Full text of Economic Indicators : January 1980

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96th Congress, 2d Session

T"1

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b

Prepared for the Joint




by the

Council of

UNITED
GOVERNMENT

I

OFFICE
: 1980

(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
LLOYD BENTSEN, Texas, Chairman
RICHARD BOLLING, Missouri, Vice Chairman
SENATE
WILLIAM PROXMIRE (Wisconsin)
ABRAHAM RIBICOFF (Connecticut)
EDWARD M. KENNEDY (Massachusetts)
GEORGE McGOVERN (South Dakota)
PAUL S. SARBANES (Maryland)
JACOB K. JAVITS (New York)
WILLIAM V. ROTH, JR. (Delaware)
JAMES A. McCLURE (Idaho)
ROGER W. JEPSEN (Iowa)

HOUSE OF REPRESENTATIVES
HENRY S. REUSS (Wisconsin)
WILLIAM S. MOORHEAD (Pennsylvania)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
1OHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)

JOHN M. ALBERTINE, Executive Director

OF ECONOMIC
CHARLES L. SCHULTZE, Chairman
GEORGE C. EADS
LYLE E. GRAMLEY

[PUBLIC LAW 120—SlsT CONGRESS; CHAPTER 237—1st 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 Join
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk. Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts draun by Art Production Branch, Office of the Secretary, Department of Commerce.

Economic Indicators, published monthly, is available at $1.30 a single copy
or by subscription at $15.00 per year ($3.75 additional for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, B.C. 20402

II




GROSS NATIONAL
According to preliminary estimates for the fourth quarter, gross national product rose $59.3 billion or 10.3 percent,
both at annual rates. Real output (GNP adjusted for price changes) rose 1.4 percent from the third quarter level and
the implicit price deflator rose at an 8.7 percent annual rate.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS (RATIO SCALE)
2,600

(RATIO SCALE)

1,400

1,400

1,200

1,200

1,000

1,000
1972

1980

1973

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL

OF ECONOMIC ADVISERS

[Billions of current dollars; quarterly data at seasonally adjusted annual rates]

Period

1969 . _
1970
1971
1972
1973
1974
1975
1976_
1977
1978
1979"
1978: I_
II- _
III.
IV___
1979: I
II- _
III
IV".

Gross
nationai
product

Personal
consumption
expenditures

935.5 579. 7
982.4 618. 8
1, 063. 4 668. 2
1, 171. 1 733. 0
1, 306. 6 809.9
1, 412. 9 889. 6
1, 528. 8 979. 1
1, 702. 2 1, 089. 9
1, 899. 5 1, 210. 0
2 127 6 1, 350. 8
2, 368. 5 1, 509. 8
2, Oil. 3 1, 287. 2
2, 104. 2 1, 331. 2
2, 159. 6 1, 369. 3
2, 235. 2 1, 415. 4
2 292 1 1 454 2
2, 329. 8 1, 475. 9
2, 396. 5 1, 528. 6
2, 455. 8 1, 580. 4

Net
exports

Exports

Imports

Total

146. 2
140. 8
160. 0
188.3
220. 0
214.6
190.9
243. 0
303.3
351. 5
386.2
327. 0
352.3
356. 2
370. 5
373. 8
395.4
392.3
383.3

1.8
3.9
1. 6
-3.3
7. I
6.0
20.4
8.0
-9.9
10 'i
-3. 5
-22. 2
— 7. 6
-6. 8
-4.5
4. 0
-8. 1
-2.3
-7. 7

54.7
62.5
65. 6
72. 7
101. 6
137. 9
147. 3
163.3
175. 9
207. 2
257.4
184.4
205. 7
213. 8
224. 9
238.5
243.7
267.3
280. 0

52. 9
58. 5
64. 0
75.9
94. 4
131.9
126. 9
155. 4
185.8
217. 5
260. 9
206. 6
213. 3
220. 6
229. 4
234. 4
251. 9
269. 5
287.7

207. 9
218.9
233. 7
253. 1
269. 5
302. 7
338. 4
361.3
396. 2
435. 6
476. 1
419. 4
428. 3
440. 9
453. 8
460. 1
466. 6
477.8
499. 8

Federal

1
This category corresponds closely with budget outlays for national defense,
ihownonp. 33.




Government purchases of goods and
services

Exports and imports of
goods and services

Gross
private
domestic
investment

Total

National
defense *

97.5
95. 6
96. 2
102. 1
102. 2
111. 1
123.1
129. 7
144. 4
152. 6
166. 3
150.9
148. 2
152. 3
159.0
163.6
161.7
162.9
177. 0

76. 3
73.5
70. 2
73.5
73.5
77. 0
83. 7
86.4
93.7
99. 0
108. 3
97. 6
98.2
99. 0
101.2
103.4
106.0
109.0
114. 6

Nondefense
21. 2
22. 1
26.0
28.6
28. 7
34. 1
39. 4
43. 3
50. 6
53. 6
58. 0
53.3
50. 0
53. 3
57.8
60.2
55.7
53. 9
62. 4

State
and
locnl
110. 4
123. 2
137. 5
151. 0
167. 3
191. 5
215.4
231. 6
251.8
283. 0
309. 8
268. 5
280. 1
288.6
294. 8
296. 5
304. 9
314. 9
322. 8

Source: Department of Commerce, Bureau of Economic Analysis.

Final
sales

926.2
978.6
1, 057. 1
1, 161. 7
1, 288. 6
1, 404. 0
1, 539. 6
1, 692. 1
1, 877. 6
2, 105. 2
2, 350. 2
1, 988. 5
2, 078. 4
2, 139. 5
2, 214. 5
2, 272. 9
2, 296. 4
2, 381. 9
2, 449. 5

IN 1912
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]

Period

16.5
8. 0
—9. 8
6. 6
13. 1
14. 1
10.2

62. 2
67. 1
67. 9
72.7
87. 4
93.0
90.0
96. 1
98.4
108. 9
119. 8

63. 5
65.7
68.5
75. 9
79. 9
77. 1
67.5
80. 4
88.2
97. 9
102. 0

256.7
250. 2
249. 4
253. 1
252. 5
257. 7
262. 6
263. 3
268. 5
273. 2
274. 1

121.8
110. 7
103. 9
102. 1
96. 6
95. 8
96. 5
96. 4
100. 6
98. 6
99. 2

134. 9
139. 5
145. 5
151.0
155. 9
161. 8
166. 1
166. 9
167. 9
174. 6
174.9

1, 068. 2
1, 071. 0
1, 100. 9
1, 161. 7
1, 218. 5
1, 209. 9
1, 212. 1
1, 266. 4
1, 327. 4
1, 385. 1
1, 421. 0

59.4
60.9
60. 2
60. 0

16.5
15. 6
12.2
12. 0

5.3
12. 3
13. 3
12. 9

100. 7
109.2
111. 9
113. 8

95. 4
96.9
98. 5
101. 0

270. 7
271.3
274. 7
276.0

99.9
96. 6
98. 5
99. 3

170. 9
174. 7
176. 2
176.6

1, 351. 3
1, 379. 6
1, 395. 1
1, 414. 6

57. 7
56.7
56. 5
55. 0

12.3
18.1
7. 1

17. 0
13.2
20. 1
20.7

117.0
116. 0
122. 2
123. 9

100. 0
102. 9
102. 1
103. 2

274.7
272. 4
273. 1
276.3

101. 1
98. 1
97. 4
100. 4

173. 6
174. 3
175.6
175. 9

1, 418. 4
1, 404. 1
1, 426. 2
1, 435. 2

655. 4
668. 9
691. 9
733. 0
767. 7
760. 7
774. 6
820. 6
861.7
900. 8
924. 5

114. 3
110. 0
108. 0
116. 8
131. 0
130. 6
113. 6
119. 0
129. 3
140. 1
148. 2

43. 2
40. 4
52. 2
62. 0
59. 7
45. 0
38. 8
47. 8
57. 7
60. 1
56. 5

1978: I

1, 367. 8

882. 7
894. 8
905. 3
920. 3

133. 1
140. 3
141.6
145. 5

921.8
915.0
925.9
935. 2

147.2
146.9
150.7
148. 0

III. 1, 407. 3
IV-- 1, 426. 6
1. 430. 6

II— 1, 422. 3

III.. 1, 433. 3
IV"- 1, 438. 4

Federal

Final
sales

1.4
— .6
— 3. 3
7. 6
15. 9
22. 6
15. 8
10. 3
11. 0
17. 7

I , 078. 8
1, 075. 3
1, 107. 5
1, 171. 1
1, 235. 0
1, 217. 8
1, 202. 3
1, 273. 0
1, 340. 5
1, 399. 2
1, 431. 1

II— 1, 395. 2

Total

State
and
local

-1.3

1969
1970
1971
1972 ___
1973
1974 .
1975-1976 .
1977
1978
1979"

1979: I

Government purchases of
goods and services

Exports of goods
Gross private domestic
and services
investment
Personal
conGross
Change
national sumpNonin busiResition
product
Net
resiExports Imports
dential ness in- exports
expend- dential
ventofixed
itures
fixed
ries

10. 6
4. 3
6. 6
9.4

3.2

[1972 = 100; quarterly data are seasonally adjusted]

Period

Gross
national
product

Personal consumption expenditures

Total

Gross private
domestic
investment

NonresNonDurable durable
Services idential
goods
fixed
goods

Residential
fixed

Exports and
imports of goods
and services

Government purchases of goods
and services

Exports Imports Federal

State
and
local

1969
1970
1971
1972
1973
1974 _
197519761977
1978
1979 »

86. 72
91.36
96.02
100. 00
105. 80
116. 02
127. 15
133. 71
141. 70
152. 05
165. 50

88. 5
92.5
96. 6
100. 0
105. 5
116. 9
126.4
132.8
140. 4
150. 0
163. 3

93. 1
95. 5
99. 0
100. 0
101.6
108. 4
117.7
124.3
129. 4
136. 5
144. 8

89.4
93. 6
96. 6
100. 0
107.9
123. 8
133. 4
138. 1
144. 7
154. 6
170. 9

86. 1
90.5
95. 8
100. 0
104.7
113. 6
123. 2
131.2
140. 7
150. 9
163. 5

86. 6
91. 3
96.4
100.0
103. 8
115.3
132.2
138. 5
146. 6
157. 8
171. 3

87.7
90.6
94.9
100.0
110. 8
122. 3
132.8
142. 5
159. 3
179. 7
201. 7

87.9
93. 1
96.6
100. 0
116.2
148.3
163.6
169. 9
178.7
190. 3
214. 9

83. 3
89. 1
93.5
100. 0
118.2
171. 0
188. 0
193.3
210. 7
222. 1
255. 7

80. 0
86. 4
92. 6
100. 0
105. 8
115.9
127. 5
134. 6
143. 6
154. 8
167. 6

81. 9
88. 3
94. 5
100.0
107. 3
118. 4
129. 7
138. 8
150. 0
162. 1
177. 2

1978: I
II

147. 05
150. 82
153. 45
156. 68

145. 8
148.8
151. 3
153. 8

133. 0
135.6
137.9
139. 4

150. 0
153. 7
155. 7
158. 6

146. 8
149. 4
152.3
155. 0

153. 0
156. 0
159.6
162. 3

169.3
176. 7
183. 1
189. 5

183. 1
188.4
191. 1
197.6

216. 6
220. 2
223. 9
227. 2

151. 1
153. 4
154. 6
160. 1

157. 1
160. 3
163. 8
166.9

1979: I—

160. 22
163. 81
167. 20
170. 74

157. 8
161. 3
165. 1
169. 0

142. 4
144. 1
145.3
147. 6

164.1
168.9
173.2
177. 3

158.0
161.0
165. 3
169. 4

165. 4
169.6
173. 8
176. 6

192. 6
199. 2
205. 5
210. 1

203. 9
210. 1
218. 7
226. 0

234. 5
244.9
264. 0
278.7

161. 9
164.8
167. 2
176. 3

170.8
174. 9
179. 3
183. 6

IIIIV

lira

IV »

Source: Department of Commerce, Bureau of Economic Analysis.

2



CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data tit seasonally adjusted annual rates]
Gross national r roduct

Period

9. 1
7. 7
5. 0
8. 2
10. 1
11. 6
8. 1
8. 2
11. 3
11. 6
12. 0
11. 3
8. 4
19. 8
10. 9
14. 8

1968
1969
1970

1971
1972
1973
1974
1975
1976
1977
1978
1979 »
1978: I
II
III
IV
1979: I
II
III_
IV"

_

Constant
(1972)
dollars

Current
dollar?

.

4. 4
2. 6
__

3.0
5. 7
5. 5
— 1. 4

— 1. 3
5. 9
5. 3
4. 4

2. 3
1. 9
8. 3
3. 5
5.6
1. 1
-2. 3
3. 1

10. 6
6.7
11.9
10. 3

.

0

1. 4

Implicit
price
deflator

Gross clomestic i.>roduct
Fixedweighted
price
index
(1972
weights)

Chain
price
index

4. 5

5. 0
5. 4
5. 1
4. 1
5. 8
9. 7
9. 6
5. 2
6. 0
7.3
8.8
6.3

10. 6
7. 2
8.7

9. 3
9.3
8.5

8. 7

4. 4
5. 0

4.3

5.3
5.0

5.2
4.9

4. I

5. 0
4. 0

6.0

6.0

9. 9
9. 4
5. 6
6. 3

10. 2
9. 3

7.4

8. 9
6. 8
9. 4
8. 2
8.6
9.7
8.8

8. 9
9. 2

NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.

5.6

6. 4

7.5
9.4
6.8

9. 6

8.3
8.9
9.9
9.5

10. 0
9. 9

Constant
(1972)
dollars

Current
dollars

Implicit
price
deflator

4. 4
2. 6

9. 1
7. 8
5. 0
8. 1
10. 1
11. 5

4. 5
5. 1
5. 3
5. 1
4. 1
5. 7
9. 3
9. 7
5. 1
5. 9
7. 3
8. 7
6. 2
10. 6
7. 2
8. 7
9. 1
9. 2
8. 0
8. 6

—.3
2.8
5. 8
5. 4
-1. 3
1. 1
5. 7
5. 3
4. 4
2.3
1.8
8. 1
3. 6
5.6
.9
-2. 1
3. 2
1. 8

7.9

8. 5
11. 2
11. 5
12. 0
11. 2
8. 1
19. 6
11. 1
14.8
10. 1
6.9

11.5
10. 6

Chain
price
index

4. 4
5 0
5. 3
5. 0
4 1
5. 9
9. 6
9 4
5 6
6. 2
7. 4
8. 8
6. 7
9. 4
8. 2
8. 7
9. 6
8. 7
8. 4
8. 9

Fixedweighted
price
index
(1972
weights)
4 4
5 0
5 2
4 9
4 0
5 9
9 9
9 3
5 6
6 4
7 5
9 3
6. 8
9 7
8 3
8 9
9 9
9. 4
9. 6
9. 7

Source: Department of Commerce, Bureau of Economic Analysis.

NONFINANCIAL

COSTS,
[Quarterly data at seasonally adjusted annual rates]

Gross domestic
product of
nonfinancial
corporate
business
(billions of
dollars)

Period

Current-dollar cost and profit per unit of output (dollars) '

Total
cost
and
profit 2

Capital
conComsumption
penallowances Indirect sation
business
of
with
capital taxes 3 employees
consumption
adjustment

Current
dollars

1972
dollars

1968
498. 4
541. 8
1969
560. 6
1970
1971 ... . 602. 5
671. 0
1972
752. 0
1973
1974
808. 8
874. 1
1975 ..
1976
988. 0
1, 106. 3
1977
1978
1, 246. 9
1979"
1, 388. 3

581. 6
607. 3
600. 6
619. 3
671. 0
720. 4
695. 0
680. 0
730. 4
770. 7
818. 7
844. 0

0. 857

. 892
.933
. 973
1. 000
1. 044
1. 164
1. 285
1. 353
1. 436
1. 523
1. 645

0. 074
. 079
. 088
. 094
. 093
. 095
. 116
. 142
. 146
. 151
. 155
. 167

1978: I
II
III..
IV —

1, 169. 1
1, 236. 5
1, 267. 9
1, 314. 1

789.8
817. 1
826. 3
841.4

1. 480
1. 513
1. 535
1.562

. 156
. 154
. 155
. 155

.
.
.
.

1979: I_.
1, 346. 4
II— 1, 370. 4
Ill »_ 1, 401. 3

846. 6
841. 0

1. 590
1. 629
1. 664

. 158
. 165
. 170

. 145
. 148
. 151

1

842. 4

0. 089
. 094
. 103
. 110
. 110
. 112
. 123
. 136
. 137
. 140
. 143
. 150
143
144
142
143

Output is measured by gross domestic product of nonfinancial corporate
business
in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate
business with the decimal point shifted two places to the left.
3
Indirect business tax and nontax liability plus business transfer payments
less subsidies.




0. 553
. 589
. 628
. 645
. 661
. 699
. 796
. 848
.890
. 951
1. 020
1. 114

Corporate profits with
inventory valuation and
capital consumption
adjustments
Net

interest
Total

0. 017
. 022
. 028
.029
. 028
. 032
. 043
.045
. 042
. 043
.048
. 056

0. 124
. 109
. 086
.095
. 107
. 105
. 086
. 113
. 138
. 151
. 157
. 158

002
009
024
042

. 047
.047
.049
. 050

] . 075

. 052
. 054
. C57

1.
1.
1.
1.

1. 104
1. 127

Profits
tax
liability

Profits
after4
tax

ComOutput
penper
sation
hour
per
of all
hour
employof all
ees
employ(1972
ees
dollars) (dollars)

0. 058
. 055
. 045
. 048
. 050
. 055
. 061
. 060
. 072
. 077
. 084
. 089

0. 066
. 055
. 041
. 046
. 057
. 050
. 024
. 053
. 066
. 074
. 073
. 069

7.
7.
7.
7.
7.
7.
7.
7.
7.
8.
8.

133
154
147
389
631
790
492
726
973
064
142

3. 944
4. 207
4. 487
4. 766
5. 047
5. 447
5. 961
6.554
7.098
7. 666
8. 302

. 132
. 159
. 163
. 171

. 071
. 085
. 086
.093

.061
. 074
.077
.078

8.
8.
8.
8.

056
138
179
201

8.071
8.212
8.379
8. 544

. 161
. L59
. 157

. 088
. 085
.091

. 072
. 074
. 066

8. 159
8. 100
8. 095

8. 770
8.941
9. 127

* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).

[Billions of dollars; quarterly data at seasonally adjusted annual rates]

Compensation of
employees '

National
income

Period

Proprietors'
income with
inventory valuation and capital
consumption
adjustments

Farm

Nonfarm

Rental
income
of persons
with
capital
consumption
adjustment

Corporate profits with inventory valuation
and capital consumption adjustments
Profits with inventory
valuation adjustment
and without capital
consumption adjustment
Total
Total

Profits
before
tax

Inventory
valuation
adjustment

Capital
consumption
adjustment

Net
interest

767. 9
571.4
609. 2
798. 4
650. 3
858. 1
715. 1
951.9
799. 2
1, 064. 6
875. 8
1, 136. 0
1, 215. 0 931. 1
1, 359. 8 1, 037. 8
1. 525. 8 1, 156. 9
1, 724. 3 1, 304. 5
1, 924. 2 1, 459. 1

13. 9
13. 9
14.3
18. 0
32. 0
25.4
23. 5
18.3
19. 6
27.7
32. 1

52. 3
51. 2
53. 4
58. 1
60. 4
60.9
63.5
71.0
80. 5
89. 1
98.0

18. 1
18.6
20. 1
21.5
21. 6
21. 4
22. 4
22. 1
24. 7
25. 9
26. 9

81. 4
67.9
77.2
92. 1
99. 1
83.6
95. 9
126. 8
150. 0
167. 7
178. 5

77.9
66. 4
76.9
89.6
97. 2
86.5
107.9
141. 3
162.0
180.8
195.2

83. 4
71.5
82. 0
96.2
115.8
126. 9
120.4
156. 0
177. 1
206. 0
237.0

-5.5
5. 1
5 0
-6. 6
-18. 6
-40. 4
-12.4
— 14. 6
-15.2
-25. 2
— 41. 9

1.9
-2.9
— 12. 0
- 14. 5
-12. 0
-13. 1
-16. 7

30.8
37.5
42. 8
47. 0
52. 3
69.0
78. 6
83.8
94. 0
109. 5
129. 7

1978: I
II
III
IV

1, 621. 0
1. 703. 9
1, 752. 5
1, 820. 0

1, 244. 0
1, 288. 2
1, 321. 1
1, 364. 8

25. 7
27.7
26. 1
31. 3

83. 4
87. 3
91. 3
94. 4

25. 2
24. 4
26. 8
27. 1

141. 2
169. 4
175.2
184. 8

153. 6
182. 0
189. 0
198.6

177.5
207.2
212. 0
227. 4

-23.9
-25. 1
-23. 0
-28.8

— 12. 4
-12. 6
-13. 8
— 13. 8

101. 5
106. 8
111. 9
117. 6

1979: I
II __
III
IV "

1. 869. 0 1, 411. 2
1, 897. 9 1, 439. 7
1, 941. 9 1, 472. 8
1, 512. 8

34. 2
33. 7
30. 9
29. 5

94. 8
95. 5
99. 4
102.0

27.3
26. 8
26. 6
27.0

178. 9
176. 6
180.8

193.3
191. 3
198. 3

233. 3
227. 9
242. 3

-39. 9
-36. 6
— 44. 0
-46. 9

- 14. 5
-14.7
-17.6
-20. 1

122. 6
125. 6
131. 5
138. 9

1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979 »

1

_ -

Includes employer contributions for social insurance. (See also p. 5.)

