Full text of Economic Indicators : April 1983
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98th Congress, 1st Session
Economic Indicators
APRIL 1983
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1983
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
ROGER W. JEPSEN, Iowa, Chairman
LEE H. HAMILTON, Indiana, Vice Chairman
SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
MACK MATTINGLY (Georgia)
ALFONSE M. D'AMATO (New York)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
HOUSE OF REPRESENTATIVES
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
AUGUSTUS F. HAWKINS (California)
DAVID R. OBEY (Wisconsin)
JAMES H. SCHEUER (New York)
CHALMERS P. WYLIE (Ohio)
MARJORIE S. HOLT (Maryland)
DAN LUNGREN (California)
OLYMPIA J. SNOWE (Maine)
BRUCE R. BARTLETT, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MARTIN FELDSTEIN, Chairman
WILLIAM A. NISKANEN, Member
WILLIAM POOLE, Member
[PUBLIC LAW 120—81ST CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That 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 $4.25 a single copy
($5.35 foreign), or by subscription at $25.00 per year ($31.25 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
11
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the first quarter of 1983, gross national product rose $68.5 billion or 9.1
percent, both at annual rates. Real output (GNP adjusted for price changes) rose 3.1 percent (annual rate) and the
implicit price deflator rose at a 5.8 percent annual rate.
BILLIOhJS OF DOLLARS
BILLIONS OF DOLLARS (RATIO SCALE)
(RATIO SCALE)
3,200
•5
x
SEASONS LLY ADJUSTED ANNU AL RATES
3,200
.^^-1
AA/1
^^~
o pnn
~
2 800
-
>X
2 AQO
9 Aori
X""""^
_
_
GNP
IN CURRENT DOLLA RS
2,400
^r^\
V.
.s
2,400
2 200
/
-
-
,^*
-
1 snn
1 800
^
X ^
1 600
.
\
1 Ann
\
++**
^
-
GNP
IN 1972 DOLLAF
"*
s
-
X---*
1 200
i
\
I
I
I
1977
1976
1975
I
i
I
I
I
I
1979
1978
i
I I
1980
I
I
I
1
i
I
1
1982
1981
I
I
1983
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
1974
1975
1976
1977
1978
1979
1980
1981
1982
1,185.9
1,326.4
1,434.2
1,549.2
1,718.0
1,918.3
2,163.9
2,417.8
2,633.1
2,937.7
3,059.3
1981: ffl
IV
1982: I
Personal
consumption
expenditures
Gross
private
domestic
investment
Imports
Total
Tntfl]
National
defense
-4.0
-1.1
13.2
25.2
26.1
20.5
154.9
170.9
182.7
218.7
281.4
339.2
367.3
350.8
72.8
77.0
83.0
86.0
92.8
100.3
111.8
131.4
153.7
178.6
486.0
468.9
25.9
23.5
367.2
367.9
341.3
344.4
600.2
626.3
230.0
250.5
1,919.4
1,947.8
1,986.3
2,030.8
414.8
431.5
443.3
391.5
31.3
34.9
6.9
9.1
359.9
365.8
349.5
328.1
328.6
330.9
342.5
319.1
630.1
630.9
651.7
676.8
2,054.0
430.6
16.6
330.2
313.6
675.5
2,980.9
3,003.2
1,868.8
1,884.5
IV
2,995.5
3,045.2
3,088.2
3,108.2
1983: Ip.
3,176.7
Source: Department of Commerce, Bureau of Economic Analysis.
Exports
101.7
102.0
111.0
122.7
129.2
143.4
153.6
168.3
197.2
228.9
257.9
737.1
812.0
0.7
14.2
13.4
26.8
13.8
-rv
Federal
253.1
270.4
304.1
339.9
362.1
393.8
431.9
474.4
538.4
596.9
647.4
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,667.2
1,843.2
1,971.1
n
m....
Net
exports
Goveniment purchf ises of
goo ds and servi ces
76.7
95.4
132.8
128.1
157.1
186.7
219.8
268.1
314.0
341.3
330.3
195.0
229.8
228.7
206.1
257.9
324.1
386.6
423.0
402.3
471.5
420.3
1972
1973
Exports aiid imports of goods and
services
77.5
109.6
146.2
Non-
defense
State and
local
i
sales
33.9
39.7
43.2
50.6
53.3
56.5
65.8
75.2
79.3
151.4
168.5
193.1
217.2
232.9
250.4
278.3
306.0
341.2
368.0
389.4
1,175.7
1,307.9
1,420.1
1,556.1
1,706.2
1,895.3
2,137.4
2,403.5
2,643.1
2,917.3
3,083.1
154.4
166.9
75.7
83.6
370.1
375.7
2,949.1
2,989.9
249.7
244.3
259.0
278.7
166.2
176.2
182.7
189.3
83.5
68.2
76.3
89.4
380.4
386.6
392.7
398.0
3,031.1
3,061.4
3,083.5
3,156.5
271.9
191.6
80.3
403.6
3,205.2
73.1
28.5
29.1
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
G ross prival e
dome;stic invest]nent
Personal
consumpChange
tion
in
expendi- NonresiResiden- business
dential
tures
tial fixed
invenfixed
tories
1975
1976
1977
1978
1979
1980
1981
1982
1,185.9
1,254.3
1,246.3
1,231.6
1,298.2
,369.7
,438.6
,479.4
,474.0
,502.6
,476.9
737.1
767.9
762.8
779.4
823.1
864.3
903.2
927.6
930.5
947.6
956.9
121.0
138.1
135.7
119.3
1981: HI
IV
1,510.4
1,490.1
1982: I
n
ra
IX]ports of go ods
1
£ind service}
Federal
Net
exports
Total
Imports
Exports
Total
108.5
103.5
110.1
112.9
126.7
146.2
159.2
158.5
148.1
76.7
81.8
80.7
71.4
84.7
90.9
102.7
109.0
108.6
116.4
116.3
253.1
253.3
260.3
265.2
265.2
269.2
274.6
278.3
284.6
287.1
291.3
39.2
36.5
157.8
156.9
118.7
120.4
-15.4
-4.4
3.4
-20.3
36.9
35.7
27.5
27.2
151.7
154.4
147.5
138.8
12.4
24.0
138.5
10.2
0.7
125.6
140.3
158.3
169.9
166.1
172.0
165.7
63.8
62.3
48.2
42.2
51.2
60.7
62.4
59.1
47.2
44.9
40.3
17.2
11.6
-6.7
7.8
13.3
16.0
7.3
-5.0
9.0
9.2
15.5
27.8
32.2
25.4
22.0
24.0
37.2
50.6
42.0
31.8
951.4
943.4
173.9
174.2
42.9
39.9
16.5
4.8
IV
1,470.7
1,478.4
1,481.1
1,477.2
949.1
955.0
956.3
967.0
172.0
166.7
163.4
160.9
38.9
40.1
39.5
42.9
1983: lp
1,488.5
972.4
162.0
49.9
1972
1973
1974
Government purch ases of
gooc s and services
77.5
97.3
National
defense
Nondefense
State
and local
Final
sales
97.4
96.8
100.4
100.3
102.1
106.5
110.4
116.4
68.3
66.9
66.4
64.9
65.4
65.7
67.4
70.1
73.5
78.6
31.8
35.0
34.7
34.8
36.4
36.8
37.8
167.8
168.4
168.8
174.3
176.2
178.1
176.7
174.9
1,175.3
1,237.1
1,234.7
1,238.4
1,290.4
1,356.4
1,422.6
1,472.2
1,479.0
1,493.7
1,486.0
286.4
291.3
110.7
116.0
74.3
76.1
36.5
39.9
175.7
175.3
1,493.9
1,485.3
114.7
118.7
120.0
111.6
289.2
285.3
291.1
299.5
114.4
110.3
116.2
124.7
74.5
78.2
80.6
81.0
39.8
32.1
35.5
43.7
174.9
175.0
174.9
174.8
1,486.1
1,482.7
1,477.8
1,497.5
114.5
292.6
117.5
81.1
36.4
175.1
1,500.9
101.7
95.9
96.6
73.1
28.5
27.6
29.7
31.0
151.4
157.4
163.6
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Personal c onsumption
expen ditures
Period
Gross
national
product
100.00
105.75
115.08
1972
1973
Total
Durable
goods
1974
1975
1976
1977
1978
1979
1980
1981
1982
125.79
132.34
140.05
150.42
163.42
178.64
195.51
207.15
100.0
105.7
116.4
125.3
131.7
139.3
149.1
162.5
179.2
194.5
206.0
1981: ffl
IV
197.36
201.55
196.4
199.8
169.7
171.3
1982: I
n
m
IV
203.68
205.98
208.51
210.42
202.2
204.0
207.7
210.0
1983: I p
213.41
211.2
100.0
101.7
108.2
117.3
123.9
129.2
136.4
145.0
156.3
167.5
174.9
100.0
108.5
123.4
132.5
137.2
143.6
153.4
169.9
188.4
202.7
208.8
Services
100.0
104.7
113.0
121.6
129.6
139.3
150.0
162.3
Exports an I imports of
goods am i services
Gove rnment pure bases of goc>ds and
services
Federal
Nonresidential
fixed
Residential fixed
Exports
100.0
103.8
115.4
132.2
100.0
109.1
120.3
131.0
140.7
100.0
112.7
Imports
State
and local
Total
National
defense
Nondefense
100.0
106.3
114.9
126.0
100.0
106.6
115.1
124.9
132.4
141.9
138.3
148.4
159.7
173.7
191.6
208.2
222.7
100.0
116.7
164.6
179.6
185.6
205.5
214.1
246.1
289.3
293.1
284.1
133.5
142.8
153.1
164.8
185.2
207.4
221.6
152.7
166.0
187.4
209.0
227.2
100.0
105.6
114.2
128.2
135.7
144.6
153.8
162.5
181.0
204.2
210.1
100.0
107.0
118.0
129.4
178.8
196.3
213.3
138.6
146.3
157.2
170.8
186.1
201.3
210.0
158.0
178.3
200.5
218.5
233.6
238.5
134.8
149.6
155.3
161.9
172.6
192.5
213.1
231.8
236.9
204.2
205.6
198.6
203.6
203.0
206.8
235.8
239.2
232.6
234.5
287.7
286.1
207.8
216.0
207.9
219.5
207.4
209.4
210.7
214.3
173.0
174.0
176.1
176.3
206.8
207.1
210.0
211.0
207.4
210.6
215.3
219.7
207.6
211.3
210.7
210.4
240.5
238.6
238.8
236.3
237.3
236.8
236.9
236.5
286.4
278.8
285.4
286.0
218.3
221.6
223.0
223.5
223.0
225.2
226.5
233.6
209.6
212.6
214.9
204.8
217.5
220.9
224.5
227.8
177.4
210.0
222.9
209.5
240.0
238.4
273.9
231.4
236.2
220.6
230.5
Source: Department of Commerce, Bureau of Economic Analysis.
Nondurable
goods
Gross private
domestic investment
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Personal consumption e xpenditures
Ore>ss national pr sduct
Period
Current
dollars
8.6
10.1
11.8
8.1
8.0
10.9
11.7
12.8
11.7
8.9
11.6
4.1
11.4
3.0
-1.0
6.8
5.8
2.6
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1981: HI
IV
1982:
I
n
m
IV
1983: I
p
9.1
Constant
(1972)
dollars
3.4
5.7
5.8
-.6
-1.2
5.4
5.5
5.0
2.8
-.4
1.9
-1.7
2.2
5.3
-5.1
2.1
.7
-1.1
3.1
Implicit
price
deflator
Chain price
index
Fixedweighted
price index
(1972
weights)
Constant
(1972)
dollars
Current
dollars
8.1
9.6
5.0
4.2
5.8
8.8
9.3
5.2
5.8
7.4
8.6
9.3
9.4
6.0
4.9
4.1
6.0
9.1
9.2
5.7
6.1
7.6
8.9
9.0
9.4
6.4
4.8
4.0
6.0
9.4
9.1
5.8
6.3
7.8
9.5
9.9
9.6
6.2
9.0
8.8
9.2
8.4
8.9
8.5
11.3
4.3
4.6
5.0
3.7
5.0
4.6
6.0
5.1
4.8
4.1
5.9
4.9
7.6
6.1
8.1
9.3
5.8
3.5
3.2
4.6
NOTE.—Annual changes are from previous year and quarterly changes are from previous quarter.
Implicit
price
deflator
9.4
9.9
11.0
11.1
11.8
11.9
10.6
10.6
6.9
4.3
3.6
6.1
4.2
3.5
6.1
10.1
10.4
10.4
7.6
5.1
5.8
7.0
9.0
7.7
5.3
6.0
7.3
9.3
7.8
5.3
6.2
7.4
9.7
10.3
10.7
11.2
8.6
5.9
9.1
6.0
9.3
5.8
8.2
7.0
8.0
7.2
7.6
7.1
2.5
2.5
.6
4.5
5.0
3.5
7.5
4.5
5.2
3.6
7.1
5.5
4.8
3.2
7.3
5.6
2.3
2.3
2.5
1.9
2.9
3.4
Fixedweighted
price index
(1972
weights)
4.3
3.7
5.7
3.7
5.8
4.2
-.7
2.2
5.6
5.0
4.5
2.7
.3
1.8
1.0
10.2
Chain price
index
-3.3
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND
PROFITS
[Quarterly data at seasonally adjusted annual rates]
Cur rent-dollar cc st and profit per unit of output (dolla rs) 1
Gross t omestic
product of nonfinancial
corporate business
(billions c)f dollars)
Period
Current
dollars
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982 r
1981: I
n
m
IV
1982:
I
n
HI
IV r
1
1972
dollars
Total
cost and
profit 2
Capital
consumption
allowances
with
capital
consumption
adjustment
Corporate profits with inventory
valuation Mid capital c(msumption
Indirect
business
taxes 3
Profits
tax
liability
Profits
after
tax 4
563.7
609.9
678.0
759.4
818.9
890.0
1,001.3
1,128.4
1,276.2
1,416.8
1,537.7
1,732.3
1,776.4
599.6
626.8
678.0
731.9
708.2
694.2
745.5
795.8
846.3
876.1
860.3
881.3
855.3
0.940
.973
1.000
1.038
1.156
1.282
1.343
1.418
1.508
1.617
1.787
1.966
2.077
0.087
.091
.092
.093
.112
.137
.141
.145
.155
.171
.200
.222
.250
0.106
.113
.113
.114
.127
.140
.141
.141
.144
.149
.173
.202
.213
0.631
.641
.659
.692
.786
.837
.878
.928
.998
1.094
1.211
1.305
1.391
0.028
.029
.028
.031
.042
.044
.040
.040
.044
.050
.061
.071
.085
0.088
.099
.107
.107
.090
.124
.144
.163
.168
.154
.143
.165
.139
0.045
.047
.049
.055
.059
.059
.071
.075
.079
.079
.075
.072
.046
0.043
.052
.058
.053
.030
.065
.073
.088
.089
.075
.068
.093
.093
1,683.3
1,715.0
1,763.6
1,767.2
883.0
884.2
887.5
870.4
1.906
1.940
1.987
2.030
.211
.218
.224
.236
.196
.202
.203
.208
1.267
1.289
1.315
1.349
.062
.069
.074
.078
.170
.161
.171
.159
.081
.069
.074
.063
.089
.091
.097
.096
1,756.6
1,771.0
1,794.4
1,783.4
858.8
857.9
859.3
845.3
2.045
2.064
2.088
2.110
.242
.247
.251
.259
.205
.211
.214
.221
1.376
1.388
1.392
1.409
.082
.085
.085
.086
.140
.134
.146
.135
.045
.043
.049
.046
.095
.091
.097
.089
Output is measured by gross domestic product of nonfinancial corporate business in 1972 dol-
This is equal to the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
adjustments
Net
interest
Total
lars.
2
Compensation of
employ-
3
4
per hour
of all
employees (1972
Compensation per
hour of
all
employees
(dollars)
7.115
7.450
7.664
7.849
7.555
7.774
8.002
8.144
r
8.216
r
8.201
r
8.170
r
8.315
8.378
4.491
4.778
5.052
5.429
5.937
6.507
7.024
7.558
r
8.198
r
8.969
r
9.892
r
10.850
11.653
r
r
A
8.330
8.323
r
8.328
r
8.279
r
10.553
10.731
10.951
r
!1.172
r
r
r
r
r
r
8.288
8.343
r
8.438
8.447
l 1.403
!1.577
l 1.744
11.898
r
Indirect business tax and nontax liability plus business transfer payments less subsidies.
With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor
(Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
National
income
Compensation of
employees1
Proprietors' income with
inventory viiluation and
capital coiisumption
adjust ments
Farm
877.5
931.4
1,036.3
1,152.1
1,301.1
1,458.1
1,598.6
1,767.6
1,856.5
96.6
108.3
94.9
2,387.3
2,404.5
1,789.1
1,813.4
27.1
24.6
100.4
99.5
2,396.9
2,425.2
2,455.6
2,468.8
1,830.8
1,850.7
1,868.3
1,876.1
17.8
17.4
16.6
24.1
1,908.5
18.4
1982:
IV
718.0
801.3
1983: I"
1
18.7
_ Net
interest
adjustment
132.1
166.3
194.7
229.1
252.7
242.4
232.1
174.9
-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-43.0
-24.6
-9.2
2.7
2.7
-1.8
-10.1
-13.5
-11.3
-12.7
-14.8
-17.8
-16.8
-4.9
51.2
60.2
76.1
84.5
87.2
102.5
121.7
153.8
187.7
235.7
264.9
210.3
199.4
233.3
216.5
-23.0
-17.1
-17.1
-15.5
244.0
249.5
167.2
162.2
170.0
163.3
171.6
171.7
180.3
175.9
-4.4
-9.4
-10.3
-12.6
-10.1
-6.9
-3.8
1.3
258.7
267.5
268.1
265.3
7.1
266.9
94.0
110.5
138.1
167.3
192.4
194.8
181.6
190.6
160.8
105.6
96.7
120.6
151.6
178.5
205.1
209.6
199.4
207.5
165.7
33.6
33.6
193.1
183.9
98.6
99.9
101.7
104.8
33.9
34.2
34.6
33.9
157.1
155.4
166.2
164.6
110.1
35.3
Includes employer contributions for social insurance. (See also p. 5.)
