Full text of Economic Indicators : August 1980
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96th Congress, 2d Session
Economic Indicators
LIBRARY
.PI 1,980
AUGUST 1980
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1980
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLIING, Missouri, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
PAUL S. SARBANES (Maryland)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ROGER W. JEPSEN (Iowa)
HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)
JOHN M. ALBERTINE, Executive Director
COUNCIL OF ECONOMIC ADVISERS
CHARLES L. SCHULTZE, Chairman
GEORGE C. EADS
STEPHEN M. GOLDFELD
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—1st 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 $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
ii
TOTAL OUTPUT,
GROSS NATIONAL PRODUCT
According to revised estimates for the second quarter, gross national product rose $3.8 billion or 0,6 percent, both
at annual rates. Real output (GNP adjusted for price changes) fell 9.0 percent from the
first
level and the
implicit price deflator rose at a 10.6 percent annual rate.
BILLIONS OF DOLLARS
2,600
(RATIO SCALE)
BILLIONS OF DOLLARS (RATtO SCALE)
2,600
SEASONALLY ADJUSTED ANNUAL RATES
2,400
2,400
2,200
2,200
2,000
2,000
GNP
\H CURRENT DOLLARS
1,800
1,800
1,600
1,600
1,400
1,400
1,200
1,200
GNP
IN 1972 DOLLARS
_l
1,000
L. JL
1972
_l
L
1973
_J
1975
1974
i
l
1979
L
1976
1977
1978
SOURCE: DEPARTMENT OF COMMERCE
|
i
l
i
1980
11,000
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
1969»
935.5 579. 7
1970.
982.4 618.8
1971
1, 063. 4 668. 2
1972
1, 171. 1 733.0
1973. .
1, 306. 6 809.9
1974
1, 412. 9 889.6
1975
1, 528. 8 979. 1
1976
1, 702. 2 1, 089. 9
1977
1, 899. 5 1, 210, 0
1978.
2, 127. 6 1, 350. 8
1979
2, 368. 8 1, 509. 8
1978:111.. 2, 159. 6 1, 369. 3
IV... 2? 235. 2 1, 415. 4
1979: I
2} 292. 1 1, 454. 2
I I _ _ . 2, 329. 8 1, 475. 9
III.. 2, 396. 5 1, 528. 6
IV... 2, 456. 9 1, 580. 4
1980: I
2, 520. 8 1, 629. 5
II'.. 2, 524 6 1, 628. 6
Exports and imports of
goods and services
Net
exports
Exports
Imports
Total
146.2
140. 8
160.0
188.3
220.0
214.6
190.9
243.0
303.3
351. 5
387.2
356. 2
370.5
373.8
395.4
392.3
387.2
387. 7
370. 3
1.8
3.9
1.6
-3.3
7. 1
6.0
20. 4
8.0
-9.9
-10.3
-4.6
-6.8
-45
40
-8. 1
-2.3
-11.9
-13.6
-2.5
547
62.5
65.6
72.7
101.6
137.9
147.3
163.3
175.9
207. 2
257.5
213. 8
2249
238.5
243.7
267.3
280.4
308. 1
307. 1
52.9
58.5
64 0
75.9
944
131.9
126.9
155.4
185.8
217. 5
262. 1
220.6
229.4
234 4
25L9
269.5
292.4
321. 7
309.7
207. 9
218. 9
233. 7
253. 1
269.5
302.7
338.4
361.3
396.2
435.6
476. 4
440.9
453.8
460.1
466.6
477.8
501.2
517.2
528.3
services
of goods
Federal
Source: Department of Commerce, Bureau of Economic Analysis.
Government
Gross
private
domestic
i n vestin en t
Total
National
defense
97.5
95.6
96.2
102. 1
102.2
111. 1
123.1
129.7
1444
152. 6
166.6
152.3
159.0
163.6
161.7
162.9
178.4
186.2
193.3
76.3
7a5
70.2
73.5
73.5
77.0
83.7
86.4
93. 7
99.0
108.3
99.0
101.2
103.4
106. 0
109.0
1146
119.6
124 1
Nondefense
21.2
22. 1
26.0
28.6
28.7
34 1
39.4
43.3
50.6
53.6
58.4
53.3
57.8
60.2
55.7
53.9
66.6
69.2
State
and
local
110.4
123,2
137. 5
151.0
167.3
191.5
215.4
231.6
251. 8
283.0
309. 8
288.6
294.8
296.5
3049
3149
322.8
331.0
335.0
Final
sales
926.2
978.6
1, 057. I
1, 161. 7
1,288.6
l f 404 0
1, 539. 6
1, 692. 1
1, 877. 6
2, 105. 2
2f 350. 6
2, 139. 5
2, 214 5
2, 272. 9
2, 296. 4
2, 381. 9
2, 451. 4
2, 516. 1
2, 511. 0
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Per-
Gross private domestic
investment
Exports of goods
and services
Government purchases of
goods and services
sona]
Period
1969 . —
1970
1971
1972— .1973
1974 .
1975
1976 . ._
1977
1978
1979
eon-
Gross
national
product
sumption
expenditures
1, 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. 8
1, 202. 3
1, 273. 0
1, 340. 5
1, 399. 2
1, 431. 6
655.4
668.9
691.9
733.0
767.7
760.7
774 6
820.6
861.7
900.8
924.5
t$f*n
IM
onresidential
fixed
Residential
fixed
Change
in busiNet
ness in- exports
ventories
Exports Imports
Total
Federal
State
Final
sales
and
local
114 3
110. 0
108. 0
116. 8
131. 0
130. 6
113. 6
119. 0
129.3
140. 1
148. 8
4a2
40.4
52.2
62.0
59.7
45.0
38.8
47.8
57.7
60. 1
56.7
10.6
43
6.6
9.4
16.5
8.0
-9.8
6.6
13. 1
14 1
9.7
-1.3
1.4
—.6
-3.3
7.6
15.9
22.6
15. 8
10.3
11.0
17.6
62.2
67.1
67.9
72.7
87.4
93.0
90.0
96. 1
9a4
10R9
119.9
63.5
65.7
68.5
75.9
79.9
77. 1
67.5
80.4
88.2
97.9
102.3
256.7
250. 2
249. 4
253. 1
252. 5
257. 7
262.6
263. 3
268.5
273. 2
2743
102. 1
96. 6
95. 8
96. 5
96.4
100. 6
98. 6
99.4
121. 8
110.7
103. 9
134 9 1, 068. 2
139. 5 1, 071. 0
145. 5 1, 100. 9
151. 0 1, 161. 7
155. 9 1, 218. 5
161. 8 1, 209. 9
166. 1 1, 212. 1
166. 9 1, 266. 4
167.9 1, 327. 4
174 6 1, 385. 1
174 9 1, 421. 9
1978: III— 1, 407. 3
IV.. 1, 426. 6
905. 3
920.3
141.6
145.5
60.2
60.0
12.2
12.0
13.3
12.9
111.9
113.8
98.5
101.0
2747
276.0
98.5
99.3
176.2
176.6
1, 395. 1
1, 414 6
1979: I—.. 1, 430. 6
921.8
915.0
925. 9
147.2
146.9
150.7
150.5
57.7
56.7
56.5
55.8
12.3
18.1
7.1
1.4
17.0
13.2
20. 1
20. 1
117.0
116.0
122.2
1243
100.0
102.9
102. 1
104 1
274.7
272.4
273. 1
277. 1
101. 1
98.1
97.4
101. 1
173.6
1743
175. 6
176.0
1, 418. 4
1, 404 1
1, 426. 2
1, 439. 0
936.5
151.2
145.0
51.7
40.7
.3
3.3
25.0
28. 1
131.7
128.4
106.7
100.4
280.0
281.3
104.3
106.9
175.7
1743
1, 444 4
1, 407. 6
II 1, 422. 3
III._ 1, 433. 3
IV _. 1, 440. 3
1980: 1_... 1, 444. 7
Hi'.. 1, 410. 9
935.4
912.6
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]
Personal consumption expenditures
Gross
national
product
Period
Total
Gross private
domestic
investment
NonresNonDurable durable
Services idential
goods
goods
fixed
Residential
fixed
Exports and
imports of goods
and services
Government purchases of goods
and services
Exports Imports Federal
State
and
local
sas
100. 00
105. 80
116. 02
127. 15
133. 71
141. 70
152. 05
165. 46
92.5
96.6
100.0
105.5
116. 9
126.4
132.8
140.4
150.0
163.3
93. 1
95.5
99.0
100.0
101.6
108.4
117.7
1243
129.4
136.5
1448
89.4
93.6
96.6
100.0
107.9
123.8
133.4
138. 1
1447
1546
171.0
86. 1
90.5
95.8
100.0
1047
113.6
123.2
131.2
140.7
150.9
163.4
86.6
91.3
96.4
100.0
103.8
115.3
132.2
13R5
146.6
157. 8
171.3
87.7
90.6
949
100.0
110.8
122.3
132.8
142.5
159.3
179.7
201.4
87.9
93. 1
96.6
100.0
116. 2
148.3
163. 6
169. 9
178.7
190.3
2148
83.3
89. 1
93.5
100.0
118.2
171.0
188.0
193.3
210.7
222. 1
256.2
80.0
86.4
92.6
100.0
105.8
115.9
127.5
1346
143.6
154.8
167.6
81.9
88.3
94.5
100.0
107.3
118.4
129. 7
138.8
150.0
162. 1
177. 1
153. 45
156. 68
151.3
153.8
137.9
139.4
155.7
158.6
152.3
155.0
159.6
162.3
183. 1
189.5
191. 1
197.6
223.9
227.2
154.6
160. 1
163.8
166.9
160. 22
163. 81
167. 20
170. 58
157.8
161.3
165. 1
169.0
142.4
1441
145.3
147.4
164 1
168.9
173.2
177.6
158.0
161.0
165.3
169.2
165.4
169.6
173.8
176.2
192. 6
199. 2
205.5
208.7
203.9
210. 1
218.7
225.7
2345
244.9
2640
280.8
161.9
164.8
167.2
176.4
170.8
174.9
179.3
183.5
1980: 1... :..._ . 17448
1740
178.5
m. 5
1841
187.6
173.3
178.4
180.3
1846
213/4
218.8
2340
239. 1
301.5
308.5
178.5
180.7
188.4
192. 2
86.72
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978..
1979
1978: III.
IV
91.36
96.02
. -
1979: I
II
III
IV
II* .
178. 93
153. 6
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross national product
Con-
Cur-
Period
stant
(1972)
rent
dol-
dol-
lars
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
lars
4.4
2.6
-.3
3.0
5.7
5.5
-1.4
-1.3
5.9
5.3
4.4
2.3
3.5
5.6
1. 1
-2.3
3. 1
2.0
1.2
-9.0
9.1
7.7
5.0
8.2
10.1
11.6
8.1
8.2
11.3
11.6
12.0
11.3
10.9
14.8
10.6
6.7
11.9
10.5
10.8
.6
_
1979...
1978: III
IV
1979:1
II
III.
IV
1980: 1
UP
Im-
plicit
price
deflator
Gross domestic product
Fixedweight-
ed
Chain
price
index
4.5
5.0
5.4
5. 1
4. 1
5.8
9.7
9.6
5.2
6.0
7.3
8.8
7.2
8.7
9.3
9.3
8. 5
8.4
9.5
10.6
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
price
index
(1972
Con-
Cur-
stant
(1972)
rent
dol-
dol-
lars
lars
weights)
4.4
5.0
5.3
5.0
4. 1
6.0
9.9
9.4
5.6
6.3
7.4
8.9
8.2
8.6
9.7
8.8
8.9
8.5
9.6
9.2
4.3
5.0
5.2
4.9
4.0
6.0
10.2
9.3
5.6
6.4
7.5
9.3
8.3
8.9
9.9
9.5
10.0
9.4
10.9
9.7
Im-
plicit
price
deflator
Chain
price
index
Fixedweight-
ed
price
index
(1972
weights)
9. 1
7.8
5.0
8. 1
10. 1
11.5
7.9
8.5
11.2
11.5
12.0
11.2
11. 1
14.8
10. 1
6.9
11.5
10.7
10.5
.6
4.4
2.62
2. 8
5.8
5.4
-1.3
-1. 1
5.7
5.3
4.4
2.3
3.6
5.6
.9
-2. 1
3.2
2.4
1.4
-9. 1
4.5
5. 1
5.3
5. 1
4. 1
5.7
9.3
9.7
5. 1
5.9
7.3
8.7
7.2
8.7
9. 1
9.2
8.0
8.1
9.0
10.6
4.4
5.0
5.3
5.0
4.1
5.9
9.6
9.4
5.6
6.2
7.4
8.8
8.2
8.7
9.6
8.7
8.4
8. 1
9.2
9. 2
4.4
5.0
5.2
4.9
4.0
5.9
9.9
9.3
5.6
6.4
7.5
9.3
8.3
8.9
9.9
9.4
9.6
9. 1
10.6
9.7
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
[Quarterly data at seasonally adjusted annual rates]
Period
Gross domestic
product of
non financial
corporate
business
(billions of
dollars)
Current
dollars
1972
dollars
498.4
1968
1969 541.8
560.6
1970
602.5
1971
671.0
1972
1973
752.0
808.8
1974 .
874.1
1975
1976
988.0
1, 106. 3
1977
1978_ _ _ . 1, 246. 9
1979
1, 387. 7
1978: III _. 1, 267. 9
IV... 1, 314. 1
1, 346. 4
1979: I
II.... 1, 370. 4
III... 1, 401. 3
IV
1, 432. 9
1980: I ... 1, 470. 1
II*._ 1, 471. 0
581.6
607.3
600. 6
619.3
671.0
720.4
695.0
680. 0
730.4
770.7
818.7
844. 1
826.3
841.4
846.6
841.0
842.4
846. 3
848.0
824.3
Current-dollar cost and profit per unit of output (dollars) }
Total
cost
and
profit 2
0.857
.892
.933
.973
1.000
1.044
1. 164
1.285
1.353
1.436
1.523
1.644
1.535
1.562
1.590
1. 629
1.664
1.693
1.734
1.785
Capital
conComsumption
penallowances Indirect sation
business
of
with
capital taxes 3 employees
consumption
adjustment
Total
Profits
tax
liability
0.553 0.017 0. 124
0.058
0.074
0. 089
.055
. 022 . 109
.094
.589
.079
.086
.045
.028
. 103
. 628
.088
.095
.048
.645
.029
. 110
. 094
. 107
.028
.050
.661
. 110
.093
. 105
.055
. 112
.095
. 699 .032
.086
. 061
.043
. 123
.796
. 116
. 113
.045
.060
. 136
.848
. 142
.072
.042
. 138
. 137
.890
. 146
. 151
.077
. 140
.043
.951
.151
.084
. 157
.048
.155
. 143 1.020
.056
.089
. 150 1. 115
. 157
.167
. 142 1.024
. 163
.049
.086
. 155
1.042
.050
.093
. 171
. 155
. 143
. 145 1.075
.052
.088
. 161
. 158
.054
. 159 .085
. 165 . 148 1. 104
.091
. 151 1. 127
. 157
.057
. 170
.092
. 154 1. 152
.060
. 153
.175
.148
.098
. 159 1. 182
.064
.179
.073
. 173 1.217
.069
. 137
. 189
* Output is measured by gross domestic product of nonfinancial corporate
business in 1972 dollars.
> This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.
> Indirect business tax and nontax liability plus business transfer payments
leas subsidies.
Net
interest
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits
after
tax*
0. 066
.055
.041
.046
.057
.050
.024
.053
.066
.074
.073
.068
.077
.078
.072
.074
.066
.061
.051
.063
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
7. 110
7. 137
7. 139
7.377
7.608
7.767
7.480
7.720
7.967
8.052
8. 122
8. 088
8. 152
8.173
8. 125
8.071
8.065
8.056
8.055
8,033
3.931
4. 197
4.482
4.758
5.032
5.431
5.951
6.549
7.092
7.654
8.281
9.014
8.352
8.514
8.734
8.909
9.093
9.279
9.524
9,777
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and De
partment of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Compensation of
employees1
National
income
Period
Proprietors1
income with
inventory valuation and capital
consumption
adjustments
Farm
Nonfarm
Rental
income
of persons
with
capital
consumption
adjustment
Corporate profits with inventory valuation
and capital consumption adjustments
Profits with inventory
valuation adjustment
and without capital
consumption adjustment
Total
Total
Profits
before
tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
571.4
609.2
650.3
715. 1
799.2
875.8
931. 1
1, 037. 8
1, 156. 9
1, 304. 5
1, 459. 2
13.9
13.9
143
18.0
32.0
25.4
23.5
18.3
19.6
27.7
32.8
52.3
51.2
53.4
58. 1
60.4
60. 9
63.5
71.0
80.5
89. 1
98.0
18. 1
18.6
20.1
21.5
21. 6
21.4
22.4
22. 1
24.7
25.9
26.9
81.4
67.9
77.2
92. 1
99. 1
83.6
95.9
126. 8
150.0
167.7
178.2
77.9
66.4
76.9
89.6
97.2
86.5
107.9
141.3
162.0
180. 8
1949
83.4
71.5
82.0
96.2
115.8
126.9
120.4
156. 0
177. 1
206. 0
236.6
-5.5
-5. 1
-5.0
-6.6
-18.6
-40.4
-12.4
-14.6
-15.2
-25.2
-41.8
3.5
1.5
.3
2.5
1.9
-2.9
— 12. 0
— 14 5
-12.0
-13. 1
-16.7
30.8
37.5
42.8
47.0
52.3
69.0
78.6
83.8
94.0
109.5
129.7
1978: III
IV
1, 752. 5 1, 321. 1
1, 820. 0 1, 364 8
26. 1
31.3
91.3
94.4
26.8
27. 1
175.2
1848
189.0
198.6
212.0
227.4
-23.0
-28.8
-13.8
-13.8
111.9
117.6
1979: I —
IIIII
IV
1, 869. 0
1, 897. 9
1, 941. 9
1, 990. 4
1, 411. 2
1, 439. 7
1, 472. 8
1, 513. 2
342
33.7
30.9
32.5
94.8
95.5
99.4
102.1
27.3
26.8
26.6
27.0
178.9
176.6
180.8
176.4
193.3
191. 3
198. 3
196.5
233.3
227.9
242.3
243.0
-39.9
-36.6
-440
-46.5
-14.5
-14.7
-17.6
-20. 1
122.6
125.6
131.5
139.2
1980:1
.
II *
2, 035. 4 1, 555. 2
2, 026. 9 1, 567. 2
27.7
22.2
102.3
97.3
27.0
27.3
175.0
156.0
197.2
180.6
260.4
208.8
-63.2
-28.2
-22.2
-246
148.1
157.0
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979 .
^- —
„:
767.9
798.4
858. 1
951. 9
1, 064 6
1, 136. 0
1, 215. 0
1, 359. 8
1, 525. 8
1, 724. 3
1, 924 8
i Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods
Nondurable goods
Total
personal
consumption
expenditures
Total
durablel
goods
Motor
vehicles
and
parts
579.7
618.8
668.2
733.0
809.9
—
889.6
979. 1
.
