Full text of Economic Indicators : August 1981
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97th Congress, 1st Session Economic Indicators SEP 141981 T 1981 Prepared for the Joint Economic Committee by the Council of Economic Advisers UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1981 JOINT ECONOMIC COMMITTEE (Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.) HENRY S. REUSS, Wisconsin, Chairman ROGER W. JEPSEN, Iowa, Vice Chairman HOUSE OF REPRESENTATIVES RICHARD BOLLING (Missouri) LEE H. HAMILTON (Indiana) GILLIS W. LONG (Louisiana) PARREN J. MITCHELL (Maryland) FREDERICK W. RICHMOND (New York) CLARENCE J. BROWN (Ohio) MARGARET M. HECKLER (Massachusetts) JOHN H. ROUSSELOT (California) CHALMERS P. WYLIE (Ohio) SENATE WILLIAM V. ROTH, JR. (Delaware) JAMES ABDNOR (South Dakota) STEVEN D. SYMMS (Idaho) PAULA HAWKINS (Florida) MACK, MATpINGLY (Georgia) LLOYD BENTSEN (Texas) WILLIAM.PROXMIRE (Wisconsin) EDWARD M. KENNEDY (Massachusetts) & SARBANES (Maryland) JAMES K. GALBRAITH, Executive Director COUNCIL OF ECONOMIC ADVISERS MURRAY L. WEIDENBAUM, Chairman WILLIAM A. NISKANEN JERRY L. JORDAN [PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION] JOINT RESOLUTION fSJ. Res. 55] To print the monthly publication entitled "Economic Indicators" Resolved by the Senate and House of Representatives of the United States of America in Congress assembled. That the Joint Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public. Approved June 23, 1949. Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce. Economic Indicators, published monthly, is available at $2.50 a single copy or by subscription at $19.00 per year ($23.75 for foreign mailing) from: SUPERINTENDENT OF DOCUMENTS GOVERNMENT PRINTING OFFICE WASHINGTON, D.C. 20402 The 1980 Supplement to Economic Indicators, which describes each series and gives annual data for years not shown in the monthly issues, is available at $5.00 a copy from the Superintendent of Documents, Government Printing Office. It should be noted that many of the series have undergone major revisions since the Supplement was published in the fall of 1980. TOTAL OUTPUT, INCOME, AND SPENDING GROSS NATIONAL PRODUCT According to revised estimates for the second quarter of 1981, gross national product rose $28.6 billion or 4.1 percent, both at annual rates. Real output (GNP adjusted for price changes) fell 2.4 percent from the first quarter level and the implicit price deflator rose at a 6.6 percent annual rate. BILLIONS OF DOLLARS 3,000 (RATIO SCALE) BILLIONS OF DOLLARS (RATIO SCALE) 3,000 SEASONALLY ADJUSTED ANNUAL RATES 2,800 2,800 2,600 2,600 2,400 2,400 2,200 2,200 2,000 2,000 GNP IN CURRENT DOLLARS \ 1,800 1,800 1,600 1,600 1,400 1,400 GNP IN 1972 DOLLARS 1,200 1,200 I J I 1973 1974 I L I I 1976 1975 J 1977 L J L 1979 1978 1980 1981 COUNCIL OF ECONOMIC ADVISERS SOURCE; DEPARTMENT OF COMMERCE IBillions of current dollars; quarterly data at seasonally adjusted annual rates] Gross national product Period Personal consumption expenditures Gross private domestic investment Export:s and imj:>orts of goocIs and ser vices Goi/ernment purchases of goods and services Federal Net exports Exports Imports Total 65.7 68.8 77.5 109.6 146.2 154. 9 170.9 183.3 219.8 281.3 339.8 59.0 64.7 76.7 95.4 132. 8 128. 1 157. 1 187.5 220.4 267.9 316.5 State and local Final sales Total National defense 220. 1 234. 9 253. 1 270.4 304. 1 339. 9 362. 1 394.5 432.6 473.8 534.7 95.7 96.2 101. 7 102.0 111.0 122. 7 129. 2 143.9 153.4 167.9 198.9 73.6 70.2 73.1 72.8 77.0 83.0 86.0 93. 3 100.0 111.2 131.7 22.2 26.0 28.5 29. 1 33.9 39.7 43. 2 50.6 53.4 56.7 67.2 124.4 138.7 151.4 168.5 193. 1 217.2 232.9 250. 6 279.2 305.9 335.8 989.5 1, 070. 0 1, 175. 7 1, 307. 9 1, 420. 1 1, 556. 1 1, 706. 2 1, 897. 0 2, 133. 9 2, 396. 4 2, 632. 0 Nondefense 992.7 621.7 1, 077. 6 672.2 1, 185. 9 737. 1 1, 326. 4 812.0 1, 434. 2 888. 1 1, 549. 2 976.4 1, 718. 0 1, 084. 3 1, 918. 0 1, 205. 5 2, 156. 1 1, 348. 7 2, 413. 9 1, 510. 9 2, 626. 1 1, 672. 8 144.2 166.4 195.0 229.8 228.7 206. 1 257.9 322.3 375.3 415.8 395. 3 14.2 13. 4 26. 8 13.8 -4.2 III_. 2, 444. 1 1, 529. 1 IV_. 2, 496. 3 1, 582. 3 421. 7 410.0 17.9 293. 1 306.3 275.2 298.7 475.4 496.4 165. 1 178. 1 112.0 118.7 53. 1 59.4 310.4 318.3 2, 430. 8 2, 497. 1 2, 571. 7 1, 631. 0 1980: I II... 2, 564. 8 1, 626. 8 III_. 2, 637. 3 1, 682. 2 IV... 2, 730. 6 1, 751. 0 415.6 390.9 377. 1 397.7 17. 1 44.5 23.3 8.2 337.3 333.3 342.4 346. 1 329. 1 316. 2 297.9 322.7 516.8 530.0 533.5 558.6 190.0 198.7 194.9 212.0 125.0 128.7 131.4 141. 6 64.9 70.0 63.5 70.4 326.8 331.3 338.6 346.6 2, 569. 1 2, 557. 4 2, 653. 4 2, 748. 0 1981: I— .2, 853. 0 1, 810. 1 II*__ 2, 881. 6 1, 831. 0 437. 1 455. 8 29.2 17. 7 367.4 364.5 338.2 346.8 576.5 577. 1 221.6 219. 4 145. 2 148. 1 76.4 71.3 354.9 357.7 2, 848. 5 2, 860. 3 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1979: - 6.7 4. 1 .7 -.6 13.4 23.3 7.6 Source: Department of Commerce, Bureau of Economic Analysis. GROSS NATIONAL PRODUCT IN 1972 DOLLARS [Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates) Personal conGross national sumpproduct tion expenditures Period Gross Drivate dc>mestie iiivestmem Nonresidential fixed Residential fixed Exisorts of g(sods anci service3S Change in busiVf-A iMet ness in- exports ventories Govermnent purebases of goocIs and ser vices Exports Imports Total Federal State and local Final sales 1, 085. 6 1, 122. 4 1, 185. 9 1, 255. 0 1, 248. 0 1, 233. 9 1, 300. 4 1, 371. 7 1, 436. 9 1, 483. 0 1, 480. 7 672. 1 696.8 737. 1 768.5 763.6 780.2 823.7 863.9 904.8 930. 9 935. 1 113.8 112. 2 121.0 138. 1 135.7 119.3 125.6 140.6 153.4 163.3 158.4 41.0 53.7 63.8 62. 3 48.2 42.2 51.2 60. 6 62. 4 59. 1 48. 1 3.8 8. 1 10.2 17.2 11.6 -6.7 7.8 12. 3 14. 0 10.2 -2.9 3.9 1.6 .7 15. 5 27.8 32.2 25.4 21.9 24.6 37.7 52.0 70.5 71.0 77.5 97.3 108.5 103.6 110. 1 113.2 127.5 146. 9 161. 1 66.6 69.3 76.7 81.8 80.7 71.4 84.7 91. 3 103.0 109.2 109. 1 251. 1 250. 1 253. 1 253.5 261. 2 266. 7 266.8 272.3 277.8 281.8 290.0 110. 6 103.7 101.7 95.9 96.6 97.4 96.8 100.7 99.8 101. 7 108. 1 140.5 146. 4 151.4 157.6 164. 5 169.3 170.0 171.6 178.0 180. 1 181.9 1, 081. 8 1, 114. 3 1, 175. 7 1, 237. 8 1, 236. 4 1, 240. 6 1, 292. 7 1, 359. 3 1, 423. 0 1, 472. 9 1, 483. 6 1979: III— 1, 488. 2 IV. _ I, 490. 6 933.4 941.6 166.4 164. 1 58. 6 58. 1 7.6 -.7 41. 1 42.2 151.3 154.8 110.2 112.6 281. 1 285.3 99.9 103. 1 181.2 182.2 1, 480. 6 1, 491. 3 1, 501. 9 1, 463. 3 1, 471. 9 1, 485. 6 943.4 919.3 930.8 946.8 165.0 156. 1 155. 5 157.0 54.2 43. 1 44.7 50.6 -.9 1.3 -5.0 -7.2 50. 1 51.7 57. 6 48.5 165. 9 160.5 160.5 157.4 115.8 108.9 102.8 108.9 290. 1 291.9 288.2 289.8 107.6 110.7 106.9 107.4 182.5 181.2 181.3 182.4 1, 502. 8 1, 462. 0 1, 476. 9 1, 492. 7 1981: !____ 1, 516. 4 II *_ 1, 507. 4 960.2 955.3 162.0 160.4 4a i 51.0 -1.4 9.7 50.9 44. 6 162.5 159.6 111.6 115.0 293.6 289. 3 111.2 108.6 182.5 180.7 1, 517. 8 1, 497. 7 1970 1971 1972 1973 1974_ 1975 1976 1977 1978 1979 1980 1980: I _ _ _ . !!.__ III.. IV_._ IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT [1972 = 100; quarterly data are seasonally adjusted] Gross national product Period Persona 1 consumf>tion expe nditures Total 1970 1971 _ 1972 1973 1974 1975 1976. 1977 1978 1979 1980_ goods NonresNondurable Services idential fixed goods Residential fixed Expor ts and imports of goods and scjrvices 92.5 96.5 100.0 105. 7 116. 3 125.2 131.6 139. 5 149. 1 162.3 178.9 95.7 99.0 100.0 101.7 108. 2 117.3 123.9 129. 2 136. 2 144. 8 156.0 93. 6 96. 6 100.0 108.3 123. 1 132. 1 137.0 143. 4 153.2 169.8 188. 6 90.5 95.6 100.0 1047 113.0 121. 6 129. 6 139.9 150. 1 162. 1 178. 1 91.3 96.2 100.0 103.8 115.4 132. 2 138.6 146.2 157.7 171.3 186.8 90.5 94.8 100.0 109. 1 120.3 131.0 140. 7 158.0 178.3 200. 5 218. 6 93. 2 97.0 100.0 112. 7 134.7 149. 6 155.2 161. 9 172. 4 191.5 211.0 164. 23 167. 47 163,8 168.0 145.4 148.0 172. 1 176.9 163.3 167.4 173.4 176.8 204.6 207.7 193.7 197.9 23 28 18 81 172, 9 177. 0 180.7 184. 9 151.9 154. 1 157.5 160. 5 182.9 186.2 190. 0 195. 2 171. 6 176.0 180.3 184.3 180. 5 185. 7 189. 1 192.4 212.6 217.4 221. 9 „ 188. 14 191. 17 191.7 188.5 162.3 165.4 200.4 199.2 188. 4 192.6 195. 0 201.6 231.2 ._ 171. 175. 179. -__ 183. 1981: !___ II »__ Source; Department of Commerce, Bureau of Economic Analysis. Governnlent purchases <jf goods and scjrvices Exports Imports Federal 91.45 96. 01 100. 00 __ 105. 69 _ „_ 114. 92 125. 56 132. 11 139. 83 150. 05 162. 77 177. 36 1979: III IV___ 1980: I__. II III IV ~r\ «i^i Durable Gross private dom estlc investjment 88.6 93.3 100.0 116.7 164.6 179.5 185.5 205. 4 214.0 State and local 86.6 92.7 100.0 106.3 114. 9 126. 0 133.5 142. 9 153.7 165. 1 183.9 88.6 94.7 100.0 106.9 117. 4 128.3 137.0 146. 0 156.9 169.8 184.7 249.8 265. 2 165. 2 172.8 171.3 174.7 203.4 207.6 223.3 213.4 219,9 284.2 290.4 289.7 296.4 176.5 179,5 182.4 197.4 179. 1 182.8 186. 7 190.0 228.7 226. 1 228. 4 303. 1 301.6 199.4 202. 1 194.5 197.9 245.4 290. 1 CHANGES IN GNP AND GNP PRICE MEASURES [Percent change from previous period; quarterly data at seasonally adjusted annual rates] Gross national p roduct Period 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1979:111 IV 1980:1 II III IV Constant (1972) dollars Current dol- . 1981:1 Implicit price deflator Per sonal conssumption expenditu res Fixedweighted price index (1972 weights) Chain price index Current dol- Constant (1972) dollars Implicit price deflator Chain price index Fixedweighted price index (1972 weights) 8. 1 5.2 8.6 10.1 11.8 8. 1 8.0 10.9 11.6 12.4 12.0 8.8 12.2 8.8 12. 6 -1. 1 11.8 14.9 2.8 —.2 3.4 5.7 5.8 -.6 -1. 1 5.4 5.5 4.8 3.2 2 4. 1 .6 3. 1 -9.9 2.4 3.8 5.1 5.4 5.0 4.2 5.7 8.7 9.3 5.2 5.8 7.3 8.5 9.0 7.8 8. 1 9.3 9.8 9.2 10.7 5.0 5.3 4.9 4. 1 5.9 9. 1 9.2 5.7 6.2 7.5 8.7 8.6 7.3 8.6 8.7 8.8 9.3 10.5 5.0 5.2 4.8 4.0 5.9 9.4 9.0 5.8 6.4 7.6 9.4 9.6 8.8 10.3 9.7 9.3 9.0 10.4 8.4 6.9 8.1 9.6 10.2 9.4 9.9 11.0 11.2 11.9 12.0 10.7 14.6 14.7 12.9 -1.0 14.3 17.4 3.7 2.2 3.7 5.8 4.3 -.6 2.2 5.6 4.9 4.7 2.9 .5 4.7 3.6 .8 -9.8 5. 1 7.0 4.5 4.6 4.3 3.7 5.7 10. 1 7.6 5.2 6.0 6.8 8.9 10.2 9.4 10.7 12.0 9.8 8.8 9.7 4.5 4.6 4.3 3.6 6.0 10.3 7.7 5.3 6.3 7.1 9.3 10.6 9.9 10.9 12.5 9.7 9.5 10. 1 4.4 4.5 4.2 3.5 6.0 10.4 7.8 5.3 6.3 7.2 9.6 11.0 10.4 11.4 13.2 9.9 9.5 10.1 19.2 4. 1 8.6 -2.4 9.8 6.6 9.8 7.8 10.2 8.0 14.2 4.7 5.8 -2.0 8.0 6.9 10.3 6.8 10.9 6.8 NOTI.—Annual changes are from previous year and quarterly changes are from previous quarter. Source: Department of Commerce, Bureau of Economic Analysis. NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS Gross d omestic prodi ict of nonfin ancial corpcirate busi ness (billic>ns of doll Eirs) Period Current dollars 1972 dollars 544. 1 1969 563. 7 1970 609. 9 1971 1972 678.0 759.4 1973 1974 818.9 890.0 1975 1, 001. 3 1976 1, 129. 5 1977_> 1, 270. 7 1978 1, 417. 0 1979 1, 535. 2 1980 1979: III. _ 1, 432. 1 IV_._ 1, 457. 7 1, 502. 1 1980:1 I I _ _ _ 1, 496. 3 III_,_ 1, 537. 7 IV.... 1, 604. 7 1981: ! _ _ _ 1, 690. 1 II*_. I, 713. 6 604.0 599. 6 626.8 678.0 731.9 708.2 694.2 745.5 799.0 845. 1 873.3 867.2 874.3 873.4 878.2 853. 2 860.4 876.9 901.0 898.0 [Quarterly data at seasonally adjusted annual rates] Current-dol lar cost a nd profit Der unit of outpu b (dollars) i Total cost and profit 2 0.901 .940 .973 1. 000 1. 038 1. 156 1.282 1. 343 1.414 1.504 1.623 1.770 1.638 1. 669 1.710 1.754 1.787 1.830 1.876 1.908 Capital consumption Comallowpenances Indirect sation business with of capital taxes 3 employconees sumption adjustment 0.078 .087 . 091 .092 .093 . 112 . 137 . 141 . 146 . 153 . 169 . 191 . 172 . 175 . 180 . 192 . 196 .197 . 197 .205 0.096 . 106 . 113 . 113 . 114 . 127 . 140 . 141 . 144 . 148 . 153 . 176 . 154 . 157 . 161 . 173 . 181 . 188 . 199 .203 1 Output is measured by gross domestic product of nonflnancial corporate business in 1972 dollars. 2 This is equal to the deflator for gross domestic product of nonflnancial corporate business with the decimal point shifted two places to the left. s Indirect business tax and nontax liability plus business transfer payments less subsidies. * With inventory valuation and capital consumption adjustments. 0.594 .631 .641 .659 .692 .786 .837 .878 .924 .996 1.092 1. 196 1. 104 1. 135 1. 158 1. 193 1.203 1.230 1.244 1.269 Net interest Corpo rate profi ts with inventc:>ry valuat ion and capH al consun iption £idjustmen ts Total Profits tax liability 0.022 0. 112 0.055 .088 .028 .045 .099 .029 .047 .028 . 107 .049 .031 . 107 .055 .042 .090 .059 . 044 . 124 .059 . 040 . 144 .071 .042 .074 . 158 . 044 . 163 .080 .052 .157 .080 .065 .143 .073 . 154 .081 .053 . 146 .056 .078 .060 . 151 .085 .064 . 132 .061 . 141 .070 .067 . 068 . 146 .075 . 169 .067 .076 . 160 .071 .063 Profits after4 tax 0.057 .043 . 052 .058 .053 .030 .065 .073 .084 .083 .077 .070 . 074 .067 .066 .071 .071 .071 . 093 .097 ComOutput penper sation hour per of ail hour employ- of ail ees employ(1972 ees dollars) (dollars) 7.098 7. 126 7.467 7.688 7.891 7.622 7.881 8. 132 8.348 8.384 8.384 8.432 8.388 8.338 8.369 8. 359 8.496 8.496 8. 628 8.646 4.213 4.498 4.788 5.068 5.458 5.989 6.596 7.138 7.713 8.347 9. 159 10. 085 9.260 9.462 9.694 9.973 10. 218 10. 450 10. 737 10. 976 NOTE.—Data for 1981 incorporate changes that resulted from the enactment of the Economic Kecovery Tax Act of 1981. Data for output and compensation per hour revised beginning 1979. Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics). NATIONAL INCOME [Billions of dollars; quarterly data at seasonally adjusted annual rates] Corpor ate profits• with inv entory va luation Propr etors' and capital consumptioia adjustm ents mcom e with Rental inventor y valuaProfits with inv<sntory tion anc l capital of perComvalualaon adjus tment consur nption sons pensaments and \without caipital adjust with tion of Net Naconsum ption adjiis tment Capital capital conemtional interest income ployconTotal Inven- sumpsumpees l tion tory tion NonProfits valuaadjustFarm farm adjustTotal before ment tion tax ment adjustment Period 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1979: III IV 1980: I II III IV 612. 0 652.2 718.0 801.3 877.5 931.4 1, 036. 3 1, 152. 3 1, 299. 7 1, 460. 9 1, 596. 5 1, 476. 7 1, 518. 1 1, 558. 0 1, 569. 0 1, 597. 4 1, 661. 8 14.3 15.0 18.7 32.8 26.5 24.6 19. 1 18.4 26. 1 30.8 23.4 30.2 29.5 25.7 23.3 22. 1 22.5 51.9 54.4 58. 1 61.0 62.2 65.4 75.0 85. 1 91.0 100.7 107.2 102.7 106.8 107.9 101.6 107.6 111.6 19.7 20.2 21. 0 22.6 23.5 23.0 23.5 25. 1 27.4 30.5 31.8 30.3 31.0 31.2 31.5 32.0 32.4 71.4 83.2 96.6 108.3 94. 9 110.5 138. 1 164. 7 185.5 196.8 182.7 199.5 189.4 200. 2 169.3 177.9 183.3 68.9 82.0 94.0 105. 6 96.7 120.6 151.6 176.7 199. 0 212.7 199.8 215.6 204.5 215.6 186.9 195.9 201.0 75.4 86.6 100.6 125. 6 136.7 132. 1 166.3 192.6 223.3 255.4 245.5 262.0 255.4 277. 1 217.9 237.6 249.5 -20. 0 -40.0 -11.6 14.7 -15.8 -24.3 -42.6 -45.7 -46.5 -50.8 -61.4 -31. 1 -41.7 -48.4 -1.8 -10. 1 -13.5 -12.0 -13.5 -15. 9 -17.2 -16. 1 -15. 1 -15.4 -17.6 -17.9 -17.8 87.2 100.9 115.8 143.4 179.8 146.8 156.5 165.4 175.3 185.3 193.3 2, 291. 1 1, 722. 4 2, 316. 5 1, 751. 2 18.9 21.7 113.2 112.5 32.7 33.3 203.0 187.0 217.7 201. 7 257.0 224.9 -39.2 -23.2 -14.7 -14.7 200.8 210.8 810.7 871.5 963.6 1, 086. 2 1, 160. 7 1, 239. 4 1, 379. 2 _.