Capital
consump-
Inventory
valuation
adjustment
Profits
Total
21.0
22.6
23.5
23.0
23.5
24.8
26.6
27.9
32.9
33.9
34.1
1981: ffl
IV
I
Total
58.1
61.0
62.2
65.4
75.0
84.8
92.2
100.2
96.9
100.7
101.3
1974
1975
1976
1977
1978
1979
1980
1981
1982 r
n
ra r
Nonfarm
Profits T*ith inventory ivaluation
adjustme nt and withou t capital
constunption adjust]nent
32.8
26.5
24.6
19.1
19.1
26.3
31.9
19.4
24.0
19.0
963.6
1,086.2
,160.7
,239.4
,379.2
,550.5
,760.3
,966.7
2,117.1
2,352.5
2,436.6
1972
1973
Corporate p rofits with inv<jntory valuation and capital <Consumption
adjustments
Eental
income of
persons
with
capital
consumption
adjustment
100.6
125.6
136.7
-.7
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Period
Total
personal
consumption
expenditures
Total
durable
goods
Motor
vehicles
and
parts
Furniture and
household
equipment
Food
Clothing
and
shoes
Gasoline
and oil
25.4
Other
Services
Domestics
Imports
55.4
61.4
64.8
69.6
75.3
82.6
92.4
99.1
104.7
114.6
118.6
325.3
355.2
393.2
437.0
485.7
547.4
618.0
693.7
782.5
874.1
966.3
1.6
28.6
36.6
40.4
44.0
48.1
51.2
66.6
87.0
96.8
93.7
64.9
71.2
78.2
83.7
91.9
98.2
108.8
122.8
135.0
147.9
152.4
9.3
50.6
53.5
59.1
65.7
72.8
81.8
86.3
93.4
92.8
154.9
172.1
193.7
213.6
230.6
249.8
275.9
311.6
343.7
375.3
397.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2
5.8
1.8
1.4
1.6
1.5
2.1
2.0
2.3
2.4
2.3
2.2
104.0
93.9
93.8
93.3
43.4
42.4
741.3
746.5
378.0
382.3
115.9
116.0
97.7
97.5
149.7
150.7
886.3
908.3
6.8
5.2
2.2
2.2
237.9
240.7
240.3
251.8
103.2
103.3
104.3
113.8
91.0
93.2
92.7
94.3
43.7
44.2
43.3
43.7
749.1
755.0
768.4
775.7
387.9
395.0
401.3
405.1
117.5
118.4
119.1
119.4
95.3
91.3
94.2
94.0
148.4
150.4
153.8
157.2
932.4
952.1
977.6
1,003.3
5.8
5.5
5.5
6.1
2.2
2.0
2.2
2.5
256.4
114.7
95.5
46.1
776.4
409.5
120.0
89.7
157.3
1,021.2
6.0
2.4
812.0
888.1
976.4
1,084.3
1,204.4
1,346.5
1,507.2
1,667.2
1,843.2
1,971.1
111.1
123.3
121.5
132.2
156.8
178.2
200.2
213.4
214.3
234.6
242.7
52.4
57.1
50.4
55.8
72.6
84.8
95.7
96.6
89.7
98.6
106.2
41.7
47.1
1981: IH
IV
1,868.8
1,884.5
241.2
229.6
1982:
IV
1,919.4
1,947.8
1,986.3
2,030.8
1983: Ip
2,054.0
Source: Department of Commerce, Bureau of Economic Analysis.
Total
nondurable
goods
300.6
333.4
373.4
407.3
441.7
478.8
528.2
600.0
670.4
734.5
762.1
737.1
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
I
Other
19.2
20.5
22.9
25.2
27.7
31.7
35.1
38.3
42.6
43.7
1972
n
m
Retail sales
of new
passengrer cars
(millions of units)
No adurable go ods
Durable? goods
16.9
SOURCES OF PERSONAL INCOME
Personal income rose $14.6 billion (annual rate) in March, following a rise of $2.6 billion in February. Wages and
salaries rose $9.0 billion in March, compared with a decline of $2.0 billion in February.
BILLIONS OF DOLLARS*(RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
3,200
2,800
3,200
2,800
2,400
2,400
TOTAL PERSONAL INCOME
2,000
2,000
1,600
1,400
1,600
1,400
1,200
1,200
1,000
1,000
800
800
,,..."""**
600
600
OTHER INCOME
\
""""
400
400
TRANSFER
PAYMENTS
200
200
160
160
120
120
1975
1979
1978
1976
1982
1980
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
1983
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Period
Total
personal
income
Proprietor ' income 3
salary
Other labor
Farm
ments l
1975
1976....
1977
1978
1979
1980
1981
1982
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,160.4
2,415.8
2,569.9
889.9
983.2
1,106.3
1,237.6
1,356.1
1,493.9
1,560.7
1982: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
2,518.6
2,535.5
2,556.2
2,566.3
2,588.3
2,592.0
2,597.2
2,609.4
2,627.7
2,635.0
1983: Jan r.
Feb r.
Mar"
2,641.7
2,644.3
2,658.9
Nonfarm
Personal
dividend
income
Personal
interest
income
65.4
75.0
84.8
92.2
100.2
96.9
100.7
101.3
23.0
23.5
29.9
36.5
123.2
132.5
89.4
102.5
114.9
127.2
140.4
153.8
24.6
19.1
19.1
26.3
31.9
19.4
24.0
19.0
24.8
26.6
27.9
32.9
33.9
34.1
39.6
45.3
50.8
55.9
62.5
67.0
1,542.6
1,546.6
1,560.4
1,562.9
1,569.5
1,570.3
1,570.1
1,571.5
1,572.2
1,579.9
150.2
151.3
152.5
153.6
154.6
155.5
156.5
157.2
157.9
158.7
16.3
16.9
17.3
18.0
17.3
16.6
16.0
17.1
27.7
27.5
98.8
99.3
100.3
100.2
100.9
101.7
102.5
104.2
105.3
104.9
34.0
34.1
34.2
34.3
34.5
34.6
34.7
34.8
34.4
32.5
1,596.1
1,594.1
1,603.1
159.6
160.6
161.6
19.1
18.3
17.8
108.7
110.0
111.4
35.2
35.3
35.4
806.4
64.5
75.9
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.
^Consists of employer contributions to private pension, health, and welfare funds; workmen's
compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
Eental
income of
persons 4
Transfer
payments 5
Less:
Personal
contributions
for social
insurance
Nonfarm
personal
income 6
152.8
179.4
218.7
263.4
329.0
371.2
178.3
194.3
207.9
223.8
250.3
297.2
336.3
374.7
69.8
81.1
88.7
104.9
111.7
1,506.5
1,689.7
1,899.3
2,117.3
2,364.1
2,518.8
65.9
66.1
66.2
66.1
66.6
67.3
67.7
68.4
68.9
69.3
363.8
368.0
372.0
376.0
377.6
378.3
378.8
376.0
374.0
373.8
357.5
363.9
364.8
366.9
379.7
380.2
383.3
392.7
399.6
401.3
110.6
110.8
111.6
111.7
112.4
112.5
112.4
112.4
112.4
112.8
2,470.8
2,486.8
2,506.9
2,516.0
2,538.5
2,542.8
2,548.5
2,559.4
2,567.0
2,574.4
69.7
69.8
69.8
375.3
377.4
380.0
394.5
394.9
396.4
116.4
116.2
116.7
2,589.4
2,592.6
2,607.6
4
50.4
55.5
61.1
1,229.1
1,359.3
With capital consumption adjustment.
Consists mainly of social insurance benefits, direct relief, and veterans payments.
Personal income exclusive of farm proprietors' income, farm wages, farm other labor income,
and agricultural net interest.
5
6
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
According to preliminary estimates, real per capita disposable income rose in the first quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
4,000
3,000
3,000
1975
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Personal
income
Less:
Personal
tax and
nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Equals:
Disposable
personal
income
Less:
Personal
outlays *
Equals:
Personal
saving
Per c apita
disposabk3 personal
incc)me
Current
dollars
1972
dollars
Billions of dol ars
Per capit i, personal
consulnption
expen iitures
Current
dollars
1972
dollars
1,168.6
1,265.0
1,391.2
1,540.4
1,732.7
1,951.2
2,160.4
2,415.8
2,569.9
170.2
168.9
196.8
226.4
258.7
301.0
336.3
386.7
397.2
998.3
1,096.1
1,194.4
1,314.0
1,474.0
1,650.2
1,824.1
2,029.1
2,172.7
913.2
1,001.8
1,111.9
1,236.0
1,384.6
1,553.5
1,717.9
1,898.9
2,030.5
1981: HI
IV
IV
2,458.2
2,494.6
2,510.5
2,552.7
2,592.5
2,624.0
398.1
393.2
393.4
401.2
394.4
399.7
2,060.0
2,101.4
2,117.1
2,151.5
2,198.1
2,224.3
1,925.7
1,942.7
1,977.9
2,007.2
2,046.1
2,090.9
134.4
158.6
139.1
144.3
152.0
133.4
8,951
9,107
9,155
9,285
9,461
9,549
1983: F
2,648.3
401.4
2,247.0
2,115.1
131.9
9,623
85.1
94.3
82.5
78.0
89.4
96.7
106.2
130.2
142.2
4,667
5,075
5,477
5,965
6,621
7,331
8,012
8,827
9,363
4,152
4,521
4,972
5,468
6,048
6,695
7,323
8,018
8,494
3,566
3,609
3,774
3,924
4,057
4,121
4,087
4,123
4,124
4,557
4,559
4,527
4,552
4,555
4,547
8,120
8,167
8,300
8,406
8,550
8,718
4,134
4,088
4,104
4,121
4,116
4,151
4,556
8,796
4,164
4,009
4,051
4,158
4,280
4,441
4,512
4,472
4,538
4,545
Saving as
percent of
disposable
personal
income
Population
(thousands) 2
Per cent
Do lars
1974
1975
1976
1977
1978
1979
1980
1981
1982
Percent
change in
real per
capita
disposable
personal
income
1.0
2.6
2.9
3.8
1.6
-.9
1.5
.2
8.5
8.6
6.9
5.9
6.1
5.9
5.8
6.4
6.5
3.7
.2
6.5
7.5
-1.7
213,898
215,981
218,086
220,289
222,629
225,106
227,654
229,872
232,056
Seas Dnally adju sted annual rates
1982: I
n
in
1
Includes personal consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages
for the period.
2.2
.3
17
6.6
6.7
6.9
6.0
230,145
230,751
231,246
231,724
232,320
232,934
.8
5.9
233,504
-2.8
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census).
FARM INCOME
In the first quarter of 1983, according to preliminary estimates, gross farm income fell $9.3 billion (annual rate)
and net farm income fell $5.8 billion.
BILLIONS OF DOLLARS*
200
BILLIONS OF DOLLARS* (RATIO SCALE)
(RATIO SCALE)
1200
100
100
80
60
60
NET FARM INCOME-
40
40
A
20 —
I
20
V
A
I I
10
1980
1978
1977
1975
1981
1982
1983
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income
(jross
Period
Cas h
Total l
Total
of farm ope rators from farming
Net farai income
farm incom
marketing rece ipts
Livestock and
products
V lu
Crops
inventory
changes 2
Production
expenses
Current
dollars
1967 dollars
3
58.8
68.6
67.8
68.5
69.3
49.0
48.6
53.7
63.1
71.7
75.0
74.7
3.4
-2.4
1.0
1.1
5.6
-4.3
5.5
.2
75.8
83.3
90.2
100.6
119.0
130.5
141.6
144.4
18.7
18.4
26.7
32.4
20.1
25.1
20.4
142.5
142.3
146.7
142.5
67.9
69.4
71.0
65.7
74.6
72.9
75.7
76.8
2.5
5.3
7.2
7.0
139.0
141.0
143.2
143.2
22.8
23.7
28.3
25.6
8.7
8.8
10.2
9.1
IV
164.5
163.0
161.9
169.8
144.4
144.4
143.2
144.1
67.4
70.1
70.4
69.4
77.0
74.3
72.8
74.7
.5
-.5
.3
.5
143.8
144.3
144.6
144.8
20.7
18.7
17.3
25.0
7.3
6.5
5.9
8.5
1983: Ip
160.5
140.2
70.0
70.2
1.5
141.3
19.2
6.5
101.0
101.9
108.6
127.3
151.3
150.6
166.8
164.8
88.9
95.4
96.2
112.5
131.7
139.5
143.5
144.0
43.1
46.3
47.6
161.8
164.7
171.5
168.8
n
m
1975
1976
1977
1978
1979
1980
1981
1982
1981: I
n
m
IV
1982: I
1
Cash marketing receipts and inventory changes plus Government payments, other farm cash
income, and nonmoney income furnished by farms.
8
Physical changes in end-of-year inventory of crop and livestock commodities valued at average
prices during the year.
45.8
3
25.2
Income in current dollars divided by the consumer price index (Department of Labor).
Source: Department of Agriculture, except as noted.
15.6
11.0
10.2
13.6
14.9
8.2
9.2
7.1
CORPORATE PROFITS
In the fourth quarter of 1982, according to revised estimates, corporate profits before tax fell $4.4 billion (annual
rate) from their third quarter level and after-tax profits fell $1.5 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
I
320
320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
240
240
200 —
200
160
160
v^"^
PROFITS AFTER TAX
UNDISTRIBUTED PROFTS
120
120
"\
80
1
'4,
\
TAX LIABI ITY
<**«"^•J"
40
40
J
1974
1975
1976
L
J
1977
1978
J
L
1979
1980
1981
SOURCE: DEPAl MENT OF COMMERCE
L
1982
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
1
Prc)fits (before t ax) with inventory valuati on adjustment
Profits after ta X
Doinestic industiies
Period
Nonfinancial
Total 2
Total
1972
1973
1974
1975.,
1976
1977
1978
1979
1980
1981
1982 r
1981: JH
IV
1982: I
n
mr
IV
Financial
94.0
105.6
96.7
120.6
151.6
178.5
205.1
209.6
199.4
207.5
165.7
85.3
92.0
80.4
107.6
137.4
163.4
185.4
179.0
169.1
184.6
147.6
15.3
15.9
15.0
11.8
17.1
23.1
31.0
30.3
29.2
22.7
23.8
210.3
199.4
189.3
173.7
20.8
20.4
167.2
162.2
170.0
163.3
150.3
144.1
153.7
142.4
20.0
22.2
24.2
28.7
Total 3
70.0
76.0
65.4
95.8
120.3
140.3
154.4
148.6
140.0
162.0
123.9
168.5
153.3
130.4
121.9
129.5
113.7
Manufacturing
Whole
sale and
retail
trade
40.7
13.4
45.5
39.0
52.6
69.2
78.3
86.9
85.6
74.5
86.3
55.9
92.2
73.7
57.7
56.6
62.7
46.7
13.9
12.5
21.3
22.4
26.6
26.9
27.1
24.6
33.4
28.7
33.0
35.7
31.9
26.8
27.4
28.6
Profits
before tax
Tax
liability
100.6
125.6
136.7
132.1
166.3
194.7
229.1
252.7
242.4
232.1
174.9
41.6
49.0
51.6
50.6
63.8
72.7
83.2
87.6
84.7
81.2
57.7
82.4
71.6
56.7
55.3
60.9
58.0
233.3
216.5
171.6
171.7
180.3
175.9
Total
1
See p. 4 for profits with inventory valuation and capital consumption adjustments.
Includes rest of the world, not shown separately.
150.8
144.9
115.0
116.3
119.4
117.9
24.4
27.0
29.9
30.8
37.4
40.8
47.0
52.7
58.1
65.1
70.3
66.8
68.1
68.8
69.3
70.5
72.4
73.5
1983: I".
2
58.9
76.6
85.1
81.5
102.5
122.0
145.9
165.1
157.8
150.9
117.1
Dividends
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Undistributed
profits
34.5
49.6
55.2
50.7
65.1
81.2
98.9
112.4
99.7
85.8
46.9
84.0
76.9
46.1
47.0
48.8
45.5
Inventory
valuation
adjustment
-6.6
-20.0
-40.0
-11.6
-14.7
-16.2
-24.0
-43.1
-43.0
-24.6
-9.2
-23.0
-17.1
-4.4
-9.4
-10.3
-12.6
7
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the first quarter of 1983, business fixed investment rose $0.9 billion (annual
rate) from its fourth quarter level and residential investment outlays rose $18.5 billion. There was a $28.5 billion
decrease in inventories following a $48.3 billion decrease in the fourth quarter.
BILLIONS OF DOLLARS
550
BILLIONS OF DOLLARS
550
SEASONALLY ADJUSTED ANNUAL RATES
500
500
450
450
400
350
350
300
300
NONRESIDENTIAL
-FIXED INVESTMENT -
250
250
200
200
RESIDENTIAL
-FIXED INVESTMENT-
150
150
100
100
^CHANGE IN BUSINESS_
50
50
INVENTORIES
0
0
I
-50
I
1975
I
J
L
J
I
L
1977
1976
J
1979
1978
L
I
1981
1980
1982
I
I
-50
1983
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Pillions of dollars; quarterly data atseasonally adjusted annual rates]
Period
Gross
private
domestic
investment
Nonresi( ential fixed in irestment
Total
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
229.8
228.7
206.1
257.9
324.1
386.6
423.0
402.3
471.5
420.3
157.7
174.1
205.2
248.9
290.2
309.2
346.1
348.0
1981: HI
IV
486.0
468.9
1982: I
Structures
Producers'
durable
equipment
Residential fix ed investment
Total
Nonfarm
structures
Farm
structures
Change iii business
inven xmes
Producers'
durable
equipment
Total
Nonfarm
58.8
64.4
78.7
98.3
110.5
129.7
141.5
92.3
100.7
102.3
115.3
140.8
170.2
191.9
198.6
216.4
206.5
63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
103.2
104.9
96.2
61.5
65.6
54.8
52.4
68.8
92.0
107.0
114.0
98.3
99.7
90.5
.7
1.3
1.0
1.1
1.5
1.7
1.7
1.9
2.1
2.5
1.8
1.9
2.1
2.3
2.5
2.9
3.0
3.2
3.2
11.8
23.0
26.5
14.3
-10.0
20.5
-23.8
9.6
15.2
16.0
-10.5
13.9
21.9
25.4
8.6
5.7
15.0
-24.3
353.0
360.2
132.7
139.6
220.2
220.6
101.2
95.5
95.6
89.4
2.4
2.9
3.2
3.2
31.8
13.2
24.6
6.0
ffl
IV
414.8
431.5
443.3
391.5
357.0
352.2
344.2
338.4
141.4
143.6
141.3
139.6
215.6
208.6
203.0
198.8
93.4
95.5
94.3
101.4
87.9
89.6
88.7
95.7
2.4
2.8
2.4
2.5
3.1
3.2
3.2
3.2
-35.6
-16.2
4.7
-48.3
36.0
-15.0
3.7
-50.0
1983: Ip
430.6
339.3
140.4
198.9
119.9
114.0
2.5
3.3
-28.5
-26.6
195.0
n
121.0
143.3
156.6
Source: Department of Commerce, Bureau of Economic Analysis.
44.1
51.0
55.9
55.4
76.9
0.7
1.5
1.7
10.2
18.5
14.1
-6.9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM
BUSINESS
According to the Commerce Department January-February survey, nonfarm business spending for new plant and
equipment for the year 1983 is expected to be 1.7 percent below the 1982 level. Spending in 1982 was 1.6
percent below the 1981 level.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
TOTAL NEW PLANT AND EQUIPMENT
300
300
200
200
NONMANUFACTURING
,.,
.»""*"*"
,•••»*"
100
100
80
80
MANUFACTURING
60
60
40
40
I
30
I
I
1975
I
I
1976
1979
1978
1980
IJlJ
1982
1981
30
1983
J/ SEE FOOTNOTE 4 BELOW.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Plan t and equipment
Total
Period
Plant
1Anufacturin g
Equipment
Total
Durable
goods
Nondurable
goods
Total
1976
1977
1978
1979
1980
1981
1982
1983 4
157.71
171.45
198.08
231.24
270.46
295.63
321.49
316.43
310.92
65.21
71.20
80.31
92.70
105.73
117.55
133.46
134.47
92.50
100.25
117.77
138.54
164.73
178.08
188.04
181.96
54.92
59.95
69.22
79.72
98.68
115.81
126.79
119.68
115.90
26.33
28.47
34.04
40.43
51.07
58.91
61.84
56.44
54.22
28.59
31.47
102.79
111.50
35.18
39.29
47.61
56.90
64.95
63.23
61.69
1981: ffl
IV
328.25
327.83
136.40
136.67
191.85
191.17
130.11
126.91
62.58
60.78
1982: I
327.72
323.22
315.79
302.77
139.49
137.95
135.14
127.15
188.23
185.28
180.65
175.61
128.32
123.77
119.46
110.09
112.81
111.30
119.34
1975
n
ffl
IV
1983: I 44
n
4
2nd half .
