Full text of Economic Indicators : April 1981
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97tb Congress, 1st Session
Economic Indicators
APRIL 1981
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1981
JOINT
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HENRY S. EJEUSS, Wisconsin, Chairman
ROGER W. JEPSEN, Iowa, Vice Chairman
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
FREDERICK W. RICHMOND (New York)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
PAULA HAWKINS (Florida)
MACK MATTINGLY (Georgia)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
JA&IES K. GALBRAITH, Executive ^Director
COUNCIL OF ECONOMIC
MURRAY L. WEIDENBAUM, Chairman
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That 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 drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.00 a single copy
or by subscription at $17.00 per year ($21.25 for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, B.C. 20402
The 1980 Supplement to Economic Indicators, which describes each series and gives annual data
for years not shown in the monthly issues, is available at $5.00 a copy from the Superintendent of
Documents, Government Printing Office.
It should be noted that many of the series have undergone major revisions since the Supplement
was published in the fall of 1980.
ii
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the first quarter of 1981, gross national product rose $96.2 billion or 14.9
percent, both at annual rates. Real output (GNP adjusted for price changes) rose 6.5 percent from the fourth quarter
level and the implicit price deflator rose at a 7.8 percent annual rate.
BILLIONS OF DOLLARS
(RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
3,000
3,000
SEASONALLY ADJUSTED ANNUAL RATES
2,800
2,800
2,600
2,600
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
GNP
IN 1972 DOLLARS
1,200
1,200
I
I
I
1973
I
I
I
1974
I
I
I
J
L
J
1977
1976
1975
I
L
J
1979
1978
I
I
I
I
1980
SOURCE: DEPARTMENT OF COMMERCE'
I
1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Export s and imports of
goodIs and sen;iees
Go^rernment purchases of goods and
services
Federal
Net
exports
6.7
4.1
.7
National
defense
State
and
local
Final
sales
Exports
Imports
Total
65.7
68.8
77.5
109.6
146.2
154.9
170.9
183.3
219.8
281.3
339.8
59.0
64.7
76.7
95.4
132.8
128. 1
157. 1
187.5
220.4
267.9
316.5
220. 1
234.9
253. 1
270.4
304. 1
339.9
362. 1
394.5
432.6
473.8
534.7
95.7
96.2
101.7
102.0
111.0
122.7
129.2
143.9
153.4
167.9
198.9
73.6
70.2
73. 1
72.8
77.0
83.0
86.0
93.3
100.0
111.2
131.7
22.2
26.0
28.5
29. 1
33.9
39.7
43.2
50.6
53.4
56.7
67.2
124.4
138.7
151.4
168.5
193. 1
217.2
232.9
250.6
279.2
305.9
335.8
989.5
1, 070. 0
1, 175. 7
1, 307. 9
1, 420. 1
1, 556. 1
1, 706. 2
1, 897. 0
2, 133. 9
2, 396. 4
2, 632. 0
Total
Nondefense
144.2
166.4
195.0
229. 8
228. 7
206. 1
257.9
322.3
375.3
415.8
395.3
14.2
13.4
26.8
13.8
-4.2
1979: III.. 2, 444. 1 1, 529. 1 421.7
IV.. 2, 496. 3 1, 582. 3 410.0
17.9
293. 1
306.3
275.2
298.7
475.4
496.4
165. 1
178. 1
112.0
118.7
53.1
59.4
310.4
318.3
2, 430. 8
2, 497. 1
992.7 621.7
1, 077. 6 672.2
1, 185. 9 737.1
1, 326. 4 812.0
1, 434. 2 888.1
1, 549. 2 976.4
1, 718. 01, 084. 3
1, 918. 01, 205. 5
2, 156. 11, 348. 7
2, 413. 91, 510. 9
2, 626. 1 1, 672. 8
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
-.6
13.4
23.3
7.6
415.6
390.9
377. 1
397.7
17.1
44.5
23.3
8.2
337.3
333.3
342.4
346. 1
329. 1
316.2
297.9
322. 7
516.8
530.0
533.5
558.6
190.0
198.7
194.9
212.0
125.0
128.7
131.4
141.6
64.9
70.0
63.5
70.4
326.8
331.3
338.6
346.6
2, 569. 1
2, 557. 4
2, 653. 4
2, 748. 0
1981: !*__. 2, 826. 81, 805. 4 423. 1
24.3
371.5
347.2
574. 1
219.6
144.9
74.8
354.5
2, 834. 7
1980: I
2, 571. 71, 631. 0
!!_.. 2, 564. 8 1, 626. 8
III_. 2,637.3 1, 682. 2
IV... 2, 730. 61, 751. 0
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Personal
conGross
national sumption
product
expenditures
Period
Exj>orts of g(>ods
and serviceJS
Gross private dc>mestic
i] ivestment
XTriTi
IN
onresidential
fixed
Residential
fixed
Govermnent purebases of
good s and ser vices
Change
in busiVf,jX
IN CD
ness in- exports
Exports Imports
ventories
Total
Federal
State
and
local
Final
sales
I, 085. 6
1, 122. 4
1, 185. 9
1, 255. 0
1, 248. 0
1, 233. 9
1,300.4
1, 371. 7
1, 436. 9
1, 483. 0
1, 480. 7
672. 1
696.8
737. 1
768.5
763.6
780. 2
823.7
863.9
904.8
930. 9
935. 1
113.8
112.2
121.0
138. 1
135.7
119.3
125.6
140. 6
153.4
163.3
158.4
41. 0
53.7
63.8
62.3
48.2
42.2
51.2
60.6
62.4
59. 1
48. 1
3.8
8. 1
10.2
17.2
11.6
-6.7
7.8
12.3
14.0
10.2
-2.9
3.9
1.6
.7
15.5
27.8
32.2
25.4
21.9
24. 6
37.7
52.0
70.5
71.0
77.5
97.3
108.5
103.6
110. 1
113.2
127.5
146. 9
161. 1
66.6
69.3
76.7
81.8
80.7
71.4
84.7
91.3
103.0
109.2
109. 1
251. 1
250. 1
253. 1
253.5
261. 2
266.7
266.8
272. 3
277.8
281.8
290.0
110.6
103.7
101.7
95.9
96.6
97. 4
96.8
100.7
99.8
101.7
108. 1
140.5
146.4
151.4
157.6
164.5
169.3
170.0
171.6
178.0
180. 1
181.9
1, 081. 8
1, 114. 3
1, 175. 7
1, 237. 8
1, 236. 4
1} 240. 6
1, 292. 7
1, 359. 3
1, 423. 0
1, 472. 9
1, 483. 6
III- 1, 488. 2
IV__ I, 490. 6
933.4
941.6
166.4
164. 1
58.6
58. 1
7.6
-.7
41. 1
42.2
151.3
154.8
110.2
112.6
281. 1
285.3
99.9
103. 1
181.2
182.2
1, 480. 6
1, 491. 3
1, 501. 9
1, 463. 3
1, 471. 9
1, 485. 6
943.4
919.3
930.8
946.8
165.0
156. 1
155.5
157.0
54.2
43. 1
44.7
50. 6
-.9
1.3
-5.0
-7.2
50. 1
51.7
57.6
48.5
165.9
160.5
160.5
157.4
115.8
108.9
102.8
108.9
290. 1
291.9
288.2
289.8
107.6
110. 7
106.9
107.4
182.5
181.2
181.3
182.4
1, 502. 8
1, 462. 0
1, 476. 9
1, 492. 7
1981: I*__. 1, 509. 2
957.8
161.7
50.7
K
51.8
164.9
113. 1
292.9
110. 6
182.3
1, 515. 0
1970
1971
1972
.1973
1974
1975
1976
1977
1978
1979
1980
1979:
1980: I— II___
III_.
IV.._
7
U. I
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]
PersonalI consump tion expe nditures
Period
Gross
national
product
Total
Gross private
domestic
invesltment
NonresNonDurable durable
Services idential
goods
fixed
goods
Residential
fixed
Expor ts and
imports of goods
and se rvices
Governnlent purchases <>f goods
and s(jrvices
Exports Imports Federal
State
and
local
1970
1971
1972
1973
1974_
1975
1976__
1977
1978
1979
1980
91.45
96.01
100. 00
105. 69
114. 92
125. 56
132. 11
139. 83
150. 05
162. 77
177. 36
92.5
96. 5
100.0
105. 7
116.3
125.2
131.6
139.5
149. 1
162. 3
178.9
95.7
99.0
100.0
101.7
108.2
117.3
123. 9
129.2
136.2
144. 8
156.0
93.6
96.6
100.0
108.3
123. 1
132. 1
137.0
143.4
153. 2
169.8
188.6
90.5
95.6
100.0
104.7
113.0
121.6
129.6
139.9
150. 1
162. 1
178. 1
91.3
96.2
100.0
103.8
115.4
132. 2
138.6
146.2
157.7
171.3
186.8
90.5
94.8
100.0
109. 1
120.3
131.0
140.7
158.0
178.3
200.5
218.6
93.2
97.0
100.0
112.7
134.7
149.6
155.2
161.9
172.4
191.5
211. 0
88.6
93.3
100.0
116.7
164. 6
179.5
185.5
205.4
214.0
245.4
290. 1
86.6
92.7
100.0
106.3
114.9
126. 0
133.5
142.9
153.7
165. 1
183.9
88.6
94.7
100.0
106.9
117.4
128. 3
137.0
146.0
156. 9
169.8
1847
1979: III
IV
164. 23
167. 47
163. 8
168.0
145.4
148.0
172. 1
176.9
163.3
167.4
173.4
176.8
204.6
207.7
193.7
197.9
249.8
265.2
165.2
172.8
171.3
1747
1980: I
II
III
IV
171.
175.
179.
183.
23
28
18
81
172.9
177.0
180.7
184.9
151.9
154. 1
157.5
160.5
182.9
186.2
190.0
195.2
171.6
176.0
180.3
184. 3
180.5
185.7
189. 1
192.4
212.6
217.4
221. 9
223.3
203.4
207.6
213.4
219.9
284.2
290.4
289.7
296.4
176.5
179.5
182.4
197.4
179. 1
182.8
186.7
190.0
1981: I"
187. 30
188.5
162.4
199. 1
188.4
194.7
229. 3
225.3
307.1
198.6
1944
Source: Department o! 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 p roduct
Period
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1979:111
IV
1980:1
II ..
Ill
IV
Constant
(1972)
dollars
Current
dollars
...
1981: I*
Implicit
price
deflator
Gross (iomestic j)roduet
Fixedweighted
price
index
(1972
weights)
Chain
price
index
Constant
(1972)
dollars
Current
dollars
Implicit
price
deflator
4. 1
.6
3. 1
-9.9
2.4
3.8
5. 1
5.4
5. 0
4.2
5.7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
7.8
8. 1
9.3
9.8
9.2
10.7
5.0
5.3
4.9
4. 1
5.9
9. 1
9.2
5.7
6.2
7.5
8.7
8.6
7.3
8.6
8.7
8.8
9.3
10.5
5.0
5.2
4.8
4.0
5.9
9.4
9.0
5.8
6.4
7.6
9.4
9.6
8.8
10.3
9.7
9.3
9.0
10.4
8. 1
5.2
8.4
10.0
11.5
7.9
8.3
10.8
11.6
12.2
11.5
8.7
11. 1
9.3
12. 0
-.6
11.6
15.6
3.0
1.0
2.5
-9.4
2.2
4.4
5.2
5.4
5.0
4.2
5.7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
7.8
8. 1
9.3
9.8
9.2
10.7
6.5
7.8
9.6
9.9
14. 6
6.3
7.8
8. 1
5.2
8.6
10. 1
11.8
8.1
8.0
10.9
11.6
12.4
12.0
as
2.8
2
3.4
5.7
5.8
-.6
-1. 1
5.4
5.5
4.8
3.2
2
12.2
8.8
12.6
-1. 1
11.8
14.9
14.9
NOTE.—Annual changes are from previous year and quarterly changes are
from previous quarter.
2.8
2
3.3
5. 6
5.5
fj
-.9
5.3
5.4
4.6
2.8
2
Chain
price
index
Fixedweighted
price
index
(1972
weights)
5.0
5.0
4.7
3.8
5.9
9. 1
9.2
5.7
6.2
7.5
8.7
8. 6
7.3
8.6
8.7
8.8
9.3
10.5
5.0
5.2
4.8
4.0
5.9
9.4
9.0
5.8
6.4
7.6
9.4
9.6
8.8
10.3
9.7
9.3
9.0
10.4
9.6
9.9
Data for chain price and fixed-weighted price indexes revised.
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
_.
1979: 1
II...
III..
IV..1980:I____
II,III...
IV....
Gross d omestic
prodi ict of
nonfin ancial
corpc>rate
busi ness
(billic>ns of
doll ars)
Current
dollars
1972
dollars
544. 1
563.7
609.9
678.0
759.4
818.9
890. 0
1, 001. 3
1, 129. 5
1, 270. 7
1, 417. 0
1, 535. 2
1, 378. 7
1, 399. 5
1, 432. 1
1, 457. 7
1, 502. 1
1, 496. 3
1, 537. 7
1, 604. 7
604.0
599.6
626.8
678.0
731.9
708.2
694.2
745.5
799.0
845. 1
873.3
867.2
874.7
870.8
874.3
873.4
878.2
853.2
860.4
876.9
Current-do lar cost a nd profit per unit of outpu t (dollars) i
Total
cost
and
profit 2
0.901
.940
.973
1.000
1.038
1. 156
1.282
1.343
1.414
1.504
1.623
1.770
1.576
1.607
1.638
1.669
1.710
1.754
1.787
1.830
Capital
consumption
Comallowpenances Indirect
sation
business
with
3
of
capital taxes
employconees
sumption
adjustment
0.078
.087
. 091
.092
.093
. 112
. 137
. 141
. 146
. 153
. 169
. 191
. 161
. 168
.172
. 175
. 180
. 192
. 196
. 197
0. 096
. 106
. 113
. 113
. 114
. 127
. 140
. 141
. 144
. 148
. 153
. 176
. 150
. 151
. 154
.157
. 161
. 173
. 181
. 188
1 Output Js 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.
0.594
.631
.641
.659
.692
.786
.837
.878
.924
.996
1. 092
1. 196
1.052
1.079
1. 104
1. 135
1. 158
1. 193
1. 203
1.230
Corpc rate profi ts with
invent<3ry valualiion and
capit al consun iption
£tdjustmen ts
Net
interest
Total
0.022 0. 112
.088
.028
.099
.029
.028
. 107
.031
. 107
.090
.042
. 124
.044
. 144
.040
.042
. 158
. 044 . 163
.052
. 157
. 143
.065
. 167
.047
. 159
.050
.154
.053
. 146
.056
. 151
.060
.064
. 132
.067
. 141
.068
. 146
Profits
tax
liability
Profits
after4
tax
0.055
.045
.047
.049
.055
.059
.059
.071
.074
.080
.080
.073
.081
.079
.081
.078
.085
.061
.070
.075
0.057
.043
.052
.058
.053
.030
.065
.073
.084
.083
.077
.070
.086
.080
.074
.067
.066
.071
.071
.071
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
7.098
7.126
7.467
7.688
7.891
7. 622
7.881
8.132
8.348
8.384
8.373
8.411
8.396
8.396
8.372
8.321
8.345
8.335
8.474
8.472
4.213
4.498
4.788
5.068
5.458
5.989
6.596
7.138
7.713
8.347
9. 147
10. 060
8.830
9.062
9.243
9.443
9.667
9.945
10. 192
10. 420
* 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
Compensation of
employees *
Propri etors'
incom<5 with
inventor y valuation anc capital
consuiiaption
adjust ments
Farm
of persons
with
capital
consumption
adjustment
612.0
652. 2
718.0
801.3
877.5
931.4
1, 036. 3
1, 152. 3
1, 299. 7
1, 460. 9
1, 596. 5
1, 476. 7
1, 518. 1
2, osa 5 1, 558. 0
2, 070. 0 1, 569. 0
2, 122. 4 1, 597. 4
2, 204. 8 1, 661. 8
14.3
15.0
18.7
32.8
26.5
24.6
19. 1
1R4
26. 1
30.8
23.4
30.2
29.5
25.7
23.3
22. 1
22.5
51.9
54.4
58.1
61.0
62.2
65.4
75.0
85. 1
91.0
100.7
107.2
102.7
106.8
107.9
101.6
107.6
111.6
19.7
20.2
21. 0
22.6
23.5
23.0
23.5
25. 1
27.4
30.5
31.8
30.3
31.0
31. 2
31.5
32.0
32.4
1, 721. 8
19.0
112.4
32.7
810.7
871. 5
963. 6
1, 086. 2
1, 160. 7
1, 239. 4
1, 379. 2
1, 546. 5
1, 745. 4
1, 963. 3
2, 121. 4
1, 986. 2
2, 031. 3
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1979: III
IV
1980: I
II
III
IV
Nonfarm
Rental
1981: I*
i Includes employer contributions for social insurance. (See also p. 5.)
Corpor ate profits» with inv entory va luation
and capital co nsumptioia adjustments
Profits with inv<sntory
valuat ion adjus ;ment
and ^vithout ca.pital
consum 3tion adjiistment
Total
Total
71.4
83.2
96.6
108.3
94.9
110.5
138. 1
164.7
185.5
196.8
182.7
199.5
189.4
200.2
169.3
177.9
183.3
68.9
82.0
940
105.6
96.7
120.6
151.6
176.7
199. 0
212.7
199.8
215.6
204.5
215.6
186.9
195.9
201.0
Profits
before
tax
75.4
86.6
100.6
125.6
136.7
132. 1
166.3
192.6
223.3
255.4
245.5
262.0
255.4
277.1
217.9
237.6
249.5
Inventory
valua•Hrtvi
Hi on
adjustment
Capital
Net
coninterest
sumption
adjustment
-6.6
4.6
-6.6
—20. 0
-40.0
-11.6
-14.7
-15.8
-24.3
-42.6
-45.7
-46.5
-50.8
-61.4
-31.1
-41.7
-48.4
2.5
1.3
2.7
2.7
-1.8
-10.1
-13.5
-12.0
-13.5
-15.9
-17. 2
-16. 1
-15. 1
-15.4
-17.6
-17.9
-17.8
41.4
46.5
51.2
60.2
76.1
84.5
87.2
100.9
115.8
143.4
179. 8
146.8
156.5
165.4
175.3
185.3
193.3
-38.4
-16.9
201.9
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondural )le goods
D arable goocIs
Total
personal
consumption Total
expendi- durable
goods *
tures
Motor
vehicles
and
parts
621.7
672.2
.
737.1
812.0
888. 1
976.4
___
1, 084. 3
1, 205. 5
1, 348. 7
1, 510. 9
._ 1, 672. 8
85.2
97.2
111. 1
123.3
121.5
132.2
156.8
178.8
199.3
212.3
211.9
36.2
45.4
52.4
57.1
50.4
55.8
72.6
85.0
94.3
95.5
89.9
Furniture
and
household
equipment
35.2
37.2
41.7
47. 1
50.6
53.5
59.1
65.8
72.9
81. 1
84.6
1979: III... 1, 529. 1
1, 582. 3
IV.
