Full text of Economic Indicators : July 1981
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
97th Congress, 1st Session
Economic Indicators
JULY 1981
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1981
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5(a) of Public Law 304, 79th Cong.)
HENRY S. REUSS, Wisconsin, Chairman
ROGER W. JEPSEN, Iowa, Vice Chairman
HOUSE as 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. WYLffi (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)
JAMBS K. GALBRATTH, Extcutitt Director
COUNCIL OF ECONOMIC ADVISERS
MURRAY L. WEIDENBAUM, Chairman
WILLIAM A, NISKANEN
JERRY L. JORDAN
[PUBLIC LAW 120—81sr CONGRESS; CHAFTER 237—IST SESSION]
JOINT RESOLUTION [S J. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
Economic Committee be authorized to issue a monthly publication entitled ''Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required numbers of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23,1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce.
Economic Indicators, published monthly, is available at $2.50 a single copy
or by subscription at $19.00 per year ($23.75 for foreign mailing) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 20402
The 1980 Supplement to Economic Indicators, which describes each series and gives annual data
for years not shown in the monthly issues, is available at $5.00 a copy from the Superintendent of
Documents, Government Printing Office. It should be noted that many of the series have undergone
major revisions since the Supplement was published in the fall of 1980.
TOTAL OUTPUT, INCOME, AND SPENDING
GROSS NATIONAL PRODUCT
According to preliminary estimates for the second quarter of 1981, gross national product rose $28.0 billion or 4.0
percent, both at annual rates. Real output (GNP adjusted for price changes) fell 1.9 percent from the first quarter level
and the implicit price deflator rose at a 6.0 percent annual rate.
Of DOLLARS
(RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
3,000
3,000
SEASONALLY ADJUSTED ANNUAL RATES
2,800
2,800
2,600
2,400
2,40®
2,200
GNP
IN CURRENT DOLLARS
\
1,800
1,800
1,400
1,400
GNP
IN 1972 DOLLARS
1,200
1,200
1
i
i
1973
1
i
1974
i
I
I
I
\
\
I
1976
1975
I
! 1
1977
I
I I
1978
I
i
i
1979
i
i
1980
SOURCE: DEPARTMENT OF COMMEtCE
1
i i
1981
COUNCIL OF ECONOMIC ADVISERS
(Billions of current dollars; quarterly data at seasonally adjusted annual rates]
Period
Gross
national
product
Persona]
Gross
con- private
sump- domestion
tic
exinvestpend- ment
itures
1970
992.7 621.7 1442
1971—
1, 077. 6 672.2 166.4
1972
1, 185. 9 737.1 195.0
1973.
1, 326. 4 812.0 229.8
1974
1, 434 2 ssai 228.7
1975..
1, 549. 2 976.4 206.1
1976
... 1, 7ia 0 1,0843 257.9
1977.. .... 1, 9ia 0 1, 205. 5 322.3
1978
2, 156. 1 1, 34a 7 375.3
1979
2, 413. 9 1, 5ia 9 415.8
2, 626. 1 1, 672. 8 395.3
III.. 2,444.1 1, 529. 1 421.7
IV.. 2, 496. 3 1, 582. 3 410.0
I
2, 571. 7 1, 631. 0 415.6
II 2,564.8 1, 626. 8 390.9
III.. 2, 637. 3 1, 682. 2 377.1
IV... 2, 730. 6 1, 751. 0 397.7
1981: I .. 2? 853. 0 1, 810. 1 437.1
!!*._ 2, 881. 0 1, 830. 3 453.8
Exporlm and imf >orts of
goocIs and ser vices
Net
exports
Exports
59.0
Total
Total
services
Federal
National
defense
53.1
59.4
310.4
318.3
2, 430. 8
2, 497. 1
190. 0
198.7
1949
212.0
125.0
128.7
131.4
141.6
649
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
221.6
219.5
145. 2
14& 1
76.4
71.4
3549
358.1
2, 848. 5
2, 860. 6
17.9
293.1
306.3
275.2
298.7
475.4
496.4
165.1
178.1
na7
a2
23.3
445
337.3
333.3
342.4
346.1
329.1
316.2
297.9
322.7
516.8
530.0
533.5
558.6
29.2
19.4
367.4
366.2
338.2
346.9
576.5
577.6
13.4
23.3
7.6
17.1
1244
138.7
151.4
112.0
-42
-.6
1549
170.9
183.3
219.8
281.3
339.8
13.4
26.8
13.8
22.2
26.0
193.1
217.2
232.9
250.6
279.2
305.9
335.8
73.6
70.2
73.1
72.8
77.0
83.0
86.0
93.3
100.0
111.2
131.7
647
Final
sales
29. 1
33.9
39.7
43.2
50.6
53.4
56.7
67.2
76.7
95.4
132.8
128. 1
157.1
187.5
220.4
267.9
316.5
95.7
96.2
101.7
102.0
111.0
122.7
129.2
143.9
153.4
167.9
198.9
65.7
68.8
77.5
109.6
146.2
Nondefense
State
and
local
989.5
1, 070. 0
1, 175. 7
1, 307. 9
1, 420. 1
1, 556. 1
1, 706. 2
1, 897. 0
2, 13a 9
2, 396. 4
2, 632. 0
220. 1
2349
253.1
270.4
304 1
339.9
362. 1
3945
432.6
473.8
5347
6.7
41
.7
142
Source: Department of Commerce, Bureau of Economic Analysis.
Imports
Go^yernment purchases of goods and
2as
iaas
GROSS NATIONAL PRODUCT IN 1972 DOLLARS
[Billions of 1972 dollars; quarterly data at seasonally adjusted annual rates]
Period
Exisorts of g<3ods
Gross private dc>mestic
iiivestmeni
and service5S
Personal
conGross
Change
national sumpNonResi- in busition
product
W~+
jwet
resiExports Imports
dential ness in- exports
expenddential
ventofixed
itures
fixed
ries
Govermment pure bases of
goocis and ser vices
Total
Federal
State
and
local
Final
sales
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1, 085. 6
1, 122. 4
1, 185. 9
1, 255. 0
1, 248. 0
1, 233. 9
1, 300. 4
1, 371. 7
I, 436. 9
1, 483. 0
1, 480. 7
672. 1
696.8
737. 1
768.5
763.6
780.2
823.7
863.9
904.8
930.9
935.1
113.8
112.2
121.0
138. 1
135.7
119.3
125.6
140.6
153.4
163.3
158.4
41.0
53.7
63.8
62.3
48.2
42.2
51.2
60.6
62.4
59. 1
48.1
3.8
8.1
10.2
17.2
11.6
-6.7
7.8
12.3
14.0
10.2
-2.9
3.9
1.6
.7
15.5
27.8
32.2
25.4
21.9
246
37.7
52.0
70.5
71.0
77.5
97.3
108.5
103.6
110. 1
113.2
127.5
146.9
161.1
66.6
69.3
76.7
81.8
80.7
71.4
84.7
91.3
103.0
109.2
109.1
251. 1
250. 1
253. 1
253.5
261.2
266.7
266.8
272.3
277.8
281.8
290.0
110.6
103.7
101.7
95.9
96.6
97.4
96.8
100.7
99.8
101.7
108.1
140.5
146.4
151.4
157.6
1645
169.3
170.0
171.6
178.0
180. 1
181.9
1, 081. 8
1, 114 3
1, 175. 7
1, 237. 8
1,236.4
1, 240. 6
1, 292. 7
1, 359. 3
1, 423. 0
1, 472. 9
1, 483. 6
1979:
III- 1, 488. 2
IV.. I, 490. 6
933.4
941.6
166.4
164 1
58.6
58.1
7.6
-.7
41. 1
42.2
151.3
1548
110.2
112.6
281. 1
285.3
99.9
103. 1
181.2
182.2
1, 480. 6
1, 491. 3
1980: 1.... 1, 501. 9
II... 1, 463. 3
III.. I, 471. 9
IV... 1, 485. 6
943.4
919.3
93a8
946.8
165.0
156. 1
155. 5
157.0
542
43. 1
447
50.6
-.9
1.3
-5.0
-7.2
50. 1
51.7
57.6
48.5
165. 9
160.5
160. 5
157.4
115.8
108.9
102.8
108.9
290. 1
291.9
288.2
289.8
107.6
110.7
106.9
107.4
182.5
181.2
181.3
182.4
1, 502. 8
1, 462. 0
1, 476. 9
1, 492. 7
1981: I___. 1,516.4
II *. 1, 509. 1
960.2
955.6
162.0
159.5
51.0
48.2
-1.4
9.7
50.9
46.0
162.5
160.3
111.6
1143
293.6
290.1
111.2
109.3
182.5
180.8
1, 517. 8
1, 499. 4
IMPLICIT PRICE DEFLATORS FOR GROSS NATIONAL PRODUCT
[1972=100; quarterly data are seasonally adjusted]
Period
Gross
national
product
Persona 1 con sum i>tion expenditures
Total
Gross private
dom estic
invesitment
Nonres- ResiNonDurable durable
Services idential dential
goods
fixed
goods
fixed
Exports and
imports of goods
and scsrvices
GovernnBent purchases <3f goods
and s<^rvices
Exports Imports Federal
State
and
local
sae
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
91.45
96.01
100. 00
105. 69
114 92
125. 56
132. 11
139. 83
150. 05
162. 77
177. 36
92.5
96.5
100.0
105.7
116.3
125.2
131.6
139.5
149. 1
162. 3
178.9
95.7
99.0
100.0
101.7
108.2
117.3
123.9
129.2
136.2
144.8
156.0
93.6
96.6
100.0
108.3
123. 1
132. 1
137.0
143.4
153.2
169.8
188.6
90.5
95.6
100.0
1047
113.0
121.6
129. 6
139.9
150. 1
162. 1
178. 1
91.3
96.2
100.0
103.8
115.4
132.2
138.6
146.2
157.7
171.3
186.8
90.5
948
100.0
109. 1
120.3
131.0
140.7
158.0
178.3
200.5
218.6
93.2
97.0
100.0
112.7
134.7
149.6
155.2
161.9
172.4
191.5
211.0
88.6
93.3
100.0
116.7
1646
179.5
185.5
205.4
214 0
245.4
290. 1
86.6
92.7
100.0
106.3
114.9
126. 0
133.5
142.9
153.7
165. 1
183.9
1847
1979:111
IV
164 23
167. 47
163.8
168.0
145.4
148.0
172. 1
176.9
163.3
167.4
173.4
176.8
2046
207.7
193.7
197.9
249.8
265.2
165. 2
172.8
171.3
1747
1980: I
II
III
IV
171. 23
175. 28
179. 18
183. 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. 14
190. 91
188.5
191.5
162.3
165. 1
199.2
200.2
188.4
192.5
195. 0
201.9
228.7
231.3
226. 1
228.4
303. 1
303.4
199.4
200.8
1945
198.1
Source: Department of Commerce, Bureau of Economic Analysis.
94.7
100.0
106.9
117.4
128.3
137.0
146.0
156.9
169.8
CHANGES IN GNP AND GNP PRICE MEASURES
[Percent change from previous period; quarterly data at seasonally adjusted annual rates)
Gross national p roduct
Period
1969
-.— —
1970
....
1971— .
1972
1973
—.
1974
...
1975
1976
1977—
1978
^....
1979
...
1980
..1979: III
IV
1980: 1
..—•-..
II
III..
IV..
1981: 1.
II *.
Constant
(1972)
dollars
Current
dollars
—
.—
-
8.1
5.2
8.6
10.1
11.8
8.1
8.0
10.9
11.6
12.4
12.0
as
12.2
8.8
—-
..:
12.6
-1.1
11.8
14,9
19.2
4,0
2.8
2
3.4
5.7
5.8
-.6
-1.1
5.4
5.5
48
3.2
-.2
41
.6
ai
-9.9
Implicit
price
deflator
Per•sonal con,sumption expendituires
Fixedweighted
price
index
(1972
weights)
Chain
price
index
5.1
5.4
5.0
42
5.7
8.7
9.3
5.2
5.8
7.3
8.5
9.0
7.8
8.1
9.3
9.8
9.2
5.0
5.3
49
41
5.9
9.1
9.2
5.7
6.2
7.5
8.7
ae
7.3
8.6
8.7
8.8
9.3
5.0
5.2
48
40
5.9
9.4
9.0
5.8
6.4
7.6
9.4
9.6
8.8
6.9
8.1
9.6
10.2
9.4
9.9
11.0
11.2
11.9
12.0
10.7
10.3
9.7
9.3
9.0
12.9
-1.0
10.7
10.5
10.4
8.6
9.8
6.0
9.8
7.3
10.2
NOTE.—Annual changes are from previous year and quarterly changes are
from previous quarter.
a4
146
147
2.4
3.8
-1.9
Current
dollars
7.6
Constant
(1972)
dollars
3.7
2.2
3.7
5.8
43
-.6
2.2
5.6
49
47
2.9
.5
47
3.6
.8
-9.8
Implicit
price
deflator
45
46
43
3.7
5.7
10.1
7.6
5.2
6.0
6.8
8.9
10.2
9.4
10.7
12.0
17.4
5.1
7.0
9.8
8.8
9.7
142
45
-1.9
5.8
8.0
6.6
143
Chain
price
index
Fixedweighted
price
index
(1972
weights)
45
46
43
3.6
6.0
44
45
42
3.5
10.3
ao
10.4
7.7
5.3
6.3
7.1
9.3
7.8
5.3
6.3
7.2
9.6
1LO
10.9
12.5
9.9
10.4
11.4
13.2
iai
mi
10.3
10.9
10.6
9.7
9.5
6.5
9.9
9.5
6.5
Source: Department of Commerce, Bureau of Economic Analysis.
NONFINANCIAL CORPORATE BUSINESS—OUTPUT, COSTS, AND PROFITS
Period
Gross d omestlc
prodi ict of
ROD fin ancial
eorpcjrate
busi ness
(hillic»ns of
doll firs)
Current
dollars
1972
dollars
5441
1969
1970.. . 563.7
609.9
1971
678.0
1972.. _
759.4
1973
1974
818.9
890.0
1975
1, 001. 3
1976
1, 129. 5
1977
1, 270. 7
1978
1979
... 1, 417. 0
6040
599.6
626.8
678.0
731.9
708.2
6942
745.5
799.0
845.1
873.3
867.2
8743
873.4
878.2
853. 2
860.4
876.9
901.0
1, 535. 2
1979:111.. 1, 432. 1
IV... 1, 457. 7
I
1, 502. 1
II. _. 1, 496. 3
III.., lf 537. 7
IV.... 1,6047
1981: I... 1, 690. 1
[Quarterly data at seasonally adjusted annual rates]
Current-dol lar cost and profit per unit of outpu t (dollars] i
Total
cost
and
profit 2
0.901
.940
.973
1.000
1.038
1. 156
1.282
1.343
1.414
1.504
1.623
1.770
1.638
1.669
1.710
1.754
1.787
1.830
1.876
Capital
consumption
Comallowances Indirect penNet
sation
with business
in8
of
terest
capital taxes
employconees
sumption
adjustment
0.078
0.096
. 106
.087
.113
.091
.113
.092
. 114
.093
.112
.127
. 140
.137
.141
. 141
. 144
. 146
.148
.153
.153
.169
.176
.191
. 172 .154
.157
.175
. 180 . 161
. 192 .173
. 181
, 196
.188
.197
.199
. 197
* Output is measured by gross domestic product ol nonfinaneial corporate
in 1972 dollars.
s
This is equal to the deflator for gross domestic product of nonftnaneial corporate business with the decimal point shifted two places to the left.
* Indirect business tax and nontax liability plus business transfer payments
less subsidies.
0.594
.631
.641
.659
.692
.786
.837
.878
.924
.996
1.092
1. 196
1. 104
1. 135
1. 158
1. 193
1.203
1.230
1.244
0.022
.028
.029
.028
.031
.042
.044
.040
.042
.044
.052
.065
.053
.056
.060
.064
.067
.068
.067
Corpc>rate profi ts with
invent*wy valuat;ion and
eapitMl consuiiiption
iidjustmen ts
Total
Profits
tax
liability
0. 112
0.055
.088
.045
.047
.099
.107
. 049
. 107 .055
.090
.059
. 124 .059
.144
.071
.074
. 158
.080
.163
.080
. 157
.073
.143
. 154 .081
.146
.078
. 151 .085
. 132
.061
. 141 .070
.075
.146
. 169
.079
Profits
after
tax*
0.057
.043
.052
.058
.053
.030
.065
.073
.084
.083
.077
.070
.074
.067
.066
.071
.071
.071
.089
ComOutput
penper
sation
hour
per
of all
hour
employ- of all
ees
employ(1972
ees"
dollars) (dollars)
7.098
7.126
7.467
7.688
7.891
7.622
7.881
8.132
8.348
8.384
8.373
8.411
8.372
a 321
8.345
8.335
a 474
8.472
8.588
4213
4498
4788
5.068
5.458
5.989
6.596
7.138
7.713
8.347
9.147
10. 060
9.243
9.443
9.667
9.945
10. 192
10.420
10. 700
4
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]
Period
National
income
Compensation of
employ-1
ees
Propr letors1
mcom e with
inventory valuation ancl capital
consul nption
adjust ments
Farm
Nonfarm
Rental
income
of persons
with
capital
consumption
adjustment
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1979: III
IV
1980: I
II
III
IV
810.7
871.5
963.6
1, 086. 2
1, 160. 7
1, 239. 4
1, 379. 2
1, 546. 5
1, 745. 4
1, 963. 3
2, 121. 4
1, 986. 2
2, 031. 3
2, 088. 5
2, 070. 0
2, 122. 4
2, 204. 8
612.0
652.2
718.0
801.3
877.5
931.4
1, 036. 3
1, 152. 3
1, 299. 7
1, 460. 9
1, 596. 5
1, 476. 7
1, 518. 1
1, 558. 0
1, 569. 0
1, 597. 4
1, 661. 8
14.3
15.0
18.7
32.8
26.5
24.6
19. 1
18.4
26.1
30.8
23.4
30.2
29.5
25.7
23.3
22.1
22.5
51.9
54.4
58. 1
61.0
62.2
65.4
75.0
85. 1
91.0
100.7
107.2
102.7
106.8
107.9
101.6
107.6
111.6
19.7
20.2
21.0
22.6
23.5
23.0
23.5
25.1
27.4
30.5
31.8
30.3
31.0
31.2
31.5
32.0
32.4
1981: III*
2, 291. 1 1, 722. 4
1, 751. 0
18.9
21.7
113.2
112.6
32.7
33.3
i Includes employer contributions for social insurance. (See also p. 5.)
Corpor ate profits? with inventory va luation
and capital consumptio a adjustm ents
Profits with inv entory
valuat;ion adjustment
and iwithout caipital
consum ption adjiistment
Total
Total
Profits
before
tax
Inventory
valuation
adjustment
110.5
138. 1
164.7
185.5
196.8
182.7
199.5
189.4
200.2
169.3
177. 9
183.3
68.9
82.0
94.0
105.6
96.7
120.6
151.6
176.7
199.0
212.7
199.8
215.6
204.5
215.6
186.9
195.9
201.0
75.4
86.6
100.6
125.6
136.7
132. 1
166.3
192.6
223.3
255.4
245.5
262.0
255.4
277. 1
217.9
237.6
249.5
-6.6
-4.6
-6.6
-20.0
-40.0
-11.6
203. 0
219.9
259.1
-39.2
71.4
83.2
96.6
108.3
949
-147
-15.8
-243
-42.6
-45.7
-46.5
-50.8
-61.4
-31.1
-41.7
-48.4
24. 1
Capital
Net
con- Interest
sumption
adjustment
2.5
1.3
2.7
2.7
41.4
46.5
51.2
60.2
76.1
-1.8
-10.1
-13.5
-12.0
-13.5
-15.9
-17.2
-16. 1
-15. 1
-15.4
-17.6
-17.9
-17.8
87.2
100.9
115.8
143.4
179.8
146.8
156.5
165.4
175.3
185.3
193.3
-16.9
-19.0
200.8
211.0
845
Source: Department of Commerce, Bureau of Economic Analysis.