3. 5
1.5

d

Source: Department of Commerce, Bureau of Economic Analysis.

PERSONAL CONSUMPTION
[Billions of dollars except as noted; quarterly data at seasonally adjusted annual rates]
Durable goods

Nondurable goods

Total
personal
consumption
expenditures

Total
durable
goods ]

Motor
vehicles
and
parts

1969-- .
1970-- .
1971
1972. . .
1973
1974
1975 . 1976 -1977 _ _ _
1978
1979 "_.

579. 7
618. 8
668. 2
733.0
809. 9
889. 6
979. 1
1, 089. 9
1, 210. 0
1, 350. 8
1, 509. 8

85. 5
84.9
97. 1
111. 2
123. 7
122. 0
132. 6
157.4
178.8
200. 3
212. 8

37. 7
34.9
43.8
50. 6
55.2
48. 0
53.4
70.0
81. 6
91. 2
91. 3

35. 0
36. 7
39. 4
44. 8
50. 7
54. 9
58. 0
64. 0
70.9
77. 6
85. 7

247. 0
264. 7
277. 7
299.3
333. 8
376. 3
408. 9
443. 9
481.3
530. 6
597. 0

1978: I
II
III
IV

1, 287. 2
1, 331. 2
1, 369. 3
1, 415. 4

185. 3
200. 3
203. 5
212. 1

84. 1
93. 5
92. 4
94. 9

72. 4
76. 5
78.9
82. 7

1, 454. 2
II
1, 475. 9
III.. ' 1, 528. 6
IV *___ 1, 580. 4

213. 8
208. 7
213. 4
215. 5

97. 7
89. 1
89.8
88. 6

82. 1
84. 2
87. 3
89. 4

Period

1979: I

' Total includes other items not shown separately.




Furniture
and
household
equipment

Total
nondurable
goods '

Retail sales of
new passenger
cars (millions
of units)
Services

Clothing
and
shoes

Gasoline
and oil

126. 1
136.3
140. 6
150. 4
168. 1
189.8
209. 6
227. 1
246. 7
271. 7
301. 9

45. 1
46. 6
50. 5
55. 1
61. 3
65.3
70. 1
75.9
82. 4
91. 2
99. 6

20. 4
22. 0
23. 4
24. 9
27.8
36. 4
39. 5
42. 9
46. 7
50. 9
65. 1

247. 2
269. 1
293. 4
322. 4
352. 3
391. 3
437. 5
488.5
549. 8
619.8
700.0

8. 5
7.1
8.7
9.3
9. 7
7.5
7. 1
8.6
9. 1
9. 3
8. 3

1. 1
1.3
1.6
1. 6
1.8
1. 4
1.6
1. 5
2. 1
2. 0
2.3

505. 9
521.8
536. 7
558. 1

260. 6
267.7
274. 5
283. 9

85. 4
89. 9
92. 7
96. 8

48. 1
49. 0
51. 5
55.0

596. 0
609. 1
629. 1
645. 1

8.7
9.9
9. 4
9.3

2. 1
2. 1
2. 0
1.9

571. 1
581. 2
604. 7
631.0

292. 9
296. 7
303. 1
315. 1

95. 5
96. 9
101.0
105. 0

58. 4
60. 2
68.3
73. 4

669. 3
686.0
710.6
733. 9

9. 3
8. 1
8. 6
7.5

2.3
2. 5
2. 2
2.4

Food

Domestics

Source: Department of Commerce, Bureau of Economic Analysis.

Imports

SOURCES OF
Personal income rose $22.5 billion (annual rate) in December, following a revised increase of $20.8 billion in November. Wages and salaries increased $12.2 billion in December, compared with $12.9 billion in November.
BILLIONS OF DOLLARS*(RATIO SCALE)
2,400

BILLIONS OF DOLLARS*(RATIO SCALE)
2,400

2,000
1,800
1,600

2,000
1,800
1,600

1,400

1,400

1,200

1,200

1,000

1,000

800

800

600

600

OTHER INCOME

400

400

TRANSFER
PAYMENTS
200

200

A...

160

160

120

120

100

100

80

80

i i i i i I 60

60

1972

1973

1974

1975

1976

1978

1977

*SEASONAUY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

1979

1980

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Rental
Total
Transfer
and
Other Proprietors' income 3 income
Divi- Personal
paypersonal salary
labor 12
interest
dends
of
income disburseincome ments °
income
Farm
Nonfarm persons 4
1
ments

Less: PerNonsonal confarm
tributions personal
for social income e
insurance

1972
1973 .
1974
1975
1976
1977
1978 __
1979 "

942.
1, 052.
1, 154.
1, 255.
1, 381.
1, 531.
1, 717.
1, 923.

5
633. 8
4
701. 3
9
764. 6
5
805. 9
6
890. 0
6
984. 0
4 1, 103. 3
1 1, 227. 5

42. 0
48. 7
55. 6
65. 1
77. 4
91. 8
106. 5
122.7

18. 0
32. 0
25. 4
23. 5
18. 3
19. 6
27. 7
32. 1

58. 1
60. 4
60. 9
63. 5
71. 0
80. 5
89. 1
98.0

21. 5
21. 6
21. 4
22. 4
22. 1
24. 7
25. 9
26.9

24. 6
27. 8
31. 0
31. 9
37. 5
42. 1
47. 2
52. 7

74. 6
84. 1
103. 0
115. 5
127. 0
141. 7
163. 3
191.8

104. 1
118. 9
140. 8
178. 2
193. 8
208. 4
224. 1
252. 1

34. 2
42. 2
47. 7
50. 5
55. 6
61. 3
69. 6
80.7

917. 3
1, Oil. 9
1, 119. 3
1, 220. 8
1, 350. 6
1, 498. 1
1, 674. 2
1, 873. 1

1978: Dec

1, 826. 8 1, 166. 8

113. 2

36.5

95.0

27. 1

50.4

176. 4

233.7

72. 3

1, 773. 6

1979: Jan
Feb
Mar
Apr
May
June
July ___
Aug
Sept
Oct
Nov *>__
Dec "

1, 834. 3
1, 851. 4
1, 872. 1
1, 880. 7
1, 891. 6
1, 905. 1
1, 933. 2
1, 946. 5
1, 960. 1
1, 979. 2
2, 000. 0
2, 022. 5

114.5
116. 0
117. 4
118.9
120.3
121. 8
123.3
124.9
126. 4
128. 0
129. 6
131. 2

33. 0
34. 2
35. 3
34. 3
33. 5
33.4
32. 8
31. 0
28. 8
29. 0
29. 5
29. 9

94. 8
94. 8
94. 9
95.2
95. 5
95. 8
97.9
99.5
100. 9
101. 1
102. 0
102. 9

27. 2
27. 3
27. 4
26. 0
27. 1
27. 2
27. 3
27. 3
25. 0
26. 8
27.0
27. 2

51. 1
51.7
51.7
51. 9
52. 5
52. 6
52.5
52.7
53. 0
53. 6
54. 2
55. 2

178.7
181. 0
183. 3
185.8
187.5
189.4
191. 8
194.4
197. 1
200. 7
204. 4
207.8

236. 0
236. 7
239.2
242. 3
243. 9
244. 7
258.5
261. 2
262. 7
264. 8
265.8
269.3

78. 1
78. 7
79. 4
79.5
79.7
80. 2
80.8
81.0
81. 7
82. 2
83. 0
83. 7

1, 784.
1, 800.
1, 819.
1, 828.
1, 840.
1, 853.
1, 882.
1, 897.
1, 913.
1, 931.
1, 951.
1, 973.

1, 177. 1
1, 188. 5
1, 202. 3
1, 205. 9
1, 210. 8
1, 220. 5
1, 229. 8
1, 236. 5
1, 247. 9
1, 257. 4
1, 270. 3
1, 282. 5

1 The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions
for social insurance and the excess of wage accruals over wage disbursements.
2
Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
3
With inventory valuation and capital consumption adjustments.
4
With capital consumption adjustment.




3
1
5
8
3
7
3
3
1
8
8
7

5
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.

Real per capita disposable income declined again in the fourth quarter.
BILLiONS OF DOLLARS* (RAHO SCALE)
2,000

BILLIONS OF DOLLARS* (RATIO SCALE)
2,000 p
1,800

600

600

DOLLARS* (RATIO SCALE)
10,000
9,000

DOLLARS* (RATIO SCALE)
10,000

8,000

3,000

3,000

1980
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE

Period

Less:
Personal
Pertax
sonal
and
income nontax
payments

Equals :
Disposable
personal
income

COUNCIL OF ECONOMIC ADVISERS

Less:
Personal
outlays '

Per capita
; Per capita perdisposable
sonal consumppersonal income tion expenditures

Equals:
Personal
saving Current
dollars

Billions of dollars

859. 1 116.3
1971
1972 _ __ 942. 5 141.2
1, 052. 4 150. 8
1973
1, 154. 9 170. 3
1974
1, 255. 5 168.8
1975
1, 381. 6 197. 1
1976
1, 531. 6 226.4
1977
1, 717. 4 259.0
1978
1, 923. 1 299 9
1979 '

1972
dollars

Current
dollars

1972
dollars

Percent
change
in real
per
capita
disposable
personal
income

Saving
as percent of Populadispostion
able
(thou-2
persands)
sonal
income

Dollars

685.5
742.8
801.3
751. 9
901.7
831. 3
984. 6
913. 0
1, 086. 7 1, 003. 0
1, 184. 5 1, 115. 9
1, 305. 1 1, 240. 2
1, 458. 4 1, 386. 4
1, 623. 2 1, 550. 4

57.3
49. 4
70.3
71.7
83. 6
68. 6
65.0
72.0
72.8

3, 588
3,837
4,285
4,646
5,088
5,504
6, 017
6, 672
7,363

3,714
3,837
4,062
3,973
4, 025
4, 144
4,285
4,449
4, 509

3,227
3,510
3,849
4, 197
4,584
5,064
5, 579
6, 179
6,848

3,342
3,510
3,648
3,589
3,627
3, 813
3,973
4, 121
4, 193

2. 6
3. 3
5. 9
— 2. 2
1. 3
3. 0
3. 4
3. 8
1.3

7. 7
6.2
7.8
7.3
7. 7
5.8
5.0
4.9
4.5

207, 053
208, 846
210, 41S
211, 945
213, 566
215, 203
216, 898
218, 59^
220, 461

5, 906
6, 097
6,258
6,455
6, 619
6,704
6, 926
7, 142

4, 050
4, 098
4,137
4, 197
4,196
4, 156
4, 195
4,226

1. 4
3.3
3.3
5.6
1. 2
— 2. 3
-.8
— 1. 1

5. 3
5. 0
4. 8
4.7
5.0
5.4
4,3
3. 3

217, 94i
218, 33£
218, 814
219, 28f
219, 69(
220, 16e
220, 716
221, 291

Seasonally adjusted annual rates

1978: I— _ 1, 634. 8 239.8
II— 1, 689. 3 252. 1
III- 1, 742. 5 266.0
IV^_ 1, 803. 1 278. 2
1979: I.... 1, 852. 6 280.4
II— 1, 892. 5 290.7
III... 1, 946. 6 306.6
IV »_ 2, 000. 5 321. 7

1, 395. 0
1, 437. 3
1, 476. 5
1, 524. 8
1, 572. 2
1, 601. 7
1, 640. 0
1, 678. 8

1, 320. 4
1, 366. 1
1, 405. 6
1, 453. 4
1, 493. 0
1, 515. 8
1, 569. 7
1, 622. 9

74. 6
71. 2
70.9
71.5
79. 2
85.9
70.3
55. 9

6,401
6,583
6, 748
6, 954
7,157
7,275
7,430
7, 586

1
Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are for July 1 through 1973 and
are averages of quarterly data beginning 1974. Quarterly data are average for the
period.




4, 389
4,425
4,461

4,522
4,536
4,510
4,501
4,489

Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).

In the fourth quarter, according to preliminary estimates, net farm income before inventory adjustment fell $0.3 billion
(annual rate), while income after inventory adjustment rose $1.7 billion.
BILLIONS Of DOLLARS* (RATIO SCAIE)
_
—1200

BILLIONS OF DOLLARS* (RATIO SCALE)
200

100

100

GROSS FARM INCOME_
BEFORE INVENTORY
ADJUSTMENT

80

80

60

60

40

40
NET FARM INCOME
AFTER INVENTORY
ADJUSTMENT

20

20

10

10

1973

1972

1978

1977

1976

1975

1974

1979

1980

'SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVSSERS

SOURCE; DEPARTMENT OF AGRICULTURE

[Quarterly data at seasonally adjusted annual rates]
Personal income received
by total farm population

Income received from farming
Gross income before inventory adjustment

Period

From From
From
all
farm nonfarm
sources sources sources Total i

1972 .
1973 .
1974
1975 _
1976
1977 _
1978. _
1979 '
1978:1
II
III--.
IV
1979: I
II-.III-.IV "

34. 6
48. 9
45.2
44.5
40.3
42. 9
54. 0
60. 5

16.9
29. 2
23. 4
21. 9
16. 8
18. 0
25. 2
29.9

17.8
19. 7
21. 8
22. 7
23.5
24. 9
28. 8
30. 5

70. 1
95.5
100. 0
96. 9
104. 2
107.5
124.9
143.3
119.8
124. 3
122.2
133.4
140.7
144.2
142.5
145.2

Cash receipts from
marketings
Livestock
Total
Crops
and
products
Billions of dollars
61.2
35. 7
25.5
87. 1
45. 9
41. 1
92. 4
41. 4
51. 1
88.2
43. 0
45. 1
94. 8
46. 1
48. 7
95. 7
47. 4
48.2
111. 0
59. 0
52. 1
129.9
67.5
62.4
106. 2
52. 4
53. 9
111. 0
58.3
52. 7
109.0
60. 4
48.6
118. 0
54. 6
63. 4
127. 7
57.7
70.0
130. 6
68.0
62. 6
129. 2
64. 9
64. 3
131. 5
64. 7
66.8

i Cash receipts from marketings, Government payments, and nonmoney
income furnished by farms.
i Inventory of crops and livestock valued at the average price for the year
3
Based on 1969 Census of Agriculture definition of a farm. The number of
farms is held constant within a year; data for 1979 estimated.
"57-471* 0 - 8 0




Net to farm
operators
Production expenses

Before
inventory
adjustment

After
inventory
adjust-2
ment

Net income per
farm after inventory adjustment 3
Current
1967
dollars dollars *
Dollars

52.3
65.6
72. 2
75.9
83. 1
88. 8
98. 1
113. 5
95. 0
97.0
97.4
103. 0
109. 0
1121 0
115. 0
118. 0

17.8
29. 9
27.7
21. 1
21. 0
18. 7
26.3
29. 8
24.8
27. 3
24. 8
30.4
31. 7
32.2
27.5
27. 2

18.7
33. 3
26. 1
24.5
18. 7
19. 8
27. 9
33.3
25. 8
27.8
26. 3
31. 6
33.7
34. 7
31. 0
32. 7

6, 526
11,813
9,349
8, 846
6, 823
7, 301
10, 434
12, 700
9, 660
10, 400
9,840
11, 830
12, 830
13, 210
11, 800
12» 450

* Income in current dollars divided by the consumer price index.
NOTE.—Data revised beginning 1979.
Source: Department of Agriculture.

5,208
8, 875
6, 330
5,488
4,002
4,023
5, 340
5, 840
5, 110
5,370
4, 980
5,860
6, 200
6, 170
5,350
5,470

In the third quarter, corporate profits before tax rose $14.4 billion (annual rate) while after-tax profits rose $9.0 billion.
BILLIONS OF DOLLARS
280

BILLIONS OF DOLLARS
280

240

240

200

1980

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax

Profits (before tax) with inventory
valuation
adjustment !
Domestic industries
Period

Nonfinancial
Total 2
Total

1969 .
1870
T971
1972
1973 ,.
1 974
1975
1976
1977
1978
1979 »

._

1978: I
II
III
IV_ _
1979: I
11
III —
IV »

ManuFinanfaocial
Total8
turing

Tax
liability

Total

Dividends

Undistributed
profits

Inventory
valuation
adjustment

77.9
66. 4
76.9
89. 6
97. 2
86. 5
107. 9
141. 3
162. 0
180. 8
195. 2

74. 2
62. 6
72. 4
84. 7
90. 4
76. 9
101. 8
133. 1
152. 1
170. 6
181. 9

11.3
12. 6
14. 1
15.4
16. 2
14. 4
13.0
17. 8
23. 8
29.7
33.0

62. 9
50. 1
58. 2
69. 3
74. 1
62. 5
88.9
115. 3
128. 3
140. 9
149.0

36. 8
27. 1
32. 4
40.6
44. 1
36. 6
48.3
65. 7
73. 5
81.7
89.3

10. 1
9. 4
11. 7
13.3
14. 7
12. 9
20.7
23. 3
24. 1
23. 0

83. 4
71.5
82. 0
96. 2
115.8
126. 9
120.4
156. 0
177. 1
206. 0
237. 0

39. 7
34.5
37. 7
41. 5
48.7
52. 4
49. 8
63. 8
72. 6
84.5
92. 7

43. 8
37. 0
44, '3
54. 6
67. 1
74.5
70. 6
92.2
104. 5
121. 5
144. 4

22.6
22. 9
23. 0
24. 6
27. 8
31. 0
31. 9
37. 5
42. 1
47. 2
52. 7

21. 2
14. 1
21. 3
30.0
39. 3
43. 6
38. 7
54. 7
62. 4
74. 3
91. 7

-5. 5
— 5. 1
-5.0
-6.6
— 18. 6
-40. 4
— 12. 4
— 14. 8
-15.2
-25. 2
-41. 'b

153. 6
182. -0
189.0
198. 6
193. 3
191. 3
198. 3

143. 5
171.0
178. 8
189. 0
181. 4
179. 6
182. 5

27. 2
28. 9
30. 6
32. 1
31. 9
32.0
33. 8

116. 3
142. 1
148.3
156.9
149. 6
147.7
148. 7

67. 8
83. 4
85. 1
90. 6
94. 1
90. 6
86. 4

17. 9
22. 7
25. 5
25. 8
18. 6
22. 4
26. 5

177. 5
207. 2
212. 0
227. 4
233.3
227. 9
242. 3

70.8
84. 7
87. 5
95. 1
91.3
88.7
94. 0

106.7
122. 4
124. 6
132. 3
142. 0
139. 3
148. 3

45. 1
46. 0
47. 8
49. 7
51.5
52.3
52. 8
54 4

61. 6
76. 4
76.8
82.6
90.5
87.0
95.5

-23. 9
-25. 1
-23. 0
-28.8
-39. 9
-36. 6
-44. 0
-46. 9

1
See p. 4 for profits with inventory valuation anc! capital consumption
adjustments.
2
Includes rest of the world, not sibown separately.




Wholesale
and
retail
trade

Profits
before
tax

3

Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.

According to preliminary estimates for the Fourth quarter, business fixed investment fell $0.5 billion (annual rate)
as nonresidential construction outlays rose $3.7 billion and producers' durable equipment purchases fell $4.1 billion.
Residential investment outlays decreased $0.4 billion. Inventory investment amounted to $6.4 billion, down $8.1
billion from the third quarter level.
BILLIONS OF DOLLARS
450

BILLIONS OF DOLLARS
450

400

400

350

350

300

300

50

-50

-50

1980

1972
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential fixed investment

Period

1969
1970
1971
1972. _
1973
1974
1975...
1976
1977___
1978
1979 "
1978: I.
II

III._
IV

1979: I

II
III

IV v

Gross
private
domestic
investment

146. 2
140. 8
160.0
188.3
220. 0
214.6
190.9
243. 0
303. 3
351.5
386.2
327.0
352. 3
356. 2
370.5
373. 8
395. 4
392.3
383. 3

Structures
Total

98.9
100.5
104. 1
116.8
136.0
150. 6
150.2
164.9
189.4
221. 1
253. 9
203. 7
218.8
225. 9
236. 1
243. 4
249. 1
261. 8
261.3

Total

Nonfarm

Total

Nonfarm

35.7
37.7
39. 3
42. 5
49. 0
54.5
53.8
57. 3
62. 6
76.5
92.3
66.9
75.2
79.7
84. 4
84. 9
90. 5
95. 0
98.7

34. 3
36. 1
37. 8
41. 1
46. 9
51. 8
51.3
54. 7
59. 8
73. 3
88. 6
63. 8
72. 0
76.4
81. 1
81. 2
86. 8
,91. 4
94. 9

63.3
62.8
64.7
74. 3
87.0
96.2
96. 4
107.6
126.8
144. 6
161.6
136. 8
143.6
146.3
151. 8
158. 5
158. 6
166. 7
162.6

58.9
58. 1
59. 9
69. 1
80. 1
88.2
87.4
97.4
116. 3
132.6
147.3
126. 4
131.9
133. 5
138.9
146. 1
144. 5
150. 0
148.5

Source: Department of Commerce, Bureau of Economic Analysis.