213.3
216. 1
947
95.4
1980: I
II
III...
IV....
1, 631. 0
1, 626. 8
1, 682. 2
1, 751. 0
220.9
194.4
208.8
223.3
1981: I"
1, 805. 4
238.1
Period
1970
1971
1972.
1973
1974
1975
1976
1977
1978
1979
1980
Food
Clothing
and
shoes
Gasoline
and oil
Services
Domestics
Imports
265.7
278.8
300.6
333.4
373.4
407.3
441.7
479.0
529.8
602.2
675.7
138.9
144.2
1549
172. 1
193.7
213.6
230.6
250.3
276.4
312. 1
345.7
46.8
50.6
55.4
61.4
648
69.6
75.3
82. 1
91.9
98.9
1048
22.4
23.9
25.4
28.6
36.6
40.4
440
48.2
52.7
68.4
89.0
270.8
296.2
325.3
355.2
393.2
437. 0
485. 7
547.7
619.6
696.3
785.2
7.1
8.7
9.3
9.6
7.4
7.0
82.4
83.8
611.5
639.2
3143
329.0
100.3
102.5
72. 1
77.6
7043
727.0
as
7.4
2.2
2.4
100.6
77.5
87.0
94.6
83.6
81.3
846
88.9
661. 1
6640
6742
703.5
336.2
338.4
347.7
360.4
102.2
102.3
105.3
109.4
89.4
90.9
85.3
90.5
749.0
768.4
799.2
824.2
7.9
5.5
6.5
6.7
2.9
2. 1
2.3
2.5
105.2
92.2
7244
370.0
113.2
948
842.8
7.4
2.7(
i Total includes other items not shown separately.
Total
nondurable
goods1
Retail sales of
new pa ssenger
cars(nlillions
of uilits)
a5
9.0
9.2
8.2
6.6
Source: Department of Commerce, Bureau of Economic Analysis.
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2.0
2.3
2.4
OF
Personal income rose $17.7 billion (annual rate) in March following a rise of $16.3 billion in February. Wages
and salaries rose $10.4 billion in March compared to $8.7 billion in February.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATlO SCALE)
2,800
12,800
2,400
2,400
2,000
2,000
1,600
1,600
1,400
1,200
1,400
1,200
WAGE AND SALARY DISBURSEMENTS
1,000
1,000
800
800
600
600
OTHER INCOME
400
400
lialB9I»»lllti
«••••••••*•"•
TRANSFER
PAYMENTS
\
200
200
160
160
120
120
100
100
80
80
1973
1974
1975
1976
1977
1979
1978
1980
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at
?
Wage
Other Proprietc>rs income a
and
Total
labor
personal salary
income12 Farm
income disburseNonfarm
1
ments
seasonally adjusted annual rates]
Less: PerNonRental Personal Personal Transfer sonal
confarm
income dividend
payinterest
tributions
of 4 income income ments 5 for social personal8
persons
insurance income
1973
1974
.
1975___
1976
1977
1978
1979
1980
„
1,065.2
702.7
1, 168. 6
765.7
806.4
1/265. 0
889.9
1, 391. 2
1, 538. 0
983.8
1, 721. 8 1, 105. 2
1, 943. 8 1, 236. 1
2, 160. 2 1, 343. 7
48.8
55.8
64.5
75.9
89.0
102.2
118.6
137. 1
32.8
26.5
24.6
19. 1
18.4
26. 1
30.8
23.4
61.0
62.2
65.4
75.0
85. 1
91. 0
100. 7
107.2
22. 6
23.5
23.0
23.5
25. 1
27.4
30.5
31.8
26. 5
29. 1
29.9
36.5
38. 7
43. 1
48.6
54.4
93. 9
112.4
123.2
132.5
151. 6
173.2
209.6
2.56.3
nas
141.2
178.3
194.3
207.5
223.3
249.4
294.2
42.6
47.9
50.4
55.5
61. 1
69. 6
80.6
87.9
1, 023. 7
1, 131. 8
1, 229. 1
1, 359. 3
1, 505. 0
1, 679. 2
1, 892. 9
2, 112. 6
1980: Mar.__
Apr
May
June
July___
Aug
Sept___
Get
Nov
Dec
2? 101. 0
2, 102. 1
2, 114. 1
2, 127. 1
2, 161. 2
2, 179. 4
2, 205. 7
2, 234. 3
25 257. 6
2, 276. 6
1, 322. 9
1, 317. 8
1, 320. 1
1, 323. 2
1, 326. 3
1, 342. 4
1, 356. 8
1, 381. 7
1, 400. 4
1, 411. 2
132.6
133.8
135. 0
136.3
137.7
139. 1
140.4
141.9
143.5
145. 0
24.4
23.8
23. 3
22.8
22.4
22. 0
21. 9
22.2
22. 6
22. 6
106.1
102. 7
101.0
101.0
105. 1
106. 3
111.4
111.5
111.5
111.6
31.4
31.6
31.3
31.6
31.8
32.0
32. 2
32.3
32.4
32.5
53.2
53.7
54. 1
54.7
54.7
55.2
55.4
55.5
55.9
56.7
244.5
248.3
253. 7
258. 9
260.4
261.7
263.2
265.6
269.4
274. 1
271. 9
275. 9
281. 4
284.6
309.7
309.0
313.4
313.8
313.2
314.7
86.2
85.6
85.8
86.2
87.0
88.3
89. 1
90.4
91.4
91.9
2, 053. 1
2, 054. 7
2, 067. 0
2, 080. 3
2, 114. 5
2, 132. 7
2, 158. 7
2, 186. 8
2, 209. 7
2, 228. 5
2, 301. 0 1, 433. 1
1981: Jan
Feh *>_„ 2, 317. 3 1, 441. 8
Mar »___ 2, 334. 9 1,452. 1
146.6
148. 0
149.5
20.2
18.8
18.0
112.0
112.2
113. 0
32.5
32.7
32. 9
57.4
58.2
58.3
282. 6
289. 2
293. 4
318.4
318. 5
320. 3
101. 9
102.2
102. 6
2, 254. 8
2, 272. 1
2, 290. 1
1 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.
2
Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
8
With inventory valuation and capital consumption adjustments.
1
With capital consumption adjustment.
s 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 rose again in the first quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,200
2,000
4,000
4,000
3,000
3,000
1981
1973
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
YLess:
Per c apita
dispo sable
persona income
POT
Period
Personal
income
sonal Equals:
Dispostax
able
and
pernonsonai
tax
pay- income
ments
Less:
Personal
outlays *
Equals :
Personal
saving Current
dollars
Bil lions of d ollars
1972,,. „ _ _ _
1973
1974
1975
1976
1977
1978
1979
1980
951.4 141.0
1, 065. 2 150.7
1, 168. 6 170.2
1, 265. 0 168.9
1, 391. 2 196.8
1, 538. 0 226.5
1, 721. 8 258.8
1, 943. 8 302.0
2, 160. 2 338,5
810.3
914.5
998. 3
1, 096. 1
1, 194, 4
1, 311. 5
1, 462. 9
1, 641. 7
1, 821. 7
1972
dollars
Per cap ita personal ccmsumption exp enditures
Current
dollars
1972
dollars
Do!lars
757.7
835.5
913. 2
1, 001. 8
1, 111,9
1, 237. 5
1, 386. 6
1, 555. 5
1, 720. 4
52. 6
79.0
85. 1
94. 3
82.5
74. 1
76.3
86.2
101.3
3,880
4,346
4, 710
5, 132
5,550
6,046
6,688
7,441
8, 176
3, 880
4, 112
4,050
4, 101
4,216
4.332
4,487
4,584
4,571
Percent
change Saving
in real as percent of Populaper
tion
capita dispos(thouable
dispossands) *
perable
sonal
perincome
sonal
income
Per cent
3,529
3,858
4, 190
4, 572
5,038
5,557
6, 166
6,848
7,508
3,529
3,652
3,603
3,653
3,828
3,982
4, 136
4,219
4, 197
3. 1
6.0
-1.5
1.3
2.8
2.8
3.6
2. 2
.3
6.5
8.6
8. o
8.6
6.9
5.6
5.2
5.2
5.6
208, 873
210, 440
211, 945
213, 566
215, 203
216, 928
218, 749
220, 643
222, 808
4,226
4,252
2. 5
-r- 2
4, 251
4, 133
4, 172
4,232
,3
-5.8
2.9
1.8
5.4
4.7
4.9
6.2
6. 1
5. 1
220, 884
221, 455
221, 938
222, 447
223, 126
223, 721
4,273
1. 7
4.7
224, 171
Seas»onaily ad; usted ann ual rates
1979: !!!„ 1, 972, 3 308.4
IV,. 2, 032. 0 321.8
1980: !_„_„ 2, 088. 2 323. 1
!!___ 2, 114. 5 330. 3
III,. 2, 182. 1 341.5
IV., 2, 256. 2 359.2
1, 663, 8 1, 574. 5
1, 710. 1 1, 629. 4
I, 765. 1 1, 678. 7
1, 784. 1 1, 674. 1
1, 840. 6 13 729. 2
1, 897. 0 1, 799. 4
89.3
80.7
86.4
110.0
111.4
97.6
7,533
7,722
4,598
4,596
7,953
8,020
8,249
8,479
4, 600
4,532
4,565
4,585
6,923
7, 145
7,349
7,313
7,539
7,827
1981: !»,. 2, 317. 7 372.2 1, 945. 5 1, 854. 2
91.3
8,679
4, 604
8,054
1
Includes personal consumption expenditures, interest paid by consumers to
business, and personal transfer payments to foreigners (net).
which ^averages fo^th? period. Sin^Udata\ase?o^tSfl980 ransus^re now
6
available only beginning April 1980, estimates here continue to be based on the
1970 census.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the first quarter of 1981, gross farm income fell $1.6 billion (annual rate) and net farm income fell $4.2 billion
from fourth quarter levels.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
200
1200
100
100
GROSS FARM INCOME
80
80
60
60
40
40
NET FARM INCOME
20
20
10
10
1975
1974
1973
1978
1977
1976
1979
1980
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE.- DEPARTMENT OF AGRICULTURE
1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Gr<>ss farm inc<>me
Period
Total l
1973
1974
1975
1976
1977
1978
1979
1980-
„
_
^
1979: III
IV
_
1980: I
II
Ill
IV
1981: I*
...
Livestock
and
products
Total
Current
dollars
1967
dollars 3
87.1
92.4
88.2
94.8
95.8
112.5
131. 5
140.3
45.9
41.4
43.0
46.1
47.4
59.0
68.6
69.0
41.1
51. 1
45. 1
48.7
48.3
53.5
62.8
71.3
3.4
-1.6
3.4
-2.4
.6
.4
4. 1
-2.0
65.6
72.2
75.9
83. 1
90.3
100.8
118.6
132. 1
JS-Zj
QzJD
2ET
31.0
21.7
25.1
17.7
15.2
11.0
9.8
13.3
14.3
8.8
149.9
154. 1
130. 6
135.4
66.9
69.7
63.7
65.7
5.4
3.9
119.6
124.2
30.3
29.9
13.7
13.1
152.7
149.2
154.8
158.8
^£jC >
67.9
65.6
70.5
72.5
69.0
70.2
72.3
73.3
.9
-1.8
-3.7
— 3. 3
127. 4
130.4
133.6
136.9
- 25. 3
18.8
21.2
21.9
10.7
7.7
8.5
8.5
\>
70.2
71.6
-1.4
139.5
135.8
142.8
145.8
157.2
1
Cash marketing receipts and inventory changes plus Gov ernment payments,
other
farm cash income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and li vestock commodities
valued at average prices during the year.
Crops
Value of
inventory2
changes
Production
expenses
98.9
98.3
100.3
101.8
108. 1
126.9
149.6
153.8
<5^
77-706 0 - 8 1 - 2
Net f arni income
Cash marketing r<sceipts
33.3
26.1
24.5*
Q)
6.7
' Income in current dollars divided by the consumer price index (Department
of Labor).
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the fourth quarter of 1980, corporate profits before tax rose $11.9 billion (annual rate) while after-tax profits rose
$5.2 billion, according to revised estimates.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
120
80
80
40
40
1981
SOURCE: DEPARTMENT OF COMMERCE
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1979:
1980:
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual
3ry valusition
Profil te (before tax) wit i invent<
adjustn lent 1
Dome ?tic indu stries
Period
Tax
Profits
*^onfinan< 3ial
liabefore
bility
Wholetax
Total *
Manu- sale
Total Financial
Total8 faeand
turretail
ing
trade
._.
34.2
68.9
62.4
12. 1
50.2
75.4
26.6
9.5
82.0
14. 1
:_____
34. 1
37.5
74.9
60.8
86.6
11.7
94.0
85.3
15.3
!_•_..*_.
70.0
41.6
40.7
100.6
13.4
92.0
105.6
49.0
15.9
76.0
45.5
125.6
13.9
80.4
96.7
51. 6
65.4
15. 0
39.0
12.5
136.7
120. 6
107.6
52. 6
132. 1
50.6
11.8
95.8
21. 3
137.4
69.2
151.6
63.8
17. 1 120.3
166.3
22. 4
161.2
176.7
23. 5 137.7
76.2
72.6
27.0
192.6
199. 0
179.3
29.3 150.0
83.0
85.3
223. 3
24.5
182.4
31.6 150.8
212.7
87.6
255. 4
88.9
23.0
199.8
82.3
168.7
30.6 138. 1
74.5
20.9
245.5
215. 6
88.4
180. 5
III
31.5 149. 0
262. 0
25.6
84.4
204. 5
IV
87.2
172.9
80.2
255.4
32.6 140. 3
22.6
215. 6
I
.
94.2
179.0
33.3 145.7
92. 1
14.8
277. 1
II
71.5
157.5
186.9
30. 1 127.5
61.3
25.9
217. 9
III
165.0
78.5
195.9
28.7 136.2
68.5
20.4
237.6
173.4
85.2
IV.. ._
76.2
201. 0
30.5 142.9
249.5
22.6
1981: I*._
i See p. 4 for profits with inventory valuation and capital consumption
adjustments.
1
Includes rest of the world, not shown separately.
8
rates]
Pro fits after tax
Total
Dividends
Undistributed
profits
41.3
49.0
58.9
76.6
85. 1
81.5
102.5
120. 0
140.3
167.8
163.2
173.6
168.2
182.9
146. 5
159. 1
1643
22.5
22.9
24.4
27.0
29.9
30.8
37.4
39.9
44.6
50. 2
56.0
50.2
51.6
53.9
55.7
56.7
57.7
18.8
26. 1
34.5
49.6
55.2
50.7
65. 1
80. 1
95.7
117.6
107.2
123.5
116.6
128.9
90.7
102. 4
106.6
59.6
s Includes industries not shown separately.
Source: Department ot Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-6.6
-4.6
-6.6
-20.0
-40.0
-11.6
-14.7
-15.8
-24.3
-42.6
-45. 7
-46.5
-50.8
-61. 4
-31. 1
-41.7
— 48.4
-38.4
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the first quarter, business fixed investment rose $12.6 billion (annual rate)
as nonresidential construction outlays rose $4.7 billion and producers' durable equipment purchases increased $7.8
billion. Residential investment outlays rose $3.3 billion. There was a $7.9 billion reduction of inventories following
a $17.4 billion reduction in the fourth quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
500
500
SEA 5ONALLY ADJUSTED ANNUAL RATES
450
450
400
GROSS PRIVATE DOMES nc
INVESTMENT
,^^
^r^
_/
\
\
350
s^*- ^^V
J
y
400
^xx^
^*r
350
^
^
300
300
(
^_^
250
.—-^'
v
NONREi IDENTIAL
FIXED IN>/ESTMENT^,*^!_
S^
~'*
~~**~~
200
150
250
200
150
«•
:
RESIPENTIA
FIXED INVESTM FNT
100
,„.-,•••« ********
V- -''
f
""•" "««*«*l,M
**.-
100
CHANGE IN BUSINESS
INVENTORIES
50
"""""»"»
»*****»<
X.««'''«.....n,iMH^
\,.....x
1
-50
I
1973
I
I
I
I
i
1974
50
\
^.........•^"X
»!*•****
X..Ji..«..«'V
%«.....X
i
I
I
1975
i
I
1
1
1
i
1977
1976
*»tf
I I
1978
I
1
1
I
1979
I
I
1980
SOURCE: DEPARTMENT OF COMMERCE
0
x..iw..- [«**
I
I
I
-50
1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
"PprinrJ
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1979: III
IV__
1980:1
II
III
IV
1981: I»
Gross
private
domestic
investment
144. 2
166.4
195.0
229.8
228.7
206. 1
257.9
322.3
375.3
415.8
395.3
421.7
410.0
415.6
390.9
377. 1
397.7
423. 1
Nonresidential fixed
investmenl
Total
103.9
107.9
121.0
143.3
156.6
157.7
174. 1
205. 5
242.0
279.7
296.0
288.5
290.2
297. 8
289.8
294.0
302. 1
314.7
Structures
38.7
40.5
44. 1
51. 0
55.9
55.4
58.8
64. 6
78.7
96.3
108.8
99.6
105. 1
108.2
108.4
107.3
111.5
116.2
Producers'
durable
equipment
65.2
67.4
76.9
92.3
100. 7
102. 3
115.3
140. 9
163.3
183.4
187. 1
189.0
185. 1
189.7
181.4
186.8
190.7
198.5
Source: Department of Commerce, Bureau of Economic Analysis.
Ressidential fix ed investmtent
Total
37. 1
50.9
63.8
68.0
57.9
55.3
72. 0
95.8
111.2
118.6
105.3
119.8
120.6
115. 2
93.6
99.2
113.0
116.3
Nonfarm
structures
35.4
48.9
61.5
65.6
54.8
52.4
68.8
91.9
106.9
113.9
100.3
114.9
115.4
110. 1
88.9
94. 5
107.6
110.9
ThT'o-.Tvi
i?arm
structures
0.6
.7
.7
.7
1.3
1.0
1. 1
1.5
1.8
1.8
2.0
2.0
2.3
2.2
1.8
1.7
2.2
2.2
Producers'
durable
equipment
1. 1
1.3
1.5
1.7
1.8
1.9
2. 1
2.3
2.6
2.9
3.0
2.9
3.0
3.0
2.9
3.0
3. 1
3.2
Change in business invrentories
Total
3.2
7.7
Nonfarm
3. 1
6.4
9.6
10.2
18.5
14. 1
-6.9
11.8
21.0
22.2
17.5
-5.9
13.3
15.2
16.0
-10.5
13.9
20.2
21.8
13.4
-4.7
-16.0
-17.4
-7.9
6. 1
-12.3
-14.0
-5.9
-.8
2.5
7.4
7.8
-4.4
1.5
EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS
Nonfarm business spending for new plant and equipment for the year 1981 is expected to be 10.2 percent above
1980, according to the Commerce Department January-February survey* Expenditures in 1980 were 9.3 oercent
higher than in 1979.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
200
200
TOTAL NEW PLANT AND EQUIPMENT
100
100
80
80
MANUFACTURING
60
60
40
40
I
30
I
I
i
1973
i
i
1974
i
i
i
i
i
i
I
1976
1975
1977
I
I
1978
I
I
L
1979
J
j/
i
L
1980
30
1981
J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual ratesj
Plant iand equi pment
Ma•nufactur ing
Period
1973
1974
1975
1976
1977
1978
1979
1980 4
1981
1980:1...