— 1, 546. 5 1, 745. 4 — 1, 963. 3 2, 121. 4 1, 986. 2 2, 031. 3 2, 088. 5 2, 070. 0 2, 122. 4 2, 204. 8 1981: I II » »Includes employer contributions for social insurance. (See also p. 5.) -6.6 -4.6 2.5 1.3 2.7 2.7 6.6 41.4 46.5 51.2 60.2 76. 1 845 NOTE.—Data for 1981 incorporate changes that resulted from the enactment of the Economic Recovery Tax Act of 1981. Source: Department of Commerce, Bureau of Economic Analysis. PERSONAL CONSUMPTION EXPENDITURES [Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates] Period Total personal consumption Total expendi- durablel goods tures Motor vehicles and parts Retail sales of new pa ssenger cars ( iilillions of uiaits) Nondura ble goods Durable goocis Furniture and household prm in. Total nondurable, goods 1 Food Clothing and shoes Gasoline and oil Services Domes+ 1pq Imports 621.7 672.2 737. 1 812.0 888. 1 976.4 1, 084. 3 1, 205. 5 1, 348. 7 1, 510. 9 1, 672. 8 85.2 97.2 111. 1 123. 3 121. 5 132.2 156.8 178.8 199.3 212.3 211.9 36.2 45. 4 52.4 57. 1 50. 4 55.8 72.6 85.0 94.3 95.5 89.9 ment 35.2 37.2 41.7 47. 1 50. 6 53.5 59. 1 65.8 72.9 81. 1 84.6 265.7 278.8 300.6 333.4 373.4 407.3 441. 7 479.0 529.8 602. 2 675.7 138.9 144.2 154.9 172. 1 193.7 213.6 230.6 250.3 276.4 312. 1 345.7 46.8 50.6 55.4 61.4 64. 8 69.6 75.3 82. 1 91.9 98.9 104.8 22. 4 23.9 25.4 28.6 36.6 40.4 44.0 48.2 52.7 68.4 89.0 270.8 296.2 325.3 355.2 393.2 437. 0 485 7 547.7 619,6 696.3 785.2 8.7 9.3 9.6 7.4 7.0 8.5 9.0 9.2 8.2 6.6 2.0 2.3 2.4 1979: III... 1, 529. 1 IV.... 1, 582. 3 213.3 216. 1 94.7 95.4 82.4 83.8 611.5 639.2 314. 3 329.0 100.3 102.5 72 1 77.6 704.3 727.0 8.5 7.4 2.2 2.4 1, 631. 0 1, 626. 8 1, 682. 2 1, 751. 0 220.9 194.4 208.8 223.3 100.6 77.5 87.0 94.6 83.6 81.3 84.6 88.9 661. 1 664.0 674.2 703.5 336.2 338.4 347.7 360.4 102.2 102.3 105.3 109.4 89.4 90.9 85.3 90.5 749.0 768.4 799.2 824.2 7.9 5.4 6.4 6.6 2.7 1, 810. 1 1981: I II "... 1, 831. 0 238.3 227.0 105.4 93. 1 92.3 92.4 726.0 734.6 372.5 377.0 113.4 115.8 93.5 92.5 845.8 869.4 7.4 5.6 2.7 2.2 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1980: I II III... IV.... 1 Total includes other items not shown separately. 7. 1 Source: Department of Commerce, Bureau of Economic Analysis.* 1.3 1.6 1.6 1.8 1.4 1.6 1.5 2. 1 2. 1 2.3 2.5 SOURCES OF PERSONAL INCOME Personal income rose $37.0 billion (annual rate) in July following a rise of $16.6 billion in June. Wages and salaries rose $10.0 billion in July compared to $5.0 billion in June. Transfer payments rose $17.7 billion in July, of which $16.5 billion resulted from an 11.2 percent cost-of-living adjustment to several transfer payment programs including social security benefits, which rose $15.0 billion. BILLIONS OF DOLLARS*(RATIO SCALE) BILLIONS OF DOLLARS*(RATIO SCALE) 2,800 2,800 2,400 2,400 2,000 2,000 1,600 1,600 1,400 1,200 1,400 1,200 WAGE AND SALARY DISBURSEMENTS 1,000 1,000 800 800 600 - 600 OTHER INCOME 400 400 ,.,,..,,1 "' TRANSFER PAYMENTS \ 200 200 160 160 120 120 100 - 100 80 80 1973 1974 1975 1976 1977 1978 1979 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period 1973 1974 1975 1976 1977 1978 1979 1980 1980 1981 COUNCIL OF ECONOMIC ADVISERS [Billions of dollars; monthly data at seasonally adjusted annual rates] Wage Rental Personal Personal Transfei Total and Other Propriet<3rs' income income personal salary labor 12 dividend interest payof income disburse- income Nonfarm persons income income ments ° Farm ments * Less: PerNonsonal confarm tributions personal for social income 8 insurance 1, 065. 2 702.7 1, 168. 6 765.7 1, 265. 0 806.4 1, 391. 2 889.9 1, 538. 0 983.8 1, 721. 8 1, 105. 2 1, 943. 8 1, 236. 1 2, 160. 2 1, 343. 7 48.8 55.8 64. 5 75.9 89.0 102.2 118.6 137. 1 32.8 26.5 24. 6 19. 1 18.4 26. 1 30.8 23.4 61.0 62.2 65.4 75. 0 85. 1 91.0 100.7 107.2 22.6 23.5 23.0 23. 5 25. 1 27.4 30.5 31.8 26.5 29. 1 29.9 36.5 38.7 43. 1 48.6 54.4 93.9 112. 4 123.2 132.5 151.6 173.2 209. 6 256.3 119.5 141. 2 178.3 194.3 207.5 223. 3 249.4 294.2 42. 6 47.9 50.4 55.5 61. 1 69.6 80.6 87.9 1, 023. 7 1, 131. 8 1, 229. 1 1, 359. 3 1, 505. 0 1, 679. 2 1, 892. 9 2, 112.6 1980: July... 2, 161. 2 1, 326. 3 Aug 2, 179. 4 1, 342. 4 Sept._. 2, 205. 7 1, 356. 8 Oct 2, 234. 3 1, 381. 7 Nov 2, 257. 6 1, 400. 4 Dec 2, 276. 6 1, 411. 2 137.7 139. 1 140.4 141.9 143.5 145.0 22. 4 22. 0 21.9 22.2 22. 6 22.6 105. 1 106.3 111.4 111.5 111.5 111.6 31.8 32.0 32.2 32.3 32.4 32.5 54. 7 55.2 55.4 55.5 55. 9 56.7 260.4 261. 7 263.2 265.6 269.4 274. 1 309. 7 309.0 313.4 313.8 313.2 314.7 87.0 88.3 89. 1 90.4 91.4 91.9 2, 114. 5 2, 132. 7 2, 158. 7 2, 186. 8 2, 209. 7 2, 228. 5 1981: Jan 2, 300. 7 1, 433. 1 Feb 2, 318. 2 1, 442. 8 Mar 2, 340. 4 1, 452. 8 Apr 2, 353. 7 1, 459. 5 May 2, 368. 1 1, 467. 1 June *_. 2, 384. 7 1, 472. 0 July v__ 2, 421. 7 1, 482. 0 146. 6 148.0 149.5 150.9 151.6 153. 0 154.8 19. 9 18.7 18.2 20. 2 21. 7 23.2 24. 9 112. 8 112. 6 114.2 113.0 112.2 112. 2 112. 0 32. 5 32. 7 32.9 33. 1 33. 3 33. 5 33.7 57.4 58.2 58. 3 59.4 60. 2 61. 1 62.4 281.8 289. 1 295. 2 297. 9 301.6 306.3 311.6 318.4 318. 4 321. 9 322.5 323. 5 326. 6 344.3 101.9 102. 3 102.6 102.9 103. 1 103. 2 104.0 2, 254. 8 2, 273. 2 2, 295. 4 2, 306. 2 2, 318. 8 2, 333. 6 2, 368. 2 i The total of wage and salary disbursements and other labor income differs from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements. * Consists of employer contributions to private pension, health, and welfare iiunds; workmen's compensation; directors' fees; and a few other minor items. 1 With inventory valuation and capital consumption adjustments. 4 With capital consumption adjustment. * Consists mainly of social insurance benefits, direct relief, and veterans payments. 6 Personal income exclusive of farm proprietors' income, farm wages, farm other labor income, and agricultural net interest. Source: Department of Commerce, Bureau of Economic Analysis. DISPOSITION OF PERSONAL INCOME Real per capita disposable income rose again in the second quarter. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 2,200 2,200 2,000 4,000 3,000 3,000 1973 * SEASONALLY ADJUSTED ANNUAL RATES SOURCE: DEPARTMENT OF COMMERCE Period Less: T>~_, rersonal tax Personal and income nontax payments Equals : Disposable personal income COUNCIL OF ECONOMIC ADVISERS Less: Personal outlays l Per capita disposable persona] income Equals : Personal saving Current dollars 951.4 1, 065. 2 1, 168. 6 1, 265. 0 1, 391. 2 1, 538. 0 1, 721. 8 1, 943. 8 2, 160. 2 141.0 150.7 170. 2 "168. 9 196. 8 226.5 258. 8 302.0 338.5 810. 3 914. 5 998. 3 1, 096. 1 1, 194. 4 1,311. 5 1, 462. 9 1, 641. 7 1, 821. 7 Current dollars 1972 dollars Dollars Bil lions of d ollars 1972 1973 1974 1975 1976 1977 1978 1979 1980 1972 dollars Per capita personal co nsumption exp*jnditures 757. 7 835.5 913.2 1, 001. 8 1, 111. 9 1, 237. 5 1? 386. 6 1, 555. 5 1, 720. 4 52.6 79.0 85. 1 94. 3 82.5 74. 1 76.3 86. 2 101.3 3,860 4,315 4,667 5,075 5,477 5,954 6,571 7,293 8,002 3,860 4,083 4,013 4,055 4,161 4,266 4,409 4,493 4,473 3,511 3,831 4, 152 4,521 4,972 5,472 6,058 6,712 7,348 3,511 3,626 3,570 3,612 3,777 3,922 4,064 4, 135 4,108 4,141 4,164 4,161 4,044 4,083 4,142 4,192 4,162 Percent change Saving in real as percent of per capita disposable disposperable sonal perincome sonal income Pert3ent 2.9 5.8 -1.7 1.0 2.6 2.5 3.4 1.9 -.4 6.5 8. 6 8.5 8.6 6.9 5.6 5.2 5. 2 5.6 Population (thou-2 sands) 209, 924 211, 939 213,898 215, 981 218, 086 220, 289 222, 029 225, 106 227, 654 Seas»onaily ad; usted ann ual rates 308.4 1, 663. 8 1, 574. 5 321.8 1, 710. 1 1, 629. 4 323. 1 1, 765. 1 1, 678. 7 330. 3 1, 784. 1 1, 674. 1 341.5 1, 840. 6 1, 729. 2 359.2 1, 897. 0 1, 799. 4 89.3 80.7 86.4 110.0 111.4 97.6 7,381 7,563 7,785 7,848 8,074 8,299 4,506 4,501 4,503 4,435 4,468 4,488 6,783 6,998 7,194 7,156 7,379 7,660 1981: I _ _ 2, 319. 8 372. 0 1, 947. 8 1, 858. 9 II V 2, 368. 9 382.7 1, 986. 2 1, 881. 0 88.9 105.2 8,504 8,653 4,511 4,515 7,903 7,977 1979: III- 1, 972. 3 IV.. 2, 032, 0 1980: !____ 2, 088. 2 II__. 2, 114. 5 III__ 2, 182. 1 IV.. 2, 256. 2 * Includes persona! consumption expenditures, interest paid by consumers to business, and personal transfer payments to foreigners met). 2 Includes Armed Forces abroad. Annual data are averages of quarterly data, which are averages for the period. 2.3 -.4 5.4 47 -5.9 .2 49 6.2 3.0 1.8 6. 1 5. 1 225,418 226, 117 226, 727 227, 332 227, 977 228, 578 2. 1 46 5.3 229, 051 229, 535 .4 Source: Department of Commerce (Bureau of Economic Analysis and Bureau of the Census). FARM INCOME In the second quarter, gross farm income rose $7.5 billion (annual rate) arrd net farm income rose $4.7 billion from first quarter levels. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 200 1200 100 100 80 80 60 60 40 40 NET FARM INCOME ^, 20 v««.*' 10 J vx J L_J_ 1973 1975 1974 1976 20 V 1978 1977 L J L 1979 1980 1981 * SEASONALLY ADJUSTED ANNUAL RATES COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF AGRICULTURE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Income of farm operators from farming Grc>ss farm inec>me Net farni income Cash imarketing njceipts Period Total 1 Total Livestock and products Crops Value of inventory2 changes Production expenses Current dollars 1967 dollars 3 1973 1974 1975 1976 1977. _ _ 1978 1979 1980 98.9 98.3 100.3 101.8 108.7 127.5 151.9 150.5 87. 1 92.4 88.2 94.8 96.3 112. 9 131. 9 136. 4 45.9 41. 4 43. 0 46. 1 47. 6 59. 2 68. 5 67.4 41. 1 51. 1 45. 1 48.7 48.7 53.7 63.4 69.0 3.4 -1.6 3. 4 -2.4 1.0 .6 5.3 -2.0 65. 6 72.2 75.9 83. 1 90.3 101. 1 119. 2 130.7 33.3 26. 1 24.5 18. 7 18.4 26. 5 32.7 19.9 25. 1 17.7 15.2 11.0 10.2 13.5 15. 1 8. 1 1979:III___ IV. _ 152.5 154. 1 131. 4 133.6 67. 1 67. 5 64.3 66. 1 6.6 5. 1 120. 2 124.9 32. 3 29.2 14.6 12.8 1980:1 II III IV 149. 3 145.8 151.9 155. 1 133.0 131.9 139. 2 141. 5 66. 3 64. 0 68.9 70.4 66.7 67. 9 70.3 71. 1 .9 -1.9 -3. 7 -3.3 126.0 129.0 132. 2 135. 6 23.4 16. 9 19.7 19.5 9.9 6.9 7.9 7.6 1981:1 II 157. 7 165.2 142.5 145.7 69.8 69.0 72.7 76.7 -1.9 2.0 139.4 142.2 18.3 23.0 7.0 8.6 1 Cash marketing receipts and inventory changes plus Government payments, other farm cash income, and nonmoney income furnished by farms. 2 Physical changes in end-of-year inventory of crop and livestock commodities valued at average prices during the year. 83-120 0 - 8 1 - 2 3 Income in current dollars divided by the consumer price index (Department of Labor). NOTE.—Data revised beginning 1977. Source: Department of Agriculture, except as noted. CORPORATE PROFITS In the second quarter, according to preliminary estimates, corporate profits before tax fell $32.1 billion (annual rate) while after-tax profits fell $19.1 billion, both from revised first quarter levels. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 320 320 SEASONALLY ADJUSTED ANNUAL RATES 280 280 200 200 160 120 120 UNDISTRIBUTED PROFITS^.""*" ^ J* 80 k^x-*'** »' ii**1* 80 X,"*,-. — — *•* r x TAX LIABILITY —' 40 40 J L 1973 J J_ 1974 1975 L 1976 I I 1 I 1977 1978 1 1980 1979 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1979: III IV 1980: I II III IV [Billions of dollars; quarterly data at seasonally adjusted Dry valutition Profi ts (before tax) wit i invent< adjustn lent l Dome stic indu stries Profits >Jonfinanc 3ial before WholeTotal * tax ManuFinansale Total cial Total3 facand tur- retail ing trade 62. 4 12. 1 68.9 50. 2 26. 6 9.5 75.4 14. 1 82.0 74.9 60.8 34. 1 11. 7 86. 6 94.0 85.3 15. 3 70. 0 13.4 40.7 100. 6 92. 0 105.6 15. 9 45.5 76.0 13.9 125. 6 80.4 15.0 96.7 65. 4 39. 0 12.5 136. 7 11.8 120.6 107.6 52. 6 95.8 21. 3 132. 1 151. 6 17. 1 120.3 137. 4 69.2 22.4 166. 3 161.2 23.5 137. 7 76.2 176.7 27.0 192. 6 29.3 150. 0 199.0 179 3 85.3 24. 5 223.3 212. 7 182. 4 31. 6 150.8 88.9 23.0 255. 4 30.6 138. 1 199.8 168.7 74.5 245. 5 20.9 215. 6 180.5 31. 5 149.0 84.4 262. 0 25.6 172. 9 204.5 32.6 140. 3 80.2 22. 6 255.4 33.3 145.7 215.6 179.0 92. 1 14.8 277. 1 186.9 157. 5 30. 1 127.5 61. 3 25.9 217.9 195. 9 165.0 28. 7 136.2 68.5 20. 4 237. 6 201. 0 173. 4 76.2 30.5 142.9 22.6 249. 5 1981: I II * 217.7 201.7 Period 192.3 179. 1 28. 6 24.0 163. 7 155. 1 90.4 * See p. 4 for profits with inventory valuation and capital consumption adjustments. 3 Includes rest of the world, not shown separately. s Includes industries not shown separately. 8 1981 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE 27.5 257. 0 224. 9 annual rates] Profits after tax Tax liability Total Dividends Undistributed profits Inventory valuation adjustment 34.2 37. 5 41. 6 49.0 51. 6 50.6 63. 8 72.6 83.0 87. 6 82.3 88.4 87.2 94.2 71.5 78. 5 85.2 41. 3 49. 0 5P. 9 76,6 85. 1 81.5 102. 5 120. 0 140. 3 167.8 163. 2 173.6 168. 2 182. 9 146. 5 159. 1 164. 3 22.5 22.9 24. 4 27. 0 29.9 30.8 37. 4 39.9 44. 6 50.2 56. 0 50 2 51.6 53.9 55. 7 56. 7 57. 7 18.8 26. 1 34. 5 49. 6 55. 2 50. 7 65. 1 80. 1 95. 7 117. 6 107.2 123.5 116.6 128.9 90. 7 102.4 106.6 -6. 6 -4.6 -6. 6 -20. 0 -40.0 -11.6 -14.7 -15.8 -24.3 -42. 6 -45.7 -46.5 -50.8 -61.4 -31. 1 -41.7 -48.4 87. 7 74.8 169.2 150. 1 59. 6 62.0 109.6 88. 1 -39.2 —23. 2i NOTE.—Data for 1931 incorporate changes that resulted from the enactment of the Economic Recovary Tax Act of 1981. Source: Department of Commerce, Bureau of Economic Analysis. GROSS PRIVATE DOMESTIC INVESTMENT According to revised estimates for the second quarter, business fixed investment rose $7.4 billion (annual rate) as nonresidential construction outlays rose $5.5 billion and producers' durable equipment purchases increased $2.0 billion. Residential investment outlays fell $5.4 billion. There was a $21.2 billion increase in inventories following a $4.5 billion increase in the first quarter. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 500 SEA SONALLY ADJUSTED ANNUAL RATES 450 /^- 400 GROSS PRIVATE DOMES INVESTMENT \ 350 \ vs.X ric ^~S^ j^ c 500 450 400 ^s^ / 350 > <*"~ 300 300 f 250 — —-^r ^ , *••*** NONRES IDENTIAL FIXED IN y/ESTMENT^^** f^- . 250 200 200 ""^ 150 ^ 150 """ RESIDENTIA L FIXED INVESTS ENT_^, ...*"-' ** * 100 —^~,^ 100 CH ANGE IN BUSINESS ^ 50 INVENTORIES ^ 1 -50 ^yilllllu I 1973 I i I I I 1976 1975 1974 I 50 **»»<»»* I I ! 1977 / X,,, I I 1978 ! I i 1979 i I 1980 -50 1981 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Non residential fixed "PfvrfrkH tic investment 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1979: III IV 1980: I II_ Ill IV 1981: I II" investmem Gross private domes- 144.2 166.4 195. 0 229.8 228.7 206. 1 257.9 322. 3 375.3 415.8 395.3 421.7 410.0 415.6 390.9 377. 1 397.7 437. 1 455. 8 Total 103.9 107.9 121.0 143. 3 156. 6 157. 7 174. 1 205. 5 242.0 279.7 296.0 288.5 290.2 297. 8 289.8 294.0 302. 1 315.9 323.3 Structures Producers' durable equipment 38.7 40.5 44. 1 51. 0 55.9 55.4 58.8 64.6 78.7 96.3 108.8 99. 6 105, 1 108.2 108.4 107.3 111.5 117.2 122.7 Source: Department of Commerce, Bureau of Economic Analysis. 65.2 67.4 76.9 92. 3 100. 7 102.3 115.3 140. 9 163.3 183.4 187. 1 189.0 185. 1 189.7 181.4 186.8 190.7 198.7 200. 7 Ressidential fh:ed investrrlent Total 37. 1 50.9 63.8 68. 0 57. 9 55.3 72. 0 95.8 111.2 118.6 105.3 119.8 120.6 115.2 93.6 99. 2 113.0 116. 7 111.3 Nonfarm structures 35.4 48.9 61.5 65.6 54.8 52. 4 68.8 91.9 106.9 113.9 100.3 114.9 115.4 110. 1 88.9 94.5 107.6 111.4 106.0 Farm structures 0.6 .7 .7 .7 1.3 1.0 1. 