 96. 9 104. 2 107.5 124.9 142.3 122. 2 133.4 142.2 142.7 140. 5 144. 1 61. 2 87. 1 92. 4 88. 2 94. 8 95.7 111.0 128.9 109. 0 118.0 129.2 129. 1 127.2 130.4 35. 7 45.9 41.4 43. 0 46. 1 47. 4 59. 0 67.2 60.4 63.4 69.8 67.8 65,2 66.2 25.5 41. 1 51. 1 45. 1 48.7 48.2 52. 1 61.7 48. 6 54.6 59.4 61. 3 62.0 64. 2 52.3 65.6 72.2 75.9 83. 1 88.8 98. 1 113.7 97.4 103.0 109.2 112.2 115.2 118.2 17.8 29.9 27.7 21. 1 21. 0 18.7 26.3 28. 6 24.8 30. 4 33.0 30.5 25.3 25. 9 18.7 33.3 26. 1 24.5 18. 7 19.8 27.9 33.0 26.3 31. 6 36.0 34. 0 29. 8 32.4 6,526 11,813 9,349 8,846 6, 823 7,301 10, 434 12, 550 9,840 11, 830 13, 690 12, 930 11, 330 12, 320 5,208 8, 875 6, 330 5,488 4,002 4,023 5, 340 5,770 4,980 5,860 6,590 6,040 5, 130 5,400 148.0 132. 9 68.3 64.6 122.6 25.4 28.4 10, 910 4,600 * Cash receipts from marketings, Government payments, and nonmoney Income furnished by farms. 2 Inventory of crops and livestock valued at the average price for the year. 1 Based on 1969 Census of Agriculture definition of a farm. The number of farms is held constant within a year; data for 1979 and 1980 estimated. Net to farm operators * Income in current divided by the consumer price indii. NOTE.—Data revised for 1979, Source: Department of CORPORATE PROFITS In the fourth quarter of 1979, according to revised estimates, corporate profits before tax rose $0.7 billion (annual rate) to $243.0 billion, $3.2 billion below the preliminary figures issued in March. After-tax profits fell $1.4 billion in the fourth quarter, rather than rising $0.5 billion, as previously reported. BILLIONS Of DOLLARS BILLIONS OF DOLLARS 280 280 240 200 80 40 40 1980 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Profits after tax Profits (before tax) with inventory valuation adjustment l Period 1969 . _ _ 1970 1971 1972 1973 1974 1975 1976. _ _ 1977 1978 _ 1979 1978:111 ... IV 1979:1 .. II III IV. 1980:I».._ Domestic industries Nonfinancial Total 2 77.9 66.4 76.9 89.6 97. 2 86.5 107.9 141.3 162.0 180.8 194.9 189.0 198.6 193.3 191.3 198.3 196.5 Total 74.2 62.6 72.4 84.7 90. 4 76.9 101.8 133.1 152. 1 170.6 181.6 178.8 189.0 181.4 179.6 182.5 183.0 Financial 11.3 12. 6 14. 1 15.4 16. 2 14. 4 13.0 17.8 23.8 29. 7 33.2 30. 6 32. 1 31.9 32.0 33.8 35.0 ManuTotal* faeturing Wholesale and retail trade 36.8 27. 1 32.4 40.6 44. 1 36. 6 48.3 65.7 73.5 81.7 88.8 85. 1 90. 6 94. 1 90. 6 86.4 84.0 10. 1 9.4 11.7 13.3 14.7 12. 9 20.7 23. 3 24. 1 23. 0 23.7 25. 5 25.8 18. 6 22. 4 26. 5 27.1 62.9 50. 1 58.2 69. 3 74. 1 62. 5 88.9 115.3 128. 3 140.9 148.5 148.3 156.9 149. 6 147.7 148.7 148.0 1 See p. 4 for profits with inventory valuation and capital consumption adjustments. * Includes rest of the world, not shown separately. 8 3 Profits before tax Tax liability Total Dividends 83.4 71.5 82.0 96.2 115. 8 126.9 120.4 156.0 177. 1 206.0 236.6 212.0 227.4 233. 3 227. 9 242.3 243.0 39. 7 34.5 37.7 41. 5 48.7 52. 4 49.8 63.8 72.6 84. 5 92.5 87.5 95. 1 91.3 88.7 94. 0 96. 1 43.8 37.0 44. 3 54. 6 67. 1 74. 5 70. 6 92. 2 104. 5 121. 5 144. 1 124. 6 132.3 142.0 139.3 148. 3 146.9 22.6 22. 9 23. 0 24.6 27.8 31. 0 31.9 37. 5 42. 1 47. 2 52.7 47.8 49.7 51. 5 52. 3 52. 8 54.4 56. 7 Undistributed profits 21.2 14. 1 21. 3 30.0 39.3 43. 6 38.7 54.7 62.4 74.3 91.4 76.8 82.6 90. 5 87. 0 95.5 92.5 Includes industries not shown separately. Source: Department of Commerce, Bureau of Economic Analysis. Inventory valuation adjustment -5. 5 -5. 1 -5.0 -6.6 -18.6 -40.4 -12.4 -14.6 — 15. 2 -25.2 -41. 8 -23. 0 -28.8 -39.9 -36.6 -44. 0 -46.5 GROSS PRIVATE DOMESTIC INVESTMENT According to preliminary estimates for the first quarter, business fixed investment rose $6.4 billion (annual rate) as nonresidential construction outlays rose $2.4 billion and producers' durable equipment purchases rose $3.9 billion. Residential investment outlays fell $3.7 billion. Inventory investment amounted to $4.5 billion, down $1.1 billion from the fourth quarter level. BILLIONS OF DOL LARS 450 BILLI ONS OF DOLLARS 450 SEASONALLY ADJUSTED ANNUAL RATES 400 400 Mi r/ y 350 -/I 350 GROSS PRIVATE DOMESTIC INVESTMENT ^ 300 300 2 250 ^-^r—^.i ~s w ^ 200 -' /^^ ..-"-- 250 ,*»*•"'• NONRESIDENTIAL F IXED INVESTMEN ['"""" 200 •*•»*•*" 150 150 „•»*»***** M.,,....-"'*0""""""1«... RESI )ENTIAL FIXED IhWESTMENT 100 100 1 \ X* "" " " " " " C H A NGE IN BUSINESS 1 MVENTORIES ......,.«..««''""1"1" """"""»"•»•..,...„„ 50 **** 50 -*•% ~ '*" ^,.,-,*. 0 0 T*"^ \_ t - / -50 i i i i i 1973 1972 i \ 1974 i i i 1975 1976 i i 1977 i i i 1 1978 1 1 1979 I I -50 I 1980 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Nonresidential fixed investment Gross private domestic investment Period 1969 1970 . _ 1971 1972 1973 1974... 1975. . 1976 1977 _ 1978 1979 1978: III. _ IV 1979: I _ II III_ IV__ 1980: !*__ _ 146. 2 140.8 160.0 188. 3 220.0 214. 6 190.9 243.0 303. 3 351.5 387.2 356.2 370.5 373. 8 395.4 392.3 387.2 388.8 Structures Total 98.9 100.5 104. 1 116.8 136. 0 150.6 150.2 164.9 189.4 221. 1 254.9 225.9 236. 1 243.4 249. 1 261.8 265.2 271. 6 Total Nonfarm Total Nonfarm 35.7 37.7 39.3 42. 5 49. 0 54.5 53.8 57.3 62.6 76. 5 92. 6 79. 7 84.4 84.9 90.5 95. 0 100.2 102.6 34.3 36. 1 37.8 41. 1 46. 9 51.8 51. 3 54.7 59.8 73.3 88.9 76.4 81. 1 81.2 86.8 91. 4 96.3 98.9 63.3 62. 8 64.7 74.3 87.0 96. 2 96.4 107.6 126.8 144.6 162.2 146. 3 151.8 158. 5 158.6 166.7 165. 1 169.0 58.9 58. 1 59. 9 69. 1 80. 1 88.2 87.4 97. 4 116.3 132. 6 147.8 133. 5 138.9 146. 1 144. 5 150. 0 150. 4 156.2 Source: Department of Commerce, Bureau of Economic Analysis. Producers1 durable equipment Residential fixed investment Total 37.9 36. 6 49.6 62. 0 66. 1 55. 1 51. 5 68. 1 91.9 108.0 114. 1 110.2 113.7 111. 2 112.9 116. 0 116. 4 112.7 Nonfarm structures Farm structures Producers' durable equipment 36. 3 35. 1 47.9 60.3 64. 3 52.7 49. 5 65.7 88.8 104. 4 110.2 106. 4 110. 0 107.8 109. 1 112. 0 112. 1 108. 3 0.7 .6 .7 .7 .6 1.2 .9 1. 1 1. 5 1. 8 1.9 1. 9 1.9 1.5 1. 8 2.0 2.3 2.2 0.9 .9 1.0 1. 1 1.2 1.2 1. 1 1.3 1. 6 1. 9 2.0 1.9 1.9 1.9 2.0 2.0 2. 1 2.3 Change in business inventories Total Nonfarm 9.4 3.8 6.4 9.4 17.9 8.9 -10.7 10. 0 21.9 22. 3 18.2 20. 0 20.6 19. 1 33.4 14. 5 5.6 4.5 9.2 3.7 5. 1 8.8 14.7 10. 8 -14.3 12. 1 20.7 21. 3 16.5 18. 5 19. 3 18.8 32.6 12. 6 2. 1 4. 1 EXPENDITURES FOR NEW PLANT AND EQUIPMENT Business plans to increase capital spending 11.1 percent in 1980, according to the Commerce Department survey conducted in late January and February. Spending in 1979 was 15.1 percent above 1978. BILLIONS OF DOLLARS (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 40 40 20 20 1972 V 1974 1973 1975 1977 1976 1978 1979 1980 SEE FOOTNOTE 4 BELOW. SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Starts of plant and equipment projects * Expenditures for plant and equipment Total Nondurable goods Total 88.44 99.74 112.40 112.78 120. 49 135. 80 153. 82 177. 09 196. 78 165. 94 173. 48 179. 33 186. 95 189. 49 193. 88 31.35 38.01 46.01 47.95 52.48 60. 16 67.62 78.92 90.20 71.56 76.42 80.22 85. 19 85.80 89.02 15. 64 19.25 22. 62 21.84 23.68 27.77 31.66 38.23 44-68 34.00 36. 86 39.72 41. 30 42.60 44.63 15.72 18.76 23.39 26. 11 28.81 32.39 35.96 40.69 45.67 37.56 39.56 40.50 43.88 43. 21 44.38 57.09 61.73 66.39 64.82 68.01 75.64 86. 19 98. 17 106. 58 94.38 97.06 99. 12 101. 76 103. 69 104.82 2.42 2.74 3. 18 3.79 4.00 4.50 4.78 5.56 6.20 5.46 5.31 5.42 6.06 6.49 5.97 5.72 6.03 6.66 7.57 7.45 6.93 8.05 10. 12 11. 77 10.08 9.71 10.29 10.74 12.00 11.58 201. 44 92.65 45.62 47.03 108. 80 6.23 11. 79 i Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not agree precisely with the nonresidential fixed investment data in gross national product estimates, mainly because those data include investment by farmers, professionals, nonprofit institutions, and real estate firms, and certain outlays charged to current account. 10 Commercial and 2 other Manufacturing 17.00 18.71 20. 55 20. 14 22. 28 25.80 29.48 32.56 83. 72 32.35 33.24 33.33 31.52 33. 23 33.56 11.89 20.07 12. 85 21.40 13.96 22.05 12.74 20.60 13. 30 20. 99 15.45 22.97 18. 16 25.71 20. 56 29.35 22. 20 32.68 18.75 27.73 20.29 28.51 20. 41 29.66 22.71 30.72 51. 97 53. 71 35.21 47.57 52.49 48.24 51. 05 66.73 72.44 87.30 28.60 38. 13 45.74 34.50 29.66 32.54 34.93 21.70 21.98 19.56 20.87 24.71 3.27 5.75 8.00 4. 13 33.98 56. 80 Trans- Public ComMining porta- utili- munition cation ties Durable goods Total i 1972 1973 1974 1975 1976 1977. _ 1978 _ 1979 4 1980 1979: I II__. III_.__ IV 1980: I 4 4 II 2nd 4 half __ N onm anuf acturi n g Manufacturing Period Public utilities 2 Includes trade, service, construction, finance, and insurance. 1 Starts are estimated by adding changes in carryover to expenditures during given period. * Planned capital expenditures as reported by business in late January and February 1980. Plans are adjusted when necessay for systematic bias. Source: Department of Commerce, Bureau of Economic Analysis. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment fell 297,000 in March while unemployment rose 131,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 110 110 SEASONALLY ADJUSTED 100 100 CIVILIAN LABOR FORCE 90 90 ......X" EMPLOYMENT '"X 80 10' UNEMPLOYMENT 1972 1973 1974 1977 1976 1975 1979 1978 *16 YEARS OF AGE AND OVERSOURCE: DEPARTMENT OF LABOR Nonincfitu otl LU.— Period tional population 1974 . „ 1975 1976 1977 . 1978* 1979 150, 827 153, 449 156, 048 158, 559 161, 058 163, 620 1980 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted] Unemploy m ent Civilian employment Total labor N onagricultural Pi \rilinn 15 \^>IV lllOill TT vylVHllUl Unem- force PKrllion Part-time Total weeks Agriemploy- ploy- (includ- labor Total ecoand culment ing force ment Total for nomic over tural Armed reasons * Forces) 2,709 937 5, 076 85, 935 5, 076 93, 240 91, Oil 85, 935 3,492 82, 443 3, 490 7,830 2,483 84, 783 7,830 94, 793 92, 613 84, 783 3, 380 81, 403 3,272 7, 288 2, 339 87, 485 7, 288 96, 917 94, 773 87, 485 3, 297 84, 188 3,297 6, 855 1, 911 90, 546 6, 855 99, 534 97,' 401 90, 546 3, 244 87, 302 3,216 6,047 1, 379 94, 373 6,047 102, 537 100, 420 94, 373 3, 342 91, 031 3,281 5, 963 1,202 96, 945 5, 963 104, 996 102, 908 96, 945 3,297 93, 648 Unadjusted : Labor force participation rate (perj\ J cent) * 61. 8 61. 8 62. 1 62. 8 63. 7 64. 2 Seasonally adjusted 162,909 163,008 163, 260 163, 469 163, 685 163, 891 164, 106 164, 468 164, 682 164, 898 95, 501 95, 675 96, 220 97, 917 98, 891 98, 226 97, 576 98, 158 97, 943 98, 047 6, 165 5,561 5,253 6,235 6, 104 6, 137 5,798 5,781 5,776 5,836 505 198 398 476 093 128 494 595 652 999 96, 623 96, 254 96, 495 96, 652 97, 184 97, 004 97, 504 97, 474 97, 608 97, 912 3,320 3, 215 3,246 3,243 3,267 3,315 3,364 3,294 3,385 3,359 93, 303 93, 039 93, 249 93, 409 93, 917 93, 689 94, 140 94, 180 94, 223 94, 553 3,211 3,279 3,283 3,284 3,274 3,298 3, 167 3,315 3, 392 3,519 5,882 5,944 5, 903 5, 824 5,909 6, 124 5,990 6, 121 6, 044 6,087 1,291 1,223 1,212 1, 152 1,067 1, 185 1, 152 1, 195 1, 191 1,230 64.2 64.0 64.0 64. 0 64.3 64. 2 64.3 64.3 64. 2 64. 3 1980: Jan_. 165, 101 Feb.. 165, 298 Mar>_ 165, 506 96, 145 96, 264 96, 546 7,043 106, 310 104, 229 6,993 106, 346 104, 260 6,805 106, 184 104, 094 97, 804 97, 953 97, 656 3, 270 3,326 3,358 94,534 94, 626 94, 298 3,513 3,406 3,418 6, 425 6,307 6,438 1, 334 1,286 1,363 64.4 64.3 64.2 1979: Mar_ Apr__ May. June_ July_ Aug_ Sept. Oct__ Nov_ Dec_ 104, 595 104, 280 104, 476 104,552 105, 175 105, 218 105, 586 105, 688 105,744 106, 088 102, 102, 102, 102, 103, 103, 103, 103, 103, 103, 1 Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc. * Total labor force as percent of noninstitutional population 16 years of age and over. * Beginning 1978, data not strictly comparable with earlier data because of revisions in the household survey, which added about 250,000 to labor force and to employment. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In March the seasonally adjusted unemployment rate rose to 6.2 percent from 6.0 percent in February. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 10 1976 1980 * UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED. SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] Period 1974 1975 1976 1977 1978 1979 .. ^ 1979: Mar Apr May June July Aug Sept... Oct Nov Dec 1980: Jan_ _ Feb Mar _ _ Unemployment rate (percent of civilian labor force in group) By selected groups By sex and age By race Total (all civilian workers) Men 20 years and over 5.6 8.5 7.7 7.0 6.0 5.8 3.8 6.7 5.9 5.2 4.2 4. 1 5.7 5.8 5.8 5.7 5.7 5.9 5.8 5.9 5.8 5.9 6.2 6.0 6.2 Women 20 years and over Parttime workers Both sexes 16-19 years White 5.5 8.0 7.4 7.0 6.0 5.7 16.0 19.9 19.0 17.7 16.3 16. 1 5.0 7.8 7.0 6.2 5.2 5.1 9.9 13.9 13. 1 13.1 11.9 11.3 5.3 8.2 7.3 6.6 5.6 5.4 3.3 5.8 5. 1 45 3.7 3.6 5.1 8. 1 7.3 6.5 5.5 5.3 8.6 10.3 10. 1 9.8 9.0 8.7 6. 1 9.1 8.3 7.6 6.5 6.3 4.0 4.0 3.9 4.0 4.1 4.2 4.2 4.2 43 4.2 5.7 5.7 5.7 5.7 5.5 5.9 5.5 5.7 5.6 5.7 15.7 16.3 16.5 15.4 15.8 16.6 16.2 16.4 15.9 16.0 5.0 5.0 5.0 49 5.0 5.3 5. 1 5.1 5. 1 5. 1 11.3 11.7 11.5 11.2 11.0 11.0 10.8 11.5 10.9 11.3 5.4 5.4 5.4 5.3 5.4 5.7 5.5 5.6 5.5 5.5 3.5 3.6 3.4 3.5 3.6 3.7 3.7 3.8 3.8 3.7 5.2 5.3 5.2 5.2 5.3 5.4 5.3 5.4 5.4 5.4 9.0 8.7 9.3 8.6 8.3 8.8 8.4 8.9 8.3 8.5 6.2 6.4 6.3 6.3 6.4 6.4 6.2 6.4 6.4 6.4 47 46 49 5.8 5.7 5.7 16.3 16.5 15.9 5.4 5.3 5.4 11.8 11.5 11.8 5.8 5.7 5.9 42 40 43 5.7 5.6 5.8 8.7 8.9 8.3 6.7 6.6 6.8 i Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours. 12 ExpeFullBlack rienced time wage Household and and heads workother salary ers workers Labor force time lost (per-l cent) Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In March, the percentage of unemployed persons who were job losers rose, while the percentage who were job leavers, new entrants, and reentrants fell. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* DURATION OF UNEMPLOYMENT REASON FOR UNEMPLOYMENT 60 60 LESS THAN 5 WEEKS \ JOB LOSERS 40 40 REENTRANTS 20 7/V^vf - 15-26 WEEKS 20 NEW ENTRANTS .*!&%<*« '^s'X'V.. JOB LEAVERS 27 WEEKS AND OVER Ou 1976 1979 1978 1977 1980 1977 1976 1978 1979 1980 * SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Monthly data seasonally adjusted, except as noted] Percent distribution of unemployment by reason 1 Period Unemployment (thousands) Job losers 7,830 7,288 6,855 6,047 5, 963 5,882 5,944 5,903 5,824 5,909 6, 124 5,990 6,121 6,044 6,087 6,425 6 5 307 6,438 55.4 49.8 45.2 41.5 42.8 41.7 42.4 40.0 41.9 43. 1 44.0 43. 7 44.5 45.4 44. 3 46.9 45. 9 47.3 Job Reenleavers trants State programs Insured unemployment, all Insured 27 weeks unem- Initial regular proand ploy- claims grams 2 over ment (unadjusted) Percent distribution of unemployment by duration 1 New entrants Less than 5 weeks 5-14 weeks 15-26 weeks 10. 4 12. 1 13.7 14.3 13.4 13.7 13. 5 14.0 13.4 12. 4 12. 2 13. 3 13. 1 12. 3 13.9 12.7 13. 1 12.5 37.0 38. 3 41.7 46. 2 48. 1 46.8 48. 1 47.4 49. 3 48. 4 52.0 46.6 48.3 48.8 47. 7 49.6 47. 1 45.9 31. 3 29. 6 30.5 31.0 31. 7 31.4 31.5 32. 2 31. 0 33. 2 28. 5 34. 1 32. 1 31.3 32.2 29.7 32. 7 33.2 16.5 13.8 13. 1 12.3 11.5 12.3 11.5 11.8 11. 2 10.6 10.8 10.8 11. 1 11.0 11.6 12. 4 12.4 11.9 Special unemployment benefit3 claims (unadjusted) Weekly average, thousands 1975 1976 1977 _ 1978 1979_ _. _ 1979: Mar _ _ Apr May.. June.. July__ Aug___ Sept.. Oct.__ Nov_. Dec___ 1980: Jan___ Feb_._ Mar__ 10. 4 12. 2 13. 0 14. 1 14.3 14.7 14.2 16.0 14.7 14. 4 14. 4 13.7 13.6 14. 1 13. 0 12.2 12. 8 12.2 23. 8 26. 0 28. 1 30. 0 29. 5 30.0 29.9 30.0 30. 0 30. 1 29.4 29. 2 28. 7 28.3 28.8 28.2 28. 2 28. 0 ,u AUU percent oeeause 01 rounding. * -Ln9iV^xBiate (5U Slates» District of Columbia, and Puerto Rico), ex-servicejen (UCX) Federal (UCFE), and railroad (RR) programs. Also includes 1 ederal and State extended benefit programs. Does not include FSB (Federal supplemental benefits) and SUA (special unemployment assistance). 15.2 18. 3 14.8 10.5 8. 7 9.5 9.0 8.5 8.5 7.8 8. 7 8. 5 8.5 8.9 8.5 8.4 7.8 9.0 3,986 2,991 2, 655 2,359 2,460 2,336 2, 381 2,307 2,320 2,407 2, 492 2,488 2,540 2,643 2,631 2, 729 2, 685 2,857 478 386 375 346 388 359 433 355 380 390 394 394 402 405 416 414 389 455 4,937 3,846 3, 308 2,645 2,619 2,921 2,610 2, 230 2, 119 2,429 2, 377 2, 164 2,236 2,559 3,047 3,740 3, 730 3,648 1,173 1,152 572 s FSB and SUA. These programs started January 1975 and regular reporting began March 1975. Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGRICULTURAL EMPLOYMENT Total nonagriculturai employment as measured by the payroll survey fell 140,000 in March. MILLIONS OF PERSONS* (ENLARGED SCALE) MILLIONS OF PERSONS* 22 90 20 80 ALL NONAGRICULTURAL ESTABLISHMENTS WHOLESALE AND RETAIL TRADE 18 70 SERVICE-PRODUCING INDUSTRIES 60 22 MANUFACTURING 50 20 40 CONSTRUCTION GOODS-PRODUCING INDUSTRIES 30 |tt*HlllHII««IHI I III I 20 1977 1976 1978 1979 1980 1977 1976 1978 1979 1980 'SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [Thousands of wage and salary workers; * seasonally adjusted] Goods-producing industries Period Total nonagricuiuurai employ- Total * ment Service-producing industries Trans- Whole- Finance, Government i porta- sale insurtion ance, and Non- Total State and and Services Total Durable Federal and public retail real goods durable trade goods local utilities estate Manufacturing C*nv\ v/onstruetion 1974 1975 19761977- 1978 1979 78, 265 76, 945 79, 382 82, 423 86, 446 89, 482 24 794 22, 600 23, 352 24, 346 25, 597 26, 574 4, 020 20, 077 3,525 18^ 323 3, 576 i 18 997 3* 851 19* 682 4, 271 2o| 476 4,644 20*972 11 925 10! 688 11 077 11* 597 12* 246 12^ 690 1979:Mar_. Apr May.. June__ July__ Aug... Sept.Oct— _ Nov__ Dee__. 89, 039 89, 036 89, 398 89, 626 89, 713 89, 762 89, 803 89, 982 90, 100 90, 241 26, 627 26, 565 26, 651 26, 674 26, 723 26, 599 26, 593 26, 572 26, 533 26, 655 4,614 4,559 4, 648 4,662 4,688 4,674 4,671 4, 694 4,714 4,783 12, 751 12, 752 12, 739 12, 760 12, 786 12, 714 12, 737 12, 650 12, 587 12, 615 1980: Jan___ 90, 652 Feb*__ 90, 774 Mar p __ 90, 634 26, 783 26, 719 26, 549 4,893 20, 890 12, 601 4,830 20, 889 12, 648 4,695 20, 848 12, 616 21, 073 21, 066 21, 059 21, 063 21, 079 20, 957 20,949 20, 899 20, 836 20, 881 ^3 TC 4.71 4. Ifi QR7 8 1*52 OO, 1 X rr, 79*i 1 £4 ij XU, «7OI 7,635 54, 345 4,542 17, 060 O, XO*' Kfi 03ft 71 , &Q9ft £t\J tJU, \JO\J KQ U rj77 8 ft&fi o, v/ou UO, l I fiO OTC»7 84.Q 8, 230 UU, £Q9 A 713 tf 1 XO 4. <a£i Q97 tz, 1 1 X7 I , 17^ DO IS U *»1X fi JLo, U 1 Q ttyy 4.QQ xy, 12^839 16, 833 16, 880 16, 954 17, 051 17, 092 17, 141 17, 191 17, 257 17, 298 17, 357 2,757 2,758 2, 770 2,788 2, 785 2, 813 2,762 2,770 2,771 2,771 12, 753 12, 806 12, 828 12, 849 12, 850 12, 886 12, 911 12, 904 12, 922 12, 925 5,081 17, 442 5, 085 17, 505 5,091 17, 544 2,791 2,823 2,822 12, 915 12, 921 12, 932 8,322 8,314 8,320 8,303 8,293 8, 243 8,212 8,249 8,249 8,266 5, 116 5,024 5, 130 5, 190 5, 169 5, 194 5,180 5, 218 5,229 5,223 4,899 4,915 4,936 4,958 4,972 5, 003 4,997 5,018 5,039 5,056 8,289 63, 869 8,241 64, 055 8,232 64, 085 5,212 20, 428 5, 191 20, 530 5,197 20, 499 n , 4.4.fi ^tu 11, 937 2,773 4,963 17, 043 20, 054 20, 088 20, 129 20, 116 20, 122 20, 126 20, 169 20, 243 20, 308 20, 254 2,748 19 1loo QQ IZ, 1 9 OOZ Qfi9 JLZ, 1 9 790 1^, 1 4o 5, 154 20, 137 62, 412 62, 471 62, 747 62, 952 62, 990 63, 163 63, 210 63, 410 63, 567 63, 586 2, 794. t At 2, *7QO 100 2, 797 1-61 2, 7KO 1 OO 4 ,/ «T:UI A 7 xO, 1 ^ OUO QAQ 4,7i9&7t 1ID. R &£i\) 99H 8, 283 62, 909 \ ^H^68 a11 ^i11' an(? Part-time waie and salary workers in nonagriculturai establishments who worked during or received pay for any part of the pay period wnicn 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 nonagriculturai employment of the civilian labor force, shown on p. 11, which include proprietors, self-employed persons, and domestic servants; which count persons as employed when they 14 A Tt, OO& A 14.Q 3 'x.'x.L 4.4.1 tt, x^to 1 lu, 4,165 13, 892 KK1 4, 971 & t x M, Ut)l are not at work because of industrial disputes; and which are based on a sample of the working-age population, whereas the estimates in this table are based on reports from employing establishments, s Includes mining not shown separately Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NON&GRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted] Average gross hourly earnings Average weekly hours Total private nonagricultural * Period 1971 1972 1973 1974 1975 1976 _ 1977_ 1978 1979 - - _ _ 1979: MaiApr May June July Aug Sept 4 J _ Oct Nov __ Dec __ __ 1980: Jan Feb vp Mar Overtime Total private nonagricultural * Manufacturing Manufacturing Total Adjusted hourly earnings index2 —total private nonagricultural Percent change from a year earlier 4 Index, 1967=100 Current dollars 1967 dollars 3 Current dollars 1967 dollars 36.9 37.0 36.9 36.5 36. 1 36.1 36.0 35.8 35.7 39.9 40. 5 40.7 40.0 39.5 40. 1 40.3 40.4 40.2 2.9 3.5 3.8 3.3 2. 6 3. 1 3.5 3.6 3.3 $3.45 3. 70 3.94 4.24 4. 53 4.86 5.25 5.69 6.16 $3. 57 3.82 4.09 4.42 4.83 5.22 5.68 6.17 6.69 129.2 137.5 146.0 157. 5 170. 6 183.0 196.8 212.9 229.8 106. 5 109.7 109.7 106. 7 105.9 107.3 108.4 109.0 105. 6 7.0 6.4 6.2 7.9 8.3 7.3 7.5 8.2 7.9 2.6 3.0 0 -2.7 -.7 1.3 1.0 .6 -3. 1 35.9 35.3 35.7 35.6 35.6 35.6 35.7 35.6 35.7 35.7 40.6 39. 1 40.2 40. 1 40.2 40. 1 40.2 40.2 40. 1 40.2 3.7 2.7 3.5 3.4 3.3 3.2 3.2 3.2 3.3 3.2 6.04 6. 04 6. 09 6. 13 6. 18 6. 22 6. 26 6.28 6.33 6. 39 6.56 6.56 6.65 6. 68 6.72 6.74 6.78 6.82 6.86 6.91 225.2 226.8 227.5 229. 0 230. 9 232.2 234. 3 234.9 237.3 239.5 107. 3 107. 0 106.3 105.8 105. 6 105. 1 104.9 104. 1 104.1 103.8. 8.2 8.0 7. 8 7.8 7.9 8. 1 8.2 7.7 8.2 8.4 -2.0 -2.4 -2.8 -3.0 -3.3 -3.5 -3.6 -4. 1 —4. 1 -4. 4 35.7 35.5 35.4 40.3 40.0 39.8 3.2 3. 1 3.1 6. 42 6. 45 6. 51 6.93 6.98 7.05 240.5 242.5 245.0 102. 8 102.2 101.9 8.0 8.3 8.8 -5.2 -5.2 -5. 1 AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average gross weekly earnings Total private nonagricultural l Period Current dollars 1971 1972 19731974 1975 1976 1977. 1978 1979-. 1979: Mar__ _ _ __ __ Apr May. JuneJuly . J— Aug _ Sept Oct Nov. Dec 1980: Jan Feb -p. Mar v 1 __ __ $127. 31 136. 90 145. 39 154. 76 163. 53 175. 45 189. 00 203. 70 219. 91 216. 84 213. 21 217. 41 218. 23 220. 01 221. 43 223. 48 223. 57 225. 98 228. 12 229. 19 228. 98 230. 45 Manufacturing 1967 dollars 3 $104. 95 109. 26 109. 23 104. 78 101. 45 102. 90 104. 13 104. 30 101. 02 103. 31 100. 57 101. 55 100. 85 100. 60 100. 24 100. 04 99. 10 99.16 98.88 97.94 96.53 95.82 $142. 44 154. 71 166. 46 176. 80 190. 79 209. 32 228. 90 249. 27 268. 94 266. 34 256. 50 267. 33 267. 87 270. 14 270. 27 272. 56 274. 16 275. 09 277. 78 279. 28 279. 20 280. 59 $211. 67 221. 19 235. 89 249. 25 266. 08 283. 73 295. 65 318. 32 341. 69 335. 01 323. 41 341. 32 341. 87 341. 14 346. 70 352. 13 343. 31 347. 76 353. 56 354. 57 355. 49 345. 68 Percent change from ft year earlier, total private nonagricultural 5 Current dollars Current dollars Also includes 9ther private industry groups shown on p. 14. 'Adjusted for interindustry employment shifts and for overtime in manufacturing. 3 Current dollar index (or earnings) divided by the consumer price index. Revised index for urban wage earners and clerical workers used beginning 1978. Construction Wholesale and retail trade $101. 09 106. 45 111.76 119. 02 126. 45 133. 79 142. 52 153. 64 164. 96 162. 19 163. 