PERSONAL CONSUMPTION EXPENDITURES
[Billions of dollars, except as noted; quarterly data at seasonally adjusted annual rates]
Total
personal
consumption Total
expendi- durablel
goods
tures
Motor
vehicles
and
parts
621.7
672.2
737. 1
812.0
888. 1
976.4
1, 084. 3
1, 205. 5
1, 348. 7
1, 510. 9
1, 672. 8
85.2
97.2
111. 1
123.3
121.5
132.2
156.8
178.8
199.3
212.3
211.9
36.2
45.4
52.4
57. 1
50.4
55.8
72.6
85.0
94.3
95.5
89.9
1979: III... 1, 529. 1
IV.... 1, 582. 3
213.3
216.1
1980: I
II
III...
IV....
1, 631. 0
1, 626. 8
1, 682. 2
1, 751. 0
1981: I
1, 810. 1
II "... 1, 830. 3
Period
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
Furniture
and
household
Total
nondurable
goods1
Food
Clothing Gasoline Services
and
and oil
shoes
Domes-
48.2
52.7
68.4
89.0
270.8
296.2
325. 3
355.2
393.2
437. 0
485 7
547.7
619.6
696.3
785.2
8.7
9.3
9.6
7.4
7.0
8.5
9.0
9.2
8.2
6.6
Imports
ment
35.2
37.2
41.7
47. 1
50.6
53.5
59. 1
65.8
72.9
81. 1
84.6
265.7
278.8
300.6
333.4
373.4
407.3
441.7
479.0
529.8
602.2
675.7
138.9
1442
154.9
172. 1
193.7
213.6
230.6
250.3
276.4
312. 1
345.7
46.8
50.6
55.4
61.4
64. 8
69.6
75.3
82. 1
91.9
98.9
1048
947
95.4
82.4
83.8
611.5
639.2
3143
329.0
100.3
102.5
72 1
77.6
704.3
727.0
8.5
7.4
2.2
2.4
220.9
1944
208.8
223.3
100.6
77.5
87.0
83.6
81.3
88.9
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
5.5
6.5
6.7
2.9
846
661. 1
6640
6742
703.5
2.3
2.5
238.3
226.7
105.4
93.0
92.3
92.0
726.0
732.7
372.5
377.3
113.4
115.1
93.5
91.5
845 8
870.9
7.4
5.6
2.7
2.2
946
' Total includes other items not shown separately.
Retail isales of
new pa ssenger
cars ( n lillions
of uilits)
Nondura ble goods
Durable goo<is
22.4
23.9
25.4
28.6
36.6
40.4
440
7. 1
Source: Department of Commerce, Bureau of Economic Analysis.
1.3
1.6
1.6
1.8
1.4
1.6
1.5
2. 1
2.0
2.3
2.4
2. 1
SOURCES OF PERSONAL INCOME
Personal income rose $14.5 billion (annual rate) in June following a rise of $13.9 billion in May. Wages and salaries
rose $5.2 billion in June compared to $7.0 billion in May.
BILLIONS OF DOLLARS *{RATJOSCALi
BILLIONS OF DOLLARS*(RATIO SCALE)
2,800
WAGE AND SALARY DiSSURSIMWTS
100 80
80
1981
1973
*SEASONALIY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; monthly data at
Wage
Total
and
Other Propriet ors* income
personal salary
labor
income disburseincome1 2 Farm
Nonfarm
1
ments
Period
1973
1974
1975
1976
1977—
1978
1979
1980
COUNCIL OF ECONOMIC ADVISERS
4as
1, 065. 2 702.7
... 1, 16a 6
765.7
.. 1, 265. 0
806.4
- 1, 391. 2
889.9
1, 53a 0
983.8
1, 721. 8 1, 105. 2
1, 943. 8 1, 23a 1
2, 160. 2 I,34a7
137.1
1980: June.- 2, 127. 1 1, 323. 2
July- .. 2, 161. 2 1, 326. 3
Aug
2, 179. 4 1, 342. 4
Sept... 2, 205. 7 1, 356. 8
O0t
2, 234. 3 1, 381. 7
Nov... 2, 257. 6 1, 400. 4
Dee...- 2, 276. 6 1, 411. 2
1981: Jan
2, 300. 7 1, 433. 1
Feb
2, 318. 2 1, 442. 8
Mar.___ 2, 340. 4 1, 452. 8
Apr
2, 353. 7 1, 459. 5
May*__ 2, 367. 6 1, 466. 5
June*L_ 2, 382. 1 1, 471. 8
Rental Persona] Personal Transfer
income dividend
pay- 5
interest
of
persons income income ments
132.5
151.6
173.2
209.6
256.3
42.6
47.9
50.4
55.5
61.1
69.6
80.6
87.9
I,02a7
1, 131. 8
1,229.1
1, 359. 3
1,505.0
1, 679. 2
1, 892. 9
2, 112. §
547
547
55.2
55.4
55.5
55.9
56.7
258.9
260.4
261.7
263.2
265.6
269.4
274 1
2846
309.7
309.0
3ia4
313.8
3ia2
3147
86.2
87.0
88.3
89.1
90.4
91.4
91.9
2,080.3
2, 114 5
2, 132* 7
2, 15a7
2, 186. 8
2, 209. 7
2, 22a 5
57.4
58.2
58.3
59.4
60.2
61.1
281.8
289. 1
295.2
297.9
301. 1
3049
318.4
318.4
321.9
322.5
323.5
325.8
101.9
102.3
102.6
102.9
2, 254 8
2, 273. 2
2, 295. 4
2, 306. 2
2, 318. 0
2, 331. 2
30.8
23.4
22.6
23.5
23.0
23.5
25.1
27.4
30.5
31.8
26.5
29.1
29.9
36.5
3a7
43.1
48.6
544
13&3
137.7
139.1
140.4
141.9
143.5
145.0
22.8
22.4
22.0
21.9
22.2
22.6
22.6
101.0
105.1
106.3
111.4
111.5
111.5
111.6
31.6
31.8
32.0
32.2
32.3
32.4
32.5
146.6
148.0
149.5
150.9
151.6
153.0
19.9
18.7
18.2
20.2
22.0
22.9
112.8
112.6
114.2
113.0
112. 3
112.3
32.5
32.7
32.9
33. 1
33.3
nae
32.8
26.5
246
19.1
ia4
2ai
3as
Less: Per- Nonsonal conf*«*m
farm
tributions personal
for social income •
insurance
119.5
141.2
17a3
1943
207.5
223.3
249.4
2942
61.0
62.2
65.4
75.0
85.1
91.0
100.7
107.2
55.8
645
75.9
89.0
102.2
1
The total of wage and salary disbursements and other labor income differs
from compensation of employees (see p. 4) in that it excludes employer contributions for social insurance and the excess of wage accruals over wage disbursements.
* 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.
seasonally adjusted annual rates]
93.9
112.4
123.2
ioa i
ioa2
• With capital consumption adjustment.
s Consists mainly of social insurance benefits, direct relief, and veterans
payments.
8
Personal income exclusive of farm proprietors' income, farm wages, farm other
labor income, and agricultural net interest.
Source: Department of Commerce, Bureau of Economic Analysis.
DISPOSITION OF PERSONAL INCOME
Real per capita disposable income rose again in the second quarter. (Note revised series.)
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS* (RATIO SCAL^
PER CAPITA DISPOSABLE PERSONAL INCOME
3,000
3,000
1973
* SEASONALLY ADJUSTED ANNUAL RATES
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Less:
T ***,», m
PAT*
Period
Personal
income
sonal Equals:
Dispostax
able
and
pernonsonal
tax
pay- income
ments
Less:
Personal
outlays i
Equals:
Personal
saving
Per csapita
dispctsable
persona . income
Current
dollars
1972
dollars
3,860
4,315
4,667
5,075
5,477
5, 954
6,571
7,293
8,002
3,860
4,083
4,013
4,055
4,161
4,266
4,409
4,493
4,473
BilHions of d ollars
1972
1973
1974
1975
1976
1977
1978
1979
1980
951.4
1, 065. 2
1, 168. 6
1, 265. 0
1, 391. 2
1, 538. 0
1, 721. 8
1, 943. 8
2, 160. 2
141.0
150.7
170.2
168.9
196.8
226.5
258.8
302.0
33as
810.3
914.5
998.3
1, 096. 1
1, 194. 4
1,311.5
1, 462. 9
1, 641. 7
1, 821. 7
Per capdta personal ccmsumption exp enditures
Current
dollars
1972
dollars
Do!lars
757. 7
835.5
913. 2
1, 001. 8
1, 111. 9
1, 237. 5
1, 386. 6
1, 555. 5
1, 720. 4
52.6
79.0
85. 1
94.3
82.5
74. 1
76.3
86.2
101.3
Percent
change Saving
in real as percent of
per
capita disposable
disposperable
sonal
perincome
sonal
income
Per cent
Population
(thou-f
sands)
3,511
3,831
4,152
4,521
4,972
5,472
6,058
6,712
7,348
3,511
3,626
3,570
3,612
3,777
3,922
4,064
4, 135
4, 108
2.9
5.8
-1.7
1. 0
2.6
2.5
3.4
1.9
-.4
6.5
&6
8.5
8.6
6.9
5.6
5.2
5.2
5.6
209, 924
211, 939
213, 898
215, 981
218, 086
220, 289
222, 629
225, 106
227, 654
Seassonally ad; usted ann ual rates
1979: III.. 1 972. 3 308.4 1, 663. 8 1, 574. 5
IV.. 2 032. 0 321.8 1, 710. 1 1, 629. 4
1980: I
2 088. 2 323. 1 1, 765. 1 1, 678. 7
!!___ 2 114.5 330.3 1, 784. 1 1, 674. 1
III_. 2 182. 1 341. 5 1, 840. 6 1, 729. 2
IV.. 2 256. 2 359. 2 1, 897. 0 1, 799. 4
89.3
80.7
7,381
7,563
4,506
4,501
6,783
6,998
4,141
4,164
2.3
_.4
5.4
4.7
225, 418
226, 117
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
.2
-5.9
3.0
1.8
4.9
6.2
6. 1
5. 1
226, 727
227, 332
227, 977
228, 578
1981: I... 2, 319. 8 372. 0 1, 947. 8 1, 858. 9
II*. 2, 367. 8 382.4 1, 985. 4 1, 879. 4
88.9
106.0
8,504
8,650
4,511
4,516
7,903
7,974
4,192
4,163
2. 1
.4
4.6
5.3
229, 051
229, 530
»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 tor the period.
NOTE.—Population revised beginning May 1970 to incorporate results of the
1980 census; per capita data, therefore, also revised.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
In the first quarter of 1981, gross farm income fell $1.6 billion (annual rate) and net farm income fell $4.2
from fourth quarter levels.
BILLIONS OF DOLLARS* (RATIO SCALE)
200
BILLIONS OF DOLLARS* (RATIO SCALE)
200
103
100
GROSS FARM INCOME
80
80
60
60
40
40
NET FARM INCOME
20
20
*
10
10
1974
1973
1975
1978
1977
1976
1979
1980
1981
* SEASONALLY ADJUSTED ANNUAL RATES
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Income of farm operators from* farming
Grc>ss farm incc>me
Total l
1973
1974.
1975
1976
1977
1978.
1979
1980.
.
.
1979: III
IV
.
Net farna income
Cash]marketing re*eeipts
Period
„
.
__
Total
Livestock
and
products
Crops
Value of
inventory
changes 2
Production
expenses
Current
dollars
1967
dollarss
98.9
98.3
100.3
101.8
108.1
126.9
149.6
153.8
87.1
92.4
88.2
948
95.8
112.5
131.5
140.3
45.9
41.4
43.0
46.1
47.4
59.0
68.6
69.0
41. 1
51. 1
45. 1
48.7
48.3
53.5
62.8
71.3
3.4
-1.6
3.4
-2.4
.6
.4
41
-2.0
65.6
72.2
75.9
83.1
90.3
100.8
118.6
132.1
33.3
26. 1
245
18.7
17.8
26. 1
31.0
21.7
25.1
17.7
15.2
11.0
9.8
13.3
143
8.8
149.9
154.1
130.6
135.4
66.9
69.7
63.7
65.7
5.4
3.9
119.6
1242
30.3
29.9
13.7
13.1
1980: I....
II
III...
IV.
152.7
149.2
1548
U8.8
137.0
135. 8
142.8
145.8
67.9
65.6
70.5
72.5
69.0
70.2
72.3
73.3
.9
-1.8
-3.7
-3.3
127.4
130.4
133.6
136.9
25.3
18.8
21.2
21.9
10.7
7.7
8.5
1981: I..
157.2
141.8
70.2
71.6
-1.4
139.5
17.7
\
6.7
SL
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.
as
« Income in current dollars divided by the consumer price index (Department
of Labor).
_
,
«.*»•!*.
*
*^
a
Source: Department of Agriculture, except as noted.
CORPORATE PROFITS
In the first quarter of 1981, according to current estimates, corporate profits before tax rose $9.6 billion (annual
rote) while after-tax profits rose $3.7 billion.
BILUONS OF DOLLARS
320
BILUONS Of DOLLARS
320
280
120
120
80
80
40
40
1981
SOURCE: DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
>ry valueition
Profi fcs (beforetax) wit h inventc
adjustn lent l
Dome«tic indu stries
isJonfinan< 2ial
Period
Total *
Total
ManuFinancial
Total1 faeturmg
Wholesale
and
retail
trade
Profits after tax
Profits
before
tax
Tax
liability
Total
Dividends
Undistributed
profits
Inventory
valuation
adjustment
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1979: III
IV
1980: I
II
III
IV
68.9
82.0
94.0
105.6
96.7
120.6
151.6
176.7
199.0
212.7
199.8
215.6
204.5
215.6
186.9
195.9
201.0
62.4
74.9
85.3
92.0
80.4
107.6
137.4
161.2
179 3
182.4
168.7
180.5
172.9
179.0
157. 5
165.0
173.4
12. 1
14. 1
15.3
15.9
15.0
11.8
17. 1
23.5
29.3
31.6
30.6
31.5
32.6
33.3
30.1
28.7
30.5
50.2
60.8
70.0
76.0
65.4
95.8
120.3
137.7
150. 0
150. 8
138. 1
149.0
140.3
145.7
127.5
136.2
142.9
26.6
34. 1
40.7
45.5
39.0
52.6
69.2
76.2
85.3
88.9
74.5
84.4
80.2
92. 1
61.3
68.5
76.2
9.5
11.7
13.4
13.9
12.5
21.3
22.4
27.0
24.5
23.0
20.9
25.6
22.6
14.8
25.9
20.4
22.6 j
75.4
86.6
100.6
125.6
136.7
132. 1
166.3
192.6
223.3
255. 4
245.5
262.0
255.4
277.1
217.9
237.6
249. 5
34.2
37.5
41.6
49.0
51.6
50.6
63.8
72. 6
83.0
87.6
82.3
88.4
87.2
94.2
71.5
78.5
85.2
41.3
49.0
5P. 9
76.6
85.1
81.5
102.5
120.0
140.3
167.8
163.2
173.6
168.2
182.9
146.5
159. 1
164.3
22.5
22.9
24.4
27.0
29.9
30.8
37.4
39.9
44.6
50.2
56.0
50,2
51.6
53.9
55.7
56.7
57.7
18.8
26. 1
345
49.6
55.2
50.7
65. 1
80. 1
95.7
117. 6
107.2
123.5
116.6
128.9
90.7
102.4
106.6
-6.6
-4.6
-6.6
-20.0
-40.0
-11.6
-14.7
-15.8
-24.3
—42. 6
-45.7
-46.5
-50.8
-61.4
-31.1
-41.7
-48.4
1981: I
II*
219.9
194.4
28.7
165.7
91.4
27.5
259. 1
91. 1
168.0
59.6
62.0
108.4
-39.2
-24.1
»See p. 4 foi profits with inventory valuation and capital consumption
adjustments.
1
Includes rest of the world, not shown separately.
8
s Includes industries not shown separately.
Source: Department of Commerce, Bureau of Economic Analysis.
GROSS PRIVATE DOMESTIC INVESTMENT
According to preliminary estimates for the second quarter, business fixed investment rose $6.1 billion (anntiai rate) as
nonresidential construction outlays rose $3.7 billion and producers1 durable equipment purchases increased $2.4
billion. Residential investment outlays fell $5.3 billion. There was a $20.4 billion increase in inventories following a
$4.5 billion increase in the first quarter.
Of DO11ARS
BILLIC)NS OF DOLLARS
500
500
SEA,SONALLY ADJUSTED ANNUAL RATES
450
.JCrt
>^
/-^~
A(\f\
GROSS TO VATE DOMESnc
INVESTMENT
S^
-f
^
\
\
350
OCA
.^^
^S^>^
^^^
OCA
/^
^
•*nn
<"*
f
250
.*•""*"*
NONRE IDENTIAL
nXED Ihf /ESTMENT^^^
-r-"^
>^
250
^— ^
•IAA
^^
'
^
-inrv
•icn
**
"N ,,^*-
RESICefflA .
FIXED INVESTS£NT_^0^ia-|
100
100
Oi ANGE IN BUSINESS
INVENTORIES
50
^*»N
0
-50
I
i
I
***-««"**"***•«*»«»•»«»%
•^
I
1973
I
I
i iM
^»«.«..«»*""»%,^, .^^" ««*.«M«...
^IX"""^
i 1 i
1974
^^^
I
1975
i
1
i
I
I
i
1977
1976
1
50
-^x
_x^ *^\^,
1
i
: i
i i i
1979
1978
1980
SOURCE: DEPARTMENT O F COMMERCE
0
^
i
i
i
-50
1981
CCH»KE O F ECONOMIC ADVISERS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Nomresidential fixed
TJ_,»;_ J
Jrenod
Gross
private
domestic
investment
1970
1971
1972...
1973
1974
1975
1976
_.._
1977_._
1978
1979
1980
«...
1979: III
IV
1980:1
II_.^
III
IV_
1981: I
II*
investment
144.2
166.4
195.0
229.8
228.7
206. 1
257.9
322.3
375.3
415.8
395.3
421.7
410.0
415. 6
390.9
377.1
397.7
437.1
453. 8
Total
103.9
107. 9
121.0
143.3
156.6
157.7
174. 1
205.5
242.0
279.7
296.0
288.5
290.2
297.8
289.8
294.0
302.1
315.9
322.0
Structures
38.7
40.5
44.1
51.0
55.9
55.4
58.8
64.6
78.7
96.3
108.8
99.6
105. 1
108.2
108.4
107.3
111.5
117.2
120.9
Producers*
durable
equipment
65.2
67.4
76.9
92.3
100.7
102.3
115.3
140.9
163.3
183.4
187. 1
189.0
185. 1
189.7
181.4
186.8
190.7
198.7
201. 1
Source: Department of Commerce, Bureau of Economic Analysis.
Resadential fix ed investm ent
Total
37. 1
50.9
63.8
68.0
57.9
55.3
72.0
95.8
111.2
118.6
105.3
119.8
120. 6
115.2
93.6
99.2
113.0
116.7
111.4
Nonfarm
structures
35.4
48.9
61.5
65.6
T?
structures
52.4
0.6
.7
.7
.7
1.3
1.0
91.9
106.9
113.9
100.3
114.9
115.4
110. 1
88.9
94.5
107.6
111.4
106. 1
1.5
1.8
1.8
2.0
2.0
2.3
2.2
1.8
1.7
2.2
2.2
2.2
548
eas
1. 1
Producers*
durable
equipment
1.1
1.3
1.5
1.7
1.8
1.9
2. 1
2.3
2.6
2.9
3.0
2.9
3.0
3.0
2.9
3.0
3.1
3.2
a2
Changerinbusiinn entories
Total
3.2
7.7
10.2
18.5
14 1
-6.9
11.8
21.0
22.2
17.5
-5.9
13.3
-.8
2.5
f.4
-mo
-17.4
45
2tt4
Non-
farm
3.1
6.4
a6
15.2
16.0
-10.5
ia9
20.2
21.8
ia4
-4.7
7.8
-44
1.5
§.1
-12.3
-140
6.8
19.5
9
EXPENDITURES FOR NEW PLANT AND EQUIPMENT—NONFARM BUSINESS
Nonfarm business spending for new plant and equipment for the year 1981 is expected to be 8.4 percent above
1980, according to the Commerce Department April-May survey. Expenditures in 1980 were 9.3 percent higher
than in 1979.