1 1.5 1.8 1.8 2.0 2.0 2.3 2.2 1.8 1.7 2.2 2.2 2. 1 Producers' durable equipment 1. 1 1.3 1.5 1.7 1.8 1.9 2. 1 2.3 2.6 2.9 3.0 2.9 3.0 3.0 2.9 3.0 Change in business m\reritories Total 3.2 7.7 10.2 18.5 14. 1 -6.9 11.8 21. 0 22.2 17.5 -5.9 13.3 -.8 2.5 7.4 3. 1 -16.0 -17.4 3.2 3.2 21.2 4.5 Nonfarm 3. 1 6.4 9.6 15.2 16.0 -10.5 13.9 20.2 21.8 13.4 -4.7 7.8 -4.4 1.5 6.1 -12.3 -14.0 6.8 19.4 EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS Nonfarm business spending for new plant and equipment for the year 1981 is expected to be 8.4 percent above 1980, according to the Commerce Department April-May survey. Expenditures in 1980 were 9.3 percent higher than in 1979. BILLIONS OF DOLLARS (RATIO SCALE) 500 BILLIONS OF DOLLARS (RATIO SCALE) 500 SEASONALLY ADJUSTED ANNUAL RATES 400 400 300 300 200 200 TOTAL NEW PLANT AND EQUIPMENT NONMANUFACTURING 100 100 .****' 80 80 „- \ MANUFACTURING 60 60 ....--"" 40 40 y ' j/ j/ 30 1973 1974 1975 1977 1976 1978 1979 1980 30 1981 J/ SEE FOOTNOTE 4 BELOW. SOURCE: DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Plant and equi pment Ma nufactur mg Period 1973 1974 1975 1976 1977 1978 1979 1980 4 1981 1980:1... II.. IIL. IV.. 1981: I... II*. III44. IV . Total 137. 70 156. 98 157. 71 171. 45 198. 08 231. 24 270. 46 295. 63 320. 51 291. 89 294. 36 296. 23 299. 58 312. 24 311. 87 322. 88 333. 09 Plant 56.66 64.29 65.21 71.20 80.31 92.70 105. 73 117. 55 115. 96 116. 50 117. 59 120. 27 128. 57 Equipment Total Durable goods Nondurable goods 81.04 42.37 92.69 53.21 92. 50 54.92 100. 25 59.95 117. 77 69.22 138. 54 79.72 164. 73 98.68 178. 08 115. 81 127. 88 175. 93 111. 77 177. 86 115. 69 178. 64 116. 40 179. 32 118. 63 183. 67 124. 50 121. 99 130. 46 133. 45 22.75 27.44 26.33 28.47 34.04 40.43 51.07 58.91 63.99 58.28 59.38 58. 19 59.77 61.24 60.28 64.90 68.65 19.62 25.76 28.59 31.47 35. 18 39.29 47.61 56.90 63.89 53. 49 56. 32 58.21 58.86 63.27 61.71 65.56 64.80 * Wholesale and retail trade; finance, insurance, and real estate; and personal, business, and professional services. 2 "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services. 10 J^onmanuifacturin g Trans- Public Total Mining porta- utilities tion 95.33 103. 78 102. 79 111. 50 128. 87 151. 52 171. 77 179. 81 192. 62 180. 13 178. 66 179. 83 180. 95 187. 74 189. 88 192. 42 199. 64 3.31 4.62 6. 10 7. 44 9. 24 10.21 11.38 13.51 16.91 11.89 12.81 13.86 15.28 16. 20 15.93 17.51 17.87 7.41 8.23 8.68 8.89 9. 40 10.68 12.35 12.09 12. 14 12.47 12. 09 12.23 11.70 11.74 11.48 11.58 13.71 17.97 19.83 19. 98 22.37 26.79 29.95 33.96 35.44 37.26 36.26 35.03 35.58 34. 96 36.05 37.39 38.23 37.31 Starts of plant and equipment ComTrade muni- projects, manufacand turing s serv-l cation and 2 ices other 45.53 47. 79 46.23 49. 30 56.54 68. 66 79.26 81. 79 85.22 82. 17 81.07 81. 19 82.91 83.43 84.55 84. 12 88.33 21.12 23. 30 21.80 23.51 26.90 32. 02 34.83 36.99 41.09 37.34 37.66 36.97 36. 11 40.32 40. 54 40.97 42.43 53. 21 61.24 56.51 59.38 77.40 88. 16 112. 98 123. 32 32.43 29.41 27.74 33.53 35.41 * Starts are estimated by adding changes in carryover to expenditures during given period. * Planned capital expenditures as reported by business in late April and May 1981, corrected for biases. Source: Department of Commerce, Bureau of Economic Analysis. EMPLOYMENT, UNEMPLOYMENT, AND WAGES STATUS OF THE LABOR FORCE Seasonally adjusted employment rose 570,000 in July and unemployment fell 282,000. MILLIONS OF PERSONS* MILLIONS OF PERSONS* 110 110 1973 *16 Y E A R S OF AGE AND OVER. SOURCE: DEPARTMENT OF LABOR Period 1975 1976 1977 1978* 1979 1980 COUNCIL OF ECONOMIC ADVISERS [Thousands of persons 16 years of age and over, except as noted] Civilian eiuploymen t Unemplc>yment Total labor NoninN onagricultural 15 stitu- Civilian Unem- force Civilian Part-time Total weeks Agritional employ- ploy- (includ- labor Total ecoculand force populament ing ment Total for nomic l over tural Armed tion reasons Forces) 3,490 7,830 2,483 153, 449 84, 783 7,830 94, 793 92, 613 84, 783 3,380 81, 403 3,272 7,288 2,340 156, 048 87, 485 7,288 96, 917 94, 773 87, 485 3,297 84, 188 3,297 6,855 1,911 158, 559 90, 546 6,855 99, 534 97, 401 90, 546 3, 244 87, 302 3,216 6,047 1,379 161, 058 94, 373 6,047 102, 537 100, 420 94, 373 3,342 91, 031 3,281 5,963 1,202 163, 620 96, 945 5,963 104, 996 102, 908 96, 945 3,297 93, 648 3,965 7,448 1,829 166, 246 97, 270 7,448 106, 821 104, 719 97, 270 3,310 93, 960 Seascmally adjusted Uinadj usted Labor force participation rate (per-2 cent) 61.8 62. 1 62.8 63.7 64.2 64.3 1980: July.. Aug._ Sept._ Oct.. Nov.. Dec.. 166, 391 166, 578 166, 789 167, 005 167, 201 167, 396 98, 587 98, 115 97, 256 97, 933 97, 801 97, 545 8,410 8,011 7,464 7,482 7,486 7,233 107, 119 107, 059 107, 101 107, 288 107, 404 107, 191 105, 104, 104, 105, 105, 105, 020 945 980 167 285 067 96, 999 97, 003 97, 180 97, 206 97, 339 97, 282 3,267 3,210 3,399 3,319 3,340 3,394 93, 732 93, 793 93, 781 93, 887 93, 999 93, 888 4,086 4, 143 4,183 4,220 4,176 4,218 8,021 7,942 7,800 7,961 7,946 7,785 1,935 2, 150 2,295 2,292 2,329 2,378 64.4 64.3 64.2 64.2 64.2 64.0 1981: Jan.. Feb.._ Mar._ Apr.. May-June.July.. 167, 585 96, 128 167, 747 96, 383 167, 902 97, 318 168, 071 98, 282 168, 272 98, 803 168, 480 99, 341 168, 685 100, 474 8,543 8,425 8,087 7, 396 7,545 8,279 7,934 107, 668 107, 802 108, 305 108, 851 109, 533 108, 307 108, 603 105, 543 105, 681 106, 177 106, 722 107, 406 106, 176 106, 464 97, 696 97, 927 98, 412 98, 976 99, 235 98, 392 98, 962 3,403 3,281 3,276 3,463 3,353 3,265 3,258 94, 294 94, 646 95, 136 95, 513 95, 882 95, 127 95, 704 4,474 4, 145 4,227 4,044 4,143 3,798 4,225 7,847 7,754 7,764 7,746 8,171 7,784 7,502 2,358 2,250 2,192 2, 105 2,168 2,315 2, 100 64.2 64.3 64.5 64.8 65. 1 64.3 64.4 1 Persons at work. Economic reasons include slacK work, material shortages, inability to find full-time work, etc. 2 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 revisions in the household survey, which added about 250,000 to labor force and to employment. Source: Department of Labor, Bureau of Labor Statistics. 11 SELECTED UNEMPLOYMENT RATES In July the seasonally adjusted unemployment rate fell to 7.0 percent from 7.3 percent in June. PERCENT* (SEASONALLY ADJUSTED) PERCENT* (SEASONALLY ADJUSTED) 20 v TEENAGERS (16-19) 10 WOMEN 20 YEARS AND OVER MEN 20 YEARS AND OVER o ILL 1981 1977 1977 1979 1978 * UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED. SOURCE: DEPARTMENT OF LABOR 1980 1981 COUNCIL OF ECONOMIC ADVISERS [Monthly data seasonally adjusted] 1Jnemplo yment nite (perc<?nt of ehrilian lab or force in group ) By sejlected gi •oups By s ex and a ge By race Total (all civilian workers) Men 20 years and over 1975 1976 1977 1978 1979 1980 8.5 7.7 7.0 6.0 5.8 7. 1 6.7 5.9 5.2 4.2 4. 1 5.9 1980: July Aug Sept Oct Nov Dec 7.6 7.6 7.4 7.6 7.5 7.4 7.4 7.3 7.3 7.3 7.6 7.3 7.0 Period 1981: Jan Feb Mar Apr May June July _ . Married men, spouse present Women who maintain families Fulltime workers Parttime workers Labor force time lost (per-! cent) Women Both 20 sexes years 16-19 and years over White 8.0 7.4 7.0 6.0 5.7 6.3 19.9 19. 0 17.7 16.3 16. 1 17.7 7.8 7.0 6.2 5.2 5. 1 6.3 13.9 13. 1 13.1 11.9 11.3 13.2 8.2 7.3 6.6 5.6 5.4 6.8 5. 1 4.2 3.6 2.8 2.7 4.2 10.0 10.0 9.3 8.5 8.3 9.1 8. 1 7.3 6.5 5.5 5.3 6.8 10.3 10. 1 9.8 9.0 8.7 8.7 9. 1 8.3 7.6 6.5 6.3 7.9 6.6 6.5 6.6 6.4 6.4 6.2 6.6 6.5 6.2 6.7 6.7 6.8 18.7 18.8 17.8 18.5 18.6 17.8 6.8 6.7 6.5 6.6 6.6 6.5 13.9 13.7 14. 1 14.2 14. 0 140 7.4 7.4 7.2 7.3 7.2 7.1 4.9 4.8 4.7 4.6 4.4 4.3 8.8 9.0 9.0 10.2 9.9 10.4 7.4 7.3 7.3 7.3 7.4 7.3 8.8 8.7 8.7 9. 1 8.6 8.2 8.4 8.3 8.2 8.4 8.3 8.2 6.0 6.0 5.9 5.8 6.3 6. 1 5.6 6.7 6.5 6.6 6.6 6.8 6.5 6.7 19.0 19,3 19. 1 19. 1 19.5 19.0 18. 1 6.7 6.6 6.5 6.5 6.8 6.4 6.2 12.9 13. 1 13.7 13. 2 13.6 14.2 13.6 7. 1 7.0 7.0 6.8 7.4 7.0 6.8 4.2 4.1 4.1 3.8 4. 1 4.2 3.9 10.5 9.6 9.4 9.8 10.3 10.6 11.5 7. 1 7. 1 7.1 6.9 7.3 7.0 6.7 9.2 9. 1 9.0 9.0 9.7 9.2 9.3 8.2 8. 1 8.1 8.2 8.6 8.0 7.9 I Aggregate hours lost by the unemployed and persons on part-time for economic reasons as.percent of potentially available labor force hours. 12 ExpeBlack rienced wage and and other salary workers Source: Department of Labor, Bureau of Labor Statistics. SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS In July, the percentage of unemployed persons who had been out of work less than 1 5 weeks rose and the percentage out of work for 1 5 weeks or more fell. PERCENT DISTRIBUTION* PERCENT DISTRIBUTION* REASON FOR DURATION OF UNEMPLOYMENT 60 60 50 50 40 40 REENTRANTS 30 30 - 20 20 15-26 WEEKS NEW ENTRANTS \ A> 10 10 JOB LEAVERS 27 WEEKS AND OVER 11111111111 1977 1978 1979 1980 1981 1977 1978 1979 1980 1981 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR Period Unemployment (thousands) 1976 7,288 1977 6,855 1978 6,047 1979 5,963 1980 7,448 1980: July.. 8,021 Aug.. 7,942 Sept.. 7,800 Oct.. 7,961 Nov.. 7,946 Dec— 7,785 1981: Jan.. 7,847 Feb.. 7,754 Mar.. 7,764 Apr.. 7,746 May.- 8,171 June.- 7,784 July_. 7,502 [Monthly data seasonally adjusted, except as noted] Percen t distrib ution of unemPercei]it distrib ution of unem- State pi"ograms Insured unem- Special plo yment b y duraticml Pi oyment jy reasoi i i ployunemment, ployall ment 27 Insured Less New unem- Initial regular benefit 5-14 weeks 15-26 Job Job Reenthan 5 weeks weeks enproclaims and losers leavers trants trants ploy- claims grams weeks (unadover ment (unad-2 justed) » justed) Wee;kly avei age, thoujsands 38.3 12.2 29.6 18.3 13.8 49.7 26.0 386 12.1 2,991 3,846 1,152 41.7 30.5 13. 1 14.8 13.0 45.3 375 28. 1 13.7 2,655 3,308 572 46.2 14. 1 31.0 12.3 10.5 41.6 30.0 14. 3 2,359 346 2,645 48. 1 31.7 11.5 14.3 8.7 42.8 29.5 13.4 2,434 388 2,592 32.4 13.8 43. I 10.8 11.6 25.2 51.9 11.4 3,350 489 3,837 42.0 33.5 13.8 10.7 54.6 10.8 23.4 11.2 3,810 514 4,140 41.0 31.9 15. 6 54.2 11.2 11.5 23.6 10.9 3,748 503 3,911 38.4 17.2 32.6 55.2 23.2 11.7 10.8 495 10.8 3,782 3,961 31.3 39.9 13.0 15.7 53.0 10.9 25.2 11.0 3,602 458 3,661 15.2 31.7 39.0 14.0 53.5 11.3 11.2 3,367 24.0 424 3,726 40.4 16.0 28.8 14.9 54.3 10.5 24.0 11.2 3,083 415 4,085 41.3 16.2 49.4 26.2 28.7 13.7 11.6 12.8 2,982 417 4,621 41.2 12.8 16.2 29.9 50.7 25.7 11.5 12. 1 2,825 410 4,264 41.4 30.4 15.2 11.2 13. 1 26.4 49.7 12.7 2, 906 433 3,948 40.2 32.2 13. 1 14.5 49.7 11. 1 26.3 12.9 2,923 415 3,453 41.5 31.8 14. 1 12.4 12.6 50. 1 26. 1 11.5 2,945 414 3, 111 40.4 30. 1 15.4 14. 1 24. 5 52. 8 10.8 12.0 2,972 418 2,949 42.6 29. 3 14.3 13.8 49.3 12.0 27.0 11.7 2,821 401 3,008 1 Detail may not add to 100 percent because of rounding. 2 Includes State (50 States, District of Columbia, Puerto Eico, and Virgin Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (ER) programs. Also includes Federal and State extended benefit programs. Does not include FSB (Federal supplemental benefits) and SUA (special unemployment assistance). COUNCIL OF ECONOMIC ADVISERS 3 FSB and SUA. These programs started January 1975 and regular reporting began March 1975. Source: Department of Labor (Bureau of Labor Statistics and Employment and Training Administration). 13 NONAGR1CULTURAL EMPLOYMENT Total nonagricultural employment as measured by the payroll survey rose 383,000 in July, the largest monthly increase in the past year. MILLIONS OF PERSONS* (ENLARGED SCALE) MILLIONS OF PERSONS* 90 ALL NONAGRICULTURAL ESTABLISHMENTS 80 70 60 «*** <;FR SERVICE-PRODUCING INDUSTRIES 22 50 20 40 CONS TRUCTION GOODS-PRODUCING INDUSTRIES \ 30 +.— *""«•«„..»»«»"""""""" „ 1978 1977 1979 1980 V 1981 1977 _ —, • \\ 1 II 1 1 1 i 1 1 1 20 i —^a* 1 1 1 1 1 1 1 1 1 1 1 i i I i I I i I i ii i i i i i I i i 1 1 i 1978 1979 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF LABOR 1980 ^ I 1 1 1 1 I 1 1 1 1 IK 1981 N COUNCIL OF ECONOMIC ADVISERS [Thousands of wage and salary workers; l seasonally adjusted] C*oods-pr(>ducing i ndustries "D__,j _ J Feriod Total nonagricultural employ- Total 2 ment Construction Service-pr oducing IndustrieJS Trans- Whole- Finance, Gover nment Ma nufactui ing portainsursale tion ance, Services Total and NonState and and retail durable Federal and Total Durable real public trade goods goods local utilities estate 1975__ 1976 . 1977__._ . 1978__. _ _ _ 1979_ 1980______ 76, 945 79, 382 82, 471 86, 697 89, 823 90, 564 22, 23, 24, 25, 26, 25, 600 352 346 585 461 718 3,525 3,576 3,851 4,229 4,463 4,399 18, 323 18,997 19, 682 20, 505 21, 040 20, 300 10, 688 11,077 11,597 12,274 12, 760 12, 181 7,635 7,920 8,086 8,231 8,280 8,118 54, 345 56, 030 58, 125 61, 113 63, 363 64, 847 4,542 4,582 4,713 4, 923 5,136 5, 143 17, 060 17, 755 18, 516 19, 542 20, 192 20, 386 4, 165 4,271 4,467 4, 724 4,975 5,168 13,892 14,551 15,303 16, 252 17, 112 17, 901 2,748 2,733 2,727 2, 753 2,773 2,866 11, 937 12, 138 12, 399 12,919 13, 174 13, 383 1980: July_. Aug___ Sept., Oct___ Nov__ Dec.__ 89, 960 90,219 90,461 90, 668 90, 844 90, 949 25, 151 25, 322 25, 445 25, 521 25, 629 25, 631 4,270 4, 324 4,362 4, 379 4,389 4,387 19, 877 19, 990 20, 060 20, 110 20, 188 20, 175 11, 859 11, 907 11, 968 12, 013 12, 090 12, 077 8,018 8,083 8,092 8, 097 8,098 8,098 64, 809 64, 897 65, 016 65, 147 65, 215 65, 318 5,119 5,126 5, 124 5, 129 5,114 5,118 20, 355 20, 413 20, 450 20, 461 20, 464 20, 470 5,173 5, 188 5,206 5,221 5,235 5,254 17, 940 17, 981 18, 043 18, 807 18, 160 18, 240 2,893 2,808 2,784 2,795 2,796 2,800 13, 329 13, 381 13, 409 13, 454 13, 446 13, 436 1981: Jan.. _ Feb___ Mar__ Apr May__ June vJuly *>_ 91, 091 91, 258 91, 347 91,458 91, 564 91, 583 91, 966 25, 647 25, 657 25, 705 25, 700 25, 705 25, 806 25, 922 4, 390 4, 389 4,416 4,418 4, 334 4,274 4,253 20, 174 20, 177 20, 191 20, 332 20, 414 20, 420 20, 528 12, 084 12, 074 12, 099 12, 207 12, 254 12, 277 12, 339 8,090 8, 103 8,092 8, 125 8, 160 8, 143 8,189 65, 444 65, 601 65, 642 65, 758 65, 859 65, 777 66, 044 5,124 5, 135 5, 139 5,161 5, 148 5, 145 5, 151 20, 529 20, 600 20, 635 20, 636 20, 714 20, 703 20, 798 5,268 5,283 5,293 5,316 5, 326 5,330 5,344 18, 300 18, 343 18, 371 18, 475 18, 540 18, 568 18, 653 2,799 2, 795 2,781 2,767 2,779 2,781 2,775 13, 424 13, 445 13, 423 13, 403 13, 352 13, 250 13, 323 1 Includes all full- and part-time wage and salary workers in nonagricultural establishments who worked during or received pay for any part of the pay period which includes the 12th of the month. Excludes proprietors, self-employed person?, 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, bad weather, etc., even if they are not paid for the time off; and which are based on a sample of the workingage population, whereas the estimates in this table are based on reports from employing establishments. 2 Includes mining, not shown separately. Source: Department of Labor, Bureau of Labor Statistics. AVERAGE WEEKLY HOURS AND HOURLY EARNINGS PRIVATE NON&GRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Period Manufstcturing Total private non agricultural l Total Adjusted h ourly earnin gs index2 — tc>tal private nonagric ultural Average gross hourly cearnings Aver age weekly !lours Overtime 1972 1973 1974 1975 1976 1977 1978 1979 1980 37.0 36. 9 36. 5 36. 1 36. 1 36. 0 35.8 35.7 35.3 40.5 40. 7 40. 0 39. 5 40. 1 40.3 40.4 40.2 39. 7 3.5 3.8 3.3 2.6 1980: July Aug Sept Oct Nov Dec.. 35. 1 35. 2 35.3 35.3 35.3 35.3 39. 2 39. 5 39. 6 39. 