Full text of Economic Indicators : January 1982
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JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HENRY S. REUSS, Wisconsin, Chairman
ROGER W. JEPSEN, Iowa, Vice Chairman
HOUSE oy REPRESENTATIVES
RICHARD BOLLING (Missouri)
LEE H. HAMILTON (Indiana)
GILLIS W. LONG (Louisiana)
PARREN J. MITCHELL (Maryland)
FREDERICK W. RICHMOND (New York)
CLARENCE J. BROWN (Ohio)
MARGARET M. HECKLER (Massachusetts)
JOHN H. ROUSSELOT (California)
CHALMERS P. WYLIE (Ohio)
SENATE
WILLIAM V. ROTH, JR. (Delaware)
JAMES ABDNOR (South Dakota)
STEVEN D. SYMMS (Idaho)
PAULA HAWKINS (Florida)
MACK MATTINGLY (Georgia)
LLOYD BENTSEN (Texas)
WILLIAM PROXMIRE (Wisconsin)
EDWARD M. KENNEDY (Massachusetts)
PAUL S. SARBANES (Maryland)
JAMES K. GALBRAITH, Executive Director
COUNCIL OF ECONOMIC ADVISERS
MURRAY L. WEIDENBAUM, Chairman
WILLIAM A. NISKANEN
JERRY L. JORDAN
[PUBLIC LAW 120—81sx CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION fSJ. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.75 a single copy
($3.45 foreign), or by subscription at $21.00 per year ($26.25 for foreign
mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
The 1980 Supplement to Economic Indicators, which describes each series and gives annual data
for years not shown in the monthly issues, is available at $5.00 Q copy from the Superintendent of
Documents, Government Printing Office. It should be noted that many of the series have undergone
major revisions since the Supplement was published in the fall of 1980.
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the fourth quarter, gross national product rose $19.9 billion or 2.7 percent,
both at annual rates. Real output (GNP adjusted for price changes) fell 5.2 percent from the third quarter level and
the implicit price deflator rose at an 8.4 percent annual rate.
BILLIONS OF DOLLARS
3,000
(RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
3,000
SEASONALLY ADJUSTED ANNUAL RATES
2,800
2,800
2,600
2,600
2,400
2,400
2,200
2,200
2,000
2,000
GNP
IN CURRENT DOLLARS
\
1,800
1,800
1,600
1,600
1,400
1,400
GNP
IN 1972 DOLLARS
1,200
1,200
I
I
I
1973
J
1975
1974
L
1976
I
I
I
1977
J
L
J
1978
J
L
1979
L
1980
SOURCE: DEPARTMENT OF COMMERCE
1981
COUNCIL OF ECONOMIC ADVISERS
(Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Personal
consumption
expenditures
Gross
private
domestic
investment
Export s and imp>orts of
gooc s and ser vices
Go^^ernment purchases of goods and
services
Federal
Net
exports
Exports
Imports
Total
Total
National
defense
Nondefense
State
and
local
Final
sales
1971
1, 077. 6 672.2
1972
1, 185. 9 737. 1
1973
1, 326. 4 812.0
1974
1, 434. 2 888. 1
1975
1, 549. 2 976.4
1976
1, 718. 0 1, 084. 3
1977
1, 918. 0 1, 205. 5
2, 156. 1 1, 348. 7
1978
1979. _ _ _ 2, 413. 9 1, 510. 9
1980
2, 626. 1 1, 672. 8
1981 *___ 2, 922. 2 1, 858. 1
166.4
195.0
229. 8
228. 7
206. 1
257.9
322. 3
375.3
415.8
395.3
450.6
4.1
.7
14.2
13.4
26.8
13.8
-4.2
.6
13.4
23.3
23.8
68.8
77.5
109.6
146.2
154.9
170. 9
183.3
219.8
281.3
339.8
366.7
64.7
76.7
95.4
132.8
128. 1
157. 1
187.5
220.4
267.9
316.5
342. 9
234.9
253. 1
270. 4
304. 1
339.9
362. 1
394. 5
432.6
473.8
534.7
589.6
96.2
101.7
102.0
111.0
122. 7
129.2
143.9
153.4
167.9
198. 9
228. 6
70.2
73. 1
72.8
77.0
83. 0
86.0
93.3
100.0
111. 2
131.7
153. 3
26.0
28.5
29. 1
33.9
39.7
43.2
50. 6
53.4
56.7
67.2
75.2
138. 7
151. 4
168.5
193. 1
217.2
232. 9
250. 6
279.2
305.9
335. 8
361. 1
1, 070. 0
1, 175. 7
1, 307. 9
1, 420. 1
1, 556. 1
1, 706. 2
1, 897. 0
2, 133. 9
2, 396. 4
2, 632. 0
2, 904. 0
1980: I
2, 571. 7 1, 631. 0
II__. 2, 564. 8 1, 626. 8
III.. 2, 637. 3 1, 682. 2
IV.__ 2, 730. 6 1, 751. 0
415.6
390.9
377. 1
397.7
8.2
17.1
44.5
23.3
337.3
333.3
342. 4
346. 1
329. 1
316. 2
297.9
322. 7
516.8
530.0
533. 5
558.6
190. 0
198.7
194.9
212. 0
125.0
128. 7
131.4
141. 6
64.9
70.0
63. 5
70.4
326.8
331.3
338. 6
346.6
2, 569. 1
2, 557. 4
2, 653. 4
2, 748. 0
1981: I—. 2, 853. 0 1, 810. 1
II—. 2, 885. 8 1, 829. 1
III... 2, 965. 0 1, 883. 9
IV *. 2, 984. 9 1, 909. 5
437. 1
458. 6
463. 0
443.6
29.2
20.8
29. 3
16.0
367.4
368.2
368.0
363.0
338.2
347.5
338.7
347. 1
576.5
577.4
588.9
615.7
221. 6
219.5
226.4
246.7
145. 2
148. 2
154. 1
165.8
76.4
71.3
72.2
81.0
354. 9
357.9
362. 5
369.0
2, 848. 5
2, 862. 5
2, 937. 6
2, 967. 3
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Gross private d<Dmestic
i nvestmemt
Ex ports of g oods
aind servic BS
Personal
conGross
national sumption
product
expenditures
Nonresidential
fixed
Residential
fixed
1, 122. 4
1, 185. 9
1, 255. 0
1, 248. 0
1, 233. 9
1, 300. 4
1, 371. 7
1, 436. 9
1, 483. 0
1, 480. 7
1, 509. 6
696.8
737. 1
768. 5
763.6
780.2
823. 7
863.9
904.8
930.9
935. 1
959. 1
112.2
121.0
138. 1
135.7
119.3
125. 6
140. 6
153.4
163.3
158. 4
161.6
53.7
63.8
62.3
48. 2
42. 2
51.2
60.6
62. 4
59. 1
48. 1
45.2
8. 1
10.2
17.2
11.6
-6.7
7.8
12.3
14.0
10. 2
-2.9
8.2
1.6
.7
15.5
27.8
32. 2
25.4
21.9
24. 6
37.7
52.0
44. 3
71.0
77.5
97.3
108.5
103.6
110. 1
113.2
127.5
146. 9
161. 1
160.0
1980: !._.. 1, 501. 9
II— 1, 463. 3
III.. 1, 471. 9
IV... 1, 485. 6
943. 4
919.3
930.8
946.8
165. 0
156. 1
155. 5
157.0
54.2
43. 1
44. 7
50.6
-.9
1.3
-5.0
-7.2
50. 1
51.7
57.6
48. 5
1981: I.... 1, 516. 4
II— 1, 510. 4
III.. 1, 515. 8
IV *>- 1, 495. 6
960.2
955. 1
962.8
958. 3
162.0
161. 1
163.9
159.2
51.0
47.8
42.7
39.5
-1.4
10.8
14.9
8.5
50.9
46.2
43. 2
36. 7
Period
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981 »
Change
in busi"Kfaf
IN ex
ness in- exports
ventories
Govern ment punihases of
goocis and ser vices
Final
sales
Total
Federal
State
and
local
69.3
76.7
81.8
80. 7
71.4
84. 7
91.3
103. 0
109. 2
109. 1
115.8
250. 1
253. 1
253.5
261.2
266. 7
266.8
272.3
277.8
281.8
290.0
291. 2
103.7
101.7
95.9
96. 6
97.4
96.8
100. 7
99.8
101. 7
108. 1
111. 0
146.4
151.4
157.6
164.5
169.3
170.0
171.6
178. 0
180. 1
181.9
180.2
1, 114. 3
1, 175. 3
1, 237. 7
1, 236. 8
1, 240. 4
1, 292. 6
1, 359. 7
1, 422. 9
1, 472. 9
1, 483. 6
1, 501. 4
165.9
160.5
160.5
157.4
115.8
108.9
102.8
108.9
290. 1
291.9
288.2
289.8
107.6
110.7
106.9
107.4
182. 5
181. 2
181.3
182.4
1, 502. 8
1, 462. 0
1, 476. 9
1, 492. 7
162.5
161.5
160. 1
155. 9
111.6
115.4
116. 9
119.2
293.6
289.5
288.3
293. 4
111.2
108. 7
109.6
114.5
182.5
180.7
178.8
178.8
1, 517. 8
1, 499. 6
1, 500. 9
1, 487. 1
Exports Imports
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972 = 100; quarterly data are seasonally adjusted]
Persona L consump tion expenditures
Gross
national
product
Period
Total
Gross private
dom estic
mves tment
NonresNonDurable durable
Services idential
goods
fixed
goods
Residential
fixed
Expor ts and
imports of goods
and s<jrvices
Governnlent purchases <:>f goods
and s«jrvices
Exports Imports
Federal
State
and
local
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981 9
96.01
100. 00
105. 69
114. 92
125. 56
132. 11
139. 83
150. 05
162. 77
177. 36
193. 58
96.5
100. 0
105.7
116.3
125. 2
131.6
139.5
149. 1
162. 3
178.9
193.7
99.0
100.0
101. 7
108.2
117.3
123.9
129. 2
136.2
144.8
156.0
166. 5
96.6
100. 0
108.3
123. 1
132. 1
137.0
143.4
153.2
169.8
188. 6
202.4
95.6
100.0
104.7
113.0
121.6
129.6
139.9
150. 1
162. 1
178. 1
195. 1
96.2
100. 0
103.8
115. 4
132.2
138.6
146.2
157. 7
171.3
186.8
202. 5
94.8
100.0
109. 1
120. 3
131.0
140.7
158.0
178.3
200.5
218.6
232. 8
97.0
100.0
112. 7
134.7
149.6
155.2
161.9
172.4
191.5
211.0
229. 2
93.3
100.0
116.7
164.6
179.5
185.5
205.4
214. 0
245. 4
290. 1
296. 2
92.7
100.0
106.3
114. 9
126. 0
133.5
142.9
153. 7
165. 1
183.9
205.9
94.7
100.0
106.9
117. 4
128.3
137.0
146. 0
156.9
169.8
184.7
200.9
1980: I
II
III
IV
171.
175.
179.
183.
23
28
18
81
172.9
177.0
180.7
184.9
151.9
154. 1
157.5
160.5
182.9
186. 2
190.0
195.2
171. 6
176.0
180. 3
184. 3
180.5
185.7
189. 1
192.4
212.6
217.4
221. 9
223.3
203.4
207.6
213.4
219.9
284.2
290.4
289.7
296.4
176.5
179.5
182. 4
197.4
179. 1
182.8
186.7
190.0
1981: I
II
188.
191.
195.
199.
14
06
61
58
188.5
191.5
195. 7
199.3
162.3
165.4
168.3
170.2
199.2
200.4
203.7
206. 1
188.4
192.2
197.6
202. 2
195.0
201.4
204.5
208. 9
228.7
231.8
235.4
236.7
226. 1
228.0
229.8
232. 9
303. 1
301.2
289.8
291.2
199.4
201.9
206.6
215.9
194.5
198.0
202.8
206.4
m_
IV »
._
Source: Department of Commerce, Bureau of Economic Analysis.
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates]
Gross inational p roduct
Period
1970.
1971
1972
1973
1974...
1975
.
1976
1977
1978
1979
.
1980
1981"
Constant
(1972)
dollars
Current
dollars
—
5.2
8.6
10.1
11.8
8.1
8.0
10.9
11.6
12.4
12.0
.
.
8.8
11.3
1980: I
II
III
IV
12.6
-1.1
11.8
1981: I
II
III
IV*
19.2
149
-0.2
3.4
5.7
5.8
-.6
— 1. 1
5.4
5.5
48
3.2
-.2
1.9
3.1
-9.9
2.4
3.8
8.6
47
-1.6
2.7
-5.2
11.4
1.4
Implicit
price
deflator
Per sonal con sumption expenditu res
Fixedweighted
price
index
(1972
weights)
Chain
price
index
5.4
5.0
42
5.7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
9. 1
5.9
9.1
9.2
5.7
6.2
7.5
8.7
8.6
9.3
5.2
48
40
5.9
9.4
9.0
5.8
6.4
7.6
9.4
9.6
9.4
9.3
9.8
9.2
8.7
8.8
9.3
9.7
9.3
9.0
5.3
49
41
10.7
10.5
10.4
9.8
6.4
9.9
8.4
9.8
7.7
10.2
NOTE.—Annual changes are from previous year and quarterly changes are
from previous quarter.
10.0
8.4
7.9
9.5
8.3
Current
dollars
6.9
8.1
9.6
Constant
(1972)
dollars
11.0
11.2
11.9
12.0
10.7
11. 1
2.2
3.7
5.8
43
-.6
2.2
5.6
49
47
2.9
.5
2.6
12.9
-1.0
-9.8
10.2
9.4
9.9
.8
17.4
5.1
7.0
142
43
-2.1
5.6
-1.8
143
12.5
5.8
3.3
Implicit
price
deflator
46
43
3.7
5.7
10.1
Chain
price
index
46
43
3.6
6.0
Fixedweighted
price
index
(1972
weights)
45
42
3L5
6.0
10.3
10.4
10.2
10.6
9.0
9. 6
11.0
9. 1
12.0
12.5
13.2
10.1
10.1
10.3
10.9
7.6
5.2
6.0
6.8
8.9
8.3
9.8
8.8
9.7
8.0
6.5
9.0
7.5
7.7
5.3
6.3
7.1
9.3
9.7
9.5
6.5
8.7
7.3
7.8
5.3
6.3
7.2
9.9
9.5
6.5
8.2
7.0
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Gross c omestic
prodi let of
nonfin ancial
corp<3rate
busi ness
(billic>ns of
doll ars)
Period
Current
dollars
1972
dollars
563.7
1970
609.9
1971
678.0
1972
759.4
1973
1974
818.9
890. 0
1975
1, 001. 3
1976
1, 129. 5
1977
1978
. 1, 270. 7
1, 417. 0
1979
1, 535. 2
1980
1, 730. 6
1981 9
1, 502. 1
1980: I
II.. _ 1, 496. 3
III — 1, 537. 7
IV
1, 604 7
1981: I
1? 690. 1
II™. 1, 716. 3
III... 1, 760. 3
599. 6
626.8
678.0
731.9
708.2
6942
745.5
799.0
845. 1
873.3
867.2
896.0
878.2
853. 2
860.4
876.9
901.0
901.2
901. 1
[Quarterly data at seasonally adjusted annual rates]
Current-do lar cost and profit per unit of outpu t (dollars) i
Total
cost
and
profit 2
0.940
.973
1.000
1.038
1. 156
1.282
1.343
1.414
1. 504
1. 623
1.770
1. 931
1. 710
1.754
1.787
1.830
1.876
1.904
1.954
Capital
consumption
g~\
Comallowances Indirect penNet
sation
with business
in3
of
terest
capital taxes
employconees
sumption
adjustment
Total
Profits
tax
liability
0. 106
0.631 0.028 0.088
0.087
0.045
.641
.091
. 113
.099
.029
.047
.092
. 113 .659
.028
. 107
.049
. 114
.692
.093
.031
.107
.055
. 042 .090
. 112
. 127
.786
.059
. 124
.044
. 140
. 137
.837
. 059
. 144 .071
. 141 . 141 .878
.040
. 144
. 146
. 924 .042
. 158 .074
. 148
. 153
. 996 .044
. 163 .080
. 153 1.092
.052
. 169
.157
.080
. 176 1. 196
. 191
.065
.143
.073
.205
. 161
.208
.072
1.286
.065
. 180
. 161 1. 158
.060
. 151 .085
. 192
. 064 . 132
.173
1. 193
.061
. 196
. 181 1.203
. 141 .070
.067
. 197
. 188 1.230
.068
. 146 .075
. 199 1.244
. 197
. 169
.067
.076
.204
.202
. 070 . 163
1. 266
.064
.211
.206
1.295
. 073 . 169
.066
* Output is measured by gross domestic product of nonfinancial corporate
business
in 1972 dollars.
2
This is equal to the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted two places to the left.
s Indirect business tax and nontax liability plus business transfer payments
less subsidies.
Corpc>rate profi ts with
invent Dry valuation and
capil,al consun iption
< idjustmen ts
Profits
after4
tax
0.043
.052
.058
.053
.030
.065
.073
. 084
.083
.077
.070
.096
.066
.071
.071
.071
.093
. 098
. 103
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees
dollars) (dollars)
7.126
7.467
7.688
7.891
7.622
7.881
8. 132
8.348
8.384
8.384
8.432
4498
4 788
5.068
5.458
5.989
6.596
7.138
7.713
8.347
9.159
10. 085
8. 369
8.359
8,496
8.496
8. 628
8.674
8.660
9.694
9.973
10. 218
10. 450
10. 737
10. 978
11.216
* With inventory valuation and capital consumption adjustments.
Sources: Department of Commerce (Bureau of Economic Analysis) and Department of Labor (Bureau of Labor Statistics).
NATIONAL INCOME
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
National
income
Period
Propr ietors1
mcom e with
inventor y valuation ancl capital
consurnption
adjust ments
Compensation of
employees *
Farm
Nonfarm
Rental
Corpoi•ate profit s with inventory va luation
and capital cc nsumptio n adjustmtents
Profits s with inventory
valua fcion ad jus
tment
and iwithout ciipital
consum ption adjiistment
of per-
with
capital
consumption
adjustment
Total
Total
Profits
before
tax
Inventory
valuation
adjustment
Capital
consumption
adjustment
Net
interest
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981"
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
2, 343. 7
652.2
718.0
801.3
877.5
931.4
1, 036. 3
1, 152. 3
1, 299. 7
1, 460. 9
1, 596. 5
1, 771. 7
15.0
18.7
32.8
26.5
24. 6
19. 1
1&4
26. 1
30.8
23.4
22.0
54.4
58. 1s
61.0
62.2
65.4
75.0
85. 1
91. 0
100.7
107.2
112.4
20.2
21.0
22.6
23. 5
23.0
23.5
25. 1
27.4
30.5
31.8
33.6
83.2
96.6
108.3
94 9
110.5
138. 1
164.7
185.5
196.8
182.7
189. 0
82.0
94.0
105.6
96.7
120.6
151.6
176. 7
199.0
212.7
199.8
202. 9
86.6
100.6
125.6
136.7
132. 1
166.3
192.6
223. 3
255.4
245.5
230.2
-4.6
-6.6
-20.0
-40.0
-11.6
-147
-15.8
-243
—42. 6
-45.7
-27.3
1.3
2.7
2.7
-1.8
-10. 1
-13.5
-12.0
-13.5
-15.9
-17.2
-13.9
46.5
51.2
60.2
76. 1
845
87.2
100.9
115.8
143.4
179.8
215.0
1980: I
II
III
IV
2, 088. 5
2, 070. 0
2, 122. 4
2, 204. 8
1, 558. 0
1, 569. 0
1, 597. 4
1, 661. 8
25.7
23.3
22. 1
22.5
107.9
101.6
107.6
111.6
31.2
31.5
32.0
32.4
200.2
169.3
177.9
183.3
215.6
186.9
195.9
201.0
277.1
217.9
237.6
249. 5
-61.4
-31. 1
-41.7
-48.4
-15.4
-17.6
-17.9
-17.8
165. 4
175.3
185.3
193.3
2,291. 1 1, 722. 4
2, 320. 9 1, 752. 0
.- 2, 377. 6 1, 790. 7
1, 821. 7
18.9
21.7
24.7
22. 7
113.2
112.5
112.4
111.5
32.7
33.3
33.9
34.5
203.0
190. 3
195. 7
217.7
205. 1
209. 1
257.0
229.0
234.4
-39.2
-24.0
-25.3
-20.9
-14.7
-147
-13.4
-12.8
200.8
211.0
220. 2
228. 1
1981: I
II
IllIV »
i Includes employer contributions for social insurance. (See also p. 5.)