BILLIONS OF DOLLARS (RATIO SCALE)
BILLIONS OF DOLLARS (RATIO SCALE)
500
500
SEASONALLY ADJUSTED ANNUAL RATES
400
400
300
300
200
200
TOTAL NEW PLANT AND EQUIPMENT
100
100
80
80
MANUFACTURING
60
60
40
40
j
30
I
I
1973
I
1975
1974
1977
1976
1978
1979
1980
v 'y
I
I
30
1981
. J/ SEE FOOTNOTE 4 BELOW.
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Plant and equi pment
Period
Total
Plant
Equipment
Total
Durable
goods
Nondurable
goods
Trade
and
serv-l
ices
Starts of
plant and
equipment
Com- projects,
muni- manufaccation turing 3
and
other 2
!
•Jonmanuifacturin S
Ma nufactur mg
Trans- Public
Total Mining porta- utilities
tion
1973
1974
1975
1976
1977
1978
1979
1980
1981 *
137. 70 56.66
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
320. 51
81.04 42.37
92.69 53.21
92.50 54. 92
100. 25 59.95
117. 77 69. 22
138. 54 79.72
164. 73 98.68
178. 08 115. 81
127. 88
22.75
27.44
26.33
28.47
34.04
40.43
51.07
58.91
63.99
19.62
25.76
28. 59
31.47
35. 18
39.29
47.61
56.90
63.89
95.33
103. 78
102. 79
111. 50
128. 87
151. 52
171. 77
179. 81
192. 62
3.31
4.62
6. 10
7.44
9.24
10.21
11.38
13.51
16. 91
7.41
8.23
8.68
8.89
9.40
10.68
12.35
12. 09
12. 14
17.97
19.83
19.98
22.37
26.79
29.95
33.96
35.44
37. 26
45.53
47.79
46.23
49. 30
56.54
68. 66
79.26
81.79
85.22
21. 12
23.30
21.80
23.51
26.90
32. 02
34.83
36.99
41.09
53.21
61.24
56.51
59.38
77.40
88.16
112. 98
123. 32
1980: 1_II..
III..
IV..
291. 89
294. 36
296. 23
299. 58
115. 96
116. 50
117. 59
120. 27
175. 93 111. 77
177. 86 115. 69
178. 64 116. 40
179. 32 118. 63
58.28
59.38
58. 19
59.77
53. 49
56.32
58.21
58.86
180. 13
178. 66
179. 83
180. 95
11.89
12.81
13.86
15.28
36.26
35.03
35.58
34.96
82. 17
81.07
81.19
82.91
37.34
37.66
36.97
36. 11
32.43
29.41
27. 74
33.53
1981:
312. 24 128. 57 183. 67
311. 87
322. 88
333. 09
61.24
60.28
64.90
68.65
83.27
61.71
65.56
64.80
187. 74
189. 88
192. 42
199. 64
16.20
15.93
17.51
17.87
12.47
12.09
12.23
11.70
11.74
11.48
11.58
13.71
36.05
37.39
38.23
37.31
83.43
84.55
84. 12
88.33
40.32
40. 54
40.97
42.43
35.41
I...
II4.
HI*.
IV*.
124. 50
121. 99
130. 46
133. 45
Wholesale and retail trade; finance, insurance, and real estate; and personal,
* "Other" consists of construction; social services and membership organizations; and forestry, fisheries, and agricultural services.
10
3
Starts are estimated by adding changes in carryover to expenditures during
given
period.
4
Planned capital expenditures as reported by business in late April and May
1981, corrected for biases.
Source: Department of Commerce, Bureau of Economic Analysis.
OF
Seasonally adjusted employment fell 843,000 in June while unemployment fell 387,000.
MILLIONS OF PRSONS*
110
MILLIONS OF PERSONS*
110
1973
1981
*16 YEARS OF AGE AND OVER.
SOURCE: DEPARTMBIT Of IAK»
COUNCIL OF ECONOMIC ADVISERS
[Thousands of persons 16
Period
1975
1976___
1977
1979
1980
Noninstitutlonal
population
Civilian Unememploy- ployment
ment
153,
156,
158,
161,
163,
166,
84, 783
87, 485
90, 546
94, 373
96, 945
97, 270
449
048
559
058
620
246
Total
labor
force Civilian
(includ- labor
ing
force
Armed
Forces)
7,830 94, 793 92,
7,288 96, 917 94,
6,855 99, 534 97,
6,047 102, 537 100,
5,963 104, 996 102,
7,448 106, 821 104,
613
773
401
420
908
719
Total
84, 783
87, 485
90, 546
94, 373
96, 945
97, 270
Feb___
Mar...
Apr__
May__
_
1
167,
167,
167,
168,
168,
168,
585
747
902
071
272
480
Persons at work.
inability to
* Total
as
over.
•Data
1978 not
Agricultural
Nonagricultural
Part-time
ecoTotal for
nomic 1
reasons
3,380
3,297
3,244
3,342
3,297
3,310
81, 403
84, 188
87, 302
91, 031
93, 648
93, 960
Seasc
Ui
166, 105
July.. 166, 391
166, 578
Sept.. 166, 789
Oct__ 167, 005
Nov.. 167, 201
Dec.. 167, 396 .
Unempl oyment
Civilian einploymeiit
3,490
3,272
3,297
3,216
3,281
3,965
Total
15
weeks
and
over
2,483
2,340
1, 911
1,379
1,202
1, 829
61.8
62. 1
62.8
63.7
64.2
64.3
64.2
64.4
64.3
64.2
64.2
adj listed
96, 780
96, 999
97, 003
97, 180
97, 206
97, 339
97, 282
3,232
3,267
3,210
3,399
3,319
3,340
3,394
93,548
93, 732
93, 7§3
§3, 781
93, 887
93, 999
93, 888
3,969
4,086
4,143
4, 183
4,220
4, 176
4,218
7,811
8,021
7,942
7,800
7, 961
7, 946
7,785
1,777
1,935
2, 150
2, 295
2,292
2,329
2,378
105, 543
105, 681
106, 177
106, 722
107, 406
106, 176
97, 696
97? 927
98, 412
98, 976 •
99, 235
98, 392
3,403
3,281
3,276
3,463
3,353
3,265
§4, 294
94, 646
95, 136 •
95, 513
95, 882
95, 127
4,474
4, 145
4,227
4,044
4, 143
3,798
7,847
7 ? 754
7,764
7, 746
8, 171
7, 784
2,358
2,250
2, 192
2, 105
2, 168
2,315
8,543
8,425
8,087
7,396
7,545
8,279
107, 668
107, 802
108, 305
108, 851
109, 533
108, 307
include slack work, material shortwork, etc.
of
population 16 years of age and
revisions in the
to employment.
Source:
cent)
7,830
7,288
6,855
6,047
5,963
7,448
§7, 776 8,291 106, 683 104, 591
98, 587 8, 410 107, 119 105, 020
98, 115 .8,011 107, 059 104, 945
97, 256 7,464 107, 101 104,980
97, 933 7,482 107, 288 105, 167
97, 801 7,486 107, 404 105, 285
97, 545 7,233 107, 191 105, 067
96, 128
§6, 383
97, 318
98, 282
98, 803
99, 341
Labor
force
participation
rate
(per4.\ z«
survey, which
642
640
642
64.3
845
64 8
65. 1
643
about 250,000 to labor force and
of Labor, Bureau of Labor Statistics.
comparable with earlier data because of
11
SELECTED UNEMPLOYMENT RATES
In June the seasonally adjusted unemployment rate fell to 7.3 percent from 7,6 percent in May and returned to the
February-Apr!I level.
PERCENT* (SEASONALLY ADJUSTED)
PERCENT* (SEASONALLY
ADJUSTED)
20
/*>*%
FW
s /%%
V <
15
TEENAGERS
(16-19)
10
10
WOMEN 20 YEARS
AND OVER
MEN 20 YEARS
AND OVER
1977
1977
1981
1979
1978
* UNEMPLOYMENT AS PERCENT OF CIVILIAN LABOR FORCE IN GROUP SPECIFIED.
SOURCE: DEPARTMENT OF LABOR
1980
1981
COUNCIL OF ECONOMIC ADVISiRS
[Monthly data seasonally adjusted]
Total
(all
civilian
workers)
Period
1975
1976.... ....
1977
1978
1979..
1980
.
1980: June
July
Aug
Sept.
Oct
Nov
Dec
.._
__„
1981: Jan
Feb...
Mar
Apr
May
June
„_
1Jnemplo yment nite (perc«>nt of ehdlian labor force in group )
Bys ex and a ge
By sesleeted g roups
By race
WoExpe- Marmen
Men Women Both
Fullrienced
Black wage
who
ried
20
20
time
sexes
mainmen,
and
years years 16-19
workWhite other
and spouse tain
and
and
ers
salary present
years
famiover
over
workers
lies
8.5
7.7
7.0
6.0
5.8
7.1
6.7
5.9
5.2
4.2
4. 1
5.9
8.0
7.4
7.0
6.0
5.7
6.3
19.9
19.0
17.7
16.3
16. 1
17.7
7.8
7.0
6.2
5.2
5.1
6.3
13.9
13. 1
13.1
11.9
11.3
13.2
8.2
7.3
6.6
5.6
5.4
6.8
5.1
4.2
3.6
2.8
2.7
42
10.0
10.0
9.3
8.5
8.3
9.1
8. 1
7.3
6.5
5. 5
5.3
6.8
10.3
10. 1
9.8
9.0
8.7
8.7
9.1
&3
7.6
6.5
6.3
7.9
7.5
7.6
7.6
7.4
7.6
7.5
7.4
6.4
6.6
6.5
6.6
6.4
6.4
6.2
6.4
6.6
6.5
6.2
6.7
6.7
6.8
18.3
18.7
18.8
17.8
18.5
18. 6
17.8
6.7
6.8
6.7
6.5
6.6
6.6
6.5
13.5
13.9
13.7
14.1
142
14.0
140
7.3
7.4
7.4
7.2
7.3
7.2
7.1
46
49
48
47
46
44
43
8.5
8.8
9.0
9.0
10.2
9.9
10.4
7.2
7.4
7.3
7.3
7.3
7.4
7.3
8.8
8.8
8.7
8.7
9. 1
8.6
8.2
8. 1
8.4
8.3
8.2
8.4
7.4
7.3
7.3
7.3
7.6
7.3
6.0
6.0
5.9
5.8
6.3
6.1
6.7
6.5
6.6
6.6
6.8
6.5
19.0
19.3
19.1
19. 1
19.5
19.0
6.7
6.6
6.5
6.5
6.8
6.4
12.9
13. 1
13.7
13.2
13.6
142
7.1
7.0
7.0
6.8
7.4
7.0
42
41
41
3.8
41
42
10.5
9.6
9.4
9.8
10.3
10.6
7.1
7.1
7.1
6.9
7.3
7.0
9.2
9.1
9.0
9.0
9.7
9.2
8.2
8.1
8.1
8.2
8.6
1
Aggregate hours lost by the unemployed and persons on part-time for economic reasons as percent of potentially available labor force hours.
12
Parttime
workers
Labor
force
time
lost
(per-l
cent)
Source: Department of Labor, Bureau of Labor Statistics.
as
8.2
ao
SELECTED MEASURES OF UNEMPLOYMENT AND UNEMPLOYMENT INSURANCE PROGRAMS
In June, the percentage oF unemployed persons who had been out of work less than 15 weeks Fell and the percentage
out of work for 15 weeks or more rose.
PERCENT DISTRIBUTION*
PERCENT DISTRIBUTION*
REASON FOR UNEMPLOYMENT
DURATION OF UNEMPLOYMENT
50
30 -
30
20
15-26
WEEKS
'V%\
10 -
10 27 WEEKS
AND OVER
1977
1978
1979
1980
1981
1977
1978
1979
;
1980
1981
^SEASONALLY ADJUSTED
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[Monthly data seasonally adjusted, except as noted]
Pereen t distrib ution of linemplo yment b:f duratican i
Percei] t distrib ution of unemii
pl oyment 1 3y
ri
Period
ployment
Less
(thou- than 5
sands) weeks
5-14
weeks
15-26
weeks
27
weeks
and
over
Job
losers
Job
Reenleavers trants
State pi•ograms Insured
unem- Special
unemployment,
ployal
ment
Insured
New unem- Initial regular benefit
enproclaims
trants ploy(unadgrams
ment
(unad-2 justed) s
thornsands
Wee
1976
1977
7,288
. 6,855
6,047
5,963
1980
7,448
June. 7,811
July.. 8,021
Aug.. 7,942
Sept.. 7,800
Oct..
7,961
Nov.. 7,946
Dec.. 7,785
1981: Jan.. 7,847
Feb_. 7,754
Mar.. 7,764
Apr.. 7,746
May. 8,171
June. 7,784
38.3
41.7
46.2
48.1
43.1
41.7
42.0
41.0
3a4
39.9
39.0
40.4
41.3
41.2
41.4
40.2
41.5
40.4
29.6
30.5
31.0
31.7
32.4
35.7
33.5
31.9
32.6
3L331.7
28.8
28.7
29.9
30.4
32.2
31.8
30.1
13.8
13.1
12.3
11.5
13.8
13.0
13.8
15.6
17.2
15.7
15.2
16.0
13.7
12.8
13.1
13.1
12.6
15.4
18.3
14.8
10.5
8.7
10.8
9. 6
10.7
n. 5
11.7
13.0
14.0
14.9
16.2
16.2
15.2
14.5
14 1
14.1
49.7
45.3
41.6
42.8
51.9
55.4
546
542
55.2
53.0
53.5
543
49.4
50.7
49.7
49.7
50. 1
52.8
1
Detail may HOI add to 100 percent because of rounding.
^ Includes State (50 States, District of Columbia, Puerto Rico, and Virgin
Islands), ex-servicemen (UCX), Federal (UCFE), and railroad (BE) programs. Also includes Federal and State extended benefit programs. Does not
include FSB (Federal supplemental benefits) and SUA (special unemployment assistance).
12.2
13.0
14 1
143
11.6
11.0
10.8
11.2
10.8
10.9
• 11.3
10.5
11.6
11.5
11.2
11.1
12.4
10.8
26.0
2ai
30.0
29.5
25.2
22.8
23.4
23.6
23.2
25.2
240
240
26.2
25.7
26.4
26.3
26. 1
245
12.1
13.7
143
13.4
11.4
10.8
11.2
10.9
10.8
11. 0
11.2
11.2
12.8
12. 1
12.7
12.9
11.5
12.0
2,991
2,655
2,359
2,434
3,350
3,962
3,810
3,748
3,782
3,602
3,367
3,083
2,982
2,825
2,906
2,923
2,945
2,972
386
375
346
388
489
591
514
503
495
458
424
415
417
410
433
415
414
418
3,846
3,308
2, 645
2, 592
3,837
3, 790
4, 140
3,911
3,961
3,661
3, 726
4, 085
4,621
4,264
3,948
3,453
3, 111
2,954
1, 152
572
' FSB and SUA. These programs started January 1975 and regular reporting
began March 1915.
Source: Department of Labor (Bureau of Labor Statistics and Employment
and Training Administratloii).
13
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural employment as measured by the payroll survey was virtually unchanged in June from its May
level. (Note revised series.)
MILLIONS OF PERSONS* (ENLARGED SCALE)
MILLIONS OF PERSONS*
90
ALL NONAGRICULTURAL
ESTABLISHMENTS
80
70
\
60
SERVICE-PRODUCING
INDUSTRIES
I I I I I I I I II I I 1 I I I I I I I I I I I I I I II I I I 1 I I I I I I I I I I I I I I I I 1 I |IK
50
20
40
GOODS-PRODUCING
INDUSTRIES
30
20
*
1977
1979
1978
1980
1981
™
1977
I
1978
I
1979
'SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF LABOR
1980
'
1981
COUNCIL OF ECONOMIC ADVISERS
[Thousands of wage and salary workers;1 seasonally adjusted]
Service-pr oducing Industrie s
Trans- Whole- Finance,
Gover nment
Ma nufactur ing
insurportasale
tion
ance, Services
and
Total
State
Nonand
and
retail
Federal and
durable
Total Durable
real
public trade
goods goods
local
utilities
estate
CJoods-prc>ducing i ndustries
Total
nonagricultural
employ- Total *
ment
Construction
76, 945
- 79, 382
82, 471
86, 697
89, 823
90, 564
22, 600
23, 352
24, 346
25, 585
26, 461
25, 718
3,525
3,576
3,851
4,229
4,463
4,399
18, 323
18, 997
19, 682
20, 505
21, 040
20, 300
10, 688
11, 077
11, 597
12, 274
12, 760
12, 181
7,635
7,920
8, 086
8,231
8,280
8,118
54, 345
56, 030
58, 125
61, 113
63, 363
64, 847
4,542
4,582
4,713
4,923
5, 136
5, 143
17, 060
17, 755
18, 516
19, 542
20, 192
20, 386
4, 165
4,271
4,467
4,724
4,975
5, 168
13, 892
14, 551
15, 303
16, 252
17, 112
17, 901
2,748
2,733
2, 727
2,753
2,773
2,866
11, 937
12, 138
12, 399
12, 919
13, 174
13, 383
1980: June__
July__
Aug.—
Sept..
Oct___
Nov__
Dec...
90, 087
89, 960
90, 219
90, 461
90, 668
90, 844
90, 949
25, 402
25, 151
25, 322
25, 445
25, 521
25, 629
25, 631
4,345
4,270
4,324
4,362
4, 379
4,389
4,387
20, 033
19, 877
19, 990
20, 060
20, 110
20, 188
20, 175
11, 973
11, 859
11, 907
11,968
12, 013
12, 090
12, 077
8,060
8,018
8,083
8,092
8,097
8,098
8,098
64,
64,
64,
65,
65,
65,
65,
685
809
897
016
147
215
318
5,129
5, 119
5,126
5, 124
5, 129
5, 114
5, 118
20, 266
20, 355
20, 413
20, 450
20, 461
20, 464
20, 470
5, 156
5,173
5, 188
5,206
5,221
5,235
5,254
17, 816
17, 940
17, 981
18, 043
18, 807
18, 160
18, 240
2,951
2,893
2,808
2,784
2,795
2,796
2,800
13, 367
13, 329
13, 381
13, 409
13, 454
13, 446
13, 436
1981: Jan.. _
Feb___
Mar__
Apr v
May .
June *.
91, 091
91, 258
91, 347
91, 458
91, 530
91, 516
25, 647
25, 657
25, 705
25, 700
25, 690
25, 774
4,390
4,389
4,416
4,418
4,322
4,263
20, 174
20, 177
20, 191
20, 332
20, 413
20, 405
12, 084
12, 074
12, 099
12, 207
12, 252
12, 257
8,090
8,103
8, 092
8, 125
8,161
8,148
65, 444
65, 601
65, 642
65, 758
65, 840
65, 742
5,124
5,135
5, 139
5,161
5, 141
5,167
20, 529
20, 600
20, 635
20, 636
20, 714
20, 681
5,268
5,283
5,293
5,316
5,322
5,329
18, 300
18, 343
18, 371
18, 475
18, 536
18, 548
2,799
2, 795
2,781
2,767
2,780
2,778
13, 424
13, 445
13, 423
13, 403
13, 347
13, 239
T>_ _{~ J
Feriod
1975
1976
1977
1978
1979
1980
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received pay for any part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the Armed Forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 11, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
are not at work because of industrial disputes, bad weather, etc., even if they
are not paid for the time off; and which are based on a sample of the workingage population, whereas the estimates in this table are based on reports from
employing establishments.
* Includes mining, not shown separately.
NOTE.—Series revised beginning 1979 to reflect benchmark revisions; hi addition, seasonally adjusted data revised beginning 1976.
Source: Department of Labor, Bureau of Labor Statistics.
AVERAGE
HOURLY
PRIVATE NONJlGRICUliTURMi INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted]
Period
Overtime
Total
private
nonagricultural l
Manufi icturing
Total
private
nonagncultural l
Total
Adjusted hourly earnin gs index2 —1<>tal private
nonagricsultural
Averag^e gross
hourly <sarnings
Aver age weekly lours
Manufacturing
37.0
36.9
36.5
36.1
36.1
36.0
35.8
35.7
35.3
40.5
40.7
40.0
39.5
40.1
40. 3
40.4
40.2
39.7
3.5
3.8
3.3
2.6
3.1
3.5
3.6
3.3
2. 8
$3.70
3.94
4.24
4.53
4.86
5.25
5.69
6.16
6.66
$3.82
4.09
4.42
483
5.22
5.68
1980: June
July
Aug
Sept
Oct....
