Full text of Economic Indicators : January 1981
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97th Congress, 1st Session
Economic Indicators
JANUARY 1981
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1981
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HENRY S. REUSS, Wisconsin, Chairman
ROGER W. JEPSEN, Iowa, Vke Chairman
SENATE
HOUSE OF REPRESENTATIVES
RICHARD BOLLING (Missouri)
WILLIAM V. ROTH, JR. (Delaware)
LEE H. HAMILTON (Indiana)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
GILLIS W. LONG (Louisiana)
PAULA HAWKINS (Florida)
PARREN J. MITCHELL (Maryland)
MACK MATTINGLY (Georgia)
FREDERICK W. RICHMOND (New York)
LLOYD BENTSEN (Texas)
CLARENCE J. BROWN (Ohio)
WILLIAM PROXMIRE (Wisconsin)
MARGARET M. HECKLER (Massachusetts)
EDWARD M. KENNEDY (Massachusetts)
JOHN H. ROUSSELOT (California)
PAUL S. SARBANES (Maryland)
CHALMERS P. WYLIE (Ohio)
JAMES K. GALBRAITH, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MURRAY L. WEIDENBAUM, Chairman-Designate
[PUBLIC LAW 120—Slsx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [SJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.00 a single copy
or by subscription at $17.00 per year ($21.25 for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
The 1980 Supplement fo Economic Indicators, which describes each series and gives annual data
for years not shown in the monthly issues, is available at $5.00 a copy from the Superintendent of
Documents, Government Printing Office.
It should be noted that many of the series have undergone major revisions since the Supplement
was published in the fall of 1980.
TOTAL OUTPUT,
AND
GROSS NATIONAL PRODUCT
According to preliminary estimates for the fourth quarter, gross national product rose $104.1 billion or 16.7 percent,
both at annual rates. Real output (GNP adjusted for price changes) rose 5.0 percent from the third quarter level and the
implicit price deflator rose at an 11.2 percent annual rate.
BILLIONS OF DOLLARS (RATIO SCALE)
3,000
BILLIONS OF DOLLARS (RATIO SCALE)
3,000
SEASONALLY ADJUSTED ANNUAL RATES
2,800
2,900
2,600
2,400
2,400
2,200
2,000
GNP
IN! CURRENT DOLLARS,
\
1,800
1,800
1,60)
1,600
t,400
1,40)
GNP
IN 1972 DOLLW^
1,200
I
I
I
1973
\
\
t974
i i
1
1975
1 i
1973
1
1
1
1
i 1
197S
I
I I
197$
(SOURCE: DEPARTMENT OF COMMERCE '
1
1
1
1
I98f
1980
COUNCIL OF ECONOMIC ADVISERS
[Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Gross
national
product
Period
1970.
1971
1972
1973
1974
1975.
1976
1977
1978
1979 _
1980 9.
Personal
consumption
expenditures
Gross
private
domestic
investment
Exporl:s and imj:>orts of
gooc1s and serdees
Federal
Net
exports
992.7 621.7
1, 077. 6 672.2
1, 185. 9 737. 1
1, 326. 4 812. 0
1, 434. 2 888. 1
1, 549. 2 976.4
1, 718. 0 1? 084. 3
1, 918. 0 1, 205. 5
2, 156. 1 l} 348. 7
_ 2, 413. 9 1, 510. 9
2, 628. 8 1, 671. 1
144.2
166.4
195.0
229. 8
228.7
206. 1
257.9
322.3
375.3
415.8
396.8
I.... 2, 340. 6 1, 454. 1
!!___ 2, 374. 6 1, 478. 0
III__ 2, 444. 1 1, 529. 1
IV__ 2, 496. 3 1, 582. 3
408.3
423.2
421.7
410.0
17.9
1980: !__._ 2? 571. 7 1, 631. 0
II... 2, 564. 8 1, 626. 8
III.. 2, 637. 3 1, 682. 2
IV*>_ 2, 741. 4 1, 744. 4
415.6
390.9
377. 1
403.7
17.1
44.5
34.5
1979:
6.7
4. 1
.7
14.2
13.4
26.8
13.8
—4. 2
-.6
13.4
26. 1
19.9
8.2
7.6
8.2
Exports
Imports
Total
65.7
68.8
77.5
109.6
146.2
154.9
170.9
183.3
219.8
281.3
340.6
59.0
64.7
76.7
95.4
132.8
128. 1
157. 1
187.5
220.4
267. 9
314.5
259. 1
266.8
293. 1
306.3
State
and
local
Final
sales
Total
National
defense
220.1
234.9
253.1
270.4
304. 1
339.9
362. 1
394.5
432.6
473.8
534.8
95.7
96.2
101.7
102.0
111.0
122.7
129.2
143. 9
153.4
167.9
199.2
73.6
70.2
73.1
72.8
77.0
83.0
86.0
93.3
100.0
111.2
131.9
22.2
26. 0
28.5
29.1
33.9
39.7
43.2
50.6
53.4
56.7
67.3
1244
138.7
151.4
168.5
193. 1
217.2
232. 9
250.6
279.2
305.9
335.6
989.5
1, 070. 0
1, 175. 7
1, 307. 9
1, 420. 1
1? 556. 1
1, 706. 2
1, 897. 0
2, 133. 9
2, 396. 4
2; 631. 8
239.2
258.6
275.2
298. 7
458.2
465. 1
475.4
496.4
164.8
163.6
165. 1
178. 1
106.0
108. 1
112.0
118.7
58.8
55.5
53. 1
59.4
293.4
301.6
310.4
318. 3
2, 316. 2
2, 341. 5
2, 430. 8
2, 497. 1
337. 3
329. 1
333. '3 • 316. 2
342. 4 "•297. '9
'*349.'2 ' 314. 7
516.8
530.0
533.5
558.8
190.0
198.7
194.9
213.3
125.0
128.7
131.4
142.7
64.9
70.0
63.5
70.6
326.8
331.3
338.6
345.5
2, 569. 1
2, 557. 4
2, 653. 4
2, 747. 1
NOTE.—Data reflect the recent benchmark revision of the nationalincome and
product accounts. For
see Survey of Current
December-1980.
Goi/eminent purchases of goods and
services
Nondefense
Source: Department of Commerce, Bureau of Economic
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Gross ]private dc mestic
iiivestment
Exijorts of gc>ods
and service5S
Governrnent pure bases of
good s and seryiees
Personal
conGross
national sumption
product
expenditures
w«_.
jw
onresidential
fixed
Residential
fixed
1970 _ _ 1, 085. 6
1, 122. 4
1971__
1, 185. 9
1972
1973_ _ _ 1, 255. 0
1, 248. 0
1974
1975. _ . I, 233. 9
1, 300. 4
1976
1, 371. 7
1977
1, 436. 9
1978
1, 483. 0
1979
1? 481. 8
1980 ».
672. 1
696.8
737. 1
768.5
763.6
780.2
823.7
863.9
904.8
930. 9
934.2
113.8
112.2
121.0
138. 1
135.7
119.3
125.6
140.6
153.4
163.3
157.7
41.0
53.7
63.8
62.3
48.2
42.2
51.2
60. 6
62.4
59.1
47.9
3.8
8. 1
10.2
17.2
11.6
-6.7
7.8
12.3
14.0
10.2
-1.2
3.9
1.6
.7
15.5
27.8
32.2
25.4
21.9
24. 6
37.7
53. 1
70.5
71.0
77.5
97.3
108.5
103.6
110. 1
113.2
127.5
146.9
161.6
66. 6
69.3
76.7
81.8
80.7
71.4
84. 7
91.3
103.0
109.2
108.5
251. 1
250. 1
253. 1
253.5
261.2
266.7
266.8
272.3
277.8
281.8
290. 1
110.6
103.7
101.7
95.9
96.6
97.4
96.8
100.7
99.8
101.7
108.4
140.5
146.4
151.4
157.6
164.5
169.3
170.0
171.6
178.0
180. 1
181.7
1, 081. 8
1, 114. 3
1, 175. 7
1, 237. 8
1, 236. 4
1, 240. 6
1, 292. 7
1, 359. 3
1, 423. 0
1,472.9
1, 483. 0
1, 479. 9
1979: 1
!!___ 1, 473. 4
Ill— 1, 48a 2
IV_. 1, 490. 6
925.5
922.8
933.4
941.6
161.4
161.3
166.4
164.1
60.8
59.1
58.6
58.1
15.4
18.4
7.6
-.7
36.0
31.6
41. 1
42.2
141. 1
140.5
151.3
154.8
105. 1
108.8
110.2
112. 6
280.6
280.3
281. 1
285.3
102.9
100.8
99.9
103. 1
177.7
179.4
181.2
182.2
1, 464. 4
1, 455. 0
1, 480. 6
1, 491. 3
1980: 1-_- 1, 501. 9
II.._ 1, 463. 3
III- 1, 471. 9
IV *_ 1, 490. 1
943.4
919.3
930.8
943.0
165.0
156. 1
155.5
154.3
54.2
43.1
44.7
49.8
Q
50. 1
51.7
57.6
52.9
165.9
160.5
160.5
159.5
115.8
L3
-5.0
-.2
290. 1
291.9
288.2
290.2
107.6
110.7
106.9
108.6
182.5
181.2
181. 3
181.6
1, 502. 8
1, 462. 0
1, 476. 9
1, 490. 3
Period
Change
in busi•Kf-x
iNet
Exports Imports
ness in- exports
ventories
Total
ioa9
102.8
106.6
Federal
State
and
local
Final
sales
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]
Persona1 consumpition expenditures
Gross
national
product
Period
Total
1970
1971 _
1972
1973
1974
1975
1976
19771978_
1979 _ _
9
1980: !___
II
III
IV »„
Exports Imports Federal
State
and
local
93.6
96.6
100.0
108.3
123. 1
132. 1
137.0
143.4
153. 2
169.8
188.6
90.5
95.6
100.0
104.7
113.0
121. 6
129.6
139.9
150. 1
162. 1
178. 1
91.3
96.2
100. 0
103.8
115.4
132.2
138.6
146.2
157.7
171. 3
186.9
90.5
94.8
100.0
109. 1
120.3
131. 0
140.7
158.0
178.3
200.5
219. 1
93.2
97.0
100.0
112.7
134.7
149.6
155.2
161.9
172.4
191.5
210. 7
88.6
93.3
100.0
116. 7
164.6
179.5
185.5
205.4
214.0
245.4
289. 8
86.6
92.7
100.0
106.3
114.9
126.0
133.5
142.9
153.7
165. 1
183.7
88. 6
94.7
100.0
106.9
117.4
128. 3
137.0
146. 0
156.9
169.8
184.7
16
17
23
47
157. 1
160.2
163.8
168.0
142.0
143.9
145.4
148.0
162.9
167.3
172. 1
176.9
157. 7
159.9
163. 3
167.4
165. 5
169.2
173.4
176.8
191.9
198.4
204.6
207.7
183.7
189.9
193.7
197.9
227.7
237.6
249.8
265.2
160. 1
162.2
165.2
172.8
165. 1
168. 1
171.3
174.7
__ 171. 23
175. 28
179. 18
183. 98
172.9
177.0
180.7
185.0
151.9
154. 1
157.5
160.6
182.9
186.2
190.0
195. 2
171.6
176.0
180. 3
184.3
180.5
185.7
189. 1
192.6
212. 6
217.4
221. 9
225.3
203.4
207.6
213.4
218.9
284.2
290.4
289.7
295.2
176.5
179.5
182.4
196. 3
179. 1
182. 8
186.7
190.2
NOTE.—Data reflect the recent benchmark revision of the national income and
product accounts. For details, see Survey of Current Business, December 1980.
Governnaent purchases <jf goods
and scjrvices
95.7
99.0
100. 0
101.7
108.2
117. 3
123.9
129.2
136.2
144.8
156.0
158.
161.
164.
167.
_
Nonres- ResiNonT\
t^t
Durable
Services idential dential
goods durable
fixed
fixed
goods
Exports and
imports of goods
and stjrvices
92.5
96.5
100.0
105.7
116.3
125.2
131.6
139.5
149. 1
162.3
178.9
91.45
96.01
_ 100. 00
. _ 105. 69
114. 92
125. 56
132. 11
139. 83
150. 05
162. 77
177. 40
1979: 1 _
II
III_
IV
Gross private
dom estic
invesibment
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted rates]
Gross <domestic \jroduct
Gross national pproduct
C0a*
s tan t
(1972)
dollars
Current
dol-
Period
1a*e
1969
1970
1971
1972.
1973.1974
-
......
..
.
1975.—
.
;....-.
1976
....•^.*..t
1977
™....
1978
1979
1980 9
.
1979: 1
II
.
III.™
IV
.
1980: L... —
—
II
III
IV*
§. i
5.2
8.6
10.1
11.8
8.1
S.0
m»
-lie.12.4
12.0
a9
12.7
&t
12. 2
8.8
12.6
-1.1
1L 8
16.7
Implicit
price
deflator
2.8
—.2
3.4
5*7
5.8
-.6
— 1. 1
&4
5, 5
4.8
3.2
—. 1
3.9
-1.7
4.1
.6
3.1
—9.9
2.4
5.0
Chain
price
index
5.1
5.4
5.0
4.2
5.7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
8.4
7.8
7.8
8.1
9.3
9.8
9.2
11.2
NOTE.—Annual changes from previous year and quarterly changes from
previous quarter.
Source: Department of Commerce, Bureau of Economic Analysis.
Fixedweighted
price
index
(1972
weights)
5.1
5.4
4.9
4. 1
5.8
9.0
9.1
5.7
6. 1
7.5
8.6
8.5
8.8
ao
7.4
8.5
8.3
as
9.4
11.0
5.1
5.2
4.8
40
5.8
9.3
9.0
5.7
6.3
7.6
9.2
9.4
9.1
8.5
8.9
9.7
9.8
9.1
9.2
10.7
Current
dollora
8.1
5.2
8.4
10.0
11.5
7.9
8.3
10.8
11.6
12.2
11.5
as
12.1
5.8
11.1
9.3
12.0
-.6
11.6
17.1
Constant
(1972)
dollars
2.8
—.2
3.3
5.6
5.5
-.7
-.9
5.3
5.4
4.6
2.8
-.2
3.4
-1.9
3.0
1.0
2.5
-9.4
2.2
5.4
Implicit
price
deflator
5.2
5.4
5.0
4.2
5,7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
8.4
7.8
7.8
8.1
9.3
9.8
9.2
11.1
Chain
price
index
5.1
5.4
4.9
4.1
5.8
9.0
9.1
5.7
6.2
7.5
8.7
8.5
8.8
ao
7.4
as
a2
8.5
9.4
10.9
Fixedweighted
price
index
(1972
weights)
5.1
5.2
4.8
4.0
5.8
9.3
9.0
5.7
6.3
7.6
9.2
9.4
9.2
8.5
a9
9.7
9.8
9.1
9.2
10.7
Date reflect the recent benchmark revision of the national income and product
accounts. For details, see Survey of Current Business, December 1980.
Data for chain price and fixed-weighted indexes are subject to further revision.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Gross c omestic
prodi ict of
nonfin ancial
corp<srate
bus!ness
(billic>ns of
doll ars)
Period
Current
dollars
1972
dollars
544. 1
563.7
609.9
678. 0
759.4
818.9
890.0
1, 001. 3
1, 129. 5
1, 270. 7
1, 417. 0
1, 535. 1
1, 378. 7
1, 399. 5
III.. 1, 432. 1
!¥___ 1, 457. 7
1980: !____ 1,502.1
!!___ 1, 496. 3
Ill ^. 1, 537. 7
604.0
599. 6
626. 8
678.0
731.9
708.2
694.2
745.5
799.0
845. 1
873.3
866.8
8747
870.8
874.3
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980 9_
1979: 1
EL__
873. 4
878.2
853.2
860.4
[Quarterly data at seasonally adjusted annual rates]
Current-dollar cost and profit per unit of output (dollars) i
Total
cost
and
profit 2
0.901
.940
.973
1.000
1.038
L156
1.282
1.343
1.414
1.504
1.623
1.771
1.576
1.607
1.638
1.669
1.710
1.754
1.787
Capital
consumption
Compenallowances Indirect sation
business
of
with
capital taxes * employees
consumption
adjustment
Net
interest
0.594
.631
.641
.659
.692
.786
.837
.878
.924
.996
1.092
1. 197
1.052
1.079
1. 104
1. 135
1. 158
1. 193
1.203
0.022
.028
.029
.028
.031
.042
.044
.040
.042
.044
.052
.065
.047
.050
.053
.056
.060
.064
.067
0. 078
.087
.091
.092
.093
. 112
. 137
. 141
.146
.153
. 169
.191
.161
. 168
.172
.175
. 180
. 192
. 196
0.096
. 106
.113
.113
. 114
.127
.140
. 141
.144
.148
.153
.176
.150
.151
. 154
.157
. 161
.173
I 181
»Output is measured by gross domestic product of nonfinaneial corporate
business in 1972 dollars.
2 This is equal to the deflator for gross domestic product of nonfinaneial 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.
Corpcirate profi ts with
invent ory valualbion and
capii ;al consul) iption
jidjustmec ts
Total
0. 112
.088
.099
.107
.107
.090
.124
.144
.158
. 163
. 157
. 142
.167
. 159
. 154
.146
.151
. 132
. 141
Profits
tax
liability
0.055
.045
.047
.049
.055
.059
.059
.071
.074
.080
.080
.072
.081
.079
.081
.078
.085
.061
. 070
Profits
after4
tax
0.057
.043
.052
.058
.053
.030
.065
.073
.084
.083
.077
.071
.086
.080
.074
.067
.066
.071
.071
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
employees
/I Af O
(1972
ees
dollars) (dollars)
7.098
7. 126
7.467
7.688
7.891
7.622
7.881
8. 132
8.348
8.384
8.368
4213
4.498
4788
5.068
5.458
5.989
6.596
7.138
7.713
8.347
9.142
8.390
8. 392
8. 368
8. 316
8. 345
8.335
8.474
8.825
9.057
9.238
9.436
9. 667
9.945
10. 192
* With inventory valuation and capital consumption adjustments.
NOTE.—Data reflect the recent benchmark revision of the national income and
product accounts. For detail?, see Survey of Current Business, December 1980.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Compensation of
employ-1
ees
Propnietors1
mcom e with
inventor y valuation anc capital
consulnption
adjust ments
Farm
612.0
652. 2
718.0
801.3
877.5
931.4
1, 036. 3
1, 152. 3
1, 299. 7
1, 460. 9
1, 596. 7
1, 409. 9
1, 439. 0
1, 476. 7
1, 518. 1
2, osa 5 1, 558. 0
2, 070. 0 1, 569. 0
_. 2, 122. 4 1, 597. 4
1, 662. 4
810.7
871.5
963. 6
1, 086. 2
1, 160. 7
1, 239. 4
1, 379. 2
1, 546. 5
1, 745. 4
1, 963. 3
2, 121. 4
1, 903. 6
1, 932. 0
1, 986. 2
2,031.3
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980 »
1979: I
II
III
IV
1980: I
II
HI.
IVX— '
14.3
15.0
18.7
32.8
26.5
24.6
19. 1
18.4
26. 1
30.8
23.4
30.9
32.6
30.2
29.5
25.7
23.3
22.1
22.5
Nonfarm
Rental
income
of perwith
capital
consumption
adjustment
51.9
54.4
58. 1
61.0
62.2
65.4
75.0
85. 1
91.0
100.7
107.2
96.8
96.8
102.7
106.8
107.9
101.6
107.6
111.7
19.7
20.2
21.0
22.6
23.5
23.0
23.5
25. 1
27.4
30.5
31.9
30.7
30. 1
30.3
31.0
31.2
31.5
32.0
32.6
»Includes employer contributions for social insurance. (See also p. 5.)
NOTE.—Data reflect the recent benchmark revision of the national income and
product accounts. For details, see Survey of Current Business, December 1980.