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Nondurable goods
Durable goo<is
Total
personal
consumption
expenditures
Total
durable
goods l
Motor
vehicles
and
parts
1971
_
1972
1973
1974
1975_. _ _ _ _ _ _
1976
1977
1978
1979
1980
1981 *
672.2
737. 1
812. 0
888. 1
976.4
1, 084 3
1, 205. 5
1, 348. 7
1,510. 9
1, 672. 8
1, 858. 1
97.2
111. 1
123.3
121.5
132.2
156.8
178.8
199. 3
212.3
211.9
232.0
45.4
52.4
57. 1
50.4
55.8
72.6
85. 0
943
95.5
89. 9
98.2
37.2
41.7
47. 1
50.6
53.5
59. 1
65.8
72.9
81. 1
84.6
92.7
278.8
300.6
333.4
373.4
407. 3
441. 7
479.0
529. 8
602.2
675.7
743.4
1980: I
II
III___
IV
1, 631. 0
1, 626. 8
1, 682. 2
1, 751. 0
220.9
194.4
208.8
223.3
100. 6
77.5
87.0
94.6
83.6
81.3
846
88.9
1981: I
II
IIL.__
IV«.__
1, 810. 1
1, 829. 1
1, 883. 9
1, 909. 5
238.3
227.3
236.2
226.4
105.4
93.4
101.6
92.3
92.3
92.4
93.2
93.0
Period
1
Total includes other items not shown separately.
Furniture
and
household
equipment
Total
nondurable
goods l
Retail sales of
new passenger
cars(nlillions
of ujaits)
Services
Clothing
and
shoes
Gasoline
and oil
144 2
154 9
172. 1
193.7
213. 6
230.6
250.3
276. 4
312. 1
345.7
382. 1
50.6
55. 4
61.4
648
69.6
75.3
82. 1
91.9
98. 9
1048
115.9
23. 9
25.4
28.6
36.6
40. 4
440
48. 2
52.7
68.4
89.0
94 5
296.2
325. 3
355.2
393.2
437.0
485 7
547.7
619.6
696. 3
785. 2
882. 7
8.7
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
6.2
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2.0
2.3
2.4
2.3
661. 1
664 0
6742
703.5
336.2
338. 4
347.7
360.4
102.2
102.3
105.3
109.4
89.4
90.9
85.3
90.5
749.0
768.4
799.2
824.2
7.9
5.4
6.4
6.6
2.7
2. 1
2.3
2.5
726.0
735.3
751.3
760.9
372.5
377.8
386.5
391.6
113.4
115.8
117. 5
116.8
93.5
92.4
95. 1
97. 1
845. 8
866.5
896.4
922. 2
7.4
5.6
6.9
5.2
2.7
2.2
2.2
2. 2
Food
Domestics
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
SOURCES OF PERSONAL INCOME
Personal income rose $4.4 billion (annual rate) in December following a rise of $14.2 billion in November. Wages
and salaries fell $0.7 billion in December, compared with an increase of $8.6 billion in November.
2,400
BILLIONS OF DOLLARS*(RATIO SCALE)
2,800
2,400
2,000
2,000
BILLIONS OF DOLLARS*(RATIO SCALE)
2,800
1,600
1,600
1,400
1,400
1,200
1,200
1,000
1,000
800
800
I
I
600
"""""
-I
•
600
,,1«*«*****°
OTHER INCOME
400
400
„..««"
,.
.,..»»•*"
...»"""""'
TRANSFER
PAYMENTS
\
„„...««"
200
200
160
160
120
120
100
100
80
1973
1974
1975
1976
1977
1979
1978
*SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
Period
1980
1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; monthly data at seasonally adjusted
Wage
3
Rental Personal
Other Proprietc>rs* income income
Total
and
personal salary
labor 12
dividend
of
income disburseincome
Farm
Nonfarm persons 4 income
l
ments
annual rates]
Less: PerNonPersonal Transfer sonal cont ~
farm
interest
pay- 3 tributions personal
income ments
for social income 8
insurance
1974
1975
1976
1977
1978
1979
1980
1981 9
1, 168. 6
1, 265. 0
1, 391. 2
1, 538. 0
1, 721. 8
1, 943. 8
2, 160. 2
2, 403. 6
765.7
806.4
889. 9
983.8
1, 105. 2
1, 236. 1
1, 343. 7
1, 482. 8
55.8
64.5
75. 9
89.0
102.2
118.6
137. 1
154. 2
26.5
24.6
19. 1
18.4
26. 1
30.8
23.4
22.0
62.2
65.4
75.0
85. 1
91.0
100. 7
107.2
112. 4
23.5
23.0
23.5
25. 1
27.4
30.5
31.8
33.6
29. 1
29.9
36.5
38.7
43. 1
48.6
54.4
61.3
112.4
123.2
132.5
151.6
173.2
209. 6
256.3
308.6
141. 2
178.3
194.3
207.5
223. 3
249.4
294. 2
332.9
47.9
50.4
55. 5
61. 1
69.6
80.6
87.9
104.2
1, 131. 8
1, 229. 1
1, 359. 3
1, 505. 0
1, 679. 2
1, 892. 9
2, 112. 6
2, 353. 3
1980: Dec
2, 276. 6 1, 411. 2
145.0
22.6
111.6
32.5
56.7
274. 1
314.7
91.9
2, 228. 5
146.6
148. 0
149.5
150.9
151.6
153.0
154. 8
156.3
157.8
159.2
160.5
161.9
19.9
18.7
18.2
20. 2
21.7
23.2
24.4
25. 2
24.4
23.4
22.6
22. 0
112. 8
112. 6
114.2
113.0
112.2
112. 2
112. 2
112. 4
112. 5
111.9
111.4
111. 1
32.5
32.7
32.9
33. 1
33.3
33.5
33. 7
33.9
34. 1
34.3
34.5
34.7
57.4
58. 2
58. 3
59.4
60.2
61. 1
62. 4
63.0
63. 5
63. 9
64. 1
64.3
281.8
289. 1
295. 2
297.9
300. 6
304.1
309.2
315.7
322. 3
326. 3
329.2
331.5
318.4
318.4
321.9
322. 5
323. 5
326.5
341.9
341.7
343.0
343.3
346. 0
347.9
101.9
102.3
102.6
102. 9
103. 1
103. 3
104.3
105.2
105.5
106. 3
106. 7
106. 5
2, 254. 8
2, 273. 2
2, 295. 4
2, 306. 4
2, 318. 1
2, 333. 1
2, 366. 4
2, 389. 3
2, 409. 0
2, 420. 4
2, 434. 7
2, 439. 2
1981: Jan
2, 300. 7
2, 318. 2
Feb
Mar
2, 340. 4
Apr
2. 353. 8
May
2, 367. 4
June
2, 384. 3
July_.._ 2, 419. 2
2, 443. 4
Aug
Sept_.._ 2, 462. 6
Oct
2, 473. 5
Nov *>.__ 2, 487. 6
Dec »_._ 2, 492. 1
1, 433. 1
1, 442. 8
1, 452. 8
1, 459. 6
1, 467. 3
1, 473. 9
1, 484. 9
1, 500. 3
1, 510. 3
1, 517. 5
1, 526. 0
1, 525. 3
* The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
* Consists of employer contributions to private pension, health, and welfare
funds;
workmen's compensation; directors' fees; and a few other minor items.
1
With inventory valuation and capital consumption adjustments.
* With capital consumption adjustment.
* Consists mainly of social insurance benefits, direct relief, and veterans
payments.
6
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose slightly in the fourth quarter.
BILLIONS OF DOLLARS*
BILLIONS OF DOLLARS* (RATIO SCALE)
(RATIO SCALE)
3,000
3,000
1973
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
T ^^-i .
Period
Less:
Pprsonal
Pertax
sonal
and
income nontax
payments
Equals :
Disposable
persona]
income
Less:
Personal
outlays l
Per c apita
dispc sable
persona income
Equals :
Personal
saving Current
dollars
Bil lions of d ollars
1973
1974
1975
1976
1977
1978
1979
1980
1981 »
1, 065. 2
1, 168. 6
1, 265. 0
1, 391. 2
1, 538. 0
1, 721. 8
1, 943. 8
2, 160. 2
2, 403. 6
150.7
170.2
168. 9
196.8
226.5
258. 8
302.0
338.5
388.2
914.5
998.3
1, 096. 1
1, 194. 4
1,311.5
1, 462. 9
1, 641. 7
1, 821. 7
2, 015. 4
1972
dollars
Per cap ita personal cc>nsumption exp enditures
Current
dollars
1972
dollars
Dol lars
835.5
913.2
1, 001. 8
1, 111.9
1, 237. 5
1, 386. 6
1, 555. 5
1, 720. 4
1, 908. 8
79.0
85. 1
94.3
82. 5
74. 1
76.3
86.2
101.3
106. 6
4,315
4, 667
5,075
5,477
5, 954
6,571
7,293
8,002
8, 768
4,083
4,013
4,055
4,161
4,266
4,409
4,493
4,473
4, 525
3,831
4,152
4,521
4,972
5, 472
6,058
6,712
7,348
8,083
3,626
3,570
3,612
3,777
3,922
4,064
4, 135
4,108
4, 172
Percent
change Saving
in real as percent of
per
capita disposable
disposperable
sonal
perincome
sonal
income
Per cent
Population
( thou-2
sands)
8.6
8.5
8.6
6.9
5.6
5.2
5.2
5.6
211, 939
213, 898
215, 981
218, 086
220, 289
222, 629
225, 106
227, 654
229, 868
3.0
1.8
49
6.2
6. 1
5. 1
226, 727
227, 332
227, 977
228, 578
2. 1
4.6
5.4
5.2
6.0
229, 051
229, 537
230, 142
230, 741
5.8
-1.7
1.0
2.6
2.5
3.4
1. 9
4.
1. 2
5. 3
Seas onally ad; usted ann ual rates
1980: I
!!___
III__
IV..
1981:
2, 088. 2
2, 114. 5
2, 182. 1
2, 256. 2
323. 1
330.3
341.5
359.2
1, 765. 1
1, 784. 1
1, 840. 6
1, 897. 0
1, 678. 7
1, 674. 1
1, 729. 2
1, 799. 4
86.4
110. 0
111. 4
97.6
7,785
7,848
8,074
8,299
4,503
4,435
4,468
4,488
7,194
7,156
7,379
7,660
4,161
4,044
4,083
4,142
I... 2, 319. 8
IL_. 2, 368. 5
III.. 2, 441. 7
IV »_ 2, 484. 4
372.0
382.9
399.8
398.0
1, 947. 8
1, 985. 6
2, 042. 0
2, 086. 4
1, 858. 9
1, 879. 0
1, 935. 1
1, 962. 3
88.9
106.6
106.9
124. 1
8,504
8,651
8,873
9,042
4,511
4,517
4,535
4,538
7,903
7,969
8, 186
8,276
4,192
4,161
4, 184
4, 153
1 Includes personal consumption expenditures, interest paid by consumers to
business, and personal transfer payments to foreigners (net).
2 Includes Armed Forces abroad. Annual data are averages of quarterly data,
which are averages for the period.
0.2
-5.9
.5
1.6
.3
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 fell $0.8 billion (annual rate) and net
farm income fell $0.7 billion.
BILLIONS OF DOLLARS*
(RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2001
200
100
100
GROSS FARM INCOME
80
60
60
40
40
NET FARM INCOME
20
20
w
10
I
I
I
1973
J
L
1974
J
1975
J
L_L
L
J
L
1978
1977
1976
I
1979
1980
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF AGRICULTURE
I
ho
1981
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from farming
Grc>ss farm inec)me
Total 1
1973
1974
1975
1976
1977
1978
1979
1980
1980:1
II
III _
IV
1981:1
II
III
IV »__
_
Total
Livestock
and
products
Crops
Value of
inventory2
changes
Production
expenses
Current
dollars
1967
dollars 3
98.9
98.3
100.3
101.8
108.7
127.5
151.9
150.5
87. 1
92.4
88.2
94.8
96.3
112. 9
131.9
136.4
45. 9
41.4
43.0
46. 1
47.6
59.2
68. 5
67.4
41. 1
51. 1
45. 1
48.7
48. 7
53.7
63.4
69.0
3.4
— 1. 6
3.4
-2. 4
1.0
.6
5.3
-2.0
65.6
72. 2
75.9
83. 1
90.3
101. 1
119. 2
130.7
33.3
26. 1
24.5
18.7
18.4
26.5
32. 7
19. 9
25. 1
17.7
15.2
11.0
10. 2
13.5
15. 1
8. 1
149.3
145.8
151.9
155. 1
133.0
131.9
139.2
141. 5
66. 3
64.0
68.9
70. 4
66.7
67.9
70.3
71. 1
.9
-1.9
-3.7
3.3
125.9
128. 9
132. 2
135. 6
23.4
16.9
19.7
19.5
9.9
6.9
7.9
7.6
159.2
163.9
167.6
166.8
142. 5
143. 1
143.8
140. 5
69.8
68.9
69.4
67.0
72. 7
74.2
74.4
73.5
-.5
3.4
6.0
7. 1
139.3
141. 0
142. 9
142.8
19.9
22.9
24. 7
24.0
7.5
8.5
8.9
8.5
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 r<3eeipts
Period
' Income in current dollars divided by the consumer price index (Department
of Labor).
Data revised beginning 1981.
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the third quarter, according to current estimates, corporate profits before tax rose $5.4 billion (annual rate) while
after-tax profits rose $3.6 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
320
320
SEASONALLY ADJUSTED ANNUAL RATES
280
280
240
240
200
200
160
160
120
120
80
'^ «*
TAX LIABILITY
40
40
I
J L
1973
1974
I I
1975
I
I I
1976
I
1977
I I
1978
I
I
L
J
L
1980
1979
1981
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Profits after tax
Profil bs (before tax) wit i invent<
Dry valmition
adjustn lent 1
Dome stic indu stries
Period
*Ionfinan< 2ial
Total 2
1971
1972
1973
1974
1975
_ _
1976_.
1977__
1978
1979
_
1980. _.
1981 v
1980: I
IT
III
IV
1981: I
II
III
IV *
_
___
_ _
_
Tax
liability
Total
Dividends
Undistribu ted
profits
Inventory
valuation
adjustment
Total3
Manufacturmg
Wholesale
and
retail
trade
14. 1
15.3
15. 9
15. 0
11.8
17. 1
23.5
29.3
31. 6
30.6
24.2
33.3
30. 1
28. 7
30.5
60. 8
70. 0
76.0
65. 4
95. 8
120.3
137. 7
150. 0
150.8
138. 1
154. 7
145. 7
127.5
136.2
142. 9
34. 1
40.7
45.5
39. 0
52. 6
69.2
76.2
85. 3
88.9
74.5
81. 9
92. 1
61. 3
68. 5
76.2
11.7
13.4
13.9
12. 5
21. 3
22.4
27. 0
24. 5
23.0
20.9
27.8
14.8
25. 9
20. 4
22.6
86. 6
100.6
125. 6
136. 7
132. 1
166. 3
192. 6
223.3
255. 4
245. 5
230.2
277. 1
217.9
237. 6
249.5
37.5
41. 6
49.0
51. 6
50. 6
63.8
72. 6
83. 0
87. 6
82.3
76.4
94. 2
71. 5
78.5
85.2
49.0
58.9
76. 6
85. 1
81.5
102. 5
120.0
140. 3
167. 8
163. 2
153.9
182.9
146. 5
159. 1
164.3
22.9
24. 4
27.0
29.9
30.8
37. 4
39.9
44. 6
50. 2
56.0
63. 1
53.9
55. 7
56. 7
57.7
26. 1
34. 5
49.6
55. 2
50. 7
65. 1
80. 1
95.7
117.6
107. 2
90. 7
128. 9
90. 7
102.4
106. 6
-4. 6
-6. 6
-20. 0
-40. 0
-11. 6
-14.7
— 15. 8
-24.3
42. 6
-45. 7
-27.3
— 61. 4
-31. 1
— 41. 7
-48.4
28.6
24. 3
22.7
163. 7
158. 0
161. 9
90. 4
84. 4
85. 1
27.5
28. 4
30. 1
257. 0
229. 0
234. 4
87. 7
76.4
78. 1
169. 2
152. 7
156. 3
59.6
62. 0
64.8
66. 0
109. 6
90. 6
91. 5
-39.2
-24. 0
-25. 3
-20.9
Total
Financial
82. 0
94.0
105.6
96. 7
120. 6
151.6
176. 7
199. 0
212. 7
199.8
202. 9
215. 6186. 9
195.9
201. 0
74.9
85.3
92.0
80. 4
107. 6
137.4
161. 2
179, 3
182. 4
168.7
178. 9
179.0
157. 5
165. 0
173.4
217. 7
205. 1
209. 1
192.3
182.3
184.6
1
See p. 4 for profits with inventory valuation and capital consumption
adjustments.
2
Includes rest of the world, not shown separately.
8
Profits
before
tax
3
Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According io preliminary estimates for the fourth quarter, business fixed investment fell $2.5 billion (annual rate) as
nonresidential construction outlays rose $3.1 billion and producers* durable equipment purchases fell $5.6 billion.
Residential investment outlays declined $7.1 billion. There was a $17.6 billion increase in inventories following a
$27.5 billion increase in the third quarter.
BILLIC)NS
500
OF DOLLARS
EMILLIONS OF DOI.LARS
500
SEA 5ONALLY ADJUSTED ANNUAL RATES
s****\^
At^f)
Ann
GROSS PRIVATE DOMES TIC
INVESTMENT
^*»mS^
S*
/
\
r^^~r\.
450
/
j\
Ann
N^.X
^r
/^
4
'-""'
OAA
fSl,
sk S^^
'*•"
»^^
NONRES IDENTIAL
FIXED IN ^ESTMENT^^^
J
250
7*^
250
a,, „„.
^—
-"^
—'
^++*~
-."
OAA
-**'
1CA
1CA
^
"
RESIDENTIA .
FIXED INVESTS ENT.^^, *.,,-.!
-***
100
100
CHANGE IN BUSINEss
INVENTORIES
50
\
X**^"»,...««"**.,„„>,
,
*»5
0
tllil<
.,„„„»,«****'**,,
»»**
*'»»„»* .* """'..
^,....*,.ttti
y
50
*«v
f
» •••"*"
\
********
^OIUlMd£|
X*"" ""*"
-X,«, „....«•%
X....X
''""""***
i
-50
I
i
1973
I
I
I
I
1974
!
I
1975
I
I
I
1976
I
I
I
I
1977
I
I
1978
I
I
I I
I
1979
I
1980
0
P^
i
i
i
50
1981
COUNCIL O F ECONOMIC ADVISERS
SOURCE: DEPARTMENT C F COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Non residential fixed
investmen" i
Gross
private
domestic
' investment
n
•
Fenod
1971
1972
1973
1974,.
1975
1976
1977
1978
1979
1980
1981 9
1980:1
II
III
IV
1981: I
II
III..
IV *»_
...
_
..
166. 4
195. 0
229. 8
228.7
206. 1
257. 9
322.3
375.3
415.8
395.3
450.6
415.6
390. 9
377. 1
397.7
437. 1
458. 6
463.0
443.6
Total
107.9
121.0
143. 3
156.6
157. 7
174. 1
205. 5
242. 0
279. 7
296.0
327. 1
297. 8
289. 8
294. 0
302. 1
315.9
324.6
335. 1
332.6
Structures
Producers'
durable
equipment
40.5
44. 1
51. 0
55.9
55. 4
58.8
64. 6
78.7
96. 3
108.8
125.0
108.2
108.4
107.3
111.5
117.2
123. 1
128.3
131. 4
Source: Department of Commerce, Bureau of Economic Analysis.
67.4
76.9
92. 3
100.7
102.3
115.3
140.9
163. 3
183.4
187. 1
202. 0
189.7
181.4
186.8
190.7
198.7
201.5
206.8
201. 2
Re sidential £bced investalent
Total
50.9
63.8
68.0
57.9
55. 3
72.0
95.8
111.2
118.6
105.3
105. 3
115.2
93.6
99.2
113. 0
116.7
110.7
100.5
93. 4
Nonfarm
structures
48.9
61. 5
65.6
54.8
52. 4
68.8
91. 9
106. 9
113.9
100.3
99.8
110. I
88.9
94. 5
107.6
111.4
105.4
94.9
87.7
Farm
structures
Producers*
durable
equipment
0.7
.7
1.3
1.3
1.0
1.7
1.8
1.9
.7
1. 1
1.5
1.8
1.8
2.0
2.3
2.2
1.8
1.7
2.2
2.2
2. 1
2.3
2.5
1. 5
2. 1
2.3
2. 6
2.9
3.0
3.2
3.0
2.9
3.0
Change in business m*vrentories
Total
7.7
10.2
18.5
14. 1
-6.9
11.8
21. 0
22.2
17.5
-5.9
18. 2
2.5
7.4
3. 1
-16.0
-17.4
3.2
3.2
3.3
3.3
23.3
27.5
17.6
4.5
Nonfarm
6. 4
9.6
15.2
16. 0
-10.5
13. ft
20.2
21.8
13.4
' -4.7
15.9
1.5
6. 1
-12.3
-14. 0
6.8
21. 5
23. 1
12. 2
EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS
According to the Commerce Department November-December survey, nonfarm business spending for new plant and
equipment for the year 1982 is expected to be 7.4 percent above 1981. The survey conducted in October-November
and reported in December indicated a sizable increase in spending in the first half of 1982; the results from the latest
survey suggest that first-half spending plans may have been revised downward since the previous survey.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
400
40
40
30
30
1974
1975
1977
1976
1978
1979
1980
1981
1982
J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Plant and equi pment
I ^onmani,ifacturin g
Ma nufactur ing
Period
1974
1975
1976
1977
1978...