67 163. 00 163. 98 165.28 165. 75 166.91 167. 56 169. 71 170. 50 172. 25 171. 51 173. 66 6.2 7.5 6.2 6.4 5.7 7.3 7.7 7.8 8.0 8.6 5.6 7. 8 7.2 7.2 7.8 8. 1 7. 1 7.4 7. 5 7.2 6.8 6.5 1967 dollars 1. 9 4. 1 -. 0 -4. 1 -3.2 1.4 1. 2 .2 -3. 1 -1. 6 -4. 6 -2. 8 -3.4 -3.9 -3.8 -3.8 4. 8 -4.8 -5. 1 -5.9 -6.5 -7. 1 4 Monthly changes based on indexes to two decimal places. * Based on unadjusted data. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR Hours of 2all persons Output 1 Output per hour of all persons Compensation per hour 3 Unit labor costs Implicit price deflator 4 NonPriPriNonNonPriNonNonPrivate farm Private Private Nonfarm vate vate farm farm business vate farm business farm business business business business business business business business sector business sector business sector sector sector sector sector sector sector sector sector sector Period 1967=100; quarterly data seasonally adjusted 1967___ 1968 1969 _ _ 100.0 105. 1 108. 3 100. 0 105. 3 108.5 100. 0 101.8 104. 6 100.0 102. 1 105.5 100.0 103.3 103.5 100.0 103. 2 102. 9 100. 0 107. 6 114.9 100. 0 107. 3 114. 1 100. 0 104. 1 111.0 100.0 104. 0 110. 9 100. 0 103. 9 108.8 100.0 104.0 108. 7 1970 _ 1971— 1972 1973 . _ 1974 107. 3 110. 3 117.5 124.4 121.4 107. 4 110.2 117. 8 124.9 121. 8 103.0 102.4 105.5 109.6 110. 3 104.2 103. 8 107.0 111. 5 112. 3 104. 2 107.7 111.4 113. 6 110. 1 103. 0 106.2 110. 1 112. 0 108. 5 123. 1 131.4 139.7 151.2 164.9 121. 7 129. 9 138.4 149. 2 162. 8 118. 2 122.0 125.4 133. 1 149.8 118. 1 122. 3 125. 7 133. 2 150. 0 113.9 118. 9 123. 2 130.3 143. 1 114. 0 119.2 122.9 127.9 141.4 1975 1976 1977 1978 _ 1979 v 118.7 126.4 133.8 140. 7 144. 1 118.8 126.9 134. 3 141.5 144. 9 105.6 108.6 112.8 118. 1 121.8 107.4 111.0 115.6 121. 1 125. 3 112.4 116.4 118.6 119. 2 118. 3 110.5 114.4 116. 2 116. 8 115.7 181.3 197.2 213. 0 231. 2 253.2 178.9 193. 8 209.3 227. 3 248. 0 161. 3 169.4 179.6 194. 0 214. 0 161.8 169.4 180. 1 194. 5 214.4 157.5 165.5 174.8 187. 2 203.8 156.4 164.8 174. 5 186. 1 202. 1 1978: III IV 141. 8 144. 0 142.7 145. 0 118.4 120. 2 121. 6 123.4 119. 7 119.8 117.3 117.6 233. 6 238.4 229.4 234.3 195. 2 199.0 195. 6 199.3 188.9 192. 9 187.8 191.4 1979: I II _ III IV * 144.4 143.4 143.8 144. 8 145.5 144. 2 144. 6 145.5 121. 4 121.2 121.9 122. 8 124. 6 124.8 125.6 126. 1 119. 0 118.4 118. 0 117. 9 116.8 115.5 115. 1 115.4 245. 1 250.6 256. 0 260. 6 240. 5 245. 1 250. 2 255. 9 205.9 211.7 217.0 221. 1 206. 0 212. 2 217.3 221. 8 197. 2 202. 0 206. 1 209. 7 195. 1 200. 3 204. 7 208.4 1980: IP. _ 145.2 145. 9 123. 0 126. 5 118. 0 115. 3 267. 3 261. 9 226. 5 227. 2 214.7 213. 9 _ _ Percent change ; quarterly data at seasonally adjusted annual rates 1. 9 5.3 3.0 -0.0 1.8 2.8 0.2 2. 1 3.4 2.0 3.3 .2 1.6 3. 2 -.3 5.3 7. 6 6.8 5.5 7.3 6.3 3.3 4. 1 6.6 3.8 4.0 6.7 2.9 3.9 4.7 3.3 4.0 4.5 -. 9 2.8 6.6 5.9 -2.4 -1. 1 2.6 6. 9 6.0 -2. 5 -1.6 -. 6 3.0 3.9 .7 -1.2 —.4 3. 1 4.2 .7 .7 3.3 3.5 1. 9 -3.0 .1 3. 1 3.7 1.7 3. 1 7. 1 6.7 6.3 8.2 9. 1 6.7 6. 7 6.5 7.8 9.1 6.4 3.3 2.8 6.2 12.5 6.5 3.5 2.8 6.0 12.7 4.7 4.4 3.6 5.8 9.8 4.9 4.5 3. 1 4. 1 10.5 1975 1976 1977 1978_ _ 1979 " - -2.3 6.5 5.8 5.2 2.4 -2.5 6.9 5.8 5. 4 2.4 -4.3 2.9 3.9 4. 7 3.3 -4.3 3.3 4. 1 4. 8 3.5 2.1 3.5 1.9 .5 -. 9 1. 9 3.5 1.6 .5 -1. 1 9.9 8.8 8.0 8.5 9.3 9.9 8.3 8.0 8.6 9.0 7. 7 5.0 6.0 8.0 10. 3 7.9 4.7 6.3 8.0 10. 2 10. 1 5.0 5.6 7. 1 8.9 10. 6 5.4 5.9 6. 6 8.6 1978: III IV 4. 2 6.4 4. 5 6. 8 1.7 6. 1 1.8 5.9 2.4 .3 2.7 .8 9.2 8.5 8. 8 8.8 6.6 8. 1 6. 0 8.0 6. 9 8.7 7. 0 7.8 1. 2 -2. 9 1. 1 2.8 1. 2 -3.6 1. 2 2.5 4.4 -.7 2. 5 3.2 4.6 .5 2. 6 1.8 -3.0 -2. 2 _1.4 -.3 11. 1 9.3 8.8 7. 4 10.4 7.9 8.5 9. 4 14. 6 11.8 10.3 7.8 14. 0 12.5 10. 1 8.6 9.3 10. 1 8. 3 7.2 8. 1 11.0 9.0 7.4 1. 1 1. 1 .5 1. 3 .6 -3.2 -4. 1 -1.4 .7 __ 2 10. 7 9.7 10. 0 - 9. 9 9. 8 11. 0 1967_ 1968___ 1969 2.0 5. 1 3.0 1970 1971_ _ 1972 1973 _ 1974 1979: I _ _ II III IV v 1980: I * 1 2 Output refers to gross domestic product originating in the sector in 1972 dollars. Hours of all persons in private industry 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. * Current dollar gross domestic product divided by constant dollar gross domestic product. 16 NOTE.—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. Data revised for 1979. Earlier data to be revised next month. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production declined 0.8 percent in March, following a decrease of 0.2 percent in February. The March index was 1.2 percent below its year earlier level. INDEX, 1967=100* (RATIO SCALE) INDEX, 1967=100* (RATIO SCALE) 160 -TOTAL INDUSTRIAL PRODUCTION- 180 I ITU ITIPQ AND MINING PRODUr*TioM f~^*~>~ «^* ^-1 160 140 ^^ \^— UTILITIES 140 .x 120 — / 120 / v % 100 1976 180 1977 1978 * MINING 1980 1979 MANUFACTURING PRODUCTION 100 i t i i . i t i , , . 1976 . M t i h i l t i 1977 MHih.il. 1978 . ! . . . ( . . Hi 1979 nit. him 1980 NONDURABLE 160 PERCENT* (RATIO SCALE) 100 140 MANUFACTURING CAPACITY UTILIZATION RATE 90 80 120 70 100 1976 1977 1976 1980 1978 1979 1980 * SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total industrial production Percent Period Index, 1967= change from 100 year earlier 1967 proportion100. 00 1973 129.8 8.4 1974 129. 3 1975 _ 117.8 -a 9^ 1976 130.5 10. 8 1977. _ 138.2 5.9 1978 _. __ 146. 1 5.7 152.2 1979 4.2 COUNCIL OF ECONOMIC ADVISERS [Seasonally adjusted] Industry production indexes, 1967=100 Manufacturing Manufacturing capacityl utilization rate, percent i Federal Reserve series WharComTotal merce2 ton Matemanuseries ' series rials facturing Total Durable Nondurable Mining Utilities 87. 95 129. 8 129.4 116.3 130. 3 138.4 146.8 153.2 51. 98 127. 1 125.7 109.3 122.3 130.0 139.7 146.3 85. 97 133.8 134.6 126. 4 141.8 150.5 156.9 163.3 6.86 114.7 115. 3 112. 8 114.2 118.2 124. 0 125.3 5.69 145. 4 143. 7 146. 0 151. 7 156.5 161.4 166. 1 87. 6 83.8 72. 9 79.5 81.9 84. 4 85.7 91. 8 87. 1 73.4 81. 1 82.7 85.6 87.2 86 83 77 81 83 84 83 93.0 90.4 79.6 85.8 88.5 91.4 93.0 84 94.0 83 93.2 82 92.7 81 92. 1 1979: Mar___ Apr May June July . Aug Sept Oct_ Nov Dec 153. 0 150.8 152.4 152. 6 152. 8 151. 6 152.4 152.2 152. 1 152.2 7.7 4.4 5.2 4.4 3.9 2. 4 2.6 1.7 1.0 .3 154.5 151.6 153. 8 153. 9 154. 1 152.4 153. 5 153. 2 153.0 152.8 148.6 144. 6 147.6 147. 6 147. 2 144. 2 145. 9 145.7 145. 0 144. 5 163.0 161. 7 162. 8 163.0 164. 1 164. 3 164. 6 164.0 164. 5 164. 7 122. 3 122. 7 122.8 123.9 124.7 126.4 125.8 128. 1 130.0 131.6 167. 1 167.4 166. 5 164. 2 164.8 165.5 165.3 166. 1 167.4 167.0 87. 1 85.3 86.3 86.2 86. 1 84.9 85.3 84. 9 84.6 84.3 88.3 87.0 87.4 87.6 87.9 86.9 86. 8 86.6 86. 4 86.0 1980: Jan Feb v Mar *>___ 152.7 152.4 151.2 .8 .3 -1.2 153.3 152.9 151.6 144.7 144. 3 142. 9 165.8 165.3 164. 3 133.0 132.5 132.6 166. 0 167. 1 167.6 84.3 83.9 83.0 86. 0 85.2 84.4 1 Output as percent of capacity. 2 Annual data are averages of four 8 monthly Indexes. Quarterly data entered in last month of quarter. Annual data are averages of quarterly data. Sources: Board of Governors of the Federal Reserve System, Department of ommerce (Bureau of Economic Analysis), and Wharton School of Finance. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1967=100, seasonally adjusted] Products Final Products Consumer goods Period Total 1967 proportion 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 __1979: Mar__ _ Apr May t J ~ JuneJuly Aug Sept Oct Nov Dec.__ _ _ 1980: Jan Feb *>v Mar - - _ _ - __ __ 47.82 105.3 106. 3 115. 7 124.4 125. 1 118.2 127.6 135. 9 142.2 147.0 148.2 145.4 147.8 147.6 147. 1 145. 6 147.2 146. 8 146. 6 147.0 147.3 147.9 147.2 Equipment NonDurable durable goods goods Total 7.89 106.1 118. 8 133.8 146. 2 135.3 121. 4 141. 9 154.0 159.2 155.5 163. 6 151.6 160.5 158.6 157.2 147.5 151.8 152. 6 149. 2 146.6 142. 4 145. 0 142.9 27. 68 109.0 114.7 124. 4 131. 5 128.9 124.0 137. 1 145.3 149. 1 150.5 152.9 149. 1 152. 0 151. 8 150.8 148.2 149. 7 149.7 148.9 148.5 148.5 149.3 148. 1 Intermediate products 19. 79 110. 1 113. 1 120.6 125. 6 126.3 125. 1 135.2 141. 9 145. 1 148. 5 148. 6 148. 0 148. 7 149. 1 148.2 148. 5 148.9 148. 6 148.7 149. 2 150.9 151. 0 150.1 Total Business Total 20. 14 100. 1 94. 7 103.8 114. 5 120.0 110.2 114. 6 123.0 132.8 142. 2 141. 7 140.4 141, 9 141.9 142. 1 141.8 143.9 142.9 143.6 145.0 145.7 146. 0 145.9 12.63 107.0 104. 1 118.0 134.2 142.4 128. 2 135. 4 147.8 160.3 171. 3 170. 8 168.7 171.4 171.5 171.4 171.5 173.6 172.0 172.5 174. 1 175.3 175.8 175.8 12. 89 112.9 116.7 126.5 137.2 135. 3 123. 1 137.2 145. 1 154. 1 160.0 160.4 159. 7 159.5 159.5 159. 4 160. 6 159.8 159.8 159. 8 159.9 160.7 159. 2 156. 1 Materials Construction supplies 6.42 111.0 116.8 128. 4 139.8 134.5 116. 3 132.6 140.6 151. 7 156.9 157. 1 156.0 156.4 156.3 156.4 157.3 156. 3 156.8 156.7 156.0 156.6 153.7 148.2 39. 29 109. 2 111.3 122. 3 133.9 132.4 115. 5 131. 7 138. 6 148.3 156.0 156. 3 154. 5 155. 7 156.5 157.6 156.0 156. 3 156.3 156.4 156. 2 156.7 155. 5 154.5 Supplementary froup: nergy total 12.23 117. 0 119.5 125.2 128. 3 125.5 125. 5 129. 1 132.9 135. 4 137.8 138.4 138. 7 137. 6 137.2 137. 1 136.8 136. 8 137.2 139.0 138. 1 138.8 138.8 138.8 [1967=100, seasonally adjusted] Durable manufactures Primary metals Period Total 1967 proportion 6.67 1970 106.6 100. 2 1971 _ 1972 _ _ 112. 1 1973 126.7 1974— . 123. 1 1975 96.4 1976 109. 7 1977___ _ 111. 1 1978 119.9 121. 2 1979 123. 7 1979: Mar Apr 121.7 May_ _ 121. 0 June124.3 July. 127. 1 Aus 121.0 Sept 121. 7 Oct.. 118.0 117.2 Nov Dec,. 115. 4 1980: Jan.. 115. 9 F e b v* _ _ _ _ _ 112.4 Mar 109 6 Iron and steel 4.81 104.7 96. 1 107. 1 122. 3 119.8 95.8 104. 8 103.8 113.2 113. 2 116. 2 115.8 114.3 118. 1 119.0 112.0 115.0 108.2 108.0 106.6 107. 2 103. 9 Fabricated metal products Nonelectrical machinery Electrical machinery 5.98 102.4 103. 5 112. 1 124.7 124.2 109.9 123. 9 131. 0 141.6 148. 5 150.2 148. 8 150.3 149.3 149. 3 147.6 146.5 147.5 146. 9 146. 1 145. 1 145. 1 144.4 9. 15 104.4 100.2 116. 0 133.7 140. 1 125. 1 134. 5 143. 6 153.6 163. 6 164.0 161. 8 164. 3 164.5 165.3 166. 2 165. 1 162. 3 162.8 162.9 167. 1 166. 4 165.8 8.05 108. 1 107. 7 122.2 143. 1 143. 8 116. 5 134.8 145.4 159.4 175.0 174.2 170.6 174.7 175. 1 174. 4 171.7 176.7 177. 3 179.5 181. 2 182. 0 180.9 180.0 Source: Board of Governors of the Federal Eeserve System. 18 Nondurable manufactures Transport ati on equipment Total Motor vehicles and parts 9. 27 89.5 97.9 108.2 118.3 108.7 97.4 111. 1 122. 2 132. 5 135.3 143. 7 131. 6 141. 9 139.4 135. 5 124. 7 131.7 133.7 128. 2 125.9 122.5 127. 0 125.0 4*50 92.3 118. 6 135.8 148.8 128.2 111. 1 142. 0 161. 1 169. 9 160.0 179. 7 156. 0 176.3 169.6 160.2 138. 5 150. 6 150.6 139. 9 135.4 127.9 137.0 132.9 Lumber and products Apparel products Print- Cheming icals and and pubprodlishing ucts 1. 64 105.6 113. 8 120.8 126. 0 116. 2 107.6 123. 2 131.2 136.3 136.9 137. 7 137.2 136. 1 136.8 135.2 138. 0 138.6 138.7 136. 1 131. 7 130. 6 125.7 3.31 101.4 104. 7 109.4 117. 3 114. 3 107.6 125.7 134. 2 134.2 130.7 136. 5 130.8 128.2 132.0 129. 7 130. 1 131.2 128. 5 128.8 128. 3 126. 9 4. 72 107.0 107. 1 112.7 118. 2 118.2 113. 3 122.5 127.6 131. 5 136. 9 137.3 135.7 136. 8 136.9 135. 6 137. 7 137. 1 137.2 136. 2 137.8 138.9 140. 0 139. 7 7. 74 120. 4 125.9 143.6 154. 5 159.4 147. 2 170. 9 185.7 197.4 210.4 207.4 207.7 209.7 207. 8 210.5 213. 1 212.0 211.4 215. 1 216.5 216.8 216. 8 Foods 8.75 108.9 112. 8 116. 8 120. 9 124.0 123.4 133. 0 138.8 142. 7 147. 9 147.6 147.0 149.2 149. 5 149.4 148. 1 148.8 148.6 148. 3 148.9 150.7 151.3 NEW CONSTRUCTION Construction contracts1 Private Total new construction expenditures Period Residential Total Commercial and industrial New Total l housing units Federal, State, Other and local CommerTotal value cial and index industrial (1972= floor space 100) (millions of square feet) Billions of dollars 1973. _ 1974 1975 1976__ 1977 1978 1979 * .. 