Corpor ate profitss with inventory va luation
and capital co nsumptio n adjustm ents
Profits » with inv entory
valualdon adjustment
and '\vithout 02ipital
consum ption adjiistment
Total
Total
71.4
83.2
96. 6
108.3
949
110.5
138. 1
164.7
185.5
196.8
182. 1
201.9
196.6
199.5
189.4
200.2
169.3
177. 9
68.9
82.0
94.0
105.6
96.7
120.6
151.6
176.7
199.0
212.7
199.4
217.8
213.0
215.6
204.5
215.6
186.9
195.9
Profits
before
tax
Inven+/%_«?
tory
valua•f ion
Capital
Net
coninterest
sumption
adjustment
adjustment
75.4
86.6
100. 6
125.6
136.7
132. 1
166.3
192.6
223.3
255.4
242.7
253.1
250.9
262. 0
255.4
277.1
217.9
237.6
-6.6
-46
-6.6
-20.0
-40.0
-11.6
-147
-15.8
-243
-42.6
-43. 3
-35.3
-37.9
-46. 5
-50.8
-61.4
-31.1
-41.7
-38.9
2.5
1.3
2.7
2.7
-1.8
-10.1
-13.5
-12.0
-13.5
-15.9
-17.2
-15.9
-16.4
-16.1
-15. 1
"~*~" JL-O. 4c
-17.6
-17.9
-ia i
41.4
46.5
51.2
60.2
76. 1
845
87.2
100.9
115.8
143. 4
180. 1
133.4
136.9
146.8
156.5
165.4
175.3
185.3
1943
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondura ale goods
Durable goo<is
Total
personal
consumption Total
expendi- durable
goods l
tures
Motor
vehicles
and
parts
1970
1971
1972..
1973
1974
1975
1976
1977
1978.
1979
1980'.
621.7
672.2
737. 1
812. 0
888.1
976.4
1, 084 3
1, 205. 5
1, 348. 7
1, 510. 9
1, 671. 1
85.2
97.2
111. 1
123.3
121.5
132.2
156.8
178.8
199.3
212.3
211.6
36.2
45.4
52.4
57.1
50.4
55.8
72.6
85.0
943
95.5
89.8
Furniture
and
household
equipment
35.2
37.2
41.7
47.1
50.6
53.5
59. 1
65.8
72.9
81.1
846
1979: I
II
1, 454 1
1, 478. 0
1, 529. 1
1, 582. 3
212.5
207.4
213.3
216.1
100.1
91.7
947
95. 4
1, 631. 0
1,626.8
1, 682. 2
IV*... 1,7444
220.9
1944
208.8
222.1
100. 6
77.5
87.0
93.9
Period
m—
IV.
1S§0: I
n.™
iii. ..
Total
nondurable
goods 1
Clothing Gasoline Services
and
and oil
shoes
265.7
278.8
300.6
333. 4
373.4
407.3
441.7
479.0
529.8
602.2
6743
138.9
144.2
1549
172. 1
193.7
213.6
230.6
250.3
276.4
312. 1
3447
46.8
50.6
55.4
61.4
648
69.6
75.3
82. 1
91.9
98.9
1046
22.4
23.9
25.4
28.6
36.6
40.4
78.0
80.1
82.4
83.8
571.8
586.4
611.5
639.2
299.1
306.0
3143
329.0
83.6
81. 3
846
88.8
661. 1
6640
6742
697.8
336.2
338. 4
347.7
356.5
i Total includes other items not shown separately.
NOTE.—Data reflect the recent benchmark revision of the national ineomeand
product accounts. For details, see Survey ttf Current Buftoea, December 1980.
4
Food
Retail sales of
new passenger
cars(nlillions
of u]tuts)
Do- Immes- ports
tics
48.2
52.7
68.4
89.1
270.8
296.2
325.3
355. 2
393.2
437.0
485 7
547.7
619.6
696.3
785.3
7.1
8.7
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2.1
2.0
2.3
2.4
95.8
97.0
100.3
102.5
60.6
63.2
72.1
77.6
669.9
6842
7043
727.0
9.1
7.9
&5
7.4
2.3
2.4
2.2
2.4
102.2
102.3
105.3
89.4
90.9
85.3
90.7
749.0
768.4
799.2
8245
7.9
5.5
6.5
6.7
2.9
2.1
2.3
2.5
ioa7
440
Source: Department of Commerce, Bureau of Economic'Analysis.
SOURCES OF PERSONAL INCOME
Personal income rose $21.0 billion (annual rate) in December following a rise of $25.2 billion in November. Wages
and salaries were up $12.9 billion in December compared with an increase of $18.4 billion in November.
OF DOLLARS*{RAT1O SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
2,800
2,400
2,400
2,000
2,000
1,600
1,600
WOO:
1,400
1,200
1,200
WAGE AND SALARY DISBURSEMENTS
1,000
1,000
~*m^*^
800
. i^——™*^
BOO
600
600
OTHER |NCOME
400
400
TRANSFER
PAYMENTS
'
\
200
200
160
160
120
120
100
100
i IN i h n M
80
1974
1973
1975
1977
1976
1979
1978
•SEASONALLY ADJUSTED ANNUAL RATES
SOWCfe DEPARTMENT OF COMMERCE
Period
Dec
COUNCIL OF ECONOMIC ADVJSPS-
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
?
Rental Personal Personal Transfer
Total
Other Propriety>rs income s income
and
personal salary
labor 12
dividend interest
pay- 5
of
income disburseincome
Farm
Nonfarm persons 4 income income ments
l
ments
1973
_ 1, 065. 2 702.7
1974
„ 1, 16& 6
765.7
1975
__ 1, 265. 0 806.4
1976
1, 391. 2
889.9
1977___ _ _ 1, 538. 0
983.8
1978
_ 1, 721. 8 1, 105. 2
1979
1, 943. 8 1, 236. 1
1980 »
2, 161. 0 1, 343. 8
2, 051. 8 1, 293. 1
Jan
2, 077. 2
Feb
2, 086. 4
Mar. _ _ 2, 101. 0
Apr
2, 102. 1
2, 114. 1
May
June. I. 2, 127. 1
July___ 2, 161. 2
Aug
2, 179. 4
Sept___ 2, 205. 7
Oct
2? 235. 3
Nov *__ 2, 260, 4
Dec 2*_ .2, 281. 5
1, 306. 1
1, 315. 0
1, 322. 9
1, 317. 8
1, 320. 1
1, 323. 2
1, 326. 3
1, 342. 4
1, 356. 8
1? 381. 7
1, 400. 2
1, 413. 1
Less: PerNonsonal confarm
tributions personal
for social income 6
insurance
48.8
55.8
64.5
75.9
89.0
102.2
118.6
137. 1
32.8
26.5
24.6
19. 1
18.4
26. 1
30.8
23.4
61.0
62.2
65.4
75.0
85. 1
91.0
100.7
107.2
22. 6
23.5
23.0
23.5
25. 1
27.4
30.5
31.9
26.5
29. 1
29.9
36.5
38.7
43. 1
48.6
544
93.9
112.4
123.2
132. 5
151.6
173.2
209. 6
256.6
119.5
141.2
178.3
194.3
207.5
223.3
249.4
294.4
42.6
47.9
50.4
55.5
61. 1
69.6
80.6
87.9
1, 023. 7
1, 131. 8
1, 229. 1
1, 359. 3
1, 505. 0
1, 679. 2
1, 892. 9
2, 113. 3
127.5
29.6
107.6
31.2
50.9
229.5
265.1
82.9
2, 000. 7
129. 1
130.8
132.6
133.8
135.0
136.3
137.7
139.1
140.4
141.9
143.5
145.0
27. 6
25.2
24.4
23.8
23.3
22.8
22.4
22.0
21.9
22. 1
22.3
23. 1
109.5
108.2
106. 1
102.7
101.0
101.0
105. 1
106.3
111.4
111. 5
112.0
111. 6
31.4
30.8
31.4
31.6
31.3
31. 6
31. 8
32.0
32.2
32.4
32.6
32,8
51.6
52.4
53.2
53.7
54.1
54.7
54. 7
55.2
55.4
55. 5
55.9
56.7
235.2
240.0
244.5
248.3
253.7
258.9
260. 4
261. 7
263.2
266. 6
271.3
275.9
272.7
270.4
271.9
275.9
281.4
284.6
309.7
309.0
313.4
313.8
314.1
315. 3
86. 1
86.4
86.2
85.6
85.8
86.2
87.0
88.3
89. 1
90.4
91.4
92.0
2, 027. 4
2, 038. 3
2, 053. 1
2, 054. 7
2, 067. 0
2, 080. 3
2, 114. 5
2, 132. 7
2, 15& 7
2, 187. 9
2? 212. 7
2, 232. 7
1
The
of wage and
disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contribufor
insurance
and
the
excess
of wage accruals over wage disbursements.
8
of employer contributions to private pension, health, and welfare
workmen's
compensation;
directors'
fees;
a few other minor items.
8
inventory valuation
capital consumption adjustments.
4
consumption adjustment.
BO
1980
5
Consists mainly of social insurance benefits, direct relief, and veteran
payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
NOTE.—Data reflect the recent benchmark revision of the national income and
product accounts. For details, see Survey of Current Bumnms, December
Source: Department of Commerce, Bureau of Eeonomie Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the fourth quarter.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,200
2,000
4,000
4,000
3,000
3,000
1981
1973
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
Less:
Personal
Pertax
sonal
and
Income nontax
payments
Equals:
Disposable
personal
income
COUNCIL OF ECONOMIC ADVISERS
Less:
Personal
outlays1
Per c:apita
dispcisable
persona . income
Equals :
Personal
saving Current
dollars
Billions of d ollars
1972
951.4
1973 _
1, 065. 2
1974__
1,168.6
1975 __
1, 265. 0
1976_
1, 391. 2
1977__
l} 538. 0
1978_
1, 721. 8
1979__ _ 1, 943. 8
1980*
2, 161. 0
141. 0
150.7
170.2
168.9
196.8
226. 5
258.8
302.0
338.7
810.3
914. 5
998.3
1, 096. 1
1, 194. 4
1, 311. 5
1, 462. 9
1, 641. 7
1, 822. 2
1972
dollars
Per cap>ita personal ccmsumption exp enditures
Current
dollars
1972
dollars
Percent
change
in real
per
capita
disposable
sonal
income
Saving
as percent of
disposable
personal
income
Population
(thou-2
sands)
Dollars
757.7
835.5
913.2
1, 001. 8
1, 111. 9
1, 237. 5
1, 386. 6
1, 555. 5
1, 718. 7
52.6
79.0
85. 1
94. 3
82.5
74.1
76.3
86.2
103.6
3,880
4,346
4,710
5,132
5,550
6, 046
6,688
7,441
8,178
3,880
4, 112
4,050
4, 101
4,216
4,332
4,487
4, 584
4,571
3, 529
3,858
4, 190
4,572
5,038
5,557
6, 166
6,848
7,500
3.529
3,652
3,603
3,653
3,828
3,982
4, 136
4,219
4, 193
3. 1
6. 0
-1.5
1.3
2.8
2.8
3.6
2.2
g
8.6
6.9
5.6
5.2
5.2
5.7
6,613
6,708
6,923
7, 145
7,349
7,313
7,539
7,797
4,209
4, 188
4,226
4,252
2.4
-.3
2.5
-.2
5.3
5.6
5.4
47
4,251
4, 133
4, 172
4,215
-5.8
.3
4.9
6.2
2. 1
5.6
6.5
8.6
8. 5
208, 873
210, 440
211, 945
213, 566
215, 203
216, 928
218, 749
220, 643
222, 810
Seas onally ad; usted ann ual rates
1979: !____ 1, 864. 6 284.4
!!___ 1, 906. 3 293. 5
III__ 1, 972. 3 308.4
IV. _ 2, 032. 0 321.8
1980: !____ 2, 088. 2 323. 1
!!„__ 2, 114. 5 330.3
III__ 2, 182. 1 341. 5
IV »_ 2, 259. 1 360.0
1, 580. 2 1, 496. 3
1, 612. 8 1, 521. 9
1, 663. 8 1, 574. 5
1, 710. 1 1, 629. 4
I, 765. 1 1, 678. 7
1, 784. 1 1, 674. 1
1, 840. 6 1, 729. 2
1, 899. 1 1, 792. 5
83.8
90.9
89.3
80.7
86.4
110. 0
111.4
106.6
7, 186
7,320
7,533
7,722
7,953
8,020
8,249
8,488
»Includes personal consumption expenditures, interest paid by consumers to
business,
and personal transfer payments to foreigners (net).
2
Includes Armed Forces abroad. Annual data are averages of quarterly data,
which are
averages for the period. Since data based on the 1980 census are now
fZ^H6 only to April-December 1980, estimates here continue to be based on
the 1970 census.
4,574
4,570
4,598
4,596
4,600
4,532
4,565
4,589
2.9
6. 1
219, 896
220, 335
220, 884
221, 455
221, 938
222, 447
223, 126
223, 730
NOTE.—Data reflect the recent benchmark revision of the national income and
product accounts. For details, see Survey of Current Business, December 1980.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
FARM INCOME
In the fourth quarter, according to preliminary estimates, gross farm income rose $3.7 billion (annual rate) and net
farm income rose $0.3 billion from third quarter levels.
BILLIONS OF DOLLARS*
(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
I 200
200
100
100
GROSS FARM INCOME
80
80
60
60
40
40
NET FARM INCOME
20
20
10 I
10
L.
1973
1974
1975
1976
1978
1977
1979
1980
1981
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Grc»ss farm incc>me
Period
Total i
1973
1974
1975
1976
1977
1978
1979
1980 "
1979: I
II
III
IV
1980: I
II
III
IV ^
L
..
Total
Livestock
and
products
Crops
Value of
inventory2
changes
Production
expenses
Current
dollars
1967
dollars 3
33.3
26.1
24.5
18.7
17.8
26. 1
31.0
23. 1
25.1
17.7
15.2
11.0
4. 1
-1.2
65.6
72.2
75.9
83.1
90.3
100.8
118.6
131.6
59.2
62.7
63.7
65.7
3.2
3.9
5.4
3.9
114.2
116.3
119.6
124. 2
31.3
32.8
30.3
29.9
15.1
15.3
13.7
13.1
69.0
70.3
72.3
73.3
1.0
1.5
127.2
129.9
132.9
136.4
25.7
22.9
21.8
22. 1
10.8
98.9
98.3
100.3
101.8
108. 1
126.9
149.6
154.7
87. 1
92.4
88.2
94.8
95.8
112.5
131.5
140.3
45.9
41.4
43.0
46. 1
47.4
59.0
68.6
68.9
41. 1
51. 1
45. 1
48.7
48.3
53.5
62.8
71.4
145.5
149.1
149.9
154. 1
128.9
130.9
130.6
135.4
69.7
68.2
66.9
69.7
152.9
152.8
154.7
158.4
137.0
135.9
142.8
145.7
67.9
65.6
70.5
72.4
1
Cash marketing receipts and inventory changes plus Government payments,
other
farm cash income, and nonmoney income furnished by farms.
2
Physical changes in end-of-year inventory of crop and livestock commodities
valued at average prices during the year.
Net farni income
Cash]marketing rejceipts
3.4
-1.6
3.4
-2.4
.6
.4
-3.9
-3.6
9.8
13.3
14.2
9.4
9.4
8.8
8.6
s Income in current dollars divided by the consumer price index (Department
of Labor).
NOTE.—Data revised for 1980.
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the third quarter, according to current estimates, corporate profits before tax rose $19.7 billion (annual rate) while
after-tax profits rose $12.6 billion.
BILLIONS OF DOLLARS
WLUONS OF DOLLARS
320
320
280
280
80
^«.-,—*-
40
40
1973
1981
\SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax
Dry valmition
Profi bs (before tax) wit i invents
adjustn lent l
Dome ptie indu stries
1^onfinan Dial
Period
Total *
1970.
1971___ _ _ _
1972__
1973 _
1974 __
1975
1976_ _
1977__
1978
1979_
1980*___
_ _
1979: !____
II
_
III__
_ _
IV
1980: I
II .
III...
IV»
68.9
82.0
94. 0
105.6
96.7
120.6
151.6
176. 7
199.0
212. 7
199.4
217.8
213. 0
215.6
204.5
215. 6
186.9
195.9
Total
62.4
74.9
85. 3
92.0
80.4
107.6
137.4
161. 2
179.3
182.4
167.7
191.7
184. 4
180.5
172.9
179.0
157. 5
165.0
ManuFinancial
Total1 facturing
12. 1
14. 1
15.3
15. 9
15.0
11. 8
17. 1
23.5
29. 3
31.6
30. 0
31.3
31.0
31. 5
32.6
33.3
30. 1
28.7
50.2
60.8
70. 0
76.0
65.4
95. 8
120. 3
137.7
150. 0
150. 8
137. 7
160. 4
153.4
149. 0
140.3
145.7
127. 5
136.2
26.6
34. 1
40.7
45. 5
39.0
52.6
69.2
76.2
85.3
88.9
72. 6
99.4
91.5
84. 4
80.2
92. 1
61. 3
68.5
' See p. 4 for
Inventory valuation and capital consumption
adjustments.
§
of
the
world,
not
shown
8
not
8
Wholesale
and
retail
trade
9. 5
11.7
13.4
13.9
12. 5
21.3
22. 4
27.0
24. 5
23.0
21. 0
22. 9
25.6
22. 6
14.8
25.9
20. 4
Profits
before
tax
Tax
liability
75.4
86.6
100.6
125.6
136.7
132. 1
166. 3
192.6
223.3
255.4
242. 7
253. 1
250.9
262. 0
255.4
277. 1
217. 9
237.6
34.2
37.5
41. 6
49.0
51.6
50. 6
63.8
72.6
83.0
87.6
80.8
88.5
86.4
88.4
87.2
94.2
71.5
78.5
Total
Dividends
Undistributed
profits
41.3
49.0
58.9
76. 6
85. 1
81. 5
102.5
120.0
140. 3
167.8
161.9
164.6
164. 6
173.6
168.2
182. 9
146.5
159. 1
22. 5
22.9
24.4
27.0
29.9
30. 8
37.4
39.9
44. 6
50.2
56. 0
49.0
49.8
50.2
51. 6
53.9
55.7
56.7
57. 7
18.8
26. 1
34.5
49.6
55.2
50.7
65. 1
80. 1
95. 7
117.6
105.9
115. 5
114.8
123.5
116.6
128.9
90.7
102.4
Inventory
valuation
adjustment
-6.6
-4.6
-6.6
—20.0
-40.0
-11.6
-14.7
-15.8
— 24. 3
-42.6
-43.3
-35.3
-37.9
-46.5
-50.8
-61.4
-31. 1
-41.7
-38.9
NOTE.—Data reflect the recent benchmark revision of the national income and
product accounts. For details, see Survey of Current
1980.
of
of
$16.0 billion reduction in the third quarter.
(BILLIONS OF DOLLARS.
BILLIONS OF DOLLARS;
500
NONRES1DENTIAI
FIXED INVESTMENT
1973
SOUiCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Nonresidential fixed
investment
Period
1970
1971
___
1972
1973
1974___
1975
_ _
1976—.-.
1977____
_ __
1978
1979
„
1980 *.
1979: I
II
III
IV___ _ .
1980:1
II
III.
IV 9
Gross
private
domestic
investment
144.2
166.4
195. 0
229.8
228.7
206. 1
257.9
322. 3
375.3
415.8
396. 8
408.3
423.2
421.7
410.0
415.6
390.9
377. 1
403.7
Total
103.9
107.9
121.0
143.3
156.6
157.7
174. 1
205.5
242.0
279.7
294.7
267.3
272.9
288.5
290.2
297.8
289.8
294.0
297.3
Structures
38.7
40.5
44. 1
51.0
55.9
55.4
58.8
64.6
78.7
96.3
108.3
87.3
93.2
99.6
105. 1
108. 2
108.4
107.3
109.3
Producers1
durable
equipment
65.2
67.4
76.9
92.3
100.7
102. 3
115.3
140.9
163.3
183.4
186.5
179.9
179.7
189.0
185. 1
189.7
181.4
186. 8
188.0
NOTE.—Data reflect the recent benchmark revision of the
income and
product accounts. For details, see Survey of Current Business, December 1980.