Producers'
durable
equipment

Residential fixed investment

Total

37.9
36.6
49. 6
62. 0
66. 1
55. 1
51.5
68. 1
91. 9
108. 0
113. 9
100.5
107. 7
110.2
113. 7
111. 2
112.9
116. 0
115.6

Nonfarm
structures
36.3
35. 1
47. 9
60.3
64. 3
52. 7
49.5
65. 7
88. 8
104. 4
110.0
96.8
104.3
106. 4
110.0
107. 8
109. 1
112. 0
111. 2

ProFarm ducers'
durstrucable
tures equipment
0.7
.6
.7
.7
.6
1. 2
.9
1. 1
1. 5
1. 8
1.9
1. 9
1. 4
1. 9
1.9
1. 5
1.8
2. 0
2.3

0.9
.9
1.0
1. 1
1.2
1.2
1. 1
1.3
1.6
1.9
2.0
1.9
2.0
1.9
1.9
1.9
2. 0
2.0
2. 1

Change in business inventories

Total

Nonfarm

9.4
3. 8
6. 4
9. 4
17.9
8.9
— 10. 7
10.0
21. 9
22. 3
18.4
22. 8
25.8
20.0
20. 6
19. 1
33. 4
14.5
6.4

9.2
3.7
5. 1
8. 8
14.7
10.8
-14.3
12. 1
20.7
21. 3
16.6
22. 0
25. 3
18. 5
19. 3
18. 8
32.6
12. 6
2. 3

Business plans to increase capital spending 10.9 percent in 1980, according to the Commerce Department survey
conducted in November and December. Spending in 1979 was 14.7 percent above 1978, according to the OctoberNovember survey.
BILLIONS OF DOLLARS (RATIO SCALE]
220

BILLIONS OF DOLLARS (RATIO SCALE)
220
200

"

' '•••••....„..,..•"••••-•• ••-•""

40

_l

20
1979

1978

1976

1973

I 20

1980

J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Starts of plant
and equipment
projects 3

Expenditures for plant and equipment

Total

Durable
goods

31.35
38. 01
46. 01
47. 95
52. 48
60. 16
67. 62
78. 30
89. 51
67.75
73. 24
71. 56
76. 42
80. 22
83. 04
85. 02
89. 11

15. 64
19. 25
22. 62
21. 84
23. 68
27.77
31. 66
37. 89
43. 76
32. 25
33.99
34.00
36. 86
39.72
40. 16
42. 32
44-44

Total '

1972
1973..
1974
1975
1976- . _
1977
1978 4
1979 4
1980
1978: III
IV
1979: I
II
III4
IV _ ^
1980: I 4
II *

Nonmanufacturing

Manufacturing

Period

88. 44
99. 74
112. 40
112. 78
120. 49
135. 80
153. 82
176. 37
195. 67
155. 41
163. 96
165. 94
173. 48
179. 33
184. 32
189. 32
195. 76

Nondurable
goods

Total

15. 72
18.76
23. 39
26. 11
28. 81
32. 39
35.96
40.41
45. 75
35. 50
39. 26
37.56
39. 56
40.50
42. 88
42. 70
44. 68

57.09
61. 73
66. 39
64. 82
68.01
75. 64
86. 19
98.07
106. 16
87.66
90.71
94.38
97. 06
99. 12
101. 28
104. 29
106. 65

1
Excludes agricultural business; real estate operators; medical, legal, educational, and cultural service; and nonprofit organisations. These figures do not
agree precisely with the nonresidential fixed investment data in gross national
product estimates, mainly because those data include investment by farmers,
professionals, nonprofit institutions, and real estate firms, and certain outlays
charged to current account.

10



Mining

2.42
2. 74
3. 18
3.79
4. 00
4. 50
4.78
5. 52
6. 45
4.99
4. 98
5. 46
5. 31
5. 42
5. 91
4. 95
2
a

Trans- Public
porta- utilition
ties

munication

Commercial
and 2
other

Manufacturing

5.72
6.03
6. 66
7.57
7.45
6.93
8.05
10. 19
11.25
8.05
8.43
10.08
9. 71
10.29
10. 96
12. 76

11. 89 20. 07
12.85 21. 40
13.96 22. 05
12. 74 20.60
13. 30 20. 99
15. 45 22. 97
18. 16 25.71
20. 18 28. 98
5 4.07
18. 90 26.09
18. 46 27. 12
18.75 27. 73
20. 29 28. 51
20.41 29. 66
50 . 65
53 . 52

35.21
47.57
52.49
48. 24
51. 05
66.73
72. 44

28. 60
38. 13
45. 74
34.50
29.66
32. 54
34. 93

16. 96
19.97
21. 98
19. 56
20. 87

4.40
14. 00
3.27
5.75
8. 00

17. 00
18.71
20.55
20. 14
22. 28
25. 80
29.48
33. 18
34. 39
29. 62
31.73
32. 35
33. 24
33. 33
33. 76
33. 07

Com-

Public
utilities

Includes trade, service, construction, finance, and insurance.
Starts axe estimated by adding changes in carryover to expenditures during
given
period.
4
Planned capital expenditures as reported by business in October-December 1979. Plans are adjusted when necessary for systematic bias.
• Department of Commerce, Bureau of Economic Analysis.

STATUS OF

LABOR FORCE

Seasonally adjusted employment fell 108,000 in January while unemployment rose 338,000.
MILLIONS OF PERSONS*
110

MILLIONS OF PERSONS*
110
SEASONALLY ADJUSTED

100

100

90

90

-•-•• \

EMPLOYMENT

80
10'

I I II

1972

1973

1974

1975

1976

1977

1979

1978

*16 Y E A R S OF AGE AND OVER.
SOURCE. DEPARTMENT OF LABOR

NoninStJlvti"

Period

tional
population

COUNCIL OF ECONOMIC ADViSERS

[Thousands of persons 16 years of age and over, except as noted]
Unemployment
Civilian employment
Total
labor „.
Nonagricultural
r>15
vylVlllfln
U n.cm~ force
OiviliHiii
Part-time Total weeks
Agriemploy- ploy- (includ- labor
Total
ecoand
culment
ment
force
ing
Total for
nomic
over
tural
Armed
reasons '
Forces)
82,
81,
84,
87,
91,
93,

443
403
188
302
031
648

1974___
1975.,.
1976
1977 __
1978*__
1979

150,
153,
156,
158,
161,
163,

827
449
048
559
058
620

1979: Jan__
Feb—
Mar_
Apr__

162,
162,
162,
163,
163,
163,
163,
163,
164,
164,
164,
164,

448
633
909
008
260
469
685
891
106
468
682
898

94, 436
94, 765
95, 501
95, 675
96, 220
97, 917
98, 891
98, 226
97, 576
98, 158
97, 943
98, 047

6,431
6,484
6, 165
5,561
5, 253
6,235
6, 104
6, 137
5, 798
5,781
5,776
5,836

061
379
505
198
398
476
093
128
494
595
652
999

96, 157
96, 496
96, 623
96, 254
96, 495
96, 652
97, 184
97, 004
97, 504
97, 474
97, 608
97, 912

3, 260
3, 307
3, 320
3,215
3, 246
3, 243
3, 267
3, 315
3, 364
3, 294
3, 385
3,359

92,
93,
93,
93,
93,
93,
93,
93,
94,
94,
94,
94,

897
189
303
039
249
409
917
689
140
180
223
553

1980: Jan__ 165, 101

96, 145

7,043 106, 310 104, 229

97, 804

3, 270

94, 534

85, 935
84, 783
87, 485
90, 546
94, 373
96, 945

5, 076 93, 240 91, Oil
7, 830 94, 793 92, 613
7, 288 96, 917 94, 773
6, 855 99, 534 97, 401
6, 047 102 537 100, 420
5,963 104, 996 102, 908

85,
84,
87,
90,
94,
96,

935
783
485
546
373
945

May_

Aug_
Sept_
Oct__
Nov_
Dec_

104,
104,
104,
104,
104,
104,
105,
105,
105,
105,
105,
106,

155
473
595
280
476
552
175
218
586
688
744
088

102,
102,
102,
102,
102,
102,
103,
103,
103,
103,
103,
103,

1

Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.
a Total labor force as percent of noninstitutional population 16 years of age and
•Beginning 1978, data not strictly comparable with earlier data because of




3,
3,
3,
3,
3,
3,

492
380
297
244
342
297

2,709
3,490
3, 272
3,297
3,216
3,281

Labor
force
participation
rate
fnpr—
VJr
cl

rtQ7-l-f\

UtJXlu/

2

5, 076
7,830
7, 288
6, 855
6, 047
5, 963

937
2,483
2, 339
1, 911
1,379
1,202

61. 8
61. 8
62. 1
62. 8
63. 7
64. 2

3,203
3, 176
3, 211
3, 279
3,283
3,284
3, 274
3, 298
3, 167
3,315
3, 392
3, 519

5,904
5,883
5,882
5, 944
5, 903
5,824
5, 909
6, 124
5, 990
6, 121
6, 044
6,087

1,229
1,239
1, 291
1, 223
1, 212
1, 152
1, 067
1, 185
1, 152
1, 195
1, 191
1, 230

64. 1
64. 2
64.2
64. 0
64. 0
64. 0
64. 3
64. 2
64. 3
64. 3
64. 2
64. 3

3,513

6,425

1,334

64. 4

Seasonally adjusted

Unadjusted

JuneJuly _

1980

revisions in the household survey, which added about 250,000 to labor force and
to employment,
NOTE .-Seasonally adjusted data revised beginning 1975.
Source: Department of Labor, Bureau of Labor Statistics.

11

In January the seasonally adjusted unemployment rate rose to 6.2 percent from 5.9 percent in December.
PERCENT* (SEASONALLY ADJUSTED)

PERCENT* (SEASONALLY ADJUSTED)

1976

1977

1978

1979

1980

* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOft FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted]
Unemployment rate (percent of civilian labor force in group)

Men
20
years
and
over

1974 .
1975
1976
1977_.
1978 .
1979..

5. 6
8.5
7. 7
7.0
6.0
5.8

3.8
6. 7
5. 9
5.2
4.2
4. 1

5. 5
8. 0
7.4
7.0
6.0
5. 7

16. 0
19. 9
19. 0
17.7
16. 3
16. 1

5. 0
7.8
7.0
6. 2
5.2
5. 1

9.9
13.9
13. 1
13.1
11.9
11.3

1979: Jan
Feb.
Mar
Apr
May
June
July.
Aug
Sept.. _ _
Oct.. _
Nov
Dec.

5.8
5.7
5.7
5.8
5.8
5.7
5.7
5. 9
5.8
5.9
5. 8
5. 9

4. 0
3.9
4. 0
4. 0
3.9
4.0
4.1
4. 2
4. 2
4.2
4.3
4. 2

5.7
5.7
5.7
5.7
5.7
5.7
5.5
5.9
5.5
5.7
5. 6
5. 7

16.0
16.0
15.7
16.3
16.5
15.4
15.8
16. 6
16.2
16.4
15. 9
16. 0

5.0
4.9
5.0
5. 0
5. 0
4.9
5.0
5.3
5. 1
5. 1
5. 1
5. 1

1980: Jan

6.2

4.7

5.8

16.3

5. 4

Period

1

Women Both
20
sexes
years 16-19
and
years
over

Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.

12



By selected groups

By race

By sex and age

Total
(all
civilian
workers)

White

Labor
force
time
lost
(percent) '

ExpeBlack rienced
wage Houseand
hold
and
other salary
heads
workers

Fulltime
workers

Parttime
workers

5.3
8.2
7. 3
6. 6
5.6
5.4

3. 3
5. 8
5. 1
4. 5
3.7
3. 6

5. 1
8. 1
7. 3
6. 5
5.5
5. 3

8. 6
10.3
10. 1
9.8
9.0
8. 7

6.1
9. 1
8.3
7.6
6. 5
6. 3

11.3
11.8
11.3
11.7
11.5
11.2
11.0
11. 0
10. 8
11.5
10.9
11.3

5.4
5.3
5.4
5.4
5.4
5.3
5.4
5.7
5.5
5. 6
5.5
5. 5

3.5
3.5
3.5
3. 6
3.4
3.5
3.6
3.7
3.7
3.8
3. 8
3. 7

5.2
5.2
5.2
5.3
5.2
5.2
5.3
5. 4
5. 3
5. 4
5. 4
5. 4

9. 1
8.8
9.0
8.7
9. 3
8.6
8.3
8.8
8.4
8.9
8.3
8.5

6.2
6.2
6. 2
6.4
6.3
6.3
6.4
6.4
6.2
6.4
6. 4
6. 4

11. 8

5.8

4. 2

5. 7

8.7

6. 7

NOTE.—Seasonally adjusted data revised beginning 1975.
Source: Department of Labor, Bureau of Labor Statistics.

OF
In January, the percentage of unemployed persons who were job losers rose and the percentage who were job leavers,
reentrants, and new entrants fell.
_
PERCENT DISTRIBUTION*

PERCENT DISTRIBUTION*

REASON FOR UNEMPLOYMENT

DURATION OF UNEMPLOYMENT
60

60

JOB LOSERS

40

40
REENTRANTS

20

20

NEW ENTRANTS

- 15-26 WEEKS

. 'v\

".-'€*
JOB LEAVERS
27 WEEKS
AND OVER
1 II ! ! 1

1976

1977

* SEASONALLY

1978

1979

1980

SOURCE: DEPARTMENT OF LABOR

Period

Unemployment
(thousands)

1975- .
1976
1977 _
1978
1979
1979: Jan—
Feb—
Mar-_
Apr ._
May..
June..
July._
Aug__
Sept__
Oct-Nov_.
Dec—
1980: Jan.__

7, 830
7,288
6,855
6, 047
5,963
5, 904
5,883
5,882
5, 944
5,903
5,824
5,909
6, 124
5,990
6, 121
6, 044
6, 087
6,425

1
1

1977

1978

1979

1980

COUNCIL OF ECONOMIC ADVISERS

[Monthly data seasonally adjusted, except as noted]
Percent distribution of unemPercent distribution of unemState programs Insured
unem- Special
ployment by reason '
ployment by duration 1
unemployI
ployment,
all
ment
Insured
27
Less
benefit3
Job
5-14
15-26 weeks unem- Initial regular claims
Reen- New
Job
enthan
5
proand
losers leavers trants trants weeks weeks weeks
ploy- claims
grams 2 (unadover
ment
(unad- justed)
justed)
Weekly average, thousands
55.4
10.4
23.8
15.2
16.5
10.4
478
3, 986
37. 0
31. 3
1, 173
4, 937
12. 2
12. 1
18. 3 2, 991
38.3
29.6
49. 8
26. 0
13. 8
386
1, 152
3, 846
14. 8 2,655
13. 0
45.2
13.7
28. 1
41. 7
30.5
375
572
13. 1
3,308
14. 1
14.3
31.0
30. 0
10.5 2,359
346
41. 5
46. 2
12. 3
2, 645
14. 3
13. 4
29. 5
8. 7 2,460
42. 8
48. 1
31.7
11. 5
388
2,619
41.5
15.3
14. 0
32. 1
29. 2
352
46.9
12. 1
8.9 2,345
3, 198
14. 0
41.8
29. 8
14.5
11.9
9. 1 2, 329
346
47. 1
31. 8
3, 209
14.7
13.7
31.4
41. 7
30. 0
46. 8
12. 3
9.5 2, 336
2,921
359
14.2
42. 4
13. 5
29. 9
48. 1
31.5
9. 0 2, 381
2, 610
433
11. 5
16. 0
30. 0
14. 0
32. 2
40.0
47.4
11.8
8.5 2, 307
355
2, 230
13.4
14.7
41. 9
30.0
31. 0
380
49.3
11. 2
8.5 2, 320
2, 119
14.4
12. 4
2, 429
30. 1
43. 1
33. 2
390
48. 4
10. 6
7.8 2,407
14. 4
12. 2
44. 0
52. 0
29. 4
394
10. 8
28.5
8.7 2,492
2, 377
43.7
13.7
29. 2
34. 1
13.3
8.5 2, 488
394
2, 164
46. 6
10. 8
13. 6
28.7
44. 5
13. 1
48.3
32. 1
402
8.5 2, 540
11. 1
2, 236
14.1
28.3
12.3
8.9 2,643
45. 4
48. 8
31. 3
405
2, 559
11. 0
13. 0
28. 8
13. 9
32. 2
3, 034
47. 7
8. 5 2,631
416
44. 3
11. 6
46. 9
12. 2
28. 2
12. 7
12. 4
49. 6
29. 7
8.4

Detail may not add to 100 percent because of rounding.
Includes State (SO States, District of Columbia, and Puerto Bico), ex-servicemen (UCX), Federal (UCFE), and railroad (EE) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).




1976

ADJUSTED

5
FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
NOTE.—Seasonally adjusted date revised beginning 1975.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administration).

Iw

Total nonagricultural employment as measured by the payroll survey rose by 305,000 in January.
MILLIONS OF PERSONS*

MILLIONS OF PERSONS* (ENLARGED SCALE)

MANUFACTURING

.„.,»•'*

\

20
_

.„•-"

_

,ss*

,_._«—

X, „_.<*"" I
I II I i I I j I I I

4! I i I I I I I ! I l l I I i f I ! i I I I !

CONSTRUCTION

II I I I I I [i t I

! ! I I ! I II

I i Ifi

^^^^^ -*— •—*

^^__
^^SJBBHEISBMSS S^EM^^^^H^ES

If i M 1 1 1 1 1 ! 1

1976

1975

1977

Y

1979

1978

t

M

I I

[ I I I ]

1 t M

!

1 M

I t

1 I!

M

1977

1976

1975

1 M

M 1

1979

1978

N

*SEASONALLY ADJUSTED
SOURCE; DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[Thousands of wage and salary workers; l seasonally adjusted]
Goods-producing industries
Period

1974
1975
1976 -.
1977
1978
1979"

Total
nonagricurcurjii
employ- Total J
ment
78, 265
76, 945
79, 382
82, 423
86, 446
89, 482

1979: Jan. _ _
Feb...
Mar
Apr—
May..
June-.
July-.
Aug...
Sept.Oet_-Nov _ _

24,
22,
23,
24,
25,
26,

794
600
352
346
597
574

,P
i^onstruction

Service-producing industries

Trans- Whole- Finance,
Manufacturing
Government
portainsuri
sale
tion
ance,
and
Non- Total
State
and
and Services
retail
durable
Total Durable
Federal and
real
public
goods goods
trade
local
utilities
estate

4, 020 j^n (\77
3, 525 18' 323
O OS U
IS* 997
3, 851 19^ 682
4, 271 20, 476
4' 644 20, 973

11,
Ifl!
ll'
11,
12,
12,

8, 152
7' 635
?' 920
8^086
8, 230
s' 283

53 471
54' 345
56^ 030
58, 077
60 84-9
62' 908

12, 640 8, 318
12, 715 8, 310
12, 751 8, 322
12, 752 8, 314
12, 739 8, 320
12, 760 8, 303
12, 786 8, 293
12, 714 8, 243
12, 737 8,212
12, 650 8,249
12, 587 8,249
12, 610 1 8, 272

62, 051
62, 252
62, 412
62, 471
62, 747
62, 952
62. 990
m, 163
163,210
163,410
63, 567
63, 577

925
688
077
597
246
690

88, 433
88, 700
89, 039
89, 036
89, 398
89, 626
89, 713
89, 762
89, 803
89, 982
90, 100
!>
Dec __ 90, 231

26, 382
26, 448
26, 627
26, 565
26, 651
26, 674
26, 723
26, 599
26, 593
26, 572
26, 533
26, 654

4, 497
4, 486
4, 614
4, 559
4, 648
4, 662
4, 688
4, 674
4,671
4, 694
4, 714
4, 780

1980: Jan 3 — 90, 536

26, 705

4, 843 20, 867 12, 594

20,
21,
21,
21,
21,
21,
21,
20.
20,
20,
20,
20,

958
025
073
066
059
063
079
957
949
899
836
882

v *" J;

5

5r (T^
n

are not, at work
of the workingreports
from en
3
includes nil
3
Preliminary

16 987
17' 060
17! 755
isi 516
19 499
20, 136

4, 148
4^ 165
4,' 271
4, 467
4, 727
1, 963

35
', (>
j.'ij
54

4,868
4, 884
4, 899
4, 915

->

3 ,2'
~,, i
~ -

L38

29 ! 4, 936
16 i 4, 958

>

22

5

26

,1
i

4, 972
5, 003
4,997

j 39
43 i 5, 018

^8
" ^ <

8, 273 63, 831 i T _

1
Includes all full- and part-time
wage and salary workers in nonagrlculttiral
establishments who worked
—*"J during
^"-: or rece
reived pay for any part of the pay period




4 725
4^ 542
4, 582
4, 713
4, 927
5, 153

.46

78

5, 039
5, 054

18

441

, 9

13 892
14 551
15] 303

794

11

A /i A

2' 748 ' 1 ">' °'!'7
2 733 12 138
19 O K O
2! 727 J-^,
O^Jii

16 220 '

9 /7C;

17' 043

2, 773

^

19^j, 79"?
J.
i ^JO

12, 841

16, 670 2, 758 : 12. 719
16, 763 2, 757 12, 738
16, 833 2,757 12, 753
16, 880 2. 758 12. 806
16, 954 i 2, 770 12, 828
17, 051 2,788 12, 849
1 7. 092 2, 785 12, 850
117. 141 2,813 12, 886
17, 191 2,762 12, 911
17, 257 2,770 12, 904
17, 298 2, 771 12. 922
17, 360 2, 771 12; 940

5, 071 17, 414 | 2, 782

12, 950

v_ trial disputes; and which are based on a ssmpla
i vhereas the estimates in this table are based on
i iments.
separately.
Lr.bor, Bureau of Labor Statistics.