137.9 138. 5 134.5 151, 1 174.0 206.2 226.9 105.4 100.2 93. 7 111.9 135.8 160.4 178.2 59.7 50.4 46.5 60.5 81.0 93.4 97.6 50. 1 40.6 34.4 47.3 65.7 75.8 77.2 21. 7 23.8 20. 8 19. 9 22.5 29.6 38.7 24.0 25.9 26.4 31. 5 32.4 37.4 41.9 32.5 38.3 40.9 39. 1 38. 2 45.8 48.7 39. 2 40.0 40.7 41.7 41. 9 42. 8 43.5 43. 2 44. 6 42. 8 43. 8 44. 6 43.6 41.6 44. 0 44.5 48.4 46.0 51.0 49.7 50.9 52.8 51.9 52. 1 59.4 55.2 Seasonally adjusted annual rates 1979: Feb Mar__ Apr May-_ June July _ Aug__ __ Sept Oct Nov Dec * 1980: Jan" Feb* 210.9 216.7 216.4 223.4 224. 3 230. 9 230. 1 232. 9 238. 7 237.7 242.0 250.0 242.1 169.3 172.7 171.9 175.0 178. 3 180.0 180.5 182. 0 185.9 185.8 189. 9 190.6 186.9 97.8 96.5 95.7 95.2 96. 9 96. 9 97.4 99. 4 100.7 101. 1 102. 0 99. 7 97.8 77.2 75.9 76.0 75.7 77.7 77. 7 78.3 79. 1 78.3 77.8 78. 8 77.7 75.8 1 Includes nonhousekeeping residential construction and additions and alterations, not shown separately. 3 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space. 32.4 36.2 35.5 38. 1 39.5 40.3 39.6 39.4 41,7 41.9 44. 1 46. 3 45.5 109.2 103.0 101.9 121.0 153.6 173. 1 182.9 1,010 840 555 592 739 977 1,050 Seasonally Seasonally adjusted adjusted annual rates 231 1,266 200 1,233 202 1,123 178 1,045 177 1,009 181 1, 062 163 1,006 185 1, 106 171 1, 118 156 1,010 183 969 190 1,253 171 1,026 NOTE.—New construction expenditures data prior to 1973 not comparable with later data. Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill Information Systems Company, F. W. Dodge Division. NEW PRIVATE HOUSING AND VACANCY RATES [Thousands of units or homes, except as noted] New private housing units Units started, by type of structure Period 1972 1973 1974 1975.-. 1976 1977 19781979 _ _ Total 1 unit 2, 356. 6 2, 045. 3 1, 337. 7 1, 160. 4 1, 537. 5 1, 987. 1 2, 020. 3 1, 745. 1 1, 309. 2 1, 132. 0 888. 1 892. 2 1, 162. 4 1, 450. 9 1, 433. 3 1, 194. 1 2-4 units 141.3 118.3 68. 1 64. 0 85.9 121. 7 125.0 122.0 5 or more units 906.2 795.0 381.6 204.3 289. 2 414.4 462.0 429.0 New private homes Units authorized 2, 218. 9 1, 819. 5 1, 074. 4 939. 2 1, 296. 2 1, 690. 0 1, 800. 5 1, 537. 3 Units completed Homes sold Homes for sale at end of 1 period Vacancy rate for rental housing units (percent)2 2, 003. 9 2, 100. 5 1,728.5 1, 317. 2 1, 377. 2 1, 657. 1 1, 867. 5 1, 870. 8 718 634 519 549 646 819 817 713 409 418 346 313 353 402 414 3 399 5.6 5.8 6.2 6.0 5.6 5.2 5.0 5.0 1,935 1, 964 2,007 1,837 1,776 1,747 1,963 1,819 1,831 1,880 1, 785 1, 748 761 730 713 698 768 738 716 674 617 566 588 532 3 4.8 Seasonally adjusted annual rates 1979: Mar_ _ _ Apr. _ May JuneJuly Aug Sept.. Oct Nov Dec _ 1980: Jan * Feb » Mar p___ 1 Seasonally adjusted. 3 1 Quarterly data entered 1,800 1, 750 1,801 1,910 1, 764 1,788 1,874 1,710 1,522 1,548 1,419 1,332 1.041 1,275 1,273 1,229 1,276 1, 222 1,237 1,237 1, 139 980 1,055 1,002 789 606 in last month of quarter. New series beginning March 1979. 119 113 120 123 130 152 123 129 114 110 127 100 90 406 364 452 511 412 399 514 442 428 383 290 443 345 1,621 1, 517 1, 618 1,639 1, 528 1,654 1,775 1,542 1, 263 1,244 1,264 1, 142 941 423 423 430 418 416 414 412 407 399 399 398 387 5.0 5.2 5.0 NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for 1972-77 are for 14,000 places and for 1971, for 13,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE Business sales fell 1A percent in February while inventories increased $3.3 billion. According to the advance survey, retail sales fell 1% percent in March following a decrease of 1% percent in February. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 140 130 120 110 RETAIL INVENTORIES 100 90 80 RETAIL SALES 70 60 50 200 40 1976 1977 150 - 1980 1979 1978 RATIO* I.8U ___ INVENTORY-SALES RATIO _ 1.70 1.60 TOTAL BUSINESS 1.50 1.40 ,u,,,,,iO>, pfffc^-*a^ V ^"* t»««i«««»^* F^it''i"'r"TM'iL"**<1 RETAIL 1.30 100 1.20 1976 1980 1 1 1 11 hi 1976 Ml 1 1 M 1 I I1 1 1 1 MM i h i m 1 11 11111111 1 1 I1 i I I 1 I 1 1 1977 1978 1979 1980 * SEASONALLY ADJUSTED _SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS Total business l Retail Wholesale Sales Period Sales 2 Inventories 3 Sales 2 Inventories 3 Total 2 Inventories NonDurable durable goods goods stores stores Total DurNonable durable goods goods stores stores Inventory-sales ratio 4 Total business ] Retail Millions of dollars, seasonally adjusted 1972 1973 1974 1975 1976 1977 1978. _ _ _ _ 1979 1979: Feb Mar Apr May June July. Aug _ Sept __ Get Nov Dec. 1980: Jan. Feb * _ Mar v_ ___ 1 2 3 4 130, 049 152, 237 175, 741 180, 263 202, 001 224, 786 254, 297 288, 449 275, 088 285, 205 276, 134 286, 918 283, 682 289, 629 292, 991 296, 362 298, 623 298, 969 302, 481 312, 562 310, 713 203, 161 234, 162 285, 518 285, 035 310,736 337, 190 380, 351 426, 637 389,135 392,467 398,310 402,149 407,117 414,021 417,792 418,664 423,011 425,866 426,637 431, 523 434? 831 29, 584 36, 822 45, 836 44, 633 48, 408 53, 509 62, 842 73, 611 67, 860 70, 657 70, 402 72, 338 72, 629 74, 778 75, 588 76, 495 77, 489 78, 407 78, 947 81, 178 79, 698 39, 786 46, 254 56, 537 55, 113 61, 307 67, 998 80, 771 89, 920 82, 700 83, 558 84, 632 84, 904 85, 406 87, 662 88, 474 88, 499 89, 146 89, 324 89, 920 91, 085 91, 352 37, 422 42, 461 45, 083 49, 013 54, 784 60, 435 66, 741 73, 837 71, 266 72, 045 71, 606 72, 292 72, 093 73, 121 74, 871 76, 666 75, 583 76, 421 77, 150 79, 464 78, 209 77, 223 The term "business" also includes manufacturing (see page 21), Monthly average for year and total for month. Book value, end of period, seasonally adjusted. 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 12, 369 14. 409 14, 118 15, 247 18, 150 20, 724 23, 458 25, 680 25, 367 25, 705 25, 129 25, 319 24, 718 25, 247 26, 137 27, 048 25, 656 25, 679 25, 943 27, 268 26, 584 25, 556 25, 054 28, 052 30, 965 33, 766 36, 633 39, 711 43, 283 48, 158 45, 899 46, 340 46, 477 46, 973 47, 375 47, 874 48, 734 49, 618 49, 927 50, 742 51, 207 52, 196 51, 625 51, 667 55, 079 24, 238 63, 237 28, 418 71, 067 32, 861 71, 744 33, 356 79, 273 37, 841 89, 210 42, 970 101, 538 50, 100 108, 862 53, 087 102,793 51, 320 103,320 51, 648 104,500 52, 423 106,160 53, 611 107,372 54, 413 109,799 55, 829 110,181 55, 876 108,748 54, 068 110,415 54, 523 110,383 54, 415 108,862 53, 087 108, 436 52, 130 108, 634 52, 299 30, 841 34, 819 38, 206 38, 388 41, 432 46, 240 51, 438 55, 775 51,473 51,672 52,077 52,549 52,959 53,970 54,305 54,680 55,892 55,968 55,775 56, 306 56, 335 1. 50 1.43 1.47 1.58 1.48 1. 45 1. 41 1.41 1. 41 1. 38 1. 44 1. 40 1. 44 1.43 1. 43 1. 41 1.42 1. 43 1.41 1. 38 1. 40 1. 40 1.40 1.48 1. 44 1.38 1.39 1.43 1.45 1. 44 1. 43 1. 46 1. 47 1. 49 1.50 1. 47 1.42 1. 46 1. 44 1.41 1.36 1.39 NOTE.—Total and retail inventories revised for 1979. Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS Manufacturers' shipments and inventories rose in February, while new orders declined. According to advance data, durable goods shipments and new orders fell in March. BILLIONS OF DOLLARS* (RATIO SCALE) 180 160 — SHIPME NTS TOTAL ^-^ 140 \^ .—' V "~ 120 100 ^x*| ^*- c ~ - KX-" „ ~" DURABLE GO DOS \ , 80 -«'-*~'~^'~' - NONDURA JLE GOODS 40 - \ DURABLE GC ODS - - 80 — - *"* - -"-• \ NONDUR/ kBLE GOODS - ,,,,,!,,,,, , ,,,iI - 40 5-NEW OFDnCDC '"•" TOTAL 140 .x^V-^-X 1 1 1 1 1 1 1 1 1 1 1 i i i i i Ii i i ii i i ii i Ii i i ii \ ^ Js__^X^ 120 - ^—^~ 100 80 _ "~ ,.... ,--"" - 60 i ii i i !iiiii ISU 160 160 100 ;::~::.— -"~""\ x TOTAL ^-~~^^~ \^^~-——• ————'— r— —-*""""] 200 120 ..S^""~ ,-'" — ' 60 BILLIONS OF DOLLARS * (RATIO SCALE) 280 240 - INVENTORIES DURABLE C OODS ^ \ - _,, - - NONDURABl E GOODS 40 i,,,,, I ,,,,,! 1977 1978 INVENTORY-SHIPMENTS RATIO 2.0 - 1.6 ^^ ~^^"^""""\j 1.2 1979 11111111111 1980 "^^V^ i i i 1 1 I1 1 i ii i i i i i Ii i i i i I 1 1 i 1 I I 1 1 11 i i i i i 1 1 i i 1 1 1976 1977 1978 * SEASON ALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE 72, 954 84, 821 86, 617 98, 810 110,842 124, 714 141, 000 39, 703 44, 253 43, 678 50, 697 58, 010 66, 505 73, 981 33, 251 40, 568 42, 939 48, 113 52, 832 58, 210 67, 019 1979: Mar__ 142, 503 134, 126 Apr May__ 142, 288 June _ _ 138,960 July... 141, 730 Aug___ 142, 532 Sept__ 143, 201 Oct.... 145, 551 Nov 144, 141 Dec— 146, 384 76, 855 70, 996 75, 698 72, 629 73, 585 74, 416 74, 012 75, 570 73, 657 74, 118 65, 648 63, 130 66, 590 66, 331 68, 145 68, 116 69, 189 69, 981 70, 484 72, 266 205, 589 209, 178 211, 085 214, 339 216, 560 219, 137 221, 417 223, 450 226, 159 227, 855 1980: Jan___ 151, 920 Feb___ 152, 806 Mar 77, 817 79, 203 77, 273 74, 103 232, 002 153, 799 73, 603 234, 845 155, 279 1973 1974 _ 1975 __ 1976 1977 1978 1979. NonDurable durable goods goods 135, 137, 139, 141, 143, 144, 145, 148, 150, 151, 278 903 502 700 369 966 927 042 332 376 1 Monthly average for year and total for month. Shipments are the same as sales. 2 Book value, end of period. * End of period. « For annual periods, ratio of weighted average inventories to average monthly 1980 Manufacturers' new orders l Durable goods Capital Nongoods Durable Total Total indusgoods durable Total goods tries, nondefense Millions of dollars, seasonally adjusted 124, 672 81, 426 43, 245 76, 183 42, 853 11, 089 157, 915 101, 866 56, 048 87, 157 46, 740 12, 737 158, 178 101, 766 56, 412 85, 082 41, 957 10, 772 170, 156 109, 095 61, 061 99, 184 51, 047 12, 501 179, 981 115, 552 64, 430 112, 451 59, 562 15, 084 198, 041 129, 226 68, 816 128, 488 70, 145 18, 308 227, 855 151, 376 76, 479 144, 335 77, 215 21, 643 Total 1979 COUNCIL OF ECONOMIC ADVISERS Manufacturers' shipments 1 Manufacturers' inventories2 Period 1980 1979 RAT O* 2.2 1.4 1976 i iiii Ii 1 11i 1978 1.8 "" *~'~ —• 1977 .-. •^~*"~": 60 ^ 1976 70, 311 71, 275 71, 583 72, 639 73, 191 74, 171 75, 490 75, 408 75, 827 76, 479 148, 139, 143, 142, 140, 142, 147, 146, 146, 149, 586 332 594 269 508 664 154 640 569 758 83, 088 76, 099 77, 027 75, 820 72, 545 74, 029 77, 560 76, 663 75, 417 77, 751 78, 203 156, 131 82, 033 79, 566 155, 424 81, 877 79, 255 ManufacNon- turers1 durable unfilled goods orders3 Manufacinventory— shipments ratio * 33, 330 40, 417 43, 125 48, 137 52, 889 58, 343 67, 120 159, 468 187, 574 169, 126 173, 646 193, 150 238, 652 278, 846 1. 58 1. 65 1.83 1. 66 1. 59 1. 52 1. 52 65, 498 63, 233 66, 567 66, 449 67, 963 68, 635 69, 594 69, 977 71, 152 72, 007 259, 267 264, 479 265, 782 269, 086 267, 863 267, 994 271, 946 273, 047 275, 471 278, 846 1.44 1. 56 1.48 1.54 1.53 1.54 1.55 1.54 1.57 1.56 23, 865 74, 098 283, 057 22, 087 73, 547 285, 673 23, 337 1.53 1.54 23, 978 20, 767 20, 965 21, 753 20, 232 20, 737 21, 815 20, 999 21, 419 22, 860 shipments; for monthly data, ratio of inventories at end of month to shipments for month. Source: Department of Commerce, Bureau of the Census. 21 PRODUCER PRICES PRICES In March the producer price index for all finished goods rose 1.4 percent, seasonally adjusted. Prices of finished consumer foods rose 1.1 percent and prices of other finished consumer goods rose 1.9 percent. Prices of capital equipment increased 0.8 percent. INDEX, 1967=100 (RATIO SCALE) INDEX, 1967=100 (RATIO SCALE) 260 140 120 120 100 100 1980 1972 SOURCE: DEPARTMENT OF LABOR COUNCIL OF ECONOMIC ADVISERS [1967 = 100; monthly data seasonally adjusted] Finished goods Intermediate materials Total consumer Foods Capifinished Total and l Other tal feeds equip- goods ment 119. 5 116. 6 118.7 118.5 118. 9 123.5 129.2 131.6 168.4 128. 1 141.0 149.3 162. 9 200. 2 159. 5 162. 5 163.6 180.0 195.3 178.6 173. 2 169. 