1979
1980
1981 44— _
1982
Total
Plant
156. 98 64.29
157. 71 65.21
171. 45 71.20
198. 08 80.31
231. 24 92.70
270. 46 105. 73
295. 63 117. 55
322. 61
346. 42
Equipment
312.
316.
328.
332.
47.79
46.23
49.30
56. 54
68. 66
79.26
81. 79
86. 27
91. 16
23.30
21.80
23.51
26.90
32. 02
34.83
36. 99
41.27
43. 88
61.24
56.51
59.38
77.40
88. 16
112. 98
123. 32
12.23
11.70
35,58
34.96
82.91
si. m
36. 97
36. 11
27.74
33.53
16.20
16.80
17.55
16.59
11.74
11.70
11. 61
13.20
36.05
37,84
39. 55
38.09
40. 32
39. 02
41. 89
43. 69
35. 41
32. 90
33. 33
17.23
17. 81
11. 79
13. 89
40. 14
40.29
83.43
85. 88
87.55
88.27
95. 12
96.29
92.69 53.21
92.50 54. 92
100. 25 59.95
69. 22
117. 77
138. 54 79. 72
164. 73 98.68
178. 08 115. 81
128. 26
139. 34
27.44
26. 33
28.47
34.04
40. 43
51.07
58.91
62.94
67.81
25. 76
28.59
31.47
35. 18
39.29
47.61
56.90
65. 32
71.53
78
79
50
87
52
77
81
35
08
4.62
6. 10
7.44
9. 24
10.21
11.38
13.51
16.80
18.79
8.23
8.68
8.89
9.40
10.68
12.35
12. 09
12.07
13.39
58. 21 179. 83
58.86 180. 95
13.86
15.28
50
49
11
22
58. 19
59.77
61.24
63. 10
62.58
64.73
63.27
62.40
67. 53
67.50
74
24
13
84
136. 47
140. 58
66.26
68.34
70.21 208. 98
72.24 214. 25
116. 40
118. 63
124.
125.
130.
132.
1 Wholesale and retail trade; finance, insurance, and real estate; and personal,
business, and professional services.
2 "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.
10
19.83
19.98
22.37
26.79
29.95
33.96
35. 44
37.94
39.86
Total
24 128. 57 183. 67
73 131. 05 185. 68
25 136. 40 191. 85
06
1982: 1 44__ 345. 46
II . 354. 83
Communication
and
other 2
Nondurable
goods
1980: III.. 296. 23 117. 59 178. 64
IV.. 299. 58 120. 27 179. 32
1981: I _ _ .
II
III.
IV 4 .
Trade
and
services *
Durable
goods
Trans- Public
Total Mining porta- utilities
tion
103.
102.
111.
128.
151.
171.
179.
194.
207.
187.
191.
198.
199.
Starts of
plant and
equipment
projects,
manufacturing 3
44. 71
45. 97
8
Starts are estimated by adding changes in carryover to expenditures during
given
period.
4
Planned capital expenditures as reported by business in October-December 1981, corrected for biases.
Source: Department of Commerce, Bureau of Economic Analysis.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Seasonally adjusted employment fell 840,000 in December, while unemployment rose 460,000.
MILLIONS OF PERSONS
110
MILLIONS OF PERSONS*
110
5 -
*16 Y E A R S OF AGE AND OVER.
SOURCE: DEPARTMENT OF LABOR
Noninstitutional
population
Period
1976
1977
1978*
1979
1980
1981___
_
156,
158,
161,
163,
166,
168,
048
559
058
620
246
578
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16 years of age and over, except as noted]
Unempl<syment
Civilian einploymerj t
Total
labor
Nonagricultural
15
Civilian Unemforce Civilian
Part-time Total weeks
Agriemploy- ploy- (includ- labor
Total
for
ecoand
culment
ing
ment
force
Total
nomic l
over
tural
Armed
reasons
Forces)
3,272
7,288 2,340
87, 485 7,288 96, 917 94, 773 87, 485 3,297 84, 188
3,297
6,855 1,911
90, 546 6, 855 99, 534 97, 401 90, 546 3,244 87, 302
3,216
6,047 1,379
94, 373 6,047 102, 537 100, 420 94, 373 3,342 91, 031
3,281
5,963 1,202
96, 945 5, 963 104, 996 102, 908 96, 945 3,297 93, 648
3,965
7,448 1,829
97,270 7,448 106, 821 104, 719 97, 270 3,310 93, 960
4,397
8,080 2,241
98, 313 8, 080 108, 535 106, 393 98, 313 \ 3, 312 95, 001
1981: Jan..
Feb...
Mar..
Apr..
May._
June..
July..
Aug...
Sept..
Oet_._
Nov__
Dec...
97, 545
167, 585 96, 128
167, 747 96, 383
167, 902 97, 318
168, 071 98, 282
168, 272 98, 803
168, 480 99, 341
168, 685 100, 474
168, 855 100, 013
169, 049 98, 277
169, 252 98, 902
169, 435 98, 393
169, 605 97, 442
7,233 107, 191 105, 067
97, 282
3,394
93, 888
4,218
7,785
2,378
64.0
105, 543
105, 681
106, 177
106, 722
107, 406
106, 176
106, 464
106, 602
106, 236
106, 736
107, 029
106, 650
97, 696
97, 927
98, 412
98, 976
99, 235
98, 392
98, 962
98, 944
98, 270
98, 217
98, 025
97, 188
3,403
3,281
3,276
3,463
3,353
3,265
3,258
3,370
3,310
3,337
3,363
3, 115
94, 294
94, 646
95, 136
95, 513
95, 882
95, 127
95, 704
95, 574
94, 959
94, 880
94, 662
94, 072
4,474
4,145
4,227
4,044
4, 143
3,798
4,225
4,187
4,537
5,026
4,988
5, 350
7,847
7,754
7,764
7,746
8, 171
7,784
7,502
7,657
7,966
8,520
9,004
9,462
2,358
2,250
2,192
2, 105
2, 168
2,315
2, 100
2, 194
2,212
2,251
2,330
2,338
64.2
64.3
64.5
64. 8
65. 1
64, U
64.4
64.4
64. 1
64.3
64.4
642
8,543
8,425
8,087
7,396
7,545
8,279
7,934
7,758
7,687
8,024
8,470
8,807
107, 668
107, 802
108, 305
108, 851
109, 533
108, 307
108, 603
108, 762
108, 401
108, 894
109, 187
108, 814
* Persons at work. Economic reasons include slack work, material shortages, inability to find full-time work, etc.
a Total labor force as percent of noninstitutional population 16 years of age and
over.
*Data beginning 1978 not strictly comparable with earlier 4ata because of
62. 1
62.8
63.7
64.2
64.3
64.4
Seascmally adj usted
Uiiadj usted
1980: Dec_. 167, 396
Labor
force
participation
rate
(per_
4.\ zg
cent)
revisions in the household survey, which added about 250,000 to labor force and
to employment.
Source: Department of Labor, Bureau of Labor Statistics.
11
SELECTED UNEMPLOYMENT RATES
In December the seasonally adjusted unemployment rate rose to 8.9 percent from 8.5 percent in November.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY ADJUSTED)
25
25
1977
1980
1981
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted]
1Qnemployment nxte (perc ent of cb/ilian lab or force in group )
Total
(all
civilian
workers)
Period
Men Women Both
20
20
sexes
years years 16-19
and
and
years
over
over
1976
1977
1978
1979
1980
1981
7.7
7.0
6.0
5.8
5.9
5.2
4.2
White
5. 1
6.3
6.7
9. 1
10. 4
7.3
6.5
5.5
5.3
6.8
7.3
10. 1
9.3
8.5
8.3
9.8
9.0
8.7
8.7
9.4
8.3
7.6
6.5
6.3
7.9
8.5
17.8
6.5
14.0
7. 1
4.3
10.4
7.3
8.2
8.2
19. 0
19.3
19.1
19. 1
19. 5
19.0
18. 1
18.8
19. 3
20.6
21. 8
21.7
6.7
6.6
6.5
6.5
6.8
6.4
6.2
12.9
13. 1
13. 7
13.2
13.6
14.2
13.6
15.0
15. 1
15. 5
15.5
16. 1
7. 1
4.2
10.5
7.0
7.0
6.8
7.4
7.0
6.8
6.9
7.2
7.6
8.0
8.6
7. 1
7. 1
7. 1
9. 1
7.6
1980: Dec
7.4
6.2
6.8
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
7.4
7.3
7.3
7.3
7.6
7.3
7.0
7.2
7.5
8.0
8.4
8.9
6.0
6.0
5.9
5.8
6.3
6.7
6.5
6.6
1
.
6. 1
5.6
5.9
6.2
6.7
7.2
8.0
6. 7
6.5
6.8
7.0
7. 3
7.5
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
Fulltime
workers
10.0
5.9
6.3
6.8
6.5
Marmen
who
ried
men, mainspouse tain
present families
Labor
force
Part- time
lost
time
(perwork- cent)
»
ers
4.2
3.6
2.8
2.7
4.2
4.3
7.0
6.2
5.2
6. 6
Wo-
7.3
6.6
5.6
5.4
6.8
7.2
19. 0
17.7
16.3
16. 1
17.7
19.6
4. 1
ExpeBlack rienced
wage
and
and
other salary
workers
13. 1
13.1
11.9
11.3
13.2
14.3
7.4
7.0
6.0
5.7
6.3
6.8
7. 1
By sesleeted g roups
By race
B y s ex and a ge
6. 1
6.5
6.9
7.4
7.8
4. 1
4. 1
3.8
4. 1
4.2
3. 9
3.9
4. 3
4.7
5. 1
5. 8
9.6
9.4
9.8
10.3
10.6
11.5
9.8
10.6
10. 7
10.9
10.6
6.9
7.3
7.0
6. 7
6.7
7.2
7.7
8. 1
8.7
Source: Department of Labor, Bureau of Labor Statistics.
9.2
8.2
8. 1
8. 1
9.0
9.0
9.7
9.2
9.3
9.7
9.6
9.5
8.2
8.6
8.0
7.9
7.9
8.5
9.2
10. 1
10. 2
9. 1
9.4
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In December, the percentage of unemployed persons who had been out of work for less than 1 5 weeks rose, and the
percentage out of work for 1 5 weeks and longer fell.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
60
60
LESS THAN
5 WEEKS
50 -
40
5-14
WEEKS
REENTRANTS
30
30 -
20
NEW ENTRANTS
15-26
WEEKS
V
***»>*
>>1k»V\.!
\
\
10 -
JOB LEAVERS
27 WEEKS
AND OVER
1977
1978
1979
1980
1981
1977
1978
1979
1980
1981
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
Period
Unemployment
(thousands)
1977
6,855
1978
6,047
1979
5,963
1980
7,448
1981
8,080
1980: Dec— 7,785
1981: Jan.. 7,847
Feb.. 7,754
Mar__ 7,764
Apr__ 7,746
May._ 8,171
June.- 7,784
July__ 7,502
Aug.— 7,657
Sept__ 7,966
Oct.-. 8,520
Nov__ 9,004
D e c _ _ 9,462
COUNCIL OF ECONOMIC ADVISERS
[Monthly data seasonally adjusted, except as noted]
Percen t distribiution of \inemPercen t distrib ution of imeml
State pi ograms Insured
plo yment b:? duration 1
unem- Special
Pi oyment 1:>y reasoi i
ployunemment,
ployall
ment
27
Insured
Less
New unem- Initial regular benefit
5-14
weeks
15-26
Job
ReenJob
than 5 weeks weeks
enproclaims
and
losers leavers trants trants
ploy- claims grams
weeks
(unadover
ment
(unad-2 justed) 3
justed)
We€;kly avei age, thornsands
41.7
30.5
45.3
13.0
13. 1
14.8
28. 1
13.7 2,655
375
3,308
572
46.2
14. 1
31.0
12.3
10.5
14.3 2,359
41.6
30.0
346
2,645
13.4 2,434
48. 1
11.5
14.3
31.7
8.7
42.8
29.5
388
2,592
32.4
11.4 3,350
13.8
51. 9
25.2
43.1
10.8
11.6
489
3,837
41.6
14. 1
30.7
11. 1
25.4
13.6
51.7
11.9
40.4
11.2 3, 167
16.0
14.9
10.5
28.8
54.3
24.0
423
4,085
41.3
16.2
49.4
26.2
28.7
13.7
11.6
12.8 3,053
424
4,621
41.2
12. 8
16.2
29.9
11.5
12. 1 2, 920
50.7
25.7
415
4,264
41.4
30.4
15.2
11.2
26.4
13.1
49.7
12.7 2,954
435
3,948
40.2
32.2
13. 1
14.5
11. 1
49.7
26.3
12.9 2,949
405
3,453
41.5
12.4
31. 8
14. 1
11.5 2, 904
12.6
50. 1
26. 1
408
3, 111
40.4
15.4
30. 1
14.1
10.8
24.5
12.0 2,897
52.8
407
2, 949
42.6
29.3
14.3
13.8
49.3
12.0
27.0
11.7 2,767
397
3,012
41.0
30.5
51.4
25.4
13.8
12.3 2,844
14.7
11.0
435 •2, 874
41.8
14.2
30.8
53.4
13. 1
24.0
482
10.9
11.7 2,961
2,680
42.9
30. 6
13.6
11. 3
25.4
11.6 3, 159
12.9
51.8
522
2,753
42. 4
12.4
31.8
13.5
53.4
9.9
10.9 3,428
25.8
541
3, 152
32. 3
43.0
12. 2
9.3
23.4
12.5
10.8 3,583
56.5
567
1 Detail may not add to 100 percent because of rounding.
NOTE.—Seasonally adjusted data revised for insured unemployment and
2 Includes State (50 States, District of Columbia, Puerto Rico, and Virgin
initial claims beginning 1977.
Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (RR) proSource: Department of Labor (Bureau of Labor Statistics and Employment
grams. Also includes Federal and State extended benefit programs. Does not
and Training Administration).
include FSB (Federal supplemental benefits) and SUA (special unemployment assistance).
s FSB and SUA. These programs started January 1975 and regular reporting
began March 1975.
13
NONAGRICULTURAL EMPLOYMENT
In December, total nonagricultural employment as measured by the payroll survey fell by 295,000.
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
22
WHOLESALE AND RETAIL TRADE
90
20
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
60
SERVICE-PRODUCING
INDUSTRIES
22
MANUFACTURING
50
20
40
GOODS-PRODUCING
INDUSTRIES .
CONSTRUCTION
\
30
*~~ ~~ •X
'""""».„
20
I I I I I II I I 11
r
1977
1978
1979
1980
1 111111I11
1977
1
1981
M 1 II
1 1 1 1 1 1
i 1 1 1 1 I M i ii i i i i i 1 i i i ii i i i i i I i i i i i
1978
1979
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1980
1981
N
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Service-pr oducing iIndustrie s
Trans- Whole- Finance,
Goveriament
Ma nufactur ing
insurportasale
ance, Services
tion
and
State
Non- Total
and
and
Durable
retail
Federal and
Total goods durable
real
public trade
local
goods
utilities
estate
Gtoods-pro ducing iiadustries
Feriod
T^ATII-n^l
1976
1977
1978
1979
1980
1981 "
Total
nonagricultural
employ- Total *
ment
Construction
79, 382
82, 471
86, 697
89, 823
90, 564
91, 548
23, 352
24, 346
25, 585
26, 461
25, 718
25, 676
3,576
3,851
4, 229
4,463
4,399
4, 307
1980: Dec... 90, 949
25, 631
4,387 20, 175 12, 077
8,098 65, 318
1981: Jan...
Feb...
Mar_.
Apr...
May__
June__
July,.
Aug —
Sept__
Oct___
Novpp _
Dec -
25, 647
25, 657
25, 705
25, 700
25, 705
25, 818
25, 939
25, 931
25, 930
25, 662
25, 411
25, 151
4,390
4,389
4,416
4,418
4,334
4,284
4,272
4,275
4,272
4,259
4,228
4,194
8,090
8,103
8,092
8,125
8, 160
8,146
8,202
8, 173
8, 185
8, 126
8,080
8,031
91, 091
91, 258
91, 347
91, 458
91, 564
91, 615
91, 880
91, 901
92, 033
91, 832
91, 499
91, 206
18, 997
19, 682
20, 505
21, 040
20, 300
20, 264
20, 174
20, 177
20, 191
20, 332
20, 414
20, 424
20, 535
20, 505
20, 496
20, 241
20, 008
19, 785
11, 077
11, 597
12, 274
12, 760
12, 181
12, 139
12, 084
12, 074
12, 099
12, 207
12, 254
12, 278
12, 333
12, 332
12, 311
12, 115
11,928
11,754
7,920
8,086
8,231
8,280
8,118
8, 126
i Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for anv part of the pay period
-which
' • - <includes
— the
. . —
. . the
. month.
- Excludes
- - - proprietors,
-~
-- per12th. of
self-employed
sons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
14
56, 030
58, 125
61, 113
63, 363
64, 847
65, 873
65, 444
65, 601
65, 642
65, 758
65, 859
65, 797
65, 941
65, 970
66, 103
66, 170
66, 088
66, 055
14, 551
15, 303
16,252
17, 112
17, 901
18, 598
2,733
2,727
2, 753
2,773
2,866
2,774
12, 13S
12, 39S
12, 91S
13, 174
13, 382
13, 282
5,118 20, 470
5,254 18, 240
2,800
13, 43C
5,124
5,135
5,139
5,161
5, 148
5,149
5, 167
5, 170
5, 186
5, 168
5, 146
5, 136
5,268
5,283
5,293
5,316
5,326
5,331
5,344
5,354
5, 366
5,360
5,356
5,361
2,799
2, 795
2,781
2,767
2,779
2,781
2,777
2,770
2, 765
2,759
2,755
2,764
13, 42^
13, Mi
13, 421
13, 401
13, 355
13, 251
13, 211
13, 14'
13, 14(
13, 17*
13, 17*
13, 201
4,582
4,713
4, 923
5,136
5,143
5,152
17, 755
18, 516
19, 542
20, 192
20, 386
20, 736
20, 529
20, 600
20, 635
20, 636
20, 714
20, 717
20, 796
20, 862
20, 872
20, 916
20, 821
20, 726
4,271
4,467
4,724
4,975
5,168
5,330
18, 300
18, 343
18, 371
18, 475
18, 540
18, 560
18, 642
18, 667
18, 774
18, 788
18, 832
18, 865
are not at work because of industrial disputes, bad weather, etc., even if they
are not paid for the time off; and which are based on a sample of the workmgage population, whereas the estimates in this table are based on reports from
employing establishments.
* Includes mining, not shown separately.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE WEEKLY HOURS AND HOURLY EARNINGS
PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Overtime
Total
private
nonagricultural *
Manufacturing
Manufa cturing
Total
private
nonagricultural 1
Period
Total
Adjusted h ourly earnin gs index—tc tal private
nonagricultural 2
Averag e gross
hourly e arnings
Avcnige weekly I lours
Percent cha nge from
a year earlier 4 5
Index, IS177=100
Current
dollars
1977
dollars s
Current
dollars
1977
dollars
36.9
36.5
36. 1
36. 1
36. 0
35.8
35.7
35.3
35.2
40.7
40.0
39.5
40. 1
40.3
40.4
40.2
39.7
39.8
3.8
3.3
2.6
3. 1
3.5
3.6
3.3
2.8
2.8
$3. 94
4.24
4.53
4.86
5.25
5.69
6.16
6.66
7.25
$4. 09
4.42
4.83
5.22
5.68
6.17
6.70
7.27
7.99
74.1
80.0
86.7
92.9
100.0
108.1
116.8
127.3
101.1
98.3
97.6
99.0
100.0
100.5
97.4
93.5
6.2
8.0
8.4
7.2
7.6
9.0
-0.1
-2.8
-.7
1.4
1.0
.5
-3.1
-40
__.
35.3
39.9
3.0
6.94
7.63
132.6
92.7
9.3
-2.8
1981: Jan
Feb.-—
Mar
Apr_,
May
June
_.__
July
_„_
Aug
—
Sept
Oct.__.