1, 089. 9
1, 210. 0
1, 350. 8
1, 509. 8
85.5
849
97.1
111.2
123.7
122. 0
132.6
157.4
178.8
200. 3
213.0
37.7
349
43.8
50.6
55.2
48.0
53.4
70.0
81.6
91.2
91.5
35.0
36.7
39.4
448
50.7
549
58.0
640
70.9
77.6
85.6
247.0
2647
277.7
299. 3
333.8
376.3
408.9
443.9
481. 3
530.6
596.9
1978: III—. 1, 369. 3
IV
1, 415. 4
203.5
212. 1
92.4
949
1, 454. 2
1979:1
1, 475. 9
II
III ..__ 1, 528. 6
IV .... 1, 580. 4
213.8
208.7
213.4
216.2
97.7
89. 1
89.8
89.4
78.9
82.7
82. 1
84.2
87.3
88.9
1980: 1
1, 629. 5
II » _ _ _ 1, 628. 6
220.2
195.7
92.9
71.8
88.2
85.9
Period
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
i Total includes other items not shown separately.
Furniture
and
household
equipment
Total
nondurable
goods l
Retail sales of
new passenger
cars (millions
of units)
Services
Clothing
and
shoes
Gasoline
and oil
126. 1
136.3
140.6
150. 4
168. 1
189.8
209.6
227. 1
246.7
271. 7
302.0
45. 1
46.6
50.5
55. 1
61.3
65.3
70. 1
75.9
82.4
91.2
99.2
20.4
22.0
23.4
249
27.8
36.4
39.5
42.9
46.7
50.9
65. 1
247.2
269. 1
293.4
322. 4
352.3
391.3
437.5
488.5
549. 8
619.8
699.8
8.5
7. 1
8.7
9.3
9.7
7.5
7. 1
8.6
9. 1
9.3
8.3
1.1
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2.0
2.3
536.7
558. 1
274 5
283.9
92.7
96. 8
51. 5
55.0
629. 1
645.1
9.4
9.3
2. 0
1.9
571. 1
581. 2
6047
630.7
292.9
296.7
303. 1
315.6
95.5
96.9
101.0
103.6
58.4
60.2
68.3
73.4
669.3
686.0
710.6
733. 5
9.3
8.0
8.6
7.5
2.3
2.5
2.2
2.4
652.0
6548
322.6
3248
103.9
106.4
83.6
83.2
757.3
778.0
7.9
5.5
2.8
2.2
Food
Domestics
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $28.6 billion (annual rate) in July, largely as a result of cost-of-li.ving adjustments totalling
about $17% billion to several transfer payment programs, including an increase of about $16 billion in social security
benefits. In addition, increased payments under black lung and trade adjustment assistance programs added $4%
billion to July income. Wages and salaries declined $1.7 billion in July, following a $2.8 billion increase in June.
BILLIONS OF DOLLARS*(RATIO SCALE)
2,400
BILLIONS OF DOLLARS*(RATIO SCALE)
2,400
2,000
1,800
1,600
2,000
1,800
1,600
1,400
1,400
1,200
1,200
1,000
1,000
800
800
600
I—->
I 6°°
OTHER INCOME
400
400
TRANSFER
PAYMENTS
200
200
160
160
120
120
100
100
80
80
60
60
1974
1973
1972
1975
1976
1977
1978
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
633.8
701.3
7646
805.9
890.0
9840
i» ioa 3
1, 227. 6
1, 229. 8
1, 236. 5
1, 247. 9
1, 257. 4
1, 271. 3
1, 282. 9
lf 293. 0
1, 304 2
1, 314 0
1, 309. 0
1, 309. 7
1, 312. 4
1, 310. 8
1980
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted annual rates]
8
Wage
Rental
Other Proprietors* income income
Transfer
and
Total
Divi- Personal
personal salary
labor 1 2
interest
payof
dends
income disburse- income
income ments 5
Nonfarm
Farm
*
ments *
1972
942.5
1973
1, 052. 4
1974
1, 154 9
1, 255. 5
1975
J976
— 1, 381. 6
1977
_ 1, 531. 6
1, 717. 4
1978 .
1, 924 2
1979
1979: July.... 1, 933. 2
Aug....- 1,946.5
Sept... 1, 960. 1
Oct.... 1, 981. 2
Nov.... 2f 005. 5
Dec
2, 028. 3
1980: Jan..... 2, 046. 5
Feb . 2, 055. 7
Mar
2, 070. 0
Apr
2, 071. 5
2, 078. 1
May
June *— 2, 089. 0
July »-.. 2, 117. 6
42.0
4a7
55.6
65. 1
77.4
91.8
106. 5
122.7
123.3
1249
126.4
128.0
129.6
131.2
132.8
1344
136.0
137.4
138.7
139.9
141.0
* The total of wage and salary disbursements and
from compensation of employees (see p. 4) in that it
tions for social insurance and the
of wage accruals over
* Consists of employer contributions to private pension,
funds;
workmen's
compensation;
directors'
and a few
1
1 With inventory valuation and capital consumption
With capital consumption adjustment.
1979
18.0
32.0
25.4
23. 5
ias
19.6
27.7
32.8
32.8
31.0
28.8
31.0
33.0
3a4
31.3
27.9
240
23.0
22.0
21.5
21.5
sai
21.5
21.6
21.4
22.4
22. 1
247
25.9
26.9
27.3
27.3
25.0
26.8
27.0
27.2
27.2
26.6
27.2
27.4
27.1
27.4
27.6
60.4
60.9
63.5
71.0
80.5
89, 1
98.0
97.9
99.5
100.9
101. 1
102. 1
103.0
103.9
102.3
100.8
98.9
96.7
96.3
97.3
1
contribu-
8
labor
246
27.8
31.0
31.9
37.5
42.1
47.2
52.7
52.5
52.7
53.0
53.6
542
55.2
55.8
56.6
57.5
58. 1
58.5
59.2
59. 3
mainly of
746
841
103.0
115.5
127.0
141.7
16a3
192. 1
191.8
1944
197. 1
200.7
205.4
210.3
214 1
217. 2
220.3
224 8
229.0
233.0
236. 5
104 1
118.9
140.8
178.2
193.8
208.4
2241
252.0
258.5
261.2
262.7
2648
265.9
268.8
275.0
273.5
276. 1
278.0
283.2
286. 1
310.7
Less: PerNonsonal confarm
tributions personal
for social income *
insurance
342
42.2
47.7
50. 5
55.6
61.3
69.6
80.7
80.8
81.0
81.7
82.2
83.0
83.6
86.7
87.1
85.9
85. 1
86.8
86.9
87. 2
917.3
1,011.9
1, 119. 3
1, 220. 8
1, 350. 6
1, 498. 1
1, 674 2
1,873.4
1, 882. 3
1, 897. 3\/
1, 913. 1
1, 931. 8
1, 953. 9
1, 976. 1
1, 995. 9
2, 008. 3
2? 026. 2
2, 028. 5
2, 035. 9
2, 047. 1
2, 075. 5
benefits, direct relief, and veterans
of farm proprietors' income, farm
farm other
agricultural net interest.
of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income declined in the second quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
SCALE)
10,000
9,000
3,0X5
3,000
1980
1972
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Less:
Personal
Pertax
sonal
and
income nontax
payments
COUNCIL OF ECONOMIC ADVISERS
Equals :
Disposable
personaJ
income
Less :
Personal
outlays1
Per capita
disposable
personal income
Equals :
Personal
saving Current
dollars
Per capita personal consumption expenditures
1972 . Current
dollars dollars
1972
dollars
Percent
change
in real
per
capita
disposable
personal
income
Saving
as percent of Populadispostion
(thou-2
able
sands)
personal
income
Billions of dollars
1971
1972
1973
1974
1975
1976__
1977
1978.
1979
859. 1
942.5
1, 052. 4
1, 154. 9
1, 255. 5
__ 1, 381. 6
1, 531. 6
1, 717. 4
1, 924. 2
116.3
141.2
150. 8
170.3
168.8
197. 1
226.4
259. 0
299.9
742.8
801.3
901. 7
984.6
1, 086. 7
1,184.5
I, 305. 1
1, 458. 4
1, 624. 3
1
1
1
1
1
685.5
751.9
831.3
913.0
003. 0
115. 9
240.2
386.4
550. 5
57.3
49.4
70.3
71.7
83.6
68. 6
65.0
72.0
73.8
3,588
3,837
4,285
4,646
5, 088
5,504
6,017
6,672
7,367
3,714
3,837
4, 062
3,973
4, 025
4, 144
4,285
4,449
4,512
3,227
3,510
3,849
4,197
4, 584
5,064
5, 579
6,179
6,848
3,342
3, 510
3,648
3, 589
3,627
3,813
3,973
4, 121
4, 193
2.6
3.3
5.9
-2.2
1.3
3.0
3.4
3.8
1.4
7.7
6.2
7.8
7.3
7.7
5.8
5.0
49
4.5
207, 053
208, 846
210, 410
211, 945
213, 566
215, 203
216, 898
218, 594
220, 464
Seasonally adjusted annual
1978: III.. 1, 742. 5 266.0 1, 476. 5 1, 405. 6
IV__ 1, 803. 1 278.2 1, 524. 8 1, 453. 4
1979: I.... 1, 852. 6 280. 4 1, 572. 2 1, 493. 0
IL__ 1, 892. 5 290.7 1, 601. 7 1, 515. 8
III... 1, 946. 6 306. 6 1, 640. 0 1, 569. 7
IV.__ 2, 005. 0 321.9 1, 683. 1 1, 623. 4
1980: !._._ 2, 057. 4 320.0 1, 737. 4 1, 672. 9
II*.. 2, 079. 5 324. 6 1, 755. 0 1, 671. 4
70.9
71.5
6,748
6,954
4,461
4, 522'
6,258
6, 455
4,137
4,197
3.3
5.6
4.8
47
218, 814
219, 286
79.2
85.9
70. 3
59.7
7,157
7,275
7,430
7,606
4,538
4,510
4,501
4, 502
6,619
6,704
6,926
7,142
4,196
4, 156
4, 195
4,227
1.2
-2.3
-.8
.1
5.0
5.4
43
3.5
219, 690
220, 166
220, 715
221, 285
64.4
83.6
7, 834
7,897
4,502
4,425
7,348
7,328
4,223
4,106
0
-6.7
3.7
48
221, 768
222, 244
* Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are for Julv 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.
Source:
of the Census).
of Commerce (Bureau of Economic Analysis and Bureau
FARM INCOME
In the second quarter, net farm income before inventory adjustment fell $1.5 billion (annual rate), while income after
inventory adjustment fell $2.5 billion.
BILLIONS OF DOLLARS* (RATIO SCALE)
200
BILLIONS OF DOLLARS* (RATIO SCALE)
I 200.
100
100
GROSS FARM INCOME_
BEFORE INVENTORY
ADJUSTMENT
80
80
60
60
40
40
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT
20
20
10
10
1972
1973
1975
1974
1977
1976
1979
1978
1980
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE; DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Quarterly data at seasonally adjusted annual rates]
Personal income received
by total farm population
Income received from farming
Gross income before inventory adjustment
Period
1972
1973
1974. _.
1975
1976
1977 .
1978 .
1979.
1978:111...
IV
1979: I
II—
III—
IV...
1980: I
II "___
70.1
95.5
100.0
96.9
104.2
107.5
124.9
142.3
122.2
133.4
142.2
142.7
140.5
144.1
Cash receipts from
Producmarketings
tion ex- Before
After
penses inven- invenLivestock
tory
tory
Total
Crops
and
adjust- adjust-2
products
ment
ment
Billions of dollars
61.2
35.7
17.8
18.7
25.5
52.3
87.1
45.9
41. 1
33.3
29.9
65.6
41.4
92.4
51.1
26. 1
72.2
27.7
88.2
43.0
45.1
245
21.1
75.9
46. 1
94.8
18.7
21.0
48.7
83. 1
47.4
95.7
48.2
19.8
18.7
88.8
59. 0
111.0
52. 1
27.9
26.3
98. 1
67.2
128.9
28.9
33.3
61.7
113.4
60.4
109.0
48.6
26.3
24.8
97.4
118.0
63.4
54.6
30.4
31.6
103.0
129.2
69.8
36.0
59.4
33.0
109.2
67.8
340
129.1
112.2
61.3
30.5
127.2
65.2
62.0
29.8
115.2
25.3
130.4
66.2
32.4
642
118.2
25.9
146.5
147.2
132.1
132.3
From From From
all
farm nonfarm
sources sources sources Total i
346
48.9
45.2
44.5
40.3
42.9
54.0
60.5
16.9
29.2
23.4
21.9
16.8
iao
25.2
29.9
17.8
19.7
21.8
22.7
23.5
24.9
28.8
30.5
iCash receipts from marketings, Government payments, and nonmoney
Income furnished by farms.
" Inventory of crops and livestock valued at the average price for the year.
1
Based on 1969 Census of Agriculture definition of a farm. The number of
farms is held constant within a year; data for 1979 and 1980 estimated.
Net to farm
operators
67.6
62.7
645
69.6
122.0
1242
245
23.0
27.3
248
Net income per
farm after inventory adjustment 3
Current
1967
dollars dollars *
Dollars
6,526
11, 813
9,349
8,846
6,823
7,301
10, 434
12, 660
9,840
11, 830
13, 690
12, 930
11, 330
12, 320
5,208
8,875
6,330
5,488
4,002
4,023
5,340
5,820
4,980
5,860
6,590
6,040
5,130
5,400
10, 490
9,530
4,420
3,890
* Income in current dollars divided by the consumer price index.
Source: Department of Agriculture.
CORPORATE PROFITS
In the second quarter, according to preliminary estimates, corporate profits before tax fell $51.6 billion (annual rate)
pror fell $28.7 billion.
while after-tax profits
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
280
280
240
40
40
1980
SOURCE: DEPARTMENT OF COMMERCE
Period
1969
1970
1971
1972
1973
1974
1975
1976 ..
1977
1978
1979
1978:111 -.
IV1979: 1
II
III
IV. ..
1980:1 .
II »_
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after
Profits (before tax) with inventory valuation
adjustment *
Domestic industries
Tax
Profits
Nonfinancial
liabefore
DiviWholebility Total dends
tax
Total *
Manusale
Total Financial
Total1 facand
turretail
ing
trade
77.9
66.4
76.9
89.6
97.2
86.5
107.9
141. 3
162.0
180. 8
1949
189.0
198.6
193.3
191.3
198.3
196.5
197.2
180.6
74.2
62.6
72.4
84.7
90.4
76.9
101.8
133.1
152.1
170.6
181.6
178.8
189.0
181.4
179.6
182.5
183.0
181.1
167.2
11.3
12.6
14. 1
15.4
16.2
14.4
13.0
17.8
23.8
29.7
33.2
30.6
32.1
31.9
32.0
33.8
35.0
34.7
31.8
62.9
50. 1
58.2
69.3
74.1
62.5
88.9
115.3
128.3
140.9
148.5
148.3
156.9
149.6
147.7
148.7
148.0
146.5
135.4
36.8
27. 1
32.4
40.6
44. 1
36.6
48.3
65.7
73.5
81.7
88.8
85. 1
90.6
94.1
90.6
86.4
84.0
93.0
76.0
»See p. 4 for profits with inventory valuation and capital consumption
adjustments.
'Includes rest of the world, not shown separately.
8
10.1
9.4
11.7
13.3
14.7
12.9
20.7
23.3
24. 1
23.0
23.7
25.5
25.8
18.6
22.4
26.5
27.1
16.5
21.9
83.4
71.5
82.0
96.2
115.8
126.9
120.4
156.0
177.1
206.0
236.6
212.0
227.4
233.3
227.9
242.3
243.0
260.4
208. 8
43.8
39.7
34.5
37.0
443
37.7
546
41.5
48.7
67. 1
52.4
745
49.8
70.6
92.2
63.8
72.6 1045
84.5 121.5
92.5 1441
87.5 1246
95. 1 132.3
91.3 142.0
88.7 139. 3
94.0 148.3
96.1 146.9
102.4 158.0
79. 5 '129.3
22.6
22.9
23.0
246
27.8
31.0
31.9
37.5
42. 1
47.2
52.7
47.8
49.7
51.5
52.3
52.8
544
56.7
58.6
tax
Undistributed
profits
21.2
14 1
21.3
30.0
39.3
43.6
38.7
547
62.4
743
91.4
76.8
82.6
90.5
87.0
95.5
92.5
101.3
70.7
> Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
Inventory
valuation
adjustment
-5.5
-5.1
-5.0
—6.6
-18.6
-40.4
-12.4
-146
-15.2
-25.2
-41.8
-23.0
-2as
39. 9
-36.6
-440
-46.5
-63.2
-28.2
According to revised estimates for the second quarter, business
investment fell $4.9
(annyal
as
nonresidential construction outlays increased $0.5 billion and producers1
fell $5.5
billion. Residential investment outlays fell $21.4 billion. Inventory
to $13.6 billion, up $8.9
billion from the first quarter level.
OF
OF DOLLARS
450
150
100
50
1980
1972
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars ; quarterly data at seasonally
Nonresidential
Period
1969
1970
______
1971
1972
1973
....
1974
1975__
1976
1977
1978
1979 _
_. __
1978: III
_
IV
1979: I
II. .
III
IV
1980: I
II"—
Gross
private
domestic
investment
146. 2
140.8
160. 0
188.3
220.0
214. 6
190.9
243.0
303.3
351. 5
387.2
356. 2
370. 5
373. 8
395.4
392.3
387.2
387.7
370.3
Structures
Total
. 98.9
100.5
104. 1
116.8
136. 0
150.6
150. 2
164.9
189.4
221. 1
254.9
225. 9
236. 1
243.4
249. 1
261.8
265.2
272.6
267.7
Producers1
durable
equipment
in
Total
Total
Nonfarm
Total
Nonfarm
35.7
37.7
39.3
42.5
49.0
54.5
53.8
57.3
62.6
76.5
92.6
79.7
84.4
84 9
90.5
95.0
100. 2
103.3
103.8
34.3
36. 1
37.8
41. 1
46.9
51. 8
51.3
54. 7
59.8
73.3
88.9
76.4
81. 1
81. 2
86.8
91. 4
96.3
99. 6
100. 1
63.3
62. 8
64. 1
74.3
87.0
96.2
96.4
107.6
126. 8
144 6
162.2
146.3
151.8
158.5
158.6
166. 7
165. 1
169.4
163.9
37.9
58.9
36.6
58. 1
49.6
59.9
62.0
69. 1
66. 1
80. 1
88.2
55. 1
87.4
51.5
97.4
68. 1
116.3 ' 91.9
132.6 108.0
147.8 114.1
133. 5 110.2
138.9 113.7
146. 1 111. 2
1445 112.9
150.0 116.0
150.4 116.4
155.9 110.4
150.5
89.0
Source: Department of Commerce, Bureau of Economic Analysis.
investment
Nonfarmstructures
36.3
35. 1
47.9
60.3
643
52.7
49.5
65. 7
88.8
1044
110.2
106. 4
110.0
107.8
109. 1
112.0
112. 1
105.9
85.3
Farm
structures
0.7
.6
.7
.7
.6
1. 2
.9
1. 1
1.5
1.8
1.9
1. 9
1.9
1.5
1.8
2.0
2.3
2.3
1.8
Pro- •
ducers*
durable
equip- Total
ment
0,9
.9
1.0
1. 1
1.2
1.2
1. 1
1.3
1. 6
1.9
2.0
1.9
.1.9
1.9
2.0
2.0
2.1
2.2
L9
9.4
3.8
6.4
9.4
17.9
8.9
-10.7
. 10. 0
21. 9
22.3
18.2
20. 0
20.6
19. 1
33.4
14.5
5.6
4.7
13.6
Nonfarm
9.2
3.7
5. 1
8.8
147
10. 8
-143
12. 1
20.7
21.3
16.5
18.5
19.3
18.8
32.6
12.6
2.1
44
142
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
Business plans to increase capital spending 9.9 percent in 1980, according to the Commerce Department survey conducted in late April and May. The planned increase in spending is 1,2 percentage points lower than the 11.1 percent
reported in March.