Resddential fix.ed investnclent
Total
37.1
50.9
63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
105.1
116.7
117.2
119.8
120.6
115.2
93.6
99.2
112.2
Nonfarm
structures
35.4
48.9
61.5
65.6
54.8
52.4
68.8
91.9
106, 9
113.9
100. 1
112.5
112.9
114.9
115.4
110.1
88.9
94.5
106. 9
Farm
structures
0.6
.7
.7
.7
1.3
1.0
1. 1
1. 5
1.8
1.8
2.0
1.6
1.6
2.0
2.3
2.2
1.8
1.7
2.2
Producers'
durable
equipment
1. 1
1.3
1.5
1.7
1.8
1.9
2. 1
2.3
2.6
2.9
3.0
2.7
2.8
2.9
3.0
3.0
2.9
3.0
3. 1
Change in busiimrentories
Total
Nonfarm
3.2
7.7
10.2
18.5
141
-6.9
11.8
21.0
22.2
17,5
-3.0
24.3
33. 1
13.3
-.8
2.5
7.4
-16.0
-5.7
3. 1
6.4
9.6
15.2
16.0
-10.5
13.9
20.2
21.8
13.4
— 1.7
20.8
29.2
7.8
-44
1.5
6.1
-12.3
-2.0
of Commerce, Bureau of Economic Analysis.
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS
Nonfarm business spending for new plant and equipment for the year 1981 is expected to be 10.8 percent above
1980, according to the Commerce Department annual November-December survey. Expenditures in 1980 were 8.8
percent higher than in 1979, according to preliminary figures released in December.
BILLIONS OF DOLLARS (RATIO SCALE)
500
BILLIONS OF DOLLARS (RATIO SCALE)
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
200
200
TOTAL NEW RANT AND EQUIPMENT
100
100
80
80
MANUFACTURING
60
60
40
40
I
30
1973
30
1974
1977
1976
1975
1979
1978
1980
1981
J/ SEE FOOTNOTE 4 BELOW.
SOURCE- DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly
at seasonally adjusted annual rates]
Plant and equipment
Period
1973___
1974___
1975. _ _
1976___
1977
1978___
1979 _ _
1980*4
1981 __
1979: IIIIV__
!._„
II_.
IIL.
IV «.
1981: I «._
II*.
1
* "Other"
Total
137. 70
156. 98
157. 71
171. 45
198. 08
231. 24
270. 46
294. 30
326. 13
273. 15
284. 30
291. 89
294. 36
296. 23
294. 95
310. 59
323. 84
Plant
Equipment.
56.66
64.29
65.21
71.20
80.31
92.70
105. 73
81.04
92.69
92.50
100. 25
117. 77
138. 54
164. 73
106.
108.
115.
116.
117.
166. 56
175. 70
175. 93
177. 86
178. 64
58
60
96
50
59
I^onmaniifaeturin g
Ma nufactui ing
Total
Durable
goods
Nondurable
goods
42.37
53.21
54.92
59. 95
69.22
79.72
98. 68
114. 90
131. 12
100. 11
106. 57
111. 77
115. 69
116. 40
115. 37
122. 69
130. 57
22.75
27.44
26.33
28.47
34.04
40.43
51.07
58.25
66.00
52. 13
55.03
58.28
59.38
58. 19
57.42
60.23
65.36
19.62
25.76
28.59
31.47
35. 18
39.29
47. 61
56.65
65. 12
47.97
51.55
53.49
56.32
58.21
57.96
62.46
65.21
trade;
real
services.
of construction; social services
membership
agricultural services.
Total Mining
95.33
103. 78
102. 79
111. 50
128. 87
151. 52
171. 77
179. 40
195. 00
173. 04
177. 73
180. 13
178. 66
179. 83
179. 58
187. 90
193. 27
3
*
Source:
10
3.31
4.62
6. 10
7.44
9.24
10.21
11.38
13.50
16.04
11.40
11.86
11.89
12.81
13.86
15.25
16.07
18.02
are
Trans- Public
porta- utilities
tion
Trade
and
services *
Communication
and
other 2
7.41
8.23
8.68
8.89
9.40
10.68
12. 35
11.98
12.96
12.67
13.20
12.47
12.09
12.23
11.25
11.50
11.60
45.53
47.79
46.23
49.30
56. 54
68.66
79.26
82.28
87.83
78.86
82. 69
82. 17
81.07
81. 19
84. 87
84. 09
87.43
21. 12
23. 30
21.80
23.51
26.90
32. 02
34. 83
37.02
40.54
35. 05
35.90
37.34
37.66
36. 97
36.26
39.48
40. 01
17. 97
19.83
19.98
22. 37
26.79
29.95
33. 96
34.62
37.64
35. 05
34.08
36.26
35.03
35. 58
31.95
36.78
36.21
by
Starts of
plant and
equipment
projects,
manufacturing 3
53. 21
61.24
56. 51
59.38
77.40
88. 16
112. 98
26.82
32. 53
32. 43
29.41
27. 74
In carryover to expenditures during
as
by business in late October-Defor biases.
of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment rose 414,000 in January while unemployment was up 62fOOO.
MILLIONS OF PERSONS*
110
MILLIONS OF PERSONS
110
5 -
1981
1973
*16 Y E A R S OF AGE AND OVER. ,
SOURCE: DEPARTMENT OF LABOR
COUNCJL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of
and over, except as noted]
Civilian eiaaploymeiit
rri A |
lotal
Noninlabor
stituCivilian Unem- force
Civilian
tional employ- ploy- (includ- labor
populament
force
ment
ing
Armed
tion
Forces)
Period
1975___
1976
1977—
1978*
1979
1980
_
153, 449
156, 048
158, 559
161, 058
163, 620
_ 166, 246
84, 783
87, 485
90, 546
94, 373
96, 945
97, 270
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
7,448 106, 821 104, 719
Total
Agricultural
Nonagricultural
Part-time
ecoTotal for
nomic 1
reasons
84, 783
87, 485
90, 546
94, 373
96, 945
97, 270
3,380
3,297
3,244
3,342
3,297
3,310
81, 403
84, 188
87, 302
91, 031
93, 648
93, 960
104, 208
104, 271
104, 171
104, 427
105, 060
104, 591
105, 020
104, 945
104, 980
105, 167
105, 285
105, 067
97, 708
97, 817
97, 628
97, 225
97, 116
96, 780
96, 999
97, 003
97, 180
97, 206
97, 339
97, 282
165, 101
165, 298
165, 506
165, 693
165, 886
166, 105
166, 391
166, 578
166, 789
167, 005
167, 201
167, 396
96, 145
96, 264
96, 546
96, 566
96, 709
97, 776
98, 587
98, 115
97, 256
97, 933
97, 801
97, 545
7,043
6,993
6,805
6,846
7,318
8,291
8,410
8,011
7,464
7,482
7,486
7,233
1981: Jan. _ 167, 585
96, 128
8,543 107, 668 105, 543 "97, 696
106, 289
106, 357
106, 261
106, 519
107, 148
106, 683
107, 119
107, 059
107, 101
107, 288
107, 404
107, 191
i'Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.
2 Total labor force as percent of noninstitutional population 16
of age and
over.
*Data beginning 1978 not strictly comparable with earlier data because of
Labor
force
participation
rate
(per-2
cent)
Total
15
weeks
and
over
7,830
7,288
6,855
6,047
5,963
7,448
2,483
2,340
1,911
1,379
1,202
1,829
61.8
62.1
62.8
63.7
64.2
64.3
Seas*mally adjusted
U nadjusted
1980: Jan__
Feb__
Mar__
Apr
MayJuneJuly _
Aug__
Sept _
Oct__
Nov _
Dee—
3,490
3,272
3,297
3,216
3,281
3,965
Unemp!<syment
94, 421
94, 488
94, 291
93, 963
93, 764
93, 548
93, 732
93, 793
93, 781
93, 887
93, 999
93, 888
3,549
3,454
3,470
3,803
4,276
3,969
4,086
4, 143
4,183
4,220
4,176
4,218
6,500
6,454
6,543
7,202
7,944
7,811
8,021
7,942
7,800
7,961
7,946
7,785
1,319
1,299
1,391
1,599
1,686
1,777
1,935
2, 150
2,295
2,292
2,329
2,378
64.4
64.3
64.2
64.3
64.6
64.2
64.4
64.3
64.2
64.2
64.2
64.0
3,403 ^94, 294
4,474
7,847
2,358
64.2
3,287
3,329
3,337
3,262
3,352
3,232
3,267
3,210
3,399
3,319
3,340
3,394
revisions in the household survey, which added about 250,000 to labor force and
to employment.
NOTE.—Seasonally
1976,
'
Department of Labor, Bureau of-Labor
11
SELECTED UNEMPLOYMENT RATES
In January the seasonally adjusted unemployment rate was 7.4 percent, the same as in December.
(SEASONALLY ADJUSTED}!
1977
1981
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF KONOMIC ADVISERS
Unernployment
Total
(ail
civilian
workers)
Period
• 8.5
1075. _
1976. _
Men
20
years
and
' '6.7
£ige
Women Both
20
sexes
years 16-19
and
years
ao
19.9
19.0
17.7
16.3
16,1
17.7
[
White
42
41
43
48
5.2
5.2
5.3
5.3
o« o
5.2
5.2
5. 1
5.8
5.8
5.9
6.5
7.3
7.2
7.4
7.3
7.3
7.3
7.4
7.3
9. 1
6,6
6.5
5. 9
5.9
6.0
6.6
7.4
. 7.3
7.4
7.4
7. 2
7.3
7.2
.7. 1
8.6
8.2
8.4
8.3
8.2
8.4
8.3
8.2
6.7
12,9 |
7. 1
5. 1
7.1
9.2
8.2
16.5
16.6
16,2
16.4
18.9
18.3
18.7
18.8
17.8
6.8
6,7
6.8
6.7
6.5
Get
Nov
7.6 |
7.4 1
7.6 i
7. 5
7.4,
5.8
5.8
5.8
6.2
6.5
6.4
6.6
6.5
6.2
6.7
6.7
6.8
18.6
17.8
Jan
7.4
6.0
6.7
19.0
_
_
July—
Aug
as
lost toy the
of
12
.
on
for
ias
10.3
10. 1
11.9
11.7
11.9
12.6
13.6
13.5
13.9
13.7
14.1
14.2
14.0
14.0
48
4.7
5.0
5.8
6.4
6.4
6.6
6.5
6.6
6.4
6.4
6.2
7. 1
ers
(per-
cent)!
13. ,2
6.2
6.2
6.3
6.9
7.6
7.5
7.6
Feb_
Mar_
Apr
_
'ai
5.8
5. 1 • 7.3'
' 4 5 - K-6. 5
'"5.5
3.7
3.6
5.3
6.8
4.9
Parttime
work-
8.2
7.3
§.6
5,6
5.4
6.8
7.4
7.0
6.0
5.7
6.3
„
Experienced House- Fulltime
wage
hold
and
and
heads workother salary
ers
workers
Black
Labor
force
time
lost
13.9
13. 1
13.1
11.9
11.3
7.8
7.0
6.2
5.2
5.9
5.2
4.2
41
5.9
_ _._
___
By select ed group s
By race
7.7
7.0
6.0
5.8
1978__
1979__
»
' Byi?ex
<>f civiilaia labor f orce in g1roup)
(
5. 1
6.3
5.5
5. 4
5.5
6. 1
6. 6
adjusted
of
of
1976.
Statistics.
9.8
9.0
' 8.7
8.7
8.7
8.8
8.4
8.8
9.0
8.8
8.8
8.7
8.7
9.1
8.3
7.6
6.5
6.3
7.9
6.7
6.6
6.8
7.6
8.6
8. 1
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In January the percentage of unemployed persons who were job losers fell, while the percentage who were job leavers,
reentrants, and new entrants rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
DURATION OF UNEMPLOYMENT
REASON FOR UNEMPLOYMENT
60
60
50 -
50
40
40
REENTRANTS
30
30 -
20
20
\
NEW ENTRANTS
\
10
15-26
WEEKS
10
JOB LEAVERS
27 WEEKS
AND OVER
1977
1978
1979
1980
1977
1981
1978
1979
1980
1981
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Percen t distribiution of unempl<Dyment 1>y reasori i
Period
Unemployment
(thousands)
Job
losers
Job
Reenleavers trants
Percen t distribiution of iunemplo yment b^jr duratic n 1
Less
New
5-14
than 5 weeks
entrants weeks
15-26
weeks
State pi ograms Insured
unemployment,
all
27
Insured
weeks unem- Initial regular
proand
ploy- claims
grams 2
over
ment
(unadjusted)
•
1976
1977
1978
1979
1980
1980: Jan_ _
Feb..
Mar__
Apr__
May_
JuneJulyAug-_
Sept..
Oet__
Nov..
Dee...
1981: Jan..
1
7,288
6,855
6,047
5,963
7,448
6,500
6,454
6,543
7,202
7,944
7,811
8,021
7,942
7,800
7,961
7,946
7,785
7,847
49.7
45.3
41.6
42.8
51.9
47.0
46.3
47.5
50.1
52.4
55.4
54.6
54.2
55.2
53.0
53.5
54.3
49.4
12.2
13.0
14.1
14.3
11.6
12.5
12.9
12.3
12.7
11.7
11.0
10.8
11.2
10.8
10.9
11.3
10.5
11.6
Wee kly average, thoussands
26.0
28. 1
30.0
29.5
25.2
28.0
27.9
27.7
26.7
24.9
22.8
23.4
23.6
23.2
25.2
24.0
24.0
26.2
12.1
13.7
14.3
13.4
11.4
12.6
12.8
12.5
10.5
11.0
10.8
11.2
10.9
10.8
11.0
11.2
11.2
12.8
38.3
41.7
46.2
48.1
43. 1
48.8
47.0
45.5
45. 1
46.5
41.7
42.0
41.0
38.4
39.9
39.0
40.4
41.3
Detail may not add to 100 percent because of rounding.
s Includes State (50 Slates. District of Columbia, and Puerto Rico), ex-servicemen (UCX), Federal (UCFE), and railroad (EB) programs. Also includes
Federal and State extended benefit programs. Does not include FSB (Federal
supplemental benefits) and SUA (special unemployment assistance).
Special
unemployment
benefits
claims
(unadjusted)
29.6
30.5
31.0
31.7
32.4
30.8
32.9
33.4
32.8
32.4
35.7
33.5
31.9
32.6
31.3
31.7
28.8
28.7
13.8
13.1
12.3
11.5
13.8
12.0
12.2
12. 1
12.9
12.3
13.0
13.8
15.6
17.2
15.7
15.2
16.0
13.7
18.3
14.8
10.5
8.7
10.8
8.4
7.8
9.0
9.2
8.8
9.6
10.7
11.5
11.7
13.0
14.0
14.9
16.2
2,991
2,655
2,359
2,434
386
375
346
388
3,846
3,308
2,645
2,592
2,740
2,712
2,890
3,202
3,658
3,962
3,810
3,748
3,782
3,602
3,367
3,083
414
397
464
549
631
591
514
503
495
458
424
415
3,740
3,730
3,652
3,629
3,680
3,790
4, 140
3,911
3,961
3,661
3, 726
4,085
1,152
572
be aif Ma^h 19^-A* TheS6 programs staned January 1975 and regular reporting
NOTE.— Seasonally adjusted data revised beginning 1976.
6
/ Pepartment of Labor (Bureau of Labor Statistics and Employment
and Training Administration).
13
NONAGRIOULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey rose 374,000 in January.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
22
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
60
SERVICE-PRODUCING
INDUSTRIES
50
40
GOODS-PRODUCING
INDUSTRIES
30
.1.....
"""**»„..«»'"
20 i I i i 1 1 1 1 1 1 I
1977
1978
1979
1980
1977
1981
1980
* SEASONALLY ADJUSTED
SOURCE- DEPARTMENT OF LABOR
1981
COUNCIL OF ECONOMIC ADVISiRS
[Thousands of wage and salary workers;l seasonally adjusted]
Groods-pro ducing i ttdustriesi
P<»rir»H
A enou
Total
nonagricultural
employ- Total 2
ment
Construction
Serviee-pi•odueing Industrie58
Trans- Whole- Finance,
Ma nufactui ing
Gover nment
portainsursale
tion
ance, Services
and
Non- Total
State
and
and
retail
Total Durable
durable
Federal and
public trade
real
goods goods
local
utilities
estate
1975
1976
1977
1978
1979
1980 9
76, 945
79, 382
82, 471
86, 697
89, 886
90, 656
22, 600
23, 352
24, 346
25, 585
26, 504
25, 856
3,525
3, 576
3,851
4,229
4,483
4,469
18, 323
18, 997
19, 682
20, 505
21, 062
20, 363
10, 688
11, 077
11, 597
12, 274
12, 772
12, 216
7,635
7,920
8,086
8,231
8, 290
8,147
54, 345
56, 030
58, 125
61, 113
63, 382
64, 800
4,542
4,582
4,713
4,923
5,141
5,155
17, 060
17, 755
18, 516
19, 542
20, 269
20, 573
4,165
4,271
4,467
4,724
4,974
5, 162
13, 892
14, 551
15, 303
16, 252
17, 078
17, 740
2,748
2,733
2,727
2,753
2,773
2,867
11, 937
12, 138
12, 399
12, 919
13, 147
13, 304
1980: Jan—
Feb.Mar__
AprMay. _
June__
July..
Aug__
Sept-_
Oct___
Nov__
Dec *_
91, 031
91, 186
91, 144
90, 951
90, 468
90, 047
89, 867
90, 142
90, 384
90, 710
90, 961
91, 116
26, 715
26, 623
26, 476
26,121
25, 745
25, 422
25, 163
25, 312
25, 476
25, 636
25, 811
25, 904
4,745
4,659
4,529
4,467
4,436
4,379
4,322
4,359
4,404
4,442
4,475
4,507
20, 971
20, 957
20, 938
20, 642
20, 286
20, 014
19, 828
19, 940
20, 044
20, 157
20, 282
20, 328
12, 681
12, 715
12, 707
12, 442
12, 140
11, 947
11, 819
11, 860
11, 955
12, 043
12, 146
12, 169
8,290
8,242
8,231
8,200
8,146
8,067
8,009
8,080
8,089
8, 114
8, 136
8,159
64, 316
64, 563
64, 668
64, 830
64, 723
64, 625
64, 704
64, 830
64, 908
65, 074
65, 150
65, 212
5,202
5, 198
5,202
5, 178
5, 167
5,134
5,114
5,129
5, 124
5, 147
5, 132
5, 130
20, 529
20, 637
20, 610
20, 531
20, 487
20, 459
20, 506
20, 589
20, 620
20, 641
20, 660
20, 638
5,091
5,101
5, 115
5, 119
5, 137
5, 150
5,167
5,180
5,194
5,214
5,225
5,243
17, 462
17, 540
17, 580
17, 618
17, 659
17, 652
17, 760
17, 788
17, 861
17, 913
17, 969
18, 052
2,791
2,826
2,886
3, 115
2,960
2,951
2,893
2,828
2,765
2,788
2,790
2,796
13, 241
13, 261
13, 275
13, 269
13, 313
13, 279
13, 264
13, 316
13, 344
13, 371
13, 374
13, 353
1981: Jan»__ 91, 490
26, 051
4,612 20, 357 12, 202
5,265 18, 123
2,800
13, 345
1
8,155 65, 439
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and
of the Armed Forces. Total derived from
this table not comparable
of
employment of the
civilian labor force,
on p. 11,
as
they
14
5,149 20, 757
are not at work because of industrial disputes; and which are based on a samplt
of the working-age population, whereas the estimates in this table are based on
reports
from
1
Includes mining, not
of
of
AVERAGE
HOURS AND HOURLY
PRIVATE NONAGRICUIiTURMi
[For production or nonsupervisory workers; monthly data seasonaEy adjusted]
Averag e gross
hourly cjarnings
Aver age weekly 1lours
Total
private
nonagrieultural 1
Period
Overtime
Total
private
nonagricultural l
Manufacturing
Manufa eturing
Total
Adjusted h ourly earnin gs index2 —to tal private
nonagricultural
Percent cli ange from
a year csarfier 4
Index, 1!)67=100
Current
dollars
1967
dollars s
Current
dollars
1972
1973
1974.