Nov
Dec
.....
35. 2
35.1
35.2
35.3
35.3
35.3
35.3
39.3
39.2
39.5
39.6
39.7
39. 8
39.9
2.5
2.5
2.7
2.7
2.8
3.0
6.64
6.66
1981: Jan
Feb.— .....
Mar. _...___
Apr
.
May*.
June*
.
35.3
35.2
35. 3
35. 4
35.4
35.3
40.1
39.8
39. 9
40.2
40.3
40.1
3.0
2.8
2.8
2.9
3.1
1972
1973
1974
1975
1976
1977
1978
1979
1980
™
—
ao
ao
Current
dollars
6.76
6.83
6.90
6.94
a 99
7.04
7.09
7. 14
7.18
7.23
Current
dollars
1977
dollars s
7.27
69.8
74.1
80.0
8a7
92.9
100.0
108.1
116.8
127.3
101.2
101.1
98.3
97.6
99.0
100.0
100.5
97.4
7.22
7.29
7.36
7.41
7.49
7.59
7.63
127.0
127.6
12R7
129.4
130.6
132.1
132.6
9as
9a9
9a3
9a2
9as
92.7
a 17
a 70
6.72
Percent ch ange from
a year earlier 4
Index, 11)77=100
8.0
9.0
3.1
-. 1
-2.8
-.7
1.4
1.0
.5
-3.1
-4.0
93.4
9.4
9.2
9.3
8.9
9.7
9.9
9.3
-4.2
-3.3
-3.0
-3.2
-2.6
-2.4
-2.8
1340
135.8
92,8
92.7
92.8
137.6
138.2
92.9
10.0
9.9
9.5
9.6
9.4
&9
-1.6
-1.3
-1.0
-.3
—.4
-.6
ao
8.4
7.2
7.6
ai
9as
isas
7.69
7.74
7. 80
7.90
7.95
7.98
6.4
6.2
1977
dollars
iaa7
9ao
9ao
AVERAGE WEEKLY EARNINGS—PRIVATE NONAGRICULTURMI INDUSTRIES
[For production or nonsupervisory workers; monthly data seasonally adjusted, except as noted]
Averag€j gross weekly earnings
Total pri vate nonagricuItural l
Period
Current
dollars
1972
1973.
_
1974
1975
1976_
1977.
1978
...
1979
1980
1980: June
July
Aug
Sept.,
Oct
__
Nov
Dec__
1981: Jan.__ _ _
Feb.- _
Mar
Apr__.
___
May *
_
June ».
_
_
$136. 90
145. 39
154. 76
163. 53
175. 45
189. 00
20a70
219. 91
235. 10
23a73
233. 77
236.54
23a 63
241.10
243. 57
244.98
246. 75
247. 81
250. 28
252. 76
254. 17
255. 22
Manufacturing
1977
dollars 3
$198. 41
19R35
190. 12
18416
186. 85
189. 00
189. 31
183.41
172. 74
171. 99
171. 89
172. 53
172. 05
172. 09
171. 89
171. 19
171. 12
170. 20
170. 96
172. 06
171.85
171. 52
$154. 71
166. 46
176. 80
190. 79
209. 32
228. 90
249. 27
269. 34
288. 62
283. 75
285.77
290. 72
293.44
2§7. 35
302. 08
304.44
308. S7
308. 05
311. 22
317. 58
320. 39
320.00
$221. 19
235.89
249. 25
266. 08
283. 73
295. 65
318.69
342.99
367. 04
374,07
374.36
373.75
381. 90
384.69
375. 73
ssais
37a20
365. 40
390. 23
388.19
389. 34
400.44
*5 Monthly
on
NoTE.-y-Series
revisions.
Source:
based on
data.
to
of
Percent chjmge from a
year c;arlier,
total pri1pate nonagricuItural5
Current
dollars
Current dollarss •
*1 Also Includes other private industry groups shown on p. 14.
Adjusted for interindustry employment shifts and for overtime in manufacturing.
3
Current dollar index (or earnings) divided by the consumer price index on a
1977=100 base. Bevised index for urban wage earners and clerical workers used
beginning 1978.
Construction
Wholesale
and retail
trade
$106. 45
111.76
119. 02
126. 45
133. 79
142. 52
153. 64
164.96
176. 46
174. 72
176. 00
177. 83
17a80
180. 08
182. -25
182. 65
184. 18
18& 12
187. 08
isa§3
18§. 66
189. 71
7.5
6.2
a4
5.7
7.3
7.7
7.8
8.0
6.9
6.4
5.7
6.4
6.3
7.3
8.2
7.9
9.5
9.1
9.2
9.5
9.9
9.2
1977
dollars
4. 1
—. 0
— 4. 1
3. 1
1.5
1.2
.2
— 3. 1
-5.8
— 6. 9
—a 4
-5.6
-5.6
—4. 7
-3.9
-4. 1
-2.0
-2.1
-1.2
—.4
.1
-.3
to two decimal places.
benchmark, rebasing, and seasonal adjustof Labor Statistics.
15
PRODUCTIVITY AND RELATED DATA, PRIVATE BUSINESS SECTOR
Hours of 2all
pers<ms
Outf 3Ut l
Output ]3er hour
of all ppersons
Compe nsation
per 1lour 3
Unit labor
CO 3tS
Implicit; price
deflat or 4
NonNonPriNonPriNonNonPriNonPrivate
Private
Private
farm
vate
farm
farm
farm
vate
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
Period
1977== 100; quarterly data season:illy adjuslbed
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
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
741
81.6
88.5
94. 1
100.0
104. 7
107.7
88. 1
94.0
100.0
104.9
107.7
93.4
96. 1
100.0
104.9
108.2
92.7
95.9
100.0
105. 1
108.7
94.8
97.9
100.0
99.8
99.5
95.0
98. 1
100.0
99.8
99. 1
85.5
92.9
100.0
108.4
119.3
86.0
93.0
100. 0
108.5
11R9
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
945
100.0
107. 0
116.2
1980.
106.8
106.8
107.5
108. 1
99.3
98.8
131. 4
130. 8
132.3
132.4
127.6
127.4
1979: III
IV
107.7
108. 2
107.8
108.2
108.4
109. 1
109. 0
109.4
99.4
99. 1
98.9
98.8
120.7
123.2
130.2
123. 0
121.4
124.3
121.5
124.4
118. 1
120.2
117. 4
119.7
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
109.5
108.8
109.7
108.7
ioa2
109.2
109.7
109.0
100.3
100.5
100. 0
99.8
139.7
143.2
139. 1
142.4
139.4
142.4
139. 1
142.7
1 35. 4
137.3
135.3
137.3
1968
1969
....
1970_._
1971
1972
1973
1974
1975
1976
1977.__
..
1978
1979
1980: I
II
..
III....
IV...-.
1981: I
II
9
Pereejat change ; quarterlyr data at seasonal]y adjusteci annual rates
7.7
7.0
7.4
6.5
4.2
6.7
3.9
6.8
40
49
4.0
47
.9
3.6
3.5
2.7
-2.3
3.3
— 3
.3
3.3
3.7
2.5
-2.4
7.4
6.6
6.5
8.0
9.4
7.0
6.6
6.7
7.6
9.4
6.4
2.9
2.9
5.2
11.9
6.6
3.1
2.8
49
12.1
45
44
3.4
5.4
9.4
48
45
3.0
3.7
10.1
-4.2
3.4
43
5.1
3.4
2.3
3.3
2.1
.2
-.3
2.1
3.2
2.0
2
-.7
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
47
5.5
8.7
10.4
9.7
47
5.6
7.4
8.8
10.3
5. 1
5.8
7.0
8.6
-.6
-.6
-.2
-.3
10.1
9.9
10.3
10.3
9.2
9.7
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
-11.5
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
7.9
-3.5
3.1
-3.7
3.5
-2.6
4.6
1.1
4.3
-.9
11.8
10.3
11.6
9.6
6.9
9.2
7.0
10.6
10.0
5.9
11.0
6.0
1969
2.9
5. 1
5.3
2.9
1.7
2.6
2.0
3.2
3.3
.2
1970
1971
1972
-.8
3.0
6.6
6.6
-1.0
2.9
6.9
6.9
-1.9
-1.7
-.5
3.0
3.9
.4
-1.4
-.4
3.1
4.2
.4
-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
-.8
-.9
1979: III
IV
2.4
1.7
1980: I
II
III
IV
1.8
1968...
1973...
1974
1975
1976
1977
1978
1979
-1.9
.
1980..
1981: I
II P....
1.1
6.9
-2.6
1
Output refers to gross domestic product originating in the sector in 1972 dollars.
2
Hours of all persons in private industry engaged in the sector, including
hours of proprietors and unpaid family workers. Estimates based primarily on
establishment
data.
1
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
* 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.
Data revised beginning 1979.
Source: Department of Labor, Bureau of Labor Statistics.
production fell 0.1 percent in June following a 0.4 percent increase in May
INDEX, 1967= 100*
180
" INDEX, 1967= 100*
(RATIO SCALE)
TOTAL INDUSTRIAL PRODUCTION
no change in April.
(RATIO SCALE)
UTILITIES AND MINING PRODUCTION
160
160
UTILITIES
140
120
120
MINING
1977
180
1978
1979
1980
1981
110
MANUFACTURING PRODUCTION
1977
1978
1979
1980
1981
PERCENT* (RATIO SCALE)
100
MANUFACTURING CAPACITY UTILIZATION RATE
90
80
120
70
1977
1977
1981
1978
1979
1980
1981
* SEASONALLY ADJUSTB3
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Total in dustrial
produ ction
1:61*4
cent
Period
Index,
1967= change
from
100
year
earlier
100. 00
1967 proportion
1974....
...... 129.3
-.4
117.8
1975
-a 9
130.5
1976
10.8
13a2
1977. .
5.9
1978
146. 1
5.7
44
1979
- 152.5
147.1
1980
-3.5
June
July
Aug —.
Sept
Oct...
Nov ..
Dec
1981: Jan.
Feb
Mar.
Apr
May »_
June*
[Seasonally adjusted]
Indu,stry prodiiction ind<2xes, 1967= 100
Mimufacturi Bg
Total
Durable
Nondurable
87.95
129.4
116.3
130.3
138.4
146.8
153.6
146.6
61.98
125.7
109.3
122. 3
130.0
139.7
146.4
136.6
S6.97
1346
126.4
141.8
150.5
156.9
1640
161.1
6.36
6.69
115.3
112.8
1142
118. 2
1240
125.5
132.9
143.7
146.0
151.7
156.5
161.4
166. 0
169.9
7a 4
sas
81.1
82.7
85.6
87.4
79.8
72.9
79.5
81.9
844
85.7
79.0
83
77
81
83
84
83
78
90. 1
79.3
85.4
87.9
90.7
92.4
86.7
129.9
128.3
129.4
131.7
135.8
139.3
140.6
155.3
1547
156.9
160.3
161.8
163.3
165.0
132.9
130.6
129.6
130.5
132.1
136.0
139.3
169.3
171.8
173.8
172.7
170.4
171.5
170.3
75.7
73.7
746
76.4
78.4
80.4
81.3
75.7
749
75.5
76.7
78.2
79.4
79.9
76
85.4
76
83.2
78
87.2
141.4
140. 7
142.2
142.6
14a6
142.7
165.2
166. 1
165.5
166.2
166.4
165.9
141.1
143. 3
143.5
135.8
135.9
141.3
171.0
168.5
169. 4
169.4
170. 5
172.5
81.7
81.7
81.7
80.9
81.3
81.3
80.0
79.8
79.9
80.0
80. 1
79.6
78
86.7
141.5
140. 4
141.8
1441
146.9
149.4
151.0
-7.5
-8.2
-6.8
5.6
-1.9
-1.0
140.3
139.1
140.6
143.4
146.4
149.1
150.6
151.7
151.5
152.2
152.2
152.8
152.7
-.7
-.7
.1
2.6
6.1
7.9
151.1
151.0
151.7
152. 3
152. 9
152.2
-as
i Output as percent of capacity.
* Animal data are averages of four monthly indexes.
* Quarterly data entered in last month of quarter. Annual data are averages of
quarterly data.
Utilities
Capacit y utilizati<3n rate, pereent l
MateMiinufaeturi ng
rials
(Federal
WharReserve Federal Comseries) Reserve merce2
ton
series
series
series *
Mining
87.1
Sources: Board of Governors of the Federal Reserve System. Department of
Commerce (Bureau of Economic Analysis), and Wharton School of Finance.
17
INDUSTRIAL PRODUCTION—MAJOR MARKET GROUPS AND
SELECTED MANUFACTURES
[1967=100, seasonally adjusted]
Prod ucts
Final I3roduets
Coiisumer go ods
Period
Total
1967 proportion
1971
1972...
1973
1974
1975.
1976.
1977.
1978
1979.
19801980: June
July...
• Aug
Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May*1
June '
47. 82
106.3
115.7
124.4
125. 1
118.2
127.6
135.9
142.2
147.2
145.4
142.3
142. 4
142.8
143.9
145.8
147.5
148.3
148.3
147.9
149. 2
150.3
150. 9
150.7
—
:
Equip>ment
NonDurable durable
goods
goods
19. 79
7.89
113. 1
118.8
120. 6
133.8
146.2
125.6
126.3
135.3
125. 1
121.4
135.2
141.9
154.0
141.9
159.2
145. 1
155.8
148.8
136.5
149. 1
147.6
128. 2
147.4
128.3
128.6
148.3
148.9
132.7
149.4
139.6
142.9
150. 1
150.2
141. 3
138.8
150. 5
138.9
150. 1
150. 1
143.3
151. 3
144.0
151. 1
146. 5
150.8
145.8
Total
27.68
114.7
124.4
131.5
128.9
124.0
137. 1
145.3
149. 1
150.8
145.5
142. 1
142.0
142.7
144. 3
146. 6
148.0
147.7
147. 2
146. 9
148.2
149.2
149.8
149.4
Interm ediate
prod ucts
Total
Business
Total
20. 14
94.7
IS. 63
104. 1
12.89
116.7
126.5
137.2
135.3
123. 1
137.2
145. 1
154. 1
160. 5
151.9
143.5
144.5
147.6
150.6
152.4
153.5
156. 1
157. 7
156.9
156.3
155.9
155. 3
154.3
118.0
134.2
142. 4
128. 2
135.4
147.8
160.3
171.3
173.3
169.8
170. 1
170.3
170.5
172.3
174.5
177.8
178.9
178.3
180.5
182. 1
183. 2
183.0
103.8
114. 5
120.0
110.2
114. 6
123.0
132. 8
142.2
145. 1
142.6
142.9
142.9
143.2
144.8
146.7
149. 1
149.8
149. 1
150.7
151. 7
152. 5
152.4
Materials
Construction
supplies
6. 42
116.8
128.4
130.8
134. 5
116.3
132.6
140.6
151.7
158. 0
140. 7
128.5
128. 6
133. 1
137.4
140. 5
142.8
144.6
147.4
147.3
147.6
146. 9
146.4
144.4
39.29
111.3
122. 3
133.9
132.4
115.5
131.7
138.6
148. 3
156.4
147.7
140.0
136. 5
138.6
142.4
146.4
150. 5
152.6
153.8
154.2
154. 4
153.2
154.3
154.7
Supplementary
group:
ICnergy
total
12.23
119. 5
125.2
128. 3
125.5
125. 5
129. 1
132.9
135.4
137. 9
138.8
138.4
139.2
139.2
138.2
136.8
139.2
139.7
139.9
139.2
138. 1
133. 5
133. 7
137.8
[1967 = 100, seasonally adjusted]
D urable m anufactu res
Primar}T metals
Period
Total
1967 proportion
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1980: June
July
Aug
Sept
Oct
Nov
Dec...
1981: Jan
Feb
Mar
Apr
May*
June »
Iron
and
steel
Fabricated
metal
products
trical
machinery
Electrical
machinery
Transp<Drtation
equip ment
Total
Motor
vehicles
and
parts
Lumber
and
products
Apparel
products
Print- Cheming
icals
Foods
and
and
pubprodlishing ucts
6.57
4.21
5.93
9.15
8.05
9.27
4.50
1.64
3.31
4. 72
100.2
112, 1
126.7
123. 1
96.4
109.7
111. 1
119.9
121.3
101.6
90.4
81.7
86.0
90. 1
100.6
. 113.4
112.1
113.9
114.2
114. 3
112. 1
112.2
109. 8
96. 1
107. 1
122. 3
119.8
95.8
104. 8
103.8
113.2
113.2
91.7
75.4
68. 1
75.3
79.8
93.3
107.4
103.5
108.0
107.8
107.3
105.5
105.9
103. 5
112. 1
124.7
124. 2
109. 9
123. 9
131.0
141. 6
148. 5
135.0
126. 1
123.8
125.8
129.0
132. 8
134. 1
137.4
137.6
139. 1
141.3
141. 0
141.0
140.4
100. 2
116. 0
133.7
140. 1
125. 1
134.5
143.6
153. 6
163.7
162.8
158.3
158.5
158.8
159. 1
161. 1
163.4
167. 5
168.9
169. 1
170.7
171.5
173.2
173.5
107.7
122.2
143. 1
143.8
116. 5
134.8
145.4
159.4
175.0
172.7
166.6
165.0
166.7
167.5
170.0
173.0
174.9
177.9
174. 6
177. 1
178. 4
179. 2
177.4
97.9
108.2
118. 3
108.7
97.4
111. 1
122.2
132.5
135.4
116.8
110.0
110.7
108. 3
112.9
118.8
121.7
120.6
117.3
114.9
119. 4
120.2
123. 3
123.2
118.6
135. 8
148.8
128.2
111. 1
142.0
161. 1
169. 9
159.9
118.8
106.7
107.9
104.4
113.4
124.2
129.0
126.3
119.2
117.5
127.4
129. 7
136. 1
136.6
113.8
120.8
126. 0
116.2
107.6
123.2
131. 2
136.3
136.9
119.3
109.7
112. 8
121.7
122.6
122. 2
124.9
122.0
126.3
126.3
125. 4
126. 2
126.2
104.7
109.4
117.3
114.3
107.6
125. 7
134.2
134.2
134. 4
128.6
127.2
121.5
123.8
126. 7
127.5
128. 0
125. 1
125. 9
124.0
123.6
124.0
107. 1
112. 7
118.2
118. 2
113.3
122.5
127.6
131. 5
136. 9
139.6
135.4
138.6
140.3
140.3
141.5
142.7
144.9
145.5
145.8
143. 6
141.4
140.4
139.3
Source: Board of Governor* oi the Federal Reserve System.
18
Non-
Non(lurable nnanufact ures
7.74
125. 9
143. 6
154.5
159.4
147.2
170.9
185.7
197.4
211. 8
206.7
191. 1
190.3
197.8
206. 8
209.1
212.0
218.8
219.2
220.9
219. 5
220. 7
222. 4
8.75
112.8
116.8
120. 9
124. 0
123.4
133.0
138.8
142.7
147. 5
149.2
149.0
148.9
148.3
148.6
149. 4
150.5
150.7
150.0
151. 5
152. 1
153.0
152.5
NEW CONSTRUCTION
Construction contracts2
Private
Total new
construction
expenditures
Period
Resiclential
Total
Total1
Commercial and
industrial
New
housing
units
Other
Federal,
State,
and
local
Total value
index
(1972=
100)
Commercial and
industrial
floor space
(millions of
square feet)
BilEons of dollars
1974
1975
1976-.
1977
1978..
1979
1980
_
..
139. 2
135. 9
151. 1
173.8
205.6
230.8
230. 3
100. 9
95.1
112.0
135.7
159.7
181.7
174.9
50.4
46.5
60.5
81.0
93.4
99.0
87.3
40.6
344
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
Seasonally
adjusted
Scasonall / adjusted aimual rates
1980: May
June .
July
AUK
Sept.
Oct ......
Nov
Dec
1981: Jan
Feb
Mar..