'•'
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
TOTAL NEW PLANT AND EQUIPMENT
40
40
20
20
1972
1974
1973
1975
1977
1976
1979
1978
1980
J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts of plant
and equipment
projects *
Expenditures for plant and equipment
Total i
1972
1973
1974
1975
1976
1977
1978_
1979
1980 4 ...
1979: I
II
III.—
IV
1980: I 4 .
II
III4 «...
IV __.
Nonmanufacturing
Manufacturing
Period
8a44
99.74
112. 40
112. 78
120. 49
135. 80
153. 82
177. 09
194.63
165. 94
173. 48
179. 33
186. 95
191. 36
191. 00
195. 54
199. 41
Total
31.35
38.01
46.01
47.95
52.48
60. 16
67.62
78.92
89.66
71.56
76.42
80.22
85. 19
87.32
86.82
90.97
92.14
Durable
goods
15.64
19.25
22.62
21. 84
23.68
27. 77
31.66
38.23
43.11
34.00
36.86
39.72
41.30
42.30
42.18
43.70
44.06
Nondurable
goods
15.72
18.76
23.39
26. 11
28.81
32.39
35.96
40.69
46.46
37.56
39.56
40.50
43.88
45.01
44.^4
47.28
48.07
Total
57.09
61.73
66.39
64.82
68.01
75.64
86. 19
98. 17
106. 08
94.38
97.06
99.12
101. 76
104.04
104. 18
104.56
107. 27
»Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organizations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.
10
Trans- Public
Mining porta- utilition
ties
2.42
2. 74
3. 18
3.79
4.00
4.50
4.78
5.56
6.18
5.46
5.31
5.42
6.06
6.02
6.72
6.88
6.14
3
Includes
1
5.71
6.03
6.66
7.56
7.44
6. 93
8.06
10. 13
10.95
10.08
9.71
10.29
10.74
10.32
11. 16
10.98
11.21
17.00
18.71
20. 55
20. 14
22.28
25.80
29.48
32.56
S2.94
32.35
33.24
33.33
31.52
3435
32.87
32.71
32. 16
Commercial
and 2
other
Manufacturing
11.89 20.07
12. 85 21.40
13.96 22.05
12. 74 20.60
13.30 20.99
15.45 22.97
18. 16 25.71
20.56 29.35
22.61 32.61
18.75 27.73
20.29 28. 51
20.41 29.66
22.71 30.72
22.48 30.86
53. 43
55. 00
57. 76
35. 21
47.57
52.49
48.24
51.05
66.73
72.44
87.30
28.60
38. 13
45.74
3450
29.66
32.54
34.93
21.70
21.98
19. 56
20.87
2471
25.52
3.27
5.75
8.00
413
12.20
Communication
Public
utilities
trade, service, construction, finance, and insurance.
Starts are estimated by adding changes in carryover to expenditures during
given
period.
4
Planned capital expenditures as reported by business in late April and
May 1980. Plans are adjusted when necessary for systematic bias.
Source: Department of Commerce, Bureau of Economic Analysis.
OF THE
Seasonally adjusted employment rose 459,000 In July and unemployment
201fOOO.
MILLIONS OF PERSONS*
OF
110
110
SEASONALLY ADJUSTED
100
100
90
90
EMPLOYMENT
",...,...."••"
80
r
A
UNEMPLOYMENT
1972
1974
1973
1977
1976
1975
1979
1978
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
1980
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16
Noninfl+i+ii
BlilfcU.-
Period
tional
population
1974
1975
1976 .
1977
1978*
1979 „ ..
150, 827
153,449
156, 048
158, 559
161, 058
163, 620
avilfort
VlllcUl unememploy- ployment
ment
85, 935
84, 783
87, 485
90, 546
94, 373
96, 945
5, 076
1 830
7,288
6, 855
6, 047
5, 963
Total
labor
force
(including
Armed
Forces)
93, 240
94, 793
96, 917
99, 534
102* 537
104, 996
Civilian employment
f^.
Oivilian
labor
force
Total
Agricultural
91, Oil
92, 613
94, 773
97, 401
100, 420
102, 908
85, 935
84, 783
87, 485
90 546
94, 373
96, 945
3,492
3,380
3,297
3,244
3, 342
3,297
Unemployment
Nonagrieultural
Part-time
ecoTotal for
nomic l
reasons
82, 443
2, 709
81, 403
3,490
3,272
84, 188
87, 302
3,297
91, 031
3,216
93, 648
3,281
\K
A«J
Total
weeks
and
over
5, 076
7,830
7,288
6, 855
6,047
5,963
2,483
2,339
1, 911
1, 379
1,202
61. 8
6ll 8
62. 1
62. 8
63^ 7
64 2
642
643
643
642
937
Seasonally adjusted
Unadjusted
1979: JulyAug_
Sept.
Oet._
Nov_
Dec-
163, 685
163, 891
164, 106
164, 468
164, 682
164, 898
98, 891
98, 226
97, 576
98, 158
97, 943
98,047
6,104
6,137
5,798
5,781
5,776
5,836
105, 175
105, 218
105, 586
105, 688
105, 744
106, 088
103, 093
103, 128
103, 494
103, 595
103, 652
103, 999
97, 184
97, 004
97, 504
97, 474
97, 608
97, 912
3,267
3, 315
3,364
3,294
3,385
3,359
93, 917
93, 689
94, 140
94, 180
94, 223
94, 553
3,274
3,298
3,167
3,315
3,392
3,519
5,909
6,124
5,990
6,121
6,044
6,087
1,067
1,185
1,152
1,195
1,191
1,230
1980: Jan..
Feb-_
Mar..
Apr__
May.
JuneJuly.
165, 101
165, 298
165, 506
165, 693
165,886
166, 105
166, 391
96, 145
96, 264
96, 546
96, 566
96, 709
97, 776
98, 587
7,043
6,993
6,805
6,846
7,318
8,291
8,410
106, 310
106, 346
106, 184
106, 511
107, 230
106, 634
107, 302
104, 229
104, 260
104, 094
104, 419
105, 142
104, 542
105, 203
97, 804
97, 953
97, 656
97, 154
96, 988
96, 537
96, 996
3,270
3,326
3,358
3,242
3,379
3,191
3,257
94, 534
94, 626
94, 298
93, 912
93, 609
93, 346
93, 739
3,513
3, 406
3,418
3,816
4,349
3,999
4, 113
6, 425
6,307
6,438
7,265
8,154
8,006
8,207
1,334
1,286
1,363
1,629
1,722
1,766
1, 915
1
Persons at work. Economic reasons include slack work, material shortages,
inability to find full-time work, etc.
1
Total labor force as percent of noninstitutional population 16 years of age and
over.
•Data beginning 1978 not strictly comparable with earlier data because of
Labor
force
participation
rate
(per-s
cent)
64.3
64.3
644
64 3
642
64 3
64 6
64 2
64 5
revisions in the household survey, which added about 260,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In July the seasonally adjusted unemployment rate rose slightly to 7.8 percent from 7.7 percent in June.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
1976
1977
1978
1979
1979
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
1980
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)
Total
(all
civilian
workers)
Period
1974
1975.
1976
1977
1978
1979..
.. .
1979 : July. .
Auer
Sept.
Oct
Nov
Dec.
_
1980: Jan
Feb
Mar«
. .
Apr _
may ..
June
._
July
.__
-...
....
Women
20
years
and
over
Both
sexes
16-19
years
White
7.7
7.0
6.0
5.8
5.5
8.0
7.4
7.0
6.0
5.7
16.0
19.9
19.0
17.7
16.3
16. 1
5.0
7.8
7.0
6.2
5.2
5. 1
5.7
5.9
5.8
5.9
5.8
5.9
4.1
4.2
4.2
4.2
43
4.2
5.5
5.9
5.5
5.7
5.6
5.7
15.8
16.6
16.2
16.4
15.9
16.0
5.0
5.3
5. 1
5. 1
5. 1
5. 1
11.0
11.0
10.8
11.5
10.9
11.3
5.4
5.7
5.5
5.6
5.5
5.5
3.6
3.7
3.7
3.8
3.8
3.7
6.2
6.0
6.2
7.0
7.8
7.7
7.8
4.7
4.6
4.9
5.9
6.6
6.7
6.7
5.8
5.7
5.7
6.3
6.6
6.5
6.7
16.3
16.5
15.9
16.2
19.2
18.5
19. 0
5.4
5.3
5.4
6.2
6.9
6.8
6.9
11.8
11.5
11.8
12.6
13.9
13.6
14.2
5.8
5.7
5.9
6.7
7.6
7.4
7.5
4.2
4,0
4.3
4.9
5.3
5.3
5.4
as
' Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
ExpeFullBlack rienced
time
wage Household
and
and
other salary
heads workers
workers
3.3
5.3
9.9
5.1
5.8
8.2
13.9
8.1
7.3
13. 1
7.3
5. 1
6.5
13.1
4.5
6.6
5.5
5.6
3.7
11.9
5.3
5.4
11.3
3.6
3.8
6.7
5.9
5.2
4.2
4. 1
5.6
.
Men
20
years
and
over
By selected groups
By race
By sex and age
Labor
force
time
Partlost
time
(per-!
work- cent)
ers
8.6
10.3
10. 1
9.8
9.0
8.7
6. 1
9.1
8.3
7.6
6.5
6.3
5.3
5.4
5.3
5.4
5.4
5.4
8.3
8.8
8.4
8.9
8.3
8.5
6.4
6.4
6.2
6.4
6.4
6.4
5.7
5.6
5.8
6.6
7.5
7.4
7.6
8.7
8.9
8.3
8. 9
9.3
8.8
8. 7
6.7
6.6
6.8
7.5
8.8
8.3
8.5
Source: Department of Labor, Bureau of Labor Statistics.
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In July the percentage of unemployed persons who were job losers and job leavers fell, while the percentage who
were reentrants and new entrants rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
60
40
20
- 15-26 WEEKS
20
27 WEEKS
AND OVER
1976
1980
1977
1977
1976
1978
1979
1980
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Percent distribution of unemployment by reason *
Period
Unemployment
(thousands)
Job
losers
Job
Reenleavers trants
New
entrants
Percent distribution of unemployment by duration l
Less
than 5
weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
State programs Insured
unemployment,
all
Insured
unem- Initial regular
proploy- claims
grams *
ment
(unadjusted)
Special
unemployment
benefit
claims *
(unadjusted)
Weekly average, thousands
1975
1976
1977
1978.
1979
1979: July..
Aug —
Sept..
Oct..Nov..
Dec
1980: Jan—
Feb...
Mar_.
Apr...
May..
June.July..
7,830
7,288
6,855
6,047
5,963
5,909
6,124
5,990
6,121
6,044
6,087
6,425
6,307
6,438
7,265
8,154
8,006
8,207
55.4
49.8
45.2
41.5
42.8
43.1
44.0
43.7
44.5
45.4
44.3
46.9
45.9
47.3
49.8
52.5
56.3
55.5
10.4
12.2
13.0
14.1
14.3
14.4
14.4
13.7
13.6
14.1
13.0
12.2
12.8
12.2
12.8
12. 1
10.9
10.4
23.8
26. 0
28. 1
30.0
29.5
30.1
29.4
29.2
28.7
28.3
28.8
28.2
28.2
28.0
27. 1
24. 6
22.2
22.7
10.4
12.1
13.7
14.3
13.4
12.4
12.2
13.3
13.1
12.3
13.9
12.7
13. 1
12.5
10.3
10.8
10.5
11.3
37.0
38.3
41.7
46.2
48. 1
48.4
52.0
46.6
48.3
48.8
47.7
49.6
47.1
45.9
45. 1
46.7
41.6
42.2
» Detail may not add to 100 percent because of rounding.
* Includes State (50 States. District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (UCFE), and railroad (KB) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
31.3
29. 6
30.5
31.0
31.7
33.2
28.5
34.1
32. 1
31.3
32.2
29.7
32.7
33.2
32.6
32.5
36.4
33.8
16.5
13.8
13. 1
12.3
11.5
10.6
10.8
10.8
11.1
11.0
11.6
12.4
12.4
11.9
13.0
12. 2
12.8
13.2
15.2
18.3
14.8
10.5
8.7
7.8
8.7
8.5
8.5
8.9
8.5
8.4
7.8
9.0
9.2
8.5
9.2
10.8
3,986
2,991
2,655
2,359
2,434
2,407
2,492
2,488
2,540
2,643
2,631
2,729
2,685
2,857
3,204
3,717
4,009
3,880
478
386
375
346
388
390
394
394
402
405
416
414
389
455
574
642
617
530
4, 937
3,846
3,308
2,645
2,592
2,429
2,377
2, 164
2,236
2,559
3,047
3,740
3,730
3,652
3,629
3,680
3,790
4, 139
1,173
1,152
572
3 pgB and SUA. These programs started January 1975 and regular reporting
began March 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey fell 238,000 in July.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
22
90
WHOLESALE AND RETAIL TRADE
20
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
18
70
16
SERVICE-PRODUCING
INDUSTRIES
60
22
MANUFACTURING
50
20
40
,-.-.-~r"
I I I I I I 1I I I II I I I I I I I I
CONSTRUCTION
GOODS-PRODUCING
INDUSTRIES
30
2 ijl i i i i I i i i i i i i i 1 1 1 i i 1 1 i i i i 1 1 J 1 1 1 i i i i i i i | i i i i i
20
1976
1977
1979
1980
1976
1977
1978
1980 "
1979
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Thousands of wage and salary workers; * seasonally adjusted]
Service-producing industries
Goods-producing industries
Total
nonagri14.
1
cultural
employ- Total '
ment
Period
1974
1975
1976.
1977.-.
1978. 1979
78, 265
76, 945
79, 382
.. 82, 471
86, 697
89, 886
f**
Construction
Trans- Whole- Finance,
Government
i
insurportasale
ance,
tion
and
State
Non- Total
and Services
and
retail
Federal and
durable
Total Durable
real
public trade
goods goods
local
estate
utilities
Manufacturing
24, 794
22, 600
23, 352
24, 346
25, 585
26, 504
4,
3,
3,
3,
4,
4,
020
525
576
851
229
483
20, 077
18 323
18, 997
19, 682
20, 505
21, 062
11, 925
10 688
11, 077
11,597
12, 274
12, 772
8,
7,
7,
8,
8,
8,
152
635
920
086
231
290
53, 471
54, 345
56, 030
58, 125
61, 113
63, 382
4,725
4, 542
4, 582
4, 713
4, 923
5, 141
16, 987
17, 060
17, 755
18, 516
19, 542
20, 269
4, 148
4,
165
•*•) •*•""
4, 271
4,467
4, 724
4, 974
13, 441
13, 892
14, 551
15, 303
16, 252
17, 078
2,724
2, 748
2,733
2, 727
2, 753
2, 773
11, 446
11,937
12, 138
12, 399
12, 919
13, 147
1979: July..
Aug__
Sept—
Oct.—
NOV-.
Dec—
90, 054
90, 222
90, 283
90, 441
90, 552
90, 678
26, 582
26, 528
26, 554
26, 554
26, 504
26, 590
4,491
4,499
4,507
4,529
4,553
4,615
21, 128
21, 055
21, 071
21, 043
20, 966
20, 983
12, 841
12, 782
12, 822
12, 764
12, 693
12, 706
8,287
8,273
8,249
8,279
8,273
8,277
63, 472
63, 694
63, 729
63, 887
64, 048
64, 088
5, 156
5, 182
5,185
5,203
5,216
5,212
20, 254
20, 301
20, 352
20, 414
20, 479
20, 448
4,989
5, 019
5,017
5,033
5,049
5,064
17, 114
17, 152
17, 192
17, 264
17, 308
17, 362
2,784
2,811
2,762
2,769
2,773
2,773
13, 175
13, 229
13, 221
13, 204
13, 223
13, 229
1980: Jan.-.
Feb___
Mar__
Apr___
May
June *.
July *_
91, 031
91, 186
91, 144
90, 951
90, 468
89, 973
89, 735
26, 715
26, 623
26, 476
26, 121
25, 745
25, 396
25, 075
4,745
4,659
4,529
4,467
4,436
4,371
4,320
20, 971
20, 957
20, 938
20, 642
20, 286
19, 999
19, 742
12, 681
12, 715
12, 707
12, 442
12, 140
11,933
11, 772
8,290
8,242
8,231
8,200
8, 146
8,066
7,970
64, 316
64, 563
64, 668
64, 830
64, 723
64, 577
64, 660
5,202
5, 198
5,202
5, 178
5, 167
5, 134
5, 121
20, 529
20, 637
20, 610
20, 531
20, 487
20, 437
20, 496
5,091
5,101
5, 115
5, 119
5, 137
5, 150
5,158
17, 462
17, 540
17, 580
17, 618
17, 659
17, 631
17, 716
2,791
2,826
2,886
3, 115
2,960
2,950
2,861
13, 241
13, 261
13, 275
13, 269
13, 313
13, 275
13, 308
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-€mployed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
are not at work because of industrial disputes; and which are based on a sample
of the working-age population, whereas the estimates in this table are based on
reports
from employing establishments.
1
Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
[For production or
seasonally adjusted]
hourly
index—total private
nonagricultural 2
Average weekly hours
Total
private
nonagricultural l
Period
1971
1972
1§73
1974
1975
1976
1977
1978
1979
..
1979: July
Aue —
Sept
Oct
Nov
Dec .
_.
1980: Jan
Feb
Mar
Apr
May
June v*
Julv
Manufacturing
Total
Overtime
Total
private
nonmgri-1
Manufacturing
Percent change from
a year earlier *
Index, 1967=100
Current
dollars
1967
Current
dollars
»
1967
doHars
a 16
$3.57
3.82
409
4.42
483
5.22
5.68
6. 17
6u69
129.2
137.5
146.0
157. 5
170.6
183.0
196.8
212.9
229.8
106.5
109.7
109.7
106.7
105. 9
107.3
108.4
109. 0
105.6
7.0
6.4 s.