HOURS

HOURLY

PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Average gross
hourly earnings

Average weekly hours
Total
private
nonagricultural l

Period

Overtime

Total
private
nonagricultural *

Manufacturing

Manufacturing
Total

Adjusted hourly earnings indexJ — total private
nonagricultural
Percent change from
a year earlier 4

Index, 1967=100
Current
dollars

1967
dollars s

Current
dollars

1967
dollars

1971
1972
1973
1974
1975
1976
1977
1978
1979 "

36. 9
37.0
36.9
36. 5
36. 1
36. 1
36.0
35.8
35.7

39.9
40. 5
40.7
40.0
39.5
40. 1
40. 3
40.4
40. 2

2.9
3.5
3.8
3.3
2.6
3. 1
3.5
3.6
3.3

$3.45
3.70
3.94
4. 24
4. 53
4.86
5.25
5.69
6. 16

$3.57
3.82
4. 09
4.42
4.83
5.22
5.68
6. 17
6.69

129.2
137. 5
146. 0
157. 5
170.6
183. 0
196.8
212. 9
229. 8

106. 5
109. 7
109. 7
106.7
105.9
107. 3
108. 4
109. 0
105. 6

7.0
6.4
6.2
7.9
8.3
7. 3
7. 5
8.2
7.9

2.6
3.0
0
-2.7
-.7
1.3
1.0
.6
-3. 1

1979 : Jan
Feb
Mar
Apr
May
June
July
. J
Aug -.
Sept
Oct
Nov
Dec »

35.8
35.7
35. 9
35.3
35.7
35.6
35. 6
35. 6
35. 7
35. 6
35.7
35.7

40. 6
40. 6
40. 6
39. 1
40.2
40. 1
40. 2
40. 1
40. 2
40. 2
40. 1
40. 3

3. 7
3.7
3.7
2. 7
3.5
3.4
3. 3
3.2
3.2
3.2
3.3
3. 2

5.96
6.00
6. 04
6. 04
6.09
6. 13
6. 18
6. 22
6.26
6.28
6.33
6.38

6.46
6. 51
6. 56
6.56
6. 65
6.68
6. 72
6.74
6.78
6.82
6. 86
6. 90

222. 6
224. 0
225.2
226. 8
227. 5
229. 0
230. 9
232. 2
234. 3
234.9
237.3
239.3

108. 5
107.8
107. 3
106.9
106. 1
105. 7
105. 6
105. 1
104. 9
104. 2
104.2
103.9

8. 1
8.4
8. 2
8. 0
7.8
7.8
7.9
8. 1
8.2
7. 7
8.2
8.3

— 1. 2
-1.5
-2.0
-2.4
-2.8
-2.9
-3.2
-3.5
-3.6
-4. 1
—4. 1
-4.5

1980: Jan"

35.7

40.4

3.3

6.40

6.92

239.8

7.7

AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Period

Total private nonagricultural '
Current
dollars

1971
1972
1973
1974
1975
_
1976
1977.
1978
1979 f
1979 : Jan
Feb
_
Mar
Apr
May
June _ _ _
July
Aug .
Sept.
Oct
Nov
Dec *>__
1980: Jan "_
1

$127. 31
136. 90
145. 39
154. 76
163. 53
175. 45
189. 00
203. 70
219. 91
213. 37
214. 20
216. 84
213. 21
217. 41
218. 23
220. 01
221. 43
223. 48
223. 57
225. 98
227. 77
228. 48

Manufacturing

1967
dollars s
$104. 95
109. 26
109. 23
104. 78
101. 45
102. 90
104. 13
104. 30
101. 02
103. 98
103. 13
103. 31
100. 48
101. 40
100. 75
100. 60
100. 24
100. 04
99. 19
99.24
98.90

$142. 44
154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
268. 94
262. 28
264. 31
266. 34
256. 50
267. 33
267. 87
270. 14
270. 27
272. 56
274. 16
275. 09
278. 07
279. 57

$211. 67
221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 32
341. 69
331. 67
331. 60
335. 01
323. 41
341. 32
341. 87
341. 14
346. 70
352. 13
343. 31
347. 76
353. 19
356. 82

Percent change from a
year earlier,
total private nonagricultural 5
Current
dollars

Current dollars

Also includes other private industry groups shown on p. 14.
' Adjusted for interindustry employment shifts and for overtime in manuscturing.
8
Current dollar index (or earnings) divided by the consumer price index.
Kevised index for urban wage earners and clerical workers used beginning 1978.




Construction

Wholesale
and retail
trade

$101. 09
106. 45
111. 76
119. 02
126. 45
133. 79
142. 52
153. 64
164. 96
159. 90
160. 23
162. 19
163. 67
163. 00
163. 98
165. 28
165. 75
166. 91
167. 56
169. 71
170. 17
170. 42

6. 2
7.5
6.2
6.4
5. 7
7.3
7.7
7.8
8.0
9.2
9.4
8. 6
5.6
7.8
7.2
7. 2
7.8
8. 1
7. 1
7.4
7. 7
7. 1

1967
dollars
1.9
4. 1
0
-4. 1
-3.2
1.4
1.2
.2
-3. 1
1

-'. 5
-1. 6
-4. 6
-2.8
-3.4
-3.9
-3.8
-3.8
4 8
—4.8
-5. 0

«Monthly changes based on indexes to two decimal places.
* Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.

IS

PRODUCTIVITY AND
Output per hour
of ail persons

Hours of 2all
persons

Output i

Unit labor
costs

Compensation
per hour 3

Implicit price
deflator <

...

Period

NonPri- 1 NonNonPriNonPriNonNon- Private
Private
Private
farm
vate 1 farm
farm
vate
farm
farm
vate
farm
business business
business business
business business
business business business business business business
sector
sector
sector
sector sector
sector sector ! sector sector sector
sector
sector
1 Qfi7 — 100- niuirtprlv H n t n seasnnnllv ,'iHinsf.prJ

1967
1968 .
1969

100. 0
105. 1
108. 3

100. 0
105. 3
108.5

100. 0
101. 8
104. 6

100. 0
102. 1
105. 5

100. 0
103. 3
103.5

100. 0
103. 2
102. 9

100. 0
107. 6
114. 9

100. 0
107. 3
114. 1

100. 0
104. 1
111. 0

100. 0
104. 0
110. 9

100. 0
103. 9
108. 8

100. 0
104. 0
108. 7

1970 _ _
1971
1972
1973
1974

107. 3
110. 3
117. 5
124. 4
121. 4

107.4
110. 2
117. 8
124.9
121. 8

103.0
102.4
105. 5
109. 6
110. 3

104. 2
103. 8
107.0
111. 5
112. 3

104. 2
107. 7
111. 4
113. 6
110. 1

103. 0
106. 2
110. 1
112. 0
108. 5

123. 1
131. 4
139. 7
151.2
164. 9

121. 7
129. 9
138. 4
149. 2
162.8

118. 2
122. 0
125. 4
133. 1
149. 8

118. 1
122. 3
125. 7
133. 2
150.0

113. 9
118. 9
123. 2
130. 3
143. 1

114. 0
119. 2
122. 9
127. 9
141. 4

1975
1976
1977
1978
1979 " „

118. 7
126.4
133. 8
140. 7
144. 0

118.8
126. 9
134. 3
141. 5
144. 8

105. 6
108. 6
112. 8
118. 1
122. 0

107.4
111. 0
115. 6
121. 1
125.4

112. 4
116. 4
118. 6
119. 2
118. 1

110. 5
114.4
116. 2
116. 8
115. 5

181. 3
197. 2
213. 0
231. 2
252. 8

178. 9
193. 8
209. 3
227. 3
247. 6

161. 3
169. 4
179. 6
194. 0
214. 1

161. 8
169. 4
180. 1
194. 5
214. 4

157. 5
165. 5
174. 8
187. 2
203. 8

156.4
164. 8
174. 5
186. 1
202. 2

1978: I
II- _
III
IV

136. 9
140. 3
141. 8
144. 0'

137. 3
141. 1
142. 7
145. 0

115. 6
117.9
118. 4
120. 2

118. 4
121. 1
121. 6
123. 4

118. 4
119. 0
119. 7
119. 8

116.0
116. 5
117. 3
117. 6

224. 2
228. 5
233. 6
238.4

220. 6
224. 6
229. 4
234.3

189. 4
192. 1
195. 2
199. 0

190. 2
192. 7
195. 6
199. 3

180. 9
185. 8
188. 9
192. 9

180. 2
184.7
187. 8
191. 4

1979: I
II
III
IV *_ _

144. 4
143. 4
143. 8
144. 4

145.5
144. 2
144. 6
145. 2

121. 5
121. 3
122. 0
123. 1

124. 8
124. 9
125. 7
126. 4

118. 9
118. 2
117. 8
117. 3

116. 6
1 15. 4
115. 0
114. 9

244. 8
250. 3
255. 6
260. 0

240. 2
244. 8
249. 9
255. 2

205. 9
211. 7
217. 0
221. 5

206. 0
212. 1
217. 3
222. 2

197. 2
202. 0
206. 1
210. 0

195. 1
200. 3
204. 7
208. 9

Percent change; quarterly data at seasonally adjusted annual rates
2. 0
3. 3
.2

2. 0
5. 1
3. 0

1. 9
5.3
3. 0

-0. 0
1. 8
2. 8

0. 2
2. 1
3. 4

1970 .
1971
1972
1973
1974-.

-. 9
2. 8
6. 6
5. 9
-2. 4

-1. 1
2.6
6. 9
6.0
-2. 5

— 1. 6
—. 6
3. 0
3.9
.7

-1. 2
—. 4
3. 1
4. 2

1975—.
1976
1977
1978
1979 *

-2. 3
6. 5
5. 8
5. 2
2. 3

-2. 5
6. 9
5.8
5. 4
2. 3

— 4. 3
2. 9
3. 9
4. 7
3. 3

2. 4
10. 5
4. 2
6. 4

2. 7
1 1. 5
4.5
6.8

3. 9
8. 4
1. 7
0. 1

3. 6
9. 4
1. 8
5.9

- 1. 5
2.0
2. 4
.3

1. 2
-2. 9
1. 1
1. 8

1. 2
-3. 6
1.2
1. 7

4. 4
—. 7
2. 4
3. 5

4. 6
.5
2. 6
2. 1

-3. 0
-2. 2
-1. 3
- 1. 6

1967
1968
1969

1978: I
II
III
IV
1979: I
II .
Ill _ _
IV *




5. 3
7. 6
6. 8

5. 5
7. 3
6. 3

3. 3
4. 1
6. 6

3. 8
4. 0
6. 7

2. 9
3. 9
47

3. 3
4. 0
4. 5

.7

.7
3. 3
3. 5
1. 9
-3.0

.1
3. 1
3.7
1.7
-3. 1

7. 1
6. 7
6. 3
8. 2
9. 1

6. 7
6. 7
6. 5
7. 8
9. 1

6. 4
3.3
2. 8
6. 2
12. 5

6. 5
3. 5
2. 8
6. 0
12. 7

4. 7
4. 4
3. 6
5. 8
9. 8

4. 9
4. 5
3. 1
4. 1
10. 5

-4.3
3.3
4. 1
4. 8
3. 6

2. 1
3.5
1. 9
.5
—. 9

1.9
3. 5
1. 6
.5
-1. 2

9. 9
8.8
8. 0
8. 5
9. 3

9. 9
8. 3
8.0
8. 6
8. 9

7. 7
5. 0
6. 0
8.0
10. 4

7.9
4. 7
6. 3
8. 0
10.2

10. 1
5. 0
5. 6
7. 1
8. 9

10. 6
5.4
5. 9
6. 6
8. 7

-. 9
1. 9
2.7
.8

10. 9
7. 9
9. 2
8.5

11. 4
7. 5
8. 8
8. 8

12. 0
5. 8
6. 6
8. 1

12. 4
5. 4
6. 0
8.0

5. 3
11. 2
6. 9
8. 7

4.4
10. 2
7.0
7. 8

-3. 2
-4. 1
1 4
-. 4

11. 1
9. 3
8.8
6. 9

10. 4
7. 9
8. 5
8.9

14. 6
11. 8
10. 3
8. 7

14. 0
12. 5
10. 1
9.3

9. 3
10. 1
8.3
7. 8

8. 1
11. 0
9.0
8.4

1
Output refers to gross domestic product originating in the sector in 1972dollars.
2 Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
3
Wages and salaries of employees plus employers' contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and
supplemental payments for the self-employed.
4
Current dollar gross domestic product divided by constant dollar gross domestic product.

16

1. 6
3. 2
-. 3

NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
_
Source: Department of Labor, Bureau of Labor Statistics,

INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production rose by 0.3 percent in December following decline of 0.3 percent in November. The December
reduction again reflected cutbacks in the output of autos, trucks, and related products.
INDEX, 1967=100* (RATIO SCALE)

INDEX, 1967=100* (RATIO SCALE)

160

180

TOTAL INDUSTRIAL PRODUCTION

UTILITIES AND MINING PRODUCTION
£->W-N»

v^-^^\

160

UTILITIES .

X/A/*

-

140

^
«

•--^../"< *^*»*^*
100

f
«*^

120

I i i j i 1 i i i ii

I 1 1 i 1 I 1 M 1 1

1975

1976

MANUFACTURING PRODUCTION

•/

s

1

v — '*X

MINING

HIM

1 I I t I

1977

1978

1979

PERCENT* (RATIO SCALE]
100

MANUFACTURING CAPACITY UTILIZATION RATE
90

-v-^_
_
80

120

70
100
1975

1979

^^™™*^

S
"V

1 I H I ! I 1 I I I

I 1 M U I I I 1 I

I! t 1 ! 1 1 1 1 1 i

1 I \ i 1 1 ! 1 1 H

1975

1976

1977

1978

1979

* SEASONALLY ADJUSTED
SOURCE: 6OARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Period

1967 proportion
1973_
1974
1975.
1976--.
1977___ .
1978
1979 "

Total industrial
production
Percent
Index,
1967 = change
from
100
year
earlier
100. 00
129.8
8.4
129. 3
—. 4
117. 8
-8. 9
130. 5
10.8
138.2
5.9
146. 1
5. 7
152. 2
4. 2

COUNCIL OF ECONOMIC ADViSERS

[Seasonally adjusted]
Industry production indexes, 1967 = 100
Manufacturing

Manufacturing capacity utilization
rate, percent '
Federal Reserve
series
WharComTotal
ton
merce2
manuMate- series
series 3
facturrials
ing

Total

Durable

Nondurable

Mining

Utilities

87. 95
129.8
129. 4
116. 3
130.3
138. 4
146. 8
153. 3

51. 98
127. 1
125. 7
109. 3
122. 3
130. 0
139.7
146.3

35. 97
133. 8
134. 6
126. 4
141. 8
150. 5
156. 9
163.3

6. 36
114. 7
115. 3
112. 8
114.2
118. 2
124. 0
125. 1

6. 69
145. 4
143. 7
146. 0
151. 7
156. 5
161. 4
165. 6

87. 6
83. 8
72.9
79. 5
81. 9
84. 4
85. 7

91.8
87. 1
73. 4
81. 1
82.7
85. 6
87. 1

86
83
77
81
83
84

93.2
90. 5
79. 8
86.0
88. 7
91. 7

84

94.0

84

94. 4

83

93. 6

82

93. 1

1978: Dec

151.8

8.0

152. 9

146. 8

161. 7

127.4

164.7

86. 8

88. 8

1979: Jan _

151. 5
152. 0
153. 0
150.8
152. 4
152. 6
152. 8
151. 6
152. 4
152. 2
151. 8
152. 2

8. 2
8.3
7.7
4. 4
5. 2
4. 4
3.9
2.4
2. 6
1. 7
.8
.3

152. 5
153.3
154. 5
151. 6
153. 8
153.9
154. 1
152.4
153. 5
153. 2
152. 6
153. 1

146. 8
147. 2
148.6
144. 6
147. 6
147. 6
147. 2
144. 2
145.9
145. 8
144. 7
144. 8

160. 7
162. 0
163. 0
161. 7
162. 8
163. 0
164. 1
164.3
164.6
163.9
164. 2
165. 1

123. 8
120. 9
122. 3
122.7
122. 8
123. 9
124. 7
126.4
125. 8
127.8
129. 2
130. 8

166. 2
167. 7
167. 1
167. 4
166. 5
164. 2
164. 8
165. 5
165. 3
164. 8
164. 6
164. 7

86. 4
86. 7
87. 1
85. 3
86. 3
86. 2
86. 1
84. 9
85. 3
84. 9
84. 4
84.4

87. 9
87. 8
88. 3
86. 9
87.4
87. 5
87. 9
86. 8
86. 7
86.6
85. 9
85. 7

Feb

Mar.
Apr
May

Juno
July.
Aug

Sept
Oct

Nov »
Dee "

> Output as percent of capacity.
1
Annual data are averages of four monthly indexes.
' Quarterly data entered in last month of quarter. Annual data are averages of
ipiarlerly dala.




Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.

17

[1967 = 100, seasonally adjusted]
Products
Final Products
Consumer goods

Period
Total

NonDurable durable
goods
goods

Total
1967 proportion
1970
1971
1972
1973
1974
1975
1976
1977
1978.
-_
1978: Dec
1979: Jan
Feb

47. 8S
105. 3
106. 3
115. 7
124. 4
125. 1
118.2
127. 6
135. 9
142. 2
146. 1
146. 1
146. 8
148. 2
145. 4
147. 8
147.6
147. 1
145.6
147.2
146. 8
146. 6
147.3

- _

Mar
Apr
May

July
Aue
Sept
Oct ,
Nov "Dec f

I
1

27. 68
109. 0
114. 7
124. 4
131. 5
128. 9
124. 0
137. 1
145. 3
149. 1
151. 5
150.6
151.5
152.9
149. 1
152. 0
151. 8
150.8
148.2
149. 7
149. 6
148. 9
149. 1

7.89

106. 1
118. 8
133.8
146. 2
135. 3
121.4
141.9
154. 0
159. 2
161. 8
160.4
161. 1
163. 6
151.6
160. 5
158. 6
157. 2
147. 5
151. 8
152. 4
149. 3
147. 7

19. 79
110. 1
113. 1
120. 6
125. 6
126.3
125. 1
135. 2
141. 9
145. 1
147.3
146. 7
147.7
148.6
148. 0
148.7
149. 1
148. 2
148. 5
148. 9
148.4
148.8
149. 7

Intermediate
products

Equipment
Total

Business

Total

so. 14

12. 63
107. 0
104. 1
118. 0
134. 2
142. 4
128.2
135. 4
147.8
160. 3
166. 8
168. 1
169.0
170.8
168.7
171.4
171. 5
171.4
171. 5
173. 6
171.7
172. 1
173. 8

IS. 89
112. 9
116. 7
126. 5
137.2
135. 3
123. 1
137. 2
145. 1
154. 1
159. 9
160.8
161. 4
160. 4
159.7
159.5
159.5
159.4
160. 6
159. 8
159. 6
159.6
159. 5

100. 1
94.7
103. 8
114. 5
120. 0
110. 2
114. 6
123. 0
132.8
138. 6
139. 9
140.4
141.7
140. 4
141.9
141. 9
142. 1
141. 8
143. 9
143.0
143. 5
144. 8

Materials

Construction
supplies
6.42

111.0
116.8
128. 4
139. 8
134. 5
116. 3
132. 6
140. 6
151. 7
158. 3
159. 1
159.3
157. 1
156. 0
156. 4
156. 3
156.4
157.3
156. 3
156. 5
156. 3
155.6

39: S9
109. 2
111. 3
122. 3
133.9
132. 4
115.5
131. 7
138. 6
148. 3
156.2
155. 0
155.2
156. 3
154. 5
155.7
156.5
157. 6
156. 0
156. 3
156.4
155.6
155. 8

Supplementary
group :
Energy
total
IS. SS
117.0
119.5
125.2
128.3
125. 5
125.5
129. 1
132.9
135. 4
139. 1
138. 1
137.5
138. 4
138.7
137. 6
137.2
137. 1
136.8
136. 8
137.3
137.6
137.5

[1967=100, seasonally adjusted]
Durable manufactures
Primary metals
Period

1967 proportion _. _
1970___ .
. _
1971
1972 .
1973-^ _ .
1974
1975
1976
1977__
.. .
1978
1978: Dec
1979: Jan
Feb
Mar.. _
Apr
May
JuneJuly
Aug.- _ _
Sept_
Oct .
Nov v»_
Dec

Total

Iron
and
steel

6. 67
106. 6
100.2
112. 1
126. 7
123. 1
96.4
109.7
111. 1
119. 9
132. 1
123.4
120.4
123.7
121. 7
121. 0
124. 3
127. 1
121.0
121. 7
118.7
117. 6
117 5

4. SI
104. 7
96. 1
107. 1
122. 3
119. 8
95. 8
104. 8
103. 8
113.2
125.3
113. 3
110.8
116. 2
115. 8
114. 3
118. 1
119.0
112.0
115.0
109.4
108. 9

Fabricated
metal
products

Nonelectrical
machinery

Electrical
machinery

6. 93
102.4
103. 5
112. 1
124. 7
124. 2
109. 9
123. 9
131.0
141. 6
147. 1
149. 1
150.8
150. 2
148. 8
150. 3
149. 3
149.3
147.6
146. 5
147. 5
146. 4
147.4

9. 16
104. 4
100. 2
116. 0
133.7
140. 1
125. 1
134.5
143.6
153. 6
158. 1
161. 2
162.9
164.0
161. 8
164. 3
164. 5
165.3
166. 2
165. 1
162. 3
162. 6
163.3

108. 1
107. 7
122.2
143. 1
143. 8
116. 5
134.8
145.4
159. 4
167.7
170. 9
173.2
174. 2
170. 6
174. 7
175. 1
174.4
171.7
176.7
177. 0
177.7
179.0

Source: Board of Governors of the Federal Reserve System.