Apr *
May *
June *
221. 6
218.5
216.4
217. 9
224.6
228.9
234.3
245.4
259.0
254.5
250. 3
248. 9
237.3
167.0
163. 1
161.5
163. 5
169. 1
1749
180.9
187.9
193.9
193.2
189.6
192.5
186.5
56.8
53.3
53. 1
56.3
60.7
642
68. 1
70.4
742
75.1
73.0
72.9
67.6
78.8
75.0
75.6
79.3
845
89.8
95.6
98.9
100.7
99.7
96.3
98.3
94 1
» Includes nonhousekeeping residential construction and additions and alterations, not shown separately.
* F. W. Dodge series. Relates to 50 States beginning 1969 for value index and
beginning 1971 for floor space.
447
442
42.4
41.8
41.6
41.5
42.5
45.1
48.3
48.5
48.7
4a9
46.4
103.0
101.9
121.0
153.6
1741
185.6
161. 8
*
43.6
43.9
43.6
42. 3
43. 1
43.6
42.8
43.9
449
45. 0
447
45.3
46.0
546
55.4
549
544
55.5
540
53.4
57.6
65.2
61.3
60.6
56.4
50.8
129
150
148
192
163
167
205
193
185
177
183
172
160
170
840
555
592
739
977
1,059
898
Seasonally
adjusted
annual
rates
805
857
857
824
822
865
1,034
1,169
944
1,013
1,080
930
994
1,015
Note.—New construction expenditures revised beginning 1964.
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]
*Pew private housing unit;s
Units started, by type of stnicture
Period
Total
1973
1974
1975
1976
1977
1978
1979
1980
..
2, 045. 3
1, 337. 7
1, 160. 4
1, 537. 5
1, 987. 1
2, 020. 3
1, 745. 1
1, 292. 2
1 unit
1, 132. 0
888. 1
892.2
1, 162. 4
1, 450. 9
1, 433. 3
1, 194. 1
852.2
2-4
units
118.3
68. 1
64.0
85.9
121.7
125.0
122.0
109.5
5 or more
units
795.0
381.6
2043
289.2
414.4
462.0
429.0
330.5
New priv ate homes
Units
authorized
1, 819. 5
1, 074. 4
939. 2
1, 296. 2
1, 690. 0
1, 800. 5
1, 551. 8
1, 190. 6
Units
completed
Homes
sold
Homes for
sale at
end ofl
period
Vacancy
rate for
rental
housing
units
(percent)1
2, 100. 5
1, 728. 5
1, 317. 2
1, 377. 2
1, 657. 1
1, 867. 5
1, 870. 8
1, 501. 6
634
519
549
646
819
817
709
530
418
346
313
353
402
414
3398
336
5.8
6.2
6.0
5.6
5.2
5.0
5.0
1,491
1,472
1,429
1,254
1, 287
1,274
1,373
1,252
1, 389
1,362
1,516
1, 242
532
625
616
563
549
560
514
523
500
507
457
493
408
341
335
331
335
334
337
336
329
334
325
327
324
312
5.6
Seasonally adjusted aimual rates
1980: June
July
Aug
Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr p
may*
June *
.
1
Seasonally adjusted.
2
Quarterly data entered
1
1,184
1,277
1,411
1, 482
1, 519
1,550
1,535
1,660
1,215
1,297
1,332
1, 159
1,032
760
867
971
1,032
1,009
1,019
974
993
791
838
897
767
671
in last month of quarter.
Hew series beginning March 1979.
77
83
133
140
121
143
131
149
112
105
92
108
90
347
327
307
310
389
388
430
518
312
354
343
284
271
1, 094
1,232
1, 355
1,518
1,351
1,366
1,249
1,214
1,165
1,153
1,186
1,167
976
5.7
5.0
5.2
5.0
NOTE,—Units authorized beginning 1978 relate to 16,000 permit-issuing places;
data for 1973-77 are for 14,000 places.
Source: Department o! Commerce, Bureau of the Census.
19
BUSINESS SALES AND INVENTORIES—TOTAL AND TRADE
Business sales fell % percent in May while inventories rose $3 H billion (note revised series). According to the advance
survey, retail sales rose 1 percent in June following a K percent decline in May.
BILLIONS OF DOLLARS* (RATIO SCALE)
140
130
BILLIONS OF DOLLARS* (RATIO SCALE)
600
_
550 -
120
500
^—-^*n
*****
TOTAL EBUSINESS
INVEN FORIES ^** x-*^^
450
350 -
„,*»+
RETAIL INVENTORIES
110
100
90
^.
80
S'
70
250
^^**^
/"""
* TOTAL BUS NESS
SALES
RETAIL SALES
60
50
200
4 0 I 1 1 i ii 1 1 i i 1 1
1977
-
150 -
100
1 1 111 1 1 11 11
1977
1 1 ! 1 1 I 1 1 I 11
1978
1 1 1 1 i li i in
1979
1978
1980
INVENTORY-SALES RATIO
1 1 1 1 i 11 1 1 11 1 1 11 1 1 1 1 1 11 1 1 11 1 11 1 1 11
1980
1981
1979
1977
1981
* SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
COUNCIl OF ECONOMIC ADVISERS
Total biusiness 1
Re tail
Who] esale
Sales
Period
29
O 1
Sales
1981
Inventories3
i
o
Inven-3
Sales 2 tories
2
In ventoriejs.»
DurNonable durable
goods goods
stores stores
rj
TV** nl
TWfr «il
DurNonable durable
goods goods
stores stores
Inventoi•y- sales
rat io *
Total
business *
Retail
Milli ons of d<:>llars, seiisonally adjusted
1973__
1974
1975
1976
1977
1978
1979
1980
1980: June
July
Aug__
Sept
Oct.
Nov
Dec
1981: Jan—
Feb__.
Mar
Apr v
May
June *
1
2
153,
177,
182,
204,
229,
258,
294,
320,
305,
315,
317,
327,
335,
339,
343,
349,
350,
349,
350,
348,
412
625
230
277
623
724
733
540
326
633
906
758
873
049
752
018
334
898
924
279
233,
285,
288,
318,
350,
395,
444,
475,
464,
466,
468,
471,
473,
474,
475,
478,
484,
485,
487,
490,
327
807
375
544
678
252
224
202
187
828
943
500
617
884
202
451
069
467
058
658
38, 014
47, 748
46, 623
50, 694
55, 987
64, 715
76, 264
86, 991
81, 714
85, 810
86, 889
90, 223
93, 282
93, 901
96, 591
98, 967
98, 016
96, 486
97, 577
95, 439
45, 372 42, 461
56, 948 45, 083
56, 697 49, 013
64, 078 54, 784
72,311 60, 435
83, 492 67, 057
93, 817 74, 529
105, 529 79, 721
98, 328 77, 843
99, 618 79, 491
101, 920 79, 829
102, 953 80, 620
104, 293 81, 552
105, 203 82, 764
105, 529 83, 443
104, 909 85, 463
106, 066 86, 810
105, 539 87, 608
105, 591 85, 855
105, 931 85, 313
86, 372
The term "business" also includes manufacturing (see page 21).
Monthly average for year and total for month.
s Book value, end of period, seasonally adjusted.
« For annual periods, ratio of weighted average inventories to average monthly
sales; for monthly data, ratio of inventories at end of month to sales for month.
20
14, 409
14, 118
15, 247
18, 150
20, 724
23, 313
25,401
24, 827
23, 589
25, 071
24, 593
25, 094
25, 293
26, 007
25, 983
27, 075
28, 328
28, 429
26, 356
26, 557
26, 913
28, 052
30, 965
33, 766
36, 633
39, 711
43, 744
49, 128
54, 894
54, 254
54, 420
55, 236
55, 526
56, 259
56, 757
57, 460
58, 388
58, 482
59, 179
59, 499
58, 756
59, 459
63, 237 28, 418
71, 067 32, 861
71, 744 33, 356
79, 273 37, 841
89, 210 42, 970
101, 681 49, 898
108, 835 53, 274
111, 694 51, 853
109, 438 51, 453
110, 003 51, 249
110, 283 51, 675
111, 710 51, 738
113, 106 52, 066
112, 639 52, 209
111, 694 51, 853
111, 790 52, 234
113, 507 52, 374
113, 404 51, 791
113, 963 52, 306
115, 467 53, 527
34,819
38, 206
38, 388
41, 432
46, 240
51, 783
55, 561
59, 841
57, 985
58, 754
58, 608
59, 972
61, 040
60, 430
59, 841
59, 556
61, 133
61, 613
61, 657
61, 940
1.41
1.45
1.57
1.48
1.46
1.44
1. 43
1.45
1.52
1.48
1.48
1.44
1.41
1.40
1. 38
1.37
1.38
1.39
1. 39
1.41
1.40
1.48
1.44
1.38
1. 39
1.42
1.43
1.38
1.41
1. 38
1.38
1.39
1.39
1. 36
1.34
1.31
1.31
1. 29
1.33
1.35
NOTE.—Total business (and maniifactiiiing) revised beginning 1968.
Source: Department of Commerce (Bureau of Economic Analysis and Bureau
of the Census).
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND ORDERS
Manufacturers' new orders and shipments rose in June while inventories and unfilled orders were unchanged. (Note
revised series.)
BULKDNS OF DOLLARS* (RATIOSCALE)
200
180 -SHIPME NTS
160 TOTAL
/xx—
140
s-^-^~
120
B1LLICDNS OF DOLL^RS * (RATIO 5>CALE)
320
280 HNVENTCDRIES
—
f
200
^^^-^
1
100
~
80
-^
60
7.^^^*'" —
k\—
**"*
~~
I I 111111I i1 1 1111i 11 M i 1 111111 1111
BILLIONS OF DOLLARS* (RATIO SCALE)
200
—
180 =NEW OR DERS
•"^l
160
VS^,. -„ -' ^^y^
% 140
i
1
1
1
1
1
1
1 1
DURABLE GO ODS
\
>^
_
-'"""
—
i
9
-- +'
•^
/• v
~*"'/
,-—•"
*• •*" '
-V5"""
•—• *"*
—"
^.
.--"T
NONEJURABLE GOO 3S
RAT 0*
2.2
_
on
_
18
ifsIVENTCJRY-SHIPM ENTS RAT IO
_,
1.6
h^^n
1.4
M t 1 i I Mi Ii 1 M I I I i 1 1 II 1 1 1 1 1 1 1 1 1 1 1
1978
1979
1977
i i i n h i MI
IIMlhllM
1?
r\
-
-
11111111111
! 1981
1980
A^ 0
1 1 111 111111
1978
1977
1 11 1I J I 1i I 1
1979
*SEASONALLY ADJUSTED
SOURCE: DEPARTMENT OF COMMERCE
1 1 I I I I 1 M i1 I 1 I I I 1 ! i 1 I 1
. 1980
1981
COUNCIL OF ECONOMIC ADVISERS
Manufac turers' sh pments l Manufact ,urersj inv entories 2
1974
1975
1976
1977
1978
1979
1980.
_
* "** """V
\
NONDURA M GOODS
Total
1
DURABLE GOODS
60
40
Period
—
\
TOTAL
^-^~^
Sfi
60
1
^^-~s~
~~
inn
1
-•
^.-— •*••—• •— —• ***
80
40,
120
*.*****"*****'
^—
'
100
GOODS
NONDURABLi
1 1 1 1 1 I 1 ! I I1
r^^^
>>^>.-«
---'"*"* \ —
——~*""
_
POI
g..*— *
*•-*""*""""""'
,———-"^
160
~
..—•*
DURABLE GC)ODS
\_
<-*^T
TOTAL
240
~^~s^
"
NonDurable durable
goods
goods
Manuifacturen 3' new ore ers1
Durab le goods
ManufacCapital
NonNonturers'
goods
Durable
Total
Total
indus- durable unfilled3
goods durable
Total
goods orders
goods
tries,
nondefense
Millie ns of dolla,rs, seasoilally ad jussted
Manufacturers*
inventory —
shipments
ratio *
84, 794
86, 595
98, 802
113, 201
126, 953
— 143,941
153, 828
44, 228
43, 656
50, 689
59, 267
67, 848
75, 803
78, 003
40, 567
42, 939
48, 113
53, 934
59, 104
68, 138
75, 826
157,
159,
175,
189,
210,
241,
257,
792
934
193
157
079
572
979
101,
102,
112,
121,
137,
161,
171,
739
874
581
646
712
390
603
56, 053
57, 060
62, 612
67, 511
72, 367
80, 182
86, 376
87, 268
85, 149
99, 543
115, 027
131, 612
147, 576
155, 059
46, 853
42, 019
51, 398
61, 076
72, 358
79, 353
79, 264
12, 673
11, Oil
12, 799
15, 276
19, 450
22, 510
22, 548
40, 415
43, 130
48, 145
53, 951
59, 254
68, 223
75, 795
191,
173,
182,
204,
261,
304,
319,
102
829
499
814
082
963
729
1.65
1.84
1.69
1.61
1.57
1.57
1.65
145, 625
145,769
150, 332
151, 188
156, 915
161, 039
162, 384
163, 718
72, 302
71, 908
75, 554
75, 485
79, 735
82, 518
83, 229
83, 482
73, 323
73, 861
74, 778
75, 703
77, 180
78, 521
79, 155
80, 236
256,
256,
257,
256,
256,
256,
257,
257,
129
421
207
740
837
218
042
979
169,
169,
170,
170,
170,
169,
170,
171,
818
769
391
540
163
781
275
603
86, 311
86, 652
86, 816
86, 200
86, 674
86, 437
86, 767
86, 376
141, 962
143, 837
154, 815
152, 657
159,496
161, 924
163, 020
166, 900
69, 005
70, 331
80, 209
76, 785
82, 162
83, 364
83, 971
86, 577
20, 233
21, 105
23, 524
21, 283
22, 518
21, 625
23, 350
24, 664
72, 957
73, 506
74, 605
75, 872
77, 334
78, 560
79, 049
80, 323
308,
306,
310,
312,
315,
315,
316,
319,
426
494
977
446
027
912
547
729
1.76
1.76
1.71
1. 70
1.64
1. 59
1.58
1.58
83, 329
84, 215
85, 058
86, 327
86, 664
86, 470
81, 259
81,293
80, 746
81, 164
80, 863
82, 488
261, 752
264,496
266, 524
267, 506
269, 260
269, 275
174,
175,
176,
177,
177,
178,
223
620
229
123
635
099
87, 529
88, 876
90, 295
90, 383
91, 625
91, 176
165, 423
166,987
167, 361
168, 584
169, 340
170, 888
84, 208
85, 446
86, 729
87, 180
88, 164
88, 486
24, 823
21, 185
24, 460
24, 723
23, 865
23, 237
81, 216
81, 541
80, 632
81, 404
81, 176
82, 402
320,
322,
323,
324,
326,
326,
566
045
602
694
508
439
1.59
1.60
1.61
1.60
1. 61
1.58
1980: MayJune—
July..
Aug__
Sept__
Oct-_
No v.Dec __
1981: Jan.__ 164,
Feb... 165,
Mar__ 165,
Apr___ 167,
May- 167,
June v 170,
588
508
804
491
527
958
' Monthly average for year and total for month. Shipments are the same as sales.
23 Book value, end of period.
End of period.
* For annual periods, ratio of weighted average inventories to average monthly
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
NOTE.—Series revised beginning 1968.
Source: Department of Commerces Bureau of the Census.
21
PRODUCER PRICES
PRICES
In June, the producer price index for all finished goods rose 0.6 percent, seasonally adjusted. Prices of finished
consumer foods rose 0.5 percent and prices of other finished consumer goods were also up 0.5 percent. Prices of
capital equipment rose 0.7 percent.
INDEX, 1967=100 (RATIO SCALE)
280
INDEX, 1967= 100 (RATIO SCALE)
280
SEASONALLY ADJUSTED
- FINISHED GOODS
260
260
240
240
220
220
200
TOTAL FINISHED
GOODS
200
CONSUMER FOODS
\
...•-•••-"-:*'
\/*
180
180
CAPITAL EQUIPMENT
160
160
140
140
V
120
120
100 I I I I I I I I I I I I
1973
I I I I >I M I I
i i I I I i i i Ii
1974
1975
i I i i I I i i i i i i i i i f I I I I Ii
1976
1977
I
i i i i i I i i i iI
1978
iI i i I I i i I I i
1979
i i I M I I i I iI
1980
i i i i i I I i i M I 100
1981
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1967=100; monthly data seasonally adjusted]
JFinishec I goods
Period
1973
.
1974
1975
1976
1977
1978_
1979_._
1980
1980: June
July
Aug
Sept
Get
Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
1
Total
finConished sumer
goods foods Total
127.9
... 147.5
163.4
170.6
181.7
195. 9
217.7
247.0
244.8
249.0
252.0
252. 7
255. 1
256.9
„ 257.8
260.8
262.8
265.2
267.3
268.3
269.8
146.4
166.9
181.0
180.4
189.9
207.2
226.2
239.5
232.1
240.6
247.0
248.3
250.0
250.8
250.9
251. 1
249.5
251. 1
251. 1
251.0
252.2
120. 1
139.3
156. 2
166. 1
177.7
190.7
213.3
247.8
247.5
250.2
252.0
252.5
255.2
257.3
258.4
262. 3
265.4
268.1
270.8
272. 2
273.8
Congmmer goods
T/\
tal
118.6
138.6
153.1
162.6
174.3
186.7
211.5
250.8
251. 1
253.7
255.2
255.7
257.8
260. 1
261. 2
265.3
26R7
271.9
274.8
275.6
277.0
Intermediate materials for food manufacturing and feeds.
22
"P)n«
nhl«>
115.4
125.9
138.2
144.5
152.8
166. 9
183.2
206.2
204.7
207.7
209.4
209.1
212.3
213.3
212.9
213.6
214.7
213. 7
215. 3
217.5
218.6
Non-
durable
120.5
146.8
163.0
174.8
189.3
200.0
231.3
283.9
285.6
287.8
289.1
290.3
291.4
294.8
297.4
303.9
309.0
315.0
318.8
319.0
320.7
Inltermed]ate
rnateriaJs
Crad e mateilate
Total
finFoodished
stuffs
CapiFoods A«-l%
contal sumer Total and i/lM— Total and Other
feedfeeds »
equip- goods
stuffs
ment
123.5 129.2 131.6 168. 4 128.1 1740 180.0 162. 5
141.0 149.3 162.9 200.2 159.5 196.1 189.4 208. i
162.5 163.6 180.0 195.3 178.6 196.9 191.8 206.9
173.4 169.7 189. 1 185.3 189.4 202.7 190.2 228.5
184.6 180.7 201.5 190.5 202.3 209.2 192. 1 245.0
199.2 194.9 215.6 2oa i 216.5 2344 216.2 272.3
2ia 5 217.9 242.2 226.1 2444 2743 247.9 330.0
239.8 248.9 280. 3 252.6 282.3 3046 259.2 401.0
238.2 246.6 278.4 241. 0 281.1 288.3 242.7 385.1
241.1 251.2 281.0 251.0 283.1 303.6 260.9 3943
243.6 254. 3 283.7 266.0 285. 0 317.5 276.8 403.6
243.9 255. 1 285.2 267.9 286.4 321.8 278.7 413.0
248. 1 257. 1 287.6 281.8 288.0 327.2 282. 8 421. 0
249.7 258.9 290.2 286. 1 290.5 330.7 283.3 431.2
250.8 259. 7 293.5 270.1 295.2 328.1 275.9 438.9
253.7 262.7 297.4 270.6 299. 4 328. 8 272.9 447.8
256.1 2646 298.5 260. 1 301.3 332.4 263.8 479.0
257.7 267.2 301. 1 253.8 3045 327.0 258.4 473.7
260. 1 269.3 3043 255. 1 307.9 331.8 262.4 480.2
262.4 269.9 305.9 2545 309.8 330. 1 256.6 487.4
2643 271.3 306.7 253. 2 310. 7 \3341 263.7 4848
Finished goods excluding
consumerfc K>ds
rri A. i
NOTE.—Data corrected for January 1981 and revised tor February 1981.
Source: Department of Labor, Bureau of Labor Statistics.
CONSUMER PRICES
In June, the consumer price index for all urban consumers rose 0.7 percent, seasonally adjusted (0.9 percent unadjusted). Food prices were up 0.2 percent (0.4 percent unadjusted) and nonfood commodity prices rose 0.4 percent
(0.6 percent unadjusted). Services prices were up 1.2 percent (1.3 percent unadjusted).