Nov 9
Dec »
35.3
35.2
35.3
35.4
35.3
35.2
35.3
35.2
34.9
35.0
35.0
34.9
40. 1
39.8
39.9
40.2
40. 3
40.1
40.0
40.0
39.3
39.5
39.3
39. 1
3.0
2.8
2.8
2.9
3.2
3.0
3.0
3.0
2.7
2.7
2.5
2.4
6.99
7.04
7.09
7.14
7. 18
7.23
7.26
7.34
7.37
7.39
7.44
7.45
7. 69
7.74
7.80
7.90
7.95
7.99
8.02
8.08
8. 14
8. 15
8. 17
8. 19
133.8
135.0
135.8
136.7
137.7
138.4
139.0
140.7
141.5
141.9
143.2
143.3
92.8
92.7
92.8
93.0
93.1
92.9
92.2
92.7
92. 1
92. 0
92. 4
92. 2
10.0
9.9
9.5
9.6
9.5
9.0
8.9
9.3
9.3
8.6
8.4
8. 1
-1.6
-1.3
-.9
-.3
-.3
-.5
-1.7
-1.3
-1.3
-1.3
-.9
-.6
1973
1974
1975
1976
1977
1978
1979......
1980_—
1981 9
1980: Dec
'—
ai
ao
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURAL INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Average gross weekly <earnings
Total pri vrate nonagricu itural l
Period
Current
dollars
1973
__ _
1974
1975.
1976
1977
1978
1979
1980
1981 »
1980: Dec.™
1981: Jan
Feb..__
Mar
Apr..
May
June
July
Aug
Sept
Oct _.
Nov *
Dec v
_
_ _ _ __
:_
$145. 39
154.76
163. 53
175.45
189. 00
203. 70
219. 91
235. 10
255. 20
244.98
246. 75
247. 81
250. 28
252. 76
253. 45
254. 50
256. 28
258. 37
257. 21
258. 65
260. 40
260. 01
Manufacturing
1977
dollars 3
$19a 35
190. 12
184.16
186. 85
189. 00
189. 31
183. 41
172. 74
170. 13
171. 19
171. 12
170. 20
170. 96
172. 06
171. 37
170. 92
170. 06
170. 20
167. 45
167. 74
168. 00
167. 21
$166.46
176. 80
190. 79
209. 32
228. 90
249. 27
269. 34
288. 62
318. 00
30444
30a37
308. 05
311. 22
317. 58
320. 39
320. 40
320. 80
323. 20
319. 90
321. 93
321. 08
320. 23
$235. 89
249. 25
266. 08
283. 73
295. 65
318. 69
342. 99
367. 04
395. 60
382. 13
397. 94
380. 02
392. 33
390. 29
388. 98
388. 05
397. 41
397. 11
380. 80
404. 07
411. 07
409. 58
Percent chainge from a
year earlier,
total prhrate nonagricu] tural 5
Current
dollars
(Current dollars
' Also includes other private industry groups sho%vn on p. 14.
* Adjusted for interindustry employment shifts and for overtime in manufacturing.
8 Current dollar index (or earnings) divided by the consumer price index on a
1977=100 base. Revised index for urban wage earners and clerical workers used
beginning 1978.
Construction
Wholesale
and retail
trade
$111.76
119.02
126.45
133. 79
142. 52
153. 64
164. 96
176. 46
190. 03
182. 65
184 18
186. 12
187. 08
18a63
189. 07
189. 71
190. 95
192. 28
194. 21
192. 04
193. 60
193. 63
6.2
6.4
5.7
7.3
7.7
7.8
8.0
6.9
8.5
7.9
9.5
9.1
9.2
9.5
9.9
9.2
10.0
9.8
8. 1
7.7
6.9
6. 1
1977
dollars
—0.0
—4 1
—3. 1
1.5
1.2
.2
-3.1
-5.8
-1.5
-41
-2.0
-2.1
-1.2
-.4
.1
-.3
-.7
-.9
-2.5
-2.1
-2.2
-2.4
*5 Monthly changes based on indexes to two decimal places.
Based on unadjusted data.
Source: Department of Labor, Bureau of Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR
Hours of 2all
pers<MIS
l
Outf mt
Period
Output ]per hour
of all p>ersons
Compc>nsation
per i lour 3
Unit labor
COsts
Implici t price
defla tor 4
PriNonNonPriNonNonPriNonNonPrivate
Private
Private
vate
farm
farm
vate
farm
farm
farm
vate
farm
business business
business business
business business
business
business
business
business
business
business
sector
sector
sector
sector sector
sector sector sector
sector
sector
sector sector
1977== 100; qua rterly dat a season ally ad jus ted
1968
1969
76.9
79.2
76.7
78.9
90.3
92.7
88.5
91.3
85.2
85.4
86.7
86.4
50.6
54.2
51.4
54.8
59.5
63.5
59.3
63.4
60.3
63.3
60.5
63. 4
1970
1971
1972
1973
1974
78.5
80.9
86.2
92. 0
90.2
78.1
80.4
85.9
91.9
90. 1
91.2
90.7
93.4
97.0
97.4
90.0
89.7
92.5
96.4
96.8
86. 1
89.2
92.4
94. 8
92.7
86. 7
89.6
93.0
95.3
93. 1
58.2
62.0
66.0
71.3
78.0
58.6
62.5
66.6
71.7
78.4
67.6
69.5
71.5
75.2
84.2
67.6
69.7
71.7
75.2
84.3
66.2
69. 1
71.5
75.3
82.4
66.4
69.4
71.4
74. 1
81.6
1975
1976
1977
1978
1979
88.5
94. 1
100.0
104.7
107.7
88. 1
94.0
100. 0
104.9
107.7
93.4
96. 1
100.0
104.9
108.2
92.7
95.9
100.0
105. 1
108.7
94.8
97.9
100.0
99.8
99.5
95.0
98. 1
100.0
99.8
99. 1
85.5
92.9
100.0
108.4
119.3
86.0
93.0
100.0
108.5
119.0
90.2
94.8
100.0
108.6
119.9
90.5
94.8
100.0
108.7
120.0
90.4
94.7
100.0
107.4
116.9
89.9
94. 5
100.0
107.0
116.2
1980
106.8
106.8
107.5
108. 1
99.3
98.8
131.5
130.8
132.4
132.4
127.6
127.4
109.0
109.4
99.4
99. 1
98.9
98.8
120.7
123.2
120.2
123.0
121.4
124.3
121.5
124.4
118. 1
120.2
117.4
119.7
1979: III
IV
107.7
108.2
107.8
108.2
108.4
109. 1
1980: I
II
III
IV
108.7
105.4
105.7
107.5
108.5
105. 1
105.8
107.7
109.2
106.4
106.3
108.4
109.8
107. 1
106.9
108.8
99.5
99. 1
99.4
99. 1
98.9
98.2
99.0
99.0
126.4
130. 1
133. 1
135.9
126.0
129.4
132. 3
135.4
127.0
131.3
133.9
137.0
127.4
131.8
133.6
136.8
123.0
126. 1
129. 1
132.2
122.9
126.3
128.8
131.9
1981: I
II
III *—
109.5
109.5
109.4
109.7
109.4
109. 1
109.2
109.7
109.0
109. 1
100.3
101. 1
100.9
100.0
100.4
99.9
139.7
143.2
146.4
139.1
142.4
145.6
139.4
141.6
145. 1
139. 1
141.9
145.7
135.4
137. 5
140.8
135.3
137.5
141. 1
ioa3
108.5
Perceiat change ; quarterlyf data at seasonal] y adjuste<i annual rates
5. 1
2.9
5.3
2.9
1.7
2.6
2.0
3.2
3.3
.2
3.3
-.3
7.8
7.0
7.5
6.5
4.4
6.7
4. 1
6.8
4.0
4.9
4.0
4.7
1970_«
1971
1972
1973
1974
-.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
^
3. 1
4.2
.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
4.9
12. 1
4.5
4.4
3.4
5.4
9.4
4.8
4.5
3.0
3.7
10. 1
1975
1976
1977
1978
1979
-1.9
6.3
6.3
4.7
2.8
-2.2
6.7
6.4
4.9
2.7
-4. 1
2.9
4.0
4.9
3. 1
— 4.2
3.4
4.3
5. 1
3.4
2.3
3.3
2. 1
-.2
-.3
2. 1
3.2
2. 0
-.2
9.6
8.6
7.7
8.4
10. 1
9.6
8. 1
7.6
8.5
9.7
7.2
5. 1
5.5
8.6
10.4
7.4
4.7
5.5
8.7
10.4
9.7
4.7
5.6
7.4
8.8
10.3
5. 1
5.8
7.0
8.6
1980
-.8
-.9
-.6
-.6
-.2
-.3
10.2
9.9
10.4
10.3
9.2
9.7
1979: III
IV
2.4
1.7
2.6
1.5
3.6
2.8
3.7
1.8
-1.2
-1.0
-1. 1
-.2
8.9
8.6
8.6
9.7
10.2
9.8
9.7
9.9
8.2
7.4
8.5
7.8
1980: I
II
III
IV
1.8
-11.5
1. 1
6.9
1.4
-12. 1
2.9
7. 1
.2
-9.9
—.2
8. 1
1. 1
-9.5
-.7
7.3
1.6
-1.8
1.3
-1. 1
.3
-2.9
3.6
—.2
10.7
12.3
9.5
8.6
10.2
11.3
9.0
9.8
9.0
14.4
8. 1
9.8
9.9
14.6
5.3
10. 1
9.7
10. 5
9.8
9.9
11.3
11.3
8.2
10.0
7.9
-1. 1
-1.3
3. 1
-3.5
.8
3.5
-2.5
.3
4.6
3.5
-1.0
4.3
-1.4
-1.6
11.8
10.4
9.2
11.6
9.6
9.3
6.9
6.6
10.3
7.0
8. 1
11. 1
10.0
6.2
10.0
11.0
6.5
10.9
1968
1969
1981: I
II
III *___
7.9
-. 1
-.3
* Output refers to gross domestic product originating in the sector in 1972 dollars,
2 Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment data.
* Wages and salaries of employees plus employers* contributions for social
insurance and private benefit plans. Also includes an estimate of wages, salaries,
and supplemental payments for the self-employed.
16
i-r
4
Current dollar gross domestic product divided by constant dollar gross domestic product.
NOTE.—-Percent changes are from preceding period and are based on original
data; they therefore may differ slightly from percent changes based on indexes
shown here.
Source: Department of Labor, Bureau of Labor Statistics.
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION AND CAPACITY UTILIZATION
Industrial production fell 2.1 percent in December following decreases of 1.9 percent in November and 1.6 percent in
October. The index for December was 4.7 percent below the year earlier level.
INDEX, 1967=100*
(RATIO SCALE)
INDEX, 1967=100*
TOTAL INDUSTRIAL PRODUCTION
180
180
160
(RATIO SCALE)
UTILITIES AND MINING PRODUCTION
160
UTILITIES
140
140
120
120
iV-X-
MINING
1977
1978
1979
1980
1981
MANUFACTURING PRODUCTION
180
MANUFACTURING CAPACITY UTILIZATION RATE
120
1977
1980
1981
* SEASONALLY ADJUSTED
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1967 proportion
1975
1976
1977
1978
1979
1980
1981 »
Total in dustrial
produ<stion
Percent
Index,
1967 = change
from
100
year
earlier
100. 00
-8. 9
117.8
10.8
130. 5
138.2
5.9
5. 7
146. 1
4.4
152.5
-3.6
147.0
2.7
151.0
COUNCIL OF ECONOMIC ADVISERS
[Seasonally adjusted]
Indusstry produiction indc;xes, 1967 = 100
Mi inufacturi ng
i
Utilities
l
Capacityy utilizaticm rate, p<3rcent
Msinufacturi ng
Materials
(Federal
WharReserve Federal Comton
series) Reserve merce 2
series 3
series
series
Total
Durable
Nondurable
87.95
116.3
130.3
138.4
146. 8
153. 6
146. 7
150.4
51.98
109. 3
122.3
130.0
139. 7
146. 4
136.7
140.5
35.97
126.4
141.8
150. 5
156. 9
164.0
161.2
164.8
6.36
112.8
114.2
118.2
124. 0
125.5
132.7
142.4
5. 69
146.0
151.7
156.5
161. 4
166. 0
168.3
169.0
73.4
81. 1
82.7
85.6
87.4
80. 0
80.0
72.9
79.5
81.9
84.4
85.7
79.1
78.5
77
81
83
84
83
78
78.9
84. 9
87.4
90. 1
91.7
85.8
78
86. 1
78
87. 1
78
86. 6
76
86. 5
Mining
1980: Dec
150.4
-1.4
150.4
140.3
165.0
138.6
167.9
81.4
79.8
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov "
Dec *__ _ _ _
151.4
151.8
152. 1
151.9
152.7
152. 9
153.9
153.6
151.6
149.2
146.4
143. 3
-1.0
-.7
.0
2. 5
6. 2
8. 1
9.7
8.0
5.0
1.8
-1.9
4.7
151. 1
151.2
151.6
152.0
152.8
152.4
153.2
153.2
151. 1
148.2
145. 1
141. 7
141. 0
140.8
142. 1
142. 5
143.5
143.2
143.6
143.4
140.9
137.9
134.4
131. 0
165. 6
166.2
165. 3
165. 9
166.4
165.8
167. 1
167.3
165.9
163.2
160. 5
157.2
140.4
143. 1
143.2
135. 2
135.4
141.7
146.5
146.0
145.0
145. 7
144.0
143.8
167.6
166.4
167.8
167.6
170.7
172.7
173. 1
171.9
167.8
168.4
167.9
167.0
82. 1
82.3
82. 1
81. 1
81.2
81.3
81.9
81.7
80. 0
77.8
75.3
72. 7
80.0
79.8
79.8
79.8
80.0
79.6
79.8
79. 6
78.3
76.6
74.8
72.9
i 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. Series revised.
3
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]
Proclucts
Final 1Products
Coiasumer go ods
Period
Total
1967 proportion
1972
1973
1974
1975
_.
1976
1977
1978
1979
1980
1981 »
1980: Dec
1981: Jan
Feb
—
Mar
Apr
May
June
July
Aug
Sept
Oct
_
Nov »
Dec 9
-
_
Equipjment
NonDurable durable
goods
goods
Total
Intern*lediate
prod ucts
Total
Business
Total
Materials
Construction
supplies
47.82
27.68
7.89
19. 79
so. 14
12. 63
12.89
6.42
115.7
124.4
125. 1
118.2
127.6
135.9
142.2
147.2
145.3
149.5
147.8
147.8
148.2
149.0
149.9
151.3
151.4
152. 1
151.5
150.0
149. 1
147.5
145.5
124.4
131.5
128.9
124. 0
137. 1
145.3
149. 1
150.8
145. 4
148. 0
147.1
146.9
147.8
148.3
148.9
150.7
150.3
150.7
149.6
147.8
146.9
145.0
142.3
133.8
146.2
135.3
121. 4
141.9
154.0
159.2
155.8
136.7
140.6
141.3
140. 1
141. 2
143..6
144.3
147.3
147.9
146.5
142.5
140.4
136.3
129.8
124.4
120.6
125.6
126.3
125. 1
135.2
141.9
145.1
148.8
148.9
151.0
149.3
149.6
150.5
150. 1
150.7
152. 1
151.2
152.3
152.5
150.8
151.2
151.0
149.4
103.8
114.5
120. 0
110.2
114.6
123.0
132. 8
142.2
145.2
151.6
148.8
149.1
148.7
150.0
151.4
152. 1
153.0
154. 1
1540
152.9
152.2
151.0
149.9
118.0
134.2
142.4
128.2
135.4
147.8
160.3
171.3
173.2
180.8
177.1
177.7
177.5
179.3
181.0
182. 0
183.6
184.8
184.4
182.7
180.5
178.4
176.3
126.5
137.2
135. 3
123. 1
137. 2
145. 1
154. 1
160.5
151.9
154.6
155.4
157.5
157.7
157. 1
156.3
156. 1
154.9
156.2
156.8
154.6
151.4
149.2
147.0
128.4
139.8
134.5
116. 3
132.6
140.6
151.7
158.0
140.9
142.3
145.2
148.4
148.9
149.0
147.9
146.5
143.4
144.3
144.0
139.7
135.3
132. 1
129.2
89. 29
122. 3
133. 9
132.4
115. 5
131. 7
138. 6
148. 3
156.4
147. 6
151.5
152.2
153.8
154.3
154.4
152. 9
153.4
154.0
155. 3
155.2
152. 5
148. 5
144. 1
139.5
Supplementary
group:
Energy
total
12.28
125. 2
128. 3
125. 5
125.5
129. 1
132. 9
135.4
137. 9
137.7
137.3
137.7
138.5
138.5
137.7
132. 6
133. 5
138.0
141.2
140.5
136.8
136.9
136. 8
136.3
[1967=100, seasonally adjusted]
Durable m anufactu ires
Primary metals
Period
Total
1967 proportion
1972
1973
1974
1975
1976
__.
1977
1978
1979
1980
1981 *
1980: Dec._
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov 9
Dec 9
Iron
and
steel
Fabricated
metal
products
trical
machinery
Electrical
machinery
Total
Motor
vehicles
and
parts
Lumber
and
products
Ao£\v
parel
products
Print- Chemicals
ing
Foods
and
and
prodpublishing ucts
6.57
4.21
5.93
9.15
8. 05
9.27
4.50
1. 64
3.31
4.72
112. 1
126.7
123. 1
96.4
109.7
111. 1
_ 119.9
121.3
102.3
107.9
.__ 111.5
114. 1
114.5
114. 9
110.6
111.9
107.4
109.4
113. 1
108.6
102.0
96.3
89.9
107. 1
122.3
119.8
95.8
104.8
103.8
113.2
113.2
92.4
112. 1
124.7
124.2
109.9
123.9
131.0
141.6
148.5
134. 1
136.2
135.7
135.8
137.6
139.2
139. 5
138.4
139.3
140. 1
140.0
136.8
133.7
129.0
125.1
116.0
133.7
140. 1
125. 1
134.5
143.6
153.6
163.7
162.8
171.0
166. 9
167.3
168.3
169.2
169. 7
172. 1
174. 1
176.7
176.4
173.9
170.2
168. 1
164.3
122.2
143. 1
143.8
116. 5
134.8
145.4
159.4
175.0
172.8
178.3
175. 1
177.6
174.9
177.4
178.8
179.9
180.1
180.9
182.6
180.0
179.6
175.7
170.2
108.2
118.3
108.7
97.4
111. 1
122.2
132. 5
135.4
116. 9
116.0
120.4
117. 4
116. 1
119.5
121.3
123.7
123.4
119.8
115. 4
114.2
110.6
105.4
103.9
135. 8
148.8
128.2
111. 1
142.0
161. 1
169.9
159.9
119.0
122.2
125.7
120.0
119.9
127. 1
130.7
136.4
137.5
130.5
123. 1
120.4
113.8
104. 3
100.9
120.8
126.0
116. 2
107.6
123.2
131.2
136.3
136.9
119.3
109.4
117.3
114.3
107.6
125.7
134.2
134.2
134.4
127.0
123.6
127.4
126.2
125.6
126.3
126.2
122.5
122.9
119. 1
113.2
109. 6
106.2
122.7
123.8
121.6
120.2
121.6
122.6
121. 1
122.6
122. 6
122.5
118.4
112. 7
118.2
118.2
113.3
122.5
127.6
131.5
136.9
139.6
144. 1
143.0
143.9
144.8
142.7
141.6
141.3
143. 1
144.4
146. 1
145.9
145. 9
143.5
144.0
103.0
108.7
108.4
108.0
103.4
105.6
98.5
99.7
105. 1
99. 2
91.8
86.8
Source: Board of Governors of the Federal Reserve System.
18
Non-
Non<durable Bnanufact ures
Transp ortation
equip>ment
8.75
7.74
143.6
154. 5
159.4
147.2
170.9
185.7
197.4
211.8
207. 1
116.8
120.9
124. 0
123.4
133. 0
138.8
142. 7
147.5
149.6
220.5
218.9
219.8
218. 5
219.8
220. 0
218.4
221. 5
219.2
216. 3
209.7
203.7
151. 0
151. 9
152. 5
152.4
151. 9
152.2
151. 3
151. 6
151. 9
150.7
151. 6
152.4
NEW CONSTRUCTION
Private
Total new
construction
expenditures
Period
Construct!©n contracts2
Resic .ential
Total
Commercial and
industrial
New
Total l
housing
units
Federal,
State,
Other
and
local
CommerTotal value cial and
index
industrial
(1972= floor space
100)
(millions of
square feet)
Bil lions of doll ars
139.2
135.9
151. 1
1974
1975
1976_T
1977
1978
1979
1980
173.8.