II_.
III..
IV..
1981: I *_.
II 4 .
Total
Plant
137. 70 56.66
156. 98 64.29
157. 71 65.21
171. 45 71.20
198. 08 80. 31
231. 24 92.70
270. 46 105. 73
295. 63 117. 55
325. 72
291. 89 115. 96
294. 36 116. 50
296. 23 117. 59
299. 58 120. 27
310. 10
317. 29
2nd
half 4. 336. 21
1
Equipment
Total
Durable
goods
Nondurable
goods
81.04 42.37
92.69 53. 21
92.50 54.92
100. 25 59.95
117. 77 69. 22
138. 54 79.72
164. 73 98.68
178. 08 115. 81
129. 85
22.75
27.44
26. 33
28.47
34.04
40. 43
51.07
58.91
66.47
19.62
25.76
28.59
31.47
35. 18
39. 29
47.61
56.90
63. 38
111. 77
115. 69
116. 40
118. 63
121. 17
126. 68
134. 68
175. 93
177. 86
178. 64
179. 32
Trans- Public
Total Mining porta- utilities
tion
Trade
and
services *
Starts of
plant and
equipment
Comprojects,
muni- manufaccation turing 3
and
other 2
58.28
59. 38
58. 19
59.77
61.67
63.84
53.49
56. 32
58.21
58.86
59.51
62. 84
95.33
103. 78
102. 79
111. 50
128. 87
151. 52
171. 77
179. 81
195. 87
180. 13
178. 66
179. 83
180. 95
188. 93
190. 61
3.31
4. 62
6. 10
7.44
9. 24
10.21
11.38
13. 51
15.87
11. 89
12.81
13.86
15. 28
15. 36
15. 57
7.41
8.23
8.68
8.89
9.40
10. 68
12.35
12. 09
12.87
12.47
12.09
12. 23
11. 70
12. 00
11.83
17.97
19.83
19. 98
22.37
26.79
29.95
33.96
35. 44
38. 27
36.26
35.03
35.58
34.96
36.89
37. 65
82. 17
81.07
81. 19
82.91
84. 33
84. 17
21. 12
23. 30
21.80
23.51
26.90
32. 02
34.83
36.99
41.93
37.34
37.66
36. 97
36. 11
40.34
41.39
69.53
65. 15 201. 53
16.24
13.85
39. 18
89. 38
42.87
Wholesale and retail trade; finance, insurance, and real estate; and personal,
business,
and professional services.
2
"Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.
10
1•Jonmanuifaeturin ?
3
45. 53
47.79
46.23
49.30
56. 54
68.66
79.26
81. 79
86.93
53.21
61.24
56.51
59.38
77.40
88. 16
112. 98
123. 32
32. 43
29.41
27. 74
33.53
Starts are estimated by adding changes in carryover to expenditures during
given period.
* Planned capital expenditures as reported by business in January and February 1981, corrected for biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment rose 485,000 in March while unemployment was unchanged.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS
110
110
1973
1981
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Period
1975
1976
1977
1978*
1979
1980
Noninstitutional
population
153, 449
156, 048
158, 559
161, 058
163, 620
166, 246
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted]
Civilian einaploymerit
Unempl oyment
Total
labor
N onagri cultural
15
Civilian Unemforce Civilian
Part-time
Agriweeks
employ- ploy- (includ- labor
Total
Total
ecoculment
force
and
ment
ing
Total for
nomic l
tural
over
Armed
reasons
Forces)
3,490
7,830 2,483
84, 783 7,830 94, 793 92, 613 84, 783 3,380 81, 403
3,272
7,288 2,340
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
3,965
7,448 1,829
97, 270 7,448 106, 821 104, 719 97, 270 3,310 93, 960
Labor
force
participation
rate
/_..._.
(percent) 2
61.8
62. 1
62.8
63. 7
64. 2
64.3
Seas(mally adj usted
Uinad justed
165, 506
165, 693
165, 886
166, 105
166, 391
166, 578
166, 789
167, 005
167, 201
167, 396
96, 546
96, 566
96, 709
97, 776
98, 587
98, 115
97, 256
97, 933
97, 801
97, 545
6,805
6,846
7,318
8,291
8,410
8,011
7,464
7,482
7,486
7,233
171
427
060
591
020
945
980
167
285
067
97, 628
97, 225
97, 116
96, 780
96, 999
97, 003
97, 180
97, 206
97, 339
97, 282
3,337
3,262
3,352
3,232
3,267
3,210
3,399
3,319
3,340
3,394
94, 291
93, 963
93, 764
93, 548
93, 732
93, 793
93, 781
93, 387
93, 999
93, 888
3,470
3,803
4,276
3,969
4,086
4,143
4,183
4,220
4,176
4,218
6,543
7,202
7,944
7,811
8,021
7,942
7,800
7,961
7,946
7,785
1,391
1,599
1,686
1,777
1,935
2, 150
2,295
2,292
2,329
2,378
64.2
64.3
64.6
64. 2
64.4
64. 3
64.2
64,2
64.2
64.0
1981: Jan,. 167, 585
Feb... 167, 747
Mar_. 167, 902
96, 128
96, 383
97, 318
8,543 107, 668 105, 543
8,425 107, 802 105, 681
8,087 108, 305 106, 177
97, 696
97, 927
98, 412
3,403
3,281
3,276
94, 294
94, 646
95, 136
4,474
4, 145
4,227
7,847
7,754
7,764
2,358
2,250
2, 192
64.2
64.3
64.5
1980: MarApr
May.
June.
July .
Aug.,
Sept .
Oct..
Nov.
Dec..
106, 261
106, 519
107, 148
106, 683
107, 119
107, 059
107, 101
107, 288
107, 404
107, 191
104,
104,
105,
104,
105,
104,
104,
105,
105,
105,
* 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
revisions in the household survey, which added about 250,000 to labor force and
to employment.
s ur ef Department
D art
Source:
of Labor, Bureau of Labor Statistics.
*Data beginning 1978 not strictly comparable with earlier data because of
11
SELECTED UNEMPLOYMENT RATES
In March the seasonally adjusted unemployment rate was 7.3 percent, the same as in February.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
20
k
\A
15
--
TEENAGERS
(16-19)
10
10
WOMEN 20 YEARS
AND OVER
MEN 20 YEARS
AND OVER
lll
1977
1977
1981
1979
1978
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
1980
il
1981
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Uneinployme nt rate ( percent <)f civiliaii labor f<Dree in g roup)
]3y select ed group s
By*sex and stge
By race
Total
(all
civilian
workers)
Men
20
years
and
over
8.5
7.7
7.0
6.0
5.8
7.1
6.7
5.9
5.2
4.2
4. 1
5.9
1980: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
6.3
6.9
7.6
7.5
7.6
7.6
7.4
7.6
7.5
7.4
1981: Jan
Feb
Mar
7.4
7.3
7.3
Period
1975
1976
1977
1978
1979
1980
.
Women
20
years
and
over
12
ExpeFullBlack rienced
time
wage Household
and
and
other salary
heads workers
workers
Parttime
workers
5.8
5. 1
4.5
3.7
3.6
4.9
8. 1
7.3
6.5
5.5
5. 3
6.8
10.3
10. 1
9.8
9.0
8.7
8.7
9. 1
8.3
7.6
6.5
6.3
7.9
6.0
6.6
7.4
7.3
7.4
7.4
7.2
7.3
7.2
7. 1
4.3
4.8
5.2
5.2
5.3
5.3
5.3
5.2
5.2
5.1
5.9
6.5
7.3
7.2
7.4
7.3
7.3
7.3
7.4
7.3
8.4
8.8
9.0
8.8
8.8
8.7
8.7
9. 1
8.6
8.2
6.8
7.6
8.6
8. 1
8.4
8.3
8.2
8.4
8.3
8.2
7. 1
7.0
7.0
5. 1
5.0
4.9
7.1
7. 1
7. 1
9.2
9. 1
9.0
8.2
8.1,
8. i
Both
sexes
16-19
years
White
8.0
7.4
7.0
6.0
5.7
6.3
19.9
19.0
17.7
16.3
16. 1
17.7
7.8
7.0
6.2
5.2
5. 1
6.3
13.9
13.1
13.1
11.9
11.3
13.2
8.2
7.3
6.6
5.6
5.4
6.8
5.0
5.8
6.4
6.4
6.6
6.5
6.6
6.4
6.4
6.2
5.8
6.2
6.5
6.4
6.6
6.5
6.2
6.7
6.7
6.8
16.2
16.4
18.9
18.3
18.7
18.8
17.8
18.5
18.6
17.8
5.5
6. 1
6.8
6.7
6.8
6.7
6.5
6.6
6.6
6.5
11.9
12.6
13.6
13.5
13.9
13.7
14. 1
14.2
14.0
14.0
6.0
6.0
5.9
6.7
6.5
6.6
19-0
19.3
19. 1
6.7
6.6
6.5
12.9
13. 1
13.7
i Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
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 and job leavers fell, while the percentage who
were reentrants and new entrants rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR
60
60
LESS THAN
5 WEEKS
50
50
40
REENTRANTS
30 -
30
20
20
NEW ENTRANTS
15-26
WEEKS
^>^W^
10 JOB LEAVERS
27 WEEKS
AND OVER
i i ii i Iiiiii
1977
1978
1979
1980
1981
1977
1978
1979
1980
1981
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Pereenit distrib ution of unemPereen t distrib ution of iinem- State pirograms Insured
unem- Special
plo yment b y duratic>n*
ployment Dy reasoii i
ployunemUnemment.
ploy_i___
ployall
ment
Period
27
Insured
ment
Less
regular benefit
Job
Keen- New
5-14
15-26
weeks
Initial
unem(thou- Job
en- than 5
proclaims
ploy- claims grams
sands) losers leavers trants trants weeks weeks weeks and
(unad(unad-2 justed) *
justed)
Weejkly aver age, thoussands
1976
._ 7,288
12.2
49.7
26.0
13.8
18.3 2,991
12. 1
38.3
386 3,846
29. 6
1,152
1977
13.0
45.3
28. 1
6,855
30.5
13. 1
14.8 2, 655
13.7
375 3,308
41.7
572
1978... — .. 6,047
14.1
41.6
30.0
12.3
14.3
46.2
10.5 2,359
31.0
346 2, 645
1979...
14.3
42.8
29.5
11.5
8. 7 2,434
5,963
13.4
388 2,592
48.1 31.7
1980...
11.6
25.2
51.9
11.4
13.8
7,448
10.8 3,350
489 3,837
43.1 32. 4
1980: Mar.. 6, 543
12.3
47.5
27.7
33.4
12. 1
12.5
9.0 2,890
45.5
464 3,652
Apr.. 7,202
12.7
50. 1
26.7
9.2 3, 202
10. 5
12.9
45. 1 32.8
549 3,629
May. 7,944
52.4
11.7
24.9
32.4
12. 3
11.0
46.5
8.8 3, 658
631 3, 680
June. 7,811
55.4
11.0
22.8
13.0
10.8
35.7
9.6 3,962
41.7
591 3, 790
July__ 8,021
10.8
23.4
54.6
11.2
33.5
13.8
42.0
10.7 3,810
514 4, 140
Aug.. 7,942
11.2
54.2
10.9
15.6
23.6
31.9
11.5 3,748
41.0
503 3, 911
Sept.. 7,800
55.2
10.8
23.2
17.2
38.4
32.6
11. 7 3, 782
10.8
495 3, 961
Oct.. 7,961
53.0
10.9
25.2
15.7
11.0
39.9
31.3
13.0 3,602
458 3,661
Nov.. 7,946
53.5
11.3
15.2
11.2
24.0
424 3,726
31.7
39.0
14.0 3, 367
Dec__ 7,785
54.3
10.5
11.2
16.0
24.0
40.4
14.9 3, 083
28.8
415 4,085
1981: Jan.. 7,847
49.4
11.6
26.2
16.2 2, 982
28.7
13.7
12.8
41.3
417 4, 621
Feb.. 7,754
50.7
11.5
25.7
12. 1 41.2
12.8
16.2 2,825
29.9
410 4, 264
Mar__ 7,764
11.2
49.7
30.4
15. 2 2,906
12.7
26. 4
41.4
13. 1
433
1
Detail may not add to 100 percent because of rounding.
2 Includes State (SO States, District of Columbia, Puerto Kico, and Virgin
Islands), ex-servicemen (TJCX), Federal (TJCFE), and railroad (HE) programs. Also includes Federal and State extended benefit programs. Does not
include FSB (Federal supplemental benefits) and SUA (special unemployment assistance).
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 nonagricultural employment as measured by the payroll survey was unchanged in March from its February
level.
MILLIONS OF PERSONS* (ENLARGED SCALE)
'MILLIONS OF PERSONS*
22
WHOLESALE AND RETAIL TRADE
90
20
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
SERVICES
>•
1
70
GOVERNMENT
60
SERVICE-PRODUCING
INDUSTRIES
22
MANUFACTURING
50
20
40 —
18 Ml 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
CONSTRUCTION
GOODS-PRODUCING
INDUSTRIES
30
...„,.»»••'•'""
20 M l I I I I I I I I I I
1977
IIII IIII | I I
| IIIII II | II
1978
1979
•SEASONALLY ADJUSTED
I II III I IIII
1980
2 Ml 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 ) | | | | | 11
1977
1981
1978
1979
1980
1981
COUNCIL OF ECONOMIC ADVISERS
SOURCE DEPARTMENT OF LABOR
[Thousands of wage and salary workers;1 seasonally adjusted]
cloods-prc>ducing i adustries
o _ _J J
Fenod
Total
nonagricultural
employ- Total *
ment
Construction
gService-pireducing industri*3S
Trans- Whole- Finance,
Gover nment
Ma nufactui ing
portainsur^
sale
ance, Services
tion
and
Total
State
Nonand
and
Durable
retail
Federal and
durable
Total goods
real
public trade
local
goods
estate
utilities
1975
1976.,
1977
1978..
1979
1980,..
76, 945
79, 382
82, 471
86, 697
89, 886
90, 657
22, 600
23, 352
24, 346
25, 585
26, 504
25, 855
3,525
3,576
3,851
4,229
4,483
4,469
18, 323
18, 997
19, 682
20, 505
21, 062
20, 361
10, 688
11, 077
11, 597
12, 274
12, 772
12, 215
7,635
7,920
8,086
8,231
8,290
8, 146
54, 345
56, 030
58, 125
61, 113
63, 382
64, 801
4,542
4,582
4,713
4,923
5,141
5, 156
17, 060
17, 755
18, 516
19, 542
20, 269
20, 573
4, 165
4,271
4,467
4,724
4,974
5, 162
13, 892
14, 551
15, 303
16, 252
17, 078
17, 741
2,748
2,733
2, 727
2,753
2, 773
2,866
11, 937
12, 138
12, 399
12, 919
13, 147
13, 304
1980: Mar..
Apr...
May..
June..
July..
Aug..
Sept..
Oct...
Nov..
Dec
91, 144
90, 951
90, 468
90, 047
89, 867
90, 142
90, 384
90, 710
90, 961
91, 125
26, 476
26, 121
25, 745
25, 422
25, 163
25, 312
25, 476
25, 636
25, 811
25, 892
4,529
4,467
4,436
4,379
4,322
4,359
4,404
4,442
4,475
4,508
20, 938
20, 642
20, 286
20, 014
19, 828
19, 940
20, 044
20, 157
20, 282
20, 312
12, 707
12, 442
12, 140
11, 947
11,819
11, 860
11, 955
12, 043
12, 146
12, 160
8,231
8,200
8, 146
8,067
8,009
8,080
8,089
8, 114
8, 136
8, 152
64, 668
64, 830
64, 723
64, 625
64, 704
64, 830
64, 908
65, 074
65, 150
65, 233
5,202
5, 178
5, 167
5, 134
5, 114
5, 129
5, 124
5, 147
5, 132
5, 137
20, 610
20, 531
20, 487
20, 459
20, 506
20, 589
20, 620
20, 641
20, 660
20, 638
5, 115
5, 119
5, 137
5, 150
5, 167
5, 180
5, 194
5,214
5,225
5,245
17, 580
17, 618
17, 659
17, 652
17, 760
17, 788
17, 861
17, 913
17, 969
18, 068
2,886
3, 115
2,960
2,951
2,893
2,828
2,765
2,788
2,790
2,789
13, 275
13, 269
13, 313
13, 279
13, 264
13, 316
13, 344
13, 371
13, 374
13, 356
1981: Jan.... 91, 481
Feb*. 91, 644
Mar *>_ 91, 645
26, 041
25, 987
25, 978
4,610 20, 345 12, 188
4,520 20, 373 12, 193
4,516 20, 369 12, 197
5,268 18, 133
5,274 18, 189
5,279 18, 216
2,801
2,787
2,786
13, 334
13, 374
13, 318
8, 157 65, 440
8, 180 65, 657
8,172 65, 667
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
5, 142 20, 762
5, 147 20, 886
5,153 20, 915
are not at work because of industrial disputes, bad weather, etc., even if they
are not paid for the time off; and which are based on a sample of the workingage population, whereas the estimates in this table are based on reports from
employing establishments.
' Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NQNAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Averagfe gross
hourly (mrnings
Aver age weekly ] lours
Period
Total
private
nonagricultural l
1972
1973
1974
1975
1976
1977
1978
1979..
1980
1980: Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
_
1981: Jan
Feb*
Mar"
Overtime
Total
private
nonagncultural J
Manufacturing
Manufa cturing
Total
Adjusted h ourly earnin gs index—1<3tal private
nonagricjultural 2
Percent ch ange from
a year earlier 4
Index, 1<367=100
Current
dollars
1967
dollars $
Current
dollars
1967
dollars
37.0
36.9
36.5
36. 1
36. 1
36. 0
35.8
35.6
35.3
40. 5
40.7
40.0
39.5
40. 1
40.3
40.4
40.2
39.7
3.5
3.8
3.3
2.6
3. 1
3.5
3.6
3.3
2.8
$3.70
3. 94
4.24
4.53
4.86
5.25
5.69
6. 16
6.66
$3.82
4.09
4.42
4.83
5.22
5.68
6. 17
6.69
7.27
137.5
146. 0
157. 5
170. 6
183. 0
196.8
212. 9
229.8
250.7
109.7
109.7
106.7
105.9
107. 3
108.4
109.0
105.6
101. 5
6.4
6.2
7.9
8.3
7.3
7.5
8.2
7.9
9. 1
3.0
0
-2.7
-.7
1.3
1.0
.6
-3. 1
-3.9
35.4
35.3
35. 1
35.0
34.9
35. 1
35.2
35.3
35.4
35.4
39.8
39.8
39. 3
39.1
39.0
39.4
39.6
39.7
39.9
40. 1
3.1
3.0
2.6
2.4
2.5
2.7
2.7
2.8
2.9
3. 1
6.51
6.54
6.57
6.62
6.67
6.71
6.77
6.83
6.91
6.95
7.06
7. 11
7. 15
7.22
7.30
7.36
7.42
7.49
7.58
7.63
245.2
246.2
248.3
250.9
252. 1
254.0
255.4
257.9
260.9
261.9
102. 1
101. 5
101.5
101. 6
102. 1
102.0
101.5
101.4
101. 5
100.8
8.9
8.6
9. 1
9.4
9.2
9.3
9.0
9.7
9.9
9.4
-5.0
-5.2
-4.6
-4.2
-3.3
-3.0
-3.2
-2.6
—2.4
-2.8
35.5
35.3
35.4
40.4
39.9
40.0
3. 1
2.9
2.9
7.02
7.05
7.10
7.69
7.73
7.79
264.4
266.3
268.5
101.0
100.8
101.0
10.0
9.9
9.5
-1.6
-1.4
-1.0
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagricu Itural *
Period
Current
dollars
1972
1973
1974
1975
1976
1977
1978
1979
1980
1980: Mar
Apr
May
June
July.....