302.25
302.20
318.71
Mining
Transportation
Public
utilities
Trade
and
services l
Communication
and
other 2
ment
projects,
manufacturing3
21.80
23.51
26.90
56.51
59.38
77.40
88.16
112.98
123.32
135.19
104.78
128.87
151.52
171.77
179.81
194.70
196.75
195.02
6.10
7.44
9.24
10.21
11.38
13.51
16.86
15.45
15.46
8.89
9.40
10.68
12.35
12.09
12.05
11.95
11.00
19.98
22.37
26.79
29.95
33.96
35.44
38.40
41.95
41.00
46.23
49.30
56.54
68.66
79.26
81.79
86.33
86.95
87.78
32.02
34.83
36.99
41.06
40.46
39.78
67.53
66.14
198.13
200.92
17.55
16.81
11.61
13.12
39.55
39.74
87.55
88.33
41.89
42.92
33.33
33.68
60.84
59.03
57.14
50.50
67.48
64.74
62.32
59.59
199.40
199.46
196.33
192.68
17.60
16.56
14.63
13.31
11.99
12.32
11.28
12.41
40.12
41.40
43.38
42.88
87.80
88.85
87.31
84.00
41.89
40.33
39.73
40.06
27.73
29.03
25.61
23.37
52.76
50.85
56.39
60.05
60.45
62.94
189.44
190.90
199.37
14.56
14.62
16.25
10.95
11.59
10.68
41.00
41.37
40.85
85.38
85.23
90.02
37.55
38.09
41.58
1
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
Starts of
plant and
Nonmanuifacturing
8.68
8
Starts are estimated by adding changes in carryover to expenditures during given period.
Planned capital expenditures as reported by business hi late January and February 1983, corrected for biases.
4
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted civilian employment was about unchanged in March and unemployment fell 110,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
*16 Y E A R S OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted]
Unemp loyment
Civilian e mploymen t
Total
labor
force
including
resident
Armed
Forces
Total
employment
including
resident
Armed
Forces
f" T
uivnian
labor
lorce
6,991
6,202
6,137
7,637
8,273
10,678
100,665
103,882
106,559
108,544
110,315
111,872
93,673
97,679
100,421
100,907
102,042
101,194
99,009 92,017
102,251 96,048
104,962 98,824
106,940 99,303
108,670 100,397
110,204 99,526
98,471
98,858
99,957
100,683
101,490
101,177
99,851
99,825
99,379
98,849
10,290
9,957
9,957
10,886
11,036
10,710
10,695
10,942
11,476
11,628
111,149
111,408
112,043
111,811
112,090
112,303
112,528
112,420
112,702
112,794
101,268
101,152
101,659
101,345
101,262
101,372
101,213
100,844
100,796
100,758
109,478
109,740
110,378
110,147
110,416
110,614
110,858
110,752
111,042
111,129
99,597
99,484
99,994
99,681
99,588
99,683
99,543
99,176
99,136
99,093
97,262
97,265
97,994
12,517
12,382
11,879
112,215
112,217
112,148
100,770
100,727
100,767
110,548
110,553
110,484
99,103
99,063
99,103
Noninstitutional
population
including
resident
Armed
Forces
Resident
Armed
Forces
f
T
uivinan
employment
1977
19784
1979,....
1980
1981
1982
160,689
163,541
166,460
169,349
171,775
173,939
1,656
1,631
1,597
1,604
1,645
1,668
92,017
96,048
98,824
99,303
100,397
99,526
1982: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dee
173,338
173,512
173,691
173,854
174,038
174,200
174,360
174,549
174,718
174,864
1,671
1,668
1,665
1,664
1,674
1,689
1,670
1,668
1,660
1,665
1983: Jan
Feb
Mar
175,021
175,169
175,320
1,667
1,664
1,664
Period
Unemployment
Nonagiicultural
1Jnadjuste d
Agricultural
Total
Parttime for
economic
reasons l
Total
15
weeks
and
over
Total 2
Civilian 3
88,734
92,661
95,477
95,938
97,030
96,125
3,369
3,298
3,373
4,064
4,499
5,852
6,991
6,202
6,137
7,637
8,273
10,678
1,942
1,414
1,241
1,871
2,285
3,485
62.6
63.5
64.0
64.1
64.2
64.3
62.3
63.2
63.7
63.8
63.9
64.0
3,367
3,356
3,446
3,371
3,445
3,429
3,363
3,413
3,466
3,411
96,230
96,128
96,548
96,310
96,143
96,254
96,180
95,763
95,670
95,682
5,611
5,750
5,731
5,561
5,577
5,820
6,495
6,403
6,411
6,425
9,881
10,256
10,384
10,466
10,828
10,931
11,315
11,576
11,906
12,036
2,962
3,080
3,267
3,517
3,569
3,637
3,856
4,167
4,524
4,732
64.1
64.2
64.5
64.3
64.4
64.5
64.5
64.4
64.5
64.5
63.8
63.9
64.2
64.0
64.1
64.1
64.2
64.1
64.2
64.2
3,412
3,393
3,375
95,691
95,670
95,729
6,845
6,481
6,202
11,446
11,490
11,381
4,634
4,618
4,615
64.1
64.1
64.0
63.8
63.7
63.6
3,283
3,387
3,347
3,364
3,368
3,401
Seasonally adjusted
1
Persons at work. Economic reasons include slack work, material shortages, inability to find fullne work, etc.
2
Total labor force as percent of noninstitutional population (both including resident Armed
^
r«F
&
3
Civilian labor force as percent of civilian noninstitutional population.
Total
Laboi force
participa tion rate
(per cent)
4
Data beginning 1978 not strictly comparable with earlier data because of revisions in the household survey, which added about 250,000 to labor force and to employment.
_
, ,
„
, , c, • •
0
Source: Department ofTLabor, Bureau ofTLabor Statistics.
11
SELECTED UNEMPLOYMENT RATES
The seasonally adjusted unemployment rate for all civilian workers declined slightly to 10.3
percent in March from
10.4 percent in February. The overall unemployment rate, which includes resident Armed Forces in the labor force,
also declined slightly, to 10.1 percent from 10.2 percent in February.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
20
r%^v
TEENAGERS
(16-19)
10
WOMEN 20 YEARS
AND OVER
\
-MEN 20 YEARSAND OVER
0 I I I II
1979
1983
1979
1981
1980
1982
•UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
1983
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemp oyment ra te (pereen t of civilia n labor force in group)
Period
Unemployment
rate, all
work-
ers 1
May...
JuneJuly..
Aug...
Sept ..
Oct....
Nov...
Dec ...
1983:
Jan...
Feb ...
Mar...
Both
sexes
and
16-19
over
years
5.8
7.0
7.5
9.5
8.9
9.2
9.3
9.4
9.7
9.7
10.1
10.3
10.6
10.7
9.0
9.3
9.4
9.5
9.8
9.9
10.2
10.5
10.7
10.8
10.2
10.2
10.1
10.4
10.4
10.3
1
7.1
Black a [id other
White
Black
Total
Experienced
wage and
salary
workers
Married
Women
men,
who
spouse
present
maintain
families
Labor
force
time lost
Fulltime
workers
Parttime
workers
9.9
(percent) 2
5.1
6.3
6.7
8.6
13.1
11.9
11.3
13.1
14.2
17.3
14.0
12.8
12.3
14.3
15.6
18.9
6.6
5.6
5.5
6.9
7.3
9.3
3.6
2.8
2.8
4.2
4.3
6.5
9.4
8.5
8.3
9.2
10.4
11.7
6.6
5.6
5.3
6.9
7.3
9.6
9.0
8.8
8.8
9.4
10.5
7.6
6.5
6.3
7.9
8.5
11.0
21.9
22.8
22.9
22.5
23.9
23.8
23.8
24.1
24.2
24.5
7.9
8.3
8.4
8.4
8.7
8.7
9.1
9.3
9.6
9.7
16.6
16.8
17.1
17.1
17.4
17.7
18.1
18.4
18.5
18.8
18.0
18.4
18.6
18.6
18.8
19.1
19.8
20.1
20.2
20.8
8.7
9.1
9.2
9.2
9.4
9.4
9.8
10.1
10.5
10.7
5.6
6.0
6.1
6.4
6.6
6.8
7.2
7.5
7.6
7.8
10.8
11.5
11.9
12.1
12.0
11.7
12.4
11.3
12.5
13.2
8.9
9.1
9.2
9.4
9.6
9.7
10.2
10.5
10.6
10.8
10.0
10.8
10.5
10.0
11.2
10.4
10.6
10.3
11.3
11.1
10.3
10.4
10.7
10.4
10.7
10.9
11.7
12.0
12.4
12.7
22.7
22.2
23.5
9.1
9.2
9.0
19.0
18.0
18.5
20.8
19.7
19.9
10.1
10.1
10.1
7.1
7.2
7.1
13.2
13.0
13.5
10.3
10.4
10.3
10.6
10.1
10.5
11.7
12.0
11.8
6.2
5.2
5.7
6.4
6.8
8.3
17.8
16.4
16.1
17.8
19.6
23.2
8.0
8.3
8.3
8.7
8.9
9.0
9.6
9.8
10.0
10.1
7.9
8.1
8.2
8.1
8.3
8.3
8.4
8.7
9.0
9.2
9.6
9.9
9.6
9.0
8.9
8.8
Unemployed as percent of total labor force including resident Armed Forces.
2
Aggregate hours lost by the unemployed and persons on part time for economic reasons as percent of potentially available labor force hours.
12
By s elected grou] >s
By race
Women
20 years
7.0
6.0
1979
1980
1981
1982
Mar...
ers
Men
20 years
and over
5.2
4.3
4.2
5.9
6.3
8.8
6.9
6.0
Apr ...
civilian
work-
6.1
5.8
7.1
7.6
9.7
1977
1978
1982:
By sex and a f
e
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT
INSURANCE PROGRAMS
In March, the percentage of unemployed persons who had been out of work for more than 15 weeks and for
weeks rose, and the percentage out of work for less than 5 weeks fell.
5-14
PERCENT DISTRIBUTION4
70
PERCENT DISTRIBUTION
70
REASON FOR UNEMPLOYMENT
60
*r
Xw JOB LOSERS t
/ M, Vv'
r
50
Y****
40
30
20
-
10
o L
1979
1983
1979
1981
1982
1983
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
TT
,
Period
(thousands)
Percent iistribution of unemplo1^Tuent by
durat ion l
Less
than 5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Sta te
progr ams
Percent distribution of unemployment by
reas on *
Job
losers
Job
leavers
Reentrants
New
entrants
Insured
unemployment
Initial
claims
Insured
unemployment, all
regular
programs
(unadjusted) 2
Special
unemployment
benefit
claims
(unadjusted) 3
1Weekly ave]-age, thousarids
46.2
48.1
43.1
41.7
36.4
31.0
31.7
12.4
11.5
1980
1981
1982
6,202
6,137
7,637
8,273
10,678
32.3
30.7
31.0
13.8
13.6
16.0
8.7
10.7
14.0
16.6
1982: Mar
Apr
May
June ....
July
Aug
Sept
Oct
Nov
Dec
9,881
10,256
10,384
10,466
10,828
10,931
11,315
11,576
11,906
12,036
38.7
38.3
37.2
34.3
36.7
36.0
35.1
33.9
32.9
32.9
31.3
31.7
31.5
32.3
30.1
30.7
31.1
30.2
29.5
28.3
16.2
15.4
15.7
16.0
16.5
16.6
16.0
16.8
18.2
17.4
1983: Jan
Feb
Mar
11,446
11,490
11,381
30.8
32.6
30.7
28.9
27.1
28.1
16.8
16.8
16.7
1978
1979
1
10.4
41.7
42.9
51.7
22.3
13.3
11.4
11.9
11.1
2,359
2,434
3,350
3,047
4,057
346
388
488
460
583
2,645
2,592
3,837
3,410
4,590
29.9
29.4
25.2
25.4
14.3
51.6
58.7
14.3
11.7
11.2
7.9
13.7
14.6
15.7
17.4
16.6
16.8
17.8
19.1
19.4
21.3
57.2
57.6
57.3
59.0
58.3
58.6
60.7
62.4
61.6
60.6
9.0
8.8
8.3
7.9
7.5
7.4
6.8
6.8
6.6
6.9
23.0
22.9
23.1
22.7
22.8
22.2
21.2
19.8
21.3
21.8
10.8
10.7
11.2
10.4
11.3
11.9
11.3
11.0
10.4
10.7
3,775
3,982
3,972
4,011
3,988
4,136
4,379
4,615
4,635
4,428
574
573
579
560
539
617
654
659
618
546
4,892
4,760
4,387
4,328
4,495
4,398
4,282
4,391
4,635
5,074
23.5
23.5
24.5
59.1
60.2
60.4
7.4
7.5
8.0
23.1
22.0
21.5
10.4
10.3
10.2
3,941
3,907
3,894
509
485
493
5,459
5,437
Detail may not add to 100 percent because of rounding.
Includes State (50 States, District of Columbia, Puerto Rico, and Virgin Islands), ex-servicemen (OCX), Federal (UCFE), and railroad (RE) programs. Also includes Federal and State extended benefit programs. Does not include Federal supplemental compensation program.
2
14.1
3
807
897
708
936
953
691
Federal supplemental compensation program.
Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured
February.
by the payroll survey rose 120,000 in March, after falling in
MILLIONS OF PERSONS*
MILLIONS OF PERSONS* (ENLARGED SCALE)
22
WHOLESALE AND RETAIL TRADE
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
20
SERVICES
\ iitT..*'»""
-
..•••1"*""il*
GOVERNMENT
SERVICE-PRODUCING
INDUSTRIES
60
MANUFACTURING
\
20
50
40
GOODS-PRODUCING
INDUSTRIES
30
CONSTRUCTION
\
2 MLJJ_LL
20
1979
1981
1980
1982
1979
1983
1980
1981
•SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1982 1983
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers; * seasonally adjusted]
Serviee-j reducing ind ustries
Goods- producing inclustries
Total
nonagriPeriod
employment
1978
1979
1980
1981
1982
1982: Mar
Apr
May
June
July
Aug r....
Sept
Get
Nov
Dec
1983: Jan r
Feb r
p
Mar ....
& Anufacturing
Total 2
Construction
Total
Durable
goods
Nondurable
goods
Total
Transportation and
public
utilities
Services
19,542
20,192
20,310
20,551
20,551
4,724
4,975
5,160
5,301
5,350
16,252
17,112
17,890
18,592
19,001
2,753
2,773
2,866
2,772
2,739
12,919
13,174
13,375
13,253
13,050
5,336
5,335
5,342
5,352
5,359
5,360
5,367
5,357
5,363
5,377
18,904
18,929
18,963
18,988
19,042
19,048
19,084
19,074
19,135
19,148
2,736
2,730
2,728
2,739
2,737
2,740
2,731
2,740
2,745
2,761
13,123
13,122
13,125
13,093
12,898
12,933
13,029
13,019
13,009
12,994
5,384
5,403
5,410
19,200
19,205
19,293
2,749
2,751
2,748
12,989
12,986
12,969
86,697
89,823
90,406
91,105
89,630
25,585
26,461
25,658
25,481
23,882
4,229
4,463
4,346
4,176
3,913
20,505
21,040
20,285
20,173
18,848
12,274
12,760
12,187
12,117
11,112
8,231
8,280
8,098
8,056
7,736
61,113
63,363
64,748
65,625
65,748
90,304
90,083
90,166
89,839
89,535
89,313
89,264
88,877
88,750
88,565
24,450
24,289
24,255
23,994
23,840
23,657
23,530
23,239
23,081
22,986
3,934
3,938
3,988
3,940
3,927
3,899
3,883
3,856
3,854
3,818
19,319
19,169
19,115
18,930
18,813
18,672
18,572
18,325
18,181
18,131
11,490
11,375
11,332
11,203
11,133
10,993
10,900
10,666
10,550
10,519
7,829
7,794
7,783
7,727
7,680
7,679
7,672
7,659
7,631
7,612
65,854
65,794
65,911
65,845
65,695
65,656
65,734
65,638
65,669
65,579
5,007
4,992
4,983
20,655
20,584
20,652
20,595
20,615
20,550
20,492
20,441
20,425
20,316
88,920
88,735
88,854
23,162
23,018
23,025
3,927
3,789
3,768
18,208
18,224
18,263
10,576
10,609
10,632
7,632
7,615
7,631
65,758
65,717
65,829
4,949
4,937
4,933
20,487
20,435
20,476
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 are not at work because of industrial dis-
14
4,923
5,136
5,146
5,157
5,058
5,100
5,094
5,101
5,078
5,044
5,025
5,031
Government
Finance,
insurance,
and real
estate
Wholesale and
retail
trade
Federal
State
and
local
putes, bad weather, etc., even if they are not paid for the time off; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on reports from employing establishments.
* Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gi"oss hourly
earn ings
Average weekly
hours
Period
1974
1975
1976
1977
1978
1979
1980
1981
1982
1982: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan r
Feb r
Mar*
Manufa eturing
Total
private
nonagricultural 1
Total
36.5
36.1
36.1
36.0
35.8
35.7
35.3
35.2
34.8
34.9
34.9
35.0
34.9
34.9
34.8
34.8
34.7
34.7
34.8
35.1
34.4
34.9
Total
private
nonagrieultural 1
Overtime
40.0
39.5
40.1
40.3
40.4
40.2
39.7
3.3
2.6
3.1
3.5
3.6
3.3
2.8
2.8
2.3
2.3
2.4
2.3
2.4
2.4
2.4
2.3
2.3
2.3
2.3
2.3
2.3
2.6
39.8
38.9
39.0
39.0
39.1
39.2
39.2
39.0
38.8
38.8
38.9
38.9
39.8
39.1
39.6
Manufacturing
$4.24
4.53
4.86
5.25
5.69
6.16
6.66
7.25
7.67
7.54
7.59
7.65
7.67
7.71
7.74
7.72
7.77
7.79
7.82
7.87
7.89
7.88
Adjustc d hourly earnings index— total private
nonagncultural 2
Ind ex,
= 100
Percent chang e from a year
earlic r 4 5
1977:
1977
dollars 3
Current
dollars
Current
dollars
$4.42
80.0
98.3
4.83
5.22
5.68
6.17
6.70
7.27
7.99
8.50
8.37
8.44
8.48
8.52
8.56
8.57
8.56
8.56
8.61
8.62
8.67
8.75
8.75
86.7
92.9
100.0
108.1
116.8
127.3
138.9
148.4
145.4
146.3
147.7
148.1
148.9
149.9
150.1
150.8
151.2
152.1
97.6
99.0
100.0
100.5
97.4
93.5
92.6
93.3
93.5
93.7
93.6
92.9
92.8
93.1
93.2
93.2
93.5
94.3
94.8
95.2
95.0
152.8
153.2
153.4
8.0
8.4
7.2
7.6
8.1
8.0
9.0
9.1
6.8
7.2
7.2
7.3
7.1
7.1
6.6
6.1
6.2
5.7
6.0
5.5
5.7
5.5
1977 dollars
-2.8
1
1.4
1.0
.5
-3.1
-4.0
-1.0
.8
.6
.8
.8
.2
.8
.8
1.2
1.2
1.1
2.1
1.9
2.3
1.7
AVERAGE WEEKLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Percent el lange from
a year earlier,
total private n onagricultural 5
Average gross weekly esirnings
Period
Current dollars
1974
1975
1976
1977
1978
1979
1980
1981
1982
1982: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dee
1983: Jan r
Feb r
Mar"
Manufacturing
Total ]arivate
nonagnc ultural l
$154.76
163.53
175.45
189.00
203.70
219.91
235.10
255.20
266.92
263.15
264.89
267.75
267.68
269.08
269.35
268.66
269.62
270.31
272.14
276.24
271.42
275.01
1977 dollars 3
$190.12
184.16
186.85
189.00
189.31
183.41
172.74
170.13
167.87
169.12
169.69
169.78
167.93
167.76
167.40
166.77
166.53
167.17
168.61
171.26
168.69
170.28
$176.80
$249.25
190.79
209.32
228.90
249.27
269.34
288.62
318.00
330.65
326.43
329.16
331.57
333.98
335.55
334.23
332.13
332.13
334.93
335.32
345.07
342.13
346.50
266.08
283.73
295.65
318.69
342.99
367.78
398.52
425.41
420.29
421.77
432.75
423.57
430.03
428.46
420.78
425.07
422.60
434.90
459.41
436.54
432.70
1
4
5
Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
Current dollar index (or earnings) divided by the consumer price index on a 1977 = 100 base.