205.6
230.8
230.3
100.9
95. 1
112. 0
135.7
159.7
181.7
174. 9
50.4
46.5
60.5
81.0
93.4
99.0
87. 3
40.6
34.4
47.3
65.7
75.8
78.6
63.1
23.8
20.8
19.9
22.5
29.6
39.9
43.8
26.7
27.8
31.5
32.2
36.7
42.8
43.9
38.3
40.9
39. 1
38.2
45.9
49.1
55.4
42. 8
43.9
44.9
45. 0
44.7
45.8
46.5
47.2
48.2
48.0
48.4
48.4
47.7
53.4
57.6
65.2
61.3
60.6
56.6
51.8
52.2
51.6
49.3
52.2
51.6
53. 1
103.0
101. 9
121.0
153.6
174.1
185.6
161. 8
840
555
592
739
977
1, 059
898
Seasonally
Seasonally adjusted
adjusted
annual
rates
205
1,034
193
1,169
192
944
177
1,013
183
1,080
172
930
160
994
170
1,015
153
852
156
924
159
823
157
868
142
863
Seasonall y adjusted ai inual rates
234.3
245.4
259.0
2545
250.3
246.5
235.9
234.0
233.9
229.8
230.9
229.8
230.3
1980: No v.Dec
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct »v
Nov
180. 9
187.9
193.9
193.2
189.6
189.9
184. 1
181.8
182.3
180.6
178.6
178.2
177. 1
95.6
98.9
100.7
99.7
96.3
95.2
89.7
86.0
82.9
80.5
78.5
78.2
77.6
68.1
70.4
74.2
75. 1
73.0
72.9
67.7
64.3
60.5
58.1
55.9
52.7
50.5
i Includes nonhotisekeeping residential construction and additions and alterations, not shown separately.
* F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
42.5
45. 1
48.3
48.5
48.7
4a9
47.9
48.7
51.2
52.0
51. 8
51.6
51.9
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]
]S ew private tiousing unil s
Units started, by type of strticture
Period
1974
1975
1976
1977
1978
1979
1980_1981-__
Total
1 unit
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1
1, 292. 2
1, 086. 6
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1
852. 2
706. 1
2-4
units
68. 1
64.0
85.9
121.7
125.0
122.0
109.5
91.6
5 or more
units
381.6
204.3
289. 2
414.4
462.0
429.0
330.5
288. 9
New priv ate homes
Units
authorized
1, 074. 4
939.2
1, 296. 2
1, 690. 0
1, 800. 5
1,551.8
1, 190. 6
980. 8
Units
completed
Homes
sold
Homes for
sale at
end of 1
period
Vacancy
rate for
rental
housing
units
(percent)2
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
1, 870. 8
1, 501. 6
519
549
646
819
817
709
530
346
313
353
402
414
3
398
336
6.2
6. 0
5. 6
5.2
5.0
5.4
5.4
1,373
1,252
1, 389
1,362
1,519
1,273
1,377
1,324
1,226
1,197
1,255
989
514
523
500
507
451
478
402
408
349
318
362
403
336
329
334
325
327
322
310
303
300
295
283
275
5.0
Seasonally adjusted arinual rates
1980: Dec
1981: Jan
Feb
Mar
Apr_
May
June
July _„
Aug
Sept
Oct"
Nov »
Dec v
_
1,535
1,660
1,215
1,297
1,332
1, 158
1,039
1,047
941
916
867
863
978
974
993
791
838
897
764
688
704
606
645
510
569
579
131
149
112
105
92
106
88
86
76
60
81
82
88
1 Seasonally adjusted.
2 Quarterly data entered in last month of quarter. Series beginning 1979 not
strictly
comparable with earlier data.
3
New series beginning March 1979.
430
518
312
354
343
288
263
257
259
211
276
212
311
1,249
1,214
1, 165
1,153
1, 186
1,167
963
913
865
850
722
723
807
5.2
5.0
5.0
NOTE.—Units authorized beginning 1978 relate to 16,000 permit-issuing places:
data for 1973-77 are for 14,000 places.
Source: Department of Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales were about unchanged in November, while inventories rose $314 billion. According to the advance
survey, retail sales rose 1/3 percent in December following a % percent increase in November.
BILLIONS OF DOLLARS* (RATIO SCALE)
140
BILLIONS OF DOLLARS* (RATIO SCALE)
600
130
550
120
500
RETAIL INVENTORIES
110
450
100
400
90
350
80
300
70
TOTAL BUSINESS
SALES
250
«*«.•••<
,<
RETAIL SALES
60 -^iiw
50
200
40
1977
1979
1978
1980
1981
1980
1981
RATIO*
1.80
150
1.70
.INVENTORY-SALES RATIO
1.60
RETAIL
A
1.50
1.40
1.30
i IIii
100
1977
TOTAL BUSINESS
i i i i i i i i i i I i i i ii
1.20
1979
1978
1980
1981
1977
1979
1978
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Total b usinessl
COUNCIL OF ECONOMIC ADVISERS
Who esale
Re tail
2
In ventorie 33
Sales
Period
^nlAa 2
Inventories3
Qolo-i 2
Inventories3
DurNonable durable
goods goods
stores stores
Tni nl
Tnt nl
DurNonable durable
goods goods
stores stores
Invento •y- sales
ratio «
Total
business J
Retail
Millions of d<ullars, se<asonally adjusted
1974
1975
1976__
1977
1978
1979 _ _
1980—
1981 v
1980: Nov
Dec
1981: Jan
Feb
Mar___
Apr
May
June. _
July
Aug_
Sept_
Get
Nov v_
Dec * _ _
1
2
8
4
177, 625
182, 230
204, 277
229, 623
258, 724
294, 733
320, 540
285,
288,
318,
350,
395,
444,
475,
339, 049
343, 752
349, 018
350, 334
349, 898
350, 923
349, 245
354, 442
354, 759
352, 783
353, 717
345, 287
344, 494
474, 884
475, 202
478, 451
484, 069
485, 467
487, 060
490, 254
494, 226
498, 098
502, 458
508, 132
511, 682
515, 169
807
375
544
678
252
224
202
47, 748 56, 948 45, 082
46, 623 56, 697 49, 012
50, 694 64, 078 54, 781
55, 987 72, 311 60, 435
64, 715 83, 492 67, 057
76, 264 93, 817 74, 529
86, 991 105, 529 79, 721
87, 126
93, 901 105, 203 82, 764
96, 591 105, 529 83, 443
98, 967 104, 909 85, 463
98, 016 106, 066 86, 810
96, 486 105, 539 87, 608
97, 577 105, 591 85, 855
96, 217 105, 568 85, 501
95, 564 107, 210 87, 384
97, 085 106, 402 87, 350
94, 674 107, 820 88, 591
96, 437 109, 297 88, 699
94, 542 109, 757 86, 660
95, 471 111, 697 87, 233
87, 541
The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
Book value, end of period, seasonally adjusted.
For annual periods, ratio of weighted average inventories to average monthly
20
14, 118
15, 247
18, 150
20, 724
23, 313
25, 401
24, 827
27, 374
26, 007
25, 983
27, 075
28, 328
28, 429
26, 356
26, 536
27, 532
27, 753
28, 439
28, 380
26, 319
26, 503
26, 611
30, 964
33, 765
33, 631
39, 711
43, 744
49, 128
54, 894
59, 752
56, 757
57, 460
58, 388
58, 482
59, 179
59, 499
58, 965
59, 852
59, 597
60, 152
60, 319
60, 341
60, 730
60, 930
71, 067 32, 861
71, 744 33, 356
79, 273 37, 841
89, 210 42, 970
101, 681 49, 898
108, 835 53, 274
111, 694 51, 853
38, 206
38, 388
41, 432
46, 240
51, 783
55, 561
59, 841
1.45
1.57
1.48
1.46
1.44
1.43
1.45
1.48
1.44
1. 38
1. 39
1.42
1.43
1. 38
112, 639 52, 209
111, 694 51, 853
111, 790 52, 234
113, 507 52, 374
113, 404 51, 791
113, 963 52, 306
115,426 53, 529
117, 307 54, 880
119, 824 56, 199
121, 277 57, 121
122, 219 57, 124
123, 485 57, 492
123, 897 57, 571
60, 430
59, 841
59, 556
61, 133
61,613
61, 657
61, 897
62, 427
63, 625
64, 156
65, 095
65, 993
66, 326
1. 40
1. 38
1. 37
1. 38
1.39
1. 39
1. 40
1. 39
1. 40
1. 42
1. 44
1.48
1.50
1.36
1.34
1.31
1. 31
1. 29
1.33
1.35
1.34
1.37
1.37
1. 38
1.42
1.42
-
sales; for monthly data, ratio of inventories at end of month to sales for month.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers' inventories rose in November, new orders were about unchanged, and shipments fell. According to
advance data, durable goods new orders rose in December and shipments fell.
BILLIONS OF DOLLARS * (RATIO SCALE)
S20
280 ~INVENT(DRIES
BILLIONS OF DOLLARS* (RATIO SCALE)
240
r —•
"
r-^
_
200
_
TOTAL
r*^^*^
_———"~
-
1 An
_
DURABLE GOODS
_
XA
BILLIONS OF DOLLARS* (RATIO SCALE)
200
180
160
/
120
,=^-^^
r
-
^ '~~\j ^
TOTAL
^
-
-
\
""
60
I I I M I I I I II
11 11 1111 1 11
<•
>
^.---~^ "~
/• v
f ~* '
INVENTC RY-SHIPM ENTS RAT 10
•* •*• ""^ ^*v
-
NONDURA JLE GOODS
1.8
-
—
/^V
1.6
"\——^V
1.4
-
pA^n./\
V-^-^
-
II
1 1 1 I 1 1 1 M
1 M 1 1 I 1 1 1 M
1978
1979
1 II II 1 1 1 1 . 1
1980
i i i i i I ni ii
1?
11111111111
i 1I I I I 11I I I
1978
1977
1981
iiiiijinii
1979
* SEASON ALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
Total
1981
1980
NonDurable durable
goods
goods
Manufaeturers new ord ers1
Dumb!e goods
ManufacCapital
Nonturers'
Nongoods
Durable
durable
unfilled
durable
Total
Total
indusgoods
Total
goods orders 3
goods
tries,
nondefense
Millio ns of dolhtrs, season ally adjus ted
157, 792
159, 934
175, 193
189, 157
210, 079
241, 572
257, 979
101, 739
102, 874
112, 581
121, 646
137, 712
161, 390
171, 603
84, 794
1974 .
86, 595
1975_
98, 802
1976
1977 . _ 113,201
126, 953
1978143, 941
1979
153, 828
1980
44, 228
43, 656
50, 689
59, 267
67, 848
75, 803
78, 003
40, 567
42, 939
48, 113
53, 934
59, 104
68, 138
75, 826
1980: Nov 162, 384
Dec__ 163, 719
83, 229
83, 482
79, 155 257, 042 170, 275
80, 236 257, 979 171, 603
164, 588
1981: Jan
Feb 165, 508
Mar__ 165, 804
Apr 167, 491
May 167, 527
June . 171, 494
July 170, 324
Aus 169, 518
Sept 168, 581
Oct _ 164, 085
Nov__ 161, 790
Dec v-
83, 329
84, 215
85, 058
86, 327
86, 664
88, 770
87, 319
86, 841
86, 179
82, 583
81, 452
80, 997
81, 259
81, 293
80, 746
81, 164
80, 863
82, 724
83, 005
82, 677
82, 402
81, 502
80f338
261, 752
264, 496
266, 524
267, 506
269, 260
269, 709
271, 872
273, 361
276, 616
278, 440
279, 575
174, 223
175, 620
176, 229
177, 123
177, 635
178, 676
180, 855
182, 221
185, 140
186, 718
187, 175
' Monthly average for year and total for month. Shipments are the same as sales.
2 Book value, end of period.
a End of period.
* For annual periods, ratio of weighted average inventories to average monthly
i 1 1 1 1 1 1 1 1 1 1 I !IIIIi IIiI
COUNCIL OF ECONOMIC ADVISERS
2
Manufacturers' shi pmentsl Manufact urers' inv entories
Period
—v/
-
40
1977
i i i i i Ii i I ii i i i I i I i i I iI i i I i i II i i ii
RAT O*
2.2
on
DURABLE GOODS
M iM iM 1 11
"\
NONC >URABLE GOO DS
-
V\X-T
\
1x *""""
K— '
_»-
JA
x
OA
>-_.
——-
—
=NEW OR DERS
-
140
<-
,*•••"""
Qf>
40
_
•-""\
«.•»•*•*"*""*"
19H
56, 053
57, 060
62, 612
67, 511
72, 367
80, 182
86, 376
87, 268
85, 149
99, 543
115, 027
131, 612
147, 576
155, 059
46, 853
42, 019
51, 398
61, 076
72, 358
79, 353
79, 264
86, 767 163, 020 83, 971
86, 376 166, 900 86, 577
87, 529
88, 876
90, 295
90, 383
91, 625
91, 033
91, 017
91, 140
91, 476
91, 722
92, 400
165, 423
166, 987
167, 361
168, 584
169, 340
170, 913
172,611
170, 063
168, 444
159, 005
159, 182
84, 208
85, 446
86, 729
87, 180
88, 164
88, 303
89, 696
87, 350
86, 278
77, 804
79, 215
80, 518
Manufacturers'
inventory —
shipments
ratio *
191, 102
173, 829
182, 499
204, 814
261, 082
304, 963
319, 729
1. 65
1.84
1.69
1.61
1.57
1.57
1.05
23, 350 79, 049 316, 547
24, 664 80, 323 319, 729
1.58
1.58
24, 823
21, 185
24, 460
24, 723
23, 865
23, 230
24, 226
24, 700
23, 026
20, 996
23, 261
22, 763
1.59
1.60
1.61
1.60
1.61
1.57
1. 60
1.61
1. 64
1.70
1.73
12, 673
11, Oil
12, 799
15, 276
19, 450
22, 510
22, 548
40, 415
43, 130
48, 145
53, 951
59, 254
68, 223
75, 795
81, 216
81, 541
80, 632
81, 404
81, 176
82, 610
82, 915
82, 713
82, 166
81, 201
79, 967
320, 566
322, 045
323, 602
324, 691
326, 508
325, 918
328, 206
328, 757
328, 613
323, 538
320, 926
"
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
Source: Department of Commerce, Bureau of the Census.
21
PRODUCER PRICES
PRICES
In December, the producer price index for all finished goods rose 0.3 percent, seasonally adjusted. Prices of finished
consumer foods rose 0.1 percent, and prices of other finished consumer goods were up 0.2 percent. Prices of capital
equipment increased 0.6 percent from their November level.
INDEX/1967 =100 (RATIO SCALE)
INDEX, 1967=100 (RATIO SCALE)
300
160
140
140
120
120
1981
1973
SOURCE: DEPARTMENT OF LABC
COUNCIL OF ECONOMIC ADVISERS
[1967=100; monthly data seasonally adjusted]
Jfinishec goods
Period
1974
1975
1976
1977
1978
1979
1980
1981
1980: Dec
1981: Jan
Feb
Mar__ _
Apr
May
June
July
Aug_
_
Sept
Oct
Nov __ _ _
Dec__
_ _
Total
fin. Conished sumer
goods foods Total
147. 5
163.4
170.6
181.7
195.9
217. 7
247.0
269.8
257. 8
260.8
262.8
266.0
268. 1
269. 1
270.4
271.5
272. 1
272.3
273. 8
275.2
275.9
166.9
181. 0
180.4
189.9
207.2
226. 2
239. 5
253. 5
250. 9
251. 1
249.5
251.9
251. 6
251.8
253.0
256. 5
257.2
256. 5
255. 9
254. 6
254. 9
139. 3
156. 2
166. 1
177. 7
190. 7
213. 3
247.8
273.2
258.4
262.3
265. 4
268. 8
271.7
272.9
274. 3
274. 6
275. 1
275.6
277. 7
280.0
280.9
Cons>umer goods
Total
Tin«
UUinui«
Nondurable
138. 6
153. 1
162.6
174.3
186. 7
211.5
250.8
276.3
261.2
265.3
268. 7
272.6
275. 7
276.6
277. 8
277. 6
277.7
278. 3
280. 3
282. 6
283.3
125.9
138.2
144. 5
152. 8
166. 9
183. 2
206.2
218. 6
212.9
213. 6
214.7
214. 0
215. 7
217.9
218.9
218. 3
219.6
218.7
222.5
224.5
224.3
146.8
163.0
174. 8
189.3
200.0
231. 3
283. 9
319.4
297.4
303.9
309.0
316. 3
320.4
320.4
321.7
321. 9
321. 1
322.9
323. 5
326.0
327.2
»Intermediate materials for food manufacturing and feeds.
22
In1;ermedi ate
Eaaterials
i i
Total
finished
Foods
Capiconsumer Total and Other
tal
feeds *
equip- goods
ment
141. 0 149. 3 162. 9 200.2 159.5
162. 5 163. 6 180.0 195.3 178.6
173.4 169. 7 189. 1 185. 3 189.4
184.6 180. 7 201. 5 190. 5 202.3
199.2 194. 9 215. 6 203. 1 216. 5
216. 5 217.9 242.2 226. 1 244. 4
239.8 248.9 280. 3 252. 6 282. 3
264.3 271. 2 306.0 250.7 310. 1
250.8 259. 7 293.5 270. 1 295.2
253.7 262. 7 297.4 270.6 299.4
256. 1 264.6 298.5 260. 1 301.3
258. 0 268. 1 301. 6 253. 4 305.2
260.4 270. 2 304.6 254.4 308.4
262. 3 270.9 306. 1 253.5 310.0
264. 1 272. 1 306.8 252. 1 310. 9
265.9 273.0 307.8 250.6 312. 0
267.6 273. 3 309.4 252.7 313.6
267. 8 273. 5 309.4 245.5 314.2
270.2 274.7 309. 3 242. 0 314.3
272. 4 276.0 310.2 237.4 315.7
273. 9 276.5 311.3 236.7 316. 9
Finished goods excludin g
consumer fc>ods
rri
Crud e materials
Foodstuffs
Total and Other
feedstuffs
196. 1 189. 4 208. 9
196.9 191. 8 206.9
202.7 190.2 228. 5
209. 2 192. 1 245. 0
234.4 216. 2 272.3
274.3 247. 9 330.0
304. 6 259.2 401. 0
329. 1 257.4 482.5
328. 1 275.9 438.9
328.8 272.9 447.8
332.4 263.8 479.0
328. 1 258. 4 477. 2
332. 8 262.4 483.5
331. 3 256.7 491.3
335.2 263. 8 488. 1
336. 9 264. 7 491. 5
333. 8 262.0 487.3
330.2 255.4 490. 6
324. 6 248.9 486.9
320.0 243. 6 483.8
315. 9 237.5 484. 5
NOTE.—Data revised for August 1981.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In December, the consumer price index for all urban consumers rose 0.4 percent, seasonally adjusted (0.3 percent
unadjusted). Food and beverage prices were up 0.5 percent, seasonally adjusted, and energy prices were up 0.1
percent, unadjusted.
INDEX, 1967=100 (RATIO SCALE)
320
INDEX, 1967= 100 (RATIO SCALE)
320
UNADJUSTED
300
300
280
260
260
240
240
220
220
200
200
ALL ITEMS
180
180
140
I I I I I I I II
1973
i i i i i Ii ii iI
1974
i i ii i I i i i i
1975
1976
i i i i Ii
1978
1977
i Ii i iii
i i i i i Ii i iii
1979
i i i i i Ii i ii
1981
1980
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
[1967=100; monthly data seasonally adjusted, except as noted]
Tninsportation
Housing
FinaneFood
• _ Apparel
ing,
and
Home taxes,
All
and
Period
upkeep
items * bever- Total i purand
Total1
chase insurages
ance
NSA
NSA
NSA
5
4.9 19.0
10.3
45.5
12.0
Rel. imp. -. 100.0
18.3
1974
1975
1976
1977
1978
1979
1980
1981. ._ __
1980: Dec_.
1981: Jan—
Feb__
Mar_
Apr._
MayJune.
July..
Aug..
Sept.
Oct__
Nov__
Dec..