Aug
Sept
Oct
Nov
Dec.
1981: Jan
Feb »
Mar *_._,
_
_
_
_
_
$136. 90
145. 39
154. 76
163. 53
175. 45
189. 00
203. 70
219. 30
235. 10
230. 45
230. 86
230. 61
231. 70
232. 78
235. 52
238. 30
241. 10
244. 61
246. 03
249. 21
248. 87
251. 34
Manufacturing
1967
dollars 3
$109. 26
109. 23
104. 78
101. 45
102. 90
104. 13
104. 30
100. 73
95. 18
95.90
95.20
94.28
93.88
94.24
94.62
94.68
94.81
95. 10
94. 70
95.19
94.20
94. 60
$154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
268. 94
288. 62
280. 99
282. 98
281. 00
282. 30
284. 70
289. 98
293. 83
297. 35
302. 44
305. 96
310. 68
308. 43
311. 60
$221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 69
342. 99
367. 78
356. 85
359. 29
361. 74
366. 92
365. 79
366. 46
375. 87
375. 18
379. 81
382. 87
400. 40
378. 61
393. 67
Percent ch ange from a
year €jar lie r,
total pri vate nonagricu Itural 5
Current
dollars
Current dollars3
12 Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment'shifts and for overtime in manufacturing.
8
Current dollar index (or earnings) divided by the consumer price index.
Revised index for urban waee earners and clerical workers used beginning 197S.
Construction
Wholesale
and retail
trade
$106. 45
111.76
119.02
126. 45
133.79
142. 52
153. 64
164. 96
175. 91
173. 45
172. 16
173. 98
173. 86
174. 90
176. 96
178. 48
180. 00
182. 25
182. 01
185. 08
186. 12
187. 40
7.5
6.2
6.4
5.7
7.3
7.7
7.8
7.7
7.2
6.6
8.2
6.5
6.4
5. 7
6.6
6.4
7.5
8.4
7.9
9.5
9.0
9. 1
1967
dollars
4. 1
-.0
-4. I
-3.2
1.4
1.2
.2
-3.4
-5.5
-7.0
-5.6
-6.9
~6. 9
-6.5
-5.4
-5.5
-4.6
-3.8
-4.1
-2.0
-2.2
- 1. 3
* Monthly changes based on indexes to two decimal places.
s Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR
Outf jut
Hours of 2all
pers<ms
1
Output ] 3er hour
of all ppersons
Compe nsation
per ] lour 3
Unit labor
COsts
Implici fc price
defla bor 4
PriNonPriNon- Private Non- Private NonNonPriNonPrivate
vate
farm
farm
vate
farm business farm
farm
vate
farm
business
business business
business
business
business
business
business
business business business
sector
sector
sector
sector sector sector sector sector sector sector
sector
sector
Period
1977== 100; quarterly data season*ally ad jus ted
76.9
79.2
76.7
78.9
90.3
92.7
88.5
91.3
85.2
85.4
86.7
86.4
50.6
54.2
51.4
54.8
59.5
63.5
59.3
63.4
60.3
63.3
60.5
63.4
78.5
80.9
86.2
92.0
90.2
78.1
80.4
85.9
91.9
90. 1
91.2
90.7
93.4
97.0
97.4
90.0
89.7
92.5
96.4
96.8
86. 1
89.2
92.4
94.8
92.7
86.7
89.6
93.0
95.3
93. 1
58.2
62.0
66.0
71.3
78.0
58.6
62.5
66.6
71.7
78.4
67.6
69.5
71.5
75.2
84.2
67.6
69.7
71.7
75.2
84.3
66.2
69. 1
71.5
75.3
82.4
66.4
69.4
71.4
74 1
81.6
1975_,
1976
1977
1978
1979
88.5
94. 1
100.0
104.7
107.7
88.1
94.0
100. 0
104.9
107.7
93.4
96. 1
100.0
104.9
108.4
92.7
95.9
100.0
105. 1
108.8
94.8
97.9
100.0
99.8
99.4
95.0
98.1
100.0
99.8
99.0
85.5
92.9
100.0
108.4
119.2
86.0
93.0
100.0
108.5
nas
90.2
94.8
100.0
108.6
119.9
90.5
948
100.0
108. 7
120.0
90.4
94.7
100.0
107.4
116.9
89.9
94.5
100.0
107.0
116.2
1980
106.8
106.8
107.8
108.3
99.1
98.6
131.1
130.5
132.3
132.4
127.6
127.4
1979: III
IV
107.7
108.2
107.8
108.2
108.6
109.3
109.2
109.7
99.2
99.0
98.7
98.6
120.5
123.0
119.9
122.7
121.4
124.2
121.5
124.4
118. 1
120.2
117.4
119.7
1980: I
II
III
IV
108.7
105.4
105.7
107.5
108.5
105. 1
105.8
107.7
109.5
106.7
106.5
108.7
110.0
107.3
107. 1
109. 1
99.3
98.8
99.2
98.9
98.6
97.9
98.8
98.7
126.0
129.7
132.8
135.5
125.6
129.0
131.9
135.0
127.0
131.3
133.9
137.0
127.4
131.8
133.5
136.8
123.0
126. 1
129. 1
132.2
122.9
126.3
128.8
131.9
1981: I*
109.3
109.6
109.5
110.0
99.8
99.6
139.2
138.6
139.5
139.2
134.7
1345
1968
1969
—
1970
1971
1972
1973
1974
*
Perceiat change ; quarterlyr data at seasonal!y adjusteci annual rates
1968
1969
5.1
2.9
5.3
2.9
1.7
2.6
2.0
3.2
3.3
.2
3.3
-.3
7.7
7.0
7.4
6.5
4.2
6.7
3.9
6.8
40
49
40
47
-.8
3.0
6.6
6.6
-1.0
-1.7
-1.9
-1.9
-.5
3.0
3.9
.4
-1.4
-.4
3. 1
4.2
.4
.9
3.6
3.5
2.7
-2.3
.3
3.3
3.7
2.5
-2.4
7.4
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
6.4
2.9
2.9
5.2
11.9
6.6
3.1
2.8
4.9
12.1
45
44
3.4
5.4
9.4
48
45
3.0
3.7
-1.9
-2.2
-4 1
2.9
4.0
4.9
3.3
-4.2
3.4
4.3
5.1
3.5
2.3
3.3
2. 1
-.2
—.4
2. 1
3.2
2.0
-.2
-.8
9.6
8.6
7.7
8.4
9.9
9.6
7.6
8.5
9.6
7.2
5. 1
5.5
8.6
10.4
7.4
47
5.5
8.7
10.4
9.7
4.7
5.6
7.4
8.8
10.3
5. 1
1970
1971
1972
1973
1974
....
1975
1976
1977
1978
1979
—
6.3
6.3
4.7
2.8
1980
-
-.8
-.9
-.5
-.5
-.3
—.4
10.0
9.8
10.3
10.3
9.2
9.7
1979: III
IV
2.4
1.7
2.6
1.5
4.0
2.8
4. 1
1.8
-1.5
-1.1
-1.4
-.3
8.5
8.6
8.1
9.6
10.1
9.8
9.7
9.9
8.2
7.4
8.5
7.8
1980: I
II
Ill
-11.5
1. 1
-12.1
.5
1.3
-1.9
1.5
-1.2
.0
-3.0
3.8
-.4
10.4
12.2
9.7
8.4
9.9
2.9
7.1
1.4
-9.4
-.9
7.5
11.2
9.3
9.6
9.0
14.4
8.1
9.7
9.9
14.6
5.3
10.1
9.7
10.5
9.8
9.9
11.3
11.3
6.9
-9.9
^
8.3
10.0
1981: I*
7.2
7.3
3.2
3.6
3.9
3.6
11.5
11.3
7.4
7.5
7.6
8.4
IV
1.8
2.9
6.9
6.9
6.7
6.4
4.9
2.7
1.4
1 Output refers to gross domestic product originating in the sector in 1972 dollars.
2 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.
* 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
8. 1
10.1
5.8
7.0
8.6
8.2
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 1980 fourth quarter and year.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 0.4 percent in March following a decrease of 0.4 percent in February.
INDEX, 1967=100*
180
1NDE
(RATIO SCALE)
TOTAL INDUSTRIAL PRODUCTION
ip/i
X; 1967=100*
(RATIO SCAL E)
UTILITIES
AND MINIIMG
PRODUCTION
A^/^^. B
^-
160
IAD
'
\^/
^^^^
*^~
UTILITIES
++
140
~~"\y'
9mt
*
f
+**'
19O
/
v
%
1
MINING
110
MANUFACTURING PRODUCTION
MM,!,..!,
1977
1 1 il11111 Ii MinluMi MM.I.M,,
1978
1979
1980
M M , I, MM
1981
PERCENT* (RATIO SCALE)
100
160
MANUFACTURING CAPACITY UTILIZATION RATE
90
140
80
120
70
1977
1977
* SEASONALLY
1978
1979
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total in dustrial
produ ction
Percent
Index,
1967= change
from
100
year
earlier
100. 00
—.4
129.3
117.8
-8.9
130.5
10.8
138.2
5.9
146. 1
5.7
152.5
4.4
147. 1
— 3.5
Period
1967 proportion
1974
1975
1976
1977
1978
1979
1980
1980: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov.
Dec
J981: Jan
Feb 9
Mar 9
1981
„
_,_
__
COUNCIL OP ECONOMIC ADVISERS
[Seasonally adjusted]
Indu stry prodiiction ind<3xes, 1967 = 100
Mi umfacturi ng
Mining
Utilities
S5.97
134. 6
126. 4
141. 8
150.5
156.9
164.0
161. 1
6.S6
115.3
112.8
114.2
118.2
124.0
125.5
132.9
5.69
143.7
146. 0
151.7
156.5
161.4
166.0
169.9
Total
Durable
Nondurable
87.95
129.4
116.3
130.3
138.4
146. 8
153.6
146.6
51.98
125.7
109. 3
122.3
130.0
139.7
146.4
136.6
Capacit y utilizati*sn rate, percent *
Mstnufacturi ng
Materials
(Federal
WharReserve Federal Comton
series) Reserve merce2
series
series
series 3
87. 1
73.4
81. 1
82.7
85.6
87.4
79.8
83.8
72.9
79.5
81. 9
84.4
85.7
79.0
83
77
81
83
84
83
78
90.2
79.4
85.5
88. 1
90.9
92.6
86.2
847
80
91.3
76
85.7
76
83.6
78
84.6
152. 1
148.3
144.0
141.5
140.4
141.8
144. 1
146.9
149.4
151.0
-.9
-1.9
-5.7
-7.5
-8.2
-6.8
-5.6
-3.8
-1.9
-1.0
152. 1
147.9
143.4
140. 3
139. 1
140.6
143.4
146.4
149. 1
150.6
143.4
138.4
133. 3
129.9
128. 3
129.4
131.7
135.8
139.3
140.6
164. 7
161. 6
158. 0
155. 3
154.7
156.9
160.3
161.8
163.3
165.0
133.0
133. 1
133.4
132.9
130.6
129.6
130.5
132.1
136.0
139.3
172.0
169. 1
167.7
169.3
171.8
173.8
172.7
170.4
171.5
170.3
82. 1
78.3
75.7
73.7
74.6
76.4
78.4
80.4
81.3
82.8
80.3
77. 6
75.7
74.9
75.5
76.7
78.2
79.4
79.9
151.7
151. 1
151.7
-.7
-1.0
-.3
151. 1
150. 4
151.0
141.3
140. 1
141.3
165. 3
165. 2
165.0
141.4
143.3
143.7
171.0
169.7
169.9
81.8
81.3
81.3
80.0
79.4
79.5
i8 Output as percent of capacity.
Annual data are averages of four monthly indexes.
s
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
1980
ADJUSTED
Sources: Board of Governors of the Federal Reserve System. Department of
ommerce (Bureau of Economic Analysis), and Wharton School of Finance.
Com
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prod uets
Final I roduets
3
Coiisumer go ods
Period
Total
1967 proportion
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1980: Mar
Apr
May
June
V* J
July
Aug
Sept
Oct
Nov
Dee
1981: Jan
Feb »
Mar »
—
_ -
_-
—
.. _
__ _ _ —
47.82
106. 3
115.7
124. 4
125. 1
118.2
127.6
135.9
142.2
147.2
145.4
147. 7
145. 4
143. 1
142. 3
142.4
142.8
143. 9
145.8
147.5
148. 3
148.2
147.8
148.8
Eo^ij:>ment
NonDurable durable
goods
goods
7. 89
19. 79
113. 1
118, 8
120.6
133. 8
146.2
125. 6
135.3
126.3
121. 4
125. 1
135.2
141. 9
141. 9
154.0
159.2
145. 1
155.8
148. 8
149. 1
136. 5
150.3
144. 1
148.8
136. 3
147.7
128.8
147.6
128. 2
147.4
128.3
148.3
12$. 6
132.7
148.9
149. 4
139.6
142.9
150. 1
150.2
141.3
150. 7
138. 5
137.9
150.5
150. 2
141. 6
Total
87. 68
114.7
124. 4
131.5
128.9
124.0
137. 1
145. 3
149. 1
150.8
145.5
14R6
145.3
142.4
142. 1
142.0
142. 7
144. 3
146. 6
148.0
147.7
147.2
146.9
147.7
Interm ediate
prod uets
Total
Business
Total
80. 14
12. 63
104. 1
118.0
134. 2
142.4
128. 2
135.4
147.8
160.3
171. 3
173. 3
176. 1
174.2
171. 9
169.8
170. 1
170.3
170.5
172. 3
174. 5
177. 8
178. 5
178.0
179. 5
12.89
116.7
126.5
137.2
135. 3
123. 1
137. 2
145. 1
154. 1
160. 5
151.9
158. 3
150.8
146.2
143. 5
144. 5
147.6
150. 6
152.4
153.5
156. 1
157. 8
156, 1
156. 2
94. 7
103.8
114. 5
120.0
110. 2
114. 6
123.0
132. 8
142.2
145. 1
146.6
145.6
144. 0
142.6
142. 9
142.9
143.2
144.8
146.7
149. 1
149.5
149. 1
150.2
Construction
supplies
6.42
116. 8
128. 4
139.8
134.5
116. 3
132. 6
140.6
151.7
158.0
140. 7
152.3
139.4
133. 0
128.5
128. 6
133. 1
137.4
140. 5
142.8
144.6
147.3
145.0
144. 4
Materials
89. 29
111. 3
122. 3
133. 9
132.4
115. 5
131.7
138. 6
148. 3
156. 4
147.7
155. 3
151.0
144.3
140.0
136.5
138. 6
142.4
146.4
150. 5
152.6
153.9
153.4
153.7
Supplementary
group:
Energy
total
12. 23
119. 5
125.2
128.3
125. 5
125.5
129. 1
132. 9
135.4
137.9
138.8
139. 6
139. 1
137.9
138.4
139.2
139.2
138.2
136.8
139.2
139.7
140. 1
140. 1
138.9
[1967 = 100, seasonally adjusted]
D urable m anufaetu res
Primarjr metals
Period
Total
1967 proportion
1971
1972
1973
1974
1975
1976
1977
1978
1979
,
1980
1980: Mar__
Apr
May__
June,_
July
Aug
Sept
Oct_.
Nov
Dec
1981: Jan
Feb"
Mar*»_ _,
6.57
100.2
112. 1
126. 7
123. 1
96. 4
109.7
111. 1
119. 9
121.3
101. 6
113.7
106.4
96. 1
90.4
81.7
86.0
_ „ 90. 1
100.6
113.4
_ _ 112. 1
113. 9
. _ 113.5
113.7
Iron
and
steel
4.81
96. 1
107. 1
122. 3
119. 8
95.8
104. 8
103.8
113. 2
113. 2
91.7
105. 9
97.4
84.4
75.4
68. 1
75. 3
79.8
93.3
107,4
103.5
108.0
107.4
Fabricated
metal
products
5. 93
103. 5
112. 1
124. 7
124.2
109. 9
123. 9
131.0
141. 6
148. 5
135. 0
145. 5
141.4
133. 2
126. 1
123. 8
125. 8
129,0
132.8
134. 1
137.4
137.6
138.3
139. 2
Source: Board of Governors of the Federal Reserve System.
18
Nontrical
machin-
Electrical
machin-
ery
ery
9. 15
100.2
116.0
133. 7
140. 1
125. 1
134.5
143.6
153. 6
163.7
162. 8
166. 5
163.2
162. 1
158. 3
158.5
158. 8
159. 1
161. 1
163.4
167.5
168. 9
168. 1
169. 0
8.05
107. 7
122. 2
143. 1
143.8
116.5
134.8
145.4
159. 4
175.0
172. 7
179.2
177. 0
171.4
166. 6
165. 0
166.7
167.5
170.0
173.0
174.9
177.6
174. 6
175.8
Nonelurable nlanufact ures
Transpi^rtation
equip ment
Total
Motor
vehicles
and
Lumber
and
products
parel
products
1.64
113. 8
120. 8
126. 0
116. 2
107. 6
123. 2
131. 2
136. 3
136. 9
119. 3
125.3
105.2
104. 5
109.7
112. 8
121. 7
122. 6
122. 2
124.9
122.0
125. 3
122.0
S. 31
104.7
109. 4
117.3
114. 3
107.6
125. 7
134.2
134.2
134. 4
128. 6
136. 1
131.3
128. 6
127.2
121. 5
123. 8
126.7
127.5
128. 0
125. 1
125. 5
Ap-
Print- Cheming
icals
Foods
and
and
pubprodlishing ucts
parts
9. 27
97.9
108.2
118.3
108.7
97. 4
111. 1
122. 2
132.5
135.4
116.8
123.8
115. 1
109. 8
110. 0
110. 7
108. 3
112. 9
118.8
121.7
120. 6
117. 1
115. 1
119.3
4.50
118. 6
135. 8
148.8
128.2
111. 1
142.0
161. 1
169. 9
159.9
118.8
130. 1
114. 7
105.9
106.7
107. 9
104.4
113.4
124. 2
129.0
126. 3
118.8
117. 6
127. 0
4. 72
107. 1
112. 7
118. 2
118. 2
113.3
122. 5
127.6
131.5
186, 9
139. 6
139. 2
136. 5
135. 5
135. 4
138. 6
140. 3
140.3
141. 5
142.7
144. 9
145. 5
146. 7
146. 6
7. 74
125. 9
143.6
154.5
159.4
147. 2
170. 9
185.7
197.4
211.8
206. 7
213.6
209. 1
199.2
191. 1
190. 3
197.8
206. 8
209. 1
212.0
218. 8
219.4
218. 5
8. 75
112. 8
116. 8
120. 9
124.0
123. 4
133.0
138.8
142. 7
147. 5
149.2
149.3
147.8
149. 5
149. 0
148. 9
148.3
148. 6
149. 4
150.5
150. 7
150.6
151. 2
NEW CONSTRUCTION
Constructio n contracts1
Private
Total new
construction
expenditures
Period
Resic lential
Total
Total *
Commercial and
industrial
New
housing
Other
Federal,
State,
and
local
CommerTotal value cial and
index
industrial
(1972= floor space
100)
(millions of
square feet)
Bil lions of doll ars
1974
1975
1976
1977
1978
1979
1980
138.5
134. 5
151. 1
174.0
205.5
229. 0
228. 7
100.2
93.7
111. 9
135.8
159.6
179.9
173.6
50.4
46.5
60.5
81.0
93.4
99.0
86.9
40.6
34.4
47.3
65.7
75.8
78.6
62.8
23.8
20.8
19.9
22.5
29.6
39.9
43.4
25.9
26.4
31.5
32.4
36.6
41.0
43.3
38.3
40.9
39. 1
38.2
45.9
49. 0
55. 1
43.8
42.8
43.5
43.5
43.4
43. 0
42.4
43.0
42.3
41.9
43.5
44.5
43.9
57.0
56.5
54.3
54. 1
53.7
55.7
53. 1
55.8
55. 1
53.7
58.3
65.5
60. 1
Seasonall y adjusted ai wual rates
1980: Feb
Mar
Apr
May...