1975
1976
1977
1978
1979
1980 »
37.0
36.9
36.5
36.1
36.1
36.0
35.8
35.6
35.3
40.5
40.7
40.0
39.5
40.1
40.3
40.4
40.2
39.7
3.5
3.8
3.3
2.6
3.1
3.5
3.6
3.3
2.8
$3.70
3.94
4.24
4.53
4.86
5.25
5.69
6.16
6.66
$3. 82
4.09
4.42
4.83
5.22
5.68
6.17
6.69
7.27
137.5
146.0
157. 5
170.6
183.0
196.8
212.9
229.8
250.7
109.7
109.7
106.7
105.9
107.3
108.4
109.0
105.6
101.5
6.4
6.2
7.9
8.3
7.3
7.5
8.2
7.9
1980: Jan
Feb
MarApr
May.
June.
July...Aug
Sept
Oct
...
Nov
Dee*
35.6
35.5
35.4
35.3
35. 1
35.0
34.9
35.1
35.2
35.3
35.4
35.4
40.3
40.1
39.8
39.8
39.3
39.1
39.0
39.4
39.6
39.7
39.9
40.1
3.2
3.0
3.1
3.0
2.6
2.4
2.5
2.7
2.7
2.8
2.9
3.1
6.41
6.45
6.51
6.54
6.57
6.62
6.67
6.71
6.77
6.83
6.91
6.94
6.93
6.99
7.06
7.11
7.15
7.22
7.30
7.36
7.42
7.49
7.58
7.63
240.3
242.4
245.2
246.2
248.3
250.9
252. 1
2540
255.4
257.9
260.9
261.6
102.7
102.2
102.0
101.4
101.4
101.5
102.0
102.0
101.5
101.5
101.7
100.8
7.9
8.2
8.9
8.6
9.1
9.4
9.2
9.3
9.0
9.7
9.9
9.3
1981: Jan*
35.5
40.4
3. 1
7.02
7.69
264.3
9. 1
1967
dollars
3.0
0
-2.7
-.7
1.3
1.0
.6
-3.1
-3.9
-5.3
-5.2
-5.0
-5.2
-46
-42
-3.4
-3.0
-3.2
-2.5
-2.4
-2.8
10.0
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURMI INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly earnings
Total pri vate nonagrieuItural *
Period
Current
dollars
1972
1973
1974
1975
1976
1977.—
1978
1979
1980*..--1980: Jan..
Feb.
Mar
Apr
May
June
July...
Aug
Sept
-
_
__
.
„_______
....
Oct
Nov
Dee »
1981: Jan*
1
Also Includes
1
.
.—
.
$136. 90
145. 39
154 76
163. 53
175. 45
189. 00
203.70
219. 30
235. 10
228. 20
228. 98
230. 45
230. 86
230. 61
231. 70
232. 78
235.52
238. 30
241. 10
24461
245. 68
249. 21
Manufacturing
1967
dollars 3
$109. 26
109. 23
10478
101. 45
102. 90
104 13
104 30
100. 73
95.18
97.52
96.53
95.82
95.08
94.16
93.77
94 17
9462
9475
9492
95.33
9471
$154 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
268. 94
288. 62
279. 28
280. 30
280. 99
282. 98
281. 00
282. 30
28470
289. 98
293. 83
297. 35
302.44
305. 96
310. 68
$221. 19
235. 89
249. 25
266. 08
283. 73
295. 65
318. 69
342.99
367. 78
352. 86
357. 64
356.85
359. 29
361. 74
366. 92
365. 79
366. 46
375. 87
375. 18
379. 81
383. 90
399. 74
Percent chirage from a
year €»arlier,
total prrrate nonagrieu Itural s
Current
dollars
iCurrent dollars3
other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
3 Current dollar index Cor earnings) divided oy the consumer price index.
R evised index for urban wage earners and clerical workers
beginning 1911.
73-635 0 - 8 1 - 2
Construction
Wholesale
and retail
trade
45
111.76
119.02
126. 45
133. 79
142. 52
153. 64
16496
175. 91
172. 13
172. 04
173. 45
172. 16
173. 98
173. 86
17490
176. 96
178. 48
180. 00
182. 25
181. 69
18476
7.5
6.2
6.4
5.7
7.3
7.7
7.8
7.7
7.2
6.9
6.8
6.6
8.2
6.5
6.4
5.7
6.6
6.4
7.5
8.4
7.7
9.2
1967
dollars
41
-. 0
—4 1
—3.2
1.4
1.2
.2
-3.4
-5.5
-6.2
-6.5
-7.0
-5.6
-6.9
-6.9
-6.5
-5.4
-5.5
-46
-3.8
-42
* Monthly changes based on indexes to two decimal places.
' Based on
data.
Source: Department of Labor, Bureau of Labor
IS
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR
Hours of 2all
persems
Outirat1
Output i >er hour
of ail p ersons
Compensation
per 1lour 3
Unit labor
cossts
Impliciit price
deflat tor 4
PriNonNonPriPriNonNonPrivate
Private NonPrivate Nonvate
farm
farm
farm business
vate
farm business
farm
vate
farm
business business
business business business business business business
sector business
sector business
sector
sector sector sector sector sector sector sector
sector
sector
Period
1977== 100; quarterly dat a season:illy adjust;ed
1968
1969
1970
1971.
1972
1973
1974
—
76.9
79.2
76.7
78.9
90.3
92.7
88.5
91.3
85.2
85.4
86.7
86.4
50.6
542
51.4
548
59.5
63.5
59.3
63.4
60.3
63.3
60.5
63.4
78.5
80.9
86.2
92.0
90.2
80.4
85.9
91.9
90.1
7ai
91.2
90.7
93.4
97.0
97.4
90.0
89.7
92.5
96.4
96.8
86.1
89.2
92.4
948
92.7
86.7
89.6
93.0
95.3
93. 1
58.2
62.0
66.0
71.3
78.0
58.6
62.5
66.6
71.7
78.4
67.6
69.5
71.5
75.2
842
67.6
69.7
71.7
75.2
843
66.2
69. 1
71.5
75.3
82.4
66.4
69.4
71.4
74 1
81.6
sai
1975
1976
1977
1978
1979
88.5
94.1
100.0
104.7
107.7
940
100.0
1049
107.7
93.4
96. 1
100.0
1049
108.4
92.7
95.9
100. 0
105.1
108.8
948
97.9
100.0
99.8
99.4
95.0
98. 1
100.0
99.8
99.0
85.5
92.9
100.0
108.4
119.2
86.0
93.0
100.0
ioas
nas
90.2
948
100.0
108.6
119.9
90.5
948
100.0
108.7
120.0
90.4
94.7
100.0
107.4
116.9
89.9
945
100.0
107.0
116.2
1980*.
106.8
106.7
107.8
108.3
99.0
98.5
131. 1
130.4
132.4
132.4
127.6
127.5
1979: I
II
III____
IV
107.7
107.1
107.7
ioa2
107.9
107.1
107.8
108.2
108.1
107.5
108.6
109.3
108.4
108.1
109.2
109.7
99.7
99.6
99.2
99.0
99.5
99.1
98.7
98.6
115.0
118.0
120. 5
123.0
1149
117.6
119. 9
122.7
115.4
118.5
121.4
1242
115.4
118.7
121.5
1244
113.4
115.8
118. 1
120.2
112.6
115.1
117.4
119.7
1980: I
II
III
IV »„
108.7
105.4
105.7
107.3
108.5
105.1
105.8
107.5
109.5
106.7
106.5
108.7
110.0
107.3
107.1
109.1
99.3
98.8
99.2
98.7
98.6
97.9
98.8
98.5
126.0
129.7
132.8
135.5
125.6
129.0
131.9
135.0
127.0
131.3
133.9
137.3
127.4
131.8
133.5
137.0
123.0
126. 1
129. 1
132.4
122.9
126.3
128.8
132.1
Perceiat change ; quarter!]r data at seasonal] y adjustec1 annual rates
1968
1969
1970—
1971
1972
1973
1974
1975
1976
1977—
1978
1979
.
_ _
1980*—
5.1
2.9
5.3
2.9
1.7
2.6
2.0
3.2
3.3
.2
3.3
.3
7.7
7.0
7.4
6.5
42
6.7
3.9
6.8
40
49
40
47
-.8
3.0
6.6
6.6
-1.9
-1.0
2.9
6.9
6.9
-1.9
-1.7
-.5
3.0
3.9
.4
-1.4
—.4
3.1
42
.4
.9
3.6
3.5
2.7
-2.3
.3
3.3
3.7
2.5
-2.4
7.4
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
6.4
2.9
2.9
5.2
11.9
6.6
3. 1
2.8
49
12.1
4.5
44
3.4
5.4
9.4
48
45
3.0
3.7
10. 1
-1.9
6.3
6.3
4.7
2.8
-2.2
6.7
6.4
49
2.7
-41
2.9
40
49
3.3
-42
3.4
43
5.1
3.5
2.3
3.3
2.1
2
—.4
2.1
3.2
2.0
—.2
-.8
9.6
8. 6
7.7
8.4
9.9
9.6
8. 1
7.6
8.5
9.6
7.2
5. 1
5.5
8.6
10.4
7.4
47
5.5
8.7
10.4
9.7
47
5.6
7.4
8.8
10.3
5. 1
5.8
7.0
8.6
-.9
g
-.5
-.4
-.3
-.5
10.0
9.8
10.4
10.3
9.2
9.7
Q
40
-2.2
2.4
1.7
41
-3.0
2.6
1.5
48
-2.0
40
2.8
5.0
-1. 1
41
1.8
-.8
—.2
-1.5
-1. 1
-1.9
— 1.4
-.3
11.6
10.9
8.5
8.6
10.9
10.0
8.1
9.6
12.4
11.2
10. 1
9.8
11.9
12. 1
9.7
9.9
8.8
8.4
8.2
7.4
ai
1.8
I_
-11.5
II
1.1
III.—
6.3
IV»-..
1.4
-12.1
2.9
6.5
.5
-9.9
-.4
8.4
1.4
-9.4
-.9
7.7
1.3
-1.9
1.5
-1.9
.0
-3.0
3.7
-1.1
10.4
12.2
9.7
8.5
9.9
11.2
9.2
9.6
9.0
14.4
9.9
146
5.3
10.9
9.7
10.5
9.8
10.4
11.3
11.3
8.2
10.7
1979: I.
!!___
III____
IV
»
to
2 Hours of all
hours of
*
*
tie
16
product
in the sector In 1972 dollars.
in private industry engaged in the sector, inclpding
family
Estimates based primarily on
.
. , _ for
. ,social
.i
of
employers* contributions
Also
an estimate of wages, salaries,
for the self-employed.
product
by constant dollar gross domes-
ai
10.6
8.9
8.5
7.8
NOTE.—Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Data reflect the recent benchmark revision of the national income and product
accounts by the Department of Commerce.
Source: Department of Labor, Bureau of Labor Statistics.
INDUSTRIAL PRODUCTION
UTILIZATION
Industrial production rose 1.0 percent in December following revised increases of 1.6 percent in November and 1.9
percent in October.
1NDBC, 11967= 100 * (RATIO SCALE)
INDEX, 1967=10)* (RATIO SCALE)
CTION
180 -UTILITIES AND MINI!MG
-TOTAL INDUSTRIAL PRODUCTION
/ \^~-
un
~- '
^x^-^
^^
'
'UTILITIES
1201
*^ •—v/
i*?fi
*"»*/
X^'
100i
180
MANUFACTURING PRODUCTION
100
..,..h.,M
1976
NONDURABLE
160i
, _ ^"i
A
>**%
v
f
-
i *~*^
t
•/\v
MINING
1 1 1 11 1 1 111 1 1 1 1 1 1 1 1 1 1 1 1
1977
1978
1 !! 1 !I| i 1 M 1 111 1 i ! | I fi
1979
1980
PERCENT* (RATIO SCALE)
100
MANUFACTURING 'CAPACITY UTILIZATION RATE
140)r
90
80
120)
70
100,
I M I I I I II ii
1976
1980
1976
1977
1978
1979
1980
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total in dustrial
produ ction
Percent
Period
Index,
1967= change
from
100
year
earlier
1967 proportion^ ... 100. 00
1973
8.4
129.8
1974
.___ 129.3
.4
1975
117.8
-8.9
1976
10.8
130.5
1977
138.2
5.9
1978
.
5.7
146. 1
1979.
_ 152.5
4.4
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indu,stry prodiiction ind<3xes, 1967 = 100
Msanufacturi ng
Utilities
Capacit y utilizati cm rate, p ercent l
Mamufaeturi]ttg
Materials
(Federal
WharReserve Federal Comton
series) Reserve merce2
series 3
series
series
Total
Durable
Nondurable
87.95
129.8
129.4
116.3
130.3
138.4
146.8
153.6
51.98
127. 1
125. 7
109.3
122.3
130.0
139.7
146.4
S5.97
133.8
134 6
126.4
141.8
150. 5
156.9
1640
1147
115.3
112.8
1142
118.2
1240
125.5
5.69
145.4
143. 7
146.0
151.7
156.5
161.4
166.0
91.8
87.1
73.4
81.1
82.7
85.6
87.4
87.6
83.8
72.9
79.5
81. 9
Mining
6.36
85.7
86
83
77
81
83
84
83
92.9
90.2
79.4
85.5
88. 1
90.9
92.6
81
91.8
80
91.3
76
85.7
76
83.5
844
1979: Dec
152.5
.5
153.2
144.8
165.3
131.4
166.9
86. 1
84 1
1980: Jan
Feb
Mar
Apr
May
June__
JulyAug
Sept
Oet
Nov 9
Dec v
152.7
152.6
152. 1
148. 3
144.0
141.5
140.4
141.8
144. 1
146.8
149. 2
150.7
.5
.1
153.4
153.0
152. 1
147.9
143.4
140.3
139. 1
140.6
143.4
146.4
148.9
150.3
1447
144 1
143. 4
138.4
133.3
129.9
128.3
129.4
131.7
135.6
138.8
139. 9
166.0
165.9
1647
161. 6
158.0
155,3
1547
156.9
160.3
161.9
163.6
165.2
133.5
132.9
133.0
164.8
167. 1
172.0
169. 1
167.7
169.3
171.8
173.8
172.7
169.9
170.7
173. 4
86. 1
85.6
83.9
83.5
82.8
80.3
77.6
75.7
74.9
75.5
76.6
78. 1
79.3
79.8
.
-.9
-1.9
-5.7
-7.5
-8.2
-6.8
-5.6
-3.9
-2.0
-1.2
* Output as percent of capacity.
Annual data are averages of four monthly indexes.
Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
2
3
133. 1
133.4
132.9
130.6
129.6
130.5
132.0
1349
137.4
847
82. 1
78.3
75.7
73.7
746
76.3
78.4
80.2
81.2
Sources: Board of Governors of the Federal Reserve System, Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prod ucts
Final 1Products
Total
NonDurable durable
goods
goods
Total
..
.
1971.——- .
—
1972.— ..
——
1973— .
——
1974— - — — — —
1975
.. .
.^— .
1976......
-- —
1977
.. _ —
1978. — .. —
.
_„ .
Dec—.— Jan.— — - _
Feb.— —
.
May
June. __
July....
Aug...
'
Get
»„
—-
_
A
Equipjment
Coiisumer goods
Period
_ - _
_ _ _ _ _ _
.
47.82
105.3
106.3
115.7
124.4
125.1
118.2
127.6
135.9
142.2
147.2
147.2
147.0
147.7
147.7
145.4
143.1
142.3
142.4
142.8
143.9
145.7
147.2
148.0
7.89
106.1
118.8
133.8
146. 2
135.3
121.4
141.9
154.0
159.2
155.8
146.7
142.3
144.5
144. 1
136.3
128.8
128.2
128.3
128.6
132. 7
139.6
142.4
140.5
$7.68
109.0
114.7
1244
131.5
128.9
124.0
137.1
145.3
149. 1
150.8
148.6
147.9
148.4
148.6
145.3
142.4
142.1
142.0
142.7
144.3
146.6
148. 1
148.4
Intern]tediate
prod ucts
19.79
110. 1
113. 1
120.6
125.6
126.3
125. 1
135.2
141.9
145. 1
148.8
149.3
150. 1
150.0
150.3
148.8
147.7
147.6
147.4
148.3
148.9
149.4
150. 3
151.6
Total
Business
Total
20.14
100. 1
94.7
103. 8
114. 5
120.0
110.2
114.6
123. 0
132.8
142. 2
145.2
145.8
146.6
146.6
145.6
144.0
142.6
142.9
142.9
143.2
144.5
146. 1
147.4
12.63
107.0
104 1
118.0
1342
142.4
128. 2
135.4
147.8
160.3
171.3
174 1
1749
176.0
176. 1
1742
171.9
169.8
170. 1
170.3
170.5
171.8
173.4
1749
12.89
112. 9
116.7
126.5
137. 2
135.3
123. 1
137.2
145. 1
154 1
160. 5
159. 6
160.8
159.2
158.3
150. 8
146.2
143. 5
144. 5
147.6
150. 6
152.4
1540
155.4
Materials
Construction
supplies
6.48
111.0
116.8
128.4
139.8
134.5
116.3
132. 6
140.6
151.7
158.0
155.7
156.4
153.8
152.3
139.4
133.0
128.5
128.6
133. 1
137.4
140.5
143. 1
1444
39,29
109.2
111.3
122.3
133. 9
132. 4
115.5
131.7
138.6
148. 3
156.4
156.6
157.0
156.5
155.3
151.0
144 3
140.0
136.5
138.6
142.4
146.4
150. 0
152.4
Supplementary
group:
Energy
total
12. 2S
117.0
119.5
125.2
128. 3
125.5
125.5
129. 1
132.9
135.4
137.9
138.4
138.6
139.4
139.6
139. 1
137.9
138.4
139.2
139.2
138.2
136.8
138.7
140. 5
[1967=100, seasonally adjusted]
Durable m anufactu res
Primarjr
Period
1967 proportion
.
1970
——
1971
..
1972 . „. .
_
1973.- ...
1974.
__
1975
1976
1977...
1978
—
1979— _
_
Dec____
1980:
Feb
_ „ _
Apr
May__
July .__
_ _
Sept.
Oct .