1
2
147.7 158.7 148.8 142.7 181. 1
161.2 172. 1 164.5 160.3 201.9
170.5 177.4 174.6 168.4 212.8
181.5 188.0 186.5 179. 5 227.2
195.4 206.3 202.8 196.7 257.8
217.4 228.5 227.6 223. 1 308.9
246.8 248.0 263.3 254.3 396. 0
272. 4 267.3 293.5 267.7 472.5
258.4 262. 6 277.4 267.2 429.4
260.5 262.6 279.5 266.2 435.2
263.2 263.4 281.3 263.0 437. 1
265. 1 264.5 282.8 261. 1 441. 1
266.8 264.5 2848 260.7 447. 1
269.0 263.9 288.4 263.0 458.3
271.3 264.5 291.7 266.6 467.2
274.4 266. 7 296. 5 271. 4 480.0
276. 5 268. 7 299.4 272.6 488.3
279.3 271.3 303.3 274.5 501.8
279.9 271.9 303.3 272.5 501.8
280.7 272.5 304. 6 270.2 505.6
281.5 273.8 305.7 270.5 506.3
136.2
142.3
147.6
154.2
159.6
166.6
178.4
186.9
182.8
182.5
184. 0
185.8
186. 1
185.7
185.8
186. 8
188.3
189.4
189.7
189.3
189.5
Includes Items not shown separately.
Includes direct pricing of diesel and gasohol beginning September 1981.
* Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel,
motor
oil, coolant, etc.
4
Estimated series. Finance includes financing, taxes, and insurance.
137.7
150.6
165. 5
177.2
185.5
212. 0
249.7
280.0
262.4
267.0
273.4
275.9
275.7
276.5
277.2
279. 4
281. 1
284.4
287.8
290. 2
291.5
New
cars
Motor
fuel 2
Medical
care
Energy 3
All items
less food,
energy,
Serv- and home
ices purchase
and
finance 4
4.7
NSA
10.8
41.6
49.6
117.5 159.9 150.5
127.6 170.8 ieae
135.7 177.9 184. 7
142.9 188.2 202.4
153. 8 196.3 219.4
166.0 265.6 239.7
179.3 369. 1 265.9
190.2 410.9 294.5
183.3 377.3 276.2
183. 5 391.5 279.2
183.3 417.5 281. 7
182.5 427. 1 284. 1
185.7 421.0 286.6
190. 1 414.8 289. 1
192.2 408. 7 292. 1
193.3 404.8 295. 9
193.4 403.6 299.6
194.6 2 405. 8 302.2
194. 1 410. 7 305. 1
194.5 412.8 308.3
195.8 412.9 310.7
159.7
176.6
189.3
207.3
220.4
275.9
361. 1
410. 0
370.4
381.7
401. 1
409.3
409. 8
411.3
414.0
415.7
416. 1
417. 1
414.9
414. 1
414.6
152. 1
166.6
180.4
194.3
210.9
234. 2
270.3
305.7
285.5
288.0
290. 3
292.6
295.4
299.6
303. 1
308. 5
312. 1
316.9
318.3
321.0
322. 5
138.5
150.5
160.8
170.6
180.9
194. 1
211.6
231.6
220.8
221. 9
223.7
225. 1
226.9
228.3
229. 9
232.6
234.3
236.7
238. 4
239.7
241.4
3.6
5.9
* Relative importance, December 1980.
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban
wage earners and clerical workers.
/yn
Source: Department of Labor, Bureau of Labor Statistics.
«*3
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
Percent change i rrom pre ceding
period ; seasonsilly ad jussted 1
Percent change from 3 nlonths
earlie r; season ally adjuisted
annual rates
Perceni ; change from 6 naonths
earlie r; season ally adjiisted
annualI rates
Consume r goods
Consumejr goods
Consumesr goods
Total
finished
goods
Capital Total
equipfinExclud- ment ished
ing
goods
Foods
foods
Capital Total
equipfinExclud- ment ished
goods
ing
Foods
foods
22.5
13.0
1973-.
— 11.8
18.3
1974
„
6.6
1975
3.7
1976
6.9
1977
9.2
197812.8
1979
11.8
1980
7.0
1981
.4
1980: Dec
1.2
1981: Jan
......
.8
Feb
1.2
Mar
.8
Apr
.4
May
.5
June—
.4
July
.2
Aug
.1
Sept
.6
Oct...
.5
Nov
.3
Dec
5.5
2.5
6.9
11.7
7.4
7.5
1.5
7.4
22.6
17.5
14.2
11.4
8.4
ing
foods
5.3
20.5
6.7
6.0
6.7
8.5
Foods
Capita)
equip*
Exclud- ment
8.2
6.4
7.3
7.9
8.8
9.2
.0
.4
.4
8.3
4.3
8.9
11.8
10.9
16.9
8.2
.1
-.6
1.0
1.6
1.3
1.5
9.2
9.5
1.8
9.7
8.8
8.9
2.0
2.9
1.3
.8
1.7
4.3
6.3
3.7
3.4
2.2
1.5
9.4
.3
.4
-.1
0
.2
.7
.8
.2
12.2
13.9
18.6
16.6
12.3
9.3
.5
1.4
.3
-.3
-.2
-.5
1.2
.9
.7
.9
.7
— .1
.1
.1
1. 1
13.3
11.7
9.9
6.8
5.2
4.5
2.8
3.4
4.6
5.4
.7
.7
.6
.1
.9
.8
.6
»Annual changes are from December to December (unadjusted).
NOTE.—Based on revised data for August 1981.
-2.1
1.6
.8
3.7
1.8
8.0
8.9
5.6
-.9
7.9
2.8
1.6
.7
3.9
7.2
7.4
-4.0
-2.5
10.7
12.0
11.0
10. 0
9.8
8.7
8.3
5.7
6.6
7.4
9.4
10.8
10.5
9.7
10.0
8.4
7.2
4.8
4.3
4.6
4. 1
10.9
13.7
14.4
13. 1
13. 1
9.5
6.8
4.2
3.4
4.4
40
10.9
10.7
10.5
11.9
10.2
10.3
10.9
9.8
9.2
7.7
7.7
7.8
7.6
Source: Department of Labor, Bureau of Labor Statistics.
CHANGES IN CONSUMER PRICES
[Percent change from preceding period; monthly data seasonally adjusted, except as noted l]
Tra nsporta tion
]Sousingr
Period
FiAr»
ApFood
nanc- parel
Med- En-4
All 2 and
Home ing,
New Motor
ical ergy
3
items bever- Total 2 pur- taxes, and
care
up- Total 2 cars fuel
ages
chase and keep
insurance
NSA
NSA NSA
12.2
1974
7.0
1975
4.8
1976
1977
- 6.8
9.0
1978
13.3
1979
12.4
1980
8.9
1981
1980: Dec.. 1.0
1981: Jan..
.7
Feb..
1.0
Mar..
.6
.4
Apr_.
May.
.7
June.
.7
July.. 1.2
.8
Aug..,
Sept.. 1.2
Oct..
.4
.5
Nov..
.4
Dec_.
12.0
6.2
.8
7.6
11.6
10.0
10. 1
4.3
.9
0
.3
.4
0
-.2
.2
.8
.7
1.0
.2
.2
.5
13.4
7.5
5.4
7.6
9.9
15.2
13.7
10.2
10. 1
10.0
14.6
11.2
15.8
11.4
11.2
14.7
27.5
23.3
17.9
4.3
8.4
1.2
1.2 -.0
.8 -.4
.6 -1.2
.5 -.7
.7 -.2
1.3
.9
1.1
1.4
1.6
1.8
1.0
.4
1.3
.7
0
-.7
g
.4
.4
.1
1
Annual changes are from December
2
8 Includes items not shown separately.
7.6
1.6
3.0
1.4
.4
.9
1.4
2.5
1.9
2.7
1.7
2.8
0
.8
.1
8.7
2.3
4.5
4.2
3.2
5.5
6.8
3.6
0
2
.8
1.0
.2
-.2
.1
.5
.8
.6
.2
—.2
.1
13.3
9.8
8.8
4.3
7.7
18.2
14.7
11: o
1.0
1.8
2.4
.9
-.1
.3
.3
.8
.6
1.2
1.2
.8
.4
to December, not seasonally adjusted.
Includes direct pricing of diesel and gasohol beginning September 1981.
< Fuel oil, coal, and bottled gas; gas (piped) and electricity; and motor fuel,
motor
oil, coolant, etc.
8
Estimated series. Finance includes financing, taxes, and insurance.
24
11.5
7.3
4.8
7.2
6.2
7.4
7.5
6.8
— .1
.1
— .1
20.6
11.0
2.6
4.9
8.5
52.2
18.9
9.4
1.0
3.8
6.6
2.3
-.4
1.8 ~1.4
2.4 -1.5
1. 1 -1.5
.6 -1.0
. 1 -.3
8
.6
-.3
.2
.7
.5
1.2
.5
.0
12.4
All
Adden<ium:
items
All it ems
less percent change
food,
(annua rate)
Serv- energy,
ices
and
home From From
3
6
purchase
and 5 months months
finance earlier earlier
21.6
11.6
11.3
8. 1
10. 1
10.0
12.5
37.4
18.1
11.9
13.7
14.2
13.0
.6
1.1
.9
.9
.9
.9
1.0
1.3
1.3
.9
1.0
1.0
.8
1.2
3.1
1.4
.9
.8
.8
1.0
1.4
1.2
1.8
1.2
1.5
.4
.8
.5
9.9
10.1
8.8
8.8
6.9
7.2
8.0
5. 1
2.0
.1
.4
.7
.4
.1
.2
-.5
-.2
.1
7.3
7.9
9.3
11. 1
6.3
6.8
5.5
6.9
7.5
9.9
9.4
.8
.5
.8
.6
.8
.6
.7
1.2
.7
1.0
.7
.5
.7
13.2
11.8
11.2
9.6
8.2
7.0
7.4
10.8
11.5
13.5
9.9
8.4
5.3
10.5
11.9
12.3
11.4
10.0
9.1
8.5
9.5
9.2
10.4
10.3
9.9
9.3
NOTE.—NSA indicates data are not seasonally adjusted.
Data beginning 1978 are for all urban consumers; earlier data are for urban
wage earners and clerical workers.
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 3.1 percent in December and prices paid by farmers declined 0.7 percent in the month
ended December 15.
INDEX, 1977=100
INDEX, 1977=100
(RATIO SCALE)
(RATIO SCALE)
1973
J/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE-. DEPARTMENT OF AGRICULTURE
[1977=100]
Prices received by f £irmers
Period
1974
...
1975
1976
1977
1978
1979
1980
..__.
1981
1980: Dec
1981: Jan
Feb
...
Mar
Apr
May
June
July
Aug
Sept
Oct ...
Nov
Dec
1
2
All farm
products
105
101
102
100
115
132
134
138
145
144
144
143
143
142
142
141
137
134
130
130
126
Crops
Livestock
and
products
117
105
102
100
106
116
125
133
142
144
144
146
143
143
137
136
129
120
119
121
119
Includes items not shown separately.
Percentage ratio of index of prices received by farmers to index of prices paid,
interest, taxes, and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by
94
98
101
100
124
147
144
142
148
145
144
141
143
141
146
146
145
146
140
138
133
Pric es paid by f arrners
All commodi- Production
items,
ties, services,
Production
interest,
interest,
items
taxes;
taxes, and l
and wage
wage rates
rates
81
89
95
100
108
123
139
150
144
147
148
149
150
150
151
150
151
151
151
151
150
81
89
95
100
109
125
140
150
145
149
149
150
151
151
152
151
150
150
149
149
148
83
91
97
100
108
125
138
146
145
146
147
148
150
150
150
149
149
149
147
147
146
Ratio 2
130
113
107
100
106
107
96
92
101
98
97
96
95
95
94
94
91
89
86
86
84
law. The indexes have been converted to a 1977=100 base to facilitate comparison with other indexes.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
Growth in the monetary aggregates decelerated in December.
BILLIONS OF DOLLARS*(RATIOSCALE)
BILLIONS OF DOLLARS* (RATIO SCALE)
2,400
2,200
2,400
2,200
2,000
2,000
1,800
1,800
1,600
1,600
M3
1,400
1,400
AA2
1,200
1,200
1,000
* SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE.- BOARD OF GOVERNORS OF THE FEDERAL RESERVE S
[Averages of daily figures; billions of dollars, seasonally adjusted]
Ml
Sum of currency,
demand deposits,
travelers' checks,
and other checkable deposits
(OCD) at banks
and thrift
institutions * 2
Period
1974: Dec
1975: Dec
1976: Dec
1977: Dec
1978: Dec
1979: Dec
1980: Dec
1981: Dec"
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec »
M2
___
_
L
Ml plus overnight RPs and
M2 plus large
Eurodollars,
time deposits and
MMMF shares,
M3 plus other
term RPs at
and savings and commercial banks liquid assets
and thrift
small time deposits at cominstitutions
mercial banks and
thrift institutions 2
Percent change fr om year
or 6 inonths ea rlier 3
Ml
278.0
291.8
311. 1
336.4
364.2
390.5
415.6
441.9
908.0
1, 024. 4
1, 169. 4
1, 296. 4
1, 404. 2
1, 525. 2
1, 669. 4
1, 842. 0
1, 060. 4
1, 163. 0
1, 302. 3
1, 462. 5
1, 625. 9
1, 775. 6
1, 965. 1
2, 187. 4
1, 246. 0
1, 373. 5
1, 528. 9
1, 722. 7
1, 936. 8
2, 151. 7
2, 378. 4
4. 4
5. 0
419. 2
421. 2
425.7
433.3
431. 3
428.8
430. 1
432.8
431.8
433.0
437.9
441.9
1, 680. 8
1, 695. 7
1, 718. 4
1, 737. 7
1, 743. 2
1, 749. 3
1, 760. 1
1, 777. 2
1, 786. 8
1, 798. 9
1, 824. 8
1, 842. 0
1, 989. 3
2, 009. 1
2, 027. 0
2, 045. 7
2, 060. 7
2, 079. 0
2, 094. 0
2, 117. 5
2, 133. 7
2, 144. 2
2, 169. 0
2, 187. 4
2, 408. 7
2, 433. 6
2, 445. 1
2, 457. 4
2, 479. 9
2, 502. 8
2, 519. 4
2, 550. 8
2, 574. 4
10. 2
1
Net of demand deposits due to foreign commercial banks and official
institutions.
2 Total Ml and M2 exclude 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 annual rate.
26
M3
6.6
8. 1
8. 3
7.2
6.4
6.3
M2
5.6
12. 8
14.2
10. 9
8.3
8.6
9.5
10.3
M3
8.4
9.7
12. 0
12.3
11.2
9.2
10.7
11.3
7.2
6.9
8.3
5.9
9. 1
10.4
9. 2
5.3
5.6
2.9
8. 1
12.7
12. 1
12.3
12.5
11.6
11.9
10. 8
11. 1
10.8
10.9
10.8
10.7
6. 5
1
3. 1
6.2
8.4
7.8
9.8
9.7
9.8
NOTE.—See p. 27 for components except travelers' checks.
Source: Board of Governors of the Federal Keserve System.
7.2
9.6
9.9
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Overnight
Small Large
Money
Over- market
dedeSavDe- Other repurnight
chase
checkmutual ings nomi- nomiCur- mand
Euroagreeable
de- nation nation
fund
Period reney de- l
dollars shares
time
posits time
posits deposits ments
(OCD) (RPs)
de- 2
de/__x\
(net)
posits posits2
NSA
Dec:
1974. 67.8
1975. 73.8
1976. 80.6
1977. 88.6
1978. 97.4
1979. 106. 1
1980. 116. 1
1981 » 123. 1
207.4
214. 1
224.4
239.7
253.9
262. 8
267. 4
236.7
17.8
28. 1
77.9
13.6
17.6
21.9
21. 8
27.9
27.5
1981:
Jan.. 116.6
Feb.. 117.2
Mar. 117.9
Apr.. 118.9
May. 119. 8
June- 119.9
July. 120.8
Aug.. 121.2
Sept.. 121. 1
Oct-_ 121. 4
Nov.. 122. 1
Dec v- 123. 1
254. 4
245.8
243.5
243. 1
240. 7
237.9
236.4
236.7
234. 4
234. 7
235.9
236.7
44.3
54.3
60.2
67. 3
66.9
67.1
69. 0
70.8
72.2
72.8
75.6
77.9
27. 5
27. 0
28.7
29.3
31.8
33.3
32.3
32.4
29. 8
26. 9
27. 1
27.5
0.9
1.6
3.4
5.0
9.4
7.2
7.5
NSA
NSA
0.0
.0
.0
1.0
2.0
3.6
4.5
6.7
5.2
4.9
4.6
5.0
6.5
6.4
6.9
7.8
6.9
5. 9
6.5
6.7
Term
Shortrepur- Term
term
chase Euro- Sav- TreasBank- Comagree- dollars ings
ury
ers' merments (net) bonds secuaccept- cial
(RPs)
rities ances paper
NSA
2.3
3.6
3.4
3.8
10.3
43.6
75.8
184.5
333.9
383.9
447.8
486. 5
475. 5
416.5
393.0
334.8
288.9
340. 1
396.2
453. 8
533. 3
652.7
756. 8
850.2
144.0
129.6
117.9
145. 1
194. 0
219.7
256. 8
297.9
15.0
21.0
27. 7
30.7
38.9
47. 4
80.7
92.4
105. 6
117. 1
118. 1
122.8
134. 3
145.4
157.0
166. 4
176.6
184.5
376.9
370.8
368. 3
367.0
361. 1
354.0
349. 1
340.7
334. 5
329.6
331. 2
334. 8
775.7
783.3
789.4
790. 0
798.4
807.7
811.3
821. 9
830.7
841. 1
849.4
850.2
268.0
273.9
271. 0
269. 5
277.2
287.3
290. 3
296. 6
299. 9
298.9
296.5
297.9
40.4
39.5
37.6
38.5
40.2
42.4
43.5
43.7
47. 1
46.4
47.8
47. 4
* Net of demand deposits due to foreign commercial banks and official institutions.
2
Small denomination and large denomination deposits are those issued in
amounts of less than $100,090 and more than $100,000, respectively.
8.4
9.0
NSA
13.1
18.7
29.9
42. 9
48. 4
63.2
67.2
71.8
76.4
80.3
79.6
72.3
53.6
77.1
81. 1
90. 1
99.6
129.3
159.9
11.9
21.7
27.0
32.5
50. 2
52.2
52. 2
52.6
57.0
57.9
58.7
61.0
61.2
71.9
71. 1
70. 7
70.4
69.9
69.7
69.3
68. 8
68.4
165. 1
169.9
164.6
157.6
157.5
160. 3
160.7
161.8
167.8
33.0 99. 2
32.0 99.4
33.0 97.6
34.6 96.5
35.7 99. 1
36.5 99. 3
37.2 99. 6
36.9 104.8
37.0 106.2
8.0
9.7
10.6
8.4
8.8
50. 1
48. 1
51.8
63. 1
79.4
97.3
100. 2
NOTE.—See p. 26 for overall measures.
NSA indicates data are not seasonally adjusted.
Source: Board of Governors of the Federal Reserve System.
CONSUMER INSTALLMENT CREDIT
[Millions of dollars; monthly data seasonally adjusted]
Installirlent credit extended
Period
Total i
Automobile
Installrrtent credit li quidated
Revolving
Total i
Automobile
Revolving
Net changej in amount outstanding
Total i
Automobile
Revolving
173, 035
172, 765
180,083
210, 740
257, 600
297, 668
324, 777
305, 887
49, 606
46, 514
52, 420
63, 743
75, 641
87, 981
93, 901
83, 002
28, 702
33, 213
36, 956
43, 934
87, 596
105, 125
120, 174
129, 580
152, 817
163, 276
172, 675
189, 179
222, 138
254, 589
286, 396
304, 477
43, 696
46, 019
49, 444
53, 278
60, 437
69, 245
79, 186
83, 037
26, 699
31, 243
35, 616
41, 764
81, 348
96, 090
111, 546
126, 655
20, 218
9,489
7,408
21, 561
35, 462
43, 079
38, 381
1,410
2,976
10, 465
15, 204
18, 736
14, 715
-35
2,003
1,970
1,340
2, 170
6,248
9, 035
8,628
2,925
1980: Nov
Dec
25, 991
27, 149
7,117
7,234
10, 953
11, 614
25, 152
25, 530
6,872
6,932
10,688
10, 998
1,619
839
245
302
265
616
1981: Jan
Feb
Mar
Apr
May
June
July
Aug_ ___
Sept
Oct.. _ __
Nov
27, 059
28, 706
29, 822
28, 878
28, 149
29, 005
28, 750
28, 899
29, 428
26, 952
27, 499
7,237
8,333
8,700
7,205
7,320
7,442
8, 178
8,573
9, 176
7, 139
7,748
11, 483
11, 867
12, 071
12, 352
11, 904
12, 668
12, 190
11,964
12, 335
12, 208
11,861
26, 190
26, 710
26, 714
26, 547
26, 803
27, 075
26, 796
26, 040
26, 609
25, 938
27, 157
7,300
7,354
7,018
6,777
7,515
7, 385
6,970
6,458
6,894
6, 177
7,474
10, 926
11, 426
11,484
11, 514
11, 554
11, 650
11, 713
11,473
12, 042
11, 818
11, 808
1, 996
3, 108
2,331
1,346
1,930
1,954
2,859
2,819
1,014
869
-63
979
557
441
587
838
350
1973
1974_ _
1975
1976
1977
1978
1979
1980
_
' Includes "mobile home" and "other," not shown separately.