INDEX, 1967=100 (RATIO SCALE)
INDEX, 1967= 100 (RATIO SCALE)
320
180
160
140
140
120
120
1973
1981
SEE NOTE ON TABLE BELOW
SOURCE: DEPARTMENT OF LABOR
[1967=100]
All
items
Food
. 133. 1
147.7
161. 2
170.5
181.5
195.4
217.4
246.8
141.4
161.7
175. 4
180.8
192.2
211.4
234.5
254. 6
123.5
136. 6
149. 1
156.6
165. 1
174.7
195. 1
222. 0
139. 1
152. 1
166.6
180.4
194.3
210.9
234.2
270.3
129.9
145.5
158.4
165.2
174.7
187. 1
208.4
233.9
141.4
161.7
175.4
180.8
192.2
211.4
234 5
254.6
141.4
162.4
175.8
179.5
190.2
210.2
232.9
251. 5
UnacI justed
221.4
247.6 252.0
247. 8 254. 8
222.2
249.4 258.7
224.2
251.7 261. 1
226.6
253.9 262.4
228.3
256.2 264.5
230.0
258.4 266.4
231. 0
232.4
260.5 268.6
263.2 270.8
235.4
265. 1 272.2
237.0
266.8 272. 9
238.0
269.0 272.5
239.6
241. 1
271.3 273.6
274.2
272.4
272. 5
274.8
277.9
280.9
284. 7
287.7
290. 1
292.5
295.4
299.6
303. 5
231.6
233.0
235.9
238.9
241. 1
243.5
245. 2
246.6
249. 2
250.5
250.5
250.9
251.8
250.5
252.9
257. 6
262.0
264.4
267.6
270.2
269.8
270.6
271.6
271.6
271.0
271.5
245.8
248.7
254.6
259.8
262.2
265. 6
268.0
266.9
266.8
267.9
267. 3
266.0
266.2
Period
1973
1974
1975
1976
1977
1978
1979
1980
1980: June...
July...
Aug
Sept...
Oct
Nov
Dec
1981: Jan... _
Feb
Mar
Apr
May...
June...
Services
Services
commodities
All
Food
at
home
Food
away
from
home
All
Durii
able
Nondurable
141.4
159.4
174.3
186. 1
200.3
218.4
242.9
267. 0
123.5
136. 6
149. 1
156.6
165. 1
174. 7
195. 1
222.0
121.9
130.6
145.5
154. 3
163.2
173.9
191. 1
210.4
124.8
140.9
151. 7
158.3
166. 5
174. 3
198.7
235.2
139. 1
152. 1
166.6
180.4
194.3
210.9
234. 2
270. 3
Seasonal iy adjust ed
207.7
265.6 220.3
208.8
266.9 221. 3
212. 1
268.9 223.4
215.2
271.4 225.9
217.6
273.6 228. 0
220.4
276.5 230.0
221.3
279.4 231.3
221.9
282.0 233. 6
221.2
285.0 236.8
220.9
285.8 238. 1
221.5
287.3 238. 1
223.5
288.1 239.0
225.7
289.4 239.9
235.5
236.4
237.4
238.4
239.2
240.3
242. 0
247. 0
255. 0
258.3
257. 8
257.4
257.0
274. 1
272.4
272.7
274.6
277.9
281.5
285.5
288.0
200. 3
292.6
295. 4
299.6
303. 1
Nof E.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
Comraodities less food
Food
Commodities
less
food
Source: Department of Labor, Bureau of Labor Statistics.
23
CHANGES IN PRODUCER PRICES FOR FINISHED GOODS
Period
1972
1973
1974
1975
1976
1977
1978
1979
1980
Pereeni , change from pre ceding
period ; season!illy adju,sted1
Pereeni change from 3 nlonths
earlie r; season ally adjutsted
annual rates
Percen1fc changefrom 6 Bnonths
earlie r; seasontally adjiisted
annua rates
Consume»r goods
Consumesr goods
Consum*sr goods
Total
finished
goods
~-
—
--
~~>-~ .
1980: June
July
Aug
Sept
Get
Nov.
Dec
1981: Jan.__
Feb
,. Mar
Apr
May
June
•
Capital Total
finequipished
Exclud- ment
goods
ing
Foods
foods
Capital Total
equipfinExclud- ment
ished
ing
Foods
goods
foods
Capital
equipExclud- ment
Foods
ing
foods
3.8
11.8
18.3
6.6
3.7
6.9
9.2
12.8
11.8
8.0
22.5
13.0
5.5
2.5
6.9
11.7
7.4
7.5
2.0
7.4
20.5
6.7
6.0
6.7
8.5
17.5
14.2
2.0
5.3
22.6
8.2
6.4
7.3
7.9
8.8
11.4
.8
1.7
1.2
.3
.9
.7
.4
.6
3.7
2.7
.5
.7
.3
.0
1.0
1.0
.6
.2
.8
.9
.4
.7
1.2
1.0
.1
1.7
.6
.4
8.4
12.6
16.0
13.5
10.2
8.0
8.3
— 1.4
20.2
31.2
31.0
16.6
6.3
4.3
12.2
10.8
11.0
7.5
6. 6
7.9
8.9
10.9
9.3
12.4
9.9
12.1
10.4
11.8
12.9
13.0
12.8
11.0
11.4
12.0
10.9
-1.1
7.6
14.6
13.7
18.4
18.1
16.9
20. 7
16.3
12.2
9.8
8.7
9.5
8.2
12.3
11.6
12.2
10.4
10.7
11.4
10.9
1.2
.8
.9
.8
.4
.6
.1
—.6
.6
0
-.0
.5
1.6
1.3
1.2
1. 1
.3
.5
1.2
.9
.6
.9
.9
.7
9.2
9.5
12.0
10.3
8.6
7.1
1.8
-2.1
.3
0
2.4
1.8
12.2
13.9
17.4
15. 1
10.7
7.7
9.3
10.7
11.5
10.5
10.2
10.6
9.7
8.8
10.1
9.8
9.1
9.5
8.9
2.0
2.3
.9
.2
1.0
9.4
10.9
13.1
13.6
12.3
12.5
10.7
10.5
11.6
9.9
10.4
11. 1
1
Annual changes are from December to December (unadjusted).
NOTE.—Based on corrected data for January 1981 and revised data for February
1981.
Source: Department of Labor, Bureau of labor Statistics.
CHANGES IN CONSUMER PRICES
Percen t change from pre ceding
perio d; seasortally adju sted1
Period
All
items
Food
Commodities
less
food
Services
Percent c aange frc>m 3 mont b.s earlier; Percent c lange frcra 6 mont is
seasonsblly adjuf sted annu<a! rates
seasonsilly adjussted annu,3,1
All
items
Food
Commodities
less
food
Services
All
items
Food
Commodities
less
food
;
Services
3.4
8.8
12.2
7.0
4.8
6.8
9.0
13.3
12.4
4.7
20. 1
12.2
6.5
.6
8.0
11.8
10.2
10.2
2.5
5.0
13.2
6.2
5.1
4.9
7.7
14.3
11.5
3. 6
6.2
11.3
8. 1
7.3
7.9
9.3
13.7
14.2
June__
July..
Aug___
Sept..
Oet.__
Nov..
Dec
1.0
.1
.8
1.0
1.0
1.1
1.0
.5
1.0
1.9
1.7
.9
1.2
1.0
.4
.5
.9
1. 1
.9
.9
.6
1.7
-.6
.1
.7
1.2
1.3
1.4
11.4
8.0
7.6
7.8
12. 0
13.5
13.2
5.8
7.6
14.0
19.7
19.5
16.5
13.1
5.2
5.2
7.3
10.6
12.7
12.4
9.9
20.5
10.8
5.0
.7
8.3
13.5
16.8
143
11.4
10.3
9.6
10.0
10.5
10.5
45
6.3
10.6
12.5
13.4
15.2
16.3
12.7
9.7
8.1
7.9
8.9
9.8
10.2
20.3
• 15.4
12.4
10.2
9.6
9.2
8.5
1981: Jan__
Feb...
Mar..
Apr...
May
June
.7
10
.6
.4
.7
.7
-.1
.3
.4
0
-.'2
.2
1.0
1.4
.5
0
.4
.4
.9
.8
.8
1.0
1.4
1.2
11.8
11.2
9.6
8.2
7.0
7.4
8.4
46
2.1
2.7
.6
-.1
10.2
12.4
12.3
7.9
3.8
3.1
15.3
13. 1
10.3
10.7
13.4
15. 1
11.9
12.3
11.4
10.0
9.1
8.5
13.8
10.3
7.5
5.5
2.6
1.0
11.4
12.4
11.1
9.1
8.0
7.6
11.8
13.3
13.5
13.0
13.3
12.7
1972
1973
1974
1975
1976
1977
1978
1979
1980
» Annual changes are from December to December (unadjusted).
NOTE.—Data beginning January 1978 relate to all urban consumers. Earlier
data relate to urban wage earners and clerical workers.
24
Source: Department of Labor, Bureau of Labor Statistics.
PRICES RECEIVED AND PAID BY FARMERS
Prices received by farmers fell 0.7 percent in July and prices paid by farmers were unchanged in the month ended
July 15. (Note revised series.)
INDEX, 1977=100
INDEX, 1977=100
(RATIO SCALE)
(RATIO SCALE)
80
1973
I/ RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID.
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF AGRICULTURE
[1977=100;
Prices received by t%irmers
Period
1973
1974
1975
1976
...
1977
1978
1979
1980
1980: June
July—
Aug
Sept
Get
Nov
Dec
1981: Jan___
Feb
Mar_
Apr
May
June
July..'.
1
2
All farm
products
„
..„
..
98
105
101
102
100
115
132
134
127
135
141
142
142
144
145
144
144
143
143
142
142
141
Crops
Livestock
and
products
91
117
105
102
100
106
116
125
118
125
131
135
135
140
142
144
144
146
143
143
137
136
Includes items not shown separately.
Percentage ratio of index of prices received by fanners to index of prices paid,
interest, taxes, and wage rates.
NOTE.—The official indexes are published on a 1910-14 base as required by
104
94
98
101
100
124
147
144
136
144
150
150
150
149
148
145
144
141
143
141
146
145
Prices paid by fanners
All commodi- Production
ties, services,
Production
interest,
interest,
items
taxes,
taxes, andl
and wage
wage rates
rates
71
81
89
95
100
108
123
139
137
139
140
141
142
144
144
147
148
149
150
150
151
151
72
81
89
95
100
109
125
140
138
139
141
143
144
145
145
149
149
150
151
151
152
151
73
83
91
97
100
108
125
138
136
137
140
142
143
144
145
146
147
148
150
150
150
149
Ratio 2
138
130
113
107
100
106
107
96
93
97
101
101
100
100
101
98
97
96
95
95
94
93
law. The indexes have been converted to a 1977 =100 base to facilitate comparison with other indexes.
Series revised.
Source: Department of Agriculture.
25
MONEY, CREDIT, AND SECURITY MARKETS
MONEY STOCK MEASURES AND LIQUID ASSETS
The narrow monetary aggregates (M—1A and M-1B) declined again in June while growth in the broader aggregates
accelerated slightly.
BJLUONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS •{RATIO SCALE)
200
'SEASONALLY ADJUSTS}
COUNCIL Of ECONOMIC ADVISERS
SCUKf, BOAKD OF GOVERNORS Of TOE FEDCRAL RESERVE SVSTfM
[Averages of daily figures; billions of dollars, seasonally adjusted]
Ml-A
Period
1974: Dec
Dec
1976: Dec
1977:- D e c _ _ _ _
_„_
1978: D e e _ . _ _
„_
1979: Dec
_„
Dec._
_ „ „
July
Aug.
„_
Oct
Nov
-_
Dec
Jan..
Feb
...
Apr
May—
June v
.
Currency
plus
demand
deposits
plus
travelers'
checks *
277. 1
290.2
307.7
331.4
3548
372. 7
387.7
373.6
37a6
382.8
386.4
390. 1
391.3
387.7
375. 1
367.2
365.8
366.6
3649
361.9
Ml-B
Ml-A plus
other
checkable
deposits
(OCD) at
banks and
thrift
institutions
27RO
291.8
311.1
336.4
3642
390.5
415.6
3949
399. 3
406.9
411.8
416.3
419. 1
415.6
419.2
421. 2
425.8
433.7
431.5
428.8
M2
L
Perce nt chan gefroni year
or 6 montlbus earlitsr*
Ml-B plus
overnight
M2 plus
RPsand
Eurodollars, large time
deposits
MMMF
M3 plus
and term
shares, and
other liquid Ml-A Ml-B
savings and
RPsat
assets
small time commercial
banks and
deposits at
thrift
commercial
banks and institutions
thrift
institutions 2
43 44
1, 246. 0
908.0
1, 060. 4
4 7 5.0
1, 37a 5
1, 024 4
1, 163. 0
6.0 6.6
1, 528. 9
1, 169. 4
1, 302. 3
7.7 8.1
1, 722. 7
1? 296. 4
1,462.57.1 8.3
1, 936. 5
1, 404 2
1, 625. 7
5.0 7.2
2, 151. 1
1, 775. 1
1, 525. 2
4 0 i. 4
2, 377. 4
1, 669. 4
1, 963. 5
. 5 2.3
2, 246. 0
1, 851. 9
1, 589. 3
1.2 3.4
2, 263. 7
1, 872. 9
1, 614 0
3.0 5. 1
2, 290. 5
1, 633. 4
1, 896. 7
5.3 7.8
2, 308. 1
1, 644 9
1, 911. 9
11. 1 13.4
2, 325. 6
1, 927. 5
1, 654 0
11.6 147
2, 356. 2
1, 668. 5
1, 950. 7
7.7 10.8
2? 377. 4
1, 669. 4
1, 963. 5
-.8 10.2
2, 408. 1
1, 680. 8
1, 988. 3
2, 432. 3 -8.0 7.2
1, 695. 7
2, 007. 9
2, 443. 7 -10.4 6.9
2, 025. 9
1, 718. 4
2, 455. 7 -11.7 8.5
2, 044 3
1, 737. 7
-13. 0 6.0
2, 058. 5
1, 743. 0
-12. § 6.5
2, 074 9
1, 749. 1
* Net of demand deposits due to foreign commercial banks and official
institutions.
* Total M2 excludes demand deposits held by thrift institutions at commercial
banks, not shown separately in components.
M3
3
M2
M3
5.6
a4
142
12.0
12.3
11.2
12.8
10.9
8.3
8.6
9.5
8.6
10.0
10.6
11.2
13.3
13.2
10.3
8.4
7.8
9. 1
10.4
9. 1
9.8
9.7
9.2
10. §
as
9.3
9.7
10.5
12. 5
13.3
12.4
12.7
12. 1
12.3
12.5
11. 4
11.7
Annual changes are from December to December and monthly changes are
from 6 months earlier at a seasonally adjusted annual rate.
Note.—See p. 27 for components except travelers* checks, which can be computed
from data shown on these two pages.
l RARfirva Svstem.
COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS
[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]
Overnight
Small
Money
Over- market
deSavDe- Other repurnight
chase
Cur- mand check- agree- Euro- mutual ings nomide- nation
Period rency de- 1 able ments dollars fund
shares posits time
posits deposits (RPs)
(OCD)
de(net)
posits2
NSA
NSA
NSA
Large
denomination
time
deposits2
Term
Shortrepur- Term
term
chase Euro- Sav- TreasBank- Comagree- dollars ings
ury
ers' merments (net) bonds secuaccept- cial
(RPs)
rities ances paper
NSA
NSA
Dec:
1974. 67.8
1975. 73.8
1976. 80.6
1977. 88.6
1978- 97.4
1979. 106. 1
1980. 116. 1
207.4
214.1
224.4
239.7
253.9
262.8
267.4
0.9
1.6
3.4
5.0
9.4
17.8
28. 1
7.2
7.5
13.6
17.6
21.9
21.8
27.9
0.0
.0
.0
1.0
2.0
3.6
45
2.3
3.6
3.4
3.8
10.3
43.6
75.8
333.9
383.9
447.8
486.5
475.5
416.5
393.0
288.9
340. 1
396.2
453. 8
533.3
652.7
756.8
1440
129.6
117.9
145. 1
1940
219.7
256.8
8.4
9.0
15.0
21.0
27.5
30.3
37.3
8.0
9.7
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
129.1
160.5
10.6
8.4
8.8
11.9
21.7
27.0
32.5
1980:
June- 111.1
July - 112. 1
Aug.. 113.4
Sept. 113.8
Oct._ 114.9
Nov. 115.7
Dec.. 116. 1
258.7
260.7
265.4
268.6
271.2
271.6
267.4
21.4
22.8
24.2
25.5
26.3
27.9
2a 1
22.3
26.0
27.9
29.3
28.3
28. 1
27.9
3.0
3.6
3.8
3.7
44
47
45
742
80.6
80.7
78.2
77.4
77.0
75.8
3846
395. 9
4046
407.9
407.8
406.1
393.0
7141
712.6
713.6
718. 1
7240
738.0
756.8
233.3
228.2
229.6
233.4
237.7
245.4
256.8
29.3
30.7
33.8
33.6
35.7
36.8
37.3
48.9
48.3
48.3
45. 1
45.2
46.3
48.4
73.7
73.5
73.2
73.0
72.8
72.6
72.3
145. 1
143.5
146.6
149.9
150.6
155.5
160.5
29.6 96.7
29.3 96.2
28.8 96.8
29.7 98.5
30.6 98.9
31.3 99.8
32.5 100.2
1981:
Jan.. 116.6
Feb.. 117.2
Mar- 117.9
Apr.. 118.9
May- 119.8
June*' 119.9
2544
245.8
243.5
243. 1
240. 7
237.9
44.3
543
60.2
67.3
66.9
67.1
27.5
27.0
28.7
29.3
31.8
33.5
5.2
4.9
4.5
47
6. 1
6.0
80.7
92.4
105.6
117.1
118. 1
122.8
376.9
370.8
368.3
367.0
361. 1
353.8
775.7
783.3
789.4
790.0
798.4
807.9
268.0
273.9
271.0
269. 5
277.2
28&3
39.4
38.3
36.5
37.1
38.4
39.5
50.2
52.2
52.4
53.0
71.9
71.1
70.7
70.4
165.5
169.8
1642
156.9
33.0
32.0
33.0
346
i Net of demand deposits due to foreign commercial banks and official instiutions.
* Small denomination and large denomination deposits are those issued in
amounts of less than $100,000 and more than $100,000, respectively.
50. 1
48. 1
51.8
63. 1
79.4
97.3
wo. 2
99.2
99.4
97. 6
96.5
Note.—See p. 28 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]
Instatelent credit extended
Period
Total *
Automobile
Installrrlent credit li quidated
Revolving
Total i
Automobile
Revolving
Net changej in amount outstanding
Total *
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
5,910
495
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: May..
June
July
Aug
Sept
Oct
Nov
Dec
22, 093
22, 349
23, 997
26, 176
27, 064
27, 365
25, 991
27, 149
5,533
5,550
6,068
7,400
7,518
7,544
7,117
7,234
10, 302
10, 341
10, 679
10, 700
11, 143
11, 124
10, 953
11, 614
24,770
24, 394
25, 196
25, 687
26, 009
26, 663
25, 152
25, 530
6,574
6,576
6,785
7,045
7,434
7,343
6,872
6,932
10, 589
10, 436
10, 641
10, 419
10, 665
10, 851
10, 688
10, 998
-2, 677
-2, 045
-1, 199
489
1,055
702
839
1,619
-1,041
-1,026
-717
355
84
201
245
302
-287
-95
38
281
478
273
265
616
1981: Jan
Feb
Mar
Apr
May
27, 059
28, 706
29, 822
28, 878
28, 149
7,237
8, 333
8,700
7,205
7,320
11, 483
11, 867
12, 071
12, 352
11,904
26, 190
26, 710
26, 714
26, 547
26, 803
7,300
7,354
7,018
6,777
7,515
10, 926
11, 426
11,484
11, 514
11, 554
869
1,996
3, 108
2,331
1,346
-63
979
1,682
428
-195
557
441
587
838
350
1973
1974
1975
1976
1977
1978
1979
1980
i Includes "mobile home" and "other/* not shown separately.