0 189.3 186.6 189. 5 184. 5 178.9 201. 7 191.0 202.4 199. 1 192. 6 215.5 201. 0 216.4 216.6 215.5 242. 7 223.2 243.8 211.6 208.4 231.6 216.5 232. 5 214.0 209. 7 235.0 216.7 236.2 215.0 210.8 237.3 217.0 238.6 216.4 212. 0 239.7 218.0 241.0 218.2 214. 8 243. 6 227.2 244. 6 217.9 218.3 247. 1 229. 3 248.2 219. 5 222. 2 250.7 230.4 251. 9 221.4 224.8 255. 0 231.2 256.5 222.9 227. 9 257.3 230.5 258.9 224. 5 229.6 259.9 231. 2 261.7 228. 2 233. 2 267. 1 224.9 269. 6 229.8 237. 3 272.0 237. 3 274.2 231. 6 241.2 273.4 230. 1 276. 0 Finished goods excluding consumer foods Total Confinished sumer goods foods Total Period 1972 1973 1974. _ 1975--1976 1977 1978. _ 1979 __ 1979: Mar. Apr May. _ _ June. July. _ Aug_ Sept___ Oct Nov Dec 1980: Jan Feb_ _ Mar 117.2 127.9 147.5 163.4 170.3 180.6 194.6 215.9 209.4 211. 1 212. 1 213.4 215.9 218.3 221. 5 223.9 226. 6 228. 3 231.9 235.3 238. 6 121.7 146.4 166.9 181.0 180.2 189. 1 206.7 226. 3 226.7 225. 8 223. 5 221. 3 222. 8 226. 2 229.3 229. 1 233.5 233.9 232.0 230.9 233.4 115.4 120. 1 139.3 156.2 165.5 176.2 188. 9 210.6 202. 0 204. 4 206.5 208. 8 211.6 213.7 216. 9 220. 1 222. 2 224. 2 229. 6 234.3 237. 8 Consumer goods Total Durable Nondurable 113.4 118. 5 138.6 153. 1 161. 8 172. 1 183. 7 208. 1 197.3 199. 7 202.4 205.3 208.7 212. 3 216.4 220. 4 222. 9 225.2 231.5 238. 2 242. 7 113. 2 115.8 126.3 138.2 144.4 152.2 165.8 181. 5 177.0 178.4 179. 5 180.6 182.0 182.0 184. 7 187.7 189.4 191.0 197. 2 200.7 199.9 113.6 120.5 146. 8 163.0 173.3 185.4 195.4 225.8 210.6 213.7 217.5 221. 7 226. 6 232.7 237. 8 242.6 245. 5 248. 3 254. 7 263.5 271.9 i Intermediate materials for food manufacturing and manufactured animal feeds. 22 Crude materials Foodstuffs Total and Other feedstuffs 127.6 127.5 128.0 174.0 180. 0 162.5 196. 1 189.4 208.9 196. 9 191.8 206.9 205. 1 190. 1 233. 6 214. 3 190. 9 258.4 240. 1 215.3 286.7 282. 2 247. 1 348.3 274.2 245.7 328.0 273. 2 244.6 327. 1 275. 1 242.8 336.0 278.4 242.9 345. 5 284. 6 250. 1 349.7 285. 2 248.8 354.0 291.4 252. 3 365.4 294.5 252.6 373.7 298.4 255.2 380.2 302.2 255. 8 390.2 299.5 246. 0 401.0 307.4 251.3 413.8 300.7 244.4 407. 8 NOTE.—Data revised for November 1979. Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES In March, the consumer price index for all urban consumers rose 1.4 percent (also 1.4 percent seasonally adjusted). Food prices rose 1.0 percent (also 1.0 percent seasonally adjusted). Nonfood commodity prices rose 1.4 percent (1.3 percent seasonally adjusted) and services prices were up 1.8 percent (1.9 percent seasonally adjusted). INDEX, 1967=100 (RATIO SCALE) 260 INDEX, 1967= 100 (RATIO SCALE) 140 140 120 120 100 100, 1972 1973 1974 1977 1976 1975 1979 1978 1980 SEE NOTE ON TABLE BELOW SOURCE: DEPARTMENT OF LABOR [1967=100] Period 1972 1973 1974 1975 1976 1977 1978 1979 . __ . All items Food Commodities less food 125. 3 133. 1 147. 7 161. 2 170. 5 181. 5 195. 4 217. 4 123. 5 141. 4 161. 7 175. 4 180. 8 192. 2 211. 4 234. 5 119. 4 123. 5 136. 6 149. 1 156. 6 165. 1 174. 7 195. 1 Services commodities All Food at home Food away from home 133. 3 139. 1 152. 1 166. 6 180. 4 194. 3 210. 9 234. 2 120. 9 129. 9 145. 5 158. 4 165. 2 174. 7 187. 1 208. 4 123. 5 141. 4 161. 7 175. 4 180. 8 192. 2 211. 4 234. 5 121. 6 141. 4 162. 4 175. 8 179. 5 190. 2 210. 2 232. 9 131. 1 141. 4 159.4 174. 3 186. 1 200. 3 218.4 242. 9 209. 1 211.5 214. 1 216. 6 218.9 221. 1 223.4 225.4 227.5 229.9 1980: Jan 233.2 Feb___ 236.4 Mar 239.8 230.4 232.3 234.3 235.4 236.9 236.3 237. 1 238.2 239. 1 241.7 243.8 244.9 247.3 185.9 188.9 191.6 194.7 197.0 199.5 201.8 203.4 205.4 207.2 210.4 213.8 216.7 225. 1 227.0 229.5 232. 1 234.7 237.6 240.7 243.6 246.2 249.3 253. 1 256.8 261.3 201.3 203.4 205.3 207.4 209.6 211.5 214.0 215.8 217.9 220.4 223.5 226. 1 228.8 NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier data related to urban wage earners and clerical workers. AU 119.4 123. 5 136. 6 149. 1 156. 6 165. 1 174. 7 195. 1 Services Durable Nondurable 118. 9 121. 9 130. 6 145. 5 154.3 163. 2 173. 9 191. 1 119. 8 124.8 140.9 151. 7 158. 3 166. 5 174. 3 198.7 133.3 139. 1 152.1 166. 6 180.4 194 3 210.9 234.2 185.8 187.3 188.5 190.0 191.5 193. 1 194.2 195.7 198.4 200.3 202.5 203.5 204.0 186.6 190.0 193.2 197. 2 201. 1 205. 2 208.6 210.3 212.0 215.0 221.8 228.4 233. 8 225.5 227. 5 230.2 232.6 235.1 237.7 240.5 243.5 246. 1 249. 5 252.9 256.8 261.6 Seasonally adjusted Unadjusted 1979: Mar... Apr May___ June... July... Aug. _ . Sept___ Oct_.__ Nov... Dec Commodities less food Food 230.6 232.0 233.5 234.2 235.3 235.5 237.9 239.8 241.4 244.8 229.9 231.0 232. 1 232.4 233.0 232.5 235.4 237.1 238.5 242.3 235.9 238. 0 240.4 242.2 244.3 246. 1 247.5 249.9 252.0 254.4 244.8 244.7 247. 1 241.8 240.9 243.5 256.9 258.6 260. 6 186.8 189. 1 191. 1 193.7 196.2 198.7 201. 2 202.9 205.1 207.3 211.5 215.2 217.9 Source: Department of Labor, Bureau of Labor Statistics, 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Period 1971 1972 1973 1974 1975 1976 1977 1978 1979 _ _ Percent change from 3 months earlier; seasonally adjusted annual rates Percent change from 6 months earlier; seasonally adjusted annual rates Consumer goods Consumer goods Consumer goods Total finished goods _ 1979: Mar_ _ _ _ Apr tMav " J ~- - - - - June July Aug Sept. Oct__ __ Nov Dec Percent change from preceding period; seasonally adjusted l _ 1980: Jan Feb Mar 3.2 3.8 11.8 18.3 6.6 3.3 6.6 9.2 12.5 Capita] Total finequipExclud- ment ished goods ing Foods foods 5.9 8.0 22. 5 13.0 5.5 -2.5 6.6 11. 9 7.5 2.0 2.0 7.4 20.5 6.7 4.9 6.1 8.4 17.8 Capital Total equipfinExclud- ment ished ing Foods goods foods Capital equipExclud- ment Foods ing foods 2.4 2.0 5.3 22.6 8.2 6.4 7.2 8.0 8.7 1.0 .8 .5 .6 1.2 1. 1 1,5 1. 1 1. 2 .8 1.3 -.4 -1.0 -1.0 .7 1.5 1.4 -. 1 1.9 .2 1. 1 1.2 1.4 1.4 1.7 1.7 1.9 1.8 1. 1 1.0 .6 1. 1 .5 .7 .8 -. 1 .7 .9 .7 .7 13.9 12.0 9.4 7.9 9.4 12.2 16. 1 15.7 16. 1 12.9 18.0 9.6 -.7 9. 2 -5.2 4.9 15.3 11.8 13.5 8.3 13.6 14.2 15.6 17.2 19.3 21.0 23.4 24.4 21.5 17.3 10.5 11.0 9.2 9.4 8. 1 5.5 5.9 6.0 9.5 9.4 12. 1 12. 3 11.8 10.8 10.7 10.8 11.9 12. 5 14. 1 14.5 16.3 11.5 8.7 3.5 1.9 2. 1 2.3 2.9 9. 1 11.7 11.8 13.4 14.9 15.4 16.7 18.3 20.3 21.8 21.3 20.3 9.2 11.1 9.9 9.9 9.5 7.4 7.6 7.0 7.5 7.6 1.6 1. 5 1.4 -.8 ~~ . o 1. 1 2.8 2. 9 1.9 1.6 .7 .8 15. 1 16.3 19. 3 5.2 -4.4 -. 9 21.7 30.4 34.9 12.9 13.0 13.3 15.4 16.2 16.0 8.4 4.2 3.6 23. 0 25. 9 25.8 9.4 11.2 11.3 Source: Department of Labor, Bureau of Labor Statistics. i Annual changes are from December to December (unadjusted). NOTE.—Based on revised data for November 1979. CHANGES IN CONSUMER PRICES Percent change from preceding period ; seasonally adjusted l Period All items Food 3. 4 3. 4 8. 8 12. 2 7. 0 4. 8 6. 8 9. 0 13. 3 4. 3 4. 7 20. 1 12. 2 6. 5 .6 8. 0 11. 8 10. 2 1979: Mar__ Apr May__ June_. July_. Aug___ Sept.. Oet___ Nov__ Dec__. 1.0 1.0 1.0 1.0 1.0 .6 .6 .3 .5 1980: Jan.__ Feb___ Mar___ 1.4 1.4 1.4 1971 1972 1973 1974 __ 1975 1976 1977 1978 1979 __. 1. 1 1.0 1.2 1.0 1.0 1.2 .1 Commodities less food 2. 3 2 5 5. 0 13. 2 Services 6.2 4. 1 3. 6 6. 2 11. 3 8. 1 7. 3 7. 9 9. 3 13. 7 1. 1 1. 2 1. 1 .8 .9 1.2 1.0 5. 1 4. 9 7. 7 14. 3 1.4 1. 3 1.3 1.3 .8 1.0 .8 .7 1.4 1. 1 1. 1 0 -.0 1.0 2.0 1.7 1.3 1. 1 1. 1 1.2 1. 2 1. 1 1.4 1.4 1.5 1. 9 Percent change from 3 months earlier; Percent change from 6 months earlier ; seasonally adjusted annual rates seasonally adjusted annual rates All items 13.0 13. 1 12.7 12.8 13.3 13. 1 13.8 13.4 13. 5 13.7 16.0 12.4 15. 6 17.2 18. 1 8.6 1 Annual changes are from December to December (unadjusted). NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier data relate to urban wage earners and clerical workers. 24 Food 9.2 6.4 5.8 3.5 6.5 7.9 10.4 12. 1 5. 6 3.8 Commodities less food Services All items Food Commodities less food Services 12.7 14. 5 14.6 15.6 15. 9 16.9 16.4 14.4 13.5 12.7 11.8 12. 1 12. 3 13.2 14. 0 13.7 14.3 15. 1 14.9 15.8 10.9 11. 1 12. 0 12.9 13.2 12. 9 13.3 13.4 13.3 13.8 13.8 12.9 12. 8 11. 1 9. 1 6.3 6.4 6.8 6.9 9.3 11.0 12. 1 12.7 14. 1 15.2 15.7 16.0 15. 1 15.2 14.5 11.0 12. 5 13. 1 13.0 13.7 14.6 14.3 15.1 18. 1 21.2 22. 1 16.4 18.6 20.9 14.5 15.3 15.9 8.2 8.0 7.9 16.2 17.3 17.3 15.7 16.7 18.3 Source: Department of Labor, Bureau of Labor Statistics. 9.5 9.4 PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 1% percent in March and prices paid by farmers rose slightly over 1 percent in the month ended March 15. INDEX, 1967=100 (RATIO SCALE) 320 300 320 300 280 280 260 260 240 240 PRICES RECEIVED (ALL FARM PRODUCTS) 220 220 200 200 180 180 PRICES PAID (ALL ITEMS, INTEREST, TAXES, AND WAGE RATES) 160 160 140 140 120 120 100 I i i i i i I i i i i i I i i i i i I i i i i i I i i i n h i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i M i I i i i i i I 100 RATIO 1972 1976 1980 1978 1977 J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14-100 BASE. SOURCE: DEPARTMENT OF AGRICULTURE COUNCIL OF ECONOMIC ADVISERS Prices paid by farmers All items, ProducLivestock interest, Family living tion and taxes, and items items products wage rates Index, 1967=100 Prices received by farmers Period All farm products Crops 1972 1973 1974 1975 1976 1977 1978 1979 125 179 192 185 186 183 210 241 114 175 224 201 197 192 203 223 136 183 165 172 177 175 217 257 125 144 164 180 192 202 219 250 (33) () (3) 1979: Mar Apr May June July j Aug Sept Oct Nov Dec 246 244 246 244 244 237 241 236 238 238 215 212 221 234 239 235 226 224 223 219 274 272 269 255 250 239 255 248 251 256 244 247 249 249 252 251 255 257 257 260 236 238 234 220 220 217 252 255 251 269 271 274 1980: Jan Feb Mar__ _ i«i£S?entage ratioWofage index of prices received by fanners to index of prices paid, JoS*'*£55 A - rj£es °S 1910^4=100 base. farm adjusted panty ratl° reflects Government payments made directly to Parity ratio l Actual Adjusted s 121 146 166 182 193 200 217 248 74 91 86 76 71 66 70 71 79 94 87 76 72 68 72 72 (33) () (33) (3) (3) () (33) ( 3) () (3) 244 247 248 248 251 249 254 256 256 258 74 73 73 72 71 69 70 68 68 67 75 73 74 73 72 70 70 68 69 68 (3) (33) () 263 266 269 65 65 63 66 65 64 123 133 151 166 176 3 index discontinued. Consumer price index (Department of Labor) substituted in calculating total prices paid beginning January 1977. Source: Department of Agriculture. 28 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK MEASURES AND LIQUID ASSETS The narrower monetary aggregates declined in March. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 2,200 200 1980 1973 * SEASONALLY ADJUSTED SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM COUNCIL OF ECONOMIC ADVISERS [Averages of daily figures; billions of dollars, seasonally adjusted] Ml-A Period Currency plus demand deposits 1973: 1974: 1975: 1976: 1977: 1978: 1979: 1979: Dec DeeDec Dec Dec Dec__ Dec. Mar _ _ Apr May__ June July Aug Sept Oct Nov Dee___ 1980: Jan Feb__ Mar v___ _ _ __ 264. 1 275.3 287,9 305.0 328. 4 351. 6 371. 5 351.9 356. 2 356. 1 360.3 363.2 365. 4 367.5 368.0 369.6 371.5 372.6 376.4 375.4 Ml-B M2 Ml-B plus overnight RPs and Ml-A plus Eurodollars, other MMMF checkable shares, and deposits at savings and banks and small time thrift deposits at institutions commercial banks and thrift institutions l 264.4 275.7 289.0 307.7 332.5 359. 9 387.7 363. 9 369.7 369.5 374. 3 378.0 380.7 383. 2 383.9 385.3 387.7 389.0 392.9 392,3 858. 1 906. 2 1, 022. 4 1, 166. 7 1, 294. 1 1, 400. 8 1, 524. 2 1, 425. 4 1, 440. 2 1, 448. 3 1, 464. 5 1, 476. 4 1, 489. 5 1, 499. 7 1, 507. 2 1, 514. 5 1, 524. 2 1, 532. 8 1, 546. 2 1, 550. 3 1 Total M2 excludes demand deposits held by thrift institutions at commerical banks, not shown separately in components. 