Revised index for urban wage earners and clerical workers used beginning 1978.
Wholesale and
retail trade
Current dollars
1977 dollars
Current dollars
2
3
Construction
$119.02
126.45
133.79
142.52
153.64
164.96
176.46
190.95
198.42
195.23
195.89
198.40
198.42
198.74
199.69
200.63
201.61
201.61
204.16
203.52
200.63
204.80
6.4
5.7
7.3
7.7
7.8
8.0
6.9
8.5
4.6
4.8
4.5
5.2
4.9
4.7
4.3
4.0
3.5
3.4
4.7
6.8
3.1
4.8
4.1
-3.1
1.5
1.2
.2
-3.1
-5.8
1.5
-1.3
-1.6
1.7
-1.2
-1.9
-1.4
-1.4
-.9
-1.4
-1.1
.8
3.1
-.2
1.0
Monthly changes based on indexes to two decimal places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, BUSINESS SECTOR
Output pt?r hour of
allpe rsons
Period
Business
sector
Nonfarm
business
sector
Outp ut l
Business
sector
Compens ation per
Hours of all
persems 2
Nonfarm
business
sector
Business
sector
hou r 3
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
Unit labor
Real com pensation
per h our 4
Business
sector
Nonfarm
business
sector
Implici t price
defla tor 5
CO st
Business
sector
Nonfarm
business
sector
Business
sector
Nonfarm
business
sector
19"r7 = 100; quarterly ( ata seasoilally adjusted
1969
85.5
86.5
79.0
78.8
92.5
91.1
54.2
54.8
89.6
90.6
63.4
63.4
63.2
63.3
1970
1971
1972
1973
1974
86.2
89.2
92.4
94.7
92.5
86.8
89.7
93.0
95.3
92.9
78.4
80.7
86.1
91.8
89.9
78.0
80.3
85.8
91.7
89.8
91.0
90.5
93.2
96.8
97.3
89.8
89.5
92.3
96.2
96.7
58.2
62.0
66.1
71.3
78.0
53.7
62.5
66.7
71.7
78.5
90.8
92.8
95.7
97.3
95.9
91.5
93.5
96.6
97.8
96.4
67.5
69.5
71.5
75.3
84.4
67.6
69.7
71.7
75.3
84.5
66.0
69.0
71.3
75.3
82.4
66.3
69.3
71.3
74.0
81.6
1975
1976
1977
1978
1979
94.5
97.6
100.0
100.6
99.6
94.7
97.8
100.0
100.6
99.3
88.2
93.8
100.0
105.5
107.8
87.8
93.7
100.0
105.7
108.0
93.3
96.0
100.0
104.9
108.2
92.7
95.8
100.0
105.0
108.7
85.5
92.9
100.0
108.6
119.1
86.0
93.0
100.0
108.6
118.8
96.3
98.9
100.0
100.9
99.4
96.8
99.0
100.0
100.9
99.2
90.5
95.1
100.0
108.0
119.5
90.8
95.1
100.0
108.0
119.6
90.5
94.7
100.0
107.5
117.2
90.0
94.6
100.0
107.1
116.5
1980
1981
1982 r.
98.9
100.7
101.0
98.5
99.9
99.9
106.2
108.9
106.4
106.3
108.6
105.8
107.9
108.7
105.9
131.4
144.1
154.5
130.9
143.6
154.0
96.7
96.0
97.0
96.3
95.7
96.7
132.9
143.1
153.1
133.0
143.8
154.1
128.3
140.4
148.1
128.3
140.8
149.0
100.7
100.7
101.0
100.3
100.4
100.1
100.0
99.1
109.1
109.1
109.6
107.8
109.2
109.0
109.1
107.1
108.3
108.3
108.5
107.5
108.8
108.9
109.1
108.0
140.0
142.5
145.7
148.3
139.6
142.0
145.1
147.7
96.5
96.3
95.7
95.7
96.2
96.0
95.3
95.3
139.0
141.5
144.2
147.9
139.1
141.9
145.1
149.0
136.5
138.8
141.9
144.6
136.5
138.9
142.3
145.5
100.1
100.4
101.3
102.0
99.3
99.5
100.4
100.4
106.3
106.4
106.7
105.9
106.0
106.1
106.3
104.9
106.2
106.0
105.3
103.9
106.7
106.6
105.9
104.5
151.1
153.5
155.9
158.0
150.6
152.8
155.3
157.4
96.8
97.1
96.7
97.6
96.5
96.6
96.4
97.2
150.9
152.9
153.8
154.9
151.6
153.5
154.7
156.7
145.9
147.5
149.1
150.1
146.6
148.1
149.8
151.5
102.6
101.6
107.1
106.5
104.5
104.8
159.8
159.7
98.8
98.8
155.8
157.2
152.3
153.4
1981:
Ir
n rr.
m r....
IV ....
1982: I rr
n .r
m r ....
IV ....
1983: I"
r
107.4
108.1
105.4
r
Peircent chan ge; quarte rly data at seasonall y adjusted annual ra tes
1969
0.2
-0.3
2.9
2.9
1970
1971
1972
1973
1974
.8
3.6
3.5
2.6
-2.4
.3
3.3
3.7
2.4
-2.5
.8
3.0
6.6
6.6
-2.0
-1.0
2.9
6.9
6.8
-2.1
1975
1976
1977
1978
1979
2.2
3.3
2.4
.6
-.9
2.0
3.2
2.2
.6
1.3
-2.0
6.4
6.6
5.5
2.3
2.2
6.7
6.7
5.7
2.2
1980
1981 r
1982 .
-.7
1.8
.3
-.9
1.4
.0
-1.5
2.5
-2.3
-1.5
2.2
-2.5
5.7
.0
1.2
-2.8
4.9
-1.2
-.3
-3.4
7.9
j
1.9
-6.4
7.2
-.8
.3
-7.1
-.8
1.3
3.7
2.6
.7
.9
3.4
.4
-5.4
.6
1.1
-3.0
-4.2
.6
.7
-5.0
2.2
4.8
4.6
6.2
r
1981: I r
n .r
m r ....
IV ....
r
1982: I r
n .r
m r ....
IV ....
1983: I p
1
2
2.6
-1.3
6.5
1.5
1.1
6.7
6.8
4.9
4.7
.4
3.1
4.3
.5
7.3
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
1.3
2.2
3.1
1.6
-1.4
1.0
2.2
3.3
1.3
-1.4
6.4
2.9
2.9
5.3
12.1
6.6
3.2
2.9
5.0
12.2
4.5
4.4
3.4
5.5
9.5
4.8
4.5
3.0
3.8
10.2
4.1
3.0
4.1
4.9
3.2
4.1
3.4
4.4
5.0
3.5
9,6
8.6
7.7
8.6
9.7
9.6
8.1
7.5
8.6
9.3
.5
2.6
1.2
.9
-1.4
.4
2.2
1.0
.9
-1.7
7.3
5.1
5.1
8.0
10.7
7.5
4.7
5.2
8.0
10.7
9.8
4.7
5.6
7.5
9.0
10.3
5.0
5.7
7.1
8.8
-.8
-.7
.7
-2.6
10.4
9.6
7.2
10.2
9.7
7.2
-2.8
-.7
1.0
-2.9
-.6
1.0
11.2
7.7
7.0
11.2
8.1
7.2
9.4
9.5
5.5
10.2
9.7
5.8
2.2
.3
.6
-3.8
11.8
7.4
9.1
7.5
11.9
7.2
9.0
7.4
1.1
-1.0
-2.6
.2
1.2
-1.2
-2.7
.2
5.8
7.3
7.8
10.6
6.6
8.4
9.4
11.2
11.6
6.6
9.3
8.0
12.1
7.1
10.2
9.2
-4.8
-.2
-2.6
-5.4
7.6
6.7
6.3
5.5
7.9
6.0
6.6
5.5
4.5
1.3
-1.4
3.5
4.8
.7
-1.1
3.5
8.5
5.3
2.4
2.9
7.2
5.1
3.1
5.1
3.7
4.3
4.4
2.7
3.3
4.0
4.9
4.5
1.4
4.7
6.1
5.1
6.5
2.4
1.3
5.9
5.2
.7
-2.6
2.1
-.1
.7
-3.7
-4.6
-.7
-2.5
-5.5
2.3
Output refers to gross domestic product originating in the sector in 1972 dollars.
Hours of all persons in private industry engaged in the sector, including hours of proprietors
and unpaid family workers. Estimates based primarily on establishment data.
3
Wages and salaries of employees plus employers' contributions for social insurance and private
benefit plans. Also includes an estimate of wages, salaries, and supplemental payments for the selfemployed.
4
Hourly compensation divided by the consumer price index.
16
7.0
.5
3.0
3.9
.4
-1.6
r
3.2
5
r
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—Data relate to all persons engaged in the sector.
Percent changes are from preceding period and are based on original data; they therefore may
differ slightly from percent changes based on indexes shown here.
Series revised.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose 1.1 percent in March following a 0.3 percent increase in February. The index for March
was 1.8 percent below its year earlier level.
INDEX, 1967-100*
INDEX, 1967=100* (RATIO SCALE)
TOTAL INDUSTRIAL PRODUCTION
180
180
160
160
140
140
(RATIO SCALE)
UTILITIES AND MINING PRODUCTION
UTILITIES
\
MINING
V'
1979
1980
1982
1981
1983
100
1979
MANUFACTURING PRODUCTION
1980
1981
1983
1982
PERCENT* (RATIO SCALE)
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
f^.
70
60
1980
1983
1981
1983
1982
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Seasonally adjusted]
Total
indus trial
produ ction
Period
Index,
1967 = 100
1967 proportion
1976
1977
1978
1979
1980
1981
1982
1982: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec T
1983: Jan r
Febr
Mar"
1
2
Output as percent of capacity,
Annual data are averages of the four monthly indexes.
Manufacturing
Percent
change
from year
earlier
100.00
130.5
138.2
146.1
152.5
147.0
151.0
138.6
141.7
140.2
139.2
138.7
138.8
138.4
137.3
135.7
134.9
135.2
137.2
137.6
139.1
Capacity u tilization rate , percent
Industry proc notion indexes , 1967 = 100
10.8
5.9
5.7
4.4
-3.6
2.7
-8.2
-6.8
-7.7
-8.8
-9.3
-9.8
-9.9
-9.4
-9.0
-7.8
-5.7
-2.5
-3.7
-1.8
Manufa cturmg
Mining
Total
87. 95
130.3
138.4
146.8
153.6
146.7
150.4
137.6
140.1
138.7
137.9
137.7
138.1
138.0
137.1
135.0
134.0
134.5
136.6
137.4
139.2
Durable
51.98
122.3
130.0
139.7
146.4
136.7
140.5
124.7
128.2
126.7
126.1
125.5
125.9
124.9
123.5
120.3
119.3
119.9
122.3
123.5
125.3
x
Utilities
Nondurable
35. 97
141.8
150.5
156.9
164.0
161.2
164.8
156.2
157.3
156.1
155.0
155.3
155.7
156.9
156.7
156.2
155.3
155.6
157.3
157.5
159.2
6.36
114.2
118.2
124.0
125.5
132.7
142.2
r
!26.1
138.1
134.1
128.9
123.5
120.1
116.9
114.7
115.9
116.8
118.4
121.4
115.8
113.6
5.69
151.7
156.5
161.4
166.0
168.3
169.1
r
168.7
170.0
171.0
170.9
169.4
167.7
168.5
167.5
167.8
166.7
164.2
163.1
164.1
165.9
Federal
Reserve
series
79.5
81.9
84.4
85.7
79.1
78.5
69.8
71.6
70.8
70.2
70.0
70.0
69.8
69.2
68.0
67.4
67.5
68.4
68.7
69.4
Sources: Board of Governors of the Federal Reserve Systei
(Bureau of Economic Analysis).
Commerce
series 2
81
83
84
83
78
76
70
72
71
69
68
Materials
(Federal
Reserve
series)
81.1
82.7
85.6
87.4
80.0
79.9
68.9
71.8
70.5
69.4
68.8
68.5
68.2
67.7
66.6
65.7
65.2
67.1
67.7
68.5
and Department of Commerce
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967 = 100, seasonally adjusted]
Prod uets
Intermedia te products
Final p roducts
Period
CConsumer good s
Total
Total
Durable
goods
Materials
Equi{>ment
Nondurable
goods
Total
Total
Business
Construction
supplies
Supplementary
group:
Energy
total
1967 proportion
47.82
27.68
7.89
19.79
20.14
12.63
12.89
6.42
39.29
12.23
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
124.4
125.1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
141.5
131.5
128.9
124.0
137.1
145.3
149.1
150.8
145.4
147.9
142.6
146.2
135.3
121.4
141.9
154.0
159.2
155.8
136.7
140.5
r
129.2
125.6
126.3
125.1
135.2
141.9
145.1
148.8
148.9
150.9
148.0
114.5
120.0
110.2
114.6
123.0
132.8
142.2
145.2
151.8
139.8
134.2
142.4
128.2
135.4
147.8
160.3
171.3
173.2
181.1
157.9
137.2
135.3
123.1
137.2
145.1
154.1
160.5
151.9
154.4
143.3
139.8
134.5
116.3
132.6
140.6
151.7
158.0
140.9
141.9
124.3
133.9
132.4
115.5
131.7
138.6
148.3
156.4
147.6
151.6
133.7
128.3
125.5
125.5
129.1
132.9
135.4
137.9
137.7
137.4
135.7
1982:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r
143.3
142.6
142.2
142.1
142.5
141.2
140.0
138.7
138.3
139.5
141.5
142.1
143.6
144.8
145.8
144.1
143.4
142.2
141.3
142.0
128.1
130.7
132.6
134.6
137.3
132.9
131.3
126.5
124.6
125.9
146.8
146.6
147.9
148.8
149.1
148.6
148.2
148.5
147.9
148.4
145.9
143.4
140.4
138.4
138.0
137.3
135.2
134.0
134.2
136.1
169.0
164.9
159.9
156.7
154.9
153.9
150.5
147.1
146.4
148.1
145.2
143.7
142.6
141.9
142.8
144.7
143.7
141.6
141.8
141.5
125.6
123.6
122.2
123.1
124.1
127.1
125.5
122.5
123.4
123.0
138.5
136.2
134.3
133.5
133.0
132.8
132.0
130.0
128.4
127.8
137.6
136.7
136.5
136.2
136.4
134.8
132.7
134.1
133.3
132.2
1983:
Jan r
Feb r
Mar*
140.0
139.6
140.5
143.6
144.2
145.3
131.6
134.0
134.3
148.3
148.3
149.6
135.2
133.3
134.0
146.5
143.3
143.9
143.3
143.9
146.2
127.0
128.2
131.5
131.7
133.2
135.0
133.1
132.6
132.8
[1967 = 100, seasonally adjusted]
*'endurable inanufacture s
Durable m<inufaetures
Transp Drtation
equipment
Primary metals
Period
Total
1967 proportion
Iron and
steel
Fabricated metal
products
Nonelectrical
machinery
Electrical
machinery
Total
Motor
vehicles
and parts
Lumber
and
products
Apparel
products
Printing
and
publishing
Chemicals and
products
Foods
6.57
4.21
5.93
9.15
8.05
9.27
4.50
1.64
3.31
4.72
7.74
8.75
126.7
123.1
96.4
109.7
111.1
119.9
121.3
102.3
107.9
75.3
122.3
119.8
95.8
104.8
103.8
113.2
113.2
92.4
99.8
61.7
124.7
124.2
109.9
123.9
131.0
141.6
148.5
134.1
136.4
114.8
133.7
140.1
125.1
134.5
143.6
153.6
163.7
162.8
171.2
149.0
143.1
143.8
116.5
134.8
145.4
159.4
175.0
172.8
178.4
169.3
118.3
108.7
97.4
111.1
122.2
132.5
135.4
116.9
116.1
104.9
148.8
128.2
111.1
142.0
161.1
169.9
159.9
119.0
122.3
109.8
126.0
116.2
107.6
123.2
131.2
136.3
136.9
119.3
119.1
112.6
117.3
114.3
107.6
125.7
134.2
134.2
134.4
127.0
120.4
118.2
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144.2
r
144.1
154.5
159.4
147.2
170.9
185.7
197.4
211.8
207.1
215.6
196.1
120.9
124.0
123.4
133.0
138.8
142.7
147.5
149.6
152.1
151.1
1982: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec r
83.0
76.4
75.2
72.8
72.9
72.9
73.2
69.6
63.6
63.5
73.0
65.1
62.4
58.0
58.1
57.4
56.4
54.1
47.5
46.6
121.1
119.1
115.8
115.0
115.5
114.3
112.3
107.6
107.0
107.3
157.3
153.7
150.0
147.4
147.1
147.2
144.9
140.4
139.6
139.2
172.6
172.2
170.9
170.8
170.3
169.7
167.0
165.4
165.5
165.5
104.4
105.9
110.0
111.6
112.7
107.0
105.3
100.8
100.2
103.7
105.6
110.7
119.8
124.0
127.2
116.7
113.5
103.0
101.7
108.8
103.5
106.2
110.6
112.2
116.9
120.3
119.9
117.2
119.1
121.4
145.9
144.2
143.8
142.6
143.9
145.3
144.3
142.0
141.7
142.8
200.3
198.6
193.6
193.2
194.1
195.6
196.4
194.1
192.8
195.9
150.8
149.7
150.5
151.0
151.0
150.7
149.0
151.5
152.0
152.8
Janr
Feb r
Mar"
72.9
76.6
79.0
59.0
64.8
107.6
109.6
11.1.8
138.0
135.7
137.8
169.5
169.4
171.6
105.8
109.9
110.2
113.3
123.0
122.5
130.0
132.4
141.4
142.5
145.3
196.0
196.6
154.4
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983:
,.
Source: Board of Governors of the Federal Reserve System.