». _
».
of
Total
Iron
and
steel
6.57
106.6
100.2
112.1
126.7
123.1
96.4
109.7
111.1
119.9
121.3
115.3
116.4
111.9
113.7
106.4
96. 1
90.4
81.7
86.0
90. 1
100.8
112.4
116.7
1047
96.1
107. 1
122.3
119.8
95.8
1048
103.8
113.2
113.2
106.6
107.2
103.4
105.9
§7.4
844
75,4
68.1
75.3
79.8
93.3
107. 1
of the
4. 21
Non-
Fabricated
metal
products
trical
machinery
Electrical
machinery
5.9S
102.4
103.5
112.1
1247
1242
109.9
123.9
131.0
141.6
148.5
146.2
145.0
145.7
145.5
141.4
133.2
126. 1
123.8
125.8
129.0
132.8
1343
135.7
9.15
1044
100.2
116.0
133.7
140. 1
125. 1
1345
143.6
153.6
163.7
163.0
167. 1
167.0
166.5
163.2
162. 1
158.3
158.5
158.8
159. 1
160.5
161. 7
162. 1
8.05
108. 1
107.7
122.2
143. 1
143.8
116.5
1348
145.4
159.4
175.0
181.6
181.7
179.2
179,2
177.0
171.4
166.6
165.0
166.7
167.5
170.0
172. 3
1742
Non<durable rnanufact ures
Transpt3rtation
equip ment
Total
Motor
vehicles
and
parts
9.27
89.5
97.9
108.2
118.3
108.7
97.4
111. 1
122.2
132. 5
135.4
127.3
122. 1
125.7
123.8
115. 1
109.8
110.0
110.7
108.3
112.9
118.8
121.8
120.6
4.50
92.3
118.6
135.8
148.8
128.2
111. 1
142. 0
161. 1
169.9
159.9
137. 1
126. 2
133. 9
130. 1
1147
105. 9
106.7
107.9
1044
113.4
1242
129.2
126.7
Lumber
and
products
1.64
105.6
113.8
120.8
126.0
116.2
107.6
123. 2
131.2
136.3
136.9
132.4
131.6
130. 2
125.3
105.2
104 5
109.7
112. 8
121.7
122.6
122. 2
125.4
F
Apparel
products
S.S1
101.4
1047
109.4
117. 3
114.3
107.6
125.7
1342
1342
1344
131. 1
131.5
133.8
136. 1
131.3
128.6
127.2
121.5
123.8
126.7
128. 1
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
136.9
137.8
138.9
139.9
139. 2
136. 5
135.5
135. 4
138.6
140.3
140. 3
141.5
143.2
145. 1
7.74
120.4
125. 9
143.6
1545
159.4
147.2
170.9
185.7
197.4
211. 8
216.8
218.0
217.4
213.6
209. 1
199.2
191. 1
190,3
197.8
206. 8
209. 2
212.7
Foods
8.75
108.9
112.8
116.8
120. 9
1240
123.4
133.0
138.8
142.7
147.5
148.4
148.5
149.0
149.3
147.8
149.5
149. 0
148.9
148.3
148. 6
149.4
149. 5
NEW CONSTRUCTION
Construct!©]a contracts1
Private
Total
construction
expenditures
Period
Resid ential
Total
Total1
Commercial and
industrial
New
housing
units
Federal,
State,
and
local
Other
Total value
index
(1972=
100)
Commercial and
industrial
floor space
(millions of
feet)
103.0
101.9
121.0
153.6
174 1
185.6
161.8
840
555
592
739
977
1,059
898
Bil lions of doll ars
1974...
1975
1976
1977
1978
1979......
1980*
100.2
93,7
111.9
135.8
159.6
179.9
172.7
138.5
1345
151. 1
174.0
205.5
229.0
227.7
_—
..
23.8
20.8
19.9
22.5
29.6
39.9
43.3
40.6
50.4
46.5
60.5
81.0
93.4
99.0
86.3
344
47.3
65.7
75.8
78.6
62.9
25.9
26.4
31.5
32.4
36.6
41.0
43. 1
38.3
40.9
39. 1
38.2
45.9
49.0
55. 1
Seasonally
adjusted
SeGScnalh/ adjusted atinual rates
191.2
198.1
191.7
180.6
171.5
164.8
161.3
158.6
162. 1
167.9
171. 1
177.8
2440
259.6
248.8
237. 1
225.8
218.9
215.0
214 3
215. 1
223.7
226. 1
231.6
241. 6
1979: Dec
1980: Jan. ..
Feb
Mar
.
Apr.
May
Julie
w
July
"J
Aug
Sept
Get .
Nov p __ __
Dee*
1845
102.1
105.8
101.5
45.3
47.4
46.4
43.8
78.5
80.7
75.1
68.4
60.7
55.2
51.9
52.2
56. 1
60.8
63. 5
69.2
72. 1
940
83.5
77.0
73.4
743
78.6
844
87.4
93.7
97.0
»Includes nonhousekeeping 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 1971 for floor space.
445
443
44.6
41.3
41.0
40.5
41. 4
42.3
447
43.8
449
43.8
42.8
43.5
43.5
43.4
43.0
42.4
43.0
42.3
41.9
42.8
52.9
61.5
57.0
56,5
183
190
171
155
130
125
145
148
192
163
167
210
193
543
541
53.7
55.7
53. 1
55.8
55. 1
53.7
57.1
1
Seasonally
adjusted
annual
rates
969
1,253
1,026
994
875
753
854
867
792
797
857
1,081
1,162
Sources: Department of Commerce (Bureau of the Census) and McGraw-Hill
Information Systems Company, F. W. Dodge Division.
NEW PRIVATE HOUSING AND VACANCY RATES
[Thousands of units or homes, except as noted]
!^ 'ew private housing unilbs
Units started, by type of stnicture
Period
1973
1974...
1975
1976
1977
1978
1979
1980»
.-.—-
Total
1 unit
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1
1, 291. 0
1, 132. 0
888.1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1
850.3
2-4
units
118.3
68.1
64.0
85.9
121.7
125.0
122.0
109.7
5 or more
units
795.0
381.6
204.3
289.2
414.4
462.0
429.0
331.0
New priv ate homes
Homes for
sale at
end ofl
period
Yacaney
rate for
rental
housing
units
(percent)1
Units
authorized
Units
completed
1, 819. 5
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 800. 5
1, 551. 8
1, 170. 8
2, 100. 5
1, 72a 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
1, 870. 8
1, 498. 5
634
519
549
646
819
817
709
531
418
346
313
353
402
414
3
398
338
5.8
6.2
6.0
5.6
5.2
5.0
5.3
1,880
1,787
1,832
1,669
1,897
1,536
1,469
1,502
1,405
1,256
1,285
1,269
1,380
571
584
548
458
345
458
544
646
632
571
540
564
545
398
396
384
377
364
351
340
333
330
335
334
338
338
5.2
Homes
sold
Seasonally adjusted aiinual rates
New
786
617
628
628
757
869
906
1,223
1,265
1,429
1,541
1,557
1,563
1,548
Oct»— -—
Nov^
Dec*
1
2
8
1,055
1,002
1,548
1,419
1,330
1,041
1,030
1979: Dec
1980: Jan....
Feb
Mar
Apr
May — -..
June
July
Aug...-..-
in
1970.
1,003
1,059
1?030
1,012
947
of
110
127
101
91
100
80
75
80
136
142
120
155
129
383
290
443
333
302
198
391
316
290
340
407
396
472
1,247
1,271
1,168
968
789
825
1,078
1,236
1,361
1,564
1, 333
1,355
1,233
NOTE.—Units
for 1973-77 are
of
tor
places.
to
5.0
5.4
5.5
48
IN¥QfTORIES—TOTAL UND TRADE
Business sales rose 1 percent in December while inventories fell $1 billion. According to the advance survey, retail
sales rose 2 percent in January following a slight increase in December.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS* fRAUO SCALE) |
600
(RATIO SCALE)
550
500
TOTAL BUSINESS
INVENTORIES
4501
400 j
350
300
/• \
250
TOTAL BUSINESS
SALES
50i —
200
\
40
1976
RATIO*
1.80
INVENTORY-SALES RATIO
1.70
1.60
150
1980
TOTAL BUSINESS
150
1.40
RETAIL
1.30
ill
19771
100:
1.20
J. 19ff
1977
1976
Wholesale
R<Jtail
2
Q_i
_ n
Inventories3
CJ 1 ~,29
Sales
n
Inventories3
TVd- al
Inventoij- sales
IiiventorieS 3
Sales
bales *
1980
COUNCIL Of ECONOMIC ADVISERS
Total business *
Period
1979
1978
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Dur-
Non-
able
goods
stores
durable
goods
stores
DurTVvf ol
Non-
able durable
goods goods
stores stores
ratio *
Total
business l
Retail
Millions of d ollars, seasonally adjustec
1973
1974
1975
1976
1977
19781979
1980 »_
152, 237
175, 741
180, 263
202, 001
224, 786
254, 297
288, 388
310. 787
234, 162
285, 518
285, 035
310, 736
337, 432
380, 643
426, 796
457, 023
36, 822
45, 836
44, 633
48, 408
53, 509
62, 842
73, 551
82, 280
46, 254
56, 537
55, 113
61, 307
67, 998
80, 771
89, 676
99, 541
42, 461
45, 083
49, 013
54, 784
60, 435
66, 741
73, 837
78, 694
14. 409
14, 118
15, 247
18, 150
20, 724
23, 458
25, 680
25, 032
28, 052 63, 237 28, 418
30, 965 71, 067 32, 861
33, 766 71, 744 33, 356
36, 633 79, 273 37, 841
39, 711 89, 210 42, 970
43, 283 101, 538 50, 100
48, 158 108, 862 53, 087
53, 662 112, 288 51, 856
34, 819
38, 206
38, 388
41, 432
46, 240
51, 438
55, 775
60, 432
1.43
1.47
1. 58
1.48
1.44
1. 41
1.41
1.44
1.40
1.48
1.44
1.38
1.39
1.43
1.45
1.41
302, 117
312, 458
310, 181
305, 165
294, 998
292, 478
June
294, 203
July__
_._ 304, 154
Aug
308, 019
Sept
318, 321
Oct
325, 838
Nov. _ _ _ 328, 983
5
Dec
_ 332, 212
426, 796
431, 420
435, 155
439, 114
445, 170
445, 801
447, 031
449, 510
451, 951
454, 566
456, 532
457, 986
457, 023
78, 678
80, 906
79, 299
78, 550
76, 391
76, 376
76, 629
80, 189
82, 606
85, 470
88, 532
89, 136
91, 333
89, 676
90, 690
91, 342
91, 497
92, 378
92, 562
93, 633
94, 619
97, 111
98, 111
99, 275
99, 956
99, 541
77, 150
79, 464
77, 993
76, 534
75, Oil
74, 587
76, 001
78, 287
78, 770
80, 087
80, 609
82, 125
82, 362
25, 943
27, 268
26, 369
24, 296
22, 821
22, 537
23, 212
25, 076
24, 821
25, 868
25, 591
26, 524
26, 185
51, 207
52, 196
51, 624
52, 238
52, 190
52, 050
52, 789
53, 211
53, 949
54, 219
55, 018
55, 601
56, 177
55,775
56, 306
56, 485
56, 819
57, 762
58, 045
58, 123
59, 255
58, 940
60, 602
61, 694
61, 136
60, 432
1.41
1.38
1. 40
1. 44
1.51
1. 52
1.52
1. 48
1.47
1.43
1.40
1.39
1.38
1.41
1.36
1.39
1.43
1.47
1.47
1.44
1.42
1.41
1.41
1.42
1.39
1.36
1979: Dec
1980: Jan
Feb
Mar.,
Apr..
May
1981: Jan *
1
The term "business" also includes manufacturing
2
Monthly average for year and total for month.
3
84, 009 26, 936 57, 073
(see page 21).
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
to
for month.
108,862 53, 087
108, 436 52, 130
108, 717 52, 232
109, 095 52, 276
110, 252 52, 490
109, 837 51, 792
109, 768 51, 645
110, 786 51, 531
111, 323 52, 383
112,840 52, 238
114, 381 52, 687
113, 940 52, 804
112, 288 51, 856
«Preliminary; not charted.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers* orders, shipments, and inventories rose in December.
BILLI DNS OF DOLLARS* (RATIO S CALE)
180
160
" SHIPMENTS
140
BULK}NS OF DOLb\RS * (RATIO SCALE)
280
TOTAL
—
120
—
—
.A"*"'"*""
pX""*"
~s—•— -—-i
^X1
100
^/~
^f^^f*****"***^1- —^*+tf*""^
^«»»«»**
s
£^^p>-->^ "
100
80
NONDURA 3LE GOODS
40
„„-.-
—
.+**
120
__X"—"•^^
100!
^~~~- ^1
\ ^/^^
^^
.-——--—•
_
f\,—^—^~\^S-
^x—«v/
_
^^S^
*"
-c-r.:^- „.-
>^-—"'"""
k
j*2
*</
1976
1977
iiniliiiii 1 1 1 1 1 Ii 1 1 it
1977
1978
IIIIlllMM
iiiiihiin
1979
1980
INVENT(DRY-SHIPI\/IENTS RA~no
2.0
_
1.8
^-\.
mm*"""
"*"
\
NONDURABL E GOODS
, ,, , , i
~
1 1 1 1 1 I! 1 1 11
RAT 0*
2.2
40!
,,,,,1
1976 |
\
NONDURA^BLE GOODS
—
\
60"
_
—.*********"*
„.—- m.*--~"~~~""~"~
DURABLE C OODS
~*
\
40
80'
~
-
.•*•***
x"—'
TOTAL
~
140
^^*""M"*— "
,»»«•—"•*
-
1 i i i 1 1 i i i i i 1 1 i i ii
1 ,, , , ,
BULKDNS OF DOLLARS* (RATIO S<IALE),
180
—NEW OFRDERS
_
—•—•-—"i
.^—~-—
60
160
^_~^-**~**'"^
DURABLE GCK)DS
•" ~\
1 , , , , , ii . , , h , ,. ,
*^*^*^*~
—\
120
yv*"**""'
60
---*-*"
iOTAL
_
-
_
H^-vi
„•-•*•*'
200
~
- INVENTDRIES
160
DURABLE GODDS
80
240
, , , , , 1 , i i i . ii , , , 1
1979,
1978 ,
mult...,
1980
1.6
-^
1.4
-
1.2
r/V
^ x/^^^^—^
^A^-^
^—^
. i MI h i M i M i n i i n n
1976
1977,
II II 1 h ! 1 II
,1978
itiiihiiM
1 111 1 1111 11
1979
1980
•*SEASONALLY ADJUSTED,
COUNCIL OF ECONOMIC ADVISERS
SOURCE; DEPARTMENT OF COMMERCE
Manufac /turers' sh ipments 1 Manufad iurers' inv entories 2
Period
Total
NonDurable durable
goods
goods
Durab le goods
ManufacCapital
NonNonturers'
goods
Total
durable
durable
Total Durable
unfilled
indusgoods
Total
goods
goods orders 3
tries,
nondefense
Millions of dolhirs, seasonlally adjus ted
84, 821
86, 617
98, 810
110, 842
124, 714
141, 000
149, 813
44, 253
43, 678
50, 697
58, 010
66, 505
73, 981
75, 182
40, 568
42, 939
48, 113
52, 832
58, 210
67, 019
74, 632
1979: Dec___ 146? 289
74, 191
72, 098 228, 258 151, 689
152, 088
152, 889
150, 081
143, 596
141, 515
141, 573
145, 678
146, 643
152, 764
156, 697
157, 722
158, 517
77, 948
79, 159
75, 925
72, 207
69, 443
69, 056
72, 544
72, 057
76, 571
79, 497
79, 741
79, 461
74, 140
73, 730
74, 156
71, 389
72, 072
72, 517
73, 134
74, 586
76, 193
77, 200
77, 981
79, 056
1974___
1975
1976
1977
1978
1979
1980*
_
1980: Jan___
Feb__.
Mar__
Apr___
May__
June__
July__
Aug_._
Sept.Oct___
Nov
Dec *>__
157,
158,
170,
180,
198,
228,
245,
915
178
156
224
334
258
194
232, 294
235, 096
238, 522
242, 540
243, 402
243, 630
244, 105
243, 517
243, 615
242, 876
244, 090
245, 194
101,
101,
109,
115,
129,
151,
161,
866
766
095
751
456
689
918
154, 043
155, 314
157, 127
159, 877
160, 607
160, 404
160, 875
161, 081
160, 691
160, 137
160, 977
161, 918
' Monthly average for year and total for month. Shipments are the same as sales.
23 Book value, end of period.
End of period.
4
For annual periods, ratio of weighted average inventories to average monthly
Manu facturen ?J new ord ers1
56, 048
56, 412
61, 061
64, 472
68, 878
76, 569
83, 276
87, 157
85, 082
99, 184
112, 451
128, 488
144, 335
150, 786
46, 740
41, 957
51, 047
59, 562
70, 145
77, 215
76, 212
76, 569 149, 232 77, 199
78, 251
79, 782
81, 395
82, 663
82, 795
83, 226
83, 230
82, 436
82, 924
82? 739
83, 113
83, 276
155, 588
154, 603
152, 065
143, 313
138, 920
138, 582
147, 104
147, 180
155, 262
158, 054
158, 775
161,811
81, 467
81, 021
77, 546
72,416
67, 328
66, 454
74, 228
72, 229
78, 960
80, 693
81, 047
82, 471
12, 737
10, 772
12, 501
15, 084
18, 308
21, 643
21, 299
Manufacturers*
inventory —
shipments
ratio *
187, 574
169, 126
173, 646
193, 561
239, 321
279, 710
291, 202
1.65
1.83
1.66
1.59
1.52
1.52
1.61
22, 285 72, 033 279, 710
1.56
283, 211
284, 924
286, 907
286, 629
284, 033
281, 044
282, 463
282, 997
285, 497
286, 849
287, 907
291, 202
1.53
1.54
1.59
1.69
L72
1. 72
1.68
1.66
1.59
1.55
1. 55
1.55
23, 859
21, 480
22, 590
22, 162
19, 589
19, 954
21, 608
19, 371
20, 860
20, 618
21, 849
21, 628
40, 417
43, 125
48, 137
52, 889
58, 344
67, 120
74, 573
74, 121
73, 582
74, 519
70, 897
71, 592
72, 128
72, 876
74, 951
76, 302
77, 361
77, 728
79, 340
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of the Census.
21
PRICES
PRODUCER PRICES
In December the producer price index for all finished goods rose 0.6 percent, seasonally adjusted. Prices of finished
consumer foods fell 0.4 percent and prices of other finished consumer goods were up 0.9 percent. Prices of capital
equipment rose 1.0 percent.
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
260 —-'
120!
120
100
100
1980
1972
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[1967 = 100; raonthl. Y data sseasonally adjus ted]
J Finishec I goods
In termedi ate
Crud e mateilals
rnaterial s
lotai
finFoodished
Cons umer goods
Capistuffs
conFoods
sumer Total and 1 Other Total and Other
Non- tal
Tins*
feedTotal aKlo dur- equip- goods
feeds
stuffs
able ment
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 1845 178.9 201.7 191.0 202.4 2143 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
208.2 181.9 225.9 216.7 215.7 242.8 223.2 2440 282.2 247.2 348.3
24E5 204.9 278.2 239.5 246.7 279.6 252.3 281.3 316. 1 258. 9 4245
225.5 191.6 248.4 2248 229. 9 260.2 231. 1 262.0 301.7 255.8 388.5
232.0 19ai 255.0 228.4 233.6 267.3 225.1 269.9 299.5 246.0 400.9
238.6 202. 1 263.2 230.0 237.6 272.6 237.6 2747 307.5 251.3 4142
243.0 200.5 272.0 232.0 241.4 273.9 230.2 276.5 300.9 2444 408.2
246.7 201.2 277.7 236.2 241.7 2743 223.9 277.4 290. 4 229.5 406.2
248.0 201.0 280.2 236.6 242.6 275.4 237.6 277.7 294 1 235. 1 40a2
249.6 203.7 281.0 238.3 2443 277.6 237.7 280.0 295.2 237.7 4042
251.7 207.0 282.4 241.6 248.7 280.0 247.6 282.0 313.9 259.2 417.5
252.7 208.0 283.3 243.4 252.8 283.2 271.0 2840 333. 1 282.4 429.0
252. 3 207.0 283.3 243.2 252.3 283.7 271.6 2844 335.8 281.4 439.0
253.9 209.5 284.0 246.6 253.8 286.3 288.0 286.2 342.3 285.5 449.9
255.7 210.0 287.0 248.0 255.5 289. 1 292.8 288.9 346.2 287. 1 458.2
257.9 211.5 289.7 250.5 256.7 292.9 270.9 2943 341.6 277.6 462.9
F inished goods exeludin g
consumer f c>ods
Period
1973.......