2 Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate. 26 M3 M2 plus large time deposits and term RPs at commercial banks and thrift institutions 976. 1 1, 058. 6 1, 161. 0 1, 299. 7 1, 460. 3 1, 622. 2 1, 773. 6 1, 652. 6 1, 666. 5 1, 674. 9 1, 689. 5 1, 702. 9 1, 719. 3 1, 738. 2 1, 751. 8 1, 762. 6 1, 773. 6 1, 785. 3 1, 803. 9 1, 809. 4 Percent change 2 L M3 plus other liquid Ml-A Ml-B assets 1, 137. 2 1, 242. 8 1, 369. 6 1, 523. 5 1, 715. 5 1, 926. 3 2, 139. 0 1, 976. 0 1, 998. 1 2, 016. 7 2, 043. 0 2, 057. 2 2, 074. 6 2, 102. 7 23 114. 8 2, 123. 7 2, 139. 0 2, 153. 9 2, 177. 7 5.4 4.2 4.6 5.9 7.7 7. 1 5.7 1.8 4.0 3. 1 5.0 7.6 9.0 9. 1 6.7 7.7 6. 3 5.2 6. 1 4.3 5.5 4.3 4. 8 6.5 8. 1 8.2 7.7 5.8 8.8 6. 9 8.2 10. 3 11. 4 10.9 7.8 8.7 7.3 5.9 6. 5 4.8 M2 M3 7.0 5. 6 12.8 14. 1 10.9 8.2 8.8 7.8 8.3 7.8 19. 3 10. 2 11.2 10.7 9.5 9.4 8. 3 7. 8 7.8 6.9 11.2 8.5 9.7 11.9 12.4 11. 1 9.3 9.5 9.6 7.7 8.5 12. 8 9.9 10.6 10. 5 10.7 10. 2 9. 9 10. 1 8.4 NOTE.—See page 27 for components. See Federal Reserve Bulletin, February 1980, for details on series Source: Board of Governors of the Federal Reserve System. COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted] Overnight Small Money Over- market SavdeDe- Other repurchase night mutual ings nomiCur- mand check- agreeEuroable nation defund Period rency dedollars shares posits time posits deposits ments (RPs) defn&i-\ ^neu/ posits 1 NSA Dec: 1973_ 1974_ 197519761977. 19781979- 0.3 .4 NSA NSA NSA 6.8 7.2 0. 0 .0 .0 .0 61. 6 67.8 73. 8 80.7 88.7 97. 6 106. 1 202.5 207. 4 214. 1 224. 4 239.7 253.9 265. 4 16. 2 7. 5 13.6 17.6 21. 3 20.6 1979: Mar_ 99.6 Apr__ 100.2 May_ 100. 8 June. 101.7 July- 102. 6 Aug__ 103.7 Sept_ 104. 8 Oct__ 105. 4 Nov_ 105.9 Dec_. 106. 1 252. 3 256.0 255.2 258. 5 260.6 261. 7 262.7 262. 7 263. 7 265.4 12. 0 13.5 13. 4 14. 1 14.8 15.3 15.7 15. 8 15.7 16. 2 22. 0 22. 4 23.5 23. 1 22. 0 21.9 22. 6 22. 2 20. 3 20. 6 2.8 2.8 2.8 1980: Jan 107. 3 265.3 Feb__ 108.2 268. 1 Mar 108. 9 266. 5 16.5 16.5 16. 9 20. 7 21.5 19. 5 4.2 1. 1 2.7 4. 1 8.3 Large denomination time deposits 1 1.0 2.0 3.5 2. 9 3.0 3.3 3. 5 3.4 3. 2 3.5 3. 3 3.2 0. 1 322.2 2. 3 333.9 3.6 383.9 3.4 447. 7 3.8 486. 5 10.3 476.0 43.6 417. 7 266.4 288. 9 340.4 396. 6 454. 9 533.8 653.8 110.9 144. 0 129.6 118. 0 145. 2 194.7 219. 1 456. 9 452.6 448. 9 450. 2 451.0 450.3 445. 3 435.9 422. 2 417.7 565.6 576. 3 584.5 592. 0 597.0 604. 6 614.2 627.5 645. 8 653.8 49. 1 412.9 56.7 405. 1 60. 5 394. 5 659.5 669. 3 683. 0 16.8 19.2 21. 8 24. 6 28.0 31. 2 33. 7 36.9 40. 4 43. 6 1 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. NOTE.—NSA indicates data are not seasonally adjusted. Term Shortrepur- Term term chase Euro- Sav- TreasBank- Comagree- dollars ings ury ers' merments (net) bonds secuaccept- cial (RPs) rities ances paper NSA NSA 7. 1 8. 4 4. 4 15.0 21. 0 26.7 30. 3 7. 9 10.3 13. 7 22.8 31.6 60. 4 63.2 67.3 71. 8 76.6 80.7 80. 0 49.8 53.4 76. 8 80.7 89. 5 98.7 127.6 8.5 9.0 12.3 22. 6 28. 8 41.9 50. 1 48. 1 51.8 63. 1 79.4 97. 3 200. 0 198.4 197.3 195. 4 197.4 200.4 207. 4 213.6 218. 3 219. 1 27. 2 27.9 29. 3 29. 5 29.0 29. 5 31. 1 31.0 29. 7 30.3 28. 4 29. 1 29.6 29. 9 31.3 33.8 33. 6 33.5 34.0 31. 6 80. 5 80.6 80. 6 80.4 80.0 80. 0 80.6 82.2 80. 3 80.0 108. 2 114. 2 122. 3 131. 2 128.7 122. 8 128.0 123.8 122. 3 127. 6 21. 3 21. 1 21. 0 21.5 22. 6 25. 0 26.6 27. 2 28.6 28.8 85. 0 86. 6 88.2 90. 4 91.8 93. 6 95.7 96.4 96. 0 97.3 222.2 228. 1 231. 5 30.3 29.6 27. 5 34. 2 37.7 79. 2 78. 1 127.8 131. 2 28.4 27.6 99.0 99. 3 9.0 6.7 4.7 10. 7 See also page 26. Source: Board of Governors of the Federal Reserve System. CONSUMER INSTALLMENT CREDIT [Millions of dollars; monthly data seasonally adjusted] Installment credit extended Period Total i 1972 1973 1974 1975 1976 1977 1978 1979 1979: Feb Mar__ Apr _ _ May June July Aug_ Sept Oct__ Nov Dec_ 1980: Jan _ Feb 1 Automobile Revolving Total * Automobile Revolving Net change in amount outstanding Total * Automobile Revolving 151, 749 173, 035 172, 765 180, 441 211, 028 254, 071 298, 351 322, 712 43, 702 49, 606 46, 514 52, 420 63, 743 75, 641 88, 987 91, 847 24, 659 28, 702 33, 213 36, 956 43, 934 86, 756 104, 587 120, 882 136, 787 152, 817 163, 276 172, 676 189, 381 218, 793 253, 541 287, 004 38, 081 43, 696 46, 019 49, 444 53, 278 60, 437 69, 430 79, 293 23, 485 26, 699 31, 243 35, 616 41, 764 80, 508 96, 811 112, 386 14, 962 20, 218 9,489 7, 765 21, 647 35, 278 44, 810 35, 708 5, 621 5,910 495 2, 976 10, 465 15, 204 19, 557 12, 554 1, 174 2,003 1,970 1, 340 2, 170 6, 248 7,776 8,496 26, 452 26, 533 27, 009 27, 901 26, 139 26, 848 27, 583 28, 634 27, 695 26, 464 25, 671 7,756 7, 794 7,999 8, 260 7, 178 7,447 7,667 8,430 7,676 7, 066 7, 131 9,357 9,714 9, 722 10, 039 10, 136 9, 856 10, 371 10, 699 10, 424 10, 613 10, 196 22, 889 22, 908 22, 904 24, 595 23, 581 24, 405 25, 137 24, 188 25, 509 24, 057 24, 322 6, 191 6,308 6, 612 7,035 6,488 6, 831 7,073 6,607 7, 189 6, 533 6,449 9, 040 8, 972 8, 804 9,290 9,340 9, 427 9,584 9, 642 9,760 9,814 9, 764 3,563 3, 625 4, 105 3, 306 2, 558 2,443 2,446 4, 446 2, 186 2,407 1, 349 1,565 1,486 1, 387 1, 225 690 616 594 1, 823 487 533 682 317 742 918 749 796 429 787 1,057 664 799 432 26, 702 27, 348 7,780 7,861 10, 475 10, 458 25, 330 24, 438 6,808 6, 456 10, 186 9,883 1,372 2, 910 972 1, 405 289 575 Includes "mobile home" and "other," not shown separately. Installment credit liquidated Source: Board of Governors of the Federal Reserve System. 9.7 BANK LOANS, INVESTMENTS, AND RESERVES Bank loan growth slowed markedly in March, after two months of rapid expansion. BILLIONS OF DOLLARS* (RATIO SCALE) 1,400 BILLIONS OF DOLLARS* (RATIO SCALE) 1,400 1,200 ALL COMMERCIAL BANKS 1,200 1,000 1,000 800 800 600 600 AND LEASES 400 400 200 180 160 200 180 160 INVESTMENT IN OTHER SECURITIES 140 140 120 120 INVESTMENT IN -U.S. TREASURY SECURITIES 100 100 80 80 60 60 40 40 1972 1973 1974 1977 1976 1975 1978 1979 1980 * SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total loans and investments Period COUNCIL OF ECONOMIC ADVISERS [Billions of dollars, seasonally adjusted, except as noted] All member banks 3 All commercial banks l Borrowings (millions of dollars, Reserves Investments Loans and leases unadjusted) CommerOther U.S. SeaNonRecial and Total Total secuTreasury Total 2 industrial borrowed quired sonal rities securities loans 1973: Dec 647. 8 1974: Dec 713.6 1975: Dec _ 744. 6 1976: Dec_ _ . _ 804.3 1977: Dec 891. 1 1978: Dec 1, 014. 3 1979: Dec_ 1, 132. 5 460.3 519. 9 516.9 554.8 632. 1 747.8 847.2 165. 6 197.3 189.8 191.2 211.2 246. 5 290.5 58.7 53.7 82. 1 100.6 99.5 93. 4 93.8 128.8 140.0 145. 7 149.0 159. 6 173. 1 191.5 34.98 36.66 34.67 34. 90 36. 00 41. 16 43.51 33.68 35.94 34.54 34. 85 35.43 40.29 42.03 34.68 36.41 34. 40 34.63 35. 81 40.93 43. 11 1,298 703 127 62 558 874 1,454 41 32 13 12 54 134 81 1979: Mar Apr May_ __ June July A Aug__ Sept ___ 1, 048. 9 1, 061. 0 1, 068. 8 1, 080. 0 1, 092. 2 1, 102. 8 1, 122. 8 1, 129. 1 1, 128. 6 _ 1, 132. 5 775.7 786.6 793.3 803. 1 813.4 823.3 840.0 845.0 843.8 847.2 259.8 263.3 266.8 270.4 275.5 279.9 285.9 288.6 288.3 290.5 93. 9 94.0 94. 1 94. 8 95.3 94. 1 95.2 95.3 94.3 93.8 179. 3 180.4 181.4 182. 1 183.5 185.4 187.6 188.8 190.5 191.5 40. 75 40.70 40.67 40.53 40.78 41. 11 41.43 42. 19 43.07 43. 51 39.76 39. 78 38.90 39.11 39.61 40. 03 40.09 40. 17 41. 16 42.03 40.59 40.52 40.53 40.31 40.57 40.89 41.24 41.92 42.83 43. 11 999 897 1,777 1,396 1, 179 1,097 1, 344 2,022 1,908 1,454 121 134 173 188 168 177 169 161 141 81 1, 144. 8 1, 162. 7 1, 166. 1 858. 5 872. 7 875.6 295. 6 301. 1 303. 1 93.2 94.8 94.5 193. 1 195. 2 196.0 43. 51 43.40 43.74 42. 27 41.74 40.91 43. 16 43.20 43.48 1,264 1,660 2,828 74 95 152 J Oct Nov Dec _ 1980: Jan__ Feb Mar 4 1 Data are averages of Wednesday figures. »8 Excludes loans to commercial banks in the United States. Data are averages of daily figures. Member bank reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the effect of changes in Kegulations D and M. 28 4 Data for loans and investments are estimates. Source: Board of Governors of the Federal Reserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External Period 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 Total _ - _— 1978: I II III IV 1979: I II III IV - Internal i Credi * market I'unds Total Total Longterm Shortterm 6.5 3.3 Other Discrepancy (sources less uses) T%« Total Purchase of physical assets 2 crease in financial assets 80.3 86. 0 100.3 123.3 134. 7 99. 9 139.0 169.9 195. 9 223. 4 15. 6 33.5 45. 6 62. 3 44.4 33.2 44. 3 46. 9 78.3 100. 1 8. 5 8. 2 15. 8 14. 4 12. 2 16. 9 26.4 25. 5 21. 4 18 5 In- 104.4 127.8 161.6 200.0 191. 3 150.0 209. 7 242.3 295.7 342.0 58.9 68.6 80.8 83.8 75.7 106.8 125.3 139.9 148.8 159. 5 45.5 59.3 80.8 116.2 115.6 43.2 84.4 102.3 146.9 182. 5 40.7 45.2 58.2 73.0 82. 1 37.9 60. 7 79.9 94.7 113. 1 34.2 41.9 45.3 49.2 51. 6 44. 1 49. 1 53.0 61.5 71. 3 12.9 23.8 30. 6 -6.3 11. 6 26. 9 33.2 41. 8 23.8 22.4 52.2 69.4 5.3 95.9 119. 6 145.8 185.6 179.0 133.0 183.3 216.8 274.3 323. 5 259.6 297. 7 303. 5 322. 1 135.0 150.5 153.8 155.9 124.5 147.2 149.7 166.2 94.7 92. 7 90.4 101. 1 51.2 65.2 63. 1 66.5 43.5 27.5 27. 3 34. 6 29.8 54.5 59. 3 65. 1 232.5 281. 3 284.4 298. 9 177. 0 203.2 199. 9 203. 6 55. 0 78. 1 84. 4 95.2 27. 0 16. 4 19. 1 23.2 336.5 320.5 395.4 315.0 154.4 159.0 161.6 162.8 182. 1 161.5 233. 8 152.2 112. 1 126.8 129.4 83.2 66.4 76.8 75.4 66. 1 45.7 50. 0 54. 0 17. 1 70.0 34.7 104.4 69.0 324. 6 305. 3 369. 7 293. 7 214. 0 230. 7 228.8 220.0 110. 6 74. 6 140. 9 73.7 11. 9 15. 2 25. 7 21. 2 i Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits. * Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government. 4.9 14. 1 22.6 43. 1 33.4 Source: Board of Governors of the Federal Reserve System. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS [Billions of dollars, except as noted] Current liabilities Current assets End of period Total Cash Notes U.S. governand Invenment actories securi- counts ties receivable Other current assets Total Notes and accounts payable Other current liabilities Net working capital Current ratio » SEC series:2 492.3 1970 529. 6 1971-. 1972 599.3 1973 697. 8 1974_. 790.7 3 FTC-FRB series: 735.4 1974 1975 759. 0 826.3 1976— 1977— _ 900.9 1978 1, 028. 1 50.2 53.3 59.0 66.3 71. 1 7.7 11. 0 10.6 12.8 12.3 206. 1 221. 1 248.2 288.5 322. 1 193.3 200.4 225.7 263.9 313.6 35. 0 43.8 55.8 66.4 71.7 304.9 326. 0 375.6 450.9 530.4 211.3 220. 5 282.9 340.3 402. 3 93.6 105. 5 92.7 110. 7 128. 1 187.4 203.6 223.7 246.9 260.3 1.615 1. 625 1.595 1.548 1.491 73.2 82. 1 87.3 94.3 103.7 11. 1 19.0 23.6 18.7 17.8 265.8 272. 1 293.3 325.0 381. 9 319.5 315.9 342.9 375.6 428.3 65.9 69.9 79.2 87.3 96.3 453.4 451.6 492.7 546.8 661. 9 269. 8 264.2 282. 0 313. 7 375. 1 183.6 187.4 210. 6 233. 1 286.8 282. 0 307.4 333.6 354 1 366. 2 1. 622 1. 681 1.677 1.648 1.553 925.0 954.2 992.6 1, 028. 1 88.8 91. 3 91.7 103.7 18.6 17.3 16. 1 17.8 337.4 356.0 376.4 381.9 390. 5 399.3 415. 5 428.3 89.7 90.3 92. 9 96.3 574.2 593.5 626.0 661.9 325.2 338.0 356.2 375. 1 249. 0 255. 6 269. 7 286.8 350.7 360. 6 366.6 366.2 1. 611 1.608 1.586 1.553 1, 078. 6 1, 110. 6 1, 169. 6 102.4 100. 1 103.6 19.2 20.8 17.8 405.3 419. 0 448.9 452. 6 469.2 492.7 99. 1 101.5 106.7 701.6 723.9 773.7 392. 6 410.8 443. 1 309. 0 313.2 330.6 377.0 386.7 395.9 1. 537 1.534 1.512 1978: !___ II . III.- _ IV 1979: I __ II III * Total current assets divided by total current liabilities. * Based on data from Statistics of Income, Department of the Treasury. * Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Federal Trade Commission. NOTE.