June
July
. J
Aug
8ept
.
Oct
Nov
Dec__ _ _
1981: Jan »
Feb *v
Mar
_ _
248.8
237. 1
225.8
218.9
215.0
214. 3
215. 1
223.7
226. 1
231. 6
247.4
261.9
252. 5
101.5
94.0
83.5
77.0
73.4
74.3
78.6
84.4
87.4
93.7
100.2
103.2
101. 0
191.7
180.6
171.5
164.8
161.3
158.6
162. 1
167.9
171.1
177.9
189.2
196.4
192.4
75.1
68.4
60.7
55.2
51.9
52.2
56. 1
60.8
63.5
69.2
71. 1
75.4
74.5
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
3 F. W. Dodge series. Kelates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
46.4
43.8
44.5
44.3
44.6
41.3
41.0
40.5
41. 4
42.3
45.5
48.7
47.5
103.0
101.9
121. 0
153.6
174. 1
185.6
161.8
840
555
592
739
977
1,059
898
Seasonally
Seasonally adjusted
adjusted
annual
rates
1,011
171
155
967
130
881
125
805
145
857
148
857
192
824
822
163
167
865
1, 034
210
193
1,169
944
185
177
1, 013
1,080
183
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 priv ate homes
*Tew private housing uni is
Units started, by type of stnicture
Period
Total
1973
1974
1975
1976
1977
1978
1979
1980
2, 045. 3
1,337.7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1
1, 292. 2
1 unit
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1
852. 2
2-4
units
118.3
68. 1
64.0
85.9
121.7
125.0
122.0
109.5
5 or more
units
795.0
381. 6
204.3
289.2
414.4
462.0
429.0
330.5
Units
authorized
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 800. 5
1, 551. 8
1, 181. 6
Units
completed
Homes
sold
Homes for
sale at
end ofl
period
Vacancy
rate for
rental
housing
units
(percent)3
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
1, 870. 8
1, 501. 6
634
519
549
646
819
817
709
530
418
346
313
353
402
414
3
398
336
5.8
6.2
6.0
5.6
5.2
5.0
5.3
1,684
1,818
1,561
1,491
1,472
1,429
1,254
1,287
1,274
1,373
1,249
1, 373
470
353
471
532
625
616
563
549
560
376
364
351
341
335
331
335
334
337
336
332
337
326
5.0
Seasonally adjusted arinual rates
1980: Mar
Apr
May
June
July..
Aug
Sept
Oct
Nov
Dec
1981: Jan *
Feb*
Mar »
1
J
J
1,040
1,044
938
__.
1, 184
1,277
1,411
1,482
1,519
1,550
1,535
1,660
1,214
1,284
628
650
651
760
867
971
1,032
1,009
1,019
974
993
793
817
Seasonally adjusted.
Quarterly data entered in last month of quarter.
New series beginning March 1979.
89
99
87
77
83
133
140
121
143
131
149
110
112
323
295
200
347
327
307
310
389
388
430
518
311
355
968
789
825
1,078
1,236
1,361
1,564
1, 333
1,355
1,235
1,228
1, 165
1, 128
. 514
525
508
511
5.4
5.5
4.8
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing
places; data for 1973-77 are for 14,000 places.
Source: Department of Commerce, Bureau of the Census.
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales were unchanged in February while inventories rose $4.9 billion. According to the advance survey,
retail sales were unchanged in March following a 1M percent increase in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
140
BILLIONSjQF DOLLARS* (RATIO SCALE)
600
550 -—
—
•130
120
cnn
TCHAL BUSINESS
INVENTORIES
450 -
^~^~
RETAIL INVENTORIES
110
•*•»
Pi
100
90
f"''"
_|
350
-
S
>^
go
70
300
^
+**
250
^"'X
TOTAL BlJSINESS
RETAIL SALES
P
60
SAL ES
s*
.--"''*
pro|^!^
50
200
40
1977
1978
1979
1980
1981
RATIO*
150 -
-
1.80
_ INVENTO RY-SALES R ATIO
1.70
-
1 fj\
RETAIL
-
1.50
jtff^W-
1. 40
1. 30 170 M
1 1 1 1 1 1 1 1 ii
100
1977
1978
1979
1981
1980
^V
^
TOT/ a BUSINESS
M 1 ll 1 1 1 1
/X
^^*
i 1 1 ii 1 i1 1 11 1 1 1 1 i1 1 1 1 11
1978
1977
1979
1980
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
l
R€>tail
Who lesale
Sales
Sales 2
1981
COUNCIL OF ECONOMIC ADVISERS
Total b usiness
Period
f
I
Inventories3
Sales2
Inventories 3
TVi-f «1
2
IrtventorieS3
NonDurable durable
goods goods
stores stores
TV»f nl
NonDurable durable
goods goods
stores stores
Inventoi y-4sales
rat o
Total
business1
Retail
Mill ions of d ollars, se asonally adjusted
1973
153, 429
1974
177, 652
1975
182, 252
1976
204, 285
1977
227, 264
1978 _
256, 486
1979
291, 792
1980
316, 590
1980: Feb
315, 394
Mar
310. 300
Apr
301, 245
May
__ 297, 961
June
301, 130
July
310, 979
Aug
3,13, 361
Sept
_ 323, 607
Oct_
331, 531
Nov
334, 387
Dec_
. 339, 357
1981: Jan
345, 578
Feb*
346, 030
Mar*____ _
2*
3
4
233, 280
285, 929
286, 619
313, 507
341, 745
383, 507
430, 910
461, 716
439, 701
442, 957
448, 939
450, 251
451, 396
453, 726
455, 720
458, 279
460, 275
461, 932
461, 716
465, 107
470, 039
38, 014
47, 748
46, 623
50, 694
55, 987
64, 715
76, 264
86, 991
83, 606
82, 616
81, 245
80, 471
81, 714
85, 810
86, 889
90, 223
93, 282
93, 901
96, 591
98, 967
97, 559
45, 372 42, 461
56, 948 45, 083
56, 697 49, 013
64, 078 54, 784
72, 311 60, 435
83, 492 67, 057
93, 817 74, 529
105, 529 79, 721
95, 813 78, 899
95, 594 77, 603
96, 654 76, 404
97, 351 75, 975
98, 328 77, 843
99, 618 79, 491
101, 920 79, 829
102, 953 80, 620
104, 293 81, 552
105, 203 82, 764
105, 529 83, 443
104, 909 85, 463
106, 017 86, 851
86, 943
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
14, 409
14, 118
15, 247
18, 150
20, 724
23, 313
25, 401
24, 827
26, 139
24, 127
23, Oil
22, 544
23, 589
25, 071
24, 593
25, 094
25, 293
26, 007
25, 983
27, 075
28, 506
28, 457
28, 052
30, 965
33, 766
36, 633
39, 711
43, 744
49, 128
54, 894
52, 760
53, 476
53, 393
53, 431
54, 254
54, 420
55, 236
55, 526
56, 259
56, 757
57, 460
58, 388
58, 345
58, 486
63, 237 28, 418
71, 067 32, 861
71, 744 33, 356
79, 273 37, 841
89, 210 42, 970
101, 681 49, 898
108, 835 53, 274
111, 694 51, 853
108, 792 52, 368
108, 841 52, 190
109, 745 52, 282
109, 498 51, 648
109, 438 51, 453
110, 003 51, 249
110, 283 51, 675
111, 711 51, 738
113, 106 52, 066
112, 639 52, 209
111, 694 51, 853
111, 790 52, 234
112, 791 52, 246
34, 819
38, 206
38, 388
41, 432
46, 240
51, 783
55, 561
59, 841
56, 424
56, 651
57, 462
57, 851
57, 985
58, 754
58, 608
59, 972
61, 040
60, 430
59, 841
59, 556
60, 545
1. 41
1.45
1.56
1. 47
1. 44
1. 41
1. 40
1.42
1.39
1.43
1. 49
1. 51
1. 50
1.46
1. 45
1.42
1.39
1. 38
1.36
1.35
1. 36
1.40
1.48
1. 44
1. 38
1.39
1. 42
1.43
1. 38
1. 38
1. 40
1. 44
1. 44
1. 41
1.38
1. 38
1. 39
1. 39
1. 36
1. 34
1. 31
1. 30
NOTE.—Wholesale (and total "business) revised beginning 1967.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers' orders, shipments, and inventories rose again in March.
BILLIONS OF DOLLARS* (RATIO SCALE)
200
180 ^-SHiPME NTS
160
[TOTAL
_—-—Hr^^^^
1 AC\
^V^
_
ion
^^1
_
BILLIONS OF DOLLARS * (RATIO SCALE)
280
240 - INVENTORIES
-
200
-
pX"*"
-
IAA
-
DUdABLE GOODS
80
^ — „'""*
60
rtr*
'-"
^-^"
-
\
-
1 Aft
_
r^v/^^"
-
\
60
u
y
r/*~
,r
~
— "•« .y ^"
^
NONDUfc\BLE GOODS
-
M M l l l l l II
Illllill Ml
1978
1977
RATIO*
2.2
M i n i I I I M 1 1 < 1 1 ! i. > 1 1
1 1 1 M i M iM
1980
1979
1981
INVENTORY-SHIPMENTS RATIO
2.0
DURABLE C OODS
80
-
.»..«—— --"-"\
\
40
-
--y—-^~
100
^
_
IIIM
r-^\y-*t*^X
^—X^
TOTAL
-
120
_
DURABLE GOODS
-
-
|MMI
I , , , ,,
BILL! DNS OF DOLLARS* (RATIO SCIALE)
200
180 —NEW OFRDERS
160
'""C
100
ZA
.....1.,.,.
—••"
Aft
,
-
on
NONDURAI LE GOODS
"""
\
TOTAL
-
-
-'V^;j;>
..x-v~C
.» •*""**""*""""
1 AD
—~~~"~"~
:^———i
r~
x—-*"
_.--*'
*•
"V""
_
1.8
r\
1.6
-
NONDURABI E GOODS
1.4
40
i , , , ,,
1977
1
1978
,
1979
I , , ,, ,
1980
,...,!,,,.,
1.2
1977
1981
1978
1979
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Total
1981
COUNCIL OF ECONOMIC ADVISERS
Mantifacturers3J new ore ers l
Mantifaciturers' shipments * Manufadturers' in\^entories2
Period
1980
NonDurable durable
goods
goods
Durab le goods
ManufacCapital
NonNonturers'
gdods
Durable
Total
durable
durable
Total
Unfilled
indusgoods
Total
goods
goods orders *
tries,
nondefense
Millie>ns of dollars, seasoilally adju sted
Manufacturers'
inventory—
shipments
ratio 4
84, 821
86, 617
98, 810
110,842
124, 714
141, 000
149, 878
44, 253
43, 678
50, 697
58, 010
66, 505
73, 981
75, 227
40, 568
42, 939
48, 113
52, 832
58, 210
67, 019
74, 651
157, 915
158, 178
170, 156
180, 224
198, 334
228, 258
244, 493
101, 866
101, 766
109, 095
115,751
129, 456
151, 689
161, 907
56, 048
56, 412
61, 061
64, 472
68, 878
76, 569
82, 586
87, 157
85, 082
99, 184
112, 451
128, 488
144, 335
150, 814
46, 740
41, 957
51, 047
59, 562
70, 145
77, 215
76, 228
12, 737
10, 772
12, 501
15, 084
18, 308
21, 643
21, 303
40, 417
43, 125
48, 137
52, 889
58, 344
67, 120
74, 587
187,
169,
173,
193,
239,
279,
290,
574
126
646
561
321
710
735
1.65
1.83
1.66
1» H9
1.52
1.62
1.61
1980: Feb___ 152, 889
Mar__ 150, 081
Apr___ 143, 596
May-. 141, 515
June__ 141,573
July-. 145, 678
Aug_._ 146, 643
Sept__ 152, 764
Oct-_ 156, 697
57, 722
Nov
Dec___ 159, 323
79, 159
75, 925
72, 207
69, 443
69, 056
72, 544
72, 057
76, 571
79, 497
79, 741
80, 027
73, 730
74, 156
71, 389
72, 072
72, 517
73, 134
74, 586
76, 193
77, 200
77, 981
79, 296
235, 096
238, 522
242, 540
243, 402
243, 630
244, 106
243, 517
243, 615
242, 876
244, 090
244, 493
155,
157,
159,
160,
160,
160,
161,
160,
160,
160,
161,
79, 782
81, 395
82, 663
82, 795
83, 226
83, 230
82, 436
82, 924
82, 739
83, 113
82, 586
154,
152,
143,
138,
138,
147,
147,
155,
158,
158,
162,
81, 021
77, 546
72, 416
67, 328
66, 454
74, 228
72, 229
78, 960
80, 693
81, 047
82, 654
21, 480
22, 590
22, 162
19, 589
19, 954
21, 608
19, 371
20, 860
20, 618
21, 849
21, 673
73, 582
74, 519
70, 897
71, 592
72, 128
72, 876
74, 951
76, 302
77, 361
77, 728
79, 503
284,
286,
286,
284,
281,
282,
282,
285,
286,
287,
290,
924
907
629
033
044
463
997
497
849
907
735
1.54
1.59
1. 69
1.72
1. 72
1.68
1.66
1.59
1.55
1. 55
1.53
1981: Jan._. 161, 148
161, 620
Feb__
Mar5. 162, 583
80, 259
81, 078
82, 397
80, 889 248, 408 164, 938
80, 542 251, 231 166, 278
80, 186 253, 289 166, 718
24, 513 80, 754 291, 677
20, 590 80, 550 292, 813
23, 838 80, 288 295, 094
1.54
1.55
1.56
1974
1975
1976
1977
1978
1979
1980
314
127
877
607
404
875
081
691
137
977
907
' 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 weigh ted average inventories to average monthly
8
603
065
313
920
582
104
180
262
054
775
157
83, 470 162, 090 81, 336
84, 953 162, 759 82, 209
86, 571 164, 865 84, 577
shipments; for monthly data, ratio of inventories.at end of month to shipments
for month.
s Preliminary; not charted.
Source: Department of Commerce, Bureau of the Census,
21
PRODUCER PRICES
PRICES
In March, the producer price index for all finished goods rose 1.3 percent, seasonally adjusted. Prices of finished
consumer foods rose 0.8 percent and prices of other finished consumer goods were up 1.6 percent. Prices of capital
equipment rose 0.7 percent.
JNDEX, 1967=100 (RATIO SCALE)
280
INDEX, 1967= 100 (RATIO SCALE)
140
140
120
120
100
100
1973
1981
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967=100; monthly data seasonally adjusted]
1<lnishec goods
Ini,ermedi ate
naaterials
Total
finished
CapiFoods f^fl*
consumer Total and 1 utntal
ar- #
equip- goods
feeds
ment
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
173.2 169.0 189.3 186.6 189.4
184.5 178.9 201.7 191.0 202.3
199. 1 192.6 215.5 201. 0 216.5
216. 7 215.7 242. 8 223.2 244.4
239.5 248.8 280. 1 252.2 282. 3
232. 1 242. 1 274.0 233.2 276.9
235. 8 243.3 274. 7 229. 0 278.0
236. 6 244. 5 276.4 239.9 279. 0
238.2 246. 6 278.4 241. 0 281. 1
241. 1 251.2 281.0 251.0 283. 1
243.6 254.3 283.7 266.0 285. 0
243. 9 255. 1 285.2 267.9 286. 4
248. 1 257. 1 287.6 281.8 288.0
249. 7 258.9 290.2 286. 1 290. 5
250. 6 259.4 293.3 268. 4 295. 1
253. 0 261.5 296. 8 268. 7 298. 8
255.8 263. 6 297.9 260.7 300.7
257. 7 267.2 301. 1 253. 8 304.5
Fiinished goods e xcludinj r
cons umer f oods
Period
1973
1974
1975
1976
1977
1978
1979
_.
1980 »
1980: Mar
Apr
__ _
May
June
July
Aug
Sept
Oct_ _
Nov
Dec____
1981: Jan
Feb
Mar
Total
Confinished sumer
goods foods Total
127.9
147.5
163.4
170. 3
180.6
194.6
216. 1
246.8
239.9
241.7
242. 8
244. 8
249. 0
252.0
252.7
255. 1
256. 9
257.5
259.7
261.9
265. 2
146.4
166.9
181.0
180.2
189.2
206.7
226.3
239.4
232.9
229. 8
230. 8
232. 1
240. 6
247.0
248.3
250.0
250. 8
250.5
250.6
249.2
251. 1
120.1
139.3
156. 2
165.5
176.2
188.9
210. 8
247.7
240.7
244.2
245. 3
247.5
250.2
252.0
252. 5
255.2
257.3
258.2
261. 1
264.4
268. 1
Consumer g<sods
Tr»-
Tlnr
tal*
o V\1p
118. 6 115.4 120.5
138.6
153. 1
162.6
174. 3
186.7
211.5
250.8
244. 0
247.3
248.6
251. 1
253.7
255.2
255.7
257.8
260. 1
260.9
264.0
267.5
271. 9
* Data beginning 1976 corrected by source agency.
i Intermediate materials for food manufacturing and feeds.