6.2
7.9
8.37.3
7.5
8.2
7.9
2.6
3.0
0
-2.7
-.7
1.3
1.0
.6
3.3
3.3
3.2
3.2
3.3
3.2
6. 17
6. 22
6.26
6.28
6.34
6. 39
6.73
i. 75
6.79
6.82
6.87
6.91
2SO. 8
232. 3
234.3
235.0
237.3
239.4
105.5
105.2
1049
104.2
104.1
103.8
7.8
8.0
8.2
7.7
8.2
8.3
-3.3
-3.5
-3.7
-42
-4 1
-45
3.2
3.0
3.1
3.0
2.6
2.4
2.5
6.41
6.45
6.51
6.54
6.57
6.63
6. 65
a 93
a 99
240.3
242.4
245.2
246.2
248.3
250.7
251. 3
102.7
102.2
102.0
101.4
101.4
101. 5
101.7
7.9
8.2
8.9
8.6
9. 1
9.4
8.9
36.9
37.0
36.9
36.5
36.1
36. 1
36.0
35.8
35.6
39.9
40.5
40.7
40.0
39.5
40. 1
40.3
40.4
40.2
2.9
3.5'
3.8
3.3
2.6
3. 1
3.5
3.6
3.3
$3. 45
35.6
35.7
35.6
35.6
35.6
35.7
40. 1
40. 1
40. 1
40. 1
40.1
40.2
35.6
35.5
35.4
35.3
35.1
35.1
35.0
40.3
40.1
39.8
39.8
39.3
39.1
39. 1
a 70
a §4
4.24
4.53
4.86
5.25
&69
7.06
7.11
7. 15
7.22
7. 29
-a i
*
-5.3
-5.2
-5.0
-5.2
-46
-42
-3.7
A¥ERAGE WEEKLY EARNINGS—
[For production or nonsupervisory workers; monthly
except as
Average gross weekly
Total private nonagricultural *
Period
Current
dollars
1971.
1972
1973
1974
1975 1976
1977
1978. .. ..
1979
1979: July .
Aug
Sept
OctNov
Dec
1980: Jan
Feb..
Mar
Apr May
June p
July 9
........
_.
_ __
$127. 31
136. 90
145. 39
15476
163. 53
175. 45
189. 00
20a70
219. 30
219. 65
222. 05
222. 86
223. 57
225. 70
228. 12
228. 20
228. 98
230. 45
230. 86
230. 61
232. 71
232. 75
Manufacturing
Construction
$104 95
109. 26
109. 23
104 78
101. 45
102. 90
104 13
10430
100.73
100. 43
100. 52
99.76
99. 10
99.03
98.88
97.52
96.53
95.82
95. 08
94.16
94 18
94 15
Current
dollars
$142. 44
154 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
268. 94
269. 87
270. 68
272. 28
273. 48
275. 49
277, 78
279. 28
280. 30
280. 99
282. 98
281. 00
282. 30
285. 04
67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 69
342. 99
- 342. SO
348. 01
352. 13
345. 92
350. 76
355. 26
352. 86
357. 64
356. 85
359. 29
361. 74
366. 92
365. 17
* Monthly
based on
*
on
'
Source: Department of
09
106. 45
111.76
119. 02
126, 45
133. 79 '
142.52
153. 64
164.96
165. 28
166. 59
167. 24
167. 89
169. 52
170. 50
172. 13
172. 04
173. 45
172. 16
173. 98
174. 40
17a 95
a
non».
trad©
1967
dollars 8
*3 Also includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and tor overtime in manufacturing.
8
Current dollar indei (or earnings) divided by the consumer price index.
Revised indei for urban wage earners and clerical workers used beginning 1978.
Percent
Wholesale
-
'
6.2
7. 5 6.2
6.4
5. 7«N
7.3
7.7
7.8
7.7
7.2
7.6
7.9
6.9
7,2
7.4
6.9
6.8
6.6
8.2
6.5
6.7
5.4
1967
dollars
1.9
41
—. 0
-4. 1
-3.2
1.4
1.2
.2
-3,4
-3.9
-a 9
-3.9
-49
-4.9
-5.3
-6.2
-6, 5
7 0
-5.6
-6.9
-6. 6
-6.8
to two
of
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR
Hours of 2all
persons
Output l
Output per hour
of ail persons
Com pensation
per hour 3
Unit labor
costs
Implicit price
deflator 4
PriNonNonPriPriNonNon- Private Non- Private
NonPrivate
vate
farm
farm
vate
farm
farm
vate
farm
farm
business
business
business business
business
business
business
business
business
business
business Business
sector
sector
sector
sector sector
sector
sector sector sector sector
sector
sector
Period
1967 = 100; quarterly data seasonally adjusted
100. 0
105. 1
108.3
100.0
105. 3
108.5
100. 0
101.7
104. 5
100.0
102.0
105.4
100. 0
103. 3
103.6
100. 0
103.2
103.0
100. 0
107.6
115.0
100.0
107.4
114.2
100. 0
104. 1
111. 0
100. 0
104.0
110. 9
100. 0
103. 9
108.8
100. 0
104. 0
108.7
1970
1971
1972
1973. _
1974
107.3
110.3
117.5
124. 4
121. 4
107. 4
110.2
117. 8
124.9
121.8
102.8
102.3
105. 4
109.5
110.2
104.0
103.6
107.0
111.5
112.2
104.4
107.8
111.5
113.6
110.2
103.2
106.4
110.1
112.0
108.6
123.3
131.6
139.8
151.3
165.2
121.9
130. 1
138.4
149.2
163.0
118. 2
122.0
125.4
133.2
149.8
118. 1
122. 3
125. 7
133. 2
150. 1
113. 9
118.9
123. 2
130. 3
143. 1
114.0
119.2
122.9
127. 9
141. 4
1975
1976
1977-.
1978
1979
118.7
126.4
133.8
140. 7
144. 1
118.8
126.9
134.3
141.5
144.9
105.4
108.4
112. 7
118.0
121.8
107.2
110.8
115.4
121. 0
125.3
112.6
116.6
118. 7
119.3
118.3
110.7
114.6
116.4
116.9
115.7
181.7
197.6
213.3
231.4
253. 1
179.3
194.2
209.6
227. 5
247.9
161.3
169.5
179.7
194. 0
214.0
161.9
169.5
180. 1
194.6
214.4
157.5
165. 5
174.8
187. 2
203.8
156.4
164.8
174. 5
186. 1
202. 1
1978: III
IV
141. 8
144.0
142.7
145. 0
118. 4
120. 2
121.6
123. 3
119.7
119.8
117.4
117.6
233.7
238.4
229.5
234.4
195.2
199.0
195.6
199. 3
188.9
192. 9
187.8
191.4
1979: I
II_ ___
III
IV
144. 4
143.4
143. 8
144.8
145. 5
144.2
144.6
145.5
121.5
121. 3
122.0
123. 0
124.8
124.9
125. 7
126. 2
118.9
118.3
117. 8
117.7
116.6
115.4
115.0
115. 2
244.8
250.4
255. 7
260.3
240. 2
244. 9
249.9
255.6
205.9
211. 7
217.0
221. 1
206. 0
212. 1
217.3
221.8
197. 2
202. 0
206. 1
209.7
195. 1
200.3
204. 7
208.4
1980: I
II*
144.8
140. 6
145. 6
141.2
123. 1
120. 1
126.7
123. 8
117. 7
117. 1
114.9
114. 1
267.6
275.3
262. 2
269.0
227.5
235. 1
228.2
235.8
214.5
220. 6
213. 7
220. 5
1967
1968
1969
_—
Percent change ; quarterly data at seasonally adjusted annual rates
1967.1968.-_ — _ —
1969
—
2. 0
5. 1
3.0
1. 9
5.3
3.0
-0.0
1.7
2.7
0.3
2.0
3.3
2.0
3.3
.2
1.6
3.2
—.2
5.3
7. 6
6.9
5.4
7.4
6.4
3.3
4. 1
6. 6
3.8
4.0
6.7
2. 9
3.9
4.7
3.3
4.0
4.5
1970
1971
1972
_
1973
1974_ . _ _
-.9
2. 8
6.6
5. 9
-2.4
-1. 1
2.6
6.9
6.0
-2. 5
-1.6
~~. o
3. 1
3.9
.6
-1.3
—.4
3.2
4. 2
.6
.7
3.3
3.4
1. 9
-3.0
.2
3.0
3.6
1.7
-3.1
7.2
6.7
6.2
8.2
9.2
6.8
6.7
6.4
7.8
9.2
6.4
3.3
2.8
6.2
12. 5
6. 5
3.5
2.7
6.0
12. 7
4.7
4.4
3.6
5.8
9.8
4.9
4.5
3. 1
4. 1
10. 5
1975—
1976
1977
1978___
1979
-2.3
6.5
5. 8
5.2
2.4
-2.5
6.9
5.8
5.4
2.4
-4.3
2.9
3.9
4.7
3.3
-4.4
3.3
4. 2
4.9
3.5
2.1
3.5
1.8
.5
-.8
2.0
3.5
1.5
.5
—L 1
10.0
8.8
8.0
8.5
9.4
10.0
8.3
7.9
8. 6
9.0
7.7
5.0
6.0
8.0
10.3
7.9
4.7
6.3
8.0
10.2
10. 1
5.0
5. 6
7. 1
8.9
10.6
5.4
5.9
6.6
8.6
4. 2
6.4
4.5
6.8
2. 0
6. 1
2. 1
6.0
2. 1
.3
2.4
.7
8.8
8.4
8.5
8.7
6.6
8. 1
5.9
7.9
6. 9
8.7
7.0
7.8
1. 2
- -2.9
1. 1
2.8
1.2
-3. 6
1.2
2.5
4.5
-. 9
2.5
3. 1
4.7
.4
2.7
1. 7
-3. 1
-2.0
_1.4
-.3
-3.3
-3.9
-1.5
.8
11.0
9.5
8.7
7.5
10. 2
8. 1
8.5
9.5
14.6
11.8
10.3
7.8
14. 0
12. 5
10. 1
8.6
9.3
10. 1
8.3
7.2
8. 1
11.0
9.0
7.4
.2
.2
-11. 5
.5
-9. 5
1. 3
-8.8
-.3
-1.9
— 1. 1
-2.9
11.7
11.9
10. 7
10.7
12. 1
14. 1
12. 0
14. 1
9.4
11. 8
10.6
13. 3
1978: III
IV
1979: I .
II
III
IV
1980: I
II»-._- -11.3
1 Output refers to gross domestic product originating in the sector in 1972 dollars.
2 Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
* Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
< Current dollar gross domestic product divided by constant dollar gross domestic product.
16
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production declined 1.6 percent in July, following revised decreases of 2.3 percent in June and 2,6 in May.
The July index was 9.2 percent below its year earlier level,
INDEX, 1967=100* (RATIO SCALE)
INDEX, 1967=100* (RATIO SCALE)
TOTAL INDUSTRIAL PRODUCTION
180 -UTILITIES AND MINING PRODUCTION -
160
UTILITIES
140
120
120
100
180
MINING
1980
1976
MANUFACTURING PRODUCTION
100
1976
1977
1978
1979
1980
NONDURABLE
160
PERCENT* (RATIO SCALE)
100
MANUFACTURING
140
CAPACITY UTILIZATION RATE
90
80
120
70
100
1980
1976
1976
1980
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967 T)TOj)OTt'ion
1973
1974_
1975
1976_._
1977
1978—
1979
1979* July
A up"
Sept
Oct
N"ov
Dec . _
1980- Jan
Feb
Mar .
A.T)r
IVTav
June **
July 9
1
Output
1
Annual
s
Total industrial
production
Percent
Index,
1967= change
from
100
year
earlier
100 00
8.4
129. 8
129.3
—.4
117.8
-8.9
130.5
10.8
138.2
5.9
146. 1
5.7
152.2
4. 2
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted)
Industry production indexes, 1967=100
Manufacturing
Manufacturing
Materials
(Federal
WharComReserve Federal
ton
series) Reserve merce2
series
series 3
series
Total
Durable
Nondurable
87. 95
129.8
129.4
116. 3
130.3
138.4
146.8
153.2
51.98
127. 1
125.7
109.3
122.3
130.0
139.7
146.3
S5.97
133.8
134.6
126.4
141.8
150.5
156.9
163.3
6.86
114 7
115.3
112.8
1142
118.2
1240
125.3
5.69
145.4
143.7
146. 0
151.7
156.5
161.4
166.1
91.8
87. 1
73.4
81.1
82.7
85.6
87.2
87.6
83.8
72.9
79.5
81.9
844
85.7
86
83
77
81
83
84
83
93.0
90.3
79.5
85,6
88.2
91.1
92.7
82
92.4
81
91.8
80
91.4
Mining
152.8
151.6
152.4
152.2
152. 1
152.2
3.9
2.4
2.6
1.7
1.0
.3
154. 1
152.4
153.5
153.2
153.0
152.8
147.2
144.2
145.9
145.7
145.0
1445
164 1
1643
164.6
164. 0
164 5
1647
1247
126.4
125.8
128. 1
130.0
131.6
164 8
165.5
165. 3
166.1
167.4
167.0
87.9
86.9
86.8
86.6
86.4
86.0
86. 1
849
85.3
849
846
843
152.6
152.3
151.7
148.2
144.3
141. 0
138.8
.7
.2
153.4
152.7
151.9
147.9
143.5
139.8
137.2
144.7
144. 1
143.3
138.5
133.5
129.9
127.5
166. 1
165.1
1644
161.6
157.9
154 1
151.2
132.6
132.8
132.9
133.0
133.2
133. 1
131.9
163.9
166. 1
169.6
167.2
168. 0
168.8
171. 6
86.0
85.4
849
82.3
78.7
75.7
740
844
83.8
83. 1
80.7
78. 1
75.8
742
Q
-L7
5 3
-7.6
-9. 2
as percent of capacity.
data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Utilities
Capacity utilization rate, percent l
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Products
Final Products
Equipment
Consumer goods
Period
Total
NonDurable durable
goods
goods
Total
1967 proportion
1970
__ _
1971
._
1972
1973
— 1974 ..
1975
1976
_
_ _ _ _ _ _
1977
1978
1979.
1979: July
_>_
AUK
Sept
Oct
Nov
Dec
1980: Jan
Feb
Mar
.
Apr_
May
June p_ _
July »
47.82
105.3
106.3
115.7
124.4
125. 1
118.2
127.6
135.9
142. 2
147.0
147. 1
145. 6
147.2
146. 8
146.6
147.0
147. 0
147.4
147.1
145. 1
143. 1
141. 2
139.6
7.89
106. 1
118.8
133.8
146.2
135.3
121.4
141. 9
154.0
159.2
155.5
157.2
147. 5
151.8
152.6
149.2
146.6
142.4
1445
144.0
136. 4
129. 1
128.7
128. 0
27. 68
109.0
114.7
124.4
131.5
128.9
124.0
137. 1
145.3
149. 1
150.5
150.8
148. 2
149.7
149.7
148.9
148.5
148.2
148.5
147.8
144.8
142.4
141. 0
139. 4
Intermediate
products
19.79
110. 1
113. 1
120. 6
125.6
126.3
125.1
135.2
141.9
145. 1
148.5
148.2
148.5
148.9
148.6
148.7
149.2
150.5
150.1
149.3
148.2
147.7
145.9
143.9
Total
Business
Total
20.14
100. 1
947
103.8
1145
120.0
110.2
1146
123.0
132.8
142.2
142.1
141.8
143.9
142.9
143.6
145.0
145.4
146.0
146.1
145.4
143.9
141.5
139.9
12.63
107.0
104 1
118.0
1342
142.4
128.2
135.4
147.8
160.3
171.3
171.4
171.5
173.6
172.0
172.5
1741
175.0
175.8
175.9
1744
172.3
168.6
166. 2
12.89
112. 9
116. 7
126.5
137.2
135.3
123. 1
137.2
145. 1
154 1
160.0
159. 4
160.6
159. 8
159.8
159.8
159.9
160.8
159.3
157.7
151. 4
146.7
143. 4
141. 7
Materials
Construction
supplies
6.42
111.0
116.8
128. 4
139.8
1345
116. 3
132.6
140.6
151. 7
156.9
156.4
157.3
156.3
156.8
156.7
156.0
156.4
1543
152.4
140.9
134 1
127.7
126.4
89. 29
109. 2
111. 3
122.3
133. 9
132. 4
115. 5
131.7
138.6
148. 3
156.0
157.6
156.0
156. 3
156.3
156.4
156.2
156.7
155.9
155.4
151. 1
145. 0
139.9
137.0
Supplementary
group:
Energy
total
12.23
117.0
119. 5
125.2
128.3
125. 5
125. 5
129. 1
132. 9
135.4
137.8
137. 1
136.8
136.8
137.2
139.0
138. 1
137.3
139. 0
139.6
138.3
137.9
138. 0
139.3
f 1967=100, seasonally adjusted]
Durable manufactures
Primary metals
Period
1967 proportion
1970
1971
1972 .
1973
1974
1975. .
1976
1977
1978
1979
.
1979: July.__ „ _
Aue.
Sept
Oct
Nov
Dec
1980: Jan...
Feb
Mar
Apr
May
June *»__
July *»_ _
Total
Iron
and
steel
6.67
106. 6
100.2
112. 1
126.7
123. 1
96.4
109. 7
111. 1
119.9
121.2
127. 1
121.0
121. 7
118.0
117.2
115. 4
116.4
111.9
113.6
106. 5
96.5
89.5
83.9
4.21
1047
96. 1
107. 1
122.3
119.8
95.8
1048
103.8
113.2
113.2
119.0
112.0
115.0
108.2
108.0
106.6
107.2
103.4
106.0
97.4
84.2
74.8
Fabricated
metal
products
Nonelectrical
machinery
Electrical
machinery
6.93
102.4
103.5
112. 1
1247
1242
109. 9
123.9
131.0
141. 6
148.5
149. 3
147.6
146.5
147.5
146.9
146. 1
145.Q
145.3
1447
141.8
134.5
128. 5
123.5
9.16
1044
100.2
116.0
133.7
140. 1
125. 1
1345
143.6
153.6
163. 6
165.3
166.2
165. 1
162.3
162. 8
162.9
166.9
166. 1
166.0
163. 2
162. 0
157. 1
1542
8.05
108. 1
107.7
122.2
143. 1
143.8
116.5
1348
145.4
159. 4
175.0
1744
171.7
176.7
177.3
179.5
181. 2
181.7
179.7
179.5
177.2
171.4
166.9
1640
Source: Board of Governors of the Federal Reserve System.
18
Nondurable manufactures
Transportation
equipment
Total
Motor
vehicles
and
parts
9. 27
89.5
97.9
108.2
118.3
108.7
97.4
111.1
122.2
132.5
135.3
135.5
1247
131.7
133.7
128.2
125.9
122.4
126.2
1243
1147
109.5
110. 1
110.6
4.60
92.3
118.6
135. 8
148.8
128.2
111. 1
142.0
161.1
169. 9
160.0
160. 2
138.5
150.6
150.6
139.9
135.4
127.6
135.4
131.7
1149
106.3
107.9
108.9
Lumber
and
products
Apparel
products
Print- Cheming
icals
and
and
pubprodlishing ucts
1.64
105.6
113.8
120.8
126. 0
116.2
107.6
123.2
131.2
136.3
136.9
135.2
138.0
138.6
138.7
136. 1
131.7
131.6
130.2
125.4
105.2
103.6
103. 1
S.S1
101.4
104.7
109.4
117. 3
1143
107.6
125.7
1342
1342
130.7
129.7
130. 1
131.2
128.5
128.8
128. 3
127.2
128. 0
128.0
127. 1
126.9
4. 72
107.0
107. 1
112. 7
118.2
118.2
113. 3
122.5
127.6
131. 5
136.9
135.6
137.7
137. 1
137.2
136.2
137.8
138.9
139.9
139.2
136.5
135.0
133.8
132.7
7. 74
120.4
125.9
143.6
1545
159.4
147.2
170.9
185.7
197.4
210.4
210. 5
213. 1
212.0
211,4
215. 1
216.5
217.7
216. 0
2145
209. 4
199.8
191.7
Foods
8. 76
108.9
112. 8
116. 8
120.9
124.0
123.4
133.0
138.8
142.7
147.9
149.4
148. 1
148.8
148.6
148.3
148.9
150.0
150.2
150.3
148. 7
149.5
146.2
NEW CONSTRUCTION
Private
Total new
construction
expenditures
Period
Construction contracts*
Residential
Total
Total »
Commercial and
industrial
New
housing
units
Federal,
State,
Other
and
local
CommerTotal value cial and
index
industrial
(1972= floor space
100)
(millions of
square feet)
Billions of dollars
1973
1974
1975. ..