18



8. OS

Nondurable manufactures

Transportation
equipment

Total

9. S7
89.5
97. 9
108.2
118. 3
108. 7
97. 4
111. 1
122. 2
132. 5
142. 9
141. 2
139.9
143. 7
131. 6
141. 9
139. 4
135.5
124.7
131.7
133. 5
128.3
126. 0

Motor
vehicles
and
parts
4.60

92.3
118. 6
135.8
148.8
128. 2
111. 1
142. 0
161. 1
169. 9
182. 1
177. 9
173. 1
179. 7
156. 0
176. 3
169. 6
160.2
138. 5
150.6
150. 6
139. 7
134.8

Lumber
and
products

Apparel
products

1. 64
105. 6
113. 8
120.8
126. 0
116. 2
107. 6
123.2
131. 2
136. 3
144. 0
137.3
137. 2
137. 7
137. 2
136. 1
136.8
135.2
138.0
138. 6
138. 7
138.4

3. 31
101. 4
104. 7
109. 4
117. 3
114. 3
107. 6
125.7
134. 2
134. 2
136. 5
130. 3
133. 5
136.5
130.8
128. 2
132. 0
129. 7
130. 1
131. 2
128. 5

Print- Cheming
icals
and
and
pubprodlishing ucts
4.72

107. 0
107. 1
112.7
118. 2
118.2
113.3
122. 5
127. 6
131.5
134.4
135. 6
138. 2
137.3
135.7
136. 8
136. 9
135.6
137.7
137. 1
136. 9
136.9
137. 8

7. 74
120. 4
125.9
143.6
154.5
159. 4
147. 2
170. 9
185.7
197.4
207. 2
206. 5
208.6
207. 4
207.7
209. 7
207.8
210.5
213. 1
212. 0
211.0
213. 1

Foods

8. 75
108.9
112. 8
116. 8
120.9
124. 0
123.4
133.0
138. 8
142. 7
144.7
143. 9
145.5
147. 6
147. 0
149. 2
149.5
149. 4
148. 1
148. 8
148. 6
148.3

CONSTRUCTION
Construction contracts*

Private
Period

Total new
construction
expenditures

Residential
Total

Total !

Commercial and
industrial

New
housing
units

Other

Federal,
State,
and
local

CommerTotal value cial and
index
industrial
(1972 = floor space
(millions of
100)
square feet)

Billions of dollars
1973
1974
1975
19761977 ...
1978
1979 »

137. 9
138.5
134.5
151. 1
174.0
206. 2
226. 7

105. 4
100. 2
93.7
111.9
135. 8
160. 4
178. 1

59. 7
50.4
46. 5
60. 5
81.0
93. 4
97. 2

50. 1
40.6
34. 4
47.3
65. 7
75.8
77. 1

21.7
23.8
20.8
19.9
22. 5
29. 6
38. 6

24. 0
25. 9
26.4
31.5
32. 4
37.4
42. 3

32.5
38.3
40.9
39. 1
38. 2
45. 8
48. 7

40. 1
39. 6
39. 2
40.0
40. 7
41.7
41. 9
42. 7
43. 5
43. 2
44. 6
44. 5
45. 2

49. 4
46. 4
41. 6
44. 0
44. 5
48. 4
46. 0
51.0
49.7
50. 9
52. 9
51.9
51. 2

Seasonally adjusted annual rates
1978: Dec
1979: Jan
Feb
Mar
AprMay
June
July
Aug
Sept. _„
Oct »
Nov *> .

Dec "

223. 2
212. 3
210. 9
216. 7
216. 4
223.4
224. 3
231. 1
230. 3
232. 6
238.4
237. 4
239. 6

173. 8
165.9
169.3
172.7
171. 9
175. 0
178. 3
180. 1
180. 6
181. 6
185.6
185.6
188. 4

99. 7
93. 7
97. 8
96. 5
95.7
95.2
96.9
97.0
97. 5
99.0
99. 2
99. 1
99. 8

80. 7
73.6
77.2
75.9
76.0
75.7
77.7
77.7
78. 3
79. 1
78.3
77.9
78.4

1

Includes rionhousekeeping residential construction and additions and alterations,
not shown separately,
3
F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 197! forfloorspace.

33.9
32. 5
32. 4
36.2
35. 5
38. 1
39. 5
40. 3
39.6
39.4
41. 7
41. 9
43. 4

109.2
103. 0
101. 9
121. 0
153. 6
173. 1
182. 9

1, 010
840
555
592
739
977
1,050
Seasonally
Seasonally adjusted
adjusted
annual
rates
184
978
195
1, 062
231
1,266
200
1,233
202
1, 123
178
1,045
177
1,009
1, 062
181
163
1, 006
1, 106
185
1, 118
171
1, 010
156
183
969

NOTE.—New construction expenditures data prior to 1973 not comparable
with later data.
„
-~
,
. ,«
r^,-,
•,
* nr ^
TTHI
Jour** Dgartaent^Co^e™ /T1
(Bu^u of Census) and McOraw-HH,

NEW PRIVATE HOUSING AND VACANCY
[Thousands of units or homes, except as noted]
New private homes

New private housing units
Period

1972
1973
1974
1975 .
1976
1977
1978
1979 »

Units started, by type of structure
Total

1 unit

2, 356. 6
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 742. 5

1, 309. 2
1, 132. 0
888. 1
892. 2
1, 162. 4
1, 450. 9
1, 433. 3
1, 193. 3

2-4
units

141. 3
118. 3
68. 1
64.0
85.9
121.7
125. 0
122. 3

5 or more
units
906. 2
795.0
381.6
204. 3
289. 2
414.4
462.0
426. 9

Units
authorized
2, 218. 9
1, 819. 5
1, 074. 4
939. 2
1, 296. 2
1, 690. 0
1, 800. 5
1, 537. 3

Units
completed

Homes
sold

Homes for
sale at
end of
period '

Vacancy
rate for
rental
housing
units
(percent)2

2, 003. 9
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5

718
634
519
549
646
819
817
712

409
418
346
313
353
401
413
403

5. 6
5. 8
6.2
6.0
5.6
5.2
5.0

1,888
1, 815
1,894
1, 957
2,015
2, 016
1, 866
1, 745
1,739
1,943
1, 824
1, 827

802
774
697
784
722
707
689
778
746
717
692
590
559

413
412
410
3
424
425
431
418
416
416
413
409
400
403

5. 0

Seasonally adjusted annual rates
1978: Dec
1979- Jan
Feb
Mar _ .
May
June.
July
Auu
Sept
Oct »
Nov »
Dec "
1
3
3

2,074
1,679
1,381
1, 786
1, 745
1, 835
1,923
1,788
1, 793
1, 921
1,764
1,522
1,527

1,539
1, 139
953
1,266
1,278
1,226
1, 288
1, 220
1, 239
1,254
1, 159
985
1,071

Seasonally adjusted.
Quarterly data entered in last month of quarter.
New series beginning March 1979.




119
124
76
116
115
119
123
138
156
122
139
123
106

416
416
352
404
352
490
512
430
398
545
466
414
350

1,827
1,451
1,425
1,621
1,517
1,618
1,639
1, 528
1, 654
1,775
1, 542
1, 263
1,204

4. 8
5. 0
5.2

NOTE —Units authorized beginning 1978 relate to 16,000 permit-issuing
places; data for 1972-77 are for 14,000 places and for 1971, for 13,000 places.
Source: Department of Commerce, Bureau of the Census.

19

AND INYENTORIES—TOTAL ANE TRADE
Business sales fell slightly in November while inventories rose about $3 billion. According to the advance survey,
retail sales rose 1 percent in December following a 3/4 percent rise in November.
BILLIONS OF DOLLARS* (RATIO SCALE)
560
500

BILLIONS OF DOLLARS*

RETAIL INVENTORIES

TOTAL BUSINESS
INVENTORIES ^——

450

(RATIO SCALE)

20
//~^~

00

400

90
-

350

^

80

_——-1"""""1

300

-

^

-

-^"
RETAIL SALES

70
-

250 -

,

TOTA

*' '

BUSINESS
SALES

''

-

^

60
ft

200

50
-

150 -

1 ! 1 11

40

HIM

Mill

1 1 II 1

HIM

1976

1 1 M

INN

1978

1977

! 1 1 1 1 1

1979

null
1980

RATIO*
1.80

100

INVENTORY-SALES RATIO

1.70
1.60
1.50

_^^^J C3TAL

BUSINESS
2f'f(/-^£:

1.40

V

-'\
RETAIL
1.30

M 1 1 1 1 11 M i
1976

1 M 1 1 1 II 1 1 1

1977

i ii11 !ii iii
1978

1 ! M

1 ! 1 1 1 1 1

i i M 11ii iiI

1979

1.20

I i iin

I M M I M 1 1 I

1980

1 1 1 1 1 1 1 M

1977

1976

1 t

i n i I 1 i i Mi i i i i i 1 i i i i i

1978

1979

1980

* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

Total business '

Wholesale
Sales

Period

Sales 2

Inventories 3

Inven-3
Sales 2 tories

Inventory-4sales
ratio

Retail

Total

2

Durable
goods
Stores

Inventories

Nondurable
goods
stores

Total

DurNonable durable
goods goods
stores stores

Total
business l

Retail

Millions of dollars, seasonally adjusted

1972.
1973
1974
1975___
1976
1977
1978

130,
151,
175,
179,
201,
224,
254,

049
720
350
982
814
686
125

203,
234,
285,
285,
301,
338,
379,

161
163
519
035
736
099
630

29, 584
36, 822
45, 836
44, 633
48, 408
53, 509
62, 842

39,
46,
56,
55,
61,
67,
80,

786
254
537
113
307
998
771

37,
41,
44,
48,
54,
60,
66,

422
944
692
731
597
335
568

841
819
206
388
432
706
657

1. 50
1. 44
1. 47
1.58
1.48
1.45
1. 41

1. 40
1. 41
1. 49
1.45
1. 39
1. 40
1.44

1978: Deo-

272, 537 379, 630 67, 823 80, 771 70, 918 25, 163 45, 755 100, 818 48, 161 52, 657

1. 39

1.42

1979: Jan
Feb
Mar
Apr
May___
June
July
Aug..
Sept..
Oct
Nov ".
Dec ".
_

273,
274,
285,
275,
287,
283,
289,
293,
296,
299,
298,

1. 41
1.41
1. 37
1. 44
1. 40
1. 43
1.43
1. 42
1. 41
1. 41
1.42

1.44
1. 42
1.42
1.45
1.46
1.48
1. 50
1.46
1.40
1. 44
1. 44

.

1
The
1

304
579
372
936
139
388
206
059
394
077
433

384, 190
387, 822
391,893
397. 530
401, 504
405, 966
413, 395
416, 956
417, 334
421, 205
424, 149

67, 148
67, 495
70, 824
70, 444
72, 937
72, 625
75, 106
75, 733
76, 264
77, 915
78, 117

81, 543
83, 005
84, 078
84, 973
85, 257
85, 245
88, 144
88, 727
88, 393
88, 784
88, 648

70,
71,
72,
71,
71,
71,
72,
74,
76,
75,
76,
77,

term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
' Book value, end of period, seasonally adjusted.
* For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.

20



855
122
045
366
914
803
370
794
929
611
175
020

12,
14,
13,
15,
18,
20,
23,

369
132
921
106
073
653
160

25, 250
25, 035
25, 450
24, 614
24, 731
24, 316
24, 471
25, 940
26, 972
25, 468
25, 248
25, 658

25, 054 55, 079 24,
27, 812 63, 237 28,
30, 771 71, 067 32,
33, 626 71, 744 33,
36, 524 79, 273 37,
39, 682 90, 120 43,
43, 409 100, 818 48,

45, 605
46, 087
46, 595
46, 752
47, 183
47, 487
47, 899
48, 854
49, 957
50, 143
50, 927
51, 362

101,
101,
102,
103,
105,
106,
108,
109,
107,
108,
109,

739 49,
175 49,
226 49,
379 50,
162 51,
382 52,
691 53,
092 53,
524 51,
971 52,
342 52,

238
418
861
356
841
414
161

302
367
583
526
805
518
753
667
834
095
357

30,
34,
38,
38,
41,
46,
52,

52, 437
51, 808
52, 643
52, 853
53, 357
53, 864
54, 938
55, 425
55, 690
56, 876
56, 985

Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).

INVENTORIES, AND
Manufacturers' orders, shipments, and inventories rose in December.
BILLI DNS OF DOLLARS* (RATIO SCALE)
180
160
TOTAL
_
140
—^v
^-^
120
^
100

_^~,

__

~

-^~~~""~1

-

-

DURABLE GO ODS

80

BILLIC3NS OF DOLLARS * (RATIO SCALE)
280
240 I^INVENTORES
TOTAL
^__^-——~~
200
~->-~—
— —•
160
——
~~1
^_

-

.-'""

120
y.^.~-

60

-

'

;:.

T-i-— --.'-''-

\
1
DURABLE GC ODS

100

NONDURA ILE GOODS

-

40

tiTT"

60

BILLI DNS OF DOLLARS» (RATIO SCIALE)
180
c
160 ~ NFW DRnFR

/\

100

_

DURABLE C OODS

-

,,

RAT O*
2.2

-

^.-•'-""

M 1 M 1 M 1 M

1 1 1 M

1 M

1 ! 1

1 1 M 1 1 M 1 M

1 1 | | I 1 ! M ! 1

1979

1980

1978

1977

1976

INVENTORY-SHIPMENTS RATIO

2.0

\

80

1 ! M I I 1 1 1 M

_
-

-^

-

-

40

\ ^s^~
- ^~^~

120

-

— '-'""

NONDUR;\BLE GOODS

_

j

140

_

80

-

-

1.8

60

T,.-"-"-'-'-"'-'-'

,"

"

-

NONDURABI I GOODS

1.6

40

^-—'V
V

~ ~~

1^

1.4
1.2
1977

1976

1980

1979

1978

M 1M 1 1 M 1 1

1 1 1 1 1 ! 1 1 I 1 1

1977

1978

1976

M

1 M 1 M 1 M

1979

1 M

t ! h M

1 1

1980

*SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS

SOURCE: DEPARTMENT OF COMMERCE

Manufacturers' shipments ' Manufacturers' inventories 2

Period

Total

72, 954
84, 821
86, 617
98, 810
110, 842
124, 714
140, 914

1973
1974
1975_
1976
1977
1978 _ _
1979 »

1978: Dec_-_ 133, 796
1979: Jan___
Feb___
Mar _ _
Apr
May__
June_July_-_
Aug—
Sept__
Oct_-_
Nov__
Dec »_

135,
135,
142,
134,
142,
138,
141,
142,
143,
145,
144,
145,

301
962
503
126
288
960
730
532
201
551
141
197

NonDurable durable
goods
goods

39,
44,
43,
50,
58,
66,
73,




33,
40,
42,
48,
52,
58,
67,

251
568
939
113
832
210
018

NonDurable durable
goods
goods

Total

Durable goods
ManufacCapital
Nonturers'
goods
indus- durable unfilled3
Total
goods orders
tries,
nondefense

Millions of dollars, seasonally adjusted
124, 672 81, 426 43, 245 76, 183 42,
157, 915 101, 866 56, 048 87, 157 46,
158, 178 101, 766 56, 412 85, 082 41,
170, 156 109, 095 61, 061 99, 184 51,
179, 981 115, 552 64, 430 112, 451 59,
198, 041 129, 226 68, 816 128, 488 70,
228, 078 151, 249 76, 829 144, 239 77,

853
740
957
047
562
145
116

72, 637

61, 159 198, 041 129, 226

68, 816 138, 069 76, 831

72,
73,
76,
70,
75,
72,
73,
74,
74,
75,
73,
73,

62, 404
62, 316
65, 648
63, 130
66, 590
66, 331
68, 145
68, 116
69, 189
69, 981
70, 484
72, 049

69,
69,
70,
71,
71,
72,
73,
74,
75,
75,
75,
76,

1
Monthly average for year and
2
s Book value, end of period.

End of period.

703
253
678
697
010
505
897

Total

Manufacturers' new orders '

897
646
855
996
698
629
585
416
012
570
657
148

200,
203,
205,
209,
211,
214,
216,
219,
221,
223,
226,
228,

908
642
589
178
085
339
560
137
417
450
159
078

131,
133,
135,
137,
139,
141,
143,
14.4,
145,
148,
150,
151,

699
994
278
903
502
700
369
966
927
042
332
249

total for month. Shipments are the same as sales.

209
648
311
275
583
639
191
171
490
408
827
829

141,
144,
148,
139,
143,
U2f,
140,
142,
147,
146,
146,
148,

748
036
586
332
594
269
508
664
154
640
569
502

79,
81,
83,
76,
77,
75,
72,
74,
77,
76,
75,
76,

647
312
088
099
027
820
545
029
560
663
417
668

11,
12,
10,
12,
15,
18,
21,

089
737
772
501
084
308
624

33,
40,
43,
48,
52,
58,
67,

330
417
125
137
889
343
123

159,
187,
169,
173,
193,
238,
278,

Manufacturers
inventory —
shipments
ratio *

468
574
126
646
150
652
782

1.58
1. 65
1. 83
1. 66
1. 59
1. 52
1. 52

19, 132 61, 238 238, 652

I. 48

21, 410
22, 868
23, 978
20, 767
20, 965
21, 753
20, 232
20, 737
21, 815
20, 999
21, 419
22, 768

1. 48
1. 50
1. 44
1. 56
1.48
1. 54
1. 53
1. 54
1. 55
1. 54
1. 57
1.57

62,
62,
65,
63,
66,
66,
67,
68,
69,
69,
71,
71,

101
724
498
233
567
449
963
635
594
977
152
834

245,
253,
259,
264,
265,
269,
267,
267,
271,
273,
275,
278,

113
187
267
479
782
086
863
994
946
047
471
782

4
For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of the Census,

21

PRODUCER PRICES

PRICES

In December, the producer price index for all finished goods rose 0.8 percent, seasonally adjusted. Prices of finished
consumer foods fell 0.1 percent and prices of other finished consumer goods rose 1.3 percent. Prices of capital equipment increased 0.9 percent.
INDEX, 1967=100 (RATIO SCALE)
240

INDEX, 1967= 100 (RATIO SCALE)
240

220

220

200

120

120

100

100

1979

1971
SOURCE. DEPARTMENT OF LABOR

COUNCIL OF ECONOMIC ADVISERS

[1967=100; monthly data seasonally adjusted]
Finished goods

Period

1972
1973
.
1974
1975
1976. .
1977
1978- _ ^
1979"
1978: Dec __
1979: Jan .
Feb.
Mar_ _

Apr

May
June.
July

Aug
Sept
Oct_^
Nov

Dec

_

1

Intermediate
Crude materials
materials
Total
conFoodsumer
Consumer goods
stuffs
CapiFoods
finished Total and 1 Other Total and Other
tal
NonDurfeedfeeds
dur- equip- goods
Total able
stuffs
able ment
113. 4 113. 2 113. 6 1 19. 5 116.6 118.7 118. 5 118. 9 127. 6 127. 5 128. 0
118. 5 115. 8 120. 5 123. 5 129. 2 131. 6 168. 4 128. 1 174. 0 180. 0 162. 5
138. 6 126.3 146. 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
161. 8 144. 4 173. 3 173. 2 169. 0 189. 3 186. 6 189.5 205. 1 190. 1 233. 6
172. 1 152. 2 185. 4 184.5 178. 9 201. 7 191. 0 202. 4 214. 3 190. 9 258.4
183.7 165. 8 195.4 199. 1 192. 6 215.5 201. 0 216. 4 240. 1 215. 3 286. 7
208. 1 181. 5 225. 8 216. 6 215. 5 242. 7 223. 2 243. 8 282. 2 247. 1 348. 3
190.9 172. 3 203. 1 206.4 201. 0 224.2 212. 1 225. 0 257. 5 230. 3 308.6
193. 1 174. 2 205. 6 208. 5 203. 8 226. 7 212. 6 227. 6 263. 4 236.8 313. 5
194. 8 175.7 207. 4 210. 3 206. 3 229. 2 219. 0 229. 9 272. 2 245. 7 322. 0
197. 0 176. 6 210. 4 211. 5 208.6 231.7 218. 8 232. 5 275.0 246.4 329. 0
199. 6 178. 2 213. 7 214. 1 210. 1 235. 1 217. 7 236. 2 273. 9 245. 4 327. 4
202. 5 179. 9 217. 5 215. 3 211. 0 237. 5 219. 2 238. 6 276. 2 244. 8 335. 2
205. 3 180. 8 221. 7 216. 5 212. 0 239. 6 218. 0 240. 9 277. 9 241. 9 345. 9
209. 0 182. 5 226. 6 218.2 214. 6 244. 0 232. 6 244. 7 282. 5 246. 9 350. 1
212. 5 182. 6 232.7 217. 6 217. 9 246. 9 226. 3 248. 2 283. 1 246. 4 352. 6
216. 3 184.0 238. 2 218. 8 221. 7 250. 2 228. 3 251. 5 289. 0 249. 9 362.8
219.8 186. 1 242. 5 221. 4 223. 9 254.6 229. 5 256. 2 293.2 251. 1 373. 0
222. 0 187. 6 245. 2 222. 6 227. 4 256. 8 228. 0 258. 5 299.1 256. 1 380. 5
224. 9 190. 4 248. 3 224. 5 229. 3 259. 8 229. 9 261. 6 302. 5 255. 8 390. 6

Finished goods excluding
consumer foods

Total
finished
goods

Consumer
foods Total

117. 2
127. 9
147. 5
163. 4
170. 3
180. 6
194. 6
215. 9
202. 7
205. 3
207. 6
209. 6
211. 4
212. 3
213. 4
215. 7
217. 9
221. 0
223. 3
226. 2
228. 0

121. 7
146.4
166.9
181. 0
180. 2
189. 1
206. 7
226. 3
217. 3
221. 3
225.3
227. 9
227. 1
223. 8
221. 2
221. 6
224. 3
228. 1
227.9
233. 9
233. 6

115. 4
120. 1
139.3
156. 2
165. 5
176. 2
188. 9
210. 6
196. 1
198. 3
200. 0
201. 8
204.4
206.7
208. 9
211. 8
213. 8
216. 6
219. 7
221. 5
224. 1

Intermediate materials for food manufacturing and manufactured animal
feeds.