22
Nondurable
125.9
138.2
144.4
152.2
165. 8
181. 9
205.9
200.8
201.5
201. 7
204. 7
207.7
209. 4
209. 1
212.3
213.3
212.4
212. 5
213.5
213. 7
146.8
163.0
173.3
185.4
195.4
225.9
283.9
275.9
281. 5
283. 6
285.6
287.8
289. 1
290. 3
291.4
294. 8
297. 2
302. 3
307.7
315. 0
T* X 1
Crud e materials
Foodstuffs
Total and Other
feedstuffs
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
282.2 247.2 348.3
304.2 259. 1 399. 9
288.4 242.9 384.9
283. 1 234.4 386.6
286. 1 238.7 386.6
288.3 242.7 385. 1
303.6 260.9 394.3
317.5 276.8 403.6
321. 8 278.7 413.0
327.2 282.8 421.0
330.7 283.3 431.2
325. 3 275. 8 430. 1
322.1 272.9 426.6
331.4 263.8 475. 8
327. 0 258.4 473.7
NOTE.—Data revised for November 1980.
Source: Department of Labor* Bureau of Labor Statistics.
CONSUMER PRICES
In March, the consumer price index for all urban consumers rose 0.6 percent, seasonally adjusted (0.7 percent unadjusted). Food prices rose 0.4 percent (0.5 percent unadjusted) and nonfood commodity prices were up 0.5 percent
(0.7 percent unadjusted). Services prices were up 0.8 percent (also 0.8 percent unadjusted).
INDEX, 1967= 100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
320
160
140
140 -
120
120
1973
1981
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
[1967=100]
Period
1973
1974
1975
1976
1977
1978
1979
1980
1980: Mar___
Apr
May
June
July___
Aug
Sept,__
Oct
Nov....
Dec
1981: Jan. ...
*
Feb_,__
Mar
All
items
Food
Commodities
less
food
133. 1
147.7
161.2
170.5
181.5
195.4
217. 4
246.8
141.4
161.7
175. 4
180.8
192.2
211.4
234.5
254. 6
123.5
136. 6
149. 1
156.6
165, 1
174.7
195. 1
222. 0
239.8
242.5
244. 9
247. 6
247.8
249.4
251.7
253.9
256.2
258.4
260.5
263.2
265. 1
Uriacljusted
247.3
216.7
249. 1
218.6
220.2
250. 4
221.4
252.0
254. 8
222. 2
224.2
258.7
261. 1 226.6
262. 4
228. 3
264.5
230. 0
266.4
231.0
232.4
268.6
235.4
270.8
272.2
237.0
Services
commodities
All
Food
at
home
Food
away
ffrom
home
All
Durable
Nondurable
139. 1
152. 1
166. 6
180.4
194.3
210. 9
234.2
270.3
129.9
145.5
158.4
165.2
174.7
187. 1
208.4
233. 9
141. 4
161.7
175.4
180.8
192.2
211. 4
234.5
254.6
141.4
162.4
175.8
179.5
190. 2
210.2
232.9
251.5
141.4
159.4
174.3
186. 1
200.3
218.4
242. 9
267.0
123.5
136. 6
149. 1
156.6
165. 1
174.7
195. 1
222. 0
121. 9
130.6
145.5
154.3
163.2
173. 9
191. 1
210. 4
124. 8
140. 9
151.7
158.3
166. 5
174. 3
198.7
235.2
139. 1
152. 1
166.6
180.4
194.3
210. 9
234.2
270.3
Seasonal ly adjust ed
204. 0
260.5 217.5
262. 3 218.5
205. 2
206. 7
263.7 219. 5
207.7
265.6 220.3
208. 8
266.9 221. 3
212. 1
268. 9 223. 4
215.2
271.4 225.9
217.6
273.6 228. 0
220. 4
276. 5 230.0
279.4 231.3
221.3
282.0 233. 6
221.9
221.2
285.0 236. 8
285.8 238. 1 220. 9
233, 3
234. 3
234.9
235.5
236.4
237.4
238.4
239. 2
240. 3
242.0
247.0
255. 0
258.3
261.6
265.5
269.4
274. 1
272.4
272. 7
274.6
277.9
281. 5
285. 5
288.0
290.3
292. 6
261.3
265. 3
269.2
274.2
272.4
272.5
274.8
277.9
280. 9
284.7
287.7
290. 1
292. 5
228.6
229. 7
230. 7
231.6
233.0
235.9
238.9
241. 1
243.5
245.2
246. 6
249. 2
250.5
NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
Comnaodities le ss food
Food
247.0
248. 3
249. 3
250.5
252.9
257. 6
262.0
264.4
267. 6
270.2
269.8
270. 6
271.6
243.0
244. 0
244. 9
245.8
248.7
254. 6
259.8
262. 2
265. 6
268.0
266.9
266.8
267.9
Services
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
1972
1973
1974...
19751976
1977
1978
1979
1980*
Pereen1; change from pre ceding
1
perioc ; season;ally adjusted
Perceni , change from 3 nlonths
earlie r; season ally adjuisted
annual rates
Percen b change from 6 13aonths
earlie r; seasontally adjiisted
annua I rates
Consumesr goods
Consumesr goods
Consum sr goods
Total
finished
goods
—
-
-
3.8
11.8
18.3
6.6
3.7
6.9
9.2
12.8
11.7
Capital Total
equipfinExclud- ment ished
ing
Foods
goods
foods*
Capital Total
finequipExclud- ment ished
goods
ing
Foods
foods*
8.0
22.5
13.0
5.5
2.5
6.9
11.7
7.4
7.3
2.0
7.4
20.5
6.7
6.0
6.7
8.5
17.5
14. 0
2.0
5.3
22.6
8.2
6.4
7.3
7.9
8.8
11. 4
Capital
equipExclud- ment
Foods
ing
foods*
1980: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1.1
.8
.5
.8
1.7
1.2
.3
.9
.7
.2
1.0
-1.3
.4
.6
3.7
2.7
.5
.7
.3
-. 1
1.3
1.4
.5
1.0
1.0
.6
.2
.8
.9
.3
.9
1.6
.3
.7
1.2
1.0
.1
1.7
.6
.4
17.5
13.4
9.6
8.4
12.6
16.0
13.5
10.2
8.0
7.8
-0.9
-3.7
.2
-1.4
20.2
31.2
31.0
16.6
6.3
3.6
29.8
22.2
13.4
12.2
10.8
11.0
7.5
6.6
7.9
8.4
13.6
14.0
12. 0
10.9
9.3
12.4
9.9
12. 1
10.4
11.4
15.6
14.9
12.8
12.9
13.0
12.8
11.0
11.4
12.0
10.6
4. 1
1.3
-1.3
-1. 1
7.6
14.6
13.7
18.4
18. 1
16.5
23.6
22.7
20.6
20.7
16.3
12.2
9.8
8.7
9.5
8.0
11.7
13.4
12.5
12.3
11.6
12.2
10.4
10.7
11.4
10.7
1981: Jan
Feb
Mar
.9
.8
1.3
.0
-.6
.8
1.2
1.3
1.6
1.0
1. 1
.7
7.4
8.0
12.5
1.0
-2.5
1.0
10.0
11.9
18.0
8. 1
10.1
11.8
8.8
8.0
10. 1
8.5
1.8
2.3
8.3
9.9
13. 1
10.1
10.3
11.6
A
* Data beginning 1970 corrected by source agency.
»Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for November.
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
Percerit change5 from preceding
period; seasoilally adju sted1
Period
All
items
Food
Commodities
less
food
Services
Percent c tiange f remi 3 mont hs earlier; Percent change f re>m 6 mont [is earlier ;
season;illy adju,sted annu al rates
seasomilly adju sted annu al rates
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
—
_—
3.4
8.8
12.2
7.0
4.8
6.8
9.0
13.3
12.4
4.7
20.1
12.2
6.5
.6
8.0
11.8
10.2
10.2
2.5
5.0
13.2
6.2
5.1
4.9
7.7
14.3
11.5
3.6
6.2
11.3
8.1
7.3
7.9
9.3
13.7
14.2
1980: Mar_Apr__.
May__
June-July-Aug—
Sept.Oet-._
NOV-Dee
1.3
.9
.9
1.0
.1
.8
1.0
1.0
1. 1
1.0
.9
.5
.4
.5
1.0
1.9
1.7
.9
1.2
1.0
12
5
5
4
5
9
11
9
9
6
1.7
1.5
1.5
1.7
-.6
.1
.7
1.2
1.3
1.4
17.3
15.0
13. 1
11.4
8.0
7.6
7.8
12.0
13.5
13.2
3.3
5.0
7.4
5.8
7.6
14.0
19.7
19.5
16.5
13.1
20.7
14.3
8.8
5.2
5.2
7.3
10.6
12.7
12.4
9.9
20. 1
20. 1
20.4
20. 5
10. 8
5.0
.7
8.3
13.5
16.8
15.8
15.3
14.8
14.3
11.4
10.3
9.6
10.0
10.5
10.5
7.7
6.9
6. 1
4.5
6.3
10. Q
12.5
13.4
15.2
16.3
16.9
15.7
14.3
12.7
9.7
8.1
7.9
8.9
9.8
10.2
18.2
18.9
19.2
20.3
15.4
12.4
10.2
9.6
9.2
8.5
1981: Jan.. _
Feb...
Mar..
.7
1.0
.6
-.1
.3
.4
1.0
1.4
.5
.9
.8
.8
11.8
11.2
9.6
8.4
4.6
2. 1
10.2
12.4
12.3
15.3
13. 1
10.3
11.9
12.3
11.4
13.8
10.3
7.5
11.4
12.4
11. 1
11.8
13.3
13.5
1972
1973
1974
1975
1976
1977
1978
1979
1980
__
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
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 0.4 percent in April and prices paid by farmers rose 1.0 percent in the month ended
April 15.
INDEX, 1967=100
(RATIO SCALE)
INDEX, 1967=100
(RATIO SCALE)
100
100
80
80
1973
1974
1981
1975
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE-. DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Prices received by hirmers
Period
1973
1974
1975
1976
1977
1978
1979
1980
All farm
products
Crops
Livestock
and
products
Prices paid by fanners
All commodi- Production
items,
ties, services,
Production
interest,
interest,
items
taxes,
taxes, andl
and wage
wage rates
rates
Ratio2
179
192
185
186
183
210
241
246
175
224
201
197
192
203
223
241
183
165
172
177
175
217
257
251
144
164
180
192
202
219
250
281
149
169
186
198
208
227
261
293
146
166
182
193
200
217
249
277
124
117
103
97
91
96
96
88
1980: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
234
225
228
233
247
257
261
261
264
265
220
218
224
228
242
252
260
259
271
272
247
232
232
237
252
262
263
263
260
259
276
276
276
279
281
284
287
289
291
292
288
287
287
289
291
295
299
300
303
303
272
270
270
273
275
280
284
286
289
290
85
82
83
84
88
90
91
90
91
91
1981: Jan
Feb
Mar
Apr"
264
263
262
261
276
276
281
275
253
252
246
250
299
300
302
305
312
312
314
317
293
294
297
300
88
88
87
86
1
2
_.
_._.
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by
law. The indexes have been converted to a 1967=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
M-1B and M-2 accelerated in March, as demand deposit outflows abated and other checkable deposits and money
market mutual funds continued their rapid growth.
BILLIONS OF DOLLARS'(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
400
200
200
COUNCIl, OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Ml-A
Period
1974: Dec
1975: Dec
1976: Dec
1977: Dec
1978: Dec
1979: Dec
1980: Dec
1980: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar v
Currency
plus
demandl
deposits
275.3
287.9
305.0
328.4
351.6
369.8
384.8
372.9
366.7
367. 1
370. 9
373.5
379.5
383.4
386.3
388.4
384.8
372.8
366.0
364.8
Ml-B
Ml-A plus
other
checkable
deposits at
banks and
thrift
institutions
275.7
289.0
307.7
332.6
360. 1
386. 9
411.9
391.4
386.3
386. 1
391.3
395.5
402.7
408.0
412.0
415.0
411.9
416.0
417.3
421. 6
M2
M1~B plus
overnight
RPs and
Eurodollars,
MMMF
shares, and
savings and
small time
deposits at
commercial
banks and
thrift
institutions 2
906.2
1, 022. 4
1, 166. 7
1, 294. 1
1, 401. 5
1, 526. 0
1, 673. 4
1, 554. 6
1, 550. 4
1, 563. 7
1, 587. 6
1, 612. 5
1, 632. 5
1, 644. 4
1, 656. 5
1, 670. 8
1, 673. 4
1, 681. 4
1, 692. 2
1, 714. 1
i Net of demand deposits due to foreign commercial banks and official
institutions.
3 Total M2 excludes demand deposits held by thrift institutions at commercial
banks, not shown separately in components.
26
M3
M2 plus
large time
deposits
and term
RPs at
commercial
banks and
thrift
institutions
1, 058. 6
1, 161. 0
1, 299. 7
1, 460. 3
1, 623. 6
1, 775. 5
1, 957. 9
1, 813. 0
1, 811. 9
1, 825. 7
1, 846. 2
1, 867. 7
1, 889. 5
1, 904. 6
1, 921. 8
1, 946. 1
1, 957. 9
1, 978. 9
1, 993. 6
2, 007. 1
P'ereent change
L
M3 plus
other liquid Ml-A Ml-B
assets
I, 244. 1
1, 371. 4
1, 526. 1
1, 720. 2
1, 934. 9
2, 151. 8
2, 370. 9
2, 203. 8
2, 213. 3
2, 229. 8
2, 242. 7
2, 258, 2
2, 282. 7
2, 306. 5
2, 319. 1
2, 346. 5
2, 370. 9
2, 393. 4
4.2
4.6
5.9
7.7
7. 1
5.2
4. 1
3.9
.2
"*""• t5
.6
1.6
3.2
5.7
11.0
11.9
7.6
-.4
~7. 0
-9.5
4.3
4.8
6.5
8. 1
8.3
7.4
6.5
4.7
1.7
.8
2.3
3.7
5.9
8.7
13.7
15.5
10.8
10.6
7.4
6.8
M2
5.6
12.8
14. 1
10.9
8.3
8.9
9.7
7.0
5,4
6.3
8.2
10.4
11,3
11.9
14,2
14.2
11.1
8.7
7.4
8.7
3
M3
8.5
9.7
11.9
12.4
11.2
9.4
10.3
7.9
6.2
6.9
8.1
9.3
9.5
10.4
12.5
13.6
12.5
12.3
11.3
11.1
8
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate,
NOTE.—See p. 27 for components.
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 Large
Money
Over- market
dedeSavDe- Other repurnight
chase
Cur- mand check- agree- Euro- mutual ings nomi- nomiable
fund
de- nation nation
Period rency dedollars shares
time
posits time
posits * deposits ments
(RPs)
dede- 2
fnn4-\
(net;
posits posits 2
NSA NSA NSA NSA
Dec:
1974. 67.8
1975. 73.8
1976. 80.7
1977. 88.7
1978. 97.6
1979. 106.3
1980. 116.4
207.4
214. 1
224.4
239.7
253.9
263.5
268.4
17.0
27. 1
13.6
17.6
21.9
21.7
27.6
1980:
Mar_ 108.9
Apr__ 109.0
May. 110. 2
June. 111.0
July. 112. 1
Aug__ 113.5
Sept. 113.9
Oct.. 115. 1
Nov. 115. 8
Dec.. 116.4
264.0
257. 7
256.9
259.9
261. 4
266.0
269.5
271. 2
272.6
268.4
18. 4
19.5
19.0
20. 4
22.0
23.2
24. 6
25.7
26.6
27. 1
22. 7
19. 4
20.5
21. 7
25.5
27.9
29. 2
28. 1
27.9
27. 6
1981:
Jan... 116.6 256.2
Feb__ 117.3 248. 8
Mar*>_ 117.9 246. 9
43.3
51.2
56.9
27. 4
26.9
28.4
0.4
1. 1
2.7
4.2
8.6
7.2
7.5
3. 4 447. 7
3.8 486. 4
10.3 475.8
43. 6 417. 0
75.8 393.6
144. 0
129.6
118. 0
145.2
194.7
219. 0
248.0
15.0
21. 0
27.3
30.5
36.5
60.9
60.4
66. 8
74. 2
80. 6
80.7
78.2
77.4
77. 0
75.8
393.3
379.4
375.2
384. 6
398. 0
408. 1
412. 1
414. 2
407. 8
393.6
685.7
705. 3
715.3
715.8
712. 4
712.6
716.4
723.6
741.6
763.2
229.5
232. 4
233. 1
228. 6
224. 0
223. 3
226.8
229. 8
238. 8
248.0
80. 7 377.2
92. 4 367.5
105. 6 363.4
778. 0
786. 5
793.8
258. 8
263. 5
257.2
1. 0
2.0
3.6
4. 6
3.6
2.7
2.8
2. 9
3.6
3. 7
3.7
4. 4
4.7
4. 6
4.9
4. 4
NSA
288.9
340.4
396.6
454.9
533.8
656.2
763.2
2.3 333.9
3.6 383.9
0.0
.0
.0
5. 1
Term
Shortrepur- Term
term
chase Euro- Sav- TreasBank- Comagree- dollars ings
ury
ers' merments (net) bonds secu- acceptcial
(RPs)
rities ances paper
* Net of demand deposits due to foreign commercial banks and official institutions.
2 Small denomination and large denomination deposits are those issued in
amounts of less than $100,000 and more than $100,000, respectively.
NSA
8.4
9.0
8. 1
13.0
18.4
30.0
43. 1
48.4
63.2
67.2
71.8
76. 6
80. 6
80. 0
72.8
53.4
76.8
80. 7
89.5
98.7
127.5
157.6
12.3
22.6
28. 4
34.2
28.9
29. 1
28.9
30.0
31. 1
33.8
33.5
35.5
36. 5
36.5
49.2
49. 9
50.3
48.9
48. 4
48. 4
45.2
43. 6
46. 1
48.4
76.8
75.2
74. 0
73.3
72.8
72. 6
73.2
74. 6
72. 9
72.8
137.2
147. 2
152. 1
148. 7
144. 7
147.2
154. 8
149. 1
149. 7
157.6
27.9 99.8
28.5 100. 6
28. 3 99.5
29. 1 96.5
28. 9 95. 8
28.5 96.6
30.0 98.7
31. 0 99.0
32.5 99.2
34.2 100. 1
38.8
37.9
35.8
50.0
71.9
160. 3
33.2
9.8
10.7
8.5
9.0
50.2
48. 1
51.8
63. 1
79. 4
97. 3
100. 1
99. 1
NOTE.—NSA indicates data are not seasonally adjusted.
See p. 26 for overall measures.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installmtent credit e Ktended
Fenod
Installm Lent credit li quidated
Net changek in amount outstanding
T)*v*.i«%.-J
Total *
1973
1974
1975
1976
1977
1978
1979
1980
1980: Feb
Mar
Apr
May
June
July.
Aug
Sept
Oct
Nov
Dec..
r
1981: Jan
Feb._
..
.