7 39.8 39.9 2.5 2.7 2.7 2.8 1981: Jan Feb Mar Apr May p June July * 35.3 35.2 35.3 35.4 35. 3 35.3 35.3 40. 1 39.8 39.9 40.2 40. 3 40. 1 40.0 3.0 2. QO 2.8 2.9 3. 1 3. 5 3.6 3.3 2.8 3. 0 3.0 3. 2 3.0 2.9 Percent ch ange from a year e arlier 4 5 Index, 1£)77 = 100 Total private nonagricultural 1 Manufacturing $3. 70 3. 94 4.24 4. 53 4. 86 5. 25 5.69 6. 16 6.66 $3. 82 4. 09 4. 42 4. 83 5. 22 5. 68 6. 17 6. 70 7.27 69.8 74. 1 80. 0 86.7 92.9 100.0 108. 1 116.8 127.3 101.2 101. 1 98.3 97. 6 99.0 100.0 100. 5 97.4 93.5 6.4 6.2 8.0 8.4 7.2 7.6 3. 1 -. 1 -2.8 8.0 9.0 -3. 1 -4.0 6. 66 6.72 6.76 6.83 6.90 6.94 7. 29 7.36 7. 41 7. 49 7.59 7.63 127.6 128.7 129. 4 130. 6 132. 1 132.6 93.8 93.9 93.3 93.2 93.3 92.7 9.2 9.3 8.9 9.7 9.9 9.3 -3.4 -3.0 -3.4 -2. 6 -2.5 -2.8 6.99 7.04 7. 09 7. 14 7. 18 7.23 7.26 7, 69 7.74 7.80 7.90 7.95 7.98 8. 00 133.8 135.0 135.8 136.7 137.7 138.3 138.9 92.8 92.7 92.8 93. 0 93. 1 92.9 92. 1 10.0 9. 9 -1. 6 -1.3 AVERAGE WEEKLY EARNINGS— Current dollars 1977 dollars 3 Current dollars 1977 dollars -.7 1.4 1.0 .5 8. 1 9.5 9.6 9.5 9.0 8.8 -.9 -.3 -.3 —.5 -1.8 NONAGRICULTURAL INDUSTRIES [For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted] Average gross weekly earnings Total pri vate nonagricu Itural l Period Current dollars 1972 1973 1974 1975 1976 1977 1978 1979 . 1980 1980: July Aug Sept Oct. Nov..,. Dec 1981: Jan Feb Mar Apr May June v July v ... • $136. 90 145. 39 154.76 163. 53 175.45 189.00 203. 70 219. 91 235. 10 233. 77 236. 54 238. 63 241. 10 243. 57 244. 98 246. 75 247. 81 250. 28 252. 76 253. 45 255. 22 256. 28 Manufacturing 1977 dollars 3 $198. 41 198. 35 190. 12 184. 16 186. 85 189. 00 189. 31 183. 41 172. 74 171. 89 172. 53 172. 05 172. 09 171. 89 171. 19 171. 12 170. 20 170. 96 172. 06 171.37 171. 40 170. 06 $154.71 166. 46 176.80 190. 79 209. 32 228. 90 249. 27 269. 34 288. 62 285. 77 290. 72 293. 44 297. 35 302. 08 304. 44 308. 37 308. 05 311. 22 317. 58 320. 39 320. 00 320. 00 3 $221. 19 235. 89 249. 25 266. 08 283. 73 295. 65 318. 69 342. 99 367. 04 365. 42 366. 73 374. 87 376. 57 379. 81 382. 13 397. 94 380. 02 392. 33 390. 29 388. 98 390. 19 397. 78 Percent chringe from a yedi e total prh7ate nonagricu tural 5 Current dollars Current dollar,3 1 Also includes other private industry groups shown on p. 14. 2 Adjusted for interindustry employment shifts and for overtime in manufacturing. 3 Current dollar index (or earnings) divided by the consumer price index on a 1977=100 base. Revised index lor urban wage earners and clerical workers used beginning 1978. 83-120 0 - 81 - Construction Wholesale and retail trade $106.45 111.76 119.02 126.45 133. 79 142. 52 153. 64 164. 96 176. 46 176. 00 177. 83 178. 80 180. 08 182. 25 182. 65 184. 18 186. 12 187. 08 188. 63 189. 07 188. 80 189. 44 1977 dollars 7.5 6.2 6.4 5.7 7.3 7.7 7.8 8.0 6.9 5.7 6.4 6.3 7.3 8.2 7.9 9.5 9. 1 9.2 9.5 9.9 9.2 9.5 4.1 -. 0 -4.1 -3. 1 L5 1.2 .2 -3. 1 -5.8 -6.4 -5.6 -5.6 -4.7 -3.9 -4. 1 -2.0 -2. 1 -1.2 -.4 .1 -.3 -1. 1 4 Monthly changes 5 based on indexes to two decimal places. Based on unadjusted data. NOTE.—Seasonally adjusted weekly earnings for construction revised. Source: Department of Labor, Bureau of Labor Statistics. 15 PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR Hours of 2all persems Outimt 1 Period Output iDer hour of all p ersons Compensation 3 per 1:lour Unit labor CO sts Implici t price defla tor 4 PriPriNonNonPriNonPrivate NonPrivate NonPrivate Nonvate farm vate farm vate farm farm farm farm business business business business business sector business business business business business business business sector sector sector sector sector sector sector sector sector sector sector 1977== 100; qua rterly dat a season ally adjus ted 1968 1969 76.9 79.2 76.7 78.9 90.3 92.7 88.5 91.3 85.2 85.4 86.7 86.4 50.6 54. 2 51.4 54. 8 59.5 63.5 59.3 63.4 60.3 63.3 60.5 63.4 1970 1971 1972 1973 1974 78.5 80.9 86.2 92.0 90.2 78.1 80. 4 85.9 91.9 90. 1 91.2 90.7 93.4 97.0 97.4 90.0 89.7 92.5 96.4 96.8 86. 1 89.2 92. 4 94.8 92.7 86. 7 89.6 93.0 95.3 93. 1 58.2 62.0 66. 0 71.3 78.0 58.6 62.5 66.6 71.7 78.4 67.6 69.5 71.5 75.2 84.2 67.6 69. 7 71.7 75. 2 84.3 66.2 69. 1 71.5 75.3 82.4 66.4 69.4 71.4 74. 1 81.6 88.5 94. 1 100.0 104. 7 107.7 88. 1 94.0 100. 0 104.9 107.7 93.4 96. 1 100.0 104. 9 108.2 92.7 95.9 100.0 105. 1 108. 7 94.8 97. 9 100.0 99.8 99.5 95.0 98. 1 100. 0 99.8 99. 1 85.5 92.9 100.0 108.4 119.3 86.0 93.0 100.0 108. 5 118.9 90.2 94.8 100.0 108. 6 119.9 90.5 94. 8 100.0 108. 7 120.0 90.4 94.7 100.0 107.4 116.9 89.9 94.5 100.0 107.0 116.2 1980 106.8 106.8 107.5 108. 1 99.3 98.8 131.4 130.8 132.3 132.4 127.6 127.4 1979: III IV 107.7 108.2 107.8 108.2 108.4 109. 1 109.0 109.4 99.4 99. 1 98.9 98. 8 120.7 123.2 130.2 123.0 121.4 124. 3 121.5 124. 4 118. 1 120.2 117.4 119.7 1980: I II III IV 108.7 105.4 105.7 107.5 108.5 105. 1 105. 8 107.7 109.2 106.4 106.3 108.4 109.8 107. 1 106.9 108.8 99.5 99. 1 99.4 99. 1 98.9 98.2 99. 0 99.0 126.4 130. 1 133. 1 135.9 126.0 129.4 132.3 135.4 127. 0 131.3 133.9 137. 0 127.4 131. 8 133. 6 136.8 123.0 126. 1 129. 1 132.2 122.9 126. 3 128.8 131.9 1981: I II »„.„ 109.5 109.3 109.7 109.2 109.2 108.2 109.7 109.0 100.3 101.0 100.0 100.2 139.7 143.2 139. 1 142.4 139.4 141.8 139. 1 142. 1 135. 4 137. 6 135.3 137.6 1975 1976 1977 1978 1979 . Perceiit change quarterlyr data at iseasonal] y adjustec I annual rates 1968 1969 5. 1 5.3 2.9 1.7 2.6 2.0 3.2 3.3 .2 3.3 -.3 7.7 7.0 7.4 6.5 4.2 6.7 3.9 6.8 4.0 4.9 4.0 4.7 1970 1971 1972 1973 1974 -.8 3.0 6.6 6.6 -1.0 -1.7 -2.3 -2.4 7.4 6.6 6.5 8.0 9.4 7.0 6.6 6.7 7.6 9.4 6.4 2.9 2.9 5.2 -1.9 .9 3.6 3.5 2.7 .3 3.3 3.7 2.5 -1.9 -1.4 -.4 3. 1 4.2 .4 6.6 —.5 3.0 3.9 .4 11.9 12. 1 4.5 4.4 3.4 5.4 9.4 4.8 4.5 3.0 3.7 10. 1 1975 1976 1977 1978 1979 -1.9 -2.2 -4.2 3.4 4.3 5. 1 3.4 2.3 3.3 9.6 9.6 7.2 6.7 6.4 4.9 2.7 -4. 1 2.9 4.0 4.9 3. 1 2. 1 6.3 6.3 4.7 2.8 5.5 8.6 7.4 4.7 5.5 8.7 9.7 4.7 10.3 5. 1 5.8 7.0 8.6 1980 -.8 -.9 -.6 2.4 1.7 2.6 1.5 3.6 2.8 2.9 1979: III IV 1980: I., II Ill IV 1.8 -11.5 1. 1 1981: I II »...„ 2.9 6.9 6.9 1.4 -12. 1 .2 2.9 -9.9 -.2 8.1 7.9 3. 1 -3.7 6.9 7. 1 7.9 -.9 -1.9 16 8. 1 5. 1 2.8 4.9 —.2 -.3 3.2 2.0 —.2 — .7 8.4 10.1 7.6 8.5 9.7 10.4 10.4 7.4 8.8 -.6 -.2 -.3 10. 1 9.9 10,3 10.3 9.2 9.7 3.7 1.8 -1.2 -1.0 -1. 1 2 8.9 8.6 8.6 9.7 10.2 9.7 9.9 8.2 7.4 8.5 7.8 1.6 10.7 12.3 10.2 11.3 9.7 11.3 11.3 11.8 10.4 2. 1 -.7 7.3 -1. 1 1.3 .3 -2.9 3.6 —.2 3.5 4.6 2.8 4.3 — 7 1. 1 -9.5 -2.6 -1.8 1 Output refers to gross domestic product originating in the sector in 1972 dollars. Hours of all persons in private industry engaged in the sector, including hours of proprietors and unpaid family workers. Estimates based primarily on establishment data. * 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. 2 8. 6 7. 7 3. 1 9.5 8.6 9.0 9.8 11.6 9.6 9,8 9.0 14.4 8. 1 9.9 14.6 5.3 5. 6 10.5 8.2 9.8 10. 1 9.8 9.9 10.0 6.9 7.3 7,0 8.8 10.0 11.0 6.6 6.9 4 Current dollar gross domestic product divided by constant dollar gross domes tic product. NOTE.—Percent changes are from preceding period and are based on original data; they therefore may differ slightly from percent changes based on indexes shown here. Data for second quarter 1981 revised. Source: Department of Labor, Bureau of Labor Statistics. PRODUCTION AND BUSINESS ACTIVITY INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION Industrial production rose 0.3 percent in July following a 0.1 percent decline in June and a 0.5 percent increase in May. INDEX, 1967=100* 180 (RATIO SCALi) INDEX, 1967=100* TOTAL INDUSTRIAL PRODUCTION 180 160 (RATIO SCALE) UTILITIES AND MINING PRODUCTION 160 rv/i 140 UTILITIES 140 120 V 120 XJ....111 j I t i t i 1977 1978 1979 1980 MINING 1981 110 - MANUFACTURING PRODUCTION 1977 1978 1979 1980 1981 PERCENT* (RATIO SCALE) 100 MANUFACTURING CAPACITY UTILIZATION RATE 90 80 120 70 1981 1977 1977 1978 1979 1980 1981 * SEASONALLY ADJUSTID COUNCIL OF ECONOMIC ADVISERS SOURCEs BOARD Of GOVERNORS OF THE FEDERAL RESERVE SYSTEM Total in dustrial produ ation Percent Index, 1967= change from 100 year earlier 100. 00 -.4 129.3 117.8 -8.9 130.5 10. 8 138. 2 5.9 5.7 146 1 4.4 152.5 -3.5 147. 1 Period 1967 proportion 1974 1975 1970 1977 1978 1979 1980 1980: July Aug Sept Oct Nov Dec 1981: Jan Feb Mar Apr May June » July » _ [Seasonally adjusted] Indusstry produ ction inde xes, 1967 = 100 Msmufacturi tig Ma nufacturi ag Materials (Federal WharReserve Federal Comton series) Reserve merce 2 series series 8 series Total Durable Nondurable 87. 95 129.4 116. 3 130. 3 138.4 146. 8 153.6 146.6 51.98 125. 7 109. 3 122.3 130.0 139. 7 146. 4 136.6 30. 97 134. 6 126.4 141.8 150. 5 156. 9 164.0 161. 1 6. 36 115. 3 112.8 114.2 118. 2 124.0 125. 5 132.9 5.69 143.7 146. 0 151.7 156.5 161.4 166.0 169.9 87. 1 73.4 81. 1 82. 7 85. 6 87.4 79.8 83.8 72. 9 79. 5 81. 9 84. 4 85. 7 79.0 83 77 81 83 84 83 78 89.9 79. 0 85. 0 87. 6 90. 3 91. 9 86. 0 76 82. 6 78 86. 5 78 87. 6 Mining 140.4 141.8 144. 1 146.9 149.4 151.0 -8.2 -6.8 -5.6 — 3.8 -1,9 -1.0 139. 1 140.6 143.4 146. 4 149. 1 150.6 128.3 129.4 131.7 135.8 139.3 140.6 154.7 156.9 160.3 161.8 163.3 165.0 130.6 129.6 130.5 132. 1 136.0 139.3 171.8 173.8 172.7 170.4 171.5 170.3 73.7 74. 6 76.4 78.4 80.4 81. 3 74.9 75. 5 76. 7 78.2 79.4 79.9 151. 7 151. 5 152.2 152.2 153. 0 152.9 153.4 -.7 -.7 .1 2.6 6. 3 8. 1 9.3 151. 1 151. 0 151.7 152.3 153. 0 152.4 152.7 141.4 140. 7 142.2 142.7 143. 8 143.2 143.2 165.2 166. 1 165. 5 166. 1 166. 3 165.8 166.5 141.1 143.3 143.5 135.9 135. 9 141.7 145. 6 171.0 168. 5 169.4 169.3 172. 6 173.4 172.8 81.7 81.7 81.7 80.9 81. 1 81.2 81. 5 80.0 79.8 79.9 80.0 80. 2 79.7 79. 6 i Output as percent of c apacity. * Annual data are averages of four m onthly index es. » Quarterly data enterec in last mon th of quarter . Annual data are averagejsof quarterly data. Series revised. Utilities Capacityf utilizatic >n rate, p<sreent l So urces: Board of Governor s of the Fed(jral Reserve System, Dejmrtment of Com merce (Bureau of Econonlie Analysis) and Wharto n School of 1"inanee. 17 INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND SELECTED MANUFACTURES [1967=100, seasonally adjusted] Prod ucts Final 1^roducts Equip>ment Coiisumer go ods Period Total NonDurable durable goods goods Total 1967 proportion 1971 1972 1973 _ 1974 . 1975 1976 ... 1977 1978 _ 1979 _ _ _ 1980 1980: July ... Aug.-, .. Sept Oct Nov Dec 1981: Jan Feh ___ _ Mar..' .. _ __ _ . Apr. May p _ June v July 47. 82 106.3 115. 7 124. 4 125. 1 118.2 127. 6 135. 9 142. 2 147.2 145.4 142.4 142. 8 143.9 145. 8 147.5 148.3 148.3 147. 9 149.2 150. 3 151. 5 151.4 151.7 7. 89 118. 8 133.8 146. 2 135. 3 121.4 141. 9 154. 0 159. 2 155.8 136.5 128. 3 128.6 132. 7 139. 6 142. 9 141.3 138. 8 138.9 143. 3 144. 4 147. 6 147. 6 146.6 27. 68 114.7 124. 4 131.5 128.9 124. 0 137. 1 145. 3 149. 1 150.8 145. 5 142.0 142. 7 144. 3 146. 6 148.0 147.7 147. 2 146.9 148. 2 149. 2 150.8 150.2 150. 2 Interm ediate prod ucts 19. 79 113. 1 120.6 125. 6 126. 3 125. 1 135. 2 141. 9 145. 1 148. 8 149. 1 147. 4 148.3 148.9 149. 4 150. 1 150. 2 150.5 150. 1 150. 1 151. 1 152. 0 151. 2 151. 6 Materials Construction supplies Total Business Total 20. 14 94. 7 103.8 114. 5 120.0 110.2 114.6 123.0 132. 8 142. 2 145. 1 142.9 142. 9 143.2 144. 8 146.7 149. 1 149. 8 149. 1 150.7 151. 7 152. 6 153. 1 153.8 12. 68 104. 1 118.0 134.2 142. 4 128. 2 135.4 147.8 160. 3 171. 3 173.3 170. 1 170. 3 170. 5 172.3 174.5 177. 8 178.9 178.3 180.5 182.0 183. 4 184. 2 185. 0 12.89 116. 7 126.5 137.2 135. 3 123. 1 137.2 145. 1 154. 1 160.5 151. 9 144.5 147.6 150. 6 152.4 153. 5 156. 1 157. 7 156. 9 156.3 156. 0 155. 7 154. 1 153. 8 6. 42 116.8 128.4 139. 8 134.5 116.3 132. 6 140.6 151.7 158.0 140.7 128.6 133. 1 137. 4 140. 5 142.8 144. 6 147.4 147.3 147.6 146. 9 145.9 143. 3 142.0 39.29 111. 3 122. 3 133. 9 132.4 115. 5 131.7 138.6 148.3 156.4 147.7 136.5 138. 6 142.4 146. 4 150. 5 152.6 153.8 154. 2 154.4 153. 2 154.0 154.4 155.4 Supplernentary group: lOnergy total" 12. 23 119.5 125.2 128. 3 125.5 125. 5 129. 1 132. 9 135.4 137.9 138.8 139.2 139.2 138. 2 136. 8 139. 2 139.7 139.9 139. 2 138. 1 133. 6 134. 6 138.3 139.9 [1967 = 100, seasonally adjusted] D urable m anufactu res Prim anIT metals Period 1967 proportion^ 1971 1972 1973 1974 1975 1976 _ . 1977 1978 1979. _ ._ 198CL-, 1980: July _ Aug __ Sept. Oct Nov _ Dec 1981: Jan.... Feb_.__ Mar Apr _ _ May p June July » Total Iron nnd steel 6. 57 100.2 112. 1 126. 7 123. 1 96.4 109.7 111. 1 119. 9 121.3 101. 6 81.7 86. 0 90. 1 100.6 113.4 112. 1 113. 9 114. 2 114. 3 111. 8 111. 5 107.6 108.4 4.21 96. 1 107. 1 122. 3 119.8 95. 8 104.8 103.8 113. 2 113. 2 91.7 68. 1 75. 3 79.8 93.3 107.4 103. 5 108.0 107. 8 107.3 105. 1 105.7 99.3 trical machinery Electrical machinery 6. 93 103. 5 112. 1 124.7 124. 2 109. 9 123.9 131.0 141.6 148.5 135.0 123.8 125. 8 129. 0 132. 8 134. 1 137. 4 137.6 139. 1 141. 3 141. 2 140.9 141.0 141.5 9. 15 100.2 116. 0 133.7 140. 1 125. 1 134.5 143. 6 153. 6 163. 7 162.8 158.5 158. 8 159. 1 161. 1 163.4 167. 5 168. 9 169. 1 170.7 172. 0 174.2 175.0 176. 0 8. 05 107. 7 122.2 143. 1 143.8 1 16. 5 134,8 145.4 159.4 175.0 172.7 165. 0 166. 7 167. 5 170. 0 173. 0 174. 9 177.9 174.6 177. 1 178. 4 180. 5 179.3 180. 7 Source: Board of Governors of the Federal Reserve System. 18 Non- Fabricated metal products Nonelurable rnan uf act ures Transp Drtation equip ment Total Motor vehicles and parts 9. 27 97. 9 108.2 118.3 108. 7 97. 4 111. 1 122. 2 132. 5 135. 4 116. 8 110.7 108. 3 112.9 118.8 121. 7 120. 6 117.3 114. 9 119. 4 120. 2 123. 1 123.3 120.7 4. 50 118.6 135. 8 148. 8 128.2 111. 1 142. 0 161. 1 169. 9 159.9 118.8 107.9 104. 4 113. 4 124.2 129.0 126. 3 119. 2 117. 5 127. 4 129. 7 136. 0 137.4 131.8 Lumber and products l. 64 113. 8 120. 8 126.0 116.2 107.6 123. 2 131. 2 136.3 136.9 119.3 112. 8 121. 7 122. 6 122.2 124. 9 122.0 126. 3 126.3 125.4 126. 2 126.8 123. 2 ADparel products Print- Cheming icals and and pubprodlishing ucts 3. 31 104. 7 109.4 117.3 114. 3 107. 6 125.7 134. 2 134. 2 134. 4 128. 6 121.5 123.8 126. 7 127. 5 128.0 125. 1 125.9 124.0 123. 6 122. 1 122.2 4. 72 107. 1 112.7 118. 2 118. 2 113.3 122.5 127. 6 131. 5 136. 9 139. 6 138.6 140.3 140. 3 141. 5 142.7 144.9 145.5 145.8 143. 6 141.6 141. 9 142.4 142. 9 7. 74 125. 9 143. 6 154. 5 159.4 147. 2 170.9 185. 7 197. 4 211.8 206.7 190.3 197.8 206. 8 209. 1 212. 0 218.8 219.2 220.9 219. 5 220. 9 221. 6 220.3 Foods 8. 75 112.8 116.8 120. 9 124.0 123.4 133. 0 138. 8 142.7 147.5 149. 2 148.9 148.3 148. 6 149.4 150.5 150. 7 150. 0 151. 5 152. 1 152. 7 153.0 152.0 NEW CONSTRUCTION Construct!© n contracts2 Private Total new construction expenditures Period Resiclential Total Total1 Commercial and industrial New housing units Other Federal, State, and local Total value index (1972= 100) Commercial and in dust Hal floor space (millions of square feet) BO lions of doll ars 1974 1975 1976 1977 1978 1979 1980 139.2 135. 9 151. 1 173.8 205.6 230.8 230. 3 100. 9 95. 1 112.0 135.7 159.7 181.7 174.9 50.4 46. 5 60.5 81.0 93.4 99.0 87.3 40.6 34.4 47.3 65.7 75.8 78.6 63.1 23.8 20.8 19.9 22.5 29. 6 39.9 43.8 26.7 27.8 31. 5 32.2 36.7 42.8 43.9 3&3 Seasonally adjusted Seasonally / adjusted atinual rates 1980: June July . J AUK Sept Oct Nov Dec 1981: Jan Feb Mar Apr p May June vv July . 218.5 216.4 217.9 224.6 228.9 234.3 245. 4 259.0 254.5 250.3 248.9 239. 