22



NOTE.—Data revised for August 1979.
Source: Department of Labor, Bureau of Labor Statistics.

In December, the consumer price index for all urban consumers rose 1.1 percent (1.2 percent seasonally adjusted).
Food prices rose 1.1 percent (1.3 percent seasonally adjusted). Nonfood commodity prices rose 0.9 percent (1.1
percent seasonally adjusted) and services prices were up 1.3 percent (also 1.3 percent seasonally adjusted).
INDEX, 1967 =100 (RATIO SCALE)
260

INDEX, 1967=100 (RATIO SCALE)
260

160 —

140

120

120

100

100
1972

1973

1974

1977

1976

1975

1978

1979

1980

SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR

[1967 = 100]

Period

1972
1973
1974
1975 _ .
1976 _
1977
1978
1979

All
Items

Food

125. 3
133. 1
147. 7
161. 2
170. 5
181. 5
195. 4
217 •*

123. 5
141. 4
161. 7
175. 4
180. 8
192. 2
211. 4
234 5

Services

commodities

119. 4
123 5
136. 6
149. 1
156. 6
165. 1
174. 7
1«5 1

133. 3
139 1
152 1
166 6
180. 4
194 3
210 9
234 2

120.9 123. 5
129 9 141 4
145 5 I f i l 7
158 4 1 175 4
165 2 180. 8
174- 7 192 2
187 1 211 4
208 4 924 fi

All
A1I

Food
at
home

Food
away
trom
home

All

121. 6
141 4
162 4
175 8
179 5
190 2
210 2
232 9 1

131.
141
159
174
186.
200
218

119. 4
123 5
136 6
149. 1
156. 6
165 1
174 7
195 1

202. 9

1979: Jan
Feb
Mar....
Apr
May...

204. 7
207. 1
209. 1
211. 5
214. 1
216. 6
218. 9
221. 1
223. 4
225. 4
227. 5
229. 9

June

July
A
Aug

Sept
Oct
Nov..
Dec

219. 4

181. 3
223. 9
181. 9
228. 2
183. 7
230. 4 ! 185. 9
232. 3
188.9
234. 3
191. 6
235. 4
194.7
197. 0
236. 9
236. 3
199. 5
237. 1
201. 8
238.2
203. 4
239. 1
205. 4
241. 7
207. 2

9A9. Q

Nondurable

118. 9
121 9
130 6
145. 5
154. 3
163 2
173. 9
191 1

119. 8
124 8
140 9
151 7
158. 3
166 5
174 3
198 7

133.3
139 1
152. 1
166. 6
180. 4
194- 3
210. 9
234 2

219. 5
220. 7
223. 1
225. 1
227. 2
230. I
232. 5
235. 0
237.8
240. 4
243. 4
246. 1
249. 3

219. 2

194. 6

221. 3

220. 1

227. 8

181. 3

181. 6

179. 4

221.
223.
225.
227.
229.
232.
234.
237.
240.
243.
246.
249.

196. 7 224. 5
199. 1 228. 1
201. 3 230. 5
203. 8 232. 7
205. 7 234. 3
207. 7 234. 7
209. 5 235. 0
211. 4 \ 235. 0
213. 8 237. 1
215. 5 238. 9
217. 5 240. 2
220. 0 243. 4

223. 7
227. 7
230. 0
232. 4
233. 5
233. 2
233. 0
232. 3
234. 8
236. 4
237. 6
241. 0

230. 7
233. 6
236. 2
238. 2
240. 9
242. 9
244. 4
246. 0
247. 4
249. 6
251. 3
253. 9

182. 9
184. 8
186. 9
189. 4
191. 4
193. 9
196. 3
198. 9
201. 3
202.9
205. 2
207. 4

183. 3
185. 1
186. 0
187. 6
188.6
190. 1
191. 5
192. 8
194. 1
195. 4
198.4
200.2

181.4
182. 9
186.4
190.0
193. 4
197. 4
201. 5
205. 4
209. 0
210. 5
211. 8
214. 6

1
3
1
0
5
1
7
6
7
6
2
3

NOTE.— Data beginning January 1978 relate to all urb>an consumers. Earlier
datta related to urban wage earners and clerical workers.




1
4
4
3
1
3
4

Services

Durable

Seasonally adjusted

Unadjusted

1978: Dec

Commodities less food

Food

Commodities
less
food

Source: Department of Labor, Bureau of Labor Statistics.

23

IN
Percent change from preceding
period; seasonally adjusted '

Percent change from 3 months
earlier; seasonally adjusted
annual rates

Percent change from 6 months
earlier; seasonally adjusted
annual rates

Consumer goods

Consumer goods

Consumer goods

Period
Total
finished
goods

1971
1972 _
1973
1974
1975 .
1976 _
1977
1978_
1979 "_
1978: Dec
1979: Jan
Feb _
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov__
Dec

.- .

Capital Total
finequipished
Exclud- ment
goods
Foods
ing
foods

3.2
3.8
11.8
18. 3
6. 6
3.3
6. 6
9. 2
12. 5

5.9
8.0
22. 5
13. 0
5. 5
-2.5
6.6
11. 9
7. 5

2. 0
2. 0
7.4
20. 5
6.7
4.9
6.1
8.4
17.8

2.4
2. 0
5.3
22.6
8. 2
6.4
7.2
8.0
8.7

1.0

1. 2

1. 2

.6

1. 3
1. 1
1.0
.9
.4
.5
1. 1
1. 0
1. 4
1. 0
1.3
.8

1.8
1.8
1.2
—.4
i ^ij
i.
-1.2
.2
1. 2
1.7
_. 1
2.6
—.1

1.2
.9
1. 1
1.3
1.5
1. 4
1. 8
1. 7
1.8
1.6
1.0
1. 3

1.0
.9
.6
1. 2
.6
.6
.8
3
.6
1. 2
.5
.9

Capital Total
equipfinExclud- ment
ished
Foods
ing
goods
foods

10.5

Capital
equipExclud- ment
Foods
ing
foods

15.3

8.8

8.8

8.9

10. 0

8.8

7.9

12.8
16.3
21. 3
14.7
14.3
21. 0
12.4
10. 9
9.4 -2.6
7. 5 -11.3
8.4 — 9 3
.9
11.0
15. 0
13. 1
14. 9
11.9
16. 1
18. 3
13. 3
10. 0

12. 3
13. 6
13.4
14.2
16.8
17. 9
20. 2
21. 3
23. 2
22.3
19. 1
16. 9

10. 4
10. 5
10.3
11.2
9.9
9.8
7.9
4. 3
4. 3
6. 0
9.5
10. 8

10.2
12.1
12.4
12.6
12.0
10.8
10. 4
10. 2
11. 2
11.6
13.5
14.2

13. 9
18.9
18.1
13.6
8.7
3. 6
.3
—.9
.2
.7
9.2
11. 5

9.1
9.8
11.1
13. 2
15. 2
15.7
17. 1
19. 0
20. 6
21. 3
20. 2
20. 0

8. 6
9.5
9.5
10.8
10. 2
10. 0
9. 5
7. 1
7.0
6.9
6.9
7. 5

1

Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for August 1979.

Source: Department of Labor, Bureau of Labor Statistics.

IN
Percent change from preceding
period ; seasonally adjusted l
Period

1971
1972 .
1973 —
1974_ .
1975
1976 „
1977, _
1978
1979

All
items

Food

Commodities
less
food

Services

Percent change from 3 months earlier; Percent change from 6 months earlier ;
seasonally adjusted annual rates
seasonally adjusted annual rates
All
items

Food

Commodities
less
food

Services

All
items

Food

Commodities
less
food

Services

3. 4
3. 4
8. 8
12. 2
7. 0
4. 8
6. 8
9. 0
13. 3

4. 3
4. 7
20. 1
12. 2
6 5
.6
8. 0
11 8
10. 2

2 3
2. 5
5. 0
13. 2
6 2
5 1
4. 9
7 7
14. 3

4. 1
3. 6
6. 2
11. 3
8 1
7 3
7. 9
9 3
13. 7

1978: Dee__^

.6

1. 0

.8

.4

8. 5

10. 2

9. 6

7.2

8.5

7.4

8.9

8.7

1979: Jan..Feb___
Mar__^
Apr
May__
June__
July—
Aug.__
Sept___
Oct
Nov _
Dec___

.9
1.2
1.0
1. 1
1. 1
1.0
1.0

1. 4
1. 6
1.1
1.0
.7
.2
.1
0
.9
.8
.5
1. 3

.9
1.0
1. 1
1.3
1. 1
1. 3
1. 2
1.3
1. 2
.8
1. 1
]. 1

.5
1. 1
.9
.9
1.3
1. 0
1. 1
1.2
1. 1
1. 2
1. 1
1. 3

8.8
11.3
13. 0
13.9
13. 6
13.4
12. 8
12. 7
13. 2
13. 2
12. 9
13. 5

12.7
17. 3
17.7
15.4
11.3
7.5
4.0
1. 2
4.2
6.8
9. 1
11. 1

10. 2
11.6
12. 9
15. 0
15.1
15. 8
15. 4
16. 6
16. 2
14. 1
13.3
12. 7

5.8
8.3
10. 6
12. 3
13.2
13. 8
14.5
14. 1
14.3
15. 1
14.7
15. 7

9. 2
10. 4
10. 7
11.4
12.4
13. 2
13.4
13. 1
13. 3
13.0
12. 8
13. 4

10. 4
13. 0
13.9
14. 0
14.3
12. 5
9.6
6. 1
5.8
5. 4
5. 1
7. 6

9.6
10. 6
11.2
12. 6
13. 3
14. 4
15.2
15. 8
16.0
14. 8
14. 9
14. 4

8.2
8.9
8.9
9.0
10.7
12. 2
13.4
13.6
14. 1
14.8
14.4
15. 0

.

1. 1
1. 1
1.0
1.0
1.2

* Annual changes are from December to December (unadjusted).
NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.

24



Source: Department of Labor, Bureau of Labor Statistics.

BY
Prices received by farmers fell about 11/2 percent in January and prices paid by farmers rose about 2% percent in the
month ended January 1 5.
INDEX, 1967=100

(RATIO SCALE)

280

PRICES RECEIVED
(ALL FARM PRODUCTS]

PRICES PAID
(ALL ITEMS, INTEREST,
TAXES, AND WAGE RATES)

60
1979
.]/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 5910-14-100 BASE.
SOURCE: DEPARTMENT OF AGRICULTURE

COUNCIL OF ECONOMIC ADVISERS

Prices paid by farmers
All
items,
Livestock
Family
Producinterest,
and
tion
living
taxes,
and
items
products wage rates
items
Index, 1967=100

Prices received by farmers
Period

1972
1973
1974
1975
1976
1977
1978
1979

All farm ;
products !

/->

Cl

°Ps

125
179
192
185
186
183
210
241

114
175
224
201
197
192
203
223

136
183
165
172
177
175
217
257

125
144
164
180
192
202
219
250

1979: Jan
Feb
Mar .
Anr
May
June
July
. J
AUK
Sept
Oct
Nov
Dec, .

232
241
246
244
246
244
244
237
241
236
238
238

209
216
215
212
221
234
239
235
226
224
223
219

252
264
274
272
269
255
250
239
255
248
251
256

235
239
244
247
249
249
252
251
255
257
257
260

1980: Jan *

234

214

253

_

_

_

_

1

.

Percentage ratio of index of prices received by farmers to index of prices paid,
interest,
taxes, and wage rates on 1910-14 = 100 base.
!
The adjusted parity ratio reflects Government payments made directly to
farmers.




267

Parity ratio '
Actual

Adjusted 5

121
146
166
182
193
200
217
248

74
91
86
76
71
66
70
71

79
94
87
76
72
68
72
72

P)
P)

231
236
244
247
248
248
251
249
254
256
256
258

73
74
74
73
73
72
71
69
70
68
68
67

73
75
75
73
74
73
72
70
70
68
69
68

(3)

262

64

65

123
133
151
166
176
3
(3)
()
(3)

(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)
(3)

3

Index discontinued. Consumer price index (Department of Labor) substituted
in 1calculating total prices paid beginning January 1977.
Not charted.
Note.—Data revised beginning January 1977.
Source: Department of Agriculture.

25

Ml expanded by less than 6 percent in 1979, while M2 and M3 each increased by about 8 percent.
BILLIONS OF DOLLARS*(RATIO SCALE)

BILLIONS OF DOLLARS '(RATIO SCALE)

500

400

300

300

200

200

1980

1972
* SEASONALLY ADJUSTED
SOURCE; BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

COUNCIL OF ECONOMIC ADVISERS

[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]

Deposits at commercial banks
T>

•

Large
CDs

Savings

Deposits
at nonDanJt
•f livif+
Tjm 11 1
institutions

363. 7 63. 0
418. 1 89.0
450. 3 81.0
489. 2 62. 4
544. 4 73.7
614. 1 96. 6
664. 7 94. 3
614. 1 96. 6
619. 3 100. 5
623. 6 102. 1
622 9 99 0
623. 9 95. 0
623. 2 90. 6
623. 6 84. 9
629. 8 84. 7
637.3 85.9
645. 4 88. 1
654. 4 91. 1
662.8 95.0
664. 7 94.3

127. 1
135. 9
160.7
202. 1
219. 7
221. 6
207. 3
221. 6
218. 8
216.5
215 3
215.3
214. 1
215. 6
217. 4
218.5
218. 5
215. 4
209. 1
207.3

347. 7
368. 7
427. 7
495. 0
564. 9
624. 4
670.7
624. 4
628. 7
633. 0
638. 0
641. 0
643. 2
647.9
652. 9
657.5
662. 4
665. 3
667. 6
670. 7

1

A CrlOQ

Ml

1973: Dec.. 270. 5
1974: Dec 283. 2
1975: Dec 295. 4
1976: Dec 313. 8
1977: Dec.. 338.7
1978: Dee- 361.5
1979: Dec- 382. 1
1978: Dec. 361. 5
1979: Jan.- 360. 2
Feb 359. 4
Mar- 360. 0
Apr- _ 365. 5
May. 365. 7
June. 370. 3
July.. 373. 5
Aug.. 375. 6
Sept_ 379. 2
Oct._ 380. 0
Nov 380. 4
Dec__ 382. 1

M1 +

397. 9
419. 5
456.8
517. 2
560. 6
586. 1
592. 8
586. 1
581. 9
578. 8
578. 3
584. 0
583. 1
589. 2
594. 3
597. 6
601.2
598. 8
592. 9
592. 8

M2

571. 3
612. 2
664. 8
740. 6
809.4
879. 0
952.6
879.0
879.0
880. 9
883. 9
894. 4
898.4
909. 0
918.7
927. 1
936. 6
943. 3
948.3
952. 6

M3

919. 0
981. 0
1, 092. 4
1, 235. 6
1, 374. 3
1, 503. 3
1, 623. 3
1, 503. 3
1, 507. 7
1, 513. 9
1, 521. 9
1, 535. 4
1, 541. 6
1, 556. 9
1, 571. 6
1, 584. 6
1, 599. 0
1, 608. 6
1, 615. 9
1, 623. 3

Currency

61. 6
67. 8
73.8
80.8
88. 6
97. 7
106. 3
97.7
98.4
99. 0
99. 5
100.2
100. 7
101. 5
102. 4
103. 6
104. 9
105. 4
105. 8
106. 3

Time and savings
De-

mand
209.0
215. 3
221. 7
233. 0
250. 1
263.8
275.8
263. 8
261.8
260. 4
260 5
265. 3
265. 0
268. 7
271. 1
272. 1
274. 4
274. 6
274. 6
275. 8

Total

1
Ml is currency plus demand deposits; M1+ is Ml plus savings deposits at
commercial banks and checkable deposits at nonbank thrift institutions; M2 is
Ml plus time and savings deposits at commercial banks other than large certificates of deposit (CDs); and M3 is M2 plus deposits at noubank thrift institutions.
' includes time deposits other than large CDs, not shown separately.

26



Percent change 3

Components and related items

Overall measures '

z

U.S.
Government
demand
deposits
(unadiusted)

Ml

6. 3
4. 9
4. 1
4. 4
5. 1
10. 3
9. 5
10. 3
12. 0
8. 4
6 5
5. 3
8. 4
10.8
13. 2
9.8
12.5
11. 7
5. 5
9.4

6. 0
4.7
4.3
6.2
7. 9
6. 7
5. 7
5. 2
3. 3
1.5
—. 4
2. 4
2.8
4.9
7. 5
9.2
11. 0
8. 1
8.2
6.5

M1 +

5.0
5. 4
8. 9
13. 2
8.4
4. 5
1. 1
2. 6
.7
-1. 6
— 3. 7
-1. 8
-1. 3
1. 1
4.3
6.6
8. 1
5. 1
3.4
1. 2

M2

8. 8
7.2
8.6
11. 4
9. 3
8. 6
8. 4
8. 8
7. 3
5. 8
4. 2
5. 5
5. 3
6. 9
9. 2
10.8
12. 3
11. 2
11. 4
9.8

3 Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
NOTE.—Data revised beginning December 1978.
Source: Board of Governors of the Federal Reserve System.

PRIVATE

NONFINANCIAL INVESTORS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Currency and deposits
U.S. Treasury
securities

Time deposits

Other
private
money
market
instruments

Negotiable
certificates of
deposit

Total
liquid
assets

Total

966. 8
1, 086. 1
1, 174. 2
1, 295. 6
1, 428. 4
1, 598. 7
1, 775. 3
1, 957. 7

815.9
886.5
942. 4
1, 053. 2
1, 191. 8
1, 327. 1
1, 451. 4
1, 565. 3

56. 9
61. 6
67. 8
73.8
80. 8
88.6
97.7
106. 3

176. 3
183. 9
187. 5
193. 6
201. 2
214. 6
224.9
229. 8

263. 6
293. 2
318. 4
358. 2
414. 8
459. 0
504. 4
558. 3

319. 1
347. 7
368. 7
427. 7
495. 0
564. 9
624. 4
670. 9

57. 5
60. 4
63. 3
67. 2
71. 9
76. 6
80. 6
79. 9

34. 3
43. 3
47. 8
67. 3
66. 7
78. 2
85. 9
112. 4

35. 9
53. 2
69. 4
57. 0
42. 7
50. 7
62. 1
47. 0

23. 0
42. 8
51. 3
50. 9
55.3
66. 1
95. 2
153. 1

1978: Dec

1, 775. 3

1, 451. 4

97.7

224. 9

504. 4

624. 4

80. 6

85. 9

62. 1

95.2

1979: Jan_
Feb
MaiApr.
May
June
July
Aug
Sept
Oct
Nov
Dec T

1, 791, 0
1, 804. 1
1, 815. 9
1, 832. 2
1, 845. 3
1, 865. 9
1, 881. 9
1, 895. 5
1, 915. 0
1, 933. 1
1, 947, 9
1, 957. 7

1, 455. 5
1, 461. 4
1, 469. 0
1, 481. 7
1, 487. 7
1, 502. 3
1, 516. 6
1, 529. 3
1, 542. 6
1, 553. 2
1, 559. 6
1, 565. 3

98. 4
99. 0
99. 5
100. 2
100. 7
101. 5
102. 4
103. 6
104. 9
105.4
105. 8
106. 3

222. 5
221. 0
221. 0
225. 0
224. 2
227. 2
229. 2
229. 9
231. 3
232. 1
230. 6
229. 8

505. 8
508. 4
510. 5
515, 5
519. 5
525. 7
532. 1
538. 3
544. 0
550. 4
555. 5
558. 3

628. 7
633.0
638. 0
641. 0
643. 2
647. 9
652. 9
657. 5
662. 4
665. 3
667. 7
670. 9

80. 7
80. 6
80. 6
80.6
80. 6
80. 6
80. 6
80.6
80. 6
80. 5
80. 2
79. 9

89. 3
91. 5
95. 7
100. 3
108.4
116. 2
114. 2
110. 3
111. 3
111.7
111.7
112. 4

65. 1
65. 5
61. 4
56. 4
51. 7
45. 7
44.3
43. 6
44.3
45. 9
48. 8
47.0

100. 4
105. 1
109. 1
113. 1
117. 0
121.0
126. 2
131. 7
136. 4
141. 8
147. 6
153. 1

Period

1972:
1973:
1974:
1975:
1976:
1977:
1978:
1979:

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec "

Currency

Demand
deposits

NOTE.-—Data revised.