1976
1977
_ 1978
1979.
137.9
138. 5
134. 5
151. 1
174.0
205.5
229. 0
105.4
100. 2
93.7
111. 9
135. 8
159.6
179. 9
59.7
50.4
46. 5
60.5
81.0
93.4
99.0
50. 1
40. 6
34. 4
47.3
65.7
75. 8
78.6
21.7
23.8
20.8
19. 9
22.5
29. 6
39. 9
24. 0
25.9
26.4
31. 5
32.4
36.6
41. 0
32. 5
38.3
40.9
39. 1
38. 2
45.9
49. 0
41.0
41.4
42. 8
42. 9
42. 9
42.0
43. 8
44.9
43.8
42. 8
43.4
43.3
43.4
46. 7
49.7
49.6
50.9
52.6
52. 0
52.9
61.5
57. 0
56.5
54. 2
54.0
52. 2
Seasonally adjusted annual rates
1979: June..
July
. J
Ausr _ _
Sept
Oct
Nov__
Dec
1980: Jan___
Feb
Mar__
Apr v v
May
June v
__
225. 7
231.0
231.6
235. 3
_
239.9
239.4
___
259.6
244. 0
_
248. 8
237. 1
226. 5
220. 1
215. 0
179. 0
181.3
182. 0
184.3
187.3
187.4
191.2
198. 1
191.7
180. 6
172.4
166. 1
162.8
78.4
79.0
79. 3
80. 4
79. 9
79.0
78. 5
80.7
75. 1
68.4
60.7
55.2
51.9
97.7
98.5
98. 9
100. 4
101. 5
101.8
102. 1
105. 8
101.5
94. 0
84.5
78.4
75.3
»Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
* F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
40.3
41. 4
40.3
41. 1
42. 9
43.5
45. 3
47.4
46.4
43. 8
44.5
44. 3
44. 2
109.2
103.0
101.9
121.0
153. 6
174. 1
182.9
1, 010
840
555
592
739
977
1,050
Seasonally
Seasonally adjusted
adjusted
annual
rates
177
1,009
181
1,062
163
1,006
185
1,106
171
1,118
156
1,010
183
969
190
1,253
171
1,026
155
994
130
875
125
753
145
854
NOTE.—New construction expenditures data prior to 1973 not comparable
with later data.
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
New private housing units
Units started, by type of structure
Period
Total
1972.
1973
1974
1975 ..
1976
1977
1978
1979
_.
.
2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1
1 unit
1, 309. 2
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1
2-4
units
141.3
118.3
68. 1
64.0
85.9
121.7
125.0
122.0
5 or more
units
906.2
795.0
381.6
204.3
289.2
414.4
462.0
429.0
New private homes
Units
authorized
2, 218. 9
1,819.5
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 800. 5
1, 551. 8
Units
completed
Homes
sold
Homes for
sale at
end of l
period
2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
1, 870. 8
718
634
519
549
646
819
817
709
409
418
346
313
353
402
414
3
398
1,776
1,747
1,963
1,819
1,831
1,880
1,787
1,832
1,669
1,897
1,529
1,481
768
738
716
674
617
571
584
548
458
343
461
535
416
414
412
407
399
398
396
384
377
365
352
343
Vacancy
rate for
rental
housing
units
(percent)2
5.6
5.8
6.2
6.0
5.6
5.2
5.0
5.3
Seasonally adjusted annual rates
1979: July..
Aug
Sept .
Oct
Nov
Dec
1980: Jan
Feb
Mar
Apr
May »
June v
July »_
_
1, 764
1,788
1,874
1,710
1,522
1,548
1,419
1, 330
1,041
1, 030
906
1,208
1, 266
1,222
1,237
1,237
1, 139
980
1, 055
1,002
786
617
628
628
760
865
'• Seasonally adjusted.
data entered in last month of quarter.
New series beginning March 1979.
1
Quarterly
1
130
152
123
129
114
110
127
101
91
100
80
73
94
412
399
514
442
428
383
290
443
333
302
198
375
307
1,563
1,622
1,695
1, 478
1,287
1,247
1,271
1, 168
968
789
825
1,078
1, 240
5.4
5. 2
5.0
5.4
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing
places; data for 1972-77 are for 14,000 places and for 1971, for 13,000 places.
Source: Department of Commerce, Bureau of the Census.
19
IN¥ENTORIES—TOTAL HMD TRADE
Business sales rose % percent in June while inventories rose $1% billion from their May level. According to the advance survey, retail sales rose 2 percent in July following an increase of 11/3 percent in June.
WLLIONS OF DOLLARS* (RATIO SCALE)
OF DOLLARS* (RATIO SCALE)
600
550
5QQ
TOTAL BUSINESS
INVENTORIES
450
400
350
300
250
200
40 I a ' i i i I i i i i i i i i i i I i i 1 1 i i 1 1 i i I i i i i i i i i i i I i i i i i i i i 1 1 I i i i i i
.1976
I
1977
1978
1979
I
1980
RATIO*
150
100
1976
1977
1978
1980
1980
1979
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Total business *
Retail
Wholesale
2
Inventories
Sales
Period
Sales *
Inven^
tones *
Inven-3
Sales * tories
Total
DurNonable durable Total
goods goods
stores stores
f
Inventory-sales
ratio *
Dur- NonTotal
able durable busigoods goods ness J
stores stores
Retail
Millions of dollars, seasonally adjusted
1972
130, 049
1973 .
152, 237
1974
...
175, 741
1975
180, 263
1976
202, 001
1977
224, 786
1978
. ...
254, 297
1979
.— 288, 449
1979: June
283, 772
July
WUAJ
289, 993
Aug. . . .
293, 167
Sept
296, 775
Dot
298, 619
Nov
299, 154
Dec
302, 386
1980: Jan
312, 730
Feb
310, 571
Mar305, 657
Apr .
295, 277
" May
. _ 292, 631
June *
293, 894
July 9
__
203, 161
234, 162
285, 518
285, 035
310, 736
337, 432
380, 643
427, 040
406, 720
413, 581
417, 324
418, 588
423, 037
426, 190
427, 040
431, 815
435, 321
439, 325
445, 528
446, 386
447, 667
29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
62, 842
73, 611
72, 629
74, 778
75, 588
76, 495
77, 489
78, 407
78, 947
81, 178
79, 689
79, 042
76, 670
76, 529
76, 719
39, 786
46, 254
56, 537
55, 113
61, 307
67, 998
80, 771
89, 920
85, 406
87, 662
88, 474
88, 499
89, 146
89, 324
89, 920
91, 085
91, 508
91, 708
92, 736
93, 147
94,311
37, 422
42, 461
45, 083
49, 013
54, 784
60, 435
66,741
73, 837
72, 093
73, 121
74, 871
76, 666
75, 583
76, 421
77, 150
79, 464
77, 993
76, 534
75, Oil
74, 587
75, 602
77, 125
»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
20
12, 369
14. 409
14, 118
15, 247
18, 150
20, 724
23, 458
25, 680
24, 718
25, 247
26, 137
27, 048
25, 656
25, 679
25, 943
27, 268
26, 369
24, 296
22, 821
22, 537
23, 085
24, 190
25, 054
28, 052
30, 965
33, 766
36, 633
39, 711
43, 283
48, 158
47, 375
47, 874
48, 734
49, 618
49, 927
50, 742
51, 207
52, 196
51, 624
52, 238
52, 190
52, 050
52, 517
52, 935
55, 079 24, 238
63, 237 28, 418
71, 067 32, 861
71, 744 33, 356
79, 273 37, 841
89, 210 42, 970
101, 538 50, 100
108, 862 53, 087
107,372 54, 413
109,799 55, 829
110,181 55, 876
108,748 54, 068
110,415 54, 523
110,383 54, 415
108,862 53, 087
108, 436 52, 130
108, 717 52, 232
109, 095 52, 276
110,252 52, 490
109, 837 51, 792
109, 726 51, 695
30, 841
34, 819
38, 206
38, 388
41, 432
46, 240
51, 438
55, 775
52,959
53,970
54,305
54,680
55,892
55,968
55,775
56, 306
56, 485
56, 819
57, 762
58, 045
58 031
1.50
1.43
1.47
1.58
1.48
1.44
1. 41
1.41
1.43
1.43
1.42
1.41
1.42
1.42
1.41
1.38
1.40
1.44
1.51
1.53
1.52
1.40
1.40
1.48
1. 44
1.38
1.39
1.43
1.45
1.49
1.50
1.47
1.42
1.46
1.44
1.41
1.36
1.39
1.43
1.47
1.47
1. 45
sales; for monthly data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers* shipments, new orders, and inventories were virtually unchanged in June. According to advance
data, durable goods new orders and shipments rose in July.
BILL! ONS OF DOLLARS* (RATIO SCALE)
180
160 :-SHIPME NTS
IN
'^
TOTAL
140
80
_>^1
_
DURABLE\ —
GO_lDDS
_
^ _
r^-^
1
«-XV
r ^
120
100
BILLIONS OF DOLLARS * (RATIO SCALE)
280
r-
^—^
_
\-
60
..,—--
***..
240
I_INVENTORIES_
200
160
120
-V
100
DURABLE GOODS
%
— -^»"* »^., ">
-
"
NONDURA JLE GOODS
40
80
60
11111111111
NONDURABLE GOODS
M | i ! 1 1* 1 1 1 1
i i i i i Ij i i i i
40
180
160
-NEW ORDERS-
140
120
RATIO:
2.2
100
DURABLE GOODS
1977
1976
1978
1980
1979
INVENTORY-SHIPMENTS RATIO
2.0
80
r
60
NONDURABLE GOODS
40
1.4 1.2
1977
1976
1978
1979
1980
1977
1976
1978
1979
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1980
COUNCIL OF ECONOMIC ADVISERS
Manufacturers' shipments 1 Manufacturers' inventories 2
Manufacturers' new orders l
Manufacturers
inventory —
shipments4
ratio
72, 954
1973
84, 821
1974
1975 __ _ _ 86, 617
98, 810
1976.
110,842
1977
124, 714
1978
1979. _ - 141, 000
39, 703
44, 253
43, 678
50, 697
58, 010
66, 505
73, 981
33, 251
40, 568
42, 939
48, 113
52, 832
58, 210
67, 019
Durable goods
Capital
Nongoods
Durable
Total
Total
indusgoods durable
Total
goods
tries,
nondefense
Millions of dollars, seasonally adjusted
124, 672 81, 426 43, 245 76, 183 42, 853 11, 089
157, 915 101, 866 56, 048 87, 157 46, 740 12, 737
158, 178 101, 766 56, 412 85, 082 41, 957 10, 772
170, 156 109, 095 61, 061 99, 184 51, 047 12, 501
180, 224 115, 751 64, 472 112,451 59, 562 15, 084
198, 334 129, 456 68, 878 128, 488 70, 145 18, 308
228, 258 151, 689 76, 569 144, 335 77, 215 21, 643
1979: June.. 139, 050
July.. 142, 094
Aug.. 142, 708
Sept__ 143, 614
Oct___ 145, 547
Nov__ 144, 326
Dec___ 146, 289
72, 797
73, 875
74, 363
74, 201
75, 544
73, 751
74, 191
66, 253
68, 220
68, 345
69, 414
70, 003
70, 574
72, 098
213, 942
216, 120
218, 669
221, 341
223, 476
226, 483
228, 258
141,
143,
144,
146,
148,
150,
151,
480
141
658
048
136
476
689
72, 462
72, 979
74,011
75, 293
75, 340
76, 007
76, 569
142, 386
142, 620
143, 615
147, 378
146, 610
146, 996
149, 232
76,
74,
74,
77,
76,
75,
77,
028
585
762
647
521
903
199
21, 704
21, 227
21, 077
21, 578
21, 073
21, 754
22, 285
66,
68,
68,
69,
70,
71,
72,
359
035
854
731
089
092
033
267, 837
268, 362
269, 269
273, 033
274, 097
276, 767
279, 710
1.54
1. 52
1.53
1. 54
1. 54
1.57
1.56
152, 088
152, 889
150, 081
143, 596
141,515
141,573
77, 948
79, 159
75, 925
72, 207
69, 443
69, 056
71, 567
74, 140
73, 730
74, 156
71, 389
72, 072
72, 517
232, 294
235, 096
238, 522
242, 540
243, 402
243, 630
154,
155,
157,
159,
160,
160,
043
314
127
877
607
404
78, 251
79, 782
81, 395
82, 663
82, 795
83, 226
155, 588
154, 603
152, 065
143, 313
138, 920
138, 582
81, 467
81, 021
77, 546
72, 416
67, 328
66, 454
72, 064
23, 859
21, 480
22, 590
22, 162
19, 589
19, 954
20, 354
74, 121
73, 582
74, 519
70, 897
71, 592
72, 128
283,211
284, 924
286, 907
286, 629
284, 033
281, 044
1. 53
1.54
1.59
1. 69
1.72
L 72
Period
1980: Jan___
Feb_._
Mar__
Apr___
May..
June__
Julv
1
Total
NonDurable durable
goods
goods
Monthly average for year and total for month. Shipments are the same as sales.
J1 Book value, end of period.
End of period.
* For annual periods, ratio of weighted average inventories to average monthly
ManufacNon- turers'
durable unfilled
goods orders 3
33, 330
40, 417
43, 125
48, 137
52, 889
58, 344
67, 120
159,
187,
169,
173,
193,
239,
279,
468
574
126
646
561
321
710
1. 58
1. 65
1. 83
1. 66
1. 59
1. 52
1. 52
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce. Bureau of the Census.
21
In July the
rose 3,8
increased 1,3
and
for all finished foods rose 1.7 percent, seasonally adjusted. Prices of conof
Finished consumer foods rose 0.9 percent. Prices of capital equipment
INDDC, 1967=100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
CONSUMER FOODS
V*"*""**\
„..
.»*
\ .*
120
120
100
100
1980
1972
SOURCE; DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
11967=100; monthly data seasonally adjusted]
Finished goods
Crude materials
Consumer goods
Foodstuffs
and
feedstuffs
127.5
180.0
189.4
191.8
190.1
190.9
215.3
247.2
250.1
248.8
252.3
252,6
255.2
255.8
246.0
251.3
2444
229.5
235. 1
237.7
259.0
Total
Confinished sumer
goods foods Total
1972...,.
1973...
1974.....
.. 117.2
127.9
147.5
...... 163.4
1976.......
-— 170.3
1977....
180.6
1978..."
1946
.....
216.1
215.9
Aug.., „ .
21E3
Sept
221.5
223.9
Oct .
Nov
. 226.6
Dec...,
. 228.5
Jan.. ........ 232.2
Feb..... .. 235.5
Mar...
. 23&8
Apr... ..
239.8
May
240.4
June. _
242.3
July. ' _
_ 246.4
•
materials fer
22
121.7
146.4
166.9
181.0
180.2
189.1
206.7
226.3
222.8
226.2
229.3
229.1
233.5
234 1
232.0
231.0
233.4
226.8
227. 1
228.7
23714
Intermediate
materials
Total
finished
Foods
Capicontal sumer Total and 1 Other
feeds
equip- goods
ment
119.5 116.6 118.7 118.5 118.9
123.5 129.2 131.6 168.4 128.1
141.0 149.3 162.9 200.2 159.5
162. 5 163.6 180.0 195.3 178.6
173.2 169.0 189.3 186.6 189.5
1845 178. 9 201.7 191.0 202.4
199. 1 192.6 215. 5 201.0 216.4
216.7 215.7 242.8 223.2 2440
2ia2 2148 243.6 227.2 2446
217.9 218.3 247. 1 229.3 248.2
219.5 222.2 250.7 23a4 261.9
221.4 2248 255.0 231.2 256.5
222.9 227.9 257.3 230.5 258.9
2248 229.9 260.2 231. 1 262.0
228.4 233.6 267.3 225.1 269.9
230.0 237.6 272. 6 237.6 274.7
232.0 241.4 273. 9 230.2 276.5
235.9 241. 2 273.8 224 0 276.8
236.0 242. 1 2749 237. 7 277.2
238. 1 243.8 277. 1 237.7 279.5
241.3 248.2 279.3 245. 4 281.4
Finished goods excluding
consumer foods
115.4
120.1
139.3
156.2
165.5
176.2
isa9
210.8
211.6
213.7
216.9
220.1
Total
113.4
118.5
138.6
153.1
161,8
172, 1
183,7
208.2
208.7
212.3
216.4
220.4
222.2 222.9
2246 225.5
230.0 232.0
234 6 238.6
238.2 243.0
241.5 246.0
242.2 247. 1
244 1 248.9
246.7 251.2
Dur-
Nondur-
113.2
115.8
126.3
138.2
1444
152,2
165.8
181.9
182.0
182.0
1847
187.7
189.4
191.6
19&1
202.1
113.6
120.5
146.8
163.0
173.3
185.4
195.4
able
200.5
200. 3
199.7
202.9
205.7
able
225.9
226.6
232.7
237.8
242.6
245.5
248. 4
255.0
263.2
272.0
277.3
279.7
280.3
282.2
and manufactured animal
Total
127.6
1740
196. 1
196.9
205.1
2143
240. 1
282.2
2846
285.2
291.4
2945
298.4
301.7
299,5
307.5
300.9
290.3
294 1
295. 1
313.6
NOTE.—Data re¥i§ed tor March 1080,
Source: Department of Labor, Bureau of Labor Statistics.
Other
128.--IK
162.5
208. 9
206.9
233.6
258.4
286.7
348.3
349.7
3540
365.4
373.7
380.2
388.5
400.9
414.2
408.2
405.8
406. 1
404.2
417.2
CONSUMER PRICES
In July, the consumer price index for all urban consumers rose 0.1 percent (was unchanged seasonally adjusted).
Food prices rose 1.1 percent (1.0 percent seasonally adjusted). Nonfood commodity prices rose 0.4 percent (0.5
percent seasonally adjusted) and services prices were down 0.7 percent (0.8 percent seasonally adjusted).
INDEX, 1967=100 (RATIO SCALE)
1972
1973
INDEX, 1967= 100 (RATIO SCALE)
1974
1977
1976
1975
1979
1978
1980
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
[1967=* 100]
Period
All
items
Food
1972.
1973
1974..-—...
1975
1976
—
1977
—1978
—
1979
125. 3
123.5
141. 4
161.7
175. 4
180.8
192. 2
211.4
2345
mi
147. 7
161.2
170.5
181. 5
195.4
217. 4
Commodities
less
food
119.4
ms
136. 6
149.1
156.6
165. 1
174.7
195.1
Services
133.3
139.1
152. 1
166.6
180.4
194.3
210.9
234.2
120.9 123. 5
129. 9 141.4
145.5 161.7
158. 4 175. 4
165.2 180.8
1747 192.2
187.1 211.4
208.4 2345
121.6
141.4
162.4
175.8
179.5
190.2
210.2
232.9
234.7
237.6
240.7
243.6
246.2
249.3
253. 1
256.8
261.3
265.3
269.2
274.2
272.4
209.6
211.5
2140
215.8
217.9
220.4
223.5
226.1
228. 8
230.0
230.8
231.6
233.0
235.3
235.5
237. 9
239.8
241. 4
2448
2448
2447
247.1
248.4
249.2
250.5
252.9
233.0
232.5
235.4
237.1
238.5
242.3
241.8
240.9
243. 5
2445
245. 1
246.0
248.9
Food
at
home
All
Unadjusted
1979: July...