7 236. 2 163.1 161.5 163.5 169. 1 174.9 180.9 187.9 193.9 193.2 189.6 192.5 188. 3 184.9 53.3 53. 1 56.3 60.7 64.2 68. 1 70.4 74.2 75.1 73.0 72.9 67.7 63.8 75.0 75. 6 79.3 84.5 89.8 95. 6 98.9 100.7 99.7 96.3 98.3 94.3 91. 1 * Includes nonhotisekeeping residential construction and additions and alterations, not shown separately. 2 F. W. Dodge series. Relates to 50 States beginning 1969 for value index and beginning 1971 for floor space. 44.2 42.4 41.8 41.6 41.5 42.5 45. 1 48. 3 48.5 48.7 48.9 47.9 46.5 103.0 101.9 121.0 153.6 174.1 185.6 161.8 40.9 39. 1 38.2 45.9 49. 1 55.4 43.9 43.6 42.3 43. 1 43.6 42.8 43.9 44.9 45.0 44. 7 45.3 46. 1 47.4 55.4 54.9 150 148 192 163 167 205 193 192 177 183 172 160 170 153 544 55.5 54.0 53.4 57.6 65.2 61.3 60.6 56.4 51.5 51.3 840 555 592 739 977 1,059 898 Seasonally adjusted annual rates 857 857 824 822 865 1,034 1, 169 944 1,013 1,080 930 994 1, 015 852 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] ISfew private housing unit;S Units started, by type of stn icture Period 1973 1974 1975. 1976 1977 1978. 1979.. 1980 . . _• Total 1 unit 2, 045. 3 1, 337. 7 1, 160. 4 1, 537. 5 1,987. 1 2, 020. 3 1, 745. 1 1, 292. 2 1, 132. 0 888. 1 892.2 1, 162. 4 1, 450. 9 1, 433. 3 1, 194. 1 852. 2 2-4 units 118.3 68. 1 64.0 85.9 121.7 125.0 122.0 109.5 5 or more units 795. 0 381.6 204.3 289. 2 414.4 462. 0 429.0 330.5 New priv ate homes Homes for sale at end of 1 period Units authorized •Units completed 1,819.5 1, 074. 4 939.2 1, 296. 2 1, 690. 0 1, 800. 5 1,551.8 1, 190. 6 2, 100. 5 1, 728. 5 1, 317. 2 1, 377. 2 1, 657. 1 1, 867. 5 1, 870. 8 1, 501. 6 634 519 549 646 819 817 709 530 418 346 313 353 402 414 3 1,472 1, 429 1, 254 1,287 1,274 1,373 1,252 1, 389 1, 362 1,519 1, 260 1,368 625 616 563 549 560 514 523 500 507 451 479 410 420 335 331 335 334 337 336 329 334 325 327 324 313 306 Homes sold 398 336 Vacancy rate for rental housing units (percent)1 5.8 6.2 6.0 5.6 5.2 5.0 5.0 Seasonally adjusted arinual rates 1980: Julv Aug.__ Sept Oct_______ Nov Dec 1981:Jan__ Feb Mar Apr May* June v Julyp.__ _. 1 Seasonally adjusted. 2 Quarterly data entered 3 1,277 1,411 1,482 1,519 1, 550 1,535 1,660 1,215 1,297 1, 332 1, 158 1,021 1,055 867 971 1,032 1,009 1,019 974 993 791 838 897 764 679 691 in last month of quarter. New series beginning March 1979. 83 133 140 121 143 131 149 112 105 92 106 89 99 327 307 310 389 388 430 518 312 354 343 288 253 265 1,232 1,355 1,518 1,351 1,366 1,249 1,214 1, 165 1,153 1, 186 1, 167 963 924 5.7 5.0 5.2 5.0 NOTE.—-Units authorized beginning 1978 relate to 16,000 permit-issuing places; data for 1973-77 are for 14,000 places. Source: Department of Commerce, Bureau of the Census. 19 BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE Business sales rose 1 percent in June while inventories rose $33A billion. According to the advance survey, retail sales rose 11>4 percent in July following a 1% percent rise in June. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS* (RATIO SCALE) 600 550 - 500 TOTAL BUSINESS INVENTORIES 450 400 350 *v 300 X'\ TOTAL BUSINESS SALES 250 200 150 100 111 1 1 1 1 1 i 1977 1978 1980 1979 1981 1981 1977 * SEASONALLY ADJUSTED SOURCE: DEPARTMENT OF COMMERCE COUNCIL OF tCONOMlC ADVISERS Total b usiness 1 Who lesale R€'tail Sales 2 Period C? 1 Sales 29 Inventories 8 Inven-3 Sales 2 tories Q -I IEtventorie s* DurNonable durable goods goods stores stores A Tninl HTVi+fil DurNonable durable goods goods stores stores Inventoi'V^sales rat So 4 Total business * Retail Mill ons of d ollars, seasonally adjusted 1973 1974 1975 1976 1977 1978 1979 1980 1980: June July Aug Sept Oct Nov Dec 1981: Jan Feb Mar Apr May June v July 9 153, 412 177, 625 182, 230 204, 277 229, 623 258, 724 294, 733 320, 540 305, 326 __ 315, 633 317, 906 327, 758 335, 873 339, 049 343, 752 349, 018 350, 334 349, 898 350, 923 _ 349, 245 353,511 233, 327 285, 807 288, 375 318, 544 350, 678 395, 252 444, 224 475, 202 464, 187 466, 828 468, 943 471, 500 473, 617 474, 884 475, 202 478, 451 484, 069 485, 467 487, 060 490, 254 493, 941 38, 014 47, 748 46, 623 50, 694 55, 987 64, 715 76, 264 86, 991 81, 714 85, 810 86, 889 90, 223 93, 282 93, 901 96, 591 98, 967 98, 016 96, 486 97, 577 96, 217 95, 075 45, 372 42, 461 56, 948 45, 083 56, 697 49, 013 64, 078 54,784 72,311 60, 435 83, 492 67, 057 93, 817 74, 529 105, 529 79, 721 98, 328 77, 843 99, 618 79, 491 101, 920 79, 829 102, 953 80, 620 104, 293 81, 552 105, 203 82, 764 105, 529 83, 443 104, 909 85, 463 106, 066 86, 810 105, 539 87, 608 105, 591 85, 855 105, 568 85, 501 106, 740 86, 942 88, 032 i The term "business" also includes manu aettiring (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 14, 409 14, 118 15, 247 18, 150 20, 724 23, 313 25, 401 24, 827 23, 589 25, 071 24, 593 25, 094 25, 293 26, 007 25, 983 27, 075 28, 328 28, 429 26, 356 26, 536 27, 407 28, 426 28, 052 30, 965 33, 766 36, 633 39,711 43, 744 49, 128 54, 894 54, 254 54, 420 55, 236 55, 526 56, 259 56, 757 57, 460 58, 388 58, 482 59, 179 59, 499 58, 965 59, 535 59, 606 63, 237 28, 418 71, 067 32, 861 71, 744 33, 356 79, 273 37, 841 89, 210 42, 970 101, 681 49, 898 108, 835 53, 274 111, 694 51, 853 109, 438 51, 453 110, 003 51, 249 110,283 51, 675 111,710 51, 738 113, 106 52, 066 112, 639 52, 209 111, 694 51, 853 111, 790 52, 234 113,507 52, 374 113,404 51, 791 113, 963 52, 306 115,426 53, 529 117,492 54, 845 34, 819 38, 206 38, 388 41, 432 46, 240 51, 783 55, 561 59, 841 57, 985 58, 754 58, 608 59, 972 61, 040 60, 430 59, 841 59, 556 61, 133 61, 613 61, 657 61, 897 62, 647 1.41 L45 L57 1.48 1.46 1.44 1.43 1.45 1.52 1.48 1.48 1.44 1.41 1.40 1.38 1.37 1.38 1.39 1.39 1.40 1.40 1.40 1.4S 1.44 1.38 1.39 1.42 1.43 1.38 1.41 1.38 1.38 1.39 1.39 1.36 1.34 1.31 1.31 1.29 1.33 1.35 1.35 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). MANUFACTURERS1 SHIPMENTS, INVENTORIES, AND ORDERS Manufacturers' new orders, shipments, and inventories rose in June. According to advance data, durable goods shipments fell in July while new orders rose. BILLIONS OF DOLLARS* (RATIO SCALE) 200 180 ~SH1PME NTS 1 An TOTAL ^—"•\_x-^ ' 1 /n s^^~ ion U px — •- _ 240 - 200 - _ ——-• ^—^ _ TOTAL — ,---*** *'** »""""*"*" *-•« •+•""'*"" _.,»**"""""" »•* - ~ DURABLE GC ODS - .~'V*N ^~. •--•V6y-**'"* 120 J..S""*" mn \ \ NONDURABLE "?, GOODS — - DURABLE GOODS "*—""""" _ - on -^ 1 1 1111111 11 1 1 1 11 !i 1 1 11 i ii ii 1 i i i ii 1 1 i 1 1 1 1 1 i ii 1 1 11 i 1 1 ii ii BILLIONS OF DOLLARS* (RATIO SCALE) 200 180 ENEW OR DERS .r-^\ ——— 160 r v^^-' ~\y~^ — 140 \ — TOTAL 120 =x-—^^ ^ - _ x —* X «. ^** " *—• • •** , ..- ^•-"\~ I — ZA NONC)URABLE GOO )S __ 4 - Mllllillll 11 11 1 11 1 111 I I I MI I I I II M l l l l i l l l l i IIM II i i I i RAT O* 2.2 INVENTO RY-SHiPM ENTS RAT iO 9n DURABLE GO ODS * \ Of) 60 ~ ^^. izn 80 An BILLIONS OF DOLLARS * (RATIO SCALE) J20 280 "INVENTCDRIES - inn zn — r -x — \ ** "" * ** "** "*^ r-V,^'" - —' NONDURA BLE GOODS 18 1,6 N 1.4 - 1V"V^s^_^.^A^ - /\ -| """ "\ - 40 M 1 i i I I 1 i I 1M M 1 I 1 M M 1977 1978 M I I I I I I I M M M 1 II I M 1 1979 M 1 i I I 1 I IM 1980 1981 1? 1 1| I I I I 1 1 I i 1 1 11 iI i 1 111 1977 1978 i Mill 1979 IMMI i i i i i 1 111 11 1981 1980 *SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE Manufac turers' sh pments1 Manufact urers' inv entories2 Period Total NonDurable durable goods goods Manufacturers ' new orders1 Durab e goods ManufacCapital Non- turers' Nongoods Durable Total Total indus- durable unfilled3 goods durable Total goods orders goods tries, noni defense Millions of dolkirs, seasortally adju? ted Manufacturers1 inventory — shipments ratio * 84, 794 86, 595 98, 802 113, 201 126, 953 143, 941 153, 828 44, 228 43, 656 50, 689 59, 267 67, 848 75, 803 78, 003 40, 567 42, 939 48, 113 53, 934 59, 104 68, 138 75, 826 157, 792 159, 934 175, 193 189, 157 210, 079 241, 572 257, 979 101, 739 102, 874 112, 581 121, 646 137, 712 161, 390 171, 603 56, 053 57, 060 62, 612 67, 511 72, 367 80, 182 86, 376 87, 268 85, 149 99, 543 115, 027 131, 612 147, 576 155,059 46, 853 42, 019 51, 398 61, 076 72, 358 79, 353 79, 264 12, 673 11, Oil 12, 799 15, 276 19, 450 22, 510 22, 548 40, 415 43, 130 48, 145 53, 951 59, 254 68, 223 75, 795 191, 102 173, 829 182, 499 204, 814 261, 082 304, 963 319, 729 1.65 1.84 1.69 1.61 1.57 1.57 1.65 1980: June 145, 769 July _ 150, 332 Aue__ 151, 188 Sept 156, 915 Oct .161, 039 Nov.. 162, 384 Dec_. 163, 718 71, 908 75, 554 75, 485 79, 735 82, 518 83, 229 83, 482 73, 861 74, 778 75, 703 77, 180 78, 521 79, 155 80, 236 256, 421 257, 207 256, 740 256, 837 256, 218 257, 042 257, 979 169, 769 170, 391 170, 540 170, 163 169, 781 170, 275 171, 603 86, 652 86, 816 86, 200 86, 674 86, 437 86, 767 86, 376 143, 837 154, 815 152, 657 159, 496 161, 924 163, 020 166, 900 70, 331 80, 209 76, 785 82, 162 83, 364 83, 971 86, 577 21, 105 23, 524 21, 283 22, 518 21, 625 23, 350 24, 664 73, 506 74, 605 75, 872 77, 334 78, 560 79, 049 80, 323 306, 494 310, 977 312, 446 315, 027 315, 912 316, 547 319, 729 1.76 1.71 1.70 1.64 1.59 1.58 1.58 1981: Jan... 164, 588 Feb 165, 508 Mar - 165, 804 Apr 167, 491 May.. * j - 167, 527 June- 171, 494 July ». 83, 329 84, 215 85, 058 86, 327 86, 664 88, 770 87, 063 81, 259 81, 293 80, 746 81, 164 80, 863 82, 724 261, 752 264, 496 266, 524 267, 506 269, 260 269, 709 174, 223 175, 620 176, 229 177, 123 177, 635 178, 676 87, 529 88, 876 90, 295 90, 383 91, 625 91, 033 165, 423 166, 987 167, 361 168, 584 169, 340 170, 913 84, 208 85, 446 86, 729 87, 180 88, 164 88, 303 89, 121 24, 823 21, 185 24, 460 24, 723 23, 865 23, 230 24, 656 81, 216 81, 541 80, 632 81, 404 81, 176 82, 610 320, 566 322, 045 323, 602 324, 69i 326, 508 325, 918 1.59 1.60 1.61 1.60 1.61 1. 57 1974 _ 1975 1976 1977- 1978 1979 1980 ' Monthly average for year and total for month. Shipments are the same as sales. 2 Book value, end of period. ' End of period. * For annual period^, ratio of weighted average inventories to average monthly shipments; for monthly data, ratio of inventories at end of month to shipments for month. Source: Department of Commerce, Bureau of the Census. 21 PRODUCER PRICES PRICES In July, the producer price index for all finished goods rose 0.4 percent, seasonally adjusted. Prices of finished consumer foods rose 1.5 percent and prices of other finished consumer goods fell 0.1 percent. Prices of capital equipment rose 0.7 percent. INDEX, 1967=100 (RATIO SCALE) 280 INDEX, 1967= 100 (RATIO SCALE) 280 SEASONALLY ADJUSTED - FINISHED GOODS 260 260 240 240 220 220 200 TOTAL FINISHED GOODS CONSUMER FOODS' \ .."•••• ' 200 CONSUMER GOODS EXCLUDING FOODS ".'^ 180 180 CAPITAL EQUIPMENT 160 160 140 140 120 120 MI l i i 100 1973 1977 1978 1979 1980 100 1981 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF LABOR [1967 = 100; monthly data seasonally adjusted] JFinishec1 goods In bermedi ate Crud e matei ials . i rnaterial s Total finFoodished Cong umer goods stuffs CapiFoods Ofh conutnTotal and Other Nontal sumer Total and 1 "Thir Tn feedfeeds dur- equip- goods tnl 1 stuffs able ment 118.6 115.4 120. 5 123. 5 129.2 131.6 168.4 128. 1 174.0 180. 0 162. 5 138.6 125. 9 146. 8 141. 0 149. 3 162.9 200.2 159. 5 196. 1 189.4 208.9 153. 1 138.2 163. 0 162. 5 163. 6 180.0 195. 3 178.6 196.9 191. 8 206.9 162.6 144. 5 174.8 173. 4 169. 7 189. 1 185.3 189.4 202. 7 190.2 228.5 174. 3 152. 8 189.3 184. 6 180. 7 201. 5 190.5 202. 3 209.2 192. 1 245. 0 186.7 166. 9 200. 0 199.2 194.9 215. 6 203. 1 216. 5 234.4 216.2 272.3 211. 5 183.2 231. 3 216.5 217. 9 242. 2 226. 1 244. 4 274.3 247.9 330.0 250.8 206.2 283.9 239. 8 248. 9 280. 3 252. 6 282.3 304.6 259.2 401.0 253.7 207.7 287.8 241. 1 251.2 281. 0 251.0 283. 1 303. 6 260.9 394.3 255. 2 209.4 289. 1 243.6 254.3 283.7 266.0 285.0 317.5 276.8 403.6 255. 7 209. 1 290. 3 243.9 255. 1 285.2 267.9 286.4 321. 8 278.7 413. 0 257.8 212.3 291. 4 248. 1 257. 1 287. 6 281.8 288.0 327. 2 282. 8 421.0 260. 1 213.3 294. 8 249. 7 258. 9 290.2 286. 1 290.5 330.7 283.3 431.2 261. 2 212.9 297.4 250. 8 259. 7 293. 5 270. 1 295.2 328. 1 275. 9 438. 9 265.3 213.6 303.9 253.7 262.7 297.4 270.6 299.4 328.8 272.9 447. 8 268. 7 214. 7 309.0 256. 1 264.6 298.5 260. 1 301. 3 332.4 263.8 479. 0 272. 6 214.0 316. 3 258. 0 268. 1 1 301. 6 i 253.4 305.2 328. 1 258.4 477.2 274.8 215. 3 318.8 260. 1 269. 3 ! 304. 3 ! 255. 1 307.9 331.8 262.4 480.2 275. 6 217. 5 319.0 262.4 269.9 305.9 254.5 309. 8 330. 1 256.6 487.4 277.0 218.6 320.7 264.3 271.3 306.7 253.2 310.7 334. 1 263.7 484.8 276.8 218. 1 320.6 266.2 272.2 307.9 i 252.0 312. 1 1 335.9 264.5 488.5 Finished goods e xcludin g cons inner fc>ods Period 1973 1974 1975 1976 1977 1978 1979__. 1980_ 1980: July Aug Sept Oct.. Nov___, Dec 1981: Jan Feb Mar Apr May June July 1 Total Confinished sumer goods foods Total 127.9 147. 5 163.4 170.6 181. 7 195. 9 217.7 247.0 249.0 252. 0 252. 7 255. 1 256.9 257.8 260. 8 262. 8 266. 0 267.3 268.3 269. 8 271.0 146.4 166.9 181.0 180.4 189.9 207.2 226. 2 239.5 240.6 247.0 248. 3 250.0 250. 8 250. 9 251. 1 249. 5 251.9 251. 1 251.0 252.2 255. 9 120. 1 139. 3 156.2 166. 1 177. 7 190. 7 213. 3 247. 8 250.2 252. 0 252. 5 255.2 257.3 258.4 262. 3 265. 4 268.8 270. 8 272. 2 273.8 274. 1 Intermediate materials for food manufacturing and feeds. 22 rp NOTE.—Data revised for March 1981. Source: Department of Labor, Bureau of Labor Statistics. CONSUMER PRICES In July, the consumer price index for all urban consumers rose 1.2 percent, seasonally adjusted (1.1 percent unadjusted). Food and beverages were up 0.8 percent, seasonally adjusted, and energy prices were up 0.4 percent, not seasonally adjusted. INDEX, 1967= 100 (RATIO SCALE) INDEX, 1967=100 (RATIO SCALE) 320 320 UNADJUSTED 300 300 280 280 260 260 240 240 220 220 200 200 ALL ITEMS 160 140 140 120 i i i i i I i i i i i 1973 1975 1976 1977 i I i i ii 1980 1979 1978 120 1981 SEE NOTE ON TABLE BELOW SOURCE: DEPARTMENT OF LABOR [1967=100; monthly data seasonally adjusted, except as noted] Housing Period Food . A11 1 and items bever- Total l ages NSA Eel. imp.*.- 100.0 18.3 1973 133. 1 1974 147.7 1975 _ 161. 2 1976 170.5 1977 181.5 1978 195. 4 217.4 1979 1980 246.8 1980: July__ 247.8 Aug.. 249.4 Sept. 251. 7 Oet__ 253.9 Nov. 256. 2 Dec__ 258.4 1981: Jan__ 260. 5 Feb.. 263.2 Mar_ 265. 1 Apr__ 266.8 May_ 269. 0 June. 271. 3 July_. 274. 4 139.5 158.7 172. 1 177. 4 188.0 206.3 228.5 248.0 246.4 250.9 255.0 257. 2 260.2 262.6 262.6 263.4 264.5 264.5 263.9 264.5 266.7 1 Financ- Apparel ing, Home taxes, and purupkeep and chase insurTotal * ance NSA NSA New cars Gasoline Medical En- 2 ergy care All items less food, energy, Serv- and home ices purchase and finance 3 NSA 45. 5 10.3 12.0 4.9 19.0 3. 6 5.9 4.7 10.8 41.6 133. 7 148.8 164.5 174.6 186.5 202.8 227.6 263. 3 264.8 265. 6 267.4 270.8 274. 1 277.4 279.5 281.3 282.8 284.8 288. 4 291.7 296.5 132.7 142.7 160.3 168.4 179.5 196.7 223. 1 254. 3 253.9 258. 1 261.5 265.5 267.3 267. 2 266.2 263.0 261. 1 260.7 263. 0 266. 6 271. 4 160.6 181. 1 201. 9 212.8 227. 2 257. 8 308.9 396.0 399.6 393.6 393. 5 404.7 416.9 429. 4 435.2 437. 1 441. 1 447. 1 458.3 467.2 480.0 126.8 136.2 142.3 147.6 154. 2 159. 6 166.6 178.4 178. 1 179.4 180.9 182. 1 182.8 182. 8 182.5 184.0 185. 8 186. 1 185.7 185. 8 186.8 123.8 137.7 150. 6 165. 5 177.2 185. 5 212. 0 249.7 248.2 250.4 254. 0 256.6 259.9 262. 4 267.0 273. 4 275. 