Commercial
banks

ShortNonbank
term
Savings marketthrift
bonds able seinstitutions
curities

Source: Board of Governors of the Federal Reserve System.

[Millions of dollars; monthly data seasonally adjusted]
Installment credit extended

Installment credit liquidated

i Net change in amount outstanding

renon
Total ' ;
1972 __._
1973
1974_
1975 _ _
1976
1977
1978
1979

Automobile

Revolving

Total '

Automobile

Revolving

Total i

Automobile

Revolving

151, 749
173, 035
172, 765
180 441
211, 028
254 071
298 351
322, 712

43, 702
49, 606
46, 514
52 420
63, 743
75 641
88 987
91 847

24, 659
28, 702
33, 213
36 956
43, 934
86 756
104 587
120 882

136 787
152, 817
163, 276
172 676
189, 381
218 793
253 541
287 004

38 081
43 696
46, 019
49 444
53, 278
60 437
69 430
79 293

23 485
26 699
31, 243
35 616
41 764
80 508
96 811
112 386

14 962
20 218
9, 489
7 765
21 647
35 278
44 810
35 708

5 621
5 910
495
2 976
10 465
15 204
19 557
12 554

1 174
2 003
1, 970
1 340
2 170
6 248
7 776
8 496

1978: Nov.
Dec,

25, 956
26, 516

7, 788
7 833

9, 176
9, 424

22, 124
22 117

0 033
6 053

8 511
8 555

3 832
4 399

1, 755
1 780

665
869

1979: Jan.
Feb
Mar
Apr
May
June
July.
Aug_
Sept...
Oct.
Nov
Dec

25, 548
26 452
26, 533
27 009
27 901
26, 139
26, 848
27, 583
28, 634
27, 695
26, 464
25 805

7 549
7 756
7, 794
7 999
8 260
7, 178
7 447
7, 667
8, 430
7 676
7, 066
7 131

9 417
9 357
9,714
9 722
10 039
10, 136
9 856
10 371
10, 699
10 424
10, 613
10 336

22 481
22 889
22, 908
22 904
24' 595
23, 581
24 405
25, 137
24, 188
25 509
24, 057
24 255

5 868
6 191
6, 308
6 612
7 035
6, 488
6 831
7 073
6, 607
7 189
6, 533
6 449

8 984
9 0^0
8, 972
8 804
9 290
9, 340
9 427
9 584
9, 642
9 760
9, 814
9 697

3 067
3 563
3, 625
4 105
3 306
2, 558
2 443
2, 446
4, 446
2 186
2,407
1 550

1 681

433
317
742
918
749
796
429
787
1,057
664
799
633

1

;

Includes "mobile lionie" and "olher," not shown separately.




1,486
1 387
1 225
690
616
594
1, 823
487
533
682

Source: Board of Governors of the Federal Reserve System.

21

AND
Commercial and industrial loans leveled off during final months of 1979.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
1,200

BILLIONS OF DOLLARS* (RATIO SCALE)
1,400

ALL COMMERCIAL BANKS

1,200

1,000

1,000

800

800

600

600
LOANS AND LEASES

400

400

200
180
160

200
180
160

INVESTMENT IN OTHER SECURITIES

140

140

120

120

INVESTMENT IN
U.S. TREASURY SECURITIE

100

100

80

60

60

40

40
1972

1973

1980

1974

*SEASONAUY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
COUNCIL OF ECONOMIC ADVISERS

SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Total
loans
and
investments

Period

1973:
1974:
1975:
1976:
1977:
1978:
1979:

Dec .
Dec._ _ .
Dec
Dec
Dec
Dec__
Dec4___

[Billions of dollars, seasonally adjusted, except as noted]
All member banks 3
All commercial banks '
Borrowings (millions of dollars,
Reserves
Investments
Loans and leases
unadjusted)
CommerU.S.
Other
SeaNonReand
Total
Total
secuTotal 2 cial
sonal
borrowed quired
industrial Treasury
rities
securities
loans

647.8
713. 6
744. 6
804. 3
891. 1
1, 014. 3
1, 131. 5

460. 3
519. 9
516. 9
554. 8
632. 1
747. 8
846. 2

165. 6
197.3
189. 8
191.2
211. 2
246. 5
288. 9

58.7
53. 7
82. 1
100.6
99. 5
93. 4
93.7

128. 8
140.0
145.7
149. 0
1 9. 6
173. 1
191.6

34.90
36.55
34.67
34. 89
36. 10
41.27
43.53

33. 60
35.83
34. 54
34. S3
35. 53
40.40
42.06

34.60
36.30
34. 40
34.61
35.91
41. 04
43. 13

1, 298
703
127
62
558
874
1,454

41
32
13
12
54
134
81

1978: Dec _ _

1, 014. 3

747. 8

246. 5

93. 4

173. 1

41.27

40. 40

41.04

874

134

1979: Jan
Feb- Mar _

1, 030. 9
1, 042. 0
1, 048. 9
1, 061. 0
1, 068. 8
1, 080. 0
1, 092. 2
1, 102. 8
1, 122. 8
1, 128. 9
1, 128. 4
1, 131. 5

759.9
770. 0
775. 7
786.6
793. 3
803. 1
813.4
823.3
840.0
844. 8
843. 6
846.2

252. 6
256. 9
259. 8
263. 3
266. 8
270. 4
275.5
279. 9
285. 9
288. 6
288.3
288. 9

93.0
93. 2
93.9
94.0
94. 1
94. 8
95.3
94. 1
95. 2
95. 3
94.3
93.7

178. 0
178. 8
179.3
180. 4
181. 4
182. 1
183.5
185. 4
187. 6
188. 8
190.5
191.6

41. 48
40.75
40.81
40. 65
40. 48
40. 42
40.82
41. 07
41. 46
42.30
43. 13
43. 53

40. 48
39. 78
39.82
39.73
38.72
39.00
39. 65
39.98
40. 12
40. 28
41. 22
42.06

41.26
40. 54
40. 66
40. 47
40.34
40. 20
40. 61
40.85
41. 27
42.04
42. 88
43. 13

994
973
999
897
1,777
1,396
1, 179
1,097
1, 344
2, 022
1,908
1,454

112
114
121
134
173
188
168
177
169
161
141
81

Apr

May

June

July---

_

Aug

Sept
Oct

Nov 4 Dec

1
Data are averages of Wednesday figures.
'3 Excludes loans to commercial banks in the United States.
-Data are averages of daily figures. Member bank reserves series reflects actual
reserve requirement percentages with no adjustment to eliminate the effect of
changes in Eegulations D and M.

28



4

Data for loans and investments are estimates,
Source: Board of Governors of the Federal Reserve System.

or
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Period

Total

InterTotal

Uses
External

Pur-

In-

Credi< i market imds

of

in

cal
assets 2

cial
assets

Total

Longterm

Shortterm

Other

Total

crepancy
(sources
uses)

1970
1971
1972
1973
1974
1975
1976
1977
1978

104. 4

127. 8
161. 6
200. 0
191. 3
150. 0
209. 7
242. 3
295. 7

58. 9
68. 6
80. 8
83. 8
75. 7
106. 8
125. 3
139. 9
148. 8

45. 5
59. 3
80. 8
116. 2
115. 6
43. 2
84. 4
102. 3
146. 9

40. 7
45. 2
58. 2
73. 0
82. 1
37. 9
60.7
79. 9
94. 7

34. 2
41. 9
45. 3
49. 2
51. 6
44. 1
49. 1
53. 0
61. 5

6. 5
3. 3
12. 9
23. 8
30. 6
-6. 3
11. 6
26. 9
33. 2

4. 9
14. 1
22. 6
43. 1
33.4
5. 3
23. 8
22. 4
52. 2

95. 9
119. 6
145. 8
185. 6
179. 0
133. 0
183. 3
216. 8
274. 3

80. 3
86. 0
100. 3
123. 3
134. 7
99. 9
139. 0
169. 9
195. 9

15 6
33. 5
45. 6
62 3
44. 4
33. 2
44. 3
46. 9
78. 3

8 5
8.2
15. 8
14 4
12. 2
16. 9
26. 4
25 5
21. 4

1978: I
II
III
IV

259. 6
297. 7
303. 5

322. 1

135. 0
150. 5
153. 8
155. 9

124.5
147. 2
149. 7
166. 2

94. 7
92. 7
90. 4
101. 1

51.2
65. 2
63. 1
66. 5

43. 5
27.5
27. 3
34. 6

29. 8
54. 5
59. 3
65. 1

232. 5
281. 3
284. 4
298. 9

177. 0
203. 2
199. 9
203. 6

55. 0
78. 1
84. 4
95. 2

27. 0
16. 4
19. 1
23. 2

345. 5
324. 1
335. 3

154. 4
159. 0
167. 8

191. 1
165. 1
167.5

1 18. 6
126. 9
122. 4

69. 3
76. 9
68. 9

49. 3
50. 0
53. 6

72. 5
38. 2
45. 1

321. 4
296. 5
310. 2

213. 0
229. 1
228. 6

108. 4
67. 4
81. 6

24. 2
27. 6
25. 1

1979: I
II
III

_ _

_

1
Undistributed profits (after inventory valuation and capital consumption
adjustments),
capital consumption allowances, and foreign branch profits.
3
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.

[Billions of dollars, except as noted]
Current assets
End of period
Total
SEC series: 2
1970_ _ _ _
1971
1972
1973
1974
FTC-FRB series: 3
1974
1975
1976
1977
1978
1,

Cash

Current liabilities

U.S.
Notes
governand
Invenment
actories
securi- counts
ties receivable

Other
current
assets

Total

Notes
and
accounts
payable

Other
current
liabilities

Net
working
capital

Current
ratio '

492.3
529. 6
599 3
697. 8
790. 7

50. 2
53. 3
59. 0
66. 3
71. 1

7. 7
11. 0
10. 6
12 8
12. 3

206. 1
221. 1
248. 2
288.5
322. 1

193.3
200. 4
225. 7
263. 9
313. 6

35. 0
43. 8
55. 8
66. 4
71. 7

304.9
326. 0
375. 6
450. 9
530. 4

211. 3
220. 5
282. 9
340. 3
402. 3

93. 6
105. 5
92. 7
110. 7
128. 1

187. 4
203. 6
223. 7
246. 9
260. 3

I. 615
1. 625
1. 595
1. 548
1. 491

735. 4
759. 0
826. 3
900. 9
028. 1

73. 2
82. 1
87. 3
94. 3
103. 5

19. 0
23. 6

265. 8
272. 1
293. 3
325. 0
381. 9

319. 5
315. 9
342. 9
375. 6
428. 3

65. 9
69. 9
79. 2
87. 3
96. 5

453. 4
451. 6
492. 7
546. 8
662. 2

269. 8
264. 2
282. 0
313. 7
375. 1

183. 6
187. 4
210. 6
233. 1
287. 1

282. 0
307. 4
333. 6
354. 1
365. 9

1. 622
1. 681
1. 677
1. 648
1.552

IV

925. 0
954. 2
992. 6
1, 028. 1

88. 8
91.3
91.6
103. 5

16. 1
17. 8

337. 4
356. 0
376. 4
381. 9

390. 5
399. 3
415. 5
428. 3

89. 6
90. 3
92.9
98.5

574, 2
593. 5
626. 3
662. 2

325. 2
337. 9
356. 2
375. 1

249. 0
255. 6
270. 0
287. 1

350. 7
360. 7
366. 3
365.9

1. 611
1.608
1. 585
1. 552

1979: I
II

1, 078. 6
1, 110. 2

102 4 ;
100. 1

19. 2
20. 8

405. 3
418. 8

452. 6
468. 9

99. 1
101. 4

701. 9
723. 7

392. 6
410. 5

309. 2
313. 1

376. 7
386.5

1. 537
1. 534

1973- I
IT

m__




17. 8
18. 6
1 /. O

NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin^ July 1978. for details regarding the Series.
Sources: Board of Governors of the Federal Reserve System, Federal Trade
Commission, and Securities and Exchange Commission.

29

Long-term rates continued to climb in January.
PERCENT PER ANNUM

PERCENT PER ANNUM

14

14

1972
COUNCIL OF ECONOMIC ADVISERS

SOURCE: SEE TABLE BELOW

[Percent per annum]
U.S. Treasury security yields
Period

1974

1975
1976
1977
1978
1979
1979 : Jan _
Peb
Mar_ _
Apr
May
June
July
.

Aug
Sept _

Oct.. ..
Nov _
Dec
1980: Jan
Week ended:
1980' Janl2
19
26
Feb 2
9 "..

3-month
bills "

Constant maturities
3-year

2

10-year

High-grade Corporate Prime com- Discount
rate
mercial
municipal
Aaa
(N.Y.
paper,
bonds
bonds
4-6
F.R.
(Standard
Bank)4
& Poor's)3 (Moody's) months*

7. 886
5.838
4. 989
5. 265
7. 221
10. 041
9. 351
9. 265
9. 457
9.493
9. 579
9. 045
9.262
9.450
10. 182
11. 472
11. 868
12. 071
12. 036

7.82
7. 49
6.77
6. 69
8.29
9.71
9. 50
9.29
9.38
9.43
9. 42
8.95
8.94
9. 14
9. 69
10.95
11. 18
10. 71
10.88

7.56
7.99
7. 61
7.42
8. 41
9. 44
9. 10
9. 10
9. 12
9. 18
9. 25
8. 91
8. 95
9. 03
9. 33
10. 30
10. 65
10. 39
10.80

6. 09
6. 89
6.49
5. 56
5. 90
6. 39
6.25
6. 19
6. 16
6. 14
6. 10
5. 99
6. 05
6. 10
6. 40
6. 98
7. 19
7.09
7.21

8.57
8. 83
8. 43
8. 02
8. 73
9.63
9. 25
9.26
9.37
9. 38
9. 50
9. 29
9.20
9. 23
9. 44
10.13
10.76
10.74
11. 09

9. 87
6. 33
5. 35
5. 60
7.99
*10. 91
10. 32
10. 01
9. 96
9. 87
9. 98
9.71
9. 82
10. 39
11. 60
13. 23
*13. 26
12. 80
12.66

11. 943
11. 904
12. 189
12. 038
12. 086

10.69
10.78
10.96
11. 24
1 1. 83

10. 59
10. 71
10. 95
11. 19
11. 71

7. 19
7. 14
7. 19
7.36
7. 60

10.91
10.99
11. 22
11.49
11.94

12.56
12.63
12. 71
12. 80
12. 79

*Beginning November 1, 1979, data are for 6 months paper.
Rate on new issues within period.
Yields on the more actively traded issues adjusted to constant maturities
by3 the Treasury Department.
Weekly data are Wednesday figures.
* Average effective rate for year; opening and closing rate for month and week.
1
2

30



7. 83
6.25
5. 50
5. 46
7. 46
10. 28
9/2-9X2
9K-9K
9/2-9/2

9/2-9K
9/2-9/2
9/2-9/2

9>f-10
10-10H

Prime
rate
charged
by
banks 4

10. 81
7. 86
6.84
6. 83
9.06
12. 67
ll%rll%
11K-11%
11%-11%

llYf-11%
n%-n%
n%-iiK
11/2-11%

11-12
12-12
12-12
12-12

1P/4-12/4
12K-13/2
13/2-15
15%-15/2
15/2-15M
15K-15K

12-12
12-12
12-12
12-12
12-

15^-15/4
15K-15K
15K-15K
15K-15K
15^-

10/2-11

Newhome
mortgage
yields
(FHLBB)'
8.92
9.01
8. 99
9.01
9.54
10.77
10. 18
10. 20
10. 30
10.36
10. 47
10. 66
10.78
11. 01
11.02
11.21
11.37
11. 64
11. 89

' 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. Kates 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.

Stock prices recovered further in January. Some indexes surpassed their September highs.
INDEX, DEC 31,1965=50
80

INDEX, DEC 31, 1965=50
80

- 70

70 -

60

60

- 50

—I 40

EARNINGS-PRICE RATIO ON COMMON STOCKS
(S&P)

15

10

1971

1972

1973

1974

1977

1976

1975

1978

COUNCIL OF ECONOMIC ADVISERS

SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION

Common stock 5 yields
(percent)

Common stock prices l
Period

New York Stock Exchange indexes (Dec. 31, 1965 = 50) 2
Composite Industrial Transportation

1974
1975
1976
1977
1978
..
1979
1979: Jan _
Feb
Mar _
Apr
May

June

July

Aug .
SeptOct __
Nov . . ,

Dec

1980: Jan 6
Week ended :
1980: Jan 512__ ..
19
26-

Feb 2
1
2
s

43. 84
45.73
54. 46
53. 69
53. 70
58. 32

Utility

55.77
55. 08
56. 19
57. 50
56. 21
57. 61
58. 38
61. 19
61. 89
59. 27
59. 02
61. 75

31. 89
31. 10
39. 57
41. 09
43. 50
47. 34
43.69
42.27
43.22
45. 92
45. 60
47.54
48.85
52.48
52. 21
48. 09
47. 61
50. 59

29. 79
31. 50
36.97
40. 92
39.22
38. 21
38.83
39. 21
38.94
38.63
37. 48
38. 44
38. 88
39.26
38. 39
36.58
36. 55
37. 29

49. 67
47. 14
52. 94
55. 25
56. 65
61. 42
57. 59
56. 09
57.65
59. 50
58. 80
61. 87
64.43
68.40
67. 21
61. 64
60. 64
63. 21

63. 74

72. 67

52. 61

37. 08

64. 22

61. 04
62. 66
63. 84
64. 87
65. 86

69.
71.
72.
74.
75.

50.
50.
52.
54.
55.

01
66
19
13
93

36.
37.
37.
37.
36.

Average of daily closing prices.
Includes all the stocks (more than 1,500) listed on the NYSE.
Includes 30 stocks.
«Includes 500 stocks.
« Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices, iiarmngs-price ratios based on prices at. end of quarter.




Finance

48. 08
50. 52
60. 44
57.86
58.23
64. 76
61.31
60.37
61. 89
63. 63
62. 21
63.57
64. 24
67. 71
69. 17
66.68
66. 45
69. 83

04
09
73
22
71

1979

62.
64.
64.
64.
64.

77
30
30
10
81

65
09
57
73
65

Standard
& Poor's
DowEarningsJones
composite Dividendprice
price
industrial
index
ratio
ratio
average 3 (1941-43
=
10) 4
82. 85
1 1. 59
759. 37
4. 47
802. 49
86. 16
4.31
9. 15
974. 92
102. 01
8. 90
3. 77
4. 62
894. 63
98. 20
10. 79
12. 03
820. 23
5. 28
96. 02
844. 40
103. 01
5. 45
5.28
837. 39
99.71
5.43
825. 18
98. 23
847. 84
100. 11
5. 36
13. 09
102. 07
5. 35
864. 96
837. 41
99. 73
5.58
5. 53
13758
838. 65
101. 73
102. 71
5. 50
836. 95
5. 30
873. 55
107. 36
5.31
878. 50
108. 60
13. 27
104. 47
5.56
840. 39
815 78
5.71
103. 66
836. 14
107. 78
5. 53

860. 74

110. 87

5.41

828.
850.
865.
874.
878.

106. 36
108. 92
110. 87
112.87
114. 68

5. 66
5. 49
5.40
5. 28
5. 21

12
26
62
52
43

G

Not charted.
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

AND OUTLAYS
According to the Budget submitted in January, the budget deficit is estimated at $39.8 billion for fiscal year 1980
and at $15.8 billion for fiscal 1981.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

600

500

400

-50
-100
1972

1973

1974

1975

1978

1977

1976

1979

1980

1981

FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS

SOURCES; DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

[Billions of dollars]
Period

Receipts

Outlays

Surplus or
deficit ( — )

Federal debt (end of period)
Total '

Held by
the public

Fiscal year or period :
1970
1971-.
_ ..
1972_
1973
1974.
_ . _
1975.
1976__
. _
Transition quarter__ _
1977
1978 __ _
_
1979 _ _ _
_ „__
1980 (estimates) :
Second 2 Concurrent Resolution, November
1979
3
January Budget
1981 (estimates) 3

193. 7
188.4
208. 6
232. 2
264.9
281. 0
300. 0
81. 8
357.8
402. 0
465. 9

196. 6
211. 4
232. 0
247. 1
269. 6
326. 2
366. 4
94. 7
402. 7
450. 8
493. 7

2. 8
-23. 0
-23.4
14. 8
-4. 7
-45. 2
-66. 4
-13. 0
-45.0
-48.8
-27. 7

382.6
409. 5
437. 3
468. 4
486.2
544. 1
631. 9
646. 4
709. 1
780. 4
833. 8

284. 9
304.3
323. 8
343.0
346. 1
396.9
480. 3
498. 3
551.8
610. 9
644. 6

517. 8
523. 8
600. 0

547. 6
563. 6
615.8

-29. 8
-39.8
— 15. 8

892. 8
939. 4

688. 9
722.0

Cumulative total, first 3 months:
Fiscal year 1979- _
Fiscal year 1980^ _

99. 4
114. 0

128. 4
138. 7

-24. 0
-24. 6

797. 7
852. 2

626. 2
663. 6

1
2

Excludes non-interest-bearing public debt securities held by IMF.
Second Concurrent Resolution on the Budget—Fiscal Year 1980, Nove"
ber 28, 1979.