..
1974
...
1975
1976
1977
.
1978
1979.....
1980
„
1979: Dec
1980: Jan._
Feb
Mar,
Apr
May.-.,,
June
July
A.ug
_
Sept
Oct
___„
Nov
Dec
Total
Confinished sumer
goods foods Total
127.9
147.5
163.4
170.3
180.6
194.6
216.1
244.7
228.5
232.2
235.5
238.8
240.3
241.0
242.7
246.8
250.3
249.8
251.9
253.5
255. 1
146.4
166.9
181.0
180.2
189. 1
206.7
226.3
238.0
234. 1
232.0
231.0
233.4
226.9
227.0
228,7
237.6
247.9
247.4
248.7
250.0
249. 1
120.1
139.3
156.2
165.5
176.2
188.9
210.8
244.4
224.6
230.0
2346
238.2
242.0
243.0
244.6
247.2
248. 5
248. 1
250.4
252. 1
254.4
» Intermediate materials for food manufacturing and feeds.
22
rp 4. i
NOTE.—Data revised for August 1980.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In December, the consumer price index for all urban consumers rose 1.1 percent, seasonally adjusted (0.9 percent unadjusted). Food prices rose 1.1 percent (0.7 percent unadjusted) and nonfood commodity prices were up 0.6 percent
(0.4 percent unadjusted). Services prices were up 1.5 percent (1.4 percent unadjusted).
INDBC, 1967= 100 (RATIO SCA14
300
INDEX, 1967= 100 (RATIO SCALE).
300
140
120
110
1972
1980
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT Of IAKM
[1967=100]
Period
1973
1974
1975
1976
1977_.
1978
1979
1980
All
Food
items
133.1 141.4
147.7 161.7
161.2 175.4
170.5 180.8
181.5 192.2
195.4 211.4
217. 4 234.5
246.8
254.6
Services
123.5
136.6
149.1
156.6
165.1
174.7
195. 1
222.0
139. 1
152.1
166.6
180.4
1943
210.9
234.2
270.3
commodities
All
129.9
145. 5
158.4
165.2
1747
187.1
208.4
233.9
141.4
161.7
175.4
180.8
192.2
211.4
2345
2546
Food
at
home
141.4
162.4
175.8
179.5
190.2
210.2
232.9
251.5
229.9
233.2
236.4
239.8
242.5
May
244.9
June
247.6
July___ 247.8
Aug
249. 4
Sept... 251.7
Oct
253.9
Nov
256.2
Dec_ __ 258.4
NOTE.—Data bej
to
241.7
207.2
249.3
243.8
244.9
247.3
210.4
213.8
216.7
218.6
220.2
221.4
222.2
2242
226. 6
228.3
230.0
231.0
253.1
256.8
261.3
265. 3
269.2
2742
272.4
272.5
2748
277.9
280.9
284 7
249.1
250.4
252. 0
2548
258.7
261.1
262.4
264.5
266.4
Jai
vets
1978
cle
to all
Food
away
from
home
All
123.5
136. 6
149. 1
156. 6
165.1
141.4
159.4
1743
186.1
200.3
218.4
242.9
267.0
1747
195. 1
222. 0
Durable
Nondur-
121.9
130. 6
145.5
1543
163.2
173.9
191. 1
210.4
1248
140.9
151.7
158.3
166.5
Services
able
1743
198.7
235.2
139.1
152.1
166.6
180.4
1943
210.9
2342
270.3
Seasonal]iy adjusted
Unacljusted
1979: Dec.
1980: Jan
Feb__.
Mar.__
Apr
ComDaodities less food
Food
Commodities
less
food
220.4
2448
242.3
2544
207.3
200.3
223.5
226.1
228.8
230.0
230.8
231.6
233.0
235.8
238. 7
240. 7
243.0
2448
2448
2447
247.1
248.4
249.2
250.5
252.9
257.5
261.6
263.6
266.6
269. 4
241.8
256.9
258.6
260.6
262.5
263.8
266. 1
267.3
269.0
271.4
273.4
276. 1
278.8
211.5
215.2
217.9
219.0
219.8
220. 4
221.4
202.5
203.5
2040
205. 1
206.3
207.4
208.5
211.8
215. 1
217.7
220.6
r
Source:
240.9
243.5
2445
245. 1
246.0
248.9
254 7
259.6
261.7
264 8
267.7
of
223.5
226. 0
227.8
229.8
231. 2
%
221. 8 •
0
f
215.0
221.8
228.4
233.8
235. 1
235. 5
235. 8
236.6
237. 6
238. 1
238.4
239.5
241. 8
249.5
252.9
256.8
261. 6
265.6
269.8
2747
272.5
272.3
2743
277.6
280.4
2847
sties.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
Percenl change from pre ceding
period ; season!dly adju,sted1
* ^fp8« •
Percent* change from 3 nicnths
earlie r; seasonally adji:isted
annual rates
Percem ', change from 6 nmonths
earlier; season ally adjuisted
annual rates
Consume;r goods
Consume;r goods
Consumejr goods
Total
finished
goods
_
-
1979: Dec
1980: Jan
Feb
Mar
Apr
May.June
July
Aug
Sept
Oct
Nov
Dec
—
Capital Total
equipfinExclud- ment ished
ing
Foods
goods
foods
Capital
equipExclud- ment
Foods
ing
foods
as
iaa
6.6
3.3
6.6
9.2
12.6
11.7
8.0
22.5
13.0
5.5
-2.5
6.6
11.9
7.6
6.5
2.0
7.4
20.5
6.7
4.9
6.1
8.4
18.0
14.3
2.0
5.3
22.6
8.2
6.4
7.2
8.0
8.8
11.5
.8
.3
1.2
.9
13.3
8.6
17.9
10.0
147
11.9
20.6
7.9
1.6
1.4
1.4
.6
.3
.7
1.7
1.4
-.2
.8
.6
.6
-.9
-.4
1.0
-2.8
.0
.7
3.9
43
-.2
.5
.5
-.4
2.9
2.8
1.8
1.5
.5
.6
.8
.4
-.2
.6
.7
.9
1.6
.7
.9
1.8
.2
.7
1.4
.7
-. 1
1.4
.6
1.0
15.7
16.7
19.3
14.7
9.7
6.7
11.3
16.4
12.2
8.5
5.2
8.8
5.2
-4.2
-1.2
-8.5
22.8
31.3
348
27.9
16.7
11.3
8.4
7.8
44
3.5
48
9.2
ias
15.7
16.4
16.2
15.2
13. 1
12.8
13.0
13.0
9.4
9.9
10.6
10.5
8.4
4.3
3.6
-1.9
5.5
-46
49
15.2
12.4
20.1
21.3
18.6
23.6
26.3
26.1
25.3
23.8
22.5
17.7
12.2
7.8
5.9
6.3
6.8
9.6
11.4
11.7
13.8
12.7
12.4
11.9
12.0
9.9
9.0
9.9
10.5
11.8
——
Capital Total
finequipExclud- ment ished
goods
ing
Foods
foods
-a 7
-7.8
20.2
42.2
36.9
20.0
3.4
2.8
13.4
13.4
144
12.0
11.3
9.5
12.0
8.5
8.5
7.8
12.6
Source: Department of Labor, Bureau of Labor Statistics.
» Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for August 1080.
CHANGES IN CONSUMER PRICES
Percen t change from preceding
perio d; season ally ad jussted1
-
3.4
8.8
12.2
7.0
4.8
6.8
9.0
13.3
12.4
4.7
20.1
12.2
6.5
.6
8.0
11.8
10.2
10.2
Commodities
less
food
2.5
5.0
13.2
6.2
5.1
4.9
7.7
14.3
11.5
1979: Dee—
1.2
1.4
1.1
1.4
0
-.0
1.0
.5
.3
.5
1.0
1.8
1.6
.8
1.1
1.1
2.0
1.7
1.3
.5
.4
.3
.5
.9
1.1
.8
.9
.6
1.4
1.5
1.9
1.5
1.6
1.8
-.8
—.1
.7
1.2
1.0
1.5
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
All
items
1980: Jan
Feb
Mar...
Apr
May..
June_July—
Aug...
Sept
Oct...
Nov.Dec...
1.4
1.4
1.4
.9
.9
1.0
0
.7
1.0
1.0
1.0
1.1
Food
Services
Percent c lange frc•m 3 mont tis earlier; Percent e tiange f ro m 6 mont]is earlier;
seasonsilly adjujsted annuld rates
seasonsilly adjusited annul3,1 rates
All
items
Services
All
items
Food
Commodities
less
food
Services
3.6
6.2
11.3
8.1
7.3
7.9
9.3
13.7
14.2
13.7
12.1
15.6
17.2
18.1
15.9
13.6
11.6
7.6
6.9
7.0
11.3
12. 6
12.8
8.6
5.6
3.8
6.0
7.6
5.6
7.4
140
1R9
18.0
14.9
12.5
»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
Food
Commodities
less
food
12.7
15.8
18.1
21.2
22.1
15.0
8.8
4.7
4.5
6.9
10.6
12.1
11.8
9.5
16.4
18.6
20.9
21.7
21.8
21.6
10.8
3.8
-.6
7.7
12.4
16. 1
13.8
9.3
145
15.1
14.5
15.3
15.9
15.7
15.4
14.8
11.7
10.2
9.3
9.4
9.7
9.9
8.2
16.2
17*3
17.3
16.5
148
13.0
9.6
7.9
7.6
8.2
9.3
10.0
15.7
16.7
18.3
19.0
20.2
21.2
16.1
12.4
9.9
9.2
8.0
7.4
ao
7.9
7.3
6.6
4.7
6.7
10.7
12.1
12.6
14.5
15.7
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 0.8 percent in January
January 1 5.
INDEX, 1967=100
by
2.4
in the
-•••;
SCALE)
INDEX, 1967=100
SCALE)
320
1973
1974
1981
1975
I/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
SOURCE: DEPARTMENT Of AGRICULTURE
COUNCIL OF ECONOMIC ADVISERS
[1967=100]
Prices received by fas,rmers
Period
All farm
products
Crops
Livestock
and
products
by fanners
Prices
Production
All
items,
ties,
interest^
Production
interest,
items
taxes,
2
1
rates
1973
1974
1975
1976
1977
1978
1979_-__
1980
1980: Jan
Feb
Mar
Apr
May
June
July____
Aug
Sept
Oct
Nov
Dec__
1981: Jan
1
2
__
.
„ _ _
„___.____
179
192
185
186
183
210
241
246
175
224
201
197
192
203
223
241
183
165
172
177
175
217
257
251
144
164
180
192
202
219
250
281
149
169
186
198
208
227
261
293
146
166
182
193
200
217
249
277
124
117
103
97
91
96
96
88
237
239
234
225
228
233
247
257
261
261
264
265
220
221
220
218
224
228
242
252
260
259
271
272
252
255
247232
232
237
252
262
263
263
260
25i
270
272
276
276
276
279
281
284
287
289
291
2§2
283
285
288
287
287
289
291
295
299
300
303
303
265
268
272
270
270
273
275
280
284
286
289
2iO
88
88
85
82
83
84
88
90
91
90
91
91
263
275
253
299
312
294
88
Includes items not shown separately.
Percentage ratio of index of
recei¥ed by farmers to index of prices
interest, taxes,
wage rates.
NOTE.—The
law. The
son
are
to a
for
on a
to
as
by
25
MONEY, CREDIT, AND SECURITYMARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
The narrow measures of money declined in December, while growth in M-2 and M-3 slowed.
BILLIONS OF DOLLARS'(RATIO SCALE)
H 2,400
BHUONS OF DOLLARS* (RATIO SCALE)
COUNCtl OF ECONOMIC ADVISERS
[Averages of daily figures; billions of dollars, seasonally adjusted]
Ml-A
Period
Currency
plus
demandl
deposits
1974: Dec
1975: Dec
1976: Dec
_
1977: Dec
1978: Dec
__
1979: Dec. ..
1980: Dec*
1979: Dec
Jan
__
Feb
Mar_
_
Apr_ _ „
May
_ _„
June
July
Aug-__
Sept
_
Oct
„_
Nov _
Dec 9 _ _ _
275.3
287.9
305.0
328.4
351.6
369.8
384.8
369.8
370.6
373.5
372.9
366.7
367. 1
370.9
373.5
379. 5
383.4
386.3
388.4
384.8
Ml-B
Ml-A plus
other
checkable
deposits at
banks and
thrift
institutions
275.7
289.0
307.7
332. 6
360. 1
386.9
411. 9
386.9
388.3
391.4
391.4
386. 3
386. 1
391.3
395.5
402.7
408. 0
412.0
415.0
411.9
M2
Ml-B plus
overnight
RPs and
Eurodollars,
MMMF
shares, and
savings and
small time
deposits at
commercial
banks and
thrift
institutions 2
906.2
1, 022. 4
1, 166. 7
1, 294. 1
1, 401. 5
1, 526. 0
1, 673. 6
1, 526. 0
1, 534. 7
1, 547. 6
1, 554. 6
1, 550. 4
1, 563. 7
1, 587. 6
1? 612. 5
1, 632. 5
1, 644. 4
1, 656. 5
1, 670. 8
1, 673. 6
* Net cf demand deposits due to foreign commercial banks and official
institutions.
2
Total M2 excludes demand deposits held by thrift institutions at commercial
banks,
not shown separately in components.
3
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted
rate.
26
M3
M2 plus
large time
deposits
and term
RPs at
commercial
banks and
thrift
institutions
1} 058. 6
1, 161. 0
1, 299. 7
1, 460. 3
1, 623. 6
1, 775. 5
1, 958. 1
1, 775. 5
1, 786. 6
1, 805. 4
1, 813. 0
1,811.9
1, 825. 7
1, 846. 2
1, 867. 7
1, 889. 5
1, 904. 6
1, 921. 8
1, 946. 1
1, 958. 1
I3ercent change 3
L
M3 plus
other liquid Ml-A Ml-B
assets
1, 244. 1
1, 371. 4
1, 526. 1
1, 720. 2
1, 934. 9
2, 151. 8
4.2
4. 6
5.9
7.7
7.1
5.2
4. 1
2, 151. 8
5.9
2, 166. 0 1 4.8
2, 188. 5 1 5.3
2, 203. 8
3.9
2, 213. 3
.2
2, 229. 8 *~~» o
2, 242. 7
.6
2} 258. 2
1.6
2, 282. 7
3.2
2, 306. 5
5.7
2, 318. 8 11.0
2, 346. 5 11.9
7.6
M2
8. 1
5. 6
12.8
14. 1
10.9
2. 3
9.7
8.4
7.7
7.6
7.0
5.4
6.3
8.2
4.3
4.8
6.5
8.3
7.4
6.5
6.9
5.7
6.0
4.7
1.7
.8
3.7
5.9
8.7
13.7
15. 5
10.8
8.3
8. 9
10.4
11.3
11.9
14.2
14.2
11.1
M3
8.5
9.7
11.9
12.4
11.2
9.4
10.3
9.7
9.2
9.4
7.9
6.2
6.9
8. 1
9.3
9.5
10.4
12.5
13.6
12. 5
NOTE,—Data reflect benchmark and other revisions; see Federal Reserve Bulletin
for January 1981.
Source: Board of Governors of the Federal Beserve System.
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Overnight
Small
Money
Over- market
deSavDe- Other repurnight
chase
checkmutual ings nomiCur- mand
Euroagreeable
de- nation
fund
Period rency dedollars shares
posits time
posits * deposits ments
(RPs)
defn&+\
^net;
posits 2
NSA
NSA
NSA
NSA
Dec:
1974. 67.8
1975_ 73.8
1976. 80.7
1977. 88.7
1978. 97.6
1979. 106.3
1980" 116.4
207.4
214. 1
224.4
239.7
253.9
263.5
268.4
Large
denomination
time
deposits 2
Term
Shortrepur- Term
term
chase Euro- Sav- Treas- Bank- Comagree- dollars ings
ury
ers' merments (net) bonds secu- accept- cial
(RPs)
rities ances paper
NSA
NSA
2.7
4.2
8. 6
17.0
27. 1
7.2
7.5
13.6
17.6
21. 9
21.7
27.6
0.0
.0
.0
1.0
2.0
3.6
4.6
2.3
3.6
3.4
3.8
10.3
43.6
75.8
333.9
383.9
447.7
486.4
475.8
417.0
394.2
288.9
340.4
396.6
454.9
533.8
656.2
762.8
1440
129.6
118.0
145.2
1947
219.0
247.9
8.4
9.0
15.0
21.0
27.3
30.5
36.5
8. 1
9.8
13.0
18. 4
30.0
43. 1
63.2
67.2
71.8
76.6
80. 6
80.0
53.4
76.8
80.7
89.5
98.7
127.5
10.7
8.5
9.0
12.3
22.6
28.4
50.2
48.1
51.8
63. 1
79.4
97.3
1979:
Dec.. 106.3 263.5
17.0
21.7
3.6
43.6 417.0
656.2
219.0
30.5
43. 1
80.0
127.5
28.4
97.3
1980:
Jan.. 107.3
Feb_. 108. 1
Mar- 108.9
Apr.. 109. 0
May- 110.2
June. 111.0
July. 112. 1
Aug.. 113. 5
Sept. 113.9
Oct.. 115. 1
Nov. 115.8
Dee*. 116.4
17.7
17.9
18.4
19.5
19.0
20.4
22.0
23.2
24.6
25.7
26.6
27. 1
23.0
24.2
22. 7
19.4
20.5
21. 7
25.5
27.9
29.2
28. 1
27.9
27.6
4. 1
4. 1
3.6
2.7
2. 8
2.9
3.6
3.7
3.7
4.4
4.7
4.6
49. 1
56.7
60. 9
60.4
66.8
74.2
80.6
80.7
78.2
77.4
77.0
75.8
412. 4
404.0
393.3
379.4
375.2
384.6
398.0
408. 1
412. 1
414.2
407.9
3942
660.9
670.2
§85.7
705.3
715. 3
715.8
712.4
712.6
716.4
723.6
741.6
762.8
221.6
227. 4
22i. 5
232.4
233. 1
228.6
2240
223.3
226.8
229.8
238.8
247.9
30.3
30.3
28.9
29. 1
28.9
30.0
31.1
33.8
33.5
35. 5
36.5
36.5
45.6
49.5
49.2
49.9
50.3
48.9
48.4
48.4
45.2
43.6
46. 1
79.2
78. 1
76.8
75.2
740
73.3
72.8
72.6
73.2
74.6
72.9
127.8
129.3
137. 2
147.2
152. 1
148.7
144.7
147.2
1548
148.8
149.7
27.7 99.0
26.9 99.3
27.9 99.8
28.5 100.6
28.3 99.5
29. 1 96.5
28.9 95.8
28.5 96.6
30.0 98.7
31.0 99.0
32. 5 99.2
263. 3
265.4
264. 0
257.7
256.9
259.9
261.4
266. 0
269.5
271.2
272.6
268.4
0.4
1. 1
* Net of demand deposits due to foreign commercial banks and official insti- tutions.
2
Small denomination and large denomination deposits are those issued in
amounts of less than $100,000 and more than $100,000, respectively.
NOTE.—NSA indicates data are not seasonally adjusted.
Data
see NOTE page 28.
Source:
of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data
Installirlent credit e xtended
adjusted]
Net change* in amount outstanding
Installrrlent credit liquidated
"O
• j
Feriod
Total l
1973
1974_
1975
1976
1977
1978
1979
1980
Automobile
Revolving
Total »
Automobile
Revolving
Total *
-35
2,033
1,014
401
2,727
2,403
654
-1,671
—2, 677
-2, 045
-1, 199
489
1,055
702
839
1,619
1,538
529
722
261
49, 606
46, 514
52, 420
63, 743
75, 641
87, 981
93, 901
83, 002
28, 702
33, 213
36, 956
43, 934
87, 596
105, 125
120, 174
129, 580
152, 817
163, 276
172, 675
18% 179
222, 138
254, 589
286, 396
304, 477
43, 696
46, 019
49,444
53, 278
60, 437
69, 245
79, 186
83, §37
26, 699
31, 243
35, 616
41, 764
81, 348
96, OiO
111, 546
126, 655
20, 218
9,489
7,408
21, 561
35, 462
43, 079
38, 381
1,410
1979: Dec
26, 638
7,735
10, 146
24, 605
6,721
9,745
1980: Jan
Feb
Mar_
Apr
May
June
July.