9 275.7 276.5 277.2 279.4 111. 1 117. 5 127.6 135. 7 142. 9 153. 8 166.0 179. 3 179. 9 182. 6 184.9 183. 3 183.5 183.3 183.5 183.3 182. 5 185.7 190. 1 192. 2 193.3 118. 1 159. 9 170.8 177.9 188.2 196. 3 265.6 369. 1 369.4 368.4 368. 0 371.3 373.6 377.3 391.5 417. 5 427. 1 421.0 414.8 408.7 404. 8 137.7 150.5 168.6 184.7 202. 4 219.4 239.7 265.9 266.9 268. 5 271. 0 272.9 274.6 276. 2 279.2 281.7 284. 1 286.6 289. 1 292. 1 295.9 123.5 159. 7 176.6 189.3 207. 3 220.4 275.9 361. 1 370.4 370.7 370. 1 368. 0 366. 1 370.4 381.7 401. 1 409. 3 409.8 411.3 414. 0 415 7 139. 1 152. 1 166.6 180.4 194.3 210.9 234.2 270.3 272.4 272.7 274.6 277.9 281.5 285. 5 288. 0 290.3 292.6 295.4 299. 6 303. 1 308. 5 Includes items not shown separately. 2 Fuel oil, coal, and bottled gas; gas (piped) and electricity; and gasoline, motor oil, coolant, etc. 3 Estimated series. Finance includes financing, taxes, and insurance. 4 Relative importance, .December 1980. 11 Tra nsportat ion 0 49.6 128.5 138.5 150.5 160.8 170. 6 180.9 194. 1 211.6 211. 7 213.2 215.7 217.4 219. 1 220.8 221. 9 223.7 225. 1 226. 9 228.3 229.9 232. 6 NOTE.—NSA indicates data are not seasonally adjusted. Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers. Source: Department of Labor, Bureau of Labor Statistics. 23 CHANGES IN PRODUCER PRICES FOR FINISHED GOODS Period Perceni change from pre ceding perioc ; seasoniilly adju sted 1 Percent change from 3 nlonths earlie r; season ally adjtisted annual rates Percen ; change from 6 nnonths earlie r; season ally adjiisted annual rates Consume;r goods Consume;r goods Consum<?r goods Total finished goods 1972 1973 1974 1975 1976 1977 1978 1979 1980 1980: July Aug Sept Oct Nov Dec 1981: Jan Feb Mar Apr May June July 8.0 3.8 22.5 13.0 11.8 18.3 2.0 7.4 22.6 7.4 7.5 17.5 14.2 11.4 1.7 1.2 .3 .9 .7 .4 3.7 2.7 .5 .7 .3 .0 1.0 .6 .2 .8 .9 1.7 .6 .4 1.2 .8 1.2 .5 .4 .6 .4 .1 -.6 1.0 1.6 1.3 1.5 .8 .3 .5 1.2 .9 .7 .8 .9 .7 .7 -2. 5 9.2 11.7 12.8 11.8 6.9 Q -.0 .5 1.5 6.7 6.0 6.7 8.5 Capital equipExclud- ment Foods ing foods 2.0 5.3 20.5 5.5 6.6 3.7 6. 9 Capita] Total equipfinExclud- ment ished ing goods Foods foods Capita] Total finequip« ished Exclud- ment goods ing Foods foods 8.2 6.4 7.3 7.9 8.8 1.2 1.0 .1 .4 -. 1 12.6 16.0 13.5 10.2 8.0 8.3 20.2 31.2 31.0 16.6 10. 8 11.0 7. 5 1.8 12.2 13.9 18.6 15. 1 10.7 6.3 4.3 9.2 9.5 -2. 1 8.6 5.8 5.7 1.6 0 2.4 .5 7.9 13.3 10.3 6.6 7.9 8.9 6.6 2.9 9.9 13.0 12.8 11. 0 11.4 12.0 10.9 9.3 9.7 8.8 9.3 12.4 12. 1 10. 4 11.8 10. 7 12.0 10.5 10.2 10. 1 9. 7 10.8 9.8 9. 1 9 5 8.0 16.3 12.2 7.6 14.6 13.7 18.4 18. 1 16.9 9.8 8.7 9.5 8.2 8.9 2.0 2.9 .9 .2 1.0 3.9 9.4 10.9 13.7 13.6 12.3 12.5 8.9 11.6 12.2 10.4 10.7 11.4 10.9 10.7 10.5 11.9 9.9 10.4 11. 1 10. 1 Source: Department of Labor, Bureau of Labor Statistics. * Annual changes are from December to December (unadjusted). NOTE.—Based on revised data for March 1981. CHANGES IN CONSUMER PRICES [Percent change from preceding period; monthly data seasonally adjusted, except as noted Bousingr Period Tra asporta tion FiApFood nanc- parel All 2 and Home ing, New items bever- Total 2 pur- taxes, and up- Total 2 cars ages chase and keep insurance NSA NSA 8.8 1973 1974 12. 2 7.0 1975 4.8 1976 6.8 1977 1978 9.0 13.3 1979 12.4 1980 .1 1980: July.. Aug.. .8 Sept. 1.0 Oct.. 1.0 Nov.. 1. 1 Dec.. 1.0 .7 1981: Jan__ Feb.. 1.0 Mar.. .6 .4 Apr_. .7 May. June. .7 July. 1.2 1 18.5 12. 0 6.2 .8 7.6 11.6 10.0 10. 1 .9 1.8 1.6 .9 1.2 .9 0 .3 .4 0 -.2 .2 .8 6.9 13.4 7.5 5. 4 7.6 9.9 15.2 13.7 3.4 10. 1 10. 0 4.3 8.4 11. 2 15. 8 11.4 -.6 .5 .3 1.7 .7 1.3 1.3 1. 5 1.2 .7 1.2 -.0 .8 -.4 .6 — 1. 2 7 .5 . 7 -.2 1.3 .9 1.4 1. 1 1.8 1.6 11. 1 14. 6 7. 6 1.6 11.2 14.7 27.5 23.3 -4.0 -1.5 -.0 2.8 3.0 3.0 1.4 .4 .9 1.4 2.5 1.9 2.7 4.4 8.7 2.3 4.5 4.2 3.2 5.5 6.8 .6 .7 .8 .7 .4 0 -.2 .8 1.0 .2 -.2 .1 .5 4.5 13.3 9.8 8.8 4.3 7.7 18. 2 14.7 .4 .9 1.4 1.0 1.3 1.0 1.8 2.4 .9 -. 1 .3 .3 .8 Annual changes are from December to December, not seasonally adjusted. 23 Includes items not shown separately. Fuel oil, coal, and bottled gas; gas (piped) and electricity; and gasoline, motor oil, coolant, etc. * Estimated series. Finance includes financing, taxes, and insurance. 24 Gasoline 1.3 19.7 11. 5 20. 6 7.3 11.0 4.8 2.6 7.2 4.9 6.2 8. 5 7.4 52.2 7.5 18.9 .8 -.5 1.5 -.3 1.3 — . 1 -.9 .9 .1 .6 -. 1 1.0 .1 3.8 -. 1 6.6 -.4 2.3 1.8 — 1. 4 2.4 -1.5 1. 1 -1.5 .6 -1.0 Medical care Energy 3 NSA 5.2 12.4 9.9 10. 1 8.8 8.8 10. 1 10.0 .7 .6 .9 .7 .6 .6 1. 1 .9 .9 .9 .9 1.0 1.3 ] All items less food, Serv- energy, ices and home iurchai: e and finance 4 6.2 16.8 21. 6 -11.3 8. 1 11.6 7.3 6.9 7.2 7.9 8.0 9.3 37.4 13.7 18. 1 14.2 .7 -.6 .1 .1 —.2 .7 1.2 -.6 1.3 -.5 1.2 1.4 3.1 .9 .8 5. 1 2.0 .8 .1 1.0 1.4 .4 1.2 .7 .4 1.8 4.0 11. 1 6.3 6. 8 5.5 6.9 7.5 9.9 .7 .7 1.2 .8 .8 .8 .5 .8 .6 .8 .6 .7 1.2 Adden dum: All it ems percent change (annua I rate) From From 3 6 months months earlier earlier 8.0 7.6 7.8 12.0 13.5 13.2 11.8 11.2 9.6 8.2 7.0 7.4 10.8 11.4 10.3 9.6 10.0 10.5 10.5 11.9 12.3 11.4 10.0 9.1 8.5 9.5 NOTE.—NSA indicates data are not seasonally adjusted. Data beginning 1978 are for all urban consumers; earlier data are for urban wage earners and clerical workers. Source: Department of Labor, Bureau of Labor Statistics. PRICES RECEIVED AND PAID BY FARMERS Prices received by farmers fell 2.1 percent in August and prices paid by farmers rose 0.7 percent in the month ended August 1 5. INDEX, 1977=100 INDEX, 1977=100 (RATIO SCALE) (RATIO SCALE) 60 I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i M i I ' i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I i i i i i I 60 120 100 80 1981 1973 I/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, 'RCE: DEPARTMENT OF AGRICULTURE [1977=100] Prices received by fairmers Period 1973 1974 1975 1976 1977 1978 1979 1980 1980: Aug Sept Oct Nov Dec 1981: Jan Feb Mar Apr May June July Aug 1 2 All farm products _. 98 105 101 102 100 115 132 134 141 142 142 144 145 144 144 143 143 142 142 141 138 Crops Livestock and products 91 117 105 102 100 106 116 125 131 135 135 140 142 144 144 146 143 143 137 136 131 Includes items not shown separately. Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates. NOTE.—The official indexes are published on a 1910-14 base as required by 104 94 98 101 100 124 147 144 150 150 150 149 148 145 144 141 143 141 146 146 145 Pric es paid by f arrners All commodi- Production items, ties, services, interest, Production interest, items taxes, taxes, andl and wage wage rates rates 71 81 89 95 100 108 123 139 140 141 142 144 144 147 148 149 150 150 151 150 151 72 81 89 95 100 109 125 140 141 143 144 145 145 149 149 150 151 151 152 151 151 73 83 91 97 100 108 125 138 140 142 143 144 145 146 147 148 150 150 150 149 149 Ratio? 138 130 113 107 1OO 106 107 96 101 101 100 100 101 98 97 96 95 95 94 94 91 law. The indexes have been converted to a 1977=100 base to facilitate comparison with other indexes. Source: Department of Agriculture. 25 MONEY, CREDIT, AND SECURITY MARKETS MONEY STOCK MEASURES AND LIQUID ASSETS M1-A declined again in July while M1-B and the broader aggregates increased. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS*(RATIOSCALE) 2,400 * SEASONALLY ADJUSTED COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERV [Averages of daily figures; billions of dollars, seasonally adjusted] Ml-A Currency plus demand deposits plus travelers' checks 1 Period 1974: 1975: 1976: 1977: 1978: 1979: 1980: 1980: Dec Dec Dec Dec Dec Dec Dec July Aug Sept Oct Nov Dec . 1981: Jan Feb Mar__ Apr May— June v July __.__ 277. 1 290.2 307.7 331.4 354.8 372.7 387.7 376.6 382. 8 386.4 390. 1 391.3 387.7 375. 1 367. 2 365.8 366.6 364.9 361.9 361. 6 Ml-B Ml- A plus other checkable deposits (OCD) at banks and thrift institutions 278.0 291.8 311. 1 336.4 364. 2 390.5 415.6 399.3 406.9 411.8 416.3 419. 1 415. 6 419.2 421.2 425. 8 433.7 431.5 428.8 430.3 M2 L Perce]tit chan ge from year or 6 mont hs earlic*« Ml-B plus overnight M2 plus RPs and Eurodollars, large time MMMF deposits and term M3 plus shares, and other liquid Ml- A Ml-B savings and RPs at assets small time commercial deposits at banks and thrift commercial banks and institutions thrift institutions 2 4.3 4.4 1, 246. 0 908. 0 1, 060. 4 4. 7 5.0 1, 373. 5 1? 024. 4 1, 163. 0 6.0 6.6 1, 528. 9 1, 302. 3 1, 169. 4 7.7 8. 1 1, 462. 5 1, 722. 7 1,296. 4 7. 1 8.3 1, 936. 5 1, 404. 2 1, 625. 7 5.0 7.2 1? 775. 1 2, 151. 1 1, 525. 2 4. 0 6.4 2, 377. 4 1, 963. 5 1, 669. 4 1.2 3.4 1, 872. 9 2, 263. 7 1, 614. 0 3.0 5. 1 2, 290. 5 1, 896. 7 1, 633. 4 5.3 7.8 2, 308. 1 1,911. 9 1, 644. 9 11. 1 13.4 2, 325. 6 1, 654. 0 1, 927. 5 11.6 14.7 2, 356. 2 1, 950. 7 1, 668. 5 7.7 10. 8 2, 377. 4 1, 963. 5 1, 669. 4 -.8 10. 2 2, 408. 1 1, 988. 3 1, 680. 8 2, 432. 3 -8.0 7.2 1, 695. 7 2, 007. 9 2, 026. 1 2, 443. 7 -10.4 6.9 1, 718. 6 2, 455. 6 -11.7 8.5 2, 044. 6 1, 738. 1 2, 059. 0 2, 476. 7 -13. 0 6.0 1, 743. 4 -12.9 6.5 2, 076. 5 1, 749. 3 -7. 1 5.4 2, 091. 4 1, 760. 5 1 Net cf demand deposits due to foreign commercial banks and official institutions. 2 Total M2 excludes demand deposits held by thrift institutions at commercial banks, not shown separately in components. 26 M3 M2 5.6 12. 8 14.2 10.9 8.3 8.6 9.5 10. 0 10. 6 11.2 13. 3 13. 2 10.3 8.4 7.8 9.2 10.4 9.2 9.8 9.7 MS 8.4 9.7 12.0 12.3 11. 2 9.2 10.6 9.3 9. 7 10.5 12.5 13. 3 12.4 12. 7 12. 1 12.3 12.5 11.4 11.8 10.6 s Annual changes are from December to December and monthly changes are from 6 months earlier at a seasonally adjusted annual rate. NOTE.—See p. 27 for components except travelers' checks, which can be computed from data shown on these two pages. Source: Board of Governors of the Federal Beserve System. COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS [Averages of daily figures; billions of dollars, seasonally adjusted, except as noted] Overnight Small Large Money Over- market dedeSavDe- Other repurchase night Cur- mand check- agree- Euro- mutual ings nomi- nomide- nation nation Period rency de- l able ments dollars fund time shares posits time 3OSitS deposits (RPs) (ODD) fr\ei4-\ de- 2 de(net; posits posits 2 NSA Dec: 1974. 1975. 1976. 1977. 1978_ 1979. 1980. 4. 5 333.9 383.9 447. 8 486. 5 10.3 475.5 43. 6 416. 5 75.8 393.0 288.9 340. 1 396.2 453. 8 533. 3 652.7 756.8 144. 0 129. 6 117.9 145. 1 194. 0 219. 7 256.8 15.0 21. 0 27. 5 30.3 37.3 26. 0 27.9 29. 3 28. 3 28. 1 27.9 3.6 3.8 3.7 4.4 4.7 4.5 80. 6 80.7 78.2 77.4 77.0 75. 8 395. 9 404. 6 407.9 407.8 406. 1 393. 0 712.6 713.6 718. 1 724. 0 738. 0 756. 8 228.2 229.6 233.4 237.7 245. 4 256.8 27.5 27.0 28.7 29. 3 31.8 33.3 31.8 5.2 4.9 4.6 5.0 6.5 6.4 6.9 80.7 92. 4 105. 6 117. 1 118. 1 122.8 134.3 376.9 370. 8 368. 3 367.0 361. 1 354.0 349.4 775. 7 783. 3 789.4 790.0 798.4 807.7 811.7 268.0 273.9 271. 0 269. 5 277.2 287.3 291. 0 207.4 214. 1 224. 4 239.7 253.9 262. 8 267.4 17.8 28. 1 13.6 17.6 21.9 21. 8 27.9 July. 112. 1 Aug— 113.4 Sept. 113.8 Oct._ 114. 9 Nov. 115.7 Dec__ 116. 1 260.7 265.4 268.6 271.2 271.6 267.4 22. 8 24.2 25.5 26.3 27.9 28. 1 254.4 245.8 243.5 243. 1 240.7 237.9 236.6 44.3 54.3 60.2 67. 3 66.9 67.1 69.0 1980: 1981: Jan.. Feb__ Mar. Apr__ May- 116.6 117.2 117.9 118.9 119. 8 June 119.9 July*. 120.9 NSA 0.0 .0 .0 1.0 2.0 3.6 67.8 73.8 80.6 88.6 97.4 106. 1 116. 1 0.9 1.6 3.4 5.0 9.4 NSA NSA Term Shortrepur- Term term chase Euro- Sav- TreasBankComagree- dollars ings ury ers1 merments (net) bonds secuaccept- cial (RPs) rities ances paper 7.2 7.5 2.3 3.6 3.4 3.8 1 Net of demand deposits due to foreign commercial banks and official institutions. 2 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000, respectively. NSA 53.6 77. 1 81. 1 90. 1 99. 6 129. 1 160.5 10.6 13. 1 18. 7 29. 9 42.9 48.4 63. 2 67.2 71. 8 76.4 80. 3 79.6 72. 3 30.7 33.8 33. 6 35. 7 36.8 37.3 48. 3 48.3 45. 1 45. 2 46. 3 48. 4 73.5 73.2 73.0 72.8 72. 6 72.3 143.5 146.6 149.9 150. 6 155. 5 160.5 29.3 96. 2 28.8 96. 8 29.7 98.5 30.6 98. 9 31.3 99. 8 32.5 100.2 39.4 38.3 36.5 37. 1 38. 4 39.9 39.9 50. 2 52.2 52. 2 52.6 57.0 71. 9 71. 1 70. 7 70. 4 69.9 165. 5 169.8 164. 2 156.9 156.2 33.0 32.0 33.0 34. 6 35.7 8.4 9.0 8.0 9.7 8.4 8.8 11.9 21.7 27. 0 32. 5 50. 1 48.1 51.8 63. 1 79.4 97. 3 100.2 99. 2 99. 4 97.6 96.5 98.8 Note.—See p. 26 for overall measures. NSA indicates data are not seasonally adjusted. Source: Board of Governors of the Federal Reserve System. CONSUMER INSTALLMENT CREDIT [Millions of dollars; monthly data seasonally adjusted] Installrrlent credit e xtended Period Total * 1973 1974 1975.. 1976 1977 1978 1979 1980 1980: June July Aug Sept Oct Nov Dec 1981: Jan Feb Mar Apr May June — Automobile Revolving Total i Automobile Revolving Net change; in amount outstanding Total i Automobile 5,910 Revolving 2,003 1,970 1, 340 2, 170 6,248 9, 035 8,628 2,925 173, 035 172, 765 180, 083 210, 740 257, 600 297, 668 324, 777 305, 887 49, 606 46, 514 52, 420 63, 743 75, 641 87, 981 93, 901 83, 002 28, 702 33, 213 36, 956 43, 934 87, 596 105, 125 120, 174 129, 580 152, 817 163,276 172, 675 189, 179 222, 138 254, 589 286, 396 304, 477 43, 696 46, 019 49, 444 53, 278 60, 437 69, 245 79, 186 83, 037 26, 699 31, 243 35, 616 41, 764 81, 348 96, 090 111, 546 126, 655 20, 218 9,489 7,408 21, 561 35, 462 43, 079 38, 381 1,410 2,976 10, 465 15, 204 18, 736 14, 715 22, 349 23, 997 26, 176 27, 064 27, 365 25, 991 27, 149 5, 550 6, 068 7,400 7,518 7, 544 7, 117 7,234 10, 341 10, 679 10, 700 11, 143 11, 124 10, 953 11, 614 24, 394 25, 196 25, 687 26, 009 26, 663 25, 152 25, 530 6,576 6, 785 7,045 7,434 7,343 6, 872 6,932 10, 436 10, 641 10, 419 10, 665 10, 851 10, 688 10, 998 -2, 045 -1, 199 -1,026 -717 702 839 355 84 201 245 302 -95 38 281 478 273 265 616 27, 059 28, 706 29, 822 28, 878 28, 149 29, 005 7,237 8,333 8,700 7,205 7,320 7,442 11, 483 11, 867 12, 071 12, 352 11, 904 12, 668 26, 26, 26, 26, 26, 27, 7,300 7,354 7,018 6,777 7,515 7,385 10. 926 11,426 11,484 11, 514 11, 554 11,650 869 -63 979 557 441 587 838 350 i Includes "mobile home" and "other," not shown separately. Installm ent credit li quidated 190 710 714 547 803 075 489 1, 055 1,619 1,996 3, 108 2,331 1,346 1,930 495 -35 1,682 428 -195 57 1, 018 Source: Board of Governors of the Federal Reserve System. 27 BANK LOANS AND INVESTMENTS, AND RESERVES Growth in commercial bank loans and investments in July continued at the June pace. Total and nonborrowed reserves rose while discount borrowings fell. BILLIONS OF DOLLARS* (RATIO SCALE) BILLIONS OF DOLLARS*(RATIO SCALE) ALL COMMERCIAL BANKS 40 40 1973 1974 1980 1975 1981 * SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES COUNCIL OF ECONOMIC ADVISERS SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM [Billions of dollars, seasonally adjusted, except as noted] Allc ommercial \>anks i Period 1974: 1975: 1976: 1977: 1978: 1979: 1980: Dec Dec Dec Dec Dec Dec Dec Loans iind leases Investnlents . _j U .b. Other Treasury secusecurities rities Total loans and investments Total 2 Commercial and industrial loans 713.9 745. 1 804. 6 891.3 1, 013. 4 1, 134. 6 1, 237. 3 520. 1 517.2 555. 0 632.3 746.9 848.9 912.7 197.4 189.9 191.3 211.2 246. 1 291. 1 324.9 53.7 82.2 100.6 99.5 93.3 93.8 110.7 140. 0 145.7 149.0 159. 5 173.2 191.8 213.9 Depositc>ry instituitions 3 Borrowiiigs (milReserves lions of dollars, unadji isted) Nonborrowed Required 36.66 34.67 34.90 36.00 41. 