32



' Estimates from Budget of the United States Government, Fiscal Year 1981.
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.

BY

BY FUNCTION
According to the January Budget, budget receipts for fiscal 1980 are estimated at $523.8 billion and outlays at
$563.6 billion. For fiscal 1981 receipts are estimated at $600.0 billion and outlays at $615.8 billion.
BILLIONS OF DOLLARS
300

BILLIONS OF DOLLARS
300

RECEIPTS

200

200

r.

INDIVIDUAL INCOME TAXES

OTHER RECEIPTS
100

100

0

0

500

500

OUTLAYS

400

400

300

300

NONDEFENSE

200

200

NATIONAL DEFENSE
\

100

100

1972

1973

1974

1975

1976

1977

1978

1979

1980

1981

FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS

SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET

[Billions of dollars]
Outlays

Receipts
National defense
Period

Fiscal year or period :
1970
19711972 _
19731974
19751976Transition quarter
1977
1978..
1979- _
1980 (estimates) 1
1981 (estimates) '
Cumulative total, first 3
months :
Fiscal year 1979
Fiscal year 1980
1

Total

Indi- Corpovidual ration
income income
taxes
taxes

Other

Interna- Health
Inand
tional income
terest Othei
affairs security

193. 7
188. 4
208.6
232. 2
264. 9
281.0
300. 0
81.8
357. 8
402.0
465.9
523.8
600. 0

90.4
86.2
94.7
103. 2
119.0
122. 4
131.6
38. 8
157.6
181. 0
217. 8
238. 7
274. 4

'32. 8
26.8
32. 2
36. 2
38.6
40. 6
41. 4
8.5
54. 9
60. 0
65.7
72. 3
71.6

70.5
75.4
81.7
92. 8
107.4
118.0
127.0
345
145. 2
161. 1
182.4
212. 8
254. 0

196.6
211.4
232.0
247. 1
269. 6
326.2
366.4
947
402. 7
450. 8
493.7
563.6
615.8

78.6
75. 8
76.6
74.5
77.8
85.6
89.4
22. 3
97. 5
105.2
117. 7
130.4
146. 2

77. 1
745
75. 1
73. 2
77.6
84 9
87.9
21. 9
95. 6
103.0
115.0
127. 4
142. 7

4.3
4. 1
4.7
41
5.7
6. 9
5. 6
2.2
48
5.9
6. 1
10. 4
9.6

56. 1
70. 1
81.4
91. 8
106.5
136.3
160.9
41. 5
176.7
189.9
209. 8
247.5
282. 4

18.3
19. 6
20. 6
22. 8
28.0
30.9
345
7.2
38. 0
440
52.6
63. 3
67. 2

39.3
41.8
48. 8
53.9
51. 6
66.5
76. 1
21.5
85. 7
105. 9
107.5
112.0
110. 3

99. 4
114. 0

48.6
57. 8

13. 1
12. 9

37. 7
43. 3

123. 4
138. 7

27. 9
31. 7

27. 8
31. 1

.6
3.4

49. 4
57.8

14.3
17.5

31. 3
28.3

Estimates from Budget of the United States Government, Fiscal Year 1981.




Total

Department of
Defense,
military

Total

Sources: Department of the Treasury and Office of Management and Budget.

33

FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS
In the third quarter Federal receipts rose $19.0 billion (annual rate) and expenditures rose $23.2 billion, yielding
a deficit of $11.3 billion. In the fourth quarter, according to preliminary estimates, expenditures rose $20.3 billion,receipts data are incomplete.
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS
600

600

550 -

- 550

i

I

i

i

i

I

l

i

i

I

l

l

l

I

i

i

i

N 150

50

50
SURPLUS
V/A ^"^ t^-i ^^

^ ^ ^ If

DEFICIT

-50

yy,

WA^WA

!

11^^
1

1x/ 1
yy/
1
/y, 1

- -50

'///

/

'/Y

-100

1972

1973

1974

1975

1977

1976

1979

1978

1980

CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal Government receipts

Period

Personal Corpoand rate
Total tax
nontax profits
tax
receipts accruals

Indirect
business
tax and
nontax
accruals

Federal Government expenditures

GrantsSubsidies Less:
less
Wage
Purin-aid
Contricurrent accruals
chases Trans- to State Net
butions
Total of goods fer pay- and interest surplus of less
for
paid Govern- disand
ments local
social inment en- bursegovernsurance
services
terprises ments
ments

Surplus
or
deficit
<-),
national
income
and
product
accounts

Fiscal year:
313.9
1976
1977 _ - 366. 0
414. 7
1978
483.7
1979

137. 0
166.0
186. 3
223. 5

51.7
59. 1
67.7
78. 4

24.3
24. 5
27.2
29. 4

100. 9
116.4
133.5
152. 4

371. 1
411.4
450. 1
493. 6

125.7
140.3
150.7
162. 4

156. 5
169.6
182.0
201. 7

57.6
66.3
74.7
79.3

25.2
28.4
33. 1
40. 4

6.2
6. 9
9. 6
9. 8

0.0
.0
.0
.0

-57.3
-45.5
-35.4
— 9. 9

Calendar
year:
331.4
1976-375.4
1977
432. 1
1978
1979 »
497. 6
397. 8
1978:1
II- — 424.8
III_. 442. 1
IV___ 463. 5
475. 0
1979:1
II... 485. 8
III_. 504. 8
IV "_

147.2
169.6
194. 9
229. 9
178. 9
188.8
200. 9
211. 0
213. 0
223. 4
235.2
248. 1

54.6
61. 8
72. 0
78. 3
60.2
72. 2
74. 6
81. 2
77. 2
74. 9
79. 4

23. 4
25. 1
28. 1
30.0
26. 6
28. 0
28. 4
29. 3
29. 4
29. 9
30. 0
30.7

106. 3
118.9
137. 0
159. 3
132. 2
135. 8
138. 2
142. 0
155.5
157.5
160. 2
164. 2

385.0
421. 7
459. 8
508. 0
447. 3
449. 4
462. 6
479.7
486.8
492. 9
516. 1
536. 4

129.7
144. 4
152. 6
166. 3
150. 9
148.2
152.3
159. 0
163.6
161. 7
162. 9
177. 0

161.7
172.7
185.4
209. 6
179.8
180.7
188.8
192. 1
196.8
201.9
217. 6
221. 9

61. 1
67.5
77.3
80. 1
74.4
76. 7
77.6
80.7
77.8
77. 7
81. 8
83. 0

26.8
29. 0
34. 8
43. 0
32.5
34.0
35.6
37. 1
40. 0
42. 6
43. 5
46. 0

5.8
8. 1
9. 7
9. 0
9. 7
9.8
8. 4
10. 9
8. 3
9. 0
10. 2
8.4

.0
.0
.0
.0
.0
.0
.2
.0
2
'.0
.0
.0

-53. 6
— 46. 3
-27.7
-10.5
-49. 4
-24. 6
— 20. 4
-16.3
-11.7
-7.0
-11. 3

Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.

34



[1967=100]
Industrial production (seasonally adjusted)
Period

United
States

Canada

Japan

1973
1974
1975
1976
1977
1978
1979: Feb
Mar
Apr
May.._
June
July—
Aug __
Sept
Oct »>__Nov F"—Dec

129. 8
129. 3
117. 8
130. 5
138. 2
146. 1
152. 0
153. 0
150. 8
152.4
152. 6
152. 8
151. 6
152. 4
152.2
151. 8
152 2

143. 0
147. 5
139. 6
147. 4
152. 1
160.9
167. 3
168. 4
165. 5
166. 8
165. 2
168.7
168.4
172. 4
170. 8
170. 1

190. 5
183. 1
163. 9
182. 0
189. 7
201. 1
211.3
210. 8
212. 5
216. 7
217. 0
219.0
221. 1
218. 2
223. 6
225. 9

GerFrance many
145
148
139
148
152
156
159
161
157
162
161
167
167
165
161
163

147. 7
145. 1
137. 1
149. 1
152. 5
155. 8
157
161
161
164
164
169
163
164
164
165

Italy
134. 6
140. 6
127. 6
143. 7
145. 1
148.4
160.8
156. 6
157. 4
152.6
145.8
150. 5
150. 4
154. 8
166. 1
166. 4

United United
King- States J
dom
123. 0
120. 0
114. 3
117. 4
122. 8
126. 5
131.7
133. 5
132. 9
134.8
138. 2
135.4
129. 3
127.8
130.2
131. 9

2

1974
1975
1976
1977
1978
1979__ _
1978: Dec
1979: Jan
Feb
Mar
Apr
May___
June_
July.
Aug
Sept___
Oct
Nov_
Dec._.

5, 902
8, 167

Food, Crude
bever- mate- Manu2
facages,
rials
tured Total
and to- and
goods
bacco
fuels

8, 167
8, 966
9, 596
10, 096
11,965
15, 136
13, 282
13, 132
13, 507
14, 452
13, 883
13, 862
15,038
15, 669
15, 821
15, 832
16, 838
17, 004
16, 792

1, 078
1, 269

895
1,317

3, 728
5, 294

5, 790
8,450

8,053 1, 269
8, 842 1, 399
9, 456 1, 436
9, 912 1, 330
11, 753 1,717
14, 925 2, 049
13, 048 1,691
12, 923 1,437
13, 283 I, 557
14, 165 1, 765
13, 636 1, 758
13, 578 1, 807
14, 774 2, 182
15, 433 2, 352
15, 560 2, 262
15, 579 2, 266
16, 554 2,497
16, 650 2, 278
16, 470 2,397

1, 317
1, 266
1, 341
1, 548
1, 746
2, 351
2, 047
2, 143
2, 009
2, 313
2, 134
1, 939
2, 286
2,441
2,450
2, 586
2, 506
2, 759
2,746

5, 294
5, 913
6, 437
6, 679
7,873
9, 715
8,904
8,759
9,078
9, 403
9, 056
9, 068
9, 639
9, 819
10, 071
10, 092
10, 507
10, 441
10, 773

8, 387
8,048
10, 084
12, 307
14, 332
17, 194
15, 028
16, 231
14, 806
15, 273
16, 036
16, 342
16, 937
16, 777
18, 177
18, 666
18, 856
18, 422
19, 870

5, 811
8, 053

1
Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program are excluded from totals for all
periods
and from monthly detail beginning January 1978.
2
Total includes commodities and transactions not classified according to kind.
3
Total arrivals of imported goods other than in transit shipments.




140. 7
160. 0
178.9
196. 1
214.5
233. 9
247. 1
249. 4
251. 8
254. 5
256. 6
260. 0
262. 7
264. 9
268. 1
269. 8

127. 2
136. 1
144. 2
150. 7
156. 6
160.7
164. 5
165.5
166. 4
167. 0
167. 8
168.8
169.0
169. 1
169. 7
170.4
171. 1

134. 0
159. 7
186.8
218. 1
255.2
286. 2
309. 7
313. 8
317.8
321.3
323. 9
326. 7
330. 6
338.9
346.7
351. 2

United
Kingdom
150. 2
174.3
216. 5
252. 4
292. 4
316.6
335. 6
338.3
344. 1
346. 8
352. 8
368.0
370. 9
374. 6
378. 5
381.8
384. 6

Merchandise trade
balance
General imports
Exports
Ex(f.a.s.) ports Exports
Food, Crude Manuless
(f.a.s.) (f.a.s.)
Total
bever- matefacimless
less
rials
(c.i.f.
ages,
tured value) * ports
imimports
and to- and
goods
(cusports
(c.i.f.)
bacco
fuels
toms (f.a.s.)
value)
Customs value
3

F.a.s. value 5
Monthly
average :
1973
1974

147. 9
184. 0
205. 8
224. 9
243. 0
252. 3
253. 1
255. 1
258. 6
261. 3
261. 5
263. 8
261. 1
264. 4
267.7
266. 7

Italy

Merchandise imports

Domestic exports
Period

130. 3
144. 5
160. 1
172. 1
185. 9
202.5
213.2
215. 7
217. 2
219.3
220. 3
222. 1
222.9
224. 9
226. 5
228. 7
230. 1

Germany

[Millions of dollars; monthly data seasonally adjusted]

Merchandise exports '
Total
domestic and
foreign Total
exports |

133. 1
147. 7
161.2
170. 5
181. 5
195. 4
207. 1
209. 1
211. 5
214. 1
216. 6
218. 9
221. 1
223.4
225.4
227. 5
229. 9

Can- Japan France
ada

Source: National sources as reported by Department of Commerce, Bureau
of International Economic Policy and Research, Office of International Economic
Research, in International Economic Indicators.

' Beginning January 1978 data relate to all urban consumers.

U.S.

Consumer prices (unadjusted)

770
892
F.a.s.
892
827
991
1, 186
1, 312
1,478
1, 452
1,486
1, 261
1,437
1, 540
1, 456
1, 552
1, 386
1, 411
1, 415
1, 393
1,689
1, 718

1, 120
2,653
value 5
2, 672
2, 716
3, 457
4, 463
4, 325
5, 954
4, 573
5, 145
4, 438
4, 890
5, 186
5, 206
5, 504
5, 966
6,460
7, 046
7, 467
6,364
7, 778

3, 750
4, 684
4, 602
4,257
5, 398
6, 379
8, 360
9, 353
8,617
9, 291
8, 824
8, 596
9, 023
9, 232
9, 475
9, 065
9,873
9, 749
9, 504
9,839
9, 828

6, 131
9,033

112
-283

-221

— 229
-866

9, 033
—283 —221
—866
8, 654
853
312
918
10, 825
—581 —488 —1, 229
13, 130 —2, 297 —2,211 —3, 034
15, 258 -2, 473-2, 367 -3, 293
18, 244 -2, 125 -2,057 -3, 108
16, 002
- 1, 745 -2, 720
17, 282
-3, 099 -4, 150
15, 720
-1, 300 — 2, 213
16, 228
-821 - 1, 776
17, 053
— 2, 153 -3, 171
17, 350
-2, 480 -3, 488
17,977
- 1, 900 _ 2 , 940
17,823
-1, 108 -2, 154
19, 275
-2, 357 -3,455
19, 777
-2, 833 -3, 945
-2, 018 -3, 119
19, 957
19, 524
-1,418 -2, 521
21, 028
-3,078 -4, 236

4
C.i.f. (cost, insurance, and freight) import value at first port of entry in the
United
States. Data for 11)73 are estimates.
5
F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.

35

U.S.

TRANSACTIONS

In the third quarter of 1979 the current account was in surplus by $0.8 billion, reversing a deficit of $1.1 billion in
the second quarter.
BILLIONS OF DOLLARS
10

BILLIONS OF DOLLARS
10

BALANCE ON CURRENT ACCOUNT

.'X/' \

SOURCE; DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted]
Merchandise ' 2

Period

Ex-

ports

1972^_
1973
1974
1975—
1976
1977
1978^..

49,
71,
98,
107,
114,
120,
142,

1977: III..
IV__
1978: I
II. ..
III

IV.1979: I

.

II—

III"

381
410
306
088
745
816
652

Imports

— 55,
— 70,
— 103,
— 98,
— 124,
— 151,
— 175,

797
499
649
041
051
689
822

Investment income 3

Not
JA CL'

balance

Receipts

— 6, 416
911
— 5, 343
9, 047
— 9, 306
— 30, 873
— 33, 770

14, 764
21, 808
27, 587
25, 351
29, 286
32, 587
43, 465

30, 558 -37, 996 -7, 438
29, 665 -38, 869 -9,204
30,
35,
36,
39,

712
396
532
412

-42, 629
-43, 329
-44, 481
-45, 383

Payments

— 6,
— 9,
— 12,
— 12,
— 13,
— 14,
— 21,

544
655
084
564
311
598
820

8, 420 -3,686
8,312 -4,201

-11,917 9,776 -4, 537
-7, 933 10, 256 -5, 402
-7, 949 10, 526 -5, 574
-5, 971 12, 907 -6, 308

41, 348 -47, 463 -6, 115 14, 115 -7,251
42, 792 -50, 508 -7,716 15, 404 -7,939
47, 337 -54, 619 -7,282 17, 506 -8, 712

1
Excludes military grants.
2
3 Adjusted from Census data

for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.

36



Net
military
transactions

Net

Nettravel
and
transportation
receipts

Other
services,
net 3

Balance
on
goods
and
services '

Remittances,
pensions,
and
other
unilateral
transfers 1

Balance
on
current
account

4,734
4, 111

407
357

-693
-787

789 -1, 889 -3, 854 — 5, 744
7, 141
185 11, 022 -3, 881
2, 113
9, 298 -7, 186
975
590 22, 952 -4, 613 18, 339
4, 605
9, 603 -4, 998
725
983 — 9, 423 -4, 670 - 14, 092
226 -8, 392 -5, 086 -13,478
1, 331 -1, 659 — 1, 249 -2, 908
1, 251 -4, 272 -1,023 — 5, 295

5,239
4, 854
4, 952
6, 599

244
237
247
-239

-731
-798
-784
-672

1, 439 -5, 725
1, 501 -2, 139
1,603 -1, 931
1, 399
1, 682

6,864
7,465
8, 794

34
-217
-384

-566
-840
-615

1,520
1, 615
1, 623

8, 220 — 3, 420 -3, 063
12, 153 -2, 070 -3, 158
15, 503 — 1, 653 -3, 184
12, 787
— 746 — 2, 725
674 -2, 465
15, 975
17, 989
1, 679 — 3, 200
21, 645
492 — 2, 985

2,
3,
3,
4,
4,
4,
6,

-1,228 -6, 953
-1,313 -3, 452
-1,233 -3, 164
85
— 1, 314

415
1, 737 -1, 322
307 — 1, 363 -1,056
762
2, 136 - 1, 374

Source: Department of Commerce, Bureau of Economic Analysis.

U.S.
in the third quarter, of 1979, private capital outflows rose to $25.3 billion, from $15.5 billion in the second quarter.
Foreign official assets in the United States rose by $5.6 billion after falling in the previous two quarters.
BILLIONS OF DOLLARS
40

BILLIONS OF DOLLARS

-10

-20

-30

-30

-40
1971

1979

1972

SOURCE: DEPARTMENT OF COMMERCE

COUNCIL OF ECONOMIC ADVISERS

[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, net
[increase/capital outflow ( — )]

Period
Total

1972

1973 _
1974__
1975_-_
1976 _
1977_1978

Other
U.S.
U.S.
U.S.
official Governprivate2
reserve2 ment
assets
assets '
assets

— 14, 497
—4
— 22. 874
158
-34,745 - 1, 467
_ _ -39, 703 -849
— 51, 269 -2, 558
-35, 793 — 375
-60,957
732

1977: 111... -6, 625
IV
-15,213

Foreign official
assets
Total
Total

Assets of Other
foreign foreign
official
assets
reserve
agencies

- 1, 568 - 12, 92521,461
-2, 644
20 388 18, 388
366 -33, 643 34, 241
-3,474 -35, 380 15, 420
44 498 36, 399
-4, 214
— 3, 693 — 31, 725 50, 823
-4, 656 -57, 033 63, 713

10, 475
6, 026
10, 546
6,777
17, 573
36, 656
33, 758

10, 293
5, 090
10, 244
5,259
13, 066
35, 416
31, 004

10, 986
12, 362
23, 696
8, 643
18, 826
14, 167
29, 956

112 — 1, 001 -5,736 14, 236
— 746 — 14,424 19, 991
-43

8,266
15, 179

7, 890
15, 101

5, 970
4,812

1978: I _ .
II
III..IV

-15,188
-5,466
— 10, 049
-30,254

1979- I
II.
III p

-7, 637 -3, 585
1 094 -2, 958 1,476 — 9, 391 -9, 227 10, 868
-16, 165
343 — 1, 001 - 15, 507 6,057 - 10, 043- 10, 299 16, 100
-756 — 25, 348 23, 059
-23, 325 2,779
5,562
5,371 17, 497

187 -1,009 -14,366 18, 175
941
248 - 1, 263 -4, 451
115 - 1, 390
8 774 15, 358
182
— 994 -29, 442 29, 239

1
Consists of gold, special drawing rights (SDK), convertible currencies, and
the U.S. reserve position in the IMF.
' Quarterly data are not seasonally adjusted.




Statistical
discrepancy

Foreign assets in the U.S., net
[increase/capital inflow ( + ) ] -

Allocations
Of
Total
of
which:
special (sum of Seasonal
the
drawing
adjustitems
rights
ment
(SDR) with sign discrepreversed) ancy
710 — 1,930
— 2 655
- 1, 609
5, 944
10, 265
— 937
10, 722

U.S.
official
reserve
assets,
net'
(unadjusted,
end of
period)
13, 151
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650

-4, 703 -2, 275 18, 988
517
1,321 19, 312

15, 618 14, 895 2,557
-5,265 -5, 129 6,206
4,641
4,519 10, 717
18, 764 16, 719 10, 475
1, 139

3,965
901
7,975
517
-2, 145 -2, 716
930
1,301

19, 192
18, 864
18, 850
18, 650

985
4, 606
737
11, 163
-495 — 3, 756

21, 658
21, 246
18, 534

Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury-

31

Contents
TOTAL OUTPUT, INCOME, AND SPENDING

Page

Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment

1
2
2
3
3
4
4
5
6
7
8
9
10

EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings-—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Sector

11
12
13
14
15
15
16

PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New 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
Private Liquid Asset Holdings—Nonfinancial Investors
Consumer Installment Credit
Bank Loans, Investments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields

26
27
27
28
29
29
30
31

FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis

32
33
34

INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices-—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions

35
35
36

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