342
5,910
495
1,682
428
-195
57
1, 018
962
274
477
491
293
390
53
1,208
2, 115
2,282
Source: Board of Governors of the Federal Reserve System.
27
LOANS AND INVESTMENTS, AND RESERVES
Growth in commercial bank loans and investments decelerated in November. In December total adjusted reserves
and nonborrowed reserves rose.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
ALL COMMERCIAL BANKS
60
40
40
1980
1973
1981
* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Period
1974: Dec
1975: Dec
1976: Dec
1977: Dec
1978: Dee
1979: Dec
1980: Dec
1981: Dec
1980: Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
Depositc ry institu tions 3
All c ommercial fcanks l
Borrowiiigs (milReserves adjusted for changes lions of dollars,
Loans imd leases
In vest nlents
in resei*ve requirem ents
unadji Listed)
Total
loans
and
investments
Total 2
Commercial and
industrial
loans
o
U- .k5.
Treasury
securities
713.9
745. 1
804. 6
891.3
1, 013. 4
1, 134. 6
1, 237. 0
520. 1
517.2
555.0
632. 3
746.9
848.9
912.5
197.4
189.9
191.3
211.2
246. 1
291. 1
324.9
53.7
82.2
100.6
99.5
93.3
93.8
110.6
140.0
145.7
149.0
159.5
173.2
191.8
213.9
1, 224. 0
1, 237. 0
1, 253. 2
1, 262. 5
1, 262. 2
1, 267.%5
1, 28a 8
1, 288. 2
1, 294. 8
1, 306. 0
1, 317. 6
1, 326. 9
1, 330. 4
901.5
912.5
923.4
930. 1
929.2
934.7
944.6
949,8
954. 8
964. 5
976.0
982.7
986.8
320.7
324. 9
329.3
330.8
330.6
331.8
336.0
340. 2
345.8
352. 3
357.7
361.7
362.4
110.5
110.6
113.5
115.2
114.8
115. 1
117.5
U9. 3
120.4
119.4
117.6
117. 1
113.3
212. 1
213.9
216.2
217.2
218.2
217.7
218.8
219. 1
219.7
222.0
224. 1
227. 1
230.3
1
Data are averages of Wednesday figures.
» Excludes loans to commercial banks in the United States.
s Data are averages of daily figures. Prior to November 13, 1980, the date of
implementation of the Monetary Control Act, data relate only to member banks.
28
Other
securities
Total
31. 22
31.28
31.82
33.27
35.21
36.58
39. 19
40.80
39. 19
39. 19
39. 18
38.95
39.07
39.27
39.54
39.35
39. 61
39. 88
40. 62
40.27
40.26
40.80
Nonborrowed
Required
30.49
31. 15
31.77
32.70
34.34
35. 11
37.50
40. 17
37. 13
37.50
37.79
37. 65
38.07
37. 93
37. 31
37.31
37. 93
38.46
39. 16
39. 09
39.60
40. 17
30. 96
31.02
31.55
33.08
34.98
36. 25
38.72
40.50
38. 67
38.72
38.87
38.67
38.82
39. 14
39.37
39. 10
39. 36
39.68
40.29
40. 08
40.01
40.50
Total
Seasonal
703
127
62
558
874
1,473
1,617
642
2, 156
1,617
1,405
1,278
1,004
1,343
2,154
2,038
1, 751
1,408
1,473
1, 149
695
642
NOTE.—Latest month's data for loans and investments are estimates.
Source: Board of Governors of the Federal Reserve System.
32
13
12
54
134
82
116
53
99
116
120
148
197
161
259
291
248
220
222
152
79
53
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Credit; market f unds
Period
Total
Internal l
Total
Total
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1980: I
II
III
IV
1981: I
II
III
133.7
165.8
208.7
202.9
167.9
223.4
264.2
320.4
366.7
336. 2
359.6
265.4
325.4
394. 3
340.7
396.6
393. 1
9
73.5
85.0
91.7
85.6
119.7
134.2
156. 1
171.9
190.6
196.8
194.9
192.9
199.2
200.3
222.0
228.2
233.0
60.2
80.8
117. 0
117.3
48.3
89.2
108. 1
148.5
176. 1
139. 3
164. 7
72. 5
126.3
194.0
118.8
168.4
160. 1
Securities
and
mortgages
Loans
and
shortterm
paper
41.2
40.7
36.9
39. 1
49.7
48.0
48. 1
45.8
39.5
66.5
65.9
62. 3
63.5
74. 1
62. 1
29.0
-4. 1
4.4
16. 9
36.0
43.6
— 8. 0
16.3
36.5
47. 4
65. 3
39.7
60.8
7.8
29. 8
60. 2
16.0
94. 5
116. 1
45.6
57.6
72.9
82.8
41.7
64.3
84.6
93.2
104.8
106. 1
126.7
70. 1
93.3
134. 3
78.1
123.5
112.0
i Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits,
dividends, and subsidiaries' earnings retained abroad.
-' Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
Other 2
14.6
23. 2
44.0
34.5
6.5
24.9
23.5
55.3
71. 4
33.2
37.9
2.4
33.0
59.6
40.7
44.9
48. 1
Total
122.7
149. 1
191.9
190. 1
150.9
201.4
228. 5
290. 9
340.6
291.7
310.6
224. 8
289. 1
342.4
319.4
356.3
362.9
Capital
expenditures 3
Increase
in
financial
assets
86.0
99.0
121. 5
137.9
109.7
148.3
174. 1
199.2
220.9
216.9
224. 1
212. 0
207. 1
224.3
231.6
265.4
276. 1
36.7
50, 1
70.5
52.2
41.2
53. 0
54.4
91.7
119.7
74.9
86. 5
12.8
82.0
118.2
87. 8
90. 9
86.8
Discrepancy
(sources
less
uses)
11.0
16.7
16.7
12. 9
17. 0
22.0
35.7
29.5
26. 2
44. 5
49.0
40. 7
36. 3
51.9
21.4
40. 3
30. 1
' Plant and equipment, residential structures, inventory investment, and mineral rights from U.S. Government.
Source: Board of Governors of the Federal Reserve System.
CURRENT ASSETS AND LIABILITIES OF NONFINANCIAL CORPORATIONS
[Billions of dollars, except as noted]
Curreiat assets
End of period
Total
SEC series:2
492.3
1970
529.6
1971
1972
599. 3
697.8
1973
1974
790.7
FTC-FRB series: »
1974
735.4
759. 0
1975
1976
826.8
902. 1
1977
1978
1, 030. 0
1979
1, 200. 9
1980
1, 281. 6
1980: I.
II
III
IV
1981: I
II
Cash
Cur rent liabil .ties
U.S.
Notes
governand
Invenment
acsecuri- counts tories
ties receivable
Other
current
assets
Net
working
capital
Current
ratio l
50. 2
53.3
59.0
66. 3
71. 1
11. 0
10. 6
12.8
12.3
7.7
206. 1
221. 1
248.2
288.5
322. 1
193.3
200. 4
225.7
263.9
313.6
35.0
43.8
55. 8
66.4
71.7
304.9
326. 0
375. 6
450.9
530.4
211.3
220. 5
282. 9
340.3
402. 3
93.6
105. 5
92.7
110.7
128. 1
187.4
203.6
223.7
246. 9
260.3
1.615
1.625
1. 595
1.548
1.491
73.2
82. 1
88.2
95.8
104.5
116. 1
121.0
11. 1
19. 0
23.4
17.6
16.3
15.6
17. 3
265.8
272. 1
292.8
324.7
383.8
456. 8
491.2
319. 5
315.9
342.4
374.8
426.9
501.7
525.4
65.9
69. 9
80. 1
89.2
98.5
110.8
126.7
453.4
451. 6
494.7
549.4
665.5
809. 1
877.2
269.8
264. 2
281.9
313.2
373.7
456.3
498. 3
183.6
187. 4
212.8
236. 2
291.7
352.8
378.9
282.0
307.4
332.2
352.7
364.6
391.8
404.4
1. 622
1.681
1.672
1.642
1.548
1.484
1. 461
__ 1, 234. 0
1, 232. 2
1, 254. 9
1, 281. 6
110.5
111.5
113.4
121. 0
15.2
14.0
16.4
17. 3
470.3
463.4
478.7
491.2
518.9
525.0
524.5
525.4
119. 2
118.3
121.9
126. 7
836.5
826.0
850.5
877.2
467.7
462.8
477.0
498.3
368.8
363.2
373.5
378.9
397.5
406.2
404.3
404. 4
1.475
1.492
1.475
1.461
1, 321. 2
1, 317. 7
120.5
118.5
17.0
18.3
507.3
507. 1
542.8
540.0
133. 6
133. 7
910. 9
908. 1
504.0
500.8
406.9
407.2
410.3
409.6
1.450
1.451
» Total current assets divided by total current liabilities.
* Based on data from Statistics of Income, Department of the Treasury.
3 Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
Total
Notes
Other
and
current
accounts liabilities
payable
NOTE.—SEC series not available after 1974.
See Federal Reserve Bulletin, July 1978, for details regarding the series.
Sources: Board of Governors of the Federal Reserve System, Federal Trade
Commission, and Securities and Exchange Commission.
29
INTEREST RATES AND BOND YIELDS
Interest rates rose in January.
PERCENT PER ANNUM
16
-DISCOUNT
RATE
FEDERAL
RESERVE
BANK OF
NEW YORK
F
/
10
CORPORATE Aaa BONDS
(MOODY'S)
^
X
1974
1975
1976
1982
1977
COUNCIL OF ECONOMIC ADVISERS
SOURCE: SEE TABLE BELOW
[Percent per annum]
U.S. Treiisury securii ,y yields
Period
1976
1977
_
1978
1979
1980
1981
1980: Dec
1981: Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1982: Jan
Week ended:
1981: Dec 12
19
26
1982: Jan 2
9
16
23
30
3-month
bills1
_.
Constant nlaturities 2
3-year
10-year
High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
bonds
paper,
(N.Y.
bonds
(Standard
F.R.
& Poor's) 3 (Moody's) months 4
Bank) 8
4989
5.265
7.221
10. 041
11. 506
14 077
15. 661
14 724
14.905
13. 478
13. 635
16. 295
14557
14699
15. 612
14951
13. 873
11.269
10. 926
12. 412
6.77
6.69
8.29
9.71
11.55
14.44
13. 65
13.01
13. 65
13.51
1409
15.08
1429
15.15
16.00
16.22
15.50
13. 11
13.66
7.61
7.42
8.41
9.44
11.46
13.91
12.84
12.57
13.19
13. 12
13.68
14.10
13.47
14.28
1494
15.32
15. 15
13.39
13. 72
6.49
5.56
5.90
6.39
8.51
11.23
10.09
9.65
10.03
10.12
10.55
10.73
10.56
11.03
12. 13
12.86
12.67
11.71
12.77
10. 404
11. 101
11. 037
11. 690
11. 658
12. 121
12. 505
13. 364
13. 46
13.56
14.15
1409
1432
1473
1492
13.66
13.58
14.00
14.07
14.47
1476
1473
12.85
12.88
13.03
13.09
13.27
13.34
13. 02
* 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.
* Prior to November 1,1979, data are for 4-6 months paper.
* Average effective rate for year; opening and closing rate for month and week.
30
9.63
11.94
14.17
13.21
12.81
13.35
13.33
13.88
1432
13.75
14.38
1489
15.49
15.40
14.22
14.23
* 5. 35
* 5. 60
<7.99
10.91
12.29
1476
16. 49
15. 10
14.87
13.59
14 17
16.66
15.22
16. 09
16.62
15.93
1472
11.96
12. 14
5.50
5.46
7.46
10.28
11.77
13.41
12-13
13-13
13-13
13-13
13-13
13-14
14-14
14-14
14-14
14-14
14-14
14-13
13-12
12-
14 16
14 11
1436
14.50
1481
15.29
15.36
11.60
12.34
12.71
12.78
12.81
13. 18
13.56
12-12
12-12
12-12
12-12
12-12
12-12
12-12
12-
8.43
8.02
a 73
Prime
rate
charged
by
banks 3
6.84
6.83
9.06
12.67
15.27
18. 87
17%-21/2
21^-20
20-19
19-17X2
17X2-18
18-20H
20l/2-20
20-20K
20H-20H
20/2-19X2
19X2-18
18-16
15%— 15%
15%-
Newhome
mortgage
yields
(FIILBB)*
8.99
9.01
9.54
10.77
12.65
1475
13.28
13.26
13.54
14.02
14.15
14.10
1467
14.72
15.27
15.29
15.65
16.38
15.89
15%— 15%
15%— 15%
JK3/
1 K3/
15%— 15%
15%— 15%
15%-15%
15%• Effective rate (in the primary market) on conventional mortgages, reflecting
fees and charges as well as contract rate and assumed, on the average, repayment
at end of 10 years. Rates beginning January 1973 not strictly comparable with
prior rates.
Sources: Department of the Treasury, Board of Governors of the Federal
Reserve System, Federal Home Loan Bank Board, Moody's Investors Service,
and Standard <& Poor's Corporation.
COMMON STOCK PRICES AND YIELDS
Stock prices fell in January.
INDEX, DEC 31, 1965=50
INDEX, DEC 31,1965=50
80
70 -
EARNINGS-PRICE RATIO ON COMMON STOCKS
5 -
1973
1981
SOURCES: NEW YORK STOCK EXCHANGE AND STANDARD & POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common s tock 5 yields
( perc ent)
Comnnon stock pi•ices l
Period
New York Stock Exch ange indexes5 (Dec. 31, 1965=50) *
Composite Industrial Transportation
1976
1977
1978
1979_
1980
_
1981
1980: Dec
1981: Jan
Feb
Mar
Apr..
May
June
July
Aug
Sept
Oct
Nov
Dec
Week ended:
1981: Dec 12 __
19
26
1982: Jan 2
9
16
23
54. 46
53. 69
53.70
58. 32
68. 10
74.02
76.69
76.24
73. 52
76.46
77.60
76.28
76.80
74.98
75.24
68.37
69.40
71.49
71.81
60. 44
57. 86
58.23
64. 76
78.70
85.44
90.37
89. 23
85. 74
89.39
90.57
88.78
88.63
86.64
86.72
78.07
78.93
80.86
81.70
39.57
41. 09
43. 50
47.34
60. 61
72. 61
75. 74
74. 43
72.76
77.09
80.63
76.78
76.71
74. 42
73. 27
63.67
65.65
67. 68
68.27
36. 97
40.92
39.22
38.20
37. 35
38. 91
37.84
38.53
37. 59
37.82
38.34
38.27
39.23
38.90
40. 22
38. 17
38.87
40.73
40.22
52. 94
55. 25
56.65
61.42
64. 25
73. 52
67.46
70.04
68.48
72.82
74.59
74.65
79.79
74.97
73.76
69.38
72.56
76.47
74.74
974. 92
894. 63
820. 23
844. 40
891. 41
932. 92
945. 96
962. 13
945. 50
987. 18
1, 004. 86
979. 52
996. 27
947. 94
926. 25
853. 38
853. 25
860. 44
878. 28
102. 01
98.20
96.02
103. 01
118. 78
128. 05
133. 48
132. 97
128. 40
133. 19
134. 43
131.73
132. 28
129. 13
129. 63
118. 27
119.80
122. 92
123. 79
3.77
4. 62
5.28
5.47
5.26
5.20
4.74
4.80
5. 00
4.88
4.86
4.98
5.03
5. 18
5. 16
5.69
5.65
5.54
5. 57
72.59
71.38
71.22
70.88
69.70
67. 24
67. 12
82. 58
81. 24
81.06
80. 63
79.07
76.00
75.88
69. 41
68. 02
67.43
66. 64
64.98
61.48
60.99
40.60
39.95
39.96
39.95
39.76
39. 10
39.03
75. 68
74.09
73.68
73.40
72. 60
70.49
70.35
887.
872.
872.
871.
867.
845.
848.
125. 23
123. 06
122. 77
122. 20
120. 09
115. 97
115. 92
5. 45
5. 62
5. 64
5. 65
5.80
6.02
5.99
i Average of daily closing prices.
Includes all the stocks "(more than 1.500) listed on the XYSE.
< Includes 500 stocks.
6* Includes 30 stocks.
Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
3
Finance
Utility
Standard
Dow& Poor's
Jones
composite Dividendprice
industrial3
index
ratio
average (1941-43 =
10) *
10
49
03
67
43
40
34
Earningsprice
ratio
8.90
10. 79
12.03
13. 46
12. 66
10.92
10.72
11.48
XOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company, Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 2 months of fiscal year 1982, there was a budget deficit of $28.7 billion, compared to a deficit of $25.8
billion a year earlier.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
800
800
RECEIPTS AND OUTLAYS
700
700
600
600
500
500
OUTLAYS
RECEIPTS
400
400
300
300
200
200
50
50
SURPLUS (+) OR DEFICIT (-)
0 ,
^
0
«, ^
-50
^
I
-100
1973
^.^
I
1974
r
I
1975
'
'
I
1976
~~~^""^^^™ .
I
1977
I
1978
I
1979
1980
50
-~
I
-100
I
1981
1982
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Receipts
Period
Fiscal year or period :
1971
1972
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980_.
1981
-
1982 (estimates):
First Concurrent Resolution, May 21, 1981.
Mid~Session Review, July 1981 *
Cumulative total, first 2 months:
Fiscal year 1981
Fiscal year 1982
-
1
Estimates from Mid-Session Review of the 1982 Budget, Office of Management
and Budget, July 15,1981.
32
Outlays
Surplus or
deficit (-)
Federal debt ( end of period)
Gross
Held by
the public
188.4
208.6
232. 2
264 9
281.0
300.0
81.8
357.8
402.0
465.9
520. 1
602.6
211.4
232. 0
247. 1
269.6
326.2
366.4
94. 7
402.7
450.8
493.6
579.6
660. 5
-23.0
-23.4
-148
-47
-45. 2
-66.4
-13.0
-45.0
-48.8
-27. 7
-59.5
-57.9
409. 5
437.3
468.4
486.2
544 1
631.9
646.4
709. 1
780.4
833.8
914. 3
1, 003. 9
304.3
323. 8
343. 0
346. 1
396.9
480.3
498.3
551. 8
610. 9
644.6
715. 1
794.4
657.8
662.4
695. 5
704.8
-37. 7
-42.5
1, 079. 8
1, 079. 2
845-1
78. 1
89.8
103. 9
118.5
-25.8
-28. 7
920. 3
1, 019. 3
729. 1
815.8
Sources: Department of the Treasury and Office of Management and Budget,
except as noted.
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In the first 2 months of fiscal 1982, budset receipts were $11.7 billion higher than a year earlier and budget outlays
were $14.6 billion higher.
400
BILLIONS OF DOLLARS
400
300
300
200
200
BILLIONS OF DOLLARS
0
600
600
OUTLAYS
500
500
400
400
NONDEFENSE
300
300
200
200
NATIONAL DEFENSE
100
100
1973
1974
1975
1976
1977
1978
1979
1980
1982
1981
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
(Dutlays
Receipts
Nationa . defense
Period
Fiscal year or period :
1971.
1972
1973
1974.
1975
1976
Transition quarter...
1977
1978
1979_
_
1980
_
1981
1
1982 (estimate)
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
Total
Interna- Health
and
In- Other
Depart- tional income
ment of affairs security terest
Defense,
military
54.9
60. 0
65 7
64. 6
61. 1
66.8
75.4
81.7
92.8
107. 4
118. 0
127.0
34.5
145. 2
161. 1
182.4
211. 4
255.9
292.7
211. 4
232.0
247. 1
269. 6
326.2
366.4
94.7
402.7
450. 8
493.6
579. 6
660.5
704.8
75.8
76. 6
74.5
77.8
85. 6
89.4
22.3
97.5
105.2
117.7
135. 9
159.7
188. 1
74.5
75. 1
73.2
77. 6
84.9
87.9
21. 9
95. 6
103.0
115. 0
132.8
156. 0
183.8
2. 3
2. 0
33.8
43.4
103. 9
118.5
24.9
28.9
24. 3
28. 2
188. 4
208. 6
232. 2
264. 9
281.0
300. 0
81.8
357.8
402.0
465. 9
520. 1
602. 6
662.4
86.2
94.7
103.2
119. 0
122.4
131.6
38.8
157. 6
181.0
217.8
244. 1
285. 6
302. 9
26.8
32. 2
36.2
38. 6
40. 6
41. 4
Cumulative total, first 2 months :
Fiscal year 1981 __ _ _
78. 1
Fiscal year 1982 _
89.8
42.0
44. 3
8.5
1
Estimates from Mid-Session Review of the 1982 Budget, Office of Management
and Budget, July 15,1981.