Aug__
Sept
Get
Nov.
Dec
27, 923
27, 581
25, 881
23, 220
22, 093
22, 349
23, 997
26, 176
27, 064
27, 365
25, 991
27, 149
8,441
7 S 973
7,372
5,922
5, 533
5,550
6,068
7,400
7,518
7,544
7, 117
7,234
10, 500
10, 756
10, 634
10, 347
10, 302
10, 341
10, §79
10, 700
11, 143
11, 124
10, 953
11, 614
25, 196
25, 178
25, 227
24, 891
24, 770
24, 394
25, 196
25, §87
26, 009
26, 6§3
25, 152
25, 53§
6, §03
§,971
10, §34
li, 373
10, 677
10, 589
10, 436
10, 641
10, 419
10, 665
10, 851
10, §88
10, 998
„__
,__
'Includes "mobile home"
"other,"
separately.
6, 565
§,574
6, 785
7,045
7,434
7,343
6,872
—
1
of
9
7
5
of the
Revolving
2,003
1,970
1,340
2,170
6,248
9,035
8,628
2,925
173, 035
172, 765
180, 083
210, 740
257, 600
297, 668
324, 777
305, 887
6, iil
6,859
Automobile
.
5,910
495
2,976
10, 465
15, 204
18, 736
14, 715
982
513
-643
— 1, 041
-1,026
-717
355
84
201
245
302
-330
-287
-95
38
281
478
273
265
616
BANK LOANS AND INVESTMENTS, AND RESERVES
Bank credit growth slowed in December. Total reserves declined, reflecting the drop in required reserves.
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
BILLIONS OF DOLLARS* (RATIO SCALE)
1,400
1200
ALL COMMERCIAL BANKS
1,200
1,000
1,000
800
800
600
AND LEASES
400
400
200
INVESTMENT IN
180
160
200
180
160
OTHER SECURITIES
A
140
140
120
120
INVESTMENT IN
-U.S. TREASURY SECURITIES
100
100
80
80
60
60
40
40
1972
1973
1974
1977
1976
1975
1978
1979
1980
*SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVEiNORS OF THE FEDERAL RESERVE SYSTEM
Period
Total
loans
and
investments
1974: Dec
713.6
1975: Dec
7446
1976: Dec
804.3
1977: Dec
891.1
1978: Dec
_ _ _ 1, 014. 3
1979: Dec 4
1, 132. 5
1980: Deo .-.
1, 234 1
1979: Dec-.
1, 132. 5
1980: Jan
Feb..
Mar
Apr
May
June
July—
Aug.__
1, 144 8
1, 162. 7
1, 165, 2
_ _ 1, 161. 0
. 1, 154 9
1, 152. 0
1, 160. 0
. 1, 177. 2
.....
1, 191. 0
Oct
1, 204 5Nov 4
1, 221. 2
Dec .
1, 234 1
»
! COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depositc»ry instituitions 3
Allcjommercial k>anks l
Borrowiiigs (milReserves
lions of dollars,
Loans and leases
Investnaents
unadji listed)
CommerCJ
f\4-1*f\
U
,b.
Utner
NonSeaRecial and Treasury
Total
Total
Total 2 industrial
secuborrowed
quired
sonal
securities
rities
loans
519.9
516.9
5548
632. 1
747.8
847.2
910.2
197.3
189.8
191.2
211.2
246.5
290.5
323.3
53.7
82. 1
100.6
99. 5
93.4
93.8
109.6
140.0
145.7
149.0
159.6
173. 1
191.5
2143
36.66
3467
3490
36. 00
41. 16
43.46
40.13
35.94
3454
3485
35.43
40.29
41.98
38.44
36.41
3440
3463
35.81
40.93
43. 13
39.58
703
127
62
558
874
1,473
1,617
32
13
12
54
134
82
116
847,2
290.5
93.8
191.5
43.46
41.98
43. 13
1,473
82
858.5
872.7
8747
871.6
860.6
' 853. 5
855.0
865.8
876.4
886.2
899.4
910.2
295.6
301.1
302.8
301.2
297.7
295.4
296.2
301.4
306.0
312.0
318.4
323.3
93.2
193. 1
195.2
196.0
196.2
199.7
201.5
2042
207. 0
208.0
210.3
212.5
2143
43.44
43,35
43.67
4485
4445
43.96
42.78
40.75
41.52
41.73
41.23
40. 13
42.20
41.70
40.85
42.39
43.43
43.58
42.39
40,09
40.21
40.42
39.17
38.44
43. 19
43. 14
43.48
4465
4427
43.76
42.50
40.45
41.26
41.52
40.73
39. 58
1,241
1,655
2,824
2, 455
1,018
75
96
150
155
63
12
7
10
26
67
99
116
948
945
93.2
94 6
97.0
100.9
104 4
106.6
107.9
109.3
109.6
are
of
figures.
Eieludes loans to
in the United States.
Data are averages of daily figures. Reserves
actual reserve
requirement percentages with no adjustment to
the effect of
in
Regulations D and M. Prior to November 13,1980, the date of implementation of
the Monetary Control Act, data
only to member banks.
8
3
28
* Data for loans and investments are
Source: Board of Governors of the
380
395
659
1,311
1,335
2,156
1,617
Reserve System.
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Credil: market funds
Period
Total
Internal1
Total
Total
104.4
127.8
161.6
200.0
191.3
150.0
209.7
242.3
295.7
341.3
350.2
323.3
377.3
3149
315.4
204.9
258.7
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1979:1
II
III
IV
1980: I
II
III*.
58.9
68.6
80.8
83.8
75.7
106. 8
125.3
139.9
148.8
158.3
1544
159.0
161.6
158.2
153.7
160.1
165.7
45.5
59.3
80.8
116.2
115.6
43.2
84.4
102.3
146.9
183.0
195.8
1643
215. 7
156.7
161.7
44.9
93. 1
Securities
and
mortgages
32. 1
41. 1
40. 6
37.0
39. 1
49. 3
48.8
46. 1
49.2
52.4
48.9
55.2
56.2
49.2
56.2
59. 1
61.8
40.7
45.2
58.2
73.0
82. 1
37.9
60.7
79.9
947
1143
113.4
123.9
126.7
93.0
123.8
64.3
102.0
» Undistributed profits (after inventory valuation and capital consumption
adjustments),
capital consumption allowances, and foreign branch profits.
3
Consists of tax liabilities, trade debt, and miscellaneous liabilities.
Loans
and
shortterm
paper
8.5
41
17.6
36. 1
43.0
-11.4
11.9
33.8
45.6
61.9
64 5
68.7
70.5
43.8
67.7
5.2
40.3
Other2
4.9
14. 1
22. 6
43. 1
33.4
5.3
23.8
22.4
52.2
68.7
82.4
40.4
89.0
63.7
37.9
-19.4
-9.0
Total
95.9
119. 6
145.8
185.6
179.0
133.0
183.3
216.8
2743
319.4
3248
2946
360.5
298.3
294.9
109. 0
240.7
Purchase
of
physical
assets 8
80.3
86.0
100.3
123.3
134.7
99.9
139.0
169.9
195.9
221. 3
213.0
228.6
226. 6
216.9
226.0
220.0
209. 1
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
15.6
33.5
45.6
62.3
444
33.2
443
46.9
78.3
98.2
111.8
66. 1
133.9
81.4
68.9
-30.0
31.6
8.5
8.2
15.8
144
12.2
16.9
26.4
25.5
21.4
21.9
25.5
28.7
16.8
16.6
20.6
149
18.0
s Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
Source: Board of Governors of the Federal Keserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Curre nt assets
End of period
Total
Cash
Current liabilities
Notes
U.S.
governand
Invenment
actories
securi- counts
ties receivable
Other
current
assets
Total
Notes
and
accounts
payable
Other
current
liabilities
Net
working
capital
Current
ratio l
SEC series:2
492.3
1970
529.6
1971
599.3
1972
697.8
1973
790.7
1974
3
FTC-FRB series:
735.4
1974
759.0
1975
826.8
1976
902. 1
1977. __ _
1, 030. 0
1978. _
1, 200. 9
1979.___
50.2
53.3
59.0
66.3
71. 1
7.7
11.0
10.6
12.8
12.3
206. 1
221. 1
248.2
288.5
322. 1
193.3
200.4
225.7
263.9
313.6
35.0
43.8
55.8
66.4
71.7
3049
326. 0
375.6
450.9
530.4
211.3
220.5
282. 9
340.3
402.3
93.6
105.5
92.7
110.7
128. 1
187.4
203.6
223. 7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
73.2
82. 1
88.2
95.8
1045
116. 1
11. 1
19.0
23.4
17.6
16.3
15.6
265.8
272. 1
292. 8
324.7
383.8
456.8
319.5
315.9
342.4
374.8
426.9
501.7
65.9
69.9
80. 1
89.2
98.5
110.8
453.4
451. 6
494.7
549.4
665.5
809. 1
269.8
2642
281.9
313.2
373.7
456.3
183.6
187.4
212.8
236.2
291.7
352. 8
282.0
307.4
332.2
352.7
364.6
391.8
1.622
1. 681
1.672
1.642
1.548
1.484
1, 081. 0
1, 108. 2
_ 1, 169. 5
1, 200. 9
102.7
100. 1
103.7
116. 1
17.4
18.6
15.8
15. 6
408. 1
421. 1
453.0
456.8
451.4
465.2
489.4
501. 7
101.4
103.2
107.7
110.8
705.4
7247
777.8
809. 1
391.3
406.4
438.8
456.3
314. 1
318.3
339.0
352.8
375.6
383.5
391.7
391.8
1. 532
1.529
1. 504
1.484
1, 235. 2
I, 233. 8
110.2
111.4
15.1
13.9
471.2
4642
519.5
525.7
119.3
118.7
838.3
828. 1
467.9
463. 1
370.4
364 9
397.0
405.7
1.474
1.490
1979: I
II
III___
IV
1980: I
II
* Total current assets divided by total current liabilities.
on data from Statistics of Income, Department of the Treasury.
Based on data from Quarterly Financial Report fo? Manufacturing, Mining, and
s
Based
1
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System,
Commission,
Securities
Exchange
not
29
INTEREST RATES AND BOND YIELDS
Short-term interest rates came down somewhat in January and early February from their December peaks, but longerterm bond yields registered smaller declines.
PERCENT PER ANNUM
16
PERCENT PER ANNUM
SOURCE: SEE TABLE BELOW
(COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
Period
1975.
1976
1977
1978
-__.
1979
1980
1980: Jan.._
Feb
Mar_
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1981: Jan
Week ended:
1981: Jan 10
17
24
31
Feb 7
Feb 14
U.S. Tre asury securiiby yields
Constant Daaturities 2
3-month
1
bills
10-year
3-year
5.838
4.989
5.265
7.221
10. 041
11. 506
12. 036
12. 814
15. 526
14. 003
9. 150
6.995
8. 126
9.259
10. 321
11. 580
13. 888
15. 661
14.724
7.49
6.77
6.69
8.29
9.71
11.55
10.88
12.84
14.05
12.02
9.44
8.91
9. 27
. 10. 63
11.57
12.01
13.31
13.65
13.01
7.99
7.61
7.42
8.41
9.44
11.46
10.80
12.41
12.75
11.47
10. 18
9.78
10.25
11. 10
11. 51
11.75
12.68
12.84
12.57
13. 601
15. 318
15. 595
15. 199
14. 657
15, 397
12.72
12.91
13.32.
13. 13
13.41
12. 31
12.53
12. 72
12.74
12. 95
Prime
NewHigh-grade Corporate Prime com- Discount
home
rate
municipal
mercial
rate
Aaa
charged
(N.Y.
mortgage
bonds
paper,
bonds
by 5
yields
(Standard3 (Moody's)
F.R.
4-6 4
(FHLBB)«
banks
Bank) •
& Poor's)
months
9.01
7.86
6. 89
6.25
8.83
6.33
8.99
6. 84
5.50
6.49
5.35
8.43
9.01
6.83
5.56
5.46
8.02
5.60
9.54
9.06
5.90
7.46
a 73 4 7.99
10.77
12.67
6.39
10.28
9.63
10. 91
12.65
8.51
15.27
11.94
11.77
12.29
11.87
7.21
12-12
15)4—15/4
11.09
12.66
11.93
15&-16%
8.04
12-13
12. 38
13.60
12.62
9.09
16.50
13-13 16%— 19K
12.96
13.03
8.40
13-13
12.04
14.93
19H-19K
13.68
13-12 * 18!4-14
7.37
10.99
9.29
14-12
12.66
7.60
12-11
10.58
8.03
12.48
12-11
8.08
11-10
11.07
8.29
12.25
8.62
10-10
11.64
11-11H
9.61
12.35
8.95
12. 02
10-11 11 j^— 13
11. 04
12.61
9. 11
11-11 13/4— 14J4
12. 32
12.31
13.04
11-12
14/2-17%
9.55
14.73
12.97
13.28
17%—21%
12-13
10.09
13.21
16.49
13.28
9.65
13-13 21jHr-20
12.81
15. 10
-'
20^-20
9.57
13-13
14.66
12.59
20-^20 • • 9.47
13-13
15.35
12.76
20-20
13-13
9.66
15.40
12.91
20-20
13-13
9.89
15.02
12.98
9.85
13-13
13.07
20— 19J4
14.90
19}f13-
J Rate on new issues within period; bank-discount basis.
* Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department.
* Weekly data are Wednesday figures.
* Beginning November 1,1979, data are for 6 months paper.
* Average effective rate for year; opening and closing rate for month and week^
OA
s Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Rates beginning January 1973 not strictly comparable with
prior rates.
* Range of 18J3-19.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard & Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices continued to back off a bit in January and early February.
INDEX, DEC 31,1965=50
INDEX, DEC 3\ 1965=50
80
80
70 -
- 70
5 -
- 5
1981
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD, & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common s tock 5yields
(perc ent)
Cominon stock piices l
Period
Composite Industrial Transportation
1975
1976
1977—
1978
....
1979
1980 _ _
1980: Jan
Feb
Mar
Apr.
May
June._
July
Aug__
Sept
Oct
Nov.
Dec
1981: Jan
Week ended:
1980: Dec 27
1981: Jan 3
10
17_
24
31
Feb 7
Utility
45.73
54.46
53. 69
53.70
58.32
68. 10
63.74
66.06
59.52
58.47
61.38
65.43
68.56
70.87
73. 12
75. 17
78. 15
76.69
76.24
50. 52
60.44
57. 86
58.23
64.76
78.70
72.67
76.42
68.71
66.31
69.39
74.47
78.67
82. 15
84.92
88.00
92.32
90.37
89.23
31. 10
39.57
41. 09
43.50
47.34
60.61
52.61
57.92
51.77
48.62
51. 07
54.04
59. 14
62.48
65. 89
70.76
77.23
75.74
74. 43
31.50
36.97
40. 92
39.22
38.21
37.35
37.08
36.22
33.38
35.29
37.31
38.53
38.77
38. 18
38.77
38.44
38.35
37. 84
38.53
77. 95
77.79
77. 63
76.75
75.52
74.68
73.79
91.38
91,40
90. 92
89.91
88.31
87.25
85.97
76.04
75.92
74. 85
74.46
74.27
73. 66
74.36
39.26
38. 60
39.01
38. 57
38.39
38.08
37.84
* Average of daily closing prices.
a Includes all the stocks (more than 1,500) listed on the NYSE.
s Includes 30 stocks.
«Includes 500 stocks.
Standard
& Poor's
Dowcomposite Dividend- EarningsJones
index
ratio
Finance industrial
ratio
average 3 (1941-43=
10) 4
47.14
9.15
4.31
802. 49
86.16
52.94
8.90
974.92
102. 01
3.77
4.62
10. 79
55.25
98.20
894.63
12.03
56.65
96.02
5.28
820. 23
13.46
61.42
5.47
103. 01
844.40
5.26
6425
118.78
891. 41
5.41
64.22
110. 87
860. 74
5.24
61.84
115. 34
878. 22
1498
5.87
54.71
104.69
803. 56
6.05
57.32
102. 97
786. 33
5.77
61.47
107. 69
828. 19
5.39
13.08
114.55
65. 16
869. 86
5.20
66.76
119. 83
909. 79
5.06
67.22
123. 50
947. 33
11.78
490
69.33
126. 51
946. 67
480
130. 22
68.29
949. 17
4.63
67.21
135. 65
971. 08
474
133. 48
67.46
945. 96
480
132. 97
962. 13
70. 04
New York Stock Exch ange indexe s(Dec. 31, 1 965=50) 2
70.67
70.55
71.86
70. 62
69.03
68.43
68.63
961. 63
964. 85
982. 53
968. 72
949. 71
945. 43
942. 93
135.88
135. 62
135. 54
133. 85
131. 57
130. 22
128. 84
466
467
4 70
476
483
489
497
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Stand-
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 3 months of fiscal 1981, there was a budget deficit of $33.6 billion, compared to a deficit of $24.5 billion
a year earlier.
BILLIONS OF DOLLARS
800
RECEIPTS AND
BILLIONS OF DOLLARS
800
OUTLAYS f
700
700
600
600
500'
500
400
400
300
300
200
200
50
SO
SURPLUS (+) OR DEFICIT (-)
0
-50
-50
-100
-100
1973
1974
1975
1976
1977
1979
1978
1980
•1982
1981
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Fiscal year or period :
1971
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980_—
1981 l
1982i____
Receipts
.
........
.
_
..
.
.
..
..
Cumulative total? first 3 months:
Fiscal year 1980
Fiscal year 1981
„
i Estimates
January 15,
Budget of the Untied States Government, Fiscal Year 1982,
32
Outlays
188.4
208.6
232.2
264.9
281.0
300.0
81.8
357.8
402.0
465.9
520.0
607.5
711.8
232. 0
247. 1
269.6
326. 2
366.4
94.7
402.7
450.8
493.6
579.6
662.7
739.3
1140
127.0
138.5
160.6
211.4
Surplus or
deficit ( — )
Federal debt ( end of period)
Gross
Held by
the public
-45.2
-66.4
-13.0
-45. 0
-48.8
-27.7
-59.6
-55.2
-27.5
409. 5
437.3
468.4
486.2
544 1
631.9
646.4
709. 1
780.4
833.8
9143
992.4
1, 057. 7
3043
323.8
343.0
346.1
396.9
480.3
498.3
551.8
610.9
6446
715. 1
787.1
832.1
-245
-33.6
852.2
936.7
663.6
742.8
-23.0
-23.4
-14.8
-47
Sources: Department of the Treasury and Office of Management and Budget.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 3 months of fiscal 1981, budget receipts were $13.0 billion higher than a year earlier and budget outlays
were $22.1 billion higher.
.
'"
.
BILLIONS OF DOLLARS
400
RECEIPTS
BILLIONS OF DOLLARS
400
300
300
200
200
100
100
CORPORATION INCOME TAXES
.1
600
600
OUTLAYS
500
500
400
400
NONDEFENSE
300
300
200
200
NATIONAL DEFENSE
100
100
J_
1973
1974
1975
1976
1977
1978
FISCAL YEARS
1979
1980
1981
1982
V
COUNCIL OF ECONOMIC ADVISERS
SOURCES DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
()utlays
Rece ipts
Nationa , defense
Period
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
Fiscal year or period:
1971
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981 1
19821
188.4
208.6
232.2
264.9
281.0
300.0
81.8
357. 8
402. 0
465.9
520.0
607.5
711.8
86.2
94.7
103.2
119.0
122.4
131.6
38.8
157.6
181.0
217.8
244. 1
2840
331.7
Cumulative total, first 3
months:
Fiscal year 1980
Fiscal year 1981
114.0
127.0
57.8
65.7
Total
646
145.2
161.1
182.4
211.4
257.5
315.5
211.4
232.0
247.1
269. 6
326.2
366.4
947
402.7
450.8
493.6
579.6
662.7
739.3
12.9
11.7
43.3
49.6
138.5
160.6
26.8
32.2
36.2
38.6
40.6
41.4
8.5
549
60.0
65.7
646
66.0
75.4
81.7
92.8
107.4
118.0
127.0
345
* Estimates from Budget of the United States Government, Fiscal Year 198S,
January 15,1981.