—SEC series not available after 1974. See Federal Reserve Bulletin, July 1978, for details regarding the series. Data revised beginning 1978. Sources: Board of Governors of the Federal Reserve System, Federal Trade Commission, and Securities and Exchange Commission. 29 INTEREST RATES AND BOND YIELDS Both short and long rates dropped sharply during April. PERCENT PER ANNUM 14 14 * MARCH 15.526 12 10 10 / /* CORPORATE Aaa BONDS (MOODY'S) v. x'A ** • "• DISCOUNT RATE FEDERAL RESERVE -^BANK OF ]" NEW YORK' TREASURY BILLS 1972 1973 1974 1976 1975 1977 1978 1979 1980 COUNCIL OF ECONOMIC ADVISERS SOURCE: SEE TABLE BELOW [Percent per annum] U.S. Treasury security yields Period 1974 1975 1976 1977 1978 1979 1979: MaiApr May June July Aug Sept _ _ Oct Nov Dec 1980 : Jan Feb Mar Apr Week ended: 1980: Mar 22 29 Apr 5 12 19 26"_1 2 3-month bills i Constant maturities 3-year 2 10-year High-grade Corporate Prime com- Discount mercial rate municipal Aaa (N.Y. paper, bonds bonds F.R. (Standard 4-6 Bank) 5 & Poor's) 3 (Moody's) months 4 7. 886 5.838 4. 989 5. 265 7.221 10. 041 9.457 9.493 9.579 9. 045 9. 262 9.450 10. 182 11. 472 11. 868 12. 071 12. 036 12. 814 15. 526 14. 003 7.82 7.49 6.77 6.69 8.29 9.71 9. 38 9.43 9. 42 8.95 8.94 9. 14 9. 69 10. 95 11. 18 10. 71 10. 88 12.84 14.05 7.56 7.99 7. 61 7.42 8.41 9.44 9. 12 9. 18 9. 25 8. 91 8.95 9.03 9. 33 10. 30 10.65 10.39 10. 80 12.41 12.75 6. 09 6. 89 6. 49 5. 56 5.90 6.39 6. 16 6. 14 6. 10 5.99 6.05 6. 10 6.40 6.98 7. 19 7. 09 7.21 8. 04 9. 09 8.57 8. 83 8.43 8. 02 8.73 9. 63 9.37 9. 38 9. 50 9.29 9. 20 9. 23 9. 44 10. 13 10. 76 10.74 11.09 12. 38 12. 96 9. 87 6. 33 5. 35 5. 60 7. 99 4 10. 91 9.96 9. 87 9. 98 9.71 9. 82 10. 39 11. 60 13.23 4 13. 26 12.80 12.66 13.60 16. 50 15. 053 16. 532 15. 037 14. 424 13. 818 12. 731 13.86 14.31 13. 64 12.91 11.81 11. 23 12.54 13.00 12. 62 12.05 11.25 10.91 9. 13 9. 38 9.37 8.99 7. 73 8. 01 12. 83 13. 00 12.95 12. 57 11.87 11.49 16.70 16.70 17.08 16.52 15. 24 13. 47 Bate on new issues within period. Yields on the more actively traded issues adjusted to constant maturities by3 the Treasury Department. Weekly data are Wednesday figures. 4 Beginning November 1, 1979, data are for 6 months paper. « Average effective rate for year; opening and closing rate for month and week. 30 6 7. 83 6. 25 5. 50 5. 46 7.46 10.28 Prime rate charged by banks 5 10. 81 7. 86 6. 84 6. 83 9.06 12. 67 9/2-9/2 11%-llii 10-10K 10^-11 11-12 12-12 12-12 12-12 12-13 13-13 13- 13-13 13-13 13-13 13 13 13-13 13 n%-ml 13/2-15 2 15*4-15/2 15K-15K 16J4-19H 19/2- Newhome mortgage yields (FHLBB) e 8.92 9. 01 8.99 9. 01 9. 54 10.77 10.30 10.36 10.47 10. 66 10. 78 11.01 11. 02 11.21 11.37 11. 64 11.87 11.93 12. 62 18/2-19 19-19/2 19/2-20 20-20 20-19/2 19/2- Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates. „ _ , fp T^wi-mi w f ih R?^^^^ Mo^dT's Investors and Standard & Poor's Corporation. COMMON STOCK PRICES AND YIELDS During April, stock prices recovered from lows reached at the end of March. INDEX, DEC 31,1965 =50 80 INDEX, DEC 31,1965 = COMPOSITE PRICE INDEX STOCK (NYSE) - 5 5 - 1972 1980 SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS Common stock 5 yields (percent) Common stock prices 1 Period New York Stock Exchange indexes (Dec. 31, 1965=50) * Composite Industrial Transportation Utility Finance Standard & Poor's Dowcomposite DividendJones price index industrial ratio 3 average (1941-43= 4 10) Earningsprice ratio 1974 1975 __ 1976 1977 1978_ 1979 43.84 45.73 54.46 53.69 53. 70 58. 32 48.08 50. 52 60.44 57.86 58.23 64. 76 31.89 31. 10 39.57 41.09 43.50 47.34 29.79 31. 50 36.97 40.92 39. 22 38.21 49.67 47. 14 52. 94 55.25 56.65 61. 42 759. 37 802. 49 974. 92 894. 63 820. 23 844. 40 82.85 86. 16 102. 01 98.20 96.02 103. 01 4.47 4.31 3. 77 4.62 5.28 5.45 11.59 9. 15 8.90 10.79 12.03 1979: Mar _ . Apr May__ June_ July Aug Sept. Oct... Nov Dec 1980: Jan Feb. Mar_ Week ended: 1980: Mar 22 29 Apr 5 12 19 _ 26*>___ 56. 19 57.50 56. 21 57.61 58.38 61. 19 61.89 59.27 59. 02 61. 75 63. 74 66. 06 59.52 61.89 63.63 62.21 63.57 64. 24 67.71 69. 17 66. 68 66.45 69.83 72. 67 76.42 68.71 43.22 45. 92 45. 60 47. 54 48.85 52. 48 52.21 48.09 47.61 50.59 52. 61 57. 92 51.77 38.94 38. 63 37.48 38.44 38. 88 39.26 38.39 36.58 36. 55 37.29 37. 08 36. 22 33.38 57.65 59. 50 58. 80 61.87 64.43 68.40 67.21 61.64 60.64 63. 21 64.22 61. 84 54.71 847. 84 864. 96 837. 41 838. 65 836. 95 873. 55 878. 50 840. 39 815. 78 836. 14 860. 74 878. 22 803. 56 100. 11 102. 07 99. 73 101. 73 102. 71 107. 36 108. 60 104. 47 103. 66 107. 78 110. 87 115. 34 104. 69 5.36 5. 35 5.58 5. 53 5.50 5.30 5. 31 5.56 5.71 5. 53 5.41 5. 24 5. 87 13. 09 58.70 56. 16 57.91 58. 13 57.82 58.71 67.61 64. 41 66.20 66. 11 65.34 66.34 50 60 47.88 49. 52 49. 45 48.25 47.91 33. 34 32.51 33.72 34.47 35.39 36. 12 54. 17 52. 61 55. 51 56.97 57. 10 57.90 793. 09 766. 60 785. 54 782. 46 774. 35 787. 78 103. 22 99.21 102. 28 102. 47 101. 72 103. 30 5.94 6. 31 6.06 6. 04 6. 14 6.05 1 Average of daily closing prices. 2 Includes all the stocks (more than 8 1,500) listed on the NYSE Includes 30 stocks. * Includes 500 stocks. « Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earnmes-nriefl ratins bnsori nn ™-i/**a „* «^^ ~* *.— 13.58 13. 38 NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standoff XT T>««».'o n^-T-^Q+ir.™ -* - FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 6 months of fiscal year 1980, there was a budget deficit of $51.7 billion. A year earlier, the deficit was $44.2 billion. BILLIONS OF DOLLARS BILLIONS OF DOLLARS RECEIPTS AND OUTLAYS 600 600 500 500 400 400 OUTLAYS RECEIPTS 300 300 200 200 50 50 SURPLUS (+) OR DEFICIT (-) 0 -50 -50 -100 -100 1972 1974 1973 1975 1976 1978 1977 1979 1980 1981 FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF THE TREASURY AND Of FICE OF MANAGEMENT AND BUDGET [Billions of dollars] Period Receipts Fiscal year or period: 1970 1971___ 1972___ 1973 1974 1975 1976 _ _ _ Transition quarter 1977 1978 1979 _ _ 1980 (estimates) : Second 2 Concurrent Resolution. November 1979 ___ Budget Revisions, March 19 SO 3 1981 (estimates) 3 Cumulative total, first 6 months: Fiscal year 1979_ _ Fiscal year 1980 1 2 Excludes non-interest-bearing public debt securities held by IMF. Second Concurrent Resolution on the Budget—Fiscal Year 1980, November 28,1979. 32 Outlays Surplus or deficit ( — ) Federal debt ( end of period) Total1 Held by the public 382.6 409. 5 437.3 468.4 486.2 544. 1 631.9 646.4 709. 1 780.4 833.8 284.9 304.3 323.8 343.0 346. 1 396.9 480.3 498.3 551.8 610.9 644. 6 16.5 939.4 722.0 -44. 2 -51.7 804.6 870.4 636.9 682. 6 193.7 188.4 208.6 232.2 264.9 281.0 300.0 81.8 357.8 402.0 465.9 196.6 211.4 232.0 247. 1 269. 6 326.2 366.4 94. 7 402.7 450.8 493.7 -2.8 -23.0 -23.4 -14.8 -4.7 -45.2 -66.4 -13.0 -45.0 —48.8 -27.7 517.8 532.4 547.6 568.9 -29.8 -36.5 628.0 611.5 201.6 228.7 245. 8 280. 4 3 Estimates from Fiscal Year 1981 Budget Revisions, March 1980, Office of Management and Budget. Sources: Department of the Treasury and Office of Management and Budg«t except as noted. FEDERAL BUDGET OUTLAYS BY FUNCTION BY AND In the first 6 months of fiscal 1980, budget receipts were $27.1 billion higher than a year earlier, and outlays were $34.6 billion higher. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 300 200 100 500 500 OUTLAYS 400 400 300 300 NONDEFENSE 200 200 NATIONAL DEFENSE \ 100 1972 1973 1974 1976 1975 1977 1978 100 1979 1980 1981 FISCAL YEARS SOURCES! DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET COUNCIL OF ECONOMIC ADVISERS [Billions of dollars] Outlays Receipts National defense Period Fiscal year or period : 1970_ 1971 _ 1972 _ 19731974__ 1975 1976 Transition quarter 1977___ 1978._ 1979. 1980 (estimates) l1 1981 (estimates) Cumulative total, first 6 months : Fiscal year 1979 Fiscal year 1980 __ Total CorpoIndividual ration income income taxes taxes Other Total Interna- Health In- Other and Depart- tional income ment of affairs security terest Defense, military 193.7 188.4 208.6 232.2 264. 9 281.0 300.0 81.8 357. 8 402.0 465.9 532.4 628. 0 90.4 86. 2 94.7 103. 2 119.0 122.4 131.6 38.8 157. 6 181.0 217.8 241.5 279.9 32.8 26.8 32.2 36. 2 38.6 40.6 41. 4 8.5 54.9 60. 0 65. 7 74. 2 74. 1 70.5 75.4 81. 7 92.8 107.4 118.0 127. 0 34.5 145.2 161. 1 182.4 216.7 274.0 196.6 211.4 232. 0 247. 1 269. 6 326.2 366.4 94.7 402.7 450. 8 493. 7 568. 9 611.5 78. 6 75.8 76. 6 74.5 77.8 85. 6 89.4 22. 3 97. 5 105.2 117.7 134.0 150.5 77. 1 74.5 75. 1 73.2 77. 6 84. 9 87.9 21.9 95. 6 103.0 115.0 131.0 147.0 4.3 4. 1 4.7 4. 1 5.7 6.9 5.6 2. 2 4.8 5.9 6. 1 11. 1 10.1 56. 1 70. 1 81.4 91. 8 106.5 136.3 160.9 41. 5 176.7 189. 9 209. 8 246.5 282.0 18. 3 19.6 20.6 22.8 28.0 30.9 34. 5 7.2 38.0 44.0 52.6 64.3 68.4 39.3 41.8 48.8 53.9 51.6 66.5 76. 1 21.5 85.7 105. 9 107.5 113.0 100.5 201.6 228.7 95. 0 109.3 25. 8 26.0 80. 7 93.4 245. 8 280. 4 56. 2 65. 9 55. 9 64.4 2.5 6. 1 102.3 118.9 25.0 30. 1 59.8 59.4 1 Estimates from Fiscal Year 1981 Budget Revisions, March 1980, Office of Management and Budget. Total Sources: Department of the Treasury and Office of Management and Budget. 33 FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the fourth quarter of 1979, according to revised estimates, Federal receipts rose $19.9 billion (annual rate) and expenditures rose $24.3 billion, yielding a deficit of $1 5.7 billion, $4.4 billion more than in the third quarter. In the first quarter of 1980, according to preliminary data, expenditures rose $23.6 billion/ receipts data are incomplete. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 600 200 i i i i i i i i i i i 50 50 SURPLUS fc^J Y//A Y//1 W/h DEFICIT -50 - I W ^ i\ -100 1972 1974 1973 !••• 111 III 1 • 1975 1977 1976 - -50 -100 1979 1978 1980 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal Government receipts Period Federal Government expenditures Subsidies Less: GrantsPurWage less in-aid Indirect ContriPersonal Corpochases Trans- to State Net current accruals rate business butions tax and Total of goods fer pay- and interest surplus of less Total nontax profits tax and for and ments local paid Govern- distax nontax social inreceipts accruals services government en- burseaccruals surance ments terprises ments Surplus or deficit <T>national income and product accounts Fiscal year: 313.9 1976. „ 366.0 1977 414.7 1978.. 483. 7 1979 137.0 166. 0 186. 3 223. 5 51.7 59. 1 67.7 78. 4 24.3 24. 5 27. 2 29. 4 100.9 116.4 133. 5 152.4 371. 1 411.4 450. 1 493. 6 125.7 140. 3 150.7 162. 4 156.5 169. 6 182.0 201. 7 57.6 66. 3 74.7 79. 3 25.2 28.4 33. 1 40.4 6.2 6.9 9.6 9. 8 0.0 .0 .0 .0 — 57.3 —45.5 —35.4 -9.9 Calendar year: 1976 1977-.. _ 1978_ _ 1979 v 1978: III- _ IV___ 1979:1 II — III_. IV *1980: I » 147. 2 169. 6 194. 9 230. 0 200.9 211. 0 213.0 223. 4 235.2 248.5 246.5 54. 6 61. 8 72. 0 78. 2 74.6 81. 2 77.2 74. 9 79.4 8L4 23. 4 25. 1 28. 1 30. 0 28.4 29.3 29.4 29.9 30.0 30.7 35.8 106. 3 118. 9 137. 0 159. 3 138.2 142.0 155.5 157.5 160.2 164. 1 171. 4 385. 0 421. 7 459. 8 509. 0 462.6 479.7 486.8 492.9 516. 1 540.4 564.0 129. 7 144.4 152. 6 166. 6 152.3 159.0 163.6 161. 7 162.9 178.4 187.3 161. 7 172. 7 185.4 209. 8 188.8 192. 1 196.8 201.9 217.6 222.7 229.3 61. 1 67. 5 77. 3 80. 4 77.6 80.7 77.8 77.7 81.8 84.3 87.3 26.8 29.0 34.8 43. 1 35.6 37. 1 40.0 42.6 43.5 46.2 50.9 5. 8 8. 1 9. 7 9. 1 8.4 10.9 8. 3 9.0 10. 2 8.8 9.3 .0 .0 .0 .0 .2 .0 -.2 .0 .0 .0 .0 -53. 6 —46.3 -27.7 — 11.2 -20.4 -16.3 -11.7 -7.0 -11.3 -15.7 331. 4 375. 4 432. 1 497. 6 442. 1 463.5 475.0 485. 8 504.8 524.7 Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget. 34 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES [1967=100] Industrial production (seasonally adjusted) Period United States Canada Japan 1973 1974 1975 1976 1977 1978 1979 1979: May.