18
NEW CONSTRUCTION
Constructio n contracts 2
Private
Period
Total new
construction
expenditures
Resi lential
Total
Commercial
and industrial
New housing
units
Total 1
Other
Federal,
State, and
local
Total value
index
(1977 = 100)
Commercial
and industrial
floor space
(millions of
square feet)
I Billions of dollars
1976
1977
1978
1979
1980
1981
1982
151.1
173.8
205.6
230.4
230.7
238.2
229.6
r
47.3
65.7
75.8
78.6
63.1
62.7
52.0
60.5
81.0
93.4
99.0
87.3
86.6
75.0
112.0
135.7
159.7
181.6
175.7
185.2
179.4
19.9
31.5
39.1
22.5
29.6
39.9
43.8
51.3
53.8
32.2
36.7
42.7
44.7
47.4
50.6
38.2
45.9
48.8
55.1
53.0
50.2
Seasonally
adjusted
Seasonal ly adjusted annu al rates
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct r
Novr
Dec r
1983: Jan r
Feb p.
Mar p
222.6
224.6
226.1
228.7
231.6
227.6
228.1
228.1
230.8
239.6
239.0
256.1
250.9
49.2
51.0
49.6
51.0
49.8
51.5
52.3
53.1
52.3
54.7
57.3
65.9
69.2
69.2
70.0
72.3
75.5
75.3
73.4
72.1
71.5
75.7
81.7
87.0
93.5
95.4
173.0
173.6
175.1
179.9
182.7
178.7
176.6
177.0
179.8
187.5
191.4
200.2
201.3
1
Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
2
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971
for floor space.
54.1
55.0
54.3
53.9
56.5
53.9
52.8
53.7
52.7
53.6
52.8
54.3
54.8
49.8
48.6
48.5
50.6
50.9
51.4
51.7
51.8
51.4
52.2
51.7
52.4
51.1
592
739
977
1,059
904
906
685
79.0
100.0
114.0
122.0
107.0
107.0
111.0
Seasonally
adjusted
annual rates
r 115
49.6
51.0
51.0
48.8
48.9
48.9
51.4
51.1
51.0
52.1
47.6
55.9
49.6
759
734
707
645
778
694
717
671
656
608
595
803
693
632
no
88
94
111
98
112
117
105
122
131
127
119
131
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 prrv ate homes
New private housing units
r
Units started, b) type of structure
Period
Total
1,160.4
1,537.5
1,987.1
2,020.3
1,745.1
1,292.2
1,084.2
1,062.2
1975
1976
1977
1978
1979
1980
1981
1982.
1 unit
2-4 units
5 or more units
64.0
85.9
121.7
125.0
122.0
109.5
91.1
80.0
892.2
1,162.4
1,450.9
1,433.3
1,194.1
852.2
705.4
662.6
204.3
289.2
414.4
462.0
429.0
330.5
287.7
319.6
Units
authorized
939.2
1,296.2
1,690.0
1,800.5
1,551.8
1,190.6
985.5
992.7
Units
completed
1,317.2
1,377.2
1,657.1
1,867.5
1,870.8
1,501.6
1,265.7
1,005.5
Homes sold
Homes for
sale at end
of
period 1
549
646
819
817
709
545
436
412
3
Vacancy rate
for rental
housing units
(percent) 2
313
353
402
414
398
336
272
251
6.0
5.6
5.2
5.0
5.4
5.4
5.0
5.3
Seasonal ly adjusted annu al rates
1982:
1983:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Jan r
Feb r
Mar"
1
920
911
1,028
910
1,185
1,046
1,134
1,142
1,361
1,280
1,694
1,775
1,611
607
583
622
617
625
651
683
716
868
842
1,126
1,087
991
'
68
65
85
86
96
87
90
66
79
79
100
117
121
Seasonally adjusted.
2
Quarterly data entered in last month of quarter. Series beginning 1979 not strictly comp!
with earlier data.
3
New series beginning March 1979.
245
263
321
207
464
308
361
360
414
359
468
571
499
851
879
944
929
1,062
888
1,003
1,172
1,192
1,305
1,478
1,493
1,459
946
965
1,108
943
1,010
1,001
936
1,077
1,053
r
1,035
1,194
1,121
375
342
385
369
364
389
473
481
545
r
529
610
587
577
5.3
268
264
258
254
250
248
247
245
246
251
5.5
259
264
263
5.7
5.1
5.3
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places;
1973-77 are for 14,000 places.
Seasonally adjusted housing completions are as revised beginning 1980 in March issue.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—Total and Trade
Business sales fell 1 percent in February and inventories rose slightly. According to the advance survey, total retail
sales rose slightly in March after having declined 1 percent in February.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* [RATIO SCALE)
600
140
550
130
RETAIL INVENTORIES
120
500
110
450
100
400
90
350
RETAIL SALES
TOTAL BUSINESS
SALES
300
70
60
250
50
200
40 I I I I I I I
1979
1980
1981
1983
1982
RATIO*
1,80
150
INVENTO RY-SALES R ATIO
1.70
1 AH
1.50 —
TOT/a
1982
1981
M
RETAIL
1 I 1 I 1 1 1 1 1
1 M
M
I M
1 11
1980
1979
1983
«,««*,««*""*
/
_
170
1979
1
n,
1,40
1.30
^^o
* v- —^
BUSINESS.
%l>
i 1111111111
1981
Minium
1982
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Total biisiness 1
Period
Sales
tones 3
_
1 1 1 i 1 1 1 M
11
'1983
COUNCIL OF ECONOMIC ADVISERS
Sales
2
tories 3
Inventory-s ales ratio
Re tail
Wholesale
Sales
2
Y
^
Total
2
Inventories
Durable
Nondura-
goods
stores
ble goods
stores
Total
4
3
Durable
Nondura-
goods
stores
ble goods
stores
Tntal
1
business
Retail
Millions of dollars, seasonally iidjusted
1975
1976
1977
1978
1979
1980
1981
1982
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1983: Jan r
Feb r
Mar p
1
182,230
204,277
229,623
260,355
297,662
327,142
354,187
342,167
r
343,090
344,416
341,930
350,931
348,141
346,641
342,029
341,702
335,184
336,747
336,663
343,677
339,548
288,375
318,544
351,176
399,154
450,657
492,787
526,971
512,133
522,038
521,168
523,887
519,212
521,243
521,430
521,750
521,799
520,721
515,265
512,252
507,557
508,074
46,623
50,694
55,987
66,117
78,680
92,658
100,673
95,363
96,898
99,198
97,348
99,290
98,019
95,790
94,341
92,527
91,806
91,912
91,389
94,790
91,985
56,697
64,078
72,311
85,685
98,394
112,341
116,986
118,790
115,029
115,861
119,423
118,132
119,828
119,854
119.190
119,537
120,162
118,349
118,790
117,564
116,212
49,012
54,781
60,435
67,286
75,047
80,235
87,298
89,640
88,049
87,701
88,468
90,813
88,603
89,469
89,069
89,897
90,905
92,492
92,459
92,295
91,197
91,515
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
15,247
18,150
20,724
23,218
25,196
24,401
26,335
26,739
25,741
25,973
26,718
28,127
26,136
26,124
25,831
26,619
27,154
28,721
28,723
28,307
27,279
27,758
33,765
36,631
39,711
44,067
49,850
55,834
60,963
62,901
62,308
61,728
61,750
62,686
62,467
63,345
63,238
63,278
63,751
63,771
63,736
63,988
63,918
63,757
71,744
79,273
89,530
102,790
111,229
116,430
126,833
128,131
125,321
125,242
125,479
124,631
126,300
126,662
128,258
129,788
128,849
127,619
128,250
127,869
130,221
33,356
37,841
43,135
49,987
53,717
54,400
59,095
59,521
57,918
57,698
57,890
57,039
58,225
58,888
60,204
61,668
60,581
59,417
59,597
59,735
61,489
38,388
41,432
46,395
52,803
57,512
62,030
67,738
68,610
67,403
67,544
67,589
67,592
68,075
67,774
68,054
68,120
68,268
68,202
68,653
68,134
68,732
1.57
1.48
1.46
1.44
1.43
1.45
1.45
1.52
1.52
1.51
1.53
1.48
1.50
1.50
1.53
1.53
1.55
1.53
1.52
1.48
1.50
data, ratio of inventories at end of month to sales for month.
2
3
20
Note.—Data are as revised beginning 1978 in March issue.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Cem
1.44
1.38
1.40
1.43
1.44
1.42
1.40
1.41
1.42
1.43
1.42
1.37
1.43
1.42
1.44
1.44
1.42
1.38
1.39
1.39
1.43
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
In February, manufacturers' new orders fell, while shipments, inventories, and unfilled orders were about unchanged. In March, according to advance data, durable goods shipments rose 1.9 percent and new orders rose 0.3
percent.
BILLICDNS OF DOLL<XRS * (RATIO S CALE)
320
280
INVENT ORES
BILLICDNS O F DOLLARS* (RATIOS CALE)
200
180 — SH IPME NTS
160
TOTAL
*- " 1<~*^S"
140 :>**
^wiy—SP^••
~"
120
100
80
r*^—
^^^\
240
200
|—
.,
-
160
DURABLE GOC DS
^^Y^^j %»...,»
'.AM^m.*
^^mi t^
~^^
,
TOTAL
""'
DURABLE C 5OODS
-
'"\iltt,^
NO NDURABLE GC)ODS
100
60
_
80
_^,- «^"""
/
NONDLJRABLE GOOD S
«•*-**
_
40
1 1 1 1 1 M i l l i i i i i 1 1 i i ii 1 1 1 1 1I 1 ! I 11
BILLKDNS O F DOLLARS* (RATIO S<IALE)
200
180 — NF W Ol RDERS
160
F—~}
X^
>^/^
TOTAL
140 XV—*' ! **
i
i i i| I i i i i I i i i ii
—
~^*S ^
60
40
I H I M I I I I II i i i i i I i i i ii l l I I l I l M II
i N i n l m i i lI I I I I I I I I I I I I
RAT O*
2.2
120
DURABLE GCDODS
100
INVENTO RY-SHIPM ENTS RAT 0
2.0
*wt •
y jffi^ite*'***^^
80 .*£%,<•..iiM^wr •"^
""a**"""'"''""''! ft«.
- ^^-•***" '**f ,NON DURABLE GOC DS *""^
»^*
60
-
1.8
1.6
1.4
40
i i i 1 1 |l I 1 I 1 1 | 1 1
15 79
1980
Mill
i i i i i 1 i l i ii
1 I I I i I 11 1 1 i 1 1 i 1 1 1 M 1 1 1
1981
1.2
—
*/y*s~^
/^ ^\^^ !•
V—
NH-
• *^
_
_
1 1 1M 111M i
1 1M 1 i 11I 1 1
1979
1983
1982
—
/^*
/
^J.
1 1 1 1 1 1 1 1 1 1 1 1 1 ii 1 1 1 1 1 1 1
*SEASO ALLY AD JUSTED
SOURCE: C EPARTMEN T OF COMMERCE
Manufa cturers'
1982
1981
1980
1983
COUNCIL OF EC;ONOMIC ADVISERS
shipinents
l
Manufai eturers' invei tones 2
*[anufaeturers '
new ordersi
Durabl B goods
Period
i
Durable
goods
Nondurable goods
Durable
goods
TWol
Nondurable goods
Capital
Tnfol
Total
industries,
nondefense
Nondurable goods
Manufacturers'
unfilled
orders 8
Manufacturers'
inventory—
shipments
ratio 4
Millions of do ilars, seasoilally adjust 3d
1976
1977
1978
1979
1980
1981
1982
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1983: Jan
Peb r
Mar"
98,802
113,201
126,953
143,935
154,249
166,217
157,164
158,142
157,517
156,114
160,828
161,519
161,382
158,619
159,278
152,473
152,343
152,815
156,592
156,366
1
Monthly average for year and
2
Book value, end of period.
8
End of period.
50,689
59,267
67,848
76,060
77,540
83,417
76,519
77,976
78,124
77,136
79,518
78,888
79,036
77,248
76,562
72,342
72,708
73,373
77,251
77,620
79,107
48,113
53,934
59,104
67,875
76,708
82,800
80,645
80,167
79,394
78,978
81,310
82,631
82,346
81,371
82,716
80,131
79,635
79,442
79,341
78,746
175,193
189,334
210,679
241,034
264,016
283,152
265,212
281,688
280,065
278,985
276,449
275,115
274,914
274,302
272,474
271,710
269,297
265,212
262,124
261,641
total for month. Shipments are the same as sales.
112,581
121,737
138,045
160,601
174,674
188,429
176,975
187,121
186,063
185,916
184,870
184,289
183,798
183,550
182,793
181,843
179,324
176,975
174,005
173,489
62,612
67,598
72,634
80,433
89,341
94,723
88,237
94,567
94,002
93,070
91,579
90,826
91,116
90,752
89,681
89,867
89,973
88,237
88,119
88,152
99,543
115,027
131,664
147,354
155,738
166,015
155,214
155,984
157,198
154,995
156,791
157,058
158,588
154,380
156,166
149,696
150,362
156,263
160,214
156,683
51,398
61,076
72,410
79,394
79,060
83,272
74,632
76,309
77,859
76,194
75,710
74,550
76,446
72,982
73,266
69,598
70,607
76,593
80,921
78,084
78,343
12,799
15,276
19,444
23,203
23,449
24,061
20,682
21,560
22,174
22,608
20,332
19,278
20,322
18,893
20,273
20,183
20,173
20,154
20,466
18,766
19,533
48,145
53,951
59,254
67,960
76,678
82,743
80,582
79,676
79,339
78,803
81,081
82,508
82,142
81,398
82,900
80,098
79,755
79,670
79,293
78,599
182,499
204,880
261,941
303,178
320,977
318,621
294,572
315,957
315,639
314,521
310,482
306,032
303,235
299,001
295,883
293,107
291,128
294,572
298,197
298,511
1.69
1.61
1.57
1.57
1.66
1.66
1.76
1.78
1.78
1.79
1.72
.70
.70
.73
.71
.78
.77
.74
1.67
1.67
4
For annual periods, ratio of weighted average inventories to average monthly shipments; for
monthly data, ratio of inventories at end of month to shipments for month.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In March, the producer price index for all finished goods fell 0.1 percent, seasonally adjusted. Prices of finished
consumer foods rose 0.5 percent, prices of other finished consumer goods fell 0.7 percent, and prices of capital
equipment rose 0.4 percent.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
320
320
— FINISHED GOODS
SEASONALLY
ADJUST ED
—
300
300
v
~^^/^**e*
280
3OODS
—
280
—
TOT; \l FINISHED
260
-
jS^'"
^^ /^^'
.'...*•'•'—'•"*
260
•;
s^yf^
240
CONSU/^ER FOODS
240
€.^..J
CAPITA L EQUIPMENT —
220
\
—
\..S\
.00
220
z^
<-<
'
\
—
200
x
/ ^-^^x / CONSUMER GO DDS
*.—
^,EXCLUDING FO(DDS
"^ ^''
•*'*"
^'^^^^
lf
_^^
/i "' .-*^*<f** ^
,
- "~^^^
**•«. •***""••.
180
180
^~~~'
~~"
—
^** •^^•^
160
160
_--""
—
140
120
140
M M I I M I M
Mill
1975
M|ll
1976
M M I I M I II
1977
1 1 1 1 1
Mill
Mill
| II II
I M I i I I M M
1980
1979
1978
M M I I I M M
1981
1 M M IM M I
1982
I M M I M IM
1983
120
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967 = 100; monthly data seasonally adjusted]
Mm shed goods
Internlediate ma terials
Fimished go()ds excluding consumer foo Is
Period
Total
finished
goods
1975
,
1976
1977
1978
1979
1980
1981
1982 p
1982: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov r
Dec
1983: Jan
Feb
Mar
1
163.4
170.6
181.7
195.9
217.7
247.0
269.8
280.6
276.8
277.1
277.1
279.9
281.2
282.5
282.8
283.8
285.5
286.0
283.0
283.4
283.0
Consumer
foods
181.0
180.4
189.9
207.2
226.2
239.5
253.6
259.3
257.4
261.6
262.3
263.5
259.2
259.4
258.3
258.2
258.2
258.7
258.2
259.8
261.1
Total
156.2
166.1
177.7
190.7
213.3
247.8
273.3
285.7
281.2
280.4
280.1
283.4
286.6
288.2
288.9
290.3
292.5
293.1
289.1
289.2
288.2
Intermediate materials for food manufacturing and feeds.
22
Total
£
Consumer g()ods
Total
153.1
162.6
174.3
186.7
211.5
250.8
276.5
287.8
282.9
281.6
280.7
284.6
288.5
290.1
291.2
293.2
295.8
295.9
290.5
290.0
288.1
Durable
Nondurable
138.2
144.5
163.0
152.8
166.9
183.2
206.2
218.6
226.7
224.6
224.3
225.0
226.8
227.4
228.6
227.8
228.5
229.8
229.9
229.8
232.8
233.8
174.8
189.3
200.0
231.3
283.9
319.6
333.5
326.5
324.4
322.4
327.7
334.3
336.2
338.6
341.7
345.3
345.5
335.9
332.5
328.3
Capital
equipment
162.5
173.4
184.6
199.2
216.5
239.8
264.3
279.6
276.0
276.5
277.8
279.5
280.5
282.3
281.9
282.0
283.1
284.6
284.3
285.6
286.7
• V
J
Total
er goods
163.6
169.7
180.7
194.9
217.9
248.9
271.3
280.9
277.0
277.3
276.9
280.0
281.5
282.6
283.0
284.4
286.2
286.5
282.6
282.8
282.0
180.0
189.1
201.5
215.6
242.2
280.3
306.0
310.4
309.6
308.4
308.7
309.7
310.3
310.3
310.8
310.9
311.7
311.8
310.8
310.5
308.3
Foods
and
feeds *
195.3
185.3
190.5
203.1
226.1
252.6
250.3
239.6
239.3
243.4
246.0
245.6
242.1
239.8
236.7
234.0
233.7
234.3
236.2
238.8
239.6
Oniide materials
Other
Total
178.6
189.4
202.3
196.9
202.7
209.2
234.4
274.3
304.6
329.0
319.5
317.0
320.8
326.4
325.8
322.1
319.1
315.4
314.3
317.3
316.5
315.6
317.6
319.4
216.5
244.4
282.3
310.1
315.7
314.9
313.3
313.3
314.5
315.3
315.6
316.3
316.6
317.4
317.5
316.3
315,8
313.4
Source: Department of Labor, Bureau of Labor Statistics.
Foodstuffs
and
feedstuffs
191.8
190.2
192.1
216.2
247.9
259.2
257.4
247.8
249.3
255.7
261.0
258.6
251.0
246.9
239.5
237.0
239.4
240.3
243.0
248.8
250.5
Other
206.9
228.5
245.0
272.3
330.0
401.0
482.3
474.0
463.2
461.5
467.7
470.8
475.4
474.8
478.6
480.4
484.8
480.3
471.9
465.8
468.0
CONSUMER PRICES
In March, the consumer price index for all urban consumers rose 0.1 percent, seasonally adjusted and unadjusted.
The index was 3.6 percent above its level in March 1982.