16 43.46 40. 13 35. 94 34. 54 34. 85 35. 43 40. 29 41.98 38.44 36.41 34.40 34.63 35. 81 40.93 43. 13 39.58 Total Total Seasonal 703 127 62 558 874 32 13 12 54 134 82 116 1,473 1,617 1980: Julv Aug Sept Oct Nov Dec 1, 163. _ _ 1, 180. 1, 193. 1, 206. 1, 224. 1, 237. 5 9 3 5 2 3 857.5 868.3 878.0 887.5 901.7 912. 7 298.0 303.3 308.3 313.8 320.7 324.9 102.0 105.7 107.7 109. 1 110.5 110.7 204. 1 206.9 207.5 209.9 212. 1 213.9 42.78 40. 75 41.52 41.73 41.23 40. 13 42.39 40.09 40.21 40.42 39. 17 38.44 42.50 40.45 41. 26 41. 52 40.73 39. 58 395 659 1,311 1,335 2, 156 1,617 7 10 26 67 99 116 1981: Jan Feb Mar Apr May June July 1, 253. 1, 262. 1, 262. 1, 267. 1, 279. 1, 285. 1, 291. 3 9 4 0 3 4 6 923. 6 930.4 929. 3 934.2 943. 1 947. 1 951. 6 329.3 330.9 330. 7 331.3 334.6 338.8 343.8 113. 5 115.2 114.8 115. 1 117.5 119.3 120.4 216.2 217.2 218.3 217.6 218.7 219.0 219.5 40. 10 39.76 40.25 40.25 40.81 40.83 41. 11 38.71 38.45 39.25 38.91 38.58 38.80 39.43 39.56 39.57 39.87 40. 10 40.55 40. 50 40. 76 1,405 1,278 1,004 1,343 2,154 2,038 1,751 120 148 197 161 259 291 248 i Data are averages of Wednesday figures. *3 Excludes loans to commercial banks in the United States. Data are averages of daily figures. Reserves series reflects actual reserve requirement percentages with no adjustment to eliminate the eflect of changes in Regulations D and M. Prior to November 13,1980, the date of implementation of the Monetary Control Act, data relate only to member banfcs. 28 NOTE.—Latest month's data for loans and investments are estimates. Source: Board of Governors of the Federal Keserve System. SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE BUSINESS [Billions of dollars; quarterly data at seasonally adjusted annual rates] Sources Uses External Credit; market 1 unds Period Total Internal 1 Total Total 1971_ 1972 1973 1974 1975_ 1976. _ 1977_ 1978 1979 1980 __ _ _ _ _ 1980: I II III IV 1981: I II ^ _ _ Securities and mortgages Loans and shortterm paper 133.7 165.8 208. 7 202.9 168.0 223.4 264. 2 320.4 366.7 336. 1 73.5 85.0 91.7 85.6 119.7 134. 2 156. 1 171. 9 190. 6 196.8 60.2 80.8 117. 0 117.3 48.3 89. 2 108. 1 148.5 176. 1 139.3 45.6 57.6 72.9 82.8 41. 7 64. 3 84.6 93.2 104.8 106. 1 41.2 40.7 36.9 39.2 49. 7 48.0 48. 1 45.8 39.5 66.4 359. 6 265. 4 325.5 394.3 194. 9 192. 9 199.2 200.3 164.7 72.5 126.3 194.0 126.7 70. 1 93.3 134.3 65.9 62.3 63.5 74. 1 29.8 60.2 337.5 385.5 222.0 226.6 115. 5 158.9 77.3 109.9 60.9 24. 4 16. 4 85. 5 1 Undistributed profits (after inventory valuation and capital consumption adjustments), capital consumption allowances, and foreign branch profits, dividends, and subsidiaries' earnings retained abroad. 2 Consists of tax liabilities, trade debt, and direct foreign investment in the U.S. Other 2 Total Capital expenditures 3 Increase in financial assets Discrepancy (sources less uses) 16.9 36.0 43. 6 -8.0 16.3 36.5 47. 4 65.3 39.7 4.4 14. 6 23. 1 44. 1 34.6 6. 5 24. 9 23.5 55.3 71. 4 33.3 122. 7 149.2 192. 0 190. 1 150.9 201. 3 228. 2 290.4 339.0 289.5 86.0 99. 1 121. 5 137.9 109.7 148.3 174. 1 199.2 220.9 216.9 36.7 50. 1 70.5 52. 2 41. 2 53.0 54. 1 91. 2 118. 1 72.6 11.0 16.7 16.7 12.9 17.0 22. 0 36.0 30.0 27.8 46. 7 60.8 38. 0 224. 1 212. 0 207. 1 224.3 86.2 33. 0 59.6 310.3 221.9 286. 1 339.8 9.9 79.0 115.5 49.3 43.6 39.3 54. 5 38.3 49. 0 309.5 345. 3 231.0 262. 1 78.5 83.2 28.0 40. 1 2.4 7.8 8 Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government. NOTE.—Series revised. Source: Board of Governors of the Federal Reserve System. CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS [Billions of dollars, except as noted] Curre at assets End of period Total Cash Cur rent liabil [ties U.S. Notes governand Invenment actories securi- counts ties receivable Other current assets Total Net Notes Other and current accounts liabilities payable working capital Current ratio l SEC series:2 492. 3 1970 529. 6 1971 1972 599. 3 697.8 1973 790.7 1974.... FTC-FRB series:3 735.4 1974 759.0 1975 826.8 1976 902. 1 1977 1, 030. 0 1978 1, 200. 9 1979 1, 279. 9 1980 50. 2 53.3 59.0 66. 3 71. 1 11.0 10.6 12. 8 12.3 7.7 206. 1 221. 1 248.2 288. 5 322. 1 193. 3 200.4 225.7 263. 9 313.6 35.0 43.8 55.8 66.4 71.7 304. 9 326. 0 375.6 450. 9 530. 4 211. 3 220. 5 282.9 340.3 402. 3 93.6 105. 5 92.7 110. 7 128. 1 187.4 203. 6 223.7 246. 9 260.3 1. 615 1.625 1.595 1.548 1.491 73.2 82. 1 88.2 95.8 104.5 116. 1 120. 8 11. 1 19.0 23.4 17.6 16.3 15.6 17.0 265.8 272. 1 292. 8 324.7 383.8 456.8 491. 1 319.5 315.9 342. 4 374.8 426.9 501.7 525. 1 65.9 69.9 80. 1 89.2 98.5 110.8 125.9 453.4 451.6 494.7 549. 4 665.5 809. 1 877.2 269.8 264. 2 281.9 313.2 373.7 456.3 498.2 183.6 187.4 212. 8 236. 2 291.7 352.8 379.0 282. 0 307.4 332.2 352.7 364. 6 391.8 402.7 1.622 1.681 1.672 1.642 1.548 1.484 1.459 1979: I II III IV - 1, 081. 0 1, 108. 2 1, 169. 5 I, 200. 9 102.7 100. 1 103. 7 116. 1 17.4 18.6 15.8 15.6 408. 1 421. 1 453.0 456.8 451.4 465.2 489.4 501.7 101.4 103.2 107.7 110.8 705.4 724.7 777.8 809. 1 391.3 406.4 438.8 456.3 314. 1 318.3 339.0 352. 8 375.6 383.5 391.7 391.8 1.532 1.529 1.504 1.484 1980: I. II III IV _ 1, 235. 2 1, 233. 8 1, 255. 8 1, 279. 9 110. 2 111.5 113.2 120.8 15. 1 13.8 16.3 17.0 471.2 464.2 479. 2 491. 1 519.5 525.7 525. 1 525. 1 119.3 118.7 122.0 125.9 838.3 828. 1 852. 1 877.2 467.9 463. 1 477.3 498.2 370.4 364.9 374.8 379.0 397.0 405.7 403. 7 402.7 1.474 1.490 1.474 1.459 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 Tradt Commission, and Securities and Exchange Commission. 29 INTEREST RATES AND BOND YIELDS Interest rates moved higher again in August. PERCENT PER ANNUM 1973 COUNCIL OF ECONOMIC ADVISERS SOURCE: SEE TABLE BELOW [Percent per annum] U.S. Treiisury securii ,y yields Period 1975 1976. „ 1977 1978 1979 1980 1980: Aug Sept Oct Nov Dec 1981: Jan Feb Mar Apr May June July 3-month bills * ___ _ Week ended: July 25 Aug 1 15 22 29 Constant n laturities 2 3-year 10-year High-grade Corporate Prime com- Discount mercial municipal rate Aaa (N.Y. paper, bonds (Standard F.R. 4-6 Bank) * & Poor's) 3 (Moody's) months 4 by banks 5 5.838 4. 989 5. 265 7.221 10. 041 11. 506 9. 259 10. 321 11. 580 13. 888 15. 661 14. 724 14.905 13. 478 13. 635 16. 295 14. 557 14. 699 15. 612 7.49 6.77 6.69 8.29 9.71 11.55 10. 63 11.57 12. 01 13.31 13. 65 13. 01 13.65 13.51 14. 09 15.08 14.29 15.15 16.00 7.99 7.61 7.42 8.41 9.44 11. 46 11. 10 11. 51 11. 75 12.68 12.84 12.57 13. 19 13. 12 13.68 14. 10 13.47 14.28 14.93 6. 89 6.49 5.56 5.90 6.39 8.51 8. 62 8.95 9. 11 9.55 10.09 9.65 10.03 10. 12 10. 55 10.73 10.56 11.03 12. 13 8.83 8.43 8.02 8.73 9.63 11.94 11. 64 12. 02 12.31 12.97 13.21 12.81 13.35 13.33 13. 88 14.32 13.75 14.38 14. 86 6. 33 5. 35 5. 60 7.99 4 10. 91 12.29 9.61 11.04 12. 32 14. 73 16.49 15. 10 14.87 13.59 14. 17 16.66 15.22 16.09 16. 62 6.25 5.50 5. 46 7.46 10.28 11.77 10-10 10-11 11-11 11-12 12-13 13-13 13-13 13-13 13-13 13-14 14-14 14-14 14-14 7.86 6.84 6. 83 9.06 12.67 15.27 11-11H 11^-13 13H-14H 14/2-1734 17&-21H 21,4-20 20-19 19-17J4 17J/2-18 18-20K 20l/2-20 20-20K 20K-20K 15. 563 15. 065 15. 674 15. 235 15. 705 15. 832 15.61 15.55 15.88 15.67 15.98 16.39 14.56 14.59 14.90 14.61 14.63 15.32 11.19 11.32 11.49 11.80 12.33 12.90 14. 55 14.61 14.82 14. 62 14.78 15.21 16.64 16.28 16.70 16.46 16.72 16.67 14-14 14-14 14-14 14-14 14-14 14-14 20^4— 20^2 1 Rate on new issues within period; bank-discount basis. 2 Yields on the more actively traded issues adjusted to constant maturities by the Treasury Department. s 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 Prime rate charged Newhome mortgage yields (FIILBB)« 9.01 8.99 9.01 9. 54 10.77 12.65 12.25 12.35 12.61 13.04 13. 28 13,26 13.54 14.02 14.15 14.10 14.67 14.62 20^—20% 20% -20l/2 20H-20K 20H-20K 20K-20K • Effective rate (in the primary market) on conventional mortgages, reflecting fees and charges as well as contract rate and assumed, on the average, repayment at end of 10 years. Rates beginning January 1973 not strictly comparable with prior rates. Sources: Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Home Loan Bank Board, Moody's Investors Service, and Standard & Poor's Corporation. COMMON STOCK PRICES AND YIELDS Most stock prices rose in early August, then declined. INDEX, DEC 31, 1965=50 INDEX, DEC 31,1965=50 80 70 1981 SOURCES: NiW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION COUNCIL OF ECONOMIC ADVISERS Common s lock 5 yields ( perc ent) " Comrnon stock pi"ices 1 Period New York Stock Exch ange indexe s(Dec. 31, 1 965=50) •' Composite Industrial Transportation 1975 1976 1977 1978 1979 1980 1980: Aug Sept Oct Nov Dec 1981: Jan Feb Mar Apr May June July Aug f Week ended: 1981: July 18 25.... Aug 1 8 15 22 29 Utility 45. 73 54.46 53. 69 53. 70 58. 32 68. 10 70.87 73. 12 75. 17 78. 15 76. 69 76.24 73. 52 76.46 77.60 76.28 76. 80 74.98 75. 44 50. 52 60.44 57. 86 58.23 64.76 78.70 82. 15 84. 92 88.00 92.32 90.37 89. 23 85. 74 89. 39 90.57 88.78 88.63 86.64 86.96 31. 10 39. 57 41.09 43. 50 47.34 60. 61 62.48 65. 89 70.76 77.23 75. 74 74. 43 72. 76 77.09 80. 63 76.78 76.71 74. 42 73.56 31. 50 36. 97 40.92 39.22 38.21 37, 35 38. 18 38.77 38.44 38.35 37.84 38. 53 37. 59 37.82 38. 34 38.27 39.23 38.90 40. 27 47. 14 52. 94 55. 25 56.65 61. 42 64. 25 67. 22 69.33 68.29 67.21 67. 46 70.04 68. 48 72.82 74. 59 74.65 79. 79 74.97 73.87 75.56 74. 39 75.31 76. 45 77.30 75. 71 72.33 87.28 86.03 87.07 88.44 89. 07 87.21 83. 18 75.08 74.73 74.46 75.21 75.71 73.94 69. 34 39. 17 38.62 39.33 39. 98 41.38 40.59 39. 14 75.93 73. 24 74. 12 74.59 75. 55 74. 15 71.33 1 Average of daily closing prices. »Includes all the stocks 4(more than 1,500) listed on the NYSE. 8 Includes 30 stocks. Includes 500 stocks. 6 Standard & Poor's series. Dividend-price ratios based on Wednesday closing prices. Kami tigs-price ratios based on prices at end of quarter. Finance Standard & Poor's DowJones composite Dividendindustrial3 index ratio average (1941 43 = 10) 4 4.31 802. 49 86. 16 3.77 974. 92 102. 01 4.62 894. 63 98. 20 820. 23 5.28 96. 02 5. 47 844. 40 103. 01 5.26 118. 78 891. 41 5.06 947 33 123. 50 4. 90 946. 67 126. 51 4. 80 949. 17 130. 22 4.63 135. 65 971. 08 4. 74 945. 96 133. 48 4.80 962. 13 132. 97 5.00 945. 50 128. 40 4.88 133. 19 987. 18 4.86 134. 43 1, 004. 86 4.98 979. 52 131.73 5.03 132. 28 996. 27 5. 18 947. 94 129. 13 5. 16 129. 63 926. 25 954. 932. 944. 948. 943. 925. 896. 22 99 02 25 89 30 50 130. 128. 129. 131. 133. 130. 124. 12 01 83 74 16 35 64 Earningsratio 9. 15 8.90 10. 79 12.03 13.46 12. 66 11.67 10.92 10.71 5. 12 5.26 5. 17 5.06 5.03 5. 15 5. 38 NOTE.—All data relate to stocks listed on the New York Stock Exchange (NYSE). Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation. 31 FEDERAL FINANCE FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT In the first 10 months of fiscal 1981, there was a budget deficit of $59.7 billion, compared to a deficit of $58.2 billion a year earlier. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 800 800 RECEIPTS AND OUTLAYS 700 700 600 600 500 500 400 400 300 300 200 200 50 50 SURPLUS (+) OR DEFICIT (-) 0 0 -50 -50 -100 -100 1973 1974 1975 1977 1976 1978 1979 1980 1982 1981 FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET , [Billions of dollars] Period Fiscal year or period: 1971 1972 1973 1974 1975 1976 . Transition quarter 1977 1978 1979 1980 1981 (estimates): Revised Second Concurrent Resolution, May 21, 1981 Mid-Session Review, July 1981 l 1982 (estimates): First Concurrent Resolution, May 21, 1981. Mid-Session Review, July 198 11. Cumulative total, first 10 months: Fiscal year 1980 Fiscal year 1981 Receipts Outlays Surplus or deficit ( — ) Federal debt ( end of period) Gross Held by the public — 66. 4 13.0 -45.0 -48.8 -27.7 -59.6 409. 5 437.3 468.4 486.2 544. 1 631.9 646.4 709. 1 780.4 833.8 914.3 304. 3 323. 8 343.0 346. 1 396.9 480.3 498. 3 551.8 610. 9 644.6 715. 1 661.4 661.2 -58. 1 -55.6 999. 8 995. 1 786.1 657.8 662.4 695. 5 704.8 -37.7 -42.5 1, 079. 8 1, 079. 2 845. 1 422. 3 494.0 480.5 553.8 -58.2 -59.7 888.4 979.4 697.7 779.4 188.4 208.6 232.2 264.9 281. 0 300.0 81.8 357.8 402. 0 465.9 520.0 211.4 232.0 247. 1 269.6 326.2 366.4 94.7 402.7 450. 8 493.6 579.6 -23.0 -23.4 603.3 605.6 -148 -4.7 -45. 2 1 Sources: Department of the Treasury and Office of Management and Budget, Estimates from Mid-Session Review of the 198% Budget, Office of Management and Budget, July 15,1981. except as noted. 32 FEDERAL BUDGET RECEIPTS BY SOURCE AND OUTLAYS BY FUNCTION In the first 10 months of fiscal 1981, budget receipts were $71.7 billion higher than a year earlier and budget outlays were $73.3 billion higher. BILLIONS OF DOLLARS 400 BILLIONS OF DOLLARS 400 RECEIPTS 300 300 200 200 '/ OTHER RECEIPTS 100 100 CORPORATION INCOME TAXES —1. 600 600 OUTLAYS 500 500 400 400 NONDEFENSE \ \- 300 -^«** 300 200 200 100 100 1973 1974 1975 1977 1976 1978 1979 1982 1981 1980 FISCAL YEARS COUNCIL OF ECONOMIC ADVISERS SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET [Billions of dollars] Rece ipts ()utlays Nationa . defense Period Fiscal year or period : 1971 1972 1973 . 1974 1975 1976 Transition quarter 1977 1978 1979 1980 1981 i 1982 > Total 188.4 208. 6 232.2 264.9 281. 0 300.0 81. 8 357.8 402.0 _ 465.9 __ 520. 0 605. 6 662.4 Cumulative total, first 10 months: Fiscal vear 1980 Fiscal vear 1981 422.3 494. 0 IndiCorpovidual ration income income taxes taxes Other Total Interna- Health and In- Other Depart- tional income ment of affairs security terest Defense, military 86.2 94.7 103.2 119.0 122. 4 131.6 38.8 157.6 181.0 217.8 244. 1 285.6 302. 9 26.8 32.2 36. 2 38. 6 40. 6 41.4 8. 5 54.9 60.0 65.7 64. 6 63.3 66.8 75.4 81.7 92. 8 107.4 118.0 127.0 34.5 145. 2 161. 1 182.4 211. 4 256. 7 292. 7 211.4 232. 0 247. 1 269. 6 326.2 366.4 94.7 402. 7 450. 8 493. 6 579. 6 661.2 704.8 75.8 76.6 74.5 77.8 85. 6 89.4 22.3 97.5 105. 2 117. 7 135.9 160.4 188. 1 74.5 75. 1 73.2 77. 6 84. 9 87. 9 21.9 95. 6 103. 0 115.0 132. 8 156. 6 183.8 197. 6 233. 1 54. 3 50.9 170.3 210. 1 480.5 553. 8 112. 5 132. 2 110. 1 129. 2 i Estimates from Mid-Session Review of the 1982 Budget, Office of Management and Budget, July 15,1981. Total 4. 1 19. 6 20. 6 22.8 28.0 30. 9 34. 5 7.2 6. 1 10. 7 11.8 11.4 70. 1 81.4 91.8 106. 5 136. 2 160. 8 41.5 176.7 189. 9 209. 8 251. 3 294. 1 312.3 38.0 44.0 52. 6 64. 5 83. 1 92.3 41.8 48. 8 53.9 51. 6 66. 5 76. 1 21.5 85.7 105. 9 107. 5 117.3 111.8 100.7 9.0 9.3 204. 6 244. 5 54.7 68. 8 99.6 98.9 4.7 4. 1 5.7 6.9 5. 6 2.2 4.8 5.9 Sources: Department of the Treasury and Oifice oi Management and Budget. FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS In the second quarter, according to preliminary estimates, Federal receipts rose $2,1 billion (annual rate) from the revised first quarter level and expenditures rose $5.4 billion, yielding a deficit of $50.0 billion, $3.4 billion higher than the revised deficit of $46.6 billion in the first quarter. BILLIONS OF DOLLARS 700 BILLIONS OF DOLLARS 700 600 400 300 300 200 200 50 50 SURPLUS U/A \ll& "ccaj <^£a' "^ MA UZA WA DEFICIT -50 1973 1 !I illl•HI|H*" 1 II m - I 50 -100 1?7 5 1974 vzA^m^ 1976 1978 1977 19 80 1979 1981 CALENDAR YEARS COUNCIL OF ECONOMIC ADVISERS SOURCE.