__ June July.... Aug Sept__._ Oct Nov Dec »..1980: J a n _ _ _ Feb*__ Mar p 129.8 129.3 117.8 130.5 138.2 146.1 152.2 152.4 152.6 152.8 151.6 152. 4 152.2 152.1 152.2 152.7 152. 4 151 2 143.0 147.5 139.6 147.4 152. 1 160.9 167.6 166.7 165.1 167.6 167.4 171.7 170.2 169.5 165.6 166.3 166.7 190.5 183. 1 163.9 182.0 189.7 201. 1 217.5 216.7 217.0 219.0 221. 1 218.2 223.6 226.4 225.6 228.7 237.2 GerFrance many 145 148 139 149 152 155 160 162 161 168 168 166 162 163 165 165 165 147.7 145. 1 137.1 149. 1 152.7 155.3 163.4 164 164 169 163 164 165 166 165 166 Italy Consumer prices (unadjusted) United United King- States * dom 134.6 123. 0 133. 1 147.7 140.6 120.0 127.6 114.3 i 161.2 170.5 143.7 117.6 181.5 145.1 123.0 148.4 126. 8 195.4 157.4 131.6 217.4 152.6 134.5 214.1 145.8 136.4 216.6 151. 1 135. 1 218. 9 150.9 130.0 221. 1 223.4 160.0 128.2 166. 1 129.8 225.4 167. 1 133.5 227.5 164.8 130.4 229.9 167.8 130.8 233. 2 236.4 174.1 239.8 Can- Japan France ada 130. 3 144.5 160. 1 172. 1 185.9 202. 5 221. 0 219. 3 220.3 222. 1 222. 9 224. 9 226.5 228.7 230. 1 231.3 233.3 235.8 147.9 184.0 205.8 224. 9 243.0 252.3 261. 3 261.3 261.5 263.8 261. 1 264.4 267.7 266. 7 268.3 270.8 273.3 140. 7 160. 0 178.9 196. 1 214.5 233.9 258.5 254.5 256. 6 260.0 262.7 264. 9 268. 1 269.8 272.0 277.2 280.2 Germany 127.2 136. 1 144.2 150.4 155.9 160. 2 166.6 165.7 166.6 167.7 167.8 168.3 168.7 169.3 170. 1 171.0 172.8 173.8 United Kingdom Italy 134.0 159. 7 186.8 218. 1 255. 2 286.2 328.3 321.3 323.9 326.7 330.6 339.2 345.5 350.3 355.9 367.6 373.8 377.2 150.2 174.3 216.5 252.4 292.4 316.6 359. 1 346. 8 352. 8 368.0 370.9 374. 6 378. 5 381.8 3846 394. 1 399.7 405. 1 Source: National sources as reported by Department of Commerce, Bureau of International Economic Policy and Research, Office of International Economic Research, in International Economic Indicators, »Beginning January 1978 data relate to all urban consumers. U.S. MERCHANDISE EXPORTS AND IMPORTS [Millions of dollars; monthly data seasonally adjusted] Merchandise exports * Merchandise imports General imports3 Domestic exports Period Total domestic and foreign Total exports 2 Food, Crude Food, Crude Total bever- mate- Manubever- mate- Manufacfac2 rials (c.i.f. ages, rials Total ages, tured tured value) 4 and to- and and to- and goods goods bacco bacco fuels fuels F.a.s. value 8 Monthly average: 1973 1974 trade Exports (f.a.8.) less imports (c.i.f.) Customs value 5,902 8, 167 5,811 8,053 1,078 1,269 895 1,317 3,728 5,294 5,790 8,450 1974 8,167 1975 8,966 1976 _ 9,596 1977 10, 096 1978 11, 965 1979- . 15, 136 1979: Feb__. 13, 616 Mar___ 14, 297 Apr 13, 979 May___ 14, 083 June___ 14, 817 July___ 15, 691 Aug___ 15, 713 Sept___ 15, 822 Oct _ 16, 680 Nov 16, 928 Dec 16, 742 1980: Jan 17, 348 F e b _ _ _ 17, 233 8,053 8,842 9,456 9,912 11, 753 14, 868 13, 392 14, Oil 13, 732 13, 799 14, 554 15, 455 15, 452 15, 569 16, 396 16, 575 16, 419 17, 018 16, 950 1,269 1,399 1,436 1,330 1,717 2,049 1,597 1,755 1,794 1,853 2,072 2,355 2,164 2,296 2,374 2,299 2,413 2,331 2,296 1,317 1,266 1,341 1,548 1,746 2,351 2,084 2,237 2, 105 2,028 2,253 2,404 2,480 2,583 2,534 2,686 2,732 2,854 2,826 5,294 5,913 6,437 6,679 7,873 9,715 9,072 9,334 9, 145 9, 154 9,562 9,875 10, 033 10, 055 10, 444 10, 418 10, 719 11, 173 11, 373 8,387 8,048 10, 084 12, 307 14, 332 17, 194 14, 605 15, 358 15, 841 16, 438 16, 835 16, 806 18, 277 18, 407 19, 037 18, 548 19, 665 20, 945 21, 640 1 Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning January 1978. 2 Total includes commodities and transactions not classified according to kind. 8 Total arrivals of imported goods other than intransit shipments. 4 C.i.f. (cost, insurance, and freight) import value at first port of entry in the United States. Data for 1973 are estimates. Merchandise balance Exports Ex(f.a.s.) ports less (f.a.s.) imless imports (cusports toms (f.a.s.) value) 770 892 F.a.s. 892 827 991 1, 186 1,312 1,478 1,262 1,443 1,531 1,457 1,557 1,387 1,405 1,402 1,404 1,689 1, 712 1,652 1,406 1,120 2,653 value 5 2,672 2,716 3,457 4,463 4,325 5,954 4,414 4,861 5, 175 5,173 5,487 5,999 6, 445 7,044 7,479 6,379 7,775 7,590 8,788 3,750 4,684 4, 602 4,257 5,398 6,379 8, 360 9,353 8,645 8,703 8,848 9,360 9,385 9,061 9,994 9,505 9,663 9,950 9,632 11, 183 10, 829 6, 131 9,033 112 -283 —221 -229 -866 221 —866 9,033 —283 312 8,654 918 853 10, 825 —581 —488 —1, 229 2 297 —2,211 —3, 034 13, 130 2 473 2 367 -3,293 15, 258 18, 244 -2, 125 -2, 057 -3, 108 15, 507 -990 -1,892 16, 318 -1,060 -2, 021 16, 847 -1,863 -2, 868 -2, 355 -3,368 17, 451 17, 871 -2,018 -3,053 17, 854 -1,115 -2, 163 -2, 564 -3, 668 19, 381 -2, 585 -3,681 19, 503 -2, 357 -3,469 20, 149 19, 660 -1,620 -2, 732 -2, 923 -4, 068 20, 809 -3,597 -4, 760 22, 107 -4, 407 -5,573 22, 806 5 F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports and at foreign port of exportation for imports. NOTE.—Data beginning 1975 not strictly comparable with earlier data. Source: Department of Commerce, Bureau of the Census. 35 U.S. INTERNATIONAL TRANSACTIONS In the year 1979, the current account deficit fell to just over $300 million from $13.5 billion in 1978. BILLIONS OF DOLLARS 10 BILLIONS OF DOLLARS 10 -15 1979 1971 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted] Investment income3 Merchandise 1 2 Period 1972 __ 1973 1974 1975 1976 1977 _ 1978 1979* 1978: !.__!!___ III__ IV_. 1979: !___. II— III.. IV'.. Exports Imports 49, 381 — 55, 797 71, 410 — 70,499 98, 306 — 103, 649 107, 088 — 98, 041 114, 745 — 124, 051 120, 816 — 151, 689 142, 054 — 175, 813 182, 074 -211,524 30, 713 35, 388 36, 532 39, 421 -42, 627 -43, 332 -44, 482 -45,372 41, 435 42, 890 47, 235 50, 514 -47, 632 -50,299 -54,483 -59, 110 1 Excludes military grants. 2 Adjusted from Census data 3 Net hnlU(tii ance Receipts Payments — 6, 544 — 9, 655 — 12, 084 — 12, 564 — 13, 311 — 14, 598 — 21, 820 -33, 548 8, 220 12, 153 15, 503 12, 787 15, 975 17, 989 21, 645 32, 314 -11, 914 9,776 -4, 537 -7,944 10, 256 -5,402 -7,950 10, 526 -5,574 -5,951 12, 907 -6,308 -7,268 -7,957 -8, 743 -9, 580 — 6, 416 911 — 5, 343 9, 047 — 9, 306 — 30, 873 — 33, 759 — 29, 450 -6, 197 -7, 409 -7, 248 -8, 596 14, 21, 27, 25, 29, 32, 43, 65, 764 808 587 351 286 587 465 862 14, 082 15, 371 17, 917 18, 492 for differences in timing and coverage. 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. 36 Net Net military transactions Nettravel and transportation receipts Other services, net 3 2, 3, 3, 4, 4, 4, 6, 6, Balance on goods and serv-1 ices Remittances, pensions, and other unilateral transfers 1 Balance on current account 789 — 1, 889 — 3, 854 — 5, 744 7, 14i 185 11, 022 — 3, 881 2, 113 9, 298 — 7, 186 975 590 22, 952 — 4, 613 18, 339 4, 605 9, 603 — 4, 998 725 983 — 9, 423 — 4, 670 — 14, 092 226 — 8, 381 -5, 086 -13,467 -317 5, 332 -5, 649 390 420 070 653 746 674 1, 679 492 -1, 181 — 3, 063 — 3, 158 — 3, 184 — 2, 725 — 2, 465 — 3, 200 — 2, 985 -2, 743 5,239 4,854 4,952 6,599 244 237 247 -239 -731 -798 -784 -672 1,439 -5,722 -1,228 -6,950 1, 501 -2, 150 -1,313 -3,463 1,603 -1, 932 -1,233 -3, 165 105 1,682 1, 419 -1,314 6, 814 7, 414 9, 174 8,912 34 -217 -418 -580 -576 -852 -669 -646 1,521 1, 617 1,669 1,581 — 3, — 2, — 1, — 1,596 553 2, 508 671 -1,322 -1,363 -1, 369 -1, 594 Source: Department of Commerce, Bureau of Economic Analysis. 274 -810 1, 139 -923 U.S. INTERNATIONAL TRANSACTIONS—Continued In the fourth quarter of 1979 private capital outflows declined by $13.6 billion from the third quarter rate. Recorded private inflows fell by $1 5.0 billion, but the statistical discrepancy shifted in a positive direction by roughly the same amount ($14.3 billion). BILLIONS OF DOLLARS 40 BILLIONS OF DOLLARS 40 SEASONALLY ADJUSTED 30 30 20 CHANGE IN FOREIGN ASSETS IN THE U.S., NET —•/ / 10 A i i i i I i 20 I f i i 10 -10 -10 -20 -20 -30 -30 -40 -40 1979 1971 SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF ECONOMIC ADVISERS [Millions of dollars; quarterly data seasonally adjusted, except as noted] U.S. assets abroad, net [increase/capital outflow ( — )] Period Total 1972 1973 1974___ 1975.. 1976. _ 1977_._ 1978.. 1979* U.S. official reserve assets 1 2 Other U.S. U.S. Govern- private2 ment assets assets -14,497 -4 — 1,568 -22, 874 158 -2, 644 -34, 745-1,467 366 -39, 703 -849 -3,474 -51,269 -2, 558 4 214 -35,793 -375 -3,693 -60,957 732 -4,656 -63,423 - 1, 107 -3, 780 1978:1 -15, 188 II -5,466 III... -10,049 IV -30,254 Foreign official assets Total Total Assets of Other foreign foreign official assets reserve agencies — 12, 925 21, 461 10, 475 10, 293 5,090 6,026 20, 388 18, 388 -33, 643 34, 241 10, 546 10, 244 -35,380 15, 420 6, 777 5,259 44 498 36, 399 17, 573 13, 066 -31, 725 50, 823 36, 656 35, 416 -57,033 63, 713 33, 758 31, 004 -58, 536 33, 902 -15, 192 — 14,444 10, 986 12, 362 23, 696 8,643 18, 826 14, 167 29, 956 49, 094 Allocations Total of special (sum of the drawing items rights (SDR) with sign reversed) -7, 622-3, 585 -1,094 2 943 1,476 -9, 391 -9, 227 10, 868 -16, 152 343 — 1, 001 -15,494 6,057 — 10,043 —10, 299 16, 100 m____ -24, 809 2,779 -763 — 26, 825 24, 289 5,745 5,554 18, 544 IV *___ -14,839 — 644 —472 3,582 -922 -13,273 2,079 -1,503 1 Consists of gold, special drawing rights (SDR), convertible currencies, and the2 U.S. reserve position in the IMF. Quarterly data are not seasonally adjusted. Of which : Seasonal adjustment discrepancy 710 -1,930 -2, 655 -1,609 5, 944 10, 265 -937 10, 711 1, 139 28, 699 3,962 893 532 7,987 -2, 144 -2, 713 910 1,291 187 -1,009 14, 366 18, 175 15, 618 14, 895 2,557 941 -5, 265 -5, 129 6,206 248 -1,263 -4,451 115 -1,390 -8, 774 15, 358 4,641 4,519 10, 717 182 -994 —29, 442 29, 239 18, 764 16, 719 10, 475 1979: I II Statistical discrepancy Foreign assets in the U.S., net [increase/capital inflow (4-)] 2 1, 139 4,732 1, 117 4.82 10, 904 -619 -3, 821 2,222 13, 682 U.S. official reserve assets, net 1 (unadjusted, end of period) 13, 151 14, 378 15, 883 16, 226 18, 747 19, 312 18, 650 18, 937 19, 192 18, 864 18, 850 18, 650 21, 21, 18, 18, 658 246 534 937 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents TOTAL OUTPUT, INCOME, AND SPENDING page Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business—Output, Costs, and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment 1 2 2 3 3 4 4 5 6 7 8 9 10 . EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries Average Weekly Earnings—Private Nonagricultural Industries Productivity and Related Data, Private Business Sector 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production—Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories—Total and Trade Manufacturers' Shipments, Inventories, and Orders 17 18 19 19 20 21 PRICES Producer Prices Consumer Prices Changes in Producer Prices Changes in Consumer Prices Prices Received and Paid by Farmers 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stocks Measures and Liquid Assets Components of Money Stock Measures and Liquid Assets . . Consumer Installment Credit Bank Loans, Investments, and Reserves Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields. 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis . 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries U.S. Merchandise Exports and Imports U.S. International Transactions 35 35 36 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402 Price $1.30 (single copy). Subscription price: $15.00 per year; $3.75 additional for foreign mailing. U.S. GOVERNMENT PRINTING OFFICE : 1980 O61-472 O
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