Aug...
Sept...
Oct.
Nov...
Dec
1980: Jan.
Feb...
Mar...
Apr
May...
June— _
July___
218.9
221. 1
223. 4
225.4
227.5
229.9
233.2
236. 4
239. 8
242.5
244.9
247.6
247. 8
236.9
236.3
237. 1
238.2
239.1
241.7
243.8
244.9
247.3
249. 1
250.4
252.0
254.8
197.0
199.5
201. 8
203.4
205.4
207.2
210.4
213.8
216.7
218. 6
220.2
221. 4
222.2
NOTE.—Data beginning January 1078 relate to all urban consumers. Earlier
date relate to urban wage earners and clerical workers.
Commodities less food
Food
All
commodities
Food
away
from
home
All
Durable
Nondurable
Services
131.1 119.4 na-9
141.4 123.5 121.9
159.4 136,6 130.6
1743 149.1 145.5
1543
186.1 156.6
200.3 165.1 ieia2
218. 4 1747 173.9
242.9 195.1 191. 1
Seasonally adjusted
119.8
1248
140.9
151.7
158. 3
166.5
1743
198. 7
133.3
139. 1
152. 1
166.6
180.4
1943
210.9
2342
196.2
198.7
201.2
202.9
205.1
207.3
211.5
215.2
217.9
219.0
219.8
220.4
221.4
201.1
205.2
208.6
210. 3
212.0
215.0
221.8
228. 4
233. 8
235. 1
235.5
235.8
236.6
235. 1
237. 7
240.5
243.5
246.1
249.5
252.9
256.8
261.6
265.6
269.8
274 7
272.5
2443
246. 1
247.5
249.9
252.0
2544
256.9
258.6
260.6
262.5
263.8
266. 1
267.3
191.5
193. 1
1942
195.7
198. 4
200.3
202. 5
203.5
2040
205.1
206.3
207.4
208.5
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
Percent change from -3 months
earlier; seasonally adjusted
annual rates
Percent change from 6 months
earlier; seasonally adjusted
annual rates
Consumer goods
Consumer goods
Consumer goods
Total
finished
goods
1971
1972
1973
1974
1975 . _
1976
1977
1978
1979
1979: July
Aiiff
Sept
Oct
Nov
Dec
Percent change from preceding
period; seasonally adjusted l
_ _
.
1980* Jan
Feb
Mar
Apr
Mav
June
July.
Capital Total
equipfinExclud- ment
ished
ing
Foods
goods
foods
Capital Total
finequipished
Exclud- ment
goods
ing
Foods
foods
Capital
equipExclud- ment
Foods
ing
foods
2.4
2.0
5.3
22.6
8.2
6.4
7.2
8.0
8.7
3.2
3.8
11.8
18.3
6. 6
3.3
6.6
9.2
12.5
5.9
8.0
22.5
13.0
5.5
-2.5
6.6
11.9
7.5
2.0
2.0
7.4
20.5
6.7
4.9
6.1
8.4
17.8
1.2
1. 1
1.5
1. 1
1.2
.8
.7
1.5
1.4
-. 1
1.9
.3
1.7
1.7
1.9
1.8
1. 1
1.2
.8
—. 1
.7
.9
.7
.9
9.4
12.2
16. 1
15.7
16. 1
13.3
-5.2
4.9
15.3
11.8
13.5
8.6
19.3
21.0
23.4
24.4
21.5
17.9
8.1
5.5
5.9
6.0
9.5
10.0
10.7
10.8
11.9
12.5
14.1
14.7
1.9
2.1
2.3
2.9
9.1
11.9
16.7
18.3
20.3
21.8
21.3
20.6
9.5
7.4
7.6
7.0
7.5
7.9
1.6
1.4
1.4
.4
.3
.8
1.7
-.9
_.4
1.0
-2.8
.1
.7
3. 8
2.9
2.8
1.8
1.2
.4
.7
.9
1.6
.7
.9
1.7
.0
.9
1.3
15.7
16.7
19.3
13.7
8.6
6.0
11. 5
5.2
-4.2
-1.2
-8.7
-6.6
-7.8
20.0
22.8
31.3
34.8
26.4
15.0
10. 1
8.7
13.3
13.4
13.4
13.8
10.8
10.9
9.5
15.7
16.4
16.2
14.7
12.6
12.4
12.6
8.4
4. 3
3.6
-2.0
— 5.4
-4.6
4.7
23.6
26.3
26.1
24.6
22.9
21.8
17.2
9.6
11.4
11.7
13.5
12. 1
12. 2
11.6
Source: Department of Labor, Bureau of Labor Statistics.
« Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for March 1980.
CHANGES IN CONSUMER PRICES
Percent change from preceding
period ; seasonally adjusted *
Period
All
items
Food
Commodities
less
food
Services
Percent change from 3 months earlier; Percent change from 6 months earlier;
seasonally adjusted annual rates
seasonally adjusted annual rates
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
Services
3. 4
3. 4
8. 8
12. 2
7. 0
4. 8
6. 8
9. 0
13. 3
4. 3
4. 7
20. 1
12. 2
6. 5
.6
8. 0
11. 8
10. 2
2. 3
2.5
5. 0
13. 2
6. 2
5. 1
4. 9
7. 7
14. 3
4. 1
3. 6
6.2
11.3
8. 1
7. 3
7.9
9. 3
13. 7
1979: July..
Aug___
Sept..
Oct.__
Nov..
Dec...
1. 1
1.0
1.2
1.0
1.0
1.2
.5
.1
1. 0
.8
.7
1.4
1.3
1.3
1.3
.8
1. 1
1. 1
1. 1
1.1
1.2
1.2
1. 1
1.4
13.3
13.1
13.8
13.4
13.5
13.7
5.8
3.5
6.5
7.9
10.4
12. 1
15.9
16.9
16.4
14.4
13.5
12.7
14.0
13.7
14.3
15. 1
14.9
15.8
13.2
12.9
13.3
13.4
13.3
13.8
9. 1
6.3
6.4
6.8
6.9
9.3
15.2
15.7
16.0
15.1
15.2
14.5
13. 1
13.0
13.7
146
14.3
15.1
1980: Jan...
Feb...
Mar...
Apr
May __
June__
July__
1.4
1.4
1.4
.9
.9
1.0
0
0
-.0
1.0
.5
.3
.5
1.0
2.0
1.7
1.3
.5
.4
.3
.5
1.4
1.5
1.9
1.5
1. 6
1.8
-.8
15.6
17.2
18.1
15.9
13.6
11. 6
7.6
8.6
5.6
3.8
6.0
7.6
5.6
7.4
18. 1
21.2
22.1
15.0
8.8
4.7
4.5
16.4
18.6
20.9
21.7
21.8
21. 6
10.8
14.5
15.3
15.9
15.7
15.4
14.8
11.7
8.2
8.0
7.9
7.3
6.6
4.7
6.7
16.2
17.3
17.3
16.5
14.8
13.0
9.6
15.7
16.7
18.3
19.0
20.2
21.2
16. 1
1971
1972
1973
1974
1975
1976
1977
1978
1979
1
Annual changes are from December to December (unadjusted).
NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
24
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers rose 5.2 percent in July and prices paid by farmers rose 0.7 percent in trie month ended
July 15.
INDEX, 1967=100
(RATIO SCALE)
PRICES RECEIVED
(ALL FARM PRODUCTS)
PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)
I I I I I I I I I I I 1 I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I I (I I I I I I I I II I I I I I I I I i i I I I I i I I M I t i I t f M
t I I I 1 I ! I I I I 100
PARITY RATIO (ACTUAL)
1972
1980
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910-14=100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
Prices paid by farmers
All
items,
ProducLivestock interest,
Family
living
tion
and
taxes,
and
items
items
products wage rates
Index, 1967=100
Prices received by farmers
Period
All farm
products
1972
1973
1974
1975
1976
1977
1978
1979
_
..
1979: July
Aug.
Sept
Oct . Nov.__
Dec
__
1980: Jan
Feb...
Mar
Apr. _
May
June.
July
1
..
..
. . —
;
Crops
125
179
192
185
186
183
210
241
114
175
224
201
197
192
203
223
136
183
165
172
177
175
217
257
125
144
164
180
192
202
219
250
244
238
240
236
238
239
238
236
226
224
226
222
249
242
254
247
251
255
252
251
255
257
258
260
236
238
234
224
227
232
244
220
220
220
217
223
226
236
252
255
247
232
232
237
251
269
271
274
274
275
278
280
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates on 1910-14=100 base.
* The adjusted parity ratio reflects Government payments made directly to
farmers.
(3)
«
(')
123
133
151
166
176
(3s)
()
8
8
8
8
8
(1)
Parity ratio *
Actual
Adjusted *
121
146
166
182
193
200
217
248
74
91
86
76
71
66
70
71
79
94
87
76
72
68
72
72
251
249
254
256
256
258
71
69
70
68
68
67
72
70
70
68
69
68
263
266
270
268
268
270
273
65
65
63
60
61
61
64
66
65
64
61
62
62
65
s
Index discontinued. Consumer price index (Department of Labor) substitute d
in calculating total prices paid beginning January 1W7.
Source: Department of Agriculture.
25
CREDIT, AND SECURITY
AND LIQUID
Continued
ranges.
expansion of the monetary aggregates in July carried all but M-1A within the FOMC yearly target
BILLIONS OF DOLLARS* (RATIO SCALE)
2,200
BILLIONS OF DOLLARS* (RATIO SCALE)
1973
•SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
F ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Ml-A
Period
Currency
plus
demand
deposits
1973:
1974:
1975:
1976:
1977:
1978:
1979:
1979:
Dec..
Dec
Dec
Dec
Dec
Dec..
Dec-.__
July
Aug
Sept
Oct
Nov
Dec
1980: Jan. .
Feb
Mar
Apr
May
June.
July ».
_
....
.
264 1
275.3
287. 9
305.0
328.4
351.6
369. 7
362.0
364.0
365.9
366.6
368.0
369.7
370.8
373.7
373.1
367.6
367.8
371.3
373.7
Ml-B
M2
Ml-B plus
overnight
RPs and
Ml—A plus Eurodollars,
MMMF
other
checkable
shares, and
deposits at savings and
banks and
small time
thrift
deposits at
institutions commercial
banks and
thrift
institutions l
2644
275. 7
289.0
307.7
332.5
359.9
386.4
377.4
379.9
382.2
382.9
3842
386.4
388. 1
391.3
391.2
386.6
386.1
390.9
3945
858. 1
906.2
1, 022. 4
1, 166. 7
1, 294 1
1, 401. 5
1, 525. 5
1, 478. 3
1, 491. 8
1, 502. 9
1, 510. 1
1, 516. 4
1, 525. 5
1, 534 5
1, 546. 7
1, 553. 1
1, 549. 9
1, 562. 4
1, 585. 6
1, 607. 9
1
Total M2 excludes demand deposits held by thrift institutions at commerical
banks,
not shown separately in components.
2
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
26
M3
M2 plus
large time
deposits
and term
RPs at
commercial
banks and
thrift
institutions
976.1
1, 058. 6
1, 161. 0
1, 299. 7
1, 460. 3
1, 623. 6
1, 775. 5
1, 709. 2
1, 725. 8
1, 745. 5
1, 757. 8
1, 765. 4
1, 775. 5
1, 786. 9
1, 804 5
1,811.1
1, 811. 1
1, 824. 5
1, 844 4
1, 862. 1
L
Percent change3
M3 plus
other liquid Ml-A Ml-B
assets
1, 137. 2
1, 242. 8
1, 369. 6
1, 523. 5
1, 715. 5
1, 927. 7
2, 141. 1
2, 063. 8
2, 081. 3
2, 110. 0
2, 120. 4
2, 126. 4
2, 141. 1
2, 155. 2
2, 175. 9
2, 190. 2
2, 200. 7
2, 216. 7
2, 229. 8
5.5
5.4
43
42
48
46
6.5
5.9
8.1
7.7
a2
7.1
7.4
5.1
9.9
6.9
8.2 10.9
8.1 10.3
7.3
6.0
as
7.2
6.8
5.8
5.8
49
5.4
6.1
48
40
1.9
.5
-. 1 1.0
2.3
.9
3.3
1.6
M2
M3
7.0
5.6
12,8
141
10.9
1L2
8.5
9.7
11.9
12.4
11.2
9.4
9.7
10.4
11.3
10.9
10.5
9.7
9.3
9.3
7.7
6.2
6.8
7.9
8.6
as
8.8
10.3
11.3
11.0
9.8
9.4
8.3
7.7
7.5
6.8
5.3
6.2
8.0
9.8
NOTE.—See page 27 for components.
See Federal Reserve Buttetin, February 1990, for details on series.
Source: Board of Governors of the Federal Reserve System.
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Overnight
Small
Money
Over- market
repurOther
deSavDenight
chase
Cur- mand check- agree- Euro- mutual ings nomiable
fund
de- nation
Period rency dedollars shares posits
time
posits deposits ments
(RPs)
defr\£*4-\
\HQli)
posits 1
NSA
NSA
NSA
NSA
Dec:
1973.
1974.
1975.
1976.
1977.
1978.
1979.
61. 6
67.8
73.8
80.7
88.7
97.6
106.3
202. 5
207.4
214. 1
224. 4
239.7
253.9
263.4
0.3
.4
1. 1
2.7
4. 1
8.4
16.7
1979:
July.
Aug__
Sept_
Oct_Nov.
Dec-
102. 6
103.7
104. 7
105.5
105. 9
106.3
259.4
260. 3
261.2
261. 1
262. 1
263.4
1980:
Jan. .107. 3
Feb.. 108. 1
Mar_ 108. 9
Apr-- 109. 0
May- 110. 1
June- 111.0
July » 112. 1
263.5
265.6
264. 2
258.6
257. 6
260.3
261. 6
0.0
.0
0. 1 322.2
13.6
17.6
21.9
21. 7
.0
1.0
2.0
3.6
447.7
15.4
15.9
16. 3
16.3
16.2
16.7
25.5
25. 3
26. 2
25. 3
22. 5
21.7
3.0
3.3
3.6
17.3
17.6
18.0
19. 0
18.4
19. 6
20. 8
22. 6
23.0
21. 0
17.6
18.5
19.6
23. 6
4. 1
4. 1
6.8
7.2
7.5
.0
3. 5
3.2
3.6
3.6
2. 7
2.8
2.9
3.6
2.3
3.6
3.4
3.8
333.9
383. 9
486. 5
10. 3 476. 1
43.6 416.7
28. 0
31.2
33. 7
36.9
40.4
43.6
49. 1
56.7
60.9
60.4
66.8
74. 2
79.4
450. 9
450.4
445.4
436.0
421. 3
416.7
411.8
403. 1
391.9
377.3
372.7
381.4
392.8
Term
Shortrepur- Term
term
nomi- chase Euro- Sav- Treas- BankComnation agree- dollars ings
ury
ers1 mertime ments (net) bonds secu- accept- cial
de- (RPs)
rities ances paper
posits *
NSA
NSA
Large
de-
266.4
288.9
340.4
396.6
454.9
533.8
110.9
144.0
129. 6
118.0
145.2
194.7
219. 4
596.2
604.4
656. 5
614. 6
628.4
647. 8
656.5
661.8
671.4
687.6
15.0
21.0
27.3
30.5
60.4
63.2
67.3
10.3 71.8
13.7 76.6
22.8 80.6
31.9 80.0
49.8
53.4
76.8
80.7
89.5
98.7
127. 5
12.3
22. 6
28.9
198.9
201. 8
208. 9
214.8
218. 5
219.4
32.0
32.2
33.7
33.0
30.5
30.5
31.4 80.0
33.9 80.0
33.4 80.6
33.2 82.2
34.0 80.3
31.9 80.0
128.8
123.0
128.1
123. 7
122. 1
127.5
22. 6 91.8
25.0 93,6
26.6 95. 6
27. 1 96.4
28.6 96. 0
28.9 97.3
222. 5
29.9
29.2
27. 2
27. 1
27.1
28. 1
29. 2
34. 1 79.2
37.5 78.1
37.4 76.8
37.9 75.2
37.5 74.0
36. 9 73.3
127.6 28.4 99.0
128.8 27.6 99.3
136. 3 28.8 99.8
146.3 29.5 100.6
151.8 29.4 99.5
148.7 30. 2 96.3
228.6
230.7
234.2
708. 3
718.4 235. 0
719. 6 230.7
717.0 225. 1
* Small denomination and large denomination deposits are those issued in
amounts of less than $100,000 and more than $100,000, respectively.
NOTE.—NSA indicates data are not seasonally adjusted.
7.1
8.4
9.0
4.4
6.7
7.9
See also page 26.
Source: Board of Governors of the Federal
4.7
10.7
8.5
9.0
41.9
50. 1
48. 1
51.8
63. 1
79.4
97.3
System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installment credit extended
Period
Total*
Automobile
Installment credit liquidated
Revolving
Total »
Automobile
Revolving
Net
in amount outstanding
Total*
Automobile
Revolving
152, 275
173, 035
172, 765
180, 441
211, 046
254, 057
298, 351
322, 558
43, 702
49, 606
46, 514
52, 420
63, 743
75, 641
88, 987
91, 847
24, 671
28, 714
33, 225
36, 968
43, 946
86, 756
104, 587
120, 728
136, 787
152, 817
163, 276
172, 676
189, 384
218, 794
253, 541
287, 067
38, 081
43, 696
46, 019
49, 444
53, 278
60, 437
69, 430
79, 293
23, 497
26,711
31, 255
35, 628
41, 776
80, 508
96, 811
112, 449
15, 488
20, 218
§,48§
7,765
21, 662
35, 263
44, 810
35, 491
5,621
5,910
495
2,976
10, 465
15, 204
19, 557
12, 554
1, 174
2,003
1,970
1,340
2,170
6,248
7,776
8,279
1979: June
July
k J
Aug
Sept
Oct
Nov
Dec
26, 139
26, 848
27, 583
28, 634
27, 695
26, 464
25, 671
7, 178
7,447
7,667
8,430
7,676
7,066
7,131
10, 136
9,856
10, 371
10, 699
10, 424
10, 613
10, 196
23, 581
24, 405
25, 137
24, 188
25, 509
24, 057
24, 322
6,488
6,831
7,073
6, 607
7,189
6,533
6,449
9,340
9,427
9,584
9,642
9,760
9,814
9,764
2,558
2,443
2,446
4,446
2,186
2,407
1,349
690
616
594
1,823
487
533
682
796
429
787
1,057
664
799
432
1980: Jan
Feb
Mar
Apr.
May
June
26, 702
27, 076
26, 620
22, 548
21, 239
20, 698
7,780
7,659
7,240
5,725
5, 192
4,770
10, 475
10, 458
11, 038
10, 293
10, 089
9,635
25, 330
24, 781
25, 183
24, 533
24, 673
24, 161
6,808
6,778
6,845
6,370
6,535
6,508
10, 186
9,883
10, 427
10, 681
10, 577
10, 383
1,372
2,295
1,437
-1,985
-3, 434
-3, 463
972
881
395
-645
-1,343
-1.738
289
575
611
-388
-488
-748
1972
1973
_.