Total
19. 6
20.6
22.8
28.0
30.9
34.5
7.2
6. 1
10.5
11. 1
11. 4
70. 1
81.4
91.8
106. 5
136.2
160.8
41.5
176.7
189.9
209.8
250. 3
294.9
312.3
38.0
44.0
52.6
64. 6
82. 6
92. 3
41.8
48.8
53.9
51.6
66. 5
76. 1
21. 5
85.7
105.9
107.5
118. 4
112. 3
100. 7
1.7
1.7
45. 9
51. 0
10. 7
14. 7
20.8
22. 3
4. 1
4.7
4. 1
5.7
6.9
5. 6
2.2
4.8
5.9
Sources: Department of the Treasury and Office oi Management and Budget.
33
SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the third quarter, Federal receipts rose $17.3 billion (annual rate) and expenditures rose $25.8 billion, yielding a
deficit of $55.7 billion. In the fourth quarter, according to preliminary estimates, expenditures rose $25.4 billion/
receipts data are incomplete.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
700
700
600
600
500
400
300
300
50
50
SURPLUS
DEFICIT
-50
-50
-100
-100
1974
1975
1977
1976
1979
1978
1980
1981
1982
CALENDAR YEARS
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Surplus
or
Subsidies Less:
Grantsdeficit
ContriPurin-aid
Wage
less
<T>chases Trans- to State Net
butions
current accruals national
for
Total of goods fer pay- and interest surplus of less
income
social inand
ments
paid Govern- disand
local
governsurance
services
ment en- burse- product
ments
terprises ments accounts
F<sderal G overnme at expen ditures
Federal (jovernm ent receip ts
Period
Indirect
Personal Corporate business
tax
and
Total nontax profits tax and
tax
nontax
receipts accruals
accruals
Fiscal year:
365.9
414. 2
480. 7
527.3
166.4
186.4
223. 1
249.7
58.8
67.2
75.8
70.6
24.5
27. 2
29. 1
35.7
116. 2
133.4
152.7
171.3
411.7
450. 5
494.7
578.2
140.3
150.7
163. 4
190.2
169.8
182. 2
201. 8
239. 3
66.3
74.7
79. 1
86.7
28.4
33.5
40.6
51.2
7.0
9.6
9.8
10.8
0.0
-. 0
.0
.0
-45.8
-36.3
-14. 0
-50.9
375. 1
1977
431. 5
1978
494. 4
1979
540. 8
1980
1981 *___ 624.8
528.4
1980: I
II.— 520.9
III.. 540.8
170. 1
194.9
231. 4
257.8
296. 2
246. 9
252.0
259.4
272. 9
283.3
293. 2
306.4
301.9
61.6
71.2
74.6
70.2
64.9
25.0
28. 1
29. 4
40. 6
61.3
31.9
38.7
42. 9
49. 1
60.6
62.6
61.8
60.2
118.5
137.2
159.0
172. 2
202.5
169. 2
169.3
171.8
178.6
198.9
200.4
203.7
206.9
421.5
460.7
509.2
602.0
686.4
564.7
587.3
615.0
641. 1
664. 0
668. 2
694.0
719.4
143.9
153.4
167.9
198. 9
228.6
190.0
198.7
194.9
212. 0
221.6
219. 5
226.4
246. 7
172.8
185.6
209. 1
249.8
284.4
228. 9
236.0
265.3
269.0
271.9
274. 8
293. 6
297.2
67.5
77.3
80.4
88.0
87.0
85.5
87.2
87.7
91.8
90.2
89.6
85.4
82.9
29. 1
35.2
42. 3
53. 3
73. 3
50.3
54.4
53. 5
55.2
67.7
70.4
75.6
79.4
8.2
9.3
9.4
12.0
13.2
10. 1
11.0
13.7
13. 1
12. 6
13.9
13.3
13. 1
.0
.0
-.0
.0
.0
.0
.0
.0
.0
.0
.0
.2
-. 1
-46.4
29 2
-14 8
-61.2
-61.6
-36.3
-66.5
-74.2
— 67. 9
—46. 6
-47.2
-55.7
1977
1978
1979
1980
Calendar
year:
IV— 573.2
617.4
1981:1
IL— 621.0
III- 638.3
IV *>_
80.5
60.9
66.7
72. 6
74.6
64. 8
66.4
Sources: Department of Commerce (Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
34
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Con sumer p>riees (urladjustec I)
In dustrial producjtion (seiisonally adjuste d) -
Period
1975
1976
1977
1978
1979
1980
1981 »
1981: Jan
Feb
Mar
Apr
May
June
July....
Aug
Sept *...
Oct*___
' Nov *__
Dec v
United
States
Canada
Japan
117.8
130.5
138.2
146. 1
152.5
147.0
151.0
151.4
151.8
152. 1
151.9
152.7
152.9
153.9
153. 6
151.6
149.2
146. 4
143.3
140.3
148. 5
152.2
157. 7
166.0
162.7
163.9
L82. 0
189.7
201. 1
217.7
232.5
163.4
165.9
168.9
168.5
171. 0
171.8
167.9
164.8
162. 9
160. 6
159.8
236.4
237.9
235.9
237.0
232. 6
238.4
241. 1
234. 1
240. 3
246. 7
246.7
United United CanKing- States1 ada
dom
Germany
Italy
139
149
152
155
163
160
137. 1
149. 1
152. 0
154. 1
161.8
162.3
127.6
143.5
145. 1
147.9
157.6
166.5
114.3
117.4
122. 9
126.9
131.7
122.6
161.2
170.5
181.5
195.4
217.4
151
149
156
151
150
152
155
155
156
157
158
166
161
161
161
158
161
160
161
161
158.7
170.6
169. 1
168. 2
158.5
158.7
162.9
138.0
163.2
159.2
116.4
117.6
117.5
117.5
116.6
118.3
118.2
118.2
119. 1
121.5
260. 5
France
246.8
272.4
Beginning January 1978 data relate to all urban consumers.
Source: National sources as reported by Department of Commerce, Inter-
160. 1
172. 1
185.9
202. 5
221.0
205. 8 178.9
224. 9 196. 1
243.0 214.5
252. 3 233.9
261. 3 259. 1
243.5 282. 2 294.2
273.9
259. 1 291. 1 312.7
263.2 261.7 290.8 315.6
265. 1 265.2 292.2 318.8
266.8 267.2 294.5 323. 1
269.0
271.3
274.4
276.5
279. 3
279.9
280.7
281.5
1
Japan France Germany
269.6
273.8
276.2
278.2
280.2
283.0
285.4
286.7
297.0 326.0
297. 3 329.2
296.4 334.9
294.7 339. 0
299.5 342. 9
300. 7 347. 1
299.8 350. 3
Italy
144.2
150.4
155.9
160. 2
166.8
175.9
186.4
180. 9
182. 3
183.5
184.7
185.4
186.3
187. 1
187.7
188.6
189.2
190. 1
190.7
186. 8
218. 1
255.2
286.2
328.5
398.0
United
King-
dom
216.5
252. 4
292. 4
316. 6
359. 0
423. 6
473.9
440.7
449. 1
455.4
445. 5
449. 5
468.7
473.9
477.7
456.2
469.4
472.4
475.2
477.3
487.7
497.5
506.0
487.9
493.0
461.3
481.0
480. 8
483. 5
496. 1
national Trade Administration, Office of Planning and Research, in International
Economic Indicators,
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
Merchandise iimports
Mercllandise exports l
G<meral im ports *
Domesti c exports5
Period
Monthly
average:
1973
1974
Total
domestic and
foreign Total
exports
5,902
8,167
1974*
._ 8,182
1975*
___ 8,971
1976*
9,602
1977*
10, 103
1978*
11, 973
1979*
15, 155
1980
18,386
1980: Nov... 18, 715
Dec->_ 19, 251
1981: Jan.... 18, 825
Feb... 19, 764
Mar... 21, 434
Apr
19, 818
May.._ 18, 869
June._. 19, 870
July.... 19, 264
Aug.... 19, 050
Sept.. .19, 655
Oet___ 19,044
Nov
19, 118
2
Food, Crude
Food, Crude
bever- matebever- mate- Manu2
facrials
ages,
ages,
rials
tured Total and
and to- and
to- and
goods
bacco
bacco
fuels
fuels
F.a.s, valu e 5
5,811 1,078
895
8,053 1,269 1,317
8,053
8,842
9,456
9,912
11,753
14, 869
18, 036
18,344
18, 918
18, 459
19, 441
21, 000
19, 408
18, 499
19, 461
18, 894
18, 740
19, 212
18, 614
18, 716
3,728
5,294
5,790
8,450
1,269 1,317 5,294
1,399 1,266 5,913
1,436 1,341 6,437
1,330 1,548 6,679
1,717 1,746 7,873
2,049 2,352 9,716
2,534 2,810 11,991
2,909 2,447 12, 241
3,099 2,746 12, 368
2,926 2,896 11,913
2,938 2, 936 12, 816
3,334 3,245 13, 658
2,879 2,458 13, 392
2,680 2, 541 12, 562
2,582 2,328 13, 581
2,534 2,434 13, 046
2,455 2,637 13, 051
2,783 2,805 13, 030
2,908 2,877 12, 338
2,684 2,838 12, 580
8,547
8,209
10, 290
12, 533
14, 563
17, 455
20, 406
19, 860
21, 436
23, 194
21, 922
20, 949
22, 289
21,310
21, 975
19, 807
23, 528
21, 229
23, 234
22, 522
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.
*1 Total includes commodities and transactions not classified according to kind.
Total arrivals of imported goods other than intransit shipments.
1
C.i.f. (cost, insurance, and freight) import value at first"port of entry in the
United
States. Data for 1973 are estimates.
5
F.a.s. (free alongside ship) value basis: at U.S. port of exportation for exports
and at foreign port of exportation for imports.
Custonis value
770 1, 120
892 2,653
F.a.s. value *
892 2, 672
827 2,716
991 3,457
1, 186 4,463
1, 312 4,325
1,478 5,949
1,546 7,831
1,680 7,059
1, 583 8,331
1,748 9,041
1,588 9,141
1,609 7,478
1,477 8,947
1,676 7,206
1,467 8,270
1, 385 6,598
1,500 7,768
1,396 7,400
1,602 7,646
1,425 7,471
Manufactured
goods
Total
(c.i.f.
value) 4
3,750
4,684
6, 131
9,033
4, 602
4,257
5,398
6,379
8,360
9, 352
10, 427
10, 572
10, 897
11, 777
10, 714
11,294
11,291
11,822
11,597
11.296
13, 636
11,932
13, 261
12, 823
9,206
8,823
11, 042
13, 368
15, 504
18, 519
21,415
20, 751
22, 364
24, 265
22, 910
21, 886
23, 283
22, 314
22, 993
20, 728
24, 665
22, 231
24, 312
23, 530
Mei chandise trade
balance
ExExports
(f.a.B.) ports Exports
less
(f.a.s.) (f.a.s.)
imless
less
imports
imports
(cus- /cports\ (c.Lf.)
toms (f.a.s.)
value)
112
-283
—221
-229
-866
-365 -1,024
762
148
-688 — 1,440
-2, 430 -3, 265
-2, 590 -3, 530
-2, 300 -3, 364
-2, 020 -3,030
-1,145 -2, 036
-2, 185 -3, 113
-4, 370 -5,440
-2, 158 -3, 146
485
-451
-2,471 -3, 465
-2,441 -3,445
-2, 105 -3, 123
-542 - 1, 463
-4, 478 -5, 614
-1,574 -2, 576
-4, 191 -5, 268
-3,404 -4, 412
NOTE.—Data beginning 1975 not strictly comparable with earlier data.
Data for 1980 and 1981 include trade of the U.S. Virgin Islands, except that for
1980 Virgin Islands exports are reflected only in the figures for total domestic
and foreign exports and trade balance.
* Data for 1974-79 for total domestic and foreign exports, total general imports,
and trade balance include trade of the Virgin Islands.
Source". Department of Commerce, Bureau of the Census.
35
U.S. INTERNATIONAL TRANSACTIONS
In the third quarter, the merchandise trade deficit increased slightly to $7.0 billion from $6.9 billion in the second
quarter. The current account registered a surplus of $2.1 billion, up from $1.1 billion in the second quarter.
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
-15
-15
1981
1973
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars; quarterly data seasonally adjusted. Credits (+), debits (—)]
M erchandise
Period
Exports
1973
1974
1975
1976
1977
1978
1979
1980
1979: III..
IV__
1980: !.__
II-.
III..
IV_.
1981:I____
II__.
III*_
Imports
Inv€jstment inicome 3
12
"NTot
il
Glf
h
nl
Udl—
ance
Receipts
Payments
71,410 -70,499
911 21, 808 -9,655
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, 179 -14,217
142, 054 -175,813 -33, 759 43, 265 -21,865
184, 473 -211,819 -27,346 66, 699 -33,236
223, 966 -249,308 -25,342 75, 936 -43, 174
47, 236 -54, 210 -6, 974 18, 055 -8, 734
51, 367 -59, 726 -8,359 18, 952 -9, 203
54, 898 -65,024 - 10, 126 20, 465 -10,629
55, 667 -62,411 -6, 744 16, 860 -10,342
56, 252 -59, 154 -2,902 18, 850 -10,697
57, 149 -62, 719 -5, 570 19, 764 -11,507
61, 098 -65,775 -4, 677 21, 566 -12,513
60, 477 -67,387 -6,910 22, 399 -13, 666
58, 037 -65,079 -7,042 23, 610 -14, 120
1
Excludes military grants.
2
Adjusted from Census data
3
for differences in timing and coverage.
Fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States are excluded from investment income and
included in other services, net.
36
"NTot
«LN CL
12, 153
15, 503
12, 787
15, 975
17, 962
21, 400
33, 463
32, 762
9,321
9,749
9,836
6,518
8, 153
8,257
9, 053
8,733
9,490
Net
military
transactions
-2, 070
-1,653
-746
559
1,528
738
-1,947
-2, 515
-565
-923
-918
-427
-455
-715
-568
-698
-72
Nettravel
and
transportation
receipts
-3, 158
-3, 184
-2, 792
-2,558
-3, 293
-3, 178
-2,622
-798
— 722
-545
-532
-152
-38
-76
-668
-245
-66
Other
services,
net 3
Balance
on
goods
and
serv-l
ices
Remittances,
pensions,
and
otner
uni—
1 itPFll
Id
LCI t*l
transfers 1
Balance
on
current
account
7, 140
3, 184 11,021 -3,881
2, 124
9,309 -7, 186
3,986
4, 598 22, 893 -4, 613 18, 280
4,384
9, 382 -4, 998
4,711
5, 182 -9,493 -4,617 -14, 110
5,792 -9,008 -5, 067- 14, 075
1,414
7,008 — 5,593
5,460
3,723
6,674 10, 779 -7,056
1,052
1,393
2,453 -1,401
-189
1,312 -1,501
1,390
-217 -1,878 -2,095
1,523
-545
1,592
787 -1,332
4,975
6,478 -1,503
1,719
1,390
3,734 -2,344
1,838
3,263
4,790 -1,527
1, 650
1, 142
1,780
2,660 -1, 518
2, 100
3,994 -1,894
1, 684
Source: Department of Commerce, Bureau of Economic Analysis.
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital accounts, U.S. official reserve assets abroad were unchanged in the third quarter following an increase
of $0.9 billion in the second quarter. Foreign official assets in the U.S. decreased $5.8 billion, following a $2J
billion decrease in the second quarter.
BILLIONS OF DOLLARS
40
BILLIONS OF DOLLARS
40
CHANGE IN
FOREIGN ASSETS
IN THE U.S., NET
\v%
-30
-30
-40
-40
1973
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
[Millions of dollars; quarterly data seasonally adjusted, except as noted. Credits (+), debits (—)1
U.S. assets abroad, net
[inc rease/eapit al outflow (
;-)]
Period
Total
1973
1974
1975
1976__._ _
1977
1978
1979
1980
1979: III___
IV__.
1980: I
II__.
Ill—
IV...
1981: I
-22,874
-34,745
-39,703
-51,269
-34,785
-61,070
-62,639
-84,776
-24,942
-14,003
-12,639
-24, 837
-19,302
-27, 995
-22,397
!!___ -21, 971
Ill "_ -18,004
1
U.S.
official
reserve
assets l 2
Other
U.S.
Government
assets
U.S.
private
assets
-2,644 -20,388
366 -33,643
-3,474 -35, 380
-4,214 -44, 498
-3, 693 -30, 717
732 -4, 644 -57, 159
-1, 133 -3,767 -57, 739
-8, 155 -5, 165 -71,456
2,779
-778 -26, 943
-925 — 12,429
-649
-3,268 - 1, 456 -7,915
502 -1, 187 -24, 152
— 1, 109 -1,427 -16,766
-4, 279 -1,094
22, 622
-4, 529 -1,395 -16,473
-905 - 1, 485 -19,581
-1,242 -16, 758
158
-1,467
-849
-2,558
-375
^
Foreig]a assets in the U.S.,
net [increase/e<ipital inflow ( _ j _ ) ] 2
Total
18, 388
6,026
34, 241
10, 546
15, 670
7, 027
17, 693
36, 518
51, 218
36, 816
63, 748
33, 561
38, 946 -13,757
15, 492
50, 261
24, 345
6,011
5,335 -1,295
7,509 -7,462
7,232
7,557
11, 651
7,686
7,711
23, 870
7, 140
5,503
12, 888 -2, 779
15, 056 -5,847
Consists of gold, special drawing rights (SDRs), convertible currencies, and
thes U.S. reserve position in the IMF.
Quarterly data are not seasonally adjusted.
Foreign
official
assets
Other
foreign
assets
12, 362
23, 696
8,643
18, 826
14, 403
30, 187
52, 703
34, 769
18, 334
6,630
14, 971
-326
3,965
16, 158
1,637
15, 667
20, 903
Statis tical
discrejjancy
U.S.
official
reserve
assets,
of
Tntnl
Of
net 1
special
which
:
(sum
of
(unaddrawing
Seasonal justed,
the
rights
adjust- end of
items
(SDRs) with
sign ment
reversed) discrep- period)
ancy
Allocations
1, 139
1, 152
1,152
1,093
-2, 654
-1,620
5,753
10, 367
-2, 323
11, 398
21, 140
29, 640
-455 -3, 122
2,000
8,857
-206
6,073
1,355
18, 151
2,676 -3,291
2, 139
2,736
-340
10, 901
1,222
7,941
848 -2, 592
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
18, 956
26, 756
18,557
18, 956
21, 491
21, 943
22, 994
26, 756
30, 410
29, 582
29, 716
Sources: Department of Commerce (Bureau of Economic Analysis ) and Department of the Treasury.
37
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
page
Gross National Product
Gross National Product in 1972 Dollars
Implicit Price Deflators for Gross National Product
Changes in GNP and GNP Price Measures
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income
Personal Consumption Expenditures
Sources of Personal Income
Disposition of Personal Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment—Nonfarm Business
1
2
2
3
3
4
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Unemployment Rates
Selected Measures of Unemployment and Unemployment Insurance Programs.
Nonagricultural Employment
Average Weekly Hours and Hourly Earnings—Private Nonagricultural Industries
Average Weekly Earnings—Private Nonagricultural Industries
Productivity and Related Data, Private Business Sector
11
12
13
14
15
15
16
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production and Capacity Utilization
Industrial Production—Major Market Groups and Selected Manufactures
New Construction
New Private Housing and Vacancy Rates
Business Sales 3and Inventories—Total and Trade
Manufacturers Shipments, Inventories, and Orders
17
18
19
19
20
21
PRICES
Producer Prices
Consumer Prices
Changes in Producer Prices
Changes in Consumer Prices
Prices Received and Paid by Farmers
.
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock Measures and Liquid Assets
Components of Money Stock Measures and Liquid Assets
Consumer Installment Credit
Bank Loans and I nvestments, and Reserves
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and Bond Yields
Common Stock Prices and Yields
,
,
26
27
27
28
29
29
30
31
FEDERAL FINANCE
Federal Budget Receipts and Outlays and Debt
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis
32
33
34
INTERNATIONAL STATISTICS
Industrial Production and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports
U.S. International Transactions
35
35
36
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