Total
75.8
76.6
Interna- Health
and
In- Other
Depart- tional income
ment of affairs security terest
Defense,
military
1844
745
75.1
73.2
77.6
849
87.9
21.9
95.6
103.0
115. 0
132.8
157.6
180.0
41
47
41
5.7
6.9
5.6
2.2
48
5.9
6.1
10.7
11.3
12.2
70.1
81.4
91.8
106.5
136.2
160.8
41.5
176.7
189.9
209.8
251.3
297.7
329.6
19.6
20.6
22.8
28.0
30.9
345
7.2
38.0
440
52.6
645
80.4
89.9
41.8
48.8
53.9
51.6
66.5
76. 1
21.5
85.7
105. 9
107.5
117.3
112.3
123.2
31.7
37.5
31.1
36.6
3.2
2.9
57.8
70.6
17.5
21.5
2R3
745
77.8
85.6
89.4
22.3
97.5
105.2
117.7
135.9
161. 1
2ai
Sources: Department of the Treasury and Office oi Management and Budget.
33
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, according to current estimates, Federal receipts rose $19.9 billion (annual rate) and expenditures
rose $27,7 fcillion, yielding a deficit of $74.2 billion, $7.7 billion higher than in the second quarter. In the fourth
quarter, according to preliminary estimates, expenditures rose $23.3 billion/ receipts data are incomplete.
BILUONS OF DOLLARS
700
BILLIONS OF DOLLARS
700
SEASONALLY ADJUSTED ANNUAL RATES
600
600
500
500
EXPENDITURES
400
00
RECEIPTS
300
300
200 M
50
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I • I
I
I
|
I
I
I
I
I
I
I
I
I
I
I
i
I
I
I
I N 200
50
SURPLUS
DEFICIT
-50
-50
-100
-100
1973
1975
1974;
1978
1977
1976
1981
1979
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCi
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Federal <jovernm ent receipts
Period
Indirect
Persona] Corporate business
tax
and
Total nlAvPAl
profits tax and
ft n't"Litfix
A
tax
nontax
receipts accruals
accruals
F<jderal G<svernmeiat expen<iitures
Subsidies Less:
GrantsContriWage
Purless
in-aid
butions
chases Trans- to State Net
current accruals
for
Total of goods fer pay- and interest surplus of less
social inand
ments local
paid Govern- dissurance
services
ment en- bursegovernments
terprises ments
Surplus
or
deficit
(-),
national
income
and
product
accounts
Fiscal year:
1977
365.9
414. 2
1978
1979
408.7
527.3
1980
166.4
186.4
223. 1
249.7
58.8
67.2
75.8
70.6
245
27.2
29. 1
35.7
116.2
133.4
152.7
171.3
411.7
450.5
494.7
57R2
140. 3
150.7
163.4
190.2
169.8
182.2
201. 8
239.3
66.3
747
79. 1
86.7
28.4
33.5
40.6
51.2
7.0
9.6
9.8
10.8
0.0
-.0
.0
.0
-45.8
-36.3
-14.0
-50.9
Calendar
year:
375. 1
1977
1978
431. 5
494.4
1979
1980"
539.7
477.0
1979:1
II. __ 485.9
III__ 500.6
IV. __ 5140
1980: I
528.4
II. __ 520.9
III__ 540.8
IV *_
170. 1
1949
231. 4
258.0
216.7
225. 7
236.2
247. 1
246. 9
252.0
259. 4
273. 6
61.6
71.2
74.6
68.8
75.3
73.5
75. 3
743
80.5
60.9
66.7
25. 0
28. 1
29.4
40.7
29.4
29.4
29.3
29. 6
31.9
38.7
42.9
49.5
118. 5
137. 2
159.0
172. 2
155.5
157. 4
159. 9
163.0
169. 2
169.3
171.8
178. 7
421.5
460.7
509. 2
601. 3
488.4
494 0
515.8
538.6
564 7
587.3
615.0
638.3
143.9
153. 4
167.9
199. 2
1648
163.6
165. 1
178. 1
190.0
198. 7
1949
213.3
172. 8
185. 6
209. 1
249.6
196. 8
201.4
216. 6
221. 7
228.9
236.0
265.3
268.1
67.5
77.3
80.4
87.3
78. 2
77. 8
80.8
849
85.5
87.2
87.7
88.9
29. 1
35.2
42.3
53.4
40.0
42.0
42.9
444
50.3
54.4
53.5
55.5
8.2
9.3
9.4
11.8
8.5
9.2
10.5
9.5
10. 1
11.0
13.7
12. 5
.0
.0
-.0
.0
-.0
.0
.0
0
.0
.0
.0
.0
-46.4
-29. 2
-148
-61. 6
-11.5
NOTE.—Data reflect the recent benchmark revision of the national income and
product accounts. For details, see Survey of Current Business, December 1980.
34
0$ 1
_ Q
J_
-15.2
—24 5
-36.3
-66.5
-742
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
In dustrial produc tion (seaisonally adjuste< i)
Period
1974
1975
1976
-1977
1978
1979
1980 »
1980: Feb
Mar
Apr
Mav
June
July-...
Aug__-_
Sept »__
Oct *—
Nov *»__
Dec"
United United CanGerKing- States1 ada Japan France many
dom
France
Germany
Italy
183. 1
163.9
182.0
189.7
201. 1
217.7
148
139
149
152
155
161
145. 1
137. 1
149. 1
152.7
155.3
163.2
140.6
127.6
143.5
145.1
147.9
157.6
120.0
114.3
117.4
123.0
126.8
131.4
241.3
233.1
236.9
234.4
232.1
233.1
222. 1
231.3
233. 3
231.0
166
166
166
160
160
165
165
156
160
169
169
168
164
163
164
161
160
161
174.9
174.2
176.6
162. 5
167.1
165.2
142.7
160.9
163.4
169.9
127.2
125.8
124.0
123.7
123.9
123.0
United
States
Canada
Japan
129.3
117.8
130.5
138.2
146. 1
152.5
147. 5
139.6
147.3
150. 5
156.7
164. 0
152.6
152. 1
148.3
144.0
141.5
140.4
141. 8
144. 1
146.8
149.2
150.7
162.9
166.0
162.3
158.9
157.6
157.2
158.9
162.0
162.8
Coasumer f >rices (uimdjustec I)
119.3
117.6
118.2
» Beginning January 1978 data relate to all urban consumers.
147. 7 144.5 184.0 ieo;o
161.2 160.1 205.8 m.9
170.5 172.1 224.9 196. 1
181.5 185.9 243.0 214.5
195.4 202.4 252.3 23a9
217.4 221.0 261.3 259.1
246.8
236.4
239.8
242.5
244.9
247.6
247. 8
249. 4
251.7
253.9
256.2
258.4
243.5
233.3
235.8
237.2
240.0
242.7
244.5
273.3 280.2
275.5 283.4
280.2 286.7
282. 7 289.3
283.5 291.1
284.2 295.5
246. 8 283.7 298.4
249.0 288.1 301.0
251.2 288.5 304.3
254.3 289.1 306.4
255.8
136.1
144.2
150.4
155.9
160.2
166. g
175.9
172.8
173.8
174.9
175.6
176.5
176.8
177.0
177.0
177.3
178.3
179.^
Italy
159.7
186.8
218. 1
255.2
286.2
328.5
397.8
374.3
37&2
3843
388.2
391.7
398.4
402.4
410.1
417.9
426.7
432.2
United
King-
dom
174.:
216.1
252.^
292.^
316.1
359. (
423. i
399. \
405.]
419. C
422. f
426. i
430.;
431.1
434.1
436.!
440.1
442.'
Source: National sources as reported by Department of Commerce, International Trade Administration, Office of Planning and Research, in International
Economic Indicators.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merchtandise esports l
Mercllandise imports
Domesti(3 exports
Period
Total
domestic and
foreign Total
exports
3
Ge neral im ports*
Food, Crude
Food, Crude
bever- mate- Manubever- mate2
facrials
ages,
rials
ages,
tured Total and
and to- and
to- and
goods
bacco fuels
bacco fuels
F. a.s. valu<3 *
Monthly
average:
1973
1974
5,902
8,167
5,811
8,053
1,078
1,269
1974..
8,167
1975
.... 8,966
1976
9,596
1977
10, 096
1978
11,965
1979
15, 138
1980
18, 379
1979: Dee___ 16, 742
1980: Jan
17, 348
Feb.__ 17, 233
Mar
18, 534
Apr
18, 468
May
17, 678
June
18, 642
July... 18, 075
Aug
19, 103
Sept... 18, 701
Oct.... 19, 089
Nov
18, 634
Dec
19, 118
8,053
8, 842
9,456
9,912
11, 753
14, 869
18, 036
16, 419
17, 018
16, 950
18, 165
18, 137
17, 303
18, 267
17, 765
18, 788
18, 400
18, 660
18, 268
18, 790
1,269
1,399
1,436
1,330
1,717
2,049
2,534
2,413
2,331
2,296
2,538
2,410
2,190
2,366
2,471
2,489
2,779
2,690
2,825
2,968
895
1,317
Customis value
3,728
5,294
5,790
8,450
770
892
F.a.s.
1,317 5,294 8,387
892
1,266 5,913 8,048
827
1,341 6,437 10, 084
991
1,548 6,679 12, 307 1,186
1,746 7,873 14, 332 1,312
2,352 9,716 17, 188 1,478
2,810 11, 991 20, 070 1,545
2,732 10, 720 19, 612 1,712
2,854 11, 173 20, 938 . 1,652
2,826 11, 373 21, 640 1,406
2,991 11, 802 20, 589 1,544
2,867 11, 745 19, 257 1,503
2,816 11, 612 20, 439 1,531
2,921 12, 277 19, 893 1,584
2,821 12, 015 18, 995 1,600
3,181 12, 477 19, 236 1,468
2,782 12, 277 19, 465 1,402
2,506 12, 609 20, 061 1,592
2,452 12, 243 19, 422 1,677
2,750 12, 368 21, 174 1,588
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.
Is Total includes commodities and transactions not classified according to kind.
T qtal arrivals of imported goods other than intransit shipments.
* C.i.f. (cost, insurance, and freight) import value at first port of entry in tht
united States. Data for 1973 are estimates.
Manufactured
goods
Men*handise trade
balance
ExExports
(f.n.s.) ports Exports
(f.a.s.) (f.a,s.)
less
Total
imless
less
(e.Lf.
imports
imvalue) * ports
(c.i.f.)
ports
(customs (f.a,s.)
value)
1,120
2,653
value *
2,672
2,716
3,457
4,463
4,325
5,949
7,507
7,722
7,590
8,788
8,421
7,284
7,774
7,834
6,655
7,043
6,667
7, 120
6,806
8,147
3,750
4,684
4,602
4,257
5f 398
6f379
8,360
9,357
10, 419
9,632
11, 176
10f 829
10, 157
9,918
10, 539
9,951
10? 187
10, 192
10, 485
10, 611
10, 391
10, 814
6,131
9,033
112
-283
-221
—229
-866
—866
9,033
—283 —221
8,654
312
853
918
10f 825
—581 —488 —1, 229
13, 130 —2, 297 —2,211 —3, 034
15, 258 -2, 473-2, 367 -3, 293
18, 238 -2, 117 -2, 050 -3, 101
21, 067
-1,691 -2, 688
-2, 871 -4f 015
20, 756
22, 100
-3, 590 -4, 752
22, 806
-4,407 -5,573
-2, 054 -3,138
21, 673
20, 284
-789 -1,816
-2, 762 -3,852
21,530
-1,251 -2, 280
20, 922
-920 -1,852
19, 927
-132 -1,061
20, 165
-764 -1,644
20, 345
-972 -1,861
20, 949
-788 -1,633
20, 297
-2, 056 -2,977
22,094
s F.a.s. (free alongside ship) value basis: at U.S.
of exportation for exports
and at foreign port of exportation for imports.
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Source: Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
Although the merchandise trade deficit rose in the fourth quarter of 1980, the deficit for the year as a whole ($26.7
billion) was $2.6 billion lower than in 1979.
BILLIONS OF DOLLARS,
101
BILLIONS OF DOLLARS
10
SEASONALLY ADJUSTED
BALANCE ON CURRENT ACCOUNT
/*% ^ VX
\
BALANCE ON GOODS
AND SERVICES
N
-5
-10
-10
-15
1972
1980
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted]
Invcjstment iricorne 3
Merehandise 12
Period
Exports
1973
1974
1975
1976
1977
1978
1979
1980*
Imports
Wat
iNeb
Knl
Mctl—
ance
Receipts
Payments
911 21, 808 -9, 655
71, 410 — 70, 499
98, 306 -103,649 -5,343 27, 587 -12,084
107, 088 —98, 041
9,047 25, 351 -12,564
114, 745 -124,051 -9, 306 29, 286 -13,311
120, 816 -151,689 -30,873 32, 587 -14,598
142, 054 -175,813 -33, 759 42, 972 -22, 073
182, 069 -211, 453 -29, 384 65, 970 -33,460
221, 974 -248, 709 -26, 735
7,038
7,270
9,319
8,883
-29
-102
-443
-700
-611
-637
-834
— 613
1,448
1,428
1,524
1,405
-65, 452-10,849 20, 846 -10,752 10, 094
-62, 108 -7,502 16, 641 -10,508
6,133
-59, 009 -2, 825 19, 113 -10, 646 8,467
— 62, 140 -5, 559
—922
-944
-632
-690
-296
-248
1,570
-798 -1,812 -2, 610
1,557 -1,105 — 1, 326 -2, 431
4,900
1,618
6,377 -1,477
-46, 922
-50,876
-54, 259
-59, 396
1980: !.__„
54, 603
54, 606
56, 184
56, 581
-5, 115 14, 263
-8, 059 15, 250
-7, 053 18, 050
-9, 157 18, 407
-7,225
-7,980
-8, 731
-9,524
military grants.
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
are excluded from investment income and
in other services, nit.
3, 184 11, 021 -3,881
7,140
2, 124
9,309 -7, 186
3,986
-4,
613
18,
280
4,598 22, 893
4,384
9,382 -4, 998
4, 711
5,086 - 9, 464 -4, 605 - 14, 068
5,959 -9,204 -5,055 -14,259
-788
4,878 -5,666
5,806
1,506 -1,933 - 1, 233 -3, 166
-820
493 -1,313
1,571
41, 807
42, 817
47, 206
50, 239
36
Balance
on
current
account
— 910
-774
1979 :!_.,_
!!___
III-
1
Excludes
2
RemittanceSy
pensions,
and
otner
unilateral
transfers 1
139
3
36, 828 -44, 336 -7, 508 10, 557 -5, 717
38, 900 -45, 715 -6, 815 12, 851 -6, 343
II—
III*.
IV»~
12, 153 -2, 070 -3,158
15, 503 -1,653 -3,188
12, 787
-746 -2,792
15, 975
559 -2,558
17, 989
1,628 -3,293
20, 899
886 -3, 188
32, 510 -1,275 -2,695
Other
services,
net 3
Balance
on
goods
and
serv-1
ices
4,840
6,508
1978: III__
IV—
iv__
"NF#»t
-Li cli
Net
military
transactions
Nettravel
and
transportation
receipts
2,732
-110
2,506
-250
-1,324
1,408
-1,383 -1,493
1,099
-1,407
-1,552 — 1?802
NOTE.—Merchandise data revised for 1979 and 1980; other data to be
later.
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the third quarter, capital outflows (ell by $5.5 billion, to a rate of $20.2 billion. Recorded capital inflows increased by $3.1 billion, to a rate of $11.0 billion. The statistical discrepancy, which had soared to over $20 billion
in the second quarter, was sharply reduced.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
40
40
-10
-30
-30
-40
-40
1980
1972
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted]
U.S. assets abroad, ne t
[increase/capit al outflow (-)]
Period
Total
1073
-22, 874
1974
-34, 745
1975
-39, 703
1976
-51, 269
1977
-35, 793
1978
-61, 191
1979
-61, 774
1978: III... -9, 977
IV
-30, 418
1979: I
-7, 768
n... -15,300
in... -25, 215
IV
-13,492
1980: I
-12,711
II
-25, 712
III*. -20, 196
U.S.
official
reserve
assets *2
Other
U.S.
Government
assets
U.S.
private
assets
Foreigii assets in the U.S.,
net [inerease/c apital inflow
/ 1 \1 9
( + )P
Total
Other
foreign
assets
-2, 644 -20, 388 18, 388
12, 362
6,026
366 -33, 643 34, 241
23, 696
10, 546
-3, 474 -35, 380 15, 670
7,027
8,643
—4, 214 -44, 498 36, 518
17, 693
18, 826
-3, 693 -31, 725 50, 741
14, 167
36, 575
732 -4,644 -57, 279 64, 096
33, 293 30, 804
-1,133 -3,783 -56, 858 37, 575 -14,271 51,845
115 -1,386 -8, 706 17, 069
12, 292
4,777
182
-991 -29, 609 28,048
18, 368
9,680
-3, 585 -1,102 -3, 081 2, 201 -8,744
10,945
322
-991 -14,631 6,407 -10,095
16, 502
-766 -27, 228 24, 941
5,789
2,779
19, 152
-649
-925 -11,918 4,025 -1,221
5,246
14, 409
-3, 268 -1,467 -7, 976 7,194 -7, 215
502 -1,191 -25, 023 7,949
7,775
174
8,025 . 2,978
-1,109 -1,320 -17,767 11, 003
Allocations
of
Total
special
of
drawing (sum
the
rights
items
(SDR) with
sign
reversed)
158
-1,467
-849
-2, 558
-375
> Consists of gold, special drawing rights (SDR), convertible currencies, and
the1 U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Foreign
official
assets
Statisstieal
discre]3ancy
1,139
1, 139
1,152
U.S.
official
reserve
assets,
Of
net1
which: (unadSeasonal justed,
adjust- end of
ment
discrep- period)
ancy
-2, 654
-1,620
5,753
10, 367
-880
11, 354
23,848
-3, 926 -2, 850
1,998
3,190
74
3,020
1,167
10, 385
-825 -3, 641
2,400
11, 269
-99
6,975
1,460
20, 194
4,293 -4, 022
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
18, 956
18, 850
18, 650
21, 655
21, 268
18, 557
18, 956
21, 491
21, 943
22, 994
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of the Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Gross National Product..,
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income.
Personal Consumption Expenditures
Sources of Personal Income
^..
Disposition of Personal Income.
Farm Income
Corporate Profits
Gross Private Domestic Investment.
Expenditures for New Plant and Equipment—Nonfarm Business
Page
.
,
..
1
2
2
3
3
4
4
5
6
7
8
9
10
.
.,
*
.,...
...*...*
....*....*...........»
,.,
—.....'
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries.
—
Productivity and Related Data, Private Business Sector
.
,
.
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates.
Business Sales and Inventories—Total and Trade
Manufacturers* Shipments, Inventories, and Orders
.........
17
18
19
19
20
21
,
22
23
24
24
25
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices..
Changes in Consumer Prices
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock Measures and Liquid Assets
Components of Money Stock Measures and Liquid Assets
Consumer Installment Credit
Bank Loans and Investments, and Reserves.
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields.
Common Stock Prices and Yields
.
„....
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlaws 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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