- DEPARTMENT OF COMMERCE [Billions of dollars; quarterly data at seasonally adjusted annual rates] Federal ( jcovernm ent receip ts Period PJL ersonaJi Corpo- Indirect and rate business Total tax tax and nontax profits tax nontax receipts accruals accruals Surplus or GrantsSubsidies Less: deficit ContriPurin-aid Wage less ( T ), butions chases Trans- to State Net current accruals national for Total of goods fer pay- and interest surplus of less income social inand ments local paid Govern- disand surance services government en- burse- product ments terprises ments accounts F<?deral G<svernme]it expen<iitures Fiscal year: 1977 365.9 1978 414. 2 1979 408.7 1980 527.3 166.4 186.4 223. 1 249. 7 58.8 67.2 75.8 70.6 24.5 27.2 29. 1 35.7 116. 2 133.4 152.7 171.3 411. 7 450.5 494.7 578.2 140. 3 150. 7 163.4 190.2 169.8 182. 2 201.8 239. 3 66.3 74.7 79. 1 86.7 28.4 33. 5 40. 6 51.2 7.0 9.6 9.8 10. 8 0.0 -. 0 .0 .0 -45.8 -36.3 -14.0 -50.9 Calendar year: 375. 1 1977 1978 431.5 494. 4 1979 1980 540.8 1979: III.. 500. 6 IV.__ 514.0 1980: !_.___ 528. 4 II... 520. 9 III.. 540.8 IV... 573. 2 617.4 1981:1 II»... 619.5 170. 1 194. 9 231.4 257.8 236. 2 247. 1 246.9 252.0 259.4 272.9 283.3 293. 1 61. 6 71.2 74.6 70.2 75.3 74.3 80.5 60. 9 66. 7 72.6 74.6 63.3 25.0 28. 1 29. 4 40.6 29.3 29.6 31.9 38.7 42. 9 49. 1 60.6 62.8 118.5 137.2 159. 0 172.2 159. 9 163.0 169.2 169.3 171.8 178.6 198.9 200.4 421. 5 460.7 509. 2 602.0 515. 8 538.6 564.7 587.3 615.0 641. 1 664.0 669.4 143.9 153.4 167.9 198.9 165. 1 178. 1 190. 0 198.7 194.9 212.0 221.6 219.4 172.8 185.6 209. 1 249. 8 216. 6 221. 7 228. 9 236.0 265.3 269.0 271.9 275.5 67. 5 77.3 80.4 88.0 80.8 84.9 85.5 87.2 87. 7 91.8 90.2 89.8 29. 1 35.2 42. 3 53.3 42.9 44. 4 50.3 54. 4 53. 5 55.2 67.7 70.7 8.2 9.3 9.4 12.0 10.5 9.5 10. 1 11. 0 13.7 13. 1 12.6 14.0 .0 .0 -.0 .0 .0 0 .0 .0 .0 .0 .0 .0 -46.4 -29.2 -14.8 -61.2 -15.2 -24.5 -36.3 -66.5 -74.2 -67.9 -46.6 -50.0 NOTE.—Data for 1981 incorporate changes that resulted from the enactment of the Economic Recovery Tax Act of 1981. Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget. 34 INTERNATIONAL STATISTICS INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR INDUSTRIAL COUNTRIES [1967=100] In dustrial produc tion (secisonally adjustec i) Period 1974 1975 1976 1977 1978 1979 1980 9 1980: Aug Sept___. Oct Nov Dec 1981: Jan Feb Mar.... Apr *__.. May v June *„. July v United States Canada Japan 129. 3 117. 8 130. 5 138. 2 146. 1 152. 5 147. 1 141. 8 144. 1 146.9 149.4 151.0 151. 7 151.5 152. 2 152.2 153. 0 152. 9 153.4 147. 5 139.6 147. 3 150.5 156. 7 164.0 161.4 158.9 161. 5 162.5 163. 1 163.3 162. 2 164.0 166.6 168.0 167.8 183. 1 163. 9 182.0 189.7 201. 1 217.7 232. 6 223. 4 231.5 233.8 230.7 234. 4 236.4 237.9 235.9 237.0 232. 6 236.6 France Germany 148 139 149 152 155 163 160 165 156 160 154 161 151 149 155 151 150 145. 1 137. 1 149. 1 152.0 154. 1 161. 8 162. 3 160 160 161 160 157 160 167 163 163 163 158 Conssumer p rices (un adjusted ) United Can- Japan France 1 Italy King- United ada States dom 140.6 127. 6 143.5 145. 1 147.9 157. 6 166.5 142.4 161.8 163.9 170.7 160.5 158.7 170. 6 169. 1 168. 2 158.5 158.7 120.0 114. 3 117.4 122.9 126. 9 131.7 122.6 119.9 118. 1 118.5 117.7 116.9 116. 2 117. 5 117. 3 116.9 115. 6 117. 4 » Beginning January 1978 data relate to all urban consumers. Source: National sources as reported by Department of Commerce, Inter- 147. 7 161.2 170.5 181.5 195.4 217.4 246.8 249.4 251. 7 253. 9 256.2 258.4 260. 5 263. 2 265. 1 266.8 269.0 271.3 274.4 144. 5 160. 1 172. 1 185. 9 202.5 221.0 243.5 246.8 249. 0 251.2 254.3 255.8 259. 1 261.7 265.2 267.2 269.6 273.8 276.2 184.0 205. 8 224.9 243.0 252.3 261. 3 282.2 283.7 288. 1 288.5 289. 1 287.2 290.7 290.9 292.6 294.9 297.9 297.9 Germany 160. 0 178.9 196. 1 214.5 233.9 259. 1 294.2 298. 4 301. 0 304.3 306.4 309. 1 312.7 315.6 318.8 323. 1 326.0 329.2 Italy 136. 1 144. 2 150.4 155. 9 160.2 166. 8 175. 9 177. 0 177.0 177.3 178.3 179.4 180.9 182.3 183.5 184.7 185.4 186. 3 187. 1 159. 7 186. 8 218. 1 255. 2 286. 2 328. 5 398. 0 403.5 41L6 418.5 427.3 432.5 440.7 448.6 454.9 461. 3 467.8 472.5 476.3 United Kingdom 174. 3 216. 5 252. 4 292. 4 316. 6 359. 0 423.6 431.3 434. 1 436. 8 440.3 442.7 445. 5 449. 5 456.2 469.4 472.4 475. 2 477.3 national Trade Administration, Office of Planning and Research, in International Economic Indicators. U.S. MERCHANDISE EXPORTS AND IMPORTS [Millions of dollars; monthly data seasonally adjusted] Merch andise e:sports * Mercllandise i mports General im]lorts Domestic5 exports Period Monthly average : 1973 1974 Total domeslie and 'oreign Total exports 2 Food, Crude Food, Crude bever- mate- Manubever- mate2 facrials ages, rials ages, tured Total and and to- and to- and goods bacco bacco fuels fuels F.ii.s. value1 8 5, 902 8, 167 1974* 8,170 1975* 8,971 1976*... _. 9,602 1977* . 10, 103 1978* 11,973 1979* 15, 155 1980 18,386 1980: July— _ 18,267 Aug 19,087 Sept— - 18,828 Oct 19,214 Nov 18, 715 Dec 19, 251 1981: Jan.... 18, 825 Feb 19, 764 Mar 21, 434 Apr 19, 818 May.__ 18, 869 June... 19, 870 July.... 19, 264 Manufactured goods Total (c.i.f. value) 4 3,750 4,684 6, 131 9,033 4, 602 4, 257 5,398 6, 379 8, 360 9, 357 10,427 10, 138 10, 390 10, 524 10,520 10, 572 10, 897 11,777 10, 714 11,294 11,291 11, 822 11,597 11, 296 9,207 8,828 11,047 13, 371 15, 504 18, 519 21,415 20, 074 20, 665 20, 837 21, 244 20, 751 22, 364 24, 265 22, 910 21, 886 23, 283 22, 314 22, 993 20, 728 Merc handise trade balance Exports Ex(f.a.s.) ports Exports less (f.a.s.) (f.a.8.) imless less ports imimports (cusports (c.i.f.) toms (f.a.s.) value) Custom s value 5,811 8, 053 1,078 1, 269 1,317 3,728 5,294 5, 790 8,450 8, 053 8,842 9, 456 9, 912 11,753 14,869 18,036 17,953 18, 771 18, 521 18,770 18,344 18, 918 18, 459 19, 441 21, 000 19, 408 18, 499 19, 461 18, 894 1, 269 1,399 1, 436 1, 330 1,717 2,049 2,534 2,445 2,534 2,724 2,886 2,909 3,099 2,926 2, 938 3, 334 2,879 2,680 2,582 2, 534 1,317 1, 266 1,341 1,548 1, 746 2,352 2,810 2,825 3, 149 2,752 2,554 2,447 2,746 2,896 2, 9H6 3,245 2,458 2, 541 2,328 2,434 5,294 5,913 6, 437 6, 679 7,873 9,716 11,991 12,227 12,448 12,483 12,473 12,241 12, 368 11,913 12, 810 13, 658 13, 392 12, 562 13, 581 13, 046 8,548 8,209 10, 290 12, 533 14, 564 17, 455 20, 406 19, 139 19,713 19,941 20, 347 19, 860 21, 436 23, 194 21, 922 20, 949 22, 289 21,310 21, 975 19, 807 895 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 1975. 'Total includes commodities and transactions not classified according to kind. l°.lal arrivals of imported goods other than intransit shipments. * C.i.f. (cost, insurance, and freight) import value at first port of entry in the united States. Data for 1973 are estimates. * F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports and at foreign port of exportation for imports. 3 770 1, 120 892 2, 653 F.a.s. <value 5 892 2, 672 827 2,716 991 3,457 1, 186 4,463 1,312 1,478 1,546 1,594 1,467 1,391 1,583 1, 680 1,583 1,748 1, 588 1,609 1,477 1,676 1,467 1,385 4, 325 5,949 7,831 6, 853 7,292 7, 112 7,506 7,059 8,331 9,041 9, 141 7,478 8,947 7,206 8,270 6,598 112 -283 — 221 -229 -866 -378 762 -688 -2, 430 2,590 -2, 300 -2,020 -872 -626 — 1, 112 -1, 134 -1,145 -2, 185 -4, 370 -2, 158 485 -2,471 -2,441 -2, 105 -542 -1,037 143 -1,445 -3, 268 -3, 530 -3, 364 -3,030 -1,808 -1,578 -2, 008 -2, 031 -2, 036 -3, 113 -5,440 -3, 146 -451 -3,465 -3,445 -3, 123 -1,463 NOTE.—Data beginning 1975 not strictly comparable with earlier data. Data for 1980 and 1981 include trade of the U.S. Virgin Islands, except that for 1980 Virgin Islands exports are reflected only in the figures for total domestic and foreign expoits and trade balance. * Data for 1974-79 for total domestic and foreign exports, total general imports, and trade balance include trade of the Virgin Islands. Source: Department of Commerce, Bureau of the Census. 35 U.S. INTERNATIONAL TRANSACTIONS In the second quarter, the merchandise trade deficit increased to $7.0 billion from $4.6 billion in the first quarter, as imports rose and exports fell. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 10 10 -15 -15 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted. Credits (-f), debits (—)] M erchandise Period Exports 1973 1974 1975 1976 1977 1978 1979 1980 1979: !___ II__ III.. IV__ 1980: !___ II__ III.. IV_. 1981: !*>__ II »_ Imports Invcjstment in come 3 12 Net hoi Ucll— ance 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, 759 184, 473 -211,819 27, 346 223, 966 -249,308 -25,342 42, 036 -46, 766 -4, 730 43, 834 -51, 117 -7,283 47, 236 -54, 210 -6,974 51, 367 -59,726 -8,359 54, 898 -65,024 -10, 126 55, 667 -62,411 -6,744 56, 252 -59, 154 -2,902 57, 149 -62,719 -5,570 61, 117 -65,719 -4,602 60, 387 67, 373 -6,:986 Receipts Payments 21, 808 -9,655 27, 587 -12, 084 25, 351 -12,564 29, 286 -13,311 32, 179 -14,217 43, 265 -21,865 66, 699 -33,236 75, 936 -43, 174 14, 111 -7,352 15, 582 -7,949 18, 055 -8,734 18, 952 -9,203 20, 465 -10,629 16, 860 - 10, 342 18, 850 - 10, 697 19, 764 -11,507 21, 420 -12,551 12 Excludes military grants. Adjusted from Census data for differences in timing and coverage. 3 Fees and royalties from U.S. direct investments abroad or from foreign direct investments in the United States are excluded from investment income and included in other services, net. 36 NP+ A\ C U 12, 153 15, 503 12, 787 15, 975 17, 962 21, 400 33, 463 32, 762 6,759 7,633 9,321 9,749 9,836 6,518 8, 153 8,257 8,869 Net military transactions Nettravel and transportation receipts -2,070 - 1, 653 -746 559 1,528 738 -1,947 -2, 515 -134 -324 -565 -923 -918 -427 -455 -715 -701 -3, 158 -3, 184 -2,792 -2, 558 -3,293 -3, 178 -2,622 -798 -678 -677 -722 -545 -532 -152 -38 -76 -618 Other services, net 3 Balance on goods and serv-1 ices Remittances, pensions, and other unilateral transfers 1 Balance on current account 3, 184 11, 021 -3,881 7, 140 9,309 -7, 186 2, 124 3, 986 4,598 22, 893 -4, 613 18, 280 4,384 9, 382 -4, 998 4, 711 5, 182 -9,493 -4, 617 -14, 110 5,792 -9, 008 -5,067 -14,075 1,414 7,008 -5,593 5,460 3,723 6,674 10, 779 -7,056 1,228 1,322 2,539 -1,311 702 -1, 381 -679 1, 353 1,052 2,453 -1,401 1, 393 1,312 -1,501 -189 1,390 — 217 - 1, 878 -2,095 1,523 1,592 787 - 1, 332 -545 4,975 6,478 -1,503 1,719 1,390 3,734 -2,344 1,838 4,599 -1,512 3,087 1, 651 Source: Department of Commerce, Bureau of Economic Analysis. U.S. INTERNATIONAL TRANSACTIONS—Continued In the capital account, U.S. official reserve assets increased $4.5 billion in the first quarter, reflecting transactions on the foreign exchange markets plus an allocation of Special Drawing Rights (SDRs) by the IMF. Foreign official assets in the U.S. increased $5.4 billion, due almost entirely to an increase in OPEC holdings. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 40 .40 CHANGE IN FOREIGN ASSETS IN THE U.S., NET f I t -10 -30 -30 -40 -40 COUNCIL OF ECONOMIC ADVISERS SOURCE: DEPARTMENT OF COMMERCE [Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)1 1U.S. assets abroad, ne fc [inc rease/capit*il outflow ( -)] Period Total 1973 1974 1975 1976 1977 1978 1979 1980 1979: I !!___ III__. IV___ 1980: I !!___ III.__ IV__. 1981: I*-__ II *> -22, 874 -34,745 -39, 703 -51,269 -34,785 -61, 070 -62, 639 -84, 776 -8,057 -15,639 -24, 942 -14,003 -12,639 -24, 837 -19,302 -27, 995 -18,520 U:S. official reserve assets 1 2 Other U.S. Government assets 158 -1,467 -849 -2, 558 -375 732 -1, 133 -8, 155 -3,585 322 2,779 -649 -3,268 502 -1, 109 -4, 279 -4, 529 -905 -2, 644 -20, 388 366 -33, 643 -3, 474 35, 380 -4, 214 -44, 498 -3,693 -30,717 -4, 644 -57, 159 -3,767 -57, 739 -5, 165 -71,456 -1,093 -3,379 -971 -14,990 -778 -26, 943 -925 -12,429 - 1, 456 -7,915 -1, 187 -24, 152 1,427 -16,766 -1,094 -22, 622 -1,358 -12,633 U.S. private assets Foreigii assets in the U.S., net [increase/cjipital inflow (+)] 2 Total 6,026 18, 388 34, 241 10, 546 15, 670 7,027 17, 693 36, 518 51, 218 36, 816 63, 748 33, 561 38, 946 -13,757 15, 492 50, 261 2, 259 -8,688 7,007 -9,785 24, 345 6,011 5,335 -1,295 7,509 -7,462 7,232 7,557 11, 651 7,686 23, 870 7,711 7,541 5,384 1 Consists of gold, special drawing rights (SDRs), convertible currencies, and the2 U.S. reserve position in the IMF. Quarterly data are not seasonally adjusted. Foreign official assets Other foreign assets 12, 362 23, 696 8,643 18, 826 14, 403 30, 187 52, 703 34, 769 10, 948 16, 792 18, 334 6,630 14, 971 -326 3,965 16, 158 2,157 Statistical discrep>aney U.S. official Allocareserve tions of assets, Of Total special net* which: (sum of drawing (unadSeasonal the rights adjust- justed, items (SDRs) with end of sign ment * j\ reversed) discrep- period) ancy 1, 139 1, 152 1, 139 1, 152 1,093 -2, 654 -1,620 5, 753 10, 367 -2, 323 11, 398 21, 140 29, 640 -42 3,430 1, 165 9,309 -455 -3, 122 2,000 8,857 -206 6,073 1, 355 18, 151 2,676 -3,291 2, 139 2,736 -344 6,799 14, 378 15, 883 16, 226 18,747 19, 312 18, 650 18, 956 26, 756 21, 655 21, 268 18, 557 18, 956 21, 491 21, 943 22, 994 26, 756 30, 410 29, 582 Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury. 37 Contents TOTAL OUTPUT, INCOME, AND SPENDING Page Gross National Product Gross National Product in 1972 Dollars Implicit Price Deflators for Gross National Product Changes in GNP and GNP Price Measures Nonfinancial Corporate Business—Output, Costs, and Profits National Income Personal Consumption Expenditures Sources of Personal Income Disposition of Personal Income Farm Income Corporate Profits Gross Private Domestic Investment Expenditures for New Plant and Equipment—Nonfarm Business 1 2 2 3 3 4 4 5 6 7 8 9 10 EMPLOYMENT, UNEMPLOYMENT, AND WAGES Status of the Labor Force Selected Unemployment Rates Selected Measures of Unemployment and Unemployment Insurance Programs Nonagricultural Employment Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries Average Weekly Earnings—Private Nonagricultural Industries Productivity and Related Data, Private Business Sector 11 12 13 14 15 15 16 PRODUCTION AND BUSINESS ACTIVITY Industrial Production and Capacity Utilization Industrial Production—Major Market Groups and Selected Manufactures New Construction New Private Housing and Vacancy Rates Business Sales and Inventories—Total and Trade Manufacturers* Shipments, Inventories, and Orders 17 18 19 19 20 21 PRICES Producer Prices Consumer Prices Changes in Producer Prices Changes in Consumer Prices Prices Received and Paid by Farmers ,. 22 23 24 24 25 MONEY, CREDIT, AND SECURITY MARKETS Money Stock Measures and Liquid Assets Components of Money Stock Measures and Liquid Assets Consumer Installment Credit. Bank Loans and Investments, and Reserves Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business Current Assets and Liabilities of Nonfinancial Corporations Interest Rates and Bond Yields Common Stock Prices and Yields 26 27 27 28 29 29 30 31 FEDERAL FINANCE Federal Budget Receipts and Outlays and Debt Federal Budget Receipts by Source and Outlays by Function Federal Sector, National Income Accounts Basis 32 33 34 INTERNATIONAL STATISTICS Industrial Production and Consumer Prices—Major Industrial Countries U.S. Merchandise Exports and Imports U.S. International Transactions 35 35 36 For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402 Price $2.50 (single copy). Subscription price: $19.00 per year; $23.75 for foreign mailing. qo ^° US. GOVERNMENT PRINTING OFFICE : 1981 O—83-120