Source: Board of Governors of the Federal Reserve System.
27
BANK LOANS AND INVESTMENTS, AND RESERVES
Growth in commercial bank loans and investments slowed in June. Total reserves were about unchanged, as a decline
in discount borrowings offset an increase in nonborrowed reserves.
BILLIONS OF DOLLARS* (RATIO SCALE)
BILLIONS OF DOLLARS*(RATIO SCALE)
1,800
ALL COMMERCIAL BANKS
1,600
1,400
1,200
INVESTMENT IN
U.S. TREASURY SECURITIES
40
40
1973
1974
1981
1975
* SEASONALLY ADJUSTED, AVERAGES OF WEDNESDAY FIGURES
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
COWCM. OF iCQNO*«C ADVISERS
[Billions of dollars, seasonally adjusted, except as noted]
3
l
Depositciry institu tions
Borrowiiigs (millions of dollars,
Reserves
Investnaents
Loans iwid leases
unadji listed)
Commer" C!
U .5.
Other
SeaReNoncial and Treasury
Total
Total
secuTotal 2 industrial
sonal
borrowed quired
securities
rities
loans
All c omniereial Imnks
Total
loans
Period
and
investments
1974: Dec.
1975: Dec
1976: Dec.
1977: Dec
1978: Dee
1979: Dec
1980: Dec
713.9
745. 1
804. 6
891.3
1, 013. 4
1, 134. 6
1, 237. 3
520. 1
517.2
555.0
632. 3
746. 9
848.9
912.7
197.4
189.9
191.3
211.2
246.1
291. 1
324.9
53.7
82.2
100.6
99.5
93.3
93. 8
110.7
140.0
145.7
149. 0
159.5
173.2
191.8
213.9
36.66
34.67
34. 90
36. 00
41. 16
43.46
40. 13
35. 94
34.54
34.85
35.43
40.29
41.98
38.44
36.41
34.40
34.63
35.81
40.93
43.13
39.58
1980: June
Julv
Aug
Sept
Oct.
Nov
Dec
1, 156. 0
1, 163. 5
,_ 1, 180. 9
1, 193. 3
_ 1, 206. 5
1, 224. 2
1, 237. 3
856. 3
857.5
868.3
878.0
887.5
901.7
912.7
296.9
298. 0
303.3
308.3
313.8
320. 7
324.9
98.1
102.0
105.7
107.7
109. 1
110.5
110.7
201.7
204. 1
206.9
207.5
209.9
212. 1
213.9
43.96
42. 78
40.75
41.52
41.73
41.23
40. 13
43.58
42. 39
40.09
40.21
40.42
39. 17
38.44
43.76
42.50
40.45
41.26
41.52
40.73
39.58
1981: Jan
Feb
Mar
Apr
May
June
1, 253, 3
1, 262. 9
1, 262. 3
1, 267. 0
1, 279. 3
1, 285. 4
923.6
930.4
929.2
934.2
943. 1
947.2
329.3
330.9
330.7
331.3
334.6
338.7
113.5
115.2
114.8
115. 1
117.5
119.3
216.2
217.2
218.3
217.7
218.7
219.0
40. 10
39. 76
40.25
40. 25
40.81
40.83
38.71
38.45
39.25
38.91
38.58
38.80
39.56
39.57
39.87
40.10
40.55
40.50
,
* Data are averages of Wednesday figures.
* Excludes loans to commercial banks in the United States.
3 Data are averages of daily figures. Reserves series reflects actual reserve
requirement percentages with no adjustment to eliminate the elf ect of changes in
Regulations D and M. Prior to November 13,1980, the date of implementation of
the Monetary Control Act, data relate only to member banks.
28
703
127
62
558
874
32
13
12
54
134
82
116
380
3P5
659
1,311
1,335
2,156
1,617
12
7
10
26
67
99
116
1,405
1,278
1,004
1,343
2,154
2,038
120
148
197
161
259
291
1,473
1,617
NOTE.—Latest month's data for loans and investments are estimates.
Source: Board of Governors of the Federal Reserve System,
SOURCES AND USES OF FUNDS, NONFARM NONFINANCIAL CORPORATE
BUSINESS
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Sources
Uses
External
Period
Credil i market 1 unds
Total
Inter-1
nal
Capital
expenditures 3
Increase
in
financial
assets
Discrepancy
(sources
less
uses)
Securities
and
mortgages
Loans
and
shortterm
paper
40.8
45.3
58.2
73.0
82.2
37.9
60.7
79.9
8.5
41
17.6
36.1
43.0
11.4
11.9
33.8
45.6
61.9
40. 1
5. 1
145
23.2
443
33.7
7.3
25.4
23.8
53.7
70.4
30.8
100.8
1245
151.0
194.8
193.4
151. 1
199.5
231.6
295.6
346.0
297.3
82.0
87.7
100.9
1243
141.2
110.0
147.5
177.3
205.6
229.4
2246
18.8
36.8
50. 1
70.5
52.2
41.2
52.0
542
90.0
116.6
72.7
6.9
8.8
15.5
143
8.1
13.8
20.8
28.3
248
29.4
31.6
Total
Total
Other2
Total
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
107.7
133.3
166.5
209.1
201.5
164.9
220.3
259.8
320.4
375.4
328.9
61.8
73.5
85.0
91.7
85.6
119.7
1342
156. 1
171.9
190.6
196.8
45.9
59.8
81.4
117.3
115.8
45.2
86. 1
103.7
148.5
1848
132. 1
948
1143
101.3
32.2
41.2
40 6
37.0
39.2
49.3
48.7
46. 1
49.2
52.5
61. 2
1980: I
II
III
IV
363.3
236.0
319.7
396.8
1949
192.9
199.2
200. 1
168.4
43. 1
120.5
196.7
130.3
60.4
95.9
118.6
61.5
61.5
60. 1
61.6
68.8
-1. 1
35.8
57.0
38.0
-17.3
245
78.2
32&3
196.6
300.3
3642
2340
218.4
213.8
232.3
943
-21.8
86.5
131.9
35.0
39.4
19.3
32.6
1981: I*
377.0
218.7
158.3
97.4
62.3
35. 1
60.9
346.4
246.4
100.0
30.7
1
Undistributed profits (after inventory valuation and capital consumption
adjustments), capital consumption allowances, and foreign branch profits,
dividends, and subsidiaries' earnings retained abroad.
2 Consists of tax liabilities, trade debt, and direct foreign investment in the U.S.
3 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]
Curre at assets
End of period
Total
SEC series:2
1970
492.3
1971
529.6
1972
599. 3
1973
697.8
1974
790.7
FTC-FRB series: »
1974
735.4
1975
759.0
1976
826.8
902. 1
1977
1978
1, 030. 0
1979
1, 200. 9
1980
1, 279. 9
Cash
Current liabilities
Notes
U.S.
governand
Invenment
actories
securi- counts
ties receivable
Other
current
assets
Total
Notes
Other
and
current
accounts liabilities
payable
Net
working
capital
Current
ratio *
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
3049
326.0
375.6
450. 9
530.4
211.3
220. 5
282.9
340.3
402.3
93.6
105.5
92.7
110.7
128. 1
187.4
203.6
223. 7
246.9
260.3
1.615
1.625
1.595
1.548
1.491
73.2
82. 1
88.2
95.8
104.5
116. 1
120.8
11. 1
19.0
23.4
17.6
16.3
15. 6
17.0
265.8
272. 1
292.8
324.7
383.8
456.8
491. 1
319.5
315.9
342.4
3748
426.9
501.7
525. 1
65.9
69.9.
80. 1
89.2
98.5
110.8
125.9
453.4
451.6
494.7
549.4
665.5
809.1
877.2
269.8
2642
281.9
313.2
373.7
456.3
498.2
183.6
187.4
212.8
236.2
291.7
352. 8
379.0
282.0
307.4
332.2
352.7
3646
391.8
402.7 I
1.622
1.681
1.672
1.642
1.548
1. 484
1. 459
1979: I
II
III
IV
1, 081. 0
1, 108. 2
1, 169. 5
1, 200. 9
102.7
100. 1
103.7
116. 1
17.4
18.6
15.8
15.6
408.1
421. 1
453.0
456.8
451.4
465.2
489.4
501.7
101.4
103.2
107.7
110.8
705.4
7247
777.8
809.1
391.3
406.4
438.8
456.3
314 1
318.3
339.0
352.8
375.6
383.5
391.7
391.8
1.532
1.529
1.504
1.484
1980: I.
II
III
IV
„ 1, 235. 2
1, 233. 8
1, 255. 8
1, 279. 9
110.2
111.5
113.2
120.8
15. 1
13.8
16.3
17.0
471.2
4642
479.2
491. 1
519.5
525.7
525. 1
525. 1
119.3
118.7
122.0
125.9
838.3
828.1
852. 1
877.2
467.9
463.1
477.3
498.2
370.4
3649
3748
379.0
397. 0
405.7
403.7
402.7
1.474
1.490
1.474
1.459
»1 Total current assets divided by total current liabilities.
Based on data from Statistics of Income. Department of the Treasury.
* Based on data from Quarterly Financial Report for Manufacturing, Mining, and
Trade Corporations, Federal Trade Commission.
NOTE.—SEC series not available alter 1974.
See Federal Reserve Bnllftin, 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 moved higher in July.
PERCENT PER ANNUM
1980
1973
SOURCE: SEE TABLE BELOW
1981
COUNCIL OF ECONOMIC ADVISERS
[Percent per annum]
U.S. Treiisury securii ,j yields
Period
3-month
bills i
1975
..
1976
._ —
1977
1978
1979
1980
1980: June
July
Aug
Sept...._
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
July 9
Week ended:
June 27
July 4
11
18
25
Augl*
..
Constant nlaturities
3-year
2
10-year
High-grade Corporate Prime com- Discount
municipal
mercial
rate
Aaa
(N.Y.
paper,
bonds
(Standard
F.R.
4-6
Bank) 8
& Poor's) 3 (Moody's) months 4
5.838
4.989
5.265
7.221
10. 041
11. 506
6.995
8. 126
9.259
1(1321
11. 580
13. 888
15. 661
14. 724
14. 905
13. 478
13. 635
16. 295
14.557
14.699
7.49
6.77
6.69
8.29
9.71
11.55
8.91
9.27
10.63
11.57
12.01
13.31
13.65
13.01
13.65
13.51
1409
15.08
1429
15.13
7.99
7.61
7.42
8.41
9.44
11.46
9.78
10.25
11.10
11.51
11.75
12.68
12.84
12.57
13.19
13.12
13.68
1410
13.47
14.26
6.89
6.49
5.56
5.90
6.39
8.51
7.60
8.08
8.62
8.95
9.11
9.55
10.09
9.65
10.03
10.12
10.55
10.73
10.56
11.03
8.83
8.43
8.02
8.73
9.63
11.94
10.58
11. 07
11.64
12.02
12.31
12.97
13.21
12.81
13.35
13.33
13.88
1432
ia75
14.36
6.33
5.35
5.60
7.99
4
10. 91
12.29
8.03
8.29
9.61
11. 04
12.32
1473
16.49
15. 10
14.87
13.59
1417
16. 66
15.22
16.09
6.25
5.50
5.46
7.46
10.28
11.77
12-11
11-10
10-10
10-11
11-11
11-12
12-13
13-13
13-13
13-13
13-13
13-14
14-14
14-
14337
13. 909
14400
14558
15. 563
15. 065
1439
1458
1476
1486
15.61
15.54
13.61
13.88
1400
1408
1456
14.57
10.65
10.78
10.86
10.98
11.19
11.32
13.77
14 04
1419
1425
1455
14.60
15.12
15.46
15.79
15.82
16. 64
16.28
14-14
14-14
14^14
14-14
• Rate on new issues within period; bank-discount basis.
s
Yields on the more actively traded issues adjusted to constant maturities
by the Treasury Department.
»Weekly data are Wednesday figures.
* Beginning November 1,1979, data are for 6 months paper.
8 Average effective rate for year; opening and closing rate for month and week.
30
5
14r-14
14-
Prime
rate
charged
by
banks 5
7.86
6.84
6.83
9.06
12.67
15.27
14-12
12-11
ll-HH
11K-13
13H-UJ4
14H-17X
1754-21JS
21Jf-20
20-19
19-17%
17H-18
18-20J4
20^1-20
20-
Newhome
mortgage
yields
(FHLBB)*
9.01
a 99
9.01
9.54
10.77
12.65
12. 66
12.48
12.25
12.35
12.61
13.04
ia28
13.26
13.54
1402
14.15
14.10
1459
20-20
20-20
20-20K
20K-20K
20l/f-20H
20^2-
Effective rate (in the primary market) on conventional mortgages, reflecting
fees and chafes 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.
*On May 1,1980 range of 18^-19 was in effect.
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
JVlo st stock price indexes declined during July.
INDEX, DEC 3\ 1965=50
INDEX, DEC 31,1965=50
COMPOSITE PRICE INDEX STOCK
(NYSE)
EARNINGS-PRO RATIO ON COMMON STOCKS
1973
1974
1975
1981
1976
SOURCES: NfW YOMC STOCK EXCHANGE AND STANDARD «. POOR'S CORPORATION
COUNCIL OF ECONOMIC ADVISERS
Common stock syields
(percent)
Cominon stock p rices1
Period
65.43
68.56
70.87
73. 12
75.17
78.15
76.69
76.24
73.52
76.46
77.60
76.28
76.80
7498
50. 52
60.44
57.86
5R23
64.76
78.70
74.47
78.67
82. 15
84.92
88.00
92.32
90.37
89.23
85.74
89.39
90.57
88.78
88.63
86.64
31.10
39.57
41.09
43.50
47.34
60.61
54.04
59. 14
62.48
65.89
70.76
77.23
75.74
74.43
72.76
77.09
80.63
76.78
76.71
74.42
31.50
36.97
40.92
39.22
38.21
37.35
38.53
38.77
38.18
38.77
38.44
38.35
37.84
38.53
37.59
37.82
38.34
38.27
39.23
38.90
47.14
52. 94
55.25
56.65
61.42
6425
65. 16
66.76
67.22
69.33
68.29
67.21
67.46
70.04
68.48
72.82
7459
7465
79.79
7497
Standard
Dow& Poor's
EarningsJones
composite Dividendprice
price
industrial
index
ratio
ratio
average 8 (1941-43=
10) *
9.15
802. 49
431
86.16
a 90
97492
102. 01
3.77
462
10.79
89463
9&20
12.03
820. 23
96.02
5.28
13.46
5.47
844.40
103. 01
12.66
5.26
891. 41
118. 78
5.39
13.08
869. 86
11455
5.20
909. 79
119. 83
5.06
947. 33
123. 50
490
11.67
946. 67
126. 51
480
949. 17
130. 22
463
135. 65
971. 08
10.92
474
945. 96
133. 48
480
962. 13
132. 97
5.00
128. 40
945. 50
4.88
133. 19
987. 18
486
134 43
1, 004 86
4.98
979. 52
131.73
5.03
132. 28
996. 27
5.18
129. 13
947. 94
76.99
77.02
75.71
74.62
75.56
74.39
75.31
88.46
88.73
87.37
86. 18
87.28
86.03
87, 07
76. 19
76.84
75.40
73.27
75.08
7173
7446
39.91
39.75
38.94
38.59
39. 17
38.62
39.33
81.77
80. 08
77.81
75.81
75.93
73.24
74 12
1, 002. 64
997. 97
972. 08
95432
95422
932. 99
94402
New York Stock Exch ange indexes(Dec. 31, 11965=50) «
Composite Industrial Transportation
1975.
1976
1977
1978...
1979
1980
1980: June
July
Aug
Sept
Oct
Nov
Dec
1981: Jan
Feb
Mar
Apr
May
June
July
Week ended:
1981: June 20
27
July 4
11
18
25
Aug !»..__
45.73
54.46
53.69
53.70
58.32
ea 10
Utility
» Average of daily closing prices.
> Includes all the stocks (more than 1,500) listed on the NYSE.
» I nchides 30 stocks.
«Includes 500 stocks.
• Standard & Poor's series. Dividend-price ratios based on Wednesday closing
prices. Earnings-price ratios based on prices at end of quarter.
Finance
132. 60
132. 67
130. 38
128. 52
130. 12
128. 01
129. 83
4.98
5.02
5.13
5.20
5.12
5.26
5. 17
NOTE.—All data relate to stocks listed on the New York Stock Exchange
(NYSE).
Sources: New York Stock Exchange, Dow-Jones & Company. Inc., and Standard & Poor's Corporation.
31
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS AND OUTLAYS AND DEBT
In the first 9 months of fiscal 1981, there was a budget deficit of $49.4 billion, compared to a deficit of $43.2 billion
a year earlier.
BILLIONS OF DOLLARS
800
BILLIONS OF DOLLARS
800
RECEIPTS AND OUTLAYS
700
700
600
600
500
500
OUTLAYS
400
400
300
300
200
200
50
50
SURPLUS (+) OR DEFICIT {-)
0
_
—
•;— ^
-
-
^
50
i
100
1973
- --
1975
-
,
-
I
i
1974
'
-™
—
i
—~~~
i
1976
0
••
***-^
i
1977
1978
i
1979
,—
——
I
1980
I
1981
50
-100
1982
FISCAL YEARS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF AAANAGEMENT AND BUDGET
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Period
Receipts
Fiscal year or period:
1971.......
1972
1973
1974
1975
1976
_
Transition quarter
1977
1978
1979
1980.
1981 (estimates):
Revised Second Concurrent Resolution,
May 21, 1981
Mid-Session Review, July 1981 *
1982 (estimates):
First Concurrent Resolution, May 21, 1981.
Mid-Session Review, July 1981 *
Cumulative total, first 9 months:
Fiscal year 1980
Fiscal year 1981
. .
» Estimates from Mid-Sesston Review of the 198$ 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
2649
281.0
300.0
81.8
357.8
402.0
465.9
211.4
232.0
247.1
269.6
326.2
366.4
-2ao
52ao
947
402.7
450.8
49a6
579.6
-2a4
-148
-47
-45.2
-66.4
-13.0
-45.0
-48.8
-27.7
-59.6
409.5
437.3
468.4
486.2
5441
631.9
646.4
709.1
780.4
833.8
9143
3043
323.8
343.0
346. 1
396.9
480.3
49&3
551. 8
610.9
6446
715.1
603.3
605.6
661.4
661.2
58.1
-55.6
999.8
995.1
786.1
657.8
662.4
695.5
7048
-37.7
-42.5
1, 079. 8
1, 079. 2
845.1
3849
445.9
42R1
495.3
-4a2
-49.4
8844
977.4
77ao
688.0
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 9 months of fiscal 1981, budget receipts were $61.0 billion higher than a year earlier and budget outlays
were $67.2 billion higher.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
RECEIPTS
400
300
300
200
200
100
100
CORPORATION INCOME TAXES
I
I
L
600
600
OUTLAYS
500
500
400
400
NONDEFENSE
300
300
200
200
NATIONAL DEFENSE
100
100
1973
1974
1975
1977
1976
1978
1979
1982
1981
1980
FISCAL YEARS
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT OF THE TREASURY AND OFFICE OF MANAGEMENT AND BUDGET
[Billions of dollars]
()utlays
Rece ipts
Nationa I defense
Period
Total
Indi- Corpovidual ration Other
income income
taxes
taxes
Fiscal year or period:
1971
1972
.
1973
1974
1975
1976
Transition quarter
1977
1978
1979
1980
1981 *
1982 '__
18a4
208.6
232.2
264.9
281.0
300.0
81.8
357.8
402.0
465.9
520.0
605.6
662.4
119.0
122.4
131.6
38.8
157.6
181.0
217.8
244 1
285.6
302.9
Cumulative total, first 9
months:
Fiscal year 1980
Fiscal year 1981
384,9
445.9
2oae
86.2
94.7
ioa2
177.8
Total
26.8
32.2
36.2
38.6
40. 6
41.4
8.5
54.9
60.0
65.7
646
63.3
66.8
75.4
81.7
92.8
107.4
118.0
127.0
345
145.2
161. 1
182.4
211.4
256.7
292.7
211.4
232.0
247. 1
269.6
326.2
366.4
947
402.7
450.8
493.6
579.6
661.2
7048
75.8
76.6
745
77.8
85.6
89.4
22.3
97.5
105.2
117.7
135.9
160.4
188.1
745
75.1
73.2
77.6
84.9
87.9
21.9
95.6
103.0
115.0
132. 8
156.6
183.8
41
47
41
5.7
6.9
5.6
2.2
48
5.9
6.1
10.7
11.8
11.4
52.2
49.2
1549
188.1
428. 1
495.3
100.9
117.5
9a7
1148
7.6
8.9
1
Estimates from Mid-Session Review of the 198S Budget. Office ol M
and Budget, July 15,1981.