Automobile
Revolving
173, 035
172, 765
180, 083
210, 740
257, 600
297, 668
324, 777
305, 887
49, 606
46, 514
52, 420
63, 743
75, 641
87, 981
93, 901
83, 002
28, 702
33, 213
36, 956
43, 934
87, 596
105, 125
120, 174
129, 580
27, 581
25, 881
23. 220
22, 093
22, 349
23, 997
26, 176
27, 064
27, 365
25, 991
27, 149
7,973
7,372
5,922
5,533
5,550
6, 068
7,400
7,518
7,544
7, 117
7,234
27, 059
28, 706
7,237
8,333
Automobile
Revolving
Total l
817
276
675
179
138
589
396
477
43, 696
46, 019
49, 444
53, 278
60, 437
69, 245
79, 186
83, 037
26, 699
31, 243
35, 616
41, 764
81, 348
96, 090
111, 546
126, 655
20, 218
9,489
7,408
21, 561
35, 462
43, 079
38, 381
1,410
10, 756
10, 634
10, 347
10, 302
10, 341
10, 679
10, 700
11, 143
11, 124
10, 953
11, 614
25, 178
25, 227
24, 891
24, 770
24, 394
25, 196
25, 687
26, 009
26, 663
25, 152
25, 530
6,991
6,859
6,565
6,574
6,576
6,785
7,045
7,434
7,343
6, 872
6,932
10, 034
10, 373
10, 677
10, 589
10, 436
10, 641
10, 419
10, 665
10, 851
10, 688
10, 998
2,403
654
-1,671
-2, 677
-2, 045
-1, 199
489
1,055
702
839
1,619
11, 483
11, 867
26, 190
26, 710
7,300
7,354
10, 926
11, 426
1,996
»Includes "mobile home" and "other," not shown separately.
Total i
152,
163,
172,
189,
222,
254,
286,
304,
869
Automobile
5,910
Revolving
-35
2,003
1,970
1, 340
2, 170
6,248
9,035
8, 628
2,925
982
513
722
261
495
2,976
10, 465
15, 204
18, 736
14, 715
-643
-1,041
-1,026
-717
355
84
201
245
302
-330
-287
-63
979
557
441
-95
38
281
478
273
265
616
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND INVESTMENTS, AND
Total loans and investments at commercial banks declined in March. The major reserve aggregates accelerated.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
1,400
1,800
1,600
1,400
1,200
1,200
1,600 hALL COMMERCIAL BANKS
1,000
1,000
800
800
600
600
LOANS AND LEASES
400
400
INVESTMENT IN OTHER SECURITIES
200
180
160
200
180
160
»iiii«"""
140
140
INVESTMENT IN
-U.S. TREASURY SECURITIES.
120
120
100
100
80
80
60
60
40
40
1973
1974
1977
1976
1975
1979
1978
1981
1980
* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE.- BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total
loans
and
investments
Period
1974:
1975:
1976:
1977:
1978:
1979:
1980:
Dec
Dec
Dec
Dec
Dec
Dec
Dec
713.9
745. 1
804.6
891.3
1, 013. 4 ,
1, 134. 6
1, 237. 3
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depositc>ry instittitions 3
Allcjommercial fc
>anks l
Borrowiiigs (millions of dollars,
Reserves
Investnaents
Loans and leases
unadji Listed)
CommerQ
U .0.
Other
SeaReNoncial and
Total
Total
Treasury
secuTotal 2 industrial
sonal
borrowed quired
securities
rities
loans
520. 1
517.2
555.0
632.3
746.9
848.9
912.7
197.4
189.9
191.3
211.2
246. 1
291. 1
3249
53.7
82.2
100.6
99.5
93.3
93.8
110.7
140.0
145.7
149.0
159.5
173.2
191.8
213.9
36.66
34.67
34.90
36.00
41. 16
43.46
40. 13
35.94
3454
3485
35.43
40.29
41.98
38.44
36.41
3440
3463
35.81
40.93
43. 13
39.58
703
127
62
558
874
1,473
1,617
32
13
12
54
134
82
116
1980: Mar
Apr
May
June
July
Aug
Sept.
Oct
Nov
Dec
1, 168. 2
_ 1, 165. 3
. 1, 158. 7
1, 156. 0
1, 163. 5
1, 180. 9
.
1, 193. 3
1, 206. 5
1, 224. 2
1, 237. 3
877. 1
874.6
863.2
856.3
857.5
868.3
878.0
887.5
901.7
912.7
304.2
303.4
299. 1
296. 9
298.0
303.3
308.3
313.8
320.7
324.9
95.0
93.8
95.5
98.1
102.0
105.7
107.7
109. 1
110.5
110.7
196. 1
196.8
200. 1
201.7
204. 1
206.9
207.5
209.9
212. 1
213.9
43.67
44.85
44.45
43.96
42.78
40.75
41.52
41. 73
41.23
40. 13
40.85
42.39
43.43
43.58
42.39
40.09
40.21
40.42
39. 17
38.44
43.48
44.65
44.27
43.76
42.50
40. 45
41.26
41.52
40.73
39.58
2,824
2,455
1,018
380
395
659
1,311
1,335
2, 156
1,617
150
155
63
12
7
10
26
67
99
116
1981: Jan
Feb 4
Mar
1, 253. 5
1, 262. 9
1, 262. 1
923.6
930.3
929.0
329.5
331. 5
332.3
113.6
115.3
114.9
216.3
217.2
218.2
40. 10
39.76
40.25
38.70
38.45
39.25
39.56
39.58
39.87
1,405
1,278
1,004
120
148
197
* Data are averages of Wednesday figures.
* Excludes loans to commercial banks in the United States.
3 Data are averages of daily figures. Reserves series reflects actual reserve
requirement percentages with no adjustment to eliminate the effect of changes in
Regulations D and M. Prior to November 13,1980, the date of implementation of
the Monetary Control Act, data relate only to member banks.
28
* 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
Credilb market 1unds
Total
Inter-1
nal
Total
Total
Securities
and
mortgages
Loans
and
shortterm
paper
Other2
Total
Capital
expenditures 3
82.0
87.7
100.9
124. 3
141. 2
110.0
147.5
177.3
205. 6
229.4
225. 1
18.8
36.8
50. 1
70.5
52.2
41.2
52.0
54.2
90.0
116.6
61.5
15.5
14.3
8. 1
13.8
20.8
28.3
24.8
29.4
31.4
234.0
218.4
213.8
234.3
92.9
-22.8
87.9
88.0
30.0
37.2
25.2
33.2
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979.1980*
107.7
133.3
166.5
209. 1
201.5
164.9
220.3
259.8
320.4
375.4
318.0
61.8
73.5
85.0
91.7
85.6
119.7
134.2
156. 1
171.9
190.6
197.0
45.9
59.8
81.4
117.3
115.8
45.2
86. 1
103.7
148.5
184.8
121.0
40.8
45.3
58.2
73.0
82.2
37.9
60.7
79.9
94.8
114.3
101. 1
32.2
41.2
40.6
37.0
39.2
49.3
48.7
46. 1
49. 2
52. 5
62.0
4. 1
17.6
36.1
43.0
-11.4
11.9
33.8
45.6
61.9
39. 1
25.4
23.8
53.7
70.4
19.9
7.3
100.8
124.5
151.0
194.8
193.4
151. 1
199.5
231.6
295.6
346.0
286.6
1980:1
II
III
IV*
356.8
232.9
326.9
355.5
194.9
192.9
199.2
201.2
161.9
40.0
127.7
154.3
124.5
57.3
103.5
119. 1
56.4
59.0
67. 1
65.5
68.1
-1.7
36.4
53.5
37.4
-17.3
24.2
35.3
326.9
195.7
301.7
322.3
1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits,
dividends,
and subsidiaries' earnings retained abroad.
2
Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
5. 1
14.5
23.2
44.3
33. 7
8.5
DisIncrepcrease
ancy
in
(sources
less
finan. i
cial
uses)
6.9
8.8
8
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Current liabil ities
Current assets
End of period
Total
SEC series:2
1970
492.3
1971
529. 6
1972
599.3
1973
697.8
1974
790.7
FTC-FRB series:3
1974
735.4
1975
759.0
1976
826.8
1977
902. 1
1978
1,030.0
1979
1, 200. 9
Cash
Notes
U.S.
governand
Invenment
acsecuri- counts tories
ties receivable
Other
current
assets
Total
Net
Notes
Other
and
current
accounts liabili4*
__
ties
payable
working
capital
Current
ratio »
50.2
53.3
59.0
66.3
71. 1
11.0
10. 6
12.8
12. 3
7.7
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
88.2
95.8
104.5
116. 1
11. 1
19.0
23.4
17. 6
16.3
15.6
265.8
272. 1
292.8
324.7
383.8
456.8
319.5
315.9
342.4
374.8
426.9
501.7
65.9
69.9
80. 1
89.2
98.5
110.8
453.4
451.6
494.7
549. 4
665.5
809. 1
269.8
264.2
281.9
313.2
373.7
456.3
183.6
187.4
212.8
236. 2
291.7
352.8
282. 0
307.4
332. 2
352.7
364.6
391.8
1. 622
1.681
1.672
1.642
1.548
1.484
1979: I
II
III
IV
__ 1, 081. 0
1, 108. 2
1, 169. 5
1, 200. 9
102.7
100. 1
103. 7
116.1
17.4
18.6
15.8
15.6
408. 1
421. 1
453.0
456.8
451.4
465.2
489. 4
501.7
101.4
103.2
107.7
110.8
705.4
724.7
777.8
809. 1
391.3
406. 4
438.8
456.3
314. 1
318.3
339.0
352.8
375.6
383.5
391.7
391.8
1.532
1.529
1.504
1.484
1980: I_
II
III.
__ 1, 235. 2
1, 233. 8
1, 255. 8
110. 2
111.5
113.2
15. 1
13.8
16.3
471. 2
464.2
479.2
519.5
525.7
525. 1
119.3
118.7
122.0
838.3
828. 1
852. 1
467.9
463. 1
477.3
370..4
364.9
374.8
397.0
405.7
403.7
1.474
1.490
1.474
» Total current assets divided by total current liabilities.
*1 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.
Sources: Board of Governors of the Federal Reserve System, Federal Trad*
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Market interest rates moved somewhat higher during April. The prime rate reversed its 3-month downward trend.
PERCENT PER ANNUM
16
PERCENT PER ANNUM
CORPORATE Aaa BONDS
(MOODY'S)
^
X
m^
\ ^
I I I I I I I I II
1973
1975
1977
1976
1980
1978
1981
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
Period
1975
__
1976
1977
1978
1979
1980
_.._
1980: Mar_.
Apr
May
June
July
Aug
Sept
_
Oct
Nov
Dec
1981: Jan
-...
Feb
Mar
Apr*
*.
Week ended:
1981: Mar 28
Apr 4
11
18... _
25
May 2_._
U.S. Tresasury securr iy yields
Constant nlaturities 2
3-month
bills *
10-year
3-year
5.838
4.989
5.265
7.221
10. 041
11. 506
15. 526
14. 003
9. 150
6.995
8. 126
9.259
10. 321
11. 580
13. 888
15. 661
14.724
14. 905
13. 478
13. 635
7.49
6.77
6.69
8.29
9.71
11.55
14.05
12.02
9.44
8.91
9.27
10.63
11.57
12.01
13.31
13.65
13.01
13.65
13.51
14.06
7.99
7.61
7.42
8.41
9.44
11.46
12.75
11.47
10.18
9.78
10.25
11. 10
11.51
11.75
12.68
12.84
12.57
13. 19
13. 12
13.66
12. 695
12. 501
14. 147
13. 783
13. 553
14. 190
13.57
13.40
13. 89
14.07
14.33
13.27
13.23
13.56
13.70
13.78
NewHigh-grade Corporate Prime com- Discount
Prime
home
mercial
municipal
rate
rate
Aaa
mortgage
paper,
(N.Y.
charged
bonds
bonds
yields
(Standard3 (Moody's)
4-6 4
F.R.
by 5
(FHLBB)«
months
& Poor's)
Bank) *
banks
9.01
8.83
6. 89
6.33
7.86
6.25
8.99
6.49
8.43
5.35
6.84
5.50
9.01
8.02
5.60
5.56
6.83
5.46
9.54
5.90
8.73
7.99
9.06
7.46
4
10.77
6.39
9.63
10. 91
10.28
12.67
12.65
11.94
8.51
12.29
11.77
15.27
12.62
16.50
9.09
12.96
13-13 16%-19K
13.03
12.04
8.40
14.93
13-13
19H-19M
13.68
7.37
10.99
9.29
13-12 *18H-14
12.66
7.60
10.58
8.03
12-11
14-12
12.48
8.08
8.29
11.07
12-11
11-10
12.25
11.64
8.62
9.61
10-10
11-11H
12.35
12.02
11.04
8.95
10-11 11K-13
12.61
9. 11
12. 32
12.31
11-11 13K-14K
13.04
9.55
12.97
11-12
14.73
14H-17K
13.28
13.21
10.09
16.49
12-13
17%-21K
13.26
9.65
12.81
15.10
13-13 21)f-20
13.54
13.35
10.03
20-19
14.87
13-13
14.02
10.12
13.33
13.59
1&-13
19-17J4
10.55
13.85
14. 14
17^-18
139.99
10.13
10.41
10.62
10.71
10.88
» Rate on new issues within period; bank-discount basis.
Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department.
»Weekly data are Wednesday figures.
« Beginning November 1, 1979, data are for 6 months paper.
* Average effective rate for year; opening and closing rate for month and week.
8
an
13.32
13.41
13 72
13.89
14.02
13.02
12.93
13.95
14.44
14.50
13-13
13-13
13-13
13-13
13-13
13-
17K-17H
17K-17
17-17
17-17
17-17K
17K-
« 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.
*On May 1,1980 range of 18^-19 was in effect.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
|Most stock price indexes fluctuated over a narrow range in April.
INDEX, DEC 31,1965=50
INDEX, DEC 31,1965-50
80
70 -
COMPOSITE PRICE INDEX STOCK
(NYSE)
EARNINGS-PRICE RATIO ON COMMON STOCKS
5 -
- 5
1973
1974
1975
1976
1981
SOURCES; NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stock 5 yields
(percent)
Comilion stock p rices l
Period
45.73
54.46
53. 69
53.70
58.32
68. 10
58.47
61.38
65.43
68.56
70.87
73. 12
75.17
78.15
76.69
76.24
73.52
76.46
77.60
50. 52
60.44
57.86
58.23
64.76
78.70
66.31
69. 39
74.47
78.67
82. 15
84.92
88.00
92.32
90.37
89.23
85.74
89.39
90.57
31. 10
39.57
41.09
43.50
47.34
60.61
48.62
51.07
54. 04
59. 14
62.48
65.89
70.76
77.23
75.74
74.43
72.76
77.09
80.63
31. 50
36.97
40.92
39.22
38.21
37. 35
35.29
37.31
38.53
38.77
38. 18
38,77
38.44
38.35
37.84
38.53
37. 59
37.82
38.34
47. 14
52. 94
55. 25
56.65
61.42
64.25
57.32
61.47
65. 16
66.76
67. 22
69.33
68.29
67.21
67.46
70.04
68.48
72.82
74.59
Standard
& Poor's
DowEarningscomposite DividendJones
price
price
index
industrial3
ratio
ratio
average (1941-43=
10) 4
9. 15
4.31
802. 49
86. 16
8.90
974.92
3,77
102. 01
10.79
4.62
894. 63
98.20
12.03
96.02
5.28
820. 23
13.46
5.47
844. 40
103. 01
5.26
118. 78
891. 41
6.05
102. 97
786. 33
5.77
107. 69
828. 19
13.08
5.39
114.55
869. 86
5.20
119. 83
909. 79
5.06
123. 50
947. 33
11.67
4.90
126. 51
946, 67
4.80
949. 17
130. 22
4.63
135. 65
971. 08
4.74
945. 96
133. 48
4.80
962. 13
132. 97
5.00
128.40
945. 50
4.88
133. 19
987. 18
4.86
134. 43
1, 004. 86
75.39
76.94
78.07
78. 19
77.54
77. 19
77.69
77.36
88.13
89.77
91.38
91.52
90.57
89.95
90.59
90.23
75.48
77.87
79.62
80.98
81.04
81.32
80.67
78.78
37.55
38.26
38.06
38. 18
38.30
38.37
38.46
38.21
71.23
74.25
74.95
74.35
73.64
74. 11
75.25
75.49
978. 47
993. 75
1, 003. 22
1, 005. 26
995. 93
997. 39
1,011.90
1, 010. 76
New York Stock Excb ange indexe s(Dec. 31, 11965=50) *
Composite Industrial Transportation
1975
1976
1977
_„_
1978
.....
1979
1980
1980: Apr
May
_.
June—
July
Aug
Sept,
Oct
Nov
Dec
1981: Jan
Feb
.,
Mar
„
Apr 9
Week ended:
1981: Mar 14
21
28
Apr 4
11
18.___
25
May 2 »
' Average of daily dosing prices.
aIncludes all the stocks (more than 1,500) listed on the NYSE.
s Includes 30 stocks.
* Includes 500 stocks.
« Standard & Poor's series. Dividend-price ratios based on Wednesday closing
rvriftOR
1?.CirtlillO'C-rn>ino fatinc Kaca/J n-n m-inna o« a-nA nt niia*+av
Finance
Utility
131. 57
134. 07
135. 68
135. 73
134. 27
133. 68
134. 58
133. 92
4.99
4.84
4.75
4.77
4.86
4.86
4.87
4.92
XOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
^m
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 6 months of fiscal 1981, there was a budget deficit of $65.6 billion, compared to a deficit of $51.3 billion
a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
RECEIPTS AND OUTLAYS
700
700
600
600
500
500
400
400
300
300
200
200
50
50
0
0
-50
-50
-100
-100
1973
1974
1975
1976
1977
1979
1978
1980
1981
1982
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE& DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Fiscal year or period:
1971
1972
1973
1974
1975
1976
—
Transition quarter
.
1977
1978
.
1979
1980 l
1981
19821
___
Receipts
.
Cumulative total, first 6 months:
Fiscal year 1980
Fiscal year 1981
1
Estimates from Fiscal Year 198% Budget Revisions, March 1981.
32
Outlays
Surplus or
deficit ( — )
Federal debt ( end of period)
("•rlYlCSSJ
Held by
the public
188.4
208. 6
232.2
264.9
281.0
300. 0
81.8
357.8
402.0
465.9
520.0
600. 3
650.3
211.4
232.0
247. 1
269.6
326.2
366.4
94.7
402.7
450. 8
493.6
579.6
655.2
695.3
-23.0
-23.4
-148
-4.7
-45. 2
-66.4
-13.0
-45.0
-48.8
-27.7
-59.6
-54.9
-45.0
409.5
437.3
468.4
486.2
544. 1
631.9
646.4
709. 1
780.4
833.8
914. 3
992. 6
1,075.4
304.3
323. 8
343.0
346. 1
396. 9
480.3
498.3
551.8
610.9
6446
715. 1
786. 1
846. 1
228.7
262.2
280.0
327. 8
-51.3
-65. 6
870.4
970.9
682.6
778.6
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 6 months of fiscal 1981, budget receipts were $33.5 billion higher than a year earlier and budget outlays
were $47.8 billion higher.
BILLIONS OF DOLLARS
400
BILLIONS OF DOLLARS
100
100
600
600
OUTLAYS
500
500
400
400
NONDEFENSE
300
300
200
200
NATIONAL DEFENSE
100
100
1973
1974
1975
1976
1977
1978
1979
1981
1980
1982
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
<Dutlays
Recedpts
Nationa I defense
Period
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
Total
Total
Interna- Health
and
In- Other
Depart- tional income
ment of affairs security terest
Defense,
military
Fiscal year or period:
1971
1972
1973._..