INDEX, 1967=100 (RATIO SCALE)
320
INDEX, 1967 =100 (RATIO SCALE)
320
300
300
280
280
260
260
200
200
II
i I i i i i i
1977
I Iii iI
t Ii i ii
1975
1976
1978
1981
1982
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
120
II I
1983
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100, except as noted; monthly data seasonally adjusted, except as noted]
Ti•ansportati on
Hou sing
All
She Iter
Period
All
items *
Food
Total l
Total
Renters'
costs 2
NSA
Rel imp.5
1975
1976
1977
1978
1979
1980
1981
1982
1982: Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dee
1983: Jan
Feb
Mar
100.0
161.2
170.5
181.5
195.4
217.4
246.8
272.4
289.1
283.1
284.3
287.1
290.6
292.2
292.8
293.3
294.1
293.6
292.4
293.1
293.2
293.4
Homeowners'
costs 2
NSA
19.0
175.4
180.8
192.2
211.4
234.5
254.6
274.6
285.7
282.8
283.3
285.4
287.1
287.6
286.9
287.5
288.1
288.2
288.1
288.3
288.3
290.1
37.7
164.5
174.6
186.5
202.8
227.6
263.3
293.5
314.7
306.8
309.4
313.6
316.8
318.4
319.7
319.3
320.5
319.9
317.4
318.9
318.9
318.7
21.3
169.7
179.0
191.1
210.4
239.7
281.7
314.7
337.0
327.4
331.1
336.4
340.6
342.5
344.0
342.3
342.6
340.7
336.0
338.3
339.1
339.2
6.9
100.2
100.8
101.1
101.3
Maintenance
and
repairs
5
Eelative importance, December 1982.
Total l
New
cars
Motor
fuel 3
items
less
food,
energy,
and
shelter
Medical
care
Ener4
6.0
168.6
184.7
202.4
219.4
239.7
265.9
294.5
328.7
318.1
321.4
324.2
327.2
330.5
333.4
336.3
338.7
341.8
344.4
347.2
350.1
351.7
12.4
47.3
176.6
189.3
207.3
220.4
275.9
361.1
410.0
416.1
405.5
395.2
401.8
412.9
416.7
418.9
421.0
426.6
430.2
431.3
6
420.5
404.9
401.3
149.4
159.9
169.5
179.1
191.5
208.3
228.1
245.6
241.1
242.4
243.4
245.4
246.7
247.7
248.7
250.1
250.7
251.9
253.1
254.2
254.9
gy
NSA
13.9
0.5
8.4
5.2
21.8
3.5
6.2
100.0
100.7
100.9
100.9
187.6
199.6
214.7
233.0
256.4
285.7
314.4
334.1
327.2
331.6
334.5
336.1
334.7
335.9
338.4
339.4
339.0
337.8
342.9
339.4
339.9
167.8
182.7
202.2
216.0
239.3
278.6
319.2
350.8
340.8
341.4
345.5
348.5
350.3
353.1
357.5
362.7
367.1
369.6
368.9
366.9
365.1
142.3
147.6
154.2
159.6
166.6
178.4
186.9
191.8
190.6
190.8
191.1
191.5
192.2
192.7
192.8
193.3
193.2
192.7
193.2
194.2
194.1
150.6
165.5
177.2
185.5
212.0
249.7
280.0
291.5
286.6
282.5
285.1
291.5
294.1
295.3
295.6
296.4
296.0
295.8
293.9
289.1
289.0
127.6
135.7
142.9
153.8
166.0
179.3
190.2
197.6
195.7
196.1
196.5
197.2
198.0
199.2
199.6
199.2
198.7
199.3
199.4
201.1
202.6
170.8
177.9
188.2
196.3
265.6
369.1
410.9
389.4
385.0
362.7
368.0
387.4
393.4
395.9
396.0
395.4
394.2
391.2
378.3
353.0
349.5
1
Includes items not shown separately.
, 2 December 1982=100.
3
Includes direct pricing of diesel and gasohol beginning September 1981.
4
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant,
etc.
Fuel
and
other
utilities
Apparel and
upkeep
6
Energy excludes motor oil, coolant, etc. beginning January 1983.
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and
clerical workers.
Data beginning 1983 incorporate a rental equivalence measure for homeownership costs.
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Period
Ch ange from p receding pen od
Change from 3 month s earlier, ann ml rate
Change from 6 montf s earlier, ann aal rate
Consunu?r goods
Consumt r goods
Consum jr goods
Total
finished
goods
Total
Capital
equipment
Excluding foods
Poods
finished
Capital
equipment
Excluding
foods
Foods
goods
Total
finished
goods
Capital
equipment
Excluding
foods
Poods
Change
from
year
earlier,
total
finished
goods
NSA
Chiinge, Dee. to Dee., N SA
1974
1975
11.7
7.4
7.5
1.4
2.1
12.8
11.8
7.1
3.5
22.6
6.7
6.0
6.7
8.5
5.5
2.5
6.9
6.6
3.7
6.9
9.2
1976
1977
1978
1979
1980
1981
1982 "
20.5
13.0
18.3
15.3
10.8
8.2
6.4
7.3
7.9
8.8
17.5
14.2
4.4
6.5
7.8
11.1
13.5
11.4
8.5
3.9
9.2
4.0
9.2
4.0
C mnge, moiith to mon th
1982:
1983:
Mar
Apr
May
June
July
Aug
Sept
Oct r
Novr
Dee r.
-0.3
Jan
Feb r
Mar
-1.0
0
1.0
.5
.5
.1
.4
.6
.2
2.8
1.7
2.3
4.9
2.1
1.5
5.4
7.2
2.7
2.8
3.6
4.4
4.9
6.2
4.4
8.2
2.4
1.2
.7
1.8
.6
9.6
6.7
8.1
6.6
5.2
5.9
6.6
3.5
2.2
1.1
3.9
0
2.5
3.8
-3.6
-7.6
-10.1
3.3
3.6
3.0
1.3
.6
.1
0.9
6.6
.2
.5
-.3
-.6
8.7
7.2
.6
.4
.6
4.6
6.1
8.0
4.2
3.7
4.3
4.6
9.8
3.6
.1
-.4
-.0
0
.2
1.4
1.4
.6
.4
.7
.9
.0
-.2
.6
.5
1.8
-.2
.7
j
-0.6
.5
-1.6
.1
-.1
3.6
0.5
.5
-.3
-0.2
1.6
.3
.1
i
.0
.4
.5
-1.1
-2.9
-4.1
.5
.4
-2.4
-4.4
5.4
2.4
10.2
14.1
-4.3
7.7
-1.5
2.2
0
-1.7
0
2.6
3.9
6.0
8.4
-2.6
-3.1
-3.6
11.0
8.1
1.4
-.1
-.8
.3
2.2
-2.1
5.7
4.6
4.1
4.2
4.4
4.1
5.8
4.3
4.0
3.9
3.7
3.5
3.6
4.0
3.6
3.6
3.7
3.5
2.7
2.4
3.4
2.1
2.1
2.2
3.3
3.0
Source: Department of Labor, Bureau of Labor Statistics.
NOTE.—NSA indicates data are not seasonally adjusted.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted]
Ho ising
Tr insportati on
Shelter
Period
All
items 1
Food
Total »
Total
1
Renters'
costs
Ap-
Homeowners'
Maintenance
and
NSA
NSA
Fuel
and
other
utilities
parel
and
upkeep
Total l
New
ears
Motor2
fuel
Medical
care
Energy 3
All
items
less
food,
energy,
and
shelter
Addendum: All items percent
chaiige (annual r ate)
From
3
months
earlier
From
6
months
earlier
From
year
earlier
NSA
Chang e, Decem ber to D eeember ,NSA
7.0
4.8
6.8
9.0
1975
1976
1977
1978
1979
1980
1981
1982
13.3
12.4
8.9
3.9
6.5
.6
8.0
11.8
10.2
10.2
4.3
3.1
7.5
5.4
7.6
9.9
15.2
13.7
10.2
3.6
7.3
4.2
8.7
5.5
7.1
7.2
10.1
10.3
10.6
11.5
17.4
15.1
9.2
4.2
9.9
2.4
11.2
9.0
8.1
5.9
16.0
13.6
14.5
9.7
9.8
8.8
4.3
7.7
2.3
4.5
4.2
3.2
5.5
6.8
3.6
1.6
18.2
14.7
11.0
1.7
7.3
4.8
7.2
6.2
7.4
7.5
6.8
1.6
11.0
2.6
4.9
8.5
52.2
18.9
9.4
-6.5
11.6
9.9
6.9
7.2
8.0
10.1
8.8
8.8
10.1
10.0
12.5
11.0
37.4
18.1
11.9
1.3
9.1
5.8
6.5
7.7
6.4
7.0
5.2
6.5
7.2
9.9
9.4
6.1
11.3
13.5
10.4
6.1
Change, month t<> month
1982:
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dee
1983:
Jan
Feb
Mar
.2
1.0
1.1
.6
.3
.1
.4
0
-.3
0.1
.2
.7
.6
.2
.2
.2
.2
.0
-.0
.2
-.2
.1
.1
0
.6
-0.0
-0.3
.8
1.4
1.0
.5
.4
— .1
.4
-.2
-.8
.5
0
.1
-0.6
-0.3
1.1
1.6
1.2
.6
.4
-.5
.1
-.6
1.3
.9
.5
-.4
.4
.7
.3
j
-.4
-1.4
.7
.2
.0
0.6
.3
.2
1
Includes
2
Includes
3
0.7
.2
.0
1.5
-1.0
.1
0.4
.2
1.2
.9
.5
.8
1.2
1.5
1.2
.7
-.2
-.5
-.5
items not shown separately.
direct pricing of diesel and gasohol beginning September 1981.
Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel, motor oil, coolant,
etc.
4
Energy excludes motor oil, coolant, etc. beginning January 1983.
NOTE.—NSA indicates data are not seasonally adjusted.
24
0.2
.1
.2
.2
.4
.3
.1
.3
-0.1
-1.4
.9
2.2
.9
.4
.1
.3
— .1
— .1
-.3
-.1
.3
.5
-.1
-.6
-1.6
-.0
0.2
.2
.2
.4
.4
.6
.2
-.2
-.3
.3
-1.8
-5.8
.1
.9
.7
-3.3
-6.7
-1.0
1.5
5.3
1.5
.6
.0
-.2
-.3
-.8
0.9
1.0
.9
.9
1.0
.9
.9
.7
.9
.8
.8
.8
.5
-1.4
-2.5
1.7
2.8
.9
.5
.5
1.3
.8
.3
4
0.6
.5
.4
.8
.5
.4
.4
.6
.2
.5
-2.5
-3.7
-.9
.5
.4
.3
1.3
1.1
5.0
9.8
11.3
8.2
4.1
3.3
2.1
.5
-.4
-1.2
.4
2.9
4.0
5.5
6.1
6.6
6.9
7.2
5.1
2.3
6.8
6.6
6.7
7.1
6.5
5.9
5.0
5.1
4.6
3.9
1.4
.4
.5
3.8
3.5
3.6
3.1
Data beginning January 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers.
Data beginning January 1983 incorporate a rental equivalence measure for homeownership costs.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 2.2 percent in April and prices paid by farmers were unchanged in the month
ended April 15.
INDEX, 1977=100
INDEX, 1977-100
(RATIO SCALE)
(RATIO SCALE)
60
60
1975
1976
1977
1980
1979
1978
1982
1981
1983
!/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PA!
SOURCE DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1977 = 100]
Pri ces
Period
All farm
products
received by farm ers
P rices paid by farmer S
Livestock and
products
Crops
1977
1978
1979
1980
1981
1982
101
102
100
115
132
134
139
133
105
102
100
105
116
125
134
121
98
101
100
124
147
144
1982: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
135
139
137
137
133
135
128
128
127
1983: Jan
Feb
Mar
Apr
128
132
134
137
1975
1976
1
Production
items, interest,
taxes, and wage
rates
Ratio 2
Production
items
100
109
125
139
151
154
97
100
108
125
138
148
149
113
107
100
106
107
97
93
85
155
156
156
157
157
157
156
156
156
154
155
155
155
155
154
153
154
153
149
150
151
151
150
149
148
149
148
87
89
88
87
85
86
82
82
81
157
158
159
159
156
157
157
158
150
151
152
153
82
84
84
86
89
95
89
95
143
144
100
108
123
138
150
156
123
126
125
125
117
124
114
117
114
147
151
149
148
147
146
142
140
139
114
118
121
127
142
146
146
146
Includes items not shown separately.
Percentage ratio of index of prices recei red bv farmers to inde^c of prices paid, interes ,, taxes,
and wage rates.
2
All commodities,
services,
interest, taxes,
and wage rates 1
91
NOTE.--The official indexes a re published on a 1910 -14 base as required b y law. The indexes
have been converted to a 1977 = 100 base to facilitate comparison with other in< exes.
Source: Denartment of Aericult ure.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
In March, growth slowed in Ml and the broader aggregates.
BILLIONS OF DOLLARS*(RATIOSCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
400
400
200
1975
1983
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE,SYSTEM
[Averages of daily figures; billions of dollars, seasonally adjusted]
Period
1975:
1976:
1977:
1978:
1979:
1980:
1981:
1982:
Ml
M2
Sum of currency,
demand deposits,
travelers' checks, and
other checkable deposits
(OCD) !
Ml plus overnight EPs
and Eurodollars,
MMMF balances
(general purpose and
broker/dealer),
MMDAs, and savings
and small time deposits
M2 plus large time
deposits, term RPs, and
institution-only MMMF
M3 plus other liquid
assets
Percent (change from fear or 6
m onths earlier
M2
Ml
8.1
8.3
7.1
6.5
6.4
8.5
11.6
12.0
11.1
9.0
10.1
11.9
9.7
7.1
7.5
7.7
5.9
3.0
4.7
6.6
8.8
9.8
11.2
12.6
14.8
15.4
9.0
8.3
8.0
7.9
8.0
9.9
9.9
10.6
10.5
10.5
14.0
15.7
16.1
9.4
9.2
8.6
8.7
9.5
11.8
11.4
11.8
11.9
10.7
10.6
9.7
9.6
4.9
6.6
1,286.4
1,388.5
1,497.5
1,630.3
1,794.9
1,959.5
1,828.9
1,835.2
1,850.6
1,864.5
1,880.9
1,903.6
1,917.0
1,929.7
1,945.0
1,959.5
2,008.2
2,047.4
2,066.0
2,210.9
2,224.1
2,240.7
2,260.2
2,283.4
2,317.8
2,333.9
2,352.0
2,370.2
2,377.6
2,401.5
2,427.3
2,443.0
2,692.7
2,710.3
2,737.6
2,767.0
2,798.2
r
2,823.6
2,840.5
r
2,866.0
2,883.1
1,023.0
1,163.5
335.5
363.2
389.0
414.1
440.6
478.2
1982: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Decr
1983: Janr
Feb r
Mar p
448.6
449.3
452.4
453.4
454.4
458.3
463.2
468.7
474.0
478.2
482.1
491.1
497.5
1
Net of demand deposits due to foreign commercial banks and official institutions.
2
Annual changes are from December to December and monthly changes are from 6 months
earlier at an annual rate.
NOTE.—See page 26 for components.
Source: Board of Governors of the Federal Reserve System.
M3
12.6
13.7
10.6
7.9
7.9
8.9
10.1
9.2
1,371.9
1,522.4
1,711.0
1,922.9
2,131.8
2,343.6
2,622.0
291.1
310.4
L
1,161.7
1,296.3
1,451.8
1,613.5
1,758.4
1,936.7
2,167.9
2,377.6
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Decr
26
M3
9.4
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Other
Period
Dec:
1975
1976
1977
1978
1979
1980
1981
1982 r ...
1982:
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec r
1983:
Jan r....
Feb T
Mar P
Currency
Demand
deposits 1
checkable
deposits
(OCD)
Money market
mutua 1 fund
bala noes
Overnight
repurchase
agreements
(RPs),
net, plus
overnight
Eurodollars
General
purpose
and
broker/
dealer
Institution
only
NSA
NSA
NSA
NSA
NSA
43.2
194.9
222.2
258.9
302.6
333.8
34.8
34.3
35.6
36.6
40.4
47.1
48.2
49.3
49.9
47.6
43.2
346.6
345.9
346.6
347.2
345.0
346.7
350.0
358.0
366.4
358.7
840.7
847.2
852.5
859.3
872.9
879.8
883.2
878.0
874.9
859.7
315.8
321.2
322.1
327.4
332.1
334.9
336.1
339.6
340.4
333.8
35.6
38.1
37.0
36.3
34.5
37.0
36.4
37.7
39.4
40.3
46.1
45.2
43.5
189.1
277.7
320.5
332.5
322.1
318.8
798.1
756.1
734.9
310.6
298.0
296.1
40.6
40.9
41.7
85.1
85.3
87.4
88.4
89.1
91.8
94.3
97.0
100.1
101.3
39.1
36.8
40.1
40.3
41.8
42.4
41.5
43.9
45.2
44.3
159.7
161.8
164.9
170.1
172.9
182.3
185.1
187.6
191.1
182.2
239.4
238.7
240.0
104.5
112.5
116.0
47.4
48.3
48.1
166.7
159.4
153.5
134.2
135.6
137.0
Term
Eurodollars
(net)
521.8
635.9
731.7
828.6
859.7
233.8
233.3
233.1
232.3
232.1
232.5
234.0
236.0
237.6
239.8
125.2
126.3
127.4
128.2
128.8
129.6
130.5
131.3
131.9
132.8
NSA
Term
repurchase
agreements
(EPs)
8.4
14.2
19.5
27.1
30.1
34.8
37.2
40.3
26,9
76.6
101.3
2.7
2.4
Large
denomination
time
deposits 2
129.9
118.2
145.2
2,4
6.4
33.4
61.4
150.9
182.2
0.9
2.7
4.2
8.4
17.0
Small
denomination
time
deposits 2
338.1
391.0
446.0
0.4
.6
.9
3.1
9.5
14.9
36.0
47.6
214.1
224.4
239.7
253.8
262.0
266.8
236.4
239.8
Savings
deposits
388.8
453.0
491.6
481.2
423.1
400.7
344.4
358.7
5.8
10.6
14.7
20.3
21.2
28.4
36.1
44.3
73.9
80.6
88.6
97.5
106.3
116.2
123.2
132.8
market
deposit
accounts
fMMD A cl
1
Net of demand deposits due to foreign commercial banks and official institutions.
Small denomination and large denomination deposits are those issued in amounts of less than
$100,000 and more than $100,000, respectively.
2
9.7
Shortterm
Treasury
securities
Savings
bonds
79.5
72.3
67.7
74.0
77.9
83.8
84.7
83.7
80.9
80.6
80.8
79.0
67.7
67.7
67.7
67.7
67.6
67.5
67.5
67.6
67.8
Commercial
paper
99.3
128.7
156.9
176.3
8.4
8.8
11.8
21.6
26.7
31.6
40.6
51.7
62.9
79.2
97.0
98.1
104.2
190.0
190.7
192.1
197.2
r
202.9
r
204.1
203.5
210.5
215.8
39.9
40.2
41.3
41.6
42.0
41.3
41.4
42.8
43.1
110.3
109.7
112.1
115.7
118.7
112.0
113.7
112.3
107.3
67,2
71.7
76.4
80.2
13.1
18.4
29.0
41.5
48.0
65.3
Bankers'
acceptances
76.8
80.8
89.7
48.0
Travelers checks are a component of money stock but are not shown here.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve Svstem.
NOTE.—See p. 26 for overall measures.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installr]nent credit e:^tended
Period
1975
1976
1977
1978
1979
1980
1981
1982
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb..