1974
1975
1976— _
1977
1978_ .
1979.
__
»Includes "mobile home" and "other," not shown separately.
Source: Board of Governors of the Federal Reserve System.
27
LOAN6, INVESTMENTS, AND RESERVES
Bank lending levelled off in July after 3 months of decline. Reserves decreased for the third consecutive month.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
1,200
ALL COMMERCIAL BANKS
1,200
1,000
1,000
800
800
600
600
LOANS AND LEASES
400
400
200
180
160
200
180
160
INVESTMENT IN OTHER SECURITIES
140
140
120
120
INVESTMENT IN
-U.S. TREASURY SECURITIES
100
100
80
60
60
! |I
40
1972
i |i
1973
i Ii
1974
40
1975
1977
1976
1978
1979
1980
*SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOU1CE: BOARD OF GOVERNOiS OF THE FEDERAL RESERVE SYSTEM
Period
1973: Dec
1974: Dec.
1975: Dec
1976: Dec
.
1977: Dec
1978: Dec.....
1979: Dec
Total
loans
and
investments
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
All member banks 3
All commercial banks l
Borrowings (millions of dollars,
Reserves
Loans and leases
Investments
unadjusted)
CommerU.S.
Other
SeaReNoncial and
Total
Total
Total 2 industrial
Treasury secuquired
borrowed
sonal
securities rities
loans
647.8
713.6
744. 6
8043
891. 1
1, 014 3
1, 132. 5
460.3
519. 9
516.9
554 8
632. 1
747. 8
847.2
165.6
197.3
189. 8
191. 2
211.2
246.5
290.5
58.7
53.7
82. 1
100.6
99. 5
93.4
93.8
128.8
140.0
145.7
149.0
159.6
173. 1
191.5
3498
36. 66
3467
34 90
36. 00
41. 16
43.57
33.68
35. 94
3454
34.85
35.43
40.29
42. 10
3468
36. 41
3440
3463
35.81
40.93
43. 13
1,298
703
127
62
558
874
1,473
41
32
13
12
54
134
82
1, 092. 2
1, 102. 8
Sept- .
1, 122. 8
Oct...
1, 129. 1
Nov _
1, 128. 6
Dec
... 1, 132. 5
813.4
823.3
840.0
845.0
843.8
847.2
275.5
279.9
285. 9
288.6
288. 3
290.5
95.3
94 1
95.2
95.3
943
93.8
183.5
185.4
187.6
188.8
190.5
191. 5
40. 78
41. 11
41.43
42.20
43.06
43.57
39. 61
40.03
40. 09
40. 18
41. 15
42. 10
40.57
40.89
41. 24
41.93
42.81
43. 13
1, 179
1,097
1,344
2,022
1,906
1,473
168
177
169
161
146
82
858.5
872.7
874.7
871.6
860. 7
853.6
853.8
295.6
301. 1
302.8
301.3
297.8
296.4
296.9
93. 2
948
945
93. 2
946
97.0
100.7
193. 1
195.2
196.0
196. 2
199.7
201.5
204 1
43.44
43. 35
43. 69
44.85
44 46
43.98
42. 80
42.20
41.70
40.86
42.40
43.44
43.60
42. 40
43. 19
43. 14
43.48
4465
44 27
43.76
42.51
1,241
1,655
2,824
2, 455
1,018
365
390
1979: July
Aug
1980: Jan..
Feb
Mar
Apr
May
June 4
Julv ___
1, 144 8
1, 162. 7
1, 165. 2
1, 161. 0
1, 155. 1
1, 152. 1
1, 158. 5
* Data are averages of Wednesday figures.
*8 Excludes loans to commercial banks in the United States.
Data are averages of daily figures. Member bank reserves series reflects actua 1
reserve requirement percentages with no adjustment to eliminate the effect of
changes in Regulations D and M.
28
* Data for loans and investments are estimates.
Source: Board of Governors of the Federal Reserve System.
*
75
96
150
155
63
12
5
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
TVa
External
Period
Total
Internal *i
nai
Crediit market : "unds
Total
Total
Longterm
Shortterm
Other
L/1S-
Total
Purchase
of
physical 2
assets
Increase
in
•finnn
financial
assets
crepancy
(sources
iless
__
uses)
1044
127.8
161. 6
200.0
191.3
150. 0
209.7
242.3
295.7
339. 0
58.9
6R6
80.8
83.8
75. 7
106.8
125.3
139.9
148.8
158.3
45.5
59.3
80.8
116.2
115.6
43. 2
844
102.3
146.9
180.7
40.7
45.2
58.2
73.0
82. 1
37. 9
60.7
79. 9/
947
113.6
342
41.9
45.3
49.2
51.6
44 1
49. 1
53. 0
61.5
70.0
6.5
3.3
12.9
23.8
30.6
6.3
11.6
26.9
33.2
43.6
49
14 1
22. 6
43. 1
33.4
5. 3
23.8
22.4
52.2
67.0
95.9
119. 6
145.8
185. 6
179. 0
133. 0
183.3
216.8
2743
3249
80.3
86.0
100. 3
123. 3
134 7
99. 9
139.0
169. 9
195. 9
223. 8
15.6
33.5
45. 6
62. 3
44.4
33. 2
44 3
46. 9
78.3
101. 1
8. 5
8. 2
15. 8
14 4
12. 2
16 9
26. 4
25. 5
21. 4
14 1
1978: I
II
III
IV
259.6
297.7
303.5
322. 1
135.0
150. 5
153.8
155.9
124 5
147.2
149. 7
16&2
94 7
92. 7
90.4
101. 1
51.2
65.2
63. 1
66.5
43.5
27.5
27.3
34 6
29.8
545
59.3
65. 1
232.5
281.3
284 4
298.9
177. 0
203.2
199. 9
203. 6
55. 0
78. 1
84 4
95.2
27. 0
16. 4
19. 1
23. 2
1979: I -.
II
IIIIV
336.7
320.8
385.0
310. 2
1544
159.0
161.6
158.2
182. 3
161.8
223.4
152.0
112. 0
127. 1
129. 1
89. 3
66. 3
76.9
75. 3
63. 2
45.7
50.2
53. 8
26. 1
70. 3
34 6
94. 3
62. 7
324 7
302. 6
371. 3
297. 9
214 0
230. 9
229.9
220. 3
110. 7
71. 7
141. 4
77. 6
12. 1
18.2
13. 8
12. 3
1980: I »
364 4
153. 3
211. 1
124 6
70. 0
54 6
86. 5
352. 2
229. 5
122. 7
12. 2
1970
1971
1972
1973
1974
1975
1976.
1977
1978
1979-
_
-
» Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits.
* Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Current assets
End of period
Total
Cash
Current liabilities
U.S.
Notes
governand
Invenment
actories
securi- counts
ties receivable
Other
current
assets
Total
Notes
and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio »
SEC series:2
1970
492.3
1971..
529.6
1972
599.3
1973 . .
697.8
1974
790.7
3
FTC-FRB series:
1974—
735.4
1975_
759.0
1976—
826. 3
900.9
1977
1, 028. 1
1978—
1979
1, 199. 9
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
3049
326. 0
375.6
450.9
530.4
211.3
220. 5
282.9
340.3
402. 3
93.6
105. 5
92.7
110. 7
128. 1
187.4
203. 6
223.7
246. 9
260.3
1.615
1.625
1.595
1.548
1.491
73.2
82. 1
87.3
943
103.7
116.2
11. 1
19.0
23. 6
18.7
17.8
17.8
265.8
272. 1
293.3
325.0
381.9
451.7
319.5
315.9
342. 9
375. 6
428.3
503.9
65. 9
69.9
79.2
87.3
96.3
110.3
453.4
451.6
492. 7
546.8
661.9
803.7
269.8
2642
282. 0
313.7
375. 1
460.8
183. 6
187.4
210. 6
233. 1
286.8
342.8
282.0
307.4
333.6
354 1
366. 2
396.3
1. 622
1.681
1.677
1.648
1.553
1.493
1978: I
II .
Ill
IV
925.0
9542
992.6
1, 028. 1
88.8
91.3
91. 7
103.7
18.6
17.3
16. 1
17.8
337.4
356.0
376.4
381.9
390. 5
399.3
415. 5
428.3
89.7
90.3
92. 9
96.3
5742
593.5
626. 0
661.9
325.2
338.0
356. 2
375. 1
249. 0
255.6
269.7
286.8
350.7
360.6
366.6
366.2
1. 611
1.608
1.586
1.553
1979: I
II
III .
IV.
1, 078. 6
1, 110. 6
1, 169. 6
1, 199. 9
102.4
100. 1
103.6
116. 2
19.2
20.8
17.8
17.8
405.3
419.0
448.9
451. 7
452.6
469.2
492.7
503.9
99. 1
101. 5
106.7
110. 3
701.6
723.9
773.7
803. 7
392.6
410.8
443.1
460.8
309.0
313.2
330.6
342.8
377.0
386.7
395.9
396. 3
1.537
1.534
1.512
1.493
1
Total current assets divided by total current liabilities.
1
Based on data from Statistics of Income, Department of the Treasury.
* Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Federal Trade
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Market interest rates trended upward in August due to revised expectations on the length and severity of the recession
and to fears that the Federal Reserve had tightened monetary policy.
PERCENT PER ANNUM
|*j
14
(
:|
*MARCH 15.526
| j
f
-''I V - %
1 '
12
j
j
iv/1
¥
I? •"<
J; /
r$ i
in
CORPORATE Aaa BONDS
N
/
A
^->
-^
(MOODY'S)
X/\
..Jf¥*
M
u
DISCOUNT
TREASURY BILLS
FEDERAL
RESERVE
X^BANK OF
]~NEW YORK
/
/r~
\ fc
\J
' '
/
•••.
L
;•"'
I
:;
\l
^y
Un A ,
»..••"«.
\
10
J
_J/
\
*{
^
[H^Jjj
&
>t-f
j
^
^,^^
**\
X
/ {J
..—• r
.
,-"'
p J ' W LL
•-" 1
6
,~v
12
i
1
.<
^\
./
„./
2 ^ 1 M 1
4
M i l t
M M 1 I M 1 M
1972
I
1973
i Ii i i I
i i Ii
1974
M M I I M 1 1 1
M M I I I I I II
1975
1976
I
III
M 1 M
-1977
I IIII
Mill
1978
SOURCE: SEE TABLE BELOW
M 1 11 I 1 M 1
1979
1 ni|| 2
I|
1980
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treasury security yields
3-month
bills1
Period
1974
1975
1976
1977
1978
1979
7.886
5. 838
4.989
5. 265
7.221
10. 041
1979: July.
Aug
..
10. 182
11. 472
Sept
Get
Nov
Dec
1980: Jan
Feb
Mar
9.262
9.450
11.868
- _
Apr
May
June _
July
j __
Aug
Week ended:
1980: July 26
Aug 2
9__
16
23
30
1
2
12. 071
12. 036
12. 814
15. 526
14. 003
9. 150
6.995
8. 126
Constant maturities
3-year
2
10-year
High-grade
Prime comCorporate
municipal
mercial
Aaa
bonds
paper,
bonds
(Standard
4-6
3 (Moody's)
& Poor's)
months 4
7.82
7.49
6.77
6.69
8.29
9.71
8.94
9. 14
9.69
10.95
11. 18
10.71
10.88
12.84
14.05
12. 02
9.44
8. 91
9. 27
7.56
7.99
7.61
7.42
8.41
9.44
8.95
9.03
9.33
10.30
10. 65
10.39
10.80
12.41
12.75
11.47
10. 18
9.78
10.25
6. 09
6.89
6. 49
5.56
5.90
6.39
6.05
6. 10
6.40
6.98
7. 19
7.09
7.21
8.04
9.09
8.40
7.37
7.60
8. 08
8.57
8. 83
8.43
8. 02
8.73
9.63
9.20
9.23
9. 44
10.13
10.76
10.74
11.09
12.38
12.96
12.04
10.99
10.58
11.07
9. 87
6.33
5. 35
5.60
7.99
4
10. 91
9.82
10. 39
11.60
13. 23
4
13. 26
12.80
12.66
13.60
16.50
14.93
9.29
8.03
8. 29
9. 23
9.72
9. 90
10. 18
11. 06
10. 20
10.59
10. 75
10.93
11. 20
8. 13
8.45
8. 53
8.52
8.66
11. 11
11.33
11. 44
11. 57
11.70
8.26
8. 61
8. 84
9.20
9. 94
9.259
7.880
8. 221
8.877
8. 723
9.411
10. 025
Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by3 the Treasury Department.
Weekly data are Wednesday figures.
* Beginning November 1, 1979, data are for 6 months paper.
* Average effective rate for year; opening and closing rate for month and week.
30
9
Discount
rate
(N.Y.
F.R. 5
Bank)
7.83
6.25
5.50
5.46
7.46
10.28
9^-10
10-10K
lOH-H
11-12
12-12
12-12
12-12
12-13
13-13
13-13
13-12
12-11
11-10
10-
11-11
11-10
10-10
10-10
10-10
10-
Prime
rate
charged
i>y
banks
5
10. 81
7. 86
6.84
6.83
9.06
12.67
11K-11K
1P/M2K
12K-13/2
13H-15
15M-15K
15l/f-15^
15J4-15K
15^-16%
16%-19^
19/2-19^
*181/2-14
14-12
12-11
11-
Newhome
mortgage
yields
(FHLBB)e
8.92
9.01
8.99
9.01
9. 54
10.77
10. 78
11.01
11.02
11.21
11.37
11.64
11. 87
11.93
12.62
13.03
13.68
12. 66
12. 51
11/2-11
11-11
11-11
11-11
11-1 IK
HM-
Effective rate (in the primary market) on conventional mortgages, reflectingj
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.
* Range of 183^-19.
_ .
Sources: Department of the Treasury, Board of Governors of the *ederal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Continued ebullience in the stock market in August pushed the broadly-based stock indexes to record levels.
INDEX, DEC 31, 1965=50
80
INDEX, DEC 31,1965=50
80
1980
1972
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC
Common stock yields
(percent) *
Common stock prices l
New York Stock Exchange indexes (Dec. 31, 1965=50) *
Period
TransporComposite Industrial
tation
1974
1975 .
1976
1977
1978
1979
1979: July
Aug. .
Sept.
Oct ..
Nov
Dec
1980: Jan
Feb...
Mar
Apr
May
June. _
July
Week ended:
1980: July 19
26
Aug 2
9
16
23
1
Average
1
.
43.84
45.73
5446
53. 69
53.70
58.32
58.38
61. 19
61.89
59.27
59.02
61.75
63.74
66.06
59.52
58.47
61.38
65.43
68.56
48.08
50. 52
60.44
57. 86
58.23
64.76
64.24
67.71
69. 17
66.68
66.45
69.83
72.67
76.42
68. 71
66.31
69.39
74.47
78.67
31.89
31. 10
39.57
41.09
43.50
47. 34
48.85
52. 48
52.21
48.09
47.61
50.59
52.61
57.92
51.77
48. 62
51.07
54.04
59. 14
29. 79
31. 50
36.97
40. 92
39. 22
38.21
38.88
39.26
68.99
69. 72
69.69
69.88
71.39
71.32
79. 14
80. 29
80.44
80.89
82.84
82.72
59.89
61.05
61.06
61.34
62. 62
63. 18
36. 58
36. 55
37. 29
37.08
36. 22
33.38
35.29
37.31
38. 53
38. 77
49. 67
47. 14
52.94
55. 25
56. 65
61.42
64. 43
68.40
67. 21
61.64
60. 64
63. 21
64.22
61.84
54.71
57.32
61.47
65. 16
66. 76
759. 37
802. 49
974.92
894. 63
820. 23
844. 40
836. 95
873. 55
878. 50
840. 39
815. 78
836. 14
860. 74
878. 22
803. 56
786. 33
828. 19
869. 86
909. 79
82. 85
86. 16
102. 01
98.20
96.02
103. 01
102. 71
107. 36
108. 60
104. 47
103. 66
107. 78
110. 87
115. 34
104.69
102. 97
107. 69
114.55
119.83
447
431
3.77
462
5.28
5.45
5.50
5.30
5.31
5.56
5.71
5.53
5.41
5.24
5.87
6.05
5.77
5.39
5.20
38.92
38.79
38.44
37. 79
38.20
38,35
67.59
66. 98
66.42
66.91
67.86
67.33
910. 12
925. 75
932. 06
940. 94
959. 01
949. 40
120. 48
121. 84
121. 79
122. 04
124. 56
12425
5.17
5. 10
5.09
5.12
5.05
5.03
sa 39
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. Earnings-price ratios based on prices at end of quarter.
Finance
Utility
Standard
& Poor's
DowJones
composite Dividendprice
index
industrial
ratio
average 3 ( 1941-43=
10) 4
Earningsprice
ratio
11.59
9. 15
a 90
10.79
12.03
13.46
13.38
13.77
15.01
NOTE.—All data relate to stocks listed on the New York
Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL BUDGET
AND OUTLAYS AND DEBT
In the first 10 months of fiscal year 1980, there was a budget deficit of $58.7 billion. A year earlier, the deficit was
$30.0 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
600
500
400
300
300
200
200
50
50
SURPLUS (+) OR DEFICIT (-)
-50
-50
-100
-100
1972
1973
1974
1976
1975
1977
1978
1979
1980
1981
FISCAL YEARS
SOUtCiSs DEPACTMWT OF THf TREASUIY AND Of BCE OF MANAGEMENT AND SUDGiT
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Receipts
Fiscal year or period:
1970
1971
1972
_
1973
1974
.
..
' 1975__
1976
Transition quarter
1977
1978
._.___
.
1979
(estimates):
Third Concurrent Resolution, June
12? 1980—
Mid-Session Review July 1980 2
1981 (estimates):
First Concurrent Resolution, June 12, 1980
Mid-Session Review July 1980 2
Cumulative total, first 10 months:
Fiscal year 1979 ...
Fiscal year 1980
*2 Excludes non-interest-bearing public debt securities held by IMF.
Estimates from Mid-Session Review of the 1981 Budget, Office of Management
and Budget, July 21,
32
Outlays
Surplus or
deficit ( — )
193.7
188.4
208. 6
232.2
264.9
281. 0
300.0
81. 8
357.8
402, 0
465.9
196.6
211. 4
232.0
247. 1
269. 6
326.2
366.4
94.7
402.7
450. 8
493.7
-2.8
-23.0
-23. 4
-148
-4 7
-45.2
-66.4
-13.0
-45. 0
-48.8
-27.7
525.7
517.9
572.7
578.8
-47.0
-60. 9
613.8
604. 0
613.6
633.8
.2
— 29. 8
379.3
422.2
409.3
481.0
-30.0
-58. 7
Federal debt ( end of period)
Total *
Held by
the public
382.6
409. 5
437.3
468. 4
486.2
544 1
631. 9
646.4
709. 1
780.4
833.8
2849
304 3
323.8
343. 0
346. 1
396. 9
480. 3
498.3
551.8
610.9
644 6
814 7
888.4
637. 1
697.7
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 10 months of fiscal 1980, budget receipts were $42.9 billion higher than a year earlier, and outlays were
$71.7 billion higher.