Total
Interna- Health
In- Other
and
Depart- tional income
terest
ment of affairs security
Defense,
military
251.3
294 1
312.3
19.6
20.6
22.8
28.0
30.9
345
7.2
38.0
440
52.6
645
83.1
92.3
41.8
48.8
53.9
51.6
66.5
76. 1
21.5
85.7
105.9
107.5
117.3
111.8
100.7
181.7
218.8
50.0
62.7
88.0
87.5
70.1
81.4
91.8
106.5
136.2
160.8
41.5
176.7
189.9
209. 8
Sources: Department of the Treasury and Office of Management and Budget.
SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter, Federal receipts rose $47.5 billion (annual rate) and expenditures rose $22.9 billion, yielding a
deficit of $43,3 billion, $24.6 billion lower than in the fourth quarter of 1980. In the second quarter, according to
preliminary estimates, expenditures rose $5.4 billion/ receipts data are incomplete.
Of
BILLIONS OF DOLLARS
700
700
600
600
500
500
400
400
WO I/I I
I
I
I
1
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
!
I
I
I N 200
50
50
* v/A
-50
-50
-100
-100
1973
1974
1975
1976
1977
1978
1979
1980
! 1981
CALENDAR YEARS
COUNCIL OF ECONOMIC ADVISERS *
of dollars; quarterly data at seasonally adjusted annual rates]
Clovernm ent receipts
Period
F«sderal G<jvernmeiit expen<iitures
Subsidies Leas:
GrantsPurWage
Indirect Contriin-aid
less
Personal Corpochases Trans- to State Net current accruals
rate business butions
t/ax
and
Total nontax profits tax and
for
Total of goods fer pay- and interest surplus of less
tax
nontax social inments local
and
paid Govern- disreceipts accruals
services
accruals surance
ment en- bursegovernterprises ments
ments
year:
365.9
1977
1978.. .. 414.2
1979..— 40a7
1980.... 527.3
Calendar
year:
1977
1978
1979
375.1
43L5
4944
540.8
III.. 500.6
T¥
5140
I
528.4
II. _. 520.9
in.. 540.8
IV... 573.2
1981 :!..._ 620.7
58.8
67.2
75.8
70.6
245
27.2
29.1
35.7
116.2
133.4
152.7
171.3
411.7
450.5
4947
57a2
140.3
150.7
163.4
190.2
169.8
182.2
201.8
239.3
66.3
74.7
79.1
86.7
2a4
33.5
40.6
51.2
7.0
9.6
9.8
10.8
0.0
-.0
.0
.0
-45.8
-36.3
-140
-50.9
170.1
61.6
71.2
746
70.2
75.3
743
25.0
28.1
29.4
40.6
29.3
29.6
31.9
38.7
42.9
49.1
60.6
6a4
na5
421.5
460.7
509.2
602.0
515.8
538.6
5647
587.3
615.0
641.1
6640
669.4
143.9
153.4
167.9
198.9
165. 1
172.8
185.6
209.1
249.8
216.6
221.7
22a9
236.0
265.3
269. 0
271.9
275. 2
67.5
77.3
80.4
88.0
80.8
849
85.5
87.2
87.7
91.8
90.2
29.1
35.2
42.3
53.3
42.9
444
50.3
544
53.5
55.2
67.7
70.8
a2
.0
.0
-.0
.0
.0
0
.0
.0
.0
.0
.0
.0
-4a4
-29.2
-148
-61.2
-15.2
-245
-36.3
-66.5
-742
-67.9
—43.3
29210
of
34
166.4
186.4
223.1
249.7
23L4
257.8
2342
247.1
246.9
252.0
259.4
272.9
IIiL_-
Surplus
or
deficit
(-).
national
income
and
product
accounts
60.9
66.7
72.6
77.9
137.2
159.0
172.2
159.9
ieao
169.2
169.3
171.8
178.6
19R9
200i4
i7ai
190.0
198.7
1949
212.0
221.6
219.5
sa7
9.3
9.4
12.0
10.5
9.5
10.1
11.0
13.7
13.1
12.6
15.2
(Bureau of Economic Analysis), Department of the Treasury, and Office of Management and Budget.
INTERNATIONAL STATISTICS
INDUSTRIAL PRODUCTION AND CONSUMER PRICES—MAJOR
INDUSTRIAL COUNTRIES
[1967=100]
Consumer p>rices (uiladjustec 1)
In dustria]L produ<stion (seiisonally adjuste d)
United
Can- Japan France GerUnited Can- Ja- France Ger- Italy United
1
King- United
Italy Kingada
States
many
pan
many
States ada
dom
dom
Period
1974
197$
1976
1977
1978
1979
1980 »..._—•1980: July.—
Aug
Sept....
Oct
Nov.
Dec
1981: Jan
Feb
Mar *__
Apr *._.
May »__
June *—
129.3
117. 8
130.5
138.2
146. 1
152.5
147. 1
140.4
141.8
144.1
146.9
149.4
151.0
151.7
151.5
152.2
152.2
152.8
152.7
147.5
139.6
147.3
150.5
156.7
164.0
161.4
157.5
158.9
161.5
162.5
163.1
163.3
162.2
1640
166.6
168.4
183.1
163. 9
182.0
189.7
201. 1
217.7
232.6
232,6
223.4
231.5
233.8
230.7
234.4
236.4
237.9
235.9
237.0
233. 1
148
139
149
152
155
163
160
165
165
156
160
154
161
151
149
155
152
145.1
137. 1
149. 1
152.0
154.1
161.8
162.3
163
160
160
161
160
157
160
167
163
163
140.6 120.0
127.6 114.3
143.5 117.4
145.1 123.0
147.9 126.8
157.6 131.4
166.4 122.3
166.2 123.3
142.4 119.6
161.8 117.7
163.9 118.2
170.7 117.4
160.5 116.5
158.7 115.4
170.6 116.5
169.1 116.4
168.2 lias
158.5
i Beginning January 1978 data relate to all urban consumers.
Source: National sources as reported by Department of Commerce, Inter-
147.7
161.2
170.5
181.5
195.4
217.4
246.8
247.8
249.4
251.7
253.9
256.2
258.4
260.5
263.2
265.1
266.8
269.0
271.3
144.5
160.1
172.1
185.9
202.5
221.0
243.5
244.5
246.8
249.0
251.2
254.3
255.8
259.1
261.7
265.2
267.2
269.6
273.8
184.0
205.8
224.9
243.0
252. 3
261.3
282.2
284.2
283.7
288.1
288.5
289.1
287.2
290.7
290.9
292.6
294.9
297.9
160.0
178.9
196.1
214.5
233.9
259. 1
294.2
295. 5
298.4
301.0
304.3
306.4
309.1
312.7
315.6
318.8
323. 1
326.0
136.1
1442
150.4
155.9
160.2
166.8
175.9
176.8
177.0
177.0
177.3
178. 3
179.4
180.9
182.3
183.5
1847
185.4
186.3
159.7
186.8
218. 1
255.2
286.2
328.5
39ao
398. 7
403.5
411.6
418.5
427.3
432.5
440.7
448.6
454. 9
461.3
467.8
472.5
1743
216.5
252.4
292.4
316.6
359.0
423.6
430.4
431. 3
434 1
436.8
440.3
442.7
445. 5
449. 5
456.2
469.4
472.4
475.2
national Trade Administration, Office of Planning and Research, in International
Economic Indicator*.
U.S. MERCHANDISE EXPORTS AND IMPORTS
[Millions of dollars; monthly data seasonally adjusted]
MerctLandise e sports1
Merc landise i mports
Mer ehandise trade
balance
Domestit3 exports
Gcsneral im ports
Exports
Ex(f.a.8.) ports Exports
Food, Crude ManuFood, Crude Manuless
(f.a.s.) (f.a.s.)
bever- mate- facbever- mateTotal
facimless
less
rials
Total * ages,
Total
*
rials
(c.i.f.
ages,
tured value) * ports
tured
imimports
and
and to- and
and
togoods
goods
(cusports
(c.i.f.)
bacco fuels
bacco fuels
toms (f.a.s.)
value)
Custorris value
F. A.S. valuej *
1
Period
Total
domestic and
foreign
exports
Monthly
average:
5,902
1973
1974
_ 8,167
1974*
... 8,170
1975*
8,971
1976*
9,602
1977*
10, 103
1978*
11, 973
1979*
15, 155
1980
18, 386
1980: June.. 18, 440
July... 18, 267
Aug.._ 19, 087
Sept— 18, 828
Oct_.. 19, 214
Nov
18, 715
Dee__ 19, 251
1981: Jan.... 18, 825
Feb... 19, 764
Mar... 21, 434
Apr
19, 818
May— 18, 869
June 19, 870
5,811
8,053
1,078
1,269
895
1,317
3,728
5,294
5,790
8,450
8,053
8,842
9,456
9,912
11, 753
14, 869
18, 036
18, 059
17, 953
18, 771
18, 521
18, 770
18, 344
18, 918
18, 459
19, 441
21, 000
19, 408
18, 499
19, 461
1,269
1,399
1,436
1,330
1,717
2,049
2,534
2,365
2,445
2,534
2,724
2,886
2,909
3,099
2,926
2,938
3,334
2,879
2,680
2,582
1, 317
1,266
1,341
1,548
1,746
2,352
2,810
2,867
2,825
3,149
2,752
2,554
2,447
2,746
2,896
2,936
3,245
2,458
2,541
2,328
5,294
5,913
6,437
6,679
7,873
9,716
11,991
12, 124
12, 227
12, 448
12, 483
12, 473
12, 241
12, 368
11, 913
12, 816
13, 658
13, 392
12, 562
13, 581
8,548
8,209
10, 290
12, 533
14, 564
17, 455
20, 406
20, 353
19, 139
19, 713
19, 941
20, 347
19, 860
21, 436
23, 194
21, 922
20, 949
22, 289
21, 310
21, 975
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,
• m° i includes commodities and transactions not classified according to kind.
• T,°ia» arrivals of imported goods other than intransit shipments.
« c.i.i. (cost, insurance, and freight) import value at first port of entry in the
United States. Data for 1973 are estimates.
I IP ft e SfroA al*tn0ei<la ehin\ Train A Hneie* o* TT R nnrtrtf ATnnrtfttion for AXtXHtS
770
892
F.a.8.
892
827
991
1,186
1, 312
1,478
1,546
1,592
1,594
1,467
1,391
1,583
1,680
1,583
1,748
1,588
1,609
1,477
1,676
1,467
1,120
2,653
value '
2,672
2,716
3,457
4,463
4,325
5,949
7, 831
8,174
6,853
7,292
7,112
7,506
7,059
8,331
9,041
9,141
7,478
8,947
7,206
8,270
3,750
4,684
6,131
9,033
4,602
4,257
5,398
6,379
8,360
9, 357
10, 427
10, 063
10, 138
10, 390
10, 524
10, 520
10, 572
10, 897
11, 777
10, 714
11,294
11, 291
11, 822
11, 597
9,207
8,828
11, 047
13, 371
15, 504
18, 519
21, 415
21, 403
20, 074
20, 665
20, 837
21,244
20, 751
22,364
24, 265
22, 910
21, 886
23, 283
22, 314
22, 993
112
-283
-221
-229
-866
-378 — 1,037
762
143
-688 -1, 445
-2, 430 -3, 268
-2, 590 -3, 530
-2, 300 -3, 364
-2, 020 -3, 030
-1,912 -2, 963
-872 -1,808
-626 -1,578
-1,112 -2, 008
-1,134 -2, 031
-1, 145 -2, 036
-2, 185 -3, 113
-4, 370
5,440
-2, 158 -3, 146
-451
485
-2, 471 -3, 465
-2,441 -3,445
—2, 105 -3, 123
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 to include trade of the Virgin Islands.
Source: Department of Commerce, Bureau of the Census.
U.S.
TRANSACTIONS
In the first quarter of 1981, the merchandise trade deficit declined by $1 billion to $4.6 billion as a large increase in
following several quarters of little change, more than offset an increase in imports associated with the strong
of activity in the U.S. The current account registered a surplus of $3.1 billion as net investment income rose
to
BILLIONS OF DOLLARS
10
Of
10
-15
1981
1973
COUNCIl OF ECONOMIC A0V1SE1S
OF
of
•
M
._
1974 __.
1975___
_ _
1977 _ _
1978___
1979- -~
1980
!___
II__
III..
IV-
!_._
II-.
III..
IV..
!»__
.1
*
Imports
W**f
JLN Clf
H»1
Ucll—
ancc
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
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
42,036 -46, 766 -4, 730 14, 111 -7, 352
43,834 -51, 117 -7, 283 15, 582 -7, 949
47, 236 -54, 210 -6, 974 18, 055 -8, 734
51, 367 -59, 726 -8, 359 18, 952 -9,203
-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
61S 117 -65, 719 -4, 602 21, 420 -12,551
military
Census
for
U.S. direct
in ilie United 'Slates are
included in other services, net.
8
Invi*stment IB come3
12
Period
Exports
seasonally adjusted. Credits ( + ), debits (—)]
Fees
36
N**t
J-ll
Cv
12, 153
15, 503
12, 787
15, 975
17, 962
21, 400
33, 463
32, 762
6,759
7,633
9,321
9,749
9,836
6,518
8,153
8,257
8,869
Net
military
transactions
Nettravel
and
transportation
receipts
— 2, 070
-1,653
-746
559
1,528
738
-1,947
-2,515
-134
-324
-565
-923
-918
-427
-455
-715
-701
-3, 158
"-3, 184
-2,792
-2,558
-3,293
-3, 178
-2,622
-798
-678
-677
-722
-545
— 532
-152
-38
-76
-618
Other
services,
net 3
Balance
on
goods
and
serv-l
ices
Remittances,
pensions,
and
Owiier
unilateral
transfers 1
3,184 11, 021 -3, 881
7,140
9,309 -7, 186
2,124
3,986
4,598 22, 893 -4, 613 18, 280
9,382 -4, 998 4,384
4,711
5,182 -9,493 -4, 617 -14,110
5,792 -9,008 -5, 067-14,075
7,008 -5, 593 1,414
5,460
6,674 10, 779 -7, 056 3,723
1,322
2,539 -1,311
1,228
702 -1,381
1,353
-679
1,393
2,453 -1,401
1,052
1,312 -1,501
1,390
-189
-217 -1,878 -2, 095
1,523
1,592
787 -1,332
-545
6,478 -1,503
4,975
1,719
3,734
-2,344
1,838
1, 390
4,599 -1,512
1,651
3,087
Source: Department of Commerce, Bureau of Economic Analysis.
in
eoYersge.
or
direct
investment income and
Balance
on
current
account
U.S. INTERNATIONAL TRANSACTIONS—Continued
In the capital account, U.S. official reserve assets increased $4.5 billion in the first quarter, reflecting transactions on
the foreign exchange markets plus an allocation of Special Drawing Rights (SDRs) by the IMF. Foreign official assets
in the U.S. increased $5.4 billion, due almost entirely to an increase in OPEC holdings.
BILLIONS OF DOLLARS
40
BILLIONS OF DOLLARS
40
CHANGE IN
FOREIGN ASSETS
IN THE U.S.. NET f-
i
-20
CHANGE IN
U.S. ASSETS
ABROAD, NET
-30
-30
-40
-40
1980
1973
1981
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
[increase/eapit al outflow ([-)]
Period
Total
1973
1974
1975
1976
1977
1978
1979
1980
1979: I
-22, 874
-34, 745
-39, 703
-51, 269
-34, 785
-61, 070
__ -62, 639
-84, 776
-8, 057
II— -15,639
III— -24, 942
IV— -14,003
1980: I
-12,639
II.-. -24, 837
Ill— -19,302
IV
-27, 995
1981: I»— -18,520
U.S.
official
reserve
assets l 2
Other
U.S.
Government
assets
U.S.
private
assets
Foreigin assets in the U.S.,
net [increase/c apital inflow
/ 1 \1 9
( + )]2
Total
158 -2, 644 -20, 388 18, 388
6,026
-1,467
366 -33,643 34, 241
10, 546
-849 -3, 474 -35, 380 15, 670
7,027
-2, 558 -4, 214 -44,498 36, 518
17, 693
-375 -3, 693 -30, 717 51, 218
36, 816
732 -4, 644 -57, 159 63, 748
33, 561
-1,133 -3, 767 -57, 739 38, 946 -13,757
-8, 155 -5, 165 -71, 456 50, 261
15, 492
-3, 585 -1,093 -3, 379 2,259 -8, 688
322
-971 -14,990 7,007 -9, 785
2,779
-778 -26, 943 24, 345
6,011
-649
-925 -12,429 5,335 -1,295
-3, 268 -1,456 -7, 915 7,509 -7, 462
502 -1, 187
24, 152 7,232
7,557
-1,109 -1,427 -16,766 11, 651
7,686
-4, 279 -1,094 -22, 622 23, 870
7,711
-4,529 -1,358 -12,633 7,541
5,384
» Consists of gold, special drawing rights (SDRs), convertible currencies, and
the U.S. reserve position in the IMF.
»Quarterly data are not seasonally adjusted.
Foreign
official
assets
Other
foreign
assets
12, 362
23, 696
8,643
18, 826
14, 403
30, 187
52, 703
34, 769
10, 948
16, 792
18, 334
6,630
14, 971
-326
3,965
16, 158
2,157
Statisitical
discrejoancy
U.S.
official
reserve
of
assets,
TVitnl
Of
special
net1
(sum
of
which:
drawing
(unadthe
Seasonal justed,
rights
adjust- end of
items
(SDRs) with
sign ment
reversed) discrep- period)
ancy
Allocations
1,139
1,152
1,139
1,152
1,093
-2, 654
-1,620
5,753
10, 367
-2, 323
11, 398
21, 140
29, 640
-42
3,430
9,309
1,165
-455 -3, 122
8,857
2,000
6,073
-206
18, 151
1,355
2,676 -3, 291
2, 139
2,736
-344
6,799
14, 378
15, 883
16, 226
18, 747
19, 312
18, 650
18, 956
26, 756
21, 655
21, 268
18, 557
18, 956
21, 491
21, 943
22, 994
26, 756
30, 414
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 Brio: Measures..,
...
Nonfinancial Corporate Business—Output, Costs, and Profits
National Income.
—
Personal Consumption Expenditures..........
........... ,f.......
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
— .. — . . . . . . . . . . .
....
.........;.............
,
....................
ZMPLOYMENT, 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 ftivate Housing and Vacancy Rates.... —
Business Sales and
Inventories—Total and Trade
Manufacturers9 Shipments, Inventories, and Orders
17
18
19
19
20
21
....
—............
PRICES
Producer Prices
............
Consumer Wees.
Changes in Producer Mees.
Changes in Consumer Prices.
Prices Received and Paid by Fanners.
.
...........*..................,.
22
23
24
24
25
MONEY, CREDIT, AND SECURITY MARKETS
Money Stock Measures and Liquid Assets
Components of Money Stock Measures and Liquid Assets
Consumer Installment Credit—........ — .
.
Bank Loans and Investments, and Reserves.
Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business.
Current Assets and Liabilities of Nonfinancial Corporations
Interest Rates and
Yields.
Common
and Yields.
...................
..................
.
*...................
26
27
27
28
29
29
30
31
FEDERAL
Federal Budget
and Outlays and Debt....
Federal Budget Receipts by Source and Outlaws by Function.
Federal Sector* National Income Accounts Basis.
32
33
34
Industrial Reduction and Consumer Prices—Major Industrial Countries
U.S. Merchandise Exports and Imports.....
U.S. International Transactions
35
35
36
For
by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402
Price $2.50 (single copy). Subscription price: $19.00 per year; $23.75
for foreign mailing.
UJ. GOVERNMENT PRBnWG OFFICE : 1981
0—82-388
@FedFRASER