Total 2
Automobile
180,083
210,740
257,600
297,668
324,777
52,420
63,743
75,641
87,981
93,901
83,454
93,240
95,997
7,127
7,072
7,987
8,471
8,364
7,376
7,162
7,488
8,041
10,177
9,716
306,076
334,508
344,901
27,182
27,356
28,765
29,517
30,034
27,982
28,024
28,619
28,650
31,691
30,777
Installnlent credit lie uidated
Revolving
Total 2
Automobile
36,956
43,934
87,596
105,125
120,174
128,068
139,829
150,061
11,968
12,329
12,487
12,775
13,367
12,658
12,728
12,705
12,614
12,778
12,491
172,675
189,179
222,138
254,589
286,396
304,628
316,291
331,805
27,015
26,723
27,142
27,673
28,011
27,143
27,768
27,363
28,781
29,676
28,359
49,444
35,616
53,278
60,437
69,245
79,186
82,977
84,745
91,099
7,272
7,353
7,441
7,378
7,395
7,339
7,542
7,139
8,111
8,643
8,225
41,764
81,348
96,090
111,546
126,653
135,362
145,696
11,866
11,806
11,834
12,024
12,640
12,100
12,529
12,394
12,533
12,739
11,990
1
Through 1982 calculated as the difference between credit extensions and credit liquidations. Beginning 1983, calculated as change in amount outstanding.
2
Includes "mobile home" and "other," not shown separately.
Revolving
Amount ou tstanding, en d of period,
sea sonally adjus ted
Net change in air ount
outstanding *
Total 2
Automobile
7,408
21,561
35,462
43,079
38,381
1,448
18,217
13,096
167
633
1,623
1,844
2,023
839
256
1,256
-131
2,015
2,418
2,929
1,744
2,976
10,465
15,204
18,736
14,715
477
8,495
4,898
-145
-281
546
1,093
969
37
-380
349
-70
1,534
1,491
233
185
Revolving
1,340
2,170
6,248
9,035
8,628
1,415
4,467
4,365
102
523
653
751
727
558
199
311
81
39
501
68
_6
Total 2
Automobile
169,387
190,725
226,646
269,392
307,115
308,137
326,274
339,316
328,781
328,999
330,634
332,142
333,884
334,276
334,343
335,180
335,593
336,897
339,316
342,245
343,989
57,279
67,798
82,890
101,863
116,523
116,808
125,323
130,235
126,102
125,783
126,258
126,970
127,727
127,628
127,271
127,473
127,694
128,824
130,235
130,468
130,653
Revolving
14,467
16,505
36,427
45,004
53,174
54,650
58,722
62,830
58,997
59,457
60,144
60,784
61,458
61,867
62,007
62,120
62,302
62,326
62,830
62,898
62,892
Note.—Series is as revised beginning 1980 in March issue. Extensions and liquidations not available after December 1982.
Source: Board of Governors of the Federal Reserve Svstem.
27
BANK LOANS AND INVESTMENTS, AND RESERVES
In March, commercial and industrial loans rose slightly.
BILLIONS OF DOLLARS*(RATIO SCALE)
1,800
BILLIONS OF DOLLARS* (RATIO
ALL COMMERCIAL BANKS
40
40
1975
1976
1983
1977
* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Al ! commercial ban b 1
Loans a nd leases
Period
1976:
1977:
1978:
1979:
1980:
1981:
1982:
Total loans
and
investments
Dec
Dec
Dec
Dec
Dec
Dec
Dec
1982: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
804.6
....
1983: Jan
Feb r.
Mar p
1
2
3
Total 2
555.0
632.5
U.S. Treasury
securities
Other
securities
148.8
326.8
358.0
392.4
99.8
93.8
94.5
110.0
111.0
130.9
159.3
172.8
191.5
214.4
231.4
239.1
995.0
1,002.0
1,010.8
1,017.1
1,023.7
1,028.3
1,033.5
1,038.1
1,036.4
1,042.0
370.0
373.1
378.9
383.4
386.7
387.9
392.5
394.8
392.0
392.4
114.4
116.6
116.3
115.8
116.5
117.8
118.2
122.3
126.4
130.9
1,045.1
1,048.8
1,056.3
395.2
394.9
396.2
139.8
144.5
151.0
747.0
849.9
915.1
973.9
1,042.0
1,342.5
1,352.5
1,362.0
1,368.8
1,376.1
1,383.1
1,389.4
1,397.5
1,398.5
1,412.1
1,428.2
1,436.5
1,450.2
190.9
210.9
245.9
291.2
E eserves adjust sd
for changes in
re serve requirernents
Invest!nents
100.8
891.5
1,013.5
1,135.9
1,239.6
1,316.3
1,412.1
Data are averages of Wednesday figures.
Excludes loans to commercial banks in the United States.
Data are averages of daily figures.
28
Commercial
and industrial
loans
Depo dtory institutio ns 3
Total
29.86
31.17
Nonborrowed
Born )wings
(millions of dollars,
unad usted)
Required
Total
Seasonal
62
12
32.59
33.93
35.95
37.67
40.39
558
874
1,473
1,617
636
697
54
134
82
116
53
33
36.80
36.87
37.39
37.37
37.83
38.29
38.63
39.40
39.84
40.26
37.99
38.16
38.15
38.27
38.21
38.49
39.18
39.47
40.06
40.39
1,611
1,581
1,105
1,205
669
5,10
976
455
579
697
174
167
237
239
225
119
102
86
47
33
40.43
39.88
39.93
40.41
40.04
40.30
500
557
854
33
39
53
29.81
32.82
34.26
36.46
37.99
40.89
30.60
31.95
32.79
34.77
37.35
40.26
233.1
234.0
234.9
235.9
235.9
237.1
237.6
237.2
235.8
239.1
38.36
38.43
38.50
38.58
38.52
38.80
39.57
39.88
40.46
40.89
243.3
243.2
242.8
40.96
40.46
40.72
29.59
30.98
NOTE.—Beginning Dec. 1981, banks loans and investments and reserves aggregates have been
reduced because of shifts from U.S. banking offices to International Banking Facilities (IBFs).
Source: Board of Governors of the Federal Keserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL
CORPORATE BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Uses
Sources
External
Period
Total
192.4
190.1
156.9
210.8
252.2
315.4
346.3
333.7
352.2
310.0
333.6
381.2
348.9
345.0
298.1
354.1
331.2
256.3
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982.....
1981: I
n
m
1982:
IV
I
n
m
IV
Internal
Ci edit market funds
1
91.7
85.6
119.7
134.2
157.4
175.7
188.8
197.5
231.1
236.2
222.4
225.4
235.2
241.4
232.6
234.3
240.1
237.7
Total
100.7
104.4
37.2
76.6
94.9
139.7
157.5
136.2
121.1
73.8
111.3
155.8
113.7
103.6
65.5
119.8
91.1
18.6
Total
Securities
and
mortgages
Loans and
short-term
paper
36.0
43.6
-8.0
16.3
36.5
47.4
65.3
38.2
69.6
38.1
27.1
84.3
97.0
69.9
77.2
61.3
57.6
-43.6
20.7
26.3
38.7
38.2
33.9
31.9
25.9
57.5
23.1
42.6
41.6
34.8
3.2
12.7
20.7
35.4
44.5
69.6
56.7
69.9
30.7
54.5
70.4
79.3
91.2
95.7
92.6
80.7
68.7
119.1
100.2
82.5
97.9
96.7
102.1
26.0
1
Undistributed profits (alter 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.
Total
Other 2
44.0
34.5
6.5
22.1
24.5
60.4
66.3
40.6
28.5
-6.9
42.6
36.7
13.5
21.1
-32.3
23.1
-11.0
-7.4
191.9
190.1
150.9
201.8
237.6
294.2
347.1
317.9
314.8
267.5
318.2
352.2
304.6
284.0
240.6
298.6
303.8
227.2
Capital
expenditures8
121.5
137.9
109.7
148.3
175.1
202.2
219.8
220.5
260.9
247.8
233.5
260.0
284.6
265.5
244.0
248.4
268.2
230.8
Increase in
financial
assets
70.5
52.2
41.2
53.5
62.5
92.0
127.3
97.4
53.9
19.7
84.7
92.2
20.0
18.5
-3.4
50.2
35.6
-3.6
Discrepancy
(sources less
uses)
0.5
.0
6.0
9.0
14.7
21.2
-.8
15.8
37.4
42.4
15.4
29.0
44.2
61.0
57.5
55.5
27.5
29.1
3
Plant and equipment, residential structures, inventory investment, and mineral rights from U.S.
Government.
Source: Board of Governors of the Federal Keserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL
CORPORATIONS
[Billions of dollars, except as noted]
Current liabilitit38
Curren assets
End of period
SBC series: 2
1970
1971
1972
1973
1974
FTC-FRB series: 3
1974
1975
1976
1977
1978
1979
1980
1981
1981: I
n
m
IV
1982: I
n
1
TT C!
Total
Cash
Government
securities
Notes and
accounts
receivable
3
Total
Notes and
accounts
payable
Other
current
liabilities
Net
working
capital
ratio *
492.3
529.6
599.3
697.8
790.7
50.2
53.3
59.0
66.3
71.1
7.7
11.0
10.6
12.8
12.3
206.1
221.1
248.2
288.5
322.1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
66.4
71.7
304.9
326.0
375.6
450.9
530.4
211.3
220.5
282.9
340.3
402.3
93.6
105.5
92.7
110.7
128.1
187.4
203.6
223.7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
735.4
759.0
827.4
912.7
1,043.7
1,218.2
1,333.5
1,427.1
1,374.5
1,388.3
1,410.9
1,427.1
1,423.6
1,419.4
73.2
82.1
88.2
97.2
105.5
118.0
127.1
131.7
126.6
126.2
125.1
131.7
121.3
123.4
11.1
19.0
23.5
18.2
17.3
17.0
19.3
17.9
19.2
19.9
18.0
17.9
17.1
17.4
265.8
272.1
292.9
330.3
388.0
461.1
510.6
536.7
528.0
533.1
542.4
536.7
537.8
534.4
319.5
315.9
342.5
376.9
431.6
505.5
543.7
587.1
560.2
565.3
577.0
587.1
593.8
589.2
65.9
69.9
80.3
90.1
101.3
116.7
132.7
153.6
140.5
143.8
148.3
153.6
153.6
155.0
453.4
451.6
495.1
557.1
669.3
807.8
890.9
980.0
923.2
931.5
967.2
980.0
985.7
982.6
269.8
264.2
282.1
317.6
382.9
461.2
515.2
562.9
520.3
525.9
549.5
562.9
555.0
554.9
183.6
187.4
213.0
239.6
286.4
346.6
375.7
417.1
282.0
307.4
332.4
355.5
374.4
410.5
442.6
447.1
451.3
456.8
443.7
447.1
437.9
436.8
1.622
1.681
1.671
1.638
1.559
1.508
1.497
1.456
1.489
1.490
1.459
1.456
1.444
1.445
Total current assets divided by total current liabilities.
Based on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report for Manufacturing, Mining, and Trade Corporations, Federal Trade Commission.
2
Other
current
assets
Inventories
402.9
405.5
417.7
417.1
430.8
427.8
NOTE.—SIC 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 Trade Commission, and
Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Most interest rates fell during April.
PERCENT PER ANNUM
16
1982
1975
SOURCE: SEE TABLE BELO1
1983
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. 1^reasury security yields
Period
1977
1978
1979
1980
1981
1982
1982: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dee
1983: Jan
Feb
Mar
Apr"
Week ended:
1983: Mar 5
12
19
26
Apr 2
9
16
23
30^
3-month
bills l
Constant nlaturities 2
3-year
10-year
High-grade
municipal
bonds
(Standard &
Poor's) 3
5.265
6.69
7.221
10.041
11.506
14.077
10.686
12.493
12.821
12.148
12.108
11.914
9.006
8.196
7.750
8.042
8.013
7.810
8.130
8.304
8.252
8.29
9.72
11.55
14.44
12.92
14.13
14.18
13.77
14.48
14.00
12.62
12.03
10.62
9.98
9.88
9.64
9.91
9.84
9.76
7.42
8.41
9.44
11.46
13.91
13.00
13.86
13.87
13.62
14.30
13.95
13.06
12.34
10.91
10.55
10.54
10.46
10.72
10.51
10.40
5.56
5.90
6.39
8.51
11.23
11.57
12.72
12.45
11.99
12.42
12.11
11.12
10.61
9.59
9.97
9.91
9.45
9.48
9.16
8.96
9.63
11.94
14.17
13.79
14.58
14.46
14.26
14.81
14.61
13.71
12.94
12.12
11.68
11.83
11.79
12.01
11.73
11.52
7.944
8.205
8.256
8.434
8.680
8.664
8.165
8.030
8.150
9.48
9.78
9.83
10.03
10.06
9.90
9.71
9.77
9.68
10.25
10.51
10.52
10.60
10.62
10.52
10.37
10.38
10.33
8.92
9.28
9.15
9.09
9.35
9.13
8.93
9.07
8.72
11.63
11.72
11.79
11.76
11.75
11.66
11.51
11.46
11.44
1
Rate on new issues within period; bank-discount basis.
2
Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department.
3
Weekly data are Wednesday figures.
4
Prior to November 1, 1979, data are for 4-6 months paper.
5
Average effective rate for year; high and low rate for month and week.
30
Corporate
Aaa bonds
(Moody's)
8.02
8.73
Prime
paper,
6 months 4
Discount rate
(N.Y. F.R.
Bank) 5
4
Prime rate
charged by
banks 5
5.61
5.46
7.99
7.46
10.28
10.91
11.77
12.29
14.76
13.41
11.89
11.02
13.47 12.00-12.00
13.64 12.00-12.00
13.02 12.00-12.00
13.79 12.00-12.00
13.00 12.00-11.50
10.80 11.50-10.00
10.86 10.00-10.00
9.21 10.00- 9.50
8.72
9.50- 9.00
8.50
9.00-8.50
8.15
8.50-8.50
8.39
8.50-8.50
8.48
8.50-8.50
8.48
8.50-8.50
9.06
12.67
15.27
18.87
14.86
16.50-16.50
16.50-16.50
16.50-16.50
16.50-16.50
16.50-15.50
15.50-13.50
13.50-13.50
13.50-12.00
12.00-11.50
11.50-11.50
11.50-11.00
11.00-10.50
10.50-10.50
10.50-10.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50-8.50
8.50 8.50
8.50-8.50
11.00-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
10.50-10.50
4
8.07
8.33
8.45
8.67
8.90
8.70
8.44
8.38
8.30
6.83
New-home
yields
(FHLBB) 6
9.02
9.56
10.78
12.66
14.70
15.14
15.67
15.84
15.89
15.40
15.70
15.68
14.98
14.41
13.81
13.69
13.49
r
!3.16
13.51
6
Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as
well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning
January 1973 not strictly comparable with prior rates.
Source..>: Department
_
of the Treasury, Board of Governors of the Federal Reserve Systeir
System, Federtl Home Loan
Loa Bank Board, Moody's Investors Service, and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices rose again in April.
INDEX, DEC 31, 1965=50
100
INDEX, DEC. 31,1965=50
1100
60 -
60
50 -
1983
1975
PERCENT
EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)
1975
1976
1977
1978
1982
SOURCES. NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
Co mmon stock price s 1
Ne\v York Stock Ex change indexes (I)ec. 31, 1965=5O)
Common st ock yields
(percent) 5
2
Period
Composite
1977
1978
1979
1980
1981
1982
1982: Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1983: Jan
Feb
Mar
Apr* 5
Week ended:
1983: Mar 12
19
26
Apr 2
9
16
23
30 p
1
Industrial
Transportation
3
4
Finance
Utility
Dow-Jones
industrial
average 3
Standard &
Poor's
composite
index (194143 = 10)4
Dividendprice ratio
Earnings price ratio
53.69
53.70
58.32
68.10
74.02
68.93
63.86
66.97
67.07
63.10
62.82
62.91
70.21
76.10
79.75
80.30
83.25
84.74
87.50
90.61
41.09
43.50
47.34
60.61
72.61
60.41
55.19
57.91
56.84
53.07
53.40
53.98
61.39
66.64
71.92
73.40
75.65
79.44
83.28
85.26
40.92
98.20
4.62
10.79
39.22
38.20
37.35
38.91
39.75
38.57
39.20
39.40
37.34
37.20
38.19
40.36
42.67
43.46
42.93
45.59
45.92
45.89
46.22
55.25
56.65
61.42
64.25
73.52
71.99
69.08
71.44
69.16
63.19
61.59
62.84
69.66
80.59
88.66
86.22
85.66
86.57
93.22
99.07
894.63
58.23
64.76
78.70
85.44
78.18
71.51
75.59
75.97
71.59
71.37
70.98
80.08
86.67
90.76
92.00
95.37
97.26
100.61
104.46
820.23
844.40
891.41
932.92
884.36
812.33
844.96
846.72
804.37
818.41
832.11
917.27
988.71
1,027.76
1,033.08
1,064.29
1,087.43
1,129.58
1,168.43
96.02
103.01
118.78
128.05
119.71
110.84
116.31
116.35
109.70
109.38
109.65
122.43
132.66
138.10
139.37
144.27
146.80
151.88
157.71
5.28
5.47
5.26
5.20
5.81
6.28
5.99
5.97
6.28
6.31
6.32
5.63
5.12
4.92
4.93
4.79
4.74
4.59
4.44
12.03
13.46
12.66
11.96
87.85
86.65
87.51
87.69
87.54
90.12
91.86
92.91
101.05
99.48
100.57
101.00
100.82
103.89
105.81
107.32
83.03
82.69
83.93
83.93
83.00
84.83
87.14
86.05
46.07
45.79
45.78
45.34
45.31
45.90
46.75
46.92
93.39
92.23
93.90
94.08
94.03
98.84
101.49
101.94
1,126.57
1,117.94
1,135.02
1,134.46
1,120.72
1,156.08
1,186.76
1,210.16
152.17
150.30
152.14
152.45
152.11
156.92
159.93
161.89
4.56
4.66
4.58
4.56
4.63
4.46
4.35
4.33
57.86
Average of daily closing prices.
Includes all the* stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
Includes 500 stocks.
5
Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Earningsprice ratios based on prices at end of quarter.
2
1983
COUNCIL OF ECONOMIC ADVISERS
13.23
12.93
11.27
NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL RECEIPTS, OUTLAYS, AND DEBT
In the first 6 months of fiscal year 1983, there was a budget deficit of $129.2 billion, compared to a budget
deficit of $71.9 billion a year earlier.
BILLIONS OF DOLLARS
900
BILLIONS OF DOLLARS
900
BUDGET RECEIPTS AND OUTLAYS
800
800
700
700
600
600
BUDGET OUTLAYS
500
500
400
300
300
BUDGET SURPLUS OR DEFICIT (-)
-100
-100
-200
-200
1978
1975
1979
1980
1981
1982
1983
1984
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Period
Budget
receipts
Budget
outlays
Budget
surplus or
deficit (— )
Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983 (estimates) l
1984 (estimates) l
207.3
230.8
263.2
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
598.3
653.7
230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
576.7
657.2
728.4
808.5
843.9
-23.4
-14.8
-4.7
45.2
-66.4
13.0
-44.9
48.8
-27.7
-59.6
-57.9
-110.6
-210.2
-190.2
Cumulative total first 6 months:
Fiscal year 1982
Fiscal year 1983
289.6
276.9
361.5
406.1
71.9
-129.2
1
Estimates from Current Budget Estimates, April 1983.