1974
1975._
1976
Transition quarter
1977
1978
1979
1980
1981 *
19821
188.4
208.6
232.2
264.9
281. 0
300.0
81.8
357.8
402.0
465.9
520.0
600.3
650.3
86.2
94.7
103.2
119.0
122.4
131.6
38.8
157.6
181.0
217.8
244 1
277.4
288.2
26.8
32.2
36.2
38.6
40.6
41.4
8.5
549
60.0
65.7
646
64.7
62.4
75.4
81.7
92.8
107.4
118.0
127.0
345
145.2
161. 1
182.4
211. 4
258.2
299.7
211.4
232. 0
247. 1
269.6
326.2
366.4
947
402.7
450.8
493.6
579.6
655.2
695.3
75.8
76.6
745
77.8
85.6
89.4
22.3
97.5
105.2
117.7
135.9
162. 1
188.8
745
75.1
73.2
77.6
84.9
87.9
21.9
95.6
103.0
115.0
132.8
158.6
184.8
41
47
41
5.7
6.9
5.6
2.2
48
5.9
6. 1
10.7
11.3
11.2
70.1
81.4
91.8
106.5
136.2
160.8
41.5
176.7
189.9
209.8
251. 3
296.4
314.8
19.6
20.6
22.8
28.0
30.9
345
7.2
38.0
44.0
52.6
64 5
77.2
82.5
41.8
48.8
53.9
51.6
66.5
76.1
21.5
85.7
105. 9
107.5
117.3
108. 2
98.0
Cumulative total, first 6
months :
Fiscal year 1980___
Fiscal year 1981
228.7
262.2
109.3
125.7
26.0
23.0
93.4
113.5
280.0
327.8
65.9
76.5
64.4
74.8
5.8
5.1
119.0
144 6
30.1
37.5
59.3
64.1
rQjn fiscal Year m& Btiiget Revisions, March 1981.
Sources: Department of the Treaty amd Office of Management and £u4get.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1980, according to revised estimates, Federal receipts rose $32.4 billion (annual rate) and
expenditures rose $26.1 billion, yielding a deficit of $67.9 billion, $6.3 billion lower than in the third quarter. In the
first quarter of 1981, according to preliminary estimates, Federal expenditures rose $19.2 billion/ receipts data are
incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
400
400
300
300
200
200
50
50
SURPLUS
T77TI
DEFICIT
-50
-50
-100
-100
1973
1974
1975
1976
1978
1977
1979
1981
1980
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (jiovernm ent receipts
Period
Surplus
or
deficit
F«;deral G<>vernmeiat expen<iitures
GrantsSubsidies Less:
Purin-aid
less
Indirect ContriWage
Personal Corporate business butions
chases Trans- to State Net current accruals national
tax
and
for
Total of goods fer pay- and interest surplus of less
Total nontax profits tax and
income
tax
nontax social inand ments local
paid Govern- disand
receipts accruals
ment en- burse- product
accruals surance
services
governments
terprises ments accounts
(->,
Fiscal year;
1977
365.9
1978
_ 414,2
1979.,m _ 408.7
1980
527.3
166.4
186.4
223. 1
249.7
58.8
67.2
75.8
70.6
24.5
27.2
29. 1
35.7
116.2
133.4
152.7
171.3
411.7
450.5
494.7
578.2
140.3
150.7
163.4
190.2
169.8
182.2
201.8
239.3
66.3
74.7
79. 1
86.7
28.4
33.5
40.6
51.2
Calendar
year:
1977
375. 1
431.5
1978
1979
494.4
1980
540.8
1979: III,. 500.6
IV.,.. 514. 0
1980: I
528.4
II... 520.9
III.. 540.8
IV... 573.2
1981: I "
170. 1
194.9
231. 4
257.8
236.2
247. 1
246.9
252.0
259.4
272.9
283.6
61.6
71.2
74.6
70.2
75.3
74.3
80.5
60.9
66.7
72.6
25.0
28. 1
29.4
40.6
29.3
29.6
31.9
38.7
42.9
49. 1
60.3
118.5
137.2
159.0
172. 2
159.9
163.0
169.2
169.3
171.8
178.6
198.9
421.5
460.7
509.2
602.0
515.8
538.6
564.7
587.3
615. 0
641. 1
660.3
143.9
153.4
167.9
198.9
165. 1
178. 1
190.0
198.7
194. 9
212.0
219.6
172.8
185.6
209. 1
249.8
216.6
221. 7
228.9
236. 0
265. 3
269.0
271.7
67.5
77.3
80.4
88.0
80.8
84.9
85.5
87.2
87.7
91.8
88.8
29. 1
35.2
42.3
53.3
42.9
44.4
50.3
54.4
53.5
55.2
67.3
7.0
9.6
9.8
0.0
-.0
.0
.0
-45.8
-36.3
14.0
50.9
8.2
9.3
9.4
.0
.0
.0
.0
.0
0
.0
.0
.0
.0
.0
-46.4
-29.2
-14.8
61.2
-15.2
-24.5
-36.3
-66.5
-74.2
-67.9
10.8
12.0
10.5
9.5
10. 1
11.0
13.7
13. 1
12.8
Sources: Department of Commerce (Bureauof 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]
In dustria] produc tion (seiusonally adjuste< i)
Period
United CanStates ada
129.3
117.8
130.5
138.2
146.1
152.5
147. 1
148.3
144.0
141.5
140.4
141.8
144.1
146.9
149.4
150.9
151.7
151. 1
151.7
1974
1975
1976
1977
1978
1979
1980 *
1980: Apr
Mav
June
July....
Aug
Sept.—
Oct
Nov
Dec »_._
1981 : Jan*—
Feb *
Mar » _ _
147.5
139.6
147. 3
150.5
156.7
164. 0
161.5
162.2
158.6
158.3
157.5
158.9
161.5
162.5
163.3
163.7
162. 2
Japan
France
183. 1
163.9
182. 0
189.7
201. 1
217.7
232.5
236.9
234.4
232. 1
233. 1
222. 1
231.3
233.3
230.2
235.2
236.7
240.0
Germany
Consmmer p rices (urladjustec 1)
United
Can- Japan France Ger1
Italy King- United
many
dom States ada
147.7
161.2
170.5
181.5
195.4
217.4
246.8
242.5
244.9
247.6
247.8
249.4
251.7
253.9
256.2
258.4
260.5
263.2
265.1
148 145. 1 140.6 120.0
139 137. 1 127.6 114.3
149 149. 1 143.5 117.4
152 152.7 145. 1 123.0
155 155.3 147.9 126.8
163 163.2 157.6 131.4
160 163.7 165.4 122.3
177.2 124.0
166 168
160 164
163. 3 123.7
168.4 123.9
160 163
165 164
166.2 123. 1
142.4 119.6
165 161
161.8 117.6
156 160
160 163
163.9 118. 1
154 160
170.7 117.8
162 157
160.5 116.4
158.7 115.1
151
150
170.5 116.2
» Beginning January 1978 data relate to all urban consumers.
Source: National sources as reported by Department of Commerce, Inter-
144.5
160. 1
172. 1
185.9
202.5
221.0
243.5
237.2
240.0
242.7
244.5
246. 8
249.0
251.2
254.3
255.8
259. 1
261.7
265.2
184.0
205.8
224. 9
243.0
252.3
261.3
282. 2
280. 2
282.7
283.5
284.2
283.7
288.1
288.5
289. 1
287.2
290.7
290.9
160. 0
178. 9
196. 1
214.5
233.9
259. 1
293.6
286.7
289.3
291. 1
295.5
298.4
301.0
304.3
306.4
309. 1
312.7
315.6
Italy
136. 1
144.2
150.4
155.9
160.2
166.8
175.9
174.9
175.6
176.5
176.8
177,0
177.0
177.3
178.3
179.4
180.9
182.3
183.5
United
Kingdom
159. 7
186.8
218. 1
255.2
286.2
328.5
398.1
384.3
388.2
391.7
398.7
403.5
411.6
418.6
427.4
433.0
441.2
449. 1
455.4
174. 3
216.5
252. 4
292. 4
316. 6
359. 0
423.6
419.0
422. 8
426.8
430.4
431.3
434. 1
436.8
440.3
442.7
445.5
449.5
456.2
national Trade Administration, Office of Planning and Research, in International
Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Mere!tandise exports 1
Merc handise i mports
1
G«meral im ports
Domesti c exports5
Period
Monthly
average:
1973
1974..
Total
domestic and
foreign Total
exports
2
Food, Crude
Food, Crude
bever- matebever- mate- Manu2
facrials
Total
ages,
rials
ages,
tured
and to- and
and to- and
goods
bacco
fuels
bacco
fuels
F. a.s. valu s 5
Total
(c.i.f.
value) 4
3,750
4^684
6, 131
9,033
Custonis value
5,902
8,167
5,811
8,053
1,078
1,269
895
1,317
3,728
5,294
1974
8,167
1975
8,966
1976
._ 9,596
1977
_ _ _ - 10, 096
1978
11,965
1979
15, 138
1980
18, 386
1980: Feb.__ 16, 984
Mar___ 18, 265
Apr
18, 567
May__ 17, 647
June.- 18, 440
July... 18, 267
Aug__> 19, 087
Sept-_ 18, 828
Oct._. 19, 214
Nov
18, 715
Dec__. 19, 251
1981: Jan.... 18, 825
Feb... 19, 764
Mar.^. 21, 434
8,053
8,842
9,456
9,912
11,753
14,869
18, 036
16, 695
17, 887
18, 228
17,270
L8, 059
17, 953
18, 771
18, 521
8, 770
8, 344
18, 918
18, 459
19, 441
21, 000
1,269
1,399
1,436
1,330
1, 717
2,049
2,534
2,176
2,535
2,375
2,153
2,365
2,445
2,534
2,724
2,886
2,909
3,099
2,926
2,938
3,334
1,317
1,266
1,341
1,548
1,746
2,352
2,810
2,811
2,961
2,877
2,891
2,867
2,825
3,149
2,752
2,554
2,447
2,746
2,896
2, 936
3,245
5,294
5,913
6,437
6,679
7,873
9,716
11,991
11, 253
11, 557
11,860
11,541
12, 124
12, 227
12, 448
12, 483
12, 473
12, 241
12, 368
11,913
12, 816
13, 658
5,790
8,450
770
892
F.a.s.
892
8,387
8,048
827
10, 084
991
12, 307 1,186
14, 332 1,312
17, 188 1,478
20, 406 1,546
21, 779 1,411
20, 947 1,558
19, 766 1,498
20, 587 1,536
20, 353 1,592
19, 139 1,594
9, 713 1,467
19, 941 1,391
20, 347 1,583
19, 860 1,680
21, 436 1,583
23, 194 1,748
21, 922 1,588
20, 949 1, 609
paiiujeiH 01 .ueiense smpments of grant-aid military supplies ana equip- under
the Military Assistance Program are excluded from totals for all
i m ai"inc iuomesniontnl y detail beginning January 1978.
t r n1 i 1 j 7818
« commodities and transactions not classified according to kind.
I ri°* ? f ""
°f imported goods other than intransit shipments.
•, J-I.I* (cost, insurance, and freight) import value at first port of entry in the
United
States.
Data for 1973 are estimates:
F<a
ree
A f* ^ alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Manufactured
goods
Mer chandise trade
balance
ExExports
(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
imless
less
ports
imimports
(cusports
(c.Lf.)
\
toms (sf.a.s.)
value)
1,120
2,653
value §
2,672
2,716
3,457
4,463
4,325
5,949
7,831
9, 173
8,577
7,744
8,034
8, 174
6,853
7,292
7, 112
7,506
7,059
8,331
9,041
9, 141
7,478
4,602
4,257
5,398
6,379
8,360
9, 357
10, 427
10, 576
10, 345
9,971
10, 421
10, 063
10, 138
10, 390
10, 524
10, 520
[0, 572
10, 897
11, 777
10, 714
11, 294
112
-283
-221
-229
-866
9,033
-283 —221
—866
8,654
852
91*
312
10, 825
-581 —488 —1, 229
13, 130 -2, 297 —2,211 -3, 034
15, 258 -2, 472 -2, 367 -3,293
18, 238 -2, 117 -2, 050 -3, 101
21, 415
-2, 020 3,030
22, 947
-4, 794 -5, 963
22, 048
-2, 682 -3,783
20, 812
-1, 198 -2, 245
-2, 941 -4, 036
21, 683
-1,912 -2, 963
21, 403
20, 074
-872 -1,808
20, 665
-626 -1,578
-1, 112 -2, 008
20, 837
-1, 134 -2, 031
21, 244
20, 751
-1,145 -2, 036
22, 364
-2, 185 -3, 113
-4, 370 -5,440
24, 265
-2, 158 -3, 146
22, 910
-451
485
21, 886
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Data for 1980 and 1981 include trade of the U.S. Virgin Islands, except that for
1980 Virgin Islands exports are reflected only in the figures for total domestic
and foreign exports.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
The current account registered a slight surplus in 1980, $0.1 billion, despite an $82 billion oil bill.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
-15
-15
1980
1972
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted]
M erchandise
Period
Exports
19731974
1975_._____
1976.
1977
1978
1979
1980 »_
Invcjstment iricome 3
12
Imports
Net
hnlUcU.—
ance
Receipts
Payments
71, 410 -70,499
911 21, 808 -9, 655
98, 306 -103,649 -5,343 27, 587 - 12, 084
107, 088 -98, 041
9, 047 25, 351 -12,564
114, 745 -124,051 -9, 306 29, 286 -13,311
120, 816 -151,689 -30, 873 32, 587 -14,598
142, 054 -175,813 -33,759 42, 972 -22, 073
182, 068 -211,454 29, 386 65, 970 -33,460
221, 781 -249, 135 -27, 354 76, 029 -43, 494
1979 : I.. II...
III__
IV.-
41, 806
42, 816
47, 207
50, 239
-46, 922
-50,876
-54,259
-59, 397
1980: I
II___
III..
IV»__
54,
54,
56,
56,
-65,452 -10,848 20, 824 -10,762
-62, 108 -7,503 16, 620 -10,518
-59,039 -2,858 18, 756 -10,700
-62,536 -6, 145 19, 830 -11,514
1
2
604
605
181
391
-5, 116
-8, 060
-7,052
-9, 158
14, 263
15, 250
18, 050
18, 407
-7,225
-7,980
-8, 731
-9, 524
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
3 Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.
36
Remittances,
pensions,
and
other
unilateral
transfers 1
Net
military
transactions
Nettravel
and
transportation
receipts
12, 153
15, 503
12, 787
15, 975
17, 989
20, 899
32, 510
32, 535
-2, 070
-1,653
-746
559
1,628
886
-1,275
-3, 309
-3, 158
-3, 188
-2, 792
-2,558
-3,293
-3, 188
-2, 695
-1,290
7,038
7,270
9,319
8,883
-29
-102
-443
-700
-611
-637
-834
-613
1,448
1,428
1,524
1,405
2,730
-100
2, 514
-183
-1,324
1,406
-1,383 -1,483
-1,407
1,107
-1,552 -1,735
10, 062
6, 102
8,056
8,316
-922
-994
-636
-758
-671
-277
-228
-114
1,570
-809
1,557 -1, 115
6,020
1,686
1,684
2,983
-1,812 -2, 621
-1,326 -2, 441
4, 493
-1,527
-2, 296
687
Not
iN cL
Other
services,
net 3
Balance
on
goods
and
serv-1
ices
Balance
on
current
account
3,184 11, 021 -3,881
7,140
2, 124
9,309 -7, 186
3,986
4,598 22, 893 -4, 613 18, 280
9,382 -4, 998 4, 384
4,711
5,086 -9,464 -4, 605-14,068
9, 204 -5, 055-14,259
5, 959
-705
5,806
4,961 -5,666
118
7,077 -6,959
6,496
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
Strong foreign demand for credit caused a significant increase, $47 billion, in U.S. bank claims on foreigners during
1980. The capital account recorded an outflow of $37 billion, virtually covered by the extraordinary $36 billion
statistical discrepancy, probably reflecting inadequate reporting of capital transactions.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
-10
-20
-30
-30
-40
-40
1980
1972
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, ne t
[inc rease/capit al outflow (-)]
Period
Total
U.S.
official
reserve
assets 1 2
Other
U.S.
Government
assets
U.S.
private
assets
2,644
366
-3, 474
4,214
-3,693
-4, 644
3,783
-5, 111
-20, 388
-33, 643
-35, 380
-44, 498
-31, 725
-57, 279
-56,858
-71,236
Foreig D assets in the U.S.,
net [increase/c apital inflow (+)] 2
Total
Foreign
official
assets
Other
foreign
assets
Allocations
of
special
drawing
rights
/«2nT?^
1973
1974
1975
1976
1977
1978
1979
1980'...-.
1979: I
II. -_
HI—
IV.__
-22, 874
158
-34, 745 -1,467
-39,703
-849
-51,269 -2,558
-35,793
-375
-61, 191
732
-61,774 -1, 133
-84, 502 -8, 155
-7, 768 -3, 585
-15,300
322
-25, 215
2,779
- 13, 492
-649
6,026
18, 388
34, 241
10, 546
7,027
15, 670
17, 693
36, 518
36, 575
50, 741
64, 096
33,293
37, 575 -14, 271
47, 626
16, 179
12, 362
23, 696
8,643
18, 826
14, 167
30, 804
51, 845
31, 446
-1, 102 -3, 081 2,201 -8, 744
-991 -14,631 6,407 -10,095
-766 -27, 228 24, 941
5, 789
-925
11, 918 4,025 -1,221
10, 945
16, 502
19, 152
5, 246
1, 139
1980: I
II____
111...
IV"__
-12,706
-25, 708
-19, 135
-26, 951
-1,467 -7, 971 7, 194
-1,191 -25, 019 7,949
-1,374 - 16, 652 11, 763
-1,079 -21, 593 20, 720
14, 409
174
3, 771
13, 092
1, 152
-3,268
502
-1, 109
-4,279
i Consists of gold, special drawing rights (SDR), convertible currencies, and
the1 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
-7,215
7,775
7.991
7,628
1, 139
1, 152
Statisstical
discre]pancy
U.S.
official
reserve
assets,
Total
Of
net 1
which: (unad(sum of
the
Seasonal justed,
items
adjustwith sign ment
reversed) discrep- period)
ancy
-2, 654
-1,620
5,753
10, 367
-880
11, 354
23,765
35, 605
74
3,022
1, 168
10, 375
-833 -3, 642
2,400
11, 202
-93
6,981
1,465
20, 200
2,879 -4, 032
2,658
5, 544
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
18, 956
26, 756
21, 655
21, 268
18, 557
18, 956
21, 491
21, 943
22, 994
26, 756
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
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—-Nonfarm Business
Page
1
2
2
3
3
4
4
5
6
7
8
9
10
777
*
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 Stock Measures and Liquid Assets
Components of Money Stock Measures and Liquid Assets
Consumer Installment Credit.
*
Bank Loans and 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
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