BILLIONS OF DOLLARS
300
BILLIONS OF DOLLARS
300
RECEIPTS
200
200
INDIVIDUAL INCOME TAXES
100
100
CORPORATION INCOME TAXES
0
500
500
OUTLAYS
400
400
300
300
NONDEFENSE
200
200
100
1972
1973
1974
1976
1975
1977
1978
1979
1980
1981
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT (X THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
Receipts
Outlays
National defense
Period
Total
Fiscal year or period:
1970.
1971.
1972
19731974___
1975
1976
Transition quarter
1977
1978-.
1979
1980 (estimates) *
1981 (estimates) *
Cumulative total, first 10
months :
Fiscal year 1979 »
Fiscal year 1980_
IndiCorpovidual ration Other
income income
taxes
taxes
Total
Interna- Health
and
InDepart- tional
income terest Other
ment of affairs security
Defense,
military
193.7
188.4
208.6
232. 2
264.9
281. 0
300.0
81.8
357.8
402.0
465.9
517.9
604.0
90.4
86.2
94.7
103.2
119. 0
122.4
131.6
38.8
157.6
181.0
217.8
240.7
278.2
32.8
26.8
32.2
36.2
38. 6
40. 6
41.4
8.5
54.9
60.0
65.7
65.5
66.4
70.5
75.4
81.7
92.8
107.4
118.0
127.0
34.5
145.2
161. 1
182.4
211. 7
259.4
196.6
211.4
232.0
247. 1
269. 6
326.2
366.4
947
402. 7
450. 8
493.7
578.8
633.8
78.6
75.8
76.6
74.5
77. 8
85.6
89.4
22.3
97.5
105.2
117.7
135. 6
157.5
77. 1
74.5
75. 1
73.2
77.6
84. 9
87.9
21. 9
95.6
103.0
115.0
132.6
153.9
4.3
4. 1
4.7
4. 1
5.7
6.9
5.6
2. 2
4.8
5.9
6. 1
10.9
10.3
56. 1
70. 1
81.4
91. 8
106. 5
136.3
160.9
41. 5
176.7
189.9
209. 8
250.4
293.8
18.3
19.6
20.6
22.8
28.0
30.9
345
7.2
38.0
440
52.6
64. 3
67.6
39.3
41.8
48. 8
53.9
51. 6
66.5
76. 1
21.5
85.7
105. 9
107.5
117. 6
104.6
379.3
422.2
177.3
197.6
54.7
54.3
147.3
170.3
409.3
481.0
95.9
112. 5
95. 1
110. 1
3.7
9.4
173.2
2047
446
548
91.9
99.6
1
Estimates from Mid-Session Review of the 1981 Budget, Office of Management
and Budget, July 21,1980.
Total
Sources: Department of the Treasury and Office of Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the second quarter, Federal receipts fell $7.0 billion (annual rate) and expenditures rose $18.2 billion, yielding
a deficit of $48.0 billion, $25.1 billion higher than in the first quarter.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
600
550 -
500
200
150
50
50
SURPLUS
^-** Y//A Y//& K^j
DEFICIT
-50 -
-100
1972
1973
lf l 111
««
mIr
1
1974
1975
"1 .
- -50
-100
1977
1976
1979
1978
1980
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Period
Personal Corpoand rate
Total tax
nontax profits
tax
receipts accruals
Indirect
business
tax and
nontax
accruals
Surplus
or
deficit
Federal Government expenditures
Federal Government receipts
Subsidies Less:
GrantsWage
less
Purin-aid
Contricurrent accruals national
chases Trans- to State Net
butions
income
Total of goods fer pay- and interest surplus of less
for
and
paid Govern- disand
ments local
social inment en- burse- product
services
governsurance
terprises ments accounts
ments
(-),
Fiscal year:
313. 9
1976
366. 0
1977
414. 7
1978
483. 7
1979
137.0
166.0
186. 3
223. 5
51.7
59. 1
67.7
78. 4
24. 3
24. 5
27. 2
29. 4
100. 9
116.4
133. 5
152. 4
371. 1
411. 4
450. 1
493. 6
125.7
140. 3
150.7
162. 4
156.5
169. 6
182.0
201. 7
57.6
66. 3
74.7
79. 3
25.2
28. 4
33. 1
40. 4
6.2
6.9
9.6
9.8
0.0
.0
-57.3
-45.5
-35.4
— 9. 9
Calendar
year:
1976.
331. 4
375.4
1977
1978__ __ 432. 1
1979.
497. 6
1978:111.. 442. 1
IV__. 463.5
1979: I
475.0
II — 485.8
III.. 504.8
IV... 524. 7
1980: I
538.4
II *_ 531.4
147. 2
169. 6
194. 9
230. 0
200.9
211. 0
213.0
223. 4
235.2
248. 5
246. 1
249.4
54. 6
61. 8
72. 0
78. 2
74. 6
81. 2
77.2
74.9
79.4
81.4
86.8
67.3
23. 4
25. 1
28. 1
30. 0
28.4
29.3
29.4
29.9
30.0
30.7
33.8
43.0
106. 3
118. 9
137. 0
159. 3
138. 2
142.0
155.5
157. 5
160. 2
164. 1
171.7
171.8
385. 0
421. 7
459. 8
509. 0
462.6
479.7
486.8
492.9
516. 1
540.4
561.3
579.5
129. 7
144. 4
152. 6
166. 6
152.3
159.0
163.6
161. 7
162.9
178.4
186.2
193.3
161. 7
172. 7
185. 4
209. 8
188.8
192. 1
196.8
201.9
217.6
222. 7
230.0
236.3
61. 1
67. 5
77.3
80. 4
77.6
80.7
77.8
77.7
81. 8
84.3
86.0
86.0
26.8
29. 0
34. 8
43. 1
35.6
37. 1
40.0
42.6
43. 5
46.2
50.2
54.0
5. 8
8. 1
.0
.0
9. 1
.0
10.9
8.4
.2
.0
8.3
9.0
-. 2
.0
-53. 6
-46. 3
-27.7
-11.4
-20.4
-16.3
-11.7
-7.0
-11.3
-15.7
-22.9
-48.0
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
9.7
10.2
8.8
8.9
9.8
.0
.0
.0
.0
.0
.0
.0
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Industrial production (seasonally adjusted)
Period
1973
1974
1975
'-1976
_ 1977
1978 1979
1979: Sept__._
Oct
Nov .Dec
1980: Jan
Feb
Mar
Apr » _ _
M~ay p —
June p.
July *_
United
States
Japan
Canada
129.8 143.0
129. 3 147.5
117. 8 139. 6
130.5 147.3
138. 2 150. 5
146. 1 156.7
152.2 164. 0
152.4 167. 2
152. 2 166.5
152. 1 165. 5
152. 2 162. 6
152. 6 162.7
152. 3 162. 9
151.7 166.0
148. 2 162. 7
144. 3 159. 3
141.0 159. 1
138. 8_
France
190. 5
183. 1
163. 9
182.0
189.7
201. 1
217.5
218.2
223. 6
226.4
225. 6
228. 7
241.3
233. 1
236. 9
234.4
232. 6
145
148
139
149
152
155
160
166
162
163
165
165
166
166
166
162
Germany
147.7
145. 1
137. 1
149. 1
152.7
155.3
163.4
164
165
166
166
168
169
169
168
164
163
Italy
Consumer prices (unadjusted)
United United CanGerKing- States1 ada Japan France many
dom
134. 6 123. 0
140.6 120.0
127. 6 114. 3
143. 5 117.6
145. 1 123. 0
147.9 126. 8
157. 4 131.4
160.0 128. 0
166. 1 129.6
167. 1 132. 8
164.8 130. 1
167.8 130.4
174.9 128. 5
174.2 126.4
176. 6 124. 7
162.5 124. 2
166.7 126. 0
i Beginning January 1978 data relate to all urban consumers.
133. 1
147.7
161. 2
170.5
181.5
195.4
217. 4
223.4
225.4
227.5
229. 9
233. 2
236. 4
239. 8
242. 5
244. 9
247. 6
247. 8
130.3
144. 5
160. 1
172. 1
185. 9
202.5
221. 0
224. 9
226.5
228. 7
230. 1
231. 3
233.3
235.8
237. 2
240.0
242. 7
244.5
147. 9
184.0
205. 8
224.9
243. 0
252.3
261. 3
264.4
267.7
266.7
268. 3
270.8
273.3
275. 5
280.2
282.7
283.5
140. 7
160. 0
178. 9
196. 1
214.5
233.9
258. 5
264.9
268. 1
269. 8
272.0
277.2
280.2
283.4
286.7
289. 3
291. 1
127.2
136. 1
144. 2
150. 4
155.9
160.2
166.6
168.3
168.7
169.3
170. 1
171. 0
172.8
173.8
174.9
175.6
176.5
176.8
Italy
134. 0
159. 7
186.8
218. 1
255. 2
286. 2
328. 5
339.2
345. 5
350.3
356.6
367.9
374. 3
378.2
384. 3
387.8
391.3
398. 0
United
Kingdom
150.2
174.3
216.5
252.4
292.4
316.6
359. 1
374.6
378. 5
381. 8
384. 6
394. 1
399.7
405.1
419. 0
422.8
426. 8
430.4
Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Office of International Economic
Research, in International Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merchandise exports *
Merchandise imports
General imports
Domestic exports
Period
Total
domestic and
foreign Total
exports
2
Food, Crude
Food, Crude
bever- matebever- mate- Manu2
facrials
ages,
rials
ages,
tured Total and
to- and
and to- and
goods
bacco
fuels
bacco
fuels
F.a.s. value 5
Monthly
average:
1973
1974
5,902
8, 167
1974
8, 167
1975
. _ 8, 966
1976
9,596
1977
10, 096
1978
11,965
1979
_ 15, 136
1979: July___ 15, 691
Aug. _ 15, 713
Sept___ 15, 822
Oct
16, 680
Nov
16, 928
Dec___ 16, 742
1980: Jan
17, 348
Feb... 17, 233
Mar... 18, 534
Apr
18, 468
May
17, 678
June
18,642
July___ 18, 075
1,078
1,269
895
1,317
8,053 1,269
8,842 1,399
9,456 1,436
9,912 1,330
11,753 1,717
14, 868 2,049
15, 455 2,355
15, 452 2, 164
15, 569 2,296
16, 396 2,374
16, 575 2,299
16, 419 2,413
17, 018 2,331
16, 950 2,296
18, 165 2,538
18, 137 2,410
17, 303 2, 190
18, 267 2,366
17, 765 2,471
1,317
1,266
1,341
1, 548
1,746
2,351
2,404
2,480
2,583
2, 534
2,686
2,732
2,854
2,826
2,991
2,867
2,816
2,921
2,821
5,811
8,053
Manu- Total
fac(c.i.f. 4
tured value)
goods
Merchandise trade
balance
ExExports
(f.a.s.) ports Exports
less
(f.a.s.) (f.a.s.)
imless
less
imports
imports
(cusports
(e.i.f.)
toms (f.a.s.)
value)
Customs value
3,728 5,790
5,294 J^450
5,294
5,913
6,437
6, 679
7,873
9,715
9,875
10, 033
10, 055
10, 444
10, 418
10, 719
11, 173
11, 373
11,802
11, 745
11, 612
12, 277
12, 015
8,387
8,048
10, 084
12, 307
14, 332
17, 194
16, 806
18, 277
18, 407
19, 037
18, 548
19, 665
20, 945
21, 640
20, 607
19, 308
20, 528
19, 893
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 197S.
z
Total includes commodities and transactions not classified according to kind.
'
Total
arrivals of imported goods other than intransit shipments.
4
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
3
770
892
F.a.s.
892
827
991
1, 186
1,312
1,478
1,387
1,405
1,402
1,404
1,689
1, 712
1, 652
1, 406
1, 544
1,503
1, 531
1, 584
1, 120
2,653
value 5
2,672
2, 716
3,457
4,463
4, 325
5,954
5, 999
6, 445
7,044
7,479
6,379
7,775
7, 590
8,788
8,421
7,284
7,774
7, 834
3,750
4,684
4,602
4, 257
5,398
6,379
8,360
9,353
9,061
9,994
9,505
9,663
9,950
9,632
11, 183
10, 829
10, 176
9,969
10, 628
9, 951
6, 131
9,033
112
—283
-221
-229
-866
9,033
—283 —221
—866
8,654
918
312
853
10, 825
—581 —488 —1, 229
13, 130 —2, 297 —2,211 —3, 034
15, 258 -2,473 2 367 -3,293
18, 244 -2, 125 -2, 057 -3, 108
17, 854
-1, 115 -2, 163
19, 381
-2,564 -3,668
19, 503
-2, 585 -3,681
20, 149
-2, 357 -3,469
19, 660
-1,620 -2, 732
20, 809
-2, 923 -4, 068
22, 107
-3, 597 -4, 760
22, 806
-4, 407 -5,573
21, 692
-2,073 -3, 158
20, 337
— 840 -1,869
-2, 850 -3,959
21, 637
20, 922
-1,251 -2,280
19, 927
-1.852
5 F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL
The merchandise trade deficit fell lo $7.8 billion in the second quarter from $10.9 billion in the first quarter.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
110
SEASONALLY ADJUSTED
BALANCE ON CURRENT ACCOUNT
m,
BALANCE ON GOODS
^%%
AND SERVICES
-5
-5
-10
-10
-15
-15
1972
1980
SOURCE* DiPARTMfNT OF COMMERCi
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted]
Investment income8
Merchandise 1 2
Period
Imports
Exports
1972—
1973—
1974
1975—
1976
1977
1978
1979
N"*»t
AT| Clf
Hal
u nian ce
49, 381 -55, 797 -6,416
71, 410 -70,499
911
98, 306 — 103, 649 — 5, 343
107, 088 -98, 041 9, 047
114, 745 - 124, 051 -9,306
120, 816 -151, 689 — 30, 873
142, 054 -175,813 -33, 759
182, 055 — 211, 524 — 29,469
Receipts
Payments
14, 764 -6, 572
21, 808 -9, 655
27, 587 -12,084
25, 351 - 12, 564
29, 286 -13,311
32, 587 - 14, 598
42, 972 -22,073
65, 970 -33,460
N*»t
J.TI Clt
Net
military
transactions
Nettravel
and
transportation
receipts
8, 192
12, 153
15, 503
12, 787
15, 975
17, 989
20, 899
32, 510
-3,420
-2, 070
— 1, 653
-746
559
1, 628
886
— 1, 275
— 3, 063
-3, 158
— 3, 184
— 2, 792
-2, 558
— 3, 293
-3, 188
— 2, 695
Other
services,
net 8
Balance
on
goods
and
serv-l
ices
RemittanceSy
pensions,
and
other
uni—
1 of Of O 1
IcH/Cl i**
transfers 1
Balance
on
current
account
2,766 -1,941 -3, 854 -5?795
7, 140
3, 184 11, 021 -3,881
2, 124
9, 309 -7, 186
3, 986
4,598 22, 893 -4, 613 18, 280
9,382 -4, 998 4,384
4, 711
5, 086 -9,464 -4, 605-14,068
5,959 -9,204 -5,055 - 14, 259
-788
4,878 -5,666
5, 806
1978: IIIIV--
36, 828 -44, 336 -7,508 10, 557 -5,717
38, 900 —45, 715 -6,815 12, 851 -6,343
4,840
6,508
139
3
-910
-774
1,506 - 1, 933 -1,233 -3, 166
-820
493 -1,313
1,571
1979: !_-_
II—
41, 805
42, 815
47, 198
50, 237
-7,225
-7,980
-8, 731
-9,524
7,038
7,270
9,319
§,883
-29
-102
-443
-700
-611
-637
-834
-613
1,448
1,428
1,524
1,405
2,732
-110
2, 506
-250
1980: I*—
II *_
54, 708 -65,583 -10,875 20, 548 - 10, 425
54, 686 — 62, 456 -7, 770
10, 123
-700
-778
1,539
-691 -1,876 -2, 567
IIIIV__
-46, 919
-50,885
-54,258
-59,462
1
Excludes military grants.
2
Adjusted from Census data
8
-5, 114
-8, 070
-7,060
-9,225
14, 263
15, 250
18, 050
18, 407
for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, n0t.
36
1,408
-1,324
-1,383 - 1, 493
1,099
-1,407
-1,552 -1,802
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the first quarter of 1980 net recorded private capital inflows equalled $5.7 billion, as contrasted to a net outflow
of $6.7 billion in the previous quarter. There was a net capital outflow of $11.0 billion on transactions in official
reserves. The statistical discrepancy continued to show a large net inflow.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
-30
-30
-40
-40
1972
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capital outflow ( — )]
Period
Total
1972
1973
1974 _
1975
1976
1977 __
1978
1979
U.S.
official
reserve
assets 1 2
_4
- 14, 497
-22,874
158
-34,745 -1,467
-39,703 -849
-51,269 — 2,558
-35, 793
375
-61, 191
732
-61,748 -1,107
1978: III__. -9,977
IV.__ -30,418
Other
U.S.
U.S.
Govern- private2
assets
ment
assets
1 568
-2,644
366
-3,474
-4, 214
-3,693
-4, 644
-3,783
115 -1,386
182
-991
Foreign official
assets
Total
Total
Assets of Other
foreign foreign
official
assets
reserve
agencies
12 925 21, 461 10, 475 10, 293
-20,388 18, 388
5,090
6,026
-33, 643 34, 241 10, 546 10, 244
7,027
5,509
-35, 380 15, 670
-44, 498 36, 518 17, 693 13, 066
-31,725 50, 741 36, 575 35, 416
57 279 64, 096 33, 293 31, 072
-56,858 37, 575 -14,271 -13,556
-8, 706 17, 069
29 609 28, 048
1979:1
-7,768 -3, 585 -1,102 -3, 081 2,201
!!____ -15,279
343
-991 - 14, 631 6,407
Ill
-25, 215 2,779
-766 -27,228 24, 941
IV. __ -13,487 — 644
11 918 4,025
-925
1980:I»-._ -11,817 -3, 246 -1,461 -7, 110 5,016
!!*__
473
4,777
18, 368
10, 986
12, 362
23, 696
8,643
18, 826
14, 167
30, 804
51, 845
Allocations
Total
of
special (sum of
the
drawing
items
rights
(SDR) with sign
reversed)
Of
which :
Seasonal
adjustment
discrepancy
710 - 1, 879
-2,654
— 1, 620
5, 753
10, 367
-880
11, 354
1,139 23, 822
4,556 12, 292
16, 673 9,680
-8, 744 -8,616 10, 945
— 10, 095 -10,216 16, 502
5,573 19, 152
5,789
-297 5,246
— 1, 221
1, 139
-7,765 -7,722 12, 781
6,749
1, 152
» Consists of gold, special drawing rights (SDR), convertible currencies, and
the8 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Statistical
discrepancy
Foreign assets in the U.S., net
[increase/capital inflow ( 4- ) ] 2
U.S.
official
reserve
assets,
net 1
( unadjusted,
end of
period)
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
18, 928
-3,926 -2,850
3, 190
1,998
18, 850
18, 650
3,020
74
10, 364
1, 167
-825 -3, 641
11, 264
2,400
21, 658
21, 246
18, 534
18, 928
8,215
-115
21, 448
21, 921
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
2
3
3
4
4
5
6
7
8
9
10
»
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
,
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stocks Measures and Liquid Assets.
Components of Money Stock Measures and Liquid Assets
Consumer Installment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
^32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
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