32
Off-budget
outlays
Total
surplus or
deficit (— )
Federal debt ( end of period)
Gross
Held by the
public
1.8
8.7
10.4
12.5
14.2
21.0
17.3
16.8
14.4
-23.4
14.9
-6.1
-53.2
-73.7
-14.7
-53.6
-59.2
-40.2
-73.8
-78.9
-127.9
-227.0
-204.7
437.3
468.4
486.2
544.1
631.9
646.4
709.1
780.4
833.8
914.3
1,003.9
1,147.0
1,392.0
1,622.6
323.8
343.0
346.1
396.9
480.3
498.3
551.8
610.9
644.6
715.1
794.4
929.4
1,146.4
1,350.4
5.5
2.7
-77.4
-132.0
1,066.4
1,249.3
862.8
1,047.0
.1
1.4
8.1
7.3
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 year 1983, budget receipts were $12.7 billion lower than a year earlier and budget
outlays were $44.6 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
100
BUDGET OUTLAYS
600
600
500
500
NONDEFENSE
^++
_»^^
400
400
300
300
200
200
100
100
1975
1976
1977
1978
1982
1981
1979
1980
FISCAL YEARS
1984
1983
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Budget outlays
Budget r sceipts
Nation al defense
Period
Total
Individual
income
taxes
Corporation
income
taxes
Other
Total
Total
Department of
Defense,
military
International
affairs
Health and
income
security
Net
interest
Other
Fiscal year or period:
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981
1982
1983 (estimates)
1984 (estimates)
208.4
252.2
270.8
276.7
305.3
576.7
657.2
728.4
808.5
843.9
289.6
276.9
137.1
138.6
22.9
12.3
129.5
126.0
361.5
406.1
279.1
298.1
81.2
355.6
399.6
463.3
517.1
599.3
617.8
l
l
Cumulative total first 6 months:
Fiscal year 1982
Fiscal year 1983
1
598.3
653.7
285.9
297.7
288.2
294.2
32.2
36.2
38.6
40.6
41.4
8.5
54.9
60.0
65.7
64.6
61.1
49.2
33.4
54.2
207.3
230.8
263.2
94.7
103.2
119.0
122.4
131.6
38.8
157.6
181.0
217.8
244.1
80.4
91.4
105.7
116.1
125.0
34.0
143.0
158.6
179.8
Estimates from Current Budget Estimates, April 1983.
NOTE.—One substantial change was made in the January 1983 Budget in the functional classification: the interest function was changed to net interest. Formerly, the interest function total included all Treasury interest payments, including those made to trust funds. The new net interest func-
230.7
245.6
267.9
324.2
364.5
94.2
400.5
448.4
491.0
75.1
73.2
77.6
84.9
87.9
21.9
95.6
103.0
115.0
132.8
156.1
182.9
361.7
367.1
15.5
17.3
21.4
23.2
26.7
6.9
29.9
35.4
42.6
52.5
68.7
84.7
88.0
102.3
53.9
59.3
58.2
74.2
83.9
21.8
93.8
114.4
117.5
129.3
126.5
123.9
132.1
115.7
157.3
180.1
48.6
53.7
59.6
64.3
4.7
4.1
80.0
90.4
104.8
134.3
158.9
41.0
174.5
187.4
207.1
245.4
209.0
236.7
5.7
6.9
5.6
2.2
4.8
5.9
6.1
10.7
11.1
10.0
11.9
13.4
90.3
103.3
88.2
100.5
5.7
4.7
76.6
74.5
77.8
85.6
89.4
22.3
97.5
105.2
117.7
135.9
159.8
187.4
214.8
tional total is the amount
netted out.
248.3
291.1
322.4
by the Treasury to the public. Intragovernmental payments are
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the fourth quarter of 1982, according to revised estimates, Federal receipts rose $1.3 billion (annual rate) and
expenditures rose $49.5 billion, yielding a deficit of $204.2 billion. In the first quarter of 1983, according to
preliminary estimates, expenditures fell $17.0 billion; receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
900
900
800
800
700
600
400
300
SURPLUJSOR DEFI CIT (-)
mm
'^
-100
--
—
i. 1-iI
—
1222
-200
1<?75
1976
1977
1979
1978
1981
1980
iI
1982
-100
-200
1983
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal (joverament expenditur es
Federal Governme tit receipts
QllT—IllO
Period
Total
Fiscal year:
1978
1979
1980
1981
1982
Calendar year:
1978
1979
1980
1981
1982 r
1981: HI
IV
1982: I
n
ffl
IV r
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Contributions for
social
insurance
Total
Purchases
of goods
and
services
Transfer
payments
480.8
525.1
614.7
618.2
186.5
222.6
250.1
291.7
303.0
67.3
76.1
70.0
70.9
50.1
27.2
29.1
34.7
55.7
50.7
133.3
153.1
170.3
196.3
214.4
450.4
495.6
577.0
666.5
739.7
218.1
250.1
431.6
493.6
540.7
628.2
613.9
640.2
625.7
609.9
617.0
613.7
615.0
194.9
230.6
257.5
298.1
300.1
307.9
300.9
299.9
305.8
295.6
299.2
71.3
74.2
70.3
67.3
47.2
68.4
59.1
46.5
45.2
49.8
47.3
28.1
29.4
38.9
58.5
50.0
57.8
57.2
48.7
49.8
50.8
50.7
137.2
159.5
174.1
204.3
216.6
206.1
208.4
214.9
216.2
217.5
217.8
461.0
509.7
602.1
688.2
763.4
698.2
727.4
728.3
,736.6
769.7
819.2
153.6
168.3
197.2
228.9
257.9
230.0
250.5
249.7
244.3
259.0
278.7
185.6
209.2
251.4
286.6
322.2
295.1
300.7
303.2
312.8
327.4
345.3
51.4
227.3
802.2
271.9
339.6
414.3
1983: Ip
298.2
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury,
and Office of Management and Budget.
34
150.4
164.1
189.8
182.2
201.8
239.4
279.2
310.8
Grantsin-aid to
State
and
local
governments
Net
interest
paid
Subsidies
less
current
surplus of
Government
enterprises
LessWage
accruals
less
disbursements
or deficit
/ \
national
income
and
product
accounts
12.8
.0
-.0
.0
.1
-.1
-36.1
-14.8
-51.9
-51.9
-121.5
83.0
85.0
82.0
84.6
35.2
42.4
53.1
71.9
85.0
74.0
79.0
79.6
82.8
88.7
89.1
9.5
9.2
11.7
13.1
14.6
13.0
13.6
12.7
11.6
12.6
21.4
.0
.0
-.0
.0
.0
.2
-.1
-.2
.0
.0
.0
-29.5
-16.1
-61.4
-60.0
-149.5
-58.0
-101.7
-118.4
-119.6
-156.0
-204.2
85.8
88.6
16.2
.0
74.7
33.5
79.1
86.7
90.1
83.4
40.6
50.6
66.2
82.5
77.3
80.5
88.7
87.7
83.7
86.3
83.6
9.7
9.9
10.5
13.1
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967 = 100]
Consume;r prices (imadjusted)
Indu strial prod uction (setisonally adju sted)
Period
1976
1977
1978
1979
1980.....
1981
1982*
1982: Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1983: Jan
Feb
Mar*
1
United
States
130.5
138.2
146.1
152.5
147.0
151.0
138.6
140.2
139.2
138.7
138.8
138.4
137.3
135.7
134.9
135.2
r
137.2
r
137.6
139.1
Canada
148.5
152.2
157.8
167.4
164.6
167.3
149.2
152.1
153.5
149.6
144.8
151.2
146.1
141.6
r
142.6
141.2
148.2
Japan
France
Germany
182.0
189.7
201.1
217.7
232.5
239.5
242.2
240.7
236.4
241.8
243.0
242.3
245.1
237.7
244.8
244.3
243.6
241.6
149
152
154
161
160
157
155
156
157
159
151
151
154
156
156
r
!54
156
157
149.1
152.0
154.1
161.8
162.3
159.9
157.0
r
161
160
157
151
157
154
152
152
!51
155
Italy
143.5
145.1
147.9
157.6
166.5
162.7
159.0
161.3
160.4
154.0
158.6
127.5
153.6
147.4
152.0
150.0
r
150.0
148.9
United
States l
United
Kingdom
117.4
123.0
127.0
132.2
123.6
118.8
119.4
120.1
120.5
118.8
r
l!9.2
r
119.3
r
119.8
r
r
119.4
l!7.7
r
Beginning January 1978 data relate to all urban consumers.
Source: National sources as reported by Department of Commerce, International Trade Adminis-
120.4
120.5
Canada
170.5
181.5
195.4
217.4
246.8
272.4
289.1
284.3
287.1
290.6
292.2
292.8
293.3
294.1
293.6
292.4
293.1
293.2
293.4
172.1
185.9
202.5
221.0
243.5
273.9
303.4
297.5
301.5
304.5
306.1
307.6
309.2
311.2
313.3
313.4
312.5
313.9
317.1
Japan
France
Germany
224.9
243.0
252.3
261.3
282.2
296.2
304.0
302.9
303.8
303.8
301.5
303.8
309.1
310.0
306.6
306.0
306.6
305.5
196.1
214.5
233.9
259.1
294.2
332.7
372.4
368.2
371.1
373.7
374.7
375.9
377.5
379.5
383.2
386.4
390.1
392.9
150.4
155.9
160.2
166.8
175.9
186.3
196.2
194.0
195.2
197.1
197.6
197.3
197.9
198.5
198.9
199.4
199.8
200.0
Italy
218.1
255.2
286.2
328.5
398.0
472.4
549.4
533.9
539.8
545.2
553.4
563.4
571.3
582.7
590.3
594.4
602.7
610.5
616.0
United
Kingdom
252.4
292.4
316.6
359.0
423.6
473.9
514.7
513.6
517.3
518.9
518.9
519.0
518.7
521.3
523.9
522.9
523.5
r
525.8
tration, Office of Trade Investment and Analysis, Trade Performance Division, in International
Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
MenJhandise expc rts 1
Period
Total
domestic
and
foreign
exports
Merchandise imj orts
Total 2
Food,
beverages, and
tobacco
Crude
materials and
fuels
Merch andise trade balance
Gerleral imporl S 3
Domestic exports
Manufactured
goods
Total 2
Exports
/t „ Q \
less
imports
(customs
value)
Exports
(f.a.s.)
less
imports
(f.a.8.)
Exports
(f.a.8.)
less
imports
Food,
beverages, and
tobacco
Crude
materials and
fuels
Manufactured
goods
Total
(c.i.f.
value)
827
991
1,186
1,312
1,478
1,546
2,716
3,457
4,463
4,325
5,949
7,831
4,257
5,398
6,379
8,360
9,352
10,427
8,823
11,042
13,368
15,504
18,519
21,415
7,739
6,200
11,873
12,002
22,779 -2,275
21,240 -2,647
-3,306
-3,558
5,850
5,725
5,035
4,909
6,175
6,671
7,195
5,917
6,727
5,785
6,158
11,939
12,138
10,654
13,163
12,830
11,200
13,456
12,304
1.1,903
10,978
10,988
20,399
20,889
18,508
21,422
22,129
20,756
23,992
21,518
21,932
19,737
20,002
-956
-1,557
291
-2,353
-2,364
-1,790
5,467
-3,261
-4,335
-3,041
-2,808
-1,785
-2,427
-503
-3,297
-3,306
-2,697
6,529
-4,198
-5,261
-3,885
-3,655
5,911
4,413
11,981
12,561
20,962 -2,628
19,906 -2,689
20,381
-3,569
-3,580
-3,630
17.a.s. valu e
Monthly average:
1975*
1976*
1977*
1978*
1979*
1980
8,971
9,602
10,103
11,973
15,155
18,386
8,847
9,462
9,919
11,762
14,886
18,043
1,399
1,436
1,330
1,717
2,049
2,534
1,266
1,341
1,548
1,746
2,352
2,810
5,913
6,437
6,679
7,873
9,716
11,991
8,209
10,290
12,533
14,563
17,455
20,406
762
-688
-2,430
-2,590
-2,300
-2,020
148
— 1,440
-3,265
-3,530
-3,364
-3,030
Customs value
1981
1982
19,473
17,683
19,075
17,256
2,767
2,248
2,752
2,793
12,857
11,643
21,748
20,329
1982: Feb
Mar
Apr
May
June
July
Aug
Sept
Get
Nov
Dec
1983: Jan
Feb
Mar
18,614
18,462
18,005
18,124
18,823
18,060
17,463
17,320
16,671
15,852
16,347
18,251
17,986
17,603
17,713
18,387
17,671
17,143
16,584
16,284
15,476
15,913
2,481
2,665
2,495
2,465
2,418
1,902
2,153
1,926
2,128
2,051
1,966
11,954
11,829
11,555
11,788
12,536
12,536
11,804
11,331
10,942
10,484
10,648
19,570
20,019
17,714
20,477
21,187
19,849
22,930
20,581
21,006
18,892
19,154
17,393
16,326
16,752
17,007
15,984
16,335
2,312
2,224
2,307
3,268
3,012
2,943
2,880
2,828
2,698
2,694
2,751
2,688
2,440
2,420
2,760
2,443
2,375
11,263
10,743
11,062
20,021
19,015
1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all periods and from monthly detail beginning
January 1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than intransit shipments.
NOTE.—Imports on c.i.f. basis beginning 1982 not strictly comparable with earlier periods.
Data beginning 1980 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Is-
1,529
1,485
1,217
1,455
1,443
1,541
1,537
1,436
1,681
1,701
1,686
1,499
1,414
1,582
1,530
lands exports are reflected in the figures for domestic and foreign exports combined and trade balance.
'Data for 1975-79 for domestic and foreign exports combined, total general imports, and trade
balance include trade of the Virgin Islands.
Data are as revised for 1982 months in March issue.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
For the year 1982, the current account was in deficit by $8.1 billion, compared with a surplus of $4.5 billion in
1981. An increase in the merchandise trade deficit to $36.3 billion from $27.9 billion accounted for most of the
shift.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
\
\
BALANCE ON GOODS
,,,.«vAND SERVICES
1982
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits ( —)]
Merchandise 1 2
In vestment incontie 3
Net
Period
1974
1975
1976
1977
1978
1979
1980
1981
1982 p
1981: I
n
m
IV
1982:
I
n
m
IV p
Net
military
transactions
travel and
transportation
receipts
Other
services,
net 3
Balance
on goods
and
services 1
Remittances,
pensions,
and other
unilateral
transfers 1
-7,186
2,124
-4,613
18,280
-4,998
4,384
-4,617 -14,068
-5,030 -14,773
-5,561
-466
1,520
-6,783
4,471
-6,608
-7,868 -8,093
Balance
on
current
account
Exports
Imports
Net
balance
98,306
107,088
114,745
120,816
142,054
184,473
224,237
236,254
211,013
-103,649
-98,041
-124,051
-151,689
-175,813
-211,819
-249,575
-264,143
-247,344
-5,343
9,047
-9,306
-30,873
-33,759
-27,346
-25,338
-27,889
-36,331
27,587
25,351
29,286
32,179
42,245
64,129
72,686
85,945
85,901
-12,564
-13,311
-14,217
-21,680
-32,914
-42,776
-52,908
-57,181
15,503
12,787
15,975
17,962
20,565
31,215
29,910
33,037
28,720
-1,653
-746
559
1,528
621
-2,035
-2,471
-1,541
640
-3,184
-2,792
-2,558
-3,293
-3,125
-2,429
-940
-231
-1,333
3,986
4,598
4,711
5,224
5,955
5,690
7,144
7,702
8,079
9,309
22,893
9,382
-9,451
-9,743
5,095
8,303
11,079
-225
60,683
60,284
57,694
57,593
-64,995
66,831
-65,539
-66,778
-4,312
-6,547
-7,845
-9,185
20,528
21,642
22,048
21,727
-12,405
-13,441
-13,865
-13,198
8,123
8,201
8,183
8,529
-487
-587
61
-528
-495
-139
200
203
1,838
1,981
1,960
1,924
4,667
2,909
2,559
943
-1,422
-1,510
-1,808
-1,870
3,245
1,399
751
-927
55,607
55,001
52,334
48,071
-61,545
-60,763
-64,829
-60,207
-5,938
5,762
-12,495
-12,136
20,896
22,568
21,626
20,811
- 14,029
-14,874
-14,544
-13,735
6,867
7,694
7,082
7,076
167
247
201
24
-42
-295
-334
-662
3,082
2,028
2,044 . 3,928
-3,565
1,980
2,026 -3,672
-2,048
-1,740
-1,649
-2,431
1,034
2,188
-5,214
-6,103
1
Eeceipts
Payments
12,084
Excludes military grants.
Adjusted from Census data for differences in timing and coverage.
Pees 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.
Net
NOTE.—Data are as revised for 1982 in March issue.
2
8
36
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
Among capital account transactions, U.S. claims on foreigners reported by U.S. banks increased $106.7 billion in
1982, compared with an $84.5 billion increase in 1981. U.S. liabilities to private foreigners reported by U.S. banks
increased $69.8 billion in 1982, compared with a $44.2 billion increase in 1981.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
-20
-20
-40
-40
-60
I
L
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
Foreign assets in the 1J.S., net
[inereas<3 /capital inflowv (+)] 2
U.S. assets abroad, net
1 increase /capit?il outflow (— )]
Period
Total
-22,874
-34,745
-39,703
-51,269
-34,785
-61,130
-64,344
-86,026
-109,294
-118,265
U.S.
official
reserve
assets 1 2
Other U.S.
Government
assets
U.S.
private
assets
Total
Foreign
official
assets
Other
foreign
assets
-20,388
18,388
2,558
-375
732
-1,133
-8,155
-5,175
-4,965
366
33,643
-3,474 -35,380
4,214
44,498
-3,693 -30,717
-4,660 -57,202
-3,743 -59,469
-5,126 -72,746
98,982
5,137
-5,766 -107,535
34,241
15,670
36,518
51,319
64,036
38,460
54,484
77,921
84,494
6,026
10,546
7,027
17,693
36,816
33,678
-13,697
15,442
4,785
3,043
12,362
23,696
8,643
18,826
14,503
30,358
52,157
39,042
73,136
81,451
-22,796
-21,566
-17,257
-47,677
-4,529
-905
4
262
-1,375
-1,518
-1,257
-987
-16,892
19,143
-15,996
-46,952
8,470
13,464
16,880
39,107
5,361
2,861
-5,835
8,119
3,109
16,324
22,715
30,988
-31,257
-37,845
-25,597
IV"... -23,567
-1,089
-1,132
-794
-1,949
-904
-1,547
-2,496
-818
-29,264
-35,166
-22,307
-20,800
25,080
29,619
16,672
13,123
-3,122
1,998
2,494
1,673
28,202
27,621
14,178
11,451
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982*
1981: I
n
m
IV
1982: I
n
m
158
1,467
-849
-2,644
1
Consists of gold, special drawing rights (SDRs), convertible currencies, and the U.S. reserve
position in the IMF.
2
Quarterly data are not seasonally adjusted.
Statistical discrepancy
Allocations
of special
drawing
rights
(SDRs)
1,139
1,152
1,093
Total (sum
of the items
with sign
reversed)
Of which:
Seasonal
adjustment
discrepancy
-2,654
-1,620
5,753
10,367
-2,465
11,866
25,212
1,093
5,142
6,038
14,139
16,546
assets, net l
(unadjusted,
end of
period)
14,378
15,883
16,226
18,747
19,312
18,650
18,956
26,756
30,074
33,958
28,870
25,809
41,864
9,988
6,703
-374
9,497
U S official
-829
503
-2,144
2,474
-802
672
-1,904
2,035
30,410
29,582
29,715
30,074
29,944
30,671
30,993
33,958
Note.—Data are as revised for 1982 in March issue.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the
Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
.
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment—Nonfarm Business
1
2
2
3
3
4
4
5
6
7
8
9
10
,
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, 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 for Finished Goods
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 Receipts, 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
General Notes
Detail in these tables may not add to totals because of rounding.
Unless otherwise noted, all dollar figures are in current dollars.
Symbols used:
p
Preliminary.
r
Revised.
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